Full text of Commercial and Financial Chronicle : August 9, 1919, Vol. 109, No. 2824

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

w

,

ommetttHif
AUGUST 9 1919

VOL. 109
-----------

.,

_____ _ ,.

C L E A R IN G S — FOR

JULY,

N ______
O. 2824
S IN C E

J u ly .

N e w Y o r k _____________ 2 1 ,8 7 4 ,6 2 9 ,8 4 0
1 ,9 3 5 ,4 6 8 ,9 6 8
P h i l a d e l p h i a __________
6 1 0 ,8 2 3 ,4 0 8
P i t t s b u r g h ........................
4 0 5 ,5 0 .-., s o n
B a l t i m o r e ..........................
B u f f a l o ................ ..............
1 6 1 ,1 0 0 ,7 7 8
W a s h i n g t o n ____________
6 8 .5 7 0 .0 0 0
A l b a n y _________________
2 4 ,2 9 0 ,1 9 5
R o c h e s t e r ..........................
4 3 ,4 2 1 ,7 5 9
S c r a n t o n ________________
2 1 ,0 7 3 ,9 0 0
1 9 ,4 3 4 ,0 2 3
S y r a c u s e ________________
R e a d in g ............................
1 1 ,5 0 9 ,7 9 2
1 7 .5 2 0 .0 0 1
W i l m i n g t o n .....................
2 2 ,5 9 5 ,1 0 2
W h e e l i n g _______
1 1 ,4 5 3 ,0 9 6
W i l k e s - B a r r e __________
1 3 ,1 9 1 ,5 7 9
T r e n t o n ________________
1 5 ,6 5 0 ,6 4 5
H a r r is b u r g _____________
6 .0 2 6 ,5 8 1
Y o r k .......................
9 ,9 7 7 ,0 2 7
E r i e ..........................
1 0 ,1 9 2 ,8 9 6
L a n c a s t e r ____________2 .
C h e s t e r _________________
6 ,4 5 9 ,0 7 7
G r e e n s b u r g ______ _____
5 ,0 3 7 ,7 8 2
B in g h a m t o n ____
4 ,7 0 2 ,7 0 0
4 ,3 8 7 ,6 3 7
A l t o o n a _________ _____
3 ,2 2 9 ,5 5 0
B e a v e r C o u n t y , P a ___
N o r r i s t o w n ____________
3 ,4 9 3 ,2 6 7
F r a n k l in ................
3 ,5 2 1 ,3 5 5
F r e d e r i c k ................... .......
2 .5 S 9 .8 9 5
1 ,8 7 0 ,8 4 4
M o n t c l a i r ..............
3 ,3 0 7 ,4 2 6
O r a n g e s ................
2 ,9 2 3 ,4 3 3
H a g e r s t o w n ____________

1918.

T o t a l N e w E n g la n d
C h i c a g o _______________
C i n c i n n a t i _____________
C le v e la n d _______________
D e t r o i t _________________
M il w a u k e e _____________
I n d i a n a p o l is ...........
C o lu m b u s _______________
T o l e d o ____________
P e o r i a _________ _________
G r a n d R a p i d s ................
E v a n s v i l l e _____________
D a y t o n _________________
A k r o n ..................................
Y o u n g s t o w n __________
C a n t o n _______ _________
S p r i n g f ie l d , 111................
F o r t W a y n e ____________
R o c k f o r d _______________
L e x i n g t o n ...........................
S o u t h B o n d -----------------S p r i n g f ie l d , O ................
B l o o m i n g t o n ______
Q u i n c y _________________
M a n s f i e l d _______________
D a n v i l l e . . ................
J a c k s o n .............. ..
O w e n s b o r o ................ .......
L i m a ............................
L a n s i n g ......... ............
D e c a t u r .............................
J a c k s o n v i lle .....................
G a r y ______ ______________

Flint____________

A n n A r b o r . . ...................
L o r a in ........... .. ....................
A d r i a n _______ _________
N e w A l b a n y ................ ..
P a d u c a h ________________
H a m i l t o n ................... .......
A u r o r a ........................

FOR

I n c . or
D ec.

W EEK

+ 3 7 . 3 1 4 7 ,8 6 8 ,8 8 6 ,7 4 9
1 1 8 ,8 9 1 ,2 1 5 ,7 5 0

1 ,6 5 9 ,3 4 5 ,3 1 7
4 9 ,7 1 9 ,0 0 0
4 4 ,7 8 1 ,2 7 8
2 7 , 0 8 3 ,6 4 3
2 0 , 4 1 6 ,5 9 6
1 2 ,0 0 0 ,0 0 0
1 8 , 0 5 6 ,7 6 3
1 0 ,5 4 0 ,3 5 5
7 ,8 3 0 ,9 8 9
5 ,1 2 5 ,4 0 2
4 ,0 4 0 ,5 4 8
3 ,3 0 3 ,0 8 0
7 ,8 9 8 ,0 0 0
2 ,2 6 0 ,8 5 7

1 ,3 7 9 ,1 2 2 ,1 4 3
5 2 ,5 2 5 ,8 0 0
3 9 ,3 7 9 ,9 8 7
2 5 ,6 8 2 ,5 6 3
1 8 ,2 7 9 ,1 2 7
1 2 ,0 5 8 ,7 4 8
1 7 ,8 4 8 ,0 6 3
1 0 ,0 2 3 ,1 4 1
8 ,7 5 2 ,7 4 3
5 ,5 5 3 ,8 2 7
3 ,6 2 8 ,2 4 7
3 ,6 7 0 ,3 0 6
9 ,0 8 7 ,7 0 0
2 ,6 9 0 ,0 8 1

+ 2 0 .3
— 5 .3
+ 1 3 .7
+ 5 .5
+ 1 1 .7
— 0 .5
+ 1.2
+ 5 .2
— 1 0 .5
— 7 .7
+ 1 1 .4
— 8 .5
— 1 3 .1
— 1 6 .0

1 ,8 7 2 ,4 6 8 ,3 2 7

1 ,5 8 8 ,3 0 8 ,4 7 6

+ 1 7 .9

1 1 ,0 0 6 ,9 7 3 ,3 4 9

1 0 ,0 8 8 ,3 4 0 ,6 1 9

2 , 6 7 6 ,3 0 7 ,7 2 3 2 ,2 4 5 ,7 4 5 ,1 4 1
+ 1 9 .2
2 6 1 ,8 7 7 ,0 6 5
2 6 5 ,3 4 5 ,0 4 9
— 1 .3
4 9 8 ,6 5 3 ,5 7 9
4 0 3 ,8 9 5 ,0 3 9
+ 2 3 .5
3 6 8 ,0 8 8 ,6 0 0
2 7 0 ,9 7 3 ,2 4 7
+ 3 3 .1
1 1 8 ,1 2 1 ,5 6 8
1 2 7 ,5 6 3 ,8 8 9
— 7 .4
8 0 .4 0 4 .0 0 0 ,
8 6 .9 2 4 .0 0 0
— 7 .5
6 5 ,1 5 0 ,7 0 0
5 2 .5 7 7 .0 0 0
+ 2 3 .9
6 1 , 9 8 5 ,5 7 6
4 9 ,4 4 7 ,3 0 0
+ 2 5 .4
2 0 ,7 8 8 ,9 2 7
2 0 ,1 0 4 ,5 8 4
+ 3 .4
2 4 ,7 3 1 ,3 0 1
2 3 ,2 2 2 ,3 5 9
+ 6 .5
2 1 ,8 9 2 ,4 1 6
1 9 ,8 9 0 ,7 1 4
+ 1 0 .1
2 4 ,2 2 2 ,0 2 9
1 7 ,8 6 0 ,3 5 5
1*35.6
3 8 ,3 7 0 ,0 0 0
2 5 .0 3 7 .0 0 0
+ 5 3 .3
2 9 , 6 8 4 ,6 2 2
1 8 ,8 9 7 ,2 6 7
+ 5 7 .1
1 7 .7 6 6 .5 3 8
1 3 ,2 4 7 ,6 4 7
+ 3 4 .1
1 1 ,5 6 4 ,9 9 3
1 0 ,8 0 6 ,9 4 8
+ 7 .0
8 ,0 5 8 ,6 5 9
6 ,1 7 1 ,0 5 6
+ 3 0 .6
9 ,0 2 8 ,8 5 3
8 ,4 8 0 ,5 6 2
+ 1 3 .5
6 ,0 4 0 ,1 5 1
4 ,5 5 9 ,8 2 8
+ 3 2 .5
6 , 9 5 0 ,7 2 0
5 ,7 6 9 ,7 8 2
+ 2 0 .3
8 ,0 8 8 ,3 0 7
6 ,5 0 9 ,8 7 8
+ 2 4 .3
7 ,2 9 0 ,3 8 8
5 ,2 7 3 ,4 9 4
+ 3 8 .2
6 ,7 3 3 ,1 0 8
6 .2 5 1 .0 9 7
+ 7 .7
5 ,9 6 3 ,5 8 6
4 ,9 7 1 ,9 1 3
+ 2 0 .0
3 ,6 9 4 ,8 6 7
2 ,7 1 8 ,3 9 1
+ 3 5 .9
6 ,7 0 4 ,3 6 9
4 ,7 6 7 ,3 8 1
+ 4 0 .6
2 ,8 8 0 ,2 5 1
3 ,4 0 8 ,4 4 4 — 1 5 .5
5 ,3 2 9 ,3 7 5
4 ,4 3 4 ,6 0 3
+ 2 0 .2
6 ,2 1 8 ,4 0 8
4 ,5 5 2 ,3 3 4
+ 3 6 .6
6 ,1 0 7 ,8 7 8
4 ,6 9 5 ,4 6 0
+ 3 0 .1
3 . 6 6 2 .5 3 8
2 ,8 2 4 ,6 6 4
+ 2 9 .7
5 ,3 9 4 .0 7 4
4 ,6 9 4 ,5 3 0
+ 1 4 .9
9 ,3 5 4 :4 4 7
6 ,1 2 9 ,6 0 0
+ 5 2 .6
1 ,8 3 3 ,5 4 3
1 .3 7 5 .0 9 8
+ 3 3 .3
2 ,0 2 7 ,8 1 9
1 ,2 6 5 ,6 0 8
+ 6 0 .2
4 4 3 ,5 9 5
4 1 7 ,6 1 8
+ 6 .2
7 5 6 ,9 3 2
6 4 6 ,4 6 8
+ 1 7 .0
7 .0 0 0 .
0 0 0 5 ,7 2 0 ,3 2 7
+ 2 2 .4
3 ,3 9 5 ,7 9 0
1 ,9 8 6 ,9 1 9
+ 7 1 .0
3 ,2 3 7 ,1 7 1
2 ,8 8 8 ,7 1 8
+ 12 .1

1 0 ,3 1 2 ,6 6 0 ,0 2 7
1 ,7 4 8 ,7 6 5 ,4 6 7
2 ,9 2 5 ,9 0 3 ,0 1 3
2 ,2 9 1 ,0 2 5 ,2 9 8
8 9 3 ,1 9 7 ,9 3 0
4 4 4 .4 5 4 .0 0 0
3 0 8 ,4 2 2 ,3 0 0
3 5 4 ,9 5 2 ,4 5 0
1 5 5 ,6 6 7 ,0 0 8
1 5 0 ,4 2 9 ,2 6 8
1 2 6 ,1 5 8 ,1 6 3
1 2 6 ,7 3 0 ,5 2 4
2 2 4 .4 9 3 .0 0 0
1 3 6 ,5 6 1 ,2 9 1
9 8 ,6 2 0 ,1 9 8
7 0 ,4 5 6 ,1 1 5
4 4 ,2 2 2 ,5 3 3
6 0 ,2 0 7 ,2 5 4
0 5 ,1 6 9 ,2 0 9
3 6 ,9 9 7 ,7 4 3
4 2 ,9 2 9 ,3 0 1
5 0 ,8 4 2 ,8 2 8
4 6 ,1 2 4 ,6 4 8
3 6 ,7 2 8 ,6 7 4
2 3 ,4 0 6 ,7 3 1
3 9 ,5 2 8 ,3 4 4
3 3 ,5 1 4 ,9 4 9
3 1 ,2 3 0 ,1 4 7
3 4 ,4 2 9 ,8 9 5
3 7 ,3 2 4 ,2 4 8
1 9 ,6 7 0 ,0 9 6
3 2 ,0 0 2 ,3 6 4
5 6 ,5 6 1 ,6 8 4
1 2 ,2 2 6 ,8 8 8
1 0 ,6 7 6 ,4 8 9
2 ,8 8 3 ,8 5 9
4 ,7 4 4 ,9 9 9
5 6 ,4 1 8 ,9 8 7
1 6 ,7 2 8 ,7 4 8
2 2 ,3 8 1 ,1 4 6

1 4 ,8 6 2 ,1 5 6 ,7 5 0
1 .5 8 7 ,4 9 3 ,3 9 0
2 ,3 7 0 ,5 0 0 ,1 7 4
1 ,6 8 2 ,7 2 6 ,9 2 3
8 2 9 ,8 1 9 ,5 0 2
4 4 8 .8 6 3 .0 0 0
3 0 8 ,9 6 9 ,3 0 0
2 9 6 ,8 8 9 ,3 2 6
1 4 7 ,0 3 3 ,2 2 7
1 5 0 ,6 9 4 ,2 3 9
1 1 0 ,0 8 3 ,7 4 6
1 1 9 ,3 6 7 ,6 3 5
1 6 4 .6 0 9 .0 0 0
1 0 9 ,7 9 3 ,7 8 7
9 2 ,1 7 4 ,0 1 8
6 6 ,7 6 3 ,6 2 5
3 8 ,7 0 5 ,8 7 0
5 5 ,8 3 8 ,0 0 4
4 0 ,9 1 5 ,4 6 7
3 8 ,1 2 4 ,9 5 0
3 8 ,0 0 3 ,3 8 7
4 1 ,6 3 6 ,3 3 3
4 1 ,2 9 5 ,6 8 9
3 2 ,1 7 5 ,5 5 1
1 9 ,4 9 1 ,8 5 4
3 0 .4 5 0 ,7 1 5
2 8 ,1 7 8 ,3 2 8
2 7 ,3 8 7 ,2 5 1
3 0 ,1 9 0 ,4 4 1
3 1 ,0 2 8 ,4 5 6
1 6 ,9 1 5 ,5 5 4
2 6 ,7 9 3 ,1 5 6
4 4 ,2 2 6 ,4 1 2
1 0 ,3 4 7 ,9 0 8
7 ,0 0 5 ,7 3 7
2 ,6 7 4 ,1 7 4
4 ,5 2 2 ,8 9 7
4 1 ,3 6 8 ,9 3 3
1 2 ,1 4 5 ,1 7 2
2 0 ,6 6 8 ,0 7 6

9 ,7 2 7 ,7 9 7 ,9 1 8
3 1 1 ,0 1 2 ,5 0 0
2 5 3 ,6 1 6 ,0 0 7
1 6 5 ,0 3 4 ,5 7 5
1 1 6 ,6 8 2 ,6 5 7
7 3 ,0 6 5 ,4 2 0
1 0 7 ,7 2 3 ,9 2 4
6 1 ,2 3 2 ,6 7 5
6 0 ,6 8 3 ,2 4 6
3 1 ,1 0 9 ,0 0 3
2 1 ,8 8 0 ,5 7 7
2 1 ,2 7 0 ,7 3 8
5 0 ,8 1 0 ,8 0 0
1 5 ,0 5 2 ,3 0 4

8 ,7 6 9 ,8 8 5 ,1 5 4
3 4 7 ,3 1 6 ,8 0 0
2 4 0 ,3 4 7 ,5 3 0
1 5 1 ,6 9 7 ,2 7 1
1 1 5 ,1 6 1 ,9 0 7
7 6 ,3 8 5 ,2 6 1
1 0 9 ,2 3 3 ,3 1 6
6 4 ,9 6 5 ,4 4 3
5 5 ,5 9 3 ,8 5 1
3 6 ,0 9 2 ,5 9 3
2 2 ,6 3 2 ,1 8 9
2 3 ,2 5 7 ,2 9 6
5 9 ,2 2 7 ,3 0 0
1 6 ,5 4 4 ,7 0 8

E N D IN G

AUGUST

2

W e e k en d in g A u g u s t 2 .
I n c . or
D ec.

1919.

S
%
S
%
1 5 ,4 0 1 ,1 9 6 ,1 5 1
+ 4 2 .0 1 2 6 ,3 8 6 ,2 9 5 ,6 3 9 1 0 0 ,7 3 0 ,7 6 3 ,2 5 3
+ 2 5 .5
1 ,7 6 5 ,8 1 2 ,7 8 1
+ 9.6 1 2 ,1 6 8 ,4 0 7 ,8 3 9 1 0 ,9 3 1 ,1 9 8 ,8 7 5 + 1 1 .3
5 5 8 ,6 5 4 ,4 4 1
+ 9 .3
4 ,0 1 9 ,3 2 1 ,9 0 8
2 ,9 2 1 ,7 4 6 ,2 6 1
+ 3 7 .6
3 0 4 ,7 7 7 ,8 5 7
+ 3 3 .0
2 ,3 7 1 ,7 1 4 ,3 7 6
1 ,6 9 1 ,5 4 6 ,1 8 2
+ 4 0 .2
9 9 ,4 4 7 ,5 9 8
+ 62.0
8 0 7 .1 0 0 .9 2 7
6 2 0 ,1 3 2 ,1 7 3
+ 3 0 .1
6 0 ,0 1 6 ,1 0 2
+ 1 4 .3
4 6 5 ,8 8 2 ,7 3 2
3 9 7 ,0 4 9 ,2 9 8
+ 1 7 .3
2 3 ,3 8 0 ,0 8 0
+ 3 .9
1 4 6 ,0 4 1 ,8 3 6
+ 0 .3
1 4 5 ,6 2 6 ,7 7 6
3 6 ,1 2 6 ,9 3 5
+ 2 0 .2
2 6 7 ,5 3 8 ,4 4 4
+ 1 9 .1
2 2 4 ,5 7 6 ,9 1 1
1 7 ,7 0 7 ,2 9 4
+ 1 9 .0
1 2 3 ,5 1 2 ,8 4 6
1 1 4 ,4 6 3 ,1 5 4
+ 7 .9
2 2 ,9 3 9 ,8 8 3 — 1 4 .7
1 1 8 ,0 3 1 ,1 2 4
1 3 4 ,7 1 0 ,3 8 8 — 1 2 .4
1 3 ,0 1 7 ,6 5 0 — 1 1 .6
7 3 ,8 2 2 ,9 2 8
8 2 .3 4 8 .6 1 0 — 1 0 .3
1 6 ,5 0 5 ,9 4 6
+ 6 .1
1 0 8 ,9 0 8 ,8 7 7
9 4 ,8 0 7 ,9 3 5
+ 1 5 .0
2 1 ,5 1 9 ,1 9 3
+ 5 .0
1 2 9 .5 1 7 .9 2 8
1 2 0 ,6 1 9 ,7 1 4
+ 7 .4
9 ,7 5 2 ,8 0 8
+ 1 7 .4
7 1 ,1 3 7 ,5 9 8
+ 1 2 .4
6 3 ,2 7 5 ,3 6 3
1 3 ,0 8 3 ,9 2 8
+ 0 .8
8 4 ,3 4 8 ,2 3 4
+ 3 .8
8 1 ,2 2 3 ,5 3 0
1 4 ,6 5 7 ,5 3 5
+ 6 .8
9 6 ,6 1 1 ,9 8 4
8 7 ,0 0 2 ,6 3 4
+ 1 0 .6
5 ,6 7 0 ,0 5 8
+ 6 .3
3 8 ,4 5 9 ,6 1 2
— 5 .1
4 0 ,5 0 7 ,5 1 5
1 0 ,0 2 4 ,3 5 0
— 0 .5
6 1 ,5 3 6 ,9 8 1
+ 1 .3
6 0 ,7 2 4 ,4 8 1
1 0 ,0 4 8 ,7 1 5
+ 1 .4
7 6 ,7 0 7 ,0 0 4
8 6 ,5 7 2 ,1 5 6 — 1 1 .4
7 ,8 5 6 ,1 0 6 — 1 7 .8
4 2 ,2 9 9 ,8 7 8
4 3 ,1 7 4 ,8 4 2
— 2 .0
6 ,1 6 3 ,3 0 8 — 1 8 .3
3 0 ,1 4 2 ,7 3 5
3 4 ,8 8 8 ,7 0 6 — 1 3 .6
3 ,8 1 0 ,2 6 0
+ 2 3 .4
2 7 ,3 0 0 ,9 4 4
+ 4 .0
2 6 ,2 5 7 ,3 6 0
3 ,8 5 5 ,0 3 9
+ 1 3 .8
2 6 ,4 3 2 ,4 9 7
+ 1 8 .8
2 2 ,2 5 7 ,5 8 1
3 ,3 9 2 ,3 6 9
1 9 ,0 3 6 ,2 5 7
— 8 .8
2 0 ,8 6 7 ,4 0 2
3 ,4 7 2 ,5 4 4
+o!e
2 1 ,8 4 2 ,3 3 4
+ 1 .7
2 1 ,4 7 8 ,3 6 8
1 ,9 4 7 ,0 3 5
+ 8 0 .8
1 7 ,5 0 2 ,8 3 4
1 2 ,9 1 8 ,3 3 2
+ 3 5 .5
2 ,4 6 2 ,4 6 4
+ 5 .2
1 6 ,8 4 7 ,4 6 0
+ 3 .9
1 6 ,2 1 6 ,8 5 5
1 ,7 4 7 ,7 1 3
+ 7 .0
1 2 ,3 1 3 ,9 1 6
— 5 .8
1 3 ,0 6 6 ,9 9 8
4 ,2 5 9 ,3 5 8 — 2 2 .3
2 1 ,6 5 8 ,1 0 1
2 9 .1 1 8 .6 1 1 — 2 5 .6
3 ,7 4 0 ,7 0 6 — 2 1 .8
1 8 ,6 1 0 ,9 7 6
2 2 ,0 7 5 ,4 8 0 — 1 5 .7

T o t a l M i d d l e .............. 2 5 ,3 2 3 ,9 6 7 ,9 5 6 1 8 ,4 4 7 ,0 4 0 ,8 0 7
B o s t o n _________________
P r o v i d e n c e . . ................ ..
H a r t f o r d .............................
N e w H a v e n ____________
S p r i n g f ie l d ...........
P o r t l a n d ................
W o r c e s t e r _______________
F a ll R i v e r .......................
N e w B e d f o r d ...................
L o w e ll__________ ________
H o l y o k e ________________
B a n g o r _________________
W a t e r b u r y ______
S t a m f o r d _______

1, A N D

S ev en M o n t h s .

C le a r in g s at—
1919.

JAN.

Jacob Seibert TrI, President ™ndtreasurer *
Arnold1(u’ Dan^V^ce-mddmi
and Secretary, Addresses of both. Office of the Company.

+ 2 4 .4
+ 1 0 .9
— 1 0 .5
+ 5 .5
+ 8 .8
+ 1 .3
— 4 .3
— 1 .4
— 5 .7
— 8 .8
— 1 3 .8
— 3 .3
— 8 .5
— 1 4 .2
— 9 .0
+ 9 .1
+ 9 .s :
+ 1 0 .‘
+ 23.
+ 3 6 .2
+ 7 .6
— 0 .9
+ 1 9 .2
+ 1 9 .6
+ 5 .9
— 0 .2
+ 1 4 .6
+ 6 .2
+ 4 7 .3
+ 2 4 .4
+ 7 .0
+ 5 .5
++ 7 : I

t s3s
+ 1 .9
+ 2 2 .1
+ U .7
+ 1 4 .1
+ 2 0 .1
+ 2 9 .8
+ 1 8 .9
+ 1 4 .0
+ 1 4 .0
+ 2 0 .3
+ 1 6 .3
- - 1 9 .4
+ 2 7 .9
+ 1 8 .2
+ 5 2 .4
+ 8 .9
+ 4 .9
+ 3 6 .4
+ 3 7 .7
+ 8 .3

1919.

In c. or
D ec.

1918.

4 , 7 5 0 ,8 4 7 ,6 2 5 3 ,3 6 6 ,3 7 5 ,1 1 8
4 1 3 ,0 1 0 ,6 4 7
3 8 7 ,6 9 7 ,7 8 7
1 3 5 ,8 2 3 ,9 6 5
1 2 4 ,7 8 6 ,1 2 9
9 4 , 6 3 7 ,2 2 0
7 0 ,2 7 7 ,4 3 8
3 3 ,8 5 6 ,7 1 8
2 2 ,3 2 9 ,7 4 7
1 4 ,2 5 1 ,0 7 1
1 1 ,8 4 8 ,9 8 3
4 .6 0 0 .0 0 0
4 ,5 0 0 ,0 0 0
8 , 5 8 7 ,9 1 7
8 ,4 4 4 ,5 5 4
4 , 2 6 4 ,1 8 6
3 ,2 4 6 ,2 8 4
3 ,9 1 5 ,2 3 9
5 ,0 0 0 ,0 0 0
2 , 1 6 5 ,8 7 6
2 , 5 6 2 ,0 3 6
3 .7 0 0 .0 0 0
3 ,5 6 7 ,4 2 2
4 ,9 2 5 ,8 4 8
4 ,2 8 3 ,6 6 1
2 .6 0 0 .0 0 0
2 ,0 5 4 ,9 4 2
2 ,8 1 2 ,8 2 9
2 ,6 2 6 ,8 3 8
1 ,3 7 9 ,0 7 6
2 , 0 0 0 ,0 0 0
2 , 3 6 2 ,2 0 0
1 ,2 0 2 ,7 2 9
1 ,2 0 0 ,0 0 0
9 6 9 ,6 0 0
9 6 1 ,6 3 8

1 ,2 2 1 * 4 1 9
2 ,0 8 0 ,0 9 1
2 ,2 8 5 ,1 0 6
1 ,6 1 5 ,6 4 4
1 ,5 3 4 ,5 9 8
8 1 5 ,0 0 0
8 3 6 ,9 5 6

3 6 6 ,0 8 2

3 5 1 ,5 6 6

5 ,4 9 0 ,4 4 0 ,4 6 6 4 ,0 3 0 ,3 3 7 ,3 1 9

1917.

1916.

+ 4 1 .l 3 , 3 0 2 ,2 7 1 ,3 9 0 2 ,9 9 2 ,8 0 7 , 8 7 6
\
+ 6 .5
3 2 9 ,4 1 5 ,0 7 2
2 3 3 ,7 0 9 , 0 8 6
+ 8 .8
7 5 ,8 2 5 ,1 8 5
6 0 ,8 8 7 , 6 2 9
+ 3 4 .7
4 4 , 5 3 0 ,2 5 5
4 9 ,0 7 2 , 3 2 6
+ 5 1 .6
1 9 ,8 4 5 ,4 9 8
1 4 ,9 3 5 ,3 7 0
+ 2 0 .3
1 0 ,4 8 5 ,6 4 4
8 ,6 6 1 , 4 8 6
+ 2 .2
4 ,6 1 7 ,8 4 9
4 ,7 5 4 ,3 3 1
+ 1 .7
6 ,5 0 7 ,9 0 8
5 ,5 7 1 , 1 6 7
+ 3 1 .4
3 ,2 3 3 ,4 9 4
3 ,1 4 7 , 5 0 3
— 2 1 .7
4 ,1 5 0 ,0 0 0
4 ,4 6 7 , 2 6 5
— 1 5 .1
2 , 5 2 6 ,7 0 0
2 ,2 9 6 , 0 3 2
+ 3 .7
3 ,6 1 2 .1 3 5
2 ,8 7 9 ,9 7 7
+ 1 5 .0
3 ,5 4 1 ,9 6 1
2 ,5 3 7 ,7 5 1
+ 2 6 .5
2 ,0 2 7 ,1 3 2
1 ,8 7 5 ,0 4 5
+ 7 .1
2 , 3 6 7 ,1 3 0
2 ,0 4 1 , 7 9 0
+ 1*2*9
— 3 .8
+ 3 .4
— 2 5 .4
— 2 7 .1
+ 1 9 .0
+ 1 4 .9

+ 4 .1

1 ,3 1 0 ,1 2 6
1 ,7 6 4 ,6 6 4
1 ,9 3 ’’ ,3 5 0
1 ,2 8 2 ,2 9 5
8 2 4 .0 0 0
9 8 6 .0 0 0
6 8 6 ,4 4 1

1 ,0 4 4 ,9 7 6
1 ,5 5 9 ,6 4 3
1 ,5 2 3 ,7 5 7
1 1 6 ,3 2 2

4 8 2 ,9 9 8

4 2 3 ,6 8 5

soo.ooo

9 7 2 ,9 0 0
6 0 1 ,6 5 9

+ 3 6 . 2 3 ,8 2 4 ,2 3 1 2 2 7 3 ,1 9 5 8 6 7 ,5 7 6

3 3 9 ,2 1 1 ,3 9 9
9 ,8 4 6 ,6 0 0
1 0 ,5 5 2 ,9 3 8
5 , 5 0 2 ,5 2 5
4 ,3 7 9 ,4 4 2
3 ,0 0 0 ,0 0 0
3 .8 0 0 .0 0 0
2 .2 0 0 .0 0 0
1 ,7 9 8 ,5 8 2
1 ,2 8 7 ,5 6 9
9 0 0 .0 0 0
7 0 0 .0 0 0

2 9 2 ,4 2 9 ,8 4 3
1 1 ,3 4 9 ,8 0 0
1 0 ,3 3 3 ,4 6 9
5 ,6 8 8 ,8 2 3
3 ,9 0 8 ,7 9 6
3 ,0 4 5 ,8 6 9
3 ,6 8 0 ,7 0 1
1 ,8 5 7 ,0 5 5
1 ,6 4 5 ,2 2 6
1 ,0 5 0 ,0 0 0
8 1 8 ,4 1 7
7 2 0 ,5 2 0

+ 1 6 .0
— 1 3 .2
+ 2 .1
— 3 .3
+ 1 2 .1
— 1.4
+ 3 .2
+ 1 8 .5
+ 9 .3
+ 2 2 .6
+ 1 0 .0
— 2 .9

3 8 3 ,1 6 9 ,0 5 5

3 3 6 ,5 2 8 ,4 1 9

+ 1 3 .3

3 0 7 ,8 0 1 ,8 3 3

2 2 9 ,8 6 5 ,1 8 2

5 8 9 ,5 5 9 ,3 5 5
5 6 ,0 4 3 ,8 7 7
1 0 3 ,2 9 0 ,9 2 8
9 2 ,6 7 9 ,7 1 4
2 7 ,2 2 4 ,0 3 3
1 7 .2 0 9 .0 0 0
1 6 .2 1 4 .0 0 0
1 3 ,7 9 3 ,9 5 2
4 ,5 2 1 ,5 5 3
6 ,0 0 0 .0 0 0
5 .2 5 0 .0 0 0
4 ,3 5 4 ,3 6 8
1 0 .9 8 0 .0 0 0
5 ,0 9 7 ,5 4 4
2 ,6 9 2 ,3 2 0
2 ,9 4 8 ,1 1 0
1 ,5 2 3 ,7 8 6
2 .1 0 0 .0 0 0
1 ,3 5 0 ,0 0 0
1 ,5 2 1 ,3 6 5
1 ,5 1 3 ,1 9 2
1 ,5 8 2 ,3 7 7
1 ,6 4 3 ,2 0 7
1 ,1 4 3 ,8 3 5
8 5 0 ,0 0 0

5 0 8 ,0 2 1 ,2 2 6
+ 1 6 .1
5 7 ,1 2 2 ,6 0 8
— 1 .9
8 6 ,8 2 8 ,2 7 2
+ 1 9 .0
6 0 ,1 5 2 ,9 6 1
+ 5 4 .1
2 6 ,2 1 4 ,0 6 5
+ 3 .9
2 0 ,9 3 6 ,0 0 0 — 1 7 .8
1 2 ,4 0 7 ,5 0 0
+ 3 0 .7
1 0 ,0 5 2 ,7 4 0
+ 3 7 .2
3 ,9 1 3 ,8 0 4
+ 1 5 .5
5 ,7 1 9 ,1 3 4
+ 4 .9
4 ,7 3 5 ,5 8 9
+ 1 0 .9
3 ,6 7 5 ,4 7 8
+ 1 8 .5
5 .0 9 6 .0 0 0 + 1 1 5 .5
2 ,8 8 2 ,0 9 9
+ 7 6 .8
2 ,2 5 0 ,4 8 9
+ 1 9 .6
3 ,3 1 5 ,9 4 6 — 1 1 .1
1 ,3 6 3 ,9 7 2
+ 1 1 .7
1 ,6 4 4 ,8 2 1
+ 2 7 .7
1 .1 5 0 .0 0 0
+ 1 7 .4
1 ,0 4 4 ,1 1 4
+ 4 5 .7
1 ,0 9 6 ,0 6 0
+ 3 8 .0
1 ,2 8 3 ,3 2 0
+ 2 3 .3
1 ,5 8 2 ,8 2 8
+ 3 8 .5
1 ,0 0 9 ,4 8 4
+ 1 3 .3
6 3 0 ,0 0 0
+ 3 4 .9

4 6 7 ,0 7 1 ,5 6 4
4 0 ,1 0 8 ,2 7 6
7 6 ,1 9 4 ,8 5 6
5 4 ,3 2 3 ,6 6 0
2 1 ,4 3 8 ,5 1 3
1 2 ,6 4 2 ,0 0 0
1 1 ,1 9 1 ,8 0 0
8 ,5 9 9 ,2 5 2
5 ,3 2 7 ,4 8 3
5 ,4 6 1 ,4 3 9
2 ,5 5 4 ,8 3 2
3 , 1 6 7 ,3 1 0
5 ,7 8 4 ,0 0 0
3 ,2 7 5 ,6 7 6
3 ,0 2 4 ,3 3 1
1 ,8 0 3 ,1 9 8
1 ,2 3 4 ,3 9 5
1 ,3 5 2 ,9 5 8
7 7 1 ,1 9 3
9 4 8 ,6 6 6
1 ,2 0 2 ,4 5 0
8 4 2 ,3 8 0
1 ,0 3 4 ,9 7 3
8 2 4 ,0 1 0
6 0 0 ,0 0 0

3 8 6 ,6 5 1 ,4 6 5
2 8 ,2 9 8 ,9 5 0
4 7 ,7 5 9 .7 7 1
4 2 ,0 4 9 ,1 6 9
1 7 ,4 3 8 ,5 0 4
1 0 ,2 2 6 ,3 1 6
1 1 ,0 0 3 ,2 0 0
7 ,6 0 3 ,6 8 0
3 , 8 1 7 ,0 9 8
5 , 0 4 0 ,2 2 7
1 ,8 1 6 ,2 5 7
2 ,5 5 3 ,9 8 8
3 , 4 8 9 ,0 0 0
1 ,7 9 1 ,0 6 5
2 , 7 0 5 ,9 9 3
1 ,5 7 7 ,2 6 3
1 ,4 7 5 ,2 7 5
1 ,1 0 7 ,6 7 0
6 3 3 ,7 9 6
8 4 0 ,0 0 0
8 8 7 ,0 4 2
1 ,0 3 4 ,0 6 8
8 1 7 .1 8 6
5 3 8 ,0 3 3
6 3 5 ,4 0 3

6 8 0 ,0 0 0
1 ,1 5 0 ,3 3 2
1 ,4 0 0 ,0 0 0
1 ,4 7 0 ,0 7 6
8 2 9 ,4 6 2

848*129
7 7 9 ,5 6 6
1 ,0 0 0 ,0 0 0
1 ,2 4 6 ,0 1 8
8 6 5 ,6 8 7

— 1*9*8
+ 4 7 .6
+ 4 0 .0
+ 1 8 .0
— 4 .2

2 6 9 ,9 5 2 ,4 1 6
9 ,1 3 4 ,9 0 0
8 ,6 7 0 ,8 5 1
4 ,6 3 6 ,2 6 9
3 , 6 5 5 ,1 1 0
2 ,6 4 9 ,0 4 1
3 ,4 7 8 ,5 0 6
1 ,8 9 2 ,2 6 4
1 ,2 6 7 ,5 9 4
9 7 1 ,1 9 7
8 1 4 ,7 4 1
6 7 8 ,9 4 4

5 4 1 ,4 4 4
7 1 3 ,0 0 0
1 ,0 7 5 ,2 4 8
7 9 7 ,2 7 0
5 0 7 ,0 9 7

2 5 3 1 ,9 1 2
2 2 8 ,7 0 0
5 1 7 ,8 3 1
3 8 6 ,6 0 6
. 7 7 1 ,8 9 1
2 8 0 0 ,0 0 0
3 ,6 3 5 , 6 1 8
1 ,2 5 0 ,6 9 2
•1 ,1 3 5 ,6 9 4
9 1 2 ,3 3 2
1 ,0 9 3 ,9 0 6
6 0 0 ,0 0 0

4 2 5 ,8 9 2
6 2 0 ,0 0 0
0 7 2 ,4 9 5
7 4 0 ,5 0 3
3 3 5 ,1 4 6

3 9 6 ,5 3 8

3 0 2 ,6 0 2

+ 3 1 .0

3 4 4 ,5 9 3

3 7 5 ,0 0 0

*78*666

117*114

— 3*3*4

*100*861

*6*7*816

T o t a l M id d le W e s t .

4 , 4 4 7 ,0 0 4 ,4 6 9

3 ,7 5 8 ,0 5 3 ,2 1 2

+ 1 8 .3

2 7 ,2 0 3 ,6 8 7 ,8 7 6

2 4 ,0 2 8 ,0 0 6 ,9 5 7

+ 1 3 .5

9 7 6 ,4 9 0 ,9 2 4

8 2 9 ,7 8 7 ,6 3 0

+ 1 7 .8

7 3 4 ,8 5 8 ,7 2 8

5 8 5 ,2 2 7 ,2 7 1

S a n F r a n c i s c o _________
L o s A n g e l e s _________ _
_
S e a t t l e _________ .
P o r t l a n d _____
S a lt L a k e C i t y
S p o k a n e ......... ....................
T a c o m a _____________
O a k l a n d .............................
S a c r a m e n t o ____________
S a n D i e g o ........................
P a s a d e n a _________ _____
S t o c k t o n __________
F r e s n o _________
S a n J o s e _________ I " I ”
B o i s e .......................... '
O g d e n ........... .............
Y a k i m a __________ I
R e n o ..........................
L o n g B e a c h ................ .
B a k e r s f i e l d . . ...........

0 3 3 ,2 7 3 ,0 2 3
2 1 0 ,3 3 2 ,5 7 3
170.86.-,,()()()
1 2 8 ,1 5 1 ,2 7 9
6 4 , 8 4 7 ,1 6 5
4 1 , 4 4 5 ,3 8 6
2 0 , 9 7 4 ,9 8 5
4 0 ,8 8 2 ,4 15
2 1 , 6 4 1 ,1 2 7
1 0 ,1 6 4 ,3 5 8
6 ,7 2 8 ,0 7 3
1 0 ,5 0 5 ,1 7 0
1 4 ,6 5 5 ,1 2 0
7 ,2 5 6 ,3 3 6
9 ,5 7 6 ,4 2 7
8 ,3 8 5 ,0 3 1
4 ,9 8 4 ,5 4 7
3 ,0 1 4 ,7 8 0
7 ,6 6 9 ,2 4 5
4 , 3 5 5 ,4 3 7

5 2 1 ,4 3 0 ,6 2 5
1 3 7 ,2 0 1 ,0 0 0
1 6 7 ,4 7 8 ,3 4 3
1 0 6 ,5 1 3 ,5 7 4
5 6 ,8 2 5 ,9 6 0
3 4 ,0 5 6 ,3 9 9
2 1 ,0 4 7 ,8 9 8
2 9 ,4 1 1 ,7 2 2
1 7 ,2 2 9 ,4 5 1
1 0 ,0 6 6 ,7 8 9
4 ,1 7 7 ,8 5 4
8 ,1 3 5 ,3 3 6
8 ,9 3 9 ,7 3 1
5 ,0 1 2 ,6 1 4
6 ,7 0 8 ,3 8 6
7 ,2 8 6 ,0 6 7
2 ,9 2 3 ,7 3 4
2 ,6 7 9 ,0 4 3
5 ,0 4 3 ,2 5 6
3 ,6 1 9 ,7 6 2

+ 2 1 .4
+ 5 3 .3
+ 2 .0
+ 2 0 .3
+ 1 3 .4
+ 2 1 .7
— 0 .3
+ 3 9 .0
+ 2 5 .6
+ 1 .0
+ 6 1 .1
+ 2 9 .1
+ 6 3 .9
+ 4 4 .8
+ 4 2 .8
+ 1 5 .1
+ 7 0 .5
+ 1 2 .5
+ 5 2 .1
+ 2 0 .3

3 ,7 9 3 ,3 1 4 ,7 7 0
1 ,1 9 7 ,1 4 8 ,6 7 4
1 ,0 8 3 ,3 1 9 ,3 5 2
8 5 8 ,5 4 7 ,5 3 4
4 2 4 ,5 5 8 ,2 9 2
2 6 1 ,5 0 0 ,6 2 6
1 3 5 ,0 8 1 ,0 5 4
2 5 1 ,9 1 1 ,7 1 3
1 2 4 ,0 3 3 ,1 7 2
6 1 ,0 7 0 ,8 7 3
3 9 ,5 8 3 ,1 0 9
5 8 ,1 6 9 ,0 7 3
8 1 ,2 4 3 ,6 9 2
3 7 ,6 7 1 ,5 7 0
4 6 ,6 1 0 ,8 6 2
6 1 ,3 3 8 ,7 3 2
2 9 ,0 7 2 ,5 2 8
2 0 ,9 3 8 ,6 X 8
4 2 ,9 9 4 ,0 4 2
2 6 ,1 4 1 ,9 3 9

3 ,0 7 9 ,0 1 9 ,4 9 0
8 7 3 ,1 4 1 ,0 0 0
9 7 3 ,5 2 3 ,4 3 4
6 5 6 ,4 4 5 ,9 9 0
3 7 1 ,7 8 6 ,1 8 5
2 2 8 ,4 3 5 ,5 7 3
1 2 9 ,1 1 5 ,7 6 1
1 8 0 ,3 8 8 ,9 5 7
1 0 6 ,2 0 2 ,6 8 7
6 1 ,7 6 6 ,9 1 2
3 0 .8 6 9 .2 8 1
5 7 ,5 8 1 ,9 2 2
6 2 ,0 5 7 ,3 2 1
2 9 .7 7 6 .2 8 2
4 2 ,8 3 0 ,2 5 5
5 1 ,5 2 9 ,8 5 5
2 1 ,8 0 9 ,4 1 3
1 6 ,9 5 7 ,7 6 4
3 0 ,5 0 1 ,8 4 0
2 7 ,0 9 2 ,7 4 5

+ 2 3 .2
+ 3 7 .1
+ 1 1 .3
+ 3 0 .8
+ 1 4 .2
+ 1 4 .5
+ 4 .6
+ 3 9 .6
+ 1 6 .8
+ 3 .7
+ 2 8 .2
+ 1 .0
+ 3 0 .9
+ 2 6 .5
+ 8 .8
+ 1 9 .0
+ 3 7 .9
+ 2 3 .5
+ 4 1 .0
— 3 .5

1 4 5 ,2 3 3 ,4 5 9
4 4 ,7 9 8 ,0 0 0
3 9 ,3 2 7 ,1 5 5
2 7 ,0 0 0 ,0 0 0
1 3 ,3 5 9 ,1 3 5
8 ,8 2 5 ,0 1 4
4 ,3 2 8 ,3 4 9
9 , 0 7 9 ,1 9 9
5 ,0 0 0 ,0 0 0
1 ,8 0 3 ,7 1 5
1 ,5 2 4 ,6 5 4
2 ,3 6 7 ,5 4 5
2 , 6 1 6 ,8 4 4
1 ,9 1 1 ,0 3 3

1 0 0 ,5 5 7 ,0 8 9
+ 4 4 .4
2 8 ,0 2 9 ,0 0 0
+ 5 9 .8
3 4 ,6 4 1 ,1 7 3
+ 1 3 .5
2 1 ,6 8 7 ,6 5 7
+ 2 4 .5
1 1 ,5 9 1 ,6 8 7
+ 1 5 .3
6 ,4 3 4 ,0 0 0
+ 3 7 .2
4 , 3 6 5 ,5 4 0
— 0 .8
6 ,1 3 9 ,8 5 6
+ 4 7 .9
3 ,3 3 5 ,4 6 1
+ 5 0 .0
2 ,0 9 9 ,6 6 7 — 1 4 .1
7 5 9 ,5 5 6 + 1 0 0 .7
+ 4 3 .4
1 ,6 5 1 ,6 0 8
+ 4 5 .4
1 ,7 9 9 ,9 0 1
1 ,0 6 7 ,7 5 5
+ 7 9 .0

9 8 ,3 1 9 ,1 0 5
2 7 ,2 7 0 ,0 0 0
1 9 ,3 9 6 ,2 0 3
1 3 ,1 2 0 ,0 2 6
1 2 ,0 4 7 ,3 6 3
5 ,7 0 0 ,0 0 0
2 ,5 5 5 ,1 7 7
4 ,8 3 3 ,8 2 8
3 ,0 3 1 ,9 5 8
1 ,8 1 6 ,3 8 8
9 2 4 ,9 3 2
1 ,6 1 6 ,3 4 5
1 ,5 8 1 ,8 0 6
8 5 7 ,1 4 4

6 5 ,6 8 5 ,6 8 9
2 4 ,6 7 8 ,0 0 9
1 2 ,9 2 6 ,6 3 2
1 0 ,7 9 3 ,2 5 6
8 ,7 6 1 ,0 5 1
4 ,2 8 5 ,6 1 4
1 ,9 4 1 ,0 6 5
4 , 1 3 7 ,0 4 7
2 , 2 1 7 ,0 9 5
1 ,9 0 8 ,2 8 0
3 8 7 ,0 1 2
1 ,2 9 2 ,2 7 6
8 9 3 ,0 8 8
7 6 5 ,4 6 1

1 ,0 1 1 ,8 6 6
6 0 0 ,0 0 0
1 ,7 1 9 ,5 7 8

5 9 3 ,0 6 3
5 0 0 ,0 0 0
9 9 0 ,6 4 3

+ 7 0 .5
+ 2 0 .0
+ 7 3 .6

5 0 8 ,1 8 8
4 7 5 ,0 0 0
6 7 5 ,4 8 9

3 9 0 ,8 2 6
3 0 8 ,5 9 9
6 2 5 ,1 0 1

1 .4 1 9 ,7 0 7 .5 2 5

1 ,1 6 5 ,7 8 7 ,5 4 4

+ 2 2 .8

8 ,6 3 7 ,2 5 6 ,2 9 5

7 ,0 3 0 ,8 3 8 ,6 6 7

+ 2 2 .8

3 1 0 ,5 0 5 ,5 7 9

2 2 6 ,2 4 3 ,6 6 6

+ 3 7 .2

1 9 4 ,7 2 8 ,9 5 2

1 4 2 ,4 9 6 ,1 0 1

T o t a l P a c i f i c _______
D e t a il s o f o t h e r

W est ern an d S ou th ern o n p a g e 554

T o ta l oth e r W e s t ..

1 , 9 9 7 ,8 8 3 ,9 6 1

1 ,6 9 7 ,7 1 3 ,1 6 8

+ 1 7 .7

1 2 ,7 3 7 ,9 1 1 ,7 7 0

1 1 ,4 9 8 ,7 3 2 ,4 2 1

+ 1 0 .8

4 5 2 ,6 2 7 ,5 4 8

3 9 1 ,2 5 9 ,4 5 0

+ 1 5 .7

T o t a l S o u t h e r n ..............

2 9 7 ,4 7 1 ,5 1 5

2 0 7 ,9 7 8 ,8 0 1

2 .4 2 9 ,8 1 8 ,1 6 6

1 .9 0 5 ,5 6 8 ,2 2 0

+ 2 1 .7

1 6 ,2 5 4 ,5 3 4 ,0 3 2

1 4 ,0 5 8 ,0 7 4 .1 5 6

+ 1 5 .6

5 1 5 ,6 0 4 ,4 7 3

4 2 5 ,5 1 3 ,5 7 7

+ 2 1 .2

3 2 1 ,1 8 2 ,5 7 6

2 3 8 ,2 3 2 ,9 0 5

+ 3 0 . 9 2 2 3 ,7 6 9 ,2 5 0 ,0 7 1 1 8 5 ,5 9 5 ,2 0 8 ,5 7 0

+ 2 0 .6

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

3 7 , 4 9 0 ,8 5 0 ,3 9 4 2 8 ,0 4 2 ,4 7 7 ,4 2 7

8 , 1 2 8 ,8 3 8 ,0 4 5 6 i 2 3 8 ,8 7 0 ,1 5 1

+ 3 9 . 3 6 ,6 8 0 ,2 7 4 ,8 3 1 4 ,7 9 8 ,6 6 7 ,8 3 6

84,864,445.317 B+14.8 3,377,990,420 2,872,495.033
Clearings by Telegraph and Canadian Clearings on pages 553 and 555'.

+ 17.6 2,378,003,441 1.805.859.960

O u t s id e N e w Y o r k . 1 5 , 6 1 6 ,2 2 0 ,5 5 4 1 3 ,2 4 1 ,2 8 1 ,2 7 6




+ 1 7 .9

9 7 ,3 8 2 .0 5 4 .4 3 2

THE CHRONICLE

512

[Vol . 109.

valuing process has years yet to run and will be worth­
less whenever finished. If the value is to be “ deter­
mined finally by the courts” (as we must still assume
Following their demand of last week that Govern­
ment again increase the number of their wage dollars would have to be done, on any theory of undertaking)
or increase their purchasing power and be rather “ finally” is a long time, there is still a vagueness
quick about doing one or the other, the Railway about the whole thing, and our supposed masters,
Brotherhoods have brought forward again their the Brotherhoods, give notice that they are tired of
plan for disposing finally of the transportation prob­ being fooled with and will brook no delays. The
lem by throwing to them what remains of the roads. process would be one of confiscation in any case.
This differs somewhat in detail but not in essence Fine phrases like “ nationalizing” or “ democratizing”
or having the people come into their own do not
from the plan of six months ago.
In February, all roads, after being obtained, were change the nature of the thing. It is better not to
to be managed by a single corporation to be two- let ourselves deceive ourselves. If it could be seri­
thirds chosen by the employees; now operation is to ously supposed that the country is ready for such a
be by a board of fifteen, one-third to be “ chosen by plunge we might as well stop talking about making
the President to represent the public,” one-third by treaties and go at one rush to the goal of wiping out
the “ classified” employees, and one-third “ to be all private property at one stroke; then we should
elected by the operating officials.” In February begin to find out where we are.
The difficulty of disposing of the new bonds to be
the net earnings were to be halved between Govern­
ment and the employees, each of the latter sharing ssued for the “ purchase,” or of keeping value in
in proportion to his wage; now, the surplus over fixed any of the instruments we have been calling “ securi­
charges and operating costs is to be halved between ties” , is an obstacle, yet perhaps not more serious than
the employees and the public. In February, the the others and one which could be avoided by not
plan contemplated that “ above a certain return the pretending to pay for the roads at all. After honor
Government’s share would be absorbed by auto­ is abandoned and the foundations arc undermined,
matic reductions in freight and passenger rates, and, no differences worth talking about remain in values
below that amount, it would be used for betterments of any kind.
But imagine that by some hocus-pocus such a
and extensions;” now, the extensions are to be built
“ at the expense of the communities benefited, in scheme as this were carried past the start and that
proportion to the benefit.” Regional operation, and all roads have come under it. It would then be of
an automatic reduction of rates when the employees’ no consequence on what proportions and to what
share of surplus exceeds 5% of gross operating classes the surplus earnings were to go, or at whose
revenue, are added provisions. In February, pos­ cost betterments and extensions were to be provided.
session was to be obtained by a forced sale on the There would be no extensions, no betterments, no
basis of the then market value of the stocks, or (in surpluses; the employees would run the roads, and
case of objecting owners) by bonds at the purchaser’s would squeeze for themselves the last dollar out of
own figure; now, the roads are to be taken on “ a them, so long as anything remained. We may better
valuation to be determined finally by the courts,” understand at the start that any such scheme is
and to be paid for in 4 % Government bonds. There simply Bolshevistic and the operation under it would
is some vagueness about this plan, as about the one be by a Soviet committee, as already demonstrated
of February; but this vagueness, as well as the differ­ to us in Petrograd. Should we begin preparations
ences in detail between the two, may be treated as of to save Europe by destroying ourselves?
The long statement of so-called principles and of
minor consequence, somewhat as whether the high­
wayman’s pistol is of the very latest automatic or explanations of the workings of this rearrangement
shows that the Brotherhoods have now really dis­
a little earlier model.
At the outset this encounters the country’s pledge covered the relation between wages and prices or
to return the property of each carrier “ in substan­ have just now become willing to publicly acknowledge
tially as good repair and in substantially as complete it, and some parts of the statement are very remark­
equipment as it was.” By the ghastly results of the able. After saying (what may not be quite literally
blunder of the seizure, fulfillment of this pledge has correct) that the wage increases of the last few years
been made increasingly difficult, financially, yet “ resulted only in being immediately followed by
not a whit the less binding; now the Brotherhoods more than proportionate increases in the cost of
ask that the pledge be openly made another scrap living,” they make this singularly luminous state­
of paper. Private property shall not be taken for ment:
public use without just compensation, says the Con­
stitution. Seizing private property for use under
rental might be held to resemble the long-establishec
practice under eminent domain, but in this case there
is no “ market” by which to determine the just com­
This immovable truth has never been better stated
pensation; and when retention of the seized property
is proposed the difficulty encountered is that in this by anybody and its putting here could not be im­
case there is no standard of values, because no pos­ proved. It is creditable to its author, whoever he is,
sible purchasers and no possible market exist by but some bald untruths follow it, one being the very
which to determine fair market prices. If value is next sentence, that “ as the major part of the con­
to be sought according to present selling prices of suming public, labor is entitled to representation on
the stocks and bonds representing the property, we the directorate of the public roads.” ' Labor is not a
encounter the fact that the property has been distinct clan, and the labor here referred to is
seriously injured by mishandling during the term of only a small minor instead of “ the major” part of the
control under the seizure for use and rental. If consuming public. Then follows a notice that capital
the “ physical valuation” is to supply the basis, that is to be put out, but “ we now propose to discharge to

T EF A C L S U T N
H IN N IA IT A IO .




“Wenth in ses h v g n a u dth circle,
h e crea a e o e ro n e
la o a 'p d cer, lo th a v n g of th n wg
b r, s ro u ses e d a ta e e ew a es
th u h th a d n l co it p ys a con m m
ro g e d itio a st a s su er; ore­
o er, th u h co p u d p
v ro g mo n ed rofits ta en o th wg
k n ese a e
in ses, ea cy b m a u wrdsp l of co
crea
ch cle eco es n p a ira
sts
wichth co su in p b v in rea estocon
h e n m g u lic a ly ch
trol.”

A ug . 9 1919.]

THE CHRONICLE

513

it every just obligation/” ourselves, of course, being reprehensible and so fraught with danger for the
judges. It is a pretty dream, this Bolshevistic night­ future.
mare: “ the cost of transportation is automatically
The question for every citizen to consider is whether
reduced exactly in proportion as benefits accrue to the to-day the same methods invoked on behalf of doc­
producers of transportaion,” &c. There is a little trines which threaten the very stability of society
vagueness whether the employees who are to carry shall once more be allowed to succeed through a
things on the rail or the persons who produce the repetition of the same cowardice and the indiffer­
things to be carried are “ the producers” under this ence of the public. If not, speedy action will be
scheme; it will, however, work exactly as paintec necessary on the part of those who are opposed to
when the load automatically moves itself, on the the policy of rule or ruin which the railroad labor
level, down grade and up grade, by unassisted force organizations along with some other labor bodies
of gravity.
are seeking to impose upon the country. The sober
However, these men now drop disguises and throw sense of the community must make its influence
down the challenge, emboldened by the long series felt with Congress. The political control of Con­
of surrenders to them. It is impossible to think gress is different from what it was in 1916, but that
them so ignorant as not to know that any such will count for little unless-it is made plain to the po­
scheme as they propose would not yield them wages litical leaders that doctrines subversive of the very
enough to subsist upon in railway service; therefore principles of our Government find no countenance
they must have an ulterior purpose. Three years in the sentiments of the great masses of the popu­
ago, they won for the time being, in a campaign lation. Nothing is to be hoped for from the Presi­
season, and they count on doing so again now. They dent.
expect to terrorize Washington and the country by
their veiled threats of tying up all the roads so that
The stock market has been utterly demoralized
they can never run again. Figuratively speaking, as a result of the week’s events. The Stock Exchange
this is as if a few brawny sailors in an open boat was closed last Saturday to allow Exchange members
out on the Atlantic should threaten the wrecked to catch up in arrears of work, so there was no oppor­
passengers who share the peril with them that un­ tunity to see reflected in the course of prices the
less they can have their way with the little stock of highly significant developments of the day before.
food on board they will instantly scuttle and sink These developments included: (1) the spread of the
the boat. They-reckon the threat to destroy every­ shopmen’s strike, in face of the disapproval of the
body, themselves included, will scare the country executive heads of the unions, representing these
into submission; why not, since it has always worked men; (2) the announcement the day before (Aug. 1)
so before? As for taking the whole question of that William G. Lee, President of the Brotherhood of
transportation and the control of industry into next Railway Trainmen, had on July 31 declared that
year’s campaign, it may well go there and be settLed, unless the Railroad Administration had taken action
unless the sense of national honor, the practical by Oct. 1, on the demands of that Brotherhood, either
sense, and the instinct of self-preservation, through­ that wages of the trainmen be increased or the cost
out the country prompt so umistakablc an answer as of living be reduced, steps looking to the enforcement
to settle the thing now.
of the demands would be taken, this announcement
Whoever gets into the rapids is not in fault for being emphasized by M r. Lee’s statement saying that
going over Niagara; once swept off his feet, he has a resolution containing this declaration had been
no power to stop, but he can keep a safe distance adopted July 30 by a special committee of sixteen,
from the river-bank. So we may take warning. appointed at the recent convention of the trainmen
At least, we can see the chasm yawning before us: at Columbus, Ohio, and that the resolution provided
“ nationalization” of the roads, now smoothly called that in the absence of action by Oct. 1, the committee
“ the public railroads;” next, and in easy succession, would reconvene to consider “ the necessity for using
once we glide into the rapids, “ nationalization” or the protective features of the brotherhood” ; (3) the
“ democratization” of everything else, the ending of etter of Walker D. Hines, Director-General of Rail­
“ private profit” by seizure of private property. It roads, to President Wilson under date of July 30,
should now be easy to see what a far-reaching mis­ saying he had been advised “ that any general in­
take was made in seizing the roads. Not an ounce creases to shop employees will result in demands for
of increase in efficiency or carrying capacity was corresponding increases to every other class of rail­
accomplished thereby; instead, demoralization every­ road employees/ and that “ the situation, therefore,
where, even in our own powers of resistance to evil, cannot be viewed except as a whole for the entire
and a financial vacuum which we are now asked two million railroad employees,” and that “ an in­
to coin and to take home to our bosoms in order to crease of 12 cents per hour asked for by the shop
finally dispose of it. And as to the high cost of employees would, if applied to all employees, mean
living, who started the vicious circle of wage in­ (including necessary overtime) an increase of prob­
creases which make price increases a necessity, and ably $800,000,000 per year in operating expenses” ;
lead to new wage increases which bring further price (4) the President’s letter to Speaker Gillett, of the
advances, the two moving together in a never ending House of Representatives, and the Republican floor
series—-who started the vicious circle, whose vicious­ leader, Mr. Mondell, asking the House to postpone
ness is now so baldly and boldly proclaimed by these its proposed recess, and his letter to Representative
Brotherhood leaders— who but these same railroad Esch, Chairman of the House Committee on Inter­
men back in 1916 when they coerced Congress into State and Foreign Commerce, saying he concurred in
passing the Adamson eight hour law on threat of Mr. Hines’s recommendation of legislation by Con­
tying up the whole railroad transportation system gress providing for “ a body of the proper constitution,
of the United States in the event of refusal. It was authorized to investigate and determine all questions
political cowardice that enabled them at that concerning the wages of railway employees, and which
time to gain a triumph in face of methods so will also make the decisions of that body mandatory




514

THE CHRONICLE

[V ol . 109.

upon the rate-making body (the Inter State Com in values ensued, notwithstanding a new distuibing
merce Commission) and provide, when necessary, in­ influence appeared in the shape ol a strike of the
creased rates to cover any recommended increases in employees of the Brooklyn Rapid I ransit lines which
wages and therefore in the cost of operating the began at 5.00 a. m. on that day. On Thursday,
however, general alarm spread, and under renewed
railroads.”
B y Monday the situation had taken a still more selling in enormous volume, the market became
serious turn. The railway men had made it plain utterly demoralized— in the last hour well-nigh panic­
that M r. Hines’s suggestion, endorsed by the Presi­ ky, the bottom almost completely dropping out of
dent, for the creation of a special commission to values. Some of the sellers appeared to be divining
deal with the question of wages and rates did not what the President would say, in his special message
appeal to them at all, since they were seeking more to Congress on Friday with reference to the high
drastic action. The Sunday morning papers con­ cost of living, and the Brooklyn Rapid transit
tained a statement issued the day before signed by strike was getting steadily more serious, the system
the executive heads of the four Brotherhoods (War­ being practically tied up throughout its entire length,
ren S. Stone, as Grand Chief of the Brotherhood besides which all sorts of crude plans were being
of Locomotive Engineers; W . G. Lee as President proposed in Congress. The collapse in the industrial
of the Brotherhood of Railway Trainmen; Timothy list was even worse than that in the railroad shares,
Shea as Acting Chief of the Brotherhood of Loco­ and here the argument was that if the President’s
motive Firemen and Enginemen, and L. E. Shep­ scheme for a “ genuine democratization of industry”
pard as President of the Order of Railway Conduc­ upon which the chiefs of the railway unions were
tors), and also by B. M . Jewell as Acting President relying, was applicable in the case of the railways it
of the Railway Employees’ Department of the Ameri­ applied with even greater force in the case of the
can Federation of Labor— and therefore comprising great industrial corporations. Yesterday the market
the whole 2,000,000 of railway employees— saying remained much unsettled, with some recovery from
“ the railroad employees are in no mood to brook the extreme low figures of the previous day, but
the return of the lines to their former control since with many spells of weakness. Apparently there was
all the plans suggested for this settlement of the anxiety to know the nature of the President’s message
problems leave labor essentially where it has stood which was not delivered until 4.00 p.m ., alter the
and where it is determined not to stand,” and em­ market had closed.
The course of values on the Stock Exchange is of
bodying most radical propositions of their own for
importance only so far as it reflects the feeling
dealing with the matter.
They said: “ Our proposal is to operate the railroads of apprehension and alarm which pervades the entire
democratically, applying the principles to industry community. The time for dallying is now past.
for which, in international affairs, the nation has The challenge so defiantly proclaimed by these
participated in a world war.” They added: Presi­ railway organizations must be accepted. And it is
dent Wilson declared in his message of M ay 20 1919 well to have it so boldly and unmistakably given.
for the ‘genuine democratization of industry, based Shrinking from inconvenience, and weakly following
upon a full recognition of the right of those who the'line of apparent least resistance, the country has
work, in whatever rank, to participate in some or­ done the “ easy” thing which inevitably produces
ganic way in every decision which directly affects the hard things. It is now faced by what its own
their welfare in the part they are to play in industry.’ cowardice has invited. This is plain speaking,
He spoke plainly in behalf of a ‘genuine co-operation but the hour demands it. The time is at hand when
and partnership based upon real community of we cannot side-step and procrastinate any longer.
We must decide whether we have a government of
interest and participation in control.’ ”
and for the people, or one of, by and tor a class. I he
The employees then went on to demand ownership
issue has to be met and now is the best time to meet it.
of the railroads on a profit-sharing basis with em­
ployees. The scheme which they are advocating is
The grain crop situation in the United States at
the so-called Plumb plan, the provisions of which
this time, as officially interpreted by the Crop Report­
have been incorporated in the bill introduced by
ing Board of the Department of Agriculture in its
Congressman Sims, the main features of which are:
report for August I , issued yesterday, is much less
(1) Purchase by the Government on valuation as
satisfactory than a month earlier, and at the same
determined finally by the courts. (2) Operation by
time the outlook for the leading crops collectively
directorate of fifteen, five to be chosen by the Presi­
is poorer than a year ago. I he fact is that in im­
dent to represent the public, five to be elected by the
portant producing localities injury resulted through
operating officials and five by the classified em­
too high temperature accompanied by lack of rain,
ployees. (3) Equal division of surplus, after paying
while in others excess of moisture was responsible
fixed charges and operating costs,between the public
for a like result and, furthermore, various plant
and the employees. (4) Automatic reduction of
diseases were the cause of lurther damage. Reflect­
rates when the employees’ share of surplus is more
ing these adverse influences the official weekly
than 5% of gross operating revenue. (5) Regional
weather bulletins of the Department and private
operation as a unified system. (6) Building of ex­
extensions at expense of the communities benefited, reports, as well, have indicated that in many sections
winter wheat threshing returns were shoving dis­
in proportion to the benefit.
In the circumstances here outlined, which suggested appointing quantitative results and the quality of
that the underlying basis of values might be de­ the grain is lower than last year. The effect of hot
weather together with various plant diseases, is also
stroyed, liquidation of security holdings on a tre­
mendous scale ensued, accompanied by a prodigious responsible for a reduction in the estimate of the yield
of spring wheat, but the total production of wheat,
decline in prices. The downward movement con­
spring and winter combined, is expected to approxi­
tinued on Tuesday. On Wednesday the market
mate 940 bushels or about 23 millions in excess of
made an effort to steady itself and a decided recovery




A ug . 9 1919.]

THE CHRONICLE

last year’s good record. Corn was unfavorably
affected by droughty conditions in July in some of
the leading producing States and in consequence a
smaller crop is foreshadowed than was indicated at
the close of June. But the yield promises to be
greater than a year ago. Deficiency of moisture and
high temperature has apparently been effective in
reducing the prospects of the oats crop, the current
official estimate being some 137 million bushels be­
low that of a month earlier and, therefore, pointing
to an outturn under the average of the five preceding
years. Altogether, it is now estimated, the yield of
the five principal grains (wheat, corn, oats, barley
and rye) will reach in 1919 some 5,283 million bushels
(the July 1 approximation was 5,755 million bushels)
against 5,424 million bushels last year, 5,GG6 million
bushels in 1917 and£5,893 million bushels in 1915.
For corn the average condition on August 1 is
given as 81.7, a declinejof 5 points from July 1, and
comparing with'^78.5 at the same time a year ago,
78.8 in 1917 and a ten year average of 77.G. Deteri­
oration during the month was greatest in such large
producing States as Illinois, Indiana, Missouri,
Nebraska and Oklahoma. On the basis of the aver­
age condition August 1 a production of 27.1 bushels
per acre is predicted, foreshadowing a total crop of
2 ,7 8 8
million bushels, as against an aggregate of
2,583 million bushels in 1918 and the high record
yield of 3,159 million bushels in 1917.
Winter wheat on August 1 was looked upon as
considerable less promising than on July 1, owing to
the disappointing outcome of threshing, the approxi­
mate yield being reduced from 17.1 bushels per acre
to 14.G bushels, this affording, however, a total pro­
duct of 715 million bushels, an aggregate 157 million
bushels greater than obtained in 1918 and 32 million
in excess of the former record of 1914. Spring wheat
deterioration during July due to unfavorable weather
and damage by blight, red rust, scab &c. was heavy,
the report making it 27 points. The condition w as’
given as 53.9 or 25.7 points]lower than a year ago,
and contracting with a ten year average of 75.8.
The indicated yield is stated at 10 bushels per acre,
upon which basis the crop figures out 225 million
bushels against 358V2 millions in 1918. For winter
and spring combined the latest official estimate is,
therefore, a yield of 940 million bushels, against 917
million a year ago, and the previous maximum of
1,02G million— the production) of 1915.
Oat condition, as intimated above, also declined
during July, and is stated now as 7G.5, against 82.8
last year and a ten-year mean of 81.9. A yield of
29.9 bushels per acre is the estimate worked out from
the current condition, and that on the area seeded
would give a crop of 1,266 million bushels against
1,538 million last year, and the 1,587 million high
record of 1917. Barley, likewise, does not promise as
well as a year ago, and a decrease in rye is also indi­
cated .
Bank clearings continue to establish new records,
mainly no doubt as a result of the inflated prices
prevailing for virtually all commodities that enter
into the general use of the people. At the same time
prosperity among . the J great mass of the people of
’
the country is))so general and unusual that quantita­
tive purchases, at what not so long ago would have
been considered to be prohibitive costs, continue
to grow rather than diminish. This being the
case it is not at all strange that bank clearings




515

should continue to mount upward and the July
total make a new high monthly record. The time
has come when efforts are being directed toward
bringing down the cost of living, but how that can
bo accomplished is a problem, with demands for still
higher wages being formulated by those who have
already received considerable advances.
Our statement of clearings for July, presented on
the first page of this issue, includes 174 cities in all,
of which only 26 fail to report aggregates greater
than in 1918, and losses where shown are in the main
inconsequential. Moreover, in 49 instances the
totals are high-water marks for any monthly period.
In this category we mention such centres of impor­
tance as New York, Philadelphia, Baltimore, Buffalo,
Boston, Chicago, Cleveland, Detroit, Toledo, San
Francisco, Los Angeles, Columbus and 37 of lesser
prominence. The total of all cities for July at $37,­
490,850,394 exceeds by some 3,250 million dollars
that of June and, consequently, in that sum estab­
lishes a new monthly record. It contrasts with
$28,642,477,427 in July 1918 and, therefore, exhibits
a gain of 30.9% , while compared with 1917 there is
an augmentation of 46.1% . At New York the ex­
pansion over a year ago is 4 2 % and over 1917is 44% .
The aggregate for the 173 cities outside of New York
runs ahead of last year by 17.9%, having been $15,­
616,220,554 against $13,241,281,276, and exceeds
1917 by 49% .
It seems superfluous to draw attention to the fact
that the showing for the seven months of the current
calendar year is by far the best for such a period in
the history of the United States. There is an in­
crease of 25.5% over 1918 at New York, in only minor
degree explainable by the heavier transactions, at
the Stock Exchange, the outside cities reveal a gain
of 14.8% , and the aggregate of all records an im­
provement of 20.6% . This follows an augmenta­
tion of 15.6% in 1918 over 1917, and of 25.9% in
1917 over 1916. The m osf notable increases over
a year ago are at Baltimore, Akron, Duluth, Mem­
phis, Dallas, Birmingham, Lexington, Lorain, Long
Beach, Sious Falls, Fargo and Jacksonville— all
40% or over, and running as high as 186%.
Speculative transactions on the New York Stock
Exchange in July were of moderately greater volume
than in June and very decidedly in excess of the
month a year ago, in fact the largest of any month
since Jan. 1906. The dealings this year aggregated
34,502,242 shares against 8,449,888 shares in 1918
and 13,325,365 shares in 1917. For the seven months
the sales have been 175,836,328 shares against 82,­
219,328 shares and 115,216,752 shares respectively.
In common with stocks, railroad and industrial bonds
were more freely traded in than during the month in
1918, and a moderate increase in operations in foreign
securities is to be noted. But in Liberty Loan bonds
of the various issues a very large business continued
to be done, the July dealings aggregating nearly 205
million dollars par value, against only 87 millions
last year. The aggregate sales of all classes of bonds
in July, therefore, were considerably more than
double those of a year ago, and for the seven months
period since Jan. 1 the transactions at 1,879 million
dollars par value compare with only 861 millions in
1918 and 572 millions in 1917. At Boston the
dealings in stocks for the month exceeded those of
last year, 1,314,580 shares contrasting with 296,262
shares, and for the seven months the comparison is
between 5,098,656 shares and 2,093,182 shares.

516

THE CHRONICLE

[V ol . 109.

received a safe conduct from the Allies, and was
expected to seek refuge in Vienna. Capt. Thomas C.
Gregory, United States Food Administrator in that
region, was credited with having played an important
part in accomplishing the overthrow of Bela Kun,
and it was stated that already he had arranged for
food for Budapest and, moreover, was sending sup­
plies down the Danube from Austria. Jacob Weltner, President of the Soldiers' and Workingmen’ s
Soviet of Hungary, is said to have requested Colonel
Cunningham, chief representative of the Allies in
Hungary, to receive the new Government. Jules
Peidll, formerly Minister of the Peoples Welfare in
Count Karolyi’s Cabinet, was Premier of the new
ministry, which “ provisionally contains many mem­
bers of the former Bela Kun M inistry." He is
spoken of as a Moderate Socialist, who at one time
was an editor and a leader in the bookbinders' union.
On Sunday the Supreme Interallied Council of
the Peace Conference sent a message to the Rumanian
The peoples of Europe do not appear to have
found themselves yet, or to have settled down gen­ Government “ requesting that the Rumanian army
erally to building up what was destroyed by the war. along the Theiss River cease its advance -upon Buda­
They are still opposing the established Governments, pest immediately." A similar request or order had
or those that have been set up in recent weeks and been made a few days before. The advices from
months, and are struggling to maintain themselves. Vienna and Budapest indicated that, while the people
M any factions are making all sorts of demands, were “ celebrating their deliverance from the Bol­
offering practically an equal number of suggestions shevist yoke," the representatives of the Entente
for solving real and imaginary problems— in short, there were not “ satisfied with the new Ministry, since
clearly showing that they do not know what they it was largely composed of former Soviet leaders and
want. The “ Westminster Gazette" of London, in members of the Central Workingmen's Council."
reviewing conditions in Great Britain, sums up the President Weltner of the Soldiers' and Workingmen's
whole situation admirably, and, in fact, offers sug­ Soviet, who had made the overtures in behalf of the
gestions that all the countries of Europe, and the new Government, was quoted as having admitted
United States as well, could profitably adopt and that it was “ only a provisional one." Bela Kun is
put into effect. In part the paper says: “ If in the described as having wept when, on last Thursday,
next four years of peace we can enlist half the energy he appeared before the Central Council of Revolu­
and zeal in the service of the world at peace that has tionary Workingmen and Soldiers in Budapest.
been developed in the stress of war, we might be “ With tear-stained face and with a choking voice he
quite happy about the future of the world. Let us admitted the hopelessness of the situation," accord­
make up our minds that it is going to be a testing ing to one account. It was in response to a demand
time and face it squarely." Herbert Hoover, speak­ of President Weltner that Bela Kun is reported to
ing a week ago at a dinner of the Supreme Economic have yielded, and as ho did so, he was quoted as
Council in London, sounded another keynote or predicting the coming of a “ White Terror" in Hun­
warning that should be heeded generally. He said: gary, and also that in due time “ the people would
“ The world needs what might be called a spiritual return to him ." In view of his defiant attitude up
revival of the spirit that won thu war. We need the to a short time before his resignation, his actual
sense of service that was manifest among the Allies giving up is said to have caused considerable surprise
a year ago if the world is to survive the economic both in Budapest and Vienna. It was estimated
that as a result of the change in Government 50,000
conditions confronting it now ."
Hungarians who had been seeking refuge in the latter
Toward the end of last week the opinion was ex­ centre had returned to the former to look after their
pressed in advices from Vienna and other European remaining possessions. According to a special cable­
centres that Bela Kun would be able to stay on gram from Vienna the deposed leader was interned
indefinitely as head of the Hungarian Soviet Cabinet, by the police of that city upon his arrival there from
although he was being pressed hard by representatives Budapest. He was quoted as having attributed his
of the Allies to resign and, therefore, make possible downfall to the “ lack of military aid from Premier
the establishment of a Moderate Socialist Govern­ Lenine and Minister of War Trotzky of Russia, and
ment. A week ago to-day he was reported in a to the disinclination of the Hungarians to make
Vienna cablegram to have said that although “ it further sacrifices."
On M onday afternoon word was received here from
was a contest between a lion and a mouse," he would
Budapest that, in the face of orders from the Allies
give his answer to the demands of the Allies by Aug. 5.
From Paris came the word, also last Saturday, that to the contrary, to which reference has been made in
“ the Rumanians, pursuing their victorious counter­ previous paragraphs, Budapest had been occupied by
attack, had been compelled again to stop at the Rumanian forces that had advanced from the Theiss
Hungarian border b y order of the Council of Five River, where they had been halted by orders from
here." The very next day announcement came from Allied representatives. In cable advices from Buda­
Vienna that a Moderate Socialist Government had pest Tuesday morning it was claimed that “ the
been set up in Hungary which had made overtures of Rumanians defied the Allies’ authority to check their
peace with the Allies." Bela Kun, it was stated, had advance, as retaliation for the Hungarian occupation
resigned on Thursday afternoon of last week, to have of Bucharest three years ago." In a special Paris

Chicago, likewise, reports considerably heavier totals
— for the month 657,087 shares against 97,302 shares
and for the period since the first of January 3,281,816
shares against 860,930 shares.
The Canadian clearings exhibit for July is also an
excellent one, all the cities participating in the gain
over the previous year, an d'm an y showing very
important increases. The current statement which
covers 25 cities shows 26.4% excess over 1918 and
36.1% over 1917 for the month, while for the seven
months' period the result is a gain of 18.4% and
22.8% , respectively. Speculation while active in
July was not so much so as in June. At the same
time, however, the total of sales on the Montreal
Stock Exchange was 392,237 shares against only
58,508 in 1918 and the aggregate for the seven
months at 1,865,598 compares with 452,764 shares in
1918.




A ug . 9 1919.]

THE CHRONICLE

cablegram the same morning it was made plain that
the Hungarian Soviet was giving the Supreme Coun­
cil of the Peace Conference considerable concern, and
it was stated that that body had “ decided to send
immediatey an intcr-Allied military commission to
Budapest to look into the status of the new Govern­
ment. ” According to the correspondent “ the chief
duty of the mission will be to act as a check against
the victorious Rumanians, whose virtual possession
o the Magyar capital has been confirmed.” Tues­
day afternoon in a cablegram from Budapest it was
asserted that “ 30,000 Rumanian troops, including
infantry, cavalry and artillery, entered the city to-day
[Monday] with a blare of trumpets.” LieutenantColonel Romanelli of the Italian mission, and an
Allied representative, is said to have informed the
Hungarian Cabinet “ that the Rumanians would re­
main to keep order,” and to have requested that “ the
demobilization of the Soviet army be continued.” The
Rumanians were reported to have “ taken possession
of the public buildings and to have assumed military
command of the city.” Paris heard from Allied
representatives at Budapest that the Rumanians were
demanding hostages and had even killed fifteen or
twenty civilians. Wednesday morning cable advices
from Paris stated that “ the Supreme Council devoted
most of its time to-day [Tuesday] to a discussion of
the Hungarian situation.” It was added also that
“ instructions were framed for the Inter-Allied M ili­
tary Mission in Budapest to order a withdrawal of
the Rumanians from the Hungarian capital as soon
as the Hungarian Red Guard is disarmed.” Ameri­
can officials were reported to have warned Rumania
that economic support would be withdrawn unless
the orders of the Allies were heeded. According to
Paris advices at that time the new Hungarian Gov­
ernment had signified its willingness “ to observe the
terms of the armistice, asking that each of the great
Powers send a regiment to Budapest.” This, it was
declared, would be impossible. On Wednesday it
was claimed in a special Paris cablegram that the
Peace Conference authorities were puzzled as to
whether to rely upon the new Government in Hun­
gary or upon the Rumanian army, “ which got into
Budapest in spite of instructions to stay ou t.” The
French were said to favor the Rumanian forces bevauso they were largely officered by Frenchmen.
American and British delegates to the Peace Con­
ference were reported as seeing a “ source of great
possible danger in the presence of Rumanian troops
in-B udapest,” but it was declared t h a t ‘ ‘ nothing
further will be done by anybody in Paris until after
receiving the report of the Inter-Allied Military Com­
mission.” London heard through a dispatch from
Berne that Bela Kun had 5,000,000 crowns concealed
in his luggage when he reached Austrian territory.
In later Paris advices it was declared that the
American delegates under the leadership of Assistant
Secretary of State Polk were opposed to any occupa­
tion of Budapest by the Rumanians, which was
declared to be a “ critical factor in the situation.”
That city sent word that King Ferdinand of Rumania
expected to arrive there shortly and it was added that
by his coming “ the already acute political situation
will be sharpened.” Paris heard on Wednesday that
the Rumanians had delivered an ultimatum to the
new Hungarian Government, the requirements of
which, it was stated, were “ far in excess of the
armistice terms.” A reply was demanded by 8
o ’clock that evening. In Peace Conference circles




517

there were grave fears that this step would result in
the overthrow of the new Government. According
to one Paris dispatch the ultimatum had been ex­
tended until 2.20 Wednesday morning. If the condi­
tions were not accepted it was declared that “ the
Rumanians threatened to remove everything from
Hungary which is needed to build up Rumania.”
In another Paris cablegram Thursday morning the
demands of the Rumanians were represented as being
still more comprehensive than already indicated, and
included the “ reduction of the Hungarian army to
15,000 men; the surrender of 30% of the harvest and
of farm machinery; 50% of the railway supplies; a
large proportion of the Danube shipping, and equip­
ment and supplies for an army of 300,000 men, to­
gether with rations for the Rumanian forces pending
a peace settlement.”
Soon after having received these terms the Supreme
Council summoned Nicholas Misu of the Rumanian
peace delegation and handed him an ultimatum to be
delivered promptly to his Government, which is
reported to have required “ that the ultimatum [of
the Rumanians] cannot be recognized by the Peace
Conference, and calling upon the Rumanians to live
up to the armistice terms.” It became known here
later in the day that another kaleidoscopic change
had occurred in affairs in Hungary. . In the first
place, the Cabinet which had been appointed only a
few days before, and which was headed by Jules
Peidll, was said to have “ been overthrown and that
Archduke Joseph had established a ministry in Buda­
pest.” The advices received by the Peace Conference
stated that at 6.30 o’clock Wednesday evening “ the
members of the Social Democratic Government,
while they were in session at the National Palace,
were arrested by the Hungarian police,” and it was
also stated that “ the c o u p d ’ etat was carried out with­
out disorder.” Although it was asserted in the
advices received in Paris that the Rumanian forces
were pillaging, and even committing acts of violence,
a long cablegram received here direct from Budapest
late Thursday evening declared that the Entente
Mission there had delegated governmental authority
to Archduke Joseph after the resignation of the
Peidll Government. Accordingly, the Archduke
appointed Stephen Friederich, formerly a chief of a
department in the War Ministry, to be Premier,
while the Foreign Ministry was transferred to General
Panozos, and the War Ministry to General SchnitzerWolkenbers. After a conference between the En­
tente Mission and Archduke Joseph and Premier
Friederich, it was declared that “ a full agreement
was reached and that Premier Clemenceau and the
various foreign governments were informed of the
results of the conference.” According to advices from
the Hungarian capital “ Budapest remains quiet in
the face of the change in the Government.” Some
American and Allied troops were reported to have
entered the city and to be engaged in helping to main­
tain order. Announcement was made in a Paris
dispatch Tuesday afternoon that the Council of Five
had lifted the blockade against Hungary during the
day and that “ the Danube is completely open to
foreign trade.” Yesterday morning’s cablegrams
from Paris indicated that the Peace Conference
authorities were still more or less puzzled and dis­
turbed over conditions in Hungary. The idea was
emphasized in a cablegram from Vienna last evening
that Archduke Joseph is not to become King of
Hungary, “ his office being merely that of President.”

518

THE CHRONICLE

[V ol . 109.

Injan interview he was quoted as saying “ I am a a Paris cablegram the suggestion was made that, with
the lifting of the blockade on trade with Germany,
true dem ocrat/’
a decision would have to be reached by the Supreme
In contrast to the recently reported victories for Council of the Peace Conference as to whether the
the Kolchak forces over the Bolsheviki in northern Allied and Associated Nations may resume commer­
Russia, both Paris and London heard a week ago cial relations with the Bolsheviki, and also as to
to-day that the former had met with defeat; that the whether “ it will continue to supply war materials to
Kolchak Government was preparing to move from the anti-Bolsheviki forces, and at the same time allow
Omsk to Irkutsk, Siberia, and that “ the morale of similar supplies to reach the Reds through a raised
the army is becoming so bad that there is little hope blockade.”
Baron Boris Nolde, at one time a minister in the
of its regaining the territory recently lost to the Bol­
Kerensky Cabinet, and who had just arrived from
sheviki.” There appeared to be some ground for
assuming that this information came from Bolshevist Petrograd, was quoted in an interview in Paris early
sources. In fact it was admitted in one London this week as expressing the opinion that the over­
cablegram that the information received at that throw of Bela Kun in Hungary “ is the commence­
centre had come through a “ Soviet official statement ment of the overthrow of all Bolshevism,” although
sent by wireless from M oscow .” In another message he admitted that “ the regime has lasted so long in
from London Allied agents in northern Russia were Russia that progress may prove difficult and painful.”
said to have sent word that apparently “ general war He declared, however, that, “ had the Allies given us
weariness, rather than Bolshevism, is weakening the the moral and financial support which accomplished
Kolchak forces.” Stockholm heard, by the way, the overthrow of Bela Kun, I feel certain that the
that “ Nikolai Lenine, the Premier, intends to begin Lenine and Trotzky regime would long since have
come to an end.” In closing his interview the Baron
a drastic change of policy and then retire.”
spoke hopefully as follows regarding the future of
Advices regarding conditions in Russia have been
conflicting throughout this week, as naturally they his country: “ Russia will emerge from the present
have been for many months. In a cablegram from chaos, and it is up to our friends of the Entente
Omsk received on Sunday it was reported that “ a to hasten the arrival of that day as much as possible.”
On Tuesday London received confirmation of the
delegation from the Union of Labor Unions called
upon Admiral Kolchak and pledged the Omsk earlier report of the overthrow of the Bolshevists in
Government the full support of its members in the the Lake Onega district, through an official message
campaign against Bolshevism.” This was particu­ from the commander of the Allied forces there. A
larly cheering, so far as it went, in view of the combined land and naval attack was said to have
greatly disturbed labor conditions in Russia and in resulted in the capture of two enemy vessels, the
practically every country of Europe. Another hope­ driving away of a third and the forcing ashore of the
ful bit of news was the announcement from Omsk others. In another cablegram from Omsk it was
of the arrival there of “ the first American Red Cross declared that great numbers of refugees were swarm­
sanitary train intended for the care of typhoid ing into that section, some 20,000 having arrived in
patients.” It was said to have been well equipped that city alone, while many more were coming daily.
On Wednesday London received by wireless what was
with supplies.
claimed to be an official Bolshevist communication
From time to time statistics have been received in which it was asserted that 4,000 of Admiral
telling of big decreases in the population ofPetrograd Kolchak’s men, 50 machine guns and an armored
and other large cities of Russia under the Bolshevist train had been captured by the enemy, and that the
rule. In a cablegram early this week it was claimed Kolchak forces in Siberia were defeated. It was
that the population of Petrograd, which was more asserted also that Onega was held strongly by the
than 2,000,000 in 1912, had fallen to 800,000, while
the population of- Moscow was reported to have
decreased 4 0 According to the statistics also the
Union of Workers of the Moscow metal industry,
“ which had 183,000 members before the Bolshevist
revolution, now has only 60,000 members.” The
assertion was even made that “ workingmen of the
Putiloff Iron Works, who received 96,000,000 rubles
in wages during a recent period, produced in that
time material valued at only l o ,000,000 rubles.
On Monday announcement was made in London
that the town of Onega on the northern Russian front,
which only two days before had been captured by the
Bolshevist forces, had been retaken by General
Kolchak’s soldiers, and that this fact was admitted in
a statement issued by the Bolshevist military leadeis
in that district. The same day Nicholas Tschailcowsky, President of the North Russian Provisional
Government,, arrived in London
to confer with
British officials in an effort to induce the Govern­
ment to announce a definite policy in North Russia.
He is reported to have asserted that “ the Bolsheviki
must be crushed militarily, or Bolshevism permitted
to die a natural death.” He was of the opinion that
there was “ great danger in the latter course.” In




Reds.
.
.
Assistant Secretary Polk was quoted in an mterview in Paris a few days ago as saying that Admiral
Kolchak will receive moral and even material aid from
the United States,” and is said to have added that
Bolshevism should not be feared in the United States.
While apparently there has not been the same
degree of excitement in the leading European capitals
that has developed in Washington and throughout
the United States over the cost of food, still the ques­
tion of high prices and alleged profiteering have been
actively discussed in Europe this week, paiticulaily
in London and in Paris. As early as a week ago
today it was announced in cablegrams fiom London
that the Supreme Economic Council had taken steps
“ toward”international collective purchasing of food­
stuffs to check profiteering and speculation, which
had been declared to be rife in all countries.
The
British, French and Italian representatives were
reported to have proposed the return to the system
m 'lm gue during the war. The members of the
Council said that while “ they recognized that pro­
fiteering and speculation had been going on generally
for some time, the activities toward unprecedented

A ug . 9 1919.]

THE CHRONICLE

price raising during the last thirty days are considered
alarming.” A select Parliamentary committee was
duly appointed to inquire into profiteering in Great
Britain. George H. Roberts, the British Food
Controller, in testifying before the first meeting of
the committee, made five recommendations for deal­
ing with profiteering and added that already “ 94%
of the food of England is subject to maximum con­
trolled prices.” In extreme cases the Food Controller
was reported to have declared in favor of sentences of
imprisonment and the immediate withdrawal of
the licenses of the guilty persons.” At a meeting for
the committee on Wednesday Sir Auchland Geddes
is said to have “ dropped a bombshell” among the
members when he announced that “ the Government
was introducing drastic legislation to deal with the
food problems.” His plan is said to be “ based on
the system of the local military service tribunals,”
which were admitted to have “ worked well enough
in large towns, but to have been found distinctly
unsatisfactory in many areas of smaller population.”
In general, his ideas did not appear to meet with
favor.
In Paris, according to statements cabled to this
centre, a sort of league has been formed to inquire
into the food situation. A group of its members
recently visited the selling districts of the city, asking
about prices, which for tomatoes, for instance, were
said to have varied from 35 to 80 centimes a pound.
The news of the inspection trip was reported to have
spread in advance in some sections of the city and to
have resulted in the marking down of prices before
the arrival of the investigators.
.

519

This would not seem to justify the shipping of coal
out of the country, as proposed above.

It became known here Wednesday morning that
during the day the Austrian peace delegates would
file a complete reply to the peace terms submitted
to them last month, and for the consideration of
which an extension of time was granted last week
until Aug. 6. Dr. Karl Renner, head of the delega­
tion, announced that lie and some of his associates
would leave the following night for Vienna and
return, probably, about Aug. 12. It was expected
that the Peace Conference would require eight days
to consider the Austrian suggestions and that “ Austria
would be given five days within which to make a final
reply as to whether or not she will sign the treaty.”
In Paris advices Thursday morning announcement
was made that the Austrian counter-proposals were
handed to the Allied Mission at St. Germain at 12.15
o ’clock the afternoon before, and that they were
brought at once to Paris and delivered to the Supreme
Council of the Peace Conference. By leaders of the
Conference the counter-proposals were said to have
been regarded as “ very tolerant in tone.” Among
the objections made to the terms of the treaty was the
loss of Southern Bohemia and the Tyrol district. The
Austrians believe also that “ they have been greatly
overcharged, as two-thirds of the debt of the AustroHungarian State is being loaded upon them.” The
delegates were said to have “ indicated very clearly
their intention of signing, even if the treaty is not
modified,” but they were reported to have expressed
the hope “ that some modification may be effected.”
Announcement was made also that the “ Austrian
Herbert Hoover and Brig.-Gen. Harry H. Band- counter-proposals will be made public, together with
holtz left Paris Thursday evening for Vienna. Dur­ the reply of the Allies, when the latter are formulated
ing his absence of two weeks it was stated that Mr. and presented.”
Hoover “ will visit virtually all the Central European
capitals investigating food and economic conditions.”
Early this week there appeared in a Paris cablegram
Next to the shortage and high prices of food one of a synopsis of statements said to have been published
the most troublesome questions in Europe is the in French newspapers to the effect that the Italian
great and general scarcity of coal, reference to which Foreign Minister Tittoni had “ reached an agreement
has been made in several recent issues of the “-Chron­ with the French, and is about to depart for London
icle.” According to a dispatch from London last to lay his proposal before Lloyd George prior to
Monday the Supreme Economic Council is consider­ sending it to President Wilson.” In one of the papers
ing bringing coal from Germany next winter, thereby it was claimed that, under his proposed arrangement,
reducing shipments from the United States. The “ the City of Fiume would go to Italy, while a part
Council was said to be considering also the offering of the surrounding territory would be under the
of clothing and food to German miners as a special League of Nations, Italy on her side renouncing a
inducement to “ speed up” production. On Monday considerable part of her previous Dalmatian claims.”
a London cablegram stated that the Council was The special peace committee of the Italian Chamber
reported to be.discussing the advisability of rationing of Deputies, recently appointed to consider the
coal throughout Europe, because of the serious short­ Peace Treaty and to endeavor to secure support for
age. The next day representatives of the shipping it, is reported to have discovered that many of the
and fuel industries of France, Belgium and Italy con­ Deputies were hostile to the document. Italy is not
ferred with Herbert Hoover and decided to urge the yet without labor troubles. On Thursday word
Supreme Council of the Peace Conference “ to appoint came from Rome that 150,000 workers in the iron
a European Coal Commission to co-ordinate the foundries had gone on strike. As a result the
distribution of European coal in an effort to avert launching, at Genoa, of the Angelo Bond, said to be
what threatens to be a disaster.” On Thursday it “ the largest steamship built in Italy since the war,”
was declared in a special Paris cablegram that “ he had to be postponed. According to dispatches from
had positively refused to serve,” largely because “ he Paris and Rome on Thursday morning a settlement
considers the coal situation on this side of the Atlantic of the Adriatic question is close at hand. The
as a purely European problem, which Europeans “ Popolo Romano” of Italy declared that it was
ought to solve for themselves.” Berlin reported last “ imminent.” Premier Nitti, in an interview in
evening that a commission of employees and workers Rome last evening, was quoted as asserting that
had been appointed at a conference on Thursday “ of “ there have been fewer disturbances in Italy than
experts from all parts of Germany to devise means of in other countries,” and is said to have added that
increasing the production of coal, so that Germany “ the workers of Italy will solve the high cost of I’v j g
will not freeze or starve during the coming winter.” problem by greater production.” ,




520

THE CHRONICLE

The peace committee of the French Chamber ol
Deputies by a vote of 34 to 1, two members being
absent, has recommended to the full Chamber the
ratification of the German Peace Treaty. In a
special cablegram from the French capital last
Sunday it was declared that the Radical Socialist
Party in the Chamber was making careful plans “ to
get enough seats in the coming election to maintain
the group’s present dominant strength in the new
Chamber.”
According to Marcel Hutin in the “ Echode Paris,”
“ the presence of Premier Clemenceau at the first
general assembly of the League of Nations at Wash­
ington is strongly urged in American quarters.” His
coming would be most appropriate, and certainly the
“ Old Tiger” would receive a cordial welcome in our
National Capitol, and wherever in the United States
he might find time to go.
In London advices a week ago today, it was de­
clared that the strike of the police in that city had
failed, “ only 854 out of a full police strength exceeding
20,000,” having gone out. As the days passed the
cabled messages indicated that in Liverpool and sur­
rounding towns labor conditions were far from satis­
factory. Considerable rioting was reported as early
as last Sunday, which was said to have been checked
in part by bringing in loyal troops from Crosby,
six miles distant. Some 650 policemen were reported
to be out in Liverpool, while the strike was said
to be spreading to Birkenhead, on the Mersey, oppo­
site Liverpool. The assertion was made in a special
cablegram from Liverpool on Monday that the city
“ is in the grip of hooliganism.” Much looting was
declared to have been indulged in during the last two
nights and it was estimated that half the police force
was on strike. Conditions in Birkenhead appeared
to be particularly bad. By Monday afternoon the
situation in Liverpool had become such that troops
were reported to have charged the rioting crowd with
fixed bayonets. A new development of an unfavor­
able character was the decision of the bus and tram­
way workers not to report for duty, although a strike
had not been formally declared, according to infor­
mation made public at that time. Later in the day
it became known that the men on the tramways had
actually votpd to go out, although they asserted that
their action was not in sympathy with the striking
policemen. In London 600 employees of the London
& Southwestern Railroad struck at the beginning of
the week “ in sympathy with the striking police.”
At that time it was estimated that 1100 police had
struck in London, 929 at Liverpool, 200 at Birken­
head and 400 in Birmingham. Tuesday morning
these figures were extended somewhat, the total
number out being reported at 3,252.
The labor situation was aggravated still further
by strikes of the bakers and several other classes of
workers. It was gratifying, on the other hand, to
receive the report in a cablegram from London on
Wednesday evening that, as the result of a meeting
during the day at which there were present the execu­
tives of the National Union of Railwaymen and
deputations from various other labor bodies, it was
decided that the members of the railwaymen’s order
should not strike. The labor situation generally was
reported as being somewhat improved. The policewere declared to be gaining oidy a few adherents;
the. local railway workers who had gone out in sym­
pathy with them*were returning to work rapidly, it




[V ol . 109.

was reported. Yesterday morning’s advices from
London ind eated that nearly all of these men had
gone back to work. The bakers’ strike, however,
continued in parts of London, making it impossible
to get bread.
The opponents of Lloyd George and Bonar Law
still continue to heckle these dignitaries as to what
they should and should not do. The most general
charge appears to be “ that the Cabinet has no
policy.” Although the Cabinet was reported to
have held frequent meetings lasting several hours
each, the assertion was made that “ little or no pro­
gress is being made towards definite decisions on any
of the important problems which demand a speedy
solution.” The British Foreign Trade Department
was urged to hasten arrangements for opening trade
relations with Austria and other enemy countries,
it being pointed out that already America had done
considerable in that direction. Lord Rotlmiere, a
brother of Lord Northcliffc, and the owner of several
newspapers, published an article in one of them last
Sunday in which he urged an Economy Party, assert­
ing that the Coalition Party headed by Lloyd George
has “ outlived its usefulness and is driving Great
Britain into bankruptcy.” He contended also that
the Lloyd George Cabinet, “ accustomed to extrava­
gance, is unable to economize.” In view of Lord
Northcliffe’s bitter opposition to Lloyd George and
his policies, this article was not surprising, although
the opinion was expressed in a London cablegram
last Monday that it “ is bound to create a sensation
and probably will greatly stimulate the movement
already on foot to revert to pre-war political methods
of government.”
Great Britain appears to be experiencing consid­
erable difficulty in finding a suitable man to serve as
Ambassador to the United States, who financially
is able, and who otherwise would be willing, to accept
this important post. Among those mentioned this
week were Lord Lytton, a grandson of Bulwer
Lytton, the novelist, and James W . Lowther, speaker
of the House of Commons. “ Lord Lytton,” accord­
ing to a London cablegram, “ is considered one of
the ablest of the younger peers.” Admiral Sir
David Beatty was declared in special London advices
to have been offered the Ambassadorship also, and
it was said that he was considering the matter care­
fully. Lord Northcliffc and other opponents of the
Lloyd George Government have made a special
point of the fact that no one has been selccted for this
highly important post to succeed Lord Reading,
although the matter is supposed to have been under
consideration for some time. The “ Times” of
London, which is owned by Lord Northcliffc, de­
clared on Wednesday that this situation had “ become
a national, nay, an international scandal.”
Great Britain continues to bestow honors upon
her distinguished military and naval leaders during
the war. Announcement was made this week that
Field Marshal Sir Douglas Haig and Vice-Admiral
Sir David Beatty would be made Earls and would
receive grants of £100,000 each. Field Marshal
Viscount French and Admiral Viscount Jcllicoe are
to get grants of £50,000 each. A proposal was made
to bestow some honor upon Lloyd George, but Bonar
Law immediately announced “ that he had mentioned
the matter to the Premier, who said he would not

A ug . 9 1919.]

THE CHRONICLE

for a m
inute agree to it.” Later in the w
eek, how
­
ever, the King found a w of giving prom
ay
inence to
the w service of the Prem that w acceptable
ar
ier
as
to him An honor designated as the O
.
rder of M
erit
w duly bestow and w accom
as
ed,
as
panied by a letter
from the King in w
hich h gave due recognition to
e
Lloyd George’s part in the w
ar.
In addition to the announcem last w of the
ent
eek
appointm of R
ent
eginald McKenna, a form British
er
Chancellor of the Exchequer, as Chairm of the
an
London Joint City & M
idland Bank to succeed Sir
Edw
ard Holden, recently deceased, it becam know
e
n
that the m
anagem had decided to appoint three
ent
form general m
er
anagers as m
anaging directors. Sir
Edw H
ard olden w chairm and m
as
an
anaging director.
H son, Sir C
is
assie Holden, has been elected a director
of the bank. As a m orial to his distinguished
em
father, it has been suggested that the nam of the
e
institution be changed to Holden’s Bank.
British industrial leaders, according to advices
from London early in the w
eek, w m
ere uch concerned
over the continuancs of the coal m
iners’ strike in the
Yorkshire district and over its probable effect upon
the industries of the country. These leaders w
ere
said to have pointed out that, even w the strike
ith
settled, it w
ould be im
possible “for B
ritish iron and
steel factories to com
pete w
ith Am
erican export
trade.” That new issues of securities w not being
ere
w taken w dem
ell
as
onstrated by the statem that
ent
“only 39% of the £1,080,000 5% stock, at 94^, for
the City of B
irkenhead had been subscribed by the
public,” and that “a large portion of the £5,000,000
British Dyestuffs Corporation’s new capital has been
left to the underw
riters.”
During the greater part of the w there w active
eek
as
speculation in oil shares on the London Stock Ex­
change, but industrial securities fluctuated largely
w the varying reports regarding the lab r situation.
ith

dow to £431,577,000. The Exchequer balance
n
aggregates £6,349,000, w
hich com
pares w £5,654,­
ith
000 the w before.
eek
O
fficial discount rates at leading European centres
continue to be quoted at 5% in London, Paris, Berlin,
Vienna and Copenhagen; 5^% in Sw
itzerland; 6%
in Sw
eden, Norway and Petrograd, and 4%% in
H
olland and Spain. In London the private bank
rate has rem
ained at 3 7-16@3^% for sixty days and
3 9-16@3^% for ninety days. Call m
oney in
London is still reported at 2%%. No other reports,
so far as w have been able to learn, have been re­
e
ceived of discount rates at other centres.
The Bank of England’s statem
ent for the w
eek
show a reduction in its stock of gold on hand of
s
£102,777, w
hile the total reserve registered the large
contraction of £844,000; the latter as a result of a
further increase in note expansion of £741,000. The
proportion of reserve to liabilities, how
ever, w
as
again advanced—to 21.70%, com
paring w 20.44%
ith
last w
eek and 17.16% a year ago. Public deposits
w increased £454,000, but other deposits declined
ere
no less than £16,710,000, w Governm securities
hile
ent
w reduced £9,468,000. Loans (other securities)
ere
decreased £1,252,000. Threadneedle Street’s gold
holdings now stand at £88,312,052. Last year the
total w £67,952,235 and in 1917 £53,394,248.
as
R
eserves am
ount to £26,633,000, as against £29,624,­
305 in 1918 and £31,477,938 the year before. Circula­
tion is £80,128,000, w
hich com
pares w £56,777,930
ith
last year and £40,366,310 in 1917. Loans aggregate
£99,843,000. This com
pares w £132,762,292 and
ith
£130,423,683 one and tw years ago, respectively.
o
Clearings' through the London banks for the w
eek
am
ounted to £518,740,000, in com
parison w
ith
£712,190,000 last w
eek and £364,197,000 in the
corresponding w
eek of a year ago. We append a
tabular statem of com
ent
parisons:
BANK

The B
ritish Treasury statem
ent for the w
eek
ended August 2 w a m favorable one, indicating
as
ore
as it did a substantial increase in incom over outgo,
e
so that the w
eek’s financing resulted in an excess in
the Exchequer balance of £695,000. Expenses for
the w
eek totaled £30,617,000, (against £12,318,000
for the w ending July 26), w the total outflow
eek
hile
,
including repaym
ents of Treasury bills, advances
repaid, and other item w £234,777,000, w
s, as
hich
com
pares w £254,547,000 a w
ith
eek ago. R
eceipts
fromall sources am
ounted to £235,472,000, as against
£253,991,000 last w
eek. Of this total, revenues
yielded £21,470,000, against £19,339,000, and sav­
ings certificates £1,250,000, against £2,680,000.
Advances brought in £2,000,000, against £550,000,
w
hile the new funding loan contributed £57,552,000,
against £56,055,000 last w
eek. The sum of £49,­
664,000 w received from Victory Bonds, w
as
hich
com
pares w
ith £56,559,000 the previous w
eek.
There w nothing this w from other debt. Last
as
eek
w
eek a total of £10,750,000 w received from this
as
item. Sales of Treasury bills totaled £103,414,000.
A w
eek ago sales am
ounted to £108,058,000. As
this far exceeds the sum repaid, the volum of
e
Treasury bills outstanding w again augm
as
ented
and now stands at £749,654,000, in com
parison w
ith
£714,604,000 in the. w
eek preceding. A further
decrease, how
ever, w reported in net tem
as
porary
advances ofj£125,090,000, thus bringing the total




521

O F E N G L A N D 'S C O M P A R A T I V E

STATEM EN T.

1919.

1918.

1917.

1916.

1915.

A u g. 6.

A ug. 7.

Aug. 8.

A ug. 9.

A u g. 11.

£

£

£

£

£

C i r c u l a t i o n ...................

8 0 ,1 2 8 ,0 0 0
1 8 ,3 3 3 ,0 0 0

5 6 ,7 7 7 ,9 3 0
3 9 ,8 7 8 ,3 8 3

4 0 ,3 6 6 ,3 1 0

P u b l i c d e p o s i t s ...........

4 7 ,4 6 5 ,3 9 2

3 6 ,1 4 6 ,8 1 5
5 4 ,6 2 5 ,3 0 9

O t h e r d e p o s i t s ______

9 9 ,8 4 3 ,0 0 0

1 3 2 ,7 6 2 ,2 9 2

1 3 0 ,4 2 3 ,6 8 3

3 2 ,4 6 3 ,3 8 0
1 4 2 ,6 0 4 ,3 4 7

8 8 ,9 8 9 ,7 1 2

8 5 ,0 7 5 ,8 1 9

G o v e r n m ’ t s e c u r it ie s 2 3 ,6 7 5 ,0 0 0

5 7 ,8 5 5 ,3 3 2

5 6 ,5 5 8 ,6 2 8

4 2 ,1 8 8 ,1 1 0

4 5 ,9 1 5 ,0 3 9

O t h e r s e c u r it ie s _____ 8 0 ,4 9 3 ,0 0 0

1 0 3 ,1 9 3 ,7 5 8

1 0 7 ,9 4 7 ,7 1 8

8 0 ,6 4 2 ,1 4 4

1 4 8 ,1 3 5 ,5 6 6

R e s e r v e n o t e s & c o in 2 6 ,6 3 3 ,0 0 0

2 9 ,6 2 4 ,3 0 5

3 1 ,4 7 7 ,9 3 8

3 8 ,8 5 3 ,9 9 2

5 1 ,7 2 4 ,6 6 7

8 8 ,3 1 2 ,0 5 2

6 7 ,9 5 2 ,2 3 5

5 3 ,3 9 4 ,2 4 8

5 6 ,5 5 0 ,8 0 7

6 5 ,7 3 8 ,0 4 7

t o l i a b i l i t i e s ...........

2 1 .7 0 %

1 7 .1 6 %

1 7 .6 9 %

27%

2 2 .7 5 %

B a n k r a t e .....................

5%

5%

5%

6%

5%

C o in a n d b u l l i o n . . .
P r o p o r tio n o f re se rv e

The Bank of France continues to report gains in
its gold item this w
,
eek’s statem
ent show an in­
ing
crease of 573,000 francs. The Bank’s total gold
holdings now am
ount to 5,567,648,900 francs, com
­
paring w 5,433,321,589 francs last year and w
ith
ith
5,305,202,849 francs the year before; of these am
ounts
1,978,278,416 francs w held abroad in 1919 and
ere
2,037,108,484 francs in both 1918 and 1917. Dur­
ing the w new advances to the State w m
eek
ere ade
to the extent of 100,000,000 francs. Treasury de­
posits w augm
ere
ented by 38,239,602 francs. O
n
the other hand, bills discounted w reduced 21,­
ere
842,593 francs, silver decreased approxim
ately 1,­
000,000 francs, and general deposits fell off 54­
741,698 francs. Note circulation registered the
further expansion of 233,739 francs, bringing the
total am
ount outstanding up to 35,286,452,680
francs, w
hich com
pares w 29,476,586,275 francs
ith
in 1918 and w 20,434,623,960 francs the year
ith
before. O July 30 1914, just prior to the outbreak
n

522

THE CHRONICLE

[V ol . 109.

There w no changes of im
ere
portance in either the
rates or the tone of the tim m
e oney m
arket at this
centre until after m
id-w
eek. Call m
oney during the
first of the w m
eek oved w
ithin a narrow range, but
w a tendency tow a low level. O Thursday
ith
ard
er
n
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
and Friday the rates w
ere m
aterially easier and
Ca g
h nes -------------------------- S tu a of---------------------- *
ta s s
—
oney brokers reported considerably m
ore m
oney
for W . A g 7 1 0 1 9 . A g 8 1 0 1 8 . A g 9 1 1 9 7 . m
eek
u.
u.
u.
CldH in s— F -cs.
o old g
ra
Fn
ra cs.
Fn
ra cs.
Fn
ra cs.
than w required to m the needs of Stock Ex­
as
eet
I n F r a n c e ................... I n c .
S 5 7 3 .0 0 0
3 .5 8 9 ,3 7 0 ,4 8 4
3 ,3 9 G ,2 1 3 ,1 0 4
3 ,2 6 8 ,0 9 4 ,3 6 4
A b r o a d ........................
N o ch an ge
1 ,9 7 8 ,2 7 8 ,4 1 6
2 ,0 3 7 ,1 0 8 ,4 8 4
2 ,0 3 7 ,1 0 8 ,4 8 4
change houses. There w freer offerings also on
ere
T o t a l ......................... . I n c .
5 7 3 ,0 0 0
5 ,5 6 7 ,6 4 8 ,9 0 0 5 ,4 3 3 ,3 2 1 ,5 8 9 5 ,3 0 5 ,2 0 2 ,8 4 9
both days of tim m
e oney. R
enew and new loans
als
S i l v e r ............................. D e c .
1 ,0 0 0 ,0 0 0
2 9 8 ,0 0 0 ,0 0 0
3 0 4 ,8 4 9 ,7 1 6
2 6 0 ,7 3 0 ,9 4 7
w generally m
ere
ade at 6% on m
ixed collateral and
B il ls d i s c o u n t e d _____D e c . 2 1 ,8 4 2 ,5 9 3
8 6 7 ,3 6 2 ,2 3 8
1 ,0 0 2 ,9 9 0 ,1 1 1
6 2 2 ,2 0 0 ,8 5 7
A d v a n c e s __________
o m i t t e d in c a b le
8 5 0 ,2 9 1 ,0 5 2 1 ,1 2 6 ,4 0 0 ,6 2 8
7% on “all industrials.” Just w
here the m
oney cam
e
N o t e c i r c u l a t i o n . . I n c . 2 3 3 ,7 3 9 ,9 9 5 3 5 ,2 8 6 ,4 5 2 ,6 8 0 2 9 ,4 7 6 ,5 8 6 ,2 7 5 2 0 ,4 3 4 ,6 2 3 ,9 6 0
T r e a s u r y d e p o s it s .I n c .
3 8 ,2 3 9 ,6 0 2
1 4 7 ,6 8 3 ,9 2 9
6 8 ,4 0 3 ,0 5 9
3 9 ,9 5 0 ,3 3 1
from that w m freely offered, both on call and
as ore
G en eral d e p o s it s ..D e c .
5 4 ,7 4 1 ,6 9 8 2 , 8 6 0 ,5 3 8 ,8 0 5
3 ,8 8 8 ,6 6 5 ,4 1 8 2 ,5 8 0 ,0 1 3 ,6 6 7
on time, it w not easy to learn. In som banking
as
e
circles it w said that the greater part of it had been
as
The Im
perial Bank of Germ
any in its statem
ent,
orning
as of July 23, show the follow
s
ing changes: A re­ received from interior points. Yesterday m
the charge w m
as ade in speculative circles that the
duction of 1,365,000 m
arks in coin and bullion, a
oney m
arket, as w as the stock m
ell
arket, had been
decline of 1,311,000 m
arks in gold, and a reduction m
anipulated during the past tw or three days. It
o
of 86,127,000 m
arks in Treasury certificates. Bills m
as
as
e oney
discounted show the huge decrease of 1,410,­ w asserted that there w no reason for tim m
ed
being offered m freely and at easier rates than it
ore
266,000 m
arks, w
hile deposits w reduced 1,472,­
ere
e eeks.
137,000 m
arks. There w a decline of 272,395,000 had been for som w
as
Just w the m
hat
oney m
arket w be in the im edi­
ill
m
m
arks in securities, and of 250,494,000 m
arks in
ould seem safe
circulation, w
hile liabilities decreased 32,943,000 ate future is not easy to predict. It w
e,
ever, that if the present labor diffi­
m
arks. Notes of other banks increased 763,000 to assum how
ould
m
arks, advances 4,931,000 m
arks and investm
ents culties continue the industries of the country w
ed
n
8.884.000 m
arks. The G an Bank reports its be slow dow sufficiently to lessen the require­
erm
ents for funds from those sources m
aterially. If
stock of gold on hand as 1,111,757,000 m
arks, w
hich m
the sp3C
ulation in stocks falls to a substantially
com
pares w 2,347,080,000 m
ith
arks last year and
aller volum as is being predicted by som students
e
e
2.401.480.000 m
arks in 1917. Note circulation sm
of the m
arket the requirem
ents of Stock Exchange
totals 28,874,248 m
arks. A year ago the total w
as
oney w
ould be reduced proportionately.
12.373.680.000 m
arks and in 1917 8,629,560,000 houses for m
Such developm
ents, of course, w
ould naturally be
m
arks.
expected to increase m
aterially the offerings of
oney and to bring about a low level of rates. O
er
n
Saturday’s statem
ent of New York associated m
the other hand, the season of the year is at hand
banks and trust com
panies, w
hich is given in fuller
hen large sum of m
s
oney w be needed in the
ill
detail in a subsequent section of this issue, m
ade a w
agricultural sections of the country for the harvest­
decidedly better show
ing and substantial increases
oving, of the crops.
w show in both aggregate and surplus reserves. ing, and particularly for the m
ere
n
om
This w due largely to an increase in G
as
overnm
ent At the m ent European financing at this centre
deposits from $129,880,000 to $220,190,000. Loans appears to be practically at a standstill. Conse­
s
oney are not being
w expanded no less than $127,026,000, but this quently large additional sum of m
ere
tied up for that purpose.
w supposed to be incidental to the exceptionally
as
heavy corporate financing, including as it did large
D
ealing w specific rates for m
ith
oney, call loans
m
aturities on August 1. Net dem
and deposits in­
have ranged during the w at 3@6%, w
eek
hich com
­
creased $84,940,000, to $4,092,403,000 (G
overnm
ent
ith
eek. O Monday the high
n
deposits of $220,190,000 deducted), w
hile net tim pares w 5@18% last w
e
as
as
als.
deposits gained $4,058,000, to $198,916,000. O
ther w 6% and this w also the basis for renew
The low w 5%. Tuesday there w n range, 6%
as
as o
changes w a contraction of $6,346,000 in cash in
ere
as
ow vaults (m bers of the Federal R
n
em
eserve Bank), being the only rate quoted. There w a decline to
3% on W
ednesday, though the m
axim
um w still
as
to $91,059,000 (not counted as reserve),an expansion
at 6%. R
enew w negotiated at 4%. Thurs­
als ere
of $49,007,000 in reserves in the R
eserve Bank of
as
m ber banks, to $587,597,000, and a gain of $127,­ day’s range w 4@5% and 4% still the ruling figure.
em
n
as
000 in reserves in ow vaults (State banks and trust O Friday 5% w the only rate quoted, it being the
n
com
panies) to $11,284,000. R
eserves in other de­ high, low and ruling for the day. The above figures
ixed collateral. Loans on “All­
positories (State banks and trust com
panies) w
ere apply to loans on m
industrials collateral” have covered a range of
reduced $486,000, to $10,818,000. .A
ggregate re­
.
as
serves w expanded $48,648,000, to $609,699,000, to 7% Monday the range w 5)^@7% and on
ere
ith
als
as against $534,577,000 last year, w
hile surplus Tuesday 6}^@7%, w renew at 7% on both
ednesday and Thursday quotations w
ere
show a gain of $.37,530,480, thus carrying the total days. W
ed
ixed collateral. Friday’s
of excess reserves on hand to $67,139,890. This y2of 1% above those for m
as
al
com
pares w $29,609,410 a w ago and $55,232,­ range w 5@5y% and 5)^% the renew basis.
ith
eek
For fixed m
aturities very little change is reported.
190 in the corresponding 'period of last year. Re­
serve requirem
ents w expanded $11,117,520. The Trading continues at a lowebb, and is confined largely
ere
als. Call funds tow
ards the end of the w
eek
figures here given for surplus reserves are based on to renew
w in m abundant supply as a result of the recent
ere
ore
legal reserves of 13% for m ber banks of the
em
Federal system but not including cash in vault held liquidation in Stock Exchange securities, but fixed
,
oney rem
ains in light supply. Nom
inally the
by these banks w
hich on Saturday last am
ounted date m
onths
to $91,059,000. Circulation declined $665,000, and bid rate for all periods from sixty days to six m
is" still 6% for loans on m
ixed collateral, w 7%
ith
is now $36,797,000.

of w the total outstanding w only 6,683,184,785
ar,
as
francs. Com
parisons of the various item in this
s
w
eek’s return w the statem
ith
ent of last w
eek and
corresponding dates in 1918 and 1917 are as fol­
lows:




A u g . 9 1919.]

THE CHRONICLE

ask for all-industrial loans. O Friday it w re­
ecl
n
as
ported that som loans w m
e
ere ade on all-industrial
m
oney at 6%@7%. A year ago tim m
e oney from
sixty days to six m
onths w quoted at 5%@6%.
as
Com ercial paper rates have not been changed
m
from 5%@5%% for sixty and ninety days’ endorsed
bills receivable and six m
onths’ nam of choice
es
character, w nam not so w know at 5%%.
ith
es
ell
n
A fair volum of business w reported, w the bulk
e
as
ith
of the business done am
ong country banks.
Banks’ and bankers’ acceptances have ruled steady
and w
ithout quotable change. No im
provem
ent is
as yet reported, and transactions in the aggregate
w
ere m
oderate in volum Loans on dem
e.
and for
bankers’ acceptances rem
ain at 4%%. Detailed
rates follow
:

523




D a l la s .

K a n s a s C i ty .

C h ic a g o .

R ic h m o n d .

A tla n ta .

|C le v e la n d .

N ew Y ork .

jP h ila d e l p h ia .

j B o s to n .

m
ovem
ent. As m
atters stand, and lacking any
definite announcem of a plan for the support of
ent
our foreign trade, very little im
provem
ent is ex­
pected, so far as the im ediate outlook is concerned.
m
The Com ittee appointed by the Foreign Exchange
m
Bankers’ Association to study w
ays and m
eans of
checking the current adverse m
ovem
ent of exchange
rates m again on Friday for a further discussion of
et
the situation. It is understood that testim
ony is
being taken from representatives of all the interests
concerned, w the object of obtaining as broad and
ith
com
prehensive a view of the w
hole problem from
w
hich to draw conclusions as is hum
anly possible.
At present w
riting, how
ever, indications fail to point
to any im
portant progress m
ade. As a m
atter of
fact, bankers usually w inform intim that
ell
ed
ate
----------------- S p o t D e liv e r y -----------------D e liv e r y
N in ety
S ix ty
T h ir ty
w ith in
the Com ittee’s investigations have thus far only
m
D ays.
D ays.
D ays.
30 D ays.
served to confirm the convictions so w
idely held that
E l i g i b l e b il ls o f m e m b e r b a n k a ....................... 4 % ® 4 K
4 K ® 4 * A , 4*A »@ 4
4%
b id
E li g ib l e b il ls o f n o n - m e m b e r b a n k s ............4 K ® 4 * A ,
4 , t ® 4 K 4*/{t @ 4
A
4 %
b id
artificial m
easures for the regulation of exchange in
I n e lig ib le b i l l s .......................................................... 5 K ® 4 K
5K © 4A 5 K ® 4 4
6
b id
peace tim w
es ould prove entirely too costly to be of
No changes in rates, so far as our know
ledge goes, any practical use. That eventually som m
e ethod of
have been m
ade the past w
eek by the Federal extending long-term credits to our European cus­
R
eserve banks. Prevailing rates for various classes tom w have to be devised is alm universally
ers ill
ost
of paper at the different Reserve banks are show view as the m logical, if not the only w out
n
ed
ost
ay
in the follow
ing:
of the present difficulty. A num
ber of credits
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .
have recently been issued independently, and there
0
V
i
is talk of still others, but in.several cases results have
CLASSES
1
OF
proved disappointing, so that bankers are show
ing
O
D IS C O U N T S A N D L O A N S .
£
a disposition to delay further financing of this char­
£} 5
acter for a w
hile in the hope that som definite deci­
e
D isc o u n ts—
W i t h in 15 d a y s , I n c l. m e m b e r
sion concerning the m
uch-discussed general financing
b a n k s ’ c o ll a t e r a l n o t e s _____ 4
4 4 4 4 4 4 4 K 4 K 4 4M 4 'A 4 A 4 >4
10 t o 0 0 d a y s ’ m a t u r i t y ___ 4 4 4 4 4 4 ■IK 4 K 4 K 4 K 4 K 4*4 5
4% 5
plan may soon be arrived at. It is conceded that
61 t o 0 0 d a y s ’ m a t u r it y .
4 4 4 4 44 4 H 4 K 4 K 4 % 4 K 5 5 5 5
A g r i c u lt u r a l a n d l l v e - s t o c
m
atters w
ould be greatly facilitated if the Govern­
p a p e r , 91 t o 180 d a y s ln c l . 5
5 5 5H 5 5
5 4 5 4 5 A UK 5 4
5 4
S e c u r e d b y U . S . c e r tl
m w
ent ould m know its policy on the subject, as
ake
n
o f In d eb ted n ess—
W i t h i n 1 5 d a y s , Inc
w
hatever is to be done w be attem
ill
pted only w
ith
m em ber banks’
o r a l n o t e s __________
4 4 4 4 4 4 >
4 4 4 *4 *4
4K
S e cu re d b y L ib e r ty b o n d s an d
the full approval and co-operation of the Ad­
V ic to r y N o te s —
m
inistration.
W i t h in 15 d a y s , Inc
m e m b e r b a n k s ’ c o lla t e r a l
n o t e s ..................... ..
A cable despatch from London under date of Aug.
4 4 4 4 4 4 4 4H 4 4 4 4 4 4K
S ecu red b y U . S . G ov ern m en t
w a r o b lig a tio n s —
7 states that the Allied P ers are seeking a $3,000,­
ow
10 t o 9 0 d a y s ’ m a t u r it y ..
4 4 4 4 4 4 4 4 4K * 4 4 4 K 4 4 4 H 4 K 44 4 4
T r a d e A c c e p ta n c e s —
000,000 loan from the U
nited States, but that
1 5 d a y s m a t u r i t y ................ .......
4 4 4 4 4 4 4 4K 4K 4
4 4 4 <4 4 4 4 4
1 0 t o 9 0 d a y s m a t u r l r y _____
4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 *4 4 V4| 4 K
Am
erican officials are not in sympathy w the
ith
1 a t e s f o r d is c o u n t e d b a n k e r s ’ a c c e p t a n c e s m a t u r in g w it h i n 15 d i vy s ’ 4 % - w ith in project, realizing as they do the difficulty of interest­
R
1 0 t o 0 0 d a y s , 4 } { % , a n d w it h in 61 t o 9 0 d a y s . 4 4 % .
/<”
“
2R a t e o f 4 % o n p a p e r s e c u r e d b y 1 o u r t h L i b e r t y L o a n b o n d s w h e r e p a p e r r e ­ in Am
g erican people in foreign securities. The first
d is c o u n t e d h a s b e e n t a k e n b y d i s c o u n t in g m e m b e r b a n k s a t r a t e s n o t e x c e e d in g
In terest r a te o n b o n d s .
block of French Treasury bills to be placed on this
p ^ A p p l i e s o n l y t o m e m b e r b a n k s ' c o ll a t e r a l n o t e s ; r a t e o f 4 4 % o n c u s t o m e r s
m
arket have this w
eek been disposed of by J. P.
• R a t e o f 4 4 % o n m e m b e r b a n k s ' c o ll a t e r a l n o t e s .
N o t e 1 . A c c e p t a n c e s p u r c h a s e d In o p e n m a r k e t , m in i m u m r a t e 4 ° /
M
organ & Co. It is stated that the initial am
ount
N o t e 2 . R a t e s o n p a p e r s e c u r e d b y W a r F in a n c e C o r p o r a t i o n b o n d s , 1 % h ig h e r
t h a n o n c o m m e r c ia l p a p e r o f c o r r e s p o n d in g m a t u r it i e s .
w $5,000,000 and that these w
as
ere quickly
N o t e 3 . W h e n e v e r a p p l ic a t io n Is m a d e b y m e m b e r b a n k s f o r r e n e w a l o f 1 5 -d a y
p a p e r , t h e F e d e r a l R e s e r v e b a n k s m a y c h a r g e a r a t e n o t e x c e e d in g t h a t f o r 9 0 - d a y
subscribed.
p a p e r o f t h e s a m e c la s s .
R a t e s f o r c o m m o d i t y p a p e r h a v e b e e n m e r g e d w it h t h o s o f o r c o m m e r c ia l p a p e r
As regards the m detailed quotations, sterling
ore
o f c o r r e s p o n d in g m a t u r it ie s .
exchange on Saturday of last w
eek w a shade
as
With the settlem of differences betw shippers easier, w dem
ent
een
ith
and fractionally low at 4 35%@
er
and freight handlers and the consequent resum
ption 4 35%, cable transfers at 4 36@4 36% and sixty
of shipping activities, offerings of com ercial bills days at 4 32%@4 32%. Monday’s trading w
m
as
quickly increased in volum and sterling exchange sm
e
aller in volum than in recent w
e
eeks and quotations
rates again sagged severely. Enorm
ous quantities ruled steady, w
ithin relatively narrow lim dem
its;
and
of m
anufacturing and m
erchandise bills appeared in w quoted at 4 35%@4 35%, cable transfers at
as
the m
arket, and in the absence of adequate buying 4 36%@4 36% and sixty days at 4 32%@4 32%.
pow prices broke sharply to as low as 4 29%, or R
er,
ates w m
ere aintained fairly w throughout m
ell
ost
only 3% points above the extrem low record of a of Tuesday’s session until the late afternoon w
e
hen a
few w
eeks ago. The sensational break in francs heavy increase in offerings forced prices dow
n
w held responsible for som of the w
as
e
eakness, w
hile approxim
ately 2c., the range for dem
and being 4 33%
short selling and low cable quotations from abroad @4 35%, cable transfers at 4 34%@4 36% and
er
exercised a sentim
ental influence upon the m
arket sixty days 4 30%@4 32%, O W
n
ednesday re­
as a w
hole. B
efore the close som of the losses new w
e
ed eakness developed and rates broke sharply,
w recovered and the undertone w steadier.
ere
as
carrying dem
and bills dow to 4 29%@4 31%,
n
O
pinion as to the future of sterling exchange is still cable transfers to 4 30%@4 32% and sixty days to
w
idely divergent, and financial authorities are evi­ 4 27%@4 29%; heavy selling and the establishm
ent
dently puzzled as to w
hether the recent break in of a new low record for French exchange w factors
ere
prices is m
erely a passing incident or likely to consti­ in the decline. The undertone w slightly firm
as
er
tute the beginning of another substantial dow ard on Thursday and dem
nw
and recovered to 4 31%@

524

THE CHRONICLE

[V ol . 109.

Owing to the temporary shelving of the Edge Bill
on account of the adjournment of the Senate for
the summer recess, nothing further has developed
in this direction, although after the heavy break in
French and other continental exchange this week, a
meeting of bankers prominently identified with
foreign exchange matters was promptly called.
Exchange experts are apparently disposed to believe
that too much weight is being attached to these
gatherings, since it is extremely doubtful that any
practical program for the stabilization of exchange
can be worked out at this time. The depreciation
of Europe’s currency, an inevitable aftermath of the
war, while not generally appraised at its full sig­
nificance, is a factor which has tended to greatly
aggravate the problem now pressing for solution,
and the whole situation is one evidently requiring
both time and mature deliberation for its adjustment.
The official London check rate in Paris finished
at 33.70, comparing with 31.74 the preceding week.
In New York sight bills on the French centre closed
at 7 77, against 7 29; cable transfers at 7 71, against
7 27% ; commercial sight at 7 75, against 7 31, and
Dealings in Continental exchange this week have commercial sixty days at 7 79, against 7 35 last week.
been marked by another sensational decline in French Belgian francs finished at 8 07 and cable transfers
francs, the quotation for which dropped steadily at 8 05, which compares with 7 57 and 7 55 last
until 7 82 was reached for checks, a new low record, week. Lire closed at 8 98 for bankers’ sight bills
and 53 points below last week’s closing figure. Fol­ and 8 96 for cable remittances. Last week the close
lowing the action of the French authorities in an­ was 8 62 and 8 60. German reichsmarks finished
nouncing the sale of French Treasury bills on this at 6 00 for checks and 6 % for cable transfers,
market, quotations rallied slightly late last week, in comparison with 5 80 and 5 87% a week ago.
but later on heavy selling ensued and the market Austrian kronen closed at 2% for checks and 3 00
was unable to withstand the enormous outpouring for cable remittances (unchanged). Exchange on
of commercial bills, particularly cotton and packers, Czecho-Slovakia finished at 5 25@ 5 45, the same
also grain bills. Some of this has undoubtedly been as a week ago, on Bucharest at 7 25@7 27, against
due to the accumulation of offerings resulting from 7 25, on Poland at 6 40@ 6 60, against 6 75@ 7 00 and
the recent tie-up incidental to the shipping strike. on Finland at 7 10@7 30 (unchanged). Greek ex­
Another factor in the decline was the receipt of lower change remains at 5 20 for checks and 5 18 for
quotations from abroad which in turn induced cable transfers.
In the neutral exchanges very little business ia
speculative selling here, and at times the market
took on an aspect bordering upon demoralization. passing and movements in rates were without especial
As to lire, a practically parallel situation exists, significance. The trend continues toward lower
and here, too, extensive offerings brought about a levels, and declines were recorded in guilders, pesetas
decline to 9 00 for checks. Belgian francs shared and Swiss francs, while the Scandinavian exchanges
in the general weakness. Austrian kronen were ruled heavy, in some cases breaking several points
heavy, while exchange on the new Central European for the week.
Bankers’ sight on Amsterdam, after touching 37%,
republics all ruled fractionally lower. German reichs­
rallied and finished at 37% , against 37% ; cable re­
marks, on the other hand, were firm, recovering at
one time to 6 19% for checks, against 5 80 a week mittances at 37% , against 37% ; commercial sight at
ago. Much of this was due to speculative buying 37 7-16, against 37 5-16, and commercial sixty days
on the part of operators who take the view, that' as at 37 1-16, against 36 15-16 a week ago. Swiss francs
the reichsmark is now quoted at a discount of vir­ closed at 5 64 for bankers’ sight bills and 5 62 for
tually 70% , if Germany is to have any financial and cable remittances. Last week the close was 5 58 and
economic standing at all, the status of the mark is 5 56. Copenhagen checks closed at 21.70 and cable
bound to improve. It is argued that it will be abso­ transfers 21.90, against 22.00 and 22.20. Checks on
lutely necessary to lend Germany a helping hand in Sweden finished at 24.60 and cable transfers at 24.80,
the restoration of her various industries in order to against 24.70 and 24.90, while checks on Norway
enable her to make the reparation required under closed at 23.50 and cable transfers 23.70, against
23.60 and 23.80 last week. Final quotations for
the terms of the Treaty of Peace.
In the opinion of some influential bankers the Spanish pesetas were 18.92 for checks and 19.05 for
exchange situation is likely to become worse before cable remittances, a new low on the current move­
it is better. As economic conditions abroad im ­ ment. A week ago the close was 19.10 and 19.20.
As to South American quotations, very little
prove, the European demand for our goods, espe­
cially raw materials, is increasing steadily, and as change has been noted, and the rate for checks on
the exchange market is in no position to cope with Argentina finished at 42.30 and cable transfers at
the continues overplus of bills consequent upon an 42.40, the same as a week ago. For Brazil the
overwhelming excess of exports over imports, rates check rate is still quoted at 27% and cable remit­
are likely to reach still lower levels, at least until tances at 27% . Chilian exchange advanced to 10%,
some arrangements are made for converting bills into against 9 3-16 last week. Peru is still at 50.125@
50.375.
long term obligations.

4 32% , cable transfers to 4 32@ 4 33% and sixty
days to 4 2 8 % @ 4 30% .
Friday’s market was fairly active and rates were
about steady; demand ranged between 4 31% and
4 32% , cable transfers at 4 3 2 % @ 4 33, and sixty
days at 4 29@ 4 30. Closing quotations were 4 29%
for sixty days, 4 32 for demand and 4 32% for cable
transfers. Commercial sight bills finished at 4 31% ,
sixty days at 4 28% , ninety days at 4 27 and docu­
ments for payment (sixty days) at 4 28% , and sevenday grain bills at 4 31. Cotton and grain for pay­
ment closed at 4 31% . The week’s gold movement
was small in volume, the lowering in exchange rates
having once more rendered shipments of the precious
metal prohibitive, and only $576,500 in gold coin
consigned to South America was recorded during
the week as having been shipped from the Sub­
Treasury at New York. Shipments from San Fran­
cisco to the Orient continue upon a larger scale and
this week $6,000,000 has been shipped for Japan
and $2,500,000 for China, making a total in all of
$9,076,500.




A ug . 9 1919.]

THE CHRONICLE

Far Eastern rates are as follow Iiong Kong
s:
803^@80M, against 80j4@8(% Shanghai, 125@
1253^, against 122^ @ 123; Yokohama, 5 0 ^ @ 5 0 %
against 5034@5(% M
anila, 49^@49^, against
4 9 ^ @ 4 9 3 4 ; Singapore, 52% @ 53 (unchanged); Bom
bay, 3 9 % @ 4 0 , against 4(hb£@40]^, and Calcutta
(cables) at 40@4034, against 403^@403^.

525

doubled, therefore the committees which are “ con­
ducting long and laborious investigations into the
causes of the high cost of living . . . .
need not
investigate for one minute.” Here is the cause, be­
fore their eyes.
We presume that a dozen other experts might be
found, with a dozen other sole and exclusive causes.
r he truth is that there are far more than a dozen
l
The New York Clearing House banks, in their causes operating simultaneously. The folly of this
operations with interior banking institutions, have narrow reasoning in a matter which requires the
gained 84,089,000 net in cash as a result of the cur­ broadest perspective and the most patient study is
rency movements for the week ending Aug. 8. Their that, even if the single remedy demanded were
receipts from the interior have aggregated 87,860,000, applied, we should have made but slight impression
while the shipments have reached 83,171,000. Add­ on the cost of living and should probably have done
ing the Sub-Treasury and Federal Reserve operations serious damage by roughly interfering with the mach­
and the gold exports, which together occasioned a loss inery of finance and industry.
of 899,774,000, the combined result of the flow of
The truth is, that what the world is now exper­
money into and out of the New York banks for the iencing in the market for commodities is precisely
week appears to have been a loss of $95,085,000, as what was to be expected on the termination of the
follows: ’
war. We are aware that a different opinion was very
generally entertained, at times, in the progress of the
Into
Out o f
N er Change in
W eek ending A u g . 8 .
Banks.
Banks.
Bank H oldings.
war itself. In 1916 especially, before restrictive
5 7 .8 6 0 .0 0 0
S 3 ,1 7 1 ,0 0 0 G a i n 5 4 ,0 8 9 ,0 0 0
measures had been applied by our Government to
S u b - T r e a s u r y a n d F e d . R e s e r v e oi>2 5 .8 9 5 .0 0 0
1 2 5 ,0 0 9 ,0 0 0 L o s s 9 9 ,7 7 4 ,0 0 0
the rise in foodstuffs and materials, there was a
T o t a l ...........................................................................................
3 3 3 ,7 5 5 ,0 0 0 3 1 2 8 ,8 4 0 ,0 0 0 I-oss $ 9 5 ,0 8 5 ,0 0 0
prevalent belief that return of peace would be im­
The following table indicates the amount of bullion mediately followed by what was then described as
in the principal European banks:
“ perpendicular decline” in all the markets.
Some of the arguments for such a sequel to the
Aug. 7 19 19 .
Aug. 8 19 18 .
Banks o f —
ending of hostilities were based on expectations which
Gobi.
Silver.
Total.
Gold.
Silcer.
Total.
were upset by subsequent events; this being notably
£
£
£
£
E n g l a n d . . 8 8 ,3 1 2 ,0 6 2
________ ! 8 8 ,3 1 2 ,0 5 2 6 7 ,9 5 2 ,2 3 5
true of the belief that reopening of Russia’s ports to
.......................... 6 7 ,9 5 2 ,2 3 5
F r a n c o a . 1 4 3 ,5 7 4 ,8 1 9 1 1 ,9 2 0 ,0 0 0 1 5 5 ,4 9 4 ,8 1 9 13 5 ,8 8 8 ,5 2 3 1 2 .1 6 0 .0 0 0 1 4 8 ,0 4 8 ,5 2 3
G e rm a n y
5 5 ,5 7 7 ,8 5 0
9 9 8 ,8 0 0 5 0 ,5 7 0 ,0 5 0 1 1 7 ,3 8 1 ,4 5 0
6 ,0 1 0 ,1 0 0 1 2 3 ,3 9 1 ,5 5 0
the outside world would cause such an outpour of
R u s s ia *_ 12 9 ,0 5 0 ,0 0 0 , 1 2 ,3 7 5 ,0 0 0 ,1 4 2 ,0 2 5 ,0 0 0 12 9 ,0 5 0 ,0 0 0 1 2 .3 7 5 .0 0 0 1 4 2 ,0 2 5 ,0 0 0
A u s - I I u n .c 1 0 .9 2 7 .0 0 0
2 ,3 8 3 ,0 0 0 1 3 ,3 1 0 ,0 0 0 1 1 ,0 0 8 ,0 0 0
2 .2 8 9 .0 0 0 1 3 .2 0 7 .0 0 0
newly-produced wheat and of wheat accumulated
S p a in ____
9 3 .9 2 8 .0 0 0 2 0 ,0 4 8 ,0 0 0 1 1 9 ,9 7 0 ,0 0 0 8 5 .7 4 7 .0 0 0 2 7 ,0 2 1 ,0 0 0 1 1 2 ,7 6 8 ,0 0 0
I t a l y _____ 3 2 .3 6 5 .0 0 0
2 ,9 7 3 ,0 0 0 1 3 5 ,3 3 8 ,0 0 0 3 2 .9 8 7 .0 0 0
3 .0 9 1 .0 0 0 3 6 .0 7 8 .0 0 0
during the long blockade, that the world’s food mar­
N c t li e r l'd s 5 4 .2 8 4 .0 0 0
5 3 5 ,0 0 0 , 5 4 ,8 1 0 .0 0 0 5 9 .6 4 3 .0 0 0
6 0 0 ,0 0 0 6 0 .2 4 3 .0 0 0
1 ,2 1 2 ,0 0 0 , 1 1 ,8 5 4 ,0 0 0 1 5 .3 8 0 .0 0 0
N o t . B e l . h 1 0 .6 4 2 .0 0 0
6 0 0 ,0 0 0 1 5 .9 8 0 .0 0 0
kets would be swamped with it. But quite aside
S w l t z 'l a n d . 1 8 ,7 0 6 ,0 0 0 , 2 ,7 1 2 ,0 0 0 2 1 ,4 1 8 ,0 0 0 15 .3 0 6 .0 0 0
15 .3 0 6 .0 0 0
........................... 1 6 ,0 3 2 ,0 0 0 1 4 .3 2 2 .0 0 0
Sw eden_
_ 1 6 .0 3 2 .0 0 0
1 4 .3 2 2 .0 0 0
from the fact that, as Germany discovered in 1917,
1 4 3 ,0 0 0 1 0 ,5 7 5 ,0 0 0 1 0 .4 9 3 .0 0 0
D e n m a r k . 1 0 .4 3 2 .0 0 0
1 3 1 ,0 0 0 1 0 .6 2 4 .0 0 0
N o r w a y ...
8 ,1 7 4 ,0 0 0
...........................
8 ,1 7 4 ,0 0 0
6 ,5 9 5 ,0 0 0
0 ,5 9 5 ,0 0 0
Russia’s production of wheat under war conditions
T o t a l w e e k 0 7 2 ,6 0 4 .7 2 1 0 1 ,2 9 9 ,8 0 0 ,7 3 3 ,9 0 1 ,5 2 1 7 0 2 ,3 5 3 ,2 0 8 6 4 ,2 7 7 ,1 0 0 ,7 0 0 ,0 3 0 ,3 0 8
P r c v . w e e k 0 7 0 ,4 6 0 ,1 2 8 1 6 1 ,3 0 3 ,5 0 0 7 3 1 ,7 6 3 ,6 2 8 7 0 6 ,5 7 7 ,0 4 1 6 3 ,9 3 1 ,0 0 0 7 7 0 ,5 0 9 ,2 4 1
had been foolishly overestimated, no one in 1916
a G o l d h o ld in g s o f th o B a n k o f F r a n c o th is y e a r a r e e x c lu s iv e o f £ 7 9 i l l 137 could have foreseen the revolution and the Bolshevik
h e ld a b r o a d .
tyranny, whose effect in bringing to a minimum even
* N o fig u r e s r e p o r te d sin ce O c t o b e r 2 9 1 9 1 7 .
c F ig u r e s fo r 1 9 1 8 a re th o s e g iv e n b y " B r i t i s h B o a r d o f T r a d e lo u r n n i” fo r
post-war wheat production was fully as disastrous
D ec. 7 19 17.
^ 1
or
h F ig u r e s f o r 1 9 1 8 a r c th o s e o f A u g . 0 1 9 1 4 .
as the war itself.
The German submarine campaign, with its deci­
T H E COST OF L IV I N G P R O B L EM .
mation of the whole world’s merchant fleet, had not
The question of hoWvto ‘defd'with the rising cost of then begun in earnest. Twelve months later the
living has this week suddenly become involved with question was not whether the release of ships from
the question how to deal with the mounting demands military transport service on return of peace would
of labor, especially on the railways. It can hardly not instantly restore cargo facilities and ocean freight
be said that the facts and principles surrounding the rates to their pre-war status, but whether enough *
problem of the high cost of necessities have been merchant vessels would be left afloat to conduct an
illuminated by the turn which the discussion has taken. ordinary trade.
What we have had is another not unfamiliar exper­
What seemed three years ago to be a reasonable
ience with the cocksure conclusions of the man or argument for a fall in prices of commodities on return
men who find a ready and final explanation in a single of peace was the fact that the enormous purchases of
one of the causes which have served to bring about army munitions and supplies by the belligerent Gov­
an abnormal situation.
ernments would cease instantaneously. The actual
But the question of causes is extremely intricate result in that direction must be classed as one of the
and extremely far-reaching. Nothing is easier than great surprises of the day. Precisely the result pre­
to assert that since something has occurred or is dicted on this occasion did actually occur after the
asserted to have occurred, and because a rise of long Napoleonic wars. Expectation that it would
commodity prices accompanied or followed it, there­ occur again in the present year was undoubtedly the
for the one was the sole cause of the other. This cause of the hesitation in nearly all mercantile and
kind of reasonong is not confined to the labor unions, industrial markets between November and April, and
who ascribe all the rise of prices to the machinations for the very general decline in prices of commodities
of those whom they call the “ profiteers.” At which marked that period.
the very moment when this assertion was being made,
But what the world discovered, in the immediate
a senator on the floor of Congress was declaring to aftermath of the present war was, first, that the
his colleagues that since the money in circulation stocks of all kinds of materials were exhausted pretty
in the United States has nearly doubled in the five much throughout the world; next, that a very large
past years, and since the cost of living has also immediate demand on such commodities as could




526

THE CHRONICLE

[Vol . 109.

be produced at once was created by Europe s needs commenced and be vigorously pushed. As for those
of manufactured goods to rebuild her devastated it may suffice to say now that they have been under
districts, by her requirement of raw materials to fire from the Commission for the past year, without
resume her interrupted trade, and by the famine any action suggested except that Government should
which prevailed throughout the Continent, necessi­ seize and run the whole business; that the packers
tating shipment to it of all the foodstuffs surplus of have laid their cards on the table; that it is more than
the producing world. These were conditions which time evidence replaced wild accusation; and that if
could exist only in the complex industrial organism these men are really guilty of even a part of the high
of the modern world. Combined with the loss of crimes laid to them by the Commission they deserve
European man-power in battle and the great de­ either banishment or execution.
In the vernacular of the day, the President seeks
terioration of European agricultural facilities during
the war, these circumstances fully explain why the to “ pass the buck up to Congress,” and in
present “ world price” of wheat, instead of falling his message of yesterday he asks to be clothed
It is not easy to see how
far below our Government’s high guaranteed price with more powers.
Congress could confer more on him, unless by passing
to American farmers, is to-day, as M r. Barnes of the
Food Board showed in his report to Congress and a joint resolution proclaimng him absolute dictator,
the President, actually far above the guaranteed level. and then adjourning; but if this strikes anybody as a
These are only a few of the many specific causes hasty and unwarranted generalization, let us patiently
of the existing situation. We have surely cited look at some powers already in his hands.
In November, he verbally proclaimed that the
enough, however, to show the senselessness of
war had come to an end; but we have all of us been
ascribing all the phenomena in the markets of the
day to a single cause, sometimes wholly unconnected proceeding on the assumption that it is technically
with the war. The fundamental truth of the mattei continuing until he chooses to issue the customary
is that no such prodigious political, social and eco­ formal proclamation, and as the Lever Law of two
nomic catastrophe as this war could possibly occur years ago declared that its provisions shall cease when
without leaving in its train the evils of scarcity and the war has terminated “ and the fact and date of such
of resultant high prices. Even the destruction and termination shall be ascertained and proclaimed by
waste of capital was bound to bring about such the President,” that law must be deemed still in
results; for capital freely re-invested in industry force. Destroying, hoarding and withholding of
stimulates production and if capital is diverted necessaries are forbidden in that law, in the broadest
during four successive years to nothing but destruc­ terms. The seizing of packing plants or other instru­
tion it will hardly be argued that the process will mentalities used in connection with “ any neces­
have no effect on supplies of merchandise and there­ saries,” and the operating of the same after seizure;
the commandeering of supplies for war use; the pur­
fore on prices.
We have not yet spoken of the great increase in chasing of staples; the licensing of production or dis­
wages of organized labor as an influence in the present tribution “ of any necessaries” ; these, and other
cost of necessaries— especially where the much higher broad provisions which need not now be mentioned,
railway wages have necessitated much higher rates are covered in this voluminous law. But how about
for transportation and therefore higher prices for prices? Well, it is made unlawful “ for any person”
merchandise. It is true that, up to a certain point to (inter alia) “ make any unjust or unreasonable rate
the higher wages were a consequence of the high or charge in handling or dealing in or with any
prices as well as a contributory cause. But that necessaries.” Perhaps it may be said that this does
they were such a cause is not denied, even by the not sufficiently forbid profiteering, and it is true that
union leaders, and it is equally undeniable, by farmers and agricultural growers generally, and also
people familiar with all the facts of the situation, retailers, are exempted under this Section 5 and that
that organized labor has suffered less from the high a retailer whose annual sales arc not over $100,000 is
war-time cost of living, and has been more abund- within the exemption. But there is something
- antly compensated for the increased expense of further, and inasmuch as this bill was long in Congress
and was boxed about until all were weary of it, per­
necessaries, than any other class of the community.
Not bearing the burden of taxation, receiving con­ haps not all portions of it as enacted came under
stant additions to their pay as prices rose, and gaining careful scrutiny. Section 25, which is quite long,
such advantage from the enormous demands for war relates specifically to price fixing on coal and coke.
manufactures in face of a depleted aggregate labor It authorizes commandeering of all mines; authorizes
supply, their war-time earnings have in very many the President to designate an agency through which
industries— not excluding railways— risen above the all producers must sell their product; authorizes the
income of a great body of professional men. Somehow, Federal Trade Commission to determine the reason­
that part of the community which used to be called ableness of the prices; requires all books and records
“ the neglected middle class,” and which has been to be kept open; and then goes still further by adding
hardest hit by the economic incidents of the war, has this paragraph, which we do not italicize but leave
been heard of least of all in the complaints and the reader to carefully note in every word:
“ Having completed its inquiry respecting any com­
demands of the present hour.
modity in any locality, it shall [here referring to the
Commission] if the President has decided to fix the
T H E H IG H COST OF L IV I N G A N D T H E
prices at which any such commodity shall be sold by
P R E S ID E N T ’S P O W E R S.
producers and dealers generally, fix and publish
Spurred by the Brotherhood demands, a general maximum prices for both producers of and dealers in
attack on the cost of living is ordered. The Federal any such commodity, which maximum prices shall be
Trade Commission has made a report about shoes, observed by all producers and dealers until further
in which every participator in that industry, from action thereon is taken by the Commission.”
This paragraph is inserted in the long section
packer to retailer, inclusive, is accused of taking
excessive profits. Suits against the packers are to be relating especially to fuel, but it is a separate para-




A ug . 9 1919.]

t h e ; c h r o n ic l e

527

graph, and is as broadly inclusive as language can be. persons, of both sexes, w have com itted the
ho
m
The Com ission having com
m
pleted an inquiry into offense of trying to ride to their hom are assaulted.
es,
“any commodity,” in “any locality,” and the P
resi­ This helps m
atters, does it? And w
hen m lose
en
dent having decided to fix prices, the Com ission their heads (if they have any) and give w to selfish
m
ay
“shall” fix and publish m
axim prices. H is no and brutal passions, and thrash about, and try to
um
ere
lim
itation to coal or anything else; the application is grab necessaries, and threaten to overturn the sky
to “any” comm
odity and in “any” locality.
upon everybody unless they can have their way, do
But perhaps there is an om
ission to provide a they further the orderly and final solution of any
penalty? The paragraphs w
hich next follow provide troublesom problem or do they even reduce the
e
,
that the Com ission shall allow a just profit to present costs and burdens of living?
m
producers, and “in fixing such prices for dealers the
Com ission shall allow the cost to the dealer and
m
AN E P R E T IN S R E R ILW Y
X E IM N
TET A A
shall add thereto a just and reasonable sum for h
is
O E A IO .
PRT N
profit.” And then it is provided that w
hoso know
­
Increased production is said to be the rem
edy for
ingly asks or receives a higher price than that fixed the high cost of living and a m rem
ost
arkable ex­
shall be liable to $5,000 fine or tw years’ im
o
prison­ am of the application of this doctrine is about
ple
m
ent, or both, and each independent transaction is to be applied by the Philadelphia Rapid Transit
to be held a separate offense. M
oreover, the ex­ Com
pany for the purpose of m
eeting increased
em
ption of farm and retailers is only from appli­ operating costs w
ers
ithout any advance in fares. Thom
as
cation of Section 5 (the licensing section) in w
hich E. Mitten, president of the com
pany since 1911
the exem
ption is stated; in these inclusive paragraphs under the adm
inistration of Edw
ard T. Stotesbury,
no exem
ption is w
ritten for anybody.
has this w announced an increase of w
eek
ages am
ount­
In his address yesterday afternoon the President ing to $2,000,000 per annum although the esti­
,
asked C
ongress to extend the Lever act in its term of m
ated surplus of the com
pany for the current year
operation and broaden its coverage to other neces­ upon the old basis of operation w but $250,000 in
as
.
saries than food; to fix penalties for profiteering; excess of the dividend of 5% on the capital of $30,­
to lim the term of storage for foods and require 000,000.
it
goods com out of storage for inter-State shipm
ing
ent
An exam of w may be accom
ple
hat
plished through
to show their m
arket price w
hen going into storage, econom
ical operation is afforded by the use of the
and, if possible, their price w
hen leaving the pro­ skip-stop in Philadelphia. Elim
ination of one-third
ducer’s hands. Except the propositions relating to of the stops is effecting a saving for the com
pany of
storage and to the m
arking of prices upon goods, this over one m
illion dollars yearly, according to official
adds nothing to the Lever law w
, hich still stands, statem
ents, and it w illustrates w
ell
hat may be ac­
aw
aiting enforcem
ent. So far as statute can control com
plished through co-operation on the part of the
prices, nothing could be added to the broad pow
ers riding public w the transit com
ith
pany.
already conferred by the paragraph above quoted.
Successful application of the skip-stop in Phila­
If the cost of living cannot be m by this law now delphia has encouraged President Mitten to devise
et
,
tw years old, w
o
hat statutory action can do it? other m
ethods of bringing about saving in operating
If “teeth” and penalties are needed, this law is costs to offset advancing w
ages. The m
anagem
ent
studded w both.
ith
is not yet prepared to disclose the steps w
hich w
ill
This law is as good as ever; w
hether it ever w lead to a saving of an additional tw m
as
o illion dollars,
good is another question, but all persons w believe but President Mitten has diagnosed the ailm
ho
ents
enacted statutes can override such prior law as that of the corporation w as m
s
ith
uch care and skill as a
of supply and dem
and, for instance, ought to accept physician w
ould give to a sick patient. This has
the burden of proof in respect to trying any further been h hobby for eight years and his labors are
is
com
pulsion. We can dispute as to how this law about to be put to the greatest test as Philadelphia
has w
orked. Admittedly, it has not brought prices is the only large city in this country w
here fares have
dow w
n; hether it has or has not kept them from not been increased by som m
e ethod. The basic
soaring still higher is not dem
onstrable. But before fare is five cents. At som intersections exchange
e
spending tim (and delaying our im
e
patient friends tickets are sold for an additional three cents and at
the Brotherhoods, w have announced their ulti­ m
ho
any other intersecting points free transfaers are
m
atum w not proceed to set every tooth of this given. These fares and privileges w in use long
) hy
ere
half-forgotten law into the shrinking bodies of all before the w and w
ar
hen a nickel w
ould buy full
the profiteers, having first, of course, found w and five cents w
ho
orth of goods or service of any kind.
w
here they are? The believers in the force of statute
The effort of the m
anagem of the Philadelphia
ent
m
ight try som further toothing, such as this: .that Rapid Transit Com
e
pany w not be to acquire m
ill
any
w
ithin ten days the President may publish a price m new cars but to m
ore
ake a far better use of the
list, applicable to every tow and roads-corner in equipm
n
ent now available, m
aking the investm
ent
the country, for every article of hum consum
an
ption of additional capital unnecessary. The w
ages of
or desire, and m the penalties stiff to the utm
ake
ost; the em
ployees according to an agreem
ent betw
een
or put it this way, that hereafter every pu
rchaser the com
pany and the w
orkers have been raised to
shall fix and pay h ow price and every dealer shall the average w
is n
ages paid for sim
ilar service in the
sell accordingly. If this w
ould hot “work,” w the four cities of Buffalo, Detroit, Cleveland and Chi­
ill
less bluntly put propositions w
ork?
cago. This is done w
ithout w
aiting for any dem
ands
P
rices are high, for several reasons w
hich need not to be m
ade or threats of a strike. This m
ethod of
be discussed in the present article. But in Brooklyn, averting labor troubles is particularly appreciated
w
hen the trolley em
ployees quit w
ork, sym
pathizers by the business com unity w
m
hich is a severe sufferer
(not all of them of callow years) gather about and through inconvenience and loss of trade w
hen pas­
assist by various deeds of violence; it is the usual senger service is interrupted. Co-operation be­
m
ethod, and som
etim property is destroyed, and tw
es
een the m
anagers of the large departm stores
ent



528

THE CHRONICLE

[Vol . 109.

“com hom to roost?” We arc told in press dis­
ing
e
patches that a negro preacher has w
ritten to the
President concerning w
hat w m term the ‘ op­
e ay
pression” put upon h race. There is another
is
announcem
ent, by a negro zealot, to the effect that
the negroes intend to have their “rights” if a m
illion
of them m suffer death to attain them Then,
ust
.
there are these race riots in our cities. And there is
Bolshevism in Russia. In the very face of these
things, notw
ithstanding prom
inent pronounce­
m
ents, it is probable w shall adopt a policy of w
e
ait­
ing for Filipino advancem
ent sufficient to w
arrant
com
plete independence and self-determ
ination. We
have recently refreshed our m
ind concerning the
RC A T G N M A D H MN
A E N A O IS
N
U A
Utopians, and find that they believed in and prac­
B OHR O D
RT EHO.
ticed m
arriage, slavery, and w though they con­
ar,
A negro mob, in a great city, racing to an arm
ory
dem
ned w in the abstract—all the w
ar
hile holding
to secure guns is a “m
enace to the peace of the
fast to “com on ow
m
nership” in property. Mani­
world.” This is not only a phrase w a popular
ith
m
nership of property docs not run
ending, it is an im
portant fact and one to be con­ festly com on ow
parallel w
ith non-m
arriage or State control, in­
sidered. It is reasonable to believe, there are evi­
alienable rights to liberty, and pacifismor even peace.
dences to prove, that back of this negro m m
ob, ore
,
practical
or less im ediate, there is a negro “agitator, and Does it follow or does it not, that an im
m
idealism one that cannot be reduced to practical
,
behind him a w
hite one. We are of course passing
s
over the inciting incident. There are probably form and ideas, is dangerous to a race inherently
incapable of appreciation? What are these soten m
illion negroes in the United States. The great
hich our negro citizens are de­
m
ajority of them live in the States of the South— called “rights” w
er
som
etim this territory is called “the black belt. prived of? The answ that they are tricked out
es
An “uprising” in a great city, intensive as its de­ of their suffrage, that they arc deprived of the right
structive pow is, m be quelled by overpow
er
ay
ering of trial by jury and subjected to heinous violence,
uch below the surface conditions,
facilities and num
bers, as w as by the pow of does not reach m
ell
er
and does not establish the possibility of an idealistic
the Federal Governm
ent, an “uprising” of ten m
il­
hich transcends innate racial quali­
lions in a section of territory adapted to sustaining “brotherhood” w
life w little effort m
ith
ight attain the form
idable ties and overleaps territorial and national boundaries
ent. Does it not follow as an answ
er
proportions of a “rebellion.” We do not look upon or environm
to our opening statem
ent that a proper settlem
ent
these recent race disturbances in our cities as oc­
estic problem is precedent to a settle­
s
casion for sounding a general alarm As to w
.
hat of our dom
m
ent of w
orld problem And is it not true that
s?
in extrem m
es ight happen—but they are sym
ptom
s
elting pot” for w
hite races is other than a
to be studied nevertheless. And tw questions a “m
o
m
elting pot for w
hite, yellow and black how
ever
present them
selves: Is race antagonism ineradicable;
m
uch enlarged, and that co-ordinately w
hat is
w
hat is the real m
eaning of brotherhood?
ed “internationalism m
”
ust forever rem
ain
W
hether affirm
atively or negatively the first term
.”
question be answ
ered, races in their essential quali­ subservient to “nationalism
C
onsider for a m ent a com on statem
om
m
ent—
ties are not changed by form of governm or by
s
ent
that a citizen of our “North” w goes to the “South”
ho
territorial boundaries. The statem
ent needs am
­
ost
ays changes h belief as to the parity of
is
plification—the form of governm
ent m elevate alm alw
ay
w
hites and blacks, and changes his attitude not upon
or depress a race, but does not change it into another
ination” by a
race; territorial location, the influence of environ­ slavery but upon the right of “dom
superior race. It is also som
etim said that the
es
ment, may do the sam it rem
e;
ains the sam race.
e
igrating to the “North” is changed for the
The biologist m ferret out the nature of species, negro m
ay
ith hite m under an en­
en
he m com even to dism the “color line;” but better by his contact w w
ay
e
iss
vironm w
ent here old beliefs obtain, as for exam
ple
the statesm cannot ignore the econom of race
an
ics
“abolition,” and w
here “dom
ination” by a superior
in his search for “ultim
ate dem
ocracy.” No one
know how m
s
any centuries the red Indian w con­ race is not urgent or vital, since the negro concentra­
as
inority of the w
hole. All
tent to travel in h birch bark canoe, yet (ignoring tion exists if at all in a m
is
his processes of exterm
ination) the w
hite m
an, w
hile this is inside a republic. It is not directlyrelated to a
ent. But is, or can, dem
ocracy be
during the sam centuries, w
e
hen given the oppor­ from of governm
hum brotherhood—in the sense of that idealized
an
tunity subdued the North Am
erican Continent
w an ox-team, invented a steam
ith
boat, a steam definition that races can be unified thereby and there­
car, an auto-truck, and a flying m
achine. A race, under? Do these Chicago riots prove that the negro
ittedly inferior, by either governm
ent or
therefore, incapable of co-ordinate and coeval ad­ race, adm
ent can be m
ade conscious, im ediately,
m
vancem
ent, cannot becom co-equal in appreciation environm
e
hich truly appreciated is subm
ission to
of liberty (law and order), and cannot enter into the of liberty w
ust
ed
unity of an ideal dem
ocracy. No m can a race law and order? The question m be follow by
ore
hich ignores race, w
hich sets
be thus changed by the prom
ulgation of a theory this: Is an idealism w
ocracy, brotherhood, and justice, as p
ro­
of hum brotherhood than the w
an
orld physical and up dem
pounded by superior races for appreciation and ad­
econom can be changed over night by the adoption
ic
of a plan for com on ow
m
nership and u iversal, option by inferior races, a constituent to the peace
n
of the w
orld, seeing or adm
itting, that inferior races
equality of uses and benefits.
The question m seemoffensive, but it is seriously are innately incapable of true appreciation? To
ay
,
orld of
and respectfully put, is som of our vaunted idealism put the question in another form can the w
e

and the Transit Com
pany to preserve stability of
operation of the street railw system has long
ay
been practiced in Philadelphia w the very best of
ith
results.
P
resident Mitten’s effort to prevent a rise in fares
and to bring about increased production w
hich w
ill
m
eet increased costs of operation w attract the
ill
attention of m
anagers of electric railw
ays every­
w
here. Mr. Mitten is obviously w
orking along
the right lines and if h efforts are appreciated the
is
citizens of Philadelphia w give to him that co­
ill
operation w
hich is essential in every public w
ork.




A u g . 9 1919.]

THE CHRONICLE

539

States be“internationalized” bythesuddenim
position though it is not quite the m
ethod of a sublim
ated
of “universal dem
ocracy;” can perpetual peace be “dem
ocracy.” Som few sporadic attem in States
e
pts
the product of a pact?
are observable, but for the m
ost part the task is
This is a vital point in the peace that is to follow the delegated to representatives of the people. Law­
peace of Paris. The effect of Bolshevism on the m
aking by direct vote, even in lim
ited areas, is not
negroes of the U
nited States is an extrem exam
e
ple. proven a success. These law are apt to be for
s
That they m m
ay istake the so-called principles of section a d cla , since they cannot w be other­
s n sses
ell
Bolshevism for that dem
ocratization of a w
orld for w
ise. In fact it is only lately that w have com
e
e
w
hich a w w fought is not to be w
ar as
ondered at. to survey the w
orld in our legislation, and to set it
And to a lesser degree w m assum differences of free in our idealistic exuberance. So that our Con­
e ay
e
interpretation by superior races of Europe—to say gress, confining its search for the cause of the “high
nothing of these in contrast to races of the O
rient. cost of living,” even to our ow confines, finds, in
n
Are w not bound to set the sloweducationof exam
e
ple addition to its com
plexity, that it is also a question
over against the rapid reconstruction of theoretical of conflicting sectional interests and pow
ers. The
ideals ? Are w not to illustrate in our ow dom
e
n
estic legislative probe may issue forth in the night and
life (and this applies to every race or peoples) the sw ps of our despair and seeing a light may say
am
principles of hum liberty? Are w not bound to “ ’tis here,” or “here,” only to pursue a w
an
e
ill-o-theelucidate in our social life the true m
eaning of equality w
isp. It is “sort of” extra-territorial—this “high
—that it is the idealismof opportunity and the realism cost of living.” “The butcher, the baker and the
of law and order? Does universal dem
ocracy ignore candlestick m
aker” all deny it. Yet as citizens,
or em
phasize the econom
ics of racial advance ? though w do not m
e
ake the law w
s hich exercise evil
An actual, w m
e ight say inevitable, com
petition be spirits, and give to our poor m
aligned dollars un­
obliterated by ordered co-operation? Can com on lim
m
ited purchasing pow (so that each single one
er
ow
nership of property bring an equal benefit to each should buy three large juicy sirloin steaks instead of
by uses and enjoym
ents? Can static and serving a very ordinary one that is m coy than tender
ore
governm
ents give equal qualities to races of men? and innocent), w are com
e
pelled to help our over­
And can brotherhood and dem
ocracy ever be other burdened public servants by trying to put our ow
n
than an appreciation of the responsibilities involved finger dow on the sole source and cause of the “high
n
in and im
posed by free effort and free m ?
en
cost of living.” If w do not, som one may fool
e
e
The w m is prone to error. G
eak ind
rasping at an u about the “goat.”
s
im
possible realization of vague though gleam
ing
Allow the phrase, let us say that as citizens it is
ing
ideals the aggrieved m or race is prone to m
an
istake ‘ up to us” to find the cause of the “high cost of
license for liberty. If there is or is to be a race prob­ living,” or forever after hold our peace. Now, if w
e
lem in the U
nited States can it ever be solved save can find som one or som one thing that controls
e
e
by the sense of responsibility in the superior race? all other things surely w shall have found the cause.
e
And, to put the m
atter concretely, can the M
exican The problem is easy. It is the packers. They are
problem (or any other foreign problem be solvec gradually spreading over everything, they ow
)
n
rightly, either by the intervention of restraining refrigerator cars and thereby virtually control trans­
hum
anitarian force, or by organized idealism untL portation; they are “dealing” in flesh, fish and fowl,
,
it is? Exam is first.
ple
and thus exercise a sinister control over m
erchandis­
ing; they control the hide m
arket, hides control shoes,
T E C S O T E P C E S R IN T E and wool controls clothing, and cottonseed oil con­
H A E F H A K R : ID G H
GA.
OT
trols cotton, and thus the packers control m
anufac­
The “Literary Digest” prints a sym
posium of ture. And of course they control agriculture, for
editorial com ent on the“caseof the packers.” Let w w
m
hat ould the poor farm do w
er
ithout cattle, hogs
us call it that. The real case is the “high cost of and sheep? Agriculture, m
anufacture and trans­
living”—and the packers are the largest thing in portation, all “virtually” controlled by the packers,
sight, so w not m
hy
ake the transposition? There and therefore they are “chiefly” responsible for the
m
ust alw
ays be a “goat” som here. The “high “high cost of living.” How easy. Sw the packer
ew
at
cost of living” may be due to w
orld conditions, hard enough, and all w be w
ill
ell. Of course he does
w
orld-w w
ar, orld-w
aste and w
orld-w
ant, but, con­ not control original production at the source, lands
fident as an Am
erican Congress may be, it cannot or livestock; and the people are not his bond-slaves,
legislate upon a w
orld, for a w
orld. It m confine he did not order them into a w for violated rights
ust
ar
itself to finding and elim
inating the cause “at home.” on the high seas and the extinction of autocracy; and
Even here the cause m be com
ay
plex, the cost of one he cannot order m
illions of grow to grow cattle,
ers
thing enters into the cost of another. Raw m
aterial or hogs, or w
heat, or corn, or housew
ives to use
plus labor plus transportation, is m
ixture enough cottonseed oil or lard, or set the taste in clothing
for the confident legislator to unravel to get at the and shoes, or fiddle-strings, or soda-fountains, he
source of the trouble. But things have a way of just h s to let the people grow w they please and
a
hat
com
peting w each other in uses as w as values. use w they please—he is a suprem high controller,
ith
ell
hat
e
Fixing prices does not fix uses. U are divided up after-the-fact.
ses
am
ong a hundred m
illion som hat selfish and w
ew
ill­
But you don’t understand. Being the sole buyer
ful persons, and though they affect prices, it is of everything from everybody he sets the price.
difficult to control this influence on interacting prices Funny isn’t it? Has nothing from original produc­
—save by thenow
-fam
iliar m
ethod of “prohibition.” tions, needs everything, that anybody and everybody
That solves price and u at one fell blow
se
—at zero, has to sell, and the seller sells at the buyer’s price,
too. We m
ight prohibit the use of m
eats—that w at least is consum of everything, and can eat
ho
er
w
ould settle the packers.
it or use it if he does not choose to sell. And the
Now, as m citizens, w do not have to w
ere
e
orry m the packer, as suprem controller of everything,
ore
e
over m
aking law direct. Perhaps it is just as w
s
ell— has to buy, the less he w pay. And the less he pays,
ill



530

THE CHRONICLE

[V ol . 109.

and the more he buys, the less the producer gets, and law and ordered into the stock pens to bid against
higher and higher grows “ the high cost of living.” each other until the producing-sellers cry enough,
Queer isn’t it ? Control the buyer and not the seller just forced to do business as automatic devices of
and lower costs and prices. Forced to buy or go out a disinterested and impartial government; or— well,
we going to do this thing? We have
of business, made to buy at a price fixed by the free just how
seller, the bigger his necessary demand and the more the “ goat,” but how are we going to ride it?
Something must be done, of course, if liberty and
free the producer and seller, the less the packer pays
and the higher the cost of living. Somewhat tangled democracy are to endure— they will own us (citizens)
isn’t it? Start at the other end— start with the body and sould, if we don’t own them— and there’s
producer— start with original cost. First, there is the rub, we don’t want to own them; we may be
the war, for which nobody this side the Atlantic is shopkeepers and proletariat, but we don’t want to
responsible. Then, another extraneous, monopolistic be pork packers, we would rather settle the Shantung
after-the-fact, control— the Government, arbitrarily problem. Some of the editorial comment is very
fixing price, ostensibly for the sake of the low cost positive— either “ regulation” or ownership. Ah,
of living as against an insatiable and unsatisfied but, if ownership, how to regulate? We are not
foreign demand, and yet high enough to encourage as keen or as confident as we were. If regulation,
original production. Now, M r. Armour says sub­ how to avoid ultimate ownership? Scylla and
stantially, wheat “ controls” the price of corn, $2 20 Charybdis, the devil and the deep sea. Certainly
wheat, made and provided in the interest of the we are not going to “ regulate” the farmer any more
farmer. And it seems that corn controls hogs and by billion dollar appropriations. We are going to
hogs control cattle, and all the while the packer is let him alone— if the waves of world-prices over­
buyer. The price— 1914 hogs $8 12, June 1919, whelm him and hogs come down to $8 12 again,
$20 25; and other livestock in proportion. And the which itself is double what hundreds of thousands
packer paid the price; therefore he is principal in the of good farmers, dead and gone, and loyal citizens,
high cost of living; therefore, he should be sup­ ever dreamed of. When hogs are $8 12 again, will
pressed; just paid it to the producer out of sheer the packer charge a cost price of $20 25 up to the
people, including the farmer who buys his “ bacon”
enmity to the human race, we suppose.
Ah, but the packer is also seller, and sells to the back — that would be worthy of penalizing suppression
consumer. He doesn’t begin with wheat and corn, — only— and this is always to be remembered—
and can’t well divide, in his selling, producers from on this “ high level” on hogs alone, made out of
consumers; but it is as a seller that he is a menac arbitrary rascality, who would have the money to
to the human race, producing nothing and buying buy? Once, it was the “ Standard Oil,” finally
and selling everything— and making, according to segregated, to no appreciable purpose or effect.
his own statement, “ 1.6% profit on volume” or To-day it is the “ Big Packers” — that just happened
thereabouts— at any rate, the Food Administration in the nick of time to be big enough to feed four
last year gave this as the figure, therefore legislative millions of soldiers overseas in a war to victory for
suppression. Yet the farmer got sick of h is legis­ freedom. To-morrow, it may be U. S. Steel. And
lative bargain and wanted $2 50 per bushel guaranty the next day it may be this “ perfect” Federal Re­
for wheat. We presume in the interest of the low serve system, with twelve banks making enormous
cost of living and for the purpose of suppressing profits. But never the greatest trust of all, the
the packer. But analysis, argument, get us nowhere— people themselves, combined (?) into a gentleman’s
something’s radically wrong, and of what use to agreement, each to charge and get all he can while
have a government unless it can find it and suppress he can, doing an unlimited domestic business, and
panting for power to “ control” the world. In this
it, so let us accept the packer as “ goat.”
What next? Shall his volume of business be people’s trust we are all for each and each for all.
restricted in the interest of the original producer, Could it really be possible that if we let the people
or the cost-price he pays be reduced by law in the alone in their business pursuits, “ business” will
interest of the consumer at the manifest expense of adjust itself? D o we all want to cat our cake and
the producer, or the saving of by-products be pro­ still have it? Or, will something outside ourselves,
hibited in the interest of the general consuming say world influences, sometime bring us down?
public, or the shipping of canned goods and potatoes
in his own refrigerator cars (lessening cost to con­
( f f a x x x mg u c u ts an d d i s c u s s i o n
X
sumer) be made unlawful, in the interest of the
C O N T IN U E D OFFERING OF BR IT IS H TR EA S U RY
consumer who must otherwise buy from the wholesale
BILLS.
grocer; or ownership in stockyards always open and
The usual offering of ninety-day British Treasury bills
ready to all shippers, be annulled, so that these
was disposed of this week by J. P. Morgan & Co. on a dis­
may be segregated and put in hands that have no count basis of 5 l % , the rate recently prevailing. The bills
A
other source of profit; or cold-storage plants, abat­ are datod Monday, Aug. 4.
toirs, cold cars for shipment, be taken away and put
OFFERING OF FRENCH T R E A S U R Y BILLS.
into independent hands so that they may charge
The first block of the French Treasury bills which, as
the packer for operating expenses necessarily higher
announced by us last week, aro to bo olfored in tho market
than he must charge himself, in the interest of the up to an amount of $50,000,000, as market conditions
ultimate consumer; or, as averred to be a very justify and on much the same scheme as tho British Treasury
heinous crime, must he “ establish” himself “ outside” bills, were- disposed of by J. P. Morgan & Co. this week
the sources of supply— say, since he is on the road The amount of the initial offering was $5,000,000, and those,
to world-combination and control, in the Sahara it is stated, wero quickly subscribed. Tho rate on tho bills
Desert, anywhere but Chicago; or, in the interest was 5 Vz%.
of competition (alleged to be abrogated by a gentle­
N E W CR ED IT TO FRANCE A N D GREECE.
man’s agreement, if not by secret compact or open
Further credits of $37,947,977 to Franco and $4,823,603
stock consolidation), shall “ packers” be named by to Greece wore oxtondod by tho Treasury Department on




a
re

s

Aug. 9 1919.]

THE CHRONICLE

Aug. G. This brings tho total loans to all tho Allies to
$9,058,172,567 as follows:
G r e a t B r i t a i n ............... . $ 4 , 3 1 6 , 0 0 0 , 0 0 0
F r a n c o ------------------------------- 3 0 4 7 0 7 4 7 7 7
I t a l y ----------------------------------- 1 5 8 7 6 7 5 0 4 5
B e l g i u m .......................
3 4 3 ,4 4 5 ,0 0 0
R u s s i a -------------------------------1 8 7 ,7 2 0 .7 5 0
5 5 ,3 3 0 ,0 0 0
O z e c h o - S l o v a k i a .............

G r e e c e _______
R u m a n i a ____
S e r b i a ________
C u b a _________
L i b e r i a ______

531

$15,000,000

OFFERING OF

CITY OF COPENHAGEN
s y 2 % BONDS.

A syndicate of bankers consisting of Brown Brothers & Co.,
Lee, Iligginson & Co., J. & W. Seligman & Co. and Wm. A.
Read & Co. has this week offered $15,000,000 City of Copen­
hagen municipal external loan of 1919 25-year 5^% redeem­
able sinking fund gold bonds, dated July 1 1919,"due July 1
NATIONAL CITY BANK READY TO FIN A N C E
1944. Interest payable Jan. 1 and July 1. Coupon bonds
SIBERIAN EXPORTS.
in denominations of SI ,000 and $500, registerable as to prin­
Announcement was made by tho Department of Com­ cipal
merce at Washington on Aug. 7, according to “Financial ing: only. The following particulars are given of the offer­
America,” that tho National City Bank in Vladivostok has
agreed to co-operate with tho State Bank and Credit Chancel­
lory in financing exports from Siberia. Tho State Bank, it
was said, will mako rublo loans to merchants throughout
tho interior of Siberia and whon goods are shipped from
Vladivostok, the National City Bank will discount bills, an
initial line of credit having been approved for advances of
botweon 50 and 80% of tho valuo of tho goods to bo exported.
Whon it is necessary for Siberian merchants to sond goods
unconsignod, tho bank has arranged, it is stated, to turn
over and supervise the-sale of goods in tho United States.
■

■

■

$ 4 8 ,2 3 6 ,6 2 0
30 000 000
2 6 7 8 0 ,4 6 5
1 0 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0

_____________________

$ 0 ,6 5 8 ,1 7 2 ,5 8 7

P r in c ip a l a n d

in te r e s t p a y a b le a t th e o f f ic e o f B r o w n

B ro th e rs &

C o ..

N e w Y o r k , t h e fis c a l a g e n t s o f t h e lo a n , in g o l d c o i n o f t h e U n it e d S t a t e s

o f A m e r ic a o f o r e q u a l t o t h e s t a n d a r d o f w e ig h t a n d fin e n e s s e x is t in g o n

J u ly

or

1

1019.

P a y a b le

w it h o u t d e d u c tio n

m u n ic ip a l ta x e s , o r o t h e r

T h o lo a n

is t o

fo r

any

D a n is h

G ov ern m en ta l

D a n is h ta x e s , p r e s e n t o r fu t u r e .

b e r e p a y a b le b y

m e a n s o f y e a r l y p a y m e n t s o f 8 7 5 0 ,0 0 0

in U n i t e d S t a t e s g o l d c o i n , t o b e m a d e i n t h e y e a r 1 9 2 5 , a n d i n e a c h y e a r

th e r e a fte r d u r in g

s in k in g fu n d

t h e life o f t h e lo a n .

S u c h p a y m e n t s w ill c o n s t it u t e t h e

o f th e lo a n , a n d a r e t o b e a p p lie d

o n J u ly

1 1925 a n d each

J u ly 1 th e re a fte r to th e r e d e m p tio n a t p a r o f b o n d s w h o s e n u m b e rs a re t o

b o d e te r m in e d b y lo t .
T h o c ity
o f a n y s in k in g fu n d p a y m e n t .

m ay

at

it s o p t i o n

in c r e a s e

th e a m o u n t

C o p e n h a g e n , t h e c a p i t a l o f D e n m a r k , is t h o c h i e f s e a p o r t a n d

c o m m e r c ia l c i t y

o f th e k in g d o m .

S itu a te d o n

le a d in g

o n e o f th e la r g e s t h a r b o r s

o f E u r o p e a t t h e e n t r a n c e t o th e B a lt ic S e a , it h o ld s a s t r a t e g ic p o s it io n fo r

GERMAN GOVERNMENT SEEKS AUTHORITY TO
ISSU E $2,500,000,000 TREASURY WARRANTS.

w o r ld t r a d e .
n a v ia ,

an

E u rop e.

T h e c i t y h a s b y fa r t h e m o s t im p o r t a n t fr e e p o r t in S c a n d

a d v a n ta g e
F rom

o f m u ch

con sequ en ce

in

th e co m m e rce

of

n o rth e rn

1 8 9 5 . w h e n t h e f r e e p o r t w a s e s t a b l i s h e d , t o 1 9 1 3 , t h e la s t

Associated Press dispatches from Weimar Aug. 0 stated
that a bill had been presented in tho German National As­
sembly on that day under the terms of which the Finance
Minister will be authorized to issuo $2,500,000,000 in Treas­
ury warrants and new money during the coming year.
Tho purpose is stated to be to make moro fluid and
strengthen temporarily tho ordinary cash supply of the The bankers are advised that no other foreign loan will
be issued by the city within one year. The bonds when, as
Imperial Treasury.
and if issued are offered at 9 3 y and accrued interest, yield­
ing, according to the redemption dates for which they may
M EETING OF FOREIGN EXCHANGE BANKERS.
lot
According to tho “Journal of Commerce” of this city, the be drawn by year)for payment at par ($750,000 bonds to be
drawn each
as follows:
committee of tho Foreign Exchange Bankers’ Association
which is studying ways and means of checking tho present
-U.U’t /
O
movoment of exchange rates adverse to American export
trado, held a meeting on Aug.Gfor a further discussion of the
situation from its various angles. Testimony is being taken
from representatives of all factions interested, it is said
with tho aim that as comprehensive a view of -the situation
FEDERAL LAND BANK OF OMAHA ANSWERS
will be achieved as is possiblo, from which to draw conclu
CONGRESSMAN M cFADDEN— IOW A FARM
sions. Indications to date aro that no important progress
LANDS GOOD SECURITY.
has been made in the direction of suggesting a remedy. In
fact, well-informed bankers hold to the view that artificial In our issue of July 12 (page 126) we gave extracts from
measures would prove too costly for peace employment and tho speech of Congressman McFadden criticizing the man­
that thoro is little likelihood of any cure being devised until agement of the Federal Land Banks. Among other matters
arrangements have been concluded for extending credits to ho mentioned the case “of a peat bog in Iowa on which loans
of over $40,000 were made to a firm of speculators,” &c. In
Europe on a large scale.
a statement under date of July 30 the Federal Land Bank of
WAR FIN A N C E CORPORATION BUYING IT S
Omaha undertakes to set out the facts with regard to this
OWN BONDS.
particular transaction. We print the statement in full as
A Washington dispatch to “Financial America” yosterday follows:
stated that $200,000,000 of bonds of tho War Financo
Corporation, tho only bond issuo offered by tho corporation
sinco its creation, now, aro boing purchased from tho open
market gradually by tho corporation for tho purposo of
rodooming tho issuo in advance of their maturity, one yoar
honco.
Circulars have been sent banks subscribing to tho corpoi’ation’s only bond issuo, notifying them that through tho
Fedoral reservo banks, tho War Finance Corporation is
redeeming its outstanding obligations at 99.15.6G. Already
it was learned a considerable quantity of tho bonds have
been purchased by the corporation, and current purchasing
of small quantities of'the bonds daily is boing made. The
despatch adds:
fu ll y e a r b e f o r e t h e w a r . t h e a n n u a l t o n n a g e e n t e r in g C o p e n h a g e n in c r e a s e d

f r o m 2 6 0 ,0 9 6 t o n s t o 1 ,8 0 1 ,2 9 9 t o n s .
T h e p o p u l a t i o n o f t h e c i t y is 5 5 0 , 0 0 0 .
T h i s Is n e a r l y o n e - f i f t h t h e p o p u l a t i o n o f t h e e n t i r e k i n g d o m .

L o a n s o f C o p e n h a g e n h a v e a lw a y s b e e n h e ld in h ig h f a v o r a m o n g E u r o ­

p e a n In vestors.
of 314%

I n n o r m a l t im e s th e s e lo a n s w e r e is s u e d a t r a te s o f in te r e s t

and 4 % .

The

to ta l d e b t o f C o p e n h a g e n , in c lu d in g th o p r e s e n t

is s u e , is a p p r o x i m a t e l y $ 8 9 , 8 7 9 ,2 0 0 .
T h e d e b t o f th e c i t y h a s in c r e a s e d
r e la t iv e ly little d u r in g th e e n tir e w a r p e r io d .

1925
1926
1927
1928
1929
1930
1931

............................... 6 . 8 4 %
............................... 6 . 6 8 %
...............................6 . 5 6 %
-------------6 .4 6 %
..............................6 . 3 9 %
........................ . . 6 . 3 3 %
...............................6 . 2 8 %

1932
1933
1934
1935
1936
1937
1938

...............................6 . 2 4 %
...............................6 . 2 0 %
...................
6 .1 7 %
...............................6 . 1 4 %
...............................6 . 1 2 %
....................... . . 6 . 1 0 %
...............................6 . 0 8 %

1 9 3 9 ...............................6 . 0 7 %
1 9 4 0 ...............................6 . 0 5 %
1941
.
6 .0 4 %
1942
.6 .0 3 %
1943 . . .
.6 .0 2 %
1944 . . .
.6 .0 1 %
A v e ra g e y ie ld . .6 .2 4 %

O m a h a , N e b ., J u ly 3 0 1 9 1 9 .
F o r th o p a s t t w o y e a r s th o A m e r ic a n F a r m M o r t g a g e B a n k e r s ’ A s s o c ia t io n

h a s b e e n c a r r y in g o n a c a m p a ig n o f fa ls e h o o d a n d m is r e p r e s e n t a t io n a g a in s t
th e F ed era l L a n d B a n k S y ste m .

T h e ir p r e d ic t io n s t h a t th e b o n d s w o u ld

n o t s e ll h a v e p r o v e n f a ls e : t h e ir a t t e m p t s t o s c a r e t h e f a r m e r s b y
t h a t e v e r y o n e g u a r a n te e d e v e r y o t h e r lo a n

s t a t in g

in t h e s y s t e m , h a v e n o t s u c ­

c e e d e d ; a n d th e g o o d d iv id e n d s w e h a v e e a r n e d a n d p a id h a v e d is c r e d ite d
t h e ir s t a t e m e n t s t h a t t h o b o r r o w e r s ’ in v e s t m e n t in s t o c k
In

th o

‘ ‘C o n g r e s s io n a l

P e n n s y lv a n ia p u b lis h e d

A m e r ic a n
th o

past

F arm

year

R ecord”

of

J u ly

w as a

1 C on gressm an

th e s p e e c h t h a t E . D . C h a s s e ll,

lo s s .

M cF ad den

of

S ecreta ry o f th e

M o r t g a g e B a n k e r s ’ A s s o c i a t i o n , lia s b e e n m a k i n g d u r i n g

at

b an k ers’

grou p

m e e tin g s

and

e ls e w h e r e .

W e

havo

at

d iffe r e n t tim e s c o r r e c t e d t h e m is r e p r e s e n ta tio n s o r M r . C h a s s e ll, b u t a n e w

o n e a p p e a r s in t h is s p e e c h o n p a g e 2 3 7 4 in t h o " C o n g r e s s io n a l R e c o r d ”
J u ly 1 , s u b s t a n t ia lly a s fo llo w s :

C on gress g a v o
to

th o

W a r F in a n c o

th o a m o u n t o f n o t m o ro th a n

C o r p o r a t io n

a u t h o r it y

to

Issu o b o n d s

$ 1 ,0 0 0 ,0 0 0 ,0 0 0 o u t s t a n d in g a t a n y

t i m o f o r t h o f i n a n c i n g o f t h is c o u n t r y ’s f o r e i g n

ono

tr a d o e x p a n s io n a n d w h e n

th o c o r p o r a t io n o ffe r e d its fir s t b o n d Iss u e , it w a s e x p e c t e d a t t h a t t im o t h a t
fu ll

uso

w o u ld

im p o r te r s .

bo

m ade

H ow ever,

it

th o

m onoy

to

becam o

of

know n

th a t

a id

A m e r ic a n

th o

o n ly

e x p o rte rs

uso

in a d o

of

an
th o

fu n d s w a s t h a t o f m a k in g r a ilr o a d lo a n s a n d in v e s t in g t h e r e m a in d e r o f th o
m o n o y in L ib e r t y B o n d s a n d o t h e r G o v e r n m e n t s e c u r itie s .
W ar
no

F in a n c e C o r p o r a t io n

c o m m e r c ia l

lo a n s

have

o ffic ia ls
been

m ade

by

th o

th a t as y o t

c o r p o r a t io n a n d a lth o u g h

s o v e r a i a p p l ic a t io n s f o r s m a ll e x p o r t lo a n s h a v o b o o n
b y th o c o r p o r a tio n fo r w e e k s , th o p r o s p e c ts a ro n o t
w ill b o a p p r o v e d .

u n d e r c o n s id e r a tio n

b r ig h t

th a t

th ey ov e r

lo s s s u f f e r e d b y t h o G o v e r n m e n t in t h o c o r p o r a t i o n ’s o n l y b o n d f l o t a t i o n ,
b u t in d ic a t io n s a r o t h a t it w ill n o t b o n e g lig ib le .
on

it s b o n d s a n d a n a d d it io n a l

t h o ir s e r v ic e s in d is p o s in g o f t h o s e c u r it ie s .
m onoy

w as

in v e s te d

by

th o

c o r p o r a t io n

5%

in te r e s t w a s p a id b y

14 o f

1 % , to b a n k e rs fo r

A lt h o u g h a s m a ll p a r t o f t h o
in

r a ilr o a d

lo a n s ,

b e a r in g

6%

in t e r e s t , th o g r e a t e r p a r t o f th o $ 2 0 0 ,0 0 0 ,0 0 0 fu n d w a s I n v o s te d in G o v e r n ­
m e n t s e c u r itie s p a y in g o n ly 4 } 4 %




a t th o m o st.

N o w th o fa c t s p r o v e n b y a b s t r a c t s , a f f id a v i t s a n d le tte r s in o u r p o s s e s s io n
a r o a s fo llo w s :
F ir s t : T h is la n d s o ld
w ere

in a n

u n d e v e lo p e d s t a t e In

1 9 1 5 f o r s l i g h t l y le s s t h a n $ 7 0 , 0 0 0 .

con stru cted

at

a

cost

la te r a l t ile w e r e p u r c h a s e d

of
and

$ 9 ,8 3 4 8 0 .
la id

1 9 1 4 fo r $ 4 5 ,0 0 0 a n d

T w o la r g e d r a in a g e d itc h e s
F ifty -e ig h t

ca rs

of

m a in

a t a c o s t o f a p p r o x im a te ly

and

$ 1 5 ,0 0 0 .

F e n c e s a n d b u ild in g s h a v o b e e n e r e c t e d , m a k in g b e a u t ifu l h o m e s a n d p r o f it ­
a b le

fa n n s

of

la n d

w h ic h

w as

fo r m e r ly

a

sw am p.

The

la n d

has

o p e r a t e d b y th o s e b o r r o w e r s b y th e ir o w n la b o r a n d b y h ir e d la b o r .

O ffic ia ls o f th o c o r p o r a t io n r e fu s e t o g iv o a n e s t im a t o o f th o a m o u n t o f

th o c o r p o r a tio n

“ T h a t M e s s r s . H o y e r , S c h u lz e a n d o th e r s b o r r o w e d $ 4 1 ,3 0 0 t h r o u g h
t h e F e d e r a l L a n d B a n k o f O m a h a o n 7 9 1 a c r e s In H a m i l t o n C o u n t y , I o w a
a la r g o p a r t o f w h ic h is c o v e r e d w it h p e a t a n d m o s s a n d d o e s n o t r a is e e it h e r
p a s t u r e o r m e a d o w g r a s s : t h a t t h e la n d s in q u e s t io n a r e a s p e c u l a t iv e p r o p o ­
s it io n a n d t h o lo a n s fa r in e x c e s s o f w h a t w o u ld h a v e b e e n m a d e b y r e lia b le
p r iv a t e lo a n m e n .
T h a t p a r tic u la r s r e g a r d in g t h o lo a n s w e r e fu r n is h e d b y
V a r ic k C . C r o s le y , a n a b s t r a c t e r o f W e b s t e r C i t y , I o w a , a n d t h a t h e a ls o
h a d a v e r y in t e r e s t in g s e t o f p h o t o g r a p h s s h o w in g t h o c o r r e c t n e s s o f t h e
r e p o r t o f its b o in g a s w a m p .”

a g a in In

t o d a y fr a n k ly a d m it t e d

of

m en

d e s e r v e c r e d it fo r r e c la im in g t h is la n d .

b e tte r p u rp o so th a n fo r
r e c la im in g th is s w a m p .

r e p a y in g

th e se m e n

L oa n s can
fo r

th e

been
T hese

b e m a d o fo r n o

e x p e n s e in c u r r e d

in

S e c o n d : W o h a v e b o n a f i d e o f f e r s in w r it in g b y r e s p o n s ib le m e n o f m e a n s *
a g r e e in g

to

p u rch ase

a m o u n t o f o u r lo a n .

th o

w h o le

of

t h is

tra ct

at

m ore

th a n

d o u b le

th e

W e i l in f o r m e d a n d r e s p o n s ib le m e n w h o li v e in t h a t

v i c i n i t y a n d k n o w l a n d v a l u e s t h e r e t e ll u s t h a t i t is e a s i l y w o r t h t h r e e t im e s
t h o a m o u n t o f o u r lo a n s .

T h ir d :

R eservo B an k o f N ow

T h e r e is a t p r e s e n t g r o w in g o n t h is t r a c t a b o u t 2 0 0 a c r e s o f c o r n

a n d a b o u t 2 5 0 a c r e s o f s m a ll g r a in , w it h t h e b a la n c e la r g e ly in h a y .
o f o a t s a t 5 5 b u s h e ls p e r a c r e a n d s t a t e s t h a t t h e c o r n
of

s u r r o u n d in g

fie ld s .

H e

a ls o

sta tes

th a t

is f u l l y u p

a lk a li

and

to

paym ent o f 50%

$ 3 2 ,9 2 2 ,0 5 1 1 3 .

e x tr a o r d in a r ily fe r tile .
F o u r t h - W o h a v e t h o a f f id a v i t o f J . I t . Z e ig le r , p h o t o g r a p h e r , in w h ic h

and now

w ere n o t

ta k en

on

la n d

Land B ank o f O m aha.
F ift h : W e h a v o a n a ffid a v it b y
th a t V a r ic k C . C r o s le y o ffe r e d
fr o m

l i e h a s s in c o le a r n e d

s ta te s u n d e r o a t h t h a t t h o p ic t u r e s h o t o o k s h o w in g b a d fa r m in g

c o n d it io n s

covered

by

m o rtg a g e s to

F ederal

„
,
,
. ..
o n e o f th e o w n e r s o f t h is la n d , s t a t in g

to m a k o th em

lo a n s a n d d is c o u r a g e d th e m

m a k in g lo a n s w it h t h e F e d e r a l L a n d B a n k b y s t a t in g t h e y w o u ld b o

lia b le f o r lo s s e s o n o t h e r lo a n s , i f a n y s h o u ld o c c u r .
th a t

th o

in s u r a n c e

years a go.
S ix th : W e

c o m p a n ie s

had

a re in fo r m e d

b u s in e s s in

m ade

th a t

W e b ste r C ity ,

lo a n s

V a r ic k

Iow a , an d

on

C .

T h e a b s t r a c t d is c lo s e s

p a rts

t h is

la n d

,
t
con d u cts

C r o s le y

is a ls o a

of

several

,
a fa rm

.
lo a n

m e m b e r o f th o A m e r ic a n

F a r m M o r t g a g e B a n k e r s ’ A s s o c ia tio n .
T h o F e d e r a l L a n d B a n k is o w n e d b y f a r m e r s a n d f u r n is h t h e m f u n d s a t
a ctu a l

co st,

as

a ll

net

e a r n in g s

b e lo n g

to

borrow ers.

Tho

sy ste m

e s t a b lis h e d t o fu r n is h fa r m e r s w it h fu n d s t o f in a n c o th e ir lo n g -t e r m

by

th o su m

T h o r e q u ir e d

o f $ 5 2 5 ,7 0 0 .

Its

________________________________

_ _

.

RE S IG N ATIO N OF SECRETA RY BRODERICK OF TIIE
FEDERAL RESERVE BOARD.

h e s ta te s t h a t h e w a s p a id $ 2 5 b y V a r ic k C . C r o s le y , w it h in s t r u c t io n s to
t a k e p ic t u r e s o f th e w o r s t p a r t o f th e o ld I o w a L a k e .

Y ork

p a i d - i n c a p i t a l , e x c l u s i v e o f t h i s a m o u n t , is n o w $ 2 1 , 4 9 4 , 4 5 0 , a n d i t s s u r p l u s

in

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

w il l is s u e t o t h e a b o v e in s t i t u t i o n s a t o t a l o f

o n t h o n e w s t o c k w ill in c r e a s o t h o p r e s e n t p a id -in c a p it a l

o f th o F ed era l R e se rv e B a n k o f N e w

th e

peat

Y ork

1 0 ,5 1 4 a d d i t io n a l s h a r e s o f it s s t o c k a t p a r v a l u e o f $ 1 0 0 e a c h .

The

C o u n t y A g r ic u lt u r a l A g e n t o f W e b s t e r C o u n t y , I o w a , e s t im a t e s t h e y ie ld
a verage

[V ol . 109.

THE CHRONICLE

532

w as
fa r m

The Federal Reserve Board announced oh Aug. 6 the
resignation, effective Sept. 1, of J. A. Broderick, who has
been Chief of the Division of Audit and Examination since
tho organization of tho Board in 1914, and who has, since
Sept. 1 1918, been Secretary of the Federal Reserve Board.
Mr. Broderick resigns in order to become a Vice-President
of tho National Bank of Commerce in Now York. The
Board has no announcement to mako as yet as to Mr.
Broderick’s successor. Mr. W. T. Chapman, Assistant
Secx’etary, will be acting Secretary pending furthei1 action
by the Board.

m o r t g a g e n e e d s in t h o s a m e m a n n e r t h a t t h o F e d e r a l R e s e r v e S y s t e m s u p ­
p lie s t h o s h o r t -t e r m c o m m e r c ia l n e e d s o f th o p e o p le .

T h o sta tem en t m ad e

JOHN II.

M A S O N A P P O IN T E D DIRECTOR OF W A R
LOAN O RGA NIZ A TIO N.

t o W a s h in g t o n J u n o 3 0 s h o w s n o t o n e d o lla r ’s w o r t h o f p a s t d u e p r in c ip a l
o r in te r e s t o n t h o $ 3 4 ,0 0 0 ,0 0 0 o f lo a n s h e ld b y t h e F e d e r a l L a n d

Bank of

° I T h o 1s y s t e m s u i t s t h o f a r m e r s a n d i s w e l l a d a p t e d f o r t h o i r n e e d s , e x c e p t
t h a t t h o la w s h o u ld b o a m e n d e d in c r e a s in g t h o a m o u n t t h a t c a n b o lo a n e d
t o o n o b o r r o w e r fr o m $ 1 0 ,0 0 0 t o $ 2 5 ,0 0 0 .
A $ 1 0 ,0 0 0 lo a n w ill n o t fu r n is h
o n e -h a lf th o p u r c h a s o p r ic e o f a n o r d in a r y c o r n b e lt fa r m o r o n e -h a lf th o
p u r c h a s e p r ic o o f a w e ll b a la n c e d w e s te r n s t o c k r a n c h .
T h o m o t iv o b a c k o f th o a t t a c k o f th o F a r m M o r t g a g e

B an k ers

A sso­

c i a t i o n t o d e f e a t t h is a m e n d m e n t a n d c r i p p l e t h is s y s t e m is a p p a r e n t .
c o -o p e r a ttv o

p la n

w h ereby

fa r m e r s a r o fu r n is h e d

a c t u a l c o s t in te r fe r e s w ith
o f th e fa r m

lo a n s

on

lo n g

I b is

Under date of Aug. 7 the Federal Reserve Bank of Now
York as fiscal agent of tho United Statos stated it had
received advices from tho Treasury Department that John
H. Mason of Philadelphia had been appointed director of
War Loan Organization to succeed Lewis B. Franklin. Tho
announcement read:
„
W a s h in g to n , D . C ., A u g . 7 1 9 1 9 .

term s a t
S ecreta ry

t h o la r g o p r o f it s a n d fr e q u e n t r e n e w a l c h a r g e

been

m o r t g a g o b a n k e r s . ______________________________

G la s s

a p p o in te d

an n ou n ced

th a t

d ir e c to r o f W a r

John

L oan

H .

M ason

O r g a n iz a tio n

of
in

P h ila d e lp h ia
p la c o o f

F r a n k lin , w h o r e s ig n e d s o m e w e e k s a g o .
M r . M a s o n is P r e s id e n t o f t h o C o m m e r c ia l T r u s t C o . o f

C O M P A R A T IV E FIGURES OF CO N D ITIO N OF
C A N A D IA N BANKS.

H o h a s b e e n a n im p o r t a n t f a c t o r in t h o L ib e r t y

ASSETS.
$
G " S

r n . !T
E

ld im ,“

t o i ™

'! r - - - -

1919.

« /im e 3 0 1 9 1 4 .

$

S

C O .5 4 3 , 2 3 4

6 1 .3 2 8 .0 5 7

2 8 .0 4 8 .8 4 1

1s . 7 3 0 .2 0 1

: : : : : : .........................

1 s . 0 7 5 .2 1 3

n .ic o .m

T o t a l _____________________________

7 9 ,2 7 9 ,4 3 5

8 0 ,0 0 4 ,1 7 0

4 6 ,1 0 8 .9 5 2

D o m i n i o n n o t e s ---------------------------------

1 7 5 ,5 4 1 7 ,8 3 7

1 7 9 ,0 7 4 ,2 1 8

9 2 .1 1 4 ,4 8 2

D e p o s . w it h M in is t e r o f F in a n c o

5 ,9 3 0 ,6 0 8

f o r s e c u r ity o f n o t e c ir c u la t io n
D e p o sit o f cen tra l g o ld re se rv e s.

1 0 7 ,2 0 0 ,0 0 0

1 0 7 ,2 0 0 .0 0 0

3 ,0 5 0 ,0 0 0

D u o f r o m b a n k s .......................................
L o a n s a n d d i s c o u n t s ------------------------ 1 , 2 3 6 , 6 9 2 , 7 6 2

1 8 3 .6 8 3 ,2 2 2

1 2 3 ,6 0 8 ,9 3 6

1 ,2 5 7 ,4 5 1 ,8 2 7

9 2 5 ,6 8 1 .9 6 6

4 3 7 ,3 6 9 ,2 9 0
8 9 ,1 8 7 ,0 3 2

1 0 2 ,3 4 4 .1 2 0

1 5 7 ,1 7 6 ,3 2 5

1 3 7 ,1 2 0 ,1 6 7

8 8 ,8 6 8 ,2 9 1

7 1 ,2 0 9 ,7 3 8

..................................................2 . 6 9 7 , 5 6 4 , 4 1 4 2 , 5 8 5 . 8 8 7 , 6 2 5

1 ,5 7 5 ,3 0 7 ,4 1 3

B o n d s , s e c u r i t i e s , & c ---------------------

5 3 3 ,6 4 0 ,0 9 8

C a ll a n d s h o r t lo a n s in C a n a d a .

9 5 ,8 5 2 ,7 2 8

C a ll a n d

sh ort

lo a n s

e ls e w h e r e

6 7 .4 0 1 ,4 8 4

1 6 7 ,2 3 6 ,0 4 5

t h a n i n C a n a d a ---------------------------O t h e r a s s e t s ----------------------------------------T o ta l

6 ,6 6 7 ,5 6 8

5 ,8 7 3 ,2 5 0

9 2 ,9 0 1 ,0 4 4

LIABILITIES.
*
1 9 2 .8 6 6 .6 6 6

1 8 9 ,0 7 5 ,0 0 0
C a p it a l

a u t h o r i z e d ......................................

3 fi0 0 0 0

1 1 5 .4 3 4 .6 6 6

1 1 5 ,7 8 4 .7 0 0

Capital subscribed........................... 1J6 ,366,66®
1 1 4 ,2 3 8 .0 1 5
Capital paid up.......................................
124261
R eserve

f u n d ----------------------------------------

C ir c u la t io n

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

G overn m en t

2 1 7 .6 0 8 ,1 9 5

d e p o s i t s ...........................

5 0 ,7 2 3 ,9 9 6

4 6 ,9 0 2 .8 1 7

3 .9 2 0 .0 8 1

3 .6 8 2 .4 2 6

p a y a b l e ............." I " .................

O t J m r l a b i l i t i e s ---------1 ...........................

T ° o ^

^

4 4 ,4 5 3 ,7 3 8
4 9 5 .0 6 7 .8 3 2

7 9 0 .3 3 5 .9 6 4
1 ,1 0 7 .9 8 3 .0 7 2

t o b a n k s '"
S ills

9 9 .1 3 8 .0 2 9

1 4 0 .0 5 7 .4 5 8

8 4 6 .1 2 8 ,4 6 7
............................... 1 , 1 3 9 . 5 6 9 , 5 7 0

T i^ d e o o s its

1 1 3 ,3 6 8 .8 9 8

2 1 5 ,8 9 5 ,0 5 0

1 5 3 .3 4 4 ,6 5 6

Denuind^deposlts.............................. -

1 1 4 ,8 1 1 .7 7 5

1 2 1 , 1 2 6 , 0 ___
66

1 2 2 ,1 2 4 ,Z b l

e inf ^

-

“

2 8 ,2 0 9 ,0 4 8

6 6 3 .6 5 0 .2 3 0
3 2 ,4 2 6 ,4 0 4
2 0 ,0 9 6 ,3 6 5
1 2 .6 5 6 ,0 8 5

2 5 ,1 2 6 ,3 4 3

^ 2 .4 3 9 .5 0 4 .0 1 3

2 .3 2 9 .9 8 3 ,1 3 0

B .

l h ila d e lp h ia .

L o a n O r g a n iz a tio n o f th e

P h ila d e lp h ia F e d e r a l R e s e r v e D is t r ic t t h r o u g h o u t t h o p e r io d o f t h o w a r a n d

In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the
return for June 30 1914:
June 30 1919. M a y 31

has

L o u is

1 .3 3 0 .4 8 8 .6 8 3

h a s s e r v e d w ith c o n s p ic u o u s s u c c e s s a s d ir e c t o r o f W a r L o a n O r g a n iz a tio n
in

t h a t d is t r ic t s in c o

th o fa ll o f

1918.

M r.

M ason

d u t ie s o n A u g . 1 5 .

w ill a s s u m e h is

now

-

SECOND IS S U E OF N E W T R EA S U RY CE RT IFIC ATE S
A CCEPTABLE I N P A Y M E N T OF GOV­
E R N M E N T NOTES.

Secretary Glass, under the Act approved Sept. 24 1917
as amended, on Aug. 7 offered for subscription, at par and
accrued interest through tho Federal Resorvo banks, Treas­
ury certificates of indebtedness Series B-1920, dated and
bearing interest from Aug. 15 1919, payablo Jan. lo 1J20,
with interest at tho rate of 4M>% a year. Applications wiU
bo received at tho Federal Reserve Banks. Bearer certifi­
cates, Avithout coupons, will be issued in denominations of
$500, SI,000, $5,000, $10,000 and $100,000.
It is provided that if any notes should bo offered for sub­
scription after the offering and beforo tho maturity of such
certificates, and the subscription prico of such notes bo pay­
ablo on or beforo tho maturity of such certificates, then such
certificates will be accepted at par, with adjustment of ac­
crued interest, in payment on tho subscription prico, when
payablo of any such notes subscribed for by and allotod to
holders of such certificates.
Payment at par and accrued interest for certificates
allotted must be made on or before Aug. 15 1919, or on later
allotment. After allotment and upon payment Federal
Reserve banks may issue interim receipts ponding delivory
of the definite certificates.
’
A n y qualified depository will bo pormittod to m ako p ay­
m ent b y credit for certificates allottod to it for itself and
its customers up to any am ount for w hich it shall bo qualified
in excess of existing deposits Avhen so notified b y tho Federal
Reserve bank of its district. Treasury certificates of in­
debtedness of Series
m aturing S ep t.
and
m aturing
O ct.
will be accepted a t par w ith an ad justm ent of
accrued interest in p aym ent for an y certificates of tho Series
noAV offered, which shall bo subscribed for and

VJ,
9, VIC,
7 1919,
IN C R E A S E I N T H E C A P I T A L A N D SURPLUS OF TH E
B, 1920,
M E M B E R B A N K S I N N E W YORK F ED ERAL
RESERVE DISTRICT.
allotted.
.
In our
of Aug. page 430,
the details
The following statement was issued by tho Federal Reserve first issueissuethese 2, certificates,wo gave A 1920. of the
of
Series
Bank of New York this week:
N o t e ___O w i n g

to

th e

o m is s io n

o f th o

ce n ts

In t h e

o ffic ia l r e p o r ts ,

th e

f o o t i n g ’s i n t h o a b o v e d o n o t e x a c t l y a g r e e w i t h t h e t o t a l g i v e n .

uoav

A u g u st 6 1919

W it h in th o la s t th r e e m o n t h s 4 5 m e m b e r b a n k s o f th e F e d e r a l R e s e r v e
Bank

o f N ew

$17 520 320.

Y o r k h a v e in c r e a s e d th e ir c a p it a l a n d s u r p lu s b y a t o t a l o f
A p p r o x im a te ly

90%

o f t h i s a m o u n t r e p r e s e n t s I n c r e a s e s in

t h e c a p it a l a n d s u r p lu s o f b a n k in g in s t it u t io n s lo c a t e d in N e w

Y o r k C it y

In d

th e

th e

b a la n c e ,

or

about

10% .

of

b a n k in g

F e d e r a l R e s e r v e D is t r ic t o u ts id e o f N e w Y o r k

In s titu tio n s

C ity .

in

S econ d

A c o m p a r is o n o f th e i

t o t a l c a p it a l a n d s u r p lu s b e f o r e a n d a f t e r t h is I n c r e a s o is a s f o ll o w s :
O ld .
..................... $ 2 8 , 5 8 0 , 8 0 0
S u r p lu s

"

"

........................ -

$ 3 6 ,8 6 0 ,0 0 0

In crea se.
$ 8 ,2 7 9 ,2 0 0

3 0 ,0 8 8 ,3 8 0

3 9 .3 2 9 ,5 0 0

9 ,2 4 1 ,1 2 0

... ................................................................................... $ 5 8 , 6 6 9 , 1 8 0

$ 7 6 ,1 8 9 ,5 0 0

$ 1 7 ,5 2 0 ,3 2 0

A s stock

"

N ew .

in t h e F e d e r a l R e s e r v e B a n k

to th e e x te n t o f 6 %

o f s u c h in ­

c r e a s e is r e q u ir e d t o b e s u b s c r i b e d t o b y g r o w in g m e m b e r b a n k s , t h o h e d e r a .




RESOLUTION LOOKING TO RE D U C TIO N 01
government

a n d

t a x a t io n

I N HOUSE.

COST OF

in t r o d u c e d

On Aug 7 Chairman Campbell of tho H ou se Rules Com­
mittee introduced in tho House a resolution providing for
the submission by tho President to Congress not later than
Doc 1 1919 of a statement showing such reduction of the
estimates for expenditures for tho fiscal year onding Juno
30 1920 as will permit a reduction of taxes by tho sum of at
least ono billion dollars annually; also estimates of Federal

A ug. 9 1919.]

the

c h r o n ic l e

rovenues and incomes from all sources for the fiscal years
ending June 30 1920 and 1921 and estimates for expendi­
tures for the fiscal year ending Juno 30 1921; and annual
receipts and expenditures of the Government for the past
10 yoars. Tho resolution reads as follows:
T o th o en d th a t th o co s t o f G o v e rn m e n t a n d
m a y b o r e d u c e d , b o It
R e s o lv e d . T h a t

in

s u b m it t in g e s tim a te s f o r

th o

lu r s t

with tho nations and peoples upon whom the chief burdon and confusion
action'of tho world Wh° ar° " ° W “
d6Pend°nt UpP" the co-operative
We aro just now shipping more goods out of our ports to foreign markets
than we ever shipped before—not foodstuffs merely but stuffs andmaterials

a m o u n t o f taxation
o r t a x a t *on

th o n e x t fis c a l y e a r fo r

e x p e n s e s o f t h o G o v e r m e n t , t h o P r e s i d e n t is h e r e b y r e q u e s t e d *
t o C o n g r e s s , n o t la te r t h a n D e c . 1 1 9 1 9 , a s t a t e m e n t s h o w in g -

prices. ° r

1920

(e x c lu s iv e o f e s tim a te s fo r th e n a t io n a l d e fe n s e

fis c a l y e a rs e n d e d J u n o 3 0

1910, to Ju n e 30

l ” vohime of our exports rmi»” - on“supplies s
i, a“ 7 w o,,r will have
n
hat
s and

cron
ps“ rome toe£ o Z T i ^ T ' T ’ f°reign farniers get their accustomed
f p,
,
fields, foreign mines resume their former output

p ^ -

s lo n s , a n d w a r in s u r a n c e ) a s w ill p e r m it a r e d u c t io n o f t a x e s b y t h e s lim o f
a t le a s t o n e b illio n d o lla r s a n n u a lly .
7 " C sum o f
S e c o n d — T h e a n n u a l r e c e i p t s o f t h e 'G o v e r n m e n t f r o m

”, i r e s

T .1t. U ^Possible yet to predict how far or how long foreign purchasers
OII
will be able to find the money or tho credit to pay for or sustainsuch pur­
chases on such a scale; how soon or to what extent foreign manufacturers

th o

s u b m it

S u c h r e d u c t io n o f th o e s tim a te s f o r e x p e n d it u r e s fo r th o fis c a l v e a r

e n d in g J u n o 3 0

533

of £

™ rth

SGt UP agabl thCir ° Id machinery of trade with the ends

a ll s o u r c e s f o r t h o

M ust

1 9 1 9 , i n c l u s i v e , t o g e t o e r w iJ h

R e m a in

U n cer ta in .

a n e s t im a t e o f t h o r o v e n u e s a n d in c o m e f r o m a ll s o u r c e s f o r t h o f is c a l v o i r ,
e n d in g J u n o 3 0 1 9 2 0 a n d 1 9 2 1 , r e s p e c t iv e ly .
y

All these things must remain uncertain until peace is established and the
nations of the world have concerted tho methods by which normal life and
industry aro to be restored. All that we shall do, in the 3 n t i m e to

. . T f ir d 7 T h c a n n u a l e x p e n d it u r e s o f t h e G o v e r n m e n t f o r a ll p u r p o s e s f o r
h
th o fis c a l y e a r s e n d e d J u n o 3 0 1 9 1 0 , t o J u n o 3 0 1 9 1 9 , in c lu s iv e a n d t h e e s ti­
m a t e d e x p e n d i t u r e s f o r t h o f i s c a l y e a r e n d i n g J u n o 3Q 1 9 2 0
’

r r

PR ESID E N T

W I L S O N ’S M E S S A G E
COST OF L I V I N G

ON

T IIE

th e c h ie f c o n c e r n o f o u r G o v e r n m e n t a n d o f th e o th e r G o v e r n m e n ts ^ f th e

H IG H

w o r ld
U n t il t h e n b u s in e s s w ill in e v it a b ly r e m a in s p e c -u l a t i^ a n d s w a v
n o w t h is w a y a n d a g a in t h a t , w it h h e a v y lo s s e s o r h e a v y g a in s a s it m a y

'

c h a n c e , a n d th e c o n s u m e r m u s t t a k e c a r e o f b o t h t h e g a in s a n d th e lo s s w

President W ilson a p i K O T ^ f o n T C o n g r e s s in joint session
at 4 .0 0 p. m yesterday (A u g . 8) and read his m essage, in
which lie outlined plans for dealing w ith the high cost of
living. T h o text of tho message is as follow s:
Qcntlrmm of the Congress:
I have sought this opportunity to address you because it I*
duty to call your attention to tho present cost o f living and i „
y “ y
you with ail tho persuasive force o f which r am c a p a b l e ^ w , , £ ° n
measures which would bo most effective in controlling it and b S g S g it
Tho prices tho people o f this country aro paving for

sTsfemT o n

Y S Z tS S T

“ ^

^

a"d ~ ^

« « * > to
> »» « »
Q u e s t io n u p o n w h l c ? S J
K
t h a T t h e ’n ™ c o n f i d e n c e o f p u r p o s e d e p e n d .
W h i l e t h e r e is a n y p o s s i b i l i t y
t h a t t h o p e a c e t e r m s m a y b o c h a n g e d o r m a y b e h e ld l o n g in a b e y a n c e o r
m ay

not

be

e n fo r c e d

becau se

o f d iv is io n s

o f o p in io n

am ong

th o

P ow ers

a s s o c i a t e d a g a i n s t G e r m a n y i t is i d l e t o l o o k f o r p e r m a n e n t r e l i e f

Great D ea l We Can D o .

, ,

. ^ L " ' lat 7 * ® d0 'vc should do, and should do at once. And there
“
is a great deal that we can do, provisional though it bo. Wheat shipments
and credits to facilitate the purchase of our wheat can and will bo limited
n C ^ 0 ed ia SU a way as not t0 raiso but rather to lower tho price
°
Ch
regulate thlt
^
Government has tho Power, within certain limits, to

r

, c x t ; roa,cd by v, do'
"
« » <**
They constitute a burden upon us which is the moro unbearable ho™,,™
wo know that it is wil fully imposed by those who have the p ^ e r and that
H can by vigorous public action, bo greatly lightened and made to smmre
with tho actual conditions o f supply and demand. Some o f tho methods
by which these prices aro produced aro already illegal, some of them crh S
’’ a“ d i ° S0
? emP ° y them WlU b0 energetically proceeded againstbut others have not yet been brought under tho law. and should h0 dm u
with at onco by legislation.
lu do dealt
No Need of Particulars.
ne<;d not recite tho particulars o f this critical matter. Tho prices
demanded and paid at tho sources o f supply, at tho factory, in the food
markets, at tho shops, in tho restaurants and hotels are alike in
.n
and village. They are familiar to you. They are the talk o f e ^ d o m S
critic and o f every group o f casual acquaintances even
y domcstic

s a s s f i f f s i a r of o,,r i,co,”c - ■ a — - a s

™dVL C T 10t dCny whcat to forcign peoples who aro in dire need of it,
'
not
t °wn°n W‘*h .,to do, f : but fortunately, though tho wheat crop is
a c Th l t
f
1 iS abundant if bandied with provident
6
n can
,r
‘S '° 'VCr in tho Unitcd Statcs thaa In Europe
and n n with proper management be kept so.
, ” y w a y o f immediate relief, surplus stocks of both food and clothing in
hantls of the Government will be sold. and. of course, sold at pricef at
which there is no profit
prices at

a}

;u » a
SS5

S O S E S * yct 1 h o r • vkta's
'ls
■A S m J X T
«
With tho increase in tho prices o f tho necessaries nf ur„
,
for increases in wages—demands which aro justified ff /h
7 ° domands
means o f enabling men to live. Upon tho increase nf\ h
u° 110 ° ther
close an increase in tho price o f tho products whosn IrnH*™ th“ ro follows
accorded tho increaso—not a proportionate incre iso fnr'th f 5 ‘ aJ ° been
”
does not content himself with that—but an Increasee con^iH ™a” ufactu™r
h a r d " ^ ^ fhanaan e x ^
g

** ^

**“ ^

Wa*°

.t a S r a n 'h “ 7 7 " 7 7 ,,IS or th" roo<l co" lr< ' » « tte l«x.r.|i„, (“
>
q
energy
b 3 ChCCked and prCventMl: a^ they will be, with the greatest
<
tiJ ^ dStU5fS CaD ,bS drawn out of 8torage and sold by legal action which
the spePH “ i1 o f Justlce wil> institute wherever necessary; but so s ^ n ^
1
the situation is systematically dealt with it is not likely that tho courts will
often have to be resorted to. Much of the accumulating of stocTs has no
ce°min?ye n Greltt° s tr e. SOrt ° f speculation which a'ways results from untT r al
Great surpluses were accumulated because it was impossible
o foresee what the market would disclose and dealers were determined
to bo ready for whatever might happen, as well as eager to reap too fuU
advantage of rising prices. They will now see tho disadvantage £ we
as the danger of holding off from tho new process of distribution ’
Some very interesting and significant facts with regard to stocks on
and the rise of prices in the face of abundance havT bSn d S s ^ bv the
inquiries of the Department of Agriculture the Donartmom of V ah ^
i
I n ' . h e ' S ' f r,d ° C=
T
“ ” »“ «« «
£
in the case of many necessary commodities effective means have been found
to prevent the normal operation of the law o f supply and demand
Disregarding the surplus stocks in the hands of tho Government there was
a greater supply of foodstuffs in this country on June 1 of tWs year thanTt
the same date last year. In tho combined total of a number of the m o2

Fads Not “ Natural.”

“
C familiar; th° G
°
XCeSS ,S
W * - And yet
'' “e risemn y
™
only too 'd
The supply o f fresh eggs on hand in June o f this year for examnic «•,»«
greater by nearly 10% than the supply on hand at the same timeTast veaT
and yet the wholesale price was 40c. a dozen as airain«jt qh- . . 3 *
*
i’he stock of frozen fowls had increased more than 298%, and yet th^ price
had risen also, from 34He. per pound to 3714c
price
butter had increased 129% and the price from 41 to 53c per p o u n d ^ T h e
supply of salt beef had been augmented 3% and the nrice lfad
, ' f Th
$34 a barrel to $ 3 6 a oarrel. Canned corn hart iniL-,
g° ne,up from
92% and had remained substantially the same in price "
° 8 ° Ck nearly
T“ a f< T
rw oodstufts the prices had declined, but in nothing like the nroportion in which the supply had increased. For e x a m p l/ he 1
,“
r “ciion can rorco thom “ • ri"'
T
had *fcrea- ed 102% and
the price had’ d eclin ^ ord y
_.ic. per dozen cans. In some cases there had been the usual result of an
know when it shall have peace and what kind o f peace it will be when tt li,cTnSe ° f Pr r foUowing a decrease of supply, but In almost every instance
comes: a peace in which each nation shall make shift for itself as it can nr the increase of price had been disproportionate to the decrease in stock
Tho Attorney-CJeneral has been making a careful study of the situation
a peace buttressed and supported by tho will and c o n c ^ o f the l u ! ! ! ; , 0.
as a whole and of the laws that can be applied to better it and Is convinced
havo tho purpose and tho power to do and to onforco what is right.
3 ^
that under the stimulation and temptation of exceptional circumstances
World on Operating Table.
natl<?nS. ° r Pr0d» CerS and combinations of traders have been formed
Politically, economically, socially tho world is on the operating table
I
i
UPP,,eS and ° f pricos whicb a^ clearly in restraint of £ £ ?
and against these prosecutions will be promptly instituted and actively
It has not been possible to administer any anesthetic. It is conscious’ *
even watches the capital operation upon which It knows that i.s h " ^ U pushed, which will in all likelihood have a prompt corrective effect
,
to believe that tho prices of leather, of coal, of lumber
Jivi i n
f PCndS- H Call,,ot thlnk Its business^out or m aken
Z
and o f textiles have been materially affected by forms of concert and co-’
give intelligent and provident directions to its affairs while in such n l
Where there is no peace of mind there can bo no energyTendeavor
operation among the producers and marketers of these and other universally
necessary commodities which it will be possible to redress
7
No watchful or energetic effort will be spared to accomplish this nccesratoraUoo of
k„“ b 7
T
° r ™ H o TOo„t. no normal sary result. I trust that there will not be many cases in which prosecution
reassembling o f the ^ locator? n?
rcconstructI°n or tho proper wil be necessary Public action will no doubt cause many X
^ve
r „ .l,ll „ n ,l » n a / r r a “ 0 r . “ S r a “ „0 ' S ,CrPr'“ ’ UnU‘
»
,
b“ "
7
t o n faml,lari, y ™ th ],hom or because
t
in sitting inactively by and letting *,bat tboy ar° natural" a»d inevitable,
anything that we can do to check, com-ctTor'r U" ir f?H rcsli,ts if thero is
tal
this opportunity to inform tho Congress i, , v’.rs<i them. I have sought
way o f remedy and control, and to suggest % 10 « XeC
.Ut*ve Is doing by
aro lacking and may be supplied.
whcro effectlvo legal romedlcs
Wo must, I think, frankly admit tint
,
.
remedy to be had from legislation and executive a c t k V ° " n ,Cf0, lmmcdiate
of supply and demand will not operate o f themselves ami tla f''oe Processes

S

of any hasty and shallow conclusion

s h: r t h T r s y r „ op,cd ,ito i
„

,h 'o„;,T „„n r „ “ , x
a?l,
^
affected, with all its terrible ravaging L d ^ n , ! r , h° W P
?
dlrcctly
nevertheless, profoundly affected and disarrangedV« ^ i^ 0’
becn’
credits, our productive capacity, our econtmlo n ^
«ur industries, our
—

—

............-

-




‘. u

*»

«

And publicity can accomplish a great deal. Tho purchaser can often
tako care of himself if he knows the facts and influences ho is dealing with
and purchasers are not disinclined to do anything, either singly or c S l S
lively, that may be necessary for their self-protection. The DcDartmTntof
Commerce, the Department o f Agriculture, tho Department of Labor and
the I oderal Trade Commission can do a great deal toward supplying the

THE CHRONICLE

534

public systematically and at short intervals with Information regarding the
actual supply o f particular commodities that is in existence and available,
and with regard to supplies which are In existence but not available because
of hoarding, and with regard to the methods o f price fixing which are being
used by dealers in certain foodstuffs and other necessaries.
There can be little doubt that retailers are in part— sometimes in large
part—responsible for exorbitant prices, and it is quite practicable for the
Government, through the agencies I have mentioned, to supply the public
with full information as to the prices at which retailers buy and as to the
costs of transportation they pay in order that it may be known just what
margin of profit they are demanding. Opinion and concerted action on the
part o f purchasers can probably do the rest.
That is, these agencies may perform this indispensable service provided
the Congress will supply them with the necessary funds to prosecute their
inquiries and keep their price lists up to date. Hitherto the appropriation
committees of the Houses have not always. I fear, seen the full value of
those inquiries and the departments and commissions havo been very much
straitened for means to render this service. That adequate funds be pro­
vided by appropriation for this purpose, and provided as promptly as pos­
sible, is one o f the means o f greatly ameliorating the present distressing
conditions of livelihood that I have come to urge in this attempt to concert
with you the best ways to serve the country in this emergency. It is one
of the absolutely necessary means, underlying many others, and can be
supplied at once.
There are many other ways. Existing law is inadequate. There aro
many perfectly legitimate methods by which the Government can exercise
restraint and guidance.
Let me urge, in the first place, that the present Food Control Act should
be extended both as to the period o f time during which it shall remain in
operation and as to the commodities to which it shall apply. Its provisions
against hoarding should be made to apply not only to food, but also to feedstuffs, to fuel, to clothing, and to many other commodities which are indis­
putably necessaries o f life.

Is Clearly Within the Power of Congress.
As it stands now it is limited in operation to the period of the war and
becomes inoperative upon the formal proclamation o f peace. But I
should judge that it was clearly within the Constitutional power of the
Congress to make similar permanent provisions and regulations with regard
to all goods destined for inter-Stato commerce and to exclude thorn from
inter-State shipment if the requirements o f the law aro not complied with.
Some such regulation is imperatively necessary. The abuses that have
grown up in the manipulation o f prices by tho withholding of foodstuffs
and other necessaries of life cannot otherwise bo effectively prevented.
There can be no doubt of either the necessity or tho legitimacy of such
measures. May I not call attention to the fact also that, although tho
present Act prohibits profiteering, the prohibition is accompanied by no
penalty. It is clearly in the public interest that a penalty should be
provided which will be persuasive.

former conditions, not the present, that our economic relations with Europe
were built up.
We must face the fact that unless we help Europe to get back to her
normal life and production a chaos will ensue there which will inovitably
be communicated to this country. For the present, it is manifest, wo must
quicken, not slacken our own production. We, and almost we alono, now
hold tho world steady. Upon our steadfastness and self-possossion depend
the affairs of nations everywhere. It is in this supremo crisis— this crisis
for all mankind— that America must prove her mettlo.
Saved Europe in War, Must Save Her in Pearc.
In the preseneg of a world confused, distracted, sho must show herself
self-possessed, self-contained, capabio of sober and cflective action. She
saved Europe by her action in arms, sho must now save it by her action in
peace. In saving Europe she will save herself, as she did upon the battle­
fields o f the war. The calmness and capacity with which she deals with
and masters the problems of peace will be tho final test and proof of her
place among tho peoples of the world.
And, if only in our own interest, we must help tho people over seas.
Europo is our biggest customer. We must keop her going or thousands of
our shops and scores of our mines must close. There is no such thing as
letting her go to ruin without ourselves sharing in the disaster.^
In such circumstances, face to face with such tests, passion must bo
discarded. Passion and a disregard for the rights of others have no place
in tho counsels or a free people. We need light, not heat, in theso solemn
times of self-examination and saving action. Thero must be no threats.
Let there be only intelligent counsel, and lot the best reason win, not tho
strongest brute force. Tho world has just destroyed the arbitrary force
of a military junta. It will live under no other. All that its arbitrary and
coercivo is in tho discard. Those who seek to employ it only prepare their
own destruction.
Wo cannot hastily and over night revolutionize all the processes of our
economic life. We shall not attempt to do so.
Theso are days of deep excitement and of extravagant speech; but with
us thosd aro things of tho surface. Every one who is in real touch with
the silont masses o f our great people knows that tho old strong fibro and
steady self-control are stlU there, firm against violence or any distompered
action that would throw their affairs into confusion. I am soronly confident
that they will readily find themselves, no matter what tho circumstances,
and that they will address themselves to tho tasks of poaco with the same
devotion and tho same stalwart preference for what is right that they dis­
played to tho admiration o f tho whole world in tho midst of war.
And I entertain another confident hopo, I have spoken to-day chiefly
of moasures of imperative regulation and legal compulsion, of prosecutions
and tho sharp correction of selfish processes; and these no doubt aro neces­
sary But thero are other forces that we may count on besides those resi­
dent in the Department of Justice. Wo have just fully awakened to what
has been going on and to the influences, many of them very selfish and sinis­
ter, that havo been producing high prices and imposing an intolerable burdon on the mass of our people. To havo brought it all into tho open will
accomplish the greater part of the result wo sook.
Appeals for Fair Dealing With Masses of People.
I appeal with entire confidence to our producers, our middlemen, and
our merchants to deal fairly with tho people. It Is thoir opportunity
to show that they comprehend, that they intend to act justly, and that
they have the public interest sincerely at heart. And I havo no doubt
that housekeepers all over the country, and every one who buys the
thing he daily stands in need of will presently exorcise a greater vigilance,
a more thoughtful economy, a more discriminating caro as to tho market
in which he buys or the merchant with whom he trades than he has hitherto

Wants Time Limit Put on Cold Storage.
T o the same end I earnestly recommend, in the second place, that the
Congress pass a law regulating cold storage, as it is regulated, for example,
by the laws of the State o f New Jersey, which limit the time during which
goods may be kept in storage, prescribe the methods o f disposing of thorn if
kept beyond the permitted period, and require that goods released from
storage shall in all cases bear the date o f their receipt.
It would materially add to the serviceability o f the law, for the porpose
we now have in view, if it were also prescribed that all goods released from
storage for inter-State shipment should have plainly marked upon each
package the selling or market price at which they went Into storage. By
this means the purchaser would always be able to learn what profits stood
between him and the producer or the wholesale dealer.
It would servo as a useful example to the other communities of the
country, as well as greatly relievo local distress, if the Congress were to
regulate all such matters very fully for the District o f Columbia, where its
legislative authority is without limit.
__,
I would also recommend that it be required that all goods destined for
Inter-State commerce should in every case where their form or Package
makes it possible be plainly marked with tho price at which they left
tho hands o fth e producer. Such a requirement would bear a close analogy
to certain provisions of the Pure Food Act, by which t is requlrod that
cortain detailed information is given on the labels of packages o f foods and

d lAnd it does not seem to me that we can confine ourselves to detailed
measures of this kind, if it is, indeed, our purpose to assume national
control of the processes of distribution. I take It for granted that that is
our purpose and our duty. Nothing less will suffice. We need not hesitate
to handle a national question in a national way. Wo should go bey° “4 1
measures I have suggested. We should formulate a law requiring a Federal
license of all corporations engaged in inter-State commerce and embodying
in tho license, or in the conditions under which it is to be issued, specific
regulations designed to secure competitive selling and pr^ ent ^ roai^ "
ablo profits in the method of marketing. Such a law would afford a w
^
opportunity to effect other much-needed reforms in the business of
inter-State shipment and in tho methods of corporations which aro engaged
in it; but for the moment I confine my recommendations to the object
immediately in hand, which is to lower tho cost o f living.
May I not add that there is a bill now pending boforo tho C on fess
which if passed, would do much to stop speculation and to prevent the
fraudulent methods of promotion by which our people are annually fleeced
of many millions o f hard-earned money.
.
I refer to the measure proposed by the Capital Issues Committee for the
control of security issues. It is a measure formulated by men who know tho
actual conditions o f business, and its adoption would serve a great and

I believe, too, that the more extreme leaders of organized labor wil
presently yield to a sober second thought, and like tho great mass of their
associates, think and act like true Americans. They will see that strikes
undertaken at this critical time are certain to make matters worse, not
better— worse for them and for everybody else. The worst thing, tlio most
fatal thing, that can be dono now is to stop or interrupt production or to
interfere with the distribution of goods by tho railways and the shipping
of tho country. Wo are all involved In tho distressing results of the high
cost o f living and wo must unite, not divide, to correct it.
Many Other Things That Ought to Be Corrected.
There are many things that ought to bo corrected in tho relations between
capital and labor, in respect of wages and conditions of labor and other
things evon moro far-reaching, and I, for one, am ready to go into confer­
ence about theso matters with any group of my fellow-countrymen who
know what they aro talking about and are willing to remedy existing con­
ditions by frank counsel rather than by violent contest. No remedy is
possible while men arc in a temper, and thero can be no settlement which
does not have as its motive and standard the goneral interest. Threats
and unduo insistence upon the interest of a single class make settlement
impossible.
, _
.. ,
I believe, as I have hitherto had occasion to say to tho Congress, that
the industry and life of our people and of the world will suffer irreparablo
damage if employers and workmon aro to go on in a perpetual contest, as
antagonists. They must, on one plan or another, bo effectively associated.
Have wo not steadiness and self-possession and business sense enough to
work out that result? Undoubtedly wo havo, and we shall work it out.
In the meantime— now and in tho days of readjustment and recuperation
that aro ahead of us— let us resort moro and more to frank and intimate
counsel and make outselves a great and triumphant nation by making
ourselves a united forco in the life of tho world. It will not then have
looked to us for leadership in vain.

bC^ d = r g e n t l e m e n o f the Congress, I need hardly say, with very
critical and very difficult matters. We should go forward with confidence
along the road we see, but we should also seek to comprehend the whole
of the scene amidst which wo act. There is no ground for some ° f the
fearful forecasts I hear uttered about me, but the condition of the world
is unquestionably very grave, and we should face it comprehendingly.
The situation of our own country is exceptionally fortunate. We, or
all peoples, can afford to keep our heads and to determine upon moderate
and sensible courses of action which will insure us against the Pas®*°^ *
distempers which are working such deep unhappiness for some of the dUtressed nations on the other side of tho sea. But wo may be involved
in their distresses unless we help, and help with energy and
f*en ‘
The world must pay for tho appalling destruction wrought by the great
war. and wo are part of tho world. We must pay our share. For five
years now tho Industry o f all Europe has been slack and disordered. 1 he
normal crops havo not been produced; the normal quantity of manufac­
tured goods has not been turned out. Not until thero aro tho usual crops
and the usual production o f manufactured goods on the other side or the
Atlantic can Europe return to tho former conditions; and it was upon tne




[Vol. 109.

TRANSFER TO U. S. EQUALIZATION BOARD OF SUR­
p l u s s u o a r OF WAR D E P A R T M E N T SUGAR SHORTAGE D E N IE D .

Announcement was made on July 29 that tho transfer
to the U. S. Equalization Board of the ontiro surplus of
granulated sugar hold by tho War Department had been
authorized by the Direotor of Sales of tho War Department,
with directions that it bo disposed of at a minimum price
which would assure tho Govornmont full recovery of tho
original cost of tho commodity. It is stipulated that none
of tho sugar is to be sold for oxport, but must bo mado
available for domestic consumption for which purpose tho
Government is receiving tho cost prico, viz., 8.79 conts
per pound. An announcement issuod by tho War Depart­
ment War Department,said: an acute sugar shortage that has existed
on July 29 to relieve
The
in certain communities In the United States, transferred approximately

A ug . 9 1919.]

THE CHRONICLE

535

on the Tinkham resolution. In a report accompanying the
resolution by the Committee says:

21.000. 000 pounds of granulated sugar to tho Sugar Equalization Board
early in July. Additional transfers authorized recently make tho aggre­
gate quantity transferred by tho War Department to tho Board approxi­
The purpose of the resolution is to ascertain the reasonableness of the
mately 56,000,000 pounds, which quantity embraces all granulatod sugar
that has been declared surplus by the War Department. Tho total allo­ present wholesale and retail market prices of sugar usod for domestic or
manufacturing purposes: the amount of sugar, both raw and refined, now
cated now Is 35,000,000 pounds.
in tho United States, whether in possession of refiners, or wholesale dealers,
or in storage; tho surplus supply of raw and refined sugar now in possession
of tho United States, and the causes of the present sugar scarcity.
It developed during the hearings held by the Committee that there was an
unexplained shortage or scarcity of sugar in many sections of the country,
notably in New England, New York, and tho District of Columbia: that in
these and other localities merchantslhave scarcely any supply of sugar on
hand, claiming that they are unable to get their orders filled by the re­
The export market afforded a higher figure than the War Department will finers; that families were unable to obtain sugar for domestic use, much lees
realize through this method o f marketing. Offers o f 10 cents per pound for canning and preserving purposes; that fruit and berries in these localities
have been made for the entire surplus by exporters, but the Secretary of wero spoiling because sugar could not be obtained for use in preserving these
War, realizing that a shortage o f sugar existed in the United States during food supplies.
the canning season, desired that the American public bo given tho benefit
Since serious injury is being suffered by the public because of a shortage
of the surplus.
of sugar, or becauso of inefficient or inadequate means for tho just and
The United States Sugar Equalization Board was selected as the medium equitable distribution of this household necessity, and also since tho present
for distribution of this sugar becauso having erected during the war the high prices of sugar are such as warrant investigation in the interest of the
machinery for the allocation of the nation's sugar supply, it is tho channel consumer, tho Committeelis of the opinion that the Federal Trade Commis­
through which tho War Department’s surplus stock may bo made available sion should make an investigation along tho lines pointed out by the resolu­
to tho general public most expeditiously and tho most equitablo distribution tion and to report its findings to Congress, thereby furnishing Congress
may bo assured.
enlightening and valuable information which will constitute the basis for
remedial legislation in the event enactment of such legislation is considered
to bo wise.
________________

Tho distribution is to be mado through throe committees,
one in New York, one in Chicago and the third in Chicago.
In its announcement on July 9 concerning the transfor of
21.000. 000 pounds of surplus sugar to tho Sugar Equaliza­
tion Board tho War Department said:

Tlio purchaso from tho War Dopartmont by tho U. S.
Equalization Board of 37,000,000 pounds of sugar was
mado known by Georgo A. Zabriskie, President of tho
Board, on July 25. Mr. Zabriskie stated at the samo time
tlioro is at present no shortago of raw sugar, “that retail
prices should not exceed 11 cents a pound and that thoro is
no need of hoarding.” According to Mr. Zabriskie doalors
are still under tho control of tho U. S. Food Administration
and if they profiteer in sugar they may suffer tho revoca­
tion of their licenses. Control will continue, it is announced
until the ratification of the peace treaty by tho Senate.
The apparent shortage of sugar is attributed by Mr. Za­
briskie to speculative exporters, and the failure of cannors
and confectionory factories to anticipate their demands.
In his statement of July 25 he said:
Tho chief factor in this apparent shortage, which is temporary, has been
the belated orders of big fruit canneries and confectionery factories, which
failed to anticipate their normal demands and held o ff ordering their sugar
in tho expectation that prices would be lower. They knew tho refiners
could not sell above the fixed p^lce of 9 cents. Another element that, as
yet, has not affected tho situation, is tho marine workers’ striko, which we
hope will be settled before tho entire fleet of sugar ships Is tied up in Atlantic
and Gulf ports. Meanwhile we are reaching by radio at sea all tho vessels
possible and diverting them to Cuba to bring back raw sugar.
Tho cannery and confectionery trade has not realized tho limitations of
the sugar Industry. The flour mills of the United States, for instance,
have a capacity of 600,000,000 barrels per annum, less than one-third of
which is consumed in the country. That is, their capacity is threo times
the national requirement. The rest is exported. With sugar it is different.
The capacity of the twenty-two refineries is approximately 4,800.000 tons
while the consumption is 4,250,000 tons. The margin between supply and
demand is narrower and the refineries have to keep going when tho demand
In March and April Is not great, building up reserves for the four months,
Juno, July, August and September, when the demand is at its height.
There is, however, at present no shortage of raw sugar. The difficulty
now is tho capacity of tho refineries. Of the 2,630,000 tons tho United
States Sugar Equalization Board contracted to purchaso from Cuba we had
still to receive on July 1 no less than 1,100,000 tons. In addition to this
we have access to 1,970.000 more tons, including tho beet sugar, which will
begin to come in about Oct. 1, and tho big cane crops of Louisiana and
insular possessions of tho United States, 6uch as the Virgin Islands, Porto
Rico, Hawaii and the Philippines.
The situation is entirely satisfactory so far as tho raw material is con­
cerned , and 1 know tho refiners are doing their part, for their plants havo
been operated night and day, and some on Sundays, for months past. In
those parts of tho country, where local shortages exist, it is true, there is an
Inclination to profiteer, but it is easy to fix the blame for that. Tho refiner
cannot sell sugar for more than 9 cents a pound. The wholesaler is obligated
to a maximum profit of 35 cents, so that tho retailer does not pay more than
$9 35 a hundred. Everybody, therefore, should be able to buy sugar at a
maximum of 11 cents a pound, and I know of chain stores selling it to-day
for less than 10 cents.

Charges that there is a conspiracy to boost tho prico of
sugar was made in the House of Representatives on July
24 by Representative Hidings who was quoted as saying:

The retail sugar dealers are refusing to sell more than two pounds of
sugar. This is a profiteering scheme to increase tho prico of sugar and
make tho people believe there is a shortage.

A resolution calling for information on the subject from
the Equalization Board was introduced by Mr. Hidings.
On July 30 a resolution was introduced by Representative
Elliott of Indiana prohibiting the exportation of sugar for a
period of two years. An embargo was placed on exports
of refined sugar early in July by the Sugar Equalization
Board, and this embargo, it was stated, would be continued
in force until all the requirements of this country were met.
On July 15 Representative Tinkham urged upon the House
Inter-State and Foreign Commerce Committee an investi­
gation of tho alleged sugar shortage in this country. Rep re­
sent ative Tinkham, who is the author of a resolution direct­
ing the Federal Trade Commission to investigate the sugar
situation, declared that sugar prices have doubled since
1913, and that one-third of the Cuban crop has already been
assigned to England. On Aug. (5 the House Committee
on Intor-Stato and Foreign Commerce took favorable action



IN C ID E N T S IN CONNECTION W ITH THE HIGH COST
OF LIVING— THE COMPLAINT AGAINST THE
PACKERS.

Now York, among several other States, has begun independ­
ently to probe into the cause of the high cost of living and
means to bo taken whereby it may bo reduced. Governor
Smith on Wednesday, this week, appointed ex-Govemor
Martin H. Glynn and State Commissioner of Education,
Dr. John H. Finley, a committee “to inquire into the entire
question of the costjof food products and of their distribu­
tion,” and other matters incident thereto and make a report
of their findings to him. Governor Smith, in ordering this
investigation, said to the Committee:

I request you to inquire into the entire question of the cost of production
of food products and of their distribution; into the transportation, storage
and marketing of food products; into tho storago of food products in both
public and private warehouses in this State; and to investigate the methods
of the control of tho production of food and its marketing and distribution if
such control exists; and into any illegal or unfair practices that exist in
controlling tho production, sale and distribution of food and other necessaries
of life.
I request you to report to me the results of your inquiry, and if, in your
opinion, conditions can be remedied under existing laws, and if so how, and
if not why, if in your opinion, existing laws are inadequate, to suggest
wherein they are so, and what changes, if any, should be made to make
the laws effective, and suggest any new laws deemed necessary.
To the end that your inquiry may be complete and that you may be able
to report conditions as they exist, I suggest that if you deem it advisable
you call upon me to exercise such powers as I possess as Governor to assist
you in such inquiry.

Attorney-General Palmer announced on Aug. 6 that the
evidence developed by the investigations into the combina­
tions of packers by the Federal Trade Commission and
hearings before committees of Congress “indicates a clear
violation of tho anti-trust laws and prompt action will be
taken accordingly.” The proceedings against tho meat
packers, the Attorney-General stated, would be conducted
by Isador J. Kresel, a New York lawyer, under the immediate
direction of the Department of Justice. The announcement
mado by the Attorney-General on Aug. 6 reads as follows:

Tho Department of Justice has made a careful review of tho evidence
developed by the investigations into tho combination of packers, both by
tho Federal Trade Commission and tho hearings before tho committees of
Congress. This review has been mado by lawyers specially retained for the
purpose, and their report is now in hand. I am satisfied that the evidence
adduced indicates a clear violation of the anti-trust laws and prompt action
will bo taken accordingly. Further proceedings, while under tho immediate
direction of tho Department of Justice, will be in charge of Isidor J. Kresel,
of tho law firm of Jerome, Hand & Kresel, of New York, who will bo given
such assistance as tho case seems to warrant.

On Aug. 5 Secretary Tumulty, after Director Barnes of tho
U. S. Grain Corporation had left the White House, stated
that the President “will address a message to Congress as
soon as he has time to write it.” The official announcement
of tho President’s intention was not, however, made until
Wednesday, Aug. 6, when at the same time a letter was made
public at tho White House from President Wilson to Repre­
sentative Mondell, Republican floor leader in tho House,
stating that the President could not, as was suggested by Mr.
Mondell, delay his appearance before Congress on the food
prico question. The letter reads:
While House, Washington, Aug. 6 1919.
My Hear Mr. Mondell:— l am very sorry, indeed, that I cannot comply
with your suggestion of delay in the matter of my address to a joint session
of Congress. The situation which impelled me last week to ask Congress
to postpone its recess until my recommendations could bo submitted is still
acuto. I havo had under very serious consideration the proper action of the
Government with reference to the high cost of living, and I feel that it is my
duty at the earliest possible moment to present certain recommendations
now ready for submission to Congress.
I have, therefore, asked the Vico-President and tho Speaker to arrange,
if possible, for a joint session for Friday afternoon next at 4 o'clock.
Cordially and sincerely yours,
WOODROW WILSON.

536

THE CHRONICLE

[VoL. 109

Tho President’s address was doliverod Friday afternoon, It is not real. What a sham it Is will bo fully set out in tho accompanying
Aug. 8, in accordance with tho above and will be found in a summary and the complete reports. sufferance of tho fivo, and a fow hardy
Some independent packers exist by
separato article olsowhore.
ones have survived in real competition. Around such fow of theso as remain
Later on tho same day, August 6, Mr. Palmor gavo to tho linos aro drawing in.
the pross a copy of a telegram sent to all U. S. District Tho following is given by tho Fodoral Trade Commission
Attorneys, giving instructions to strictly enforce the pro­ as a summary of its findings:
visions of tho Food Control Act against hoarding. The Fivo corporations— Armour & C o., Swift & C o., Morris Sc Co., Wilson &
C o., Inc., and the Cudahy Packing Co.— horoafter referred to as tho “ Big
telegram road as follows:

Five,” or “ tho packers," together with thoir subsidiaries and affiliated com­
panies, not only havo a monopolistic control over tho American moat in­
dustry, but have securod control, similar in purposo If not yet in extent, over
the principal substitutes for meat, such as eggs, choose, vegetables, and oil
products, and are rapidly extending their power to cover fish and nearly
ovory kind of foodstuffs.
In addition to those immonse properties in tho Unltod States, tho
Armour, Swift, Morris and Wilson interests, either separately or jointly,
own or control more than half of tho export meat production of Argentina,
Brazil, and Uruguay, and havo largo investments in other surplus moat
producing countries, including Australia. Under present shipping condi­
tions the big American packers control inoro than half of tho moat upon
which the Allies are dependent.
Tho monopolistic position of tho Big Fivo is based not only upon tho
largo proportion of the meat business which thoy handle, ranging from 61
to 86 per cent in the principal lines, but primarily upon thoir ownership,
separately or jointly, of stockyards, car lines, cold storago plants, branch
houses, and the other essential facilities for tho distribution of porishablo
foods.
“ Tho control of these five great corporations, furthermore, rests in tho
hands of a small group of individuals, namely, J. Ogdon Armour, tho Swift
brothers, tho Morris brothers, Thomas E. Wilson, (acting under tho veto
of a small group of bankors,) and tho Cudaliys.
“ A now and important aspect was added to tho situation whon tho control
of the Sulzberger S Sons Co., (now known as Wilson S Co., |lnc.,) was,
c
c
secured in 1916 by a group of Now York banks— tho Chase National Bank,
Guaranty Trust Company, ICuhn, Loob & Co., William Salomon S Co.
c
and Ilallgarton S Co.
c
“ Tho report of tho committeo appointed by tho House of Bopresontatives
to investigate tho concentration of control of money and credit (tho I’ ujo
Committee) states (p. 59):
“ Morgan S Co. control absolutely tho Guaranty Trust Company.
c
Tho Chase National Bank, a majority of its stock being ownod by George
F. Baker, is closely affiliated with tho First National Bank. William Salo­
mon S Co. and Ilallgarton S Co. aro closely affiliated,with Kuhn, Loob
c
c
and Co.
“ Thus wo have three of the most powerful banking groups in tho country
which tho Pujo Committee classed among tho six most active agonts in
forwarding and bringing about tho, concentration of control of monoy and
credit, now participating in tho rapidly maturing food monopoly above
described. Tho entrance of tho bankers into tho packing business, It
should also bo noted, was not at all displeasing to tho big packors. J.
Ogdon Armour and Louis F. Swift woro frequently consulted during tho
Answering directly your questions as to whether or not there exist “ mon­
negotiations, and Paul I). Cravath is quoted by Henry Voedor as giving
opolies, controls, trusts, combinations, conspiracies, or restraints of trade assurance that the final arrangements would bo more than satisafetory to
out of harmony with tho law and the public interests,” we have found con­
Armour and Swift.
clusive evidence that warrants an unqualified affirmative.
“ Tho menace of this concentrated control of tho nation’s food is increased
by tho fact that these five corporations and thoir fivo hundred and odd
subsidiary, controlled, and affiliated companies aro bound togothor by joint
While we have found and will disclose to you an intricate fabric of mon­
opolies, controls, combinations, conspiracies, and restraints, which would ownership, agreements, understanding, communities of intorest, and
seem to indicate a similarly complex and minute system of legislative or family relationship.
“ Tho combination among tho Big Fivo is not a casual agreement, brought
administrative remedies, we believe that an adequate remedy may be more
about by indirect and obscure inothods, but a definlto and positive con­
simply arrived at.
Wo believe that if the fundamental and underlying evils aro rooted out spiracy for tho purpose of regulating purchases of livestock and controlling
tho whole structure of conspiracy, control, monopoly, and restraint must tho price of meat, tho terms of tho conspiracy boing found in certain docu­
ments which are in our possession.
fall.
There aro undoubtedly rivalries in certain linos among tho five corpora­
If we aro correct in this judgment, tho task o f applying legislative and
tions, their agreements do not cover every phase o f tho'r manifold actlvitiosadministrative romedy Is groatly simplified.
It appears that fivo great packing concerns of tho country— Swift, Ar­ nor is each of tho five corporations a party to all agreements and under­
mour, Morris, Oudahy, and Wilson— have attained such a dominant posi­ standings which exist. Each of tho companies is free to sccuro advantages
tion that they control at will the market in which they buy their supplies and profits for itself so long as it does not disturb tho basic compact.
and the market in which thoy soil thoir products, and hold tho fortunes of Elaborate stops havo been taken to disguise thoir roal actions by maintain,
1 ig a show of intense competition at tho most conspicuous points of contact.
their competitors in their hands.
Tho Armour, Swift, Morris, and Wilson interests havo entered into a
Not only is tho business of gathering, proparing and selling moat product?
In thoir control, but an almost countless number of by-product industries combination with cortain foreign corporations by which oxport shipments
aro similarly dominated, and. not content with reaching out for mastery as of beef, mutton, and other meats from tho principal South Amorican meattojeommoditios which substitute for meat and its by-products, they have producing countries are apportioned among the. soveral companies on tho
basis of agreed percentages. In conjunction with this conspiracy, meetings
Invaded alliod industries, and even unrelated ones.
Tho combination has not stopped at tho most minute integration, but aro held for tho purposo of securing tho maintenance of tho agreement and
has gone on into a stage of conglomeration, so that unrelated heterogeneous making such readjustments as from time to time may bo dosirablo. The
agreements restrict South American shipments to European countries and
enterprises are brought under control.
As wo have followed those fivo great corporations through thoir amazing to tho United States.
Since the meat supplies of North and South America constitute practi­
and devious ramifications— followed them through important branches of
1 idustry. o f commerce, and of finance— wo have beon ablo to traco back cally the only sources from which tho United States and her allios can
to its sourco tho great power which has mado possible thoir growth. Wo satisfy their needs for thoir armies, navies and civil population, theso
have found that it is not so much tho means of production and preparation, two agreements constitute a conspiracy on tho part of the fivo, in conjunc­
nor tho sheer momentum o f woalth, but tho advantage which is obtained tion with cortain foreign corporations, to monopolize an essential of tho
through a monopolistic control of tho market places and means of trans­ food of tho United States, England. France, and Italy.
The power of the Big Five in tho United States has boen and is boing
portation and distribution.
If these five great concerns owned no packing plants and killed no cattle unfairly and illegally used to:
Manipulate livestock markets:
and still retained control of tho instruments o f transportation, of marketing
Bestrict inter-State and international supplios of foods:
and of storago; thoir position would not bo less strong that It is.
Control tho prices of dressed meats and other foods;
The producer of live stock is at tho morcy of theso fivo companies, because
Defraud both tho producers of food and consumers;
thoy control tho markot and tho marketing facilities, and, to some extent,
Crush effective competition;
tho rolling stock which transports tho product to tho markot.
Secure special privileges from railroads, stockyard companies, and
The competitors o f those five concerns aro at their mercy because of the
control of tho markot places, storago facilities, and tho refrigerator cars for municipalities, and
Profiteer.
distribution.
Tho packers' profits in 1917 woro more than four times as great as in tho
Tho consumer of moat products is at tho mercy of theso fivo because
averago year before tho European war. Although thoir sales In dollars and
both producer and competitor aro helpless to bring relief.
Out of tho mass of information in our hands, one fact stands out with all cents at evon the inflated pricos of last year had baroly doubled, in the
possiblo emphasis: The small, dominant group of American moat packers war years, 1915, 1916, 1917, four of tho fivo packers made net profits of
aro now international in thoir activities, whilo retaining American idontity. $178,000,000.
Illustrative of how completely effective competition has boon eliminated
Blame which now attaches to them for thoir practices abroad as well as at
home inevitably will attach to our country if tho practices continue. Tho from tho moat industry Is the fact that there is only ono independent packor'
c
purely domestic problems in thoir increasing magnitude, thoir monopoliza­ Klngan S Co., who slaughters as much .as 1% of tho interstate total of
tion of markets and thoir manipulations and controls, grave as those prob­ cattle, and only nine independents who .slaughter as much as 1% of tho
lems are, aro not more serious than those presented by tho added aspect Interstate total of hogs.
Tho big packers, in presenting thoir case to the public, havo given groat
of international activity. This urgently argues for a solution which will
Increase and not diminish tho high regard in which this peoplo is held in emphasis to certain figures purporting to prove that tho Big Fivo haiulto
“ not to oxcoed one-third of the total moat production of tho Unitoil States.’
utornatlonal comity.
3
o how of competition is staged by tho fivo great packing companies. This rosult can bo obtainod only by Juggling figures; for oxample, by
It Is sup rficial. There Is tho natural rivalry o f officials and departments, omitting from tho Big Five’s total tho animals slaughtered by thoir affiliated
and this l mado much of as indicating tho existence of real competition. companies.

Tho Food Control Act, which is still in forco, in Section 6 makes hoarding
o f necessaries, as thoroin defined, a crime, and Section 7 provides that
wheriover necessaries shall bo hoarded thoy may bo proceeded against by
process o f libel for condemnation. Thoro is much complaint in tho country
about tho extensive storage of food products, which in many instances may
amount to a violation o f tho law.
You aro hereby directed immediately to employ all facilities at your com­
mand and make use of all available sources of information to seek out all
dealers guilty o f hoarding within tho moaning of tho Act, and to ascertain
if in any other respect those provisions of the Food Control Act have been
violatod In your district.
Ploaso proceed with promptness and diligence to make a thoroughgoing
investigation o f conditions In your district with rospoct to possible viola­
tions of this law and o f tho anti-trust laws and, when the ovldenco warrants,
see that arrests are made without further instructions.
This is business of prime importance which domands your immediate
personal attention. Conditions require a country-wide campaign against
hoarders and profiteers, and I desire tho Department of Justico to use every
legal means available to put an end to their activities.

Mr. Palmer was roportod to have stated that ho would
also proceed against food product monopolios under the Sher­
man anti-trust law so far as that law mado such procedure
possible.
Announcement was mado at Washington by Charles F.
Clyno, Fodoral District Attorney for Chicago, on Thursday,
Aug. 7, that tho Government’s case against tho packers
alleging conspiracy would be brought boforo the Federal
Grand Jury, which meets in Chicago in three weeks. Mr.
Clyno, who was called to Washington recently by AttorneyGeneral Palmor for consultation with the Attornoy-Genera^
thoro, also stated on Aug. 7 that both criminal and civil pro­
ceedings would bo taken by the Government under the
Food Control Act and tho Sherman Anti-Trust Law.
Tho Federal Trado Commission in a letter accompanying
a lengthy roport to President Wilson on tho packing industry,
which was mado public on Aug. 6, stated:
The letter also said:




A ug . 9 1919.]

THE CHRONICLE

Their statement is further deceptive because under "total meat produc­
tion of the United States” are included all the animals killed on the farm for
home consumption. On this theory monopoly could not bo considered
to exist in the meat industry, oven if every pound o f meat consumed in
towns and cities were handled by a single company, so long as farmers
continued to kill their own hogs and cows.
Control o f tho meat Industry carries with it not only control o f all kinds of
fresh and preserved meats but, in addition, a very great competitive advan­
tage in more than a hundred products and by-products arising in connection
with their preparation and manufacture, ranging in importance from hides
and oleomargarino to sandpaper and curled hair. In all these lines tho Big
Five’s percentage o f control, as compared with other slaughterers, is greater
oven than tho percentage of animals killed, because o f tho fact that many
of tho small packers are not equipped or have been unable to utilize their
by-products.
The report then deals with the extension o f tho Interests o f tho Big Five
abroad and turns from that to a detailed study o f tho grip which tho pack­
ers are declared to have obtained on other industries, including canned
fruits and vegetables, staple groceries, and grain, fertilizers, hides, leather,
and wool.
Taking up tho banking connections, the Trade Commission assorts that
tho packers are represented on tho Boards of Directors of tho following
Institutions in Boston and New York as well as in many o f tho prominent
banking institutions of tho Middlo and Far West:
Boston— Commercial National Bank (Wilson), Broadway National Bank
of Chelsea (Swift), ITarvard Trust Company (Swift).
Now York City— William Salomon & Co. (Wilson), National City Bank
(Armour), Chase National Bank (Wilson), International Banking Corpora­
tion (Armour), Irving National Bank (Swift, Armour), Guaranty Trust
Company (Wilson), Irving Trust Company (Armour), Now York County
National Bank (Swift), Ilaligarten & Co. (Wilson).
Tho Commission says under the general designation o f “ ovidenco of
combination:”
In tho fifst place, these five corporations began as individual enterprises
with small capital and, with tho exception o f Wilson & C o., Inc., have
been for two or three or more generations under tho management o f the
samo families which established them.
Two of these concerns— Armour and Morris— aro and always have been
closo corporations, with stocks almost entirely in tho hands of tho families
Tho Cudahy Packing Company was a closo corporation until recently
Its
stock is now listed for salo to tho public, but it is still dominated by tho
Cudahy family. Tho fourth. Swift & Co., although having a largo num­
ber o f stockholders, is now and has always been completely under the con­
trol o f tho Swift family. The 20,000 stockholders, widely advertised by
Swift & Co., have never had even an approximately complete list of its
subsidiaries and affiliated companies.
’
'
Tho Sulzberger & Sons Company, tho predecessor o f Wilson & Co., Inc.,
was also a closo corporation, family controlled. To-day, as Wilson & Co.
it has a largo number o f stockholders, but tho absolute control of tho cor­
poration is vested in a voting trust, consisting of Thomas E. Wilson and
four Now York bankers— Charles II. Sabin, Ilarry Bronner, A. Barton
Hepburn, and Elisha Walker.
Such concentration of ownership and control of theso five companies in a
small number of individuals made combination and conspiracy easy.
Furthermore, tho big five aro bound together by joint ownership o f a
large number of companies. In many cases those joint ownerships aro not
carried in tho names o /th o principals, but, on tho contrary, aro concealed
by all manner of devices. Thus, for example. Armour’s and Morris’s
stock in tho Union Meat Co. stands in tho name o f H. A. Chetham and II J
Nelson, Swift employees, so that oven the most careful scrutiny of the stock­
holders’ list would leave tho impression that tho Union Meat Co was mereiv
affiliated with Swift & Co.
'
y
The purposes of this combination, which for more than a generation has
defied the law and escaped adequato punishment, are sufficiently clear from

537

"In any comparatively short period of time the big packers aro able effec­
tively to regulate the quantity of meat which is offered for sale. If the gen­
eral prevailing prices are unfavorable to them they may reduce the amount
of meat offered by curbing, canning, and freezing a large quantity of their
current kill.
“ It is not necessary for them immediately to offer for sale the fresh meat
which they have in stock. Fresh meat can bo kept in the coolers for thirty
days without injury to it and if they desire to keep it longer they may, and
do, freeze it. To decrease the supply at any one market they only have to
reduce shipments to it. By these methods the big packers are not only
enabled to prevent gluts, but they are able to temporarily raise the price of
meats or temporarily prevent tho prices from being lowered.”

T H E

T R A D E
T H E

C O M M I S S I O N ’S
S H O E

A N D

A L L E G A T I O N S

L E A T H E R

A G A I N S T

I N D U S T R Y .

On Aug. 6 the Federal Trade Commission gave out a
statement saying it had found that the high price of shoes
could not be justified by underlying economic conditions;
that tho Commission after exhaustive inquiry into the
prico of hides, leather ansd shoes was reporting to Congress
that the larger packers control led the hide supply and had
taken excessive profits and passed increased costs to sub­
sequent stops in manufacture and distribution; that the
tanner had taken exceptional profits; that the manufac­
turer of shoes had taken unusual margins and that the prices
charged by the retailer were not justifiable, each factor in
tho industry adding to the burden ho had to bear before he
passed it on to tho next. The summary of tho Commission’s
report is as follows:

This report treats of conditions in the leather tanning industry including
tho hide trade and the boot and shoe industry, including tho merchan­
dizing of shoes. The period coverod by the inquiry is from 1914 to 1918
inclusive, except in regard to certain financial data. The outstanding
facts established by the inquiry are as follows:
(1) Between 1914 and 1917 tho prices of hides, the principal factor In the
cost of producing leather, greatly advanced and the differential between
country hides and packer hides increased beyond tho usual proportion, due
to tho more marked increase in the price of packer hides.
(2) Though there was an increase in the cost of hides to the tanner, the
prices of his product— leather—advanced to a point that could not be
justified by the cost of producing it. This conclusion is supported by the
high rates of return on investment received by tanners.
(3) Tho cost of manufacturing shoes increased greatly between 1914 and
1917, but, as evidenced by the high rates of return on investment, not to
an extent that warranted the prices at which manufacturers sold their
product.
(4) Tho absolute margins of profit taken by retail shoe merchants per
pair of shoes grew wider as their costs shoes increased because their rate
of profit remained substantially without change.
(5) As a result the public had to pay prices for shoes that could not beJustificd not only because retail shoe dealers took too much profit but be­
cause tho dealer had to pass on to the consumer tho excessive profits re­
ceived by butchers for hides and also the excess profits of tanners and shoe
manufactureres.
General Conditions.
During the progress of tho war in Europe, even before the United States
became a belligerent, the demand for leather and leather goods for the Allied
nations of Europe had a marked effect on prices. Tho demand was nor
only for largo quantities of leather and shoes, but there was pressure for
quick delivery. Either one of these factors would tend to stimulate price8
and both of them together brought rapid and marked advances in tho prices
of both leather and shoes, and also of hides and skins.
When tho United States entered the war, there was immediate demand
for shoes and other equipment made of leather to meet the requirements of
tho army. Tho shoes needed by the Government were required to bo made
of specified hido-grado leather. Only tho better grades of hides could be
used in making such leather, and as a result hides, especially the better
grades, rapidly advanced in price. Tho situation became so acute that in
1918 tho War Industries Board undertook to provide means of supplying
tho tanners with hides at fixed maximum prices. Maximum prices for
leather were also fixed for the shoo manufacturers. The demand for labor
in other industries compelled tanners and shoo manufacturers to increase
wages.
The Hide Market.
There aro two well recognized classes of domestic hides, i. c., packer
hides and country hides. Backer hides include those taken from cattle in
regular slaughtering establishments, while country hides include all others,
such as aro taken off by small butchers and farmers. The quality o'
country hides, as a class is generally considered not as good as packer hides
and there has always been a differential in price in favor of the latter
Between 1914 and 1917, there was a remarkablo advance in the prices*
of hides. From 1914 to 1917 the price of heavy native packer cow hides
advanced more than 68% , while the corresponding grade of country liides
increased less than 42% . The actual increase in price of packer and
country cow liides in the two years was 13 cents and 7 cents per lb., rosspectively. A comparison of these actual increases with the percentage
of increase indicates that the differential between packer hides and country
liides widened beyond the usual proportion.
More than 75% of the cattle and 65% of the calves killed by wholesale
slaughterers in the United States are killed by five large meat packers
1lie best hides are taken off by these wholesale slaughtering concerns and
the cattle killed by the five large packers are uniformly heavier than those
killed by the smaller ones. These five large meat packing concerns thus
havo a high degree of control of the grades of domestic hides that are reputed
to produce tho best grades of leather. Somewhat less than half of the hides
used by the tanners of the United States are imported. Four of these
five large packers produce a large proportion of tho cattle hides that are
available for import into this country. In those classes of hides that enter
into the production of the .ighter leathers there is not the samo degree o
control in the hands of packers as in the heavier grades, yet some of these
samo packers are very important factors in the country hide trade.

Jr^ehn f«iryn
°afmolly:COnSPlraCy and fr° m the numerou* documents already
To monopolize and divide among the several interests tho distribution of
tho food supply not only of the United States but o f all countries which
produced a food surplus, and, as a result of this monopolistic position.
To extort excossive profits from tho people not only of the United States
but of a large part of tho world.
To secure theso ends the combination and its constituent members employ
practlcallj every tried method or unfair competition known to this Com­
mission and invent certain new and ruthloss methods, to crush weaker
concerns.
Tho early strength and rapid growth of tho Big Five was stimulated by
tho oxtortion of rebates under one disguiso or another, and special pri vileges
Among other well known methods of unfair competition used by the big
packers, of which the Commission has ovidenco, may bo mentioned tho
following:
Bogus Independents.
Local price discriminations.
Short weighting.
Acquiring stock in competing companies.
Shutting competitors out of livestock markets.
In addition to theso recognized methods o f unfair competition tho Big
Five also employ a vicious system of rotation in price cutting. This con­
sists in each of the Big Five, or as many as happen to be represented in a
given territory, arranging to cut prices in rotation, a day at a time or a week
at a time, so that the burdon, distributed among tho big packers, will seem
light, but will fall with crushing weight on the independent competitor.
Those charges also are made by the Trade Commission:
The live stock market in tho United .States Is dominated by the fivo big
packing companies because:
1. Tiioy control the principal stock yards at which live stock prices for
the nation are made.
2. They buy most of the live stock which is sold at tho principal stock
markets, and
3. They have, through their control over the stock yards and tho exerciso
of the control or their buying power, influence over the activities of many of
tho live stock commission men, who are supposed to represent tho interested
live stock producers whoso agents they are.
In the exercise o f their power over the live stock market1. They discriminate against and put at great disadvantage independent
buyers—independent packers, order buyers and traders—who aro their
competitors in the market.
“ 2. They manipulate on occasions tho live stock market in such a way
as to cause extreme and unwarranted fluctuations in daily prices paid-for
live stock.
1he principal results o f their dominion over the live stock market are:
The Tanning Industry.
1. They havo eliminated many of their previous competitors at tho
During tho four years, 1914 to 1917, the cost of producing sole leather
stock yards and have prevented new ones from coming tnto those yards
increased from 9 to more than 20 cents per lb ., of leather produced. About
"They have Restricted the meat supply o f tho nation by manipulating 85% of tho increase was due to the increased cost of hides. The increase
daily live stock prices and thus discouraging the producers o f live stock.”
in cost other than for materials, including overhead expenses, during four
Tho report also states:
years ranged from about 1 cents to 3 cents per lb., of leather produced




[V ol . 109.

THE CHRONICLE

538

For upper leather the increase in the conversion cost between 1914 and 1917
was, in some cases, as much as 100%, though the total cost o f producing
this class of leather, including the cost of the hides, was approximately only
70% . The cost of producing kip upper leather, including tho cost of the
hides, increased during the four years about 75% while tho cost of producing
calf leather increased a little more.
The earnings on investment in the tanning business were very much
greater In 1916 and 1917 than they were in 1914 and 1915. The poorest
results were in 1914. Of 53 representative companies 24 earned less than
10% in 1914, and 11 had earnings of over 20% , while none earned as much
as 40% . In 1917 only 2 o f the 53 companies earned less than 10%, 32
earned over 20% and 9 earned over 40% .
The Shoe Manufacturing Industry.
There was a great increase in the cost of producing shoes between 1914
and 1917, the principal increase being in the cost of leather. Between
1914 and 1917, the cost of leather increased from 40 to 100%— in a ma­
jority of shoes the increase was over 50 % . Tho cost of materials other
than leather, such as linings, trimmings, cartons and packing cases, in­
creased at approximately the same rate as leather. Labor and general
expense did not increase at so great a rate as either leather or other ma­
terials. There was but little difference in the rate of increase in tho various
elements of cost of shoes except for misses shoes which had a greater in­
crease in leather cost than any other class, and children’s'and infant’s shoes
which had a greater increase in cost for materials other than leather. It
should be noted in this connection that leather constituted from 50 to <0%
of the total cost of all classes of shoes in 1914, except infant’s, and by 1917
this percentage had increased to about 60 to 75%.
The manufacturers’ selling prices of shoes increased at a somewhat
greater rate than costs. In 1916 costs in many instances were less than
1917, but reductions in selling prices occurred in only about half of tho
shoes showing reduced costs.
The rate of return on investment was much greater in 1916 and 1917 than
In 1914 and 1915. Out of 256 companies where comparisons could bo made
for these years, 23 had losses in 1914. By 1916 earnings had increased
until there were only 3 companies with losses, and in 1917 there were 8.
There were 102 companies out of 236 that had earnings of 15% or more in
1914, while in 1917 there were 169 companies in this class. Moro than
one-third of the companies hero considered earned 25% or more, while
only about one-sixth earned this much in 1914. Of 236 companies 104
earned 25% of moro in 1916.
Shoe Merchandizing.
The gross profits of wholesale shoo merchants generally ranged abovo
20% of the cost and they were somewhat greater in 1918 than in previous
years.
There was a heavy increase in tho price of shoes to consumers between tho
years 1914 and 1918. The retailers gross profit is around 50%— some­
times more and occasionally less. In 1914, the retail merchants rato of
profit was somewhat lower than it was in 1918. The absolute amount of
profit per pair of shoes was very much greater In 1918 than in 1914. A
good work shoe for men that cost the dealer $1 75 in 1914 and retailed for
$2 50, cost him $2 75 in 1918 and retailed for $4. In this instance tho
retailer took a margin of 75 cents In 1914, or 42 ® , and in 1918 a margin of
SI 25, or 45%. In a group of shoes that cost the retailer from $2 to $2 50
in 1914, a large proportion of them retailed for $3 50 with a percentage of
gross profit ranging from 40 to 64% . The same shoes in 1918 cost tho
retailer from S3 05 to $4 45 per pair and retailed at from $5 to as high as
S7 per pair, with the percentage of profit ranging from 39 to 69% . In
1914 tho retailers absolute gross profit for this group averaged a little more
than SI per pair, while in 1918 it averaged moro than SI 80 per pair.
The absolute amount of money necessary to conduct business in 1917
and 1918 was greater than in 1914, but the relative cost of doing business
practically did not change. Tho percentage o f total sales of dealers that
was expended for the conduct o f business was approximately the same in
1917 and 1918 as it was in 1914. The volume of business of moro than 50
wholesalers increased 32% in four years while their actual expenses in dol­
lars and cents increased only 24% . Tho actual expense of 53 retailers
handling a general lino of good shoes was 26% of their sales in 1914, and
the expense of 61 dealers in 1917 was the same. Stores handling popular
prices shoes had a lower rate of expense as compared with sales than tho
general class of dealers. It is to bo noted also, these popular prico store
had a lower rato of expense in 1918 than they had in years prior to that
time.
Some relief from tho intolerable prices paid by consumers for shoes may
be had by (1) a rigid enforcement of the laws against monopolistic control
of commodities, (2) legislation forbidding producers of hides engaging in
the tanning business, and (5) the adoption of a device in tho distribution
of shoes that will acquaint the consumer with the selling prico o f the manu­
facturer.
^
___
D I S P O S A L

O F

G O V E R N M E N T

S E N A T E

T O
I N

D I R E C T S

F E D E R A L

I N V E S T I G A T E
U N I T E D

O I L

T R A D E

I N D U S T R Y

S T A T E S .

On July 29 the Senate adopted without a record vote a
resolution requesting tho Federal Trade Commission to
investigate and report to the Senate on the causes of recent
advances in tho market price in tho United States of fuel oil
and other petroleum products; to look into the sources of
oil supply for the United States; tho operations of oil produc­
ing, refining, distributing and marketing companies, and
determine whether on the Pacific Coast combinations exist
in the oil industry in restraint of trade. The resolution was
offered in the Senate on July 28 by Senator Poindexter of
Washington and ordered to lie over under tho rule until tho
following day, July 29, on which day it was adopted. It
reads as follows:

C O P P E R .

The “American Metal Market” last week had tho follow­
ing tocontract which tho Government entered into with tho United Metals
say:
The
Selling Co. on April 10 for the disposal of Its surplus stocks of copper provided
for tho delivery of not moro than 100.000,000 pounds of refined copper and
5,000,000 pounds of scrap copper. Tho copper was to bo delivered at the rato
of 5,000,000 pounds a month from April to January inclusive, and 10,­
000,000 pounds a month from February to June 1920, subject to tho
condition that should total sales by tho producers represented by tho
United Metals Selling Co. exceed 50,000.000 pounds a month from April
to January, or 100,000.000 pounds a month from February to Juno 1920
deliveries by the Government would bo increased by an amount equal
to 20% of such excess; that tho copper should be settled for according to
he monthly average New York prico for electrolytic copper as quoted by
the “ Engineering & Mining Journal.”
It has been officially announced that all of the copper covered by this
contract has been sold and tho deliveries during tho threo months ending
June are said to have been as follows:
Pounds.
I
Pounds.
April............. 12,792,884 © 15.246c. M a y ..............36,529,838 © 15.864c.
J u n e _______35,507,950 © 17.61c. |
or an averago price of 16.501 cents per pound for 84,830,772 pounds.
Under tho terms of tho contract as mentioned above tho deliveries during
this period wero to bo 5,000,000 pounds per month plus 20% any excess
of producers’ sales over 50,000,000 pounds per month. Tho increase in
the deliveries by the Government proves that tho producers’ sales ran
very much above this figure and presuming that tho increased deliveries
represented an exact average of 20% of tho excess, thon tho total sales by
producers, controlling 95% of tho entire output of tho country, wero as
ollows;
■
.
_
,
Pounds.
Pounds.
....................... 89,804,420 M ay..................................207,649,190
April
...................................202,539,750
Juno.




R E S O L U T I O N

C O M M I S S I O N

Resolved, That tho Federal Trade Commission is hereby requested to in­
vestigate and report to the Senate tho causes of recent advances in the
market prico in the United States, especially on tho Pacific Coast, of fuel
oil, kerosene, gasoline and other petroleum products, and in reporting tho
foregoing tho said Commission is requested to take into consideration and
report the sources of oil supply for tho United States, and particularly for
the Pacific Coast; the annual production o f tho same for several years last
past, with especial reference to the years 1914 to 1919, inclusive; tho cor­
porate or other agencies by which tho business of oil production, oil refining,
oil distribution and oil marketing, including petroleum and all its products,
is and has been conducted in the past and at the present time, with especial
reference to the particular period mentioned abovo, and to these activities
on tho Pacific Coast, and to the Standard Oil Co. of California, tho Union
Oil Co. and tho General Petroleum C o., and other companies engaged in
this business on the Pacific Coast, and to report to the Senate what, if any,
combinations in restraint of trade between those engaged in this business
or unfair competition on the part of any of these or other agencies engaged
in said business have existed during the said period or do exist at tho present
time, and if such combinations, restraint or unfair competition have existed
or do exist, what, if any, effect tho samo have had upon tho market prico
of fuel oil, gasoline and other petroleum products, especially on the Pacific
Coast and especially with reference to the prico charged to the ultimate
consumer of tho same. The said Commission is also requested to report
to tho Senate any suggestions or recommendations which may bo agreed
upon by the said Commission relative to tho removal of such combinations
in restraint of trade or unfair competition if tho same exists, or other sug­
gestions or recommendations relative to tho cost, market price, production,
distribution and sale to tho Government or to private consumers of fuel oil,
gasoline, kerosene or other petroleum products.

After introducing the resolution Senator Poindexter said
he had received a letter from James Wesley Bryan, special
representative of the Fuel Oil Consumers’ Committee of
the Pacific Coast, together with a statement prepared by
Philip D. Macbride, recently appointed by tho Seattle Cham­
ber of Commerce, the Chairman of a committee to investi­
gate the high fuel oil prices on tho Pacific Coast. Both tho
lotter and statement were printed in tho “Congressional
Record” of July 28 as part of Senator Poindexter’s remarks.
Mr. Macbride’s statement is an analytical one; it reviews in
detail the cost of production of petroleum; how oil prices aro
fixed by the Standard Oil Co. of California, tho largest pro­
ducer in the State; profits, &c. It points out, among other
things, that there is a great disparity between the prices of
fuel oil on the Atlantic and Pacific coasts, despito tho fact
that the State of California alone produces more than onequarter of the annual petroleum production of the United
States. The Standard Oil Co. of California made a profit
of $44,000,(XX) for 1918, the statement said. Tho letter from
the Fuel Oil Consumers’ Committee called the attention of
the Senator to an almost “unbearable” situation that “has
arisen on the Pacific Coast on account of the outrageous price
of fuel oil,” and asked his assistance in remedying it.
E N D

O F

S E A M
O F

E N ’S
W A G E

S T R I K E

F O L L O W I N G

I N C R E A S E

C O N C E S S I O N

D E M A N D S .

The strike of several thousand seamen and shipworkers
which extended from Portland, Me., to Galveston, Tex.,
and lasted about two weeks was settled on July 25 at a con­
ference of Shipping Board representatives, members of the
American Steamship Association and officials of tho marine
labor organizations, in which agreement was reached to grant
the workers their increased wage demands. Other points for
which the strikers stood, including the “closed shop” and tho
adoption of the three-watch system on deck were lost. A strike
of marine engineers scheduled for Aug. 1 was averted as a
result of similar conferences between tho members of the
Shipping Board, the American Steamship Association, the
Ocean Association of Marine Engineers and the Marine
Engineers Beneficial Association on July 28, it being an­
nounced that wage concessions had also been made in this
case. The conference agreements were subsequently ratified
by tho marine unions at the various Atlantic and Gulf ports.
On Saturday, July 2(>, coastwise steamship sailings from tho
Port of New York, according to the New York “Times” of
Monday, July 28, had been partially resumed. On July 29

A ug . 9 1919.]

THE CHRONICLE

the Masters, Mates and Pilots came to an agreement with
the American Steamship Association and accepted the 10%
wage increase which had been proposed by the Association
in behalf of the steamship owners and operators, and on the
following day, July 31, representatives of the American
Steamship Association and the Shipping Board at this city
agreed to advance the monthly wages of chief wireless oper­
ators to $125 and assistant operators to $100, effective until
Aug. 1 1920. The settlement of the main strike was an­
nounced by Franklin D. Mooney, Vice-President of the
American Steamship Association in a letter sent to all mem­
bers of the Association on July 26, which read as follows:
New York, July 26 1919.
Gentlemen:__At a joint conference held hero last night between our
committee on wages and working conditions, representatives o f the United
States Shipping Board, and representatives o f the marlno labor organiza­
tions, the question of wages, hours and working conditions aboard ship
was discussed at length and an agreement reached, subject to ratification
by the marine labor organizations, which has this day been received.
A sub-committee o f each o f the parties to the agreement is to meet hero
at 10 a. m. Monday, 28th inst., to work out the details of the settlement.
Attached hereto is a statement of the rates agreed upon. Yours truly,
FRAN KLIN D. M OONEY, Chairman of Committee.
DECK CREW .
New Rates.
Old Rates.
Per Month.
Per Month.
C arpenter________________________________ $100 00
$90 00
Carpenter’s mate— -------95 00
85 00
Boatswain________________________________
95 00
85 00
Boatswain’s mate-------------------------------------90 00
80 00
Quartermaster_______________
87 50
77 50
85 00
75 00
Able seamen--------------------------------------------Ordinary seamen---------------------------------------65 00
55 00
40 00
40 00
Hoys______ _____ - ..........- ............. - ............. .
Three watches only to apply to wheelmen and lookouts, with under­
standing other deckmen to work their eight hours during daytime doing
any work required around the deck; understanding no increase in crew;
small ships to bo left to committee; overtime on entering and loavlng port
to bo left to committee.
ENGINEROOM AND FIREROOM CREW .
New Rate.
Old Rate.
Per Month.
Per Month.
$95
$110
Electricians_______________________________
90
Assistant electricians----------100
85
Asst. refg. engineers........ ....................
100
85
Deck engineers-------------------------------------------100
85
Pumpmen------------ -------------- --------- ............. 100
Donkeymen, when carried same as oilers----95
75
Storekeepers, when carried same as oilers----95
80
Oilers_____________________________________
05
80
Water Tenders......................................
05
75
Firem en__________________________________
00
65
Coal Passers----------------------------75
STEW ARD’S DEPARTM EN T.
(Freight Ships.)
rihlnf Q oTVI InPrA R Cif
frvw
O P.
until atonaiu, uiucooc u.--------------------- -----—----------- ----- ----Chief cook, increase o f----------------------------------------------------------E verbody else, Increase o f.............- , --------- ----------------------------(Passenger Ships.)
Chief steward, increase of 20% per month.
Chief cook, increase of 15% per month.
Chief baker, increase of 15% per month.
Messboys and waiters, increase o f $5 per month.
Stewardess, increase of $5 per month.
Other men, increase of $10 per month.
_

Per Month.
$13
15
10

The new wage scalo for marine engineers which was agreed
to by the conferees on July 28 was given by the “Journal
of Commerce’' on July 29 as follows:
There follows a table showing the now wago scalo for licensed officers o f
the engineering department, which will go into effect at onco:
CLASS OF VESSEL.
A.
B.
C.
D.
E.
M asters.................................$412 50 $374 50 $357 50 $343 62 $330 00
Chief engineers..................... 387 50
349 50
332 50
318 62
305 00
1st assistant engineers......... 241 25
235 00
228 75
222 50
216 25
2d assistant engineers______ 212 50
206 25
200 00
193 75
187 50
3d assistant engineers______ 188 75
182 50
176 25
170 00
163 75
4tli assistant engineers------- 165 00
158 75
______
______
______
Junior engineers--------------- 135 00
--------------------------------This represents increases o f $35 a month for the chief and first assistant
engineers, o f $25 a month for the second assistant engineers, of $20 a month
for third assistants, $15 a month for fourth assistants and $10 for junior
engineers. The original demands of the engineers had been for an increase
of $35 a month for all classes in tho department.

The now wage awards affecting the mates and other officers
as announced on July 29 wero as follows:

First officer and first assistant engineer to bo advanced $35 per month.
Second officer and second assistant engineer to be advanced $25 per
month.
Third officer and third assistant engineer to bo advanced $20 per month.
Fourth officer and fourth assistant engineer (where carried) to be ad ­
vanced $15 per month.
Junior engineers to be advanced $10 per month.

A revised draft of working rules formulated by the sub­
committees for marine firemen, oilers and water tenders
and cooks and stewards was published on July 29, according
to which, among other things, engine room crews, cooks and
stewards will work an 8-hour day at port and they will
receive moro money for overtime than undor the old rules.
It is also stipulated that the seven important legal holidays
must be observed.




539

A statement in explanation of its stand withhreference to
the controversy growing out of the strike of the seamen and
shipworkers employed on coastwise and trans-Atlantic ves­
sels, was issued at Washington by the U. S. Shipping Board
on July 22, after a series of conferences attended by Chair­
man Edward N . Hurley. The strike, which affected ship­
ping at the principal ports on the Atlantic and Gulf coasts,
and tied up several hundred ships operated by the U. S.
Shipping Board, originated at the port of New York on
July 10, when orders were issued from the office of the
Marine Firemen, Oilers and Water Tenders’ Union for a
general strike effective at once of all members of that union
working on ships owned by individuals or private companies
The strike spread rapidly, finally involving the employees
of the U. S. Shipping Board, and it was announced on July 14
by the marine union officials that 50,000 seamen as well as
large numbers of cooks, stewards and other employees of
the Board had gone out. According to Frank S. Ferris,
Managing Agent for the Shipping Board, 186 steamships
operated by the U. S. Shipping Board were tied up at New
York on July 15. In all it was estimated that 300 ships
wore affected on that date. The Shipping Board’s state­
ment of July 22 with regard to the controversy follows:
In view of the serious situation now existing on tho Atlantic and G u ll
coasts, brought about by a strike of the sailors' and firemen’s organiza­
tions, the Shipping Board feels that it should state the issues involved In
tho controversy, and make known its position publicly through the press.
Prior to the calling of the present strike there had been negotiations ex­
tending over a period of many weeks. The object o f these negotiations
was to secure a general agreement regarding wages and working conditions,
to be in effect for one year and to be signed by the representatives of the
unions, o f the private vessel owners and of the Shipping Board. On or
about July 7 it became apparent that such an agreement could not be se­
cured and the negotiations looking toward this end were terminated.
The Shipping Board as a vessel operator then endeavored to negotiate
a settlement with the union so far as conditions on its own vessels were
concerned, but while tho negotiations wero in progress some of the fire­
men began to leave the vessels. Shortly thereafter the marine firemen’s
organization declared a strike against privately-owned vessels, which was
subsequently extended to Shipping Board vessels. This step was closely
followed by similar action on the part of the sailors’ union.
The sailors’ union also added a demand for a wage increase similar to
that already asked for by the firemen, and both organizations requested
the Shipping Board to act on all matters submitted.
The demands in their present form consist chiefly in a request for a flat
$15 increase in the monthly pay of the men involved, the eight-hour day in
port, tho threo-watch system for the deck crew, and a request that union
men be employed when available in preference to non-union men.
After carefully considering the matters at issue, the Shipping Board on
July 14 announced a'flat $10 increase for the men involved and the estab­
lishment of an eight-hour day in port. On account of the present scarcity
of seamen the Shipping Board did not feel that it could grant at this time
a three-watch system, which would tend to increase the size of crews, and
which would establish a wholly new method of dividing work on vessels
sailing from Atlantic and Gulf ports. On all other questions the Shipping
Board held itself open to adjustment by negotiations on the understanding
that, pending such negotiations, the Shipping Board would continue its
present practice, which has always been one of close co-operation with
organized labor.
Tho United States Shipping Board has worked with union labor on the
most friendly terms, recognizing their right to organize and to present
their grievances through their duly authorized representatives. During the
war the Shipping Board made an arrangement with the Seamen’s Union
whereby it would give the members of the Seamen’s Union the preference
in filling tho quota of able seamen consisting of 60% of the deck crew. In
actual practice, the Shipping Board has also co-operated with tho unions
when employing members of the fire room and steward's department— that
is to say, we have first called on the unions to furnish all the men thoy could.
The United States Shipping Board has no intention of changing its for­
mer practice or employing men on their ships and believes that the arrange­
ments that have been made with union labor to employ seamen, firemen,
oilers, cooks and stewards through their respective union organizations
was helpful to it in getting men for their ships. We know of no reason why
this policy should be changed.
Before the outbreak of the European war, the wages of American sailors
wero approximately $30 per month, and the wages of firemen were approxi­
mately $40. The wages for firemen and salors before tho present contro­
versy arose were $75 per month, and the Increase granted by tho Shipping
Board brings those wages to $85 per month. The maximum wage paid
seamen by foreign maritime powers is now slightly less than $75 per month,
so that under the new Shipping Board scale the seamen on American vessels
are receiving considerably more favorable treatment than tho seamen on
vessels of any other nation. The Shipping Board felt justified, however, in
establishing the new wage rate because of the advance in the cost of living
and the increase In wages of shore industries since the $75 scale for seamen
was established in May 1918.
Having in mind all o f the circumstances the Shipping Board feels that
its decision was Just and fair, and that the men involved should return to
work under tho conditions announced, rather than compel a tying up of
vessels carrying the nation’s ocean commerce.

The U. S. Shipping Board from its office here on July 16
ssued an appeal for crews for six vessels assigned to France
to transport milking cattle and railway cars for which the
U. S. Government had contracted with the French Govern­
ment. The vessels the Board announced would load at .
and sail from Norfolk and the new scale of wages as proposed
by the Shipping Board on July 13 would be adopted. The
Board’s appeal also said that “no private person or corpora­
tion in this country or in France has any connection with
either the ships of the cargoes.” On July 17 it was reported
the Shipping Board had been unable to obtain crews for the
Government vessels and that the striking marine workers

540

THE CHRONICLE

[V ol . 109

tho various
for all
had placed pickets near the Shipping Board offices to pre­ when citizens ofdisabilities of States willand thispracticalbopurposes bo bur­
alienage,
would
intolerable.” '
vent application by non-striking workers for employment. dened with tho
Finally on July 24, the day prior to the strike settlement, NATIONAL WOMAN SUFFRAGE A M E N D M E N T
tho unions agreed to furnish crews for the six Shipping Board
R TIFIED BY
MORE
vessels consigned to France on condition that the crews At tho Aspecial sessionTWO ORconvened STATES. 29 tho
which
on July
would be re-employed when the vessels returned with the Montana Legislature ratified the National Woman Suffrage
same wages as the other strikers received.
amendment. The House voted unanimously in favor of
NEW YORK INCOME TAX LAW IN V A L ID AS TO the amendment on the first day of the session and on July 30
it passed the Senato with only one dissenting vote.
NON-RESIDENTS.
30 Governor
of Arkansas signed tho
The New York State Income Tax Law passed by tho last On July ratifying the Borough amendment which was
suffrage
Legislature was declared unconstitutional in a decision on resolution both Houses of the Legislature in a special session
passed by
Aug. 6 by Federal Judge Knox so far as it affects residents called for that purpose on July 28.
of other States employed or doing business in this State.
The decision in no respect questions the validity of the law PRESID EN T WILSON AUTHORIZES DIRECTOR-GEN­
as it relates to residents of New York State, but points out ERAL IIIN E S TO SETTLE WAGE DEM A ND S OF
that it discriminates against non-residents by transgressing
RAILWAY SHOPMEN.
upon their rights of equal privilege provided by the Federal Following conferences between Walker D. Hines, DirectorConstitution. The decision was given in the action in General of the
and the
equity brought by tho Yale & Towne Manufacturing Com­ railway shopmenRailroads conference representatives of the
and a
between a committee
pany of Stamford, Conn., in behalf of fifty employees of of the latter with President Wilson on Aug. 4, announcement
their New York office who live in adjoining States. The was mado on Thursday, Aug. 7, that tho Director-Gonoral
technical defendant was State Comptroller Travis. It was
pointed out by Judge Knox that under tho statute a man with had been authorized to settle the wago demands of tho rail­
road
The action of the President in
Mr.
an income of .$2,000 a year, with a family, living in another Hinesmen. he should proceed to settle tho informing diffi­
workers’
State, was obliged to pay a tax of $20, while a resident of culties that based on tho advice contained in a lottor which he
was
this State was exempted by the act under similar conditions.
received tho same day
Cummins,
An appeal is to be taken to the Supreme Court of the United hadthe Senate Intor-Stato from SenatorCommittee, Chairman
in behalf
States. If Judge Knox’s decision is upheld by the highest of tho Committee. The CommerceSenator Cummins was
letter of
tribunal, as has been tho case in similar instances, tho Legis­ of in answer to a request of the President on Aug. 1 that
lature can amend the law so as to tax non-residents on an made
Senate
equal basis with residents of this State. Judge Knox, in theprovido aCommittee consider and recommend legislation
Federal commission to settlo “all questions con­
his opinion, says his decision in no way, questions the power to
of the State to lay a tax upon non-resident citizens of another cerning tho wages of railway employees and which will also
State based upon their earnings in this State for personal make tho decisions of that body mandatory upon tho rate­
making body.” A similar request had been mado at tho
services rendered. In his decision Judge Knox said:
*‘ I am constrained to hold that tho provisions of Chapter 627 of tho Laws samo timo by the President in an identical lottor to Repre­
o f the State o f New York for tho year 1919, in so far as they attempt to sentative Esch, Chairman of the IIouso Committeo, which
assess, lay and collect tho tax upon citizens o f tho United States who are was given in tho “Chronicle” last week, page 440.
In reply­
not residents o f tho State o f Now York and who are citizens of other States,
without according them tho privileges and immunities afforded by said act ing to tho President’s request on Aug. 7, Senator Cummins
to citizens o f the United States who are citizens o f tho State o f Now York in his letter says “the Committeo recognizes tho gravity of
and residents therein, aro unconstitutional and void.
tho situation” but “ it feels,however, that Congress has already
‘ ‘The complaint alleged that Comptroller Travis threatened to enforco tho
penalties o f tho statute against tho Yale & Towno Manufacturing Com­ given you complete and plenary authority to deal with the
pany unless it complied with the terms o f the law. The Court was asked existing situation, and that additional legislation at this
to declare the act null and void, as the complainants and its employees
were deprived o f their property without duo process of law and denied timo can add nothing whatovor to your power in tho prom­
the equal protection of tho laws provided by the Constitution o f tho United ises.” Thereupon the President notified Director-General
States.
Hines that he inform the railway shopmen that the question
“ By reason o f tho decision which I havo determined should bo mado In the
case,” Judgo Knox in his opinion says, “ it will bo unnecessary to enter upon of wages which they had raised would bo taken up with their
a discussion o f the enactment in its entirety. That a State possesses duly accredited representatives.
It was reported that on
practically unlimited powers o f taxation within the realm o f its jurisdiction Aug. 7, early in the day, Mr. Hines had called at the White
save as circumscribed by constitutional limitations is elementary, and in
House and told tho President that 80,000 railway employees,
come taxes aro no exception.
“ The outstanding question, it seems to me, in this litigation is whether tho twice tho total on striko tho preceding day, had gono on
act as drawn transgresses upon tho equal privilege and immunity pro­ strike Aug. 7 against the advice of their national leaders,
visions o f tho Federal Constitution. If it does, I need not proceed further.
“ It becomes necessary to determine what is meant by tho term ‘non-resi­ and that if mattors were permitted to follow such a course
dent,’ which tho Comptroller of tho Stato has used in referring to them. without strong intervention a situation would bo created
A person is a non-resident within tho meaning o f tho act if ho receives
where the best efforts in other directions to bring down living
taxable income from property owned or from a business, trade, profession or
occupation carried on in tho State, but is not a resident thereof. What costs would be absolutely defeated.
I have to say will bo confined to such non-residents who aro citizens of
The concurrence of the President in this viow Avas said to
States other than New York.
“ Tho question is o f importance to tho Stato of New York and is like­ havo influenced his taking immediate action aftor roceipt
The President’s lottor to Mr.
wise of Importance to thousands o f persons, residents and citizens of ad­ of Senator Cummin’s lettor.
joining States who dally come into this Stato and hero contribute to its Hines, authorizing him to take up plans for the settlement
welfare and prosperity.”
of the workers’ demands, follows:
Further on in the opinion, Judgo Knox says:
“ Two employees o f the complainant, each receiving a salary of $.5,000
a year, may together enter a business venture in another State. If tho
venture within a year results in a loss, say o f $5,000 to each, tho resident
of New York may deduct his loss and pay no tax, but tho non resident of
New York is subject to the tax. Also under the law a resident may deduct
his losses from fire, but unless the property of a non-resident injured by
fire is within this State he can make no deductions.
“ That there aro in these provisions of tho law a number o f problems as
to the character and place o f income sought to bo taxed well worthy of
consideration is undeniable. But in tho aggregate, I am of tho opinion
that as now framed the statute cannot operate without depriving citizens
of other States o f privileges and Immunities which aro open to citizens of
Now York.
“ Tho difficulty hero as arisen, it would appear, by tho Legislature having
assumed that a citizen o f tho United States residing in a Stato other than
Now York sustains to the taxing power of tho Stato tho same relationship
that a non-resident alien sustains to tho Federal taxing power.
“ There Is, however, a distinction, generally speaking. The United States
Government may prescribe terms under which aliens may do business
here, or prevent them from doing business here altogether. By tho Foureenth Amendment it is declared that all persons born or naturalized in
tho United States, and subject to tho jurisdiction thereof, aro citizens
of the United States and o f the Stato wherein they resido, and no Stato
shall make or enforce any law which shall abridge tho privileges or Immuni­
ties o f tho citizens of the United States.
“ It Is this provision o f tho Constitution and other articles that have
been largely responsible for the community of Interest, tho unanimity of
purpose, the united offort and tho magnificent accomplishments of our
people.
" i f now, under one pretenso or another, tho States aro to erect economic
and taxation barriers along their boundaries, it is but a question of time




While House, Washington, Aug. 7 1919.
Mg Dear Mr. Director-General:— I am just in receipt of tho lottor from
Senator Albert B. Cummins, Chairman of tho Sonato Committee on Inter­
state Commerco, which sets mo free to deal as I think best with tho difficult
question of the wages of certain classes of railway employees, and I tako
advantage of tho occasion to write you this lettor, in order that I may
both in tho public interest and in tho Interests of tho railroad employees
themselves make the present situation as clear and definite as possible.
I thought it my duty to lay the question in its present pressing form beforo
tho committee of tho Senate, because I thought I should not act upon this
matter within the brief interval of Government control remaining without
tholr acquiescence and approval. Senator Cummins’s letter, which speaks
tho unanimous judgment of tho committeo, leaves mo freo and, indeed,
imposes upon me tho duty to act.
Tho question of tho wages of railroad shopment was submitted, you
will remember, to tho Board of Railroad AVages and AVorking Conditions
of tho Railroad Administration last February, but was not reported upon
by tho board until tho 16th of July. Tho delay was unavoidable bocauso
tho board was continuously engaged in dealing with several wago matters
affecting classes of employees who had not previously received consider­
ation. Tho board now having apprised us of this inability, at any rate
for the time being, to agree upon recommendation, it is clearly our duty to
proceed with the matter in tho hopo of disposing of It.
You aro therefore authorized to say to tho railroad shop employees
that tho question of wages they have raised will bo taken up and considered
on Its merits by tho Director-General In conference with their duly accre­
dited representatives. I hopo that you will mako it clear to tho men con­
cerned that tho Railroad Administration cannot deal with problems of this
sort or with any problems affecting tho men, except through tho duly
chosen International officers of tho regularly constituted organization and
their authorized committees.

A ug . 9 1919.]

THE CHRONICLE

541

the demands of the shopmen. Following the conference,
Mr. Jewell, who was the head of the committee, announced
that the creation of a Federal Commission to adjust wage
disputes and determine railroad rates as recommended by
the President to Congress would not meet the workers’ de­
mands. “As we see it,” Mr. Jewell was quoted as saying
after conference with the President, “there is only one satis­
factory settlement of the problem confronting the nation.
That has two parts. First, cash payments to meet the
demands of the employees as a temporary measure of relief;
second, the application of the Plumb plan to the railroads
and to the basic industries.” The Plumb plan, to which we
refer in detail elsewhere in this issue, calls for the Govern­
ment ownership and operation of the railroads and the sharing
by the employees of the roads’ surplus earnings. On Ang. 2
Mr. Jewell in behalf of the railway shopmen announced that
they had “positively rejected” the solution set forth by
Director-General of Railroads Hines in his letter to President
Wilson dated July upon which the President based his
recommendation to Congress for establishing a Federal wage
commission. Mr. Jewell was reported at the same time to
have stated that a call for a strike vote would be sent out “to
tho 500,000 employees of American railroads and the
employees of Canadian railroads affected.” The following
accounts of the statement presented by the committee of
tho Railroad Shopmen’s Union to President Wilson on Aug.
4 were given in Washington advices of the same date to the
New York “Times”:

Matters of so various a nature and affecting so many men cannot be
dealt with except in this way. Any action which brings the authority
of the authorized representatives o f the organization into question or
discredits it must interfere with, if not prevent, action altogether. Tho
chief obstacle to a decision has been created by the men themselves. They
have gone out on striko and repudiated tho authority o f their officers
the very moment whon they were urging action in regard to various in­
terests.
You will remember that a conference between yourself and the author­
ized representatives o f the men was arranged at the instance o f these repre­
sentatives for July 28 to discuss tho wage question, and the question of a
national agreement, but beforo this conference took place or could tako
place local bodies o f railway shopmen took action looking toward a strike
on Aug. 1. As a result o f this action, various strikes actually took place
beforo there was an opportunity to act in a satisfactory or conclusive way
with respect to tho wages. In the presence of theso strikes and the re­
pudiation o f the authority of the representatives o f tho organization con­
cerned there can be no consideration o f the matter in controversy. Until
the employees return to work and again recognize the authority o f their
own organization, the whole matter must be at a standstill.
When Federal control o f the railroads began, the Railroad Adminis­
tration accepted existing agreements between the shopmen’s organization
and the several railroad companies, and by agreement machinery was
created for handling the grievances of tho shopmen’s organization of al 1
the railways, whether they had theretofore had the benefits of definlto
agreements or not.
There can be no question, therefore, of tho readiness
31
of the Government to deal in a spirit o f fairness and by regular methods
with any matters tho men may bring to their attention.
Concerned and very careful consideration is being given by tho entire
Government to tho question o f reducing the high cost of living. I need
hardly point out how intimately and directly this matter affects every
1 0 ,0 0 0
individual in tho nation, and if transportation is interrupted it will be
impossible to solve it. This is a time when every employee of the rail­
ways should help to make the processes of transportation more easy and
economical rather than less, and employees who are on striko are delib­
erately dolaying a settlement o f their wage problems and o f their standard
of living. Thoy should promptly return to work, and I hope that you will
urge upon their representatives the immediate necessity for their doing so.
Cordially and sincerely yours,
WOODROW WILSON.
Tho visit paid by Mr. Jewell and the representatives of five other branches
Hon. Walker D. Hines, Director-General of Railroads
of the shopmen to the President was the first big development o f tho day.
Tho delegation took with it a copy of a statement addressed to tho Presi­
dent, in which they review their case and rejected forthwith tho President’s
program for Congressional action. They told M r. Wilson that tho shop­
men had not been granted an increase since Jan. 1 1918, and that tho wages
were not commensurate to those received by machinists and other shopmen
employed by the navy and shipyards and in privately controlled indus­
tries.
They discussed the cost of living with the President, Mr. Jewell said, and
Tho Committee recognizes the gravity o f tho situation and earnestly
desires to co-operato with you in bringing about the proper solution of tho told him that present conditions were intolerable. The Plumb plan for
difficult problems which confront tho country. It feels, however, that Government purchase of railroads was discussed briefly, but not in detail,
Congress has already given you complete and plenary authority to deal Mr. Jewell said. He added that the President said he had all Government
with tho existing situation, and that additional legislation at this time can agencies at work in an effort to reduce living costs, but that any move in
that direction would take some time. But Mr. Wilson, ho added, did not
add nothing whatever to your power in tho premises.
Tho Director-General can fix the wages of all men employed in tho trans­ give any definite reply concerning tho opposition of the shopmen to the
portation servico, and it seems to bo clear that it Is for him to say whether recommendations which he had made to Congress concerning the proposed
tho compensation o f theso men should or should not be increased. Ho has Federal Wage Board.
In their statement to the President the officials of the Railroad Shopmen’s
all the availablo information which can possibly bo secured, and it is the
view o f tho Committee that ho should act In accordance with the public Union quoted Director-General Hines's recommendation that a body be
ntcrest and his own judgment. He can be advised upon tho subject by constituted by Congress to pass upon all railroad wage problems. They
add that they have been advised by the Director-General that the Presi­
any board or tribunal which you may select for that purposo.
The Director-General has also tho absolute right to initiate rates for dent has endorsed tho recommendations, and after reviewing the seven
transportation and can advance or lower them, as ho may think necessary months’ delay in acting on their demands the statement continues:
We have not been consulted as to this entirely new departure, and it is
or wise, to meet tho requirements of the transportation systems in his charge,
and, moreover, he can put the now rates into effect whenever, in his judg­ only fair to say to you that the suggested plan does not at this time meet
ment, they should become effective. At tho present time the Inter-State with our approval, nor are we willing to say that we are prepared to endorse
Commerco Commission has not the authority to suspend for examination 'any such procedure as the basis upon which wage rates shall bo finally de­
or approval the rates initiated by the Director-General.
termined. From our point of view to do so would, in a great measure, deny
Tho Committee is now diligently engaged in the preparation of a bill for to the men we represent the right of collective bargaining as we under­
the general re-organization of our system o f regulation and control. One stand it.
Tho Railroad Wage Commission, of which Franklin K. Lane, Secretary
common phase o f tho many plans which have been submitted relates to tho
further direction which ought to be given to tho Inter-State Commerco of tho Interior, was Chairman, after an exhaustive study recommended to
Commission for its guidance in determining tho reasonableness of rates. tho Director-General the creation of a board which should be authorized to
Upon that phase of the subject diverso opinions havo been developed, and deal with the following questions:
“ (1) Inequalities as to wages and working conditions, whether as to in­
it is thought to bo unwise to bring forward for action by Congress' any
further legislation in that respect until It can be associated with tho general dividual employees, or classes of employees.
plan o f re-organization.
“ (2) Conditions arising from competition with employees in other indus­
If the Committee felt that there was any lack o f power on your part or tries.
“ (3) Rules and working conditions for the several classes of employees,
on the part of the Director-General it would be quick to act; but, inasmuch
as it can perceive no want of authority, it has reached tho conclusion that either for tho country as a whole, or for different parts of the country.
“ Tho board shall also hear and investigate other matters afefeting wages
no additional legislation Is required to meet the particular emergency which
you havo pointed out.
and conditions of employment referred to It by the Director-General.
“ This board shall be solely an advisory body and shall submit its recom­
mendations to tho Director-General for his determination.”
"This board was appointed June 1 1919, and from that date to the present
time has been exclusively engaged in handling questions coming within its
jurisdiction as above prescribed.
"Tho personnel of tho board consists of three railroad officials and three
representatives chosen from organizations representing railroad employees.
“ It is fair to assume that, in the selection, only men with practical experi­
ence and knowledge of railroad schedules were chosen.
The letters of transmittal accompanying the recommendations, submitted
by tho Board of Railroad Wages and Working Conditions to tho Director
General, copies of which havo been furnished us by the Director-General,
do not materially differ as to the necessities of meeting to a reasonable
degree the increase of wages to the men we represent. The difference
being only to the extent that the three labor members of the Board recom
mend a specific increase, specified in the amount to bo paid per hour. The
three members representing tho railroads qualified their recommendations
to the extent of saying that unless costs of living could be reduced, thereby
Tho action o f our membership in striking in violation o f the laws of our increasing the purchasing value of a dollar earned, it would be necessary
organizations has boon detrimental and embarrassing to your officers in to meet the situation by granting increases in wages.
“ We particularly call your attention to the position now occupied by the
the handling o f theso negotiations. It is therefore plainly our duty to in­
struct every member now out to return to work at once in order that we railroad employees whom we represent. Tho only increaso thoy have
may proceed with negotiations with tho hope o f securing a satisfactory received sinco tho railroads were placed under Federal control is that pro­
adjustment. Failuro o f tho membership to comply with these instructions vided for under Supplement No. 4, effective Jan 1 1919.
Practically all other emplyees of the railroads have received substantial
will, in our judgment, impair tho usefulness o f our organizations as well
as having a detrimental offoct upon tho entire labor movement.
VVe havo Increases under General Order 27, effective as of Jan. 1 1918, and other
no hesitancy in saying that wo havo abiding faith in the loyalty of the great adjustments creating substantial n ceases were granted by the issuance
majority of our membership and that thoy will immediately comply with of Supplements 7 and 8, effective Sept. 1 1918, and subsequent supple­
tho Instructions contained herein. This information should be convoyed mental orders issued up to as late as April 14 1919, effective to Jan 1 1919.
"Members of theso same organizations engaged in other industries have
to tho membership of all points.
received substantial increases, establishing a differential in rates o f pay,
ranging l'rom 10 to 30 cents per hour in excess of that n
in the railroad service, preserving, in a large degree, tho

Tho lottor of Senator Cummins of tho Senate Inter-State
Commerce Committee informing the President that the
Committee considered the President had authority and could
act in the situation without further legislation, reads as
follows:

After receiving tho President’s message Director-General
Hines in a letter to B. M. Jewell, Acting President of tho
Railway Employees’ Department of tho American Federa­
tion of Labor, representing the shopmen in the present con­
troversy, stated that ho was ready to tako up the wage ques­
tion on its merits, making plain, however, that it was of tho
highest importance to both tho public and tho employees
thomselves that the striking workers immediately return to
work. Mr. Hines in his letter to Mr. Jewell enclosed tho
message he had received from tho President. At midnight,
Aug. 7, the following was sent by Mr. Jewell to the members
of all shoperaft affiliated with the Railway Employees’ De­
partment of tho Amorican Federation of Labor:

On Aug. 4 a committee of the Railroad Shopmen’s Union
conferred with President Wilson regarding tho settlement of




THE CHRONICLE

543

a s t h e r a ilr o a d e m p lo y e e s a t t h a t t im e r e c e iv e d , a s a g e n e r a l p r o p o s it io n ,

e m p lo y e e s

e q u a l c o m p e n s a t i o n p a i d m e n in o t h e r in d u s t r ie s .

d u s t r i a l e n t e r p r is e s In t h o p r i n c i p a l c i t i e s in t h e c o u n t r y a n d t h a t s u b s t a n t i a l

“ A s a r e s u lt o f t h is c h a n g e d c o n d it io n a n d t h e d is a p p o in t m e n t r e s u ltin g
fro m

t h o lo n g d e la y in d is p o s in g o f t h e q u e s t io n w h ic h w a s s u b m it t e d la s t

J a n u a ry , w o are n o w

c o n fr o n t e d w it h a s it u a t io n w h ic h is n e a r in g a p o in t

t h a t c a n b o n o lo n g e r c o n t r o lle d .
“ .I n fo r m a t io n r e c e iv e d w it h i n t h o

la s t

48

h ou rs

is

to

th e

e ffe c t

th a t

in

[Vo l . 109

in c r e a s e s in

th e^ n a vy

ya rd s,

t h o w a g e s in

a r s e n a ls , a n d

s h ip y a r d s , a n d

in

m any

th e s h ip y a r d s a n d o u t s id e in d u s tr ia l e n te r p r is e s

h a v o ta k o n p la c o s in c e th e w a g e s o f th e s h o p e m p lo y e e s w e r e e s ta b lis h e d
in t h o s u m m e r o f 1 9 1 8 , a n d t h a t t h e c o s t o f l i v i n g h a s b e e n , a n d Is, s t e a d i l y
r is in g .
T h o p o s i t io n o f t h o m a n a g e m e n t m e m b e r s o n t h o B o a r d is t h a t t h o w a g e s

n o t l e s s t h a n 2 0 ,0 0 0 o f o u r r a i l r o a d m e m b e r s h a v e s u s p e n d e d w o r k , a s a

o f sh op

e m p lo y e e s

p r o t e s t a g a in s t t h is lo n g d e fe r r e d d e c is io n .

r a ilr o a d

e m p lo y e e s c it e d

'

t h a t t h e s e la t t e r in d u s t r ie s h a v e d if f e r e n t ia t i n g c o n d it io n s w h ic h

“ I n v i e w o f t h is c o n d it io n , t h e r e is b u t o n e c o u r s e o p e n f o r u s t o p u r s u e .

in ­

a ro n o t p ro p e rly
by

c o m p a r a b le

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

w ith

th o w a g e s

o f non­

th e ir r e p r e s e n t a t iv e s a n d
accou n t

T h a t i s t o s u b m it t o th e e n tir e m e m b e r s h ip th e p r o p o s it io n a s it h a s b e e n

fo r t h o h ig h w a g e s p a id b y th e m , a n d t h a t a fu r th e r w a g o

p r e s e n te d t o u s b y th e D ir e c t o r -G e n e r a l, w it h a r e q u e s t th a t b y th e ir v o t e

t im e w o u ld s im p ly b e g in a n e w c y c l e in t h o in c r e a s e d c o s t o f li v in g , w h ic h

t h e y s h a ll d e c id e w h a t fu r t h e r a c t io n

w o u ld

th ey m a y deem

n ecessa ry to secu re

not

b e n e fit

th e

e m p lo y e e s .

T hey

u rge,

in c r e a s e a t

in s te a d ,

th e

t h is

a d o p tio n

of

e f f e c t i v e m e t h o d s o f r e d u c in g t h e c o s t o f li v in g , b u t t h o y a d d t h a t u n le s s

t h e m u c h n e e d e d r e lie f.
“ W o a re in a c c o r d w it h

t h e t h o u g h t t h a t a n in c r e a s e in w a g e s o f it s e lf

w ill n o t a lt o g e t h e r s o lv e t h o p r o b le m , b u t i t is w e ll t o b e a r in m in d
t h e c la s s e s o f e m p lo y e e s h e r e in r e fe r r e d t o , a n d f o r w h o m

th a t

w o s p e a k , fe e l,

som e

a c t io n

can

bo

ta k e n

w ith in

a

r e a s o n a b le

tim e

to

a c c o m p lis h

th is

r e s u lt t h e y s e e n o a lt e r n a t iv e b u t t o c o n t in u e t h o w a g e c y c l e in c r e a s o w it h
c o r r e s p o n d in g in c r e a s e d c y c le s o f liv in g c o s ts .

w ages

O n J u ly 2 8 a c o n f e r e n c e w a s b e g u n in a c c o r d a n c e w it h a n a r r a n g e m e n t

w h ic h w ill r e s to r e th e m t o t h e s a m o r e la t iv e p o s it io n a s c o m p a r e d t o th e ir
fe llo w -m e m b e r s e m p lo y e d in o u t s id e in d u s t r ie s .
W e a ro n o t a w a re th a t

m a d o o n J u ly 8 b e tw e e n th e r e p r e s e n ta tiv e s o f th o R a ilr o a d A d m in is t r a t io n
a n d r e p r e s e n ta tiv e s o f th e s h o p e m p lo y e e s .

A t th is c o n fe r e n c e t h o r e p r e ­

t h i s c o n d i t i o n a p p l ie s w i t h e q u a l f o r c e t o o t h e r c la s s e s o f r a i l r o a d e m p l o y e e s .

s e n ta tiv e s

to

and

we

b e lie v e

ju s tly

so,

th a t th oy

a re e n title d

to

an

in c r e a s e in

" M a y w e u r g e u p o n y o u th o n e c e s s ity o f m e e t in g th e p r e s e n t s it u a t io n b y
p u t t in g in t o e f f e c t o u r o r ig in a l r e q u e s t s u b m it t e d
on J a n .7 1919?”
T h o s t a t e m e n t w a s s ig n e d b y
c ia tio n

of

M a c h in is ts ;

H e lp e r s ; W i lli a m
J. J. H ynes,

F.

W illia m

C .

t o th o D ir e c t o r -G e n e r a l

H . J o h n s t o n , I n t e r n a t io n a l A s s o ­

B o lla m ,

B roth erh ood

of

B la c k s m ith s

and

/V t k in s o n , B r o t h e r h o o d o f B o il e r m a k e r s I . S . B . a n d H . ;

S heet

M e ta l

W ork ers

I.

A .;

J.

P .

N oonan,

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 . K y a n , B r o t h e r h o o d o f R a il­
: w a y : C a r jm C n

p f A m e r ic a ,

and

B.

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 e p a r t m e n t o f th o A m e r ic a n F e d e r a t io n o f L a b o r .

With, regard to the President’s views on tho subject of
tho high cost of living as expressed to the delegates of tho
shopmen, tho following was also given in tho “Timos”
advices:

of

th o

e m p lo y e e s

m em b ers ex p ected

and

m ade

b e lie v e d

it

p la in

m y

a s so c ia te s

t h a t t h e y w e r o e n title d

to

th a t

th e ir

a s u b sta n tia l

in c r e a s o in w a g e s , r e t r o a c t iv e t o J a n . 1 1 9 1 9 , a n d t h a t th e s t a t e o f u n r e s t
w a s s o g r e a t t h a t it w a s o f th e h ig h e s t im p o r t a n c e t h a t a d e fin it e a n s w e r
bo

g iv e n

on

th o

w a g o m a tter

w ith o u t

d e la y .

T h ose

r e p r e s e n ta tiv e s

ex­

p re ss e d th o s a m o v ie w s t o m e y e s te r d a y .
O n J u ly 17 th e S h o p e r a fts C o n v e n t io n , m e e tin g a t A t la n t a , G a .,
r e p r e s e n tin g

e m p lo y e e s

fr o m

s ix te e n

r a ilr o a d s

in

th o

and

S o u th e a s t, s tr o n g ly

u r g e d t h e n e c e s s it y fo r s u b s t a n t ia l in c r e a s e s in w a g e s b y A u g . 1, r e t r o a c t iv e
to Jan . 1 1919.
T h o e a r n e s t In siste n ce t h a t im m e d ia te a c t io n b o ta k o n t o e q u a liz e w a g o s
w it h

t h o r a p id

in c r e a s o in

t h o c o s t o f liv in g

is n o t c o n f in e d

to

th o sh op

e m p lo y e e s .
T h e t r ie n n ia l c o n v e n t i o n o f t h o B r o t h e r h o o d o f R a ilr o a d T r a in m e n , r e p ­
r e s e n t in g a b o u t 1 6 0 ,0 0 0 r a ilr o a d e m p lo y e e s , m e e t in g a t C o lu m b u s , O h i o ,
a d o p t e d o n M a y 3 1 a r e s o l u t i o n s t r o n g l y u r g i n g s u b s t a n t i a l a d d i t i o n a l in ­

c r e a s e s in w a g e s t o m e e t t h e c o s t o f liv in g .
T h o tr ie n n ia l c o n v e n t io n o f t h e B r o t h e r h o o d o f L o c o m o t iv e F ir e m e n ,
P r e s id e n t o f t h o R a il w a y E m p lo y e e s D e p a r t m e n t
m e e t in g a t D e n v e r f r o m J u ly 9 t o 1 5 , a n d r o p r e s o n t in g a b o u t 1 1 6 ,0 0 0 e m ­
o f th o A m e r ic a n F e d e r a t io n o f L a b o r a n d a r e p r e s e n ta tiv e o f th o s h o p m e n ,
p lo y e e s , lik o w is e a d o p t e d r e s o lu t io n s in s is tin g u p o n t h o n e c e s s it y fo r s u b ­
d is c u s s e d t h o s it u a t io n w it h th o P r e s id e n t.
M r . W ils o n , h o s a id , t o ld th e
s t a n t ia l in c r e a s e s in w a g e s t o m e e t t h o I n c r e a s e d c o s t o f liv in g .
d e le g a t io n f r a n k l y t h a t a r e d u c t io n in t h o c o s t o f l i v in g t o t h o p r o - w a r b a s is
B .

M . J e w e ll, A c t in g

c o u ld n o t b o e x p e c te d .
"n e s a i d t h a t i t w a s g o i n g

T h o t h ir t e e n t h a n n u a l c o n v e n t i o n o f R a ilw a y S ig n a lm e n o f A m e r ic a , in
t o ta k o s o m e t lm o t o o b t a in a n y a p p r e c ia b le

. r e d u c t io n in li v in g c o s t s , ” M r . J e w e ll s t a t e d .

“ E v e r y a g e n cy o f th o G o v ­

A s t o th o e x te n t t o w h ic h b o b e lie v e d p r ic e s c o u ld b o b r o u g h t d o w n , M r .
In

t h is

th e P r e s id e n t e x p re s se d

c o n n e c t io n ,

th a t

th o

no

o p in io n .

A d m in is t r a t io n

H o had

w o u ld

do

s im p ly

sta ted ,

e v e r y t h in g

in

its

p o w e r t o m a k e c o n d it io n s to ie r a b lo .

Prom a statement issuod by Director-General Hines on
July 31 (“Chronicle,” Aug. 2, page 439), it appeared that
the committee with which he had conferred had come to a
tentative agreement with tho Railroad Administration on tho
main questions open to discussion. In explanation of tho
present position of the railroad shopmen, Mr. Jewell was
quoted in Washington dispatches of Aug. 2 as saying:
A c t i n g in b e h a lf o f t h o s ix s h o p e r a f t s , a c o m m it t e e o f 1 0 0 p r e s e n t e d t o
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 o n J a n . 7 la s t th o r e q u e s t fo r a n I n c r e a s e
In t h o w a g e s c a le s .
O n F e b . 8 th e q u e s t io n w a s r e fe r r e d t o th o B o a r d o f A d ju s t m e n t o f R a il­
w a y W a g e s a n d W o r k in g C o n d it io n s .

D u r in g M a r c h a n d A p r il th o w h o le

s u b jo c t w a s th r e s h e d o u t a t h e a r in g s o f t h o B o a r d , a n d o n J u ly 16 t h o B o a r d
m ade

its r e c o m m e n d a t io n

to

th o

D ir e c t o r -G e n e r a l.

F o llo w in g a c o n fe r e n c e w it h M r . H in e s o n J u ly 2 8 , w o b e lie v e d t h a t th o
q u e s tio n h a d fin a lly c o m e t o a h e a d , a n d e x p e c t e d a d e c is io n .
fr o m

M r.

H in e s t o

P r e s id e n t W ils o n

fo llo w e d , a n d

T h o le tte r

t h a t s o lu t io n

w e have

p o s it iv e ly r e je c te d .
W e h a v e n o w d e c id e d t o s e n d o u t th o c a ll fo r a s tr ik o v o t e , r e tu r n a b le
A u g . 2 4 a t m id n ig h t , t o t h o 5 0 0 ,0 0 0 e m p lo y e e s o f A m e r ic a n r a ilr o a d s a n d
t h o 1 0 ,0 0 0 e m p lo y e e s o f C a n a d ia n r a ilr o a d s a f f e c t e d .
f o r a m in im u m

T h o s h o p c r a ft a sk

o f 8 5 c e n t s a n h o u r f o r m e c h a n ic s , a n in c r e a s o o f 1 7 c e n t s ,

a m in im u m o f 6 0 c e n t s fo r h e lp e r s , a n I n cre a s o o f 15 c e n t s , a n d a n I n c r o a s o
o f 10 c e n t s p e r h o u r f o r a p p r e n t i c e s .
T h o C a n a d ia n e m p lo y e e s a r o in v o lv e d

by

rea son

o f th o fa c t t h a t th e ir

w a g o a n d w o r k in g c o n d it io n s , u n d e r a n a g r e e m e n t r e a c h e d w it h th o R a il­
r o a d B o a r d , a r e b a s e d o n s t a n d a r d s a s t h e y a r o a d o p t e d in t h e U n i t e d S t a t e s .
W o s h a ll c o n t in u e t o e n d e a v o r t o s e t t le t h e d o m a n d s b y n e g o t i a t io n w it h
th o R a ilr o a d A d m in is t r a t io n , p e n d in g r e c e ip t o f th e s tr ik e v o t e .

T h a t w ill,

w h e n t a k e n , s im p ly c e n t r e t h o p o w e r fo r c a llin g a s t r ik e in th o h a n d s o f th o
C o m m itte e .
T h e f i r s t e f f e c t o f t h e c a ll f o r a v o t o w ill p r o b a b ly b o t h o e n d in g o f th o
p r e s e n t s t r ik o ,

w h ic h

has

ta k o n

out

a

c o n s id e r a b le

num ber

o f sh opm en

o v e r v a r io u s s e c t io n s o f t h o c o u n t r y w h o h a v o b e e n im p a t ie n t o f th o lo n g
d e la y th a t s o fa r in te r v e n e d .

T h e ir w a lk o u ts h a v e b e e n u n a u th o r iz e d , a n d

w e o x p e c t t h a t t h e y w ill r e tu r n w h e n t h o y s e e t h a t t h e o r g a n z ia t io n s in te n d
a c t io n in a u n ite d fa s h io n .

Tho letter of Director-General of Railroads Hines to
President Wilson recommended “that Congress . . .
promptly adopt legislation providing a properly constituted
body on which the public and labor will be adequately rep­
resented and which will be empowered to pass upon . . . all
railroad wage problems.” Wo give the letter herewith in full:
T h o P r e s id e n t, th e W h ile H o u s e .
D e a r M r . P r e s id e n t: — S o v e r a l m o n t h s
a s k e d f o r a n I n c r e a s e in w a g e s .

ago

th o

at

K a n sa s C ity

on

J u ly

1 5 , s t r o n g ly

urged

r a ilr o a d

J u ly 3 1 1 9 1 9 .
s h o p e m p lo y e e s

T h e m a t t e r w a s c o n s id e r e d b y th e R a ilr o a d

N ow

Y ork .

The

in te r n a tio n a l c o n v e n t io n

la b o r

and

th reo

r e p r e se n ta tiv e s

of

th e

T h is B o a r d w a s u n a b le t o a g re o , a n d th e r e fo r e t o o k

fr o m

r e p r e s e n ta tiv e s o f p r a c t ic a lly

u an co

in t h o

la b o r

m em bers

r e c o m m e n d in g

a

gen era l

in c r e a s o in w a g e s ( f o r e x a m p lo , in c r e a s in g t h o w a g e s o f m a c h in is t s f r o m

68

12 t o 2 4 , e n ­

a ll c la s s e s o f e m p lo y e e s

in c r e a s e d c o s t o f liv in g

o n e c la s s o f r a ilr o a d
to

th a t th o c o n -

w o u ld n e c e s s a r ily in v o lv e

very

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

n e c e s s ita te c o r r e s p o n d in g

sub­

to a n y

in c r e a s e s

a ll o t h e r c la s s e s o f r a il r o a d e m p l o y e e s .
T h e s itu a tio n th u s p r e s e n te d in v o lv e s th o fo llo w in g c o n s id e r a tio n s :
W e h a v o r e c o iv e d t h e m o s t p o s i t iv e a s s u r a n c e s t h a n a n y g e n e r a l in c r e a s e s

to

sh op

e m p lo y e e s

w ill r e s u lt

in

d e m a n d s fo r

o v e r y o t h e r c la s s o f r a ilr o a d e m p lo y e e .
v ie w e d

e x c e p t a s a w h o le

fo r

c o r r e s p o n d in g

in c r e a s e s

to

T h e s itu a tio n , th e r o fo r o , c a n n o t b o

th e o n tir o

tw o

m illio n

r a ilr o a d

e m p lo y e e s .

V ie w i n g i t a s a w h o le , e v e r y in c r e a s o o f o n e c e n t p e r h o u r m e a n s a n in c r e a s e
o f 8 5 0 .0 0 0 ,0 0 0 p e r y e a r in o p e r a t in g e x p e n s e s f o r s t r a ig h t t im e w it h a s u b ­
s ta n tia l a d d it io n fo r n e c e s s a r y o v e r t im e .
a sk ed fo r b y
(in c lu d in g

A n in c r e a s e o f 12 c o n ts p e r h o u r

t h o s h o p e m p lo y e e s w o u ld , i f a p p lie d t o a ll e m p lo y e e s , m e a n

n ecessary

o v e r tim e )

an

in c r e a s o o f

p r o b a b ly

8 8 0 0 ,0 0 0 ,0 0 0

per

y e a r in o p e r a t in g e x p e n s e s .
T h o G o v e r n m e n t is a lr e a d y in c u r r in g a d e f ic it a t th o r a to o f s e v o r a l h u n ­
d r e d m i l l i o n d o lla r s p e r y e a r in o p e r a t i n g t h o r a i l r o a d s , b e c a u s o t h o I n c r e a s e
in t r a n s p o r t a t i o n r a t e s h a s b e e n p r o p o r t i o n a t e l y lo s s t h a n t h o i n c r e a s e s In
w a g e s a l r e a d y g r a n t e d a n d t h o I n c r e a s e s in p r ic e s w h i c h h a v o t a k e n p l a c e .
T h e r o f o r o t h e r e is n o f u n d w h a t e v e r o u t o f w h ic h a d d i t io n a l w a g e s c a n b o
p a id , s o t h a t a d d i t io n a l w a g e s c a n n o t b o p a id u n le s s n o w r o v o t iu e s a r e p r o ­
d u c e d t h r o u g h a n i n c r e a s o in t r a n s p o r t a t i o n r a t e s , a n d a n y i m m e d i a t e p a y ­
m e n t o f a d d it io n a l w a g e s w o u ld n e c e s s ita te fo r s o v e r a l m o n th s a n

appro­

p r i a t i o n b y C o n g r e s s o u t o f t h o T r e a s u r y b e c a u s e s u b s t a n t i a l in c r e a s e s in
r a te s c o u ld n o t b e m a d o im m e d ia t e ly e ffe c t lv o .
W h ile y o u m a y fin d it e x p e d ie n t t o u s e th o t o n ip o r a r y r a t o -m a k in g p o w e r ,
w h ic h

w a s c o n fe r r e d u p o n y o u a s a w a r e m e r g e n c y d u r in g F e d e r a l c o n t r o

t o p r e v e n t th o c o n t in u a n c e o f th e d e fic it n o w b e in g in c u r r e d , w h ic h g r o w s o u t
o f i n c r e a s e in w a g o s a n d p r i c e s d u o t o t h e w a r , y o u w o u l d n o t , in m y o p i n i o n ,
b o ju s t ifie d

in

r e g a r d in g

th a t r a to -m a k in g

p o w e r a s a s u ffic ie n t

w a rran t

f o r m a k i n g s t i l l a d d i t i o n a l in c r e a s e s in r a t e s f o r t h o p u r p o s e o f p a y i n g s t i l l
a d d i t i o n a l i n c r e a s e s in w a g e s t o b o e s t a b l i s h e d u n d e r o x i s t i n g p e a c o c o n d i ­
t i o n s , a n d t o b o c o n t r o l l i n g a s t h e w a g o b a s i s in t h o f u t u r o .
T h o q u e s t i o n p r e s e n t e d f o r a n a d d i t i o n a l in c r o a s o in w a g e s , w h o t li e r t h o
t o t a l a m o u n t b o $ 8 0 0 ,0 0 0 ,0 0 0 o r a n y
t im e q u e s tio n

b etw een

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

t h e o n tir o A m e r ic a n p u b lic , o n

th o o n e h a n d , a n d

t h e 2 , 0 0 0 ,0 0 0 r a i l r o a d e m p l o y e e s a n d t h o m e m b e r s o f t h e i r f a m i l i e s , o n t h o
oth er h an d .

I t is a q u e s t i o n w h i c h

I d o n o t b e lie v e th o e x e c u tiv e o u g h t

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

fo r

t h e e x p r e s s p r u p o s o o f d e c id in g it.
T h e fa c t th a t th ese d e m a n d s a ro m a d o a n d a ro s o u r g e n tly p re ss e d e m ­
p h a s iz e s t h e g r e a t n e c e s s it y o f h a v in g f o r t h e ir d e c is io n le g is la t io n w h ic h w ill
p r o v id e

a d e q u a te

p lo y e e s .

m a c h in e r y

r e p re se n tin g

b oth

th o

p u b lic

and

th e

em ­

O b v io u s ly a n y s u c h m a c h in e r y s h o u ld in c lu d o a m e t h o d w h e r e b y

r e v e n u e s w ill b e p r o v id e d t o t h o e x t o n t r e q u ir e d t o p a y t h o in c r e a s e d w a g e s
aw ard ed.
W h ile t h o g e n e r a l p o w e r s im p lie d in t h o F e d e r a l C o n t r o l A c t w e r o s u f f i ­
c ie n t t o a d m it o f t a k in g a s w a r m e a s u r e s th o n e c e s s a r y s t o p s t o d e a l w ith
th o

w ago

p r o b le m s th a t a r o s e d u r in g

gen eral

w ago

In crea ses.

p u b l i c in t e r e s t is e x c l u s i v e l y

U nder

th o w a r,

fin a l

d e c is io n

w h ile t h u s c h a r g e d

upon

th o

re p resen ted

th o

th re o

M ay

s t a n t i a l in c r e a s e s in w a g e s , a n d t h a t a n y in c r e a s e s in w a g o s g i v e n

in t h o p a y in g o f w a g e s , b u t b y

th e

B roth erh ood

o r g a n iz a t io n .
T h o r e p r e s e n ta tiv e s o f th o R a ilr o a d A d m in is t r a t io n h a v o h a d a s s u ra n ce s

th o B o a r d ,

fr o m

th o

d o r s e d p r o p o s a ls
t o t h o R a ilr o a d A d m in is t r a t io n w h ic h a ls o u r g e d a n in ­
c r e a s e a n d r e a d ju s t m e n t o f t h o w a g e s o f th e e m p lo y e e s r o p r e s o n t o d b y t h a t

n o a c t io n a s a B o a r d , b u t o n J u ly 16 I r e c e iv e d t w o r e p o r ts fr o m m e m b e r s o f
one

of

o f R a ilw a y C le r k s , w h ic h w a s h e ld in C in c in n a t i fr o m

p osed

of

in

Em­

and

fo r

r e p r e se n ta tiv e s

in c r e a s o

1 5 0 d e le g a te s
E ng­

la n d

s a t i s f y t h o r e q u ir e m e n t s a r is in g in c o n n e c t i o n

o f th re e

fu rth e r

t o th e c o n v e n tio n o f th e U n ite d B r o th e r h o o d o f M a in te n a n c e o f W a y

A d m in is t r a t io n ’s B o a r d o f W a g e s a n d W o r k in g C o n d it io n s , w h ic h is c o m ­
r a ilr o a d m a n a g e m e n t.

a

w a g o s , a n d s im ila r a c t io n w a s ta k e n a t B o s t o n o n J u ly 2 7 b y

p lo y e e s a n d R a ilr o a d S h o p E m p lo y e e s o f th o r a ilr o a d s y s t e m s o f N o w

e r n m e n t ,” th o P r e s id e n t s a id , " w a s w o r k in g o n t h o p r o b le m , a n d e v e r y t h in g
p o s s ib lo w o u ld b o d o n e t o b r in g a b o u t a r e a d ju s t m e n t .”
J e w e ll s a id ,

s e s s io n

ra te s.

th oy

by

are

w ith a n y

o x istin g
th o

n o t s u ffic ie n t to
p r e se n t p r o p o s a ls

m a c h in e r y
R a ilr o a d

th o

u lt im a t e

A d m in is t r a t lo

th o In tc r -S ta to C o m m o r c o C o m m is s io n !
M oreover,

th o

w it h t h o fin a l d e c is io n asf t o

R a ilr o a d

A d m in is tr a tio n

w h at w ages are p rop er as

c e n t s p e r h o u r t o 8 0 c e n t s p e r h o u r a n d p r o p o r t i o n a t e ly in c r e a s in g th o w a g e s

b e tw e e n th o A m e r ic a n

of

r e s p o n s ib ilitie s in c id e n t t o th e d a y - t o - d a y o p e r a t io n o f th o r a ilr o a d s .

oth er

c la s s e s

o f shop

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

a n oth er

rep ort

fr o m

th o

th reo

m a n a g e m e n t m e m b e r s r e c o m m e n d in g a g a in s t a n y g e n e r a l in c r e a s e in w a g e s ,

p u b l i c a n d r a i l r o a d l a b o r , is a l s o c h a r g e d

O n th o o n e h a n d , a d e c is io n b y th o

w ith th o

R a ilr o a d A d m in is t r a t io n a g a in s t a n

a l t h o u g h r e c o m m e n d i n g c e r t a i n r e a d ju s t m e n t s o f t h e w a g e s o f s o m e c la s s e s

in c r e a s e in w a g e s w il l b o r e g a r d e d b y t h o e m p l o y e e s a s a d e c i s i o n d i c t a t e d

o f th e e m p lo y e e s .'
T h e p o s i t i o n o f t h o la b o r m e m b e r s o f t h o b o a r d Is t h a t t h o w a g e s o f r a il­

m ore

road

rtop m en

are

s u b s ta n tia lly




b e lo w

th o

w ages

p a id

s im ila r

c la s s e s

of

by

th o im m e d ia te d iffic u lt ie s

o f r a ilr o a d

m anagem ent

th a n

by

th o

b r o a d in te r e s ts o f th o p u b lic a s a w h o le .
O n th o o t h o r h a n d , a d e c is io n
b y t h e R a i l r o a d A d m i n i s t r a t i o n in f a v o r o f a n in c r o a s o in w a g e s w ill n o b

THE CHRONICLE

A u g . 9 1919.]

n e c e s s a r ily b e b in d in g o n t h 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 , w h ic h is
n o w th e fin a l r e p r e s e n ta tiv e o f th e p u b lic a s t o tr a n s p o r ta tio n r a te s .

b e s u c h a s w ill c o m p a r e f a v o r a b l y t o t h e w a g e s p a id f o r s im ila r s e r v ic e in
o t h e r in d u s tr ie s . .
.

T o d e a l w it h t h e s e p r o b le m u n d e r p e a c e -tim e c o n d it io n s th e r e o u g h t t o b e

T r a n s p o r t a t io n r a te s s h o u ld b o s u ffic ie n t t o g u a r a n te e :

a fin a l a n d a u t h o r it a t iv e r e p r e s e n ta tio n o f th e p u b lic , w h o s o d e c is io n w h e n
in f a v o r o f a w a g e in c r e a s e w o u ld c a r r y w it h it t h e o b lig a t io n o n t h e p a r t o f
th e

fin a l ra te -m a k in g

pow er

to

p r e s c r ib e

ra tes

w h ic h

w o u ld

n e c e s s a r y fu n d s w ith w h ic h t o p a y th e in c r e a s e d w a g e s .
no

w a g e in c r e a s e s c o u l d

b e p u t in to

fu r n is h

th e

F ir s t— T o a ll e m p lo y e e s t h is ju s t a n d e q u it a b le w a g e .
S e c o n d — M a in t a in t h o p r o p e r t ie s in c o n d it io n t o r e n d e r a d e q u a t e s e r v ic e
t o th e p u b lic .

I t is o b v i o u s t h a t

e ffe c t a t th e m o m e n t e x c e p t o n

543

T h ir d — E q u ita b le r e tu r n s u p o n th e m o n e y a c t u a lly in v e s te d ;

th o

W e

can n ot a p p rov e

o f t h o p la n

p roposed

by

you

fo r a

C o n g r e s s io n a l

t h e o r y th a t f o r s e v e r a l m o n t h s t h e y w o u ld b o p a id b y a n a p p r o p r ia t io n o f

c o m m it t e e f o r th e r e a s o n t h a t it m e a n s m o n th s o f d e la y a t a t im o w h e n t h e

C o n g r e s s , b e c a u s e e v e n u n d e r th e e x is tin g m a c h in e r y r a te in c r e a s e s c o u ld

q u e s t io n s

not

a c tu a lly

be

put

in to

e ffe c t

fo r

a

s u b s ta n tia l

p e r io d .

U n d o u b te d ly

a n y r a t e in c r e a s e s o f a g e n e r a l c h a r a c t e r o u g h t a t t h e p r e s e n t t im e t o b o
c o n s id e r e d b y t h 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 b e fo r e t h e y s h a ll b o
p u t in t o e ffe c t .
d e v e lo p m e n ts

I h a v e c o m e h a s b e e n fo rce d u p o n m o b y

above

r e fe r r e d

th e

s e ttle m e n t.

o f R a ilr o a d

W ages and

W o r k in g

C on­

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

fo r

th e ir c o n s id e r a t io n

and

T h e m o n e y s w it h w h ic h t o p a y

W h e n i t d e v e lo p e d in M a y a n d J u n e t h a t t h e c o n t in u e d p r e s s u r e o f t h e I n ­
c r e a s e in th e c o s t o f liv in g w a s c a u s in g r a ilr o a d e m p lo y e e s g e n e r a lly t o u r g e
th ey

be

g iv e n

s u b sta n tia l p r o t e c t io n

th rou gh

fu rth e r

im p o r t a n t in ­

c r e a s e s in w a g e s i f t h e c o s t o f liv in g w a s n o t r e d u c e d , I r e a liz e d t h a t t h e
w a s a s su m in g s u c h

w id e a n d

d e e p s ig n ific a n c e t o

t h o A m e r ic a n

p u b lic a s w e ll a s t o r a ilr o a d e m p lo y e e s t h a t t h o q u e s t io n o u g h t n o t t o b e
d e a l t w i t h in t h e s a m e w a y in w h i c h t h o r a i l r o a d w a g e s h a d b e e n i n c r e a s e d
in c o n n e c t io n w it h t h e ,w a r e m e r g e n c y .
th e r e fo r e

d itio n s o n

a d v is e d

J u ly 3

th o

B oard

th a t th e y

of

c o u ld

be •

t h e s e in c r e a s e s s h o u ld , in o u r o p in io n ,

b o r a is e d b y a n a p p r o p r ia t io n b y C o n g r e s s .

T h is a p p r o p r ia t io n s h o u ld b e

o f a s u ffic ie n t a m o u n t t e m p o r a r ily t o t a k e c a r e o f im m e d ia t e d e fic it s .

in c r e a s e s .

I

im m e d ia t e

th e B o a rd

s e n ta tiv e s o f th e r e c o g n iz e d

W h e n I a n n o u n c e d la s t M a r c h t h o in c r e a s e s in w a g e s f o r t h e e m p lo y e e s In

q u e s tio n

r e q u ir e

m u t u a ll y a g r e e d u p o n b e f o r e b e in g is s u e d .

to.

tr a in a n d e n g in e s e r v ic e I s ta te d t h a t t h e y c o m p le t e d t h o w a r c y c l e o f w a g e

th a t

in v o lv e d

a lr e a d y h a v e in

tio n s s u b m it t e d t o th e m a n d t h a t th e ir fin d in g s b e p la c e d b e fo r e th e r e p r e ­

T h e c o n c lu s io n t o w h ic h
recen t

Y ou

d it io n s th e n e c e s s a r y m a c h in e r y t o d is p o s e o f th e s e q u e s t io n s , a n d w e a s k

R a ilr o a d

n o t regard

W ages

and

W o r k in g

th e m s e lv e s a s v e s t e d

w h a t,

if a n y ,

in cre a s e s

s h o u ld

be

m ade

in

passen ger

and

fr e ig h t

p r o m p t a c t io n in t h is r e g a r d b e in g b o t h e s s e n tia l a n d d e s ir a b le .

ra tes,

T h is w ill

o n ly g i v e te m p o r a r y r e lie f a n d m u s t b e a c c o m p a n ie d , o r im m e d ia t e ly f o l- •
lo w e d , b y a d e te r m in e d e ffo r t n o t o n ly t o p r e v e n t a fu r t h e r in c r e a s e in t h e
c o s t o f liv in g , b u t t o s e c u r e a r e d u c t io n th e r e in .

-•

A n y p e r m a n e n t s o lu t io n o f th e r a ilr o a d p r o b le m m u s t n e c e s s a r ily r e m o v e
t h e e le m e n t o f r e tu r n s t o c a p it a l a s t h e s o lo p u r p o s e o f o p e r a t io n .

T h ere­

C on­

f o r e w e a s k t h a t y o u u r g e u p o n th e P r e s id e n t t h e n e c e s s ity f o r t h e p r o m p t

w ith

p a s s a g e b y C o n g r e s s o f t h e r e q u ir e d a p p r o p r ia t io n b ill t o m e e t t h e e m e r g e n c y

ju r is d ic t io n t o fo r m u la t e a n d r e c o m m e n d fu r th e r g e n e r a l w a g e in c r e a s e t o

now

t h e fa c t s t h a t I m ig h t d e c id e in t h e lig h t o f t h o fa c t s u p o n a fa ir a n d ju s t

e x istin g .

A ls o th a t y o u in d o r s e

b o m a d e b y m o , b u t t h a t in a ll c a s e s t h e r e a ft e r a r is in g t h e y s h o u ld r e p o r t

T h e r e c e ip t o f th e o b s e r v a t io n s o f th e m e m b e r s o f t h e b o a r d w it h r e fe r e n c e

S im s

b ill

(H . R . 8 1 5 7 ) n o w b e fo r e th o H o u se

to

secu re

it s

im m e d ia te

passage

by

C on gress

as

th e

p erm an en t

s o lu tio n .
The

t o t h o s h o p e m p lo y e e s , t h o h e a r in g s n o w in p r o g r e s s b e f o r e t h o b o a r d w it h
hav^

th e

o f R e p r e s e n t a t i v e s a n d r e c o m m e n d t o t h e P r e s i d e n t t h a t h e u s e a l l h is in ­
flu e n c e

p rocedu re.

r e fe r e n c e t o t h e B r o t h e r h o o d o f R a ilr o a d T r a in m e n , th o c o n fe r e n c e s I

In

t h e m e a n tim e le t t h e p r o p e r r a te -m a k in g b o d y m a k e a c a r e fu l s t u d y a s t o •

u a * ^

S im s

b ill,

if

C o m m is s io n

e n a c t e d in t o la w , w ill g i v e t o
its

o r ig in a l

a u t h o r it y

over

th e In te r -S ta te C o rn ­

tr a n s p o r ta tio n

ra tes,

and

h a d in t h o l a s t t h r e o d a y s w i t h t h e r e p r e s e n t a t i v e s o f t h o s h o p e j f 's s l o y d i #

e m p lo y e e s c a n n o t h o p e f o r in c r e a s e s in r a t e s o f p a y e x c e p t a s t h e y r e s u lt

a n d th o c o n fe r e n c e s w h ic h m y a s s o c ia te s a n d I h a v e b e e n h a v im ? r e c e n t ly

f r o m e c o n o m y a n d e f f ic i e n c y in o p e r a t io n d u e t o th e ir o w n c o l l e c t i v e e ffo r t s .

w ith

A n y in cre a s e s t o e m p lo y e e s u n d e r th is b ill g u a r a n te e s t o t h e p u b lic e q u a l

th o

r e p r e se n ta tiv e s

of

p r a c t ic a lly

a ll c la s s e s

of

r a ilr o a d ^ a b o r

w ith

r e fe r e n c e t o t h e m e n a c e in t h o c o n t in u e d in c r e a s e d c o s t o f l i v ^ g fo r c e m o
t o th o d e fin it e c o n c lu s io n t h a t th e p r o b le m

b e n e fit s

in

r e d u c t io n

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

ch arges.

C a p it a l w ill b e f u ll y r e im b u r s e d f o r a ll m o n e y a c t u a lly in v e s t e d .

is t o o g r e a t a n d lfa s t o o m u c h

T h ere­

p e r m a n e n t s ig n ific a n c e t o th o A m e r ic a n p u b lic a s w e ll a s t o r a ilr o a d la b o r

fo r e n o o n e c a n p o s s ib l y s u ffe r b y t h e e n a c t m e n t o f t h is b il l, u n le s s it b e

to

t h e e m p lo y e e s t h e m s e lv e s , a n d t h e y a r e w illin g t o r is k t h e ir f u t u r e .

a d m it o f it s b e in g d e c id e d t h r o u g h

p o w e rs o f th e F e d e ra l C o n tr o l

A ct,

th o e x e rcise o f th e w a r e m e r g e n c y

a n d w h ic h a r o s u b je c t t o th o lim it a ­

t io n s a n d e m b a r r a s s m e n ts a b o v e p o in t e d o u t .
h ave now

reach ed

I fe e l t h a t th e d e v e lo p m e n ts

th e p o in t w h e r e th e s itu a tio n

h a s ta k e n

a s u ffic ie n tly

c o n c r e t e fo r m t o s e r v o a s t h o b a s is f o r a p o s it iv e r e c o m m e n d a t io n .
I th e r e fo r e r e s p e c t fu lly r e c o m m e n d th a t C o n g re s s b e a s k e d p r o m p t ly t o
a d o p t le g is la t io n p r o v id in g a p r o p e r ly c o n s t it u t e d b o d y o n w h ic h t h o p u b lic
a n d la b o r w ill b o a d e q u a t e ly r e p r e s e n te d a n d w h ic h w ill b e e m p o w e r e d t o
p a ss u p o n th e s e a n d a ll r a ilr o a d w a g e p r o b le m s , b u t n o t o n r u le s a n d w o r k ­
in g c o n d it io n s

(b e c a u s e t h e la t t e r c a n n o t b e s a t is fa c t o r ily s e p a r a te d fr o m

t h o c u r r e n t h a n d lin g o f r a ilr o a d o p e r a tio n s a n d th e r e fo r e s h o u ld
t o b o d e a lt w it h b y th e R a ilr o a d A d m in is t r a t io n .

c o n tin u e

S u c h le g is la t io n s h o u ld

a ls o p r o v id e t h a t i f w a g e in c r e a s e s s h a ll b o d e c id e d u p o n it s h a ll b e m a n d a ­
t o r y u p o n t h o r a t e - m a k in g b o d y t o p r o v id e , w h e r e n e c e s s a r y , in c r e a s e d
r a te s t o ta k e c a r e o f t h e r e s u ltin g in c r e a s e s in t h o c o s t o f o p e r a t in g t h o r a il­
roa d s.
I d o n o t t h in k t h a t w o c a n p r o p e r ly d e a l w it h t h is g r e a t p r o b le m w it h o u t a
f u l l r e c o g n i t i o n o f t h e f a c t t h a t t h o c o s t o f l i v i n g i s 'r a p i d l y r is in g a n d t h a t
every

m on th

th a t

p a ss e s p r o m is e s t o

im p a ir s t ill fu r t h e r t h o

p u r c h a sin g

p o w e r o f t h o e x is tin g w a g e s o f r a ilr o a d e m p lo y e e s u n le s s t h o r is e in t h e c o s t
o f liv in g c a n b e s u c c e s s fu lly r e s tr a in e d , a s I e a r n e s t ly h o p o in t h e g e n e r a l
p u b lic in te r e s t

it c a n

s p e e d ily

be.

I

th e re fo re fu r th e r

recom m en d

th a t

C o n g r e s s b o a s k e d t o p r o v ld o in a n y s u c h le g is la t io n t h a t a n y in c r e a s e s in
r a ilr o a d

w a g e s w h ic h

m ay

bo m ade by

th o

t r ib u n a l c o n s t it u t e d

fo r

th a t

p u r p o s e s h a ll b e m a d e e ffe c t iv e a s o f A u g . 1 1 9 1 9 , t o s u c h e x t e n t a s t h a t
t r ib u n a l m a y r e g a r d r e a s o n a b le a n d
p lo y e e s fr o m
th e n

p r o p e r in

ord er to

g i v e r a ilr o a c l e m ­

t h a t d a t e th o b e n e fit w h ic h t h e t r ib u n a l m a y t h in k t h e y w e re

e n t it le d

to .

I n th is w a y d e la y n e c e s s a r y t o c r e a t io n o f s u c h a t r ib u n a l a n d it s a c t io n
w ill n o t b e p r e ju d ic i a l t o t h e f a ir in t e r e s t s o f t h e r a ilr o a d e m p lo y e e s .
d ia lly y o u r s ,
y
/
'

W A L K E R

D .

C or­

H IN E S .

....

R A I L R O A D U N I O N S OPPOSED TO P R E S I D E N T ’ S P L A N
TO SE T T L E W A G E Q U E S T I O N S B Y F E D E R A I ^ C O M M I S S I O N — PROPOSE B I L L FOR G O V E R N M E N T
O W N ERSHIP.

Fourteen of the principal railroad unions acting as a unit
presented to Walker D. Hines, Director-General of Rail­
roads, on Aug. G their demands for increased wages, at the
same timo expressing their disapproval of President Wil­
son’s recommendation to Congress last week that a Federal
Commission bo constituted to settle problems of railroad
workers. They also asked that the Director-General en­
dorse tho so-called Plumb plan providing for Government!
ownership of the railroad systoms and a share in thoir
management and profits for the workers, as embodied in a
bill placed before the House of Representatives on Aug.2
by Representative Sims. The letter of the fourteen rail­
road unions to Director-General Hines reads as follows:
H o n . W a lk e r D . I l i n e s , D ir e c to r -G e n e r a l o f R a ilr o a d s , U . S . R a ilr o a d A d m i n is ­
t r a t i o n , I . C/. C . B l d g . ,

D e a r S ir ;— A f t e r h a v i n g g i v e n c a r e f u l t h o u g h t t o a ll t h a t w a s s a id a t o u r

R a ilw a y e m p lo y e e s h a v e lo y a lly c o -o p e r a t e d in t h o o p e r a t io n o f t h o r a il­
r o a d s a n d a r o e n t it le d t o c o m p e n s a t io n w h ic h w ill a t le a s t r o -e s t a b lis h th e
p r e -w a r p u r c h a s in g p o w e r o f th e ir w a g e .
W o d o n o t a g r e e th a t r a te s o f p a y t o e m p lo y e e s a n d tr a n s p o r t a t io n c h a r g e s
gu a ra n tee to

M in im u m r a te s o f p a y s h o u ld b e s u ffic ie n t t o

t h o m o s t u n s k ille d e m p lo y c o a n a d e q u a t e li v in g w a g e , w it h

s u c h a d d i t io n a l a m o u n t s a s w ill m e e t t h e n e c e s s it ie s in c i d e n t t o
in j u r y , s ic k n e s s a n d d e a t h , a n d h ig h e r r a t e s b a s e d u p o n
s ib ility a n d

h a z a r d r e q u ir e d a n d in v o lv e d .




1.

P u r c h a s e b y th e G o v e r n m e n t o n v a lu a t io n a s d e te r m in e d fin a l ly b y

_th e c o u rts .
2 . O p e r a t io n b y d ir e c t o r a t e o f fif t e e n , f i v e t o b e c h o s e n b y t h e P r e s id e n t
t o , re p r e s e n t th e p u b lic , f iv e t o b o e le c t e d b y t h e o p e r a t in g o ffic ia ls a n d f iv e
b y 'v t h o
3.

c la s s ifie d

c o s ts , b etw een
4.

e m p lo y e e s .

E q u a l d iv is io n

o f s u r p lu s, a fte r p a y in g fix e d

th e p u b U c a n d

A u t o m a t ic r e d u c tio n

is m o r o t h a n 5 %

o ld

ago,

th o s k ill, r e s p o n ­

A ls o th e s e w a g e r a te s s h o u ld

R e g io n a l

o p e r a t io n

B u ild in g

o f e x te n s io n s

to

o p e r a tin g
/

t h e e m p lo y e e s ’ s h a r e o f s u r p lu s

o f g r o s s o p e r a t in g r e v e n u e .

5.

p ro p o rtio n

ch arges an d

t h e e m p lo y e e s .

o f ra te s w h e n

6.

W a sh in g to n , D . C .

c o n fe r e n c e w ith y o u a n d y o u r a s s o c ia te s A u g . 4 1 9 1 9 , w o p r e s e n t th o fo l­
lo w in g fo r y o u r c o n s id e r a tio n :

a r e in a n y w a y c o r r e la t e d .

On Aug. 2 the four Brotherhoods of railroad employees
and ten affiliated railway organizations, claiming to represent
altogether 2,200,000 workers, issued a statement at Washing­
ton announcing that they were “in no mood to brook the
return of the lines to their former control, since all the plans
suggested for this settlement of the problems leave labor
essentially where it has stood and where it is determined
“ not to stand.” At the same time the brotherhoods
placed before the House, through Representative Sims, a bill
incorporating tho features of the so-called Plumb plan, ac­
cording to which provision is made for the purchase of the
railroad systems by the Government and their operation
under Fedoral control. This action was taken following
President Wilson’s recommendation on the preceding day
(Aug. 1) that Congress create a board empowered to investi­
gate and pass on all railroad wage problems, and after assur­
ances had been given by Director-General Hines to the repre­
sentative of the railway shop employees, that their demands
for uniform working conditions would be granted and their
wage demands would be taken up at the earliest possible
time (see “Chronicle,” Aug. 2, page 439).
The President’s recommendation was made in identica
letters to Senator Cummins, Chairman of the Senate Inter­
State Commerce Committee, and Representative Esch,
Chairman of the House Committee on Inter-State and Foreign
Commerce, the one to the latter appearing in our last week’s
issue, page 440. The President’s recommendations developed
out of a communication he had received from Director-General
Hines, which we give elsewhere in these columns to-day.
Among other things which the brotherhoods now demand are.
representation on a directorate of fifteen which shall operate
the systems and a share for labor of the surplus at the end of
each year, after operating costs are met and fixed charges are.
paid. Tho provisions of the bill presented to Congress by
the four brotherhoods were outlined by Representative Sims
in Washington advices, Aug. 4, as follows:

th e

as

a

u n ifie d

•

sy ste m .

a t e x p e n s e o f t h e c o m m u n it i e s b e n e f i t e d , in

b e n e fit .

<■

In further explanation of the bill, Representative Sitns
was quoted at the same time as saying:

T h e h e a d s o f t h e fo u r r a ilw a y b r o t h e r h o o d s a n d te n a ffilia t e d r a ilw a y o r ­
g a n iz a t io n s
m en

have

A m e r ic a n

of

th e

asked

A m e r ic a n

m e to

F e d e r a tio n

C ity

on

th o

r a ilr o a d

June

17

F e d e r a tio n

of

p r e s e n t t h is b lU .

L abor,

The

la s t t o

“ c o -o p e r a te

w ith

n u m b e r in g

2 ,2 0 0 ,0 0 0

E x e c u tiv e C o u n c il o f th e

o f L a b o r w a s in s t r u c t e d o n

t h is m a t t e r a t A t la n t ic

th e o r g a n iz a tio n s r e p r e s e n tin g

e m p lo y e e s .”

a*

q

T h is it h a s d o n e , a n d S a m u e l G o m p e r s , P r e s id e n t o f t h e A m e r ic a n F e d e r ­
a tio n

o f L a b o r , is h o n o r a r y

P r e s id e n t a n d

W arren

S . S to n e , h e a d o f th e

[V ol . 109.

THE CHRONICLE

544
B roth e rh o o d

of

L o c o m o tiv e

E n g in e e r s,

is

P r e s id e n t

of

th e

P lu m b

in s u r p r is in g m e a s u r e a n d t h a t i t is t h e f ir s t a n d t h e m o s t im p o r t a n t s t e p

P la n

in a n y c o n s t r u c t i v e e f f o r t t o l o w e r t h e c o s t o f li v i n g .
W A R R E N

L e a g u e , fo r m e d t o u r g e t h is b ill b e fo r e t h e c o u n t r y .
T h e p r o p o s e d la w w o u ld le a v e t h e v a lu a t io n o f t h e r a ilr o a d s t o t h e c o u r t s ,
p r o v id in g fo r r e v ie w o n a p p e a l fr o m
a p p r a is e m e n t

board.

B y

th e

d e c is io n s

of

th is

body

or

o f th e

co u rts

at

4% .

It

w o u ld

w ork

earn ers,

and

c a p ita l.

It

every

s ta g e

by

T IM O T H Y

p e a c e fu l,

L.

t h e p u b lic in t e r e s t , t h e in t e r e s t o f

w o u ld

p rotect

th e

p u b lic a g a in st

B.
A c tin g

p u b lic o f r e d u c t io n s in r a t e s e x a c t l y e q u iv a le n t t o a n y I n c r e a s e in e a r n in g
p o w e r w h ic h th o e m p lo y e e s m ig h t c r e a te fo r th e m s e lv e s b y
o f th o ir o r g a n iz a t io n o r th e s k ill o f th e ir m a n a g e m e n t.
in s o lv i n g t h e p r o b le m

t r a n s p o r t a t io n e n te r s in t o t h e p r ic e o f e v e r y c o m m o d it y w h ic h is p a id b y
th e con su m e r.
P r o t e c t i o n a g a in s t in c r e a s e d r a t e s , a s s u r a n c o o f r e d u c e d r a t e s , w o u ld in ­
s p i r e in d u s t r y w i t h c o n f i d e n c e ; w o u ld in c r e a s e t h e p u r c h a s in g p o w e r o f t h e

m u ch

m y

m in d o ffe r s

m o re p e r fe c t th a n

any

a

s o lu tio n

of

d u c e t h is m o v e m e n t , b u t I t h in k s o .

The

th e r a ilr o a d p r o b le m

th e

r a ilr o a d s .

Thai

th e

p r iv a t e

ow n ers

fro m

r e c e iv e

th o

fo r

jn d

h is W e s t e r n \ > u r f o r s o m e t im e , p e r h a p s n o t t h is y e a r , b e c a u s e o f t h o r e c e n t
d e v e lo p m e n t ? , a n d in t h a t e v e n t a n e a r ly in t e r v ie w p r o b a b ly w ill b e s o u g h t
b y M r . S ton e.
I n c o n n e c t io n w it h t h e r e c o m m e n d a t io n s m a d e b y P r e s id e n t W ils o n a n d
D ir e c t o r -G e n e r a l o f R a ilr o a d s H in e s fo r th e c r e a tio n o f a F e d e r a l c o m m is ­

th e

s io n t o d e t e r m in e w a g e a d ju s t m e n t s , a n d w h ic h w o u ld h a v e p o w e r t o c o m p e l
th e

fe a tu r e s , e s p e c ia lly

costs,

or

by

re­

The statement given out by the four brotherhoods, and
joined in by the American Federation of Labor, on Aug. 2 at
Washington, reads:

d u c in g c o s ts .

im p o s s ib ilit y

o f w a g e s k e e p in g p a c e w it h

N o

fu n d a m e n ta l c h a n g e s a r e b e in g

t h e d e p r e c ia t io n

advan ced

to

tin u a l d e fe a t in t h e e c o n o m ic s tr u g g le o f life .

o f m oney.

s a v e w o rk e rs fr o m

In te rsta te

C om m erce

in c r e a s e d r a t e s .
" T h a t w o u ld
"a n d

s im p ly

not

w o u ld

C o m m is s io n
M r.

th a t w h ic h
cu re
add

th e

to

to

r a is e r a t e s

S t o n e s a id
p r o v id e d

fo r

fu n d a m e n ta l

to

m eet su ch

th a t h o w as o p p o s e d
m e e t in g in c r e a s e d
tr o u b le s

t h e e n d le s s c h a in

to

w ages b y

.
,
in v o lv e d ,

o f w age and

w age
som e

he

ra te

s a id ,

in c r e a s e s

w h ic h e v e n t u a lly w o u ld r e s u lt in d is a s t e r .”
T h e P lu m b P la n L e a g u e a p p o i n t e d e x -C o n g r e s s m a n E d w a r d F . K e a t in g
o f C o lo r a d o a s its G e n e r a l M a n a g e r t o - d a y a n d p e r fe c t e d its p la n s f o r Its

L a b o r fa c e s a p e r s is t e n t ly s e r io u s s it u a t io n d u o t o t h e c o s t o f liv in g a n d
th e

h is

T h e P r e s id e n t , h e s a id , h a d s t a t e d t h a t

h o w o u ld B e g la d t o d is c u s s t h e m a t t e r w it h h im .
I t is p r o & v g e n e r a l l y b e l i e v e d n o w t h a t P r e s id e n t W i l s o n w il l n o t g o o n

in c r e a s e s a s w e r o g r a n te d ,

a d d in g

P r e s id e n t W ils o n

h a d a s k e d fo r a n in te r v ie w la te r , a fte r th e P r e s id e n t r e tu r n e d fr o m

p r o p o s ^ o u r to th o W e st co a st.

con su m ers,

w it h o u t

T h o r e is a p o in t

According to the same advices:

M r . S t o n e s a id t h a t h o h a d m e n t io n e d t h e s u b je c t t o

th e w a g e e a r n e r s s h a re e q u a lly a ll

s e r v ic e

If
be

r a tio n a l c o n d it io n s .”

m a d e b y s u c h a p e r fe c te d o r g a n iz a tio n , a n d t o th o p u b lic th e o th e r h a lf a s
in c r e a s in g

th is c o u n t r y

I f th e r e a r e t o b o h ig h e r w a g e s u n d e r p r e s e n t c o n d it io n s , r a t e s

o p e r a t o r s a n d t h o e m p lo y e e s o n e - h a lf t h e s a v in g s w h ic h a r e e x p e c t e d t o b o
by

and

T h e a d o p t i o n o f o u r p la n w ill p r o v id e t h e s u r e s t m e t h o d f o r b r in g in g a b o u t

m a n a g e m e n t s , a n d l a b o r , s h a ll b o r e p r e s e n t e d e q u a ll y .

e ith e r

days

t h a t p o in t w ill b o r e a c h e d .
B u t u n le s s liv in g c o s t s a r e b r o u g h t d o w n r a d i­
c a lly w e m u s t h a v e m o r e w a g e s .
I t is a n e n d le s s c h a in a n d s p e lls d is a s t e r .

G overn m en t

g r a n tin g t o

s ix ty

w h e r e t h e A m e r ic a n p e o p l e w ill s ta n d n o m o r e , a n d i f p r ic e s g o m u c h h ig h e r

p o r a t io n s w h ic h s h a ll lo a s e t h e r o a d s , a n d in w h ic h t h e p u b lic , t h e o p e r a t in g

p r iv a te c a p it a l, b y

o f a r e c e iv e r w ith in

m u s t g o u p , a n d t h a t w o u ld s e r v e t o k e e p u p liv in g c o s t s .

b o n d s “ w it h a fix e d in te r e s t r e tu r n fo r e v e r y h o n e s t d o lla r t h a t t h e y h a v e

r e v e n u o in e x c e s s o f t h o g u a r a n t e e t o

be a ch an go.

w o u ld b e

th in c r u s t .

I n v e s t e d .”
T h a t t h e t r i-p a r t it e c o n t r o l, h e r e t o fo r e r e fe r r e d t o , b e e s t a b lis h e d in c o r ­

T h a t th e p u b lic , th e o p e r a to r s a n d

T h ere has got to

w o u ld

th o h a n d s

e x p e r ie n c in g t h e w o r s t p a n ic in t h e h is t o r y o f t h e n a t io n .
I d o n o t li k e t o t a lk in s e n s a t io n a l t e r m s , b u t w e a r e w a lk in g o n a v e r y

m anagem ent o f

th e m

F e d e r a tio n

in

A further statement was issued by the railway brotherhood
leaders on Aug. 4 at Washington, setting forth the demands
of labor respecting a charfeo in industrial management and
policy. The proposed legislation offered in the House on
Aug. 2 by Representative Sims for reorganization of railroad
management was characterized in this latter statement as
“labor’s bill,” and its chief provisions outlined therein are
these:
b e r e tir e d

D e p a r t m e n t , A m e r ic a n

t h e r a ilr o a d s w e r e r e tu r n e d t o th e ir o w n e r s th e m a jo r it y o f t h e m

o th e r th a t h as b e e n p re se n te d .

T h a t t h e o w n e r s o f p r iv a t e c a p it a l

E m p lo y e s ’

I a m n o t s u r e t h a t w e h a v e p ic k e d o u t th e p s y c h o lo g ic a l m o m e n t t o in t r o ­

e x ists w h e r e b y e v e r y

p la n it s e lf, w it h o u t c o m m it t t l n g m y s e lf t o t h e d e t a ils b y w h ic h it is t o b e
c a r r ie d in t o e f f e c t , t o

P r e s id e n t R a ilw a y

With regard to the above statement, Warren S. Stone,
Grand Chief of the Brotherhood of Locomotive Engineers,
was quoted in Washington dispatches of the 3d inst. to the
New York “Times” as having said:

T h is w o u ld b e th e

in c r e a s e in w a g e s is r e f l e c t e d In a n in c r e a s e in t h e c o s t o f p r o d u c t i o n .

SH E PPA R D .

M . JE W E LL,

o f L abor.

th e e ffic ie n c y

o f t h e h ig h c o s t o f liv in g , a s th e c o s t o f

d o lla r a n d w o u ld b r e a k th e v ic io u s c y c l e w h ic h n o w

E .

P r e s id e n t O r d e r o f R a ilw a y C o n d u c t o r s .

ex­

p lo it a t io n fo r th e b e n e fit o f e ith e r c a p it a l o r la b o r , a n d it w o u ld a s su re th e

fir s t s te p

SH EA,

A c t in g C h ie f B r o t h e r h o o d o f L o c o m o t iv e F ir e m e n a n d E n g in e m e n .

c o n s titu tio n a l m e th o d s .
I t w o u ld e s ta b lis h h a r m o n y b e tw e e n
th o w a g o

at

STO N E,

W . G. LEE,
P r e s id e n t B r o t h e r h o o d o f R a il w a y T r a in m e n .

it

w o u ld p a y b a c k e v e r y h o n e s t d o lla r p u t i n t o t h e r a ilr o a d s , is s u in g t h e r e fo r
G overn m en t bon d s

S.

G r a n d C h ie f B r o th e r h o o d o f L o c o m o t iv e E n g in e e r s .

t h e fin d in g s o f a p r o p e r ly c o n s t it u t e d

con ­

T h e r a ilr o a d e m p lo y e e s a re

a s sa u lt u p o n

C on gress.

T h e r e w ill b e p e r m a n e n t h e a d q u a r t e r s h e r o a n d

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

in n o m o o d t o b r o o k t h o r e t u r n o f t h e lin e s t o t h e ir f o r m e r c o n t r o l , s in c e a ll

w ill b e t o s tir u p t h e o p p o s it i o n o f c o n s t it u e n t s o f S e n a to r s a n d R e p r e s e n ­

t h e p la n s s u g g e s t e d f o r t h is s e t t le m e n t o f t h e p r o b le m s le a v e la b o r e s se n ­

ta tiv e s w h o a ro o p p o s e d t o th e d e m a n d s o f th e la b o r le a d e r s .

t ia l ly w h e r e it h a s s t o o d a n d w h e r e it is d e t e r m in e d n o t t o s t a n d .
W e r e a liz e t h a t in t h e s t r if e f o r w a g e in c r e a s e s w e c a n n o t w in a n y p e r m a n ­
e n t v ic to r y .
I t is n o t m o n e y , b u t v a lu e w h ic h c o u n t s .
T h o v ic io u s c ir c le
is in f i n it e ; in c r e a s e d w a g e s a r e o v e r - c a p it a l iz e d , f o r in f l a t e d p r o f i t s a n d t h e
c o s t o f g o o d s m o u n t s fa s te r th a n t h e w a g e le v e l.
t h e m u lt it u d e is im p o v e r is h e d .
A n y b a s ic c h a n g e m u s t b e g in

w ith

th e

A fe w g r o w w e a lth y a n d

r a ilr o a d s .

W e

b e lie v o

th e

te r e s ts o f la b o r a n d t h o p u b lic t o b e id e n t ic a l in t h e r a ilr o a d q u e s t io n .

in ­

Glenn E. Plumb, counsel for the Plumb Plan League,
which, it is stated, is organized to push the Government
Ownership Bill, is now in Washington. His views on tho
railroad situation were given in an interview to tho New
York “Times” correspondent on Aug. 3, as follows:

The

T h e r e a r e a t le a s t s ix m illio n m e n w e k n o w o f in t h e la b o r o r g a n i z a t io n s ,

p r o p e r tie s h a v e b e e n o p e r a te d fo r th o p r o fit o f th e fe w , n o t fo r th o s e r v ic e

fa r m o r g a n iz a t io n s a n d o t h e r a s s o c ia t io n s in t h e U n it e d S ta te s w h o a r o s u p ­

o f th e m a n y .

p o r t in g o u r p la n

N o t o n ly h a v e w e s u ffe r e d fr o m

in a d e q u a te w a g e s , b u t th e

p u b lic h a s p a id a n e x t o r t io n a t e t a x f o r t r a n s p o r t a t io n , a t a x b a s e d o n in ­
fla t e d v a lu e s a n d c o lle c t e d fr o m e v e r y p e r s o n b u y in g th e n e ce s sa rie s o f life .
Our

p roposal

p r in c ip le s

to

is

to

o p e ra te

in d u s t r y ,

fo r

th o

r a ilr o a d s

w h ic h

p a r t ic ip a t e d in a w o r ld w a r .

in

d e m o c r a t ic a lly ,

in t e r n a t io n a l a ffa ir s

very

n o a ttem p t to
a p p e a l.

w e lfa r e

in

o r g a n ic w a y

th e p a rt

b e h a lf o f a

th ey

"g e n u in e

in

every

are to

d e c is io n

p la y

c o -o p e r a tio n

in

and

w h ic h

in d u s t r y .”

p a r tn e r sh ip

m u n it y o f in t e r e s t a n d p a r t ic ip a t io n in c o n t r o l .”
I t h a s b e e n a r g u e d t h a t la b o r is m e r e ly a s k in g

d ir e c t ly

a ffe c ts

th e ir

H e s p o k e p la in ly
based
th e

upon

p u b lic

w o r k e r s b e c o m e t h o r a ilr o a d p r o fit e e r s in p la c e o f W a l l S t r e e t .

in

rea l c o m ­
to

w h o a r e in

p a r t y in t h is c o u n t r y h a s e v e r c a s t , b u t in t h is m o v e m e n t w o a r o m a k in g
p o lit ic a l.

som o

co n v in c e d th a t

has

n a tio n

P r e s id e n t W i ls o n d e c la r e d in h is m e s s a g e o f

f u ll r e c o g n it io n o f t h o r ig h t o f t h o s e w h o w o r k , in w h a t e v e r r a n k , t o p a r t ic i­
in

I am

I n f a c t , t h e r e a r e 8 .0 0 0 ,0 0 0

e ffe c t p le d g e d t o s u p p o r t it .
W o h a v o b e h in d t h is m o v e m e n t t o - d a y

M a y 2 0 1 9 1 9 . fo r th e " g e n u in e d o m o c r a tiz a tlo n o f in d u s tr y , b a s e d u p o n a
p a te

fo r s o lu t io n o f th e r a ilr o a d Issu e.

m o d e s t e s tim a te .

th e

a p p ly in g

th e

t h is is a

le t

th o

T h is a rg u ­

fo r m a p o litic a l p a r t y .

m ore

v o te s th a n

O u r f i g h t is t o

any

p o lit ic a l

b o a b s o lu t e ly n o n ­

I t w i l l n o t b o n e c e s s a r y , in o u r o p i n i o n , t o m a k o a n y

p o litic a l

O u r p r o p o s a l w i l l a p p e a l t o t h e g o o d s e n s e o f m e n In a l l p a r t i e s .

M f -.P lu m b w a s a s k e d i f t h e r o w a s t r u t h in t h o c h a r g o m a d e b y t h o r a il­
r o a d o p e w '- t o r s t h a t t h e B r o t h e r h o o d s w e r e p l a n n i n g t o h o l d a n o t h e r s t r i k e
th re a t o v e r th e h e a d o f C o n g re ss.
" W e a r o n<*. t h i n k i n g o f a s t r i k e , ” h e r e p l i e d .
o f la s t r e s o r t.

" T h o s t r ik e is t h o w e a p o n

W o a r e c o n f id e n t t h a t o u r p la n in I t s e lf is s t r o n g e n o u g h a n d

c o n v in c in g e n o u g h w it h o u t a s tr ik e .

W e b e lie v o th a t th o r e s u lt w e se e k

m e n t c a n n o t s u r v iv e a s c r u t in y o f o u r p r o p o s a l.
W e d o a s k fo r a s h a r e o f t h e s u r p lu s a t th o e n d o f e a c h y e a r , a fte r o p e r a tin g

t o a c c o m p lis h c a n b o r e a c h e d w it h o u t a r e s o r t t o fo r c e .
“ T h is m u c h is t r u e , h o w e v e r : s o m e t h in g m u s t b o d o n e a n d d o n o s o o n t o

c o s t s a r e m e t a n d fix e d c h a r g e s a r e p a id ; b u t w o a ls o p r o v id e a n a u t o m a t ic

b e t t e r t h e liv in g c o n d it io n s o f t h o r a ilr o a d w o r k e r s .
If our
a c c o m p lis h e d , th e n th o m e n m u s t h a v e a n in c r e a s e in w a g e s .

r e d u c t io n in r a te s w h e n t h is s u r p lu s c o m e s t o a g iv e n le v e l.

T o re sto re th e

s u r p lu s t h e e m p lo y e e s o f t h e r a ilr o a d s m u s t in c r e a s e t h e e f f i c i e n c y o f t h e ir
m a n a g e m e n t a n d t h e y m u s t in v it e n e w b u s in e s s .
th e s a v in g fr o m
fr o m

new

fr o m

th e

in c r e a s e d

W h a t w e a s k is t o s h a r e

e c o n o m ie s w e o u r s e lv e s in t r o d u c e a n d t o s h a ro t h o s u r p lu s

b u s in e s s o u r e f f ic i e n c y

m a k e s p o s s ib le .

W e

r a ilr o a d s a s fin a n c ie r s h a v e d o n e ; w e s h o u ld
e a r n in g s

fr o m

our

in c r e a s e d

p r o d u c tio n .

s h o u ld

p a r tic ip a te

W o

.d iv id e n d s u n le s s in d u s t r y a s a w h o le w o r e s t im u la t e d b y
p o r t a t io n s e r v ic e .
I n o u r b ill t h o r ig h ts o f t h e p u b lic a r e p r o t e c t e d .

n o t p r o fit

c o u ld

in

not

im p r o v e d

th e
earn

tra n s­

_
_
,
,
T h o r a t e -fix in g p o w e r ,

w h ic h is t h o f in a l c h e c k u p o n r a ilr o a d m a n a g e m e n t , r e m a in s w it h t h o I n t e r ­
s ta te C om m erce

C o m m is s io n .

I f th e n ew

c o r p o r a t io n s h o u ld a t t e m p t t o

.p a y I t s e l f e x c e s s l v o r e t u r n s , a n d p r o d u c o a d e f i c i t , t h e le a s o is f o r f e i t a b l e .
As

to

th e

danger

o f c o llu s io n

• d ire cto rs o f m a n a g e m e n t t o
and

b e tw e e n

v o te

to

th e

absorb

d ir e c t o r s

o f la b o r

th o s u r p lu s b y

and

th e

r a is in g w a g e s

t h u s d e s t r o y t h e in c e n t iv e o f d iv id e n d s , t h e b ill m a k e s a s o u n d

v is io n

W e

b e lie v e

th ^ t th e d iv id e n d

b e th e m o t iv e a n d n o t p r o fit s .
th e ra te

o f d iv id e n d

sy stem

pro­

is e s s e n t ia l i f s e r v ic e is t o

W e a r r a n g e t o g iv e t o m a n a g e m e n t t w ic e

t h o c la s s ifie d

e m p lo y e e s r e c e iv e .

So

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

m anagem ent s

bo, and m anage­

m e n t w o u ld n e v e r v o t e t o u s e t h e s u r p lu s f o r a w a g o In cre a so a t th e s a c r ific e
o f h a lf o f its o w n g a in s .

T o o b t a in a w a g e in c r e a s e t h e c la s s if ie d e m p lo y e e s

w o u ld h a v e t o w in th o v o t e o f t h e p u b lic d ir e c t o r s .
W e a s su re t h o p u b lic Im m e d ia te s a v in g s .
T h o c o s t o f c a p it a l w o u ld
red u ced

fr o m

th e p resen t 6 to

G o v e r n m e n t s e c u r itie s .
en orm ou s.
c r a t ic

7%

p a id t o W a ll S tre e t t o 4 %

T h e s a v in g s a s s u r e d u n d e r a

u n ifie d

p a id

bo

upon

sy stem

are

T h e s a v in g s th r o u g h e ffic ie n c y r e n d e r e d p o s s ib le o n ly b y d e m o ­

o p e r a t io n

are

even

grea ter,

fo r

th o

in c r e a s e d

p r o d u c tio n

r e s u ltin g f r o m h a r m o n io u s r e la tio n s b e t w e e n e m p lo y e e s a n d th o ir m a n a g e r s
a r e in c a lc u la b le .

W e b e h o v e o u r p la n w ill r e d u c e t r a n s p o r t a t io n




ch argo

p l a n is n o t
W o b e lie v o

t h a t o u r p la n o ffe r s t h o m e a n s o f s o lv in g t h e w a g o p r o b le m , a n d u p o n t h is
w e r o ly fo r s u c c e s s .
,
_
,
, , .
“ O u r p l a n is o n e t o e s t a b l i s h a f u n d a m e n t a l c h a n g o i n a s i t u a t i o n w h c h
h a s b e e n g r o w in g fr o m

b a d to w orse fo r m a n y yea rs.

T h o d iffic u l t y w it h

a ll o t h e r p la n s is t h a t i t is t h e ir o b j e c t t o in c r e a s o t h e e a r n in g s o f r a ilr o a d
s e c u r it ie s .

N o n e o f t h e s e p l a n s is f e a s i b l e n o w , b e c a u s e t h o r a i l r o a d s h a v e

o v e r c a p it a liz e d th o fu tu r e t o s u c h a n e x t e n t a s t o m a k e i t im p o s s ib le fo r th o
p re se n t to b ea r th e b u rd e n .
" A m e r e in c r e a s e in w a g e s w ill n o t r e lie v e t h o s it u a t io n

..
a t a ll, s in c e it

n e c e s s a r i l y w o u l d b e f o l l o w e d b y a n I n c r e a s o In r a t e s w h i c h w o u l d i n c r e a s e
t h e c o s t o f a ll c o m m o d it ie s e n te r in g in t o t h e c o s t o f li v in g .
in t h is c r is is is f u n d a m e n t a lly w r o n g .
w h ic h g e t s t h e c o u n t r y n o w h e r e .”

S u c h a p la n

T h e r e is n o u s e i n p u r s u i n g a c o u r s e

On Aug. 6 representatives of the railroad brotherhoods and
tho American Federation of Labor went before the House
Committee on Intor-State and Foreign Commorco; which is
conducting hearings on proposed railroad legislation. Argu­
ments were presented in behalf of the adoption of the Plumb
plan for government ownership. The following day, Aug. 7,
Glen Plumb, author of the Plumb plan testified before the
House Committee, his statement thereat appearing under
another head in this issue. Tho labor leaders told tho
House Committee the railroad- workers did not contemplate
a nationwide strike, should Congress reject the Plumb bill.

Aug. 9 1919.]

THE CHRONICLE

The main features of the hearings before tho House Com­
mittee on Aug. 6 were set forth in Washington advices of the
same date to tho New York “Sun” in part as follows:

Organized labor presented to Congress to-day its plans for tho future
operation o f the railroads and at the same time its officials gave the assur­
ance that violence and strikes would not be used to force tho adoption o f its
program o f Government ownership.
This promise was solemnly made by Warren S. Stone, Grand Chief o f the
Brotherhood of Locomotive Kngineers, and Frank Morrison, Secrotary o f
the American Federation o f Labor, in testimony before tho House Inter­
State and Foreign Commerce Commission, urging the adoption of the rail­
way employees’ plan of Government ownership, known as tho Plumb plan,
which is backed by organized labor.
Instead o f obtaining Congressional approval by force or violence, both
witnesses promised the question probably would be made a political Issue
In 1920 and stated that efforts would be made to havo both o f the main
political parties .adopt it as a platform plank. At the same time, It was
stated that a peaceful campaign o f education would be conducted to win
approval for the program among the people o f the country. This was
considered by members o f the Committee to be a distinct chango of front
from the veiled threat carried in a recent statement of tho brotherhood
chiefs.
'
Other outstanding developments o f the testimony were:
Railway employees and all organized labor demand immediate reduc­
tion of the high cost o f living, or will demand Increased wages with nation­
wide strikes unless they are granted.
it was evident that there was reluctance on the part o f tho officials

545

While the Government would presumably select officers and employees by
means of efficiency tests, political influences would almost certainly be
given weight in selecting men for official positions.
The political effect of Government ownership and operation of railroads in
the United States might be serious. There are now about 500,000 civil em­
ployees o f the Government. The addition to the public service o f 2,000,000
railroad employees, the majority of whom are voters, would constitute a
force o f about 2,500,000 Government employees Interested in controlling
tho policy of the Government as regards wages, hours and conditions of
service. Such a body o f employees might easily exercise a controlling in­
fluence upon State and national politics.

LABOR'S CLAIM TO PA R TIC IPA TIO N I N PROFITS
CARRIED TO THE LOGICAL EX TR EM E.

The following piquant comment on the demand of rail­
way employees for Government ownership of the railroads
and for their participation in the profits of the roads after
first obtaining a further increase in wages which would add
another $800,000,000 to the annual pay roll of the roads,
appeared in the New York “American” on Tuesday, Aug. 4,'
in a dispatch from Chicago “by Boersianer.”
I In petitioning for Government ownership of the carriers
and in asking for participation in profits—in a d d itio n t o n
^
compiished and prove successful.
anything asked for unionized, T s ' o y e e s English rail men.
or expected by even
Opposition to the Government ownership plan as well as what some mem^ 10 s^eP ailthings a limitless self-appreciation, a denotes
innovation in political economy and boundbers called tho efforts of the railway employees to obtain benefits that &mong other
tho rank and file of the other workers of tho country havo not obtained, less assurance which contrast interestingly with the limited
was apparent in tho questions of almost all the members of the Committee, appreciation of what constitutes other people’s property
Suggestions that the Government fix the prices of ail commodities and
Anyhow, it must be admitted that the demand is, unique
that the Government act against the big packers was made by the union Tt irnnlino v ir t n n llv th n t if
‘ S’
officials. M r. Stone said "a firing squad might be advocated for certain l l "nP , Virtually that if you Wish to share the glory and
profiteers.”
the emoluments of an Edison all that is necessary is to get
Earnest objection was voiced to tho President’s plan for a new wage a
ln ono Edison’s plants. Or, if you prefer the fame
board to consider the present crisis.
and some of the earnings of Marconi, find employment in
Regarding the Plumb Plan League and its founder, the ' a w*reless office.
Perhaps you
literary
following was given in Washington dispatches to tho New with the returnswould like a works. reputation together
on standard
Ask Thomas Hard­
York “Tribune” of Aug. 7:
ing, or William Dean Howells, or Anatole France, or Paul
Glenn E. Plumb, whose plan for tripartite control o f tho railroads, In­
corporated In tho Sims bill, was presented before tho House Inter-State Boarget to give you something to do—to point their pens
It may be you havo a longing to
and Foreign Committee to-day, is a Chicago corporation and railroad or fill their ink bottles.
lawyer o f thirty years’ experience in the legal and business phases of rail- share tile celebrity and the revenue of a well-known actor;
roading.
then, all you have to do is to become John Drew’s valet.
Recently ho organized the Plumb Plan League, which has as officors the
Possibly your aspirations are not artistic, and you have a
following:
preference for politics. Apply to President Wilson for a
President, W . S. Stone, Grand Chairman o f the Brotherhood of Loco­
seventeenth assistant secretaryship. He will give you part
motive Engineers; Honorary President, Samuel Gompers; Honorary Vice­
President, A. B. Garretson. Fourteen other Vico-Presidonts are tho four­ of his income and will acknowledge to the world he has
Or, to come
teen heads o f as many national and international railway labor organiza­ depended somewhat on you for guidance.
tions.
nearer to our muttons, you may want to be a Vanderbilt—
Mr. Plumb was at one time President of tho Chicago Street Railway in fame and in fortune.
Company, and later represented tho City of Ch.cago in tho “ ninety-nino
If so remain where you are, a railway employee. Pre­
year” case o f Blair against the City o f Chicago, involving tho right of the sently the Government will glorify you as an administrator
street railway company to have a ninety-nine year rather than a restricted
and give you a percentage of the net receipts of the New
franchise.
It may not be generally known that Dr.
His plan, he says, is tho result o f fifteen years’ study, and o f more re­ York Central.
Boll regards all telephone operators as co-inventors of the
cent consultation with the heads of tho groat railway brotherhoods.
“ I evolved this plan," said Mr. Plumb to-day. “ from practical business telephone, and divides his income with them.
association with railroad matters, and designed it to protect simutaneously
There is a sure method of having an interest in its profits—
tho interests o f capital, labor and society in general."
become a security holder. But that is an old way and
On June 30 a statement was presented to President Wilson entails the saving of money, which is troublesome.
from Grand Chief Stone and members of the Locomotive
Engineers’ Advisory Board, declaring that unless tho Gov­
FOR A CQ U ISITIO
ernment took adequate measures to reduce the cost of living, PLUMB PLANGOVERNMENT OF N A N D CONTROL BY
THE
RAILROADS.
tho railroad employees would ask for increased wages. This Glenn E. Plumb, head of the Plumb Plan League and
statement was published in our last week’s issuo, page 432. author of the Plumb Plan Bill, went before the House Com­
mittee on Inter-State and Foreign Commerce on Aug. 7
BUSINESS INTERESTS OPPOSED TO GOVERN M E N T and set forth in detail his plan which provides for acquisiOW NERSIIIP OF RAILROADS AS SHOWN BY POLL
tion by the Government of the railroad systems and prop07' U. S. CHAMBER OF COMMERCE.
erties and for their operation under Federal control. The
The Chamber of Commerce of the United States, which features of tho so-called Plumb plan were incorporated in a
represents 1,120 commercial and trade organizaions with a bill introduced in the House on Aug. 2 by Representative
membership of 670,(XX) business men, announced at Washing- Sims at tho request of leaders of organized railway labor,
ton on Tuesday, Aug. 5, that complete returns of a referen- According to tho Plumb Plan Bill, a public service corporadum submitted by the Chamber to its member organizations tion with fivo directors elected by the “classified” employees,
showed that 99% of tho votes cast were opposed to Govern- five by the “official” employees and five appointed by the
ment ownership of the railroads. The following announce- President would lease from the Government and operate
ment was made by tho Chamber of Commerco from Wash- the railroad properties. In taking the stand before the
ington on Aug. 5:
House Committee, Mr. Plumb read a prepared statement,
Complete returns tabulated to-day o f the referendum submitted by the which in part was as follows:
I}hn.mhf*r nf Ilrnnmnrcn nf thn TTnit.ivI SUntos tn
mmnbnn
—i ..
m
m i.
. ,

Chamber o f Commerce of tho United States to its member organizations
show that 99% o f tho votes cast wero opposed to Government ownership of
railroads. Tho National Chamber is a federation of 1,120 commercial and
trade organizations, with a membership o f 670,000 business men.
Tho National Chamber therefore goes on record against Government
ownership for tho following reasons:
Under Government ownership tho development o f railroad facilities
would dopond upon Congressional appropriations, which would provent the
anticipation o f tho transportation noeds of the country. Appropriations
would not bo made In tho amount and at the time needed to insuro adequate
development o f tho railroads. Political considerations might also control
tho amount of tho appropriation and the objects for which they were made.
To acquire tho railroads the Government would havo to plodgo its credit
for eighteen to twenty billion dollars, at a time when other largo financing
not
I m in
If
1
ato ••
_
must bo /done. It nr/\<>LI I*.. difficult r .... itho t' . . . . . . . . . .
would bo . 1
for l , „ Government. a. dlsposo of the
securities required to purchaso tho railroads and it would bo necessary for
tho Government to securo from 500 million to ono billion dollars o f now
capital each year.
Government operation Is seldom if ever as efficient as corporate mana8ement.




j

I

Twenty-two million citizens, out of patriotism, contributed, not only from
past savings but frequently by mortgaging their future earnings, $20,000,­
000,000 to aid In the prosecution of the war. On this contribution they
aro assured a return o f only 3 M to 4 % % . If they now see the Government
of that country which they love guaranteeing 6% returns on $20,000.­
000,000 of railroad securities, of which at least half is fictitious, if the
Inter-State Commerco Commission's figures on five small roads aro to be
taken as characteristic of the entire industry, representing no service to the
public, thereby depreciating their securities, for which they paid par
value, by 50%, can you expect them to maintain that patriotic belief in
their country which moved them to such sacrifice in time of Its need 7
Tho representatives of railway securities, the railway security holders,
and tho United States Chamber of Commerco appearing before you have
ascertained that they speak for half of tho citizens of the United States
. .
.
.
.
.
being interested In the value. In maintaining the credit o f railway securities.
By what basis they reach this conclusion I cannot tell. But they assert
that savings banks, trust companies, and life insurance companies have large
investments in railway securities, that every depositor In such a bank, every
holder of a life insurance policy, and every one In any way affected by tho
net assets of such Institutions are represented by them.

546

THE CHRONICLE

If 50,000,000 peoplo are Indirectly affected by the market value of $20,­
000,000,000 of railway securities held by 200,000 Individuals, how many
people are affected by the market valuo of $20,000,000,000 o f Government
bonds held by 22,000,000 individual subscribers? And to what extent
aro tho holders o f life insurance policies and depositors in savings banks
interested in seeing that the assets o f those institutions are not damaged
by shrinkage in tho market of Government bonds which they hold?
Tho constantly rising cost of commodities to the consumer has far out­
stripped tho purchasing power of the consumer’s wage. To avoid the de­
privations which loss of purchasing power necessarily Inflicts, tho first
natural reaction is the demand for increased purchasing power through
demanded raises in wages, yet this demand is acknowledged to bo futilo,
because such increaso in cost o f production is immediately more than re­
flected in the increased cost of commodities.
In answer to this first reaction— demand for increased wages—wo now
find a hundred thousand railway employees refusing longer to render their
services for theso constantly diminishing returns. This manifestation of
revolt is but symptomatic of tho entire industrial situation. It is not unrest
that confronts us; it is revolt because of industrial conditions no longer to
be borne.
Wo already number in tho supporters of labor’s plan approximately
6,000,000 adult producers— about ono-sixth of tho productive man-powor
Of tho United States. Perhaps tho samo proportion of tho political power of
tho nation, and a financial power which few comprehend. Those em­
ployed on tho railways alone, represented in this movement, receivo as their
annual compensation for the Investment of their life and labor upward of
two and a half billion dollars a year— two and a half times the amount of
compensation paid for the use of tho money Invested in railways.
It is claimed by those who represent the financial interests boforo this
Committee that they have investments o f approximately $20,000,000,000
in this industry. It is not with tho interest of capital with which wo havo
to do, but with the human interests involved in tho ownership of capital
by human beings.
Organized labor now realizes that further advances in wages at tho ex­
pense of a cost of living exceeding that of values aro wholly futile. Equally
organized labor realizes that to correct this vicious system tho interests of
both producers and consumers must bo protected, that tho great increase in
the productive power of human effort should be reflected equally in increased
earning power of those who produco and tho decreased cost o f tho commo­
dity so reduced.
But- with transportation the situation is quito otherwise. Tho cost in
transportation is reflected in tho price o f all commodities, whether trans­
ported or not. Tho consumer pays tho freight on everything that ho con­
sumes, although it may bo produced next door and may nover havo passed
over any lino of transportation. Heretofore railroad rates havo not been
advanced universally. A commodity rate is advanced hero, a classifica­
tion rate advanced there, and only thoso commodities affected by such local
advances reflect tho increased cost in their price. But with tho coming of
tho war a 15-per-cent, advanco was allowed by tho Interstate Commerco
Commission, covering all ratesjand all commodities,and reflected the next day
in the purchaso prico o f everything by which wo livo. Later tho Director
General again advanced theso rates 25 per cent. This advanco was again
immediately reflected in tho prico of commodities and tho cost of living.
Tho wages earned by thoso who produco constitutes the great bulk of
tho purchasing fund of this nation. When tho price of all commodities is
advanced due to an increased cost of transportation and tho wago fund
is not correspondingly Increased, tho difference is exactly reflected by a
restriction in the amount o f commodities consumed. This soon reacts on
the producing agencies. They provido a restricted output to correspond
with tho restricted demand. This, again, restricts the wage or purchasing
fund, and the cycle of restriction endlessly repeats Itself until wo find pro­
duction stifled, industry in stagnation, unemployment, and inevitable
political and social revolution.
Roverso this vicious system. Reduce rates. Tho costs o f all commo­
dities aro then reduced accordingly. Tho purchasing power of tho wage
fund is then correspondingly expanded. A greater volume of commodities
Is consumed. Tho demand on industry is increased. Thero follows a
wider field o f employment which, in turn, increases tho wago o f purchasing
fund o f tho cummunity. This must inovitably follow, unless tho savings
of tho cost o f transportation, Instead of being reflected in tho prico of com­
modities, aro appropriated to swell the volumo o f profits of thoso who
control capital. Insure tho savings effected by a reduction in rates to the
consumer, and you will havo turned the tide that now threatens to over­
whelm us.

[*Vo l . 109.

would not bo surprised at almost any social development in this country
within sixty or ninety days if I have correct information on tho temper of
tho working-men. ”
He said he felt “ much as members of Congress do,” when ho camo hero
in May, but ho had been “ overwhelmed and amazed by tho sentiment of
tho men out in tho country.”
When Mr. Barclay asked Plumb to define his intimations of great indus­
trial disturbances within sixty or ninety days, tho witness said:
“ When tho plan spreads so like wildfiro without effort on my part, I
would not bo surprised to see tho peoplo expressing their demand for it by
any means within their power.”
“ Do you think it possible that this bill will solve tho problem for all tho
peoplo in tho immediate future?” asked Mr. Barclay.
“ It will do moro than anything elso can. You faco a demand for $700,­
000,000. If you grant it, you add an increaso to tho burden of living. If
the plan is adopted wo can assure immediately that thero will bo no increaso
in rates, wipo out tho deficit and operate at a surplus. There may bo a
5% rate reduction immediately, nad perhaps it would bo necessary to forego
the dividends.”
It was shown that State-owned roads would be taken over under tho plan.
Mr. Esch said tho States received $214,000,000 annually from thoir railroad
taxes, and that in some this revenue constituted half tho ta'x receipts.
“ Yes,” said Plumb. “ Wo proposo that this should bo reduced. 10%
annually,” until absorbed, and the ton years would allow tho States timo
to adjust their taxation.”

He also reviewed tho way in which tho railroads wero
operatod previous to their being taken ovor by tho Govern­
ment, and declared that financial interests had manipulated
and wero trying to wreck tho systems., Mr. Plumb was
further quoted before tho House Committee on Aug. 7 in
Washington accounts of tho samo day to tho Now York
‘‘Times” as follows:

In a statement read to the committee he asserted that railway “ Interests,”
led by “ Wall Street,” were already beginning a campaign to wreck the
systems at the expense of tho investors. In viow of this situation tho railway
labor organizations had called a “ national conference of railroad control”
for Saturday in Washington. This statement road:
“ During this week, and sinco your committee requested mo to appear,
thero has come into tho possession of tho railroad brotherhoods and ton
affiliated railway labor organizations of tho American Federation of Labor
a state of facts nover spread beforo tho American people or submitted to
tho jury of public opinion. Theso facts tend to show that tho wrecking
and looting of tho Now York, Now Haven & Hartford Railroad, tho Chicago
& Alton, tho Rock Island system, and tho Frisco lines aro not sporadic
examples of the highway robbery to which tho American Nation has been
subjected as to its public transportation highways. Loading directly from
Wall Street and from tho banking houses controlled directly by the Morgan
and Rockfeller groups, theso facts show that thero has proceeded a systema­
tized plundering or virtually all of tho public transportation highways of
tho United States.
Wo bellovo that a Congressional investigation will reveal that not ono rail­
road system dominating any part of tho 254,000 miles of railroad in tho
United States but has suffered and is suffering, in degree if not to tho samo
extent, from carefully deliberated manipulations of tho sort that ha,vo
wrecked and ruined tho railroads I havo mentioned. It will reveal with
emphasis tho truth of tho words recently uttered beforo tho bankers of
Missouri by Elihu Root:
“ Surely somo provision must bo mado to prevent tho contlnuanco of tho
steady progress toward bankruptcy of tho railroads which characterized tho
decade beforo tho Government took possession in 1917.”
It will reveal that theso interests aro again gathering their forces of pri­
vate and secret control and seek, after having gained from Congress a sanc­
tion to rehabilitate thoir railroad properties at public expense, to begin
again and follow through its corrupt and wicked cyclo the systematized
plundering and looting of tho public and tho public interest in the nation 8
highways.
Admission was mado by Plumb that tho State Railway Commissions
would bo practically eliminated under his plan. Investors in stocks and
bonds would receive only 66% of their supposed valuo, a percentage, which
ho considered adequate, as stocks wero watered.} From $10,000,­
000,000 to $12,000,000,000, ho said, would be sufficient to purchase tho
systems. Ho predicted a 5% reduction in rates immediately if his plan
was adopted. To Chairman Esch ho said that industrial unrest had been
brewing for months and that Its coupling with tho plan was merely because
tho plan had been introduced at this particular time.

Tkoroaftor Mr. Plumb was questioned by mombors of tho
House Committee concerning different parts of tho Plumb
Plan Bill. The following accounts of the hearings were T )n Aug. 6 arguments wero presented for the adoption of
given in Washington press dispatches of Aug. 7:
tho Plumb Plan Bill beforo tho House Committee on Inter­
Explaining one provision, allowing tho "Appraisement Board" to build
extensions and tax tho locality at a rate commensurate with tho increaso in state and Foreign Commorco by Warren S. Stono, Grand
land value in the territory, Plumb said that if a railroad was run through Chief of tho Brothorhood of Locomotivo Engineers and
ten miles of virgin territory, with an assessment of 25 cents per aero annually Frank Morrison, Secretary of the American Federation of
for twenty years, this would produce $36,000 per mile, and that the land
would increase boyond tho assessed valuo. Asked what right Congress Labor.
.
would havo to place a tax burden on peoplo who did not wish it. Plumb said
tho Government had a right to build railways where it pleased.
Other questions developed that he held that under tho bill Government
arsenals could turn out equipment for the railways and tho Quartermaster’s
Department furnish food.
While tho roads wero said to have some $19,000,000,000 Invested, thoy
were worth actually only from $10,000,000,000 to $12,000,000,000, said
tho witness.
"W hat would become o f the extra $7,000,000,000 now represented,”
asked M r. Barclay.
" I t is not represented now; it’s not on the market," was ono answer.
"Then you contend that tho holders could only recover 6 6 % ?”
"Yes, that’s moro than they over received in all railroad history. They
would receive just what they receive to-day.”
In tho bill, five directors are elected by thej“ classifled” employees and
fivo by the “ official" employeees, whilo five aro appointed by tho President.
M r. Barclay thought this would givo “ two to ono,” in favor of railway em­
ployees. Tho witness contended that tho line between “ classified” em­
ployees, o f which there aro now 2,000,000, and "official” employees, of
which thero are now 20,000, was clearly drawn. Subsidiary boards would
bo made up in tho same way.
If wo wish a reasonable period o f time to consider this plan and some rail­
way employees showed impatience, you would not advocate a striko, would
you? asked Chairman Esch. Tho witness ovaded tho question.
Chairman Esch recalled that in February tho witness said ho did not
think a solution o f tho railway problem could bo reached within tewnty-one
months tho timo then urged for the end o f Federal control.
"The course o f ovents has changed,” replied Plumb. “ I did not think
two yeai-s too long them. I do now. Wo may accelerate tho day. I




N A T H A N L. A M S T E R ’ S P L A N FOR RAI LROAD
CONTROL.

Tho creation of a Federal Corporation which would own
and control all tho railroads of tho United States was urged
on July 29 by Nathan L. Amster, of Boston, before tho House
Committee on Inter-State and Foreign Commerco. Mr.
Amster is President of tho Citizens National It. It. League.
His plan was submitted to tho Sonate Committee on Inter­
State Commerco at tho last session of Congress. According
to tho New York “Tribune” of July 30, Mr. Amster, roplying
to questions as to whether tho plan meant government or
private operation of tho roads, declared that in theory tho
plan meant private ownership, but that in fact the peoplo
would be running tho roads, paying a fair return to tho stock­
holders. Tho “Tribune” said:

He indicated that the plan would requiro Congress to authorize tho stock­
holders of tho various roads to get togotlier, and that at least threo of tho
largest roads must be parties to tho plan boforo it could becomo effective.
Tho hearing brought out tho fact that under tho plan there would bo a
board of governors and a trust and finance corporation to handle a fund of
$500,000,000, to bo borrowed from tho government to perfect the proposed
consolidation, a valuation and adjustment commission and a labor adjust-

Aug. 9 1919.

THE CHRONICLE

mont commission, all in addition to the Interstate Commerce Commission
M r Amsier would bring about ownership of the roads by forming a national
company to take over the stock and assume all their bonded indebtedness.
The objection made to the over-centralization that it is contended would
resuh from one company's owning all the roads. M r. Amster said, would be
met bv creation of a Hoard of Governors of nine members to be appointed
bv the '^resident— one from the Interstate Commerce Commission, one
froni^theS o commission, two from among railway employes, one from the
United States Chamber of Commerce, ono from tlio national board of farm
nro-mi/ations and three from the security owners.
The ,dan further provides for an advisory rate board to act under super­
vision of tte I C C . the functions of which would not bo interfered with
under this plan
Mr. Amster said Congress should make It mandatory
that the commission establish rates that would pay 6% on stock of the con­
solidated company, pay operating costs and cover depreciation. If there
shmild bo a sunilus above the amount needed to meet the demands enume­
rated he said it would bo divided among employes and a reserve fund.
A m s t e r b e li e v e s if 25% of t h e surplus w e r e given t h e e m p l o y e s t h e r e
ifo denied t t o . w.gee o f rai.wny employee have

Mr

been too high.

RAI LROAD A D M I N I S T R A T I O N APPOI NTS COLUMBI A
TR U S T COM P A N Y TR U ST EE OF N E W RAILROA D
E QUIPMENT.

The Columbia Trust Co. has been appointed by the
United States Railroad Administration to be trustee to hold
title to a large amount of now railroad equipment pending
the delivery of this equipment to the various railroads, or
the adjustment of the various questions respecting its
allocation.
,., .
,
Tn all 87,(KM freight cars, part of which have been con­
)
structed but none yet allocated, will bo lettered “Columbia
Trust Co Trustee, Owner,” and put into srevice on rail­
roads throughout the United States. Placing these cars
in service in the immediate futuro will greatly facilitate tho
movement of crops. Tho valuo of this equipment is be­
tween S200,000,000 and $300,000,000.

547

Borah, who had suggested that the reservations be extended
to Article XI (which article was not specifically mentioned
by Mr. Hughes), urges that “the proposed reservations with
regard to domestic questions and matters of national policy
embraced in tho Monroe Doctrine apply to all the operations
of tho League of Nations, and thus qualify Article XI, as
well as other articles of tho covenant.” Mr. Hughes also
states: “I think that Article X. should be eliminated, or
. . . the ratification should be accompanied by a clear
reservation and interpretative statement that the United
States makes no promise and assumes no obligation whatever
to engage in any military undertaking unless it is authorized
by Congress.” The suggestion of additional reservations
was made by Senator Borah in a letter to Mr. Hughes,
dated July 29, appearing in these columns last week (page
445). Mr. Hughes’s reply, dated Aug. 2, was made public
in the daily papers of Aug. 5, and reads as follows:
Bolting landing, Aug. 2 1919.

H o n . W illia m E . B orah , U nited States Senate, W ashington D . C.
M u D ea r Senator Borah:— I am glad to receive your letter of July 29,

which has been forwarded to me here. In my letter to Senator Hale,
I did not think it necessary to suggest an additional reservation wit re­
spect to Article X I of the Covenant of tho Leaguo of Nations for the fo -

PROPOSALS OF EDOAR J. RICH FOR S E T T L E M E N T
O F RAI LROAD PROBLEM.

' ° r s t r —Tin:'proposed reservations with regard to domestic questions and
the matters of national policy embraced in tho Monroe Doctrine apply
to alTthe operations of the League, and thus qualify Article X I as well
as tho other articles of tho Covenant, by withdrawing these matters from
the consideration of the League or of any of its agencies.
........
..
Second— Article X I declares that “ any war or threat of war is a matter
of cmiccrn to the whole League.”
But if it be a matter of “ concern
still tho League Is to act only as provided in the Covenant. It is further
provided in .Article X I that “ tho Leaguo shall take any action th a tm a y to
deemed wiso and effectual to safeguard tho peace of nations.
What may
ho deemed to be “ wise and effectual” must, of course, bo determined at
tho time and in tho light of the situation as d i . s c l o s e d
ln short thero ^
no present undertaking beyond an agreement to confer in order to de­
termine what is "wiso and effectual,” tho course of action being dependent
iinrm the result of the conference.
. . .
.,
.
1The article contemplates a meeting of the Council or of tho Assembly^of
tho League and, in cither case, as the matter is not one permitting a deby aless number, there can be no decision without the unanimous
agreement on the part of tho members of the League represented at the
meeting As tho United States is a member of the Council, nothing can
be determined to bo “ wise and effectual” without tho concurrence of the
representative of tho United States,' unless tho United States sees f.t not

A plan for tho settlement of tho railroad problem was pre­ cSon
sented on July 30 to the IIouso Committee on Inter-State
and Foreign Commerco, by Edgar J. Rich, of Boston, in
behalf of the Associated Industries of Massachusetts. The
f d p
plan proposes that the Government guarantee loans nccos- t0 The c a ^ o to^ X i sII u t e within tho province of tho League falls under
X
which I
rarv to raise money for tho physical improvement of the rail­ A I f S f n IIArticleVX I of tho covenant,territorialneed not review.the p o U d ^
no guaranty of
integrity, or o f
roads. Tho following further facts regarding tho plan are lndcnendence of any State, or any assumption of any obi gation to make
war or to declare or maintain an economic boycott or blockade, or to take
t a k e n from tho New York “Tribune” of July 31:
any other action whatever, unless the United States, availing itself of its
It also contemplates that railway rates shall be fixed at figures that will
not the railways o f the country in the same rolatlve position that they wore
in with respect to not Income in tho three years before the war. In those
three years tho annual average aggregate of railway deficits was $22,000,000.
which would be tho outside amount the government v ould havo had to make
irood had tho plan under consideration then been effective.
As an offset to this expenditure by tho government in guaranteeing
obligations tho Rich plan proposes that when any railroad company earns
more than 9% applicable to its capital stock, tho surplus shall ijo equally
divided between tho railway company and tho government. During the
three years before the war this division would havo yielded the government
S52 000 000 annually. The fund thus accumulated would be drawn on
tor making good tho guarantees of tho roads that cannot finance their im­
without government backing. Ponding the installation of
this schemo Dr. Rich would havo tho present compensation guarantee to
the railroads continued through 1920.
,
. .
Railroads seeking guarantees under this plan would bo required to estab­
lish a sinking fund adequate to retire their bonds in fifty years. Dr. Rich
summed up tho advantages of his plan as follows:
“ Fvery railroad could raiso tho necessary capital for improvements, and
thus overy community would rcccivo proper transportation service.
“ This result Is obtained at tho least possible cost to tho shippers, for there
is no necessity to raiso rates to tho point necessary for tho establishment
of credit to all railroads through earnings.
.
"Tho strong roads would continue to finance tlioir own requirements,
and tho weak roads would be entirely free from tho unwholesome domina­
tion of banking interests.
, x . tit
„
“ Competition is preserved, and with it private initiative.

provements

POSTAL E MP L O Y E E S A S K 50% W A G E I NCREAS E.
A delegation of post office and postal employees, headed
by Frank Morrison, Secrotary of the American Federation
of Labor, presented to President Wilson on Aug. 7 a letter
asking him to recommend to Congress an increase in tlioir
wages of 50%. The high cost of living is the basis of the
postal employees wage demand. Tho lotter to tho Presi­
dent in part said:

A recommendation on this subject to tho Congress favoring adequate
i i ,i „
heli-ilf of this important group o f American wage earners
—
to the postal wage p ro b le m -™ , that is
ully as pressing as tho railroad wago problem—and wo aro confident it will
result in bringing merited relief._______ .__________

i

REPLY OF CHARLES E. H U G H E S TO SENATOR BORAH
ON RESERVATIONS TO ARTI C LE X I . OF L EAGUE
COVENANT.

Former United States Supromo Court Justico Charles
Evans Hughes, whoso proposed reservations to tho Loaguo
of Nations covonant of tho Peace Troaty with Germany wero
given in our issuo of Aug. 2 (pago 444), in replying to Senator




privilege as a member of tho Council, concurs in a decision that such a
course is both wiso and effectual. The United States as it seems to me
will be entirely free to reach its conclusions according to the merits of tho
case and I see no injury to our interests in this provision.
Aricle X
as I view it, presents a different question. The vice of
Article X is that, unless a different view is clearly set forth as a part
of the instrument of ratification, it would seem to import the assumption
of a present guaranty with respect to tho territorial integrity of all members
of the L ^ g i^ . The provision in Article X that the Council shall advise
"upon the means by which this obligation shall bo fulfilled might be taken
to mean that the conference of the Council was to bo only as to the method
of performing a definite existing obligation.
Of courso if the United States were bound by an existing guaranty it,
could not in good faith make the guaranty worthless by refusing to consent
to any means of enforcement. Freedom to repudiate an obligation is not
the freedom wo disire. Nor does it answer to call tho obi gation merely a
moral one. because of a lack of enforceability. We should hope that we
should regard a moral obligation as binding as any other.
M y o X t t o n to Article X is that, unlike Article X I. it is not property
limited to an agreement to confer and to decide in tho future upon the course
of action which would then seem to be in accordance with the dictates of
h srtce and our viewsAs to what, as a nation, wo should undertake, but
(unless 'we now otherwise declare) might be taken to bind us to an im­
mediate and continuing guaranty as to the territorial Integrity of a mem­
bers of the League, and thus expose us to tho charge of bad faith, or of
having defaulted in our promise, if Congress refused to recognize the obliirTlion and to provide the means of fulfillment.
Hence I think that Article X should be eliminated, or, if retained because
its advocates insist that it Imports no such obligation, the ratification should
be accompanied by a clear reservation and interpretative statement that the
United States makes no promise and assumes no obligation whatever to en­
gage in any military undertaking unless it is authorized
C ° ngI^ ’
that Congress is entirely free to-exercise its exclusive authority in deter
mining for the United States whether in any futuro exigency there is any
“ b u S to n o n ^ e
of S e United States under this article, and the means
by which any such obligation shall be fulfilled.
I remain, with assurance of my high regard,
Very sincerely yours.
CHARLES E. HUGHES.

P RE S I DENT WI L S ON L A Y S BEFORE S E N A T E PROTO­
COL TO G E R M A N PEACE TR E A T Y .

The protocol which is to accompany the treaty of peace
with Germany was laid before the U. S. Senate Aug. 1 by
Vice-President Marshall. It was accompanied by ex­
planatory letters from President Wilson and Secretary of
Stato Lansing. The documents were sent to the Senate
bv President Wilson on July 31, but were received too late
for submission to it on that date. They were referred on
Aug. 1 to the Foreign Relations Committee. Ihe protoco
represents certain late concessions of a minor character

548

THE CHRONICLE

made to the German Government just before the signing
of the peace treaty. The text of the protocol follows:
With a view to indicating precisely the conditions in which certain pro­
visions o f the treaty o f even date are to bo carried out it is agreed by the
high contracting parties that:
(1) A commission will be appointed by the principal Allied and Asso­
ciated Powers to supervise the destructions o f the fortifications of Heligo­
land. in accordance with the treaty. This commission will be authorized
to decide what portion of the works protecting the coast from sea erosion
are to be maintained and what portion must bo destroyed.
(2) Sums reimbursed by Germany to German nationals to indemnify
them in respect of the interests which they may be found to possess in the
railways and mines referred to in the second paragraph o f Article 156
shall be credited to Germany against the sums due by way o f reparation.
(The paragraph referred to relates to the Tsing-tao Tslnan-fu railway
mines in China acquired by Japan under the Peace Treaty.)
(3) The list o f persons to bo handed over to the Allied and Associated
Governments by Germany under the second paragraph o f Article 228 shall
be communicated to the German Government within a month from the
coming into force o f the treaty.
(4) The Reparation Commission referred to in Article 240 and para­
graphs 2, 3 and 4 o f Annex 4 cannot requiro trado secrets or other confi­
dential information to be divulged.
(5) From the signature of tho treaty and within tho ensuing four months
Germany will bo entitled to submit for examination by tho Allied and
Associated Powers documents and proposals in order to expedite the work
connected with reparation and thus to shorten the investigation and ac­
celerate tho decisions.
(6) Proceedings will be taken against persons who have committed
punishablo offences in tho liquidation of German property, and tho Allied
and Associated Powers will welcome any information which tho German
Government can furnish on this subject.
Done at Versailles, the twenty-eighth day of Juno, one thousand nine
hundred and nineteen.

President Wilson’s message transmitting the protocol
follows:
To the Senate:— I have the honor to transmit to tho Senate herowith, ac­
companied by a letter from the Secretary o f Stato, a brief protocol to the
Treaty o f Peace with Germany. Tho certified copy which I transmit has
just been received by tho Department of Stato and I am transmitting it
without delay.
Tho protocol originated in a written interchange o f views between tho
representatives of tho Allied and Associated Powers and representatives of
Germany, as a result of which tho representatives of Germany requested
that certain explanations o f methods and facilities which it was proposed
should be accorded tho German Government in the execution of the treaty
should bo reduced to writing and signed by tho Powers signatory to tho
treaty so as to form a definite and binding memorandum.
WOODROW WILSON.

AGREEMENT OF ALLIED POWERS REGARDING GOV­
ERN M EN T OF R H IN E DISTRICT PRESENTED
TO SENATE BY SENATOR LODGE.

FRENCH

Y ol . 109

CABINET DECISION AS TO EFFECTIVE
DATE OF PEACE TREATY.

On July 31 the French Cabinet approved tho proposal
that peace should be considered to exist officially from tho
date of publication in tho “Official Journal” of ratification
of the German treaty by the Chamber of Deputies, when
completed. It is stated that it was decided that tho ratifi­
cation of the German treaty should be considered to mark
a state of peace without awaiting the completion of treaties
with other Powers still at war with France.
LETTERS OF W. II. H AYS TO EX -PRESID EN T TAFT
ON LEAGUE RESERVATIONS CO N FID ENTIA L.

The Associated Press carried the following in notice on
July 26:

Tho Associated Press has received the following message from ex-Prosldent Taft:
Your association yesterday gave out two lotters written by mo to Will
H. Hays on July 20 last. These letters wore personal and confidential and
wero so plainly marked and were published without the knowledge or
consent of Mr. Hays or myself. I ask in fairness to Mr. Hays and mo
at once to glvo this the samo publicity you gave the lotters.
W ILLIAM H. TAFT.
It should bo said that the Associated T*ross was furnished tho lotters
referred to by ono who had received copies of them and felt himself under
no obligation to regard them as confidential.

DAMAGES TO FRANCE THROUGH INVASION.

According to a report mado to the Parliamentary Com­
mission of Peace the material damage caused to the invaded
departments of France during the war amounts to 119,­
000,000,000 francs. The damage caused to French agri­
culture is stated at 37,000,000,000 francs and tho grand
total, including money paid to commercial enterprises,
military expenses, and pensions, is given at 200,000,000,000
francs. The following is the announcement regarding tho
report contained in cablegrams from Paris July 21 to tho
daily papers:
The Parliamentary Commission of Peaco, sitting under tho presidency
of M . Vlviani, who recently was named by the Chamber of Deputies to
preside over tho commission and examine into tho peaco treaty with Ger­
many, to-day listened to a report by Deputy Louis Dubois on tho clauses
of tho treaty relating to reparations demanded of Germany.
M . Dubois said tho material damage done in the invaded departments
amounted to 119,00J.J00,000 francs. This amount, ho said, had been
verified by a committee of engineers, architects, manufacturers and agri­
culturists. He added that the damage done to agriculture was said to
aggregate 37,000,000.000 francs.
The damage falling upon the individual and tho money paid to start
commercial enterprises were not included in this sum, and likewise 37,­
000,000,000 francs for military expenses and 6,000,000,009 francs for pen­
sions, were not embraced. The total amount of the damage dono, M
Dubois said, would aggregate 200,000.000.000 francs.

Following presentation of the protocol to the German
peace treaty by Vice-President Marshall on Aug. 1 to the
U. S. Senate, Senator Lodge, Chairman of tho Senate
Foreign Relations Committee, placed before the Senate
on the same day the text of an agreement between tho three
chief Allied powers regarding military occupation of the
Rhine district. The copy of the agreement presented by B. M . BARUCH ON IN A B IL IT Y OF GERMANY TO PAY
him Senator Lodge said had been received privately after
IN D E M N IT Y —PRESID EN T WILSON’S VIEWS.
the document had been presented to the British Parlia­ Open hearings on tho Treaty of Peaco with Germany
ment. The text as given to tho Sonate reads as follows: began on Thursday last (July 31) before the Foreign Re­
The Allied and Associated Powers did not insist on making tho period of lations Committee of the Senate, which on July 28 completed
occupation last until the reparation clauses were completely executed, bocauso they assumed that Germany would bo obliged to give every proof of her the reading of tho treaty undertaken on July 15. Bernard
good will and every necessary guarantee beforo tho end of the 15 years’ M. Baruch, economic adviser to the American Peaco Dele­
time.
gation, was the first witness to appear before the Committee.
As the cost of occupation involves an equivalent reduction of the amount
available for reparations, tho Allied and Associated Powers stipulated by In his presentments to the Committee Mr. Baruch is said
Article 431 of tho treaty that if before tho end of tho 15-year period Germany to have stated that he thought the question as to whether
had fulfilled all her obligations under the treaty, tho troops of occupation
the United States should receive a part of the indemnity to
should bo immediately withdrawn.
If Germany, at an earlier date, has given proofs of her good will and be paid to Germany was still an open one. According to
satisfactory guarantees to assuro tho fulfillment of her obligations, the press advices from Washington July 31, Senator Knox, said
Allied and Associated Powers concerned will bo ready to come to an agree­
ment between themselves for tho earlier termination ot the period of oc­ he understood from the President’s message to tho Senate in
submitting the peace treaty that the United States was to
cupation.
Now and henceforward in order to alleviate tho burden o f tho reparation have no part of the indemnity, but Mr. Baruch replied that
bill they agree that as soon as tho Allied and Associated Powers concerned
are convinced that tho conditions o f disarmament by Germany are being ho thought this was only the President’s opinion and did
satisfactorily fulfilled, the annual amount of tho sums to bo paid by Ger­ not represent a definite decision. As to the further testi­
many to cover the cost o f occupation shall not exceed 240,000,000 marks mony of Mr. Baruch on July 31, tho press dispatches said:
gold. This provision can be modified if the Allied and Associated Powers
agree as to tho necessity o f such modification.
(Signed)
W OODROW WILSON.
G. CLEMENCEAU,
D . LLOYD GEORGE.
June 16 1919.

K IN G GEORGE OF ENGLAND SIGNS BILLS RATIFYFYING GERMAN PEACE TREATY AND
ANGLO-FRENCH PACT.

Asked by Senator Knox whether the President expected to reach a de­
cision on the matter without consulting Congress, Mr. Barauch said ho
did not know.
Tile English text of tho treaty says the division of indemnity shall bo
■ proportions which have been determined,” but Mr. Baruch pointed
‘in
out that the French text more properly should be translated “ shall lie deter­
mined.” In this Chairman Lodge agreed.
Explaining how international debts are to be paid under the treaty, M r.
Baruch said each nation was made responsible for the debts of its nationals
abroad, and then an international balance was struck. If tho amount owed
in Great Britain by German subjects exceeded tho amount owed In Germany
by British subjects, he said, Germany must pay the excess through a central
clearing-house system: whilo if the case were the opposite the excess simply
was credited against Germany’s indemnity bill.
If tho United States declined to accept tho section of the treaty, ho said,
claims of German subjects in this country would have to bo prosecuted in tho
American courts, whilo claims of American citizens in Germany would
come beforo a mixed tribunal.
Mr. Baruch said there was nothing in tho treaty to prevent Americans
and Germans as individuals from settling their privato accounts.

King George of England signed on July 31 the bills rati­
fying the German peace treaty and tho Anglo-French
treaty. Announcement of the passage of these bills by
tho House of Commons and the House of Lords was made
in these columns last week, page 340. Great Britain is
the first of tho Allied and Associated Powers to ratify the
peace treaty. Its ratification by Germany was noted in In expressing on Aug. 1 tho opinion that Gormany never
our issue of July 19, page 240.
could pay the amount of the indemnity assessed against



A ug . 9 1919.]

THE CHRONICLE

her, Mr. Baruch told the Senate Committee that tho Peace
Conference had framed its reparation program on what
Germany owed, rather than on what she would be able to
pay. We also take tho following from press dispatches from
Washington, Aug. 1:
The proposed reparations commission, the witness said, would decide
how much Germany could pay and would not attempt to collect more than
that amount, regardless of how much it decided she owed.
Senator Johnson, Republican, of California asked why, if tho United
States did not expect to participate in the indemnity, thero should be an
American representative on tho Commission. Mr. Baruch said American
representation was necessary.
“ It wil bo a matter of dollars and cents to American business interest,”
said Mr. Baruch, “ because on tho decisions o f the commission will depend
tho stability of world financial conditions for years to come.”

Another witness beforo the Committee on tho two days
was Bradley Palmer, also a financial adviser to tho Peace
Conference.
_________
PR ESID EN T WILSON ISSU ES STA TEM EN T ON SHA N ­
TUNG QUESTION FOLLOWING A N N O U N CEM EN T
OF POLICY BY JA PA N REGARDING
.
CH IN ESE PROVINCE.

On Wednesday of this week, Aug. 6, President Wiison
issued a statement relative to the settlement of the Shantung
question at tho Peaco Conference and also relative to an
official announcement which was made by tho Japanese
Government the day provious, Aug. 5, of its policy respect­
ing tho Chineso province. Tho President’s statement
avowedly purported “only to throw a fuller light of clarifi­
cation upon a situation which ought to bo relieved of ovory
shadow of obscurity or misapprehension.” Tho statement
of tho Japanoso Government regarding its attitudo toward
Shantung given to tho press at Tokio on Aug. 5 was quoted
in part in dispatches from tho latter place of the samo date
but its full and official text was not received or mado public
hero until Aug. 6, being given out then by tho Japanese
Embassy at Washington.
Tho President’s statement was made soon after receipt
of tho official text of tho declaration of policy of tho Japanese
Government which latter was made by Viscount Uchida,
Minister for Foreign Affairs. Tho following is tho Presi­
dent’s statement as mado public through tho State De­
partment:
Tho Government of tho United States has noted with the greatest interest
tho frank statement mado by Viscount Uchida with regard to Japan’s future
policy respecting Shantung. Tho statement ought to serve to remove many
misunderstandings which had begun to accumulate about this question.
But thero aro references in tho statement to an agreement entered into be­
tween Japan and China in 1915 which might bo misleading if not commented
upon in tho light of what occurred in Paris when the clauses of tho treaty
affecting Shantung were under discussion. I therefore take tho liberty
of supplementing Viscount Uchida’s statement with tho following:
In tho conference of April 30 last, whero this matter was brought to a
conclusion among tho heads o f tho principal Allied and Associated
Powers, tho Japanese delegates, Baron Makino and Viscount Chinda,
in reply to a question put by myself declared that:
“ The policy of Japan is to hand back the Shantung peninsula in full sover­
eignty to China, retaining only the economic privileges granted to Ger­
many, and the right to establish a settlement under tho usual conditions
at Tsing-tao.
“ Tho owners of the railway will use special police only to insure security
for traffic. They will bo used for no other purpose.
“ Tho police forces will be composed of Chinese, and such Japaneso in­
structors as tho Directors of tho railway may select will bo appointed by
tho Chinese Government.”
No reference was mado to this policy being in any way dependent upon
tho execution of tho agreement of 1915 [to which Count Uchida appears
to have referred. Indeed, I felt it my duty to say that nothing that I
agreed to must bo construed as an acquiescence on tho part of tho Gov­
ernment of tho United States in tho policy of the notes exchanged between
China and Japan in 1915 and 1918, and reference was mado in tho discussion
to tho enforcement of tho agreements of 1915 and 1918 only in case China
failed to co-operate fully in carrying out tho policy outlined in tho state­
ment of Baron Makino and Viscount Chinda.
I have, o f course, no doubt that Viscount Uchida had been apprised of all
the particulars of tho discussion in Paris, and I am not making this state­
ment with tho idea o f correcting his, but only to throw a fuller light of
clarification upon a situation which ought to bo reliovcd o f every shadow
of obscurity or misapprehension.
WOODROW WILSON.

Tho official toxt of tho statement mado by Viscount
Uchida in behalf of tho Japaneso Government at Tokio
as mado public by tho Japaneso Embassy hero roads as fo.lows:

It appears that, in spite of the official statement which tho Japaneso
Delegation at Paris issued on M ay 5 last, and which I fully stated in an
interview with tho ropresentaives of tho press on May 17, Japan’s policy
respecting the Shantung question is little understood or appreciated abroad.
It will bo remembered that in the ultimatum which tho Japaneso Govern­
ment addressed to tho German Government on Aug. 15 1914, they de­
manded of Germany to deliver, on a date not later than Sept. 15 1914, to
tho imperial authorities, without condition of compensation, tho entire
leased territory o f Kiao-Cliau with a view to eventual restoration of the
same to China. Tho terms of that demand have never elicited any protest
on tho part of China or any other Allied or Associated Powers.
Following tho same lino of policy, Japan now claims as one of tho essen­
tial conditions o f peaco that tho leased territory o f Kiao-Chau should be sur­
rendered to her without condition or compensation. At tho samo time
abiding faithfully by tho plcdgo which she gave to China in 1915, shoD
quite willing to restore to China tho whole territory in question and to enter




549

upon negotiations with the Government at Peking as to the arrangement
necessary to give effect to that pledge as soon as possible after the Treaty o f
Versailles shall have been ratified by Japan.
Nor has she any intention to retain or to claim any rights which affect
the territorial soverignty of China in the province of Shantung. The sig­
nificance of tho clause appearing in Baron Makino's statement of M ay 5|
that tho policy of Japan is to hand back the Shantung Peninsula in full
sovereignty to China, retaining only the economic privileges granted to
Germany, must be clear to all.
Upon arrangement being arrived at between Japan and China for the
restitution of Kiao-Chau, the Japanese troops at present guarding that
territory and tho Kiao-Chau-Tsinanfu Railway will bo completely with­
drawn.
Tho Kiao-Chau-Tsinanfu Railway is intended to bo operated as a joint
Sino-Japaneso enterprise without any discrimination in treatment against
tho people of any nation.
Tho Japanese Government have, moreover, under contemplation pro­
posals for the re-establishment in Tsing-tao of a general foreign settlement,
instead of tho exclusive Japanese settlement which by the agreement o f
1915 with China are entitled to claim.

The last paragraph of the Japanese statement, special
Washington advices to the New York “Times” of the 6th
inst. said, was “regarded as revealing a new policy of the
Japanese Government,” adding “the announcement of
Foreign Minister Uchida that Japan contemplated the es­
tablishment of a general foreign settlement] at Tsingtao
in place of tho exclusive Japanese settlement, came as a
surprise.”
RESIGNATION OF DR. BAUER AS A U STRIA N FOR­
EIGN M IN IST ER — CONTINUES AS
M IN IST E R OF SOCIALIZATION.

Dr. Otto Bauer resigned as Austrian Foreign Minister on
July 26. He retained, however, the post of Minister of Sociali­
zation in the Cabinet. Tho Foreign Ministry it was stated
would bo taken over by Dr. Karl Renner, the Chancellor, in
addition to the Chancellorship. The Associated Press says:
Several reasons aro advanced for Dr. Bauer’s resignation as head of the
Foreign Office. In the first place, under his administration there was a
failure to secure union between Austria and Germany, and likewise failure
to secure tho aid of Italy in advancing Austria's desire toward this end.
Tho attempt to secure protection by Italy against the territorial aspirations
of the Jugo-Slavs also came to naught, as did an effort to obtain partial
renunciation by Italy of her claims in the Southern Tyrol. There alsojis
chargod against tho Foreign Office a failure to secure French good-will
for the Austrian Republic.

AUSTRIA GIVEN EX TEN SIO N OF T IM E FOR REPLY
TO PEACE TERMS.

Tho request for an extension of time within which Austria
might reply to the final sections of the peace terms of the
Allied and Associated Powers made to the Peace Conference
on July 27 by Dr. Karl Renner, the Austrian Chancellor
and head of tho Austrian Peace Conference, was granted on
July 29 by the Supreme Council. Aug. 6 was fixed as the
final day on which the Austrian representatives might
submit inquiries. The final sections of the terms were de­
livered to tho Austrian delegates on July 20, and fifteen
days wero then given the Austrians in which to make their
final observations, as indicated in these columns in our
issuo of July 26, page 342. Aside from the views of Dr.
Renner expressed with the presentation of the terms sub­
mitted on July 20, to which we alluded July 26, the Austrian
Chancellor was quoted in Associated Press dispatches
July 24 as saying in an interview published at Vienna:
Wo aro invitod to ‘an American duel’— that is, wo have tho option of
shooting ourselves or of being shot. Within the next ten days the Austrian
delegates must furnish proofs that Austria is willing to pay, with assets
which aro non-existent.

The same dispatches also said:

Tho new terms of the Austrian Peace Treaty are making no special
impression on tho general public. The newspapers however, remark that
the world is still attempting to treat Austria as a great state, instead of one
which has lost five-sixths of her territory and been reduced from a great
ompiro of 55,000,000 persons to 6,000,000, who are facing a winter in which
hundreds of thousands aro sure to die of famine or cold.
Tho “ Neue.Freie Presse” says: "The Allies wish to force Austria into
bankruptcy, and thereby get a prior claim on her income, which will be
applied to damages and reparations."

On July 28 Vienna advices said:

The financial clauses of the peace terms offered Austria by the Allies
are being strongly protested both by the newspapers and by financial circles.
Both those quarters go so far as to predict the bankruptcy of Austria within
a few weeks unless the financial terms are modified.
The currency has depreciated so the crown is now quoted at 2H cents,
tho lowest quotation in history.
It is pointed out that the Government now is under obligations to pay
3,000.000,000 crowns annually in interest on the war debt, which is re­
garded in financial quarters as impossible, and the hypothesis of bankruptcy
is being freely discussed a§ a means of getting rid of the foreign as well as
tho internal debt and starting anew.

Denunciation by Vice-Chancellor Fink, in a speech before
tho Assembly, of the economic provisions of the peace treaty
as incapable of fulfillment was reported in Associated Press
dispatches from Vienna July 27, which reported him as declar­
ing tho whole treaty full of contradictions, manifestly the
rosult of a compromise between “the brutal egoism of our

550

THE CHRONICLE

[Vol . 109.

neighbor States and the better discernment of the great Pow­ severed his connection with that body in ordor to become
a Vice-Presidont of tho Natioal Bank of Commorco in New
ers. These dispatches also said:
Tho very fact that it is a compromise, however, gives hopo of the eventual York. Announcement of his resignation and his now ap­
triumph of discernment over egoism, which will leave us at least tho pos­ pointment was made simultaneously on Aug. 6 by tho board
sibility of a bar existence.
.
President Seitz declared the Vice-Chancellor's sentiments had tho in Washington and the bank in this city. Mr. Broderick
approval of all parties and authorities in tho state.
was a member of the original committeo appointed by tho
Dr. Otto Bauer, Avho resigned as Austrian Foreign Minister Secrotary of the Treasury to work out proposals for tho
on July 27, was quoted as follows on that date by the Asso­ technical organization of tho Federal Reserve banks. Upon
ciated Press in discussing the Austrian treaty:
tho organization under the plans proposed by this committee
For thirty years we will bo tho slaves of the Allies economically. Austria
of tho Federal Reservo banks, ho was made Chief Examiner
loses hero economic independence. Austria must cover 70% of tho 68
He later succeeded JI. Parker Willis
billions war debt, which means 8,000 crowns per person, or 40,000 crowns in August, 1914.
for a family o f five persons. This shameful peace can be destroyed only as secretary of the board, at the same timo continuing in
through tho victory of international solidarity.
charge of all examination work. In this capacity he was,
at various times, examined each of tho twelve Federal Re­
PROPOSAL BY NATIONAL FOREIGN TRADE COUNCIL serve banks. He is 37 years of ago.
.
FOR N EW CABLE TO THE ORIENT.
The National Foreign Trade Council has embarked upon The Bankers Trust Company purchased this weok from
a determined effort to secure substantial improvement of tho Empiro Trust Company tho property No. 7 Pino streot,
American facilities for cable and wireless communication which is now occupied by a ten-story building. The lot
across the Pacific Ocean. This is the first step in carrying has a frontage of 21 feet on Pine street with a depth of 73
out the recommendation of the Sixth National Foreign Trade feot and 2 inches. Tho Bankers Trust Company purchased
Convention, held at Chicago recently, which declared strong­ two months ago tho soven-story Astor building at 10 and 12
ly in favor of the establishment of American systems of cable Wall street, and this purchase of No. 7 Pine street com­
and wireless communication with foreign nations as essential pletes its holdings for a site for tho now extension of tho
to the success of American foreign trade. Tho Council has Bankers Trust Company Building.
appointed a special committee on Foreign Communication,
which is taking up the subject with a view to securing prompt Tho Guaranty Trust Company of New York announced
and effective action. This committee is composed of:
on July 28 that in order to assist tho mombors of its staff in
E. P. Thomas, President TJ. S. Steel Products Co.; Howard E. Colo, meeting the continuing high cost of living, tho Executive
director of Standard Oil Co. o f Now York; R. P. Tinsloy, Vico-Presidont
American International Corporation; M . A. Oudin, Vico-Prcsidont Interna­ Committeo of tho Board of Directors had authorized an im­
tional General Electric Co.; R. II. Patchin, Manager Foreign Trade Depart­ mediate distribution of an amount equal to 10% of thoir
ment \V. R. Grace & Co.; Frederick J. Koster, former President of tho annual salaries to tho junior officers and employees of the
San Francisco Chamber of Commerce; William Plgott, President of Ameri­
company. This payment is entirely exclusive of and in
can Car & Foundry Co. of Seattlo.
The ratification of peace, it is stated, is bound to bring addition to tho distribution to bo mado under tho Profit
about a restoration of tho fast cable service from Europo to Sharing Plan in the courso of tho year.
tho Orient, and American business men feel that the continu­
ation of tho present inadequate servico across the Pacific Tho mutual interdependence of tho United States and
subjects them to an intolerable handicap. An informal pre­ Latin America is emphasized in “Trado Thought of tho Two
liminary meeting of tho National Foreign Trade Council’s Americas in 1919,” tho sixth title in tho Foreign Trado
Committee, held at India House, developed a strong feeling Series issued by the Irving National Bank. Tho pamphlet
that in case effective means are not takon by the oxisting is a summary of the most significant viewpoints expressed
cable concerns to improve communication facilities across at tho second Pan-American Commercial Conference in
the Pacific, a vigorous effort should be made for the con­ Washington last month.
struction of a new cable.
A celluloid pocket calendar giving tho festivals and cus­
toms holidays observed in China, which firms engaged in
IT EM 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 .
No bank stocks wero sold at the Stock Exchango this trado with China will find handy, has just been issued by tho
week and only one lot of 50 shares was sold at auction. Asia Banking Corporation, 35 Broadway, Now York.
Thero were no sales of trust company stocks.
The Asia Banking Corporation to-day received official
Shares HANK.— Brooklyn.
Lou\ High. Close. Last previous sale.
50 Montauk Bank............................. 132
132
132 June 19 14— 113
notification from Consul-General E. S. Cunningham at
Hankow, China, that tho new Chineso Tariff became effec­
A Now York Stock Exchange membership was reported tive Aug. 1, and that the State Department would not, of
posted for transfer this week the consideration being stated its own accord, object to its enforcement. Mr. Cunning­
as $92,000, a decline of $1,000 from the last preceding trans­ ham’s letter says:
For your information am instructed
that tho Department of
action.
. Stato does not intend ofI its own accord to advisoany objection to tho en­
to raiso
forcement of tho now tariff on American merchants and goods, and that tho
The following appointments wero made on July 31 at a Chinese Foreign Office states that tho rovised tariff will bo published on
meeting of the Executive Committeo of the Board of July 1 and put into effect Aug. 1 1919.
A complote draft of tho now tariff, prepared by tho Asia
Directors of the Guaranty Trust Co., of New York:
Assistant Vlco-Prcsidents; Arthur R. Jones, G. Jarvis Gccr, Jr., and Banking Corporation, 35 Broadway, N. Y., is already
Austin L. Babcock; Corporato Trust Officer, Charles II. IMatner; Personal available for distribution.
Trust Officer, Rowland E. Cocks; Investment Trust Officer, Louis G.
Harriman; Managers o f Bond Department, Harold F. Grceno and George
The Asia Banking Corporation at 35 Broadway, Now York,
L. Burr; Assistant Secretary, Boudinot Atterbury.
, t. ^IfcSAiiaJ
has just issued for general distribution a booklot containing
Jiro Hayasaki and Hiroshi Unagami have been authorized the complete draft of China’s Revised Tariff. In addition
to sign on behalf of the New York Offico of tho Yokohama to a tabulated classification of duty rates on all articles, tho
booklet gives the rules governing tho administration of the
Specie Bank, Ltd., per procuration.
tariff and an explanation of tho methods to bo used in
The Park-Union Foreign Banking Corporation of this settling questions regarding procedure. Tho rovision, as
city recently opened its San Francisco branch at 520 Cali­ submitted to the Ministers of foreign Governments in Poking,
fornia Street, with Arthur A. Wilson, as Manager. Tho gives the following articles complete exemption from Chineso
corporation is arranging to open a branch in Paris the beginn­ import duty: foreign rico, cereals, and flour; gold and silver,
both bullion and coin; printed books, charts, maps, periodi­
ing of September.
cals and newspapers. Tho importation of arms, a muni­
The International Banking Corporation, head office, tion, and all munitions of war is prohibited, excopt at the
National City Bank Bldg., this city, announces tho opening requisition of the Chinese government.
of a new branch at Harbin, China. The corporation has a
chain of 20 branches in China, Japan, Philippines, India, James II. Perkins, vice president and an executive manager
Straits Settlements, Dutch East Indies, Republic of Pan­ of the National City Bank, has, it is stated, tendered his
ama, Republic of Colombia and Dominican Republic.
resignation to the board to become effective Aug. 1. Mr.
Perkins, after a month’s vacation, will on Sept. 1 become
Joseph A. Broderick, Secretary of tho Federal Reserve associated with Montgomery & Co. as a member of that firm.
Board and Chief Examiner of Federal Reservo banks, has



At a meeting of the board of directors of the Chase National
Bank of this city, Iteevo Schley was elected this week a vice­
president. Mr. Schley is retiring as a member of tlio firm
of Simpson, Thacher & Bartlett, with which ho has been
connected for the past twelve years. lie is a graduate of
Yale University, class of 1903, and the law school of Columbia
University, 1900, and has been actively engaged in the
practice of law in New York City since his graduation.
Mr. Schley was Fuel Administrator for Now York City up
to February 1 1919.
In its monthly circular for July the National City Bank
of New York had the following to say in commendation of
the administration of Frank A. Vanderlip, whose resigna­
tion as President of tho institution was referred to in tho
“Chronicle” of Juno 7, page 2286.
M r.

F. A .

V a n d e r lip

551

THE CHRONICLE

A u g . 9 1919.

r e tir e d

fr o m

th e

P r e s id e n c y

o f t h is b a n k

on

th o

tional Bank have grown from $35,000,000 to $175,000,000,
making the institution the largest in New England and one
of the largest in the United States.
The bank has capital, surplus and undivided profits of
$28,000,000, and total resources in excess of $240,000,000.
Tho branch at Buenos Aires, Argentina, which was estab­
lished about two years ago has,, it is stated, $25,000,000
deposits. The Fisrt National Bank has extended its foreign
business largely during the past few years. It established
the First National Corporation a short time ago, and still
moro recently, in connection with the Comptoir National
d’Escompte de Paris and the National Bank of Commerce
in New York, organized the French American Banking
Corporation. The management plans to extend the ac­
tivities fo the institution to a much greater extent, and the
erection of this new banicing house will aid greatly in the
carrying-out of this policy.

3 d o f la s t m o n t h , a fte r a n in c u m b e n c y o f te n y e a r s , a n d a n a d m in is t r a t io n
w h ic h w ill a lw a y s b e d is t in g u is h e d in t h o a n n a ls o f t h o b a n k .

T h o p e r io d

h a s b e e n a n o t a b lo o n e in th o h is t o r y o f t h o c o u n t r y a n d f o r A m e r ic a n b a n k ­
in g in c lu d in g a s it h a s t h o g r e a t w a r . w it h it s e x t r a o r d in a r y d e m a n d s u p o n
th o

in d u s t r ie s

and

c r e d it re s o u rce s

or th o

cou n try ,

th o

e s ta b lis h m e n t o f

th o F e d e r a l R e s e r v e s y s te m a n d th o in a u g u r a tio n o f A m e r ic a n b r a n c h b a n k ­
in g a b r o a d

U n d e r h is e n t e r p r is in g a n d p u b lic - s p ir it e d le a d e r s h ip t h o b a n k

d u r in g th e s o g r e a t y e a r s h a s s o u g h t t o p la y a p a r t w o r t h y o f it s p o s i t io n in
t h o b u s in e s s c o m m u n it y a n d o f it s o w n h is t o r y .
M r
V a n d e r lip w a s e l e v e n t h In li n e o f P r e s i d e n t s , a li n o w h i c h h a d

it s

b e g in n in g w ith t h o e le c t io n , J u n o 16 1 8 1 2 . o f C o lo n e l S a m u e l O s g o o d , w h o
h a d b e e n a d is t in g u is h e d r e v o lu t io n a r y s o ld ie r u n d e r G e n e r a l G e o r g o W a s h ­
in g to n

and

served

under

P r e s id e n t W a s h in g t o n

G e n e r a l o f th o U n ite d S ta te s.

as

th o

fir s t

P ostm a ster-

T h o C it y B a n k o f N e w Y o r k w a s o r g a n iz e d

u n d e r a S ta te ch a r te r b y C o lo n e l O s g o o d a n d a s so c ia te s t o s u c c e e d t o t h o
b u s in e s s o f th o N o w Y o r k b r a n c h o f th o fir s t b a n k o f t h o U n it e d S t a t e s , w h e n
th o la t t e r I n s titu tio n w a s fo r c e d in t o liq u id a t io n b y t h o fa iiu r o o f C o n g r o s s
to ren ew
under a

it s c h a r t e r in

1811.

T h o C ity

H ank o f N ow

Y ork

S ta te c h a r te r u n t il th o n a t io n a l b a n k in g s y s t e m

d id

b u s in e s s

th o n a t io n a l s y s te m

as th o N a tio n a l C it y

T h o P r e s id e n ts o f t h o in s t it u t io n f r o m

B ank o f N ow

it

Y ork .

th o fir s t t o th o p r e s e n t in c u m b e n t

h a v e b e e n a s fo llo w s :
Sam uel

O s g o o d -------

W illia m

F o w ------------

G 81h a m A . W o r t h ..
1or3
1 8 1 3 - 1 8 1 7 M o s e s T a y l o r _________
1 8 1 7 - 1 8 2 5 P e r c y R . P y n o ________
1812-

P e t e r S t a g g ...............
T h o m a s L . S m ith -.

.1 8 2 5 -1 8 2 7

I s a a c W r i g h t ------------

1 8 2 7 -1 8 3 2

F r a n k A . V a n d e r lip

T h o m a s B lo o d g o o d

.1 8 3 2 -1 8 4 4

J a m e s A . S t illm a n ..

Jam es

S t i l l m a n ______

1 8 4 4 -1 8 5 6
1 8 8 2 -1 8 9 1
1 9 0 9 -1 9 1 9
______ 1 9 1 9

M o s e s T a y l o r , w h o s o te r m c o v e r e d a lm o s t th o

s p a n o f a g e n e r a tio n , in c lu d in g th o t r y in g p e r io d o f th o C iv il W a r , w a s o n o
o f t h o g r e a t f ig u r e s o f h is t im e .

Tho Massachusetts Trust Co., Boston, recently elected
Walter D. Noyes, President of the Atlantic Coast Co., a
director of the institution.

1 8 5 6 -1 8 8 2
.1 8 9 1 - 1 9 0 9

M o s t o f t h o m e n w e r o le a d e r s in t h o b u s in e s s l i f o o f N o w Y o r l c , i n d e p e n d e n t
o f th e ir p o s it io n a s b a n k e r s .

IJ. S. Watson has-been made Assistant Cashier of the
Commercial National Bank of Boston, Mass. Mr. Watson
had previously been discount clerk of tho institution.

w a s o r g a n iz e d

w h e n in o r d e r t o c o - o p e r a t o f u ll y w it h t h o G o v e r n m e n t a t W a s h in g t o n
jo in e d

Henry Oliver Fuller, who for forty-three years, up to
1910, was Assistant Cashier of the Second National Bank of
Boston, died at his home in Salem on Aug. 1 after a brief
illness in his seventy-third year. Mr. fuller entered the
Merchants National Bank of Salem as a boy, but shortly
afterwards changed to the Second National Bank, where he
remained until his retirement from business.

T h e b a n k lia s g r o w n w i t h t h o g r o w t l i o f

o f t h o c o u n t r y a n d lia s c o n s i s t e n t l y e n d e a v o r e d b y e v e r y m e a n s in i t s p o w e r
t o p r o m o to th o d e v e lo p m e n t a n d p r o s p e r it y o f th o c o u n t r y .
T li e r o w ill
b o n o c h a n g e in t ills p u r p o s e o r in t h o p o lic i e s f o r w h ic h t h o b a n k is k n o w n .

Charles H. Churchill has resigned as Secretary of the Union
Trust Company of Springfield, Mass., to devote more time
to his outside interests. Mr Churchill started his banking
career in 1864 when he entered the employ of the Chicopee
National Bank and remained with that institution until
1882. He then accepted an offer to act as Cashier of the
Second National Bank until tho latter was absorbed by the
Union Trust Company. Frank S. Burt succeeds Mr.
Churchill as Secretary of the Union Irust Company .

Bennott E. Tousley and Arthur T. Miner, heretofore of tho
National Bank of New York, and Thomas C. Jeffries, formorly A new trust company is being organized in Springfield,
of tho Guaranty Trust Co., have been appointed Assistants Mass., under the title of the Atlas Trust Co., and a suitable
to tho President of tho Manufacturers’ Trust Co. of Brook­ location is being sought for the new institution. Some of
lyn. The rapid growth of this institution makes it neces­ tho incorporators are:
sary, it is stated, to strengthen its force of employees by
the addition of men with broad and varied experience in
banking. Nathan S. Jonas is President.
A rth u r

L.

C a m ia n , G u y

B ow en.

D r.

C h a r le s J .

D ow ney.

H en ry

L asker.

K . B o y n t o n , E d w a r d L . P e r k in s. W illia m

T .

W a lte r

W . B enson, D r.

E d w a r d T . M a h o n e y , J o s e p h G . M e r r ic k , T h o m a s J . C o s t e llo , T h o m a s E .
K in g

A meeting of tho stockholders of tho City Trust Co. of
Nowarlc, N. J., has boon called for July 30, at which they
will bo asked to voto on tho proposed increasing of tho capital
of tho institution from $100,000 to $200,000. In tho evont
that favorablo action is taken, tho now stock willboofforodto
present shareholders in proportion to their holding at $150
per share. Should any of tho now stock romain unsold it will
bo disposed of in tho open market at not less than $150 per
share. Tho now stock will bo issued Oct. 1 next. William
Ilalsoy Peck is President of tho company.

H o llis

and

F o r r is

L.

R id d le ,

N o rth o f B oston .

W .

N o r r is,

E d w ard

M .

a ll

of

S p r in g fie ld ,

H a m lin ,

E.

and

W a ld o

F.

R eed

A rth u r
and

M e tc a lf,

W illia m

H .

It is proposed to form the company with a capital of
$300,000 and a surplus of $60,000. A hearing on the char­
ter will bo held July 30.
Charles N. Clark, President of tho Northampton National
Bank and Treasurer of Smith College died on July 18.
Mr. Clark had been Trustee and Treasurer of Smith College
sinco 1888. He also served in other important capacities
having among other things officiated as President of the
Northampton Gas Lighting Company and as reprosontath e
On July 31 tho First National Bank of Boston purchased in the Legislature in 1883-1885, and as senator from the
tho Equitable Building and annex and tho Masters Builders Borkshire-IIampshire district in 1887 and 1888.
Building, opposito tho Post Office, that city. The newly
acquired sito has a-frontage on Milk streot of 108 feet and At a meeting of the Directors of the Industrial Trust Co.,
on Dovenshiro and Federal streets of 171 feot, tho total of Providence, R. I., on July 29th Frederick L. Jenckes was
area acquired being 20,891 square feet. The assessed elected a Director.
valuation of the properties is said to bo $2,000,000. ft is
the intention of the First National Bank as soon as possible E. Leslie Allison has been appointed Assistant Treasurer
to pull down tho present buildings and to erect on tho sito
J. Wood, Assistant Secretary of
ono of the finest banking structures in tho country. Owing and Clarence Trust Company of Philadelphia. the North
Philadelphia
Robert J-.
to tho increasing volume of business dono by tho First Lehman has also been appointed Real Estate Oflicer oi the
National Bank and especially sinco tho opening of its branches institution.
in Buenos Aires, Argentina and tho organization of tho
First National Corporation, tho need of moro spaco has Tho stockholders of the Citizens Banking Co. of Oil
becomo imperative. Its presont homo on Federal streot
as
July 26 issue
on
was -erected only eloven years ago and in four years time jCity, iPa.,heldstated in ouron July 25 at closed its doorswas
uly i ,
a
which action
had o be enlarged by a ten-story addition to meet the needs taken looking to meeting
the reorganization of the
An
the ank. During the past fiftoen years, without tho assessment of $132 per share (the par valueinstitution. $5
oMGiiehjis
d0
nglo consolidation, tho deposits of tho First Na-




THE CHRONICLE

552

per share) is to be made upon the stockholders. The doubt­
ful assets of the bank have been announced as $320,000.

r e q u is it e

in

[V o l . 109.

th e d a y s

o f K in g

S o lo m o n

to

e n title a m a n

to

sta n d

b e fo r e

k in g s .
“ I n t h is g r e a t fr e e c o u n t r y o f o u r s , w h e r e e v e r y m a n a n d w o m a n m a y b e

We are officially advised that the Commercial National
Bank of Steubenville, Ohio, and the Steubenville Bank &
Trust Co. are to be consolidated under the charter and name
of the latter. The capital and surplus of the Steubenville
Bank & Trust Co. has been increased to $600,000 in order
to take care of the combined business. The resources will
be more than $4,000,000. The Steubenville Bank & Trust
Co. is a member of the Federal Reserve System and conse­
quently will have the advantage of both State and Federal
supervision. A handsome twelve-story bank and office
building is to be erected on the corner of Fourth and Market
Streets to accommodate the enlarged bank. It will be con­
structed of Indiana limestone and will be fitted throughout
with the most modern equipment and devices for the comfort
and convenience of the tenants. The entire ground floor
will be given over to the bank.

k in g o r q u e e n o f h is o r h e r o w n d o m a in a n d n e e d b o w

We are advised by the Union Commerce National Bank of
Cleveland that that institution, in conjunction with the
Citizens Savings & Trust Co., has purchased the Lennox
Building and adjacent sites, and will erect thereon one of
the largest and finest bank buildings in the West at a cost
of between $7,000,000 and $8,000,000. The newly acquired
properties together afford a frontage of 146 feet on Euclid
Avenue, 258.6 feet on East Ninth Street and 387 feet on
Chestnut Street. The first three floors of the new structure
are to be occupied by the two banks and will give them a
floor space of about 80,000 square feet. Razing of the Len­
nox Building will begin about the 1st of next March, and the
new building is expected to be completed by Jan. 1 1922.

o t h e r b u s in e s s .

The National City Bank of Chicago announced on Aug. 1
that under grant of the Federal Reserve Board that institu­
tion would conduct a trust department, fully equipped to
handle all branches of trust business. The organization of
this department was fostered by, and will be under the
direct supervision of H. E. Otte, Vice-President. Mr.
Arthur J. Baer, who for the past seventeen years has been
connected with local trust companies, has been elected
trust oficer.
The Directors of the National City Bank of Chicago, on
July 29 authorized the formation of a trust department of
the bank and elected as its head Arthur Baer, who inaug­
urated the new service on Aug. 1. The action of the bank is
in line with the recent amendment to the Federal Reserve
Act authorizing national banks to engage in trust busines.
Mr. Baer was connected with the trust department of the
Northern Trust company for sixteen years and since his
return from v/ar service had been associated with the Harris
Trust and Savings bank.
Elias Greenebaum, veteran banker and founder of Greenebaum Sons Bank & Trust Co., Chicago, died in that city
July 26 aged ninety-seven years. Mr. Greenebaum was
born in Eppelsheim, Germany, on June 24 1822 and came
to this country in 1847. The following year he settled in
Chicago and eight years later with his brother started the
banking and real estate loan business which eventaully
became the present Greenebaum Sons Bank & Trust Co.
465 officers and employees of the combined First Wisconsin
National Bank & Trust Co., gathered at a “get-together”
dinner given recently by the bank in the Hotel Pfister. It
was the introduction of President Oliver C. Fuller to all of
his employees, and each was given a personal greeting in a
talk on “Service,” given by Mr. Fuller. The dinner was
presided over by W. H. Digman of the Auditing Department
and was informal. At the speakers’ table, in addition to
President Fuller, were Fred Vogel, Jr., retiring president of
the First National Bank, and L. J. Petit, retiring President
of the Wisconsin National Bank—the two banks which con­
solidated; Vice-Presidents Walter Hasten, Henry O. Sey­
mour, Edgar J. Hughes, Henry Kloes, Herman F. Wolf,
Robert W. Baird, and J. M. Hays. In telling his staff of
workers that those who give their best will be rewarded,
Mr. Fuller said:
S o lo m o n s a id : " S e e s t t h o u a m a n d ili g e n t In h is b u s in e s s , h e s h a ll s t a n d
b e fo r e k in g s .”

T h e d a y s w h e n m e n m u s t k n e e l in t h e p r e s e n c e o f k in g s

h a v e p a ss e d a w a y , b u t d ilig e n c e a n d in t e g r it y a r e a s r e q u is ite t o -d a y t o th e
d e v e lo p m e n t o f t h a t h ig h c h a r a c t e r a n d t h e a t t a in m e n t o f t h a t h ig h p o s i­
t io n w h ic h e n t it le a m a n t o r e c o g n it io n a s a le a d e r o f m e n , a s t h e y w e r e




e x c e p t A lm ig h t y

G od, and

b a re th o h e a d

o n ly

to th e

th e k n ee to n o n e
S ta rs a n d

S tr ip e s ,

s y m b o l o f o u r fr e e d o m a n d in d e p e n d e n c e , t h e o n l y li m it t o t h e h e ig h t a n y
m a n m a y a t t a in is t h e lim it o f h is o w n e n e r g y a n d a m b it io n .
L e t m e a ssu re y o u

hero an d n o w

t h a t in

th e F ir s t W is c o n s in N a t io n a l

B a n k — a n d w h a te v e r I m a y s a y o f th o B a n k a p p lie s w it h e q u a l fo r c e t o th e
T r u s t C o m p a n y — d ilig e n c e a n d in t e g r it y w ill b e r e c o g n iz e d a n d r e w a r d e d ,
a n d t h e e m p lo y e e w h o c o m b in e s th e s e q u a litie s w it h in it ia t iv e a n d

in t e l­

lig e n c e , m a y c la s s h im s e lf a n d , In d u e s e a s o n , w ill b o r e c o g n i z e d , a s p a r t
a n d p a rce l o f th e m a n a g e m e n t.
I t is t h e d e s ir e , a n d in d e e d w ill b e t h e d u t y , o f t h e o f f ic e r s t o e n c o u r a g e
e v e r y e m p lo y e e t o d o h is le v e l b e s t t o a d v a n c e t h e in t e r e s t s o f t h e b a n k ,
a n d t o r e c o m p e n s e , in d u e t i m e , e v e r y m a n o r w o m a n In it s e m p l o y w h o
g iv e s t o t h e b a n k t h e b e s t t h a t is in t h e m , t o t h e e n d t h a t i t m a y s u c c e e d
an d p rosp er.

Y o u m a y rest a ssu red th a t a s th e b a n k p ro sp e rs e v e r y o n e

w h o h a s c o n t r ib u t e d t o w a r d t h a t p r o s p e r it y w ill p r o s p e r w it h it .
Y o u m a y w o n d e r w h y I sp e a k o f th e su ccess o f a b a n k w h o se re so u rce s a re
o v e r $ 1 0 0 ,0 0 0 ,0 0 0 , a s i f th e r e m ig h t b e a n y d o u b t o f it s s u c c e s s .
r e m in d

you

t h a t m e r e b ig n e s s is n o t

th e m ea su re o f su ccess.

L et m e
Tho

tru e

m e a s u r e s o f s u c c e ss a r e s e r v ic e a n d p r o g r e s s .
I n th is r a p id ly g r o w in g c o u n t r y n o in s t it u t io n , h o w e v e r b i g i t m a y b e .
c a n a ffo r d t o s t a n d s till.

W h e n e v e r y o n e e ls e is m o v i n g f o r w a r d , t h e m a n

w h o s t a n d s s t ill Is r e la t i v e ly m o v i n g b a c k w a r d , a n d s o w i t h a b a n k o r a n y

J. D. Husbands has been made Trust Officer of the newly
created Trust Department of the Metropolitan National
Bank of Minneapolis. Mr. Husbands has been connected
with the institution for several years. Woodbury F. An­
drews, M. P. Lamboureux and C. L. Stacy, constitute a
trust committee which will direct the policies of tho new
department.
Action was taken recently by the stockholders of tho
Nebraska National Bank of Omaha to increase the capital
of the institution from $200,000 to $500,000. The bank
is remodelling the building at the corner of Eighteen and
Douglas Streets, which, it is said, will be ready for occupancy
about Oct. 1.
A charter for the City National Bank of Atchison, Kansas,
capital $100,000, has been issued by the Comptroller of the
Currency—James W. Orr is President and Fred M. Allison
Cashier. Reference to the application for a charter was
made in our issue of June 14.
Topeka’s new bank—referred to in our issue of May 31—
was opened for business in temporary quarters at the corner
of North Kansas Ave. and Laurent St., Topeka, on July 26.
The bank has purchased a lot on the Southeast corner of
North Kansas Ave. and Laurent St., where a new building
is to be erected in the near future. The capital of the
institution is $100,000 with surplus of $25,000. D. T.
Gabriel is President, Charles J. Stewart, Vice-President,
and A. V. Lindell, Cashier.
M. S. Senton has just been appointed manager of the New
Orleans branch of the Mercantile Bank of the Americas,
which will open in that city in the near future. Mr. Senton
has been with the Commercial Trust & Savings Bank of New
Orleans since 1904 and for the past 12 years has been one
of its officers. He has had considerable mercantile experi­
ence in this country and in Mexico. The Mercantile Bank
of the Americas, organized by a group of bankers from all
parts of the United States, has in the short time since its
establishment opened affiliated banks in 25 cities in South
and Central America and has established branches in Paris
and Barcelona. Its resources on July 15 totaled $41,683,551.
The City Bank is the name of the reorganized City Bank
& Trust Company of Denver which was closed May 28—
see page 2,300 our issue of June 7—because of alleged short­
age by subordinate officers resulting, it is said, in the
entire loss of the capital stock of $100,000. Tho now or­
ganization has $120,000 paid-up capital and $30,000 sur­
plus and the sanction of the district court to tako over all
the assets and liabilities of the closed institution which had
$1,075,403 in deposits. Tho new bank has begun business
in the same quarters with W. J. Galligan, President, who
was the President of the old bank; George McLain, Vice­
President; W. E. Daly, Cashior, formerly of Kansas City;
E. M. Parks, Assistant Cashier; A. W. Gillette, Attorney,
and C. W. Tunnell, Teller.
The St. Louis Union Trust Co., tho oldest institution of
its kind in the State of Missouri, is now located in tho banking
rooms formerly occupied by the St. Louis Union Bank at
the northwest corner of Fourth and Locust streets. This
company was not affected by the recent morger of the St.

A ug . 9 1919.]

THE CHRONICLE

Louis Union Bank, its affiliated institution, with the Mochanics-American National Bank and the Third National
Bank to form the First National Bank in St. Louis. It
will, however, take care of all the trust company business
of the First National Bank and its Safe Deposit Depart­
ment will handle the safe deposit business of that institu­
tion.
In order to provide for this added business necessary
alterations have been made in the building. The Railroad
Department of the company, formerly located in the Com­
monwealth Trust Building, has been brought under the
same roof and located on the second floor of the Fourth and
Locust street building.
The St. Louis Union Trust Co. began business in 1889
as the St. Louis Trust Co. In 1902 it acquired the business
of the Union Trust Co. and the name was changed to the
St. Louis Union Trust Co. Upon the formation of the
Federal Reserve System the banking department of the in­
stitution was segregated from the trust business and the St.
Louis Union Bank formed.
Tho official staff of the trust company is as follows: N. A.
McMillan, Chairman of Board; John F. Shepley, President;
Robert S. Brookings, Isaac II. Orr and James H. Grover,
Vice-Presidents; F. V. Dubrouillet, Treasurer; J. S. Wal­
ker, Assistant Treasurer; George G. Chase, Trust Officer;
Alexander Hamlilton and L. C. Post, Assistant Trust Offi­
cers; Arthur H. Burg, Secretary; William H. Haines,
Assistant Secretary; H. R. Crock, Auditor; T. F. Turner,
Manager Safe Deposit Department; Julian E. Janis and
Joseph II. Coyne, Assistant Managers of the Safe Deposit
Department.

553

to the present time. Recently Mr. Stevens represented
the New Orleans banks at the organization in St. Louis of
the Big Valley Banking Institution intended to help in
foreign trade.
.

Advices from New Orleans state that arrangements have
now been completed for an amalgamation of the City Bank
& Trust Co. with the Whitney-Central National Bank and
its subsidiary institution, the Whitney-Central Trust &
Savings Bank. The merger plan, we understand, provides
for the issuance of 3,000 additional shares of stock by the
Whitney-Central National Bank of a par value of $100 per
share. These shares are to be exchanged for the $200,000
capital stock of the City Bank & Trust Co. in the ratio of
IVz shares of the Whitney-Central stock to 1 share of City
Bank & Trust Co. stock. After the consolidation, the City
Bank & Trust Co. is to be operated as a branch of the
Whitney-Central Trust & Savings Bank. John Legier,
President and principal stockholder of the City Bank &
Trust Co., will become a Vice-President of the WhitneyCentral National Bank and of the Whitney-Central Trust
& Savings Bank and other officials and directors of the
City Bank & Trust Co. remaining in their present positions
will be added to the staffs of the Whitney-Central banks.
The last published statements of the banks, it is said,
showed total resources for the Whitney-Central banks of
$57,074,529 and for the City Bank & Trust Co. $7,648,964,
making the combined resources of the institutions therefore
$64,723,493. J. E. Bouden, Jr., is President of the Whit­
ney-Central National Bank and Whitney-Central Trust &
Savings Bank. Tho present capital of the Whitney-Cen­
tral National Bank is $2,500,000, while that of the WhitneyIt was announced on July 15 that L. D. Jones of Hardins- Central Trust & Savings Bank is $200,000.
burg had accepted the position of Cashier of the State
National Bank of Frankfort, Ky., succeeding Eugene E. Advices from San Angelo, Texas, state that a consolida­
Hogo who was promoted to the Presidency following the tion or
has been arranged between the Western
death of the late Col. Charles E. Hoge. Regarding Mr. National mergerand the Central National Bank of that place,
Bank
Jones’ activities and the significance of his election to the tho new bank to be known as the Central National Bank of
Casliiorship of the State National Bank, the duties of which San Angelo.
of the enlarged
he assumed on Aug. 1 the Frankfort “State Journal” of National Bank The capital stockand its permanent Central
will be $500,000
surplus
July 13 said:
fund $250,000. The entire increase in its capital stock has
already been absorbed and taken over by the stockholders
of the Western National Bank, and it is stated that while
many independent applications from citizens not heretofore
stockholders in either of the two banks have been filed, it
is doubtful if a single share of stock can be issued to non­
stockholding applicants. The officers and directors of the
On account of tho rapid growth in the business of the’ merged institution will be as follows:
American Trust Co. of Charlotte, N. C., making it desirablo
to have a larger capital available, it was decided at a meeting
of the stockholders of the institution on June 30 to double
the capital, raising the same to $1,050,000 from $525,000.
Tho old stockholders havo the right to purchase tho now
stock in the proportion of 100% of their present holdings at
par, for cash; or if for any reason they do not care to take
their allotment, they can sell and assign their rights in the Advices to us also state:
open market at what ever premium they can obtain. Tho
increased capital will be effective Nov. 15 at which time
tho total resources of the company will bo approximately
$9,000,000. Tho roster of the American Trust Co. is as
follows: W. II. Wood, President; T. E. Ileinby, George
Stophons and W. S. Leo, Vice-Presidents; J. E. Davis, Secre­
tary-Treasurer; II. L. Davenport, Assistant Secretary, and
P. C. Whitlock, Trust Officer.
L i k o h is p r e d e c e s s o r , M r . J o n e s is a t h o r o u g h l y t r a in e d b a n k e r a n d h a s a

r e c o r d o f u n b r o k e n s u cce ss a n d s te a d y p r o m o t io n .

T w o years a g o h o w as

r e c o g n iz e d b y e le c t io n t o th o E x e c u tiv e C o m m itte e o f th e K e n t u c k y B a n k ­

e r s ’ A s s o c ia tio n .

o f th o M o n tic e llo
c o m in g

A t t h a t t im e h e w a s li v in g in M o n t i c e l l o , b e in g C a s h ie r
B a n k in g C o m p a n y .

C a s h ie r o f t h e

B ank

H e r e s ig n e d a

o f H a r d in b u r g

&

year ago

T ru st C om pan y,

upon

be­

becau se

a n o t h e r m e m b e r o f t h e c o m m it t e e r e s id e d in t h o d is t r ic t t o w h ic h h e h a d
m oved.
.

O ffic e r s — C . C . W a ls h , P r e s id e n t; J . W illis J o h n s o n , V ic e -P r e s id e n t a n d

C h a ir m a n o f t h e B o a r d ; J . D . S u g g , V ic e -P r e s id e n t; J . M . S h a n n o n , V ic e ­
P r e s id e n t;
A .

R a lp h

II.

H a r r is ,

V ic e -P r e s id e n t ;

L.

L.

F arr,

V ic e -P r e s id e n t;

B . S h e r w o o d , A c t iv e V ic e -P r e s id e n t ; C . C . K ir k p a t r ic k , C a s h ie r ; O . C .

C a r t w r ig h t , A s s is t a n t C a s h ie r ; W . I la m p
D ir e c t o r s — R o b e r t

II.

M a s sie ,

J.

W illis

W e s t , A s s is ta n t C a s h ie r .

Johnson,

J.

M .

Shannon,

R a lp h

H a r r is , J o s e p h S p e n c e , J r ., L . L . F a r r , E d w a r d D . M ille r , J . C . L a n -

don,

C lin t J o h n s o n ,

A le x

C o llin s ,

T a n k e r s lo y , C . S . G ib b s , S r ., S a m
W a lsh .

U.

O.

T a y lo r,

J.

H . H ill, W illia m

D .

M .

Sugg,

F a y ette

H e m p h ill, C . C .

T h e W e s t e r n N a t i o n a l B a n k w a s o r g a n iz e d in 1 9 0 3 , t h e C e n t r a l N a t io n a l

B a n k in

1907.

T h o c o n s o lid a t io n w ill b e c o m e e ffe c t iv e o n A u g .

T h e p e r so n n e l o f t h e s t o c k h o ld e r s o f th e c o n s o lid a te d

16 1 9 1 9 .

b a n k s c o n t a in th o

n a m e s o f t h e w e a lt h ie s t s t o c k m e n in W e s t T e x a s , th e ir c o m b in e d w e a lth

r u n n in g in t o m a n y m illio n s o f d o lla r s ; a n d th o n e w o r g a n iz a t io n , w it h th e

c o m b in e d

p r e s tig e g iv e n

s tr o n g e s t in s titu tio n

in

it b y

th e m erger o f th e tw o

W e ste rn

T exas,

n o t o n ly

fr o m

b a n k s , w ill b o

th e

th e s t a n d p o in t o f

c a p it a l s t o c k a n d s u r p lu s , b u t b e c a u s e o f th e w e a lth o f th o I n d iv id u a l s t o c k ­

h o ld e r s o w n i n g t h e s t o c k , a il o f w h o m

a r e p io n e e r s t o c k m e n o f t h e g r e a t

p la in s c o u n t r y o f t h e W e s t , a n d a d o f w h o m h a v e s p e n t th e ir liv e s u p o n th e
p la in s d e a lin g in c a t t le , s h e e p a n d o t h e r liv e s t o c k .

James R. Stevens, heretofore Clearing House Bank
Examiner of New Orleans, has been made a Vice-President
pro tom of the Commercial Trust & Savings Bank, tho
Canal Bank & Trust Co. and tho United States Trust &
Savings Bank of that city—the three institutions (see our
issuo of July 12) which are to unite and form the CanalCommercial Trust & Savings Bank, and will eventually
bo elected a Vice-President of tho enlarged institution. Mr
Stevons is considered an expert in the intricate business
of consolidating institutions, and as Vice-President of each
of tho merging banks will bo in position to be consulted on
matters pertaining to the consolidation. Mr. Stevens is a
nativo of Huntsville, Ala., and engaged in banking in that
placo beforo his appointment as United States Bank Examinor. While in the latter position ho oxaminod the New
Orleans national banks and when it was decided in 1912
to appoint a Cloaring House Bank Examinor in New Or­
leans he was unanimously elected, holding the position up



E N G L I S H F I N A N C I A L M A R K E T S — PER C A BLE.

Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
L ondon,
W e e k E n d in g A u g . 8 .
S ilv e r , p e r o z ------------------------- d .

A ug. 2.
S a t.
55H

A ug. 4.
M on.

A ug. 5.
T u es.

H o lid a y 56 H

C o n s o ls , 2 A p e r c e n t s ------------H o l i d a y
H o lid a y 5 1 K
B r it i s h , 5 p e r c e n t s .........................H o l i d a y H o l i d a y 9 3 J i
B r it i s h ,

i'A p e r

c e n t s ................... H o l i d a y H o l i d a y 8 9

F r e n c h R e n t e s (in P a r i s ) . . f r .

_______

6 1 .2 5

- ...........

F r e n c h W a r L o a n (in P a r ls jfr .

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

A ug. 6.
W ed .
57

A ug. 7.
T h u rs.
57H

A ug. 8.
F r i.
58

51H
94

51^
94

51H
94

89

89

89

6 1 .3 0

6 1 .2 0

________

8 7 .8 0

8 7 .5 5

________

The price of silver in New York on the same day has been:

S liv e r in N . Y . , p e r o z - . - C t s . 1 0 8

109H

108H

109H

110

i l l y»

C le a r in g s b y T e le g r a p h — S a le s o f S to c k s , B o n d s , & c .

—Tho subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out once
a month. The figures are received by telegraph from other
leading cities.

THE

554

C rin s— etu s b T ra h
lea g R rn y eleg p .
W en in A g 9 .
eek d g u .

1919.

P
er
C t.
en

1918.

+
+
+
+
+

53.6
24.9
18.7
19.4
37.4
+ 8 .7
+ 33.2
+ 7.2
+ 5*1.5
+ 42 .7
+ 32.7

$ 3 ,8 9 7 ,6 6 9 ,1 5 4
524 ,9 5 7 ,2 5 0
343 ,7 6 1 ,3 2 4
2 8 2 ,806 ,39 9
2 3 5 ,270 ,11 3
139,569,719
121,293 ,88 4
102,843 ,89 0
•
81.8 6 6 ,4 5 9
7 9 ,7 8 8 ,2 3 9
5 9 ,0 97,747

$2 ,5 3 7 ,7 7 3 ,1 2 6
420 ,180 ,89 1
289,514 ,91 1
236,854 ,07 1
171,211,257
128,453,983
91,0 5 3 ,3 7 4
95,9 3 0 ,2 2 4
5 3,000,000
5 5,904,519
4 4 ,5 3 3 ,5 6 0

E lev en cities, 5 d a y s O th er c itie s _____________

$ 5 ,8 6 8 ,9 2 3 ,8 7 8
944 ,4 1 7 ,6 1 6

$ 4 ,1 2 4 ,4 0 9 ,9 1 6
780 ,468 ,49 8

' + 4 2 .3
+ 21.0

T o t a l a ll cities, 5 d a y s .
A ll cities, 1 d a y ....................

$ 6 ,8 1 3 ,3 4 1 ,4 9 4
1,242,467,923

$4,90 4 ,8 7 8 ,4 1 4
953 ,027 ,59 2

+ 38.9
+ 30.4

$ 8 ,0 5 5 ,8 0 9 ,4 1 7

$5,85 7 ,9 0 6 ,0 0 6

+ 3 7 .5

N e w Y o r k ____
C h ic a g o _______
P h ila d e lp h ia ..
B o s t o n . ..........
K a n sa s C i t y . .
S t. L o u is ..........
San F r a n cis c o .
P i t t s b u r g h ___
D e t r o i t _______
B a lt im o re ____
N ew O r le a n s ..

T o t a l all cities for w e e k .

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the seven months of 1919 and 1918 aro given below:

D escrip
lion
.

SvnMn s 1919.
e e o th
P r Vlu
a ae
A a
ctu l
o Qa tity
r un .
Vlu
a e.

SvnMn s 1918.
e e o th
Aer. P r Vlu
v
A a Aer.
ctu l
v
a ae
rice.
P o Qa lily.
rice. r u
Vlu P
a e.

S t ’ k /S h s .
8 2 ,219,328 '
175,836 ,32 8
\ V al. $16 ,1 2 0 ,4 6 9 ,0 8 0 $ 1 4 ,363 ,87 3,69 1 8.91 $ 7 ,6 6 6 ,5 4 0 ,2 9 0 $7,06 9 ,4 6 7 ,5 2 5
R R . bits.
162,054,500
139,890,211
321,465,506
2 8 6 ,629 ,20 5 89.2
U .S . b d s .
1,295,022,802 94 .S
579 .3 0 6 ,5 0 0
559,866 ,42 5
1,364,478,200
S ta te .clty
191,232,774 9 8 .9
119,573 ,00 0
111,913,888
A fo r .b d s
193 ,359 ,00 0
27,342
B a n k stks
3 1 ,900
4 7 ,200
1 0 1 ,1 8 2 2 1 4 .3
T o t a l . . $17 ,9 9 9 ,8 1 8 ,9 8 0 $16 ,1 3 6 ,8 5 9 ,6 5 4

89 .7 $ 8 ,5 2 7 ,4 8 8 ,1 9 0 $7,881,165,391

92.2
86.3
96.7
94.0
196.7
92.4

The volume of transactions in share properties on tho
New York Stock Exchange each month since Jan. 1 in
1919 and 1918 is indicated in tho following:
SALES OF STOC KS A T T H E N EW

YO R K STOCK

1919.

Number
\
°f
' Shares.

EXCHANGE.

1918.

Number

Values.
Par.

|

Actual.

$

|

S

1

O
J

|

Shares.

1

Values.
Par.

|

$

|

F e b . 12,210,741 1 ,1 5 2,181,000 1 ,0 3 8 ,2 7 6 ,9 1 8 1 1 ,4 1 8 .0 7 9 1,08 3 ,2 1 6 ,9 0 0
M a r . 21,403,531 2 ,0 1 9 .2 3 0 ,1 0 0 1 ,8 4 5 ,3 6 9 ,4 2 7 8,4 1 9 ,4 7 7
772,475,950;

Actual.
$
996 ,548 ,21 2
710 ,581 .49 7

1st <ir4 5 ,4 7 2 ,7 3 7 4 ,2 9 8 ,1 6 6 ,8 0 5 3 ,9 2 1 ,0 7 3 ,1 5 3 3 3 ,4 53,913 3 ,1 3 5 ,4 3 3 ,5 5 0 2 ,8 8 2 .5 5 7 ,3 8 8
A p ril 2 8 ,5 8 7 ,4 3 1 2 ,7 1 0 ,1 9 6 ,8 5 0 2 .1 4 1 ,0 5 3 ,2 9 8 7 ,4 0 4,174 687 ,3 7 1 ,8 0 0 631,497,841
M a y . 3 4 ,4 1 3 ,5 5 3 3 ,2 1 5 ,4 7 3 ,4 2 5 3 ,8 4 1 ,3 4 7 ,8 1 1 2 1 ,1 39,092 1 ,9 8 4 ,4 0 5 ,9 0 0 1 ,8 2 6 ,4 6 4 ,9 1 7
Jun e 3 2 .8 6 0 ,3 6 5 2 ,8 7 9 ,5 6 7 ,4 5 0 2 ,5 9 9 ,9 2 4 ,6 1 8 ,1 1 ,7 7 2 ,2 6 l!l,0 8 7 ,6 0 5 ,1 5 0,1,010 ,478 ,46 2
2d qr. 9 5 ,8 6 1 ,3 4 9 8,8 0 5 .2 3 7 .7 2 5 8 ,5 8 2 ,3 2 5 ,7 2 7 40 ,3 15,527 3 ,7 5 9 ,3 8 2 ,8 5 0 3 ,4 6 8 ,4 4 1 ,2 2 0
6 m os 141334 086 13103,404,530 12503,398,880 7 3 ,7 6 9 ,4 4 0 6 ,8 9 4 ,8 1 6 ,4 0 0 6 ,3 5 0 ,9 9 8 ,6 0 8

J u l y . 3 4 ,5 02,242 3 ,0 1 7 ,0 6 4 ,5 5 0 2 ,8 1 0 ,4 7 4 ,8 1 11 8,449,8881

771,723,8901

718 ,468 ,91 7

The following compilation covers the clearings by months
since Jan. 1 1919 and 1918:
Clearings, Total All.
. j

1919.

|

1918.

Clearings Outside New York.
% .

1919.

[Vol 109

C H R O N IC L E

1918.

J ly
u.

C rin sa
lea g t1919.
Kansas City, M o ..
Minneapolis___
Omaha ________
St. Paul_______
Denver_______
St. Joseph_____
Des M oines...
Wichita_______
D uluth_______
Sioux City____
Lincoln _______
Topeka_______
Cedar Rapids..
Waterloo...........
Helena________
Sioux Falls____
Fargo........................
Colorado Springs. .
Pueblo________
Fremont______
Aberdeen______
Hastings______
Billings_______
Joplin________
Grand Forks___
Lawrence_____
Iowa City________
O3hkosh_________
Kansas City, Kan
Lewi8town_______

1918.

$
$
945,080,844 846,604,196
182,875,448 115,887,226
257,221,446 224,728,177
84.092.22C 67,066,556
125,445,601 105,006,025
68,711,595 67,594,38-1
47,704,737 42,589,275
57,962,622 48,118,724
30.720,458 20,692,377
48,735,656 36,264,968
25,807,811 17,972,522
15,392,812 16,149,075
10,630,30-1
8,516,398
8,550,826 8,448,305
8,294,535 8,122,826
9.860.09C
16,807,998
11,754,556 8,435,652
3,401,5S2
4,803,673
3,187,425 2,685,092
3,536,651
3,113,117
7 559,204
5,329,000
2,895,705 2,331,814
4,729,273
5,560,59C
8,406,256
6,557,000
4,921,000
5.723.00C
1,809,118 2,533,269
2,139,795
1,580,388
2,899,968 2,192,420
3.204.40C
2,850,110
2,216,951
1,523,275

Total other West 1997883961 1097713168
St. Louis_______
New Orleans____
Louisville...........
Houston.............
Atlanta...............
Richmond______
Galveston______
Mempnls_______
Fort Worth_____
Nashville______
Savannah______
Norfolk________
Birmingham____
Little Rock_____
M acon.................
Jacksonville____
Oklahoma______
Chattanooga___
Knoxville______
Charleston_____
Augusta_______
Mobile_________
Austin_________
Tulsa___________
Columbia______
Beaumont______
Wilmington, N . <
Muskogee...........
Jackson________
Vicksburg______
Columbus, G a ..
El Paso................
Dallas_________
Newport N ew s..
Montgomery___
T a m p a ________
Texarkana_____
Raleigh................
Shreveport_____
Waco___________

667,321,064
251,525,43-1
71,240.60C
76,783,347
244,476,445
223.857,127
35,874,S0C
78,631,613
73,917,492
62,679,545
36,825,464
53,700,223
53,200,48C
37,746,022
9,000,00c
.33,836,462
54,157,883
27,097,366
11,849,984
16,383,501
16,232,187
8,718,449
5,829,187
47,444,452
10,821,243
5,602,925
3,577,156
10,991,727
2.138.UC
1,415,018
5,476,471
23,182,306
117,301,13c
6.423,631
6,789.000
7,299,484
3,373,801
4,668,880
13,045,934
9,312,000

653,616,541
192,650,281
99,463,625
50,284,369
170,050,598
198,140,987
17,095,788
41.176.67C
52,268,968
62,697,160
2-1,637,900
37.506,108
18,579,601
19,133,682
7,700,10!)
19,477,971
37,978,600
23,279,510
11,487,342
14,076,449
13,406,514
6,247,950
10,640,065
45,220,198
8,203,892
5,538,525
3,767,251
10,744,123
2,416,814
1,350,232
3,107,491
19,994,890
74,579,287
4,859,220
5,484,797
5,502,523
1.165,474
4,197,030
8,270,678
8 ,000,000

SvnMn s.
e e o th
In o
c. r
In o
c. r
D
ec. 1919.
D
ec.
1918.
$
S
% 5895611320 5599415318 + 5.3
%
+ 11.6
+ 57.4 1141826704 870,958,021
4 14.7 1699730601 1005429890
+ 25.4 512,302,098 434,346,925
+ 19.5 851,570,852 653,096,428
+ 1.7 522,755,495 532,487,905
+ 12.C 312.112,998 299,109,292
+ 20.5 317,478,877 265,080,067
+ 48.5 207,699,711 132,231,040
+ 34.-1 316,102,061 259,231,517
+
.e 151,092,735 134,593,340
— 4.7 95,621,573 103,098,021
+ 24.8 72,497,208 60,094,407
+ 1.2 52,734,930 68,492,214
+ 2.1 61,372,198 54,21.8,824
+ 70.5 104,189,926 60,570,987
+ 39.8 81,144,346 56,740,564
+ 41.2 27,057,826 23,278,097
+ 18.7 22,556,886 20,484,986
+ 13.6 23,270,167 24,972,707
+ 4 1 .8 43,499,188 33,221,384
+ 24.2 17,631,47-1 17,282,127
+ 17.6 37,868,399 30,452,007
— 22.5 45,951,000 56,090,047
+ 16.3 39,710,400 34,089,000
— 28.6 12,054,674 12,304,942
+ 35.4 15,909.724 12,499,144
+ 32.3 16,930,270 15,300,465
+ 12.-1 21,658,.,69 16,335,920
+ 45.5 17,903,554 13,226,775

+ 31.1
+ 5.9
+ 18.0
+ 30.4
— 1.8
+ 4.3
+ 19.8
+ 57.1
+ 21.9
+ 12.3
— 7.3
+ 20.6
— 23.0
+ 13.2
+ 72.0
+ 43.0
+ 16.2
+ 10.1
— 6.9
+ 30.9
+ 2.0
+ 24.4
— 18.1
+ 16.5
— 2.0
+ 27.3
+ 10.7
+ 32.5
+ 35.4

+ 17.7 12737911770 11498732421

+ 10.8

+ 2.1 4553883472 4433574783
+ 30.6 1071613868 1506803391
— 28.4 572,778,461 688,181,668
+ 52.7 486,077,336 400,346,387
+ 43.8 1642691177 1292345793
+ 13.C 1.02422015 1221967670
+ 102.7 170,258,048 138,102,935
+ 91 .C 540,919,370 358,478,892
+ 41.4 457,760,690 396,482,400
— 0.08 444,990,824 380,086,807
+ 49.5 214,763,433 197,476,656
+ 43.2 308,100,572 235,831,213
+ 180.7 357,873,282 124.794,985
+ 97.8 171,568,841 141.271,209
+16.£ 55,894,100 59,763,903
+ 73.7 251,240,890 142,178.574
+ 42.6 310.522,862 254,808,692
+ 16.-1 168,695,077 144,954,476
+ 3.2 78,708,623 81,940,028
+ 16.4 109,022,796 94,944,086
+ 2 0 .9 99,524,723 98,278,959
+ 39.6 52,527,747 44,058,668
— 45.2 174,364,045 124,668,587
+ 4.9 290,740,416 289,030,126
+ 31 .C 66,773,328 56,787,435
+ 1.2 41,493,392 .-.9,277,411
— 5.0 26,287,973 24,259,873
+ 2.3 81,848,369 71,7.34.498
— 11.5 16,248,507 15,770,943
+ 4.8 11,987,576 11,491,227
+ 76.2 25,898,145 20,765,963
+ 15.9 168,454,228 122,329 074
+ 57.3 781,980,748 539,719,904
+ 32.2 34,648,313 26,387,096
+ 23.8 48,701,279 44,178,484
+ 32.7 57,836,457 42, 90.175
+ 55.8 24,201,960 18,535,782
+ 11.2 29,656,818 26,078,371
+ 57.7 83,504,597 68,206,510
+ 16.4 68,056,472 73,200,522

+ 2.7
+ 10.9
— 16.8
+ 21.4
+ 27.1
+ 22.9
+ 23.3
+ 50.9
+ 15.5
+ 15.2
+ 8.8
+ 30.6
+ 186.8
+ 21.4
— 6.5
+ 76.7
+ 21.8
+ 16.4
— 3.9
+ 14.8
+ 1.3
+ 19.7
+ 39.9
+ 0.6
+ 17.0
+ 5.0
+ 8.4
+ 14.1
+ 3.0
+ 4.3
+ 24.7
+ 37.7
+ 44.9
+ 31.3
— 10.2
+ 34.8
+ 30.6
+ 13.3
+ 22.4
— 7.0

43

2428189156 1995568220 + 21.7 16254534032 14058074156 + 15.6
%

Jan___ 32,415,814,201 26,547,613,299 + 22.1 14,555,171,367 11,828,545,769 + 23.1
F eb... 25,792,839,256 22,255,063,757 + 15.9 11,598,586,744 9,995.707,702 + 16.0
Mar . . 30,076,757.995 26,0.83,747,067 + 15.3| 13.589,784,326 12,243,465,680 + 11.0

W en in A g st 2.
eek d g u u

C rinsa
lea g t19 19 .

19 18 .

Inc. or
Dec.

19 17.

$

%

$

1st qu. 88,285.411,452 74,886,424,123 + 17.9 39,743,542,437 34,067,719,157 + 16.7

April.. 30.592,296,592 26,481,162,631 + 15.5 13,259,229,169 12,387,655,645

+ 7.0
M a y .. 33,160,271,732 28,266,664,518 + 17.3 14,277,373,503 12,706,963,888 + 12.4
Juno.. 34,240,419,901 27,318,479,871 + 25.3 14,486,588,709 12,460,825,351 +16.2
2d qr. 97,792,988,225 82,066,307,020 + 19.4 42,023,191,441 37,555,444,884 + 11.9
6 mos. 186278,399,677 156952,731,143 + 18.7 81,766,733,878 71,623,164,041 + 14.1
July ..'37,490,850,394 28,642,477,427 + 30.9 15,616.220,554 13,241,281,276 + 17.9

The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of tho last
four years is shown in the subjoined statement:
B A N K C L E A R IN G S A N L E A D IN G C IT IE S .
-------- July---------1
July 31
1918.
(000,000s
1919.
1917.
1916.
1919.
1918.
1917.
*
5
$
$
$
$
$
N ew Y o r k . _____ . .2 1 ,8 7 5 15,401 15,185 1 1,439 126,386 100,731 103,671
16,313
1,625
14,862
14,564
C h ic a g o .................. . . 2 ,676 2.246 2,0 7 8
9,728
1,116
. . 1,659
1,369
867
8 ,770
7.104
B o s t o n __________
1,766
1,332 1,031
12,163
10,931
P h ila d e lp h ia ____ . . 1,935
9,840
667
654
532
4,554
417
4,434
S t. L o u i s . ............. . .
3,820
559
* 282
P itts b u r g h .......... .. . .
611
342
4 ,019
2,922
2,353
633
521
3.793
420
278
San F r a n c i s c o . . . . .
3,079
2,645
265
186
C in c in n a t i............. . .
262
145
1,749
1,587
1,187
194
193
406
305
2,372
1,692
1,301
B a lt im o re .............. . .
945
847
360
5,896
K a n sa s C i t y ------ . .
587
5,599
3,890
499
C lev ela n d _______ ._
404
218
2,926
2,371
359
2,052
N ew O rlean s____ . .
193
142
89
1,672
252
1,507
1 ,0 2 2
M in n e a p o lis _____ . .
183
116
111
107
1,142
871
870
82
71
99
73
573
688
L ou isv ille ________ . .
597
180
369
277
229
2,291
D e t r o i t . -------------- . .
1,683
1,605
118
128
105
80
893
M ilw a u k e e ........... . .
830
729
210
137
125
101
1,197
873
L os A n g e le s____ _ . .
900
50
53
42
311
45
347
311
P r o v id e n c e ........... . .
225
257
88
1,680
1,605
O m a h a __________ . .
131
1 ,0 0 2
161
99
B u ffa lo .................... . .
87
68
807
620
555
84
67
64
512
434
S t . P a u l . ............... . .
59
425
I n d ia n a p o lis ____ . .
58
80
87
46
449
444
397
125
62
49
852
D e n v e r . _ ............... . .
105
653
435
224
198
116
1,502
R ic h m o n d ............. . .
68
1 ,2 2 2
718
41
M e m p h is ________
41
25
541
358
311
171
167
61
1,083
974
96
S e a t t le __________ . .
004
H a rtfo rd ............... . .
39
38
45
34
254
240
256
56
34
65
57
425
372
Salt L a k e C i t y . . . .
377

J n to
a.

o itted
m .)

1916.
$
84.157
11,177
6,137
7,130
2,876
1,923
1,821
987
1,300
2,364
1,228
681
749
548
1,173
563
711
290
672
436
440
311
349
478
221

410
239
251

T o t a l ...................... 3 4 ,7 1 2 2 6 .4 2 5 23,914 18,064 2 0 6 .083 170,704 163,541 129,722
O th er c itie s ............... 2 ,7 7 9 2,2 1 7
1,752
1,362
17,686
14,891
12.260
9,630
T o t a l a ll..................3 7 ,491 2 8 ,642 2 5 ,666 19,426 22 3 ,7 6 9 1S5.595 175,801 139,352
O u tsid e N ew Y o r k . 15,616 13,241 10,481 7,987 9 7 ,3 8 3 84,864 72,130 5 5 ,195

O th er W e ste rn a n d S o u th e rn C learings brought for­
ward from first page.




Kansas City_____
Minneapolis.........
Omaha_________
St. P a u l...........
Denver......... ........
St. Joseph...........
Dcs Moines_____
Sioux City...........
W ichita................
Duluth......... ........
Lincoln..................
Topeka....... ..........
Cedar Rapids_
_
Waterloo_______
Fargo ___________
Helena..... ............
Pueblo......... ........
Colorado Springs
Fremont................
Aberdeen_______
Hastings................
Billings.................

5
2 3 6 ,9 0 0 ,8 9 0
3 9 ,5 5 0 ,0 2 2
5 5 .3 2 6 ,1 4 9
1 6 ,6 5 8 ,3 1 2
2 1 ,4 2 0 ,5 2 3
1 7 ,2 0 7 ,8 7 1
1 0 ,7 2 6 ,3 4 9
1 0 ,3 3 5 ,1 9 6
1 5 ,6 1 3 ,4 9 3
6 ,0 9 9 ,1 3 8
5 ,1 6 4 ,5 4 4
3 ,3 1 6 ,3 6 4
2 ,3 8 1 .9 4 9
1.5 5 0 ,0 0 0
2 ,7 5 8 .5 4 3
1 .8 5 0 ,0 0 0
5 7 1 ,5 6 9
8 0 0 ,0 0 0
7 4 2 ,1 7 3
1 ,7 0 0 .1 0 3
8 0 6 ,1 5 3
1 ,1 4 8 ,2 0 7

2 0 9 ,8 3 4 ,5 3 8
2 0 ,4 4 0 ,5 2 7
5 3 ,3 2 5 ,8 0 8
1 3 ,8 5 1 ,9 8 3
2 1 ,0 0 2 ,8 3 9
1 6 ,0 9 3 ,0 7 0
9 ,0 8 9 ,7 3 9
7 ,2 0 1 ,7 0 8
1 1 ,9 7 7 ,9 9 3
3 ,9 2 3 ,5 1 1
4 ,2 9 6 ,1 7 4
3 ,2 0 0 ,0 0 0
1,7 0 5 ,0 7 6
1 ,5 3 1 ,2 0 9
1 ,4 .3 4 ,7 8 0
1 ,7 6 9 ,6 6 3
590,68 .3
6 0 0 ,0 0 0
6 6 8 ,1 3 4
1 ,0 3 3 ,8 9 4
5 9 3 ,7 4 4
1 ,0 2 8 ,2 1 7

+ 1 2 .4
+ 4 9 .5

Total oth. West

4 5 2 ,6 2 7 ,5 4 8

3 9 1 ,2 5 9 ,4 5 0

St. Louis_______
New Orleans____
Louisville_______
Houston________
Galveston.............
Richmond______
Fort Worth _____
Memphis ................... ...

Charleston______

1 5 5 ,8 2 2 ,5 7 9
5 6 ,8 8 3 ,2 5 6
1 5 ,1 0 1 ,7 7 0
1 5 ,6 2 4 ,3 1 3
9 ,7 8 1 ,0 2 4
4 9 ,7 4 9 ,3 7 7
1 5 ,5 2 3 ,8 5 1
1 5 ,9 9 2 ,8 5 0
5 0 ,3 2 5 ,8 9 6
1 4 ,0 6 0 ,3 7 3
8 ,5 0 0 ,0 0 (1
8 ,3 8 6 ,4 4 3
1 1 ,6 9 6 ,7 8 8
5 ,2 8 8 ,1 1 2
7 ,2 4 3 .0 0 9
2 ,3 2 0 ,8 0 8
1 2 ,0 1 9 ,5 4 7
3 ,2 1 2 ,0 0 4
1 ,7 0 0 ,0 0 0
7 ,5 0 0 .0 0 0
3 ,3 0 0 .0 0 0

M acon ..............................

2,000.000

4 2 5 ,5 1 3 ,5 7 7

Atlanta..............................

Nashville.......................
Savannah.......................
Norfolk_________
Birmingham ____
Chattanooga____
Jacksonville_____
Knoxville.......................
Oklahoma ______
Augusta ..........................

Mobile

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

Little Rock................

Austin..................................
Vicksburg................... ...
Jackson ..........................
Tulsa ..............................

Muskogee_______
Dallas..................................

Shreveport______
Total Southern

1 ,5 0 0 ,0 0 0
3 7 4 ,8 3 7
4 4 5 ,6 6 3
1 0 .4 1 8 ,0 1 1
2 ,7 7 7 ,7 8 8
2 5 ,5 4 8 ,5 4 4
2 ,5 9 7 ,5 6 2
5 1 5 ,6 0 4 ,4 7 3

19 16 .

$

+ 1 .2
+ 9 2 .3
+ 4 .5
— 3 .2
+ 3 3 .3
+ 11.1
+ 0 4 .5
+ 3 5 .8
+ 1 1 .7

1 5 6 ,3 1 8 ,4 9 0
2 5 ,4 0 1 ,5 9 4
3 0 ,3 0 8 ,2 4 9
1 2 ,1 8 3 ,3 1 1
1 4 ,5 8 5 ,9 9 3
1 5 ,2 6 2 ,4 6 5
7 , 1 5 3 ,9 6 3
5 ,7 1 2 ,3 0 5
8 ,0 9 8 ,3 0 3
4 ,4 6 7 ,4 0 0
3 ,4 8 1 ,6 5 8
2 ,6 5 1 ,3 0 1
2 ,4 0 1 ,0 5 4
2 ,1 8 5 ,9 3 4
1 ,3 9 3 ,3 7 0
1 ,6 7 6 ,0 2 7
5 1 5 ,7 4 3
0 9 3 .0 2 8
5 9 2 ,3 1 8
8 6 8 ,4 3 9
4 1 8 ,1 0 3
1 ,0 1 2 ,5 6 7

8 9 ,0 8 7 ,0 1 3
2 3 ,8 2 5 ,1 1 7
2 4 ,2 0 1 ,4 3 0
1 4 ,4 8 0 ,7 3 7
1 1 ,0 7 8 ,4 7 3
S ,S 7 7 ,8 7 9
6 ,1 3 0 ,4 0 2
3 ,8 0 7 ,7 8 3
5 ,2 0 8 ,6 8 7
5 ,2 9 2 ,7 3 6
3 ,2 7 6 ,7 0 6
1 ,8 7 5 ,1 7 9
1 ,6 0 7 ,7 3 7
1 ,5 S 6 ,7 3 5
1 ,6 3 0 ,8 4 5
1 ,3 3 1 ,1 2 8
5 0 0 ,2 5 5
6 8 9 ,9 7 6
6 0 0 ,0 9 4
8 8 1 ,7 4 9
5 8 0 ,7 2 3
6 8 9 ,4 1 1

+ 1 5 .7

2 0 7 ,4 7 1 ,5 1 5

2 0 7 ,9 7 8 ,8 0 1

+ 3 .5
1 5 0 ,4 9 7 ,9 9 3
+ 3 0 .9
4 3 ,4 6 3 ,9 7 2
2 1 ,1 9 4 ,4 0 1 — 2 8 .7
1 2 ,1 4 2 ,8 4 6 + 2 8 .7
3 ,4 9 5 ,9 3 5 + 1 7 9 .8
+ 8 .3
4 5 ,9 3 2 ,9 6 8
+ 3 9 .0
1 1 ,1 6 8 ,7 1 2
8 ,3 9 7 ,2 3 0 + 9 0 .4
+ 4 4 .9
3 4 ,7 2 1 ,2 3 1
+ 1 9 .0
1 1 ,8 1 1 ,4 1 3
+ 4 7 .2
5 ,7 7 2 ,8 1 5
+ 1 1 .0
7 ,5 5 2 ,8 7 0
+ 16 .3
4 ,4 4 4 ,2 1 7
4 ,3 9 5 ,5 6 8 + 2 0 .3
4 ,1 2 8 ,5 3 2 + 7 5 .4
2 ,2 9 4 ,8 1 3
+ 1 .1
8 ,4 9 6 ,2 4 7 + 4 1 .5
4 ,3 0 0 ,9 0 0 — 2 5 .3
1 ,3 1 9 ,0 4 1
+ 2 8 .9
3 ,9 9 4 ,5 3 6 + 8 7 .8
2 ,7 0 0 ,0 0 0 + 2 2 .2
1 ,5 0 0 .0 0 0 + 3 3 .3
2 ,3 0 0 ,0 0 0 — 3 4 .8
2 7 0 ,9 0 8 + 3 8 .4
+ 7 .0
4 1 6 ,6 5 2
9 ,5 8 5 ,9 8 0
+ 8 .7
1 ,8 9 0 ,4 1 3 + 4 0 .9
1 5 ,6 2 0 ,2 0 1 + 6 3 .6
+ 5 3 .4
1 ,6 9 3 ,1 8 2

1 1 9 ,4 2 8 ,3 6 8
3 2 ,1 6 2 ,4 9 1
1 7 ,6 6 1 .2 3 7
9 ,2 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
2 8 ,0 5 8 ,9 2 1
1 0 ,8 9 9 ,8 4 9
8 ,6 7 8 ,6 5 2
2 1 ,3 9 4 ,0 6 9
7 ,8 3 5 ,7 7 6
5 ,7 5 8 ,7 7 4
5 ,4 0 9 ,0 2 2
3 ,6 8 9 ,2 3 8
3 ,3 1 8 ,1 3 6
3 ,1 0 5 ,9 0 5
2 ,2 0 6 ,5 3 7
7 ,9 8 5 ,1 4 7
1 ,6 3 8 ,7 9 3
1 ,0 9 3 ,1 1 2
3 ,1 0 7 ,4 1 5
2 ,3 4 4 ,5 7 5
1 ,1 5 1 ,1 8 2
2 ,1 6 0 ,0 0 0
2 1 6 ,3 3 9
3 7 1 ,9 7 8
5 ,7 5 5 ,0 8 9
1 ,5 5 0 ,7 6 3
9 ,5 0 0 ,0 0 0
1 ,5 0 0 ,0 0 0

9 3 ,4 0 8 ,4 3 2
2 0 ,4 4 5 ,2 1 1
1 5 ,8 6 2 ,5 7 9
7 ,0 0 2 ,1 0 3
3 ,9 3 5 ,5 8 3
1 5 ,1 8 3 ,2 3 0
8 ,5 9 0 ,9 2 2
5 ,2 4 7 ,5 9 6
1 4 ,5 7 9 ,4 8 5
5 ,7 9 8 ,8 0 4
4 ,7 0 4 ,8 4 0
4 ,2 3 1 ,1 2 0
2 ,3 2 9 ,9 6 8
1 ,9 2 8 ,1 9 2
2 ,4 8 9 ,8 9 0
1 ,9 0 1 ,2 6 2
4 ,0 4 4 ,5 8 4
1 ,4 1 9 ,1 3 6
1 ,2 8 1 ,8 7 8
2 ,0 2 8 ,0 5 6
1 ,5 7 3 ,0 1 7
3 ,5 8 1 ,4 0 2
1 ,8 0 0 .0 0 0
2 1 0 ,0 4 8
8 1 3 ,2 7 8
3 .5 0 8 ,4 1 1
8 7 6 ,7 0 6
6 ,3 9 1 ,1 0 0
------------------

3 2 1 ,1 8 2 ,5 7 0

2 3 5 ,2 3 2 ,9 0 5

+ 3 .8

+ 2 0 .3
+ 2 .0

+ 6 .9
+ 1 .8
+ 4.3.5
+ 3 0 .4
+ 5 5 .5
+ 2 0 .2
+ 3 6 .3
+ 3 4 .8

+ 2 1 .2

THE

A u g . 9 1919.

New YorkBoston-----Phlladel'a-.
altlmore.'portNcws
NcwOrlcans
Galveston..
Montreal . .

Se n Mn s.
e e o th
Inc.o
r
D
ec.

In
c.or
D
ec.
%

S

S

Canada—

Montreal____ 548,408,945
362,804,420
Toronto.........
163,813,469
Winnipeg. 54,070,340
Vancouver —
38,528,285
Ottawa--------28,055,192
Calgary------28,238,414
Quebec.........
11,807,469
Victoria____
19,699,769
Edmonton..
28,158,831
Hamilton___
22,627,589
Halifax.........
13,679,104
St. John'.___
15,754,171
London ____
16,650,735
Regina.........
9,382.795
Saskatoon . .
6,950,073
Moose Jaw.
3,108,089
Brandon___
3,636,525
Lethbridge. .
4,981,486
Brantford —
3,539,398
Fort William.
2,578,031
NewWestmln
1,943,989
Medicine Hat
3,619,321
Peterborough
3,937,307
Sherbrooke . .
3,922,975
Kitchener . . .

8

S

%

Total Canada.

302,015,279

93,320,499
71,836,003
22,078,266
8,942,339
2,798,145
6,154,929
4,132,552
1,500,706
4,608,481
2,860,845
4,236,104
2,323,851
1,856,611
2,346,483
1,091,283
1,007,243
555.096
870,000

77,576,225
55,612,535
43,728,823
8,190.934
5,863.975
6,413,137
5,103,553
1-.791,824
4,842,047
2,398,229
2,833,692
2,119,012
2,795,189
1,857,431
1,586,848
1,061,556
537,10.
801,882
703,805
577,369
422,047
488,898
688,583
699,169
537,962

+ 23.1

+ 8.0

+ 75.6
+ 33.5
+ 107.0
+ 28.5
+ 30.0
+ 71.4
+ 26.0
+ 35.7
+ 10.5
+ 24.4
+ 37.4

—8.2

+
+
+
+

10.7
50.7
54.7
20.3

828,634 + 11.2
027,820 + 21.2

921,149
760.653
636,548
416,028
839.952
838.568

342,723 + 85.8
283,907 + 46.
+ 5.3
797,459
752,581 + 11.4
643,089 + 32.5
999,896 + 85.7
174,068 + 101.2

852,633

1,856,962
350,000

238,570,213

+ 27.0

229,295,400

R ts a—
eceip t

971.000
112.000

Indianapolis .
Total wk. '19
Same wk. '18
Same wk. '17

281,000 22.024.000
244.000 16.363.000
1/9,000 3,094,000

Since Aug. l~
19U‘...........
1918...........
1917.
...

281,000 22,021,000
244.000 16,363,000
179.000 3,094,000

129,000
. . ___ !
10,000
87.000
55.000

177,000
7,000
14,000
208,000
117.000
151.000
417.000
137,000

New Y o r k _
_
Philadelphia.
Baltimore___
Newport Newt
New Orleans.*
Galveston_
_
Montreal_
_
Boston_____

H r.
ou
Brrels.
a

189.000
19.000
32.001
42.001
105.001
10.001
250.001
35,O
IK

Wea
h l.
Bsh
u els.

Ep rts.
xo

4,202,001
682,001
Total wk,191<
Since Jan.l’ B122,996,00'. 113,443,001 )
400.001
Week 1918..
Since Jan.l'lf 15,405.001

251.000
153.000
30,000

687.000
162.000
46,000

on through bills of lading.

Brley
a .
Re.
y
B sh Bsh
u els. u els.

3.000
6.000
19,000

1,000:

1,000

253,bool
120,001
13,000
39,001 S

44,000
...........

500,000
172,000
144,00 i 1,357,000
7,970,00 1 40,610,00025,621,000 24,314.000

155,000
14,000
401,000
1,574,001)
2,073,001
19,046,001 ) 14,814,0(K) 65,168,001 7,565.000: 2,872,000

w
nvU/ipty >e/ uw iiivuhiv * » *• K --- v
->“ * ”'

V

.

-

,,

.

'I’lie exports from the several seaboard ports for the weok
ending A u g . 2 aro shown in the annexed statem en t:




155,000

19,720,137
175,617

9,294
107,171

122,142

272,255
895.052

Crn
o .
a 1918.
1919.
a1918.
S ce
in
S ce
in
W
eek
S ce
in
u
u
u.
J ly 1. A g 2. J ly 1. J ly 1.
u
u els.
u els. 2,494,000
sh
u els. B154,000 Bsh
Bsh
u els. Bsh
8,45V,666

’ 278 ,666

’ '565,666

” l*96’,666
2.968,000

Crn
o.
b sh
u.

Wea
h t.
b sh
u.

331,000

17,000

881,000
Philadelphia--------- ---------Baltimore............................. 1,557,000

598.

380.00C

1919.

Bs e
uhls.

7,386,684

2,132.336
147,072

J ly 1
u

15,432

1919.

United States—
Sew York_______________

6.980.000 2,137,000
5.689.000
237.000
268.000
3.101.000

83.001
4,001

1,036,366

GRAIN STOCKS.- •

2,311,000
3,368,000
2,621,000

194.001
605.001
610.001
.........

1919.

1919.

1919.

those for 1910.
.
. .
. ,
•
T h e visible supply of gram , com prising the stocks i n
granary at principal points of accum ulation at lake and
J12.460
seaboard ports A u g . 2 1919 was as follows:

211,501,871

149,001
73,001
72,001

Ag 2
u.

J ly1
u

Ag 2
u.

The quantities of w heat and corn afloat for E urope are
om itted for the present, as no figures are available since

687.000
162.000
46,000

524.000
279.000 |
15,000

60,902
23,187

O1
Total_____ 14,561,000 59,663,000 45.820,000 2,235,O O 9,173.000

0,890,000 2,137,000
5.689.000
237.000
3.101.000
268.000

7,001
23.001
27.001

102,1321 144.225

13.409.000
North Amer. 10,092,000
Russla......... ..
D anube-----Argentina.. . 1,744*666 14,85S,666 26.767.000 2,Yi’6",666
Australia_
_ 2,645,000 9,405,000 4.020.000
1.440.000
India........... 184,000 ’ ii 6’,666
' Yob’,666
Oth. countr'8 " " 80,666

2.311.000
3.368.000
2.621.000

819.000
712.001
1,322,001

245,166

S
lice
W
eek
u
A g 2. J ly 1.
u.
uhls.
Bsh 34,910,000
u els. Bs e

22,000
6,000

Ots
a.
Bsh
u els.

446.000

Wea
h t.

6,000
26,000

Crn
o.
Bsh
u els.

86,000
112,000

T h e w orld’s shipments of wheat and corn for the week
ending A u g . 2 1919 and since July 1 191 8 and 1917 are
shown in the follow ing:

T o ta l receipts of flour and grain a t the seaboard ports for
the week ended A u g . 2 1919 follow .

P c lp a—
.e e ts t

47,000

3,423,269
607,045

79,849,570
46,184,056
43,423,018
0. 485.704
4,054,205
4,764,477
3,678,930
1,795,231
3,788,092
1,972,386
2,518,764
1,891,802
2,418,548
1.
1,212,895
956,818
635,548
539,675
f 69,903
628,150
311,189
324,839
590,828
470,371
503,752

826.000
501,000
369,000

593,000
72,000
760,000
33.000
38.000
774.000
229.000
199.000
342.000
488,000

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

921,839 1,653,902
122.443 886.198

Total
.............. 921,839
Total 1918_______ 122,443

Re.
y
Ots
a.
Brley
a .
Crn
o.
Fu
lo r. Wea
h t.
.Slb
A lb
ib .U V h sh lb b sh56 lb b s . 32 lb. b sh S s. b sh d s
ls lOis u .m s. u . s. Ph s u409.000 u225.000.
3,362,000
6,443,000
1,645,000
91.000
99.000
636.000
60.000
3.334.000
283.000
6.275.000
2.056.000
1,276,000

Chicago . —
Minneapolis..
Duluth------Milwaukee.. .
Toledo------- Dullolt. - - - —
St. Louis . . . . .
Peoria. ------Kansas City. -

page

______

1,348,652
53,001
89,435

The
statem ents below are prepared b y us from figures collected be
the N ew Y o r k Produce E xchange.
T h e receipts at W estern
lake and river ports for the week ending last Satu rday and
since A u g . 1 for each of the last three years have been

from

184.000
247.000

476,000

122,147

60,902
.............
.............

u els. uhls
Brrels. Bsh
a
Brrels. 1,916,749 1,095,970! Bs e
a
3,333,453

© netxiitl iuiclTtltsccU
otm
auem
is|Lcxus
B read stu ffs figu res b ro u g h t

---------______
------ -

j
United Kingdom.1
546,365
Continent............. 374,474
So. * Cent. Amer.
1,000
\4 est Indies...........................
B rit.N o.A m .Cols. ---------Other Countries..................

W en in J ly31.
eek d g u
In o
c. r
D
ec.
114,909,507
77,592,038
39,813,469
11,936,235
5,791,112
7,910.891
5,370,389
2,571,201
5,806,973
3,881,724
4,680,765
2,889,518
3,551,472
2,155,547
2,258,015
1,518,043
858.738
1,047,149

383,000
9 8 ,000
880,000

724,166
697.000
177.000

100,000

530,000
70,000

97,000
1,000
42.000
19,000

Ep rtsfor W A g 2 i J ly 1
xo
eek u .
u
J ly 1 to
u —
1919. I 1919.

T h e clearings for the week ending July 31 at C anadian
cities, in com parison w ith the same week in 191 8 , show an
increase in the aggregate of 2 7 .0 % . __________________________

Canada—

_______
______

T h e destination of these exports for the w eek and since
July 1 1919 is as below :
____________ _ _ __________ _

Tot.Canada 1,399,962,722 1,107,922,680 + 26.4 8,657,255,89917,313,471,112 + 18.4

M ontreal...........
Toronto.............
Winnipeg...........
Vancouver.........
Calgary..............
Ottawa...............
Quebec................
Victoria----------Hamilton______
Edmonton-------Halifax________
St. John____. . .
Regina................
London...............
Saskatoon.........
Moose Jaw___
B ran d on ..------Lethbridge------Brantford--------Fort W illiam ...
New Westminster
Medicine Ilat—
Peterborough-----Sherbrooke--------Kitchener.............
Windsor ................
Prince Albert------

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

176^000
228,000

Total week. 2,132,336:
147.072'
Week 1918.

407,760,470 + 34.5 3,350,227,571 2,514,968,231 + 33.2
313,348,630 + 15.8 2,275,245,429 1,910,048,882 + 19.2
130,207,873 + 25.8 1,092,533,707 1,199,234,444 — 8.9
44,671,102 + 21.1 341,162,277 285,288,442 + 19.6
187,551,623 + 26.9
29,251,410 + 31.5 237,916,742
168,600,236 180,175,990
6.5
21,071,080 + 33.0
155,206,694 128,210,723 + 21.1
22,262,473 + 26.8
56,628,368 + 15.8
65,564,289
9,494,234 + 24.4
95,341,897 + 19.1
113.520.497
13,296,041 + 47.9
161,758,472 147,455,801 + 9.7
22,728,727 + 23.9
133.694.498 120,927,529 + 10.6
19,983.602 + 13.2
83,676,796
66,221,170 + 26.4
10.753,281 + 27.2
88,401,982
71,039,881 + 24.4
1 1 ,4 2 8 ,3 6 5 + 3 7 .9
91,474,349 + 10.6
12,457,728 + 33.7 101,188,541
48,466,071 + 11.9
54,217,505
0,757,427 + 38.8
36,260,713 + 22.4
44,405,711
5,579,821 + 24.6
16,622,203 + 2.6
17,055,165
2,533,900 + 25.1
22,302,476 — 7.3
20,670,705
3,580,134 + 1.6
27,611,782 + 7.2
29,545,215
4,543,903 + 9.6
20,088,376
19,701,055 + 2.0
3,047,417 + 16.1
15,703,745
12,201.159 + 28.7
1,878,845 + 37.3
12,442,547
13,653,396 — 8.9
1,000,705 + 21.4
22,195,043
20,371,388 + 8.9
3,254,572 + 11.2
27,530,904
23,581,202 + 16.7
3,555.863 + 10.7
18,126,337 + 36.3
24,702,852
2,874,477 + 36.5

C rin sa—
lea g t

333,336

Brley P s.
a .
ea
B sh B sh
u els. u els.

Re.
y

a
lo r. Ots.
Ep rtsfro Wea i Crn F u
x o m h t, o .
uhls
a
Bsh • u els. Brrels. Bs e
u els. Bsh
906,902
286,839

C a n a d ia n
Bank
C le a r in g s .— T h e clearings of the
C anadian banks for the m onth of July 1919 show an increase
over the sam e m onth of 1918 of 2 6 .4 % , and for the seven
m onths since Jan . 1 the gain reached 1 8 .4 % .________________

C rin s a—
lea g t

555

C H R O N IC L E

5,000
36,000

457.000
New Orlc ins........... ............
Galveston............................. 1,014,000
488.000
Buffnlo.................................
671.000
32.000
Detroit---- -------- -------------5,110,000
Chicago--------- ---------- ------126,000
“
afloat___________
14.000
Milwaukee......................
166,000
746.000
Minneapolis.........................
St. Louis.......................... .. 2.103.000
Kansas City........................ 4.332.000
3,000
Peoria......... — - — - ..........
554.000
Indianapolis-------------------O m aha................................. 1.124.000
On Lakes------------------------ 1.164.000
On Canal and River--------

137,000
31.000
13.000
50.000
940,000
86.000
2,000
141.000
150.000
37.000
466.000
304.000
46.000

Re.
y
buh
rs.

Ots.
a
b sh
u.

295.000
24.000
76.000
560.000

1.254.000

292.000
673.000
807.000
184.000
447.000
14,000
1.947.000
181.000
140.000
6.805.000

791.000
60,000
45.000
1,621,000
223’,666
1.320.000
4.3 65.0 00

833.000
124.000
3.169.000
104.000
328.000
287.000
126.000
589.000
862.000
725,000

66.000

Brley
a .
b sh
u.

824.000
530.000
276.000
779.000
34.000
2,3 43,0 00
76.000
758.000

1.003.000

280,666
258,000
1.083.000
4,000

161.000

15.000
171,000
75.000

27,000
500,000

8.741.000
Total Aug. 2 1919------ 20,903,000 2.461.000 20,467,000 9,866,000 8.930.000
Total July 26 1919-------13,245,000 3.143.000 19,517,000 10,113,000 1.031.000
580,000
Total Aug. 3 1918-------17,155,000 9.466.000 7,876,000
Bonded grain not Included above: Oats, 5,000 Duluth, 81,000 Boston,
40 000 Philadelphia; total, 126,000 bushels, against 4,000 In 1918; and barley, 8,000
Baltimore 42?000 Duluth; total. 50.000. against 4,000 in 1918.

ij
\
0[e

Canadian—

2,102,000

558.000
2,380,000
940.000

271,000
............

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

3.878.000
3.755.000
9.037.000

271.000
271.000

2,102,000
2,243,000
626,000

20,903,000
. 4,505,000

2,461.000 20,467,000
2,000 3.878,000

9,866,000
271,000

8.741.000
2.102.000

.2 5 ,4 0 8 ,0 0 0
.1 9 ,3 4 0 ,0 0 0
.2 0 ,1 9 0 ,0 0 0

2.463.000 24,345,000 10,137,000 10,843,000
3 148,000 23,272,000 10,384,000 11,173,000
9.582.000 16.913,000
580,000 1,657,000

Montreal......... - ................. . 2,012,000
878,000
Ft. William & Pt. Arthur .
Other Canadian........... .. _ 1,585,000

2,000

Total Aug. 2 1919 -.Total July 26 1919 —
Total Aug. 3 19 1 8 .-Summary—
American-------- -------------Canadian-----------------------

- 4,505,000
6,095,000
_ 3,035,000

2,000
5,000
116,000

Total Aug. 2 1919Total July 26 1919Total Aug. 3 1918-

b a n k N O T E S— C H A N O E S IN T O T A L S O F, A N D IN
D E P O SIT E D B O N D S . <fce.— We give below tables which
diow all the monthly changes in national bank not s and in
bonds and legal tenders on deposit, there o r_________________ .

an
s
«.

a l.egal re .ce r t

D tsUfor—
ep
Isg l
a
T dr
e es

Circulation A 1 Inal U n der—

Rns
od

i

l.e a
gl
Td
en ers.

720,907,762
686,278,555' 34,629,207
693,343,210 34,629.207
July 31 1919.
719,276,933
68 3,086,600 36,190,333
692.252.950 36,190,333
Juno 30 191937,152,677 722,764,920
685,612,2431
691.052.300 37,152.677
May 31 1919.
725,131,122
686.157.475 38,973,647
689.878.300 38,973,647
Apr. 30 1919.
724.4S7.192
684,292,440 40.194.752
688,183.250 40,194,752
M ar.31 1919.
721.879,472
67 9.799,125 42,080,347
683.342.450 42,080,347
Feb.28 1919.
721.928,498
680.025,471 41,903.027
68 3.004.450 41,903,027
Jan. 31 1919.
723.529,210
083.661.878 39,867.332
684.648.950 39,867,332
Dec. 31 1918.
716.853.155
676,431,533 40,421,622
684.468.950 40,421,622
Nov.30 1918.
41.833.562 679,637.575 41,833.562 721,471.137
684,446,440
OCt. 31 1918.
43,467,307 721,933,170
678.465.863
683.026.300 43.467.307
Sept. 30 1918.
724,318,652
680,210.470 44,108,182
682,411,730 44.108.132
Aug.31 1918.
723 728 062
687.577 645 36,150.41
690 831 260 36 150 117
luly 31 inis
$210,699,800 Federal Reserve bank notes outstanding Aug. 1, all secured by bonds.

556

THE

C H R O N IC L E

The following show the amount of each class of U . S.
bonds held against national bank circulation and to secure

Bn so D o
o d n ep sit
J ly 31 1919.
u
2 % , TJ. S. Consols of 1930............
4 % , U. S. Loan of 192.r
._________
2 % , U . S. Panama of 1936.............
TJ. P. Panama of 1938_____________
U. S. One-year Ctfs. of Indebtedn's

V. S Bn s H J ly31 toSc r —
. o d eld u
e ue
O d o to O d o to
n ep sit
n ep sit
secu Fd l secu
re e era
re
o
Rs r e Bn Ntio a Bn Hta.
eev a k a n l a k T l
eld
N
otes.
Ntes.
o
%
$
*
564,524,350
56,267,800
47,588,640
24,962,420

578,653,350
68,860,800
47,993,140
25,247,720
195,675,000

693,334,210

906,130,010

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits July 1 and
Aug. 1 and their increase or decrease during the month
July.

Ntio a Bn Ntes— o l A t
a n l a k o Tta floa

—
Amount afloat July 1 1919.____________________________
Net amount Issued during July.................... LC3o!829

_

$719 276 933

Amount of bank notes afloat Aug. 1 1919.................................
*720 907 762
—
Amount on deposit to redeem national bank notes July 1 1919____
$36,190 333
Net amount of bank notes retired In July..................................... .......... ..
1,561,126

L a en erNtes
eg l-T d o

Amount on deposit to redeem national bank notes Aug. 1 1919____834,629,207

N a tio n a l B a n k s.—-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR C H ARTER.
For organization of national banks:

T o ta l........................................................................................ $800,000
VOLUNTARY LIQUIDATION.
The First National Bank of Oilton, Oklahoma. Capital___
$25,000
Liquidating Agent: H. H. Moore, Oilton. Succeeded by a State Bank.

A u c tio n Sales.— Am ong other securities, tho following,
not usually dealt in at the Stock Exchange, woro recently sold
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Mullor & Sons, New York:

S a S ck
h res. lo s.

30 Nat. Nassau Bank of N . Y .
100 Second Avenue RR. and
in liquidation_____310
per sh.
84,780 N . Y . Terminal Co.
2 Amal. Mev.. Supply, $20 ea.| $4
temp. ctf. for inc. bondS-$15 lot
500 Adz. Coiip. Belt. M g., 81 eaj lot
507 Tungsten Prod, of M d., com.
50 Scab dBrassFdrles,Inc., pf_$50 lot 2,100 Tungsten Prod, of M d., pref. $259
166 2-3 Seab.Br.Fdrics,Inc.,eom_$25 lot
and S35.000 TungstenProd. lot
55 Young
Griffin, Inc., com.$250 lot |
of Md. s, 1920
50 Montuuk Bank of Bkln.8132 per s h ! 203 Colwell Lead, pref
1S120
405 American Sintering------$125 per sh 368 Colwell Lead, common..
...J lot

4

6

&

1

B y Messrs. W ise, Hobbs & Arnold, Boston:
Shares.

Stocks.

$ per sh.

Sa S r s
h res. tok.

$p sh
er .
9
7
p cen
er t.

5 Appleton Co........... ..................... 370
4 Merrlmae Chemical.........................
25 Waldorf System, Inc., 1st pref.,
S each....................................
5 Baxter D . Wliltney, pref............100)4 $1,000 Danville Champ. & Decatur
10
Root * Van Dervoort. pref.. ___ _____________101
5s, 1938...............................
25 Gorton-Pow Fisheries, pref.___ 100
2.000 Cent. Maine Power , 1939 8 9 4
1 Hood Rubber, pref................... 105
1.000 Denver Gas & Elec. 5s, 1919 85
5 U. S. Envelope, pref....................109 4
5.000 Dom. of Canada 5 4 s , 1922. 9 5 4
5 II. II. Brown, pref........................ 61
Dom. of Canada
s, 1923.
10
Fall River Trust..... ..................95
2.000 Cons. Arlz. Smltg. 5s,’39 10 flat
t 3 Ilendee Mfg., pref........................101 54
8.000 Gila Copper s, 1918..............91
1 Right Lowell Btcachery________ 18)4 10,000 Lire Italian Govt. 5% War
Collateral Loan_______________ jf)
Loan, 1918..................................... 109)4

10

104 Bn s.
od

53

100

6




514

6

493)4

p sh S a S ck
tr . h res. to s.

$
23 Nat. Shawmut Bank................. 262)4
10 Old Colony Trust_____________ 259
31 Lancaster Mills...................
125)4
59 Arlington Mills.....................140-140)$
110 Merrimack M fg., com., ex-dlv.1044
20 Hamilton M fg., ex-dividend... 140)$
5 Dwight Mfg................................1227)4
9 Nashua M fg., prof____________ 103U
22 Lowell Bleachery rights_______ 18 ’

Shares.

Stocks.

p sh
er .

.$
5 Bigelow-IIart. Carpet, com_ 94)4
_
10 Wamsutta Mills...................... 146)$
25 Hood Rubber, common_______ 161
10 University Associates.....................
13 Sullivan M achinery........... 160)4
19 Quincy Mkt. C. S. & W ., com.,
new stock....................................170)$
1 Waltham Watch, pref...................85
1 Am. Pneumatic, lstp f., $50 par 31

35

$ per sh. Shares.

1
34
2
1
20

Stocks.

.$ per sh.

John B. Stetson, pref........... .153
1.000 Indianan Trac. A Term.
North Phila. Trust, $50 each.1854
1st 5s, 1933...........
62)$
13th * 15th Sts. Pass. R y___1864 5.000 Southern Traction (Pitts.)
Phila. Nat. Bank........... ........ 455
1st 5s, 1950, ctfs.of dep.................. 30)$
Drovers A Merchants Bank,
1.000 Phila. Sub. Gas A Elec.
$50 eacn............................. 60-60)$
1st A ref. 5s, I 9 6 0 . .. ............
87)$
3 Market St. Tltle&Tr., $50 ea.ISI
500 Pocahontas Collieries 1st 5s,
3 Philadelphia Trust..................660
1937....................................................100)$
5 o i4
1 Fidelity Trust________
500 Alliance Gas A Power 1st A
30 Rights to subscribe to Comm’l
ref. 5s, 1932......... ........................... 81
Trust Co. at $200................ 90
1.000 Columbia A Montour Elec­
15 Mutual Trust, $50 each_____48)$
tric 1st 5s. 1943...........................
81
50 Phila. Life Insurance, $10 ea. 1 0 4
1.000 Penn Public Serv. 1st 5s, ’62 80
2 Pa. Aced. of F
’lne \rts____26-27 15,000 Pottstown A Phoenlxvillo
Geo. B. Newton Coal, pref.. 4 9 4
Ity. 1st A ref. 5s, 1942.............
6,600 Electric Gun, $1 each......... $9 lot 1.000 Glrardvillc (Pa.) Gas 1st
200 United Gas & Electric______ 10
6s. 1943..........
$12,000
200 Chicago Sub. Gas & Elec_ 10)$
_
500 U. S. Lib. Ln. 2d 4s, 1942
lot
Bonds.
Pet cent.
100 It. S. I.lb. Loan 3 4 s ____
$1,000 No. Spgfd. Water, 1st 5s, ’28 67)$
35 Shares Lake Sur. Corp.J

8

4

D IV ID E N D S .
Tho following shows all tho dividends announced for tho
future by large or important corporations:
Dividends announced this week are printed in italics.

Nm of Cma y
a e o p n.

C

Correspondent: C. E. Nayward, Garden City.
The First National Bank of Eden, South Dakota
26 0 0 0
Correspondent: F. Jaeggi, Eden.
Tho Citizens National Bank of Redfield, South Dakota .
50 000
Correspondent: A. B. Robinson, Redfield.
Tho State National Bank of Buffalo, Oklahoma _
25 000
Correspondent: R. R. McMinn or C. E. McMinn, B u ffa lo !"'
’
The First National Bank of Roeksprings, Texas
3 5 000
Correspondent: M . O. Grooms, Roeksprings.
Tho First National Bank of Good Thunder, Minnesota_ __
_
25 000
Correspondent: II. II. Buck, Good Thunder.
Tho Farmers National Bank of Mankato, Kansas____
25 000
Correspondent: Georgo II. Case, Mankato.
The National Bank of Commerce of Casper, W yom ing..
125 000
Correspondent: Ira G. Wetherill, Casper.
For conversion of Stato banks:
The National Bank of Commerce in Philadelphia, Pa
300 000
Conversion of The Bank of Commerce, Philadelphia.
"
Correspondent: Bank o f Commerce.
100.000
The Security National Bank of Fargo, North Dakota___
Conversion of Tho Equity Stato Bank of Fargo.
Correspondent: The Equity State Bank.
The Cherokee National Bank of Lanapah, O klahom a___
25,000
Conversion o f Tho Cherokee State Bank of Lenapah.
Correspondent: O. C. Chapman, Lenepah.
T o ta l------------------------- ------------ --------------------------------- $760,000
„ , ,
CHARTERS ISSUED.
Original organizations:
Tho First National Bank of Byron, Oklahoma___________
$25 000
President, B. R. Herold; Cashier, C. A. Johnston.
The St. Augustino National Bank, St. Augustine, Fla_________ 50,000
President, B. G. Lamar; Cashier, Geo. L. Estes.
Tho First National Bank of Bell, California................................. 25,000
President, Thomas V. Cassidy; C ash ier,________
.
Tho First National Bank of Lemont, Illinois__________ _______ 25,000
President, John B. Ludwig; Cashier, J. W. Hoover.
The Security National Bank of Valley City, No. Dak.............
50,000
President James Grady; Cashier II. C. Aamoth.
The Powder River National Bank of Broadus Montana............. 25 000
President, P. C. Jensen; Cashier, O. A. Bartholomew.
The Cedar Grove National Bank, Cedar Grove, Indiana______ 25,000
President, Charles Doerflein; Cashier. Alfred Moore.
Tho First National Bank of Lancaster, Texas.............................. 100,000
President, J. II. Darby; Cashier, W. Y . Perry
T o ta l.................................................... ................................... $325,000
INCREASES OF CAPITAL APPROVED.
Amount.
Tho First National Bank of Ilerington, Kansas. Capital increased
from $25,000 to $50,000. Increase.......................
_
$25,000
The Cumberland Valley National Bank of Nashville, Tenn. Caplta1 increased from $300,000 to $500,000. Incroaso..................... 200,000
The Tradesmen’s National Bank, Philadelphia, Pa. Capital in­
creased from $500,000 to $1,000,000. Increase.......................... 500,000
The First National Bank of Coolidgo, Texas. Capital increased
from $50,000 to $75,000. Increase_________________________
25,000
The Greeley National Bank, Greeley, Colorado. Capital Increased
from $100,000 to $150,000. Increaso.......................................... 50,000

Sa S c s
h res. tok.

By Messrs. R . L . D ay & C o., Boston:

Sa S c s
h res. tok.

B y Messrs. Barnes & Lofland, Philadelphia:

14,129,000
2,593,000
404,500
285,300
195,675,000

213,086,800

2%
,
2%
,

[V o l . 109

P Wen
er h
C t. Py b
en aa le.

Bo s C sed
o k lo .
Dy In siv
a s clu e.

R a ilr o a d s (S te a m ).
A l a b a m a G r e a t S o u t h e r n , p r e f e r r e d ..
$1.75 Aug. 28 Holders of rec. July 19a
A t c h . T o p e k a A S a n ta F e , c o m . (q u a r
Sept.
14
Holders of rec. July 31
t B a l t i m o r o A O h i o , p r e fe r r e d ____
3ept.
Holders of rec. JulyJlOa
B u f f a l o R o c h e s te r A P i t t s b u r g h , c o m ..
Aug. 15 Holders of rec. Aug. 11a
P r e f e r r e d ...................................................................
3
Aug. 15 Holders of rec. Aug. 11a
B uffalo (fc Susquehanna, com . (q u a r .)_
_
*14
Sept. 30 ♦Holders of rec. Sept. 15
Com m on (extra )............................................
* 4 Sept. 30 ♦Holders of rec. Sept. 15
tC h lc . S t. P a u l M in n . A O m „ com m on
2 4 Aug. 20 Holders of rec. Aug. $la
t P r e f e r r e d __________________________
Aug. 20 Holders of rec. Aug. |la
34
C l n . N . O . A T e x a s P a c if i c , p r e f . ( q u a r
Holders of rec. Aug. 23a
1 4 Sept.
C l e v e la n d A P i t t s b ., s p e c . g u a r , (q u a r
50c
Sept.
Holders of rec. Aug. 9a
R e g u la r g u a r a n te e d ( q u a r .) ................... ..
87)4 c Sept.
Holders of rcc. Aug. 9a
C ripp le Creek Central, p ref. (q u a r .)_____
1
Aug. 15 Holders of rcc. Sept, la
I llin o is C e n t r a l ( q u a r .) ................................................
14 Sept.
Holders of rcc. Aug.
a
L o u i s v ill e A N a s h v i l l e ...................................................
Aug. 11 Holders of rec. July 21a
34
N e w Y o r k O n t a r i o A W e s te r n ________
1
Aug. 20 Holders of rec. Aug. 2a
N o r f o l A W e s t e r n , c o m m o n ( q u a r .) ___
14 Sept. 19 Holders of rec. Aug. 30a
P r e fe r r e d ( q u a r .) ______________
1
Aug. 19 Holders of roe. July 3ia
O s w e g o A S y r a c u s e _______________
4 4 Aug.
Holders of ree. Aug. 7a
P e n n s y lv a n ia R I t . ( q u a r .) ________
75c. Aug. 30 Holders of rec. Aug. la
P e o r ia A B u r e a u V a l i e v _________
4
Aug. 9 Holders of rec. July 31a
P i tt s b u r g h A W e s t V i r g i n i a , p r e f . ( q u a r .
1 4 Aug. 30 Holders of rec. Aug. 14a
R e a d in g C o m p a n y , co m m o n ( q u a r .) ..
Vug. 14 Holders of rcc. July 24a
F i r s t p re fe rre d ( q u a r .) .....................................
50c. Sept.
Holders of rec. Aug. 26a
S tre e t a n d E le c tr ic R a ilw a y s .
A m e r ic a n R a i l w a y s , p r e f . ( q u a r .) ____
Holders of rec. Aug. 2a
1 4 •Vug.
Central A r k . Ity.
p r ef. (q u a r .)____
Sept.
Holders of rcc. Aug. 15a
C itie s S e r v ic e C o . , c o m . A p r e f . ( m t h l y ) .
Holders of rcc. Aug. 15a
4 Sept.
C o m m o n ( p a y a b le ln c o m m o n s t o c k .
Sept.
Holders of rec. Aug. 15a
C o m m o n a n d p re fe rre d ( m o n t h l y ) ____
4 Oct.
Holders of rec. Sept. 15a
C o m m o n ( p a y a b le ln c o m m o n s to c k )
Oct.
Holders of rec. Sept. 15a
C itie s S e r v i c e , B a n k e r s sh a re s ( m o n t h ly ) 49.1c Sept.
Holders of rcc. Aug. 15a
C o n n . R y . A L t g . , c o m . A p r e f . ( q u .) ._
Aug. 15
1 4 Aug. 15 Aug. 1 to
D e t r o i t U n it e d R y . ( q u a r .) ..............................
Sept.
Holders of rec. Aug. 16a
M o n t r e a l L . , I I . A P . C o n s o l’ d ( q u a r . ) . .
1 4 Aug. 15 Holders of rec. July 31
N o r th e r n T e x a s F le e . C o ., c o m . (q u a r .
Sept.
Holders of rec. Aug. 18a
P r e f e r r e d _ ______________________
_
3
Sept.
Holders of rec. Aug. 18a
P a c ific G a s A E l e c ., fir s t p r e f . ( q u a r .)
1 4 Aug. 15 Holders of rcc. July 31
O r i g in a l p r e fe r re d ( q u a r . ) ..........................
Vug. 15 Holders of rec. July 31
14
P h ila d e lp h ia C o . , 5 % p r e fe r re d _______
$1.25 Sept.
Holders of rcc. Aug. 9a
T a m p a E le c t r ic C o . ( q u a r . ) ............ ................
2 4 Aug. 15 Holders of rec. Aug. 2
M is c e lla n e o u s .
Alaska Packers A ssociation (q u a r.)_____
Aug. 9 Holders of rec. July 31a
A m e r ic a n B a n k N o t e , c o m m o n ( q u a r .) .
75c. Aug. 15 Holders of rcc. Aug. la
P r e fe r r e d ( q u a r .) ___________________
75c. Oct.
Holders of ree. Sept. 15a
A m e r ic a n B r a s s ( q u a r .) _______________
1 4 Aug. 15 Holders of rec. July 31a
E x t r a ..........................................................................................]
1 4 Aug. 15 Holders of rec. July 31a
A m e r ic a n C a r a m e l , p re fe rre d ( q u a r . ) . I .
Aug. 9 Holders of red. Aug. la
A m e r ic a n C h ic le , p re fe rre d ( q u a r .)
Holders of rcc. Sept. 20
1 4 Oct.
A m er. Cotton Oil, com . (q u a r .)____
Sept.
Holders of rec. Aug. 15a
A m e r ic a n D r u g g is t S y n d ic a t e ______
40c. Sept. 15 Holders of rec. July 31a
A m e r ic a n F o r e ig n S e c u ritie s C o . . .
5
Aug. 15 Holders of rcc. Aug. 11
A m e r ic a n G a s A E le c t r ic —
C o m m o n ( p a y a b le ln c o m m o n s t o c k ) . / 2 4
Oct.
Holders of rec. June 20
A m c r . H i d e A L e a t h e r , p r e f . ( q u a r . ) ___
1 4 Oct.
Holders of ree. Sept. 13a
P r e f e r r e d ( e x tr a ) ...........................................
Oet.
Holders of rcc. Sept. 13a
A m . L a F r a n c e F i r e E n g . , I n c .,c o m .( q u .)
2
Aug. 15 Holders of rec. Aug.
A m er. Laundry h fa ch in ery, com . (q u a r .). * 1
Sept
Holders of rec. Aug. 22
A m e r ic a n R a d i a t o r , c o m m o n ( q u a r .)
d3
Sept. 30 Sept. 23
to
Sept. 30
P r e fe r r e d ( q u a r .) ......................................
14
Vug. 15 Aug.
to
Aug. 15
A m e r ic a n R o a d M a c h i n e r y , p r e f . ( q u a r .)
1 )$ Aug. 15 Aug. 1
Aug. 14
A m er. Smell. A R efg., com . (q u a r .)_____ * 1
Sept. 15 ♦Atlg. 30
Sept. 7
Preferred (q u a r .).......................................
*1
Sept
♦Aug. 10
Aug. 24
A m e r ic a n S o d a F o u n t a i n ( q u a r .) _______
14
Aug. 15 Holders of rec. Aug. 1
A m e r ic a n S u g a r R e f i n i n g , c o m . ( q u a r .) .
1)$
Oct. 2 Holders of rec. Sept. 2a
C o m m o n ( e x t r a ) ..................................................................
4
Oct.
Holders of rec. Sept. 2a
P r e fe r r e d ( q u a r .) ( N o . I l l ) ..................................
14
Oct.
Holders df rcc. Sept. 2a
A m e r . S u m a tra T o b a c c o , p ro f. ( N o . 1 9 ) .
34
Sept.
Holders of rcc. Aug. 15a
A m e r ic a n T e l e g r a p h A C a b l e ( q u a r .) . .
*1 4
Sept.
Holders of rec. Aug. 31
m er. Tobacco, com . (q u a r .).....................................
5
Sept.
Holders of rec. Aug. 15a
m.
W a t . W k S . A E l . , I n c ., p r e f .( q u a r .)
1
Vug. 15 Holders of rec. Aug. 1
*34
m e r lc a n W’ ln d o w G l a s s , p r e f e r r e d ___
Sept. 1 ♦Holders ol rec. Aug. 20
A n a c o n d a C o p p e r M i n i n g ( q u a r .) ____ _
$1
Aug. 25 Holders of rec. July 19a
A s s o c ia te d D r y G o o d s C o r p . , 1 s t p f .( q u .)
14
Sept. 2 Holders of rec. July 29a
S e c o n d p r e fe r re d ( q u a r .) .......................................
14
Sept. 2 Holders of rec. July 29a
Beatrice C ream ery, co m . (q u a r .)..............................
Aug. 12 ♦Holders of rec. Aug. 5
P referred ( q u a r . ) . . .....................
*1
Vug. 12 ♦Holders of rec. Aug. 5
B e t h le h e m S t e e l , c o m m o n ( q u a r .) ______
14
Oct.
Holders of rec. Sept. 15a
C o m m o n B ( q u a r .) ..........................................................
14
Oct.
Holders of rco. Sopt. 15a
N o n - c u m u l a t i v e p r e fe r re d ( q u a r .) ____
14
Oct.
Holders of rec. Sept. 15a
C u m u l a t i v e c o n v e r t ib le p r e fe r re d ( q u .)
2
Oct.
Holders of rec. Sept. 15a
B o n d A M o r t g a g e G u a r a n t e e ( q u a r .) . .
4
Aug
Holders of rcc. Aug.
B o r d e n ’ s C o n d e n s e d M i l k , c o m m o n ____
4
Aug. 15 Holders of rcc. Aug. la
P r e fe r r e d ( q u a r .) .........................
14
Sopt. 15 Holders of rec. Aug. 30a
P r e fe r r e d ( q u a r .) ...................................
14
Dec. 15 Holders of rcc. Deo. la
B r i t i s h C o l u m b i a F i s h . A P a c k . ( q u a r .) .
14
Aug.
Aug. 10 to
Aug. 20
B r it is h C o l u m b i a P a c k e r s ’ A s s o c , ( q u . ) .
3
Aug. 21 Aug. 10 to
Aug. 20
B r o o k l y n E d i s o n ( q u a r .) ................................................
2
Sept. 2 Holders of rcc. Aug. 21a
B r u n s w lc k - B a l k e - C o lle n d o r , c o m . ( q u . ) .
*1 4
Aug. 15 ♦Holders of rec. July 25
B u c k e y e P i p e L i n e ( q u a r .) ........................................ $ 2
Sept.13 Hoi lers of rec. Aug. 23
B u r n s B r o s ., c o m m o n ( q u a r . ) . . ...........................
24
Aug. 15 Holders of rcc. Aug. la
C o m m o n ( p a y a b le ln c o m m o n s t o c k ) . / 2 4
A u g .15 Holders df ree. Aug. la
B y - P r o d u c t s C o k e C o r p o r a t io n ( q u a r . ) . . * 1 4
Aug. 15 ♦Holders of rec. July 31
C a n a d a C e m e n t , p r e fe r re d ( q u a r .) ....................
14
Aug. 16 Holders of rco. July 31
C a n a d a F o u n d r i e s A F 'o r g ., c o m .( q u a r .)
3
Aug. 15 Holders of rec. July 31
P r e fe r r e d ( q u a r .) .................................................
14
Aug. 15 Holders of rcc. July 31
C a n a d i a n C o n v e r t e r s ’ , L t d . ( q u a r .) ____
14
Aug. 15 Holders of rcc. July 31
C e d a r R a p i d s M f g . A P o w e r ( q u a r .) ____
4
Aug. 15 Holders of ree. July 31

a

2
2

6

2
0

$1

G
.,

H
i
/1
n
2
2

11
(6
2
1
1
1
1
1
1
2
2
1

2

1

2
1

1
2

2

1
1
1

8

8

*4

8

21

784

557

THE CHRONICLE

A ug . 9 1919.

Nm of Cma y
a e o p n.
Miscellaneous (Cn u )
o tin ed

P Wen
er h
C t. Py b
en aa le.

Bo s C sed
o k lo .
Dys In siv
a clu e.

Nm of Cma y
a e o p n.
Miscellaneous (Cn d )
o clu ed

h
P
er W en
C t. Py b
en aa le.

Bo s C sed
o k lo .
D ys In siv
a clu e.

A V hlte f J . G . ) C o . , p r e fe r r e d ( q u a r . ) ------I K S e p t . 2 H o l d e r s o f r e c . A u g . 15
A u g . 2 0 H o ld e r s o f r c c . A u g . 5a
W h i t e ( J . G . ) E n g i n e e r in g , p r e f . ( q u a r .)
I K S e p t . 2 H o l d e r s o f r e c . A u g . 15
A u g . 20 H o ld e r s o f r c c . A u g . 5 a
A V hlte ( J . G . ) M a n a g e m e n t ( q u a r . ) ------I K S e p t . 2 H o l d e r s o f r e c . A u g . 15
A u g . 15 H o l d e r s o f r c c . J u l y 3 1 a
S e p t . 3 0 H o ld e r s o f r e c . S e p t . 1 5 a
$1
S e p t . 1 H o ld e r s o f r c c . A u g . 15
(»)
S e p t. 1 H o ld e r s o f r e c . A u g . 11a
2
W o o l w o r t h ( F . W .) C o . , c o m . ( q u a r . ) . . .
S e p t . 15 H o ld e r s o f r c c . A u g . 1 2 a
IK
A u g . 2 0 H o ld e r s o f r c c . A u g . 1 0 a
3 4
* F r o m u n o f f ic i a l s o u r c e s ,
t D e c la r e d s u b je c t t o t h e a p p r o v a l o f D i r e c t o r - G e n e r a l
to
A u g . 15
15c. A u g . 15 A u g . 9
o f R a ilr o a d s
t T h e N e w Y o r k S t o c k E x c h a n g e h a s r u le d t h a t s t o c k w il l n o t b e
A ug. 5
I K A ug. 30
q u o t e d e x - d l v l d e n d o n t h is d a t e a n d n o t u n t i l fu r t h e r n o t i c e .
A u g. 15 H o ld e r s o l r c c . A u g . 8
14
a T r a n s f e r b o o k s n o t c lo s e u f o r t h is d i v i d e n d ,
b L e s s B r it i s h I n c o m e t a x .
a C or­
8 4 c . S e p t . 1 H o ld e r s o f r c c . A u g . 12a
r e c t io n .
e P a y a b l e In s t o c k . / P a y a b l e In c o m m o n s t o c k ,
g P a y a b le i in s c r i p .
to
S e p t . 15
75c. S e p t . 15 A u g . 2 4
h O n a c c o u n t o f a c c u m u la t e d d i v i d e n d s .
1 P a y a b l e in L i b e r t y L o a n b o n d s .
1RM
10c. A u g . 11 H o l d e r s o f r c c . J u l y 31
C r o s s d iv id e n d ,
m P a y a b l e In U . S . L i b e r t y L o a n 4
bonds,
n A t ra te o f 7 %
I K S e p t . 1 H o ld e r s o f r e c . A u g . 1 5 a
p e r a n n u m f o r t h e 3 4 m o n t h s e n d in g A u g . 3 1 .
, .
.
. „
.
1
t o A u g . 15
A u g . 15 A u g .
$2
E x t r a d i v i d e n d o n a c c o u n t o f a c c u m u la t e d d lv l d e n u s a n d b e in g In f u ll o f a ll
S e p t . 15 H o ld e r s o f r c c . A u g . 3 0 a
2
a c c u m u la t i o n s .
A u g . 15 H o l d e r s o f r c c . J u l y 31
2
t o A u g . 15
I K A u g . 15 A u g . 6
t o A u g . 15
I K A u g . 15 A u g . 6
t o A u g . 15
I K A u g . 15 A u g . 6
H o ld e r s o f r e c . J u ly 3 1 a
S ep t. '
5
la
A u g . 15 H o l d e r s o f r e c . A u g .
1
A u g . 22 " H o ld e r s o f r e c . A u g . 12
*14
9
t o A u g . 14
A u g . 15 A u g .
S5
Foundation Co., common........................
9
t o A u g . 14
O c t . 15 A u g .
$5
Com m on___________________________
9
t o A u g . 14
A u g . 15 A u g .
2
Preferred (quar.)----------------------------9
t o A u g . 14
A u g . 15 A u g .
1
Preferred (extra)------------------- -------A u g . 2 0 H o ld e r s o f r c c . A u g . 11a
$1
NEW YORK W EEKLY CLEARING HOUSE RETUR N.
Freeport Texas Co......... .......... ..........- - ­
Gaston, Williams & Wlgmoro (quar.).— 50c. A u g . 15 H o l d e r s o f r e c . A u g . l a
(S ta ted in th o u s a n d s o f d o lla rs— tha t i s . th r ee c ip h e r s 1,0001 o m it t e d .)
H o ld e r s o f r e c . A u g . 21 a
S ep t.
2
General Chemical, common (quar.)------H o ld e r s o f r c c . A u g . 2 5 a
S ep t.
14
General Cigar, pref. (quar.)...................
N a t't
R eserve
L oans,
3 2 .5 0 A u g . 30 H o l d e r s o f r e c . J u l y 31
N et
C L E A R IN G
Gillette Safety Razor (quar.)------ -------T im e
Bank
N et
A u g . 15 H o l d e r s o f r e c . A u g . 5
w ith
1
C a sh
C a p ita l. P r o f U s. D is c o u n t .
Goodrich (B. F.) Co., com. (quar.)-----H OUSE
C ircu ­
D e­
D em a n d
N o v . 15 H o ld e r s o f r e c . N o v . 5 a
L eg a l
1
I n v e s t­
in
M EM BERS
Common (quar.)------------------------------H o l d e r s o f r e c . S e p t . 19a
O ct.
V a u lt. D e p o s i ­ D e p o s it s . p o s its . la t io n .
m en ts,
14
Preferred (quar.)...................... .......... ..
( .0 0 0 o m itt e d .) N a t ’ l , J u n e 3 0
H o l d e r s o f r c c . A u g . 15
S ep t.
t o r ie s .
3
<kc.
Goodyear Tiro & Rubber, com. (quar.)
Week ending S t a t e , J u n e 30^
A u g . 11 H o ld e r s o f r e c . A u g . 11a
2
Gorham M fg., common (q u a r.)..------ Aug. 2 1919 . T r . C o s , J u n e 3 0
H o ld e r s o f r e c . A u g . 2 0 a
S ep t.
14
Ilarblson-Walker Refrac., com. (quar.)
O c t . 20 H o ld e r s o f r e c . O c t . 10a
A v e ra g e A v e ra g e A v e r a g e . A v e ra g e A v g e .
14
Members of
$
$
♦ H o ld e r s d f r c c . A u g . 2 0
S e p t.
$
$
$
*14
$
...........
Fed. Res. Bank
763
2 ,3 6 9
3 1 ,3 5 9
A u g . 3 0 H o ld e r s o f r e c . A u g . 2 0 a
5 .0 9 1
486
1
5 ,8 6 7
Hart, Scliaffncr* Marx, Inc., com. (qu.
B k o I N Y .N B A
10
57,81<]
7 ,2 8 5
1 ,5 9 6
H o ld e r s o f r e c . S e p t . 15a
O ct.
SI
7 ,6 4 0
Haskell & Barker Car (quar.) — —
M a n h a tta n C o .
1 ,5 8 6 1 ,7 9 4
24.2 0 C
5
3 ,2 3 3
A u g . 16 ♦ H o ld e r s o f r e c . A u g .
530
1 3 ,0 4 1
• IK
Hercules Powder, pref. (quar.)--M crch a n ts’ N a t
4 ,6 1 1 3 ,5 1 1
1 4 2 ,5 9 4
A u g . 16 H o ld e r s o f r c c . J u l y 31
9 ,6 9 7 2 0 ,5 0 3
1 2 ,3 9 2
IK
Illuminating & Power Sccur., pref. (qu,
M e c h & M e t a ls ,
2 5 ,6 3 7 1 ________
3 ,4 3 1
A u g. 15 H o l d e r s o f r e c . J u l y 18
1 ,0 7 4
$2
6 ,9 3 7
Indiana Pipe Line (quar.)......................
B k o f A m e r i c a ..
♦ 6 0 9 ,3 7 5 3 1 ,5 9 7 1 ,4 3 3
S e p t . 1 ♦ H o ld e r s o f r e c . A u g . 9
1 4 ,3 1 9 7 9 ,0 7 1
♦2
5 4 ,3 1 3
Inland Steel (quar.)............. .................r
N a tio n a l C it y ..
437
5 7 ,7 0 1 ! 7 ,4 3 2
8 ,2 4 1
S e p t . 2 H o ld e r s o f r e c . A u g . 9 a
1 ,7 0 3
IK
9 ,8 5 0
International Harvester, pref. (quar.)
C h e m ic a l N a t . .
143
1 6 ,2 2 6 !
507
2 ,1 9 4
A u g. 15 H o ld e r s o f r e c . A u g . 1 1 a
395
971
Jefferson & Clearfield Coal * Iron, pref. 2 4
A tla n tic N a t —
296
3 , 7 7 4 ' ..............
505
A u g. 15 H o ld e r s o f r c c . J u l y 31
127
2
125
Kamlnlstlqula Power, Ltd. (quar.).........
N a t B u tch & D r
6 ,1 3 6 4 ,9 3 8
9 6 ,3 7 1
S e p t . 15 H o ld e r s o f r e c . S e p t . 2 a
1 ,6 8 0 1 2 ,6 1 1
6 ,3 1 7
Keystone Tiro & Rubber, common......... / 1 5
A m cr E xch N at
2 8 2 ,9 1 2
4 ,8 7 4
S e p t . 1 H o ld e r s o f r e c . A u g . 2 0
2 ,5 8 1 37.04C
3
2 6 ,8 4 0
Lake of the Woods, com. (quar.).............
N Bk of C om m .
1 9 ,9 5 6
5(
2 ,8 4 8
S e p t . 1 H o ld e r s o f r c c . A u g . 2 0
1 ,1 6 !
1 ,1 6 4
IK
P a c ific B a n k .
Preferred (quar.).....................................
9 7 ,3 6 6 1 0 ,2 9 4 2 ,7 7 7
A u g. 30 H o l le r s o f r e c . J u l y 3 1 a
5 .8 6 9 1 3 ,6 0 7
h 6 ,5 0 0
Lehigh Coal & Navigation (quar.)------— $1
C h a t h & P h e n lx
S e p t . 1 H o ld e r s o f r c c . A u g . 1,5a
3
3 .0 0 0 1 8 ,1 1 8
Liggett
Myers Tobacco, com. (quar.).
H anover N a t ..
A u g. 11 H o ld e r s o f r e c . J u ly 3 1 a
2 ,5 5 0
3 ,2 7 5 ;
IK
Lima Locomotive Works, Inc., pf. (qu.)
C it i z e n s ’ N a t —
S e p t . 3 0 H o ld e r s o f r c c . A u g . 3 0 a
2 .0 0 0
2 ,5 3 1
IK
M e tr o p o lita n ........................
A u g. 20 H o ld e r s o f r e c . A u g . 8
4 ,2 0 0
8 ,3 1 9
C orn E xch a n g e.............................. 5 0 c .
A ug. 20 H o ld e r s o f r e c . A u g . 8
25c.
1 .5 0 0
8 ,1 6 4
Im p & T ra d N at
....................- ...................- ................
S e p t . 2 H o ld e r s o f r e c . A u g . 15
5 .0 0 0 1 9 ,9 9 9
2 4
Manatl Sugar, common (quar.)................
N a tio n a l P a r k ..
S e p t . 8 H o ld e r s o f r c c . A u g . 2 8
l.ooo;
606:
2 4
E a s t R iv e r N a t .
Common (extra)................................ - - S e p t . 8 H o ld e r s o f r c c . A u g . 2 8
1 .0 0 0
4 ,1 3 9
Common (payable In common stock)- / 5
S econ d N a t B k .
S e p t . 1 H o ld e r s o f r e c . A u g . 15a
14
May Department Stores, com. (quar.)..
F ir s t N a t i o n a l . . 1 0 .0 0 0 3 3 ,3 4 8
1 ♦ H o ld e r s o f r o c . S e p t . 15
4 .5 0 0
6 ,7 1 2
------ * 1 K O c t .
I r v in g N a t B a n k
la
A u g. 15 H o ld e r s o f r c c . A u g .
1 .0 0 0
414
Miami Copper Co. (quar.)......... .............. 5 0 c .
N Y C o u n ty N a t
1 .0 0 0 1
719
Michigan Sugar, common (quar.)--------- * 2 4 S e p t . 15 ♦ H o ld e r s o f r e c . A u g . 31
C o n t in e n t a l —
S e p t . 1 ♦ H o ld e r s o l r e c . A u g . 15
*14
C h a s e N a t B a n k 1 0 .0 0 0 1 8 ,4 7 8
Preferred (quar.).............................
g 5 0 0 g 2 ,2 2 7 !
Middle States OH CorporationF ir th A v e n u e .
S e p t . 1 H o ld e r s o f r c c . A u g . 2 0 a
lc .
2 00 ;
8 86 ;
C o m m e r c ia l E x .
Monthly (No. 23)----------------------------1 H o ld e r s o f r e c . S e p t . 2 0 a
O ct.
lc .
4 00;
748
C o m m o n w e a lt h
Monthly (No. 24)...................................
e lO c . S e p t . 1 H o ld e r s o f r e c . A u g . 2 0
1 ,0 0 0
2 ,1 1 8
L in c o l n N a t B k
Payable In stock........... - .......................
S ept
1 H o ld e r s o f r e c . A u g . IS
IK
..................
G a r fie l d N a t —
Sept
1 H o ld e r s o f r e c . A u g . 18
14
........................
F ift h N a t i o n a l .
A U g . 15 I I o l le rs o f r e c . J u l y 31
1
Montreal L., II. * Power (quar.).........
S eaboard N a t—
Sept
1 H o ld e r s o f r e c . A u g . 15a
75c.
National Acme (quar.)............................
L ib e r ty N a t B k
O c t . 15 H o ld e r s o f r e c . S e p t . 3 0 a
IK
National Biscuit, common (quar.).........
C oa l & Iron N at
A u g . 3 0 H o ld e r s o f r c c . A u g . IGa
IK
Preferred (quar.)------------------ U n io n E x c h N a t
S e p t 3 0 ♦ H o ld e r s o f r e c . S e p t . 19
*2
National Grocer, common (quar.)
B r o o k ly n T r C o
S e p t 3 0 H o ld e r s o f r e c . S e p t . 12a
IK
National Lead, common (quar.).
B an k ers T r C o .
S e p t 15 H o ld e r s o f r e c . A u g . 2 2 a
IK
Preferred (quar.)........................
U S M tg e & T r .
A u g . 9 H o ld e r s o f r c c . J u ly 3 1 .
4
New Jersey Zinc (quar.)................
G u a ra n ty T r C o
S e p t 2 0 H o ld e r s o f r c c . S e p t . 2 a
2
F id e li t y T r C o .
A u g . 2 0 H o ld e r s o f r c c . A u g . 7 a
14
....................—
C o lu m b ia T r C o
O ct.
♦ I I o l le r s o f r c c . S e p t . 15a
*14
North American Co. (quar.)-----P e o p le s T r
S ep t.
H o ld e r s o f r c c . A u g . 15a
Ohio Cities Gas, common (quar.)........... S I
N ew Y ork T r C o
A u g . 15 H o ld e r s o f r e c . J u l y 31
14
Ontario Steel Products, pref. (quar.) —
F r a n k l in T r C o
A u g . 15 H o i le r s o f r c c . J u l y 31
514
Preferred (acct. accumulated dlvs.) —
L in c o l n T r C o .
A u g . 15 H o ld e r s o f r e c . A u g .
la
3 4
------M e tr o p o llta n T r
A u g . 15 H o ld e r s o f r c c . J u l y 3 1 a
3
N a s s a u N , B k ln
A u g . 15 H o ld e r s o f r c c . J u ly 3 1 a
IK
...............................
I r v in g T r u s t C o
A ug. lo
H o ld e r s o f r c c . A u g . 5
Penmans Limited, common (quar.).
IK
F arm L oan A T r
$1
A u g . 11 H o l d e r s o f r c c . A u g . 6a
Pennsylvania Coal & Coke (quar.) .
C o lu m b ia B a n k
A u g . 15 H o ld e r s o f r c c . J u l y 3 1 a
2 4 '.
Pittsburgh Oil * Gas (quar.)...........
I K S e p t . 1 H o ld e r s o f r e c . A u g . 15a
Pittsburgh Steel, pref. (quar.).........
A v e r a g e ................
A u g . 20 H o ld e r s o f r e c . A u g . 7 a
it
...........
14
S e p t . 3 H o ld e r s o f r e c . A u g . 13a
2
Pressed Steel Car, common (quar.)-----T o t a ls , a ctu a l co
Preferred (quar.)----------------------------I K A u g . 26 H o ld e r s o f r c c . A u g . 5 a
T o ta ls , a c tu a l c o
A u g . 15 J u l y 2 4
to
A u g . 17
5
Procter & Gamble, common (q u a r.)...
T o t a ls , a ctu a l c o
A u g . 15 J u ly 2 4
to
A u g . 17
Com. (extra, pvy. In new com. stock)
/4
T o t a ls , a ctu a l co
A u g . 16 H o l d e r s o f r e c . J u ly 3 1 a
2
Pullman Company (quar.)......................
AUg. 30 H o ld e r s o f r c c . A u g .
la
Quaker Oats, pref. (quar.)......................
14
State Banks.
A u g . 15 H o ld e r s o f r e c . A u g . 11
Rlordon Pulp & Paper, Ltd., com. (qu
2 4
G r e e n w ic h B a n k
Preferred (quar.)...................................
I K S e p t . 3 0 H o ld e r s o f r e c . S e p t . 2 4
B ow ery B a n k ..
Santa Cecilia Sugar Corp., com. (No. 1)
I K N o v . 1 H o ld e r s o f r c c . O c t . 2 5a
N Y P rod E x c h .
I K N o v . 1 H o ld e r s o f r e c . O c t . 2 5 a
Preferred (quar.) (No. 6 )-----------------S t a t e B a n k ------S e p t . 16 H o ld e r s o f r c c . A u g . 3 0 a
14
Savage Arms Corp., common (quar.)- —
IK S e p t . 15 H o ld e r s o f r c c . A u g . 3 0 a
First preferred (quar.)............................
A v e r a g e _________
S e p t . 15 H o ld e r s o f r c c . A u g . 3 0 a
14
Second preferred (q u a r.)......................
A u g . 15 H o i le r s o f r e c . J u ly 3 1 a
2
Sears, Roebuck & Co., com. (quar.)-----T o t a ls , a ctu a l co
Somet-Solvay Co. (quar.)........... - ............ * 2 ’ A u g . 15 H o ld e r s o f r e c . J u l y 31
T o t a ls , a ctu a l co
A u g . 15 H o ld e r s o f r c c . A u g . 7
14
Silversmith Co., preferred (quar.)......... T o t a ls , a ctu a l co
A u g . 11 H o ld e r s o f r c c . J u l y 2 8 a
14
Sloss Sheffield Steel A Iron. com. (quar.)
T o t a ls , a ctu a l c o
A u g. 15 H o ld e r s o f r c c . A u g .
la
IK
Smith (A. O.) Corp., pref. (quar.)...........
A u g . 15 ‘ H o ld e r s o f r e c . J u l y 31
Trust Compan
Solvay Process (quar.)---- ---------- ------------ ♦2
A u g . 15 ‘ H o ld e r s o f r c c . J u ly 31
T it le G u a r A T r
Extra ........... ......................... - — .......... - *1
A u g. 15 H o ld e r s o f r c c . J u ly 31
IK
Southern Calif. Edison, common (quar.)
L aw yers T A T r
Sept
2 H o ld e r s o f r e c . A u g . 15
5
Southern Pipe Line (quar.).............
A u g . 30 H o ld e r s o f r e c . A u g . 2 0
2
A v e r a g e .................
Standard Milling, common (quar.)
A u g . 3 0 H o ld e r s o f r e c . A u g . 2 0
2
Common (extra)_______________
A u g. 30 H o l le r s o f r e c . A u g . 2 0
14
T o t a ls , a ctu a l co
Preferred (q u a r.)..-----------------S e p t 15 H o ld e r s o f r e c . A u g . 15
2 4
T o ta ls , a ctu a l co
Standard Oil (California) (qu a r.)...........
S e p t 15 ‘ H o ld e r s o f r e c . A u g . 18
*3
T o t a ls , a ctu a l c o
S e p t 15 ‘ H o ld e r s o f r e c . A u g . 18
*3
T o t a ls , a ctu a l co
_________________________
S e p t 15 I I o l le rs o f r e c . A u g .d 2 2 a
4
Standard OH of New York (quar.)...........
A u g . 0 H o ld e r s o f r e c . J u l y 31
2
G r ’ d a g g r ., a v g c
Standard Sanitary M fg., com. (quar.).
I K A u g . 9 H o ld e r s o f r c c . J u l y 31
C o m p a r i s o n , p re
Preferred (quar.)...................................
A u g . 15 'H o l d e r s o f r e c . J u l y 15
Stewart M fg., pref. (quar.)...................... ♦$2
\ u g . 15 J u ly 3 0
to
A ug. 5
2
G r’d aggr, a ct’l
Stcwart-Warner Speedometer (quar.) —
S e p t . 2 ‘ H o ld e r s o f r c c . A u g . 2 0
►
1
C o m p a r is o n , p re
..................
S e p t . 2 'H o l d e r s o f r e c . A u g . 2 0
*14
.................................. 1 9 4 ,8 5 8 3 7 ,4 6 2
la
A u g . 15 H o i d c r s o f r c c . A u g .
2
G r’d aggr, a c t’ l
Superior Steel, 1st A 2d pref. (quar.) —
1 8 0 ,8 3 0 3 7 ,7 7 2
A u g . 15 H o ld e r s o f r e c . A u g . 5
2
G r ’d a g g r, a c t’ l
(
1 7 4 ,2 9 5 :3 7 ,8 3 4
A u g . 15 H o ld e r s o f r e c . A u g . 5
928
G r ’d a g g r, a c t ’ l c o n d ’n
...........
1 6 9 ,0 6 5 3 7 ,8 7 6
O ct.
1 ♦ H o id c r s o f r c c . S e p t . 2 0
G r’d aggr, a c t’l c o n d ’ n
Thompson-Starrett Co., preferred ........... •4
la
A u g . 15 H o i d c r s o f r e c . A u g .
14
Tobacco Products Corp., common (qu.)
♦ I n c lu d e s d e p o s it s In fo r e ig n b r a n c h e s n o t in c l u d e d in t o t a l f o o t i n g s , a s fo ll o w s :
H o ld e r s o f r e c . S e p t . 5 a
O ct.
2
Underwood Typewriter, com. (quar.)___
N a t i o n a l C i t y B a n k , 8 1 0 6 ,5 0 4 ,0 0 0 ; G u a r a n t y T r u s t C o . , $ 4 5 ,9 0 8 ,0 0 0 : F a r m e r s ’ L o a n
O ct.
1 H o ld e r s o f r e c . S e p t . 5a
Preferred (quar.)......................
14
A ’ T ru s t C o . $ 4 0 ,5 4 6 ,0 0 0 .
B a la n c e s c a r r ie d In b a n k s In fo r e ig n c o u n t r ie s a s r e s e r v e
S e p t . 15 H o l d e r s o f r e c . A u g . 2 9 a
.............
14
f o r s u c h d e p o s it s w e r e : N a t i o n a l C i t y B a n k , $ 3 4 ,5 0 7 ,0 0 0 ; G u a r a n t y T r u s t C o . ,
S e p t . 1 H o ld e r s o f r c c . A u g . 15a
United Drug, 2nd pref. (quar.)................
14
8 2 0 088 0 0 0 ' F a r m e r s ’ L o a n A T r u s t C o . , $ 5 ,6 5 6 ,0 0 0 .
c D e p o s i t s in f o r e ig n
to
S e p t. 2
S e p t . 29 A u g . 3 0
U . 8 . Steel Corp., common (quar.)......... d l 4
b r a n c h e s n o t in c l u d e d ,
d U . S . d e p o s it s d e d u c t e d , $ 1 3 1 ,3 7 1 ,0 0 0 .
e U . 8 . d e p o s it s
A ug. 5
A u g . 30
Preferred (quar.).....................................
14
d e d u c t e d . $ 2 2 0 ,1 9 0 ,0 0 0 .
B il ls p a y a b l e , r e d is c o u n t s , a c c e p t a n c e s a n d o t h e r lia ­
O ct.
1 H o ld e r s o f r c c . S e p t . 10a
2
Vlrglnta-Carollna Chemical, com. (extra)
b il it ie s , $ 8 1 7 ,1 7 0 ,0 0 0 . f A s o f J u ly 3 .1 9 1 9 . 6 A s o f J u ly 1 1 9 1 9 . h A s o f J u l y 19 1 9 1 9
O ct.
2 H o i 'e r s d f r e c . S e p t . 13
2
_ _________ _____
_

Colorado Fuel & Iron, com. (quar.).........
Preferred (quar.)-----------------------------Columbia Gas & Electric (quar.)..............
Consolidated Cigar, pref. (No. U — — —
Consolldated Gas, New York (quar.) . .
Consumers Co., preferred......... - .........- ­
Continental Motors Corp., com. (quar.).
.............. - - - - - - - - - - - ­
Continental Paper Bag, com. & pf.(qu.)
........................
.)----- — - - - - Creason Cons. Gold. M . & M . (mthly.)Deerc & Co., pref. (quar.)------- - - - ­
itDiamond Match (qu a r.)--..................
Dominion Bridge. Ltd. (quar.).........
------------------------------------------....... ............ - - - —
Eastman Kodak, common (extra)--Elsenlolir (Otto) Bros., Inc., com. (qu.).

K

2
1

P
referred (g a
u r.)
Csd ,i- C., p (g a
o en o ref. u r.)
C t P e L e (g a
rescen ip in u r

D it C vla dNv a n (g .).
etro
le e n a ig tio u
DwC em l, co . (g a
o h ica m u r.)
Cm o (extra
o mn
)
P
referred (g a
u r.)

E
leclrlc Inestm t Crp p (g a
v en o ., ref. u r.).
-

o

Statem ent of New York City Clearing House Banks
and Trust Companies.—The folloAving detailed statement
shows the condition of the New York City Clearing House
members for the week ending Aug. 2. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:

Hrb n Wlk liefra ., p (g a .
a lso - a ,
d ref. u r.)
HrtmnCrp ta n(g a
a a o o tio u r.)
....

&
L d y L h p (g a
in sa ig t, ref. u r.)
L Bo e s Crp ra n
it r thr o o tio
E
xtra

My D a en S r s p (g a
a ep rtm t toe , ref. u r.)

M e P w 1t p (g a
olin lo , s ref. u r.)
S np
eco d referred (g a
u r.)

N em t-Pn , co . (gu
llcs-B en o d m ar.)..
P
referred (g a
u r.)

P cificCa S ip u in , p
a o st h b ild g ref
P cific L h gCrp co . (g a
a ig tin o ., m u r.).
P
referred (g a
u r.)
Pa Witn C p (g a
r tt h ey o., ref. u r.)

S n adO (In ia a (gu r.)..
ta dr il d n ) a
E
xtra

S db krC ., co . (g a
lu c a e orp m u r.)
P
referred (g a
u r.)
Sm g n T II.) C p (guar.)....
y into .
o., ref.
P (o a a mla d
ref. n cct. ccu u ted lvs.)
UitedC a S res, p (g a
n ig r to ref. u r.)
Wb ssoCtto (g a
a a o n u r.)




C
o.

558

THE CHRONICLE

STATEM EN TS OF RESERVE
AND

P O S IT IO N
TRUST

OF

C L E A R IN G

HOUSE

BANKS

STATE

C O M P A N IE S

(Vol . 109

BANKS

AND

TRUST

C O M P A N IE S

IN

NEW

S ta te B a n k a .
W eek E n d e d

A vera ges.
C a sh
R eserve
i n V a u lt.
M e m b e rs F ederal
R eserv e B a n k ..
S t a t e b a n k s * ...........
T r u s t c o m p a n ie s ..
T ota l
T ota l
T ota l
T ota l

R eserve
in
D e p o s ita r ie s

3

1 1 .5 8 5 .0 0 0 5 5 8 .9 0 9 .0 0 0
1 1 .3 8 9 .0 0 0 5 4 2 .9 9 8 .0 0 0
1 1 .5 5 2 .0 0 0 5 7 3 .9 3 5 .0 0 0
1 2 .2 6 5 .0 0 0 5 3 9 .2 6 7 .0 0 0

5 7 0 .4 9 4 .0 0 0
5 5 4 .3 8 7 .0 0 0
5 8 5 .4 8 7 .0 0 0
5 5 1 .5 3 2 .0 0 0

5 3 5 ,6 2 2 ,8 4 0
5 3 5 ,8 4 4 ,2 9 0
5 4 4 ,4 2 0 ,0 1 0
5 3 4 ,7 9 1 ,6 7 0

Aug. 2
1919.

S
3 3 ,9 6 5 ,2 2 0
5 4 8 ,1 4 0
3 5 7 ,8 0 0
3 4 ,8 7 1 ,1 6 0
1 8 ,5 4 2 ,7 1 0
4 1 ,0 6 6 ,9 9 0
1 6 ,7 4 0 ,3 3 0

A c t u a l F ig u r e s .
C a sh
R eserv e
l a V a u lt.
M e m b e rs F ederal
R e s e r v e B a n k _____

•
$
9 ,5 4 5 ,6 6 6
1 ,7 3 9 ,0 0 0

T r u s t c o m p a n i e s _____
T ota l
T ota l
T ota l
T o ta l

A u g . 2 _____
J u ly 2 6 _____
J u ly 1 9 _____
J u l y 1 2 _____

R eserve
in
D e p o s it a r ie s

T o ta l
R eserv e.

b
R eserv e
R e q u ired .

$
$
$
5 8 7 ,5 9 7 ,0 0 0 5 8 7 ,5 9 7 ,0 0 0 5 2 0 ,8 9 4 ,2 5 0
6 ,1 6 6 ,0 0 0
1 5 ,7 1 1 ,0 0 0
1 5 ,1 0 2 ,3 6 0
4 ,6 5 2 ,0 0 0
6 ,3 9 1 ,0 0 0
6 ,5 6 2 ,5 0 0

1 1 ,2 8 4 ,0 0 0 | 5 9 8 ,4 1 5 ,0 0 0
1 1 ,1 5 7 .0 0 0 ,5 4 9 ,8 9 4 ,0 0 0
1 1 .2 3 6 .0 0 0 5 5 9 ,9 0 9 ,0 0 0
1 1 .7 1 4 .0 0 0 5 5 9 ,7 9 3 .0 0 0

6 0 9 .6 9 9 .0 0 0
5 6 1 .0 5 1 .0 0 0
5 7 1 .1 4 5 .0 0 0
5 7 1 .5 0 7 .0 0 0

5 4 2 ,5 5 9 ,1 1 0
5 3 1 ,4 4 1 ,5 9 0
5 4 4 ,9 3 7 ,7 9 0
5 3 8 ,4 1 8 ,7 3 0

S u rp lu s
R eserv e.
$
6 6 ,7 0 2 ,7 5 0
6 0 8 ,6 4 0
d e f l 7 1 ,5 0 0
6 7 ,1 3 9 ,8 9 0
2 9 ,6 0 9 ,4 1 0
2 e ,2 0 7 ,2 1 0
3 3 ,0 8 8 ,2 7 o

u ic iu u c in u i r e u e r a i n e s e r v e D a n s .
a T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f 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 , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e b a n k s In c lt id e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s i t s , w h ic h w a s a s fo llo w s A , L + i ' , $,>’ 4 3 l "3 2 0 : J u l y 2 6 , 5'‘>'2 6 5 '9 6 0 ; J u ly 19, $ 4 ,9 6 7 ,1 6 0 ; J u ly 12, $ 4 ,9 0 8 4 2 0
g
’
b t h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s it s In t h e c a s e o f 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 , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k I n c lu d e s
a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s i t s , w h ic h w a s a s fo llo w s - A u g 2
$ 5 , 4 7 6 , 6 2 0 ; J u ly 2 6 , $ 5 , 4 0 5 ,5 2 0 ; J u ly 1 9 , $ 5 ,0 3 1 ,9 0 0 ; J u ly 1 2 , S I , 9 1 7 5 1 0 '

F ig u r e s F u r n is h e d bg S ta te B a n k in g D e p a r t m e n t .

T o t a l .............................................................. $ 3 2 ,7 0 7 ,5 0 0

2 2 .1 5 %

$ 1 0 9 ,3 5 6 ,8 0 0

2 0 .0 4 %

Banks and Trust Companies in New York City.—The
averages of the Now York City Clearing House banks and
trust companies combined with those for tho State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
C O M B IN E D

W e e k e n d ed —

Feb
8 ...............
Fob. 15...............
Feb 21...............
Mar. 1 ...............
Mar 8 . .............
Mar. 15 .............
Mar. 22...............
Mar. 2 9 ...............
Apr. 5 . ..............
April 12................
April 19...............
April 26...............
May 3 ................
May 10________
May 17...............
May 23...............
May 3 1 ________
June 7 . . ...........
June ’ 1 4 . . ...........
June 21................
Juno 28________
July
5................
J u ly
12................
J u ly
19................
J u ly 26................
A ug.
2 ________

RESULTS OF BANKS AN D TR U ST
G REATER NEW YORK.
L oans and
I n v e s t m e n ts .

D em a n d
D e p o s it s .

C O M P A N IE S

IN

• T o ta l C a sh
in V a u lt.

R eserv e in
D e p o s it a r i e s .

1 0 5 ,5 5 0 ,0 0 0
1 7 5 ,5 4 8 ,4 0 0
7 ,4 0 8 ,1 0 0 2 ,1 1 0 ,5 8 7 ,5 0 0 I n c . 1 6 ,7 3 8 ,5 0 0
7 4 9 ,7 0 0
1 2 ,2 1 4 ,4 0 0 D e c .
2 0 0 ,3 0 0
3 8 6 ,1 0 0
2 1 ,7 5 0 ,9 0 0 D e c . 9 , 5 0 0 , 7 0 0

5 4 ,2 4 2 ,8 0 0
7 1 6 ,4 3 9 ,9 0 0
1 0 7 ,8 3 5 ,1 0 0
2 0 .4 %

7 ,0 0 3 ,3 0 0
4 ,0 1 3 ,4 0 0
7 ,3 3 6 ,7 0 0
1 .3 % 1

In c.
In c.
In c.
In c.

4 .5 3 9 .1 5 0 .1 0 0
4 .5 0 1 .8 8 5 .0 0 0
4 .5 2 7 .3 8 9 .8 0 0
4 .5 6 6 .3 5 8 .8 0 0
4 .5 7 1 .3 4 5 .1 0 0
4 .6 3 3 .7 0 2 .0 0 0
4 .7 3 .3 .6 1 3 .8 0 0
4 ,6 1 .8 ,0 2 9 ,5 0 0
4 .7 4 7 .9 9 3 .0 0 0
4 .7 2 2 .7 4 6 .7 0 0
1 .6 3 9 .4 9 5 .3 0 0
4 .7 3 6 .4 8 2 .1 0 0
4 .7 7 3 .6 1 7 .4 0 0
4 .8 2 2 .2 0 2 .6 0 0
4 .8 7 3 .6 1 1 .2 0 0
4 .8 6 1 .5 1 6 .2 0 0
4 .8 8 5 .3 0 7 .2 0 0
4 .9 0 4 .2 4 3 .9 0 0
4 .8 8 0 .3 8 2 .9 0 0
4 .8 4 6 .6 9 9 .1 0 0
4 .7 5 9 .1 9 6 .8 0 0
4 .8 6 0 .0 9 0 .3 0 0
4 ,8 0 4 ,1 5 4 ,7 0 0
4 .8 7 2 .0 6 1 .7 0 0
4 .8 1 0 .0 0 7 .6 0 0
4 .8 1 9 .6 0 1 .9 0 0

1 3 0 .5 6 8 .7 0 0
1 3 3 .2 6 7 .7 0 0
1 3 3 .6 3 2 .8 0 0
1 3 1 .3 4 2 .2 0 0
1 2 8 .9 5 2 .6 0 0
1 3 2 .6 5 5 .2 0 0
1 3 0 .9 0 5 .0 0 0
1 3 4 .1 4 3 .0 0 0
1 3 0 .7 3 6 .9 0 0
1 3 5 .4 9 7 .5 0 0
1 3 4 .1 3 1 .3 0 0
1 3 6 .4 2 8 .7 0 0
1 3 9 .0 4 1 .5 0 0
1 3 4 .4 3 2 .8 0 0
1 4 1 .4 6 6 .9 0 0
1 3 6 .7 9 1 .2 0 0
1 3 3 .4 7 4 .7 0 0
1 3 6 .8 7 8 .6 0 0
1 3 7 .6 9 1 .3 0 0
1 3 4 .9 5 5 .5 0 0
1 3 4 .5 6 6 .8 0 0
1 3 1 .3 9 8 .3 0 0
1 4 4 .4 7 8 .7 0 0
1 4 2 .5 0 4 .2 0 0
1 4 5 ,4 5 1 ,4 0 0
1 3 3 ,9 8 9 .1 0 0

6 4 5 .1 2 4 .8 0 0
6 2 8 ,1 1 2 .4 0 0
6 2 5 .1 0 9 .7 0 0
6 4 3 .7 6 1 .0 0 0
6 4 7 .1 8 6 .9 0 0
6 5 8 .2 7 5 .5 0 0
6 9 2 .4 0 5 .0 0 0
6 2 7 .3 9 5 .9 0 0
6 8 2 .8 0 5 .2 0 0
6 5 1 .6 4 9 .2 0 0
6 7 2 .1 7 0 .7 0 0
6 8 2 .0 3 6 .2 0 0
6 6 5 .6 2 5 .8 0 0
6 7 7 .3 9 9 .9 0 0
6 7 1 .0 8 9 .0 0 0
6 8 9 .9 8 4 .1 0 0
6 7 6 .5 7 7 .8 0 0
6 9 1 .6 5 7 .3 0 0
6 7 1 .6 6 3 .3 0 0
6 7 9 .9 9 4 .6 0 0
6 6 5 .4 9 0 .3 0 0
6 8 1 .4 3 1 .0 0 0
6 4 9 .2 0 7 .5 0 0
6 8 8 .9 8 9 .6 0 0
6 5 8 .5 7 2 .5 0 0
6 7 4 .8 8 6 .2 0 0

R e s e r v e * n o tea ln 0,U deS gol<1, s l l v e r - le g a l t e n d e r s , n a t io n a l b a n k n o t e s a n d F e d e r a l

New York City State Banks and Trust Companies.—
In addition to the returns of “State banks and trust com­
panies in New York City not in the Clearing H ouse," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of Now York.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 98, p. 1661.
The provisions of tho law governing the resorvo require­
ments of State banking institutions as amended May 22
1917 were published in the “Ch\-oniclo” May 19 1917 (Y.
104, p. 1975). The regulations relating to calculating tho
amount of deposits and what deductions are permitted in
tho computation of tho reserves wero given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).



2 3 0 ,8 4 8 ,7 0 0 I n c . 1 1 ,5 8 2 ,0 0 0
I n c . 3 5 , 4 4 2 ,4 0 0
I n c . 1 0 ,9 5 6 ,7 0 0
1 8 .3 % I n c .
0 .3 %

Y O R K C L E A R IN G

________(S ta ted in th o u s a n d s o f d o lla r s — th a t i s . th r ee c ip h e r s [0001 o m itt e d .)
N et
P r o fits

L oans
D isr
co u n ts
N a t .b k s .J ” n e 3 ( I n v e s t ­
S t a t e b k s .J n o 31 m e n t s .
T r . c o s . J u n o 30
itC .

C L E A R IN G

C a p ita l

W e e k e n d in g
A u g . 2 1919.

1

M em bers o f

•
.
M u tu a l B a n k .
.
s
Y o r k v l l l e B a n k . . ..
y

$
1 ,5 0 0

5 ,3 9 6

6 1 ,1 9 7

100
200

450
1 ,1 8 0
233
233

2 ,7 8 4
1 2 ,0 8 0
6 ,5 5 1
5 ,3 4 8

1 ,3 0 0

S ta te

400
3 ,1 0 0

2 ,0 9 8

1 ,0 7 6
408

700;

200
300
500

200

1R eserve
N et
w ith
D em a n e
L eg a l
D e­
D e p o s i­ p o s it s .
to r ie s .

C a sh
in
V a u lt.

N et
T im e
D e­
p o s its .

N a t’ l
Bank
C ir c u ­
la t io n .

A v e ra g e A v era ge A v era ge A v e r a g e A v era ge A v e r a g t
5
$
$
$
$
S
15,135
22!
1,561
1 0 ,5 4 9
139
183
11,815
177
1 ,512
1 0 ,0 5 7
349
8 ,0 7 4
185
1 ,017
6,151
113
6 ,2 9 3
17
684
3 ,0 1 4
1 .0 4 3
1 0 ,8 7 5
341
1,112
6 ,2 6 3
4 ,9 9 1
9 ,0 0 9
605
957
7 ,3 3 1
395

1 ,5 3 8
608
319
954
651
1 ,3 2 4

1 ,5 5 1

6 ,8 5 1

4 3 ,3 7 0

6 ,6 3 5

304
779
518

156
1 ,0 8 0
379
303

2 ,6 1 0
1 2 ,9 6 4
6 ,4 9 8
4 ,8 6 9

387
323

2 6 ,7 6 3

2 ,9 5 1

1 ,9 1 8

2 0 ,9 4 1

710

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

8 ,1 4 8
8 ,7 4 0

496
268

304
384

0 ,0 9 8
4 ,2 0 5

1 ,0 7 7
4 ,3 1 9

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

1 ,485j 1 6 ,8 8 8

764

688

1 0 ,3 6 3

5 ,3 9 6

8 ,9 8 0 1 0 4 .8 4 8
+ 407

5 ,2 6 6
— 92

9 ,4 5 7
+ 222

C 8 0 .0 7 4
— 1 ,9 7 0

1 2 .7 4 1
+ 17

—2

8 ,9 8 0 1 0 4 ,4 4 1
8 ,9 8 0 1 0 3 ,0 1 9
8 ,6 5 8 1 0 3 ,1 1 6
8 ,6 5 8 1 0 3 ,0 0 5

5 ,3 5 8
5 ,4 5 0
5 ,5 8 9
5 ,0 4 9

9 ,7 3 5
9 ,9 6 3
9 ,6 9 2
9,5371

8 2 .0 5 0
8 3 ,6 8 2
8 2 ,9 9 2
8 1 ,2 3 2

1 2 ,7 2 4
1 3 ,0 4 9
1 3 ,1 1 9
1 3 ,1 1 7

580
580
582
586

578

Banks
e

C o lo n ia l B a n k ..

T o t a l _____

r’d
G r 'd
G r ’d
G r 'd

aggr,
aggr,
aggr,
aggr,

J u ly 2 6
J u l y 19
J u l y 12
J u ly
5

500
500

5 ,1 0 0

5 ,1 0 0
5 ,1 0 0
5 ,0 0 0
5 ,0 0 0

1 ,35U

578

» u . o . u e p u s i is u e u u c i e u .
B ills p a y a b l e , r e d is c o u n t s , a c c e p t a n c e s a n d o t h e r lia b ili t ie s , 3 8 .6 6 4 .0 0 0
E x c e s s r e s e r v e , $ 3 4 3 ,7 4 0 I n c r e a s e .

Boston Clearing House Bank.—Wo give bolow a sum­
mary showing tho totals for all the items in tho Boston
Clearing House weekly statement for a sorios of weeks:
B O STO N C L E A R IN G H O U SE M E M B E R S .
Aug. 2
1919.

5 .4 9 2 .2 6 9 .0 0 0
5 .5 0 9 .7 8 4 .6 0 0
5 ,5 7 1 .6 3 1 .S G I
5 . 5 8 3 .2 2 1 .6 0 0
5 . 6 2 9 .5 4 1 .7 0 0
5 . 6 4 9 .1 2 3 .5 0 0
5 .6 9 8 .0 7 0 .8 0 0
5 . 6 3 3 .7 3 0 .0 0 0
5 .5 9 6 .2 2 9 .3 0 0
5 .6 3 0 .3 0 5 .5 0 0
5 . 7 3 0 .2 7 6 .6 0 0
5 .6 9 4 .6 1 0 .0 0 0
5 .7 3 5 .1 5 2 .0 0 0
5 .8 1 7 .6 0 6 .3 0 0
5 . 8 3 0 .9 4 8 .7 0 0
5 . 7 5 0 .3 6 4 .0 0 0
5 . 7 0 8 .6 6 5 .6 0 0
5 .8 7 7 .2 2 8 .2 0 0
5 .9 2 9 .0 9 9 .2 0 0
5 . 8 1 7 .9 5 8 .2 0 0
5 .7 3 2 .7 6 6 .3 0 0
5 .8 0 4 .2 5 8 ,4 0 0
5 .8 2 0 .4 6 9 .0 0 0
5 . 8 0 4 .6 9 3 .2 0 0
5 .6 9 8 .7 8 6 .6 0 0
5 ,6 9 0 ,6 2 5 ,1 0 0

D iff e r e n c e s f r o m
p r e c io u s w e e k .

$

R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W
HOUSE.

G ra n d a g g r e g a t e ..

— T r u st C o m p a n ie s —
$ 7 0 ,1 0 5 ,1 0 0
1 2 .8 4 %
3 9 ,2 5 1 ,7 0 0
7 .2 0 %

A ug. 2
1919.

Non-Member Banks and Trust Companies.—Follow­
ing is the report made to tho Clearing House by clearing
non-member institutions which are not included in the
“Clearing House Return” on tho following page:

' D i ff e r e n c e s fr o m
p r e c io u s w eek.
I n c . S 1 8 ,0 3 8 ,5 0 0
D ec.
8 3 2 .1 0 0
D e c . 7 ,7 5 9 ,2 0 0
D e c . 4 ,9 0 6 ,3 0 0
I n c . 1 6 ,8 7 7 ,8 0 0

I n c . 1 2 ,4 7 8 ,3 0 0
D e c . 8 ,1 8 8 ,6 0 0

C IT Y

$
2 6 ,0 0 0 ,0 0 0
1 5 ,7 0 8 ,3 0 0
6 2 2 .4 5 5 ,3 0 0 I n c .
7 ,7 4 4 ,9 0 0 D e c .
2 6 ,6 3 7 ,4 0 0 I n c .

C a p it a l a s o f J u n e 3 0
S u r p lu s a s o f J u n e 3 0 .
L oa n s & In v estm en ts.
S p e c i e ........................
C u r r e n c y & b k . n o tes
D e p o s i t s w it h t h e F .
R . B ank o f N . Y ._
D e p o s i t s ...........................
R e s e rv e o n d e p o s it s ..
P . C . reserve to d e p . .

500

S U M M A R Y O F 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 IN G R E A T E R
N E W Y O R K . N O T IN C L U D E D IN C L E A R IN G H O U S E S T A T E M E N T .

_
, .
-----------S la te B a n k s---------C a s h In v a u l t s ............................................... $ 1 9 ,8 3 7 ,1 0 0
1 3 .4 3 %
D e p o s i t s In b a n k s a n d t r u s t c o s _____ 1 2 ,8 7 0 ,4 0 0
8 .7 2 %

D iff e r e n c e s fr o m
p r e c io u s w ee k .

200

State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House. as
follows:
L o a n s a n d I n v e s t m e n t s ................ .................................... ....... J S O S J looflO O
_________________________________________
u ,7 1 6 ,1 0 0
S p e cie
8
C u r r e n c y a n d b a n k n o t e s __________ I I I I I I I I I I I I I I I
17,’ 3 7 1 ,0 0 0
D e p o s i t s w it h F e d e r a l R e s e r v e B a n k o f N e w Y o r k . .
6 3 ,8 5 5 100
T o t a l d e p o s i t s ........... ............ .............. ........................................ 8 5 0 ,6 8 0 ,5 0 0
D e p o s i t s , e li m in a t in g a m o u n t s d u e f r o m r e s e r v e d e ­
p o s it a r ie s a n d f r o m o t h e r b a n k s a n d t r u s t c o m p a n ic s In N . Y . C i t y , e x c h a n g e s a n d U . S . d e p o s it s 7 8 0 ,3 7 4 ,9 0 0
R e s e r v e o n d e p o s i t s .....................................................................
M 2 004 300
P e rcen ta g e o f reserv e, 2 0 .4 % .
RESERVE.

A ug. 2

S u rp lu s
R eserv e.

$
$
$
5 4 7 .8 7 1 ,0 0 0 5 4 7 ,8 7 1 ,0 0 0 5 1 3 ,9 0 5 ,7 8 0
6 ,0 1 8 ,0 0 0
1 5 ,7 5 4 ,0 0 0
1 5 ,2 0 5 ,8 6 0
5 ,0 2 0 ,0 0 0
6 .8 6 9 ,0 0 0
6 ,5 1 1 ,2 0 0

9 .7 3 6 .0 0 0
1 .8 4 9 .0 0 0

A ug. 2 ..
J u ly 2 6 . .
J u ly I D . .
J u ly 1 2 . .

T o ta l
R eserv e.

•
R eserv e
R e q u ir e d .

YORK

T r u s t C o m p a n ie s .

C h a n g es fr o m
p r e v io u s w ee k .

$
C i r c u l a t i o n _____. _______________
4 ,7 5 8 ,0 0 0
L o a n s , d t s e 't s A I n v e s t m e n t s . 5 4 8 .7 8 3 .0 0 0
I n d i v id u a l d e p o s it s , ln c l . U .S . 4 4 8 .8 8 8 .0 0 0
D u e t o b a n k s __________ ________ 1 0 8 .9 7 8 .0 0 0
T i m e d e p o s i t s ___________________
12 , 122,000
E x c h a n g e s fo r C l e a r . H o u s e . . 2 0 .3 6 5 .0 0 0
D u e fr o m o t h e r b a n k s ______
_
7 5 .9 6 4 .0 0 0
C a s h In b a n k & In F . R . B a n k 6 5 .1 1 0 .0 0 0
R e s e r v e e x c e s s in b a n k a n d
F e le r a l R e s e r v e B a n k _____
1 8 .5 9 3 .0 0 0

J u ly 2 6
1919.

J u ly 19
1919.

In c.
In c.
In c.
In c.
In c.
In c.
In c.
D ec.

S
$
$
$ 1 9 ,0 0 0
4 ,7 3 9 ,0 0 0
4 ,7 0 3 ,0 0 0
3 ,2 3 7 ,0 0 0 5 4 5 .5 4 6 .0 0 0 5 5 7 .6 9 3 .0 0 0
1 ,4 8 9 ,0 0 0 4 1 7 .3 9 9 .0 0 0 4 0 5 .4 4 3 .0 0 0
1 ,8 4 4 ,0 0 0 1 0 7 .1 3 4 .0 0 0 1 2 1 .8 8 9 .0 0 0
1 8 3 ,0 0 0
1 1 .9 3 9 .0 0 0
1 1 .8 0 3 .0 0 0
1 ,7 4 5 ,0 0 0
1 8 .6 2 0 .0 0 0 2 1 .3 0 4 .0 0 0
1 ,4 5 8 ,0 0 0 7 4 .5 0 6 .0 0 0 8 5 .6 4 6 .0 0 0
1 ,3 4 1 ,0 0 0 6 0 .4 5 1 .0 0 0 6 9 .5 3 2 .0 0 0

D ec.

1 ,3 5 9 ,0 0 0

1 9 .9 5 2 .0 0 0

2 1 .1 4 0 .0 0 0

Philadelphia Banks.—Tho Philadelphia Clearing House
statement for the week ending Aug. 2 with comparative
figures for the two weoks preceding, is as follows. Resorvo
requirements for members of tho Federal Itosorvo systom
are 10% on demand doposits and 3% on time deposits, all
to be ^kept with the Federal Resorvo Bank. “Cash in
vaults” is not a part of legal reservo. For trust companies
not members of the Foderal Reservo system tho resorvo
required is 15% on demand deposits and includes “Roservo
with legal depositaries” and “Cash in vaults.”
W e e k e n d in g A u g
T w o c ip h e r s ( 0 0 ) o m itt e d .

C a p i t a l .......................................
S u r p lu s a n d p r o f i t s ................
L o a n s , d l s c 't s A I n v e s t m ’ ts
E x c h a n g e s fo r C le a r .H o u s e
D u e fr o m b a n k s .....................
B a n k d e p o s i t s ____________
I n d i v id u a l d e p o s i t s ..............
T i m e d e p o s i t s _______________
T o t a l d e p o s i t s . . .....................
U .S .d e p o s l t s ( n o t I n c lu d e d )
R e s ’ v e w it h F e d .R e s .B a n k
R e s 'v e w it h le g a l d e p o s it 's
C a s h In v a u l t * _____________
T o t a l r e s e r v e A ca s h h e l d .
R e s e r v e r e q u i r e d __________
E x c e s s r e s . A c a s h In v a u l t

M e m b e r s of
F .R . S ystem
$ 2 9 ,7 7 5 ,0
8 1 , 6 6 5 ,0
7 6 0 ,5 9 4 ,0
2 5 ,2 5 1 ,0
1 1 1 ,1 6 4 ,0
1 4 2 ,3 4 7 ,0
4 8 8 ,0 2 9 ,0
5 ,7 2 6 ,0
6 3 6 ,1 0 2 ,0

T ru st
C os.
$ 3 ,0 0 0 ,0
7 ,7 8 4 ,0
2 9 ,4 3 4 ,0
4 7 3 ,0
1 3 ,0
2 5 3 ,0
1 9 ,5 1 7 ,0
1 9 ,7 7 0 ,0

5 2 ,8 0 1 ,0
1 3 ,3 2 0 ,0
6 6 ,1 2 7 ,0
4 9 ,5 6 7 ,0
1 0 ,5 6 0 ,0

2 ,7 0 7 ,0
8 2 9 ,0
3 ,5 3 6 ,0
2 ,8 9 2 ,0
0 4 4 ,0

2 1919.
J u ly 2 6
1919.

J u ly 19
1919.

$ 3 2 ,7 7 5 ,0
8 9 ,4 4 9 ,0
7 8 7 ,1 9 4 ,0
2 3 ,5 0 6 ,0
1 1 1 ,2 4 9 ,0
1 4 3 ,4 3 0 ,0
5 0 6 ,9 8 7 ,0
5 ,5 0 8 ,0
6 5 5 ,9 8 5 .0
1 8 ,0 9 0 .0
5 3 ,5 8 5 ,0
2 ,7 5 3 ,0
1 4 ,2 4 4 ,0
7 0 ,5 8 2 ,0
5 2 .7 0 0 ,0
1 7 .8 8 2 ,0

$ 3 2 ,7 7 5 ,0
8 9 .4 4 8 .0
7 9 6 .6 0 7 .0
2 7 .0 5 1 .0
1 1 8 .9 7 7 .0
1 5 4 .5 3 0 .0
5 1 5 .6 2 2 .0
5 .6 0 1 . 0
6 7 5 .7 5 3 .0
2 0 .1 5 5 .0
5 5 .1 5 9 .0
2 .7 1 4 . 0
1 5 .0 0 1 .0
7 2 .8 7 4 .0
5 3 .5 3 9 .0
1 9 .3 3 5 .0

T o ta l.
$ 3 2 ,7 7 5 ,0
8 9 ,4 4 9 ,0
7 9 0 ,0 2 8 ,0
2 5 ,7 2 4 ,0
1 1 1 ,1 7 7 ,0
1 4 2 ,6 0 0 ,0
5 0 7 ,5 4 0 ,0
5 ,7 2 0 ,0
6 5 5 ,8 7 2 ,0
2 4 ,3 2 0 ,0
5 2 ,8 0 1 ,0
2 ,7 0 7 ,0
1 4 ,1 5 5 ,0
6 9 ,0 0 3 ,0
5 2 ,4 5 9 ,0
1 7 ,2 0 4 ,0

* C a s h In v a u l t is n o t c o u n t e d a s r e s e r v e f o r F o d e r a l R e s e r v o b a n k m o m b o r s .

l i i e m b e r 'B a n k s ^ o '

g fS 2

& £ £ *&

E L E M E N T

559

THE CHRONICLE

A u g . 9 1919.]

«

S H O W .N O

^ V ^ t ^ e d e r F l l ^ er3p ^ o ^ c e ^ S^ n ^ i i i ^ n t i e s r o f ^ t h 0 * M e m 1 ^ e r ^ a ^ k s ! n e D ^ e f f n i lt t o n s ^ f * t h e r d t f f e r e n t e iSt^ rm s
a

e

"

2& 2SS3 g S “

P R IN C IP A L

R L S O U R C R A N ^ L .A R .U T V

v whfch ^ p u b lish e d m the ‘•Chronicle” of Dec. 29 1917,

.T P M S O P M ^ B E R

S E L E C T E D C .T .E S A S A
S u b s t a n t ia l r e d u c t io n s In t h e h o ld in g s o f a ll c la s s o s o f w a r s e c u r it ie s a n d
S u b s ta n tia l re
la r g e r d e c lin e in n e t d e m a n d d e p o s it s a r e

°ndTcarteda b y a large? d e fin e in net demand deposits are indicated b y the
a
F e d S l Reserve Boarcl’s weekly statement o f condition on July 25 o f 769
member b a n k s in le a d in g <■»««•

a declino for th0 WCek o f 33.4 millions

v J p ^ ^ n t e ^ ^ d e c l i n e o f 14d 4 E l d o n s , U n i t e d S t a t e s b o n d s o t h e r t h a n
V ic to r y n o te s
a d e c lin o o i i i
m illio n s , a n d w a r p a p e r a d e c lin e o f
c ir c u ia tio n b o n d s
a] d e c lin e o i l e
show n b y m em ber banks
1 8 .3 m ll lio n s .
D e c lin e s X l b r a n ^ c it ie s a s w e ll a s b y b a n k s lo c a t e d o u t i n F e d e r a l R e s e r v e b a n k and^ b r a n c n e r n e s ^
d e cU n * , n o t h e r lo a n s a n d
s id o th e s e m o r e im p o r t a n t b a n k c e n tr e s
c it y B anks.
A ggro-

ffifSSdtatf tw ^ eSland
«?$

g ^ K S

-C E N T R A L

A t la n t a .

S t.L o u i s . M l n n e a p . K a n . C ity

N u m b e r o f r e p o r t in g b a n k s . . . --------U . S . b o n d s t o se cu re c ir c u la t io n ...
O t h e r U . 8 . b o n d s * ................................
U . S . V i c t o r y n o t e s ...................,----------U . 8 . c e r t if i c a t e s o f i n d e b t e d n e s s ..

J u ly 18

J u ly 2 5

T o t a l U . 8 . s e c u r it ie s .- - - - - - L o a n s secu red b y U . 8 . b o n d s, & c.
A l l o t h e r lo a n s a n d I n v M t m e n t s
R e s e r v e b a la n c e s w i t h F . I v . b a n s
C a s h in v a u l t -------------------------------------N e t d e m a n d d e p o s i t s ----------------------T i m e d e p o s i t s ........... ..............................
G o v e r n m e n t d e p o s i t s . - - — --------B il ls p a y a b l e w it h F . I t . b a n k — B il ls r e d is c o u n t e d w i t h F . R . b a n k
R a t io o f U . 8 . w a r secu re, a n d w ar
n a n e r . t o t a l lo a n s & I n v e s t t, /o

71
$ 3 9 ,1 6 3
2 7 3 ,8 6 5
1 3 3 ,1 2 3
3 1 4 ,8 2 9

71
$39,163
267,610
124,790
290,159

4 5 3 ,2 0 9
1 3 1 ,1 2 6

J u ly 2 5
44
$ 1 ,3 7 0
2 3 ,4 2 9
2 4 ,9 3 4
9 9 ,3 7 7

4 9 ,0 7 8
4 ,6 6 7

2 6 .f

♦ in c lu d in g L ib e r t y b o n d s .

A l l F .R .B a n k C i t ie s . F . R . B r a n ch C it ie s .

J u ly 18
44
$ 1 ,3 6 9
2 3 ,0 6 9
2 6 ,0 6 4
9 7 ,9 0 2

J u ly 2 5 _I J u ly 18
259
$ 1 0 4 ,0 7 3
3 7 7 ,6 7 6
2 0 3 ,4 3 7
5 5 0 ,0 3 9

$1225225
1 ,1 0 0 ,6 7 0
7 ,1 8 2 ,9 1 5
9 8 1 ,1 5 9
2 0 5 ,8 3 3
7 ,4 5 4 ,7 6 2
7 4 2 ,0 8 6
2 7 9 ,7 8 8
5 1 ,5 3 0
7 8 3 ,9 5 7
2 5 9 ,3 1 4
1 3 ,4 7 8

1 9 .8 '

1 9 .7

a

° 2

« d

b^

r

S

e

1 0 ,5 1 7
2 4 ,9 2 7

43
$ 1 8 ,7 2 3
1 8 ,4 1 9
5 ,5 7 3
2 3 ,3 2 4

164
$ 5 7 ,3 3 4
1 0 9 ,2 6 1
8 1 ,5 6 5
2 0 8 ,9 7 8

J u ly 18
164
$ 5 7 ,0 2 6

110,686
7 9 ,1 3 8
2 1 3 ,5 8 5

A U O ther
R e p o r t in g B a n k s .
J u ly 2 5

San F ra n . ^ T o t a T
54
$ 3 4 ,6 0 5
3 3 ,8 6 0
9 ,8 6 0
4 1 ,3 0 4
,1 5 6 ,5 6 o
,3 6 3 , 7 6 a
,8 5 9 , 6 5 ,
,3 1 8 . 2 8
3 5 5 ,9 1 1
.5 4 3 ,0 5 0
,7 8 9 ,7 7 6
4 0 5 ,1 6 4
,1 0 0 ,6 8 1
3 4 0 ,0 9 4

346
1 0 8 ,2 1 5
1 4 9 ,5 7 3
6 8 ,7 4 9
1 3 7 ,6 6 8

T o t a l.

2 3 .8 1

2 3 .6

2 3 .3

1 8 .8

J u ly 2 5

J u ly 18

769
2 6 9 ,6 2 2
6 3 6 ,5 1 0
3 5 3 ,7 5 1
8 9 6 ,6 8 5

346
1 0 8 ,1 1 0
1 5 5 ,2 9 8
7 2 ,0 1 8
1 3 7 ,6 4 4

$ 1 2 8 3 8 9 2 $ 4 5 7 ,1 3 8 $ 4 6 0 ,4 3 5 $ 4 6 4 ,2 0 5 $ 4 7 3 ,0 7 0
1 3 0 ,9 6 4
1 2 7 ,3 5 5
1 3 9 ,9 5 5
1 3 5 ,7 3 9
1 ,1 1 1 ,2 2 6
7 ,2 3 1 ,9 9 4 1 ,7 0 3 ,8 5 0 1 ,6 9 8 .0 6 8 1 ,9 7 2 .8 8 6 1 ,9 6 0 ,9 7 0
1 6 3 ,8 9 7
1 6 8 ,0 4 4
1 5 7 ,8 8 1
1 6 9 ,0 7 8
9 7 9 ,1 4 1
9 2 ,4 4 7
8 9 ,4 9 8
6 0 ,2 1 8
6 0 ,5 7 9
2 1 2 ,1 5 8
7 ,6 0 5 ,0 9 9 1 ,3 9 4 ,6 1 4 1 ,4 1 4 ,2 4 5 1 ,6 9 3 ,6 8 0 1 ,6 9 6 ,7 5 4
5 1 2 ,4 7 9
5 1 7 ,1 5 3
5 3 0 ,1 9 3
5 3 0 ,5 3 5
7 2 4 ,1 4 3
5 7 ,8 0 2
5 7 ,9 7 4
5 6 ,7 3 3
0 7 ,3 9 9
2 9 8 ,3 9 0
1 3 5 ,8 6 9
1 3 7 ,9 0 0
1 6 0 ,6 7 3
1 7 8 ,8 2 7
7 7 2 ,2 7 5
5 3 .2 6 7
5 0 ,7 3 8
2 9 ,9 3 9
3 0 ,0 4 4
2 6 0 ,7 7 2

J a n .2 4

J u ly 18
769
2 6 9 ,0 0 1
6 5 0 ,0 8 3
3 6 9 ,1 8 9
9 3 0 ,1 2 4

772
2 6 2 ,7 8 5
7 9 9 ,9 9 9
1 ,4 5 7 ,2 1 9

$ 2 ,1 5 6 ,5 6 8 $ 2 ,2 1 7 ,3 9 7 S 2 ,5 2 0 ,0 0 3
1 ,3 8 2 ,1 4 5 1 ,1 8 9 ,3 5 1
1 ,3 6 3 ,7 6 4
1 0 ,8 5 9 ,6 5 1 1 0 ,8 9 1 ,0 3 2 1 0 ,0 9 2 ,1 4 9
1 ,2 7 5 ,6 2 3
1 ,3 0 0 ,9 1 9
1 ,3 1 8 ,2 8 1
3 6 8 ,2 9 6
3 6 4 ,8 2 3
3 5 5 ,9 1 0
1 0 ,5 4 3 ,0 5 6 1 0 ,7 1 6 ,0 9 8 9 , 9 9 5 , 7 9 1
1 ,7 6 6 ,8 1 5 1 ,5 8 7 ,5 9 7
1 ,7 8 9 ,7 7 4
4 8 9 ,4 4 7
4 1 2 ,9 2 5
4 0 5 ,1 6 1
9 9 8 ,5 4 5
1 ,0 6 8 ,8 1 7
1 ,1 0 0 ,6 8 4
3 6 0 ,7 7 3
3 4 9 ,9 7 8
.
3 4 0 ,0 9 6

2 2 .6

1 9 .3

2 5 .0

2 3 .0

■ Following is the weekly statement i.issued by the f Federal Reserve Boardother Aug- j R e
on Federal
/ _____ i__ 48.6 millions) rtf (tooontanf*As am iilrod from other Federal
(as against jo n
o acceptances acquired from
a iC lU C U E

H JO U LU

aaj

v— aa - --------------------------------

i n A s" a g a i n s t k th e^ S u b s t a n t i a l ^ d e c r e a s e i n

for the week o f 3.6 millions, other

jlA lU L U IIiO 1

K
J
r

_

AIll’s J

-

“

servo banks
Treasury certificates, largely to secure F. It. bank note
circulation went up about 6 millions, largely at the N ew Y ork and C hicago
banks. This increase goes hand in hand with an increase o f 7.1 millions
G ° v e r n m e n t d e p o s it s in d ic a t e d .
m flh o M a n e fn e t d e p < » it s L

a d e c l i n e o f 30.4 m i l l i o n s . F e d e r a l R e s e r v e n o t e s i n c i r c u l a t i o n w o n t u p 2.3
m illio n s
w h i l e t o t a l c a s h r e s e r v e s d e c l i n e d 4 .7 m i l l i o n s .
T h e banks
r e s e r v e r a t io , b e c a u s e o f t h e r e la t iv e ly la r g o r e d u c t io n in d e p o s it lia b ilit ie s
show s
a
r is * f r o m
e
50*2 t o -------- t *
50.5%
snows a ru
—
—

{n l c A rn i rfclu sfv eof 99.3 mill ions discounted for other Federal Reserve
banks aro inclus v
millions shown the week before, while acceptances
o n ^ n i f a r t h f c i e v e l a n d and San Francisco banks Include 47.3 m illions

A°

J u ly 2 5

259
$ 1 0 3 ,8 6 5
3 8 4 ,0 9 9
2 1 7 ,0 3 3
5 7 8 ,8 9 5

2 3 .4

_
. .
..
.
V, I
hv about 48 millions in the Governm ent deposit account,
,
m oderate liquidation o f discounts and acceptances Ls indicated
t o g e t h e r with m odcrat
weekly bank statement issued as at close
In Ho W c r a i Reserve noaru s
^ crv0 show a furthor decline o f 6.7
m i l l i o n s °!argor^withdrawals o f gold for expert having been offset in part
r >

22,1 02

D a lla s ^

6

$721,722 $ 7 6 0 ,9 8 0 $ 1 4 9 ,1 1 0 $ 1 4 8 ,4 0 4
7 2 ,6 6 6
7 3 ,1 5 2
703,757 7 0 9 ,2 7 8
8 9 5 ,7 6 3
3,857,820 3 ,9 1 3 ,3 2 9 8 9 2 ,2 0 2
1 2 1 ,8 1 3
1 2 1 ,1 8 7
611.784 6 2 4 ,4 4 5
3 7 ,5 1 9
3 8 ,9 5 6
1 1 2 ,5 2 5
110,245
8 7 9 ,3 1 1
4,448,311 4 ,5 5 6 ,5 2 0 8 6 4 ,4 3 4
1 6 6 ,1 5 4
1 6 6 ,4 2 4
256,574 2 4 0 ,3 3 5
3 0 ,8 9 4
2 2 ,4 3 0
1 5 7 ,2 7 4
135,009

T h e F e d e r a l R e s e r v e B a n k s .-

^

76
$ 1 4 ,2 1 7

$ 6 6 ,0 3 9 $ 1 1 9 ,6 2 9
2 0 ,7 8 2
6 ,7 6 8
5 6 9 ,6 5 7
1 8 5 ,4 9 7
5 4 ,7 7 1
2 1 ,1 7 1
2 0 ,2 7 8
9 ,8 5 3
4 6 4 ,2 2 8
1 8 0 ,9 0 2
1 4 0 ,8 8 1
3 0 ,3 8 6
1 3 ,1 4 5
1 6 ,5 1 7
2 9 ,8 3 5
1 4 ,0 9 2
5 ,5 3 3
2 ,6 8 5

C h ic a g o .

Y ork.

N u m b e r o f r e p o r t in g b a n k s - - - - U 8 . b o n d s t o se cu re c ir c u la t io n .
O t h e r U . 8 . b o n d s * .............................
U 8 . V i c t o r y n o t e s .............................
U . 8 . c e r t if i c a t e s o f in d e b t e d n e s s

$ 2 0 ,1 1 9
5 6 ,1 5 5
5 3 ,2 6 1
1 7 8 ,4 4 1

35
$ 7 ,1 2 0
1 0 ,1 4 0
7 ,5 4 0
2 0 ,5 0 2

$ 1 0 5 ,1 0 1
1 7 2 ,9 1 0
6 4 5 ,8 0 5
6 5 ,1 8 7
1 7 ,1 8 4
6 4 6 ,1 9 1
2 1 ,3 0 3
2 6 ,5 6 4
1 4 8 ,3 3 6
2 6 ,6 7 7

T o t a l U . 8 . s e c u r itie s .- - - - - - - - L o a n s secu red b y U . 8 . b o n d s .A c .
A l l o t h e r lo a n s fuid l n v r a t m e n t s - - R e s e r v o b a la n c e s w it h F . U . b a n k .
C a s h l n v a u l t ........... - .................................
N e t d e m a n d d e p o s i t s ------------------------T i m e d e p o s i t s ........... - ..............................
G o v e r n m e n t d e p o s i t s - - - - - - - ...........
B il ls P a y a b le w it h

T h r e e c i p h e r s ( 0 0 0 ) o m itt e d .

$ 4 1 ,8 5 8
6 3 ,2 8 5
4 5 ,7 9 5
7 5 ,3 4 8

34
$ 1 7 ,1 5 6
1 6 ,5 5 0
1 3 ,4 5 3
2 5 ,9 4 6

100

46
$ 1 5 ,1 1 5
2 4 ,8 0 1
1 9 ,5 2 6
5 2 ,6 6 3

88

56
$ 1 1 ,5 9 7
3 4 ,7 2 7
1 7 ,6 9 0
4 1 ,0 8 7

OTH ER

T h r e e c ip h e r s (0 0 0 o m i t t e d .

C h ic a g o .

T h r e e c i p h e r s ( 0 0 0 ) o m itt e d .
10 9
$ 4 8 ,8 6 0
2 9 9 ,2 3 9
1 4 3 ,1 8 7
3 1 4 ,8 6 2

AND

‘ n C ^ ° i S v a W J lin ^ d s T r iiillio n s , while reserve balances with t h e F . R .
hanks increased from 1 300.9 to 1,318.3 millions, which is about 7 7% o f
the total reserve deposits reported for the same date b y the Federal Reserve
banks.

N e w Y o r k P h ila d e l. C lev ela n d . R ic h m 'd .

46
$ 1 4 ,5 0 8
1 7 ,6 2 8
1 1 ,8 7 7
3 7 ,8 5 6

RESERVE

nf the reDorting banks, as against 2 3.0% the week b efore. For the New
Y ork C ity banks a declino in this ratio from 26.6 to 2 6.2% is noted.
As agafnst a moderate reduction o f 7.7 millions ill Governm ent deposits
tho hanks renort an aggregate decline o f about 173 millions in other dem and
depoSts (net)°,r o f *wmST 108.2 millions is shown for the New Y ork C ity
hanks
Tim o deposits show an increase o f 23 millions. Borrowings from
the Federal Reserve banks, as measured b y the amounts o f collateral notes
and custom ers’ paper held under discount for the reporting banks show an

war paper declined from 3 .& 0 .5
1 . D a ta for a ll rep o rtin g b ank a In ea ch d istr ic t.

B o s to n .

^O C A TE O

m l„ o „
o ttt u d . 2 oy
t o 3 . 2 5 0 . 7 m i l l,i 0 n s a n a c c o«n s n „i . =i e u 2 z z. .6 % o « f

--

ta

______

. _____ —

rtw R narw n a a A rm

1 1Q19

June 27 1919.. June 20 1919. .Ju n e 13 1919. Aui>. 1 1918
1 1919 .July 25 1919. .July 18 1919. .July 11 1919. J u ly 3 1919. .
$
$
$
$
$
$
$
$
5
314.135.000 332.676.000 355.811.000 408.470.000
263.275.000 270.601.000 273.810.000 279.545.000 282.943.000 597.046.000 581.238.000 582.675.000 623.119.000
591.190.000 554.812.000 564.290.000
641.896.000 591.532.000
9,696,000

A ug.
RESOURCES.
G o l d c o i n a n d c e r t if i c a t e s ----------------------G o l d s e t t le m e n t f u n d , 1*. R . B o a r d ------G o l d w it h f o r e ig n a g e n c i e s ..........................

911.181.000 913.914.000 938.486.000 1,041,285.000
905.171.000 862.133.000 865,000,000 834.357.000 847.233.000 1,113,824,000 1,127,216,000 1,117,970.000 902,793,000
1,134,173,000 1,163,068,000 1,155,278,000
36,818,000
1,071,307,000 1,108,051,000 :
126.435.000 122.779.000 124.595.000 137.418.000
114.399.000
112,927,000
124.967.000
111.997.000
Gold redemption fund........... ..................
2,165,725,000 2,193,874.000 1,980,896,000
2,112,100,000 2.111,824,000 2,128,946,000 2.147,784.000
54,022,000
68,114.000
T o t a l g o l d r e s e r v e s ........... - ......................... .. 2,088,475,000 2,095,151,000
68.737,000
68,472,000
66,407.000
68.387,000
65,381,000
65,872,000
67,852,000
L e g a l t e n d e r n o t e s , s liv e r . & c ...........................
2.234.459.000 2.261.988.000 2,034,918,000
2.210.256.000
2.156.327.000 2.161.023.000 2.177.481.000 2,180,211,000 2.195.353.000
T o t a l r e s e r v e s .............................................
1.573.483.000 1.621.928.000 1.695.576.000 685.921.000
1.612.639.000 1.616.210.000 1.579.728.000 1,684,946.000 1.632.639.000 244.557.000 215.512.000 182.598.000 584.998.000
235.300.000 251.392.000 248.347.000 251.307.000 262.389.000 304.558.000 274.736.000 234.537.000 209.185.000
A l l o t h e r .......................................................
372.353.000 360.035.000 330.679.000
374.791.000 375.556.000
B il ls b o u g h t In o p e n m a r k e t ...................
2,112,176,000 2,112,711,000 1,480,104,000
2,222,730,000 2,243,158,000 2,200,428,000 2,296,348,000 2,225,707,000 2,122.598,000
36,237,000
27,130,000
27,133,000
27,130.000
T o t a l b il ls o n h a n d . . . ..........................
27,130,000
27,131,000
27,084,000
27,086,000
27,094,000
333,000
333,000
U . 8. Government bonds---------------335,000
377,000
374,000
363,000
280,000
286,000
204,104,000 201.883,000 204,405,000 *17,573,000
U . 8 . V ic t o r y N o t e s - - - - - - - - - - - - - 217.9S2.000 212,028,000 209,941,000 206,054,000 200,068,000
101,009
U . 8. certificates of indebtedness—

T o t a l g o l d 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 t s ...........

A l l o t h e r e a r n in g a s s e t s ............................

2,354,167,000 2,341,523,000 2,344,579,000 1,534,015,000
2,468,086,000 2,482,558,000 2,437,816,000 2,529,907,000 2.453,282.000
10.986.000
11,066,000
11.257.000
11.684.000
11.699.000
11.737.000
11.784.000
11,801,000
835,362,000 531,558,000
U n c o l l c c t e d 'u e m s a n d o t h e r d e d u c t i o n s
740,994,000 742,527,000 686,063,000 848,157,000
739,617,000 690,495,000 857,194,000
496,000
8,899,000
9,053,000
9,714.000
fr o m g ro ss d e p o s its . . . - - - - - - - - - - - - 9,956,000
10.052.000
10.077.000
10.613.000
10,735,000
10,551,000
10.332.000
41,192,000
10.551.000
10.306.000
10.334.000
10.100.000
9,898,000
.
9,386,000
5,288,008.000 5.455.450.000 5,472,146,000 4,111,538,000
. 5,395,952,000 5.366.371.000 5.504.405.000 5,483.197,000 5.423.108.000
loiiu reouuitLo------ ■
76,518,000
82.674.00C
82.756.000
L IA B IL IT IE S .
82.764.000
82.811.000
82,851,000
82.958.000
83.317.000
83.532.000
1,134,000
49.466.00C
49.466.000
49.466.000
81.087.000
C a p i t a l p a id i n -------------------------81,087,000
81.087.000i
81.087.000
,
81,087,000
161,236,000
73.614.000 161.495.00C 245.245.00C
136,328,000
S u r p l u s ...................- .........................
l 151,170,000
116.038.000 137.090.000
68.357.000
1.687.608.000 1,713.030.00C 1,648.630,00C 1.633,583,00C) 1,423,532,000
, 1,742,478,000 1.718.396.000 1.712.796.000 1 1,726,329,00C
534.420.00C 682.097.00C 623.739.00C) 390,911,000
i j uu t o u ic m u c i n ,
535.178.000 651.735.000 1 591.250.00C1 561.896.00C
581,232,000
127.264.00C) 127.565.00C) 114,718,000
115.693.00C
D e fe r r e d a v a ila b ility lt o m s .
125.069.0001 114.678.00C1 128.698.00C
117.444.000
,
113,731,000
O th e r d e p o s its , ln c l. fo r . G
) 2,630,132,00<) 2,090,397,000
) 2,583,427,00() 2,614,530,0(K) 2,436,757,00C) 2,619,486,00C) 2,499,265,00') 1,906,465,000
. 2,505,798,000) 2,487,056,000 2,626,690,00(
) 2,499,180.00C) 2.488.253.00C
T o t a l g r o s s d e p o s i t s ...........
, 2,506,820,00') 2,504,497,000I 2,512,048,00() 2,538,127,00( ) 2,552,348,0(X) 177,185,00'3 173.775.00C) 170,937,0013
11,479,000
i, 200,945,001) 193,849,00() 180,911,00() 184,806,00') 181,570,00' )
25,545,000
39,672.0013
41.714.00')
42.656.00C)
10,762,00<
12,899, (K )
M
14,711,00()
16,565,00()
,
17,770,001)
T o t a l e a r n in g a s s e t s ..........................................

-

A i l o t h e r li a b ili t ie s

T o t a l li a b i l i t i e s ................................................. -.

5,395,952,001) 5.366.37l.00<) 5,504.405.001

• I n c lu d e s O n e - Y e a r T r e a s u r y N o t e s .




560

THE

[V o l . 109.

Aug. 1 1919 July 25 1919 . July 18 1919 . July 11 1919 . July 3 1919 June 27 1919
. June 20 1919 . June 13 1919 . Aug. 2 1918.

Gold reserve against net deposit llabll
Gold res. agst. F. R. notes In actual clrc’

51.37
47.2 7

F. R . note liabilities combined.
Latlo of total reserves to net depo
F. R . note liabilities combined.

47.97
49.27

4 8 .9 7

against net deposit liabilities.

48.97
49.6 7

47.87
50.27

49.37c

50.27

45.37
50.37
48.27

.4 9 .2 7

49.97

50.8%

51.1%

57.2%

50.9%

48.77

5 0 .5 7

49.87

50.87

52.1%

62.6%

52.7%

58.7%

50.17
49.57

61.67
60.37

65.8%
49.3%

52.37
50.27

61.4%

61.2%
62.0%
60.5%
64.2%
61.7%
64.9%
65.4%
78.1%
S
S
S
$
$
3
i~ ’
74,344
,
s
74,463,00(
88.278.000
91.115.000
,
75,449,000
61.406.000
61,213,00( ' 901,084,000
1,521,353 1,532,918,000 1,528,103.000 1,665,558,000
1.568,510,000 1.484,822,000 1,508,510,000 1,577,715,000
19,229
J
16,601,000
16.388.000
18.625.000
18,896.000
25,279,00(
25.097.000
30,235,000
2,560,000
85,446
81,152,000
58.957.000
58.234.000
69,071.000
64,136,666
'60,662",666
'48,315,66c j '166,Vo"3',6 6
88,439
o
103,924,000
86.141.000
47.463.000 108,566,000 123,334,000
57,993,000
42,424,000
0,015
4,111,000
92,000
,
13,000
494,000
244,000
162,000
4,000
165,047
146,190,656
123.987.000
146.607.000 109.976.000
113,389,660
99,848,000
82,965,000
103,937
99.788.000 132.487.000
136.509.000 117.978.000 122,083,000 186,835.000 156,588,000 | 238,100,000
28,233
13.801.000
13,981,000
12,486,000
,
4,092,000
235,000
632,000
3,425,000
51,000
49,954
73.751.000
101,131,000
04.079.000
65,6lV.66o
5*1.584‘ 666
" ,
42','o
V4'.666 133,922,000
115.283
109,773,000
58.502.000
60.365.000
71.579.000
56.531.000
54.885.000
75.137.000
36,314
20.103.000
28.936.000
28.922.000
22.234.000
14.040.000
13.036.000
11.130.000 ‘
1,984,000

8

Distribution by Maturities—

1-15 days bills bought In open market
1-15 days bills discounted__________
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants_______
16-30 days bills bought In open market.
16-30 days bills discounted___________
16-30 days U. 8 . certif. of Indebtedness.
16-30 days municipal warrants.............
31-60 days bills bought In open market.
31-60 days bills discounted____________
31-60 days U. 8 . certif. of Indebtedness..
31-60 days municipal warrants........... .
61-90 days bills bought In open market.
61-90 days bills discounted......................
61-90 days U. S. certif. of Indebtedness..
61-90 days municipal warrants________
Over 90 days bills bought in open market
Over 90 days bills discounted_________
Over 90 days certif. of Indebtedness____
Over 90 days municipal warrants______

86021,000

1 010,000

6212,000

528 ,6 6
26 0

18,927
128,191

21,199,000
157,412,000

22,842,000
150,544,000

26,418,000
145,011,000

y In actual circulation_____________
:
Fed. Res. Notes (Agents Accounts ) —

Received from the Comptroller_______
Returned to the Comptroller...........
^Amount chargeable to Fed. Res. agent
In hands of Federal Reserve agent__

28,395,666
152,713,000

'37,270.666
160,199,000

................
--- --- ------ 1 " '
................
2,715,374 2,723.601,000 2,728,902,000 2,760,288,000
208,554 219,104,000 216,854,000 222,161,000 2740,893,000
188,545,000
2,506,820 2,504,497,000 2,512,018,000 2,538,127.000
2,552,348,000
4,864,540 4.829.860.000 4.811.300.000 1.756.900.000
1.686.700.000
1,741,197 1.700.712.000 1.670.622.000 1.626.124.000 1.582.475.000
3,123,343 3,129,148,000 3,110,678,000 3.130,776,000
407,969 405,547,000 411,776,000 370,487,000 3,104,225,000
363,332,000

Federal Reserve Notes—

Outstanding________________________
Held by banks____________________
'

C H R O N IC L E

------ -------

29,217766
163,271,000
.... ..............

Total____________________________
Eligible per delivered to F. R. agent___

| 40,395,000
9,604,000
17,000

2.694,640,000 2,693.198.000 2,709,895,000 2,028,180,000
195,460,000 204,945,000 210,630,000
121,715,000
2.499,180,000 2,488,253,000 2,499,265,000 1,906,465,000
4.656.260.000 4.028.520.000 4.605.660.000 2,789,700,000
1.548.848.000 1.610.860.000 1.472.748.000 478,470,000

3,107,412,000 3.117.660,000
412,772.000 424.462.000
2,715,374 2,723,601,000 2,728,902,000 2,760,289,000
2.740,893,000 2,694,640,000 2,693.198,000
221,248 221,248,000 223,598,000 231,995,000
228,998,000 219.998.000 218,998,000
1,644,067 1,615,550,000 1,594,729,000 1,597,221,000
1.585,615,000 1.580.816,000 ,505,982,666
81,549
84,912,000
89,745,000
88,576,000
93.817,000
81,024,000
80,817,000
768,510 801,891,000 820,830,000 842,494,000
832,463,000 812,802,000 821,401,000
2,715,374 2,723,601,000 2.728.902.000 ’ ,760,289,000
1,740,893.000 1.694,640.000 .693,198,000
2,140.965 ,171,374,000 2.112.717.000 .210,078,000 .150,698,000
,034,467,000 5 ,010,114,000

Issued to Federal Reserve banks___
How Secured—
By gold coin and certificates_________
By lawful money..................................
By eligible paper.................................
Gold redemption fund_________ ____ _
With Federal Reserve Board_________

'2'e',3i'o766
162,246,000
..................

3,132,912,000 2,311,230,000
423.017,000
283,050,000
2,709,895,000 2,028,180,000
224,998,000

201,239,000

,59l",925,66o
81,222,000
811,750,000

,125,387,666
59.851,000
641,703,000

,709,895,000

,028,180,000

,001,203,000

,425,437,000

WEEKLY STATEMENT OF RESOURCES AND LIABIBITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Two ciphers (00) omitted.
RESOURCES.
Gold coin and certificates.

Boston. Neio Yorl .
s

4,695, 9
d 49,965, 9

Phlla.

Clevelancl. Richmon

S
S
$
$
160,070,
538, 9 33,535, 0
2,278,
224,S28, 0 41,165, 9 38,027, 0 26,067,

0

Atlanta

Chicago St. Louis . Mlnneap . Kan.City

S
$
$
S
7,828, 9 23,603, 0 2,937, ) 8,374,1
9,132, 9 118,516, 0 21,523, ) 34,578,1

Dallas. San Fran.

162,1
35,904,1

Total.

S
S
9,438, ) 9,817,1
6,343,1 ) 35,848.1

$

263.275.0
641.896.0

S

Total gold held by banks____.

54,660, 9
s 56,896, 9
. 16,560, 9

384,898, 9 41,703,
287,017, 9 74,332,
24,829, 9 8,835,

71,562, 0 28,345,(
114,786, 0 28,742,1
531, 0 8,204,(

16,960, 142,119, 0 24,460,1
43,285, 249,235, 0 53,969,1
6,958,1 24,055, 9 3,911,1

42,952,
32,100,(
1.921.C

Total 4,old reserves.

. 128,116, 9
.
8,262,

696,744, 9 124,870,1 186,879, 9 65,291,
48,557, )
322,1
1,027, )
523,(

67,203,1 415,409,
82,340,(
1.291,(
896, ) 4.494.C

Total res rves.

- 136.378,

76,973,C 76,896,
34,394, 133,360,C 2,088,475,0
92,0
171,C 1.920.C
297,C
67,852,0

ernme t war obligations (a).- 137,720,
All o t h e _________________
6,986,1
Bills bought In open market (b). 26,725,0
U.

8.

Government bonds_____

171,431,0
539,0
18,0
21,436,0

Total earning assets_
_
193,424,0
Bank premises_________ ___
800,0
Uncollected Items and other de­
ductions from gross deposits. . 53,217,0
5% redemption fund against
Federal Reserve bank notes
1,072,0
All other resources_________
384,0
Total resources_________
385,275,0
LIABILITIES.
Capital paid In___________
6.936.0
Surplus_____________________
5.206.0
Government deposits_________
6.619.0
Due to members, reserve account 106,819,0
Deferred availability Items........ 48,310,0
All other deposits______ _____
6.657.0
Total gross deposits........... . 168.405.0
F. R. notes In actual circulation 183.544.0
F. R. bank notes In circulation
—net liability______________ 19,769,0
All other liabilities______ _____
1,415,0

745,301,1 125,192,
644,096,
58,120,
98,002,

187,906, ) 65,814,C 68,494,C 416,305,1

175,349, 101,826,
15,830,0 10,517,
660,0 56,916,

800,218,0 191,839,0 169,259,0
1,257,0
1,385,0
1,093,0
50,0
61,580,0 24,812,0 18,875,0

1,0

36.066.1
29.668.1
11.162.1

15.781.1
16.269.1
2,344,

86,834,0

77,065,0

76.296.0
13.595.0
8,290,0

75.778.0 193,391,
12.441.0 26,223,
6,568.0 50,800,

63.507.0
10.732.0
9,842,0

25.617.0 40.707.0
3,927,0 41.730.0
24.748.0

32.110.0
21.007.0
332,0

98,181,0
1,234,0

94.787.0 270,414,0
376,0
4,476,0

84,081,0
1,153,0

54,292,0 82,439,0
116,0
8,867,0
205,0
6,892,0
7,343,0

53,449,0 152,340,0 2,222,730,0
3,906,0
2,632,0
27,094,0
280,0
o'.bbb'.O
,bob
217,982,0

7,895,0

6
,0

77,067,0

36,314,C 133,657,0 2,156,327,0

2,0

10.479.0 28,612,0 17,068,0
863,105,0 218,037,0 189,227,0 107,310,0 105,648,0 303,502,0
102,302,0 61,505,0 98,649,0
3,999,0
500,0
875,0
416,0
459,0
2,936,0
708,0
401,0
171,038,0 66,333,0 62,740,0 71,800,0 32,210,0 85,542,0
49,280,0 17,058,0 64,054,0
2.091.0
1,225,0
896.0
448.0
520.0
1.679.0
795.0
394.0
729.0
2.388.0
768,0
950.0
513.0
373.0
1.462.0
536.0
165.0
472.0
1,787,922,0 412,055,0 442,594,0 246,301,0 207,704,0 811,426,0
240,455,0 156,187,0 241,372,0
21.460.0
7.653.0
9.258.0
4.224.0
3.277.0 11.673.0
3.945.0
3.023.0
3.804.0
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
10.541.0
2.133.0
6.339.0
837,0
2.774.0
9.429.0
5.945.0
5.996.0
7.389.0
741.754.0 101,215,0 127,716,0 54.329.0 45.610.0
250,295,0 61.540.0 45.545.0 75.988.0
140.053.0 59,199,0 51,313,0 65.323.0 23.386.0 67.050.0
39.880.0 10.597.0 38.974.0
49.534.0
7.781.0
8.403.0
4.407.0
3.483.0 11.271.0
4.597.0
2.605.0
4.495.0
941.882.0 170.328.0 193.771.0 124.896.0 75,253,0 338.045.0
111.962.0 64.743.0 126.846.0
745.918.0 203.665.0 215.039.0 105.425.0 116,933,0 120.314.0 105.109.0
78.889.0 91.498.0
39,529,0 23,922,0 17,467,0
7,188,0
9,785,0 29,714,0 16,185,0
6,678,0 14,179,0
.
1,176,0
1,199,0
768,0
651,0
1,970,0
665,0
534,0
1,088,0
1,787,922,0 112,055,0 142,594,0 246,301,0 07,704,0 311,426,0 240,455,0
56,187,0 41,372,0

6 ',6

29,017,0

37,328,0

739,617,0

436.0
553.0

450.0
822.0

10,735,0
9,386,0

130,342,0 334,319,0 5,395,952,0
3.297.0
4.982.0
83.532.0
2.029.0
4.578.0
81.087.0
2.301.0
8.054.0
68.357.0
43.133.0 88.534.0 1,742,478,0
21.181.0 15.906.0 581.232.0
2.411.0
8.087.0
113.731.0
69.020.0 120.641.0 2.505.798.0
46.742.0 194.744.0 2.606.820.0
8,491,0
757,0

6,0 0
0 ,0
62,250,0

10 2
",b‘l ’6

8.038.0
1.336.0

..........

..........

20,0 0
0 ,0

..........

..........

17,000,0

..........

200,945.0
17,770,0

30,342,0 334,319,0 5,395,952,0

55,000.0

..........

46.242.0 1,612,639,0
14.192.0 235.300.0
91.900.0 374.791.0

63,715,0 161,662,0 2,468,086.0
307,0
400,0
11,801,0

6211,0

Total liabilities____________ 385,275,0
Memoranda—Contingent liability
Discounted paper rediscounted as endors *r on:
with other F. R. banks..
..........
............. 38,250,0
Bankers’ acceptances sold to
other F. It. banks________
_____
_______
(a) Includes bills discounted for
other F. R. banks, viz___ . _
_
__ _ ____
(b) Includes bankers' acceptances bought fr ( m other F. E banks:
l.
t, With their endorsement_____
......
Without their endorsement__
::::::
::::::::

45,605,
905.171.0
85,008,1 1,071,307,0
2,687,1
111.997.0

99,250,0
-

--

.............
99,250,0

..........

..........

37,317*6

47,329,6

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG, t 1919
Two ciphers (00) omitted.

Boston. |New York.

Phlla. jCleveland jRichmond |Atlanta. |Chicago. |si. Louis.l.Mlnneap.^Kan.City.
3
$
S
3
3
*
I
$
I
J
S
3
342.640.0 1,667,580,0 420.780.0 372.480.0
128.517.0 713,588,0 174.660.0 113.646.0 227,120,0 241,500,0 659,960,0'218,020,0 134.380.0 170,920,0
92,524,01 59,796,0 173,670,0, 76,037,0 38.074.0 58,655,0
214,123,0 953.992.0
In hands of F. R. Agent____ I 21,840,0 133.600.0 246,120,0 258,834,0 134,596,0 181,704,0^486,290,0 141,983,0 96.306.0 112,265,0
28,780,0 31,000,0 23,928,0 60,891,0| 30,360,0) 19,710,0 14.760.0 13,150,0
|
Issued to F. R. Bank, less amt.
returned to F. R. Agent for
redemption:
192,283,0 820.392.0 217,340,0 227.834.0 110,668,0
120,813,oji55,930,0J22,273,0 81,546,0 99,115,0
Collat’l security for outst’g notes:
Gold coin and ctfs. on hand..
183.740.0
12.125.0
2,500,0
..........
........
Gold redemption fund______ 11,896,0
13,277,0 11,443,6 12.661.0 1,742,6 2,785,0' 8,411,0' 3,038,0 13.052.0
Gold Set'm't Fund, F. R. B’d. 45,000,0
90,000,0 62,889,0 90,000,0 27,000,0 38,000,0 240,824,0! 50,931,0 1,248,0 2",bos',6
17.800.0
Eligible paper, mln'm required 135,387,0 533.375.0 143,008,0 113.048.0
81,926,0 77,528,0 206,695,0 68,304,0 49.446.0 27.360.0
|
69.447.0
Total___________________ 192,283,0 820,392,0 217,340,0
227,834,0 110,668,0 120,813,0 455,930,0 122,273,0 81,546,0 99,115,0
Amount of eligible paper deliv­
ered to F. R. Agent________ 171.431.0 800,218,0 145.245.0
F. R. notes outstanding............. 192.283.0 820,392,0 217.340.0 168,284,01 94,768,ol 86,747,0 270,067,01 78,952,0 51.683.0 82.439.0
F. R. notes held by bank______
8,739,0
74,474,0 13,675,0| 227,834,0 110,668,0 120,813,0 455,930,0 122,273,0 81.546.0 99.115.0
12,795,0 5,243,0| 4,880,0 35,616,0 17,164,0 2,657,0 7,617,0
|
F. R. notes In actual circulation.
Federal Reserve notes:
Received from Comptroller.
Returned to Comptroller__




Dallas. I.S Fran. 1 Total.
’au
S
3
|
*
104,760,0 ’304,400,0'4,864,540,0
36,242,0 75.788,0 1,741,197.0
68.518.0 228,612.0 3,123,343.0
19.350.0 10,600,0 407,969,0
49,168,0 218,012,0 2,715.374,0
9.831.0
221.248.0
2.754.0 9",*986’,6
81,549,0
3.684.0 75,022,0 768.510.0
32,890,0 133,004,0 1.044.067.0
49,168,0 218,012,0 2.715,374,0
53.449.0 137.682.02.140.905.0
49.168.0 218.012.0
2,715,374,0
2,426,0 23,208,0] 208,554,0

78,880,o' 01.498,ol 46,742.0 194,744.0 2,506.820.0

THE

A u g . 9 1919.
l i i i i t i l u 'v s '

® a 2 e t i f c .

Wall Street, Friday Night, August 8.1919Railroad and Miscellaneous Stocks.—Influenced chiofly
by tko drastic demands of railway brotherhood leaders there
was a precipitous declino in all classes of stocks on IVIonday.
With these demands known beforohand, opening prices
woro from 1 to 3 points below last week’s closing figures and
tho downward movement continued throughout the day.
Tuesday’s opening prices were again lower, but tho market
became steadier as tho day advanced. On Wednesday,
after timo for deliberation, tho feeling developed that tho
mattor had probably been over-discounted. And in some
cases those who had sold stocks under tho excitement of
Monday and Tuesday began to buy them back with tho re­
sult that tho markot turned strong and a substantial part
of the declino mentioned was recovered. On Thursday,
however, although no now factors had enteied tho situation
except nows that railway shopmen, in largo numbers and
without previous notice, had gono on strike, tho bottom fell
out of tho markot again, so to speak, and in many issues,
both railway and industrial, new low records wero made.
Today’s market opened firm, many stocks selling above
yesterday’s closing prices, but commission house buying
orders wero soon filled, after which offerings far exceeded
tho demand and tho market becamo vo y confused and irregu­
lar. Closing prices were, however, generally well abovo tho
lowest of the day.
5
As a result of tho week s operations Union Pacific closes
10 y. points lower than last week, Ches. & Ohio, So. Pacific
and Readme 9 Ai points lower, Great Northern 8 A , St. Paul
73/ New Haven 7 X, Northern Pacific 6%, Atchison l \ i ,
A
Now Yo k Contral 0, and otlior activo railway issues aro
from 3 to 5 points lower.
.
Tho really interesting figures aro, however, found in the
other group of stocks. United Cigar Storos is down 25
points Am. Tobacco 18, Contral Lea. and Mexican Petro.
14, Both. Stool 12'A. Corn Products 12 and many otliors aro
from 5 to 10 points lower than last week.
The following sales havo occurred this week of shares not
represented in our detailed list on tho pages which follow:

Rnesin Jn 1.
a g ce a
Rnefor W .
ag
eek
Sle
as
STO CK S.
W en in A g 8. W . Lw
eek d g u .
Lw
o est. / b
Hh
ig est.
fig est.
eek o est.
a
a
a
S p sh re. $ p sh re. S p sh re. S p sh re.
er a 93 erAug 7 er Apr 103er May
Pr
a
S X Apr
2
Aug 5
200 91
American Express— 100
1
4
Aug
\X Auk 8 83 'AAug 8 80 Aug 84 Juno
ox July
100
Ann Arbor H R ......... -100
4
8
200 80
Booth Fish 1st pref. - 100
100 116
Calif Packing pref--.10 0
100 105
C St P M & O p re f..-100
600; 100
Fisher Body. pref-.-lOO
100 101
Gen Cigar deben pref 100
1001 95
Internat Paper, pref. 100
300 120
Kaysor (Julius) * Co. 100
Kelley-Sprlngfleld rights. 6,266
300 95
Preferred________ 100
X
400
Preferred rlght3--------Keystone Tire It rights 30,431 10X
10C 82 X
Kress (S II) & C o ...1 0 0
20C 100
Loose-Wiles 1st pref-100
10C 70
Norfolk & West, pref.100
1001 50
Petti Mullikcn & C o. 100

Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug

'A

&

8 116
8 105
5 100
8 101
4 95
5 120
4
7 95
4
5 19
7 82
7 100
4 70
5 50

Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug

X
%
%
X

8
8
6
8
4
5
6
7
7
4
7
8
4
5

109
105
91
101
95
105

Mar 117
Aug 107
Feb 101
Aug 101
Aug 98 H
Apr 130
July 1
Jan 100
X July 4
10H Aug 22 H
60
Jan 83
94
Jan 100X
July 76
30
May OIX

Juno
July

X May

X
00X

X
7
0

Aug
Mar
Apr
July
June
July
July
July
June
July
July

TRANSACTIONS AT TU E N EW YORK STOCK E X C H A N G E
O AILY . W EE K L Y AN D Y E A R LY .

Railroad, Stale, Mun.
&c..
& Foreign
Bonds.
Bonds.

Stocks.

Week Ending
Aug. 8 1919.

Shares, i Par Value.

U. S.
Bonds.

HOLIDAY
1,815,330 $158,949,000 $2,059,000
2.356.000
1,881,850 162.710.000
1.622.000
1,382,410 122.832.000
1,501,000
1,748,500 157.044.000
2,418,500
2,048,450 180.239.000

Saturday ....................
Monday------------------Tuesday-----------------Wednesday................
Thursday.................. Friday ........................

$540,000 $9,920,000
8,806,000
494.000
7.405.000
473.000
8.490.000
597.000
525.000 11,869,100

$9,956,500

$2,629,000 $46,550,100

8,876,540 $781,774,000

Total........................

Week Ending Aug. 8.

Sales at
New York Stock
Exchange.

Jan. 1 to Aug. 8.

1919.

1918.

Stocks— No. shares...
Par value---------------Bank shares, par.........

8.876,540

1.196,804

182,291,425
$16,988,504,430
$47,200

83,800,063

Government bonds----State,mun., Ac.,bonds,
lilt, and mlsc. bonds..

$46,550,100
2,629.000
9,956,500

$26,365,000
5.329.000
3.201.000

$1,409,609,000
197.232.000
332.489.000

$613,195,500
126.569.500
166.478.500

$59,135,600

$34,895,000

$1,939,330,000

$906,243,500

Bo ds.

Total bonds.

1918.

$14,800

D A IL Y TRANSACTIONS AT TH E BOSTON. PHILADELPHIA A N D
BALTIMORE EXCH ANG ES.

Boston.
Week ending
Aug. 8 1919.

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.

Saturday................
Monday__________
Tuesday......... ........
Wednesday______
Thursday________
Friday....... .......... -

63.326
38,640
30,044
30,418
40,174

$99,300
321,100
294,350
184,750
57.000

Total..... ..............

199.202

$950,600

HOI.I D AY
13,600
$68,800
16,900
114,800
11,959
30.000
11,069
27,700
20,838
45.000
74,566

$292,300

5,994
7,228
2,660
4,660
2,322

$101,000
20.500
48.000
47.500
36.000

22,864

$253,000

State and Railroad Bonds.—Sales of State bonds at tho
Board aro limited to $10,000 Virginia 6s deferred trust re
coipts at 63 to 65. The market for railway and industrial
bonds has boon decidedly weak on a fair volume of business
Tho local tractions havo been hit hard by tho B. It. T
strike. Inter. Mot. 4 A s aro over 3 points lower than last
wook, B. It. T. 5s 2 A and Inter. R. T. 1 % . A few others




561

C H R O N IC L E

have, however, suffered quite as much or more. New York
Cent. 6s are over a point lower, and Am. Tel. & Tel., Chili
Copper and the Wilsons havo made a similar record. So.
Pac. cv. 5s and Ches.'& Ohio 5s have been notably weak in
sympathy with the shares. Atchison gen. 4s are practically
tho only active bonds which show a fractional advance with­
in the week.
United States Bonds.—Sales of Government bonds at
the Board include $4,000 4s coup, at 106, $1,100 4s reg. at
106 and the various Liberty Loan issues. For to-day’s price
of all the different issues and for the week’s range see third
page following.

A g 4. A g 5. A g 6. A g 7. A g 8.
u. u. u. u. u.
3 K s . 1 s t L i b . L o a n , 1 9 3 2 -1 7 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ---------------4 s , 1 s t L i b . L o a n , 1 9 3 2 -4 7 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ---------------4 s , 2 d L i b . L o a n , 1 9 2 7 -4 2 , H ig h
I .o w
C lo s e
N u m b e r o f b o n d s s o l d --------4 U s , 1st L i b . L o a n , 1 9 3 2 -4 7 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ---------4 J 4 S , 2 d L i b . L o a n , 1 9 2 7 -4 2 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ---------4 K s , 2 d L i b . L o a n , 1 9 3 2 -4 7 , H ig h
.
L ow
C lo s e
N u m b e r o f b o n d s s o l d --------i u n , 3 d L i b . L o a n , 1 9 2 8 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ...........
i X s , 4t.h L i b . L o a n , 1 9 3 8 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ---------4 J i s , V i c t o r y L . L . , 1 9 2 2 -3 3 , H ig h
L ow
C lo s e
N u m b e r o f b o n d s s o l d ______
3 % b , V i c t o r y L . L . , 1 9 2 2 -2 3 , H ig h
L ow
C lo s e
N u m b e r o f b e n d s s o l d ...........

99.76
99.50
99.70
666
94.18
94 12
94.18
51
93.56
93.30
93.38
544
94.50
94.10
94.10
94
93.90
93.38
93.56
1,237

95.10
94.96
95.10
2,246
93.90
93.42
93.48
4,247
99.90
99.80
99.84
1,492
99.9-1
99.88
99.94
372

99.86
99.66
99.80
756
94.10
94.00
94.10
138
93.36
93.10
93.10
495
94.40
94.00
94.40
17
93.56
93.30
93.42
1,308
100.52
100 52
100.52
4
95.00
95.10
95.00
1,367
93.62
93.34
93.60
2,953
99.90
99.82
99.84
1,26?
99.94
99.88
99.9(
7S5

99.90
99.72
99.88
326
94.20
94.00
94.08
18
93.26
93.18
93.18
94
94.50
94.10
94.48
107
93.50
93.18
93.44
9S7

95.10
95.00
95.08
1,726
93.64
93.5(1
93.56
2,567
99.9C
99.84
99.8C
1,173
99.9
C
99.84
99.8?
222

99.80
99.72
99.72
272
94.16
94.08
94 16
38
93.26
93.12
93.20
240
94.58
94.46
94.46
30
93.44
93.20
93.24
1,480
100.52
100.52
100.52
l
95.10
94.90
95.00
2,137
93.54
93.38
93.50
2,878
99.90
99.82
99 84
874
99.9C
99.8S
99.9C
446

99.84
99.70
99.72
405
94.16
94.10
94.10
101
93.20
93.00
93.10
365
94.24
94.00
94.00
27
93.34
92.94
93.32
1,923
_____
_____
____ _____

95.00
94.70
94.94
2,679
93.50
93.06
93.40
4,267
99.94
99.80
99.84
1,431
99.90
99.70
99.70
864

Foreign Exchange.—The market for sterling exchange
was irregular and weak during the week, though showing a
slight rally at the close. Continental exchange was heavy
and sensational declines were recorded in both French and
Italian exchange. The neutral exchanges were lower, but
without important change.

To-day's (Friday’s) actual rates for sterling exchange were 4 29@ 4 30
. .A
J ..1
4 o m / r,.A
IQ for rnh P
R

(lays
auu
“ ......... —
^
Cotton for payment 4 31 K @ 4 32 and grain for payment 4 31 H @ 4 32.
To-day’s (Friday’s) actual rates for Paris bankers francs were 7 79@
7 86 for long and 7 75@7 84 for short. Germany bankers’ marks are not
vet nuoted for long and short bills. Amsterdam bankers guilders were
30 13-16@37 1-16 for long and 37 3-16@37 7-16 for short.
Exchange at Paris on London, 33.70 fr.; week s range, 32.47 fr. high and
33.70 fr. low.
,
, , „
The range for foreign exchange for the week followsCables.
Sterling Actual—
Sixty Days. Cheques.
4 36 X
4 35 X
High for the week------------ ----------- 4 32 X
4 30 X
4 20X
Low for tho week---------- --------------- 4 Z (X
Paris Bankers' Francs—
7 28
7 30
7 36
High for the week--------------------7 80
7 82
7 88
Low for tho week----------------------Germany Bankers’ Marks—
6 32X
6 19X
High for the week--------------------6 00
5 90
Low for the week------------------------------Amsterdam Bankers' Guilders—
37 X
High for the week.............................
37 1-16
37 X
37 X
36 11-16
67 Y
s
Low for the week_________________
Domestic Exchange.— Chicago, par. St. Louis. 15@25c. per S1.000
discount. Boston, par. San Francisco, par. Montreal. 847 50 per
$1,000 premium. Cincinnati, par.

Outside Market.

— A heavy selling movement on the
“ curb” this week caused a general lowering of prices with
tho tire and packing issues the weakest features, Savold
Tiro Corp., in particular, sustained the heaviest loss. After
moving up over five points in the beginning of tho week to
77% it dropped to 53 and closed to-day at 58. N . Y .
Savold Tire declined from 54 to 48 and ends the week at 49.
Ohio Savold Tire weakened from 33 to 30. Fisk Rubber Co.
com. sold down from 463^ to 37 A and finished to-day at 41.
Pressman Tire & Rubb. was conspicu9Usly weak, moving
down from 27 to 9 and recovering finally to 11. Allied
Packers fell from 64 to 56 and closed to-day at 58. Libby,
M cN eil & Libby and Swift Internat. on few transactions
sold lower, the former from 25 to 23 and tho latter from 55
to 54. The close to-day was at 24 and 5 4 A , respectively.
Indian Packing lost 6 points to 3 7 M . the final figure to-day
boing 38. Intercontinental Rubber after a fractional ad­
vance to 21 fell to-day to 18 and closed at 19. Lima Loco­
motive com. declined from 87 to 83 and recovered to 88.
N . Y . Shipbuilding lost five points to 55. Tobacco Products
Exports moved down from 40
to 32 % and ended the week
at 34 A United Retail Stores Candy C o. sold for the first
timo down from 28 A to 25 and up to 3034 and back to 28
finally. Oil stocks were generally heavy. Sinclair Con.
Oil was the most active and sold down from 59 to 50, with
tho closo to-day at 5124- Sinclair Gulf lost over six points
to 51. GlenrockOil weakened from 624 to 434 and closed to­
day at 424- Merritt Oil dropped from 2534 to 20 with the
final transaction at 2134- Midwest Refining declined from
175 to 152 and sold finally at 160. Transcontinental Oil
fell from 4724 to 43 and closed to-day at 4334* Mines were
dull with small price changes. Bonds dull.

562

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
J

___________________________

For record o f sales during the week of stocks usually Inactive, see preceding page

H HA DL WS L P IC S P RS A E N TP RC N .
IG N O A E R E —E H R , O E E T
Sales
for
Saturday
Mn a
o d y T esd y W n a T u a
u a
ed esd y h rsd y Friday
the
A g. 2.
u
A g 4.
u.
A g 5.
u.
Ag 7
u.
Ag 6
u.
Aug. 8
Week
$ per sh re S p sh re .$ p sh re $ per sh re 5 per sh re S per share Sae
a
er a
er a
a
a
hr s
9J% 95
90
93%
92
931,
90% 92%
88
91

STOCKS
N EW YO RK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1
On basis 0/ 100-share lots
Lowest

H ig h e s t

P RS A E
E HR
Rnefor P u
ag
recio s
Y r 1918
ea
Lowest

H ig h e s t

Pr
a

Railroads
$ per share
? per share
$ per share S p e r sh a r e
23.700 Atch Topeka & Santa Fe._10G
88 Aug 8 104 May27
81 Mar
99% N o v
82% 83
82% 82%
82% 84
82% 821
*81% 83
1,100;
Do pref.............................100
82% Aug 4
89 Jan
92% N o v
80
Jan
13% 13%
12
12% 12% 12
13
12
1,400! Atlanta Birm & Atlantic.. 100
6 Mar31
15% July2
5
Dec
10% Ju n o
97
99
97
97
95% 96%
95
97
94% 95
1,850, Atlantic Coast Line R R ..1 00
94% Aug 8 107 May29
89*8 Apr 1 0 9 N o v
42
42*s 45
43*4 42% 43%
42
431
41% 42*8 26.700 Baltimore < Ohio_________ 100
fc
41% Aug 8
48% Dec
55% May27
62
N ov
54% 51%
54
54%
53% 54
53
53%
53
53
2,000
Do pref_______________ 100
50
Apr21
53
Apr
59%May27
64% N o v
281- 30%
267g 28%
26% 27%
27
27%
25*4 27% 19.800 Brooklyn Rapid Transit..100
18** Jan27
33% July23
25*8 Deo
48% Jan
24% 241
23 lg 23%
23
23%
22% 22%
22
22
,
'
Certificates of deposit
19% Mar21 28*4 July23
156% 159% 155*4 157
155% 158% 155% 157% 153% 156% 15.000 Canadian Pacific__________ ioo 153% Aug 8 1707* JulylO 135 Mar 1747* Oct
59
64
56** 58%
57% 60
55% 59%
54*4 56% 18.300 Chesapeake
Ohio........... 100
53% Jan21
68% M ayl7
49% Jan
623* Nov
10%
%
11
11
*8
12
*8
12
*7
11%
200 Chicago & Alton R lt........... 100
7% Janl3
12% May 15
7
Apr
11 Nov
*13
16% *13
17
►
12*4 15% ......... -I
Preferred............ ................. 100
10% May 9
17% Julyl7 ’ 10% Dec
18 Nov
~n r
12
8%
9%
800 Chicago
East 1 1 tr rects_
1
_
8% Aug 8
13% July23
14% 15
14i2 14!2
300, Preferredtr rects....................._
14% Aug 5
17% Jllly24
9 May
5
Jan
9
9 l 10
91
9
9%
9%
9%
9
9**
2.800 Chicago Great Western___100
7% Jan21
12 Julyl7
11 Nov
6
Apr
26
27%
24% 24%
24% 25%
25
25%
24% 24%
3,000; Do pref....................
100
23% Aprl6
307* MaylO
18% Apr
32 Nov
41% 45%
40% 43*4
43
44%
40% 43
38
40% 29.900 Chicago Mllw
St Paul.. 100
34% Feb 15
52% Julyl7
37% Apr
54% Sept
07% 70
55% 06'2 65% 671
615* 64% 16,400
02% 60%
Do p re f.............................100
61% Aug 8
66% Apr
76 July 17
86*8 Nov
96% 98
93
94*i 94
94%
92% 94%
925* 6.800 Chicago Northwestern.. 100 91 Aug 8 105 May26
91
89% Mar 107 Nov
127% 127 *125 130 *125 128
125
128
100
Do pref_________________ 100 127*4 Allg 5 133 Jan 17 125 July. 137
Jan
20-4 28“
25%
% 25% 20%
23
20%
22** 241 29.900 Chic Rock Isl
Pac ......... 100
22% Jan21
32% July 17
18
Apr, 32% Nov
72
70
72
7212 71% 73
70% 72*4 68% 71
4.200,
7% preferred....... ............. 100
68% Aug 8
84 June 6
56% Jan
88 Nov
01% 05%
57
01
60% 02
60% 62
5 8%
6017,000| 6% preferred.....................100
58% Aug 8
73 July 17
Nov
46
Jan
75
75
75
100 Chic St P Minn & Omaha.. 100
65% Mayl2
82
Jan
69 Sept
82
Deo
49
49
48
48
*40
48
*46
48
400 Clev Cln Chic St Louis.. 100
32
Feb 17. 547* June ()
26
Feb
Nov
40
08*i 71
*07
72
*67
71
*66
71
200
Do p r e f..;.........................100
04
Apr 2
74 Julyl2
Nov
70
58% May
24% 25
23
24%
24
24%
23% 23%
1.000 Colorado & Southern_____ 100
19% Jan22
31% May
18
Apr
27% Nov
54
54
100! Do 1st pref......... ............. 100
48% Jan 3
47
Apr
58% July21
55 Nov
......... -I
Do 2d pref........................100
45
Feb 4
40
Apr
51% May29
48
Dec
108‘ 109“
105 105
105% 105% 104** 105
1.900 Delaware * Huuson______ 100 101
Jan20 116 May29
100% Apr 119% Nov
*190 196
190 190 *187% 192
186% 180%
100 Delaware Lack & W estern..50 172% Marl8 217 May
160
Apr 185 Sept
10
10%
8%
9% 10
8%
87*
87*
9
10
1,400 Denver & Rio Grande____100
3% Jan 8
15% July 14
7 Nov
2% Jan
14% 17%
12*, 147*
14% 10%
13% 16%
13
15% 27.200
Do pref...............................100
6% Feb 3' 24 Julyll
5
Apr
13*8 Jan
*99 123
......... -I Detroit United Ry..................100 80
Fet>24 105 May 13
80
Apr
90
Jan
*4%
6*2
*4%
6
........... I Duluth S S & Atlantic____ 100
2% Feb 11
4% Oct
2% Feb
6** July 15
*101%
*0
10
........... I Preferred...... ................... ..1 0 0
5% Apr 8
117* July21
4** May
8% Nov
107* 173l
10% 17
161­ 17%
10% 17
15% 16% 10,100 Erie...........................................100 15% Jan21 20% MaylO
14
Apr
23*8 Nov
27
29%
26
26
-0%
26
27%
27
24% 25% 9.700
Do 1st pref______ ______ 100
24% Aug 8
23% Jan
33 JulylO
30% Nov
*21% 22
20% 20% *18% 20
*19
20
18*4 18*i
400
Do 2d pref_____________ 100
17% Apr 3
18% Jan
Nov
23% Julyl7
89% 91%
86% 88%
88% 89%
86
89%
84% 86% 21.300 Great Northern pref______ 100
84% Aug 8 IOO** May27
86
Jan, 106% Nov
44% 47
43% 44%
43
45%
43
45%
40% 42% 29.500
Iron Ore properties
31% Jan 2
25% Jan! 34%. Nov
52% JulylO
10
10
*10
13
*10
12
10
10
300 Gulf Mob
Nor tr ctfs___100
7% Fcb27i 127* July25
8 Marl 10 May
♦39
42
42
*39
39
39
39
39
200
Preferred..............................100
31% JanlO
40% July 18
27 Mar
35% Dec
96% 100
90% 97
x95
90
95
95%
95
95
4.900 Illinois Central.....................100
95 Aug 8 104 MaylO
92
Jan 105% Nov
6%
7%
0
6%
7%
6%
7%
7
6
7
12.900 Interboro Cons C orp..N o
3% Mar24
9% Juno 2
9% Jan
4% Dec
24% 27
21
25%
22% 23%
21
22%
20% 21% 12.000
Do pref.............................. 100
11% Mar29
31% Junol2
47% Jan
17% Dec
7*i
7%
200 Iowa Central.......................1 0 0
2% Feb 13
9% July21
5% Nov
2% Jan
21
22
19% 20%
197* 20%
20
20%
19
19
3,200 Kansas City Southern____100
16% Jan30
15% Apr
24% Nov
25% MaylO
54
54
52
52
*52
53
52
52
50
50%
900
Do
pref___________
100
49% Jan21
45
Jan
57 May21
59% Nov
10
10%
9
0
*9
9%
9
9
9%
9%
700 Lake Erie
Western.......... 100
7
Fcb20
117* Nov
7% Oct
14 July 21
23% 23%
21
21% *16
23
*16
23
16% 22
300
Preferred....... ...........
100
16% Apr2li 25 MaylO
18
Apr
25
Oct
51
517g 50
50%
49% 50%
49% 50%
48
48% 8.700 Lehigh Valley_______________50 48 Aug S 60*8 June
53*8 Dec1 65% Nov
*113
118
111% 111% 112 112
112 113%
111% 111%
500 Louisville * Nashville____100 111% Aug 5 122% M ayl7
Jan1 124% Nov
80% 82%
80% 80% *89
82
80
80
80
80
780; Manhattan Ry guar______ 100
70 Mar28
80
Deo 100% Dec
88
Jan25
10
20
15
16%
16% 18%
15*4 17%
15% 16% 10.500 Mlnneap & St L (new)____100
9% Jan21i 24% Julyl7
7% Apr. 157* Nov
91% 93
89% 90
85% 89
1.200, Minn St P & S S M ........... 100!
85% Aug 7. 98% May29
80% Jan
97% Nov
11
13%
10% 11% ‘ i r
12%
12’ "14% 64.200 Missouri Kansas A Texas.100
11*4 14%
4% Feb 10
6% Nov
4*8 Jan!
16*8 July22
17% 19*4
16
171
19
1
16
20%
17
19
6,SOO;
Do pref............................. 100
8% Janl3
25% JulylS
13% Nov
6% Jan
30
33
28% 30
30%
29
27% 30%
20
28% 73,200, Missouri Pacific trust ctfs. 100 22% Jan21 387* July
20
Jan
31*8 Nov
533* 547*
51% 53
51% 52
51
51%
48*1 51
3.200,
Do pref trust ctfs_____ 100
48% Aug 8
58% Juno
62 Nov
41
Jan
8
9%
8
8
87*
87*
8%
8%
77* 77* 2,500 Nat Rys of Mex 2d pref___100
6% Feb 6
14 MarlO
4*8 May
lO** Nov
37
38%
30
35
34% 35
34
34
1.900 New Orl Tex A Mex v t c. . 100
28% Apr 10 45 Julyl4
17
Dec
75% 76*8
75
73
74% 75%
72% 75%
71
73 24,700. New York Central................ 100 69% Jan21 83%Juno 6 67% Apr 30% Nov
Jan
84*8
31
*28
26% 26%
29
29
*28% 29%
28% 28
500 N Y Chicago A St L I ..IOO
25
Aprl9
33% JulylO
34 Nov
13*8 Oct
*60
69
70
*05
*63
67
♦68
70
*60
68
-----First preferred......... .........100
63
Aprl5
70
Apr 2
55 July
65 Nov
49% 49%
49
49
*48% 49% *48
49% *48
49
300
Second preferred________100
42% AprlO
40
Oct
53% July 7
48 Nov
33% 36%
32% 34%
33% 317*
3014 34%
30% 32
68,900, N Y N II A Hartford____ 100
25% Feb 13
4078 Julyl7
457* May
27
Apr
22%
21%
20% 21
*20% 21%
207* 21
20
20
1.800 N Y Ontario A Western___100
18% Jan21
18% Jan
24% JulylS
24*s Nov
16
16
100 N o r f o l k S o u t h e r n ....................1 0 0
15 Mar 7
20 May29
21% Dec
14 Nov
102% 104% 1017* 102% 101 102% 101% 101% 98% 100
5,800 Norfolk A Western________100
98% Aug 8 112% MaylO 102
Jan 112% Nov
90
923.i
87
89%
88% 89*4
87*i 897*
84
88
24,400 Northern Pacific...................100
84 Aug 8
May27
81% Jan 105 Nov
44*s 45%
44% 44%
44% 44%
44*8 43% 437* 22,150 Pennsylvania........................... 50 43% Aug 8 997* MaylO
44
43% Juno
48%
50% Nov
*15
18
*14% 17
*15
17
14% 14%
100 Peoria A Eastern__________ 100
4% Mar26
07* Nov
4% Apr
20 Julyl7
197* 21%
17
20
lt% 197*
18% 19*4
10% 18% 20,700 Pere Marquette v t c ........... 100
12% Jun21' 26% Juncll
187a Nov
9% May
04
65%
63
63%
62% 63
63
63
62
62
1.000
Do prior pref v t c____100
56 Mar27| 67% July 15
52% Apr
64 Nov
40% 46%
45% 45%
400
Do pref v t c__________ 100
39 Apr 7 49 May21
30
Apr
50 Nov
61% 61% ‘ 66’ 60 ’ *55
65“
*53
60
*53_ 62“
300 Pitts Cln Chic A St Louis.. 100
44 Apr29. 70 June 7
257* Juno
58% Nov
35*8 38
34
35%
33% 35
33% 35*4 32
33% 18,800 Pittsburgh A West Va____100
32 Aug 8
225* Jan
44% Juno 9
40*8 Nov
*83
84
81
83
*80
83
82% 82% *80
82
400
Do pref................
100
79 Jau31 84% June 7
82 Nov
61
Jan
84%
81
79% 82%
80% 82
747* 78% 87.900 Reading.................................... 50
SU­
78
747* Aug 8
70% Jan
93*8 Juno 0
90% Oct
*34
37
►
351- 37
*35% 38
*35% 37
*35% SS
Do 1st pref____________ 50
35 July 22
35
Jan
38% Feb 4
39 May
40
*37
40
►
37
*36% 40
*37
39
*37
39
Do 2d pref______________ 5
36
Apr30
35 Mar
39% MaylO
40 July
17% 19%
19% 20%
18-4 22
203* 17
16
19% 3 4 ,0 0 0 St Louls-San Fran tr ctfs.. 100
10% Jan21
9*8 Apr
27% Julyl7
17% Dec
29% 29%
29% 29% 25
28**
500
Preferred A trust ctfs.. 100
22
Jan27j 37 May 2
21
Apr
33% Nov
’
'
19
*17
19
*17
17
19
17
200 St Louis Southwestern____100
16 Apr22
23*8 June 9
25 Nov
19
Oct
*32
30%
*30
35
30
*30
30
35
300
Do pref..................
! 28% Feb
377* JunelO
40% Jan
28
Oct
9%'
9*4 10%
9**
9
9%
9%
0%
2,000 Seaboard Air Line_________ 100
7** Feb 13
12 Nov
7
Apr
12 July23
19% 20%
19
19%
17% 18
18% 18*4
2,000|
Do pref.............................100
15% Feb
25% Nov
15% Apr
23% July 17
997* 1027*
95
99 I 97% 99%
95% 99*8 92% 96** 169,200; Southern Pacific Co........... 100
92% Aug
80% Jan 110 Nov
115 June 2
27% 29
20% 27
267*
26%
27
25
23
25%; 33,200, Southern Railway________ 100
23 Aug 8
20** Apr; 347* Nov
33 MaylO
657. 06*2
64
65%! 64
651
63
65
60
64%
3,100|
Do
pref_______________ 100
00 Aug
57
Jan' 75% Nov
72% May 27
53% 60
50% 53%
51% 54%
48% 54*4
106,100: Texas A Pacific..................100
27% Jan21
14 Mayl 29% Dec
70% July 2
22% 23
217* 217*
21% 217* *21
22
900 Third Avenue_____________ 100
13>* Jan
12% Dec
25** July23
21% Jan
*1 1
13
*11
13
13
*10
Tol St L A W trust receipts..
5 May 1
13% July29
4 Juno
7% Aug
*25
26
*22
20
26
*20
Preferred certificates d cp ..
10 Mar 4
25% July25
8% Mar: 16 Aug
*40
50
Twin City Rapid Transit.. 100
38
JanlO
32
Dec
00 Juno 3
65% Jan
120 130
124% 1247* 125% 1271­ 124 1207* 119% 124
43,000 Union Pacific____________ 100 119% Aug
138% May 29 109% Jan1 137% Oct
72
72
70% 71%
70% 70
70
70
1,100
Do
pref............................
70 Aug
74% Mar 5
69
Jan1 70% Nov
12
12%
11% 11%
12
11% 11*1 *11% 12% *11
1,300 United Railways Invest__100
7% Jan 9
157* July 1
12 Juno
4*i Jan
27*s
20
24% 25%
2.434 25
22% 22%
25
25
1,400
Do
pref_____ _______ ..1 0 0
15
Jan 13
34% July 1
10% Apr
20 May
10% 11*8
10% 10%
10% 10*3
95*
9*4 10%
9*4 12,900 Wabash........... .......................100
7% Jan20
11% July
13*8 July23
7
Apr
31% 34
30% 31
31
32*4
30% 32% 30% 30% 12,300
Do
pref A ...... ...........
100
30% Aug 8
307 Deo
s
38 MaylO
44% Jan
22
22
22% 22%
21
900
Do
prefB........................
19
Jun23
26% Juno
19% Deo
25% July 9
12*4 ‘13%
12% 13
12
13
127* 11
12
12
1 5 ,9 0 0 Western Maryland (««(£).. 100
147* Julyl7
9% Apr21
10
Dec
17% Feb
*25
28
*22
28
*22
28
28
*20
Do
2d pref..................... 100
23 JunclO
30% July 9
Jan 32 Juno
22
23
20" 22"
22
20
21
21
21
*20
3 ,0 0 0 Western Pacific.....................
17
Feb 3
26 Julyll
Jan 24% Nov
57% 57%
55% 55% *55
54
59
54
300
Do
pref..........................100
52% Fcb20
61%Jan 9
Jan 66 Juno
9*4 10%
9%
9 2
9
8%
10
94
9*4
9%
6 ,3 0 0 Wheeling A Lake Erie Ry.100
7*.j Mar 5
12% Julyl7.
12% Nov
Apr
21% 21%
20% 20%
20
20%
19% 197*
18% 18%
800
Do
pref............................ 100
17
Jan30
24% JulyW1 17% Apr
20 Nov
*33
37
*32
38
*32
38
*30
38
Wisconsin Central.................100
30% Jan22
297 Dec 39% Oct
s
417* MaylO
Industrial & Miscellaneous
48
50
50%
*40
47%
46
*40
39
40%
500 Adams Express.....................100
29** Apr26
42
Deo
80
Jan
36% 43**
34% 39
38** 41
43% 36% 3 9 % 16,000 Advance Rumely...................100 21 Jan21 64 May23
38
5878 July 3
26% Nov
11
Jan
70% 71%
687* 097*
7 0%
69
69
70*i 71
69% 5,500
Do
pref_______________ 100
627g Nov
257* Jan
56% Jun20
76 Juno 9
100% 1057
98*i 104
100% 106
100 107
98% 101% 27,100 Ajax Rubber Inc___________ 60
66
Jan 13 113 Julyll
72% Dec
49
Jan
!7* 3
27*
3
27*
27*
27*
27*
2%
27*
3.600 Aiaska Gold Mines........... ..1 0
2% July 7
1% Apr
4% Jan 15
5*8 Nov
2% . !%
2%
2%
2%
2%
2
2% 11,300 Alaska Juneau Gold M ln'g.10
2%
2%
3% Juno
1% Apr
1% Jan 2
3% July 14,'
40*s 45
41
39% 42%
42
42*8 36% 39
37
30,000 Allls-Cbalraers M fg.............. 100
17% Jan
37 May
30
Jan21
50 July 7
91% 93%
90*4 91% *90% 93
91*s 91% *90
93
1,000
72% Jan
Do
pref...................
100
86% May
817* Jan23
96% Juno 2
100 105% 101 103
102 104
1007* 104% 100% 102% 8.600 Amer Agricultural Chem__100
Oct
78
Jan 106
997* Jan29 113% May 1
*99% 100
*98% 100
*98 100
*98 100
*98 IOO
Do pref............................. 100
89% Jan
101 „ A u g
98
Jan 9 108
43
43
44
44
45
45
43% 43%
700 American Bank Note........... 50
31% M a r
35% M a y
33
Jan25
55 .
*46
50
*46% 50
*46% 50
*46% 50
Preferred........... ................... 50
42% A ug
42
Jan 2
41*4 J u n e
90
83
85
86%
86
88
83
87% 80% 83% 16,900 American Beet Sugar......... 100
48
Feb
62
Jan 3
84
N ov
9 8 % J u ly lO
94
*90
93
*90
91
90
90
*93
94
100
Do pref................
z82
91% M a y
84% Jan 13
Sept
95
M ay29
1117* 112 115
109 115%
107 1147* 107% 110
10,600 Amer Bosch Magneto . Wo
84% May 7 126 J u ly 2 4
Amer Brake Shoe A Fdry..lOO
90
J u ly
90
J u ly
90 Muyl3
97 J u ly 17
Preferred..............................100 160
100
D ec
175
Jan
Jan 2 175 M a y l 3
51% 50%
50% 53%
52% 54
50
54%
48% 51
64.100 American Can....................1 0 0
5034 M a y
427* Feb 11
34*8 J a n
63 J u l y 7
*104 105
103 104% 103% 103% 103 103
400
89 % J a n
Do pref......................... ..1 0 0
D ec
99
987* Jan 6 107*8 J u n o lO
112 115
110% 1*12% 112 U5*i 112% 115% 113 119% 55.800 American Car A Foundry.100
93*. D e c
68% Jan
84% Feb 10 1 21% J u l y 2 3
115li 115%
115% 115%
200
100
Do pref................
100 113
Jan
115
D ec
Jan 18 119 J u l y l l
55% 01%
55% 59
56% 59**
53
60
18.800 American Cotton Oil___...1 0 0
44
25
Jan
O ct
67% J u l y l l
39*8 Jan 2
Do pref............................. 100
78
M ay
88
D ec
93
Apr 3
88
Jan 7
" l l % 12 " *ii% Tl% ’ li% Tf7g '11%
10% 11% * ‘o',200 Amer Druggists Syndicate. 10. 10*s Jan24 14 % M a r 7
36 . 37%
36
41
367* 3834
32
38**
29
35% 34.100
117* Jan 22% Sept
13% Jan 4. 4 3 % J u ly 3 1
„ „
124
130 | 122 127% 125*4 1277* 120% 120% 110 120% 11,700 American Hide A Leather. 100
Do pref________________ 100
50 Jan 947* Aug
71% Jan 2l 136% Julyl4

1

1 200

&

10

A

2

A

&

4
20

A

A

11

2 1.1
7

4

A

..N p r
o a

Pr
a

A

110

03
11

1

19

100

100

4

100

4

100

100
pr
a

nil

• Bid and asked prices: no sales on this day.




t Ex rights.

} Less than 100 shares,

a Ex-dlv. and rights.

Ex-dlvidond.

563

New York Stock Record— Continued— Page 2
F r reco of sales d rin the w of stock u
o
rd
u g
eek
s sually in
active, see secon p p
d age reced g.
in
H IG H A N D LOW SALE PRICES— PER SHARE, NOT PER CENT.
Saturday
Aug. 2
$ per share

1
1

t
1
l
•
l
1
l
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
•
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
(
1
1
<1
0
o
w

<

Monday
Auo. 4 .

Tuesday
Aug. 5.

Wednesday
Aug. 6 .

S per share S per share
55
511" 58
56-^s
70
7 0 i2
71
70
71% 72
981., 1037,
9 7 i 2 101%
100
105*4
69
713.1
70% 7H.i
704, 753,
* 9 5 1- 96U
>
*051" 07
82% S538
83 " 874i
81
833g
107
IOG'2 1061* *106
58
501#
57
56
57
56
*39
____ *39
93
*90
*92
93
761* 783.1
77% 82%
77U 803,
107
106
106 *106
*10634 107
*124
126 *120
124
12412
126
*93
100
100
*93
*9-t
100
38
41*4
42
43*1
40*2 42
130U 132
131
134 ' 130 's 132
1181;
*118
1181* *118
102
98
9712 10178
100% 103>8
997,
*08
10318 103is 102/3 10312 1031g 1033.1
243
239
240% 2351* 2387,1 *230
100
100
100
100<2 10012 100
119
1071, 1 !31 2 111
107
120
1093.1 109*4 1093, 1093., 1093, 1093,
62
651;
65
64
6SV8
661*
23% 25
217g 24
24 , 20%
593, 593,
59
613S
6 7 's 70
69
73
693i 713,
17S
17,
134
2ls
2
21,
51
53>2
51
55
5;.34 513,
*75
S per share

90
90
15212 159
74
74
99*2 109i2

89
90
145
1531.,
*73
741;
1001* 1041,

Thursday
A u g. 7
8 per share

47**
70 “
97
7512
*95
80
* 106
5712
*3 9 l2
*90
75
*106
124
*93
38
12718
118
95
*9834
102V,
237
1005S
106
10978
62
24V,
581S
6 5 l2
2V,
54
*78
♦78
*75
90
89
89
150
156
153
73
731.1 731,
10212 1097, 100

5712
70 '

10 1
77
961*
85%
107
60
93*
80V,
108
124
100
4234
1313g
118
10212
99
10312
244
100%
119
109%
05
26%
60
70-1,,
2 V,
59
90
162
73
109

Sales
for
the
Week

Friday
Aug. 8

STOCKS
N EW Y O R K STOCK
EXCHANGE

Lowest

S per share Shares I n d u s . & M ls c e ll. ( C o n ) Par
4914 52
67 ' 08
D o p ref................................100
1,900
993, 135,600 A m er In tern ation al C o r p . . 100
95
72
75
2 9 ,4 0 0 A m erican L in seed ..................100
*95
9612
80
84
4 7 ,900 A m erican L o c o m o t iv e _____ 100
D o p ref_________________ 100
*105% 107
150
56
58
7 ,300
A m or M a lt 1st p f c tfs s t p d _ .
*90
A m S m elt Secur pref ser A . 100
93
74% 78
54,800 Airier S m elting & D e fin in g . 100
106
D o p r e f . . ...........................100
106
400
*120
124
300 A m erican S n u ff____________ 100
*93
100
36% 397s 3 4 ,9 0 0 A m Steel F ou n d torn c t f s . 33%
127% 128% 2 1 ,8 0 0 A m erican Sugar R e fin in g .. 100
___
D o p r e f . .......... .................. 100
100
91
96% 4 5 ,6 0 0 A m er S um atra T o b a c c o ___100
98% 98 U
200
102% 103 “ 13,900 A m er T e le p h o n e & T e lc g _ _ 1 0 0
229
236
5 ,700 A m erican T o b a c c o ________ 100
100
100
D o pref (new) _________ 100
800
105% 112
4 3,100 A m er W o o le n o l M a s s _____ 100
109% 109%
D o p ref_________________ 100
1,100
58
61
3 2,000 A m er W ritin g P a per p r e f .. 100
21% 24
13,900 A m er Z in c L ead & S m e lt___25
573, 58
Do
p ref----------------------------25
1,600
65% 673, 9 1,700 A n a con d a C o p p e r M i n i n g .. 50
1,700 A ssets R e a liz a tio n __________ 10
53% 55
11,300 A ssocia ted D ry G o o d s ____ 100
873., 8734
600 A ssocia ted O il.........................100
146
154
2 6,400 A tl G u lf & W I SS L i n e . . . 100
74% 74%
Do
prof_________________ 100
800
99% 105 264,700 B a ld w in L o c o m o t iv e W k s .1 0 0

112
1221.1 1281* 110U 120-34 1201$ 12212 U 8I4 1 2 2
117%
8 ,300 B a rrett C o ( T h e ) ................. 100
116
*110
116
116
*110
*110
115U 115*4 *110
115
D o p r e fe r r e d ....................100
100
184 . 134
H*
1%
1'2
1-18
1*4
1%
1*8
1*3
3,100
82
85
85
83
300 B eth leh em Steel C o r p ____ 100
82V, 88%
853i 9234
84
8712
82
86 229,000
S53g 895,
D o C lass B c o m m o n .. 100
113
21
H 00
*81
99

113
22
100
87
99

111* 111*
144i2 14812
13ig 141.,
32
37
25
27
391.1 4 3 'i
69
7H.1
41
45
80
801s
73
78
37
68
104
56

3914
70-3.1
110
61

114
112
112
11212 114
20
2078
20U
20*8 211*
IOH 4 i o n .. *101
103 *100
♦81
*82
88
*81
86
97
99
99
98
933.1
987g 9S78
98*4
13
1214 I t
137
138
139-3., 140'g 141
12%
13
12is 13%
1414
33
331*
33
34
341*
223, 2478
243g 255,
24
3 7 l2
3 7 's 381;
38'2 4 0 i2
0734
67
688,
68*4 0934
3 9 '2 427,
415g 45
40 ig
80
80
80
7814 80
78
78
77
1003g
3334
333, 36
34
34 l2
67
6 S'?
65
66
67
95
107-1,
102
10512 103
114
*] 10
52
54
50
65’ * 5714

114
2134
103
80
100
9S34
13
140%
14%
34
27
39%
09
4 134
81
78
100%
36%
07
106%
5738

112% 114'%
18% 20
*82
86
9534 95*4
*97V, 99
11% 11%
135
137
12% 13%
31
32%
23% 24%
34
37%
65% 68
38% 42%
80
80*4
75
75

___
___

___
___

923., 100

50

D o cu m c o n v 8 % p r e f___
1,300
2 0,300 B o o th F ish eries............... No par
130
B ro o k ly n U n ion G a s .............100
600 B row n S h oe, I n c ___________100
D o p r e fe r r e d .................... 100
500
1,300 B run sw ick T e r m & R y S e c . 100
4 ,0 0 0 Burns B r o s ................................100
30,000 B u tte C o p p e r & Z in c v t c . . 5
3 ,700 B u t t e r i c k ............................... . 1 0 0
16,000 B u tte & Su p erior M i n i n g .. 10
12,600 C a d d o C en tral O il & R e f . . 100
131700 C a liforn ia P a ck in g ____ N o par
3 4,000 C a liforn ia P e tro le u m _____ 100
D o p re f............................. .1 0 0
4 ,000
900 C a lu m et & A rizon a M in in g . 10
300 C a se (J I) T h resh M p f c t f . 100
5 ,100 C en tra l F o u n d r y ........ ........... 100
3,100
D o p r e fe r r e d ___________100
185,500 C en tra l L ea th er...................... 100

527g 3 8,600 C erro d e P a sco C o p ___ No par

8

m
9
w
0
2
M
g

w
o
1
1
1
•
1
1
1
1
1
1
1
1
1
1
1
1
I
1
1
1
1
1
1
•
1
1
1
1
1
1
•
1
1

1
1
1

1
1
1
1

•
1
1
1

238 240
77>2 7812
24
2 5 '2
44% 46
8 0 's SU 2
*1041.1 10.8
45*3 49
60 4 61
50
52
00
60
83
83
981.1 100S8
1938 20-’ 4
90% 93*8
73
82
____
12812
101
31
78>2
209
14
*85
38
____
*94
106

___

109
14%
40
75
527«
313,
83
162
21 5
9133
87*8
701*
7i
4 3 i2
58
90
60
60-3s
25%
813.1
135

240
230 237*4 237
238 *238
226
236
2 ,100 C h a n d ler M o t o r C a r _______100
76
70%
*80
83
*75
83
73
75
1,000 C h ica g o P n eu m a tic T o o l . . 100
228., 241,
22% 24-V,
22% 2334 4 9 ,000 C h ile C o p p e r ............................. 25
231* 241*
44*4 45%
46-1.,
4412
43*8 45*4
43% 44
19,100 C h in o C o p p e r ............... ............. . 5
7978 797,
80
78
78
80%
80
SO
700 C lu e tt, P e a b o d y & C o ____ 100
*104
1081., *1 0 4 -, 108 *10414 108
4 2 l2 45-84
44
4 3 l2 4534
IOI4
42% 45
14,100 C o lo r a d o F u el & I r o n .......... 100
58*4 60%
59
60
-I
59U 6 O 4
56% 58% 24,400 C o lu m b ia G a s & K lee.......... 100
52
48
52
50%
51
51
47
48
1,400 C o m p u tin g -T a b -R c co r d ln g 100
60
60
60%
56
56
60
700 C on solid a ted C ig a r ____ No par
*
83
82
82
83
82
82
83
500
963., 100
9pig 101
903, 98
98
99i„
7.S00 C on solid a ted G as (N Y ) . . 1 0 0
17*, 2012
1914 20*2
1834 20
17% 19% 18,800 C on s In ter-S ta te C a ll M g . . 10
887g 92
88
90
875g 90%
81
86
10,900 C o n tin en ta l C a n , I n c ...........100

*72
*72l2 55
73
827,
89
81
84%
_ . . - *108*4 109*2 108
13312 12612 133
13034
___
101
101
101
203$
291* 3138
333s
771* 79
7 0 l2
78
209
210 210
*200
♦100
14i2
13i2 133,
1312
*80
97
95
*80
3534 383.)
39>2
37U
40% 46v,
____
44
*33
36
33
97
97
100
*95
1153.! 101
114
110
___ 1037, 1037s 10318
112l2 104% 1071* 106
15
15ls *1412
l?
3978 39fy
40
41
69
72
69*8
80
wzu
50
53*2
6512
307g
3014 3212
35
833
80
85
917,
161
159U 161
106
J l8
2221., 210 218
90
89* a 91
921,
S61
863,
80*4
87 4
75%
763.,
803,t *7 4
—
____
____
70
7 0 's 7 0 ',
71
421S
42
421,
451,1
5?
577g
SS-'s
0 0 '2
89^4
90
90
90%
58
57
60
623i
61V,
58'., 62
63%
29
201, 265.1
32
83
80
82
847s
133
13U* 135
140

5 4 1 571,
4
55
61
1121.1 1161; 1U 12 1147g
20U 28
2814 2934
5 0 I4 577j
57U 63
77
77
77
77
31% 331*
31
31
77 j. 77
*77
79
37 2 39%
37% 39ig
125
12pls 124 1 126'2
____ ) _____
69
09
34*4 37's
1
371.1 40
88 ^1 , 927,
O S '; 9S-34
*82
8012
7934 816,
8 0 's 8 5 *

55'2
X1Ur8
>

27*8
561*
*76
33

77
3812
127U
*03
3612

8958

75
851,
108
13?l2
____
323,
80
215
105
133,
95
38 h
44
33
100
112
104
IO8 I4
20
4012
693,
64*4

14%
75
84%

10 /12 10712
1273413734
10 1
1U2
3034 3434
773i 79 %
*200 220
*99 10 1
1212 13%
♦82
94
36>2 38%
4 4 i2 44%
30
31
*94
97%
90
111%

105
109
16
16
40
40
70
80
50
52%
3214
31
33
80
87*2
87%
163
IUU 2 162
22t
2 1 Q12 224
OO»2 90-1.,
90V,
87
87 V
,
87%
80-1,
7514 80%
10 2 102
—
70
70
70
46
42% 42%
58
63
62
*75
90
90
56
605s
60
6278
59
62V,
20 % 30
29
84%
84%
134l2 141*4 ld»*2
115
59*8
5 3 i2 60%
112
115
115%
28*2 2612 28%
GO
5512 61
77
76
77%
323s 34
33*2
77
*76
78
39
3712 38
125
130
131%
60
66%
38
36
38
937(
85% 94%

I
821,
80
•
* Did and asked prices; no sales on this day.
second page preceding.




1234
*72
79

787g

81

123.,
72
72
107
126%
101
30-V,
77%
201
*100
m .
*80

72
200 C o n tin en ta l In su ra n ce.......... 25
. 80% 116,900 C orn P ro d u cts R e f i n i n g .. 100
107
D o p re f................................100
300
135
196,000 C ru cib le S teel o f A m e r ic a . 100
101
D o p ref_________________ 100
700
32V, 5 0,500 C u b a C a n o S u g ar_____ N o par
78% 13,400
D o p re f...................... ......... 100
201
300 C u b a n -A m crlca n S u g a r___100
105
13%
6 ,200 D o m e M in e s , L t d ___________10
92
E lectric S tora g o B a t t e r y . . 100
34
36%
9 ,600 Elk H orn C o a l C o r p ________ 5(J
*44
47%
300
D o • p r e fe r r e d ...................... 50
28% 3 0
100
107-1, 16,000
90
103% 103%
D o p r e fe r r e d .......... ......... 100
600
100% 1025, 16,500 F a m ou s P layers L a sk y N o par
*15
18
700 F ederal M in in g * S m eltin g 100
37
37
D o p r e fe r r e d ___________100
2 ,300
72
81
4.-100 Fisher B o d y C o r p _____ N o par
403, 51% 3 8,600 F reeport T e x a s C o ____ No par
30
31% 16,100 G a ston W & W In c.__A 7 o par
78% 83% 4 4,900 G eneral C ig a r, I n c ............. .IOC
160
161%
4,600 G eneral E le c t r ic ___________IOC
213
219-V, 4 7,300 G eneral M o t o r s C o r p _____ IOC
90
90%
D o p r e f................................100
2 ,2 0 0
865, 87
D o D eb e n tu re s t o c k ___ IOC
4 ,2 4 0
75% 77% 4 3,500 G o o d r ic h C o (B F ) ............... 100
102
102
D o p re f................................100
'3 00
68
08
2,800 G ra n b y C on s M S & P ____ IOC
413, 42%
5,000 G reen e C a n a n ca C o p p e r..IO C
58% 59%
2,200 G u lf States Steel tr ctfs..IO C
88% 88*4
800 H artm an C o r p o r a tio n ...........IOC
53
58
15,500 H askel & B a rk er C a r ___ N o par
58% 607, 68,000 In sp iration C o n s C o p p e r ...2 C
26% 28
4 ,000 Iu tcrn a t A g rlcu l C o r p ____ IOC
81% 83 V
,
D o p ref................................IOC
3,400
130
132% 15,820 In ter H a rvester (new)____ IOC
50% 50% 191,300 In t M e rca n tile M a r in e ____ 100
109% 113% 6 9,500
D o p re f........ ........... ........... IOC
2534 27% 47 ,5 0 0 In tern a tion a l N ick el C T h e).2 5
53% 563., 57,900
70
76
900
D o sta m p ed p r e f.............100
31
31%
3 ,300 Jew el T e a , I n c .........................IOC
7434 74-V,
300
36% 37%
5,200 Jones Bros Tea, Inc.......... .100
121 1287, 15,000 K e lly -S p rln g fleld T i r o l ____ 25
60
60
800 Kelsey Wheel, I n c ..................IOC
35% 37
59,100 Kennccott Copper____ No par
7834 87
66,800 Keystone Tire & Rubber 1.1C

77

79

$ Less than 100 shares.

18,800

PER SHARE
Range Since Jan. 1
On basis o f 100 -share lots

Kreage (S S) Co
10ft
Lackawanna Steel..................100

J Ex-rights. a Ex-dlv. and rights,

Highest

S per share
S per share
38
Jan21
54*4 Jan20
76% J u n e 6
52% F e b 8 115% J u l y l l
44% M a r 1
82 J u ly 7
85
M ar 1
98% A p r 15
97% J u ly 14
58
Jan21
100
J a n l4 109% J u ly 2
53*4 July24
60
Aug 7
3 6 J u ly 8
66% June2S
92% F e b 11 . 9 4 % J u n e l2
62% F eb 6
89% J u ly 16
103
F cb 2 0 . 109% J u ly 17
105
J a n l l 130 M a y 5
93
J u ly lO
33% M a y lO
47
J u ly 7
111% Jan21 142 J u ly 7
113% Jan 6 119 M a y 2 4
91
A u g 8 120% J u n e l2
100 M a y 12
93% Jan29 108% M a rlO
1917S F eb 4 255% Ju ly2 5
96% M a y l 4 106 J a n 6
45% JanlO 137 J u ly l6
94% F e b 8 1 1 0 % Ju n e 5
27% Jan 2
68% A u g 4
29
J u ly 14
11
Jan31
40
Jan21
65 Ju ly2 4
56% F e b 6
77% J u ly 16
4% J u ly 2 4
1
Jan 2
17% Jan 6
59
A u g7
61
M a r l9
80
J u ly ‘2 8
58% F e b 8
80% M a y l 3
68
Jan 2
96% M a y 8
92
F e b 8 188% J u n e 7
64
Jan29
76% M a y 8
64 % Jan29 124% J u ly l4
102
Jan29 111% Jun elO
103
Jan 2 145 J u ly 7
110
F e b 10 119 M a y 2 9
2% M a y l 3
1% Jan 20
55% Jan 20 107% J u ly l5
55% Jan21 110% J u ly 15
101%
18%
97
77*4
71
98
8%
135
5%
16
167g

Jan22
Jan 14
A p rlO
Apr 3
Feb 5
F e b lO
M ar22
Aug 8
F eb 20
Jan27
F e b ll

115 Ju n e 9
25 July24
102
Aug 1
92 M a y 2 9
112% Ju lylO
101 M a y l 4
15 J u ly 2 9
166 A p r 23
14% A u g 1
39% Ju ly3 0
37% J u l y l l
54% M a y 2 7
75% July24
52% Ju ly2 4
84% J u n e '9
86% Ju ly2 4

48% Jan 2
20% Jan 2
64% Jan 2
56*4 M a r l5
91% J a n l4
20% Jun e20
45 Ju ly2 8
74% Ju ly2 8
27
Apr 5
66% F e b 8 116% Ju ly2 4
104*2 .Tan 7 114 J u ly 16
31
Jan22
67% J u l y l l
5 1 % J ulylG
30*4 A p r l2
84*4 June21
90*2 July23
103
J a n l8 267% J u ly 9
8 1 % Jun e27
68
A p rlO
29% J u ly 21
17% Jan21
32% F e b 6
50% J ulylG
95% J u ly 2
60*8 F eb 27
103% Jan 7 108
Jan 25
56 J u ly l4
34*4 F eb lO
39% F e b 1
65 J u ly 7
63% J u ly l4
37*4 Jan 4
56
Aug 5
75 June27
86-% J u l y l l
87% . Jan27 106*8 J u ly 15
5% A p r2 3
21% July31
65 % F eb lO 10334 Ju n e 7
110 J u n e l7
1234 A u g 7
75 J u n e 12
58
Jan 3
46
Jan21
95% Ju ly2 6
102
Jan23 109% Ju ly2 5
J u ly l5
52% F e b 7 z l 4 9
91
Jan 2 105 J u ly 3
20% Jan27
41% J u ly 7
69% M a r 1
87% J u ly 2
150
Jan 8 214 Ju ly lG
9334 F c b l 7 103 July28
10% Jan31
16% M a y l 2
55
Feb 8
94% J u ly 2
27
Jan23
43
J u ly l6
44
Aug 6
49
July23

PER SHARE
Range for Previous
Year 1918
Lowest

Highest

$ per share 8 per share
11*0 Jan
49
O ct
38%' Jan
61
O ct
51% Sept
60% O ct
27
Jan
47% D e c
92
D ec
53% Jan
71% M a y
z9 5
Jan 10238 D e c
41
89
73
103
85
§85

Sept
M ay
M ay
Sept
O ct
Aug

48
96
94%
110%
107
§85

D ec
N ov
O ct
N ov
D eo
Aug

98
Jan
108% M a r
60*4 Jan

116 M a y
114% D e c
145 M a y

90%
140%
92%
44%
92
20%
11
38%
59
%
12

Aug
Jan
Sept
Jan
Jan
Apr
D ee
D ec
D ec
D ec
M ay

109%
198*4
100%
60%
96*4
39%
21%
53%
z74%
2%
18%

Feb
D ec
D ec
M ay
D ec
Aug
J u ly
J u ly
O ct
N ov
D ec

36*$
54
97%
5S
56%

Jan
Apr
Jan
Jan
Jan

71
120%
67*8
101%

O et
Feb
N ov
M ay

85
Jan
99% Jun e
60
D ec
5934 N o v

110
D eo
107% D e o
96
94

M ay
M ay

96%
21

Jan
Jan

106% A p r
28% Sept

78
62
95
6%
108
5%
7%
61%

Aug
Jun e
Jan
Jan
F eb
D ee
M ay
Jan

93% N o v
74 ' N o v
98
Apr
16% Jun e
61% O ct
127g J u ly
18% N o v
33% M a y

36% Jan
12
Jan
36
Jan
61
D ee
73
Jan
18
N ov
33
N ov
5434 D ec

50
247g
70%
71
92**
41%
53
73%

N ov
N ov
D ec
M ay
D ec
Apr
Apr
Feb

29% M a r

39

N ov

68% Jan
6S Jun e
14% A p r
313g D e c
45
Jan
3434 Jan
28*4 M a r
30
Jan
82% J u ly
7% S ep t
65% O ct
99
J u ly
44
Feb
29% Jan
52

Jan

27% A p r
77% D e c
136
Aug

1097s D eo
70*4 J u n e
24
O ct
47% M a y
65
N ov
105
N ov
54% M a y
44 78 D e c
39
J u ly
1053s N o v
95
107

Feb
D ee

60
50%
104
74%

D ec
N ov
D eo
M ay

34
83
152

N ov
Feb
Jan

6
48
22
37

Jun e
Apr
Jan
M ar

9
27

D ec
Jan

16
44%

O ct
O ct

25*4
34
127*4
10634
75%

O ct
Jan
Jan
Jan
O ct

39
58
158%
164
88

Feb
Ju n e
O ct
Aug
Feb

38
95%
74
38%
58*4
37
34
41%
10
38
104

Jan
D ec
Jan
Jan
D ec
M ar
Jan
D ec
Jan
Jan
O ct

67*4 J u l y l l
128% M a y 2 8
33% June26
71
J u ly l7
8 0 July22
48
M a r l5
91
M ar 6

21
83*8
27
24*2
58
27
88

Jan
Jan
Jan
Jan
Jan
D ec
Apr

139% J u ly l6
78
J u ly25
43
J u ly l5

41

Apr

121% July31
105 J u ly l7
123 J u ly l7
23% J u ly l5
F eb 2 0
48% J u l y l l
Jan2C
9 7 % June 9
Jan S
64*8 J u ly l4
38*4 J u l y l l
Jan21
95% J uly23
Jan 3
F e b 3 173% Ju ly lO
Jan21 243 J u n e 6
Jan 6
95 J u n e 3
94% A p r l4
F e b 17
Jan lO
89% J u ly 9
A u g 7 109% A p r 16
80 Jan 3
Apr21
A p r2 5
47% J u ly l4
Feb 8
81 J u n e 2
Jan 8
96*4 Ju ly lO
713g J u ly 14
Feb 6
Feb 6
68% J u ly 16
37% J u ly l4
Jan 2
Jan A
91% J u ly l4
Jan21
149% J u ly 7

15 N o v
56% O c t
31% N o v
43% N ov

8 0 Jun e30
1027s-July 2
9%
33
38%
25%
47
144%
118%
82
82%
56%
102
64
38%
49 %
54%
40
42 %
10%
48
110%

21% Jan31
92*4 F e b 1C
24% F e b 3
6 2 ' J a n 13
28
Feb (
74% A u g 8
31 June26
68
Jan21

39

Jan2-j

29% FeblC

78*4 Aug f

126% Julyl4

170

24% July
29 Mar

104
D ee
86
O ct
58% N o v
111% A p r
49% J u ly
19

Jun e

121

N ov

33
O ct
125% N o v
35
N ov

97%

Jan

72

D ec

35 Oct
41% Nov

July25

93% Julyl5
91% May
65% D e c
z Ex-dlvldend.
T For fluctuations In rights see
62%

Jan21

564:

New York Stock Record— Concluded— Page 3
F r reco of sales d g the w of stock u
o
rd
urin
eek
s sually In
active, see third p p
age reced g.
in

m a i l A N D LOW SALE PRICES—PER SHARE, N OT PER CENT.

STOCKS

for
N EW YO G K STOCK
Stu a Mn a T esd y W n a T u a
a rd y
o dy
u a
ed esd y h rsd y F a
rid y th
e
EXCHANGE
A u g. 2.
A g 4.
u.
A g 5.
u.
A g 6.
u.
A g. 7.
u
Ag 8 W
u.
eek
8p sh re $ p s ae S p sh re $ p sh re S p sh re S p sh re Sae Industrlal&Mlsc.(Con.) Par
er a
er hr
er a
er a
er a
er a hrs
*51
65
*50
65
50
50
50
50
300 Laclede Gas (St Louis)___ 100
31
3218 30
32
30% 331
30
333
29% 30*
7,700 Leo Rubber & Tiro ...N o par
*230 240 *225 4 240
23978 2397 240 2497 245 2501
2,200 Liggett* Myers Tobacco..100
1131s 1133 1 *113 . 115 *113 115 *113 115
114 114
300
Do preferred............. .100
70
70
70
70
60
65
70*8 70'
1,200 Loose Wiles Biscuit tr ctfs.100
*113 118
*107 115 *107 115 *107 115
10 Do 2d pref__________ 100
0
2197S 230
220 237
234 240
224 232
235 239
(P)______
*112 115 *11212 H5
112 1121 13,300 Lortllardpreferred________.100
300
Do
100
*70
76 ■ *70
77
*70
77
Mackay Companies_____ 100
*64
67
*64
6 64 64
6
Do pref....................... 100

PER SHARE
Range Since Jan. 1
On basis o f 100 -share lots
Loicest

11,100

110

110

100 100
110
112 112

1011
110

121 121

120,100

120 120

74
3

8
♦ 111 11
18 201 8
110

112

112

1,966
10
0
10
0

12,000

14

10 10
*8
74
3
62
6

2

13

100

10 10

Q

2
E
w
g
n

11

0

<

a
0

X
«
C
D

Lowest

Highest

$ per share a per share
82
J u ly
90
M ar
12
Apr
24
D eo
164*4 A u g 210
D eo
IOOI2 J un e 110
N ov
1712 Jan
4 5 58 D e o
53
F eb
96
D eo
14412 A u g 2 0 0
M ar
98
Jan 110 N o v
70
D ec
78*2 F e b
57
Jan
65 M a y
75

O ct

D ec
M ay
M ay
Jan
Jan
Jan
D ec
D ec
Juno
2684 Jan
90
Aug
100*4 Sept
55 Sept
100
Jan
13
N ov
37U Jan
88 N o v
4314 Jan
9934 M a r
10*2 D e c
98>2 D e c
18% Jan
42
Jan
37% A u g
52% D e c
35% M a r
40
O ct

S ep t
N ov
N ov
N ov
N ov
6312 D e o
194
O ct
107
D ee
33is Jan
61 M a y
81*2 N o v
33 M a y
1 1 0 t2 D e o
114
M ar
6 7 i2 D e o
104
D eo
213S J u ly
5412 M a y
99*2 F e b
6934 D e o
10512 M a y
217 g M a y
139 M a y
27 M a y
48% DCO
57% N o v
Aug
70
oct
48
46 I2 Jun e

4% Jan
44
D ec

13 Jun e
70% A u g

2312 Jan
50
19
19
47
79
87
22U
41
64

87
42*2
697s
3238
323 g

100 110

23%
181.1
63%
86

Jan
D ec
O ct
Jan

D eo
40
O ct
27
72% O ct
124% O ct

9 9
7 7

39%
21
34
8 9 34
15
42
793.J
90
15
55%
03
85
l o o 's

Jan
Apr
Jan
Jan
Sept
Jan
Jan
Apr
N ov
N ov
Apr
O ct
Jan

N ov
61
35% O ct
5134 N o v
D eo
104
19% O ot
58*1 F ob
857g D e o
Jan
98
20 J u n e
Aug
73
Aug
100
109% M a r
132U N o v

57
73
22
13

M
>
-3

Highest

$ per share
S per share
50 J u ly 8
83
Jan21
21
Jan22
39
J u ly l4
201
A p r l5 250'4 A u g 8
107
Jan27 115 J u ly 16
81
J u ly l4
40 !8 F e b 17
94
F e b 5 120 Jun e20
14734 A p r l5 245
J u ly23
J u ly 29
107
Jan28 115
7978 M a y 2 7
70
Jan22
z6 3 Jun o 0
66 J u l y l l
31*2 321
28
31
31
31
31
32
30% 31
4,100 Manhattan Shirt_________ 25 2.8 A u g 5
3812 J u ly l7
67
67
Marlln-Rockwell v t c..N o par 61% J u ly 2 4 8 OI2 A p r3 0
477S 52
4534 48
4634 503
47
503
43
48* 32,200 Maxwell Motor, Inc_____ 100
2034 Jan22
61
J uly28
74
793
72
745
73
77
71% 74
73*2 77
Do 1st pref_________ 100 5038 Jan22 8412 Ju ly 2 8
36
411
373g 381
32% 35
36
37*
35
381
6,600
Do 2d pref__________100 19U Jan 2 46% Jun e 3
95
997
97*2 971
99*2
95% 965
(
1,700 May Department Stores.. 100 60
J a n 4 10978 Juno28
*108
*108
*108
*10812
Do preferred________ 100 104 Jan 2 110 M a y 2
17812 188
177 1813 179U 184
170 1831
168 175*.
Mexican Petroleum______ 100 IC234 Jan23 2057s J u n o 3
_
*109 111
*109 115
110*4 111
300
Do pref_____________100 105 F e b 7 112 A u g 6
27U 291
263g 27
26*2 277{
27*2 28
27*2 281
12,700 Miami Copper............
5 2134 F o b 7 3234 J u ly l7
513.4 533
50U 545
49*2 523
50
53
48% 507 97,800 Midvale Steel & Ordnance..50 40U F e b 7
s
62U J u ly l4
7534 753
75
771
70% 727;
73
751
75
75
3,500 Montana Power_________ 100 69 M ar28
83
J uly29
37
381.
36
381
36
37
3612 371.
36*8 38
10,900 National Acme___________ 50 2912 J a n 2
4312 J u ly l2
122 123
123 123
120 123
900 National Biscuit________ 100 109
J a n 3 13334 J u n o l2
Do preferred________ 100 11534 J a n l4 *121 M a r 14
83
84
803 803;
s
76% 79
80% 81%
National Cloak * Suit___ 100 70 Jan22 92 J uly26
107 107
*107 110 *107 110 *107 110
Do preferred...............100 103ig F eb 26 108U M a y 2 0
20
207
19
20
19
20
17% 18%
18*2 19%
8,300 Nat Conduit & Cable.No par
2434 J u ly l5
14
Feb 8
721.4
, 11,800 Nat Enam’g & Stamp’g__ 100
75
781
74
753;
73*2 773
73*2 771
4 5 ls F e b 8
8838 Jun e 7
*101 103
*101 103 *102 103
Do pref_____________ 100 93 J a n l5 104 M a y 2 7
82 ls 835
S01 817S 81
84L
78*2 843
{
76% 79
10,400 National Lead__________ 100 6 4
J a n 11
87
J u ly l4
H
110-34 1103 *106
*106
*109 111
Do pref_____________ 100 107 Jan 3 112 J u ly l8
19
.
I iaj I87a *19
191.
19
19%
18% 19
7,000 Nevada Consol Copper_____ 5
217g J u ly l7
1512 M a r l8
115 115
ill
1097 112
8
110 114%
2,700 New York Air Brake___ 100
91U F o b 3 129 J u ly lS
55
60
50
55
50
55
50
58%
53*2 57
New York Dock_________ 100
7034 Ju ly 3 0
19i2 F e b 7
70
70
65
65
63
65%
700
Do preferred________ 100 4414 M a r l3
75 J u ly 2 9
59
61
58% 58%
58*2 59
58% 58%
58% 58%
1,700 North American Co_____ 100 47
J a n ll
67
J u ly 28
763.i 81
71
753
70
75
73*2 79
73% 78%
10,500 Nova Scotia Steel & Coal..100
97 Juno 2
46
Jan 30
5212 561.
48*2 527a 51
50% 52% 151,500 Ohio Cities Gas (The)........25 o3534 F eb 14
54*4
50
54%
617g J u ly lO
5334 533.
*50
52% *51
*50
51%
53
Ohio Fuel Supply.... ......... ..25 4 3
J a n l8
55 Ju ly2 5
Id s 105a
16
103g
%
%
%
9% 10% 57,800 Oklahoma Prod & Refining..5
8
Feb 3
13ia M a y lO
7l
77a
7
7
77a
7
73
6%
7
4,400 Ontario Silver Mining___ 100
512 M a r l8
10*2 M a y l 4
56
58
55
56
56
567a 55% 56%
53% 55
5,900 Owens Bottle____________ 25 46 M a r 3
63 Ju ly 2 9
67
68
66
67
6734 69
66% 66%
I 69
3,800 Pacific Gas & Electric____ 100
66
Aug 5
7514 July24
3712 39
38
38
367S 37*4
41*4 41%
38% 41
3,000 Pacific Mall SS...................5
4233 J u l y l l
2912 F e b 8
31*4 33
32
32
33
33
33
35%
35% 35%
1,900 Pacific Teleph & Teleg___ 100 22
Jan21
3512 J uly25
10334 1135S 104 10834 10634 11034
%
% 99% 105% 184,600 Pan-Am Pot & Trans..........50
67
Jan21 11914 J uly24
Do pref......................100 117 Jan22 205<2 July28
45
477
8 417g 4334
42
4434 41% 45
39% 42
18,500 Penn-Seaboard St’l v t c No par
58 J u ly l8
2712 A p r3 0
49
5134 47
48
48
48
48
42% 45
48*2
3,600 People’s G L & C (Chic).. 100 4212 A u g 8
57 M a y 2 6
36»8 38*4
37
383a 36% 3734
34% 30
36*4 37*2
10,400 Philadelphia Co (Plttsb)...50
30
Jan 3
43 A p r 28
53
50
5234 46,200 Pierce-Arrow M Car__ No par
56
52
56
50i2 5378 53
3834 Jan22
66*8 J u n e 3
____ ___ *107 108
108 108 *107 108 *107 108
100
Do pref...............
100 IO D 4 Jan 3 110 M a y 2 9
23
2034 217g
21
2214 20% 22*4
20
2034 33,200 Pierce OH Corporation____ 25
16
Jan 2
3 U 4 A p r 17
69
72?g
71%
67
69
083s 703,1 69
67% 71%
30,600 Pittsburgh Coal of Pa____ 100
45
Feb 3
743s J u ly 2 9
___- ____ *90
97
957g 9578
96*2 *93
100
Do pref_____________ 100 8512 M a r l7 98 M a y 2 8
____ ____
95
95
*94*2 97
200 Pittsburgh Steel pref_____ 100
9012 J a n l 6
9912 M a y 14
1912 21
18% 203a
19*2 197g
18
18%
19*2 19%
6,500 Pond Creek Coal_________ 10
22
J uly29
125s F e b 5
86
89*2
83% 853.4 81% 84% 11,900 Pressed Steel Car_______ 10o *5 9
81*2 85
S3% 85*4
F e b 11
93>2 J u ly l4
102 102
200
Do pref......................100 100 M a r 3 106 J u lylO
*82
87
Public Serv Corp of N J..100 80 J uly24 9134 Jan 7
122 12212 121 122
121 122*4 121 121
114 120%
3,200 Pullman Company______ 100 l l D s F e b 14 132i2 J u ly l7
66
70
66
71
69
71
65
69
64% 66% 10,100 Punta Alegro Sugar_______ 50 61
Apr 4
72
J u ly 31
88
9212 85
8434 80
87
85%'£ 90
85% 90%
8,700 Railway Steel Spring____ 100
99
J u ly l4
68 I2 F e b 10
____ ____ 1083.1 1083.1 10834i10834 *105 110 *105 110
200
Do pref____ _________ 100 104 F o b 4 112 J u n o 3
24% 2512 233g 243g
24% 25
23% 24% 16,600 Ray Consolidated Copper.. 10
24% l 25
19
M ar 4
27>2 J u ly l7
75
81
75
78
74
76%
71% 72
70
74*2
3,900 Remington Typewriter v t c 100 7 H 2 A u g 8
8684 J u ly 3
*------ 103
*97 103
*95 103
*95 103
*95 103
Do 1st preferred v t c__ 100 9612 June28 101 J u ly l7
87l2 93%
88% 903.4 85
90%
83% 86
8612 89U
40,300 Republic Iron & Steel........100
7 D 2 Jan 18 10312 J u ly l5
10434 1043,t *104*2 105*2 *10412,105*2 105 105
105 105*4
400
Do pref........................ 100 100 J a n l3 IO 6 I2 J uly28
4812 5034 46*2 483.i
50
5112 5134 5134 48
48% 11,000 Republic Motor Truck.No par
46*2 A u g 5
61 >8 J u ly lO
8712 93
*883 89
4
86% 92
*87% 87%
1,100 Royal Dutch Co 1 (Am shares)
7034 Jan21 12012 July22
f
88
86
92%
88*2 92
84
89% 199,000
86*2 90*2
Ctfs for New York ahares(t) 84 A u g 8 121 J u ly l7
1558 1558
15*2
1512 153.4
1534 153.4
15% 153g 2,200 St Joseph Lead___________ 10
13i2 M a y 2 7
17 J u ly l4
*78
80
75
77
*75
77
73
73
75*2 J 76
800
63% Jan 3
9158 J u ly lO
205s 245s
225g 26
21
27
26
29
22
27%
42,400
OU M ar21
29
Aug 0
205 4.208
206 206
206% 207
202 20234
205 ; 205
1,300
& C o ____ 100 I 68 I2 F eb 13 218 J u ly lO
. I I
1612 157g 1612 16% 17%
16% 17
15% 17
3,200
10
F e b 19
10% Ju ly 2 5
5734
52% 573.1 50% 5434 248,000
53 t 557g 54
0934 M a y 8
33U Jan 2
a.
64*2
60
62
63 . 64
61
64
60
01
5,500
77
J u ly 7
46t2 F ob lO
___ _____ *90 j 98
*90
95
* 9 0 j 95
*90
95
85
M a r ll
D o p r e fe r r e d ....................100
97»2 J u ly 8
*11512 120
♦____ 120
* ____ 120 *100 120
115*8 115*8
100
107
Jan27 115 12 Ju ly 2 4
*131 140 * 1 3 0 j 140 *127J 135
131 131
200
Apr 2
124
J a n l l 149
*87
92
*85
90
*85
90
♦85
93
D o p r e fe r r e d ___________100
85)2 J a n 2
94% J u n o l2
72 , 903
69 , 79
78
82
70% 83%
71% 80
24,600
36*4 Jan lO 104 Ju ly2 4
103 108
101,8 105
102%J107% 100% 108% 100 104% 164,600
4534 Jan22 12434 J un o 2
*100 10212 ------ i f ------ 100 ,100
101 101
400
D o p re f.
92
Jan22 103 J uly28
107 . 113*8 102 108*4 105% 115
105 115
104% 109% 27,300
42U F e b 14 125'8 July21
___- ____
43
44
41*8| 42
4H4 431
40
41%
3,700
32
Jan21
5478 Jun o 3
1312 1434
133g] 14%
13% 14%
13U 14
13
13% 34,500
17U M a y 5
12is M a r l7
259 26412 253 258
255 261
250% 259
245 253
19,700
184
J a n 2 292 M a y 9
*238 242
242 242 *240 245
*239 242
100
207
Jan 3 250 M a y l 2
10312 108
99 108%
9934"4l0578 10312 108*4
97 102
69,800
725s Jan29 115 Jun o30
107 10712 103j4 103
103% 104*2 10434 105
1,100
D o p r e f.
99
July21 120 June30
60
63
5834 j 59
58
60
55
59
56
7,800
6878 Ju ly3 0
37U J a n ll
115
J a n 8 187 M a y 2 7
85
85>4
84% 84%
82
8212 85
85
83% 83%
800
75
Jan 3 100 J u ly lO
51
55
5034 527g
50% 53%
52
53U
50
52
14,800
373S J a n l l
583S J u ly28
210 220*2 210*2 216
194 214% 190 197
200 . 208
8,950
107U Jan 2 223*2 A u g 1
*160 169
155 155
155 155 *155 160
145 150
500
9012 Jan 6 175'a July29
5134 52
52*2 53
52 . 52
52 4 52
51
51
1,200
Do
1 st p referred _______ 56
50
J u ly l8
58'8 M a y 9
♦151 170
150 151
151 154 ♦157 1.160
150 160
1,100
D o 2 d p referred _______ 100
91
Jan28 165 J u ly 2 9
180 185
180 r 18234 183 18434 175 184
1
173% 178%
4,100
157
F e b 10 196 J u n o 9
106*2 11034 10434 11034 10834
105% U33g 103% 108% 354,700
J uly24 11134 A u g
98
33
35*4
32
33
33% 3834
33*2 37*8
32% 35% 46,200
3834 A u g 7
JanlO
14
68*s 7034 673.J 673i
713i
68
7112 70
66% 68
4,000
D o p r e f.
7434 J u ly
4212 JanlO
*26*2 27
27
26
263s
26*8 26ls *26
26
26
200
3234 M a y 2 4
1634 F e b 6
79*4 857S 76l4 78l4 78
77% 8434 76% 81 121,100
83
60
Apr 8
885s July31
134 139
132*2,13534 13212 1383g 130% 139
128% 133
27,100
97U Jan22 167 M a y 2 7
105 105
*104 107 *1043.1 107 *10434 107
D o p re f.
200
96% Jan 2 111 M a y 23
43
43
42 : 43
42% 45
40
42
40
42%
2,500
1714 Jan 3
5078 J u n o 6
117 124*2 113 119
117 . 131*8 118% 137
120% 128% 147,200
73
Jan21 13858 J une30
*114 116 *112 116 §115 115
114 114% *114
114%
Do
1st p r e f.
210
Jan20 119*2 Ju ly lO
.100 109
65
6712 6434 66*2
6534 67*4
65
67%
04% 66%
7,900 f S S m elting Rei
43U Jan21
73
J u ly l7
4912 49*2 *4938^:49*2
49% 49% *48% 49% *4834 49%
D o pref_____
300
45
J a n l8
50
M ar 2
104*2 10834 103*2 106
104%. 107% 100% 106% 100% 103% 213000
88 I4 F ob lO I I 6 I2 J u ly 14
*11478 115
114*4 115
11412,11514 114% 115
115 115%
3,900
D o p re f.
113<8 F e b 10 117 12 J u ly 17
86*2 90*4
85% ^88%
88% 89%
85
89*4
83% 8634 33,300
9712 J u lylO
05 is F e b 7
18
18
17.^ 173g
17
17
17*8 17%
15% 16%
1,700
213 g J u n o ll
13
Jan 2
81*8 85
813g 83%
81
82%
8Hg 83%
79
82
14,900 1
9 2 i2 J u ly l4
F e b 10
51
113*2 113*2 112l2;il4l2 11312 11312 11334 11334 113% 113%
’800
D o p re f.
110 Jan 7 11634 J u ly 3
63
63
____
60
60
61
61
60
60
• 400 1
Mar31 74 M a y 2 9
64
64
64
*64
67
64
64
62
62
*60
64
\
A p r2 9
53
79 M a y 2 3
87
87*4
86
88
85
85*4
*86
88
86
80
1 1,600 \
84*8 M ar27
9 2 i2 M a y 2 0
11612 117*4 113*4 U I 113U 113*4 *113% 116
113% 114
' 1,300 \
9412 Jan 15 120 J u ly 7
52*2 56*8
51^L533i
51% 54%
53% 541
50% 53
48400 \
6978 J u n o 9
40*2 Jan21
Do
1st p r e f.
61
F eb 27
70 M a y lO
61
65
54U " 60
58*2 6312
56% 63% "5 7 ' *60"
V
45
Jan 3
75
J u ly 9
323
33
35
31*2 331
303i 34%
30% 32% 77,600 \
23% Jan22
40% Jun o 2
97*4 9712
97 fc97
07% 97% *95
96%
95
95
1,400
D o pref (new) __________ 100
87«4 Jan 7
98*4 M a y 9
9ou
. 903s
87% 9012 80
86
79% 83% 23,000 \ifllson & C o , I n c , v t o N o par
05*8 Jan20 10478 J u ly 2
D o p r e fe r r e d ___________ 100
96*2 F o b 17 104% JunolO
130 13012
120
F o b 7 ISO’ s M a y lO
D o p re f.
.100 1143s June20 117 12 J uly25
72
7612 70
7234 713.4 7334
68
7334
00% 68
6,300 \
877g J u lylO
50
F e b 13
*90
97
*90
97
*90
97
*90
97
Do
98 A p r 24
p ref A ______________ 100
Jan 9
88
77
77 1 *75
77
*75*4 77
77
77
____ ____
200
D o p ref B _______________100
79 Juno26
66
Jan 3

PER SHARE
Range for Previous
Year 1918

914
5

4

2

i

51.4
5

11334

y 40
0

64
2

9
5

2

33,766

4 34

8 *2
8

* Bid and asked prices; no sales on this day.




95
Jan
19U D e c

§ Less than 100 shares.

t Ex-rig

a E x -d lv . an d rig h ts,

z E x -d lv .

7812 D e o

10512 D e o
26U M a y

17 2 3 s Jan
0238 ja n

102*2 S ep t

*70

145

D ec

15 4
3

564 5 14
44 9
3
6 14
24
4

45*2 Jan

51*2 D e c
*4 A u g
13334 Jun e
*13
D ec
25*4 A p r
39
Jan
81
Feb
102 Jan
84
Jan
80 Jun e
337a
80%
37
34U

96

M ay
O ct

80*2 M a y
18 N o v
7812 D e o
I 8 I4 F o b
39
F eb
71U M a y
93U J u ly
110 N o v
120
D eo
89
Jan

Apr
J u ly
O ct
M ar
1234 D e c
13612 Jan
178
Jan
4812 M a r
*87*4 M a r
36% O ct
100
Apr
65
Jan
307g Ocl
8334 M a r
69 Jun e
46
Jan
77 Jun o
116% Jan

727 g N o v
100
N ov
55
D eo
45*8 M a y
21
J u ly
203
O ct
200% D e o
823g D e o
1047g D e o
42 M a y
112
D eo
80 M a y
44% M a y
108»4 D o c
0 0 78 D e o
50% N o v
85% D o c
166% D e o

11% Apr
41
M ar
14% A p r

47*4 F ob

z96
94

D ec
O ct
M ar
51
Jan
z9 5
Jan
32% A p r
42% A p r
8612 M a r
108
M ar
71% D ec
11
Sept
3 3 »4 Jan
08
Jan
50
Jnn
0334 Sept
77% A u g
95
D ec
38% Jan
59
Jan
3634 Jan
15% Jan
75
Jan
45% Jan
00 i 2 Sopt
no
M ar
in
O ct
34
Jan
85% F eb
59
Jan

8

19

M ay

16% M a y
137
99
26
80%
110

M ay
M ar
O ct
D eo
D eo
603.4 O ct
47*4 D e o
116% *Aug
113% D e o
93
O ct
16*4 N o v
60% N o v
113% D e o
73% J u ly
83% Jan
95% A p r
95
D eo
47% M a y
64% F eb
49
N ov
30
N ov
89% N o v
77% D e o
99% D e o
108% O ct
115 Rept
69
Aug
91
Apr
70% Ju ly

'1 F o r flu ctu a tio n s In rig h ts see p . 4 5 0 .

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly

£ 65

5
N.

y.

BONOS

STOCK EXC H A N G E
W e e k E n d in g A u g . 8

B id
tL S . G o v e r n m e n t .
B X a 1 s t L i b e r t y L o a d — 1 9 3 2 -4 7
4 b l e t L ib e r t y L o a n _______1 9 3 2 -4 7
<B 2 d L i b e r t y L o a n _______1 9 2 7 -4 2
< M b l o t L ib e r t y L o a n — 1 9 3 2 -4 7
4
>4 9 2 d L i b e r t y L o a n ---1 9 2 7 -4 2
4 X 8 2 d L ib e r t y L o a n . . . 1 9 3 2 - 4 7
A X s 3 d L i b e r t y L o a n ..............1 9 2 3
4 X 9 4 t h L i b o r t y L o a n ..............1 9 3 3
4 X a V i c t o r y L ib L o a n . . 1 9 2 2 -2 3
3 X b V i c t o r y L ib L o a n . . 1 9 2 2 -2 3
2a c o n s o l r e g i s t e r e d ---------------(11930
38 c o n s o l c o u p o n ------------------- d i 9 3 0
4a r e g i s t e r e d ____________________1 9 2 5
4a c o u p o n ______________________ 1 9 2 5
P a n C a n a l 1 0 - 3 0 - y r 2 s ........... * 1 9 3 0
P a n C a u a l 1 0 - 3 0 - y r 2a r e g - . 193.8
P a n a m a C a n a l 3 s g ------------------1901

Registered________________ 1901

3
J
M
J
M
M
A

Q
Q
(J
Q
Q
Q

I b l l l p p l n e I s l a n d 4 s ______ 1 9 1 4 -3 1
F o r e ig n G o v e r n m e n t .
A tn e r F o r e ig n S e c u r 5 s ----------1 9 1 9
A n g lo -F r e n c h 6 -y r 5s E x te r lo a n .
A rg o n tln o In te r n a l 5s o f 1 9 0 9 . . .
B o r d e a u x (C ity o f) 3 -y r 0 9 .-1 9 1 9
C h in e s e ( H u k u a n g R y ) 5 s o f 1911
C u b a — E x tern a l d e b t 6s o f 1 9 0 4 .
E x t e r d t 5 s o f 1 9 1 4 s e r A . -1 9 4 9
E x t e r n a l lo a n 4 X 8 --------------- 194 9
D o m i n i o n o f C a n a d a g 5 s — 1921
do
do
...1 9 2 6
do
do
...1 9 3 1
J a p a n e s e G o v t — f. lo a n 4 X b - 1 9 2 5
S e c o n d s e r ie s 4 X 9 --------------- 192 5
do
do
" G e r m a n s ta m p ^ S t e r lin g lo a n 4 s ------------------- 1931
L y o n s (C ity o f) 3 -y r 0 s - . - - . 1 9 1 9
M a r s e ille s ( C i t y o f ) 3 - y r 0 8 - 1 9 1 9
M e x i c o — E x t e r lo a n £ 5 s o f 189 9
G o l d d e b t la o f 1 9 0 4 ........... 1 954
P a r is ( C i t y o f ) o - y o a r 6 s --------1921
T o k y o C i t y 5a lo a n o f 1 9 1 2 ...........
U K o f G t B r it A I r e la n d —
3 - y o a r 5 X % n o t e s .................1 9 1 9
5 - y e a r 5 X % n o t e s ........... . . 1 9 2 1
2 0 -y e a r g o ld b o n d 5 X 8 .- 1 9 3 7
4 T h e s e a r e p r ic e s o n th e b a sis o f

/ 1«* L o w

9 9 .7 2
9 4 .1 0 S a le
9 3 .1 0 S a le
9 4 .0 0 S a le
9 1 .3 2 S a le
1 0 0 .5 0
S 9 4 .9 4 S a le
O 9 3 .4 0 S a le
9 9 .8 4
9 9 .7 0 S a le
J
J
100 %
F
103%
F
99 %
F

D
D
N
D
N

M
M
F

88
88

|S

T V «*’«
R a n g e or
L a s t S ale

P r ic e
F r id a y
Aug. 8

£ 3
- - fe

9 9 .5 0
9 4 .0 )
9 3 .0 3
9 4 .0 3
9 2 .9 1
180.52
9 1 .7 0
9 3 .0 3
9 9 .8 0
9 9 .7 0
99
106

*}
No

H ig h

L ow

2415
310
1733
275
6935

9 9 .9 0
9 4 .2 0
9 3 .5 6
9 4 .5 8
9 3 .9 0
1 0 0 .5 2
9 5 .1 0
9 3 .9 0
9 9 .9 0
9 9 .9 4

10155
10312
6238
2039

J u l y '19 _____

1

100

BONDS
N . Y. STOCK E XC H A N G E
W e a k E n d in g A u g . 8

R ange
S in ce
J a n . 1.

100

4
103
9 8 % M a r '19 _____
99
J u t y '1 8
9 0 % J u n e ’ 19 _____
91
M a r '1 9 _____
100
F e b '1 5

H ig h

9 8 .2 0
9 2 .6 0
9 2 .1 0
9 4 .0 0
9 2 .9 4
9 5 .4 2
9 4 .7 0
93 0 0
9 9 .8 0
99 70
97%
98 "
104%
1 04%
98%

9 9 .8 0
9 6 .0 0
9 5 ,1 0
9 0 .6 0
9 5 36
100 60
9 6 .6 0
9 5 .7 2
100 08
100.48
993a
99 "
1 00%
106%
08%

87%
91

91
91

F
A
rvi

A
o
s

F
F
A
A
A
F
J

s
A
A
o
o
o
A
J

J
M
M
Q
J
A
M

J
N
N
J
D
O
5

M N
M N
F
A
S 5 fo £

Y C it y — 4 X 8 C o r p s t o c k . I960 M
4 X a C o rp o ra te s t o c k . . -.1 9 6 4 M
A
4 X s C o rp o ra te sto ck . .

4%Corporate stock reg.. 1956

M rxiKiiwuy luii/iwr « »

^

?Virginia funded debt 2-38-.1991
0s deferred Brown Bros ctfa

S
s
o

J b
r.i a
M N
M N
51 N
M N
M N
M N
M N
r.i e
J
J
J
J
J
J
J
J
J
J
s
M
r<i s
j
j

99%
97
82%
99
60
93%
93%
82
98%
95
94%
87%
88%
83
80
99%
99%
62%
53
96%
81

J u l y ’ 19
97%
A u g '1 9
99%
65%
93%
J u l y ’ 19
J u l y ’ 19
98 %
90%
96
J u l y ’ 19
J u l y ’ 19
83%
M a y ’ 19
99%
99%
6 2%
55
97
J u l y ’ 19

S a le 9 9 %
S a le 9 8 %
S a le 9 6

9 7 % S a le
82% 84
99%
t 057s 6 0 %
93 % 9 9 %
9 2 % 93 %
82%
80
9312 S a le
9 6 % S a le
94 % S a le
86
t 85
89 %
t 84
8 3 % S a le
77
t 73
9 9 % S a le
9 9 % S a le
t 027 8 S a le
S a le
53
9 0 % S a le
_____
78
99%
98%
9 6%

97% 97%
9 7 % 977 8
9 7 % 977 8
1017* 1 02%
101 % 102 %
1 02 %
102
93
93%
93
93%
9 3 % S a le
9 2 % 93
1017g 1 0 2 %
101 % 102 %
831.1
83
9 8 % 99 %
93 %
9 8 % 99 %
9 8 34 - - - 108%
108

62

Railroad.

97%
97%
97%
102%
102 %
t 02
93
93%
93%
93%
102 %
1 02%
83%
98%
98%
98%
90%

9 9 U 100
1251 9 5 %
97%
_____
8 2 % 93
G'i
9
10 9 2 % 1 0 0
_____
90% 93%
32

1
40
—
....
64
70

9 0 34
94
94%

88
80
83

99
93%
98%
92%
93
89

3
14
155
_____

9 7 % 102%
98 % 102%
61
79%
50
61
9 5 b lO ftl*
79% 83

100
93%
97

92
403'
207

9 8 % 100 Mi
97% 9 9 Mi
9 5 % 10134

93
97%
97%
J u l y ’ 19
102 %
102 %
J u l y ’ 19
J u l y ’ 19
93%
J u l y ’ 19
102 %
J u l y ’ 19
J u n o ’ 19
M a y ’ 19
J u l y ’ 19
J u l y ’ 19
A p r ’ 19

6
10

66

64

56

50

S a lo
78
74
85
S a le
75
100 %
91%
80
78
84%

79
78
72

55%
79%
_____
72

M
J
J
M
J
J
M
M
M
J
M
J
J
M
A
A
J
Q
A
Q
..
J
J
M
M
J
M
A
J
A
A

72%
72%
70%
73
98
95
91
91
72
74
75%
76%
83*2
85
93
100
79% 80
79%
82% 84
82%
97 % . . . .
98%
83 % 8 8 % 78
1 14%
72
73
74
105% . . . . 107%
90b
84% 80
85%

j

M
rvi
A

Clear A Mah 1st gu g 6s.
J
A

8
5
s
D
N
J
J
N
C

0
J
J
o
J
u
J
N
N
J
s
o
D
c
o
J
s
N

0
1

D
O

M
..
j

D

i

J

Q
j

J
J

N

Mao A Nor Dlv 1st g 5s.

72%
72
75
98
82 %

87%
95%
95%
87 %
99%
55%
95%
so
74%
89%
100 %
1017 8
88%

88%
97%
73%
92
90
90

100 % 100 %

7 8 % D e c ‘ 18
63
65

j

N
D
D
S
J
J

90
08
90
98
5
90
99%
—
1003 8 1 0 3 %
5 100 % 102 %
22 100 102 %
— .
90% 93%
....
90% 93%
2 9 0 % 9 3 38
....
90% 93%
6 1001* 102 %
—
100 % 102 %
....
81% 83%
....
98
98%
901* 9 8 3 ,
....
98% 99%
....
90 3 , 90S,
106% 103%

1 0 2 % D e o ’ 18
108% 1 0 0 % M a r ’ 19

o
A
A
0
N ov

Q

ttchlaon Topeka & Santa Fo—
Gen g 4s______________ J-99

72%
74%
73
S a le

86 %
69%
82%
______
91
61%
101
87
89

10

J u l y T 9 _____
79%
78%
72

115

72%
J u l y ’ 19
95
J u l y ’ lfl
J u ly '1 9
J u l y ’ 19
M a y ’ 19

■
I
....
3
_____
....
....

20
9

7 94,
Is
82%
1
J u n o ’ 19 _____
O ct T 8

03

74%

54%

68

79
78
72

851]
82 "
80%

72% 79%
73
70%
93 % 102%
90% 92%
74
70
70% 81
85
25
79
82
96%

85%

88
93%

A u g T 9 _____
73% 78%
A p r T 9 _____ 1 0 7 % 1 0 7 %

0

89%

72%

82%

71
75

80
82%

881)
70
82%
89%
95%
95%
91%
99%
03
99

8538

6

87

72%
73
9 2 % M a r ’ 17
71
74%
75
77
112
J a n ’ 12

87 b

893,
95%
95%
90

89%
95%
90
91%

72

10

J u l y ’ 19
1
82%
M a r ’ 19
J u l y ’ 19
J u l y ’ 19
M a r ’ 19
M a r ’ 18
J u l y ’ 19 ___ _
M a r ’ 19 _____

8 4 % J u l y ’ 19 _ _ __
1 0 3 % F e b lfl

62
99
871)
84%

68
99

88b
84%

102 %
103
90
81
89
S a lo
82

1 01% J u l y ’ 19
89%
'89%
75
75

I

101
88

102

8 8 % J u l y ’ 19
If)

97%
9S
74% M a y T 9
90
M a y ’ 18
91% Jan T 9

75

95%
82

883,
97%
74**

947g
09%
76%

91%

1

91%

S i In

q

B

M N
•"Registered_________
M N
• op ic F a ; lu st th wo . i
N r e rid y te is e k




2 0 -y e a r c o n v e r tib le 4 X S - - 1 9 3 0
3 0 -y e a r c o n v s ecu red 5 S ..1 9 1 6
B ig S a n d y 1st 4 s __________ 194 4
C o a l R iv e r R y 1 s t g u 4 S . . 1 9 4 5
P o t t s C r e e k B r 1st 4 s _____ 194 6
R <fe A D l v 1st c o n g 4 s ___ 198 9

O h io & A l t o n R R r e f g 3 s . - . 1 9 4 9
R a ilw a y 1st lie n 3 X b ______ 1 9 5 0
C h i c a g o B u r li n g t o n & Q u i n c y —
D e n v e r D lv 4 s _____________ 192 2
I lli n o is D lv 3 X 3 ____________ 1949
I lli n o is D l v l a ! ................... . . 1 9 4 9
I o w a D i v s in k in g f u n d 5 3 .1 9 1 9

VI
ill
F
A
J
J
J
J
J
J
M
M
A
J

S
s
A
O
D
D
J
J
J
J
N
S
o
J

F
J

A

j

j

A
A

j

o

0

J o in t b o n d s .
S ee G r e a t N o r t h
N o b r a s k a E x t e n s io n 4 s ___ 1927

S ta te a n d C it y S o e u r ltle * .
K

C h e s a p e a k e &. O h io ( C o n )—
G e n e r a l g o l d 4 X a _________ 1 992

fe

1

| P erio d |

Jan. 1909 the Exchange method of quoting bonds was changed and prices are now—"and interest'—except for interest and defaulted bonds.

2 166% 161%

100% 1 0 4 % 101 %
101 %
100 % 1 0 0 A u g T 9

100

99

100

88*8

55

02

59

59

J u l y ’ 19

'
95% 97%
97%
rr —
98% 1041, Jan

Dh J . 4 D A ril,
u
oc p

s

1

65

95%

,Y N
1
M N
S
G e n e r a l 4 s ___________________ 195S M
J
C h i c A E 111 r e f A im p 4 s g . . l 9 5 5 J
O
A
G e n e r a l c o n s o l 1st 5 a ______ 1937 M N
(J S M t g A T r C o c t fa o f d e p . . . __

C h ic A I n d C R y 1st 5 a . . . 1936
C h ic a g o G r e a t W e s t 1st 4 a ..1 9 5 9
C h i c I n d A L o u ls v — R e f 6 a . 194 7
R e f u n d in g g o l d 5 s _________ 1 947
1
C h i c I n d A S o u 5 0 y r 4 a _____195 6
O h io L S A E a s t 1st 4 X 3 _____I 9 6 0
C h i c a g o M ll w a u k o e A S t P a u l—
G o n ’ l g o l d 4a S e r ie s A _____e l9 8 9
G e n ’ l g o l d 3 X 8 S e r B _____e l 9 8 9
G e n e r a l 4 X s S e r ie s C _____e l9 3 9
G e n A r e f S e r A 4 X a _____a 2 0 1 4
G en ref c o n v S er B 5 s — a2014
C o n v e r t i b l e 4 X s __________ 193 2
P e r m a n e n t 4 s ______________ 1 9 2 5
2 5 -y e a r d e b e n t u r e 4 s ______ 1931
O h io A L S u p D l v g 53 _____1921
C b lo A M o R lv D lv 5 s .- .1 9 2 C
C h i c A P W 1 s t g 5 s .............. 1921
O M A P u g e t S d 1 s t g u 4 s . 194 9
D u b u q u e D l v 1 s t s f 6 s ___ 1 9 2 0
F a r g o A S o u a s s u m g 6 a . .1 9 2 4
M U w A N o r 1st e x t 4 X 8 ..1 9 3 4
C o n s e x t e n d e d 4 X s _____1934
W la A M i n n D l v g 5 s ............192 1
W ls V a ll e y D l v 1 s t 6 a _____ 1 9 2 0
O h tca g o A N o rth w estern E x
4 s ...................................1 8 8 6 -1 9 2 6

F
J
M
J
J
J
J
J
J

J
D

J
Q
J
J
A
F
J
J
J
J
J
J
J
J
J
J
J
J
J

J
J
J
J
O
A
D
D
J
J
J
J
J
J
J
D
D
J
J

F
F
G e n e r a l g o l d 3 X s ______ . . . 1 9 8 7 M
R e g i s t e r e d _______________p l9 S 7 Q
G o u e r a l 4 b ___________________ 198 7 M
M
G e n e r a l 5 s s t a m p e d ________1 987 M
S in k in g f u n d 6 s ______ 1 8 7 9 -1 9 2 9 A
A
A
R e g i s t e r e d _________ 1 8 7 9 -1 9 2 9 A
A
A
Ml
M
M
F r o m E lk A M o V 1 s t 6 s . . 1 9 3 3 A
M a n G B A N W 1s t 3 X 8 . 1 9 4 1 J
M U w A S L 1 s t g u 3 X a . . -1 9 4 1 J
M i l L S A W e s t 1st K 6 8 . . . 1 9 2 1 M
E x t A Im p s f g o ld 5 s — 1929 F
M
M t c b D l v 1 s t g o l d 6 s . .1 9 2 4 J
M il S p a r A N W 1st g u 4 s . 1947 M
S t L P o o A N W 1st g u 5s 1948 J
C h i c a g o R o c k Isl A P a c —
R a ilw a y g e n e r a l g o l d 4 s ___ 1 9 8 8 J
R e g i s t e r e d ________________ 1 9 8 8 J
R e f u n d in g g o l d 4 s _________ 1 9 3 4 A
J
R I A r k A L o u is l s t 4 X 8 - - 1 9 3 4 M
B u r l C R A N 1 s t g 5 s _____1 9 3 4 A
O R I F A N W 1 s t g u 5 S . .1 9 2 1 A
J
M
K e o k A D o s M o in e s 1 s t 5 s 1 9 2 3 A
S t P a u l A K O 8 b L 1 s t 4 X s '4 1 F
C h i c S t P M A O c o n s 6 s _____193C J
C o n s 6s r e d u c e d t o 3 X 8 - - 1 9 3 0 J

A
J
S
J
J
J

P r ic e
F r id a y
A ug. 8
B id
70
73
79
85

68
74 %
85
67%
70
69%
71%
82%
50
35%

100

_____
73%
83%
99%
993,

92
90%
79
30%
31

S a le
36
S a le

85%
66%
56%
77 %
_____

S a lo
S a le
86%
73%
78%
83

70%

S a le
62 %
S a le
S a lo
S a lo
S a le
S a le
71%
98%

66
75
73
77%
70
- - - 93
99
70
99%
98%
98
81%
9634
99

J
J

—
------ -69%

s

78
SO

_____
77%

80
87%
_____
*67
------ --

0
0

92%

6
57%

100

A
A
N
F
N
N
N
O
O
o
o
o
o
N
N
S
o
J
J
s
A
s
J
s
J

0

A sk L ow
H ig h
76% 76 %
77
863 , M a r ’ 17
78
S a le 7 9
80
87
S a le 8 4 %
80
78
J u l y ’ 19
8 2 % 8 2 % M a y ’ 19
9 0 % F e b TO
69
J u n e ’ 19
7 9 % 7 7 % J u n e '1 9
7 4 % 71
O c t '1 7
8 8 % S e p t ’ 16
113
Feb T 5
S a le 5 0
50
36
36
36%

71%
82%
99%
99 %

75
75%
78

96%
103
98%
92%
96

W e e k 's
R ange or
L o s t S ale

100
99%
70%
_____
99%
______
83%
98%
____. _

J
N
68%
o
67%
A
D
105%
85%
D
91
fl
J
J 104%
92%
M
a
D
63
C h ic T H A S o E a s t 1st 5 s . . 1960 J
103%
C h ic A W e s t I n d g e n g 6 s . . j l 9 3 2 Q M
61
J
j
j
O ln n A D 2 d g o l d 4 X s _____1 937 J
C F in d A F t W 1 s t g u 4 s g 1 9 2 3 M N
J
J
. . . .
D
C l e v C ln C b A S t L g e n 4 s . .1 9 9 3 J
80
J
2 0 - y e a r d e b 4 X a __________ 193 1 J
83b
G e n e r a l 5 s S e r ie s B ________1993 J D
76b
J
C a i r o D lv 1st g o l d 4 s ______ 1939 J
J
C ln W A M D l v 1 s t g 4 s . .1 9 9 1 J
73
S t L D l v 1 s t c o l l t r g 4 s . . .1 9 9 0 M N
74%
S p r A C o l D l v 1 s t g 4 s _____194C M S
71
J
J
W W V a l D l v 1 s t g 4 s _____1941
—
C I S t L A C c o n s o l 6 s _____1 9 2 0 M N
Q F
F *82%
Q
93%
J
C ln S A C l co n s 1st g 5 s . . 1928 J
J 103
C C C A I g e n c o n s g 6 s . .1 9 3 4 J
76 %
I n d B A W 1 s t p r e f 4 s _____194C A 0
Q
J
51%
P e o r i a A E a s t 1 s t c o n s 4 8 .1 9 4 0 A o
22 b
I n c o m e 4 s ________________ 1 9 9 0 A p r
85
o
C l e v e S h o r t L l s t g u 4 X 8 — 1961 A
84
C o l o r a d o A S o u 1st g 4 a --------1929 F A
M N
80%
D 99%
F t W A D e n C 1st g 0 s . ..1 9 2 1 J
A 0
J
C u b a H R 1st 5 0 -y e a r 6 « g ___ 1 952 j
D e l L a ck A W estern —
D 71%
M o r r i s A E s s 1st g u 3 X 8 — 2 0 0 0 J
J * 100 %
N Y L a c k A W 1st 6 s --------- 1921 j
A 97%
C o n s t r u c t i o n 5 s ...............1 9 2 3 F
l
T e r m A I m p r o v t 4 s . . . . 1 9 2 3 M N _____
Warren 1st ref gu g 3Xs..200C F A 6 8 %

R ange
S in ce
Jan. x

l a

N o . L ow
H ig h
4
76%
83%

22
260
_____
- - .-

773,
84%
78
823,

85%
91%
78%
823,

___ _
_____

09
75

69
80

5
S

50
353,

53%
40

9 9 % M a y ’ 19 _____

99%
72b
82%
99%
99

85%
998,
993,

82%
82%
1
9 9 3 , J u l y ’ 19 ___ _
99% A u g T 9

99%

J u l y ’ 19 _____
92
93%
M a r ’ lS
I
79
79
83%
33
30
25
36
33
4 ;
J u l y ’ 19
J u l y ’ 19
75
80
A u g T 9 _____
70% 80
78
5
75
78
F ob T 3
M a r ’ 17
57%
15
57
63%
100
100
4 100
103%
8 5 3 , J u n e 19
853, 8 5 «,
84% A p r T 7
63
M ay T9
601ft
7 83, 8 1
79
J u n e ’ 19
8 3 % J u l y ’ 19 ___ _
83% 83%
92%
91
79
32
31
93
80
80
78
973,
32
57

70%
71%
92% F eb TO
64
J u l y ’ 19
77%
7812
66
67%
74
77%
71%
73%
77%
78
71%
71%
9 8 % J u n e '1 9
92
O c t '1 6
99
99
70%
71
99%
90%
100
M a y ’ 19
89
M a y ’ 19
81%
81%
9 7 % J u l y ’ 19
9 9 % J u n e ’ 19

93
95
69%
70%
77% 77%
81
81%
97% 97%
109
104
109%
993,
96
1 03% 9 8
93
98
93L
93%
100
97
101%
_____ 1 0 7 %
91

68 %

9 3%
92%
81
106%
62b
88
62%
100 % _____ 101
96% 98
98
102 %
104
1033,
101 % 1 0 5
70% 78% 76%
. . . .
97
94

04%
94%
92%

* 3

73
73
73% ' 70%
S a lo 6 9
70%
67
65
95
95
98% 97%
97
93
69% 68%
08% 69
106
107
______ 8 5
92
95
118

10

70%

76%

_____ 1 6 4
39, 7 7 %
23
60
IS
74
36
713s
11 7 7 %
1 70
....
98%

64
84%
74%
81%
81%
85
73%
98%

6 97
99%
4
68% 74
3
99% 99%
. . . . 100
100
883, 89
1 80% 82
___ _
96*, 98%
___ _
99
99%

93
1 89
93
D eo T 8
69%
1 69
71
Apr T 9
69
70%
A u g T 9 ___ _
77% 82%
O 0t '1 8
98%
9
9 7 % 101
M a y ’ 19
101% 104
Apr T 6
90% 97%
N o v ’ 18
M a y ’ 19
98
M a r ’ 19
J u l y ’ 19
93% 96%
N o v ’ 18
O ct TO
___ 1 0 6 % 1 0 9
J u n e ’ 19
Jan T 7
M a y ' 19
Apr T 9 . . . .
Apr T 9
J i d y ’ 19 __
J u l y ’ 19
J u l y ’ 19

1 0 0 3 , 101
98
99
104
104
1 0 3 *, 104
75%
78%
93
98

73 %
2 73
79%
M a y ’ 19
70% 76%
70
38
09
70%
M a r ’ 19 _____
66
7
64% 72
95
1 94% 98
F eb T 9
97% 971,
M a y ’ 18
M a y '1 8
1 65
68%
70%
J u l y ’ 19
66% 71
J u l y ’ 19
105
108
J u n e ’ 19
85
85
J u ly '1 9
91
97
N o v ’ lO

6 7 % J u n e ’ 19
58
67%
1 0 3 % J u l y ’ 19 _____ 1 0 2 % 1 0 4 %
61
62
3
61
65
8 6 % GO M a y ’ 17
88
M ar’l l
87% 79
N o v ’ 18
66
66
60
2 66
72%
80% 8 0
80
2 70
84%
84
831a J u l y ’ 19 ___
8 3 % 87
78% 8 0 », M a y T 9
788, 81%
75
70
J u n e '1 9
67*, 70
S a lo 7 3
73
2 7 3 ' 76 %
. . . .
74% Jan T 9 . . . .
74% 74%
84
N o v ’ 10
101
993, J u l y ’ 19
993, 99%
90
83% M a y T 9
83% 83%
8 8 % M a y ’ 15
95
9 3 % M a y ’ 19
93
93%
______ 1 0 3 % J u l y ’ 18 _____ 1 0 3 % 1 0 7
94
J u l y ’ 08
107
63

57
26%
. . . .
S a le
S a le
99%

573 8 J u i'y ’ 19
20
26
86%
86%
84
84
80%
80%
993s J u l y ’ 19
93

S a le

91%

50
4

1
11
6

84
77%
9 8 «,

60%
31
89
89%
80%
99%

71%

73

12
86

F e b '1 6

71%
723,
1 0 0 % J u n e '1 9
9 8 % J u n e ’ 19
94%
9 4 ‘8
1 0 2 % F e b ’ OS

7

100 % 100 %

5

9 5 8 , 10 1
92% 92

99%

D eM
u ay.

-t

D * J n , f D oJ ly * D eA«g..» D e O fDMNoT. rD eD o «O tio s le
u uo t u u .
u
u ct,
u e
p na

566

Week’s
Range or
Last Sal*

R ange
S in ce
J a n . 1.

Aik L ow
Bid
High N o L o w H i g h
D e la w a r e & H u d s o n —
97 _____ 97
97
96
97
1st H en e q u ip g 4 H a _______ 1 9 2 2 J
1st * r e f 4 a . ............................. 1 9 4 3 IW N
83
8 4 's 81% J u ly ’ 1 9 ------- 83% 85%
92% 94% 95
J u ly ’ 1 9 -----3 0 -y e a r c o n v 5 s ........... - . * - 1 9 3 5 A
90% 95%
_____ 74% 76 Ju n e’ 19'
A lb A S u s q c o n v 3 ' A s _____194(5 A
7334 78%
R e u s e A S a r a t o g a 1 s t 7 s . . 192 HI N 102% 104
102% Apr ’ 19
102% 102%
ile a v e r A R io G ra n d e —
J
67% 69
63 A u g ’ 19
1st c o u s g 4 s ________________ 1 930
66% 75%
_____ 74% 76 J u n e’ 19
C o n s o l g o l d 4 H a __________ 1 930 J
72
76%
77% 82
80 M a y ’ 19
I m p r o v e m e n t g o l d o s _____1 928 J
76
80
58% 59
58%
60
1st & r e f u n d in g 5 s _________ 1 955 F
45
60%
77 -------- 87% N o v ’ 16
R i o G r J u n e 1 s t g u g 5 s ___ 1 9 3 9 J
61% Apr ’ l l
____
38
R i o G r S o u 1 st g o l d 4 s _____1 9 4 0 J
39
J u ly ’ 1 7 ------G u a r a n t e e d ----------------------- 1 9 4 0 J
65
71% 73
J u ly ’ 19
R i o G r W e s t 1 s t g o l d 4 s . . 1 939 J
63% 73%
57% 58% 60 A u g ’ 19
56
M t g e A c o l l t r u s t 4 s A . .1 9 4 9 A
60
65
78
82
D ec T 6
O e t A M a c k — 1 s t H en g 4 a . .1 9 9 5 J
65 _____ 75% J u ly ’ 16
G e l d 4 s ........................................ 1 9 9 5 J
77
D e f R l v T u n T e r T u n 4 H a - - 1 9 0 1 iY! N _____ 80% 77
77
81%
9 .5 % _____ 96% Ju n e'18
O u l M la s a b e & N o r g e n 5 s . . 1941 J
_____ 93
93% J u ly ’ 19
D il l A I r o n R a n g e 1 s t 5 s _____1 937 A
92% 95
105% M a r’ 08
R e g i s t e r e d --------------: _____ 1 9 3 7 A
‘ SO- "8 5
83 Ju n e’ 19
O u l 8 o u S h ore A A tl g 5 s . . .1 9 3 7 1
83
84%
!
91
96
96 M a y ’ 19
E lg in J o li e t A E a s t 1 st g 5 s . . 1941 IY
93% 90
_____ 1 0 0
108
J u ly ’ 19
S ri® 1 s t c o n s o l g o l d 7 s ..............1 9 2 0 M
99% 100%
1
82
...
78% O ct ’ 18
N Y A E r ie 1 s t e x t g 4 s ___ 1 947 IV
98 100
96% Ju n e’ 18
2 d e x t g o l d 5 s ...........................1 9 1 9 M
!
9 1 % _____ 93% Jan '18
3 rd e x t g o l d 4 H a ........... ....... 1 923 (Y
90% 99% 99% J u ly ’ 17
4 t h e x t g o l d 5 s _____________ 1 920 A
8 2 % _____ 94% N o v ’ 15
8 th e x t g o l d 4 s ........................ 1 928 J
_____ 10 0
100% J u ly ’ 18
N Y L E A W 1 s t g f d 7 s . .1 9 2 0 M
62% 62% 63
64
E r ie 1 s t c o n s g 4 s p r i o r ___ 199(5 J
63
70%
84
D ec ’ 16
R e g i s t e r e d ______ __________19915 J
51
52
52
53%
.
1 s t c o n s o l g e n lie n g 4 s . 199(5 J
52
57%
73 J u n e'16
R e g i s t e r e d ........................199(1 J
82
Sale 82
82
P e n n c o ll tr u s t g o ld 4 s . .1 9 5 1 F
77% 83
45% Sale 45%
5 0 -y e a r c o n v 4s S er A . . 1953 A
45%
45% 52
45
40% 45%
46%
do
S e r ie s B __________ 1 9 5 3 A
45% 52
47% Sale 46%
49%
G e n c o n v 4 s S e r ie s D . . . 1 953 A
46% 55
I
90
92 % 92% J u ly ’ 19
C h ic A E r ie 1 s t g o l d 5 s ___ 1 9 8 2 IV N
90
95%
9 1 % _____ 106% Jan '1 7
C le v A M a h o n V a il g 5 s . . 1938 J
J 97
99% 99% J u ly ’ 19
E r lo A J e r s e y 1 s t s f ( 3 s . . .1 9 5 5
00% l d f "
J 98 _____ 98 M a y ’ 19
G e n e s e e R i v e r 1 st s f 6 a . . . 1957
95% 101
107% 109
107
J u ly ’ 19
L o n g D o c k c o n s o l g 6 s _____1 9 3 5
107 108
9 3 % ------- 103 Jan ’ 18
C o a l A R R 1 s t c u r g u 6 s . . 1 922
9 0 % -------- 102% J u ly ’ 17
D o c k A I t n p t 1 s t e x t 5 s ___ 1 9 4 3
8 6 % _____
85 Jan ’ 18
N Y A G r e e n L g u g 5 s ___ 1 9 1 6
66% 70
68% J u ly ’ 19
N Y S u s q A W 1 st r e f 5 a . .1 9 3 7
68
78%
45% 55
100% D eo '0 6
2 d g o l d 4 H s ................ . . . 1 9 3 7
-------- 65
A
60 Ju n e'18
G e n e r a l g o l d 5 s ........... ....... 1 9 4 0
8 8 % _____
97 D eo '1 8
T e r m in a l 1 st g o l d 5 s . . . 1 943 IW N
82
...
108 Jan ’ 17
M id o f N J 1 s t e x t 5 s _____1 940 A O
57% 597* 60
D
W tlk A E a s t 1 st g u g 6 S ..1 9 4 2
J u ly ’ 19
60
72
23% Jan ’ 17
J
t v A I n d 1 st c o n s g u g 6 s . . 1 9 2 6
J 95% 97
t v a n s v A T H 1st c o n s 6 s . .1 9 2 1
96% J u ly ’ 19
95
98
O 7 0 % _____ 85% Ju n e’ 17
1 s t g e n e r a l g o l d 5 s ................ 1 942
M t V e r n o n 1 s t g o l d 6 s ___ 1 9 2 3
108
N ov’ ll
O
H ull C o B r a n c h 1 s t g 5 s . . 1 9 3 0
95 Ju n e’ 12
o
D
80% 81
81
J u ly ’ 19
V lo r ld a E C o a s t 1 s t 4 H S . . . 1 9 5 9
80% 85
J
92 A u g ’ 10
P ort S t U D C o 1st g 4 H 8 --1 9 4 1
6 0 % _____ 60% J u ly ’ 19
J
F t W o r t h A R i o G r 1 s t g 4 8 .1 9 2 8
60% 60%
o
_____ 78
i a l v H o u s A H e n 1 st 5 s _____1 933
80 D eo ’ 18
95% Sale 95%
95%
J
G r e a t N o r C B A Q c o ll 4 s . .1 9 2 1
95% 96%
R e g i s t e r e d ........... .....................A1921
95%
95%
J
95% 95%
85
Sale 85
85
J
1 s t A r e f 4 H 8 S e r ie s A _____1961
85
89
R e g i s t e r e d ________________ 1961
J _____ 85%
96 J un e'16
J 8 7 % ------- 88% J u n e’ 19
S t P a u l M A M a n I s ........... 1 933
88
83%
108% A p r ’ 19
1 s t c o n s o l g 6 s ____________1 9 3 3
J 105% 109
108% 108%
J 105 _____ 118 A p r ’ 17
R e g i s t e r e d .........................1 933
J 9 3 % _____ 93% J u ly ’ 19
R e d u c e d t o g o l d 4 H a -1 9 3 3
93% 95%
J _____ 99 102% M a y ’ 16
R e g i s t e r e d ....................1 9 3 3
8 4 % _____ 85% M a y ’ 19
D
M o n t e x t 1st g o ld I s . . . 1937
85% 88%
8 3 % _____ 95% M a r’ 16
D
R e g i s t e r e d ______________1 9 3 7
_____ 81 Ju n e’ 19
J *77
P a c if i c e x t g u a r 4 s £ _____ 1 9 4 0
81
81
E M in n N o r D l v 1 s t g 4 s . . 1 9 4 8
O 79 _____ 8 0 N o v ’ 18
J * 1 0 1 % _____ 100% M a y ’ 18
M in n U n i o n 1 s t g 6 s ______ 1 9 2 2
M o n t C 1 st g u g 6 s ..............1937
J 1 0 7 % _____ 103
J u ly ’ 19
103 108%
J 107 _____ 136% M a y ’ 06
R e g i s t e r e d _________________1 937
J 9 8 % _____ 98% J u n o’ 19
1 s t q u a r g o l d 5 s _________ 1 9 3 7
98
99%
98 _____ 109% A u g ’ 10
D
W i ll A 3 F 1 s t g o l d 5 s . . 1 9 3 8
52% 57
■ir e e n B a y A W d e b c t f s " A " _____ F e b
57
J u ly ’ 19
51
60
10
13% 1 0 %
1 0%
D e b e n t u r e c t f s “ B ” ______ _______ F e b
6% 15%
74% 75% 75
J
•Ulf A S I 1 s t r e f A t g 5 s . .6 1 9 5 2
75
75
82%
77
J 76
77
77
(lo c k in g V a l 1st c o n s g 4 H s 1999
77
83
J
73% Jun o’ 18
R e g i s t e r e d ...................................1 9 9 9
O 7 6 % -------- 73% O ct ’ 18
C o l A H V 1 s t e x t g 4 s _____1 948
A * 7 5 % ------- 76% A p r T 9
C o l A T o l 1 st e x t 4 s ..............1 9 5 5
76% 76%
84% 95
85 D eo T 8
J
H o u s t o n B e lt A T e r m 1 s t f is . 1 937 J
8 3 % -------- 85% J u n o’ 19
85% 88
I llin o is C e n t r a l 1 s t g o l d 4 s . . 1 951 J
92
S e p t ’ 17
R e g i s t e r e d ___________________ 1951 J
_____ 75% 75% J u ly ’ 19
74
76
1 s t g o l d 3 H s ........................... - 1 9 5 1 J
N o v '1 5
7 1 % _____ 84
R e g i s t e r e d ________________ 1 951 J
_____ 74% 8 0 J u n e’ 17
E x te n d e d 1st g o ld 3 H S - - - 1 9 5 1 A
*72
..
R e g i s t e r e d ________________ 1 951 A
1 s t g o l d 3 s s t e r l i n g _________ 1951 IY
!
80
J u ly ’ 09
!
R e g i s t e r e d ______ _______. . 1 9 5 1 IY
77% J u ly ’ 19
77% 80
C o ll a t e r a l t r u s t g o l d 4 s . . . 1 9 5 2 A
77
79
R e g i s t e r e d ------------------------- 1 952 A
95% 8 e p t ’ 12
1 s t r e f u n d in g 4 s ____________1 9 5 5 M N
78% 84%
76% 79% 78%
78%
J
P u r c h a s e d lin e s 3 H s ______ 1 952
71
75
71
71
69% 72
L N O A T e x a s g o l d 4 s . . . 1 9 5 3 M N _____ 72% 73% J u ly ’ 19
73
77%
R e g i s t e r e d ............................. 1 9 5 3 M N
71% 71%
71% Apr T 9
70% 85
1 5 -y e a r s e c u r e d 5 i j s . . . l 9 3 4 J
95%
96
95% 97%
_____ 96
79 _____ 78
N o v '1 8
C a ir o B r id g e g o l d 4 s ___ 1 9 5 0 J
79
Feb T 4
61
..
L it c h f i e ld D l v 1 s t g o l d 3 s . 1 951 J
L o u ls v D l v A T e r m g 3 H s 1 9 5 3 J
67% J u ly T 9
---------6 8 %
67% 67%
R e g i s t e r e d ________________ 1 9 5 3 J
83 A u g T 2
9 7 % _____ 102 Juu e’ lO
M i d d l e D l v r e g 5 s ................. 1 921 F
58
61
O m a h a D lv 1st g o ld 3 s . . .1 9 5 1 F
58% S e p t’ 18
S t L o u is D l v A T e r m g 3 s . 1951 J
61% 65
62 O ct T 8
7 0 % _____ 05% O ct T 8
G o l d 3 H s ...............................1951 J
70% 83% 80 J u n e’ 16
R e g i s t e r e d ______________1 951 J
S p r i n g ! D l v l s t g 3 H a ____ 1951 J
_____ 81% 80% N o v ’ 16
W e s t e r n L in e s 1 s t g 4 s _____1 951 F
7 4 % _____ 79% M a y ’ 19
79% 79%
R e g i s t e r e d . .................... . . . 1 9 5 1 F
92
N o v '1 0
B e ll e v A C a r 1 s t 6 s ..............1 9 2 3 J
9 5 % _____ 117% M a y '1 0
C a r b A S h a w 1 s t g o l d 4 s . . 1 932 M
M ar T 9
73
73
7 3 % _____ 73
C h ic S t L A N O g o l d 6 s . . 1951 J
94% 97
97
J u ly ’ 19
94% 9934
R e g i s t e r e d _________________ 1951 J
95% 95%
9 1 % _____ 95% F eb T 9
G o l d 3 H s ...............................1951 J
65% J u ly ’ 18
* 6 6 % _____
R e g i s t e r e d .........................1951 J
J o in t 1 s t r e f 5 s S e r ie s A . 1 9 6 3 J
_____ 8 8
88% J u ly ’ 19
87
95
M e m p h D l v 1 s t g 4 s . . . 1 951 J
74% 77
70% O ct T 8
R e g i s t e r e d ....................... .1 9 5 1 J
65
77
05
N o v ’ 17
S t L o u is 8 o u 1 s t g u g 4 s . .1 9 3 1 M
81 _____ 79% Jan T 9
79*4 79*4
fn d III A I o w a 1 st g 4 s ..............1 9 6 0 J
79
81% 81% J u ly ’ 19
80% 82
I n t A G r e a t N o r 1 s t g rts_____1 919 M N
94% 96
91%
94%
93
96
J a m e s F r a n k A C le a r 1 s t 4 s . 1 9 5 9 J D
79% 81% 81
J u ly ’ 19
80% 82
K a n sa s C it y S o u 1st g o ld 3 s . 1950 A
59% 60% 59%
59%
59% 64%
R e g i s t e r e d ................................... 1 9 5 0 A
78 O ct '0 9
R e f A I m p t 5 s ................ A p r 1 9 5 0 J
81% 84
82% A u g T 9
81% 88
K a n s a s C it y T e r m 1st 4 s . . .1 9 6 0 J
74% Salo 74
75
74
81
L a k e E r ie A W e s t 1 st g 6 s . . 1 937 J
83% 89
85
J u ly ’ 19
85
90
2 d g o l d 6 s .............................. 1 941 J
68
71
80% F o b T 7
N o r t h O h io 1 s t g u a r g 6 s . . 1 9 4 5 A
65
Sale 65
65
65
85%
L eh V a l N Y 1st g u g 4 H S ..1 9 4 0 J
85% 87% 87%
87%
83% 92
R e g i s t e r e d ................................... 1940 J
89 O ot T 7
L e h ig h V a l ( P a ) c o n s g 4 s . . 2 0 0 3 M N
72 % 77
74% J u ly ’ 19
74% 80%
O e n e r /O c o n * 4 U s
2 0 0 3 IW N
_____ 83% 80% J u ly ’ 1 9 ____
90
85

• No price Friday; latest bid and asked this week,




a

Due Jan.

t Due Feb.

BONDS
N. Y . STOCK EXC H A N G E
W eek en din g A n g . 8
L e h V T e r m R y 1 s t g u ? 5 s . .1 9 4 1
R e g i s t e r e d ...................................1 941
L e h V a l R R 1 0 -y r c o l l 6 s . . n l 9 2 S
L e h V a l C o a l C o 1st g u g 5 s . 1933
R e g i s t e r e d _________ _________ 1 9 3 3
1 s t ln t r e d u c e d t o 4 s ______ 1 9 3 3
L e h A N Y 1 s t g u a r g 4 s _____1 9 4 5
R e g i s t e r e d ___________________ 1 9 4 5
L o n g I s ld 1 s t c o n s g o l d 5 a . . 5 1 9 3 1
1 s t c o n s o l g o l d 4 s _________ 5 1 9 3 1
G e n e r a l g o l d 4 s _____________ 1 9 3 8
F e r r y g o l d 4 H a ......................1 922
G o l d 4 s ______________________ 1 932
U n i fie d g o l d 4 s _____________ 1 9 4 9
D e b e n t u r e g o l d 5 3 _________ 1 931
1 2 0 - y e a r p m d e b 5 s _________ 1 9 3 7
G u a r r e fu n d in g g o l d 4 s . . . 1 9 4 9
R e g i s t e r e d ________________ 1 9 4 9
M Y B A M B 1 s t c o n g 5 3 .1 9 3 5
N Y A R B l s t g o l d 5 s _____1 9 2 7
N o r S h B 1 s t c o n g g u 5 8 .0 1 9 3 2
L o u is ia n a A A r k 1 s t g 5 s _____ 1 9 2 7
L o u is v i lle A N a s h v g e n 6 s . .1 9 3 0
G o l d 5 s .................................. . . 1 9 3 7
U n ifie d g o l d 4 s ____________ .1 9 4 0
R e g i s t e r e d _________________1 9 4 0
C o ll a t e r a l t r u s t g o l d 5 s . . . 1 9 3 1
L C ln A L e x g o l d 4 H S - - - 1 9 3 1
N O * M 1 s t g o l d 6 s ______ 1 930
2 d g o l d 6 s ...................... . . . 1 9 3 0
P a d u c a h & M e m D l v 4 s . .1 9 4 0
S t L o u is D l v 1 s t g o l d 6 s . .1 9 2 1
2 d g o l d 3 s .......................... . 1 9 8 0
A t l K n o x A C i n D l v 4 s . . .1 9 5 5 IV N
I
A tl K n o x * N o r 1st g 5 s . . 1946 J
D
H e n d e r B d g e 1 s t 3 f g 6 s . .1 9 3 1
K e n tu c k y C e n tr a l g o ld 4 s . 1987
L e x A E a s t 1 s t 5 0 -y r 5 s g u 1 9 6 5
L A N A M A M 1st g 4 H 3 1945
L A N - S o u t h M J o in t 4 s . .1 9 5 2
R e g i s t e r e d _______________5 1 9 5 2
N F la A S 1st g u g 5 s _____1 9 3 7
N A C B d g e gen g u g 4 H 8 .1 9 4 5
P e n s a c A A t l 1 s t g u g 6 s . .1 9 2 1
8 A N A la c o n s g u g 5 s . . . 1 9 3 6
G e n c o n s g u 5 0 - y e a r 5 s .1 9 6 3
L A J e ff B d g e C o g u g 4 s ___ 1 9 4 5
M a n i l a R R — S o u lin e s 4 s ___ 1 9 3 6
M e x I n t e r n a t 1 s t c o n s g 4 s . .1 9 7 7
S t a m p e d g u a r a n t e e d ______ 1 9 7 7
M id la n d T e r m — 1 s t s f g 5 8 .1 9 2 5
M i n n S t L o u is 1 s t 7 s ................ 1 9 2 7
P a c i f i c E x t 1 s t g o l d 6 s _____1921
1 s t c o n s o l g o l d 5 8 __________ 1 9 3 4
1 s t A r e fu n d in g g o l d I s . . .1 9 4 9
R e f A e x t 5 0 -y r 5s S er A . . 1962
D e s M A F t D 1st g u 4 3 ..1 9 3 5
I o w a C e n t r a l 1 s t g o l d 5 s . .1 9 3 8
R e f u n d in g g o l d 4 s ........... 1951
M S t P A S S M c o n g 4 s ln t g u .l9 3 8
1 s t c o n s 5 s ....................................1 9 3 8
1 s t C h i c T e r m a f 4 s ________ 1941
M S S M A A 1st g 4 s ln t g u . ’ 2 6
M is s is s i p p i C e n t r a l 1st 5 s ___ 1 9 4 9
M is s o u r i K a n s a s A T e x a s —
1 s t g o l d 4 s _____ ______________ 1 9 9 0
2 d g o l d 4 a ................................ 1/1990
1 s t e x t g o l d 5 s ______________1 9 4 4
1 s t A r e fu n d in g 4 s ________ 2 0 0 4
T r u s t C o c e r t fs o f d e p ________
G e n s in k in g fu n d 4 H a . . 1 9 3 0
S t L o u ts D l v 1 s t r e f g 4 s . . 2 0 0 1
5 % secu red n otes “ e x t” TO
D a l i A W a c o 1st g u g 5 s . . 1 9 4 0
K a n C i t y A P a c 1st g 4 s . . 1 9 9 0
M o K A E 1 s t g u g 5 s _____1 9 4 _
M K A O k la 1st g u a r 5 s . .1 9 1 2
M K A T o f T 1st g u g 5s 1 9 4 2
S h e r S h A S o 1 s t g u g 5 s . .1 9 4 2
T e x a s A O k la 1st gu g 5 8 -.1 9 4 3
M is s o u r i P a c i f i c (r e o r g C o ) —
1 s t A r e fu n d in g 5s S e r A . . 1 9 0 5
1 s t A r e fu n d in g 5 s S e r B a 1 9 2 3
.
1 s t A r e fu n d in g 5 s S e r C . . 1 9 2 6
G e n e r a l 4 s .................................1 9 7 5
M is s o u r i P a c 1 s t c o n s g 6 s . .1 9 2 0
4 0 - y e a r g o l d lo a n 4 s .............. 1 9 4 5
3 d 7 s o x t e u d e d a t 4 % _____ 1 9 3 8
B o o n v S t I. A S 1st 5 s g u .1 9 5 1
C e n t B r U P 1 s t g 4 s _____ 1 9 4 8
P a c R o f M o 1st e x t g 4 s . . 1938
2 d e x t e n d e d g o l d 5 s _____ 1 9 3 8
S t I. I r M A S g e n c o n g 5 s 1 931
G e n c o n s t a m p g u g 5 s . . 1 931
U n ifie d A r e f g o l d 4 s . . 1 9 2 9
R e g i s t e r e d ______________ 1 9 2 9
R iv A G D lv 1st g 4 s . ..1 9 3 3
V e r d i V I A W 1 s t g 5 s ___ 1 9 2 6
M o b A O h io n e w g o l d 0 a _____1 9 2 7
1st e x t g o l d 0 s ______________5 1 9 2 7
G e n e r a l g o l d 4 s ______________ 1 938
M o n t g o m e r y D l v 1 s t g 5 8 .1 9 4 7
S t I .o u la D l v 5 s .......................1 9 2 7
S t L A C a ir o g u a r g 4 s .
. 1931
N a s h v C h a t t A S t L 1st 5 s . . 1 9 2 8
J a s p e r B ra n ch 1st g 6 s . ..1 9 2 3
N a t R y s o f M e x p r Hen 4 H a . 1 9 5 7
G u a r a n t e e d g e n e r a l 4 s _____ 1977
N a t o f M e x p r io r Hen 4 H 8 . 1 9 2 6
1 s t c o n s o l 4 s _________________ 1951
N e w O r le a n s T e r m 1 s t 4 s . . . 1 9 5 3
N O T e x A M e x i c o 1st 6 s . . . 1 9 2 5
N o n - c u m I n c o m e 5 s A _____1 9 3 5
N ew Y o r k C e n tra l R R —
C o n v d e b 0 8 .............................. 1 9 3 5
C o n s o l 4 s S e r ie s A ................ 1 9 9 8
R e f A I m p 4 H s ’ ’ A ” ______ 2 0 1 3
N e w Y o r k C e n t A H u d R iv —
M o r t g a g e 3 H s ................. . . . 1 9 9 7
R e g i s t e r e d .............................. 1 9 9 7
D e b e n t u r e g o l d 4 s ................. 1 9 3 4 M N
R e g i s t e r e d ..............................1 9 3 4 M N
L a k e S h o r e c o l l g 3 H s ____ 1 9 9 8 F
A
R e g i s t e r e d .................
1998
M l c b C e n t c o ll g o l d 3 H s . . 1 9 9 8
R e g i s t e r e d ............. ................1 9 9 8
B a t t le C r A S tu r 1st g u 3 a . 1 9 8 9
B e e c h C r e e k 1st g u g l a . . 1 930
R e g i s t e r e d _______________ .1 9 3 0
2 d g u a r g o l d 5 s .................... 1 9 3 0
R e g i s t e r e d ........... ..............1 930
B e e c h C r E x t 1s t g 3 H 3 - M 9 5 1 A
O
D
C a r t A A d 1 s t g u g 4 a _____1 981 J
G o u v A O s w e 1st g u g 5 a . . 1 9 4 2 J
D
M o h A M a i 1st g u g 4 a . . . 1 9 9 1 M
S
N J J u n e R g u a r 1st 4 s . . . 1986 F A
N Y A H a r le m g 3 H a _____2 0 0 0 IW N
N Y A N o r t h e r n l a t g 6 8 .1 9 2 3 A
O

0 Due June.

&

Due July,

n Due Sept.

20

70

90
85
82%

97%
92
84

“ 97 % : : : :
83
83%
8 1 % _____
94% 97
92% 93
_____ 105%
97% 102
78% 89%
9934 _____

53
57
74
76
95% 100
1 0 0 % _____

77
94

Salo
95%

86 % 100%

67%

71%

J u l y ’ 18

" 9 5 " J u iy T 9
86
96
79
J u n e '1 9 .
8 6 % M a r ' 19 .
9 9 % O o t '0 6 .
______
7 5 % M a y ’ 1 9 --------j 7 5 %
75%
81
J u n o ’ 19 --------1 7 6
84
73
73
5 73
77%
75
75
14 7 5
77
95
Jan ’ l l
92
92
1 92
94
92
92
92
A p r T 9 ------9 0 % J u n e '1 9 . . . .
9 0 % 91
88%
87
87
2 82
10 8
F e b T 9 ____ 1 0 8
108
9 7 % A p r T 9 --------1 9 7 % 1 0 0 %
83
84
16, 8 3
88%
96% Jan T 7
__
9 7 % J u n e ’ 1 9 _____
97% 100
94% J u ly ’ 1 9
93%
94%
101
A p r T 9 --------1 0 3 % 1 0 5 %
100
J a n T 9 --------1 0 0
100
79% Jan T 9
79%
79%
101% J u l y ’ 1 9 --------10 0
101%
55
J u ly ’ 19 . . . . 54%
67
7 0 % J u l y ’ 1 9 -------75% 79
95
N o v ’ 1 8 ____
1 0 1 % J u l y ’ 1 9 ,--------1 0 1 % 1 0 1 %
77
77
1 75
80%
9 4 % M a y ’ 19 . . . . 9 2 %
95%
8 6 % J u l y ’ 1 9 1- 8 5 %
87%
71%
71%
1 71
73
95
F e b '0 5
95
J u l y '1 9 -------95
95
9 7 % M a y ’ 101
1 0 1 % J u l y ’ 1 9 _____1 0 1 %
101%
96% J u n e’ 1 9 1 06%
96%
9 2 % J u l y ’ 1 9 --------- 9 2 % 9 3
00
J u l y ’ 1 8 -------

Price
F r id a y

Aug. 8

_

?

-

1

[V o l . 109.

---------

00

~ 7 MarTO I I II
7~
75
91%
101
97%
77%
44%
46%
60%
'7 8 %
43
83%
90*4
92
93%
95
64%
35%
29
45
46%
34
27

53 _____
40% 51

85
91
88%
57%
99%
80
72%

85%
92
Sale
Sale
Sale
_____
_____

N o v ’ 1 0 _____
J u n o ’ 1 7 -------J u l y ’ 1 9 -------A p r T 9 _____
J u l y ’ 1 9 _____
46
I 24
J u l y ’ 1 9 _____j
. .
Fet) T 5 |
J u l y ’ 1 9 -------43
l'
81%
13
J u l y ’ 1 9 _____
Jan T 7
J u n o ’ 19 -------D e o TO
65
36
J u l y ’ 19
45
20
J u l y ’ 1 9 -------J u l y ’ 1 9 _____
J u l y ’ 19

69%
53
40%
70
57
51
50

Apr T 7
Apr T 9
J u ly ’ 1 9 ------Apr T 9
J u ly ’ 19
D e c TO
J u ly ’ 19 -------

-

BONDS
N . Y . STOCK E X C H A N G E
W eek en din g A u g . 8

New York Bond Record— Continued— Page 2

85
91% A u g T 9
88%

" 7 2 " *72%
8 9 % _____

.59%
99%
O ot T 8
Apr T 7
F eb T 3
J u n e’ 19
J u ly ’ 19
M a y ’ 10
95
J u ly ’ 14
78
O ot T 7
Aug T 9
J u ly ’ 19

1 0 2 % _____

102%

1 0 2 ft

"0 0 % "8 4 %
80% 90
89
90
05
05%
" 7 7 " "Sale

96% 99% 98%
------- 0 9
08
84
88% 87%
85 _____ 87
78% 80% 80%
------- 99% 99%
100% 104% 110%
50
35
H U ~ 60
96%
21
_____ 65% 65
95% Sale 95%
55
Sale 54%

90%
03
73% J u ly ’ 19
78
78

70

70
08%
79%
79
05%
65%
60%
75

Salo

"80 " " 8 l"
" 0 2 % *04%
_____ 70%
03% 70

70
J u ly ’ 19
81%
N o v ’ 18
J u ly ’ 19
M a y ’ 19
J u n e ’ 19
M a r ’ 17

92

94%

53
40%
70
50%

53
50
71%
68

50

50

68

9

239
2

03

80%
89
94

J u ly ’ 19
J u ly ’ 19
J u ly ’ 19
A p r T 9 ____
J u ly ’ 19
J u ly ’ 19
M a r 17
M arT O -----A u g TO
F eb ’ 13
Aug T8
65ft
00
58%

06*4 Sale
70% 74>2
78
Sale

70% 80
42
48%
83% 89
96*4 97*4

83% 87%
90% 04%
38% 02
57
03%
98% 100

88%

57
99%
58
82
00
68
82
89
95
02
77
80%
74
,9 2

_

82
89
97%

7 7 " "8 2 %
72% *77%
92
92
102% 105%
98% 98%
03

68

86% 91
86% 87
80% 81%
98% 100
60

69

65
94
50

03*4
97%
0212

90% 100%

73%
78

78%
86

70
68%
79%

73
71
86

64 *
02%
05

08
67
70

80

80

97%

97%

” 50% H I
_____ 87

86% D eo T 8
95% N o v ’ 10
8 8 % _____ 104 M a y ’ 10

*60
7 5 * 4 ______
91%
7 7 % --------71% . . . .
7 2 % ---------------98%

0 Due Oot.

49

N o v ’ 10

SO "
89%
80
97%

M a y ’ 19
F e b TO
M a y ’ 17
F eb T 9

1 Option sale.

8

N Y C e n t t H B R R (C o n )—
N Y i P u 1 s t c o n a g u g 4 8 .1 9 9 3 A
P in o C r e e ls r e g g u a r 6 a ------- 1 932 J
B W A O o o n la t e x t 5 8 - - A 1 9 2 2 A
B u t la n d l a t c o n g 4 H a — 1941 J
O g A L C h a m l a t g u 4a g . 1 9 4 8 J
R u t - C a n a d a l a t g u g 4 s . 1949 i
B t L a w r A A d lr l a t g 5 a . . - 1 9 9 6 J
2 d g o l d Oa________________ 1 996 A
U t i c a A B lk R l v g u g 4 8 . - 1 9 2 2 J
L a k e S h o r e g o l d 3 H s ........... 1997 J
B e g i a t e r e d _________________1 997 J
D e b e n t u r e g o l d 4 b ----------1 928 M
1
2 5 - y e a r g o l d 4 a ___________ 1931 IY
R e g i s t e r e d .........................1931 M
K a A A G R la t g u o 5 a .- - 1 9 3 8 J
M a h o n C ’ l R R l a t 5 a --------1934
P it t a A L E r ie 2 d g 5 a . . . a l 9 2 8
P it t a M c K A Y l a t g u 6 a . .1 9 3 2
2 d g u a r a n t e e d 6 a ________1931
M lo h l g a n C o n t r a l 6 a ----------1931
R e g i s t e r e d ............................. 1931
4 s ................................................1 910
R e g i s t e r e d ........... ............ 1 940
J L A S la t g o ld 3 H S ---1 9 5 1
1 s t g o l d 3 H s ---------------------1 952 M
2 0 -y e a r d e b e n tu r e 4 a . .1 9 2 9 A
N Y C h i A S t L l a t g 4a - . 1 9 3 7 A
R e g i s t e r e d _________________1 937 A
1
D e b e n t u r e 4 s -------------------1931 IY
W e s t S h o r e l a t la g u a r . - . 2 3 6 1 J
R e g i s t e r e d --------------------------3 301 J
N Y C L in e s e q t r 5s . - 1 9 1 9 -2 2 M
E q u ip tru a t 4 H 8 ..1 9 1 9 - 1 9 2 5 J
N T C o n n e c t 1s t g u 4 H a A . .1 9 5 3
N Y N H A H a rtfo rd —
N o n - c o n v d e b e n 4 a ............. 1 947
N o n - c o n v d e b e n 3 ) 4 8 ------- 1 947
N o n - c o n v d e b e n 3 H s ------- 1 951
N o n - c o n v d e b e n 4 a ------------19 5 5
N o n - c o n v d e b e n 4 s ------------1 956 M

C o n v d e b e n t u r e 3 H a ----------1 950 J
C o n v d e b e n t u r e Oa---------------1 9 4 8
C o n a l t y n o n - c o n v 4 a --------1 9 3 0
N o n - c o n v d e b e n 4 a ------- 1 9 5 4
N o n - c o n v d e b e n 4 s _____ 1 9 5 5
N o n - c o n v d e b e n 4 a _____1 955
N o n - c o n v d e b e n 4 a --------1950
H a r le m R - P t C h e a l a t 4 8 .1 9 5 4 ltd
B A N Y A ir L in e l a t 4 a . .1 9 5 5
C e n t N e w E n g l a t g u 4 a . .1 9 0 1
H a r t f o r d S t R y l a t 4 a _____1 9 3 0 M
H o u s a t o n l c R c o n a g 5 a . . 1 937 M
N a u g u t u c k R R l a t 4 8 -------- 1954 M
N Y P r o v A B o s to n 4 a .-.1 9 4 2 A
N Y W ’ c h e a A B la t aer I 4 H a ’ 46
B o s t o n T e r m in a l la t 4 a . . . 1 9 3 9
N e w E n g l a n d c o n a 5 a ------- 1945
C o n s o l 4 s ......... ............. . . . 1 9 4 6
P r o v i d e n c e S e o u r d e b 4 a . . 1 957
P r o v A S p r i n g f ie l d l a t 5 a . 1 922
P r o v i d e n c e T e r m l a t 4 a ___ 1950
W A C o n E a st la t 4 V 4 a ...l 9 4 3
N Y O A W r e f l a t g 4 a ____ 0 10 9 2
R e g i s t e r e d * 5 , 0 0 0 o n l y . . 1992
G e n e r a l 4 a _______ ___________ 1 956
N o r f o l k S o u l a t A r o f A 6 s . .1 9 0 1 F
N o r f A S o u l e t g o l d 5 s .............. 1941 IW
N o r f A W e s t g e n g o l d Oa_____1931 M
I m p r o v o m o n t A e x t g 6 s . .1 9 3 4
N e w R i v e r l a t g o l d Oa------- 1 932
N A W R y la t c o n s g 4 a . .1 9 9 0
R e g i s t e r e d _________________1996
D l v ’ l l a t lie n A g e n g 4 8 .1 9 4 4
1 0 - 2 5 - y e a r c o n v 4 8 _______1932
1 0 - 2 0 - y e a r c o n v 4 s ........... 1 9 3 2
1 0 - 2 5 - y e a r c o n v 4 X a . . . 1 938
1 0 - y e a r c o n v Oa ( w 1)— 1 929
P o o a h C A O J o in t 4 a . . . 1 9 4 1 J
0 O A T l a t g u a r g o l d 5 8 .1 9 2 2 J
B c lo V A N E l a t g u g 4 a . . 1 9 8 9 M
N o r t h e r n P a c if i c p r io r lie u ra il
w a y A la n d g r a n t g 4 a ------- 1997
R e g i s t e r e d ______ __________ 1997
G e n e r a l lie n g o l d 3 a ______ n 2 0 4 7
R e g i s t e r e d _______________ a 2 0 4 7
R e f A I m p 4 H a aer A ______ 2 0 4 7
S t P a u l-D u lu t h D lv g 4 a . .1 9 9 8
B t P A N P g e n g o l d O a. . . 1 9 2 3
R e g i s t e r e d c e r t if i c a t e s . . 1 9 2 3
S t P a u l A D u lu t h la t 6 a . .1 9 3 1
la t c o n s o l g o l d 4 a ............. 1 908
W a s h C e n t la t g o l d 4 a _____1 948
N o r P an T e r m C o la t g 6 a - .1 9 3 3
O r e g o n - W a s h 1 st A r e f 4 a . . . 1 9 0 1
P a o lf l o C o a s t C o l a t g 5 a . . .1 9 4 6
P a d u c a h A I lls t a t a f 4 H a . . 1955
P e n n s y lv a n ia R R 1 st g 4 a . .1 9 2 3
C o n a n l g o l d 5 a ______________1919
R o g l s t o r o d _________
1 919
C o n s o l g o l d 4 a --------------------- 1943
C o n s o l g o l d 4 s ______________ 1 948
C o n a o l 4 H 8 _________________I 9 6 0
O e n o r a l 4 H a .............................. 1906
G e n e r a l 5 a . . _______
1 908
A llo g V a l g e n g u a r g 4 a . . . 1 942
D R R R A B ’ g e la t g u 4a g 1 930
P h t la B a l t A W la t g 4 s . . 1 9 4 3
S o d u a B a y A S o u l a t g 6 8 .1 9 2 4
B u n b u r y A L e w is l a t g 4 8 .1 9 3 6
U N J R R A C a n ge n 4 a . .1 9 4 1
P e n n s y lv a n ia C o —
G u a r la t g o l d 4 H a ------------1 ,,2 !
R e g i s t e r e d ________________ 1921
G u a r 3 H a c o ll tr u s t r e g A 1937
G u a r 3 H a c o ll tr u s t aer B .1941
G u a r 3 H a tr u s t c t f s C . . . 1 9 4 2
G u a r 3 H a tru a t e t f s D ___ 1941
G u a r 1 5 - 2 5 - y o a r g o ld 4 a . . 1 9 3 1
4 0 - y e a r g u a r 4s o tfa S e r E 1952
O ln L e b A N o r g u 4 s g . . . l 9 4 2
O L A M a r 1st g u g 4 H a . - . 1 9 3 5
0 1 A P g e n g u 4 H a aer A . 1942
S e r ie s B _ . ..............................1 9 4 2
In t re d u ce d to 3 H 8 ..1 9 4 2
S e r ie s 0 3 H a .........................1 918
S e r ie s D 3 H a .......................1950
E r ie A P it t s g u g 3 H a B .1 9 4 0
S e r ie s C ............. ..................... 1 9 4 0
O r R. A 1 n t la t g u g 4 H a . 1941
O h io C o n n e c t la t g u 4 8 . . . . 1 9 4 3
P it t a Y A A s h la t c o n a 5 a . 1927
T o l W V A O e il 4 H a A . . 1931
S e r ie s B 4 H a ...................... 1933
S e r ie s c l a ......................
1942
P O C A S t L « □ 4 H a A . .1 9 4 0
S e r ie s B g u a r ____________ 1 0 4 2
S e r to e C g u a r ____________ 1 9 4 2
S e r ie s D 4 s g u a r __________1945
S e r ie s E 3 '^ s g u a r g o l d . 1 9 4 9

id
A sk
7 1 U _____
1 0 3 1 * _____
9 8 5 * _____
7 5 ' * _____
60
--------

8 4 7 * _____
96
_____
_____
7 1 i2
693* 7 2
86
871 2
8 4 i2 S a le
_____
87

N
N

J
J
O

J
J
M

J
J
S
N

O
O
O
N
J

N

5 5 '*
5 5 '*
5 0 '*
5 5 '*
5 5 '*
5 0 '*
787*

N

A
J
S

_____

40

J
0

8
S
D
A
N
A

_____

J

74%
85
84

5
....
—

71
75
74
99%

76%
81%
78-34
99%

—

73

8Q3 4

---_____
_____
....
....

53
50
50
63
49
49%
787*

501*
51
52
507*
59%
52

6
1
6

11
37
•—

1 0 6 % M a y ’ 15
87
J u l y ’ 14
83
Aug T 3
48
477* 4 7 %

88

.......................
49

58

13

50%

62%

427*

54

40

70
8 e p t ’ 17
40
J u n e ’ 19 . . . .
997* D e o 13
8 8 -% F e b ' 14

4 0 '*

67*4 S a le 0 6 %
92%
_____
70
60
60,%
65
68
89
1 0 6 1 s _____ 1 0 9 %

122

93%
80%
84%
117%
104%
107
120
1 0 5 i2 S ale 1 0 5 %
83*4 8312 8 3 %
103
7712 7 9 ij 8 0
77U
72

N

701*
80%
80

_____
... J

J u l y ’ 19
J u l y ’ 19
J u l y ’ 19
J u l y ’ 19
J u l y ’ 19
50%
si
O ot T 7
J a n '1 2
J u l y ’ 18

10012 . . . I 1 0 8 %
S03 4 8 1 % 8 1

D

84

40

907 8

J
J

J

82

5 0 % J u l y ’ 19 - —
7334 D e c ’ 18
79% D e c T 7
58
J u l y ’ 19 . . . .

_____ 5 0
7 5 ' 4 _____
7 3 U _____
5 7 i 2 6 0 '*

N
N
O

N
1
8

56%
50%
50%
54%
55
50%
787*
50
91%
60

_____
_____
51
59
59
5 0 '2
S a le

51

N
J

8 OI4

67i|
J iin e '1 2
Apr T 8
66%
M a y ’ l!
J u n e ’ 19
N o v ’ 16
M a y ’ 19
81%
D e o TO
J u l y ’ 19
F ho T 9
M a y ’ 19
A p r 19
107%
83%
S o p t ’ 10
J u l y '1 9

79%
73-34 791* 7 8 %
807* J u l y ’ U
57
5 6 '* S a lt 5 6 %
57% M a y ’ l l
_____
567j
84
J u ly ’ l l
82
81
70
M a y 'l l
76
80
J u n e 'l l
1 0 0 5 * _____ 102
100% M a y ' l l
97
F eb T 9
9 0 ’ i -------78
D ee T 8
3 7 % D en ' l l
1 0 0 '2 1091 1 0 7 % J u n e ’ 19
737*
7i
737* S a l
85
M a y 'l l
_____ 8 5
10 0 % F o b '17
953* A p r '111
94*4 97
,997* A p r ' l l
9914100
9 9 % F e b 'I !
9 9 '* 991
8 7 % J u n e 'l l
8 5 '* 9 0
86
863
86
80
901* S a l
91%
90'
827* 8 3
84%
84-3
92
Sal
9 134
92'
____
85
87%
87'
855* . . .
84% S o p t’ lf
87-3* . . .
8 7 % J ud ’ l l
783* . . .
841.1 . . .

92

78
87

86

05
70
--------------------

—
3
_____

—

65
89
10 8

....
—

797*
84

....

70

37

.-21 1

81

....
28
—
-...
.. . .
« ...
....
. . . .

783* 88
79% 82
5 6 '* 017*
57% 5 7 t2
84
90
70
70
10 2
104%
1003* 1 0 0 '*
97
98%

i
....

107% 107%
737* 797*
85
88

—
957*
....
99%
—
i 09%
—
! 87%
85%
2<J 9 3 %
84%
10
91-34
86%
—
—
87%

D eo 'I '

—

;

-a

| 78

953»
99%
99%

88
89%
90%
897*
97%
87%
87%

—

fa n

’ ll

2

D en ’ If —
J u l y ’ !! . . . .
F e b ’ 1< —
J u l y ’ l l 1 ------M ay’l’ ....
M a y 'l l ! . . . .
D oc T
Feu T
.„
G ot T
. .
F eh ' 1
88
V ir •
> ...
7934 M a y ' l 1 . . .
...
87
June’ l
83% A pr T
— 93
M a y 'l ) . . .
-1834 A p r T
- ____
92
D on T
8 8 % S e u t ’ l ____
....
913* J u l y 'l
....
9 2 % J a n 'I
99
J u n e ’ l ' ____
90% S e p t’ 1 . . . .
—
90% S o p t’ l

86-34
80%
85%
823*
96%
96*4
101
90%
90%
.
88%

92'1
. . . _
93 |
. . . .1

82
84%

104% 104%
155 1 0 5 % 110%
1 83% 80

78

...
95
....
. . .
. . .
. . .
. . .
70' 4
84
. . . .
. . . _
. . . .
. . . _
. . .
. . . .

69%
89
109%

107% 108%
3
79
86%

973.1
98
98
J u ly ’ l l

071 1 9 3
907* . . .
7734 . . .
743* 8 6 ?
7612
851.4
797*
82%
89
91%
91%
75%
77
7 7 '*
75%
77%
81%
87%
90%
90%
90%
80%
91-34
91-3.1
91-3(
00%
90%

9

a Duo Jan.

ft Due Feb.

g

;

97
9 0 Tt

98%
98
78

8334 8 0 %
8 5 % 87
813 4 823*
. . .
.. _
_____
.
. . . . - . .
-------- ----------__
79-3,
87
83%
- .

79%
87
83%

1 913*
1 92%

91%
92 *
4

i

. .
_____________

Duo Juno.

Y

STO CK E X C H A N G E
W e e k e n d in g A u g . 8

i

P
rice
F r id a y
A g. 8
u

P erio d

N

Low
H ig h H o . Low H ig h
78
80
7 8 U A p r ’ 19 —
L13
M a y '1 5
___
99
9 9 '*
9 9 % J u l y '1 9
7 7 % J u n o ’ 12 . . .
67
77%
6 1 % J u l y ’ 19 . . .
6 1 % 615*
67
F e b T 9 ___
67
07
01
N o v ’ 16
10 3
NOV T O
957* A p r T 9 ____
953* 957*
1 71 % 74
71%
71%
7 3 % N o v ’ 19
1 80
80
87
90
9
84%
857*
84% 89
937* N o v '1 7

....

2

BONDS

R ange
S in ce
Jan. 1.

S3
§ 3
§

9 4 l8 _____ 1 0 1 % D e o T 5
103
M a y ’ 17
1 0 2 -3 *_____ 1 3 0 '* J a n ’ 0 9
100 U _____ 1 2 3 % M a r ’ 12
99% A u g T 7
9 1 3 4 _____
9 8 % N o v ’ lS
9 2 1 4 _____
M ur T9
7 8 '* 807* 8 4
87
F eh T 4
90
J u n o ’08
7 0 ' * _____
7 4%
72
74U 74%
_____
8 0 '4 8 0 % J u l y ’ 19
81
81
S a le 8 1
85
N o v ’ 17
76
7412 S a le 7 4 %
75%
70
_____ 7 7 '*
74
783* 7 8 % J u l y ’ 19
99% F eb T 9
9 9 1 2 _____
9 3 % J u l y ’ 17
95
102
_____
857* 8 4 % J u l y ’ 19

• No price Friday; latest bid and asked,




W eek ’ s
R ange or
L a s t S al*

P r ic e
F rid a y
A ug. 8

BONOS
N. Y . ST O C K E X C H A N G E
W e e k e n d in g A u g .

567

New York Bond Record— Continued— Page 3

A u g . 9 1919.1

W e e k 's
R ange or
L a s t S a le

Lto
o
mm
m
m

* 3

R ang*
S in e »
Jan. 1.

Hh
ig

N o . L ow
H ig h
B id
A sk 1
P . O . C . A S t . L ( C o n .) —
903* .
91
S e p t ’ 18
D
S e r ie s F g u a r 4a g o l d ___ 1 9 5 3 j
I I 8 8 i* 9 1
90S*
905*
9 0 % .. . . .
M N
S e rie s G 4a g u a r -------------- 1 9 5 7
. 1 91
91
Apr T 9 .
A
91
._____ 9 1
S e r ie s I c o n a g u 4 H a — 1 963 F
102
J u n e ’ 19 _____ 1 0 1
O 1007* 1017* 101
O S t L A P l a t c o n a g 5 a . .1 9 3 2 A
100
J u n e ’ 17
F
Q
P e o r i a A P e k i n U n l a t Os g . . 1 921
87
M a r ’ 16
2 d g o l d 4 H a ............................6 1 9 2 1 M N
83
90
83
85
83
S a le
P e r e M a r q u e t t e 1 s t S e r A 5 8 .1 9 5 6
6814 7 2 i i
697*
70
687* 7 0
1 s t S e r ie s B 4 s ......................... 1 9 5 0
45
55
55
J u l y ’ 19
5 2 's 5 7
"i
P h il ip p i n e R y l a t 3 0 - y r a f 4a 1 9 3 7 y
99
Jan T 8
O
96*2 1 0 0
P it t a S h A L E l a t g 5 8 ............1 9 4 0 A
945* _____
97U D e c T 7
J
1 s t c o n s o l g o l d 5 a ___________ 1 943 J
80
8684
49
S a le 8 0
82
80
J
R e a d in g C o g e n g o l d 4 a ----------1 9 9 7 J
8U 2 8U*
7 9 i 2 8 1 % M a r ’ 19
J
R e g i s t e r e d ________. _______ 1 9 9 7 J
81
85
J u l y ’ 19
8212 8 1
81
J ersey C e n tra l c o ll g 4 s ... 1 9 5 1 A O
j
A t l a n t i c C i t y g u a r 48 g . . . l 9 5 l J
60
68
67
6 3 U J u l y '1 9
01
J
S t J o a A G r a n d Ia l l a t g 4a . . 1 9 4 7 J
S t L o u la A S a n F r a n ( r e o r g C o ) —
5812 6 4
5934 127
J 581* S a le 5 8 i 2
J
P r io r lie n S e r A 4 a --------------- 1 9 5 0
44
7 2 i2 79
7 2 i2
7 3 '*
J 7 2 i* 7 3
P r io r lie n S e r B 5 a _________ 1 9 5 0 J
6 2 i 2 713*
75
6 5 i2
63
S a le 6 2 i 2
O
C u m a d ju s t S e r A 6 a _____ 5 1 9 5 5 A
497* 3 0 1
40 1 2 5 6
4712 S a le 4 7 i 2
O ct
I n c o m e S e r ie s A Oa________ 5 1 9 0 0
102
106
10318 J u n e ’ 19
J 102
S t L o u la A S a n F r a n g e n 6 a . 1931 J
96U
981*
J
J
9 5 U 9 7 i4 9634 J u l y ’ 19
G e n e r a l g o l d 5 a ___________1931
78
M a y ’ 16
J
S t L A S F R R con a g 4 8 .-1 9 9 6 J
90
M a y ’ 17
O
S o u t h w D l v l a t g 5 a _____ 1 947 A
993* 997* 1 0 1
101
103U
101
K C F t S A M co n s g 0 a .1928 M N
6 6 '* 751*
69
671* S a le 6 7 l 2
O
K C F t S A M R y r e f g 4 8 .1 9 3 0 A
881* 9 0
88
J u l y ’ 19
891*
O
K C A M R A B 1 s t g u 5 8 .1 9 2 9 A
69
74
6 7 '4 697* 701* J u l y ’ 19
S t L S W l a t g 4a b o n d c t f a . . l 9 8 9 M N
617* 0 0
M a y ’ 19
57U
60
60
J
2 d g 4s In com e b o n d c t fs .p l9 S 9 J
61
5 7 i 2 651*
591* S a le 5 9 i*
C o n a o l g o l d 4 s ......................... 1 9 3 2 J D
583* 641*
61
60
60 s*
61
J
l a t te r m in a l A u n if y in g 5 a . 1 9 5 2 J
9812 J a n T 4
D
G r a y ’ s P t T e r l a t g u g 6 8 .1 9 4 7 J
641* 6 8
641* 6 7
6 4 i2 A u g T 9
J
8 A A A P a s s l a t g u g 4 a --------1 9 4 3 J
72
70
70
7 0 i* J u n e ’ 19
S e a b o a r d A ir L in e g 4 a ----------1 9 5 0 A O
74
68
6912 6 8
68
J u l y ’ 19
G o l d 4 s s t a m p e d ----------------- 1 9 5 0 A O
467* 4 7 i 2
47
5314
49
F A
A d ju s t m e n t 5 a ____________ o l 9 4 9
60
S a le 5 1
51
51
5U *
O
R e f u n d in g 4 a _______________ 1 9 5 9 A
74
80
731* 7714 7 7
J u n e ’ 19
A t l B lr m 3 0 - y r l a t g 4 a . . <1933 M : s
76
76
731*
76
Apr T9
J J
C a r o C e n t la t c o n g 4 a — 1949
1 0 0 U 10034
1031* 1 0 0 U A p r T 9
j 100
F la C e n t A P e n l a t e x t 6 a . 1 9 2 3 J
D ec T 5
- - - - 101
J 100
l a t la n d g r a n t e x t g 6 s . .1 9 3 0 J
90
9212
9 H 2 9 2 i 2 J u n e ’ 19
j
C o n s o l g o l d 5 s .................... 1 9 4 3 J
91U 93
93
J u l y ’ 19
j . . . . 93
J
94
94
933* 9512 941* A p r T 9
J
J
95U 96%
9 5 1* 9512 9 5 U M a y ’ 19
j
J

__ _

_ _

____

____

S o u th e rn P a c ific C o —
G o l d 48 ( C e n t P a o c o l l ) . . * 1 9 4 9
R e g i s t e r e d _______________ * 1 9 4 9
2 0 - y e a r c o n v 4 a ____________ 0 1 9 2 9 M
2 0 - y e a r c o n v 5 a .........................1934
C e n t P a c la t r e f g u g 4 s . . 1949
R e g i s t e r e d _________________ 1 9 4 9
M o r t g u a r g o ld 3 H 8 - - * 1 9 2 9
T h r o u g h S t L l a t g u 4 8 .1 9 6 4
G H A S A M A P l a t 5 s l9 3 l
2 d e x t e n 5a g u a r __________1931
G li a V G A N la t g u g 5 a . .1 9 2 4
H o u a E A W T l a t g 5 a . . .1 9 3 3
l a t g u a r 5a r e d ___________ 1933 M
H A T C l a t g 5a I n t g u . . _ 1 9 3 7
G e n g o l d 4a I n t g u a r _____ 1921
W a c o A N W d l v 1 s t g 6a *30
A A N W l a t g u g 5 a ..............1941
L o u is ia n a W e s t 1 s t O s _____1921
M o r g a n 's L a A T l a t 0 S . . 1 9 2 0
N o o f C a l g u a r g 5 a ________1 9 3 0
O r e A C a l la t g u a r g 5 a ___ 1 9 2 7
S o P a c o f C a l — G u g 5 a ___1 937 M
S o P a o C o a s t l a t g u 4a g . . l 9 3 7
8 a n F r a n T e r m l 1 s t 4 a ___ 1 9 5 0
T e x A N O c o n g o ld 5 a . ..1 9 4 3
S o P a c R R la t r e f 4a ............1 9 5 5
S o u t h e r n — 1 s t c o n a g 5 a _____1 9 9 4
R e g l a t e r e d _________________1 994
D e v e lo p A gen 4 a 8 e r A . . . 1950 A
M o b A O h io c o ll tr g 4 s ._ .1 9 3 « M
M e m D lv 1st g 4 H » - 5 3 — 1990 J
S t L o u la d l v l a t g 4 a ______ 1951 J
A la O t S o u l a t c o n s A 5 a . .1 9 4 3 J
A t l A C h a r i A L l a t A 4 H a 1944 J
l a t 3 0 - y e a r 6a S e r B --------1 9 4 4 J
A t l A D a n v la t g 4 a ________ 1 9 4 8 J
2 d 4a_______________
1948 J
A t l A Y a d 1 s t g g u a r 4 a . .1 9 4 9 A
E T V a A G a D lv g 6 a ...1 9 3 0 J
C o n a l a t g o l d 5 a __________1 9 5 0 M
I
E T e n n r e o r g lie n g 5 a ------- 1 9 3 « IV
G a M id la n d la t 3 a ................. 1 940
O a P a c Tty la t g Oa...............1 9 2 2
K n o x v A O h io l a t g Oa — 1 9 2 5
M o b A B lr p r io r Hen g 5s 1 9 4 5
M o r t g a g e g o l d 4 a ________ 1 945
R i c h A D a n d e b 5a a t m p d . 1 927
R i c h A M e e k la t g 6 8 -------- 1 948
S o C a r A G a l a t g 5 a ............ 1 9 1 9
V ir g in ia M id S e r D 4 - 5 a . . l 9 2 1
S e rie s E 5 a ............................1 9 2 0
S e r ie s F 5 a .................
1920
G e t “ r al 5 a --------------------------19 3 6
V a A S o ’ w 'n 1 s t g u 5 a . .2 0 0 3
la t e o n s 5 0 -y e a r 5 s _ . 1 95a
W O A W la t e y g u 4 a ------- 1 924
S p o k a n e I n te r n e t la t g 5 3 ..1 9 5 5
T e r m A s sn o f S t L 1st g 4 H a 1939
1st c o n s g o l d 5 a ______ 1 8 9 4 -1 9 4 1
G e n r e fu n d a f g 4 a -----------:_ 1 9 5 3
S t L M B r id g e T e r g u g 5 s . 1 930
T e x a s A P a r 1st g o l d 5 s ____ 2 0 0 0
2 n d g o ld I n c o m e 5 a ------------tf200n
L a D l v B L 1st g 5 a -------------1931
W M in W A V W 1st g u 5 a l9 3 0
T o l A O h io C e n f 1st g u 5 a . . 1 9 3 5
W e s t e r n D lv la t g 5 a --------- 1 935
G e n e r a 'g >ld 5a ...................... 1 935
K a n A M la t g u g 4 a ........... 199;
2 d 2 0 -y e a r 5 a ______ _____ 1 927
T o l P A W lat, g o l d 4 a _______ 1 9 1 7
T o l 3 t f, A w p r Hen g 3 H a 1 9 2 5
5 0 -y e a r g o l d 4 a ___________ ..1 9 5 0
C o ll tru a t 4a g S e r A ______ 1917
T ru s t c o c 'f s o ' d e p o s i t . . .
T o r H a m A B u tt 1st g t a . . 6 1 9 4 0
TJIater A D e l la f c o n a g 5 a . .1 9 2 8
Is*, r e fu n d in g e 4 a ___________ 1 952
U n i o n P a c i f i c 1 s t g 4 s ________ 1 9 4 7
R n i l u t e r e d . ____ ____________ 1 947
2 0 y e a r c o n v 4a ____________ 1927]
1st A r e fu n d in g 4 a ------- .0 2 0 0 *
1 0 -v e a r p e r m s e c u r e d 0 8 .1 9 2 *
O r e R R A V a v c o n g 4 a . .1 9 4 0
O - o S h o r t L in e 1st g 6 a . . . 1 9 2 2
1st c o n a o l g 5 a ----------------- 1 9 4 0
G u a r r e fu n d 4 a ___________ 1 9 2 9
U ta h A V o - g o l d 5 a _____1 920
1 s t e x t e n d e d l a ----------1 933
V a n d a " * c o n s g 4a S e r A --------1 9 5 5
C o n s o ls 4a S » r ie « B ________1 9 5 7
V e r a C r u * A r la t g o 4 H S .1 9 3 4

ftDueJuiy.

* Due Aug.

0 Due Oot.

D
D
S
D

A
A
D

o
N

J
N
N
N

J
O
N

J
J
J
O

J
N
J
O

J
J

J
J

o

M

697* 797*
32
701*
Feb T4
827* 877*
38
841*
9934 1 1 5
1 0 4 l2 1 5 1 3
24
75
83
76%
S e p t ’ ln
825* 85*4
J u l y ’ 19
J u l y ’ 19
75>2 8 0
O c t ’ 18
9634 J a n T 8
95
N o v ’ 18
925* 925*
923* J u l y ’ 19
100 O c t ’ 10
97
983 4
97
J u n e ’ 19
931* 945*
9 4 U J u n e ’ 19
94
94
94
M a r ’ 19
93
N o v ’ 18
IOOI4 O c t ’ 17
100
Apr T 8
1021* O o t ’ 18
957* 991*
957* J u l y ’ 19
975* 975*
975* J u ly . 19
9 2 l2 93
9 2 i 2 J u n e ’ 19
77
J u l y ’ 19
761* 803*
85
85
85
J u l y ’ 19
78-3* 8 3 1 2
783* S a le 783*
7 9 i2
8934 965*
8 9 l2 9 0 l 2 8 9 ’ 4
91
_____
9 D 2 1 0 0 % A u g ’ 16
6 4 l 2 63
70
6 4 i 2 S a le 6 4 i 2
653a
6S3 4
04
00
683 4 681* J u l y - 19
901* 9 1 i 4
871* 907* 901* J u l y ’ 19
701* 741 2
71
7 3 i* 7 2 's J u n e ’ 19
927* 9 3
8 7 1 2 --------- 927* J u l y ’ 19
S 7 l 2 881*
8 2 1 2 --------- 88 I4 J u n e ’ 19
9 U * 971*
9 1 i* S a le 911*
911*
74
74
657* 7 3
74
J u n e '1 9
8112 M a r ’ 16
75
F o b ’ 17
70
76
97
97
96
99
97
M a r '19
921* 9 7
96
J u l y ’ 1 9 -------95
100
92
95U
_____
94
92
J u l y '1 9 - - - ­
52
52
J a n T 9 -------52'. 8 5 5
_____ 10034 1003 4 M a y ' 1 9 -------- 1 0 0 l2 1 0 1
1 0 0 3 * --------- 1 0 0
o o t '1 8
85
97
U 2 O c t T 8 I -------_____
82
68
J a n ’ 1 8 1------- 1
957* 1 0 2
953* 9534
9534 J u l y ' 1 9 ------71
68
69>2 6 9
J n u e ’ 1 9 ,------- ! 6 9
99
100
9 9 1 2 A p r T 9 ] -------"963* I I " 1 0 2 i2 J u n e ’ l l -------963* 10 0
931* 963*
953* J u l y ’ 1 9 ] ------1 0 4 1 2 --------- 1 0 4 t2 D e c T O _____
957* 9 6 i 2 9 3
96
97
J u l y ’ 19
873* 9 4 i 2 815* B e u t ’ 18
70<4 7 0
i\ ~ ~ n
71
M a y ’ 19
8 6 ’ * --------- 937* M a r ’ 17
72
783* 7 5 ! 2 A p r T 9
751* 751*
9H*
861* 9 9 %
25
89
M a y ’ 19
9 3 i 2 947 8 9 4 78 J u l y ’ 19
931*
93
77
71
75
72
72
72
903 4 943* 9 2
92
92
J u n e ’ 19
871* 93
90
90%
90
90
______ 41
51
S t p t '1 8
75
. . . .
M 4
103% N ov'04
957* 9 2
.2
92
91
A p r T 9 -------87
87
87
J a n T 9 l -------85U 90
73
88%
70
73
73
J u l y ’ 1 9 -------761*
7 0 i2
73
73
J u l y ’ 1 9 -------92
97
90
88
92
J u l y ’ 1 9 , ------36
50
36
36
F et) T V -------7 5 '* T O '*
751
* 8 3 '2 7u l* F e h ’ 1»| _____
527 * 1 515* j u l y ' 1 9 -------56
45
40
13">8 M i r ’ 10
_____
20
18
A u g '1 8
71
85
80
Apr T 7
80l2 861* 8 0 % D e c T 8
____ 70
5*
S e p t ’ 17
843* S a le 8 4
40 | 8 4
897*
S43*
851* O o t 18
841* 851* 8 5
26 j 85
891*
851*
19 1 7 7
831*
7834 S a le ] 781*
79
3 5 102
105
1021* S a le 1 0 2 %
102-34
781* 8 5 i 2 781*
1 | 7 8 '* 86
781*
1007* S a le
13 1003* 1011*
1007*
5 1 9 5 % 987*
95U 98
95'
9514
4 | 841 * 88
8 4 U 847* 8434
841*
9 4 7 * _____
941* J u l y ’ 19 — I 9 4 i* 9 8
8334 8 S
89
F eb T 8
1
S01 2 A p r T 9 ......... 1 801* 801*
8 0 's J u n e ’ lS
""78% I " .
35
35
M a y ’ 19 _____'I 3 5
35
_____
697g

S a le

84
S a le
1 0 1 % S a le
75
S a le
_____
78%
8 2 >4 8334
______ 7 8
93
101
82% 97
92
102
8 0 1 2 --------9 1 78 _____
90
100
g3
90
94
______
91
95
9 9 ' a --------9938 1 0 0
9 4 7 * --------9 5 '* 90S*
971 2 --------91
931 2
7 2 !2 77

697*
90
84
9934
75
87>2
823*
78
100

lor*

v

Duo Nov.

1 Due Deo.

» Option safe.

New York Bond Record— Concluded— Page

BONDS
Y . STOCK EXCH AN OE
W e 8k e n d in g A u g . 8

IM
M
F
J
51
J
J
J
3 H e .................1 9 4 1 A
1
l a t g 4 a _____1941 IY
g u 3 H s _____ 1 9 4 5 F
F
A
l a t g 5 a _____1 9 3 7 J
A

V ir g in ia n l a t 5a a o rle a A _____1962
W a b a s h 1 s t g o l d 5 a ....................1931
2 d g o l d 5 a ........... .......................1931

O m D lv la t g
T o l A C h D lv
W a s h T e r in l la t

W est N Y & P a

K
N
A
J
s
J
J
o
fc
A
A
O
J
(.

W e s t e r n P a o 1 s t a er A 6 s . . . . 1 9 4 6 iV! s
o
W h e e l in g A L E 1 s t g 6a _____1 9 2 ( A
J
J
F
A
S
R e f u n d i n g 4 H 8 aorlea A . . I 9 6 0 M
s
R R l a t c o n a o l 4 a ____________ 194C M
J
W i n s t o n - S a le m 8 B l a t 4 a __196C J
J
J
(V N
I
S t r e e t R a ilw a y
B r o o k l y n R a p i d T r a n g 6a . . 1 9 4 5 A
l a t r e f u n d c o n v g o l d l a ___ 2002 J
3 -y r 7 % s e c u r e d n o t e a ..A 1 9 2 ] J

B k l y n U n E l l a t g 4 - 5 8 . . . 19 5 0
S t a m p e d g u a r 4 - 5 a ........... 1 9 5 (
K in g s C o u n t y E l a t g 4 a . .1 9 4 1
S t a m p e d g u a r 4 s ............. 1941
N a s s a u E l e c g u a r g o l d 4 a . 1951
C h i c a g o R y a l a t 6a ................... 1 9 2 ;
C o n n R y A L le t A ref g 4 H s l9 5 ]
S t a m p e d g u a r 4 H a ________1961
D e t U n ite d 1st c o n s g 4 M 0 --1 9 3 2
F t S m it h L t A T r 1s t g 5 s . . . l 9 3 e
H u d A M a n h a t 5a a e r A _____1957
A d ju s t in c o r a o 6a _________ 1957
N Y A J e r s e y 1 s t 5 a _______ 1932

I n t c r b o r o R a p T r a n la t 5 a . .1 9 6 6
M a n h a t R y ( N Y ) c o n s g 4 8 -1 9 9 0
S t a m p e d t a x - e x e m p t ........... 1990
M a n i l a E le c R y A I .t a I 5 a . .1 0 5 3
M e t r o p o lit a n S tr e e t R y —
B w a y A 7 t h A v l a t c g 5 8 .1 9 4 3
C o l A 9 t h A v l a t g u g 6 s . .1 9 9 3
L e x A v A P F l e t g u g 5 a . .1 9 9 3
M e t W S E l ( C h ic ) 1 s t g 4 a . .1 9 3 8
R e f u n d i n g A e x t e n 4 H e - -1 9 3 1
M o n t r e a l T r a m l a t A r e f 5 a . 1941
N e w O r l R y A L t s o n 4 >4a . . 1 9 3 5
N Y M u n l c l p R y 1st a f 5 s A 1 9 6 0
l » Y R y a l a t R K A r e f 4 a . . . 1042
C e r t if i c a t e s o f d e p o s i t _________
3 0 - y e a r a d j In c 6a _________ a 1042
C e s t if lc a t e s o f d e p o s i t _________
I f Y S ta te R ya la t c o n s 4 H a 1962
P o r t l a n d R y la t A r e t 6a ____ 1 9 3 0
P o r t ld R y L t * P l a t ro t 6 8 .1 9 4 2
P o r t l a n d G e n E l e c l a t 5 a .1 9 3 5

T h i r d A v e l a t r e l 4 a . ................ 1 9 6 0
A d ] I n c o m e 5 s _____________ alOOO
T h i r d A v e R y la t g 5 8 ..............1 0 3 7
T r l - C I t y R 7 A L t l a t 3 t 5 a . .1 0 2 3
U n d e r g r o f L o n d o n 4 H a _____1933
I n c o m e 6 a . ................................1 948
U n i t e d R y a f n v 5 s P it t a l a s . . 1 9 2 6
U n i t e d R y a S t L l a t g 4 a _____ti>34
S t L o u is T r a n s it g u 5 a _____1924
U n ite d liR a S a n F r a t t a . . . t 0 2 7

O
J
J

J
F
F
F
F
J
F
J
J
J
M
F

A
A
A
A
J
A
J
J
J
fc
A

97%
6 5 is
91
60%
73%
80%
56
97 %

70
65%
73
73%

60
75

71%
59
. 16%

J
O

J
M
M
F
F
J
J
J
J
J

D
S
A
A
J
J
J
J
J

40

A

O

12 %

M
M
F
J
M
J
J
A
J
A
J

N
N
A
J
W
J
J
O
.!
O
J

8

V1 N
J
J
A O
A
0

J

A u g ’ 12
F e b ’ 19
J a n ’ IE
J u l y ’ 19
A ug ’ li
58
J u l y ’ 19
D e e ’ 1*
O c t ’ 17
83%
J u l y ’ IE
F eb 'l l
M a r ’ 17
59%
J u l y ’ IE
J u n e ’ 19
J u ly * IE

68

J
A
A
M

S

80
67
74
72%
82
56
97%
70
36
83%
96
to o
90%
5912
65%
76
74

S a le
99

59
65
_____
69%

72
74%

33%
32
65i.|
69
70
78
63
58
65

57%
49%
77
77%
76

70
75%
75%
49%
63
48%
S a le

74
74%
63%
62
50
75
75
77
74*2
84
53%
10
90
33%
34%
65%
68 %
70
77

80
75

8 a Io
S a le
90
39
S a le
70
72

2*1

97*2

74

•
5
....

81%
96

86%

2

59%
59%
75
73%
72%

64
05%
76
80
77

57
43
75
76
7 2 ti

70
53

72
713 4
57

79%
79%

02

62
65
81

—
_____

2

5
74%
74%
J u l y ’ 19 —
Jan ’ l l . . . .
J u n e ’ lE
11
76%
J u l y ’ 1 9 j-------J u l y ’ 1 9 -------75
Jan ’ l l
10 /
60%
17%
M a y ’ 19 . . . .
87
37%
23
36%
67% 436
2
68 %
J u l y ’ 19 - - _ _
M ar T 9

D eo T 8 . . . .
J u l y ’ 17 —
J u ly '1 9
J u l y ’ 19
41%
1
J u l y ’ 19
53
14%

81%
97%
61
57
41%
44%
12%

88
57
42
44
S a le
1512
56%

55
75*4
75%
OO'a
95
102%
53%
34%
93
93%
73
71%
76
55
50
32
31%
33%
76

91

88
5 3 % S a le
3 4 % 8 a le
100
91
93% 0 4%
95
67% 78
76
74
61% 5 6
50
S a le
32
31% 33
31% 33
77

.55
751-1
J u l y ’ 19
F o b '1 7
J u l y ’ 17
M a r ’ 12
57%
39%
J u n o ’ 10
93%
M ayT 9
M ayT 9
J u l y ’ 19
Aug T9
J u n e ’ 17
33
33
Aug T9
J u l y ’ 19

67
74
75*2

—

J u l y '1 9 —
65
M a y ’ 19 . . . .
6 5 % J u l y ’ 19 —
54
D ec T 8

68

67
74
72%

--—
_____
39

50
7U s
75
77
71

96

—
—

P h il a d e l p h i a C o c o n v g 5 s . . 1922
S t a n d G a a A E l c o n v a f 6a
1926
S y r a c u s e L ig h t in g la t g 6a . 1951
S y r a c u s e L ig h t A P o w e r 5a
1954
T ren ton O A El I«t g 5 a ..
1949
U n i o n E le c L t A P la t g 5 a . .1 9 3 2
R e f u n d in g A e x t e n s io n 5 a . 1 9 3 3
U n i t e d F u e l G a a la t a f 6 s . . . 1.936
U t a h P o w e r A L t 1st 5 s .
1944
T Jtlca E le c 1. A P la t g 5 s . . . 1 9 5 9
U t i c a O a a A E le c r o f 5 s ____ 1957
W e a t e h e e t e r l .t g g o l d 5a
. 1950

J
M
A
J
J
Q
M
3
J
M
VI
J
F
M
A
A
A
itt
J
A
J1
V
J
J
F
J
F

J
o
N
L)
D
A
J
\

87
69
94%
89

S a le
71%

M
J

N
J

90
83%

J u l y ’ 19
01% 9 1
81%
85 1 81%

F
M
A
M

A
8
O
s
J
J
N
M
N
O
D

80

82
LOO
991J 99%
S a le ! G8%
88
88

M
M
M
J
J

D
N
O
J
J
F
N
J
J
s

87
91
89

100 %
98%
96%
94
93

D
A
N
O
o
o

J

S a le

.01
94*4
05

100

8

93

84%
92%
91
90

93%
88%

89
68%

77
81%

54
14
90
27%
29%
65
65%
69
77

10 %
90%
4334
41%
75%
72%
74%
77

60
62
62%

72
08
74

05

s
N
J
A
J
J
d

84%
99

.01
80%
04

95

103
93
93
90%
87
100 %
90%
96%
94
91
94
100
92%
90
92%
90
101
98
80%
93
88%
104%
87
70
99
96%

89%

S o p t ’ 15
J u n o ’ 19
J u l y ’ 19
J u l y ’ 19
J u u e ’ 19
101 %
M ay T9
J u l y ’ 19
96
91
F o b ’ IS
Fab T 3
N oV 17
M a y ' 19
M ayT9
J u l y ’ 19
J u l y ’ 19
Apr T 9
J u l y ’ 19
J u l y ’ 19
J u l y ’ 19
Apr T 7
87%
70
M ar T 9
A u g ’ 11

01
55
39
42%
10 %
11 %
52
75%
G2%

61
63
49
45
16%
16%
62
75%
65

50
25
89
03%
73
67%
70
43%

59%
42%
93
97
73
73
76*2
55
36%
36%
30%
79

—
....
....
....
—
....
....
—
—
11

91%
93
82
87

100
96%
96%
94
93

90
92%
90

100
90
79%
92%
87%

95
93
92%
87
05%
99
9634
90%
94

90%
92%
94
05
98
84
07
89

87
09
98

94
74%
05

92
8 1*8

96%
88

Apr T9 . . . .
J u ly T 7 |
J u n e ’ 19 —
6 3 %|
J u l y ’ ID; . . . .

82

88

94%
87

|

87
85%

S a le
97% '
•
|
93

93
93
97%
70
98%
90
82
95%
85

15j
93 i
93 |
M a y T 7 | _____
N o v ’ is j - - - O c t T7| —
M a r ’ 19, - . J u l y ’ 19 . . .
A u g ’ 19
8 7 | 10

91
93

—

5

G07f
28
28%

L ow

H ig h

No

6 2 % J u l y ’ 1 9 _____
29
J u l y ’ 1 9 _____
29
J n l v T O _____

L o to

H ig h

59
25
26

0712
35
35

16
S ale
84
88 %
O
90
F o b ’ IS
93% 95
1
94
95
A o
81%
8 0 % J u n c ’ 19
80*8 8 2
J
81%
8U
80
85%
J
81*2 8 4
I
3
A o
80% 81
80%
80%
79% 83
A t
40%
84% 8 4
J
84
84
2 84
J
89
!Y N
1
1 1 6 % 1 17
4 3 1053 i 1 2 8
1 17
12 0 %
S ail
c
89
87%
91% 2 7 7
82*2 9 5
A 0
92
212 8 1 % 9 4 3 i
J
87% 89
J
88
88
82% 89
96
99'
M N
97
J u l y ’ lE
97
98%
N
97
90
95
98
1
9 3 % 971M N
333
A
O
9 8 % S a le 9 7 %
99
97
105%
15
1
J
91*2 S a le 9 1 %
92
91
95%
J
8 3 % 871.
J
88
J u I y ’ lE . . . .
83
88%
c
J
J
F
A
6 9 % 6 9 % J u l y ’ 19
08
72
94% 96
J
91
J
J u I y ’ lC
93% 97
101
1 02 % 10 1 % J u n o ’ tO
A o
101
101 %
M N
9 3 % 9 4 % 9 3 % J u l y ’ lC _____
93 % 93%
A (J
8 2 % 86
87*3 9 0 i
8 7 'a J u l y 'I t
F
9 0 % S a le
A
20 8 9
91%
IY N
S
95
84
J u n o ’ 17
_____

I n t M e r c a n M a r in e a f 6 a . . .1 9 4 1
M o n t a n a P o w e r 1 s t 5a A _____1941
M o r r i s * C o t s t s t 4 M s _____19311

W a s h W a t e r P o w e r l a t 5 a . .1 9 3 9 J
W i ls o n A C o 1st 2 5 - y r a f fis . 1941 A
1 0 -y r c o n v a f 6 a ................... 1928 J
M a n u fa c t u r in g & I n d u s tr ia l
A m A g r l c C h e m 1 s t c 5a _____1 9 2 8 A
F
A m C o t O il d e b e n t u r e 5 a . . .1 9 3 1 M
A m H id e A L 1 s t s f « fis ____ 1 9 1 9 M
87%
A m T o b a c c o 4 0 - y e a r g 6 s . . .1 9 4 4 A
G o d 4 s ........................................1951 F
A m W r i t P a p e r a f 7-G a_____1 9 3 9 i

90%
93%
96%

J

0
D

O
A
N
H

93103
83

O
A
J

11 8 %
75
89%

100

S a le
S a le

9 0 % J u l y ’ 19 . . . .
53
0812
100
654
0 5 's
100

100
97
10 9 % 1 0 6 %
89
100 % 100
48

S a le

SO
SO

2 97
1 100

97%
10 6 %
—

1001.,

J u l y '10
.JO

00
OS
9 6 % 101 %
95% 104%

101
112 %
1 87
89*2
7 ! 99% 100%

8

119
119%
72*2 8 0
89
90*2

101
C e n t F o u n d r y 1st a f 6 a _____1931 F
C e n t L e a t h e r 2 0 -y e a r g 5 a . . 1 9 2 5 A
F
1
C o r n P r o d R e f ’ g a f g 53 _____1931 !Y
l a t 2 5 - y e a r s f 5 a __________ 1 9 3 4 M
D is t il S e c C o r c o n v l a t g 5 s . 1927 A
E I d u P o n t P o w d e r 4 H a ___ 1 9 3 6 J
G e n e r a l B a k i n g 1st 2 5 - y r 6 8 .1 9 3 0 J

85
88
80
86
97% 97% 9 7
071
2
74
80% 73% n on T 8
1 0 0 's 1 0 1 12 1 00
M a y ' 19
100 %
1 0 0 's J u l y '10
8 6 % 8 9 % SOSs
803s
9 2 % 104
0212
02>2

A
O
A
N
N
O
I)
1)

9 9 % 101
68% 77%
88
85

I
I n t A g r l c C o r p 1 s t 2 0 - y r 5 3 - .1 9 3 2 iV
I n t P a p e r c o n v a f g 5 s ...........1935 »
l a t A r e f a f c o n v 5 s aer A . 1947
L ig g e tt A M y e ra T o b a c 7 a __1 0 4 4 A

N
J

L u r llla r d C o ( P ) 7 a __________ 1944

A

O

N a t E n a m A S tR in p g 1st 5 a . 1 9 2 9 J

D

O

N a t i o n a l T u b e 1s t 5 a _________ 1 9 4 2 IY N
1
N Y A ir B r a k e l a t c o n v G s _ .1 9 2 S (V N
I

S in c la ir OH A R e f in i n g —
l a t a f 7a 1 9 2 0 w a r r a n t s a t t a c h
do
w it h o u t w a r r a u ta a t t a c h
S t a n d a r d M il lin g la t 5 a _____1930
T h o T e x a s C o c o n v d e b 6 a . . 1931
U n i o n B a g A P a p e r 1 s t 6 s . .1 9 3 0
S ta m p ed
. _ ________________ 1930
U n i o n O il C o o f C a l l a t 5 s . . 1931
U 8 R e a lt y A 1 c o n v d e b g 5 s 1 9 2 4
U 9 R u b b e r 5 - y e a r s e c 7 s ___ 1 9 2 3

F
F
M
i
J
J
J
J
J

U 8 S m e lt R e f A M c o n v 6 a . 192(1
V a - C a r o C h e m la t 1 5 -y r 6 8 .1 9 2 3
C o n v d e b 6 a ______ ________ c l 9 2 4
W e s t E le c t r i c la t 5a D e c _____1922

F
J
A
J

C o a l, I r o n & S to o l
B e t h S t e e l la t e x t a l 5 a ______ 1 9 2 6 J
1 s t A r e f 5a g u a r A _________ 1942 (VI
2 0 - y r p m A I m p s f 5 a ___ 1 9 3 0 J
B u ff A S u s a I r o n a f 5 9 _____1932 J
M

1
107

50

1

88‘2

78
95%

87%
98

0 9 % 101
99% 100%
89
9 2 l2
92*2 0 4

88

A
A
N
J
J
3
J

1
O
A
O

0
J

C o i o F A I C o g e n a f 5 a ------- 1 9 4 3 F
C o l I n d u s 1 s t A c o ll 58 g u ._ 1 9 3 4 F
J
A
IV
I
i
A
M
M

8 3 % S a le 8 3 %
85
98
08
J u l y '10
90
87%
88
881.1
1 1 2 % 113
1 13
1 13U
88*2 9 1 %
113
1 1 3 % 112 %
113S
90% 91%
96
0 8 % 0 7 'a
071,
93%
95
037s
041,
10 1 % 103
l O l 'l
101 U
106
10 4 %

88*2

P o c a h C o n C o ll ie r 1 s t 8 f 5 8 -1 9 5 7 J
R e p u b I A S 1 0 -3 0 y r 5 s a f 1 9 1 0 A

97

88%
86
90
9612
90%
79
97%
84
95%
96
96%
93%
87%
80%

86

J
o

■ j'
3
214

03%

92
S a le
87

803.1
70

15

6

0 OU
70

3
5
|
_____
4'

85%
96%

9 3 % 99*2
9 6 % 103

88 % 112 %

95*2
87
80
93%
91

07%
92
89*2
93%
91

88

92
81

73*2

0

98
S a le
S a le

07
93%
87

87
S a lo
80%

88
03

1

J u n e ’ 10
93 .V

90

9
48

97
95
89

86

10

87%
92*2

80

98
99
91

88%
90%

03
J u l y '1 9 ____ 1 91*3 0 3
S a le 1 0 0 's
1 0 1 's 1 7 7
9 9 % 101%
L 9 0 % 10 0 %
100>a
1 0 0 'a

90
100%
100%

V i c t o r F u e l 1 s t a f 5a .................1 953 J
V a I r o n C o a l A C o k e l a t g 5 s 1 9 4 9 11

J
8

55
84

70
85%

T e le g r a p h A T e le p h o n e
A m T e l e p A T e l c o ll t r 4 s . . 1929

J

81

8 Us 8 3 %
777s1
90
88
87% 86%
S a le LOl
98

88
87%
101

0

O O 'l
07
8 3 'a
oo'i
80
801a
9 3 'a J u ly '1 9
91
J u l y ’ 19

J
N
N

•
M 3
D
I
F A

76*2 85*4
98
98
85% 90
111
133%
90
95
1 0 9 % 113*2
90% 94
10 9 6 ’ 0 8

98% 152%
95
100
91
95
21 1 0 0 % 1 0 4
85
89%

S a le
S a lo
S a le
93%

T e n n C o a l I A R R g e n 5 s . .1 9 5 1 J
U S S t e e l C o r p — Jc o u p ___ <11903 M
a f 1 0 -6 0 -y e a r 5 3 \ r e g ____ <11963 M

2 0 - y r c o n v e r t i b l e 4 H a ____ 1933
3 0 - y r t e m p c o ll tr 5 a ______1 9 4 6
7 -y e a r c o n v e r t i b l e 0 8 ____ .1 9 2 5

0 0 % 101

J u l y ’ 19
J u l y '1 9
101
J u l y ’ 19
D e c '1 8
J u l y '1 9 _____ 1 9 3 % 9 4 %
55
77%
00
78*2
iq il
14 102 % 1047s
1 16
103
S a l e '1 03
103 ”
1; 873.1 105%
9 5 % 9 5 % 0 0 's J u l y '1 9
9 5 % 98*2
102 % LOt
1033s J u l y '1 9 . . -1 10 0 % 104
97
io 0 7
97
97
99%

D
o
N
I)
O
s
s

I llin o is S t e e l d o b 4 H 3 ..............1 9 1 0
I n d i a n a S t e e l 1st 5 a __________ 1 9 5 2
J e lf A C le a r C A I 2 d 5 a _____1 9 2 6
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
la t c o u 8 5a e o rle s A ------------1950
M i d v a l e S t e e l A O c o n v a f 5a 1936

13
....
33
_____ 1
4
14
7
3
— I

___ !

_____
007s
9 1 % 92-ti 0 1
104
S a lo 103
8 8 % _____ 8 8 %
87
94% 95
OUl
S a lo 7 5
75
1 0 3 % S a le 1 0 3

J
N
J
D
S
D
A
A

9 ri% '
S a le
J
02% ! 9 0
95
| 90

90
82
91
85

92
82
03
90

O u m b T A T l8 t A g e n 5a . . 1937 J
J
M i c h S t R e T e le p h la t 53 . 1 9 2 4 F
N Y A N J T e le p h o n e 5s g . 1920 V
I
N Y T c Ic d 1st * g e n s f 4 U s . 19311 M
’
3 0 - y r d o b e n s f 6 s ___ F e b 1 9 4 9
P a c i f i c T e l A T e l l8 t .5 s____ 1937 J
S o u t h B e ll T e l A r 1st s f 5a I 9 U J
W e e t U n i o n c o ll tr c u r 5 a . . . 1 9 3 8 J

Fob T 9
90
M a y T 9 ____ 1 9 0

90
92

-.1
N o rth w e st T e l gu 4 H s C --1 0 3 4 J

♦No price Friday; latoat bid and asked, a Duo Jan. Due April,




....
.....
4

A sk

73*8

74%

—
—
—
-- —

60
25
25

R ange
S in ce
J a n . 1.

f a
I S
ft!

70
M a r 'l l ) - - L J
8 5 % J u l y ’ 19! - - . J

70
85%

70
87%

83%

20

83%

80

88
88%
102%

1

85%

91

36
86*2 9 4
100 100% 10 1 %

65
93
92
86%
70%

J

J
1

90%

8

S

M
"♦!
J
t

90

C o m p u tin g -T a b -R e c a f 6 a ..1 9 4 1
G r a n b y C o n a M 9 & P c o n Oa A 2S
,M

O n t a r io T r a n s m is s i o n 5 a _____1 9 4 5

E le c tr ic .U y h i

B k l y n U n G a s l a t c o n a g fia .1 9 4 5
O ln o ln Q a a A E le o l a t A r e l 5a 1050
C o l u m b i a O A E la t 5 a ........... 1927
C o lu m b u s G a o 1 s t g o l d 5 a . . 1 9 3 2
C o n s o l G a a c o n v d o b fla _____1 920
C o n a G a s F .L J t P o I H a lt 5 - y r 5a'2 1
D e t r o it C it y O a a g o ld 6 a ...1 9 2 3
D e t r o i t E d is o n l a t c o l l t r 5 8 .1 9 3 3
l a t A r o f 5a Her A .................A 1940
E q Q r, N Y 1st c o n a g 6a . . 1932
G a a A E le c B e r g C o o g 5 a . . 1 9 4 9
H a v a n a E le o c o n a o l g fis _____1952
H u d s o n C o G a a l a t g 6 a - . .1 9 4 9
K a n C i t y ( M o ) G a a l a t g 6 8 .1 9 2 2
K in g s C o E l L * P g 5a ______ 1937
P u r c h a s e m o n o y 6 s ________1 9 9 7
C o n v e r t i b l e d e b f la _______ 1 9 2 5
E d E l 111 B k n l a t c o n g 4 s . 19 3 9
L a o Q a a L o t S t I . R e l A e i t 6 a '3 4
M il w a u k e e G a s L l a t 4 a ____ 1927
N e w a r k C o n G a a g 5 s _____. 1 9 4 8
N Y a E L H A P g 5 a ........... 1 9 1 3
P u r c h a s e m o n e y g 4 a ........... 1 9 4 9
E d E le c 111 1st c o n a g 5 a . .1 9 9 5
N Y A Q E l L A P la t c o n g 5 a .1 9 3 0
P a o lf t o G A E l C o — C a l O A E —
C o r p u n if y in g A r o t ,5a
1937
P a c i f i c O A E g e n A r e f 5a . 1 9 4 2
P a o P o w A L t la t A re t 2 0 y r
6a I n t e r n a t io n a l S e r i e s . . . 1930
P a t A 1 'a s s a lo G A E l 5 s . . . 1919
P e o p G a s A C t s t c o n s g 0 3 .1 9 4 3
R e f u n d i n g g o l d 5 a . ............. 1947
C h G - L A C o k e la t g u g 6 s 1937

C h il e C o p p e r 1 0 -y r c o n v 7 a . 1 9 2 3
A

79
78%

22
22
22

-- —
—
-- —
------. . . .

B u ild in g s 5a g u a r t a x e x _ _ 1 9 0 0

86

88

M
£
51 fc
!M s
M N

W e e k 's
R a n g e or
L a s t S a le

A

F
B u s h T e r m in a l l a t 4 s ________195L

N Y D o c k 6 0 - y r l a t g 4 a _____1 9 5 1
N i a g a r a F a lla P o w e r l a t 5 a . .1 9 3 2
R o f <fc g e n 6 s ______________ a 1 9 3 2
N l a g L o c k A O P o w 1 s t 5 a . . 1951
N o r S t a t e s P o w e r 2 5 - y r 5a A 1941

68

P r ic e
F r id a y
Aug. 8
BU

F fllic o lla n e o u s
A d a m a E x c o l l t r g 4 a ________1948
A la s k a G o l d M d e b 6 a A _____1925

88%

56
63
M 7 a 100

68

71

96%

13%
65
75%
65%

_____
—

57
53
46
46
75
75
76
76
7 2 % J u l y ’ 19

81%
67

97%
88*4

BONDS
N . Y . STOCK EXCH AN G E
W e e k o n d ln g A u g . 8

84
75%
67%
76
80

S a le
95
95

45
73
7o

N o . L oto H i g h
5
86% 94%
12 9 0
98
6 83
89

8 8 % F e b '1 9

83%
93%
90%

66 %

R a n ge
S in ce
Jan. 1.

]1

A s t 'l o r o
H Ian
86 %
S a le 8 0 %
91
90
93%
83%
83% 83%
90
A u g ’ IS
97*2 J u l y ’ 19

86

A
<J

E q u lt T r ( N Y ) In ter e t t a . . .
V a R y * P o w la t A r e l 5 a . . . 1934 J
Q as an d

B id
80%
89
83*3

F
A

0

W e e k 's
R ange o r
L a s t S a lt

P r ic e
F r id a y
A ug. 8

[V o l . 1 0 9 .

4

! In te r e s t
1 P e r io d

21

| I n te r e s t
P erio d

568

94
96%

i Due May. 0 Due June.

A Due July, i Due Aug.

a

J
J
A
N
N

N
J

92*2

98%
86%
09%
90*2
88
89%
84%

1
j|
J|

Due Oot.

v

S a lo , 9 2 %
96%
87% ' 91%
98%
S a le 8 6 %
100
98%
92% 91%
88% 88
S a le , 8 9 ‘ 2
88
101%
______! 9 4

Due Nov.

q

02%

17

J u n e ’ L9| _____
A p r T 9 _____1
87% '
14
1 00 | 7 1
__|
J u l y ’ 19
8 8 1 13
1
89%

92*4

94 ‘

90
92*2
9 8*2 9 8 %
8 6 % 91*2
9 8 % 101%
90% 95%
88
93%
89% 94

S e p t ’ 17.
N ,,V 10

Due Doe.

s

Option sale.

A u g . 9 1 9 1 9 .]

B O S T O N

S T O C K

E X C H A N G E — S to ck

ed esd y h rsd y
T esd y W n a 1 T u a
u a
A g 0. 1 A g. 7.
u.
u
A g 5.
u.

Mn a
o av
A g 4.
u.
132

132
67
91

31

.30 *130
130
08
07
90*4 90*4 *90*i

130 130
67
6714
90*4 91

F a
rid y
A g. 8.
u
130

W
eek
Sa
hres.

.30

6 07 04 06
6
*8
8
8 8 *8 34 32
8 8 8
*8
8
3U 2
32'
33l2 3U 2 34
33
35iS 32
40
40
4712 47l 2 4712 47l2 *40
157 July’ 19
[50 *140
45
L st Sle .60 July’ 19
a a
*.00
*.60
*.60
f>l2 *
6
» July’ 19
a a
20 Lst Sle 18 Juno’ 19
20" *
20 “ *
L st Sle 134 June’ 19
a a
*132 136 *132 136 *132 130
*89
89
89
*89
*89
*
Lst Sle 39 July’ 19
a a
73
68I2
91

11 ll2 *109
50
59
*109

*109
*51
*109

112
51

75
34
101

75
34
*90

75
37

75
33
*90

*94

90

*90
42
*51

100
42%
5U2

96
*19>1
*90
40i2
*51

112
51

*109
51
*109

109
*51

.09
52

72i2
75
*7312
*74*4
341
2 31*4
34
99l2 U9l2 *90

100

1*4
9
1037
8
125
82
22
23
12
12
1512
0
17>4
00
149
777
a
31l2
45

*U 2
1*4
1*4
8
8
*7i2
103 103i2 102
125 1251,1 123
81
81
80
*21
21U
20
20
20
11
1U2
107
s
* m 2 12
12
15
15
*0
O
M
6
151S 17
15
*55
00
150 150
150
731 76
73lg
3112 3U2 31
42l2 43
42

4012 41
51
51

15
6U
15
66
150
74 ig
31*2
41U

6
25
441
7
*9
97
71
63 .
142
591*

5<2
O
lg
25l2 *25
40l2 45
012
7*8
*812
9*8
90
97
72
71
63
03
142 *141
58
61

6
27
40
07
a
9*8
97
71*4
63
145
59

5i2
6
0
25
*25
27
*45
47l2 40
6*i
0*4
7
9
*
9*3
*971,i
72
72
72
63
03
03
143
144 144
50
571 58
30
30

2

s
h
i

0
H
<
p

92

ir
>
1

Q

0
H
0

A
<
W

m

*

*97
*15
38*2
49*a
1291?
61
11
2
50*4
27
151.1
187g
*34
22l2
*75
*70

*0
0
2

92

84
*

96
*15
39l2 38
48l2
51U
132
129
62
62
U2 * ll2
5012
51*1
27
271,1
10l2 15
18*8
19*8
34
35
2212
23
*
80
70
71
*73
80

Lst Sle
a a

*9 14
7

91

11M
12
6
1512
150
74
31
401?

2
2

51
25
441
0*i

96
7U2
6312
142
561g

L st Sle92 M ay’ 19
a a
91
91
Lst____ 180 July’ 19
a Sle __
a

90

2 1,1
7
19
1.1

5*4
51
.1
25
25
40
41
07
g
0l2
9
____
90
72
70
0312 63l2
143
142
57
551,1

2
8
I027
8
125
80
21

9D2 92

92

*97
*15
38i,i
38*4
49<i
487
8
130
128*4
6212
03
*11.1
1*4
5U?
50%
*27
15*8
15*4
18*4
*34
34
22*4 23
75
79
*70
70
80
*73

40i2 4U 2
51
51

2

2

92

91

31*4

Lst Sle 101 Anr’ 19
a a
96
96
Lst Sle23 July’ 19
a a
L st Sle95 June’ 19
a a

*U 2
*8
103
125
*80
22
*20
1U2
12
15
6
1012
00
149
751.1
3U 2
45

1*4

30*4

*93i2 96

1*4
8
10312
130
82
22
23
11*4
1212
15
0i2
1012
00
151
75
31l2
43U

1214

c

72l2
75
34
100

110

Juno’ 19

95
21
100
41
51

95
*19
*90
42
41
5112 51

90
20

* ll2
7*4
103*4 103
130 *125
82
*80
231.1 21
*20
23
1112
12
12U *12l.i
14*4
15*2
*6
0i4
15
lOU
00
149
152
731
77
32
3Ui
42
40

*li2
*7*8
103
*125
*80
2H2
*20
107
8

110

L st Sle 110
a a

40
49U
129
0212
1*4
5U2
28
15*4
19*8
35
23
79
71
80

*97
15l2 15'2
s
37*i 387
38*4 391
4()34 47ia
49
118 123
124U
62l2 63
02
021
2
1 .1 ____ ____
3
*1*4
50
51
49l2 50
27<i
27
27
15
15l2 14
14*4
19
19>2 187 19*8
8
34
35
34
34
22
2212 22
22
*75
78
___ _
70
70
09l2 0912
78 July’ 19

4 1.1
7

2
12714
2 14
7

Lst Sle
a a

28
*

2M
*1*4
21,i
*1*4
2 ,1
1
*Ds
1*4
1*4
82
82
82
82
80i2 80i2
84
84
85
2*i
3
*2*4
g 3ia
3
27
8 *27
278
3U
1
1
*1
*.75
.99
1
1
Us
l's
57
44l2 45
451 40i2 45
45li 47
47
14*i 15
141,1 14*4
15U 16*i
101
15U 16
8*2 ____ ____
*8i2 91i
9
81*
8*4
8*4
.05
.00
.05 *.00
.60
*.00
.65
.05
.70
75
78
73
75
79i2 75
7612 751 78
440 445
435 435
400
450 450 I 450 450
*16i2
171.1 17i2
18
*17
17l21 *1712 18
18
18
18
19
18
18
18 | *16
57
64
52
541,1
58
571?
54*8 501.11 50
3
3
*2*8
3
3
3
27
8
3 I *2*8
Oil
9
9
IOI
9*8
9*. 1 91
9*4
10*i 18*8
18
10*8 20
167 171?
8
171.1 19
5*8
5*i
5
5*8
5>2
512
5*8!
5*8
5*8
8
8
0 '2 Vi?
8
8
812'
8l2
I
4*8
4i2
51g
5
5
5 I
4M
41
4*2
Dg
D2 *1
*112
2
*1*8
11?
52
50
50
50
48
50^2 5112 50
51
89
*87
89
85*i 86*4 85*4 85*4
*86
87.
371
35
37
37
34>2 30
30
30*8 37
4V
g
4*.i
*4*4
5
4*g
4*4
.5
4*8
4*4
*
2
Da
2
17
8
2
*1*4
Ds
3
0I2
5
0%
0l2
5i2
O's
0*8
5
*41
5
4*1
4l2
4l2
5
4U
*31
4
*3i2 4*8
3*i
*31
4
*31
8
8
8
8
8
8
*7i2 8
97 10%
8
9l2 10
9i2 10*8
97
8
10*8
9
812
8*.;
8
8i2
9
8
9
8
7*4
74
70
70
73
75*2
74
74
78
73
412
4
4>8
4U1
4
41g
4
5
2512 2012 24*i 2512
20
27
2612 28
?S'8 20*4 * l l i 2 12
12
IDs 12
1112 12
llU l lt 2
♦
19 i 17i2 17l2 1812 1912
19 *
79
80
__
*79
80
78
78
7812 79
lO’ i
10
1011
lO'i IOI 1 *10lg 1012
Id s 10*8
4
14*2 15i2
15^4 153
151,1 10 | 15t2 15*i
16
17
n2
11?
1U
1'2
H2
11?
1>2
U2
U2
1>2
31
.1
3
314
•
8
3*8
2*4
3
3U
3*8
40
48
45
45
43
43U 45 : 40
471
60
02
02
58
60
03
04
0512 03
19
19
19
1812 1812
19*8
1912
19
197 20
8
76
70
74
70
74
70 | 74
76
76
70
03
03
6212 63
66
05
*02
00
07
09
22
22*1
23
22
21M 21*t
22*4
2212 237
8 22
334
3*4
3i2 3*8
4
37
8 4 | 3*i
37
s
*2*4
3
2*i
*212 3
2*i
3
3
3ig
*2*8
.22
.23 ____ ____
.25
.25
.25
.25
.281 *.20
7i2 8
812
I
*7
7*2
8 I
*7i2 8
*71
3
e3% 4 ^
3l«
3>8
3
2*4
3lg
3
3U
3
3i2
3i2
3*2
3U
3*8
37g
3lg
3*4
3*8
p.i
2
*1*4
2
17
8!
Da
17
8
2is :
l7
a
* %
3
3<8
3 Mi
3's
3
3
*3
31g
lm
ll*l! IOI
10l2 10*1
11
11
IH
1012 IDs
3*4
41.1
4
4
U2
41
4
4U
3*4
Jl2 *4
41
4
4
41g
4lg
3*4
4
*4
2*8
2*8
27
sl
2
2 .1
1
. 21g
*2*s
2*8
212 21?
20i2 20>2 25
27
20
27lg 29
20
20 | 27
H2 * l ’ t
112
1>4
Hi
H2
ll 2
U2 *U4
*2
85
*27
g
.97
46
15*4
9
.50
761,i
450
*17
*18
55U
27
8
9*4
16*4
5^2
vi.i
5
17
8
51
*87
3512
47
8
1*4
6
4*i
3*4
8*8
97
8

2

,1

2

1>
72

*10

4

9
*1

2

84
*1

2

2

1.1

2

84
*
84 18
*

1*
4
02
2

*4
14

4
14

75
4
14
1 12

4l2
2 4

10
1.1

4

3
4
7
0
0

2

38
*

8.1

2

4
14

4

*114

* Bid and asked prices,




2

1

2

2

2
3

2
1.1

40 Boston
1,073 Boston
Do
Boston
994 Boston
Do
70
Boston
Boston

Range for Previous
Year 1918
Highest

Highest
Railroads
& Albany________ 100
Elevated__________100
pref______________ 100
Lowell_________ 100
& Maine__________100
p r e f-........... .......... 100
& Providence_____ 100
Suburban E le c .. no

12212 Apr
37
Jan
9112 Dec
80 July
19
Jan
27
Feb
150
Apr
.50 Dec
10U Mar
25 July
138 July
8212 Apr
73 Nov
104
Feb
53
Jan
106 Sept
70
Oct
June
27
Feb
84
Oct
95
Jan
*8812 June
20
Jan
80
Aug
37
Feb
47
Jan

312 Mar
4 Oct
12

Aug
712 Oct
23 Nov

318 Aug
7*4 June
88 Sept
*77U Jan
62 June
107 June

6*g Deo
10 May
93 Nov
9H* Nov
71 Nov
147 Nov

82i2 July
130
Feb
91 Aug
11
Jan

10012
160
100
137
8

"27

1712

' i f l j Nov
146U Aug
56
Deo
60o Mar
48i2 May
261* May
9 Nov

2712

4
12
4
14

12

n pr
oa

’
102
45
45c
3812
24*4
5

Oct
Aug
Jan
Dec
July
Aug
Jan

17
9
35

Nov
Feb
Dec

12

June
69
Deo
1*8 Apr
.15 July
Dec
11
Jan
9 Nov
.20 Oct
61
Dec
425 Dec

6
212

3312

4 12
0

1214

8
8

112^2

212 M m

1712
5
*4

312

Oct
Nov
Feb
Mm

25

Sept

42

Apr

1212 Feb

1*4 Jan
Nov
5*g Nov
.45 May
54
Feb
16U Aug
May
.48 Nov
73 ij May
470 Deo

8
6

10
*4

1412

Feb
’ fo’»4 June
5112 Nov
40 Dec
3 Sept
lig Apr
Dec
6?8 Mar
12 Nov
I Mar
Feb
3 June
10>8 Jan
Dec
Sep
15c Mar 30c
1
Jan
.40 July
70 May
447 Dec
s
84
Feb
79ig Oct
29 July
19ig Jan
Oct
5
Jan
May
.80 Sept
May
Dec
3U Mar
2
Jan
Feb
Dec
7
Jan
3*4 Sept
Nov
.65 Mar
4U Oot
.40 June
May
SOig Dec
July
1U Aug

44
*

44
*
82
44
*

3
*4
2
*4

4 12
9

94
*

Dec
12 Aug
83i* Dec
8 % Jan
10i* Dee
.25 Feb
* June
32
Dec
46i* June
12*4 Dee
69
Dee
38
Dec
7
Jab
Dec
i* Sept
.10 Dec
4
Feb
1U Aug
2i* Sept
.73 Dec
1U May
7 Dec
1 Dec
1*8 Dec
* Nov
18
Dec

1

n pr
oa

24
*

8

&

* Ex-dlvldend.

Apr

0 12
0

4
12

dEx-dlvldend and rights. e Assessment paid, bEx-stock dividend, h Ex-rights.

147g Dee
May
May
13 Mar
58 Mar
186 Nov
64U Nov
35 Aug

7712

Miscellaneous
55o Jan 2
415 Amor Pneumatic Service.. 25
212 Apr 8
Do
pref______________ 50
185
99
Jan29
2,504 Amer Telep & Teleg______ 100
79
Febl5
101 Amoskeag Manufacturing-----7812 Jan 9
Do
pref_________ ________
31
19*4 June23
780 Anglo-Am Comrnl Corp.no
Jan2l
55 Art Metal Construe Inc___10
10 Junel6
4,405 Blgheart Prod & Refg____10
1112 June28
00 Century Steel of Amer Inc. 10
10 Mar26
430 Cuban Portland Cem ent.. 10
Jan 4
210 East Boston Land_______ 10
6
Jan22
3,150 Eastern S3 Lines Inc_____ 25
39
April
Do
p re f.......................100
45
211 Edison Electric Ilium_____ 100 149 Aug 5
52>2 Jan21
3,215 Fairbanks Company______ 25
28
April
755 Gorton-Pew Fisheries_____ 50
41 > jAug 4
4
1,310 Gray & Davis Inc________ 25
June 12
Internat Buttonhole S M . . 10
Mar26
1,030 Internat Portland Cement. 10
Uo
p re f............. .......... 50
18
Jan 4
305
19 Mar20
2,396 Internat Products_____
6
Jan 2
2,910 Island OH & Trans Corp__ 10
8*8 FeblO
10 Loew’s Theatres__________10
90
Janl7
80 MoElwain (W II) 1st pref. 100
70 Aug 8
834 Massachusetts Gas Cos___100
Do
pref_____ _________ 100
63 July30
31
42 Mergenthaler Linotype___100 130
FeblO
55U Aug 8
1,480 Mexican Investment In c .. 10
Do
pref______________ 10
30 July 1
30
92 May21
New England Investment. 100
90
Jan22
379 New England Telephone.. 100
Pacific Mills_______ _________ 145
Feb24
93
Jan 6
5 Plant (Thos G) pref______ 100
12 Recco Button-Hole......... .. 10
14
Jan
7,250 Root < Van Dervoort Class A
fc
35 July 1
3,395 Stewart Mfg Corporation____
32>g Jan23
5,052 Swift & Co.............................100 115
Jan30
312 Torrlngton............................ 25
52ig Janl3
45c May 7
50 Union Copper L & M _____ 25
44
Janl3
5,018 United Shoe Mach C orp.. 25
26’4 Jan 2
380
Do
pref______________ 25
7*4 Jan21
0,855 Ventura Consol Oil Fields. 5
18 May 19
9,115 Waldorf System Inc______ 10
34 June24
505 Waltham Watch_________ 100
17 Mar24
1.470 Walworth Manufacturing. 20
15
Febl4
95 Warren Bros______ ______ 100
37
Jan 2
91
Do
1st pref___________100
Jan23
38
Mining
Apr22
100 Adventure Consolidated.. 25 .50
Mar22
160 Ahmeek__________________ 25
234 Aug 7
140 Alaska Gold..........................10
10c Apr30
233 Algomah Mining__________25
419 Allouez______ ___ _________25
May 1
10*4 Feb28
4,435 Arizona Commercial______ 5
219 Bingham Mines___________ 10
7
Apr 9
20o Jan3Q
1,80C Butto-Balaklava Copper.. 10
3,900 Calum et* Arizona_______ 10
57
FeblO
350 Marl4
02 Calumet & H ecla________ 25
May 5
35C Carson Hill Gold................ 1
12 Mar21
4C Centennial_______________ 25
39 Mar 5
3,201 Copper Range Co________ 25
2 M arll
201 Daly-West....... .......... .......... 20
FeblS
0,121 Davle-Daly Copper............ 10
8
Feb28
11,758 East Butte Copper Min___10
1% May 9
93C Franklin_______ __________ 25
4 May 1
575 Hancock Consolidated____25
20c Feb 20
2.29C Helvetia ________________ 25
50c Mar 8
IO Indiana Mining......... .......... 25
C
Aprl6
1,091 Island Creek Coal........... .... 1 42
Aprl2
35
Do
pref........... ............... 1 78
24
Jan 2
1.20C Islo Royale Copper..............25
4
Janl7
145 Kerr Lake_______________
5
99c Mar 4
80C Keweenaw Copper........... .. 25
3
Jan25
1.55C Lake Copper Co__________25
2
Aprl6
32C La Sallo Copper__________25
2'g Apr23
‘ C Mason Valley Mine______
2
5
4
Feb 7
71C Mass Consol--------- ---------- 25
2
Janl3
0,485 Mayflower-Old Colony___ 25
2>2 Feb24
2,511 M ic h ig a n .._____ ________25
Feb 7
757 Mohawk........... ..................... 25
1 Mar 8
1,215 New Aradlan Copper_____ 25
14*4 Mar
5.23S New Cornelia Copper......... 5
6igMay 2
1.60C New Idrla Quicksilver____ 5
87 Febl!
s
29C New River Company......... 100
2D
57i* Mar 1
Do
prof______________ 100
545 Nlplsstng Mines. ______
8 I4 Ian 15
5
9
Feb20
3.54C North B utte....................... 15
25c Apr22
81C North L a ke...................... 25
75c Mar 15
1,405 OJlbway Mining_________ 25
301* Mar 5
855 Old Dominion Co......... ...... 25
45 Mar 17
21C Osceola............... ...... ............ 25
12ig Feb 8
727 Fond Creek Coal.................. 10
52 Mar22
63 Quincy................................... 25
40 Mar
355 St Mary’s Mineral Land.. 25
13
Ioii22
1,013 Seneca Copper Corp_
_
U* Mar 15
1,2SC Shannon______ _____ _____ 10
40c Jaul3
225 South L a k e ........................ 25
c Janll
1,30C South Utah M & S.............. 5
4 Mar 8
635 Superior______ .....................25
1 Mar28
4.01C Superior < Boston Copper 10
&
2 Feb 3
075 Trinity.................... ...............25
74c Apr 1
8.21C Tuolumne Copper................ 5
551 Utah-Apex Mining.............. 5
1*4 May 9
1,532 Utah Consolidated_______
7i* Janl8
1
li* Jafi28
10,151 Utah Metal
Tunnel.. .
1
57C Victoria_______ __________ 25
1>4 Marl3
60e Jar> 9
2,875 Winona___________________ 25
15 Mar 5
355 Wolverine................. .............25
40c Marl3
50 Wyandotte_______________ 25

pr
a

*19 ” Deo

fo'u May
1U2 Nov
4
Jan
6 Nov
39
Oct
134 June
June
27 Aug

pr
a
pr
a

1558 Mar
10918 Oct
92 Nov
82 June

’ " l T " Feb

&

148 N ot
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
30U Nov
147
Apr
85ij Deo
80
Feb
125 Nov
65
Jan
116U Jan
81
Feb
Nov
46 May
95 Nov
lOOig Nov
Deo
25
Jan
90
Oct
50 July
62
Apr

.40 July
4 Sept
90*4 Aug
Jan
70
Jan

130 Aug 5
64 Aug 8
90*2 July29
85
Feb 8
28
Jan30
45
Aprl7
157 July21
60o
Apr28
6 Julyl4
Bost & Wore Elec pref.no
18 Junel3
Chic June Ry & U S Y ____i00 134 Aprl7
84
Febl3
Do
pref______________ 100
10
61
Apr30
Concord & Mont class 4 ___100
15 Connecticut River_______ 100 107 June 5
50 Aug 5
94 Fitchburg pref...................... 100
Georgia Ry & Elec stampd .100
99*8 Marl5
70 Mar 15
Do
pref______________ 100
25
75 June28
25 Maine Central...................... 100
257 Febl3
8
2,159 N Y N II & Hartford......... 100
88 MaylO
4 Northern New Hampshire. 100
95 M arll
Norwich & Worcester pref.100
95
Aprl2
25 Old Colony.......................... 100
18 Aprl4
93 May 8
Vermont & Massachusetts. 100
40 Mar21
237 West End Street__________50
Do
pref______ ________50
124
49’ 2 Marl 3

21
1

5 69

, . / N DP 9e
™ s,
Range Since Jan. 1.

Saletfor

SHAKE PRICES—NOT PER CENTUM PRICES.

Stu la
ar v
Aug 2

R ecord

1

is Hall-paid.

6

6
12
1*4
84
*
6
4
12
6 12
6
212

17U Mar
20
Jan
80
Jan
97g Apr
17*8 May
.95 Mar
1*8 Dec
461* Jan
65
Jan
20U Feb
78 May
57
Jan
15*4 Dec
Jan
2
Jan
.20 Jan
87s Nov
Sept
* Feb
1 % Aug
4ig Nov
12
Jan

5
*4

44
*
41

3 Mi Apr
3
2

Jan
Jan

38
Jan
1M» Mar

THE CHRONICLE

570
O u ts id e

Stock

E xch an ges

—Transactions in bonds at Bos­
ton Stock Exchange Aug. 4 to Aug. 8, both inclusive: .
B o sto n B o n d R e co rd .

Sle
as
F a
rid y
Lst W ’s Rne for
a eek a g
eek
Sle ofP
a.
rices. W .
P Lw H h
rice. o . ig .

Bonds.
U S Lib Loan 344s. 1932-47
1st Lib Loan 4s. . 1932-47
2(1 Lib Loan 4 s .. 1927-42
1st Lib L’n 4 K s - 1932-47
2(1 Lib L’n 4^3-1927-42
3d Lib Loan 4 M s .. . 1928
4th Lib Loan 4HS..193S
Victory 444s____ 1922-23
Am Agrlc Chem 5s____1928
Am Tel A Tel coll i s .. 1929
Convertible s......... 1925
Atl G & W I SS L 5 8 .. 1959
Central Vermont 4s___1920
Gt Nor C B & Q'4s___1921
K C M <fcB incomo 58.1934
Mass Gas 444s________1929
N E Telephone 5s____1932
Punta Alegre Mg 6S..1931
Swift & Co 1st 5s_____1944
Ventura OH conv 7s......... ..
Western Tel A Tel 58. . 1932

99.24
93.74
93.04
94.04
93.14
94.84
93.14
99.64
96
8344

6

102

82
63
95 44
73 44
8944

88 X

106
93 44

99.54 86,150
2,850
94.24
7,100
93.24
2,000
94.34
9,550
93.44
95.10 62,000
93.70 69,000
99.94 177.000
1,000
96
1,000
8344
4,500
102
824* 5.000

66

954*
7344
8944
89

1.000
1,000
2,000
1,000
6,000

103
111 143.000
1,000
93 44 9344
16,100
155
158
4,000
89
8944

Rne sin J n 1.
a g ce a .
Hh
ig .
Lw
o.
98.04 Feb
99.68 Mar
91.64 Jan
95.90 Mar
94.80June
92.04 Jan
96.50 Jan
93.24 Jan
93.04 Mar
95.90 Jan
94.40 Mar
96.50 Jan
93.04 Apr
96.50 Jan
99.64 May lOO.OtJuno
Mar
96
Aug 100
8344 Aug
8544 May
10044 Jan 10344 Mar
84
May
79
Feb
60
Apr
Feb
9544 Jan
9544 July
75
July
7144 May
94
Mar
8944 Apr
8844 Aug
9344 Fob
87
May- 11444 July
9844 Juno
9344 Aug
July
94
Jan 173
89
Jan
19
Mar

6
6

C h ic a g o S t o c k E x c h a n g e . —The complete record of
transactions at tho Chicago Stock Exchange from Aug. 4
to Aug. 8, 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.

F a
rid y
Sle
as
a g ce a .
Lst W 's Rne for Rne sin J n 1.
a eek a g
Sle. ofP
a
rices. W .
eek
StocksPr. P Lw H h Sa
a rice. o . ig . hres. Lw
o.
Hh
ig .
Aug
A m e r R a d i a t o r , p r e f ___ 100
120 121
115
8544 Apr 121
A m e r S h i p b u i l d i n g ____ 100
120 100 Feb 135 May
120 130
P r e f e r r e d ______________ 10 0
20 8544 Apr 92 May
8844 8844
A r m o u r A C o , p r e f _________
B o o t h F is h e r ie s —
C o m m o n ___ n e w ( n o p a r )
P r e f e r r e d ........... ............... 100
B u n t e B r o s ........................ ..........
C h ic C lt y A C R y p t sh c o m .
P r e f e r r e d _______________ ( * )
C h i c K ie v R y , p r e f . ..............
C h i c P n e u m a t ic T o o l . . 100
C h ic R y s p a rt c t f " 1 ” .
C h ic R y s p a rt c t f ’ ’2 ” C h tc R y s p a rt c t f “ 3 ” .
C h ic a g o T it le & T r u s t . .1 0 0
C o n t M o t o r s ......................... 10
C o m m o n w e a l t h - E d i s o n .1 0 0
C u d a h y P a c k C o , c o m . 100
D e e r e A C o , p r e f ..............100
D i a m o n d M a t c h _______ 1 0 0
H a r t m a n C o r p o r a t i o n .. 100
H o l l a n d - A m e r S u g a r ____
H u p M o t o r _________________ 10
I lli n o is B r i c k .......................100
L i b b y ( W I ) „ .................... . 1 0
L i n d s a y L i g h t ...................... 10
P r e f e r r e d _________________10
M i d d l e W e s t U t i l , c o m . 100
P r e f e r r e d ...................... . . 1 0 0
M i t c h e l l M o t o r C o _________
P e o p l e 's G a s L t A C o k e . 100
P u b S e r v o f N o 111, c o m lO O
Q u a k e r O a t s C o _________ 100
R e o M o t o r ............................( * )
R e p u b l i c T r u c k _____________
S e a r s - R o e b u c k , c o m ___ 1 0 0
S h a w W W , c o m m o n . . 10 0
S t e w a r t M f g ......................... (* )
S t e w W a r n S p e e d , c o m . 10 0
S w if t A C o . . .......................1 0 0
S w if t I n t e r n a t i o n a l _________
T h o m p s o n , c o m _____________
P r e f e r r e d ___________________
U n io n C a r b id e A C a r b o n
C o . .......................... ( n o p a r )
U n it P a p B o a r d , c o m . .1 0 0
W e s t e r n S t o n e ______________
W i ls o n A C o , c o m ______ (* )
P r e f e r r e d _______________ 100
B onds—
C h i c a g o C i t y R y 5 s ___ 1 9 2 7
C h le C l t y A C o n R y s 5 s 1927
C h i c a g o R y s 5 s , S e r ie s “ A "
C h i c a g o R y s 4 s S e r ie s “ B ”
C o m m o n w - E d l s o n 5 s . 194 3
P o o p C. L A C r e f g 5 s . 19 17
S o u t h S id e E l c v 4 4 4 S . . 1 9 2 4
S w if t A C o 1st g 6 s . . . 194 4

9944

9844 103

2,988

2044
82

19
81
1244
154

2,240
95
30
2,310
4,005

14

12
8

74
40
944

22 44
82
1244

2
8

1844

20
0
685
10

25
13

110

2954

105
12144
57

79

...........

10

102
8
8

10
0

12

12
10 8
0

110
10

8
8

26
2

Feb
Apr
June
Jan
Mar
May
Feb
Feb
Apr
Mar
Feb
Apr
Aug
Feb
Apr
June
Feb
Aug
July
Feb
Jan
Aug
June
Feb
Mar
Apr
Jan
Aug
July
May
May
Feb
May
Apr
Jan
Jan
Jan
June
June

18
78
944
44
644
5
6044
35
5
1
178
844
S
10044
78

78 44
40
235
1044
3
150
205
205
25
1054 1254 22,930
108
609
103
114
7,086
103 44
116
109
115
92
745
5444
915
1244
1244 1854
535
1144
1254 17
95
56
71
73
17,854
1944
2344 28
15
6,070
944
944
24
32
55
35
48
49
5744 5844
45
33
45
46
48
48
90
55
270
272
80 270
625
2944 3054
2844
45
530
4654 5144
213
4S0 16844
250 11244
165
165
49
45
49
260
84
104
10,840
118
13254 24,680 11544
4
5444 60 4 26,431
1144
850
35
3644 3844
30 107
10854 10854

2

1144
108
10154

9844 Aug

101

8
8

201

112

78
2544
654
8254
99
77
5244
60
48
9154
69
73
9444

8354
2544
7
95

42,960

79 44
5344
60
48 44
92
69
73
95

10,061
6,015
2,003
9,000
3

100

100

175
370
55

2,0 0
0

3
4,001

56
Jan
1744 Jan
4
Jan
8244 Aug
95
Feb
75
41
55
38
9144
69
73
9444

July
Apr
May
June
Aug
Aug
July
Aug

Apr

105

25
July
8344 June
15
July
Aug
1844 Aug
1744 Aug
82
July
40
July
1044 Aug
3
July
June
1344 July
118
July
123
May
105
July
Aug
July
97
2144 July
Aug
17
July
75
Apr
34
25
June
1044 Apr
May
40
May
65
5544 July
May
55
9544 Apr
300
July
3244 May
May
61
July
217
165
July
6444 July
11644 July
14944 May
Apr
65
3944 Juno
10844 July

2

212

120

8544
2944
1244
104
104

July
July
Apr
July
July

Feb
84
55
Aug
63
May
Jan
60
9444 Jan
8744 Jan
7944 Feb
9844 Jan

* No par.

—The comploto record of
transactions at tho Pittsburgh Stock Exchange from Aug. 2
to Aug. 8, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cont. For bonds the quotations are per cont
of par valuo.
P i t t s b u r g h S t o c k E x ch a n g e .-

Stocks—

Sle
as
F a
rid y
Lst W 's Rne for Rne sin J n 1.
a eek a g
a g ce a .
rices. W .
eek
Sle ofP
a.
P r. P Lw H h Sae . Lw
a rice. o . ig . hr s
Hh
ig .
o.

Amer Rolling Mill com ..2 5
American Sewer Pipe.
Amer Wind Glass Mach 100
Preferred............. —
Amer Wind Glass preL
Arkansas Nat Gas com
Barns lall Corporation . .25
Carbo Hydrogen com . . . 5
Preferred........... . . . . . . 5
Columbia Gas A Elec.
Consolidated Ice com. ..5 0
Preferred......... .......... ..5 0
Farm Dep Nat B ank..
Indep Brewing com___ ..5 0
Preferred.................... ..5 0
I.onc Star Gas.............. .
Mfrs Light & Heat___ ..5 0
Marland Petroleum_ . . . 1
_

10
0

10
0
.100

.100

2144
114
92
6944
38
344
644

.100
10
0

Preferred___________




50

944
187
644
9K
1644

6144 6144
’
2344
lit
117
9144 92
105
105
60
7244
37 44 3844
244
244
3
5914 60

21 3

4
4
6 4 25 4
4 64
25
101 101

50
310
770
225

10

2,360
1,056
190
500
45
340
25
25

10
0

4444
16
79
7744
98
53
32
244
3 44
3944
3
15
9644
144
5
170
48 44
644

344
9 ’
160
94
4
1S7
187
50
53
54.
675
644
7 44 25,617
!)
230
740 •
1844 1844

H 10

/
l2

10

Apr
Jan
Jan
Jan
Mar
July
June
Aug
Aug
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Aug

6444
29 44
137
9444
105
77
41
2 44
344
64

July
May
July
July
Aug
July
June
July
Aug
July
June
29
June
101
Aug
7
May
16
May
300
May
56
May
744 July
May
24
May
Jan

8

4
4

1174

Stocks

[V ol . 109

F a
rid y
Sle
as
a g ce a .
Lst W ' Rne for Rne sin J n 1.
a eek a g
rices. W .
Sle ofP
a.
eek
Hh
ig .
(Cn d ) P r. P
o clu ed a rice. Lw H h Sa
o . ig . hres. Lw
o.

Ohio Fuel O il .....................1 25
Ohio Fuel Supply________25
50
Oklahoma Natural G as..25
3244
Oklahoma Prod A Ref_ 5
_
PIttsb Brewing com_____ 50
Preferred........... ............. 50
15
PIttsb Coal com________100
Preferred____________ 100
Pittsb-Jeromc Copper___.1
PIttsb A Mt.Shasta C o p ..l
57c
PIttsb Oil A Gas______ 100
1444
PIttsb Plate Glass com. 100 129
Riverside East Oil com___5
444
Preferred________
5
444
Riverside West Oil com.25
28
San Toy Mining.............. 1
Union Natural Gas____100 13044
U S Glass_____________ 100
U S Steel Corp com____100
West’house Air B rake...50 114
W'est'house Elec A M fg ..50
5244
Bonds—
Indep Brewing s____1955
PIttsb Brewing s____1949

6
6

2444
50
3244
1044
644
15
69
9544
13c
45c
1444
129
444
444
2754
9c
12944
3544

102

114
51

600
2544
53
1,902
2,075
34 4
4
30
1044
7
350
305
15 4
4
71
275
52
9544
14c
2,500
65c 113,450
16
2,650
130
135
2,362
444
290
444
28
505
9e
500
246
13044
3544
108
320
695
117 54
2,415
5544

10

49
75

50
75

•511,000
44,000

16
Jan
4244 Feb
2854 Jan
844 Mar
Jan
Jan
7
45
Feb
8544 Feb
c
Jan
c
Jan
Jan
116
Jan
54 Feb
254 Jan
9
May
G
c
Feb
Jan
30
Fel)
8844 Feb
93
Jan
4054 Jan

2

8
21
8

122

36
52

Jan
Jan

31
5454
3844
1344
1044

20

73
98

22

c
65c
1844
135
454
454
30
13c
135
40
11444
12444
5944

May
July
May
May
July
Juno
July
May
Apr
Aug
June
July
Aug
July
June
May
May
May
July
June
Juno

May
55
7544 July

B a lt im o r e S t o c k E x c h a n g e . —Tho complete record of tho
transactions at tho Baltimore Stock Exchange from Aug. 4
to Aug. 8, both inclusive, compiled from tho official salos
lists, is given below. Prices for stocks are all dollars per
sharo, not per cent. For bonds tho quotations aro per cont
of par value.

F a
rid y
Sle
as
a g ce a .
Lst W ’s Rne for Rne sin J n 1.
a eek a g
rices. W .
eek
Sle ofP
a.
Hh
ig .
o.
P r. P Lw H h S a
a rice. o . ig . h res. Lw

Stocks—

Arundel Sand A Gravel. 100
Atlantic Petroleum......... 10

344

Celestine Oil v t ......... ..........
Commercial Credit_____ 25

3.25
42

Consol Gas E I,A Pow.100
Consolidation Coal____100
Cosdcn A Co......................5
Preferred..........................5
Davison Chemical..no
Elkhorn Coal Corpn____50
G B S Brewing v t c ___ 100
Houston Oil pref tr ctfs.100

106
87
1044
444
3144
36

pr
a

Monon Vail Trac pref_ 25
_
Mt V-Woodb Mills v t r 100
Preferred v t r . ......... 100
Northern Central........... 50
Pennsyl Wat A Power.. 100
United Ry A Electric...5 0
Wash B A Annap______ 50
Wayland Oil A Gas........... 5

40
9644
72
1644
2544
444

lionds—
Alabama Cons C A 15s. 1933
Balt Traction 1st 5s . . . 1929
City A Suburb 1st 5 s .. 1922
Cons Gas E L A P 444s 1935

Cosdcn A Co scr A 6s. 1932
Series B 6 s . . ........... 1932
(Old co) refund 6 s .. 1926

10044
101

Elkhorn Coal Corp 6s. 1925
Fla Cent A Pen cons 5s 1943
Georgia A Ala cons 5s. 1945
G-B-8 Brewing Inc 53.1951
Minn St A St P C Jt 5s 1928
United E L A P444S--1929
United Ry A E 4s____1949
Income 4s.............
1949
Wash Balt A Annap 5s 1941
Wil A Weldon 5s_____1935

50

85
90
4444 45
95
95
344
344
80 K 81
3.15 3.75
42
42
26
26
106
108
8644 89
10
1044
444
444
3144 35
36
37
44
44
90
91
7 44
7 44
17
17
37
40
94
9744
72
72 '4
8444 95 4
4
1644 17
25
27 44
444
444

210
577
10
735
21
7,805
100
89
300
790
3,864
602
730
185
42
133
822
10
1,819
486
125
174
685
405
775

89
100
9744
83
98 44
9844

51,000
1,000
1,000
3,000
10,000
3,000
8,000
57,000
83,000
7,000
1,000
7,000
2,000
2,000
10,000
4,000
1,000
2,000
3,000
6,000
61,000
1,000
2,000

H

89
100
9744
83
9844
9844
10144
10044
10044
103
95
99
92
92
2
100
8744
100
87
70
50
81
100

10144
103
103
103
95
99
92
92
2
100
8744
100
87
70
50
81
100

69
3444 Jan
90
July
Jan
2
70
1.00 Mar
July
40
2544 July
10344 Apr
7844 Apr
644 Feb
4
Jan
3144 Aug
27 ■ Mar
44 June
7244 Jan
544
16
July
16
Jan
Feb
71
Mar
71
7744 Jan
15 iMar
2444 Mar
344 Feb
81
100
9744
83
9544
97
10044
8444
8544
91
95
98
92
92
144
9944
87 44
100
87
70
48
80
100

Feb
July
Mar
Aug

Jan
Jan
Jan
Aug
Feb
Aug
May
May
Mar
June
Apr
July
Apr
Apr
May
Mar

Aug
96
July
49
95
444 July
May
90
4.90 July
44
Jan
Feb
26
11144 May
Juno
92
1244 May
May
5
4044 Feb
July
43
144 May
May
101
844 July
Apr
30
Aug
40
9744 Aug
Feb
80
8844 May
2044 Jan
2944 Juno
444 Aug
89
10044
100
8544
9944
9844
10144
104
104
103
9644
9944
92
9544
344
100
9344
10044
8744
7644
5544
8344
101

Aug
Feb
Jan
Jan
Feb
July
July
July
July
May
June
Aug
Jan
May
Aug
Jan
Jan
Apr
Jan
Mar
Jan
Jan

P h ila d e lp h ia S t o c k E x c h a n g e . — Record of transactions
at Philadelphia Aug. 4 to Aug. 8, both inclusive, compiled
from official sales lists:

Sle
as
F a
rid y
ag
a.
Lst W 's Rne W . Rne slice J n 1.
a eek a g for
rices
Sle ofP . Seek ,
a.
Hh
ig .
o.
Pr. P Lw H h h res Lw
a rice. o . ig . a

Stocks-

Alliance Insurance.......... 10
American M illing_______10
Am Ship A Commerce.
American Stores____
Baldwin Locomotive___ 100
Preferred____________ 100
Cambria Iron___________ 50
Flee Storage Battery.. 100
General Asphalt________100
Preferred____________ 100

n pr
oa

10

10
0
10
0

J C. Brill Co......... ..........
Keystone Telephone_
_
Lake Superior Corp____
Lehigh Navigation____ .50

2344
4354
3244

87
77
1195
53
14
2244

6
8

Midvale Steel & O r d ... .50
5044
Northern Central . . . .50 ________
Pennsylvania S;ilt M fg. .50
1
Pennsylvania__________ 5 - 4344
Philadelphia Co (Pitts) .50
3644
Pref (cumulative %) .50 ______
Phils Electric of Pa____ _25
2544
Phila Germ A Norris_ .50 _______
_
Phil Rapl 1 Transit___ .50 ________
Voting trust, receipts. .50
2544
Philadelphia Traction.. .50 ________
7644
Reading........... .............. .50
Tono-Belmnnt D cvel..
3
Tonopah Mining______ .
Union Traction_______ .50
3844
J
Unite! Gas Im provt... .50
103
U S Steel Corporation..
_________
Warwick Iron A Steel. .
.50
York Railways, pref_ .50 ................
_

6

1

..1
1

10
0
.10

34
4

6 4
8

23 44
9
4154
32 4
10554
104
41
85
77
11954
30
53
14
2 144

68

•8
1
5054
73
80
434
36 54
3444
2554
119
25
25
6754
76 54
3«

2%

3854
6854
10054
854
75
32

Jan
20 19
23 54 May
2344
9
May04
1254 Apr
944
4354 Aug
4154 Allg
‘1444 10,930
000 2044 Apr 3754 July
8154
100 6554 Jan 117
July
10554
106
8 10044 Jan 109 54 Juno
July
41
10 39
1154 Feb
5154 Jan 100
July
90
4,808
tiOi
84
39
Jan
95
July
July
76
Jan 140
128
265
34
June
70
30
2554 Jan
130
0454 Jul.y
5544
Mar
1844 Ju*y
1,155
1544
Jan
Ju*y
23 44 15,953
Apr
500
J an
6844
Aug
1,519
June
525
Jan
40
6154 Juy
515
15 7144 Feb 75
73
Jan
July221 80
82
8454 Feb
3,342
45
4344 Aug
48)4 May
30
Jan
4254 July
3 6 44
263
3744 Apr
3154 Jan
35
0,929
2454 Jan
26
20 54 May
Jan 123
10 117
119
Apr
Jan
760
2544
2854 Juno
Apr
23
2,009
29
June
2644
Apr
100 66
71
Jan
69
2,302
7651 Aug
9354 Juno
8 4 54
Jan 3 15 16 May
1,849
344
254 Jan
3 44, 1,415
4
May
37
Jan
160
41
May
385,
1,329
6754 July
69 54
7154 Jan
88 54 Feb 11554 July
10354 10,105
179
8 54 Jan
9
Apr
8
145
75
72 54 Apr
75
Jan
6 30 May 3244 May
32

is

5
4

THE CHRONICLE

A ug . 9 1919.]

as
Faa W ’s Rne Sle Rne sin J n 1.
rid
for
Lsty eek a g W . a g ce a .
eek
rices.
Sle ofP
a.
o.
Hh
ig .
P Lw H h Sae . Lw
rice. o . ig . hr s
Bonds—

U S :id I,lb L oa n 4J4S.1928
4 th Lib L oa n 4 U s . - 1938
V ic t o r y 4 M s ____ 1922-23
A m er G a s & E le c 5 s . .2 007
C h o c O k & G u lf gen 53.1919
E le c < P co p tr ctfs 4 s . 1945
&
In ter-S ta te lty s co ll 4 s .1943
L a k e Superior C orp 5s. 1924
L eh igh V a lley coll 6 s . -1928
G eneral con sol 4 s ___2003
P en n H R general 5 s___1908
C o n so l 4 4 s ............... 1900
P W & 1! ct fs 4 s ____ 1921
P a & M d Steel con s Os. 1925
Phtla E lectric 1st 5 s . . 1900
Spa n ish -A m er Iron 0 s . 1927
U n ited lty s In v est 5 s. 1920

85
08
69 M

95 4
100 4
95
100 34

9 5 .04
9 3 .4 6
9 9 .86
85
83 A
99 %
68
08
40
68
101)4
74
92 34

95.04 311,000
9,000
93.54
1,500
9 9 .90
2,000
85
500
84 A
0,000
994
8,000
69
1,000
6934
1,000
40
197,000
69
2,000
101 ).,
1,000
74
1,000
92 H
2,000
1,000
97
1,000
100
10,000
1,300
7,000
82
19,000
102
7,000
75

A

5A
05'A 0 A
07'A A
100 A
0<
54
95
9 6 )4 o,A
r
813-4
100 %
744

Fb
o

9 4 .50
96 .3 8 Jan
9 3 .0 0 A pr
9 5 .7 0 M a y
9 9 .0 0 June 100.04 June
Ju ly
85
88
Jan
June
83
8834
99 J4 M a y
99 A A u g
M ar
65
71
Jan
M ar
05
75
Jan
A pr
40
4034 F eb
Jan
58
09 34 A u g
Jan 102J4 Jan
101 H
74
Aug
8034 Jan
Aug
98
Jan
02
Eeb
9034 F eb
95
Eel)
9734 Ju ly
10034 A u g 10234 Jan
90
J u ly
9334 A p r
9334 M a y . 9734 Jan
8134 July
8034 Jan
Aug
10034 A u g 1 102
02 34 Jan
7834 J u ly

A
0A
5

V o lu m e o f B u s in e s s a t S t o c k E x c h a n g e s .— See p. 561.
N e w Y o r k “ C u r b ” M a r k e t .— Below we give a record of
the transactions in the outside security market from Aug. 2
to Aug. 8 , both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on tho “ Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
aro permitted to deal only in securities regularly listed— that
is, securities where the companies responsible for them have
complied with certain stringent requirments before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over tho “ tape,” or reported
in tho official list at the end of tho day, are authentic.
On tho “ Curb,” on tho other hand, there are no restrictions
whatever. Any security may bo dealt in and any ono can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of tho transactions. Tho possibility that fictitious transac­
tions may creep in, or oven that dealings in spurious securi­
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In tho circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
wo givo it for what it may bo worth.

W en in A g 8.
eek d g u .
Stocks—

Sle
as
F a
rid y
a
Ls W 's Rne W .
at eek rices.g for
eek
Sle ofP
a.
Sae .
hrs
o . ig .
P r. Pice. Lw H h
a i

sin J a n . 1 .
ce
Lw
o.
Hh
ig .

R ange

22,000
3
234 July
Acmo C oal.r____________1
234
234
3 34 July
9
5,000
Aetna Exploslvcs.rtno par)
10)4
634 Jan
934
12)4 July
52
51
54
57
1,500
June *65
Air Reduction r ...( n o par)
May
64
47,000
56
50
58
Aue
Allied Packers r w 1_ (t)
_
6734 J uly
1
500
Apr
Amer Chern Prod.r......... 1 ______ 1 1-10 1 3-10
1)4 July
42
44)4 Aug
44 34 87,500
Am Ship & Commerce r (t)
■1334
4114 July
13
7,000
Amer Writ Paper com .. 100
10 34
18
July
2 34 Jan
23
23
300
18
Anglo-Am Com’ICorp pf(t)
May
July
25
8,700
25
July
28
Bethlehem Motor r(no par)
2634 30
3134 July
____. .
8,100
934
Brlt-Am T hem Corp— 10
834
834 June
1134 July
800
20)4 Aug
21
2234
Brit-Atn Tob ordinary..£1
2734 May
2,200
20
July
28 . May
Ordinary bearer_____£1
22 34 23
2234
2
Feb
534 15,500
Car Ltg & Power_______ 25
434
5)4 July
434
8,300
15)4 May
834 1034
434 Mar
Chalmers Mot Corp... r(t)
834
8,500
35
Feb
Cities Serv Bankers shs (t;
40)4 July
43 34 4534
43 34
1334 June
13,500
43
45
40
July
Colonial Tiro A R u b _r..(t)
4034
118,000
13
Contlnen’l Candy, r
(t)
Aug
634 June
934 13
8,500
Contln'l Motors com.r 10
934 July
1134 13
13 34 July
1134
Cu Mor Chemical____100
34 July
134 14,450
34
134 Aug
134
Dafoe-Eustlce Co Inc._(t)
27,400
14
12)4 Aug
Aug
1234 14
1234
24,200
Delatour B everage.r...io
18.34 July
Aug
19
25
25
21
Excello Tiro & Rubber.. 10
9,100
14)4 July
834 June
834 1034
834
Farrell (Win) * Son,lnc(t)
54
June
10,400
62
50
60
June
5034
41
Apr
Fisk Rubber C o.r______ 25
55 34 July
3734 4634 oO.OOO 29
General Asphalt com r lot
39
78
Jan
71
95
July
8534 10,200
8.1 W
125
125
July
100
142
Grape Ola common........... )
9-16 Apt
700
34
34
34
34 July
Preferred......... ............ .1
1 1-16 Apr
134
1,000
134
1)4 July
Hoyden Chemical r(no par)
May
6 May
934
634
9 34 93,500
9
Hupp Motor Car Corp.lt
123.
1234 12 34 12,500
4)4 Jai
1434 July
Imp Tob of G B A I_ £1
_
20
20
25
Aug
900
25
1434 Fob
38
Indian Packing Corp r (t)
37
July
4334 93,500
33
July
50
19
Intercontinental Rubb. 100
18
*22
May
35
22,100
1034 Jan
________
85
lnternat Motors 1st pf.100
85
Aug
80
Aug
100
85
44
InternatProducts r (no par)
4531
47)4
2,400
47)4 Aug
30)4 July
60
65
Iron Products Corp.r. (t\
500
09
50
June
July
8
8 Y\
Knickerbocker Motors r 10
9)4
6,500
9
10
July
July
23
24
25
1,000
Libby, McNeill A Libby r 10
19
Jan
3434 Apr
83
87
88
2,365
Lima Loeom com .r__ 100
93
July
27)4 Fel
6
5
12,500
534
4
Marconi WlrelTel of Arn.t
Jut
034 July
12
13
1434 29,000
7
Morris (Philip) .V C o.r 10
Fob
10
July
3o
8,300
3734
________
30
July
Mullins Body Corp____(t)
41)4 July
500
934 10
Nat Fireproofing co m .r.50
034 Fob
12)4 May
1,100
1534 17 H
24
1634
May
Preferred, r ................. 50
1.3 34 Jan
54
48
3,000
48
49
Aug
00
May
N Y Savobl Tire r (no par)
60
55
7,000
25
Jan
78
July
N Y Shipbuilding.(no par)
3
4
5)4 25,500
Nor Am l’ulp A P (no par)
2)4 Jan
734 Apr
3.J
30
3,000
30
28
June 34
Ohio Savold T l r e .r ___ 20
July
30
39)4 22,000
36
Aug
40
Otis Steel com w 1. r. (no par)
3034
July
34
37
4,700
37U Aug
4134 July
Parish A Bingham Corp r(t)
32
28
28
5,400
J uue
2934
34)4 July
Parry (Martln)Cor. r . (t)
45
40
4,500
18
Jan
49)4 July
Peerless Tr * Mot Corp.50 _____
1 5-16 34,000
i
Perfection Tire A ltubb.rl 1 3-16
34 Feb
15-4 Apr
31,700
9
27
9
Aug
11
27
Pressman Tire A R ubb .. 10
Aug
1,075
Am.
12
12
1034
Pyrene M fg.r.
id
12
20
June
0
6
734 20,500
Republic Rubber r (no pur
634
Au:
11
July
41
9,300
Aue
37
37
43
37
Root
Van Dcrvoort r 100
July
21
Savold Tire Corp
53
77)4 51,600
Apr
77)4 Aug
58
72
Am
60
29,000
Shell Trnnsp A Trail.r £6
60
70.'-4 July
6834
33
Aug
Standard Gas& 1.1 com rot
25
1,800
25
20
44)4 May
9
1,000
11
Standard Mot Constr.rlO
93
4
July
034 May
Submarine Boat v t c (f)
15
Feb
10
17)4 20,500
20J4 July
1534
Sweets Co of America r 10
July
12 34
1234 13 34 18,500
634 July
64
55
Swift International r
800
05)4 Mar
5434
4034 Jan
Tobacco Products Exp ft)
25
Jum
40
July
32)4 40 34 80,000
3434
Todd Shipyards C orp ..(f) 140
143
Fob 143
138
2,050 102
Aug
Union Carbide A Garb r (ti
78
77
77
2,600
80
60!4 Feb
United Eyeglass Shops . 5
5,200
8
634
034
July
034
5)4 July
United Profit Sharing..25e
7-10 Jan
3 3 56,000
4
2)4
234
3)4 July
Un Retail Stoi cs Candy r (t)
28
25
30 3 43,000
4
25
Aug
30)4 Aug
U S f.t & lit, Corp com r 10
2 . 2H
1,500
3
134 Jan
Juno

l

A

A

A

H

A
X

&




16

1534
A

571

Sle
as
F a
rid y
Lst W ’s Rne for
a eek a g
rices. W .
eek
Sle. of P
a
Stocks (.Cnlu e ) P r. P
o c dd a rice. Lw H h Sae .
o . ig . h r s

Rne sin J n 1.
a g ce a .
Hh
ig .
L .
ow
534
86
634
26
61

Jan
July
July
July
Aug

19
20
13

July
Aug
Aug

Feb 137
88
110
Jan 404
146 315
Jan 319
270 258
Api 798
400 668
16,750 11034 Aug 118
Jan 430
556 310
490
11 395

May
Apr
July
July
July
July
May

U 8 Steamship__________10
Warren Bros.r..............100
Wayne Coal_____________ 5
Weber & Hellbr com .r.(t)
Welch Grape JulccCo.tc.(t)

234
72
434
20
64

234
70
4
18
51

3
78
434
22
61

23,300
1,000
3,200
5,080
4,100

2
42 34
334
1534
51

Rights—
Standard Oil of N J .r ___
United Retail Stores, r____
U S Rubber.r_____________

11)4
1734
10

1034
1534
10

13
20
13

10,295
46,500
4,000

1034 Aug
11
Augl
10
Aug

107
380
295
710
11034
390
440

110
396
308
739
115
405
415

Former Standard Oil
Subsidiaries
Galena-Signal Oil com.r 100
Ohio O ll.r......... .............. 26
Standard Oil (Calif)-r. 100 300
Standard OH of N J r.100 710
Preferred.r w 1_____100 112
Standard Oil of N Y.rlOe 393
Other Oil Stocks
Allen O ll.r______________ 1
Allied O l l .r ........... ............ 1
Amalgamated R oyalty.r.l
Atlantic Petroleum.r____5
Barnett oil & tlas r _____1
Boone Oll.r . ________ 5
Boston-Mex Petrol______ 1
Boston-Wyoming O ll.r .. J
Brazos Oil Corp r (no par)

3-16
8
434
57c
2634

Can-Amer O A G .r _____1
Circle Oll.r........................ 6
Commonwealth Petrol-(t)
Continental Refg............10
Cosden A Co. com .r____
Elk Basin Petroleum.r.. 6
Ertel O ll.r......... .................6
Esmeralda Oil Corp.r___1
Federal Oil Corp.r______
Olenroek Oil Corp.r____If
Globe Oil_______________ 1
Guffey-Glllesplc O ll.r. (f)

54
834
934
8
834
19c
2 34
434
134
2034

t

t

Hercules Petrol Class A r Hi
High Gravity O ll.r........... 1
Home Oil A Refg . r _ It
_
19
Houston OH, com.r____100 110
Hudson O ll.r ____________1
134
Indlahoma Ref C o .r____5
734
27
Intermit Petroleum .r..£l
Invincible O ll.r........... ..5 0
34)4
Island Oil A T ransp.r..I(
634
Lance Creek Royalties.r.l
34
Little Sioux O ll.r________ 1
3
Livingston Oil Corp.r___1
2134
Merritt Oil C o r p .r ____10
Metropolitan Petroleum 2/
234
Mexiean-Panuco Oil____10
17
Middle States OU Corp.r. 1
334
Midwest Refining.r___ 5t
160
1
Allilwest-Texas O ll.r____1
Morton Pel of M e .r_____ J
3

1

Northwest O il.r................1
Ohio- Ranger, r___________1
1
73C
Omar OU A Gas, com____1
Orient oil A G a s .r ..
1)4
Osage Nation Oil Synd.r. 1
13
Pennok O ll.r ___________10
60
Phillips Petrol.r .(no par)
Preferred______ (no par) 119
11)4
Plttsb-Texas O A G . r . . . 6
Producers A R cf.r_____ It'
734

...1

Red Hock Oil A G a s .r .100
Rickard Texas C o .r _____6
Rook O l l . r .................... l(k
Ryan Petroleum.r______ 1
Salt Crk Producers.!_ 26
_
Seaboard Oil A G as.r____6
Sequoyah Oil A Ref_____ 1
Simms Petroleum r(no par)
Sinclair Cons O ll .r ____(t)
_
Sinclair Gulf Corp.r_ (t)
Southwest O il.r.............
Southwestern Oil A Tr r 10
Spencer Petrol Corp____10
Stanton O ll.r___________j
Texuna OU A Ref r ......... 1
Texas Nat Petrol.r______
Texas Prod A R cfg.r____6
Texas-Ranger ProdA R r i
Texas Steer O ll.r............. 1
Tex-Ken Oil Corp r_____ 6
Texon Oil A Land.r_____1
Transcontinental OU r .(t)
United Tex Petrol .r _____ j
Vacuum OH A G as.............)
Victoria O i l .r ..................10
Vulcan O ll.r______ _____ 6
West StatesO A L a n d.r.. 1
White Eagle Oil A Ref r(')
“ Y” Oil
Gas.r

.1

1

Mining Stocks,—
Adelphlj M A M r ...........
Alaska-Brit Col Metals. .1
Alaska Mines Corp______ 1
Amer Hond Mlu Corp w 1.1

2)4
34 15-16
134
134
3 34
334
34 3-16
9
7 34
434
434
67c
53c
26
28)4
2
134
34
34
5
534
54
58 34
8
9 34
•934 11
8
9)4
9
834
21c
18c
3 34
234
634
434
134
134
22
20
1 3-16 1 3-16
21
22
17c
17c
1834 23 34
123
111)
1
134
7 34
734
2634 30)4
34)4 38
734
634
1
34
1
1
234
3)4
20
25)4
2 34
234
1634 IV 34
334
234
175
152
134
34
234
3)4
4
334
52 e
55c
1
1)4
70c
80c
534
134
134
1234 14M
5934 62
11834 119
11
1234
7
834
9-16 34
63C
650
1434 1734
65c
60c
4
4)4
48
57
6)4
734
9-16 11-16
3134 34
59
50
57
51
26c
32c
4
334
14)4 1634
134
134
11-16 1
34
34
8
634
4)4
334
3
-4
34
6)4
534
7M6 34
43
47)4
75c
67 e
3-16 34
2
2V
*
1234 13)4
334
4)4
20)4 24
34

2,700
2,700
13,500
1,500
8,900
25,800
12,000
94,800
16,000
2,700
4,000
600
8,000
13,100
19,700
2,400
9,400
36,000
21,000
17,500
28,000
9,100
100
800
2,200
5,900
2,000
3,850
3,600
7,500
17,900
31,000
6,000
15,220
82,600
8,800
10,600
4,250
95,000
8,500
9,000
6,500
2,000
10,000
31,000
58,000
400
21,000
6,200
6.000
300
13,700
8,700
5,700
2,200
3,100
5,500
25,500
12,000
11,500
12,600
8,800
51,000
16,400
45,000
1,900
40,100
22,775
14,100
2,800
13,400
8,200
2,400
24,100
25,500
27,700
64,900
10,000
6,400
10,300
4,100
16,500
1,500

28c
26c
134
34
54
34
134
134
34
34
7-16 34
4c 434c
60c
76c
33c
38
34
34
8c
8c
80c
88c
34
34
37c
40c
1)4
1)4
1
134
134
134
6c
7c
1)4 1 5-16
234
3)4
2 34
334
134
134
1)4 1 13-16
434
434
3
334
16c
18c
19c
16c

3,900
51,500
5,700
2,150
600
100
3,000
6,500
21,500
21,300
14,900
1,000
27,500
2,100
30,200
4,700
26,050
1,000
7,700
2,500
12,000
28,900
19,600
10,000
2,800
14,900
7,i00
32,300
9,000
7,500
18,200
40,900
3,300

2

134

650
17
434
4934
6)4
9-16
3134
51)4
51
27c
1534
134
34
7
334
534
7-16
4334
67c
34
2)4
13
334
21

273
34
34
134

Amer Tin A Tungsten.r.. 1
7-16
Arizona Silver.r............... 1
4c
Atlanta Mines______ _ _
60c
Belcher Divide.r________
37c
Belcher Extenslon.r_____
11-10
Big Lodge Copper C o ____
8C
Booth, r
.1
Sic
Boston A Montana Oev._6
Butte A N Y Copper......... 1 ______
37c
Caledonia Mining_____ .1
Canada Copper Co
134
Candalarla Silver r _ : 1 1-16
_
Cascade 811v M A M . r . . l ______
6c
Cush Boy . __ ________
Consol Arlz Smelt_______ 6 1 5-16
3
reason Con Gold M A M Divide Extenslon.r______
234
Eureka Croesus Mlu Co r 1 ______
Forty-nine Mining.r_____1
134

t

1

3
Golden State KxpU r'n.r.f
17c
Goldflel 1 Cons’d ______ H
16c
Goldfield Develop’t . r . . 10<
o )1 1field Florence.r......... 1
<
Goldfield Merger.r______ 1 ______
Gold Zone Divide.r_____ 1
91c
Grand Pacific Copper____1
Hamilton M A S .r ______ 1
434

4c
2

A

A

A
H

3

66

66

434c 5)4c
58c
40c
94 c
87c
3
434

Mai
May
May
June
Aug

V
s

Jan
34 July
134 June
234 Jan
34 Aug
3 ’ Mar
4)4 July
18c
Jat
26)4 Aug
134 June
34 Aug
434 June
37
Mar
Aug
8
634 Jan
6
JuL
634 June
Jat
4o
2
Jar
334 Ma15-11 Feb
.
20
Aug
34 July
Mai
12c July
Fei
10
Jan
75
55o
Feb
5)4 June
16)4 JaL
' 34)4 June
’ 6H JaL
July
1
Aug
134 June
Aug
20
Jai
2
10)4 May
1)4 May
124
Jai
34 Aug
1
Mai
3)4 Aug
46e
June
1
JL
lX
22c
134 Apr
1)4 Aue
Fet
1
59)4 Aug
118 34 Aug'
834 Feb
Aug
7
Jum
57c July
Mu
42c Ma
234 Api
Mai
38
6)4 July
34 Jau
3034 July
44)4 May
JaL
22
22c July
■
334 Aug
13)4 July
34 Mai
lie
Jai
34 July
7
May
2
Api
July
3)4 July
June
43
Aug
50c June
•A July
June
1134 July
3)4 Aug
2034 Ally
34

10

A

A

1A

A
6

A

2

8c
31o
34
1

May
May
May
May

4)4
134
2)4
434
6-ln
1634
434
73c
32 )4
24
134
534
63
*164
1234
114
11
33c
4
8t4
1)4
2534
1 3-16
23)4
40c
4034
144)4
53
4
834
35 34
39
9)4
234
1
434
35
4%
1734
34
196
134
5*4
7
75c

2A

80c
7
2 34
17 34
02
119
13)4
9)4
24
65c
24 4
2
7)4
65 4
834
34
34)4
64 4
614
85c
7
16)4
14
1%
134
8)4
6
14
634
1
49)4
87c
34
6
1334
104
26
14

34o Apr
2
June
15-16 June
134 June
1 9-16 Feb
34 Mar
1)4 May
Mar
84c July
44c July
15 16 Jau
Apr
36c
93c July
34 Apr
43c June
2 4 Feb
2 3 10 June
2)4 May
1 5 4 •Mar
1 9-te Jan
5)4 Jan
3)4 July
2)4 May
1 4 July
Feb
1)4 May
24c
Jan
20c July
Mar
75
Mar
80
Apr
1)4
1
July
4)4 Aug
47c
6)4 June

3 July
4 Mar
3 June 640
4

3c
7-16
29c
34

June
June
Mur
8c June
42c
Feb
May
27c
Jan
1 5 16 Jan
52c
Jau
1)4 July
5c
Ket

3
4

1
234

Feb

Aug
2)4 July
1)4 Feb
1
Jum
3
Feb
234 Feb
11c July
lie June
35
Mar
4c May
Aug
40c
85c July
41c
Jan
lie
4 1-16 Jan

Apr
June
Apr
July
Jao
May
Aug
June
July
July
May
July
June
June
May
May
July
May
Apr
Apr
July
July
Aug
July
May
May
May
Apr
July
July
July
Mar
May
Aug
July
May
Mar
July
July
May
May
Apr
Apr
Apr
May
Aug
July
May
Apr
Aug
Aug
June
Juno
May
July
June
Apr
May
July
July
May
July
July
May
June
May
Aug
May
June
May
June
June
May
Aug
May
June
July
June
Apr
Aug
May
July
May

04

[V ol . 109

THE CHRONICLE

573
F r id a y
L a st
W e e k 's R a n ge
S a le.
o f P r ic e s .
M in in g ( C on clu d ed 9 P a r P r ic e . L o w .
H ig h .

30 c
11 !

454
32c
12;

23c

22c
X

32c
54

35c
67c

33 c
65c

12c
8 3c

Jim B u t l e r .r _____ _______ 1
J u m b o E x te n sio n ________ 1

31c

K n o x D i v i d e . r ________ 10c
L a R o s e M in e s L t d _______5
M a c N a m a ra C r e s c e n t, r .1
M a c N a m a ra M i n i n g . . r . . l

M a g m a C o p p e r ....................5
M a s o n V a lle y _____________ 5
3X
57c
M c K ln le y -D a r r a g h -S a v .. 1
M o th e r L o d e n e w .r _____ 1 _______
4
N a t T in C o r p . r ............... 5Cc
10
N lpissln g M in e s ____ _____5
25c
N ix o n N e v a d a ____________ l
3
O n o n d a g o M in es C o r p . r . 1
R a y H ercu les M l n . r _____ 5
2U
R e x C on solid a ted M in ___t _______
R o p e r-G ro u p M C o .......... 1
1X
13-16
St C roix C o n M in e s _______1
21 X
S eneca C o p p C o r p .f n o par)
S ev en M e ta ls M l n . r _____ 1
X
Silver D o lla r M . r ________ 1
1X
1
Silver K in g o f A riz o n a ___ 1
15c
Silver K in g D i v i d e . r ____ 1
S ou th A m G old- A P la t r 10
X
S ta n d a rd S ilv e r-L e a d ____ 1
25c
S t e w a r t ___________________1
6c
S u cce ss.....................................1
15c
S u th erlan d D l v i d e . r _____ 1
T o n o p a h B elm on t D e v . r 1
5Xc
T o n o p a h D l v i d e . r ________
2X
T o n o p a h E x te n sio n _____ 1

H

%

40
43
4
3X
50 c
6 0c
4 X c 5c
3X
454
9X
1054
3 0c
22 c
3
3
2X
*354
19c
21c
1
1 54
11-16 13-16
21
2354
5-16
X
1
1 54
15-16 1 1-16
13c
2 2c
9X
1054
X
54
24o
26c
6c
6c
14c
17c
3 X 3 7-16
5X c
654o
2X
254
3
3
454
4X
3
354
13c
15c
35c
43c
80c
82c
l h 1 11-16
2c
4c
17c
19c
X
54

U n ited E a s te rn .................... 1 4 1 1 -1 6
U n ited M in es o f M e x i c o . . 5 _______
13c
U S C o n tin e n ta l M in e s .r 1
37c
V icto ry D l v i d e . r _________ l
W a sh in g ton G o ld Q u a r tz. 1
IX
W est E n d C o n s o lid a t e d . .5
W est E n d E x te n sio n ___ 10c
17c
W h ite C a p s M in in g ___ 10<
W ilson S ilver M i n e s . r . . . l
X
B on ds—
99M
A m T A T 0 % n o t e s r .I!»2 4
99 X
98 %
A n a c o n d a C o p M in 0s r'2 9
98 X
B e th Steel serial 7 s . r . 1922 1 0 1 X
10154
101X
B eth Steel 7 s . r _______1923
10154
96 x
C a n a d a (D o m o f) 5)<jS.192i
96K
98
C lc v C ln C h & St L 0s w 1 ’ 29
9754
C op en h a g en (C ity ) 5X su>’ 44
9354
C u d a h y P a ck 7 % n otes r ’ 23
110
86
m t o r b o r o It T 7s ____1921
85
9 9 X • 9954
L a cle d e G as L col 7 s . . 1929
L ig g ett & M y e r s T o b Os ’ 21
10054
R e y n o ld s (It J) T o b 6s to '22
100
54
R u ssia n G o v t C X s . r . l O l D
50
S ou th ern R y 6 % n otes 1922
9854
97X
Sw edish G o v t 6s J ’ ne 15 ’ 39
9754
S w ift & C o 6 % n otes r 1921
100
96
96
S w ltzerl’ d , G o v t o f, 5 X s ’ 29

100
9954
10154
1025«
9754
98
93 54
110
8854
9954
10054
100
55 54
60
99 54
99
100
9654

S a les
fo r
W eek .
S h a res.

R a n g e s i n c e J a n . 1.
L o to .

H ig h .

500
354 M a r
30c
Apr
4 ,300
A pr
10c
2 ,200
July
3,000 254c
15c June
4 1 ,8 0 0
Apr
15o
1,200
4 5c
Ju ly
15,700
24o Jun e
4 0 ,000
M ar
34c
9 3 ,000
F eb
22o
4 3 ,000
F eb
25
1,000
A pr
2
2,6 0 0
45c
Jan
12,000
354c M a r
11,600
5,600
54 M a r
4,700
854 Jan
Apr
170
13,500
Jan
3’
1,200
7,850
154 Jan
9 c June
2 4 ,000
1
Aug
14,700
9 -1 6 Jun e
8 ,150
1354 Fet)
5 ,000
5-16 A u g
6 6 ,500
M ay
1
1,500
13-32 F eb
58,000
20 c
Ju ly
58,000
10,200
954 A u g
1,350
54 Jan
M ar
14o
19,600
4c
Jan
450
14c
Aug
24,500
200 2 9-16 Jan
5540 M ar
5,470
6,450
154 J ad
2%
100
3,5 0 0 3 3-16 Jan
3
June
2,2 0 0
6c
Jan
7,5 0 0
2 8 ,400
35C June
A pr
71c
3,000
1
M ar
4 ,600
Jan
20
9 ,000
Jan
10,000
lOo
Auqf
3 ,700
54

554
44 c
16c
8C
3 7c
54
5 8c
49o
154
54
52
454
67o
5c
454
15
480
354
354
2 3c
154
54
20
54
154
154
37c
1454

9854 Jan
9754 Fet)
Jan
101
10054 Jan
9654 A u g
9754 A u g
9354 A u g
102
Fet)
8354 M a y
99
July
9954 Jan
100
Aug
48
Jan
47
9854 A u g
9754 A u g
9954 F eb
96
Aug

10054
100
102 54
10254
9754
98
9354
110
9254
101
10054
100
72
72
9954
10054
10054
9654

$42,000
71,000
2 ,0 0 0
6,000
125,000
60,006
10,000
100,000
43,000
100,000
5,000
6,000
115,000
1 ,()()(]
132,000
85,000
10,000
2 0 0 ,000

At
34c
7c
470
4
*12c
3 54
4 54
554
3 54
19c
53c
94 c
3
7c
35c
154

M ay
Feb
M ar
Jan
J u ly
M ay
Jan
J u ly
M ay
M ay
J u ly
J u ly
J u ly
July
M ay
M ay
Jan
M ay
Ju ly
Ju ly
Aug
Ju ly
M ay
J u ly
Juno
M ay
M ar
June
M ay
M ay
Jan
Apr
M ay
Apr
M ay
M ar
June
M ay
Jun e
M ar
M ay
Apr
Apr
June
M ay
M ay
M ay
M ay
Ju ly
Aug
Aug
Aug
F eb
M ar
M ay
Aug
F eb
M ar
Juno
M ay
Ju ly

Note.— T h ere w ere n o sales o f In d ia n a P ip e as rep orted last w eek .
* O d d lo ts , t N o par v a lu e . 1 L isted as a p ro sp e ct. I L isted o n th e S tock
E x ch a n g e this w eek , w here a d d ition a l tra n sa ction s w ill b e fo u n d , o N ew s t o c k ,
r U n listed .
to W h en Issued, x E x -d lv ld e n d .
j E x -rlg h ts. z E x -s to c k d iv id e n d ,
t D o lla rs per 1,000 lire. fla t .
C U R R E N T

N OTI CES

— Frazier & Co. o f Broad and Sansom streets, Philadelphia, and 19
South St., Baltimore, announce the opening of an office at 65 Broadway,
this city. Private telephones connect all the firm’s offices.
— Barrow, Wade, Guthrie & C o., New York, announce that, as of
Aug. 1 1919, E. Denison Hilton, C .A ., C.P.A . (Minn.), formerly associated
with them, has now become a partner in the firm.
— R . O. Megargel & C o., 27 Pino St., havo Issued circulars regarding
a. The value of Pittsburgh-Texas Oil & Gas Stock; and (6) Tho position of
the Arkansas Natural Gas Co.
— W . C. Langley & Co. havo issued an analysis of tho Railway Steel
Spring Co.

New York City Realty and Surety Companies.
A ll p r ic e s n o w d o lla r s p e r s h a r e .

Bid
A llia n ce R ’ lty
A m er S u r e t y .
B on d A M G .
C it y In v estin g
P r e fe r r e d ..

60
70
247
35
75

70

Bid

Ask
L a w yers M t g o
M t g o B o n d ..
N a t S u r e t y ..
N Y T it le A
M o r t g a g o ..

252
40
85

A ll p r ic e s n o w d o l la r s p e r s h a r e .
B a n k s — .V Y
A m erica * ____
A m e r E x c h ___
B a tte ry P a rk .
B o w e r y * ..........
B roa d w a y C en
B ron x B o r o * .
B ro n x N a t ___
B u tch A D ro v
C e n t M e r c ___
C hat & P h en .
C h elsea E x ch *
C h e m ic a l____
C i t y _________
C oa l & I r o n ..
C o lo n ia l* ____
C o lu m b ia * ___
C o m m e r c e ___
C om m ’l E x *.
C om m onw e a lt h * ___
C o n tin e n t a l* .
C o rn E x c h * ..
C osm op’ta n *.
C u b a (B k o f ) .
E a st R iv e r ___
E u r o p e .............
F ifth A v en u e*
F i f t h .................
F irst ..................
G a r flo lr l..........
G o t h a m _____
G r e e n w i c h * ..
H a n o v e r ..........
H a rrlm a n ____
Im p & T r a d . .

Bid
580
260
185
215
425
140
125
150
145
28
160
505
310
120
550
240
445
235
400
175
230
395
220
115
415
95
177
150
110
1800
220
1075
205
190
380
795
350
580

Ask

225
150
140
160
155
33
170
520
320
135
250
455
240
185
210
410
230
130
425
100
182
130
900
235
1100
210
200
810
370
600

Banks
Bid
{Ir v in g (trust
certificates) 330
650
L in c o ln ............. 260
M a n h a tta n * . 215
M e c h A M e t . 407
M e r ch a n ts ___ 240
M e trop olita n * 190
425
N ew N e t h * .. 215
N ew Y o r k C o 135
450
P a cific * .......... 150
P a r k ................. 750
P rod E x c h * .. 400
P u b lic ............... 285
Seaboard ____ 550
S e c o n d ............. 450
S ta te * ............... 150
23d W a r d * . . . 115
U n ion E x c h .. 192
U n lted S ta tes* <165
W ash H ’ t s * ._ 275
W estch A v e * . 170
Y o r k v ille * ___ 300
!
Brooklyn
C on ey Island*
F ir s t ..................
G r c c n p o l n t ...
H illsid e* ..........

140
200
150
110
70
M e c h a n ic s ’ * . .
80
M on ta u k +___
85
N a s s a u _______ 205
N a tion a l C it y 115
N orth S i d e * . . 195
'P eop le’ s .......... 135
i

Ask

T r u s t C o 's

340
665
290

Bankers T ru st

Bid

Ask

New York

417
250
200
225
145
470

C o lu m b ia ____
C o m m e r c ia l..
E m p ire _______
E q u ita b le T r .
F arm L A T r .
F i d e l i t y ..........
F u l t o n .............
G u a ra n ty T r .
Irv in g T r u s t .

765
Law T i t * T r
300
500
160
130
198
175
325
155
215
165
120
80
85
95
215
130
205
145

M erca n tile T r
M e tro p o lita n .
M utuaK VVestChester)____
N Y L ife Ins
A T r u s t ___
N Y T r u s t ...
S c a n d in a v ia n
T it le G u A T r
U S M tg & T r
U n ited States
W e s t c h e s te r ..

450
458
458
465
375
3S5
150
140
305
295
475
450
455
445
230
220
275
250
405
398
145
135
(S ee Irvin g
\N at B ank
140
130
175
185
235
355
365
105

125

785
625
400
408
440
885
130

800
635
425
416
450
910
140

495
230
H a m ilt o n ____ 260
K in gs C o u n ty 650
M anufacturers 165
P eop lo’s ______ 285
Q ueens C o ___
60

510
240
270
700
300
75

* B a n k s m arked w ith a (* ) aro S ta te b a n k s, t Sale nt a u ction or a t S to ck E x ­
ch a n g e this w eek , { In clu d es o n o -b a lf share Irv in g T ru st C o . l N e w s to c k .
E x -rlg h ts.




127

Ask

100
185
50

110
200
65

150

170

Quotations for Sundry Securities
Standard O i l Stocks Pe r Shat 6
A sk .
Par Bid
22
20
A n g lo - A m e r ic a n O H n e w . £ 1
139 0 1 4 1 5
4 8 0 500
*9 8
10 1
B u c k e y o P i p e L i n e C o ___50
C h e a e b r o u g h M f g n e w ___10 0 290 3 10
5 7 0 590
*3 2
35
C r e s c e n t P ip e L i n e C o ___50
C u m b e r la n d P l p o L i n o ___106 16 5 18 0
E u r e k a P i p e L i n e C o ____ 10 0 16 0 16 8
G a le n a -S ig n a l O H c o m ___100 10 0 10 4
13 0
115
P r e fe r r e d o l d __________100
10 3 10 S
Illin o is P i p e L i n e ....................... 10 0 18 0 1S 5
98 10 2
I n d ia n a P l p o L i n e C o ____50
28
I n t e r n a t io n a l P e t r o l e u m . £ 1 * 2 7
27
*2 6
N a t i o n a l T r a n s i t C o ___12 .5 0
N e w Y o r k T r a n s i t C o _ 100 18 5 190
_
N o r t h e r n P l p o L i n e C o . . 100 1 0 7 n o
O h i o O i l C o .........................................25 * 3 7 5 385
70
♦67
P r a i r ie O H A G a s ....................10 0 690 7 1 0
2 8 5 290
35 5 3 7 5
S o u t h e r n P i p e L i n e C o . . 10 0 168 1 7 2
S o d t h P e n n O i l __________10C 30 5 3 15
98 10 2
S o u t h w e s t P a P i p e L i n o s . 10C
S ta n d a r d O i l (C a l if o r n ia ) .1 0 C 298 303
S ta n d a r d O H ( I n d i a n a ) . -1 0 0 7 3 5 75 5
S ta n d a r d O i l ( K a n s a s ) ... 100 5 7 0 590
S ta n d a r d O i l ( K e n t u c k y ) 100 45 5 4 6 5
S ta n d a r d O i l ( N e b r a s k a ) . 100 5 40 560
S ta n d a r d O i l o f N e w J e r .l O C 7 0 S 7 1 3
12
R i g h t s ........................................................... d l l
112
111
S ta n d a r d O i l o f N o w Y ’ k .1 0 0 392 396
S ta n d a r d O i l ( O h i o ) ................106 5 1 5 530
95 10 5
S w a n A F i n c h ___________ 100
U n io n T a n k L i n e C o ____10 0 1 2 5 13 0
430 440
*4 3
48
W a s h in g to n O i l __________10
O r d n a n c e Stocks — Per &hare
63
A e t n a E x p lo s i v e s p r e f ___106
2
A m e r ic a n A B r it is h M f g . IOC
43
A t l a s P o w d e r c o m m o n ___10 0 13 8
80
P r e f e r r e d _____________ IOC
12 3
B a b c o c k A W i l c o x ______ 10C
B lis s ( E W ) C o c o m m o n . 5C *3 2 5
P r e f e r r e d _____________ 5C * 60
C a n a d a F d y s A F o r g i n g s . 10 0 19 0
110
C a r b o n S te e l c o m m o n _ 10 0
_
1 s t p r e fe r re d __________10O 10 5
70
2 d p r e fe r re d _____ _____ 10 0
C o l t 's P a t e n t F i r e A r m s
*5 2
M f g .........................................................25
d u P o n t ( E I) de N e m o u rs
A C o c o m m o n ________ 106 3 1 0
90
D e b e n tu r e s t o c k ______ 100
88
E a s t e r n S te e l____________ 100
28
E m p i r e S to o l A I r o n c o m .10 0
75
P r e f e r r e d _____ ________10 0
H e rc u le s P o w d e r e o m ___10 0 2 1 0
10 7
N l le s - B e m e n t - P o n d c o m . 10 0 12 0
9612
P r e f e r r e d _____________ 10 0
P h e lp s - D o d g e C o r p ................1(H) 260
8 c o v lll M a n u f a c t u r i n g ___10 0 40 5
T h o m a s I r o n ____________ 56 * 2 5
W in c h e s te r C o c o m _____ 100 3 7 5
93
1st p r e fe r re d __________106
65
59
W o o d w a r d I r o n _______.1 0 0

A m e r G a s A E le c c o m ___60
P r e f e r r e d ....................................5C
A r n e r L t A T r a o c o m ___ 10 0
P r e f e r r e d ____________ _ 100
A m e r P o w e r A L t c o m .. . 100
P r e f e r r e d ____________ _ 106
A m e r P u b l ic U t i lit ie s c o m 106
P r e f e r r e d _________
106
C a r o lin a P o w A L i g h t c o m 10 0
C itie s S e r v ic e C o c o m . . . 100
P r e f e r r e d ..........................................100
C o l o r a d o P o w e r c o m . . . .1 0 0
P r e f e r r e d .......................... ...............100
C o m ’ w ’ t h P o w R y A L t . . 100
P r e f e r r e d .........................................10 0
F e d e r a l L i g h t A T r a c t i o n . 100
P r e f e r r e d _____________ 10 0
G r e a t W e s t P o w 5s 1 9 4 6 . J A J
M is s is s ip p i R l v P o w c o m . 10 0
P r e f e r r e d .................................. . . . 100
F i r s t M t g o 5s 1 9 5 1 . J A J
N 'o n h e r n O h i o E lo o C o r p . ( t )
P r e f e r r e d _____________ 106
N o r t h ’ n S ta te s P o w c o m . 10C
P r e f e r r e d .........................................106
N o r t h T e x a s E le c C o c o m 10 0
P r e f e r r e d ...................... ..................100
P a c ific G a s A E le c 1st p re f 100
P u g e t S d T r L A P c o m .. 100
rte p u h llo R y

A

L i g h t ____106

S o u t h C a l i f E d is o n c o m . 10 0
S ta n d a r d G a s A E l ( D e l ) . 50

Brooklyn
B rook ly n T r .

122

R e a lty A ssoc
(B r o o k ly n ).
U S C a s u a lty .
U S T it le G u ar
W est A B ronx
T it le A M G

A ll b o n d p r ic e s a r e “ a n d I n t e r e s t " o x c e p t w h e r e m a r k e d " f . "

Public Utilities

New York City Banks and Trust Companies.

140
97
245

Bid

Ask

130
93
237

T e n n e s s e e R y L A P c o m . 10 0
U n lt o d G a s A E le o C o r n

106

U n it e d L t A R y s c o m ___ 106
W e s te rn P o w e r c o m m o n . 16 0
P re fe r r e d
10 0

70
4
44
145
92
12 5
3 75
75
20 0
115
___ 88
53

RR. Equipments—PerCt B a sis .
A O h i o 4 X s _____ 5.9C
A P i t t s b u r g h 4Xe 5 .8 0
5.8C

B a lti m o r e
B u ff R o c h

C a n a d i a n P a c lllo 4 X s . ................
C a r o C U n c h fle ld A O h i o 5 s . .
C e n t r a l of G e o r g ia 4 X s _____
C h e s a p e a k e A O h i o ...........................
E q u i p m e n t 5 s ____________
C h ic a g o A A l t o n 4 X s ................
E q u i p m e n t 5 s ............ .........................
C h ic a g o A E a s t e r n 111 5 X s . O h io S t L o u i s A N O 5 s................
C h ic a g o A N W 4X8 ......................
C h ic a g o R I A P n o 4X s _____
E q u i p m e n t 5 s ....................................
C o l o r a d o A S o u t h e r n 5s___
E r i e 5 s....................................................... ...

K a n a w h a A M ic h ig a n 4 X s .
L o u is v ille A N a s h v ill e 5 s .. .
M ic h ig a n C e n t r a l 5 s _______
E q u i p m e n t 0 a ....................................
M i n n S t P A S S M 4 X » ____
M is s o u r i K a n s a s A T e x a s o a .
M is s o u ri P n c lflo 5 s _________
M o b il e A O h i o 5 s ___________
E q u i p m e n t 4 X « _________
N e w Y o r k C e n t r a l L lu e s 5a..
N Y C o n t r a l R R 4 ) 2 S ______
N Y O n ta r io A W e s t 4 X s . . .
N o r f o l k A W e s te r n 4 X s . .........
P e n n s y lv a n ia U R 4 X s ___ S t L o u i s I r o n M t A S o u 6 s ..
S t L o u i s A S a n F r a n c is c o 5s_
S e a b o a rd A i r L i n o 5s_______
E q u i p m e n t 4 X 8 .............................
S o u t h e r n P a c ific C o 4 X 8 _
_
E q u i p m e n t 5 s ___________
T o l o d o A O h i o C e n t r a l 4s . .

5 .6 5
6 .5 0
5 .5 0
5 .8 0 5 .5 0
5 .9 5 5 .6 0
0 .5C 5.75
6.5C 5.76
5 .9 5 5 .5 0
5 .9 5 5 .5 0
7 .2 5 6 .0 0
7 .2 5 6 00
7 .0 0 6 .0 0
6 .5 0 6 00
5 .8 5 5.45
5 .7 0 6 .2 5
6 .4 0 590
6 .4 0 6 .9 0
6 .5 0 6 .0 0
6 .5 0 6 .0 0
6.5 0 6 .0 0
6 .0 0 5 .5 0
6 00 5 .5 0
5 .7 5 5 .4 0
5 .7 5 5 .4 0
6 50 5 .9 0
5 .7 5 5.35
5 .9 0 5 .6 5
5 .9 0 5 .6 5
5 .9 0 5 4 0
7 .2 5 6 .0 0
7 .0 0 6 .0 0
6 .3 5 5 .8 0
6 .3 5 5 .8 0
5 .9 0 5 .7 0
5 90 5 .7 0
5 .9 5 5 .7 0
6 .5 0 5.85
5 .7 0 5 .2 5
5 .6 5 5 .2 5
6 .0 5 6 .2 5
7 .0 0 6 .0 0
7 .0 0 6 .0 0
6 50 6 .0 0
6 .5 0 0 .0 0
5 .7 0 5.35
6 00 6 .6 5
6 0 0 6 .6 5
0 .5 0 5.SO

Tobacco Stocks— Per Sh
Pat
A m e r ic a n C i g a r c o m m o n . 106
P r e f e r r e d _____________ 10 0
A m e r M a c h in e A F d r y _ _ 1 0 0
B r lt ls h - A m e r T o b a o o r d . . £ l
O r d i n a r y , b e a r e r ....................£ 1
C o n le y F o i l ........................................ 10 0
J o h n s o n T i n F o i l A M e t .1 0 0
M a c A n d r e w s A F o r b e s .. 10 0
P r e f e r r e d ______ ______ 10 0
R o y n o ld s ( R J ) T o b a c c o . 10 0
B c o m m o n s t o c k ______ 10 0
P r o f e r r o d ............. ...................-1 0 0

are.
BM . A s k .
1 2 0 13 0
90
95
80
95
*2 2
23
*2 3
24
20 5 2 1 5
80 10 0
16 0 13 0
95 10 0
42 5 ____
4 0 0 45 0
,1 1 0
113
98 10 0
98 10 0
B d iv id e n d s c rip __________
Y o u n g ( J 8 ) C o __________10 0 1 2 0 14 0
P r e f e r r e d _____________ 106 10 0 1 0 7

320
93
93
33
78
22 0
110
12 5
10 0
28 0
425
30
425 .
Short Term Notes— Per C e n f.
9 6 .5 5 A m e r C o t O H 6s 1 9 1 9 . . M A S
9 9 si 10 0
70
10 0
10 0 %
63
99% 99%
A m e r T o l A T e l 0s 1 9 2 4 . FAA
85
10 0 10 0 %
99% 9 9 %
D e l A H u d s o n 5s 1 0 2 0 .. F A A
99 100
F e d S u g a r R f g 5s 1 9 2 0 .. J A J
13 0
*1 2 5
G e n e r a l E le c 6s 19 2 0 ____J A J
10 0 % 10 0 %
42
*4 1
6 % n o te s ( 2 - y r ) 1 9 1 9 .J A l ) 10 0 % 10 0 %
9 3 99 %
.8 ,1
2 3 1 236
G r e a t N o r t h 5s 1 9 2 0 .. . M A S
98
96
9 6 % 98%
K O Te rm lty 4 X s 10 2 1. J A J
65
63
6s N o v 15 1 9 2 3 .. M A N 15 10 0 10 0 %
72
99% 10 0 %
69
L tg g e ttA M y e r3 T o b O s ’ 2 1 J A O
____ 10
9 9 % 99 %
N Y C o n t 5s 1 9 1 9 . M A S 15
40
32
9 7% 9 7%
P e n n G o 4 X s 19 2 1 . J A D 16
___ .
96
96%
P u b H er C o r p N J 7s ’ 2 2 .M A S
430 4 4 0
S o u t h o r n R y 6s 1 9 2 2 . . . M A S
98)2 99
78
77
99% 10 2 %
S w i f t A C o 0s 1 9 2 1 . . . F A A 16
___ 25 U t a h See C o r p 6 s ’ 2 2 .M A S 15 89 90
9 7 10 2
27
25
In c liis tr ln l
60
58
and Miscellaneous
95
<192
12
A ju e r lo a n B r a s s ........................1 0 6 2 2 0 2 3 0
10
53
98 10 3
50
A m e r ic a n C h ic le c o m ____16 0
88
82
86
85
P r e f e r r e d _____________ 100
14
12
16 7
A m e r ic a n H a r d w a r e .. . . .1 0 0 16 2
____ A m u r T y p e f o u n d e r s c o m .1 0 0
52
45
48
80%
88
79
93
P r e f e r r e d .......................................1 0 0
24
*<122
B o r d e n ’ s Cond M i l k c o m . 1(H) 10 8 1 1 0
67
70
98 10 0
P r e f e r r e d .................................... .1 0 6
68
65
C a r l b S y n d ic a te L t d ____25 • 1 7 0 0 18 00
92
130 14 0
90
C e llu lo id C o m p a u y ____ 166
58
54
C o l u m n la G r a p h o p b M f g ( t ) •4 2 5 435
94 95
80
P r e f e r r e d ._____ _____1<X
76
4
5
H a v a n a T o b a c c o C o . . . 100
89
87
14
18
13
16
P r e f e r r e d ................... - — 100
1 s t g 5s J u n e 1 19 2 2 . J - D
/ 64 ____
ro 6 1
18 % 19 %
17
In t e r c o n t ln e n R u b b o o m .l O O
15
16 0
53
I n t o r n a t B a n k in g C o ____100
52
4934 5 1 %
92
I n t e r n a t io n a l S a l t . ...................100
90
71
72%
10 0 10 4
1s t g o ld 5s 19 5 1 _
_ .A - O
92
27
In t e r n a t io n a l S tiv e r p r e f .1 0 0
90
*2 5
47
L e h ig h V a ll e y C o a l S a le s . 50 *8 8
92
*4 5
6
5
O t i s E le v a t o r c o m m o n .. .1 0 0 10 8 1 1 2
86
21
18
P r e f e r r e d .................................. .. . 100
90
3
R o y a l B a k in g P o w c o m . 106 13 5 ___
2
97 100
25
P r e fe rre d . ..........................100
24
8
S in g e r M a n u f a c t u r in g
10 0 20 0 205
5
48
S in g e r M f g L t d ...................— £ 1
4%
45
.1 0 0 18 8 0
19 2 5
72 «2 74 12 I'e x a a l ’ ao C o a l A O i l
63
22*2 23>2 W h o u s c C h u r c h K e r r A C o 100 58
80
P r e f e r r e d ..
.
100
80
75
73

• Per share. 6 Basis, d Pu rcha ser also p a y s accru ed d iv id e n d ,
e N e w s to c k
/F la t p r lc o .
n N o m iu u l. t E x -d lv ld e n d .
y E x -rig h ts,
( t ) W ith o u t p a r v a lu e .

THE CHRONICLE

A u g . 9 1919.]

573

J eit m a t § vrru
ims n t m Utc<l
i
R A IL R O A D G R O S S E A R N IN G S

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
bo obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page._________________________________________________________

oan

IlOADS.

Latest Gross Earnings.
Week or
Month.

Current
Year.

Latest Gross Earnings.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

$
$
%
Alabama & Vicksb. Juno
227,154 158.372 I , 331,733 1.083.550
Ann Arbor________ 4th wkJuly 111,216 105,869 2,287,640 1,845,725
Atch Topeka A S Fo Juno
13679380 12926579 78,416,846 72,422,360
Gulf Colo A S Fo. Juno
1,530,033 1,418,267 8,856,832 8,873,412
Panhandle & S Fo Juno
506,688 449,081 2,501,288 2,851,654
Atlanta Ilirm A Atl. June
401,058 307.624 2,403,257 2.004.768
200,229 203,388 1,335,347 1,104,953
Atlanta & West Pt. Juno
Atlantic C ity______ Juno
394,948 394,990 1,925,885 1.500.853
4,903,597 4,363,773 32,858,908 26.226.235
Atlantic Coast Lino. Juno
15233216 14852852 79,759,851 68,991,616
Balthnoro & O hio.. June
175,465 173,680
B A O Ch T erm .. Juno
796,656
821,775
373,399 361,443 2.611.728 2,233,051
Bangor & Aroostook Juno
Bollofonte Central.. May
7,149
7,320
36,985
32,960
319,266 352,949 1,588,073 1,824,342
Belt Ity o f Chicago. June
1,368,752 1,323,763 5.688,416 4,987,911
Bessemer A L Erie. . June
Bingham & Garfield June
74,795
299,832
583,295 1,597,913
38,048 123,893
Birmingham South. June
304,739
708.870
6,120,307 5,738,709 32,045,780 30,140,135
Boston & Maine__ Juno
Buff ltoch & Pittsb. 4th wkJuly 473,365 608,656 7.705.674 10,541,984
178,499 177,462 1,006,750 1,079,002
Buffalo A Susci____ Juno
Canadian Nat Itys. 4 th wkJuly 2,718,148 2,241,405 47.666.987 42,177,529
136,902 128,632 1,572,098 1,316,703
Can Pac Linos in Me June
Canadian Pacific_ 4th wkJuly 4,591,000 3,801,000 89,085,000 82,133.000
_
487,640 310,510 2,764,767 2,056,680
Caro Clinch & Ohio. June
1,730,100 1,521,628 10,104,559 9,551,095
Central of'Georgia.. June
3,555,594 3,746,780 20,197,406 19,086,173
Central BB of N J .. Juno
Cent New England. Juno
483,023 559,435 3,057,399 2,763,010
_
Central Vermont_ Juno
507,854 463,429 2.629.911 2,332,945
Charleston A W Car June
180,090 212,214 1,478,481 1.320.551
Ohes A Ohio Lines.. Juno
6,711,914 5,992,909 34,778,132 30,040,973
Chicago & Alton_ Juno
_
2,188,103 1.928.845 12.080,990 10,118,750
Chic Burl A Quincy June
12219535 10808372 68,485,084 62,097,596
Chicago & East III.. June
2,003,521 2,202,990 11,510,525 11.250.236
Chicago Great West Juno
1.785.432 1,429,020 9,812,065 8,410,490
Chic Ind & Louisv.. Juno
1,081,445 967,565 5,604,327 4,573,207
310,094 298,061 1,688,745 1,549,371
Chicago Junction.. Juno
Chic Mihv & St Paul Juno
12883 510 10776508 69,093,453 55,916,757
Chic & North West. Juno
12480376 10198808 62.550.323 51.859.519
Chic Peoria & St L_ Juno
768,749 1,038,031
131,898 163,957
Chic B I A Pacific.. June
8,787,315 7,291,040 49,082,858 43.830,982
Chic It I & G u lf.. June
347,162 349,225 2,176,504 2,124,956
Chic St P M A Om. June
2,285,047 1,872,477 12,640,379 10,652,859
Chic Torre II A S E . June
291,829 420,404 1,847,296 1,993.359
Cine Ind & Western Juno
248,045 225,176 1,381,004 1,450,299
Cin N O S Tex Pac. June
c
1,380,962 1,288,745 8,303,699 6,604,118
Colo A Southern_ 4th wkJuly 768,752 601,785 13,791,069 11,409,484
_
843,422 520,837 4,989,915 3,511,951
Ft W A Den City. Juno
587,564
Trln A Brazos Val Juno
70,078
80,211
544.870
92,641
95,864
Colo A Wyoming_ Juno
_
569,387
540,992
1,282,646 1,186,421 6,172,343 6,030,563
Cuba Bailroad___ „ May
2,875,039 3,919,859 15,938,986 15,153,911
Delaware & Hudson June
6,230,382 5,686,552 34.162.323 29,848,437
Del Lack A West_ June
_
2.569.432 2.262.846 14,098,587 13,519,245
Donv A Bio Grande Juno
Denver A Salt Lake Juno
304,405 241,645 1,202,984
877,257
136,489 134,823
Dotroit A Mackinac June
719,953
711,254
269,601 268,023 1,716,587 1,209,080
Detroit Tol A Iront. Juno
Dot A Tol Shore L . . June
210,075 145,287 1.120.911
946,618
Dul A Iron Bange.. Juno
1,287,086 1,100,769 3.339,757 2.806.854
Dul Missabe A Nor. Juno
3,209,797 2,513,221 8,300,020 5,591,885
Dul Sou Shoro A Atl 4th wkJuly 201,988 174,909 2,601,666 2,430,177
Duluth Winn A Pac June
129,356 141,349
964.484
848,927
94,951
East St Louis Conn. Juno
86,779
490,611
557,456
Elgin Joliet A East. Juno
1,462,385 1,561,738 10,254,004 8,061,735
1,005,583 1,194,757 6,239,429 7,311,963
El Paso A So W est.. Juno
7,531,199 7,223,978 41,831,624 36,088,083
Erio Bailroad______ June
808,418 842,211 4.952.460 4,538,314
Chicago A E rio.. June
734,142 598,885 5.390.728 5,030,537
Florida East Coast. Juno
Fonda Johns A Glov Juno
108,330
93,608
579,818
518,989
Ft Smith A Western Juno
109,381
86,838
703,831
598,126
Galveston Wharf
77,210
73,947
Juno
403,623
519,366
Georgia Bailroad . June
397,202 504,828 2,954,220 2,742,676
Georgia A Florida.. Juno
62,072
67,243
468,555
461,987
Grd Trk L in New E June
362,617 137.173 2,130,206
998,857
Grand Trunk S yst.. 4th wkJuly 2,417,076 1,994,902 35.602.988 29,306,117
Grd Trunk West. Juno
1,955.494 1,911,790 10,232,842 7,975,770
Great North System June
8,931,273 7,737,898 47,272,184 39,057,426
Gulf Mobile A Nor. June
223,777 179,917 1,244,001 1,118,494
Gulf A Ship Island. June
204,010 209,840 1.130.675 1,215,805
Hocking Valloy___ June
1,188,960 1,106,436 4,528,293 5,178,056
Illinois Central___ Juno
8,579,160 8,628,308 50,353,827 47,521,120
Internat A Grt Nor. June
1,251,252 967,634 6,757,763 6,234,561
Kan City Mcx A Or June
545,973
570,754
77,027
80,287
K C:Mex A O of Tex Juno
580,836
486,545
81,943
82,126
Kansas City South. Juno
1,060.754 1,177,621 6,957,182 7,216,263
Texarlc A Ft Sin. Juno
130,316
579,369
670,884
88,798
Kansas City T erm .. June
108,243 107,593
575,882
625,598
Lehigh A Hud Biver June
212,543 200,282 1,184,405 1,029,226
Lehigh A Now Eng June
309,659 461,153 1,591,508 1,752,602
Juno
Lehigh Valley____
5,484,901 5,851,604 29,325,282 27.195.520
Los Ang A Salt Lake Juno
1,446,690 1,182,760 8,386,095 6,559,555
Louisiana A Arkan. June
146,539 127.065 1,015,988
850,013
279,087 197,606 1.682.460 1,381,518
Louisiana By A Nav June
8,441,162 7,610,036 50,459,171 42,994,793
Ixmisvillo A Nashv. June
239,560 237,364 1,433,646 1,259,192
Louisv Ifend A St L Juno
1,439,469 1,341,404 8,156,465 7,068,157
Maino Central____ Juno
71,706
Midland Terminal. . May
319,086
324,200 257.066 1,874,545 1,598.487
Midland Valley___ Juno
16,079
42,891
Mineral Bange.
_ 4th wkJuly
467,100
634,017
1,160,653 912,847 6,021,753 5,365,418
Mlnncap A St Louis Juno
3,535,373 2,469,272 18,979,823 13,537,688
Minn St, P A S 8 M . June
76,684 105.624
Mississippi Central. June
474,911
570,737
Missouri Kan A Tex Juno
2,803,978 2,252,441 15,609,924 14,192,319
2,031,913 1,416,338 I I ,
M o K A T By of Tex June
371,309
8.749.769
111,974
112,671
703,348
M o A North Arkan. June
682,823
107,328 127,105
610,411
M o Okla A G u lf... June
860,046

ROADS.

Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

S
$
S
8
Missouri Pacific___ June
7,373,211 6,316,172 42,039,700 40,098,953
Monongahela______ June
275,936 285,836 1,575,784 1,348,318
Monongahela Conn- June
832,668 1,057,204
98,485 206,473
M ontour___ ______ June
559,143
519,501
113.543 110,855
Nashv Chatt A St L June
1,460,369 1,644,357 9,061,398 9.054.654
N evada- Cal- Oregon 3d wk July
151,930
131,885
5,159
5,166
Nevada Northern.. June
820,259 1,212,985
145,462 201,499
525,597
Newburgh A Sou Sh June
841,164
136,364 108,667
New Orl Great Nor. June
173,107 178,202 1,054,885 1,007,588
New Orl A Nor East June
554,680 481.147 3,095,768 2,876,993
N O Texas A M e x .. June
889,148 1.047.946
144,974 150,209
Beaum S L A W _. June
743,078
604,314
80,845 104.894
St L Browns A M June
425,952 283,447 2,460,168 1,810,590
New York Central.. June
26340826 23874 698 141813609 122729354
Ind Harbor Belt. June
532,420 503,615 3,001,705 2,450,629
Lako Erio A West June
747,741 729,002 4,429,792 4,084,315
Michigan Central June
6,395,813 5,338.788 35,083,567 29,356,569
Clov O O A St L. June
6,040,730 5,845,026 32,304,999 29,301,567
245,739 224,490 1,409,470 1.166.097
Cincinnati North. June
Pitts A Lake Erie June
2,077,859 2,679,389 13.558.112 13,980,010
846,699 831.062 3.970.457 4,009,038
Tol A Ohio Cent. June
429,321 543,464 1,975,871 2,361,361
Kanawha A Mich June
N Y Chic A St Louis June
1,792,578 1,837,300 11,830,523 9,068.351
8,964,900 9,184,513 47,535,174 44,533,000
N Y N H A H artf.. June
N Y Ont A Western June
947,793 1,030,606 4,610,066 4.776.097
N Y Susq A W est.. June
309,538 297,367 1,834,823 1,848,4)91
5,467,401 6,726,527 35,358,796 34,969.428
Norfolk A Western. June
461,265 495,954 2,981,226 2,636,355
Norfolk Southern.. June
558,791
563,838
84,411
79,345
Northern Alabama. June
North Pacific______ June
8,045,787 7,542,787 45,570,224 42,023,234
537,164
Minn A Internat. June
542,550
94,002
86,276
Northwest’n Pacific June
612,902 538,576 2,741,499 2,400,215
Oahu By A Land Co May
563,028
578,208
124,651 115,550
Pacific Coast______ June
325,019 239,266 2,408,077 2.713.739
Pennsylvania B B .. June
31129117 30562 254 174626274 152123345
481,336
655,638
Balt Ches A A tl.. June
138,853 114,614
Cumberland Vail. June
459,418 443,988 2,641,772 2,259,956
2,520,876 2,290,119 11,409,563 9,379,786
Long Island_____ June
560,026
355,663
77,121
108,822
Mary Del A Va._ June
N Y Phila A N or. June
631,308 632,729 3,692,713 3.068.346
698,601
705,564
144,862 116,806
Tol Peor A West. June
1,056,492 918,441 4,947,149 3,974,575
W Jersey A Seash June
9,235,511 8,038,828 47,620.355 37,743,307
_
Pennsylvania C o_ June
657,673 624,100 3,535,766 3,129,087
Grand Bap A Ind June
7,753,967 7.322.526 43,643,413 37,150,968
Pitts C O A St L . June
Peoria A Pekin Un_ June
586,778
613.307
95,139
93,887
Pere Marquette____ June
2,843,381 2,352,140 15,638,076 12,193,644
Perkiomen________ June
422,919
511,192
93,031 107,513
413,489
56,444 134,380
Phila Both A N E .. June
722.505
6,989,861 7.068.635 33,649,604 35,572,543
Phila A Beading_ June
_
617,831
Pittsb A Shawmut. _ June
535,973
89,179 124,587
661,291
Pitts Shaw A North June
488,117
82,007 108,327
642,190
Pittsb A West Va._ June
856,715
113,031 162,129
203,992 244,870 1,259,590 1,046,720
Port Beading______ June
476,404
Quincy Om A K C - June
504,022
72,107
85,251
696,724 642,089 3,989,783 2,844,885
Bich Fred A Potom. June
519.382 336,385 2.386,528 1,581,605
Wash Southern.. June
407,932 372,338 2,201,432 2,099,757
B utlan d__________ Juno
334.543 198,938 1,396,789 1,291,731
St Jos A Grand Isl’d June
6,260,189 5,513,107 35,480,667 30,161,168
St Louis-San F ran.. June
81,952
126,904
668,086
520,074
Ft W A Bio Gran. June
91,149
St L-S F of Texas Juno
657,350
721,479
143,727
1,055,318 834,301 6,128,745 6.185.564
St Louis Southwest. June
564,170 460,297 2,925,294 3,158,773
St L S A of Texas June
V
471,397
488,632
79,852
St Louis Transfer.. Juno
73,451
San Ant A AranPass June
325,048 261,388 1.940.858 1,908,809
3,356,089 3,056,042 20,449,364 17,437,962
Seaborad Air L ine.. June
760,426
554,526
57,994 118,956
South Buffalo_____ June
Southern Pacific_ June
_
13955118 12065005 76,001,927 66,900,146
Arizona Eastern. June
314,390 255,093 1,875,671 2.179.564
Galv Harris A S A June
1,820,464 1,511,156 10,112,155 9,940,671
739,712 645,290 4,103,179 4.135.966
Hous A Tex Cent. June
180,846 139,518 1,100,791
IIous E A AV Tex. Juno
976,203
358.382 320,023 1,969,408 2,014,678
Louisiana AVest’n. June
661,249 593,582 3,644,659 3,796,253
Morg La A Texas June
667,453 582.063 3,740,160 3,527,303
Texas A New Orl. June
9,869,257 9,673,393 59.052.113 54,134,611
Southern Bail w ay.. June
871,577 723,819 4.947.457 3,904,445
Ala Great South. June
1,159,741 1.158.527 7,136,696 6,685,585
Mobile A Ohio__ June
Georgia Sou A Fla June
308,457 282,485 2,130,119 1,684,797
126,090
South By in Miss. June
88,933
818,040
623,299
Spokane Internat’l. June
465,129
468.308
75,146
9 4,823
Spok Portl A Seattle June
609,834 714,720 3,378,203 3.805.946
763,126
210,244 191,294 1,073.279
Staten Island B T__ June
Tonn Ala A Georgia 3d wk July
63,505
1,974
3,385
62,845
189,163 254,554 1.241.859 1.236.347
Tennessee Central.. June
291,109 313.147 1,768,520 1,745,399
Term BltAssnofStL June
211,624 299,283 1,299,336 1,607,972
St L Mer Bridge T June
Texas A Pacific___ 3d wk July 680,399 512,834 18,223,326 13,190,497
599,358 637,788 3,452,878 3,562,917
Toledo St L A AVest. June
Ulster A Delaware.. June
414,258
461,718
83,245
88,688
Union Pacific______ June
8,246,299 7,618,718 49.452.256 40,028,600
Oregon Short Line June
3,052,168 2,782,515 17,055,942 15,155,306
Ore-AVash BB A N June
2,285,108 2,332,736 12,765,152 11,628,747
669,072 657.895 3,757,636 2,849,609
Union BIt (P enn).. June
Utah_____________ June
602,278
515,843
86,865 105,067
Vicks Shreve A Pac. June
269,061 155,163 1,532,702 1,171,509
1,136,424 903,409 5.109.859 5.067.655
AMrginian K B ______ June
AVabash K B ...........- Juno
4,009,782 3.919.635 22,730,851 19,860,029
1,125,802 1,208,348 6,763,162 6.630.967
AVestern Maryland. June
Western Pacific____ June
1,135,845 926,032 5,358,385 4,982,277
AVestern By of A la .. June
178,942 206,173 1,302,075 1,135,485
Wheel A Lake Erio. June
1,368,986 1,190,296 5,686,277 5.532.739
AVich Falls A N W ._ June
64,856
926,513
471,973
188,196
Yazoo A Miss Valley June
1,737,320 1,602,524 11.035.257 9,754,221

A G G R E G A T E OF G R O S S E A R N IN G S — W eek ly an d M o n th ly .
* Weekly Summaries.
2(1 week May (1 3 road
3d week May (12 roac
4th week May (12 road
1st week Juno (14 roac
2d week June (14 roac
3d week Juno (11 roac
4th week Juno (14 roac
1st week July (12 roac
2d week July (13 roac
3 d ' week July (14 roac
4th week July (11 roac
* We no longer inch




Current
Year.
8
6,719,582
7,361.232
10,811,279
6,850,498
7,354,587
7,051.650
9,255,407
8,660,394
8,288,192
7.858,562
___ 11.297,624
Mexican roads In

Previous
Year.

Increase or
Decrease.

8
6,571,295
6,811,778
9,505,052
6.635,242
6,983,931
7,007,811
9,310,234
6,254.110
7.447,070
0,844,374
9,571,417
any of our

8
+ 148.287
+519.454
+ 1,305,627
+215,256
■ 370,656
+
+43,806
— 51,827
+406,284
+ 811,122
+ 1,014,188
+ 1,726,207
totals.

%
2.25
8.00
13 74
3.21
5.31
0.62
0.59
6.46
11.29
14.81
18.03

*Monlhly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

Mileage.
Curr.Yr. Prcv.Yr.
S
S
S
J u ly .......... 231,700 230,370 163.684,172 316,022,867 + 117661315 34.00
August_____230,743 230.015 493.269.356 362,609,501 +135759,795 37.45
Septem ber..232.186 232.378 487.140,781 357,772.850 + 129367,931 36.16
O ctober___ 230.184 230,576 484.824.750 377,867.933 +106956,817 28.30
November ..232,274 232,259 438,602.283 356.438.875 +82,163,408 23.00
December ..232,774 232,399 138.365,327 335,607,571 +102757756 30.62
January ....2 3 2 .6 5 5 233,199 395,552,020 284.131,201 + 111420.819 39.22
February__ 232,957 233,266 351,048,747 289,392,150 4 61,656,597 21.31
M a rch _____226.086 225,631 375.772.750 365.096,335 + 10,676,415 2.90
A p r il......... 232,708 233,251 388,697,894 370,710,999 + 17,986,895 4.85
M ay_______ 233.931 234,339 413,190,468 378,058,163 +35,132,305 9.29

574

THE CHRONICLE

L a te st G ross Earn in gs by W e ek s.— In the table which
follows we sum up separately the earnings for tho fourth
week of July. The table covers 11 roads and shows 1 8 .0 3 %
increase in tho aggregate over the same week last year.
Fourth Week of July.

1919.

1918.

Increase. Decrease.

S
$
Ann Arbor____________________
111.216!
105,869
Buffalo Rochester & Pittsburgh
473,365
608,656
Canadian National Railways_
_ 2,718,148: 2,241,405
Canadian Pacific_____________ 4,591,000; 3,801,000
Colorado & Southern__________
768,752
601,785
Duluth South Shore & Atlahtic.
201,988,
174,909
Grand Trunk o f Canada______
Grand Trunk Western______
2,417,076 1,994,920
Detroit Grd Haven & M ilw.
Canada Atlantic___________
Mineral Range..........................
16,079
42,891

5,347
476,743
790,000
166,967
27,079

135.291

422,174
26,812

Total (11 roads)------------------- 11,297,624 9,571,417 1,888,310
Net increase (18.03% )________ ________ : ............... 1,726,207

162,103

N e t E a rn in g s M o n th ly to L a te st D a te s.— The table
following shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re­
ported this week:
-----Gross Earnings---Current
Previous
Year.
Year.

------Net Earnings----Current
Previous
Year.
Year.
$
9
Bingham & Garfield.b__June
_
74,795
299,832 def53,429
111,955
Jan 1 to June 30______
583,295 1,597,913 def97,680
728,872
Detroit & M ackinac.b.June
136,489
134,823
1 0 ,2 1 1
defl6,451
Jan 1 to Juno 30...........
719,953
711,254 defl 15,139
43,116
Duluth Win & Pacific.b.June
129,356
141,349
def4,183
12,881
Jan 1 to June 30____ ._
964,484
848,927
100,854
94,988
Pacific C oast.a________ June 325,019
239,266
50.599
73,859
July 1 to June 30........... 5,312,937 5,815,399
722.397
978,857
Western P acific.b.........Juno 1,135,845
926,032
300,359
161,625
Jan 1 to June 30______ 5,358,385 4,982,277
639,843 1,441,338
a Net earnings here given are after tho deduction o f taxes,
b Net earnings hero given are beforo the deduction o f taxes.
Gross
Net after
Other
Gross
Fired
Balance,
Earnings. Taxes.
Income.
Income.
Charges.
Surplus.
$
s
S
N Y Chicago & St Louis RR—
Juno ’ 19 1,792.578
336,479
6,422
342,901
32,691
310,210
’ 18 1,837,300 dcf39,55S
24,457 de!15,101
136,938 defl52,O30
6 mos ’ 19 11.830,523 2,511,231
94,729 2,605,960
274,534 2,331,426
’ 18 9,068,351
871.839
97,625
969,464 1,235,011 dcf235,547
Roads.

E L E C T R IC R A IL W A Y AN D P U B L IC U T I L I T Y C O S.
Name of Road
or Company.

Latest Gross Earnings.
Month.

Adirondack El Pow Co June
Alabama Power C o .. June
/lAmer Pow & Lt C o. May
_
Atlantic Shore R y _ June
Aurora Elgin & Chic. April
Bangor Ry & Electric May
Baton Rouge Elec Co Juno
Blackstone V G & El. June
^Brazilian Trac, L & P May
Brock & Plym St R y . May
pBklyn Rap Tran Sys April
Cape Breton Elec C o. June
Cent Miss V El Prop. May
Chattanooga R y & Lt May
Cities Service C o------ June
Cleve Painesv & East May
Colorado Power C o .. April
(/Columbia Gas & Elec May
Columbus (Ga) El Co June
Com’w’th P, R y & Lt June
Connecticut Pow C o. Juno
Consum Pow (M ich). May
iCumb Co (Me) P & L May
Dayton Power & L t .. June
June
(/Detroit E dison...
(/Detroit United Lines May
Duluth-Superior Trac June
East St Louis & Sub. May
Eastern Texas E le c.. June
Edison El of Brock'n. June
/Elec Light & Pow Co June
oKl Paso Electric C o. June
Fall River Gas Works June
Federal Light & Trac. May
Ft Worth Pow & Lt_ May
Galv-Hous Elec C o .. Juno
a Great West Pow Sys June
Harrisburg Railways. April
Havana El Ry, L & P M ay
•
Haverhill Gas Lt Co. June
Honolulu R T & Land June
Houghton Co El L Co June
Houghton Co Trac Co June
6 Hudson & Manhat. April
b Illinois Traction_ June
_
l Interboro Rap Tran. May
Jacksonville Trac C o. Juno
Keokuk Electric C o .. June
Key West Electric Co June
Lake Shoro Elec R y .. May
Long Island Electric. April
Louisville Railway_ May
_
Lowell Electric Corp. Juno
Manhat Bdge 3c Line April
a Milw El Ry & Lt Co June
Mississippi Riv P Co_ June
Nashville Ry & Light May
New England Powcr. Juno
N ew p N & H R y.G & E June
Now York Dock C o .. Tune
N Y & Long Island.. April
N Y & North Shore. _ April
N Y & Queens C o ... April
New York Railways. April
Northampton T ra c.. April
Northern Ohio E lec.. June
North Texas Electric. June
Ocean Electric ( L I ) . . April
Pacific Power & Light M ay
Pensacola Electric Co June
Phila Rapid Transit. April
Phi la & Western____ May
Portland Gas & Coko. May
Port(Ore) R y.L & P C o May
Porto Rico Railways. February
Ropublic Ry & Lt- C o. May
Richmond Lt & R R .. April
St L Rocky M t « s Pac Jime
S
Santiago El Lt & T r. June
Savannah Electric Co June
Second Avenue (Rec) April




Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

9
$
123,891 133.049
807,944
215,972 259,059 1,372,919
1224,129 1019,920 6,448,193
14,347
14,865
71,138
192,792 156,937
756,377
83,381
71,190
413,924
29,498 23,273
172,549
201.721 204,147 1,214.240
/9562000 19030000 /44594.000
12.366
8,692
53,186
2978,358 2571,061 11,041,103
46.529 40,098
277,413
26.771
32,982
164.734
150,150 147,808
733.733
1601,017 1808,929 10,762,818
54,064 46,22
243.511
95.672 106,934
389.889
918,256 877.375 5.298,330
104,852 95.152
610.516
1992,372 1831,428 12,319.675
96,005 75.967
597.297
634.657 503.096 3.281,973
201,289 254,438 1.022.445
200,133 173,606 1,411.791
1185,753 1011,620 7,837.060
2003.332 1599,400 9.169.098
159,782 147,384
933,764
340,613 337,079 1,747.511
110,620 102,081
650,804
81.003
63.489
529,381
20,295
16,941
132.109
123,870 96.236
750,871
63.243
63,319
341,243
303,010 272.395 1,614,758
90,675 94,708
512,886
255,778 230.753 1,469,883
400,428 341,93 2,478.406
124,373 101.896
517.109
740.304 685,731 3,576.816
29.389 25,436
177.246
68.045 64,540
370,692
31,552 31,310
209,468
22,706 25,680
148.911
516.722 419,752 2,021,637
1341,228 1150,237 8.256.098
4019.001 3524,432 19.341,036
81,207 60,984
509.015
26,548 23,151
150,760
16,157
18,700
112.989
218.575 161,528
963,769
17,786
16,267
63,812
364,925 326,156 1,668,028
72.367 64,239
484,661
13.530
11,867
50,447
1120,942 946,311 7,071,301
192,146 182,590 1,111,850
264,678i 232,266 1,331,323
297,766 258,467 1,816,937
259,448 196,481 1,321,845
477,525 470,851 2,582,162
47,557 37,698
165,410
12,442
11,755
45,752
86,194 75,468
319.990
1090,708 983,452 4,052,405
20.120
17,678
83.732
746,220 593,513 4,312,935
282,415 259.163 1,558,569
9,578
7,567
31,162
166,572 148,417
816,604
44,152 42,733
278,628
2909,271 21688,15 11,126,351
65.053 52,110
278,422
165,495 141,631
871,285
711,453 620,294 3,544,322
92,562 83,186
182,600
488,136 469,517 2,534,275
42,662 33,739
158,918
346,325 409.047 1,973,291
62,209 55,718
365,713
118,664 96,677
673.225
67,547 66,860
246,621

Previous
Year.
9
854,470
1,352,912
5,381,503
78.504
594,018
367,398
126.241
1,131,251
/40606.000
38.931
9,705,535
233.929
132.289
715.754
11,476,250
206.023
419,838
5.314.281
592,028
10.338,998
461,626
2.517.281
1.188.477
1.121.327
6.692,833
7,398,004
846,662
1,597.083
538.122
380.858
100.056
630,244
337,422
1,457,250
537.560
1,237,197
2.096.327
396.681
3,253,267
159.914
348,658
204,824
164,605
1,652,031
7,094,140
17,539,101
428.985
125,653
87,605
772.169
61,199
1,465,289
388,773
45,158
6,637,423
1,092,995
1,073.161
1,534,234
944,849
2,572,166
125,226
40,523
274,925
3,661,872
70.68s
3,468,309
1,560,931
25,042
726,087
225.754
9,814.092
229,201
674,614
3,025.087
165.307
2,358,743
127,406
2,548,396
325,078
555.228
234,114

Name of Road
or Company.

[V ol . 109.
Latest Gross Earnings.
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

9
19,862
951,590
25,941
97,926
149,WO
489,755
249,788
1003,512
48.672
151,699
236,874
77,951
62,253
51,864
335,814
924,855
755,786
188.320
50,709
38.933

$
$
17,670
72,838
64,371
777,871 4,874,110 4,098,544
20,778
78,605
92,138
83,135
613,813
517,280
167,672
820,864
968,713
488,475 2,656,460 2.320,883
221,583 1.381,040 1,247,185
870,856 5,343,071 4,844,892
41,447
185,226
148,978
139,618
509,100
557,847
215,045
809,127
868.556
66,244
250,977
283,873
56,724
219,646
229,695
53,331
190,796
196,135
315,814 1,295,903 1,262,490
808,432 5,342,681 4,847,574
690.380 4,392,517 3,873,200
212,639
956.713
971,897
43,625
166,694
186,924
185,208
161,930
33,533
, r? *np*udes Milwaukee Light, Heat & Traction Co. 6 Includes all sources.
k Warnings given in milreis. g Includes constituent or subsidiary companies.
h Subsidiary companies only, j Lewiston Augusta & Waterville Street Ry.
earnings, expenses, &c.. not included In 1919. k Includes Tennessee R y..
Light & Power Co., the Nashville Ry. & Light Co., the Tennessee Powor
Co. and the Chattanooga R y.
Light Co. I Includes both elevated and
subway lines. / Of Abington and Rockland (Mass.).
Southern Boulevard. April
Southern Cal Edison. June
Staten Isld Midland. April
Tampa Electric C o .. June
Tennessee Power___ May
k Tenn Ry, Lt & P Co May
Texas Power & Lt Co May
Third Avenue System_ June
D D E B & B R R .. April
42dStM & StN ARy April
Union RyC o(N YC ) April
Yonkers Railroad.. April
N Y City Inter R y. April
Belt Line Railway. April
Third Avenue_____ April
Twin City Rap Tran. June
Virginia Ry & Power. June
Wash Balt & Annap.. May
Westchester Electric. April
Youngstown & Ohlo. M ay

E lectric R ailw ay an d O th er P u blic U tility N et E a r n "
m g s .— The following table gives tho returns of E L E C T R IC
railway and other public utility gross and not earnings with
charges and surplus reported this week:
— Gross E'arnings-----Current
Previous
Year.
Year.
9
9
Home Tel of Joplin,MobJuno
26,794
27,244
Jan 1 to Juno 30...........
165,999
167,223
Johnstown Telep C o.b.Juno
26,935
22,587
Jan 1 to June 30______
139,261
118,104
Murphy Telep C o .b ___ Juno
26,126
21,497
Jan 1 to June 30...........
139,893
121,744
New York Telep C o.b_.Jun e 6,107,619 5,415,244
Jan 1 to June 30..........34.809,645 31.626.944
Pen nsylv Telep Co . b . . . June
34,486
30,747
Jan 1 to June 30...........
207,825
192,868
Pitts & Alleg Tel C o.b._Jun o
46,412
45,661
291,002
Jan 1 to Juno 30...........
277,820
Providence Telep C o.b.Jun e
243,725
191,484
Jan 1 to June 30______ 1,222,186 1,132,341
Rochester Tclejt C o.b ..J u n o
49,290
45,192
Jan 1 to Juno 30...........
285,369
270,479
South Bell T & T C o.b.Jun o
919,411
719,544
Jan 1 to Juno 30........... 5,058,614 4,345.476
Sou New Eng Tel C o.b.Jun o
540,937
434,508
Jan 1 to June 3 0 -......... 2,914,378 2,493,276
Southern Telep Co_b___June
57,912
44,414
Jan 1 to Juno 30...........
295,822
262,475
Southwestern Bell Telep Co
(Illinois C orp )._b ___ June
24,645
21,982
Jan 1 to June 30______
139,647
127,106
Southwestern Bell Telep Co
(Missouri Corp) _b___ June 1,191,652
910,594
Jan 1 to June 30........... 6.508,983 5,436,817
Southwestern Bell Telep Co
(Oklahoma Corp) . b . . Juno 484,795
349,353
Jan 1 to Juno 30_______ 2,611,088 2,136,459
Southw’n T & T C o.b ..J u n o
788,685
697,385
Jan 1 to Juno 30........... 4,451,510 4,082,652
Springf Xenia Tel C o.b.Jun o
36,652
36,633
74,491
Jan 1 to Juno 30______
71,709
Standard Gas & El C o..Ju ne 1,961,564 1.662,409
July 1 to June 30.......... 25,630,028 21,036,672
Tri-State Telep C o .b ...J u n e
45,735
32,236
Jan 1 to June 30______
288,029'
261,945
Tri-State Tel& TelC o.b. Juno 235,6861
142,616
Jan 1 to Juno 30........... 1,246,947
856,938
Union Telep C o .b _____June
21,566i
19,046
Jan 1 to Juno 30______
125,199'
113,788
West Pow Co of Can LtdMay
39,391
39,538
June 1 to May 3 1 ..........
450,273
445,762
Wisconsin Telep C o.b ..J u n e
525,875
437,272
Jan 1 to Juno 30........... 3,010,071 2,599,947
Companies.

b Net eamjngs here given

------ Net Eiirnings-----Previous
Current
Year.
Year.
9
9
6,444
3,607
50,679
32,642
10,570
13,901
69,881
79,309
6,578
6,493
37,406
23,226
2,045,234 1,723,468
8.319.349 10.132.290
11,882
14,257
85,952
76,819
41
1,255
25,467
19,963
44,917
76,395
281,829
228,898
8,996
7,360
60,283
67,661
192,851
180,745
1,096,802 1,266,964
111,474
148,455
666,539
683,988
2,286
10,056
29,482
43,607
6,232
. 29,625

5,798
31,289

323,962
1,752,675

238,172
1,448,281

157,399
726,167
296,482
1,637,125
11,426
23,988
728,492
9,480,961

49,275
427,569
203,158
1,109,551
12,892
23,848
670,085
8.585,959
9,409
66,303
46,040
301,967
3,840
22,678
29,082
317,164
117,974
772,070

40,528
56,040
297,824
5,172
22,940
26,329
293,572
150,346
823,976

deducting taxes.
Gross
Net after
Fixed
Balance,
Charges.
Taxes.
Earnings.
Surplus.
9
$
9
9
Great Western
June T9
400,428
225,939
128,695
97,244
Power System
T8
341,937
178,877
129,320
49,557
12 mos T9 5,084,441 3,013,765 1,548,504 1,465,261
T8 4,170,920 2,416,378 1,560,727
855,651
New England Pow Juno T9
297,766I
109,332
65,029
44,303
System
T8
258.467
95,831
54,052
41,179
6 mos T9 1,816,937
388,996
782,537
393,541
309,612
T8 1,534,234
648,793
339.181
220,031
Third Avenue Ry June T9 1,003,512
235,840
15,809
System
240,778 deTO1 ,0 6 0
149,718
870,856
T8
12 mos T9 10,363,983 1,984,396 2,650,210 def665,814
T8 10,234,989 2,222,819 2,079,322 dof456,503
T he United Ga & Elect:ric C orporation.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
9
9
Citizens Gas & Fuel Juno
3,638
30,061
10,962
7,324
Co (Terre Haute,
3,727
9,314
24,381
5,587
Ind.)
12 mos
43,841
335,400
116,662
72,821
45,337
136.989
308,406
91,652
21,139
14,673
Colorado Springs June
49,955
6,466
17,930
(Colo) L, H & P Co
12,459
46,102
5,471
244,099
155,803
12 mos
624,331
88.269
204,859
149,516
584,519
55,343
345
Columbia (Pa)
1,200
3,788
June
855
329
3,430
Gas Co
1,059
730
4,172
38,915
12 mos
6,688
2,516
7,203
3,957
34.599
3,246
Conestoga Traction Juno
121,870
42,805
26,556
16,249
27,154
108,714
Co (Lancaster, Pa.)
41,097
13,943
321,162
12 mos
1,313,507
403,984
82,822
325,792
491,846
1,226,596
166,054
Consumers El Lt St Juno
17,127
6,917
42,305
10,210
Power Co (New Or­
10,205
6,830
29,985
3,375
499,893
leans. La.)
12 mos
82,919
147,345
64,426
168,459
81,430
378.468
87,029
Edison Elec Co
Juno
31,259
73.600
10,575
20,684
(Lancaster, Pa.)
26,872
59,447
9,609
17,263
12 mos
878,921
386,333
123,225
263,108
752,241
338,224
113,253
224,971

THE CHRONICLE

A u g . 9 1919.]

Elmira (N Y)
June '19
Water, Light &
'18
R li Co
12 mos ’ 19
T8
Gretna (La) Light June T9
& Power Co
'18
12 mos T9
T8
Harrisburg (Pa)
June T9
Light & Pow Co
T8
12 mos T9
T8
Houston (Tex) Gas June T9
& Fuel Co
T8
12 mos T9
T8
Houston Heights
June T9
(Tex) Water & Light T8
Ass’n
12 mos T9
.
T8
International Syst June T9
(Buffalo, N Y)
T8
12 mos T9
T8
Lancaster (Pa) Gas Juno T9
Light & Fuel Co
T8
12 mos T9
T3
Leavenworth!Kan) June T9
Lt, Jit & Pow Co
T8
12 mos T9
T8
Lockport (NY) Lt, June T9
Heat & Power Co
’ 18
12 mos T9
T8
Richmond (Ind)
June T9
Lt, lit & Pow Co
T8
12 mos T9
T8
Union Gas & El Co Juno T9
(Bloomington, 111.)
T8
12 mos T9
T8
Tho Wilkes-Ilarro Juno T9
Co (Wilkes-Barre,Pa) T8
12 mos T9
T8

Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
121,643
38,273
21,036
17,237
112,529
38,564
17,495
21,069
1,487,447
463,032
249,594
213,438
1.313,904
462,941
241,267
221,664
5,846
1,731
5
1,726
1,899
565
4
561
87,786
14,381
00
14,321
41,329
6,807
50
6,757
71,790
10,404
29,513
13,109
68,807
29,238
15,793
13,444
1,068,671
414,376
194,896
219,480
958,862
179,781
404,785
225,004
57,429
7,002
14,986
7.924
48,057
15,461
6,899
8,562
728,420
133,086
S3,710
49,376
213,271
630,317
82,223
131,048
733
2,309
130
603
2,821
1,520
130
1,390
10,856
28,861
1,560
9,296
16,112
31.855
1,560
14,552
775,196
104,414
174,064 def70,250
654,611
128,381
169,465 dcf41.084
8,221,878 1,069.717 2,357,407 dfi ,297.690
7,946,002 2,056.563 2,006,485
50,078
26,428
9,533
2,289
7,244
25,325
9,026
2,218
6,808
310,542
81.863
27,317
54,546
263,510
79.404
25,955
53,449
21,371
3,876
3,934
dcf58
17,602
29
2,884
def2,855
293,809
62,231
39,110
23,121
253,468
20,404
34,008 defl4,204
29,849
9,521
5,836
3,685
27.818
11,151
5,903
5,248
466,122
120,424
82,539
37,885
412,204
85,619
81,926
3,693
14,033
5,300
5,399
def99
10,070
2,452
4,593
def 2,141
173.033
47,983
57,362
del'9,379
180,413
56,664
55,728
936
21,860
8,123
3.569
4,554
17,729
7,062
3,544
3,518
231,437
73,336
42,653
30,683
190,655
51.640
42.951
8,689
78,697
28,997
21,248
7,749
66,893
26,253
21,707
4,546
1,078,478
432,960
257,724
175,236
891,991
355,742
251.960
103,782

FINANCIAL REPORTS

Financial Reports.—An index to annual reports of steam
railroads, stroot railway and miscellaneous companies which
have been published during tho preceding month will bo given
on tho last Saturday of each month. This indox will not
include roports in tho issuo of tho “Chroniclo” in which it is
published. Tho latest indox will bo found in tho issue of
July 26. Tho noxt will appoar in that of August 30.
Kansas City Southern Railway.
{19th Annual Report— For Fiscal Year ending Dec. 31 1918.)
Tho remarks of Prosidont L. F. Loreo aro given in full
under heading “Reports and Documents” on a subsequent
page.
Soo map, page 70 of “Railway and Industrial” Section.
COMMODITIES CARRIED FOR CALENDAR YEARS.
(In Tons) Agricul. Animals.
Mines.
Forests.Manufac. Misc.,&c
1.490,542 249.059
1918..............907,004 138,018 1,541,395 1,300,468
1917.............. 053,717 112,093 1,464,330 1,228,452
1.421,813 240 872
1916..............577,742
96,770 1,188.578 1,170,886
1.014,324 22o!o83
GENERAL STATISTICS FOR CAL. YEARS (IN 1918 FEDERAL D A T A ).
1918.
1917.
1916.
Mileage operated.
836
837
837
Stat
itislics—
Passengers carried
1,881,156
1,857,568
1,708.350
Passengers carried ono milo
90,557,212
83,033,106
09,202,538
Revenue per passenger per mile
2.086 cts.
2.403 cts.
2.371 cts.
Revenue froight carried (tons). _
5,632,481
5.127.883
4,274,389
do
carried one mile------1,680,903,7011,432,558,415 1,172,356.158
0.705 cts.
0.728 cts.
0.733 cts.
Itovonuo per ton per inilo--------Rovenuo per mile of road--------$19,763
810,195
813,496
FEDERAL INCOME ACCOUNT FOR 1918 COMPARED W ITH COM­
P A N Y S ACCOUNT FOR PREVIOUS YEARS.
Revenues—
1918.
1917.
1916.
F re ig h t................................................... $12,850,567 $10,430,740 $8,594,780
Passenger.............................................. 2.432,109
1,995,690 1,042,234
Mad, express, &c....................................
1,242,852
1,121,057 1,052,310
Total operating revenues.. ------- $10,531,528 $13,547,487 $11,289,324
Maintenance of way and structures.. $1,987,737 $1 207 380 $1 172 640
Maintenance o f cquipmout-------------- 3,171,013
X 898 541
- -1,475,117
Traffic expenses-------------------------------230,296
3381256
330,942
Transportation-------------------------------- 0,500,247 4,278,773
3,419.027
General, &c., expenses---------------------467,665
^422,580
378,974
Total operating expenses ...............$12,303,558 38,205,530 $0,782,700
___________ „
.
Not earnings________________
$4,167,970 $5,341,951 $4,500,(524
Railway tax accruals________________
787,300
840,658
580,57(5
Uncollectibles______________________ _______ 2,299 _____J3J30 _____ 4,383
Operating income______ .............. $3,378,371
$4,490,163 $3,921,6(55
Other in co m e ..,___________ .............. ....... 793,190
305,090
291,572
Gross Incomo_____________________ $4,171,507 $4,795,259 $4,213,237
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
„
1918.
1917.
1916.
Operating Incomo__________________
-— v
------ $4,490,163 $3,921,005
Income from lease o f road------- ------$3,490,385
Rent of equipment, &c____________
$222,954
$234,30(5
24,717
Miscellaneous rent incomo--------------13,125
5,977
Misc. non-operating physical property
15,104
13,013
12,105
7,190
Incomo from funded securities--------2,696
0,542
Income from unfund. secs. & accounts
12,624
53,290
32,532
208,071
Misc. income: revs, prior to Jan. 1 '18
30
Miscellaneous Incomo_______________
17
49
Total...................................
$3,764,226
$4,795,259 $4,213,237
Deduct—■
Hire of equipment, &c_____________
______
$278,701
$322,731
^ I0$15,303; misc. tax accru^ als, $1,368; total...............................
16,671
17,111
18,182
Operating items— oper. revs., $57,­
508, less oper. exp., $203,053. and
..
.
267,785
tax accruals, $122,300; bal., d eb it..
1,846,784
Interest on funded debt .
1,846,632
1.831,088
Interost on unfunded dobt__I” I I _ ._
11,830
10,390
13,290
Alisc. income charges: oxpenso sprior
573,182
to Jan. 1 1918.......
Miscellaneous charges____
25,479
18,070
5,303
Dividends on pref. stock (4 % )I I I “ " “
840,000
840,000
840,000
Balanco to profit and loss...............
$182,647 $1,784,143 $1,182,642




575

GENERAL BALANCE SHEET DECEMBER 31.
19 18 .
A ssets—
8
R o iu l & e q u lp ’ t . S I , 6 4 1 ,9 2 4
M is c . p h y s . p r o p .
4 4 9 ,6 5 2
I n v .l n a f f i l . c o s .:
S to c k s _______
2 ,2 8 5 ,4 1 7
B o n d s _______ 1 8 ,0 6 2 ,3 4 4
N o t e s _______
1 8 ,6 2 3
A d v a n c e s ____
1 ,4 9 2 ,9 1 1
O t h e r in v e s t m ’ ts
8 5 ,0 7 8
L ib e r t y b o n d s ..
7 5 0 ,0 0 0
C 'a 3 b ___________
6 6 ,6 3 4
T im e d ra fts a n d
d e p o s i t s _____
S p e c ia l d e p o s its .
9 9 8 ,9 7 8
L o a n s A b ills re c .
2 7 ,4 7 8
T r a f f i c a n d ca r
s e rv ic e b a l ___
2 1 8 ,0 1 8
________
A g ts . & co n d u c .
M i s c . a c c ts . r e c .
3 0 0 ,0 3 3
M a te ria l A s u n p .
I n t . A d iv s . r e c .
4 ,9 6 3
O t h e r c u r r .assets
6 0 ,9 0 8
U . S . G o v t .a c c t s 4 ,5 2 2 ,0 7 2
D e f e r r e d a s s e ts .
3 ,6 5 8
P r o p .a b a n d o n e d
6 .3 0 ,5 2 4
O t h .u n a d j .d c b .:
A c c r ’ d s ta n d a r d r e t u r n . 2 ,4 5 0 ,4 2 7
O th e r a c c 't s ..
6 5 9 ,3 5 7

19 17.
s
8 3 ,2 8 2 ,3 4 9
4 5 4 ,8 0 0

T o t a l .....................1 1 7 ,7 2 9 ,5 9 8
— V. 10 8 , p . 2528.

1 1 3 ,0 5 2 ,9 7 3

Liabilities—
C o m m o n s to c k .
P r e fe r r e d s t o c k .
1 s t M . 3 % g o ld
b o n d s _______
R e f . A I m p t . 5s
E q u i p , t r u s t 5 t'r
g o ld n o t e s .. .
N o t e s __________
L o a n s A b lll s p a y .
T r a f f i c , A c . , b a l­
an ce s p a y a b l e .
A c c ’ ts A w a g e s
p a y a b l e _____
M i s c . a c c ts . p a n .
In t e r e s t m a t u r e d
i ) l v 3 . m a t u r e d ..
U n m a t u r e d d iv s .
I u te r e s t a c c ru e d
R e n t s a c c r u e d ..
O th e r c u rr. lia b .
U .S .G o v t a c c ts .
D e fe r r e d ll a b i l’ s .
T a x l i a b i lit y . .
A c c ru e d d e p re c .
U n a d t . c r e d i t s ..
A p p r o p . s u r p lu s
P r o f i t a n d l o s s ..

2 ,2 0 2 ,0 8 3
1 8 ,0 0 2 ,3 4 4
1 8 ,6 0 9
1 ,4 8 9 ,1 4 4
8 4 ,3 4 9
2 4 0 ,0 0 0
9 5 0 ,9 6 5
1 ,0 0 0 ,0 0 0
1,3 .3 4 ,3 0 3
2 7 ,4 7 8
4 3 4 ,8 2 9
2 5 3 ,7 3 0
9 0 0 ,9 2 1
1 ,0 9 4 ,0 3 3
5 ,9 0 4
2 1 4 ,2 1 2
7 ,6 1 8
7 2 4 ,8 1 1

19 18 .
8
2 9 ,9 5 9 .9 0 0
2 1 ,0 0 0 ,0 0 0

2 9 ,9 5 9 .9 0 0
2 1 ,0 0 0 ,0 0 0

3 0 ,0 0 0 ,0 0 0
1 8 ,0 0 0 ,0 0 0

3 0 ,0 0 0 ,0 0 0
1 8 ,0 0 0 ,0 0 0

7 4 4 ,0 0 0

S 6 S .0 0 0
3 ,1 6 4

19 17.

2 5 0 ,0 0 0
9 4 ,4 6 7

3 4 2 ,9 6 9

2 9 ,5 0 0
5 6 ,0 1 0
5 3 9 ,1 0 0
5 ,4 5 1
2 1 0 ,0 0 0
0 7 6 ,5 5 0

9 6 5 .6 9 4
2 2 .6 7 1
9 3 9 ,7 7 0
2 ,8 8 0
2 1 0 ,0 0 0
2 2 6 ,8 0 8
1 4 ,2 8 3
3 8 2 ,6 5 3

2 9 ,8 1 4
6 ,1 7 8 ,9 6 4
1 7 7 .6 1 0
1 1 9 ,2 5 6
2 1 9 ,1 5 8
2 0 4 ,4 0 5
19 4 ,6 6 7
9 ,0 4 0 ,7 4 7

1 8 1 ,0 8 6
4 0 5 ,7 1 4
2 2 4 ,6 .3 5
4 3 5 ,9 4 3
1 9 4 ,6 6 7
8 ,6 7 2 .1 3 7

2 7 0 ,4 3 1
T o t a l ....................... 1 1 7 ,7 2 9 ,6 9 8 1 1 3 ,0 5 2 ,9 7 3

Union Natural Gas Corporation, Pittsburgh.
30 1919.)

{Semi-Annual Report— Six Months ending June

CONSOLIDATED INCOME ACCOUNT (INCL. AFFILIATED COS.).
1919.
1918.
1917.
..$3,762,619 $3,626,661 $3,992,990
..
372,553
412,671
416,450
Miscellaneous.
._
12,778
10,800
11,875
..$1,472,440
..
803,135

$1,262,354
306,469

$1,953,498
407,525

..$1,989,989
. $130,966
..
492,000
..
Cr. 240

Miscellaneous.

$4,421,315
SI,598,883
868,934

..$1,872,405
..
117,584
Gross income____

$4,050,132
$1,900,456
887,312

SI,568,833
$129,613
492,000
Cr.15,876

$2,361,023
$137,356
496,000
Cr.12,346

. . $622,726
$605,737
$621,010
..S I ,367,263
$963,096 $1,740,013
CONSOLIDATED BALANCE SHEET JUNE 30.
Assets—
*

19 19 .

$

19 18 .

§

I n v e s t m e n t ....................3 6 ,5 1 8 ,7 5 8 2 7 ,7 0 4 ,2 2 6
L i b . L o a n b o n d s ..
3 7 3 ,8 0 0
7 1 3 ,2 0 0
W a re h o u s e m a t’ l . .
1,022,886
9 7 0 ,7 6 2
N o t e s A a c c o u n ts
r e c e i v a b l e _____
6 7 3 ,6 2 9
7 3 3 ,4 6 8
5 5 2 ,7 1 5
3 4 8 ,6 6 0
C a s h _____________
C a s h fo r b o n d s ,A c .
3 8 ,6 8 3
P re p a id r e n ts , ro y ­
a ltie s , A c ______
S p e c ia l d e p o s its ,
s in k , fu n d , A c . .
1 0 ,3 4 7
D e f e r r e d c h a r g e s ..
1 1 6 ,8 7 7
T o t a l ..................................3 9 ,6 5 4 ,6 7 0 3 0 ,4 2 2 ,1 3 7

Lb —
ia ilities

19 19 .

§

C a p i t a l s t o c k ................9 ;8 4 0 ,0 0 0
B o n d s , “ U n i o n ” . . x 2 , 15 9 ,0 0 0
A f f i l ’ d c o . b o n d s . . x 6 1 1 ,5 0 0
M a t’d bds. & c o u p .
4 ,2 7 5
N o t e s p a y a b l e ____ 1 ,0 2 0 ,1 8 0
A c c o u n ts p a y a b le .
6 1 0 ,2 1 3
D iv id e n d s J u l y 1 5 .
2 4 6 ,0 0 0
A c e r . in t . & ta x e s .
4 9 5 ,1 4 8
D e fe rre d c r e d i t s ..
4 6 ,6 4 3
R e s e r v e f o r d e p r e c . 7 ,1 3 9 ,0 1 8
P l a n t I n v e n t , a d j . 7 ,6 4 7 ,9 7 3
O t h e r r e s e rv e s ____
2 4 ,9 0 1
S u r p lu s ................................ 9 ,S 0 9 ,8 2 0

19 18 .

S
9 .8 4 0 .0 0 0
2 .6 5 6 .0 0 0
6 5 4 .0 0 0
• 3 2 ,6 1 0
1 ,0 6 2 ,1 5 0
4 9 5 ,5 4 7
2 4 6 .0 0 0
7 6 9 ,3 2 2
7 1 ,6 3 3
5 .S 9 5 .6 8 7
1 7 ,8 0 3
8 ,6 8 1 ,3 8 5

T o t a l ........................ . . 3 9 ,6 5 4 , 6 7 0 3 0 ,4 2 2 ,1 3 7

b Includes 98,688 bbls. of oil, against 106,897 bbls. for the six months
ending June 30 1918.
x Union Corporation bonds, $3,500,000, loss in treasury, $1,341,000 since
Jan. 1 1919, bonds amounting to $500,000 have been retired. Affiliated
companies’ bonds, $956,500, less in treasury, $345,000: since Jan. 1 1919
bonds amounting to $34,500 have been retired.— V. 108, p. 1270.

Ohio Cities Gas Co., Columbus, O.
31 1919.)
A representative of the banking house of Knauth, Naehod
& Kuhne as of May 16 reports in part (compare annual re­
port for 1918-19, V. 108, p. 2326, 2343):
{Description of Property as of March

, Organization.— M y conclusions from as thorough an investigation o f Ohio
Cities Gas records and field operations as could be made in two days are
that the company has an evenly balanced property that its organization is
highly efficient and enterprising and that its oil fields and refineries aro
favorably situated for economic production and tho refining of crude oil
and the marketing o f the company’s productions.
In tho past two years there has been a largo expansion of tho business and
properties. Tho operating company has efficiently arranged departments
taking crude oil from its wells and distributing it through its own pipe lines
largely to its own refineries. After refining the oil is delivered by its own
tank cars and barges to its distributing stations and thence to consumer.
Tho acquisition by purchase of extensive distributing organizations in the
past year has secured for the company most advantageous facilities for
handling direct to consumer.
Refineries.— The company’s refineries appear to be most favorably
located to handle tho production from the company’s oil fields. The re­
finery at Marcus Hook, Pa., acquired through the Pure Oil Co. purchase
appears admirably located for Eastern markets and for cheap water delivery
and export business. Its docks accommodate tho largest steamers and are
equipped to handle a heavy business for export.
The Cornplanters' refinery purchased in 1917, located at Warren, Pa.,
is in tho refining district of Northwestern Pennsylvania and is connected
with the company's producing fields by the company’s own pipe lines.
The Cabin Creek refinery is located in tho heart of the West Virginia
fields and has just been completed. It is said to bo ono of the best equipped
and efficient refineries in tho United States. It uses surplus gas for fuel
and has tho advantage of the highest grade crude oil produced in quantity
any whero in the world. This refinery makes a heavy percentage of aviation
naphtha and produces tho Cabin Creek Bright stocks which cannot be
duplicated anywhere. The Ardmore, Okla., and International Refinery,
Cushing, Okla., are in the midst o f the Oklahoma field. The bulk of their
product fs marketed in the West. Full details of these refineries appear later.
Contiguous to these refineries tho company owns large acreages which
assure full supply of crude for refining operations for many years to come.
In addition the company owns extensive acreages in other fields, favorably
located to development. Tho company is therefore independent of outside
producers for crude oil on which to operate its refineries, but is in position
and does tako crude oil from outside companies whero it is profitable to do so.
Thus it is able to hold down its own development and consequent depletion
of its own oil properties until such time as oil supplies from independents
fall off. Tho company has also built two largo casing head gasoline plants,
ono on Cabin Creek and tho other in Ilealdton Field, Okla. The company
has built up a large export business in refined and lubricating oils.
Salt Plant.— In addition to construction of the Cabin Creek Refinery,
tho construction of tho largest salt plant in tho country making salt, bromine
and calcium chloride from brine has just been completed at Belle, W. Va.
This plant will have a capacity of 900 barrels of salt per day, not including
by-products and practically controls the Southeastern markets because o f its
advantageous location over Western competitors in respect to freight rates.
Acreage.— Statistics of acreage owned in fee or on lease are presented be­
low, from which it is observed that the company at all times carries a iarge

576

number o f acres o f land in Ohio, West Virginia, Kansas, Illinois, Kentucky,
Louisiana. Oklahoma, Nebraska and Texas, much o f which Is not operated
but which present to the company opportunities for further development
and production for many years to come.
„ , , ,
„ „
Total acreage March 31 1919 was 851,710, of which 789,007 was not
operated.
•
The above acreage was situated in twelve States as follows:
Oklahoma.............
87,490.80 acres unopcrated
9,817.92 acres operated
. 21,280.00 “
“
. 4.200.00 “
“
239.96
. 3,628.50 “
“
80.00
. 38,624.98 “
“
29,154.02
.126,537.25 “
“
O h io ................
18,800.50
.119,746.75 “
“
West Virginia.
103.00
Pennsylvania .
150.00
. 99,113.42 “
“
K en tu cky___
3,757.64
Illinois_______
. 51,054.36 “
“
.237,930.56 “
“
62,103.04
.789,606.62 “
“
Included in tho preceding were 6,672 acres owned in fee in the States of
Ohio, Kentucky, West Virginia and Oklahoma. Of the fee land more than
1,200 acres may be classed as operated.
During tho year 376,894 acres of new leases were taken, of which 237,931
acres were in Now Mexico and 31,995 in Texas. During tiro samo time
182,870 acres o f leases were dropped, leaving a net gain for tho year of
194,024 acres in tho unoperated acreage. Tho operated acreage was in­
creased by 1,853 acres, largely in Oklahoma and Ohio. Operations ceased
on 797 acres, resulting in a net increaso in operated acreage of 1,056 acres.
Wells.— Tho number of productive wolls at date o f March 31 1919 were
2,862 oil and 70 gas. During the year 168 new wells were drilled, of which
147 wero producing and 21 dry. Also 14 wells were abandoned and 10 sold
during the samo time. There was in all a net increaso of 123 wells.
Tho productive wolls, together with tho net increase, are distributed with
reference to States according to tho following schedule:
-----Net lucre'se----Oil
Gas
Oil.
Gas.
Wells.
Wells.
25
952
.. 8
3
3
Kansas.
59
2
1.205
..3 2
Ohio —
43
dec .3
281
-.2 8
__
7
Pennsylvania
__
1
0
1
K en tu cky_
_
2
dec.l
414
-- 1
Illinois...........
124
dec.l
2,862
-.7 0
Pipe Lines.— Tho Ohio Cities Gas Co. either owns or cpntrols through sub­
sidiary companies a total pipe lino mileage o f 2,964 miles, of which l,32o
miles are main line and 1,639 gathering lines. Tho lines are located in tho
States o f Ohio, West Va., Ponn. and Okla. There are 31 main line pump
stations and 64 gathering line pump stations, a total of 95 stations. Ihe
storage capacity o f all lines is 1,596,750 bbls. The lines are connected with
8.679 wells with a daily average production of 13,378 bbls. During the
year ending March 31 1919, 6,505,382 bbls. o f crude and 315,857 bbls. of
refined oils, a total of 6,829,239 bbls., wero received. Of the total crude
received 4,551,998 bbls. wero delivered to tho refineries o f tho company.
Tank Cars.— As a part o f its transportation system tho Ohio Cities Gas
Co. owns 1,071 tank cars and has under leaso 180 cars, making a total of
1,251 tank cars in tho servico of the company. Of tho cars owned by tho
company 384 wero acquired during tho year ending March 31 1919.
Casino-Head Gasoline Plants.— The Ohio Cities Gas Co. owns and operates
six casing-head gasoline plants, threo in tho Stato of Oklahoma and three in
tho State of West Virginia. These plants have been in operation for about
ton months and during that time have produced 6,325,204 gals, of blending
gasolino and 165,549 gals, which were sold as raw gasoline— a total produc­
tion of 6,490,753 gals. This production of casing-head gasolino was sold at
an averago prico of 17.4c. per gal. On subtracting tho amount of blending
fluid used tho total amount o f raw gasolino recovered is 3,413,841 gals.
Refineries.— Tho Ohio Cities Gas Co. owns five refineries with a total daily
crude capacity o f 21,000 bbls. Tho refinery equipment consists of 57 fire
stills, and 17 steam stills, together with an adequato capacity of agitators
and filters. Completo wax and lubricating plants are located at two of tho
refineries, and a third wax and lubricating plant is practically completed.
Tho total storage capacity for crude at tho refineries is 721,416 bbls. lho
total tank capacity excluding crude tanks is 2,072,837. Tho locations and
daily crudo capacities of tho refineries are shown in tho following tableBbls.
Equipment.
Division—
Location.
3,000 Lubricating & waxp lant
Puro Oil Refin.Marcus Hook, Pa
1,500 Lubricating & wax plant
Cornplanter_ Warren, Pa.
_ ____ __ _____
Cabin Creek— Cabin Creek Jet., W. Va. 3,000 Lubricating & wax plant
6,500
International ..Cushing, Okla.
7,000
Ardmoro______ Ardmore, Okla.
CRUDE RUN & PRODUCTION FOR YEAR ENDING MARCH 31 1919.
Production (gals.) Pure Oil. dornplanter Cabin Crk- Internal" l. Ardmore.
Gasioleno
14,453,824 5,464,827 10,707,740 12,566,093 6,7o6,249
Keroseno
. 7,972,712 3,604,484 7,753,388 4,039,149 1,125,391
Gas and fuel 1111 81133,081
4:826:418 5,125,459 21,314,295 49,364,643
Lubricating.....oils.12,115,765 4,600,002 5,248,009
-------- -------­
Ail other
6,538,236
387,712 5,021,409 2,820,951 7,884,343
Total g a llo n s ....49,213.618 18,883,44333,856,004 40,740,488 65,130,626
Bbls. of 50 gals.
984,272
377,669
675.100
814,810 1.302,612
Bbls. per d a y ..
3,281
1,259
2,250
2.328
*1,722
Days per year_
_
300
300
300
350
350
For tho year ended March 31 1918 tho company handled through its pipo
lines approximately 6,500.000 bbls. of oil, tho bulk o f which was delivered
to tho Ardmoro (Okla.) refinery, tho International Refinery, Cushing, Okla.
Pure Oil Refinery, Marcus Hook, Pa., Cornplanters Refinery, VVarron, Pa.,
and the Cabin Creek Refinery, W. Va. These refineries refined approxi­
mately 5,643,000 bbls. of oil made up of tho following products:
Gasolino_____________ 1,120,000 bbls. Lubricating_________ 468,000 bbls.
Fuel Oil..................... .2,131,000 “
Keroseno____________ 635,000 "
GasOil_____________ 368,000 “
N aphtha___________ 222,000
Wax..............
43,000 “
Distillate___________ 656,000
Marketing or Distributing Stations.— In addition to tho marketing facilities
in direct connection with each refinery, tho company had in operation
March 31 1919 63 retail and wholesale marketing or distributing stations.
Of these stations 45 were main stations and 18 wero service or strictly retail
stations. Theso stations aro arranged in threo groups about tho threo
Eastern refineries, namely, Marcus Hook, Warren and Cabin Crook.
Tho total sales for tho year wero 24,303,909 gals. The amount received
on those sales was $5,008,142. Of theso sales approximately 15,000,000
gals, wero gasoline, 17,250,000 illuminating oils, about 400,000 lubricating
oils, tho remaining gallons were o f greases and other sundries. The abovo
sales do not correctly represent tho selling capacity of tho distributing sta­
tions becauso eight o f tho stations wero in operation only for tho month
of March 1919.
Moore Oil Co.— In addition to tho just described distributing system, the
company has acquired under date of April 30th, at a cost o f about S i,500,000, all of tho marketing facilities of the Moore Oil Co. This company has
maintained a completo and flourishing marketing organization, and has 14
stations in the city of Cincinnati, Ohio, 6 stations in tho city of Columbus,
Ohio, and one station at Logansport, Ind.
,
,
In addition to theso stations the Moore Oil Co. has a manufacturing plant
at Cincinnati producing a full lino of greases and sundries. Also this com­
pany has nine representatives for selling its products in cities and localities
not reached by its marketing stations. This manufacturing plant was
purchased along with tho marketing organization.
The Mooro Oil Co. sold during tho year ending March 31 1919 a total of
11,200,317 gals., valued at approximately $4,000,000. Of these sales
6,466,493 gals, wero gasoline, 1,852,994 gals, keroseno, 1,097,836 gals,
lubricating oils, tho remainder being sundries. (Tho capital stock of tho
Moore Oil Co., was reduced on Aug. 4 from $600,000 to $12,000.— Ed.]
Barges.— Tho Ohio Cities Gas Co. owns and operates 3 barges with a total
oil cargo capacity of 700,000 gals.
Utilities.— The Ohio Cities Gas Co. controls through stock ownership the
utilities supplying natural gas to tho cities o f Columbus, Dayton, and
Springfield, Ohio. Gas was sold to a total of 109,027 customers. Tho num­
ber o f cubic feet distributed was 14,412.206,000, with a value of $4,495,790.
Tho following Is a detailed statement o f the sales of natural gas by each co.:




[V o l . 109.

THE CHRONICLE
Columbus Gas & Fuel C o_______
Federal G. & F. Co. (Columbus,O.)
Springfield Gas C o...........................
Dayton Gas C o...............................

No.Customers.
42,932
14,741
14,649
36,705

Cubic Feet
Sold.
6,164,095,000
2,778,041,000
1,755,807,000
3,714,263,000

Value.
$1,847,96081
833,16570
554,26108
1,260,40208

T o ta l.................................
109,02714,412,206,000 $4,495,78967
In addition to the above, approximately 1,000,000,000 feet of natural gas
was distributed in tho State of West Virginia.
Office Building .— The Ohio Cities Gas Co. owns a 99-year leasehold on
tho eight-story office building at the corner of Chestnut and High Sts.,
Columbus, O., which houses its principal offices. This building has a
ground area of 11,812 sq. ft. and 99,696 sq. ft. of floor spaco. The con­
struction is of the highest typo for modern office structures. Tho property
is valued at more than $500,000.
Well Drilling.— Tho company is constantly drilling wells both by con­
tract and through its own drilling department. Wells vary from 300 ft.
to 3,500 ft. and cost from $1,000 to $30,000. Wherever possiblo tho com­
pany buys woodland, cuts its own timber for derricks, engine housings, &c.
This operation cuts tho cost of timber approximately one-half.
New Refinerg.—-In order to handle economically tho output of its most
important Ohio field tho company has purchased a tract of 130 acres at
Central City, O., on which it will immediately construct a modern refinery
with a capacity of 3,000 barrels daily. It will cost approximately $2,500,­
000. Contracts have been let and ground has been broken and first units
of this plant will be in operation by December I next.
Cabin Creek.— Cabin Creek field is a most important asset to the company.
Tho crudo oil from this field is between 46 and 47 degrees gravity and the
highest grade oil produced in quantity in tho world. In addition, tho oil
produces large quantities of high-grade gasolino and tho finest cylinder
stock on tho market. Tho company owns leases on 138,546 acres in West
Virginia, of which 18,800 acres are under operation. Tho Cabin Creek
field itself covers approximately 50,000 acres anil has been proved up for
about 7 miles with 8 Vi miles more ahead of it unproved. The company
controls this entire field.
. „ . . _
,
Thero are about 165 wells on this property. Well No. 8 8 In Cabin Creek
field in two years produced 85,000 barrels of oil. No. 12 in a little over
3 years produced 78,000 bbls. At present tho company’s refinery at Cabin
Creek is taking about 1,400 bbls. a day from tho Kellys Creek field and
holding down its own production until such time as tho refinery cannot
operate profitably on oil purchased from others.
Purchases.— Purchases in the last two years wero as follows: (a) 2 casing­
head plants in Cushing Field, Okla., operating on gas secured from own
leases and making lo.OOO gallons dally; (b) purchased 2 producing properties
in Ohio, one in Berea Sand in Carroll County and another in Clinton Deep
Sand in Holmes County; (c) Puro Oil Co., with producing lands in tho
Eastern States and in Oklahoma fields with pipe linos and refineries, giving
an outiot to tho seaboard and gateway to foreign markets. These pipo
lines run from Coraopolis on Ohio River to Oil City, Titusville, Warren
and Bradford direct to Marcus Hook, Pa. Thoy wero also extended to
Ohio and West Virginia.
_
,
(d)
Also purchased Cornplanters Refining Co., Warren, Pa.; lias a repu­
tation as a manufacturer of high-grade lubricating oils second to nono
in tho country; (e) purchased 500 new tank cars.
On Jan. 1 1919 tho company’s crudo oil pipe lines were connected to tho
tank of 4,242 wells in Pennsylvania, 3,619 in Ohio, 1,075 in W. Va., 373
In Oklahoma, making a total of 9,319 wells connected.
Pipo lino runs in January. Tho pipe lino department handled 556,339'
bbls. of crudo oil, a daily averago of 17,946 bbls. It delivered to the com­
pany’s own refineries 345,140 bbls., a daily averago of 11,134 bbls, anil de­
livered to other refineries 101,039 bbls., a daily averago of 3,259 bbls.
On Jan. 31 1919 tho company had 343,339 bbls. of crudo oil in storage
in tanks. Pipo line runs, average daily pipo line runs and crudo oil in tanks
in storago at closo of tho month covering first quarter of 1919.
January.
February.
March•
Barrels.
Barrels.
Barrels_
451,132
437,179H andled_ _________________________ 556,339
Daily averago________________________ 17,946
16,111
14,102
Delivered to company's refinery---------- 345,149
329,840
322,443
Daily a v e ra g e ----.................................... 11,184
11.780
10,401
Delivered to other refineries---------------- 3.259
3,678
4,072
Crude oil in tanks at closo of m onth..343,339
311,849
309,998
Tho ‘‘ Ohio Cities Nows” for July says: “ During May 1919, tho Pipe
Lino Department received into tho lines 560,551 barrels of crude oil, a
daily averago of 18,082 barrels. Wo delivered to tho company s refineries
454,852 barrels, a daily averago of 14,673 barrels; and delivered to other
refineries 123,973 barrels, a daily averago of 3,999 barrels. At tho closo
of tho month wo had 331,090 barrels of crude oil In stock in tanks of tho
Pipo Lino Department.
,
.
,
,
Tho United States pipo lino during M ay received 129,035 barrels or
refined oil into its lines, a daily averago of 4,162 barrels, from the refineries
in north-western Pennsylvania; and delivered 99,351 barrels of refined oil
at tho sea board, most of which was destined to foreign markets. \Vo had
277,226 barrels of refined oil in stock in tanks and pipo lines at tho closo of
M foceanic Oil Co. (Now Export C o.).— Sco a subsequent pago.— Ed.]
Earnings.— For the year ended March 31 1919 gross earnings were $47.­
422,890 and net available for common dividends was $9,062,237, which is
equivalent to $4 93 per share on tho Common stock outstanding March 31
1919. In view, however, o f tho fact that 367,500 shares were issued in
February 1919, from which tho company secured no benefit during tho fiscal
year, it appears that the company earned $ 6 16 per share on tho amount
of capital stock outstanding Jan. I 1919.
Year Ended
Balance Available
Earned on
Surplus
March SI—
Gross.
for Common. Common Stock, per i ear.
1915
...$2,645,740
$412,000
$1 92
$250,834
1918 ...................... 3 209 698
674,000
2 30
379,971
0 7 .......................
5 740 047
3,140 635
8 70
2,094.476
o s : : : : : : : : : : . - 3 9 :9 2 9 ,1 3 5
9 ,3 8 6 ,2 3 0
070
3 ,4 2 5 .6 1 8
1919 .........................47,422,890
9,062,237
4 93
1,713,850
Finances.— Net quick assets (excess curront assets over liabilities) on
March 31 1919 wero $17,174,255, against $10,388,303 on March 31 1918.
Cash on hand March 31 1919 was $8,559,649, against $3,421,640 last year.
Tho finances of the Ohio Cities Gas Co. appear to bo in good shapo. l ho
sale of 367,500 shares of stock in February last yielded $9,187,500, which
places the company in strong cash position and likowiso in funas witn which
to purchase tho Moore Oil Co. with oxtensivo distributing tacilities In Ohio
and also to pay for construction of tho now refinery at Central City, O.,
which will cost in tho neighborhood of $2,500,000 and will have a capacity
of 3,000 bbls. per day. No further financing is under contemplation, al­
though there Is probability that other properties will bo purchased. Nego­
tiations to this end aro now under way; they will, however, be paid for from
cash in the treasury. Details of increaso fn^operation and cost during tho
past vear are not available, but it is understood tho management expended
unusually large sums for repairs and maintenance, equipment, purchases
of now leases. &c.. in order to kcop the earnings down to a reasonable mini­
mum for income tax purposes. [Compare last annual report in full in v.
108, p. 2326, 23431.
•
,
.
_
Valuation by Firm’s Representative.— Producing acreago can bo worth
anywhere between $1,000 and $10,000 or more an acre. lo r purposes of
our estimato this acreago Is put In at $500 per aero.
,, ,
Values on unoperated acreago arc arrived at in each caso by allowing
for one-fourth of the acreage at a value of $500, one-fourtli at $300, onofourth at $100 and one-fourth of no valuo.
,
The value of unoperated acreago cannot bo accurately estimated even
by experts. Tho company’s holdings, however, represent well-selected
leases in producing fields. For example, the West Virginia operated prop­
erties, which comprise 18,800 acres, and tho unoperated moperties. wMch
comprise 119,746 acres, are valued in this report at $22,800,UUU, alti *.igh
the Ohio Cities Gas C o.’s own appraisal puts the valuo of these properties
at $46 000 000. Likowiso, Ohio operated and unoperated acreago is in­
cluded at $22,900,000, whereas actual values put on theso by experts is
W
<The O kla^m aS
properties°aro put in at $15,000,000 anil are said to bo
worth considerably in excess of that figure, while tho 51.054 acres of wellselected leases in tho Texas field aro put in at $4,468,000, and it is said
could not bo duplicated for twico that sum.
In tho aggregato Ohio Cities Gas owns in fee or on leaso subject to oneeighth royalty as a rulo 851.711 acres in 12. States, of which 62,104 acres
aro operated and 789,607 aro unopcrated.

THE CHRONICLE

A u g . 9 1919.]

In tho summary which follows main pipo lines aro put in at $6,000 per
milo, although probably worth $10,000. Gathering lines, put in at $2,000
per milo, may bo worth from $4,000 to $6,000. Main pumping stations
which represent an investment of from $100,000 to $150,000 aro put in
at a flat prico of $50,000, while gathering stations are put in at $10,000
and really represent an investment of from $25,000 to $50,000. Wells
which cost from $10,000 to $30,000 to drill aro given an estimated value
of $8,000 each. The Moore Oil Co. recently purchased by tho Ohio Cities
Gas Co. for $1,500,000 cash is put in at that figure.
Summary of said Estimated Values of the Ohio Cities Oas Co.
Pipo lines— Main, 1,325 miles at $6,000 per milo____________ $7,950,000
Gathering 1,629 miles at $2,000 per mile__________________ 3,258,000
Tank storago— Capacity 1,596,760 barrels__________________ 1,000,000
Pipo lino stations— Main, 31, at $50,000 each______________
1,550,000
Gathering, 95, at $10,000 each____ _______ _______________
950,000
Tank cars owned, 1,071 at $2,500 each______________________ 2,677,500
Fivo refineries, capacity 21,000 bbis. daily at $900 per bbi_ 18,900,000
_
6 cashing-head plants, capacity 82,000 bbis. yearly at $50 per bbi. 4,050,000
Retail and wholesale, marketing stations— 45 main stations_
_
900,000
18 servico or retail stations______________________________
180,000
Barges, 2 at $75,000 each............................................ .................
150,000
Salt plant___ _______ ________ __________________ ____________ 1,000,000
Moore Oil C o______________ ________ - ......................................... 1,500,000
Telephono lines owned, 1,681 miles_________________________
500,500
Producing wells, 2,862 at $8,000 each_______________________ 22,796,000

577

C h ic a g o S u r fa c e L in e s . — Strike Settled— Rate In crea se .— •
The strike of tho elevated and surface lines came to an end on Aug. 2,
tho employees accepting tho terms agreed on by the heads of tho unions and
tho officials of the companies as given in last week's “ Chronicle."
Tho Illinois P. U. Commission on Aug. 6 authorized an increase in fares
of both tho elovated and surface lines. Tho new rates went into effect
Aug. 8 and will continue until Feb. 1 1920.
The new rates on the S u rface L ines are: Adults, 7 cents: Children, 7 to
12, 4 cents. Transfers will be issued without charge and children less than
7 years old may ride free, if accompanied by an adult.
The new rates on the Elevated Roads are: Adult fare in Chicago, 8 cents;
Chicago to Kvanston, 14 cents; Chicago to Oak Park and other western
suburbs, 8 conts; Adult fare in Kvanston, 6 cents. Tho present regulations
concerning children will be continued.— V. 109, p. 477, 269.
C o lo r a d o & S o u t h e r n R y .— Dividends.
'Tho company on Juno 25, as already announced, paid the semi-ann.
dividend on the First Pref. stock, but was unable to make the corresponding
payment on tho 2d Pref., as the necessary funds had not been received
from tho U. S. R R . Administration. It is hoped to pay this 2d Pref.
dividend later in the year.— V. 109, p. 72.
C o lu m b ia N e w b e r r y & G lo v e r s. R R .— Co-Oper. Contract.
See Fonda Johnstown & Gloversville R R . below.

, Total................................................................................................ $67,361,000
Add net quick assots________________________________________ 17,174,000
Securities owned, par $15,000,000---------------------------------------- 10,000,000
Operated and unoperated acreage___________________________ 89,112,000

C r ip p lo C re e k C e n tr a l R y .— Capital D istrib u tion .—
A capital distribution (No. 2) of 1% has been declared on the Preferred
stock, payable Sept. 1 to holders of record Aug. 15, from “ the sale of
capital assets. See adv. page of last week’s “ Chronicle,” page xviii. In
Juno last 1% was paid.— V. 109, p. 172.

Total estimated assets value_____________________________ $183,647,000
Less— Bonds o f subsidiary companies_____________$3,173,000
Serial Trust notes__________________________ 2,500,000
Preferred stock ................................................... 9,002,000 14,675,000

D e la w a r e L a c k . & W e s t . R R .— Federal Contract Signed.
Director-General of Railroads Hines on Aug. 7 signed tho Federal operat­
ing contract with this company, fixing tho annual compensation at $15,-.
749,476. Compare annual report in V. 108. p. 2428.

Baianco not valuation on basis indicated__________________ $168,972,000
For tho $45,937,500 Common stock outstanding this is equivalent to
$92 a share on tho 1,837,500 Common shares o f $25 par value.— V. 108,
p. 2326, 2438.
’

D e n v e r & R io G r a n d e R R .— A ugu st Coupons P a id .— .
Tlio August 1 coupons of the First & Refunding Mortgago 5s were paid as
usual at tho Bankers Trust Co., N. Y .— V. 109, p. 172, 72.
D e t r o it U n it e d R y .— D ividend .—
Notwithstanding the high cost of operating this company has declared
tho usual quarterly dividend of $2 on tho capital stock, payable Sept. 1
to holders of record Aug. 16.— V. 109, p. 172.

GENERAL INVESTMENT NEWS

RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama & Vicksburg Ry. Co.—E arnings .—
Calendar Years

—
1918.
'
O p e r a t i n g r e v e n u o _____________________________________________ $ 2 , 4 7 0 , 8 5 6
E x p e n s e s a n d t a x e s __________________________________________
2 ,1 8 3 ,3 1 3

1917.
$ 2 ,1 3 9 ,3 1 6
1 .6 9 9 ,9 3 9

N e t o p e r a t i n g r e v e n u o __________________________________
C o m p e n s a tio n u n d e r G o v e r n m e n t c o n tr a c t.
O t h e r i n c o m e __________________________________________

$ 2 8 7 ,5 4 3
3 2 2 ,8 5 4
1 1 2 ,0 7 5

$ 4 3 9 ,3 7 7

Total income_________________________________
Total charges

$434,929
$ 4 3 4 ,9 2 9

$ 6 2 5 ,6 6 2
1 2 2 ,8 6 0

Balance, surplus______________________________
— V. 108, p. 876.

$176,828

2 5 8 ,1 0 2

1 8 6 ,2 8 5

$502,802

Atlanta Terminal Co.— Offering of Guaranteed Bonds.—
Harris Trust & Savings Bank, Chicago; Clark, Dodgo &
Co., N. Y., and Harris, Forbes & Co., Now York and Bos­
ton, aro offoring, at 100 and int., $1,200,000 Sories “A” First
Mortgago 6% Gold bonds. Dated Aug. 1 1919, duo Aug. 1
1939.
.

Interest payable F. & A. Guaranty Trust Company, Now York, Trustee.
Dcnoin. $1,000 (c*) & (r+) $1,000 &c. Company pays interest without
deduction for Normal Tax of 2% . Authorized $2,500,000. The remain­
ing $1,300,000 bonds can bo issued only for improvements and betterments
Guaranteed p. & 1. Jointly and severally by endorsement by tho Southern
Railway, tho Atlanta & West Point RIt. and tho Central of Georgia Ry.
Data from Letter of President H. W. Miller, Dated July 22 1919.
Company.— Owns a modern passenger station in tho City o f Atlanta
Tho stock is owned, one-third each, by tho Southern R y., tho Atlanta &
West Point ItR. and tho Central of Georgia Ry. Tho following fivo steam
railroads use tho property: Southern Ry., Atlanta & West Point RR
Central of Georgia lty., Seaboard Air Lino R y., Atlanta Birmingham &
Atlantic Ry. The threo railroad companies owning tho stock aro, under
an agreement dated Juno 1 1903, to uso this passenger station and no other
station for passenger business in Atlanta.
Security.— Secured by a direct first mortgage on tho entiro terminal
property, representing a cash Investment of over $1,722,000.
Property.- ' '
business dis
and is in us
.
„ ____
pressed brick. Tho threo upper floors aro rented as offices. The approach
to tho passenger station is over a broad plaza owned by tho company
Tho train shed is built of steel and the platforms aro built of concrcto
Thcro aro 5.11 miles of track owned by the company. An average of 107
passenger trains a day arrive and depart from tho passenger station. Tho
ticket sales in 1918 in Atlanta o f tho 5 railroads using this passenger station
amounted to about $5,000,000.
Purpose of Issue.— The proceeds of these bonds will bo used to retire
tho First Mortgago 4% bonds outstanding and other debt.— V. 109, p. 476.

Brooklyn Rapid Transit Co.— Vice.-Pres. Resigns— Strike.
John J. Dempsey resigned as Vice-President of this company, his resigna­

tion to tako effect Sept. 1.
Scrvico on tho ontiro system was badiiy crippled on Aug. 6 by a striko of
motormon and conductors.
T h o p r in c ip a l f e a t u r e s o f t h o s i t u a t i o n a r o :
( 1 ) T h o u n io n domanded principally (a) Reinstatement of all employes
(1) Tho union d o m a n d e d p r i n c i p a lly (a ) R<
horotoforo discharged for union activities; (6) Recognition of tfio union to
which tho omployos belong; (c) An incroaso in wages for all employes, 75
cents an hour for all trainmon, and a similar and proportionate incroaso
for all others employed in different capacities. This applies to all women
omployes as well as tho men; (d) An eight-hour day.
(2) To theso domands Rccoivor Garrison replied: I will not deal with
outside organizations such as your association. I am always willing to
deal with tho employes of tho system in respect of any matter affecting
them, but I will not deal with outsido organizations.”
(3) The union officials through Mayor Ilylan havo sought a settlement
by arbitration.
_
, .
_____
(4) Federal Judgo Mayer has refused tho request o f Corporation Counsel
Burr to instruct Receiver Garrison to confer with the representatives of
tho labor union roprosenting tho strikers in order to bring about a sottlcmont of tho disputo.
, ,
Recoivor Garrison yesterday gave out a statement which said in substanco:
“ Tho situation is now boyond tho question o f a striko. Tho question
is whether or not tho lawless elements are going to rulo tho city. If tho
lawless elements runs the city I cannot run tho railroad. I do not refuse
to rocognizo tho principal of collective bargaining, but I will not havo any­
thing to do with theso lawloss rioters.”
.

B u f fa lo & S u s q u e h a n n a R R . C o r p .— Dividends.—
A quarterly dividend of 1 ^ % and an extra o f % o f 1 % has been declared
on tho common stock, both payable Sept. 30 to holders of record Sept. 15.
A like amount was paid in March and Juno last.— V. 108, p. 2329.

.—

“ 'C h ica g o & A lt o n R R .— Contract Still Pending
Tho stockholders on Aug. 4 postponed final action on the Government
compensation contract until Oct. 7. The contract offered by the DirectorGeneral for tho period of Federal control comprises a sum of $3,100,000.
Tho corporation is seeking additional compensation of about $1,000,000.
— V. 108, I). 267.

Trust.— Strike—Fares.

C h ic a g o E le v a te d R a ilw a y s C o ll.
See Chicago Surface Lines below.— V. 109, p. 77, 370.




Durham

&

Southern RR.— Federal

Contract.—

Director-General Ilines on Aug. 8 signed the Federal operating contract
with this company fixing the annual compensation of tho system at $134,221.

East Broad Top RR. & Coal Co.— Sale.—

Negotiations havo been concluded whereby prominent Now York coal
and railroad interests have purchased outright tho large coal property owned
by tho Rockhill Iron & Coal Co. as well as the East Broad Top Railroad
& Coal Company both of this city for $5,250,000,
Earnest money has been paid to bind tho transaction, which is to be
effected upon a cash basis. Most of tho securities of both companies aro
held by interests in Philadelphia and about 80% havo been deposited to
date under tho sale.
Tho now interests whose identity is not disclosed havo also purchased
largo coal lands in West Virginia, and it is reported they proposo combining
the various properties into a ne.v coal company.
1 lio Rockhill Iron & Coal Co. owns 21,000 acres of land in Fulton,
Huntingdon and Bedford counties, of which about 16,000 acres aro under­
lain with coal and 5,000 acres contain iron oro and other minerals. The
railroad has mileago of 50 miles, with spurs tapping tho coal mines.” —
Philadelphia Nows-Bulletin.” — V. 101, p. 1370.

Fonda Johnstown & Glov. RR.— Co-Operative Contract.

Co-operativo short lino contracts havo been signed by Director-General
of RRs. Hines and this company, tho Columbia Newberry & Laurens RR.
and tho Grasse River R R .— V. 107. p. 603.

Galesburg (111.) & Kewanee Elec. Ry.— Fare

Increase.

The Illinois P. U. Commission has authorized tho company to increase
cash fares in Kewanee and Woatherfield from 6c. to 7c.
Ticket fares are
raised from 18 for $1 to 4 for 25c. Tho rates aro to be ineffective after
Aug. 1 1920 unless otherwise ordered.

Grasse River RR.— Co-Operative Contract Signed.—
Greenville & Western RR.— Option Given.—
A press dispatch states that C. P. Cuthbert of Charleston, 9. C ., and
Seo Fonda Johnstown & Gloversville RR. above.

others havo obtained an option from R. A. M cTyer of Atlanta, Ga., to
purchaso tho company's road extending from Greenvillo, 9. C.. to River
Falls, 9. C ., about 25 miles.— V. 108, p. 1274.

Interborough Rapid Transit Co.—
International Traction Co., Buffalo.— Sale Later.—
The sale by the Guaranty Trust C o., as trustee, of the collateral securing
See "Rapid Transit in N. Y . City” below.— V. 109, p. 477.

tho Collateral Trust 4% bonds of the company (V. 108, p 1721), scheduled
for July 23, was postponed until Aug. 20.— V. 109, p. 270.

Kansas City & Pacific RR.— Feb. 1919 Coupon

Paid.

—

Tlio Feb. 1 1919 coupon of tho First Mortgage 4% 100-year gold bonds
was paid on July 31. Tho Aug. 1 coupon was deferred.— V. 109, p. 477.

Kansas City Rys.— Fare Increase.—

The Missouri P. 9. Commission on Aug. 4 permitted the company for a
period of oilo year beginning Aug. 20 to increase its faro from 6 cents to
8 conts cash faro or 2 tickets for 15 cents, 7 tickets for 50 cents, 50 tickets
for $3 50; half faro from 2H cents to 4 cents cash fare, 4 tickets for 15 cents,
14 tickets for 50 cents or 100 tickets for S3 50.
Tho Commission finds that the company failed (a) to earn operating
expenses on tho Missouri property during tho 11 months ended May 31 1919
by $208,140; (b) to earn operating expenses and fixed charges on tho Mis­
souri property during tho same period by $1,711,167; (c) to earn operating
expenses on tho entiro .system during the year ended Juno 30 1919 by
$362,753; (d) to earn operating expenses and fixed charges on tho entire
system during same year by $2,255,369; and that (e) since July 1 1919 has
granted further wage increases amounting to $575,000 per annum.—
V. 109, p. 371, 270.

Leavenworth & Topeka RR.— Bond Election Proposed.—

An attompt is being made to tako advantage of tho act of the Kansas
Legislature of 1919, which provides for voting bonds to aid tho road the
same as benefit dLstrict systems for building hard surfaced roads. Petitions
aro circulated to obtain the consent of the majority of property owners
witli viow to tho district voting bonds to rehabilitate this property for
tho bonefit of tho residents along the lino who aro the owners of the rail­
road.— V. 106, p. 2450, 2560.

Lincoln (Neb.) Traction Co.— Court Rules Higher Rates.

Tlio U. 9. Circuit Court of Appeals on July 29 issued a temporary in­
junction restraining the Nebraska Railway Commission from enforcing its
orders of rates and penalties against the company, and granting temporary
increases in street car fares in the city of Lincoln and suburbs.
Tho Court fixes the maximum charge for street car fares pending final
hearing as follows: 9ix cents straight on entire system (with some excep­
tions) ; seven tickets for 25-cents to bo sold to school children for use in the
city of Lincoln.
Tho Court said also: “ The Court believes that it is tho duty of tho plain­
tiff so far as practicable to adopt a method of selling tickets within the
maximum rates, making some slight reduction for purchases of fivo or more
tickets for tho convenience of tho public.” — V. 108, p. 1721.

Los

Ry. Corp.—

—

A n g e le s
Wage Increase.
Effective July 30, the company voluntarily increased the wages of train­
men 3 cents an hour and also increased the guaranteed minimum wage for
extra men and beginners from $90 a month to $100. Tho new wage scal6
ranges from 41 cents an hour to 47 cents an hour.— V. 108, p. 683.

578

[Vol. 109.

THE CHRONICLE

L o u is ia n a & N o r t h w e s t R R .— Court Issues Order.—
Judge G. W. Jack in the Federal District Court at Shreveport, La., on
Aug. 1 issued a decree ordering 50 miles o f the road from Gibsland to
Natchitoches, La., to be abandoned so that the remainder, which runs
from Gibsland, La., to McNeil, Ark., may be sold for the minimum amount,
fixed by tho Court at $500,000.— V. 108, p. 1936.

M a c o n ( G a .) R a ilw a y & L i g h t C o .— Strike Settled.—
After being on strike one day the employees returned to work on July 16
upon an agreement being signed by the company and members of the
strike, which provided for recognition o f the union, a 10-hour day and a
scale o f wages ranging from 36 to 40 cents an hour. Tho previous wage
scale was 23 to 28 cents with bonuses.— V. 107, p. 906.

M id -C r o s s t o w n R y . C o ., I n c . , N. Y . C it y .— Discontinued
The company on Aug. 7 posted the following announcement in its cars:
“ This company has been operating at a great loss on borrowed money.
Owing to the fact that tho company is unable to borrow any more money,
it gives notice to the public that at one minute past 12 o ’clock to-night
it will discontinue the running o f cars.”
Tho company operates by electric storage battery about 5 miles of track
in 28th and 29th streets, N. Y . City, connecting on the West Side with tho
23d Street ferry and on the East Side with the 34th Street ferry.— V.98,p.611

M t. W h i t n e y (C a l.) P o w e r & E le c t r ic C o .— Rate In c.—

The California HR. Commission authorized the company, effective July
15, to substitute a 15% surcharge for the surcharge o f 10% previously
allowed to enable it to meet increased costs under present abnormal condi­
tions. The estimated gross revenue for 1919 is $1,230,000 without the
surcharge.— V. 108, p. 176.

O t t u m w a ( l a .) R y & L ig h t C o .— Fare Decision.—

The District Court of Iowa on July 10 unanimously affirmed tho opinion
of the Iowa Supreme Court compelling the company to return to a 5-cent
from a 6-cont fare.
The company had applied for an injunction restraining tho city of Ot­
tumwa from repealing an ordinance o f Dec. 23 1918 permitting a charge
o f 6 cents required to meet increased operating costs. The repeal of the
ordinance was founded on the city’s contention that the higher charge was
prohibited in the franchise ordinance of 1901, which contained a clause
fixing a maximum amount that might be charged for fares.
The company in seeking an injunction claimed that it was compelled
to carry on its business at a rate of fare which was confiscatory. The city
replied that the franchise constituted a binding contract which neither
party could alone modify or revoke, even though changed conditions
arose.— V. 108, p. 2434.

Tri-City Railway

&

Light Co.— Strike .—

The employees of the company, which operates in Davenport and Musca­
tine, Iowa, Rock Island, Moline and East Moline, III.,.ana the intcrurbans
running out of these towns, wont on strike Aug. 1 on the refusal of the com­
pany to grant them an outright minimum wage scale of 00 cents an hour.
The company agreed to the demand for the 60-cent scale, its permanence
to be contingent upon them being granted a 7-cent faro on both sides of
the river. The present faro is 5 cents.— V. 107, p. 1288.

Underground Elec. Rys. of London, Ltd.— I n t .

P a y m ’ t.

Notice is given that interest on the 6% income bonds due 1948 ($6,330,050
outstanding) for the half-year ended June 30 1919 at 3% (free of British
income tax) will be paid on presentation of coupon No. 23 on and after
Sept. 1 at the London County & Westminster & Parr’s Bank, Ltd., 41 Lothbury, London, E.C.; at the New York Trust C o., N. Y ., or at the Associate
Cassa in Amsterdam.
Sta tu s.— In crea se i n T ra ffic , E x p e n se s a nd F a r e s .—

Frank Pick, Commercial Manager of the Underground Group of Com­
panies, made an important statement on June 24 before tho Select Commit­
tee of the House of Commons which is inquiring into tho problem of passen­
ger transport in the London area. As quoted by the ,rRailway Gazette”
of London, he said' in substance:
.
“ The criticism which has led to the present inquiry is founded entirely
on tho effects of the war upon the capacity and progress of this group of
companies, among other transport undertakings.
"The increases in fares are entirelyjluo to the increases in working expenses
and are justified by the results shown in the annual accounts of the com­
panies. The general level of increasd in working expenses on the railways
Is just over 100 %. The largest increase— 143 % — is in the cost of electricity,
duo to the enhanced price of coal; yet tho final average increase in the rate
of fare charged allowing for ail factors may bo taken at not more than 33% .
Table Showing the D evelopm ent o f the C om panies' T ra ffic, Capital Involved, & c
Total Share
A v g e. Rate
Total
o f I n t. or
and
Passengers
A verage
Loan Capital D iv . paid
Receipt
Carried bg
out o f
O utstanding.
the G roup.
per
R evenue.
A p p ro x im a te. Passenger.

147,000,000
1908.................
162,000,000
1909________ _______
166,000,000
1910............................
183,000,000
1911______ _________
1912............................. *468,000,000
1913...........- ............... a812.000.000

1.78cl.
1.75d.
1.73d.
1.72(1.
1.50(1.
1.47(1.

£27,970,491
29,080,047
29,751,598
29,912,284
33,486,434
41,232,472

1.62%
2.02%
2.28%
2.51%
3.18%
3.18%

W ar.

3.05%
43,193,442
1.48(1.
1914............................ 797,000,000
3.21%
43,476,585
1.53d.
1915............................. 769,000,000
P a c if ic E le c t r ic R y .— Wage Increase.—
3.23%
43,490,501
1.54d.
818.000,000
1916______ _________
Effective Aug. 1, tho company voluntarily increased the wages of about
3.29%
43,490,678
1.68d.
1,600 conductors and motormen 2 cents an hour and 3 cents an hour for 1917............................ 832,000,000
3.59%
1.83d.
43,483,039
1918............................. 901,000,000
those not availing themselves of the annual 12 working days vacation now
granted. The wage scale, including the present increase, will range from
* The London General Omnibus Co., Ltd., included from June 21 1912.
41 cents an hour to 53 cents an hour. The advanco in wages will cost
a The City & South London and Central London Railways included in
tho company about $250,000 anually.— V. 108, p. 1275.
tho group from Jan. 1 1913.
_
“ When the criticism is analyzed it will be discovered to come down to
P a c i f i c G a s & E le c t r ic C o .— Purchase— Earnings.—
The Northern California Power Co. for June reports surplus after all the question of rolling stock. Tho existing rolling stock is being efficiently
charges o f $42,192, being at the rate of more than $500,000 annually, net maintained and is being worked to the fullest extent, but tho complete
after all charges, including 15% of gross charged off for deprec’n and maint. renewal of rolling stock for which a program has been prepared had to be
The Pacific Gas & Electric Co. will pay for the purchase o f these proper­ held up entirely during tho war and cannot bo resumed now until tho
quantity of rolling stock available for service has been first increased to a
ties, costing $3,400,000, from the proceeds of the sale of its $5,000,000 6%
Cumulative Preferred stock. Assuming that this $3,400,000 is costing the point at which it will be able to cope with the passengers to bo carried.
. . . “ The introduction in the shops of the eight-hour day (equal to a
company 7% annually, amounting to $238,000 a year, according to tho
foregoing earnings would indicate that Northern California Co. will net the 47-hour week) without overtime, as compared with the 53-hour week with
Pacific Gas & El. Co. more than twice this amount. According to the overtime, means a reduction of 25% in working hours to be made good.
“ The present position of the Underground Group of Companies is wholly
officials further development, work will commence almost immediately upon
due to war causes, and in particular to tho direct action of the Government
the acquisition o f the property. Compare V. 109, p. 173, 271, 371.
in withdrawing traffic facilities under the urgent needs of tho war. This
P h ila d e lp h ia , B a lt im o r e & W a s h . R R .— Bonds Canceled. group of companies has, therefore, a moral claim, not upon tho Government
On July 29 there were struck off the regular list of the Philadelphia Stock only, but upon the people through the Government, to a fair opportunity
Exchange $158,000 Philadelphia Wilmington & Baltimore R R . Stock Trust to reinstate itself up to its pre-war level of operations in every respect
,
,
„ ',
..
Certificates 4s due 1921, redeemed and canceled by sinking fund, leaving without interference.
4 The companies always looked forward to a time when the traffic density
4
the amount listed at this date $5,530,000.— V. 108, p. 2123.
of their routes, properly worked, would be sufficient to yield a dividend of
over 4 % . Nowadays, with money costing over 5% , the whole future
P h ila d e lp h ia R a p id T r a n s it C o .— Wages Adjusted.—
The Stotesbury-Mitten management has announced a further increaso development of London transport hinges on tho degree of success which
in wages of employees o f the company, this being in accordance with the can be attained with tho money already spent. It is in the interests of the
terms of tho co-operative plan of 1918, by which the management under­ public that a fair and remunerative rate of interest should bo paid to those
takes, with the employees, that the scale o f wages shall be equal to the whose money has been spent to provide tho present facilities.
“ The Underground Railway Companies are committed to an expenditure
average in tho four cities, Buffalo, Detroit, Cleveland and Chicago. While,
certain retroactive adjustments are made as of July 1 and July 13, covering of about £3,650,000 within the next few years, largely for modernization
increases granted in Detroit and Cleveland, respectively, tho sum of these and completion of the existing railways as a single system.” — V .108, p.2434.
increases, together with that o f Chicago, is represented in tho maximum
U n it e d R a ilr o a d s o f S t. L o u is .— Outlook for Reorganiza­
scale, which, following the action of the co-operative committees, will bo
mado effective as of Aug. 7, viz.: Elevated motormen, 61c. per hour; tion. — R obert L . W arner in a signed statem ent issued July
surfaco motormen and conductors, 58c. per hour. Increases and adjust­
ments in the wages o f employees in other departments will bo made in 1 7 , upon his resignation as financial agent of the R eceiver,
conformity with the plan.
says in part:
Tho total increaso in wages paid to employees will represent considerably
Financing.— Tho action of Judge Lamm yesterday in granting tho order
over $2,000,000 per annum.— V. 109, p. 371, 271.
requested by tho Receiver, enabling him to sell Receiver’s certificates for
P h ila d e lp h ia & W e s t e r n R y . C o .— Earnings.—
purpose of discharging tho overduo debt to tho War Financo Corporation,
will dispose of this question to tho best possible advantage of all interests.
Results for 6 Months and Year Ending June 30.
Tho next maturity of importance will bo $1,900,000 of St. Louis R R .
.
6 Months.
Year.
4 j4 % bonds, due M ay 1 1920. Unless reorganization should take place
1919.
1918.
1919.
1918.
prior to that date, this maturity also will undoubtedly have to bo met by
Gross revenue................................$335,481
$306,632 $590,301 $538,137 way of Receiver’s certificates.
,
.
153,015
317,033
266,771
Oper. expenses________________ 193,032
Reorganization.— As to reorganization, I do not seo tho slightest possi­
bility of any such stops taking place between now and next May 1 unless,
Net oper. incom e........................$142,449
$153,616 $273,267 $271,306 indeed, it should bo occasioned by a prematuro foreclosure of the General
Taxes, int., etc............................. 88,787
85,497
174,271
160,472 Mortgage, which, at such a time as this, would almost necessarily Involve
the destruction of all equities junior thereto. It seems much moro probable
Net incomo..................................... $53,662
$68,119
$98,995 $110,893 that reorganization will be delayed until tho I’ . 8. Commission has received
— V. 109, p. 73.
from its engineers their report upon tho valuation of the property now iir
has thereafter dotormined tho rate of return
R a p i d T r a n s it i n N . Y . C it y .— Proposed Consolidation, etc. progress, andallowed upon such valuation, and the methods which should
equitably bo
whereby the
P.
S. Commissioner Nixon on Aug. 3 issued a statement in which he aims
all interests.
to arrive at a solution o f tho Rapid Transit problem in N. Y . City. The same may bo secured with justico to only an equitable return on the fair
Reorganization must provide not
statement in brief proposes: (1) T o consolidate the constituent companies value of tho existing property as dotormined by the 1’ . 8. Commission,
into one railroad corporation; (2) to abolish all holding corporations, so but also should afford a thoroughly practical means of financing better­
called (not railroad corporations): (3) to terminate all leases: (4) perpetual ments and extensions to tho amount of $2,000,000 or $3,000,000 per an.
ranchises to be changed to indeterminate franchises: (5) values o f properties
Experience elsewhere indicates strongly tho ultimate adoption of a zono
to be arrived at by such means as will leave them unquestioned.
The public, however,
be content with
(6) The city to have the option o f acquiring the properties within a fixed system of fares. revenues unless tho will not accompanied by this or any
other system of
automatic
period at the agreed valuation, plus the cost of additions, extensions and regulation of rates on a sorvico-at-costsame be T o this end tho board of di­
basis.
improvements. (7) A flexible fare to be'established and adjusted to moot rectors of the new corporation should includo not only representatives of the
the cost o f service, together with a reasonable return to investors. (8) The security holders, but also representatives of tho City of St. Louis, the
c it y to have representatives on the directorates o f all companies.
Commission and the employees.
,
A resolution providing that a bus line be established by tho city in every Public Servicecontinue as Vice-President and in that capacity to assist tho
I expect to
borough as tho quick solution o f the present problem of transporation was Receiver in every possible way, as affairs progress in tho general direction
introduced by Mayor Hylan and unanimously adopted by the Board of of reorganization.— V. 109, p. 478,271.
Estimate on Aug. 5.
A t a hearing before the Presidential Commission on Street Railways at
U n it e d T r a c t i o n C o ., A lb a n y , N. Y . — W a g e I n c r e a s e .—
Washington, July 24, James L. Quackenbush, counsel for tho Interborough
The employees on July 31 voted to accept tho company's offer of a sliding
Rapid Transit C o., predicted that the company would go into bankruptcy
scalo of wages, thus averting the threatened strike. The new schedule,
shortly after Jan. 1 1920 unless granted an 8-cent fare, of which ho was
retroactive to July 1, provides that new men shall receive 41 cents an hour;
willing one cent should go to tho city.— V, 109, p. 477.
those who have been employed six months, 43 cents, and those who have
R e p u b l i c R a ilw a y & L ig h t C o .— Fare Increase.—
been employed a year, 45 cents an hour. The old schedule was a flat rate
Effective Aug. 1, street car fares in Youngstown, O., were increased from of 40 cents an hour.— V. 108, p. 1276.
6c. to 7c., with lc . charge for transfer, under tho service at cost plan.
— V. 108, p. 2023.
V e r a C r u z T e r m in a l C o .— Status o f S u it .—
See Mexican Ry. under “ Financial Reports” abovo.— V, 106, p. 20153
R h o d e I s la n d C o ., P r o v id e n c e .— Strike Settled— Fares.—
The strike on this company’s linas came to an end on Aug. 7 after 18 days,
W e s t V ir g in ia T r a c t i o n & E le c t r ic C o .— P la n o f N o te ­
tho receivers and tho union officials compromising on 56 cents an hour,
retroactive to June 1, and a nine-hour day.
_ , .
holders’ C om m ittee.
Tho receivers on Aug. 7 filed a petition with the Rhode Island P. U. Com­
mission for authority to put into effect a new schedule o f fares designed to
bring the revenue, estimated to be $640,000'annually, required to meet the
1917
1 04 ,
1802)
increaso in wages.— V. 109, p. 477, 371.

—The committee, G. H. Walbridge,
Chairman, representing the Two-Year 6% Bond Secured
gold notes of
(V.
p.
deposited under protect­
ive agreement of April 5 1919,roports as of Aug. 4 in brief:

Tho committee feels encouraged by its investigations of tho property
S a n d u s k y N o r w a lk & M a n s fie ld E le c t r ic R y .— Plans —
and hopes eventually to arrange for an exchange of the bonds of a re­
O.
G. Taylor, Receiver, Norwalk, O., Aug. 6, replying to our inquiry
says: “ Wbilo there is an effort being mado to re-organize tho property. I organized company for the depositors’ notes. Accordingly the committee
do not think that any definite plan has been mado up to this writing.” — purposes: (1) T o buy in tho collateral for the notes [unless outbid by an
outside purchaser) at tho foreclosure sale which it is expected will take place
V. 109, p. 371, 174.




THE CHRONICLE

A ug . 9 1919.]

in about a month. The securities pledged consist of $2,500,000 of the
company's 25-year gold bonds o f 1917 out o f a total of $2,594,000 of such
bonds now outstanding. (2) Also similarly to buy at foreclosure of the bond
mortgage the premises, or such portions thereof as the committee may deem
desirable, in case they are not purchased by outside parties. (3) Organize
a new company to acquire the purchased properties from the committee in
exchange for the securities o f a new company, of which securities those
senior in lien would bo exchanged for bonds represented by the committee.
(4) It will be the policy of tho committee to co-operate with the other claimholders and the stockholders, so far as may be consistent with the superior
interest^ and lien represented by the committee. (5) To obtain any cash
necessary for the acquisition o f the pledged bonds and tho property securing
the same, by pledging therefor the notes and bonds now or hereafter held
by it.
Later the committee will announce such amendments or extensions of
this plan as may be necessary.

Receiver.—
On the application o f Bonbright & Co. and other creditors in N. Y . City,
Federal Judge Dayton at Philllpi, W . Va., on Aug. 4 appointed II. D.
Whittemoro, Gen. M gr., receiver. Compare V. 109, p. 478.

I N D U S T R I A L A N D M IS C E L L A N E O U S .
A m e r ic a n S e w e r P ip e C o ., M a n u f a c t u r e r o f C la y
P r o d u c t s , A k r o n Q .— Changes in Capital Stock— Preferred
Stock to Replace Bonds— New Name.— T h e stockholders will
v o te A u g . 18 on the following propositions as show n b y
circular of Ju ly 2 5 , signed b y Secretary A . S . M c C o m b e :
(1) (a) To docreaso tho par value of the shares of the presont [$7,000,000]
Common stock from $100 par value to $50 par valuo, so that tho Common
stock shall bo $3,500,000 in shares of $50 each and then (b) to increaso
tho total authorized Issue thereof to $5,500,000. Tho 40,000 shams of new
Common stock to bo hold in tho treasury, and exchanged for tho proposed
$2,000,000 Preferred stock when the latter is offered for conversion in tho
ratio o f two shares of common stock, par value $50, for one share of Pre­
ferred, par $100.
(2) To increaso the capital stock by adding $2,000,000 7% Cumulative
Prof, stock, shares of $100 each, entitled to 7% cumulative dividend
(payable quarterly) Nov. 1 etc., and subject to such terms o f redemption,
preferences as to assots, dividends and voting powers, and also subject to
conversion into common stock and at such times as may bo determined by
tho stockholders; and to be subjoct also to an annual sinking fund, for
retiring tho Pref. stock, at not exceeding $110 per shares and div.
(3) To change tho name o f tho company from American Sower Pipe Co.,
to American Vitrified Products Co., or as may be determined.
(4) To authorize tho Directors to dispose of $1,750,000 Pref. stock, and
apply tho net proceeds to tho payment of tho bonds which mature March
1 1920, and to provide additional working capital.
(5) To provide that when the Prof, stock shall bo entitled to a vote pur­
suant to tho amended Articles of Incorporation, then tho preferred stock­
holders as a class shall bo entitled to an equal vote with tho common stock­
holders as a class.
(6) To amend Section 1 o f Art. 9 so that dividends on tho Common
capital stock may bo declared by the Directors, if earned, but only when
the dividends on tho Pref. stock are not in arrears and only when tho net
quick assets are equal to at least $100 per sharo on tho Pref. stock.
I Digest o f Letter from President George R. Hill. Akron, July 25
Tho company now has outstanding First Mortgage 6% Gold Bonds aggre­
gating approximately $1,234,000. These bonds mature March 1 1920
and provision must be made at once for their payment at maturity. The
directors havo, therefore, determined that it would bo best to authorize
an issue of Pref. stock in tho sum of $2,000,000, $1,750,000 of which will
be immediately sold, the net proceeds from which will bo used first for tho
retirement of tho bonds, and tho remainder for additional working capital.
Tho remaining $250,000 of Prof, stock will bo held to provido additional
working capital if and when required. Satisfactory arrangements have
been made for tho immediate salo o f the $1,750,000 Pref. stock, subject to
tho prior right of tho stockholders to subscribe therefor.
The directors havo further determined to reduce tho par valuo of tho
shares o f tho prosent common stock and thereafter increaso tho common
stock by 40,000 shares of tho par value of $50 each, this latter stock to bo
used only to enable tho preferred stockholders to convert their Pref. stock
into common stock, if and when desired.
It is further proposed to chaugo the name o f tho company to American
Vitrified Products Co., or such other name as may bo mutually agreed
upon for the reason that tho company is now manufacturing such a wido
variety o f products that tho words “ sower pipe” in tho name havo a limited
moaning, with tho result that the present namo does not convoy to tho trade
tho full scope o f tho company’s business.— V. 109, p. 478.

A m e r ic a n S h ip & C o m m e r c e C o r p o r a t i o n .— Status.—
Vice-P resident Trim ble says:
No change is contemplated by the new Interests in operating manage­
ment of tho Cramp Xlo., which is eminently satisfactory to all. Tho voting
trust expires by limitation in 1923. It was established in 1903 to protect
holders of $5,000,000 20-year serial notes, of which only $478,000 remain
unpaid and theso are subject to call at 102
The majority sharo owner­
ship of tho Cramp Co., is prepared to provido for paymont of $476,000 notes
at 102 'A by purchaso of collateral 5% bonds held as collateral therefor, at
tho same prico o f 102
avoiding any expense to the corporation, and ful­
filling tho mission o f tho voting trust.
The now interests see no cause for conflict betweon shareholders and
voting trustees, all questions resting upon a fair regard to real ownership of
tho property and recognition o f services rendered by tho voting trustees.
(Compare statement by Cramp voting trustees In V. 109, p. 479.)
On July 30 1919 tho Stock List Cominitteo of the Philadelphia Stock
Exchange admitted to tho Unlisted Department temporary interchangeable
certificates for. 350,000 shares (of a total authorized issue of 1,500,000 shares)
n o -------------- . . . .
. . . . — j — ...
....................................................................
A1; ; . ,
'
A. ,,
, .V “ i,u
■ • e n y , c.uaranteo trust « Mato
Deposit Co., Philadelphia, and Continental & Commercial Trust & Savings
Bank, Chicago.— V. 109. p. 372, 478.

A m e r ic a n T o b a c c o C o .— Cash Div. Resinned.—
A quarterly dividend of 5% has boon declared payable in cash Sept 2
to holders of record Aug. 15. From March 1918 to March 1919 tho quar­
terly dividend of 5% was paid in 6% scrip.
President Percival S. Hill is quoted as saying, “ About eighteen months
ago, when the company commenced and paid dividends in scrip, it was for
tho reason that wo thought it best to administer the affairs of the company
on conservative and safe lines, and in order to preserve our cash resources
to as largo an extent as possible, and by so doing place tho company in
position to tako care of any contingency or emergency that might arise.
“ In tho judgment of our board or directors as well as myself, tho timo
has arrived when wo can, with safety, resume tho payment of cash dividends
so declared to-day for tho past quarter.”
[The “ Wall Street Journal” on Aug. 6 said: Tho American Tobacco Co.
did tho largest business in July of any month in its history. Sales totaled
close to $14,200,000. This was an increaso of about $900,000 over Juno
of tho current year. In ths first seven months of 1919 gross amounted to
slightly over $72,000,000 as against $80,000,000 last year. Tax problems
at tiie start of tho year caused a lack of desire on tho part of jobbors to stock
up, and they are now far behind orders. All of tho manufacturers aro now
in a position whore thoy must refuso much business.]— V. 108, p. 1938.

A m e r ic a n V it r if ie d P r o d u c t s C o .— New Name.—
See Amorlcan Sower Pipo Co. above.

A m e s b u r y (M a ss .) & S a lis b u r y G a s C o .— Sale of Plant.

It is stated that tho court has ordered tho salo of tho company’s plant
and that Receiver M eggIson is no longer in charge.— V. 107, p. 504.

A n a c o n d a C o p p e r M in in g C o

—

O u tp u t

(i n

l b s . )—

,,
, „ T,
1919.
1918.
1917
11,122,00025,400,000 12.400,1
Month of July . . . . ...................
7 months to July 3 ! ............................. 91,102,000 183,184,000 175,050,1




579

A r iz o n a C o p p e r C o .— Copper Production (Pounds).—
19i9.
Month of July............ ................... ..
2,400,000
Seven months to July 31___________ 19,000,000
— V. 108, p. 2435.

1918.
4,000,000
26,130,700

Decrease.
1,600,000
7,130,700

A r m o u r & C o .— Reply to Senator Kenyon's Charge.—

See Wilson & Co. below.— V. 109, p. 373.

A s s o c ia t e d O il C o .— Earnings.—
6 Months to June 30—
1919.
Income, after deducting oper. exp...$5,397,408
Taxes and interest________
1,176,349
Reserve for depreciation &c________ 1,228,477
D ividends________________________
993,908

1918.
$5,692,235
1,020,420
1,465,705
903,915

1917.
$2,959,761
422,974
1,334,345
993,917

Balance surplus_________ ________ $1,998,674
•V. 108, p. 2243.

$2,302,195

$208,525

Atlantic Refining Co., Philadelphia.— Stock Increase —
820,000,000 7% Cum. Pref. Stock Underwritten and Offered
to Stockholders.—The stockholders will vote Oct. (3 1019 at

the office, 3144 Passyunk Ave., in Philadelphia, upon the
creation of 820,000,000 7 % Cumulative non-voting Pref.
stock and 845,000,000 additional Com. stk., par -8100 a sh.
Subject to such action holders of the 85,000,000 Common
stock of record Oct. 6 may subscribe at par (8100) at the
Equitable Trust Co., 37 Wall St., N. Y., on or before Nov. 1
1919 upon the company’s warrants (issuable on or about
Oct. 6) for said Pref. stock in the proportion of four shares
of Pref ..stock for each share of Common stock held by them,
respectively. The entire issue of Pref. stock has been under­
written by the Equitable Trust Co. of New York.

Subscriptions must bo paid at tho Equitable Trust Co., either (1) in full
on or before Nov. 1 1919, in which case stock will be issued as of Nov. 1 and
regular dividends will accrue from such date; or (2) in four equal install­
ments Nov. 1 1919, Dec. 1 1919, Jan. 2 1920 and Feb. 2 1920. Tho now
stock in this instance to be issued Feb. 2 1920 with a payment of 75 cents
per sharo as interest at 6% per annum for the average of installment pay­
ments.
In a circular of Aug. 6 Treasurer Henry S. Mustin says: “ The issue o f
Pref. stock has been underwritten by the Equitable Trust Co. of N . Y .
on terms advantageous to your company. Application will be made to list
said Pref. stock on the New York Stock Exchange.”
'
Data from Circular Signed by Secretary W. D. Anderson. A ug. 6.
“ Said stock shall be entitled, in preference to the Common stock, to
cumulative dividends when and as declared by the directors at tho rate of
7% p. a., if earned, payable quarterly, and on liquidation of tho corpora­
tion to payment of the par value of said Pref. stock, together with cumu­
lative dividends then unpaid, if any, and to no other dividends or payment.
. . . whether payable in cash, stock or property; nor shall they [the
holders] havo any right to subscribe for any new issue of stock of any class
now or hereafter authorized or issued.
“ Tho holders of Pref. stock shall have no voting powers whatsoever,
nor shall they be entitled to notice of any meeting of stockholders of the
corporation.’
Said Pref. stock shall be subject to retirement in whole at any dividend
date after fivo years at $115 per share” after not; less than 30 days’ notice.
Any additional class of stock hereafter created shall be subordinate to
tho Pref. stock now authorized in respect to payment of dividends and of
payment on liquidation or dissolution.
The $45,000,000 new Common stock is “ to remain in tho treasury o f the
corporation, subject to issuance at the discretion of the Board of Directors."
Statem ent by President J. W. Van Dyke, Philadelphia, Aug. 6 1919
There has been no increaso in the capital stock since 1892, nor has the
company any bonded debt. The policy of tho company has been to finance
its growth entirely from current earnings.
This policy cannot be further continued, for at least two reasons: (1)
Because of the lessened purchasing power of tho dollar as compared with
1912, much more capital must be available in the business; (2) because the
assessment of large Federal taxes at the present time, and certainly for
some future timo to come, prevents the use of accruing profits for pur­
poses of business, as heretofore.
The business of your company has enjoyed a steady, wholesome growth,
and your directors feel that you desire this growth to continue. It is to this
end they recommend the provision o f the necessary capital through the
medium of tho preferred stock.
As sot forth in the balance sheet of Dec. 31 1918, such Preferred stock
(when tho $20,000,000 cash from its Issue shall have been received) will
have behind it $76,000,000 net assets. It is proper to assume that the earn­
ing capacity of this Preferred stock will be fairly assured in the light of
returns on capital previously employed as summarized herewith.
Summary of Earnings and Dividends for Past Four Years.
Earns. Before Federal
Earns. After Dividends
Year—
Fed. Taxes. Taxes Paid. Fed. Taxes.
Paid.
$59,000 $5,592,000 $1,000,000
1915 .................................$5,651,000
1916 ................................. 9,828,000
200,000
9,628,000
1,000,000
1917 ...........
12,931,000
3,925,000
9,006,000
1,000,000
1918 .....................
19,610,00012,200,0007,410,000 1,000,000
Total............................ $48,020,000 $16,384,000 $31,636,000 $4,000,000
Condensed General Balance Sheet, Dec. 31 1918.
Current Assets— Cash, $252,670; accounts receivable, $16,323,­
186; merchandise and materials, $21,620,898; U. S. and
foreign Govt, war bonds and other securities, $2,342,989___ $40,539,743
Fixed Assets— Plant, equipment and transportation facilities
(less depredation), $27,947,280; stocks of sub. co3., $695,000. 28,642.280
Other assets— (a) Advances on account of raw materials to bo
furnished, $7,026,867; (ft) advances to other cos. and agents,
$348,129; (c) sundry prepaid items, &c., $691,313................ 8,066,309
Total assots.......................... ............................. ......... ......... ....... $77,248,332
Loss liabilities—Accounts payable (inch Fed. income taxes for
1918, cst.), $16,095,647; employees' Liberty bonds and sundry
liabilities, $471,113; insurance and other reserves, $4,728,692. 21,295,452
Net worth.......................................... ....... ......... ................. ....... $55,952,881
Invested capital—Capital stock, $5,000,000; surplus Dec. 31
1918, $ 5 0 ,9 5 2 ,8 8 1 ............................ .............. ................ ..
55,952,881
Compare annual report, V. 108, p. 2238, 382.

A u s t in , N ic h o ls & C o ., I n c . — Offering of Preferred Stock.
— W illia m Salom on & C o ., N . Y . and Chicago, and H a llgarten & C o ., N . Y . , arc offering a t 9 8 and d iv ., b y adver­
tisem ent on another page, $ 5 ,5 0 0 ,0 0 0 7 % C u m u lative P re­
ferred (a. & d .) stoek , par S 100.
Dividends payable quarterly Feb. 1, &c. Redeemable at 115 and div.
A cumulative sinking fund for the redemption of tho Pref. stock at not
exceeding 115 and div. is to be created by setting aside annually from
profits on March 1, commencing with 1921, a sum equal to 3% of the
aggregate par value of the Pref. stock issued.
Data from Letter of Harry Balfe Dated New York, Aug. 1 1919.
History.— Established some 64 years ago in N. Y. City [under namo of
Fitts, Martin & Clough], being devoted in the beginning principally to
specialties, such as teas, coffees and spices, and having changed its name
several times, adopted the name of Austin, Nichols & Co. in 1879. Tho
business was carried on as a partnership until 1912 [when it was incorporated
in N. Y. on Nov. 29— V. 99, p. 1599]. In 1913 acquired Clark, Chapin &
Bushnell of N. Y. City; Stoddard, Gilbert & Co., Inc., of New Haven,
Conn.; and in 1915 Johnson & Murray, Inc., of Utica, three old established
wholesale grocery concerns. At the present time is tho largest wholesale
grocery establishment in the United States.
Organization.— For further development and to provido additional work­
ing capital, a new corporation is about to be organized under the name of

[VoL. 109

THE CHRONICLE

580

Austin, Nichols & Co., Inc., for tho purpose of (a) acquiring tho business,
assets and trade names of the present Austin, Nichols & Co., Inc., including
its abovo mentioned subsidiaries; (6) the entire capital stock of tho Fame
Canning Co., owning vegetable canning plants in tho Middle West; (c) 51%
of the outstanding stock of the Wilson Fisheries Co., an important packer
o f canned salmon on the Pacific Coast and in Alaska; and (d) the Whiteland, Ind., vegetable canning and condiment plant of Wilson & Co., along
with tho privilege of using the well-established “ Certified” and other
grocery product brands o f AVilson & Co. The consolidation of theso com­
panies will provide tho new company an assured supply of canned vegetables,
salmon, &c. and will add materially to its ever increasing distribution.
Capitalization (No Bonds) after Present Financing—- Auth.
Outsl'g.
Preferred stock 7% Cumulative (par $100)_____ $15,000,000 $5,500,000
Common stock v. t. c. (with no par value)_____ 150,000 shs. 137,000shs.
Business.— Consists in tho importation, manufacture and distribution at
wholesale of food products ordinarily sold by retail grocery concerns, in­
cluding grocery storo sundries. A substantial portion of tho goods distrib­
uted aro sold under our own brands, tho principal one being “ Sunbeam’ .
Plants.— Tho main warehouse and factory is located in New York and
complete branches are maintained at Utica, Watertown and Ogdensburg,
N. Y ., New Haven, Waterbury, Bridgeport and Norwich, Conn., and
Minneapolis, Minn. The main New York plant (leased) of about 600,000
sq. ft. floor space is a modern fireproof concrete structure finished about 5
years ago, situated on tho East River front (Brooklyn side), having its own
railroad tracks, docks, boats, refrigerating plant, &c.
Tho vegetable canning plants of the Fame Co., including tho AVhiteland
plant, are 9 in number, being situated in Indiana, Wisconsin and Michigan.
The properties of the Wilson Fisheries Co. (and subsidiaries) include 5
canning plants, fish and trapping sites, and marine facilities. Threo of tho
plants are located in Alaska and two in the Stato of Washington. Tho
annual output o f theso canning plants last season was about 1,150,000
cases of canned goods.
Sales.— The consolidated sales of the various units to be included in the
new company for the last fiscal year were about $38,000,000, representing
sales to retail grocery stores, restaurants, hotels, clubs, public and private
institutions, U. S. Army and Navy departments, exporting houses and
wholesalers. Sales aro made for casli or on short term credits.
Territory Served.— AVliile sales run heaviest in tho Eastern and Southern
States, offices aro maintained in most of tho largest cities and sales are made
in practically every State. Ilavo also developed a growing foreign trade
with Cuba, Porto Rico, South America, England, Franco, Italy, Greeco,
Norway, Sweden, Finland, China, India and other countries.
Earnings.— Austin, Nichols & Co., Inc., year ended Jan. 31; tho other
companies Dec. 28. The net profits after depreciation anti before Federal
taxes, excluding certain interest charges which aro being eliminated by tho
present financing (incl. the earnings of tho Fame and Fisheries companies
and tho net results from the sale of “ Certified” and other grocery lines for
the year 1918 only):
Average net profits per annum for last three fiscal years______$1,378,947
Net profits for last fiscal year (see below)____________________ 1,542,284
Not profits for present fiscal year (partly estimated), including
all companies to bo taken over:
(a) Before deducting Federal taxes__________ ______________ 1,650,000
(b) After providing for Federal taxes______________________ 1,310,000
The earnings of the Fame Co. and 51% of tho profits of the Fisheries Co.
are included for the last fiscal year alone, because for tho greater part of tho
period prior to 1918 theso properties were owned and operated by interests
other than those from whom they are now being acquired and their earnings
are not available for the three year period.
For the current fiscal year the combined earnings of all the properties
to be taken over, after making provision for Federal taxes, would show a
balanco of $1,310,000, or 3.40 times the annual dividend requirements on
the new Preferred stock.
Combined Assets as of Jan. 31 1919, as Shown in Price, Waterhouse & Co. Report.
[After adjustments by present financing, including about $860,000 new
cash working capital.]
Plants, equipment, &c., including investment in Fisheries C o__ $2,286,665
Cash..............................
$1,513,827
Accounts and bills receivable______________________ 3,247,443
Liberty bonds and other investments_______________
217,580
Inventories________________________________________ 3,993,278

in Boono and Logan Counties, AV. Va., all but 750 acres of which are owned
in fee simple. Of theso 750 acres either the surfaco or mineral rights aro
owned separately. The properties appraised at $7,269,456. exclusive of
quick assets aro estimated to contain 308,190,000 tons of assured coal ann
together with 14,140,000 probable tons and 54,390,000 possiblo tons bndg
tho total up to 577,020,000 tons.
The soveral grades of coal aro particularly adapted for high grade steam,
gas and domestic fuels and for by-product purposes. Sovon different coal
beds have well-developed mining values on parts of tho proporty. bourof these seams outcrop above water level, accessible to solf-draining drift­
mining and adaptable to economical methods of operation.
P r o d u c t i o n . — There aro at present 21 mining operations on tho proporty;
12 plants are owned and directly operated bythe company and 9 are operated
by lessees. During the calendar year 1918, produced 1,107,725 tons of coal,
which 539,976 tons were produced from tho mines now operated by tho
company and 567,749 tons from mines operated by lessoos. As a result
of recent expenditures the 12 mines operated by the company arc now
equipped to produco 1,250,000 tons of coal annually, while tho 9 plants
operated by lessees aro equipped to produco 750,000 tons of coal annually,
total annual capacity of tho present mining operations 2,000,000 tons.
The leased coal operations are owned or operated by tho following com­
panies: AVhitaker-Glessner Co., Montreal Light, Heat & Power Co.,
Opperman Coal Co., Sovereign Coal Co., Monte Coal Co., Long Flame
Coal Co., and Number Five Block Coal Co.
.
C o n t r a c t s . — Has contracts for a large portion of its output for the coining
year with tho Citizens Gas Co., of Indianapolis, Milwaukee Coke & Gas
Co., and others for by-product coking coal, and with tho Milwaukee
AVestern Fuel Co., for its splint coals; also has a largo fuel contract with tho
Chesapeake & Ohio R y., for a period of two years with an option for an
additional year.
Capitalization (No Bonds) After Present Financing— Auth.
Outsl'g.
6% Preferred stock______________ _______ ________ $6,000,000 $3,000,000
Common stock___________________________________ 6,000,000 3,777,5o0

Total current assets_____________________________ $8,972,128
Less current liabilities incl. reserve for Federal taxes.. 3,046,309

Tho Now York Stock Exchange has authorized tho listing of $192,600
additional Common stock.
Income Statement for Two Months ended May 31 1919.
Net sales of coal (478,712 tons;...................................................... $3,847,410
Deduct— Cost of coal sold___________________________________
2,906,497
Operating expenses__________________________________________ „ ° ! i ’ooo
Other items_________________________ __________________ ____ Cr. 55,633

Not current assets____________________________________________ $5,925,819
Deferred assets______________________________________________
73,663

C o m b in e d E a r n in g s a s C e r t ifie d A f t e r G iv in g E f f e c t to th e P r e s e n t F i n a n c i n g .
G ross C oa l
O p e r a tin g A l i s c .
*N et
A n n . D iv .
B a la n c e ,
E a r n in g s .
In com e.
In com e.
E a r n in g s ,
o n P ref.
S u r p lu s .

1917
___________$1,178,561 $509,062 $121,955 $631,017 $180,000
1918
___________ 1,581,888 423,111
76,673
503,785
180,000
* After maintenance reserve but boforo sinking fund, depreciation or
income taxes. Upon the basis of tho new capitalization there would bo no
excess profits taxes.
The averago net earnings for 1917 and 1918 were over threo tunes tho
dividend requirements of this issue. Earnings for 1918 do not reflect, except
to a slight degree, results from capital expenditures during tho year ot over
$1,500,000.
■
B a l a n c e S h e e t J u l y 1 1919, U p o n C o m p l e t i o n o f P r e s e n t F i n a n c i n g .
L ia b ilitie s —
•
Assets—
$3,000,000
Real estate & plant_____ .88,668,055 Preferred stock__________
Cash......................................
155,766 Common stock_________ 3,777,550
385,978
Accounts receivable........... . 250,098 Accounts & bills payable........
12.543
156,087 Accrued Items.................
Inventories......... ...............
207,018
Commissaries_______ _____ 90,368 Reserves ________________ - 28,019
Unadjusted assets____ _____
61,361 Minimum royalties recoverable
Profit & loss..........................
29,400
„
Total (each side)_____________________________________________ $7,411,137
Net tangible assets will exceed $250 per share.
Provisions.— (a) No mortgage or other liens shall bo created upon tho real or
personal property unless authorized by 75% of the outstanding Pref. stock;
(b) no cash dividends shall bo paid on tho Common stock if quick assets
aro not maintained at 150% of current liabilities; (c) additional Prof, stock
may bo issued only to reimburse the corporation for 75% of the cost ot now
proporty, acquisitions, &c., provided that tho annual not earnings be not
less than 3 times tho annual dividends upon tho I’ref. stock outstanding and
to be issued; (d) the authorized Pref. stock may not bo increased with­
out tho consent 75% of the Pref. stock outstanding.

Braden Copper Mines Co.— Tenders.—

The Bankers Trust Co., of N. Y ., as Trustoo will until Aug. 21, receive
tonders for tho salo of $677,390. 15-year 6% S. F. gold bonds at not exceed­
ing 105 and interest.— V. 109. p. 75.

Burns Brothers, New York.— Listing—E arnings .—

Total net assots (exclusive of good-will, brands, & c.)_______ $8,286,147
To theso figures should be added tho earnings sinco the close of the last
fiscal year, which on a conservative basis would increase tho total net assets
Net profits for tho period__________________________________
$185,154
to show tho equivalent of about $160 per sharo for tho new Preferred stock. V. 109, p. 373, 175.
Tho net quick assots alone aro equal to over $107 per sharo for tho Preferred
.— Common Div. Increased
stock. Theso figures aro exclusive of good-will, trade names and leaseholds.
Preferred Stock Provisions.— Tho company may not, without tho separato
The Common dividend has been increased from 6 to 8% per annum, the
vote of two-thirds of tho outstanding Preferred stock, (a) creato any mort­ first payment of 2% was mado Aug. 1.— V. 106, p. 2759.
gage on its real estato or equipment; or (6) creato any shares of stock prior
.— Production (lbs
to or equal with tho authorized Preferred stock; (c) stock has no voting
power except four quarterly dividends aro indefault, when it shall bo en­
1919
1918
1917
titled to elect a majority o f the board of directors.
Month of July.......................................... 4,294,000 4,214,000 3,551,205
(d)
No dividends are to be declared on tho Common stock unless tho not months to July 31_________________ 26,482,000 29,622,000 35.149,205
7
quick assets, after tho payment of such dividend, equal at least 125% of tho
V. 109. p. 175.
Preferred stock at tho time outstanding, (e) The balanco or any part of
tho authorized Preferred stock may not bo Issued unless after giving effect
.— Time Expires Sept.
Certifi­
to the issuo of such additional stock (1) tho total net assets shall equal 150%
o f tho total Preferred stock outstanding, including that to bo issued; (2) cates of Deposit Listed—Earnings Statement
the not quick assets shall equal 110% of said Preferred stock; and (3) tho
Tho stockholders are notified that tho privilego of depositing their stock
averago net earnings for the three years preceding, or for tho last preceding
year, aro threo times tho dividend requirements on tho Preferred stock with tho Mercantile Trust Co., 115 Broadway, pursuant to the circular
letter dated Juno 12 1919, issued by tho Iron Products Corporation, will
outstanding after such issue.
15 1919. Scoplan,
V. 109, p.
Alanagement.— Tho active management will acquiro a substantial stock terminate on Sept. of deposit upon tho V. 108, p. 2525. 2530!Pref. stock 479.
Tho certificates
deposit of Ordinary
and
interest in tho new company. Harry Balfo will become Chairman of tho
havo
listed on tho
Board and C. AV. Patterson, now President of tho Fame Canning Co., will Common stock of the Central Foundry Co.Co. is been transfer agont Now
York Stock Exchange. Mercantile Trust
tho
and
become President.— V. 109, p. 373.
Chase National Bank tho registrar of said certificates of deposit, as well as
of the stock of Iron Products Corporation.
Incorporated.
Consolidated Income Account for the 20 Weeks to Atay 17 1919.
Tho Corporation Trust Co. of America on Aug. 4 filed with tho Secretary
of State of Delaware tho certificate of incorporation of this company. Total earnings, * $195,185; other income, $43,120: total--------- $238,305
Comparo offering of stock in V. 108. p. 2631.
Depreciation, $111,598; bond interest, $41,613; total.................
153,211
Dividend.................................. - ................. - ..................................... ......-l-45’!
Extra Dividend.
Tho directors declared an extra dividend of 5% along with the usual
Balanco
_
________________________________
$75,640
semi-annual dividend of 6% . Both were paid Aug. 1 to holders of record Profit and loss surplus________________________________________$1,263,790
July 23.— V. 107. p. 405.
♦After deducting cost of oper., repairs & maint.— V. 109, p. 479.
Death of M r. Addicks.
J. Edward Addicks, long President and exploiter of this company, died
C e n t r a l P e t r o le u m C o .— E arnings
Aug. 7.— V. 87, p. 482.
Douglas Fenwick & Co., Now York, havo published a complete state­
ment of tho company’s condition for tho fiscal year ending Apr. 30 1919.
Purchase Officers.'
This company on or about June 1 acquired by purchase tho assets and showing (1) Company's income account. Dividends from stock owned
interest received,
oxpenses,
business o f tho Fox River Butter C o., and in so doing announced its own $421,652; taxes and interest$28,603; total income, $450,256; loss $300,000;
including
on bonds, $88,802; dividends paid,
officers and directors as follows:
to add to surplus, $61,454; total surplus Apr. 30 1919, $338,321.
Officers.— G. E. Haskell, Pres; AV. H. Ferguson, V.-Pres.; J. T . Dorgan,
(2) Combined income account, Oil sales (665,289 bbls.), $1,496,900.
Sec.; O. T . Hays, Treas.; II. S. Johnson, Gen. Mgr.
gasolino
gals.) $1,009,958; gas salos and mis­
Directors (and date of election as such).— G. E. Haskell, Chicago, 1897; compression $109,400; sales (4,539,529 $2,616,257; less operating oxpenses,
AV. H. Ferguson, 1901, J. T . Dorgan, 1909, Morris Friend, 1897, Lincoln, cellaneous, interest andtotal incomo
taxes, 81,097,688: depreciation, depletion otc.,
Nob.; Claus Frahm, Hastings, Nob., 1901; C. T . Hays, Chicago, 1913; including dividends paid, $422,429; to surplus account, $801,846; surplus
$881,033:
J. F. llaskell, Topeka, 1918.— V. 108, p. 1938.
Apr. 30 1919, $1,016,953. Land owned in fees, 1,441 acres, leased lands,
27.755 acres, producing oil wells, 922.
Offering of Pref. Stock.

Butler Mill, New Bedford

.—

Calumet & Arizona Mining Co

.).—

Central Foundry Co

Barnet Leather Co., Inc.—

—

Bay State Gas Co.—

—

—

.—

—

Boone County Coal Corp.—
—
Montgomery & Co., N. Y., &e., aro offering at 85, yielding
ovor7%, by advertisement on another pago $3,000,000 G%
Cumulative Prof. (a. & d.) stock.

Dividends payablo Jan. & July. Callable at 105 and div. on 30 days’
notice. Annual sinking fund paymonts equal to 5 conts per ton on all coal
mined, commencing July 1 1920, will bo used to purchaso Preferred stock
at not over 105 and divs.
Data From Letter o f Vice-Pres. W. M. W iley dated July 14 1919
Company.— Organized in West Virginia M ay 8 1911. Owns in tho heart
o f tho Kanawha coal fields a tract or 32,650 acres of bituminous coal land




15—

—

Bates Manufacturing Co.—

Beatrice Creamery Co.—

.'—

F u r t h e r d o t a i l s w il l b o c i t e d in a s u b s e q u e n t is s u o .— V . 1 0 6 , p . 1 1 9 4 .

C erro

de

P a s c o C o p p e r C o r p .—

Output (Pounds ).—

1919.
Month of July...................................... 3,984,000
Sovon months to July 31___ _______ 32,084,000
— V. 109, p. 175.

C h a n d le r M o t o r C a r C o .—

1918.
.
1917.
5,238,000
6,262,000
42,326,000 39,498,000

No Part in Maxwell Merger.—

The reference under this caption last week to tho Maxwell plan was
purely a clerical slip duo to similarity of names in dictating. T ho Ohalmors
M otor Co. was meant as the Maxwell itom shows.— V. 108, P. 24Jo.

S4.51,017
323,785

THE CHRONICLE

A u g . 9 1919.]

Chesapeake & Del. Canal Co.— U. S. Govt. Takes Title.—

C on gressm a n J. H a m p ton M o o r e on A u g . 4 a n n ou n ced th a t h e h a d been
o f f i c i a l l y a d v i s e d t h a t t it l e t o t h e p r o p e r t y h a d p a s s e d t o t h e F e d e r a l G o v t .
T h e I t iv e r s a n d H a r b o r s A c t o f 1 9 1 8 c a r r ie d a n a p p r o p r i a t i o n o f $ 3 , 0 0 0 , ­
0 0 0 . w h ic h c o v e r e d t h e p u r c h a s e p r i c e o f e x is t in g p r o p e r t y a n d l e f t a b a l a n c e
o f a b o u t $ .5 0 0 ,0 0 0 t o b e g in t h e w o r k o f i m p r o v e m e n t .
A b o u t $ 5 ,0 0 0 ,0 0 0
m o r e w ill b e n e c e s s a r y t o c o m p l e t e t h e w o r k a n d w ill b e p r o v i d e d b y
C o n g r e s s fr o m y e a r t o y e a r .— V . 1 0 7 , p . 2 1 9 1 .

Chicago Pneumatic Tool Co.—Earnings

to June

Income Account for the Six Months Ended June 3 0

6 M os. '1 9
M u a n fa c . p r o fit s . $ 1 ,8 1 9 ,2 2 6
E x p e n s e s ...............
9 7 6 ,3 1 4
N o t p r o fit s _______
O th er in c o m e ____

$ 8 4 2 ,9 1 2
10,283

Balance Sheet.
Assets—
L a n d , b ld g s ., & c.
S to ck o f su b . c o s .
P r o fits o f s u b . c o s
L ib e r t y b o n d s ___
I n v e n t o r i e s ..........
B ritish G o v .s c c u r
A c c . & n otes rec.
C a sh ......................
C e rtifica tes o f d e p
D eferred c h a rg e s.
O th e r a s s e t s :____

$

$

Jur.e 3 0 ’ 19 D ec. 3 1 '1 8
7 ,0 0 6 ,2 3 6
1 ,3 2 1 ,0 9 4
3 58 ,593
3 ,7 4 8 ,7 3 5
2,733^434
582 ,5 4 5
151,437
310 ,1 7 8
19,162

30—

1919.
6 M os. ’ 19 Year 191e
Y e a r 1918
N ot
$ 8 5 3 ,1 9 5 S l,2 8 3 ,214
T o t a l In com e____
Interest and taxes
284 ,8 5 3
308 ,677
s ta te d .
D e p .renew ,& sk .f.
269 ,1 5 2
438 ,7 1 2
81,2 1 0 ,1 9 7
B a la n ce surplus
$ 2 9 9 ,1 9 0
$ 5 3 6 ,8 3 5
7 3,017

.Liabilities—

7 ,6 6 2 ,1 7 7 C a p ita l s t o c k -----5 8 ,3 0 9 1st M . g old b o n d s
.......... .. N o te s p a y a b l e . . .
4 6 ,3 0 8 A c c o u n ts p a y a b le
4 ,9 6 1 ,0 9 4 A ccru ed In terest.
592 ,483 D lv . p a y a b le -----2 ,7 9 9 ,3 7 3 O th er lia b ilitie s ..
674 ,627 R e se rv e s-------------_______A p p r o . s u r p lu s ..
393 ,306 U n a p p ro . surplus
31,162

T ota l
1 6 .231,414 17,218,839 T o t a l -----------------— V . 1 0 8 , p . 2 2 1 1 .2 1 2 5 .

S

June 30’ 19 Dec. 3 1 ’ 18
6 ,4 4 8 ,8 0 0
3 ,2 0 9 ,7 0 0
39 4 ,4 9 0
790 ,527
5 4,733
9 6,732
1,323
434,162

6 ,4 4 8 ,8 0 0
3 ,2 5 0 ,0 0 0
94 0 .0 0 0
1,236,626
5 6 ,413
9 6 ,7 3 2
31,161
377 .0 0 0

2 ,8 0 0 ,9 4 7

2 ,7 8 2 ,1 0 7

2,000,000 2,000,000

1 6 ,231,414 17,218,839

Results for June and Twelce Months Ending June 3 0 .
1 9 1 9 — 12 Months— 1 9 1 8
1 9 1 9 ------ June— 1 9 1 8
G r o s s e a r n i n g s . . ................. . . $ 2 1 , 5 6 6 , 6 3 5 $ 2 0 ,9 0 7 ,9 1 6 $ 1 ,6 0 1 ,0 1 7 $ 1 ,8 0 8 ,9 2 9
E x p o n s e s ____________________
6 6 8 ,1 7 2
3 9 8 ,6 3 1
5 4 ,1 3 9
3 8 ,3 9 3
Nl e t e a r n i n g s ______ _______ $ 2 0 ,8 9 8 ,4 6 3 $ 2 0 ,5 0 9 ,3 1 5 $ 1 ,5 4 6 , 8 7 8 $ 1 ,7 7 0 ,5 3 6
1 , 1 9 9 ,4 3 9
1 3 ,8 1 5
1 6 7 ,3 7 3
5 ,7 5 1
I n t esres t o n d e b e n t u r e s -------re s
4 ,0 8 3 , 2 0 3
3 ,9 5 1 , 8 9 9
3 5 1 ,2 0 7
3 3 6 ,6 4 2
fe
-----P r e f e r r e d d i v i d e n d s ________
N et to C om m on stock
—

and reserves__________$15,615,820 $16,543,602 $1,028,298 $1,428,144
T he total surplus and reserves June 30 1919 aggregated $40,977,044, viz.:
Debenture fund, $729,409: contingent fund, $578,302; stock surplus, $1,­
607,721; surplus reserve, $6,484,975; surplus, $31,576,639Capital stock outstanding, 872,802,696 Preferred ($2,290,943 o f which is
owned by com pany) and $37,229,108 Com m on ($3,361,117 o f which is
owned b y com p a n y).— V . 109, p . 274.

C o lo r a d o F u e l & I r o n C o .

— Industrial

Plan Extended .—

E ffective July 24, the Colorado Industrial Plan o f John D . Rockefeller Jr.
for the governm ent o f relations between the management and wage em­
ployees working b y the day or pieco has been extended to all salaried em­
ployees, including forem en, office men, &c. Four years ago the com pany
Inaugurated this plan among the C olorado coal miners with such success
that m ore than 200 corporations have adopted m odifications o f the Idea
over the country.— V . 108, p . 2125.

C o lu m b ia G r a p h o p h o n e M a n u f a c t u r in g C o .,
Y ork.
To Increase Number of Common Shares from

N ew

—
150,000
of No Par Value to 1,500,000 by Subdivision of Each Old Share
into 10 New Shares.—The sharoholdors will vote Aug. 19 on
a plan to increaso the Common stock from 150,000 shares of
no par valuo to 1,500,000 shares of stock without par value,
tho holdors thoreof to be entitled to only one vote for each
10 shares of Common stock held.
The plan calls for tho exchango of Common stock now out standing, at tho rate of one sharo thereof for ten shares of the
new Common stock.
D ig e st o f S ta te m e n t b y S e cre ta ry C h a rle s W . C ox, N. Y ., A u g . 7, 1919
The ob ject of the plan is to effect an exchange o f the Com m on Stock so Uiat
each share will represent a m ore convenient unit valuation o f the interest
o f tho several C om m on stockholders. This step corresponds with what,
in tho case o f a corporation having only shares with par value, would amount
to a reduction in tho par value o f such shares without any corresponding
reduction in the aggregate par value o f the capital stock.
.
Subject to tho approval or tho plan, the C om m on stockholders will on
and after Sept. 2 1919, or such later day as m ay bo fixed, receive at tho
Franklin Trust C o ., 46 W all St., in exchange for each sharo o f C om m on
stock surrendered, stock certificates (in tem porary form ) representing ten
shares o f tho now C om m on stock.
On and after Sept. 2 1919, no transfers o f stock cortificatos representing
Com m on stock now outstanding will be made.
Upon tho consum m ation o f this plan, tho aggregate number o f shares o f
com m on stock outstanding will be increased in tho proportion o f ten to one,
and, though the aggregate am ount appearing on tho com p any's books to
the credit o f the capital will remain unchanged, the aliquot proportions
thoroof attributable to each share o f com m on stock will be reduced propor­
tionately. T ho surplus account o f tho com pany will, how ever, not bo
a ffe cte d .
Tho com pany lias recently received a written opinion from the Comm is­
sioner o f Internal Revenue that tho exchango o f the C om m on Stock, pur­
suant to tho plan, give rise to no taxablo incom e.
T ho rights and preferences o f tho Preferred stock o f the com pany are not
affected b y the proposed oxchange o f tho com p a n y’s com m on stock. As
prom ptly as m ay he after the consum m ation o f tho plan, application will
bo m ade to tho New York Stock Exchange for tho listing o f tho Preferred
and C om m on stock .— V. 108, p. 2328.

Commonwealth P e t r o le u m C o . — Directors.—This new
Dolaware company which recently increased its authorized
capital stock to 3,000,000 (of no par value) and is roported
to havo secured options on a largo part of the stock of the
Union Oil Co. of California at $100 a sharo, ono account
says $20,000,000 (comparo V. 109, p. 279); and to be
negotiating for the control of tho Midway Oil Co. and Colum­
bia Oil Producing Co. of California, has as directors:
Charles II. Sabin, Pres. Guaranty Trust C o ., N ew Y ork; Eugono P .
W hitcom b, Pres. Union Natural Gas C orp ., Pittsburgh, Pa.; Thom as W .
Phillips, Jr., Pres. Phillips Gas & Oil C o ., Butler, P a .; W . E . S. Griswold,
26 Broadway, Now Y ork, director M echanics & M etals Bank and Peerless
Truck & M otor C orp .; Bernard Guggenhe 1m ,1 4th St. and Irving Place,
N ow Y ork, Pres. Essox Textile C o., In c.; W . J. Brodor, G en. M gr. o f tho
Com m onwealth Petroleum C o.; Henry Lockhart, Jr., 60 B roadway, New
Y ork , Pres, o f tho Wettslaufor & Lorraln Silver M inos, L td .; Eugono
M ackey, Pros, o f tho com pany and lawyer, 14 Wall St., N ow Y ork .— V.
109, p . 479.

C o n n e c t i c u t C o .— State Supreme Court Holds Com pany
M ust Protect D ebenture H olders .—
In a friendly suit brought b y the com pany against the N . Y . N . H . & II.
IIR . tho Travelers’ Insuranco C o. and the Aetna Life Insuranco C o. tho
C onnecticut Supreme C ourt o f Errors handed down a decision on July 31
holding that tho com pany cannot m ortgage certain property owned b y it
without providing for participation in tho security b y tno holders o f $14,­
000,000 o f debentures issued b y tho Consolidated Railway before the com ­
pany cam o into con trol or trolley lines in New H aven. T h e C onnecticut
C o . asserted that those debentures constituted a cloud on their title to
certain property and prevented it from raising funds b y w ay o f mortgage.




T h o f o l l o w i n g q u e s t i o n s w e r e p a s s e d u p o n : ( a ) W h e t h e r t h e p l a i n t i f f is
d e b a r r e d f r o m m o r t g a g i n g t h e m a i n lin e f o r m e r l y o f t h e o l d F a ir H a ren &
W estville R R ., s i t u a t e d in N e w H a v e n , w i t h o u t p r o v i d i n g in s u c h m o r t g a g e
f o r p a r t i c i p a t i o n in s e c u r i t y t h e r e o f f o r t h e h o l d e r s o f t h e d e b e n t u r e s .
(6 ) W h e t h e r o r n o t a n e q u i t a b l e lie n w a s c r e a t e d o n t h o p r o p e r t y a n d f r a n ­
c h is e o w n e d b y t h e Consolidated R ailw ay b y t h e i s s u e o f t h e d e b e n t u r e s ,
(c) W h e t h e r o r n o t t h e C o n n e c t i c u t C o . , h a v i n g a c q u ir e d t h e s t r e e t r a i l w a y
p r o p e r t ie s a n d f r a n c h is e s a s d e s c r ib e d in t h e p l e a d i n g s , h o l d s t h e m f r e e a n d
r e l e a s e d f r o m a n y o b l i g a t i o n o r lie n i m p o s e d t h e r e o n in f a v o r o f t h e p u r ­
c h a s e r s a n d h o ld e r s o f t h e C o n s o l i d a t e d C o . ’ s d e b e n t u r e s , a n d w h e t h e r o r
n o t t h e C o n s o lid a t e d C o . c a n e ffe c t a v a lid m o r t g a g e w it h o u t p r o v id in g
fo r t h e d e b e n tu r e h o ld e r s ,
(d ) W h e t h e r t h e o b l i g a t i o n s o f t h e c o n t r a c t
w it h t h e d e b e n t u r e - h o ld e r s is p r o t e c t e d b y t h e F e d e r a l C o n s t i t u t i o n s o t h a t
its t e r m s a r e in v io la b le a n d c a n n o t b e a lte r e d o r im p a ir e d o r d e fe a te d b y
s u b s e q u e n t s p e c i a l A c t s o f t h e C o n n e c t i c u t o r M a s s a c h u s e t t s l e g i s la t i o n in
1 9 1 5 s e t u p in t h e c o m p l a i n t o r b y a d e c r e e o f a j u d i c i a l t r i b u n a l .
W i t h J u s tic e G a g e r w r itin g t h e o p in io n , t h e S u p r e m o C o u r t ’s a n sw e r
w a s w h o l l y in f a v o r o f t h e b o n d h o l d e r s .
J u s t ic e s P r e n t i c e a n d B e a c h ,
h o w e v e r , c o n c u r r e d in a ll e x c e p t t h e a n s w e r t o t h e s e c o n d q u e s t i o n , d is ­
s e n t i n g f r o m t h e c o n c lu s io n t h a t i t s h o u l d b e a n s w e r e d in t h e a f f i r m a t i v e .
— V . 108, p . 1511.

.—
C o . — E arnings .—

C o n n e c t ic u t M ills C o .— Purchase
S ee N e w

E n g la n d C o tt o n Y a r n

C o n tin e n ta l G as

C o . b e l o w .— V .

& E le c tr ic

108, p . 2125.

Y ear ending June 3 0 —
1919.
G r o s s e a r n i n g s -----------------------------------$ 1 ,5 1 9 ,0 5 4
O p e r a t i n g e x p e n s e s a n d t a x e s ______________________________ 1 , 1 5 1 , 1 9 5

Miscellaneous interest____________________________
Bond

i n t e r e s t _______ ___________

& Sons

32,910

1918.
$ 1 ,3 9 3 ,0 4 6
1 ,0 3 9 ,2 8 7

32,910

1 1 8 ,8 3 5

B a l a n c e , s u r p l u s ______________________________________________
— V . 107, p . 2011, 2006.

C r a m p ( W m .)

Cities Service Co.— Earnings .—

581

S h ip

to Official Circular—Majority
Serial Notes.—

& E n g in e

1 1 8 ,8 3 5

$ 2 1 6 ,1 1 3

$ 2 0 2 ,0 1 3

— Reply
Would Retire

B ld g . C o .

Stockholders

S e e A m e r i c a n S h ip & C o m m e r c e C o r p . a b o v e . — V . 1 0 9 , p . 4 7 9 .

D e la t o u r
B e v e ra g e
C o r p . — Stock Sold.— Frederick
Sclnved, N. Y., announced tho sale of $249,000 Capital
stock (par $10) in the advertising pages of last week’s
“Chronicle.” The bankers state.
C om pa ny. — I n c o r p o r a t e d u n d e r t h o l a w s o f D e l e w a r e w i t h a n a u t h o r i z e d
a n d o u t s t a n d i n g c a p i t a l o f $ 5 0 0 ,0 0 0 (p a r $ 1 0 ) , o f w h ic h $ 2 4 9 ,0 0 0 r e c e n t l y
o f f e r e d a n d s o l d , t h e r e m a in in g 2 5 , 1 0 0 s h a r e s b e i n g p o o l e d f o r c o n t r o l .
T h e c o m p a n y h a s n o b o n d s o r m o r tg a g e s o u ts ta n d in g .
T h e c o r p o r a t io n w a s o r g a n iz e d t o e x p a n d a n d d e v e l o p t h e b u s in e s s w h ic h
h a s b e e n c a r r ie d o n a t N o . 3 3 1 - 3 3 5 W . 3 6 t h S t . N . Y . C i t y u n d e r t h o n a m e
o f D e l a t o u r B e v e r a g e C o . , I n c ., o f N . Y .
T h i s b u s in e s s f o u n d e d in 1 8 0 8
b y J . A . D e l a t o u r . t h e f i r s t m a n u f a c t u r e r o f g i n g e r a l e in A m e r i c a , h a s
b e e n c a r r ie d o n e v e r s in c e .
P r o d u c t s i n c lu d e t h o w e l l k n o w n D e l a t o u r
g in g e r a l e , s a r s a p a r i lla , l e m o n s o d a a n d c l u b s o d a .
P u rp ose o f Is su e. — T h e p r o c e e d s d e r i v e d f r o m t h e s a l e o f t h e s t o c k w ill
b e u s e d f o r b u i l d i n g p u r p o s e s , a n d f o r t h e in s t a l l a t i o n o f n e w m a c h i n e r y
t o i n c r e a s e i t s p r o d u c t i o n c a p a c i t y t o 1 , 2 0 0 b a r r e ls p e r w e e k , a n d t o t a k e
u p t h e m a n u f a c t u r e o f o t h e r b e v e r a g e s s u c h a s g r a p e j u i c e , n o n -i n t o x i c a t i n g
l iq u e u r s , a n d n o n -a l c o h o l i c c h a m p a g n e .
E a rn in g s,& c. — T h e o l d c o m p a n y h a s s h o w n p r o f i t s o f $ 5 0 , 0 0 0 p e r a n n u m .
T h e g r o s s s a le s o f t h e p r e s e n t c o m p a n y w i t h i t s p l a n t w o r k i n g a t in c r e a s e d
c a p a c i t y s h o u l d b e $ 7 5 0 ,0 0 0 p e r a n u m .
T h i s w o u l d in s u r e a n n u a l n e t
e a r n in g s o f n o t le s s t h a n $ 2 0 0 ,0 0 0 , o r 4 0 % t h o f i r s t y e a r o n t h e a u t h o r i z e d
a n d o u ts t a n d in g c a p ita l s t o c k .
T h e c o m p a n y h a s n o li a b i li t i e s e x c e p t
c u r r e n t o n e s , w h ic h o n J u l y 1 0 1 9 1 9 w e r e le s s t h a n $ 1 , 0 0 0 .
In a n e w lin e , t h e c o m p a n y h a s a lr e a d y b o o k e d o rd e rs fo r t h e fu tu r e
d e l i v e r y o f 4 0 , 0 0 0 c a s e s o f g r a p e j u i c e , a m o u n t i n g t o $ 2 5 0 , 0 0 0 , r e p r e s e n t in g
a p r o fit o f $ 4 0 ,0 0 0 .
O fficers. — L e o n a r d D r e s d n e r , P r e s .; E l i a s L e v i n , 1 s t V i c e - P r e s .; F r e d e r ic k
S c h w e d , 2 n d V i c e - P r e s .; M a x G o r d o n , T r e a s .; H u g o S t r a u s s , S e c .
D irecto rs. — L e w is D r e s d n e r , F e r d i n a n d I . H a b e r , E l i a s L e v i n , M a x
G o r d o n , F r e d e r ic k S c h w e d , H u g o S t r a u s s , L e o n a r d D r e s d n e r .

( W . L .) D o u g la s S h o e C o .—

More Pref. Stock.—

A p r e s s r e p o r t s t a t e s t h a t t h i s c o m p a n y p r o p o s e s t o Is s u e
a d d i t i o n a l 7 % P r e f . s t o c k t o b e o ffe r e d s t o c k h o l d e r s a t p a r in
n e w s h iir e s fo r e v e r y s e v e n n o w h e l d .
P r e s e n t c a p i t a li z a t i o n is
7%
P r e fe r r e d a n d $ 1 , 0 0 0 , 0 0 0 C o m m o n .
T h e s to c k h o ld e r s
c a lle d f o r A u g . 7 . — V . 1 0 4 , p . 1 0 4 8 .

E m p ire G a s

& Fuel

C o . — Temporary

$ 3 ,0 0 0 ,0 0 0
r a t i o o f s ix
$ 2 ,5 0 0 ,0 0 0
m e e t i n g is

Certificates.—

H e n r y L . D o h e r t y & C o . a n n o u n c e t h a t t e m p o r a r y c e r t i fi c a t e s o f t h e
B o n d S e c u r e d S in k in g F u i d 6 % n o t e s a r e n o w r e a d y f o r d e l i v e r y . I n t e r i m
c e r t i fi c a t e s f o r t h e 8 % C u m u l a t i v e P r e fe r r e d s t o c k i n t o w h ic h B o n d S e ­
c u r e d S i n k i n g F u n d 6 % n o t e s o f 1 9 2 4 a r e c o n v e r t i b l e w ill b e r e a d y s h o r t l y
a fte r A u g . 1 .
T h e s e i n t e r i m c e r t i f i c a t e s w ill b e e x c h a n g e a b l e f o r t h e
d e f i n i t i v e c e r t i fi c a t e s o f t h e c o m p a n y i f , w h e n a n d a s is s u e d .— V . 1 0 9 , p . 2 7 5 .

E m p ire P e t r o le u m C o . o f W . V a .

— Div.

Suspended .—

O n J u n e 2 7 p a y m e n t o f d iv i d e n d s o n t h e s t o c k o f t h o c o m p a n y w a s d e ­
fe r r e d t o e n a b l e t h e c o m p a n y t o in c r e a s e w o r k in g c a p i t a l f o r t h e p u r p o s e
o f d e v e l o p i n g le a s e s a d j o i n i n g t h o s e o f t h e U n i t e d F u e l C o . a n d t h e O h io
F u e l O il C o .
T h e a b o v e c o m p a n y h a s n o c o n n e c tio n w h a te v e r w it h th e
E m p i r e c o m p a n i e s c o n t r o l l e d b y C i t i e s S e r v i c e C o . b u t is a n i n d e p e n d e n t
p r o d u c i n g c o m p a n y in W e s t V i r g i n i a .— V . 1 0 3 , p . 6 4 .

F is k R u b b e r C o . C h ic o p e e F a l l s .

—2nd

Pref. Stock.—

H o l d e r s o f t h e 2 n d P r e fe r r e d a n d C o m m o n s t o c k s o f r e c o r d J u l y 1 5 1 9 1 9 ,
w e r e o f f e r e d t h e r i g h t t o s u b s c r i b e t o $ 2 , 5 0 0 , 0 0 0 a d d i t i o n a l 2 n d P r e fe r r e d
s to c k a t $ 1 3 5 . p er sh a re a n d d iv i. (a m o u n tin g t o 8 7 c e n ts p e r sh a re )
in a m o u n t s e q u a l t o 6 2 5 - 3 3 1 6 o f a s h a r e o f 2 n d P r e f . s t o c k f o r e a c h $ 1 0 0
sh a re o f 2 n d P r e f. s to c k a n d 6 2 5 -3 3 1 6 o f a sh a ro fo r e a ch fo u r sh a re s o f
c o m m o n s t o c k o f t h e p a r v a l u e o f $ 2 5 e a c h t h e n h e ld b y t h e m .
S u b s c r ip ­
tio n s w o re p a y a b le A u g . 1 a t B a n k e r s T r u s t C o .. N . Y .
T h i s j n e w s t o c k is
e n t i t le d t o d i v i d e n d s f r o m J u n e 1 5 , 1 9 1 9 .
D i r e c t o r s a n d c e r t a in la r g o
s t o c k h o l d e r s o w n i n g m o r e t h a n 5 0 % o f t h e o u t s t a n d i n g 2 n d P r e fe r r e d a n d
C o m m o n s t o c k w e r e p r e p a r e d t o s u b s c r i b e f o r a l l t h e s h a r e s t o w h ic h t h e y
w e r e e n t i t l e d b y r e a s o n o f t h e ir o w n e r s h ip o f 2 n d P r e fe r r e d a n d C o m m o n
sto ck s.
C om p are V . 109, p . 48 0; V . 108, p . 2436.

F r a n k lin P ro cess C o ., P r o v id e n c e . — New Stock— Dyeing
Machine Co. to Have Branch in Phila.—Proposed English Co.

•T h i s c o m p a n y , w h ic h d u r in g t h e p a s t e i g h t o r t e n y e a r s h a s b u i l t u p a
s u c c e s s fu l b u s in e s s a t P r o v i d e n c e , R . I . , in t h o m a n u f a c t u r e o f p a t e n t e d
d y e i n g m a c h i n e s a n d is a ls o i t s e l f e n g a g e d in u s in g t h e s e m a c h i n e s f o r
d y i n g o n a la r g e s c a le h a s r e c e n t l y b o u g h t a p l a n t c o n t a i n i n g a b o u t 1 6 0 , 0 0 0
s q . i t . o f f l o o r s p a c e a t P h i l a d e lp h i a t o a c c o m m o d a t e Its d y e i n g b u s in e s s
o r i g i n a t i n g a t t h a t c e n t r e , t h u s r e l ie v in g c o n g e s t i o n a t P r o v i d e n c e p l a n t .
T h e c o m p a n y , i t i s u n d e r s t o o d . Is a ls o a c t i v e l y i n t e r e s t e d , in c o n j u n c t i o n
w ith t h e U n iv e r s a l W in d in g C o . o f B o s to n , M a s s ., a n d M a n c h e s t e r , E n g .,
in t h o p r o p o s e d o r g a n i z a t i o n o f a B r i t i s h b r a n c h f o r t h e m a n u f a c t u r e a n d
d e m o n s t r a t i o n o f t h e F r a n k l i n m a c h i n e s , f o r e ig n o r d e r s f o r w h ic h h a v e
r e a c h e d a c o n s id e r a b le a g g r e g a te , c o m in g n o t o n ly fr o m G r e a t B r ita in b u t
f r o m I n d i a a n d J a p a n a n d p r a c t i c a l l y a ll in d u s t r ia l c o u n t r ie s .
I n v i e w o f t h e e x p a n s io n o f t h e b u s in e s s , t h e p u r c h a s e o f t h o P h i l a d e l p h i a
p l a n t (w h i c h is s a i d t o h a v e c o s t t h e c o m p a n y a b o u t $ 2 0 0 , 0 0 0 ) , p r e li m i n a r y
a r r a n g e m e n t s h a v e b e e n m a d e t o d o u b l e t h e C o m m o n s t o c k t h r o u g h s a le
o f $ 1 5 0 , 0 0 0 n o w C o m m o n t o p r e s e n t s h a r e h o ld e r s a t p a r , a n d a ls o t o m a r k e t
$ 5 0 0 ,0 0 0 n e w 8 % P r e fe r r e d s t o c k .
T h o s h a r e h o ld e r s v o t 'd A u g . 6 t o in ­
c r e a s e t h e C o m m o n s t o c k t o $ 3 0 0 ,0 0 0 a n d t o a u t h o r i z e $ 5 0 0 , 0 0 0 P r e f e r r e d .
T h e “ J o u r n a l o f C o m m e r c e a n d C o m m e r c ia l B u ll e t i n " o n M a y 5 s a id :
" A m o n g t h e v a r i o u s d y e i n g p r o c e s s e s n o w in u s e , t h a t o f d y e i n g y a r n s o n
j a c k s p o o l s Is o n e o f t h e m o s t i n t e r e s t i n g a n d s u c c e s s f u l .
T h i s p a r t ic u l a r
m e t h o d , in t r o d u c e d b y t h o F r a n k l i n P r o c e s s C o . o f P r o v i d e n c e , R . I . , h a s
a lr e a d y b e e n a d o p te d b y a n u m b e r o f p r o m in e n t to x tile m ills th r o u g h o u t th e
c o u n tr y .
“ A p a m p h le t p u t o u t b y th e m a n u fa c tu r e r s o f t h e m a c h in e , s a y s :
“ ‘ T h e y a r n s t o b e d y e d , w h ic h m a y b o s in g le o r p l y w o r s t e d , w o o l e n , o r
s ilk n o i l s , a r e w o u n d o n t o a r e g u la r J a ck s p o o l w it h p e r f o r a t e d b a r r e l.
T h is
s p o o l c a r r ie s f r o m 1 0 t o 3 5 p o u n d s o f y a r n , a l l o w i n g g r o a t l a t i t u d e in t h e
w e ig h t o f t h e lo t s to b e d y e d .
T h e s e d y e in g s p o o ls c a n b o w o u n d fr o m a
r e g u la r w o o d e n J ack s p o o l , o r c a n b e b u i l t f r o m b o b b i n s , c o n e s , o r p a r a l l e l

THE CHRONICLE

583

r u b e s e x a c t l y t h e s a m e a s a r e g u la r s p o o l .
T h e t o n s lo n i n w in d in g is e a s ily
a d ju s t e d t o m e e t a ll th e d y e in g r e q u ir e m e n ts .
“ ‘ T h e s p o o l s a r e p l a c e d v e r t i c a l l y in t h e d y e i n g m a c h i n o .
I t t a k e s le s s
t h a n 1 5 m i n u t e s f o r o n e m a n t o lo a d a 5 0 0 - p o u i u l m a c h i n o .
T h e yarn
c a n n o t b e c o m e t a n g l e d a n d d o e s n o t f e l t , m a t o r k i n k d u r i n g th o d y e i n g .
T h e la b o r c o s t is c l a i m e d t o b o v e r y m u c h lo w e r t h a n w i t h a n y o t h e r m e t h o d .
“ ‘ A f t e r d y e i n g , t h e s p o o l s a r e l i f t e d f r o m t h o m a c h i n o a n d t r a n s fe r r e d
d i r e c t l y t o t h o d r y e r , w h e r e w a r m a ir is f o r c e d t h r o u g h t h e m b y m e a n s o f a
p r e s s u r e b lo w e r a n d h e a t e r .
T h i s o n e o p e r a t i o n b o t h e x t r a c t s a n d d r ie s
t h o y a r n in f r o m 2 ^ t o 4 h o u r s ’ t i m e .
“ ‘ T h e m a c h i n e i t s e l f is s i m p l e , c o n s i s t i n g e s s e n t i a l l y o f a k i e r , h o ld e r s f o r
y a r n p a c k a g e s p e r m a n e n t in s id e o f k i e r , a ii e x p a n s i o n t a n k f o r f e e d in g in
t h e v a r io u s s o lu tio n s , a p u m p a n d a n e x tr e m e l s im p le a n d c o m p a c t p ip in g .
“ ‘ T h e m a x i m u m p r e s s u r e t h o p u m p w ill e x e r t is b e t w e e n 1 2 a n d 2 0
p oun ds.
I t is e s t i m a t e d t h a t t w o g a l l o n s o f liq u o r w ill f l o w t h r o u g h e a c h
p o u n d o f y a rn p er m in u to , a n d o n a c c o u n t o f th o e q u a l d e n s ity o f th o y a rn
a n d t h e m a c h i n o b e i n g f u l l , t h o f l o w is e q u a l t h r o u g h a l l p a r t s o f th o y a r n .
“ ‘ A n i m p o r t a n t e c o n o m y is b r o u g h t a b o u t in t h o F r a n k l i n m a c h i n o
t h r o u g h t h o v e r y s h o r t d y e b a t h , t h e r o b e in g le s s t h a n a g a l l o n o f d y o li q u o r
to each p ou n d o f y a r n .
T h i s a l w a y s r e s u lt s in c o n s id e r a b le s a v i n g s in d r u g s
a n d a ls o t h o c o n d i t i o n s u n d e r w h ic h t h o d y e i n g s a r e a c c o m p l i s h e d a r o v e r y
e x a c t , so t h a t b a tc h fo llo w in g b a tc h aro r e m a r k a b ly u n ifo r m .
“ ‘ T h e a m o u n t o f s t e a m u s e d is r e l a t i v e l y s m a l l a n d t h o d y c - h o u s o e n ­
t ir e ly fre e fr o m e s c a p in g s t e a m .
T h o f l o o r s p a c e is r e d u c e d t o a m i n i m u m
a n d t h o l a b o r o f o p e r a t i n g t h o m a c h i n o a f t e r lo a d i n g is c o n f i n e d t o s h i ft i n g
t h o v a l v e e v e r y f i v e t o t e n m i n u t e s , w a t c h i n g t h o b le e d p i p e a n d t h e r m o m e ­
t e r a t t i m e s a n d a d d i n g w a t e r a n d c h e m i c a ls a s n e e d e d .
I n th o d y e -h o u s e
o f th o F r a n k lin P ro ce ss C o ., e ig h t m e n a n d a d y e r t a k e caro o f 2 4 m a c h in e s
o n a ll v a r ie t ie s o f w o r k . ’ ”
A n o f f i c e r o f t h o c o m p a n y c o m m e n t s o n t h e fo r e g o i n g a s f o l l o w s : “ T h i s
is b u t o n e t y p e o f o u r m a c h i n e s .
O th e r e q u a lly im p o r t a n t m a c h in e s , d y e
p a c k a g e s , p a r a lle l t u b e s , w o r s t e d t o p s , h o s i e r y a n d r a w s t o c k .
T h ese
m a c h i n e s u s u a l l y p a y f o r t h e m s e l v e s in a fe w m o n t h s ’ t i m e in s a v i n g s .
T h o m e t h o d s o f d y e i n g a r o n e w , r a d i c a l , a n d o f g r e a t e c o n o m i c i m p o r t a n c e .”
T h o o f f i c e r s a r e : J o h n P . F a r n s w o r t h , P r e s .; E . S . G r a v e s , V . - P r e s . &
G e n . M g r . , a n d E d w i n T . I l a r r a l l , S e c . - T r e a s . , a ll o f P r o v i d e n c e .

(B. F.) Goodrich Co.— Listing .—

T h o N e w Y o r k S to c k E x c h a n g o h a s a u th o r iz e d th e lis tin g o f $ 1 5 ,0 0 0 ,0 0 0
a d d itio n a l 7 % C u m . P r e f. s t o c k .
E a c ii P r e fe r r e d a n d C o m m o n s t o c k h o l d e r o f r e c o r d J u l y l 1 9 1 9 w a s
e n t i t l e d t o s u b s c r i b e a n d p a y in fu l l o n o r b e fo r o A u g . 1 f o r t h is n o w P r e f .
s t o c k a t $ 1 0 2 a sh a re a n d d iv . ( 5 8 c . a sh are) a t B a n k e r s T r u s t C o ., N . Y . ,
in a m o u n t s e q u a l t o . 1 7 7 3 o f a s h a r e o f t h e n e w P r e f . s t o c k f o r e a c h s h a r o
o f t h e ir r e s p e c t i v e h o l d i n g s .— V . 1 0 9 , p . 4 8 0 .

Greene-Cananea Copper Co.— Out-put.—

Copper (lb s.). Silver (oz.).
J u l y 1 9 1 9 ......................................................
J u l y 1 9 1 8 .....................................................................
S e v e n m o n t h s 1 9 1 9 _________________________
S e v e n m o n t h s 1 9 1 8 _________________________
— V . 109. p . 176.

3 ,2 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 1 ,4 0 0 ,0 0 0
2 8 ,8 7 0 ,0 0 0

Gold (oz.).

1 4 3 ,5 0 0
1 4 6 ,0 0 0
8 9 3 ,3 1 3
7 7 2 ,3 7 0

700
1 ,1 8 5
4 ,9 3 0
7 ,9 0 8

D a ted A u g . 1 1919, duo A u g . 1 1 9 29 .
C a lla b lo a t a n y tim e o n 3 0 d a y s ’
n o tic e o n a n d a fte r F e b . 1 1 9 2 2 a t 1 0 5 a n d in t.
D e n o n i. $ 5 0 0 a n d $ 1 0 0 c
a n d $ 1 ,0 0 0 c * .
I n t . p a y a b lo F . & A . a t th o C i t y B a n k T r u s t C o ., S y ra cu se,
t r u s t e e , w i t h o u t d e d u c t i o n fo r a n y F e d e r a l n o r m a l i n c o m e t a x e s n o w o r
h e r e a fte r d e d u c tib le a t t h e so u rc e u p to 4 % .
C o n v e r t i b l e a t th o h o l d e r ’ s
o p tio n a t a n y t im e , $ fo r $ , in to 7 % C u m . P r e f. s to c k w ith a d ju s t m e n t o f
in t . o n th o n o te s a n d d iv s . o n t h e s t o c k .
T h e h o ld e r s o f n o t e s c a lle d fo r
p r io r p a y m e n t h a s t h o r i g h t t o c o n v e r t in t o s u c h s t o c k a t a n y t i m e n o t le s s
t h a n 1 0 d a y s p r io r t o t h e r e d e m p t i o n d a t e .
S in k in g f u n d o f $ 3 0 , 0 0 0 p e r
a n n u m b e g in n in g 1 9 2 2 , r e t ir e s 4 0 % o f is s u e b y m a t u r i t y .
P r o p e r ty v a lu e s u p o n c o m p le tio n o f p r e so n t c o n s tr u c tio n p r o g r a m , a b o u t
$ 8 2 8 ,5 3 0 ; n e t q u ic k a s s e t s , $ 6 1 4 ,3 1 5 ; t o t a l a s s e ts , $ 1 , 4 4 2 , 8 4 5 , e q u a l to
n e a r l y 2 'A t i m e s t h i s is s u e o f n o t e s .
T h o p r o c e e d s w ill b e u s e d ( 1 ) t o r e t ir e $ 2 0 0 ,0 0 0 e x is t in g F i r s t M t g o . 6 %
b o n d s ( V . 1 0 5 , p . 1 0 0 1 ) ; ( 2 ) t o b u i l d a n d e q u i p a n o w r o llin g m i l l , I n s ta ll a n
a d d i t i o n a l e l e c tr ic f u r n a c e a n d in c r e a s o t h o e l e c tr ic a n d s t e a m p o w e r e q u i p ­
m e n t ; a n d (3 ) t o p r o v id o a d d itio n a l w o r k in g c a p it a l.
Calendar Years—
1915.
1916.
1917.
1918.
1 9 1 9 ( c s t .)
N e t , a f t e r t a x e s ................
$ 4 5 ,0 3 1
$ 1 2 9 ,0 0 8
$ 1 1 6 ,4 5 5
$ 1 8 1 ,7 4 8
$ 1 5 0 ,0 0 0
[ T h e c o m p a n y o n J u l y 1 6 f ile d n o tic o o f c a p i t a l in c r e a s e f r o m $ 1 , 0 0 0 , 0 0 0
t o $ 1 , 7 5 0 , 0 0 0 , t h e in c r e a s o b e i n g in P r e f . s t o c k .)
C om p are V . 105, p . 1001.

Hartman Corporation.— Dividend—Par

Value.—

T h o r e g u la r q u a r t e r l y d i v i d e n d o f 1 14% b a s b e e n d e c la r e d o n t h o s t o c k
p a y a b l o S e p t . 1 t o h o ld e r s o f r e c o r d A u g . 2 0 .
T h o q u e s t i o n o f i n c r e a s in g
t h o d i v i d e n d i t is s t a t e d w a s p r e s e n t e d f o r c o n s i d e r a t i o n , b u t w h ile e a r n in g s
a n d o u t l o o k w o u ld It is c l a i m e d j u s t i f y a n in c r e a s e d r a t o t h o d ir e c t o r s
d e c id e d f o r t h o p r e s e n t t o m a i n t a i n t h e o l d r a t o .
A n o f f ic ia l s t a t e m e n t s a y s : D i r e c t o r s o f t h o H a r t m a n C o r p . r e c o m m e n d
t o s t o c k h o ld e r s t h a t t h o p a r v a l u e o f t h o c a p i t a l s t o c k b o c h a n g e d f r o m $ 1 0 0
t o $ 2 0 a n d s t o c k h o l d e r s r e c e iv o f i v o s h a r e s o f n o w s t o c k f o r e a c h o n o s h a r o
o f o ld . V . 1 0 9 , p . 4 8 1 .

Haverhill (Mass.) Gas Light Co.— Rate Increase .—•

T h e M a s s . B o a r d o f G a s & E l e c t r i c L i g h t .C o m m i s s i o n e r s h a s a u t h o r iz e d
t h e c o m p a n y t o in c r e a s e t h e p r i c e o f g a s in H a v e r h i l l f r o m 9 0 c e n t s t o $ 1
p e r 1 ,0 0 0 c u . f t . , e ffe c tiv e fr o m J u ly 1 5 .
T h o c o m p a n y a s k e d fo r a n in ­
cre a se to $1 1 0 .— V . 1 0 9 , p . 7 6 .
'

H o n o lu lu G as C o .

— New Par

Value cfee.—

" T h o n e w $ 2 0 s t o c k c e r t i f ic a t e s o f t h o H o n o lu lu G a s C o m p a n y a r o b e in g
is s u e d t o t a k e t h o p l a c e o f t h o o r ig in a l $ 1 0 0 c e r t i f ic a t e s , o n a s t r a ig h t b a s is
o f f i v o fo r o n e .
I t is u n d e r s t o o d t o b o t h o i n t o n t i o n o f t h o c o r p o r a t i o n n o t
t o in c r e a s o it s d i v i d e n d o v e r a n d b e y o n d 7 % a n d , o n t h o o t h e r lx a n d , t o
p u t its s u r p lu s e a r n i n g s i n t o e x t e n s i o n s a n d i m p r o v e m e n t s .
T h a t p o lic y
w ill b o f o l l o w e d o u t u n t i l a ll d e s ir a b lo t e r r i t o r y is c o v e r e d . ” — “ S a n F r a n ­
c is c o N e w s B u r e a u .” — V . 10 6 , p . 5 0 4 .

(F . M .) H o y t S h o e C o ., M a n c h e s te r , N . H .—

of Preferred Stock.—Kidder,

Offering

Peabody & Co., Boston and
Now York aro offering at 9 ( 3 to yield 734%. SI,000,090
7% Cumulative Preferred (a & d) Stock. Par $100.
C a l l a b l e a s a w h o le o r in p a r t o n a n y d i v i d e n d d a t o a t $ 1 1 5 a n d d i v i d e n d s ,
o n 3 0 d a y s ’ n o tice .
D iv id e n d s p a y a b lo Q -F .
F r o m n e t e a r n in g s , o r
s u r p l u s , a s u m , e q u a l t o 1 0 % o f t h e n e t p r o f i t s , a f t e r P r e f. d i v i d e n d s , s h a ll
b o s e t a s id e a s a s i n k i n g f u n d b e g i n n i n g M a y 3 1 , 1 9 2 0 , t o b e a p p li e d t o
th e p u rch a se o f P re f. s to c k , a t $ 1 1 5 .

Data from Letter of President Hovey E. Slayton, Dated July 31 1919.
C om pa ny. — I n c o r p o r a t e d in N e w H a m p s h i r e . H a s b e e n in b u s in e s s
s i n c e 1 8 9 3 a n d u n d e r t h o p r e s e n t m a n a g e m e n t s in c e 1 9 0 3 . P l a n t , l o c a t e d
in M a n c h e s t e r , is m o d e r n in c o n s t r u c t i o n .
T h e fa c to r ie s a ro th o r o u g h ly
s y s t e m a t iz e d a n d o p e r a t i n g u n d e r a p p r o v e d a n d u p . t o - d a t o s y s t e m s .
T h e c o m p a n y d i s t r i b u t e s it s s h o e s t h r o u g h 4 , 0 0 0 “ B e a c o n ” a g e n c i e s
th rou g h ou t th e c o u n tr y .
H a s a b r a n c h d i s t r i b u t i n g h o u s e in C h i c a g o , 111.,
a n d o n e in H a v a n a , C u b a ; a l s o h a s a la r g o f o r e i g n b u s in e s s .
Year Ending May 31—
1904.
1909.
1914.
1919.
S a l e s ...................................
$ 1 ,2 0 7 , 4 2 4
$ 1 ,3 7 5 ,1 5 3
$ 2 ,6 0 3 ,3 2 0
$ 6 ,2 2 4 ,2 1 5
pin N e t p r o f it s f o r e a c h o f t h o p a s t 3 y e a r s , a f t e r in t e r e s t , F e d e r a l t a x e s , a n d
d e p r e c i a t i o n , h a v e a v e r a g e d $ 3 3 0 ,7 7 6 , o r a b o u t 4 A t im e s t h e P r e fe r r e d
s t o c k d iv id e n d r e q u ir e m e n t.
A f t e r g i v i n g e f f e c t t o t h is is s u e , n e t q u i c k
a s s e t s a m o u n t t o $ 2 , 2 2 6 , 2 1 5 o r $ 2 0 6 p e r s h a r e a n d t h e t o t a l t a n g ib le a s s e t s
a r e $ 2 , 8 0 3 , 1 2 5 . o r $ 2 5 9 p e r s h a r e o n t h is P r e fe r r e d s t o c k .
T h e s e f ig u r e s a r o
e x c l u s iv e o f g o o d - w i i l , p a t e n t s , t r a d e - m a r k s , & c .
T h e c o m p a n y is in a p o s i t io n t o i n c r e a s o it s b u s in e s s t o $ 1 0 ,0 0 0 ,0 0 0 w i t h ­
o u t a n y a d d it io n a l c o n s t r u c tio n c o s t a s id e fr o m a n e w w a re h o u s e a n d an
a d m i n i s t r a t i o n b u i l d in g , a t a n e s t im a t e d c o s t o f f r o m $ 1 2 5 ,0 0 0 t o $ 1 5 0 ,0 0 0 .
P u rpose o f I s su e. — F o r a d d i t i o n a l w o r k in g c a p i t a l t o t a k e c a r e o f i n c r e a s e d
d em an d s.
Preferences ( a ). — A d d i t i o n a l P r e f . s t o c k m a y b o i s s u e d o n l y w h e n n e t
a s s e t s a r e t w i c e t h e a m o u n t o f t h o P r e f . s t o c k o u t s t a n d i n g , in c lu d in g t h a t
p r o p o s e d , a n d o n ly w h en a n n u a l udt e a r n in g s a re e q u a l t o t w ic e th e a n n u a l




d iv . r e q u ir e m e n ts ,
(b) T h o c o m p a n y a g r e e s t o m a i n t a in n e t q u i c k a s s e t s
o f $1 5 0 p e r sh a re fo r th e P r e f. s t o c k o u ts ta n d in g ,
(c ) N o m o r t g a g e o r lie n
s h a ll b e c r e a t e d w i t h o u t t h e c o n s e n t o f 7 5 % o f t h o P r e f . s t o c k ,
(d) T h o
P r e f . s t o c k h a s v o t i n g p o w e r in c a s o d e f a u l t is m a d e o f t w o s u c c e s s iv e
q u a r t e r l y d i v i d e n d s a n d i f s a i d d e f a u l t c o n t in u e s f o r 6 0 d a y s .
Capitalization —
A u th orized .
Issu ed .
P r e f e r r e d S t o c k , 7 % C u m u l a t i v e _________________ $ 2 , 0 0 0 , 0 0 0
$ 1 ,0 8 1 ,1 0 0
C o m m o n S t o c k (a ll o w n e d b y t h o E x e c u t i v e
H e a d s o f t h e C o m p a n y ) __________________________
1 ,0 0 0 ,0 0 0
Balance Sheet, as o f M a y 3 1 , 1 9 1 9 — A fte r Giving E ffect to the Present F in an cin g
A top/?.

.

|

T

F ix e d a ssets..............................
$67 2,88 8 Preferred s t o c k .............................. $ 1 ,0 8 1 ,1 0 0
A c c o u n t s r e c e iv a b le ..:________ 1 ,2 7 4,604 C o m m o n s t o c k ________________ 1,000,000
I n v e n t o r y ........ .................................
9 0 4 ,8 3 8 :C u rren t lia b ilities.........................
8 8 ,105
U . S. G o v . c la im s .......................
6 0 ,8 3 9 ,R eserv e for d e p r e c ia tio n ..........
137,679
O th er cu rren t assets....................
7 4 ,0 3 6 Surplus after d e d u ctin g F e d O th er a ssets.......... ..........................
41,7421
taxes to O c t. 31 1918..............
7 2 2 ,0 6 6
T o t a l (ea ch s id e )...................... 3,028,949|
O fficers. — H o v e y E . S l a y t o n , P r e s . & T r e a s . ; T . E d w a r d C u n n i n g h a m ,
V i c e - P r e s . & F a c t o r y M g r . ; A . II . J e n k s , S e c . & S a le s M g r .

I n s p i r a t io n C o n s o l. C o p p e r C o .—

Copper Output (Lbs.).

1919.
M o n t h o f J u l y ..................................................
6 ,0 0 0 ,0 0 0
S e v e n m o n t h s t o J u l y 3 1 . . . .................... 4 5 ,2 0 0 ,0 0 0
— V . 109, p . 177.

I n t e r n a t io n a l H a r v e s te r C o .—

1918.
9 ,0 0 0 ,0 0 0
5 8 ,7 5 0 ,0 0 0

1917.
(S t r ik e )
6 7 ,4 0 0 ,0 0 0

Operations Resumed.—

A p r e s s d i s p a t c h s t a t e s t h a t t h o c o m p a n y 's w o r k s r e s u m e d o p e r a t i o n
A u g . 5 a f t e r s u s p e n s io n o f 1 9 d a y s d u e t o i n t im i d a t i o n o f e m p l o y e e s . —
V . 109, p . 276.

I n t e r n a t i o n a l N ic k e l C o .—

Earnings. —

Quarters ending June 3 0 —
1919.
1918.
E a r n i n g s .................................................. .. ................................................ $ 1 , 0 1 2 , 8 5 6
$ 3 ,8 3 8 ,5 0 6
O t h e r I n c o m e ............................................ ............................................
1 9 ,5 9 8
5 2 ,2 0 8
T o t a l in c o m o ...............................
$ 1 ,0 3 2 ,4 5 4
A d m i n i s t r a t i o n a n d g e n e r a l e x p e n s e s ________________
1 2 9 ,6 1 2
R e s e r v o f o r t a x e s _____________________________________________
2 4 1 ,6 1 8
D e p r e c i a t i o n a n d m in e r a l e x h a u s t i o n ________________
4 8 6 ,2 9 3
P r e f e r r e d d i v i d e n d s (1 % % ) .....................................................
1 3 3 ,6 8 9
B a l a n c e , s u r p l u s ___________________________________________

$ 4 1 ,2 4 0

No Common Dividend .—

$ 3 ,8 9 0 ,7 1 4
2 4 8 ,4 8 7
1 ,3 2 2 ,9 0 9
4 7 2 ,9 5 3
1 3 3 ,6 8 9
$ 1 ,7 1 2 ,6 6 6

T ho directors took no action on tho declaration o f a quarterly C om m on
dividend usually raado at this tim e. T ho Juno dividend was also om itted.
— V . 108, p. 2236.

In v e r n e s s R a ilw a y & C o a l C o . —Meeting of 1st M .
Bondholders Aug. 29.— Operations Unprofitable.— Powers to
Y.— Offering of Bondholders' Committee, Ac.—

Hammond Steel Co., Inc., Syracuse, N.
Bank Trust Co., Syracuse Trust Co. and W. W.
Seymour & Co., Syracuse, aro offering at 97, to yiold G.40%,
8600,000 Ten-Year 6% Convortiblo Sinking Fund gold notes.
A circular shows:
Notes .—City

[V o l . 109

A meeting o f the holders o f [$3,000,000] 5% 1st M . gold bonds will b e
held at the N ational Trust C o ., L td ., T oron to, on A ug. 29, to consider re­
port from the bondholders’ com m itteo appointed Juno 1915. This report
will indicate that tho cost o f mining coal lias risen to such a point that the
receiver cannot make profits from the railway or coal undertakings.
T ho bondholders will, if thought fit, act on resolutions to the follow ing
effect: (1) T o continue the bondholders’ com m ittee, consisting o f Z . A . Lash,
.1. II. Plummer and R . H om o Smith; (2) T o approve the action o f the trustee
in applying for a receiver in N ova Scotia; (3 to 5) T o em power tho com ­
m ittee in its discretion from time to timo: to instruct the T rustco (a) to
obtain judgm ent for foreclosure and sale in tho action now pending in tho
N ova Scotia Courts; (b) to concur in a private sale, leaso or other disposi­
tion o f the assets, if considered advisable and a public salo proves abortive;
and to distribute tho proceeds in cash securities or otherwise.
(6) T o alter tho trust deed so that moneys applicable to interest and
principal on tho bonds be applied first in paym ent o f tho principal and tho
balance (if any) to p a y the interest owing upon tho bonds pari passu.
(7 & 8) T o authorize tho Trustee to act on requests signed b y a m ajority
o f tho Bondholders Com m itteo and to take measures for giving effect to
resolutions passed at tho meeting hereby called.
Bondholders aro requested to send their addresses to tho representative
o f tho Trustee, A . L. Nunns, 28 Bishopsgato, London, E .C . 2, or to tho
Trustee, 18 King Street East, T oron to, or to Banquo Federate Socicto
A nonym e, 8 Placo du M olard, Genova, Switzerland, when forms o f p roxy
for voting purposes accom panied b y a letter from tho Trustee addressed to
tho Bondholders will bo sent to them. Bondholders must either produco
their bonds at the meeting or, not less than 48 hours prior to the meeting,
must deposit their proxies with the Representative o f the Trusteo in L ondon,
or at tho office o f the Trustee, T oron to.— Compare V. 101, p. 1806, 923;
V . 100, p. 1917.

I r o n P r o d u c ts C o r p o r a t io n .

—Merger

Notice .—

Sco Central Foundry C o. above.— V . 108, p . 2531.

S.

H . K r e s s & C o .—

Sales.— ■

M on th o f Ju ly............................... ..
7 M on th s to July 31 ............... ..
— V. 109, p . 177.

L in d s a y L i g h t C o .

1919.
$1,793,687
12,273,398

— No

1918.
$1,608,615
10,360,733

1917.
$1,190,395
8,612,700

Common Dividend .—

N o action was taken A ug. 5 on tho declaration o f a quarterly dividend
on tho com m on stock. T ho regular quar. o f 1 % % on tho Preferred stock
has beon declared, payable Sept. 30 to holders o f record A ug. 30. In
Juno last 5 % was paid on tho Com m on.
An official circular sent to stockholders says: “ Tho general business
situation is so uncertain that tho directors feel a largo surplus should bo
created against future developm ents. T ho labor situation is extremely
unsatisfactory and while tho com pany is better o ff in this respect than many
other it cannot get enough labor to fill its orders properly and prom ptly.
Another reason is the high operating costs, including prices o f raw ma­
terials, which, o f course, affects all companies. A final reason is the fact
that tho Governm ent has never made final adjustment o f taxes which tho
com pany claims were assessed in great excess o f what should have been
p a id .’ ’— V . 108, p . 2532.

L it B r o th e r s C o r p o r a tio n , P h ila .— Extra

Dividend .—

A n extra dividend o f 2 >4% has been declared on tho stock along with
regular semi-annual 5 % , both payablo Aug. 20 to holders o f record A ug. 8.
An extra dividend o f 2 )4 % has been paid somi-ann. sinco Feb. 1917.'
— V. 108, p . 385.

( W a lt e r M .)

Low ney

C o .,

Stock.—Jackson &

o f M a s s . — Offering

of Pref.

Curtis ami Hornblower & Weeks, Boston,
&c., are offering, at 100 and div., 81,000,000 7% Cumulative
Preferred (a. & d.) stock, par 8100. Callable as a whole only
at 110 and accrued dividends.
Dividends payablo quarterly, Feb. 1, & c. Annual sinking fund, begin­
ning 1920, not less than $50,000 must bo set aside out o f earnings, after
paym ent o f the Preferred divs., to be used to purchase Pref. stock up to 110
D a t a from L e t t e r o f L. J . B r a c k e t t , T r e a s u r e r . D a t e d A u g . 1 1919,
History.— Established over 30 years ago, and to-d ay occupies a forem ost
position in the chocolate, cocoa and confectionery business o f this cou ntry,
and has developed a very considerable export business.
Owns (a) largo modern and well-equipped plant at Boston; (6) 56% o f thostock o f T h e W alter M . Low ney C o. o f Canada, L td ., which owns a plant
at M ontreal; (c) 71% o f tho stock o f tho C hocolate Refiners, Inc., which
owns a plant at M ansfield, M ass.; and (d) entire stock o f the Potter C onfec­
tionery C o ., which owns a plant at Cam bridge, M ass.
T ho com pany also operates branches in New Y ork, C hicago, Cleveland,
C olum bus, M inneapolis and A tlanta, and has exclusive distributors in all
parts o f tho United States and in several foreign countries.
Capitalization.— T ho com pany has no bonded d ebt and its properties and
tho properties o f its subsidiaries aro all free and clear with tho exception
o f tw o unmatured liens on individual properties aggregating $209,000. The
capitalization as o f A ug. 1 1919, including the now issue, is:

__ „

, ,

_

.

,

,

Authorized.

7 % Cum ulative Preferred stock ............................... — $1,000,000
Common stock .................................................................... 1,000,000

Issued.’H

$1,000,000
937,800

THE CHRONICLE

A u g . 9 1919.]

E a rn in g s .— T h e n e t e a r n in g s a f t e r t a x e s , i n c lu d in g t h e c o m p a n y ’ s e q u i t y
i n n o t e a r n in g s o f t h e s u b s i d i a r y c o m p a n i e s , in e a c h o f t h o p a s t t h r e e y e a r s ,
o x c e e d e d 3 l t im e s t h e P r e fe r r e d d i v i d e n d r e q u i r e m e n t s , a n d t h e a v e r a g e w a s
A
3 2 7 0 ,3 5 9 , o r n e a r ly f o u r t im e s t h o P r e f e r r e d d i v i d e n d .
T i i o r o is e v e r y i n d i ­
c a t i o n t h a t t h is y e a r w ill w it n e s s t h e l a r g e s t s a le s a n d t h o l a r g e s t p r o f i t s in
o u r h is to ry .
■Consolidated Balance Sheet o f The W alter M . Low neg C o. and Poller Con fec­
tioner!/ C o ., as o f D ec. 31 1 9 1 8 , after G iving E ffect to the P resent F in a n cin g.

583
Production (Pounds ).—

N e w C o r n e lia C o p p e r C o .—

1919.
M o n t h o f J u l y . . . ...........................................
3 ,2 4 0 , 0 0 0
J a n . 1 t o J u l y 3 1 ___________________ _____ 2 1 , 0 4 4 , 0 0 0
— V . 109, p . 178.

D ecrease.

1918.
3 ,9 0 0 ,0 0 0
2 8 ,5 5 8 , 0 0 0

N e w E n g la n d C o m p a n y P o w e r S y s t e m .—

6 6 0 ,0 0 0
7 ,5 1 4 . 0 0 0

E arn in g s .—

Results fo r Jun e and Six M o n th s E n din g J u n e 3 0 .
( T o t a l E a c h S id e , $ 3 , 4 3 9 , 8 9 9 .)
1 9 1 9 -----Jun e — 1 9 1 8 .
1 9 1 9 — 6 M o s .— 1 9 1 8 .
Liabilities —
G r o s s e a r n i n g s ..................
$ 2 9 7 ,7 6 6
$ 2 5 8 ,4 6 7 $ 1 , 8 1 6 , 9 3 7 $ 1 , 5 3 4 ,2 3 4
P l a n t a n d e q u i p m e n t . . '___
$ 5 3 4 ,9 7 3 P r e fe r r e d s t o c k ------- ------------- $ 1 , 0 0 0 , 0 0 0
O per. expenses & t a x e s ..
1 8 8 ,4 3 3
1 6 2 ,6 3 6
1 ,0 3 4 ,4 0 0
8 8 5 ,4 4 1
I n v e s t m e n t s ________________
9 2 7 ,3 0 0
8 5 2 ,1 3 0 C o m m o n s t o c k --------------------4 0 ,5 6 0
4 0 ,1 3 9
2 4 3 ,7 1 5
2 2 5 ,1 1 0
B o n d i n t e r e s t . . . .................
C a s h --------- . ----------------------------’
4 6 5 ,7 6 7 M o r t g a g e _____________________
1 6 0 ,0 0 0
O t h e r i n t e r e s t ..................
2 4 ,4 7 0
1 4 ,5 1 4
1 4 5 ,2 8 1
8 4 ,5 0 3
A c c o u n t s r e c e i v a b l e ________
4 7 1 ,0 6 2 A c c o u n t s p a y a b l e ---------------1 4 7 ,1 0 0
M e r c h a n d i s e ________________
7 9 5 ,5 5 8 A c c r u e d c h a r g e s -----------------8 9 ,9 8 0
$ 4 4 ,3 0 3
$ 4 1 ,1 7 9
$ 3 9 3 ,5 4 1
$ 3 3 9 ,1 8 1
5a
L i b e r t y b o n d s _______________
2 6 0 ,3 3 8 F e d e r a l t a x r e s e r v e s -------------------------------- 2 2 2 ,3B 4 la n c e , s u r p l u s ---------V . 108, p . 277 .
D e fe r r e d c h a r g e s __________
0 0 ,0 7 1 S u r p l u s ---------------------------------8 9 3 ,1 6 5
T h o a b o v e s t a t e m e n t s h o w s n e t q u ic k a ssets o f $ 1 ,5 3 3 ,0 0 0 , e q u iv a le n t to
N e w E n g la n d C o t t o n Y a r n C o .—
$ 1 5 3 p e r s h a r e a n d to ta l n e t t a n g ib le a ssets o f $ 2 ,8 2 0 ,0 0 0 , e q u iv a le n t t o
T h i s c o m p a n y h a s s o l d t h e la s t o f t h e y a r n p l a n t s k n o w n a s t h e G lo b e
$ 2 8 2 p e r s h a re f o r th o P re fe rre d s t o c k .
T h o i n v e s t m e n t s in t h e o t h e r s u b ­
Y a r n C o . t o t h e C o n n e c t i c u t M il l s C o . f o r u s e , i t is s a i d , o n t ir e f a b r i c s .
s i d i a r y c o m p a n i e s a r e c a r r ie d a t c o s t o r le s s a n d a r e s h o w in g s u b s t a n t i a l
T h o p l a n t , i t is s t a t e d , o p e r a t e d 5 4 ,0 0 0 s p in d le s p r o d u c i n g y a r n s a n d t h r e a d s .
in c r e a s e s in e q u i t y .
N o a c c o u n t is t a k e n o f f o r m u l a s , t r a d e - m a r k s , a n d
— V . 107, p . 2 2 9 4 .
g o o d w il l, a l t h o u g h o v e r $ 2 , 5 0 0 , 0 0 0 h a s b e e n s p e n t in a d v e r t i s in g d u r i n g t h e
p a s t f if t e e n y e a r s .
N ia g a r a F a lls P o w er C o .—
P rovision s. — ( a ) N o f u r t h e r m o r t g a g e o r lie n m a y b o p l a c e d u p o n t h o
e x i s t i n g p r o p e r t y , n o r s h a ll a n y f u n d e d d e b t , o x c e p t t o a c q u i r e n e w p r o p e r t y ,
b o i n c u r r e d e x c e p t w it h t h e c o n s e n t o f 7 5 % in a m o u n t o f t h e o u t s t a n d i n g
Results fo r Quarter and Six M o n th s en d in g Ju n e 3 0 .
P r o f , s t o c k ; (b) n o d i v i d e n d m a y b e p a i d o n t h o C o m m o n s t o c k , n o r s h a ll
1 9 1 9 — 3 M o s .— 1 9 1 8 .
1919— 6 M o s .— 191 8.
a n y i n v e s t m e n t b e m a d e in a n y l a n d , b u ild in g s o r s e c u r it i e s o f o t h e r p r i v a t e
T o t a l o p e r a tin g r e v e n u e . $ 1 ,2 3 9 ,0 1 9
$ 8 2 5 ,7 3 4
$ 2 ,5 1 1 ,3 7 1
$ 1 ,5 9 2 ,0 1 0
c o r p o r a t i o n s w h ic h w il l r e d u c o t h e n e t q u i c k a s s e t s b e l o w $ 1 0 0 p e r s lia r o o f
O p . e x p ., a m o r t. & ta x e s
4 4 8 ,7 5 6
2 4 9 ,2 2 9
9 0 2 ,7 9 5
5 1 3 ,1 9 1
P re fe rre d s to c k .
M a n a g e m e n t.— T h o d i r e c t o r s in c lu d e d W a l t e r M . L o w n e y , P r e s . ; W a l t e r
N e t e a r n i n g s . . . ............
$ 7 9 0 ,2 9 3
$ 5 7 6 ,5 0 5
$ 1 ,6 0 8 ,5 7 6 $ 1 ,0 7 8 ,8 4 9
I I . U o lc h e r , V i c e - P r e s . & G e n . M g r . ; L . .1. B r a c k e t t , T r e a s . : A r t h u r W .
O t h e r i n c o m e ( n e t ) ............
7 3 ,5 9 5
5 8 .0 0 4
1 4 2 ,3 8 9
1 1 0 ,0 2 4
C h a s e , A s s t . T r e a s . ; A u g u s t u s A n d r e w s , C h a r le s G . B a n c r o f t , E . 1’ . B r o w n
a n d I I . F . W i n s lo w .
N e t i n c o m e ......................
$ 8 6 3 ,8 8 8
$ 6 3 4 ,5 0 9
$ 1 , 7 5 0 , 9 6 5 $ 1 , 1 8 8 ,8 7 3
I n t o r e s t , & c ...........................
3 3 7 ,8 5 2
2 4 8 ,9 3 5
6 7 7 ,9 8 4
4 9 7 ,8 7 0
A ssets —*

Sale .—

Combined Earnings (including
Canadian Niagara Power Co.)— New Mortgage .—

Manufacturers’ Light & Heat Co.— E arnings .—

Six M on th s to Jun e 3 0 —

1919.
G r o s s e a r n i n g s _____________________________________________ $ 5 , 6 7 2 , 3 9 9
E x p e n s e s , t a x e s , & c ------------------3 ,5 4 0 ,4 0 8

1918.
$ 4 ,9 3 8 ,2 7 0
2 ,8 5 2 , 5 5 6

N o t f r o m o p e r a t i o n _____________________________________ $ 2 ,1 3 1 ,9 9 1
O t h e r i n c o m e _____________________________________________
C r. 4 1 , 4 0 0
I n t e r o s t o n b o n d s _________________________________________
2 6 ,9 5 1
D i v i d e n d s p a i d -------------( 4 % ) 9 2 0 ,0 0 0

$ 2 ,0 8 5 ,7 1 4
C r .3 1 ,0 1 8
3 1 ,5 0 7
9 2 0 ,0 0 0

S u r p l u s ......... ....................... - ....................................................... $ 1 , 2 2 6 , 4 4 0
— V . 108, p
1910.

$ 1 ,1 6 5 ,2 2 5

Marconi Wireless Telegraph Co. of Canada, Ltd.—

S h a r e h o ld e r s w ill v o t o S e p t . 17 o n a p r o p o s i t i o n t o r e d u c o t h o c a p i t a l
s t o c k f r o m $ 5 , 0 0 0 ,0 0 0 t o $ 3 ,7 5 0 ,0 0 0 ( 1 ) b y r e d u c i n g t h o p a r v a l u e o f t h e
o u t s t a n d i n g c a p it a l s t o c k f r o m $ 5 t o $ 2 5 0 p e r s h a r e ; (2 ) a u t h o r i z in g t h e
is su e o f a n a d d it i o n a l ( 5 0 0 ,0 0 0 ) s h a r e s o f t h o p a r v a l u e o f $ 2 5 0 e a c h , t h e
d i r e c t o r s t o b o e m p o w e r e d t o a l lo t a n d is su e a ll o r a n y p a r t o f t h e a d d it i o n a l
s h a r e s a s ( h e y m a y d e e m a d v i s a b l e f o r t h o d u o c a r r y in g o n o f t h o b u s in e s s .
— V . 9 5 . p . 179.

Metropolitan Edison .Co.— Control.—
Metropolitan Tobacco Co.— Sales Agency.—
68
Midvale Steel & Ordnance Co.— Earnings.—

S e e G e n e r a l G a s & E l e c t r ic C o . — V . 1 0 8 , p . 2 4 3 8 .
S eo S w eets C o . o f A m e rica b e lo w .— V .

S u r p lu s i n c o m e ..............
$ 5 2 6 ,0 3 6
$ 3 8 5 ,5 7 4
$ 1 ,0 7 2 ,9 8 1
$ 6 9 1 ,0 0 3
A p r e s s r e p o r t s t a t e s t h a t o n A u g . 2 t h e c o m p a n y a s k e d t h e S e c o n d D is ­
t r i c t P. S . C o m m i s s io n f o r a p p r o v a l o f it s F ir s t a n d C o n s o l i d a t e d M o r t g a g e ,
d a t e d J u l y 1 , t o s e c u r e a n is s u e o f b o n d s n o t e x c e e d i n g $ 7 5 ,0 0 0 ,0 0 0 .
Au­
t h o r it y a ls o w a s a s k e d t o is s u e u n d e r t h e m o r t g a g e f r o m t im e t o t i m e S e r ie s A
b o n d s n o t e x c e e d i n g $ 2 8 ,2 2 6 ,0 0 0 f o r r e fu n d i n g p u r p o s e s a n d $ 2 , 0 0 0 , 0 0 0
S e r ie s A 5 % b o n d s t o r e im b u r s e t h e c o m p a n y f o r a m o u n t s e x p e n d e d o r t o b e
e x p e n d e d a f t e r J a n . 1 1 9 1 9 , f o r i m p r o v e m e n t s , i n c lu d in g e l e c t r i c g e n e r ­
a t i n g m a c h i n e r y a n d t r a n s m is s io n lin e s .— V . 1 0 8 , p . 2 5 3 2 .

N o r t h A m e r ic a n P u lp & P a p e r

O p e r a t in g p r o f i t ...........................................
O t h e r i n c o m e .....................................................

Results fo r Q uarter and Six M o n th s ending June 3 0 .
1 9 1 9 — 3 M o s .— 1 9 1 8 .
1919— 6
1918.
N o t e a r n i n g s . . . .................* $ 3 ,1 3 8 ,6 5 0 $ 1 2 ,1 0 8 ,7 5 3 * $ 7 ,8 4 0 ,1 8 4 $ 2 1 ,8 8 3 ,7 9 7
In t. on su b. cos. b o n d s ..
$ 2 3 8 ,0 2 5 \
7 a ,i a o 't
i
7m
i ^ 70 oo q
I n t . o n M id v a le b o n d s ..
5 1 9 .9 5 4 ]
7 8 4 ,8 2 o
1 ,5 8 0 ,7 0 1
l ,o 7 8 ,2 0 8
D e p r e c i a t i o n ......................
1 ,4 0 4 ,4 0 4
2 ,7 7 8 ,4 8 5
2 , 5 6 3 , 0 1 9 ___ 3 , 9 5 9 , 8 0 5
N e t p r o f i t s __________ .".
$ 9 4 6 ,2 6 7
$ 8 ,5 4 5 ,4 4 3
$ 3 ,6 9 6 , 4 6 4 $ 1 6 ,3 4 5 ,7 8 4
* A f t e r p r o v i s i o n f o r a ll t a x e s b u t b e f o r e d e d u c t i n g i n t e r e s t o n b o n d s a n d
g u a r a n t e e d s t o c k , a n d r e s e r v e s f o r d e p r e c i a t io n a n d m in e d e v e l o p m e n t ,
s u b j e c t t o r e v i s i o n t o m e e t a n y c h a n g e s w h ic h m a y b o m a d o t o F e d e r a l t a x
l a w s , r e g u l a t io n s a n d r u l in g s .— V . 1 0 9 , p . 7 7 .

Reply to Senator Kenyon's Charges.—

N e v a d a -C a lifo r n ia E le c tr ic C o r p o r a t io n .—

E arnings .—

Results fo r June and Six M on th s Ended Jun e 3 0 .
1 9 1 9 ------ June ----- 1 9 1 8 .
191 9— 6 M o s .— 1 9 1 8 :
G r o s s o p e r . e a r n i n g s _____
O p o r. & g e n . e x p . & ta x es

$ 3 1 6 ,0 1 6
1 6 7 ,9 4 2

O p e r a t in g p r o f i t s . .........
N o n -o p e r . ea rn s, ( n e t ) . .

$ 1 ,2 3 1 ,4 5 7
5 5 4 ,2 3 5
$ 6 7 7 ,2 2 1
2 ,6 1 9

$ 1 ,0 7 4 ,0 8 5
5 0 7 ,3 8 2

$ 1 4 8 ,0 7 4
1 ,7 5 5
$ 1 4 9 ,8 2 8

$ 2 4 9 ,0 5 1
1 3 7 ,9 5 3
$ 1 1 1 ,0 9 9
279
$ 1 1 1 ,3 7 7

In te re st o n b o n d s, d e b e n ­
t u r e s , n o t e s , & c . (n o t )
5 5 ,2 9 6
D e p r e c i a t i o n -------------------2 2 ,5 9 4
O rg a n , e x p ., d is e ts ., & c .
d e b . 6 ,7 4 2
A p p r o p . fo r b o n d r e d o m ._
1 0 ,8 0 6

$ 6 7 9 ,8 4 0

$ 5 6 7 ,6 8 1

5 2 ,4 6 2
9 ,7 2 1
d e b . 7 ,0 9 0
8 ,2 4 6

3 4 2 ,6 4 8
7 2 ,1 3 5
d e b . 3 8 ,4 5 4
4 8 ,8 0 9

3 1 3 ,0 5 1
5 7 ,4 0 9
d e b . 3 1 ,4 7 1
4 6 ,0 4 2

$ 5 4 ,3 9 1

$ 3 3 ,8 5 8

$ 1 7 7 ,7 9 5

$ 1 1 9 ,7 0 8

1 ,3 0 4

3 ,2 2 1

1 3 ,6 4 3

1 6 ,7 8 4

2 ,5 0 0

2 ,5 0 0

1 5 ,0 0 0

A v a il a b l e s u r p l u s ------U n a p p r o p r ia te d lo s s o n
c o n t r o l l e d c o ’s -------------S u r p lu s o f s a id c o ’s u s e d
t o r e d o o m b o n d s ______
V . 109, p . 482.

N e w B e d fo r d

Bonds.—Harris

G as &

E d is o n L ig h t

C o .—

$ 5 6 6 ,7 0 3
978

1 5 ,0 0 0

Offering of

Trust & Savings Bank Chicago are recom­
mending for investment this company’s First Mortgage 6%
gold bonds Series “A” of 1918 duo .Jan 1 1928 (V. 106 p.
505, (ill). Tho company agrees to pay any normal
Federal incomo tax which it may lawfully pay at the source
to an amount not exceeding 2%. A circular shows:
I n c o r p o r a t e d in M a s s a c h u s e t t s in 1 8 5 0 .
D o o s t h o e n t ir o e l e c t r i c a n d g a s
l ig h t i n g a n d h e a t i n g a n d in d u s t r ia l p o w e r b u s in e s s in C i t y o f N o w B e d f o r d
a n d s e v e r a l n e i g h b o r i n g t o w n s , in c lu d in g A c h u s h n o t , F a ir h a v o n , D a r t ­
m o u t h a n d M a t t a p o i s o t t , s e r v in g a p o p u l a t i o n o f 1 2 0 ,2 2 2 , a c c o r d i n g t o
1915 S ta te C en su s.
I s n o w in s t a llin g t h o fin a l u n i t in it s n o w 7 0 ,0 0 0 h . p .
s t e a m p o w e r s t a t io n in N e w B e d f o r d a t t id e w a t e r .
C o m b in e d co a l a n d
w a te r g a s p la n t h a s a d a ily c a p a c it y o f 4 ,6 0 0 ,0 0 0 c u b ic fe e t.

C apitalization— M a g 31 1 9 1 9 —
,
Outstanding.
S t o c k o n w h ic h $ 1 ,3 8 1 ,2 7 1 h a s b e e n p a i d b y s h a r e h o ld e r s in
p r e m iu m s _______________________________________________________________ $ 2 , 3 8 5 ,0 0 0
D e b e n t u r e s 6 s , d u o 1 92 2 n o w a 1st M s e c u r e d e q u a ll y w it h 1st M 6 s 1 ,5 0 0 ,0 0 0
F i r s t M o r t g a g e 6 s (t h is i s s u e ) ___________________________________________
8 8 5 ,0 0 0
E arnings fo r Y ear ended M a y 3 1 1 9 1 9 show ing, net, 2 % Tim es Interest Charge.
G r o s s e a r n i n g s ______________________________________________________________ $ 2 , 2 0 5 , 1 4 8
N e t a f t e r t a x e s ______ ________________
4 1 6 ,7 8 1
A n n u a l b o n d i n t e r e s t ................................................................................................
1 4 3 ,1 0 0
B a la n c e s u r p l u s ........................................................................................................... $ 2 7 3 ,6 8 1
T l i o s o b o n d s , w it h w h ic h t h o 6 % D e b e n t u r e s n o w r a n k e q u a l l y , a r o
s e c u r e d , in t h e o p i n i o n o f c o u n s e l , b y a d i r e c t f ir s t m o r t g a g e u p o n t h o
p r o p e r t ie s , r ig h t s a m i fr a n c h is e s .
A u t h o r i z e d is su e $ 1 0 ,0 0 0 ,0 0 0 o f w h ic h
$ 8 8 5 ,0 0 0 a r e n o w o u t s t a n d i n g , $ 1 ,5 0 0 ,0 0 0 a d d it i o n a l b o n d s a r o r e s e r v e d
t o r e t ir e t h e 6 % D e b e n t u r e s d u o J u n e 1 1 9 2 2 .
A d d it i o n a l b o n d s m a y b o
is s u e d o n l y f o r 5 0 % o f t h o c a s h c o s t o r f a ir v a lu e w h ic h e v e r is lo s s, o f p e r ­
m a n e n t a d d it i o n s , e x t e n s io n s a n d i m p r o v e m e n t s w h o n t h o o t h e r 5 0 % o f
s u c h c o s t is r e p r e s e n t e d b y C a p it a l s t o c k a t n o t lo ss t h a n p a r , a n d t h e n
o n l y w h o n t h o a n n u a l n e t e a r n in g s a r o t w i c e t h o a n n u a l i n t e r e s t c h a r g e o n
t h o t h e n o u t s t a n d i n g b o n d s a n d t h o s e p r o p o s e d t o b o is s u e d .
R e p la c e m e n t v a l u e o f p r o p e r t y is in e x c e s s o f $ 6 ,0 0 0 ,0 0 0 .
T h o M anagom o n t a r e a b l e a n d p r o m in e n t lo c a l m e n .
T h o C o m p a n y h a s p a id u n in te r ­
r u p t e d a n n u a l d i v i d e n d s o n its c a p i t a l s t o c k o v e r a l o n g p e r i o d o f y e a r s
a n d Is n o w p a y i n g d i v i d e n d s a t t h e r a t e o f 1 2 % p . a . — V . 1 0 7 , p . 1 2 9 0 .




$ 6 8 9 ,3 5 4
6 2 9 ,3 8 6

$ 6 0 0 ,1 1 3
2 0 8 .2 4 9

$ 1 ,3 1 8 ,7 4 0
2 5 7 ,3 4 0
9 5 6 ,2 3 5
5 9 ,5 6 3

T o t a l i n c o m e . ..........................
$ 1 ,4 8 6 ,7 2 7
G e n e r a l e x p e n s e s _________________________
2 8 7 ,1 9 8
I n t e r e s t , s i n k i n g f u n d , & c _____________
1 , 1 6 1 ,5 2 4
M i n o r i t y i n t e r e s t * _______________________
________

$ 8 0 8 ,2 6 2
2 7 8 ,1 3 9
8 3 9 ,4 8 2
3 .0 5 2

$ 4 5 ,6 0 2 d e f .$ 3 1 2 , 4 1 2
o f p r o f i t s in c o n t r o l l e d

N o r t h w e s t e r n E le c tr ic C o ., P o r t l a n d ,O r e .—

Mos.—

M o rris & C o .—

$ 9 8 5 ,1 6 8
5 0 1 ,5 5 9

B a la n c e , s u r p l u s ______________________
$ 3 8 ,0 0 6
* M i n o r i t y s t o c k h o l d e r s ' in t e r e s t s , p r o p o r t i o n
c o m p a n ie s .— V . 1 0 8 , p . 2 4 3 8 .

, p . 187.

S e e W i ls o n & C o . b e l o w . — V . 1 0 9 , p . 3 7 6 .

C03. T r u s t .— Earnings.

Calendar Y ears —
1918.
1917.
1916.
G r o s s o p e r a t i n g r e v e n u e _______________$ 4 , 2 6 8 , 3 6 7
$ 3 ,5 2 8 ,4 5 1
$ 3 ,9 6 3 ,1 1 0
O p e r a t in g e x p e n s e s ______________________
3 ,2 8 3 ,1 9 9
2 ,8 3 9 ,0 9 7
3 ,3 6 3 ,0 9 7

E arnings .—

Results f o r June and 6 M on th s E n din g June 3 0 .
June
6 M on th s
1919
1918
G r o s s s a l e s ........................................................$ 8 8 ,6 7 2 $ 7 3 ,3 6 0
O p e r . e x p . & t a x e s ( in c l .
F e d e r a l ) . 4 2 ,3 6 4
3 2 ,9 3 6
I n t e r e s t __________________________________ 2 1 ,4 4 5
2 1 ,2 7 4
________
P r e f e r r e d d i v i d e n d s _________________ _________
N e t p r o f i t ......... .......................................$ 2 4 ,8 6 4
— V . 108, p . 1825.

N o rth w e ste rn

L e a th e r

of Pref. Stock.—Estabrook

C o .,

$ 1 9 ,1 5 0

B o sto n ,

1919
$ 6 4 2 ,1 5 6
2 7 7 ,8 2 3
1 2 8 ,0 6 2
5 6 ,1 0 9

1918
$ 5 1 7 ,8 4 3
2 2 7 ,7 8 9
1 2 4 ,3 1 9
5 3 ,5 0 5

$ 1 8 0 ,1 6 1

$ 1 1 2 ,2 3 0

M a s s .—

Offering

& Co. and Parkinson & Burr,
Boston and New York, are offering at 100 and div., yielding
7%, $2,500,000 7% Cum. Pref. (a. & d.) stock; par $100.
(See advertising pages.)

D i v i d e n d s p a y a b l e Q .- J . 1 5 .
R e d e e m a b le a s a w h o l e o r in p a r t o n a n y
d iv . d a y a t 110 a n d d iv s . u p o n 25 d a y s ’ n o t ic e .
A n n u a l s in k i n g f u n d o f
1 5 % o f n e t e a r n in g s a f t e r p r e f . d i v s . b e g i n n i n g D e c . 31 1 9 2 0 p r o v i d e s f o r
t h o p u r c h a s e o r r e d e m p t io n o f p r e f e r r e d s t o c k a t n o t e x c e e d i n g $ 1 1 0 a s h a r e .
D a t a f r o m L e t t e r o f P r e s . W m . M . B u ll i v a n t , D a t e d B o s t o n , A u g . 1.
H istory and B u siness. — I n c o r p . u n d e r t h e l a w s o f M a s s a c h u s e t t s in 1 9 1 6
a iid s u c c e e d e d t o a l e a t h e r b u s in e s s c a r r ie d o n s i n c e 1 8 9 9 .
B u s in e s s is
e n t ir e t y c o n f i n e d t o t h e t a n n i n g a n d s a le ( a n d is o n e o f t h e l a r g e s t p r o d u c e r s
in t h e U n it e d S t a t e s ) o f c o w h i d e u p p e r le a t h e r .
Pu rp ose o f Is s u e .— T o p r o v i d e w o r k in g c a p i t a l f o r e x p a n d in g b u s in e s s
a n d a ls o a p o r t i o n w ill b e e x c h a n g e d f o r t h e p r e s e n t o u t s t a n d i n g P r e f . s t o c k ,
a m o u n t i n g t o $ 6 0 0 ,0 0 0 .

Capitalization (.No Bonds)

U pon C om pletion o f Present F in a n cin g.
A u th orized . Outstand’g.

7 % C u m u l a t i v e P r e f e r r e d s t o c k ( p a r $ 1 0 0 ) ---------------- $ 2 ,5 0 0 , 0 0 0
C o m m o n s t o c k ( p a r $ 1 0 ) _________________________________
9 0 0 ,0 0 0

$ 2 ,5 0 0 ,0 0 0
* 9 0 0 ,0 0 0

* O f w h ic h t h e c o m p a n y h o l d s $ 3 2 3 ,3 1 0 p a r v a l u e in it s t r e a s u r y .
The
s u r p lu s a s o f D e c . 31 1 9 1 8 a m o u n t e d t o $ 2 ,7 1 9 , 2 8 6 .
P la n ts .—- C o n t r o l s t h r o u g h o w n e r s h ip o f a ll t h e s t o c k o f t h e N o r t h w e s t e r n
L e a t h e r C o . ( o f M i c h . ) , t a n n e r ie s l o c a t e d a t S a u lt S t e . M a r i e a n d M a n i s t lq u e , M ic h ., a n d P o r t v ille , N . Y . , h a v in g a n a v e r a g e p r o d u c t io n o f 2 ,1 0 0
h id e s p e r d a y ; a ls o c o n t r o l s t h e o u t p u t o f t h o N o r t h e a s t e r n L e a t h e r C o . ’ s
t a n n e r y l o c a t e d a t S a le m , M a s s ., h a v i n g a p r o d u c t i o n o f 1 ,0 0 0 h id e s p e r d a y .
T h o c o m p a n y p r o d u c e s c h r o m e , v e g e ta b le a n d c o m b in a t io n ta n n e d le a th e r.
T h e M a n i s t i q u o a n d S a u lt S t e . M a r i o p l a n t s a r e w e ll l o c a t e d f o r a la r g e
b a r k s u p p l y , a n d a ll p l a n t s a r e e q u i p p e d f o r t a n n i n g b y e i t h e r v e g e t a b l e
or ch rom e p rocess.
N u m b e r o f e m p l o y e e s a t a ll p l a n t s a b o u t 9 0 0 .
Tho
l a b o r c o s t c o n s t i t u t e s lo ss t h a n 7 % o f t h e v a l u e o f t h e f in i s h e d p r o d u c t .
V a lua tion .— T h o M i c h i g a n c o m p a n y ’s p l a n t s a n d r e a l e s t a t e w e r e a p ­
p r a is e d b y t h e A m e r i c a n A p p r a is a l C o . in 1 91 3 a t a v a l u a t i o n o f $ 9 6 2 ,2 1 2 ,
a n d a d d it i o n s a n d i m p r o v e m e n t s s i n c e t h a t t im e b r i n g t h e p r e s e n t v a l u ­
a tio n t o $ 1 ,1 5 4 ,4 7 8 .
B a s e d o n 1 9 1 8 r e p r o d u c t i o n c o s t , t h is f ig u r e w o u ld
b o $ 1 ,9 2 3 ,3 6 0 .
Balance Sheet as o f D ec. 31 1 9 1 8 , A d ju sted to In clu d e Present F in a n cin g.
L a n d , b u i l d in g s , m a c h i n e r y , & c ________________________________________$ 1 , 1 5 4 ,1 7 8
I n v e s t m e n t s _________________________________________________________________
6 6 ,2 0 0
C u r r e n t a s s e t s — C a s h , $ 1 2 9 ,2 7 2 ; L i b e r t y b o n d s , $ 1 4 5 ,1 0 0 ; a c ­
c o u n t s r e c e i v a b l e (le s s r e s e r v e s ) , $ 7 2 0 ,9 7 0 ; m e r c h a n d i s e , h id e s ,
le a t h e r a n d m a t e r ia ls , $ 5 ,0 3 0 ,7 5 9 ; p r e p a i d it e m s , $ 5 3 ,3 2 6 :
_
_
t o t a l c u r r e n t a s s e t s _____________________________________________________ $ 6 , 0 7 9 , 4 2 7
D e d u c t c u r r e n t l ia b il i t i e s _________________________________________________ 1 . 5 0 4 ,1 2 9
N e t c u r r e n t a s s e t s ______________________________________________________ $ 4 , 5 7 5 , 2 9 8
T o t a l n o t a s s o t s ____________________________________________________________ $ 5 , 7 9 5 , 9 7 6
T o t a l n e t a s s e t s a m o u n t t o $ 23 1 p e r s h a r e , a n d n e t q u i c k a s s e t s t o $ 1 8 3
fo r th o n o w P r e fe r re d s t o c k .
E a rn in g s .— N e t e a r n in g s a p p li c a b l e t o d i v i d e n d s o n t h e n e w P r e f e r r e d
s t o c k , a d j u s t e d t o in c lu d e t h e s a v i n g in i n t e r e s t c h a r g e s a s s u m in g t h is is s u e
a s o u t s t a n d i n g f o r t h e s e v e n y e a r s e n d e d D e c . 31 1 9 1 8 , h a v e a v e r a g e d
3 . 8 9 t im e s t h e d i v i d e n d r e q u i r e m e n t s .
N e t e a r n in g s f o r t h e 4 y e a r s e n d i n g
D e c . 31 1 9 1 8 , s i m ila r ly f ig u r e d , a v e r a g e d 4 . 6 4 t im e s t h o s e r e q u i r e m e n t s .
T h e s u r p lu s a s o f D e c . 31 1 9 1 8 a m o u n t e d t o $ 2 , 7 1 9 , 2 8 6 .
S a le s in 1 9 1 8
w e re o v e r $ 8 ,4 0 0 ,0 0 0 .
P rovision s. — (a ) N o d i v i d e n d sh a ll b e p a i d o n t h e C o m m o n s t o c k w h ic h
w ill r e d u c e t h e n e t a u i c k a s s e t s b e lo w 1 5 0 % o f t h o P r e fe r r e d s t o c k o u t ­
s ta n d in g .
P r e fe r r e d s t o c k s h a ll p o s s e s s e x c l u s iv e v o t i n g p o w e r w h e n e v e r
s ix q u a r t e r l y d i v i d e n d s r e m a in u n p a id ; o t h e r w i s e h a s n o v o t i n g p o w e r ,
(c ) W i t h o u t t h e c o n s e n t o f t h e h o ld e r s o f a t l e a s t 8 0 % o f t h e P r e f e r r e d s t o c k

(b)

584

THE CHRONICLE

o u t s t a n d i n g t h e c o m p a n y s h a ll n o t c r e a t e a n y m o r t g a g e e x c e p t p u r c h a s e
m o n e y m o rtg a g e s a t n o t o v e r 7 0 % o f c o s t o f n ew p r o p e r ty , o r cre a te o r
g u a r a n t e e a n y is s u e o f b o n d s o r n o t e s m a t u r in g l a t e r t h a n o n e y e a r f r o m
d a t e t h e r e o f.
M a n a gem en t. — W m . M . B u l l i v a n t , P r e s .; O li v e r H a ll, R a l p h L . P o p e ,
V i c e - P r e s i d e n t s ; W m . L . M u r d o c k , V . - P r e s . & G e n . S U p t .; S t a n l e y L .
B u l l i v a n t . S e c . ; I r a M o s h e r , T r e a s . ; W . M a l c o l m B u ll i v a n t . H e r b e r t 15. C o x .

Ohio Cities Gas Co.— Ex-port Company— Report.—

[Vol . 109.

offoring at prices ranging from 98.76 and int. to 98.30 and
int. to net about 6 }4% $350,000 First Mortgago Serial
6% Gold bonds dated Juno 1 1919, duo serially Juno 1
1925-28.

Denominations $500 and $1,000 c. Callable on any interost date at
101 and int. Interest payable J. & D. at Anglo & London-Paris National
Bank, San Francisco, or Security Trust & Savings Hank, Los Angeles,
trusteo. Tax exempt in California; normal Federal income tax paid by
company.
Secured by an abosoluto first closed mortgage on 10,024 acres, situated in
Fresno County, Cal., appraised at $1,607,625, or about $160 per aero,
whereas these bonds represent a debt of less than $60 an acre, subject to
the tax lion of Reclamation District 1606. Salo contracts aggregating $186,­
143 have been deposited with tho Trustee for tho benefit of tho bondholders.
Capitalization.— Capital stock, auth. $3,000,000; issued $2,410,280;
1st M . Serial 6% , auth. $600,000 outstanding $350,000.

A s a p r e l im i n a r y s t e p f o r e x p a n d in g it s b u s in e s s i n t o f o r e i g n fie l d s t h e
O h io C i t i e s G a s C o m p a n y h a s f o r m e d a n d i n c o r p o r a t e d a n e x p o r t c o n c e r n co
b o k n o w n a s t h e O c e a n ic O il C o . w it h a p a i d in c a p i t a l s t o c k o f S I , 0 0 0 ,0 0 0 ,
a ll o w n e d b y t h e O h io C i t i e s G a s C o .
A n e x t e n s i v e p la n t f o r h a n d li n g
e x p o r t t r a d o w ill b o c o n s t r u c t e d i m m e d i a t e l y o n t h e M is s is s ip p i R i v e r n e a r
N e w O r le a n s .
T h e p l a n t w ill h a v e a m p l e d o c k a n d s t o r a g e f a c il i t i e s , in c lu d in g a 1 ,0 0 0
f o o t p i e r c a p a b l e o f l o a d i n g t w o o c e a n - g o i n g v e s s e ls a t t h e s a m e t im e .
D o n a l d C . S t r i n g lu f f . f o r m e r V i c e - P r e s id e n t a n d G e n e r a l M a n a g e r o f t h e
E x p o r t O il C o r p o r a t i o n , w ill b o P r e s i d e n t o f t h e n e w s u b s i d i a r y .
T h e s e n e w d e v e l o p m e n t s w ill r e q u i r e n o f in a n c in g b y t h e O h io C i t i e s G a s
— Bortou
C o . i n a s m u c h a s t h e l a t t e r is s t r o n g in c a s h , a n d t h e S.1.0 0 0 ,0 0 0 r e q u i r e d t o
& Borton, Cleveland, recommend for investment at par
s t a r t t h e n e w c o m p a n y in b u s in e s s is m e r e ly t r a n s f e r r e d f r o m t h e O h io C it ie s
G a s t r e a s u r y i n t o t h a t o f t h e n e w c o m p a n y , w h i c h in t u r n t r a n s f e r s a ll o f its
($100) and div. this company’s 7 % Cumulative Pref. (a. &
s t o c k b a c k t o t h e O h io C i t i e s G a s C o .
d.) stock (V. 104, p. 1495). The bankers state:
B.
G . D a w e s , P r e s id e n t o f t h e O h io C it ie s G a s C o . , h a s b e e n a b r o a d
Assets.— Tho balance sheet as of Dec. 31 1918 shows total net assets and
n e g o t ia t in g fo re ig n c o n t r a c ts a n d p e r fe c tin g a r r a n g e m e n ts fo r th e c o m ­
net quick assets which are tho equivalent of $251 and $149 respectively for
p a n y ’s f o r e i g n b u s in e s s .
each share of tho Preferred stock. (Auth $325,000; issued $225,000:
S ee “ F in a n cia l R e p o r t s ” a b o v e .— V . 10 8 , p . 2 4 3 8 , 2 3 2 6 .

Saxon China Co., Sebring, O.— Pref.

Ontario Steel Products Co.— Earnings .—

Y ears ending J u n e 3 0 —
N e t, a fte r d e p r e c ., & c ._
B o n d i n t e r e s t ______ _______
B o n d r e d e m p t io n f u n d . .
P r e f e r r e d d i v i d e n d ______
B a la n c e , s u r p l u s ............
— V . 109, p . 376 .

1 9 1 8 -1 9 .
8 1 9 3 ,7 7 0
8 8 6 ,0 0 0
1 2 ,0 0 0
7 8 ,1 2 5

common same amounts).
Earnings.— Not Earnings for tho calendar year 1918 were $72,594 or
nearly 5 timos tho dividend requirements of tho Preferred stock. Tho
aro subject to Federal taxes for tho year.—V . 101, p. 1495.

1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 6 -1 6 .
figures
x $ 2 0 S ,1 0 7
$ 1 8 2 ,2 9 6
$ 1 5 2 ,0 1 9
$ 3 6 ,0 0 0
$ 3 6 ,0 0 0
$ 3 6 ,0 0 0
1 2 ,0 0 0
2 4 ,0 0 0
______
( 8 1 4 ) 6 1 , 8 7 5 ( 8 '4 ) 6 1 , 8 7 5 (4 1 4 1 4 3 ,1 2 5

Sears, Roebuck & Co.— Sales.—

.$ 7 7 ,6 1 5

$ 9 8 ,2 3 2

$ 6 0 ,4 2 1

Pennsylvania U tilities Co.— Control.—
Phelps Dodge Corp.— Production (in lbs.)—

$ 7 2 ,8 9 4

S e o G e n e r a l G a s < c E l e c t r ic C o . , V . 1 0 9 , p . 4 8 0 .— V . 1 0 5 , p . 2 2 7 8 .
S
1919.
M o n t h o f J u l y ............................................... 9 ,7 5 5 ,0 7 5
J a n . 1 t o J u l y 31 -----------------------------------6 1 , 1 8 6 ,2 1 9

— V. 109, p. 179.

1918.
1 8 ,7 3 3 .0 7 1
1 3 1 ,4 2 0 ,3 6 0

1917.
1 4 ,2 8 0 ,0 0 5
1 1 8 ,0 3 8 ,1 1 5

— Option to Exchange 10-year
6% Convertible Gold Debentures of 1924 for New 8% Cumu­
lative Convertible Preferred Stock— Bonds not Exchanged to
be Called and Paid Off Dec. 31 1919.—Pursuant to the plan
already announced the holders of tho 10-year 6% Convertible
Gold Debentures of 1924 are notified by advertisement on
another page, that those who desire to exchange their de­
bentures for the new 8% cuculative Convertible Preferred
stock must deposit said debentures accompanied by the
coupon of Jan. 1 1920 with tho Guaranty Trust Co., 140
Broadway, N. Y. prior to 3 p.m. Sept. 8.
Debentures not so deposited will be called and paid off on
Dec. 31 1919.
Seo full particulars-—V. 108, p. 2630; V. 109, p. 179,
277, 483. York Stock Exchange has authorized tho listing of Certificates
Tho Now
P ierce

O il

C o r p o r a t io n .

of Deposit for $9,294,300 ten-year, 6% convertible debentures, due 1924.
— V. 109, p. 483.
P r o d u c e r s & R e fin e r s C o r p o r a t io n .— Officers
Fred L. Griffith of Columbus, O., has been elected a director to succeed
Edward Bower, retired. James C. Crawford, Denver, was made Secre­
tary to succeed Frank D. McCaulley. All other directors and officers
were re-elected.— V. 109, p. 179.

.—

—

Q u is s e t t ( C o t t o n ) M ill C o r p .
Extra Dividden of $ 5 0 .
An extra dividend of $50 has been declared on the .$1,250,000 Common
stock, payable to holders of record July 31. in addition to the regular quar­
terly dividend o f $2, payablo Aug. 15. Extras of $20 were paid in 1918
and 1917. - V . 105. p. 1808.
(R . J .) R e y n o ld s T o b a c c o C o . —Notes Sold.

—Bankors
Trust Co., N. Y., Bernhard, Sehollo & Co., and the Wacho­
via Bank & Trust Co., Winston-Salem, N. C., announco, by
advertisement on another page, tho sale at 100 and int. of
$15,000,000 3-year 6% gold notes, dated Aug. 1 1919, to
mature Aug. 1 1922. A. in N. Y. City. Denom. $1,000 (c*). Re­•
Interest payable F. &

deemable, in whole or in part, on any int. date on 30 days’ notice at 102%
and int. for notes then having 20 years or more to run; 101% and int. for
notes then iiaving one year or more, but less than 2 years to run; 10014%
and int. for notes then having less than one year to run. Bankers Trust
C o., New York, trusteo.
tiusiness.— R. J. Reynolds Tobacco Co. manufactures and sells chewing
and smoking tobacco and cigarettes. Its principal brands are Camel
cigarettes and Prince Albert smoking tobacco, tho largest selling brands
of cigarettes and smoking tobacco in the world.
Security.— The notes are a direct obligation of the company; no bonds
or other funded debt outstanding, except dividend scrip to the amount of
about $1,500,000. They will bo followed by $10,000,000 Preferred stock,
$10,000,000 Common stock and $10,000,000 Class B Common stock,
having a present aggregate market value in excess of $80,000,000.
Purpose of Issue.—The p r o c e e d s w ill b o u s e d t o m e e t t h e r e q u i r e m e n t s
o f the c o n s t a n t l y g r o w i n g b u s in e s s .
Provisions of Issue.— The trust agreement provides: («) That quick assets
shall at all times bo at least twice the amount of notes outstanding and all
other liabilities, except notes secured by U. S. Government obligations;
(6) that so long as any of tho notes are outstanding the company will not
mortgage or pledge any of its real or personal property, except U. S. Gov­
ernment obligations; (c) the company will not sell any of its real estate,
plants, brands, trade-marks or patents unless it pays over to the trustee
cash to an amount equal to tho cash value received from such sales, to be
used to purchase notes.in the open market or applied upon tho redemption
of notes.
Earnings.— Average earnings for the 5 years ended Dec. 31 1918 were
equal to more than 6 times tho annual interest requirement for the notes.
Annual earnings have increased each year since 1913, and in each of tho
3 years ended Dec. 31 1918 have exceeded $8,000,000. The value of gross
sales for the first 6 months of the year 1919 shows a substantial gain over
any liko period.
Assets.—On Juno 30 1919 quick assets amounted to $85,704,000 and cur­
rent liabilities aggregated $33,365,000.— V. 109, p, 483, 277.
R iv e r s id e E a s te r n O il C o . — Notes Called
See Transcontinental Oil Co.— below.— V. 109, p. 78.
R iv e r s id e W e s t e r n O il C o .
Notes Called
Seo Transcontinental Oil Co.— below.— V. 109, p. 78.
R o c k h iil I r o n
Coal C o .
Sale
See East Broad Top RR. & Coal Co. above.
S a c o -L o w e ll S h o p s . — New Stock
This company, which recontiy gave Its shareholders tho right to subscribe
for now stock, has filed a certificate of incroaso in capital from $2,350,000
to $3,525,000. Tho rights wore quoted Aug. 6 at $14 50 bid, offered at
$15 50.— V. 109, p. 483.

&

San

J o a q u in

V a lle y

.—
.—

—
—

Farm

.—
.—

Lands

Bonds.—Blankenhorn-Hinter-Dulin




C o .—

Stock.

Offering of

Co., San Francisco, aro

1919.
Month of July
.......................... $17,998,908
Jan. 1 to July 3 1 ______________ 122,059,811
— V. 109, p. 78.

1918.
$13,251,026
101,955,598

1917.
$11,681,764
96,525.201

Shawinigan Water & Power Co., Montreal.— New Bond
Issue — Conversion of Notes, &c.— Tho sharoholdors will vote

Oct. 8 on tho creation and issue from time to tiilio of First and
Refunding M tgo. Sinking Fund Gold Bonds to a maximum
amount of $50,000,000 at any one time outstanding.
D igest o f S ta te m e n t b y P resid en t J. H. A ld red , J u ly 30 1919.
Status.— Tho assets of the company now show li book value in excess of
$32,000,000 and it is essential that tho company should bo in a position
to avail itself from time to time of tho many opportunities which present
themselves for an extension of its field of useful and profitable operation.
The present machinery of finance is inadequate because:
1. Tho outstanding issue of First Mtgo. Gold Bonds is a closed issue for
tho sum of $5,000,000.
2. Any further issues of tho 4)4% Perpetual Consolidated Mortgago
Debenture Stock aro restricted by the terms of our charter to 50% of tho
par valuo of all common shares outstanding. Debenture stock also is not
a security which is acceptable to American investors, and moreover, further
issues of tho same would involve further issues of Common stock, a condi­
tion which at times may bo undesirable.
.
New Pond Issue.— Your directors therefore recommend tho creation of
First & Refunding Mtgo. Sinking Fund Gold Bonds to a maximum amount
of $50,000,000. These to bo issued in series, bearing such date or dates and
consisting of such aggregate amounts as may from time to time bo decided
upon. Thoy aro to have such maturity or maturities (not later than Jan. I
1974), aro to bear interest at such rate or rates (not exceeding a maximum
rate of 6% per annum), and are to bo payablo as to principal and interost
at such place or places, in such currencies and on such terms and conditions
with respect to redemption or otherwiso, as shall from time to time bo
determined by tho board and expressed in tho bonds of any series, respoc.
Series A , $6,000,000.— It is intended that bonds known as Series “ A”
shall aggregate $6,000,000, and bear interost at tho rate of 5 J4 % por annum
and mature on Jan. 1 1950. The bonds of this series aro to bo employed
by tho directors (when and at such times as tho directors may deem advis­
able) to retire by purchase, exchange or otherwiso, all of tho presently
outstanding Perpetual Consolidated Mortgage Debenture Stock, amounting
to $5,476,261. The remaining bonds, if any, of Series “ A ” will bo employed
for tho corporato purpose's of tho company.
Purposes for Which the $50,000,000 First & Ref. Mlgc. Bonds Will Be Available
(a) S eries " A ” is s u a b le a s s t a t e d a b o v o _____________ _________________$ 6 , 0 0 0 ,0 0 0
{b) I s s u a b l e f o r r e fu n d i n g , a t o r b e f o r e m a t u r it y , b y p u r c h a s e ,
e x c h a n g e o r o t h e r w is e , o f o u t s t a n d i n g F ir s t M t g o . G o l d B o n d s 5 , 5 0 0 ,0 0 0
(c) I s s u a b le f o r c o r p o r a t o c a p i t a l e x p e n d it u r e s f r o m t im e t o t im e
in o n e o r m o r e s e r ie s u p t o a t o t a l a g g r e g a t e a m o u n t o f .............. 8 ,5 0 0 ,0 0 0
Retirem ent o f Convertible N otes. — B e f o r e , a t o r c o n c u r r e n t l y
w it h t h o is s u e o f a n y o f t h e s e b o n d s , p r o v i s io n m u s t b o m a d e
f o r t h o c a n c e l la t i o n a n d r e t ir e m e n t o f t h o b a l a n c e o f t h o c o m ­
p a n y ’s o u t s t a n d i n g is su e o f $ 4 , 5 0 0 ,0 0 0 T w o - Y e a r 6 % Con­
vertible Gold N otes. O f t h e s e n o t e s o v e r 5 0 % h a v o a lr e a d y
b e e n c o n v e r t e d i n t o C o m m o n s h a r e s a n d it is a n t i c ip a t e d t h a t
a la r g o p r o p o r t i o n o f t h e b a l a n c o w ill b o s im ila r ly c o n v e r t e d
p r io r t o t h e m a t u r it y o f t h o is s u e .
A n y n o te s o u ts ta n d in g on
D e c . 15 1 9 1 9 w ill b e p a i d o u t o f t h o p r o c e e d s o f p a r t o f t h o
b o n d s a b o v e r e fe r r e d t o .
(d )
R e s e r v e d f o r is su e , f r o m t im e t o t im e : (1 ) f o r t h o c o n s t r u c t i o n
o r a c q u i s i t i o n o f a d d it i o n a l p la n t s o r p r o p e r t ie s o r f o r i m p r o v e ­
m e n t s o r b e t t e r m e n t s : (2 ) t h e p u r c h a s e o r a c q u i s i t i o n o f b o n d s ,
n o t e s o r o t h e r o b l ig a t io n s a n d (o r ) s h a r e s o f s t o c k o f a n y c o m ­
p a n ie s o r c o r p o r a t io n s u t iliz in g p o w e r a n d w it h w h o m t h o
c o m p a n y m a y h a v e c o n t r a c ts fo r th o s u p p ly o f p o w e r , o r c o m ­
p a n ie s c a r r y in g o n a n y b u s in e s s w h ic h t h is c o m p a n y o r a n y o f
it s s u b s id ia r y c o m p a n i e s a r e a u t h o r i z e d t o c a r r y o n ---------------- 3 0 , 0 0 0 .0 0 0
A ll s u c h r e s e r v e d b o n d s a r e t o b o d e l iv e r e d t o a n a m o u n t e q u a l t o 8 0 %
o f t h e a c t u a l c a s h c o s t o f t h o p r o p e r t y , s e c u r it ie s a n d (o r ) s n a r e s s o a c ­
q u ir e d , a n d a ll a d d it i o n a l p r o p e r t ie s , s e c u r it ie s o r s h a r e s s o a c q u i r e d a r o
t o b e s p e c i f i c a ll y m o r t g a g e d , p l e d g e d a n d c h a r g e d u n d e r t h o t r u s t d e e d .
T h e a b o v e is a g e n e r a l o u t l in e o f t h o s c h e m e p r o p o s e d , s u b j e c t t o s u c h
m o d i f i c a t i o n o r v a r i a t io n a s t h e d i r e c t o r s m a y f in d it a d v i s a b l e a s t o d e t a i ls .

Compare annual report for yoar 1918 in full in V. 108, p.
1267, and map, &c., showing location of property and othor
data, on pages 193 and 194of “Railway and Industrial” Sec­
tion.—V. 108, p. 1267, 885.
Sinclair Consolidated Oil Corporation. -Reincorpora­
tion. —The stockholders of the Sinclair Consolidated Oil Cor­
poration (of Delaware) will meet, as stated last week, viz.:
(1 ) O n A u g . I I . t o v o t e o n a c c e p t i n g “ a n o f f e r m a d e in w r i t in g , d a t e d
J u l y 3 0 1 9 1 9 , b y S in c la ir C o n s o l i d a t e d O il C o r p o r a t i o n , a N e w Y o r k c o r ­
p o r a t i o n , t o p u r c h a s e a ll o f t h e a s s e t s o f t h is c o r p o r a t i o n , a n d in p a y m e n t
t h e r e fo r t o a s s u m e a ll o f t h is c o r p o r a t i o n ’ s lia b ilit ie s a n d t o is s u e a ll o f s a id
N e w Y o r k c o r p o r a t i o n ’s a u t h o r i z e d c a p i t a l s t o c k , c o n s i s t i n g o f 1 . 0 0 0 ,0 0 0
n o - p a r - v a l u e s h a r e s , t o t h is c o r p o r a t i o n . ”
(2 ) O n A u g . 2 5 t o v o t e o n d i s s o lv i n g t h o c o r p o r a t i o n i f t h o s a le o f a ll o f
t h o a s s e t s o f s a id c o r p o r a t i o n p u r s u a n t t o .t h e o f f e r a b o v o r e fe r r e d t o s h a ll
h a v o b e e n a p p r o v e d b y a m a jo r it y o f th e sto c k h o ld e r s.
C i r c u l a r S i g n e d b y P r e s i d e n t II. F . S i n c l a i r , D a t e d A u g . 1 1 9 1 9 .
E n c l o s e d y o u w ill f in d n o t i c e s a n d p r o x i e s f o r s p e c i a l m e e t in g s o f t h e
s t o c k h o l d e r s t o p a s s u p o n : (1 ) S a le o f a ll o f t h o a s s e t s o f y o u r c o r p o r a t i o n
t o a n e w c o r p o r a t i o n o r g a n i z e d u n d e r t h e la w s o f t h e S t a t e o f N o w Y o r k ,
o f t h o s a m e n a m e , in c o n s i d e r a t io n o f t h e is s u a n c e o f a ll o f t h e s t o c k o f t h o
n e w c o r p o r a t i o n a n d t h e a s s u m p t i o n b y it o f t h o lia b ilit ie s o f t h o p r e s e n t
c o r p o r a t i o n ; a n d (2 ) t h o d i s s o lu t i o n o f y o u r c o r p o r a t i o n .
T h e n e w c o r p o r a t i o n w ill h a v e a n a u t h o r i z e d c a p i t a l s t o c k o f 1 ,0 0 0 ,0 0 0
s h a r e s w i t h o u t n o m i n a l o r -p a r v a lu e b e in g a n a m o u n t e q u a l t o t h e o u t s t a n d ­
in g sh a re s o f y o u r c o r p o r a t io n .
U p o n t h o a u t h o r i z a t io n a n d c o n s u m m a t io n o f t h o s a le o f t h o a s s e t s o f
y o u r c o r p o r a t i o n a n d u p o n it s d i s s o lu t i o n , y o u w ill b e c o m e e n t i t l e d t o s h a r e s
o f s t o c k in t h o n e w c o r p o r a t i o n e q u a l in n u m b e r t o t h e s h a r e s o f s t o c k n o w
h e l d b y y o u in S in c la ir C o n s o li d a t e d O il C o r p o r a t i o n (a D e la w a r e c o r p o r a ­
t io n ) .

S lo s s -S h e ffie ld

585

THE CHRONICLE

A u g . 9 1919.]
S te e l & I r o n

Co.

— Bonds.—

A t t h is c o m p a n y ’s in s t a n c e , t h e C e n t r a l U n io n T r u s t C o . , N . Y . , a n ­
n o u n c e s t h a t i t w ill p u r c h a s e a t p a r a n d i n t . a n y a n d a ll o f t h e $ 2 , 0 0 0 , 0 0 0
1 st M . 6 % g o l d b o n d s o f 1 8 8 7 , m a t u r in g o n F o b . 1 1 9 2 0 , u p o n p r e s e n t a t i o n
o f s a id b o n d s w it h F e b . 1 1 9 2 0 c o u p o n s a t t a c h e d . — V . i 0 9 , p i 3 7 8 .

"* S o u t h e r n C a lif. E d is o n C o . — Application

to Issue Stock.

United Retail Stores Corp.— Description of Stock, & c .—
In its statement of July 15 to the N. Y. Stock Exchange, the
corporation reports in substance:
Organization.— Incorporated in Delaware June 9 1919, duration perpetual.
Total Authorized Capital Stock—
Issued.

l’ref. stock, 100,000 shares, par, $100___ 10 shams paid but not yet Issued
T h e c o m p a n y h a s a p p li e d t o t h e C a l. H i t . C o m m i s s io n f o r a u t h o r i t y (a) t o
Common stock 1,160,000 shares (without nominal or par valuo), viz.:
is su e 2 5 ,0 0 0 s h a r e s o f C o m m o n s t o c k , p a r $ 1 0 0 , t h e s t o c k t o b o o f f e r e d a t
(1) class A stock 1,000,000 shares______
593,240 shares (including ail
9 0 t o t lio p u b li c a ft e r t h e s t o c k h o l d e r s a r e g i v e n t h e r ig h t t o s u b s c r ib e t o
reserved for cxchango of United
t h e s a m e a m o u n t ; (ft) t o sell 1 ,0 0 0 s h a r e s o f C o m m o n s t o c k t o a n E a s t e r n
Cigar Store Co. of America stk).
b r o k e r a g e f ir m a t 8 8 .— V . 1 0 9 , p . 3 7 8 , 2 7 8 .
(2) Founders stock, 160,000 shares______ Paid for but not yet issued.
S o u t h e r n .P o w e r C o .
C .)—Offering of
Voting Power.— Each stockholder of record is entitled to one vote for
each sharo of the Capital stock of whatever kind or class held by him,
Bonds
except that, in electing directors, stockholders may voto cumulatively.
Founders Common Stock.— Both Founders stock and Class A Common
stock may bo issued from time to time for such consideration as may be
fixed from time to time by the board and any and all such shares so issued,
the full consideration for which, as fixed by tho board has been paid or
T h e c o m p a n y p r o v i d e s w it h e l e c t r i c p o w e r a n d lig h t t h e g r e a t S o u t h e r n
delivered, shall be deemed full paid and not liable to any further call or
C o t t o n M il l D is t r ic t o f N o r t h a n d S o u t h C a r o l i n a , t o t a l p o p u l a t i o n o v e r
assessment thereon.
9 5 0 ,0 0 0 . I t s e x t e n s iv e s y s t e m o f t r a n s m is s io n lin e s i n c lu d e s o v e r 1 ,9 0 0
It Is the purposo of the subscribers to the Founders shares to utilize from
m ile s o f h ig h t e n s io n c ir c u i t s , w h ic h p e r m it s t h e o p e r a t i o n o f t h e s e v e r a l
time to timo such a portion of the Founders stock as they in their discre­
tion may determine to secure for tho corporation tho services of men of
p l a n t s in a c o m p le t o a n d u n i f ie d s y s t e m .
T h o s e b o n d s a r e s e c u r e d b y a f ir s t a n d o n l y m o r t g a g e u p o n h y d r o ­
experience, ability and capacity to manage and direct its affairs and activi­
ties as well as tho co-operation of those who, in their judgment, may be
e l e c t r i c d e v e l o p m e n t s , a g g r e g a t i n g 1 1 9 ,2 0 0 h . p . , a n d s t e a m d e v e l o p m e n t s ,
a g g r e g a t i n g 4 4 ,0 0 0 h . p . r a t e d c a p a c i t y ; a n d u p o n t h e c o m p a n y ’s s y s t e m
particularly helpful in its organization, financing, operation and develop­
o f h ig h t e n s io n t r a n s m is s io n lin e s a n d its i n t e r c o n n e c t i n g a n d d i s t r i b u t i n g
ment, and also generally, as they may deem for advantage of stockholders.
s u b s t a t i o n s , a n d all a p p u r t e n a n c e s o f a n e x t e n s i v o a n d e f f i c i e n t e l e c t r i c
Pref. Stock.— (a) Tho holders of record of tho Preferred stock are entitled
p o w e r sy ste m .
R e p r o d u c t i v e v a lu e o f t h o p h y s ic a l p r o p e r t y e x c l u d i n g
to receive from the surplus or net profits arising from the business cumu­
I n t a n g i b l e a s s e t s e x c e e d s 3 t im e s t h o $ 7 ,0 0 0 ,0 0 0 o u t s t a n d i n g b o n d s .
lative dividends at the rate of but not exceeding 8% per annum, and they
Outstanding Capitalization.-—C o m m o n s t o c k $ 4 , 0 0 0 , 0 0 0 ; l ’ r e f. s t o c k , shall bn paid or set aside for payment before any dividends on the Common
$ 6 ,0 0 0 ,0 0 0 ; i s t M o r t . 5s ( a u t h . $ 1 0 ,0 0 0 ,0 0 0 ) , 8 7 , 0 0 0 , 0 0 0 .
stoek shall be paid or set apart for payment; (b) in the event of a liquidation
E a r n in g s y e a r e n d e d A p r il 3 0 1 9 1 9 , G r o s s $ 4 ,1 6 3 ,8 5 8 ; N e t a f t e r t a x e s ,
or dissolution, before any amount shall be paid to the holders of tho Common
r e n t a ls a n d d e p r e c i a t io n , $ 1 ,0 9 8 ,6 3 2 ; a n n u a l b o n d
in te re s t,
$ 3 5 0 ,0 0 0 ;
stock, the holders of record of the Preferred stock shall bo paid as follows:
B a la n c e s u r p lu s , $ 7 4 8 ,6 3 2 .— V . 1 0 4 , p . 2 3 4 8 .
(aa) $120 per share and accrued dividends if the liquidation bo voluntary
and (bb) par and divs. if the dissolution bo involuntary; (c) the whole or
S ta n d a r d O il C o . o f I n d i a n a . — Extra Dividend
any part of tho Pref. stock shall be subject to redemption, at the option of
T h e d i r e c t o r s h a v e d e c la r e d a n e x t r a d i v i d e n d o f 3 % , a l o n g w it h t h e
the board at any time after three years from the issue thereof at $120 for
c p ia r t e r ly p a y m e n t o f 3 % , o n t h e $ 3 0 ,0 0 0 ,0 0 0 o u t s t a n d i n g c a p i t a l s t o c k
each share out of tho surplus or net profits or from tho proceeds of the
( p a r $ 1 0 0 ) p a y a b l e S e p t . 15 t o h o ld e r s o f r e c o r d A u g . 1 8 .
A n ex tra o f 3 %
Common stoek that may be issued in lieu of, or to provide for tho redemption
h a s b e e n p a i d q u a r t e r ly in a d d it i o n t o t h o r e g u la r d i v i d e n d , s i n c e F e b . 1 9 1 7 .
of the Pref. stock by exchange of Common stock for Pref. stock in so far
— V . 108, p . 1721.
as the holders of Pref. stock shall exercise any privilege of such exchange
that may bo extended to them by the corporation; (d) if at any time less
S te e l & T u b e C o . o f A m e r ic a .— Booklet
than the whole of the Pref. stock shall bo called only such proportion there­
A b o o k l e t c o n t a i n in g in t e r e s t i n g f in a n c ia l d a t a o f t h o n e w ly a c q u i r e d
of held by each Pref. stockholder of record shall be redeemed as tho total
p r o p e r t ie s , t h e N o r t h w e s t e r n I r o n C o m p a n y a n d t h e o r e p r o p e r t ie s o f
amount of said stock then called for redempt ion shall bear to tho total amount
t h o N e w p o r t M in in g C o . , h a s b e e n i s s u e d b y W i n . A . H e a d & C o . , w h o
of Pref. stock then outstanding by redeeming from such stockholder his
r e c e n t l y o f f e r e d f o r p u b li c s u b s c r i p t i o n 8 1 7 ,5 0 0 ,0 0 0 7 % C u m u l a t i v e P r e ­
proportionate number of whole shares only.
fe rre d s t o c k o f th o c o m p a n y .
C o m p a re V . 109, p . 180, 379 .
Dividends upon the 8% cumulative Pref. stock payablo out of the
accumulated profits in excess of such sum, if any. as shall have been reserved
S tr o m b e r g C a r b u r e t o r C o . o f A m e r ic a , I n c .
Stock
as a working capital, shall be declared by the directors so as to be payable
T h o s t o c k h o l d e r s o n A u g . 4 a u t h o r i z e d a n in c r e a s e in t h e c a p i t a l s t o c k
on tho first business day of January, April, July and October of each year.
f r o m 5 0 ,0 0 0 t o 7 5 ,0 0 0 s h a r e s .
T h o 2 5 ,0 0 0 n o w s h a r e s w ill b e o f f e r e d t o
Subscriptions for Stock.— In accordance with resolution of board dated
s to c k h o ld e r s a t $4 5 a s h a re .
C o m p a re V . 109, p . 27 8 .
June 10 1919, 50,000 shares of Class A Common stock has been paid
for in cash at the rate of $70 per share, making a total o f________ $3,500,000
S u n c o o k M i l l s . —Common Dividend Resumed
160,000 share* of Founders Common stock have been paid for at
A d i v l d o n d o f $ 3 h a s b e e n d e c l a r e d o n t h e C o m m o n s t o c k a l o n g w it h t h o
$5 a share, making a total o f_______________________________ $800,000
r e g u la r q u a r t e r l y d i v i d e n d o f $1 5 0 o n t h e P r e f e r r e d , b o t h p a y a b l o A u g . 15
10 shares of Pref. stock has been subscribed for but not yet issued.
1,000
t o h o ld e r s o f r e c o r d J u l y 3 0 .
T h is is t h e fir s t d i s t r i b u t i o n o n t h o C o m m o n
Tho total amount thus received, to wit, $4,301,000, has been paid into
s in co 1907.
I n t h o m e a n t i m e t h o e a r n in g s h a v o b e e n la r g e ly r e in v e s t e d
the treasury, and this sum it is intended will bo used for working capital
in n o w b u ild in g s a n d m a c h i n e r y .
and for tho development of the business of this corporation.
Offering of Notes
Exchange o f Stock o f United Cigar Stores Co.— The corporation has ac­
of United
National City C o., N . Y . , are offering at prices ranging quired 65,371 sharesits offer to Cigar Stores Co. of America Common stock,
in accordance with
acquire the outstanding Common stock by
from 99 ^ to 97j/g and int., to yield about (\% % to 6 % % , issuing therefor two shares of United Retail Stores Corp. Common Class
A stock (without nominal or par value) for each share of Common stock of
according to maturities, $4,000,000 0 % serial gold notes,' the United Cigar Stores Co. of America.
dated Aug. 15 1919, duo $1,000,000 aim. Apr. I ’22 to ’25 inch
United Cigar Stores Co. o f Am erica.— Incorporated in New Jersey July
Dcnom. 81,000 (c*). Int. payable April 1 1920 and thereafter s.-a. on 24 1912 and on May 31 1919 had in operation about 990 stores throughout
O. & A. at National City Hank, N. Y. Company will refund the Pennsyl­ the United States and 401 agencies.
vania 4-mill State tax. Redeemable on any int. date upon 30 days’ notice,
Capitalization (N o Funded Debt)— ■
Authorized. Outstanding.
as a whole or in blocks o f not less than $500,000 (in which event it must call
for redemption the series last maturing) upon payment o f a premium of Common stock______________________ ______ ____ $60,000,000 $27,102,000
4.527,000
Vi of 1% for eaeii 6 months between the date of redemption and the date Preferred 7% cumulative stock__________________ 5,000,000
Total Sales.
of maturity. Central Union Trust Co., N. Y ., trustee.
1914.
1915.
1916.
1917.
1918.
1919 (E sl .)
D ata from L e tte r o f P res. H. S c h n ie w ln d , D ated N ew Y o r k . A u g . 5. $29,902,714 $31,038,846 $35,622,986 $42,913,405 $52,037,749 $62,000,000
H istory anil B u sin ess. — Established in 1896 in Sunbury, Pa., and was
It is estimated that the sales for 1919 (based on the past six months) will
incorporated under the laws of New York on Feb. 27 1908. Is to-day one bo about $62,000,000. Compare V. 109, p. 379: V. 108, p. 574.
of the largest manufacturers in the world of silk-mixed goods woven in the
Balance Sheet of United Retail Stores Corporation as of July 15 1 9 1 9 .
raw and dyed or printed later according to demands. Products are mostly
medium-priced goods for which there is always a stable demand. The mills
Assets—
are located at Sunbury, Milton, Jersey Shore, Northumberland, Lewistown 6 5 ,3 7 1 s h a r e s U n it e d C i g a r S t o r e s C o . o f A m e r ic a
and Huntingdon. Pa., and Marion, O. No. of employees, 4,300.
C o m m o n s t o c k ( p a r v a lu e $ 1 0 0 ) ------------------------ -- $ 6 , 5 3 7 , 1 0 0 ' $ 1 0 ,8 3 8 ,1 0 0
Purpose of Issue.— Tho proceeds of three-fourths of this issue will bo used C a s h r e c e iv e d f r o m s a le o f s t o c k ______________________ 4 , 3 0 1 , 0 0 0 /
in tile purchase of raw materials and supplies, and the other one-fourth to
Offsets—
P r e f e r r e d 10 s h a r e s ( p a i d f o r b u t n o t i s s u e d ) _______________________
$ 1 ,0 0 0
complete construction of new buildings, and to purchase new equipment.
This Issu e. — A direct and only obligation of tile company. The trust C o m m o n C la s s A 5 0 ,0 0 0 s h a r e s a t $ 7 0 ______________________________
3 ,5 0 0 ,0 0 0
agreement provides that tile company and its constituent companies (a) wili 1 3 0 ,7 4 2 ( C o m m o n C la s s A ) is s u e d in e x c h a n g e f o r U n it e d C i g a r
not mortgage or pledge any fixed assets without providing for payment of
S t o r e s C o . o f A m e r i c a C o m m o n s t o c k p a r v a l u o $ 1 0 0 _________
6 ,5 3 7 ,1 0 0
these notes, and that the company will not consolidate or merge with any F o 'u n d e r s , 1 6 0 ,0 0 0 s h a r e s , p a i d f o r b u t n o t y e t i s s u e d ____________
8 0 0 ,0 0 0
corporation other than a constituent company unless it secures these notes
T h o fis c a l y e a r o f t h e c o r p o r a t i o n e n d s D e c . 3 1 . T h e a n n u a l m e e t in g
by a closed first mortgage on all its property; (6) not to sell any fixed assets is h e ld o n t h o f ir s t M o n d a y o f M a r c h in e a c h y e a r a t t h e o f f i c e o f c o r p o r a t i o n ,
unless the proceeds o f such sale are applied to the purchase of fixed assets 511 F i f t h A v o . , M a n h a t i a n B o r o u g h , N e w Y o r k C i t y . T r a n s f e r A g e n t .
at least equal in value to the property sold or to the redemption or this issue; G u a r a n t y T r u s t C o . o f N e w Y o r k ; R e g is t r a r is C h a s e N a t io n a l B a n k o f
(< ) to maintain at all times the excess of its current assets over all current C i t y o f N e w Y o r k .
•
liabilities equal to 150% of the notes outstanding, and to maintain net
Directors.— T e r m s e x p i r in g 1 9 2 0 — A l e x . H . S a n d s , J r . , M o n t c l a i r , N . J . ,
tangible assets equal to 300% of the outstanding notes; (d) not to declare a n d S a m u e l B . W o o d s , J r . , N e w Y o r k . T e r m s e x p i r in g 1 9 2 1 — S i d n e y S .
or pay any cash dividends on its Common stock except out of earnings sub­ W h e l a n , N e w Y o r k , a n d W illia m R . P e r k in s , U p p e r M o n t c l a i r , N . J .
sequent to Dec. 31 1918.
T e r m s e x p ir in g 1 9 2 2 — J a m e s B . D u k e , S o m e r v i ll e , N . J . . a n d G e o r g e J .

— (N. C. and S.
.—Harris Trust & Savings Bank, Chicago recommend
for investment this company’s First Mortgage 5% Gold
Bonds of 1910. Due March 1 1930 (V. 100, p. 2014).
A circular shows:

.—

.—

—

.—

.—

Susquehanna (Pa.) Silk Mills.—

.—

Gross Incom e A vailable for Interest Charges and F e d l Taxes— Calendar Y ears.

1918......... — Si ,555,589 [1917-------------- $ l ,542,87211916_________$2,309,654

Tho gross income available for interest charges, &c., for the 5 years,
1914 to 1918 incl., before Federal taxes, was equal to more than 5.67 times,
and for 1918 was equal to 6.49 times, the annual interest requirement for
the notes. Based on the first, 6 months of this year, the gross income avail­
able for int. charges, Fed I taxes, Ac., for 1919 should be in excess of 1918.
Italance Sheet as o f M a y 31 1919, A fte r C itin g e f f e c t to Present F inan cing
Assets—
Liabilities—
Real estate, buildings, A c .$6,632,165 P r e f e r r e d s t o c k ______________$ 2 , 5 0 0 , 0 0 0
500 000
Stocks of other companies
30,250 C o m m o n s t o c k _____________
C a s h ...................................
499,868 6 % s e r ia l g o l d n o t e s ______ 4 ,0 0 0 , 0 0 0
U. S. Liberty bonds (net).
288,850 N o t e s p a y a b l e -------------------- 2 ,2 0 9 , 4 3 6
l r a d e a c c e p t a n c e s _________ 1 ,2 9 1 8 8 7
Accounts receivable______2,111,610
Inventory.....................
9,345,000 O t h e r c u r r e n t lia b ilit ie s
1 ,6 6 3 531
Prepayments___________
9,000 R e s e r v e Tor d e p r e c i a t i o n . . 2 , 1 4 8 , 4 6 5
901 129
Deferred charges_______
415,869 O t h e r r e s e r v e s ______
Total (each side)----------- $19,362,912 S u r p l u s --------------------4 ,1 4 8 ,4 6 4
S w e e ts C o . o f A m e r ic a . — Arrangement for

Sale of Products.

T h e c o m p a n y a n n o u n c e s a n a r r a n g e m e n t w it h t h e M e t r o p o l i t a n T o b a c c o
C o . a n d t h e N e w J e r s e y T o b a c c o C o . f o r t h e d i s t r i b u t i o n a n d s a le o f ‘ N u t
T o o ts ie
R o l l s , ” “ L a n c e C o u g h D r o p s ” a n d its o t h e r c o n f e c t i o n s .
The
c o m p a n y h a s a l s o m a d e s im ila r a r r a n g e m e n t s w it h t h e S c l m lt o C i g a r S t o r e s
a n d t h e U n io n N e w s C o . — V . 1 0 9 , p . 3 7 9 , 2 7 8 .

S w ift

&

C o . —Reply

to Senator Kenyon's Charges.—

S e e W i ls o n & C o . b e l o w . — V . 1 0 9 , !>• 3 7 9 .

T r a n s c o n t in e n t a l O il C o .

— Sub.

Co. Notes Called.—

T h e f o l l o w i n g 6 % n o t e s o f c o m p a n i e s w h o s e p r o p e r t ie s a r e i n c lu d o d in
t h o s e a c q u i r e d b y t h e T r a n s c o n t i n e n t a l O il C o . h a v e c a l le d f o r p a y m o n t ,
v i z . (a ) llicerside Eastern Oil Co., s e v e n t e e n , 6 % S . F . D e b . n o t e s d a t e d
F o b . 5 . 1 91 8 w h ic h a r o a ll o f t h e S e r ie s “ A ” n o t e s o u t s t a n d i n g , t o b e p a id
A u g . 15: ( b ) llicerside Western Oil Co., t w e n t y 6 % S . F . D e l), n o t o s , d a t e d
F o b . 5 1 9 1 8 , t o l)e p a id o n A u g . 5 .
A ll t h e n o t e s a r e p a y a b le a t l 0 2 H a n d in t . a t t h e F i d e l it y T i t l e & T r u s t
C o . P itts b u rg , l ’n.
C o m p a r e V . 1 0 9 , p . 1 8 0 .7 9 .

U n it e d D r u g C o .

— Listing .—

T h e N o w Y o r k H to e k E x c h a n g e h a s a u t h o r iz e d t h e lis t in g o f $ 7 , 5 0 0 , 0 0 0
a d d i t i o n a l 7 % 1st P r e f e r r e d s t o c k , m a k i n g t h e t o t a l l is t e d $ 1 5 ,0 0 0 ,0 0 0 .
— V . 1 0 9 , i>. 4 8 4 .




W h e l a n , O ld W e s t b u r y , L . I .
Officers.— -P r e s id e n t , G e o r g e J . W h e l a n : V i c e - P r e s id e n t . W m . R . P e r k in s ;
V i c e - P r e s id e n t , S i d n e y S . W h e la n ; V i c e - P r e s id e n t , S a m u e l II. W o o d s , J r . ;
S e c r e t a r y & T r e a s u r e r , A l e x . H . S a n d s , J r . ; A s s is t a n t S e c r e t a r y , I t . A .
N o r r is s ; A s s is t a n t S e c r e t a r y , S . W . M y a t t .
C o m p a r e a ls o V . 1 0 8 , p . 2 4 3 9 ;
V . 109, p . 79. 2 7 9 , 3 7 9 .

U . S. F o o d P r o d u c ts C o r p . — Purchase for Cash of Entire
Capital Stock of Five Companies in Molasses, & c., Business .—

President Kessler on Wednesday announced:

A f t e r l e n g t h y n e g o t i a t io n s U n it e d S t a t e s F o o d P r o d u c t s C o r p . h a s c lo s e d
p u r c h a s e a t s a t i s f a c t o r y p r ic e o f t h e e n t ir e c a p i t a l s t o c k o f t h e f o l l o w i n g
c o m p a n ie s :
S u g a r P r o d u c t s C o . , P u re C a n e M o la s s e s C o . o f U n it e d S t a t e s , P u r e
C a n e M o la s s e s C o . o f C a n a d a . B r it is h M o la s s e s C o . o f G r e a t B r it a in a n d
T r e s C o . L t d . , o f G r e a t B r it a in .
T h e e n t ir e p u r c h a s e p r i c e w a s p a i d in c a s h .
T h e T re s C o ., L t d ., o f G rea t
B r it a in , o w n s f i v e o c e a n t a n k s t e a m e r s u n d e r t h e B r it is h f l a g , a n d t h e S u g a r
P r o d u c t s C o . o w n s a n a d d it i o n a l f le e t o f 2 0 s h ip s o f v a r i o u s s iz e s .
T h o S u g a r P r o d u c t s C o . is a n e x t e n s i v e b u y e r , s e lle r a n d d i s t r i b u t o r o f
m o la s s e s a n d s u g a r .
I t h a s la r g e r e c e iv i n g t a n k s a n d s t a t io n s t h r o u g h o u t
C u b a , P o r t o R i c o , S a n D o m i n g o , l la r b a d o e s a n d V e n e z u e la .
T h o B r it is h M o la s s e s C o . o f G r e a t B r it a in , t h e P u r e C a n o M o la s s e s C o .
o f C a n a d a , a n d t h e P u r e C a n e M o la s s e s C o . o f t h o U . S . , a r e a ls o e q u a ll y
e q u i p p e d in t a n k a n d s t a t io n fa c il i t i e s in t h e U n it e d S t a t e s . C a n a d a a n d
G r e a t B r it a in .
B o s id e s t h e ir s h ip s , t h e c o m p a n i e s o w n a la r g o n u m b e r o f
t a n k c a r s a n d e x t e n s i v e e q u i p m e n t a n d p la n t s .
T h o c o m p a n i e s a r e a m o n g t h e la r g e s t h a n d le r s a n d d i s t r i b u t o r s .
B y a c q u i r in g t h e s e p r o p e r t ie s t h e U . S . F o o d P r o d u c t s C o r p . h a s f u l l y
c o m p l e t e d t h o f a c ilit ie s f o r o b t a i n i n g a t f ir s t h a n d a n d o r ig in a l c o s t m o la s s e s
a n d o t h e r r a w p r o d u c t s , w h ic h a r e a n e s s e n t ia l p a r t o f t h a t c o r p o r a t i o n ’s
b u s in e s s .
T h e U . 8 . F o o d P r o d u c t s C o r p . is e n g a g e d e x t e n s i v e ly in t h e
m a n u f a c t u r e a n d s a le o f a n im a l f o e d o f a il k i n d s , o f w h ic h m o la s s e s f o r m s a
v e r y i m p o r t a n t in g r e d ie n t .
I n a d d it i o n t o c o r n , m o la s s e s is t h e p r i n c ip a l
a r t ic l e f r o m w h ic h t h e F o o d P r o d u c t s C o r p . m a n u f a c t u r e s in d u s t r ia l a l c o h o l .
T o s u p p l e m e n t it s m a n y i n d u s t r ia l a l c o h o l d is t ille r ie s t h e c o r p o r a t i o n h a s
a ls o ju s t c o m p l e t e d t h o p u r c h a s e f o r c a s h o f a la r g e m o la s s e s a l c o h o l p l a n t
a t N o w O r le a n s .

Increase Capital Stock—
New Common to Be Offered to Common Stock-

U n it e d S ta t e s R u b b e r C o . — To

$36,000,000

586

THE CHRONICLE

holders at Par —2d Pref. to Be Retired— To Place Common Stock
on 8 % Dividend Basis—Extra Dividend.—The directors on

Thursday voted to recommend to the stockholders (1) an
increase in the authorized First Preferred and Common stocks
to $100,000,000 and $200,000,000, respectively; (2) to retire
the $403,600 2d Pref.; (3) to offer $36,000,000 new Common
stock at par to the Common stockholders, making $72,000,­
000 Common outstanding; (4) to place the Common stock
on an 8% annual dividend basis.
The stockholders will vote on the stock changes on Sept. 9.
Digest of Report of Chairman Samuel P. Colt, Adopted by Board.
Stock.— After careful ‘ consideration your Chairman would recommend
that steps be taken to amend tho certificate o f organization to provide for
an authorized increase in the capital stock up to $100,000,000 First Pref.
and $200,000,000 Common, and the retirement o f the 2d Pref. stock, the
greater part o f which has already been acquired by the company.
The present authorized capitalization is $70,000,000 First Pref. stock,
$10,000,000 2d Pref. and $40,000,000 Common, totaling $120,000,000.
The capital now issued and outstanding is $63,022,100 First Pref. stock,
$403,600 2d Pref. and $36,000,000 Common, totaling $99,425,700.
Growth in Business.— The volume o f business transacted by tho company
for five years, in round numbers, was: In 1914, $83,000,000: 1915, $92,000,­
000: 1916, $126,000,000; 1917, $176,000,000, and 1918, $215,000,000.
During that period the capital stock has remained substantially tho same.
The indebtedness was funded in 1917 into long-term 5% bonds.
The amount of present outstanding Common stock compared with the
property of tho company is relatively very small.
Earnings.— Tho surplus earnings for the years 1917 and 1918 "were equiva­
lent each year to about 30% on the Common stock and tho earnings for tho
first half of 1919 have been substantially the same as tho first half of 1918.
New Construction, A c.— Your company is engaged in a business capablo
on conservative lines of large expansion, tho tire business both of passenger
vehicles and trucks being a notable example of this. For the past two years
your company has been unable to meet the demand for its tires, and, not­
withstanding its capacity, has already been substantially increased.
Further construction has been authorized which will require in tho neigh­
borhood of $15,000,000 for its completion, and which will double the
present capacity of tho company for producing tires.
To Offer $36,000,000 Common.— In viow of these conditions your Chair­
man would recommend that $36,000,000 o f additional Common stock be
issued and offered to our Common stockholders at par, in order to provide
ample capital to meet tho enlarged business of the company without tho
application o f so large a proportion of earnings for that purpose as has been
done the past fow years.
To Resume Dividends on Common— Extra Dividend.— Your Chairman is also
of opinion that tho company is now amply justified In placing its common
stock upon an 8% dividend basis and he would, therefore, recommend that
dividends at the rate of 8% per annum be paid upon the Common stock
of the company beginning in October next, and further, that an extra dis­
tribution, either in stock or cash, such as may be warranted under all con­
ditions, be made early in 1920 to Common stockholders.
[A syndicate, it is expected, will be formed to underwrite the new Com­
mon stock, probably with the aid of Kuhn, Loeb & Co. .— V. 109, p. 80.

Utah Copper Co.—E arnings.—

Results for the First and Second Quarters of 1918 and 1919.
2d Quar.-1919-lsl Quar. 2d Qi<ar.-1918-ls( Quar.
Net operating profit___ $1,043,757 def.$12,948 $5,483,813
$2,576,654
Other incomo__________
1,233,159
119,085
259,189
233,510
Nevada Consol, dividend
375,188
375,188
750,375
1,000,500
Total net__________ . $2,652,104
Dividends........................ 2,436,735

$481,324
2,436,735

$6,493,377
4,061,225

$3,810,664
4,061,225

B alan ce.......................
$215,369def$1955,411 $2,432,152 def.$250,561
The production during the second quarter was 27,523,600 lbs., compared
with 28,971,089 lbs. in the first quarter. Tho average grade of the ore
was 1.35% copper, as compared with 1.27% copper for the first quarter;
average recovery, 81.80%, as compared with 74.70% for the preceding
quarter.— V. 109, p. 484.

Vacuum Gas & Oil Co., Ltd., Toronto.— New Control,
W. Murray Alexander, in circular
of Aug. 1, says in brief:
A c. —Secretary-Troasuror

1. At tho annual meeting on June 21 1919 tho control passed from Toronto
to New York through tho election o f a majority o f the directors from
New York.
2. Field operations held up during the war, were Immediately inaugurated
and your first deep Trenton well is cased down to 1,340 feet. Its ultimate
depth will be about 3,200 feet.
3. Tho important Trenton development work completed to date at West
Dover by tho Union Natural Gas Co. shows about 380 feet o f oil and gas­
bearing Trenton sand. The last two wells completed show an estimated
production o f (1) 10,000,000 cub. ft. of gas per day under 980 lbs. pressure,
and (2) 5,000,000 cu. ft. under 1,250 lbs. pressuro. Tho Government in­
spectors prevented the deepening of these wells Into tho oil sand on account
of the great loss of gas. Tho completed wells on the structure that have
penetrated through tho oil sand are substantial producers.
4. Tho management have just purchased a very desirable leaso adjoining
the producing Trenton wells o f tho Union Natural Gas Co. in West Dover,
Ontario. There are sevon completed wells on this structure, all good pro­
ducers and all over 3,000 feet deep. The West Dover wells are by far
the most important in Ontario.
5. The directors have under consideration extending the field work by
drilling on the company’s lease holdings near Tillsonburg, whore they
already have one good gasser at tho present timo.— V. 108, p. 1615.

[Vol . 109.

At present there aro about 4,700 employees, more than half of whom
are women and about 99% of all are American born.
Purpose of Issue.— Proceeds will be used in reduction of the present
floating debt.
Earnings.— The average net income available for interest charges and
Federal taxes during the past 5 years has amounted to considerably over
$750,000 annually, or over 4 times the annual interest charges on these
notes. The earnings available for interest and taxes for the year ending
March 31 1919 were over $1,250,000, or over 6 times the annual interest
charges on theso notes.
Net current assets as of March 31 1919 (V. 108, p. 2526), after giving
effect to this financing, would have amounted to over $8,500,000, and fixed
assets of the same date were $4,216,126. This shows total fixed and net
current assets, including the proceeds of this issue, to be more than 4 times
this note issue.
For further details as to history, business, &c., see report to the Boston
Stock Exchange in V. 108, p. 2526.— V. 109, p. 379.

Whalen Pulp & Paper Mills Ltd.— Offering of Bonds.—
Royal Securities Corp., Ltd., Montreal &c. are offering at
prices ranging from 99.08 to 95.42 and int. to yield (5.75%
for all maturities (except 1921 maturity to yield 6.50%).
$1,500,000 6% First Mortgage & Refunding Mortgage
Serial gold bonds. A circular shows.

Dated M ay 1 1917 (V. 105, p. 2280 and May 1 1919. Maturing in annual
series from May 1 1921 to May 1 1934. Callable on any int. date at 102 •
Int. payable M . & N. at Montreal, Toronto, New York or Chicago. Denom.
$1,000 and $500 (c*). Montreal Trust Co., trustoo.
Issued Capital—
Common shares.............. .$8,000,00017% M . Deb. stock, due
1 9 3 2 .............................. $3,000,000
7% Preferred shares____ 2,102,500
7% Serial Notes 1919-1924
500,000|6% Sri. M . Bds., 1921-34* 3,500.000
♦Including $520,000 bonds held in escrow by trustee to retiro like amount
of bonds of British Columbia Sulphite Fibre C o., Ltd.
Secured by a first mortgage on all present and future fixed assets, includ­
ing Swanson Bay & Port Alice Mills, and a floating charge upon all other
assets subject only to a mortgage on tho Mill Creek mill alone for $520,000,
redeemable $65,000 annually from N ov., 1919 to 1926 incl.
Company.— Is one of the largest Canadian producers of bleached and easy
bleaching sulphite pulp and high-grado spruce lumber and cedar shingles.
Operates at Mill Creek, Swanson Bay and Port Alice, B. C ., modern pulp
mills designed for an ultimate yearly capacity of 96,000 tons. The Com­
pany is the second largest producer in Canada of easy bleaching and bleached
sulphite pulp. The present annual output consists of (tons per annum)
easy bleaching sulphite pulp, 36,000: bleached sulphito pulp, 18,000: total
54.000. High grade spruce lumber, feet b. m., 50,000,000: shingles,
75.000. 000. Pulp production in course of extension to 70,000 tons per
annum.
The plant and property is valued at $15,455,074 against $3,500,000
Bonds Issued. Net liquid assets (working capital) after deducting all
current liabilities, $1,200,000— including this issue.
Earnings Available for Interest, Depreciation, Taxes Ac.. Years Ended Feb. 28.
1920 (esf.)
1919.
1918.
1917.
$900,000
$497,870
$495,299
$404,460
— V. 109. p. 180.

White Motor Co.— No

Further Increase .—

Replying to an inquiry of the "Chroniclo," A. It. Warner, Secretary,
says no action has been taken regarding a further increaso of tho capital
stock of this company.— V. 109, p. 484.
W illy s -O v e r la n d C o ., T o l e d o .
Six-Cylinder Car, & c
Tho shareholders will vote Aug. 14 on ratifying a proposed contract be­
tween the company and a corporation to bo known as the Willys Corpo­
ration, for the manufacture by said Willys Corporation, for sale by the
Willys-Overland Co., of a new six-cylinder automobile recently developed
by said company.
Extract from Statem ent by First V ice-President C. A. Earl.
Because of the unprecedented demand for its present product and be­
cause it is already putting into production new models of its present types,
which involve a largo outlay of capital, tho Willys-Overland Co. is unable to
undertake at tho present time the manufacture of a now typo six-cylinder
car which it has perfected. Under tho proposed contract, tho largo in­
vestment required in connection with tho production of the said nowtype
will be supplied without tho Willys-Overland Co. assuming any liability
in connection therewith, plants for the early construction thereof will be
available, the car will bo sold and distributed by tho Willys-Overland C o.’s
sales organization without expense to the Willys-Overland Co., which will
be entitled to a preferential profit from such sales, which profit, it is be­
lieved, will add largely to its earnings.
A modern electric lighting and power-plant tho "Willys Light” it is
announced will bo manufactured for farms, rural schools and churches,
suburban homes, yachts, etc., by ono of the subsidiary companies, the
Electric Auto-Lite Corp. of Toledo, O. Tho comploto plant consists of a
sleeve valve kerosene burning Willys-Knight ongino, a directly connected
generator, a simplo control box and a storago battery.

—

.—

Strike Practically Over— Return of Men, Output of Cars. Ac .—

Judge Killits on Aug. 2 announced that pickoters would bo allowed only
as long as they observed the order of the Court. The Toledo "Blade” says:
“ It is the belief of Judge Killits that the strlko is in effect over. His suppo­
sition, ho said, is based on the report of Percy C. Jones, Federal Court
representative at the Overland plant. Mr. Jones’ report shows in substance:
Operating Employees, Excl. Clerical and Executive Force and Guards, at Work.
June 1.3. June 16. June23. June'M). July 7. July 14. July 21. July 28. July.31.
1,276
2,532
3,892
5,135 6,062 7,060
7,572 8,133
8.424
June 13 to 30. July 1 to 31.
Total.
No. of automobiles mfd. ready to ship.
813
4,761
5,574
No. of completed automobiles shipped.
1,253
4,910
6,193
The plant was reopened June 13 under Court protection.— V. 109, p. 484.
W ils o n & C o ., I n c .
Reply to Senator Kenyon's Charges

—
.—
Waltham Watch Co.— Offering of Notes.—National City Thomas E. Wilson, Chairman of
Co., N. Y., F. S. Mosoley & Co. and First National Bank, Meat Packers, comprising about the Institute of American
200 packing firms, says:
Boston, are offering at 99 and int., to yield 6K%> §3,000,000 Senator Kenyon has charged in tho Senate o f tho United States that tho
5-year 6% gold notes, dated Aug. 1 1919, due Aug. 1 1924. dustry under Federal license as If thero werethe bill to place tho in this. in­
packers are sending out propaganda against
packing
something wrong
The bankers state:
Complete understanding of all facts will dissipato suspicion and preju­

Interest payable F. & A. at the National City Bank, N. Y ., and First
Nat. Bank, Boston, trustee, without deduction for any Federal normal
income taxes now or hereafter deductible at the source up to 2 % . Denom. $1,Q00 (c*). Redeemable on any int. date on 30 days’ notice, as a
whole or in blocks of not less than $500,000 at 102.
This Issue.—-A direct obligation o f the company and will constitute its
only funded debt. The company covenants while these notes are outstand­
ing (a) it or any o f its constituent companies will not mortgage any of its
property, real or personal; (6) it and its constituent companies will at all
times maintain an excess of current assets over all current liabilities, equal
to at least 200% o f theso notes outstanding, and will maintain current
assets in an aggregate amount equal to at least 175% of the amount of
all liabilities including these notes.
History and Business.— The company began manufacturing watches in
1853 under the name o f tho Boston Watch Co. It moved to its present site
in 1854, and in 1906 was incorporated under the laws of tho State of Massa­
chusetts as tho Waltham Watch Co. The plant is a substantial brick
5-story structure approximately 1,000 ft. in frontage length, with various
wings, giving a working space o f over 11 a'ci’es. The machinery is almost
entirely of tho company’s own manufacture and Is considered one of the
most wonderful collections of automatic machinery in the world. Tho
company is the largest manufacturer and distributor of high-grado watch
movements in tho world. The main plant is situated at Waltham, Mass.,
on the Charles River. There aro also branch plants at Greenfield, Gardner,
Quincy and Newburyport, Mass., and Montreal, Canada. Sales offices
are maintained at New York, Chicago, Montreal, Canada, London, Eng
land, and Tokio, Japan.
In addition to watch movements, the company manufactures chronom­
eters, speedometers, automobile clocks and various forms o f hall, mantel
and marine clocks and regulators. Upon tho completion of some Govern­
ment contracts on which the company is now working the normal capacity
of 3,090 watch movements per clay will bo restored. The company has
orders on hand to-day aggregating approximately a year's production.




dice. In tho last analysis the public will decide theso issues and to them
we will present the facts.
The biil introduced by tho Senator threatens tho life of tho packing in­
dustry. It is un-American and is a dangerous precedent for all business.
It would amount to practically Government operation.
The packer would gladly welcome an investigation by an unprejudiced,
competent and non-political body in the whole food problem, from farm to
tablo, inclusive.

Sale of Grocery Packing, Vegetable and Fishing Business .—■

See Austin, Nichols & Co., Inc., above.— V. 109, p. 379.
W o lv e r in e C o p p e r M in in g C o .
Earnings
1918.
1917.
Yearsending June30—
1919.
$965,123 $1,707,441
Total receipts_________
$988,020
739.723
676,296
Depletion, deprec'n, &c.
986,823
______
4,740
Construction...................
...........

—

Net profit___________
Other income...... ......... -

$1,197
9,356

Gross incom e. ..........
D ividends.............. .......

x$10,553
150,000

1916.
$1,369,286
626,459
7,609

$ t,026,405
...........

$735,218
...........

$1,026,405
780,000

$735,218
660.000

Balance, surplus___ def.$139,447 dof.$328,080 $216,405
Profit and loss________
1,565,607
1,736,933
1,108,933
x Before war profit and incomo taxes.— V. 109, p. 279.

$75,218
862.529

—

$225,400
10,520

.—

$211,920
570,000

(F . W .) W o o lw o r t h C o .
Sales.—
1919.
1918.
1917.
Month of July.............. ..................... .$8 ,717 ,925 $8,607,597 $7,174,612
Sevon months to July 3 1 .................. 59,776,930 54,002,532 48,683,913
— V. 109, p. 287.

A ug . 9 1919.]

THE

C H R O N IC L E

587

A perts ;wd JPcmramts.
UNITED L IG H T AND R A IL W A Y S COMPANY

REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1918.
The Directors submit this Annual Report for the fiscal ^ Your Company also retired on January 1 1918 all of the
year ended December 31 1918.
I hree-Year 6% Bond Secured Notes then outstanding,
amounting to $021,000.
The proportion of Bonds and Stock issues of Subsidiary
Companies owned by your Company (where they are not
owned in their entirety) as of December 31 1918, can be
ascertained by review of the annexed Consolidated Balance
Sheet.
During the year your Company issued and sold an addi­
tional amount of $320,500 of Series “A” Bond Secured Notes,
maturing May 1 1920, and also $1,500,000 of Series “B”
7% Bond Secured Notes, dated April 1 1918, maturing April
1 1923, and pledged First and Refunding Mortgage 5%
BALANCE______________ ________ ____ _______
sit 0^7 oey no Bonds of the United Light, and Railways Company, then in its
treasury, as collateral, at the rate of 133 1 -3 % of the par
amount of Notes issued and secured thereby.
bhe proceeds of the sale of these securities provided the
Company’s treasury with funds for the payment of a sub­
stantial amount of the Construction work done during the
year of which a large amount, viz.: $1,474,653 31 was ex­
pended on the properties of the Tri-City Railway & Light
U nited
Company to satisfy the requirements of the United States
Government (operating the United States Arsenal at Rock
Island) and the industries employed on important Govern­
ment contracts. With the exception, however, of a number
of minor items, the expenditures were for permanent growth
and are being realized upon through increased business
at present.
am ount
There were outstanding in the hands of tho public on
December 31 1918, the following amounts of Capital Securi­
ties of your Company:
C O N S O L ID A T E D
R A IL W A Y S

TW E LV E

♦GROSS

E A R N IN G S

C O M P A N Y

M O N TH S

E A R N IN G S

ST A T E M E N T

A N D

U N IT E D

S U B S ID IA R Y

E N D E D

L IG H T

A N D

C O M P A N IE S

D E C E M B E R

31ST

( a l l s o u r c o s ) ........................................................

♦ O P E R A T I N G E X P E N S E S (in c lu d in g G e n e r a l. I n c o m e a n d
E x c e s s P r o f i t T a x e s ) ________________________________________________
♦ ♦ M A I N T E N A N C E O F P R O P E R T Y ..................................................'

’

• 5 9 ,1 7 0 ,4 4 2 5 8
5 ,7 8 7 ,0 1 3 0 9

0 2 8 ,0 9 2 3 8

N E T E A R N I N G S .....................................................................................................
5 2 ,7 0 1 ,3 3 0
In te r e s t o n S u b sid ia ry C o m p a n y B o n d s , o w n e d b y P u b lic
'
7 2 5 ,5 0 1
D iv id e n d s o n S u b s id ia r y C o m p a n y P r e fe r r e d S t o c k s , h e ld b y
P u b l i c ________________________________________________________________
1 7 1 ,0 0 0
E a r n in g s o f S u b s id ia r y C o m p a n ie s a p p lic a b le t o C o m m o n '
S t o c k s , h o l d b y P u b l i c ___________________________________________
7 ,5 0 7
I n t e r e s t o n F ir s t a n d R e f u n d in g 5 %
B o n d s U n i t e d 'L i g h t
a n d R a i l w a y s C o m p a n y ________________________________________________

51
08

00

77

’ ’
*
4 3 5 011 49

B A L A N C E .............................................................................................................
SI 499 o s r
In te r e s t o n 0 % , F iv e -Y e a r B o n d -S o c u r e d G o ld N o t e s , U n ite d
’
’ 00
L i g i i t a n i R a i l w a y s C o m p a n y __________________________________
nn„
I n t e r o s t o n 0 % , T w o a n d O n o - I I a l f - Y o a r B o n d - S e c u r e d 'G o l d
,u u u
N o t e s , U n i t e d L ig h t a n d R a i l w a y s C o m p a n y , S o r io s “ A ”
s o K99
In te r o s t o n 7 % , F iv e -Y e a r B o n d -S e c u r o d G o ld N o t e s , U n ite d
L i g h t a n d R a i l w a y s C o m p a n y , S e r i o s " B ” _____________
2 4 4 09
In to re st o n T o n -Y e a r C o n v e r tib le G o ld D o b o n tu r o s ,
’
L i g h t a n d R a i l w a y s C o m p a n y _______________________________________
J2 Q qqq
B A L A N C E -------------- -----------------------------------------------------------------------------«i
In te r e s t o n C o m m e r c ia l L o a n s , U n ite d L ig h t a n d R a ilw a y s
° o m P a n y ............................................. - ..................................- ............................... -

B A L A N C E — C r e d it to

n o o • n o •>r
>
’
0
4 2 ,5 6 0 6 3

S u r p l u s A c c o u n t ___________________________ $ 1 , 0 5 5 7 6 7 70

* N o t e .— T h e G r o s s E a r n i n g s a n d O p e r a t i n g E x p o n s o s o f t h e S u b s i d i a r y

C o m p a n ie s in c lu d e I n t e r -C o m p a n y tr a n s a c tio n s t o th o

o f S i 324 -

7 0 7 7 1 , o f w h ic h S 3 4 9 .7 8 0 6 6 r e p r e s e n t s E le c t r i c P o w e r s o ld t o S u b s id ia r y
R a ilw a y P r o p e r tie s .
* * N o t e .— I n a d d i t i o n t o a m o u n t s e t a s i d e o r e x p e n d e d f o r M a i n t e n a n c e

o f P r o p e r t y , a fu r t h o r s u m o f $ 4 7 9 ,6 4 6 5 0 w a s s o t a s id o f o r
a n d c r e d it e d t o D e p r e c ia t io n R e s e r v e .

D e p r e c ia t io n

From tho Surplus Accounts of Subsidiary Companies
$479,0 hi 50 were transferred to their Depreciation Reserves
(see statement of Consolidated Surplus annexed), and in
addition the Subsidiary Companies expended, or set aside,
for Maintenance, $628,092 38, which was charged directly
to Operating Expenses; making a total expended, or set
aside, for Maintenance and Depreciation of pronortv
$1,107,738 88, or over 15.40% of gross earnings received
from tlie sale of gas, electricity, heating and transportation
an increaso of $277,512 07 set aside or expended for similar
purposes in the year 1917.
In compliance with tho terms of tho “Depreciation Fund”
agreement as sot up in the Trust Deed, securing the First and
Refunding Mortgage 5% Bonds of the United Light and Rail­
ways Company, there was expended during the calendar
year 1918, $335,758 80 for extensions, betterments and
additions to tho properties of the Subsidiary Companies of
tho Company, against which no Bonds have been or can bo
certified, an increase of $89,410 40 of expenditures similarly
treated in the yoar 1917.
The operating expenses of Subsidiary Companies include
$385,759 19 accrued for payment of General and Federal
Taxes, including the Excess Profit Taxes, a decrease of
$9,700 90 for the fiscal year. The operating expenses also
include, in common with all Public Utility Companies, large
increases in the cost of materials, wages and salaries, although
the Companies were fortunato in being able to purchase coal,
oil, and other important elements entering into onerating
much below tho tlion current market prico by reason of
favorable contracts, which were in existence at tho beginning
of t.io year and many of which extended throughout and
beyond the end of tho yoar. In many instances, wages were
increased from 30% to 50%, and in connection with the
wages of trainmen, those increases were mado on the part
of tho Company voluntarily, although wage agreements
woro in existence calling for lower rates of pay. The man­
agement believes that its action was only an act of justice
to the employees affected.

F i r s t a n d R e f u n d i n g M o r t g a g o 5 % B o n d s , d u o J u n o 1 1 9 3 2 .............$ 8 , 7 4 9 , 1 0 0
I o n - Y e a r C o n v e r t ib le G o ld D e b e n t u r e s , d u o N o v e m b e r 1 1 9 2 6 - 2 .0 0 0 ,0 0 0
k i v o - Y e a r 7 % B o n d S e c u r e d G o l d N o t e s , d u o A p r i l 1 1 9 2 3 _______ 1 , 5 0 0 , 0 0 0
T w o a n d O n e -h a lf Y e a r 6 % B o n d S e cu re d G o ld N o te s , d u o M a y
1 1 9 2 0 --------------------------------------------------------------------------------------------------------------- _
1 ,5 0 0 0 0 0
F iv e - Y e a r 6 % B o n d S e c u r e d G o ld N o t e s , d u o J a n . 1 1 9 2 0 - . . * 1 .5 0 0 ,0 0 0
l u r s t P r e f e r r e d 6 % S t o c k ___________________________________ _
io 105 600

Com m on S tock.................... .......................................... I_ I I 1 1 1 1 I II I I ' 6|882!200

As a matter of interest, your Board desires to call your
attention to the fact that your investment m “Plant, Con­
struction and Investment Account” as of December 31 1918
(as per annexed Consolidated Balance Sheet), was $50,952,980.4(5, an increase in Investment Account (after writing
off depreciation) of $1,731,029 67 for tho calendar year.
However, as against this increase in investment, the total
funded liabilities outstanding increased only $1,228.072 00,
and consolidated capital stock outstanding decreased $23,­
100 00, a total net increase of but $1,205,572 00, leaving a
substantial margin which was neither funded nor capitalized.
Tho gross earnings of your Company’s Subsidiaries show
a very material increase in all Departments, but. in common
with all Public Utilities, due to the increased cost of materials
and labor, the resulting net earnings do not show any in­
crease. However, during the latter portion of the year,
especially the last 3 months, the Company received the
benefit of rate increases in practically all of the Communities
served, and at present the ratio of increase in gross earnings
is more than offsetting the increase in operating expenses.
^ Your Board, however, is convinced that the Subsidiary
Companies are entitled to still further increases in rates for
service and is pleased to state that the Subsidiary Companies’
requests for increases are being favorably received. A
number of increases have been granted since the close of the
calendar year and others have been applied for.
Tho gas sales in cubic feet for the 12 months ending
December 31 1918 were 1,875,434,300, an increase of 205,­
123,700. or 12.28%. The Electric sales in kilowatt hours
were 160,617,41(5, an increase of 28,413,093, or 21.49%,
while the revenue passengers of all classes carried on the Rail­
ways were 45,578.255, an increase of 1,800,352, or 4.11%.
The following Comparative Statement indicates the sources
of revenue of Subsidiary Companies, both Gross and Net,
Following tho established practice of your Company to and the percentage each class of service bears to the total:
acquiro or rotiro all securities of Subsidiary Companies, on
which your Company’s First and Refunding Mortgage is
not already a First Lion, it has acquired during the year Residuals................ ..
$1,400 00 of Preferred Stock of the Chattanooga Gas Com­
pany, and paid in full and retired the balance of the Certifi­
cate's of Indebtedness of the Cedar Rapids and Marion City
Railway Company, amounting to $1(5,558 00. Also, through
Sinking Fund operations, bonds secured by tho First Lien
Collateral Trust Mortgago of The Tri-City Railway & Light
Company, and First Mortgage Bonds of Iowa City Gas &
Electric Company and Chattanooga Gas Company, aggrogal ing $276,000, wero purchased and canceled.
Within a period of five years ended December 31 1918
your Company has acquired or retired $7,388,750 00 of
Subsidiary Company’s bonds and stocks.



G ro ss E a r n in g s —
G a s ________________________

E l e c t r i c ___________________
R a ilw a y — C it y L in e s .
R a ilw a y — I n t e r u r b a n .
I l e a t _______________________
M i s c e l l a n e o u s ___________
T o t a l __________ _________

N e t E a r n in g s—
G a s _________________________
E l e c t r i c _____________________
R a ilw a y — C it y L in e s .
R a ilw a y — I n t e r u r b a n ..
H e a t ________________________
M i s c e l l a n e o u s ___________
T o t a l _____________________

70
41
66
92
41
75
46

% of
T o ta l.
2 1 .0 9
3 .0 1
3 7 .7 9
2 4 .0 9
1 0 .7 6
1 .5 5
1 .7 1

.- $ 9 ,0 1 5 ,5 5 9 31

1 0 0 .0 0

1918.
.-$ 1 ,9 0 1 ,1 4 5
..
2 7 2 ,0 0 5
3 ,4 0 6 ,7 2 6
. . 2 ,1 7 2 ,2 1 3
..
9 6 9 ,8 1 1
..
1 3 9 ,6 8 1
..
1 5 3 ,9 7 4

.
.
.
-

$ 4 5 2 ,9 2 4
1 ,2 0 9 .2 6 2
5 1 5 ,2 6 8
2 8 3 ,5 3 2
1 ,3 8 0
1 3 8 .0 S 4

49
67
94
59
33
22

1 7 .4 2
4 6 .5 0
1 9 .8 2
1 0 .9 0

-$ 2 ,6 0 0 ,4 5 3 2 4

1 0 0 .0 0

5131

76
59
49
73
40
91
05

% of
T o ta l.
1 9 .9 9
1 .6 .5
3 6 .1 3
2 7 .1 4
1 1 .8 2
1 .5 8
1 .6 9

$ 7 ,7 0 5 ,2 6 8 9 3

1 0 0 .0 0

1917.
5 1 ,5 3 9 ,8 4 4
1 2 6 ,7 8 7
2 ,7 8 6 ,4 1 1
2 ,0 9 0 ,6 4 8
9 1 0 .3 2 2
1 2 1 ,3 6 5
1 2 9 ,8 8 8

$ 4 8 1 ,5 8 8
1 ,0 5 4 ,8 1 4
7 3 7 ,6 6 8
2 8 4 ,7 2 6
303
9 9 ,2 5 9

77
72
33
73
68
25

1 8 .1 2
3 9 .6 8
2 7 .7 5
1 0 .7 1
.0 1
3 .7 3

$ 2 ,6 5 8 ,3 6 1 4 8

1 0 0 .0 0

THE

588

During the year $1,811,904 92 were expended for additions
to and extensions of property. Of this total $157,940 56
were expended on Gas Properties, $1,006,331 08 on Electric
Properties, $570,654 26 on Railway Properties and $16,­
973 02 on Heating Properties.
As noted above, a large majority of the expenditures are
of a permanent nature and, while unnecessary outlay was
avoided in every possible way, most of the expenditures made
were necessary to take care of the permanent growth of the
communities served. Your Management has received a
number of complimentary expressions, conveyed to it by
representatives of the United States Government, manu­
facturers engaged in producing absolute necessities and from
Public Utilities Commissions on the stand it took on the
question of expenditures and the quality of service rendered.
We are pleased to advise you that at all times during the
very trying period we supplied all demands for service and
have maintained as a result of this a cordial public spirit
toward the management of the Subsidiary Companies.
At the close of the year your Company was carrying an
investment of $134,899 in United States Liberty Bonds
against which it had borrowed for the purpose of carrying
these Bonds the sum of $92,875. By far a larger proportion
of the employees of your Company and its Subsidiaries were
subscribers to and holders of the Liberty Bonds of all of the
first four issues, and your Company assisted in financing
them. In a number of instances the employees of Subsidiary
Companies subscribing numbered 100%, and this was also
true of contributions to Red Cross Funds and other War
activities.
Business conditions, at present, in all of the communities
served are excellent and the transition from war to peaco
basis has not harmfully affected the communities your
Subsidiary Companies serve. In fact, in a majority of in­
stances business conditions are better noiv than during the
war period. Crop conditions lire also very good, and are
even better than at the same time in 1918.
Your Board of Directors wishes to acknowledge with
appreciation the loyal and hearty support given to the
Officers of the Company during the past year by the Em­
ployees of the Company and its Subsidiaries, and considers
that the results obtained are in a large measure due to the
splendid spirit of co-operation and good feeling which pre­
vailed in the organization.
Your Directors wish to take this opportunity to convey
their feeling of great admiration for so many of our men who
volunteered for service in the Great War, and to all of those
who served their country in any capacity tlioy wish to ex­
press their thanks and hearty appreciation. In a spirit of
gratitude they aro pleased to inform the Stockholders that,
in so far as is known, none of the employees who served their
country during the war in either the Army or Naval forces
was seriously injured or mado the supreme sacrifice. We are
glad to welcome all of our men back to our ranks, and assure
them of as good a position as they left, or a better one, in
the organization.
During the year regular dividends at the rate of 1
quarterly were paid on the First Preferred Stock, and at the
rate of 1% quarterly on the Common Stock of your Com
pany.
The total number of Stockholders Decomber 15 1918 was
3,251, an increase during the year of 169, which lias been
increased as of June 15 1919 to 3,337. Of the total number
ofJStookholders over 1,000 are residents of the Communi­
ties served.
__________
Accompanying this [pamphlet] report is a map showing
the territory sorved by the Subsidiary Companies, and, indi­
cated by symbols, the class of service rendered.
Appended is a Consolidated Balance Sheet of the United
Light and Railways Company and its Subsidiary Companies
as of December 31 1918, a Statement of Profit and Loss,
Surplus and Depreciation Accounts for the year. The
certificate of Messrs. Barrow, Wade, Guthrie & Company,
Chartered Accountants, who have audited tho books and
accounts of your Company and its Subsidiary Companies, is
hereto annexed.
By Order of the Board,
FRANK T. HULSWIT,
June 30th 1919.
_________ _
President.
U N IT E D

L IG H T

C O M P A N IE S

A N D

R A IL W A Y S

C O N S O L ID A T E D
D E C E M B E R

C O M P A N Y
B A LA N C E
31ST

A N D

S U B S ID IA R Y

SH E E T

AS

ON

1918.

SSETS.
P L A N T . C O N S T R U C T IO N
A N D
IN V E S T M E N T A C ­
C O U N T : A g g r o g a t o o f B o o k V a l u e ______________________________ $ 5 0 , 9 5 2 , 9 8 0 4 0
T O T A L C A P I T A L A S S E T S ............ ............................... - ............................$ 5 0 , 9 5 2 , 9 8 0 4 0
C U R R E N T ASSETS:
C a s h o n h a n d a n d i n B a n k s ----------------------------------$ 0 2 4 ,1 7 7 2 2
A c c o u n t s R e c e i v a b l e , lo s s R e s e r v e f o r B a d
D e b t s .................................................................
0 1 0 ,0 5 8 9 9
N o t e s R e c e i v a b l e _________________
2 0 ,5 8 3 7 6
L i b e r t y B o n d s ( 3 H % . 4 % a n d 4 Vi % ) ----------1 3 4 ,8 9 9 0 0
S t o c k s a n d B o n d s o f O t h e r C o m p a n i e s -------4 1 ,4 3 8 5 0
I n t e r e s t a n d D i v i d e n d s R e c e i v a b l e -----------------2 ,5 9 7 4 8
S u p p lie s ( C o a l, C o k e , O il a n d A p p l i a n c e s ) . . 1 ,0 2 2 ,9 8 0 2 4
P r e p a i d A c c o u n t s ____________________
5 7 ,5 3 0 10
2 ,5 1 4 ,8 7 1 3 5
C A S H A N D S E C U R IT IE S IN H A N D S OK T R U S T E E S
2 9 ,2 2 0 4 6
F O R S I N K I N G F U N D S . E T C . . . .......................... ..........................
0 2 ,7 4 0 0 7
I T E M S I N S U S P E N S E A N D O P E N A C C O U N T S ...............




[Vol . 109.

C H R O N IC L E

$ .5 3 ,5 5 9 ,8 1 8 3 4

L IA B IL IT IE S .
C A P IT A L S T O C K :
U n ite d L ig h t & R a ilw a y s C o m p a n y :
1 st P f d . 0 % C u m . A u t h . $ 1 2 ,5 0 0 ,0 0 0 0 0 ,
I s s u e d ______________________________________________ $ 1 0 , 1 3 3 , 1 0 0 0 0
L e s s a m o u n t h e ld b y U . L . & I t y s . C o . .
2 7 ,5 0 0 0 0
$ 1 0 ,1 0 5 ,0 0 0 0 0
C o m m o n , A u t h ., $ 1 2 ,5 0 0 ,0 0 0 0 0 , I s s u e d . .
L e s s a m o u n t i n T r e a s u r y _____________________

$ 7 ,1 9 3 ,9 0 0 0 0
3 1 1 ,7 0 0 0 0
6 ,8 8 2 ,2 0 0 0 0

C e d a r R a p id s & M a r io n C it y R y . C o .:
C o m m o n , I s s u e d .................. .. ................... — - - —
L e ss a m o u n t h e ld b y U . L . & R y s . C o . .

5 8 4 ,8 0 1 2 4

C h a tta n oog a G as C om p a n y :
P r e f e r r e d 6 % C u m u l a t i v e , I s s u e d -----------------L o s s a m o u n t h e ld b y U . L . & R y s . C o . .

$ 5 0 0 ,0 0 0 0 0
4 7 9 ,5 0 0 0 0

6 5 ,1 9 8 7 6

2 0 ,5 0 0 0 0
T r i-C it y R a ilw a y & L ig h t C o m p a n y :
P r e f e r r e d 6 % C u m u l a t i v e , I s s u e d --------------------- $ 3 , 0 0 0 , 0 0 0 0 0
L e s s a m o u n t h e ld b y U . L . & R y s . C o . .
1 7 3 ,8 0 0 0 0
2 ,8 2 6 ,2 0 0 0 0
C o m m o n , I s s u e d _____________________________________ $ 9 , 0 0 0 , 0 0 0 0 0
L e s s a m o u n t h e ld b y U . L . & R y s . C o . .
8 ,9 i5 ,9 0 0 0 0
8 4 ,1 0 0 0 0
T o t a l C a p i t a l S t o c k i n h a n d s o f P u b l i c ----------------------------------- $ 1 9 , 9 8 3 , 7 9 8 7 6
FU N D E D D E B T:
U n ite d L ig h t & R a ilw a y s C o m p a n y :
F i r s t a n d R e f u n d i n g 5 s I s s u e d ________________ $ 1 4 , 8 8 7 , 6 0 0 0 0
T reasu ry B on d s:
D e p o s it e d a s C o lla te r a l t o
B o n d - S e c u r e d G o l d N o t e s . $ 6 ,0 0 0 , 0 0 0 0 0
i n T r e a s u r y -----------------------------138M OVO
, ^
5QQ Q()
$ 8 ,7 4 9 ,1 0 0 0 0
6 % C o n v e r t ib le G o ld D e b e n tu r e s , d u o N o ­
v e m b e r 1 1 9 2 6 ------------------------------------------------------2 ,0 0 0 , 0 0 0
Tw o
and
O n o -H a lf Y e a r
B o n d -S e c u r e d
G o l d N o t e s , d u o M a y 1 1 9 2 0 ----------------------1 ,5 0 0 0 0 0
F iv e -Y e a r B o n d -S e c u r e d G o ld N o t e s , d u o
J a n u a r y 1 s t 1 9 2 0 ________________________________
1 ,5 0 0 0 0 0
F iv e -Y e a r 7 % B o n d -S e c u r e d G o ld N o t e s ,
d u o A p r i l 1 s t 1 9 2 3 _______________________________
1 ,5 0 0 0 0 0
C h a tta n oog a G as C o m p a n y :
$ 5 2 4 ,0 0 0
F i r s t 5 s O u t s t a n d i n g . ...................................... .. —
6 .0 0 0
L e s s a m o u n t h e ld b y U . L . & R y s . C o _ .
G r a n d R a p id s G r a n d H a v e n & M u s k e g o n R y . C o .:
F i r s t 5 s O u t s t a n d i n g . . ------------------------------------------ $ 1 , 5 0 0 , 0 0 0
2 .0 0 0
L e s s a m o u n t h o ld b y U . L . & R y s . C o . .
I o w a C it y G a s & E le c tr ic C o m p a n y :
F i r s t 6 s O u t s t a n d i n g _______________________________
$ 2 3 2 ,5 0 0
L e s s a m o u n t h o ld b y U . L . & R y s . C o . .
1 .5 0 0
M a s o n C it y & C le a r L a k e R a ilr o a d C o . :
G e n e r a l M o r t g a g e 6 s O u t s t a n d i n g . --------------$ 3 1 6 ,0 0 0
L o s s a m o u n t h e ld b y U . L . & R y s . C o . .
8 ,5 0 0
P e o p le s G a s & E le c t r ic C o m p a n y :
G e n e r a l M o r t g a g e 6 s O u t s t a n d i n g .....................
T r i-C i t y R a ilw a y & L ig h t C o m p a n y :
F i r s t a n d R e f u n d i n g 5 s O u t s t a n d i n g ------------- $ 9 , 9 3 9 , 0 0 0
6 ,7 3 3 ,0 0 0
L o ss a m o u n t h e ld b y U . L . & R y s . C o - O o l l a t e r a l T r u s t 5 s O u t s t a n d i n g ----------------------T r i-C it y R a ilw a y C o m p a n y :
$ 5 4 ,0 0 0
F i r s t 5 s O u t s t a n d i n g ----------------------------------------------L e s s a m o u n t h o ld b y U . L . & R y s . C o . .
1 3 ,0 0 0

00
00
00
0 0 — 6 ,5 0 0 ,0 0 0 0 0
00
00—

5 1 8 ,0 0 0 0 0

________
00
0 0 — 1 ,4 9 8 ,0 0 0 0 0
00
00—

2 3 1 .0 0 0 0 0

00
00—

3 0 7 ,5 0 0 0 0

.

3 7 0 ,0 0 0 0 0

00
0 0 — 3 .2 0 6 ,0 0 0 0 0
.
7 ,6 2 7 ,0 0 0 0 0
00
00—

4 1 ,0 0 0 0 0

T o t a l F u n d e d L i a b i l i t i e s i n H a n d s o f P u b l i c ----------------------- $ 2 9 , 0 4 7 , 0 0 0 0 0
T O T A L C A P I T A L L I A B I L I T I E S ............ ................................... $ 4 9 , 0 3 1 , 3 9 8 7 6
C U R R E N T L IA B IL IT IE S :
„„„
A c c o u n t s P a y a b l e ---------------------------------------- -----------S G 1 0 -9 G ^ 4 5
T r a d e A c c e p t a n c e s -------------------------------------------------2 o ,2 0 7 0 6
N o t e s I ’ a y a b l o ______________________________________
4 9 7 ,3 7 3 3 5
N o t e s P a y a b le (I s s u e d fo r p u r c h a s e o f L ib ­
e r t y B o n d s ) .........................
9 2 ,8 7 5 0 0
P a v i n g T a x e s d u e w i t h i n o n e y e a r -----------------3 4 ,lo o 1 1
S o ttle d C la im s a n d D a m a g e s d u o w it h in o n o
2 ,1 9 9 9 6
y e a r _____________
2 8 , 6 0 3 17
O th e r L ia b ilit ie s
1 ,2 9 1 ,4 0 6 10
A C C R U E D L IA B IL IT IE S :
I n t e r e s t A c c r u e d ___________________________________
T a x e s A c c r u e d (G e n e r a l a n d F e d e r a l).
D iv id e n d s A c c r u e d .
D E F E R R E D L IA B IL IT IE S :
T i c k e t s U n r e d e e m e d --------------------------------------------M e t e r a n d S o r v i c o D e p o s i t s __________________
D e f e r r e d P a v i n g T a x e s ------------------------------------D e fe r r e d S e t t le d C la im s a n d D a m a g e s . . .

* 4 8 3 ,6 0 1 u o
3 2 8 ,4 2 5 8 0
1 9 6 ,6 1 2 5 0
9 0 8 ,7 1 9 3 5
$ 4 ,8 5 9
1 2 6 ,5 5 8
1 0 7 ,5 1 2
6 ,4 0 9

85
31
81
50
2 4 5 ,3 4 0 4 7

SURPLUS
OF
S U B -C O M P A N IES
A V A IL A B L E
FOR
D I V I D E N D S T O M I N O R I T Y S T O C K H O L D E R S -------R ESERVES:
„„„„
$ 2 0 7 ,6 7 4 7 0
F o r M a i n t e n a n c e , & c _____________________________
F o r D e p r e c ia t io n :
B a la n c e J a n u a r y 1 1 9 1 8 — $ 1 ,1 7 8 ,1 0 3 5 6
6 6 0 ,7 0 3 3 1
A d d e d d u r i n g t h e y e a r --------

L ess A m o u n ts W r itte n o f f .

1 3 ,8 3 9 2 0

$ 1 ,8 3 8 ,8 0 6 8 7
1 6 9 ,4 3 5 3 5
1 ,6 6 9 ,3 7 1 5 2
1 ,8 7 7 ,0 4 6
1 9 2 ,0 6 8 2 4

SURPLUS

$ 5 3 ,5 5 9 ,8 1 8 3 4

U N IT E D

L IG H T

C O M P A N IE S
C O U N T

A N D

R A IL W A Y S

C O M P A N Y

C O N S O L ID A T E D
FO R

Y E A R

E N D E D

P R O F IT

A N D
A N D

D E C E M B E R

S U B S ID IA R Y
LOSS

31

A C ­

1918.

G r o s s E a r n i n g s o f S u b s i d i a r y C o m p a n i e s -----------------------— --------- $ 9 , 0 1 5 , 5 5 9 3 1
O p e r a tin g E x p e n s e s , in c lu d in g M a in t e n a n c e , G e n e r a l a n d
I n c o m e T a x e s .................. ............................... ........................................*■................... 6 , 4 1 5 , 1 0 6 0 7
N e t E a r n i n g s o f S u b s i d i a r y C o m p a n i e s — - - - - - ----------------------------$ 2 , 6 0 0 , 4 5 3 2 4
I n te r e st a n d D iv id e n d s o n B o n d s , P r e fe r r e d S t o c k ,
a n d N o t e s o f S u b s id ia r y C o m p a n ie s in h a n d s o f
P u b l i c ......................................... ....................................... - .................$ 8 9 6 , 5 0 1 6 8
P r o f i t d u o M i n o r i t y S t o c k h o l d e r s ..............................—
7 ,5 6 7 7 7
-----------------------9 0 4 .0 6 9 4 5
N e t P r o fit o f S u b s id ia r y C o m p a n ie s d u e U . L . & R y s . C o . . .$ 1 ,6 9 6 ,3 8 3 7 9
In te re st a n d D iv id e n d s R e c e iv a b le :
O n B o n d s a n d S t o c k s o f O t h e r C o m p a n i e s -------$ 3 ,2 2 9 4 3
O n B a n k B a la n c e s a n d C e r t ific a t e s o f D e p o s i t .
7 ,2 6 9 4 4
^
^
M is c e lla n e o u s

E a r n i n g s ------------------------------------------------------------------- ------------------ 3 0 ?L 2 8 8 _ 7 9

T o t a l G r o s s E a r n in g s o f U n it e d L ig h t & R a ilw a y s C o m p a n y . .$ 2 ,0 1 5 ,1 7 1 4 5
LESS:
„
. . ,, .
G on eral
E xp en ses,
in c lu d in g
T axes,
U n ite d
L i g h t & R a i l w a y s C o m p a n y -------------------- ---------- . . $ 1 5 7 , 9 0 4 3 9
In te re st on
F ir s t a n d R e f u n d in g 5 %
B onds
U n i t e d L i g h t & R a i l w a y s C o m p a n y ------------------ 4 3 5 , 0 1 1 4 9
I n t e r e s t o n 10 - Y e a r C o n v e r t i b l e G o l d D e b o n tu r e s U n i t e d L ig h t & R a il w a y s C o m p a n y . . . 1 2 0 ,0 0 0 0 0
I n t e r e s t o n S e r ie s “ A ” N o t e s . U . L . & R y s . C o .
8 9 ,5 2 3 51
I n t e r e s t o n 5 - Y o a r N o t e s , U . I , . & R y s . C o -------9 0 .0 0 0 0 0
I n t e r e s t o n S e r ie s “ B ” N o t e s , U . L . & R y s . C o .
2 4 , 4 0 3 71
I n t e r e s t o n C o m m e r c i a l L o a n s ----------------------------------4 2 , 5 6 0 6.1
T o t a l E x p e n d i t u r e s --------------------------------------------------------------------------

9 5 9 ,4 0 3 7 3

B a la n c e , b e in g P r o f it f o r t h o Y e a r E n d e d D o c o in b o r 3 1 s t 1 9 1 8 ,
c a r r i e d t o S u r p l u s A c c o u n t ___________________________________________ $ 1 , 0 o 5 , 7 o 7 7 C L A U D E M . IIU R D ,
T rea su rer.

22

A ug . 9 1919.]

THE

C O N D E N SE D

C O N S O L ID A T E D
SU RPLU S S T A T E M E N T
D E C E M B E R 31 1918.
B a l a n c e a s o n D c c o m b e r 3 1 1 9 1 7 _____________________ 8 6 4 5 1 5 2 0 9
L e s s A d ju s t m e n t s p e r ta in in g t o p e r io d p r io r t o
’
J a n u a r y 1 1 9 1 8 ..............................................................................
5 1 ,7 9 4 12

SURPLUS

TO

A C C O U N T

1 ,0 5 5 ,7 6 7 7 2

F O R _____

$ 1 ,6 4 9 ,1 2 5 6 9

D iv id e n d s P a id D u r in g Y e a r 1 9 1 8 O n P r e f e r r e d S t o c k 6 % ............... .......................................... 6 0 7 , 3 8 6 0 0
° n C o m m o n S t o c k , 4 % ..................... ..................................... 2 7 5 , 3 3 9 0 0

8 8 2 ,7 2 5 0 0

B o n d a n d N o t o D i s c o u n t W r i t t e n O f f .....................
C r e d i t t o D e p r e c i a t i o n R e s e r v e ___________________
B a l a n c e a s o n D e c e m b e r 3 1 1 9 1 8 ................................
TO T A L

SU RPLU S

A C C O U N TE D

O N

S 593 3 57 07

A d j u s t e d S u r p l u s a s o n D e c e m b e r 3 1 1 9 1 7 ________
I r o fit fo r Y e a r 191 8 a s p e r C o n s o lid a te d P r o fit
a n d L o s s S t a t e m e n t _____________________________________
TO TA L

C H R O N IC L E
AS

9 8 .7 2 0 4 7

4 7 5 ft] 1 o h
1 9 2 )0 6 8 2 4

F O R ................

$ 1 ,6 4 9 ,1 2 5 6 9

* N O T E :— T h o C r e d it t o D e p r e c ia t io n R e s e r v e s o t a s id o b y S u b s id ia r y
C o m p a n ie s f o r 1 9 1 8 W a s $ 4 7 9 ,6 4 6 5 0 , o f tills a m o u n t $ 4 7 5 ,6 1 1 9 8 , a s a b o v o
s t a t e d , is t h o p r o p o r t i o n c h a r g e a b l e t o t h o C o n s o l i d a t e d S u r p l u s , d u o t o
t h p f a c t t h a t s m a ll a m o u n t s o f t h e C o m m o n S t o c k s o f t w o o f t h o S u b ­
s id ia r y C o m p a n ie s a ro n o t o w n e d b y th o U n ite d L ig h t & R a ilw a y s C o m p a n y .
C LA U D E

M .

IIU R D ,

T rea su rer.

■ Fho Cadillac Gas Light Company, Cedar Rapids Gas
Company, Cedar Rapids & Marion City Railway Company,
Chattanooga Gas Company, Fort Dodge Gas & Electric
Company, Grand Rapids Grand Haven & Muskegon Rail­
way Company, La Porte Gas & Electric Company, Mason
City & Clear Lake Railroad Company, Ottumwa Gas Com­
pany, Peoples Gas & Electric Company, Tri-City Railway
& Light Company and its Subsidiary owned and controlled
Companies, and we have compiled therefrom the foregoing
Balance Sheet, Revenue Account and Surplus Account an­
nexed. We find that before the deduction of Depreciation
and Discount on Funded Debt the Net Earnings for the year
amounted to $1,055,767 72 as shown. A sum of $475,611 98
has been charged against Surplus to cover Depreciation, and
a further sum of $98,720 47 to cover the proportion of Dis­
count on Funded Debt applicable to the year 1918.
In our opinion, the foregoing Consolidated Balance Sheet
as at December 31 1918 correctly sets forth the position of
the United Light and Railways Company and its Subsidiaries.
B A R R O W , W A D E , G U T H R IE

UNITED LIGHT AND RAILWAYS COMPANY AND SUBSIDIARY
COMPANIES CONDENSED CONSOLIDATED DEPRECIA­
TION RESERVE AS ON DECEMBER 31 1918.
B a l a n c e a s o n J a n u a r y 1 1 9 1 8 __________________________
Si
C r e d its t o D e p r e c ia t io n R e s e r v e d u r in g C a le n d a r
pH Y e a r ------------------------------------------------------------------------------------------ $ 1 8 1 , 0 5 6 8 1
C r e d it t o D e p r e c ia t io n R e s e r v e a s p e r S u rp lu s
S t a t o m o n t a n n e x e d ________________ _________ ____________ 4 7 9 , 6 4 6 5 0
T o t a l C r e d i t s __________________ _______________________________

U N IT E D

L IG H T

G r a n d R a p id s , M ic h .

A N D

R A IL W A Y S

C O M P A N Y .

P o r tla n d , M a in e .

C h i c a g o , 111.

D a v en p ort. Iow a.

E X E C U T IV E

1 6 9 ,4 3 5 3 5

1 9 1 8 ..........................................................................................................

$ 1 ,6 6 9 ,3 7 1 5 2

F o r _______________________________________

1 ,8 3 8 ,8 0 6 8 7

N O T E : — A b o v e s t a t e m e n t o f d e p r e c i a t io n r o s o r v o d o e s n o t t a k o in
a c c o u n t a p p r o p r ia t io n s s o t a s id o f o r M a in t e n a n c e a n d o t h e r it e m s w h ic h
a c c o u n t s o n D e c e m b e r 3 1 1 9 1 8 a m o u n t e d t o $ 2 0 7 ,6 7 4 7 0 , a s
annexed
c o n s o lid a t e d b a la n c e s h e o t.
u

per

M .

G LE N N

M\

A V E R IL L ,

C O M M IT T E E .

C h a ir m a n

C . H . M c N I D E R , V ice-C h a irm a n

Balance in Depreciation Reserve Decombcr 31

C H A R T E R E D

Auditors.

178 m 3 sr.

$ 1 ,8 3 8 ,8 0 6 8 7

C h a r g e s t o D e p r e c ia t io n R o s e r v e D u r in g C a le n ­
d a r Y e a r _____________________________________________________

C LA U D E

& C O M P A N Y ,

6 6 0 ,7 0 3 3 1

T o t a l t o A c c o u n t F o r ______________________________________

T o ta l A ccou n ted

589

IIU R D ,

T rea su rer.

A C C O U N T A N T S ’ C E R T IF IC A T E .

New York, April 24 1919.
We have examined the books and accounts of the United
Light and Railways Company and its Subsidiary owned and
controlled Companies for the year ended December 31 1918
as follows:

W M .

B U T T E R W O R T H ,
B .

J.

D E N M A N ,

F R A N K

T . H U L S W IT ,

JO SE PH

F. P O R T E R ,

R IC H A R D

SC H A D D E LE E ,

C LA U D E
O F F IC E R S .

M .

H U R D .

S ec r e ta r y .

.

F R A N K T . H U L S W IT ,
P r e s id e n t,
C h ic a g o , Illin o is .
R I C H A R D S C H A D D E L E E , F ir s t V ic e -P r e s d ie n l
a n d G en . M a n a g e r , G r a n d R a p id s , M ic h .
J O S E P H F . P O R T E R ,’
V ic e -P r e s id e n t,
K a n s a s C it y , M is s o u r i.
C LA U D E M . H U R D ,
V ic e - P r e s , a n d T r e a s ..G r a n d R a p id s , M ic h .
T . J. W E B E R ,
V ic e -P r e s id e n t,
G ran d
R a p id s ,M ic h .
B . .1. D E N M A N ,
V ic e -P r e s id e n t, a n d
A s s t. G en . M g r .,
D a v on p ort, Iow a.
L . H . IIE IN K E ,
S e cr eta ry .
G ran d
R a p id s ,M ic h .
M . E. A R M ST R O N G .
A s s is ta n t S ec r e ta r y ,
G r a n d R a p id s , M ic h .
W M . 11. H U L S W I T ,
A s s is ta n t S e cr eta ry ,
C h ic a g o , Illin o is .
F. K . G E O R G E .
A s s is ta n t S ecr eta ry ,
G r a n d R a p id s , M ic h .

THE KANSAS C IT Y SOUTHERN R A IL W A Y COMPANY

NINETEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1918.
lo

31 1919.

Kansas City, M o ., M ay
the Stockholders of The Kansas City Southern Railway
Company:

The nineteenth annual report of the affairs of your Com­
pany, being for tho year ended December 31 1918, is here­
with presented.
Federal control of your property assumed on December 28
1917 by proclamation of the President of tho United States
dated Decombor26 1917, and exercised through tho DirectorGeneral of Railroads, continued throughout the year 1918,
such control embracing all property owned or controlled by
your Company except that of The 1C. C. S. Elevator Com­
pany and of 1he Mena Land & Improvement Company,
and extending to all matters affecting operation, mainte­
nance and improvement. The accounting period as between
the Government and the Railway Company began as of
December 31 1917 at midnight.
Effective July 1 1918, the Director-General required all
officers and employees retained in tho service of the United
States Railroad Administration to sever connection with the
Company. Hence a readjustment in the character, as well
as in the personnel, of the corporate organization became
necessary in order to meet the changed conditions, the new
staff being limited to such officers and employees as were
required lo conduct the restricted activities of the Company.
The Act of Congress approved March 21 1918 providing
for the duration of Federal control, for the operation of the
railroads thereunder, and for a basis of compensation to
their owners, authorized the payment of a standard return
not exceeding the average annual railway operating income
for the threo years ended June 30 1917. Such return for
the properties owned or controlled by your Company, as
tentatively certified to by the Inter-State Commerce Com­
mission, is as follows:
F E D E R A L

C O N TR O L.

T h e K a n s a s C i t y S o u t h e r n R a i l w a y C o ..................... $ 3 , 2 1 6 , 6 9 7 6 5
T e x a r k a n a * F o r t S m ith R a ilw a y C o . .
- _____
3 1 8 ,7 2 9 6 8
1 h o K a n s a s C i t y tS h re v e p o rt & G u l f T e r m in a l C o .
6 ,0 1 4 6 6

---------------$3 54i 44i qq

T h o P o t e a u V a l l e y R a i l r o a d C o .. _ ______ D e f i c i t
T h o A r k a n s a s W e s t e r n R a i l w a y C o _________
“
F o r t A r t h u r C a n a l & D o c k C o _________________
“

$ 3 ,2 3 2 19
6 ,5 7 5 51
3 6 ,0 4 9 4 4
-----------------------------

'

4 5 ,8 5 7 14

T o t a l ......... .............................................................. .. ...................................................... . $ 3 , 4 9 5 , 5 8 4 8 5

pany per annum during tho test period amounted to $ 1 1 ,­
592 22.
Negotiations between representatives of the Railroad
Administration and of the several companies, held through­
out the larger part of the year, have finally resulted in the
adoption of standard clauses containing uniform provisions
to bo embodied in contracts between the Director-General
and railroads under Federal control.
Pursuant to authority conferred by the Board of Directors
January 2 1918 and to resolution adopted by the Stockholders
at the annual meeting held May 14 1918, the Chairman of
your Board has conducted negotiations with the DirectorGeneral looking to tho execution of a contract intended to
provide, among other things, compensation for the use of
your properties during Federal control. The parties are in
substantial agreement, and the instrument awaits execution.
This report, in addition to information with respect to
the corporate business of your Company, contains for com­
parative purposes statistical data showing the results of
operation under Federal control.
To the end that the statements herein contained and setting
forth operating results for the year may be properly analyzed
and fully understood, attention is directed to orders pro­
mulgated by the Director-General with respect to the rates
of freight and fare and the scale of wages, together with their
approximate effect upon revenues and expenses.
General Order No. 28, dated May 25 1918 provided for
an advance in passenger rates to a uniform basis of three
cents per mile, with an additional charge (subsequently
rescinded) for passengers occupying sleepers; and for an in­
crease in freight rates amounting generally to 25 per cent,
except that the rates on certain commodities stated in the
original order and supplements thereto were increased by
specific sums amounting for the most part to less than 25 per
cent. This order applied both to inter-State and intra-State
traffic. It became effective as to passenger rates June 10
1918 and as to freight rates June 25 1918. A careful esti­
mate indicates that tho revenues of the Kansas City South­
ern Railroad (including the Texarkana & Fort Smith Rail­
road) were increased by such order in tho following aggre­
gate amounts:
F r o i g h t R e v e n u e _________________________________________ $ 1 , 1 2 6 , 0 2 5 3 9
P a s s e n g e r R e v e n u e ______________________________________
2 5 9 ,2 3 1 2 4
----------------------------- $ 1 , 3 8 5 , 2 5 6 6 3

The foregoing does not include compensation for the
interest of your Company in properties of the Glen-Pool
Tank Line Company, for the reason that the standard return General Order No. 27, issued May 25 1918 and supple­
has not yet been certified bv the Inter-State Commerco ments thereto, directed important advances in the wages
Commission. Tho average operating income of that com­ of well nigh all classes of employees, made-effective at vari


590

[V ol. 109

THE CHRONICLE

ous dates throughout the year and beginning so early as
January 1. In consequence of these orders, it is estimated
that the pay-rolls of the Kansas City Southern Railroad
(including the Texarkana & Forth Smith Railroad) for the
year underwent a total increase amounting to $2,260,434 60.
The prices of supplies consumed in operation and of ma­
terials entering into construction and maintenance ruled
generally at levels much higher than in the previous year.
Fuel advanced in unit price to the extent of 26.3 per cent
for coal and of 85.7 per cent for oil. The appended exhibit
shows approximately the average increases in the costs of
principal materials in comparison with each of the two years
last preceding.
D E S C R IP T IO N

OP

M A T E R IA L .
I n c r e a s e in . 1 9 1 8
F rom
F rom
1917
1916
1 1 2 .0 %
1 0 0 .6 .'%
8 3 .0
8 3 .0
6 9 .0
5 1 .0
7 7 .0
5 0 .0
1 5 4 .0
3 7 .5
4 0 .0
3 5 .0
1 5 0 .0
3 4 .0
5 4 .0
3 3 .0
4 7 .0
3 0 .0
3 0 .0
5 5 .0
5 0 .0
2 5 .0
6 7 .0
2 3 .0
4 0 .0
1 2 .5
2 5 .0
1 0 .0
5 0 .0
8 .0
4 6 .0
7 .0
2 3 .0
7 .0
8 5 .0
2 1 .0
3 0 .0
4 0 .0
1 7 .0 *

M a in t e n a n c e o f W a y a n d S tr u c tu r e s:

T r e a t e d T r a c k B o l t s _____
S ta n d a rd B essem er R a il.
T e x a c o R o o f i n g ____________
S t e e l C a t t l e G u a r d s _______
B a r b e d W i r e ..............................
W o v e n W i r e ________________

S econ d T ra ck—
B e tw e e n S e co n d a n d W a y n d o tte S treets, K a n sa s
5 .4 1
m ile s
C i t y , M o . , a n d A i r L i n o J u n c t i o n , M o _______
P i t t s b u r g Y a r d s __________________________________________
1 .3 2
“
B e t w e e n M i l e P o s t s 1 5 9 a n d 1 6 3 . . . .........................
3 .7 5
“
B e tw e e n D e Q u e e n , A r k ., a n d N e a l S p r in g s , A r k . .
8 .4 5
“
---------------

1 8 .9 3 m ile s

B ra n ch es—
S p i r o , O k l a . , t o F o r t S m i t h , A r k ___________________ 1 6 . 4 4
m ile s
J e n s o n , A r k . , t o B o n a n z a M i n o ....... ...............
2 .8 3
“
W e s t L a k e , L a . , t o L o c k p o r t , L a __________________
4 .0 3
“
“
D e Q u i n c y , L a . , t o L a k e C h a r l e s , L a ______________ 2 2 . 5 9
--------------

4 5 .8 9

"

N o r t h o f B e lt J u n c t io n , M o ., a n d in a n d a r o u n d
8 5 .3 2 m ile s
K a n s a s C i t y .......................................
A l l o t h e r Y a r d , T e r m i n a l a n d S i d e T r a c k s ________3 3 4 . 8 1
“
-------------4 2 0 .1 3

“

Y a r d , T e r m in a l a n d S id e T r a c k s —

T o t a l o w n e d o r c o n t r o l l e d _____________________________________________ 1 , 2 6 2 . 0 5 m i l e s
H e l d u n d e r T r a c k a g e R ig h t s —
T r a c k s o f th e S t. L o u is -S a n F r a n c is c o R a ilw a y C o .,
b e tw e e n B e lt J u n c t io n , M o ., a n d G r a n d v ie w ,
M o ., u sed u n d er con tra ct:
M a i n L i n e . ............... ...............
1 1 .0 1 m ile s
S i d i n g s .............................................
2 .3 3
“
T r a c k s o f th o K a n s a s C it y T e r m in a l R a ilw a y C o .,
b e tw e e n U n io n S ta tio n a t K a n s a s C it y , M o . , a n d
S h e ffie ld , M o . , u s e d u n d e r jo in t c o n t r a c t :
F i r s t M a i n T r a c k . ............... .......................
5 .3 1
”
S e c o n d M a i n T r a c k ___________________________________
5 .1 1
“
T r a c k s o f t h e M is s o u r i P a c ific R a ilw a y C o ., b e ­
tw e e n T r o o s t A v e n u o a n d S a n ta F o S tre e t, K a n ­
s a s C i t y , M o . , u s e d u n d e r c o n t r a c t __________________
1 .5 5
“
--------------U n d er L ea se—

2 5 .3 1

"

4 .9 2

“

Y a r d T r a c k t o p la n t o f th e A r m o u r P a c k in g C o .,
K a n s a s C i t y , M o . - K a n __________________________________
3 .8 3 m ilo s
Y a r d T r a c k t o p la n t o f th o F o w le r P a c k in g C o .,
K a n s a s C i t y . K a n ............................
1 .0 9
“
--------------T o t a l M i l e s i n S y s t e m . . . ......................

1 ,2 9 2 .2 8 m ile s

M a in t e n a n c e o f E q u ip m e n t :

S h e e t C o p p e r ________________________________________________________
F ir o B r ic k .

F r e i g h t C a r P a i n t ........................— ................ ................... ...................
B r o o m s _______________________________________1 ____ - _______________
J o u r n a l B o x e s ______________________________________________________
L e a t h e r B e l t i n g _____________________________________________________
S t e e l C a s t i n g s ______________________________________________________
S h e e t S t e e l , T a n k ............................................................ ......................... ...
M a c h i n e B o l t s _____________________________________________________ R i v e t s , B a s e . . ..................... .. ..........................................................................
C o t t o n W a s t e , C o l o r e d N o . 1 . . ........................ .. ............................
A x l e s __________________________________________________________________
C o p p e r F e r r u l e s ----------------------------------------------------------------------------------

6 7 .0 %
6 6 .0
5 6 .0
5 0 .0
4 5 .0
4 0 .0
3 3 .0
3 1 .0
2 7 .0
2 5 .0
2 5 .0
2 3 .0
2 2 .0
2 0 .0
1 9 .0
1 7 .0
1 7 .0
1 6 .0
1 6 .0
1 2 .5
1 2 .5
1 0 .0
1 0 .0
1 0 .0
1 0 .0
1 0 .0
9 .0
7 .0
7 .0
5 .0
2 .0

1 .0

3 .0 *
7 .0 *
1 7 .0 *
2 5 .0 *

8 0 .0 %
1 2 2 .0
6 4 .0
8 0 .0
8 2 .5
4 7 .0
5 2 .0
1 2 5 .0
0 4 .0
2 5 .0
5 0 .0
1 7 0 .0
1 4 4 .0
3 3 .0
2 3 .5
5 0 .0
1 7 .0
1 7 0 .0
5 0 .0
4 0 .0
3 5 .0
4 0 .0
8 5 .0
1 7 .0
3 5 .0
3 0 .0
1 5 .0
6 0 .0
8 0 .0
1 4 .0
1 5 5 .0
9 0 .0
9 2 .0
3 4 .0
4 0 .0
1 7 0 .0
5 0 .0
2 7 .0
6 0 .0

(* ) D ecrea se.

The accounts of the Railroad Administration as of De­
cember 31 1918 showed the following debits and credits to
your Company (including the Texarkana & Forth Smith
Railway Company), viz.
C o r p o r a tio n D r .
L i a b i l i t i e s D e c e m b e r 3 1 1 9 1 7 , p a i d .$ 2 ,7 3 1 , 4 1 5
A d d i t i o n s a n d B e t t e r m o n t s ------------- 1 , 1 3 5 , 3 3 8
C a s h A d v a n c e d d u r in g th o y e a r :
F o r I n t e r e s t p a y m e n t s -----------------9 8 3 ,8 5 6
F o r D i v i d e n d p a y m e n t s __________
4 2 0 ,0 0 0
F o r p a y ln e n t o f L ib e r t y L o a n
B o n d s a n d T r e a s u r y C e r tifi­
3 6 0 ,8 4 0
c a t e s o f I n d e b t e d n e s s __________
E x p e n s e s P r io r t o J a n u a r y 1 1 9 1 8 .
4 3 0 ,0 9 5
R e v e n u e s P r io r t o J a n u a r y 1 1 9 1 8 .
6 6 ,0 9 3
1 5 2 ,7 6 1
M i s c e l l a n e o u s D e b i t s ------------------------C a s h A d v a n c e d fr o m W a s h in g to n :
F o r I n t e r e s t p a y m o n t s -----------------F o r D i v i d e n d p a y m e n t s __________
F o r E q u ip m e n t T r u s t p a y m e n ts

77
85
28
00

11
68
93
16
-$ 6 ,2 8 0 ,4 0 1

78

$ 8 2 0 ,1 5 0 0 0
2 1 0 ,0 0 0 0 0
5 4 ,8 5 0 0 0
1 ,0 8 5 ,0 0 0 0 0
$ 7 ,3 6 5 ,4 0 1

78

M IL E A G E

B Y

STA TE S.

O w n ed b y th e K . C . S . R y . C o . a n d
S u b s id ia ry C o m p a n ie s .
S ta te.
M a in
L in e .
M is s o u r i . .
K a n s a s _____
A rkan sas . .
O k la h o m a .
L o u is ia n a .
T e x a s .............

1 7 4 .6 2
1 8 .3 8
1 5 2 .9 2
1 2 7 .6 4
2 2 2 .4 6
8 1 .0 8

T o ta ls _ .

7 7 7 .1 0

S econ d
M a in
T ra ck.

Y a rd
B ra n ch es T rack &
S id in g s .

9 .1 6
1 .3 2
8 .4 5

4 .2 3
1 5 .0 4
2 6 .6 2

—
1 8 .9 3

4 5 .8 9

U n d er
T rack­
age
R ig h ts .

U n d er
L ea se—
Y a rd
T rack.

T o ta l
M ilea g e.

1 1 8 .4 7
5 4 .0 1
5 0 .9 3
4 7 .2 3
8 8 .4 6
6 1 .0 3

2 5 .3 1

.8 3
4 .0 9

_______
_______
—

_______
____~ _
.............

3 2 8 .3 9
7 7 .8 0
2 1 6 .5 3
1 8 9 .9 1
3 3 7 .5 4
1 4 2 .1 1

4 2 0 .1 3

2 5 .3 1

4 .9 2

1 ,2 9 2 .2 8

The total track mileage of the system underwent a decrease
during the year from 1,293.23 to 1,292.28, making a net
change of .95 mile, which consists of the following items:
D e d u c tio n s —
A c c o u n t r e lo c a t in g F ir s t M a in T r a c k , S e c o n d S tr e e t a n d L y d ia
A v e n u e , K a n s a s C i t y , M o __________________________________________________
.0 3 m i l e
A c c o u n t r e lo c a t in g S e c o n d M a in T r a c k , S e c o n d S tr e e t a n d L y d ia
A v e n u e , K a n s a s C i t y , M o ------------------------------------------------------------ -------------------1 6
“
Y a r d , T e r m i n a l a n d S i d e T r a c k s ( n e t ) -------------------------------------- -------------.7 6
“
T o t a l D e c r e a s e in S y s t e m

M i l e a g e _____________________________________

.9 5

m ile

E Q U IP M E N T .

The Rolling Equipment owned or otherwise controlled on
December 31 1918 consisted of:
A c q u ire d
U n d er
E q u ip .
L o co m o tiv e s—
O w n ed . T ru sts.
P a s s e n g e r ............ ..........................
27
F r e i g h t _______________________
109
15
S w i t c h i n g __________________
30 5
T o t a l s ......................................
166
F reig h t E q u ip m e n t—
I n C o m m e r c ia l S e r v ic e :
B o x C a r s __________________ 1 ,9 4 1
F u r n i t u r e ________________
233
S t o c k _______________________
290
T a n k _______________________
99
C o a l ________________________
447
F l a t _________________________
205
V i n e g a r T a n k ___________

20

97

995
197

2

T o t a l s ________________ _____3 , 2 1 5 1 , 2 9 1
n W o r k S e r v ic e :
266
B o x C a r s ..................... _____
1
C o a l ---------------------------- -------83
F l a t ................................. _____
53
B a l l a s t _______________ -------C o n v e r t ib le C o a l a n d
142
B a l l a s t ___________ _____
8
W a t e r C a r s ________ _____

A cq u ire
U n d er
E q u ip .
P a s s e n g e r E q u i p t .— O w n e d . T r u s t s .
C o a c h e s _______________________
29
C h a i r C a r s ............... .................
25
•2
C o a c h a n d B a g g a g o _______
C o a c h a n d M a l l .....................
1
B a g g a g o --------------------------------18
B a g g a g o , C o a c h a n d M a il
1
E x p r e s s a n d M a l l . ...............
10
1
E x h i b i t C a r s ________________
4
O ffic e a n d P a y C a r s .. .
T o t a l _______________________
W o r k E q u ip m e n t—
O u t f i t C o a e h e s --------------------D e r r i c k s _____________________
S t e a m S h o v e l s ............ ...........
S l o p o L o v o l e r s ..................... ...
D i t c h e r s _____________ _______
P i l e D r i v e r s .............................
L i d g e r w o o d s ........................... ..

91
9

10
3

C o r p o r a tio n C r .
C a s h o n h a n d a n d in t r a n s it D e c e m b e r 31
1 9 1 7 _________________
$ 1 ,9 5 0 ,9 6 5
M a t e r ia l a n d S u p p lie s D e c e m b e r 31 1 9 1 7 , a d ­
j u s t e d _____________________________________________________ 1 , 1 6 0 , 2 1 5
A s s e t s D e c e m b e r 3 1 1 9 1 7 , c o l l e c t e d ________________ 1 , 0 6 4 , 4 4 1
A g e n t s ’ a n d C o n d u c t o r s ’ b a la n c e s D e c . 31 1 9 1 7 .
3 2 3 ,7 0 9
N o n - o p e r a t i n g I n c o m e i t e m s c o l l e c t e d -----------------2 0 2 ,8 1 0
E q u i p m e n t r e t i r e d __________________________
1 6 2 ,1 4 4

T o t a l .............................. _____
36

C abooses.

35
40
05
52
90

G ran d

4 ,8 6 4 ,2 8 6 5 8
B a la n c o in f a v o r o f R a ilr o a d

A d m i n i s t r a t i o n _______ _______ . . $ 2 , 5 0 1 , 1 1 5 2 0

553
79

T o t a l s . . ............... 3 , 8 4 7

1 ,2 9 1

T o ta l.

35

In addition to this railroadjproperty^its rights of£way,
real estate, buildings, equipment and appurtenances, the
Company controls, by virtue of its ownership of securities,
all the property of the following corporations, viz.:

The above statement excludes the standard return due
from the Railroad Administration and amounting (as pro­
visionally certified by the Inter-State Commerce Commis­ A standard-gauge lino from lleavener, Oklahoma,'v£to
sion) to $3,535,427 33, interest due your Company on addi­ Waldron, Arkansas, 32.33 miles, together with rights of way,
tions and betterments completed since January 1 1918, and buildings and appurtenances; controlled by your Company
the value of roadway property retired and not replaced.
through ownership of all^thelcapital stock and bonds.
T IIE IA R K A N S A S

M IL E S

OF

W E S T E R N IR A IL W A Y tC O M P A N Y ,

R A IL R O A D .

The track mileage of your Company at the end of the year A standard-gauge line from Shady Point, Oklahoma,£to
was as below stated:
Calhoun, Oklahoma, 6.59 miles, together with rights of
way, buildings and appurtenances; controlled by your Com­
pany through ownership[offalli.tho capitaUstock. «*■ *■ *'TH E

M a in L in e —
K a n s a s C i t y , M o . , t o B e l t J u n c t i o n , M o ____________ 1 1 . 9 6 m l l e 3
“
G r a n d v i e w , M o . , t o P o r t A r t h u r , T e x _____________ „ 7 6 5 . 1 4
l i
--------------7 7 7 .1 0 ;m ile s




P O T lS A U

VA LLE Y

R A IL R O A D

C O M P A N Y .

A ug . 9 1919.]

THE CHRONICLE

591

A table showing the progressive improvements made in
. Union dopot property at Shreveport, Louisiana, including bridges and culverts from June 30 1900 to December 31 1918
its real estate, buildings and 1.20 mile of yard and terminal appears in the statistical section. [In pamphlet report.]
track; controlled by your Company through ownership of The work of widening cuts and fills to standard specifi­
all the capital stock.
cations was carried forward. Expenditures for that pur­
pose were made in the amount of 827,424 00.
Incident to the program of
Lands, slips, docks, wharves, warehouses, one grain pended for protection of banks improvement there was ex­
and drainage 824,029 00.
elovator (capacity 500,000 bushels), etc., all at Port Arthur, There was expended for strengthening ballast at various
Texas; controlled by your Company through ownership of points along the line 8168,992 54. The condition of vour
all the capital stock and bonds.
main line with respect to ballast as of date December 31 1918
c.
was as below:
One grain elevator, of capacity 650,000 bushels, situated
at Kansas City, Missouri; controlled by your Company
through ownership of all the capital stock.
During the
line between
A company formed for taking titlo to real estato at Mena, Leesville and year 14.89 miles of your main had formerly
DeQuincy, Louisiana, which
Arkansas, vacated by employees in consequonco of the been laid with 60-pound rail, were relaid with new 85-pound
establishment of new division terminals at Ileavener, Okla­ steel, making the weights of rail in your main line mileage
homa, and Queen, Arkansas; controlled by your Company as of December 31 1918 as follows:
through ownership of all tho capital stock.
TH E

K AN SAS

C IT Y .

PO R T

SH R E V E PO R T

A R T H U R

TH E

K .

C A N A L

S,

&

&

G U LF

D O C K

E LE V A TO R

T E R M IN A L

CO .

C O M PA N Y .

C O M P A N Y .

S e c t i o n o f 6 i n c h e s o r m o r e u n d e r t i e s . . ........................... .. ......................... 6 9 7 . 8 0 m i l e s
S e c t i o n o f l e s s t h a n 6 i n c h e s u n d e r t i e s __________________________________ 7 9 . 3 0
“
T o t a l m a i n l i n e m i l e a g e o w n e d ________________________________________ 7 7 7 . 1 0 m i l e s

TH E

M E N A

LA N D

G L E N -P O O L

&

IM P R O V E M E N T

T A N K

L IN E

C O M P A N Y .

C O M P A N Y .

. A company operating 160 tank cars owned; controlled
jointly by your Company as tho owner of 75 per cent of
the capital stock, and tho Midland Yalloy Railroad Company
as owner of the remaining 25 per cent of the stock.
That portion of the system lying within the State of Texas,
the mileago of which is includod in tho operated mileage of
your Company, is owned by tho Texarkana & Fort Smith
Railway Company.
For tho sake of completeness, however, reports for that
company aro included in those of Tho Kansas City Southern
Railway Company.
SA TE M E N T

O F C O R P O R A T E IN C O M E F O R T H E
E N D E D D E C E M B E R 31 1918.

F IS C A L

Y E A R

(I n c lu d e s t h o T e x a r k a n a & F o r t S m ith R a ilw a y C o m p a n y .)
I n c o m o f r o m L e a s e o f R o a d ............................................$ 3 , 5 3 6 , 2 2 7 7 9
M i s c e l l a n e o u s I n c o m e ................................... ......................
2 5 8 ,1 8 0 5 5
C o r p o r a t e E x p o n s e s ................................................................
$ 1 5 2 ,8 4 8
l a x A c c r u a l s _____________________________________________
jjg
I n t e r e s t o n F u n d e d D e b t __________________ .
1 ,8 4 1 * 5 9 1
M i s c e l l a n e o u s I n c o m o C h a r g e s . . ............... . . I I . I
6 0 5 ,5 8 0

$ 3 ,7 9 4 ,4 0 8 3 4

65
yn
72
26

2 ,7 1 9 ,4 7 7 3 3

I n c o m o B a l a n c e ___________________________________________________________

$ 2 3 4 ,9 3 1

D E P R E C IA T IO N .

Tho Federal Management set up through the usual charges
to maintenance a roservo covering tho accrued depreciation
of equipment belonging to your Company and the Texarkana
& 1 ort Smith Railway Company, as below stated:
« clo 09,1 99
69 0 1 7 1 1
o ' c a i r.4
— 12
4 ,8 0 7 5 7
$ 1 4 2 ,3 1 7 12

No part of this amount has yet been credited to tho rail­
way companies.
T A X E S.

State and municipal taxes accrued, and Federal taxes in
part, wero assumed by tho Railroad Administration. Be­
sides the normal incomo tax withhold at tho sourco, your
Company became liablo for incomo and war profits taxes in
oxcess of the normal tax, amounting to 8119,456 70.
R E F U N D IN G

A N D

IM P R O V E M E N T

M O R T G A G E

B O N D S.

There was no change in tho situation with respect to tho
Refunding and Improvement Mortgage Bonds, authorized
by tho stockholders June 29 1909. The status in that regard
at tho ond of tho year was as follows:
1 o t a l a u th o r iz e d i s s u e .. . . . .
q o i o o a , ,/i n .,,,
i s s u e d a n d s o l d ............... .. .................................... ...................................................... 1 8 , 0 0 0 . 0 0 0 0 0
U n iss u e d D e c e m b e r 31

1 9 1 8 ................................................................... ..

E Q U IP M E N T

$ 3 ,0 0 0 ,0 0 0 0 0

TR U STS.

The total face amount of Equipment Trust Obligations
outstanding December 31 1917 was:
S e r i e s " D , ” d a t e d D o c o m b o r 1 5 1 9 1 2 . ..................
P a i d d u r i n g t h o y e a r ..................... .......................................... I I I I I I I I I I I i : '
O u ts ta n d in g

D ecem ber

31

« w is« n o n n o
E& OOO 00

1 9 1 8 _____________________________________ $ 7 4 4 , 0 0 0 0 0

A D D IT IO N S A N D

B E T T E R M E N T S .

=

=

=

=

=

. Net expenditures were mado from current funds for Addi­
tions and Betterments to road and equipment in tho amounts
following: •
! &
g o a ? ............................................................................................
l o r E q u i p m e n t ..............................................................................

$ 6 9 7 ,4 8 5 51
6 6 2 ,0 8 9 5 9
— ------------------------ $ 1 , 3 5 9 , 5 7 5 1 0

A classified schedule of such expenditures is presented in
the statistical section of this roport.
Tho bridges, trestles and culverts of your road wero im­
proved by increasing tho longth of steel bridges from 22,762
feet to 22,851 feet; by increasing tho length of trestles from
64,786 feet to 64,804 feot; increasing the number of stone
and concrete culverts from 689 to 696; increasing the number
of cast-iron pipo culvorts from 592 to 593, and by increasing
tho number of concroto pipo culverts from 118 to 130.




6 8 3 .6 9 m ile s
8 6 .0 7
“
7 .3 4
“

.

T o t a l m a in lin e m ile a g e o w n e d .

.7 7 7 .1 0 m ile s

Work upon the schedule for the reinforcement of track
through the application of tie plates, anti-creepers and other
devices, with a view to stability, permanence and economy
of maintenance, was continued, the sum expended for this
purpose being 827,345 00.
New station buildings, required by public authority or
made necessary by the demands of traffic, have been erected
at the following locations. The expenditures for these
facilities were as below set forth:
P r i o r to
Jan. 1 1918.
S a n d e l , L a ____________
S o u th M a n s fie ld , L a .
A m s t e r d a m , M o _____
H u m e , M o _____________
V i d o r , T e x _____________
S c u l l y v i l l e , O k l a _____

$ 4 3 18
6 ,1 4 0 14

42 90

T o t a l s .................. ..................................$ 6 , 2 2 6 2 2

N o t I n c o m o _____________________
« i 074 o n n 1
D i v i d o n d A p p r o p r i a t i o n s _____________________________ I I I I I I I I I I I I I
’8 4 o !o b o 00

S t e a m L o c o m o t i v e s ___________________
F r o i g h t - t r a i n C a r s ................................
.............
P a s s e n g e r - t r a i n C a r s .................. .........................
W o r k E q u i p m e n t ......................................... . 1 1 1 1 1 1 1 1 1 1 '

R a i l w e i g h i n g 8 5 p o u n d s p e r y a r d ___________
R a i l w e i g h i n g 8 0 p o u n d s p e r y a r d ___________
R a i l w e i g h i n g le s s t h a n 8 0 p o u n d s p e r y a r d

F o r th e
Y ea r E n d ed
D e c . 31 1 9 1 8 .
$ 1 ,8 7 2 18
2 ,3 6 1 4 3
1 ,7 7 1 7 1
4 ,0 4 3 81
14 29
6 18
$ 1 0 ,0 6 9 6 0

T o ta l.
$ 1 ,8 7 2 1 8
2 ,4 0 4 6 1
7 ,9 1 1 8 5
4 ,0 4 3 8 1
14 29
49 08
$ 1 6 ,2 9 5 8 2

The expenditures made for additions and betterments
include the cost of a number of new sidings to serve industries
not heretofore reached by your tracks, and to accommodate
new industries in process of establishment.
Tho following is a list of such industry tracks, some of
which have been completed and others are in course of con­
struction:
N E W T R A C K S T O S E R V E N E W IN D U S T R IE S .
C o m p le te d —
C a l c a s i e u P a r i s h , L a _______________________
M ilo 7 9 7 -B
J o h n D o l l i n g e r . ................................ .. ..................... . I I I I I I I I " B e a u m o n t , T e x .
-------------------------------------------------------------------------W o r i a n d , M o .
R i d s e l e - L u t t r e l l C o __________________
M ile 70 2
L o u i s i a n a G a s C o ...............................................I I I I I I I I I I I I l M i l e 5 6 3 .'
A l l i e s C o a l C o --------------------------------------- ----------------------------------------- W o r i a n d . M o .
R uddy B r o s ....
--------------------------------------------------------------------K a n s a s C i t y . K a n .
L a m b e r t C h e m ic a 1C o .
........................ .................................. . . . L a k e C h a r l e s , L a .
* e r d B r e n n e r L u m b e r C o _______________
M i l e f i0 7
O w e n G r o v ^ i . -----------------------------------------------I K II I II lM e r w in !
M o.
1 h e Texas C o
---------------------------------------------------------------------------- D e R i d d e r , L a .
S h e r i d a n C o a l C o ------------------------------------------------------------------------- C a r n e y , M o .
U n co m p lete d —
C a l c a s i e u P a r i s h , L a . . . ____________________________
M ile 7 1 8
V a r i o u s I n d u s t r i e s _________________________________ I I I I I I I I l A s b u r y , M o .
■
nt
a
„
.
L a w ton , K a n .
N . A . K e n n e d y . . . . . -----------------------------------------------------------------K a n s a s C i t y , K a n .
H e n n i n g Sc G i l b e r t _____________________________________________ M i l e 7 8 2 .
B e r r y I n d u s t r i e s ----------------------------------------------------------------------------W i n t h r o p , A r k .
B e s t C l y m e r C o _____________________________________
P o t e a u O k la
B l u e J a y C o a l & M i n i n g C o . . . ....................................I I I I I W o r i a n d , M o .
S p e a s \ in e g a r C o .
----------------------------------------------------------K a n s a s C i t y , M o .
I r o s t - J o h n s o n L u m b e r C o ___________________________________ M i l e 6 0 7 .
9
e x a r k a n a C o m p r e s s C o ------------------------------------------------------ T e x a r k a n a , T e x .
F e r d B r e n n e r L u m b e r C o ................................................................. C e d a r G r o v e . L a .
C om pN E W _ T R A C K S

TO

SE RVE

E X IS T IN G

IN D U S T R IE S .

pg®
C ? i --------------------rr---------------------------------------------------------- P o r t A r t h u r , T e x .
^
rt^ r , ^ P e r a g ^ C o - .................................... - ....................P o r t A r t h u r ! T e x .
K a n s a s C i t y R a i l w a y s C o . . -------------------------------------------------- K a n s a s C i t y , M o .
K a n s a s C i t y L i g h t & P o w e r C o ............ ......................... ..............K a n s a s C i t y , K a n .
i J . Y . O O I I ____ _______________________________ ____
D p O iio pti A r k
J e f f e r s o n C o u n t y T r a c t i o n C o ____________
G r iffin t t T e x "
...................K a n s a s b i t v V a n
F r a n k P u r c e l l . ........................................
M i l l e r - L i n k L u m b e r C o .......................... . . I l l l l l l l l l l l l S S S S S v S t o f ' T «
H a y s G r a i n C o ............................................................................................F t . S m i t h , A r k .

Seven M allet-type freight locomotives costing 8753,­
459 71, built by the American Locomotive Company accordmg to specifications furnished by your Company prior to
the beginning of Federal control, were received by the Rail­
road Administration and put into service. A partial descrip­
tion of these engines follows:
T r a c t i v e P o w e r — S i m p l e . . . ........................ ..
101 n n n l h c
T r a c t i v e P o w e r — C^o m P<>un d - ................................................................. .................1b ?0 , 6 0 0
om pound.
.................................................................l 0 «
“
W e ig h t o f E n g in e
l o a d e d ...................- - - -------------- ---------------------------4 9 5 ,0 0 0
“
W e i g h t o f E n g i n e a n d T e n d e r l o a d e d _______ I I I
6 9 4 ’ qoo
W e i g h t o n D r i v e r s l o a d e d ...........................................................I I I I I I I I I I I l 4 6 6 ! 0 0 0
“

In carrying out the program adopted by your Company
prior to Federal control, the net expenditure chargeable to
capital account during the year by the Railroad Adminis­
tration in improving equipment amounted to 879,857 10
and consisted mainly in the following:
Locomotives—Application of superheaters, coal pushers,
electric headlights, flange oilers and steam-heat attachments.
r roiglit-train Cars—Application of metal draft arms and
carlmcs to box and stock cars, of metal draft arms to ballast
and gondola cars, of steel underframes to tank cars, and of
U. S. safety appliances.
Passenger-train Cars—Application of steel underframes.

F E D E R A L

V A L U A T IO N .

Additional hearings were had before an Examiner of the
Inter-State Commerco Commission, at which the testimony
of parties to the proceeding involving the Federal valuation
of your Company’s property was concluded.
On October 17 to 19 1918, briefs having previously been
filed, the final argument of counsel for all parties was heard
by the Commission at Washington, D. C., whereupon the
case was formally submitted for decision by the Commission.
The report of the Commission has not yet been announced,
but indications point to its early publication.
At the time of the final argument a motion was filed on
behalf of your Company asking that the Commission hear
further testimony with respect to the cost of acquiring lands
at date of valuation by purchase or condemnation, that
being one of the matters required by the valuation act to
be ascertained and reported. The motion was overruled by
the Commission, its action in such regard being based upon
its report in an earlier case involving the valuation of the
Texas Midland Railroad, wherein the conclusion was reached
that it should not undertake to comply with this particular
requirement of the statute. The amount at issuo is approxi­
mately 84,500,000 00, or not less than one-half the acknowl­
edged cost necessary to acquire carrier lands on the date of
valuation.
.
Following this action upon the motion, a proceeding in
mandamus was brought in the Supreme Court of the District
of Columbia, seeking to compel the Commission to receivo
such testimony and to report this fact with respect to the
lands of your Company. The case is now pending in the
Court of Appeals of the District of Columbia on an appeal
by your Company from an adverse decision in the lower
court.
.
The cost to your Company of Federal valuation up to
December 31 1918 is as follows:
F o r th e
To
'
Y ea r en d ed
D ec. 31 ’ 17. D ec. 31 ’ 1 8.
-------------F i e l d w o r k __________________ - _______________ $ 6 8 , 8 2 4 7 2
V a lu a tio n
ord ers,
In tersta te
C om ■
m e r c o C o m m i s s i o n _____________________
2 1 ,0 0 7 2 8
-------------C o n t r ib u t io n s t o P r e s id e n ts ’ C o n fe r e n c e C o m m i t t e e . . . .........................................
2 .0 9 7 6 8
$310 20
A p p r a i s a l o f r e a l e s t a t e --------------------------------1 1 .9 5 0 1 4
401 70
9 8 ,1 4 4 2 0
6 2 ,8 9 0 6 9
G e n e r a l a n d m i s c e l l a n e o u s ________________
T o t a l s ................ .......................................................$ 2 0 2 , 0 2 4 0 2

$ 6 3 ,6 0 2 5 9

T o ta l.
$ 6 8 ,8 2 4 7 2

stipulation by counsel with representatives of tho Stato
that the case of your Company should abide tho decision in
another of advanced order, thus avoiding the expense in­
cident to a long and difficult trial. Similar action had been
previously taken, with like benefit, in tho conduct of the
Arkansas rate controversy.
Your Company was able to settle for 830,000 a claim
which it had filed in the receivership proceedings of tho St.
Louis & San Francisco Railroad Company, based upon the
abandonment by tho Receivers for that company of a con­
tract whereby it had secured trackage rights for the opera­
tion of certain trains over the terminals of your Company
at Kansas City, Missouri. Tho action of the receivers in
abandoning the contract afforded no basis for a claim against
them, but did furnish ground for a claim against the bankrupt
company. It was presented by intervention in tho receiver­
ship proceedings on the rule announced in the Guardian
Trust Company Case, that if the stockholders of tho existing
company were permitted to participate in tho proposed
reorganization, equitable treatment must be accorded to
all its creditors. It developed that tho reorganization plan
did contemplate such participation, and by pressing the
claim in question your counsel succeeded in procuring the
insertion in the decree of foreclosure of a provision that
the subsequent approval by the court of tho salo of tho
property would be conditioned upon the plan of reorganiza­
tion containing adequate provision for the fair treatment
of all claims against tho insolvent company. This resulted
in a settlement for the amount stated.
The appended balance sheets and statistical statements
givo full detailed information concerning expenditures for
improvements, and the results of operation under Federal
control. [In pamphlet report.]
A report, including balance sheet, income account and
other pertinont data, in form prescribed by the Inter-State
Commerce Commission, has been filed with that body at
Washington.
By order of the Board of Directors.
L. F. LOREE,

2 1 ,0 0 7 - 8
oo
2 ,4 0 7 8 8
l^ > 3 e l§ 4
1 6 1 ,0 3 4 8 9

President.

[F o r C o m p a r a t iv e in c o m e A c c o u n t , B a la n c e S h e e t , & c ., s e e C o m ­
p a n y 's s t a t e m e n t u n d e r “ F i n a n c i a l R e p o r t s " o n a p r e v i o u s p a g e . )

$ 2 6 5 ,6 2 6 61
C U R R E N T

L IT IG A T IO N .

A case terminated was that brought against your Com­
pany in 1917 by Festus J. Wade, Receiver of the Missouri
& North Arkansas Railroad. That company had and
now has trackage rights over your rails between Joplin and
Neosho, Missouri. On August 5 1914, thero was a head-oii
collision at Tipton Ford between a motor passengor car of
the tenant line and a regular passenger train of your Com­
pany, resulting in tho death of forty-three passengers upon
the motor car, the injury of almost an equal number, and
the complete destruction of the car. By arrangement with
the Receivers of the tenant, the latter paid all claims grow­
ing out of death or injury, leaving open tho question of
liability as between tho parties under tho trackage con­
tract. was instituted by the ^ . seeking recovery of„
. Receiver , .
Suit
the amounts so paid and tho value of the motor car, upon
the contention that tho casualty was due to negligence on
the part of the train dispatcher at Joplin who was alleged to
be the solo employee of your Company. The total recovery
sought was 8190,000, for which sum judgment was ob­
tained against your Company in the trial court. The award
was reduced to $87,000 by the Supreme Court of Arkansas,
which held that under the terms of tho trackage agreement
the dispatcher was the joint employee of both parties, and
that your Company was liable for only one-half the amount
disbursed in tho adjustment of claims for injury, but was
not responsible for damage resulting to property of the other
company. Tho modified judgment has been satisfied.
An important case, that of Lawson against tho Port
Arthur Canal & Dock Company, was brought to a success­
ful termination. Suit was ontered by tho previous owner
of an extensive area of land held by tho Dock Company
at Port Arthur, Texas, who sought to establish title thereto
on the theory that the action of the defendant corporation
in deeding its canal to the United States Government
amounted in law to an abandonment of such land, and that
the plaintiff thereupon succeeded to its ownership. The
suit was decided in favor of the Company by tho trial court,
and judgment was affirmed by the Court of Civil Appeals
of the State of Texas in a divided opinion. In January
1918 the Supremo Court of the State dismissed a writ of
error sued out by the plaintiff, seeking to have tho decision
of the Court of Civil Appeals roviowed, thus finally dis­
posing of the case in favor of your Company.
Litigation in tho Federal Court comprising suits by your
Company and various other railways, praying an injunc­
tion against tho enforcement of certain rate orders pro­
mulgated by the Corporation Commission of Oklahoma,
was brought to a favorable conclusion. Because of Federal
control, the adjudication is not immediately important so
far as concerns the question of rates for tho future, but is
of importance in that it relieves the carriers from tho duty
of reparation with respect to shipments moved in tho past
while a temporary injunction was in force. Tho result is
gratifying since it was effected at a minimum of cost through



[Vol. 109.

THE CHRONICLE

592

N O T I C E S

— I n t h e ir fu ll p a g e a d v e r t is e m e n t p u b lis h e d in t h e " C h r o n i c l e ”
on

th e a d v e r tis in g p a g e o p p o s it e o u r w e e k ly s ta t e m e n t o f b a n k

S lo c u m ,
say

a

A vram

w ord

&

S lo c u m

about

L a b o r a t o r ie s ,

th e m s e lv e s .

The

I n c .,

S -A -S

in d u s t r ia l

L a b o r a to r ie s

to -d a y -

c le a r in g s
e n g in e e r s ,

w ere

th o

fir s t

o r g a n i z a t i o n o f i t s k i n d in e x i s t e n c e t o i n v e s t i g a t e a n i n d u s t r i a l p r o p o s i t i o n ,
d e v e lo p it a n d m a n u f a c t u r e t h e p r o d u c t in q u a n t i t y o r a s s u m e t h e m a n a g e ­
m e n t o f th e p la n t o r

e n te r p r is e .

The

S -A -S

o r g a n iz a tio n

c la im

to h a v e

r e d u c e d t o a n e x a c t s c ie n c e t h e m e a n s o f d e t e r m in in g t h e v a l u e t o its
b a c k e r s o f a n y In d u s tr ia l e n te r p r is e , n o m a t t e r w h a t its p r o d u c t , b e fo r e
a d o l l a r is s p e n t o n
tory

In

and

is

N ew ark ,
la r g e ly

d e v e lo p m e n t .

N .

J .,

e m p lo y s

d e v oted

to

T h e c o r p o r a t io n ’s fa c t o r y a n d la b o r a ­
h u n d r e d s o f m e c h a n ic s

m e c h a n ic a l

research .

and

s p e c ia lis ts ,

I n d iv id u a ls

and

corp o­

r a tio n s w it h p r o d u c t io n p r o b le m s t o s o lv e a r e in v it e d b y t h o S -A -S L a b o r a ­
to r ie s

to

try

th e ir

sy stem

of

in d u s t r ia l

in v e s tig a tio n

and

m a n a g e m e n t.

T h o S - A - S e x e c u t i v e o f f i c e s a r e in t h e W o o l w o r t h B u i l d i n g , t h i s c i t y .
— A t 9 8 a n d a c c r u e d d iv i d e n d , W illia m S a lo m o n & C o . a n d I la llg a r t e n &
C o ., o f t h is c i t y , a r e j o i n t l y a d v e r t is in g $ 5 ,5 0 0 ,0 0 0 A u s t in , N i c h o ls & C o .,
I n c ., 7 %
in g s .

c u m u la t iv e p r e fe r re d s t o c k , p re fe r re d a s t o b o t h a s se ts a n d e a r n ­

A u s t i n , N i c h o l s & C o . a r e t h e l a r g e s t w h o l e s a l e g r o c e r y c o n c e r n in

A m e r ic a .
t h is n e w

T h e b u s in e s s w a s e s t a b lis h e d 6 4 y e a r s a g o .
is s u o a p p e a r in

F u ll p a r t ic u la r s o f

t h e a d v e r t is e m e n t e ls e w h e r e in t h e “ C h r o n i c l e ,”

a n d t h o b a n k e r s w ill b e g la d t o m a il a d e s c r i p t i v e c ir c u la r o n r e q u e s t .
— T h e C o r p o r a t io n
m ent

stock s,

bon d s,

S e c u r itie s C o . h a s b e e n o r g a n iz e d t o d e a l in in v e s t­
n otes,

and

tra n sa ct

a

g e n e r a l fin a n c ia l

4 9 W a ll S t ., t h is c i t y , a n d 2 0 9 S o . L a S a lle S t ., C h ic a g o .
F . K . S ch rader,

P r e s .; G e o .

O tis S p e n c e r ,

b u s in e s s a t

T h o o ffic ia ls a r e

V ic o -P r e s ., a n d

C .

B . S tu a rt,

S e c . & T r e a s ., a ll f o r m e r ly a s s o c ia t e d w it h H a ls e y , S t u a r t & C o .
o r g a n iz a tio n

w ill h a v e

p r iv a te

w lr o fa c llifle s

b etw een

C h ic a g o

T h o new
and

N ew

Y o r k , B o s t o n , P h ila d e lp h ia , D e t r o it a n d S t. L o u is .
— Tho

G u a ra n ty

T ru st C o.

o f N ew

Y ork

has boon

a p p o in te d

tr a n s fe r

a g e n t o f t h o p r e fe r r e d a n d c o m m o n s t o c k o f th o M e x ic a n I n t e r n a t io n a l C o r ­
p o r a t io n , t h e B u ll T r a e t o r -M a d is o n M o t o r s C o r p o r a t io n , a n d th o s t o c k o f
P a r is h & B in g h a m

C o r p o r a tio n .

A ls o a p p o in t e d r e g is tr a r o f th o s t o c k o f

th o G e n e ra l T r a c to r s , In c.
— F or

record

p u rposes

o n ly ,

th e

B an k ers

T ru st C o. and

B ern h ard,

S c h o llo & C o . , o f t h is c i t y , w it h t h o W a c h o v ia B a n k & T r u s t C o . o f W in s t o n S a le m ,

N .

C .,

are

a d v e r t is in g

th e ir jo i n t

o ffe r in g

of

$ 1 5 ,0 0 0 ,0 0 0

It.

R e y n o l d s T o b a c c o C o . 3 - y e a r 6 % n o t e s , d u o A u g . 1 1 9 2 2 , in t h is is s u e .

J.

Tho

n o te s h a v e a ll b e e n s o ld a n d w e r e o ffe r e d a t 100 a n d a c c r u e d in te r e s t.
— R e in h a r t & B e n n o t , m e m b e r s N o w Y o r k S t o c k E x c h a n g e , 5 2 B r o a d w a y ,
N . Y . . a n n o u n c e th e o p e n in g o f th o ir o f f ic o fo r th o tr a n s a c tio n o f a g e n e ra l
s t o c k e x c h a n g e a n d I n v e s t m e n t b u s in e s s .
R o in h a r t, m e m b e r N e w

Y ork

S to ck

T h o fir m

c o n s is ts o f O . S ta n le y

E xch a n g e, H . L . B on n et an d

B. n .

H o w e ll, s p e c ia l.
— A n o w is s u e o f $ 3 ,0 0 0 ,0 0 0 B o o n e C o u n t y C o a l C o r p o r a t io n 6 %

c u m u la ­

t i v e p r e f e r r e d s t o c k is o f f e r e d t o i n v e s t o r s b y M o n t g o m e r y & C o . , o f t h i s
c ity

and

P h ila d e lp h ia ,

by

a d v e r tis e m e n t

on

a n oth er

page.

P r ic e

85,

y ie ld in g o v e r 7 % .
— H e m p h ill, N o y e s & C o ., o f N o w

Y o r k , P h ila d c p h la , B o s t o n , B u ffa lo

a n d S c r a n t o n , h a v o o p e n e d a n o w o f f i c e in t h e T e n E y c k B u il d i n g , A lb a n y ,
u n der th o m a n a gem en t

of

W a lte r

S.

W ig g in ,

w ith

J.

S t a n le y

D a v is

as

A s sista n t M a n a g e r .
— W m .

H .

M c C a ll,

M a lc o lm

M a cA rth u r,

E x c h a n g e , C a s llo a r C o b b ,

h a v o fo r m e d th o

M a cA rth u r

B roadw ay,

&

C o .,

at

29

R oom

m em ber

new

S tock

1104,

N ow

Y ork

S tock

E x c h a n g o fir m

t h is

c ity ,

of

te le p h o n e ,

W h ite h a ll 2 3 3 .
— M i l l e r & G e o r g o , d e a le r s in i n v e s t m e n t s e c u r i t i e s , l o c a t e d in t h o I n d u s ­
tr ia l T r u s t B u i l d i n g , P r o v i d o n c o ,

an n ou n ce

t h a t O . C o b u r n D a r lin g a n d

A lb e r t H a r k n e s s P o la n d w e r e a d m it t e d t o g e n e r a l p a r t n e r s h ip in t h e ir f ir m

Aug. 1.

Aug. 0 1919.]
(J P o m m m M

TH E

2 £ im ;e S o

COMMERCIAL EPITOME

C H R O N IC L E

593

It is of course regrettable that the condition of spring wheat
in this country according to the U. S. Government report
published today had fallen on Aug. 1, to 53.9% against
80.9% on July 1 and 79.6% on Aug. 1 last year. The indi­
cated crop of spring and winter wheat which on July 1 was
1,161,000,000 bushels had dropped by Aug. 1 to 940,000,000
bushels against 878,000,000 bushels last year. The high
record is 1,025,001,000 bushels in 1914. But recent rains
give hopes of a somewhat larger yield than today’s figures.
The oat crop which promised on July 1 to be 1,403,000,000
bushels had fallen by Aug. 1 to 1,266,000,000 as against
1,538,359,000 bushels last year. The corn crop though its
condition lost 5% during the month looks better than it
did a year ago and now promises to be close to 2,800,000,000
bushels, or about 200,000,000 bushels more than last year.

Friday Night, Aug. 8 1919.
Trade, though in some directions good, lias been on the
whole less active. Strikes on railroads, a nation-wide
agitation against dear food and tho high cost of living gen­
erally, demands of labor organizations for revolutionary
legislation in regard to railroads, a bad break in tho stock
market, widespread industrial unrest and a disappointing
decrease in tho wheat and oats crops, have all combined to
make it a memorable week. In general cash prices have
given way far loss than speculative prices. But cotton is
distinctly lower; also pork products. Owing to railroad
_
..
A u g. 1 1919. July 1 1919.
A u g . 1 1918.
strikes an embargo has had to be put on shipments of perish- n
?
2
3 4 7 ,64 2
1,1 7 2,95 8
ablo goods. Cattlo and potatoes are higher. At tho West £ . ? o t ha c r1........................... - - - b aaggss..36 7 ,87755
............. .....................b
9 6 ,2
3 4 0 ,17 3
648 ,03 7
jobbing and rotail trade in general is brisk, especially in the
principal grain States, with tho winter wheat crop 715,000,­
000 bushels, the highest on record and tho hay crop also big,
while corn will much exceed tho last yield.
But on the other hand it would be idle to disregard tho It is said that the “Plumb Plan League” is following the
fact that the country is in tho throes of a widespread agitation course pursued so successfully by tho Anti-Saloon League.
in favor of a sharp reduction in tho cost of living. The It has, it seems, established a press bureau amply financed
President declares that tho laws are inadequate to deal with m Washington whence issue daily announcements, statements
this question. Tho peoplo are becoming impatient. They and explanations. One report says three million members
have been told that profiteering is very general, that food of labor unions have purchased, or will purchase, its em­
supplies are being hoarded, in a word that prices are needlessly blematic buttons at $3 apiece. The U. S. Sugar Equaliza­
high. They were patient durng the war with tho high cost tion Board will sell 17,000,000 lbs. of army sugar to food
of everything, the rationing of flour .sugar &c. and the regu­ manufacturers and public institutions. A settlement of
lation of trade in a hundred fields of activity. But the war Chicago’s building trades strike, which involved more than
is over and it does not please tho peoplo to learn that indox 100,000 employees and tied up $125,000,000 worth of con­
number of commodity prices on Aug. 1 1919 was nearly 130% struction work, has, it is stated, been reached. Under the
higher than that of August 1 1914. It certainly does not agreement each building trade employee will receive an in­
allay popular discontent to learn that on August 1, tho index crease of 12^ cents an hour, or $1 per day, and carpenters,'
number was highor than at any time during tho war and also who havo been receiving 80 cents an hour and demanded $1
higher than on the first of any month during tho present an hour, will receive 92j^ cents. After Sept. 1 the carpen­
year. In other words instead of subsiding the price wave is ters will, it is said, receive $1 an hour.
rising. What would onco seom fantastic prices aro predicted LARD
and lower; prime western 32.30@32.40c.;
for shoes and clothing, this fall and winter. Worst of all, refined to quiet Continent 36c.; South American, 36.25c ;
the
food still rules at exorbitant prices. This applios to moats, Brazil in kegs, 37.25e.
poultry, dairy products, vegetables and fruits. Of late it is Futures broke with other provisions and grain on the
truo pork products have doclinod and at times corn has fallon
agitation and heavy selling. Later came a
8 to 10 conts per bushel in a day. But later on grain prices cheaper foodduo to a rise in grain, an advance of $1.50 per
rally partly
ralliod. Whoro thore is any reduction in food hero and thero bbl. in pork and covering of shorts. Today prices advanced
it is very gradual. Tho truth is that the cost of living is a
heavy burden on millions of tho American population and then reacted ending lower for the week.
CHICAGO.
throughout tho country, especially on those who for ono cause
3 1 .0 0
3 0.8
3 1 .4 0
or another havo not had tho benofit of any considerable S e pte m b e r d e l iv e r y .c t s .323.8 5 3 1 .0 0 3 0 .5 5 3 1 .2 5 3311.1 00 3 1 .0 0
.3
3 1.1 5
3
5
raiso in their wages or salarios, if, indeed, any at all.
And tho peoplo aro angered by tho domands of 2,000,000 PORK quiet and easier; mess $58 @$59; family $56@$58;
railroad workors who would dictato Government ownership short clear, $56@$63. Sept, pork closed at $46 at decline
of tho railroads to a population of 110,000,000peoplo. adding for tho week of $4. Beef lower; mess $32 @$33; packet $33
what looks to very many at least like a thinly veiled threat @$34; extra India mess $58 @$60; No. 1 canned roast beef,
of a country-wide striko, paralyzing tho vast railroad system $3.50; N o. 2 S/.25. Cut meats lower; pickled hams, 10 to
of tho U. S. and with it tho business of tho wholo country, 20 lbs. 35J^c.; pickled bellies, 33@34c. Butter, creamery
unloss such domands as aro embodied in tho revolutionary extras 55@55Kc.; other grades 48@58Kc. Cheese flats
Plumb Act aro complied with. Tho vast majority of tho 23@33c. Eggs, fresh gathered extras, 54@55c.; first to ex­
American peoplo do not want Government ownership or tra firsts, 47@53c.
control of tho railroads, telephones or telegraphs. Thoy CO* I EE on the spot has been in small demand and
are heartily sick of Government control of thoso things. easier; No. 7 Rio_22^c.; No. 4 Santos 29^c.; fair to good
Government ownership, tho commercial community of this Cucuta 27 @27 3^c. Futures were depressed by the
country as passengers or shippers simply will not tolerate. anti-dear food agitation and some declino in Brazil. Spot
Businoss men throughout tho country rccognizo that Gov­ prices gave way. Outsiders sold. The trade also sold.
ernment ownership makes for slackness and inefficiency; Later futures rallied somewhat. The Brazilian crop was
privato ownership for progress and general efficiency through estimated in one despatch at only 7,000,000 bags as against
tho weeding out of incompetonts and the advancement for recent expectations of 9,000,000. Also rains have occurred
thoso most fit. Tho great declino in tho stock market was in some parts of Brazil. It was feared that this might
considered in mercantile circles throughout tho country as portend low temperatures. Wall Street bought. Europe
a significant commentary on tho idea of labor dominating bought distant months though it sold near months. Most
tho railroad system of this country, perhaps as an entering of tho trading has been in Dec. and March. Naturally the
wodgo for something furthor.
tone has been more or less nervous. Tho New York Coffee
Moanwhile tho tendency is towards an increased domand Exchango will be closed on each Saturday this month unless
for iron and steel with labor troubles eliminated, but tho otherwise ordered by its board of managers. To-day prices
striko of a largo body of railroad shopmen has hurt business fell and they end lower for the week.
at some centres of the West. The demand for lumber and September.20.95® 21.051December. 20.65 @20.671May 20 60® 20 62
20.651
20 50@ 20 55
othor building material is still sharp. Throughout tho O c to b e r . . . 20.58 @ 20.90 J aanrucahry . . . 20.65© 20.67 J u ly
____
- «
country there is a, scarcity of houses which will tako somo SUGAR 7.28c. forMcontrifugal 9620.67
degrees test Porto Rico
years of construction to remedy. Luxuries aro still in keen and Cuban; granulated 9c.
domand and rising prices for automobiles aro reported. Exports of raw from Cuba are likely to increase markedly
Cotton has doclinod sharply in sympathy with tho broak in soon. A large number
up here,
the stock market. Gorman purchases of cotton in this shipping strike are now of steamers tied Cuba to during the
to
load sugar
country in somo casos have had to bo canceled for lack of for Atlantic ports. The on their way Board allocated 16,200
Equalization
satisfactory credits. Recent rains havo benefited tho corn tons of Porto Ricos for August loading at 7.28c. c.i.f. Some
crop. Tho Government will sell soft wheat flour in car lots 20,000 bags of new crop Cuban sugars have been sold for
in various parts of tho country at $10 per bbl., where pricos
shipment at
equal to 7.66c. duty
havo been too high. Tho Government is to prosecuto hoardors Jan. here. Cuban6.25c. f.o.b. Cubatons against 1,047,946
paid
stocks
and profiteers in food. President Wilson has taken the a week previous 685,186 a1,024,139 and 476,762 tons in
year ago
matter up. But tho Government prico of $2 26 for wheat 1917. Cuban exports
tons
is to be maintained. The Associated Industries of Massa­ 50,412 in tho previous last week were 71,421 year; against
week and 60,430 last
Cuban
chusetts adopted resolutions describing tho Railroad brother­ receipts 47,614 tons against 40,791 in the previous week and
hoods’ plans “as tho most sorious monace to tho wolfaro of 23,466 last year. Recent sales of refined sugar by the War
tho nation of any legislation presented to Congress sinco wo Dept, eased
somewhat. But thero was not
becamo a republic.” Of tho 1,120 organizations composing onough. Thethe situation is said make further sales. New
tho membership of tho U. S. Chamber of Commerce 99% purchases fromDept, may it of soft sugar are out of the ques­
refiners even
havo announced their opposition to tho Government owner­ tion. The refineries are still busy delivering on old orders.
ship of tho railroads in a nation-wido poll. Thero is a striko
on tho Brooklyn Rapid Transit attondod with much violence I#-. OILS.—Linseed has been in pretty good demand and
and great inconvenionco to tho public.
steady; car lots $2 22 five bbl. lots $2 25; single bbl. lots




STO CK S

OF

M E R C H A N D IS E

C o f f e e , J a v a ----------------------

P R IC E S
S a t.

.0 0

O ctob er

d e l i v e r y . .............

Y O R K .

6 ,4 6 7

4 ,2 0 3

to n s.

4 ,0 0 0

6 8 ,7 9 8

4 6 ,9 6 1

5 9 ,1 2 9
_______
3 ,8 0 0

6 1 ,6 1 9
__
8 ,4 0 0

7 7 ,5 6 4
3 O 00
5 i4 0 0

C o t t o n . . ----------------------------------------------- b a l e s .
M a n i l a h e m p ------------------------------------b a i e s .
F l o u r .............
b a r r e ls .

C L O S IN G
. „

N E W

m a ts.

? T 5 a £ ...................................................
l

D A IL Y
„
.
.

IN

O F L A R D
FU TU R E S
M on.
T u es.
W ed .

7 ,0 3 0

IN
T h u rs.

F r i.

594

TH E

$2 28. Lard prime edible unchanged at $2 80@$2 90;
Cocoanut oil, Ceylon, bbls. 20^@ 20^c. Olive steady at
$ 2 50@$2 75. Corn oil refined 100 lbs. 28.76. Cod
domestic 81 05@ 81 08; Newfoundland81 10@$1 12. Spirits
of turpentine 81 75. Common to good strained rosin,
818 75.
PETROLEUM in keen demand and higher; refined in
bbls. 19.25@20.25; bulk New York, 11.50@12.50c.; cases
New York 822 25@823 25. Gasoline steady; motor gaso­
line, in steel bbls. 24>@. consumers 26^0.; gas machine
413^c. The estimated production of the fields of tho Mid­
Continent at the close of the past week was as follows:
North La. 44,000 bbls; North Texas 228,395 bbls.; Corsi­
cana light and Thrall, 900 bbls; Kansas 82,000 bbls.; Okla.
outside of Cushing, Shamrock and Healdton 145,000 bbls.;
Cushing and Shamrock 37,000 bbls.; Ilealdton 37,000 bbls.;
total 574,295 bbls. The estimated daily production of
heavy-gravity oil in tho Gulf Coast field was 89,155 bbls.;
Corsicana heavy 500 bbls.
............................................S o u t h L i m a _________ $ 2 3 8 I l l i n o i s , a b o v e 3 0
P e n n s y lv a n ia d a r k $ 4 00
d e g r e e s ____________ $ 2
C a b e l l .........................
2 7 7 I n d i a n a _______________ 2 2 8
K a n s a s a n d O k la ­
P
C r i c h t o n __________________ 17 5 r i n c e t o n ____________2 4 2
h o m a _________________2
S
C o r n i n g ___________________ 2 8 5 o m e r s e t , 3 2 d e g . . 2 CO
R
W o o s t e r ___________________ 2 8 5 a g l a n d _______________ 1 2 5 C a d d o , L a . , l i g h t . 2
C a d d o , L a ., h e a v y
E
T h r a l l ......................................... 2 2 5 l e c t r a _______________ 2 2 5
C a n a d a _________________2
M
S t r a w n _____________________ 2 2 5 o r a n ________ ______ 2 2 5
I l e a l d t o n ____________ 1
D o S o t o ___________________ 2 15P l y m o u t h ____________2 3 3
N o r t h L i m a __________ 2 3 8 C o r s i c a n a , h e a v y . 1 0 5 H e n r i e t t a _____________ 2

42
25
25
60
7S
20
25

RUBBER has been quiet but in the main steady; smoked
ribbed sheets spot 40^c.; for September arrival 41J4c.;
Oct.-Dec. 42%c.; for Jan.-.Juno 44)^c. all next year 45c.;
first latex pale crepe lc. above theso quotations. Para-up­
river fine 55c.; coarse 32c.
OCEAN FREIGHTS.—There is more business in direc­
tions heretofore neglected. Trade with Spain and Portugal
is waking up. Lisbon and Barcelona show more interest.
From Gulf ports to Barcelona the rate has been 82 per 100
lbs., or 36c. a cubic foot; from North Atlantic ports 81.85
per 100 lbs. and 85c. per cubic foot, and to Lisbon 81.50 per
100 lbs. and 70c. per cubic foot. And trading with Scandi­
navia is a striking feature. In Holland and Germany
rumors persist that there is soon to be a combination effected
between the Kerr Line of American steamships and the
Hamburg-American lino. There is, however, a threat of
a country-wide railroad strike in the U. S. And tho big
marine strikes at Liverpool, Havre and Bordeaux interfere
with American shipping interests. On the other side ships
have found it difficult at times to got crows. It may mean
a rise in ocean freight rates, it is said, unless conditions im­
prove. Merchandise consigned to Liverpool, Bordeaux
and Havre, is dolayed because of lack of cargo space. Many
vessels aro delayed on the other side by labor strikes. Regu­
lar freighters have not been coming back from French ports
for several weeks for this reason. A reduction in rates on
various cargoes from North Atlantic ports to the United
Kingdom ports, averaging from 82 to 84 per unit was an­
nounced by the Shipping Board on tho 6th inst. The U. S.
Shipping Board announced sharp cuts on the 4th inst. in
order to meet foreign competition, from the U. S. Atlantic
and Gulf ports to Montevideo and Buenos Ayres. Charters
include coal from Philadelphia to the North side of Cuba
at 87.50; prompt; coal from Virginia to Havana at 87.50
prompt; coal from Virginia to Kingston at 89.50 prompt;
coal from Rio Janeiro at 816 prompt; lumber from Ingramport
to Bahia Blanca at 845; steamer 3112 tons one round trans­
atlantic trip at 810.50 prompt, sublet; lumber from Boston to
Buenos Ayres at 850; lumber from Boston to Rosaria at
843; lumber from Restigoucho to Buenos Ayres at 840;
deals from St. John, N. B. to the United Kingdom at 345
shillings; mahogany from West Africa to Boston at 830.
Three steamers of 1986 to 2780 tons for one round trip in
tho transatlantic trade at 810.50; August, steamers of 2203
tons and 3,484 tons, 12 months’ time charter, at 89.50;
tho former August and the latter Oct. loadings. Of late the
demand for steamers has outrun the supply. Both Atlantic
and Pacific ports want more tonnage as export trade in­
creases.
TOBACCO has much of tho time of late been in only
moderate demand, as is not unusual at this season of the
year and prices steady. The consumption is largo, all the
big tobacco companies are said to bo having big earnings,
and in tho end tho tobacco market is expected to hold its
own very well despite the growing complaints of tho high
cost of living and some tendency to economy among certain
sections of tho population hard hit by tho dearness of food
and clothing. To-day trading is reported more active in
domestic leaf. Porto Rico is freely offerod and readily
taken. Arrivals are liberal. Sumatra is also in good de­
mand and firm. Havana meets with only a routine inquiry.
A preliminary report of the Census Bureau gives tho quantity
of leaf tobacco held by manufacturers and dealers in the
United States July 1 1919 as 1,400,963,823 lbs. as compared
with 1,386,049,368 lbs. on tho corresponding dato of 1918
and 1,627,233,876 lbs. on April 1 1919. Favorablo rains
in the Ohio Valloy section improved the condition of tobacco
in that district, but much of tho crop is small and uneven.
In the Atlantic Coast States it varies from poor to average,
but showed some improvement at the close of the week.
COPPER quiet at 2 3 @ 2 3 Kc. for electrolytic. Lead
lower at 5.50@6c. for New York and 5.30@5.75c. for St.
Louis. Spelter quiet and easier at 7.50c. spot Now York.
Tin lower at 70c. A Boston dispatch said that Germany
has bought 1,000 tons of electrolytic copper from the Copper




[Vol . 109.

C H R O N IC L E

Export Association. The prico was based on current New
York quotations, the buyers are arranging for transportation
and insurance. The metal, the first sold to Gormany since
the signing of peace will be delivered in parts of the country
which have been under military control of tho Allies.
PIG IRON has been steady and it is said there aro no
longer any low-priced Southern offerings. Some aro even
predicting an advance as production increases and trade
expands. Tho daily iron production in July was 7,845 tons
above that of June. Tho total for July was 2,428,541 tons,
against 2,114,738 tons in Juno. Last week, according to
Pittsburgh advices, about 70,000 tons wero sold in the Pitts­
burgh and adjacent districts. Both Southern and Buffalo
districts prices aro suggestively firm. In fact one Southern
maker advanced his quotations 75 cents. Tho output of
pig iron has been checked in the Cleveland and Chicago
districts by railroad strikes. They aro oxpocted to bo short­
lived, however. Coke, $3 75 at the Connolsville ovens.
STEEL trading may bo affected by railroad strikes at
the West. But the undercurrent of sentiment is hopeful,
although the fact is not blinked that the outlook for tho
time being is somewhat clouded by tho railroad shopmen’s
strike and more or less unsettlement in tho railroad world
growing out of tho recent demands of tho Railroad Brother­
hoods. Japan has recently been a largo buyer, however,
of steel plates and bars at full prices. Stool rivets had ad­
vanced in the Middle West. Tho shutting down of steel
plants at Gary will be it is stated for only a short time.
In fact operations may bo renewed at once. Recently
Poland bought 150 locomotives on the basis of 10-year
equipment notes. A mill in India is said to want 100,000
tons of structural shapes in this country as British mills
cannot furnish them for the deliveries required. Shipyard
concerns have bought 20,000 tons of plates. Rail carbon
bars have been advanced at Chicago 82. Largo structural
rivets and boiler rivets have advanced 84 per ton. Some
demand for steel pipe and other steel products roquired for
oil field development from Brazil and Argontino is roported.
Production of oil thoro it is said is not large as yet but.it
may be much increased.
COTTON

Friday Night, August 8 1919.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from tho South to-night, is given below. For the
week ending this evening tho total recoipts liavo reached
66,856 bales, against 87,579 balos last weok and 105,721
bales tho previous week, making tho total recoipts since
Aug. 1 1919 72,670 bales, against 42,273 bales for tho
same period of 1918, showing an increaso since Aug. 1 1919
of 30,397 bales.
________________________
W ed .

N ew

F r i.

T o ta l.

3 ,6 1 6

4 ,2 4 1

6 ,7 8 4

862

2 ,8 2 0

2 3 ,0 2 8

1 ,8 2 0
65

O r l e a n s _____

T u es.

T h a rs.

4 ,7 0 5

2 ,2 7 3
123

1 ,9 0 7
145

2 ,1 6 8
254

1 ,5 5 5
358

1 ,3 8 5
14

1 1 ,1 0 8
959

M em .

S a t.

2 ,0 0 0
2 ,7 6 1

6 ,6 3 2

2 ,7 6 7

595
87
385

408
227
391

456

860
687

702

8

309
73
34

21

2 0 ,7 2 3
3 ,0 0 0
2 ,7 0 9

27

3 ,3 5 6

2 ,0 0 0

2 ,4 4 8
3 ,0 0 0

1,1 0 1

28

2 ,7 5 9

1 ,5 2 0
28

.

N ’p o r t N e w s , & c .

6
106

121

117
75
9 ,8 7 4

1 0 ,5 3 3

T o t a ls t h is w e e k -

60

5

1 4 ,3 9 4

309
106
265

1 1 ,8 5 5

6 6 .8 5 6

190
1 3 ,5 3 3

6 ,6 6 7

Tho following shows the week’s total receipts , total since
Aug. 1 1919 and stocks to-night, compared with last year:
T h is
W eek .

S in c e A u g
1 1919.

2 3 ,0 2 8
T e x a s C i t y _____ ___
P o r t A rth u r, & C -.
N o w O r l e a n s ----------M o b i l e _______________

2 3 ,0 2 8
_____ _ _

1 1 ,1 0 8
959

1 1 ,1 0 8
961

T h is
W eek .
6 ,3 0 9
_____
126
6 ,0 7 8
900

2 ,0 0 0

2 ,0 0 0

2 0 ,7 2 3
3 ,0 0 1 )
2 ,7 0 9

1 7 ,4 7 9

1 ,5 2 0
28

2 5 ,1 9 9
3 ,0 0 6
2 ,9 0 5
1 ,1 4 6
2 ,4 7 1
28

309
106
265

306
106
415

2 ,0 1 9
137
—

7 2 ,6 7 0

3 3 ,7 2 7

1 ,1 0 1
N o r f o l k '_____________

P h i l a d e l p h i a _______
T o t a l s ____________

6 6 .8 5 6 !

S to ck .

1918.

1919.
R e c e i p t s to
A ugust 8.

147
13
317
_____

202

S in c e A u g
1 1918.

6 ,8 6 8
________
126
8 ,9 2 5
1 ,0 5 0
50
2 0 ,9 2 1
500
867
28
503
________
226
2 ,0 1 6
187

1919.

1918.

1 3 3 ,8 1 9
9 ,2 8 2

1 2 1 ,1 5 5
1 7 ,0 1 0
______
2 6 8 ,1 5 8
1 0 ,2 1 4

3 4 1 ,9 1 7
1 4 ,4 6 5
4 ,0 3 8
1 2 ,7 0 0
2 5 0 ,0 2 5
3 4 ,0 0 0
3 3 ,9 2 1
5 5 ,7 8 6
8 2 ,6 7 1
_________
8 0 ,2 6 6
6 ,7 7 8
5 ,8 5 6
6 ,6 5 7

1 0 ,4 6 7
1 5 4 ,6 0 2

2 0 ,0 0 0
3 1 ,1 1 6
3 9 ,4 0 9
6 3 ,7 6 1
________
1 1 5 ,2 4 8
1 7 ,9 4 4
1 6 ,0 0 0
6 ,6 2 1

4 2 ,2 7 3 1 ,0 7 2 ,1 8 1

8 9 1 ,9 0 5

1916.

1914.

In order that comparison may bo mado with other years,

R e c e ip ts a t—

1919.

1918.

1917.

1915.

A l l o t h e r s ____

1 ,5 2 0
28
2 .6 8 0

7 ,9 0 8

1 6 ,4 5 2
3 ,0 8 4
1 2 ,7 2 0
6 ,3 3 2
8 ,4 3 7
1 ,5 0 0
1 ,8 1 4
4 ,6 5 6
4 ,5 7 3
137
1 ,3 8 2

T o t a l th is w k

6 6 ,8 5 6

3 3 ,7 2 7

4 4 ,2 9 0

6 1 ,0 8 7

2 0 ,7 5 7

8 ,1 9 7

S in c e A u g . 1 -

7 2 ,6 7 0

4 2 ,2 7 3

6 0 ,1 7 0

8 8 ,3 2 1

3 7 ,9 2 ll

1 4 ,0 8 8

G a l v e s t o n _____
T e x a s C it y .& c
N e w O r le a n s M o b ile .
S a v a n n a h _____
B r u n s w i c k ____
C h a r l e s t o n ____
W ilm in g to n - N o r fo lk -

2 3 .0 2 8
1 1 .1 0 8
959
2 0 ,7 2 3
3 ,0 0 0
2 ,7 0 9

1 ,1 0 1

6 ,3 0 9
126
6 ,0 7 8
900
1 7 ,4 7 9
147
13
317
2 ,3 5 8

9 ,6 0 5
7 ,0 1 1
623
1 1 ,4 1 1
1 ,5 0 0
1 ,5 1 0
151
4 ,5 7 1

9 ,2 5 1

2 ,7 0 0

3 ,9 5 2
117
3 ,0 3 2

2 ,5 1 4
4
256

1 00
107
1 ,1 1 4
2 ,4 4 0
_________
644

50
49
876
1 ,5 7 3
175

A u g . 9 1919.]

TH E

The exports for the week ending this evening reach a total
of 178,823 bales, of which 110,397 wore-to Groat Britain,
9,627 to Franco and 58,797 to other destinations. Exports
for the week and since Aug. 1 1919 are as follows:
W e e k e n d in g A u g . 8 1 9 1 9 .
E x p o r te d to—
E ip o rls
fro m —

G re a t
B r it a in . F r a n c e .

G a lv e s t o n . .
N e w O r le a n s
M o b i l e ...........
S avannah . .
B r u n s w ic k ..
W ilm in g to n .
N ew Y o r k ..
San F r a n ...
S e a t t le ...........

6 6 ,9 7 1
2 6 ,5 9 2
1 1 ,5 1 7

1918*
1917.

T o ta l.

2 4 ,8 0 7
2 ,9 6 2

9 1 ,7 7 8
3 8 ,4 7 7
1 1 ,5 1 7
1 5 ,6 2 7
5 ,2 1 9
1 0 ,5 1 6
2 ,9 3 7
150
2 ,6 0 2

1 5 ,6 2 7
5 ,2 1 9

100

704

1 0 ,5 1 6
2 ,1 3 3
150

2,002

T o t a l _____ 1 1 0 ,3 9 9
T o ta l
T ota l

8 ,9 2 3

O th er.

2 3 ,9 0 1
1 9 ,2 7 7

9 ,6 2 7
1 8 ,6 8 5
3 ,7 1 9

F rom A u g . 1 1919 to A u g . 8 1919.
E x p o r te d to—
G rea t
B r ita in .
6 6 ,9 7 1
2 6 ,5 9 2
1 1 ,5 1 7

F ra n ce.

O th er.

T o ta l.

2 4 ,8 0 7

’ ” 704

2 ,1 3 3
15 0
2 ,6 0 2

9 1 ,7 7 8
4 1 ,7 3 5
1 1 ,5 1 7
1 5 ,6 2 7
5 ,2 1 9
1 0 ,5 1 6
2 ,9 3 7
150
2 ,6 0 2

8 ,9 2 3

6,220
1 6 *627

'V , 219

l ’o",516
”

’ i6 6

5 8 ,7 9 7 1 7 8 ,8 2 3

1 1 0 ,3 9 9

9 ,6 2 7

6 2 ,0 5 5

1 8 2 ,0 8 1

8 7 ,2 6 3
3 2 ,4 9 6

2 3 ,9 0 1
4 0 ,6 7 3

1 8 ,6 8 5
1 5 ,2 6 6

4 4 ,6 7 7
1 5 ,5 5 1

8 7 ,2 6 3
7 7 ,4 9 0

4 4 ,6 7 7
9 ,5 0 0

* F ig u r e s a d ju s t e d t o m a k e c o m p a r is o n w it h t h is s e a s o n a p p r o x i m a t e l y c o r r e c t .

In addition to above exports, our telegrams to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at tho ports named. We add similar figures for
New York.
On Shipboard, N ot Cleared for—
A u g.

8

at—

Ger­
Great
Britain. France. many.
2 0 ,6 4 0
2 296

2 302

6 ,8 0 8

N o w O r le a n s . .

Other
Coni' t.

Coast­
wise.

825

1 7 ,3 6 0
44 690
1 5 .0 0 0

2 .0 0 0
799
3 .0 0 0

7 ,6 3 3
300
5 ,0 0 0
1 4 ,0 0 0

93 819
2 8 5 ,7 8 3
2 3 2 ,0 2 5
3 3 ,4 2 1
6 ,8 3 2
8 2 ,3 7 1
7 5 ,2 6 6
1 2 1 .0 9 7

8 1 ,0 5 0
1 7 ,0 0 0
2 0 ,5 4 2

6 ,5 9 9 1 4 1 ,5 6 7
6 ,8 0 0
4 8 ,6 3 7
8 ,4 8 1
9 8 ,5 6 0

9 3 0 ,6 1 4
8 4 3 ,2 6 8
4 3 8 ,2 2 7

300

N ew Y ork * . . .
O th er p o rts * . .
T o ta l
T o ta l
T ota l

1 9 1 9 1 9 1 8 1917—

3 ,0 0 0
1 2 ,0 0 0
4 4 ,7 4 4
1 9 ,8 3 7
6 0 ,6 3 8

* Esimated.

4 0 ,0 0 0
5 6 ,1 3 4
1 8 ,0 0 0

2 ,0 0 0
2 ,0 0 0

6 047

500

■JVTnhilo
N o r fo lk

Leaving
Stock.

Total.

3 ,1 2 7
5 ,0 0 0
8 ,8 9 9

6 ,0 4 7

500

.

595

C H R O N IC L E

very generally in Texas; also in most parts or Arkansas and
Oklahoma. North Carolina has improved in some sections.
The fruitage in South Carolina has become satisfactory
after a disappointing July. Some cargoes of cotton destined
for Germany have been canceled of late for lack of satis­
factory credits. It is said that the German republic has
forbidden purchases of cotton except on 12 months’ time.
On tho other hand cotton rallied later on with stocks and
grain. Liquidation early in the week was drastic. That
of course greatly improved the technical position. To
cap the climax the market became oversold. And the
weekly Government report was not favorable in every par­
ticular; far from it. It stated that the crop had made only
poor progress within a week in Georgia and Florida. In
Eastern North Carolina the recent loss by overflows of
rivers and streams it says was serious. In parts of Ala­
bama the condition was poor. Though Northern Georgia
looks well the rest of the State is said to be in bad shape.
The plant is fruiting poorly along the coast of eastern Texas
and in some southwestern and central counties of that State.
Moreover the ravages of the boll weevil continue unchecked,
and there are complaints of shedding in many localities.
Of late the Southwest has been dry and hot. This it is
believed tends to increase the shedding of a sappy plant.
Some attention at times has been drawn to the fact that
the temperature in Oklahoma has been up to 104 and in
Arkansas to 103. The price of wheat is not to be cut by the
Government. And some are asking why should the price
of cotton be? Or be regulated at all after five unsatis­
factory crops in succession? Very many are sceptical about
the possibility of anything like Government price fixing
on cotton. For that matter it has not even been suggested
in anything eminating from Washington. Of late shorts
in and out of Wall St. have covered freely. Western shorts
bought heavily. And the trade has been buying. To-day
prices advanced 120 to 130 points from the morning’s
“low” owing to a rise on the stock market, a better railroad
situation as regards the shopmen’s strike, hot weather in
the Southwest, some bad reports about boll weevil damage
in Texas and finally an oversold if not a sold out condition
of the market. But prices are over three cents lower for the
week. Spot cotton closed at 32.15c. for middling uplands,
a net decline for the week of 355 points. At one time it was
420 points.
The official quotation for middling upland cotton in the
Newg.YorkA u g.
market each day for the past week has been:
Au
to

Speculation in cotton for future delivery has been more
active and excited with violent fluctuations ending lower.
Following the 200 point rise last Friday on the government
crop report of 67.1 thero was a drop on tho 4th inst. of 200
points owing largely to talk of a nation-wide agitation against
the high cost of living. This had special reference to food
but clothing was not ignorod. Besides tho cotton trade was
disturbed by a severe break in the stock market following
NEW YORK -c-------- 12.30 1903- c ..........12.75 YEARS. 7.25
QUOTATIONS FOR 32 1895- c _____
demands of railroad brotherhoods in regard to the conduct
911
of tho railroads of tho U. S. which seemed to many almost 1919.C..........32.15 1 910-............16.05 1902.............. 9.00 1894________6.88
1918..............31.15 1
1909..............12.50 1901..............8.00 1893.............. 7.75
if not absolutely revolutionary. Besides the weather had 1917..............27.15 1008
7.95
10.75 1000
8.01 1802
1 44 0
improved. Tho impression of not a few was that the crop IQIfi
1015____
0.45 1907..............13.30 1899.............. 6.19 1891.............. 8.25
12 25
1006
.10.70 1898_______
had been doing better since July 25th, the real dato of the 1913..............12.00 1905............-10.85 1897.............. 6.06 1800
1914. .
8.00 1889.............. 11.31
Aug. report. Some of tho bulls have been putting the crop
at only 10,000,000 bales although tho government estimate 1912..............12.50 1904..............10.65 1896.............. 8.00 1888.............. 11.12
on tho fourth inst. was 11,016,400 bales. But even if it FUTURES.—The highest, lowest and closing prices at
reached only 10,000,000 bales it was pointed out that this would New York for the past week have been as follows:
mean a season’s supply of over 16,800,000 bales. Under such
circumstances the argument was emphasized that thero is no
likelihood of any scarcity this season. It is pointed out that
it is very slow work finding credits for Continental Europe.
In any case many believe that it will buy on a very conser­
vative scale with foreign exchange at very low rates. Latterly
franc exchange has repeatedly touched new low levels. And
sterling rates have been weak. German exchango is at 94%
discount. Strikes moreover among ship workers in Liver­
pool, Havre and Bordeaux have had a tendency to interefere
with foreign business. _ At Liverpool at least it has been
difficult it is said for ships to get crews. And it is estimated
that unless tho situation improves greatly in the near future
ocean freights already high will go still higher. Such a rise
in conjunction with low exchango and high prices for cotton
itself would it is believed prove a very serious handicap to
exporters hampered by tho fact .that tho requisite credits
hang fire. At ono time, too, not only stocks but tho grain
market broko badly. Somo feared that if cotton should
continue to move upward tho government might find itself
obliged to fix prices, somotliing that was avoided during tho
war. Also thero was a general expectation early in the week
that tho weekly government report on the 6th inst. would be
favorablo. And in tho main it was. Liverpool has been
a heavy seller. Also Wall St. and tho West. As stocks
shot downward Wall St. traders throw over cotton. The
west went short. The south finding foreign business slow
has been a persistent seller hero of late for hedgo account.
Print cloths moreover have been less active at somo decline QUOTATIONS FOR MIDDLING COTTON AT OTHER
in prices. Local traders here havo taken tho selling side.
MARKETS.
Thoy point out that last winter cotton was as high as 37c.
but later dropped 13c. beforo it could get a good foothold for ween enaing
Closing Quotations fo r M iddling Cotton on—
another advanco. Latterly moreover spot cotton at tho August 8 . Saturday. Monday. Tuesday. Wed'day. Thursd’y. Friday.
South has been quiet. And the South is undoubtedly dis­
3 1 .5 0
1 .5 0
Galveston_______
3 .2 5
appointed at the delay in securing a German market for a New Orleans__ 3 4 .7 5 3 2 .5 0 3 2 .7 5 3 3 .0 0 3 1 .5 0 3 1 .5 0
3
3 1 .7 5
3 1 .7 5
considerable percentage of its large stock of low grades. Mobile .............. 3 4 .2 5 3 2 .5 0 3 1 .5 0 3 2 .2 5 3 1 .2 5 3 1 .2 5
3
3 3 .7 5
Germany in tho past has boon a good customer for this sort Savannah______ 3 3 .5 0 3 3 .5 0 3 3 .5 0 31 @ 3 4 30 @ 3 4 30*4 @ 3 4
___ _
3
of cotton. Also stocks in the world at large are liboral even Charleston_____ j33.50 3 3 .5 0 3 3 .5 0 3 3 .5 0 3 3 .5 0 ____
1 .2 5
132.75
2 9 .5 0
3 0 .0 0
though they aro poorly distributed. Liverpool’s supply Wilmington___ '33 .0 0 3 1 .0 0 3 0 .5 0 3____0 3 0 .0 0 3 0 .6 3
Norfolk............... .0 0
Baltimore_______ 5
however is much larger than for soveral years past and lat­ Philadelphia__ 3 5 .1 0 3 4 .0 0 3 2 .0 0 3 1 .5 0 3 2 .0 0 3 1 .5 0 1
3 2 .4 0
3 1 .7 5
3 .0
3
3 2 .2 5
3 0 .5 0 ..
terly its daily spot sales have been only 3,000 to 4,000 bales. Augusta________ 134.50 3 3 .0 5 3 1 .0 0 3 4 .5 0 3 0 .8 7 3 4 .5 0 -A3
3 1 .0 0
3 3 .3 7
3 2 .5 0
3 4 .5 0
3 4 .5 0
Memphis _______
3 4 .5 0
Manchester too of lato has been reported loss activo.
3 0 .2 5
3 0 .9 0 m
3 1 .5 5
3 0 .7 5
3 1 .5 0
Dallas_________ —
Some improvement in the crop has latterly taken place Houston_______ |33.90 3 2 .2 5 '3 2 .7 5 3 2 .0 0 3 1 .0 0 3—.6 5
1
3
31
3 2 .0 0
.2 5
2 .2 5
in Louisiana. A fair to good advanco was made last week Little Rock___ 133.75



2
M id d lin g

8—
S a t.
u p l a n d s ...............................3 4 . 8 5

S a tu rd a y, M o n d a y ,
A ug. 4.
A ug. 2.

A u g u s t—
R a n g e . . . __
C l o s i n g _____
S ep tem b er—
R ange . . . . .
C l o s i n g _____
O ctob er—
R a n g e ______
C l o s i n g _____
N ovem ber—
R a n g e ---------C l o s i n g _____
D ecem ber—
R a n g e ______
C l o s i n g _____
J a n u a ry—
R a n g e ______
C l o s i n g _____
F eb ru a ry—
R a n g e ______
C l o s i n g _____
M a rch —
R a n g e ___
C l o s i n g _____
A p ril—
R a n g e ______
C l o s i n g _____
M ay—
R a n g e ______
C l o s i n g _____
J u n e—
li n n r P
C l o s i n g _____
J u ly —
T> n *, rra - - - - ­
XVtlDgU
C l o s i n g _____
l 35c.

/3 4 c .

3 3 .7 0

— 3 1 .7 0

M on.
3 2 .8 0

T u se.
3 2 .0 0

W ed. T h u rs.
3 2 .7 5
3 1 .5 0

T u e s d a y , W e d ’ d a y , T h u r s d 'y ,
A ug. 5.
A u g. 6.
A u g. 7.

— 3 0 .9 0 —

F r id a y ,
A ug. 8.

3 1 .0 0 - .5 5 —
3 1 .6 5 — 3 0 .3 5 — 3 1 .0 3

_ 3 2 .9 0 _ 3 1 .6 5 - .9 5
_
_
3 4 4 X ) — 32^ 00 — 3 L 2 0 - . 3 0 3 1 .9 5

F r i.
3 2 .1 5

W eek.

— 3 1 .0 0 .5 5

—

3 4 .3 8

3 1 .6 5 /3 8

— 3 0 6 0 - .7 5 3 1 .2 8

—

3 4 .2 7 -1 5 0 3 2 .3 0 - /0 0 3 0 .8 5 - /4 0 3 1 .0 0 - /2 7 3 0 .8 0 - /2 5 3 0 .6 0 191 3 0 .6 0 150
3 4 .3 0 - .3 4 3 2 .3 0 — 3 1 .4 5 - .5 1 3 2 .2 2 - .2 7 3 0 .9 0 - .0 0 3 1 .5 0 .63

9 1 7 A ___
3 4 .4 0 —

3 2 .4 0 —

90 fin _ q l.i/U
_
OJi ,\ V _ Ot fyi _
JJ
3 1 .5 7 - .6 0 3 2 .3 0 — 3 0 .9 8

— 3 1 .6 5

*ti y
,n
o i . o r j jntn
v
— -----------—

3 4 .5 0 - .3 5 3 2 .5 0 - /2 5 3 1 .0 5 - /6 8 3 1 .5 5 - .4 6 3 1 .0 0 - /3 5 3 0 . 8 0 / 1 0 3 0 .8 0 -1 3 5
3 4 .5 0 - .5 5 3 2 .5 2 - .5 4 3 1 .7 3 - .7 8 3 2 .4 0 - .4 6 3 1 .0 5 - .0 9 3 1 . 7 5 - 8 5 —
3 4 .4 0 - .2 0 3 2 .4 2 - /1 0 3 1 .0 0 - /5 5 3 1 .4 5 - .3 2 3 0 .9 0 - /1 2 3 0 70-1 9 0 3 0 .7 0 -1 2 0
3 4 .4 2 - .4 6 3 2 .4 2 — 3 1 .6 3 - .7 0 3 2 .2 8 - .3 0 3 0 .9 6 - .0 0 3 1 .6 5 - .7 0
3 4 .4 1
3 4 .4 2

—
— 3 2 .4 2

3 4 .4 1

— 3 1 .6 5

—

3 2 .2 8

—

3 0 .9 5

— 3 1 .6 6

—

—

3 4 .4 2 - .2 8 3 2 .4 3 - /0 8 3 0 .9 5 - /5 3 3 1 .3 5 - /3 5 3 0 .9 5 - / 1 0 3 0 .7 0 -1 9 5 3 0 .7 0 -1 2 8
3 1 .6 8 - .7 2
3 4 .4 3 - .4 6 3 2 .4 5 — 3 1 .6 8 - .7 2 3 2 .2 9 - .3 5 3 0 . 9 5 .0 0

3 4 .4 2

— 3 2 .4 2

— 3 1 .7 2

— 3 2 .3 0

—

3 0 .9 7

—

3 1 .6 9

— —

3 4 .4 2 - .2 0 3 2 .5 0 - /0 6 3 1 .0 0 - /4 0 3 1 .5 5 - .4 0 3 1 .0 0 - /0 5 3 0 .7 5 -1 9 2 3 0 .7 5 -1 2 0
3 4 .4 2 - .4 4 3 2 .4 2 — 3 1 .7 8 - .8 0 3 2 .3 8 - .4 0 3 1 .0 0 - .0 6 3 1 .7 0 - .7 5

3 4 .3 5 - .4 0 3 2 .4 0

— 3 1 .7 5 — 3 2 .3 5

— 3 0 .9 5

— 3 1 .6 5

—

31_00 _ 3 1 0 0
_

3 4 .3 0

—

/3 2 c .

3 2 .3 5

i 31c.

— 3 1 .7 0 — 3 2 .3 0

— 3 0 .9 0

— 3F60

—

—

.

THE CHRONICLE

596

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
August 8—
1919.
Stock at Liverpool_______ bales- 770.000
Stock at L o n d o n _______________
13,000
Stock at Manchester___________
91,000

1918.
237,000
22,000
42,000

1917.
270,000
28.000
16.000

1916.
677,000
34,000
31,000

Total Great Britain__________
Stock at Hamburg_____________
Stock at Bremen_______________
Stock at Havre_________________
Stock at M arseilles____________
Stock at Barcelona____________
Stock at G e n o a ________________
Stock at Triesto________________

874,000
_____
10,000
126,000
3,000
64,000
62,000
______

301,000

314,000

90,000

177,000
3,000
72.000
11.000

742.000
*1,000
*1,000
216.000
15.000
52.000
121,000
*1,000

Total Continental stocks____

265,000

100,000

8,000
2,000

Total European stocks______ 1,139,000
401.000
India cotton afloat for Europe
44,000
6,000
Amer. cotton afloat for Europe.- 418,947
101.000
Egypt.Brazil,& c.,afloat forEur’e 60,000
54,000
Stock in Alexandria, E gypt----------------------180,000
211,000
Stock in Bombay, India________ 1,040,000 *582,000
891,905
Stock in U. S. ports____________ 1,072,181
672,613
Stock in U. S. interior towns------ 746,904
U. S. exports to-day___________
25,401
55,625

\
20!

20

8

1,127

Receipts.
Season.
...........

1918.

Ship­
ments.
Week.

Stocks
Aug.
9.

_____
119

1,061
4,376
454
975
_____ 18,279
1,196 18,306
_____
1,678
390 12,819
2,000 19,500
10,660 42,406
600 3,000
578 8,148
3,575
67 11,594
291
—
_____ 17,000
600 19,500
200 5,000
2,374
_____
1,946
_____
745 7,555
4,044 12,535
400 9,000
____
70
1,152 14,345
_____
_____
5,555
.........
42
_____
800
1,400 16,000
.........
3,745
7.7S0 315,378
—
284
_____
63
780 1,252
_____
45
623 4,292
_____
500
12,188 87,364
200
1.400
16
.........

Ark., Helena..
little R o c k ...
Pine Bluff____
G a., Albany___
*150
Athens_______
3,178
Atlanta______
4,851
Augusta...........
Columbus____
4',424
Macon_______
Hopip
300
290
La., Shreveport
25
Miss.,Columbus
Clarksdale___
*150
Greenwood___
50
Meridian_____
92
Natchez...........
____
Vicksburg-----Yazoo City_
_
M o., St. Louis. 2,851
N .C .,G r’nsboro
” §3
Raleigh______
800
O ., Cincinnati.
____
Okla., Ardmore
Chickasha.
Hugo_________
Oklahoma____
*555
S.C.,Greenville
Greenwood___
Tenn., Memphis 2,814
____
Nashville-------Tex., Abilene..
____
Brenham_____
Clarksville'___
150
D allas.............
Honey Grove.
Houston_____ 12",807
Paris.................
—
San Antonio..

______
500
______
3,883
—
......
1,263
______
298
______
15,484
______
............

Total, 41 towns 35,027 1

1
41,063i 94,110746,904 26,692

38,049 46,695 672,613

401
126
18
597
200

—
—
—

20

,

2,435
1,177
16,710
20,322

385 1,613
3
368 15,935
401
126 1,036 8,376
63
1,558
251
18
684 3,837 16,343 ■ 2,231
2
200, 16,200 14.000
2,700 _____
....
279
550 19,526
" '1 5 6
1,500
3,678I 3,483 23,779
285
5,4501 8,109 122,858
____ _
_
3,000 15,000 . _ _
705
4,924 4,160 31,825
75
800 9,500
300>
29
!
290> 4,476 36,714
94 1,500
25
_____
10,000
100
250 9,000
150
50
150 8,000 _____
3,692 _____
92
____ __
____
2,448 _____
____
1,138 _____
" 4,223 5, (Hi 9,118 2,870
____
____ 200
5,579
50
60 _____
83
900 1,300 24,500 1,132
_____ .
___
____ . ____
1,774
755
"l4
37
838 .........
2,162
400
99 25,000
500
______
____
6,132 .........
3,343 16,187 163,110 1,898
210
601 —
______
____ __
____
533
______
____
l,2G3
2 500
120 1,480 _____
248
600 7,036
300
____ I
335 _____
15", 150 19,601 138,963 12.625
______
171I 2,829
907 .........
— 1
...........

Ala., Eufaula..
Montgomery .

21,449

2,358
691
15,815
300

Mv en to A o. 9
o em t u
Week.

19,164

830
396
5,636

18,864

_ _

Week. | Season.

21,424

Total gross overland................. .18,552
Deduct shipments—
Overland to N. Y ., Boston, &c._ .
680
Between interior towns_________ .
396
Inland, &c., from South________ . 5,498

6,862

Continental imports for past week have been 39,000 bales.
Tho above figures for 1919 show a decrease from last week
of 60,922 bales, a gain of 1,751,290 bales over 1918, an excess
of 2,065,230 bales over 1917 and a gain of 1,664,974 bales
over 1916.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Stocks
ments. Aug.
Week.
.

1,784
1,026
2,293
9,366

14,562

* Estimated,

1919.

676

1,784

Total to be deducted................ . 6,574

Total visible supply__________ 4.726,433 2,975,143 2,661,203 3,061,459
8.54d.
20.15d.
Middling upland. Liverpool......... 18.53d.
21.46d.
14.10c.
26.90c.
Middling upland, New York------ 32.15d.
32.05c.
18.50d.
37.25d.
Egypt, good sakol, Liverpool____ 34.00d.
33.92d.
13.75d.
26.80d .
Peruvian, rough good, Liverpool. 29.50d.
39.00d.
8.25d.
19.50d.
20.76d.
Broach, fine, Liverpool-------------- 17.85d.
8.27d.
19.68d.
Tinnevelly, good, Liverpool------- 18.10d. 21.01d.

I Ship­

2,168
8,842

Week.
4,044
1,650

Leaving total net overland *--------- .11,978

Total East India, &c------------- 1 .161,000 1,041,000 1,271,000 1,052,000
Total American______________3 ,125.433 1,934,143 1,390,203 2,009,459

Receipts.

- — 1918-----Since
Aug. 1.
5,193
1,787

------ 1919------Since
August 8—
Week.
Aug. 1.
Shipped—
Via St. Louis............ ...................
Via Mounds, &c______________ . 8,625
8,625
Via Rock Isla n d ...
Via Louisville_________________ .
648
648
300
Via Cincinnati___________ _____ .
300
297
297
Via Virginia points------------------- .
5,138
Via other routes, &c___________ . 3,638

437,000

263,000

Total Amorlcan......................... 3,125,433 1,934,143 1,390,203 2,009,459
East Indian, Brazil, &c.—
„
_______
94,000 128,000
Liverpool stock_________________ 203,000 128,000
London s t o c k . . . ______________
13,000
22,000
28,000
34,000
Manchester stock_______________
31,000
26,000
7,000
4,000
Continental stock............................
30,000 *12,000
*34,000 *97,000
India afloat for Europe__________
44,000
6,000
30,000
62,000
Egypt, Brazil, &c., afloat----------60,000
54,000
26,000
70,000
20,000
Stock in Alexandria, E gypt_____ 180,000 211,000
Stock in Bombay, India_________ 1,040,000 582.000
982,000 693,000

Mv en to A g 8
o em t u .

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—Wo give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:

577.000 1,179,000
62,000
30.000
142.000 305,521
14.000
26.000
20.000
70,000
982.000 693,000
464,702
536,787
300,882
297,416
22,354

Total visible supply__________ 4.726,433 2,975,143 2,661 ,203 3,061,459
Of the above, totals of American and other descriptions aro as follows:
American—
_
Liverpool stock__________ bales. 567,000
109,000 176 ,000 549,000
27,000
Manchester stock.....................—
60,000
16,000
9 ,000
Continental stock_______________ 235,000 *88,000 *229 ,000 *310,000
American afloat for Europe_____ 418,947 101,000 142 ,000 305,521
U. S. port stocks..............
1.072,181
891,905 536 ,787 464,702
U. S. Interior stocks____________ 746,904 672,613 297 ,416 300,882
22,354
U. S. exports to-day____________
25,401
55,625

Towns.

[V o l . 109

3
20

113
4,181
102
______
339
3,700
479
______
755
75
129
—
______
130
______
______
______
______
4,033
225
......
1,582
______
755

9
73

* Including movement by rail to Canada.

The foregoing shows the week’s net overland movement
has been 11,978 bales, against 300 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 13,435 bales.
-1919-

-1918-

Week.
66,856
11,978
60,000

Since
Aug. 1.
72,670
14,562
70,000

Week.
33,727
300
81,000

Since
Aug. 1.
42,273
1,127
108,000

Total marketed_____________ .148,834
Interior stocks in excess________ .*59,083

157,232
255,083

115,027
*20,003

151,400
224,003

Came into sight during week.. . 89,751
Total in sight Aug. 8...............

102,149

In Sight and Spinners’
Takings.
Receipts at ports to Aug. 8_____ .
Net overland to Aug. 8 _________ .
Southern consumption to Aug. 8- a

Nor. spinners’ takings to Aug. 8. .

4,323

28,823

95,024
26,546

127,397
34,546

* Decrease during week, x Less than Aug. 1. a These figures are con­
sumption; takings not available.
■

Movement into sight in previous years:

Week—
1917— Aug. 10.
1916— Aug. 11.
1915—Aug. 13.

Bales.
Since Aug. 1—
107,970 1917— Aug. 10. . .
125,065 1916— Aug. 1 1 ...
, 81,486 1915—Aug. 1 3 ...

Bales.
166,423
184,695
152,611

WEATHER REPORTS BY TELEGRAPH—Telegraphic
advices to us this evening from the South denote that the
weather during the week has been more favorable and the
crop is making better progress. Texas reports the week
generally favorable for cotton. No rain having fallen over
mo§t of the State, the fields are now mostly well worked and
clean.

Where no reference is made to rainfall, dry weather has
'prevailed.
Galveston, Tex.— T h e week was generally favorable for

eotton, which mado satisfactory to good progross.
C u ltiv a­
tion m ade excellent progress, fields being m o stly well worked
and clean.
C o tto n is being ginned in the Southwestern sec­
tion. A verage thorm om oter 8 4 , highest 9 0 , low est 7 8 .
Abilene, Tex.— T h e therm om eter has avoraged 8 4 , the
highest being 100 and the low est 6 8 .
#
Brenham, Tex.— Thorm om oter has averaged 8 3 , ranging
from 7 2 to 9 4 .
Brownsville, Tex.— T h e therm om eter has ranged from 7 4 to
9 8 , averaging 8 6 .
Cuero, Tex.— R ain has fallen on one d ay during the w eek,
to the extent of tw o hundredths of an inch. A verage ther­
m om eter 8 4 , highest 9 6 , lowest 7 2 .
Dallas, Tex.— T ho thormomoter has averaged 8 4 , the high­
est being 9 6 and tho low est 7 2 .
Henrietta, Tex.— T h e therm om eter has averaged 8 7 , rang­
ing from 73 to 1 0 1 .
Huntsville, Tex.— T herm om eter has ranged from 7 4 to 9 5 ,
averaging 8 5 .
Kerrville, Tex.— A verage therm om eter 8 0 , highest 9 1 , low­
est 6 8 .
Lampasas, Tex.— T ho thorm om oter has averaged 8 5 , the
highest boing 100 and the low est 6 9 .
Longview, Tex.— Thorm om oter has averagod 8 5 , ranging
from 7 2 to 9 8 .
Luling, Tex.— T h e therm om eter has ranged from 7 2 to 9 6 ,
averaging 8 4 .
Nacogdoches, Tex.— A verage therm om eter 8 5 , highest 1 00 ,
low est 7 0 .
Palestine, Tex.— T h e therm om eter has averagod 8 3 , tho
highest being 9 4 and the low est 7 2 .
Paris, Tex.— I t has rained on one d ay of tho w eek, th e
rainfall reaching tw o hundredths of an inch. T h o ther­
m om eter has averaged 8 7 , ranging from 7 0 to 104.
San Antonio, Tex.— R ain has fallen on one d ay during the
w eek, the precipitation reaching ono hundredth of an inch.
T h e therm om eter has rangod from 7 2 to 9 4 , averaging 8 3 .
Taylor, Tex.— M in im u m therm om eter 7 0 .
Weatherford, Tex.— T ho therm om eter has averaged 8 5 , the
highest boing 9 8 and tho low est 7 2 .
Ardmore, Okla.— T h e therm om eter has averaged 8 6 , rang­
ing from 7 2 to 100.
Muskogee, Okla.— T ho thorm om oter has ranged from 71 to
1 05 , averaging 8 8 .

The above totals show that the interior stocks have de­
Eldorado, Ark.—Average thermometer 85, highest 99,
creased during the week 59,083 bales and are to-night 74,291
bales more than at the same time last yoar. Tho receipts at lowest 71.
all towns have been 8,335 bales more than tho same week Little Rock, Ark.— W e have had rain on tw o days the past
w eek, the rainfall being tw enty-four hundredths of an inch.
last yoar.



THE CHRONICLE

A u g . 9 1919.]

The thermometer has averaged 87, the highest boing 100
and the lowest 75.
Alexandria, La. —Thermometer has averaged 87, ranging
from 74 to 99.
New Orleans, La. —Wo have had rain on one day during
the week, the rainfall being twenty-two hundredths of an
inch. Thermometer has averaged 82.
Shreveport, La. —Average thermometer 85, highest 96,
lowest 74.
Columbus, M iss. —The thermomoter has averaged 88,
tho highest boing 103 and the lowest 73.
Vicksburg, M iss. —The thermomoter has averaged 85,
ranging from 76 to 95.
Mobile, A la. —Cotton has made satisfactory progress but
frequent showers interfere somewhat with cultivation and
favor boll weevils. Open bolls are numerous in tho lower
counties. We have had rain on four days during tho week,
the rainfall boing one inch and ninety-six hundredths.
Thermomoter has ranged from 77 to 98, averaging 84.
Montgomery, A la. —Rain on two days of the week. Tho
rainfall has been fifty-seven hundredths of an inch. Aver­
age thermometer 85, highest 96, lowest 73.
Selma, A la. —Wo have had rain on four days tho past
weok, tho rainfall being forty-fivo hundredths of an inch.
Tho thormomoter has averaged 85, the highest being 98 and
the lowest 73.
Atlanta, Ga.—Rain on five days of tho week. The rain­
fall has been seventy-two hundredths of an inch. Averago
thermomoter 81, highest 94, lowest 68.
Augusta, Ga.—Wo have had rain^on four days tho past
week, tho rainfall being one inch. Tho thormomoter has
averaged 84, tho highest boing 96, and the lowest 72.
Savannah, Ga.—Wo have had rain on ono day of tho past
weok, the rainfall boing fourteon hundredths of an inch.
Thormomotor has avoragod 83, ranging from 74 to 94.
Madison, Fla. —Tho week’s rainfall has been fifty-nine
hundredths of an inch on two days. Tho thormometor has
averaged 83, ranging from 73 to 93.
Tallahassee, Fla. —Rain has fallen on one day during the
week, tho precipitation reaching fifty-five hundredths of
an inch. Tho thermometer has ranged from 73 to 97,
averaging 85.
Charleston, S. C.—Wo have had rain on two days during
tho weok, tho rainfall boing one inch and sovonty-fivo hun­
dredths. Tho thermomoter has ranged from 73 to 97, aver­
aging 85.
Greenwood, S. C.—Rain lias fallon on two days during the
weok, to tho extent of ono inch nd nineteen hundredths.
Averago thermometer 79, highest 91, lowest 67.
Spartanburg, S. C.—Wo have had rain on two days the
past weok, tho rainfall being ono inch and threo hundredths.
Tho thormometer has averaged 79, tho highest boing 95 and
tho lowest 63.
Charlotte, N . C.—It has rained on ono day of tho week,
tho rainfall reaching seventy hundredths of an inch. The
thormomoter has averaged 79, ranging from 64 to 94.
Weldon, N . C.—Wo have had rain on two days during
the week, tho rainfall boing ono inch and soventy-six hun­
dredths. Tho thermometer has ranged from 55 to 93,-aver­
aging 74.
Dyersburg, Tenn.—Average thormometor 84, highest 98,
lowest 71.
Menphis, Tenn.—Wo havo had rain on two days the
past weok, tho rainfall being eight hundredths of an inch.
The thormometer has averaged 86, tho highest boing 97,
and tho lowest 75.
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
_
Saturday_
M onday_
_
Tuesday_
_
Wednesday.
Thursday . .
Friday_____

Quiet, 85 pts. d e c ..
Quiet, 205 pts. dec.
Quiet, 80 pts. d e c ..
Steady, 7o pts. Inc.
Quiot, 125 pts. dec.
Steady, 65pts.A dv.

|
\

Futures
Market
Closed.

SALKS.
Spot. Contract Total.

Steady___
Weak_
_
Very steady
Very steady
Baroly steady..
Steady________ ...........

300
500

NEW ORLEANS CONTRACT M ARKET—Tho clos
ing quotations for leading contracts in tho Now Orloans
cotton markets for tho past week havo been as follows:

Saturday, Afonday, Tuesday, Wed’day. Thursd'y, Friday,
Aug. 2. Aug. 4. Aug. 5. Aug. 6. Aug. 7. Aug. 8.
33.72 — 31.85 — 31.20 — 31.94 — 30.57 — 31.16 —
32.00-.03 31.30-.35 32.01-.10 30.64-.70 31.23-. 26
33.87.93
31.99-.01 31.26-.30 31.9633.87.93
.00
30.60-.63 31.15-.17
33.95-.96 32.08 — 31.30 — 31.87 — 30.50 — 31.08-.10
34.11 — 32.23-.25 31.45-.55 31.97.05
30.58-.60 31.18-.19
34.21 — 32.28-.33 31.45 — 31.97.00
30.58 — 31.13-.17
Quiet
Steady
Dull
Quiet
Quiet
Quiot
Steady Bar. st’y Steady Very st’y Bar. st’y Bar. St’y

COTTON CROP CIRCULAR.—Our Annual Cotton Crop
Roviow will bo ready in circular form about Thursday,
Aug. 21. Parties desiring the circular in quantities, with
thoir business card printed thoreon, should send in their
orders as soon as possible to ensuro early delivery. Publica­
tion of this annual roview has been deforrod this year to a
somewhat later date (after tho closo of tho cotton season)
than has beon our usual practice, in order to afford more
time for the investigation of tho situation at^homo and
abroad.



WORLD’S SUPPLY AND TAKINGS OF COTTON.
C otton T akings.
W eek and Season.

1919.
Week.

1918.
Week.

Season.

Season.

Visible supply Aug. 1_________ 4.789,355
3,022,042
Visible supply July 31________
4,795,300
3,027,450
American in sight to Aug. 8 ___
89,751
102,149
95,024
127,397
Bombay receipts to Aug. 7___
b35,000
35,000
40.000
45,000
Other India shipm’ts to Aug. 7.
Alexandria receipts to Aug. 6 -.
62.000
2,000
'31665 " T o o '
Other supply to Aug. 6 *_____
64,000
4,000
3,000
3,000
Total supply________________ 4,920,106 4,938,449 3,163,066 3,205,847
Deduct—
Visible supply Aug. 8_________ 4,726,433 4,726,433 2,975,143 2,975,143
Total takings to Aug. 8 .a ______
Of which American_________
Of which other______________

193.673
161.673
32.000

212,016
180,016
32,000

187.923
108.923
79,000

230.704
142.704
88,000

* Embraces receipts in Europo from Brazil, Smyrna, West Indies, &c.
a This total embraces tho total estimated consumption by Southern mills,
70,000 bales in 1919 and 108,000 bales in 1918— takings not being available
— and aggregate amounts taken by Northern and foreign spinners, 142,016
bales in 1919 and 122,704 bales in 1918, of which 110,016 bales and 34,704
bales American, b Estimated.

MANCHESTER MARKET.—Our reports received by
cable to-night from Manchester states that yarns are
quiet and cloth occasionally easier.
1919.
32# Cop

Twist.

June
13
20
27

July
4

11
18
25
Aug.
1

d.
36
36H
38

H @
X w
(3)
38 M @
40
41H
42

M
W
(3)

42

@

8 42

(3)

1918.

SH lbs. Shirt- Cot’n
trigs, Common M .
id
to finest.
Uvl’s

SH lbs. Shirt- Cot’n
id
logs. Common M .
to finest.
Upl’s

32 s Cop

Twist.

a. d.

8. d. d.
23 414 @ 30 U j 21.88
0 @ 32 0
22.19
24 0 @ 32 0
22.59

d
40
4014
41K

s. d.
9
23 3
23 9

a. d. d.
d.
@ 27 0
20.38 47 W
@ 27 6
19.82 48
@ 28 3
20.39 49>4

@
@
@

41 H
44
45
45

23
25
26
27

@ 28
@ 30
@ 31
@ 31

@
@
@
@

52
52
52

45
45

27 0
27 0

@
@

51 H 25 1J4@33 1J4 20.39
53
25 U 4 @ 3 3 1H 21.46

M
22

9
6
3
0

<
4

3
0
0
0

@ 31 6
@ 31 6

19.44
JO.98
21.24
21.45

49 H
49 H
4914
49

19.88 49
18.53 51

d.
50
51
52

M24

24
25
25
51H 25

0 @ 32
0 @ 33
1J4@33
1J4@33

0
0
154
114

22.29
22.04
22.09
20.63

SHIPPING NEWS.—As shown on a previous page, the
oxports of cotton from the United States the past week have
reached 178,823 bales. Tho shipments in detail as made
up from mail and telegraphic returns, aro as follows:

Total bales.
NEW Y ORK— To Liverpool— Aug. 5— Port Bowen, 100__________
100
To Havre— Aug. 4— Admiralen, 100; Aug. 5— Burmese Prince,
604------................... ....... ......................... ..................................... ..
704
To Rotterdam— Aug. 1— Rotterdam, 500_________________
_
500
To Antwerp— Aug. 1— Aledo, 233_____________ _______________
233
50
To Barcelona— Aug. 7—Mar Tirreno; 50______________________
To Genoa— Aug. 5— Tarantia, 1,350___________________________ 1,350
GALVESTON— To Liverpool— Aug. 1— Federal. 20,648; Jefferson
City, 3,807; Aug. 2— Masuda, 11,940; Aug. 7— West Imboden,
19,218............................................ ............. ............................
59,753
T o Manchester— Aug. 1— Asuncion do Larrinaga, 7,218___
7,218
To Gothenburg— Aug. 1— Bethlehem Bridge, 11,200______
11,200
To Barcelona— Aug. 1— Eolo, 13,607____________________
13.607
NEW ORLEANS— To Liverpool—Aug. 1— Kaduna, 798 Meltonian, 3,843; Aug. 2— Quistconck, 16,187; Aug. 7­ Agwidale,
964; Historian, 4,800________________
26,952
To Havre— Aug. 5— Saccarappa, 8,923___
8,923
To Gothenburg— Aug. 4— Bullaren, 1,625
1,625
To Barcelona— Aug. 4— Barcelona, 737; Aug. 5— Roger de
Lluria, 600__________________________________________
1,337
M OBILE— T o Liverpool— Aug. 1— Aniwa, 11 517____I I I . . .
11.517
SAVANNAH— To Barcelona— Aug. 1— Sestri, 7,313________
7.313
To Genoa— Aug. 1— Sestri, 8,314_ _____________________
_
8.314
BRUNSW ICK— To Liverpool— Aug. 7— Novian, 5,219___
5,219
W ILM INGTON— To Rotterdam— Aug. 1— Absecon, 10,516
10,516
SAN FRANCISCO— To Manila— Aug. 2— Korea Maru, 150
150
SEATTLE— To Japan— July 23— West Henshaw, 2,602____
2,602
Total
178,823

The particulars of tho foregoing shipments for the week,
arranged in our usual form, aro as follows:
Great
Holland Sice- Spain
PhilipDritain. France. ADelg.
J
“
*
den. &Uady^ Japan. pines.
New Y o r k ..
100
704
733
Galveston . . 66,971
____
____ Ill200 131607 H U
New Orleans 26,592 8,923
____ 1,625 1,337 ____
M obile......... 11,517
....................
Savannah_
_
____
___
____
: : : : 15 I6 2 7
m i
Brunswick. . 5,219
____
____
Wilmington.
____
____10,516
San Francisco ____
____
___
150
Seattle_____
____
____
____
------ 2,602
Totals----- 110,399

300
500

»nn

August________
O ctob er_______
December______
January _______
M arch ................
M a y __________
Tone—
S p o t _____
Options_____

597

9,627 11,249 12,825 31,971

2,602

Total.
2,937
91,778
38,477
11,517
15,627
5,219
10,516
150
2,602

150 178.823

LIVERPOOL.—By cable from Liverpool we have the foL’owing statement of the week’s sales, stocks, &c., at that port:
Actual export

July 18.
19,000

July 25.
23.000

Aug. 1.
15,000

11,000
1,000
61.000
617,000
•132,000
78,000
71,000
320,000
286,000

Of which speculators took____
Of which exporters took_____

13,000
9,000
63,000
587,000
•122,000
53,000
48.000
311,000
267,000

10,000
8,000
49,000
611.000
451.000
75.000
64,000
317,000
258,000

Aug. 8.

61,000
770.000
567.000

The tone of the Liverpool market for spots and futures
each day of tho past week and the daily closing prices of
spot cotton have been as follows:
So
p t.
Market,
12:15
P. M .

Stu a. M d y. T esd y W n a . T u a . F a .
a rd y on a
u a . ed esd y h rsd y rid y
f
•
(
1

Quiet.

Mld.Upl'ds
Sales_____

F tu
u res.

Market
1
opened /
Market,
4

f
I

HO LIDAY.

HOLIDAY.

Fair
business
doing.

Fair
business
doing.

Good
demand.

19.79

19.20

19.04

18.53

3,000

4,000

4,000

0,000

Easy,
Steady,
Steady,
Easy,
120@ 140 2 pts. dec. to 42@ 49 pts. 60@ 70 pts.
pts. dec. 2 pts. adv. advance.
decline.
Irregular, Unsettled,
Steady,
Barely sty.
143@ 167 27@ 39 pts. 17@25 pts. 65@ 73 pts.
pts. dec.
decline.
advance.
decline.

598

THE CHRONICLE

[V o l .

109.

The prices of futures at Liverpool for each day are given week. On the other hand after a severe break the market
below:
got short. Liquidation had been pretty drastic. Rumors
were circulated of export business. They caused sharp
Sat.
Mon.
Tues.
W ed.
Thurs.
Fri.
rallies. The technical position after a break of 25 cents had
Aug. 2
become stronger. At times there have been complaints of
to
12*4 12*4 12*4 4
12*4 4
12*4 4
12*4 4
12*4 4
Aug. 8.
p. m. p. m. p. m. p. m. p. m. p. m. p. m . p. m. p. m. p. m. p. m. p. m.
drought. On the 6th inst. prices suddenly ran up 8 to 10
d d d d d d d d d d d d cents oh the smallness of the offerings and the fact that
. . . . . . . . . . . .
August..............
20.0t 19.51 19.5(1 19.14 19.34 19.30 18.83 18.66
Government officials announced that wheat prices would
September____
29.29 19.72 19.67 19.3? 19.51 19.56 19.01 18.88
Shorts hastily covered. The crop move­
October______
20.41 19.8? 19.86 19.5? 19.60 19.75 19.2C 19.07 not be reduced.
November____ H OLIHOLI- 20.54 20 .O 19.90 19.7C 19.82 19.87 19.33 19.21
H
ment was small owing to the shortage of cars. Cash corn
December.........
DAY.
DAY.
20.57 20.07 20.05 19.7? 19.9? 19.97 19.43 19.32
In a
January ............
20.51 20.1C 10.00 19.8? 20.0C 20.05 19.51 19.40 all along has stood up much better than futures.
February_____
20.59 20.12 20.10 19.85 20.02 20.08 19.54 19.43
single day rye advanced 8M to 9M«- and barley lc.; also
March......... ......
20.5S 20.15 20.11 19.87 20.04 20.12 19.57 19.45 pork SI 50 per bbi.
To-day corn prices advanced 3 Me. on
April..................
20.5? 20.14 20.11 19.87 20.04 20.13 19.5? 19.45
M ay ............... ..
20.57 20.14 20.10 19.87 20.04 20.14 19.59 19.46 covering of shorts, with a rise in stocks and better strike
news as to railroads. Prices end slightly higher for the
week. The Government report to-day stated the condition
BREADSTUFFS
at 81.7 against 86.7 on July 1, and 78.5 on Aug. 1, 1918;
Friday Night, Aug. 8 1919.
per acre 27.1
yoar ago;
Flour has been quiet pending further developments. yield 2,788,000,000 bushels against 24.0 aharvested indicated
crop
bushels against
crop last
More particularly the trade of course wants to know what year of 2,582,814,000 bushels, and the year before 3,065,­
the
measures will be taken by the Government to reduco the 233,000 bushels. The high record was in 1912 when it was
cost of food. The price of wheat has been attacked in 3,124,746,000 bushels.
Congress. The American people have grown restive under
OF
IN
the persistence of war prices. The Government will sell „No. 3 DAILY CLOSING PRICESSat. CORN204 NEW YORK. 217
Mon. Tues. Wed. Thurs. Fri.
yellow..............................
214*4 216*4
its supplies of fiour, it is believed, at prices far lower than DAILY CLOSING PRICEScts.208*4 208*4
OF CORN FUTURES IN CHICAGO.
those current in the open market. Mills in the meantime „
,
Sal. Mon. Tues. Wed. Thurs. Fri.
are protected against a decline on their purchases of now September delivery in elevator.cts. 185 179*4 174*4 181*4
189*4
December delivery in elevator_____155
148*4 143
wheat. Flour prices, it is intimated, may be cut by the May delivery in elevator..............152*4 147*4 140*4 151 150 150*4
148*4
Government and the miller reimbursed out of funds provided Oats declined with other grain. They felt the147 147*1
agitation
by Congress. One thing is reasonably clear—a rise in food against dear food. Liquidation was general. Support at
prices would be decidedly unpopular in this country. The times was to all appearance lacking. Stocks aro large. It
tendency under the force of the public opinion is distinctly
towards a lowering of such prices. While showing why the looks to many as though supplies will bo more than ample.
price of wheat would rise but for the Government guarantee, In one day prices fell 3Me. Crop reports have been more
of
Director Barnes announced that there will be a readjustment favorable. The visible supply the oats increased 137,000
the
week up to
of flour prices at the expense of the United States Treasury bushels, bringing othertotal forthere were rumors 25,137,000
hand,
on the 4th
as authorized by Congress, if later developments indicate bushels. On the
800,000 bushels had been sold for export. Cer­
a world price for wheat lower than the guaranteed basis. inst. that cash demand increased. Oats are still regarded as
Immediate steps will be taken by the Grain Corporation tainly the
other
Some have been
to sell standard export flour in every community of the cheap by comparison with At one grain seaboard exporters
time
country in carload lots at a price not greater than 810 a buying on this idea alone. over September c.i.f. Buffalo for
barrel, Mr. Barnes announced. This price, he added, is at Chicago bid 4M cents
36-lb. white clipped
lower by SI a barrel than any price ruling during the last oldthe bulk of the stockoats, but offerings were rather light,
was said to have been sold. Cash
four months. A San Francisco dispatch on Aug. 5 said as
houses bought freely in taking off hedges against sales for
wholesalers announced a reduction of 40 cents a barrel. home and foreign account. Country offerings have been
This followed a similar reduction a week previous.
Old oats
Wheat prices are not to be reduced by the United States light. has been are scarce in Chicago. The cash situation
there
acute after
On the
Government. That is the big outstanding fact of the week 6th inst. prices rather to 5 cents onrecent largo sales.light sales
small offerings,
in spite of the agitation against dear food. Director Julius by the country rose 2a sharp demand from shorts. The idea
and
H. Barnes of the Grain Corporation decided to maintain the is still stressed that oats are relatively cheap. To-day prices
Government’s guarantee on wheat at $2 26 a bushel “as a advanced with corn, but they ended lower for tho week.
reserve protection against a higher price later.” He pre­ The Government report to-day put the condition on Aug. 1
dicts a shrinkage of probably 400,000,000 bushels in the
87 last month and 82.8 on Aug. last year;
wheat production for North America, 250,000,000 bushels of at 76.5, against 1,266,000,000 bushels, against a1 harvested
indicated crop
which is in the United States, from the June forecast, and a crop last year of 1,538,359,000 bushels.
further shrinkage in European wheat and rye production of
DAILY CLOSING PRICES OF OATS IN NEW YORK.
300,000,000 bushels outside of Russia. The visible supply
Sat.
in the United States increased last week 8,427,000 bushels, No. 1 white_______ cts. 85*4 ______ Mon. Tues. Wed, Thurs.____
bringing the total supply for this country up to 25,707,000 No. 2 white................... 84*4 82-84 ______ ______ ______ 86
81-82
84
84
bushels. The Canadian visible decreased 878,000 bushels; DAILY CLOSING PRICES OFSat. Mon. Tues. Wed.CHICAGO.
OATS FUTURES IN
total, 7,723,000 bushels. The combined total for the United September delivery in elevator.cts. 73*4 71 *4 69 72*4 Thurs. Fri.
72*4 74
States and Canada is 33,430,000 bushels, showing an increase December delivery in elevator_____ 76*4 73*4 71*4 75*4 74*4 76*4
for the week of 7,459,000 bushels. In the United Kingdom May delivery In elevator.............. ........... 76*4 74*4 78*| 77*4 79*1
good progress is being made in harvesting. The first samples The following are closing quotations:
of winter barley there were of excellent quality. In Franco
there is much activity in harvesting, but a short outturn of Spring patents______ $12 25 FLOURNo. goods— Portage barley: $6 75
Barley
io 85
1...................................wheat is expected. In Italy the yield is expected to be short. Winter straights_____ 12 25
Kansas straights_____
Nos. 2. 3 and 4. pearl . . 6 00©6 25
In Spain the crop will probably be smaller than had been Rye flour______nom. 8 00
Nos 2-0 and 3-0...........6 75@7 15
Nos. 4-0 and 5-0...................
expected. That country has purchased over a million bush­ Corn goods, 100 lbs.— $4 95 Oats goods— Carload, spot de­ 7 25
White
els of Argentina wheat in the past few days. In North Yellowgran_______
gran______
4 85
9 75
livery ____________________
Africa harvesting has made fair progress. In South Africa Corn flour__________ 4 85@5 25
the outlook is unfavorable, owing to bad weather. Rain Wheat—
GRAIN.
Oats—
is needed there. The Government report to-day stated the
No, 1 ...........
nil
$2 37*4
condition of spring wheat on Aug. 1 at 53.9, against 80.9
No. 2 white
2 40*4
No. 3 white.
on July 1 and 79.6 on Aug. 1 last year; indicated crop 225,­ Corn— .
- 2 17
000,000 bushels, against 358,651,000 harvested last year;
. 2 16*4 Barley—
Feeding-----total spring and winter, 940,000,000 bushels, against 1,161,­ Rye—•
Malting-----60
000,000 bushels on July 1 and 917,000,000 last year. In For other tables usually 1given here, see page 555.
Argentina good progress has been made in new seedings, due
WEATHER BULLETIN FOR THE WEEK ENDING
to generally favorable weather there.
AUG. 5.—The influences of weatlior on the crops as sum­
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Taes. Wed. Thurs. Fri.
marized in the weather bulletin issued by tho Department of
No. 2 red....................................cts.237*4 237*4 237*4 237*4 237*4 237*4
Agriculture for the week ending Aug. 5, were as follows:
No. 1 spring...............................,— 240*4 240*4 240*3 240*$ 240*4 240*4
were generally moderate during tho
Indian corn prices for a time broke wide open on the dear- in COTTON.— Temperatures and only light to moderatenono was in week
the cotton growing States,
rain fell
most
food agitation. Early in the week they fell over 12 cents sections east of tho Mississippi River, while very little orno materialreceived
in practically all sections to tho westward. There was
chango
in two days or nearly 24 cents from the recent “high.” during tho weeknoted incondition of cotton thoNorthby overflowalthough
in tho
in
Carolina,
loss
in somo
Hogs and provisions also sharply declined. This counted improvement is has been some sections, but during July in South Carolina
eastern portions
serious. Frultago
too for not a little. Also the weakness at. one time in the was disappointing, but has again become satisfactory. Cotton mado only
Florida:
conditions continues very good in
stock market. And the crop outlook has improved. Stop poor progress in Georgia andelsowlicro.theTho crop mado fairly good progress
Northern Georgia, but poor
orders were caught. On a single day, the 4th inst. prices in Alabama, and also fn the delta counties of Mississippi. Tho condition
fell 8c. The threat of a railroad strike had some effect. ranges from poor in portions of SoutherninAlabama to very fgood in some
Some Improvement
cotton
And beneficial rains fell over much of the belt. Cash prices northern localities.and the advance was fairly goodwas noted in Louisiana
during
week,
generally in Texas as
in most portions
Arkansas
de­
in a day fell 3 to 4c. Everybody is on the qui vive for news well as thoin NortheasternofOklahoma: and Oklahoma, oxcept that it the
teriorated
plants aro fruiting poorly along
from Washington as to what measures will be taken to reduce coast of Eastern Texas and in somo southwestern and central counties,
the cost of food. The break in oats hurt corn. The con­ but fairly well as a rule in Arkansas. Tho ravages of tho boll weevil continue
of shedding
sumer thinks the day of extraordinary high prices is over. unchecked, with complaintscultivation. in many localities. The week
Beneficial rains were again reported later. Crop estimates was generally favorable for wheat harvest was well under way in tho
SPRING WIIEAT.— Spring
portions of the belt, with generally favorable weather. The
now seem to be crystallizing around 2,800,000,000 bushels. northern of this crop continues unsatisfactory. Tho yields aro reported as
The visible suppiy of this country is only 3,195,000 bushels condition both in quantity and quality, in Minnesota, and as poor in
mostly poor,
but shows an increase of 618,000 bushels over that of last Iowa, where much of it will not be fit to mill. It is mostly only poor to



186

F ri.

THE CHRONICLE

A ug . 9 1919.]

599

goods for re-sale at concessions by second hands, but more
by the nervous temperament that has developed in financial
and commodity markets. The various investigations by
Federal officials of the high living costs which are under
way have not been overlooked by dry goods merchants who
aro closely watching developments as they have a large
bearing on the consumption of fabrics. There is also a
possibility of cotton and cotton fabrics, in addition to other
commodities, being included in the investigations. The
investigations have already resulted in marked declines in
various commodities, while prices for raw cotton have broken
about four cents per pound from the high levels of last week
when the Government estimated the crop this year at only
slightly over 11,000,000 bales. The unsettled labor condi­
tions the world over have likewise added to the quietness in
the dry goods trade. Merchants in fear of all these un­
certainties and of further changes in world affairs prefer to
move cautiously before entering into new commitments.
Labor conditions at mill centres, on the other hand, are said
to be quite satisfactory, and in some districts the output is
increasing. In primary centres there has been but little
indication of prices easing, though second hands are still
offering goods freely at concessions which in some cases
range from two to three cents per yard. Manufacturers and
mill agents have little to offer for delivery this side of Sep­
them have
AGRICULTURAL DEPARTMENT’S REPORT ON tember, while the majority of offerings of little to offer for
tho next few months. The
late have come
CEREAL CROPS, &c., TO AUG. 1.—Tho Agricultural principally from speculative interests who became alarmed
Department issued on tho 8th inst. its report on the cereal over tho investigations into the high cost of commodities.
crops for tho month of August as follows:
Export inquiry continues quite liberal and sales are being
The Crop Roporting Board of tho Bureau o f Crop Estimates makos tho mado to both European and South American markets.
following estimates from reports o f its correspondents and agents:
Tho condition of spring wheat on Aug. 1 was 53.9% against 80.9 on There are still many uncertainties, however, as regards fin­
July 1 1919 79.6 on Aug. 1 1918 and 75.8 tho Aug. 1 ten-year average.
The indicated production of spring whoat this year is 225,000,000 bushels
ancing sales to European countries.
against 358,651,000 bushels in 1918 and 223.754,000 bushels in 1917.
Tho indicated production of all wheat this yoar is 910,000,000 bushels
DOMESTIC COTTON GOODS.—Staple cottons have
against 917,100,000 bushels in 1918 and 636,655,000 bushels in 1917.
The quality of winter wheat this year is 84.3%, compared with 92.2 last beon much quieter during tho week, and while prices in
year, 91.6 tho avorago of recent years. Tho preliminary estimate of the
yield of winter whoat this yoar is 715,301,000 bushels, contrasted with primary channels have been steadily maintained, second
558,449,000 bushels in 1918 and 412,901,000 bushels in 1917.
hands have continued to sell at concessions. The latter
Tho condition of corn on Aug. 1 was 81.7%, against 86.7 on July 1 1919
78.5 on Aug. 1 1918 and 77.6 tho Aug. 1 ton-year avorago. lh o indicated appear to be anxious to liquidate thoir holdings, and it is
production o f corn this year is 2,788,000,000 bushels, compared with 2,582,­
becoming more evident that there has been considerable
814,000 bushels harvested in 1918 and 3,965,233,000 bushels in 1917.
Tho condition of oats on Aug. 1 was 76.5%, against 87 on July 1 1919, speculation in cotton goods despite the efforts of manufac­
82.8 on Aug. 1 1918 and 81.9 tho Aug. 1 ten-year average, Tho indicated
In primary markets the
production of oats this voar is 1,266,000,000 bushels, against 1,538,359,000 turers and mill agents to check it.
bushels in 1918 and 1,592,740,000 bushels in 1917.
.
lull is welcomed, as it gives mills an opportunity to catch
Tho amount of oats remaining on farms on Aug. 1 is estimated at 6%
of last year's crop, or about 92,508,000 bushels, as compared with 81,424.000 up \tith back orders. The decline of five cents a pound in
bushels on Aug. 1 1918 and 76,710,000 bushels tho avorago of stocks on tho price for raw cotton lias had a great deal to do with the
Aug. 1 for tho fivo years, 1913-1917.
lull in the demand for manufactured products, though the
For tho United States:
,„ , . .
— Yield per Acre— Federal investigations of the high cost of living have played
1913­ no small part in curtailing purchases.
1918
Retailers report a
1917
Dec.
Aug. 1918. 19131917
1919.
est. avge. quieter trade, while business with jobbers has also fallen off
—
*1919.
considerably. Second hands are offering staple goods more
16.1 freely, but there is still a scarcity of various specialties.
15.2
Winter wheat__________________ a715
558
555 al4.6
12.9
10.0
10.0
Spring wheat_________________ 225
359
236
15.5
15.0 There is some inquiry for heavy fabrics from the automobile
13.1
AH wheat.............................. — 940
917
791
25.6 trade, but otherwise demand is slow.
24.0
27.1
Corn
...................................2,788 2,583 2,749
Some fair sized sales
32.7
29.9
34-6
Oats '
1.266 1,538 1,331
25.8 of sheetings have taken place through second hands. Demand
26.5
22.9
Barloy
204
256
199
16.0 for colored fabrics, while less active, continues and according
14.4
R y e - . : " ! . . .........
a84.6
90.2
50.0 al2.9
17.9
19.2
16.5
Buckwheat...........................
16.1
17.2
14.7
95.7 to latest reports, ginghams will not bo priced until Sep­
95.0
89.2
White potatoes_______________ 357
400
366
94.9 tember.
98.2
93.6
Sweet potatoes________________ 100 ,86.3
69.2
Sales of gray-goods have been light, and mostly
Tobacco, ills__________________ 1,355 1,340 1,091 752.4 865.1 808.9 at concessions through second hands. Gray-goods 383^-inch
S.l
7.6
5.5
Flax............................................... 10.2
14.7
13.8
36.7 standards are listed at 19c.
36.3
39.8
40.4
30.8
R ico__________________________ 43.4
1.27
1.51
1.50
Hay, all tons_________________ i l l
90.4
96.9
Cotton...............
11.0 612.0 612.8 156.8 159.6 175.6
WOOLEN GOODS.—Business in markets for woolens and
8.79
9.92 10.15
Sugar beets, t o n s ..____________ 6.96
5.89
6.04
worsteds has been quite satisfactory during the week, even
Apples, total-------------------------- 155
170
1.98
Apples, commercial____________ 23.1
24.6
------though there has been moderation in demand. Manufac­
____
____
Beaches--------- ------------------------ 49.8
34.1
48.8
turers continue their policy of allotting purchases and few
interests are having their orders completely filled. Most
Details for important crops in principal States follow:
mill men are looking after old customers first. Considerable
------ Condition------ ----------Acreage 1918A u g . 1 A u g . 1 A u g . 1 July 1 P .C . o f
interest was manifested in tho openings of spring fabrics
A cres.
1919. 1918. \0-yr.av. 1919. 1918.
Crop
22.593,000 by the American Woolen Co. despite the fact that they were
79.6
75.8 80.9 100.8
wheat---71,526.000 confined to fancy goods. No official openings were made in
86.6 121.0
All wheat______
78.5
77.6 86.7
_________ 81.7
95.8 102,977,000 staplo goods and none aro expected. Prices are reported to
42,365,000
82.8
81.9 87.0
95.4
............ . 76.5
In the women’s wear
8,899,00C havo been much higher than last fall.
82.0
91.9
80.5 87.4
0,576,00C trade, only woolens will be placed on formal opening sale
85.7 104.8
_
_
____ __________
88.6
_______88.2
88.1
4,003,000 A few fabrics have already been opened informally for next
79.9
80.9 87.6
95.1
_________ 75.1
i ,023,000 spring.
78.3
83.1 -90.1 111.0
................ 87.1
,774,000
83.6
79.3 83.6 114.5
.............75.1
70.6
76.9 73.5
1,851,000
95.5
...........52.7
FOREIGN DRY GOODS—In spite of the fact that
85.7
1,091,000
87.6 89.5
98.1
.............. 90.4
Belfast has advanced prices for various linens fully 5 % , there
82.3
84.4 91.1
.........91.0
33,960,000 has been no abatement of the demand for fabrics.
73.6
76.1 70.0
91.3
Instead,
___ 67.1
792,000
89.3 78.9 133.3
88.6
Sugar-beets___ _________ 75.6
the higher prices appear to havo stimulated purchases, as
♦Interpreted from condition reports, a Preliminary ostlmato. 6 Consus there is a general belief that prices will undoubtedly advance
production in millions of bales; yiold per aero in pounds of lint; prico in further. Several large buyers have been placing orders
cents per pound, c Condition relates to 25th of preceding month.
with importers and it is understood that fairly large orders
e Commercial crop in barrels (millions).
have been booked. Many merchants predict a scarcity of
linens, and increased difficulties in procuring same. Houses
here aro reported to be pushing :inen dress fabrics, and there
THE DRY GOODS TRADE
is said to be a large surplus of B itish Government airplane
New York, Friday Night, Aug. 8 1919.
linens suitable for such purposes. Manufacturers of hand­
Quietness has again prevailed in tho markots for dry goods kerchief goods are endeavoring to purchase supplies, but this
obtain. It has been reported
during tho past week, this being particularly true as regards class of fabrics is hard to have recently gone abroad for that
men
the
cotton fabrics. Business in othor textiles has been moder­ a number of linen Continental manufacturers and to ascer­
visiting
ately active, though there are marked indications of a purpose of they can expect goods from those quarters. Bur­
tain when
slackening demand which only a short time ago was in­ laps have ruled quiet, and in tho absence of offerings prices
satiable. In fact, a vory cautious feeling has developed of have been firmly maintained. Light weights are quoted at
lato. This has not beon brought about by tho offering of 16.00c. andjieavy weights at 18.00c.

fair In South Dakota, and of light weight, and while in fairly good condi­
tion in Eastern North Dakota, considerable rust and blight aro reported
from that section, and it is very unsatisfactory in the western portion of
that State. The cooler weather and local showers in the Far Northwest
will probably help some lato spring in that area, but tho rains came too
late to bo or material benefit.
.
W IN TE R W H EAT.— The weather of the week was favorablo for winter
wheat harvest in tho elevated districts of tho Northwest, where cutting was
nearing completion. It was also favorablo for stacking and thrashing in
other districts where this work has not been completed, except for some
delay in the Ohio Valley section from rain. Thrashing is well advanced in
Eastern Kansas, and is begining in tho western portions of that State.
Plowing for the next year’s crop progressed favorably in tho central and
northern districts, with the soil in mostly fair to good condition, except for
dry in some interior sections, princpially in tho Plains States.
CORN .— Temperatures averaged about tho normal in most o f tho prin"
cipal corn producing areas, and moderate rain occurred in nearly all sec­
tions from tho middle and upper Mississippi Valley eastward. Tho rain­
fall was very beneficial, particularly in tho upper Mississippi Valley and in
most places in tho Ohio drainage area, but rainfall was insufficient in tho
central and lower Great Plains and lower Missouri Valley, and tho crop
is badly in need of moisture in those sections. Tlio progress and condition
of corn aro reported as good to excellent In Ohio, and while tho early planted
has been somewhat damaged in Kentucky, the crop was greatly benefited
by rains in that State. Conditions were also improved in Indiana and Illi­
nois, but somo localities in those States aro stdl dry. Corn mado very
good progress in Iowa, where it has mostly recovered from tho drouth;
tho condition is still good in tho central and northern portions o f Missouri,
but elsewhere mostly poor.
It is firing badly in Kansas, especially on
uplands, and much lias been seriously damaged; progress and condition aro
reported as very good in much of Oklahoma, but it is deteriorating in tho
eastern portion. Tho condition of corn is fairly good in tho Southon States,
where the early planted has matured, while it is making rapid growth in
tho Central and Northern Atlantic Coast States.
OATS AND BARLEY.— Oats and barley harvest was begun or in
progress during tho week in the Northon tier of States, while oats were
turning in the more Northern districts. Oats thrashing progressed in tho
central districts, with tho yield mostly below expectations in portions of
the Ohio Valley. Tho yield in Iowa was reported as somewhat below tho
average, and as ranging from poor to good in Minnesota. Both oats and
barloy aro fair to good in tho upper Plains States, while these and other
lato spring grains were benefited by showers in tho Northwest.

— T o ta l P r o d u c tio n m
M i l l i o n s o f B u s h e ls —

F o rec a s t.

.

crop

D ec.
es t.

avge.

—

S p r in g

1

E I; ly




600

'TTHE CHRONICLE
2

P BLISH WEEKLY.
U
ED
T e r m s o f S u b s c r i p t i o n — P a y a b le in A d v a n c e
For One Year............................................
r or oix Months........................................................................................
^ qq
European Subscription (including postage)......................! ! ! ! ! ! ! ” ......... 1 3 5 0
European Subscription six months (including postage)” !!..'.'.""” ." ! ” 7 7 5
Canadian Subscription (including postage)................................... ! ! ! ! ! " $ 1 1 5 0
NOTICE.— On account o f the fluctuations In the rates o f exchange,
remittances for European subscriptions and advertisements must be made
In New York funds.
in c lu d e s f o l l o w i n g

S u p p le m e n ts —

B ank and Quotation (monthly) I R ailway and I ndustrial (semi-annually)
R ailway E arvi. os (monthly)
n
E lectric R ailway (semi-annually)
State and City (semi-annually) |Bankers’ Convention (yearly)
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaco (14 agate lines)................................... $ 4 20
C Two Months
(8 times)....................... " 3 3 00
Ordinary Business Cards <
!15 times)........................... 4 4 00
) Six Months
(26 times).......................... 75 00
L TwelvoMonths (52 times).......................... 130 0 0
Chicago Office—39 South La Sallo Street, Telephone Majestic7396.
London Office—Edwards < Smith, 1 Drapers’ Gardens, E. C.
&
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t, F in e and D e p cy ste r S ts., N ew Y o rk .

—We refer to the adoption of this amendment in our
“Current Events and Discussions” this week.
New York (State of).— Non-Resident Tax in Stale Law
Held Void by Judge John C. Knox. —Reference to this is made
in our “Current Events and Discussions” Department
this week.
Russian Government.— Reports of Loan Negotiations.—
Reference to this was made in our “Current Events and Dis­
cussions” Department last week, V. 109, p. 424.
Utah.— Blue Sky Law Effective.—The 1919 session of the
Legislature passed a bill to prevent fraud in the salo and
disposition of stocks, bonds and other securities sold or
offered for sale in the State of Utah, creating a Stato Securi­
ties Commission, defining offenses and prescribing penalties
and providing for tho enforcement thereof. The bill was
approved on March 13 1919 and became effective May 12
1919.
BOND

PROPOSALS

AND

this week have been as follows:

jltate axixl City gcyarlmcnt
M U N IC I P A L BOND SALES I N J U L Y .

The month of July records a falling off in the issuance of
municipal bonds of a permanent character as compared with
the month preceding, the total being $75,844,427 for July,
against $99,481,145 in June 1919. When compared, how­
ever, with the total of $23,142,908 for July last year, the
present year’s total shows a percentage of increase close to
that of Juno. For the first seven months of 1919 the total
of the sales is $370,804,944. In the same period in 1918,
whon the Capital Issues Committee rigidly limited the out­
put, the aggregate was only $174,909,194.
The largest disposal during July 1919 was made by the
County of Maricopa, Ariz., and consisted of $4,000,000 5s
which were sold at 100.81. Other places contributing to the
sales for July wore: Minneapolis,Minn., $2,650,000, represent­
ing seven issues of 4s and 5s at 104.33, and $1,057,792 4 Ms
at 100.248; Imperial County, Calif., $1,500,0005s at 101.105;
Hill County Road Districts, Texas, $1,191,000 5s, represent­
ing seven issues, at par; and Bienvillo Parish, La., $1,000,000
5s at 101.
*
In addition to the above, Canadian obligations sold in
July totaled $78,308,459 including an issue of $75,000,000
Dominion of Canada 5 Ms, consisting partly of two-year
notes and partly of ten-year bonds. The notes were sold
at 99 M and the bonds at 97.
Below we furnish a comparison of all the various forms of
securities sold in July during the last five years:
1919.

„

1918.

8

5

1917.

$

1916.

S

1915.

$

Permanent loans (U.S.). 75,844,427 23,142,908 <i92,828,499 37,611.448 33,889,870
♦Temporary loans(U.S.) 30,765,000 56,090,000 15,023,000 13,879,400 16.430,283
Canadian loans (perm’t) 78,308,459 2,590,7766105,005,227 2,849,864x40,391,576
Bonds of U.S.Possess’ns
None
None
None
None
None
Gen.fund bds. (N.Y.C.)
None
None
15,000,000
None
None

Total........................190,917.886 82,323,684 227,856,726 54,340,712 96,711,729
♦ Including temporary securities Issued by New York CItn, $19,260,000 In July
1919. *53,000.000 In July 1918, S7.750.000 In July 1917, $8,500,000 in 1916, and
$8,250,000 In 191.5. a Includes $55,000,000 New York City bonds, x Includes
$45,000,000 1 and 2-year notes of the Dominion of Canada. 6 Includes $100,000,000
Dominion of Canada 2-year notes.

The number of municipalities emitting long-term bonds
and the number of separate issues during July 1919 were
450 and 702, respectively. This contrasts with 469 and 699
for Juno 1919 and with 363 and 421 for July 1918.
For comparative purposes wo add the following table
showing the aggregates for July and the soven months for a
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
Month of
July.

For the

Month of

For the

Seven Month?
July.
§370.804,944 1905 ...........$10,878,302 $122,601,356
174,909,194 1904 ........... 33,233,254
171,102,409
314,407,599 1903 ........... 15,670,240
95,246,674
321,076,020 1902 - ......... 12,861,550
100,489,945
356,818,480 1901 ........... 8,262,495
69,485,555
384,334,150 1900. --------- 8,104,043
86,047,708
242,356,554 1899. --------- 18,613,958
81,959,334
276,768,423 1898. --------- 7,868,563
51,947,110
265,493,667 1897. ........... 17,389,859
90,665,236
198,678,899 1896. ........... 5,313,495
48,490,459
227,245,964 1895. ........... 15,374,660
72,366,273
190,191,257 1894. ........... 8,253.237
74,680,229
131,700,346 1893. ........... 1,691,600
34,354,715
127,780,3401 1892. --------- 4,139,100
53,232,391
Owing to tho crowded condition of our columns, wo are

1919. ......... .575,841,427
1918 ........... 23,142,908
1917. ........... 92,828,499
1916 ........... 37,611,448
1915. ........... 33,889,870
1914. --------- 26,776,973
1913. --------- 23.477.2S4
1912. --------- 30,479,130
1911. ______ 42,231,297
1910. ........... 35,832,789
1909. ........... 20,120,647
1908. ........... 21,108,678
1907. ........... 16,3o2,457
1906. - ......... 25.442,095

obligod to omit this week the customary tablo showing the
month’s bond sales in detail. It will be given later.
NEW S
A rk a n sa s.— Woman

IT E M S

Suffrage

Amendment

Adopted.—

Reference to this is made in our “Current Events and Dis­
cussions’’ Department this week.




109

Moiitajim.-—Legislature Ratifies Woman Suffrage Amend­
ment.

pxe (Edxrcrm
de

S u b s cr ip tio n

(V ol

N E G O T IA T IO N S

AKRON, Summit C oun ty, O h io.— BOND SAL E — On Aug. 4 tho 4
issues of 5% street impt. bonds aggregating .$82,300— V. 109, p. 192— woro
awarded to Stacy & Braun of Toledo as follows:
$15,000 sldowalk bonds at 100.3642. Duo $3,000 yearly on July 1 from
1920 to 1924, inclusive.
38,000 Manchester Road special assessment bonds for $38,336 59 equal
to 100.885. Duo yearly on M ay 1 as follows: $3,000 1920 and
1921 and $4,000 1922 to 1929, inci.
17,800 North Martha Avenue special assessment bonds for $18,026 15,
equal to 101.270. Duo yearly on July l as follows: $1,000 1920
and 1921: $2,000 1922 to 1928, Inch, and $1,800 1929.
11,500 Diagonal Road (city’s share) bonds for $11,556 69, equal to
100.492. Duo $2,000 yoarly on July 1 from 1920 to i924, incl.,
and $1,500 July 1 1925.
Other bidders were:
Iss.
Iss.
_.
,_ , , „ „
m , ,
$38,000 00 $17,800 00
F. O. lloohler & Co., Toledo........................................$38,248 00 $17,917 00
National Bank of Commerce, Columbus................... 38,206 80
17,889 60
Thero were no other bidders for tho $15,000 and $11,500 issues.
AKRON SCHOOL DISTR IC T (P. O. A kron), Summit C oun ty, O h io.
— BOND ELECTION.— On Aug. 12 tho voters will have submitted to them
a proposition to Issuo $2,000,000 school-sito and building bonds.
ALAMOSA, Alamosa C oun ty, C olo.— BOND SALE.— An issue o
$20,000 5% water-extension bonds was rocontly awarded to Max Buchmann of Alamosa at par and intorost with various options and conditions
to tako more or less oonds as needed in six years. Other bidders woro:
Sweet, Causoy, Foster & C o., Denver, $20,211; Keeler Bros., Denver,
$20,000, and N. S. Waipolo. Pueblo, $19,840.
ALBION, C alh oun C oun ty, M ich.— BOND SALE.— Tho City Clerk
advises us that tho $50,000 4'A% water-refunding bonds mentioned in
V. 108, p. 699, havo been sold locally at par. Denom. 25 for $100 and 95
for $500. Date July 1 1919. Lit. July. Duo from 1920 to 1928.
ALHAMBRA UNION HIGH SCHOOL D ISTR IC T, Contra Costa
C oun ty, C alif.— BOND OFFERING.— Bids will bo received until 11a. m.
Aug. 18 by J. H. Wells, County Clerk, for $125,000 5% school bonds.
Denom. $1,000. Date Sept. 1 1919. Int. M . & S. Duo $5,000 yoarly on
Sept. 1 from 1919 to 1943, Incl. Certified check for 5% of tho amount of
bonds bid for required. Purchaser to pay accrued interest. Bonded
debt (incl. this issue), $127,000. Total assessed valuation, $4,136,055.
ALTON PARK, T enn .— BOND SALE.— On July 25 tho Hamilton Na­
tional Bank of Chattanooga and associates woro awarded $140,000 514%
30-year bonds for $142,300 equal to 101.642. Denom. $1,000. Date
July 1 1919. Int. J. & J.
ANTIOCH SCHOOL D ISTR IC T, C ontra Costa C oun ty, C alif.—
BOND OFFERING.— J. II. Wells, Clerk of Board of Supervisors, will re­
ceive bids until 11 a. m. Aug. 18 for $94,000 5% school bonds. Donom.
$1,000. Date Sept. 1 1919. Int. M . S N. Due $3,000 yearly from 1920
c
to 1924, incl.: $5,000 yearly from 1925 to 1935, incl., and $6,000 yearly
from 1936 to 1939, incl. Certified check for 5% of the amount of bonds bid
for required. Purchaser to pay accrued int. Bondod debt (incl. this issue),
$94,000. Total assessed valuation, $1,885,625ARCADIA C IT Y SCHOOL DISTRICT, Los Angeles C oun ty, Calif.
— BOND SALE.— On July 28 Win. K. Staats Co. was awarded at 100.916
tho $50,000 5% 3-20-year serial school bonds dated July 1 1919— V. 109,
p. 394. Other bidders were:
F. M . Brown S C o ...........$50,376 00 Security Tr. & Sav. Ilkk. .$50,175 00
c
Blankerhorn - Hunter-DuE. H. Rollins & Sons____ 50,062 60
lin C o.................... .......... 50,361 00 Lumbermens Trust C o_ 50,053 00
_
Torrance, Marshall & C o. 50,311 00 Citizens National B ank.. 50,013 00
State Board of Control
50,205 00
„ ARCADIA SPECIAL T A X SCHOOL DISTR IC T NO. 1, De S oto
C ounty, Fla.— BOND SALE.— Terry, Briggs S Co. of Toledo, on their bid
c
of 106.08, were awarded the $35,000 6% 30-year coupon school bonds dated
Jan. 1 1917, offered on July 12.— V. 109, p. 87.
ASHVILLE, Buncom be C ounty, No. Caro.— BOND SALE.— On
July 28 tho $200,000 5% gold school bonds— V. 109, p. 193— woro sold.
ATCHINSON, A tchison C ounty, Kans.— BONDS VOTED.— At tho
election held July 25— V. 109, p. 394 $125,000 bonds for a momorial hall
in honor of the city s soldiers, sailors and marines wero voted by a majority
of 625 votes.
ATCHISON SCHOOL DISTRICT (P. O. A tch ison ), A tchison
C ounty, K an .— BOND SALE.— The $125,000 4 % % school bonds offered
on Juno 23— V. 108, p. 2554— wero awarded on Juno 24 to tho National City
Co. at 100.28. Donom. $1,000. Dato July 1 1919. Int. J. S J.
c
AUGLAIZE COUNTY (P. O. W apakoncta), O h io.— BONDS
AWARDED IN PART.— Of tho 4 Issues of 5% 1-5-year serial road-impt.
bonds dated Aug. 1 1919, offered on July 26— V. 109, p. 301— tho $64,000
St. M ary’s-Monticello Road and $69,000 St. Marys River Road No. 174
impt. bonds were purchased by tho Auglaize County Sinking Fund Trustees.
BAKER, Baker C oun ty, Ore.— BOND ELECTION.— It is stated that
on Sept 23 an election will bo held to vote on tho issuance of $135,000 park
impt. 350,000 spring purchaso and $88,164 streot bonds.
BAY C ITY LEVEE D ISTRICT (P. O. Bay City) M atagarda C ou n ty
Tex.— BOND SALE.— On July 29 an issue of $150,000 loveo bonds was sold
at 101 it is statod.
BELLEFOURCHE SCHOOL D ISTR IC T NO. 1 (P. O. B ellcfourche),
B utte C oun ty, So. Dak.— BOND SALE.— On July 21 an issue of $30,06()
5 54% school-building bonds was awarded to tho Ilellefourcho State Bank for
$30,164 (100.546), accrued interest and furnish bonds. Denom. to suit
purchaser. Dato Aug. 1 1919. Int. F. S A. Duo Aug. 1 1939.
c
BELMONT COUNTY (P, O. St. ClairsvUle), O h io.— BOND OFFER­
ING.— Sealed proposals will be received until 12 m. Aug. 18 by Bert W.
Hopkins, County Auditor, for $25,000 5% road impt. bonds. Auth.
Sec. 6929. Gen. Code. Donom. $500. Dato Aug. 1 1919. Prin. and
semi-ann. int. (A. & O.) at the offico of the County Treasurer. Duo
$2,500 each six months from April 1 1920 to Oct. 1 1924, incl. Certified
check for 5% of tho amount of bonlis bid for, payable to tho abovo County
Auditor, required. Purchaser to pay accrued interost.
Bids will also bo received until 12 m. Aug. 25 by Bert W. Hopkins, Co.
Auditor, for $20,000 5% road impt bonds. Auth. Sec. 1223, Gen. Code

THE CHRONICLE

A ug . 9 1919.]

Denom. $500. Date A uk. 1 1919. Prin. and semi-ann. int. (A. & O.) at
the office of the County Treasurer. Duo part each year from April 1 1920
to Oct. 1 1926. Cert, chock for 5% of the amount of bonds bid for, payable
to tho above County Auditor required. Purchaser to pay accrued Int.
BONDS PROPOSED.— County Engineer D . O. Kennon has asked the
County Commissioners to issue $50,000 flood emergency road and bridge
bonds, it is stated.
BEMENT SCHOOL DISTRICT (P. O. Bem ent), Piatt C oun ty, 111.—
BOND OFFERING.— Wm. A. Steel, Secretary Bd. of Ed., will receive
proposals until 2 p. m. Aug. 12 for tho following 4 M% schoolbonds:
•145,000 bonds, dated July 1 1916. Due $5,000 yearly on July 1 from 1920
to 1928 inclusive.
_
,
, ,
80,000 bonds, dated July 1 1919 (V. 109, p. 501). Due yearly on July 1
as follows: $5,000, 1920 to 1928 incl.; $10,000, 1929 to 1931 inch,
and $5,000, 1932.
, t A_
Prln. and annual int. (July) payable at Bement. Cert, check for 4% ,
payablo to Mary S. Taylor, Treasurer, required, Bonded debt, these
issues only. Assessed valuation (esfc.)* $2,750,000.
BENTON COUNTY SCHOOL DISTR IC T NO. 16 (P. O. Prosser),
W ash.— BOND OFFERING.— Bids will bo received until 11 a. m. Aug. 16
by Geo. Starr, County Treasurer, for $1,500 3-5-year (opt.) school bonds
not to exceed 6% interest.
BESSEMER, G ogebic C ounty, M ich.— BOND SALE.— Oni Aug. 4 the
$188,000 water-works and $75,000 highway 4 K % bonds— V. 109, p. 501—
were awarded, it is stated, to the First Nat. Bank and tho Peoples State
Bank, both of Bessemer, jointly at 101.026.
BIG HORN COUNTY (P. O. Hardin), M ont.— BOND ELECTION.—
Reports state that an election will be hold Sept. 2 to vote on tho question
of issuing $75,000 road and bridge bonds.
BLUE EARTH COUNTY SPECIAL SCHOOL D IST R IC T , NO. 1
(P. O. M ankato), Minn.— BONDS VOTED.— By a vote of 771 to 242
the question of issuing $60,000 4% school bldg bonds carried at an election
July 19.
BOONVILLE, Cooper C ounty, Mo.— BOND OFFERING.— Bids will
be ie-eived until 8 p. m. Aug. 18 by Chas. G. Miller, City Clerk, for $45,000
water system $11,000 sewer system and $14,000 park impt. 5% 5-20-year
(opt.) bonds. Denom. $1,000. Date Sept. 1 1919. Int. M & S Cert,
cheek for $1 000 pavablo to tho City Treasurer required. Bonded debt
(incl. this issue), $95,500; assess, val., $2,463,720; taxrato, per $1,000, $9.00
BOSTON, Maas.— BOND SALE.— During July tho following 4 H %
bonds dated July 1 1919, wore awarded to certain trust funds at par;
$100 000 1-20 yr. serial Municipal Building, $75,000 1-25 yr. serial building,
and $25,000 1-25 yr. serial street, playground & building bonds.
BRANDON SCHOOL DISTRICT (P. O. Brandon) Hill C oun ty.
Tex.— BONDS VOTED.— Reports state that an issue of $20,000 school
bldg, bonds was recontly voted.
BRECKSVILLE TOWNSHIP (P. O. Brecksville), Cuyahoga C ounty,
O hio.— BOND SALE.— Tho $11,537 10 5H % 1-10-year sorial coupon road
impt. bonds offered on Aug. 2— V. 109, p. 394— were awarded on that day
to Tillotson & Wolcott Co. o f Cleveland for $11,684 77 (101.279) and int.
Due yoarly on Oct. 1 as follows: $1,000 1920 to 1928, incl., and $2,537 10
1929. Other bidders were:
.
_ .
. _
Seasongood & Mayer, Cin$l 1,700 60 Suporior Savings & Trust
W. L. Slayton & Co., T ol- 11,608 631 C o ................................ $11,537 10
BRISTOL COUNTY (P. O. T a u n to n ), Mass.— NOTE SALE.— On
Aug. 5 tho $40,000 4 H % hospital notes, dated Aug. 13 1919 and maturing
Aug. 13 1920— V. 109, p. 501— wero awarded to Harris, Forbes & C o., of
Now York, at 99.65.
BROADW ATER COUNTY (P. O. T ow nsend), M ont.— BOND ELEC­
TION.— An election will bo held Sept. 2, it is stated, to voto on tho quostion
of issuing $100,000 road bonds.
BROCKTON, P lym outh C oun ty, Mass.— BOND OFFERING.— It is
reported that tho City Treasurer will receive bids until 12 m. Aug. 12 for
$75,000 1-25-year sorial sower, $50,000 1-25-year sorial sewer and $22,000
1-10-year sorial surface drainago 4 H % bonds.
BROOKVILLE CONSOLIDATED SCHOOL D ISTR IC T (P. O.
B rookville), Montgomery C oun ty, O h io.— BOND SALE --"-On July 28
the $8,000 514% 17-24-yoar serial school (assessment) bonds dated M ay 1
1 9 1 9 — v . 109, p. 394— wero awarded to Seasongood & Mayer of Cincin­
nati at 106.2625 and interest. Other bidders were:
Durfeo, Niles & C o.. Tol--$8,458 80 Stacy & Braun, Toledo------$8,368 79
.1. C. Mayer & Co., C in e.. 8,425 60 First National Bank, Cine. 8,364 80
Spitzer, Rorick & C o., T o l. 8,388 00 Prudden & C o., Toledo____ 8,306 50
F. C. Ilochler C o.. T o l.. 8.375 001
BROWN TOWNSHIP RURAL SCHOOL D ISTR IC T (P. O. F letcher),
Miami C ounty, O h io.— BOND SALE.— On July 23 tho $75,000 5% 2-38year serial school-eroction bonds, dated July 23 1919 (V. 109, p. 90), wero
awarded to Prudden
Co. of Toledo at 100.61.
BUFFALO, N. Y .— BOND SALE.— During July the following 4%
bonds wero disposed of:
„
.
Amt.
Purpose
Dale
Due
Purchaser
$20,500
wator rofund’g July 1 ’ 19 July 1 ’44 Water Sinking Fund
11.060 69 monthly work July 15 T9 July 15 20 Park Sinking Fund
BURLINGTON, Des Moines C ounty, la.— BOND ELECTION.— W e
are informed that an election will bo hold Sept. 8 to voto upon issuing
$250,000 bonds for a soldiers momorial building.
CALDWELL COUNTY (P. O. Lenoir), No. Caro.— BOND OFFER­
ING.— Healed bids will bo received until 10 a. m. Aug. 11 by John M .
Crisp, Clerk Board of County Commissioners, for $250,000 5% road bonds.
Denom. $1,000. Date July 1 1919. Prin. and semi-ann. Int. (J. & J.),
payable at tho National Park Bank, N. Y. Duo yearly on July 1 from 1934
to 1959, incl. Cert, check on an incorporated bank or trust company for
2% of tho amount o f bonds bid for, payablo to tho above Clerk required.
Purchaser to pay accrued interest, 'rho purchaser will bo furnished, beforo
the delivery of bonds, with an opinion of a reputable bond attorney that
these bonds are valid and binding obligations of Caldwell County. ‘
CALIFORNIA (State o f), BOND OFFERING.— Friend W. Richardson
Stato Treasurer (P. O. Sacramento) will sell at public auction 2 p. m.
Aug. 28 $2,000,000 4H % 4-43 year serial highway bonds. Int. semi-ann.
CAMBRIDGE, Middlesex C oun ty, Mass.— LOAN OFFERING.—
Henry F. Lehan, City Treasurer, will roceivc proposals until 12 m. Aug 11
for a temporary loan of $200,000, issued in anticipation of rovenuo, dated
Aug. 13 1919, and maturing Mar. 1 1920.
Tho notes will bo Issued under tho supervision o f tho First National Bank
of Boston who will certify as to their genuineness and their legality will bo
Dodgo, whoso opinion will bo
approved by Storey, Thorndike, Palmer
furnished tho purchaser.
,,, , , , ,
All legal papers Incident to this loan will bo filed at tho aforesaid bank,
where they may bo inspected.
CAMDEN COUNTY (P. O. Camden), N. J .— BOND OFFERING.—
Thomas W. Binker, Chairman o f Finance Commlttoo. will receivo bids,
it is stated, until 11 a. in. Aug. 11 for $60,000 5% impt. bonds. Int.
semi-ann. Cert, chock for 2% of tho amount of bonds bid for required.
CARMENITA SCHOOL DISTRICT, Los Angeles C ou n ty, C alif.—
BOND SALE.— On July 28, tho State Board of Control was awarded tho
$14,000 5 1 - 2 0 year serial school bonds, dated July 1 1919— V. 109,
p. 395—for $14,675 (104.821) and interest, it is reported.
CARTER COUNTY (P. O. Ekalaka), M ont.— BOND ELECTION.—
Reports stato that an election will bo held Sept. 2 to voto on the question
of issuing $35,000 road bonds.
CARTHAGE, Jasper C oun ty, Mo .— BOND ELECTION DEFERRED.—
Tho election which was to have taken placo on July 29— V. 109, p. 302—
to vote on tho question o f issuing $150,000 street paving bonds was deferred
until some timo in September. Jas. B. Loyd is City Clerk.
CHAMBERS COUNTY (P. O. A nahuac), Tex.— BOND OFFERING.—
Joe F. Wilson, County Judge, advises us that ho will receive bids any time
for $100,000 514% coupon road bldg, bonds. Donoin. $1,000. Date
July 15 1919. Int. ann. on July 15 at option o f holder. Duo July 15 1925.
Cert, chock for $5,000, payablo to the County Judge required. Total
bonded debt (including this issue), $200,000; assess, val. 1919, $1,900,000.
CHANUTE, Neosho C oun ty, Kans.— BOND SALE.— An issue of
$75,000 oloctric light bonds recontly voted has been sold to local investors.

Sc

Sc




Sc

G 01

CHARLOTTE HARBOR SPECIAL ROAD AND BRIDGE DISTRICT,
De Soto C oun ty, Fla.— BOND OFFERING.— Bids will bo received until
2 p. in. Sept. 1 by A. L. Durranee, Clerk Board of County Com ers (P. O.
Avon Park), for $35,000 6% bonds. Denom. $500. Date Sept. 1 1919.
Prin. and semi-ann. int. (M. & S.), payablo at tho Seaboard National Bank.
N. Y. Dun $3,000 yearly on Sept. 1 from 1934 to 1914, incl., and $2,000
Sept. 1 1945. Cert.‘chock for $500, payablo to the County Commissioners
required. Official circular states that there has never been any default in
tho payment of interest or principal by this district.
Financial Statement.
O
Estimated true valuation of district----------------------------------- $3,000,000 O
Assessed Value for 1918—
non nn

Total assessed valuation____________________________________________ 92
Timo warrants to be issued---------------------------------------------------- SgO.bJO 13
Time warrants outstanding---------------------------------------------------- g'i’XXX XX
This bond issue_____________________________________________ 35,000 00
Total indebtedness.------------i?
Sinking fund---------------------------------------------------------------3,3§5
nno
Population o f district estimated at------------------------------------------------- 5,000
CHEROKEE, A lfalfa C ou n ty, O kla.— BONDS VOTED.— Newspaper
reports say that a proposition to issue $60,000 school bonds carried at an
election held July 26 by a decisive vote of 247 to 48.
CHEYENNE, Laramie C oun ty, W yo.— BONDS VOTED.—On July
29 by a vote of 1,001 “ for” to 158 “ against” the $300,000 5% 10-20 yr.
(opt.) Sewer Extension bonds wore authorized— V. 109, p. 91.
CHICAGO, 111.— BONDS UNDER CONTEMPLATION— In answer to
an inquiry concerning $4,138,000 bridge and $28,469,000 street impt.
bonds, tho Deputy City Comptroller informs us that the bonds are only
contemplated, and that no definite action has been taken toward authoriz­
ing or voting their issuance.
CLARKE COUNTY (P. O. A thens), G a.— BOND S A L E — Oni Aug. 5
the Continental Trust Co., of Macon was awarded tho S250.000 5% 11-oU
gi\ serial gold road bonds— V. 109, p. 194— at 101.35 and interest. Other
Trd
uitrCm°of Georgia.........--101.27551Stacy & Braun. .
-------------- 101.07
Georgia Nat’l Bank________ 101.2208 Wm. R. Compton C o........... -.101.04
J. II. Ililsman & C o...........101.1624)
CLAY COUNTY (P. O. Spencer), Iowa.— BONDS VOTED.— At the
election held July 22.— V. 109, p. 312— by a vote of 1,272 to 681 $800,000
road bonds were authorized.
CLAY COUNTY (P. O. M oorehead), M inn.— BONDS D E F E ATE D —
Tho question of issuing $125,000 road bonds failed to carry it is stated, at
an olection Aug. 5.
CLAYTON, G loucester C oun ty, N. 3.— BOND ELECtlON. An
election will be held Aug. 26 to vote on the question of issuing $12,000 com ­
munity house bonds.
CLEVELAND, O h io.— BOND SALE.— During the month of July the
School Fund purchased at par tho $240,000 5% coupon Lake Erie purifjcation bonds authorized by tho Council on Mar. 24— V. 108, P- 1742.
Denom. $1,000. Date Oct. 7 1916. Int. semi-ann. Duo $80,000 yrly
on Oct. 1 from 1924 to 1926, incl.
CLEVELAND COUNTY (P. O. Shelby), No. Caro.— BOND ELEC­
TION CALLED OFF.— A proposition providing for the issuance of $100,000
bonds, which was to be submitted to the voters on Aug. 2, has been called on.
CLEVELAND HEIGHTS VILLAGE SCHOOL D ISTR IC T (P.^O.
Cleveland H eights), C uyahoga C oun ty, O h io.— BOND OIFhRIEG.—
Ezra K. Bryan, Clerk Board of Education, will receive proposals until
12 m. Aug. 22 for $700,000 5% school-building bonds which were awarded
on July 17 to Field, Richards & Co., who later refused to accept the bonds
because their attorney would not approve the issue. Auth. Secs. 2294.
2295, 7626, 7627, 7629 and 7930 Gen. Code. Denom. $1,000. Date Aug. 22
1919. Principal and semi-ann. int. (A. & O.), Payable at the District
Treasurer’s office. Due yearly on Oct. 1 as follows: $7,000 1921 and 1922,
$5,000 1923 to 1927, incl.; $10,000 1928 to 1935. incl.; $4,000 1 9 3 6 ; $10,000
19&7 to 1940. Incl.; $20,000 1940 to 1945. incl.; $19,000 1946; §50.000 1947
to 1949, inef.; $65,000 1950; $100,000 1951 and 1952, and $3,000 1953.
Cert, check on some bank other than tho one making the bid for 5% ot
amount of bonds bid for, payable to the District Treasurer required. Bonds
to be delivered and paid for within ten days from date of award. Purchaser
to pay accrued interest.
COLEMAN COUNTY (P. O. Colem an), T ex.— BOND ELECTION
PROPOSED.— Reports state that a petition has been presented to the Com ­
missioner’s Court calling for an election to be held in Precinct No. 3, to
determine the issuance of $100,000 road bonds.
Tho election will be probably be held the second week August.
COLUMBUS, Franklin C ounty, O h io.— BONDS AUTHORIZED —
The City Council on July 21 passed an ordinance, it is reported, authorizing
tho issuance of $50,000 street impt. bonds.
CORINTH , A lcorn C oun ty, Miss.— BOND SALE.— On Aug. 4 the
$90,000 school and $22,000 street paving 5H % 20-year serial bonds, dated
Aug. 4 1919— V. 109, p. 395— were awarded to the Bank of Commerce
& Trust Co. of Memphis for $113,950, equal to 101.741. Denom. $500.
Int. F. & A.
COSHOCTON, C oshocton C ounty, O h io.— BOND BALE.—On
July 30 tho following.5H% street impt. bonds aggregating $6,950— V. 109,
p . 303—wore awarded to the Commercial Nat. Bank of Coshocton for $o,$1?850 pa\dng4 bonds. ^Denoms. 3 for $500 and 1 for $350. Due $350
March 1 1920 and $500 on March 1 in 1921, 1922 and 1923.
2,100 paving bonds. Denoins. 1 for $600 and 3 for $500. Due $600
March 1 1920 and $500 on March 1 in 1921, 1922 and 1923.
2,150 paving bonds. Denoms. 1 for $650 and 3 for $o00. Due $650
March 1 1920 and $500 on March 1 in 1921, 1922 and 1923.
860 sower bonds. Denoms. 1 for $350 and 1 for $500. Due $350
March 1 1920 and $500 March 1 1921.
Tho Coshocton Nat. Bank bid par and accrued interest.
CRAIGHEAD COUNTY SPECIAL SCHOOL D ISTR IC T No. 5 (E. O.
Black Oak), Ark .— BOND OFFERING.— Proposals will bo received until
Aug. 10 by T . P. Nelms, President of tho Board of Education, for $40,000
6% school bonds. Date July 1 1919. Int. semi-ann.
CUYAHOGA FALLS, Summit C oun ty, O h io.— BOND OFFERING —
F. O. Vail, Village Clerk, will receive proposals until 12 m. Sept. 3 for the
following 5 yi% sewer bonds:
___
$21,450 West Broad Street bonds. Denoms. 9 for $2,000 and 1 for $3,450.
Duo $2,000 yearly on July 1 from 1920 to 1928, incl., and $3,450
33,800

Sil'^St.1bonds. Denoms. 9 for $3,400 and 1 for $3,200. Due
$3,400 yearly on July 1 from 1920 to 1928, incl., and $3,200 July
1 1929.
Date July 1 1919. Prin. and semi-ann. int. (J. & J.), payable at the
Citizens Bank of Cuyahoga Falls. Cert, check on somo bank other than
the ono making the bid for 10% of amount of bonds bid for, payablo to the
Village Treasurer required. Bonds to be delivered and paid for within 10
days from date of award. Purchaser to pay accrued interest.
CRITTENDEN COUNTY IMPROVEMENT D ISTR IC T NO. 6 (P. O.
Earl), Ark .— DESCRIPTION OF BONDS.— Tho $720,000 6% 4-24-year
serial road impt. bonds awarded during April— V. 108, p. 1742— were in
the denomination of $1,000 and dated March 1 1919. Int. M . & S.
DALLAS COUNTY (P. O. Dallas), Tex.— BIDS.— Tho following bids
were also received on July 24 for the $2,100,000 5% 1-30-year serial road
bonds awarded as reported in V. 109, p. 502:
Harris Trust & Savings Bank, Chicago.........- ......... - - - - ..........$2,111,555 50
W. A. Myrick, Agent, representing Nat. City Co., N. Y -------Continental & Commercial Tr. S Savs. Bk., Chicago--------c
,,,
E. II. Rollins & Sons, Chicago____________________________ $2,111,151 00
First National Bank, St. Louis-----------------------------------------Pape, Pottor & Kauffman, St. Louis______________________
Mercantile Trust Co., St. L ou is........ ............... ..................... J
Halsey, Stuart & C o.. C hicago_______________ __________2,102,77013

DANVILLE, Pittsylvania County, Va.— B O N D E L E C T I O N D E ­
L A Y E D . — A n e l e c t i o n t o v o t e o n t h e q u e s t i o n o f a .5 3 0 0 ,0 0 0 b o n d i s s u o
f o r s t r e e t i m p r o v e m e n t s h a s b e e n d e l a y e d , i t is r e p o r t e d , b y d i s c o v e r y o f
t h e f a c t t h a t th e p r o c e d u r e b y w h ic h th o C o u n c il n o t ifie d E . W a lt o n B r o w n ,
J u d g e , w a s ir r e g u la r .
I t w ill b e la t e In S e p t e m b e r b e f o r e t h o q u e s t io n c a n
b e p u t b e fo r o th e p e o p le .
D AW SON C O U N T Y (P. O. Glendive), M ont.— B O N D
A n e le c t i o n w ill b o h o ld S o p t . 2 , i t is s t a t e d , t o
is s u in g 5 2 0 0 .0 0 0 r o a d b o n d s .

v ote

on

E L E C T I O N .—
th o q u e s tio n o f

DEFIANCE, Defiance County, Ohio. — B O N D S A L E . — O n A u g . 4
t h e 5 6 ,0 0 0 2 - 7 - y e a r s e r ia l a n d 5 1 ,5 0 0 2 - 3 - y o a r s e r ia l 5 % c o u p o n s t r e e t a n d
im p t . b o n d s d a te d J u ly 1 1 9 1 9 — V . 1 0 9 , p . 194— w e re a w a r d e d t o th o
M e r c h a n t s N a t io n a l B a n k o f D e f ia n c e a t 1 0 0 .3 5 6 a n d in t e r e s t .
T h ere
w e r e n o o t h e r b id d e r s .
DELTA C O U N T Y

(P. O. Cooper), T e x . —

BO N D S OFFERED B Y
B A N K E R S .— T h o K a u ffm a n -S m it h -E m e r t I n v e s t m e n t C o ., o f S t . L o u is
is o f f e r in g t o in v e s t o r s a n is s u o o f 5 5 0 0 .0 0 0 5 % b o n d s .
D e n o m . 5 1 ,0 0 0 .
D a te Juno 1919.
P r in . a n d s e m i-a n n . in t . (J . & D .) p a y a b lo a t th o N a tio n a l
B an k o f C om m erce. N . Y .
D u o y e a r ly o n J u n o 1 a s f o llo w s : 5 1 6 ,0 0 0 1 9 2 0 t o
1 9 2 4 in c h , 5 1 7 ,0 0 0 1 9 3 5 t o 1 9 3 4 in c h , 5 1 6 ,0 0 0 1 9 3 5 t o 1 9 3 9 i n c h , 5 1 7 ,0 0 0
1 9 4 0 to 1 949 In ch
F in a n c ia l S ta tem en t.
E s t i m a t e d a c t u a l v a l u o t a x a b l o p r o p e r t y _______________________________ 5 2 0 , 0 0 0 , 0 0 0
A s s e s s e d v a l u a t i o n t a x a b l o p r o p e r t y , 1 9 1 8 ____________________________
6 ,7 8 0 ,2 1 0
T o t a l o u t s t a n d i n g b o n d e d d e b t , in c l u d i n g t h o s e b o n d s . 5 5 1 4 ,0 0 0
S i n k i n g f u n d ___________________________________ : _____________________
5 ,6 2 9
N e t b o n d e d d e b t _______________________________________________________________
5 0 8 ,3 7 1
P o p u l a t i o n , 1 9 1 0 C e n s u s ______ . ________________________ 1 4 , 5 6 6
’
P r e s e n t e s t i m a t e d p o p u l a t i o n __________________________ 2 5 . 0 0 0

DENTON, Fergus C ounty, M ont. — B O N D S A L E . — O n
533,000 6 % w a t e r b o n d s — V . 109, p . 194— w e r o a w a r d e d t o
& C o . o f M i n n e a p o l i s f o r 534,905 (105.772) a n d i n t e r e s t .

J u l y 14 t h e
W e lls -D ic k e y

DEPORT INDEPENDENT SCHOOL D IST R IC T , Lamar C ounty,
Tex.— B O N D S V O T E D . — B y a v o t e o f 5 0 t o 1 9 t h o q u e s t i o n o f i s s u i n g
5 1 0 ,0 0 0

[V ol . 109

THE CHRONICLE

603

s c h o o l b o n d s c a r r i e d , i t is s t a t e d , a t a n e l e c t i o n h e l d J u l y 2 6 .

DULUTH INDEPENDENT SCHOOL D IST R ICT (P. O. D ulu th),
St. Louis County, M inn.— B O N D S A L E .— O n A u g . 2 t h e 5 1 0 0 , 0 0 0 5 %

3 0 - y e a r s c h o o l b o n d s d a t e d A p r i l 1 1 9 1 9 — V . 1 0 9 , p. 3 9 5 — w e r o a w a d r e d
t o t h o W o l l s - D i c k o y C o . o f M in n e a p o li s a t 1 0 2 .0 2 5 , a b a s is o f 4 . 9 7 % ,
a c c r u e d in te r e s t a n d fu r n is h e d b la n k e n g r a v e d b o n d s w it h o u t c h a r g e .
O t h e r b id d o r s w o r o :

E R I E C O U N T Y ( P . O . S a n d u s k y ) .— B O N D S A L E .— O n A u g . 7 t h e
5 7 7 ,1 2 0
5%
1 -1 0 y e a r s e r ia l r o a d b o n d s , d a t e d S o p t . 1 1 9 1 9 — V . 1 0 9 , p .
3 9 6 — w e r e a w a r d e d t o t h o C a s a d y B o n d C o ., o f D o s M o in e s , f o r 5 7 7 ,5 2 0
(1 0 0 .5 1 8 ) a n d in t e r e s t .
F A I R P O R T , M o n r o e C o u n t y , N . Y .— B O N D O F F E R IN G .— F u r t h e r
d o ta ils a r e a t h a n d r e ia tiv o t o th o o ffe r in g o n A u g . 2 2 (d a t o c h a n g e d fr o m
A u g . 11) f o r t h e $ 1 3 5 ,0 0 0 r e g is t e r e d s t r e e t -im p r o v e m e n t b o n d s n o t t o
o x c e c d 5 % in te r e s t (V . 1 0 9 , p . 3 9 6 ).
B id s f o r t h o s o b o n d s w ill b o r e c o i v e d
u n t il 8 p . m . o n t h a t d a y b y I t . G . W illia m s , V illa g o C le r k , D e n o m . $ 1 ,0 0 0 .
D a to O ct. 1 1919.
P r in c ip a l a n d s e m i-a n n u a l in t e r e s t ( J . & J . ) p a y a b l e
a t th e H a n o v e r N a t. B a n k , N e w Y o r k .
D u o $ 1 3 ,0 0 0 y e a r l y o n J u ly 1
fr o m 1 9 2 0 t o 1 9 2 4 , in c lu s iv e , a n d $ 1 4 ,0 0 0 y e a r ly o n J u ly 1 fr o m 1 9 2 5 t o
1 9 2 9 . in c lu s iv e .
C e r t ifie d c h e c k f o r $ 2 ,0 0 0 r e q u ir e d .
F E R G U S F A L L S , O t t e r T a i l C o u n t y , M in n .— B O N D E L E C T I O N .—
A n e l e c t i o n is t o b o h o l d A u g . 2 5 , w h e n , i t i s r e p o r t e d , t h o p o o p l o w i l l p a s s
o n a p r o p o s i t i o n t o is s u o $ 8 0 ,0 0 0 b r i d g o b o n d s .
F L O R E N C E S C H O O L D I S T R I C T (P . O . F lo r e n c e ), L a u n d o r d a le
C o u n t y , A l a . — B O N D E L E C T I O N . — A n is s u o o f 5 2 0 0 ,0 0 0 5 %
2 0 -y e a r
s c h o o l b o n d s w ill b e v o t e d u p o n a t a n e l e c t i o n t o b o h e l d A u g . 1 8 .
F O R T M IL L S C H O O L D I S T R I C T (P . O . F o r t M ill), Y o r k C o u n t y ,
S o . C a r o . — B O N D O F F E R I N G .— -F u r t h e r d e t a ils a r e a t h a n d r e ia t i v o t o t h o
o ffe r in g o n A u g . 12 o f t h o 5 1 5 ,0 0 0 5 A % t a x -fr e e s c h o o l im p t . b o n d s .
P ro­
p o s a l s f o r t h e s e b o n d s w ill b e r e c o i v e d u n t il 1 0 a . m . o n t h a t d a y b y J . B .
M il ls , C h a ir m a n (a t F ir s t N a t io n a l B a n k , F o r t M i l l ) .
D e n o m . 5 1 ,0 0 0 .
D a t o A p r il 15 1 9 1 9 .
P r i n . a n d s o m i - a n n . i n t . ( J . Sc J . ) , p a y a b l o a t t h o
H a n o v e r N a tio n a l B a n k , N . Y .
D u e $ 1 ,0 0 0 y e a r ly b e g in n in g J a n . 1 5
1920.
C o r t. c h o c k o n a n in c o r p o r a te d b a n k fo r 5 3 0 0 , p a y a b lo t o th o
D is t r ic t T r e a s u r e r .
F O R T S C O T T , B o u r b o n C o u n t y , K a n s .— B O N D
o f 5 2 5 ,0 0 0 d e f ic ie n c y b o n d s h a s b e e n s o ld .

S A L E .— A n

is s u o

F O R T
SUM M ER
IR R IG A T IO N
D IS T R IC T ,
Do
B aca
C ou n ty ,
N . M e x .— B O N D S V O T E D .— A t a r c c o n t e io c t i o n w it h o u t a d is s e n t in g v o t o
$ 4 0 0 ,0 0 0 d a m a n d c a n a l b o n d s w e r e v o t e d .
F R A N K L I N C O U N T Y (P . O . B r o o k v ille ), I n d .— B O N D S A W A R D E D
I N P A R T — O f t h o 2 is s u e s o f 4 A %
1 -1 0 -y e a r s o r ia l h ig h w a y b o n d s , d a t e d
A u g . 4 1 9 1 9 , a g g r e g a t in g 5 1 8 ,8 8 8 . o ffe r e d o n A u g . 4 — V . 1 0 9 , p . 5 0 3 — th o
5 1 0 ,6 3 8 S a lt C r e e k T w p . b o n d s w e r o a w a r d e d t o th o F r a n k lin C o u n t y
N a tio n a l B a n k .
T h o o t h e r is s u o d id n o t s o il.




_

_

F R A N K L I N C O U N T Y I R R I G A T I O N D I S T R I C T N o . 1 (P . O . P a s c o ),
W a s h . — B O N D S A L E . — A n is s u o o f 5 1 7 5 ,0 0 0 6 % s c h o o l b o n d s h a s b e e n
s o ld t o R o b e r t s o n & E w in g o f P o r t la n d .
D on om s. 5100 and 5500.
D a te
J u ly 1 1 9 1 9 .
P r i n . a n d s e m i - a n n . i n t . ( J . Sc J . ) p a y a b l o a t t h o o f f i c e o f
P r o p o s i t io n A — B o n d s t o b e a r in te r e s t a t t h o r a t o o f 5 % p e r a n n u m .
th e C o u n t y T r e a s u r e r o r a t th o F is c a l A g e n c y o f th o S t a t o o f W a s h in g t o n
P r o p o s i t io n B — B o n d s t o b e a r in t e r e s t a t t h o r a t o o f 4 : %
A
per annum .
in N e w Y o r k C i t y .
D u o y e a r ly o n J u ly 1 a s fo llo w s :
5 1 5 ,0 0 0 , 1 9 3 0 ;
W e lls -D ic k o y C o ., M in n e a p o lis , M in n .:
(A )
P a r a n d a c c r u e d in te r e s t fr o m d a t e o f b o n d s t o d a t o o f d e liv e r y a n d 1 6 .6 0 0 , 1 9 3 1 ; 5 1 6 .7 0 0 , 1 9 3 2 ; 5 1 7 ,3 0 0 , 1 9 3 3 ; 5 1 7 ,4 0 0 , 1 9 3 4 ; $ 1 7 ,5 0 0 , 1 9 3 5 ;
5
a p r o m iu m o f 5 5 ,2 7 5 . fu r n is h b la n k e n g r a v e d b o n d s w it h o u t c h a r g e .
5 1 7 .6 0 0 , 1 9 3 6 ; 5 1 8 ,3 0 0 , 1 9 3 7 ; 5 1 9 ,0 0 0 , 1 9 3 8 a n d 5 1 9 ,6 0 0 , 1 9 3 9 .
W h i t e , W o l d Sc C o . , C h i c a g o :
F in a n c ia l S ta tem en t.
( A ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f 5 5 ,1 3 5 , b id s u b je c t t o
A u t h o r i z e d b o n d e d d e b t o f t h e d i s t r i c t ________________________________ $ 3 6 0 , 0 0 0 . 0 0
t h o a p p r o v a l o f th e ir c o u n s o l.
L e s s B o n d s u n i s s u e d __________________________________________________________ 1 8 5 , 0 0 0 . 0 0
C a p i t a l T r u s t Sc S a v i n g s B a n k , S t . P a u l :
( A ) P a r a n d a c c r u e d in t e r e s t a n d a p r e m iu m o f 5 4 ,7 4 1 .
N o t d e b t , t h i s i s s u e __________________________________________________1-------- $ 1 7 5 , 0 0 0 . 0 0
(B ) P a r a n d a c c r u e d in te r e s t a n d a p r e m iu m o f 5 1 ,5 1 0 .
P o p u la t io n , in c lu d in g t h o c i t y o f P a s c o , 3 ,5 0 0 .
( C ) F o r b o n d s b e a r in g in te r e s t a t th o r a te o f 4 A % p e r a n n u m , p a r a n d
F R A N K L I N P A R I S H R O A D D I S T R I C T N o . 1 (P . O . W in n s b o r o ),
a c c r u e d i n t e r e s t , le s s a n a l l o w a n c e o f 5 1 , 7 3 0 t o c o v e r a t t o r n e y ' s f o e s ,
L a .— B O N D S A L E .— O n J u ly 2 8 t h o 5 7 5 0 ,0 0 0 5 % 3 0 -y e a r r o a d b o n d s —
p r in t in g b la n k b o n d s , & c .
V . 1 0 9 , p . 194— w ere a w a rd e d to th o In te r sta te T r u s t & B a n k in g C o . o f
T h e M in n e s o ta L o a n & T r u s t C o ., M in n e a p o lis :
N o w O r le a n s f o r $ 7 5 5 ,0 0 0 ( 1 0 0 .6 6 6 ) a n d in t .
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r e m iu m o f 5 4 ,5 2 5 .
W . M . P r i n d i o Sc C o . , D u l u t h :
F R E D E R I C K S B U R G , W a y n e C o u n t y , O h i o . — B O N D O F F E R I N G .—
( A ) P a r a n d a c c r u e d in t e r e s t a n d a p r o m iu m o f 5 4 ,2 0 0 ; a c c e p t lo c a l
P r o p o s a l s w il l b o r e c e i v e d u n t i l 12 m . S o p t . 2 b y W . N . S o a r c h , V i l l a g o C l e r k ,
d e l i v e r y a n d p a y a ll le g a l f e o s .
fo r th o fo llo w in g 5 A %
s tr e o t p a v in g b o n d s :
5 1 1 ,7 0 0 b o n d s .
D enom .
M e r c h a n t s T r u s t Sc S a v i n g s B a n k , S t . P a u l :
5 1 ,1 7 0 .
D u o 5 1 ,1 7 0 y e a r ly o n J u ly l fr o m 1 9 2 0 t o 1 9 2 9 , in c l.: 5 1 5 ,6 0 0 4 5
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f $ 4 ,0 0 0 ; fu r n is h b la n k b o n d s
bon d s.
D e n o m . 1 f o r $ 2 ,1 0 0 4 5 a n d 9 f o r 5 1 ,5 0 0 .
D u o 5 2 ,1 0 0 4 5 M a r c h 1
(B ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f 5 9 9 0 ; fu r n is h b la n k b o n d s
1 9 2 0 a n d $ 1 ,5 0 0 y e a r ly o n M a r c h 1 fr o m 1921 t o 1 9 2 9 . in c l.
D a t o J u ly 1
K e a n e , llig b ie & C o ., D e tr o it:
1919.
In t. M . & S.
C e r t , c h e c k fo r 5 % o f th o a m o u n t o f b o n d s b id fo r
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r e m iu m o f $ 3 ,8 9 4 ; fu r n is h b la n k b o n d s
r e q u ir e d .
B o n d s t o b o d e liv e r e d a n d p a id f o r w ith in 1 0 d a y s fr o m t im e
a n d p a y a ll le g a l e x p e n s e s .
o f aw ard .
A .
B . L e a c h & C o ., C h ic a g o :
F R E M O N T , D o d g e C o u n t y , N e b . — D E S C R I P T I O N O F B O N D S .—
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f 5 3 ,8 9 0 ; fu r n is h b la n k b o n d s
T h o 5 1 6 9 ,0 0 0 5 % 5 -2 0 y e a r ( o p t .) r e fu n d in g b o n d s a w a r d e d d u r in g J u n o
a n d p a y a t t o r n e y ’s f e e s .
(B ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f 5 7 1 0 ; fu r n is h b la n k b o n d s
t o t h o H a r r i s T r u s t & S a v . B k . o f C h i c a g o — V . 1 0 8 , p. 2 5 5 6 — a r e i n t h o
a n d p a y a t t o r n e y ’s fe e s .
d e n o m . o f 5 1 ,0 0 0 a n d d a t e d J u ly 1 1 9 1 9 .
In t. J . & J.
B o lg e r , M o s s e r & W iila m a n , C h ic a g o :
F i n a n c ia l S ta tem en t.
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r e m iu m o f 5 3 ,7 2 5 ; fu r n is h b la n k b o n d s
R e a l v a l u o o f t a x a b l e p r o p e r t y , e s t i m a t e d _____________________________ 5 1 0 , 6 0 9 , 1 0 0
(B ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f $ 6 5 0 ; fu r n is h b la n k b o n d s
A s s e s s e d v a l u a t i o n f o r t a x a t i o n ___________________________________________
2 ,1 2 1 ,8 2 0
W illia m R . C o m p t o n C o ., C h ic a g o :
T o t a l d o b t ( t h i s i s s u o i u c l u d o d ) ___________________________________________
3 2 6 ,0 0 0
( A ) P a r a n d a c c r u e d in t o r o s t a n d a p r e m iu m o f $ 3 ,7 2 4 ; fu r n is h b la n k b o n d s
L e s s w a t e r d e b t ______________________________________________________$ 6 4 , 0 0 0
a n d p a y a t t o r n e y ’s f e e s .
L e s s s i n k i n g f u n d ____________________________________________________ 1 7 , 8 4 9
(B ) P a r a n d a c c r u e d in t e r e s t a n d a p r o m iu m o f 5 5 0 0 ; fu r n is h b la n k b o n d s
2 4 4 ,1 5 1
N e t d e b t ------------- -------------------------------------------------------------------- ------------------------------a n d p a y a t t o r n e y ’s f e e s .
P o p u l a t i o n , e s t im a t e d , 1 2 ,0 0 0 — 1 9 1 0 c e n s u s , 8 ,7 1 8 .
N . J . U p h a m C o ., D u lu th :
FU LTO N
C O U N T Y
(P . O . R o c h e s t e r ) , I n d .— B O N D S A L E .— O n
( A ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f 5 3 ,5 3 0 .
A u g . 5 t h o $ 2 7 ,7 0 0 4 A %
1 - 1 0 - y e a r s e r ia l c o u p o n G e o . I I . W a l l a c e e t a l .
I f th o B o a r d w a iv e s th o o p t io n t o p a y t h e b o n d s a t t h o e n d o f 2 0 y e a r s ,
R o c h e s t e r T w p . h ig h w a y im p t . b o n d s d a t e d A u g . 1 1 9 1 9 — V . 1 0 9 , p . 3 9 6 —
p a y a p r e m iu m o f 5 4 ,0 3 0 .
w e ro a w a r d e d to th o U n ite d S ta to s B a n k & T r u s t C o . o f R o c h e s te r a t
S t a c y Sc B r a u n , T o l e d o :
p a r a n d in te r e s t.
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r o m iu m o f 5 3 ,4 6 3 .
T h e N a tio n a l C it y C o ., C h ic a g o :
G L A D W I N , G l a d w i n C o u n t y , M i c h . — B O N D S A L E .— O n J u ly 21 th o
(A ) P a r a n d a c c r u e d in to r o s t a n d a p r o m iu m o f $ 3 ,4 1 0 ; fu r n is h b la n k b o n d s
5 5 ,0 0 0
1 0 -y e a r w a te r w o r k s b o n d s — V .1 0 9 , p . 9 2 — w e re a w a r d e d t o th o F ir s t
T h e F ir s t N a t io n a l B a n k , D u lu t h :
•
S t a t o S a v in g s B a n k o f G la d w in a t p a r fo r 5 s .
O th e r b id d e r s w e re :
(A ) P a r a n d a c c r u e d in to r o s t a n d a p r o m iu m o f 5 3 ,3 1 0 ; fu r n is h b la n k b o n d s
P r ic e B id .
Irn t■ R— t e .
. ’ a
K a u ffm a n -S m it h -E m e r t I n v e s t m e n t C o ., S t. L o u is :
5 5 ,1 0 7 .0 0 a x
H a n c h e t t B o n d C o . , C h i c a g o -------------------------------------------------- 5 A %
( A ) P a r a n d a c c r u e d in t e r e s t a n d a p r e m iu m o f $ 3 ,2 1 5 ; fu r n is h b la n k b o n d s
5 ,0 7 6 .8 0
D u r f e o , N i l e s & C o . , T o l e d o .......................................................... B A %
a n d p a y a t t o r n e y ’s f e e s .
5 .0 7 7 .0 0
P a i n e , W e b b e r S C o . , C h i c a g o --------------------------------------------- 5 A %
c
C o n t i n e n t a l Sc C o m m e r c i a l T r u s t Sc S a v i n g s B a n k , C h i c a g o :
5 ,0 0 0 .0 0
G l a d w i n S t a t o B a n k , G l a d w i n __________________________5 A %
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r e m iu m o f $ 3 ,1 1 0 ; fu r n is h b la n k b o n d s
5 .2 6 1 .0 0
W a t l i n g , L e r c h o n S C o . , D e t r o i t ___________________________ 6 %
c
M e r r i l l , O l d h a m Sc C o . , B o s t o n :
5 .0 1 3 .0 0
D a l t o n & C o . , D a l t o n , N . Y __________________________________ 6 %
(A ) P a r a n d a c c r u e d in te r e s t a n d a p r e m iu m o f 5 3 ,0 8 9 .
5 ,0 0 2 .5 0 *
|5 A %
5 .1 5 4 .0 0
F . C . I l o e h l e r & C o . . T o l e d o .......................................................... | 6 %
DUNSMUIR SCHOOL D ISTR ICT, Siskiyou C ounty, C alif.— B O N D
5 .0 8 8 .5 0
S A L E . — O n J u l y 2 6 t h o f o l l o w i n g t w o is s u e s o f 6 % b o n d s a g g r e g a t i n g
5 . 2 5 %. 5 0
3
W . L . S l a y t o n & C o . , T o l e d o .........................................
|6
5 4 9 ,0 0 0 — V . 1 0 9 . p . 3 0 3 — w e r o a w a r d e d a s fo ll o w s :
5 .0 1 3 .5 0
[B A %
5 3 4 ,0 0 0
g r a m m a r s c h o o l b o n d s t o th o B a n k o f I t a ly o f S a n F r a n c is c o fo r
a — A c c r u e d i n t e r e s t ; *— F u r n is h b o n d s .
5 3 7 ,1 1 4 , e q u a l t o 1 0 9 .1 5 8 .
1 5 ,0 0 0
h ig h s c h o o l b o n d s t o th e S t a t o B o a r d o f C o n t r o l f o r 5 1 5 ,9 2 5 , e q u a l
G L E N D A L E S C H O O L D I S T R I C T (P . O . G le n d a le ), L o s A n g e le s
t o 1 0 6 .1 6 6 .
C o u n t y , C a l . — B O N D S V O T E D . — B y a v o t o o f 3 8 9 t o 7 7 t h o is s u a n c e o f
O th e r b id d e r s w e re :
5 1 0 0 ,0 0 0 5 % s c h o o l b o n d s , c a r r ie d a t th o e io c t io n h o ld J u l y 2 4 — V . 1 0 9 ,
$ 3 4 ,0 0 0
5 1 5 ,0 0 0
p . 1 9 4 . D u o y e a r l y f r o m 1 9 2 0 t o 1 9 5 0 in c l.
Issu e.
Issu e.
W o a r e a d v i s e d t h a t th o a b o v o b o n d s w ill b o o ffe r e d f o r s a lo a b o u t S o p t .
S t a t e B o a r d o f C o n t r o l __________________________________________$ 3 5 , 9 9 9 0 0
5 1 5 ,9 2 5 0 0 1 1 9 1 9 .
B a n k o f I t a l y , S a n F r a n c i s c o __________________________________ 3 7 , 1 1 4 0 0
1 5 ,7 2 2 0 0
G LO U C E STE R ,
E ssex
C o u n ty ,
M a s s .— L O A N
O F F E R I N G .— P r o ­
G i r v i n Sc M i l l e r , S a n F r a n c i s c o ______________________________ 3 4 , 1 8 9 1 2
1 5 ,0 9 1 12
M c D o n n e l l & C o . ..........................................................................
3 6 ,5 6 7 0 0
1 5 , 4 8 3 0 0 p o s a l s w ill b e r e c e iv e d , i t is s t a t e d , u n t il 3 p . m . A u g . 1 2 b y t h o C i t y T r e a s ­
u re r fo r a t e m p o r a r y lo a n o f 5 7 5 , 0 0 0 , d a t e d A u g . 1 4 a n d m a t u r i n g D e c .
F r e e m a n , S m i t h & C a m p C o . , S a n F r a n c i s c o __________ 3 6 , 4 0 6 6 o
1 5 ,6 0 9 0 0
1 1919.
E A G L E , E a g le C o u n t y , C o l o .— B O N D S A L E . — A n i s s u o o f $ 2 5 , 0 0 0
G O R E T O W N S H I P (P . O . S a llis a io ), S e q u o y a h
C o u n t y , O k la .—
6 % s e r ia l r e f u n d i n g b o n d s w a s r e c e n t l y s o l d t o S i d l o , S i m o n , F e ls & C o .
B O N D S V O T E D . — I t Is s t a t e d t h a t $ 2 0 , 0 0 0 b r id g o b o n d s h a v o b e e n r e c e n t l y
o f D en ver.
D a t e A p r il
1 1919.
D enom . 5500.
A sse sse d v a lu a tio n ,
v o ted .
T h o v o t o w a s a l m o s t 1 2 t o 1 in f a v o r o f t h o i s s u o .
5 2 6 9 ,0 8 7 .
T o t a l d e b t , 5 2 5 ,0 0 0 .
P o p u la tio n (e s t .), 5 0 0 .
G R A N I T E C O U N T Y (P . O . P h il ip s b u r g ) , M o n t .— B O N D E L E C T IO N .
E L P A S O C O U N T Y S C H O O L D I S T R I C T N O . 16 (P . O . C a l h a n ) ,
— A n e l e c t io n w ill b e h e ld S o p t . 2 , i t is s t a t e d , t o v 6 t e o n t h o q u o s t lo n o f
C o l o .— B O N D S A L E . — T h o $ 2 2 , 0 0 0 B A % 5 - 1 9 - y e a r s e r i a l s c h o o l b o n d s
is s u in g S 1 5 0 . 0 0 0 r o a d b o n d s .
r e c e n t ly v o t e d — V . 1 0 9 , p . 3 0 3 — lia v o b e e n d is p o s e d o f .
D a to A u g . 1 1919.
G REEN
B A Y , B R O W N
C O U N TY ,
W i s e .— B O N D
O F F E R I N G .—
D u o S i , 5 0 0 A u g . 1 a n n u a lly b e g in n in g 1 9 2 4 .
D enom .
5500.
A ssessed
W . L . K e r r , C i t y C l e r k w ill r e c o iv o b i d s u n t il 11 a . m . A u g . 2 5 f o r $ 4 0 , 0 0 0
v a l u a t io n , 5 6 3 1 ,8 9 0 .
T o t a l b o n d e d d e b t , 5 2 2 ,0 0 0 .
P o p u la tio n (e s t .), 7 5 0 .
5%
co u p o n school b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1 9 19 .
In t.
E L Y R I A , L o r a in C o u n t y , O h i o . — B O N D O F F E R I N G . — S c a l e d b i d s
s o m i- a im .
D u o $ 2 , 0 0 0 y e a r l y o n M a y 1 f r o m 1 9 2 0 t o 1 9 3 9 in c l.
C ert,
w ill b o r e c e iv e d u n t il 12 m . A u g . 2 8 b y H a r r y H in k s o n , C i t y A u d i t o r , f o r
c h e c k f o r 5 1 , 0 0 0 r e q u ir e d .
T o t a l b o n d e d d e b t ( i n c l . t ills issu o ) $ 8 0 1 , 0 0 0 .
5 5 5 ,0 0 0
5 % c o u p o n s tr e o t p a v in g b o n d s .
A u th . S ec. 3939, G en . C o d o .
A s s e s s , v a l . 1 9 1 8 S 3 3 .7 8 9 .7 0 5 .
D en om . 5500.
D a te A u g . 1 1919.
In t. F . & A .
D u o 5 5 ,0 0 0 y e a r ly o n
G R E E N C A S T L E , P u t n a m C o u n t y , I n d . — W A R R A N T S A L E .— N e w s ­
Aug. 1 f r o m 1 9 3 0 t o 1 9 1 0 , i n c h C o r t . c h o c k o n a n E l y r i a b a n k f o r 2 %
p a p e r r e p o r t s s t a t e t h a t 5 1 0 , 0 0 0 t i m e w a r r a n t s h a v o b e e n s o ld t o t h o C e n t r a l
o f th e a m o u n t o f b o n d s b id fo r r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d in t.
N a t io n a l B a n k a t 1 0 0 .1 5 2 5 a n d in te re s t.
E M E R S O N , D ix o n C o u n t y , N e b . — B O N D S
V O T E D .— T h o
v o te rs
G R E E N F I E L D , H ig h la n d C o u n t y , O h i o . — B O N D S A L E .— O n A u g . 6
a u t h o r iz e d th o is s u a n c o o f 5 2 0 ,0 0 0 B A %
5 -2 0 y e a r ( o p t .) e le c tr ic lig h t
t h o 5 1 5 , 0 0 0 5 % s a n i t a r y so w e r s y s t e m b o n d s o ffe r e d o n t h a t d a y — V . 1 0 9 ,
b o n d s b y a v o t o o f 68 t o 0 , a t a n e le c tio n h e ld J u ly 2 1 .
p . 1 9 5 — w e r o a w a r d e d t o W o i l , R o t h & C o . o f C in c i n n a t i a t 1 0 1 . 0 4 a n d i n t .
T h e a b o v o b o n d s w il l b o o f f e r e d a b o u t A u g . 1 5 1 9 1 9 , w o a r e a d v i s e d .
D u o S o p t. 1 1 9 3 4 .
O t h e r b id d e r s w e r o :
E M M E T T S C H O O L D I S T R I C T (P . O . E m m e t t ) , G e m C o u n t y , I d a .—
F . C . I l o o h l o r Sc C o . , T o l . 1 5 , 0 9 3 5 0
B r e e d , E ll io t t & H a r r is o n .
B O N D S A L E .— O n J u ly 18 th o S t a t o o f I d a h o p u r c h a s e d 5 6 0 ,0 0 0 s c h o o l
C i n c i n n a t i _____________ 5 1 5 , 1 3 8
0 0 P r o v id o n t S a v in g s B a n k &
bon ds.
T r u s t C o . , C i n c i n n a t i - - 1 5 ,0 9 0 0 0
G raves,
B ia n c h e tt
Sc
D a v ie s , B e r t r a m C o . , C ln $ 1 5 ,0 7 7 7 7
T h o r n b u r g , T o l e d o 1 5 ,1 2 0 0 0
E N I D , G a r f i e ld C o u n t y , O k l a . — B O N D S V O T E D . — 5 3 2 0 , 0 0 0 w a t e r ­
A.
T . B o ll & C o . , T o l e d o . . 1 5 ,0 0 8 0 0
P r u d o n Sc C o . , T o l e d o 1 5 ,1 0 1 0 0
w o r k s , $ 2 5 0 ,0 0 0 c o n v e n t i o n h a ll, 5 1 8 0 ,0 0 0 s e w a g o d is p o s a l p la n t , 5 1 5 0 ,0 0 0
W . R . C o m p t o n Sc C o . , C i n 1 5 , 0 9 6 7 5 N . S . H i l l & C o . , O i n c i n . . 1 5 , 0 3 6 0 0
p a r k a n d $ 1 5 ,0 0 0 p la y g r o u n d b o n d s w o r e v o t e d , it is s t a t e d , a t a n e le c ­
H ig h la n d C o u n t y B a n k . . 1 5 ,0 2 5 0 0
tio n A u g . 5 .

THE CHRONICLE

A u g . 9 1919.]

H A L IF A X C O U N T Y (P. O. Halifax), No. Caro.— B O N D S V O T E D . —
A t t h o e le c t io n h e ld A u g . 5 t h o p r o p o s it io n p r o v id in g f o r t h e is s u a n c e o f
$ 5 0 0 ,0 0 0 ( n o t $ 6 0 ,0 0 0 a s r e p o r t e d in V . 1 0 8 , p . 2 4 5 5 ) 1 -3 0 -y e a r r o a d b o n d s
c a r r ie d .
HAM ILTON, Butler County, Ohio.— B O N D

E L E C T IO N P R O PO SE D .
— T h o C i t y C o u n c i l is c o n s i d e r i n g c a l l i n g a n e l e c t i o n t o v o t e o n a p r o p o s i t i o n
to i s s u o $ 6 0 0 , 0 0 0 e l e c t r i c p l a n t b o n d s , f t I s r e p o r t e d .

HARDIN C O U N T Y (P. O .K enton ), Ohio.— B O N D
4 t h o $ 5 3 ,0 0 0 5 %

S A L E .— O n A u g .

1 -1 0 y e a r s e r i a l i n t e r - c o u n t y h i g h w a y i m p t . b o n d s , d a t e d

A u g . 4 1919— V . 1 0 9 , p . 3 9 6 — w ere a w a rd e d to S ta cy & B ra u n , o f T o le d o ,
f o r $ 5 3 ,2 2 4 .6 9 (1 0 0 .4 2 3 ) a n d in c o r c s t .
O th e r b id d o r s w e re :
P r o v id e n t S a v . & T r u s t
I F .C .lI o o h le r
&
C o .,T o I .$ 5 3 ,1 7 0 0 0
C o . , C i n c i n n a t i __________ $ 5 3 , 1 3 7 8 0 1W . L . S l a y t o n
& C o .,T o I . 5 3 ,0 9 5 4 0

H AR R IS C O U N T Y N A V IG A T IO N D IST R IC T (P. O. H ouston),
T e x .— B O N D O F F E R I N G .— C . G . P il lo t , C h a ir m a n , w ill r o c o iv o b id s u n t il
1 0 a . m . A u g . 1 1 ( n o t A u g . 1 0 a s r e p o r t e d in — V . 1 0 9 , p . 5 0 3 — ) f o r $ 1 , 5 0 0 , ­
0 0 0 5 % 3 0 - y e a r s e r ia l H o u s t o n s h ip c h a n n e l n a v i g a t io n b o n d s .
D pnom .
$ 1 ,0 0 0 .
D a to A u g . 1 1919.
In t. P . & A .
D u e $ 5 0 ,0 0 0 y e a r l y f o r 3 0
years.
C e r t , c h e c k f o r $ 2 5 ,0 0 0 , p a y a b lo t o t h o a b o v o C h a ir m a n , r e q u ir e d .

HAZLETON C IT Y SCHOOL DISTR ICT (P. O. H azelton), Luzerne
County, Pa.— B O N D S A L E — O n A u g . 5 t h o $ 2 0 0 , 0 0 0 4 ) 4 % 6 - 2 7 - y e a r
s e r ia l c o u p o n t a x - f r e e s c h o o l b u i l d i n g b o n d s , d a t e d A u g . 1 1 9 1 9 — V . 1 0 9 ,
p . 3 0 4 — w e r e a w a r d e d t o F r a z ie r & C o . o f P h ila d e lp h ia a t 1 0 0 .7 5 a n d In te r e s fc .
H o o p e r & T u r n e r o f P h ila d e lp h ia b i d $ 2 0 0 ,1 1 9 2 2 .

HEALDSBURG, Sonoma County, Calif.— B O N D E L E C T I O N P R O ­
P O S E D .— A n e l e c t i o n w i l l b e h e l d i n t h e n e a r f u t u r e . I t i s s t a t e d , t o v o t e
o n t h o q u e s t i o n o f i s s u i n g $ 2 0 ,0 0 0 p a r k i m p t . b o n d s .
HEMPSTEAD (Town) UNION FREE SCHOOL D IST R IC T NO. 15
(P. O. Lawrence), Nassau County, N. Y . — B O N D S A L E .— O n J u l y
31 t h o $ 1 7 9 ,5 0 0 4 3 % 5 -2 9 y e a r s e r ia l r e g is te r e d s c h o o l b o n d s , d a t e d J u n e
A
15 i 9 i 9— v. 1 0 9 , p . 3 9 6 — w e re a w a r d e d t o B la k e B r o s & C o . , o f N o w Y o r k ,
f o r $ 1 8 5 , 0 6 5 e q u a l t o 1 0 3 .1 0 ..
. , e, .
F i n a n c ia l S ta tem en t.
A s s e s s e d v a l u a t i o n _______________________________________________________________ $ 8 , 2 4 1 , 0 0 0
B o n d e d D e b t ( I n c l u d i n g t h i s i s s u o ) .........................................................................
4 2 6 ,7 4 0
P o p u l a t i o n ( e s t i m a t e d ) ..............................................................
8 ,0 0 0

K IN G

COUNTY

603
SCHOOL

D ISTR ICT

NO.

V O T E D .— B y a v o t o o f 4 ,7 2 9 t o 8 8 4 t h e q u e s t io n
s c h o o l b o n d s w a s v o t e d a t a n e le c t io n h e ld J u ly 2 2 .

1, W ash.— B O N D S
o f I s s u in g $ 4 ,5 0 0 ,0 0 0

K IN G SB U R G UNION GRAM MAR SCHOOL D IST R IC T , Fresno

County, Calif.— B O N D E L E C T I O N P R O P O S E D . — A n e l e c t i o n w i l l b e
h e ld in t h e n e a r fu t u r e t o v o t e o n t h e q u e s t io n o f is s u in g $ 9 0 ,0 0 0 s c h o o l
b on d s.
KLAMATH C O U N T Y (P. O. Klam ath Falls),

O r e .— B O N D S A L E .—
& C o . o f P o r t la n d w e r e a w a r d e d a n d a r e n o w o ffe r in g t o in ­
p r ic e t o y i e ld 4 . 7 5 % t h e $ 3 4 7 ,7 0 4 P r e c in c t N o . 8 b o n d s a t
D e n o m s . 3 4 7 f o r $ 1 ,0 0 0 , 1 fo r $ 5 0 0 a n d 1 f o r $ 2 0 4 .
D a te
P r in . a n d s e m i-a n n . in t . p a y a b lo a t t h e N a t io n a l P a r k B a n k
.
D u o $ 3 4 ,0 0 0 y e a r l y o n J u ly 1 f r o m 1 9 2 9 t o 1 9 3 7 in c l . a n d
1 1938.
F in a n c i a l S ta te m e n t.
A s s e s s e d v a l u a t i o n , 1 9 1 8 ---------------------------- ------------------- ---------------------------------T r u e v a l u e ( e s t i m a t e d ) ________________________________________________ _
2 5 ,0 0 0 ,0 0 0
B o n d e d d e b t ---------------------------------------------------- ---------------------------------------------- T h i s i s s u e o n l y
P o p u l a t i o n ( e s t i m a t e d ) _______________________________________________________
1 5 ,0 0 0

M o r r is B r o s .
v estors a t a
5 % in t e r e s t .
J u ly 1 1 9 1 9 .
o f N ew Y ork
$ 4 1 ,7 0 4 J u l y

K N O X V IL L E ,
T e n n .— B O N D
O F F E R I N G .— R o b t .
W illia m s ,
C ity
T r e a s u r e r , w ill r e c e iv e b id s u n t il 7 .3 0 p . m . A u g . 1 9 f o r $ 1 0 0 ,0 0 0 5 % s e w e r ,
$ 9 7 ,0 0 0 a n d $ 4 7 ,2 9 6 6 % s t r e e t i m p t . a n d $ 9 4 ,5 9 3 5 % s t r e e t b o n d s .
C ert,
c h e c k fo r 2 % o f th e a m o u n t o f b o n d s b id fo r r e q u ir e d .

L A FAYETTE C O U N T Y (P. O. Mayo), Fla .— B O N D O F F E R I N G —
B i d s w i l l b e r e c e i v e d u n t i l 11 a . m . S e p t . 1 b y C u l l e n W . E d w a r d s , C l e r k
o f C ir c u i t C o u r t , f o r $ 2 5 0 ,0 0 0 5 % D ix ie H ig h w a y S p e c ia l R o a d a n d B r id g e
D is t r ic t b o n d s .
D e n o m . $ 1 ,0 0 0 , $ 5 ,0 0 0 a n d $ 1 0 ,0 0 0 .
D a t e J u ly 1 1 9 1 9 .
P r in . a n d in t . p a y a b le a t M a y o , J a c k s o n v ille , o r N e w Y o r k C it y , N . Y .
D u o $ 4 1 ,6 6 6 6 1 y e a r l y b e g in n in g 5 y e a r s a ft e r is s u a n c e t h e r e o f.
C ert,
c h e c k fo r 1 % r e q u ir e d .
L A K E W O O D , C u y a h o g a C o u n t y , O h i o . — B O N D O F F E R I N G — I t is
r e p o r t e d t h a t p r o p o s a ls w ill b e r e c e i v e d u n t il 1 2 m . A u g . 2 5 b y A . (J .
G u ild , D ir e c t o r o f F in a n c e , fo r $ 3 8 0 ,0 0 0 5 % 18 1 -3 -y e a r (a v e r .) s t r e e t b o n d s .
I n te r e s t s e m i-a n n u a l.
C e r t ifie d c h e c k f o r 5 % r e q u ir e d .

LA PORTE, L a Porte County, Ind .— B O N D S P R O P O S E D .— T h e C i t y
C o u n c i l h a s a u t h o r i z e d t h o i s s u a n c e o f $ 3 0 , 0 0 0 m u n i c i p a l b o n d s a n d te n o w
a w a itin g f o r th e ir a p p r o v a l b y th o S ta te B o a r d o f T a x C o m m is s io n e r b e fo r e
t a k in g a n y fu r t h e r a c t io n t o w a r d o ffe r in g t h e b o n d s f o r s a le .

H EN R Y C O U N T Y (P. O. Napoleon), Ohio.— B O N D O F F E R I N G . —
S.
H . B i l l ig . C o u n t y A u d it o r , w ill r e c e iv o p r o p o s a ls , It is s t a t e d , u n t il 2
p . m . t o - d a y ( A u g . 9 ) f o r $ 1 5 9 ,0 0 0 5 % r o a d b o n d s .
I n t . s o m i-a n n .

LAURENS C O U N T Y (P. O. D ublin), G a . — B O N D S A L E — O n A u g . 5
t h e $ 2 0 0 ,0 0 0 5 % 3 0 -y e a r g o l d b r id g e b o n d s d a t e d J u n e 1 1 9 1 9 — V . 1 0 9 ,
p . 5 0 4 — w e r e a w a r d e d t o R . N . B e r r ie n , J r ., & C o . a t 1 0 2 .0 5 1 .

H IA W A T H A , Brown C ounty, K ans. — B O N D S A L E .— O n J u l y 2 8 t h e
$ 7 5 ,0 0 0 4 H % a u d it o r iu m im p t . b o n d s — V . 1 0 9 , p . 3 9 6 — w e r e a w a r d e d , it
Is s t a t e d , t o V e r n o n H . B r a n c h o f W i c h it a f o r $ 7 5 ,1 7 5 , e q u a l t o 1 0 0 .2 3 3 .

LEA C O U N T Y SCHOOL D ISTR ICT NO. 1, N. M e x . — B O N D S A L E —
A n is s u e o f $ 2 0 ,0 0 0 6 % s e r ia l s c h o o l b o n d s h a s b e e n r e c e n t l y s o l d t o S i d l o ,
S im o n , F e ls & C o ., D e n v e r .
D a te Ju n e 1 1919.
D en om . $500.
F in a n c ia l S ta te m e n t.
.
___„ . . .
R e a l v a l u a t i o n ...........................$ 4 . 0 0 0 , 0 0 0 1T o t a l d e b t , i n c l t h i s i s s u e . . . $ 7 3 , 4 0 0
A s s e s s e d v a l . , 1 9 1 8 .............. 1 , 3 3 0 , 2 6 5 1P o p u l a t i o n ( e s t . ) ........... ....................
1 ,0 0 0

H IG H POINT, Guilford C ounty, No. Caro . — B O N D S A L E . —
S e a s o n g o o d & M a y e r o f C in c i n n a t i o f fe r in g 1 0 6 .7 0 4 a b a s is o f 5 .3 0 % w e r e
a w a r d e d t h o fo ll o w in g t w o is s u e s o f b o n d s , a g g r e g a t in g $ 1 9 3 ,0 0 0 o ffe r o d
o n J u ly 2 9 — V . 10 9 , p . 3 9 6 —
$ 1 0 0 ,0 0 0 w a te r b o n d s .
D u o $ 2 ,0 0 0 y r l y o n J u ly 1 f r o m 1 9 2 1 t o 1 9 3 4 I n c l.,
$ 3 ,0 0 0 o n J u l y 1 f r o m 1 9 3 5 t o 1 9 5 8 in c l .
9 3 ,0 0 0
fu n d in g b o n d s .
D u o $ 6 ,0 0 0 o n J u ly 1 1 9 2 1 . 1 9 2 2 a n d 1 9 2 3 ,
$ 1 0 ,0 0 0 o r J u l y 1 1 9 2 4 , 1 9 2 5 a n d 1 9 2 6 a n d $ 1 5 ,0 0 0 o n J u ly 1
1927, 1928 a n d 1929.
D a t e J u ly 1 1 9 1 9 .
HILL C O U N T Y (P. O. Havre), M ont.— B O N D E L E C T I O N . — A c c o r d ­
in g t o r e p o r t s t h e r e w ill b o a n e le c t i o n h o ld S o p t . 2 t o v o t e o n t h o q u e s t io n
o f is s u in g $ 1 5 0 ,0 0 0 r o a d b o n d s .
H O L L O W AY , Belmont C ounty, Ohio. — B O N D O F F E R I N G . — P r o ­
p o s a l s w ill b o r e c e i v e d u n t il 1 2 m . A u g . 3 0 b y I i . J . W i l l i s , V i l l a g o C l e r k ,
f o r $ 3 3 ,7 5 5 .8 2 5 %
s p e c i a l .a s s e s s m e n t M a i n S t .
im p t. b o n d s .
A u th .
S ec. 3914 G on . C o d e .
D e n o m . 66 fo r $ 5 0 0 a n d 1 f o r $ 7 5 5 .8 2 .
D a to S ep t.
1 1919.
I n t . s e m i-a n n .
D u o $ 1 ,5 0 0 e a c h s ix m o n t h s fr o m M a r . 1 1 9 2 0
t o M a r . 1 1 9 2 4 , in c l ., $ 2 ,0 0 0 e a c h s ix m o n t h s f r o m S e p t . 1 1 9 2 4 t o S e p t . 1
1 9 2 8 , in c l . a n d $ 2 ,2 5 5 .8 2 M a r . 1 1 9 2 9 .
IN TER NATIONAL FALLS, Koochiching C ounty, M inn.— B O N D S
V O T E D .— B y a v o t o o f 3 0 3 t o 8 t h o q u o s t io n o f is s u in g $ 1 0 0 ,0 0 0 s t r o e t p a v in g b o n d s c a r r ie d , it is s t a t e d , a t a r e c e n t e le c t i o n .
JACKSON, Jackson County, Ohio.— B O N D O F F E R I N G . — A H ie L .
S t e f f l e r , C i t y A u d i t o r w ill r e c e i v o b i d s u n t il 1 2 m . A u g . 3 0 f o r $ 1 7 ,0 0 0 5 %
fu n d in g
bon ds.
A u th .
S ec. 3916
G en.
C ode.
D enom .
$500.
D a to
A u g . 15 1 9 1 9 .
I n t . s o m i-a n n .
D u e o n A u g . 1 5 a s f o ll o w s : $ 2 ,5 0 0 1 9 3 3 ,
$ 3 ,0 0 0 1 9 3 4 , $ 2 ,5 0 0 1 9 3 5 $ 3 ,0 0 0 1 9 3 6 . $ 2 ,5 0 0 1 9 3 7 a n d $ 3 ,5 0 0 1 9 3 8 .
C ert,
c h e c k fo r $ 5 0 p a y a b lo t o th e C it y A u d it o r r e q u ir e d .
B o n d s t o b o d e liv e r e d
a n d p a id f o r w ith in 1 0 d a y s fr o m t im e o f a w a r d .
P u rch aser to p a y accru ed
in te r e s t.
JACKSON, Madison C ounty, T e n n .— B O N D O F F E R I N G .— M a y o r
J . D . J o h n s o n w ill r e c e iv o b id s , it is s t a t e d , u n t il 1 2 m . A u g . 3 0 f o r $ 1 5 2 ,0 0 0
s t r e e t a n d $ 7 6 ,0 0 0 im p t . 5 % b o n d s .
C e rt, c h e ck fo r 2 % o f th e a m o u n t o f
b o n d s b id fo r r e q u ir e d .
JACKSON C O U N T Y (P. O. Marianna), Fla.— B O N D O F F E R I N G . —
B id s w ill b o r e c e iv e d u n t il S e p t . 2 b y O . W . L a c k o y , S e c y . B d o f P u b l i c
I n s t r u c t io n f o r $ 2 0 ,0 0 0 5 ) 4 %
2 0 -y o a f s c h o o l b ld g , b o n d s .
T h oso bon ds
w o r e v o t o d a t a n e lo c t io n J u ly 2 9 b y a v o t o o f 5 3 “ f o r " a n d 8 “ a g a in s t .’ >
JACKSON C O U N T Y SUPERVISORS D ISTR ICTS NOS. 2 AND 3,
Miss . — B O N D S A L E . — O n A u g . 4 t h o $ 7 5 , 0 0 0 5 ) 4 % h i g h w a y b o n d s — V .
1 0 9 , p . 3 0 4 — w e r e a w a r d e d , it is s t a t e d , t o
M o s s P o in t f o r $ 7 6 ,0 0 3 , e q u a l t o 1 0 1 .3 3 7 .

th o P a s c a g o u la N a t . B a n k o f

JACKSONVILLE, Duval C ounty, Fla.—

B O N D S V O T E D .— T h o q u e s ­
t i o n o f is s u in g $ 3 0 0 ,0 0 0 v i a d u c t , $ 2 0 0 ,0 0 0 s o w e r a n d $ 1 0 0 ,0 0 0 p a v i n g b o n d s
w a s v o t e d , it is s t a t e d , a t a n e lo c t i o n A u g . 5 .

JASPER C O U N T Y (P. O. Rensselaer), Ind.— B O N D S

AW AR D E D IN
P A R T .— O f t h e 3 i s s u e s o f 4 ) 4 %
1 -5 y e a r s e r ia l r o a d b o n d s , d a t e d J u l y
1 5 1 9 1 9 , o ffe r e d o n J u ly 3 0 — V . 1 0 9 , p . 3 9 6 — th o $ 5 ,0 0 0 C . L . C a r r e t a l
N e w t o n T w p . s t o n e r o a d b o n d s w e r e a w a r d e d , i t is s t a t e d , t o t h o F i r s t
N a t io n a l B a n k o f R e n s s e la e r .

JEANETTE SCHOOL D ISTR ICT (P. O. Jeanette), Westmoreland

C ounty, Pa.— B O N D E L E C T I O N . — A p r o p o s i t i o n t o i s s u o $ 2 5 , 0 0 0 h i g h
s c h o o l b o n d s w ill b e p la c e d b e fo r e t h o v o t e r s f o r a p p r o v a l o r r e je c t io n a t a n
e le c t io n t o b o h e ld S e p t . 1 6 .
JEFFERSON C O U N T Y (P. O. Boulder), M ont.— B O N D

E L E C T IO N .
— R e p o r t s s t a t o t h a t a n o le c t l o n w ill b e h o ld S e p t . 2 t o v o t e o n t h o q u e s t io n
o f i s s u i n g $ 1 0 0 ,0 0 0 r o a d b o n d s .

JEFFERSON C O U N T Y (P. O. Jefferson), W is .—

LEETONIA VILLAGE SCHOOL D ISTR IC T (P. O. Leetonia), Co­

lumbiana County, O hio.— B O N D O F F E R I N G . — T . S . A r n o l d , C l e r k o f
B o a r d o f E d u c a t io n , w ill r e c e iv o b id s u n t il 1 2 m . A u g . 1 6 f o r $ 3 2 ,7 1 9 0 6
5 U % s c h o o l d e fic ie n c y b o n d s .
D e n o m s . 3 2 f o r $ 1 ,0 0 0 a n d 1 f o r $ < 1 9 0 6 .
D a to A u g . 1 1919.
P r in . a n d s e m i-a n n . in t . (F . & A .) a t th e F a r m e r s
& M e r c h a n t s ’ B a n k in g C o . o f L e e t o n ia .
D u o $ 7 1 9 0 6 A u g . 1 1 9 2 0 , $ 4 ,0 0 0
y e a r l y o n A u g . 1 f r o m 1921 t o 1 9 2 4 , in c l .; $ 5 ,0 0 0 A u g . 1 1 9 2 5 a n d 1 9 2 6 ,
a n d $ 6 ,0 0 0 A u g . 1 1 9 2 7 .
C e r t ifie d c h e c k fo r $ 5 0 0 , p a y a b le t o th e a b o v e
C le r k , r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d in te r e s t.

LEXIN G TO N , Richland C ounty, Ohio. — B O N D O F F E R I N G .— S e a l e d
b i d s w ill b o r e c e i v e d u n t il 1 2 m . A u g . 1 4 b y W . F . L a w r e n c e . V i l l a g e C l e r k ,
f o r $ 8 ,8 0 0 5 ) 1 %
s tr e e t im p t . (v illa g o p o r t io n ) b o n d s .
A u th . S ec. 39 3 9
G en. C od o.
D en om . $800.
D a t e A u g . 14 1 9 1 9 .
In t. A . & O .
D ue
$ 8 0 0 y e a r ly o n O c t . 1 fr o m 1 9 2 4 t o 1 9 3 4 , in c l.
C e rt, ch e ck fo r $ 1 0 0 p a y ­
a b le t o t h o V illa g e T r e a s u r e r , r e q u ir e d .
B o n d s t o b e d e liv e r e d a n d p a id
f o r w ith in 1 0 d a y s fr o m d a t e o f a w a r d .
P u rch a se r t o p a y a ccru e d In te re st.
LIMON, Lincoln County, C o lo .— B O N D S A L E . — A n i s s u e o f $5,000
6 % 1 0 - 1 5 - y e a r s e r ia l w a t e r b o n d s h a s b e e n s o l d t o S i d l o , S i m o n , F e ls & C o . ,
D e n v e r , a t 1 0 3 .7 5 .
LINCOLN C O U N T Y (P. O. Ivanhoe), Minn.— B O N D E L E C T I O N . —
A n e l e c t i o n w ill b e h e l d S e p t . 1 6 , i t is s t a t e d , f o r t h e p u r p o s e o f v o t i n g o n t h o
Iss u a n c e o f $ 2 5 0 ,0 0 0 r o a d b o n d s .
LIVE OAK C O U N T Y (P. O. Three Rivers), T e x .— B O N D S V O T E D . —
T h i s c o u n t y r e c e n t l y v o t e d $ 6 0 ,0 0 0 r o a d b o n d s i t is s t a t e d .
LOCAN SCHOOL D ISTR IC T, Fresno County, Calif.— B O N D
O F F E R IN G .— D . M . B a r n w e ll, C le r k B o a r d o f S u p e r v is o r s , w ill r e c e iv e
b i d s u n t i l 2 p . m . A u g . 11 f o r $ 5 , 0 0 0 6 % s c h o o l b l d g , b o n d s .
D enom . $500.
D a to A u g . 12 1 9 1 9 .
P r in . a n d a n n . in t . a t th e o f f ic e o f th e C o u n t y T r e a s ­
urer.
D u o $ 1 ,0 0 0 A u g . 12 1 9 2 1 a n d $ 5 0 0 y e a r l y o n A u g . 12 fr o m 1 9 2 2 t o
1 9 2 9 , in c l.
C e r t , c h e c k fo r 1 0 % o f th e a m o u n t o f b o n d s b id fo r , p a y a b le
t o t h o C h a ir m a n B o a r d o f S u p e r v is o r s r e q u ir e d .
B o n d s t o b e d e liv e r e d
a n d p a i d f o r w i t h i n 10 d a y s f r o m t i m e o f a w a r d .
LOS ANGELES MUNICIPAL IMPROVEMENT D ISTR ICT No., 7
(P. O. Los Angeles), Los Angeles County, Calif.— B O N D O F F E R I N G .
— C h a s . L . W i l d e , C i t y C l e r k , w i l l r e c e i v e D id s u n t i l 1 0 . 3 0 a . m . A u g . 2 0
f o r $ 1 6 0 ,0 0 0 5 % b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to Ju n e 1 1919.
P r in . a n d
s o m i-a n n . in t . p a y a b le a t th o o ffic o o f t h e C i t y T r e a s u r e r o r a t th o C h a s e
N a tio n a l B a n k , N . Y .
D u o y e a r ly o n J u n e 1 fr o m 1 9 2 0 t o 1 9 3 9 , in c l.
C e r t c h e c k o r c a s h ie r ’s c h e c k f o r 2 % p a y a b l e t o t h e C i t y T r e a s u r e r , r e q u ir e d .
B o n d s w ill b e d e l i v e r e d a n d p a id f o r a t t h e o f f i c e o f t h e C i t y T r e a s u r e r .
T h o le g a lit y o f t h e b o n d s w ill b o a p p r o v e d b y J o h n C . T h o m s o n o f N . Y . f
w h o s o a p p r o v i n g o p i n i o n w ill b e d e l i v e r e d p u r c h a s e r .
LOSTCREEK TO W N SH IP RURAL SCHOOL D ISTR ICT (P. O.
Casstown), Miami C ounty, O hio.— B O N D S A L E . — O n J u l y 2 3 P r u d d e n
& C o . o f T o l e d o w e r e a w a r d e d a t 1 0 0 .3 3 t h e $ 8 0 ,0 0 0 5 %
s c h o o l - e r e c t i o n b o n d s d a t e d J u l y 2 3 1 9 1 9 .— V . 1 0 9 , p . 9 4 .

2 - 3 6 - y e a r s e r ia l

LOUISA C O U N T Y (P. O. Louisa), V a . — B O N D S A L E . — O n A u g . 1
t h o $ 6 0 ,0 0 0 5 % r o a d b o n d s — V. 1 0 8 , p . 2 6 5 2 — w e r e a w a r d e d t o t h e B a n k
o f L o u is a a t 1 0 0 .4 7 . in te r e s t a n d p a id f o r le g a l o p in io n .
D enom s. $500
a n d $ 1 ,0 0 0 .
In t. J . & J .
D u o $ 1 ,5 0 0 J u ly 1 1 9 2 1 a n d s a m e a m o u n t
e v e r y 6 m o n th s th e r e a fte r .
LUCAS C O U N TY (P. O. Toledo), Ohio.— B O N D S A L E . — It is reo r t e d t h a t o n J u ly 1 8 t h e C o u n t y C o m m is s io n e r s o ld $ 1 8 9 ,0 0 0 r o a d im p t .
on d s.
LYO N S C O U N T Y (P. O. Rock Rapids), la .— B O N D S V O T E D . —
O n J u l y 2 9 a n is s u e o f $ 1 ,1 2 5 ,0 0 0 r o a d b o n d s w a s v o t e d .

g

B O N D E L E C T IO N .
— A c c o r d i n g t o r e p o r t s t h e r e w ill b o a n e l o c t i o n h e l d S o p t . 2 t o v o t e o n t h e
q u e s t i o n o f i s s u i n g $ 2 , 0 0 0 ,0 0 0 r o a d b o n d s .

MCDONALD, Sherman County, Pa.— B O N D E L E C T I O N . — A t an
e l e c t i o n t o b o h e ld A u g . 14 t h e p e o p l e w ill v o t e o n t h e q u e s t io n o f is s u in g
$ 7 0 ,0 0 0 5 % m u n ic i p a l b u il d i n g b o n d s .

JOHNSTON, Cambria County, Pa . — B O N D S A L E .— O n A u g . 8 t h o
$ 3 7 5 ,0 0 0 4 ) 4 %
1 7 -y e a r a v e r , s o w e r a n d h w a y . b o n d s — V . 1 0 9 , p . 5 0 4 —
w e r e a w a r d e d t o K o u n t z o B r o s , a n d K e a n , T a y l o r & C o , o f N . Y . J o in tly
f o r $ 3 8 4 ,4 6 1 .2 5 e q u a l t o 1 0 7 .8 8 2 .

MC INTOSH CO U N TY (P. O. Ashley), No. Dak.— B O N D O F F E R I N G .
— B id s w ill b o r e c e iv e d u n t il 1 0 a . m . A u g . 2 6 b y J o h n H il d e n b r a n d C o .
a n d : i t i s s t a t e d , f o r $ 7 5 , 0 0 0 4 % 2 0 - y r c o u r t h o u s e a n d J a il b o n d s .

K ENEDY, Karnes C ounty, Tex.—
$ 6 ,0 0 0 7 %
o f A u s tin .

W AR R A N T
S A L E .— A n is s u e o f
w a te r -w o r k s im p t . w a rra n ts w a s r e c e n t ly s o ld t o J . L . A r litt
D a to Ju n o 3 1919.

KENT C O U N T Y (P. O. Dover), Del.— B O N D S A L E . — O n J u n o 2 3
$ 2 0 ,0 0 0 5 % r o a d b o n d s w o r e a w a r d e d t o B a k e r , W a t t s & C o . , o f B a lt im o r e ,
a t 1 0 2 .1 8 .
D e n o m . $ 1 ,0 0 0 .
D a to J a n . 1 1919.
In t. J . & J .
D u e $ 5 ,0 0 0
y e a r ly o n J u ly 1 fr o m 1 9 3 9 t o 1 9 4 2 , in c l.
KENT VILLAGE SCHOOL D ISTR ICT (P. O .K ent) Portage County,
O hio. — B O N D O F F E R I N G . — B i d s w i l l b o r e c e i v e d u n t i l 1 2 m . A u g . 2 5
b y F . W . B o w e r s , C le r k , B d o f E d . f o r $ 2 7 5 ,0 0 0 5 % s c h o o l b o n d s .
A u th .
S ecs. 76 2 5 , 7626 a n d 7627 G e n . C o d o .
D o n o m . $ 1 ,0 0 0 .
D a t o D e c . 31
1919.
In t. J . & D .
D u o o n D e c . 31 a s fo ll o w s : $ 5 ,0 0 0 1 9 2 5 a n d 1 9 2 6
$ 6 ,0 0 0 1921 a n d 1 9 2 8 , $ 7 ,0 0 0 1 9 2 9 a n d 1 9 3 0 , $ 8 ,0 0 0 193 1 a n d 1 9 3 2 , $ 9 ,0 0 0
1 9 3 3 a n d 1 9 3 4 $ 1 0 ,0 0 0 1 9 3 5 a n d 1 9 3 6 , $ 1 1 ,0 0 0 1 9 3 7 , $ 1 2 ,0 0 0 1 9 3 8 a n d 1 9 3 9 ,
$ 1 3 ,0 0 0 1 9 1 0 a n d 1 9 4 1 , $ 1 4 ,0 0 0 1 9 4 2 a n d 1 9 4 3 , $ 1 5 ,0 0 0 1 9 4 4 a n d 1 9 4 5 ,
$ 1 6 ,0 0 0 1 9 4 6 a n d 1 9 4 7 , $ 1 7 ,0 0 0 1 9 4 8 a n d 1 9 4 9 .
C e rt, ch e ck fo r $ 5 0 0
p a y a b lo t o th o T r e a s . B d . o f E d . r e q u ir e d .
P u r c h a s e r t o p a y a c c u r e d in t .
T h e s o b o n d s w e re v o t o d a t a n e lo c tio n J u n e 2 4 — V . 1 0 9 , p . 1 9 5 .

MADISON C O U N TY (P. O. Anderson), Ind.— B O N D S
N o s a le w a s m a d e o f t h e $ 2 0 0 ,0 0 0 5 %
2— V . 1 0 9 , p . 3 0 5 .

N O T S O L D .—
r o a d im p t. b o n d s , o ffe r e d o n A u g .

MANSFIELD, Richland C ounty, Ohio.— B O N D S A L E . — O n A u g . 5
t h o $ 1 3 9 ,0 0 0 5 ) 3 % 1 - 2 5 - y e a r s e r ia l s t r e o t - i m p t . ( c i t y ’s s h a r e ) b o n d s o f f e r e d
o n th a t d a y — V . 1 0 9 , p . 397— w ere a w a rd e d to P ru d d e n & C o . o f T o le d o
a t 1 0 5 .0 5 1 a n d in t e r e s t .
MARION C O U N TY (P. O. Indianapolis). Ind.— B O N D
S e a le d b id s w ill b e r e c e iv e d b
1 0 a .m . A u g . 15 f o r $ 1 3 8 ,0 0 0
road bon d s.
D enom . $690.
$ 6 ,9 0 0 e a c h M a y 15 a n d N o v .

y E d . G . S o u r b ie r , C o u n t y
4 )4 % C en ter a n d W arren T
D a te J u n e 15 1 919.
In t.
1 5 in t h e y e a r s 1 9 2 0 t o 1 9 2 9 ,

O F F E R IN G .—
T r e a s u r e r , u n til
w p s . fr e e g ra v e l
M . & N .
Due
in c l.

MARION TO W N SH IP (P. O. Findlay), Hancock C ounty, Ohio.—
B O N D E L E C T I O N .— A t a n e le c t io n t o b o h e ld A u g . 19 t h e v o t e r s
d e c i d e o n t h e q u e s t i o n o f i s s u i n g $ 1 1 0 ,0 0 0 s c h o o l b u i l d i n g b o n d s .

w ill

MARSHALL C O U N TY (P. O. Holly Springs), Miss.— B O N D

KENTON, Hardin County, Ohio.— B O N D S A U T H O R I Z E D . — A t a
s p e c ia l c o u n c il m o o t in g , i t is s a id , t h o is s u a n c e o f $ 2 5 ,0 0 0 p a v in g b o n d s w a s
a u t h o r iz e d .

S A L E .—
T h o $ 1 7 ,0 0 0 6 % 1 0 -2 5 -y e a r s e r ia l r o a d b o n d s o f f e r e d o n J u ly 3 1 — V . 1 0 9 ,
p . 3 9 7 — w e r e a w a r d e d o n t h a t d a y t o C . H . C o f f i n o f C h ic a g o f o r $ 1 7 ,3 5 1
( 1 0 2 .0 6 4 ) ; fu r n is h e d b la n k b o n d s a n d a t t o r n e y ’s o p in io n f r e e o f c h a r g e .
B i d s w o r e a l s o s u b m i t t e d b y D u r f e e , N i l e s & C o . a n d W . L. S l a y t o n & C o . ,
b o th o f T o le d o .

KIM BALL C O U N T Y (P. O. Kim ball), Neb.— B O N D
J u ly 2 1 a n is s u e o f $ 8 0 ,0 0 0 h ig h s c h o o l b o n d s w a s s o ld .

A u g . 6 th o $ 3 0 ,0 0 0 6 %




S A L E .—

On

M ARSHVILLE,

Union

C ounty, No. Caro.— B O N D S A L E . — O n
c o u p o n e le c t r ic lig h t b o n d s — V . 1 0 9 , p . 5 0 5 — w e r e

604

(Vol. 109

THE CHRONICLE

a w a r d e d , tt Is s t a t e d , t o S id n e y S p i t z e r & C o . o f T o l e d o f o r $ 3 1 ,2 5 0 , e q u a l
t o 1 0 4 .1 6 6 .

MAUMEE, Lucas C ounty, Ohio.— B O N D

O F F E R I N G .— B id s w ill b e
r e c e i v e d u n t d 1 2 m . A u g . 11 b y H e n r y E . G e i g e r . , V i l . C l e r k f o r $ 1 0 , 0 0 0
5 ) 4 % c o u p o n s tr e e t im p t. b o n d s .
D e n o m , $ 1 ,0 0 0 .
P r in . a n d s o m i-a n n .
in t . a t t h e o f f ic o o f th e V il. T r e a s .
D u e S e p t. 1 1 929.
C ert, ch eck on a
L u c a s C o ., b a n k f o r 3 % o f t h e a m o u n t o f b o n d s b id f o r p a y a b lo t o t h e V il.
T r e a s . r e q u ir e d .
B o n d s t o b e d e liv e r e d a n d p a id fo r w ith in 5 d a y s fr o m
tim e o f a w a r d .
P u r c h a s e r t o p a y a c c r u e d in t .

M AYFIELD, Santa Clara C ounty, Calif.— B O N D S V O T E D . — A t t h e
e le c t io n h e ld J u ly 2 1 — V . 1 0 9 . p . 196— th o fo llo w in g p r o p o s it io n c a r r ie d ,
$ 5 ,0 0 0 m o t o r p u m p , $ 5 ,0 0 0 w a t e r m a in a n d $ 5 ,0 0 0 t o w n h a ll 5 % 2 0 -y e a r
bon d s.
„ MEDINA VILLAGE SCHOOL D IST R IC T (P. O. Medina), Medina

C ounty, O hio.— B O N D O F F E R I N G . — B i d s w i l l b e r e c e i v e d u n t i l
A u g . 2 3 b y E . B . S p it z e r , C le r k B o a r d o f E d u c a t io n , fo r $ 9 ,4 0 0
sch ool bon d s.
D e n o m . 9 f o r $ 1 ,0 0 0 a n d 1 f o r $ 4 0 0 .
D a t e d a y o f s a le .
A .
& O.
D u o $ 1 ,0 0 0 e a c h s ix m o n t h s f r o m A p r il 1 1 9 3 0 t o A p r il
in c l., a n d $ 4 0 0 O c t . 1 1 9 3 4 .
C e rt, ch e ck fo r 2 % o f th o a m o u n t o f
b id fo r . p a y a b lo t o th e a b o v e C le r k r e q u ir e d .

12 m .
5 )4 %
In t.
1 1934.
bonds

MOBILE C O U N T Y (P. O. Mobile), Ala.— B O N D O F F E R I N G . — A c c o r d ­
in g t o r e p o r t s s e a le d b id s w ill b e r e c e iv e d u n til 2 p .m . A u g . 1 5 b y E d g a r L .
C o t t in g , B u s in e s s M a n a g e r o f t h e B o a r d o f S c h o o l C o m m is s io n e r s , fo r
$ 3 0 0 ,0 0 0 5 % s c h o o l b o n d s .
I n t . s e m l-a n n .
C e r t , c h e c k f o r 1 % r e q u ir e d .
MONROE C O U N T Y (P. O. Bloom ington), In d . — B O N D
O n J u ly 2 5 th e fo llo w in g 4 ) 4 % r o a d b o n d s w e re a w a r d e d t o J . F
C o . o f I n d ia n a p o lis a t p a r a n d in te r e s t:
$ 6 ,5 0 0 B lo o m i n g t o n T w p . b o n d s .
D enom . $325.
D u e $325
m o n th s fr o m M a y 15 1 9 2 0 t o N o v . 15 1 9 2 9 , in c l.
1 0 ,3 0 0
R ic h la n d T w p . b o n d s .
D en om . $515.
D u e $515 each
f r o m M a y 1 5 1 9 2 0 t o N o v . 15 1 9 2 9 , in c h
D a te Ju n e 3 1919.
In t. M . & N .

S A L E .—
. W ild &

t r a tio n ) s tr o e t im p t . b o n d s , d a t e d J u ly 1 1 9 1 9 — V . 1 0 9 , p . 5 0 6 — w a s a w a r d e d
t o B i d d l e & H e n r y , o f P h i l a d e l p h i a , a t 1 0 0 .8 8 , a 4 . 5 8 % b a s is , f o r .$ 3 0 ,0 0 0
bon d s.
O th e r b id d e r s w e ro :
O u t w a t e r & W e lls , N e w a r k ._ .1 0 0 .4 6 | G o o . B . G ib b o n s & C o ., N . Y . t 0 0 .2 7
W h i t e , W o l d & C o . , N . Y --------1 0 0 . 4 0 | A . B . L e a c h & C o . . N . Y ............. 1 0 0 . 2 7
C o l g a t e , P a r k e r & C o . , N . Y . . 1 0 0 . 2 8 1 8 . N . B o n d & C o . , N . Y ________ 1 0 0 . 1 3
N E W C A S T L E C O U N T Y (P . O . W i lm in g t o n ) , D e l.— B O N D O F F E R ­
I N G .— P r o p o s a l s w i l l b o r e c e i v e d u n t i l 1 2 m . A u g . 1 9 , b y J a m e s G . S h a w ,
C h a ir m a n o f F in a n c e C o m m it t e e , f o r $ 2 0 0 ,0 0 0 4 X % h ig h w a y - im p r o v e m e n t
A
bon ds.
D e n o m . $ 1 ,0 0 0 .
D a te Jan . 1 1917.
P r in . a n d s o m i-a n n .
in t .
(J . & J .) p a y a b le a t th e F a r m e r s B a n k o f W ilm in g t o n .
D u o $ 1 5 ,0 0 0 y e a r l y
o n J u ly 1 f r o m 1 9 4 2 t o 1 9 5 4 , in c l ., a n d $ 5 ,0 0 0 J u ly 1 1 9 5 5 .
C e r t ifie d c h e c k
fo r 2 % o f a m o u n t o f b o n d s b id fo r , p a y a b le t o th o C o u n t y T r e a s u r e r , re ­
q u ir e d .
B id s a r e d e s ir e d o n f o r m s w h ic h w ill b e fu r n is h e d b y t h e U . S .
M t g o . & T r u s t C o . o r b y th e a b o v e C h a ir m a n .
T h e l e g a l i t y o f t h e is s u e
h a s b e e n e x a m in e d b y C a ld w e ll & M a s s lic h o f N . Y . , w h o s o fa v o r a b lo
o p in io n w ill b e f u n is h e d t o t h o p u r c h a s e r .
T h e b on d s h a v e beon p repared
u n d e r th o s u p e r v is io n o f t h e U . 8 . M t g o . & T r u s t C o . o f N . Y . C it y , w h ic h
h a s c e r t ifie d a s t o t h e g e n u in e n e s s o f th o s ig n a tu r e s o f th o c o u n t y o ffic ia ls
a n d th e sea l im p r e s s e d th e r e o n .
P u r c h a s e r t o p a y a c c r u e d in te r e s t fr o m
J u ly 1 1 9 1 9 .
A lik e a m o u n t o f b o n d s w a s o ffe r e d o n J u ly 2 9 — V . 1 0 9 , p . 3 9 8 .
N E W C O N C O R D , M u s k i n g u m C o u n t y , O h i o . — B O N D S V O T E D .—
O n J u l y 1 8 , a c c o r d in g t o r e p o r t s , a p r o p o s it i o n t o is s u e $ 3 5 ,0 0 0 b o n d s t o
p u r c h a s e t h e w a t e r w o r k s p la n t a n d e le c t r ic lin e s , c a r r ie d b y a v o t e o f 1 2 7
to 52.

N O B L E C O U N T Y ( P . O . C a l d w e l l ) , O h i o . — B O N D O F F E R IN G .—
L.
E . M u r r e y , C o u n t y A u d it o r , w ill r e c e iv e p r o p o s a ls u n t il 12 m . A u g . 15
f o r $ 1 1 0 ,0 0 0 5 %
I n t e r -C o u n t y H ig h w a y N o . 3 8 6 im p t. b o n d s .
A u th .
S ec. 1223 G en . C o d e .
D e n o m . $ 1 ,1 0 0 .
D a te A u g . 1 1919.
P r in . a n d
s ix m o n t h s s e m i-a n n . in t . ( F . & A .) p a y a b le a t t h o C o u n t y T r e a s u r y , w h e r e th o b o n d s
w ill a ls o b e d e liv e r e d a n d p a id f o r a s s o o n a s p r e p a r e d .
D u e $ 5 ,5 0 0 o n
F o b . 1 a n d A u g . 1 in e a c h o f th e y e a r s f r o m 1 9 2 0 t o 1 9 2 9 , in c l.
C ert ch eck
fo r 5 % o f a m o u n t o f b o n d s b id fo r , p a y a b lo t o th e C o u n t y T r e a s u r e r ,
MONROE T O W N SH IP (P. O. W est Liberty), Logan C ounty, O hio.— r e q u i r e d . P u r c h a s e r t o p a y a c c r u e d i n t e r e s t .
B O N D S V O T E D . — O n J u l y 1 6 , i t is s t a t e d , t h e v o t e r s a p p r o v e d t h e $ 1 5 , 0 0 0
s c h o o l b u i l d i n g b o n d s w h i c h w e r e l e f e a t o d a t a n e l e c t i o n h e l d J u n o 1 8 .—
N O B L E S C O U N T Y (P . O . W o r t h i n g t o n ) , M in n .— B O N D O F F E R IN G .
V . 109. p . 95.
— G . S w a n b e r g , C o u n t y A u d i t o r , w ill r e c o i v o b i d s u n t il 2 p . m . A u g . 1 5 .
It is s t a t e d , f o r $ 2 0 0 ,0 0 0 4 ) 4 % 1 0 -y o a r r o a d b o n d s .
C ert, ch ock fo r 1 0 %
M ONTCLAIR, Essex C ounty, N. J . — B O N D O F F E R I N G . — T h o B o a r d
o f th e a m o u n t o f b o n d s b id fo r r e q u ir e d .
o f _ T o w n C o m m i s s i o n e r s w ill r e c o i v o p r o p o s a l s u n t il 1 p . m . A u g . 2 1 f o r
each

s ix

a n d s s u o o f 5 % g o ld c o u p o n (w ith p r iv ile g e o f r e g is tr a tio n ) t e m p o r a r y s c h o o l
lo a n b o n d s , n o t t o e x c e e d $ 2 3 0 ,0 0 0 .
D e n o m . $ 1 ,0 0 0 a n d m u ltip le s t h e r e o f.
D a te S op t. 1 1 9 1 9 .
P r in . a n d s e m l-a n n . in t . ( M . & S .) p a y a b l o a t th e
B a n k o f M o n t c l a i r , o r a t t h e T o w n T r e a s u r e r ’s o f f i c o ; a t o p t io n o f h o ld e r .
D u o S op t. 1 1920.
C e r t, c h e c k o n a n in c o r p o r a te d b a n k o r tru st c o m p a n y ,
fo r 2 % o f a m o u n t o f b o n d s b id f o r , r e q u ir e d .
P u rch aser to p a y accru ed
in te r e s t.
A ll b id s m u s t b o s u b m it t e d o n a f o r m w h ic h w ill b e fu r n is h e d u p o n a p p l i­
c a t io n t o th o T o w n C le r k .
L '- T h o v a l i d i t y o f s a i d b o n d s w i l l b e a p p r o v e d b y J o h n C . T h o m s o n , o f
N o w Y o r k a n d a c o p y o f h i s o p i n i o n a s t o t h e l e g a l i t y o f s a i d b o n d s w il l
b o fu r n is h e d t o t h e s u c c e s s fu l b id d e r w it h o u t c h a r g e .
F in a n c ia l S ta tem en t.
IT *
T o t a l A s s e s s m e n t fo r 1 9 1 9 (R e a l a n d P e r s o n a l ) .$ 5 1 ,2 8 5 ,4 5 3 .0 0
T o w n D e b t o th e r th a n S c h o o l I n d e b t e d n e s s .$ l,2 7 1 ,3 9 9 .4 3
S i n k i n g F u n d ....... ...............................................................
1 0 5 ,8 3 9 .6 6
----------------------------1 ,1 6 5 ,5 5 9 .8 7
S c h o o l D o b t ( B o n d s a n d N o t e s ) .......................$ 1 , 9 3 5 , 0 0 0 . 0 0
S i n k i n g F u n d ......................................................................
2 4 5 ,7 7 5 .1 3
----------------------------1 ,6 8 9 ,2 2 4 .8 7
►
.

T o t a l D e b t l e s s S i n k i n g F u n d ___________________________________ $ 2 , 8 5 4 , 7 8 4 . 7 4

MONTEREY SCHOOL D ISTR ICT (P. O. Monterey), Monterey
C ounty, Calif. — B O N D V O T E D . — T h e p r o p o s i t i o n p r o v i d i n g f o r t h e
is s u a n c o o f $ 1 0 0 ,0 0 0 5 % 2 0 y e a r s c h o o l b o n d s , c a r r ie d , b y a v o t e o f 2 6 5 t o
12 a t th e e le c t io n h e ld J u ly 2 4 — V . 1 0 9 , p . 1 9 7 .

M ONTGOM ER Y, Lesueur C ounty, M inn.— B O N D
S A L E .— O n
J u ly 2 8 t h o $ 1 8 ,0 0 0 5 % 2 - 1 0 - y e a r s e r ia l c o u p o n f u n d in g b o n d s , d a t e d J u ly 1
1 9 1 9 — V . 1 0 9 , p . 9 5 — w e r e a w a r d e d t o th e D r a k e -B a lla r d C o . o f M in n e ­
a p o lis a t 1 0 0 .6 5 a n d in t e r e s t .
M ONTGOM ERY CO U N T Y (P. O. Crawfordsville), Ind.— B O N D
O F F E R I N G . — P r o p o s a l s w i l l b e r e c e i v e d u n t i l 2 p . m . A u g . 11 b y H a r r y
T . S t o u t , C o u n t y T r e a s u r e r , f o r $ 1 3 ,6 0 0 4 H %
W a ln u t T w p . h ig h w a y
im p t . b o n d s .
D enom . $680.
D a te M a y 15 1 9 1 9 .
In t. M . & N .
Duo
$ 6 8 0 e a c h s ix m o n t h s fr o m M a y 15 1 9 2 0 t o N o v . 1 5 1 9 2 9 , in c l.
MOORPARK SCHOOL D ISTR ICT, Ventura C ounty, Calif.— B O N D
S A L E .— O n A u g . 6 t h o $ 2 5 ,0 0 0 5J 4 % s c h o o l b o n d s — V . 1 0 9 , p . 5 0 6 — w e r o
a w a r d e d t o t h e O x n a r d S a v in g s B a n k f o r $ 2 5 ,0 0 8 .9 0 (1 0 0 .0 3 5 ) a n d in t .
M O RR ISTO W N , Hamblen County, T enn. — B O N D S A L E . — T h o
H a r r i s T r u s t & S a v i n g s B a n k o f C h i c a g o h a s p u r c h a s e d a n d is n o w o f f e r i n g
t o in v e s t o r s a t a p r ic e t o y i o ld 5 % in t e r e s t a n is s u e o f $ 3 7 ,5 0 0 5 % c o u p o n
s tr e e t im p t. b o n d s .
D enom . $500.
D a te Ju n e 1 1919.
P r in . a n d s e m ia n n . in t . (J . & D . ) p a y a b lo in N e w Y o r k .
D u o Juno 1 1939.
F in a n c ia l S ta tem en t.
R e a l v a l u o o f t a x a b l e p r o p e r t y , e s t i m a t e d _______________________________$ 4 , 0 0 0 , 0 0 0
A s s e s s e d v a l u a t i o n f o r t a x a t i o n _____________________________________________ 2 , 3 0 0 , 0 0 0
T o t a l d o b t ( t h i s i s s u e i n c l u d e d ) ................................................................................
4 3 8 ,2 0 0
, L e s s w a t e r d e b t ______________________________________________________ $ 6 5 , 0 0 0
L e s s s i n k i n g f u n d .................................................................................... ........... 9 5 , 0 0 0
N e t d e b t ............................................ .............................. - ........................................ ...................
2 7 8 ,0 0 0
P o p u la t io n e s t im a t e d , 7 ,0 0 0 .
P o p u la t io n , 1 9 1 0 c e n s u s , 4 ,0 0 7 .

M ORROW C O U N T Y (P. O. Mt. Gilead), Ohio.— B O N D S A L E . — O n
J u ly 2 5 th e fo ll o w in g 5 % c o u p o n r o a d im p t . b o n d s a g g r e g a t in g $ 7 2 ,0 0 0 —
V . 1 0 9 , p . 3 0 6 — w e r o a w a r d e d t o th o M t . G ile a d N a t . B a n k o f M t . G ile a d
f o r $ 7 2 ,1 8 1 , e q u a l t o 1 0 0 .2 5 1 :
$ 1 2 ,8 0 0 W o r t h i n g t o n - N e w
H aven
R oad
Im p t.
( t w p ’s p o r t io n )
bon ds.
D enom . $800.
D u o $ 8 0 0 e a c h s ix m o n t h s fr o m M a r . 1 1 9 2 0 t o
S e p t. 1 1 9 2 7 , in c l.
1 2 ,8 0 0
W o r t h in g t o n -N e w H a v e n R o a d im p t . (a s se s s m e n t) b o n d s .
D enom
$800.
D u e $ 8 0 0 e a c h s ix m o n t h s fr o m M a r . 1 1 9 2 0 t o S e p t. 1
1 9 2 7 , in c l.
P
1 2 .5 0 0 M t . T a b o r R o a d im p t . ( t w p ’s p o r t io n ) b o n d s .
D e n o m . 11 f o r
$ 1 ,0 0 0 a n d 3 fo r $ 5 0 0 .
D u o $ 1 ,0 0 0 e a c h s ix m o n t h s fr o m M a r . 1
1 9 2 5 , in c l ., a n d $ 5 0 0 e a c h s ix m o n t h s f r o m S e p t . 1 1 9 2 5 t o S o p t . 1
1 9 2 6 , in c l.
1 2 .5 0 0 M t . T a b o r R o a d i m p t . (a s s e s s m e n t) b o n d s .
D e n o m . 11 f o r $ 1 , 0 0 0
a n d 3 fo r $ 5 0 0 .
D u o $ 1 ,0 0 0 e a c h s ix m o n t h s f r o m M a r . 1 1 9 2 0 t o
M a r . 1 1 9 2 5 , in c l ., a n d $ 5 0 0 e a c h s ix m o n t h s f r o m S e p t . 1 1 9 2 5
t o S e p t . 1 1 9 2 6 , in c l.
5 .9 0 0 M c K i b b e n R o a d i m p t . ( t w p ’s p o r t i o n ) b o n d s .
D e n o m s . 16 fo r
$ 3 5 0 a n d 2 fo r $ 1 5 0 .
D u e $ 3 5 0 e a c h s ix m o n t h s fr o m M a r . 1 1 9 2 0
to S e p t. 1 1 9 2 7 , in c l., a n d $ 1 5 0 M a r . 1 a n d S o p t. I 1928.
5 .9 0 0 M c K i b b e n
R oad
Im p t.
(a s s e s s m e n t) b o n d s .
D o n o m s . 16 fo r
$ 3 5 0 a n d 2 fo r $ 1 5 0 .
D u e $ 3 5 0 e a c h s ix m o n t h s fr o m M a r . 1 1 9 2 0
t o S e p t. 1 1 9 2 7 , in c l., a n d $ 1 5 0 M a r . 1 a n d S e p t. 1 1 9 2 8 , in c l.
4 .8 0 0 G is t R o a d i m p t . ( t w p ’s p o r t io n ) b o n d s .
D e n o m s . 16 fo r $ 3 0 0 .
D u e $ 3 0 0 e a c h s ix m o n t h s f r o m M a r . 1 1 9 2 0 t o S e p t . 1 1 9 2 7 , in c l.
4 .8 0 0 G is t R o a d im p t . (a s s e s s m e n t) b o n d s .
D e n o m . 16 fo r $ 3 0 0 .
Due
$ 3 0 0 e a c h s ix m o n t h s fr o m M a r . 1 1 9 2 0 t o S e p t . 1 1 9 2 7 , in c l.
M ULLIKEN, Eaton C ounty, Mich.— B O N D S A L E . — O n A u g . 4 a n
i s s u o o f $ 5 , 0 0 0 e l e c t r i c l i g h t b o n d s w a s s o l d , i t is s t a t e d , t o l o c a l i n v e s t o r s .
M UNHALL

SCHOOL

DISTR ICT

(P.

O.

Munhnll),

Allegheny

N U E C E S C O U N T Y ( P . O . C o r p u s C h r i s t i ) , T o x .— B O N D S V O T E D .—
T h o p r o p o s it io n s u b m it t e d t o th e v o t e r s a t th e o le c tio n h e ld J u ly 26 — V .1 0 9 ,
p . 9 6 — p r o v id in g f o r t h e is s u a n c o o f $ 2 ,0 0 0 ,0 0 0 5 1 4 % r o a d b o n d s c a r r ie d
a c c o r d in g t o n e w s p a p e r r e p o r t s , b y a n o v e r w h e lm in g m a jo r it y .
O A K H A R B O R , O t t a w a C o u n t y , O h i o .— B O N D O F F E R I N G .— P r o ­
p o s a l s w ill b e r e c e i v e d u n t il 1 2 m . A u g . 2 5 b y R o l l i n G r a t l o p , V i l l a g o C l e r k ,
fo r th o fo llo w in g 5 % s tr e o t im p t. b o n d s :
$ 1 0 ,0 0 0 B e n t o n S t. im p t . b o n d s .
D u e y e a r ly o n M a r . 1 a s fo llo w s : $ 5 0 0 ,
19 2 1 t o 1 9 2 8 , in c l .; a n d $ 1 ,0 0 0 , 1 9 2 9 t o 1 9 3 4 , in c l.
3 ,5 0 0
N o r t h M a p lo S t. im p t . b o n d s .
D u o $ 5 0 0 o n M a r . 1 In o v e n n u m b e r e d y e a rs fr o m 1 922 t o 1 9 3 4 , in c l.
D en om . $500.
D a to
A u g . 25 1919.
I n t . a n n u a lly .
C e r t , c h e c k , p a y a b l o t o t h o V i l l a g o T r e a s u r e r , Is r e q u i r e d w i t h e a c h
is s u o b i d u p o n .
B o n d s t o b o d e liv e r e d a n d p a id fo r w ith in 1 0 d a y s fr o m
d a to p f a w a rd .
P u r c h a s e r t o p a y a c c r u e d in te r e s t.
__
O R E G O N ( S t a t e o f ) . — B O N D S A L E .— O n A u g . 5 a s y n d i c a t e c o m p o s e d
o f th e W m . R . C o m p t o n C o ., o f S t. L o u is , N o r th e r n T r u s t C o ., C h ic a g o ,
B a n k e r s T r u s t C o ., N . Y . a n d C a r s te n s & E a r le s , I n c ., o f S e a ttle w e r e
a w a r d e d t h e $ 1 ,0 0 0 ,0 0 0 4 ) 4 % S t a t e H ig h w a y b o n d s a t 9 9 .1 5 a b a s is o f
4 .5 8 % .
O T T E R T A I L C O U N T Y (P . O . F e r g u s F a lls ), M in n .— B O N D E L E C ­
T I O N .— N e w s p a p e r r e p o r t s s t a t o t h a t o n A u g . 2 5 t h o p e o p l o w i l l b o a s k e d
t o v o t o o n t h e q u e s t i o n o f i s s u i n g $ 2 0 , 0 0 0 c o u r t h o u s e a n d $ 5 5 , 0 0 0 J a il
bon d s.
O W Y H E E C O U N T Y (P . O . S ilv e r L a k e ) , I d a .— B O N D S A L E .— O n
J u ly 2 9 th e $ 2 0 0 ,0 0 0 r o a d a n d b r id g e b o n d s — V . 1 0 9 , p . 1 9 7 — w e r e a w a r d e d
t o th o B o is o C it y N a t io n a l B a n k a t p a r fo r 5 s, s u b jo c t t o th o c o lla t e r a l
a g r e e m e n t w it h t h o B o a r d f o r s e r v ic e s in s u p p ly in g b o n d s , f o r a t t o r n e y ’s
a n d f o r a c t i n g a s f i s c a l a g o n t s in s a i d m a t t e r , in c o n s i d e r a t i o n o f t h e s u m
o f $ 1 ,9 5 0 .
O th e r b id d e r s w e re :
N a m e—
P r ic e B id .
L u m b e r m a n s T r u s t C o ________________________________________________$ 2 0 4 , 1 0 0 f o r 5 J 4 s
F e r r i s & H a r d g r o v o .......................................................... .................................
2 0 3 ,5 8 5 f o r 5 J4s
B r u n e a u S t a t o B a n k ................................... .. ................... ......................... ...
2 0 3 ,5 0 0 fo r 5 J 4 s
K e e l e r B r o s ------ ------------------------------- -------------- -------------------------------------------- 2 0 2 , 6 0 0 f o r 5 > 4 s
B id s w e r o a ls o s u b m it t e d b y J o h n E . P r ic e & C o . , S w e e t , C a u s o y F o s t e r
C o . , S id lo S im o n s , F e ls ;C o . a n d B o lg e r , M o s s e r & W illa m a n .
P A L E S T IN E ,
A n d erson
C o u n ty ,
T e x .— B O N D S
V O T E D .— B y
a
■ v o t e o f 2 1 1 t o 3 t h o q u e s t i o n o f is s u in g $ 2 5 0 ,0 0 0 w a t e r w o r k s b o n d s c a r r ie d
i t is s t a t e d , a t a n e l e c t i o n h e l d J u l y 2 9 .
PALM ERTO N
SC H O O L
D IS T R IC T
(P . O . P n lm e r t o n ), C a r b o n
C o u n t y , P a . — B O N D S A L E .— T l i o 8 6 0 , 0 0 0 4 ) 4 % 1 - 3 0 - y e a r ( o p t . ) c o u p o n
t a x -fr e o s c h o o l b o n d s r e c e n t ly v o t e d — V . 1 0 9 , p . 3 9 8 — h a v e b e e n s o ld
lo c a lly .
D a t o J u ly 1 1 9 1 9 .
P r in . a n d s o m i-a n n . in t. (J . & J .) p a y a b lo a t
th o F ir s t N a t io n a l B a n k o f P a lm e r t o n .
P A R M A T O W N S H I P S C H O O L D I S T R I C T (P . O . C le v e la n d ), C u y a b o g a C o u n t y , O h i o . — B O N D O F F E R I N G .— I t i s s t a t e d t h a t F r e d . L .
B r o w n , C l e r k B o a r d o f E d u c a t i o n , w ill r c c e i v o p r o p o s a l s u n t il 1 0 a . m . A u g .
2 0 f o r t h o $ 2 2 5 ,0 0 0 5 % 2 1 -y e a r (a v e r .) s c h o o l b u ild in g b o n d s n o t e d o n J u n o
28— V . 109, p . 197.
I n t . s e m l-a n n .
C e r t , c h e c k f o r 1 0 % r e q u ir e d .
P A T O K A S C H O O L T O W N S H I P (P . O . P r in c e t o n ) , G ib s o n C o u n t y ,
I n d . — B O N D O F F E R I N G .— P r o p o s a l s w i l l b o r e c e i v e d u n t i l 1 0 a . m . A u g . 2 0
(d a te c h a n g e d fr o m A u g . 7— V . 10 9 , p . 3 9 8 ) b y W . A . D ill, T o w n s h ip
T r u s t e e , f o r $ 2 0 ,0 0 0 4 ) 4 % s c h o o l b o n d s .
D a to J u ly 1 1 9 1 9 .
In t. M . & N .
D u o e a c h s ix m o n th s b e g in n in g J u ly 1 1 9 2 0 .
P A W K U S K A , O s a g e C o u n t y , O k l a . — B O N D S A L E .— A n Issu e o f $ 1 3 5 ,­

000 b o n d s h a s b e e n d is p o s e d o r.
P E R R Y , N o b l e C o u n t y O k l a .— B O N D E L E C T I O N & S A L E .— A n
I s s u o o f $ 2 6 0 , 0 0 0 6 % 1 0 - 2 5 y r . i m p r o v e m e n t b o n d s s o o n t o b o v o t e d is
r e p o r te d t « h a v e b e e n s o ld t o a n O k la h o m a C it y b o n d h o u s o s u b je c t t o
th e ir b e in g v o t e d .
P E R T H A M B O Y , M i d d l e s e x C o u n t y , N . J .— B O N D O F F E R I N G . — I t
is r e p o r t e d t h a t F r e d G a r r o t s o n , C i t y T r e a s u r e r , w i l l r e c o i v o p r o p o s a l s u n t i l
1 0 a . m . A u g . 1 5 f o r a n is s u o o f 4 ) 4 % 1 7 ) 4 - y o a r ( a v e r .) w a t e r b o n d s n o t t o
e x c e e d $ 5 0 ,0 0 0 .
I n t . s e m i-a n n .
C e r t , c h e c k fo r 2 % r e q u ir e d .
P H I L A D E L P H I A , P a .— B O N D
S A L E .— O n A u g . 6 th o $ 2 ,0 0 0 ,0 0 0
4 )4 %
5 0 -y r . c o u p o n a n d r e g iste r e d ta x -fr e o im p t . b o n d s , d a te d J u ly 1
1919— V . 109, p . 3 9 8 — w ere a w a rd e d to B ro w n B ros. & C o ., & D ro x e l &
C o ., o f P h ila d e lp h ia , a n d t h e G u a r a n t y T r u s t C o . , o f N o w Y o r k , a t th e ir
j o in t b id o f 1 0 1 .5 3 3 , a 4 .1 8 % in to r e s t b a s is .
O th e r b id d e r s w e re :
B i d d l e & H e n r y .................. .................1 P h i l a d e l p h i a
......................................................... 1 0 0 . 4 2
C o r n E x c h a n g e N a tio n a l B a n k /
M a c N e e k i n & W i l l i a m s o n ________ ________ _________________________ ____________ 1 0 0 . 3 9 2
W a r r e n N a t i o n a l B a n k , W a r r e n , ( $ 1 0 , 0 0 0 ) __________ _______ _______________ 1 0 0 . 2 6 5
W e s t E n d T r u s t C o . , P h i l a d e l p h i a , ( $ 1 0 0 , 0 0 0 ) ___________ _________________ 1 0 0 . 1 2 5
C e n t r a l N a t i o n a l B a n k , P h i l a d e l p h i a , ( $ 2 0 0 , 0 0 0 ) ...............................................1 0 0 .
P H I L L IP S B U R G S C H O O L D I S T R I C T (P . O . P h illip s b u r g ), M o n t ­
g o m e r y C o u n t y , O h i o . — B O N D S A L E .— O n A u g . 2 t h e $ 2 0 , 0 0 0 5 ) 4 %
2 8 - 3 9 y e a r s e r ia l s c h o o l b u i l d i n g ( a s s e s s m e n t ) b o n d s , d a t e d 8 e p t . 1 1 9 1 9
— V . 1 0 9 , P . 3 9 8 — w e r o a w a r d e d t o P r u d d e n & C o . , o f T o l e d o , a t 1 0 6 .3 3 .

County, Pa.— B O N D O F F E R I N G . — J . H . R a m s o y , S e c r e t a r y o f S c h o o l
B o a r d , w ill r e c e iv e p r o p o s a ls u n t il 8 p . m . S o p t . 8 f o r $ 2 0 0 ,0 0 0 4 1 4 % t a x fr e e s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D u e o n J u ly 1 a s fo ll o w s : $ 5 ,0 0 0 ,
1 9 2 1 , 1 9 2 3 t o 1 9 2 6 a n d 1 9 2 8 t o 19 3 3 in c l.; $ 1 0 ,0 0 0 , 1 9 3 4 ; $ 5 ,0 0 0 , 1 9 3 5 a n d
1 9 3 6 ; $ 1 0 ,0 0 0 , 1 9 3 7 ; $ 5 ,0 0 0 , 1 9 3 8 ; $ 1 0 ,0 0 0 , 1 9 3 9 ; $ 5 ,0 0 0 1 9 4 0 , $ 1 0 ,0 0 0 ,
19 4 1 a n d 1 9 4 2 ; $ 5 ,0 0 0 , 1 9 4 3 ; $ 1 0 ,0 0 0 , 1 9 4 4 t o 1 9 4 6 i n c l .; $ 1 5 ,0 0 0 , 1 9 4 7 :
$ 1 0 ,0 0 0 , 1 9 4 8 , a n d $ 1 5 ,0 0 0 , 1 9 4 9 .

P H O E N IX ,
r e c e n t e le c t io n
“ a g a in s t” .

MUSKOGEE C O U N T Y (P. O. Columbus), G a . — B O N D S D E F E A T E D .
— T h o q u e s t io n o f is s u in g $ 9 0 0 ,0 0 0 r o a d a n d s c h o o l b o n d s fa il e d t o c a r r y
a t a r e c e n t o le c tio n .

P I E R C E C O U N T Y S C H O O L D I S T R I C T N O . 3 , W a s h .— B O N D S A L E .
— O n J u ly 19 a n Iss u o o f $ 2 0 ,0 0 0 5 % 1 0 -2 0 -y e a r ( o p t .) s c h o o l b ld g , b o n d s
w a s a w a r d e d t o th e S ta te o f W a s h in g t o n a t p a r .
D e n o m . $ 1 ,0 0 0 .

NAMPA H IG H W A Y D ISTR ICT (P. O. Nampa), Canyon C ounty,

Ida. — B O N D S A L E . — O n A u g . 4 t h o M e r c h a n t s T r u s t & S a v i n g s B a n k o f
S t. P a u l w a s a w a r d e d a t 1 0 1 .2 6 5 t h o $ 5 0 0 ,0 0 0 5 ) 4 %
1 0 -2 0 -y e a r (o p t .)
h ig h w a y b o n d s — V . 1 0 9 , p .3 9 8 .
NEW ARK, N. J.— B O N D S A L E . — T h o $ 1 0 0 , 0 0 0 f o o d - p u r c h a s i n g b o n d s
w h ic h w e r o r c c o n t ly a u t h o r iz e d — V . 1 0 9 , p . 3 9 8 — h a v e b e o n s o ld t o th e
S in k in g F u n d C o m m is s io n .
NEW BR UNSW ICK , Middlesex C ounty, N. J . —
A u g . 5 t h e is s u e o f 4 ) 4 %




2 - 1 0 - y e a r s e r ia l c o u p o n

B O N D S A L E .— O n
(w ith p r lv ilo g o o f re g is ­

M a r ic o p a
$ 1 ,3 0 0 ,0 0 0

C ou n ty ,
5 % w a ter

A r i z .— B O N D S
V O T E D .— A t
th o
b o n d s w ere v o te d 812 " fo r ” to 33

P IL E S G R O V E
T O W N S H IP S C H O O L D IS T R IC T
(P . O . W o o d s t o w n ), S a le m
C o u n t y , N . J .— B O N D O F F E R IN G .— C . V . P a n c o a s t ,
D i s t r i c t C l e r k , w ill r e c o i v o p r o p o s a l s u n t il 8 . p . m . A u g . 18 f o r a n is s u o o f
6 % s c h o o l b o n d s n o t t o o x c e e u $ 1 6 ,5 0 0 D o n o m s . 8 1 ,0 0 0 a n d 1 f o r $ 5 0 0 .
D a te A u g . 1 1919.
P r in . a n d s o m i-a n n - in t . (F .& A .) p a y a b lo a t th e
S a le m C o u n t y T r u s t C o . o f W o o d s t o w n .
D u o $ 1 ,0 0 0 y e a r ly o n A u g . 1
fr o m 1 9 2 0 t o 1 9 3 5 , in c l., a n d $ 5 0 0 A u g . 1 1 9 3 6 .
C e rt, ch e ck on an In cor­
p o r a te d b a n k o r tru st c o m p a n y , fo r 2 % o f a m o u n t o f b o n d s b id fo r , p a y a b lo
t o t h o B o a r d o f E d u c a t io n , r e q u ir e d .^ P u r c h a s e r t o p a y a c c r u e d in te r e s t.

A ug . 9 1919.]

THE [CHRONICLE

PITTSFIELD, Berkshire C ounty, Mass.— LOAN OFFERING.— The
City Treasurer will recoivo proposals until 11 a.in. Aug. 13, it is stated, for
a temporary loan of $75,000 dated Aug. 14 and maturing Dec. 18 1919.
PITTSTO N , Luzerne C ounty, Pa .— BOND OFFERING.— 'W m . F.
McHugh, City Clerk, will receive proposals until 7.30 p. m. Aug. 18 for
$70,000 4 H % tax-free city impt. and funding bonds. Detiom. $1,000.
Date Sept. 1 1919. Prin. and semi-ann. int. (M . & S.) payable at the
City Treasurer’s office. Due yearly on Sept. 1 as follows: $5,000 1924;
$6,000 1925 to 1934, incl., and $5,000 1935. Cert, check for $500 payablo
to the C ity Treasurer, required.
PORTER CO U N T Y (P. O. Valparaiso), Ind .— BOND SALE.— On
July 31 the 5 issues of \'A% 1-10 year serial highway impt. bonds, dated
July 16 1919. aggregating $109,400— V. 109, p. 398— were awarded at
par and interest as follows:
$20,000 Westchester Twp. bonds to tho Fletcher-Amorican Co. o f Indian-

19,000
15,800
31,400
2 3 ,2 00

Westchester Twp. bonds to J. F. Wild & Co., o f Indianapolis.
Westchester Twp. bonds to J. F. Wild & Co., o f Indianapolis.
Porter Twp. bonds to the State Bank o f Valparaiso.
P lea sa n t Twp. b o n d s t o th e F le tch e r-A m e rica n C o ., o f In d ia n ­
a p olis .

PORT H URON, St. Clair C ounty, Mich.— BOND OFFERING.— Bids
will be received until 11 a. m. today (Aug. 9,) it is stated, for $100,000
5% street bonds. Cert, stock for 5% o f tho amount o f bonds bid for
required.
PORTAGE C O U N T Y (P. O. Ravenna), O hio.— ROND OFFERING.—
Fred Bechtlo, County Auditor, will recoivo proposals until 10 a. m. Aug. 18
for $115,000 5% coupon road impt. bonds. Auth. Sec. 6929, Gen. Code.
Donom. $500. Date June 30 1919. Prin. and semi-ann. int., payablo at
any bank located in Portage County. Duo each six months as follows:
$500 Juno 30 1920, $5,000 Dec. 30 1920, $1,000 Juno 30 1921, $6,000 Doc.
30 1921, $1,000 Juno 30 1922, $7,000 Dec. 30 1922, $1,500 Juno 30 1923,
$6,500 £>ec. 30 1923, $7,000 Juno 30 1924, $13,000 Dec. 30 1924, $7,000
June 30 1925, $8,500 Dec. 30 1925, $7,000 Juno 30 1926, $8,500 Doc. 30
1926, $7,000 Juno 30 1927, $8,500 Dec. 30 1927, $7,000 Juno 30 1928
$8,500 Doc. 30 1928 and $4,500 Juno 30 1929. Cert, chock on some
solvent bank in said county for 1 A % o f amount o f bonds bid for required.
Purchaser to pay accrued interest. A like amount o f bonds was offered
on July 1 2 — V. 109 p. 197.
PORTLAND, Cumberland C ounty, Me.— LOAN OFFERING.— Pro­
posals will bo rccoived until 12 m. Aug. 12 by John R. Gilmartin City
Treasurer for a temporary loan of $200,000 issued to refund high school
equipment notes. Riddors must stated denominations desired. Duo.
Aug. 1 1920 at tho First National Bank o f Boston. Tho notes will bo
ready for dolivory Aug. 15 on which day the award will bo mado at the
First National Bank o f Boston and will be certified as to genuineness and
validity by said bank under advice o f Ropes Gray Boyden & Perkins
and all logal papers incident to tho Joan will bo filed with said bank whero
thoy may bo inspected at any time.
PORT OF ASTO R IA (P. O. Astoria), Clatsop C ounty, Ore___BOND
SALE.— Tho $300,000 5% gold impt. bonds ofterod without success on
April 28— V. 108, p. 1959— have been sold Jointly to tho Soattlo Nation
Bank and Smith & Paschall at 99.125POTTER VALLEY, Mendocino C ounty, Calif.— BONDS VOTED.—
Newspaper reports say that $20 000 school bonds carried 129 to 11 at a
recent eloction.
PROW ERS CO U N T Y SCHOOL DISTR ICT NO. 14 (P. O. Lamar).

Colo.— BOND SALE.— An issue of $40,000 5H % 5-14-year (opt.) school
gymnasium bonds was recently disposed of at 102.47. These bonds wero
voted at an election held July 14. The vote cast was 23 “ for" and 1
“ against.”
PULASKI, Giles C ounty, T en n .— BOND SALE.— On July 29 tho
$22,000 6 % coupon bonds— V. 109, p. 398— wore awarded to Seasongood
.........................
& Mayor of Cincinnati at 104.50. Other bids were:
Name—
Bid.
Name—
Bid.
C .N .M alono& Co.,Ash— $22,957 00 John Nuveon & Co., C h ic.$22,615 00
Durfee. Niles & Co., T o l.. 22,926 00 Mtgo. Trust Co., St. Louis 22,582 95
Nashville Trust Co., Nash. 22,863 90 W. L. Slayton & Co., T o l. 22,475 00
F. C. Koehler & Co., T o l. 22,463 00
Tillotson & Wolcott Co.,
Clovoland____________ 22,717 00 A. T. Boll & Co., T o le d o .. 22,453 30
Pruddon & Co., T o le d o ... 22,707 00 O. II. Coffin & Co., Chic. 22,451 00
Citizens Nat. Bk., Pulaski 22,671 00 Powell, Garard & Co.,
Weil, Roth & Co., C in e.. 22,630 00
Chicago........................... 22,115 00
RACINE C O U N T Y (P. O. Racine), W i s.— BOND ELECTION.—
An election will bo held Sept. 9, it is stated to vote on tho question of issuing
$2,350,000 road bonds.
RAVOLLI C O U N T Y (P. O. Ham ilton), M ont.— BOND ELECTION.—
According to reports there will bo an olection held Sept. 2 to vote on the
question of issuing $ 1 0 0 ,0 0 0 road bonds.
•
RED RIVER CO U N T Y (P. O. Clarksville), Tex.— BONDS VOTED.—
On July 19, it is stated, $75,000 Allboin Road District bonds were author­
ized by a vote of 36 to 0.
RICH LAND C O U N T Y (P. O. Sidney), M ont.— BOND ELECTION.—
Reports state that an eloction will bo held Sept. 2 to vote on tho question
of Issuing $175,000 road bonds.
RICH LAND C O U N T Y (P. O. M ansfield), Ohio.— BOND SALE.— Tho
$8,000 6 % 1-4-year serial bridge bonds dated Sept. 1 1919 offered on Aug. 1
— V. 109, P. 398— were awarded to the Citizens National Bank of Mansfield.
RICHMOND, Contra Costa C ounty, Calif.— BOND ELECTION.— A
proposition to issuo $400,000 harbor bonds will bo voted upon at an election
to bo hold Sept. 23 it is reported.
ROBESON C O U N T Y (P. O. Lumberton), No. Caro.— BOND OFFER­
ING.— Bids will be received until 2 p. m. Aug. 27. by John W. Ward
Chairman Board of County Commissioners for tho following 5 A % coupon
bonds aggregating $585 000:
$100,000 Lumberton Township bonds. Duo on Sopt. 1 as follows: $20,000
1929 $20,000 1934, $20,000 1939. $20,000 1914 and $20,000 1949.
100,000 Maxton Township bonds. Duo on Sept. 1 as follows: $20,000
1929 $20,000 1934 $20,000 1939 $20,000 1914 and $20,000 1949.
75.000 Smith Township bonds. Duo on Sopt. 1 as follows: $15,000
1929, $15,000 1934, $15,000 1939, $15,000 1944 and $15,000 1949.
60.000 Fairmont Township bonds. Duo on Sopt. 1 as follows: $12,000
1929, $12,000 1934, $12,000 1939, $12,000 1944 and $12,000 1949.
50.000 Rowland Township bonds. Duo on Sept. 1 as follows: $10,000
1929, 810,000 1934. $10,000 1939, $10,000 1944 and $10,000 1949.
50.000 l’ embroko Township bonds. Duo on Sept. 1 as follows: $10,000
1929, $10,000 1934, $10,000 1939, $10,000 1944 and $10,000 1949.
40.000 Ilowollsvillo Township bonds. Duo on Sopt. 1 as follows: $8,000
1929, $8,000 1934, $8,000 1939, $8,000 1944 and $8,000 1949.
25.000 St. Paul’s Township bonds. Duo on Sept. 1 as follows: $5,000
1929, $5,000 1934, $5,000 1939, $5,000 1944 and $5,000 1949.
25.000 Orrum Township bonds. Due on Sopt. 1 as follows: $5,000 1929,
35.000 1934, $5,000 1939, $5,000 1944 and $5,000 1949.
20.000 Parkton Township bonds. Duo on Sopt. 1 as follows: $4,000
1929, $4,000 1934, $4,000 1939, $4,000 1944 and $4,000 1949.
20.000 Gaddy Township bonds. Due on Sopt. 1 as follows: $4,000 1929,
4.000 1934, $4,000 1939, $4,000 1944 and $4,000 1949.
10.000 Red Springs Township bonds. Duo on Sept. 1 as follows: $2,000
1929, $2,000 1934. $2,000 1939, $2,000 1914 and $2,000 1949.
10.000 Shannon Township bonds. Duo on Sopt. 1 as follows: $2,000
1929, $2,000 1934, $2,000 1939, $2,000 1914 and $2,000 1949.
Donom. $1,000. Int. semi-ann. Cert, check for 3% o f tho amount of
bonds bid for, payablo to M . W. Floyd, Clerk Board o f County Com­
missioners, required
ROCHESTER, N. Y .— NOTE SALE.— On Aug. l $26,000 Plymouth
and Brooks Avo. sewer notes, dated Aug. 6 1919 and maturing 8 months
after date at tho Central Union Trust Co. of Now York, wero awarded to
tho Equitablo Trust Co. o f Now York at 4.55% interest, plus a premium
of $1. S. N. Bond & Co. of Now York bid 4.75% interest.
ROME UNION FREE SCHOOL D ISTR ICT NO. 1 (P. O. Rome),

Oneida C ounty, N. Y .— BOND S ALE — On Aug. 6 tho $200,000 4 l %
A
5-21-yoar serial school bonds— V. 109, p. 507— were awardod to Sherwood
A Merrifiold of Now York at 100.833, a 4.42% basis. Donom. $1,000.
Date Aug. 1 1919. Int. F. & A. Due $10,000 yearly on Aug. 1 from 1924
to 1943. Incl.
ROOSEVELT SCHOOL D IST R IC T , Los Angeles C ounty, Calif.—

BOND SALE.— On July 28 tho $3,500 5 A % 1-7-year serial school bonds.




«05

dated July 1 1919 (V. 109, p. 399), were awarded, according to reports, to
the State Board of Control, for $3,555 50 (101.595) and interest.
ROSEBUD COUNTY (P. O. F orsyth), M ont.— BOND ELECTION.—
An election will bo held Sept. 2, it is stated, to vote on the question of issuing
$100,000 road and $70,000 hospital bonds.
R O U TT COUNTY SCHOOL D ISTR IC T NO. 4, C olo.— BOND
SALE.— An Issue of $25,000 5 A % 20-30-yr. (opt.) school bonds has been
sold to Benwell, Phillips, Este & C o., Denver, Dated Aug. 1 1919. Denom.
$500. Int. (F. & A.)
Financial Statement.
Assessed Valuation____________________ _____ - _____ _________ $16,888,800
Total debt with this issue_____________________________________
83,600
_
2,000
Population (est.)_ _______
RUMSON, M onm outh C ou n ty , N. 3.— BOND SALE.— II. L. Craw­
ford & Co. of New York have purchased and are now offering to investors
at a price to yield 4.55% interest, the issue of 5% street bonds, amounting
to $99,000, offered on June 28— V. 108, p. 2457. Denom. $1,000. Due
yearly on Jan. 1 as follows: $6,000 1920 to 1924, incl.; $7,000 1925 to 1933,
incl., and $6,000 1934.
Financial Statement.
Assessed valuation 1919_______________________________________ $5,486,550
Bonded debt, this issue only___________ _______________________
99,000
Population 1915 census, 1582; estimated 1919__________________
1,700
RUSH COUNTY (P. O. R ushville), In d .— BOND OFFERING.—
Chas. A. Frazee, County Treasurer, will receive proposals until 2 p. m.
Aug. 18 for $17,000 ‘\l % Orange Twp. road bonds. Denom. $850.
A
Date Aug. 15 1919. Int. M . & N. Due 3850 each six months from
M ay 15 1920 to N ov. 15 1929, incl.
RUSK COUNTY (P. O. H enderson), Tex.— BONDS VOTED— At a.
recent election the people decided to Issue $350,000 road bonds, it is stated
ST. FRANCIS LEVEE D ISTR IC T (P. O. Bridge J u n ction ), C ritten ­
den C ou n ty. A rk.— BOND SALE.— The Mississippi Valley Trust C o., of
St. Louis and Eldredge & C o., of N. Y ., bidding jointly, were awarded at
103.35 and interest the $200,000 5 X % 30-50 yr. serial bonds offered on Aug.
A
4— V. 109, p. 307— other bidders wero:
Nat. City Bk., Memphis.$206,390 OOlBank of Commerce Tr.
Nat. City Co., C hicago.. 205,540 00
Co., Memphis_______ 204,625 50
Mort. Tr. C o., St. Louis. 205,201 00 |S. R. Morgan & C o _____ 204,500 00
All the above bidders offered accrued interest.
ST. LOUIS COUNTY (P. O. D u lu th ), M inn.— BIDS.— 'The following
bids were received for the $144,000 5% ditch bonds offeredon Aug. 5— V.
109, p. 507.
Name
Bid | Name
Bid
Northwestern Trust C o ..$149,090 40! Wells-Dicke Co., Minn.$14S,613 00
Minneapolis Trust C o . . . 149,003 00 |M. II. Alworth------------- 148,300 00
A. B. Leach & Co., Chic. 118,694 0 0 1First Nat’l Bk.Duluth 146.262 00
SALEM, Essex C oun ty, Mass.— BOND SALE.— On Aug. 5 the $150,000
1-10-year serial and $27,500 1-4-year serial 4 A % coupon paving bonds,
dated July 1 1919 (V. 109, p. 507), were awarded to F. S. Moseley & Co.,
of Boston, at 100.8373. it is reported.
Other bidders all of Boston were:
Harris, Forbes & C o.............. 100.53 IWise, Hobbs & Arnold----------100.30
Arthur Perry & C o_________100.464 S. N. Bond & C o___________ 100.111
Merrill, Oldham & C o...........100.321)
SALEM, Colum biana C oun ty, O h io.— BOND SALE.— On Aug. 4 the
2 issues of bonds, aggregating $40.740— V. 109, p. 97— wore awarded to
Keane, Highbie & Co., of Detroit, as follows:
$20,740 5% refunding bonds for $21,107 (101.769) and int. Denom. 41
for $500 and 1 for $240. Date M ay 15 1919. Due yearly on
Mar. 15 as follows: $4,740 1930; $5,000 1931 to 1933, incl.; $1,000
1934.
20,000 5 A % water-works bonds at 102.105 and int. Denom. $1,000.
Date Dec. 1 1918. Due yearly on Dec. 1 beginning 1921.
Other bidders were:
Name of Bidder.
$20,740 Issue. $20,000 Issue.
National Bank of Commerce, Columbia_____$20,996.65
$20,196,75
Graves, Blanchett & Thornburgh, T o le d o _
_ 20,951,54
20,120.003?
Breed, Elliott & Harrison, Cincinnati_______ 20,933.09
20,265.20
20,226.00
W . L. Slayton & Co., Toledo---------------------- 20,930.00
Ohio National Bank, Columbus____________ 20,890.75
20,225.00
Stacy & Braun, T o le d o ____________________ 20,879.32
20,279.43
Provident Savings Bank & Trust Co., C in ... 20,856.14
20,202.00
20,216.00
Pruden & Co., Toledo_____________________ 20,851.00
Seasongood & Mayer, Cincinnati___________ 20,850.00
20.205.00
Tillotson & Wolcott Co., C leveland________ 20,810.52
20,226.00
N. S. Hill & Co., Cincinnati_______________ 20,764.00
-----------A. T . Bell & Co., of Toledo, offered to pay $40,946.52 for both issues.
SAN ANTONIO, Bexar C oun ty, T ex.— BONDS VOTED.— The ques­
tion of issuing the following bonds carried at the election held July 26— V.
109, p. 198, it is stated: $950,000 street-widening, $900,000 paving and
storm sewers, $500,000 sanitary sewers, $500,000 auditorium, $200,000
bridges, $2 0 0 ,0 0 0 river work, $2 0 0 ,0 0 0 parks, $ 1 0 0 ,0 0 0 fire station, $ 1 0 0 ,­
000 incinerator and sanitary equipment, $25,000 fire alarm and police signal,
$25,000 fire and police machine shop and garage, $50,000 sidewalks and
$2 0 0 ,0 0 0 municipal cold storage plant and market-house bonds.
SANCELITA SCHOOL D ISTRICT, Cal.— BOND SALE.— We are
informed that an issuo of $12,000 514% school bonds has been awarded to
W . It. Staats & Co. at a premium of $1,087.
SANDERS COUNTY (P. O. Thom pson Falls), M ont.— BOND ELEC­
TION.— An election will be held Sept. 2, it is stated to vote on the question
of issuing $75,000 road bonds.
SANDUSKY COUNTY (P. O. Frem ont), O h io.— BOND SALE.—
On Aug. 1, it is stated 6 issues of 5% coupon road bonds were awarded as
follows:
$31,000 Frank Barr Road bonds to the City National Bank of Columbus
for $31,080 equal to 100.258.
9.500 Albert Wendler Road bonds to Seasongood & Mayer, of Cincinnati,
for $9,518 equal to 100.189. Due $500 each six months from Mar.
15 1920 to Alar. 15 1928 and $1,000 Sopt. 15 1928.— V. 109, p.399.
8.000 Henry Tille Road bonds to Seasongood & Mayer, o f Cincinnati,
at 100.0625. Due $500 each six months from Mar. 15 1920 to
Sept. 15 1927, incl.— V. 109, p. 399.
12.000 S. J. Hirt Road bonds to Seasongood & Mayer, of Cincinnati,
at 100.3125.
7.000 road bonds to Stacy & Braun, of Toledo for 7,018.66 equal to
100.263.
4.500 Orville-Demschroeder Road bonds to Stacy & Braun, of Toledo
for $4,504.31 equal to 100.095. Due $250 each six months from
Mar. 15 1920 to Sept. 15 1928, incl.
SANTA ANA HIGH SCHOOL DISTRICT, (P. O. Santa A na),
O range C ou n ty, C alif.— BOND ELECTION.— The Board of Education
has called an election for Sept. 2 to vote upon issuing $50,000 high school
bonds. |
SANTA ROSA COUNTY (P. O. W ilton ), Fla.— BOND OFFERING.—
Reports stato that II. W. Thompson, clerk of Commissioners will receive
bids until 12 in. Sept. 1 for $160,000 6 % 30-year road and bridge bonds.
Certified check for $500 required.
.
SARDIS SPECIAL SCHOOL D ISTR IC T (P. O. Sardis), M onroe
C ou n ty, O h io.— BOND OFFERING.— Bids will be received until 12 m.
Aug. 23 by J. W. Rush, Clerk Board of Education, for $60,000 5% school
bonds. Auth. Secs. 7025, 7026 and 7027, Gen. Code. Denom. $1,000.
Date Aug. 23 1919. Int. M . & S. Due $1,000 each six months from
Sept. 1 1920 to March 1 1950, incl. Cert, check for 5% of the amount of
bonds bid for payable to the above Clerk required. Bonds to be delivered
and paid for within 10 days from time of award.
SAVANNAH, Chatham C ou n ty , G a.— BOND ELECTION.— An elec­
tion will be held Oct. 7 to vote on the question of issuing $18,000 gym­
nasium bonds.
*iitk
SCHENECTADY, N. Y .— CERTIFICATE OFFERING.— Leon
G.
Dibblo, City Comptroller, will receive proposals until 11 a. m. Aug. 13 for
$ 1 2 0 ,0 0 0 certificates of indebtedness issued in anticipation of taxes and
revenue. Bidders must specify denominations desired. Date Aug. 14
1919. Prin. and int. payablo in New Yorkfexchange, at the City Treas­
urer’s office, or at the Chase National Bank of Now York. Duo Jan. 2
1919. Cert, check on a solvent hank or trust company for 1% of amount
of bonds bid for, payable to the^City Treasurer’s office. Bonds to be

THE CHRONICLE

606

delivered and paid for within 10 days from notice of award. Bidders must
state rate o f interest desired. Purchaser to pay accrued Interest.
SEATTLE, W ash .— BOND OFFERING.— It. W . Carroll. City Comp­
troller, will receive bids until 12 m. Sept. 6 for $790,000 11-20-year serial
gold municipal street railway bonds at not to exceed 6 % interest. Denom.
$1,000. Date Sept. 1 1919. Interest semi-ann. Cert, cashier’s check on
a national bank or trust company or a State bank within the city of Seattle
for $15,800 required. The legality of the bonds will be approved by Cald­
well & Masslich of New York City, whose approving opinion will be delivered
to the purchaser. Tho bonds will be delivered in Seattle, New York
Chicago, Boston or Cincinnati, at option of purchaser.
The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
SENECA C O U N T Y (P. O. T iffin), Ohio. — BOND SALE.— On Aug. 2
tho $7,000 5% 1-7-year serial coupon road bonds, dated Aug. 15 1919
(V. 109, p. 508), were awarded to the Commercial National Bank of Tiffin
at 100.50 and interest. Tho Tiffin National Bank bid $7,007 50.
BOND SALE.— It is reported that the First National Bank, of Fostoria,
has been awarded $33,500 5% road impt. bonds for $33,600 equal to 100.298.
SHADE T O W N SH IP SCHOOL

D ISTR ICT

(P. O.

Cairnbrook),

Somerset C ounty, Pa.— BOND SALE.— On July 26 $8,000 59& school
building bonds were awarded to the Cairnbrook Bank at par. Denom.
$1,000. Date July 26 1919. Int. M . & N. Duo from 1920 to 1927,
conditional that any unmatured bonds can be called after 1925.
SHOSHONE H IG H W A Y D IST R IC T , Lincoln County, Ida.— BOND
SALE.— We aro informed that the $120,000 5% 10-20 yr. (opt.) highway
bonds— V. 109, p. 399— offered for sale on July 26 have been sold to
Ferris & Hardgrove of Spokane.
S ID N EY , Richland C ounty, M ont.— BOND ELECTION.— An election
has been called for Aug. 25 to vote upon issuing $30,000 sewer extension
bonds.
S IO U X C O U N T Y SCHOOL D ISTR ICT NO. 44 (P. O. Harrison),

Neb.— BONDS DEFEATED.— An issue of $50,000 school bonds has been
defeated.
SOLANO C O U N T Y RECLAM ATION D IST R IC T NO. 1607, C a lif.—

DESRIPTION OF BONDS.— Tho $60,000 6 % bonds
to J. It. Mason & Co. at 97.67— V. 109, p. 307— are
and aro dated Jan. 1 1919. Int. J. & J. Duo yearly
1929 and $5,000 yearly from 1930 to 1939, incl.
.

awarded on July 9
in denom. of $1,000
as follows: $10,000
„
. . .

SOUTH OR ANGE SCHOOL D IST R IC T (P. O. South Orange),

Essex C ounty, N. J .— BONDS AUTHORIZED— Tho "Newark News”
reports that at a meeting of tho Board o f School Estimate hold on July 30
a $173,750 school-building bond issue was authorized.
•>!
!**'SPADRA SCH OOL D ISTR ICT, Los Angeles C ounty C alif.— BOND
SALE.—-The $11,0005 >£% 1-11-year serial school bonds, dated July 1 1919.
offered on July 28 (V. 109, p. 399), woro awarded on that day, it is stated,
to the State Board o f Control for $11,551 (105.009) and Interest.
P SPAR TAN BU R G , Spartanburg County, So. Car o .— BOND OFFER­
ING.— Proposals will bo received until 12 m. Aug. 21 by T . J. Boyd, City
Treasurer, for the $200,000 5% street Impt. bonds mentioned In V. 108,
p. 1196. Duo 1939.
. ___ ______
SPIR IT LAKE, Dickinson County, Iowa .— BONDS VOTED.—
According to nowspaper reports an Issuo o f $55,000 water-works bonds
has been voted.
ST A R K C O U N T Y (P. O. Canton), Ohio.— NO BIDS RECEIVED.— No
bids were received for the $4,000 5% 1-10-yoar serial road impt. bonds
dated Aug. 15 1919, offered on Aug. 4— V. 109, p. 508.
S T ER LIN G , Logan C ounty, Colo.— BOND SALE.— An issue of $300,­
000 0% serial water bonds have been sold. Dated Aug. 1 1919. Denom.
$ 1 ,0 0 0 .
Financial Statement.
Real valuation______________________________________________ $10,000,000
Assessed valuation, 1918____________________________________ 4,750,000
________ - 416,000
Total debt with this issuo________ __________
Population, estimated ...............—
......... - ........... ......... .8 .000
STONE C O U N T Y (P. O. G alena). Mo.— BONDS VOTED.— Reports
stato that this county recently voted $100,000 road and $50,000 court­
house bonds.
SU G AR C IT Y , Crawey County, Colo.— BOND SALE.— An issue of
$16,000 514% 6-20 yr. serial refunding bonds have been sold to tho Inter­
national Trust C o., o f Denver, at par.
SUMMIT UNION SCHOOL D IST R IC T , Siskiyou County, Calif.—

BOND SALE.— An issuo o f $15,000 school bonds has been sold to the State
Board of Control for $15,927, equal to 106.18. Other bidders wero:
Bank of Italy______ ______ $15,722 OOlTorranco, Marshall & Co.$15,459 00
Freeman,Smlth&Camp Co 15,566 00|Girvin & Miller...................15.086 28
SUMMIT C O U N T Y SCHOOL D ISTR ICT NO. 1, (E. O . Brekenridge), Colo.— BOND ELECTION & SALE.— Subject to the $30,000
school auditorium bonds being voted at the Aug. election, the Issuo has
been sold to tho Bankers Securities Co. of Denver.
SU R R Y C O U N T Y (P. O. Dobson), No. Car o.— BOND OFFERING.—
Further details aro at had relative to tho offering on Aug. 19 of tho $349,000
refunding and $151,000 5% 30-year bonds—V. 109, p. 508. Proposals for
theso bonds will bo received until 12 m. on that day by E. M . Linvillo,
Chairman o f tho Board of County Commissioners. Donom. $1,000.
Int. M . & S. payablo at tho Hanover National Bank, N. Y . Cert, check
for $3,000, required. Official circular states that there has never been any
default in tho payment o f any o f the obligations o f tho county and that
there is no controversy or litigation pending concerning tho validity of
theso bonds. Total bonded debt (including this issuo) $787,000. Assessed
valuo, real and personal property, 1918 $12,420,113. Estimated valuo of
all property in County $20,000,000. Population 1910 (Census) 30,000,
1919 (est) 40,000.
TEEL IR R IG A T IO N D IST R IC T , Umatilla County, Or e .— BOND
SALE.— Wo aro advised that $960,000 bonds have been sold.
T E X A S C O U N T Y (P. O. H ouston), Mo.— BONDS VOTED.— Tho
Chicago "Post" of July 30 states that by a majority of 10 to 1 tho question
of issuing $225,000 road bonds carried at an election hold July 29.
T IF T C O U N T Y (P. O. T ifton ), G a.— BOND SALE.— On Aug. 4 tho
$300,000 5% road bonds— V. 109, p. 508— wero awarded to J. II. Hilsman
& Co., o f Atlanta at 100.50. Donom. $1,000. Dato Oct. 1 1919. Int.
annually. Duo $10,000 yearly on Oct. I from 1920 to 1949. incl.

[Vol . 109

UNION COUNTY (P. O. M onroe), No. Caro.— BOND SALE.— On
July 28 Baker, Watts & Co., of Baltimore, offering 100.31 for 5s, were
awarded tho $50,000 2-26-year serial road and bridgo bonds, dated Aug. 1
1919.------ V. 109, p. 308.
UNIOPOLIS, A uglaize C oun ty, O hio.— BOND OFFERING.— Scaled
proposals will bo received until 12 m. Aug. 29 by Earl Taylor, Village
Clerk for $2,500 6 % building impt. bonds. Denom. $100. Dato Aug. 1
1919. Int. ann. on Sopt. 1. Duo $500 yearly on Sopt. 1 from 1920 to
1924 incl. Cert, check for 2% of tho amount of bonds bid for payable to
tho Villago Treasurer required. Bonds to be delivered and paid for within
20 days from time o f award. Purchaser to pay accruod int.
UTAH (State o f).— BIDS REJECTED.— All bids recoived Aug. 1 for tho
$4,000,000 414% 18-year highway bonds— V. 109, p. 98— were rejected.
Palmer Bond & Mortgago Co. bid 98.15 for $1,500,000; National City
Bank 98.08 for all and Ames Emerich & Co., Chicago, 97.725 for all. Tho
issuo is soon to bo rcoffered.
VICKSBURG, W arren C oun ty, Miss.— BOND ELECTION PROPOSED.
— An election will bo called in tho near future to vote on tho question of
issuing $500,000 5% road bonds.
VINTON COUNTY (P. O. M cA rthur), O h io.— NO BIDS RECEIVED.
— No bids were received for tho $20,000 5% road impt. bonds, offered on
July 19— V. 109, p. 308.
W ALKER COUNTY (P. O. H untsville), Tex.— BOND ELECTION.—
An election will bo held Aug. 23, it is stated, for the voters to approve or
disapprove the issuance of $40,000 Kittorell Road District bonds.
WAPELLO COUNTY (P. O.'Ottum wa), Iowa.— BONDS DEFEATED.
— At a recent election, it is stated, $200,000 county memorial bonds were
defeated. Tho voto was 2005 “ for” to 2,635 "against.”
WATERVILLE, W in chendon C oun ty, Mass.— BOND OFFERING.—
Proposals will bo recieVed until 10 a. m. Aug. 12 by tho Treasurer, it Is
stated, for $25,000 414% street and sewer bonds. Dato Aug. 15 1919.
Duo Aug. 15 1949.
WEEHAWKEN TOWNSHIP, H udson C oun ty, N. J .— BOND SALE.
— On Aug. 4 the issuo of 4 H % 1-24-year serial gold coupon (with privilege
of registration) school bonds at 101.88 and intorest for $24,000 bonds.
Dato Juno 1 1919. Other bidders were:
_ _______
_
Outwater & Wells, Jersey City----------------------------------------------- $24,139 20
Geo. B. Gibbons & C o., New York------------------------------------------ 24,098 40
Brown & Coombe____________________________________________ 24,025 00
"W E L D COUNTY SCHOOL DISTR IC T No. 8 (P. O. Fort L u p ton ),
C olo.— BOND SALE.— An issuo of $9,000 6 % 10-20-year (opt.) bonds was
recently sold to Bonwoll Phillips Esto & Co. Denver. Dato July 1 1919.
Int. (J. & J.) Donoms. $500 and $100. Assessed valuation $2,026,790.
Total dobt (inclusivo of this issue) $44,300.
WENDELL, Wake C oun ty, No. Caro.— Financial Statement Corrected.—
Tho financial statement published by us last weok (V. 109, p. 509) in con­
nection with tho offering of $44,000 water and $44,000 sower 6 % bonds to
bo sold on Aug. 12 docs not, wo aro informed by tho town authorities, cor­
rectly stato tho not debt of tho town. Tho net dobt, computed in accord­
ance with tho Municipal Financo Act, is $48,525, not $67,275. Tho state­
ment should read as follows:
Financial Statement.
Gross bonded debt, Including present issue----------------- --------— $108,000
Floating debt............................................... ........................................
3.275
Total debt___________ _________ _________ _____ - ................... $111,275
Less tho following Itoms included abovo:
Water bonds (present issue)------------------------------------- $44,000
Electric light bonds (plant fully self-sustaining)---------15,000
Municipal building bonds (building partly self-sustain­
ing and bonds deducted from total issue of $5,000
proportionately to the extent that building is self­
sustaining).................................................................. - - 3,750
^
Not debt___________________________________________________
$18,525
Assessed valuation taxable property (1918)-------------------------------- $478,624
Actual value of taxable property (estimated).................................$1,500,000
Present population (estimated)_______________________________
1,500
W ESTERLY, W ashington C oun ty, R. I.— NOTE SALE.— On Aug. 1
$90,000 3 months notes wero awarded to S. N . Bond & Co., of Boston, on
a 4.90% discount basis.
WESTMORELAND SCHOOL D ISTRICT, Imperial C oun ty. C alif.—
BOND OFFERING.— Sealed bids will be received until 2 p.m. Sept 2 by
M . S. Cook, Clerk Board of County Supervisors (P. O. El. Centio) for
$49,000 6 % 5-21 year serial school bonds. Denom. $1,000. Dato July
21 1919. Prin. and semi-ann. int. payablo at tho offico of the County
Treasurer. Cert, or cashier’s check for 5% of tho amount bid payablo
to the Chairman Board of County Supervisors, required. Purchaser to
pay accrued interest. Bonded debt $5,000. Assessed valuo 1918-1919
$1,099,386._____
W HARTON COUNTY (P. O. W harton), Tex.— BOND SALE.— Wo aro
advised that this county recently sold $2,000,000 5% road bonds to S. A .
Fuller, of Austin, at par. Denom. $1,000. Interest semi-annual.
WHATCOM COUNTY SCHOOL DISTRICT No. 44, W ash.— BOND
SALE.— On July 19 Geo. II. Barr & Co. wero awarded $6,500 5% 5-15 year
jopt.) school bonds for $6,575 equal to 101.153. Dato Aug. 1 1919. Int.

WEST PARK, Cuyahoga C oun ty. O hio.— BOND SALE.— On July 30
tho 19 issues of 514% 1 -1 0 year serial coupon special asse&smont sower
bonds, dated July 15 1919, aggregating $100,757.98, tlio $1,834.09 5H %
1-2 year serial special assessment grading bonds, dated Juno 15 1919, and
tho $7,152.53 5 H % 1 -1 0 year serial special assessment water-main bonds,
dated July 15 1919. in all a total sum of $109,7 4 4 .5 ^ V . 109, ^ 308—
wero awarded to tho Mansfield Savings Bank, of Mansfiokl, for $110,744.50
(100.911) and interest.
WEYMOUTH, N orfolk C oun ty. Mas*.— BOND SALE.— It is reported
that Estabrook & C o., of Boston, have been awarded $20,000 5% bonds
at 100.78. Dato Aug. 11 1919. Duo $4,000 yoarly from 1920 to 1924, incl.
WHETSTONE TOWNSHIP SCHOOL DISTRICT (P. O. Martel
R oute No. 1), Crawford C ounty, O h io.— B N O F F E R I N G . — IToOD
posals will bo received until 12 m. Aug. 18 by W . G. Holtshouse, Clerk
Board or Education, for tho $75,000 5% coupon sclioolhouso bonds voted at
the election held Juno 24— V. 109, p. 199. Auth. Sec. 7625 & 2294 Gen.
Code. Donom. $1,000. Dato Apr. 10 1919. Prin. and soml-ann. int.
(A. & O.) payablo at tho office of tho Board of Education, whero bonds will
bo delivered and paid for within 10 days from-dato of award. Duo $1,000
T IR O CONSOLIDATED SCHOOL D ISTR ICT (P. O. Tiro), Craw­ yoarly on April 10 from 1920 to 1929, Incl.; $2,000 yearlyjon April 10 from
ford County, O hio.— BOND OFFERING.— Additional information is at 1930 to 1941. incl.; $1,000 on Oct. 10 in 1920 & 1921, and $2,000 yearly
hand relative to tho offering on Aug. 27 o f tho $80,000 5% coupon school on Oct. 10 from 1922 to 1939, incl.; and $3,000 Oct. 10, 1940. Cert, check
sito and building bonds. Proposals for theso bonds, dascribed bolow, will on somo solvont bank in Crawford County, for $500, payablo to tho abovo
Clerk, required. Purchaser to pay accrued Intorost.
bo received until 12 in. on that day by Wm. W. Davis, District Clerk.
$40,000 bonds. Denom. $500. Dato March 15 1919. Due yearly on
WHITE COUNTY (P. O. M onticello), Ind.— BONDS AWARDED IN
April 10 as follows: $500 1921 to 1927, incl.; $1,000 1928 to 1935, PART.— Of tho 2 issues of 4H % 1-10 year serial road bonds, aggregating
incl.; $1,500 1936 to 1939, incl.; $1,000 1940, and yearly on $34,000. offered on July 22—V. 109, p . 3 0 9 — tho $18,000 Jackson Twp.
Oct. 10 as follows: $500 1921 to 1923, incl.; $1,000 1924 to 1933, bonds, dated M ay 6 , 1919, were awarded to J. I'. Wild & C o., of Indian­
incl.: $1,500 1934 to 1940, Incl.
^
40,000 bonds. Donom. $1,000. Date April 10 1919. Duo $2,000 each apolis. at par.
W HITLEY COUNTY (P. O. Colum bia C ity), In d .— BOND OFFER­
six months from April 10 1941 to Oct. 10 1950, incl.
Auth. Secs. 7625 and 2294 Gen. Code. Prin. and soml-ann. int. (A. & ING — Forrest S. Deeter, County Treasurer, will recelvo proposals until
O.), payablo at tho offico o f tho Board of Education, whero bonds will 1 p. m. Aug. 18 for tho following 414% road bonds:
also bo delivered and paid for. Cert, check on a solvent bank in Crawford $18,906 Columbia Twp. bonds. Donom. $945 30. Duo $945 30, each
six months.from M ay 15 1920 to Nov. 15 1929, incl.
County for $200, payablo to tho abovo Clerk is required for each issuo
10 550 Union Twp. bonds. Donom. $52,750. Duo $527 50 each six
bid upon. Purchaser to pay accrued interest.
months from M ay 15 1920 to Nov. 15 1929, incl.
TOLEDO, Lincoln C ounty, Ore.— BOND SALE.— Wo aro advised that
Date Aug. 15 1919. Int. M . & N.
this town has sold $ 2 0 ,0 0 0 water bonds.
WHITMAN, Plym outh C oun ty, Mass.— LOAN OFFERING.—Tho
T O NOPAH , Nye C ounty, Nev.— BOND ELECTION.— An election has Town Treasurer will receive bids until 3 p. in. Aug. 11, it Is stated, for a
been called for Sopt. 23 to voto on issuing $60,000 bonds to purchase tho temporary loan of $30,000 dated Aug. 15 1919. and maturing Aug. 15 1920.
system of tho Tonopah Sewer & Drainago Co.
WICKLIFFE, Lake C ounty, O h io.— BOND OFFERING— It. S. Rush,
TREASURE C O U N T Y (P. O. Hysham ), Mont .— BOND ELECTION.—
Villago Clerk, will receive proposals until 12 m. Aug. 20 for the following
An election will bo held Sept. 2 .it is stated, to vote on the question of issuing 514% coupon special assessment water main bonds, aggregating:
$160,000 road bonds.
$47,321 Euclid Avo. bonds. Donoms. 1 for $321 and 47 for $1,000. Duo
yearly on Oct. 1 as follows: $4,321, 1920; $5,000, 1922; $5,000,
T U LSA, Tulsa C ounty, Okla .— BONDS VOTED.— This city has voted
1923. 1924 and 1925; $4,000. 1926; $5,000. 1927. 1928 and 1929.
$2 0 , 0 0 0 convention hall coupon bonds.




607

THE CHRONICLE

A u g . 9 1919.]
c 17 7
5 ,1 7 7

Craneinz road bonds. Dononis. 1 for $177 and 10 for $500. Duo
ye^Hy on Oct. 1 as follows: $177, 1920; $500, 1921 to 1928. Inch;

r 049
6 ,0 4

rfeDot’StP’bomta. Denoma. 1 for $49 and 10 for $500. Due
yeaHv, on Oct. 1 as follows: $49. 1920; $500. 1921 to 1928, incl.;

R 7 t^
5 ,7 1 5

Y O N K ER S, W estchester C ounty, N. Y .— C E R

T IF IC A T E

S A L E .—

On Aug. 7 $190,000 180-day certificates of indebtedness, dated Aug. 11
1919, were awarded to R. w . Pressprich & C o., of New York, on a 4.48%
interest basis. Other bidders were:
.
Interest Rale. Premium.
S. N . Bond & Co, New Y ork____________ ________
4,50%
$1-10
Westchester Trust Co., Yonkers.......................- .........
4.65%
9 00
Bond & Goodwin, New Y ork---------------------------------- 4.69%
Solomon Bros. & Hutzler, New Y o r k ................. ........
4.69%
-------

station^ioad1 bonds. Denoms. 1 for $215 and 11 for $500. Due
ycar y on Oct. 1 as follows: $215 1920; $500 1921 and 1922; $1.000
1923; $500 1924 to 1928 Incl.; and $1,000. 1929.
_
^
4 742 Tavlor Road bonds. Denoms. 1 for $242 and 9 for $500. Due
Y O U N G S T O W N , M ahoning County, O hio.— B O N D S A W A R D E D
'
$242 Oct 1 1920 and $500 yearly on Oct. 1 from 1921 to 1929, Incl. I N P A R T . — Of tho 23 issues of 5% coupon (with privilege of registration)
5 905 Roll Avo. bonds. Denoms. 1 for $405 and 11 for $500. Duo bonds, aggregating $102,757 98, offered on July .21 (V. 109, p. 309). 21
yearly on Oct. 1 as follows: $405 1920; $500 1921. 1922 and 1923; issues, aggregating $9 5 ,7 5 7 98, were awarded, it is stated, as follows:
$1 0 0 0 . 1924; $5,000 1925 to 1928. incl.: and $1.000. 1929.
.
16 963 Lloyd Road bonds. Denoms. 1 for $463 and 33 for $500. Due $40,000 Ohio Avenue bridge bonds to Seasongood & Mayer, of Cincinnati,
at 101.13. Due $5,000 yearly on Oct. 1 from 1921 to 1928, incl.
16'J W o n % c t 1 as follows: $1,463. 1920; $1,500 in 1921. 1923. 1925.
40.000 street-improvement (city's share) bonds to Seasongood & Mayer,
1926, 1928; $2,000 in 1922. 1924. 1927 and 1929.
of Cincinnati, at 101.13. Due $5,000 yearly on Oct. 1 from 1921
Auth. Sec. 3914 Gen. Code. Date day o f salo. l>rin. and seml-ann.
int. (A. & O.) payablo at the Village Treasurer’s^office. Cert, check on
to 1928, inclusive.
.
some bank other than the one making the bid, for 1 0 % of amount of bonds
8.500 Hook & Ladder Service Truck purchase bonds to Stacy & Braun,
hid for navable to the Village Treasurer, required. Bonds to be delivered
of Toledo, for $8,569, oquai to 100.811. Due yearly on Oct. 1 as
a n ^ p a id ^ o r at the V illage Clerk's office within 10 days from date of
follows: $2,000 1922 to 1924, inclusive, and $2,500 1925.
award. Purchaser to pay accrued interest.
16.500 West Drive & Jackson St. Entrance paving bonds to Seasongood &
Mayer, of Cincinnati, at 101.40. Duo yearly on Oct. 1 as follows:
W II I O U C H B Y Lake C ounty, Ohio.— BOND OFFERING.— C. C.
$2,000 1922 to 1928, inclusive, and $2,500 1929.
Jenkins Village Clerk will receivo proposals until 12 m. Sept. 1 for $19,500
40 000 Sub-Police Station bonds to Seasongood & Mayer, o f Cincinnati,
i u ^ ‘counon 8 streetiuii)t (village's share) bonds. Auth. Sec. 3939 Gen.
at 101.9875. Due $4,000 yearly on Oct. 1 from 1923 to 1932, incl.
Code
Denom $ 5 0 0
Date April 1 1919. Prin. and somi-ann. int.
fA & O ) Payable at the Willoughby Branch of the Cleveland Trust Co.
1 080 Hunter Avenue sewer bonds to the Ohio National Bank of Colum­
Due year y on Oct. l as follows: $2,000. 1927; $4,000, 1928 to 1930. incl.;
bus for $1,085, equal to 100.463. Duo $216 yearly on Oct. 1 from
and *5500 1931
Cert, check on either tho Cleveland Trust C o., or the
1920 to 1924. inclusive.
Painesvillo National Bank, for $500, payablo to tho Village Clerk, required.
4 040 Hilton Avenue sewer bonds to the Ohio National Bank of Columbus
Bonds to be delivered and paid for within 10 days from dato of award.
’
for $4,025, equal to 100.124. Due $804 yearly on Oct. 1 from
Tho official circular states that there has nover been any default in principal
1920 to 1924, inclusive.
„ ,
or interest o f an vdobt o f the villago, and that thero has not been nor is
3 185 Hylda & Jane St. sower bonds to the Ohio National Bank of Columtheronow ponding or threatened any litigation in any manner affecting the
’
bus for $3,190, equal to 100.156. Duo $637 yearly on Oct. 1 from
is?suo of°bonds and that no referendum petition on tho ordinance to issue the
.
1920 to 1924, inclusive.
„
______ _
,
,
bonds has boon circulated, filed or mentioned. Purchaser to pay accrued
2 455 Hylda St. sewer bonds to the Ohio National Bank of Columbus for
’ $2,460, equal to 100.203. Duo $491 yearly on Oct. 1 from 1920 to
interest.
Financial Statistics.
Assessed valuation as equalized for state, county and villago
3.945 IndfanolaAvenue sewer bonds to the Ohio National Bank of
purposes for the year. 1918.............- ........................... ___.$3,995,670.00
Columbus for $3,950, equal to 100.126. Due $789 yearly on Oct. 1
from 1920 to 1924, inclusive.
Estimated tru^va
1;todudihifthis’ i s s u e ............ ’615,275.00
3,995 Hampton Court paving bonds to the Ohio National Bank or ColumIndebtedness to the deducted.
busfor $4,000, equal to 100.125. Due $799 yearly on Oct. 1 from
W O O D B R ID G E

TO W N SH IP SCHOOL D IST R IC T (P. O. W ood-

hrid^el Mhidlesex C ounty, N. J.— BOND OFFERING.— E . C. Ensign
Secretory Board of Education, will receive proposals until 8 p .m . Aug. 18
for anVs^siie of 5% school bonds, not to exceed $100,000. Dato Sopt. 2
j o i n Int! seml-ann. Due $3,000 yearly from 1921 to 1953, inch, and $4,000
in 1954. Cert, check for $500 required.
W O R T H C O U N T Y DRAINAGE D IST R IC T No. 1 (P. O. G rant

C ity), Mo.— BOND SALE.— William R. Compton Co. o f St. Louis, recently
purchased and are now offering to investors at a price to yield 5 H % int.
$132,000 6 H % bonds. Donom. $1,000. Date M ay 1 1919. Int. M . &
N . Due seriafly on M ay 1 from 1924 to 1939, incl.
YAM H ILL C O U N T Y (P. O. Me. Minnville), O r e . — BOND SALE.—-On
Tiilv‘28 tho $255 000 5% road bonds— V. 109, p. 199— were awarded to
Geo. H. Burr & Co of Seattle for $258,750 (101.470) and int.
YELLO W STO N E C O U N T Y (P. O. Billings), M ont.— BOND ELEC­
TION.— Reports state that an election will bo nold Sopt. 2 to vote on the
■question o f issuing $250,000 road bonds.
_____________________
NEW

5 145 East Princeton pavtog bonds to the Ohio National Bank of Colum­
bus for $5,150. equal to 100.095. Due $1,029 yearly on Oct. 1
from 1920 to 1924, inclusive.
. ..
.
3.845 South Fruit St. paving and sewer bonds to the Ohio National
Bank of Columbus for $3,850, equal to 100.104. Due $769 yearly
on Oct. 1 from 1921 to 1925, inclusive.
18.620 Millett Avenue paving and sewer bonds to Stacy & Braun, or i o ledo, for $18,729, equal to 100.125. Duo $3,724 yearly on Oct. 1
from 1920 to 1924, inclusive.
. 4 ..
„ . . .
7.390 Grandview Avenue sewer and grading bonds to the Ohio National
Bank of Columbus for $7,395, equal to 100.067. Due SI,478
yearly on Oct. 1 from 1920 to 1924, inclusive.
.
4,525 Craven Street sower bonds to tho Ohio National Bank of Columbus
for $4,530, equal to 100.110. Duo $905 yearly on Oct. 1 from
1 895 Decatur Street sewer bonds to the Ohio National Bank o f Columbus
for .$1,900. equal to 100.260. Due $379 yearly on Oct. 1 from
1921 to 1925, inclusive.
*E W

F IN A N C IA L

LOANS

LOANS.

$ 1 0 0 ,0 0 0
$ 4 2 5 ,0 0 0
City S ch ool

H ig h G r a d e

Louisiana District Road Bond Sale
Scaled bids on Four hundred and twenty-five
thousand dollars ($425,000 00) Road District
Bonds of Allen Parish (County), running 25 years,
5 % annually, payable semi-annually, secured by
ample taxes annually levied, received up to
10 A M., AUOUST 26, 1919, at Court House,
Oberlln, Louisiana: certified check on Louisiana
Bank for 2% o f full valuo o f bonds to accompany
bid
For further Information writo for descrip­
tiv e circular to undersigned, or Harry Gamble,
Esa.. Now Orleans, or any New Orleans bank.
W . R . HARGROVE,
President, Police Jury.
A . E . DARBONNE,
Secretary.

FEDDE

&

PASLEY

C tttitfe fe P u b l i c S c cm m ta n t*
55 L ib e r t y S t .,

G E O R G E

W .

N ew Y ork

M Y E R ,

J R

Certified Public Accountant
2 RECTOR ST., NEW YORK

A u d its, In vestiga tion s,
E sta te A ccou n tin g ,
In co m e T a x R etu rn s.
Telephone Rector 5441

D istrict,

Specializing In Examination & Preparation o

County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
R oom . 517-520, 111 W . Monroe S t.,
Harris T rust Building

CHICAGO, ILLINOIS

Bonds

M p Vlle T stC.
ississip i a y ru o

Confidential Negotiation*. In vestlgatlona
Settlement* and Purcha*e* of Property.
Dai tod Statea.
Wart Indie*.
Canada.
B .

W

SOUTHERN

.

S tr a s s b u r g e r

INVESTM ENT

SECURITIES

Mentoatnari; Ala.

J A M E S T A L C O T T , Inc.

a n d

o ffe r e d

s e c u r i t i e s
to

in v e s t o r s .

Founded 1854

Foreign Accounts Solicited.




o p e r a t e d

T h e ir

E x a m in e d , M a n a g e d , A p p r a is e d
PHILADELPHIA

tie s

in

c o m m u n i­

fa c to r s

C O A L A N D M IN E R A L P R O P E R T IE S
Dreael Bldg.

U t ilit ie s

g r o w in g

fin a n c e d .

225 Fourth Ave., NEW YORK
Textile Factors and
Commission Merchants

H . M . C H A N C E
&, C O .
Mining Engineers and Geologlata

Y.

Sealed proposals will be received by the Board
of Education of Union Free School District No. 1
of the Town of Deerpark, Orange County, New
York, constituting the City School District of the
City of Port Jervis, N. Y ., at its office in the
Municipal Building, Port Jervis, N . Y .. until
AUGUST 15, 1919, AT 2:30 O ’ CLOCK, P. M.,
M u n io ip a i and C orp ora tion
when they will be publicly opened for the pur­
chase of $100,000 school bonds of said District.
• Issues U n derw ritten
Said bonds will be coupon bonds, with privilege
of registry, one hundred in number, numbered
from 1 to 1 0 0 , inclusive, of the denomination of
W e speelallee In seourltiee of
$1,000 each, dated June 1, 1919, bearing interest
at the rate of four and three-quarters per centum
the M ississippi V a lley and the
(4 ? i% ) per annum, payable semi-annually, and
maturing in annual installments as follows: One
Sou th
bond on June 1st in each of the years 1920 to
1929, inclusive, and five bonds on June 1st in
each o f the years 1930 to 1947, inclusive. The
principal and interest of said bonds will be paid in
gold coin at the National Bank of Port Jervis,'
Port Jervis, N . Y .
. , . ..
BOND DEPARTMENT
Bidders must at the time of making their bids
accompany the same with a certified check for
two per centum of the face amount of the bonds
bid for, drawn upon an incorporated bank or
trust company to tho order of Union Free School
S T . L O U IS
District Number 1 of the Town of Deerpark,
N. Y ., to secure the District against any loss re­
sulting from the failure of the bidder to comply
with the terms of his bid. The bidder must pay
accrued interest from the date o f the bonds to the
dato of delivery. The right is reserved to reject
all bids.
G E O . B. E D W A R D S
The successful bidder will be furnished with the
INVESTMENTS
opinion o f Messrs. Reed, McCook & Hoyt that
82 Broadway, NEW YORK, N. Y.
the bonds are valid and binding obligations o f said
POR SALE—Timber, Coal. Iron. Ranch an. District.
L. C. SENGER, District Clerk.
other properties.
■
Dated Port Jervis, N. Y ., July 28, 1919.

In v e stm e n t

P u b lic
F . W M . K R A F T , L a w y er

P ort Jervis, N .

4 % % BONDS

Cable A dress—Quomakel

M i d d l e
U t i l i t i e s

W e s t
C o .

Suite No. 1500

72 West Adams St.
C H IC A G O , IL L IN O IS

THE CHRONICLE

608

$2,935 Harvard Street sewor bonds to the Ohio National Bank o f Colum­
bus for $2,940, equal to 100.160. Duo $587 yearly on Oct. 1 from
1921 to 1925, inclusive.
2,665 Irving Placo & Tod Avonuo sower bonds to the Ohio National
Bank of Columbus for $2,670, equal to 100.187. Duo $533 yearly
on Oct. 1 from 1921 to 1925, inclusive.
12,220 Parkview Avenue sewer bonds to Stacy & Braun, o f Toledo, for
$12,290, equal to 100.572. Duo $2,444 yearly on Oct. 1 from 1924
to 1924. inclusive.
3 ,0 5 0

E ast P rin c eton A v e n u e p a v in g (d e fic it) b o n d s t o th e O h io N a tio n a l
B a n k o f C o lu m b u s fo r $ 3 ,0 5 5 , equal to 1 00.163.
D u e $610 y o a rly
o n O c t. 1 fr o m 1920 t o 1924, in clu sive.

Y ORK COUNTY (P. O. Y ork), Pa.— BOND ELECTION.— On Aug. 19
the votors will decide whother or not the county shall issue $2,500,000 road
bonds.
,, YREKA SCHOOL DISTR IC T, Siskiyou C oun ty, Calif.— BOND
SALE.—-On July 26 tho $40,000 6 % 20 year school bonds, dated Juno 30
1919— V. 109 p. 309— were awarded to the Bank of Italy of San Francisco,
at 1 1 0 .2 2 , othor bidders were:
Siskiyou County Bank, Yreka_________________________ ______ $43,000.00
McDonnell Sc Co., San Francisco_____________________________ 4 1 840.00
Freeman, Smith & Camp Co., San Francisco____________ 41.821.00
S ta te B o a r d o f C o n t r o l______________________________________________
T o r r a n c e , M a rsh a ll S C o ., L o s A n g o lo s ________________ I I ” " " ”
c
W . L . S la y to n & C o ., T o le d o __________________________________ _
G irv in Sc M ille r . San F r a n c is c o ______________________________ I I I I I I

4 1 ,7 5 0 .0 0
4 L 7 3 8 .0 0
4 0 4 72 .00
40,’ 2 17.34

ZANESVILLE, Muskingum C ounty, O hio.— BOND ELECTION.—
An election will bo held Aug. 12 to vote on tho question of issuing $2,500
5% coupon fire apparatus bonds. Denom. $500. Date Fob. 1 1919.
Int. seml-ann. Duo $500 yearly on Feb. 1 from 1922 to 1926. inch

C A N A D A , its P ro v in c e s a n d M u n ic ip a litie s .
ALBERTA SCHOOL DISTRICTS, Alta.— D B N U E S L .__
EE T R AE

On July 24 the 12 issues o f 6 M % school district debentures, aggregating
$24,900— V. 109, p. 309— were awarded as follows:
Block No. 1— Rural, 10 years— Cardiff S. D. No. 2115, $4,000, to Manu­
facturers Life Insurance Co. at 100.75.
Block No. 2— Rurals, 15 years— Mars S. D. No. 3549, $1,800, Fawn IIIIl
S. D. No. 3780, $2,500; total $4,300, to Manufacturers Lifo Insurance
Co. at 101.
Block No. 3— Rural, 15 yoars— Woodrow S. D. No. 3766, $2,000: Holm
8. D. No. 3531, $900; total, $2,900, to W. Ross Alger & Co at 100.55
Block No. 4— Rural, 10 years— Valley Gardens S. I). No. 3658. $2,000
to Manufacturers Lifo Insurance Co. at 100.75.
Block No. 5— Rural, 10 years— Pathfinder S. D. No. 3690, $2,000 to
Manufacturers Lifo Insurance Co. at 100.50.
Block No. 6 — Rural, 10 years— Green Prairie 8 . D. No. 3577, $2,500.
to Manufacturers Life Insurance Co. at 100.80.
Block No. 7— Rural, 10 years—Allied S. D. No. 3763, $2,000. to Manu­
facturers Lifo Insuranco Co. at 100.75.
Block No. 8 — Rural, 5 years— Half Way Grovo S. D. No. 3528. $500
to Manufacturers Life Insuranco Co. at 100.05.
Block No. 9— Rural, 12 years— Lusitania S. D. No. 3684, $2,000, to Manu­
facturers Life Insurance Co. at 100.50.
Block No. 10— Rural, 10 years— Soda Lako S. D. No. 1119, $1,200 to
Canada Land & National Investment Co. at 100.958.
Block No. 11— Village S. D ., 10 years— Cereal S. D. No. 3192, $1,000. to
Canada Landed & National Investment Co. at 101.10.
Block No. 12— Rural, 10 yoars— Frisco S. D. No. 3513, $500, to Manufac­
turers Lifo Insuranco Co. at 100.05.

[V o l . 109.

ASQ U ITH SCHOOL D ISTR ICT, Sask.— DEBENTURE SALE.—
An issue of $9,000 school debentures has beon sold, it is stated, to T . IC.
McCallum, of Saskatoon.
BRAMPTON, O n t .— DEBENTURE SALE.— Tho “ Financial Post” of
Toronto, reports that tho $17,000 sewerago system debentures rocontly
authorized— V. 109, p. 99— have been purchased by a firom of Toronto
brokers.
BROOKSDALE SCHOOL D IST R IC T , Sask.— DEBENTURE SALE.—
The Bond & Debenture Corporation, of Winnipeg, has beon awarded, it
is stated, $3,000 school debentures.
.
CO U N T Y (P . O. O ttaw a), O n t. — DEBENTURES
AUTHORIZED.— On Juno 20, according to reports, tho Council passed a
by-law to issue $10,000 Gloucester Twp. bridgo debentures.
CHATHAM , Ont .— DEBENTURE SALE.— Tho “ Monotary Times,”
of Toronto, reports that tho $130,000 5Vi% school debentures reeontly
authorized— V. 109, p. 99— havo boon disposed of locally at par.
FO RT W ILLIAM , O n t. — DEBENTURE ELECTION PROPOSED.— It
is reported that the question of issuing $75,000 war memorial debentures
will bo voted upon.
K ENORA, Ont .— DEBENTURE OFFERING.— According to reports,
J. E. Curril, Town Clerk, will receive proposals until Aug. 22 for tho $10,000
o'A % 15 installment electric-light plant bonds which wore recently
authorized.
MIMICO, O n t.— DEBENTURES AUTHORIZED.— Tl\o council on
July 7 passed a by-law to issue $55,000 school debentures, it is stated.
N IAG AR A FALLS, O n t.— DEBENTURES VOTED.— On Aug. 1 ,
according to the Toronto “ Globe,” tho votors favorably passed on by­
laws to Issue $50,000 hospital aid and $21,000 incinorator plant debentures.
The vote, it is said, was for tho hospital by-law 267, and against 133; for
tho incinerator by-law 333. and against 64.
N ORTH B A Y , O n t.— DEBENTURE SALE.— On Aug. 2 tho $25,640.75
sanitary sewer, $2 1 ,0 0 0 water works systom, and $5,859.28 local impt. 6 %
20qmar instalment debentures— V. 109, p. 401— woro awarded to A. Jarvis
S Co. of Toronto, at 101.07.
c
RED DEER, Alta. — NO ACTION YET TAKEN.— No action has beon
taken toward ro-offering tho $90,000 6 % 1-10 yoar sorial debentures
offered without success on July 10— V. 109, p. 310.
R IVER H U R ST, Sask.— DEBENTURES AUTHORIZED.— It is re­
ported that the Local Government Board has glvon tho Village authority
to issue $3,000 7-year sidewalk debentures, not to oxceed 8 % interest.
SASK ATCH EW AN SCHOOL D ISTR ICTS, Sask.— DEBENTURES
AUTHORIZED.— Tho following, according to the "Monotary Times” of
Toronto, is a list of authorizations granted by the Local Government
Board from July 14 to July 19 1919: *Edgeley, $4,000 10-years not ox.
8 % annuity.
*Rugby, $900 9-years not ox. 8 % installment. *TurtIeford
$1,600 10-years not ox. 8 % annuity. Ormsby, $2,000 10-years not ex.
8 % annuity.
Asquith, $9,000 20-years not ox. 8 % annuity. Metropole,
$1,500 10-years not ox. 8 % annuity. White Cap, $2,500 10-yoars not ox.
8 % annuity.
*Katepwo, $5,700 20-years not ex. 8 % annuity.
* Being sold by the Local Government Board.
SCARBORO TO W N SH IP (P. O. W est Hill), O n t.— DEBENTURE
SAM -— Ifc is ^Ported that on Aug. 2 tho $40,000 25-annual-installment
and $25,000 30-annual-installment 6 % coupon school debentures (V. 109,
p. 510), wero awarded to G. A. Stimson & Co., of Toronto, at 104.10.
W IN D SO R , Ont .— DEBENTURES AUTHORIZED.— ' ho City Coun­
T
cil, it Is stated, has adopted by-laws to Issue $100,000 concroto sidowalk and
$2 0 ,0 0 0 motor-truck street flusher purchaso debentures.

F IN A N C IA L

NEW

LO A M S.

C A L L F O R B ID S

S e le c ted Investment Securities

$ 7 9 0 ,0 0 0

L o c a te d in P it t s b u r g h , t h e g r e a te s t in d u s t r ia l c e n t r e
i n t h e w o r l d , w e a r e i n t i m a t e l y i n t o u c h w i t h d e v e l*
o p m e n ts in t h is d is t r ic t .

M unicipal S treet Railway Bonds o f

W e o w n a n d o f f e r f o r s a le a n u m b e r o f b o n d s , w h ic h
h a v e b e e n s e le c te d b y u s b e c a u s e o f t h e ir in v e s t m e n t
p o s s ib ilit ie s .
IFrite f o r inform a tion and late lists

M E L L O N N A T IO N A L BANK
P IT T S B U R G H , P A .

DliiioisTnist&SciyinijsBaiik
C H IC A G O

$ 1 5 ,4 0 0 ,0 0 0

Capital, Surplus and U
ndivided Profits
Poye Interest on T im e

Has on

D ep osits. Current and Reserve
A ooounts
change

hand a t all tim es a variety of ex­

oellent seourltles.

B uys and sell*

G o ve rn m e n t.

D eals In Foreign E x-

M unlolpal and

Traneauta a General T ru st B usiness.

A c t s aa
E x e cu to r,
T ru stee,
A d m in is tr a to r ,
G u a r d ia n ,
R e c e iv e r ,
R e g is tr a r a n d
T ra n s fe r A g e n t
I n t e r e s t a llo w e d
nn d e p o s it s .
■




Corporation Bonds

G irard Trust Company
P H IL A D E L P H IA
C h a rtered

C A P IT A L a n d

1836

S U R P L U S , $ 1 0 ,0 0 0 ,0 0 0

Member o f Federal Reserve System
E . B . M o r r is , P r e s i d e n t

C ity

o f

S e a ttle ,

W a s h in g to n

Sealed bids will be rocoivcd by the undorsigned
at his office in Seattle, Washington, until
TWELVE O’CLOCK NOON OP SATURDAY,
SEPTEMBER 6 TH, 1919,
for tho purchaso of tho following bond Issue of
tho City of Seattle:
Seven Hundred Ninoty Thousand Dollars
($790,000) of municipal street railway bonds of
the City of Seattlo authorized by Ordinance No
39492, approved M ay 21, 1919, entitled "An
Ordinance relating to, and specifying and adopt­
ing, a plan or systom of additions and botterments to, and extensions of, tho existing municipal
streot railway system now owned and operated
by tho City of Seattlo; providing for tho issuance
and salo of bonds of said city to provido funds
therefor, and for tho creation of a special fund
to pay tho principal and interest of such bonds."
Tho bonds will bo in denomination of $1,000;
to bo dated September 1, 1919, and shall maturo,
lowest numbers first, without option, in equal
annual amounts, commencing cloven years and
ending twenty years after their date. They shall
bear interest not exceeding six per cent (6 %) per
annum, payablo semi-annually, for which interest
coupons shall bo attached to and be a part of
said bonds; both principal and interest of said
bonds to bo payable In gold coin of tho United
States of tlio present standard of weight and
fineness at tho places therein designated. 'Tho
bonds aro a lien only upon tho gross revenues
of tho streot railway system of tho City of Seattlo.
Bidders aro required to bid on tho annoxed
blank form, stating conditions of bid, but without
interlineation, explanation or erasuro. and to
deposit with their bid a certified check upon a
national bank or trust company, or a certified
or cashier’s check upon a national bank or trust
company, or a State bank within tho City of
Seattlo, for Fifteen Thousand Eight Hundred
Dollars ($15,800) bring two per cent of tho par
value of tho bonds, which said chock will be
roturned to bidder if unsuccessful; if successful,
said amount to bo applied to tho payment of tho
sum bid, or in caso bidder fails to comply with the
terms of ills bid, then said chock will be forfeited
to tho city as and for liquidated damages.
No bid for moro than tho maximum rato of
interost which said bonds shall boar will bo
received.
Tho right to reject any and all bids is reserved
by tho City Council.
Delivery of bonds will bo mado in Seattle,
New York, Chicago, Boston or Cincinnati, at
tho option of the purchaser.
Tho legality of tho bonds will bo approved by
Caldwell & Masslich, Attorneys, Now York City,
whoso approving opinion will be delivered to tho
purchaser.
II. W. CARROLL,
City Comptroller.