Full text of Commercial and Financial Chronicle : December 28, 1918, Vol. 107, No. 2792 [Copy 2]

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jittanduf

The.
INCLUDING
Bank & Puotation Section
s Section
Railway Earnin,

liront&

Railway &- Industrial Section
Bankers' Convention Section

Electric Railway Section
State and City Section
NO. 2792

SATURDAY, DECEMBER 28 1918

VOL. 107

The Thronicit.

Week ending December 21.
Clearings at

PUBLISHED WEEKLY.

1918.

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Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary. Addresses of both. Office of the Company.

CLEARING IIOUSE RETURNS.
The following table, made up by telegraph, Ace., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,317,220,826, against $7,354,172,187 last week and $5,120,420,950
the corresponding week (wit year.
Clearings-Returns by Telegraph.
Week ending December 28.

Per
Cent.

1913.

1917.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
Now Orleans

$2,751,027,049
358,870,323
301,585,738
234,396,352
*140,000,000
*130,000,000
96,123,067
97,500,692
50,023,881
60,329,612
54,457,671

$2,184,106,632
348,877,111
250,427,61:3
175,176,931
137,766,008
121,182,075
63,058,732
57,698,698
39,370,786
30,465,916
50,357,149

+26.0
+2.9
+20.4
+33.8
+1.6
+7.3
+52.4
+69.0
+27.1
+98.0
+8.1

Eleven cities, 5 days
Other cities,5 days

$4,274,315,285
792,477,923

$3,458,487,651
642,461,811

+23.6
+23.4

Total all cities, 5 days
All cities, 1 day

$5,066,793,208
1,250,427,618

$4,100,949,462
1,019,471,488

+23.5
-I-22.6

a.9,1 A
56.317.220.826 $5 19n 49n can
rrntill MI citing for week
*Partly estimated.
the
above will be given next Saturday,
The full details for the week covered by
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for tho week ending Dec. 21 show:
Week ending December 21.
Clearings at1918.

1917.

$
•
$
3,960,308,340 3,459,327,197
New York
436,194,441 386,407,885
PhiladelPhla
140,379,109
85,367,207
Pittsburgh
88,896,747
47,119,360
Baltimore
26,099,076
18,595,314
Buffalo
4,402,877
5,227,802
Albany
18,369,649
12,250,000
Washington
10,035,400
7,466,848
Rochester
4,327,558
4,107,419
Scranton
4,817,292
4,571,144
Syracuse
2,462,722
2,440,890
Reading
3,967,297
3,427,067
Wilmington
2,289,181
2,012,862
Wilkes-Barre__ _
4,300,000
3,699,000
Wheeling
2,777,708
3,652,084
Trenton
1,104,936
1,296,970
York
2,229,266
1,992,148
Erie
1,100,000
1,000,000
Greensburg
844,900
975,000
Binghamton
1,641,297
1,153,383
Chester
1,949,565
2,229,156
Lancaster
760,513
807,628
Montclair
810,319
700,000
Altoona
Total Middle _ 4,720,068,193 4,055,766,364

Inc. or
Dec.

1916.

1915.

$
%
$
+14.5 3,920,631,246 2,288,657.686
+12.9 321,800,320 188,429,385
+64.4
81,485,351
53,434,636
+88.7
45,104,889
37,329,963
+40.4
18,733,031
13,086,780
-15.8
5,516,475
4,113,633
+49.9
7,769,934
10,845,770
+34.4
6,817,167
4,195,600
+5.4
3,768,215
3,133,207
+6.8
3,813,404
2,255,026
+0.0
2,284,344
1,865,959
+15.8
4,578,671
2,435,437
+13.8
1,811,645
2,066,964
+16.2
1,965.480
4,502,874
-24.0
2,453,088
1,989,307
-14.8
1,141,964
069,173
+11.9
1,656,843
1,111,050
+10.0
799,316
592,910
-12.3
930,500
832,400
+42.3
1,618,183
711,691
-12.6
1,183,874
1,679,059
-5.8
465,648
871,000
+15.8
427.376
600,000
+16.4 4,443,098,674 2,618,667,790

350,861,229 284,638,076 +23.3 227,471,691 154,835,949
Boston
12,606,400 -2.8
12,161,000
10,0,16,100
7,802,200
Providence
7,180,536 +3.3
7,417,199
7,957,079
Hartford
8,909,982
4,766,895 +16.5
5,554,089
3,040,147
5,275,037
Now Itaven
4,449,481
4,151,870
-6.7
Springfield
4,401.544
3,000,000
2,500,000 -2.0
2,450,000
2,000,000
Portland
2,714,588
3,904,777 -8.1
3,588,248
2,576,768
Worcester
4,302,318
2,679,924 -6.7
2,500,000
1,589,106
1,487,011
Fall River
2,135,247 -22.1
1,662,632
1,562,658
1,163,399
New Bedford
1,150,000 +3.7
1,193,651
1,081,732
Lowell
761,804
763,849 -1.8
750,000
684,840
Holyoke
1,075,593
879,576 -25.2
657,642
390,638
Bangor
766,793
Tot. Now Eng_ 392,947,460 327,554,761 +20.0 269,197342 187,699.835
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
• Es Li mated,




1917.

Inc. or
Dec.

1916.

1915,

Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids__ _
Dayton
Evansville
Springfield, Ill
Fort Wayne__ _ _
Youngstown
Akron
Lexington
Rockford
Canton
Bloomington _ _
Quincy
Springfield, 0_
Decatur
South Bend
Mansfield
Danville
Lansing
Lima
Jacksonville, Ill_
Ann Arbor
Owensboro
Adrian
Tot. Mid:West

542,391,663 511,130,553 +6.1 478,683,957 297,899,977
37.845,019
65,388,630
37,422,021 +74.7
27,253,400
61,325,241
100,551,286
87,291,119 +15.2
38,151,506
56,723,416
58,735,467 +33.1
78,189,638
30,288,294
22,264,310
27,810.492 +13.6
31,678,992
13,917,288
12,964,970
15,096,000
12,800,000 +18.0
8,632,324
10,843,800
11,912,100
10,567,300 +12.7
6,586,100
10,975,935
11,020,340 +6.7
11,758,565
7,956,154
5,000,000
4,419,062 +13.3
5,017,780
3,900,000
5,093,049
5,231,503 +5.7
2,626,105
5,531,636
3,900,416
4,454,024
3,464,423 +28.6
2,608,891
2,616,521
3,829,318
3,121,825 +21.7
1,878,073
1,716,194
1,708,248 +24.1
2,119,762
1,165,298
1,700,741
1,322,807 -4.4
1,264,475
1,323,782
2,581,148
2,929,881 +15.7
3,390,206
2,231,883
5,128,000
5,768,000 -13.2
5,006,000
2,845,000
844,044
812,413
1,400,000
1,300,000 +7.7
1,522,187
1,767,270 +24.5
1,094,931
2,200,000
3,004,779
3,700,000 -45.9
2,000,000
2,000,000
804,366
1,086,412 +46.4
611,015
1,590,752
1,087,128
633,972
1,320,382
1,275,000 +3.5
1,265,433
849,796
1,240,242
1,127,338 +10.0
752,027
502,751
882,068 +14.7
1,012,531
1,283,296
658,343
1,036,207 +34.8
1,397,942
837,862
726,207
1,146,930 +4.4
1,195,942
561,645
459,605
597,950 +1.4
606,515
1,304,503
679,281
1,019,571 --3.5
984,029
761,757
431,223
725,000 +18.3
858,014
461,070
317,936
424,257 +62.2
688,589
306,402
230,000
383,115 +1.2
387,855
610,525
314,876
1,412,746 +22.6
1,731,543
60.757
67,503
113,069 -45.1
62,200
906,256,611 802,739,974 +12.9 734,860,498 459,653,728

San Francisco_ _ _
Los Angeles
Seattle
Spokane
Salt Lake City
Portland
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Fresno
Stockton
San Jose
Yakima
Reno
Long Beach
Total Pacific

133,910,779
34,423,000
39,679,040
9,468,872
21,088,032
32,757,555
5,328,889
7,900,153
4,747,541
2,015,717
930,612
3,300,946
1,966,781
1,150,000
1,186,634
596,563
1,139,426
301,593,540

111,849,838
27,377,000
26,955,297
8,220,893
16,117.268
19,502,074
4,090,376
5,523,541
4,135,324
2,377,375
1,039,277
3,062,965
2,729,208
1,397,374
821,291
500,000
748,963
236,448,064

+19.7
+25.8
+47.3
+15.2
+30.8
+68.0
+30.3
+43.0
+14.8
-15.2
-10.5
+7.9
-28.0
-17.7
+44.4
+19.3
+52.2
+27.5

83,216,611
30,971,000
18,340,950
5,712,668
15,536,923
13,618,181
2,560,409
4,998,561
2,991,233
2,166,697
1,035,945
2,424,219
1,653,696
934,055
610,527
400,000
570,393
187,662,068

44,273,470
17,256,803
9,745,638
3,500,000
7,500,000
9,361,104
1,792.977
2,878,458
2,329,332
1,828,185
713,923
1,254,784
1,236,914
561,622
400,000
243,880
385,532
105,262,625

Kansas City---Minneapolis __ -Omaha
St. Paul
Denver
St. Joseph
Des Nloines
Sioux City
Wichita
Duluth
Lincoln
Topeka
Davenport
Cedar Rapids_
Fargo
Helena
Colorado Springs
Pueblo
Waterloo
Aberdeen
Billings
Fremont
Hastings
Tot.oth.West_

199,429,368
56,022,952
56.000,000
20,770,758
19,271,924
18,366,419
9,211,876
9,738,752
9,066,000
16,407,382
4,021,390
2,979,133
*4,000,000
2,194,254
3,572,661
2,400,511
763.127
766,207
1,700,000
1,719,564
1,432,042
690
7:000
10
45
8

190,232,073 +4.8
37,111,282 +51.0
43,100,468 +29.9
18,126,611 +14.6
19,198,584 +0.4
15,879,738 +15.7
8,712,133 +5.7
7,623,864 +27.7
7,825,426 +15.9
7,461,839 +119.9
4,124,937. -2.5
3,327,483 -10.5
3,092,2511 +29.4
2,021,704 +8.6
2,100,000 +70.1
2,284,429 +5.1
807,614 -5.4
772,155 -0.8
2,150,487 -20.9
1,138,673 +51.0
1,393,098 +2.8
725,758 +12.7
400,000 +12.5
379,610,607 +16.2

118,085,372
32,492,726
27.076,440
14,220,171
16,837,969
14,723,945
6,014,809
5,069,916
5,649,386
7,458,458
2,910,387
2,311,678
2,165,497
1,782,253
1,619,122
2,085,250
1,364,425
636,518
2,299,474
926,101
1,647,666
562,016
347,871
268,287,450

72,262,234
30,667,566
17,622,290
11,805,961
10,511,051
8,669,239
4,473,569
3,452,670
4,667,216
8,541,764
2,125,521
3,110,828
1,312,963
1,377,729
3,333,995
1,292,198
625,599
487,308
1,998,238
942,060
738,824
458,541
224.083
189,691,551

441,101,990

83,868,162
174,144,164 162,487,824 +7.2 123,312,548
St. Louis
39,834,553
20.382.721
64,449,653
56,623,899 +13.8
New Orleans
+5.1
15,063,169
22,270,255
22,236,151
24,042,161
Louisville
13,500,000
11,193,828
14,000,000 +26.5
17,713,126
Houston
5,799,478
4,633,987
7,500,000 +6.8
8,010,755
Galveston
25,244,098
14,268,181
40,838,551 +51.9
62,045,108
Richmond
28,318,686
16,469,533
56,947,281 +14.5
65,200,975
Atlanta
11,746,670
8,375,128
15,056,207 +55.0
23,330,371
Memphis
11,886,504
0,631,469
16,863,397 -13.8
14,529,469
Fort Worth
6,128,230
-2.4
4,869,306
9,741,89
9,509,981
Savannah
8,987,715
6,247,864
13,437,212 +25.9
16,916,640
Nashville
6,219,159
6,959,210 +36.5
5,492,125
9,503,682
Norfolk
3,679,720
2,923,478
4,769,2811 +29.3
18,706,572
Birmingham
2,685.559
1,615.486
4,329.472 +18.4
5,125,668
Augusta
4,193,606
2,343.268
5,549,650 +17.7
6.530,090
Little Itock
556,211
3.000,000
4,823,971 +71.9
8.293,821
Jacksonville
4,324,858
2,845,000
4,745,095 +14.9
5,454.254
Chattanooga
3,018,742
2,542,501
4.051,273 -7.3
3,756,671
Charleston
1,558,720
1,487,778 +0.7
1,000,000
1,498,483
Mobile
2,485,507
1,588,951
2,239,340 +2.7
2,300,000
Knoxville
5,464,460
3,270,400
9,982,589 -12.2
8,761,194
Oklahoma
1,683,494
4,454,860
2,200.000 -4.5
2,100,000
Macon
2,000.000
1,600,000
3,000,000 -10.0
2,700,000
Austin
283,617
331,067
484,482 +16.4
564,015
Vicksburg
633,101
485,580
692,1781 -4.9
658,174
Jackson
1,553,738
3,321,479, -3.6
1,379,007
3,203,374
Muskogee
4,702,707
1,985,362
7,886,8271 +18.6
9,355,992
Tulsa
14,246,951
23,450,696 -10.4
21,000,000
Dallas
3,160,350 -11.1
2,800,000
Shreveport
692,204 393 508,846,090 +16.4 356,318,887 231,833 439
Total Southern
7,354,172,1876,310,335 860 +16.6 6,260,024,719 3,792,808,968
Total all
Outside N Y___ 3,393,863,847'2,851.008,8631 +19.0 2,339,393,473 1,504,151,282

2398

THE CHRONICLE

THE FINANCIAL SITUATION.
The unknown writer of the ancient. roll called
"Ecclesiastes or the Preacher" doubtless set down
his somewhat mournful moralizings after a long life
of observation of the ways of mankind. One of
them is that "because sentence against an evil
work is not executed speedily, therefore the heart
of the sons of men is fully set in them to do evil."
The "evil" here plainly includes not only conscious
sins but errors of judgment and the easy yielding
to the inclination to follow the line of least resistance. Every sin and every mistake may have its
penalty attached, but the line of attachment is
often too long for tracing and so the lesson is missed;
whereas if every sin and every error brought its
penalty quickly men would learn to make fewer
mistakes and commit fewer sins.
Why it has been ordered otherwise we cannot
tell, but we have frequent evidence how a people
as well as individuals can drift into harmful doctrines and bad habits. We have had a year of Governmental operation of railways. We are now
trying to find a way to climb back the fatally easy
declivity down which we slid, soothing our consciences and our fears by a solemn pledge that we
would return and it should be "only" for a fixed
term. The men who should perceive the dangers
of drifting and should invigorate public opinion
show in themselves the effects of the drifting process.
Here is a man in the lower branch of Congress,
head of a committee having nominally a direct
official charge of the subject of transportation,
uttering these sentences, just as official public
hearings upon the subject are about to begin:
"I believe that Government control of transportation facilities is the only correct system. I do
not believe the public should be forced to pay more
than the actual cost of transportation of passengers
and freight. It should not be made to pay a profit
to the owners of the facilities."
The first sentence, if taken with the strictest and
most exclusive literalness and interpreting the word
"control" as meaning regulation, is the conclusion
to which costly and blundering experience has
brought us. But the other two sentences convert
this into a declaration of faith in Governmental
ownership, since private owners would be as effectually ruled out of transportation by denial of any
return to them as they are under a postal scheme
which permits no profits.
Now here is a man who has a hazy sort of notion
that the important work of carrying things rests
or should rest upon some distinctive moral and
economic basis; it is somehow so essential, public
and vital that ordinary considerations do not apply
to it. It is such a public utility that the public
should get their carrying done at "actual cost."
Let us grant that for the moment, it has such a
pleasant sound, suggestive of reduction in the prices
of what the consumer (who is everybody) has to buy.
But producing comes first in the processes of industry, since things must exist before they can be
carried; therefore it is as plain as the largest nose on
the smallest face that the public should not "be
forced to pay more than the actual cost of" production of anything, and an easy corollary extends
the same conclusion to the processes of trading.
Thus we come to this: that "the actual cost"should
be the limit upon everything purchased; and that




[Vol,. 107.

nothing should "be made to pay a profit to the
owners," which is only another way of saying that
there should not be any owners anywhere and of
anything. This logical downhill slide is unavoidable if you once let yourself slip at its top. If the
people should have their carrying done at actual
cost, since that is an essential and public service,
then the public should get everything at actual cost
and prices should not be loaded by profits to any
owners. How, in the elimination of profits and
owners, anybody is to have the cash (or the values)
wherewith to procure anything whatever or to pay
any taxes is a question which these hazy-minded
modern economists do not even attempt to consider.
All this, ex necessitate, means Governmental
owning and doing of everything, since only Government can operate a cornucopia that pours an
unending stream of blessings from one end without
gathering anything to fill up at the other. When
Government runs everything and does everything
for us, then the people will have arms overflowingly
full, will become happy, and therefore (lacking
temptation to be otherwise) will be virtuous also,
and the country will change its name to Utopia.
Now comes forward the venerable Cardinal Gibbons, several years past fourscore, voicing, after a
long observation, his faith in the future of the country, based upon faith in the ultimate common sense
of the common people. He does not dread socialism, because he believes the working people know
that any grievances they may have lie within their
own power to relieve. So he has no fear lest "they
will be led astray by the specious doctrines of socialism to their own undoing." Yet he does fear the
insidious workings of that spirit, for he adds:
"The only apprehension I might have would be
with regard to the consolidation of control of the
great public interests of the country in the authorities of the Government itself. These interests
are vast and wide, reaching and controlling the
well-being of millions of men, such interests as the
railroads and the telegraphs, as well as others.
I should be sorry to see these things put under the
direction of any Federal Administration. The men
employed in these industries and utilities would form
the preponderating interest in any Administration
and would tend to a perpetuation of power."
That is the danger from the political side, and
not less serious than from the economic. This is
the season conventionally assigned to self-examinations and good resolutions. Let the sober sense
of the people rally to recognize that we have slid
dangerously and must brace ourselves sternly for
the hard re-ascent. Let us set ourselves squarely
against any dallying with even the thought of further Governmental interferences, and against any
"extensions" and any needless delays. We cannot
finish the labor of return immediately, but we can
begin it immediately, the beginning having as its
first step the resolve not to fritter away another
day before taking up the fulfillment of the pledge
of one year ago and putting the wisest minds we
have upon the work of carrying that out. Not
another inch of yielding, but every utmost effort to
get back to the path of sanity and safety and national honor.
The output of the Transvaal gold fields for November 1918, in conformity with the results for very
many preceding monthly periods, was of restricted

DEC. 28 1918.]

THE CHRONICLE

volume, and less than for the corresponding time of
all earlier years back to and including 1910. Furthermore, the yield was the smallest of any month
since February 1914. In other words, production,
as announced by cable, reached only 658,701 fine
ounces, or a per diem average of 21,957 fine ounces,
against 722,839 fine ounces and 24,095 fine ounces
in 1917 and 783,006 fine ounces and 26,100 fine
ounces in 1916. The lowest daily average prior to
that shown above was 21,024 fine ounces in January
1914. This further reduction in output increases to
520,430 fine ounces the decline from a year ago7,779,414 fine ounces, comparing with 8,299,844 fine
ounces—while contrasted with 1916 the loss is 741,662 fine ounces. As it is to be presumed that the
December result will be much in line with that of
previous months, there is reason to expect that the
decline for the full year from 1917 will approximate
close to 575,000 fine ounces and from 1916 not far
from 800,000 fine ounces. Consequently, with production in the remainder of Africa (as indicated by
such returns as are at hand) also running behind,
the year's final result for the whole of Africa promises
to be little, if any, greater than that of 1911.
That the cotton mills of Great Britain have been
operated upon an exceedingly profitable basis in
1918, the situation, therefore, being analagous to that
in the United States, is clearly and conclusively attested by the usual annual compilation of Frederick
W. Tattersall of Manchester. We indicated in the
"Chronicle" of Nov. 16, page 1858, that the Fall
River cotton manufacturing industry had experienced
in 1918 a period of unprecedented prosperity and the
information now at hand by cable would seem to
furnish evidence of a like outcome for the mills of
Lancashire. At least that is the conclusion we arrive
at by an analysis of the results for the last 35 years
(1884 to 1918, inclusive). Mr. Tattersall's latest
compilation covers 40 cotton spinning establishments
with equipment of 3,752,561 spindles, and all producing yarn for sale in the market. The total profit
of the 40 companies, after allowing for depreciation
in plant and interest on loans, is found to be £576,134,
or an average per company of £14,403. The significance of this latter item is greatly enhanced by
comparison with earlier years when conditions were
known to be favorable. In 1917 the average profit
per mill was only £5,085 and the single year in which
the return was appreciably above half that of 1918
was 1907, when it reached £13,211 per unit, that
having stood up to now as the high record. The
£576,134 profit noted above affords an average of
34 1-3% on the paid-up share capital of £1,677,709,
against 133/2% in 1917 and 1114% in 1916, while on
paid-up and loan capital combined the return figures
respecout nearly 22%, against 8%% and 7
tively. Incidental to the compilation it is explained
the height of prosperity was reached in July and
August, when the spinners' margin of profit was
abnormally wide. Prices now being realized are
much lower than three or four months ago.
The foreign export trade of the United States for
November continued of extremely full volume, the
cessation of hostilities abroad, following the signing
of the armistice on the 11th, having been a ,factor
of no moment in the situation. In fact, under
existing conditions no great set-back could reasonably
be expected. The necessity of feeding a large




2399

part of Continental Europe has not been ended by
the close of the war. On the contrary, it will be
urgent for some time to come,but decreasing gradually as the devastated lands are reclaimed to crops.
In the meantime, however, the vast amount of
material required for reconstruction work will in
great measure fall upon us to supply. That being
the case, and with more tonnage available, there is
little prospect of contraction of shipments in the
immediate future. The November total of exports
as expressed in value, not only exceeded by a good
margin the aggregate for October but, due in part
to inflated values, is well above that of the corresponding month in 1917, and consequently establishes a new high record for the particular period
covered. Furthermore, notwithstanding the restricive measures in force all through the year up to recently, the eleven months outflow of goods approaches closely to the high mark of last year. On
the import side of the account the total for November is a new high record as is that for the longer
period.
The value of the merchandise exports for Nov.
1918 was $522,000,000; for the five months since
July 1 the total has been a little over 2,610 millions
(a high mark) and for the eleven months of the
calendar year $5,585,000,000, these comparing with
87,327,694 and 2,345 millions and $5,633,000,000
respectively in 1917, and with 5163/i millions, 2,478
millions and 4,959 millions in 1916, while in 1913,
the year prior to the breaking out of war in Europe,
the results were but 245 millions, 1,085 millions and
2,251 millions.
Imports for the month, as already stated, were the
heaviest ever reported in November, reaching
$251,000,000, against $220,534,550 in 1917 and
$176,967,749 in 1916, with the five months' aggregates 1,274 millions, 1,172 millions and 9019 millions
respectively, and those for the eleven months
2,821 millions, 2,725 millions and 2,186% millions.
The net balance of exports of 271 millions for November is 4 millions above that disclosed by the month
a year ago and contrasts with only 198 millions in
1916. The five months' export balance is 1,336
against 1,173 millions a year ago, but for the eleven
months at 2,764 millions is 144 millions under that
for the period in 1917.
The gold movement continues of contracted
proportions in either direction, the exports totaling
only $2,600,000 and the imports $2,100,000, leaving
a net inflow for the month of approximately $500,000,
and reducing to $21,000,000 the influx for the
eleven months. This contrasts with import balances
of $168,000,000 for the eleven months last year,
$399,550,345 in 1916 and $387,005,280 in 1915..
For the 53 months, since July 1 1914, our net gain
in gold has been $1,049,500,000.
Silver exports showed contraction during November, reaching $8,000,000, or about one-quarter of
the October total. Against this there was an
inflow of $5,500,000, making the net outflow $2,500,000 and increasing to $138,000,000 the net export
for the eleven months of 1918. This compares with
35 mijlions in 1917.
Canada's foreign trade in November, while of
only moderately less volume than in October, fell
considerably below the total for the like period a
year ago, when there was established the highest
record of any month in the history/of the country.

2400

THE CHRONICLE

The contraction, however, was almost entirely in
the exports, the imports running a little ahead of
those of 1917. The chief factor in the curtailed
outflow of commodities was the decrease in shipments of agricultural products, although manufactures, also, were sent out less freely. The November trade statement covers a total of exports of
$119,161,003, which is not only 10 million dollars
less than for October,but 69 millions smaller than for
the month of 1917 and barely 10 millions more than
in 1916. For the eleven months the efflux of goods
reached $1,121,733,843, comparing with $1,399,018,936 and $961,666,000 one and two years ago.
Imports for the month were $73,090,048, against
$72,708,439 and $72,690,000 respectively, and for
the period since Jan. 1 aggregated $833,229,049
against $943,499,567 and $698,709,000. The favorable, or export balance for the month this year is
$46,070,955, but in 1917 was phenomenally large,
due to the heavy grain shipments, standing at
$114,607,076. For the eleven months of 1918,
the net exports have been of a value of $288,404,794,
against $455,519,369 for the like period a year ago
and $262,957,000 in 1916. High prices have, as
in the United States, been an important factor in
swelling the values of the Canadian shipments.
This finds no better illustration than in the case of
wood pulp of which the quantitative outflow for
the year ended Oct. 31 1918 was only slightly
greater than for the corresponding period of 1915-16,
but the value was a little more than doubled.
President Wilson left Paris on Christmas Eve for
Chaumont, France, accompanied by Mrs. Wilson,
Rear Admiral Grayson and a small party. He
first visited, on Christmas Day, the American army
headquarters in Chaumont, where he took dinner
with the men at their mess and reviewed 10,000
American soldiers. At 6 o'clock in the evening he
left American headquarters for Calais, and on
Thursday morning embarked on a warship for England. The program calls for his return to Paris
from England on New Year's Day, when it is expected the most necessary preliminary organization
work of the American commission in Paris will be
completed. The business of beginning peace negotiations may then get under way rapidly if the other
Governments concerned have named their delegates.
Official notification of the appointment of the various
delegates will, it is believed, come within ten days,
although it is realized that the British delegates
may not be chosen until the new Government formally constituted after the count of the vote today. Press dispatches from Paris state that the
question of the admission of German delegates to
the Peace Conference still is undecided, while that
of Russian representation has gone no further than
some informal discussions between the American
commissioners and prominent Russians in Paris.
Doubts are being expressed by some diplomats,
these dispatches say, that the conference can begin
work in the first week in January, as has heretofore
been expected. They are inclined to think that the
first meeting may not be held before February.
In that event the President's plans would be somewhat disarranged because he has been hoping to
return to the United States before Feb. 15 with a
good deal accomplished in a preliminary way at
least. He will be ready to return to Europe in the
spring, but hopes that this may not be necessary.




[VoL. 107.

With regard to the President's visit to England, it is
surmised (still quoting a Paris correspondent) that
in addition to the social functions of his stay, the
occasion may arise for the discussion of important
subjects with British statesmen and the President is
prepared for such an eventuality. On Saturday in
Paris President Wilson took occasion in acknowledging an honorary degree bestowed upon him by the
University of Paris, to reiterate his views as to the
practicability and necessity of a league of nations.
He asserted that if the Central Powers had dared
to discuss the purposes of the war for a fortnight, the
war never would have happened, and he argued that
it was for a league of nations to enforce just that
kind of publicity and avert conflicts in the future.
He said in part:
"My conception of the League of Nations is just
this: That it shall operate as the organized moral
force of men throughout the world, and that whenever or wherever wrong and aggression are planned
or contemplated, this searching light of conscience
will be turned upon them, and men everywhere will
ask, 'What are the purposes that you hold in your
heart against the fortunes of the world'?
"Just a little exposure will settle most questions.
If the Central Powers had dared to discuss the purposes of this war for a single fortnight, it never
would have happened; and if, as should be, they
were forced to discuss it for a year, the war would
have been inconceivable.
"So I feel that war is, as has been said more than
once to-day, intimately related with the university
spirit. The university spirit is intolerant of all the
things that put the human mind under restraint.
It is intolerant of everything that seeks to retard
the advancement of ideals, the acceptance of the
truth, the purification of life; and every university
man can ally hiinself with the forces of the present
time with the feeling that now at last the spirit of
truth, the spirit to which universities have devoted
themselves, has prevailed and is triumphant."
The President met Premier Lloyd George and
Foreign Secretary Balfour at Buckingham Palace
yesterday morning and it was stated at the conclusion of the conversation that there was distinct
understanding between the parties to the conference,
which lasted an hour and a half. They departed
at once for Downing Street, where they lunched with
other foreign statesmen. Besides Lloyd George and
Secretary Balfour those present at the luncheon included Herbert Asquith, former Premier; the Chancellor, Bonar Law; Arthur Henderson and William
Adamson, labor leaders; Lord Reading, Ambassador
to the United States; Viscount Grey, the Marquis of
Crewe, Earl Curzon, Viscount Bryce, Viscount Morley and John W. Davis, American Ambassador to
Great Britain. The program provided for a state
dinner in the evening at which the President was to
meet other members of the Cabinet. Mr. Wilson
expects to carry out his deferred plan for visiting
the battle zone as soon as possible in order that he
may see where the Americans fought. It is possible
that he may go to Italy after his return to Paris,
final decision depending upon his conferences in
London. He expresses the con-xiction that the people
of France are in complete sympathy with his peace
ideas and he is anxious to come in contact with the
Italian people to determine at first hand how they
stand.
Advices from Berlin seem to be coming forward
more freely. While the political atmosphere ap-

DEC. 28.1918.]

THE CHRONICLE

pears to be changing almost hourly, the "revolution"
nevertheless seems to have an undercurrent of stability. German representatives have taken from
Cologne to Brussels 380,000,000 marks (about $91,000,000) in gold which is being restored by Germany
to Belgium in accordance with the terms of the armistice; this provided for the return of the cash deposit
of the National Bank of Belgium, which had been removed by the Germans. The Krupp Company has
decided to omit its dividend this year. It declared
a dividend of 12% in each of the first two war years
and 10% last year. It was announced at the dividend meeting that when the balance was struck at
the end of June the directors decided to pay a 4%
dividend this year, part of which must be taken from
the surplus of 1916. Recent developments, however,
have so unfavorably affected the economic situation
that the directors were unable to recommend the payment of any dividend.
Several important regiments have openly joined
revolting sailors in Berlin and it was predicted in advices sent from Berlin late on Christmas night that
nearly the entire Berlin garrison would support them,
thus leaving the Government without troops. A
large number of sailors also were reported to be arriving from Kiel to j in their comrades in Berlin.
Nearly 100 persons ere killed in street fighting
which began in Berli on Tuesday morning. Herman Molkenbuhr, former head of the soldiers' section of the ExecutiN e Dmmittee of the Soldiers' and
Workmen's Council, ram been appointed military
commander in Berlin
Announcement has been made in Paris by Edward
N. Hurley, Chairman of the United States Shipping
Board, that the Boa d has decided to create a permanent world organization for the purpose of handling the American trade fleet with the greatest effectiveness. The Board will first open office in London,
Paris and Rome, from which centres will be directed
ten or twelve other offices, such as Shanghai; Yokohama and Bombay in the East; Genoa in Italy;
Buenos Aires, Valparaiso and Rio Janeiro in South
America, and at Rotterdam and Antwerp. For
example, with vessels bringing supplies to Belgium
or France, it is of the greatest importance that there
should be a quick turn around. It may be of
advantage to re-route a vessel on this side to India
or to South Africa. The London, Paris or Antwerp
offices would have precise information and be able
to consign a ship without delay for its most efficient
use. The subordinate centles are essential properly
to direct the national fleet. They will be managed,
it is stated, by practical shipping men, who will be
assigned to their posts from the United States.
Financial London has been celebrating a Victory
Christmas holiday this week. President Wilson's
visit undoubtedly has added greatly to the enthusiasm. The banks and the various exchanges closed
down on Tuesday night and will not reopen until
Monday morning. By special proclamation, January 1st has also been declared a bank holiday, and
there will likewise be the usual Stock Exchange
holiday on that day. Hence, the news of a distinctively business nature that has come forward by
cable from London has been scant, which has, however, been compensated for by President Wilson's
visit and his important conferences and functions, as
noted in a preceding paragraph. A rumor has been




2401

current at the British centre that America had decided
to cancel the Allied war debt in recognition of the
Allied war services. No one attempted, apparently,
to substantiate this rumor. Mexican Eagle Oil directors declared a dividend of 15%, making 25% for
the year, which compares with a total of 20% for
the year preceding. William Deacon's Bank, London, is increasing its capital to £10,000,000. It
proposes to issue £1 shares at £2 each and to
give a bonus of £2 on the old shares, making
the latter £10 paid instead of £8. When the operation is completed the total paid-up capital will be
£2,562,000. Rapid growth in the bank's business,
it is explained, has required the placing of its finances
on this enlarged basis.
The British Government is following closely the
policy of our own Government in its endeavor to
restore promptly pre-war conditions in trade and
industry. All the principal non-ferrous metals have
now been released from Government control except
aluminun, which is expected to be released very
shortly. Prohibition on exports has been removed
from a large variety of articles except to Switzerland, no explanation being furnished as to the reason
for this exception. The Manchester Ship Canal is
promoting a Parliamentary bill to increase its rates
75% to meet increased costs of operation. The
British Cotton Control Committee has decided that
the continuance of the system of levies is now unnecessary because of the Government assuming responsibility for the greater part of the "out of work"
payments which will have to be made in the next
quarter year. The running of machinery, however,
is still subject to the Board's license, while conditions
regarding the amount of machinery allowed remain
unaltered. The Committee on Financial Facilities
for post-war trade have completed their preliminary
report, which recommends resumption of the gold
standard as soon as possible and the reduction of
inflation caused by short-dated Government borrowing. It also recommends that the banks accept long-dated fixed deposits extending even as
long as five years, so as to enable them in time to
give long credit when desirable. A Central News
cable states that the Government committee's report
on the production of gold negatives the proposal to
encourage the Empire's output by subsidizing producers. It recommends that the Government supervise gold mining development and allocate labor
equitably. The report says that to pay more for
gold than it is worth in currency is not sustainable
except on the supposition of gold to be unavailable
for export. The committee sees no use in acquiring
gold for such purposes, but expects that sufficient
gold will be forthcoming to adequately strengthen
reserves.
The British election returns will be counted to-day
(Saturday). It is expected confidently that a
decisive coalition majority will be shown. By their
steady increase the sales of the continuing issue of
war bonds still are reflecting the prevailing belief
that a new issue at a lower rate of interest will be
announced as soon as the new Government assumes
control of the country's finances. Last week's
sales of bonds through the banks amounted to
£24,114,000, against £23,537,000 the week preceding
and £20,711,000 the week preceding that. The
London correspondent of the "Journal of Commerce"
cables the rumor that the Government may offer

2402

THE CHRONICLE

at say 85 a big fifty-year loan bearing 432%, but
it is not believed that anything has been definitely
arranged as yet. A big loan of this character is
much preferred in financial London to the policy
of continuoussale at present in operation. Financial
critics argue that war borrowing should end as soon
as possible so as to permit other capital issues to be
marketed freely. The sales of war bonds through
the banks up to last Saturday reached the total of
£1,371,359,000. Through the Post Office Department the sales for the week of Dec. 9 were £707,000,
bringing the total through this channel up to £47,212,000, and making the grand total of this issue
reported thus far £1,419,571,000. Sales of Treasury
certificates for the week amounted to £3,229,000,
bringing the total up to £273,870,000.
The money situation in London is showing an easier
tendency. Sentiment regarding the nationalization of
the British railways is so confused as to render it impossible to strike any satisfactory balance to represent
majority opinion. The attitude of stockholders, if
assured fair treatment, is said to be one of indifference, because they are tired of labor disputes. The
London correspondent of the "Evening Post" declares that the increase of wages during the war
means railroad bankruptcy unless there is a great
rise in rates, which in turn would be prejudicial to
trade. The correspondent predicts that the pressure
of the labor elements will probably bring about
nationalization quickly, and it is predicted in London
that America will await the result of the English
experiment. Continuance of the restrictions on
British exports of capital will, the same correspondent
adds, prevent an early repurchase of American
securities by British investors. There are reported
to be interesting indications in London,that American
investors are desirous of placing their money in
British industries. The formation in London of the
Iron & Steel Exchange, Ltd., by a group of some
40 leading British firms is announced. The Exchange
has rented the great Pillar Hall of Cannon Street
for its offices.
A demand for a working week of 44 hours at the
present scale of weekly wages has been presented
to the managers of municipal and privately owned
tramways of the United Kingdom by the National
Transport Workers Federation. Members of the
Federation of Engineering and Shipbuilding Trades
are voting on the proposal of a 47-hour working
week at the present weekly wage. The proposition
was put to a vote following a conference between the
representatives of workmen and their employers.
Latest returns show 286,545 in favor of the proposal
and 146,526 against it.
British revenue returns for the week ended Dec. 14
were slightly below those of the week preceding;
nevertheless, the total income exceeded expenditures,
and there was an increase in the Exchequer balances
for the week of £232,000. The week's expenses
totaled £53,003,000 (against £49,225,000 for the
week ending Dec. 7), while the total outflow, including repayments of Treasury bills and other items,
was £132,408,000, compared with £143,126,000 a
week ago. Receipts from all sources equaled
£132,641,000, as against £142,887,000 in the week
preceding. Of this total, revenues contributed
£10,996,000, in contrast with £13,727,000 last week;
war savings certificates were £1,400,000, against
£2,300,000, and other debts incurred £19,950,000,




[Vol— 107.

against £12,592,000. War bonds amounted to
£23,095,000, in comparison with £18,441,000. Advances reached a total of £9,000,000, comparing
with £12,000,000 the week before. Sales of Treasury bills equaled £67,900,000, against £83,629,000
the previous week. Treasury bills outstanding indicated a further substantial reduction, having declined to £1,118,718,000, which compares with
£1,120,281,000 a week ago. Exchequer balances
now stand at £8,604,000. Last week the total was
£8,372,000.
A decree re-establishing the free sale and use of
petroleum beginning Jan. 1 has been promulgated
•in Paris. The decree also permits the free sale and
use of automobiles, except those not licensed for
commercial purposes, which are still subject to certain restrictions. The Germans have returned
stocks taken from the banks in northern France
amounting approximately to 6,000,000,000 francs.
Several safes weighing 5 to 7 tons each, which the
Germans did not open and are now in Brussels,
are to be taken back shortly to Valenciennes. The
French Commission charged with inventorying
German thefts in northern France and Belgium have
established headquarters at Spa, Belgium.
Press dispatches from Paris state that the Victory
Christmas celebration in that city varied very little
from that of Christmas days during the war. The
authorities maintained the ban on the traditional
midnight suppers on the ground that they were a
mere waste of food and lighting material which
could ill be spared at present. Some of the more
expensive restaurants evolved a scheme for starting
a m.eal'at 8:30 o'clock in the evening and extending
it well into the night, but they were informed that
police would be posted outside to see that all the
customers left at the regular closing time of 9 p. m.
Paul F. Milukoff, former Russian Foreign Minister,
who was accused last July of Germanophile leanings,
has been advised to 13ave Paris on the ground that
his presence was "believed not to be necessary."
Professor Milukoff obtained a passport for France
at Constantinople by mistake.
No changes in official discount rates at leading
European centres have been announced from 5%
in London, Paris, Berlin, Vienna and Copenhagen;
53/2% in Switzerland; 6% in Petrograd and Norway;
63/2% in Sweden, and 432% in Holland and Spain.
In London the private bank rate continues to be
quoted at 3 17-32% for sixty days and ninety days.
Call money in London remains at 3%. So far as can
be learned, no reports have been received by cable
of open market rates at other European centres.
The Bank of England this week announced another
increase in its gold item of £506,053. This, however,
was offset by a gain in note circulation of £1,343,000,
and resulted in a contraction of £837,000 in total
reserve. The proportion of reserve to liabilities
again declined, to 15.78%, against 16.26% last week
8% a year ago. Public deposits were
and 183/
reduced £5,225,000, but other deposits expanded
£5,152,000, and Government securities increased
£1,850,000. Loans (other securities) registered a
reduction of £1,077,000. Threadneedle Street's
gold holdings aggregate £79,110,764, as against
£58,337,469 in 1917 and £54,304,915 the year before
that. Reserves now stand at £27,253,000, which

DEC. 28 1918.]

THE CHRONICLE

compares with £30,843,500 last year and £33,079,380
in 1916. Loans total £92,148,000. A year ago the
total was £94,888,724, and in 1916 £106,461,404.
Clearings through the London banks for the week
were £368,640,000, in comparison with £442,220,000
last week and £249,077,000 a year ago. Our special
correspondent is not as yet able to give details by
cable of the gold movement into and out of the Bank
for the Bank week, inasmuch as the Bank has not
resumed publication of such reports. We append a
tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1917.
1918.
1916.
1915.
1914.
Dec. 26.
Dec. 26.
Dec. 27.
Dec. 29.
Dec. 30.
70,306,000
Circulation
23,642,000
Public deposits
149,036,000
Other deposits
Govern't securities_ 71,105,000
92,140,000
Other securities
Res've notes & coin_ 27,253,000
Coin and bullion
79,110,764
Propor'n of reserve
to liabilities
15.78%
. Bank rate
5%

45,943,905
42,009,347
124,161,430
58,303,023
94,888,724
30,843,500
58,337,469
18.56%
5%

39,675,535
52,116,381
126,726,657
57,187,707
106,461,404
33,079,380
54,304,915

35,309,255
49,677,317
111.972,557
32,840,016
112,075,710
34,617,152
51,476,407
•
18.49%
21.41%
6%
5%

36,139,180
26,932,515
128,055,376
14,807,551
106,236,107
51,804,430
69,493,610
33.42%
5%

2403

to 1,193,701,000 marks. Other securities expanded
41,927,000 marks, investments 1,356,000 marks
and other liabilities 412,889,000 marks. Advances
were reduced 1,078,000 marks. The Bank's stock
of gold is reported at 2,304,477,000 marks. This
compares with 2,404,680,000 marks last year and
2,518,880,000 in 1916. Note circulation aggregates
19,664,958,000 marks, as against 10,691,040,000
marks last year and only 7,571,520,000 marks in 1916.
Last week's statement of New York associated
banks and trust companies, issued on Saturday,
made a rather better showing, there having been
a reduction in 'oans and a moderate increase in surplus. Government deposits this week increased from
$167,006,000, to $248,239,000. Net demand deposits expanded $37,831,000, to $3,917,330,000
(from which has been deducted the $248,239,000 of
Government deposits). Net time deposits declined
$5,310,000, to $135,859,000. Loans were contracted
$20,805,000. Cash in vaults (members of the Federal Reserve Bank) increased $5,543,000, to $109,832,000 (not counted as reserve). Reserves in the
Federal Reserve Bank of member banks showed an
expansion of $24,088,000, to $557,846,000, while
the reserves in own vaults (State banks and trust
companies) gained $246,000, to $10,430,000, and
reserves in other depositaries (State banks and trust
companies) increased $308,000, to $9,230,000. The
gain in aggregate reserves totaled $24,642,000, thus
bringing . the amount to $577,510,000, against
$542,474,000 held at the corresponding date last
year. Reserve requirements expanded $4,819,760;
hence the increase in surplus was cut to $19,822,240,
and the total of excess reserves now stands at $59,691,750, as compared with $77,241,210 last year.
These figures are based in both instances on reserves
of 13% for member banks of the Federal Reserve
system (but not counting cash held by these banks,
Which in the present year amounts to $109,832,000).
Circulation aggregates $35,816,000, a gain of $118,000. The bank statement in fuller detail is given
in a subsequent section of the "Chronicle."

The Bank of France in its weekly statement continues to show gains in the gold item, the increase
this week being 4,116,000 francs. The Bank's total
gold holdings now amount to 5,477,568,500 francs,
comparing with 5,351,524,807 francs in 1917 and
5,075,914,560 francs the year before; of these
amounts 2,037,108,484 francs were held abroad in
1918 and 1917 and 1,693,087,732 francs in 1916.
During the week Treasury deposits were increased
70,306,000 francs and bills discounted were augmented by 74,359,000 francs. Trade advances, on
the other hand, fell off 1,488,000 francs, silver was
decreased by 153,000 francs and general deposits
diminished by 85,480,000 francs. An increase of
750,000,000 francs in advances to the Government
is accounted for in an official note issued by the
French Minister of Finance by operations in progress
in exchanging German marks for francs in AlsaceLorraine. Note circulation registered the large expansion of 978,388,000 francs, this being evidently
connected with the same circumstance. The total
amount of notes outstanding is brought up to 30,249,612,000 francs. In 1917 and 1916 the amounts
were 22,336,798,710 francs and 16,678,817,915 francs,
The money position presents no important new
respectively. In 1914, immediately preceding the
features.
The 332% rate for call loans of last week
outbreak of war, the total outstanding was 6,683,has
not
been
repeated. But funds have been avail184,785 francs, while in 1918, just prior to the signing
able
for
all
purposes,
and it would not be fair to
of the armistice with Germany, the amount stood at
assume
that
the
dulness
which has taken possession
30,821,245,000 francs. Comparison of the various
of
the
market
for
securities
is due primarily to the
items with the statement of last week and correcurtailment
of
Stock
Exchange
banking accomsponding dates in 1917 and 1916 are as follows:
modation which has been in effect for so long a
DANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
period. Stock market operators now are alive to the
Status as of
or Week.
Dec. 26 1918. Dec. 27 1917. Dec. 28 1916.
seriousness
of the reorganization problem and are
Francs.
Francs.
Gold Holdings—
Francs.
Francs.
Inc. 4,116,000 3,440,460,016 3,314,416,322 3,382,826,828 not disposed to permit
In France
the natural enthusiasm
No change
2,037,108,484 2,037,108,484 1,693,087,732
Abroad
attending
peace
to
encourage
them to participate in
Inc. 4,116.000 5,477,568,500 5,351,524,807 5,075,914,560
Total
153,000
Dec.
318,347,446
Silver
247,657,246
294,869,186 large commitments for a higher range of prices for
Ine. 74,359,000 1,046,274,600
Bills discounted
911,962,359
619,525,000
Dec. 1,488,000 1,215,613,500 1,224,798,045 1,317,753,342 stocks and bonds. There is no question that the
Advances
Inc.978,388,000 30,249,612,000 22,336,798,710 16,678,817,915 Money Committee
Note circulation
was successful in its plan for
111,683,000
Treasury deposits_Inc. 70,306,000
251,859,293
15,009,122
Dec. 85,480,000 1,366,197,C00 2,913,740,854 2,260,223,861 preventing a runaway market when the armistice
General deposits
so suddenly ended hostilities. But enthusiasm now
The Imperial Bank of Germany reports the fol- has had time to reconcile itself to facts and the
lowing changes for the week of Dec. 14: A decrease restraints upon Stock Exchange members in the matter
of 3,325,000 marks in total coin and bullion; 3,406,000 of keeping their own lines below the levels of Sepmarks in gold and 251,000 marks in notes of other tember appear more nominal in their operation
banks. Treasury notes showed the large expension to-day than real. The Money Committee has not
of 286,980,000 marks, while bills discounted regis- formally disbanded. It holds itself in readiness to
tered the enormous increase of 2,111,298,000 marks. take such measures as may be found necessary
Note circulation was also heavily increased, viz., whenever the speculative spirit threatens to develop
830,337,000 marks, and deposits which mounted up on active lines. A similar condition is that of the




•

2404

THE CHRONICLE

[VoL. 107.

Capital Issues Committee at the national capital serve banks. Prevailing rates for various classes of
which has not definitely wound up its affairs but has paper at the different Reserve banks are shown in the
decided that necessity no longer exists for further following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
meetings. It stands ready, however, to reassemble
impose
promply
will
and
Chairman
2 . i
at the call of its
.*.e
restrains upon the issue of new capital if there should
1
ei
CLASSES
; .2 a
t i
arise too severe competition with the Government's ESCOUNTSOFAND LOANS
A 1 i 4 rE
demands for investment funds. It is to be expected
that the removal of these restrains by the committee Discounts—
4
Rhin 15 days,incl. member
4
434 434 434 434
will be followed by a series of capital applications banks' collateral notes__ 4 4 4434 4%
434 434 414 4
5 4% 434 434 454 5 434 5
16 to 60 days' maturity__ 4% 4%
maturity__ 434 434 4% 4% 5 4% 434 434 5 5 5 5
by railroads and other large concerns with whom 61 to 90 days'
A;picultural and live-stock
5 5 5 534 5% 5 534 534 534 5%• 534 534
paper over 90 days
new financing has not been possible during the Becured
by U. S. certificat
Libor
of
indebtedness
Great
the
in
participation
our
practical
period of
erty Loan bonds-15 days, including
War. Preparations are, of course, in active progress Within
member banks' collat4 4 4 4 Jig 4 4 4 4 243( 4 434
notes
for the accumulations of New Year dividend and 16eral
Mg 4% 434 434 2434 2434 24% 2434 4% 2434 4% 434
to 90 days' maturity
Acceptances—
interest payments. These, however, should be Trade
4% 434 434 434'4'4 434 434 434 4% 434 4344140
to 60 days' maturity
completed in a few days and with the general caution 61 to 90 days' maturity .._ 434 434 434 434 434 434 4% 434 434 434 434 434
Rate of 3 to 434% for 1-day discounts in connection w th the loan operations
which is displaying itself in industrial and business of the
Government. Rates for discounted bankers' acceptances maturing within
15 days, 4%; within 16 to 60, days 434%; and within 61 to 90 days, 434%.
banking
in
probable
is
it
considered
circles generally
Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding •
circles that further relaxation will mark the position Interest
rate on bonds.
for trade acceptances maturing within 15 days, 436%•
of money until active preparations are again neces- a Rate
Fifteen days and under, 434%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
sary for the Government's fifth war loan.
Note 2. Rates for commodity paper have been merged with those for commercial
of corresponding maturities.
Dealing with specific rates for money, call loans paper
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day discount rate,trade acceptances maturing within 15 days will be taken at the lower rate.
application Is made by member banks for renewal of 15-day
this week ranged between 4 and 6%, as compared Note 4. WheneverReserve
banks may charge a rate not exceeding that for 90-day
paper, the Federal
the
was
class.
paper of the same
with 332@5% a week ago. Monday 5%
highest, with 4% the low and ruling rate. Tuesday
Sterling exchange merits no extended comment
the maximum was advanced to 6%,though renewals
4%.
still
was
minimum
transactions have been light and changes in rates
the
and
since
5%,
at
made
were
Wednesday was a holiday (Christmas Day). Thurs- have had no real significance. In fact, quotations
day there was no range, 6% being the only rate remained pegged and are likely to continue so until
quoted all day. On Friday rates were not changed • the general international financial problem is taken
from 6%, which was the high, low and also for up after the declaration of peace. Referring to the
renewals. These figures refer to loans on mixed more detailed quotations, the market on Saturday
collateral. "All-industrials" continue to be quoted was quiet but steady and not changed from 4 7580@
at M of 1% higher. For fixed maturities a definitely 4 75 13-16 for demand, 4 76 9-16 for cable transfers
easier trend was noted. Loanable funds were in and 4 7314@4 73% for sixty days. Monday's openbetter supply and some loans were reported at as ing was firm with a moderate inquiry recorded; de2, cable transfers
low as 53% for thirty days. Sixty and ninety- mand ranged at 4 7580@4 75823/
4
at
733/2@4 73%. Preday money is now quoted at 532%, against 5M@ at 4 76 9-16 and sixty days
and the market a
on
and
Tuesday
ruled
6%,
dulness
against
holiday
5%%, four months at 5%@6%,
at a standstill,
practically
Trading,
was
time
the
of
part
unchanged.
good
6%,
at
five and six months
however, was not important. The opinion is ex- with rates pegged at the levels of the day preceding.
pressed in banking circles that except for pending Wednesday was a holiday (Christmas Day). A
heavy Government withdrawals, a still further slightly easier tone developed on Thursday and derelaxation in money might be looked for. A favoring mand receded fractionally to 4 75 13-16, and cable
influence was the publication of the national bank transfers to 4 7655@4 76 9-16; sixty days, however,
report showing resources of almost $20,000,000,000. were not changed from 4 733/2@4 73%. On Friday
Last year sixty days was quoted at 514%, ninety the market ruled quiet and about steady, with rates
days at 532@5%%, and four, five and six months still unchanged. Closing quotations were 4 733/2©
5 for sixty days, 4 75%@4 75 13-16 for de4 73%
at 5%@6%.
2@4 76 9-16 for cable transfers.
Commercial paper rates were not changed from mand and 4 763/
53@6% for sixty and ninety days' endorsed bills Commercial sight bills finished at 4 75%@4 75%,
receivable and six months' single names of choice sixty days at 4 7234@4 72%, ninety days at 4 713/i
%, documents for payment (sixty days) at
character, with New England mill paper reported @4 713
require
still
723.'g, and seven-day grain bills at 4 74%@
4
72@4
known
well
Names not so
at
with
and grain for payment closed at
reported,
Cotton
4
75.
was
activity
of
degree
fair
A
6%.
8.
There were no imports or exports
75
4
759'@4
best
names.
the
for
demand
good
a
Banks' and bankers' acceptances were in demand of gold recorded during the week.
and a fair volume of business was done for local
account. Brokers reported a distinct broadening
Dulness remained the outstanding feature of operaof operations among the out-of-town institutions. tions in the Continental exchanges this week, which
The tone was steady and rates unchanged. Demand was not surprising in view of the interruption of the
loans on bankers' acceptances continue to be quoted Christmas holidays. Trading was reduced to miniat 43j. Detailed quotations follow:
mum proportions. Variations in rates were unimDelivery
Spot Delivery
portant. The undertone, however, was firm, with
within
Thirty
Sixty
Ninety
30 Days
Days.
Days.
Days.
44'bid the trend toward higher levels. French exchange
4%12343( 4%@4% 44@4
Eligible bills of member banks
4% bid
®434
4%@4% 4%@43(
Eligible bills of non-member banks
was well maintained. Lire ruled without altera6 ii±d
534@l5
53441)5
53465
Ineligible bills
tion, while the situation in ruble exchange reNo changes in rates, so far as our knowledge goes, mains as heretofore. Quotations for reichsmarks
have been made the past week by the Federal Re- and kronen are still unobtainable. Among more im


DEC. 28 1918.]

THE CHRONICLE

2405

portant of the new rulings recently promulgated by
Far Eastern rates are as follows: Hong Kong,
the Division of Foreign Exchange of the Federal 80@8034 (unchanged); Shanghai, 124@1243/
2 (unReserve Board, is a provision expressly prohibiting changed); Yokohama, 52%@53 (unchanged); Mandealers in foreign exchange from transferring funds ila, 5034@5032, against 503/
8@5034; Singapore,
2@36% (unto foreign countries for the purpose of purchasing 563/2@56% (unchanged); Bombay, 363/
securities, or making investments of any nature changed), and Calcutta •(cables), 36%@37 (unwhatsoever, for their own account or that of other changed).
persons, except the building up of deposit accounts
The New York Clearing House banks, in their
in connection with their regular foreign exchange
business, without first obtaining the approval of the operations with interior banking institutions, have
Division of Foreign Exchange. Until otherwise in- gained $3,688,000 net in cash as a result of the currency movements for the week ending Dec. 27.
structed, dealers are likewise prohibited from issuing Their receipts from the interior have aggregated
letters of credit, or making transfers of funds for the $8,014,000, while the shipments have reached $4,purpose of purchasing goods to be held in ware-. 326,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss of
house for future and indefinite shipment.
The official London check rate in Paris finished at $65,270,000, the combined result of the flow of
25.973/2, which compares with 25.98 a week ago. In money into and out of the New York banks for the
New York sight bills on the French centre closed at week appears to have been a loss of $61,582,000, as
/
8, against follows:
5 453', against 5 4532; cables at 5 447
Week ending Dec. 27.
Into
Out of
Net Change in
5 45; commercial sight at 5 4634, against 5 4634, and
Banks.
Banks.
Bank Holdings.
513/
2
,
against 5 513/ last Banks' interior movement
commercial sixty days at 5
$8,014,000
34,326,000jGain 33,688,000
week. Lire finished at 6 36 for bankers' sight bills Sub-Trees. and Fed. Res. operations 32,418,000 97,688,000Loss 65,270,000
$40,432,000 3102,014,000 Loss 861,582,000
and 6 35 for cables, unchanged. Rubles continued Total
to be quoted nominally at 14 for checks and 15 for
The following table indicates the amount of bullion
cables. Greek exchange ramains as heretofore at in the principal European banks:
5 163/ for checks anf 5 15 for cables.
Dec. 25 1918.
Dec. 26 1917.
As to the neutral exchanges, trading was of a Banks of— Gold.
Silver. I Total.
Gold.
Silver.
Total.
listless character, though increased firmness devel£
£
I
£
£
£
oped, largely as a result of continued buying on the England__ 79,110,764
79,110,764 58,337,469
58,337,469
Francea._ 137,618,4
12,735,000150,353,400 132,576,652 9,880,000142,456,652
Germany_ 115,223,850 1,014,910116,238,760 120,249,800 8,218.850128,468,650
part of speculative interests abroad. Swiss exchange Russia
*__ 129,650,000 12,375,000142,025,000 129,650,000 12,375,0001142,025,000
Aus-Hun c 11,008,000 2,289,000 13,297,000 11,008,000 2,289,000
1 13,297,000
showed a further advance of 5 centimes. Copen- Spain
____ 89,131,000 25,855,000114,986,000 78,657,000 28,600,000 107,257,000
38,439,000 3,200,000 41,639,000 33,352,000 3,047,000 36,399,000
hagen, Stockholn and Christiania remittances were Italy
Netherl'ds 57,653,000
600,000 58,253,000 58,292,000
569,6
58,861,600
Nat.Bel.h 15,380000,
600,000 15,980,000
15,980,000 15,380,000
firm and higher, while pesetas ruled strong. Guild- Switz'land
17,375,000
17,375,000 12,006,000
12,006,000
Sweden
15,474,000
15,474,000 12,302,000
12,302,000
ers were steady, though without important change.
Denmark_ 10,335,000
130,000 10,465,000 9,922,000
147,000 10,069,000
1 6,734,000 6,332,000
6,332,000
Bankers' sight on Amsterdam finished at 42%, Norway_ _ 6,734,000
Tot.week_ 723,132,014 58,798.910781,930,924 678,064,021 65,726,450743,791,371
4,against 42%;commercial Prey.
against 429'g; cables at 427
week 722,631,621 58,849,860781.481,481 677,312,064 64,620,850 741,932,914
sight at 42 9-16, against 42 9-16, and commercial a Gold holdings of the Bank of France this year are exclusive of £81,484,340
abroad.
sixty days at 42 3-16, against 41 15-16 on Friday held
*No figures reported since October 29 1917.
c
Figures
for both years are those given by "British Board of Traee Journal"
of the preceding week. Swiss exchange closed at for Dec. 7 1917.
ii
August
6
1914 in both years.'
4 80 for bankers' sight bills and cables at 4 77,
compared with 4 86 and 4 83, the week before.
THE PLACE OF THE PAST YEAR IN
Copenhagen checks finished at 26.873' and cables
HISTORY.
2, against 26.80 and 27.00. Checks on
at 27.123/
Sweden closed at 29.123/ and cables 29.073', against
From the mere fact that -it marked the conclusion
29.10 and 29.30, while checks on Norway finished of the greatest of all wars, the year which ends next
at 27.873/ and cables 28.123/
2, against 27.80 and Tuesday will necessarily have a notable place in
28.00 last week. Spanish pesetas closed at 20.00 for history. Yet, since the war was bound to end some
checks and cables at 20.10. This compares with time, the actual place which 1918 will hold hereafter
19.97 and 20.05 a week ago.
is likely to depend on many circumstances which
Regarding South American quotations, the rate have not yet unfolded. The American people do
for checks on Argentina finished at 45.10 and cables not nowadays look back at 1865 as a landmark
at 45.25, as compared with 45.10 and 45.25. For and turning-point in our history. The subsequent
Brazil the check rate declined to 26.60 and cables to ten or fifteen years showed that the larger tendencies
26.75, against 26.75 and 27.00 a week ago. Chlian in our national development pursued exactly the
exchange is quoted at 10 7-16d., with Peru still at same course after the termination of the Civil War
50.125@50.375. The Federal Reserve Board an- as in the three or four preceding years.
nounces that pursuant to arrangements effected
The really pivotal twelvemonth came in 1879,
with it the Peruvian Government is prepared to when the economic fortunes of the United States,
furnish up to the amount of $15,000,000 Peruvian and with them very largely its political tendencies,
exchange required to pay for commodities imported took a new direction. Probably the English people
from Peru to the United States. Such exchange of 1814 imagined that year, after Napoleon's abdimay be obtained by American importers (through cation and the ending of twenty years of war, to be
their banks in the United States), and by such one of the most notable in history; and so in many
banks by the deposit (through the Federal Reserve respects it was. Yet the war was unexpectedly
bank of their respective districts) with the Federal renewed during 1815, and even after Waterloo the
Reserve Bank of New York to the credit of the putting into effect of the decisions of the Congress
Junta de Vigilancia de la Emision de Cheques of Vienna soon showed that, whatever else could be
Circulares of Peru of $5 0114 for each Peruvian said of either year, neither marked a change of
pound desired and the payment, in addition of a direction in the tendencies of government or in the
commission of 1-20 of 1% and cable charges.
general character of history. •




2406

THE CHRONICLE

In other words, it is never easy to obtain the true
perspective until much later in such a period. The
judgment of history would probably classify 1788,
when the American Constitution was adopted, as
for that reason a far more important landmark than
1776, the year of Independence. But 1789 with its
French Revolution, and 1688 when the English Constitution was established, stand out to-day as historic occasions fully as important, even when judged
in the light of subsequent history, as they were considered by the people of the day.
When all this is said, the fact remains incontestable
that 1918 is in any case certain to be remembered
in the long future as one of the most extraordinary
years of modern history. Its paramount event was
manifestly the surrender of Germany. Yet the
mere occurrence of that event can already be seen
to have been far less significant than the manner in
which it occurred, the social conditions which it
showed to exist, and the sequel which it instantly
involved in the political institutions of Central
Europe. This part of the history of 1918 is not less
memorable from the fact that no such sweeping
and comprehensive change from the old order of
things had been predicted or imagined. That
Germany would lose the war, that she would have
to sue for terms on her enemy's conditions,and that
she would forfeit, perhaps for many generations,
her place as the foremost political and military
Power of the Continent, had been the belief of many
competent observers, since the early stages of the
war. The same careful watchers of the signs of the
time had been inclined to hold that social and
political disorder, possibly some kind of revolution
in government, would occur in the Teutonic States
as a longer sequel to defeat.
But no one had at any time ventured the prediction
that every imperial, royal and princely house of the
Central Empires would be forced to abdicate within
two days after the preliminary armistice had been
signed, and before even the permanent terms of
peace had been drawn up by the Allies. Exactly
what that extraordinary series of events portends
to the future history of Europe can no more be
surely predicted to-day than similar conclusions
could have been drawn in 1917 from the Russian
Revolution—which, as a matter of fact, most people
have been disposed to regard as an incident rather
than a determining fact in European politics. But
the sudden downfall of the whole system of feudal
aristocracy in Central Europe can hardly fail to
foreshadow very marked changes in the character
and direction of history.
When the year 1918 is reviewed in the light of the
successive occurrences which marked its progress,
what must first impress most minds is the
total change within the compass of two or three
months, in the world's attitude and expectation regarding the European war. We shall probably have
to wait for the full disclosures and investigations of
history to determine finally just how critical, in the
light of the fortunes of the Allies, the situation actually was at the climax of Ludendorff's drive. We
have had abundant testimony of the frankest sort
to the effect that the Allied Governments, notably
England, looked at the movement of events with the
gravest apprehension. Sir Douglas Haig had himself in April described his army as "fighting with its
back to the wall." Paris was being abandoned by
many of its civilian residents, and predictions were




[voL. 107.

made in numerous Allied circles, not only of the capture of the city but even of the collapse of France
through physical and economic exhaustion. People
who then adopted those gloomy views have not repudiated them even now. The case in March and
May, they still tell us, was nearly desperate, but the
situation was saved by the arrival of the Americans
in the nick of time, and by their wholly unexpected
display of fighting qualities. ,
The explanation gratifies our national pride. Yet
the striking fact in the disclosures from the German
side, since the armistice was signed, is that no such
expectation of a conclusive victory over Paris and
the Allies appears to have been entertained in German imperial and military circles, even when Ludendorff was at the height of his seeming success. This
testimony is all but unanimous to the effect that the
drive into France was a desperate effort, whose
failure nearly every responsible German authority
expected; that the apparently irresistible German
army was in reality using up with the utmost recklessness the last reserves of its man power and
munitions, and that its end as a formidable fighting
machine could notin any case have been delayed much
longer. Here is a diametrical conflict of opinion.
It does not even rest on agreement with or dissent
from the theory held by many French military
writers, that the German generals, from the elder
Von Moltke down, have only been good quartermasters, never inspired strategists.
Whatever the conclusion of history on this, the
real situation and possibilities in the early campaigns
of 1918, the result proves clearly that the crumbling
away of Germany's morale—economic and political,
and therefore military—had already gone so far that
reversion to the old order of things was in any case
bound to be impossible. We now know that the
year 1918 was witnessing, even in the spring and
summer, the absolute downfall of a political system
which had been the dominant fact in European
history during more than half a century.
As to what will be the inference from the events
of.this remarkable year, in regard to the status and
political fortunes of other peoples, a much longer
lapse of time may be required to answer the question. That France has for a second time vindicated
her right to a high place in the social and political
development of the century, and that the British
Empire is a greater political power, and perhaps, in
the long run, a greater economic power than it was
in 1914—these seem to-day to be logical conclusions.
Subsequent history may emphasize or it may modify
them. Very definite conclusions regard:ng the
United States, after its immense display of financial,
economic, naval and military power at this year's
supreme crisis of the war, are plainly being drawn in
Europe—which is to-day manifesting a belief, as to
our future place in history, even more enthusiastic
than that which has been asserted by the American
people themselves.
THE DEFENSE OF LIBERTY.
The great historian of the 19th century, Lord
Acton, a thorough Liberal, called attention to the
fact that the principle of Equality, which the French
Revolution set in the central position in its exaltation
of "Liberty, Equality and Fraternity," endangered
Liberty.
In his review of May's "Democracy in Europe"
in the "Quarterly Review" of January 1878 he

DEC. 28 1918.]

THE CHRONICLE

2407

pointed out this contrast with the American Revo- fundamental principles for itself, as well as for
lution, with its declaration of the right to "life, others, and it must justify and defend them.
liberty and the pursuit of happiness," drawing the "Camouflage" is a popular and convenient term for
moral that "a revolution with very little provocation defense against a declared enemy; it is of no use
may be just, and a democracy of very large dimen- against wolves that come in sheeps' clothing.
sions may be safe;" adding this, "the defect in the
We can accept the ideal of democracy defined as
principles of 1789 was that they exalted equality a free people living under a government of their own
at the expense of liberty, and subjected the free will choice which they accept as in the best sense of
of the individual to the unbridled power of the themselves, by themselves and for themselves. It is
State."
a state that needs no justification, it witnesses to
We have ample illustration of the truth of this itself in the peace, the contentment, the prosperity
statement in the form of the revolutionary movement and the progress of its citizens.
which is sweeping over Europe. It is essentially
When we come to liberty there are many definia class movement, and of the class that is most tions. It certainly is not license, as it is so constantly
completely under the influence of the doctrine of interpreted. It does not connote a State in which
equality. Its aim is to establish for all its own either every man, or even the State can do what it
level. It has little concern with leveling any up, wills, though in Germany the State and some
its whole aim is to level all who are above it down. individuals have claimed this right for themselves.
The principle which, with perhaps very imperfect It is not the right of eternal restlessness, or the
understanding of what it involves, has everywhere breaking away from the past and the breaking up
governed the practice of the trade unions, that of of existing institutions because they are old, with
securing equality as near as possible for all their the adoption of others because they are new. It is
members in wages, hours and production, has not rebellion against law because it is law, or, perbecome the controlling principle among revolution- chance, is "man-made." It is not the right of the
ists, whether soldiers and workingmen's councils, "outs" to change places with the "ins," or the
Bolsheviki, Soviets or Socialists of any name,all, "have nots" to destroy the possessions of those who
except perhaps a very few of the most thoughtful.
"have." All these are real but factitious interThe result is everywhere the same, the end of pretations.
liberty for the people and the State. Lord Acton's
Liberty is the opportunity to live freely in common
connection of the movement with the unbridled with other men, to guide and restrict ourselves to
power of the State, which at first perhaps is not mutual helpfulness in a community of folks who
apparent, is confirmed wherever the revolutionary enjoy the same privilege, and who being individually
movement gains control. Its assumption of the assured of protection in doing what they believe to
functions and power of the State is at once character- be their duty, together create a stable civilization:
ized by the crushing of "the free will of the indi- As virtue is no coy protesting damsel, nor yet a
vidual" to the extent of crushing him if he does not thin-blooded defiant maid, but poised and consubmit. There is no difference between the au- scious womanhood facing cheerfully the respontocracy of the Bolsheviki and the autocracy of the sibilities and duties of daily life; so liberty is not a
Czar, except that it is more destructive.
rampant and rebellious!youth, nor yet a rich and selfThe war has been fought to make the world safe sufficient manhood, but humanity conscious of its
for democracy. Is the world going to be fooled by virility, cherishing its [ideals] and devoting Lits
a democracy whose shibboleth is equality, or does untrammeled powers and provident acquisitions
it demand first of all and for all, the enjoyment of a to the welfare of others, while accepting its own
liberty which shall make possible to each the pur- beneficent service as its crown. This is the liberty
suit of happiness, and shall give life its meaning? the men of to-day are set to defend, the only liberty
Only with this consciousness of personal freedom is under which democracy can be safe.
fraternity possible, for only when it is spontaneous
What we want to know, to turn again to Lord
and generous is it a reality.
Action, "is not the ferocity of Marat," i. e. of von
More than fifty years ago another noted historian Tirpitz or Trotzki; "or the weakness of Louis,"
wrote a book on "The Struggle for Law," to prove i. e.,of the Czar or the German Crown Prince;"or
that law, the badge of every civilized community the sombre fanaticism of Robespierre," i. e., of the
and the one condition of its permanence and happi- Kaiser or the Turk, "but why the old world," i. e.
ness, has to be struggled for no less than does Central Europe and Russia, "that had lasted so
liberty. He started with the assumption that that long went to ruin, how the • doctrine of equality
was everywhere understood as true of liberty, of sprang into omnipotence, how it changed the prinwhich eternal vigilance is the price. The danger ciples of administration, justice, international law,
to-day is that in the melee into which the civilized taxation, representation, property and religion."
world has fallen this fundamental truth will be forThis is the tremendous change that to-day is
gotten, and that democracy will find itself following taking place under our eyes in the old world, and
behind a car bearing a goddess who wears a liberty which it does not do for us to think in no way concap, but rides under a red flag and carries in her cerns us. It is the result of impersonal forces which
hands a torch and a bomb, surrounded with a contend for the rule of the world, and which are
multitudinous mob of frenzied men and women of arrayed against other ruling ideas which have guided
strange faces howling in stranger speech. The and controlled associations of men, and which we
Anglo-Saxon race is little used to anarchy and chaos; recognize as having shaped the liberty and the
it is called to-day to help the world to escape from democracy of America. Our fathers made choice
them, as it hopes once for all to deliver it from war; between them, and we to-day and in the days imit certainly is called to know what it is about. It mediately to come, have to do the same.
must give so much thought to its convictions as to
Do we believe in liberty established by law?
state them in definite terms. It must definelits Do we believe in a:Yrepresentative and constitutional




2408

THE CHRONICLE

Government under which we have fought successfully two great wars, in one of which we established
our own right to exist under our form of Federal
union, and in the other have made great sacrifice
to deliver the oppressed and to help other peoples
to the liberty which has meant life to us? Do we
believe that there is one law of morality for men
and for nations, and that the Golden Rule is fundamental withtmen because it originates in the bosom
of God? DoIwelbelieve that the abundance God
has showered upon us He means should be shared
with those about us in such ways as shall secure
their enjoyment of life, liberty and the pursuit of
happiness, and shall create, if not "equality", at
least adequacy of opportunity for free men? And
do we believe that we are in honor bound to do our
part in helping otherrnations to the freedom in which
they may find their way to the abundance of good
that is ours, as ourlboys across the sea have with
heroic sacrifice made that helpful purpose at once
our noblest honor and our nation's pledge? Then
it will be easier thanNt_has been for men to believe
that the Kingdom of God is to come on earth.
BUSINESS IN THE TRANSITION PERIOD.
It is proverbial that two heads are better than one;
yet a multiplicity of goodicounsel is often bewildering.
We are certainly having the latter, in the public
prints, at the present time. Men of large affairs
are looking over the field and indulging in prophecy.
Optimism is predominant, perhaps; but there is a
note of pessimism that is unmistakable. One sees
"labor" easily absorbed; another looks upon the
sudden return ofirsome fifteen millions of men to
peaceful industrial pursuits as very disquieting.
All eyes are!strainingfahead to foreign trade and the
possible international complications, yet little in
the way of actual "combinations" for that purpose
is in evidence outside of what has just been done in
copper and steel.
War contracts are being canceled, war boards
are being dissolved, volunteer workers are rapidly
returning to former tasks, thousands of ordinary
employees must be adrift; though their presence
is as yet little felt; union labor, beyond the assertion
that it intends to maintain "advantages" gained,
seems to be standing pat, there would appear to be
fewer strikes in the face of impending dearth of
employment; prices are high, some maintain they
will go higher, before the inevitable fall; credit is
still a matter of tremendous figures, of international
scope, of long and prospectively longer time, due
to fixation of time in and upon war debts, and the
banks are not commercially free, are in fact bound
to conditions occasioned by war, so that the small
man, as the large, does not know when or how much
or where he can borrow; the full brunt of heavy
taxation is soon to fall upon business through the
pending revenue bill; there is an inflation, which
has more aspects than the mere increase of Federal
Reserve notes and gold stock, heavy as these are—
an inflation of movement, of peculiar kinds of production, of the hectic energies that accompany great
enterprises, now defin tely checked, and few attempt
to measure its full effects on the immediate future;
and meanwhile the economic and commercial effects
of the peace treaty and the elements to be embodied
in the provisions of a League of Nations hang in the
balance. All that can certainly be declared is that
we are entering upon the transitionlperiod.




107.

The voice of the small business man is seldom
heard. Yet he lives at the base of everything He
really in his own person and his small business combines labor and capital and starts everything going.
Just now he must feel a hesitation. If he is a small
merchant, he will hardly load himself down with
goods bought at war prices. If he is a farmer, he is
anxious as to the price of wheat and corn a year
from now—whether that price is to be fixed by Government or by the markets of a new world. These
men know they cannot individually change the great
currents of trade, outline the developing international
policies and principles—and yet they must work
on, producers and distributors, without which the
mills of industry and exchange would run dry. They
do gather certain broad impulses from current affairs
that aggregate into a tremendous influence—but the
bottom facts of human existence, the peoples and
the soils, and the natural laws of supply and demand,
these they know exist in fixed relations that do not
change.
Out of the mazes of circumstance and opinion one
fact emerges that takes hold on the business consciousness everywhere, the upset of war is over.
And no matter what Governments may do or
treaties declare, the old engineries of life must settle
back to the old-time • conditions—the application of
energy to production and exchange, limited by the
laws of nature. Nothing that may be done by
political entities, by masses of men in common resolve, by combinations exercising corporate power
over wide areas, can change the fundamental requirement of labor, of looking closely after the individual business organism, small or large. Caution,
of necessity, becomes a constant watchword. While
the currents are sweeping strongly, if the certain
direction cannot be discerned, it is a time for pause
and reflection. Certain of the daring spirits of commerce and finance, fortified with wide outlook and
special information, will project new enterprises of
magnitude and moment. Even they may not be
able always to see the trend of things aright. The
small business man must stick to his last—and work
harder, and more carefully, than ever.
What, then, is the business outlook? Is it not
simply "coming down to earth again"? And just
as a species of combination and autocracy contrived
together to meet a sudden vast and gripping emergency, may we not argue that the release and demobilization of these powers will have a corresponding steadying and sustaining power in the return to
former standards. So interacting are all these elements of production and exchange that they hold
each other up in change and decline even as they
did in advance and change. The cessation of war is
by no means a signal for a crash. The mighty business machine by which men live, here, there and
everywhere, cannot fall in ruins on the peoples of
the world. If it has artificial stimulation in given
directions and this is withdrawn, that of itself has
created dearth and vacuum that cries to be filled—
and the law of life, which is labor, still stands.
Mankind must go on in much the same old way.
The greatest fear is that "opinion" may fail to
perceive that elementally the life of mankind is
unchanged, that effort is not only self-sustaining
but mutually sustaining, that necessity remains,
that the urge to do and the ambition to be, aye
and the love of acquisition, all remain, all continue
their powers. The danger is that our minds shall

DEC. 28 1918.]

THE CHRONICLE

try to gather figs from thistles, that we have a potency
in Government to change man and his environment,
that we can reconstruct by theory and law rather
than by thought and labor—the old thought and toil
that has always sustained us and advanced us,
though we did not always appreciate the fact. We
talk of "reconstruction" from the compelling disorder
of deadening and destroying war, from its negation
of everything of production and order that was, as
if this were a thing of magic. We have only to will
that this, that and the other shall come to pass, and
lo! a new world, bright with prosperity and peace,
shall come. It is not so; it cannot be so. And the
first lesson we should learn is that mighty forces are
resuming of themselves their control of human destiny
and in accordance with the beneficence of creation—
and that therefore we have nothing really to fear,
if only we live in the light of the mutual benefits
that lie in mutual interests.
If in the workshop of a world men now resume
their toil and trade according to the laws ordained
in human existence itself, seeking no factitious aids,
depending upon no artificial stimulants, suffering
no more any thwarting seizures of so-called control
regulation and operation, industry will resume its
purpose, its sway, and its helpfulness. One new
return will call to another. Wages and prices will
go hand in hand, and none will suffer. Employers
and employees, engaged in actual enterprise, will
have a common ground of affinity. Credit will
again smite the rock. Energies, cramped, stifled,
warped; will stretch themselves in a thousand direction's, and the transition period will pass with little
disruption, itself unconscious of the change. But
all the power lies in man himself, and in his recognition of his place in nature, or environment here on
earth. He cannot create natural resources, only
use and develop them. He cannot exchange or
trade to his own good save in mutual benefit. He
cannot depend upon other than his own imperious
mind, his own unfailing hand. All his effective laws
are but recognition of the eternal fitness of things;
and his Governments but structures for his own
protection. If he will only see the divine purposes
in him and about him, the rewards of industry will
not fail.
NO WARRANT FOR GOVERNMENT OWNERSHIP
OF TELEGRAPH AND TELEPHONE LINES.
We should be loth to pass harsh criticism upon
any public official. Men placed in trying situations
by reason of incumbency in office should have not
only the respect and confidence of the people but a
degree of sympathy for responsibilities, that, though
perplexing and burdensome, cannot be avoided.
However, the citizen and the office-holder . must
have different viewpoints. The former acts in an
original capacity, and the latter in a purely representative one. And it follows that power in office
should never be used to put into force personal
beliefs and theories. Always, "a public office is a
public trust." And it should never be converted
into an agency for the accomplishment of pet
schemes.
Mr. Burleson, the Postmaster-General, has long
been known as an advocate of Government ownership of telegraph and telephone lines, to be run
under the supervision of his office. He has a right
to his personal views, and he has shown himself
thoroughly consistent therein.LButIweilthinklhe




2409

goes too far in pressing his private views upon the
people at this time. Even if the principles he advocates be accepted as best for the country, we believe
he violates the representative character of his high
office when he uses an occasion and a condition that
arise from the dire emergency of a dreadful war to
seek to fasten upon the Government the permanent
ownership of these two public utilities. Nothing in
the way of political expression on the part of the
people can be pointed to as giving him authority for
the excessive zeal he exhibits in seeking to retain
a "control" which was itself only authorized by Congress as a means of temporary help in "winning the
war." Congress could not consult the people, and
the people have never spoken.
On assuming wire control the Postmaster General
created boards of administration, and these, acting
in his behalf, have, by orders i sued, made many
changes in operating methods. We presume it
will not be denied that the ultimate object of these
changes has been better service at reduced cost.
To this end a plan of unification of systems,in whole,
and in parts, has been resorted to. Rates in some
instances have been reduced; and wages or salaries
have been raised by the companies and at least sanctioned .by the Government. More reductions are
promised in rates, and a closer alliance with the
postal service is projected. In addition to all this
the cable lines have been "taken over," themselves
intimately interwoven with the land line service.
As a result, this whole department of industrial
service, hitherto privately conducted, has been
placed in a new situation.
It would be difficult to show just what part of
these changes was necessary to effect an efficient
service in war, and in and for war alone. The old
employees were used, and the old material constructions were used. It is conceivable that wages
and rates were changed for reasons that rested not
at all upon the war. One thing is certain, all changes
made were in the nature of things compelled to look
forward to a coming day of declaration of peace,
when under the Act of Congress all Governmental
"control and operation" would automatically cease.,
And under such a condition changes that were
permanent in character, changes that tended to alter
the original status of the lines, rendering it more
difficult to return them, were not advisable even
if admissible. And being made it cannot now be
argued that therefore the lines should not be returned
because it would, in particular cases, work their
ruin. This i§ an argument in which a proposed line
of conduct is sought to be based on one that in its
inception had doubtful right and reason for its
existence.
It is now a question of but a few months when
peace will be declared and the telegraph and telephone lines go back to their owners. Whatever the
time may be it is very short for the consideration of
public ownership of these means of communication.
Under our political system there is no way to submit
the question and obtain an expression of the citizenry.
If Congress does anything, it must assume a popular
edict, and upon insufficient grounds. The emergency is past, and the need of retention must be
based on grounds unconnected with the war. At
this time, and in a juncture of this sort, Mr. Burleson
comes forward with a letter to Chairman Moon of
the House advocating permanent acquirement of
these properties. And he shows how, in his opinion,

2410

THE CHRONICLE

it may be done—without the expenditure of a dollar
from the Treasury and by a system of amortization
which will pay for the lines in say twenty-five years.
And that it may be done a fifty-year old Act of
Congress is resurrected to authorize the purchase—
an Act which by its very desuetude argues that the
people do not want to acquire them.
As a proposal in finance the scheme as outlined
can hardly appeal to the average business mind.
National stocks are to supplant these multiform
private stocks—the Government can borrow money
at 43/2%, while private owners expect to make
7 or 8% on investment, which the people must pay
—thereupon amortization—setting aside the difference will pay for the lines in, say, from nineteen to
twenty-five years. Very simple; and very easy.
But not absolutely sure. In the first place, the
Government by operation will have to earn the
money at 7 or 8% income and the people will have
to pay it. Not a word is said about upkeep, increased wages and rates, as so conspicuous in case
of the railroads. Extensions and betterments are
both ignored, or, if not this, obscured in an assumed
case which takes no account of possibilities or even
probabilities. And it is also regarded feasible at
this time, when the country is groaning under
billions of war debt, to add more ad libitum without
disturbance or danger to the public credit.
Simultaneous with this "plan," which incidentally
would capitalize every little private line on the
prairies into Government stocks, and which in its
major aspect finds no means of arriving at just values
for the great systems other than that bottomed on a
compulsion by Government savoring of confiscation, there appears in the press marvelous improvements that may, and presumably are, to be utilized:
a perfected wireless and a multiplex means of many
messages on a single wire at one time. This looks
like propaganda. But if it is, it defeats itself. For
who knows when an invention will revolutionize
the whole telegraph and telephone systems, and thus
render of no value hundreds of millions of the present
purchase price? Listening to glowing accounts of a
perfected wireless, one would imagine that wires
may soon be dispensed with altogether. The point
is that private concerns bear all losses that may
come by competition and perfecting inventions, while,
when they fall on Government, through ownership,
the people pay losses, even as they pay all costs of
operation. These wonderful hidden inventions would
better be applied before we buy—we can arrive at
values better.
The matter is one for serious consideration from
many sides. We feel that this is an inopportune
time. We are afraid the good intent and the marked
zeal of the Postmaster-General renders him liable
to the charge of taking advantage of a situation to
accomplish a personal dream and desire. We feel
that he should wait. He is, no doubt, convinced in
his own mind, ownership is best for the country.
But are the people convinced—have they even
thoughtfully made up their minds? Our conviction
is that these lines should all go back to their owners;
and we should, as a people, approach this vexed problem of ownership free and unbiased and unhurried.

[voL. 107.

tax on Canadian industries so that capital may be
devoted to expansion, there seems only a shadow of
possibility that the Minister of Finance can meet
his 1918-19 obligations without loading the tax
burden considerably higher. To successfully meet
civil government expenditure, war outlays, and loans
to Great Britain to keep Canadian industry active,
the Treasury must secure before March 31 next,
and covering only the one fiscal year, $980,000,000.
It does not look overpowering when arrayed with
other budgets, but it is almost as much as the
United States Federal Government was spending
prior to the war. Canada has always been a rather
heavily taxed nation. With only one-fourteenth of
the population of the United States, our pre-war
expenditure was one-sixth that of Washington.
The Canadian taxpayer, therefore, carried more on
his back than the citizen of the Republic or of Great
Britain.
The problem of Federal finance in Canada is not
one that may be brushed aside after the manner of
the "cheerup" campaign now in process by Dominion
Cabinet ministers and trade papers. We have again
the unconvincing prophecies of "boundless prosperity" the moment peace terms are signed. Meantime, the least deceived man in Canada is probably
the Minister of Finance, Sir Thomas White, whose
handling of his department through the war period
has escaped more than incidental criticism. Sir
Thomas is face to face with a rapidly declining volume of customs imports, the chief reliance of Federal
finance. This difficulty is by no means eased by
the spectacular series of farmers' meetings demanding
no less than complete free trade with the United
States, and the shifting of the tax burden not to
the farmers' land but to the convenient goat of
"corporations." How tightly tied to tariff sources
is the Federal purse may be seen in the following:
Since the start of the 1914 fiscal year to the present,
Canada has raised by customs duties $454,000,000;
by excise duties, $95,000,000; by two years' payments of the business profits tax, $33,500,000; by
other war taxes, $11,500,000. Taxes on consumption, therefore, supplied 94% of all the money raised
by the Finance Minister.
These facts clearly demonstrate the enormous
financial barriers to any serious disturbance of customs revenues, particularly at this time of maximum
need, and the relative unimportance of any fractional advances that might be made in corporation
taxes to appease sections of public sentiment. With
imports at their greatest height between 1915 and
1918, the Dominion was unable to apply to reducing
the principal of war outlay more than $12,000,000
during the entire period of the hostilities; this works
out at less than 2% of the country's payments on
war account.

OUR HARVESTS IN 1918.
Although falling short of meeting early expectations and to that extent disappointing in a year
when every effort was made to produce a record yield
of the leading cereals, the.outcome of the 1918 harvests in the United States, as indicated by the final
estimates of the Department of Agriculture, announced on Dec. 11, is not wholly unsatisfactory.
CANADA'S FISCAL PROBLEMS.
In only two cereals (rye and barley), and those of
Ottawa, Can., December 27.
somewhat minor yield, were new high records in
While pleas are pouring in to the Dominion production established, but wheat showed an inGovernment to lift immediately the business profits crease over the previous year of approximately 280




DEC. 28 1918.]

THE CHRONICLE

2411

million bushels. Effort was particularly centred were being made by the Department of Agriculture
upon increasing the yield of wheat, that being the and various other agencies to induce a large fall wheat
crop particularly of which a full supply was needed planting. While the goal aimed at was no reached in
in view of the needs abroad. Early in the fall of the winter wheat area of the fall of 1917, it was more
1917 the Department of Agriculture entered into a than attained in the fall planting of 1918, the Agricampaign to insure the production of a billion bushels cultural report just issued making the area planted
of wheat in 1918, and with that end in view advo- to winter wheat 49,027,000 acres, or almost 34%
cated the planting of 47,337,000 acres to the winter above the area harvested in 1918. This being the
variety, or about 18% more than sown the previous fact, the first step has been taken to ensure a greater
year. The desired goal was not reached, however, yield than ever before harvested. What the outlook
the failure being due rather to adverse conditions, in the spring will be is, of course, impossible to desuch as unfavorable weather in important producing termine now. But with no more than average winlocalities, late harvests of other crops, and shortage ter killing and normal seasons thereafter, 1919
of help, than to lack of inclination on the part of the should give a plethora of the grain which would
farmers.
naturally mean lower prices. If that should turn
But while the wheat crop in actual bushels raised out to be true, the Government stands committed
has fallen short of the desired mark by some 83 mil- to make up the difference.
lion bushels, that deficiency has been in considerable
The corn yield of the year is officially stated at
measure made good by the adoption of improved 2,582,814,000 bushels, which is not only below that
methods in turning the grain into flour. In other of last year, but under the average for the five years
words, under the new milling regulations, which re- 1912-16. Area last spring was moderately decreased
quired a greater percentage of extraction to be made —wheat, with a Government guaranty, having been
from the wheat, it took, it is stated, only 41
/
1 bushels more favored in the planting than the coarser grain.
to make a barrel of flour, whereas previously 43/ The crop started off quite satisfactorily, but drouth
bushels were required. This in the course of a year in the summer was instrumental in largely reducing
would mean the saving of 30,000,000 bushels or more the yield in important localities. In fact a decrease
of wheat. In addition, there was considerable con- in yield from 1917 is reported from all but two or
servation in the consumption of wheat in the enforced three of the larger producing States. The outcome
use of a certain percentage of substitutes in the mak- of the harvest was especially disappointing in Mising of bread, pastry, &c. In these ways the volume souri, with 145 million bushels contrasting with
of wheat available for export was very appreciably 252 millions the previous year; Kansas, 54 millions
augmented, enabling the country fully to meet the against 128 millions; Nebraska, 133 millions, against
demands upon the United States from our war 249 millions, and Arkansas 37 millions, against
alliesand furnish reasonable supplies to various 67 millions, while important though proportionately
neutrals.
not as great declines are to be noted in Illinois, KenConservation and the various economies unfortu- tucky, Tennessee, Iowa and Ohio. Finally, the
nately did not result in any lowering of the extremely crop for the whole United States is 483 million bushhigh cost of living. On the contrary, a further in- els less than the bumper production of 1917 and 179
crease in the average price of commodities over the millions below the average of the five years precedlevel of the previous year was a feature of 1918. ing. Offsetting the unfavorable quantitative showClearly indicating the year's advance, we note that ing, however, the quality is reported as much better
the Department of Agriculture made the price index in 1918-85.6% of a normal, against 75.2%. It is
of all crops on Nov. 1 1918 about 3.1% higher than evident from this that the percentage of merchantable
a year earlier, which in turn was then 46.1% above corn is high—appreciably higher than in 1917, when,
1916 and 97.3% greater than the average of the pre- .a large part of the crop having failed to reach maturceding five years at date mentioned. At the same ity before the occurrence of killing frosts, an unusully
time, the production index was given as only 0.7% large proportion of soft grain resulted.
less than last year's and 1.8% above the five-year avAs regards wheat, the area given to the winter
erage. The farm price of wheat on Dec. 1 was $2.044 variety in the fall of 1917, at 42,170,000 acres,
per bushel, against $2.008 in 1917 and the five- while below the figure aimed at in the campaign to
year average (1912-1916) of 99 cents; corn, $1.366 which reference is made above, was nevertheless
against $1.279 and 64.7 cents; oats, 71.0 cents, the largest on record, showing an increase of 4% over
against 66.6 cents, and 40.2 cents; potatoes, $1.196, that sowed in 1916. As a result, however, of winter
against $1.230 and 70.8 cents; hay, tame, per ton, killing and unusually dry weather in the autumn of
$20 18, against $17 09 and $11 38; cotton, per lb., 1917 and the spring of 1918, there was a reduction by
27.6 cents, against 27.7 cents and 12.0 cents; tobacco, abandonment to the extent of 13.7%, or 5,778,000
per lb., 27.9 cents, against 24.1 cents and 11.5 cents, acres, leaving the territory under cultivation, and
and flaxseed, per bushel, $3.402, against $2.966 from which the harvest was garnered, 36,392,000
and $1.487. This comparison could be extended acres. The crop remaining under cultivation started
through a numerous list of vegeti„bles,fruits and nuts, off well, cool and moist weather aiding and condition
and with the general trend so strongly in the one di- at.the close of April was above the average. But
rection the few declines that occurred may be safely unfavorable weather in May and June caused a modignored.
erate lowering of its status and consequently the
In the case of wheat the high price ($2.26 per yield per acre is reported only a little better than a
bushel at Chicago) fixed by the Government for the year earlier. Due to the increased area harvested,
1918 crop as a means of inducing a large planting, however, as compared with the area harvested in
and continued to cover 1919 for the same purpose, 1917, the aggregate production reached 558,449,000
may not unlikely in the end entail a considerable loss bushels, or 146 millions more than in 1917, and exto the Government. At the time the guarantee was ceeding 1916 by 78 millions, but falling 126 millions
given, the end of the war was not in sight, and efforts under the record of 1914. The gain over 1917 is




2412

[Vol,. 107.

THE CHRONICLE

more than accounted for in Kansas, Nebraska, Mis- ing at value, we append the figures for the five prinsouri, Indiana and Illinois, in all of which States that cipal grain crops as officially announced:
FARM VALT7ES ON DECEMBER 1.
year's outturn was noticeably deficient.
1914.
Spring wheat, planted to a much greater extent Crops.
1915.
1
1917.
1916.
1918.
$
$
5
than in 1917 (21.5%), got a good start,but there was •
8
$
3,528,313,000 3,920,228,00012,280,729,000 1,722,680,000 1,722,070,000
Corn
1,278,112,000 1,019,968,000 942,303,000 878,680,000
marked deterioration in condition in June and July. Wheat 1,874,263,000 1,061,474,000
655,928,000 559,506,000 499,431,000
1,092,423,000
Oats
240,758,000 160,646,000 118,172,000 105,903,000
Still, the situation on Sept. 1 was more promising Barley.,.__ 235,269,000
37,018,000
45,083,000
59,676.000
134,947,000 104,447,000
Rye
than usual, and found reflection in a yield per acre Total 6.865.215.000 6.605.019.000 4.176.947.000 3.387.744.000 3.243.102.000
well above the average of earlier years. The aggreAll the above relate to the cereal crops of the
gate spring wheat crop for 1918 is reported as 358,651,000 bushels, a new high mark, against only 223,- country, but potatoes, also, constitute an important
754,000 bushels in 1917 and the former high record food crop. With the area not much below 1917, a
total of 351,854,000 bushels in 1915. The quality crop second only to that year was counted upon, but
of the grain, moreover, is above the average, being unseasonable conditions materially reduced the prosofficially stated at 94.8%, against 92.7% in 1917 and pect, so that the final outturn, at 397,616,000 bush71.3% in 1916. The wheat . crop as a whole, at els, while above the average, falls 41 million bushels
% million bushels be- below 1917. Price, also, was a little under that of the
917,100,000 bushels, falls 1083
low the established maximum of 1915, but this short- previous year. Sweet potatoes established a new
age has been largely offset by methods already enum- record in prdduction.
The hay crop failed to come up to expectations,
erated.
Althoug there was a small enlargement of area, the 89% million tons comparing with 983/2 millions in
oats yield of 1918 is given as moderately under the 1917 and 111 millions in 1916. But tobacco did very
record yield of 1917 (1,538,359,000 bushels, contrast- well, giving a production of 1,340,019,000 pounds,
ing with 1,592,740,000 bushels), and a little less than or 903/ million pounds more than in the year before,
in 1915. After a better than usual start, the crop and, therefore, by that amount establishing a new
experienced a setback in June, which improved con- high record.
Cotton area was augmented to the extent of 6.2%
ditions later did not fully remove. Compared with
1917 many of the leading States exhibited an in- in the spring, according to the Department of Agricrease in yield, but production fell off about one-half culture, but meteorological conditions during the
in Nebraska, and fairly large losses are to be noted growing season were, as in 1917 and 1916 and 1915,
in Illinois, Iowa and Kansas. The barley crop, at below average, and as a result the crop was officially
256,375,000 bushels, comes fully up to early expecta- estimated on Dec. 11 as only 11,700,000 bales of
tions, running 4432 million bushels ahead of 1917and lint (linters excluded), or but 398,000 bales more
exceeding the high mark set in 1915 by 28 millions. than the short crop of 1917-18 and some 4 millions
Of rye, too, the yield for the season, at 89,103,000 below the record aggregate of 1914-15.
We have noted above that the crops of the country
bushels, is fully up to the early promise, and exceeds
a whole were smaller by 0.7% than in 1917, but
as
Buckwheat
millions.
26
all former years-1917 by
production, stated at 17,182,000 bushels, runs mod- the return to the producer was apparently greater
erately ahead of the previous year, and overtops all than in any earlier year. At least the Department
earlier years with the exception of 1912, and rice, of Agriculture makes the money yield from 355,895,with a large augmentation in the planted area, gives 000 acres (covering the crops already specifically reby 53% million bushels a new high record yield. To ferred to, and beans, sugar beets and several less
indicate the aggregate production for the last four important products in addition), $12,272,412,000,
years of the five principal cereals referred to above against only $11,658,032,000 in 1917 and $7,307,(corn, wheat, oats, barley and rye), we give the fol- 983,000 in 1916. The satisfactory feature in this to
the farmer, if not to the consumer, is that from an
lowing compilation:
area 3.1% in excess of 1917, the value of the crops
CROPS OF WHEAT, CORN, OATS, BARLEY AND RYE.
mentioned on the basis of December prices is over
Previous
Total
Department. Department. Department. Department.
5.2% greater than in the preceding.year. Compared
Record.
1916.
1915.
Production.
1918.
1917.
with 1914 the gain in area of these same crops is less
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Corn
2,582,814,000 3,005,233,000 2.566,927,000 2,91)4,773,000 3,065,233,000
Wheat_ _ 917,100,000 636,655.000 636,318,000 1,025,801,000 1,025,801,000 than 20%, but in value about 140%. The average
Oats
1,538,359,000 1,592.740,000 1,251,837,000 1,549.030,000 1,592,740,000
256,375,000 211,759,000 182,309,000 228.851,000 228,851,000 farm values on Dec. 1 as reported by the Department
Barley _
62,933,000
62,933,000
89,103,000
54,050,000
B ye
48,862,000
of Agriculture in each of the last seven years for
Total__ _ 5.383.751.000 5.569.320.000 4.886.253.000 5.R52 505_non 5.975.538.000
some leading crops are appended:
AVERAGE PRICES RECEIVED BY' FARMERS AND PLANTERS.
It will be observed that, due to the large decrease
in the production of corn, the total of the five cereals
1918. 1917. 1916. 1915. 1914. 1913. 1912.
is 186 million bushels below that of 1917. Compared
Cents. Cents, Cents. Cents. Cents. Cents. Cents.
76.0
79.9
98.6
91.9
per bushel 204.4 200.8 160.3
Wheat
66.3
63.4
86.5
83.4
with 1916, however, there is a gain of 697 million Rye
151.5 166.0 122.1
43.8
39.2
36.1
31.9
52.4
66.6
71.0
Oats
50.5
51.3
53.7
51.6
88.1
91.8 113.7
"
bushels, but from 1915 a drop of 469 million bushels Barley
48.7
69.1
61.4
57.5
8S.9
136.6 127.9
"
Corn
75.5
64.1
76.4
78.7
106.4 160.0 112.7
is to be noted, and from the composite high pro- Buckwbeat.__
50.5
68.7
61.7
48.7
119.6 123.0 146.1
Potatoes_ _..._
340.2 296.6 249.0 174.0 126.0 120.0 115.0
duction total a decline of 592 million bushels is Flaxseed
93.5
85.8
92.4
90.6
88.7
191.7 189.6
Mee
disclosed.
The average value of hay (tame), Dec. 1, was give
From the prices given above for various products,
it is natural to infer that the financial return to pro- as $20.18 per ton, against $17.09 in 1917 and $11.22
ducers this year has been especially favorable. That in 1916; of tobacco, 27:9 cents per pound, against
idea seems to be clearly confirmed by the usual com- 24.1 cents and 14.7 cents, respectively; of cotton,
pilation of the Deparment of Agriculture, purporting 27.6 cents per pound, against 27.7 cents and 19.6
to show the year's result, the farm value per unit on cents.
The yield of some of the principal crops of the
Dec. 1 serving as a basis of calculation. While we
are not inclinedifullyitolaccept this manner of arriv- country for a series of years is subjoined:




da

4.

DEC. 28 1918.]

THE CHRONICLE

CROPS OF WHEAT,CORN, OATS, POTATOES AND COTTON SINCE 1891,
Year.
1892
1893
1894
1895
1896
1897
1898
1899
1899(Censu.$)
1900
1901a
1902
1903
1904
1905
1906
1907
1908
1909
1909(Census)
1910b
1911
1912
1913
1914
1915
1916
1917
1(110

Wheat.

Corn. .

. Oats.

Cotton.*

Potatoes

Bushels.
Bales.
Bushels.
Bushels.
Bushels.
515,949,000 1,628,464,000 661,035,000 6,717,147 156,654,819
396,131,725 1,619,496,131 638,854,850 7,527,212 183,034,203
460,267,416 1,212,770,052 662,086,928 9,892,761 170,787,338
467,102,947 2,151,138,580 824,443,537 7,162,476 297,237,370
427,684,347 2,283,875,165 707,346,404 8,714,011 252,234,540
530,149,168 1,902,967,933 698,767,809 11,180,960 164,015,964
675,148,705 1,924,184,660 730,905,643 11,235,383 192,306,338
1 547,303,846 2,078,143,933 796,177,713 1 9,439,559 228,783,232
273,318,167
1 658,534,252 2,666,324,370 943,389,375 f
522,229,505 2,105,102,516 809,125,989 10,425,141 210,926,897
748,460,218 1,522,519,891 736,808,724 10,701,453 187,598,087
670,063,008 2,523,648,312 987,842,712 10,758,326 284,632,787
637,821,835 2,244,176,925 784,094,199 10,123,686 247,127,880
552,399,517 2,467,480,934 894,595,552 13,556,841 332,830,300
692,979,489 2.707,993,540 953,216,197 11,319,860 260,741,294
735,260,970 2,927,416,091 964,904,522 13,550,760 308,038,382
634,087,000 2,592,320,000 754,443,000 11,581,329 297,942,000
664,602,000 2,668,651,000 807,156,000 13,828,846 278,985,000
f 737,189,000 2,772,376,000 1,007,353,000 110,650,961 376,537,000
389,194,961
l 683,349,697 2,552,189,630 1,007,129,447 f
635,121,000 2,886,260.000 1,186,341,000 • 12,132,332 349.032,000
621.338,000 2,531,488,000 922,298,000 16,043,316 292,737,000
730.267.000 3.124,746,000 1,418,337,000 14,128.902 420.647,000
763,380,000 2,446,988,000 1,121,768,000 14,884,801 331,525,000
891,017,000 2,672,804,000 1,141,060,000 15,067,247 409,921,000
1025801 000 2,994,793,000 1,549,030,000 12,953,490 359,721,000
636,318.000 2,566,927,000 1,251,837,000 12,975,569 286,953,000
636,655,000 3,065,233,000 1,592,740,000 11,911,896 438 618 000
017 1000009 A519 Rid nnn 1 nnla 5n0 (100 all 70nnannw,,
....,,,,,,
9'

I

,

•

g

a These are the revised grain figures of the Agricultural Department issued after
the Census reported its results for 1899, showing much larger totals than those of
the Department. b These are the revised grain figures issued after the Census reDorted its results for 1909, showing smaller totals for wheat and corn than those of
the Department. •These are our own figures of the commercial crop. d Estimate
of the Department of Agriculture, and does not include linters, which would probably add 1,300,000 bgles to the total.

ftrrent gilents and Piscussions
OFFERING OF BRITISH TREASURY
BILLS.
This week's offering of ninety-day British Treasury bills
by J. P. Morgan & Co. were disposed of at 53/2%. This is
the first change to be made in the rate in some months, the
6% rate having prevailed since the week of March 2. In
the two weeks preceding the latter date the bills had been
disposed of at 53/2%; the week of Feb. 9 the rate was 59 %;
just before that it was 6%. The original discount rate,
back in 1917, was 53%. For a fortnight during May the
firm withheld tie bills from the market, none being disposed
of during the weeks of May 13 and May 20. The bills
disposed of this week are dated Dec. 24.
CONTINUED

BRITISH GOVERNMENT TO DISCONTINUE SELLING
PRESENT SERIES OF WAR BONDS.
A special cablegram to the "Journal of Commerce" on
Dec. 18 stated that the Bank of England had definitely
announced that the present series of war bonds will be issued
only up to Jan. 18 next. It was further said:
The future borrowing policy of the Government presents interesting
problems, and undoubtedly Mr. Bonar Law's successor in the Chancellorship of the Exchequer will be largely guided in the matter by the banks
of England and other financial authorities. He will probably revive the
9-month and 12-month Treasury bills to meet the requirements of the
short loan market. It is probable, too, that Exchequer bonds maturing
in two or even three years will be Issued periodically, but these will attract
the ordinary investor and therefore other bonds similar to war bonds are
probable, although the terms of issue will be less favorable than the present
series.
It is not expected, however, that the interest to be offered will be much
reduced, because it is obvious that there will be competition of capital
Issues by local authorities. Industrial companies and such like, despite the
fact that these are subject to Treasury sanction. Hence, there is no
expectation yetawhile of cheap borrowing, although possibly the rates on
Treasury bills will come down.

CANADA'S VICTORY LOAN TOTAL STILL
INCREASING.
The latest figures for the 1918 Victory Loan, made public
on Dec. 19, bring the total up to $689,016,877. This includes late returns from Provinces, and though more subscriptions are to come, the amount is not expected to be very
considerable. The returns, according to Provinces, are now
as follows:
Subscriptions. Applications.
$36,633,927
80,315
18,999,250
56,813
26,071,450
77,323
44,030,700
86,792
329,682,950
518,129
146,302,250
114,535
34,061,200
47.278
17,002,550
31,957
33,221,550
61,040
3,011,050
5,406

2413

FURTHER CHANGES IN REGULATIONS GOVERNING
EXPORTATION OF MANUFACTURES
CONTAINING GOLD.
Last week, page 2325, we referred to modifications made
by the War rl rade Board in the regulations governing the
exportation of manufactures of gold. There has since been
a further material change in these regulations. In the
ruling published last week the Board in its announcement
as to "licenses when import agreement is given," had stated
that "licenses may be granted for the exportation of manufactures containing gold to all destinations, if the applicant
shall file with the War Trade Board an agreement to the
effect that the applicant will import into the United States
gold equivalent to the bullion value of the gold contained
in the commodities exported." In its latest pronouncement
the Board states that such licenses will -be granted with the
filing of an agreement "to the effect that,the applicant will
import into the United States gold equivalent to the bullion
value of gold contained in such exported articles, provided
the bullion value of the gold contained therein is greater than
65% of the value of the article for shipments to Cuba, West
Indies, Mexico, Central America and South America, or
greater than 45% for shipment to other destinations." This
week's ruling also makes some further changes in the regulations which had previously been in force, and we publish
the same in full herewith:
REGULATIONS GOVERNING THE EXPORTATION OF
MANUFACTURES CONTAINING GOLD.
(W. T. B. R. 441)
December 23 1918.
The War Trade Board announce that it has been possible to further
modify the regulations governing the exportation of manufactures cont:ining gold (W. T. B. R. 370, December 14 1918). which have been
changed to read as follows:
(1) On and after November 16 1918 applicants for licenses to export
any manufactures containing gold will be required to make their applies.
tion on Form X, as heretofore, and attach thereto, duly executed and
filled in, Supplemental Information Sheet X-29, together with any other
supplemental information sheets required for shipment to particular countries, as Form X-122, &c.
(2) Licenses When Import Agreement Is Given.—Licenses may be
granted for the exportation of manufactures containing gold to all destinations. If the applicant shall file with the War Trade Board an agreement
(Form X-215) to the effect that the applicant will import into the United
States gold equivalent to the bullion value of the gold contained in such
exported articles, provided the bullion value of the gold contained therein is
greater than 65% of the value of the article for shpiments to Cuba, West
Indies, Mexico, Central America and South America, or greater than 45%
for shipments to other destinations.
On January 15 1919 and at the end of every three months' period thereafter, such exporter in the United States who has exported manufactures
containing gold, under this section, shall file with the War Trade Board,
Washington, D. C., reports in writing of all exportations of manufactures
containing gold of bullion value in excess of the percentages prescribed
above, made by him during the preceding three months and all imports..
tions of gold from any foreign country made by him during such period,
to which there must be attached a copy of the Customs Import Entry or
Entries Countersigned by the Collector of Customs.
For reporting such exportations and importations, Form X-216, January
1919, should be used for shipments to Cuba, West Indies, Mexico, Central
America and South America, and the importations to counterbalance such
exportations as provided herein, and,similarly. Form X-217,January 1919,
should be used for other destinations.
Importations of gold required herein may be made from any country,
and exporters are not required to make their importations of gold from
the country to which they have exported the articles containing gold.
(3) Licenses When No Import Agreement is Given.—Licenses may be
granted for the exportation of manufactures containing gold without such
agreement for import required by Section (2) in the following cases:
(a) When the destination is Cuba, the West Indies, Mexico, Central
America, or South America, and the bullion value of the gold contained in
the article exported does not exceed 65% of the whole value of such article; or
(b) When the destination is any country other than those named in
Paragraph (a) and the bullion value of the gold contained in the article
exported does not exceed 45% of the total value of such article.
(4) In filling out reports of exportations of manufactures containing
gold (Form X-216 or X-217, January 1919), exportations of commodities
containing gold or bullion value not exceeding the respective percentages
of the value of the article is indicated above should not be reported.
(5) Form X-217, December 1918, is hereby withdrawn.
(6) Copies of the various forms described above may be obtained upon
application to the War Trade Board, Washington, D. C., or to any of the
branch offices.
(7) Shipments of dental gold may be made without the execution of the
import agreement, such agreement not being required for such shipments.

FEDERAL RESERVE BOARD AND PERUVIAN GOVERNMENT REACH AGREEMENT FOR STABILIZATION
OF EXCHANGE WITH PERU.
It was made known on Thursday that arrangements had
been perfected for the stabilization of exchange with Peru.
According to a statement issued by the Federal Reserve
Bank of New York, the Federal Reserve Board has entered
into arrangemnts with the Peruvian Government whereby
the latter will furnish up to $15,000,000 Peruvian exchange
$689,016,877
1,079,588
Below is a comparison of the 1918 and 1917 Victory Loans as to the to pay for commodities imported from Peru to the United
amount of subscriptions and the number of applications:
States. Such exchange may be obtained by American im1917.
1918.
their own banks (which in turn obtain it
Amount of subscriptions
$421,194,960
$689,016,877 porters through
Number of applications
874,331
1,079,588 through the Federal,Reserve banks) at a rate of $5 013i
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Montreal City and Island
Quebec (outside Montreal)
Now Brunswick
Nova Scotia
Prince Edward Island




2414

THE CHRONICLE

for each Peruvian pound desired and the payment in addition
of 1-20 of 1% and cable charges. The following is the statement issued by the local Federal Reserve Bank:
The Federal Reserve Board announces that pursuant to arrangements
effected with it the Peruvian Government is prepared to furnish up to the
amount of $15,000,000 Peruvian exchange required to pay for commodities
imported from Peru to the United States. Such exchange may be obtained
by American importers (through their banks in the United States) and by
such banks by the deposit (through the Federal Reserve bank of their
respective districts) with the Federal Reserve Bank of New York to the
credit of the Junta de Vigilancia de la EmisIon de Cheques Circulares
of Peru of $5 01 y, for each Peruvian pound desired and the payment, in
addition, of a commission of 1-20 of 1% and cable charges. Each deposit
must be accompanied by the guarantee of the bank making it or through
which it is made that it is for the purpose of taking up specific bills of exchange drawn bona fide against imports into this country from Peru,
whether or not covered by letters of credit. Upon receipt of such deposit,
commission, cable charges and guarantee, the Federal Reserve Bank of
New York will cable the Junta de Vigilancia de la Emision de Cheques
Circulares to pay the equivalent of the deposit at the rate above mentioned
in Peruvian funds to the-party in Peru designated by the depositor. Under
the terms of the arrangement such payment will be made in Peruvian bank
notes. The Federal Reserve Bank of New York will receive deposits as
above mentioned only upon the understanding that it assumes no responsibility except to credit them to the Junta de Vigilancia de la Emision de
Cheques Circulares of Peru. and to cable to the Junta de Vigilancia the
instructions given by the depositor.

RATES OF EXCHANGE FIXED BY ECUADOR. •
The following official rates of exchange upon foreign
countries have been fixed by Ecuador, according to an announcement made by the Departmentof Commerce on Dec.26:
New York and San Francisco, 243%; Panama, 244%; London, 231%;
Paris, 222%; Spain, 260%; Switzerland, 248%; Italy, 191%; Peru, 12.50
sucres per pound, Peruvian, Chile 34% discount.
It is further announced that these equivalents will govern the transactions for the sale or purchase of checks upon the markets indicated, also
for payment of drafts, checks, orders, &c., placed in these markets and
drawn against corporations or persons residing in Ecuador and will remain
in force until further notice.

ISSUANCE OF FRENCH NOTES OF SMALL DENOMINATION TO PAY FOR ARMY OCCUPATION.
A cablegram from Paris, Dec. 26, printed in last night's
"Evening Post," says:
The American Army of Occupation in Germany will be paid in French
notes of denominations approximating ten, twenty and forty cents. It
is the first time that the French Government has issued such small notes,
the smallest up to this time having been for five francs, which is approximately one dollar.

FURTHER STABILIZATION OF PRICES OF CANADIAN
VICTORY BONDS ABANDONED.
The following Montreal advices as to the Canadian Victory Bonds were contained in the "Wall Street Journal" of
yesterday (Dec. 27):
Trading in Canadian Victory Bonds has been started in the open market
by listing of the issues on the Montreal Stock Exchange. The Victory
Loan Special Committee has decided that the necessity for stabilization
organization no longer existed in view of the demand for the bonds and the
absence of selling, combined with the generally improved conditions
affecting all high-grade issues.
Although the Committee acted with commendable promptness in thus
putting an end to the stabilized market, the decision could not be said to
have come as a surprise as still greater surprise would have been the case
had no such action been taken.
The trading indicated that the long-term bond, the 20-year issue maturing in 1937, was in greater demand at 10234 to X to 34, the Committee
price having been 102 to the buyer. Of these $335,000 were purchased
at the advanced price. Trading in the 1922 and 1927 maturities completed
the list for the session with $8.300 and $4,000, respectively. The former
sold at 99X and the second at 1004 to %.

$60,000,000 IN GOLD RECEIVED FROM RUSSIA BY
GERMANS DEPOSITED IN FRANCE.
More than $60,000,000 in gold received from Russia by
the Germans, it was announced on Dec. 12, had arrived in
Paris and had been deposited in the Bank of France, according to an official statement from the French Ministry of
Finance. The money, it was added, is credited to tho
common account of the Allies, in conformity with the terms
of the armistice. Evidently this gold is not counted as part
of the stock of gold hold by the Bank of France, as no such
increase has been shown in the gold holdings of the Bank.
HUNGARY TO MEET OBLIGATIONS.
In advices from London, Dec. 13, the "Financial America"
said:
A dispatch from Budapest says that the Minister of Finance has announced that Hungary will endeavor to meet all financial engagements of
the nation, including those to foreigners.

PROPOSED NEW CHILEAN BANK.
The following is taken from the New York "Tribune" of
Dec. 22:
A projest has been brought forward by the Chilean Minister of Finance
for the creation of the Banco Privilegiado de Chile with an initial capital
of $100,000.000 gold, in shares of $100 each, to be subscribed for by the
national banks, to the extent of their reserve funds, and by the public.
The bank will be given control of the paper currency of thirty years, for
which purpose it will receive from the State an equal nominal value of gold
for its amortization. The bank will be empowered to replace existing notes




[VoL. 107.

with its own notes, and will have direct charge of the gold held for the
conversion of the paper currency. It is also proposed that the bank
should have a commercial section to discount three months bills.

COMPARISON BY JOHN BOLINGER OF NATIONAL
SHAWMUT BANK OF DISCOUNTS MARKETS
OF UNITED STATES AND LONDON.
An article analyzing the discount situation between London
and the United States, penned by John Bolinger, VicePresident of the National Shawmut Bank of Boston,appeared
in the Boston "Commercial" of Dec. 21. We quote herewith in large part Mr. Bolinger's presentation of the situation:
Just about a year ago, discount rates for bank acceptances in the open
markets here advanced to 434% for 90-day prime bills. The London
market, which at that period and for some lime previous, had maintained
a rate of 434% began to soften just a few days before the year closed, and
4% was quoted for choice bills. This rate, however, stood but a short
time. A still further drop to 334% occurred which rate has been maintained
ever since. In the meanwhile, the markets of New York and Boston ruled
firm, advancing a fraction to almost 434%, a difference of a full 1% in
favor of London.
To many people it is not comprehensible that money should rule cheaper
In London after Great Britain had been in the war for over four years, as
against our 18 months, although we are the world money centre.
The reasons for this change in the situation are various, and I should
like to call attention to a few of them briefly. Before the war broke out,
practically all of our imports from foreign countries, covering raw material
and manufactured products, were financed by sterling credits in London.
It was the only way it could be done.
Acceptance of bills of exchange and drats were not in use here and, of
of course, we had no open discount market for the reason that there were
no acceptances. After England's declaration of war, it Was obvious that
she must mobilize her resources, and at the instance of the Bank of England,
American bankers were informed that credits were withdrawn and drawings
on London should be avoided. Importers were panic-stricken and did not
know what to do.
Although the Federal Reserve Act was in operation, New York bankers
could not see their way clear to issue dollar credits, because there was no
market for placing the bills. Finally, pressed by its customers, the Guaranty Trust Co., with whom I was connected at the time, took the lead,
and issued dollar credits amounting to several million dollars in one day.
These credits were issued against importation of raw silk, wool, hides,
and coffee, which had been accumulated for shipment to this country.
Gradually other banks followed suit, and when the bills arrived and were
accepted, they were all quickly absorbed. The first discount rate was 6%.
It quickly dropped, however, and within a year, when the Federai Reserve
banks had come into the market, bills were sold at 2%. It did not take
American bankers very long to learn this acceptance game. We all know
how quickly it was developed and how it stands to-day.
To get back to my subject, the London market. As I have said, England
mobilized her resources to meet demands for money made upon her from
all over the world. Balances were withdrawn and bills converted into cash.
To protect her reserves, the Bank of England raised its discount rate to
as high as 10%. To meet demands of war, trade was curtailed and Stock
Exchange operation was restricted.
As a result easier money conditions soon developed and the Government,
through the Bank of England, controlled the money market. Before
our entry into the war, England had to finance her allies by granting loans
to Russia, France, Belgium. Italy and Serbia, all this in addition to her own
cost of the war. This financing was done without prolonged disturbance in
the London money market. Furthermore, they shipped over $1,000,000,000 in gold to the United States. In spite of this heavy drain, the Bank
rate was lowered to 5%•
As the war went on, England's industries were placed on a strictly war
basis, and her imports restricted to utter necessities. Commercial Mane.
ing was reduced to a minimum.
Bank balances, on the other hand, began to pile up, because of profits
due to war, and foreign money deposited in London, attracted by the
high rates of interest paid on such foreign deposits. Britain's enormous
imports from America of foodstuffs, copper, steel, ammunition and other
commodities were mostly financed In this country by private loans and
shipments of gold.
After we entered the war, our Government agreed to finance the Allies,
and England was spared from shipping any further gold to this country,
which made her money markets still more comfortable, whereas our own
market within the last 15 months has been asked to furnish our Government over $20,000,000.000, represented by Liberty bonds, certificates of
indebtedness, War Savings stamps, and taxation. All this in addition to
the task of financing our own enormous crops, and our domestic and foreign commerce.
Is it not a wonderful achievement that we were able to maintain present
money rates under such a strain? Our rate, of course, is artificially maintained, but so is London's.
Full credit must be given to the Federal Reserve system for what we have
accomplished. I will go even further than that and say that the Federal Reserve system won the war, for without it we could never have entered
the war and consequently would not have been.able to give the Allies the
financial assistance they needed, in addition to sending our large armed
forces over there.
The question before us Is: "Will we be able to keep our financial supremacy, or will London take it away from us. My opinion is that neither New
York nor London will be supreme. No single market will be able to finance
the world's commerce for many years to come. Countries such as Japan,
China and Central and South America will continue to use dollar credits,
which they have become used to. The English colonies, including Egypt.
South Africa, Australia and New Zealand, will always use sterling credits.
Importers who are at present using dollar credits cannot understand that
the sterling credit would result in higher cost to them than the dollar
credit in spite of the 334% discount rate in London and the 434% in this
country. Here is the comparison;
Sterling credit discount rate
3.50%
Commission, 34% quarterly, equal to 2% per annum
2.00%
Premium on sterling exchange bought for future delivery to meet ac'
ceptances, about
1.00%
Total cost
Dollar credit discount rate
Commission, X% quarterly

6.50%
4.50%
1.00%
5.50%

DEC. 28 1918.1

THE CHRONICLE

2415

Kingdom, exclusive of the Bank of England, at the end of 1913 amounted
to £1,070,000,000 sterling, the amount of deposits now is nearly E2,000.000,000 sterling. The committee says it is essential for the reconstruction of industry and commerce to impose restrictions as soon as possible
upon the creation of additional credit by the restoration of an effective
gold standard.
The policy of trade organization now in evidence is welcomed by the committee as furnishing a sound basis for granting credit facilities to industry.
The committee also believes that if a portion of the new issues of stocks,
which will be necessary for many manufacturing establishments, were in the
form of preferred stocks giving a good return in dividends,and were reserved
the workmen, it would assist materially, both financially and in other
F. J. WADE ON RECONSTRUCTION PERIOD—PROPOSES for
equally important directions.
ORGANIZATION OF DISCOUNT HOUSES.
Regarding State aid, while the committee does not recommend the guarby the Government or the investment of public money in
Festus J. Wade, President of the Mercantile Trust Co. of anteeing of bankswho
have been unable to obtain them from other quarters,
loans to persons
St. Louis, in an expression of opinion as to business during It is considered that cases of hardship may arise, and tb meet them the comthe reconstruction period, embodied in a letter to a customer, mittee suggests the establishment of a small committee of Government officials and business men to consider the claims and act as a tribunal. The
states "that there is no fear of the future business of this coun- committee
is also of the opinion that it would be of great assistance to mantry unless it be that you and I and all other thinking men ufacturers if a proportion of the excess profits tax should be retained for a
will
loan upon terms likely to secure an early repayment.
we
vigorously
push
a
if
as
but
period
our
pessimists,
business
become
A special committee of the London Chamber of Commerce, dealing with
and set the example for others to do likewise, the reconstruc- trade
during and after the war, considers the necessity for Imperial prefertion period in this country will bring no disaster." Mr. ence stronger to-day than ever. It recommends that the Government be
to guarantee for a series of years continuance, by subsidy or otherurged
Wade adds:
Of course, the Government must not shut down any war activities where wise, of the new or "key" industries.
It recommends also that the peace terms should compel Germany to make
the men can be employed and material used to decided advantage in the future. Take for instance the ship building Industry. The world Is short of the fullest restitution for all Allied tonnage and cargoes sunk by enemy
such reparation to be made in ships, Westphalian coal or money.
action,
ships,
by
caused
million
of
twenty
tons
the
sinking of
between ten and
ships by submarines, plus the natural growth of the shipping industries, The committee would compel Germany to furnish France with coal until
the deliberately wrecked French mines are re-established, and to compensate
have made the following suggestions for some of my friends in Congress:
1. Keep the operation of all merchant marine under the direction of the the relatives of all seamen and passengers murdered at sea.
This committee also proposes that as an act of justice to the Allies,
Navy Department. Let the expense of operation be charged to the Government, the same as we charge the expense of battle ships, expense of enemy vessels be not allowed on the sea, until the fullest reparation has been
made, that no financially controlled enemy tonnage be allowed under neuDepartment of Commerce, Labor, Agriculture, &c.
or controlled by subjects of
2. If the above be done you will recognize we will have a merchant ma- tral flags, and that no coaling stations owned
rine without a dollar of overhead charge against it, and by making low ship- enemy countries be permitted in British or Allied ports or possessions.
ping rates, which they could do under those conditions, it would reduce the
cost of export and import to our people and in that way counterbalance the A. C. MILLER OF FEDERAL RESERVE BOARD ON
present high rate of wage. If we are going to continue as a nation growing
INFLATION AND HIGH PRICES.
we must do more business with Europe. Asia, Africa, South, Central and
North America outside of the border of the United States.
Inflation and high prices formed the principal point of
3. Organize in ten or fifteen places, in communities such as St. Louis, discussion in an address delivered in Philadelphia on Dec. 21
Houston, Kansas City, Dallas, Denver, &c., discount houses or companies with a capital of thre or five million dollars, or more, as the size of the by A. C. Miller of the Federal Reserve Board before the
city may justify. Then notify the world, through these discount houses, Academy of Political and Social Science. The topic of Mr.
that anything bought in the localities in which they are doing business, they
Miller's discourse was "After-War Readjustment: Rectifying
will extend to solvent purchasers all the credit they will need for ninety days,
six months, or even nine months, if necessary. There is nothing new in the Price Situation." In what he had to say on the subject
this suggestion, It is what England, France and Germany have been doing of inflation, Mr. Miller pointed out that "credit and curfor more than half a century.
for short—have everywhere
4. The old notion that business follows the flag is a myth. Business fol- rency expansion—inflation
lows credit first, cheap transportation second, and the ability of the manu- played their part in the financing of the war; not as much
facturer or merchant.
fortunately in the United States as in other countries, but
5. The policy Of the Mercantile Trust Co. during this reconstruction period is to extend credit to the very limit to all sound commercial establish- yet enough to cause concern." There must, he said, be
ments and manufacturing industries. Such a policy, I am quite sure, will wisdom "in the administration of note issuing and reserve
aid the community, the country and build up the Mercantile Trust Co.
more than a condition of technical banking
The difference is 1% in favor of dollar credits, based on the assumption that the Importer covers his commitments immediately by purchasing
sterling exchange, instead of speculating on the rate.
A discount rate of 3M % in London works, of course, to the advantage of
English importers using bankers' credit on London, who probably do. not
pay more than 1%% per annum for same.
A country like Spain, which imports a large quantity of our cotton, cannot make use of our dollar credits, with a 43i% discount rate, but chooses
the London market, which is a full 1% cheaper for them.

BRITISH TRADE COMMITTEE URGES EFFECTIVE
GOLD STANDARD.
The need of the re-establishment of a sound financial basis
by means of an effective gold standard is also pointed out in
a report of the Committee on the Provision of Financial
Facilities for Trade after the War,issued on Dec. 23 by the
British Ministry of Reconstruction. The committee, which
is under the Chairmanship of Sir R. V. Vassar-Smith,
Chairman of Lloyds Bank, states that there will be an increased demand for credit facilities during the reconstruction
period and the ability of trade and industry generally to
provide for its financial needs will depend largely on the
amount of reserves it has been possible to accumulate.
Cable dispatches also have the following to say regarding
the report.
There are three main divisions under this head, the report says. They
are firms engaged upon war work from a date soon after the beginning of the
war;firms who became engaged on war work at a later period and new firms
created as a result of the enormously increased demand for war material.
The chief financial difficulty, according to the report, will be in connection with the third group. Uncertainty is the greatest deterrent to Industry and finance alike and the belief is expressed that the Government
should announce its future fiscal policy and also make known its stand
concerning the rationing of raw materials and the priority of essential
industries. There are also the questions of the determination of contracts for munitions and the disposal of State-owned factories and surplus
stores.
To achieve the reconstruction of trade and industry on sound financial and
economic lines, the report continues, it will be necessary to re-establish a
sound financial basis by means of an effective gold standard to check any
undue expansion of credit and to take steps to reduce the inflation of credit
to more normal proportions. The banks will be in position to meet demands for ordinary banking facilities.
In order that enterprise of national importance may have the first call
upon the available supply of capital it is desirable to maintain for a period
after the war supervision of new issues and over the export of capital. On
the question of State aid to industry the committee recommends the formation of a committee to deal with cases of hardship arising out of contracts for munitions. One of the largest factors in the demand for assistance will be the necessity for the requirements of factories, alteration of
machinery and shortage in materials which will have to be met by increased
financial facilities.
The committee thinks that fears as to the ability of trade and industry to
meet the financial needs of the reconstruction period have been exaggerated.
In spite of the increased taxation a very large number of established trades
have been able to accumulate sufficient reserves for the needs of reconstruction.
Commenting on the expansion of credit and paper currency, the comlinttee says that whereas the total deposits at the banks of the United




credit banks if
strength is to be maintained and the world made safe against
the costly evils of inflation." Stating that "there can be little
question what form the correction should take," Mr. Miller
noted that "when there has been inflation there must follow
deflation as a necessary condition to the restoration of
economic health." Declaring that "save and pay up"
should henceforth be our slogan, he added, "the problem
of correcting a state of banking inflation is mainly a problem
in saving. We must either put more good behind the
outstanding volume of credit and currency—that means
production—or we must reduce the volume of credit and
currency to suitable proportions—that means saving."
We give below a considerable part of Mr. Miller's address:

The Price Situation.
Of all the financial difficulties confronting the country at the close of
the war the price situation is, in a business way, the most serious and the
one calling for the most immediate correction. Fortunately for the
United States, this situation is not confined to us. The whole commercial
world has been involved in a series of extraordinary price disturbances
growing out of the war. While the situation is worse in some countries
than in others, it is serious in all. The general dimensions and the gravity
of it are sufficiently disclosed in the broad statement that, in the course
of the four years of war, the world level of prices has risen by 100%. In
some countries prices mean depreciated paper prices, in others gold prices.
but in all an increase has been experienced that makes the problem of price
rectification one of urgency everywhere.
It can not be emphasized too insistently that economic life can never be
normal and that business conditions can never be safe, until prices in leading
world markets work their way back to some sort of a stable or normal
level adjusted to conditions of national and international demand and
supply, as these will be when industry and trade among the nations have
recovered from the shattering effects of the war and have resumed something that can be called a normal course. How quickly this process will
be worked out will determine how long the world will be in the uncertainties and difficulties of a period of transition. Periods of transition are
always periods of strain. To shorten them by such means as can be fore seen to have a desirable effect is the part of good economic and financial
policy, both for the individual business man and for the nation and t h c
commercial world at large.
There Is already much welcome indication that the more foresighted o
the American business community are looking ahead to the falling of
prices as something that is inevitable In the normal course, and, instead o f
waiting, are anticipating and assisting the process of readjustment b y
voluntary price reductions. Such was the action recently taken by the
steel trade, the greatest of the country's barometers of industry, an action
that is bound to have a decisive effect in many related fields. Many
merchandizing establishments, also, are looking ahead and taking such
precautionary measures as they can to prevent being involved in avoidable
loss in the transitional period of price readjustment. Bankers are scrutinizing credit statements and are advising clients to be careful not to be

2416

THE CHRONICLE

[voL. 107.

adequacy of their reserves, determines their real condition. There must
be wisdom—great wisdom and, at times, courage, as well as wisdom—
in the administration of note-issuing and reserve credit banks if more than
a condition of technical banking strenth is to be maintained and the world
made safe against the costly evils of inflation. That lesson the world is
abollt to learn as a result of the experiences of the past four years. Until
it is learned and the credit and currency situations in the leading countries
rectified accordingly, the business of the world will be in a state of maladjustment with the industrial unrest and strife that are usually bred of
maladjustment and financial confusion.
The fact that inflation in the United States has not been caused or attended by suspension of gold payments or a discount on paper currency,
such as was experienced during the Civil War, should not blind us to the
realities of the situation. Suspension of specie payments may take place
without producing a state of inflation. (Such was the case in France
during the Franco-German War of 1870-71, when the Bank of France
suspended specie payments but managed its note issues with such care
that they were never at any time over-issued and never went to anything
more than a nominal discount as compared with gold.)
Recent events, particularly in the United States and among the northern
neutrals of Europe, which like the United States have experienced enormous
accessions to their supplies of gold during the period of the war, show that
inflation may take place without a suspension of specie payments or the
occurrence of a discount on paper. It was the very abundance of gold that
helped to advance prices in the United States before our entry into the
war. The currency of the United States now, as then, is a gold currency.
Prices in the United States are, therefore, gold prices. This fact is incontestable. There is gold enough and more than enough to assure the absolute convertibility of our paper currency in gold. The trouble with our
situation is not that the paper dollar is not as good as the gold dollar;
just the reverse is true; it is, The trouble with our situation is that neither
the paper dollar nor the gold dollar will buy as much as they did before
inflation of prices began. At prices as they are, the paper dollar buys
as much as the gold dollar. The gold dollar is no better than the paper
dollar. The two are interchangeable. Our trouble, therefore, is with
dollars, irrespective of their kind. It is one of quantity, not of quality,
or, at any rate, not of quality in terms of gold. Our elastic note issue
system has enabled us to place the issue of paper dollars on a quantity basis
without endangering the integrity of their gold value. The trouble is
with the goods value, not with the gold value of the American dollar.
Our difficulty is, and therein consists our inflation, that dollars—good
financial dollars, "safe" dollars, gold dollars—have been created in such
abundance in comparison with the amount of goods purchasable by them
that they have, as• a necessary result, lost in their purchasing power—in
other words, the supply of money has become disproportionate to the
supply of goods with rising prices as the inevitable result.
Europe can not afford to buy great quantities of goodsin the American
Inflation and High Prices.
market, urgent as its need is for materials of post-war industrial reconstrucBut "scarcity" is a relative term and there is so much evidence of an arti- tion, unless our prices fall, no matter how ready we stand to finance
ficial abundance of money in comparison with the things that are pur- them, because Europe cannot afford to handicap her reconstructed induschasable by it that the abundance of money must be credited with at least tries with a capitalization that will not be warranted by earnings when postan equal influence in explaining the high prices which have prevailed. war prices get back to normal, as sooner or later they will. For her indusSpecial attention will, therefore, have to be directed in the process of a re- tries to do otherwise would be to Invite serious losses and possible bankturn to a normal basis of prices to the condition of banking credit and cur- ruptcies.
rency, which has promoted or sustained the upward flight of prices.
Indeed, much the same may be said of our own domestic business situaThe balance sheet of the belligerent world has been swollen by the addi- tion. Increase of the capital account will, in general, be a perilous proceedtion of about two hundred billions of public debt on the liabilities side of ing for any undertaking involving large permanent investment and heavy
the account, with only partial offsets in the way of newly-created wealth fixed charges, as long as prices of materials of construction are on an inon the assets side of the statement to insure economic solvency among the flated basis. Thus does an inflated state of prices tend to check industrial
European belligerents and especially the Central Powers. Not the least enterprise, and, therefore, to retard industrial recovery. More than that,
of the wonders worked by the war has been the ease with which vast public. an inflated state of prices always adds to the uncertainties, and, therefore,
debts have been contracted, on what must be considered a relatively fa- to the hazards of business, when once the crest of the movement has been
passed. Thus is a speculative tinge given to even ordinary business in
vorable basis, so far as concerns interest rate and other terms.
It has become a matter of commonplace observation in the United periods following inflation of prices and credit. Such periods, it has freStates that our people of many different races, credes and conditions have quently been observed, tend to promote speculative activities and to breed
never before been so nearly one In thought, feeling, spirit, purpose and ac- business crises. For whatever adds to the uncertainties and hazards of
tion, as during the war. All of the four great Liberty Loans have given the business, not only tends to induce speculation, but also, for that very reaevidence and measure of the people's devotion to the nation's cause. Twen- son, to add to the chances of business miscalculation and, therefore, to
ty-one million subscribers to the Fourth Liberty Loan tells much of the the percentage of business misadventure. And it is business misadventure,
story of our financial achievement. Much, but not quite all! For the when the percentage runs high enough, that makes for crisis. For the busiachievement is not quite all that it appears to be and must become. The ness crisis is merely to be regarded as a rough and wholesale method of adjusting the capitalization of business to the indubitable facts of the market
rest of the story will be found in the expanded condition of the banks.
Of the eighteen and a half billions of loans thus far put out by the Gov- —through earnings to prices—when capitalization has gotten out of line
ernment, it may be estimated that from 5 to 6 billions are being carried by with the price trend, the business crisis being little other than a swift and
or in the banks. To the extent that subscriptions to Government borrow- violent method of correcting errors of business miscalculation, when such
ings are paid, not out of cash which the subscriber has actually saved out errors have been extensively committed.
of his income, but by credit borrowed from his bank, the payment of the
Conclusion.
subscription must be regarded as having given rise to an expansion of bank
The more the matter is pondered, therefore, the more, I believe, the
credit to approximately an identical amount. Such expansion of credit,
financial problem will be found
unless it sets in motion new forces of saving, results in inflation, first of heart of our national after-war business and
credit, then of currency, and, as a consequence of both, inflation of prices. In the price situation. There are many other factors—such as wages,
in its importance to the
comparable
is
that
none
A bank's deposits and currency are the children of its loans and invest- axes, interest rates—but
ments. When the loans and investments, therefore, which occasion an price situation nor unaffected by it. If our price situation is quickly
increase of deposits and currency are not definitely tied to the production cleared up by deflation, wages and taxes may be expected to adjust themor saving of goods, they must cause a rise of prices. When the rise of prices selves to the altered conditions. Industrial enterprise can then make its
resulting from an expansion of credit and currency is not able, or until it is calculations on something like a stable or normal basis and the period of
able, to induce a commensurate increase of productive industry to match post-war readjustment need have little terror for us. The whole world Is
which is the
the increased buying power of the community, the resulting condition is one inflated. A great opportunity, therefore, awaits the country
of inflation, that is, one in which there is more purchasing power, in terms first to be able to begin marking down its prices toward peace levels. The
steel,
cotton,
copper,
needs
It
produce.
can
we
what
and
us
needs
world
of money afloat in the community, than is called for.
This condition has not been peculiar to the United States. Credit machinery,and many other things. Some of those it will take at any prices,
expansion and currency expansion—inflation for short—have everywhere but it will take much more if our prices aro such as to invite foreign demand,
played their part in the financing of the war; not as much fortunately in and we need give little attention to artificial methods of taking up the slack
the United States as in other countries, but yet enough to cause concern; In the labor market and otherwise stabilizing industrial conditions, if we
not disastrously as in former wars, but not without producing some serious take up promptly and proceed vigorously with the solution of the price
consequences and leaving in some of the belligerent countries grave dangers situation.
Since the beginning of the European war or between the dates of July 1
and in all of them, ourselves included, a troublesome after-war situation.
The great central note-issuing banks of the modern world—such are also 1914 and Sept. 1 1918. the total money in circulation in the United States,
our Federal Reserve banks—have made inflation easy. In the estimation as shown by the Treasury statement, increased from $3,402,015,000 to $5.of all
of many they have also made it safe. They certainly have done much to 621,311,000, an increase of $2,219,296,000, or 65%. Total deposits
make it technically safe. The theory upon which the great note-issuing banks* between the dates of June 30 1914 and June 22 1918, the latest date
to
$21,279,000,000
from
increased
available,
are
figures
complete
which
for
banks pretty generally have proceeded is that the test of banking safety is
and disto be found in the reserve ratio. The more gold, the more credit and 632,589,000,000, an increase of $11,320,000,000 or 53%. Loans
to $22,currency. Such appears to have been their monetary logic. Acting upon counts for the same dates show an increase from $15,340,0J0,000
investments
this theory, they have scoured their respective countries of most of the 059,000,000, or $6,719,000,000, an increase of 44%. Total
to
$31,982.$20,924,000,000
from
Increase
an
show
dates
same
for the
scattered gold.
000,000, or $11,058,000,000, an increase of b3%.
"Goods" Value Versus "Gold" Value.
Since our entry into the war, or between the dates of July 1 1917 and
As long, therefore, as the great central banks could gather in gold enough
to maintain a suitable mixture of gold In their resources and thus clothe July 1 1918, the total money in circulation in the United States, as shown
their liabilities with a suitable covering of gold, their position was one of by the Treasury statement, increased from $4,850,360,000 to $5,621,banks*,
technical safety and appearances were good. It may be admitted that 311,000, an increase of$770,951,000, or 16%. Total deposits of all
for
appearances count for much in the psychology of credit and banking. between the dates of June 20 1917 and June 29 1918, the latest date
But more than appearances and more than technical safety, and, therefore, which complete figures are available, increased from $30,443,000,000 to
caught with large inventories on a falling market and the advice meets
many prepared minds and much ready acceptance.
Such mental preparation paves the way and thereby hastens and makes
safe the process of price readjustment. But when all is done in this way
that can reasonably be expected of the business man, it will still remain
true that much of the readjustment of prices must come about through
other action in which the community at large must have a principal part.
What is it that has driven prices to the dizzy heights that have prevailed
during the past four years? In general, the answer, of course, must be
war—the economic and financial disturbances the war has produced. It
Is difficult enough, even under normal'conditions, to specify the factors
which determine the level of prices. The price situation, as we find it
In any given country at any given time, is the result of a complex of forces
In which the production and costs of goods, market demands, the saving
and investment of capital, the state of credit, and the volume of money
and currency, all have their measure of influence. These have all been
at work during the war, but they have been so complicated in their action
by the war that no simple explanation of the movement of prices in our
own or other countries is adequate fully to explain the causes of what has
been taking place.
Scarcity and High Prices.
From the very beginning, the war caused a great intensification of the demand for a great variety of materials and supplies needed in
modern warfare. With all the efforts that have been made to adjust the
productive crganization of the different countries to the supply of these
much-needed things, there has, until quite recently, been a relative shortage of many of the primary materials and basic commodities of war. To
that extent, they have commanded "scarcity values," and their prices
would have ruled high even had there been no alteration in general monetary conditions. Much patient and methodical statistical investigation will
be needed to determine the exact extent to which high prices during the
past four years can properly be regarded as "scarcity values."
To the extent that the prevailing high prices have been "scarcity values,"
we expect the situation to right itself in due time as industry shifts from war
production to peace production, and the vast numbers of able-bodied
workers who have been withdrawn from productive industry to military
service are reinstated in the industrial army of the country. The production of many basic materials and commodities, which have been in short
supply, will gradually catch up with the demand and values be brought
back more nearly to normal. This movement has already begun.
Looked at from this point of view,the problem of re-establishing a normal
price level is a problem in production, one to be worked out in factory,
farm and workship. Prices will move toward normal and goods will become cheaper as they become more abundant. They will become more
abundant as the wasteful processes of war consumption come to an end
and production resumes its normal ways.

more than gold, are necessary to the good functioning of reserve and noteissuing institutions. The character of their general assets, as well as the




*National, State and private banks and loan and trust companies.

DEC. 28 1918.1

THE CHRONICLE

$32.589,000,000, an increase of $2,146,000,000, or 7%. Loans and discounts for the same dates show an increase from $20,502,000.000 to $22,059,000,000. or $1,557,000,000, an Increase of 8%. Total investments
for the same dates show an increase from $28,611,000,000 to $31,982,000,000, or $3,371,000,000, an increase of 12%.
The index number of wholesale prices in the United States computed
by the Bureau of Labor Statistics shows a rise from 98 in June 1914 to 202
in August 1918, a rise of over 100%. The index number for retail prices
for the same dates moved from 99 to 171, an increase of about 73% Since
the entry of the United States into the war,the index number of wholesale prices has risen from 171 in April 1917 to 202 in August 1918, an in.
crease of 18%, the index number for retail prices for the same dates having
moved from 145 to 171, an increase of 18%
These figures certainly reveal a very considerable increase in the volume
of banking operations in the United States since the beginning of the European war in 1914. An aggregate of probably over ten billions (an increase of about 50%) of new purchasing powm since the beginning of the
European war, mainly in the form of bank deposit-currency, has come
into existence during this period. The portion of this increase, which is
to be charged to the period beginning with our entry into the war, cannot
be accurately determined for lack of adequate data. But an indication
is supplied by the increase between the dates of June 20 1917 and June
29 1918, noted above, in the figures for total deposits and money in circulation, an increase of the two together of8%. It seems within the probabilities that of the ten billions of new purchasing power which there is
good ground for believing have been created in the United States since
July 1914, a fourth may conservatively be regarded as chargeable to the
period since our entry into the war.
To the extent that this increase in the supply of the purchasiag media
of the country has not been offset by a like increase in the production of
goods, it must be regarded as unnecessary and superfluous from the economic point of view, whatever may be said in justification of it from the
point of view of political and general financial expediency. To the extent
that it has been offset by increased production, it presents no difficulty.
That there has been an enormous increase in the physical output of goods
in the United States during the past four years cannot be questioned.
Never before has the country come so near to realizing its full productive
capacity; never before has there been so little unemployment or idleness.
Some optimistic estimates place the the increase in the physical product
of the country during the past four years as high as 30%. If we take a
more conservative figure, of 20 to 25%, it would suggest the inference that
a commensurate proportion of the volume of credit and currency existing
In 1914, or some 4 to 5 billions of dollars in the aggregate, was probably
legitimately called for by the growth of production in the past four years.
In estimating the amount of credit and currency contraction that will
have to take place before our price situation can be regarded as in a fair
way to become normal, these 4 to 5 billions should properly be deducted
from the statement of the present volume of these items. It would appear probable, therefore, that some 5 to 6 billions of credit anti currency
in the aggregate have been created in the past 4M years that cannot be
regarded as having been occasioned by the requirements of industrial
growth, as measured in terms of physical units. This is also approximately the amount of war securities and war loan paper, as has already*
been stated, that the banking system of the United States is to-day carrying. To this extent the expansion of banking credit and currency would
clearly appear to have been occasioned by the banks having assumed the
burden of assisting the placement of Treasury borrowings by the extension,
use and lending of their credit. Such use of credit is almost of necessity
inflationary in its immediate effects and in its continuing tendencies until
corrected.
Rectification of the Price Situation.
There can be little question what form the correction should take.
Where there has been inflation, there must follow deflation, as a necessary
condition to the restoration of economic health. Contraction of bank
deposits and currency, through the liquidation of war loan accounts, is
clearly indicated as the next and necessary step in the process of bringing
the credit currency and price situation back to normal. Those who, in
our Liberty Loan campaigns, were persuaded to borrow and buy must
now be made to save and pay. "Save and pay up" should henceforth
be our slogan. The problem of correcting a state of banking inflation is
mainly a problem in saving. We must either put more goods behind
tho outstanding volume of credit and currency—that means production—
or we must reduce the volume of credit and currency to suitable proportions
—that means saving.
Expenses and spending must be kept down; money must be saved. As
it is saved, it must be paid to the banks in liquidation of war loans and
other non-productive borrowings. If the money saved is in the form
of deposit or checking credits, then the total volume of these in existence
and in use will be diminished as they are used to cancel an equivalent
amount of loans and thus will the banking structure be contracted and
prices be rectified. If in the form of bank notes, the cash holdings of the
banks will be built up and they will be enabled to reduce their borrowings
from their reserve banks, and, in this wise, the notes will find their way
back to the Reserve banks, reducing at once the volume of their outstanding note liabilities on the one side and their holdings of bills discounted on the other. Thus will saving effect the reduction in the volume
of outstanding currency and credit. There is no escape from this necessity. As long as inflation exists, the nation must continue to practice
thrift. Only thus can the capital be created and supplied which will
wipe out the inflation that already exists and avoid or minimize such new
inflation as may threaten in connection with the great borrowings that
must still be made for the use of our Government and the Governments
associated with it, to say nothing of the large demands for capital that
will be made on the American investment market by Europe in the process
of re-establishing her industries.

Mr. Miller then goes on to say that the Government's
requirements for the remainder of the fiscal year have been
stated as likely to be not less than seven billions. This
amount, added to the five billions of outstanding war securities which, it is estimated by him, have not yet been
permanently absorbed, would give a total of twelve billions
of public securities which must be taken up out of genuine
savings "if our financial and credit system is to be sterilized
of the taint of inflation which at present is upon it." When
this is accomplished, he argues, prices are likely to be at
something that can be regarded as a normal level. "Until
it is accomplished, there will be an unstable price situation.
As it is gradually accomplished, prices will go back to a
normal basis in an orderly manner. But if a considerable
part of the new borrowings, which the Government must




2417
-411

make during the fiscal year and until war accounts are finally
closed up, are financed by any considerable expansion of
banking credit, we are likely to have more inflation and an
aggravation of a price situation which is already sufficiently
serious and burdensome.
VIEWS OF F. A. VANDERLIP AND JOSEPH FRENCH
JOHNSON ON AFTER-WAR CONDITIONS.
Frank A. Vanderlip, President of the National City Bank
of New York, in an address before the New York Credit
Men's Association at the Hotel Astor on Dec. 18, took an
optimistic view of after-war conditions, in contrast to that
held by Joseph French Johnson, Dean of the School of Commerce, Accounts and Finance of the New York University.
Mr. Vanderlip had been scheduled to speak on "The Future
of Our Gold Reserve," but his remarks were devoted largely
to atiswering the contentions of Dean Johnson. Among
other things, the latter referred to the release of 15,000,000
persons engaged in war work, and he predicted direful
results unless the business men of the country took measures
to guard against untoward happenings. The New York
"Tribune," which appears to have the fullest account of the
arguments pro and con between Messrs. Johnson and
Vanderlip, reported what each had to say as follows:
"I would not," said the dean, "side with those pessimists who claim
that the country cannot get back to a peace basis until there has been a
general liquidation and an utter collapse of prices. But I must admit
that some kind of disaster and distress are in store for this country if its
business, its financial and its political leaders do not use their brains and
their nerve and their energy and their initiative in order that there may be
uninterrupted employment of American labor, and hence a steady demand
for the products of American factories.
"If we rush stupidly and blindly on, trusting in Providence or in the luck
of America, and squander our money and give little thought to future
problems, I see in the not far distant future crisis and panic, idle labor,
bread lines and riot."
Mr. Vanderlip's talk consisted of a rebuttal of Dean Johnson's contentions. The Professor said the world was much poorer as a result of four
years of fighting. The banker replied:
"I believe that we have come out of the war richer, really richer in a
material way, tremendously richer in the world that we have come out into;
richer in spirit, richer in the understanding of the unity of this nation;
richer in the experiences that we have all passed through, and particularly
in the experiences that the men who have gone into military service have
passed through."
Dean Johnson expressed belief that it would be a good idea to burn up
all the Liberty bonds of the country, amounting to some twenty billions of
dollars, in a bonfire, saying "the Liberty bond is not an asset* it is a liability.
It is rather a sad thing to think of the American people, of all kinds, contributing out of their earnings, of all kinds, to support prosperous men like
you and me when we do not need those contributions. I am going to make
some fellows have a bonfire."
The reply of Mr. Vanderlip was received with far more enthusiasm than
the proposal for the immolation of the bonds. Said Mr. Vanderlip, referring to the bonfire: "I am not going to contribute anything to that and I
do not concede that it would be doing society any great favor if I did. Now
the quarrel that society is going to have with the owners of these bonds
does ilot lie at all in the fact that society has got to pay the debt of this
nation. Society's inquiry will be, What will the people do when they
receive the money?
"We have all got to save now perforce—because the tax collector makes
us. That is not going to hurt us, provided what is saved is used in the
interest of society. If it is reinvested, if it helps further production, then
it is working for society, just as society ought to have it work for it. I
believe that society is going to be better off for this enforced saving, because these bonds, when they are paid off, will undoubtedly seek reinvestment, and at that time a vast amount of new capital that people have been
forced to save will go into industry, into production."
Both speakers attempted to give a clear presentation of the serious prob•
lems that are soon to spring up. Mr. Vanderlip did not try to understate
them, but was more optimistic of tho chance of a happy solution of them
than was Dean Johnson.
The key to the solution of the riddle of the future, Mr. Vanderlip indicated, was in striking a proper balance in the relations between capital and
labor. No structure of prosperity, he said, can stand which is not built
on the satisfaction of labor with conditions. Much of the labor difficulties, he added, flows from the ignorance of employers.
"If there were to be a joint debate between a union labor leader and a
representative of the bankers, or of any part of what we may call the
capitalistic class," Mr. Vanderlip declared, "I would wager that the union
labor leader would have a deeper knowledge of sociology, a more thorough
acquaintance with those principles which we have got to consider in the
adjustment of affairs between capital and labor, than his opponent would
have. No small part of the trouble between capital and labor, in my opinion, lies in the ignornace of employers. Now, that is not altogether to be
marveled at. Men engaged in active business enterprises have their minds
tremendously absorbed with the day's flow. Their day's work is a mental
day's work, which excludes them from the leisure ordinarily necessary to
think on problems that do not appear to be immediately necessary for them
to attempt to solve.
"The laboring man has more time to think on such problems, and he is
thinking sounder and deeper, as a rule. on many of them,than is the business
community. So I believe that we have all got to recognize that this is the
foundation of our temple, and it does not do any good to build the structure
unless we square up the foundation, and it is up to us to do some thinking
on that line."
In the future world that sprang out of Mr. Vanderlip's imagination, these
factors were highly significant.
"Are we going to have a great foreign trade? I do not know. but I am
sure of one thing—we are going to make a thundering try at it."
The National City Bank, which has already opened thirty-nine different
branches throughout the world, is going to aid the expansion of world trade.
"If a business man goes abroad, we will be prepared to furnish him with
Interpreters, with an introduction and an entry to factories, furnish him
right on the spot with all the guides to industry, and will help foreigners in

2418

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understanding the United States," Mr. Vanderlip said, pointing out that
many other American banks also are going to render great services.
The United States, with its high wages, will be able to compote with
Japan, with its low wages. This example from shipping was used to prove
Mr. Vahderlip's assertion: "I happened," he said, "to see some labor
figures on three ships of equal tonnage, one under the American flag, one
under the British flag and one under the Japanese flag. The labor cost
of practically the same type of ship for practically the same trip was half
under the British flag that it was under the American, and half under the
Japanese flag that it was under the British. How can we run ships at four
times the labor cost of our competitors?
"The labor cost is only about 15% of the total. I believe that we
will be able to construct ships, built for special purposes, as our ships on
the lakes are built especially for ore transportation, run on special routes,
where they are driven back and forth without great delays at the ports, and
that we will be able to compete,even paying the wages that we have to pay,
because we will make up for that in ease of loading and better facilities,
better construction of the ships in respost to unloading, working and less
delay at the ports.
"The fantastic wages that we have paid in some cases are going to disappear. The men know they have been receiving fantastic wages in those
cases, and I do not believe there is going to be much resistance to a decline in those cases. Labor of other countries is being paid a great deal
more than it was four years ago, and it won't go back, I don't believe, any
more than I believe that our labor is going to fall generally."
As for unemployment, about which Dean Johnson expressed fears. Mr.
Vanderlip said that, although 15,000,000 war workers would have to be
transferred to peace conditions, the transition could be made successfully, as there was now a labor shortage, pointing out that in the last four
years the five million immigrant workers who normally would have come
to this country did not arrive because of the war and a million workers
from this country returned to fight in their homelands in Europe. Public
works, if necessary, would form a buffer in the adjustment.

PAUL M. WARBURG ON "SOME PHASES OF
FINANCIAL RECONSTRUCTION."
One of the most important speeches of the day for which
we have not been able to find room in our paper until today because of the crowded condition of our columns, is
that of the former Vice-Governor of the Federal Reserve
Board, Paul M. Warburg, delivered at the Reconstruction
Conference of the U. S. Chamber of Commerce at Atlantic
City on Dec. 6. Toward the close of his remarks Mr. Warburg made brief reference to the Report of the British Committee appointed to investigate the question of currency and
foreign exchange after the war (which we shall print in
full another week); on this point Mr. Warburg said:
It was extremely gratifying to find that the conclusions reached by this

Committee bear out entirely the thoughts that I have ventured to express
in this paper with regard to Treasury borrowings, discount rates and deflation.
The report urges as prerequisites for the restoration of an effective
gold standard, "which should be restored without delay."
The cessation of Government borrowing as soon as possible after the
war, and the provision at the earliest possible moment of an adequate
sinking fund for the purpose of bringing about a regular annual reduction
of capital liabilities;
A cautious reduction of the outstanding uncovered note issue and a
greater concentration and strengthening of the gold reserve;
And, furthermore, the bringing into effect of the "machinery, which
long experience has shown to be the only effective remedy for an adverse
balance of trade and an undue growth of credit." This machinery is defined as "the raising and making effective of the Bank of England's discount rate, which before the war operated to check a foreign drain of gold
and the speculative expansion of credit." "This necessity," the report
says, "cannot, and should not, be evaded by any attempt to continue
different;a1 rates for home and foreign money after the war."*
Lord Cunliffe's sound advice to let business return as soon as possible
Into its old and tried channels will no doubt be heartily acclaimed by our
business men and bankers.

To turn to the principal features of Mr. Warburg's speech,
which was devoted to a discussion of "Some Phases of Financial Reconstruction," we quote from his remarks as follows:
As I look through the telescope into the period following that of transition I see a United States to which the world at large will be heavily indebted, and to which annually hundreds of millions of dollars will be due
as interest on loans extended, in addition to the hundreds of millions due
in payment of the raw materials we shall be able to spare for other countries. I see an industrially highly developed country which, with the
exception of a limited number of articles, will be capable of producing most
of the necessaries of life for the consumption of its own people. I perceive, therefore, a country amply protected by a vast annual international
credit balance, a country which by keeping some portion of its foreign
security holdings in the form of reasonably short obligations, should be
able to protect itself against any serious encroachment upon this creditor
position; a country owning a huge gold stock;—a country, in short, which
need not give itself any great concern with regard to the task of maintaining the parity of the dollar exchange all over the world.
I much misread the future if it does not have in store for New York the
position of a world exchange centre, vying with London as a free gold and
discount market. As I see it, our future economic position will be of such
strength that it will be difficult for many countries to keep their exchanges
at par with us. They are not likely to have sufficient quantities of the
goods required by us, nor will they have large amounts of gold to spare,
and therefore, in payment of the things we sell them and of the interest
they will have to pay us, they will have to try to find something else than
goods that we may purchase from them; that is they will offer us the individual or collective obligations of their nationals, or their industrial
enterprises, or such securities or assets of other countries as they control.
If we want these countries to continue to be able to buy our goods, it is
The report is significant, furthermore, in its unqualified recommendation that "the gold reserves of the country should be held by one central
Institution and that all banks should transfer any gold now held by them
to the Bank of England." That is exactly the policy the Federal Reserve
Board persistently urged upon Congress, a policy fortunately adopted
and since enacted into law. 'Without such amendment it would have been
impossible for the F. R. System to accumulate the more than $2.000,000000 of gold which enabled it successfully to stand the unprecedented strain
of financing the war.




[VOL. 107.

therefore incumbent upon us to prepare ourselves to grant these foreign.
credits and to buy and assimilate these foreign assets.
In order to carry out this program several things are necessary. First,
our banks and bankers must be able and willing freely to extend their
acceptances for the financing of the world's trade. It is inevitable, if
our banks and bankers continue to show the same spirit of enterprise
and patriotism they have demonstrated during the war, that in the financing of the world's current trade we shall have a very largo share. As a
matter of fact, we owe it to the world to bear a substantial portion of this
burden. To that end the discount rates of the Federal Reserve banks
and the policy of the Federal Reserve Board with respect to acceptance
transactions must continue to be liberal. I can well foresee the time when
American dollar acceptances will be outstanding to the extent of more
than one billion dollars in credits granted all over the globe. Three years
ago when it was my privilege as a member of the International high Com;
mission, to visit South America, I found that the banks in that hemisphere
hardly realized that there existed such a tning as dollar exchange or an
American bankers' acceptance, and our own banks and merchants had
to be coxed into using them. Now these acceptances are well known and
eagerly sought all over the world.
But while much has been accomplished as a beginning, while the marvelous strides that our banking system has made during the war are as
unparalleled as the rapid creation, equipment, training and transportation of our armies, more remains to be done. While it is most satisfactory to note that several discount companies and acceptance corporations
have been organized, it is my belief that the future will show a very distinct need for a larger number of acceptance corporations. As the Liberty Loan bonds are absorbed by the public and as the paper secured by
these bonds and rediscounted with the Federal Reserve banks is liquidated,
the enormous resources of the Federal Reserve system will become available for regular investment in bankers' acceptances to a larger extent
even than in the past and will prove a tower of strength, protecting our
discount market at rates which will compare favorably with those of the
strongest amongst the old established coun:ries. These conditions are
likely to bring about a constantly growing demand for American acceptances and I hope that not only banks and acceptance corporations, but
also private banking firms will energetically cultivate this new field of
enterprise. As is well known, private bankers were pioneers in England
in developing the foreign acceptance business.
The war being over, it is now the privilege of our bankers and financiers
to make themselves generals in the arts of peace, and to call out as volunteers the best talent, now happily again available for the constructive
pursuits of commerce and trade in all parts of the world. There is in this
call no challenge to England; she will, I am certain, retain her logical and
traditional position of a world centre of commerce and finance. Moreover, once we return to the time when trade between nations is no longer
financed by the issue of Government bonds, the old machinery of bankers'
acceptances and investment banking will be so heavily taxed in both countries that England and the United States, soon to be joined, wo ad hope.
by France, will be only too glad to find partners with whom to divide the
burden and, rather than envious competition in securing the load, there
will be a tendency of wishing to place a fair share of it on "the other fellow." No doubt some of the neutral countries, whose financial strength
and independence have greatly increased during the war, will play an important role; while Germany's place as an international banker, I believe,
will have to be considered as vacated for some time to come.
Bankers' acceptances, however, while important factors as temporary
equalizers of international balances, and invaluable, furthermore, in their
Incidental effect in creating centres into which other commercial and
financial transactions will naturally flow, cannot be expected to offer the
proper medium for settling the vast permanent indebtedness to us which
we expect to see accumulating from year to year. These large balances
must be offset not by temporary credits, but by an outright transfer to
us of foreign assets. This may be brought about essentially in four ways:
(1) The debtor country may sell to our Government its own Government
obllgations (our Government in turn financing itself by the sale of United
States Government bonds substantially in the same manner as adopted
in financing our Allies during the war.)
Or (2) The debtor country may sell to our investors (instead of to our
Government);
(a) Its own Government obligations, or
(b) Industrial stocks or bonds originating within its own boundaries, or
(c) Stocks or bonds owned by it but issued in other foreign countries.
The first method is not likely to be employed extensively beyond the
beginning of the transition period. The other three methods are the ones
that in the long run we may expect to see develop as the most practicable
forms and for which we must prepare ourselves.
In order to bring about in the United States the successful absorption
on a large scale of foreign securities it is necessary that our investing public be educated properly to appreciate those foreign investments. That
will only be possible as our banks and our business men going into foreign
countries bring back to the "folks at home" frank and reliable information
concerning the risks and chances of the proposed investment, concerning
the resources of such countries, the character of their people and their
political and economic conditions.
I believe that for the better protection of both the public and the careful and self-respecting banker it would be advisable to establish some
generally accepted rules governing the information to be contained in a
prospectus offering for sale foreign securities (or possibly also our local
ones.) Every great international market enjoys such rules established
either voluntarily by the stock exchanges or by the Governmentr If we
are to be a world centre of finance, as I am profoundly convinced we shall
be, I believe we ought to take steps that will give to the American prospectus the same standing and prestige as is enjoyed by those of the leading
European markets. I can well imagine that by common and voluntary
agreement some sort of a future capital issues committee might be organized in each Federal Reserve district to give its stamp of approval to
every prospectus before the quotation on the Stock Exchange be granted
or the offer be made. Such approval would not signify the passing upon
the intrinsic merit of the security involved, but it would give assurance
that all essential facts, and nothing but authentic information, be contained in the prospectus and that they be stated over the signature of the
borrowing government or corporation and the issuing house. This is, as
a matter of fact, no more than a responsible issuing house would observe.
It would be a burden, therefore, only upon less conservative firms, upon
which a check ought to be exercised. While, no dbubt, some red tape
and delay would be involved in such a proceeding, it would in the long run
prove well worth while to submit to it. The Chairman and Governor
of the Federal Reserve Bank of the district might be invited to head the
committee as at present. They and others would, no doubt, be found
willing in the general interest to shoulder the burden.
When the present Capital Issues Committee in due course, by the expiration of the Act, discontinues its operations, it is possible that such new
local Capital Issues Committees might exercise a very ImpoL taut function
In protecting the country in this further respect. Issuing houses in Europe

DEC. 28 1918.]

THE CHRONICLE

do not generally enter into contracts for the purchase of
foreign securities
without first inquiring at their headquarters whether
or not such issue is
in the public interest. It must be borne in mind that
when concluding
these loans not only the relationship with the borrowing
country must
be considered, but also the condition of the purchasing
country as a whole.
Excessive foreign loans may at times adversely affect the
entire network
of trade balances, exchanges and interest rates, even though
the transaction may be of great advantage to particular industries,
and even though
the contracting country itself may be heavily in our debt.
The situation
as a whole, therefore, should be carefully weighed in such
cases by the
Federal Reserve Board which, when approached through the
local Capiral
Issues Committee, would give its advice.
It may timely to point out in this connection that foreign
bonds payable
in several currencies would prove of great value in times
when
tations might become imminent in consequence of unexpect gold expored temporary
financial dislocations. In such circumstances intercha
ngeable international bonds could well be sold abroad in order to replenish
our foreign
balances, warding off to that extend exportations of gold.

2419

to over $2,300,000,000 and that the proporti
on of national banks' investments to deposits at present amounts to 130%.
against 110% at the beginning of the war in 1914.
It is sincerely to be hoped that the people
by saving and curtailment of
unnecessary consumption and expenditures,
and the business community
by a program of wise moderation particularly dealing
with non-essentials,
and as long as this can be done without creating
unemployment, will do
their share in consolidating both our gold and
investme
nt strength, on
which two factors our ability to secure our proper
position in foreign lands
and our power to act boldly and generously in
dealing with other nations
is largely predicated. Over-expansion of deposits
and note issues must
not be permitted to tie up our reserves to such a
degree as to interfere with
our power to let gold go out freely. While we are still
in a position of great
strength, we must remain conscious of the necessity
of not forgetting our
limitations.
If by the exportation of large amounts of gold or
a continual increase
of investments our Federal Reserve system's cash
reserves should fall
from 50% to about 40%, that by comparison with
other countries would
still look like a very high reserve. Do not let us forget,
however, that in
Europe reserves before the war were considered to be
near a normal level
at approximately 60%, and that was at a time when
central bank countries were saturated with gold, owing to the hundreds
of millions in actual
gold carried in the pockets of the people, while now
this important secondary reserve has been wiped out in almost all leading countries
. They have
wisely concentrated that gold in the central banks
in order to have it
serve as a basis for their vastly increased note and
deposit obligations.
Logically, future central banks' reserve standard
s ought, therefore, be
higher than those of the past. While we must resign
ourselves
to the conclusion that it will be a "long, long way" to the
realization of any such
hope, it is all the more evident how important it
is for all countries firmly
;,o envisage this goal of strengthening their present financial
position by
a gradual deflation, while at the same time efforts
to concentrate all scattered gold must continue.
The world balance sheet has been "watered," by issuing
war loans and
currency, against things already consumed or of no permane
nt value, to
an aggregate appraised to exceed the estimated pre-war wealth
of England and Germany combined. The squeezing out of this
water by gradual
amortization of war loans and contraction of note issues
will prove an tinportant factor in re-establishing pre-war levels of prices.
Some Writers hold to the view that increased producti
on of goods rather
than banking deflation may bring us back to a normal
relation between
money and goods. My own belief is that the solution
must be sought in
efforts from both ends. The resultant line indicatin
g the trend of prices
and deflation would then Ile somewhere around
midway between the
highest and lowest points.

It is estimated that England. France and Germany before
the beginning
of the war invested annually an aggregate of over a billion
dollars in foreign
countries. For more than four years countries like the South
and Central
American republics and China have not been able to secure
foreign funds
in substantial amounts, and while the war has taught
them a greater
degree of thrift and more extensive reliance upon their own
resources, their
accumulated appetite for foreign capital must now no
large. Add to that
the demands of European nations, new and old, and it will
be clear that by
sheer force of circumstances , even though England,
France, Holland,
Japan the Scandinavian countries and others will take their
full share of
the burden, we shall soon be driven into a position of
great importance
in international finance, and that this responsibility will
be facing us long
before we may expect to see our market for foreign securitie
s develop far
enough adequately to meet the situation. I believe that
so-called "Investment trusts" will ultimately play an important
role in solving this
problem. Companies of that character are well known
in
ticularly in Scotland. As their name indicates, they invest England, partheir funds in
foreign securities and against their assets they issue their
stocks and bonds
for sale in the home market. One important corporation of
this description has been launched in the United States the American
Corporation. More such companies, I think, are bound International
to be established. But it will take years to establish their prestige and
standing all
over the country and to prepare for their securities an
investme
wide enough to fill our needs. In these circumstances, it occurrednt field
to me
some time ago that by converting the War Finance Corporat
ion Into a
Peace Finance Corporation and authorizing it to acquire
directly, or
make advances on foreign securities, we might create an
instrument that
would promote our foreign trade and at the same time greatly
Mr. Warburg expressed the opinion that there is no
assist fornoeign nations in need of our support during a period of political
and eco- cessity for the establishment by the Government of
nomic transition. Such Peace Finance Corporation, enjoying
a foreign
the prestige exchange bank,
as a reconstruction measure, for the purpose
and strength flowing from the $500,000,000 capital subscrib
ed by the
United States, could exercise effectively its power, within
certain limits of keeping dollar exchange at par, or for providing the counand for a limited number of years, to issue its own obligations
against the try with adequate foreign exchange
foreign securities acquired. *In doing so it might render
and credit facilities at
services of the fair and
equitable rates. He added:
very greatest value in bridging a critical interval. At the
same
time,
it would keep the Government out of direct touch with business
Nor is such a bank necessary in order to
transacput our discount rates on an
tions, with which, for a thousand obvious reasons, it had
better remain equal level with those of London. It cannot be denied that it is an anomunconnected.
aly, which rankles in the minds of some of our
critics, that our acceptance
For the sake of both our domestic and our foreign problems,
I believe a discount rate should at present be at 43%, while the British rate is at
plan of this kind is deserving of our most careful considera
% at a time when England is borrowing from us at
tion, even though
a rate well in excess
I am reluctant to suggest it because of my strong belief that
at this time of 4X%. As long, however, as the United States Treasury has to raise
we should remove rather than construct war emergency
machinery that about one and a half billions per month by the sale of Treasury certificates
draws Government into business and on account of other
serious and valid at 4%%, it is evident that a reduction by the Federal Reserve banks of
objections which at once occur to us.
their discount rate to 3%% would only have the
effect of inducing the
The greatest difficulty, and one that cannot be weighed
too conscien- banks and trust companies to sell all their acceptances to the Federal
tiously, is that of devising a plan which will provide a
sufficient assurance Reserve banks at 33% in order to buy certificates at 4%%,or commercial
that we may rely on securing men able, expert and
independent enough paper at 6%. In other words, it would tend to encourage expansion and
to be entrusted with the administration of funds amounti
ng to possibly at the same time destroy the broad market for acceptances which, as a
billions of dollars, men who would have to be vested
result of the labor of several years, has been develope
with wide
d, with a constantly
dealing with what, in effect, would amount to the peoples' powers in growing number of banks purchasi
ng these acceptances. The low rate,
order to win the war and while it lasted, we were willing to money. In if adopted, would be likely to make
the Federal Reserve banks the only
concentr
ate
wide powers in the hands of a few. Would Congress be
prepared to go market. If, on the other hand, the Treasury reduced its rate on certifithat far for purposes of reconstruction? That is doubtful
cates to 3%% it would court certain failure in its attempt
, and
to raise the vast
I believe that, In spite of its obvious necessities and advantag personally amounts required each month.
As against these conditions, it may be
es, the step,
involving as it does transactions with foreign countries
taken
as a fact that the low acceptance rate established in England
, could safely be
proved
undertaken only if we could remove every reasonab
le doubt with respect of a very real value to our ally on account of its bearing upon the British
to our ability of securing the proper men and of keeping the
Governme
nt's
gigantic
and
highly
successfu
Corporat
l
loan
ion's
operations in the home
management so separate and distinct from
the direct responsibility of the market.
Government as to protect both Governm
In thinking of financial reconstruction and of the financial
ent and the Corporation from
world of the
embarras
sment likely to result in dealing with
any
future, do not too many amongst us have this one thought
foreign nations.
uppermost in
A solution might be found by providing that the
Peace Finance Cor- their minds: is the United States hereafter going to be the leading financial
poratIon should be administered by a board of directors
, of whom one country? In other words, are we going to take England's place as the foreeach, with the approval of the President, would be
designated by the most financial power? Do not these men forget that if England were to
Secretary of State, the Secretary of the Treasury, the
Secretary of Com- surrender her entire trade and banking to us, we should collapse, and
merce, the Federal Reserve Board, the War Industries
Board, the War that if we were to unload all our business on her, she would break down
Trade Board, the Shipping Board and the Food
Administration (each under the burden? The whole truth of the matter is, that we have both
selecting at the same time a substitute director for their
appointee). These grown to be pillars supporting the same structure and that neither can fall
directors then would elect the General Manager and
other officers. A or become weakened without bringing 'danger or disaster on the other.
method of this kind would be likely to secure a non-part
isan expert ad- England, herself the owner of billions of foreign obligations, will remain
ministration, a majority would be appointed by
non-partisan expert men the banking centre of Europe; a world clearing house for goods and credits.
of national reputation and of widely divergent interests. I
think a board I believe that her banks and ours will be found in close co-operation sharof that kind might safely be entrusted with the necessar
ing the burdens in bond issues and credits, and relieving
each other as the
Whatever form of financing, however, the reconstru y wide powers.
ction period may tide may swing from time to time. Personally, I think it is finer and
bring, whether issued by our own Government, or by
a Peace Finance healthier for us not to think so much of the rank as of the responsibility
Corporation, or by foreign governments or foreign
corporations, it is cer- of our position.
tain that their successful absorption will depend upon
It would unduly tax your patience to give a complete
the saving capacity
list of the things
of our people.
in which I do not believe, but it may not be inopportune
for me to digress
I believe we cannot emphasize too strongly that the
here
for a moment in order to express the hope that Congress
time has not yet
may see its
come when our people, large or small, may relax their
efforts to curtail way clear to exempt from taxation the interest received by foreigners on
unnecessary consumption, both for the sake of releasing
for export the bank deposits in the United States, or on their investments in loans, disgreatest possible quantities of goods thereby stimulating
our export in- counts or American bills of exchange. Other countries, e. g., England,
dustries, and for the purpose of accumulating fends
available for invest- have imposed taxes on income received by foreigners on permanent inment.
vestments; but England has never undertaken to tax foreigner
s on revenues
It is most important that our coming Victory Loan be
absorbed as far from sources of income which do not constitute permanent investment.
as possible not by bank borrowings but by genuine savings.
England,
not only commercially but also financially, is a free trading counThanks
to
the
strength provided by the Federal Reserve System, our
banks have been try, and it is largely to her liberal attitude in this respect that she owes her
able to meet the strain of the war in a most admirable
position as the world's banker. Petty and vexatious taxation
way,
of revenues
every previous loan, they will be found prepared for whatever and, as in from bank balances and bills of
exchange will result in placing a severe
burden the
next loan may bring. But do not let us be unmindful
handicap
upon American banks in their efforts to give to American paper
of the fact that
since our entry into the war the reserves of the Federal
Reserve banks and American balances the same standing as that enjoyed by their British
have fallen from 85% to about 50%, that the aggregat
e investments of brethren. Such taxation not only impedes the free flow of money, but
Federal Reserve banks have increased In that period
from $225,000,000 in the final analysis hurts the American borrower, who will be the one to
"pay the piper" by being compelled to stand the higher interest
charges,
*These obligations should not be eligible as collatera
which would result. I should earnestly urge, therefore,
that Congress
countable with Federal Reserve banks. They should l for notes redlsbe
examine
placed
this
only
question
as
very
seriously
fast as they can be absorbed by the investors.
when framing the revenue bill now
under consideration.




2420

THE CHRONICLE

AMERICAN DEFENSE SOCIETY OPPOSES EXTENSION
OF CREDIT TO GERMANY BY BANKS HERE.
A resolution in which it evidences its intention to oppose
any extension of credit to Germany by banks in the United
States, without the sanction of American depositors, has
been adopted by the American Defense Society. The
resolution, as printed in the New York "Times" of Nov. 22,
reads as follows:
of
Whereas, The American Defense Society believes that the sentiment
any
the American people is opposed to the lending of American money in
form to Germany; be it
by
Resolved, That this society will oppose any such extension of credit
depositors
American banks to Germany unless the consent of the American
American
any
case
in
that
and
for such use of their money has been obtained,
, the
bank extends credit to Germany without the consent of its depositors
American Defense Society will make that fact public.

[Vol,. 107.

That every claim for tariff protection by any industry should be heard
publicly before a special committee of Parliament.
The farmers propose to make up the revenue lost by these tariff reductions in the following manner:
reBy a direct tax on unimproved land values, including all natural
sources.
By a graduated personal income tax.
By a graduated inheritance tax on large estates.
By a graduated income tax on the profits of corporations.
That in levying and collecting the business profits tax the Dominion
the actual
*Government should insist that it be absolutely on the basis of
what
cash invested in the business and that no consideration be allowed for
is popularly known as watered stock.
That no more natural resources be alienated from the Crown but brought
public
into use only under short-term leases, in which the interests of the
shall be properly safeguarded, such leases to be granted only by public
auction.

CONTENTIONS OF ROGER W. BABSON IN CAMPAIGN
The same paper quotes Richard M. Hurd, President of ON BEHALF OF WAGE EARNERS BUILDING HOMES.
the American-Defense Society and Chairman of its National
Roger W. Babson, who has charge of the campaign for
Boycott Committee, as saying:
the Department of Labor to aid in its "Own a New Home"
The principle involved is quite clear. For managers of banks hold- campaign, on Dec. 18 issued the following statement in
ing deposits of American citizens to lend the money of their American
response to a report that some banks were refusing to loan
depositors to German corporations or individuals, without the consent
for themof their American depositors, is a condition which will not be tolerated. money to wage workers desiring to build homes
bein order,
were
prices
American depositors have a right to demand that they be notified
building
lower
that
claiming
selves,
•profore their money is used to build up enemy countries. This society
ng fear to take mortgages with such a possibilty:
poses to use every means in its power to ascertain which American banks, and expressi

If the wage worker desired to borrow money to buy an automobile, or,
if any, lend money to Germany and to make that fact public.
of the banks
This is analogous to the bill just introduced by Senator Lodge providing to buy something of temporary value, this position on the part
goods would be well taken; but in this instance it is very shortsighted for the
that the public should be informed of all stores dealing in German
German
following reasons:
by having a conspicuous sign placed over their doors "Dealer in
•
war,
(1) The price which the wage worker pays for a new home is largely
Goods." Although America has suffered but little in the present
must
Germans,
the
of
atrocities
infamous
the
immaterial, as 95% of the cost ultimately returns to him. Banks
Americans have not forgotten
world choose between high prices with high wages, or low prices with unemand, what is more, their entirely unmoral and ruthless aim for
dominion, which Germany's enforced surrender has in nowise altered. ployment.
except
Germany
up
building
(2) The ideal conditions which most banks want can never exist,
Every aid given by the allied countries toward
with
for a very short period. Banks must choose between prosperity
brings nearer the day of Germany's next war upon the world.
accompanying risks of high prices, or depression with its accompanying
to
is
The "Times" also had the following to say in the matter: its
it
stand
of bankruptcy. Every bank must now decide which
the proposal risks
Bankers of the financial district asserted yesterday that
which side it is to be allied. Those wanting the continuation
on
and
take,
credits from
public
of the American Defense Society in respect to withholding
prosperity must do their part now by encouraging the building of
and damage of
else which
Germany would tend to retard payment of the indemnity
works, municipal improvements, new homes, and everything
of
terms
the
of
result
the
as
meet
claims which that country will have to
add to the permanent wealth of the community.
war Germany will
hearthstone.
peace. It was pointed out that after the Franco-Prussian
(3) No man ever hung the red flag of anarchy over his own
the primary
ownerlent France large sums in order to reconstruct France industry,
History shows that the only antidote for a revolution is individual
France.
upon
to build
aim being to facilitate payment of the great indemnity put
ship. Not only may banks be doing a patriotic thing in helping
in
order
nations
other
from
skins.
own
materials
raw
"Germany will.have to import
up their community,but, by such loans,they may oe saving their
to pay off her just obligations," said one banker, "and in order to secure
them she must needs be accommodated with loans. Germany cannot
now pay war costs and damages assessed upon her in money, nor would NATIONAL BANK RESOURCES AT $19,821,404,000
h
she be able to do so in many years if nothing were done to help re-establis
NOV. 1 SURPASS ALL PREVIOUS RECORDS.
industry within the country. Germany must pay in goods and services,
allied
the
by
her
announcing that the resources of the national banks
In
in large part at least. Whatever credits are allowed
of helping
nations and the United States will not be for the mere purpose
country surpassed all previous records at the date of
the
of
her get on her feet again. Her industry and trade will have to be stimulated
part in the war the last call, Nov. 1, when they amounted to nearly $20,through foreign credits in order that the penalties of her
may be paid.

DEMANDS OF FARMERS OF ONTARIO FOR FREE
TRADE WITH UNITED STATES.
According to the Toronto "Globe" of Dec. 20 a demand
for "reciprocal free trade with the United States in everything from A to Z"is made by the United Farmers of Ontario
in a resolution adopted on the 19th. In part the "Globe"
has the following to say with regard to the action of the
farmers:

000,000,000, Comptroller of the Currency John Skelton
Williams stated that during the year 1918 there had thus
far been no failure of any national bank in any State east
of the Rock Mountains, and only one in the entire country.
The Comptroller's statement with regard to the figures
reported by the national banks under the latest call bears
date Dec. 21 and is as follows:

The resources of the national banks of the country, at the last call
to $19,821,Nov. 1 1918, according to reports just compiled, amounted
before
404,000, and exceeded by $1,268,207,000 the greatest resources ever
on Nov. 20
been
attained
previous high water mark havklig
of 1911, shown, the
agreement
reciprocity
the
31
of
Aug.
with
statement
now
preceding
satisfied
the
be
not
over
will
They
The increase in resources
tariff bars swept away 1917.
which affected natural products only, but want the
1918, was $1,777,790,000.
same.
the
do
will
States
in the last five years
on manufactured articles as well, if the United
The growth in the resources of the national banks
that effect at their
Amid tremendous cheering they passed a resolution to
greater than the increase which took place in the preceding
free trade with has been
And
afternoon.
yesterday
Temple
Labor
the
in
n
conventio
e years.
Ontario farmers' twenty-fiv
a billion
the United States is to be one of the biggest planks in the
The resources of the national banks now exceed by more than
be accused
platform. No longer will the organized farmers of this Province
combined resources of all the State banks, savings banks,
the
dollars
the
of
farmers
the
went
They
as
June
1916,
brethren.
late
of being behind their Western
companies of the country as
was recom- private banks and trust
West one better yesterday. The Winnipeg platform, which
within one billion dollars of the combined resources of all other
are
and
agreey
mended for their approval, simply provided "that the reciprocit
, as shown by their reports of June 1917.
States, banks and trust companies
ment of 1911, which still remains on the statute books of the United
The resources of the national banks of the United States at this time
C.
E.
Mr.
of
motion
On
Canada."
of
t
Parliamen
the
of the national banks of issue of England,
be accepted by
Ont., exceed the aggregate resources
Drury of Barriem Ont., seconded by Mr. W. C. Good of Brantford.reduc- the Dominion of Canada, France, Italy, the Netherlands, Norway, Sweden,
further
any
that
this was amended by the following addition: "And
Japan and Germany, all combined, as shown by their latest
Canada be met by Denmark,
tion of tariff on the part of the United States toward
available reports.
States."
United
the
failure of
towards
by
Canada
reductions
similar
The year 1918 has nearly passed, and thus far there has been no
to choose beone
Speaking to his amendment, Mr. Drury said: "If we had
national bank in any State east of the Rocky Mountains, and only
any
free
States,
United
the
. There has been
tween free trade with Britain and free trade with
failure in the entire country—a small bank in California
should
We
us.
to
beneficial
more
only
be
were
there
would
trade with the United States
from failure as this since 1870, when
of the tariffs. no such immunity
meet the United States on any further reductions or abolition
banks in the United States, with total resources of 1,510
two nations has 1,615 national
with 7,754 national banks at this time, with
No traitor will ever dare again, now that the blood of the
compared
as
with the Yankees.' million dollars,
been mingled in France, to say: 'No truck or trade
combined resources of 19,821 million dollars.
we
should
article,
by
article
goods,
of Aug.
our
to
open
As the American market is
The following figures give a comparison between the statement
Mr. Drury's amendopen the Canadian market to the United States."
1 1918.
Nov.
and
1918,
31
m.
15,051
ment was then carried amid scenes of intense enthusias
The deposits on Nov. 1 1918, of the national banks aggregated
the Mother
But the United Farmers of Ontario are not forgetting
million dollars, an increase of 1,165 million dollars.
the
in
clause
the
discussion
without
dollars,
million
Country. They adopted practically
Loans and discounts, Nov. 11918, amounted to 10,097
duty on goods
Winnipeg platform providing for reduction in the customs
603 million dollars.
under the general an increase of
charged
rates
the
one-half
were 1,567 million dollars,
to
Britain
Great
from
imported
Bills payable and rediscounts, Nov. 1 1918,
be made in the
tariff, and asked that further gradual, uniform reductions
million dollars, the borrowings being principally on Lib273
of
an increase
trade
free
complete
ensure
will
ess.
remaining tariff on British imports that
erty bonds and United States Certificates of Ipdebtecin
Liberty Loan bonds
between Great Bistain and Canada in five years.
The total holdings of United States bonds, including
:
to 3,156
amounted
1918,
1
Nov.
on
ss,
The following tariff changes were also unanimously advocated
s of Indebtedne
fertilizers, coal, and Certificate
That agricultural implements, farm machinery, vehicles,
million dollars, an increase of 700 million dollars.
the
on
placed
be
oils
g
lubricatin
1918. aggregated 1,660 millumber, cement, illuminating fuel and
Other bonds, securities, &c., held Nov. 1,
in their manu34 million dollars.
free list, and that all raw materials and machinery used
lion dollars, a reduction over the previous call of
the
national banks. Nov. 1
of
profits
facture also be placed on the free list.
and undivided
surplus
Capital,
ly
immediate
of 33 million dollars.
That all tariff concessions granted to other countries be
1918, amounted to 2,315 million dollars, an increase
million
extended to Great Britain.
The circulation of all national banks, Nov. 1 1018, was 075
protected
products
of
re
manufactu
the
in
engaged
ns
That all corporatio
of approximately a million and a half dollars over the
comprehensive and dollars, an increase
annually
publish
to
be
obliged
tariff
customs
the
by
last call.
accurate statements of their earnings.




DEC. 28 1918.]

THE CHRONICLE

The lawful reserve held by the national banks with the Federal Reserve
banks on Nov. 1 1918, amounted to 1,101 million dollars, a reduction of
12 million dollars as compared with Aug. 311918. The excess of reserve held
over the amount required on Nov. 1 1918, was 69 million dollars, a reduction of 38 million dollars, as compared with Aug. 311918.
In addition to their lawful reserve, on Nov. 1 1918. the national banks
had with the Federal Reserve banks in process of collection the further sum
of 260 million dollars, which is an increase in this item over Aug. 31 1918 of
64 million dollars. The cash in vaults on Nov. 1 1918amounted to 443 million dollars, which was an increase of 79 million over cash so held on Aug.
31 1918.
Cash in vaults and due from Federal Reserve banks Nov. 1 1918
amounted to 1,803 million dollars, an increase of 131 million dollars over
the preceding call.
The Increases in resources are widely distributed throughout the whole
country. Of the above net increase of 1,777 million dollars shown, as
compared with Aug. 31 1918, 592 million dollars was in the national banks
of the central reserve cities, 623 million dollars in the national banks of
Other reserve cities and 562 million dollars hi the country national banks.
The cities whose national banks reported the greatest increases in total
resources were: New York City, 507 million; Philadelphia, 161 million;
Boston, 149 million; Chicago, 56 million; Pittsburgh. 45 million; St. Louis,
28 million; Richmond. 23 million; Portland, 21 million; Minneapolis, 20
million; Buffalo and San Francisco, 17 million each; St. Paul, 13 million;
Atlanta and New Orleans, 12 million each; Dallas and Cleveland, 12 million each.
The only city whose national banks showed a reduction of as much as
5 millions was Kansas City.
The country banks showed a material increase in every State of the Union
except Nebraska, Kansas, Ohio and Illinois, and in none of these four States
did the reduction amount to as much as 5 millions.
The States whose country banks showed an increase in resources of 10
million or more were: New York, 68 million; Pennsylvania, 57 million;
Massachusetts, 54 million; Now Jersey, 51 million; Minnesota and North
Dakota, 25 million each; Connecticut, 21 million; South Carolina, Texas,
and Virginia, 18 million each; California, 17 million; North Carolina, 16
million; Georgia, 14 million; Alabama, Mississippi and Arkansas, 11 million each; Indiana, 10 million.
The cash which the national banks had on hand and with Federal Reserve agents on Nov. 1 1918, if added to their holdings of all United
States bonds and Certificates of Indebtedness, make a total of $4,959,773,000.
This sum, after deducting the amount of United States bonds held as a
basis for circulation, is equal to about 28% of the total deposits of all national banks, but allowance must be made for the United States bonds and
Certificates of Indebtedness owned by the banks but which may be pledged
as security for bills payable or rediscounts.

CHICAGO FEDERAL RESERVE BANK ELECTIONS.
William A. Heath has been re-elected Class C director of
the Chicago Federal Reserve District for three years beginning Jan. 1. Mr. Heath has also been designated Chairman and Federal Reserve Agent of the bank for the year 1919.
James Simpson is redesignated as Deputy Chairman for the
year 1919, while John Ballantyne and Charles K. Hodges
have been re-elected directors of the Detroit branch of the
Federal Reserve Bank of Chicago for the year 1919. Formal
announcement of the election of George M. Reynolds, A. R.
Erskine and A. H. Vogel to the directorate of the Federal
Reserve Bank of Chicago is also made. Mr. Reynolds was
elected a director of Class A,to succeed himself, serving three
years from Jan. 1 1919. Mr. Vogel succeeds himself in
Class B,to serve three years from Jan. 1 1919. Mr. Erskine,
President of the Studebaker Corporation, was elected to
the unexpired term of M. B. Hutchison in Class B, which
term ends Dec. 311920.

2421

of Rural Credit Commissioners under and by direct authority
of Section 1, Article 13,of the State Constitution, as amended
by a vote of the people at an election held Nov. 7 1916, and
of Chapters 333 and 334 of the Laws of 1917,for the purpose
of maintaining a system of rural credits.
The total bonded debt of the State (including this issue)
is $10,425,000, the State having no bonded debt of the ordinary kind. Assessed valuation, 1918, $1,441,181,855. Population in 1915, 582,000.
ORGANIZATION OF COMMITTEES OF BANKING
INSTITUTIONS ON FEDERAL TAXATION.
The Commissioner of Internal Revenue has announced
the formation of committees of banks in various places
throughout the country for the purpose of dealing with
questions of taxation. A statement on the subject issued
on Nov. 15 follows:
Following the load of New York and Cleveland, committees of banking
institutions on Federal taxation are expected to be organized in the principal cities of the country. The object of the committees is to promote
co-operation among the institutions they represent in matters pertaining
to Federal taxation, particularly in matters of administration, unity of
action will be sought in a way to benefit depositors of the banks concerned
and taxpayers generally.
Local problems will be handled by the committees. Problems, requiring
official interpretation, will be submitted directly to the office of the Supervisor of Business Co-Operation, Bureau of Internal Revenue, at Washington, where, it is promised, they will receive immediate attention.
Suggestions and recommendations from the committees relating to
Federal taxation and methods of administration also will be received and
considered.

CHARITABLE ORGANIZATIONS REQUESTED TO REFRAIN FROM SEEKING GIFTS OF LIBERTY BONDS
UNLESS FOR PERMANENT INVESTMENT.
A request that charitable organizations refrain from making
suggestions that they will accept Liberty bonds or War
Savings stamps, unless they intend to use them for perms
nent investment as endowment funds has been made in the
following statement issued by Secretary of the Treasury Glass:
It has been called to my attention that large numbers of charitable
organizations have from time to time solicited contributions from the
people of the country and in their appeals have stated that Liberty bonds
and War Savings stamps would be received in lieu of cash.
These charitable people seem to overlook the fact that so long as the
United States Government is under the necessity of selling additional
amounts of its bonds, the taking of bonds of previous issues by such charitable organizations and the consequent resale of such bonds in the open
market, has a tendency to depress the price and makes it more difficult
for the Government to obtain the money it needs upon reasonable terms.
I therefore request that charitable organizations refrain from making
any suggestion to the public that they will accept Liberty bonds or War
Savings stamps unless for endowment funds to be held for permanent •
investment.

DIVIDEND DECLARATION BY FEDERAL RESERVE
BANK OF PHILADELPHIA.
A dividend at the rate of 6% per annum was declared by
the Federal Reserve Bank of Philadelphia on Dec. 18 for
the period from June 30 1918 to Dec. 311918. The bank's
dividend declarations have been as follows: The first
declaration, in Dec. 1916, covering the period from Nov.
1914 to June 30 1915; declaration June 20 1917, covering
the accumulated dividends from June 30 1915 to Dec. 31
1915; declaration in Dec. 1917, for the period from Dec.
31 1915 to June 30 1917;•June 1918, for the twelve months
to June 30 1918.

CAPITAL ISSUES COMMITTEE TO SUSPEND
ACTIVITIES DECEMBER 31.
The Capital Issues Committee has voted to suspend its
activities on Dec. 31. The announcement as to its decision,
issued on Dec. 24, states that "the committee will not be
dissolved, but will remain inactive, unless it is found that
the sale of new securities competes unduly with Government
financing or for other reasons it may become desirable for
the committee to resume its work." The committee makes
known its intention to present a supplementary report to
Congress, recommending a law to prevent existing abuses
arising through the sale of worthless and fraudulent securities.
Secretary of the Treasury Glass at the same time gave out a
statement as to the suspension of the activities of the committee, in which he said that he intended to ask Congress
for legislation which would "check the traffic in worthless
securities, while imposing no undue restrictions upon the
financing of legitimate business." The following is the
statement issued by Charles S. Hamlin, Chairman of the
Committee:

SOUTH DAKOTA ISSUES MORE RURAL CREDIT
BONDS. •
to I, of which Series A to G Were
A
Series
In addition to
awarded to the Continental & Commercial Trust & Savings
Bank, Chicago, at par, and described in these columns on
May 11 (page 1955), the same bankers, in conjunction with
the Harris Trust & Savings Bank, Chicago, and Halsey,
Stuart & Co. of New York, purchased during the present
4% coupon (with privilege of regismonth Series J of 1919 43
tration as to principal) tax free Rural Credit bonds to the
amount of $4,000,000. renomination $1,000. Date Jan. 1
1919. Principal and semi-annual interest, J. & J., payable at
the Continental & Commercial Trust & Savings Bank, Chicago, or tho First National Bank, New York. Due Jan. 1
1939, optional Jan. 11924. The bonds are a general obligation of the State of South Dakota,and are issued by the Board

In view of the rapid changes that have been taking place since the signing
of the armistice, the Capital Issues Committee has voted to suspend its
.ictivities on Dec. 31. The committee will not be dissolved but will remain
Inactive, unless it is found that the sale of new securities competes unduly
• vith Government financing or for other reasons it may become desirable
the committee to resume its work, pending its dissolution by the Presieent or by operation of law.
Although the war emergency which gave rise to the creation of the cornn.ittee has passed, it is nevertheless imperative that capital should be
si.ved and not wasted and the removal of the restraining influence exerted
by the committee during its existence should not be construed as approval
of the financing of unnecessary public projects or private enterprises of
doubtful merit. On the contrary the financial needs of the Government
and the large capital requirements of the railroads and for the readjustment
of American industries to a peace basis compel strict economy in the use
of new capital.
While legitimate business may safely be left to work out its own problems,
the Capital Issues Committee feels that it would be unfaithful to its responsibility if it failed to warn the public respecting the enormous losses sustained, by the nation through the sale of worthless and fraudulent securities.
In the opinion of the committee the sale of such securities should be restrained in times of peace as well as in war and strongly urges that Congress
establish adequate machinery to put a stop to this traffic.




2422

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The extent of the menace due to the issue of such securities to the holders
of Government bonds is revealed by the fact that schools are being established in some parts of the country to drill salesmen in the art of persuading
investors to subscribe for unmeritorious or worthless securities. This can
only be prevented by legislation vesting in some duly constituted public
agency full power to restrain the offering of fraudulent or worthless securities.
The Capital Issues Committee warns the public and earnestly directs the
attention of Congress to the problem. It is the intention of the committee
to make a supplemental report to Congress recommending a law to prevent
these existing abuses and such impositions upon the investing public.
The committee will maintain its offices in Washington until further
notice.

The statement issued by Secretary of the Treasury Glass
said:
The decision of the Capital Issues Committee to suspend its activities
on Dec. 31 should not be interpreted by the business public as a warrant
for any expenditure of capital for needless or unwise purposes, whether
public or private in their nature. Should it become apparent that voluntary restrains are not being exercised so as to prevent the misuse of capital
I shall request the commitee to resume its control.
My chief misgiving in accepting the action of the committee arises out of
the need the committee has frequently expressed and the importance of
which has become increasingly obvious, of protecting the public investor
against the flood of worthless or doubtful securities which threaten the
market when the restrictions are removed, and present conditions emphasize
the importance of obtaining emergency legislation as speedily as possible,
so as to be able to cope effectively with this evil. The Government not
only should protect itself as to future bond issues, but, as well, owes a duty
to the millions of Liberty bond buyers to restrain reckless and fraudulent
promoters, particularly at this time.
I intend to ask Congress immediately for legislation that will check
the traffic in worthless securities while imposing no undue restrictions upon
the financing of legitimate business, and shall urge that it be made effective
before the close of the present session. Meantime,it may become necessary
before such legislation is passed to reassemble the committee for the purpose
of resuming its functions.

SUBSCRIPTIONS IN N. Y. FEDERAL RESERVE DISTRICT TO FOURTH LIBERTY LOAN BONDS.'
The following table showing the number of those subscribing to the Fourth Liberty Loan bonds in the New York
Federal Reserve District in amounts ranging from $50 to
$200,050 and over, was issued this week:
Fourth Liberty Loan.
Number of
Subscribers.

2,279,165
$50
887,413
100
138,509
150 to $450, inclusive
87,364
500
14,483
550 to $950, inclusive
118,376 1,000
10,726 1,050 to $1,950, inclusive
15,645 2,000 " 2,950 "
6,229 3,000 " 3,950 "
2,970 4,000 " 4,950
13,645 5,000
988 5,050 to $5,950, Inclusive
1,339 6,000 " 6,950 "
1,125 7,000 " 7,950
767 8,000" 8,950
491 9,000 " 9,950
10.483 10.000
10,597 10.050 to $50,000
1,886 50,050 " 100.000
933 100.050 " 200,000
967 200,050 and over

3,604,101

Total
Amount.
$113,958,250
88,741,300
33,005,800
43,682,000
9,733,100
118,376,000
14,832,850
34,389.150
19,610,300
12,409.950
68,225,000
5,369,100
8,298,300
8,192,600
6,304,600
4,762,800
104,830,000
279,600,800
156,613,950
145,827,950
768,167,950
$2,044,931,750

RAILROAD TICKET AGENTS AUTHORIZED TO. CASH
LIBERTY BOND COUPONS.
The following circular authorizing freight and ticket
agents, including agents of consolidated railroad ticket
offices, to cash Liberty bond coupons, was issued last month
by the Railroad Administration's Division of Public Service
and Accounting:
Washington, D. C., Nor. 12 1918.
P. S. & A. CIRCULAR NO. 46.
1. Effective at once, local freight and ticket agents, including agents of
consolidated ticket offices, are authorized to cash coupons of Liberty bonds
when such coupons are due and payable.
2. These coupons are payable to bearer and should therefore be given
the same protection as currency. They should be considered as cash and
so remitted, under proper safeguards, to the Federal Treasurer or to the
bank where deposits are ordinarily made.
3. If any difficulties develop or lasses occur as a result of this practice,
the undersigned should be promptly notified.
4. Federal Treasurers and Federal Auditors shall issue such instructions
to agents under their Jurisdiction as may be necessary to make th,
.
foregoing provisions operative at once.
C. A. PROUTY, Director.

CARTER GLASS ASKS CONTINUED CO-OPERATION
OF BOND CLUB IN FLOATING OF LIBERTY BONDS.
Carter Glass, Secretary of the Treasury, who was to have
addressed the Bond Club of New York at its first annual
dinner at the Waldorf-Astoria on Doc. 21, but was unable
to be present, sent a message to the club in which he said:
I am sorry I could not find it possible to accept your courteous invitation to be present at your dinner, but I welcome the opportunity to express
the gratitude of the Treasury Department for the magnificent co-operation
which the bond men and bankers of the United States have given in floating
the Liberty Loans. I appreciate that these great borrowing campaigns on




[VOL. 107.

the part of the Government have meant sacrifice to you not only in the
interference with your own business, but in the sacrifice of time and effort
you have so generously given to the Government.
I hope that these great Liberty Loan campaigns, which have resulted
in increasing the number of bond holders in the United States from approximately 300,000 to nearly 30,000,000, will have the permanent effect of
making the American people intelligently discriminating in the purchase
of securities of all kinds and that through this better understanding there
can be mobilized more easily the necessary capital that will be needed to
bring America commercially to a point of development consistent with her
new place in the world.
But the present and immediate duty of all is to finish the great task which
we have begun, and this task will not be completed until all of our war
obligations have been discharged. I solicit your continued co-operation
in the fifth Liberty Loan.

The gathering was addressed by Lewis B. Franklin.
WAR REVENUE BILL PASSED BY SENATE.
The War Revenue bill was passed by the Senate on Dec.
23 by a viva voce vote after more than twelve hours' continuous debate. The vote on the bill was recorded about
10.30 p. m. and was taken after the substitute bill of Senator La Follette proposing larger tax increases was rejected
by a vote of 55 to 6. Some of the features of the La Follette
bill were referred to in these columns last Saturday, page
2331. The five Senators who with the author of the bill
voted for its adoption were Senators Nugent and Vardaman,
Democrats, and Senators Borah, Gronna and Morris,
Republicans. The bill as passed by the Senate will, it is
estimated, yield approximately $6,000,000,000 in taxes
in 1919 and $4,000,000,000 in 1920. The agreement by
the Senate on Dec. 21 as to the war tax levies for 1920
paved the way for the prompt passage of the entire measure.
The provisions prescribing these taxes were adopted by the
Senate on the date indicated by a strict party vote. Various
efforts were made by Republican opponents to amend the
section in certain particulars, but in each case the proposals
were rejected. Action was virtually taken on a test vote
in disposing of the provision reducing the individual income normal tax rate to 8% in 1920. On motion of Senator
McCumber, of North Dakota (Republican), to strike out
this section, 37 Democrats voted in favor of its retention
and 31 Republicans were recorded for its elimination.
Later all other 1920 provisions were adopted. Among
the 1920 clauses thus approved was the provision for
reduction in that year of the corporation normal income
tax rate from 12 to 8%. Similarly the Senate adopted
the 1920 war-excess profits tax section, prescribing excess profits ranging from 20 to 40%, in lieu of those from
20 to 60%, for 1919 and abolishing the 80% war profits
levy after 1919. An amendment by Senator Jones of New
Mexico, Democrat, to continue war profits taxes throughout
the next fiscal year was rejected by a vote of 44 to 15.
Before the Senate finally passed the bill on the 23d it
restored the so-called luxury taxes approved by the House
but stricken out by the Senate Finance Committee. The
provision, which imposes taxes on various articles of clothing,
was restored by a vote of 38 to 32, the amount of the tax,
however, being reduced from 20% to 10%. It is estimated
that the 10% tax will produce about $100,000,000. After
the adoption of the provision by the Senate, the latter by
a vote of 35 to 17 accepted an amendment proposed by Senator McCumber relieving from the tax men and boys suits
or overcoats, women's and misses' suits, coats, dresses and
hats. An amendment of Senator Thomas, proposing a
100% tax on political contributions in excess of $500, was
adopted by the Senate on the 23d by *vote of 34 to 28, and
on the same day, by a vote of 42 to 18, an amendment to
the Reed "bone dry" law, so as to make it operative in the
District of Columbia, was adopted as a rider to the revenue
bill. The rider prohibits all liquor importations into the
District, which has already been other wise dry for over a
year. An amendment to the bill, proposed by Senator
Trammel, providing for an extra month's pay for all soldiers
and sailors discharged after Nov. 11, was adopted by the
Senate by a viva voce vote. On a final vote on the 23d
(41 to 22) the Senate susta:ned its previous action in approving the committee amendment to repeal existing zone rates
on second-class mail and substitute a rate of 1 cent a pound
within 150 miles and 13/2 cents beyond. It also, without.
objection, adopted the committee's amendment for taxation
of inheritances in lieu of the tax on estates as provided in the
House bill. The inheritance tax plan proposes a graduated
levy ranging from 1% on inheritances between $10,000 and
$25,000 to 25% on thoso exceeding $2,500,000. An amendment was adopted by the Senate exempting from inheritance
taxes life insurance policies payable to beneficiaries, regardless of their amount. A clause imposing taxes on life in-

DEC. 28 19181

THE CHRONICLE

2423

-surance receipts in excess of $25,000 was eliminated. An either England, France, Italy or the United States contains the growing
of military or commercial supremacy, then, though attempt may be
amendment by Senator Kirby of Arkansas, Democrat, germ
made to preserve the peace of the world, the attempt would be another
Treasury
power
of
the
Secretary
of
the
revoking the present
failure.
If, however, the masses of mankind in these four great nations and in
to make loans or advance credits to foreign Governments
nations, for whom jointly the fight has been made, have seen a
the
without specific authority from Congress was defeated by newlesser
light and are convinced of the uselessness and folly of war, and if more
by
viva voce vote. Another amendment rejected, offered
and more, education and enlightenment as the days go by and the genera•Senator Pollock of South Carolina, would have extended the tions come and go, shall add to the number of those who thus think, then
the experiment will succeed.
thanks of Congress to the members of the district and local
Stating that commercial disputes breed wars, Mr. Mar.draft boards and authorized the Secretary of War to present
shall added:
bronze medals to them.
I have, of course, no means of knowing what the representatives of the
The Senate likewise rejected an amendment by Senator Allied Governments may be willing to take up with the American people
at
the peace table, but I venture the assertion that the good will which now
Jones of New Mexico, pormitting a taxpayer who is head
exists between the Allied Governments and our own will not last five years
of a family to deduct from his gross income the amount not unless reciprocal trade relations, fixed in justice, are arranged between us.
exceeding $1,000 paid by him annually as rent on his resi- Peoples learn slowly and soon forget.
The theory that men are going to deal justly with each other regardless
dence. An amendment proposed by Senator Jones of
of a law to punish injustice is a milienial dream. The Allies and America,
Washington and adopted by the Senate provides that, by reciprocal trade relations and by the right of power and duty to cut of
where a railroad corporation is in competition with a foreign commercial transactions with any people on earth that proposes to disturb
peace of the world, can go very far toward promoting that peace which
road, the tax of the American line shall not exceed that of the
we all just now so sincerely desire. Without knowledge, I express the
The
purpose
of
the
line.
amendment,
Senator hope that we will not let go by this opportune time for removing what will
the foreign
Jones said, was to meet a situation in the Northwest where undoubtedly De a source of friction in the future unless dealt with speedily
and justly.
a Canadian line competes with an American road.
If no equitable adjustment of the business of the world shall be made
normal
income
tax
at
12%
fixes
the
bill
instead
of
The
then,as busmess men who are deeply interested in the commerce of America,
4% in the present laws, and surtaxes start at 1% on incomes you realize as well as I do that its weakness in the past has been the lack
of ships upon the sea. Each of us knows that one of the reasons for that
over $5,000 and reach 65% on incomes in excess of $1,000,- lack
has been the way in which we have insisted that our ships shall be
single
persons
and $2,000 manned. I think the La Follette law is wholly humanitarian in its charac000. Exemptions of $1,000 for
for married ones are allowed. In addition, a head of a ter. I hope that, by international agreement, it may become the law of
sea for all seagoing powers. But, if it does not, then we are confronted
family has $200 exemption for each person dependent upon the
with three propositions: Either to repeal the law or to subsidize shipping
him other than his wife. in lieu of the tax imposed by the or to have Governmental control of our merchant marine, conveying the
Act of 1917 the new bill provides that in addition to other produce of our merchants to foreign shores without any profit to the
Government of the United States.
taxes imposed by it there shall be levied for the taxable year
Inherently opposed to Government ownership, I should, nevertheless,
Infinitely prefer it to subsidizing private lines. This question is one that
1918 upon every corporation:
(a) First Bracket.—Thirty per centum of the amount of the net income
in ORCOSS of the excess profits credit (determined under Section 312) and
not in excess of 20% of the invested capital.
Second Bracket.—Sixty per centum of the amount of the net income in
excess of 20% of the invested capital.
Third Bracket.—The sum, if any, by which 80% of the amount of the net
Income in excess of the war profits credit (determined under Section 311)
•exceeds the amount of the tax computed under the first and second brackets.

For the taxable year 1919 and each taxable year thereafter, it is provided that there shall be levied, collected and
paid upon the net income of every corporation a tax equal
to the sum of the following:
First Bracket.—Twenty per centum of the amount of the net income
in excess of the excess profits credit (determined under Section 312) and
not in excess of 20% of the invested capital.
Second Bracket.—Forty per centum of the amount of the net income in
.excess of 20% of the invested capital.
(c) In any case where the full amount of the excess profits credit is not
allowed under the first bracket of subdivision by reason of the fact that
such credit is in excess of 20% of the invested capital, the part not so
allowed shall be deducted from the amount in the second bracket.

The bill as passed by the House on September 20 was
designed to raise ,182,492,000. The measure as redrafted
by the Senate Finance Committee was reported to the
Senate on Dec.6. Under an agreement reached in the House
yesterday (Dec. 27) the bill will go to conference on Monday next, Dec. 30. When the measure was called up
Representative Madden asked that consideration be delayed
on the ground that the number of amendments inserted by
the Senate is so great that the House should have an opportunity to study them before sending the bill to conference.
Majority Leader Kitchin agreed to the delay.
VICE-PRESIDENT MARSHALL ON AGREEMENTS FOR
PROMOTING PEACE.
Thomas R. Marshall, Vice-President of the United States,
in an address before the Carlisle (Pa.) Chamber of Commerce
on Dec. 20 gave expression to his views on some questions
under discussion in connection with the Peace Conference.
Stating that "until all men are of good will, wars will not
cease entirely unless nations want peace at any price,"
Mr. Marshall observed:
Prevention as far as possible. I desire; at any price, I do not. Howe% er,
if mankind, as a whole, desire it at any price they can get it by the adoption
of written constitutions specifying, first, that the size of the army and
navy shall be fixed by a referendum to all the men and women of mature
age; and second, that no war of offense nor one of defense beyond the
territorial limits of the State shall ever be waged until affirmatively decided by a like referendum.

In his opening remarks Mr. Marshall said:
It is furthest from my thought upon this occasion to utter a single word
which might in any manner be construed as endeavoring to affect the
negotiations of the President in Europe. Too many half-baked opinions
coming from myself and others in public life may cause mental and moral
indigestion. I speak, therefore, only in general terms and go only to
the length that all may agree.
That some league or understanding among civilized peoples for the
prevention of certain future wars (as I prefer to put it rather than for the
enforcement of peace) is desirable, all right-thinking men agree. It has
been the dream of all ages. Thus far, this dream of universal peace has
each succeeding time turned into a nightmare.
This appears to me to be the real situation: If mankind the world over
is the mankind of a hundred years ago, or if there is the possibility that




deserves youricareful study and the very best of your honest judgment.

MAKE PEACE FIRST, DISCUSS LEAGUE OF NATIONS
LATER,PLEADS SENATOR LODGE.
In an address delivered in the Senate on Dec. 21,in support
of the Knox resolution expressing the Senate's opinion that
the peace treaty and the formation of a League of Nations
should be treated as separate issues, Senator Lodge of Massachusetts criticized several of the peace points formulated
by President Wilson, and pleaded for the signing of a peace
treaty with the Central Empires first and the discussion at
greater leisure of the formulation of the proposed League.
The Senator argued that at least five of the famous fourteen
principles were of a seriously controversial nature, and might
imperil the whole peace conference. The five points criticized by Senator Lodge were those dealing with secret diplomacy,freedom of the seas, the removal of economic barriers,
the reduction of armaments and the League of Nations.
We give below the portions of the Massachusetts Senator's
speech dealing with those points, as summarized in the New
York "Times" of Dec. 22:
Secret Diplomacy.
The other questions to which I refer, and which I think ought at this time
certainly to be postponed, are those suggested by the President in his first
four points and in his last point of Jan. 8. The first one relates to secret
diplomacy. The crying evil of what is loosely called secret diplomacy lies
In the secret treaties familiar to Europe. No such treaties ought to exist.
They never have existed in this country. They cannot exist under the
Constitution, because the Senate is an integral part of the treaty-making
power. As to the negotiations by which treaties are brought into existence
there must be a certain amount of secrecy. If all informal discussions o
differences between nations were cried from the housetops and discussed
in public assemblies we should produce abundance of quarrels and very
few treaties.
I think it will be generally admitted that we have never had more secret
diplomacy than in the last four years under President Wilson, which would
seem to indicate that it easier to talk about than to discard or abandon
those methods. I think this may have been inevitable, but it demonstrates
at least that secret diplomacy is a loose term, and also it shows, I think,
that the question is one of no vital importance at this moment, and that
whatever our views may be about the methods of diplomacy we can make
peace with Germany without undertaking to settle what•shall constitute
secret diplomacy in the future and what shall not.
Freedom of the Seas.
The next point is the freedom of navigation upon the seas outside ter
ritorial waters. Here again is a subject which is not defined. The seas
are free to navigation in times of peace. Therefore, this proposition can only
apply to time of war, and what it is proposed to in regard to freedom of
navigation in time of war we have yet to learn. If it means abandoning
belligerent right of blockade, by which in a large measure the United
States was able to win the Civil War, I think the United States, as the
greatest maritime nation in the world next to England, will hesitate before
it abandones a weapon absolutely necessary for its own safety, and with
regard to troubles which may arise within the regions covered by the Monroe
Doctrine. I cannot imagine that England would for a moment think of
abandoning the belligerent right of blockade, but I have no desire to enter
upon the discussion of a subject which is wholly in the clouds. We cannot
talk intelligently about any proposition until we know just what it means,
and that has not yet been disclosed to an interested world.
I cannot, however, leave this question without pausing a moment to
call attention to the strange development which has taken place in connection with the Naval Appropriation Bill now considered by the House
Committee. It appears that the Department is urging the adoption of a
new program so large that it will in 1925 give us a navy equal to that of
England at that time, allowing for the British increase. I have been always

2424

THE CHRONICLE

an extremist in regard to the navy. But I never at any time advocated
making the fleet of the United States equal in that of England, and'I have
never heard it advocated by anybody else. It has always been felt that
the English fleet, which was based on the double standard—that is. which
was always to be equal to the combined fleet of any two other nations—
resulted in a navy larger than we needed in the United States and entailed
a corresponding burden of expense.
At this moment I am thoroughly in favor of a very strong navy. I do not
believe in reducing our navy. I should be glad to see the number of enlisted
men on the active list increased; but this new program goes beyond anything
that I, at least, have ever contemplated. The German fleet has passed out
of existence. The only naval danger that we were obliged to consider in
the past on the Atlantic Coast has ceased to be. We need a powerful fleet
in the Pacific, and I am sure that we shall have a navy sufficient to furnish
that fleet to the western coast. And yet at this moment we are suddenly
called upon to build a fleet which shall be the equal of that of England.
I have heard reports that it was intended to be used in the negotiations to
compel England to agree to disarmament under the menace of a great naval'
competition on our part. I mention this rumor only to say that it is unbelievable. I cannot for a moment think that such an idea should be entertained by any one, but it gives a suggestion of the impression which this
enormous proposal for the naval increase brings. It must be false. Such a
motive as that is too entirely unworthy to be entertained by any responsible
public man.
Another explanation was that offered by Admiral Badger, when he was
advocating this new program before the committee of the House, which was
to the effect that we should require it for police duty in connection with the
League of Nations. I will not stop to ask who is to order that navy about
the world for police duty in behalf of the League of Nations. I will merely
say that it seems to me extraordinary that we should enter on a scheme for
eternal peace throughout the world by proposing to build a navy which In
seven years is to be the equal of that of England. How it fits in with the
policy of reduction of naval and military forces or with the high objects of
a League of Nations I cannot conceive.
One thing is certain, that the questions of international law involved in
the loose term "freedom of the seas" are not in the least essential or necessary in making a peace with Germany now and in bringing the present war
to an end.
Economic Barriers and Armaments.
The third point is about economic barriers. Different interpretations
have been placed upon this proposition, but the President, in two notes
which were read to the Senate not long ago, explained it to mean, as I
understood, that while each nation was to impose any import duties which
it pleased, the nations were all to agree that their respective tariffs should
be the same to all other nations; that is, that there should be no discrimination.
Let me remark in passing that this would prevent our having a reciprocity treaty with Cuba, which has been of great value both to the island and
to ourselves; and if past treaties were exempted it would still prevent our
making similar treaties with any of our neighbors in the Americas, because
a reciprocity treaty is in its very nature a discrimination in favor of one
nation against other nations. Personally I believe that we should have the
right to discriminate against Germany if we choose, or against any other
nation.
Again let me say that I do not care to enter further upon this question,
which opens a wide field of discussion.
I desire to put it aside, because its settlement is not in the least essential
to ending the war by a peace with Germany. We can make that peace
without determining at this moment what we shall do with our tariffs, in
the making of which I think every nation ought to have entire freedom.
Reduction of Armaments.
The fourth is the point about armaments, in other words the reduction of
armaments, which, as I have already said, finds a queer expression in the
Administration's new naval policy. At this time reduction of armaments
is a question which ought to be postponed because we have neither the facts
nor the knowledge necessary for intelligent action. It may be imperative
to determine what sort of an armament Germany shall have by sea or land,
because Germany has tried to conquer the world, and the world, having
conquered Germany, has the right to put restrictions on her which would
prevent her attempting the conquest a second time. But there is no reason for bringing up at this moment a general question of this sort which
cannot now be intelligently determined with the world in the broken
and torn condition it now is in.
A League of Nations.
The last proposition is the League of Nations. The words "the League
of Nations" are captivating and attractive. Everybody would like to
bring about a world condition in which wars would be impossible. But
we ought to be extremely careful that in our efforts to reach the millenium
of universal and eternal peace we do not create a system which will breed
dissensions and wars. It is difficult to discuss it at this time because no
definite plan of any kind has yet been put forward by any responsible
person. Intelligent discussion becomes difficult when the advocates of
the League of Nations drape themselves in trailing clouds of glory and omit
to tell us the conditions to which they propose to bind the nations.
If, however, there is to be a League of Nations, in order to enforce peace,
one thing is clear. It must be either a mere assemblage of words, an exposition of vague ideals and encouraging hopes, or it must be a practical system.
If such a league is to be practical and effective, it cannot possibly be either
unless it has authority to issue decrees and force to sustain them.
'What nations are to be members of the league? Is Germany to be one of
the members? If so, when? How are these nations thus joined in a league
to vote in determining the operations of the league? Theoretically, in
international law every independent sovereign nation is the equal of any
other nation. Are the small nations to have an equal vote with the great
nations in the league, a vote equal to that of the United States, or England,
or France? I saw that there occurred in New York a few days ago a
meeting of representatives, so called, of some small nations who demanded
this equality of voting power. If this were agreed to, the small nations
could determine the action of the league, and if the league had an international force behind it they could order that force where they pleased and
put it under any command they pleased, which might give rise to complications.
If nations are to vote in the league on a democratic basis, then their voting power must be determined by population. Here, too, some curious
possibilities arise, not without a certain intricacy. The population of China
is, roughly, four times that of the United States, ant this system would
give China four times the vote of the United States in the league. If England is to have the right to cast the vote of her possessions, India alone
would give her from three to four times as many votes as the United States,
and ten times the vote of France.
All the plans which have been put forward tentatively for a League of Nations, so far as I know, involve the creation of a court. We must remember that we have carried voluntary arbitration as far as it can practically




(Vol,. 107.

go. Assuming that there is a distinction between justiciable and non-justiciable questions, who is to decide whether a question is justiciable or not?
Is it to be done by the league, voting in some manner hitherto undefined,
or is each nation to decide for itself whether a question affecting its
own interest is or is not justiciable?
Let me give an example to make my meaning clearer. We have recently
purchased the Virgin Islands. Suppose that that purchase had not been
effected, and that Denmark undertook to sell those islands to Germany or
some other great Power. Is that a justiciable question? If it is and it went
before a court, there can be no doubt that any court would be obliged to
hold that Denmark had the right to sell those Islands to whom she pleased.
In the past the United States would never have permitted those islands to
pass out of Denmark's hands into any other hands, because we consider
their possession of vital importance to our safety and to the protection of
the Panama routes.
The same will be true in regard to Magdalena Bay—a case in which the
Senate passed a resolution, with unanimity, I think, stating that on the
plain° doctrine of self-preservation we could not allow Magdalena Bay, or
any other similar position of advantage, to be turned into a naval base or
military post by another power. Would that be justiciable? And if
not justifiable, then is the League of Nations to compel, nevertheless, its
submission?
The League to Enforce Peace and the League of Free Nations Association of New York State as their second proposition that for questions which
are not justiciable in their character there shall be created a council of conciliation as mediator, which shall hear, consider, and make recommendations, and, failing acquiescence by the parties concerned, the league shall
determine, what action, if any, shall be taken. This would deny to nations
the right, hitherto exercised by every sovereign nation, to determine
whether a question is vital to their independence and safety or not. This,
I think,I may say without exaggeration, would be a very grave step for any
nation to take.
Suppose now that the court is established with a police force behind it.
I have seen it proposed that any nation refusing to obey this court's decrees
shall be compelled to do so by the international police force Just as the decrees of our own courts are carried out by a police force. An international
police force is an international army and navy. Who is to order that army
and navy into action, and who is to command it when it is in action?
Are we prepared to allow any association of nations by a majority vote to
order the troops and the ships of the United States to go to war? Unless
we are prepared to do so we are not prepared to join a League of Nations
which is going to enforce peace, and we should never put our name as a
nation to any treaty or agreement which we are not ready to carry out
both in letter and spirit. To sign a treaty and then evade or disregard its
provisions is not only bad faith and dishonor; it is the surest breeder of
wars.
Let us be honest with ourselves. It is easy to talk about a League of
Nations and the beauty and the necessity of peace, but the hard, practical
demand is, Are you ready to put your soldiers and your sailors at the
disposition of other nations? If you are not, there will be no power of
enforcing the decrees of the international court or the international legislature, or the international executive, or whatever may be established.
The Monroe Doctrine.
This is the heart of the whole question, but there are others which
would necessarily have to be considered. Are we ready to abandon the
Monroe Doctrine and to leave it to other nations to say how American
questions shall be settled and what steps we shall be permitted to take in
order to guard our own safety or to protect the Panama Canal? Are we
ready to have other nations tell us by a majority vote what attitude we
must assume in regard to immigration or in regard to our tariffs? These
are lesser points, but they must be met and answered before we commit
ourselves to permitting an association of nations to control in any degree
the forces of the United States.
We have now at this moment a League of Nations. They have been
engaged in compelling Germany to make peace and in restoring peace to
the world. It has taken four years of the bloodiest war over know to
get that peace. By this existing League the peace once signed must be
carried out and made effective. Therefore, it is well to reflect that entering
upon a new and larger League of Nations involves somewhat heavy responsibilities and dangers which must be carefully examined and deliberately
considered before they are incurred. The attempt to form now a League
of Nations—and I mean an effective League, with power to enforce its
decrees—no other is worth discussing—can tend at this moment only to
embarrass the peace that we ought to make at once with Germany.
The attempt to attach the provisions for an effective League of Nations
to the treaty of peace now making with Germany would be to launch the
nations who have been fighting Germany on a sea of boundless discussion.
It would cause wide differences of opinion and bring long delays. If the
attempt was successful and a League of Nations, with the powers about
which I have ventured to inquire vested in it, were to come here before the
Senate, it might endanger the peace treaty and force amendments. It
certainly would lead to very long delays.
I have merely glanced at these outlying questions, my purpose being
simply to show that they ought none of them to be pressed at this time;
that the making of peace with Germany and the settlement of the questions
inseparably connected with it is enough and more than enough for the
present without embarrassing it with questions which involve the settlement of the unknown without the attempt to deal with all possible questions
that ever may arise between nations. To enter on these disputed fields
which are not necessary to the making of the peace with Germany seems to
me perilous and more likely at this moment to lead to trouble and to a
failure with the German peace and its associated questions than to anything else.

SENATOR KNOX SUGGESTS NEW AMERICAN
FOREIGN POLICY—SHOULD GO SLOW ON
LEAGUE OF NATIONS.
"A now American doctrine" to supplement the Monroe
Doctrine as a guide for American foreign policy was suggested
by Senator Knox of Pennsylvania on Dec. 18 during the
course of an address in which he opposed haste in entering
into a League of Nations and insisted that the formulation
of such a league should at least wait until the terms of the
peace treaty were settled. The debate was on a resulution
previously introduced by Senator Knox, expressing the
sentiment of the Senate that the League of Nations idea be
segregated from the consideration of peace terms.
Senator Knox argued that the spirit of the Monroe Doctrine must be preserved as a fundamental principle of Ameni -

DEC. 28 1918.1

THE CHRONICLE

can diplomacy. He maintained that it made the United
States "the potential ally of the defenders of liberty whenever
a great menace shall arise." As a corollary to the Monroe
Doctrine, he argued, there is the eventuality of European
States with which the United States holds common interest
being menaced, and in such a happening, he said, the United
States could join with the aggrieved nations.
Mr. Knox did not argue against the project for the League
of Nations being considered at the Peace Conference, but
insisted that, if taken up, it should be after the Allies had
imposed their terms upon the Central Powers. He axpressed
doubt that the American people wanted President Wilson
to force the League of Nations idea upon the early deliberations of the Peace Conference.
After discussing the guarantees to be exacted from the
Central Powers, Senator Knox said:
The United States slowly, but in the end very clearly, perceived that a
menace of Europe by the dominion of aggressive military power was, in this
Nineteenth Century, a menace also to the safety of this nation. America
manifested this perception by throwing its entire power into the scales to
Join in the suppression of that menace of Europe by military imperialism.
Can we not perceive, emerging from these facts, a new American doctrine? I will state this great new doctrine in these words: If a situation
should arise in which any Power or combination of Powers should directly
or indirectly menace the freedom and peace of Europe, the United States
would regard such situation with grave concern as a menace to its own freedom and peace, and would consult with other Powers affected, with a view
to concerted action for the removal of such menace.
If this had been the avowed and understood policy of the United States
before July, 1914,it is, in my judgment, very improbable that the war would
have occurred. When at length the United States had perceived and had
acted upon this policy with mighty effect, the war entered on its last and
victorious phase. America has now perceived and manifested its perception of the principle of this policy. It has put this policy to successful test.
Avowed by public official declaration, it might prove worthy, I believe, to
serve, with the Monroe Doctrine, as a fundamental doctrine of American
diplomacy. It entangles us in no way; but it makes us the potential ally
of the defenders of liberty whenever a great menace shall arise.
The Monroe Doctrine, with virtual European sanction and especially with
British sanction, serves its purposes well. I would, I think, be sure of
British support if it were menaced. But the Monroe Doctrine leaves to the
United States the mandate that it carries, and it is for the United States
to do what need be one to maintain safe conditions within and as between
the Republics of this hemisphere in connection with our predominant interest in their external durability as against an aggressive Power from without.
There is a certain analogy between this and what would be a coraliary to
the doctrine now suggested, as it would touch the question of our obaigatIon
in the matter of new States now being raised up in Europe.
The corollary would be that if such new States were menaced as part of a
general European danger, then the United States would be concerned; but
that what need be done to maintain safe conditions within or as between
them would be primarily a European concern, and a European obligation
in the discharge of which we need take no part. And this is as it should be.
There is no need that American troops should travel thousands of miles for
any other purpose than to ward off a menace to vital American interests.
The object of my resolution is not to condemn in advance any League
of Nations (and least of all the existing entente or a permanent understanding of all the English-speaking people) of a kind that might in time
commend itself to the considered judgment of the American people. It
is simply to postpone the larger and very disputable question of some
comprehensive League pf Nations for that separate and very deliberate
consideration that its nature demands.
After all, why such hurry? If a League of Nations may not be a good.
thing, certainly the agitated days following a great war should not be seized
upon to saddle the country with a policy it has not examined and which is
no necessary part of the making of peace.
I, for one, am entirely ignorant of what the President means by a League
of Nations. The American people do not know. Our judgments must today be hypothetical. Conceptions of a League of Nations range from a
sort of world republic to a mere entente for certain purposes of the United
States and our chief Allies—something that need not necessarily cause
alarm.
The conscience and temper of the American people, as we have ju.5t seen
in this war, can impose upon them a great international task even without
any treaty obligations to assume that task. Unless impelled by their own
conscience and judgment it is more than doubtful whether any treaty could
drive this nation to a foreign war. Is it not better, then, that the obligation we assume should depend upon our own judgment and the conscience
of the English-speaking peoples and our present Allies, rather than upon
the judgment of some vast world league?
Even the most optimistic do not pretend to the blotting out of all war,
even occasional civil war, but only to the lessening of international war,
by international action. And even the forcible prevention or just decision
of all international war, wherever and however arising, by a League of
Nations of which the United States was a member, would presuppose the
sending of American troops thousands of miles for some distant purpose,
perhaps of no great concern to American citizens. However small the
force we sent, still some one's sons would be asked to die for a far-away
cause of rather academic appearance.
I do not believe the American people would approve such an exigency. I
should not wish to see this country signatory to an agreement which the
American people would be likely to repudiate if put to the test. I should
not vote for any treaty that subjected this nation's judgment and conscience as to its vital interests or its war-making prerogative to the will of a
foreign majority.

2425

The functions and powers of the Wool Division of the War Industries
Board, including especially those relating to the payment by wool dealers
or buyers of any sums due by them under "Government Regulations for
Handling the Wool Clip of 1918," as established by the Board on May 21
1918, and the disposition of such payments, shall, on Jan. 1, as already announced, be taken over by the Bureau of Markets of the Department of
Agriculture.
The Price Fixing Committee of the War Industries Board will continue
to function until such of the prices already fixed by the Committee, as will
not expire on or before Jan. 1, shall have expired.
In thus announcing the final windup of the War Industries Board, the
Chairman cannot refrain from once more expressing his great appreciation
of the devoted efforts of those associated with him in the direction of the
Board's activities, and of the whole-hearted and loyal co-operation of the
industries of the country.

In accordance with the plans of the War Industries Board
to wind up its affairs by Jan. 1 it was announced on Dec.
7 that the following sections of the organizations had been
disbanded: Fire protection section, headed by W. H.
Merrill of Chicago; non-war construction, Donald R. McLennan; permit section of the steel division, James S. Barclay; dredging section, Nathan Hayward of Philadelphia;
stored materials, James F. Wilkins, Washington, D. C.,
and the special advisory committee on plants and munitions,
headed by Samuel M. Vauclain. of Philadelphia.
B. M. BARUCH AND VANCE C. McCORMICK CALLED
TO FRANCE BY PRESIDENT WILSON.
It was reported on Dec. 20 that President Wilson had
cabled to Mr. Baruch and Vance C. McCormick, Chairman
of the War Industries Board, to join him in France. They
are expected to sail Dec. 31.
ALL REMAINING PRIORITY RESTRICTIONS LIFTED,
EFFECTIVE JAN. 1.
All remaining prioritylrestrictions and directions of the
War Industries Board have been lifted, effective Jan. 1 1919.
Announcement to thisleffect is contained in the following
formal order issued by Judge Edwin B. Parker, Priorities
Commissioner, made public Dec. 19:
WAR INDUSTRIES BOARD.
Priorities Division.
Circular No. 40.
Revocation of Restrictions.
To All Concerned:
Effective Jan. 1 1919, all the rules, regulations and directions of every
nature whatsoever, issued by the Priorities Division of the War Industries
Board, are hereby canceled, and all pledges heretofore made on the suggestion or request of the said Priorities Division are hereby revoked.
EDWIN B. PARKER,
Priorities Commissioner.
Approved:
B. M.BARUCH,
Chairman. War Industries Board.
Washington, D. C., Dec. 20 1918.

FOOD ADMINISTRATION REVOKES PUBLIC EATING
PLACE ORDERS.
It was announced on Dec. 23 that as a further step in the
replacement of specific food regulations by a general appeal
for increased conservation of all foods, the United States
Food Administration had rescinded the twelve "General
Orders" for public eating places, at the same time emphasizing the need for continued care in the use of food in order
that the United States may meet its pledge to relieve to the
capacity of our ports, the world famine conditions abroad.
In notifying the Hotel Chairmen on the staffs of the Federal
Food Administrators of the decision to rescind the present
regulations, the Hotel Division of the Food Administration
asked that they hold themselves in readiness to assist in
putting into effect any specific measures which public eating
places, through developments in world relief, may in the
future be called upon to carry out. The Federal Food
Board in New York issued the following statement announcing the removal of the restrictions:

Effective Monday, Dec. 23, all restrictions for public eating places are
rescinded. Since Oct. 21 last hotels, restaurants and other public eating
places have been under a war program. The principal features of the
12 compulsory war orders were that no bread and butter was to be served
until after the first course was on the table; not more than one kind of meat
BOARD
TO
CEASE
INDUSTRIES
ON
JAN.
1.
WAR
or poultry served to one person at one meal; no sugar except upon request;
ounce limit to butter and cheese per person per meal; not more
A statement formally announcing the proposed discon- one-half
than two ounces of wheat bread per person per meal. Following the
of
the
War
Industries Board on cessation of hostilities the rules were amended by the lifting of the restrictinuance of the activities
Jan. 1 was issued by Chairman B. M. Baruch on Dec. 23. tions on sugar and the use of substitutes with wheat flour.
all restrictions on public eating places have now been removed.
Certain powers and duties of the Board are to be taken over theWhile
Board still urges upon the proprietors of such places the importance
by the War Trade Board. Mr. Baruch's statement said:
of continued conservation of all foodstuffs. There should be no waste or
It has been arranged that the powers and duties of the Division of Plan- extragavance in the use of any foods. All food should be prepared and
ning and Statistics of the War Industries Board shall, on Jan. 1, be taken served with the idea constantly in mind that America must send 20,000,000
over by the War Trade Board, along with such officials or employees of the tons of food to hungry Europe during the next 12 months and that the
greater part of this food can be secured only by saving.
Board as may be necessary.




2426

THE CHRONICLE

REASONS 01? UNITED STATES FOOD ADMINISTRATION FOR REMOVING WHEAT FLOUR
RESTRICTIONS.
•
In response to inquiries as to the reasons for the removal
of restrictions on the use of wheat flour the United States
Food Administration has issued the following statement:
Since its inception the Food Administration's policy has been to adjust
its conservation requests with conservation necessities and the public has
shown its appreciation of this frankness by immediate respbnse.
Last spring the Food Administration was extremely anxious about the
wheat shortage and the public was asked to restrict its consumption of
wheat down to the barest necessity in order to meet the needs of the Allies.
With a surplus of only 20,000,000 bushels of wheat the American people,
through conservation, enabled the Food Administration to ship 141,000,000
bushels of wheat. In spite of this conservation, when we reached the
1918 harvest there was less than a 10-day supply in America.
When the new crop came in it proved to be very large, but not too large
to take care of the needs at that time. It was the desire of the Food Administration not to be caught another season with any shortage of this most
valuable foodstuff, and with the idea that it was necessary not only to
continue shipments of wheat to Europe, but to build up a big reserve for
the .1919 spring offensive, the Food Administration continued to ask the
people to use wheat sparingly.
The signing of the armistice changed the situation with wheat immediately, just as it did with all measures taken with the needs of a continuing war in view. Wheat supplies in distant countries were made available by the cessation of the submarine menace, and the assuiance of a good
crop in 1919, undisturbed by war, relieved semewhat the necessity of building up as large a reserve as was anticipated. In other words, it is probable
that our normal actual consumption of wheat,implying elimination of wastes
in which our people have been thoroughly schooled, will be permissible and
still allow us to keep the Food Administration's pledge in the shipping of
great quantities of breadstuffs to hungry Europe.
Last year's situation, with fodder grains plentiful and wheat scarce, has
been entirely reversed, and the necessity now points to a more careful use
of the grains needed for animal feed and a freer use of wheat.
It cannot be too strongly emphasized that even under present conditions
no wheat must be wasted. It is a well-known fact that a diet which includes little meat naturally increases the consumption of bread, and at this
time, when the shortage of meat is acute, it is good to know that an increased consumption of bread is not unpatriotic.

[VOL. 107

ation because the winter wheat acreage is about 9,000,000
acres larger than that for 1918, and, if an increase in spring
wheat is planted, the harvest of 1919 may be in excess of
that of 1918, the yield of which is estimated at 917,100,000
bushels. Export of 1918 wheat is estimated at about
310,000,000 bushels, a larger figure than can be expected for
the 1919 crop, because of shipments from Canada, Australia,
India and Argentina. Domestic consumption of the 1919
crop, including the seed wheat reserve, the memorandum
stated, cannot exceed 640,000,000 bushels as a maximum.
The possible 1919 crop was fixed at 1,114,500,000 bushels,
of which 90,000,000 would be for seed requirements and
550,000,000 for domestic consumption, leaving 474,500,000
for export. It is further noted that the 1919 crop for export
might sell in competition with that from other countries
at a price considerably lower than the guaranteed price,
which probably would result in similar reductions at home.
CANADA AUTHORIZES MUNICIPALITIES TO FIX
RETAIL PRICES OF NECESSITIES HELD FOR SALE.
The following order has been issued by the Canadian
Food Board:
CANADA FOOD BOARD.
Order No. 77.
Whereas with the view of preventing undue enhancement of the cost
of living, Order-in-Council P. C. 3069 (Department of Labor), dated
Dec. 11 1918, was enacted, and by virtue of which order the Council of
any municipality may appoint a commission to determine a fair retail
price of any necessary of life held for sale in such municipality.
And whereas, owing to varied conditions obtaining in different municipalities, the above order was enacted to provide means for determining what
what would be a fair price in any municipality, therefore
The Canada Food Board orders
1. Order No. 9, dated Dec. 211917; Order No. 14, dated Jan. 19 1918;
Order No. 47, dated June 5 1918, are hereby repealed.
Dated at Ottawa, this 18th day of Dec. 1918.
CANADA FOOD BOARD.

RECOMMENDATIONS TO CONGRESS TO MAKE
"Financial America" of Dec. 5 in an Ottawa dispatch,
EFFECTIVE WHEAT PRICE GUARANTEE
announcing the modification of Canadian food rules, said:
FOR 1919.
Canada has made a number of modifications in food regulations since
A recommendation for the enactment of legislation to the signing of the armistice and these have boon summarized in a bulletin
make effective the wheat price guaranteed for the 1919 of the Canada Food Board as follows:
Compulsory restrictions of the amount of flour which may be held in
crop, and at the same time safeguard, it is claimed, the store
by dealers, householders and other have been rescinded.
Government against losses, was made to Congress this
The compulsory purchase of a proposition of substitutes for wheat flour
week by the Department of Agriculture and the Food has been rescinded. The use of substitutes by manufacturers, bakers,
public restaurants and householders are no longer compulsory, but in view
Administration. The recommendations are contained in a of
the necessity of conservation and in order to prevent waste of stock of
memorandum sent to Representative Lever of South Caro- substitutes already on hand,the Food Board urges that the greatest possible
lina, Chairman of the House Committee on Agriculture, voluntary use of them be continued.
Sandwiches may now be served in public eating places during the noon
and are as follows:
meal hour.
First—Extension by Congress beyond June 1 1920 of the date for the
Government purchase of the 1919 crop.
Second—Continuance of the Food Administration's Grain Corporation,
or creation of a new agency, to buy, store, and sell 1919 Wheat that may be
offered to the Government.
Third—Possible legislative provisions to protect the Government against
wheat or flour brought in from other countries during the period of effectiveness of the guaranteed price, and also to protect buyers of such wheat as
long as the wheat is in this country and not consumed.

The memorandum is said to have been compiled with the
approval of President Wilson. Secretary Houston, in submitting it, is reported as saying that "the Government has
made a guarantee, and it goes without saying that it must
be made effective." As to the extension of the date of
Government purchase the memorandum said:
It will be impossible to carry out the guarantee, as it is intended, by
June 1, and, if producers cannot sell their wheat to the United States before
that date, and are left with wheat on hand, it will be felt that the obligation of the United States has not been carried out in good faith.
The Government purchasing agency must have ample funds to at all
times purchase throughout the United States at the guaranteed price such
Wheat of the 1919 crop as may be offered to it, and also provide storage
facilities to take care of the same by lease or purchase of facilities now in
existence or by building additional facilities, or both.
The appropriation will have to be on a basis to enable the guarantee price
to be maintained at all times by purchase of wheat with funds provided by
the Government and without relying on outside credit.

The Associated Press dispatch from Washington Dec. 26
in its announcement as to the recommendations said:
The Food Administration Grain Corporation is maintaining the price
for the 1918 crop with its capital of $150,000,000 and Its credits, combined
With the export demand for wheat. The 1918 crop is estimated at 917,100,000 bushels, and on Nov. 29 last the movement from the farms amounted
to 588,000,000, of which 254,000,000 was in storage.

Restrictions on the quantity of bread served at public eating places are
now removed.
Manufacturers may make and sell doughnuts, biscuits, crullers, Scotch
shortbread or cake, and French pastry, provided they use vegetable fats
only.
Manufacturers, provided they do not exceed forty pounds of sugar to
100 lbs. of flour. may make and sell iced cakes and biscuits filled with
Icing, so long as they do not increase the total amount of sugar used
as allotted.
Restrictions on the manufacture of alimentary paste, buckwheat and
self-wheat in the form of breakfast food, raising flour, &c., have been
rescinded.
Conservation regulations of beef are still in force and are still important
in view of the requirements at the present time and in the future.
Conservation of butter and animal fats is still very important.
Until the end of the year the regulations of the consumption of sugar will
be necessaiy, after which it is hoped the new crop will be available.

AMENDMENT TO LICENSES FOR SHIPMENTS OF
WHEAT FROM AUSTRALIA.
The War Trade Board on Dec. 19 announced that General
License PBF No. 19, permitting importations of wheat and
wheat flour consigned to the United States Food Administration Grain Corporation or to the Wheat Export Company, Ltd., had been amended to read as follows:
Covering the importation of all wheat and wheat flour when consigned
to the United States Food Administration Grain Corporation, 42 Broadway, New York, or to the Wheat Export Company, Ltd., 27 Beaver Street,
New York; provided further, that shipments from Australia are made
only on the following vessels:
Champigny
La Merced
Margaret
Star of Lapland
Rose Mahoney
Pierce Antonine John Ena
City of Sydney
Buffo
Falkestind
Jeanne d'Arc II
Columbia River Star of Holland
Korsnaes

The dispatches quoted further from the memorandum as CANADIAN SEED COMMISSION AUTHORIZED TO
follows:
PURCHASE SEED OATS IN UNITED STATES.
It will be observed that there is a very large amount of the 1918 crop
Canadian press dispatch from Ottawa, published in
A
resources
of
the
yet to be moved from the farms, and it will take all the
Grain Corporation and the most careful attention to every' detail to carry the Toronto "Globe" on Dec. 16, stated that an Order-inout the guaranteed price for the crop of 1918. In fact, if the export Council had been passed authorizing the Seed Purchasing
demand should diminish, it is possible that in order to maintain the guaranteed price it may be necessary that there be a further appropriation by Commission to purchase seed oats required for Alberta and
Congress. On the other hand, if the demand for export wheat should Southern Saskatchewan in the United States and providing
continue it is hoped that on June 1 1919 the Grain Corporation may have that the oats purchased be not, subject to the payment of
been able to carry out the obligations of the United States as to the 1918
customs duties. The dispatch also said:
crop without impairing its capital of $150,000,000.
It is estimated that 3,500,000 bushels of seed oats *will be required, owing
It is pointed out that the carrying out of the guaranteed to the shortage, of
which not more than 1,500,000 bushels are vailable in
price for the 1919 crop presents a much more difficult situ- three Western Provinces. 500,000 bushels in Ontario, and 300,000 bushels




DEC. 28 1918.]

THE CHRONICLE

2427

_
RESTRICTIONS IN CANADA AS TO BEEF, BUTTER
AND FATS STILL IN FORCE.
According to the Montreal "Gazette" of Dec. 14, the
EXPORTATION OF BARLEY MALT.
restrictions of the Canada Food Board as to the use by
It was announced by the War Trade Board on Dec. 9, public eating places of beef, butter and fats, and for the use
after consultation with the U. S. Food Administration, that of all animal fats by manufacturers, still remain in force.
it would consider applications for licenses to export barley
malt to Canada, the West Indies, Cuba, Mexico, Central COARSE GRAIN RESTRICTIONS REMOVED BY U. .
America, South America and Japan. Applications for
FOOD ADMINISTRATION
licenses to export this commodity must be made in accordIt was reported on Dec. 26 that J. J. Stream, Chief of the
ance with the rules and regulations of the War Trade Board. Coarse Grains Division of the Food Administration, has
Exporters who in the past have been refused licenses may now issued the following announcement:
submit new applications on Form X.
Grain exchanges are advised that on and after Jan. 1 1919 they may, in
in Prince Edward Island. If these figures are approximately correct, it
will be necessary for the Seed Commission to buy at least 1,000,000 bushels
of seed oats outside the Dominion.

IMPORT RESTRICTIONS ON COCONUT MEA7'
REMOVED.
The War Trade Board on Dee. 23 made known that all
restrictions on the importation of coconut meat, shredded,
desiccated or prepared, had been removed. There is now
no restriation on the importation of coconut meat or copra
in any form.
EXPORT OF COTTONSEED MEAL TO CANADA.
On Dec. 19 the War Trade Board, after consultation with
the United States Food Administration, anneunced that
licenses to export a limited quantity of cottonseed meal to
Canada would be granted. All applications for licenses
to export cottonseed meal to Canada must have attached
thereto a Canadian import permit,issued by the Canada Food
Board, Ottawa, Canada, to the consignee and for the quantity specified on the application for export license.

their discretion, remove all quantity restrictions on trading in future
deliveries of corn, oats, rye and barley. This relaxation does not aorogate
or modify any of the provisions of the Food Control Act, and grain exchanges and their members will continue to be held strictly accountable
for any manipula;ive practices resulting in undue depression or enhancement of grain prices.

SUBSTITUTE CEREALS TAKEN OFF MARKET.
According to a Boston dispatch in "Financial America"
last night (Dec. 26), A.I. Merrigold, Director of the United
States Grain Corporation for the Boston District, has
announced that about 18,000 tons of cereals brought into
New England to be used as wheat substitutes will be taken
off the market by direction of the United States Food
Administration and forwarded to Europe. The cereals,
which are now in the hands of dealers, will be shipped from
this port after they have been collected.

REMOVAL BY CANADA OF RESTRICTIONS ON
EXPORTS OF COARSE GRAINS.
Montreal advices of Dec. 23 stated that the Corn Ex
EXPORT OF SEED CORN TO CANADA.
change has been advised by the Department of Trade and
.After consultation with the U. S. Department of Agricul- Commerce at Ottawa of the removal of the restrictions on
ture, and the Seed Commissioner of the Canadian Depart- the exportation from Canada of all kinds of coarse grains.
ment of Agriculture, it was announced by the War Trade It was further said:
Board on Dec. 19 that on and after Dee. 10 1918 licenses
It is pointed out by the Department that hereafter it will not be neceswould be granted for a limited quantity of seed corn (with- sary for exporters to obtain licenses for the exportation of any type of
out restriction as to varieties) for export to Canada. The coarse grain. This will considerably simplify the matter of export.
Board further said:
All applications for licenses to export seed corn to Canada in quantities NEW YORK COFFEE EXCHANGE RESUMES TRADING
exceeding 100 bushels must have attached thereto a Canadian import perIN FUTURES.
mit, issued by the Canada Food Board, Ottawa, Canada, to the consignee,
Trading
in
coffee
futures
was resumed on the New York
the
specified
application
in
for the quantity
for export license.
Arrangements have been made with the Canada Food Board whereby Coffee and Sugar Exchange on Thursday of this week,
applications for licenses to export seed corn in quantities of 100 bushels or Dec. 26, in accordance with plans detailed
in our issue of
less need not be accompanied by a Canadian import permit.
Dec. 14, page 2339. As noted therein trading in coffee
futures was suspended on the Exchange on Oct. 18 at the
SUGAR RESTRICTIONS REMOVED IN CANADA.
direction of the U. S. Food Administration. In pursuance
On Dec. 13 the Canada Food Board removed various re- of the plans previously agreed to, trading in futures for
strictions on the use of sugar. The war time restrictions as to May delivery with fluctuations limited to 150 points was
the method of serving sugar in public eating places is removed; permitted with this week's resumption. The May conand under the new order also sugar may be purchased without tracts started at 17.50, dropped to 17.35 and again rose to
permits or the use of cards. The restrictions are also lifted 17.50. July opened at 17.25, went to 17.50, and fell to
on the use of sugar for making pastry, iced cakes or biscuits 17.25. September opened at 17.40, sagged to 17.35, and
and candy for private consumption, as well as in the manu- rose to 17.50. The New York "Evening Post" in its acfacture of canned goods, biscuits, candies, &c. The order count of the resumption said:
The bulk of the buying was said to be on European orders, and it was
issued by the Food Board in the matter reads as follows:
evident that additional

CANADA FOOD BOARD.
Order No. 76.
Re Sugar.
Whereas, The available supplies of sugar permit of the removal of certain
restriction now, and other restrictions on the 1st of Jan. 1919.
In exercise of the powers conferred by Order of His Excellency, the
Governor-General in Council, dated the 12th day of March 1918, P. C.
596, and of all other powers enabling, the Canada Food Board hereby
orders:
1. The manufacture of icing sugar is permitted.
, 2. Restrictions on the use of sugar in making French pastries, iced cakes
or biscuits and in making of candy for private consumption, are removed.
Order No. 35 is repealed.
3. Restrictions on the serving of sugar in public eating places are removed.
Sections 5 to 12 inclusive, 14, 15 and 16 of Order No. 46 are repealed.
4. On and after Jan. 1 1919.
(a) White or granulated sugar may be used in making bread.
(b) All restrictions on the use of sugar in the manufacture of canned
goods, biscuits or fruit, pound, layer, wine, sponge, cake; sweet dough
products and pastry; cocoanut macaroons or fancy almond macaroons;
marshamallow; bread and bread rolls; candy, chocolate, solid chocolate
products; cocoa products, chewing gum, desiccated cocoanut, tobacco;
table syrups, compound honey, maple butter, maple syrup compounds and
like products; pharmaceutical syrups and medicinal preparations; beers,
ales, soft drinks, fountain fruits, fruit juices or syrups, dessert or jelly
Powders, marshmallow powders; ice cream; soap, shall be removed.
(c) Sugar may be purchased without permit or the presentation of
sugar certificates or coupons.
(d) Restrictions upon the use of sugar in the manufacture of condensed
milk shall be removed.
5. Section 10 of Order No. 49; Sections 1 to 10 inclusive of Order No. 51.
Orders 60, 64 and 66 shall be repealed on Jan. 1 1919.
Dated at Ottawa this 13th day of Dec. 1918.
CANADA FOOD BOARD.




large orders had been received, based on expectations of lower opening prices. Bids slightly below initial quotations were
made for large blocks of all deliveries. Spot interests sold against coffee
afloat, and there were indications also of a little local short selling. It is
the general impression that after matters become adjusted a marked
broadening of speculative interest will be witnessed.

According to press dispatches from Washington Dec. 26,
the Government purchased i5,210,000 pounds of coffee for
the army, and as this occurred before the advance of 7 cents
a pound which has since taken place, this resulted in a saving of $1,064,700.
REPORTS OF PROPOSAL OF SAO PAULO TO ABOLISH
COFFEE EXPORT TAX.
Advic3s from Rio de Janeiro published in "Financial
America" of Dec. 21 announced that, according to information received at that city, the State Government of Sao
Paulo would abolish the coffee export tax as soon as the loans
made on coffee guarantees have been liquidated. With
regard to this report the "Journal of Commerce" on Dec. 23
said:
Publication on Saturday of a dispatch from Rio de Janeiro stating that
the Government of Sao Paulo would abolish the coffee export tax as soon
as the loans made on coffee guarantees had been liquidated aroused considerable interest in the local trade. There have been rumors to this effect
In circulation here for several days, but they have not been confirmable.
The Rio advices are regarded as giving support to these rumors, although
they are not interpreted as confirming them without qualification.
In discussing the report, representative traders called attention to the
fact that the tax would not be removed until the loans had been liquidated.

2428

THE CHRONICLE

This was generally regarded as meaning that action might be delayed
indefinitely. In this connection the spokesman for a prominent house
expressed the view that the liquidation could not be effected until Germany
had paid for the valorization stocks seized at Hamburg and Antwerp at
the outbreak of the war.

The export tax, it is stated, amounts to about 75 cents
per 100 pounds.
COFFEE SHIPMENTS FROM BRAZIL.
With regard to the shipment of coffee from Brazil,"Financial America" of Dec. 20 said:
Mail advices from France state that nine steamers have been designated
to move coffee from Brazil, the coffee being part of the supplies purchased
in connection with the negotiations for the-interned German tonnage.
It was stated that the French Government would distribute the coffee
among merchants to the extent of 70% of their importations during 1917.
Havre coffee merchants have failed in their effort to have war-time restrictions removed and it is reported that the price set for the Government
coffee is 115 francs for good average, which is about 15 francs higher than
the maximum prices allowed for all months on the Exchange.
The moving of this coffee from warehouses is Brazil will help the situation
there to the extent that it will relieve the present congestion and allow coffee
to be moved from the interior to the ports more freely. The morning
cable from Brazil reported the Rio spot market unchanged from yesterday,
Santos 100 refs higher and futures 75 to 100 reis higher.

MODIFICATION OF COFFEE PROFITS.
The following is taken from Dec. 1 issue of U. S. Food
Administration's publication, known as the "Official Statement:"

[vol.. 107.

drop of three and four-hundredths cents a barrel on flour
to every $1 a ton increase on mill feed.
UNITED STATES ADMINISTRATION HAS NOT
CEASED ACTIVITIES.
In a statement intended to correct the reports that its
activities had ceased, the United States Food Administration
on Dec. 20 said:
Partial demobilization of the Food Administration and the withdrawal
of many of its rules and regulations have given the impressions in some
quarters that all activities have ceased or are shortly to cease. This is
not the case. The act imposes upon the administration certain obligations
which continue until Presidential proclamation releases the Food Administration from the terms of the Act and particularly the obligations to
curb profiteering and speculation in licensed food products. This function
must continue to be performed, and there is no intention of relaxing in this
direction.
It has been possible, now that peace is assured, to cancel many requirements for reports and many of the details of the regulations, but the profit
margins and rules have been for the most part retained, and will be enforced
by revocation of licenses and other appropriate penalties.
It is expected that it will be possible from time to time to remove certain
commodities from the license list, but this will be limited to commodities
which do not seem likely to be subject to possibility of speculation and
profiteering.

FEDERAL CONTROL OF MILK DISCONTINUED—NO
LIKELIHOOD OF FURTHER PRICE INCREASE,
PENDING INVESTIGATION.
Announcement that the Federal Food Administration
has decided that there was no longer any need for Federal
control of milk, and that the question would now be left
with the local authorities, was made as follows on Dec. 20
by John Mitchell, Chairman of the Federal Food Board and
Arthur Williams, Federal Food Administrator for New
York City:

Notice has been sent to the Wholesale Grocers' Association that it is
the desire of the Food Administration that the trade should return to normal
conditions as soon ae possible. The announcement that roasted coffee
must be sold on the same gross profit in cents per pound as the dealer or
roaster customarily enjoyed before the war, Is now modified, and the
dealer or roaster in figuring margins on roasted coffee, may take into consideration the increased expenses of doing business, and he is now permitted
to make the same prrcentage of net profit, as he customarily enjoyed before
The United States Food Administration at Washington has notified
the war, in the years 1911-1912-1913.
the New York Food Board and the Administrators of all the States that
All coffee must be sold on the basis of the average cost of stocks on hand, in view of the armistice there will be no further need for Federal control
and not on the basis of the cost of replacement. Stocks are limited to a of liquid milk, but rather that the question should now be left to the local
90-day supply, and no dealer should knowingly sell ocffee to any customer authorities. The Board has, therefore, informed the producers and
In such quantity as will give the purchaser more than a 90-day supply.
distributors at a conference to-day that it will not continue to confer with
them and determine the question of milk prices for this city.
It should be added that the Board has received no suggestions from
FOOD ADMINISTRATION CONDEMNS PRACTICE OF either
the producers or distributors of any proposed increase in the price
COFFEE DEALERS SELLING COFFEE IN LOTS OF 25 of milk during the month of January, and it is hopeful that soon thereafter
the price will show material reduction with increased flow and loweeed
BAGS OR LESS AT GREATER PROFIT THAN 73/2%•
cost of feeding, following the prices of former years.

The "Wall Street Journal" of Dec. 16 reported that the
practice of coffee dealers selling coffee in lots of 25 bags or
less, at an estimated profit of 8 cents a pound, to avoid the
restrictions imposed by the Food Administration, sales over
this amount had met the condemnation of Washington.
According to the paper quoted, the Food Administration
has issued a notice in which it calls attention to the announcement made on July 24 1918 "that the maximum profit of
73'% prescribed by Special Rule No. 3 for jobbers of green
coffee did not apply to the sales of 25 bags or less. That
announcement must not be taken advantage of by those
defined as jobbers under Special Rule No. 4, namely, those
who customarily sell coffee in one or more chops. Such
jobbers are entitled to not more than a maximum profit of
%,no matter in what quantity they sell. As the profits
to dealers who customarily sell 25 bags or less, the Food
Administration considers any such sale at an advance of
more than 123/2% over the purchase price plus charges
allowed by said Special Rule No. 4, as a violation of the
General Rule No. 5, which prohibits unreasonable profits,
and any licensee exceeding this maximum will be prosecuted in a manner provided by the Food Control Act."

The last previous announcement on the subject was made
by the Federal Food Board on Nov. 26, when it stated that
the prices then in effect would remain in force until the end
of the year. Two advances in price occurred during November, the first effective Nov. 1 and the second Nov.
14, as a result of which the cost of Grade A bottled milk per
quart at retail has been 19 cents, while Grade B bottled milk
has retailed at 17 cents a quart and 11 cents a pint. The
Federal Food Board in announcing on Nov. 26 that there
would be no further advance in price at that time, stated that
the New York farmers were to receive from the distributors
in December an increase over November prices, making the
December basis price to producers $4 06 per 100 lbs. of 3%
milk, as compared with $3 81 per 100 lbs. in November.
The Food Board in its statement said:
The decision of the distrlbuters to carry this increase without corresponding increase in the price to the public was voluntary on their part and
was reached after several conferences between the distributors and the representatives of the United States Food Administration in Washington.

At. the instance of Mayor Hylan an investigation of the
milk distributers has been undertaken by New York District
Attorney Swann during the past month to determine
whether they were guilty of conspiracy under the Donnelly
Anti-Trust Act of Now York. A letter calling for the inCANCELLATION OF FLOUR MILLING REGULATIONS. quiry was addressed to District Attorney Swann by Mayor
The cancellation of all flour milling regulations, including Hylan on Nov., 21, the Mayor in his letter saying:
I have directed the Commissioner of Accounts to make an investigation.
fair price schedules and the price and quantity restrictions
have been forced to the conclusion that little can be done with these
on the sale of what flour by millers, which officials expect Imilk
profiteers unless a jail sentence is meted out to those who are exwill result in cheaper flour, was announced by the U. S. tracting such an enormous price for milk from the people of this city.
The distributers are now threatening to raise the price of milk to 20 cents
Food Administration on Dec. 20. All zones agents of the
per quart. This means death to thousands of babies this winter. ThouFood Administration's Grain Corporation were notified of sands of the people of this city who have given liberally to aid the Governthe action by telegraph. A sharp rise in the price of wheat ment in the purchase of bonds and in other ways from the little store that
had laid aside for an emergency are now at the end of their resources.
bran and other mill feeds on the Minneapolis market occurred they
Some time ago the matter was submitted to the grand jury, whose foreas a result of the announcement, but this advance, officials man, if I remember correctly, was Nicholas L. Stokes, and the Secretary
expected, would be followed by a drop in flour prices. Exist- was Mr. George H. Pings, who did great service on that grand jury. An
against the Dairymen's League was the result.
ing regulations restricting margins of profit on flour and mill indictment
The investigation brought out many facts, which, no doubt, if made pubfeeds remain in effect, as do general regulations prohibiting lic, would bring down the condemnation of the whole community on the
profiteering, hoarding and unfair practices. The prediction heads of the distributers' trust and the Dairymen's League. The Treasurer of the Milk Trust, so I am informed, said that thugs were hired to
of cheaper flour to the consumer, it was stated at the Food beat up the independent dealers and their milk dumped into the river in
Administration, is based on the immediate rise in the price forcing such dealers to comply with the terms of the Milk Trust.
I am informed that John B. Stanchtield, a corporatibn lawyer, was emof mill feeds, amounting to several dollars a ton. Close ployed
by the Milk Trust to represent the trust In Court, with the result
observation of the market, trend in flour and mill feeds, made that a change of venue was granted by the Court to some locality up the
by the Administration's Milling Division and grain experts, State and a dismissal of the indictment was secured.
The elected public officials of this city owe a very important duty to the
it was said, shows that with every upward movement of people
in this most serious crisis, and, if I am not encroaching upon your
feeds came a fall in the price of flour on a basis of an average prerogatives as prosecuting attorney of New York County, I would sug-




DEC. 28 1918.]

THE CHRONICLE

goat that you begin a public inquiry before Chief Magistrate McAdoo or
some other Magistrate, to the end that the profiteers in milk, both the
dairymen and distributers, be brought before the bar of justice and jailed,
and this conspiracy to exploit the people for profit at the expense of the
death of thousands of children be ended
My reason for suggesting that the proceedings be begun before a Magistrate rather than a grand jury is that the proceedings will be open to the
public and the press will carry the facts brought out as to the methods resorted to by the Milk Trust combination. When these facts are made public, no Judge will dare to grant a change of venue or a dismissal of an indictment that may be found.
Any assistance that the office of the Commissioner of Accounts can give
you, or the Police Department, through the detective force of the city, or
any other department, will be at your service. The Board of Estimate
And Apportionment likewise will assist you in every possiole way.

In reply to the Mayor the District Attorney said:

My Dear Mavor—I was very much pleased to receive your letter of Nov,
21 in regard to the recent raising of the price of milk to 18 cents per quart.
and the evident intent on the part of the producers and distributers to raise
the price again very shortly.
On account of the very clear violation of the State Anti-Trust Act by the
Dairymen's League last fall, the grand jury indicted its officers and directors, but a Judge of the Supreme Court sitting in this county transferred
the case to Oneida County for trial on account of "local prejudice." That,
of course, also transferred the prosecution of the case to the District Attorney of that county. Before the case could be reached for trial the
Legislature passed Chapter 490 of the Laws of 1918, exempting dairymen
and
farmers from the effect of the anti-trust law. The result is the
milk producers can now combine and fix prices and the District Attorney
cannot
prosecute them.
If the distributers combine or conspire and we can procure legal
evidence
of it, we can proceed against them. Men conspire In secret, and,
unless
one of them informs against the others, it is very difficult to obtain the
evidence that the Judges require.
I would welcome such evidence, and any man who conveys it to me will
be doing a helpless community a great service.
All of the resources of my office will be devoted to the prosecution
of
heartless profiteers in the necessaries of life when legal evidence of
such
acts can be obtained.
I hope that the public will be fully informed of your efforts, in order
that
those persons having first-hand information will come forward with
it.
Very truly yours,
EDWARD SWANN, District Attorney.

The chapter referred to in the above sets out:

The provisions of this article shall not apply to co-operative
associations,
corporate or otherwise, of farmers, gardeners, dairymen, including
livestock
farmers and fruitgrowers, nor to contracts, agreements, or
arrangements
made by such associations.

Mr. Swann, the "Times" stated, explained the difficulty
of court action as covered in his letter to the Mayor and said:

No matter what aspects the case presents, something ought to be
done.
The price of milk is now so high to the poor as to restrict consumptio
n,
which has an injurious effect upon young children. We might investigate
the distributers, but we have not as yet decided upon what plan to
proceed.
I have the matter under advisement, and am conferring with my nssistants.
We are facing an alarming condition.

In a second letter on the part of the Mayor to Mr. Swann,
the former, according to the Now York "Times," stated
that he did not believe that the amendment interfered with
the provisions of the law governing conspiracy. He further
said in part:
We have stopped the parading of red flags in this city—let
us put behind
the bars the men who conspire to exploit the people and
make rod flag
paraders and bring on a state of mind among them which
provokes unlawful acts and unlawful deeds.
What father or mother will not feel aggrieved with public
officials and
their Government when their children's lives are being sapped
out for
want of milk because of the inactivity of officials whose duty
it is to enforce the laws and protect the people from such conspirators?
Through the milk inspectors the health officials under past
administrations aided the milk trust distributors by condemning the milk
of the
independent shippers, making it impossible for the independen
t shippers
to got milk into Now York City.
The independent distributer in this city, not being able to got
milk from
an independent source, was compelled to go out of business,
leaving the
distribution of milk in the hands of the trust distributor
s.
When the dairymen and farmers found they were in the hands
of the
milk distributors' trust, the Dairymen's League became very active,
and
more thoroughly organized tho dairymen and farmers. Many
of
those
who refused to join wore assaulted, their milk dumped into the
river or
creek, their cattle poisoned, and their barns burned throughout the
State.
To-day it would appear there is a conspiracy between the Dairymen'
s
League and the distributers of milk to raise the price of milk an
additional
cent per quart. Within three weeks Mr. Hoover, the Food Administra
tor,
allowed two increases in the price of milk, bringing the cost of
milk to-day
to 19 cents per quart, and if an additional cent is allowed, the price
of
milk
will be 20 cents per quart—an act against the best Interests and
injurious
to the public health of the people of this city.
Any argument to justify the Milk Trust in raising the price of milk
presented by Judge W. E. Lamb, Chief of the Dairy Division of the
Federal
Food Administration, Colonel George R. Marlin, Medical Corps, U.
and Dr. Clyde L. King, Federal Milk Commissioner, upon whose S. A.,
recommendation to Mr. Hoover the price of milk was increased, I am
sure will
have no effect upon the action of the District Attorney of Now
York
County.

2429

and other by-products could be made to help carry the milk,
Dr. King said
that only small profits were made upon them, and that this
year only
one condensed milk company, located in the West, had made large
profits.
Asked how extensively he had gone into the question of the alleged
overcapitalization of the milk companies Dr. King said that, inasmuch
as they
were making no profits at all, that did not concern him except
as it might
affect charges for depreciation.
"Milk will never again sell for 8 or 9 cents a quart," said Dr. King,
"or
at least not until food and labor prices come down very much."
He said
he wished good luck to Commissioner of Accounts Hirshfield'
s milk investigation, and said that, with the proper safeguards, there was no
reason why
emulsified milk should not be sold.

The New York "Times" of the 23rd stated that Arthur
Williams, New York State Food Administrator, had taken
exception to a statement made by John J. Dillon, former
State Commissioner of Food and Markets, that excessive
profits are being made by the milk distributers ail gave
figures showing the present margins of profit, said:
On the assumption that the average of milk is 4% of butter fat, he
said, the farmer receives at the zone centres 9 cents a quart. To this must
be added the total freight paid, which averages 1.2 conts a quart on bottled
milk and milk to be bottled. Country plant, pasteurizing, cooling and
bottling expenses total 2.6 cents a quart. The distributing expenses
are
3.3 cents a quart, and the general administrative expenses .4 cent a
quart
The increased cost of distributing, duo to the advance in wages alread
made, amonnts to .0074 cent a quart, or a total of 17.21 cents a
quart
Mr. Williams said.
On bulk milk, which constitutes 65% of the product handled
distributing companies, the freight is 10% cents per 100 pounds;
150-mile zone, making the cost, plus the freight to this city, 10 con
quart. For this milk the most recent records indicate the margin of1
cents the quart between the price to the consumer for
bottled grade
milk and the price to stores is a very narrow one, according to
Mr. Williams,

A statement, in which he declared that the distributers
would not oppose the proposed inquiry, was issued on Nov.
27 by I. Elkin Nathans, Secretary of the New York Milk
Conference Board; in this statement Mr. Nathans said,
according to the New York "Evening Post:"

For nearly a year we have refrained from any discussion
relative to the
price of milk, primarily for the reason the question
of price is out of our
hands.
We realized that as the war progressed, Increasing
costs of labor and
materials would seriously affect the cost of production
and distribution
and quite likely necessitate such substantial advances
in price
consumer that the public—unless informed by reliable authority to the
as to the
facts—might reach the conclusion that improper advantage was
being taken
of war conditions.
Therefore we entered into an agreement with the United
States Food
Administration under which we voluntarily renounced
all control over
prices and vested the Government with the power to
fix the price to be
paid to the producer and to be charged the consumer.
For more than a
year the price charged to the consumer has been determined
by the Food
Administration, and this policy will be adhered to by the distributer
s so
long as the Food Administration continues in existence.
We find it difficult to see wherein we could have acted with more
regard
for public confidence and in the public interest than by voluntarily
placing
our very existence in the hands of the Government. We
believe that fairminded people will commend our action and accept
with assurance the
statements of the Food Administration that the prices
charged are fully
justified by the cost of milk, labor, and other operating
expenses, and were
only approved after a thorough examination of the accounts.
We are,
therefore, constrained to believe that a contrary attitude
is due to a failure
to appreciate the situation.
We do not want high prices. Our business prospers most
when we can sell
our goods at low prices. We are content to operate on a
fraction of a cent per
quart profit and depend upon volume to produce
a reasonable return.
But notwithstanding the war has ended, costs seem
still to be mounting.
The price we will pay producers for December milk has
just been negotiated
through the mediation of the Food Administration.
The farmer is to receive 9% cents per quart in the country. This, we are advised,
is due to
increased cost of grain feed, hay, and labor. It is an
increase of one-half
cent per quart over November, and the highest over paid.
The distribution of milk during November is being conducted
at a loss.
But notwithstanding this, the dealers have suggested to
the Food
tration that they are willing to carry the burden of the increase Adminisallowed to
the farmer during December, believing it unwise to permit
the price to
consumers to advance beyond the present figure-14 cents for dipped
milk
sold out of stores and 17 cents for bottled milk. Costs justufy
a higher
price, and to carry this load for December will mean an out-of-poc
ket
loss of several hundred thousand dollars. History shows
that December
is the peak month in production cost. and on the theory
that it will be so
this year, the Food Administration hopes to permit this
loss to be made
up in a future month when the price to the farmer declines.
We shall not oppose the holding of any inquiry to satisfy
the public
that the present prices are not the result of a conspiracy, if
that is considered
necessary, but certainly no industry which has voluntary placed itself
in
the hands of the United States Government and relinquishe
d all control
over selling prices can justly be accused of conspiring or profiteerin
g. I
know of no other industry which has voluntarily done this, and
we did so
only because of the esteem and confidence in which we believed
our customers held Mr. Hoover and his Administration, and in
which we ourselves
share.

The New York "World" of Nov. 22, in referring to the EXPORT OF LOUISIANA SUGAR TO ARGENTINA AND
fact that the increases which milk distributing companies
PANAMA.
had been permitted to charge were defended by Dr. Clyde
The War Trade Board, after consultation with the U. S.
L. King, Federal Milk Commissioner, in an interview with Food Administration, stated on Dec. 19 that applications
one of its reporters, quoted him to the following effect:
would be considered for licenses to export a limited quantity
The price of milk to the consumer has not risen as much proportiona
tely of Louisiana sugar to Argentina and Panama. The Board's
as the dairymen's prices have gone up," said Dr. King. "In June,
milk announcement says:
sold at $1 80 per hundred pounds to the companies, and now
it is

up over
Exporters desiring to make shipments to such countries must specify
100% to $3 81. In that same time loose milk has gone up only
from 734 "Louisiana sugar"
on their applications for export licenses, which must
cents to 14 cents a quart, which is less than 100%.
also be accompanied by a signed statement as follows:
"Month to month the cost in Now York is cheaper than in
any city of
considerable size in the East."
Statement.
Only the costs of the "whole milk" wero considered in arriving
"The undersigned does hereby represent and declare that the undersigned
at the
figures which the milk companies are permitted to charge, Dr.
King:said. holds a bona, fide firm order from the consignee named in the application
Asked if it wore not possible that profits on cream, butter, condensed;r
nilk annexed hereto for the quantity of the sugar specified thereon."




•

2430

THE CHRONICLE

All shipments covered by licenses to export Louisiana sugar must be
purchased through the Louisiana Sugar Committee, Tulane-Newcomb
Building, New Orleans, La.

775,000 TONS OF SUGAR SAVED FROM JULY TO
NOVEMBER THROUGH CONSERVATION.
In answer to inquiries as to the reasons for the removal
of the restrictions on the use of sugar in households and
public eating places, the Federal Food Board on Dec. 8
issued a statement saying:
Since its inception the Food Administration's policy has been to adjust
Its conservation requests with conservation necessities, and the public
has shown its appreciation of this frankness by immediate response. It
may surprise the public to know that daring the months of July, August,
September, October and November this year the American people saved
no less than 775,000 tons of sugar over their normal consumption. This
conservation, of course, includes the amount of sugar saved by the restrictions placed on confectionery and soft drink products.
The Food Administration's object in asking for economy in the use of
sugar was to ensure a supply that would be adequate to meet the needs
of the Allies who would have to depend on the same sources as the United
States so long as the war lasted. It was necessary to take precautions so
that there would be a certainty of sufficient sugar through the year. With
the signing of the armistice the situation was immediately changed, just
as it was with all measures taken with the needs of a continuing war in
view. As soon as the armistice made a change in our sugar program
possible the restrictions were lifted.
While it is true that some States on the Eastern seaboard are still lacking
a plentiful supply of sugar, it is also a fact that with the Cuban crop almost
upon us, we have a large surplus of Western beet sugar and Louisiana cane
sugar, and it is quite permissible to return to the normal use of sugar
wherevv it is available. It is a great relief to the Food Administration
to feel that no extraordinary sacrifice in the use of sugar is required of
our people until further notice.
Until Mr. Hoover's return the Food Administration will outline no definite campaign of saving on any specified commodities. A great deal will
depend upon the supplies which are found available in the various countries
of Europe, and in the arrangements which are made with the Allied Food
Council.
The people of America are urged to eliminate waste rigidly. This advice
applies to all foodstuffs, including sugar, from which the necessary and
artificial restrictions have now been removed.

IMPORTATIONS FROM THE DUTCH EAST INDIES.
Licenses for the importation of all commodities except
tin from the Dutch East Indies will now be considered,
according to an announcement made by the War Trade
Board on Dec. 23. The Board says:
Licenses for the importation of coffee from the Dutch East Indies will
be issued only to cover shipments consigned to the United States Sugar
Equalization Board, Inc., or its nominees.
Applications for licenses to import sugar will be considered only upon
the execution of a guarantee providing for conformance with the regulations
of the Food Administration.

[VOL. 107.

tion from the War Trade Board, upon production of a letter
or cablegram from the consignee, giving the import license
number, commodity and quantity thereof licensed. It is
announced that all official notifications of license numbers
cabled or mailed to consuls by the War Trade Board are
still effective, and consuls will continue to certify invoices
thereunder. Individual notices will be sent to all importers
who have applications for licenses pending before the Bureau
of Imports, where official notice to the consul is not sent by
the Board, due to the present ruling. The Board also says:
The present ruling does not affect in any manner general or PBF licenses,
nor shipments of coffee, sugar, or nitrate of soda, for which existing regulations do not require that license numbers be cabled.
Shipping companies will be required to return at their own expense all
shipments not covered by consular invoices, where invoices are required
under the State Department's regulations.
The present announcement is a part of the War Trade Board's program
to remove as rapidly as possible all regulations which the changed conditions brought about by the armistice have rendered unnecessary. The
official cabling system has been continued up to the present time in order
to protect importers who obey the regulations, by preventing others from
violating them. It is now felt that the relaxation of import restrictions has
reached a point where this can be done away with, and that importers who
are co-operating with the War Trade Board by complying with regulations
may be protected by other means.

IMPORTS FROM RUSSIA NOW PERMITTED.
On Dec. 13 the War Trade Board announced that applications to import commodities produced in and imported from
Russia (including Siberia and Finland), would now be considered. The Board states:
Importers are requested to file their applications with the Bureau of
Imports, War Trade Board, Washington, D. C.
A limited amount of cargo space is now available for shipments from
Vladivostok to points on the Pacific Coast of the United States. In considering applications and in allocating shipping space, preference will be
given to the following commodities in the order named:
Oil cake
Heavy cattle skins
Platinum
Horse or colt or ass skins
Tin & tin concentrates Goatand kid skins
Grass seed
Calf and kip skins
Camel's hair
Sheep and lamb skins Clover seed
Sugar-beet seed
Millet seed
Flaxseed or linseed
Hairy vetch seed
Lucerne seed
Flax fiber
Bristles
Fur skins
Butter
Horsehair
Sausage casings
Antimony metal & matteBeans and lentils
Animal Ivory
Sulphur
Saltpeter
Whalebone
Licorice root
Carbonate of potash
from Russia (including
importation
the
for
issued
be
may
Licenses
Siberia and Finland) of the above-named commodities when imported on
vessels allocated to the War Trade Board of the U. S. Russian Bureau.
Inc., under conditions which the War Trade Board, Washington, D. C.,
is prepared to define and discuss with importers, giving due consideration
to the particular transactions in question.

REMOVAL OF RESTRICTIONS ON PURCHASES FOR NEW REGULATIONS OF BRITISH COTTON CONTROL
BOARD.
EXPORT.
The Department of Commerce announced the receipt of
In making known on Dec. 19 the removal of restrictions
on purchases for export, the War Trade Board on Dec. 18 the following advices, dated Nov. 18, from Consul Ross E.
Holaday at Manchester:
said:
The Cotton Control Board announces that, subject to certain conditions,
The War Trade Board announce that exporters will no longer be required, in making applications for export licenses, to agree that the appli- the British cotton trade will practically be running full time on and after
cant has not and will not, prior to the issuance of the license applied for, Nov. 25 1918, on which date the following regulations in regard to spindles
purchase, or otherwise acquire, or commence to manufacture, produce, or and looms and levies will become operative:
American mills may run 55% of their total spindles (as at present 5534
fit the articles specified in the application for the fulfillment of a specific
hours per week.) Mixed mills may run the same percentage of their total
export order.
as
far
so
restriction
without
as at present (553,i %). Mills spinning Egyptian cotton, Sea
spindles
made
be
now
Purchases for export may
concerns the War Trade Board's previous policy with regard to obtaining .Island cotton, Surat cotton, and waste, may continue to run the percentage
of spindles at present allowed-553i hours per week, as hitherto. The
licenses before making purchase or sale for *export.
The attention of exporters is called, however,to the fact that the shortage conditions under which firms engaged on Government work may be allowed
many
to
commodities
of
exportation
to run extra spindles are unchanged.
of tonnage still prevents the free
Manufacturers will be allowed to run 65% of their total looms 553
countries, and that, in many countries, import restrictions are still in full
force and effect. Exporters should be careful, before moving exports to hours per week. The existing regulations relating to looms on "Egyptian
to
and
and fine counts" and to small manufacturers remain in force. The condiseaboard, to see that the necessary freight arrangements are made,
satisfy themselves that the import requirements of the country of destina- tions under which firms are engaged on Government work may be allowed
to run extra looms are unchanged. The following are the revised levies
tion have been complied with.
for all spindles and looms: Spindles—up to 60%, 1-32d. per spindle on all
spindles run; from 60 to 70%, 1-16d.; from 70 to 80%, 1-8d.; from 80 to
IMPORT RESTRICTIONS LIFTED ON PURCHASES 90%, 3-16d.; from 90 to 100%, 3-160. Looms—up to 60%, ld. per loom
per week on all looms run from 60 to 70%, 1 M.;from 70 to 80%. 2d.:
MADE BEFORE ANNOUNCEMENTS OF
from 80 to 90%, 3d.; from 90 to 100%, 4d. On all looms over 72's reed
RESTRICTED LISTS.
space the foregoing levies will be doubled. No spindles or looms may be
run without license.
Under date of Dec. 16 the War Trade Board said:
The board concluded Its announcement with this explanation of the new
At the time the program of the War Trade Board for conservation of
t onnage by restriction upon imports was determined upon, the tonnage levies:
The board feels that its policy in continuing the system of levies, which
situation was so acute as to render it impossible to make exceptions to the
be open to criticism.
restrictions, even to cover purchased already made by American importers. was introduced as a war measure only, may possibly
as a temporary
Importers so affected, who were forced to make this sacrifice as their con- It desires to point out that the levies will only be continued
unions
tribution to the winning of the war, were told that as soon as the tonnage measure to enable the board to fulfill its obligations to the labor
arise in the
must
which
difficulties
surmounting
in
the
trade
situation was at all relieved, the War Trade Board would permit shipment and to assist
course of the next few months. It is, therefore, the intention of the board
of these goods.
In fulfillment of this promise, the War Trade Board announce that that the present system of unemployment benefits shall remain in operation
applications for import licenses will be considered for all restricted articles for the next six months.
included within Lists of Restricted Imports Nos. 1 or 2, to cover purchases
or contracts made by American importers before the date of the announce- RESCINDING OF RESTRICTIONS GOVERNING IMPORment of the restrictions. Such applications must be accompanied by proof
TATION OF SILK NOILS, SILK NOIL YARNS,
of the purchase or contract.

OFFICIAL CABLING OF IMPORT LICENSE NUMBERS
NO LONGER REQUIRED.
According to a statement issued by the War Trade Board
on Dec. 18, the instructions contained in W. T. B. R. 234,
issued Sept. 18 1918, have been revoked and consuls have
been instructed to certify invoices without official notifica-




GARNETTED STOCK, AND SILK WASTE.
ThelWariTrade Board announces (Dec. 20) that W. T. B.
R. 237, issued Sept. 21 1918, to the effect that all licenses
for;thelimportation of silk n.oils, silk noil yarns, garnetted
stock, and silk waste (tariff paragraphs 311, 312 and 599),
would contain the provision that the bill of lading be endorsedito:the:SilklAssociation of America, has been rescinded.

DEC. 28 1918.1

THE CHRONICLE

2431

The Board announces that licenses may now be issued freely delphia will have
a
for the importation of those commodities without such pro- Wool Administra carpet wool auction Jan. 7 and 8, but the
tor made no announcement of the volume
vision.
of wool to be offered at that time." It was subsequently
stated (Dec. 21) that Wool Distributor Brigham announced
IMPORT RESTRICTION ON MANUFACTURED
a change in the dates, and as now planned the next series
RUBBER GOODS LIFTED.
will be held on Jan. 2, 3 and 4. We also take from the
On Dec. 19 the War Trade Board announced that the "Transcript" the following:
Some surprise was created by the Wool Administrator's statement
restriction placed upon the importation of manufactured
that,
of the 300,000 bales of Australian wool under negotiation
rubber goods, announced in W. T. B. R. 143, issued June 19 outside
with the
British Government when the armistice was signed, and which may
or
may
1918, has been removed, and licenses may now be issued not be offered, the total volume of wool available for
the auctions is approximately 325,000,000 pounds, of which about 25,000,000
freely, where the applications are otherwise in order.
pounds are
scoured. This
total is much smaller than recent estimates from usually
well-informed sources, which gave the

holdings as high as
REMOVAL OF IMPORT RESTRICTIONS ON RATTANS 600,000,000 pounds in some cases. The Government
Wool Administrator also gave interesting figures regarding the character of the wools owned by the GovernAND REEDS.
ment, about 25% being fine staple combing, 10% fine French combing,
On Dee. 9 the War Trade Board announced that its ruling 15% fine clothing, 10% half-blood combing
and French combing, and the
176, issued July 26 1918, restricting the importation of balance made up of small percentages of medium and low wools, and scoured
and pulled.
rattans and reeds, had been revoked, and that thereafter
The "Transcript" reports that with the opening of the aucapplications for import licenses would be considered by the
War Trade Board for shipment from any country by any tion the offering included 3,500,000 pounds greasy Australian, 500,000 pounds greasy Capes, 3,000,000 pounds South
means of transportation.
Americans and 500,000 pounds tops. As to the initial
sale it said:
IMPORT RESTRICTIONS ON DYE WOODS AND OTHER day's
Certain grades of wool brought within 3 to 5 cents of the grease value repNATURAL DYESTUFFS REMOVED,
resented in the Government issue price. In other cases the prices regisThe War Trade Board states, under date of Dec. 3, that tered were 10 to 15% below the official level. It was developed during the
sale
an upset price had been placed on the lots offered. Many lots
applications for licenses to import dyewoods and other natu- werethat
withdrawn after bids had been received that seemed high to the
ral dyestuffs, including logwood, rustic, gambler, cutch, nut spectators' gallery.
galls, and mangrove bark extract, will now be considered.
UNITED STATES RECALLS WOOL BUYERS.
The Bocbrd further announces that the restrictions upon
the importation of sumac, ground or unground, under Item
A dispatch from Buenos Aires on Dec. 16, published in
18 of List of Restricted Imports No. 1, and synthetic indigo, the New York "Commercial" of Dec. 17 said:
Members of the Wool Commission sent to Argentina by the American
under Item 137, List of ,Restricted Imports No. 2, are reWar Department left for home yesterday. They arrived here Friday, and
moved.
no
reason is known for their recall.

GOVERNMENT WOOL AUCTIONS.
The first of a series of Government wool auctions was held
in Boston last week—Dec. 18, 19 and 20. The intention
of the Government to dispose of wool held by the War Department at public auction was made known on Dec. 9 by
Brig.-Gen. Robert E. Wood, acting Quartermaster-General.
It was stated that the amount to be offered at each sale
would be such "as in the opinion of the wool experts the
market can easily absorb." It was also said that a minimum reserve price would be fixed below which no bids would
be entertained. The decision to dispose of the department's
stock accumulated for the war was reported after consultation with experts of the War Industries 'Board and the
War Trade Board. General Wood's statement said the
question of whether the embargo on importation of wool to
this country would be continued was now having the earliest
consideration of the War Trade Board. To dispose of surplus supplies of various commodities and materials which
are now in excess of the army requirements, General Wood
on Dec.9 created a surplus property division. A statement
by General Wood on that day said:

C. J. BRAND TO DIRECT UNCOMPLETED WORK OF
WOOL SECTION OF WAR INDUSTRIES BOARD.
It was announced on Dec. 20 that Charles J. Brand,
Chief of the Bureau of Markets of the Department of Agriculture, had been named by Chairman Baruch to direct the
work of the Wool Section of the War Industries Board,
which may remain uncompleted when the Board dissolves on
Jan. 1. In a statement issued on Dec. 17 concerning its
program as to future wool purchases, the War Industries
Board said:
The Domestic Wool Section of the War Industries Board announces that
the Government Wool Administration will take over for the Government
only such wools of the 1918 clip, not now in the hands of approved dealers
In distributing centres, as have been loaded on cars and billed through to
an approved dealer in an approved distributing centre, on or prior to Dec.
311918,and then only in case the approved dealer in the approved distributing centre to whom such wools may be consigned files a statement and a
copy of the invoice thereof within five days after receipt of invoice.
As the Government will not purchase any wool shorn during the year
1918 that has not been shipped to distributing centres on or prior to Dec.31
1918, we urge all wool growers who have not already delivered their wool to
the Government to comply with the above instructions.

The "Journal of Commerce" in Washington advices of
Dec. 17 stated that notice had been issued by the Government Wool Administration that "approved dealers in
approved concentration centres, to obtain the benefit of
the Government purchase for the domestic 1918 clip, must
file with this office not later than Monday, Dec. 23, a complete inventory of that portion of the city clip not yet valued,
showing in detail just what wools of the 1918 clip remain
The amount of wool offered by the Government at its in their hands." The Administration was also said to
public auction in Boston last week was 15,000,000 pounds. have announced:
Concerning the auctions, the Wool Administrator on
The Government will take over no wools of the 1918 clip that either
now belong, or that have previously belonged to manufacturers. Dealers
Dec. 17 said:

It will be the policy to dispose of such surplus so far as possible
to other
Governmental agencies. A considerable portion of the
balance probably
will be required for export by relief organizations of the United
States,
Belgium, Russia and other countries. Such balance
as remains will be
distributed in open markets in such manner at such times
and in such
quantities as to cause the least disturbance. In most instances
offer of
surplus property will first be made to manufacturers so they may
purchase
and resell if desired. Any surplus still remaining will be offered, if
market
and other conditions warrant, for public sale.

It is the present intention to offer at auctions In January and
February
further quantities of wool in such quantities as the market may
require.
The Government will endeavor to offer a good general assortment
of
wool. Samples only of the wools to be offered will be shown. The
catalogues will give the Valuation Committee's description and estimate
of the
shrinkage of each lot, also from whom the wool was purchased
by the
Government.
The Government does not guarantee either the samples, shrinkage
or
description of any lots, but it is believed they are approximately correct.
Samples will be shown and catalogues will be available at the office
of the
Wool Distributor on Monday, Dec. 16. Full particulars of sale
will be
embodied in the catalogues. The right is reserved to reject any
and all
bids. Terms of sale are net cash on presentation of documents
and before
delivery of wool. Application for seats to the auction should be
made
at once to the Wool Distributor, Boston.

According to the Boston "Transcript" of Dec. 19, Wool
Distributor E. W. Brigham prior to the sale called attention
to the novelty involved in this method of disposing of the
Government's wool holdings, and said that it was proposed
to feed the wool to the trade as rapidly as the needs of the
industry require. The "Transcript" added: "Present plans
are that fortnightly sales shall be held, the next one being
scheduled for Dec. 31 1918 and Jan. 2 and 3 1919. Phila-




are instructed not to offer any such wools to the Wool Administrator, or
to any of the local administrators in other cities, either separately or
Included in the gradings of other wools.
No other wools of the 1918 clip will be accepted unless ready for valuation
.ind delivery on or before March 11919.

CANCELLATION OF IMPORT LICENSE OPTION ON
WOOL.
With regard to the cancellation of the import license
option on wool, the "Journal of Commerce" in a dispatch
from Washington Dec. 17 said:
In announcing the cancellation of the import license option on wool, the
Wool Administrator announced that "on July 24 1918 we instructed you to
discontinue the exercises of the import license option on wools imported from
Argentina, Uruguay and South America, and on Nov. 21, we instructed
you to discontinue the exercise of the import license option on so-called
carpet or so-called class three wools.
We hereby instruct you to immediately give notice that the Government
will not,hereafter exercise the import license option on any other wools
except such wools of the 1917-1918 foreign clip grading 44s to 56s as were
not covered by the notice of July 24 and which were bought prior to the
date of this notice, and then only provided a record of such purchase was
filed with the Wool Administrator in accordance with the terms of the
notice of April 2 1918.

THE CHRONICLE

2432
IMP

Accordingly, the Government hereby gives notice that, effective Friday.
Dec. 13, it will no longer exercise the import license option on any foreign
wool, with the exception noted above.
However, in no event will the Government, excercise its option on wools
grading 44s to 56s covered by this notice unless such wools have been
Imported and presented for valuation prior to Feb. 1.
Neither will the Government exercise its option on wools from Argentina,
Uruguay or South Africa, which come under the notice of July 24 1918,
unless such wools have been imported and presented for valuation prior
to Jan. 1 1919.

REGULATIONS GOVERNING THE EXPORTATIONS
OF WOOL, HAIRS AND BRISTLES.
Announcement that it had rescinded W. T. B. Ruling
331, issued Nov. 29 1918 and W. T. B. Ruling 347, issued
Dec. 4 1918, governing exportations of wool, hairs and
bristles, was made by the War Trade Board on Dec. 18, its
announcement adding:

Hereafter the War Trade Board will consider applications for licenses
to export wool, mohair, camel's hair, alpaca, cashmere, and all similar
hairs; also all tops, noils, yarns, shoddy, waste and rags of the foregoing;
and all manufactures of wool, mohair, camel's hair, alpaca, cashmere, and
all similar hairs; second-hand clothmg; journal waste; human hair, manufactured and unmanufactured; animal hair press cloth; and hog bristles,
manufactured and unmanufactured.
In filing applications for licenses to export the above mentioned commodities, the exporters will no longer be required to attach Supplemental
Information Sheets X-2, X-5, X-13, X-14, X-15. or X-16.

SHIPMENTS TO THE UNITED KINGDOM.
The War Trade Board at the request of the British War
Mission issued the following announcement on Dec. 21:

The Controller of Import Restrictions, Board of Trade, London, has,
with effect from Dec. 19 1918, dispensed with the Permit-to-Purchase
system for purchases in the United States. Permits to Purchase are,
therefore, no longer required, but articles which are prohibited imports
must be covered by import licenses which can only be obtained by the
consignee.
Owing to changes being constantly made in the British Import Restricted List, the British War Mission is unable to keep exporters advised
at all times and with any degree of accuracy of the articles requiring import licenses. Exporters are stongly advised, before they make shipment, to obtain from their consignees in the United Kingdom definite
assurance that they have obtained an import license or have been informed by the Controller of Import Restrictions or other interested Department, such as Agricultural Machinery Department, Paper Controller,
&c., that an import license is not necessary. All goods shipped In contravention of import restrictions or for greater weights and values than
are authorized by import licenses are subject to confiscation on arrival.
Exporters will be in order in making shipment of goods covered by
British Permits to Purchase already issued, provided the weights and values
authorized are not exceeded, as import licenses for such shipments will be
Issued on arrival of the goods in the United Kingdom.
In view of the foregoing the War Trade Board announce that individual
applications for export licenses will no longer be referred to the British
War Mission.

REDUCTION OF HOURS IN WOOL INDUSTRY CAUSES
DECREASED OUTPUT.
a 54-hour work-week in the wool manuof
The adoption
facturing industry has in a great majority of cases resulted
in a decrease in output,according to a report issued on Dec.11
by the National Industrial Conference Board. Nevertheless, taking the industry as a whole, the loss has not, the report holds, proved a heavy burden. The report is the third
in a series issued by the Board as a result of an extensive
investigation of the effects of reductions in hours of work on
output and on health of workers in various major industries.
The reductions in weekly hours analyzed in the report occurred during the period fro - 1912 to 1917; in a majority of
cases the previous schedule was 56 hours per week. Of 85
establishments reporting on changes in output which accompanied a shortening of the work-week, 68 were on a 54-hour
schedule at the time of the investigation; these 68, furthermore, include 88% of the total number of employees represented. Interest in the problem centres, therefore, on results
obtained under a 54-hour schedule. For the 68 establishments in the 54-hour group the results accompanying the reduction in hours are summarized as follows:
No. of
Estabments
6

Establishments reporting output increased
Establishments reporting output maintained
Establishments reporting a decrease in output considerably less than proportional to the reduction
in hours
Establishments reporting a decrease in output
about proportional to the reduction in hours ___ Establishments reporting a decrease in output
greater than proportional to the reduction in
hours
Establishments reporting a decrease in output but
not indiCating its amount

Per cent of
Total Employees
fn Group.
2.6
4.1

19

23.0

27

55.2

5

6.6

4

8.5

08

100.0

This summary shows that in 13 of the 68 establishments
output ,was either maintained or increased under the 54hour schedule, while in 19 the decrease in output was
relatively less than the reduction in hours. The signifi-




[VOL. 107

cance of this comparison is, however, modified because the
13 mills reporting output as increased or maintained were
comparatively small, having tc)gother less than 7% of the
total workers in the 54-hour group. Of the remaining 17
establishments which reported as to changes in output,
only 3 were working less than 54 hours per week. Two of
these reported a decrease in production; the third, a small
mill, that output was maintained. Of 8 establishments
which reduced to a 55-hour basis, 6 reported production as
decreased, 2 that it was maintained; while of 5 establishments which reduced to a 56-hour week, one, a small mill,
reported production as increased, 3 that it was maintained,
and one that it was reduced.
Supplemental statistical output data were obtained from
12 establishments now operating on a 54-hour schedule. In
five of these cases output was increased; in three the decrease
in output was less, proportionately, than the reduction in
time, while three showed a proportional loss, and one a loss
greater than proportional to the shortening of hours. No
mill employing over 750 operatives maintained production
under a 54-hour week. The explanation offered is that the
larger mills were on the whole better organized and better
equipped prior to the reduction in hours than were the smaller
establishments, so that there was less opportunity to offset
shortening of the work-week by increasing efficiency or "taking up slack." A summary of the report says:
On the whole the evidence indicates clearly that a 54-hour week has involved a decrease in output. However, in several instances the decrease
was comparatively small. The report points out that since reductions in
hours result in some saving in overhead charges, a very small decrease in
output may be partially offset. This fact, taken in conjundion with the
fact that 13 establishments in the 54-hour group either maintained or
increased production, warrants the conclusion, the report holds, that a
54-hour schedule is not seriously detrimental to the industry as a whole
from a production standpoint.
The report finds definitely that the piece-rate systeni is more conducive
to the maintenance of output when hours are reduced than the day-rate
system. In this respect experience in the wool industry is in accordance
with that previously developed in the investigations of the cotton and boot
and shoe industries. Changes in output apparently had little connection
with changes in rates of wages.
The report emphasizes that the conclusions must be read very broadly.
Because of the large number of other factors entering into the problem,such
as climatic influences, variations in character of the raw material, labor
turnover, and particularly because of the great variety of fabrics made by
the ordinary wool mill and more or less frequent changes from one fabric to
another, a precise measurement of the effect of changes in work hours alone
is out of the question.
Of 57 establishments submitting general reports as to the health of workers when hours were shortened, 50 reported no significant change; 7 expressed the opinion that the effect of the shortening of the work-week on
health had been good; 4 of these, furthermore, reported a pronounced
improvement. Practically no statistical evidence which would permit of
definite conclusions was available. While careful health records are now
being kept by several establishments, none of these had comparable records
running back to the period when a longer work schedule was in effect.
No distinct occupational disease is apparent in the wool industry. While
anthrax has been fairly common in Great Britain, instances of the disease
among wool mill workers in this country are rare. One reason for this appears to be the fact that but little of the wool used in this country has come
directly from infected regions, while most of that which does come from
such regions is disinfected before shipment to this country.

ABANDONMENT OF SHOE PRICE SCHEDULE—CONSERVATION PROGRAM IN EFFECT UNTIL
JUNE 1, 1919.
The War Industries Board in announcing on Nov. 18 the
abandonment of the shoe schedule which provided for the
to
classification of grades and fixed prices ranging from
$12, stated that the conservation program agreed to by the
industry would remain in force until June 1 next. The
Board's statement of that date, issued by B. M. Baruch,
Chairman, said:
After careful consideration and full discussion with the War Industries
Board of new conditions in the boot and shoe industry which have arisen
with the signing of the armistice, the War Service Committee representing
the allied boot and shoe industries has suggested:
That conservation restrictions on styles and standards in boots and shoes,
as prepared by the War Industries Board in agreement with the industry,
should be continued until June 1 next.
That the plan for classification by grade and serial stamping of boots and
shoes prepared by the industry and approved by the War Industries Board
should be discontinued.
The War Industries Board has accepted these suggestions with the assurance from the industry that the conservation program will prevent waste
of materials, labor and capital; that the removal of classification restrictions
will give opportunity for use of raw materials released from the Government war program, and that the conservation program, with increased production and competition, will adequately serve to regulate price levels,
thereby giving the public the same beneficial results as were sought under
thorevious plan.

On Nov. 25 it was announced in tile "Official Bulletin"
that the War Industries Board had notified shoe manufacturers that with some exceptions the shoe conservation schedules of June 29 and Sept. 30, applying to manufactures:for
the spring season of 1919, with rulings relative thereto, would
remain in force and would be effective on all shoos shippedtto
retailers until June 1 1919, when automatically they become

DEC. 28 1918.]

THE CHRONICLE

inoperative. The exceptions, set forth in a supplement to
former schedules, were as follows:
(a) All finished stocks of leather and fabrics of colors restricted in the
recommendations, amendments and additions referred to, such as light
gray, pearl, smoke, natural chrome, &c., in the hands of the tanners, fabric
manufacturers, shoe manufacturers, or m process of manufacture, may be
cut for shoes, and such shoes sold and shipped to the wholesalers and retailers at any time after the date of this supplement.
(b) Leathers and fabrics of all restricted colors, such as light gray, pearl
smoke, natural chrome, &c., and restricted lasts and patterns, heels, pull
straps, top bands and labels, materials of wool, ornaments, decorations
and beading may be manufactured and used for sample purposes to solicit
business for footwear to be made and shipped to retailers on and after June 1
1919. Shoes made of the so manufactured restricted materials and lasts
may be made prior to June 1 1919, but such shoes should not be shipped to
the retailers before June 1 1919.
(c) Shoes made of restricted materials not on hand or in process of manufacture referred to in the preceding paragraphs(No. b) may be manufactured
and shipped to wholesalers at any time after the date of this supplement,
which shoes, however, are not to be shipped to retailers on or before June 1
1919.

In pointing out that the conservation schedules were agreed
upon by the shoe manufacturers and the War Industries
Board as a war measure, designed to conserve material, labor, transportation and capital and to simplify factory products, it was stated by the Board that their continuation until
June 1 was at the request of the shoe manufacturers, who had
adhered to restrictions in getting out much of their product
for the spring season of 1919.
With regard to the manufacture and sale of colored calf
and kid shoes, it was announced on Nov. 27 that Mr. Baruch
had authorized the following:

2433

Holland country dry calfskins, November, December shipment, about
33 pounds average largely cutthroats, free of culls; 90 cents per pound for
No. 1, 85 cents per pound for No. 2; c. i. f. New York; 2% shrinkage
guaranty.
Cananea, Mexico, dry hides for November, December shipment; 343
cents flat New York freight. (With usual allowance for salt, pickle and
glues.)
August, September, October shipment (recommended Oct. 5 to be
"relative" price to stand frig•orificos); $49 per 100 kilos.
November and December shipment; $56 45 per 100 kilos. Prices are
f. o. b. ship, including export duty and lighterage charge.

EXPORT ORGANIZATION FORMED BY STEEL
PRODUCERS.
A combination of steel producers has been formed under
the provisions of the Webb Law,for the purpose of furthering the export trade of American steel interests and is to be
known as the North American Steel Products Corporation.
E. A. S. Clarke, President of the Lackawanna Steel Company, has been chosen as President of the new concern,
and will devote his entire time to the new company. The
corporation has been in process of formation for a month
past, and the first definite information as to the plans with
respect thereto was contained in the following statement
issued on Dec. 21:

E. A. S. Clarke, President of Lackawanna Steel Company has accepted
the Presidency of the new combination of steel producers which has been
organized under the Webb bill for the advancement of American steel
interests in foreign trade.
Mr. Clarke, who has been the head of Lackawanna Steel Company
since 1904 will resign as President and director of the parent company
and its subsidiary corporations as of Dec. 31 1918, and will devote his
It has been reported to the office of C. F. C. Stout, Chief of the Hide, entire time to the interests of the new export company.
Leather and Leather Goods Division, that, through a misunderstanding
The North American Steel Products Corporation, which will be the name
of the shoe recommendations of the War Industries Board, the retailers are of the exporting organization, will be the exclusive agency for exporting
returning to the manufacturers colored calf and kid shoes, the retailers the merchant iron and steel products of the following companies, whose
claiming that the public is not purchasing shoes of light gray, fieldmouse, combined annual ingot capacity is about 12,000,000 tons:
pearl, smoke, natural chrome, &c.
Brier Hill Steel Co.
Bethlehem Steel Co.
Mr. Stout stated that there never was a time since the first shoe recom- Lackawanna Steel Co.
Lukens Steel Co.
mendations were promulgated that the public should not purchase shoes Midvale Steel & Ordnance Co.
Republic Iron & Steel Co.
made of leather and fabrics of colors restricted by the War Industries Sharon Steel Hoop Co.
Trumbull Steel Co.
Board, for, in the spirit of conservation, the public may buy such shoes of Whitaker-Glessner Co.
Youngstown Sheet & Tube Co.
restricted colors as long as the retailer has them on his shelves.
It is expected that other steel producing interests will join the North
In the recommendations of June 29 1918 it was statea that the manufacrepresent in exturers should not cut leathers or fabrics of light gray, pearl, smoke, American Company later on and that eventually it will
companies of the
natural chrome, &c., for shoes on and after Oct. 11918, and this date was port trade, substantially all important steel producing
Corporation.
Steel
States
United
later extended to Oct. 311918. But on Nov. 18 1918 the War Industries country, outside of the
The company expects to incorporate immediately and to begin active
Board advised the trade that all stocks of such colors which had been rein New York
stricted could be cut for shoes or stocks in process of manufacture and such business on Jan. 2 next. In addition to its principal office
City, the location of which has not yet been decided on, it will have branches
shoes sold to the retailer at any time after that date.
of American
sale
the
and
introduction
Therefore,as the matter now stands,shoe manufcaturers can cut all stocks throughout the world wherever
makes it desirable.
of leather and fabrics which they may have on hand or which may be in pro- iron and steel products
The launching of this company, the first to avail under the Webb bill
cess of manufacture into shoes, and the purchasing public, through the
retailer, can buy such shoes until all such stocks of leathers and fabrics are of the right of steel producers to combine and co-operate in export trade,
the beginning of a broad constructive work, which will benefit not
marks
exhausted.
In order that there might be no restriction in trading in the shoe industry, only those directly interested, but the whole country; and should receive
in the value to the United States of
Mr. Stout suggested that the trade co-operate in the adjustment of existing the hearty support of all who believe
contracts, and stated that the cancellation of contracts is purely a trade mat- an increasing foreign trade in manufactured articles.
ter, over which the War Industries Board has no jurisdiction.
It is plainly stated in the statement issued Nov. 18 that all shoe recom- GREAT BRITAIN TO FIX PRICES ON IRON AND STEEL
mendations and restrictions of the War Industries Board are inoperative on
EXPORTS.
and after June 11919.

It is learned from the "Official Bulletin" of Dec. 16 that
MAXIMUM PRICES ON HIDES AND SKINS TO END Consul General Skinner, at London, has cabled as follows:
•
Minister of Munitions announces he is fixing export prices of pig iron
JANUARY 31.
applicable to all exports while existing maximum prices for home delivery
According to the "Official Bulletin" of Dec. 16 the Price remain in force. New maximum prices are also being fixed for steel for
Fixing Committee of the War Industries Board has issued delivery in the United Kingdom from Feb. 1. Ministry states that while
the Government was practically sole purchaser of iron and steel products,
the following statement regarding the discontinuance on prices
were stabilized by paying direct to makers subsidy representing inJan.31 of maximum prices on hides es and skins:
creased costs due to war conditions. Since the Government no longer is
The Price Fixing Committee of the War Ind_stries Board, acting upon
the request of the industry, has decided that the existing maximum prices
on domestic hides and skins fixed to cover the take-off during November,
December 1918, and January 1919, and also prices fixed for previous
months will be discontinued upon Jan. 31 1919, the date now fixed for
their expiration.
In making this announcement it is understood that the existing maximum
prices and regulations will be respected by the industry and carried out in
good faith.
In making this announcement the Price Fixing Committee wishes to
express its appreciation of the co-operation shown by the industry in assisting the Government to carry out its war program.

sole purchaser, it is desirable to place the industry on an economic basis,
but as the immediate withdrawal of all subsidies would seriously prejudice
the resumption or ordinary commercial work the Government has decided
to remove the subsidies in two stages. Subsidies applicable to steel making will be removed Jan. 31; those applicable to pig iron will continue to
April 30. It is not intended that Government subsidies should be used to
enable exports to be made to overseas markets at less than full cost, and
therefore the Government will levy as drawback on exported iron and
steel the difference between home and export prices.

IMPORTATION OF LEAD BULLION FROM MEXICO.
Under date of Dec. 9 an announcement by the War
During the latter part of November the Committee apTrade Board said:
proved the following maximum prices on hides and skins:

The War Trade Board announce the List of Restricted Imports No. 2
Hides and skins—maximum prices. Omissions and Differentials.
(W. T. B. R. 98 issued April 22 1918) item 115, restricting the importa• Domestic Goatskins, November and December 1918 and January 1919.
tion of lead, has been amended to permit the issuance of licenses for the
Per Dozen.
Packer.
Per Dozen.
Packer.
importation of lead bullion, as classified under Paragraph 153 of the Tariff
$30 Half-blood unshorn kidskins__ _ $12
Angora unshorn
Act of 1913, when originating in Mexico and coming by ocean transporta24
Clipped
half-blood
kidskins
Angora
unshorn,
6
Angora
tion.
Common kidskins at value
Angora clipped (witl.not over
18
according to measurement.
2% inches long)
MODIFICATION OF IMPORT RESTRICTIONS ON
18
Common goat skins
15
COPPER ORE.
Angora unshorn kidskins
Other domestic goatskins, except Angoras, $12 to $15 flat at shipping
was
made by the War Trade Board,
Announcement
point. Angoras at value.
Dry skins sold by the pound have same maximum as in August, Septem- under date of Dec. 20, that the regulations governing the
ber and October.
importation of copper ore and copper concentrates, anMexican Matanza goatskins, November, December shipment. Maxinounced in W.T.B.R.249, Oct.4 1918, have been modified
mum price applies to average weight of 23 pounds and down.
Holland city wet salt veaiskins, November, December shipment, about and that henceforth they will consider applications for li15+22 pounds, untrimmed, mostly cutthroats; 43 cents per pound for cense to import copper ore and copper concentrates as
No. 1, 413 cents per pound for No. 2, c. i. f. 5% shrinkage guaranty.
Holland dry city calfskins, November, December shipment, untrimmed, follows:
1. For copper ore originating in and coming from Korea, Newfoundland:
about 3% pound average, practically all struck-throats; $1 15 per pound
for No. 1, $1 10 per pound for No. 2, c. I. f. New York; 2% shrinkage the West Indies, France, England, the West Coast of South Americas
Cuba, Canada, and Mexico, irrespective of the content of copper;
guaranty.




2434

THE CHRONICLE

2. For copper ore originating in the coming from Spain only when containing more than 2% of copper.
3. For copper concentrates from Cuba, Canada, and Mexico,irrespective
of the content of copper.
4. For copper concentrates from any non-enemy country, other than
Cuba, Canada, and Mexico, only when containing 50% or over copper.

There is no restriction, says the Board, upon the importation of copper matte or blister copper.
REMOVAL OF TIN AND TIN PLATE EXPORT
RESTRICTIONS.
The War Trade Board announced on Dec. 23 that the
restrictions hitherto existing on the exportation of tin and
tin plate had been removed, as the necessity for strict conservation of tin and its products no longer exists. If, therefore, says the Board, applicants will refile applications for
which licenses have been hitherto refused, these will be given
immediate consideration.
W. H. RASTALL, OF THE DEPARTMENT OF COMMERCE, TO INVESTIGATE INDUSTRIAL
OPPORTUNITIES IN FAR EAST.
It was announced on Dec. 3 by the Bureau of Foreign and
Domestic Commerce that W. H. Rastall has been appointed
Trade Commissioner to study the markets for American
industrial machinery in the Orient. He was to leave shortly
for Japan, China and other Far Eastern countries, and it is
expected that his investigation will occupy the better part
of two years. A statement issued by the latter says:
The machinery export trade differs from others in being dependent
chiefly upon the various opportunities arising in connection with new
industrial developments. The fluctuations in our exports from year
to year are not important because there is nothing consecutive in the
foreign trade in this line. One year, for instance, exports of textile machinery may be large and the following refrigerating machinery will predominate. There is a large demand throughout Asia for many kinds of
industrial machinery, according to Mr. Rastall.
Although our export statistics for 1916 and 1917 are hardly comparable
with those of normal years, they will afford an idea of the growth of our
trade in machinery with the Orient. To China we sold in the last two
fiscal years nearly $500,000 worth of textile machinery, about $175,000
worth of metal working machinery, $150,000 worth of milling machinery,
and large quantities of other equipment. India's purchases of machinery
from the United States included more than $700,000 worth of oil-well
machinery, $155,000 worth of pumps, and $135,000 worth of mining
machinery. The industrial expansion of Japan is reflected in its imports
of American equipment in 1916 and 1917, among which were metal working
machinery, $1,500,000; milling machinery, $465,000; mining and oil-well
machinery, $385,000; and paper and pulp mill machinery, $175,000.
Korea, one of the largest buyers of American mining machinery in the
Orient, took almost $200,000 worth in the period under consideration.
The Dutch East Indies imported the following American equipment in
1916 and 1917: oil-well machinery. $450,000; metal working machinery,
$300,000; pumps, $230,000; and mining machinery, $185_,000.
Mr. Rastall believes that American manufacturers should extend their
sales of all kinds of industrial machinery to Oriental markets, and that
proper attention to them will prove of greater value in the future than has
been experienced by those doing similar work in the past.

PROCEEDINGS REGARDING •EXPORT LICENSES FOR
SHIPMENTS TO UNITED KINGDOM, FRANCE,
ITALY OR JAPAN.
The following announcement was issued by, the War
Trade Board on Dec. 13:
The War Trade Board announce that a special export license, effective
Dec. 16 1918, No. Rac-63, has been granted to the Customs Service and
to the Post Office Department authorizing the exportation, without
individual export license, of any commodity destined to the United Kingdom, France, Italy, or Japan, their colonies, possessions, or protectorates,
except those commodities included in the War Trade Board export conservation list, as it now stands or as It may be hereafter amended from
time to time.
A new and reduced export conservation list is now on the press and will
be issued on Dec. 20 1918.
On Dec.9 1918 the War Trade Board announced General License Rac-62,
W. T. B. R. 390, which permitted the free exportation to the United
Kingdom only without individual licenses of a list of commodities as to
which the Controller of Import Restrictions in London had temporarily
suspended all import restrictions. This License Rac-62 is now superseded
by Rao-63, which is a much broader license. Any shipments which have
been made under Rac-62 will be passed by the Customs without difficuly.
Shippers should note that it is unnecessary to apply to the War Trade
Board for permission to ship under Special Export License Rac-63, and no
special document issued by the War Trade Board is necessary in connection
with such shipments. It is necessary only to note on the package, if the
shipment is made through the mails, or on the export declaration, if the
shipment is made by express or freight, the following:
(1) "Shipped under Special Export License Rac-63."
(2) The name and address of shipper.
(3) The name and address of consignee.
(4) A statement of contents.
For the convenience of exporters, the following is published as the
procedure hereafter to be followed in applying for licenses to export commodities to the above destinations:
(1) To export any commodities that do not appear upon the Export
Conservation List, no individual license is required and shipment can be
made by mall, freight, or express under Special Export License Rac-63.
(2) To export any commodities that do appear upon the Export Conservation List, applications for licenses must include one of each of the
following papers properly executed:
(a) Application form X.




[VOL. 107.

(b) Such supplemental information sheets as may be required by the
rules and regulations of the War Trade Board to be used in connection with
shipments of certain commodities.
On Form X the applicant should enter at a point immediately to the left
of his signature the number of the import or purchase permit required by
the Government of the European Allied country to or through which the
shipment is to be made. Individual applications, when required, will
continue to be referred to the Missions of the respective European Allied
Governments; and if the applications are for the exportation of foodstuffs,
fodders, or feeds, they will be referred to the United States Food Administration and will be considered by the War Trade Board in accordance with
its rules and regulations.
Exporters should be very careful before shipping to acquaint themselves
thoroughly with the import requirements of the country of destination,
as in some of these countries regulations which were in force during the
war are still in full force and effect.
Information as to British import restrictions may be obtained by applying
to: British War Mission, Munsey Building, Washington, D. C.
As to French import restrictions: the French High Commission, 15th and
M Streets, Washington, D. C.
As to Italian Import restrictions: the Italian High Commission, 1712
New Hampshire Ave., Washington, D. C.
Exporters should also be careful to make the necessary freight arrangements before moving exports to these countries to seaboard. The shortage
of shipping will still prevent the free exportation from here to the countries
named, and the fact that an individual license is no longer reviired for any
commodity except those named on the Export Conservation List should not be
taken by exporters as an assurance that shipping space can or will be provided.

REPORT OF HOG ISLAND INVESTIGATION—WASTE,
BUT NO FRAUD DISCOVERED.
The long-delayed report of the Department of Justice
on the building of the Hog Island Shipyard was published
by order of President Wilson on Dec. 20. The report is
signed by G. Carroll Todd, Assistant to the Attorney-General, and Mark Hymann, Special Assistant, who had as
technical aids in the investigation two naval engineers,
Archibold L. Parsons and Naval Constructor S. M. Henry.
The report holds that there is not sufficient evidence to
warrant criminal prosecutions, but is severely critical of
the methods employed in ,carrying on the work. On the
question of criminal liability the report says:
In response to-the question submitted by the President our conclusion
is that the facts do not justify criminal process; that no fraud or secret
profits on the part of the officials of either the agent or the Fleet Corporation has been established that while there were some minor frauds on the
pray-roll, which have been prosecuted, the laborers, laborers' timekeepers,
and pay-roll supervisors were in the main honest.
One of the accountants employed by our chief accountant criticised the
latter's methods as inadequate. These criticisms were submitted to two
leading firms of certified accountants—Messrs. Haskins Sells and
Messrs. Touche, Niven & Co.—who reported 1n writing that the criticisms
were unfounded and that the methods and scope of the accounting, taken
in conjunction with other lines of inquiry, "were so laid out as to bring to
light extravagances and irregularities if any such existed."

In brief the investigators report:
That the probable cost of the plant will be about $61,000,000 (includ;ng
16.000,000 for additions by order of the Emergency Fleet Corporation,)
compared with an original estimate of $21,000,000 and a revised estimate
of $27,000,000;
That no clear explanation of this discrepancy has been forthcoming;
That prior to Feb. 1 last a condition existed at Hog Island which "superficially, at least, would impress any one as an 'organized riot,' tangled
mass,' or 'stage of chaos.';"
That the contractor or agent, the American International Corporation,
in substance, has taken the position that since this was a war job, cost was
of minor importance, and
That the question of reasonableness of the expenditures should be referred to a board of arbitilation provided for in the contract, proceedings
to be closed, if the board finds the expenditures reasonably necessary, or,
otherwise, payment of the excess to be demanded by the Government.

The report begins by setting forth the terms of the contract between. the Emergency Fleet Corporation and the •
American International Corporation under which the latter
was to purchase at a cost of $1,706,000 a tract of 846 acres
of land at Hog Island, construct thereon a shipyard of fifty
ways, and a total of 180 fabricated steel ships. The original rough estimate for constructing the yard was $21,000,000, but this was described by the company itself as a more
guess. This estimate was subseguently raised to $27,000,000
by reason of changes ordered by the Fleet Corporation, the
discovery of unfavorable subsoil conditions, high cost of
labor, materials, &c. The agent's compensation for building both the yard and the ships was fixed at a percentage'of
the estimated cost of the ships, with premiums for early
deliveries or savings in cost and with penalties for delayed
deliveries or increased cost. There were, however, fixed
minimums and maximums for the agent's fees, excepting
that on the first 50 "A" ships the agent was entitled to onethird of any savings in cost, irrespective of the maximum
fee. A schedule of fees follows:
Class of Work.
Yard
50 "A" ships
70 "B" ships
60 "A" ships

Minimum
Estimated
Cost.
Fee.
$27,000,000
$2,001,000
55,000,1) 0
115,500,000 4,550,000
2,310,000
85,500,000

Normal
Fee.
$2,750,000
5,775,000
3,150,000

Maximum
Fee.
$3,450,000
7,0 )0,000
3,090,000

$283,000.000 $8,910,300 1,11,675,000 $14,440,000

As to the present status of the work the report (dated
Sept. 12 1918) says:

DEC. 28 1918.]

THE CHRONICLE

At present, less than a year after the date of the contract, the shipyard
is substantially completed and forty ships are in process of simultaneous
building; the first launching occurred Aug. 5 and launchings are expected
to continue with reasonable regularlity at the rate of two ships a week.
On Sept. 13 1917, Hog Island was 846 acres of swampy marshlands,
eight miles from Philadelphia, and without railroad transportation facilities.
One year later it will be a complete industrial city of 30,000 men, served
by two trunk lines of railroad, with eighty miles of yard trackage of its
-own, with its own waterworks, filtration plant, sewage disposal plant,
fire protection and police systems, with fully equipped shipways, shops,
warehouses, engineering, administrative and welfare buildings, and equipped
to deliver to the Government two completed 7,500-ton steel cargo vessels
each week.
The yard at present impresses one as well ordered and devised not only
for the work to be done, but also from the standpoint of the welfare of the
large force of employees.
The agent has substantially complied with its contract in regard to the
dates for the launching of the vessels. The controversy hinges not so much
upon the question of accomplishment but upon means, methods and
•expenditure.

2435

the work has it been possible to determine the cost of any part nor to determine whether the subcontractors' or agents' superintendents were
keeping within their several budgets or whether they were making progress
commensurate with the expenditures or whether particular expenditures
were avoidable or unavoidable.
It is charged that as eresult of this breakdown in the accounting methods
the agent was uninformed as to what the plant was going to cost, because as
late as March 27 one of the experts offered by the agent before the Senate
Committee on Commerce testified that the expected cost of the yard was
between $35,000.000 and 1640,000,000; whereas as of April 1 the engineers
for the agent finally worked out an estimate showing the expected cost of
the yard at $55,000,000 (since increased by $6,000,000 additional work
authorized by the Fleet Corporation).

On June 5 the investigators addressed a letter to the agent
offering it an opportunity to be heard on the questions involved in the investigation. The agent, together with its
counsel and its chief officials presented themselves and gave
the statement of their position in regard to these charges.
Actually the shipyard is not yet completed. General This statement is summarized as follows:
The Contractors' Explanation.
Manager Piez of the Fleet Corporation testified before the
They took the ground that we were essentially misinformed by the witSenate Commerce Committee on Dec. 19 that the Hog Island nesses
we had heard; that they conceded that it was a matter of prime hnShipyard "would be completed in about sixty days;" that the portance to provide transportation facilities for a job of this sort; that this
axiomatic;
that of course they did make provision and expected to
was
$63,300,000,
and
that
the
plant
had
about
be
would
-cost
ten miles of tracks constructed on the yard by the end of October;
delivered one ship and laid fifty keels. A letter attached to have
that in this they were disappointed as they had only 1.3 miles so constructed
the report explains that the report was based on conditions that they expected the railroad companies to practically act as their storyards during the early stages of the enterprise by storing the extra cars
age
July.
in
early
appeared
as they
m their own yards; that the freight moved to destination faster on this job
After explaining the origin of the controversy and the than
at any time during their experience and moved in such quantia
scope of the inquiry entered upon, the report sets forth the that the railroads could not provide the storage facilities and could not
move
individual cars as requested but had to move any car that was availmanagement.
These
charges,
it
is
the
charges against
able in order to clear the jam; that as a result their track material was deexplained, are in each case based upon oral or documentary layed from a month to
six weeks in arriving and that there were certain
testimony. They may be divided under two heads. First, weak spots in the railroad systems themselves which prevented the prompt
movement of the freight and that the railroad companies were slow in
alleged bad management, which resulted in enormous quan- increasing
their own facilities; that in the main, considering the nature of
tities of material—some 11,000 carloads—being ordered at a the undertaking, the severe winter, and the necessity for great speed,
time when no proper facilities were in existence at Hog there was no disorganization; that it is true that to an outsider the job
might have appeared as "an organized riot" but that at all times the manaIsland to receive and handle it. This resulted in a freight gers
of the enterprise knew what they were doing and knew that progress
jam in which material needed first became tied up on was being made in an orderly fashion; that they supervised the receipt
railroad sidings all through the East, some as far south as and distribution of materials as well as could possibly be done on a job of
magnitude and that they supervised labor equally as well; that all of
Norfolk, Va. To get the work under way it was necessary this
the men in charge of their several divisions were men of reputation and
to purchase large quantities of duplicate material at high standing in the engineering world who had all been actively in charge of
prices in local markets. Hundreds of motor trucks were also undertakings of the first magnitude and that probably no more experienced
efficient engineers were ever gathered together in a single organizahired to bring stalled freight from distant sidings, while the and
tion; that the job is the greatest in magnitude of any undertaken in modthemselves
became
island
jammed
the
with
on
roads
few
ern times, involving the construction of the largest industrial plant in
trucks, with further delay. As a result of this confusion the country and the largest shipyard in the world in a period of eight months;
that by the end of January they had passed the peak load of their diffiweeks of valuable time were lost; thousands of workmen were culties,
having by that time a complete system of storage yards on the
which
should
have
been
work
the
done
island, better warehouse facilities, and better working forces and more
kept in idleness, and
teamwork;
so that when Admiral Bowles came to Philadelphia he did no
during the fine weather of October, November and early
more than they themselves would have done had they been let alone,
December 1917 was thrown over into the severe cold weather namely, re-examine their entire program and put it on a more ordered
of January, February and March. Then, in the effort to basis; that in fact the directions of Admiral Bowles to suspend all work of
not of immediate necessity, while it may have relieved the pressure, did
rush matters, overtime, double shifts and Sunday work delay
the construction somewhat; that even if the expenditures could not
were resorted to, with very large increases in pay-rolls and be justified for a commercial enterprise they can be justified for a war job
loss of efficiency, due to the severity of the cold. An where speed was so important in order to get the ships so urgently needed;
that a month's saving in time would mean $9,000,000 when measured by
extraordinarily heavy labor turnover, amounting at times to the
charter value of fifty ships for one month, and that when all was said
added
to
also
the
week,
expense.
50 to 100% a
and done they were employed to build ships with unheard of speed and are
The second general charge against the management in actually building them according to schedule.
Estimate Was Guessed.
large part grew out of this confusion, and is summed up in
The agent stated further that the first estimate of $21,000,000 for th
the report us follows:
cost of the yard was no more than a guess
Organization Defective.
It is charged that the method of organization was inherently defective;
that in a large and speedy construction job, with numerous subcontractors
and numerous separate operations, proceeding simultaneously, the situation changes very rapidly and requires many prompt decisions on relative
priorities of the several units of work and relative jurisdiction of the operating officials, and requires prompt advice and prompt access to the records; that with the overhead and directing managers located in Philadelphia it was impossible to get prompt co-ordination between departments
and prompt decisions on conflicts between the several superintendents,
and thus the several superintendents and subconstractors were in a constant scramble to obtain labor or materials and to obtain priority for their
work and that in the case of the stores department it was impossible to got
from the Philadelphia office in time for use the invoices and records necessary to know what materials were expected to arrive or had arrived and
thus no adequate check upon materials was possible and, conversely, that
the accounting department in Philadelphia was never able to get from the
stores or labor records at Hog Island adequate reports on the receipts and
distribution of labor or materials.
It is charged that the excessive expenditures during the winter months
were merely one phase of the agent's general attitude toward the expenditure of Government funds; that at the very inception of the job the agent
adopted a false standard for the work by bringing a large number of Stone
& Webster men upon the Hog Island pay roll at largely increased salaries.
(An accountant reports that thirty-seven men who were on the Stone &
Webster payrolls on July 1 1917, at average salaries of $39 73 each were
transferred to the Hog Island payrolls in September and October 1917,
at an average of $58 79 each, an increase of 50%); and that this was typical
of its attitude toward salaries in general; and that this overloading of the
salaries at the top would naturally impede the progress of the work by
creating dissatisfaction as to wages throughout the whole force of labor.
Attitude of Agent.
It is further charged that the agent's attitude toward expenditures is
reflected in the method by which it supervised the receipt and distribution
of materials; that no adequate check was made thereof and that huge
amounts of materials were acattered all over the yard, giving an impression of laxity in management which could not fail to affect actual operations.
It is charged that in consequence of this condition of disorganization
Government money was spent without using the well recognized safeguards covering commercial operations and without adhering to the accounting system provided in the contract, with the result that at no stage of




because actual conditions had not
been examined and there was no adequate time for making a real estimate;
that to a lesser extent the same thing was true of their estimate of $27,000,000 of Nov. 27; that this estimate, though dated Nov. 27, was in fact
prepared in the very early part of November before they were thoroughly
familiar with the enterprise and that thereafter the railroad congestion
and one of the severest winters in history developed, throwing all estimates out of line; that the substantial fact was that all of the material for
which the Government paid was received on Hog Island, and protected
by fences and guards, so necessarily all of it was either used in the construction or is on hand available for use; that of the $55,000,000 estimate
of April 1, $31,809,428 was for material and rentals of equipment, which
necessarily were all used on the job; that the overhead charges of $5,416,856, or 10% of the total cost; is a very small percentage of overhead;
that the labor cost of $17,773,716, less than one-third of the total cost, is a
lower percentage than would be expected on a job of this sort, which is
usually figured 35 to 40% for labor; that the April estimate furnishes perfeet proof that the November estimate was inaccurate, and that in fact
nobody at that time with a job of such unknown magnitude and with unknown winter conditions could have made any estimate that would be at
all reliable as a basis for a judgment.
The agent maintains that the Government is in no position to urge waste,
mismanagement or excessive expenditures; its witnesses and its counsel
state:
1. That each substantial act of the agent was approved, expressly or impliedly, by the Fleet Corporation or its representatives.
2. That if the Fleet Corporation was dissatisfied with the management its
remedy under the contract was to terminate the agency; that it could not
have the benefits of the agents continuous management and at the same
time charge the agent with mismanagement.
3. That the Fleet Corporation in placing an additional order with the
agent on May 7 1918, with full knowledge of past conditions, waived any
charges of waste and mismanagement and admitted by its conduct that
the agent was worthy of its agency and entitled to receive additional trust
and responsibility.
4. That when all is said and done, this was a war job where speed was of
t lie essence, and that an undertaking of such a nature is to be judged not
by the costs, but by its accomplishments.

While admitting that the contractors' allegations of waiver
and ratification are serious, the investigators hold that they
are not conclusive, and set forth:
1. There was no general approval of the acts of the agent by the Fleet
Corporation. On the contrary, it continuously protested against the con-

2436

THE CHRONICLE

duct of the agent, as sot forth above, but the agent took the position that it
was responsible for its method of managing the undertaking. In some cases
the agent first did the act or permitted the dangerous situation to arise and,
thus left the Fleet Corporation no alternative but to acquiesce in a past
event, which Is entirely different from approving a forthcoming event.
Other acts of so-called approval were merely ministerial acts, such as signing checks to pay bills. Other such acts were by local representatives,
whose functions were to see and report and who had no authority to waive
essential conditions of the agency. The contract itself provides that no
inspector's certificate and no payment "shall be conclusive evidence of the
performance of this contract in whole or in part."
2. The agent can be called to account at any time and his accounts can bo
questioned if the proofs show that the expenditures were not reasonably
necessary to the enterprise. The very status of agency involves a position
of trust; hence, an agent at any time can be held to account for the reasonableness and necessity of expenses and transactions under the agency, even
though the agency is allowed to continue.
3. The order of May 7 does not waive past breaches. The law does not
favor implied waiveri; if a waiver had been in the minds of the parties the
new contract would have so stated expressly.
4. Only within very definite limits is it true that an undertaking of this
nature is to be judged not by its costs, but by its accomplishments, since
the contract required the agent to proceed with due regard to economy.

[VoL. 107.

contract the expenditures for the plant construction at Hog Island were
reasonably necessary.
In making their determination they must have in mind not only the proper
interpretation of the contract, but also the fact that the burden of proof is
upon the agent to satisfy the tribunal as to the reasonable necessity for the
expenditures. If the tribunal reports that the expenditures were reasonably
necessary, then we would recommend closing the proceedings except as to
matters which are now or may hereafter be in issue between the agent and
the Fleet Corporation; if, on the contrary, they find that the expenditures
were in excess of reasonable necessity they should state their judgment as
to the extent of the excess and payment thereof should be demanded of
the agent.
Respectfully submitted,
G. CARROLL, TODD,
Assistant to the Attorney-General.
MARK HYMANN,
Special Assistant to the Attorney-General.

(A full account of the events leading up to the investigation
of the Hog Island project was given in our issue of March
9 1918, page 990.)

In addition to the general charges of mismanagement, a HOG ISLAND YARD A "MONUMENT TO AMERICAN
EFFICIENCY," SAYS CHARLES A. STONE.
special report by the technical advisers of the Navy DepartThat the building of the Hog Island Shipyard is "one of the
ment makes the following comparisons between the cost of
the Hog Island _yard and those at Bristol, Pa., and Newark, greatest engineering feats of the age—a monument to American efficiency and an achievement of which all those engaged
N. J.:
From the data available it does not appear to us that the increase of the on the work and the entire nation may rightly be proud," was
estimate from $27,000,000 of Nov. 27 to the final estimate of $55,000,000, asserted by Charles A. Stone,
President of the American
can be accounted for by the expansion of the plant subsequent to Nov. 27.
While it is our opinion that the plant as finally built could not have been International Corporation, in discussing on Dec. 20
produced within the original estimate, it also appears that the final cost will the report of the Department of Justice on the investigabe considerably in excess of the figures that might reasonably be expected
tion, recently made public. A statement issued by Mr.
from consideration of the finished plan, and this conclusion would seem to
be substantiated by a comparison of the costs of the elements of this plant Stone, who, as head of the Stone & Webster engineering orwith those of the two other fabricating yards. The total cost of the Hog ganization, had a large part in the undertaking, said:

Island plant will approximate $1,100,000 per slip as compared with $699.000 for Bristol and $390,000 for Newark Bay. . . . There are sufficient differences in the three plants to raise a question of doubt as to any
conclusions drawn from an absolute comparison between the costs of
the plants. In general, it appears that, in comparison with the Bristol
plant, the Hog Island plant is a much less complete plant, and its construction is of a less permanent character, and it would be expected from
a comparison of the two plants that the cost per slip at Hog Island would
be materially less than at Bristol.
In comparing the Hog Island and Newark Bay plants, they appear to be
generally similar,the provision of shops and store houses at Hog Island being
somewhat more complete than at Newark Bay, and the entire plant being
laid out for vessels considerably larger. These differences, however, would
not appear to account for the difference in cost per slip between $1,100,000
and $390,000. . . . We could not examine this array of evidence without coming to the conclusion that prior to Feb. 1 there existed at Hog Island
a condition which, superficially, at least, would impress anyone as an
"organized riot," "tangled mass," or "state of chaos."
The most significant single fact indicating the point of view at Hog Island
was that bills for materials, largely lumber, were prepaid (and properly
prepaid) to the extent of over $10,000,000, but no effort was made by the
agent until our investigation to prove whether the prepaid bills were in
fact followed by the actual receipt of the material paid for. .
Another fact of strong significance is that while the contract provided in
express terms that the agent should keep a detailed plant cost account at
an early date they took the position that, since the Government paid for
everything that went into Hog Island, it was unnecessary to comply with
this provision.
Hence, at no stage of the work since last December could it be determined what any unit of plant construction cost. Thus, it was never possible for the agent, and the agent never attempted to supervise, either its
own work or the work of its sub-contractors, from the point of view of
what the work was costing. . . . In substance, the agent has taken
the position that since this was not a commercial job, but a war job, in
which speed was of the essence, therefore, in the absence of positive misconduct or criminality, the question of cost was of minor importance.

The conclusions reached by the investigators are summed
up as follows:
In our opinion this is not the correct view of the contract. Speed, of
course, was of high importance, and something additional in the way of
cost must be allowed for it, and we have to assume was allowed by the
agent in its estimate of Nov. 27, because the necessity for speed was as
apparent then as later. But speed is not promoted by disregarding the
ordinary safeguards for controlling costs. Both the contemporaneous
record evidence and the contract itself indicate a rigid desire on the part
of the Fleet Corporation to have the expenditures kept within the narrowest
practicable limits and to have the expenditures closely checked by a careful
system of cost accounting; in addition, the contract required the agent to
protect and subserve the interests of the Fleet Corporation, fixed bonuses
for savings in cost on the vessels and penalties for exceeding the estimated
cost, provided for calling upon the aid of the Fleet Corporation itself in
order to make purchases'-at the minimum cost consistent with the existing
conditions," and provided that "excessive and unusual salaries or emoluments shall not be paid by the agent or charged as a part of the actual cost."
If then the agent has adopted a standard of conduct for the work which
is not the standard fixed by the contract it cannot acquit itself of responsibility by merely showing that it has actually expended somo $61,000,000
in building this plant; it must go further and account not only for actual
expenditures but for the reasonable necessity of the expenditures under a
proper construction of the contract.
Recommendation.
A bill in equity for an accounting might be brought. But the main
question being the reasonableness of the expenditures, a board of experts
would be a more suitable tribunal, we think, than a court or a court and
a jury. We refer to Article XXVII of the contract, providing that any
dispute as to the manner of doing the work, &c., shall be referred to the
General Manager of the Fleet Corporation, and his decision shall bo final
and binding except that after the shipyard is constructed the agent may
appeal to a board of arbitration consisting of three disinterested naval
architects, to bo selected one by the Fleet Corporation, one by the agent,
and one by the two.
In our judgment, the shipyard being in the main completed, tha board
of arbitration should be established and the question should be definitely
submitted to them as to whether under the proper interpretation of the




It would not have been surprising if, in an enterprise of this magnitude,
with an organization so hastily assembled, and with the work progressing
at such speed, irregularities had occurred. It is highly gratifying, therefore, that no graft, profiteering, or financial misconduct of any kind whatever has been found. This is distinctly a credit to the men who have been
responsible for the organization and the actual prosecution of the work.
The report intimates that the job was done extravagantly. It points out
no single expenditure that tvas wasteful, but it states, as an inference
merely, that there was extravagance. This inference apparently is based
on two facts: That the cost so largely exceeded the original estimate, and
that the cost per way was larger than that of the merchant and submarine
boat yards.
The fact is that the figures show that the cost per way at Hog Island,
on a fair basis of comparison, is not substantially in excess of the cost per
way at other yards. In fact, It is less than at one of the yards mentioned.
I am informed that Mr. Plez, the General Manager of the Fleet Corporation, has made computations which demonstrate this.
The original estimate was necessarily inadequate. We had no standards
or precedents to guide us in such a gigantic undertaking. After the original estimate was made, the scope of the yard was increased at least 50%.
Furthermore, as the work progressed, the cost more than doubled, both of
labor and materials. These two facts fully explain the difference between
the original estimate and the final cost.
Whether emergency war costs are excessive or not is a question of opinion, upon which perfectly honest men will differ, and on this question as
applied to Hog Island our own officials, who are experts of the highest standing and reputation, differ from the conclusions of the men employed in the
investigation, who, to say the least, had never had experience in a job of
such magnitude as this. On this question of cost, I understand that the
officials of the Fleet Corporation agree with our officials.
At the continued hearings before the Senate Commerce Committee,
which are to proceed directly after New Year's, all the facts can be brought
out. It will then be shown, I am sure, that, while the yard was necessarily
costly as a war measure, yet there was nothing in the cost which was not
necessary or justified by the situation.
Furthermore, I am equally certain that it will appear that this great undertaking, instead of being one deserving criticism, is really one of the greatest engineering feats of the ago—a monument to American efficiency and
an achievement of which all those engaged on the work and the entire nation may rightly be proud.

As evidence of Charles M. Schwab's opinion of the Hog
Island yard, Mr. Stone quoted the following paragraph of a
letter which he had received from the former head of the
Emergency Fleet Corporation:
UNITED STATES SHIPPING BOARD.
Emergency Fleet Corporation.
Philadelphia, Pa., December 13 1918.
My dear Mr. Stone:
You no doubt know,as I have often expressed to you, how fully I appreciate the magnitude of your undertaking at Hog Island, and I think the
accomplishment, any way considered, has been a most noteworthy one,
and one that should reflect a great deal of credit upon you and your firm
rather than some of the criticisms that it has unjustly received. I shall
always stand as an advocate of the work you have done there.
Sincerely yours,
C. M. SCHWAB, Director-General.

SURVEY ORDERED TO DETERMINE FUTURE POLICY
TOWARD HOG ISLAND SHIPYARD.
A survey to determine the future attitude of the Government toward the Hog Island Shipyard was ordered on Dec.
16 by Charles Piez, successor to Charles M.Schwab as head
of the Emergency Fleet Corporation. Mr. Pioz said the
object was to learn whether the American International
Corporation, which built and has operated tho yard so far
was in a position to produce ships economically, and if not,
whether the Government was prepared to run the plant to
better advantage. In an interview in the Philadelphia
"Ledger" on Dee. 17 Mr, Piez was quoted as saying:

DEC. 28 1918.]

THE CHRONICLE

Mr. Piez said by the first of the year the survey would be completed,
and he and Rear Admiral Bowles would sit as a jury of experts to pass upon
the situation. At the same time, he said, the American International
Shipbuilding Company had the advantage of having its organization completed now, and this must be given great weight in determining matters.
"If you remember," said Mr. Piez, "last May, I think it was, Mr.
Schwab placed Admiral Bowles in a supervising position of the yards
along the river and took him away from his more intimate connection with
Hog Island and Bristol alone. At that time Mr. Schwab said the policy
of the Administration would be to give the shipbulders every chance at a
free hand; that they would be held responsible, too, for their yards as to
whether or not they made good.
"Well, the time has arrived to learn how this thing has hit Hog Island.
We want to know how matters have worked out, and so we have ordered
the survey. There are a number of important things to be taken into consideration, though, when we finally pass judgment.
"'We want to know if the American International is prepared to go ahead
and give us ships; if they can give us ships at a reasonable price, and whether
or not they are in shape to go ahead. If we decide they are not, then we
must learn if they have defaulted their contract, and if the Government is
prepared to run the yard any better.
"The American has formulated its organization, it has been on the job
for more than a year now. Those people are not crooks, as some like to
insist, and they have done a lot of good work in the past. It is all very
well to have the second guessers talk complaisantly now, but at the time
we started Hog Island the German submarines were sinking 30,000 deadweight tons daily.
"Naturally, we made an initial mistake. We built Hog Island too big,
and that wasn't the place to have for the site of such a large shipyard. But
at the time the emergency was great, and we had to have the ships. It
would be well for everybody to bear this in mind at all times. Now the
emergency is past, and we are to ascertain as business men just what the
situation portends."

2437

in Dec. 1916, but he resigned the following month, his
withdrawal having occurred as a result of a suggestion by
Secretary of the Treasury McAdoo that Mr. Baker consider
letting the Chairmanship (upon which Mr. Baker had evidently counted), go to the Pacific Coast, then represented
by William Denman on the Board. Mr. Baker was one
of,the four recognized transportation experts selected by
Secretary McAdoo for the National Sub-Committee on
Transportation Problems. Before his appointment to the
Shipping Board Mr. Baker acted as an expert adviser to the
Administration in connection with its effort to have the
Goverment own and operate a line of merchant steamships.
Mr. Baker was President of the Atlantic & Pacific Transport Co., formerly President of the Baltimore Trust &
Guarantee Co., and a director in many commercial enter- „
prises. He was a member of the Moral Education Board
and actively interested in moral education. Mr. Baker at
the time of his death was 64 years of age. He had gone to
Santa Barbara on the advice of his physician and his death
occurred after an illness of three days.

WAR ZONE BONUS TO OFFICERS AND SEAMEN
ABOLISHED BY THE U. S. SHIPPING BOARD.
The "Official Bulletin" of Dec. 21 reported the adoption
On Dec. 14 Senator Fletcher of Florida, Chairman of the of the following resolutions by the United States Shipping
Senate Commerce Committee, in urging that the Govern- Board:
Whereas since the signing of the armistice, conditions of navigation to
ment should purchase the Hog Island yard, declared that it European
ports within the range of what was formerly known as the war
$60,000,000"
"waste
of
should
the
shipyard not zone have been very materially altered, aid
would be a
Whereas the discontinuance of the activities of the submarine has resulted
be taken over by the Government. Senator Fletcher critithe practical elimination of all war risks to the ships' companies manning
cized the huge size of the Hog Island yard, which is designed In
vessels through these waters: Now, therefore,
time,
and
declared that it should have
to build 50 ships at a
Be it resolved, That it is the sense of this board that the time has arrived
for the discontinuance of the bonus heretofore paid to officers and seamen
been provided with 10 to 20 shipways at most.
for ports within the war zone, and
Be it further resolved. That the bonus together with the allowance
heretofore made to cover loss of effects be ordered discontinued as to all
sailors, firemen, stewards, cooks, and all other members of the ship's
company, excepting licensed deck and engine-room officers, signing on and
after Dec. 22, and
Be it further resolved, That the bonuses and allowances to the licensed
deck and engine-room officers be continued pending the award by the Wage
Adjustment Committee appointed by the United States Shipping Board
but not beyond Jan. 1.

ILLINOIS STATE FEDERATION OF LABOR WANTS 44
HOUR WEEK IN ALL INDUSTRIES.
An 8 hour day and a 44 hour week in all branches ofindustry
is one of the planks in the platform approved at Bloomington, Ill., by the Illinois State Federation of Labor on Dec.
3 when a resolution to form an independent labor party in
Illinois was adopted by a vote of 997 to 3. The new party
DEATH OF WALTER HINES PAGE, FORMER
also proposes the liquidation of the national debt by the apAMBASSADOR TO GREAT BRITAIN.
plication of all inheritance taxes above $100,000, supplemented by a direct capital tax. The platform of the new
Walter Hines Page, formerly American Ambassador to
independent party was printed as follows in the Chicago England, died on Dec. 21 at Pinehurst, N. C. Mr. Page,
"Herald and Examiner" of Dec. 4:
who had been named as Ambassador in April 1913, resigned
1. The unqualified right of workers to organize and to deal collectively in August last, owing to ill-health‘he returned to the United
with employers through representatives of their union.
2. Democratic control of industry and commerce for the general good States in October in a critical condition, and was taken to
by those who work with hand and brain, and the elimination of autocratic St. Luke's Hospital, where for a time he improved; late in
domination of production and distribution either by selfish private inNovember, however, his condition again became serious, and
terests or bureaucratic agents of government.
3. An 8-hour day and a 44-hour week in all branches of industry, with about ten days before his death he was taken to Pinehurst.
minimum rates of pay which, without the labor of mothers and children, As we stated in an earlier issue (Oct. 5 1918), Mr. Page
will maintain the worker and his family.
4. Steady work at standard wages during periods of depression to be was entirely without diplomatic experience or training
provided by government—housing, road building, reforestation and recla- when he assumed the post of Ambassador, his activities
mation of lands.
previous to that time having been in the publishing line.
5. Complete equality of wages and political rights for men and women,
6. Reduction of the cost of living to a just level immediately by the With the outbreak of the war, in the year following his
development of co-operation and the elimination of middlemen and profi- assumption of office, Mr. Page was called upon to fulfill
teering.
difficult and trying tasks. Under the stress of these tasks
7. Democratization of education in public schools and universities
through the participation of labor on directing boards and the organization his health showed signs of impairment, and about a year
of teachers.
ago he sought to resign, but was prevailed upon to continue
8. Continuation of soldiers'and sailors' insurance and extension of such on the understanding that his work would be lightened.
life insurance by the Government without profit to all men and women,
9. Liquidation of the national debt by the application of all inheritance Mr. Page was editor of "The World's Work" and a member
taxes above $100,000, supplemented by a direct capital tax.
of the firm of Doubleday, Page & Co. before he was ap10. Public ownership and operation of railways, steamships, stock
pointed to the Court of St. James in 1913. He was born in
yards, grain elevators, terminal markets, telegraphs, telephones, all coal
mines and all other public utilities, and the nationalization of large hold- Raleigh, N. C., in 1855. On Dec. 23 the State Department
ing to employ returning soldiers and sailors and dislocated war workers.
at Washington delegated Assistant Secretary William Phil11. Complete restoration at the earliest possible moment of free speech,
free press and free assemblage, and the liberation of all persons under lips to represent it at the funeral of Mr. Page on the 24th.
In a statement on the 23d eulogizing the late Ambassador,
charges due to their championship of the rights of labor.
12. Repr,sentation of labor in proportion to its voting strength in all the State Department said:
and
recognition of the principles of trade
departments of Government
unionism in the relocation of soldiers and sailors.
13. Representation of workers in proportion to their numbers in the
armies, navies and workshops of the world, at the Peace Conference and
upon whatever international tribunals may result therefrom, with the
labor of this nation represented by the President of the American Federation of Labor and such other delegates as the workers may democratically
designate.
14. Supplementing the League of Nations, a league of the workers of
all nations to enforce the destruction of autocracy, militarism and economic
Imperialism throughout the world.

DEATH OF BERNARD N. BAKER, FORMER MEMBER
OF SHIPPING BOARD.
Bernard N. Baker of Baltimore, a retired capitalist and
shipping expert, and formerly a member of the U.S. Shipping
Board, died at Santa Barbara, Cal., on Dec. 20. Mr.
Baker, who had helped in the drafting of the Ship Purchase Act, was appointed a member of the Shipping Board




From the date of his appointment as Ambassador Extraordinary and
Plenipotentiary to Great Britain in April 1913, until he was forced by illness
to relinquish his port, Mr. Page devoted himself most assiduously to
bringing about a more complete understanding between the two great
English-speaking nations.
Representing- as he did the very best traditions of this country, he was
peculiarly well fitted to accomplish the objects of his high mission. His
interpretation of the wishes of his Government were of the highest order
and his successful conduct of the many delicate negotiations entrusted to
him during tenure merited the highest approval of the State Department.
His high sense of duty, his zealousness and self-sacrificing devotion to
the service resulted in his illness and his untimely death.

ALL RESTRICTIONS ON ENEMY ALIENS REMOVED.
By cabled instructions from President Wilson, AttorneyGeneral Gregory on Dec. 23 issued an order removing all
restrictions on German enemy aliens, except those applying
to entry into and departure from the United States and those
affecting the power of internment, effective Christmas Day.

2438

THE CHRONICLE

This action, it is said, will affect about 500,000 German
men and women. It was explained that the Department
orJustice would continue to exercise the power of internment
of dangerous German enemy aliens and that the order would
not affect such aliens already interned.
The following statement was issued at the Department
of Justice:
On the recommendation of the Attorney-General, the President hqs
directed that on and after Cnristma.s Day the Attorney-General discontinue enforcement of all regulations affecting the conduct of male and female
German alien enemies except those restrictions which apply to entry
into and departure from the country and those affecting the power of
internment.
This means that on Christmas Day the permit and pass systems effective
against these aliens will be abolished all over the country, and that all
prohibited areas and restricted zones will go out of existence. All registration regulations will likewise cease, and it will no longer be necessary
for German alien enemies to obtain permits for change of residence. In
Short, they Will be freed of all restrictions affecting places of residence and
ofemployment.
The Attorney-General, however, will continue to exercise as heretofore
the power to intern all dangerous German alien enemies. The action of
the President does not affect in any the status of men already interned
or the restrictions and obligations heretofore imposed on alien enemies
now on parole. Any violation of parole will be punished as heretofore.

[VOL. 107.

AUSTRIAN SHIPPING POOLED FOR WAR SUPPLY AND
•RELIEF WORK.
Italy will act as trustee of 500,000 tons of Austrian shipping, now in Italian ports, and distribute it for nse exclusively
for war supply and transportation, none to be used for
commercial traffic. This agreement was reached Dec. 22
at a meeting of the Allied Maritime Council, according to
Associated Press dispatches from Paris.
The Italian flag will be flown on the ships, which will be
manned by Italians. The flag of the Allied Maritime Council
will also make its first appearance on the seas. Four Admirals, representing the United States, Great Britain,
France, and Italy, whose flagships are in Italian waters,.
will take charge of the shipping, under direction of the
Council. Dr. Silvio Crespi, Italian Minister of Food,
discussing the action, was quoted as saying:
The new flag of the Maritime Council consists of three horizontal stripes,
with top and bottom white and centre blue. This tonnage in the Adriatic
will be used chiefly for relief work. There are also 100,000 tons of Austrian
merchant ships in Spanish ports which will be treated like those in the
Adriatic. Half will probably be intrusted to Spain and half to Italy
provisionally. Thirty thousand more tons of Austrian merchantmen in
the Black Sea will be taken over by Italy. An additional 30,000 in Northern
European ports will be divided between England and France.
The same rule is to be applied to 2,500,000 tons of German merchantmen spread throughout the world. All these merchantmen will ultimately
be divided between the Allied Powers and the United States in a ratio which.
will be decided by the Peace Conference.

In explaining why Austrians were not mentioned in the
order, John Lord O'Brien, Special Assistant to the AttorneyGeneral, was quoted in press advices as saying that the only
regulations ever applied to them were those with reference to
entry and departure and internment. The effect of the
present action is to place Germans and 'Austrians on the
In Allied circles, the dispatch said, the decision of the
same footing. The dispatch continued:
Council is thought of the greatest importance as the first
Approximately 250,000 Germans would be relieved from the necessity step toward international control of shipping and freights.
of carrying permits for entry into restricted areas, while the prohibited
areas from which they were excluded absolutely, would again be open to In some circles it is regarded as the beginning of the foundathem. These were the District of Columbia, the Panama Canal zone, tion of a League of Nations, as it gives the world a new flag
and all water fronts.
Maritime Council to be flown beside that of the Allied.
Internment is continuing, Mr. O'Brien said, ten Germans having been of the
interned on Saturday and six more to-day. It was learned unofficially countries.
at the Department of Justice that between four and five thousand Germans
have been interned since the United States entered the war.
The number of Germans registered in the principal icties were: New
York, including nearby New Jersey points, 80,000; Philadelphia, 12,000;
Boston, 2,000; St. Louis, 6,000; Chicago, 27,000, and San Francisco, 6,500.

NEW YORK-CHICAGO AIR MAIL TEMPORARILY
SUSPENDED.
Following the failure of three attempts to inaugurate the
air mail service between New York and Chicago, frustrated
in each case by defective working of the Liberty motors
with which the planes were equipped, the Post Office Department on Dec. 21 ordered a 10-day suspension of the service,
while the engines are being overhauled and adjusted. An
attempt will be made to resume the service on Jan. 2. In a
statement the Departmeq said the cause of the failures
was the defective assembling of the motors, which had been
hastily put together on rush orders for war service and turned
over to the Department barely in time for starting the new
air route, without being tested. "As an instance of the haste
with which these motors were assembled at factories," the
Department's announcement said, "it may be stated that
foreign substances were found in them, one notable case
being a piece of cardboard in the bowl of a carbureter. This
has prevented the placing of enough reliable equipment at
the relay stations to insure certainty of performance.
ARMY SHIPS RELEASED FOR GENERAL TRADE.
Major-General Goethals, Chief of the Quartermaster
Department of the Army General Staff, on Dec. 13 notified
the Senate Inter-State Commerce Committee that ships
with an aggregate carrying capacity of 800,000 tons had been
designated to be turned over by the Quartermaster Department to the Shipping Board for return to trade notes.
General Goethals said a list of the ships no longer in troop
and army supply service had been sent to Secretary Baker
for review before going to the Shipping Board. In commenting on this, the New York "Evening Post" on Dec.
13 said:

NEVILLE ISLAND PLANT TO BE COMPLETED.
With regard to the completion of the big gun plant under
construction for the Government at Neville Island, near
Pittsburgh, a Washington dispatch on Dec. 19 said:
Retention of the proving ground at Aberdeen, Md., and gradual development of the Government ordnance plant at Neville Island, Penn., to the
full scope of the plans laid for it during the war are definite projects of the.
War Department. Assistant Secretary Crowell, who is in direct charge'
of the disposal of all surplus war material, said today that there was no,
disposition to abandon either of these establishments.
The Neville Island project contemplated the expenditure of $65,000,000
in order to furnish new facilities for big gun manufacture, and the plant
is to be equipped to produce eighteen-inch or larger rifles if necessary,
although the maximum sizes now in process are the several sixteen:inch
types. The new plant will turn out big guns of all calibres, however,
including the forgings, all of which the Government has heretofore obtained
from private concerns.
Instead of rushing the plant to completion, however, Mr. Crowell said
the idea was to allow it to develop naturally with the usual year to year
appropriations. He also said that the War Department would urge encouragement of private enterprise in order to keep some part of the emergency war machinery of industry always in operation.
The Aberdeen ground covers some 36,000 acres and has to-clay a capacity
of 15,000 test rounds daily. Provision has been made there for testing
every kind of ordnance material, and guns already have been fired at a
range in excess of twenty-eight miles and the shells recovered. By, firing
over an island into an unfrequented part of the bay, a maximum range of
approximately sixty miles can be attained.

DISTRICT OF COLUMBIA PUT ON DRY BASIS.
The United States Senate on Dec. 23 in the consideration
of the War Revenue Bill accepted an amendment offered by
Senator Sheppard of Texas extending the operation of the
Reed bone dry law to include the importing of liquor into
the District of Columbia, which is otherwise dry.
Under the terms of the existing prohibition law in the
District of Columbia the importation of alcoholic beverages
for personal use by the individual so importing them when
accompanied by an affidavit that the goods are neither for
sale nor for the use of any one else than the consignee is
legal.

A few days ago E. II. Outerbridge, Chairman of the Chamber of Commerce Committee on Foreign Trade and Shipping After the War, appealed
to the War Trade Board to remove import restrictions and thereby permit
many American steamers now lying idle in various Atlantic harbors to
resume their sailings for South American ports. Unless immediate relief
were granted, Mr. Outerbridge said, heavy losses would be suffered by
American manufacturers and exporters in many parts of the country.
In his letter to the local office of the War Trade Board he said that there
was not less than 170,000 tons of export freight "now in the port of New
York awaiting shipment; much of it paid for, partly by South American
purchasers, partly by the American shipping merchants—some of it still
being carried by the manufacturers."

EXECUTIVE ORDER OF PRESIDENT WILSON DELEGATING TO SHIPPING BOARD POWER OVER
FREIGHT RATES, &c.
In an Executive order issued under date of Dec. 3 President Wilson has delegated to the Shipping Board certain
powers over ocean freight rates, terminal charges and ship
requisition conferred on the President under the Ship Control Act. The following is the President's order:

As noted in these columns last (p. 2251) Director-General
of Railroads McAdoo on Dec. 5 issued an order relinquishing
control of four coastwise steamship lines—the Clyde,
Mallory, Merchants & Miners and Southern—to take
effect as of Dec. 1.

Executive brder.
Delegating to the United States Shipping Board certain powers relating
freight
rates
and
terminal
charges.
to ocean
Whereas, sections 6 and 12 of an Act of Congress approved July 18 1918.
entitled "An Act to confer on the President power to prescribe charter
rates and freight rates and to requisition vessels, and for other purposes,"
provide as follows:




DEC. 28 1918.]

THE CHRONICLE

"Sec. 6. That the President shall have power to determine, prescribe and
enforce reasonable freight rates and the terms and conditions of affreightment which shall govern the transportation of goods on vessels of the United
States, which shall be filed with the United States Shipping Board and open
to public inspection. It shall be unlawful to charge or collect any compensation for the transportation of goods on any such vessel, or to enforce
or attempt to enforce any terms or conditions of affreightment, or to make
or receive any payment or do any act with respect to such transportation
not in accordance with the rates, terms and conditions so prescribed, anything in any contract, whether heretofore or hereafter made,to the contrary
notwithstanding."
"Sec. 12. That the President shall have power to prescribe the order of
priority in which persons in possession of dry docks, wharves, lighterage
systems, or loading or discharging terminal facilities in any port of the
United States, or warehouses, equipment or terminal railways connected
therewith, shall serve vessels and shippers, and to determine, prescribe
and enforce the rates, terms and conditions charged or required for the
furnishing of such services including stevedoring and handling of cargo,
and the handling, dispatching and bunkering of vessels, and to make such
rules and regulations with respect to the conduct of any such business
as may be necessary and proper. It shall be unlawful to charge, collect
or claim any compensation, or to enforce or attempt to enforce any terms
or conditions, or to make or receive any payment or do any act, with respect
to any such service not in accordance with the rates, terms and conditions
so prescribed, anything in any contract, whether heretofore or hereafter
made, to the contrary notwithstanding.'
And whereas, in section 2 of said Act it is provided:
"That the President may exercise the power and authority hereby vested
in him through such agency or agencies as he shall determine from time
to time."
Now, therefore, it is ordered as follows:
1. All power conferred on the President in section 6 of said Act to determine, prescribe and enforce reasonable freight rates and the terms and
conditions of affreightment which shall govern the transportation of goods
on private merchant vessels of the United States, shall be exercised through
the United States Shipping Board.
2. All power conferred on the President in section 12 of said Act to determine, prescribe and enforce the rates, terms and conditions charged or
required for services furnished by persons in possession of dry docks,
wharves, lighterage systems, or loading or discharging terminal facilities,
or warehouses, equipment, or terminal railways connected therewith, and
for stevedoring or handling cargo, and the handling, dispatching, or bunkering of vessels and all power conferred on the President to make rules
and regulations, with respect to the conduct of any such business, shall be
exercised by the United States Shipping Board; but the power delegated
in this paragraph shall not extend to any dry docks, wharves, lighterage
systems, or loading or discharging terminal facilities, or warehouses,
equipment or terminal railways, which are now or may hereafter be placed
under the jurisdiction and control of the Secretary of War, or the Secretary
of the Navy, or the Director-General of Railroads.
3. Nothing contained in this Executive order shall be deemed to withdraw any power or authority heretofore granted to or now exercised by
the Secretary of War, the Secretary of the Navy, the War Trade Board,
the Inter-State Commerce Commission, or the Director-General of RailWOODROW WILSON.
roads.
The White House. Dec. 3 1918.

2439

REMOVAL OF RESTRICTIONS ON PRINTED MATTER
TO ENGLAND.
The Post Office Department has issued the following
notice:
OFFICE OF
SECOND ASSISTANT POSTMASTER-GENERAL.
Washington. November 13 1918.
Notice has been received that, beginning Nov. 1, printed matter may be
imported into England, Ireland, Scotland, and Wales, without British
Import licenses, up to a weight limit of 4 pounds 6 ounces for a single
package in the regular mails and up to a weight limit of 11 pounds for a
single package in the parcel post mails.
This notice nullifies those of June 12, 1917; Aug. 28 1917; and Sept. 26
1918, which placed certain restrictions upon the transmission of books and
printed matter in the mails to Great Britain.
It will be noted that individual export licenses are not required by the
War Trade Board, in this country, under the authority of which to accept
packages of books and printed matter for dispatch in the mails to Great
Britain.
OTTO PRAEGER,
Second Assistant Postmaster-General.

B. EASTMAN NAMED AS MEMBER OF INTERSTATE COMMERCE COMMISSION.
The nomination of Joseph B. Eastman, as a member of
the Inter-State Commerce Commission, succeeding George
W. Anderson, was sent to the Senate by President Wilson
on Dec. 19. Mr.Eastman, who is 36 years of age, graduated
from Amherst College in 1904, and later studied law at
Boston University. He became Secretary of the Boston
Public Franchise League in 1905, serving until his appointment, by Governor Walsh in 1915, to the Public Service
Commission. He acted as counsel for the street railway
unions in the Boston Elevated Company arbitration, also
in the Middlesex and Boston Railway arbitration and as
counsel for the street railway men's union in the Bay
State railway arbitration. In 1905 he wrote a pamphlet
on whether Massachusetts railroads should be allowed to
acquire street railways, opposing this privilege. Mr.
Eastman assisted George W. Anderson in the preparation
of the case for the sliding scale regarding gas companies. In
1912 and 1913 Mr. Eastman spent a large part of his time in
aiding the Inter-State Commerce Commission in the inPROGRESS OF DEMOBILIZATION-840,000 MEN SOON vestigation of the railroads.
TO BE RELEASED.
CHANGES IN CHARGES FOR INSTALLATION IN'
Approximately half of the 1,700,000 men in the home camps
WO
•
OF TELEPHONES.
1
have been designated for early discharge, which is proceeding
at the rate of about 15,000 men a day, according to informa- prA reduction, effective Dec. 1, in the schedule of charges
tion given out by General March, Chief of Staff, on Dec. 14. for the installation of telephones and for changes of location
This rate is expected to be doubled, General March said, of telephone equipment or wiring was announced by Postwhen demobilization is in full swing. In addition to the fig- master-General Burleson on Nov. 30 in the following order:
to the cessation of hostilities the necessity for conserving labor
ures for the troops at home, General March said that 5,653 andOwing
material has been relieved to some extent, thereby enabling the Postofficers and 135,262 men of the expeditionary forces, up to master-General to modify Order No. 1931, issued under date of Aug. 28
Dec. 12, had been designated for return, and of these 1,373 1918, fixing certain charges for the installation of telephone service, and
No. 8, issued Sept. 14 1918. explanatory thereof.
officers and 30,750 men already had sailed for home. The Bulletin
Experience and careful investigation of the entire subject has demontroops designated for release from camps in the United strated the fact that certain service connection charges covering to some
States now total 824,000 men, in addition to 17,203 officers extent the average cost of the initial expense of establishing service for new
subscribers and of furnishing additional facilities to old subscribers should
already discharged, and embrace the following classes:
be paid by such subscribers and should not be borne by the entire body

Depot brigades, development
battalions, and replacement
352,000
units
18,000
Industrial furloughs
15,000
Divisional troops
troops
42,000
Corps and army
38,000
Coast artillery
42,000
Engineers
8,000
Medical Corps
4,000
Ordnance
6,000
Quarterma.ster
26,000
United States Guaeds
13,000
Military aeronautics

Spruce Production Soztion__ 30,000
Tank Corps
7,000
Chemical warfare
7,000
Coal miners
6,000
Special service units
10,000
Student Army Train'g Corps 160,000
Officers' training schools.. _ _ _ 30,000
Troops attached to local
boards
3,000
Porto Rico troops
12,000

of telephone users. Therefore a uniform schedule has been prepared
Which embodies rates that should not retard telephone development in
any section and will place upon subscribers responsible therefor a portion
of the costs incident to such service connections, leaving the balance as a
charge on the business generally.
This schedule will become effective Dec. 1 1918, applies to all telephone
systems under the control of the Postmaster-General, and is as follows: .4
For Individual and party line service
$3 50
For each extension station connected with any class of telephone
service
3 50
For private branch exchange service the charge for establishing
service connection:
Total
For each trunk line connecting the private branch exchange
824,000
wih a central office
3 50
For each telephone connected to the private branch exchange,
except
operators'
telephone sets
3 50
REMOVAL OF SOME RESTRICTIONS ON TRANSFER To cover directory, account,
circuit and switchboard expenses in
OF OWNERSHIP OF VESSELS.
cases where service is established by the use of instrumentalities
in place in the subscribers' premises, and no change is
The War Trade Board and the Shipping Board have, already
made in the type or location of such instrumentalities
1 50
according to an announcement made by the Board Dec. 12,
Service connection charges not to supersede mileage charges or installadispensed with the necessity of owners securing the approval tion charges and construction charges made because of unusual cost, but
apply in addition to such charges: however, in cases of special private
of either Board to transfers of any American vessels to to
branch exchange systems not established under tariff rates but on a cost
American citizens, or to, American corporations the majority basis, installation charges may be applied to stations, and other equipof whose stock is owned by Americans and whose officers ment in lieu of the regular service connection charges prescribed herein for
stations connected.
and directors are American citizens, provided transfer of theService
connection charges not to apply to the service known as "service
flag is not involved. It is still necessary to obtain the stations" or "switching service."
Service connection charges not to apply to "public telephones" or "pubapproval of the Shipping Board for sales of American
lic pay station" service established for the use of the public on the initiavessels to foreigners or to American corporations the majority tive
of the wire service. The term "public pay station" as herein used
of whose stock is not owned by Americans, as provided in not to be construed to cover service such as semi-public, guaranteed or
Section 2 of the Shipping Act as amended. The removal rental pay stations.
Service connection charges not to apply to private line equipment, i. e.,
of the necessity for obtaining the approval for such transfers circuits and stations not connected
with a central office for exchange ordoes not in any way affect the control of voyages or rates toil service; but installation charges may be applied in accordance with
existing or hereafter established.
now exercised by the Shipping Board or the War Trade tariffs
All charges herein described to be collected from all applicants for new
Board.
service of the classes specified above at the time of application and prior to.




2440

THE CHRONICLE

the establishment of such service, except that service may be established in
advance of payment in the case of service connection charges for'additions
to the service of existing subscribers and in the case of any service for departments, administrations, and agencies of the Federal, State, county and
municipal governments.
Section No. 5 of Bulletin 8, dated Sept. 14 1918, is hereby revoked.
Order No. 1931, dated Aug. 28 1918, and Telegraph and Telephone Service Bulletin No. 8, dated Sept. 15 1918, so far as relates to prescribing
charges for changes of location, are hereby revoked.
Charges for changes of location of telephone equipment or wiring on the
subscriber's premises on and after Dec. 1 1918 to be:
(a) For moving a telephone set from one location to another on the same
premises, a charge of $3.
(b) For moving any other equipment or wiring from one location to another on the same premises a charge based on the cost of labor and material.
Charges for changes, other than moves, in wiring and equipment on the
subscriber's premises, made on the initiative of the subscriber, to be:
(a) For change in type or style of telephone set a charge of $3.
(6) For other changes in equipment or wiring a charge based on the cost
of labor and material.
The charges specified above not to apply if the changes or moves are required for the proper maintenance of the equipment or service.
The charges specified above not to apply if the changes are required because of a change in class or grade of service.
The charges specified above in no case to exceed the service connection
charge applicable to the entire service of the particular subscriber.
Note.—The installation charges, charges for moves and changes, in
Order No. 1931 and Bulletin No. 8, referred to, were:
$5 00
Where the rate is $2 a month or less
10.00
Where the rate is more than $2 but not exceeding $4 a month
15.00
Where the rate is more than $4 a month
"Changes in names," or where no lapse of service occurs, the minimum
3 00
charge
The charge for moving a telephone set from one location to another
00
3
on same premises
Section No. 5 of Bulletin No. 8, which is revoked, reads:
"All subscribers who pay the service-connection charges established under Order No. 1931 shall be relieved of any other service-connection charges
cancellation charges, charges made in liquidation of damages on account
of short terms and short-term rates, and the use of one year or any other
period in excess of one month as a minimum contract period for telephone
service."

(VoL. 107.

(Dec. 28); a change in the plans was announced yesterday,
however, when it was stated that the meeting scheduled
to be held at the Chamber of Commerce on Dec. 30 had
been postponed for a few days, the preliminary meeting,
it is understood, being held on Dec. 31. It is the understanding that these changes were made in order, to give the
Warfield Committee a little more time in which to present
its views. It is pointed out that it is the policy of the
Association of Railway Executives to co-operate with any
organization and indivudal having anything of a helpful
nature to suggest regarding a solution of the important
problems with which the railroads of the United States are
now confronted.

ALLIED CHIEFS IN ACCORD, SAYS PRESIDENT IN
CHRISTMAS DAY ADDRESS TO AMERICAN TROOPS.
"I do not find in the hearts of the great leaders with whom
it is my privilege now to co-operate any difference of principle
or of fundamental purpose," President Wilson said in his
Christmas Day address to the American troops in France,
and added later that the nations that fought this war are
ready to "make good in the establishment of peace upon
the permanent foundation of right and justice." The
President's address was made at Chaumont, where are
located the general headquarters of the American army.
The President and Mrs. Wilson arrived at Chaumont at
9 o'clock Christmas morning, and after an official welcome
from the authorities of the town, participated in a review
and inspection of 10,000 American troops made up of battalions from various divisions, including the 77th (New
York City) National Army division. After taking dinner
with the troops at their mess, the President left at 6 o'clock
PROPOSAL TO HAVE WAR FINANCE CORPORATION in the evening on his way to England, where he arrived on
MAKE ADVANCES TO RAILROADS.
Thursday morning.
A discussion as to the advisability of advances being
Prior to the review of the troops, General Pershing made
made by the War Finance Corporation to the railroads a brief address, in which he said:
under Government control was had at a conference on Dec. Mr. President and Fellow-Soldiers:
We are gathered here to-day to do honor to the Commander of our armies
17 between Director-General of Railroads McAdoo, Secrenavies. For the first time an American President will review an Amertary of the Treasury Glass and members of the War Finance and
ican array on foreign soil—the soil of a sister Republic beside whose gallant
18th
the
of
Commerce"
of
"Journal
Corporation. The
troops we have fought to restore peace to the world.
Speaking for you and your comrades, I am proud to declare to the Presiin stating that it is understood that the Director-General's
dent that no army has ever more loyally or more effectively served its counproposal that the War Finance Corporation replace the try, and none has ever fought in a nobler cause.
You, Mr. President, by your confidence and by your support, have made
Railroad Administration's half billion dollar revolving fund
of our army, and to you, as Commander•in-Chief, may I now
for the loans made by the Government to the railroads the success
present the nation's victorious army.
was approved in principle, added:
Replying, President Wilson spoke as follows:
Further conferences will be held on this subject, it was said, as soon as de-

tails of the inter-departmental exchange of finances have been worked out
and are in condition to submit to the War Finance Corporation members for
final approval.
In support of his proposal. the Director-General pointed out that at present less than half of the $500,000.000 originally placed at the credit of the
Railroad Administration for disbursement to needy railroads remains At
the rate of disbursement of the funds now being maintained, it was said that
complete exhaustion of the funds would result within a comparatively short
time. According to the plans outlined at the conference by the DirectorGeneral, the Railroad Administration would secure all "replacement" loans
made to the Railroad Administration through the Revolving Fund, with
railroad bonds and other securities given by the individual roads, to whom
loans were made by the Railroad Administration. In this way the making
of loans to the roads would be made through the Railroad Administration,
as heretofore, it was pointed out.
To refute any impression that might be created from a description of the
proposed financial arrangements between the Railroad Administration and
the War Finance Corporation, officials emphasized that as the corporation is
authorized to make loans to war industries during the war period, and to in
dustries important to the country's economic life during the post-war period
the railroads certainly occupy a prominent place in both classes.

It should be added that on Dec. 20 Washington dispatches
reported that the War Finance Corporation had granted
an application for an advance of $9,700,000 to the Chicago
Rock Island & Pacific Railway and another application for
an advance of $6,800,000 to the Southern Railway, both
subject to the approval of the Director-General of Railroads.
MEETING OF ASSOCIATION OF RAILWAY
EXECUTIVES.
The meeting in this city on Dec. 20 of the Association of
Railway Executives was referred to briefly in these columns
last week, page 2339. Late in the day the following statement was issued by Thomas De Witt Cuyler, Chairman of
the committee, relative to the conference:
The Standing Committee met this afternoon and called a meeting of the
member roads of the Association for Monday, Dec. 30, in the rooms of the
New York Chamber of Commerce. At this meeting the Standing Committee will report the results of its work on the return of the railroads to
private operation and remedial legislation in connection therewith. It
had been our intention to call the meeting of Dec. 30 in Chicago, but in
view of the sessions of the Senate Inter-State Commerce Committee,
beginning on Jan. 2 1919, it was deemed more advisable to call the meeting
at an earlier date, and in New York, because more convenient to the
majority of our members.

On the 23rd inst. it was stated that preliminary to the
Dec.30 meeting, the Standing Committee would meet to-day




General Pershing and Fellow-Comrades:
I wish that I could give to each one of you the message that I know you
are longing to receive from those at home who love you. I cannot do that,
but I can tell you how every one has put his heart into it. So you have
done your duty, and something more. You have done your duty, and you
have done it with a spirit which gave it distinction and glory.
And now we are to hail the fruits of everything. You conquered, when
you came over, what you came over for, and you have done what it was appointed for you to do. I know what you expected of me. Some time ago
a gentleman from 'one of the countries with which we are associated was
discussing with me the moral aspects of this war, and I said that if we did
not insist upon the high purpose which we have accomplished the end would
not be justified.
Everybody at home is proud of you and has followed every movement
of this great army with confidence and affection. The whole people of the
United States are now waiting to we!come you home with an acclaim which
probably has never greeted any other army, because our country is like
this country—we have been so proud of the stand taken, of the purpose for
which this war was entered by the United States.
You knew what we expected of you, and you did it. I know what you
and the people at home expected of me, and I am happy to say, my fellowcountrymen, that I do not find in the hearts of the great leaders with whom
It is my privilege now to co-operate any difference of principle or of fundamental purpose.
It happened that it was the privilege of America to present the chart for
peace, and now the process of settlement has been rendered comparatively
simple by the fact that all the nations concerned have accepted that chart,
and the application of these principles laid down there will be their application. The world will now know that the nations that fought this war, as
well as the soldiers who represented them, are ready to make good—make
good not only in the assertion of their own interests, but make good in the
establishment of peace upon the permanent foundation of right and of
Justice.
Because this is not a war in which the soldiers of the free nations have
obeyed masters. You have commanders, but you have no masters. Your
very commanders represent you in representing the nation of which you
constitute so distinguished a part. And everybody concerned in the settlement knows that it must be a peoples' peace and that nothing must be done
In the settiement of the issues of the war which is not as handsome as the
great achievements of the armies of the United States and the Allies.
It is difficult, very difficult, men, in any formal speech like this to show
you my real heart. You men probably do rot iealize with what anxious
attention and care we have followed every step you have advanced and how
proud.we are chat every step was in advance, and not in retreat; that every
time you set your face in any direction you kept your face in that direction.
A thrill nas gone through my heart, as it has gone through the hearts of
every American, with almost every gun that was fired and every stroke that
was struck in the gallant fighting that you have done; and there has been
only one regret in America,and that was the regret that every man there felt
that he was not there in France, too.
It has been a hard thing to perform the tasks in the United States; it
has been a hard thing to take part in directing what you did without coming over and helping you to do it. It has taken a lot of moral courage to

DEC. 28 1918.]

THE CHRONICLE

stay at home. But we are proud to back you up everywhere that it was
possible to back you up. And now I am happy to find what splendid names
you have made for yourselves among the civilian population of France, as
well as among your comrades in the armies of the French, and it is a fine
testimony to you men that these people like you and love you and trust
you, and the finest part of it all is that you deserve their trust.
I feel a comradeship with you to-day which is delightful. As I look down
upon these undisturbed fields and think of the terrible scenes through which
you have gone and realize how the quiet of peace, the tranquility of settled
hopes has descended upon us. And, while it is hard far away from home,
confidentially, to bid you a Merry Christmas, I can, I think, confidentially
promise you a Happy New Year, and I can from the bottom of my heart
say, God bless you.

2441

which have given her life. History will also tell how you have sought to
realize the imperishable supremacy of right by means of an association of
peoples which should liberate the world.

M. Poincare also, the dispatches say, paid honor to
American university professors for the unfailing sympathy
they have shown with France, and also to the American
students who in such great numbers came to fight beside
their French student comrades. Continuing, he said:
Many,alas, will not return to their beloved country, for they have fallen
in France, where, we trust, they felt they were not on foreign soil, and
where they have left to the youth of the two republics an immortal example
of fraternal union.
Glory to the American students! Glory to the eminent professors of
their universities! Glory to you, Mr. President, who are the first among
them! In the name of the University of Paris I have the honor to award
the insignia and diploma of Doctor to one whom posterity will salute with
the surname the Righteous—President Wilson.

PRESIDENT WILSON'S CHRISTMAS MESSAGE TO
THE AMERICAN PEOPLE.
President Wilson's Christmas message to the American
people sent from Paris and made public at Washington on
In his speech of acknowledgment the President dwelt
Dec. 24, consists of an assurance to the folks back home
upon
the triumph of the "university spirit," which he said
boys
the
with
in
that all is well
France, and that public
opinion among our allies "strongly sustains all proposals for had been intimately related with the war, and upon the
overthrow of the lower by the higher form of culture. He
a just and lasting peace." The message in full reads:
I hope that it will cheer the people at home to know that I find their asserted that if the Central Powers had dared to discuss the
boys over here in fine form and in fine spirits, esteemed by all those with purposes of the war for a fortnight it never would
have
whom they have been associated in the war and trusted wherever they go,
happened, and he argued that it was for a Leatue of Nations
and they will also, I am sure, be cheered by the knowledge of the fact
that throughout the great nations with which we have been associated in to enforce just that kind of publicity and avert conflicts in
this war public opinion strongly sustains all proposals for a just and lasting the future. President Wilson's address in
full follows:
peace and a close co-operation of the self-governing peoples of

the world
in making that peace secure after its presot settlements are formulated.
Nothing could constitute a more acceptable Christmas reassurance than
the sentiments which I find everywhere prevalent.

NEVER ENDORSED PLAN OF LEAGUE TO ENFORCE
PEACE, SAYS PRESIDENT WILSON.
In a statement given out at Paris on Dec. 18, President
Wilson denied that he had endorsed the particular plan for
a League of Nations put forth by the League to Enforce
Peace, an American organization, of which Ex-President
William H. Taft is the active head. The President's statement said:
The Paris edition of the Chicago "Tribune" this morning in a dispatch
accredited to its correspondent at Washington declared that before leaving
for France I gave assurance that I approved of a plan formulated by the
League to Enforce Peace. This statement is entirely false.
I am, as every one knows, not only in favor of a League of Nations, but
believe the formation of such a League absolutely indispensable to the
maintenance of peace. But the particular plan of the League to Enforce
Peace I have never directly or indirectly indorsed.

The President's action in specifically denying that he has
indorsed any particular plan for a League of Nations is
attributed by American correspondents in Paris to a desire
on his part to emphasize that he has an open mind as to the
details of the proposed League, while he is more than ever
convinced of the necessity of incorporating the League idea
in the peace treaty. An Associated Press dispatch from
Paris on Dec. 18 said:
•
President Wilson after four days of gathering the views of leaders in
France still believes that a League of Nations is indispensable to the maintenance of peace. The President made this plain to-day when he issued
a statement denying a published story that he had accepted a plan formu
lated by the League to Enforce Peace.
It was said here that former President Taft personally submitted the
plan of the League to Enforce Peace to President Wilson, who considered
it as a portion of the great mass of material which is being assembled on
the general subject. President Wilson, his advisers insist, sees no reason
to change his belief that the foundation of a League of Nations is inseparable
from the actual treaty of peace itself.
These advisers say that the President in explaining his definition of "the
freedom of the seas" will reassure Premier Lloyd George that he has no
intention of demanding a reduction of the British navy to a point involving
the unsafety of the Empire, but will emphasize his feeling that the plan
of a League will strengthen the Empire.
It also became known to-day that Premier Clemenceau had been won
over to the League of Nations idea, in principle at least, and that the plan
is certain to be incorporated in the preliminary peace treaty.

PUBLICITY WOULD HAVE AVERTED WAR, SAYS
PRESIDENT WILSON—SORBONNE CONFERS DEGREE.
In the presence of President Poincare, the Presidents of
the Senate and Chamber of Deputies, the diplomatic corps,
members of the Government, and the highest civil and military authorities, the University of Paris (the Sorbonne)
on Dec. 21 conferred upon President Wilson the degree of
Doctor, Honoris Causa, in recognition of his work as a
jurist and historian. It was the first time in the history of
the university that an honorary degree had been bestowed,
authorization for its granting having been given by a recent
decree. Lucien Poincare, Vice-Rector of the University and
brother of the President of the Republic, paid an eloucient
tribute to President Wilson's ability as a professor before
he entered upon his political career, and told of the President's part in the war. In his speech, as reported in the
press dispatches from Paris, he said:
History will recount how, taking inspiration from the American people
and your Own thoughts, you reached one glorious day the decision which 18
onalof the greatest events recorded in the war and, in your own words,
placed the blood anclail the power of America at the service of the principles




I feel very keenly the distinguished honor which has been conferred upon
me by the great University of Paris, and it is very delightful to me also
to have the honor of being inducted into the great company of scholars
whose life and fame have made the history of the University of Paris a
thing admirable among men of cultivation inall parts of the world.
By what you have said, Sir, of the theory of education which has been
followed in France and which I have tried to promote in the United Stated
States, I am tempted to venture upon a favorite theme. I have always
thought that the chief object of education was to awaken the spirit, and
that, inasmuch as a literature whenever it has touched its great and higher
notes was an expression of the spirit of mankind, the best induction into
induction into education was to feel the pulses of humanity which had beaten
from age to age through the universities of men who had penetrated to the
secrets of the human spirit.
And I agree with the intimation which has been conveyed to-day that the
terrible war through which we have just passed has not been only a war
between nations, but that it has been also a war between systems of culture
—the one system the agrressive system, using science without conscience,
stripping learning of its moral restrains, and using every faculty of the
human mind to do wrong to the whole race; the other system reminiscent
of the high traditions of men, reminiscent of all these struggles, some of
them obscure, but others clearly revealed in history, of men of indomitable
spirit everywhere struggling toward the right and seeking above all things
else to be free.
The triumph of freedom in this war means that that spirit shall now
dominate the world. There is a great wave of moral force moving through
the world, and every man who opposes himself to that wave will go down
in disgrace.
The task of those who are gathered here, or will presently be gathered
here, to make the settlements of this peace, is greatly simplified by the
fact that they are the masters of no one; they are the servants of mankind.
And if we do not heed the mandates of mankind we shall make ourselves the
most conspicuous and deserved failures in the history of the world.
My conception of the League of Nations is just this—that it shall operate
as the organized moral force of men throughout the world, and that whenever or wherever wrong and agression are planned or contemplated, this
searching light of conscience will be turned upon them, and men everywhere
will ask, "What are the purposes that you hold in your heart against the
fortunes of the world?"
•
Just a little exposure will settle most questions. If the Central Powers
had dared to discuss the purposes of this war for a single fortnight, it never
would have happened; and if, as should be, they were forced to discuss it
for a year, the war would have been inconceivable.
So I feel that war is, as has been said more than once to-day, intimately
related with the university spirit. The university spirit is intolerant of
all the things that put the human mind under restraint. It is intolerant
of everything that seeks to retard the advancement of ideals, the acceptance
of the truth, the purification of life; and every university man can ally
himself with the forces of the present time with the feeling that now at last
the spirit of truth. the spirit to which universities have devoted themselves.
has prevailed and is triumphant.
If there is one point of pride that I venture to entertain, it is that it has
been my private privilege in some measure to interpret the university
spirit in the public life of a great nation, and I feel that in honoring me today in this unusual and conspicuous manner you have first of all honored
the people whom I represent. The spirit that I try to express I know to
be their spirit and in proportion as I serve them I believe that I advance
the cause of freedom.
I, as before, wish to thank you, Sir, from the bottom of my heart for a
distinction which has in a singular way crowned my academic career.

PEACE CONFEREES MUST POOL EVERYTHING FOR
COMMON IDEALS, SAYS PRESIDENT WILSON.
"If there is anybody who thinks he knows what is in the
mind of all peoples, that man is a fool. We have all got to
put our heads together and pool everything we have got
for the benefit of the ideals which are common to all."
The foregoing, coupled with a plea for "the frankest cooperation and most generous understanding" between
England and America, and an expression of confidence that
the forthcoming conference would succeed in establishing
a just and reasonable peace, were the salient features of an
interview given by President Wilson to a correspondent
of the London "Times" and reported as follows in Paris
dispatches, dated Dec. 20:
"I am confident that the big council of statesmen of the world will be
able to reach a Just and reasonable solution of the problems that will be
presented to them and thus earn the gratitude of the world for the most

2442

THE CHRONICLE

cordial and necessary service which has over been rendered it," said President Wilson in an interview to-day, referring to the approaching peace
conference.
The interview was given to the correspondent of the London "Times."
In it the President is reported to have stated his views on the question of
the freedom of the seas and to have contrasted the evils of the Vienna
Congress with a hopeful outlook for the Versailles Congress.
Lord Northcliffe, editor of the London "Times," has given the Associated Press a copy of the interview, from which the following extracts have
been made:
"The Congress of Vienna, the correspondent says President Wilson
told him, was a Congress of 'bosses;' the delegates were concerned
more with their own interests and the classes they represe.ated than the
wishes of their peoples."
"Versailles, as President Wilson said," the interviewer continues, "must
be a meeting place of the servants of the peoples represented by delegates,
and he added: 'there is no master mind who can settle the problems of

ivoL.ur.

and secure some workable basis of agreement. Ono view is for a small
International military force, or the nucleus of an international fleet. Others
regard this as unnecessary, and prefer to rely on the moral force of the united
nations. Some may wish to give up compulsory military service but
retain the navy.
"These divergent views must be reconciled. That is the main task which
M. Clemenceau asked us to undertake. We regard our meeting with the
Premier as highly important in inscribing the principle of a society of
nations at the head of the program. For that we understand to be in accordance with the desires of President Wilson to place the high ideals of
this United States against further warfare at the very forefront of the
Peace Congress, and adopt it as the guiding principle in the determination
of many questions before the conference."

STEPS TAKEN IN SPAIN TO MEET POST-WAR TRADE
CONDITIONS.
The Department of Commerce has received from ConsulGeneral Carl Bailey Hurst, at Barcelona, Spain, the following advices concerning measures adopted in Spain to meet
after-war conditions:

If there is anybody who thinks he knows what is in the mind of all
peoples, that man is a fool. We have all got to put our heads together and
pool everything we have got for the benefit of the ideals which are common
to all.'
"Asked whether he would visit the Grand Fleet, President Wilson reA committee of Spanish civil engineers requested the Spanish Governplied that he was afraid he would not have time, adding that he fully rement to make an appropriation for a technical, industrial engineering
alized that behind the great armies there was the strong, silent and watchexposition, in order to prepare Spanish engineers.to compete efficiently
ful support of the British Navy in securing the communications of the Allies.
with post-war conditions.
"He referred also to the very happy comradeship and co-operation beAs a consequence the Spanish Institute of Civil Engineers has now been
tween the British and American navies."
the right to convene a Spanish congress of civil engineers in
accorded
The correspondent then adds:
Madrid in the spring of 1919. In a circular issued by the Institute it is
"President Wilson, in discussing the role of the British fleet in the mainstated that the object of the congress will bo the organization of Spanish
tenance of what, at any rate during the war, had been the freedom of the
civil engineers for their mutual benefit and the development of their
seas for the free people of the world,spoke with a sincerity which no amount
resources to enable them to coltipete efficaciously in large enterprises that
of writing can convey. His accents convinced me that he is a believer in
will be undertaken after the war. A study will be made of Spanish prothe decency and honesty of the Anglo-Saxon race. He said:
duction in its relation to other countries, and the growing exigencies of
"It is essential for the future peace of the world that there should be the
domestic consumption, so that if in the future another crisis like that of
frankest co-operation and most generous understanding between the two
the present should arise, this country will be in a position to provide for
English-speaking democracies. We comprehend and appreciate, I believe,
itself.
the grave problems which the war has brought to the British people and
The congress will devote its attention to twelve sections, as follows:
fully understand the special international questions which arise from the
1. Public works and transportation.
fact of your peculiar position as an island empire."
2. Naval construction.
The correspondent declared that he left the President "with the as3. Mechanics, motors, and machinery.
surance ringing in my ears that he desired to co-operate with the British
4. Mines and metallurgy.
and with all the Allies in securing, with their counsel, a new state of affairs
5. Physical and chemical industries.
throughout the world."
6. Electrotechnics.
7. Agricultural industries and their derivatives.
AGUE
NATIONS—LE
OF
8. Forest industries and their derivatives.
FOR
LEAGUE
FRENCH PLAN
9. Application of domestic industries to the needs of the war.
IDEA ENDORSED BY CLEMENCEAU.
10. Elementary and superior technical instruction.
19,
11. Organization of labor, of hygiene, and of social questions.
In an Associated Press interview at Paris on Dec.
12. Industrial economy and legislation.
de Constant gave an outline of the

Baron d'Estourn.elles
French plan for bringing about a League of Nations, which
the Baron and Senator Leon Bourgeois, formerly French
Premier, had presented to Premier Clemenceau several days
previously. The Premier, it was said, gave assurances
that the principle of a society of nations would be inscribed
at the head of the French program before the Peace Congress.
Baron d'Estournelles de Constant and M. Bourgeois were
delegates at both Peace Conferences at The Hague and are
the French members of the Permanent International Court
at The Hague. They said that they had presented their
plan to Premier Clemenceau with some apprehension, as
he had not yet declared himself in favor of a League of
Nations, having been regarded as typifying the fighting
spirit which has gained him the name of "the Tiger." They
first handed the Premier a letter which said in part:

FAILURE OF SOCIALIZATION OF INDUSTRY IN
RUSSIA.
Reports of the failure of the socialization of industry in
Russia were contained in the following advices by cablegram
from Berne on Dec. 23, published in the New York "Evening Post:"
Reliable information from Russia brings confirmation of reports that the
socialization of industry there is a complete failure. Official statistics
show that in almost all the 513 mills and factories controlled by the State,
expenses have considerably exceeded receipts. During the first four
months of 1918 the Government paid out more than 400,000.000 rubles to
cover these deficits, and has been obliged up to the present to advance
more than 1,000,000.000 rubles to the factories under its control.
Technical experts assert that Russian industry has been crippled for
many years to come by the Bolshevist regime.

ALLIED GOVERNMENTS DECIDE AGAINST FURTHER
INTERVENTION IN RUSSIA.
Governments have decided against further
Allied
The
intervention in Russia, at least for the present, according to
indications from official circles in Paris reported in AssoThe Paris dispatch from which the above is taken conciated Press dispatches dated Dec. 25. Great Britain and
tinued as follows:
United States, it is represented, while recognizing that
plan.
Premier Clemenceau was an attentive listener to the details of the
Concerning the principles of such an organization he said it would be set Russia should be assisted in a way to permit her getting
down in the program and would go before the Peace Congress at the head back to normal conditions, point out that military interof the subjects to be discussed, but he asked particulars of the details of
would involve difficulties and dangers
the organization of this international society, especially as to whether the vention on a large scale
French advocates of it were co-operating with British, American, Italian. of all kinds.
and other organizations to ascertain if the present project was supported
Important conferences in an effort to find a ground
by all nations.
and the United States
Explaining the detailed plans presented to the Premier, Baron d'Estour- for co-operation between the Allies
nelles de Constant said to the Associated Press:
on the one hand and the order-loving, patriotic elements in
"The essentials of the plan are: First, compulsory arbitration without Russia on the other were held on Dec. 23 at the Russian
limitation or exception. This leaves out the old exception of questions
press
Involving national honor and dignity. Second, limitation of armaments. Embassy in Paris. The Entente Governments, the
Third, the establishment of a council of administration of the nations for accounts say, are completely in accord in a decision to refuse
the formulation of new international administration and international law
to undertake a vast military expedition into Russia. It is
procedure. Fourth the application of 'sanctions' for making effective the
decisions of the society of nations. 'Sanctions' is a diplomatic expression considered the part of Russia herself to get together her
meaning the various steps for enforcing compliance. They are fourfold. orderly elements, which, when united, it is declared, will find
"First. Diplomatic sanction. The society of nations shall break dipfrom the Allied
lomatic relations with any recalcitrant nation and give his passports to support and practical help forthcoming
the Ambassador or Minister representing that nation.
nations and the American republic.
"Second. Juridicial sanction, whereby the courts of all countries will be
Stephen Pichon, French Foreign Minister, explained the
closed to a recalcitrant nation. It will thus be practically quarantined and
situation at length to the Committee on Foreign Relations of
placed outside the pale of civilized States.
"Third. Economic sanction, whereby the economic means of all nations the Chamber of Deputies on Dec. 24. He said that the solushall be directed against any recalcitrant State. This economic weapon
tion at present favored was to guarantee moral support to
of the united nations will be a great power in isolating any offending
nation, cutting off its foodstuffs and raw materials, when it acts in defiance the Governments which have sprung up at various points
of the society of nations.
on Russian and Siberian territory.
"Fourth. Military Sanction. This is the last sanction by which the
The Russian leaders appear to be as far apart as ever in
joint nations would undertake to enforce observance of the decisions of the
society of nations. This military sanction is the most difficult and delicate their opinions as to what is best to be done. Prince Lvoff
.of all the questions involved in creating the society of nations.
and Vladimir N. Kokovsoff, both former Russian Pre"There will be different views concerning the military enforcement of
pleading for Allied intervention
peace. It is the purpose of our organization to reconcile those differences miers, have been in Paris
We are convinced that a durable peace can be assured only in substituting
for a reign of force that of organized right. It is the object of our association to aid in the constitution of a society first of part and then of all the
nations. This society should, according to the recent declaration of
President Wilson, be a most essential party in securing the maintenance
of peace.




DEC. 28 1918.]

THE CHRONICLE

2443

a
on a large scale. Alexander Kerensky, on the other hand, made an impassion
ed plea for order and moderation. As
who previously had favored intervention, is quoted in a reported in special dispatches
to the New York "Times,"
London interview as saying that "under the present po- he said:
litical circumstances," the best thing the Allies can do is
Scheidemann told the delegates very plainly that if the Soldiers' and
to get out of Russia and let the Russians work out their own Workmen's Councils continued in operation unspeakable woe would befall
Germany, worse even than what had been suffered already. They were
solution. The change in Kerensky's attitude toward in- bound to drift into Bolshevism, he
said, no matter how little they desired
tervention, he indicated, came when he recognized that the it, and they would transform Germany into a second Russia.
but worse
than
the
latter
because
m Germany there was much more to destroy.
object of the Allies seemed not to be to help democracy, but
Even the Spartacides would not wish to imitate Russia, Scheidemann
to pursue other ends.
said. He believed they were serious in this attitude, but, no matter how
Meantime, the Bolshevik forces, following up the retiring hard they tried to evade Bolshevism, it was sure to come to them unless
German army, are steadily advancing into the Baltic Prov- there was a change.
There was but one chance, Scheidemann declared, to avoid a catastrophe.
inces, and at last accounts were reported as nearing Riga. The whole nation
must be made to stand behind the Government
This movement is declared to be the result of collusion be- must be made responsible for it. He was absolutely convinced thatand
the
German
people
were
behind the present Government.
tween Germany and the Bolsheviki, according to an appeal
"Have confidence in the people," he urged, "and they will return your
for protect'on sent to the Allied nations and received by
the trust. The technical difficulties in connection with the election are small
State Department at Washington on Dec. 20 from the considering the awful calamity to be avoided by it.
"1 know that some soldiers will be unable to vote. Perhaps we can
Lettish Government through the American Legation at arrange
after the election for them, but I am sure that if they knew the
Stockholm. The Lett representatives said the German reasons for accelerating the election as you do,
they would say, 'Vote.
troops were not remaining to maintain order as the armistice Don't wait for us.'
"The war and the revolution have prepared for this election. You
terms riermitted, but were leaving the country at the mercy delegates from the country Must not be
influenced
what you see here in
of the Bolsheviki. During the German occupation, it Berlin. Thank Heaven, Berlin is not Germany.by[Great
applause.] If
seems, the .Letts were not allowed to organize their own the Government remains in the hands of the Soldiers' and Workmen's
Councils we shall have civil war."
army, police or militia, and the appeal declares that the GerWith regard to the program adopted by the conference, a
mans in retiring now are carrying on the movement in such
a 'way that small bands of Bolshevist troops advance im- dispatch from Amsterdam dated Dec. 22 said:
The Dusseldorf
n" says that the conference held in Berlin
mediately behind them along the road, taking hostages, to discuss the new"Nachrichte
constitution of Germany agreed upon the following
pillaging the country and levying contributions on the wealth- fundamentals:
An elected President to be head of the Government with powers midway
ier people. The Lettish representatives contend that the
between those of the President of the United States and the King of EngGermans purposely hand over this territory to the Bolshe- land.
Parliamentary principles to govern the President in forming a Cabinet
viki with a view to having the people apply to Germany for
which will be assisted by delegates of the Federal republics to the so-called
help, unless Allied assistance was given.
Statenhaus, which corresponds to the American Senate.
London advices on Dec. 24 stated that the British GovThe Statenhaus, however, must not interfere with the independence
ernment would lay before President Wilson all information of the individual Federal republics, which will number fourteen or fifteen.
The participants in the conference included Hugo Preiss, State .Secreit has gathered respecting the Russian situation, which, it tary
of the Interior; Prof. Peters, Prof. Max Weber of the University of
was said, is the cause of considerable anxiety in London
Heidelberg, and the Austrian Minister Hartman, all well known authorities
Dispatches from Archangel point out that the Bolshevik on constitutional law.
forces there are well supplied and that they include good fighting material. Any serious reverse in northern Russia to the GRADUATE SCHOOLO
F BUSINESS ADMINISTRATION,
Allies, who have an enofirmous front to guard, would result,
HARVARD UNIVERSITY—SPECIAL SESSION.
it is said, in the territory being overrun by the Bolsheviki,
Owing to the fact that numerous students received their
•and probably the massacre of those Russians who have been
discharge from Government service too late to take advanfriendly to the Allies. It has been suggested that more
tage of the regular session, the Graduate School of Business
seasoned troops should be sent to Russia. Sections of pub- Administra
tion will conduct a special session from Jan. 27
lic opinion in London and in France, however, are declared to
to Aug. 30 1919, inclusive. The session will be divided into
be opposed to entering into a further large venture into
two halves, the first to extend from Jan. 27 to May 10 inRussia, which might mean the starting of a new war.
clusive, and the second from May 12 to Aug. 30, inclusive.
There will be no recess during the special session.
Requirements for admission as regular students and canNEW PORTUGUESE MINISTRY FORMED. The Ministry that is to assist Admiral Canto, the new Pres- didates for the M. B. A. degree have been modified in the
ident of Portugal, in carrying on the Government was an- following particular. Students who are not holders of the
bachelor's degree from an approved college or scientific
nounced at Lisbon on Dec. 24 as follows:
school will nevertheless be admitted provided they were
Premier and Minister of the Interior—Tamagnini Barbosa.
entitled to senior rank in an institution of this kind at the
Finance—Reimas.
War—Cortereal.
beginning of the academic year 1918-19, and for a period of
Marine—Souza Faro.
at least six months have been engaged in the military or
Justice—Alfonso Mello.
naval service of the United States or of one of the countries
Commerce—A7evedo Roves.
Agriculture—Fernandes Oliveira.
associated with the United States, or have been engaged
Labor—Forbes Bessa.
in civilian war work.
Colonies—Baptista Coelho.
Additional information regarding the special session of
Public Instruction—Alfredo Magalhes.
Food—Acevedo.
this school will be furnished on request of the Graduate
On page 2346 of last week's "Chronicle" we gave an ac- School of Business Administration, 17 University Hall,
count of the assassination on Dec. 14 of Dr.Sidoneo Paes, the Cambridge, Mass.
former President of Portugal.

ELECTIONS FOR GERMAN NATIONAL ASSEMBLY
TO BE HELD JAN. 19.
January 19 has been set as the date for elections to a
National Assembly to determine the future fate of Germany.
The decision was made after a heated session of the delegates
of the Soldiers' and Workers' Councils held at Berlin on
Dec. 19, and in spite of the utmost opposition from the
radical wing, or so-called Independent Socialists. The
Spartacus group which opposes the calling of an election at
this time, did not participate in the conference, but contented
themselves with hurling taunts and insults at the delegates
from the galleries.
Repeated efforts had been made on previous days to
break up the conference, or to stampede it into action desired
bylthe radicals. Bands of soldiers and workmen claiming
to/speak for the workers of various districts forced their
way into the room where the conference was held and
presented lists of demands, and by noise and confusion
apparently sought to discredit the whole proceedings. On
the final day Scheidemannileader:ofithelMajority Socialists,




EXECUTIVE COUNCIL OF AMERICAN BANKERS
ASSOCIATION TO MEET AT WHITE SULPHUR
SPRINGS IN MAY.
The Executive Council of the American Bankers Association at its session held in Chicago Sept. 27, referred to
the Administrative Committee full authority and power
to decide on the time and the place for holding the spring
meeting of the Executive Council. The Administrative
Committee at its meeting in November considered suggestions from various resorts and cities and finally decided
that if satisfactory arrangements could be made the spring
meeting would go to the Greenbrier, White Sulphur Springs,
W. Va. General Secretary Farnsworth has just visited
White Sulphur Springs and the management of the Greenbrier and the White hotels met every requirement as to
desirable hotel accommodations, meeting rooms for the
council and the various committees, &c. These hotels are
beautifully situated with picturesque surroundings, removed
from business life and will be admirably adapted for meeting purposes. The dates selected are May 19, 20 and 21
1919.

2444

THE CHRONICLE

[VOL. 107.

We presume a copy of the Hanover's booklet will be
ITEMS A13017T BANKS, TRUST COMPANIES, &C.
furnished on application.
No bank stocks were sold at the Stock Exchange this
week, and no sales of bank or trust company stocks were
The question of increasing the capital of the Public Namade at auction.
tional Bank of this city from $1,000,000 to $1,250,000 will be
-41presented to the stockholders for ratification at the annual
The National City Bank of New York announces the
meeting on Jan. 14. This is the second increase to be made
new
The
2.
in
Cuba on Jan.
opening of four new branches
in
the capital of the bank within a few months. On Sept. 30
branches are: Matanzas, Cardenas, Cienfuegos and Sagua la
stockholders approved an addition of $250,000 to the
the
Grande. These four branches with the three announced
the amount thereby being raised from $750,000 to
capital,
two weeks ago for South America bring the number of foreign
$1,000,000.
banking houses now included in the National City Bank's
foreign system up to forty-five. This includes the foreign
In recognition and appreciation of their patriotic service,
branches of the International Banking Corporation, which the Guaranty Trust Co. of New York announces that it
is directly owned by the City Bank, and whose foreign sys- will gladly take back its 508 former employees—more than
tem is incorporated in one organization with the National one-quarter of the personnel of the company's organization—
City Bank's own branches. It is stated that other announce- who entered the various branches of the Government's serments of new branches are to be expected in coming weeks, vice during the war. Many of the Guaranty's boys particias a considerable further extension of foreign branches and pated in the hardest fighting done by the American forces in
foreign agencies is being organized. Mr. Vanderlip is quoted
France. Fourteen of them made the supreme sacrifice for
as saying that the foreign branches and agencies in the City
their country; eleven were wounded; one is missing.
Bank system will reach the number of 100 in the near future.
Imajiro Kudo has been appointed agent of the New York
Robert Fulton Crary, formerly in charge of the credit office of the Yokohama Specie Bank, Ltd. In this capacity
department, has been elected an Assistant Cashier of the he will act in association with Mr. R.Ichinomiya and Mr. S.
International Banking Corporation of this city. •
Ototake.
The Hanover National Bank of this city issued a letter
to its correspondents under date of Nov. 30 with reference
to the requirement of the Comptroller of the Currency that
national banks, after Jan. 1, report exact figures at each call
on items "Interestearned but not collected" and "Interest
and discount collected but not earned." The bank calls
attention to the fact that it has "prepared a workable method
of conducting these accounts," and passes it along with the
hope that it may assist others in obtaining the figures readily. The forms gotten up by the bank are conveniently
arranged in a booklet, and indicate how the figures may be
carried forward from day to day with a minimum of labor.
In explanation of the method employed the bank in its letter
says:
"Interest earned but not collected."
This account represents the accrued interest on interest-bearing notes,
demand loans and various bonds and investments. The amount accrued
is figured at the end of each month and charged on the general ledger into
the "interest accrued" account. This account being a debit account, the
offsetting entry is a credit of like amount into "interest earned" account,
the debit account being gradually adjusted by crediting the actual collections as made. Forms "A,""B" and "C" outline in detail how the figures
are carried along.
Form "A" is for use in accruing interest on demand loans.
Form "B" is for use in accruing interest on demand loans, where the interest is payable quarterly.
On the reverse of Form "B" is shown the rulings for partial payment
adjustments.
Form "C" is for use In accruing interest on bonds, &c. (As no doubt
you know, bond interest is figured on a 30-day calendar month basis, or
360 days for the calendar year (the exception being a few cities that sell
short-term revenue warrants in anticipation of taxes, also U. S. certificates, these being sold on an actual day basis 365 days to the year); consequently, in accruing interest on securities, have in mind but 30 days to
every calendar month.)

At the special meeting of the stockholders of the New York
Title & Mortgage Co. of this city on Dec. 26 it was voted
unanimously to authorize the officers to proceed with the
organization of the American Trust Co. with a paid-in capital
of $1,000,000 and a paid-in surplus of $200,000. A reference to the proposal was made in these columns last week,
page 2347. The incorporators of the new company are:
Harry A. Kahler, President of the New York Title & Mortgage Co.
George T. Mortimer, President of the Equitable Office Building Corporation.
George Zabriskie, of the firm of Zabriskie, Sage, Kerr & Gray.
William E. Harmon, of Wood, Harmon & Co., real estate.
Walter H. Bennett, Vice-President of the American Exchange National Bank.
Edward M. Burghard, Attorney.
Orion H. Cheney, President of the Pacific Bank and formerly Now York
State Superintendent of Banks.
Charles J. Obermayer, President of the Greater New York Savings Bank.
Morgan J. O'Brien, of O'Brien, Boardman, Parker, Harper & Fox.
Ex-Senator James A. O'Gorman, of O'Gorman, Battle & Vandiver.

With a view to meeting the requirements for increased
accommodations to keep pace with its expansion, the Bank
of America of this city has purchased the ten-story building
of the London & Liverpool & Globe Insurance Co. at William
and Pine Streets. The building, which is numbered 45-49
William Street and 41 and 43 Pine Street, adjoins the present
building of the Bank of America at the northwest corner of
William and Wall Streets. The new property covers a
plot of about 6,600 square feet; it has a frontage of 68 feet
on William Street and 38 feet on Pine Street, and through
its acquisition the bank will own 150 feet frontage on William
Street, 70 feet on Wall Street and 38 feet on Pine Street.
The newly acquired property is valued at $1,000,000. Concerning the purchase, William H. Perkins, President of the
bank, said:

"Discount received but not earned."
To inaugurate this account it will be necessary to figure exactly the
amount of unearned discount as of some certain day. Select a particular
We have no plans for the immediate improvement of the property, but
date well ahead, in order to have time to take each discounted note in
its premises
the portfolio, and figure what portion of the discount has been earned up the purchase will enable the bank at some future date to enlarge
Wall and William
to that day and what part has not been.earned. This latter amount should or erect, if desired, a large structure at the corner of
Street.
Pine
outlet
on
reThe
an
with
Streets,
be set up in a separate account entitled "discount unearned."
mainder will represent "discount earned," and should bo set up accordingly. The amount of the discounted notes should then be grouped
The Philippine National Bank announces the removal
according to the rate at which each note was discounted, which will be
of the New York Agency to 37 Broadway, this city. The
readily understood by referring to Form "D."
After the account is set up the discount from each new note put on there- institution occupies spacious ground floor offices, with all
after should be credited into the account "discount unearcd," and against
the appointments conveniently arranged for the quick
the account should be charged each day's earnings on the entire discount
are acline, which result, of course, is transferred over into "discount earned." transaction of business and the executive offices
The total amount upon which the earnings a e figured should be proved cessible to customers and public. The bank's main office
day by day with the general ledger.
P. I., and it maintains about fifty branch
When a note is paid before maturity adjustment should be made by is in Manila,
charging "discount unearned" for the interest for the unexpired time and offices throughout the Philippine Islands. Charles C.
crediting the same to "discount earned." In case a partial refund is made, Robinson, Vice-President, is the American representative
credit to "discount earned" the difference between the refund rate and the
in charge of the New York office. The Philippine National
rate of discount. This is necessary to keep the accounts accurately.
Form "D" explains the following: The discount line is grouped as to has grown rapidly, its resources are now over $116,000,000.
rate, the earnings for the day figured, the amount of the earnings credited
to "discount earned" and charged to the "unearned" account, the maturing
At the special meeting of the stockholders of the Bankers
paper for the day at its running rate deducted, the discounted paper for
the day added, the balance struck and brought forward and the total Trust Co. of this city, held yesterday (Dec. 27) mention
proved with the general ledger.
of Dec.14, the reccanmenda"Average rate of discount."
This requirement of the Comptroller will be readily found once the foregoing method has been established. Multiply the amount of notes under
discount at each separate rate and divide the result by the total line of
discount. This will be readily understood by reference to Form "D,"
whereon the notes are grouped under the respective rates.
There will be found appended hereto an interest table showing one day's
earnings at various rates, which will greatly aid in the daily computations.




of which was made in our issue
tion of the directors, that the capital stock of the institution be increased from $11,250,000 to $15,000,000, was
approved.
The National Park Bank and the Union Bank of Canada
which have been in close relationship for many years have

DEC. 28 1918.]

THE CHRONICLE

2445

•
decided to exploit the Oriental banking field together and As to the method employed by Chapin in his speculations,
have incorporated a subsidiary corporation for that pur- the "Courant" of Dec. 12 said:
The Phoenix Bank receives the major part of its deposits in checks, and
pose. Branches will be opened in the near future at Yokopays out most of its withdrawals In currency, its outgo in payrolls being
hama, Japan, San Francisco, Cal., and Seattle, Washing- more
than $500,000 a week. In this situation, the Phoenix has purchased
ton.
currency from the other banks in Hartford where just the reverse situation
Announcement is made of the appointment by the Union
Bank of Canada of Geo. Wilson, its New York agent, as
Assistant General Manager of the company, with headquarters at Toronto. The appointment is to take effect
Jan. 1. Mr. Wilson has been in charge of the New York
Agency of the bank since its opening in 1917. The Union
Bank of Canada is an international institution with 310
branches in Canada. two in London and one in New York.
William J. Haggerty, President and Treasurer of the
William J. Haggerty Trading Company, and William J.
Snyder, a bookkeeper in the employ of the Liberty Trust
Company of Newark, were arrested on the 10th inst. on a
technical charge of the embezzlement of $500. The charge
was later changed to conspiracy to defraud the bank. The
Newark "News" reported that the actual sum involved
was said by Gottiob Kautzmann, President of the trust
company, to be $51,676. It was further said to have been
declared that the entire shortage had been made up in cash
and collateral by the directors. It is learned from the
Newark "News" that "the formal complaint as read in
court was that Haggerty and Snyder 'did conspire to defraud and cheat the Liberty Trust Company out of $51,675.73 by causing false and fictitious credits to be placed
to the credit of Haggerty in the books of the bank."

existed, and where the deposits were mostly in currency and the withdrawals mostly by checking out the accounts.
In buying these large amounts of currency from the other Hartford
banks the Phoenix would give a voucher at the time the currency was
procured and the voucher would come through the clearing house the next
day the same as a chock. This gave Mr. Chapin the opportunity to purchase currency in excess of what he needed to meet the payrolls and to
give the bank's voucher for it and then in the next day's accounts to enter
a credit which would offset the currency he appropriated to his own use.
His currency dealings were so large that his cash on hand was not questioned and he could always keep one day ahead of the balance sheet furnished by the bank.
While in the six and a half years that he has been with the Phoenix he
was always granted a two weeks' vacation, he never took but one week
off at a time. The way he covered his shortage while away for the week
was to report before he went an amount of mutiliated money sent to
Washington and he would be back on his job before the returns from
Washington would disclose his stealings.

To commemorate the part played in the great war by the
employees of the Girard Trust Co. of Philadelphia, a
handsome bronze tablet, on which the names of the forty-six
employees of the company who enlisted in the military and
naval service of the United States are inscribed, has been
placed in the company's building at Broad and Chestnut
treets. The tablet, which is the gift of President Effingham
B. Morris, is surmounted by the American eagle. After
one name—that of Captain Harry Ingersoll, a former
Vice-President, who lost his life in the service—is placed a
gold star. The name of one woman appears on the roll of
honor, she having enlisted with a hospital unit. At the
the immortal words
the
Fidelity
of
Trust
of
Company
The capital
Buffalo base of the tablet are fittingly incribed
nation under God
this
"That
Gettysburg:
at
Lincoln
of
has been doubled, raising the same from $500,000 to $1,000,000. The enlarged capital will become effective on shall have a new birth of freedom and that Government
of the people, by the people, for the people shall not perish
Jan. 2.
from the earth."
At a meeting of the directors of the Salt Springs National
The First National Bank of Philadelphia has declared a
Bank of Syracuse, N. Y., on Dec. 24 an extra dividend of
1% was declared in addition to the regular 4% semi-annual regular quarterly 2)4% dividend and an extra 2% dividend.
The First National Bank ofPhiladelphia was the first bank in
dividend.
the United States chartered under the National Bank Act
The last legal detail in the taking over of the National and it has paid to its stockholders since its organization diviBank of Syracuse by the Syracuse Trust Company of that dends of $6,650,000.
city (referred to in these columns in our issue of Nov. 2)
was completed on Dec. 10, when at a special meeting of the
J. Clark Moore Jr., Franklin A. Smith Jr. and Louis T.
stockholders of the former institution it was voted to put Byers have been elected directors of the Belmont Trust Co.
the bank into voluntary liquidation. On Monday, Dec. of Philadelphia, Pa.
16, the enlarged Syracuse Trust Company opened for
business. Flowers sent by friends of the consolidated inAt a regular meeting of the directors of the National Bank
stitutions were everywhere in evidence. Arrangements of the Republic of Chicago on Dee. 10 Watldn W. Kneath
for the increasing of the capital of the enlarged trust com- was elected Third Vice-President in charge of the bond depany to $1,500,000 and surplus and undivided profits to partment of the bank.
$750,000 will be completed, we understand, by Jan. 2. On
that date a stock dividend of 65% declared by the trust
An announcement was made on Dec. 11 that four financial
company and which forms part of the merger plan,is pay- institutions of Springfield, Ill.—the First National Bank,
able. The officers of the enlarged Syracuse Trust Com- Sangamon Loan & Trust Co., First Trust & Savings Bank
pany are: James M. Gilbert, President; E. T. Eshelman, and the State Bank of Springfield, Illinois—were to amalC. Hamilton Sanford (the former President of the National gamate. The resulting institutions will be known as the
Bank of Syracuse), and George L. Ticknor (the former First National Bank and the Sangamon Loan & Trust Co.
Vice-President of the National Bank of Syracuse), Vice- (the stock of the latter institution being owned by the
Presidents; F. L. Barnes (Cashier of the National Bank stockholders of the First National Bank) and will form one
of Syracuse), Secretary; J. H. Wilson, Treasurer; T. J. of the largest organizationsin Central Illinois with a combined
Britcher, Assistant Secretary and Assistant Treasurer, and capital and surplus of $1,300,000 and deposits aggregating
H. C. Beatty, Trust Officer. The board of directors of the $9,000,000. The par value of the shares of both institutions
Syracuse Trust Company has been enlarged by the ad- will be the same, namely $130. The officers of the First
dition of the fifteen members of the directorate of the Na- National Bank will be Howard K. Weber, President, E. A.
tional Bank of Syracuse, making thirty members in all. Hall and C. C. Carroll, Vice-Presidents; and James A.
A quarterly dividend of 3% (12% per annum) has been Easley, Vice-President and Cashier; while those of the
declared by the new board, payable Jan. 6 to stockholders Sangamon Loan & Trust Co. will be E. A. Hall, President;
of record as of Jan. 3.
Howard K. Weber, T. E. Hatch and Latham T. Souther,
Vice-Presidents and A. .H. Rankin, Vice-President and
Merrick W. Chapin, Assistant Cashier of the Phoenix Cashier. The consolidation will go into effect Jan. 1.
National Bank of Hartford, Conn., was arrested on Dec.
.11 charged, it is said, with the embezzlement of $44,000 of
The directors of the State Bank of Chicago on Dec. 18
the bank's money. The Hartford "Courant" states that
to transfer the sum of $1,000,000 on Dec. 31 from unvoted
period
of
a
six
covers
a
and
half
years,
since
the defalcation
profits account to surplus account, making the bank's
divided
Chapin went to the Phoenix Bank,according to an admission
is
made to the Examiner and the bank officials by Chapin surplus account $4,000,000. The capital stock $1,500,000.
examination.
President
Leon
P.
Broadhurst
after a cross
An increase of $100,000 in the capital of the Washington
is said to have stated that the bank is protected through a
bonding company and its loss will be small. Before the Park National Bank of Chicago, raising the amount from
consolidation of the American National with the Phoenix $100,000 to $200,000, has been approved by the Comptroller
In 1912, the accused was Assistant Cashier of the American, of the Currency.
with which he had been identified for over twenty years.




2446

THE CHRONICLE

[Vole. 107.

Edmund D. Hulbert, President of the Merchants Loan nounced recently.
The interests in the bank held by Col.
and Trust Co. of Chicago, has been elected a member of Fred Jewell,
the Presiden.fof the institution, James G. Cash,.
the Illinois Advisory Board of the National Surety Co.
a Vice-President, and Mathew Gleason and Charles C.
Pritchard, Directors, have been taken over by Duncan
The directors of Greenebaum Sons Bank and Trust Co. MacKinnon, Claude Woolman and George
S. Gillespie..
of Chicago have declared the regular quarterly dividend of, Mr. MacKinnon, who was formerly Superintend
ent of
23/2% and an extra dividend of 5%, making a total of 15% Schools in San Diego, will succeed Col. Jewell as
President,
to stockholders during the year.
while Mr. Woolman and Mr. Gillespie will become VicePresidents of the institution. Alexander Reynolds, Jr.,
The directors of the Continental & Commercial Nationa the Cashier of the United States National Bank and W. A..
Bank of Chicago have voted to transfer $4,000,000 from Wallow, Assistant Cashier, who have been connected with
undivided profits to surplus. This makes the bank's capital the bank since its organization, will continue in their reaccount stand: Share capital, $21,500,000; surplus, $12,- spective positions. The bank has a capital of $100,000 in
shares of $100 each.
500,000; undivided profits, $3,757,722.
S. T. Kiddoo has been chosen President of the Live
Stock Exchange National Bank of Chicago, effective Jan. 1,
succeeding M. A. Traylor, who resigns to become President
of the First Trust & Savings Bank of Chicago. G. F.
Emery, now Cashier of the Live Stock Exchange National,
will at the same time become Vice-President, succeeding
Mr. Kiddoo, Mr. Emery in turn being replaced as Cashier
by D. R. Kendall, who advances from the post of Assistant
Cashier. A. W. Axtell, L. L. Hobbs and H. E. Herrick
will continue as Assistant Cashiers.
The directors of the National City Bank of Chicago have
declared the regular quarterly dividend of 13% and an
extra dividend of 2%, a total of 8% for the year 1918.
The surplus of the bank has been increased to $1,000,000,
making it, with the capital of $2,000,000, a $3,000,000
institution.

The Commercial Bank of Spanish America, Ltd., a subsidiary of the Anglo South American Bank, Ltd.,(head office
London) on Nov. 26 opened a branch in San Francisco in
anticipation of the expansion of that city's trade with Central
and South America which, now that the war is over, is
expected to develop to very large proportions. The new
bank is located in the Merchants' Exchange Building, in the
quarters formerly occupied by the San Francisco Stock
Exchange. The fittings are of Pavanozza marble imported
from Italy. The Commercial Bank of Spanish America,.
Ltd., has branches and agencies in Bolivia, Colombia,
Ecuador, England, France, Guatemala, Nicaragua, Peru,
Salvador, Venezulla and this city. The'activities of the San
Francisco branch, we understand, will consist of operations
in letters of exchange and other transactions incidental to.
the facilitation of trade relations between the United States
and the Latin American republics. James H. Vinter is the
manager of the new branch.

Watkin W. Kneath, resident member at Chicago of the
firm of Spencer Trask & Co., has been elected Third ViceThe Bank of Italy, San Francisco, has elected as Cashier
President of the National Bank of the Republic, of Chicago, W. R. Williams, former Superintendent of Banks for the
to take effect Jan. 1. Mr. Kneath will be Manager of the State of California. A. Pedrini, previously Cashier, has
bond and investment department of the bank.
been elected Fourth Vice-President and will have charge of
the foreign business in the main bank in San Francisco and
H.C.Stevens, who has been Cashier of the Standard Trust its branches. A committee has been appointed by the dire°.
& Savings Bank, Chicago,for the last five years, has resigned tors to take steps toward the construction of the new build"'
to accept a position as Assistant Cashier of the National ing at Powell and Eddy streets.
Bank of Commerce, New York. W. C. Castle, Assistant
Cashier, has been elected Cashier of the Standard and
That the Canadian Bank of Commerce (head office
Walter J. Kuhn has been elected Assistant Cashier.
Toronto) is enjoying steady growth is indicated by the
following statement of the results for the fiscal year ending
Application has been made to the Comptroller of the Cur- Nov. 30 1918, as compared with the year preceding:
1917.
rency for a charter for the National Bank of Wisconsin at
1918.
Increase. Gain.
Notes in circulation
$23,995,244 $31,583,694 $7,588,450 31.6%.
Madison, with a capital of $300,000. The institution will Deposits
276,425.654 353,158,816 76,733,161 27.7%
represent a conversion of the Bank of Wisconsin.
Specie and Dominion notes... 54,652,247 61,971,163 7,318,016 13.4%
Application has been made to the Comptroller of the Currency for a charter for the Webster County National Bank
of Fort Dodge, Iowa, with a capital of $250,000.
At the meeting of the directors of the Mississippi Valley
Trust Co. of St. Louis on Dec. 17 Paul Bakewell Jr. was
elected Assistant Counsel of the company. Mr. Bakewell
has been in Government service since the United States
entered the war, first as Assistant Director of the Enemy
Trade Bureau in the War Trade Board, later as acting
Director in charge of that bureau, and more recently as an
attache of the corporation department of the Alien Property
Custodian's Office. He was born in St. Louis and took his
college degree at St. Louis University, later studying law
there and at Washington University. He entered the practice of law in 1910 and was actively engaged in it until he
entered Government service.
The directors of the Hibernia Bank & Trust Co. of New
Orleans at their meeting on Dec. 18 declared the regular
6% quarterly dividend, payable on Jan. 2 1919 to stockholders as of record Dec. 31 1918. The directors also voted
a Christmas bonus of one month's salary to all employees
of the bank who have been with the institution four months
or more. Those who have been with the institution less than
four months will receive a Christmas bonus amounting to
one-half a month's salary. A special bonus was also voted
to all employees who have been in the service of the Government; this will be paid to them as they return from the
service.

Total quick assets
167,336,942 203,018,981 35,682,039 21.3%
Commercial loans
164,668,158 217,289,935 52,621,777 31.9%
Total assets
344,375,232 440,310,703 95,935,470 27.8%
Net profits
2,637,555 2,850,318
212,762 .80%
Percentage of profits to total assets, 0.64%. Percentage of quick assets
to liabilities to the public, 49.7%.

The Standard Bank of Canada, (head office Toronto),
has declared a dividend for the. current quarter ending
Jan. 31 1919 of 33%, being at the rate of 13% per annum
upon the paid-up stock of the bank, and which will be
payable on and after the 1st day of February 1919 to shareholders of record as of Jan. 23 next.
Stanley Edward Elkin of St. John, N. B., has been appointed a director of the Union Bank of Canada (head office
Winnipeg). Mr. Elkin is President of the Maritime Nail
Co., Ltd., President of the Motor Car & Equipment Co.,
Ltd., and is connected with numerous other enterprises in
New Brunswick.

The annual report of the Banque d'Hochelaga (head office
Montmal) for the fiscal year ending Nov. 30 makes a gratifying showing. The report shows total assets of $56,985,995
as against $51,429,047 for the same period last year, while
liquid assets total $28,185,562 as compared with $22,584,429
for 1917. Profits for the year are given at $595,187, or at
the rate of 14.9% on paid-up capital before providing for
war tax on circulation. After adding to profits the balance
of $45,021 brought forward from last year, the report shows.
that $640,209 was available for distribution. Of this sum
$360,000 was appropriated for dividends, $20,000,for pension fund, $40,000 for war tax, $50,000 was written off bank
premises, $7,250 was contributed to various patriotic funds
Several changes in the ownership and management of the and $100,000 placed to the credit of the reserve fund,leavingUnited States National Bank of San Diego, Cal., were an- a balance of $62,959 to be carried forward to 1919 account.




DEC. 28 1918.]

THE CHRONICLE

TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Nov. 30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Nov. 30.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold coin
Gold bullion

$
774,400,345 85 Gold certfs. outstand'g. 902,086,954 00
1,767,863,916 70 Gold settlement fund.
Fed. Reserve Board__ 1,325,479,202 70
Gold reserve
152,979,025 63
Avail. gold In gen'l fund 161,719,080 22

Total
Total
2,542,264,262 55
2,542,264,262 55
Note—Reserved against $346,681,016 of U. S. notes and $1,809.257 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars In
the Treasury.
SILVER DOLLARS.
Liabilities-Audi—
$
331,757,338 00 Silver certfs. outatancleg 294,416,344 00
Silver doliars
Treasury notes of 1890
outstanding
1,809,257 00
Available silver dollars
In general fund
35,531,737 00
Total
Assets—
Avail. gold (see above)Avail, silver dollars (see
above)
United States notes_ _ _ _
Federal Reserve notes_
Fed. Res. bank notes_ _ _
National bank notes_ _
Cert. checks on banks_ _
Subsidiary sliver coins_ _
Minor coin
Silver bullion
Unclassified (unsorted
currency, &a.)
Deposits in Fed'I Land
banks
t Deposits in Federal Reserve banks
Deposits in Special Depositaries account of
sales of Liberty bonds
and certificates of inIndebtedness
Deposits in Foreign Depositaries:
To credit of Treasurer
United States
Deposits in nat. banks:
To credit of Treaa.0 S
To credit of otherGovernment officers__
Deposits In Philippine
treasury:
To credit Treas. U.8_
To credit other Government officers__ _

Total
331,757,338 00
331,757,338 00
GENERAL FUND.
Liabilities—
161,719,080 22 Treasurer's cheeks outstanding
1,697,284 17
35,531,737 00 Deposits of Government
officers:
8,894,558 00
Post Office Dept
32,669,081 00
31,258,686 35
Board of Trustees,
1,462,368 00
Postal Savings Sys19,638,904 56
tem (5% reserve)
23,053 63
7,674,548 43
Comptroller of the
3,488,476 50
Currency, agent for
682,170 76
creditors of Insol15,324,085 98
vent banks
1,152,642 35
3,095,018 31
Postmasters, clerks of
courts, aro
34,297,331 99
980,000 00 Deposits for:
Redemption of Federal Reserve notes
422,957,083 53
(5% fund)
151,841,647 20
Redemption of Fed'I
Reserve bank notes
(5% fund)
3,899,780 00
748,481,000 00
Redemption of national bank notes
(5% fund)
25,363,158 82
Retirement of addi171,684,310 23
tional circulating
notes, Act May 3t)
46,568,697 88
1908
487,995 00
Exchanges of ourren6,185,465 21
ey,coin, eze
17,487,411 68
5,295,037 52
*Net balance
5,197,124 81

275,160,485 99
1,414,716,767 13

Total

1,689,877,253 12

Total

1,689,877,253 12

*The amount to the credit of disbursing officers and agencies to-day was
$1,926,258,750 12. Book credits for which obligations of foreign Governments are
held by the United States amount to $220,790,000.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $40,561,757.
t The available cash in Federal Reserve banks, in accordance with telegraphic
reports received, was $207,142,000. The difference Is due to net disbursements in
transit and in process of examination.

FINANCIAL STATEMENT OF U. S. JUNE 30 1918.
(Formerly Issued as "Statement of the Public Debt.")
The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as of June 30 1918.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Settlement warrants,
Balance held by Treasmatured interest oburer of U. S. as per
ligations, and checks
daily Treasury statement for June 29
outstanding:
$1,585,006,851 47
Treasury warrants__
1918
$36,606,344 79
Matured interest obAdd—Net excess of receipts over disburseligations a
28,809,673 52
Disbursing officers'
ments in June reports
subsequently rechecks
300,166,197 76
99,922,728 74 Balance free of current
ceived
obligations
1,319,347,364 14
$1,684,929,580 21

$1,684,929,580 21

a The unpaid interest due on Liberty Loans is estimated in cases where complete
reports have not been received.
PUBLIC DEBT.
DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes
$346,681,016 00
Less gold reserve
152,979,025 63
Excess of notes over reserve
$193,701,990 37
Obligations that will be retired on presentation:
53,012 50
Old demand notes.... __-------------_--------------- __ --Federal Reserve bank not-es assumed by
National bank notes and
the United States on deposit of lawful money for their retirement 36,903,592 00
6,845,137 82
Fractional currency
Total

$237,503,732 69

DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded loan of 1891,continued at 2%,called for redemption May 18
1900;interest ceased Aug. 18 1900
$4,000 00
Funded loan of 1891, matured Sept. 2 1891
20,850 00
Loan of 1904, matured Feb. 2 1904
13,050 00
Funded loan of 1907, matured July 2 1907
487,900 00
Refunding certificates, matured July 1 1907
11,200 00
Old debt matured at various dates prior to Jan. 11861, and other
items of debt matured at various dates subsequent to Jan. 1 1861_
900,550 26
Certificates of indebtedness, at various interest rates, matured
18,805,000 00
Total




$20,242,550 26

2447

INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Int.
Amount
Outstanding J'ne 30 1918
Title of Loan—
Payable.
Issued.
Registered. Coupon.
Total.
$
2s, Consols of 1930_
646,250,150 597,728,350 1,995,700
599,724,050
3s, Loan of 1908-1918_Q-F_
198,792,660 48,817,980 15,127,480
63,945,460
45, Loan of 1925
Q-F_
162,315,400 103,283,950 15,205,950
118,489,900
Panama Canal Loan:
2s, Series 1906
Q-F
54,631,980 48,944,040
10,140
48,954,180
2s, Series 1908
Q-F_
30,000,000 25,805,520
141,880
25,947,400
3s, Series 1911
Q-M..
50,000,000 42,962,800 7,037,200
50,000,000
3s, Conversion bonds_..Q-J„
28,894,500
6,250,000 22,644,500
28,894,500
3s, 1-yr. Treas. Notes_Q-J. a27,362,000
2,874,000 16,276,000
19,150,000
Var. Ctfs. of Indebt. Mat'y a2,098,699,500
1,706,204,500
Var. 1st L.L.of 1917_ _J-D.b1,989,447,294
1,988,791,294
4,k4 Xs 2d L. L.of'17..M-N b3,807,863,516
3,746,813,516
4Xs 3d Liberty Loan_M-8_b3,243,045,138
3,228,109,638
Postal Savings bonds:
2%s, 1st to 13th ser_J-J
10,758,560 10,015,540
743,020
10,758,560
20,14th ser
J-J_
302,140
275,780
26,360
302,140
c 4s, War Savings and
Thrift Stamps_ _ Mat'y _ d352,769,265
349,797,297
Aggregate of int.-bear. debt 12,701,132,104

11,985,882,435

a Excludes matured series.
b These amounts represent receipts of the Treasurer of the United States on account of principal of bonds of the First, Second and Third Liberty Loans, respectively, to June 30.
c The average issue price of War Savings Stamps for the year 1918 with interest
at 4% per annum compounded quarterly for the average period to maturity will
amount to $5 on Jan. 1 1923. Thrift Stamps do not bear interest.
d This amount represents receipts of the Treasurer of the United States on account.
of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps.
RECAPITULATION.
GROSS DEBT.
NET DEBT.
Debt bearing no int__ $237,503,732 69 Gross debt (opposite) $12,243,628,719 37Debt on which inDeduct—Balance free
terest has ceased__ _
20,242,550 26
of current obliga'ns 1,319,347,364 14
Interest-bearing debt_ 11,985,882 436 42
Gross debt

$12,243,628,719 37

* Net debt

$10,924,281,355 23.

* The amount of $5,624,434,750 has been expended to above date in this and the
preceding fiscal year from the proceeds of sales of bonds authorized by law for purchase of the obligations of Foreign Governments. When payments are received
from Foreign Governments on account of the principal of their obligations, they must
be applied to the reduction of the Interest-bearing debt of the United States.

TREASURY CURRENCY HOLDINGS.—The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of September, October,
November and December 1918:
Holdings in
Sub-Treasuries,.

Sept. 1 1918. Oct. 1 1918. Nov. 1 1918. Dec. 1 1918,
$
$
$
$

Net gold coin and bullion..
Net silver coin and bullion
Net United States notes_ _
Net national bank notes__
Net Fed. Reserve notes_
Net Fed. Res. bank notes
Net subsidiary silver__ _ _
Minor coin,

261,241,260
52,245,028
6,286,424
22,824,090
34,502,755
247,635
10,592,279
9,642,544

277,628,415
44,206,482
8,271,404
20,989,885
38,370.746
224,605
5,991,787
4,694,951

303,339,350
48,326,073
7,493,225
20,040,397
32,590.498
1,010,839
3,874,531
4,059,112

Total cash In SubLess gold reserve fund__

397,582,015
152,979,026

400,378,275
152,979,026

420,734,025 *435,507,561
152,979.026 152,979,026

314,698,106
50,855,823
8,894,558
19,638,905
32,669,081
1,462,368
3,488,477
3,800,243

Cash balance in Sub-Tress
Dep. in special depotfries:
Account(*rte. of indebt
Liberty Loan deposits_
Cash in Fed. Res. banks.
Cash in Fed. Land banks
Cash In national banks:
To credit Treas. U.S_
To credit dish. officers.

244,602,989

247,399,249

267,754,999

282,528,535

782,584,000

606,976,000 1,678,762,000

748,481,000

213,242,751
830,000

260,914,615
830,000

23,514,063
830,000

422,957,083
980,000

41,720,401
6,082,558

45,924,083
7,855,532

45,617,137
7,544,520

46,568,698
6,185,465

Total
Cash in Philippine IsPds.
Dep's. in Foreign Depts..

47,802,959
8,257.410
227,375

53,779,615
9,372,293
1,267,837

53,161,657
8,863,603
71,933,792

52,754.163
10,492,162
171,684,310

Net cash In banks,SubTreasuries
1,297,547,484 1,180,539,609 2,104,820,114 1,689,877,253
Deduct current liabilities_ 214,942,284 230,181,730 259,080,122 275,160,486
Available cash balance.. 1 052 ROA 211(1

050 357_57U 1.545 7:10 Of12 1 414 715 75

* Includes Dec. 1, $15,324,085 98 silver bullion and $3,800,242 70 minor coint
dm, not included in statement "Stock of Money."

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 5 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an increase
as compared with last week's return.
The output in West Africa fell off substantially in October last as a
result of the prevalence of influenza in that colony. The West African
which compares with
Chamber of Mines gives the total as
and
in October
In September

of £169,330

1918

£126,295

£61,461,

1917.

£115,152

CURRENCY.
The figures in the Bank of England weekly returns during the war
relating to the holding of gold and silver coin in the Banking Department
have revealed the strength of the demand for silver currency. The return
gave the total as
The successive return
on Aug.
apparently the gold portion had passed into the
showed only
Issue Department or into circulation. From this date the total (now altowas
gether or almost entirely composed of silver) decreased until
Assisted by an accession of newly minted
recorded on Dec.
on March
From this
silver coin, the total rose to
date a gradual fall ensued until the minimum figures during the war period,
were
reached
on
From
this
Dec.
date
there
namely.
set in a sharp increase, which carried the total to over a million sterling on
April 5 1916, and to £2,091.693 on July 12 1916. The increase, however,
was not maintained, but, after the reaction had spent itself, a fresh upward
movement carried the total to the war maximum, namely, £2,667,738 on
July 11 1917. During succeeding months, unrest in Ireland leading to
hoarding became largely responsible for a shortage of coin, which caused
a shrinkage to £575,769 in the return of May 29 1918; since then no movements of much consequence have taken place.

5 1914
£772,414;

16 1914.

£134,552,

£1,580,999.

£430,251
24 1915.

£1,555,948

15 1915.

2448

THE CHRONICLE

SILVER.
No change has taken place in the tone of the market, which does not
display animation, nor is It expected to do so until lieenses for export are
freely granted. The Shanghai exchange has slightly hardened.
INDIAN CURRENCY RETURNS.
Nov. 15. Nov. 22. Nov. 30.
(In Lacs of Rupees)
140,76
138,76
138,67
Notes in circulation
34,19
32,20
32,11
Reserve in silver coin and bullion
(within and without India.)
20,45
20,44
20,44
Gold coin and bullion in India
12
12
12
Gold coin and bullion out of India
The stock in Shanghai on the 30th ult. consisted of about 20,600,000
ounces in sycee and 11,300,000 dollars, as compared with about 20,900,000
ounces in sycee and 11,300,000 dollars on the 25th of November.
Statistics for the month of November are appended:
4934d.
Highest price for cash
4854d.
Lowest price for cash
49.009d.
Average price for cash

[VoL. 107.

Breadstuffs figures brought from page 2490.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Slturday and
since Aug 1 for each of the last three years have been:
Receipts at-

Wheat.

Flour.

Rye.

Barley.

Oats.

Corn.

bbls.1961bs.bush.60 lbs.bush. 56 lbs.bush. 32 lbs.bush.481bs bush.561bs.
129,000
649,000
Chicago
243,000 1,445,000 1,355,000 3,308,000
205,000 1,166,000 1,164,000 958,000
4,420,000
Minneapolis.
55,000
135,000
108,000
3,901,000
Duluth
115,000
378,000
256,000 1,689,000
455,000
13,000
Milwaukee __
29,000
156,000
34,000
Toledo
98,000
44,000
14,000
1,000
Detroit
6,000
21,000
464,000
314,000
402,000
65,000
St. Louis......
4,000
16,000
131,000
489,000
Peoria
14,000
74,000
2,000
81,000
500,000
834,000
Kansas City_
460,000
634,000
973,000
Omaha
241,000
411,000
18,000
Indianapolis _

Quotations for bar silver per ounce standard:
cash _48 V,d
Dec. 5
cash_48
396,000 12,555,0 i i 4,242,000 7,902,000 2,271,000 1,361,000
48.75d. Total wk.'18
48 YA d Average
542,000
324,000 3,950,000 4,355,000 4,972,000 2,290,000
Same wk. '17
Dec. 2
483id. Bank rate
475,000
260,000 4,125,000 3,988,000 2,780,000 1,172,000
.3
%
9.
Same wk. '16
483.4d. Bar gold per oz. standard_ 77s. 5
" 4
Since Aug.1No quotation fixed for forward delivery.
7,331,000 304,519,000 93,133,000 157,047,00034,378,00020,590,000
1918
The quotation to-day for cash delivery is the same as that fixed a week
6,890,000 117,812,000 55,898,000 157,200,000 47,944,000 14,641,000
1917
7.896.000213.008.000 82.028.000 147 Ong MO 54 RA2 nnn.14 002 nnn
1916
ago.

Nov.

ig

Total receipts of flour and grain at the seaboard ports for
ENGLISH FINANCIAL MARKETS-PER CABLE.
week ended Dec. 21 1918 follow:
The daily closing quotations for securities, &c.; at London, the
week:
past
the
as
follows
as reported by cable, have been
Rye.
Barley.
Oats.
Corn.
Wheat.
Receipts at- Flour.

Dec. 21. Dec. 23. Dec. 24. Dec. 25. Dec. 26. Dec 27
London,
Tues.
Wed. Thurs. Fri.
Sat.
Mon.
Week ending Dec. 27.
d. 48 7-16 48 7-16 48 7-16 Holiday Holiday Holiday
Sliver, per oz
Holiday Holiday Holiday
Holiday 5934
5934
Consols, 234 per cents
Holiday Holiday Holiday
Holiday 9434
9434
British, 5 per cents
Holid ay Holiday Honda
Holiday 9934
British, 434 per cents
9934
French Rentes (in Paris) ..fr.------------Holiday 61.55
__ _Holiday 88.25
French War Loan(inParis) Zr. ____

The price of silver in New York on the same days has been:
10134
Boliday10134
Silver in N. Y., per oz_cts_10134
10134
10134

New York___
Philadelphia _
Baltimore .._
N'port News_
New Orleans.
Galveston ___
Boston

Barrels.
536,001
60,000
81,011
18,000
130,000
206,000
109,001

Bushels. Bushels.
Bushels.
48,000
413,000
1,030,000
33,000
346,001
3,000
2,000
175,000
393,000

Bushels.
1,132,000
1,095,000
1,833,000

Bushels.
94,000
9,000
43,000

186,000
144,000
514,000

55,000

03,000

1,000

160,011

236,000
418,11$
152,000 1,992,000
Total wk. '18 1,146,000 5,504,001
Since Jan.1'18 18,607,000 97,497,000 20,029,000 100,031,001 9,917,001 7,880,000
340,000
131,000
183,000 1,065,011
431,000 1,531,000
Week 1917_ _..
Since Jan 1'17 21.411R ant1202 727 Min 40.204 00(1124 242 nn 17 181 nnn 14 401 nnn

0311111Ievcial and RIiscellancons4ms

*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
Vo, GOVERNMENT REVENUE AND EXPENDITURES.
annexed statement:
-• ) gh the courtesy of the Secretary of the Treasury, we ending Dec. 21 are shown in the
are enabled to place before our readers to-day the details of
Rye. Barley, Peas.
Oats.
Flour.
Corn.
Wheat.
Exports fromGovernment receipts and disbursements for November 1918
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
and 1917 and for the five months of the fiscal years 1918-19
288,610 516,994 266,674 114,859 27,744
846,039
New York
and41917-18.
4,000
80,000
435,000
Boston
Nov. 1918.
Receipts.
Ordinary12,583,861
Customs
Internal Revenue:
Income & exc. prof. tax 28,820,185
99,743,395
Miscellaneous
169,112,403
Miscellaneous revenue
Total

310,259,844

Panama CanalTolls, &c

734,419

Nov. 1917.

11,935,389

*5 Mos. 1918. 5 Mos. 1917
$
72,492,110
66,769,075
623,557,014
471,760,774
243,548,324

32,462,251
267,939,069
89,784,849

139,308,569 1,405,635,787

462,678,279

2,953,058

1,804,319

6,720,898
81,530,703
39,175,579

122,208

Public Debt2,664,306 514,438,879
1,070,899
First Liberty Loan bonds
525 2,691,333,901
40 2,527,713,453
Second Liberty Loan bds.
933,322,556
26,862
bonds
Third Liberty Loan
5,439,191,218
Fourth Liberty Loan bds.3,142,442,014
Certifs. of indebtedness- 973,510,500 344,204,000 5,999,665,000 2,770,493,000
73,689,849
600,850,668
War say.& thrift stamps_
718,800
198,180
Postal Savings bonds___
of
purchase
Deposits for
One-Year Treas. Notes
•
(See. 18,Fed.Res.Act,
9,849,000
approved Dec.23 1913)
Deposits for retirement of
&
notes
bank
national
Fed. Res. Bank notes
(Acts of July 14 1890
1,670,992
12,882,247
349,000
944,000
and Dec. 23 1913)Total

Disbursements.

OrdinaryChecks and warrants paid
(less balances repaid,
1,580,831,833
&c.)
74,219,171
lot,on public debt paid

510,954,079 0,731,412,403 1,798,399,263
11,348,469
1,997,956 157,451,230

1,655,051,004

512,952,035 6,888,863,633 1,809,747,732

SpecialPanama Canal: Checks
paid (less balances re1,248,607
paid, &c.)
Purchase of obligations of
foreign Governments_ _ 278,949,698
Purchase of Federal Farm
Loan bonds:
Principal
Accrued interest

471,929,750 1,672,934,698 2,279,129,750

280,193,305

473,129,772 1,682,308,100 2,286,849,324

Total

1,200,022

5,830,073

7,719,574

3,500,000
37,329

Public DebtBonds, interest-bearing
notes,& certifs. retired.2,995,108,172 1,218,297,593 5,977,437,375 1,635,263,772
One-year Treas. notes redeemed (Sec. 18, Fed.
Res. Act, approved
9,849,000
9,849,000
7,000
Dec. 23 1913)
Nat. bank notes & Fed.
Res. Bank notes retired
(Acts of July 14 1890
11,377,133
9,195,522
1,839,247
and Dec. 23 1013).....-2,273,270
Total

Total week
Week 1917

8,255,039
2.016.485

19,000
18,000
5,000 1,153,000

349,610 1,768,994 200,674 114,859 27,744
258.536 155.584 1.985.028 775.331 169.993 4.624

The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week,
Since
Week
and Since
Dec. 21 July 1
July 1 to-

Corn.

Wheat.
Week
Dec. 21

Since
July 1

Week
Dec. 21

Since
July 1

Bushels.
1,591,499
1,011,584
10,125
35,024

Bushels.
Bushels.
Bushels.
Barrels. Barrels.
893,751 3,296,442 23,767,029
United Kingdom.. 167,344
Continent...___ 177,266 1,473,238 4,958,597 32,231,654
24,372
1,000
So. dc Cent.Amer_
4,000
125,758
West Indies
Brit.No.Am.Cols.
44,505
Other Countries__
Total
Total 1917

2,253

2,650,485
258.536 7.544.275

349,610 2,561,624 8,255,030 55,999,283
155.584 2.775.761 2.016.485 39.430.646

4,190,613,262 2,873,337,35212,988,774,670 5,988,504,572

Grand total receipts-4,501,607,525 3,012,828,12914,397,363,546 6,452,987,170

Total

34,000

1,808,000
Philadelphia
1,503,000
Baltimore
Newport News_
2,721,000
New Orleans
792,000
Galveston
Port Arthur, Tex__ 150,000

2,997,381,442 1,220,143,840 5,990,481,897 1,650,489,905

Grand total disbursem'ts.4,932,630,751 2,206,225,04814,567,653,030 5,753,086,961
Excess of total receipts
over total disbursem'ts
Excess of total disbursements over total receipts 431,023,225

699,900,209

806,002,482
170,290,084

•Receipts and disbursements for June reachinz the Treasury in July are Included.




The world's shipments of wheat and corn for the week
ending Dec. 21 1918 and since July 1 1918 and 1917 are
shown in the following:
Corn.

Wheat.
Exports.

al917.

1918.
Week
Dec. 21.

Since
July 1.

Since
July 1.

a1917.

1918.
1Veek
Dec. 21.

Since
July L.

Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
5.928,000 13,205,000
North Amer_ 10,981,000 135,277,000 145,327,00
Russia
Danube _
318,000 15,374,000 9,995,000 •
Argentina _ 1,197,000 50,125,000 7,620,000
670,000 18,830,000 24,918,000
Australia _ _
5,623,000 9,588,000
India
118,000 1,861,Ill 1,904,000
72,000 1,806,000 1,149,00
0th.countr's
Total ____ 12,920,000 217,667,000 188,602,000

430,000 23,163,00

25,164,000

a Revised.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
United
Kingdom. Continent.

Total.

United
Kingdom. Continent.'

Bushels.
Bushels.
Bushels.
Bushels.
Dec. 21 1918_ Not avail able
Doe. 14 1918__ Not avail able
Dec. 22 1917_ Not avail able
41,528,000
Dec. 23 1918..

Bushels.

Total.
Bushels.

21,829,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 21 1918 was as follows:

DEC. 28 1918.]

THE CHRONICLE

2449

GRAIN STOCKS.
National Banks.-The following information regarding
Wheal.
Corn.
Oats.
Rye.
Barley. national
banks is from the office of the Comptroller of the
United Statesbush.
bush.
bush.
bush.
bush.
New York
2,813,000
93,000 1,699,000 973,000 670,000 Currency, Treasury Department:
Boston
WAD:gal
459,000
17,000
2,000
Philadelphia
APPLICATIONS FOR CHARTER.
893,000
38,000
613,000 479,000
21,000
Baltimore
1,344,000
71,000
759000 1,129,000
3,000 For organization of national banks:
Capital.
Newport News
The First National Bank of Randall, Kansas
77,000
$25,000
The Webster County National Bank of Fort Dodge,Iowa
4,205,000
New Orleans
80,000
526,000
250,000
The First National Bank of Downey, California
Galveston
1,789,000
5,000
25,000
The First National Bank of Bingham Canyon, Utah
Buffalo
7,976,000
101,000 1,698,000 2,442,000 720,000
50,000
The First National Bank of Wakefield, Michigan
22,781,000
afloat
11,638,000 3,058,000 750,000
25,000
To succeed the Citizens' Bank of A. Ringsmuth & Co.,
1,491,000
Toledo
25,000
728,000
55,000
3,000
Detroit
Wakefield.
95,000
69,000
213,000
60,000
The First National Bank of Willard, New Mexico
Chicago
13,129,000
620,000 6,265,000 1,072,000 1,554,000
To succeed the Torrance County Savings Bank of Willard.
Milwaukee
2,356,000
84,000 1,023,000 632,000 1,456,000
11,756,000
Duluth
316,000 523,000 712,000 For conversion of State banks:
The First National Bank of Buffalo, South Dakota
22,110,000
Minneapolis
59,000 1,072,000 2,657,000 1,455,000
Conversion of the First State Bank of Buffalo.
2,541,000
St. Louis
,.
156,000
229,000
52,000
53,000
13,583,000
Kansas City
185,000 2,053,000 133,000
Peoria
Total
90,000
282,000
298,000
Indianapolis
462,000
250,000
22,000
CHARTERS ISSUED.
4,220,000
Omaha
390,000 1,295,000 130,000 161,000 Original organizatio
ns:
The
First
National
Bank
of San Juan, Texas
113,813,000 2,554,000 30,753,00013,419,000 7,558,000
Total Dec.21 1918
111,255,000 2,477,000 28,732,00012,659,000 6,983,000
Total Dec. 14 1918
INCREASES OF CAPITAL APPROVE
22,221,000 2,741,000 16,646,000 2,819,000 3,643,000 The Washington Park National Bank of Chicago,Illinois.D.
Total Dec. 22 1917
Capital
62,040,000 4,970,000 50,404,000 2,378,000 4,130,000
Total Dec. 23 1916
increased from $100,000 to $200,000. Amount
$100.000
Note.-Bonded grain not included above: Oats, Duluth, 3,000 bushels; total,
CHARTER
EXTENDE
S
D.
3,000, against 195,000 bushels in 1917; and barley, Duluth, 77,000 bushels; total, The Perkiomen National
Bank of East Greenville), Pennsylvania.
77,000, against 158,000 in 1917.
Charter extended until close of business Dec.
CanadianVOLUNTARY LIQUIDATIONS.
5,319,000
Montreal _,
203,000
894,000
3,000 442,000 The American National Bank of Valliant,
Oklahoma. Capital_ ___
Ft. William & Pt. Arthur 11,748,000
2,682,000
Liquidating Agent: A.J. Whitfield, Valliant. Bank failed
11,752,000
Other Canadian
412,000
to open for business.
28,819,000
Total Dee. 21 1918
203,000 3,988,000
3,000 442,000
24,071,000
Total Dec. 14 1918
211,000 3,800,000
Canadian Bank Clearings.-The clearings for the week
3,000 434,000
18,783,000
Total Dec. 22 1917
12,000 5,716,000
21,000
73,000 ending Dec. 19 at Canadian cities,
'Mal Dec. 23 1916
27,688,000
in comparison with the
11,000 20,207,000
2,000 125,000
Summarysame week in 1917, show an increase in the aggregate of
113,813,000 2,554,000 30,753,00013,419,000 7,558,000 47.6%.
American
•
28,819,000
Canadian
203,000 3,988,000
3,000 442,000
142,632,000 2,757,000 34,741,00013,422,000
Total Dec. 21 1918
Week ending December 19.
Clearings at
135,326,000 2,688,000 32,532,00012,662,000 8,000,000
Total Dec. 14 1918
7,417,000
41,004,000 2,753,000 22,362,000 2,840,000 3,716,000
Total Dec. 22 1917
Inc. or
89,723,000 4,981,000 70,611,000 2,380,000
Total Dec. 23 1916
1918.
1917.
Dec.
1916.
1915.
4,255,000
Canada$
$
$
%
$
Montreal
138,706,888
69,707,527 +99.0
90,337,611
67,296,778
Auction Sales.-Among other securities, the following Toronto
76,129,013
61,295,067 +24.2
61,595,950
50,457,041
Winnipeg
68,430,000
51,782,260
+32.2
55,702,525
54,460,577
not usually dealt in at the Stock Exchange were recently sold Vancouver
12,312,836
9,254,106 +33.0
6,945,428
6,167,289
Calgary
at auction in,New York, Boston and Philadelphia:
7,378,182
7,947,025 -7.2
6,496,522
5,230,077
Victoria
2,001,892
1,655,616 +20.9
1,518,854
Messrs.
Adrian H. Muller & Sons, New York:
By
1,420.736
Edmonton
3,868,404
3,410,359 +13.1
2,782,918
.2,233,031
Ottawa
9,704,413
5,635,277 +74.0
Shares. Stocks.
6,146,188
4,541,636
Per cent. Shares. Stocks.
Per
Hamilton
cent.
5,351,662
5,070,698
+5.5
5,023,967
50 La Rose Mines, Ltd., $1
2,952,453
500 United Equities Corp., pref. 10
Quebec
5,198,508
3,748,034 +38.7
4,856,129
each
3,309,254
25e. per sh. 350 'United Equities Corp corn_ 1
Saskatoon
2,133,310
2,119,356 +0.7
1,977,816
12 Broad & Market Nat. Bank,
1,584,753
705 United Rys.of St. Louis,corn 4% Regina
4,948,932
4,235,272
+16.8
3,532,835
Newark. N. J
2,663,986
114-116 1,455 United Rys.of St. Louts, prof 12% St. John
2,546,268
1,852,191 +37.5
2,089,702
300 Lord & Taylor 2d pref
31
1,651,825
300 High Speed Tool Corp
2
Halifax
4,745,902
2,985,319
+59.0
Briscoe
2,800,699
Motor Corp., pref
200
2,064,603
10
1,200 World's Film Corp__ __75o. per eh. Moose Jaw
2,332,796
1,613,103 +44.6
1.481,923
150 Briscoe Motor Corp., corn
10
1,460,064
197 2-5 Coast & Lakes ContractLondon
2,749,412
2,358,922 +16.6
2,154,957
100 Nat. Steel Car Co
3-4
1,818,469
ing Corp., pref
5-10 Fort William.....
971,161
1,028,870 -5.5
700,380
1,725 Redden Motor Truck Co, no
797,559
100 Butte & N. Y. Mining
Brandon
768,833
765,958 +0.4
720,422
par
1
770,870
Co
35e. per sh. Lethbridge
1,083,166
922,255 +17.5
1,046,943
881 Bijur Motor Appliance Co.,
730,802
100 J. G. Brill Car Co., com--- 2034 Brantford
965,571
931,021
+3.7
770,064
second pref.
581,629
5
625 Mays Consol. 011 Co_16c. per oh. New Westminster
538,188
334,019 +61.1
304,350
15 Eighty-Fifth & Riverside
10 Acme Harvesting Mach. Co.,
235,471
Medicine Hat
511,673
606,621 -15.6
715,123
Drive Co
516,207
4
pref
$3 per sh. Peterborough
883,078
682,386
+29.5
624,607
60 Hudson Realty Co
1
502,700
345 Del. Tol. & Ironton RR.,
Sherbrooke
1,085,841
626,947 +73.2
697,177
24 Dover Street Studios, Ltd.,
non-cum. pref
75e. per eh. Kitchener
842,919
705,511 +19.4
672,386
£5 each
1
345 Del. Tot. & Ironton RR.,
10 Steel & Radiation, Ltd., ord_ 14
COM
Total Clanada_
85e. per sh.
356.188.848 241.273.720 4-47.6 261.695.476 213.447.810
5,775 Chalmers Motor Corp.,corn.,
15814 Jefferson Bank
7
no par
$234-$334 per sh. 304 Cooper Realty Co., com
1
1216 2-3 Chalmers Motor Corp.,
DIVIDENDS.
30 Loveman,Joseph & Loeb Co_ 15
pref
20-2034
118 Knox Hat Co.,Inc., let pref. 50
The following shows all the dividends announced for the
600 United Gas & Electric Corp.
373 International Motor Truck
(Conn.) second pref
2
future by large or important corporations.
Corp., 1st pref
151 International Alcohol Corp.,
514 Butterworth Judson, cons
Dividends announced this week are printed in italics.
1914
corn.,, no par
5
300 Chalmers Motor Co.,corn...21
4
277 Le Brun Corp.
25
66 Chalmers Motor Co., pref.__ 20
Per
When
Books Closed.
Name of Company.
Cent. Payable.
$158,456.30 Mexican Central Ry., Ltd., equipment lease notes
Days Inclusive.
516,000 lo
$162,000 Mexican Central Ity. Co., Ltd., equipment lease notes and $14,175
Railroads
(Steam).
coupons thereon
517,000 lot Albany & Susquehanna
434 Jan. 2 Dec. 15 to Jan. 1
$319,000 Wichita Falls & Northwestern Ry.first & ref. 53 certifs. of deposit__
Allegheny & Western
15
3
Jan. 2 Holders of rec. Dec. 23a
$32,100 Denver & Salt Lake RR. first 30-year bonds, certifs. of deposit
_.__ 10
Atch. Topeka & Santa Fe, pref.(No. 41) 2% Feb. 1 Holders of rec.
$12,000 International Traction Co. collateral trust 4s
25
Atlantic Coast Line RR., common.... 334 Jan. 10 Holders of rec. Dec. 31a
$1,000 Buffalo Lockport & Rochester Ry. first Sc, certifs. of deposit
Dec. 24a
tBaltimore & Ohio, common
25
2
Feb. 1 Holders of rec. Dec.r28a
100,500 rubles Russian Government internal 534% bonds
$150 per 1,000 Beech Creek (quar.)
50c. Jan. 2 Holders of rec. Dec. 176
$3,100 Chalmers Motor Corp. 1st 6% notes, 1922
6734
Belt
RR.
Stk.
Indianap.,co
&
Y
,
rn.
(au.)
6
Jan.
Chalmers
1
Motor
$73,700
Corp. 6% 5-year notes, 1922
65
Preferred (guar.)
1% Jan. 1
$40,200 Detroit Toledo & Ironton RR. adjustment 5s, 1954
8
Boston & Albany (quar.)
2% Dec. 31 Holders of rec. Nov.30a
$80,000 Dry Dock, East liway. & Battery RR. refunding
5s, Series C
12 .
Boston & Lowell
4
Jan. 2 Holders of rec. Nov.30.2
Boston & Providence (quar.)
234 Jan. 1 Holders of rec. Dec. 20a
Buffalo & Susquehanna, common
By Messrs. R. L. Day & Co., Boston:
2% Dec. 31 Holders of rec. Dec. 21a
Preferred
•
2
Dec. 31 Holders of/rec. Dec. 21a
Shares. Stocks.
$ per sh. Shares. Stocks.
1% Feb. 1 Holders of rec. Dec. 31a
$ per sh. Canada Southern
35 Merchants Nat. Bank
256
1 Mass. Bonding & Ins
Canadian Pacific, common (qur.)
234 Dec. 31 Holders of rec. Nov.30a
82
6 Exchange Trust Co
134
Central RR. of New Jersey (special)._. 2
Dec. 30 Holders of rec. Dec. 27a
15 U.S. Worsted,2d pref
25-2534
Bonds.
2
Per Cent. Chesapeake & Ohio
Dec. 31 Holders of rec. Dec. Sc
14 Nantasket Bch. Steamboat...102
$1,000 Milford & Uxbridge St. Ry.
Chicago Great Western. preferred
1
Jan. 2 Holders of rec. Dec. 14a
100 Merrimac Chem., $50 each,
Chicago
Indianapolis
extended 7s, 1923
& LotaUvdle. pre!._
2
Dec. 31 Holders of rec. Dec. 28
55
ex-dividend
90
1,000 Lucie Rock RR.4s, 1929... 34
Chicago & North West., corn. (guar.)._
1% Jan. 2 Holders of rec. Dec. 2a
6 Bradford & Gettys. El. L.& P. 25
1,000 No. Mass.St. Ry.1st 58,'43 23
Preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 2a
300 Hixon Electric
5
1,000 So.Sh.& Bos.St. RV.53.
Chicago
Rock Island & Pacific,7% pref. 334 Dec. 31 Dec. 14
10 3934
to Jan. 1
1 Boston Atheneum,$300 par_ _ _425
1,000 Boston & Sub. Elec. 4s,'
% preferred
'19 3534
3
Dec. 31 Dec. 14 to Jan. 1
Ctn. New on. de Texas Pacific, common... 3
Dec. 23 Holders of rec. Dec. 14
Common
By Messrs. Millott, Roe & Hagen, Boston:
3% Dec. 23 Holders of rec. Dec. 14
Cieve. Ctn. Chic. & St. L., pref. (guar) 1% Jan. 20 Holders
of rec. Dec. 306
Shares. Stocks.
Dayton (Tenn.) Coal, Iron & Ry., pref. Sc. Feb. 15 Holders
$ per sh.? Shares. Stocks.
per
$
sh.
10 Sharp Manufacturing
100 ! 1,300 Tintic Mining
Delaware Lackawanna & Western (gear.). 412.50 Jan. 20 *Holders of rec. Jan. 20
$100 lot Detroit
of rec. Jan. 6
3 Realty Co. of Mass., $85 ea_ 29
Hillsdale
450 Deerfield Pulp
Southwester
&
n
2
Jan. 6 Holders of rec. Dec. 20a
$100
• 2 Hood Rubber, pref
9934
Detroit & Mackinac, corn. and pref.__
300 Luddington Wooden Ware.$10 lot
234
Jan.
2
Holders
lot
of
rec. Dec. 14a
10 Jessup & Moore Paper, com_100
Detroit River Tunnel
3
Jan. 15 Holders of rec. Jan. 8a
250 Copper Products, pref.-15100 lot
Elmira & Williamsport, preferred
Bonds.
3.16 Jan. 2 Holders of rec. Dec. 20a
4,400 Copper Products, corn__ j
Georgia RR. & Banking (guar.)
$16,700 Mojave Tungsten Boulder
3
Jan. 15 Jan. 1 to Jan. 14
1,500 Dutch App. Syndicate-...$5 lot
Co. 6£ notes, 1920_5100 lot Great Northern (quar.)
1% Feb. 1 Holders of rec. Jan. 3a
Hocking Valley
2
Dec. 31 Holders of rec. Dec. isa
Illinois Central, leased lines
By Messrs. Barnes & Lofland, Philadelphia:
2
Jan. 2 Dec. 12 to Jan. 5
Interborough Rapid Transit (guar.).- 2% Jan. 2 Holders
of rec. Dec. 20a
Shares. Stocks.
per sh. Shares. Stocks.
Joliet
&
Chicago
$ per
1% Jan. 6 Holders of rec. Dec. 27a
314 Devon (Pa.) Manor Corp.,$50
41 Horn & Hardart Automat, Ill., sh. Kanawha dx Michigan (guar.)
1% Dec. 31 Holders of rec. Dec. 24a
each
$80 lot
tKansas
preferred
City
Southern,
pref.
(guar.)._
$110 lot
1
Jan. 15 Holders of rec. Dec.r3la
223 La Plaza Development CO....55 lot 2034 Horn & Hardart
Lackawanna of New Jersey (quar.)_
Automat,
1
Jan. 2 Holders of rec. Dec. 7a
1 West End Trust
160
Ill., common
$45 lot tLehigh Valley, corn, and pref. (guar.) $1.25 Jan. 4 Holders of rec. Dec. 14a
50 Kugler Restaurant, $50 each
20 Amer. Pipe & Construction__ 10
35
Little Schuylkill Nay. RR.& Coal
$1.25 Jan. 15 Dec. 17 to Jan. 15
1 Buckeye Pipe Line, $50 par.__ 92
4 Phila. Bourse, corn., $50 each. 6
Louisville & Nashville
3% Feb. 10 Holders of rec. Jan. 206
25 Tradesmen's National Bank...429
35 Boca Clega Boat
40c. Jan. 2 Holders of rec. Dee. 14a
$40 lot Lykens Valley RR. & Coal
277 Rights to subscribe to Corn
200 Empire Tire & Rubber
Mahoning
Coal RR., common
$5
Feb. 1 Holders of rec. Jan. 8a
314
Ex. N. Bank 64 $200-125-12934
Preferred
$1.25 Jan. 2 Holders of rec. Dec. 206
5 West Phila. T.& Tr.,$50 each_147
Bonds.
Maine
Central,
common
(quar.)
Percent.
1% Jan. 1 Holders of rec. Dec. 14a
7 Germantown Passenger,Ry
90
$275,000 Schuylkill Co. Ry. 1st 5s,
Manhattan Railway (quar.)
I% Jan. 1 Holders of rec. Dec. 16a
4 2r1 & 3d Streets Pass Ry
213
1944
Michigan Central
75
2
Jan. 29 Holders of tee. Dec. 31a
5 13th & 15th Streets Pass. Ry-199X $35,000 Schuylkill
Mine Hill & Schuylkill Haven
Electric 1st lien
$1.25 Jan. 15 Dec. 21 to Jan. 14
5 American Academy of Music..225
5s, 1967
Mobile & Birmingham
65
2
Jan. 1 Dec. 3 to Jan. 1
2 Penn. Acad. of the Fine Arts-30-32 $2,500 Devon Manor
Morris
Essex
&
Corp.
gen. M$80 lot
52.1234 Jan. 2 Holders of rec. Dee. Ila
9 United Gas & Elec., let pref
4014 $2,000 Ctn. Find. & Ft. Wayne 1st
t New York Central RR. (quar.)
13( Feb. 1 Jan. 4 to Jan. 22
50 Phila. Bourse, Pf., $25 ea-2034-2034
48,1923
New York & Harlem, com, and pref._ $2.50 Jan. 2 Holders
116
of rec. Dec. 17a




30,000

25,000

$430,000
$25,000

21 1938.

$25,000

40

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam) (Concluded.)
N. Y. Lackawanna & Western (guar.). 154 Jan. 2 Holders of rec. Dec. 14a
Feb. 19 Holders of rec. Jan. 31a
Norfolk & Western, adj. pref. (guar.).- 1
$2
Jan. 15 Holders of reo. Dec. 31a
Northern Central
13( Feb. 1 Holders of rec. Jan. 3
Northern Pacific (guar.)
Northern RR.of New Hampshire (qu.). 134 Jan. 1 Holders of reo. Dec. 9a
Jan 10 Dee. 28 to Jan. 10
4
Northern Securities Co
Jan. 1 Dec. 15 to Dec. 31
Norwich & Worcester, pref. (quar.)____ 2
13j Jan. 1 Holders of reo. Dec. 14
Old Colony (guar.)
*$1.50 Dec. 31 *Holders of rec. Deo. 27
Pennsylvania Company
Dec. 31 Holders of reo. Dec. 15a
Philadelphia Baltimore & Washington— 3
234 Jan. 10 Jan. 1 to Jan. 10
Philadelphia db Trenton (guar.)
*2 Jan. 25 *Holders of rec. Jan. 15
Pitts. Cinc. Chicago de St. Louis
Pittsb.Ft. Wayne & Chic., reg.gu.(qu.) 1% Jan. 7 Holders of reo. Dec. 10a
154 Jan. 2 Holders of reo. Dec. 10a
Special guaranteed (guar.)
Pittsb. McKeesp. St Youghiogheny--- $1.50 Jan. 2 Holders of reo. Deo. 16a
Feb. 13 *Holders of rec. Jan. 23a
Reading Company, common (guar.)... $1
50c. Jan. 9 Holders of rec. Dec. 26a
Second preferred (guar.)
Jan. 2 Deo. 15 to Jan. 1
4
Rensselaer & Saratoga
3
Jan. 1 Dec. 22 to Jan. 1
Rome dc Clinton
St. Louis St San Francisco—.
Jan. 1 Dec. 25 to Jan. 1
K.C. Ft. S.& Mem., pf.tr. etfs.(qu.) 1
134 Jan. 2 Holders of reo Nov. 300
Southern Pacific (guar.)(No.49) s
1.3( Jan. 2 Holders of rec. Deo. 26a
Toronto Hamilton & Buffalo (guar.)—
234 Jan. 2 Holders of reo. Dec. 2a
Union Pacific, common (guar.)
United N.J. RR.& Canal Cos.(guar.). 234 Jan. 10 Dec. 21 to Jan. 1
234
Jan. 2 Holders of reo. Dec. 18a
Y.)
(N.
RR.
Valley
Western Pacific RR. Corp., pref. (guar.). 134 Jan. 2 Holders of rec. Dec. 24a
Street & Electric Railways.
Asheville Power & Lt. pf. (qu.)(No. 27) 154 Jan. 2 Holders of reo. Deo. 14
154 Jan, 1 Dec. 16 to Deo. 31
Athens Ry. & Electric, preferred (guar.)__
Bangor Ry. SC El., pref. (qu.)(No. 29). 154 Jan. 2 Holders of rec. Dec. 20a
234 Jan. 2 Holders of rec. Dec. 14
Boston Elevated Ry., common
x14 Jan. 2 Holders of reo. Dec. 14
Preferred
Brazilian Tree., Lt. & Pow., pref. (qu.) 134 Jan. 1 Holders of reo. Dec. 14
Capital Traction, Wash.,D.C.(guar.). 134 Jan. 1 Deo. 9 to Jan. 8
Carolina PoW.& Lt.. pf. (qu.)(No. 39) 13( Jan. 2 Holders of reo. Dec. 14
Newp. & Cot. Lt. de Ti., coin. (qu.) 134 Jan. 15 Jan. 1 to Jan. 15
134 Jan. 15 -Jan. 1 to Jan. 15
Preferred (guar.)
Jan. 2 Dec. 21 to Jan. 1
Cincinnati & Hamilton Trao., corn.(qu.) 1
154 Jan. 2 Deo. 21 to Jan. 1
Preferred (guar.)
134 Jan. 2 Deo. 17 to Jan. 1
Cincinnati Street Ry. (guar.)
% Jan. 2 Holders of reo. Deo. 14a
Cities Service, corn. & pref. (monthly).
Common (payable in common stock)_ f% Jan. 2 Holders of reo. Dec. 14a
34 Feb. 1 Holders of rec. Jan. 15a
(monthly)._
pref.
&
corn.
Cities Service,
Feb. 1 Holders of reo. Jan. 15a
Common (payable in common stock). 11
134 Jan. 2 Holders of reo. Deo. 14a
Cleveland Ry. (quar.)
(guar.).
34
Jan. 10 Dec. 27 to Jan. 1
corn.
Columbia Ry., Gas & Elec.,
134 Jan. 1 Dec. 27 to Jan. 1
Preferred (guar.)
Jan. 2 Holders of rec. Deo. 21a
Columbus(Ga.) Electric, pref.(No.25)- 3
.) 134 Jan. 1 Dec. 27 to Jan. 1
ColumbusNewark &Zones.El.RR.,pf
25o. Dec. 31 Holders of rec. Dec. 21
Conestoga Traction, common (quar.)___
75o. Deo. 31 Holders of rec. Dec. 21
(guar.)
Preferred
Jan. 15 Holders of reo. Dec. 31a
Consolidated Traction of New Jersey— 2
$3 Deo. 30 Holders of reo. Nov. 30a
Continental Pass Ry., Philadelphia___
(quar.)_
2 Holders of reo. Dec. 16a
1
Jan.
pref.
Duluth-Superior Tract.,
Duquesne Light, pref. (qu.) (No. 16)... 13j Feb. 1 Holders of reo. Jan. 1
Eastern Texas Eleo. Co., corn.(No. 1).. 234 Jan. 2 Holders of reo. Dec. 20a
Jan. 2 Holders of reo. Dec. 20a
3
Preferred(No. 1)
Elmira Water, L. ec RR., 1st pref. (guar.) IN Dec. 31 Holders of reo. Dec. 16a
134 Dec. 31 Holders of reo. Dec. 16a
Second preferred (guar.)
3
Jan. 13 Holders of reo. Dec. 23a
El Paso Elec. Co., pref.(No. 33)
Jan. 2 Holders of reo. Nov. 29a
Frankf. & S'wark (Phila.) P. Ry.(au.). 4
Jan. 2 Holders of rec. Dec. 20a
(qu.)
pref.
Rys.,
134
St
Power
Light,
Georgia
134 Jan. 2 Holders of reo. Deo. 14
Illinois Traction, preferred (guar.).—
3
Jan. 1 Dec. 21 to Jan. 1
Indianapolis Street RY
Jan. 15 Holders of reo. Jan. 2a
Manchester Tract., Light & Power (guar.) 2
Manhattan Bridge Three-Cent Line(qu.) 134 Deo. 31 Holders of reo. Deo. 21a
154 Dec. 31 Holders of reo. Dec. 20a
Manila Elec. RR.& Ltg. (guar.)
Nashville Ry. & Light, pref. (quar.)... 134 Jan. 1 Holders of rm. Deo. 3
Jan. 2 Holders of rec. Dec. 20a
New England Invest. & Security, pref. 2
Newp. News & Hemp.Ry., Gas db El.,91. 334 Jan. 1 Holderd of reo. Dec. 20a
Jan. 2 Holders of rec. Dec. 15
1
Ottawa Traction, Ltd. (guar.)
Jan. 2 Holders of rec. Dec. 15
1
Bonus
62340.
Jan. 15 Holders of reo. Deo. 31a
(qu.).
pf.
Ry.,
Western
Philadelphia &
Deo. 31 Holders of rec. Deo. 27a
1
Public Service Corp. of N. J. (guar.)._
75o. Jan. 1 Deo. 21 to Dec. 31
Reading Traction
134
Jan.
15 Holders of reo. Dec. 31
30)
(No.
(qu.)
Republic Ry.& Light, pf.
Ridge Ave. Pass. Ry., Phila. (quar.)_ $3 • Jan. 1 Deo. 16 to Jan. 1
134
Jan.
1 Holders of reo. Deo. 23a
.,pf.(qu.)
Tract
Wilkes-Barre
&
Scranton
Jan. 1 Holders of ree. Nov. 29a
Second & Third Sts. Pam.. Phila.(qu.). $3
South Carolina Lt., P.& Rye., pf. (qu.) 13.4 Jan. 2 Holders of reo. Deo. 20a
Springfield(Mo.)Ry.&Lt.,pf.(qu.)(No.16) 1% Jan. 1 Holders of reo. Deo. 14a
Springfield & Xenia Ry., pref. (guar.). 134 Deo. 31 Holders of reo. Dec. 14a
134 Dec. 31 Holders of reo Deo. 19
Texas Electric Ry. 1st pref. (guar.)
134 Deo. 23 Holders of reo Deo. 17
Second preferred (guar.)
Jan. 1 Deo. 21 to Jan. 1
$6
Thirteenth & 16th Sts. Pass., Phila
Jan. 2 Holders of reo. Deo. 14
1
(guar.)
Ry.
Toronto
134 Jan. 2 Holders of reo. Dec. 200
Tr -City R.Sr Light, common (quar.)_
134 Jan. 2 Holders of reo. Deo. 20a
Preferred (quar.)
Jan. 2 Holders of reo. Deo. 16a
Twin City Rap. Tran., Minneap., con]. 1
154 Jan. 2 Holders of reo. Deo. 16a
Preferred (guar.)
$4.75
Jan. 1 Holders of reo. Deo. 14a
Philadelphia......
Ry.,
Passenger
Union
$1.50 Jan. 1 Holders of reo. Dec. 10a
Union Traction, Philadelphia
234 Jan. 1 Holders of reo. Dec. 31a
United Electric Co.of N.J
Jan. 2 Holders of reo. Dec. 16a
United Lt. & Rys., corn. (qu.)(No. 16) 1
134 Jan. 2 Holders of rec. Dec. Itla
First preferred (guar.) (No. 33)
Utah Power & Lt., pref. (qu.)(No. 24). 134 Jan. 2 Holders of reo. Deo. 16
Jan. 20 Holders of reo. Deo. 31a
3
VirginiaRy. dt Power
Wash., Salt. & Annap.Elec., corn.(qu.) $3.751 Jan. 1 Dec. 25 to Dec. 31
750. Jan. 1 Deo. 25 to Deo. 31
Preferred (guar.)
Jan, 2 Holders of rec. Dec. 14a
Washington Water Power.Spokane (qu.) 1
Jan. 2 Deo. 21 to Jan. 2
West End Street Ry., Boston. preferred $2
134 Jan, 1 Deo. 23 to Jan. 1
West India Elm. Co. (guar.) (No. 44)_
$5
Jan. 1 Holders of rec. Dec. 14a
West Philadelphia Passenger Ry
$2
Deo. 31 Holders of reo. Dec. 20a
Wisconsin Edison Co
Yadkin River Power. Pf. (qu.)(No. 11) 134 Jan. 2 Holders of reo. Dec. 14
Youngstown & Ohio River RR., pf.(qu.) 131 Deo. 31 Holders of reo. Deo. 14a
6234c Jan. 30 Holders of reo. Jan. 20a
York Railways. Preferred (guar.)
Banks.
America, Bank of
Atlantic National (guar.)
Battery Park National (guar.)
Extra
Bryant Park
Bronx National
Chase National (guar.)
Chatham & Phenix National (quar.)....
Chemical National (hi-monthly)
Citizens National (guar.)
Extra
City Co., National
Coal & Iron National (guar.)
Extra
Colonial (guar.)
Extra
Columbia(No.61)
Commerce, National Bank of (quar.)_
Commercial Exchange
Coney Island, Bank of
Extra
Corn Exchange (special)
Cuba,Bank of, In New York (No.5)..
Fifth Avenue (guar.)
Fifth National (guar.)(No. 174)
First National (guar.)
First Security Co
Garfield National (guar.)
Gotham National (guar.)
Greenpoint National (Brooklyn)
Extra




[VOL. 107.

THE CHRONICLE

2450

15
234
134
134
2
3
4
3
334
234
1
3
2
1
3
3
4
234
10
6
1
4
6
1234
3
10
10
3
2
3
2

Jan. 2
Jan, 2
Jan. 2
Jan 2
Jan
1
Jan 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 31
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 6
Jan. 2
Jan. 2
Jan. 1
Jan. 2
Jan. 2
Dec. 31
Jan. 2
Jan. 2
Jan. 2

Deo. 21 to Jan. 2a
Holders of reo Deo. 28a
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Dec. 23a
Dec. 19 to Jan. 1
Holders of reo Deo. 24
Deo. 20 to Jan. 1
Deo. 27 to Jan. 1
Holders of rec. Dec. 23
Holders of reo. Deo. 23
Holders of reo. Jan. 2a
Holders of reo. Deo. 11
Holders of reo. Dec. 11
Holders of reo. Dec.20a
Holders of reo. Dec. 20a
Holders of reo. Dec. 21
Holders of reo. Dec. 20
Dec. 24 to Jan. dl
Holders of reo. Deo. 28
Holders of reo. Dec. d28
Holders of rec. Jan. 4a
Holders of reo. Deo. 20
Holders of reo. Dec. 31a
Holders of rec. Deo. 31a
Holders of reo. Dec. 31a
Holders of reo. Deo. 31a
Deo. 25 to Jan. 1
Holders of rec. Dec. 31a
Deo. 22 to Jan. 1
Deo. 22 to Jan. 1

Books Closed.
Days Inc.lusive.

Name of Company.

When
Per
Cent. Payable.

Banks. (Concluded).
Greenwich (guar.)
Extra
Hanover National (guar.)
Importers' & Traders' National
International
Irving National (guar.)
Liberty National (guar.)
Manhattan Co., Bank of the (quar.)...
Extra
Mechanics (Brooklyn) (qu.) (No. 137).
Merchants' National (No. 231)
Metropolitan (guar.)
Mutual (quar.)
Nassau National (Brooklyn) (gear.)....
Extra
New York, Bank of, N. D. A.(No. 270)
North Side, Brooklyn (No.49)
Extra
Park, Notional (guar.)
Special
Public National (guar.)
Ridgewood (Brooklyn)
Seaboard National (guar.)
Second National (guar.)
Sherman National (gear.)
State
Union Exchange, National
Washington Heights, Bank of (quar.)...
Yorkville (guar.)

Jan. 2
4
Jan. 2
3
Jan. 2
8
Jan. 2
12
Dec. 31
3
Jan. 2
3
454 Jan. 2
Jan. 2
$2
50o. Jan. 2
Jan. 2
$1
Jan. 2
$2
234 Jan. 2
Jan. 2
5
234 Jan. 2
Jan. 2
2
Jan. 2
10
Jan. 2
3
Jan. 2
2
Jan. 2
5
Jan. 2
10
Deo. 31
3
Jan. 2
2
Jan. 2
3
Jan. 2
3
134 Jan. 2
Jan. 2
3
Deo. 31
4
Jan. 1
3
Deo. 31
5

Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Deo. 21 to Jan. 10
Dec. 21 to Jan. 1
Holders of reo. Dec. 30a
Holders of reo. Deo. 28a
Holders of reo. Deo. 26a
Holders of rec. Dec. 250
Holders of reo. Deo. 260
Holders of reo. Deo. 21
Holders of reo. Deo. 26a
Holders of reo. Dec. 19a
Holders of reo. Dec. 26
Holders of rec. Dec. 27a
Holders of reo. Dec. 27a
Holders of reo. Dec. 21a
Jan. 14
Deo. 12 to
Jan. 14
Deo. 12 to
Holders of rec. Dec. 17a
Holders of rec. Dec. 17a
Holders of rec. Dec. 28a
Deo. 24 to Jan. 1
Holders of reo. Deo. 26a
Holders of reo. Deo. 31a
Holders of reo. Deo. 20a
Holders of rec. Deo. 13a
Deo. 21 to Jan. 1
Holders of rec. Dec. 31e
Dec. 22 to Jan. 1

Deo, 31
Jan. 2
Jan. 2
Jan. 2
Dec. 31
Dec. 31
Deo. 31
Dec. 31
Dec. 31
Jan. 10
Deo. 31
Dec. 31
Jan. 2
Jan. 2
Deo. 31
Dec. 31
Jan. 2
Jan. 2
Jan. 1
Dec. 31
Jan. 2
Dec. 31
Deo. 31
Deo. 31
Jan. 2
Jan. 2

Holders of rec. Dec. 28a
Holders of reo. Dec. 20a
Holders of reo. Dec. 20a
Holders of reo. Deo. 21a
Holders of reo. Deo. 2041
Holders of reo. Dec. 20a
Holders of reo. Dec. 23a
Holders of reo. Dec. 23a
Holders of reo. Deo. 26a Holders of reo. Dec. 31a
Deo. 25 to Jan. 15
Dec. 25 to Jan. 15
Holders of reo. Dec. 23
Holders of reo. Deo. 23
Holders of rec. Dec. 20
Dec. 25 to Jan. 1
Holders of reo. Dec. 28a
Deo. 15 to Jan. 2
Holders of reo. Dec. 20
Holders of reo. Deo. 20
Dec. 22 to Jan. 2
Holders of reo. Dec. 30
Holders of reo. Dec. 14a
Holders of rec. Deo. 23
Holders of reo. Deo. 19a
Holders of rec. Dec. 27

Trust Companies.
Bankers (guar.)
Brooklyn (guar.)
Extra
Central Union (guar.)
Columbia (guar.)
Extra
Empire (guar.)
Extra
Equitable (quar.)
Extra
Fidelity (guar.)
Extra
Fulton (No. 53)
Extra (No. 10)
Guaranty (guar.)
Hudson (guar.)
Irving (guar.)
Lawyers Title & Trust (quar.)(No. 81)
Manufacturers (guar.)
Metropolitan (quar.)(No.88)
New York (guar.)
Peoples, Brooklyn (guar.)
Scandinavian (No. 1)
Title Guarantee & Trust (guar.)
United States
U. S. Mtge. & Trust (guar.)
Fire Insurance.
Continental
Fidelity-Phenix

5
5
10
554
4
2
3
4
5
5
2
2
5
2
5
2
2
134
2
6
8
4
10
5
25
6

$2.50 Jan. 8 Holders of reo. Deo. 28a
Jan. 8 Holders of rec. Dec. 28a
15

Miscellaneous.
Abitibi Power & Paper,Ltd., pt.(guar.) 134 Jan. 2 Holders of reo. Deo. 20
Adirondack Elec Power. pref. (guar.).- 154 Jan. 2 Holders of rec. Dec. 10a
$2
Deo. 31 Holders of rec. Deo. 7
Ahmeek Mining (guar.)(No. 28)
Jan. 15 Holders of reo. Jan. 2
Air Reduction,Inc., corn.(qu.)(No.7)- $1
134 Jan. 15 Holders of rec. Jan. 2
Preferred (guar.)
Jan. 10 Dec. 31 to Jan. 10
4
Alabama Company,common
134 Jan. 10 Dec. 31 to Jan. 10
First and second preferred (quar.)__
134 Jan. 15 Holders of reo. Dec. 31a
Allis-Chalmers Mfg., pref. (guar.)
Jan. 15 Holders of reo. Dec. 31a
Pref. (extra acct. accumulated dive.). it%
$1.50 Dec. 31 Holders of reo. Dec. 17a
Allouez Mining (guar.)
Jan. 15 Holders of rec. Dec. 23a
Amer. Agrio. Ch., corn. (nu.)(No. 29). 2
134 Jan. 15 Holders of reo. Deo. 23a
Preferred(guar.) (No. 54)
750. Jan. 2 Holders of rec. Dec. 164
American Bank Note, preferred (quar.).
Amer. Beet Sugar, pref.(quar.)(No.78) 134 Deo. 31 Holders of reo. Dec. 14a
Amer. Brake Shoe & Fdy., corn.(guar.) 134 Deo. 31 Holders of rec. Dec. 20a
3
Dec. 31 Holders of rm. Dec. 204
Preferred (quar.)
134 Jan. 2 Holders of reo. Dec. 1641
American Can, preferred (guar.)
Jan. 1 Holders of rm. Deo. 12a
Amer. Car & Fdry., corn.(qu.)(No.65) 2
134 Jan. 1 Holders of reo. Deo. 12a
Preferred (guar.)(No. 79)
Feb. 1 *Holders of reo. Jan. 18
*1
American Chicle, common
134 Jan. 2 Holders of rec. Dec. 20
American Chicle. preferred (quar.)___
134 Jan. 2 Holders of reo. Dec. 14a
American Cigar, preferred (guar.)
$2
Dec. 21 Holders of reo. Dec. 20a
American Coal
134 Jan. 2 Holders of reo. Nov. 30a
American Express (guar.)
2 Holders of reo. Dec. 18
Jan.
234
35)
(No.
(qu.)
corn.
Elec.,
&
Amer. Gas
Jan. 2 Holders of reo. Dec. 18
Common (payable in common stock)_ /2
134 Feb. 1 Holders of reo. Jan. 18
Preferred (guar.) (No. 48)
Jan. I Deo. 21 to Jan. 1
American Hardware Corporation (guar.). 2
2
Jan. 1 Dec. 21 to Jan. 1
Extra
Jan. 2 Holders of rec. Dec. 14a
preferred.-134
Leather,
&
Hide
American
Amer.Internat. Corp.,corn.& pref.(111.) 90o Deo. 31 Holders of reo. Deo. 16a
Am.La France Fire Eng.,Ino ,com.(qu.) 134 Feb. 15 Holders of reo. Feb. 8
154 Jan. 2 Holders of rec. Deo. 21a
Preferred (guar.)
Amer Laundry Machinery, pref. (guar.) 134 Jan. 15 Jan. 5 to Jan. 15
1341 Jan. 2 Holders of reo. Dec. 16a
American Linseed, preferred (guar.)...
American Locomotive, corn.(quar.).... 134 Jan. 3 Holders of reo. Deo. 18a
134 Jan. 21 Holders of reo. Jan. 3a
Preferred (guar.)
American Multigraph, preferred (gear.).. 194 Jan. 1 ,Deo. 21 to Jan. 1
134 Jan. 2 Deo. 25 to Jan. 2
American Piano, preferred (gear.)
Amer. Power cit Light, pl. (get.) (No. 37) 134 Jan. 2 Holders of rec. Dec. 26a
134 Jan., 2 Holders of reo. Deo. 14
Amer. Public Service, pref. (guar.)._
9134 Jan. 1 Holders of rec. Deo. 20a
Amer.Public Utilities, pref.(quar.)
Deo. 31 Dec. 22 to Dec. 31
American Radiator, common (guar.)... 3
50c. Jan. 15 Holders of rec. Deo. 31a
Amer. Rolling Mill, common (quar.)___
25c. Jan. 15 Holders of reo. Dec. 31a
Common (extra)
Feb. 1 *Holders of reo. Deo. 31a
Common (payable in common stock)_ *5
134 Jan. 15 Holders of rec. Deo. 21a
Preferred (guar.)
134 Dec. 31 Holders of reo. Dec. 24a
American Screw (guar.)
Dec. 31 Holders of reo. Dec. 24a
Extra
Jan. 15 Holders of reo. Deo. 31a
American Seeding Machine, corn. (guar.) 1
134 Jan. 15 Holders of rec. Deo. 31a
Preferred (guar.)
Amer. Smelters Securities, pref. A (qu.) 134 Jan, 2 Deo. 14 to Dec. 22
134 Jan. 2 Deo. 14 to Deo. 22
, Preferred B (guar.)
3
Jan. 2 Holders of reo. Deo. 14a
American Snuff, common (guar.)
134
Jan. 2 Holders of reo. Dec. 14a
Preferred (guar.)
154 Deo. 31 Holders of rec. Deo. 14a
American Steel Foundries (guar.)
Extra (payable in 434% L.L. bonds) m 134 Deo. 31 Holders of rec. Deo. 14a
American Stores, first preferred (guar.). 131 Jan. 2 Dec. 21 to Jan. 1
134 Jan. 1 Deo. 21 to Jan. 1
Second preferred (guar.)
Amer.Sugar Refining,corn.& pref.(MI./ 134 Jan. 2 Holders of rec. Dec. 2a
% Jan. 2 Holders of reo. Deo. 2a
Common (extra)
Dec. 31 Holders of rep. Deo. 21a
American Surety (quar.) (No. 118)____ $1
Jan. 15 Holders of reo. Deo. 20a
American Telephone & Telegraph (guar.) 2
1234c. Jan. 1 Nov. 15 to Nov.80
American Thread, preferred
134 Jan. 2 Holders of rm. Deo. 14a
American Tobacco, preferred (quar.)___
1
Jan. 15 Holders of rec. Jan. 10a
American Type Founders, corn.(quar.)_
134 Jan. 15 Holders of reo. Jan. 10a
Preferred (guar.)
Jan. 1 Holders of reo. Deo. 23a
(qu.).
pf.
Mach.,
154
Amer. Window Glass
134 Jan. 15 Dec. 17 to Deo. 29
American Woolen, common (quar.)__
Feb. 1 Dec. 17 to Deo. 29
Common (payable in Liberty Ln.bds.) 15
134 Jan. 15 Dec. 17 to Dec. 29
Preferred (guar.)
Jan. 2 Holders of reo. Deo. 17
81
Amoskeag Manufacturing
$2.25 Jan. 2 Holders of rec. Deo. 17
Preferred
$1.50 Feb. 24 Holders of reo. Jan. 18
Anaconda Copper Mining
Jan. 15 Holders of coup. No. 16
15
Anglo-Amertean 011, Ltd
134 Jan. 1 Dec. 15 to Dec. 31
Armour & Co.. pref. (guar.)(No.2)._
Asbestos Corp.ot Can.,Ltd.,com.(No:1) .134 Jan. 15 Holders of reo. Jan. 1
134 Jan. 15 Holders of rec. Jan. 1
Preferred (guar.)
Feb. 1 Holders of reo. Deo. 30a
Atlantic Gulf & W.I.SS. L.,common__ $5
134 Jan. 1 Holders of rec. Deo. 10a
Preferred (guar.)

DEC. 28 1918.]

THE CHRONICLE
When
C.
P
sent Payable.

Books Closed.
Days Inclusive.

2151
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Associated Oil (guar.)
1g Jan. 15 Holders of reo. Dec. 31a Eastman Kodak,common (guar.)
234 Jan. 2 Holders of reo. Nov.30
Atlantic Steel,common (guar.)
1% Jan. 2 Dec. 22 to Jan. 3
Common (extra)
734 Jan. 2 Holders of rec. Nov.30
Common (extra)
5
Jan. 2 Dec. 22 to Jan. 3
Preferred (guar.)
134 Jan. 2 Holders of reo. Nov.30
Autosales Corporation, preferred (guar.) $1
Dec. 30 Holders of reo. Dec. 16
Edmunds & Jones Corp., pref. (guar.)
134 Jan. 2 Dec. 21 to Jan. 1
Avery Co., preferred (guar.)
1( Jan. 2 Dec. 24 to Jan. 2
Eisenlohr (Otto) & Bros.. Inc. pf.(cm.).
134 Jan. 1 Holders of rec. Dec. 20a
Babcock & Wilcox Co. (guar.)
2
Jan. 3 Holders of rec. Dec. 31a Electric Light & Power Co. of Abington
Baldwin Locomotive Works, preferred_ 3% Jan. 1 Holders of rec. Dec. 7a
and Rock,lated, Mass.(No.51)
4
Jan. 2 Holders of rec. Dec. 26
BaltimoreElectric, preferred
$1.25 Jan. 2 Holders of rec. Dec. 14a Electrical Securities Corp., corn. (qu.)
2
Dec. 31 Holders of reo. Dec. 28a
Baltimore Tube, Inc., pref. (guar.)..._
Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 24a
Barnhart Bros. & SpindlerElec. Storage Battery,corn.& pref.(qu.) 1
Jan.
2 Holders of rec. Doe. 16a
First and second preferred (guar.)
Feb. 1 Holders of rec. Jan. 27a Elyria Iron & Steel, preferred (gear.)....
'
1
154 Jan. 2 Holders of reo. Doe. 27a
Barrett Co., common (guar.)
Jan. 2 Holders of rec. Dec. 21a Emerson-Branangham, preferred (guar.). *134
Feb.
1 *Holders of rec. Jan. 18
Common (extra)
Jan. 2 Holders of rec. Dec. 21a Empire Steel & Iron, preferred
3
Jan. 2 Holders of rect. Dec. 20
Preferred (guar.)
1% Jan. 15 Holders of reo. Dec. 30a
Pref. (account accum. dividends)
h2
Jan. 2 Holders of rec. Dec. 20
Beatrice Creamery, common (special)_ 3% Dec. 14 Dec. 11 to Dec. 15
Eureka Pipe Line (guar.)
5
Feb. 1 Holders of rec. Jan. 15
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of reo. Dec. 31a Everett, Heaney & Co., Inc. (guar.)._ *50c. Jan.
10 *Holders of reo. Dec. 31
Bell Telep. of Pennsylvania (guar.)
Jan. 15 *Holders of rec. Jan. 6
Fairbanks Co., pref. (guar.)
2
Jan. 1 Dec. 27 to Dee. 31
Bethlehem Steel,common (guar.)
2% Jan. 2 Holders of rec. Dec. 16a Fairbanks, Morse & Co.,common
*3
Jan
1
Common B (guar.)
2% Jan. 2 Holders of reo. Dec. 16a Finance & Trading Corp., pref. guar.)._
134 Jan. 2 Holders of rec. Dec. 31a
Cum. cony. pref. (guar.)
2
Jan. 2 Holders of rec. Dec. 16a Firestone Tire & Rubber, corn. (guar
Dec. 20 Holders of rec. Doe. 104
$1.50
Non-cum. preferred (guar.)
1% Jan. 2 Holders of reo. Dec. 16a
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 31a
Billings & Spencer Co. (guar.)
750. Jan. 1 Holders of rec. Dec. 19a FultonMot.Truck,pf.(acct.accum.divs.) 134
11 1-3h Jan. 10 Holders of reo. Nov.18
Extra
500. Jan. 1 Holders of rec. Dec. 19a Galena-Signal Oil, preferred
Dec. 31 Holders of reo. Nov.30a
2
Special
$1.25 Jan. 1 Holders of rec. Dec. 19a
New preferred
Dec. 31 Holders of rec. Nov.30a
Bingham Mines Co.(No. 7)
m50c. Deo. 31 Holders of rec. Dec. 20a General Baking pref. (guar.) (No. 28)_ 2
1
Jan. 1 Holders of rec. Dec. 14
Blumenthal (F.) Co., corn. & pf. (guar.) 13 Dec. 31 Holders of reo. Dee. 30a General Chemical,common (extra)
23,4 Feb. 1 Holders of rec. Dee. 31a
Booth Fisheries, common (guar.)
50c. Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
134 Jan. 2 Holders of reo. Doe. I80
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 14a General Electric (guar.)
Jan. 15 Holders of reo. Dec. Ta
2
Brandram-Henderson, Ltd., pref.(qu.).
Jan. 2 Holders of rec. Nov.30a
Extra (payable in stock)
Jan. 15 Holders of reo. Doe. 7a
Brier Hill Steel, common (guar.)
1% Jan. 2 Dec. 21 to Jan. 1
General Fireproofing, corn. & pref.(guar.) 4,20
134 *Jan 1
Common (extra)
3% Jan. 2 Dec. 21 to Jan. 1
General Ry.
.Signal, corn.(qu.)(No. 22) 134 Jan. 2 Holders
of rec. Doe. 20
Preferred (guar.)
1% Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)(No. 58)
134 Jan. 2 Holders of reo. Dec. 20
Brooklyn Union Gas (guar.)
1)4 Jan. 2 Holders of reo. Dec. 12a General Tire Sr Rubber, pref. (guar
154 Jan. 1 Holders of rec. Dec. 20
Brunswick-Balke-Collender, pf. (guar.)- 1% Jan. 1 Dec. 21 to Dec. 31
Gold & Stock Telegraph (guar.)
134 Jan. 2 Holders of rec. Dee. 31a
Bucyrus Co., pref. (guar.) (No. 15)-Jan. 2 Holders of rec. Dec. 20a Goodrich (B. F.) Co., common (quar.)- 1
1
Feb. 15 Holders of reo. Feb. Sc
Buffalo General Elec. (guar.) (No. 97) 2
Dec. 31 Holders of rec. Dec. 20a
Preferred (guar.)
Jan. 2 Holders of rec. Doe. 20a
134
Bush Terminal,common
Jan.
15
*Holders of rec. Jan. 6
'254
Gorham Manufacturing, pref. (guar.).Jan.
2 Holders of rec. Dec. 24
134
Common (payable in corn. stock)
*12% Jan. 15 *Holders of rec. Jan. 6
Goulds Mfg., common (guar.)
134 Jan. 2 Holders of rec. Doe. 20
*194 Jan. 2 *Holders of rec.
Bush Terminal Bldg., pref. (guar.)
Preferred (guar.)
Dec. 31
Jan. 2 Holders of rec. Dec. 20
134
California Elec. Generating, pt. (guar.)- 1% Jan. 2 Holders of rec. Dec. 21
Granby Cons. M.,S.& Power,Ltd.(qu.)
California Packing Corp., pref. (guar.). 15( Jan. 1 Holders of reo. Dec. 16a Grasselli Chemical, common (guar.)... *234 Feb. 1 *Holders of rec. Jan. 17
134 Dec. 31 Holders of rec. Doe. 154
California Petroleum, pref. (quar.)
1% Jan. 1 Holders of reo. Dec. 20a
Common (payable in common stock)_ A
Dec. 31 Holders of rec. Dec. 15a
Pref. (account accum. dividends).
h2
Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
13.4 Dec. 31 Holders of rec. Dec. 15a
Calumet & Hecia Mining (guar.)
$15 Dec. 31 Holders of rec. Dec. 7
Gray & Davis, Inc., preferred (guar.)
Jan. 2 Holders of rec. Dec. 20
134
Canada Cement,Ltd.com.(quar.)(No.11) 1% Jan. 16 Holders of rec. Dec. 31
Pref (accou,t accumulated dividends).
h834 Jan. 2 Holders of rec. Dec. 20
Canada Steamship Lines, pref. (guar.)- 1% Jan. 2 Holders of reo. Dec. 14
Great Lakes Steamship (guar.)
*2
Jan. 2 *Holders of rec. Dec. 23
Canadian Car & Foundry, pref.(guar.). 1% Jan. 10 Holders of rec. Jan.
Extra
la
Jan. 2 *Holders of rec. Dec. 23
*2
Canadian Cottons,Ltd.,com.& pf.(qu.) 1% Jan. 4 Dec. 25 to Jan. 3
Great Lakes Towing, corn. (guar.)_ 134 Dec. 31 Dec. 16 to Jan. 1
Canadian Consol. Rubber,Ltd.. pf.(qu.) 1% Dec. 31 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 1 Dec. 16 to Jan. 1
Can. Crocker-Wheeler, corn. & pf. (qu.) Ig Dec. 31 Dec. 21 to Dec. 31
Great Lakes Transit Corp., corn. (qu.) $1.75
Jan. 1 Holders of rec. Dec. 23
Canadian Fairbanks-Morse, pf. (No. 27) 3
Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 23
Canadian General Electric, Ltd., corn.
Great Western Sugar, common (guar.).
Jan. 2 Holders of reo. Doe. 14a
134
(guar.)(No. 78)
2
Jan. 1 Holders of reo. Dec. 14
Common (payable in L. L. bonds).- 10m Jan. 2 Holders
of reo. Doe, 14a
Canadian Locomotive, common (guar.)._
1% Jan. 1 Holders of rec. Dec. 20
rreierrtd (guar.)
154 Jan. 2 Holders of reo. Dee. 14a
Preferred (guar.)
Ig Jan. 1 Holders of reo. Dec. 20
Guantanamo Sugar (guar.)
$1.25 Jan. 2 Holders of reo. Doe. 19a
Canadian Westinghouse, Ltd.(guar.).
1% Jan. 1 Holders of reo. Dec. 20
Gulf States Steel, common (guar.)
Extra
234 Jan. 2 Holders of rec. Doe. 16a
2
Jan. 1 Holders of reo. Dec. 20
First preferred (guar.)
IM Jan. 2 Holders of reel. Doe. 16a
Carbon Steel, common (guar.)
2
Jan. 15 Holders of reo. Jan. 10
Second preferred (guar.)
13.4 Jan. 2 Holders of rec. Dec. 164
Common (extra)
3
Jan. 15 Holders of rec. Jan. 10
Harbison-Walker Refract., con. (extra).- .1,3
Jan. 25 *Holders of rec. Jan. 15
First preferred
u4
Mar. 31 Holders of rec. Sept.26
Harbison-Walker Refract.. pref. (guar.) 134 Jan. 20
Holders of reo. Jan. 10a
Second preferred (annual)
6
July 30 Holders of rec. July 26
Harrisburg Light & Power,common
Carbo-Hydrogen Co. of America, pref. 331 Dec. 31 Holders of rec. Dec.
$1.123.4 Doe. 27 Holders of rec. Doe. 18a
Preferred (guar.)
20
75a. Dec. 31 Holders of rec. Dec. 18a
Cardenas-American Sugar, pref. (guar.). 134 Jan. 2 Holders of reo. Dec.
Hart,
Schaffner & Marx, Inc.. pf. (qu.)
Dec. 31 Holders of reo. Dec. 20a
Case (J. I.) Thresh. Mach., pref.(guar.) 1% Jan. 1 Holders of rec. Dec. 26
Hartford City Gas Lt., com.& pf. (qu.) 134
16
500. Dec. 31 Doe. 17 to Jan. 1
Celluloid Company (guar.)
2
Dec. 31 Holders of reo. Dec. 16a Haskell & Barker Car (guar.)
$1
Jan. 2 Holders of rec. Doe. 16a
Extra
2
Dee. 31 Holders of reo. Dec. 16a Haverhill Gas Light (guar.) (No. 92)
Jan. 2 Holders of rec. Dec. 21a
Centennial Copper Mining (No.4)
$1 Dec. 31 Holders of reo. Dec. 7
Helme ((leo. W.) Co., common (guar.) $1.1234 Jan.
2 Holders of reo. Dee. 14a
Central Agutrre Sugar Cos. (quar.)___ _
234
254 Jan. 1 Holders of rec. Dec. 21a
Preferred (guar.)
Jan.
134
2 Holders of rec. Doe. 14a
Central Coal & Coke, common (guar.). 1% Jan. 15 Holders of reo. Dec.
31a Hendee Mfg., pref. (guar.) (No. 21)
Preferred (guar.)
134 Jan. 2 Holders of reo. Dee. 20
13( Jan. 15 Holders of reo. Dec. 31a Howe Scale, common (guar.)
1
Jan. 1 Holders of rec. Doe. 27a
Central Foundry, ordinary pref. (guar.)
154 Jan. 15 Holders of reo. Dec. 31a
Preferred (guar.)
First preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 27a
2
Jan. 15 Holders of rec. Dec. 31a Howe Sound Co.(guar.)
Sc. Jan. 15 Holders of rec. Doe. 31
Central Leather, common (guar.)
134 Feb. 1 Holders of rec. Jan. 10
Huntington Devel. & Gas, pref. (guar.)
Central Leather, preferred (guar.)
Jan. 2 Holders of reo. Dec. 10a Hupp Mot. Car Corp., pi.(qu.)(No.13) 134 Jan. 2 Holders of rec. Doe. 26
154 Jan. 2 Holders of reo. Dec. 20
Central & South American Telegraph (qu.) 154 Jan. 9 Holders of rec.
Dec. 31a Illinois Pipe Line
6
Doe. 31 Dec. 1 to Doe. 22.
Cent.States Elec. Corp., pf.(qu.)(No.28)
Dec. 31 Holders of reo. Dec. 10
Indiana Pipe Line (gear.)
$2
Feb. 15 Holders of rec. Jan. 25
Certain-teed Products Corn.
Extra
$1.50 Feb. 15 Holders of rec. Jan. 25
1st & 2d pref.(guar.)(No.8)
134 Jan. 1 Holders of reo. Dec. 20a Ingersoll-Rand Co., preferred
3
Jan. 1 Holders of rec. Dec. 14a
Chandler Motor Car (guar.)
3
Jan. 2 Holders of rec. Dec. 17a inspiration Consol. Copper Co. (guar.)
$2
Jan. 27 Holders of rec. Jan. 101
Charcoal Iron of America, corn,(guar.).
200. Dec. 31 Holders of rec. Dec. 16
Int. Agric. Corp., pref. (guar.)
Preferred
154 Jan. 15 Holders of roe. Dec. 310
300. Dec. 31 Holders of reo. Dec. 16
Internat. Buttonhole Sewing Mach.(qu.) 10o.
Jan.
Chicago Railway Equipment (quar.)Jan. 1 *Holders of reo. Dec. 20
International Harvester. corn. (guar.). 134 Jan. 2 Holders of rec. Dec. 16
15 Holders of rec. Doe. 24a
Chicago Telephone (guar.)
2
Dee. 31 Holders of reo. pee. 30a International Mercantile Marine, pref._
3
Feb. 1 Holders of rec. Jan. 15a
Chino Copper (guar.)
$1
Dec. 31 Holders of rec. Dec. 16
International Paper, preferred (guar.)
Jan. 15 Holders of rec. Jan. 6a
134
Cincinnati Gas & Electric (guar.)
15( Jan. 2 Dec. 15 to Dec. 22
International Salt (guar.)
Cincinnati Gas Transportallon (annual).- 10
Jan. 2 Holders of rec. Dec. 17a International Silver, preferred (gear.)..... 154 Jan. 1 Holders of rec. Dec. 14a
154 Jan. 1 Dee, 18 to Jan. 1
Cin. & Suburban Bell Telep. ((Mar.).- $1
Jan. 2 Holders of
Island Creek Coal,com,and pref.(qu.). $1.50 Jan.
Dec. 24
Citizens Gas & Fuel,Terre Haute,com.(qU.) 3)4 Dec. 28 Holders of reo.
rec. Dec. 19
Isle Royale Copper Co.(guar.)(No. 12) 500. Dee. 1 Holders of rec. Dec. 27a
Preferred (guar.)
31 Holders of rec. Doe. 7
1% Jan. 1 Dec. 20 to Jan. 1
Jewel
Tea,
Inc..
pref.
(guar.)
134 Jan. 2 Holders of rec. Doe. 20a
City Investing, preferred (guar.)
154 Jan. 2 Holders
Kansas Gas & Elec., PI.(qu.)(No. 35).. 134 Jan.
Cleveland-Akron Bag. common (guar.). 134 Jan. 1 Dec. 22 of reo. Dec. 26
KaufmannDept. Stores, Inc., pf. (qu.) 134 Jan. 2 Holders of rec. Doe. 23
to Jan. I
2 Holders of rec. Dec. 20
Common (extra)
4% Jan. 1 Dec. 22 to Jan. 1
Kayser (Julius) & Co., common (guar.) 2
Jan. 1
Cleveland Automatic Mach., pref. (guar.) 1% Jan. 2 Holders
of reo. Dec. 20a
First and second preferred (guar.)... 134 Feb. 1 Holders of rec. Dec. 20a
Cleveland Worsted Mills (guar.)
1% Dec. 31 Holders of reo. Dee. 20
Kelly-Springfield Tire, preferred (guar.) 134 Jan, 2 Holders of rec. Jan. 20a
Holders of rec. Doe. 18a
Cluett,Peabody&Co.,Pf.(qu3 (No. 24).
Jan. 1 Holders of reo. Dec. 21a Kelsey Co., common (guar.)
Colorado Power, common (guar.)
134 Jan. 1 Holders of rec. Dec. 26
.54 Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
134 Jan. 1 Holders of rec. Doe. 26
Colorado Springs L., H. d2 Pow., pref.__
1% Dec. 31 Holders of reo. Dec. 17a Kennecott Copper Corporation
50c. Dec. 31 Holders of reo. Doe. 10a
Colt's Patent Fire Arms Mfg. (guar.).. $1.50 Dec. 31 Holders
of reo. Dec. 14a
Capital distribution
50o. Dec. 31 Holders of rec. Dec. 10a
Columbia Gas
37%c Dec. 31 Holders of reo. Dec. 21
Keystone Tire & Rubber, corn. (quar.)_
30c. Jan. 2 Holders of rec. Dec. 20a
Columbia Graph'ne Mfg., corn. (guar.) $1.75 Jan. 1 Holders
of
Kolb
reo.
Bakery.
Dec. 16a
pref. (guar.) (No.
134 Jan. 1 Holders of rec. Dec. 14
Preferred (guar.) (No. 3)
1% Jan. 1 Holders of reo. Dec. 16a Kresge (S. S.) Co.,corn.(guar.) 28)
Commonwealth-Edison (guar.)
234 Jan. 2 Holders of reo. Dec. 16a
*2
Feb. 1 *Holders of reo. Jan. 15
Preferred
(guar.)
Commonwealth Finance Corp., pref.__
134 Jan. 2 Holders of rec. Dec. 16a
1% Dec. 31 Holders of rec. Dec. 31
Kress (S. H.) & Co., common (guar.)._
1
Computing-Tabulating-Recording (qu.) 1
Feb. 1 Holders of reo. Jan. 20a
Jan. 10
of rec. Dec. 24a
Preferred (guar.)
134 Jan. 1 Holders of rec. Doe. 20a
Consumers E.L.& P.,New Orl., pf.(qu.) 1% Dec. 31 Holders
Dee.
11
La
Belle
to
Iron
Jan.
Works,
1
common
(guar.)._
1
Dec. 31 Holders of rec. Doe. 17a
Consumers Power (Mich.) pref. (guar.)_
1% Jan. 2 Holders of rec. Dec. 19a
(Common (extra)
Dec. 31 Holders of reo. Dec. 17a
2
Con. Gas, El. L.& P., Balt., corn.(qu.) 2
Jan. 2 Holders of reo. Dec. 14a
Preferred (guar.)
Doe. 31 Holders of reo. Doe. 170
Continental Can,Inc., corn.(quar.)__
2
1% Jan. 1 Holders of reo. Dec. 20a Lackawanna Steel(guar.)
Preferred (guar.)
134 Doe. 31 Holders of reo. Doe. 104
1% Jan. 1 Holders of reo. Dec. 20a Lancaster Gas, Light &
Fuel
$1
Dec. 31 Holders of rec. Dec. 21a
Continental Refining, corn.(monthly)._ y100 Jan. 10
Holders of reo. Dee. 31
Laurentide Co., Ltd.(guar.)
3
Jan. 2 Holders of rec. Dec. 23
Continental Refining, pref. (quar.)_ _ _ _
200. Dec. 31 Holders of reo. Dec.
14a Lawyers' Mortgage Co.(guar.)(No.69) 2
Dec. 31 Holders of rec. Dec. 20
Corn Products Refg., pref. (guar.)
*1% Jan. 15 *Holders of rec.
Lehigh Valley Coal Sales (guar.)
$2
Jan. 2 Holders of rec. Dec. 19
Creamery Package Mfg., corn. (guar.). 1% Jan. 10 Jan. 1 to Jan. 6
Lehigh & Wilkes-Barre Coal
Jan. 15
$3.25 Dec. 28 Holders of rec. Dec. 27a
Preferred (guar.)
1)4 Jan. 10 Jan. 1
Library Bureau, common (guar.)
Jan. 15
1
Jan. 2 Holders of rec. Doe. 21
Cuban-American Sugar, corn. (quar.)_ 2% Jan. 2 Holders of to
rec. Dec. 14a
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
Jan. 2 Holders of reo. Dec.
Liggett & Myers Tobacco, pref. (guar.)
Cuba Cane Sugar, pref.(guar.)
1% Jan. 2 Holders of rec. Dec. 14a Lone
154 Jan. 1 Holders of reo. Dec. 16a
Star Gas (guar.)
2
Dec. 30 Holders of reo. Dec. 236
Curtiss Aeroplane cfc Motor, pref
3% Jan. 15 Holders of rec. Jan. 16a
Loose-Wiles 131scult, 1st pref. (guar.)._
3
13.4 Jan. 1 Holders of rec. Doe. 18
Davis-Daly Copper Co.(No. 2)
25o Dec. 30 Holders of rec. Dec. 10
Lorillard (P.) Co., common (quar.)
3
Jan. 2 Holders of rec. Dec. 14a
Dayton Power & Light, pref. (guar.)..
1% Jan. 2 Holders of reo.
Preferred (guar.)
29a
Delaw. Lack. & West. Coal (guar.)
$1.25 Jan. 15 Holders of reo. Dec.
134 Jan. 2 Holders of rec. Doe. 14a
Lukens
Dec.
Steel,
common
31a
Detroit Edison (guar.)
154 Jan. 15 Dec. 31 to Jan. 14
2
Jan. 15 Holders of rec. Dec. 31a MacAndrews & Forbes, corn.
(guar.)._
234 Jan. 15 Holders of rec. Doe. 31a
Distillers Securities Corporation (guar.)_
54 Jan. 18 Holners of reo. Jan.
Common (extra)
234 Jan. 15 Holders of rec. Dec. 31a
Extra
1% Jan. 18 Holders of rec. Jan. 2a
Preferred (guar.)
154 Jan. 15 Holders of
Dodge Mfg. Co., common (guar.)
1% Jan. 1 Holders of reo. Dec. 2a Mackay
Cos., corn. (guar.) (No. 64).. 134 Jan. 2 Holders of rec. Dec. 31a
28a
Common (extra)
2
reo. Doe. 7a
Jan. 1 Holders of reo. Dee.
Preferred(guar
1
Jan. 2 Holders of rec. Dec. 7a
Preferred (guar.)
134 Jan. 1 Dec.22 to Jan. 28a Magma Copper .)(No. 60)...
1
(guar.)
50c. Jan. 6 Holders of reo. Dec. 20
Dominion Canners, Ltd., pref.(quar.)_.
Jan. 2 Dec. 22 to Dec. 31
Magor
Car
Corp.,
common
(quar.)
$1
Dec.
31 Holders of rec. Dec. 25
Dominion Glass, Ltd., corn.(quar.)
Jan. 1 Holders of rec. Dee. 14
Common (extra)
$2
Dec. 31 Holders of reo. Dec. 25
Preferred (guar.)
Jan. 1 Holders of reo. Dec. 14
Preferred (guar.)
Dominion Iron & Steel, pref. (quar.)--- 134 Jan. 1 Holders of reo.
134 Dec. 31 Holders of rec. Doe. 25
Dec.
Menet'
Sugar,
14
pref.
(guar.)
Dominion Pow.& Trans., Ltd., peel.(qu.)
134 Jan. 2 Holders of rec. Dec. 14
Jan. 15 Dec. 20
Dec. 31
Manhattan Electrical Supply.corn.(qu.) 1
Jan. 2 Holders of reo. Dec. 20a
Dominion Steel Corp.,com.(M1.)(No.49) 1% Jan. 1 Holders of to
reo. Dee. 5
First and second preferred (guar.)._
154 Jan. 2 Holders of reo. Dec. 20a
Dominion Textile, Ltd., corn. (guar.) - 2
Jan. 2 Holders of reo. Dec. 14
Manhattan
Shirt,
(guar.)
pref.
154 Jan. 2 Holders of reo. Doe. 20a
Preferred (guar.)
134 Jan. 15 Holders of reo. Dec. 31
Manning, Maxwell & Moore,Inc.(rm.). 154 Jan. 2
Draper Corporation
Holders of rec. Jan. 2a
Jan. 1 Holders of
Manufacturers' Light & Heat (guar.)._ $1
Jan. 15 Holders of reo. Doe. 31a
Duluth-Edison El., pref. (qu.)(No. 50) 1% Jan. 2 Holders of reo. Dec. 7
Mason Tiro & Rubber, corn. (No.
w2
Feb. 20 Holders of reo. Jan. 31
duPont(E.I.)de Nem.& Co.deb.stk (qu.) 1% Jan. 25 Holders of reo. Dee. 21
Preferred (guar.) (No. 9)
reo. Jan. 10
154 Jan. 1 Holders of rec. Dec. 10
East Butte Copper Mining (No. 3).-..
600. Dee. 31 Holders of reo. Dec. 7
Massachusetts Gas Cos., common (qu.) 134 Feb. 1 Holders
East Coast Fisheries, PI.
of reo. Jan. 15
(No. 4). 1)( Jan. 1 Holders of reo. Deo. 23
Massachusetts Lighting Cos., pref.(qu.) $1.50
Jan. 15 Holders of reo. Dec. 28a
Eastern Steel, common (quar.)
2% Jan. 15 Holders
reo. Jan. 2
Mathieson Alkali Works, corn. (guar.).
75c. Jan. 2 Holders of rec. Doe. 210
Edison Electric Co., Lancaster, Pa. (gu.)- 2% Dec. 31 Holders of
of reo. Dec. 21a
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 21
Name of Company.

134
134

*134

134

134

154

154

WO




Name of Company.

[Void. 107.

THE CHRONICLE

2452
When
Per
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

MIseella neous-(Conduded).
Miscellaneous-(Continued
134 Jan. 10 Holders of rec. Dec. 27
Shawinigan Water & Power (quar.)_ _
May Department Stores, prof. (guar.). 134 Deo. 31 Holders of rec. Dec. 20
134 Jan. 1 Holders of rec. Deo. 20
Sherwin-Williams Co. of Can.. Df.(qu) 1% Dec. 30 Holders of roe. Deo. 15
McCrory Stores Corp., pref. (quar.)_
2
Jan.. 1 Deo. 22 to Jan. 1
Shredded Wheat, common (guar.)
Merchants' Dispatch Transport. (gu.)- 234 Deo. 31 Holders of rec. Dec. 24
134 Jan. 1 Dec. 22 to Jan. 1
Preferred (guar.)
Merchants Public Utilities, pref.(quar.)_- g134 Jan. 1 Holders of rec. Dec. 20a
Mergenthaler Linotype (quar.)(No. 92) 234 Dec. 31 Holders of rec. Deo. 4a Simpson Creek Coal Coal, pref.(quar.). 134 Jan. 1 Holders of rec. Deo. 21
134 Jan. 2 Holders of rec. Deo. 21
Jan. 10 Holders of rec. Dec. 14a Sloss-Sheffield Steel & Iron, pref. (qu.)Mexican Petroleum, common (guar.)._ v2
5
Deo. 31 Deo. 13 to Jan. 1
2
Jan. 2 Holders of roe. Dec. 14a South Penn 011 (quar.)
Preferred (guar.)
5g
Dec. 31 Holders of rec. Deo. 14a
234 Jan. 16 Holders of rec. Dec. 31a South Porto Rico Sugar, corn.(Quar.)
Mexican Telegraph (quar.)
2
Deo. 31 Holders of roe. Deo. 14a
150. Jan. 2 Holders of rec. Dec. 15
Michigan Drop Forge, corn. (monthly)
Preferred (guar.)
31 Holders of roe. D.16
3
Dec.
134
Dec.
of
15
rec.
Jan.
2
Holders
(guar.).
Lines
Pipe
Preferred (guar.)
S. W. Pennsylvania
134 Jan. 2 Holders of rec. Dec. 16a Southwestern Cities Elec., pref. (guar.) 134 Jan. 2 Holders of roe. Dec. 16
Michigan Light, preferred (quar.)
2
Jan. 2 Holders of rec. Deo. 20
Michigan State Telephone, pref. (guar.) 134 Dec. 31 Holders of rec. Dec. 24a Spicer Mfg., 1st pref. (guar.)
1
Jan. 1 Holders of rec. Deo. 140
Montana Power, corn.(guar.)(No. 25). 134 Jan. 2 Holders of rec. Dec. 140 Standard 011 Cloth,Inc.,corn.(quar.)_ _
1
Jan. 1 Holders of rec. Deo. 14a
134 Jan. 2 Holders of rec. Deo. 14a
Preferred (guar.) (No. 25)
Common (extra)
1%
Jan.
1 Holders of rec. Deo. 14a
20a
134
roe.
Jan.
1
(guar.)
Dec.
of
Holders
18)
(No.
pref.
(guar.)
B
and
Co.,
A
&
Ward
Preferred
Montgomery
3
Jan. 2 Deo. 15 to Jan. 2
2
Jan 15 Jan. 1 to Jan. 15
Montreal Telegraph (guar.)
Standard Oil (Kentucky) (guar.)
3
3
Jan. 1 Nov. 30 to Dec. 18
Feb. 1 Holders of no Dec. 20
Morris Plan Co
Standard.011 (Ohio) (quar.)
1
Jan. 1 Nov.30 to Deo. 18
134 Dee. 31 Holders of rec. Dec. 23
Mortgage Bond Co.(guar.)
Extra
1% Jan. 1 Dec. 21 to Deo. 31
Mt.Vernon-Woodberry Mills,Inc., pref. *334 Jan. 15 *Holders of rec. Jan. 2
Standard Parts, preferred (guar.)
6
1% Jan. 15 Holders of rec. Deo. 31a Standard Screw, common (guar.)
Jan. 1 Holders of rec. Deo. 14a
Mountain Slates Telep. & Teleg.(guar.)_ _
3
Jan. 1 Holders of rec. Deo. 14a
$1 Jan. 2 Holders of rec. Deo. 14a
Narragansett Elec. Lighting (quar.)__ _ _
Preferred
2 Dec. 31 Holders of rec. Dec. 26
Nassau Light & Power (guar.)
Steel Co. of Canada,corn.(qu.)(No.8). 114 Feb. 1 Holders of rec. Jan. 10
134
Feb. 1 Holders of roe. Jan. 10
*134
20
rec.
2
Deo.
of
(quar.).
*Holders
Jan.
p1.
Chem.,
30)
(No.
National Aniline &
Preferred (guar.)
Jan. 15 *Holders of rec. Jan. 1
*15
Preferred (account accumulated dim) sh334 Jan. 15 *Holders of rec. Dec. 20
Stetson (J. B.) Co., common
*4
134 Jan, 15 Holders of rec. Deo. 30a
Jan. 15 *Holders of rec. Jan. 1
National Biscuit, corn.(guar.)(No.82)Preferred
750. Jan. 2 Holders of rec. Dec. 16
134 Dec. 30 Dec. 21 to Jan. 4
National Casket (guar.)
Stromberg Carburetor (guar.)
25c. Jan. 2 Holders of reo. Deo. 16
134 Jan. 15 Holders of roe. Jan. 8a
Nat. Cloak & Suit, corn. (qu.)(No. 8)Extra
134 Deo. 31 Holders of rec. Deo. lla Stutz Motor Car of America (quar.)___ _ $1.25 Jan. 2 Holders of roe. Dec. lea
Nat. Enamel & Stpg., pref. (quar.)__.._
134 Jan. 2 Holders of roe. Deo. 20a
234 Jan. 15 Holders of rec. Deo. 31a Subway Realty (quar.)
National Fuel Gas (guar.)
413,6
Feb. 1 *Holders of rec. Jan. 15
2
Jan. 1 Holders of rec. Deo. 160 Superior Steel, common
National Glue, coin. & pref. (quar.)
*2
Feb. 15 *Holders of rec. Feb. 1
2
Deo. 31 Deo. 21 to Jan. 1
First and second preferred (guar.)
National Grocer, common (guar.)
2
Jan. 1 Deo. 8 to Jan. 9
3
Deo. 31 Den. 21 to Jan. 1
Swift & Co.(guar.)(No. 132)
Preferred
234 Dec. 31 Holders of roe. Deo. 2
National Ice & Coal,first pref. (guar.)- 134 Jan. 2 Holders of roe. Deo. 20a Texas Company (quar.)
1% Deo: 30 Holders of rec. Deo. 19a
134 Deo. 31 Holders of roe. Deo. 13a Texas Pacific Coal & Oil (guar.)
National Lead, common (guar.)
5
Deo. 30 Holders of rec. Deo. 190
National Licorice, pref. (qu.) (No. 66)- 134 Deo. 31 Holders of roe. Deo. 24
Special
2
Dec. 31 Holders of roe. Deo. 9a
(quar.) 134 Jan, 2 Dec. 27 to Jan. 1
National Light, Heat & Pow.,
Tide Water Oil (quar.)
la
Jan.
3
Deo. 31 Holders of rec. Deo. 9a
roe.
15
of
20e.
Jan,
Holders
National Oil, pref. (guar.)
Extra
2
Jan. 15 Holders of rec. Deo. 31a Tobacco Prod., corn.(pay,in corn. stk.) 101 Jan. 15 Holders of roe. Jan. 2a
National Paper & Type, corn. (guar.)._
1;4 Jan. 2 Holders of rec. Deo. 21a
134 Jan, 15 Holders of roe. Deo. 31a
Preferred (guar.)
Preferred (guar.) (No. 24)
5c. Jan. 1 Dec. 12 to Deo. 22
2
Jan. 1 Holders of rec. Deo. 15a Tonopah Extension Mining
National Refining, preferred (guar.)
3
Jan, 2 Dec. 22 to Jan. 1
134 Jan. 2 Holders of reo. Deo. 9
Toronto Paper Mfg., Ltd
National Sugar Refining (quar.)
1
3
Jan. 2 Deo. 22 to Jan. 1
Jan. 2 Holders of roe. Deo. 20a
National Surety (guar.)
Extra
75o Jan. 1 Holders of roe. Dec. 21a
3
Jan. 2 Holders of rec. Deo. 23
National Tool, common (guar.)
Torrington Company, common (quar.)_
250 Jan. 1 IIolders of roe. Dec. 21a
134 Jan. 2 Holders of rec. Deo. 23
Preferred (guar.)
Common (extra)
75c Dec. 31 Holders of rec. Deo. 160 Transue & Williams Steel Forg.,com.(911.) $1.25 Jan. 15 Holders of rec. Deo. 31a
Nevada Consol. Copper (guar.)
134 Dec. 31 Holders of rec. Dec. 18
1% Jan. 1 Dec. 21 to Deo. 31
New England Telep. & Teleg. (quar.)
Trumbull Steel, common (guar.)
25e. Jan. 1 Holders of rec. Dec. 24
234 Jan. 1 Dec. 21 to Dec. 31
New Idria Quicksilver Mining (quar.)
Common (extra)
*4
Feb. 10 *Holders of rec. Jan. 31
154 Jan. 1 Deo. 21 to Dec. 31
New Jersey Zinc (guar.)
Preferred (guar.)
214 Feb. 15 Holders of roe. Feb. 4
New York Dock, common (No. 1)
Underwood Typewriter,common (quar.) 1% Jan. 1 Holders of roe. Deo. 14a
5
Jan. 1 Holders of roe. Deo. 19a
234 Jan. 16 Holders of rec. Jan. 4a
Preferred
Common (extra)
4
Jan. 10 Holders of rec. Dec. 27a
1;4 Jan. 1 Holders of roe. Deo. 14a
New York MWual Gas Light
Preferred (quar.)
134 Jan. 2 Holders of rec. Deo. 20
$1.25 Jan. 1 Holders of roe. Deo. 12a
New York Title & Mortgage (guar.)._
Union Carbide & Carbon (quar.)
4
Jan. 15 Holders of roe. Dec. 21
New York Transit (quar.)
Union Natural Gas(guar.)(No.62)...... 214 Jan. 15 Holders of rec. Deo. 31a
1% Jan. 2 Holders of roe. Deo. 16a
250. Jan. 20 Jan. 1 to Jan. 17
Nipissing Mines, Ltd. (guar.)
United Drug,common (guar.)(No.8)
1
25o. Jan. 20 Jan. 1 to Jan. 17
Jan. 2 Holders of roe. Deo. 16a
Extra
Common (extra) (No. 9)
*Ix Feb. 1 *Holders of rec. Jan. 15
134 Jan. 2 Holders of rec. Dec. 16a United Drug, 1st pref.(pa(.)
North American Co. (quar.)
Jan. 15 Holders of rec. Deo. 31a United Dyewood, corn.(guar.)(No. 9).. 134 Jan. 2 Holders of rec. Dee. 140
3
Northern Ontario Light & Power, pref.._
5
Jan. 2 Holders of reo. Deo. 13
1% Jan. 2 Holders of rec. Deo. 14a
Northern Pipe Line
Preferred (quar.)(No. 9)
Jan. 15 Holders of rec. Deo. 20a
2
Northwestern Electric, pro!. (quar.)_ _ *134 Jan. 1 *Holders of rec. Deo. 24
United Fruit (guar.) (No. 78)
75c. Jan. 2 Holders of rec. Deo. 310 United Gas Improvement (quar.)
$1 Jan. 15 Holders of roe. Deo. 31a
Northwestern Telegraph (quar.)
134 Jan. 15 Holders of rec. Jan. la
Nova Scotia Steel & Coal, corn. (guar.) 134 Jan. 2 Holders of reo. Dec. 14a United Paper Board, pref. (guar.)
2
Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
United Shoe Machinery, corn. (quar.)_ _ 50c. Jan. 4 Holders of roe. Deo. 17
Jan. 2 Holders of roe. Dec. 24a
3734c Jan. 4 Holders of rec. Doe..17
Ogilvie Flour Mills, Ltd., corn. (quar.)- 3
Preferred (guar.)
114 Jan. 15 Holders of rec. Deo. 31
1% Jan. .2 Holders of rec. Deo. 20a
Ohio'Brass, preferred (guar.)
United Utilities, preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 14a United Verde Extension Mining (guar.). 50o. Feb. 1 Holders of rec. Jan. 3(1
Ohio Cities Gas, preferred (guar.)
31a
Deo.
Feb. 1 Holders of roe. Jan. 3a
rec.
of
28e.
6234c
15
Holders
Jan.
(quar.)
Supply
Ohio Fuel
Extra
114 Dec. 31 Deo. 12 to Deo. 31
‘50c. Jan. 15 Holders of roe. Dec. 31a U.S. Bobbin & Shuttle,corn.(guar.)._ _
Extra (payable in Liberty Ln.
134 Deo. 31 Dec. 12 to Deo. 31
$1.25 Deo. 31 Dec. 3 to Deo. 29
Ohio 011 (quar.)
Preferred (guar.)
$4.75 Deo. 31 Deo. 3 to Dec. 29
35 Jan. 1 Holders of rect. Dec. 200
Extra
U.S. Gauge,common
$1.75 Jan. 1 Holders of rec. Deo. 20a
Ohio State Telephone, pref. (guar.).-- 134 Jan. 1 Holders of rec. Dec. 20a
Preferred
550e. Jan. 20 *Holders of roe. Jan. 3
134 Jan. 15 Holders of rec. Dec. 31w
Oklahoma Natural Gas
S. Industrial Alcohol, pref. (quar.)
U.
Oklahoma Producing & Refining (quar.) 12340 Jan. 3 Holders of rec. Deo. 20a U.S. Smelt., Refg & Mm.,corn.(guar.). *11.25 Jan. 15 *Holders of rec. Jan. 3
$1
*8714c Jan. 15 *Holders of rec. Jan. 3
Dec. 31 Holders of rec. Deo. 17a
Old Dominion Co. (guar.)
Preferred (guar.)
60e. Jan. 4 Holders of rec. Dec. 20a U.S. Steamship (bi-monthly)
10o. Jan. 2 Holders of roe. Deo. 16
Ontario Silver Mining (guar.)
Sc. Jan. 2 Holders of roe. Deo. 16
Qaceola Consol. Mining (quar.)(No.93) $2 Deo. 31 Holders of roe. Dec. 7
Extra
1m Deo. 30 Nov.30 to Deo. 2
114 Jan. 15 Holders of rec. Dec. 31
Otis Elevator, common (guar.)
S. Steel Corp.. coin.(quar.)
U.
134 Jan. 15 Holders of rec. Dec. 31
2
Deo. 30 Nov. 30 to Deo. 2
Preferred (quar.)
Common (extra)
1
Jan. 2 Holders of rec. Deo. 15a Utah Copper (guar.)
$2.50 Deo. 31 Holders of rec. Deo. 16a
Ottawa Car Mfg. (quar.)
2
Jan, 2 Holders of roe. Deo. 15a
gin Jan. 1 Holders of rec. Deo. 20a
Bonus
Utah Gas & Coke, preferred (quar.)
Feb. 1 Holders of rec. Jan. 15a
134 Jan. 1 Holders of rec. Dec. 20
Ottawa L., H.& Power (quar.)
Va.-Carolina Chem.,corn.(qu.)(No.46) 1
2
Jan. 15 Holders of reo. Deo. 31a
Owens Bottle-Machine, corn. (guar.).- 75e. Jan. 2 Holders of rec. Dec. 21a
Preferred (guar.) (No. 93)
134 Jan. 2 Holders of rec. Deo. 21a Victor Talking Machine,common (qu.)
5
Jan. 15 Jan. 1 to Jan. 5
Preferred (quar.)
*134 Jan. 15 *Jan. 1 to Jan. 15
134 Jan. 16 Jan. 1 to Jan. 5
Pacific Telep. & Teleg., pref. (guar.)
Preferred (guar.)
1% Jan, 2 Holders of rec. Deo. 13
Panama Power & Light Corp., pt. (qu.) 134 Jan. 2 Holders of roe. Dee. 26
Wabasso Cotton Co.(guar.) No. 4
14d
Dec.
rec.
of
10
Holders
$1.25v
Jan.
1
Jan. 23 Holders of rec. Deo. 31a
(qu.)
corn.
Transp.,
&
Petrol.
corn.
(qu.).
Pan-Amer.
Warner (Chas.) Co. of Del.,
134 Jan. 2 Holders of reo. Deo. 14a
134 Jan. 23 Holders of roe. Dec. 31a
Preferred (quar.)
Preferred (guar.)
Penmans, Limited,common (quar.)...... 134 Feb. 15 Holders of rec. Feb. 5
Warren Bros. Co., tat pf.(qu.)(No.67) 134 Jan. 1 Holders of roe. Dec. 14
134 Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
Second preferred (guar.) (No. 67).. 1;4 Jan. 1 Holders of roe. Deo. 14
134 Deo. 31 Holders of roe. Dec. 14a WashburnWire,common (quar.)
Deo. 31 Holders of reo.dDec. 20a
6
Pennsylvania Rubber. common (guar.)
134 Dec. 31 Holders of rec. Dec. 14e
134 Deo. 31 Holders of roe. Dec. 20w
Preferred (guar.)
Preferred (guar.)
$1.25 Jan. 15 Holders of rec. Dec. 31
$4
Deo. 31 Deo. 1 to Deo. 31
Pennsylvania Salt Manufacturing
011 (annual)
Washington
134 Jan. 2 Holders of rec. Deo. 19a WeLsbach Co., preferfed
3% Dec. 31 Holders of roe. Deo. 210
Pennsylvania Water & Power (quar.)
Jan. 7 Holders of roe. Deo. 31
Pettibone, Mulllken&Co.,1st&2dpf.(qu.) 134 Jan. 2 Holders of roe. Dec. 23a Westchester & Bronx Title & Mtge.- 4
234 Jan. 2 Holders of rec. Deo. 20a Western Electric Co., Inc., corn. (qu.) $2.50 Dec. 31 Holders of rec. Dec. 21a
Phelps, Dodge & Co.(Inc.) (quar.)..._
314 Jan. 2 Holders of rec. Deo. 20a
134 Deo. 31 Holders of rec. Deo. 21a
Extra
(guar.)
Preferred
Jan. 2 Holders of rec. Deo. 20a Western Grocer, common
Deo. 31 Deo. 21 to Jan. 1
.4
Special (payable in 434% L. L. bds.)_ 052
3
Deo. 31 Deo. 21 to Jan. 1
Pierce-Arrow Motor Car, corn. (guar.).-- $1.25 Feb. 1 *Holders of rec. Jan. 15
Preferred
2
Jan. 2 Holders of roe. Deo. 160 Western Power Corp.,preferred (quar.)_
1
Jan. 15 Holders of rec. Deo. 31a
Plerce-Arrow Motor Car, pref. (guar.)_
(No. 109) 1% Jan. 15 Holders of rec. Deo. 200
Pittsburgh Coal of Penna., corn.(qu.).- 134 Jan. 25 Holders of rec. Jan. 10a Western Union Teleg. quar.)%
134 Jan. 25 Holders of rec. Jan. 100 Westinghouse Air I3rake
$1.76 Jan, 31 Holders of rec. Deo. 31a
Preferred (guar.)
(quon)
10a
Jan.
31
4
,
13
rec.
Jan.
25
of
Holders
(quar.)..
pref.
J.,
N.
Pittsburgh Coal of
Westinghouse Elec. & Mfg., corn. (guar.) 8734o. Jan. 31 Holders of rec. Deo.
134 Deo. 31 Holders of rec. Dec. 14a
8714c. Jan. 15 Holders of rec. Deo. 31
Pittsburgh Plate Glass, corn. (guar.).
(guar.)
Preferred
2
Jan.
to
18
1
Deo.
2
Jan. 1 Dec. 21 to Jan. 1
Jan.
81.25
Pittsburgh Rolls Corp.,common
Westmoreland Coal (guar.)
Jan. 2
134 Jan. 1 Holders of rec. Dec. 31a
Preferred (quar.)
Extra (payable in 434% L. L. bonds)_ m$1.25 Jan. 2 Deo. 18 of to
roc. Deo. 16a
2
Jan. 1 Holders of rec. Dee. 280 Weyman-Bruton Co., corn. (quar.)
234 Jan. 2 Holders
Pittsburgh Steel, common (guar.)
3734e. Jan. 1 Holders of roe. Deo. 27a
134 Jan. 2 Holders of rec. Dec. 16a
Pond Creek Coal, common (guar.)
Preferred (guar.)
Jan. 31 *Holders of roe. Dec. 31
Jan. 2 Deo. 23 to Jan. 2
*c13
Prairie 011 & Gas (quar.)
1Vlieeling Mould & Foundry, pref.(guar.) 2
*5
Jan. 1 Deo. 20 to Jan. 1
Jan. 31 *Holders of rec. Dec. 31
2
& Iron (guar.)
Extra
Steel
Wheeling
31a
Dec.
rec.
3
Jan.
31
of
1
Holders
Jan. 1 Deo. 20 to Jan. 1
(quar.)
Prairie Pipe Line
Extra
2
Jan. 1 Deo. 15 to Deo. 30
Deo. 31 Holders of roe. Deo. 14a
81
Price Brothers (guar.)
White Motor (guar.)
Jan. 15 Holders of roe. Dec. 24a Willys-Overland
preferred (guar.). 1% Jan. 1 Holders of rec. Deo. 20a
Procter & Gamble, preferred (guar.).- 2
Co.,
23
Deo.
rec.
of
Holders
31
$1
Dec.
134
Jan.
2 Holders of rec. Deo. 23a
(quar.)
Providence Telephone
Wilson & Co., Inc., pref. (guar.)
Jan, 2 Holders of roe. Deo. 15
Jan. 2 Holders of rec. Deo. 140
El
Provincial Paper Mills, Ltd., corn. (qu.) 1
Wolverine Copper Mining (guar.)
Holders of rec. Dec. 26
31
134
Dec.
134 Jan. 2 Holders of rec. Deo. 15
(qu.)
pref.
Ltd.,
Preferred (Mow.)
Manufacturing,
Woods
134 Jan. 2 Holders of rec. Deo. 160 Woolworth (F. W.) Co., pref. (quar.).. 1% Jan. 2 Holders of roe. Dec. 10a
Public Utilities Corp., pref.(quar.)
3
Jan. 15 Holders of roe. Dec. 31a Worthington Pump & Mach.,pr. A (qu.) 1;4 Jan. 2 Holders of roe. Dec. 20a
Quaker Oats, common (guar.)
Jan. 15 Holders of rec. Deo. 31a
1
114 Jan. 2 Holders of roe. Dec. 200
Common (extra)
Preferred B (guar.)
134 Feb. 28 Holders of rec. Feb. la Yale
Jan. 2 Holders of rec. Deo. 23
2
Preferred (guar.)
& Towne Manufacturing (quar.)
Dec. 23 Holders of rec. Deo. 20 Young (J. S.) Co., common (quar.)
$2
214 Jan. 2 Holders of roe. Deo. 20a
Quincy Mining (guar.)
140
Deo.
roe.
30
of
2
Dee.
Holders
Jan, 2 Holders of rec. Dec. 20e
134
(quar.)
corn.
Steel-Spring,
Railway
Preferred (guar.)
76c. Dec. 31 Holders of rec. Dec. 160 Youngstown Sheet & Tube, corn. (qu.)- 2
Jan. 1 Deo. 21 to Jan. 1
Ray Consolidated Copper (guar.)
3
Jan. 15 Holders of rec. Jan. 60
Jan. 1 Deo. 21 to Jan. 1
3
Realty Associates (No. 32)
(extra)
Common
16
Deo.
rec.
of
30e.
Jan.
2
Holders
131)
(No.
Jan. 1 Deo. 21 to Jan. 1
(qu.)
1%
Reece Buttonhole Mach.
Preferred (guar.)
Deo. 31 Deo. 14 to Deo. 15
$1
Reece Folding Mach. (quar.) (No. 39)_ 100. Jan. 2 Holders of roe. Deo. 16
(guar.)
Trust
a
Yukon-Alask
1
lg Jan. 2 Deo. 22 to Jan
Regal Shoe, pref. (guar.) (No. 96)
for this dividend. b Lew
Holders of rec. Jan. 10
*From unofficial sources. a Transfer books not close
Remington Typewriter, 1st pref. (quar j.... 134
f Payable in common
Holders of rec. Jan. 10
British income tax. d Correction. e Payable in stook.dividends.
First pref. (acct. occults. dividends)... _ _ z28
4 Payable in
accumulated
of
14a
account
Deo.
On
reo.
of
is
234
Jan.
2
Holders
scrip.
in
Payable
g
stook.
Car
(guar.)
Reo Motor
U. S. Liberty Loan
in
Payable
m
dividend.
15a
Jan.
roe.
Cross
Liberty Loan bonds. I Rod
Republic Iron & Steel, com.(qu.)(No.9) 134 Feb. 1 Holders of
134 Jan. 2 Holders of roe. Dec. 14a 434% bonds. n Payable in Canadian Government Victory Loan bonds. t DePreferred (quar.) (No. 61)
Jan. 1 Holders of rec. Deo. 20a clared subject to the approval of Director-General of Rallroaok. r The New York
Reynolds(R. J.) Tobacco, coin. (quay.) 3
Jan. 1 Holders of roe. Dec. 20a Stock Exchange has ruled that stock will not be quoted ex-dividend on this date
3
Common Class B (quar.)
154 Jan, 1 Holders of rec. Deo. 20a and not until further notice. a Ex-dividend on this date. I Declared 7%, payable
Preferred (quar.)
134
Deo. 31 Holders of reo. Dee. 240 In quarterly installments of 134% each on Jan. 2, April 1, July 1 and Oct. 1 1919
(qu.)
Riordon Pulp & Paper, Ltd., pref.
Deo. 31 Holders of reo. Deo. 140 to holders of record on Deo. 16 1918, March 15, June 16 and Sept. 15 1919, respecRoyal Baking Powder, corn. (guar.)... 2
2
Deo. 31 Holders of rec. Deo. 140 tively.
Common (extra)
30 1910
134 Dec. 31 Holders of roe. Deo. 14a
O Declared 8% on first pref. stock, payable 4% as above and 4% on Sept.
Preferred (guar.)
2
Deo. 31 Deo. 21 to Jan. 13
to holders of record Sept. 26.
St. Joseph Stock Yards (guar.)
bonds.
%
4
L.
L.
in
4
210
one-half
Deo.
Dec.
rec.
of
31
Holders
and
2
..com.(qu.)
cash
in
o Payable one-half
St. L. Rocky Mtn.& Pac. Co
each on May 20 and
134 Jan. 1 Holders of rec. Da. 14a
w Declare 6% on common, payable 2% as above and 2%
Sears, Roebuck & Co., pref. (quar.).._
234 Jan. 15 Holders of rec. Dec. 310 Aug. 20 1919, all to holders of record Jan. 311919. x 82.0414.
Securities Company
bonds.
Loan
Liberty
in
310
one-half
Dec.
a Payable one-half In cash and
Shattuck-Arizona Copper Co. (guar.)._ 50e. Jan. 20 Holders of rec.




a.

DEC. 28 1918.1

THE CHRONICLE

2453

Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS DECEMBER 13 1918.
Large withdrawals of Government deposits, accompanied by slightly larger gains of other demand deposits, also liquidation in some volume of
Liberty bonds and war paper are indicated in the Board's weekly statement showing condition on Dec. 13 of 755 member banks in leading cities.
Certificates of indebtedness on hand show an increase of about 20 millions, of which 11.7 millions represents the gain at the central reserve city
banks and 11.2 millions the gain at the banks in Greater New York. Holdings of U. S. bonds, other than circulation bonds, fell off 11.2 millions,
largely outside the central reserve cities, the decrease reflecting in a measure amounts placed during the week with customers upon receipt of final
installment payments. Loans secured by U. S. war obligations declined 21.5 millions, largely at central reserve city banks. All other loans and investments show a decreaso of 10.8 millions, a larger decrease under this head for the central reserve city banks being offset by gains reported for the
banks outside these centres. The ratio of U. S. war securities and war paper combined to total loans and investments remains unchanged at 22.4%
for all reporting banks and at 24.5% for the central reserve city banks.
Net withdrawals for the week of Government deposits totaled about 205 millions, of which 59.5 millions represent withdrawals from the central
reserve city banks and 124.7 millions-withdrawals from banks in other reserve cities. Inversely, other net demand deposits increased 210.4 millions,
of which 119.9 millions constitute the increase at central reserve eity banks and 72.1 millions-the increase in other reserve cities. Time deposits
show an increase of 12.9 millions. Reserve balances with Federal Reserve banks fell off 26.7 millions, while cash in vault shows a gain of 2.5 millions.
For all reporting banks the ratio of deposits to investments, mainly because of the decrease in loans and investments, shows a rise from 78.1
to 78.3%. For the central reserve city banks this ratio, because of the considerable gains in deposits, rose from 85 to 86.4%, while for the other
reserve cities a fall in this ratio from 71.5 to 70.8% is noted. The ratio of combined cash and reserve to deposits declined from 15.7 to 15.4% for all
reporting banks and from 16.7 to 16.2% for the banks in the central reserve cities. "Excess reserves" of all reporting banks work out at 77.9 millons,
as against 129 millions the week before. For the banks in the central reserve cities a decrease of this item from 81.5 to 46.4 millions may be noted.
I. Data for all reporting banks in each district. Two ciphers (00 omitted.
Horton.

Member Ranks.

New York. P441 Ida. Ilesliana

44

Number of reporting banks__

106

55

Rictarti'd. Atlanta.

85

81

Chkago.

45

1: Louis Ifinneip

101

32

an. ats

35

Thalia,. SanFran

73

45

Total.

53

75
II
$
$
$
3
$
$
$
$
$
$
$
$
50,136,0 11,492,0 42,814,0 21,314,0 15,465,0
U.S. bonds to secure cdroularn 14,352,0
19,001,0 17,655,0 6,419,0 13,610,0 17,929,0 34,505,0
267,692;
Other U. S. bonds, including
20,618,0 325,717,0 75,850,0 88,753,0 52,860,0 38,607,0 106,392,0 39,444,0 10,938,0 25,749,0 20,259,0 33,894,0
Liberty bonds
838,981,,
66,331,0 471,859,0 46,739,0 76,641,0 29,798,0 37,630,0 104,243,0 20,114,0 12,379,0 24,265,0 10.939,0 58,916,0
U. S. certifs. of indebtedness
959,854,,
101,201,0 847,712,0 134,081,0 208,208,0 106,972,0 91,702,0 229,636,0 77,213,0 29,736,0 63,624,0 49,127,0 127,315,0 2,066,527,,
Total U. S. seourities
Loans see. by U.S. bonds, dm. 107,314,0 684,371,0 168,815,0 98,552,0 43,003,0 19,765,0
64,410,0 25,940,0 9,686,0 9,899,0 7,430,0 16,943,0 1,256,128,1
All other loans & investments_ 760,430,0 4,059,939,0 643,095,0 953,335,0 392,153,0 319,618,0 1,394,177,0 364,954,0 251,216,0 458,841,0 180,656,0 549,623,0 10,328,037,1
Reserve with Fed. Res. Bank 67,637,0 028,877,0 57,855,0 87,260,0 33,560,0 30,908,0 157,529,0 36,609,0 25,304,0 44,536,0 17,769,0 53,154,0 1,240,998,1
27,577,0 130,009,0 21,684,0 37,520,0 19,343,0 16,600,0
Cash in vault
78,949,0 13,532,0 9,370,0 15,588,0 12,290,0 24,000,0
406,462,1
704,684,0 4,593,432,0 622,684,0 764,237,0 332,053,0 231,810,0 1,143,554,0 276,387,0 221,508,0 380,931,0 149,797,0 421,415,0 9,842,492,1
Net demand deposits
97,464,0 249,506,0 18,441,0 226,699,0 58,061,0 93,658,0 403,889,0 73,497,0 47,450,0 58,924,0 25,844,0 123,638,0 1,477,074,1
Time deposits
finvarnmant dannaita
25456.0 205.144.0 25.578.0 2f3.518.0 11 nee n 7 .1.54 n
AV nzt n
1 010A
1•70,
2 A
15 Aqo n A RAO A
A K.Aq n
Ant .271 I
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.
(7War). 31. bouts. rota! Central If.,. Cities
------Dec. 6. Dec. 13. Dec. 13. Dec. 13.
Dec.6.

New York.
Two ciphers (00) omitted.
Dec. 13.
Number of reporting banks__

64

64

U.S. bends to secure eiroulat'n

$
36,334,0

$
36,334,0

44

14

$
s
1,119,0 10,555,0

$

122

$

48,008,0

Other Reserve Cities.
Dec. 13.

122

48,008,0

$

468

172,570,0

Dec. 6.

$

Country Baas.

Total.

Dec. 13. Dec. 6.

468

s

165

s

Dec. 13.

135

172,872,0 47,114,0 47,114,0

s

Dec. 6.

755

267,692,0

$

75/

267,994,(

Other U. S. bonds, including
277,427,0 270,345,0 51,016,0 28,981,0 360,421,0 361,411,0 399,011,0 405,325,0 79,516,0 83,495,0 338,981,0
Liberty bonds
850,231,1
419,365,0 437,197,0 50,169,0 15,107,0 513,641,0 501,860,0 385,289,0 380,820,0 59,924,0 57,234,0 959,854,0
U.S. certifs. of indebtedness
939,923,(
762,126,0 752,876,0 165,301,0 54,613,0 922,073,0 911,283,0 057,900,0 959,017,0 186,554,0 187,843,0 2,066,527,0 2,058,148,(
Total U. S. securities
Loans see. by U. H. bonds, ace_ 631,137,0 638,833,0 42,581,0 20,154,0 693,872,0 709,861,0 483,873,0 488,400,0 78,383,0 79,315,0 1,256,128,0 1,277,576,1
All other loans lc investments_ 3,659,556,0 3,674,875,0 858,523,0 282,403,0 4,780,542,0 4,811,572,0 4,678,275,0 4,671,980,0 869,220,0 855,230,0 10328037,0 10,338,782,1
Reserve with Fed. Res. Bank_ 594,705,0 617,244,0 111,587,0 28,370,0 734,662,0 754,408,0 447,828,0 451,563,0 58,508,0 61,724,0 1,240,998,0 1,267,693,C
112,955,0 116,525,0 39,194,0 7,647,0 159,796,0 160,857,0 203,430,0 198,594,0 40,236,0 44,515,0 406,462,0
Dash in vault
403,966,C
4,215,324,0 4,126,307,0 792,559,0 196,017,0 5,203,900,0 5,081,038,0 3,920,515,0 3,848,415,0 718,077,0 699,630,0 9,842,492,0 9,632,083,C
Net demand deposits
193,778,0 201,995,0 145,615,0 53,272,0 392,695,0 400,178,0 887,214,0 865,507,0 197,165,0 198,487,0 1,477,074,0 1,464,172,C
Time deposits
33,312,0
236,067,0
186,375,0
12,498,0
Government deposits
232,215,0 291,679,0 144,263,0 269,047,0 28,397,0 49,188,0 404,875,0
609,914,(
Ratio of combined reserve aud
14.6
26.8
26.9
19.0
cash to total net deposits..
24.5
24.5
20.8
20.7
22.4
19.2
19.6
22.4
*Including returns front shc El Paso banks,shown in the country banks' column the week before. El Paso was made a reserve city Dec. 2.

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Dec. 21:
Large withdrawals of Government deposits, accompanied by substantial liquidation of war paper and other discounts, also of paper bought in open
market are indicated by the Federal Reserve Board's weekly bank statement issued as at close of business on Dec. 20 1918.

INVESTMENTS.-War paper holdings of all the banks, except Minneapolis, show considerable decreases, the New York bank alone reporting
Other discounts on hand fell off 58.8 millions, all the banks without exception reporting smaller totals than the week
before. Acceptances show a reduction of 25.8 millions, the New York and Chicago banks reporting the largest decreases. Of the total increase of
213.6 millions in Government short-term securities, 211 millions represent temporary advances to the Government pending the receipt of funds
largely from depositary institutions. The remainder of the increase represents further investments in 2% certificates to secure Federal Reserve
bank note circulation. Total earning assets show a reduction for the week of 55.7 millions.
DEPOSITS.-Government deposits show a decline of 122.9 millions. Members' reserve deposits increased 74.5 millions, while net deposits,
partly because of the increase in the "float," declined about 123 millions.
RESERVES.-Gold reserves show a gain of about one-half million, while other cash reserve declined 1.1 millions. The banks' reserve percentage
because of the large reduction In deposit liabilities shows a rise from 49.9 to 50.6%.
NOTE CrRO UrJATION.-Federal Reserve agents show an increase of 50.8 millions net in Federal Reserve notes outstanding. The banks report
a total of 2,663.7 millions of Federal Reserve notes in actual circulation, an increase for the week of 59.1 millions. Their aggregate liabilities on
Federal Reserve bank notes in circulation are given as 111.9 millions, or 9.7 millions larger than the week before.
OAPITAL.-During the week the banks' paid-in capital increased by $93,000, largely as the result of payment for Federal Reserve bank stock
by newly admitted members in the New York, Philadelphia and San Francisco districts.
a reduction of 90.2 millions.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year,
thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of
the twelve Federal Reserve banks. The statement of. Federal Reserve Agents' Accounts (the third table following)
gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and
between the latter and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.-The week statement issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, &c.," as of Dec. 20, consisted of "Foreign
Government deposits," $95,580,241; "Non-member bank deposits, $6,106,511, and "Due to War Finance Corporation," 8395,616.
COMBINED RESOURCES AND

LIABILITIES OP' THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 20

1918

Dec. 20 1918. Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Nov. 22 1918. Nov. 15 1918. Nov.8 1918. Nov. 1 1918. Dec. 21 1917.
RRSOURCRS.
Gold In vault and In transit
Gold settlement fund-F. R. Board
Gold with foreign agencies

$
335,141,000
461,369,000
5,829,000

$
336,516,000
487,568,000
5,829,000

$

$

$

$

s

$

s

383,833.000
449,248,000
5,829,000

524,350,000
304,604,000
52.500,000

Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund

802,339,000 829,913,000 781,528,0)9 772,059,000 813,219,000 815.241.000 827,718,000 838,910,000
1,194,228,000 1,167,771,000 1,207,377,000 1,216,541,000 1,168,917,000 1,166,579,000 1,145,640,000 1,149,859.000
82,421,000
80,821,000
63,460,000
73.233,000
78,496,000
76,613,000
74,957,000
78,129.000

881,454,000
746,107,000
17,982,000

Total gold reserves
Legal tender notes, silver, Ac

2,078,988,000 2,073,505,000 2,067,401,000 2,065,213,000 2,060,265,000 2,056.777.000 2,046.591,000 2,052,229,000 1,645,543,000
54,636,000
55,758,000
48,127,000
54,248,000
53,938,000
55,992,000
53,039,000
53,456,000
55,158.000

353,208,000
422,491,000
5,829,000

370,938,000
395,292,000
5,829,000

371,498,000
435,892,000
5,829,000

375.527,000
433,885,000
5,829,000

386,437,000
435,452,000
5,829,000

2,133,624,000 2,134,263,009 2,121,387,000 2,120,371,000 2,116,257,000 2.109,816,000 2,100,839,000 2,105,685,000 1,693,670,000
Total reserves
Bills discounted: Secured by Govern1,299,524,000 1,483,849,000 1,467,322,000 1,412,511,000 1,281.245,000 1,358,416,000 1,316,967.000 1,252,904,000 1 693,509,000
ment war obligations
306,778,000 365,614,000 396,462,000 402,1384,000 428,190,000 439,392,000 480,271,000 493.043,000 J
All other
- 340,765,000 306,591,000 371,406,000 375,311,000 368.784,000 377,877,000 374.522,000 377,072,000 277,943,000
Bills bought in open market
1,947,067,000 2,216,057,000 2,235,190,000 2,190,536,000 2,078,219,000 2,175,685,000 2.171,760,000 2,123,019.000
Total bills on hand..
28,850,000
29,139,000
29,470.000
29,132,000
29,478,000
29,472.000
29,196,000
29.134,000
U.S. Government long-term securities_
93,449,000
91,956,000
88,750,000
92.661,000 148,180.000
U.8. Government short-term securities 325,073,000 111,477,000 105,606,000
16,000
27,000
28,000
35.000
27,000
27,000
27,000
28,000
All other earning assets

971,452,000
50,438,000
58,130,000
1,102,000

2,301,006,000 2,356,750,000 2,370,019,000 2,312,359,000 2,255,560,000 2,298,640,000 2.293,223,000 2,241,276,000 1,081,122,000
Total earning assets
Uncollected Items (deduct from gross
826,831,000 719,591,000 650,039,000 736,328,000 819,010,000 717,785,000 687,468,000 684,315,000, 364,949,000
deposits)

6% redemp.fund agst. F.R.bank notes
All other resources
1 ••
Total resourees

5,840,000

5,506,000

20,793,000

18,821,000

4,844,000
22,440,000

4,621,000
21,309,000

4,525,000
24,175.000

3,924.000
18,790,000

3,703,000
17,075,000

537,000
2,678,000

,.:,,..i.,,,
,A ... r. ..)
A ir1
,
11 ntsn E. • An •Irrtr• r•nr• te 4," "%Clef esnes It •1 1 el ...•• nrkr• r t •0 /SO ektrn 1E •1111 (111 I AAA C flE41 I II I MA',II I, riff L. ISA/.
„
.„
, „
„ ,
, , .
. •
•
•
•
•
•
•
•
•
•
•

•Includes amount formerly shown again. items due from or due to other Federal Reserve banks net.




4,008.000
18.169.000

2454

THE CHRONICLE

[Vora. 107.

Dec. 20 1918. Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Nov. 22 1918. Nov. 15 1918. Nov.8 1918. Nov. 11918. Dec. 21 1917.
LIABILITIES.
$
$
$
$
$
$
$
3
3
Capital paid in
80,585,000
80,492,000
80,304,000
80,072,000
80,025,000
79,903,000
79,360,000
79,824.000
69,852,000
Surplus
1,134,000
1,134,000
1,134.000
1,134,000
1,134,000
1,134,000
1,134.000
1,134,000
Government deposits
38,693,000 161,614,000 185,355,000 207,157,000 113,174.000 246,401,000 160,250.000 249.397,000
221,761,000
Due to members-reserve account
1,642,444,000 1,567,927,000 1,547,838,000 1,488,893,000 1,604,033,000 1,449,949,000 1,545,096,000 1,442,493,000 1,389,434,000
Collection items
588,755,000 556,764,000 514,512,000 602,667,000 620,608,000 573,727,000 527,706,000 543,975,000
205,819,000
Other deposits, incl. for. Gov't credits_ 106,689,000 106,012,000 106,685,000 105,804,000 113,967,000 113,385,000 114,941,000 111,827,000
14,258,000
Total gross deposits
2,376,581,000 2,302,317,000 2,354,390,000 2,404,611,000 2,451,782,000 2,383,462,000 2,348,989,000 2,347,692,000 1,831,272,000
F. R. notes in actual circulation
2,663,701,000 2,604,580,000 2,584,523,000 2,568,676,000 2,555,215,000 2,562,517,000 2,558,196,000 2,515,504,000 1,227,642,000
F.R.bank notes In circulation, net Bab. 111,909,000 102,202,000
86,003,000
92,799,000
80,504,000
72,930,000
8,000,000
63,338,000
68,864,000
All other liabilities
54,224,000
54,209.000
55,559,000
54,402,000
50,867,000
48,472,000
47,237,000
45,080,000
6,190,000
Total liabilities
5,288,134,000 5,234,934,000 5,108,709,000 5,194,988,000 5,219,527,000 5,148,418,000 5,104,244,000 5,052,114,000 3,142,956,000
Gold reserve against net deposit (lab
53.0%
52.5%
52.1%
51.8%
51.4%
52.3%
72.3%
50.9%
51.7%
Gold res. agst. F. R. notes in act. eiren
52.0%
51.7%
51.3%
50.8%
49.8%
51.5%
50.2%
78.6%
50.9%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined.. _ _
52.6%
51.8%
51.9%
50.9%
75.2%
51.3%
51.7%
50.6%
50.9%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined
50.6%
49.9%
49.5%
50.0%
50.5%
49.9%
62.9%
49.8%
50.4%
Ratio of gold reserves to F. It. notes in
actual circulation. after getting aside
35% furnInat. net doncvdtafthattl.
59.7%
.595.
600.
10R%
all 5%
SO a%
50 411
60 011
Distribution by Maturitiess
s
5
5
*
5
5
*
*
1-15 days bills discounted and bought.. 1,185,006,000 1,453,746,000 1,432,969,000 1,305,634,000 1,206,215,000 1,353,310,000 1,354,320,000I 1,336,423,000 403,671,000
1-15 days U.S. Govt.short-term secs- 218,069,000
12,048,000
11,473,000
69,029,000
8,895,000
18,481,000
15,701,000
15,688,000
1-15 days municipal warrants
3,000
9,000
5,000
5,000
213,000
5,000
7,000
7,000
2,000
18-30 days bills discounted and bought. 170,107,000 143,767,000 170,319,000 225,900,000 175,680,000 168,765,000 176,019,000 188,642,000 121,060,000
16-30 days U.S. Govt.short-term sees1,184,000
10,227,000
1,188,000
10,275,000
73,000
101,000
137.000
16-30 days municipal warrants
10,000
1,000
3,000
10,000
10,000
10,000
7,000
31-60 (lays bills discounted and bought- 436,395,000 461,343,000 444,719,000 470,666,000 338,876,000 301,760,000 304,615,000 291,511,000 273,339,000
31-60 days 13.8. Govt.short-term secs_
699,000
1,409,000
9,220,000
12,534.000
10,335,000
9,132,000
10,684.000
617.000
31-60 days municipal warrants
14,000
16,000
4,000
6,000
652,000
15,000
5,000
15,000
61-90 (lays bills discounted and bought 131,149,000 132,992,000 164,334,000 165,185,000 337,346,000 334,095,000 319,973,000 284,735,000 164,729,000
61-90 (lays U.S. Govt.short-term sees..
7,900,000
899,000
351,000
1,086,000
2,023,000
2,194,000
3.557,000
8,109,000
61-90 (lays municipal warrants
5,000
3,000
123,000
10,000
Over 90 days bills dIseted and bought_
24,410,000
24,209:000
22,819,000
23,151,000
20,102,000
17,755,000
8,593,000
21,708,000
16,833,000
Over 90(lays U.S.Govt.short-term sees.
97,221,000
86,894,000
70,323,000
72,275,000
66.793,000
63.569,000
61,913,000
64,199,000
Over 90 days municipal warrants
3,000
3,000
3,000
3,000
3,0110
6.000
6,000
Federal Reserve NotesIssued to the banks
2,815,450,000,2,704,699,000 2,741.852.000 2,773.043,000 2,768,777,000 2,761,812,000 2,743,686,000 2,710,680,000 1,295,069,000
Held by banks
151,749,0001 160,119,000 157,329.000 204,367,000 213,562,000 199,295,000 185,490,000 195.176,000 , 67,427,000
In circulation
2,663,701,000/2,604,580,000 2,584,523,000 2,563,676,000 2.555,215.000 2.502,517,000 2,558,190,000 2,515,504,000 1,227,642,000
.
Fed. Res. Notes (Agents Accounts)Received from the Comptroller
3,813,200,000 3,781,800,000 3,731,881,000 3,692,060,000 3.660,540,000 3,629,140,000 :3,809,760,000 3,561,280,000, 1,747,760,000
Returned to the Comptroller
710,225,000 693,652,000 677,229.000 003,417,000 591,693,000 580,183,000 572.078,000 562,931,000, 239,571,000
Amount chargeable to Agent
In hands of Agent

I
3,102,975,000 3,088,148,000 3,054,632.000 3.083,643,000 3,068,847,000.3.048,957,000 3,037,682,000 2,993,349,000,.1,508,189,000
287,525,000 323,449,01)0 312,780,000 315,600,000 300,070,000 287,145,000 293,996,000 287.669.0001 213,120,000

Issued to Federal Reserve banks__ 2,815,450,000 2,764,699,000 2,741,852,000 2,773,043,000 2,768,777.000 2,761,012.000 2,743,686,000 2,710,680,000'11.295.069,000
How SecuredBy gold coin and certificates
246,327,000 250,327,000 231,627,000 212,627,000. 211,626,0001 210,176,000 198,176,000 200,170,000,,, 227,302,000
0
,30290-0
By lawful money
'
11
By eligible paper
1,621,222,000 1,596,928,000 1,534,475,00011,556,502,000 1,699,860,000 1,595.233,000 1,598,016,000 1,560,821,000 548,962,000
Gold redemption fund
79,074,000
74,376,000
75,679,000: 77,991,000
78,352,000
78.793.000/
78,586,000
81.776,0001 41,281,000
858,827,000 843,068,000 900,071,0001 925,923.000 878,498.0001 878,051,000 868,878.000 867,907,000,1 477,524,000
With Federal Reserve Board
Total

2,764,699,000 2,741.852,00012.773.013,00012,768,777.00012,761,812,00012,281540 743,686,00012,710,680,000 1,295,069,000

Eligible paper delivered to F.It. Agent- 1,913,404,000 2,176,410,000 2.161.189,00012,114,588.0002,006,806,000 2,120,296,000'2,116,238.0002,060.562,000
a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits. t Revised figures.

602,074,000

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS DEC. 20 1918.
Two ciphers (00) omitted.
RESOURCES.
Gold coin and certifs. In vault__
Gold settlement fund
Gold with foreign agencies

RqsI9?)

N',w York. Pht14:14. r'leceL:w! litchm'4. Ation,1

Chitago 131 Louts. Minneap. Kan. City 0,111,18. SW:F7001.

7'1(1

Total gold held by banks
Gold with Federal Res. Agents
Gold redemption fund

3,815,0
33,337,0
403,0
--37,560,0
60,419,0
7,424,0

:169,027,0 37,435,0 49,374,0 12,730,0 12,314,0 129,696,0 35,990,0 33,914.0 32,505,0 14,531,0 37,283,0 802,339,0
269,531,0 86,171,0 117,406,0 67,225,0 43,331,0 244,661,0 53,771,0 56,238,0 52,549,0 22,436,0 120,490,0 1,104,228,0
25,000,0 7,900,0
553,0 5,483,0 6,495,0 14,324,0 3,425,0 4,554,0 3,617,0 2,199,0 1,447,0
82,421,0

Total gold reserves
Legal-tender notes, silver, &e

105,403,0
728,0

603,558,0 131,506,0 167,333,0 85,438,0 62,140,0 388,681,0 93,186,0 04,706,0 88,671,0 39,166,0 159,200,0 2,078,988,0
46,251,0
800,0 1,032,0
110,0
198,0
203,0 1,306,0 2,152,0
144,0 1,270,0
442,0
54,636,0

Total reserves
106,131,0
Bills discounted: Secured by Govt
war obligations
108,438,0
9,224,0
All other
Bills bought in open market.... 12,843,0

534,748,0 153,085,0 124,246,0 67,686,0 45,475,0 103,493,0 50,409,0 31,120,0 23,275,0 9,711,0 47,838,0 1,299,524,0
54,114,0 14,557,0 9,349,0 10,822,0 31,250,0 50,401,0 20,927,0 5,645,0 35,813,0 31,765,0 20,911,0 306,778,0
84,491,0 5,833,0 46,882,0 4,761,0 12,175,0 90,361,0 7,833,0 19,019,0 10,222,0 2,403,0 43,942,0 340,765,0

Total bills on hand
U. S. long-term securities
U. S. short-term securities
All other earning assets

130,505,0
1,108,0
21,416,0

673,353,0 173,475,0 180,477,0 89,269,0 88,900,0244,255,0 79,169,0 55,784,0 69,310,0 43,879,0 118,691,0 1,947,067,0
1,396,0 1,385,0 1,087,0 1,234,0
529,0 4,509,0 1,1.53,0
123,0 8,867,0 4,000,0 3,461,0
28,850,0
194,550,1) 18,909,0 23,696,0 10,784,0 6,056,0 14,612,0 6,568,0 5,186,0 4,367,0 6,900,0 12,029,0 325,073,0
16,0
16,0

Total earning assets
153,027,0
Uncollected Items (deducted from
gross deposits)
73,975,0

869,299,0 103,769,0 205,260,0 101,287,0 95,501,0 263,376,0 86,890,0 61,093,0 82,544,0 54,779,0 134,181,0 2,301,006,0

5% redemption fund against Federal Reserve bank notes
All other resources
Total resources

245,0
1,116,0

685,0 12,961,0 2,297,0
253,721,0
113,205,0 36,342,0 35,888,0 10,229,0
2,011,0
408,0
525,0
204,0

7,972,0 23,455,0 4,248,0 8,302,0
123,0
-1,167,0 105,425,0 31,509,0 25,379,0 32,091,0
175,0
816,0
233,0
233,0
291,0

5,709,0 11,85:3,1)
8,618,0 25,089,0
201,0
321,0

335,141,0
461,369,0
5,829,0

709,809,0 132,306,0 168,365,0 85,636,0 62,343,0 389,087,0 95,338,0 94,816,0 88,815,0 40,436,0 159,612,0 2,133,624,0

202,949,0 87,093,0 60,983,0 54,720,0 40,985,0 96,056,0 55,219,0 19,374,0 62,154,0 27,207,0 46,116,0
1,585,0
8,630,0

450,0
1,987,0

482,0
781,0

321,0
1,364,0

299:0
738,0

777,0
1,410,0

276,0
560,0

237,0
217,0

615,0
1,061,0

312,0
1,035,0

281,0
1,888,0

826,831,0
5,880,0
20,793,0

334,494,0 1,702,278,0 415,605,0 435,871,0 243,328,0 199,866,0 751,606,01233,283,0 175,737,0 235,189,0 123,769,0 342,108,0 5,288,134,0

LIABILITIES.
Capital paid In
6,688,0
75,0
Surplus
2,142,0
Government deposits
Due to members-Reserve met_ 98,361,0
Collection items
56,984,0
0th. deposits Incl. for Gov't cred.

20,807,0 7,562,0 8,980,0 4,057,0 3,190,0 11,126.0 3,800,0 2,930,0 3,659,0 3,153,0 .4,633,0
80,585,0
649,0
116,0
40,0
216,0
38,0
1,134,0
10,246,0 2,061,0
779,0
122,0
.420,0 2,916,0 4,764,0 10,494,0
069,0 1,279,0 3,341,0
38,693,0
721,965,0 95,305,0 118,161,0 52,536,0 42,574,0 226,432,0 55,135,0 49,981,0 67,259,0 35,988,0 78,747,0 1,642,444,0
150,107,0 66,647,0 42,166,0 41,5-16,0 25,237.0 61,236,0 47,793,0 11,291,0 36,829,0 16,444,0 32,475,0 688,755,0
102,08:3,0
65,0
429,0
12,0 1,494,0
24,0
117,0 2,465,0 106,689,0

Total gross deposits_
.157,487,0
F. R. notes In actual circulation. 161.359,0
F. It. bank notes in ciren-Net _
5,075,0
11 other liabilities
3,810,0

984,401,0 164,013,0 160,514,0 94,861,0 67,403,0292,078,0 108,121,0 71,700,0 105,057.0 53,828,0 117,028,0 2.376,581,0
734,065,0 232,227,0 253,275,0 138,682,0 121,922,0 424,282,0 118,43:3,0 95,291,0 112,055,0 59,666,0 212,444,0 2,663,701,0
32,524,0 8,592,0 9,0.16,0 3,208,0 5,484,0 16,810,0 5,835,0 3,065,0 11,313,0 5,353,0 4,674,0 111,909,0
19,832,0 3,211,0 4,056,0 2,401,0 1,827,0 7,064,0 2,091,0 1,723,0 3,105,0 1,769,0 3,329,0
54,224,0

Total liabillt es
334.494.0 1.702.278.0 415.605.0 435.871.0 243.328.0 199.806.0 7.51.606.0 23g.2113.0 175.7:17.0 23.1.180,0 123 760 n 149 105 0 5_255. 134.
*Difference between net amounts due from and net amounts due to other Federal Reserve banks. z Net amount duo to other Federal Reserve Banks. ..
1 Overdraft
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DEC. 20 1918.
Two ciphers (00) omitted.

Boston. I New York. PhWzdet.

ltichm4.1 Atlanta I Chicago. ISI Louts.1.11inneap.IKan. City

Dallas. 18in Frars

Total.

Federal Reserve notesS
1
$
$
1
1
$
5
$
1
1
$
$
1
$
$
1
I
$
Received from Comptroller.... 236,140,0 1,241,680,0 324,420,0 317,420,0 194,280,0,192,880,0,527,880,0 158,480,0 118,480,0 154,700,0 99,920,0 246,920,0 3,813,200,0
53,048,0 334,464,0 62,862,0 33.851.0) 36,769,01 27,252,01 46,844,01 28,281,0 18,936,0, 27,394,0 21,218,0, 19,306,0 710,225,0
Returned to Comptroller
Chargeable to F. It. Agent
In hands of F. It. Agent

183,092,0
12,820,0

Issued to F. R. Bank
170,272,0
Held by F. R. AgentGold coin and certificates__
5,000,0
Gold redemption fund
9,419,0
Gold Sett. Fd., F. R. Board
46,000,0
Eligible paper, min. reci'd
109,853,0

907,216,0 261,558,0 283,519,01 157,511,01165 628 0/481,036,0'130,199,0
112,800,0 23,500,0 21,500,0' 0,820,0! 41,175:
0
6 1 3 ,240,0‘ 3,855,0
I
794,416,0 238,058,01262,069,01 150,691,0:124,453,01444,796,0 126,344,0
I
I
178,740,0
34,450,0'
I 2,501,0
16,791,0 11,753,0 12,956,01 1,225,0 2,057,01 2,258,0: 2,640,0
74,000,0 74,418,01 70,000.01 66,000,0 38,770,0,242,403,01 51,131,0
624,885,0151,887,0 144,663,0 83,466,0 81.122,0200,135,0' 72,573,0
794,416,01238,058,01202,069,01!150,691,0 121,453,01414,790,0,126,344,0

99,544,0 127,306,0 78,702,0 227,614,0 3,102,975,0
2,950,01 7,520,0 18,345,01
I 287,525,0
I
96,594,0 119,786,0 60,357,0 227,614,0 2,815,450,0
I
1
240,327,0
13,052,0
12,581,0,
79,074,0
2,386,0 2,689,0 3,171,01 11,729,0
40,800,0 49,860,0 6,684,0,108,761,0 868,827,0
40,356,0 67,237,0 37,921,0.1, 07,124,0 1,621,222,0
1
1
60,357,0227,614,02.815.450,0
96,591,0111.9,786,0

Total
170,272,0
Amount of eligible paper deliv
ered to F. R. Agent
130,393,0
F. R. notes outstanding
170,272,0
F. R. notes held by banks
8,913,0

673,353,0.161,407,0/ 179,887.0i 88,007,0 81,890,0/244,255,0/ 75,737,0 54,739,01 69,310,0 43,879,0
'110,547,0 1,913,404,0
794,416,0 238,058,0 262,069,0 150,691,0 124,453,0'444,796,0 126,344,0 06,504,0 119,786.0 60,357,0 227,614,0 2,815,450,0
60,351,01 5,831,01 8,794,01 12,009,0 2,531,0/ 20,514,0, 7,911,0 1,303,01 7,731,0
691,01 15,170,0, 151,749,0

F. R.notes in actual eircula'n_ 161,359,0

731,065,0 232,227,0 253,275,0 138,682,0 121,922,0'424,282,0 118,433,0' 95,291,01 112,055,0 50,666,0212,444.0 2,663,701.0




THE CHRONICLE

DEC. 28 1918.]

2455

I.

Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Doe. 21. The figures for the separate banks are the averages of the daily results. In the ewe of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Dec. 21 1918.

Members of Federal
Reserve Bank.
Bank of NY,N B A.
Bankof Manhat Co_
Merchants' NationalMech & Metals Nat.
Bankof America_--National City
Chemical National
Atlantic National
Nat Butch & Drovers
American Each Nat_
Nat Bank of Comm
Pacific
Chat & Phenix Nat
Hanover National
Citizens' National_
Metropolitan
Corn Exchange
Importers& Trad Nat
National Park
East River National_
Second National_
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch
Commonwealth
Lincoln National_
Gar!leld National
Fifth National
Seaboard National
Liberty National__ _
Coal as Iron National
Union Exchange Nat.
Brooklyn Trust Co._
Bankers Trust Co
U 13 Mtge & Trust Co
Guaranty Trurt CO..
Fidelity Trust Co
Coltunbla Trust Co..
Peoples Trust Co....
New York Trust Co_
Franklin Trust Co
Lincoln Trust Co....
Metropolitan Trust
Nassau Nat, B'klyn..
Irving Trust Co
Farmers Loan & Tr
Average for week

2,000,000
2,500,000
2,000,000
6,000,000
1,500,000
25,000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500.000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000.000
10,000.000
4,500,000
1,000,000
1,000,000
10,000,000
200,00
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000,000
1,000,000
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
1,000.000
2.000,000
1,000,000
1,500,000
5,000,000

5,525,500
7,165.700
2,809,700
11,137,700
6,859,700
51,380,200
9,623,200
951,000
108,600
5,571,300
24,376,700
1,097,500
3,081,400
18,278,000
2,092,200
2,316,800
8,548,600
8,023,000
18,591,200
100,800
4,018,200
31,608,600
5,647,300
392,900
664,000
15,522,900
2,223,700
871.100
753,900
2,008,000
1,372,600
408,900
3,710,100
4,132,800
1,028,100
1,326,500
2,518,300
16,283,200
4,628,600
27,428,900
1,283,200
6,850,500
1,306,400
10,769,900
1,170,100
614,300
4,383,200
1,173,000
1,142,000
12,009,800

Average.
$
46,641,000
61,886,000
29,404,000
164,792,000
32,096,000
596,379,000
81,014,000
17,455,000
2,973,000
108,889,000
385,950,000
15,058,000
91,383,000
134,093,000
41,278,000
41,747,000
103,018,000
34,016,000
194,351,000
3,357,000
19,595,000
326,475,000
103,150,000
10,946,00
6,820,000
322,464,000
19,606,000
6,043,000
6,779,000
15,578,000
12,600,000
7,351,000
48,468,000
70,988,000
15,251,000
13,059,000
36,614,000
271,323,000
00,777,000
453,038,000
10,564,000
92,001,000
26,563,000
100,227,000
28,879,000
19,9:31,000
49,373,000
15,795,000
42,250,000
124,686,000

Gold.

Legal
Tenders.

Average.

Average.

Totals. avge for wk

1)ec. 21
Dec. 14
1)ec. 7
Nov. 30

Additional
Deposits
with
Legal
Depositartes.

Average.

Average.

Average.

Average.

3,750,000

4,048,200

Totals, actual conditi on
Totals, actual conditt on
Totals, actual condlt1 on
Totals, actual conditi on

I)ec. 21
Dec. 14
Dec. 7
Nov. 30

National
Bank
Circula(ton.

Average,

Average.

Average,

1,852,000

127,000
120,000
422,000

75,740,000 2,793,000 1,574,000 1,286,000 3,001,000

6,351,000

15,902,000 1,445,000
5,031,000
439,000
558,000
144,000
296,000
5,816,000 4,890,000
4,862,000
70,000
7,868,000 2,217,000
150,000
304,000
984,000
50,000
51,000
4,059,000 4,941,000
50,000
650,000
1,451,000 8,296,000
790,000 1,000,000
223,000
197,000
10,459,000 1,100,000

100,000
36,000
353,000
140,000
1,667,000
432,000
483,000
4,203,000
11,652,000
1,052,000
21,397,000
459,000
7,410,000
1,656,000
2,725,000
1,809,000
1,830,000
1,165,000
661,000
1,078,000
8,171,000

15,785,000
5,015,000
21,119,000
35,144,000
77,063,000

73,000

77,744,000
75,956,000
75,351.000
75,120,000

73,000
72,000
71,000
71,000

19,797,000
12,810,000

504,000
575,000

576,000
420,000

1,988,000
1,062,000

50,000

5,000

669,000

202,000
61,000

210,000
396,000
247,000
70,000
800,000
412,000
396,000

68,000

5,980,000
554,000
5.728,000 1,052,000
5,822,000
158,000
6,110.000
421,000

118,000
170.000

774,000

296,000 1,819,000
9,537,000 3,749,000

3,802,560,000 138,557,000 35,773,000

1,517,000
301,000
1,860,000
2,673,000

1,561,000 1,279,000 3,011,000
1,409,000 1,292,000 2,973.000
1,257,000
914,000 3,557,000
996,000 3,658.000
1,427,000

Net
Time
Deposits.

3,807,709,000 134,687,000 35,816,000
3,770,285,000 140,022,000 33.698,000
3,682,305,000 150,975,000 35,654.000
3,628,302,000 152,893,000 35,446.000

178,000 1,315,000
12,000
290,000
419,000
719,000
677,000
677,000

Dec. 21
77,486,000 2,784,000
Dec. 14
75,042,000 2,768,000
Dec. 7
74,752.000 2.784,000
Nov 30
71,190,000 '2,728,000
- •-- Not Mem bers of Fed era) Reserve Bast
5,000,000 11,947,900
38,622,000
104,000
4,000,000 5,236,200
23,120,000
193,000

9,000,000 17,184.100

99,000
41,000
531,000
903,000

Net
Demand
Deposits.

33,161,000
52,998,000
23,003,000
171,791,000
27,969,000
624.090,000
63,114,000
14,001,000
2,784,000
86,762,000
297,286,000
14,409,000
82,271,000
130,455,000
35,648,000
24,470,000
113,130,000
25,154,000
167,076,000
4,130,000
16,160,000
154,838,000
106,873,000
10,568,000
4,808,000
291,055,000
17,537,000
6,141,000
6,744,000
15,112,000
10,572,000
6,483,000
42,964,000
64,428,000
12,870,000
13,840,000
24,135,000
218,130,000
47,524,000
371,117,000
8,387,000
67,631,000
22,213,000
50,877,000
14,263,000
12,774,000
30,842,000
10,004,000
37,899,000
112,069,000

4,513,450,000 35,509,000 12,011,000 19,722,00042,590,000 557,816,000
4,536,269,000 33,730,00(1 11,797,000 19,664,000 39,098.000 533,758,000
4,533,020,000 34,202,000 13,516,000 19,915,000 40,214,000 553,208,000
4,489,912,000 34,743,000 13,438,000 20,926,000 36,973,000 539,317,000

condlti on
conditt on
eonditi on
condlti on

Totals, avge for wk

Reserve
with
Legal
Depositaries.

24,000
96,000
217,000 4,757,000
96,000
347,000
461,000 1,032,000 8,461,000
330,000
81,000
225,000
195,000 3,132,000
70,000
7,747,000
820,000 2,064,000 34,392,000
160,000
474,000
167,000
332,000
460,000 3,969,000
8,376,000 3,020,000
800,000 2,521,000 113,818,000
184,000
247,000
536,000
822,000 9,365,000
89,000
180,000
153,000 1,949,000
121,000
14,000
39,000
9,000
60,000
533,000
564,000
372,000 1,250,000 11,616,000
152,000
50,000
515,000 1,417,000 38,552,000
224,000
58,000
314,000
228,000
758,000 1,740,000
467,000
481,000 1,073,000 2,820,000 13,142,000
4,173,000
449,000
788,000 17,712,000
192,000
108,000
431,000
34,000
778,000 5,273,000
560,000
556,000 1,021,000 3,302,000
149,000
1,214,000
163,000 2,788,000 5,049,000 19,196,000
60,000
46,000
216,000 3,606,000
463,000
46,000
615,000 1,147,000 22,103,000
710,000
3,000
133,000
16,000
45,000
691,000
99,000
294,000
22,000
573,000 2,407,000
13,000
292,000
626,000
421,000 21,283,000
1,059,000
405,000 2,065,000 2,078,000 14,507,000
46,000
49,000
225,000
835,000 1,498,000
33,000
16,000
15,000
108,000
683,000
933,000 2,373,000 1,347,000
705,000 41,076,000
53,000
163,000
560,000
925,000 2,366,000
51,000
81,000
44,000
989,000
103,000
40,000
176,000
20,000
180,000
963,000
121,000
187,000
173,000
932,000 2,101,000
4,000
5,000
113,000
5,000 1,592,000
34,000
219,000
23,000
187,000
961,000
358,000
251,000
120,000
578,000 5,977,000
189,000
17,000
441,000 9,322,000
6,000
147,000
45,000
651,000 1,503,000
17,000
284,000
49,000
348,000 1,832,000
80,000
29,000
140,000
459,000 4,107,000
159,000
120,000
59,000
913,000 30,198,000
44,000
218,000
90,000
304,000 5,896,000
1,869,000
120,000
296,000 2,772,000 48,854,000
89,000
39,000
49,000
185,000 1,101,000
43,000
56,000
228,000
934,000 8,885,000
48,000
98,000
265,000
601,000 2,385,000
53,000
8,000
6,000
213,000 7,018,000
75,000
44,000
161,000
236,000 2,174,000
23,000
8,000
25,000
539,000 1,995,000
68,000
37,000
47,000
741,000 3,908,000
3,000
91,000
107,000
395,000 1,022,000
126,000
116,000
545,000 1,951,000 5,045,000
3,742,000
14,000
59,000
345,000 15,912,000

Not Afem bers of Fed era' Reserve Bank.
500,000 1,476.300
15,446,000
602,000
816,600
250,000
5,301,000
281,000
1,000,000 1,206,500
19,935,000
406,000
2,000,000
548.300
35,058,000 1,501,000

State Banks.
Greenwich
Bowery
N Y Protium Exch..
State

Trust Companies
Title Guar & Trust..
Lawyers Title & Tr..

Silver.

National
Bank
and
Federal
Reserve
Notes.

192,900,000 355,796,400 4,523,064,000 34,117,000 12,098,000 19,250,000 42,450,000 564,872,000

Totals, actual conditi on
Totals, actual conditl on
Totals, actual conditi on
Totals, actual conditl on

Totals, actual
Totals, actual
Totals, actual
Totals, actual

Net
Profits.

Loans,
Discounts,
(Nat. Banks Nov. 11 Investments,
(State Banks Nov. 1?
(Trust Co's Nov. I)
Capital.

756,000
436,000

61,742,000

297,000

288,000

263,000

996,000

3,050,000 1,192,000

32,607,000

1,079,000

61,287,000
61,717,000
62,569,000
61,884.000

297,000
297,000
309,000
291,000

286,000
299,000
320,000
292,000

271,000
260,000
276,000
211,000

945,000
890,000
968.000
804,000

3,250,000 1,244,000
3,194,000
935,000
2,976,000
910,000
3.250,000 1,519,000

31,877,000
33,258,000
33,215.000
34,103,000

1,099,000
1,075.000
976,000
1,033,000

Grand aggregate.avge 205,650,000 377.028,700 4,660,546,000 37,207,000 13,960,000 20,799,000 46,417,000 574,273,000 1,861,000 n3,912,230,000
139,709,000 35,773,000
Comparison prey wk
-19,914,000 +255,000 -257,000 -542,000 +571,000 +14308000 +328,000 +64,043,000 -1,479,000 +113,000
Grand ag'gate. actual condition Dec. 21
4,652,223,000 38,590,000 13,858,000 21,272,000 46,546,000 567,076,000 1,798,000 b3,917,330,000 135,859,000 35,816,000
Comparison prey wk.
-20,805,000 +1795000 +353,000 +56,000 +3585000 +24396000 -189,000 +37,831,000 -5,310,000 +118,000
Grand ag'gate, actual condition Dec. 14___ 4,673,028,000 36,795,000 13,505,000 21,216,000 42,961,000 542,080,000 1,987,000 3,879,499,000
Grand ag'gate. actual condition Dec. 7___ 4,670,341,000 37,205,000 15.093,000121,105,000 44.739.000 562,006,000 1,068,000 3,790,871,000 141,169,000 35,693,000
Grand ag'gate, actual condition Nov. 30... 4,622,980,000 37,762,000 15,157,000,22,133.000 41,435,000 548,677,000 1,940,000 3737,525,000 152,022,000 35,654,000
154,002,00035,446,000
rand_o_IF:Sa_t_e,_actit_isl condition Nov. 23___ 4,680,521,000 39,699,000 15,128,000 21,687,000 41,272,000 592.421.000
2,088.000 3.820.984.000 153,303,00035.565.000
a U. S. deposits deducted, $181,312,000.

b U. S. deposits deducted, $248,239,000.
STATEMENTS OF RESERVE POSITION

Averages.
Actual Figures.
Cash
Reserve
a
Inc. or Dec.
Reserve
Cash
11
I Inc. or Dec.
Reserve
in
Total
Reserve
Surplus
Reserve
from
in
Total
Reserve
Surplus 1
from
in Vault. Depositaries Reserve.
Required.
Reserve. PreviousiVeek in Vault. DeposUaries Reserve.
Required.
Reserve.
PreviouslVeek
$
Members Federal
$
3
$
$
3
$
X
S
$
561,872,000 564,872,000 198,489,510 66,382,490 +5,688,080
Reserve Bank_
a
b
557,846,000 557,846,000 499,042,780 58,803,2201+19.382,930
8,654,000 6,351,000, 15,005,000 13,871,340 1,133,660
State banks
+277,120 8,635,000 5,980,000 14,615,000 13,993,920
621,080,1
+123,160
Trust companies. 1,844,000i 3,050,0001 4,894,0001 4,891,050
2,950
-53,050 1,799,0001 3,250,000 5,049,000 4,781,550
267,4501
+316,150
Total Dec. 21_ 10,498,0001574,273,000584,771,000,517,251,900 67,519,100 +5,912,1501 10,434,0001567,076,000 577,510,000 517,818,2501 59,691,7501+19,822,240
Total Dec. 14. 10,531,000 559,965,000,570,496,0001 508,889,050 61,606,950 +6,030,600 10,183,000,542.680,000 552,868,000 512,998,4901 39,869,5101-30,747.1
60
Total Dec. 7_ 10,621,000 545,733,000556,354,000,500,777,650 55,576,350 -12,810,730 10,385,000 562,006,000 572,391.000 501,774,330 70,616,670, +6,435.920
Total Nov.30_ 10,444,000 556,766,000 567,210,000 498,822,920 68,387,080 +3,978,570 10,407,000 548,677,000 559,084,000 494,903,250 64,180.750 -32,883.230
• Not members of Federal Iteserve Bank.
a This is the reserve required on net demand deposits in the case of State banks and trust companies, hut in the case of members
of the Federal Reserve Banks
Includes also amount of reserve required On net time deposits, which was as follows: !Sec. 21, $1,156,710; Dec. 14. $1,203,090; Dec. 7, $4,552,200;
Nov. 30, $1,597,470.
b This Is the reserve required on net demand deposits in the ease of State banks and trust companies, but in the case of members of the Federal
Reserve flank includes
also amount of reserve required on net time daDosit.a, which was as follows: Dec. 21, $1,040,610; Dec. 14, $1,200,660; Dec. 7, $4,529,250;
Nov. 30, $4,535,940.
c Amount of cash In vault, which is no longer counted as reserve for nembers .ti the Federal Reserve Bank, was as follows:

Dec. 21, 3107,915,000; Dec. 14, 3107,855,000; Dec. 7, $108,015,000; Nov. 30, 8107,625,000.
d Amounts of cash in vaults, which is no longer counted as reserve for ineathera of the Federal Reserve Bank, was as follows:
Dec. 21, $109,832,000; Dec. 14, 3101,2139,000; Dec. 7, 3107,847,000; Nov. 30, 3106,080,000.




The State Banking Department reports weekly figures
showing the condition of State banks.and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
Dec. 21.
previous week.
$712,588,600 Inc. $8,940,900
Loans and investments
7,070,300 Dec. 048,000
Specie
Currency and bank notes
15,972,600 Inc.
271,600
59,765,500 Inc.
658,700
Deposits with the F.R. Bank of New York
Total deposits
753,589,200 Inc. 2,689,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 680,40(000 Inc. 1,175,900
Reserve on deposits
126,798,800 Inc. 1,314,500
Percentage of reserve, 20.8%.
RESERVE.
' Stale Banks
- -Trust Companies
$16,487,000 12.53%
$67,321,400 14.09%
Cash in vaults
13,269,300 10.07%
29,721,100
6.23%
Deposits in banks and trust cos
Total

229,756,300 22.60%

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)

Specie.

•
Total Reserve in
Legal
Cash in DeposiTenders. Vault.
levies.

$
.$
5,230.921,4 4,314,490,2
5,173,081,5 4,400,150,0
5,249,106,5 4,475,183,9
5.233,177,2 4.418,249,8
5,294,283,6 4,427,043,3
5,296,960,1 4,450,212,9
5,373,198,8 4,537.675,4
5,413,086,8 4.435,747,6
5,386,267,9 4,487,786,5
5,457,805,1 4,520,463,6
5,499,400.2 4,364,815,8
5,471,164,4 4,430,932,2
5,489,226,0 4,515,346,9
5,470,203,8 4,511,208,2
5,360,177,9 4,449,150,6
5,330,133,6 4,458,973,9
5,384,107,7 4,527,415,1
5.373.134.6 4.592.634.0

$
$
$
86,569.3 158,979,5 551,742,5
86,335,2 158,188,3 558,574,4
87,712,1 158,412,2 583.554,8
88,345,3 159,383.9 554.898,2
96,532.8 167.004,9 571,118,2
94,623.1 165,439,1 567,573,3
91,434,6 161,405,3 587,014,3
85,254.7 155,019,9 574,142.4
92,445.8 162,821,8 580,295,4
94,750,5 166.005,7 619,305,3
85,425,1 155,117,7 585,223,6
89,755,9 158,735,3 501,280,8
91,559,5 161,000,2 610,910,4
92,303,2 161,553,8 603,681,3
93,400,6 162,160,3 602,957,6
89,940,6 156,978,3 592,651,4
93,272,8 159,584,1 602,623,2
93.695.1 158.771.4 617.263.4

hNCRCIStt•gt-C-C1M
N...0.
0.0
.
de;806e4OdICECOL,N=C6FC

Loans
and
Demand
Investments Deposits.

mr,mcitongctc!
sotov.-q.d.00.
N.-,O.eoc;otemc6,Lo
t,r-t,rmeont-Coccococcecco

Aug. 24
Aug. 31
Sept. 7
Sept.14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov.30
Deo. 7
Dec 14
Dec. 21

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.

* Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
1211(1 by State banks and trust cos., but not those held by Fed. Reserve members.

In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).

7'rust Companies.

Slate Banks.
Week ended Dec. 21.
Dec. 21.
1918.

Differences from
previous week.

Dec. 21.
1918.

Differences from
previous week.

$
99,550,000
Capital as of Nov.1_
24,100,000
169,723,000
Surplus as of Nov. 1_
42,973,000
Loans and investm'ts 498,570,800 Inc. 13,398,600 1,920,151,600 Dec. 2,249,700
9,544,400 Dec.
153,200
12,972,200 Inc.
221,200
Specie
20,884,200 Inc.
341,700
27,847,900 Inc. 1,052,300
Currency & bk. notes
Deposits with the F.
967,300
50,269,700 Inc. 6,305,000 • 193,518,900 Dec.
R. Bank of N. Y
593,172,400 Inc. 19,814,500 1,907,367,700 Inc. 6,806,800
Deposits
220,900
Reserve on deposits_ 107,694,200 Inc. 8,353,700 281,142,800 Inc.
18.4%
23.3% Inc.
1.0%
P. C. reserve to dep_

Boston Clearing House Banks.-We give below a summary showing the totals for all the items hi the Boston
Clearing House weekly statement for a series of weeks:

$97,042,500 20.32%

The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:

Week
Ended-

[VOL. 107.

THE CHRONICLE

2456

BOSTON CLEARING HOUSE MEMBERS.
Dec. 21
1918.

Changes from
previous week.

Dec. 14
1918.

Dec. 7
1918.

$
$
Same
4,737,000 4,708,000
4,737,000
Circulation
Loans, discla & investments_ 531,196,000 Dec. 2,014,000 533,210,000 523,397,000
209,000 442,441,000 446,494,000
Individual deposits, incl.U.S. 442,232,000 Dec.
701,000 115,005,000 116,719,000
115,706,060 Inc.
Due to banks
346,000 13,838,000 14,076,000
13,492,000 Dec.
Time deposits
Exchanges for Clear. House 16,694,600 Inc. 1,324,000 15,370,000 16,680,000
716,000 72,385,000 75,045,000
71,669,000 Dec.
Duefrom other banks
Cash in bank & in F. R.Bank 68,560,000 Inc. 5,569,000 62,991,000 64,050,000
Reserve excess in bank and
21,198,000 Inc. 5,591,000 15,607,000 16,479,000
Federal Reserve Bank...

Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Dec. 21, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. 'Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week e Wing Dec. 21 1918.
Dec. 14
1918.

Two ciphers (00) omitted.
Membersof
F.R.System
Capital
Surplus and profits
Loans,disc'ts & investm'ts
Exchanges for Clear.House
Duo from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank
Res've with legal deposit's
Cash in vault*
Total reserve & cash held.
Reserverequired
Excess res. & cash in vault

$28,475,0
77,331,0
713,802,0
24,430,0
121,303,0
155,665,0
459,162,0
4,818,0
619,645,0
52,187,0
17,899,0
70,086,0
47,053,0
23,033,0

Trust
Cos.
$3,000,0
7,498,0
25,343,0
650,0
10,0
275,0
15,841,0
16,116,0

- 2,451,0
796,0
3,247,0
2,318,0
929,0

Dec.
1918.

Total.
$31,475,0
84,829,0
739,145,0
25,080,0
121,313,0
155,940,0
475,003,0
4,818,0
16,116,0
32,033,0
52,187,0
2,451,0
18,695,0
73,333,0
49,371.0
23,962,0

$31,475,0
84,829,0
738,668,0
22,687,0
116,640,0
151,417,0
471,175,0
4,972,0
627,564,0
22,720,0
50,156,0
2,124,0
18,475,0
70,755,0
49,236,0
21,519,0

$31,475,0
85,075,0
739,703,0
24,513,0
116,323,0
152,325,0
468,885,0
4,883,0
626,093,0
32,021,0
51,322,0
1,880,0
19,058,0
72,260,0
48,931,0
23,329,0

*Cash in vault is not counted as reserve to; Federal Reserve bank members.

Non-Member Banks and Trust Companies.-Following Is the report made to the Clearing House by clearing nonmember institutions which are not Included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE
Net
i
Capital. I Profits.

Loans,
Discounts,
Nat. banks Nov. 1 investments.
Week ending Dec. 21 1918. 1State banks Nov. 1
&ft.
Trust cos. Nov. 1 j
CLEARING
NON-MEMBERS.

1
1

Cold.

Legal
Tenders.

Silver.

National
Bank
& Federal
Reserve
Notes.

Average.
Members of
Average. Average. Average. Average.
s
Federal Reserve Bank.
2
$
$
2
2
$
Battery Park NAL BAIA - 1,500,000 1,549,200 11,588,000
13,000
163,000
16,000
28,000
Liolunabla Bank ..... .... __. 1,000,000
23,000
242,000
233,000
651,200 13,648,000
110,000
2,000
181,000
Mutual Bank . _ . ....._
4,000
200,000
548,000 7,885,000
New Netherland Bank . .
7,000
21,000
108,000
136,000
200,000
196,500 4,344,000
6,000
W. It Grace & Co.'s bank...
5,000
500,000
757,100 7,896,000
320,000
York v I Ile Bank..200,000
50,000
2,000
609,100 8,280,000
161,000
Firs- Nat Bank. Brooklyn .
6,000
7,000
64,000
300,000
663,100 7,677,000
39,000
62,000
172,000
Nat City Bank, Brooklyn
595,000 6,230,000
3,000
300,000
212,000
79,000
250,000
Fire Nat. Beak, Jersey City
80,000
400,000 1,325,800 10,489,000
rntal.....---- - .- .-.State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Waillinema Re•ghts
Colonial Batik . _ ..
International Bank _ .
Mechanics* Bank. Breo4iyn
-North Side Bank, Brooklyn

Reserve
with
Legal
DeposiCaries.

Aierage. Average.
3
2
1,160,000
112,000
1,657,000 1,054,000
351,000
1,788,000
277,000
733,000
1,259,000
519,000
854,000
361,000
631,000
415,000
547,000
900,000 2,015,000

303,000
814,000 1,515,000 9,529,000 6,004,000
143,000
4,600,000 6,895,000 78,037,000
---- ---- ----- ---- ---- --- ---- -----

30,000
325,000
60,000
550,000
135,000

148,000
129,000
669,000
490,000
329,000
268,000
874,000 2,171,000
260,000
260,000

469,500 2,406,000
100,000
500,000 1,088.400 10,440,000
198,800 5,364,000
500,000
1,600,000
865,700 23,560,000
200,000
226,600 5,153,000

70,000
200,000
155,000
107,000
17,000

275,000
11,000
240,000
14,000

2,900,000 2,849,000 46,923,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton t'roet. Co ,Brooklyr
500,000 1.030,700 7,748,000
Mechanics' r, (.70.. [3yorm,
377,900 8,550,000
200,000

549,000

540,000 1,100,000 2,101,000 3,497,000
-

l'otai.

l'frta•
Grano a+rgragate
. . .nee,,i.en orevirel., oirnsir
Excess reserve
Grand aggregate Den. 7___
Gran,1 aggregate Nov. 30___
Grand aggregate Nov. 23,,..
Grand aggregate Nov. FL _ _

700,000 1,408,600 16,298,000
8,200,000 11,152,600 141,258,000
-4,221,000
$873,420 Increase
8 450.00,1 11.913,800 145,479,000
8,450,000 11,913,800 143,409,000
7.350,000 11,035.300 141,878,000
7,350.000 11.035.300 141,095.000

a 12,8 deposits deivfted. $4,821,000.




Additional
Deposits
with Legal
Depositaries.

Net
Demand
Deposits.

Nationa
Bank
Circulalion.

Average. Average.
Average.
$
7,120,000
68,000
193,000
388,000
12,521,000
8,060,000
259,000
64,000
,
4,641,000
570,000
6,334,000
4,639,000 3,800,000
5,921,000
487,000
292,000
5,321,000
443,000
119,000
7,958,000
393,000
62,515,000 6,079,000

2,161,000
2,000
342,000 • 11,142,000
4,620,000
24,590,000
4,710,000
475,000
819,000

Net
Time
Deposits.

997,000
-

641,000
42,000
319,000

47,229,000 1,002,000
--- -----

313,000
14,000

10,000
, 9,000

17,000
75,000

101,000
166,000

253,000
513,000

334,000
156,000

5,074,000 1,168,000
5,126,000 3,590,000

327,000

19,000

92,000

267,000 • 766,000

490,000

10,200,000 4,767,000

1,019,000
862,000 2,006,000 3,913,000 13,792,000 7,313,000 a119,914,000 11,848,000
-49,000
-6,000 -136,000 -14,000 +987,000 -566,000 -1,216,000 -473,000
------ -----.... =====.= ======== ========
868,000 2,142,000 3,927,000 12,805,000 7,879,000 121,160,000 12,321,600
1,068,000
1,096,009 1,021,000 2,180,000 4.039,000 12,312,000 9,440,000 120,080,000 12,231,1200
1,083,000
919,000 2,176,000 3,890.000 11,037,000 8,736,000 116,866,000 12,032,000
1317,000 1.196.000 1,867.000 4.121,000 10.999.000 8,924,000 116.711,000 11.815,000

997,000
-190,000
1,187,000
1,187,000
1,175,000
1.174,000

DEC. 28 1918.1

2457

THE CHRONICLE

The movement of industrial stocks has been within a
much narrower range than usual and changes are about
evenly divided between higher and lower quotations.
For daily volume of business see page 2466.
Wall Street, Friday Night, Dec. 27 1918.
The following sales have occurred this week of shares not
The Money Market and Financial Situation.—The
security markets have been decidedly dull and featureless represented in our detailed list on the pages which follow:
throughout this, a typical holiday week. The uncertainty
Sales
Range for Week.
Range since Jan. 1.
STOCKS.
and precariousness of the railway situation precludes the
for
Week ending Dec. 27.
Week.
Lowest.
Highest.
Highest.
Lowest.
that
class
of
securities
and
few
interest
in
possibility of any
industrial issues appear attractive during the period of
Par. Shares $ per share. $ per share. $ per share.$ per share.
100 1,91i 42 Dec 27 49 Dec 23 42
Dec 80
Jan
readjustment following the cessation of military operations Adams Express
Rubber rights
6.070 1
Dec 24 134 Dec 23 1
Dec 134 Dec
as they have been carried on. Relatively more interest Ajax
100 160 Dec 27160 Dec 27 160
Jan
Dec 175
Am Brake Sh & F p1.100
was shown in the bond market, however, than that for stocks American Express_ _ 10i 4601 84 Dec 27 86 Dec 23 773-4 Sept 9534 Nov
American Snuff
Oct 107
Dec
50110034 Dec 26 10034 Dec 26 85
1001
and some of the foreign issues, dealt in on our Exchange, Am
Sumatra Tob pf..100I 1001 9234 Dec 27
Dec 27 81
Jan 103 June
have been decidedly strong. French Gov. 5328, for in- Assets Reaiization._..10l 4,856 % Dec 27 9234
34 Dec 254 Nov
134 Dec 21
Dry Goods...iOOj 1,400 1734 Dec 21 1834 Dec 26 12
May 1834 Dec
stance, sold freely to-day at 105 and one sale is reported at Assoc
1
400 6834 Dec 24 6934 Dec 23 54
Associated Oil
Apr 71
Oct
1053/2, as against 94 a few months ago.
1,900 5 Dec 27 75-4 Dee 24 5
Dec 1034 June
Atlantic Bir & Atl_ _ _1
900
Dec
26
1%
Dec
23
1
Jan
Nov
Batopilas
Mining
_20
234
134
practically
no
developments
during
the
been
have
There
Union Gas
100
400 8054 Dec 24 8134 Dec 23 78
Aug 935-4 Nov
week which stimulated activity or affected prices at the Bklyn
Brunswick Term'I
100
700 834 Dec 26 934 Dec 27 6% Jan 1634 June
100
200 1734 Dec 23 173-4 Dec 27 754 May 1834 Nov
Stock Exchange. The amended Revenue Bill which passed Butterick Arizona___10
% Dec 26 6134 Dec 71
600 6134 Dec 26 623
May
Calumet &
the Senate calls for a much heavier tax levy than that of Canada
100
25 46 Dec 27 46 Dec 27i 41
Southern
May 49
Aug
Dec
100 200 9134 Dec 26 915-4 Dec 26 73
Jan 92
last year, as had been expected, but is much less drastic Case (J I) pref
Apr
Nov 53
Cent Foundry pref_ A00
100 36 Dec 21 36 Dec 211 33
Bill
and
therefore
is
Kitchin
original
less
objecthe
than
Oct 110
Mar
10106 Dec 27 106 Dec 27 102
Cent & So Am Teleg_100
tionable.
Oct 4034 Nov
100, 3734 Dec 24 3734 Dec 24 30
Certain-TeedProd no par
First preferred__ A00
100 8554 Dec 26 8534 Dec 261 8434 July 87 June
Some of tin industries of the country it is expected will Chicago
Apr 11
Nov
SC Alton___ A00
5003- 734 Dec 24 7% Dec 241 7
begin to assume more normal conditions after the War InDec 18
Nov
Preferred
100
1001 12 Dec 24 12 Dec 24 12
Sept 82
Dec
200 76 Dec 27 77 Dec 26 69
St P M & Om_ _100
dustries Board and fixed prices cease to exist at the year- Chic
Dec110
Dec
50110 Dec 21 110 Dec 21 110
Preferred
100
end, although to what extent financial matters will be Cons
Interstate Call__10 600 834 Dec 23 8% Dec 24 734 Sept 1334 June
Dec
Feb (10
Continental Insur____25 650 59 Dec 26 60 Dec 23 44
affected is wholly problematical.
Feb
& Co pref__ 100 200 9534 Dec 24 9534 Dec 24 90 June 96
The money market was relatively easy during the early Deere
Oct
Federal Mg & Smelt_100
3001 10 Dec 27 10 Dec 27 934 Apr 15
Jan 4434 Dec
37 Dec 27 38 Dec 26 27
Federal M & S pref-100 8
part of the week, but became firmer towards the close.
Jan 58 June
General Cigar Inc_ 100 1,700 4534 Dec 26 46 Dec 21 34
10 May
Foreign Exchange.—Sterling exchange has ruled quiet Gulf Mob & Nor ctfs 100 100 8 Dec 26 8 Dec 26 8 Mar 3534
Deo
100
100 3234 Dec 27 3234 Dec 27 27 •Mar
Preferred
without important changes in rates. The Continental ex- Gulf
Dec102Jan
States St1 let pf 1001 100 95 Dec 24 95 Dec 24 95
changes, both neutral and belligerent, have also ruled quiet, Hartman Corpn__ _ _100Dec54 D 24 5434 Dec 27 37 Ma 5434 DecD
Oct114% Dec
Int Harvest(new) p1100 300114 Dec 2411434 Dec 24 107
with a firm undertone.
Mar
Int Nickel pref
100
100 9634 Dec 27 96% Dec 27 8834 May 98

`grilanitrrs- Oriaz.ette.

To-day's (Friday's) actual rates for sterling exchange were 4 73340
4 73% for sixty days, 4 75%@4 7513-16 for checks and 4 763404 76 9-16
for cables. Commercial on banks, sight, 4 75304 75'%; sixty days,
4 723404 72%; ninety days, 4 713404 71%, and documents for payment (sixty days), 4 7204723-4. Cotton for payment, 4 75%04 75%
and grain for payment, $4 75%04 7534.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 513-i0
5 513-4 for long and 5 463-405 4634 for short. Germany bankers' marks
were not quoted. Amsterdam bankers' guilders were 42 1-16042 3-16
for long and 42 7-16042 9-16 for short.
Exchange at Paris on London, 25.0734 fr.; week's range, 25.9734 fr. high
fr. low.
and also 25.97
The range fo, Abreign exchange for the week follows:
Sixty Days. Checks.
Sterling Actual—
Cables.
4 7374
4 758234 4 76 9-16
High for the week
4 7334
4 7580
4 7655
Low for the week
Paris Bankers' Francs—
5453%
5441%
551/4
High for the *week
5 5134
5 4534
5 45
Low for the week
Germany Bankers' Marks—
High for the week
Low for the week
Amsterdam Bankers'.Guilders—
42 3-16
42%
High for the week
4274
4115-10 42%
42%
Low for the week
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 250
15c. per $1,000 discount bid. San Francisco, par. Montreal, $16.5625
per $1,000 premium. Cincinnati, par.

State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $3,009 New York 4s 1962 at 983
and $10,000 Virginia 6s deferred trust receipts at 70.
The market for railway and industrial bonds has been
moderately active and more than moderately weak. Of a
list of 23 representative issues 18 have declined and 1 is
unchanged, while 4 close fractionally higher than last week.
The latter include Atchison, Burlington, Southern Pacific
and Inter. Mer. Mar. issues. The local tractions have
been the most active bonds traded in and are again the
weak features of the market.
Interboro R. T. 1st 5s have lost 33/ points, Brooklyn
R. T. 7s, 3, St. Paul ref. 43/2s 3 and Erie, Inter. Met.,
Pennsylvania 43's and Readings from 2 to 3.
United States Bonds.—Sales of Government bonds at
the Board .include $1,000 4s reg. at 105, and the various
Liberty Loan issues on an enormous scale, amounting to
over $30,000,000 in to-day's market alone, while the tendency of prices has been downward within the following
range, 3s at 98.16 to 99.60, 1st 4s at 92.80 to 93.20,
2d 4s at 92.60 to 93.30, 1st 43s at 96.30 to 97.10, 2d 434s
at 93.80 to 95, 3d 43/0 at 95.10 to 95.90 and 4th 43s at
94.20 to 94.98. For to-day's prices of all the different issues
and for the week's range see third page following.
Railroad and Miscellaneous Stocks.—Contrary to recent
custom the stock market has failed to show, during tho week,
any inclination to recover from the depression which has
characterized it for some time past. On the contrary prices
for railway shares slowly but steadily declined, are now
in many eases near the low records of the early months of
the year, and contrast rather sharply with those of more
recent date, as the following table shows, omitting fractions:
Atchison
Bait. & Ohio
Can. Pac
St. Paul
Or. Northern__
Lehigh Valley__

This week. Recently.
This week. Recently.
N. Y. Cent____
99
74
90
84
New Haven____
62
30
51
38
No. Pac
174
93
105
155
Reading
54
78
38
96
So. Pac
106
98
94
110
65
Union Pac
125
53
137

The volume of business has increased day by day, expanding from 350,600 shares on Monday to 681,000 to-day.
There have been some slight recoveries from the low prices
shown in the table above, but they are wholly the result of
speculative operations and therefore without significance,
Southern Pacific being the only railway stock which closes
fractionally higher,thantlast week.




Oct 4034 Nov
Jewel Tea Inc
100 2,300 283jDee 27 31 Dec 24 28
Apr • 975.( Jan
Preferred
100 400 88 Dec 27 88 Dec 27 88
Kelly-Springfield pf_100
100 9034 Dec 26 9034 Dec 26 7634 Feb 9034 Dec
1001 100 2734 Dec 27 27% Dec 27 2734 Dec 4034 Nov
Kelsey Wheel Inc
Nov
Kresge(85)Co
1001 100105 Dec 26 105 Dec 26 83 June 105
. Preferred
Nov
100
100105 Dec 26 105 Dec 26 104% Nov 106
July 90
Mar
Laclede Gas
100 300 83 Dec 27 84 Dec 26 82
Dec
Liggett & Myers_ _ ....100
400205 Dec 24209 Dec 27 16434 Aug 209
Nov
Preferred
120 106 Dec 26 106 Dec 261 10034 Jun 110
100
Mar
Lorillard (P)
1001 320150 Dec 27 150 Dec 271 14454 Aug 200
Jan 110
Nov
Preferred
100 30010434 Dec 27 106 Dec 23 98
Manhattan(Elev)Ry100 2,700 7834 Dec 24 9034 Dec 211 783-4 Dec 10334 Nov
Guaranteed
100 1,200 8034 Dec 27 83 Dec 27, 8034 Dec 10034 Dec
Oct 87
Sept
Marlin-Rock v t c_no par
200 8234 Dec 21 83 Dec 211 75
Jan 6334 Dec
May Dept Steres
100 500 59 Dec 27 60 Dec 26 47
May
National Acme
50 1,600 2834 Dec 9 29 Dec 27, 2634 Jan 33
Aug 11034 Dec
National Biscuit.... __100
200 108 Dec 27 10834 Dec 24,' 90
Mar
Preferred
100
10011234 Dec 21 11234 Dec 211106% Sept,114
Apr 3634 Dec
N 0Tex & Mex v t c_100 1,400 30 Dec 24 32 Dec 211 17
Nov
NY Chic & St Louls_100
200 28 Dec 24 2834 Dec 24; 13% Oct 34
Oct 48
Nov
Second preferred..100! 100 4434 Dec 26 4434 Dec 20 40
May
New York Dock__ _100, 2,000 2554 Dec 27 26% Dec 23' 1834 Jan 27
Jan 4834 Dec
Preferred
1001 300 46 Dec 27 4836 Dec 23 42
Nov 21
Feb
Norfolk Southern__ _1001 300 18 Dec 26 1834 Dec 26' 14
Sept 79
Mar
Norfolk & West pref_100 500 7234 Dec 27 7234 Dec 27 69
% Dec 134 Dec
Rights
% Dec 271
1 800,
54 Dec 27
Dec 70
Nova Scotia S & C100 800 54 Dec 26 5534 Dec 211 54
Aug
Owens Bottle-Mach__25 2,200 4454 Dec 23 47 Dec 26 4434 Dec 7034 Aug
Peoria & Eastern_ _ _ _100
100 5% Dec 26 5% Dec 26 434 Apr 6% Nov
Apr 98
Jan
Pitts Steel pre(
100 700 90 Dec 24 9034 Dec 24 90
Stutz Motor Car..no par 2,100, 49 Dec 26 5274 Dec 23 37
Oct 55
Dec
Texas Co rights
13,075 1434 Dec 26 15% Dec 27' 1434 Dec 1534 Dec
Third Avenue Ry...lOOj 2,300 1254 Dec 26 14 Dec 271 1234 Dec 2134 Jan
Transue & W'ms_no pa
7001 .383.4 Dec 27 3934 Dec 23 3634 Oct 42 [May
July 112
Feb
Underwood pref__ _ _100
10,115 Dec 24 115 Dec 24 104
Dec
United Drug
106 2001 88 Dec 26 88 Dec 26, 69 June 88
100
1001 1634 Dec 27 1634 Dec 27 1454 Apr 1634 May
US Express
Vulcan Detinning
100, 125 1034 Dec 26 1034 Dec 26, 75, Apr 1034 Dec
Sept
• Preferred
100,
45 38 Dec 21 42 Dec 231 2534 Mar 42
Walla

Vo ..errt V.I.rs

Ina

AllaRQ

Tlat. 9/1

50

Ton 9
.
1 i 5331 Chant

QZ IA

Ton

Outside Market.—The Standard Oil issues and Keystone
Tire & Rubber were the features in the "curb" market this
week. Elsewhere business was quiet and price movements
narrow. The Standard Oil shares were in demand and the
higher-priced issues made substantial advances. Prairie Oil
& Gas shows a gain of some 21 points to 599, a new high
record, with a final reaction to 595. Standard Oil of N. J.
advanced from 574 to 652 and closed to-day at 646. Standard Oil of N. Y. moved up from 288 to 305, a new high level,
and finished to-day at 302. Penn-Mex. Fuel sold up from
53 to 64 and down finally to 60. The remainder of the oil
list was without feature; price changes of little importance.
Internat. Petroleum after the loss of over a point to 17
jumped to 187
4 and finished to-day at 183
4. Midwest Oil
coin. advanced from 1.18 to 1.35, but dropped back to-day
to 1.18. Midwest Refining lost 23/2 points to 122. Keystone Tire & Rubber corn. was the most prominent feature
of "curb" trading and registered an advance of nearly 10
points to 463
4,a new high record, and closed to-day at 453-.
United Motors was also active and sold up from 33% to
35,reacted to 33 and finished to-day at 334. Aetna Explos.
after early fractional advance to 7 ran down to 532 and
closed to-day at 6. Submarine Boat moved down from
123/i to 104, with the final figure to-day 10%. WrightMartin Aircraft corn. weakened from 4% to 4. In the bond
department several issues showed sharp recessions. Interboro. Rap. Tran. 7s dropped from 96% to 90 and recovered
finally to 923/2. Russian Government 63/2s from 67 fell to
55, the 5%s dropping from 63 to 51. Wilson & Co. 6s after
3 and 954 during the week broke
fluctuating between 94%
to-day to 93%. Heavy trading in Penn. RR.gen. 5s "w.i."
was a feature, the price falling from 9934 to 9834, with the
close to-day at 983.-. St. Paul Union Depot 53-s "w. i."
were traded in for the first ime from 993/i up to 9934 and
down to 983/2.
A complete list of "curb" market transactions for the week
wil be found on page 2466.

2458

Daily, Weekly and Yearly
New York Stock Exchange-Stock Record,
PAGES
OCCUPYING TWO
For record of sales during the week of stocks usually inactive, see preceding page.

HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
- Saturday
Dec. 21

Monday
Dec. 23

Tuesday
Dec. 24

Wednesday
Dec. 25

3 per share $ per share $ per share $ per share
9014 9034
8934 9012 9012 01
8914
90
9012 89
89
89
10338 10338 10314 10314 *99
525 5314 5212 5234 5212 53
5512 57
571 5712 57
57
2934 3014 2734 2934 2512 28
156 15612 15412 15614 155 156
56
56
56
5614 5534 56
9
8
812 *8
914 *8
2438 25 ' 2438 2438 2412 2438
4052 4114
417 4214 408 42
7514 76
7534 7412 7538
75
9834 99
9714 9812 9614 9712
*131 13712 *131 13712 *130 136
2514 2618 2558 255
254 2534
*78 80
79
79
7914 7914
6512
*65 6612 6514 654 65
3434 3434 *34
38 *3534 38
*68
72
*68
72 *68
6812
*21
*21
2212 21
21
2312
*50
5412 §50
50 *50
5412
*45
.45 48
$46
46
48
*10312 108
10514 10514 105 10514
*176 180 *176 180 *176 180
4
*512 612
512
614
712 712
64 714
1732 1734 171 1712 17
1714
958 30
2914 2914 2812 2914
22
*2012 22 *21
2112 *21
9534 9634 958 9612 9134 95
3214 3214 321 3218 32
3214
97 97 *96
98
99
98
6
618
534 6
414 512
24
2412 2238 2312 18% 22
1914 1914 1878 19
19
19
*54
56
54
*53
5512 54
*814 11
*8
11
814 8%
*20
23 *20
20
23
20
5618 57
5334 5614 53% 5434
*11812 120 *11812 120
11812 11834
13
13
13 *1212 1312 *12
53
514 514
554 512
538
10
10
814 814
814 814
2478 2514 2434 2538 2414 2438
53
5334 5318 5314 52
53
75
76
75
7578 74% 7514
3178 3238 31
3218 3012 3114
*2012 22
*2012 22
*2012 21
*106 10612, 106 106
10514 10614
9332 9518! 9312 9434 9334 94
4472 4512' 45 4512 4434 45
*14
15
1332 14
1334 14
*58
63
--44- -44 .54338 49
3434 35
35
3518 -3412 3514
*78
81
*78
81
*7838 80%
8114 8218 81
82
79% 8078
*3712 3812 *3712 3812 *3712 3812
*37
39
*36
39
*3578 39
1458 1458 1412 1412 1312 1334
*19
2414 *1912 24
19
19
3512 *___ 3512
354
872 87 .
832 9
84 832
.19
•19
1914 1 *19
1914
2012
9838 9938 9833 9934 9814 9878
2918 2934 2914 2978 2918 2912
*6812 70
6812 6812 6832 6913
25
2514 2434 2514 24
2438
48
48
*40
48 *40
48
12714 128
1267g 12712
127 L129
7018 7112 71
71
6934 71
*8
814
814 814 *812 9
*1512 1612
17
*1534 17
*16
9
9
834 9
838 8%
3518 3534 3334 3514 3314 3414
2132 2112 2112 2112 20
2034
13
13
1212 1234 12% 1212
*24
29
*24
24
24
29
*20
22 *2012 2112 *2012 22
6212 6212 _-_- 6312 *8012 63
9
9
9
9
*9
934
1734 1814
1812 1812 *18
20
*32
30
35 *32
34
31

Thursday'
Dec. 26

Friday
Dec. 27

Satesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Par
Railroads
Atoh Topeka ds Santa Fe--100
Do pref
100
Atlantic Coast Line RR 100
100
Baltimore & Ohio
Do pre
100
Brooklyn Rapid Transit. 100
Canadian Pacific
100
Chesapeake & Ohio
100
Chicago Great Western-100
Do pref
100
Chicago Milw & St Paul-100
Do pref
100
Chicago & Northwestern_ _100
Do pref
100
Chic Rock lel & Pao temp otfs.
7% preferred temp otts____
6% preferred temp Ms_ -Cloy Cin Chick & St Louls..100
Do prof
100
Colorado dr Southern
100
Do 1st prof
100
Do 2d pref
100
Delaware & Hudson
100
Delaware Lack & Western_50
Denver & Rio Grande__ _100
Do pref
100
Erie
100
Do 1st pref
100
100
Do 2d prof
Great Northern prof
100
Iron Ore properties. No par
Illinois Central
100
Interboro Cons Corp__No par
Do pref
100
Kansas City Southern.......100
Do prof
100
Lake Erie & Weetern........100
Do prof
100
Lehigh Valley
50
Louisville & Nashville......100
Minneap & St L (neto)__ _100
Missouri Kansas dr Texas..100
Do pref
100
Missouri Pacific tr etts-100
100
Do prof tr otfs
New York Central
100
N V N 11 dc Hartford-._100
N Y Ontario de Western....100
Norfolk dc Western
100
Northern Pacific
100
Pennsylvania
50
Pere Marquette v t o ____100
Do prior prof v t o_...100
Do prof v t o
100
Pittsburgh & West Vs.. _100
Do prof
100
Reading
50
Do 1st prof
50
Do 2d pref
_5
St Louis-San Fran It otts_100
St Louis Southwestern_ _._100
Do prof
100
Seaboard Air Line
100
100
Do pref
Southern Pacific Co- ___...100
Southern Railway
100
100
Do prof
Texas & Pacific
100
Twin City Rapid Transit-100
Union Pacific.
100
Do prof
100
United Railways Invest.._ 100
Do
prof
100
100
Wabash
Do pref A
100
100
Do pref B
Western Maryland (new) 100
Do 24 prof
100
.100
Western Pacific
100
Do preferred
Wheeling & Lake E Ry 100
preferred
100
Do
100
Wisconsin Central
Industrial & Miscellaneous
1,100 Advance Rumely
100
1,100
100
Do pref
1,100 Ajax RubberIno
• 50
5,900 Alaska Gold Mines
10
20,400 Alaska Juneau Gold Min'g_10
17,400 Allis-Chalmers Mfg
100
1,300
100
Do preferred
400 Amer Agricultural Chem 100
200
100
Do pref
4,400 American Beet Huger--_100
100
Do pref......
18,700 American Can._ _
100
1,300
Do pref._
_ _100
13,600 American Car & Foundry 100
110
Do pref.
100
100
1,300 American Cotton 01
100
100
Do prof
4,600 American Hide & Leather_100
21,300
Do pref
100
500 American
100
• 300
_
_100
preferred._
Do
Ice.
8,400 Amer International Corp.100
15,200 American Linseed
-100
2,400
Do prof
-100
9,100 American Locmotive
_100
100
.100
Do pre(
1,300 American Malting.- - - .100
500
Do 1st pref coats. of dep
100
American Shipbuilding
79,650 Amer Smeithast & Refining 100
500
_100
Do pref.
2,700 Amer Steel Foundries... _100
.1,700 American Sugar RefinIng...100
100
........100
Do prof
6,100 Am Sumatra Tobaeco.... _100
11,580 Amer Telephone & Talent _100
2,162 American Tobscoo._.....100
210
Do pref(new)._100
2,800 Am Woolen of Mass
100
300
100
Do prof
6,100 Am Writing Paper Drer
100
1,000 Am Zino Load & 8
25
300
25
Do prof.
90,910 Anaconda Copper Mining.50
2,200 Atl Gulf & W I SS Line-100
200
Do pref
100
31,200 Baldwin Locomotive Wkil 100
100
Do prof
_ rjrio Barrett Co (The).
100
2,870 Bethlehem Steel Corp._.._ 100
36,500
Do class B come..-100
1,000
Do cum cony 8% pref._
Ar.
1.901 (both 1,10144.10o

$ per share $ per share
90
9034 9014 9134 10,600
1,400
8834 8834 8812 89
400
10014.10014
100 100
5214 13,159
5232 51
52
5512 554 3,500
554 56
2532 2634 2534 2814 53,200
155 • 15612 7,800
155 156
56
3,900
5112 5512 55
772 812 2,200
8
832
24
2412 2334 2432 1,900
40 35,300
3812 4012 38
71
7412 70121 7112 14,030
96
7,900
95
9614 95
*131 137 *131 136
25
25% 1,000
2532 25
7878 79
1,700
7812 79
6514 6534 3,100
6234 65
*34
38
*34
38
100
72
*68
70 *68
*21
2312 *2012 24
100
55 *49
5412
6
*50
48
*44
48
*40
6
2,200
105 10512 10112 101
700
17912 185
180 180
*4
534 *312 7
700
5
6'8
58 614 21,800
1612 1718 1634 1714 20,500
2712 2814 28
2812 6,200
2212
*2012 2212 *20
94
9412 94
9434 18,500
3112 3172 3132 32
9,700
97
96
9634 1,200
97
47a 518 28,840
434 5
1872 2012 1814 2158 11,200
1812 1834 1812 1812 1,800
54
5314 5373 .53
300
812 813
762 8
400
*18
22
18
18
300
5334 5412 54
5472 28,400
11812 11812 11814 11832
600
*1112 13
11
1134 1,000
5
5
54
5% 3,000
*8
10
812 858 1,000
24
2432 2412 2478 15,000
5114 5212 5214 5212 2,750
75
74
74
7538 18,865
304 32
3014 311 24,900
2012 2012 2038 2034 2,700
105 106
10518 10512 2,890
9334 93
9334 12,100
93
4412 4472 4372 4472 38,050
14
14
1312 14
3,500
63
59
59
100
*58
*43
49
200
3432 E3532 354 3632 9,500
*79
81
*7832 81
7812 7912 7834 8034 53,900
*3712 3812 *3712; 3812
33814 38,4 38
38
200
13
1318 I.,1334 3,300
13
*____ 2414 *__ 244 a 100
*
3512 *_
354
*812 9
iT2 834 As1,500
1914 19% 1878 184
200
99
98
9834 100 64,700
2814 2932 2812 29
14
%00
00
68
68
24
2434 -2,-1172 -2-7-7;
4514 47
42
45
610
12512 12634 12632 12712 22,900
7012 71
7012 7212 4,800
712 772
734 8
900
1514 1512 1532 1512
500
8
832
84 814 4,900
3212 33
3112 33
16,500
20
2012 2012 2012 9,400
1214 1212 10
1214 15,630
*23
*23
29
29
100
20
204 *1912 21
600
6312
63
100
812 81
834 9
1,950
1778 1772 *1612 1712
600
29% 30
30
3014 1,800

PER SHARE
Range since Jan. 1.
On basis of 100-share lots.

PER SHARE
Range for Previous
Year 1917

Lowest.

Highest.

Lowest.

Highest.

$ per share.
81 Mar23
80 Jan30
8932 Apr22
49 Jan24
53 Apr25
2532 Dec26
135 Mar25
4934 Jan15
6 Apr 9
1812 Apr 9
3714 Apr22
6614 AprIl
8912 Mar25
125 July15
18 Apr22
5634 Jan15
46 Jan15
26 Feb21
5834 May 7
18 Apr22
47 Apr 3
40 Apr 4
10012 Aprll
160 Apr17
214 Jan 4
5 Apr23
14 Apr17
231s Jan16
1812 Jan25
86 Jan15
2512 Jan15
92 Jan 7
434 Dec26
1814 Dec27
1512 Apr17
45 Jan 5
714 00110
18
Apr23
5332 Dec24
110 Jan 2
712 Apr17
432 Jan 5
612 Jan29
20 Jan15
41 Jan15
0712 Jan15
27 Aprll
1814 Jan22
102 Jan24
811s Jan24
4314 June27
912 May 1
5212 Apr 3
30 Apr 5
2232 Jan 2
61 Janl
7012 Jan15
35 Jan12
35 Mar30
932 Apr 3
19 Oct 2
28 Oot 2
7 Apr17
1512 Apr19
8012 Jan24
2032 Apr30
57 Jan21
14 May 4
3912 June13
10934 Jan15
89 Jan 3
434 Jan15
1012 Apr 9
7 Apr26
3112 Dec26
20 Dec26
10 Dec27
20 Jan29
13 Jan 2
46 Jan 3
8 Apr22
1712 Apr17
2972 Dec26

$ per share.
9934 Nov12
9212 Nov12
109 Nov20
62 Nov12
6412 Nov13
4814 Jan 2
17472 Oot14
6232 Nov12
11 Nov12
32 Nov12
5414 Sept 7
8632 Nov12
107 Nov 9
137 Jan29
3212 Nov12
88 Nov12
75 Nov12
40 Nov 8
70 Nov22
2712 Nov12
55 Nov 4
48 Dec16
11934 Nov12
185 Sept 4
7 Nov21
1332 Jan 2
2338 Nov12
3612 Nov12
2714 Nov12
10612 Nov12
3412 Nov14
10512 Nov12
912 Jan 3
4712 Jan 3
2414 Nov12
5912 Nov12
1172 Nov13
25 Oot22
6512 Nov12
12434 Nov12
1572 Nov12

$ per share
75 Dec
75 Dec
z7972 Dec
3814 Dec
4814 Dec
36 Dee
126 Dec
42 Nov
6 Dec
1712 Dec
35 Nov
6212 Dec
85 Dec
13712 Dec
10 Dec
44 Dec
3534 Dec
24 Nov
6134 Oct
18 Nov
447a Nov
41 Sept
87 Nov
16712 Dec
5 Dec
9712 Dec
1312 Dec
1834 Dec
151s Dec
7914 Dec
2232 Nov
8534 Dec
814 Dec
Ms Dec
1312 Nov
40 Nov
312 Nov
23 Oct
5032 Dec
103 Dec
672 Dec
312 Dec
7 Nov
1972 Nov
3712 Dec
6212 Dec
2112 Sept
17 Nov
9232 Dec
75 Doc
4014 Dec
12 Dec
45 Nov
37 Oct
18
,Dec
5:.
Apr
6012 Nov
34 Nov
3372 Dec
12 Dec
22 Dec
84 Dec
714 Dec
1672 Dec
7534 Dec
2112 Dec
5132 May
1132 Nov
62 Dec
10114 Dec
6914 Dec
414 Dec
1114 Dec
7 Nov
3614 Dec
18 Dec
12 Dec
20 Dec
1012 Dec
3512 Dec
712 Dec
We Nov
33 Dec

$ per share
10712 Jan
10012 Feb
119 Jan
85 Jan
767k Jan
82 Jan
16732 Mar
6534 Jan
1412 Jan
4134 Jan
92 Jan
12512 Jan
12414 Jan
17212 Feb
3812 June
8414 Apr
71 Apr
51 Jan
80 Jan
30 Jan
5712 Jan
46 Mar
15172 Jan
238 Mar
17 Jan
41 Jan
3434 Jan
4914 Jan
3934 Jan
11814 Jan
8812 Mar
10632 Jan
1712 Jan
7214 Jan
257s Jan
5812 Jan
2514 Jan
5334 Jan
7912 Jan
13334 Jan
3214 Jan
11 Jan
2012 Jan
84 Jan
61 Jan
10332 Jan
5272 Jan
2914 Jan
13832 Jan
11014 Jan
5732 Jan
3034 Jan
7312 Jan
57 June
3534 June
68 Jan
10414 Jan
45 Jan
4512 Jan
2632June
32 Jan
53 Jan
18 Jan
3912 Jan
9812 Mar
333s Jan
7012 Jan
1934 Jan
95 Jan
14912 Jan
85 Jan
1132 Jan
2334 Jan
1534 Jan
58 Jan
3012 Jan
23 Apr
41 Mar
1812 May
48 July
2272 Jan
5032 Jan
5414 Jan

3
136
132
1324 N
NNo
gvyvii
62 Nov 9
8432 Nov12
4572 May29,
2432 Nov 9!
11214 Nov121
105 Nov12
5012 Nov12
1872 Nov12
64 Nov 9
50 Nov18
403s Nov14
82 Nov14
9614 Oot23
39 May15
40 July 6
1714 Deo 9
25 Nov12
4012 Jan 3
12 Nov12
2514 Nov12
110 Nov 7
3472 Nov12
7514 Nov12
2912 Dec 9
6514 Jan31
13712 Oct19
7634 Nov12
12 June27
20 May 7
1134 July 8
4412 Jan 2
2612 June26
1734 Feb15
32 June22
2434 Nov12
66 June27
1234 Nov12
26 Nov12
3934 Oot22

2312 2312 2312 2334
2412 2412 *2312 2412
11 Js.n19 2634 Nov21
74 Nov 1812 Jan
58
59
5734 58
59
5712 5812
*57
2572 Jan 9 627s Nov19
19 Oct 371a Jan
*66
68
65 6712 :65 6512
6512 6614
49 Jan 2 7214 Dcol8
4512 Dec 80 Jan
312 4
312 334
114 Apr27
334 334
1 Dec 1112 Jan
334 372
532 Nov 6
158 134
134 2
134 178
134 178
312 June21
112 Apr 1
134 Dec
81s Mar
30
31
3014 31
30
3012 31
3234
1734 Jan15 37 May24
15 Dec 8232 May
*83
85
85
*82
8412 8532
7214 Jan 4 8612 May24
844 844
65 Dec 8672 Mar
*97 100
*98 10112 *97 101
9914 9914
78 Jan 2 106 Oct 17
72 Dec 9512 May
*9412 100 *95
99
9612 9612 *95 100
8912 Jan17 101 Aug27
91 Dee 10312 Jan
6234 63
6038 6234 6134 6134
6114 6272
48 Nov20 84 Feb27
63 Doe 10212 Feb
*85
89
*85
89
4935
89
*8534 89
z82 Sept13 9112 May 8
7813 Dec 98 Jan
4538 4618 4614 4634
4614 4634 4533 4638
3438 Jan15 5034 May17
2912 Nov 53 May
*9512 98
9714 98
9734 9734 9734 9814
8914 Jan23 98 Deel3
87 Dec 11112 June
868 87
8612 8714
8718 904 8912 9034
6814 Jan14 9114 Decll
57 Feb 8032Juns
§10934 10934
114 114
106 Jan 3 114 Dec27 100 Nov 11834 May
;ati" 16" -564 19.14 3933 3938
-5358 1633 3914 3938
21 Dec 5012 Jan
25 Jean 44340ot 18
*86 90 *86
90 *86
90
88
88
78 May1' 88 Decll
80 Dec 10112 Jan
1312 1333 1333 1334 13
13
13'3s 1318 1312
1312
1178 Jan10 2218 Sept 4
10 Feb 1714 Mar
6912 6934 6833 71
6512 6814
6612 70
70
7114
50 Jan 2 9472 Aug24
4314 Dec 75 Jan
*36
43 *39
42
*39
42
40
41
40
40
1112 Jen 2 49 Oot28
872 July 1672 Aug
*55
57
5634 5634 5612 5612
56
6 *55
56
3834 Jan16 61 Oct21
35 Dec 55 July
5418 55
5434 5534 5138 5234
5113 Sept13 6313 Oct 14
5334 55
5514 56
46 Oct 6284 Aug
4412 45
4412 4514 4433 1434
4412 4614 4614 4712
27 Jan 7 4712 Dec27
1534 Feb 2912 Aug
8712 8778 *8734 88
*86
88
8734 8978 8934 9058
6914 Jan 7 92 Deci3
48 Feb 75 Nov
61
6118 6034 62
6012 61
6018 6038 6038 6158
5312 hullo 7134 May16
4632 Dec 8284 Jan
*100 102 '100 101
*9912 100
101 101
*99 101
z95 Jan 4 10232 Dec 3
93 Dec 1067s Jan
5
5
*4
478 5
5
*4
412 412
5
238 Sept28 1312 Feb 6
814 Dec 1934 Mar
*44
4712 44
44
45
*44
45
*41
48
48
41 Septi8 48 Deol0
*108 142 *103 142 *108 142
142 *____ 112
90 Feb21 144 May14
88 Nov 93 Nov
7838 7938 7758 7938 7512 778
7432 7532 7534 7672
6732 Dec 11214 June
73 May28 9434 Oct 18
10612 10612 *10612 107
10733 10733 10733 10738 107 10712
103 Sept25 11014 Nov12 z9912 Nov 11712 Jan
85
8112 85
8334 85
8572 86
8333 8415 85
58 Jan15 95 Nov10
504 Dec 75 June
11012 11012 111 111
11012 111
110 111
11012 11052
98 Jan16 116 Moy15
894 Nov 12032 June
*113 115 *112 114 *112 114
112 112 *112 114
10814 Mar23 11412 Deo 4 106 Dee 12112 Jan
9432 9512 9134 9534 9412 9512
9412 9434 9512 9614
6034 Jan 5 145 May24
30 May 6212 Dee
98
9834 9734 9338 9814 9812
9712 9812 974 9812
9032 Aug 5 10914 Feb 1
9584 Dec 12812 Jan
*192 197 *190 195 *191 195
18812 19132 191 191
14012 Jan 5 19834 Dec 5 123 Dec 220 Mar
*9612 9912 *98
9914, 199
9218 Bept14 10012 Dee 6
99
*9812 9912 9812 9812
89 Deo 10934 Jan
.50
5012 50
5233 52121 5233 5212! 5034 52
5012
374 Feb 5834 Jens
4432 Jan15 6072 May24
*9412 96 ,1 *91%. 9514 *9112 9514
95
95
9172 9172
87 Nov 100 June
02 Jan 4 9634 Dec 8
2912 2912! 2812 29
2712 2812
2712 2712 2732 29
2014 April 3938 Atac28
17 Nov 5412 Mar
*1218 1318i *12
1234 *1218 1212
12
12121 12
1212
12 Dec26 214 July 3
vs Dee 4132 Jan
45
45 I .44
48
*40
46
*45
45121 44
45
Jan 2 5314 July 1
3114 Dec 7212 Jan
41
6338 6138! 6234 61% 6034 63
5934 60721 604 6114
.514 Nov 87 May
x5012 Jan18 x7214 Oct 18
111 111
109 10938
103 108321 109 11014
*10833 109
9754 Jan 5 12014 Feb18
8738 Sept 12112 Jan
6512 6512 *6ill 68
*65
68
*65
68
6/ 6754 Fob 66 Jan
58 Jan 5 6714 Nov20
74
7512! 741 1 75
7314 7433
7114 7314 7214 7414
43 Feb 764 July
5612 Jan15 10134 May18
*100 107
93 Deo 10212 Jan
Oot21
93 Jan 2 104
*103 104 I 102 101
103 10312
jai" 162 - 102 1623;
Jan
85 Jan 4 110 Dec 9, 82 Deo 136
6178 6173: 6034 6178 6034 6134
6012 6072 6032 6032
6012 Dec26 06 May16; 6614 Dec 515 Jan
613g 6238' 613 6238 6114 6134
6012 6114 604 6114
5934 Nov12 94 May161 rtials Deo 156 June
*104 105 I 10111 10114 104 10414
10112 10414 *101 10112
9612 Jan15 10672 Apr29' 93 Dec 10112 Oct
7Th
2312 2312 2212 22
2.153 IPA Illt 73
*23
el
Nell 281, Mont 3,
on
day.
I
prices;
no
gated
•151,1 and asked
Wz-rigbi,d. I Lem tuau 100 shares. a Illx-dle and rights. s Ex-dividend. 8 Before payment of first installment.
this
*2312 2512
*59
6032
.66 67
334 334
134 178
304 31
*8314 85
101 10134
9812 9812
63 63
*85 90
4614 4634
*9512 98
87
8734




New York Stock Record-Concluded-Page 2

2459

For record of sales during the week of stocks usually Inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
MEI

Saturday
Dec. 21

Monday
Dec. 23

Tuesday
Dec. 24

Wednesday
Dec. 25

Thursday
Dec. 26

Friday
Dec. 27

Salestor
the
1Veek
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1.
On basis of 100-share lots.
Lowest.

PER SHAREE-Range for Preelous
Year 1917
Lowest

Highest.

Industrial&MIsc.(Con.) Par $ per share. $ Per share. $ per share $ per shard
$ per share $ per share $ per share $ per share $ per share $ per share
100 103 Feb 5 161120ct 26
152 152
500 Burns Bros
15034 15214
89 Jan 12514 Apr
0149 154 *150 155 *150 155
614 612
614 658 6,130 Butte Copper de Zinc v t c5
614 Dec26 1278 July10
612 634
718
634 078
678
1918 1914 19
1612 Jan 2 3312 May14 -1-24
1938 2,900 Butte & Superior MinIng_10
3- Dec -Eili -3=in
*1914 2012 1014 1914 184 1014
4714 4734 *4714 4734
3612Jan 3 50 Nov23
600 California Packing____No par
3334 Nov 4214:Aug
4738 474 4714 1714 4712 4712
2012 2012 2018 2018 1,000 California Petroleum
100
12 Jan 7 2478 Nov 9
1014 Dec 364 Jan
22
2034 2024
*2012 2112 *21
*64
65
100
64
64
36 Jan 5 7012 1)ecll
Do pref
200
65
2912 Nov 8214 Jan
*64
65
65
*64
*64
5434 5618 5434 5734 39,300 Central Leather
100
5134 Dec26 7338Feb 27
55 Dec 10112 June
5812 5014 5818 5914 5614 5814
10112 10112 10158 10158
pref
400
100 10112 Dec20 103 Nov12
Do
97 Dec 11578 Jan
0101 10334 103 103
3312 3334 3378 3418 1,200 Cerro de Pasco Cop_ ....No par
2914 Mar 6 39 Nov12
25 Dec 41 Feb
3418 3334 3418 -33- 3312
*32
103 104 *101 101
_ _100. 8814 Jan 2 10978 Decl 1
000 Chandler Motor Car_
104 104
56 Nov 10434 Mar
10434 106 *104 107
1734 1834 1734 1814 12,800 Chile Copper
1412 Apr 4 24 Oct 18
25
1114 Nov 2758 Mar
1858 1878
1858 1878 1834 19
3112 33
3112 321 18,000 Chino Copper
5
354 Nov 6334 Mar
3112 Dec27 474 May16
3312
3314 3234 3312 33
33
3812 3812 38
18434 Jan 29 5412 May24
3878 1,000 Colorado Fuel & Iron_ _ _ _100
3812 3812
2934 Nov 53 June
*3812 41
•3812 41
3812 3834 3934 4112 5,900 Columbia Gas &Elee
100
2884 Mar25 4178 Oct 17
2558 Nov
4778 Apr
40
394 3912 39
*38
3938
94
9518 9518 9712 11,200 Consolidated Gas( N Y)_ _ 100
8234 July15 10538 Nov12
7612 Doc 13458 Jan
9714 0414 9718
97
97
97
6712 68
100
08
6512 Oct 7 95 Feb 19
6911 4,550 Continental Can, Inc
17
18
4 Juno
76 Nov 19
03
684 674 68
6734 6812 68
16
48
4738 1814 26,400 Corn Products Reflning...100
297 Jan 15 5018 Nov16
4718 46
4634
18 Feb 3714 July
4678 1738 46
*102 103
103 103
300
100 59012 Jan 7 10334 Dec12
Do pref
10212 10212 *102 103
8812 Nov 11238 Jan
0102 103
56
5658 5612 57
12,000 Crucible Steel of America_100
5712 5658 57
52 Jan 12 7478 May16
57
4534 Dec
5678 58
*8712 89
89
8812 8812
100
89 Jan 31 9134June 4
300
83 Dec 11734 Jan
Do pref
*8712 9112 89
*8714 91
2918 3038 29
2912 12,100 Cuba Cane Sugar
3014
2712 Apr 10 34 Nov12
Vs Par
2478 Nov 5514 Jan
2934 304 3018 3038 30
79
7918 7834 79
100
7818 Mar25 83 Feb 18
Do pref
2,100
7958 7958 7934 7934
80
.79
744 Dec 9412 Jan
49
5012 4958 51
5134 50
16,200 Distillers' Securities Corp_100 z33 Jan 2 6434 May24
5034
5012 5134 51
44
43144 Oct
1154 May ,2
12
12
1238 1218 1214 5,200 Dome Mines, Ltd
1212 12
1212 12
Jan
10
6 Junel9 15 Nov 1
12
612 Nov
29
2934 2912 2958 6,700 Gaston W & W Ino-No par
2914 2934
2534 Oct 11 39 Feb 131 28 Feb 14
2934 2031 2934 30
2 Aug
71813
14212.14514 145 14612 3,600 General Electric
100 12734Jan 7 158120et 18, 118 Dec
Jan
147 11712 14678 14714 145 145
128 12912 12012 13034 10,900 General Motors Corp
12958 13134 1284 13078
129 131
100 10634Jan 15 104 Aug211 7412 Nov 14618 Jan
---*8178 8212
81
8138 80
8134 1,900
Jan
pref
100
754Oct 10 83 Feb 1
Do
8212 8318
7284 Dec
5314 56
5514 56
5512 5358 55
63
144 Jan
5612 55
6,000 Goodrich Co (B F)
.55
100
38 Jan 2 5978 Oct 181 3214 Dee 9
*100 106 *100 106
100
9558 Dec23 104 Dec 9' z9138 Dec
Do pref
0534 9634 954 9612 *100 106
81
81
79
7914 7812 7878 1,200 Granby Cone MS & P___ _100
83
*81
82
*80
74 Jan 25 86 Oct 231 65 Nov
4534
4434 4518 *4414 4512 2,200 Greene Cananea Copper_100
381 Jan 17 5814 Nov 61 34 Nov 1
45
4518 4518 *4518 46
)72'8 .Jaa
jjan
nn
59
6074 61
59
6118 6214 1,200 Gulf States Steel tr ctfe 100
61
61
*5812 02
5814 1)ec19 11112 Apr 25, 77 Nov 137 Jan
45
*43
*43
45
4512 *43
4512 4512 45
45
900 Haskell & Barker Car_ No par
34 Jan 5 4914 July30' 2712 Nov 40 June
4118
447
8
45
4512 4414 454 4278 4434
4558 62,800 Inspiration Cons Copper_20
45
4118 Dec26 58120et 181 38 Nov 8612 June
13
*11
14
1212 1212 1114 12
*11
400 Internet Agricul Corp.._ _100
14
*11
10 Jan 8 19 June20
734 Nov
2178 May
4914 4912 494 4914 2.300
5012 5012 504 504 4934 50
100
38 Jan 5 65 June13
Do prof
2614 Nov 6012 July
112
*103
1097
8 1097s 11018 11012 1,300 Intern Harvester (new)
0110 11312 110 11114
100 104 Oct 14 121 Nov12 _ _ _- ____
_- 2553 2614 2534 2614 9,600 lot Mercantile Marine_100
2614 2614 264 2778 2618 2612
21 Jan 15 33 Oct 16
8 Mat
1718 Dec -38711014 11214 111 11258 69,950
11012 11138 11234 1143i 11171 1134
8338Jan 2 12512 Nov 6
100
Do pref
624 Feb 10812 Oct
323
8
3214
3158 3214 314 3238 10,300 International Nickel (The)25
3234 3278 3212 3258
27 Jan 15 35 Nov 7
2412 Dec 4728 Mar
31
2958 3058 30
3012 3,70 International Paper
3112 3118 3112 31
31
2412 Jan 15 4512 May15
100
184 Nov 4958 Jan
62
62
6212 6212 62
6212
6158 6158 *6112 63
900
Do stamped pref
100
7712 June
58 Jan 22 6512Jan 3
5014 Nov
7012 69
6712 68
69
69
7014
1,500 Kelly-Springfield Tire_ ___25
7014 7014 70
41 Apr 2 72 Dec19
3678 Dec 6412 Jan
3212 3314 3234 3338 29,000 Kennecott Copper___No par
3334 3414 3318 3334
3378 34
29 Mar25 4114 Nov12
26 Nov 501s May
68
6714
6758 67
6738 4,200 Lackawanna Steel
67 Dec27 9158 May16
100
68 Nov 1034 June
6714 6712 6714 6753 *6714
22
2134 22
22
2258 2258 2212 2284 2212 2212
1,000 Lee Rubber & Tire___No par
12 Apr 2 24 Decll
104 Nov 30 Jan
4414 4414 4414 4438 . 700 Loose-Wiles Biscuit tr etfs_100
4414 4414
45
44
*4012 44
1712Jan 8 45 Dec23
1214 Nov 274 Jan
9612
*93
96
9114 9612 *93
96
96
9612
*93
200
Jan
Dec23
Feb
15
pref
96
53
c
100
r
mmnies
ef
55
Jan 84
7314 *72
*70
7314 *70
7314
7314 *70
7314
070
70 Deel4 781 Feb 28
100
8934 Feb
70 Nov
Mackay
6518
*63
64
*63
6518 64
0518 64
*63
6418
230
Do prof
100
57 Jan 4 85 May28
574 Dec 874 Jan
2712 2734 28
284 2734 2814
2858 2934 28
2812 3,000 Maxwell Motor, Inc
100
2312Jan 15 42.2 Nov12
1918 Nov 6134 Jan
5014 5112 50
5178 5058 51 i
52
5178 5258 51
3,810
50 1)ec27 6978 Nov 8
Do 1st pref
100
49 Dec 7418 Jan
2058.
1912 2038 1912 21
20
*2111 2134 2034 21
4,200
19 May27 3238 Nov 9
Do 2d pref
100
13 Nov 40 Jan
166 16812 16712 16914 71,300 Mexican petroleum
1664 16914 16512 16712!
16758 170
79 Jan 5 194 Oct 19
100
67 Deo 10612 Jan
*10312 107 *10312 ____
0101 107 *104 107 *104 107 1
8478 Nov 9778 June
Do prof
87 Jan 15 107 Decll
_100
2238 2234 2212 2314 - 8,400 Miami Copper
2334 2378 2278 2312 2234 2314,
25 Nov 4314 Apr
224 Dec26 3318Jan 31
5
4214 4338 4212 43
44
4438 4412 444 4412 43
25,800 Midvale Steel & Ordnance_50
424 Dec26 81 May16
3912 Dec 6712 June
7212 7434'
*7112 77
72
72
79
*7412 79
*74
400 Montana Power
84 June25 8112 Nov13 15834 Dec 10914 Jan
100
*10212 ____ *10234
*10234 -*10234
*10234
95 Mar10 10618 Dec10
5
Do pref
9512 Dee 1174 Mar
15
1612 1612 1512 1614 1512 1512
1534 - 1,7766 Nat Conduit & Cable No par
1512 15
13 Nov25 2188July 5
1312 Dec 39 June
45
4534 46
4512 4578 4518 46 1
46
4712 2,300 Nat Enaneg & StamD'g-.1Q0
*45
24 Feb 1834 Oct
374 Jan 7 5412 May20
*90
04
§03
93
9014 9014!
9.1
*90
94
*90
120
83 Nov21 9012 Feb 20
Do pref
100
9013 May 9984 July
63
64
63
65
65
6311
6412 65
65
*63
1,40 National Lead
43'S Jan 7 6934 Decll
100
377g Dec 6314 Mar
*104 10612 *104 107
10478 101781
•105 10512 105 105
200
Jan
9934 Mar 2 10512 May18
Do pref
100
99 Dec 114
1658 1718
1634 1678 5,100 Nevada Consol Copper _ _5
1718 1728
1712 1712 1714 171
2638 June
164 Dec26 2178 May10
18 Nov
99 100
102 10214
9812 99
•102 107 *102 107
9412 Dec27 139 May22
2,00 New York Air Brake
50
98 Nov 158 Mar
4912 4912 4878 484
55 1
5118 *52
51
55
*51
000 North American Co____._100
39 Dec 7288 Mar
37,2 Aug16 5712 Nov22
4214 4258 4218 4314 6,060 Ohio Cities Gas (The)
4212 4234 4238 4258
4278 43
25
314 Oct 14378 Apr
3518 Mar25 48 Oct 18
714 712 *7
712 1,000 Ontario Silver Mining
7,8 714'
7,8 7,8
4i4 Jan 22 13 June17
100
7,8 718
34 Nov
734 Sep,
1
38
38
*38
39
39
39
39
39
400 Pacific Mall SS
2312Jan 21 40 Dec17
5
18 Feb 304 AMP
0534 6078 6534 6634 65"
6412 654 65
6578 7,400 Pan-Am Pet & Trans
6314 Oct 30 7214 Oct 28
50
*113 116 *11412 11012
*114 11712 115 115 *114 117 1
87 Nov 98 Jan
100
86 Jan 8 12412 Oct 28
Do prof
100
5018 50
494 4978 4812 50
50
504
4978 50
4,100 People's G L de C (Chic)_100
3958Jan 2 61 Nov 8
35 Dec 106,4 Jan
*29
3012 2912 2958 1,600 Philadelphia Co (Pltteb)_ _50
3034 3034 3053 3114 2934 3012
21 Apr 12 3514 Oct 29
2412 Dec 42 Jan
3934
41
41
4112
3934
4238
42
4114
4134 4378 20,500 Pierce-Arrow M Car_ _ _No par
34 Jan 16 5134 Nov12
25 Dec 4134 June
10134 10134 *10112 10134
•10014 102 *10014 102 *10112 102
200
89's Jan 26 101 Dec14
Do pref
100
88 Nov 9812 Aug
1578 16
1578 16
1534 1534 1534 16
16
16
2,430 Pierce 011 Corporation
15 Sept13 1918 Oct 16
25
48
46
*47
46
4718 4778 *4714 48
40
4634 1,200 Pittsburgh Coal of Pa _ _ __100
42 Jan 15 5834 Feb 28 -3758 Dec -ii1i, Sept
*84
*84
86
7934 Jan2 8578 Decle
86
8512 8512
*8412 86
*8478 86 / 100
100
74 Dec 90 Aug
Do pref._ _ .
*61
64
63
62
63
64
63
*62
6312 0312 1,200 Pressed Steel Car
5512 Nov26 73 Aug13
100
49 Dee 8314 Jan
*08 100
*06 101
*96 101
.96 101
*96 101
93 Apr 27 100 Aug 5 290 Nov s107 Jan
100
Do prof
05
*90
9134 *90
*90
95
95
*90
*89
94
Jan
85 Oct 2 10912 Mar 5
Public Seri, Corp of N I._100
99 Dee 131
11412 11578 11434 110
11712 11758 116 11712 11512 11512
2,500 Pullman Company
100 10018 Jan 7 13214 Nov12 10614 Dec 1674 Jan
ea
7318 72
73
72
7338 7312
7414 74
3814 Nov1 58 June
7478 2,400 Railway Steel Spring
451 Jan 7 7812 Decl 1
100
*102
•102 10312 103 103 §10314 10314
10312 10312
220
Jan
100
8812 Dec 101
95 Jan 2 104 Nov23
Do pref
1914 -2-0
2014 2058 2018 2012 20
1934 20
2038
10,900 Ray Coneolidated Copper-10
1914 1)ec26 264 May16
1912 Nov 3214 Apr
7378 7458
73
73
74
7458 7478 *7412 75
7412 7,600 Republic Iron & Steel
60 Febi 9412 June
z72518Jan 15 96 May16
100
*9714 9812 97
97
0678 9678 97
97
97
97
800
9258Jan 2 10212 Sept17
89 Dec 10578 May
Do pref
100
102 10312
101 10134 10112 103
104 10512 104 101
2
4:7
80
00 Royal Dutch Co etre dep____
7018 Mar23 145 Oct 18
59 May! 734 Nov
812 834
814 814
812 858
8
818
7
778
478 Novi 68 Jan
434 Aug22 18 Nov13
100
Saxon Motor Car Corp
168
168
1673
4
168
168
169
168
16918 17012 175
1,800 Sears, Roebuck & Co
100 13334 June 8 175 Dec27 1234 Doe 23814 Jan
*15
*14
15
14
1412 1412 1412 1,700 Shattuck Aria Copper__._ 10
1558 1158 15
14 Dec26, 184 Feb 19
15 Dec 2934 Mar
3218 3278 3212 3312 29,300 Sinclair 011 & Rerg___Nu par
*3314 334 3312 3378 3234 3338
2514 Apr 11! 39 Feb 5
254 Dec 5934 Mar
51
*49
*49
51
49
50
*48
50
4912 4912
30 Jan 241 7114 May24
400 Sloss-Sheffield Steel & Iron100
3312 Novl 7434 Mar
4812 5038 5018 51
5112 5212 4934 5238 4812 50
3378 Apr 24 7278 Nov 8
67,300 Studebaker Corp (The).. 100
3358 Nov 11011 Jan
94
*91
*91
94
*91
94
94
*91
*91
93
100
85 Nov 1084 Jan
80'z July 3 100 Nov 9
Do prof
3514
3512 35
35
*35
36
37
*35
*35
3612
3414 Mar25 4558 May 3
700 Superior Steel Corren__._100
3014 Nov 5134 June
9812 *-___ 9812
*..- _ _ 9812 *- --- 9812 *---- 98,2
100
95 Feb 16 100 Sept27
96 Dec 10212 July
Do lst pref
1418 1334 1378
1312 1355 13
1438 14
14
1312 4,100 Tenn Copp & 0 tr etfa_No par
1278Jan 2 21 July 6
1912 June
11 Nov
186 187
186 18658 187 18812 4,400 Texas Company (The)._ _100 135I Jan 7 203 Oct 18 11134 T)oe 243 Jan
188 188
187 188
8134 804 8134
8014 81
8034 8112 11,500 Tobacco Products Corp_ _100
8058 8138 81
4,312 Mar25 8238 Deell
4212 Dee 8052 Aug
10034 10034 10034 10214
101 10114 10012 10012 10012 101
1,2
70
00
1)
Do pref..100 z8714 Mar19 103 Dec19 z86 Dec 105 Mar
74
74
*73
76
76
76
7612 *73
*73
Jan
65 Jan 24 80 May13
594 Dec 112
Union Bag & Paper Corp_100
78
38
3834 3818 3814
3838 3812
3814 3814 38's 33
3678 Oct 30 4412 May10
1,800 United Alloy Steel_ _ _ _ NO par
3412 Dec 4938June
106 10778 10712 1084 5,700 United Cigar Stores._ _100
10612 10712 10714 10812
106 100
8.384 Mar28 10812 Dec26
8112 Nov 1274 Aug
*108 125 *108 125
•107 125 *103 125 *108 125
1014 Jan 5 110 July18
100
9814 Dec 12054 Mar
Do pref
151 156
152 15212 153 153
159 163
151 151
3,100 United Fruit
100 116'4 Jan 18 163 Dec27 z105 Doe 15438 Jan
*144 15
*1414 15
*1414 15
1478 144 *1112 15
1118 Apr 8 10 May 7
100 US Cast I Pipe de Fdy ..... _100
10 Nov 2412 June
4418 4418 *41
4712 *1418 4612 *144 4612
•44
4612
100
42 Dec 63 Jan
41 M ar26 4714 Feb 1
100
Do prof
10018 10134 10114 10134 4,100 U S Iudustrial Alcohol...100 z 96 FSee 2 137 May24
1024 10278 10118 10214
10212 103
0818 Nov 17112 June
08
*95
*95
98
*95
98
98
*96
99
*95
88 Nov 108 June
94 Oct 11 99 Nfar21
Do pref
100
7538 7012 7612 7834 8,0
7634
7712 76
7734 77
30
77
75
0 licked State Rubber__ _100
45 Dee 67 Aug
51 Jan 15 7934 Dee18
*109 110 *109 110
•109 10978 10934 10978 10978 1094
91 Dec 11434 Jan
Do 181 preferred._ _ _ _100 s95 Jan 15 10978 Dec23
44
47
4512 4418 4412 2,700 U S Smelting Ref & M -60
.46
4612 4678 47 .45
40 Dec 6714 Jan
3212 Apr 12 5014 Oct 19
*46
47181 *46
4834
*46
4758
4634 1713 4718 *46
100
4238 Apr 12 4734 Dec12
434 Nov 5214 Jan
Do pref.. _ ___ __ __ _ _50
9212 91341 93
94 356,060 United States Steel Corp.100
9514 9614 9514 9612 9434 96
7912 Dec 1384 May
884 Mar25'11812 Aug 28
11278 113
112 11214 3,100
11214 11212 11234 11234 1124 113
Do prof.. _ ._ _ . _ _ _100 10.3 hi ar25 1131 4 Deel 1 10234 Dec! 12114 Jan
7114 73
724 7314 23,100 man copper..... ...
7358 7412 734 7414 7238 734 •
70,4 Dec 11384 May
7114 Dec26 93 Oct 19
10
1218 13
13
13
13
13
•13
14
15 1 *13
918 Dec 2434 Jan
1,600 Utah Securities v t e _ ..... WO
11 Sept181 1634 Nov12
*52
51
52
52
*52
5112 5318 5312 5312 5378
1,000 Virginia-Carollna Chem_ _100
16 May
3344Jan 21 6014 Nov 8, 28 Nov
*112
114
11212 11212
*112 11312 11314 11314 *112 114
200
97 Dec 1124 Jan
08 Jan 161 11358Dee16
Do
pret _
11)0
*56
58
56
56
*5512 57 1
100 Virginia Iron C & 0.
48 Feb 77 Mar
50 Jan 51 7312 July27
10()
85
8534 8434 8514 1,900 Western Union Telegrapn.100
8614 8614. 86
8618 8534 -8078
8 Apr 15 376 Dec 9934 Jan
774 Aug 2I 95,
4218 4278 4238 4318 8,600 Westinghouse Eke & Mfg.50
43
4314 4234 4318 424 43
3334 Dee 513 May
3812Jan 17 4712 May16
*60
70
70 1
*60
70
*60
•60
70 i *60
70
59 Jan 11. 6412 Feb 20, 52,4 Dee 701s Jan
Do le. preferred
61
*44
45
44
•44
4512 2,100' White Motor
45
1412 4412 4113 4412
14634Jau 2 19 Nov 9' 3334 Nov 5212 Jan
50
2412 25
25
25
2512 2478 2512 2431 25,41
2538 13,400 Willys-Overiand (The)._ 25
15 Nov 384 Jan
15l Jan 15 30 Nov12
§8834 8834 8818 89
89
8834 8834 *87
884 8834;
69 Nov 100 Mar
905
75 Jan 3 8914 Nov19
Do pref (LIMO
100
7034 7114 7134 73
r" 7412 744 7278 7412 6912 7212;
42 Nov 844 Mar
5,600 Wilson & Co, Inc, v t 0_100
45's Jan 2 7714 Dec17
*120 123 *120 123
*1204, 123
12312 12312'
121 121
Jan
994 Dec 151
300 Woolworth (F W)
100 110 Mar25 12812Oct 21
*113 121 *113 121
*113 t 121 *113 121 .113 121 1
100 111 Oct 2 115 Sept 9 113 Dec 1264 Jan
Do prof
53
53
*52
55
55
•53 9 55
55
*544 55141
6051 Worthington Pt M v t (3-100
34 Jan 4 60 Aug 28
23,11 1 Feb 374 June
*8212 88
*8212 8812
*84
*8212 89
88
*8212 89
33 Nov 9714 June
85/
1
4 Feb 5 9112 Apr 11
100
Do pref A
67
60 1
67
6634 6634
*66
6814 *66
8814 66
50 May 83 June
4001 DO pref B
59 Jan 18 7058 July26
100
*Bid and asked prices; no eales on this day. I Leas than 100 shares t EX-rights a Ei-dlv 'in') rights I Par $10 per share. n Par $100 per share. z Ex-dividend.




2460

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
interest and defaulted bonds.
Jan. 1909 the Exchange nsethod of quoting bonds was changed out prices are now--"and interest"--except for'
Price
Friday
Dec. 27.

BONDS
N. Y. STOCK EXCHANGE'
Week Ending Dec. 27.

Bid
U. S. Government.
, ID
0 8 3;is Liberty Loan_1932-4"
V 8 4e converted from lot Lib
erty Loan
1932-4;ID
S 48 28 Liberty Loan_1927-42 NI N
U 13 43.go converted from lot
D
Liberty Loan
1932-4;
13 13 43.18 converted from 28
1927-42 MN
Liberty Loan
U S 43.4o 3d Ube'ty Loan. _1928 M S
S 43.o 4th Liberty Loan_1938 AO
U S 2g cnnsol registv ed__ _819311 Q
81930 Q
13 S 28 consol coupon
El 4s registered
1925 Q F
S 4s coupon
1925 Q F
13 13 Pao Canal 10-30-34* 2s_k1936 Q F
13 S Pan Canal 10-30-yr 23 reg '38 Q N
S Panama Canal 38 g__1961 Q M
Registered
1961 Q NI
V S Philippine Island 49_1914-31 Q F

1Veek's
Range or
Last Sale

Ask Low

As%

Range
Since
Jan. 1

High Na. Low

High

99.60 Sale 98.16

99.60 3257 97.20 102.5u

92.90 Sale 92.80
92.86 Sale 92.60

93 20 215 192.20 98.50
93 30 1591. 92.60 100.00

96.30 Sale 96.30

97.10 538 93.80 99.00

93.80 Sale 93.80 95.00 19)61 93.1093.14
95.32 Hole 95.10 95.90 24310 94 70 99.111
94.46 Salt 01.20 9494 34115! 91.20 98.10
98 ---- 9334 Aug'18
97
99
98 Dee'13
98
9713 9318
105
105 107
105
Salt 105
106,4 10634 Nov'15
1115 107
93
98 -_ _ 98 June'18
94
9718 99
98 ---- 99 July'18
85
8512
83 -- 851s Oct'18
89
88 ---- 89 Sept'18
85
100 Fob '15

Foreign Government.
196
100
Amer Foreign Secur 58
1i119 F A 99% Sale 96%
9712 2917
Anglo-French 5-yr 59 Eater loan. A 0 9714 Sale 96'8
3
89
Argentine Internal Ss of 1909.. _- M S 89 ..___ 89
10168 191
Bordeaux (City of) 3-yr 6s 1919 M N 10112 10134 10078
D 67
70 Dec'18
70
Chinese (Hukuang By)58 of 1911
95,
8 96 Dec'18
Cuba-External debt 5a of 100-s_ M S
Ester dt ,5s of 1914 ser A 1949 F A ---- 9212 9313 Oct 'lb
10
811°
A 82
32
85
External loan 43.4g..1919
A 0 9733 Sale 9738
9838 98
Dominion of Canada g
Do
07,4 16
-1926 A 0 9713 Sale 97
do
9712 143
Do
_1931 A 0 9712 Sale 97
do
10,173 Sale 10438 10512 1168
Wrench Repub 53.45 secured loan_
8612 88
1
8612
8612
Japanese Govt-£ loan 4349_1925 I -A
J
86
8812 86 Dec'18
Second series 4%3
1925
8512 Sale 8512
8612 18
Do do "German stamp". 7518
7512 Dec'18
Sterling loan 48..
1931 3 J
10168 139
Lyon),(City of) 3-yr is
1919 M N 10112 Sale 10034
10134 150
Marseilles (City of) 3-yr 69..1919 NI N 101.12 101.3t 10034
4
64
Mexico-Exter loan £ 5s of 1899 Q JO 66 ---- 61
58
53 Nov'18
Gold debt 48 of 1904
1954 J DI 43
991 643
Paris (City of) 6-year Os__ _ _1921 A 0 9938 Sale 987s
8268 81
M S 81
Dec'18
Tokyo City bs loan of 1912
K of Ot Brit de Ireland428
997s Sale 9953 100
3-year 534% notes___. _1919 MN
9814 Sale 9813
983 339
5-year 544% notes__192I NI N
10138 733
Convertible 534% notes_.1919 P A 10118 Sale 1009X8
1013s 36
20-ye.ir gold bond .53-48 -A937 FA 10138 Sale 10013
.These are prices on the basis of $451ei
State and City Soeuritire.
9514 97
98 Dec'18
Y City-434s Corp stock 1900 M
98
94(4 9612 97
43.4t Corporate atock___1964 M
_
0712
9712
434e Corporate otock_ _1966 A 0 9414
*10138 10212
_- - 102 Dec'18
43.4e Corporate stock JulY1067
Sale 101
10114
434s Corporate Week__ 1965 3D 101
10214
4gis Corporate stock.._.1963• S 10134 102 10214
93
93
Sale 93
4% Corporate stock..__.1959 MN
9212
4% Corporate stock
93,2
93,2
1958 M N
9212 1)31 1 9314 Dec'18
4% Corporate stock
1957• N
8978 Oct '18
9212
a% Corporate ,tock reg 1956 MN
NI N
11;2-- 10214 Dec'18
New 434a.
102 10131 Dec'18
1957• N
434% Corporate stock
2 85
8418 Dec'13
I164 11,1 N -8'3-1334% Corporate steek
99 July'18
N Y State-48
1961 MS 9712 98
9712 101
9812 July'18
Canal Improvement 4s._ _1961 J J
_ 9134 Dec'18
97,2
Canal Improvement 4v...A96'2 J J
Canal Improvement 4s_ 1960 J
97,2 9812 9718 Oct '18
10611 Oct '18
Canal Improvement 4348_1964 I J *107
J *98 ____ 10212 Dec'18
Canal Improvement 434s.1965 J
Highway Improv't 440_1963 MS *107 ___ 10612 Oct '18
loOls Jiine'18
Highway Itnprov't 00...1965 M
e Irginta funded debt 2-38__ _1991 .1 .1
_
7878 Dec'18
70
Sale 70
Os deferred Brown Bros ctfo___ - 70

9412 100
8814 9712
78
89,4
84 102
5311 72
9012 100
9014 9114
81
80
9314 99
9078 9712
8878 99
91 10512
8012 9212
8318 927a
77
90
7378 76
84 10212
84 103
64
40
40
53
8168 0912
68
8212
9514 100
9168 9812
9778 105
10078 10138

8734 987a
8778 093i
8778 9918
10214 10314
9314 10368
93 10314
85
94
10 85
94
85
9314
9034
85
93% 103
9312 103's
76
85
99
99
9414 9812
9718 9812
9414 9718
105 10312
10212 10412
10412 10712
10018 1011 1
787s 7873
io 44 71

38
10
15
1

BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 27,




I I?,

Prial
Friday
Dec. 27.

Week's
Range or
Last Sale

hi

Mange
Since
Jan. 1

Bid
Ask Low
High
Chesapeake A Ohio (Con)
Low High
79
8112 7814
79
General gold 4
86
72
8634 Mar'17
Registered_
_
-Sale 79(2
20-year convertible 4 kis_ _1119
993
990
8012 i5 6512 8512
22•F
MM A
SS 80
123 76
88
30-year cony secured 58_1946 A 0 8712 Salo 87
906s
76,2 ---- 75 Nov'18
Big Sandy let 4s
75
75
68 ____ 8512 Nov'16
Coal River lty 1st gu -U1_1194
911
5I
J D
---9634 Feb '16
Craig Valley lot g 58
---_ 8134 Jan '13
Potts Creek Br 1st 48
946
9j
j•
j
1194
7218 90
7612 Nov'18
7612
RA A Div lot con g 4s-19
989 3
76
.1
6818 75
20 consul gold 44
71 Oct '17
--_731s
8812 Sept'16
Greenbrier Ity lot gu g 48_1940 NI N
___ ---921 11314 Feb '15
Warm Springs V lot g 58-1941 M s
____ -.53
Chic A Alton but ref g 3s_ -1949 A 0 5512 62
53
Oct'18
50
38
Sale 38
Railway lfit lien 334s
3934 67 3514 4712
Chicago Burlington A Quincy192259
9 s1
9812 100
9933 Nov'18
Denver Div 45
9768 9978
75
7712 7712
Illinois Div 334s
7712 10 7112 7912
8518 8734 861.1
10 80
8614
Illinois Div 4s
19
949 .1
884
j
J
9912 -- 9878 Oct'18
Iowa Div sinking fund 56_1
19
9111t)
,2
9934
98
9834 9912 9813 Nov'18
Sinking fund 48
97
9934
Joint bonds. See Great North
93
9312 9314
94
Nebraska Extensloo 48_ 1
,
92
27 m
8978 9534
in N
91 Mar'18
Registered
91
91
8334 81
General 4e
2 78
84
1958 si S 81
89
2914 Nov'18
Chic A E 111 ref & imp
g 1955 J .1 --- 28
301a
25
- 2778 29 Nov'18
U S Mtg & Tr Co ctfs of de
30
lp
9,:3
-34
22
7
_ 100
let consul gold es
100
3 08 101
73
781s 72 Aug'18
General consul 1st be
72
72
757s Oct '18
U S Mtg & Tr Co etfo of dep.
7578
70
75
00
75 Nov'18
Guar Tr Co ctfs of flop
75
75
Porch money lot coal So. 1942 F A
9734 Feb '13
Chic A Ind C
lot be...19300 .1 J _--- -- 32 Mar'17
Chicago Great West lot 45_1959 NI S 6034 Sale 601 t
63)
6218 60 -Ei
_ 101 Nov'18
Chic Intl & Loulov-Ret 6ta.1947 J .1 100
98 101
81 __
101)12 Apr '17
Refunding gold So
1947 .1
---66 ___ _ 8412 Apr '17
Refunding 4s Series C
1947 J
__.. ---Ind & Loulsv let gu 48._ _1956 3 J
70 Nov'16
-__
Chic Ind & Sou 50-yr 4o___ _1956 J
9612J1in '17
J -812
Chic L S & East lot 4 As___ _1969 J II
9733 Deo '16
Chicago Milwaukee & lOt Paul78
78,s 7833 Dec'18 - 7058 8263
Gen'l gold 45 Series A.._ e1989 J
J
Registered
9233 Feb '16
e1989 Q J
4 Sale 8134
10 -7
84
Permanent 4s
1925 J D -gra/6-12 -8/11;
163 6434 81
Gen & ref Ser A 4 yis____a2014 A 0 7212 Sale 72
76
81
Sale 81
Gen ref cony Ser B 56_02014
8438 43 74
94
A
66
99
Gen'l gold 3341 Ser B___ _e1989
66 Nov'18
66
66
83
88
8833 Dec'18
General 434s Series C___e1989 J
7712 891s
J
75
76
76
25-year debenture 4s
3 607g 81
76
1934 J .1
7912 Sale 79
Convertible 434e
801,3 67 7114 89
1932 J D
9763 Sale 9768
2 97
Chic & L Sup Div g Lo
973t)
1921 J
9713
J
95,s 100
92 Oct '18
Chic de Mo Illy Div 53_1926 .1
94
J
02
98
9878 98 Dec'18
Chic & P W let g 5a
9512 10013
19213 J
76
7812
C NI & Puget Sd let gu 48_1949 J J
797s Dec' 18
7418 80
_ 97,2 Aug'18
Dubuque Div let s I es
19'20 J
J IOU
9712 9912
iji 10478 Sept'17
Fargo & Sou mourn g 68_1924 J 3 -7
,- 10314 98 Jan '18
La Crosse & D let 58
19102 1 9812
138 -6g9814 99
Wig & Minn Div g Sn
98
1 95 100
98
J
1921 J
99 ____ 9778 May'18
Wla Valley Div let fie_ _1920 J
9718 977s
J
3-111w de Nor let ext 4 yis 1934 J D
9012 1)ec'18
85
9012
Cons extended 4 kia
9112 Dee'IS
1931 J D
8114 9112
9118
Chic & Nor West Ex 45 1886-19211 F A
9268 Dec'18
89
9263
90
gi 05 Dec'18
Registered
180603-1926 F A
8512 95
72
Bale 72
General gold 334s
2 67,2 75
72
1987 M N
Registered
71 Oct '18
F
31987
71
71
81
82I 8113
General 45
11 7978 88
8113
1987 M N
8112 8214 8178 Oct'18
Stamped 48
1987 NI N
7934 8212
.10018
Sale
General be stamped
10018
3 9912 103
10078
1987 NI N
104 May'18
Sinking fund Be
1879-1929 A 0 10214 -104 104
10912 Apr '16
Registered
1879-1929 A 0
1)7l2
9418 July'18
Sinking fund bo
1879-1929 A 0
9418 -girs
96 Nov'18
Registered
1879-lA
A 0 94
96
96
98
Sale
98
Debenture Se
98
98
08
Registered
100 Jan '18
1921 A 0
100 100
Sinking fund deb 58
98
1033 M N
98
9218 98
97 Nov'18
Registered
1933 M N
9412 97
Des Plaineti Vol let gu 440'47 51 S 7714
10113 Oct '16
Frew Elk & Mo V let 68..1933 A 0 11918
Dec'18
101 iic700 ___ 110
Man OBANW 1st 3516..1941 I J
88
Jan'17
____
Milw AS L let go 3kin__ _1941 J J
Mil L & West 1st g 68_1921,M 11
100'3 Aug'18
::::
98 itiirs
9834
Ext A Imps f gold bo_ _1929,F A
0612 Nov'18
93
98
105(4
Ashland Div let g 68-1925151
11178 Dec '16
105
1.56
-14
10218
Mich Div let gold es
May'18
19241,1 .1
Wit;
Mil Spar & N
76 Oct '18
lot gu 45.1947 M S 8914 87
761s
73
StLPeo& NW 1st gu 58_1948 .1 .1 04
99
9812 Nov'18
9812
92
Chicago Rock 181 & Pac7914 82
80
80
1988 J J
Railway general gold 4s
1 72
8414
- 7182 May'18
Registered
1988 J J - 7133 7138
Refunding gold 48
7568 64 6212 8014
1934 A 0 fgla 11;18 75
8018 Atig'18
20-year debenture 50
1932 J J
66
801e
R I Ark & Louis lit 43.4s 1934 M S 7012 70787012
71
8 62
73
96
Burl CRAN 1st g So..,..1934 A 0 9378 96
101 9512 96
96
CttIFANWlstguSe..1991 A 0 9714 9812 9712 June 17
9512
Choc Okla &0 gen g 56_41919
..... 97 May'18 ----1 95 100
Consul gold bs
93 M ay'18 -1952 SI N -7_ - 92
93
93
Keok A Dee Moines 15t La 1923 A 0 6514 71
65 Dec'18
- 57
70
70
St Paul K Sh L
7213 7112
4)0'41 F A
7112
1 59
72
Chic St P M &0cone flo
1930 J 1) 10714 112 112 Nov'18 ---- 102 112
Cons Be reduced to 3W 1930 J D 83
88 Sept'18
8112 fifl
Debenture So
92 Dec'18
1930 M 13 8858 100
851s 93
North Wisconsin let 6s.....1930 ..1 J 104 ..... 118 Nov'16
997
s
St P & S City 1st g 6s919 A 0
__-- 100
Dec'18
0913 i1361-4
90 --- 95 May'ls
Superior Short L let be g_c1930
Chic 'I' II A So East 1st 58....1960 J 13 54
68
58 July'18
Chic & West Ind gen g 138._g1932 Q M -__- 101 104 Dec'18
10
0
58
3
5 19
0
585
5
Consul 50-year 48
Sale 62
1952 J
J 62
64
25 62
70
75 -- 90 May'17
Cin H A D 2d gold 434w....,11)37 J
Find & Ft W let gu 4og 1923 M N
88 Mar'll
Day A Mich let cons 43.4e 1931 J J
79 Nov'18
71
Clev Cm Ch & St L gen 48....1993 1 D
72
72 Nov'18 ---- 59
745
80
20-year deb Ois
8018 80 Dec'18 ---- 6514 8313
1931 J J
78
General 55 Series I)
8712 8614 Aug'18 -- 80
1993 J
86,4
Cairo Div 1st gold 4s
1931) .1 J 691s ---- 8378 Mar'17
6612, 7912 63 Oct '18 --- 62
CinWAMDlvlstg4us.,199lJ
J
65
7618 8034 76 Nov'18 ---- 63
St L Div 1st coil tr g 4s_ _.1990 M el
76
7418 ---- 7312 June'17
Spr & Col Div lat g 4s
1940 M S
0818
W W Val Div 1st g 4s
1940 J
84 Nov'16
J
-9912 10014
C I St L & C consol 64._ _1920 M N
---Sept'18 --- 99
99
1st gold 4s
90
k19:16 Q F 82
87 Deo '17 -Reglotered
k1936 Q F
8812 May'l5
9268 ___ 1021s Jan '17 ---- ___ -Cm s & Cl cons 1st g 58._1923 J J
CCC&I gen cowl g 68_1934 1 J 107 _--- 106 Nov'18
'106 1116
Ind B A W 1st prof 4s
_1910 A 0 7124 -- 94 July'08 .......
0 Ind & W 1st prof 6,4_41938
J
Peoria A East 1st cons 46_1940 A 0 5-3
59
58
17 40
59
82
Income 45
81981s 817713 ODcetc:118
1900 Apr
;34
:1
1
;7
134
Cteve Short I. lot Ku 44s
&le 90
0
1961 A 0 9
91
12 8312 90
-Colorado A Sou let g 48.......1929 F A
7814
Refund de Ext 4 WI
711
1935 51 N
79
'9
Ft W A Den C let g 68_1921 J D 99
9912 9934 Dec'18 __ 96
4
Conn A Pat] Miro let g 41)__ _1943 A 0
9365
Cuba RR 1st 50-year Is g
1/5
1952 J
94 Feb'16....
J
Del Lack de WesternMorris & Esti 1st gu 334s_2000 J 0 73 ---- 71
Oct'18 ---- 71
7518
N Y Lack & W Ist es
1921 1 J 101;s3 ---- 102
Dec'18 -- 100 10212
Construction bs
1923 V A
9534 ---- 96 Oct '18
95
98
Term & Improvt
9112 96
92
M N
Dec'IS 92
9354
Warren 1st ref gu g 33.4s...2000 V A
10218 Feb '08 __

Railroad.
57
Sale 57
inn Arbor let g 48 _____ _81995 Q
57
6434
1 51
Atchioon Topeka & Santa Fe8312 Sale 83/2
8412 120 79
Gen g 4s
90
83
89
8612 Nov'18
Registered
7912 85,2
78
8014 7934 1)eo'18
Adjustment gold 48
81995 Nov
7134 82
7312 June'18 _-- 7312 7312
81995 Nov
Registered
70 -%/6.34 7931
80,2 19 70
81995 M N
Stamped
112 8
87
212
6
76
77
76
Cony gold 4a
18
Cony 4s Isque of 1910
101 82
4(
5
)
913s 9478 9533 Dec'18
19
9618
9218 93
9112 Nov'18 -_-_-East Okla Div lot g 0_1928 M
-- 9112 9112
Rocky Mtn Div let 4;__ _1965 1 J ---- 82341 79 June'18 _...1 79
79
7818 8112 82 Dec'18
Trans Con Short L let 40.1958 J
8514
Cal-Arlz lot & ref 4541rA"1962 I11 8 8514 Salo 8514
7
73'3 1112
__ 9934 July'17
S Fe Pres & Ph let g 5o__ .1942 NI S
I
20 -77 - -891
s t1 Coast I, let gold 43....51952 M
85
85 -gale 85
4
8514
80
Gen unified 4
8514 88
12 74
8912
9558 98i2
1 96 ____ 9812 Nov'18
Ala Mid let gu gold 5s...194
4
218 lik,° 1 14)
Bruns & W let gu gold 48..1938 J J 80
89
78
78
78 Oct '18
11012 -_ 1297s Aug '15 -Charles de Say let gold 7s_1936
I. & N coll gold 4e
80
79(4 7934 7934
12 6914 81,2
01952 NI N
Say F & W let gold Is... _.1934 A 0 108 ____ 108
Dec'18 ---108 108
1st gold 5o
1934 A 0 9334 --- 105 July'15
Fait & Ohio prior 33.4w
1 85's t124
8918
8918
8913 90
1925 J J
Registered..,
_ 9012 Seut'17
..
81925 Q J - 1st 50-year gold
51 -731; -87
82
81948 A 0 8113 Solo 80
.
Registered
--1
9234 Mar'17
81918 Q J
"--10-yr cony 114s
- -Sale 7834
7834
1933
8133 191 75.3-4 88
Refund & gen 5o Series A.1995
i3 83 8378 81
6' 7578 9234
86
J
Pitts June let gold 6e_ ,.,.1922 J
112 Jan '12
--__ -P Juno & M Div let g 3Wi 1926 1%1 N
8714 891; 86 Nov'18 ____ 80/8 86
7813 Sale 75
P LE & W Va Sys ref 4s..1941 M N
781s
7 72
83
Southw Div lot gold 33.411_1925 J
J
8614 25 80
82
861 1 8614
88,2
Cent Ohio R 1st c g 434,3_1930 M S 8912 --__ 100 Apr 17 __
r2I Lox & W con ist g 58_1933 A 0 9511s ____ 0312 Atig'18
2 9612
-f Monon River 1st gu g 58._1919 F A
1011 1 Nov'16 __
Ohio River RR lot g bs__ _1936 J 13 95s7, ____ 9014 Oct '17
General gold So
88 May'18 _--- 88
1937 A 0
88
Pitts Clev & Tot let g Be..1922 A 0 99
9918 Nlae18_-__ 99t8 99t8
Buffalo it & P gen g So..._1937 NI S 9912 100
9978 June'18 ---- 99
9978
Coned 4 kis
8763 _-__ 9912 Oct '17 --1957 M N
All & West lot g 4s gu__1998 A 0 7634 ____ 97 Nov'16
Clear A Mah let go g bo_ _1943 J J
8611
1031s Feb '16
Roch A Pitts 1st gold 65..1921 F A 10012 ____ 101 Nov'18 ---- 101 11)3
Congo] let g es
1922 J D 101 ____ 10078 Sept'18 -- 9912 103,2
Canada Sou cons gu A be__ _1962 A 0 94
9612 963a Dec'18 --- 85 100
Car Clinch A Ohio 1st 30-yr 58 '304 J
__-- 8412 8212 Nov'18 --- 8212 81
Central of Ga 1st gold So__ _31945 F A 10018 102
9978 Dec'18 ---- 9612 997s
Consol gold 5s
9453
9468 14 85
9438 Salo 9413
1915 M N
Chatt Div put money g 4e 1951 J I) 7318 ____ 7234 Nov'18
7234 7231
Mao A Nor Div 1st g 5a 19 tfl -/
J
8618 --__ 90 May'18 -.. 90
90
Mld Ga & AU Div 5a
19473 J
8734 ____ 9763 Jiitie'17
Mobile Div lot g 5s
1946 J J
8413 Aug'18
9112 _
Cent R11 & B of Oa coil g 56_1937 M N 85 ____ 8868 Dec'18 --- 8
8414
38
81
8
-%
52
Cent of NJ gen gold 5s......1987 J
Dec'18 _--- 100 10812
J 10014 105 10e
Reghitered
100 10-1
81987 Q J -10612 100 Sept'18
Am Dock & Imp gu 5fi___1921 J
J
5678
_ 100 Dec'18
9733 100
Leh & Hurl lily gen gu 5s '20 J 1
100 Apr '18
1C10 100
N Y & Long Br gen g 4s__1941 M S *. _ 93 10012 Jan '13
_
Cent Vermont 1st gu g 40 _61020 Q F 61
75
66 Sept'18
65
6714
Chem dr 0 fund & !rapt 5s _1929 J J 91
9114 Nov'18
80
94
let coma)l gold be. _____ _1939 M N 9818 9939934
3 9438 10138
4 9934
Registered
_
long m N
100 1041, Jan'17
*No once grim.) iatese MIS week. a Due Jaw. 4 Due AprIl. e Due May, 0 Due June. la Duo July, k Due %us

EN g

Z1 ,3
4 •?.

3

.....

oet. /3 Due N ye, • Due 13re, • Option ellie •

DEC. 28 1918.1
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 27.

New York Bond Record-Continued-Page 2
.43
•1,
31 Range
Week's
Price
BON DS
t4
or

Friday
Dec. 27

Range
Last Sale

Since
Jae. 1

High NO Low IlIgh
Ask Low
BM
Delaware & Hudson9314 9412
let lien equip g 4)48
9412 Nov'18
1922 J J 0518
19 79
80
Sale 8434
8858
let & ref 48
1043 M N 86
98 8512 9812
96
20-year cony 5s
1935 A 0 9534 Sale 9534
7712 Nov'18
Alb & Susq cony 31413___1946 A 0 7538 80
71
7712
Reuss & Saratoga 1st 7E1_1921 M N 103 --- 10338 Sept'18
10112 10338
Denver & Rio Grande4
7334
7234 72
6012 77
1st cons g 4e
1936 J J 72
1 68
8012 77
77
80
COMO! gold 43is
1936 J J 77
90 N'ov.18
80
70
90
Improvement gold 5s
D
1928
5918 Dec '18
4814 63
let & refunding 5E;
1955 IP A 5518 59
8734 Nov'18
Rio Cr June lot gu g 5a
1939 J D 82 92
6114
keen
1940 J J
Rio Cr Sou 1st gold 4s
-- 39 July'17
1040 J J
Guaranteed
73
63
75
Rio Cr West lot gold 48_1939 J J 72's Sale 7212
6112 Nov'18
50
6112
Mtge & coil truat 4s A 1949 A 0 5735 60
82 Dec '16
6718 78
Dot & Mack-let lien g 4a 1995 J
7512 July'16
_
1095.1 D ____ 89
k Gold 4.4
8378
73
Det RP? Tun Ter Tun 4 yis_ _1961 M N 8112 8312 83 Dec'18
Dul Missabe & Nor gen 5s_1941 1 J 97 ---- 9634 June'18
9634 9712
9114 Dec'18
90 10034
Dul & Iron Range let 5s.......1937 A 0 94 100
-- 10512 Mar'08
1937 A 0
Registered
Dul`giou Shore & Atl g 5E1_1937 .1 J 80 ---- 87 Nlar'18
82
87
99 Nov'18
Elgin Joliet di East let g 5/3-1941 M N 99 102
90
99
1920 M S 10012 10112 10012 1)ec'18
100 19112
Erie let comet gold 7s
1947 N N 8138 ---- 7818 Oct '18
7818
N Y & Erie lat ext g 4s
78
2d ext gold Ss
1919 M S 973s -- 9018 Juno'18
961Ei 9015
9312 95
1923 WI 3 9014. ---- 9312 Jan'18
3d ext gold 4346
1920 A 0 963s -- 9912 July'17
4th ext gold 5s
1928 .1 1) 8714 --- 9434 Nov'15
5th ext gold 4a
1003s July'18
NY L E&W 1st g fd 78-.1920 M S 100 101
10038 10018
73
72
Erie let cons g 45 prior--1996 .1 .1 70
72
79
65
1996
-- 84 Dee '16
Registered
.1
5318 Sale 53,3
let consol gen lien g 4s_1900 .1 J
5612 52 4912 6412
73
--_
1996 .1 J
Registered
-June'16
7712 8514 86 Dee'18
Penn eon trust gold 4,1_1951 F A
7514 80
54 42
50-year cony 46 Ser A 1053 A 0 4712 Sale 47
50
58
1953 A 0 4012 Sale 4612
do Series B
5018 40 4212 59
73 4818 62
1053 A 0 5134 Sale 50
Gen cony 46 Series D
51
Chic & Erie lot gold 5s......1982 ri N 9518 96
95 Dec'18
82 05
Cloy & Mahon Vail g 56_1938 J .) 80
10678 Jan'17
1955 J .1 10112 --_- 99 Dee'18
Erie & Jersey lot of 66
98 103
0912 97 Oct '18
'Genesee River lets f 138__ -1957 J .3 87
96
98
Long Dock consol g Os......1935 A 0 108
108 Dec '18
103 108
Coal & RR 1st cur gu(36_1022 111 N 90 --_ _ 103
Jan'18
103 103
Dock & Impt lot ext 5s
8612 ---- 10212 July'17
1943 J
N Y & Green L gu g 68.-1946 N N 861a ---- 85
Jan'18
85
85
4 74
J 80 83 80
N Y Susi] & W lot ref 56_1937
80
81
10014 Dee'06
2d gold 43.0
1937 F A
General gold 56
60 June'18
1940 F A
60
61
Terminal 1st gold 5s__ _1943 M N 97 -- 108
Jan'17
Mid of NJ 1st ext 53 _1940 A 0 9214 ---- 108 .Jan'17
Wilk & East 1st go g 58_1942 J D __ 71
67
Oct'18
Ei- 07
Ey & Ind lot cons go g Os..1926 .1 J
2312 Jan'17
Evansv & H lot cons 68_1921 J J -lig- 100 - 97 Nov'18
97
97
let general gold 56
851,s June'17
70
1942 A 0 65
Mt Vernon lot gold 68_1923 A 0
108 Nov'11
Hull Co Branch 1st g 56_1930 A 0
-- 95 Juno'12
8234
83
Florida E Coast let 4348_1959
31 81
D 8234 92
83
Fort St U D Co let g 4348._1941 J
02 Aug'10
Ft Worth & Rio Gr lot g 48-1928 J J 5612 ---- 5612 Oct'17
75
81
80 Dec'18
(lalt,Hoes & Hen let 5s
1933 A 0
80 80Great Nor C 13 & Q coll 4s 1921 J J 9558 Sale 9512
9558 -173 92
9612
9414 Nov'18
Registered
51921 Q J
9134 94/4
Halo 89
let & ref 4)ge Series A _1901
J 89
89
85
9212
96 June'16
Registered
1961 .11 J
St Paul M & Man 48
8912 Apr'18
1033J ./ /764 03
8618 90
1933 J J 109 ---- 111 Nov'18
let consol g 6s
106 111
118
Registered
1933 J J
Apr'17
Reduced to gold 4 yis.1933 J
94 10312 9434
9434
9114 95
Registered
1933 J J 90
99 10212 May'16
---- -Mont ext lot gold 46-1937 1 D 8718 88
90 Dec'18
8112 00
Registered
1937 J D 8512 ---- 9513 Mitr'16
Pacific ext guar 4s £._.1940 J J 7614 ---- 8512 Nov'15
MI Minn Nor Div 1st g 48 1948 A 0 83 ---- 80 Nov'18
80
Minn Union let g 6a
1 10134 _-_- 10014 May'18
1922
100
Mont C 1st gu g es
10373 J 11012 ---- 108 Nov'18
10
Registered
1937 .1 J 10812 __ 13614 May'06
let guar gold Is
1937 3 .1 99 ---- 95 Sept'18
Will & S F lot gold 5s 1938 J D 9714 - - 10934 Aug '16
Green Bay & W deb etre "A"- __ Feb
6934 Dee '16
7
918
Debenture etre "II"
Feb
812 941 834
834
Gulf & S I lst rot & t g tri__51952 J .1 8212 8318 83 Dec'18
83
75
flocking Val let cons g 4)s 1999 J
83 8-434 83
6. 74
84
86
Registered
7312 June'18
1999 J .1
7312 73,2
Col di II V 1st eat g 4s
1948 A 0 1618 ---- 7312 Oct'18
7312 7812
Col di Tel lot ext 4s
1055 F A 7013 ---- 75
6712 75
Feh'18
Houston Belt & Term let 58.1937iJ J 83
95
85 Dec'18
85
85
Illinois Central let gold 4s 195111 J 0012 93 9112 Dec'18
87
95
Registered
92 Sopt'17
105111 J 09 93
let gold 3yis
1
4 "if"
19511
80
7534 Oct'18
-7g3J 73
Registered
1951 J J 70 ---- 84 Nov'15
Extended lot gold 330.-1951 A 0 73 ____ 80 June'17
7Registorcd
1451 A 0 70 ---lot gold Is eterllng
1051 M
80 July-i);
,-.1loglatered
1951 al S ---- -Collateral trust gold 48.-1952 A 0 79
80 Dec'18
84
7212 80
Registered
1952 A 0 7511/
9538 Sept'12
lot refunding 46
773 87
1955 M N 83 8458 8412 Dee'18
Purchased lines 340
1952 J J . 6918 75
71. May'18
71
70
LNO&Toxa3gold4s..,,.19531 N 80 Sale 79
9 711s 82
80
Registered.
1953 M N
72 Felf18
72
72
7418 84
Cairo Bridge gold
-1950 J D 79
78
78 Nov'18
78
Litchfield Div let gold
43_38_1951 J J 6018 _
79
Feb.14
Loulay Div & Term g 354s 1053 J 1 71
-64)8 7312
;i6.1"2 7312 Nov'18
Regliitered
1953 J J
83 Au g 12
Middle Div reg
F A 77
102 June'16
Omaha Div let gold 3s__1951 F A 5878 - _ 5814 Sept'18
5814 5814
St Louis Div & Term g 38-1951 J J 61
Jo- 62 Oct '18
62 62
_Gold 33.4e
1951 J J 7018 8314 6518 Oct'18
0534
63
1:Reg1stered
1051 J J 0458
80 .Tune'113
Springf Div let g 330.--1951 J J 65
8112 8058 Nov'16
Wet/tern lines let g 4s....-1951 F A 771s 82
8012 Dec'18
75
8012
1951 F' A
Registered
------- 92 Nov'10
1923 .1 D ---Benet,& Car 1st Os
11712 May'10
--Carb & Shaw let gold 46_1932 N S 7212 _- 90
Jan'17
Chic)St L & N 0 gold 5s 1951 J D 09
6'334 955s Oct'18
9478 98
Registered
1951 3 I)
90
00 00
Oct'18
1951
J
D
Gold 38
0518 --__ 6512 July'18
65,2 65'2
1951 J D
r"..Aeglatered
r,25,:!Joluit let ref 5s Series A.1963 J D 9412 Sale 9112
9412 10 8518 06
r...z..-"Memph Div lot g 48-1951 J D 82
7018 Oct'18
701s 7018
• .Registered
1951 J D
78
65 Nov'17
St Louts Sou lot go g 411-1631 M S 7758 _ 89 Feb '18
80
80
Ind Ill & Iowa 1st g 40
1950 J J 8112 98
89
Apr'17
Int & Great Nor 1st g
M N 9512 967s 9512 1)ee'18
90
90
James Frank & Clear let 46_1959 J D 7912 90
8212 June'17
Hamm City Sou let gold 38_1950 A J
6258 65
63
58
63
65
Registered
1950 A 0 ---- -- 78
Oet'09
Ref & Inapt 58
730 -17f1Apr 1050 J J 8414 Halo 8414
8
85
KAMM City Term let 4.e...19601 J 7838 81
14 7118 8312
80
81
Lake Erie & West let g 55_1937 J J 8934 90
8912 Dec'18
92
78
11 26 gold 5s
1941 J J
8055 Feb '17
North Ohio let guar g5 s 1945 A 0
85
803s Oct '18
-WE; -A-64
Leh Val N Y 1st gu g 4446_1940
J 91
95
92 Nov'18
8412 943
Registered
1940 J .1 8418 03 89
Oct'17
Lehigh Val (Pa) cons g 48...2003 M N 8012 Sale 8012
4 74I 817s
8012
General eons.:4 s
2003 M N 8918 9012 92 Dec'18
92
85

N. Y. STOCK EXCHANGE
Week ending Dec. 27.

2161
Price
Friday
Dec. 27

Week's
Range or
Last Sale

I

Range

Since
Jan. 1

Bid
High No. Low mob
Ask Low
Leh V Term Ry lot gu g 5.9__1941 A0 9734 10718 103
103
_ 19
_3
Registered
113 Mar'17 -...!
1941 A0
Leh Val RR 10yr coil 6s_n1928
102 -Sale 102
10234 48
-9_69734 10314
.Leh Val Coal Co 1st gu g 58_1933 1-5 9934 Sale 9934
9934
1 9614 101
Registered
105
1933 J J
Oct'13
--_- ---lot lot reduced to 4s
:
- 14
1933 J J 7
-__
_
Leh & N Y lot guar g 4s
1945 MS 79 ____ 70 July'18
- --------- 70
70
Registered
1945 MS
Long Bid lot cons gold 58..51931 Q J -o",i- 1661
8 -go-- Nr;v-ig ---- -5iiTs "56"
lot consol gold 4s
51931 Q J 863s ____ 9414 June'16 -_-_--:.
General gold 4s
... -7
7634 ____ 81
71
2
Dec'18 ii....4
-51
1938 ▪ D
8 -8
8
-4
1
-Ferry gold 4148
1922 MS 8814 98
85 Sept'18 ---- 85
85
Gold 48
1932 ID
9914 Oct'06 ---Unified gold 48
4 89
1949• S 70378 Nov'18
"9i71-- "9-ir
Debenture gold .5s
1934 ID 8018 88
97
Jan'18 _--20-year p m deb 5s
76
7712 11 70
7712 7(358
7812
1937 MN
Guar refunding gold 4s__1919 MS 71
7934 7714
7714
Registered
95 Jan '11
1949 MS
___- __ -NYB&MB lot cong 5s_1935 A0 94 __-- 94 Dec'18 ---- 94
94
N Y & 11 B let gold 5s
93
94 Dec'18
1927 MS 90
9212 94
Nor Sh B let eon g go 5s_o1932 Q J 90 ._._100 Aug'16
Louisiana & Ark lot g 5s
- f1-4 -if1927 MS 8734 9312 91 Dec'18 --i
Louisville & Na.eliv gen 6s 1930 ID 108 11212 108
108
1 103 111
Gold 5s
93
81 100
1937 MN 10218 105 100 Nov'18
90
Unified gold 4s
1940 J J 86
8878 8912 Dec'18
Registered
1940 J 3 8312 8814 9133* Jan'17
_
Collateral trust gold 5s
1931 MN 100 10112 9812 Nov'18
E H & Nash let g 60
10018 Aug'18 ....i, 100
1919 3D
9318 10
901s
9
L Cm & Lex gold 41,0_1931 MN
9191189515 87 Apr 18
N 0& M lot gold Os
10412 10712 10112 10412
1930
87
112
87 10
100
26 gold es
1930 • J 9312 100 1041s Feb '17
Paducah & Mein Div 40._1943 FA
78
89
9012 Apr '12
St Louts Div let gold 68...A921 N
10014 _-_- 100
Oct'18 ----400 10112
26 gold 3s
1980 MS 5514 ___- 571s July'18 ---, 5718 5814
Atl Knox di On Div 48...1955• N 83
83
8512 83
10 74
83
Atl Knox & Nor lot g 5s_ _1946• D 9414 ____ 95 Nov'18 ---- 95
9518
Render Bdge let s f g 6s 1931 MS 10138 113 10312 Sept'18 .-.-102 10312
Kentucky Central gold 48_1987 J J 80
83
78 Nov'18 ---- 73
78
Lox & East lot 50-yr Is gu 1965 AO 923* 101
9512 Nov'18 ---- 90
98
L&N&M &M lstg 4;481945 MS 88
9614 88 Nov'18 ---- 8318 88
L & N-South M Joint 48_1952 J J
85
6714 Sept'18 ---- 6714 6812
Registered
51952 Q J --_- ---- 95 Feb'05 ----' ---- ---N Fla & S lot gu g 5s
9312 ____ 95 Aug'18
1937 FA
95
9634
N & C Bilge gen gu g 4348_1945 J J 84
___ 9778 May'18
Pensac & Atl lot gu g 68..1921 FA 10114 104 10114 Dec'18
9i91-2
igil-4 16
S de N Ala cons gu g 5s
99
1936 F A 9414 106
9
Apr'18 --Gen cons gu 50year 5s_1963 A 0 91
95
9312 Jan '18 ---- 9312 9312
L dr Jeff Bdge Co gu g
6814 ____ 60 July'18
M
60
60
Manila RR-Sou lines 4s
1936 M
,
Mex Interne.t lot cons g 4s 1977 M
77 Mar 10 ....Stamped guaranteed
1977 M
75 Nov'10
Midland Term-lot s f g 58_1925
80 _--- 9112 June'17
Minneapolis & St Louislot gold 78
10118
1927 J
101 July'18
101 104
Pacific Ext lot gold Os_
1921 A
99 103 Oct '16
lot consol gold 5e
7812 Nov'18
78
1934 M
80
"ig4
lot & refunding gold 4s
4512 48
1949 M
47
4712
3 41
5312
Ref & ext 50-yr 53 Ser A__1962
4412 50
5018 Dec'18
5014
40
Des M & Ft D lot gu 40_1935
60
Feh'15
..,,..Iowa Central let gold 56..1938
81
77
80
80
-53-4 8312
Refunding gold 4s
15 4012 52
1951 MS 45
45711 45
46
M StP&SSM con g4sint gu_1938 J J 8812 Sale 8812
5 80
881z
90
MN 88 ____ 92 Jan '17
let Chic Term s f Is
-M 814 M & A 1st g 4s 1/A8111-9
9453 945s
'4
26
1 J J 0038 _--- 9458 Dec'18
.• 1 _-__ 90
Mississippi Central let 58
1949
95 Dec'16
Missouri Kansas & Texas1st gold 4s
31 6018 73
1990 ID 6712 Sale 67
68
26 gold 4s
31
37
3512 Dec'18
g1990 FA
28
37
lot ext gold Is
30
32 Sept'18
1944 MN
35
32
32
let & refunding 43
4334 44 Nov'18
20C14 MS 41
46
40
Trust Co certfa of den _____
---- 4712 41
Dec'18
42
41
Gen sinking fund 4)0_1930
-5 2012 37 3258 Dec'18
2514 34
St Louis Div lot ref g 4s 2001 A0
40 Nov'16
30
. 5% secured notes "ext"_'16
3712
_
• Dall & Waco let gu g 5s 1940 MN
6912 Apr'17
Kan City & Pac let g 4s 1990 P A 60 ____ 00
50
Oct'18
60
Mo K & E let go g 5s
53 Nov'18
53
1942 AC) 3814 58
36
M K & Okla let guar 55.._1942 MN
73
75
7318 Nov'18
60
7318
M K & T of T Ist gu g 5s_1942 MS 5018 59
55 Nov'18
58
49
Sher Sh & So let gu g 56..1942 J o ---- 95
51
Dee'16
Texas & Okla lot gu g 58...1943 M S 3012 50
3018 Nov'18
40
30
Missouri Pacific (reorg
let & refunding 5s Sec A..1965 F A 88
89
883* Dec'18
8914
79
let & refunding 5s Ser Ba_1923 F A 95
9538 0512
1 8978 96
9512
1st & refunding 56 Ser C 1926 F A 9134 931 9312 Dec'18
8514 94
General 4s
6312 70 5518 6714
6258 Sale 62521
1975 M
Missouri Pac lot cons g 138_1920 M
9918 9934 99,8 Dec'18
98 100
40-year gold loan 48
1945 hl
---- 58
Oct'18
58
58
Sd 78 extended at 4%...1938 M
82
---Apr'17
Boonv St L & S let Se gu_1951 F A
100 Feb '13
Cent Br U P 1st g is
1948.2
63 843* 9712 Dec'13
Pao R of I'do 1st eat g 48 1938 F A 8218 86
8412 Dec'18
-51-2 8412
2d extended gold 56
85 -- 10034 Apr'18
1938
8t L Ir M S gen con g 58-1931 A 0 9614 98 _ 9614 Dec'18
-661
2 98
Gen con stamp gu g 5s-1931 A 0
102 July'14
Unified & ref gold 4o..1929 J
82l 8012
81
8012
2, 7212 83
Registered
807/1 Oct'17
Riv & 0 Div 1st g 4a
193
929
3,
3
11
-55-8 -Eitil; 7858 7858 5 6612 783*
Verdi V I & W let g 5a
1926
86
78 Sept'15
Mob & Ohio new gold 6i
1927 J
10514 ---- 10112 Sept'18
101 1511;
lot ext gold Os
9518
51927 Q
05 May'18
95
02
General gold 48
1938 M
70
80
71
71 Nov'18
65
Montgomery Div lat g 64_1947 F A
93 July'17
_--St Louis Div 58
84
87
90 Aug'17
____
St L & Cairo guar g 4s
.11
13
37
7612 85
1.92
78
Oct'18
78
78
Nashv Chatt dr St L 1st be 1928 A 0 100 ---- 100 Nov'18
9518 101
Jasper Branch let g Os...1923
1001s 10414 11014 Mar'17
Nat It of Mex pr lien 450_1957 .1
3038
-- 38 Dec'18 -__ -_-_30 38
Guaranteed general 4s.__1977 A 0 ____ 38
35 Aug '16
Nat of Mex prior lien 414E1_1926 J
30 _ - 067s Feb.13
let consol 4s
0 21
21 Aug'18 ---- 21
21
New Orleans Term let 44..19
67
953
51 JA
69
00
-0
69 Dec'18
N 0Tex di Mexico lot ea._ _1925 J
96
9712 90
17 92
97
972
Non-cum income 5a A__ _ _1935 A 0 52
Sale 52
5518 81 40
5712
New York Central RR,
Cony deb Os
1935 MI N 98
Sale 9758
9912 411 9112 10312
Consol 46 Series A
1993 F A 7612 7714 7712
2 69
7712
8212
Ref & imp 4;is "A"
2013 A O 84 Sale 84
84
18 77
8738
New York Cent & Hud RivMortgage 31-tis
1997 3 .1 71
711 71
7312 19 69
76
J
Registered
J
1997
6678 Aug '18 ---, 6658 711,4
Debenture gold 48
1934
N 8112 8573 86
86
3 7434 8912
N ---- -- 79 Nov'18 ---- 79
1934
79
S8htered
ore coil 3346
1998 FA 6878 7212 6878
3 61
6878
7134
Registered
1998 FA •____ 75
6612 Oct'18
01
6612
Mich Cent coil gold 3).e..1998 FA S. - 69,2 6918 Dec'18 ---- 6212 6918
Registered
1998 FA
75 Mar'17
Battle Cr & Stur let gu 3s_1989 J O
-.Beech Creek lot gu g 45_1936 J J 8553 ---- -i3
.614
861
1 86' 8614
Registered
1936• J ____
9534 Nov'16
2d,
xuar gold be
1936 J
02 --_- 104 Mar'16
Viegtstered
---- _-_Beech Cr Ext lot g 33-is_b110
951
38
0 ---- -Cart & Ad 1st go g 4s
1981 J O 7434 ____ "g" Nc7;i13
Gouy & Oswe let gu g 5s__1942 J D 91
Mob & Mal let gu g 46._1991 M S 78 ---- 73's Oct'18
791*
72
N J Juno R guar let 4o___1986 F A 68 ____ 8912 Feb '16
7514 ____ 80 May'17
N Y & Harlem g 344s_2000 N N
Y & Northern lst g 58_11123 A 0 9712 --_- 9558 June'18
95 -6g5;
*No price Friday; latest bid and asked this Week. a Due Jan. 1 Duo Yob. g Due June. h Due July. a Due Sept. •Due Oct. a Option sale.




L'ategilie

2462
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 27.

New York Bond Record-Continued--Page 3
Price
Friday
Dec. 27

Week's
Range or
bast Sege

Li

Range
Since
Jan, 1

High No. Low High
Ask Low
Bid
N Y Cent & H B. RR (Con.)7213 7412
N Y & Pu lat eons gu g 4s_1993 A 0 7734 -- 7412 Mar'18
Pine Creek reg guar(is___ _1932 J D 10214 - -- 113 May'15
R W &0 eon 1st eat 5s__111922 A 0 95% -- 9812 Dec'18 -___ 9514 9812
83 Nov'18
13714 83
Rutland 1st con g 4%s1941 J J 7434
Og & L Chem 1st gu 4s g _ 1948 .1 J 6118 - _ 6034 Nov'18 --- 60 63
70
Rut-Canada 1st go g 48_1949 J J 70 ---- 70 Jan '18 -- 70
-101 Nov'16
St Lawr & Adir 1st g 5s__1996 J J 82%
-1996 A 0 8718 - - _ 103 Nov.16
2d gold 63
- 94 Apr '18 ___ -92 - -94
Wtica & Blk Riv go g 4s- -1922 J J 941s
76
75% 76 Dec'18 ___- 70
D 73
1997
Lake Shore gold 3A s
73%
71
7512 73,
D 73
8 Nov'18
1907
Registered
9214
8
88,
13 82
90
91
1928 M S 89
Debenture gold 4s
14 8134 9218
89
88
1931 M N 8834 89
25-year gold 4s
- - _ 8378 Nov'17
19'31 M N
Registered
_- - 1938 J J 9012
Ka A & G R 1st gu 5s
2
_ i(5411934 J J 9312
Mahon Cl RR 1st 5s
Pitts & L Erie 26 g 5s-__a1928 A 0 102 _ _ _ _ 103 May'17
Pitts MoK & Y 1st gu 6s 1932 J J 1051s -- 1301s Jan '09
---- _
_ 12314 Mar'12
1934 J J 10213
2d guaranteed (is
9912 Aug '17
1931 M S 9512
Michigan Central Ss
9812
9.112 ---- 9313 Nov'18
92
1931 Q M
Registered
75
7412 Aug '18
74
J 80%
1940
46
87 Feb '14
-__1940.3 J
Registered
--- - -- 90 June'08
JL&S1stgold3s......1951M S
- - -1952 M N 7433 - - _ _ 797g July'17
1st gold 330
7234 88
1929 A 0 8112 8312 84 Dec'18
20-year debenture 4s
1 7512 8712
82
84% 82
N Y Chic & St L 1st g 43 1937 A 0 82
- - 85 Nov'17
1937 A 0 77
Registered
7413
7112
21 Cl
7113 Sale 7112
1931 M N
Debenture 4s
3
7113 82,
8312 82 Dec'18
West Shore 1st 48 guar_ 2361 J J 80
80
70
2361 J J 7634 7812 7812 Dec'18
Registered
10012 Jan '17
N Y C Lines eq tr 5s__1918-22 M N
98% July'17
- Equip trust 448_1919-1925 J J _ _ _ _ 102
7718 00
N Y Connect 1st gu 4%s A 1953 F A 8612 8734 88% Dec'18
NYNH& Hartford60 60
61% 60 Oct '18
1047 M S 58
Non-cony deben 40
55
55
1947 M S 53 - - - - 55 Sept'18
Non-cony deben 3%8
5814 5634 Nov'18
50 62
1954 A 0 54
Non-cony deben 3%s
63
52
55
5918 63 Nov'18
1955 J J
Non-cony deben 4s
5912
61
45
1956 Al N ---- 5912 5913
Non-cony deben 4.9
5118 60
5013 5412 5113 Dec'18
1956 J J
Cony debenture 3%s
95
82
8934 91 Dec'18
1948 1 J 88
Cony debenture es
50 Oct '17
1030 F A
Cons Ry non-cony 40
9112 Jan '12
1954 J J
Non-cony deben 4s
80 July'18
-66- -66
- 60
1955 J J
Non-cony deben 4s
1955,A 0
Non-cony deben 4s
19511'J .1
Non-cony deben 4s
7334
-_-_-_-_ -53-4 iiJe-q;
69
Harlem ft-Pt Ches 1st 48A954 M N
Ba N Y Air Line 1st 48_1955 F A 69 _7918 Dee '17
06 Nov'18
00 -daCent Now Eng 1st gu 48_1961 J J 55
____
1930 M S
Hartford St Ry 1st 4s
1937 M N 91 -_ _ idar3
Housa:onio R cons g 5s
1954 M N 75 ____ 87 Jaiy.14
Naugatuck RR 1st 4s
- 83 Aug '13
N Y Prov & Boston 46......1942 A 0 801
255
-15 -6E1-2
Sale 531 2
NYW'olies&B latser'4%81946 .1 J 5312
Boston Terminal let 48...A039 A 0 69 ____
Now England cons 50.... 1945 J J 91
19451.1 J 71. --- -fa- Sept'17
Consol 4s
---- 57 Apr '16
Providence Secur deb 4s 1957,51 N
____
997 Dec '13
Pray & Springfield 1st 58.19221 J
1956;M S 6912 -- 8838 Feb '14
Providence Term 1st 4s
104311 .1 7133 W & Con East let 4 As
-id- 71
7 63'a 73
70
NYO&W ref 1st g 4s_g1992 M
- 9212 June'12
Registered 55,000 only_g1992 M S
60 Apr '18
-66- -ad
1955 J D 5218 65
General 4e
6914
6712 11 60
Norfolk 130u let & ref A 5s..,.1061'F A 67 6931 67
815 June'18
8112 8412
88
1941 M N 86
Norf & Sou let gold 58
109
Dec'18
10514 109
orf & West gen gold 6s _1031 M A 10914 111
Improvement & oxt g 68_1934 F A 10653 ---- 122 Nov'16
- 10718 Dec'18
155- lair;
New River let gold Cs., _A932 A 0 107
8912
9 79
8713
N & W Ry 1st cons g 48_1996 A 0 8712 Sale 8412
9313 Dec '16
1996 A 0
Registered
85 Dec'18
-if- -861-4
85
'let Hen & gen g 4s_1944 J J 84
Div.
---- 12378 May'17
1932 .1 D
10-25 year eons,48
11714 May'17
1032 M S ---- -10-20-year cony 4e
105 Dec'18
10312 10513
10-25-year cony 4%8_1938 M S 10411
10631 81 10614 10813
-102 10614
10-year cony es (w 1) 1929
76 8613
8658 90 8612 Dec'18
J1941'
Pocah C C joint 4s
C C & T let guar gold 58_1922 .1 .1 97 ____ 103 SePt'16
8414 80 Nov'18
81
72 80
Sole V & N 1st go g 46_1989 M N
Northern Pacific prior lien
90
28 79
86
railway & land grant g 48_1097 Q .1 8412 Sale 8412
7914 Oct '18
7834 80
1997 Q J - - 87
Registered
2 56% 6411
61
6012
a2047 Q F 61118 61
General lien gold 38
58
6178 58 Oct '18
58
F --_
a2047
Registered
3 82% 9034
897
2047J J 8678 -- 8912
Ref& imp 4iis aer A
75
74 Aug '18
, 74
St Paul-Duluth Div g 48_1096 J D 7513 86
10058 1037
1923 F A 10314 107 1037 Dec'18
P ican gold es
P
Registered certificates_ 1923 Q A 10113 ____ 10334 Sept'17
Oct'16
St Paul & Duluth 1st 58..1931 F F 98 ---- 107
7658 77's
1968 J D 7614 ____ 765 Dec'18
let consol gold 46
3612 Dee'16
1948 Q M 6814 85
Wash Cent let gold 4s
108's
Nor Pao Term Co let g 138_1933 J J 107 ____ 107 Nov'18
70
27 6514
6614 8013
Oregon-Wash 1st & ref 4e _A961 .1 J
8 % Dec'18
77
6718 8
7
7'
712 8
79
82 90
D 8
Pacific Coast Co let g
Paducah & Ills lets f 4%0-1955J •J _ _ 95 10013 Feb.17
9314 9514
9514 Nov'18
Pennsylvania RR let g 40 1923. M N 91511
100 100
1919 M S 9818 100 100 Aug IS
Consol gold 50
19191 Q M 9718 _
Registered
4
88 -6610014 Nov'18
1943 M N 89 -Consol gold 45
83 921s
90 Dec'18
1948 PA N 8713 89
Coneol gold is
96 Dec'18
92% 10018
96
1960 F A 93
Conaol 403
9112 io 8578 961g
1985,1 D 90 Sale 90
General 4%s
712
NeoDyt'a
8712
3s
85
Alleg Vol gen guar g 4s _A942 r,1 S 8612 8_8_ 84
D It RR & ll'ge lat gu 4s 0_1936 F A 8234
2 875 3753
Phila Bait & W let g 48_1943 M N 8753 -Salo 87%
8758
102 Jan '93
Sodus Bay & Sou let g 58.1924 J 1
Sunbury & Lewis let g 46_1936 J .1 80
_
II N J RR & Can gen 40_1944 1W S 82% ____ 92 Dee '17
Pennsylvania Co1
9758 97,4
16 0618 0858
98
1921 J .1 07
Guar 1st gold 4146
9534 0712
9712 July'18
1921 J J 9514
Registered
87 Feb '17
Guar 334s coil trust reg A_1937 M S 7512
78
70
7612
7612 -Sale 7612
Guar 3356 coil trust ser B.1941 F A
1942 J D 75
Gnat 330 trust Ors C
7518
37
8
4D
1314
jueleY:1
7
16
1944 J
Guar 3,1is trust cUe D
8712 Dec'18
8218 8712
Guar 15-25-year gold 4s 1931 A 0 8312 91
84
84
40-year guar 4s etfs Ser EA952 M N 8612 87 84 June'18
Cm Lob & Nor go 48 g....-1942 M N 8612 8734 86 Oct '17
9614 May'17
el & Mar let gu g 4%s..._1935 M N 8912
9634 M ay'18
-1564 -6163-4
CI & P gen go 4%s ser A_1942 J J 9513
---1942 A 0 0012 ____ 104 Dec '15
Series B
---- ---Jut reduced to 36s_ A942 A 0 8612 ---- 9614 Feb '12
____
1948M N 83 ____ 9013 Oct '12
Serlea C 31,03
8812 Feb '17
1950 F A 83
Series D 3e
853 ---_ 83 Apr '17
--Erie & Pitts gu g 330 13 1940 J
9013 July'12
1940 J J 7558
Series C
81
81
Or R & I ex 1st gu g 430_1941 J J 8413 ___ 81 Aug '18
78
78
Ohio Connect let gu 4s,_1943 M S 831s ---- 78 Oct '18
_
93 Nfay'10
Pitts Y & Ash let cons 58_1927 M N 9658
9834 Apr '17
' Tol W V & 0 gu 4%s A.. _1'031 J J 8534 90
8534 ---- 92 Dec '17
1933J
Series B 43s
1
.8813 Sept'17
19.42 M $ 7118
Series C 48
5 9112 95
P C C & St L gu 4%a A1940 A 0 9312 9412 0212
9212
9112 93
194.2 A 0 9234 9512 93
Oct'18
Series B guar
9018 99
99 June'17
" Series C guar
9033 Sept'18.
90
88
1'12
'1
8714 93
Series D 48 guar
0012
9012 Sept'18
87
Series E 33-is guar gold_ 1049 F A
T
91
91
F --3'spr1es r slier 4ti gold.. 101c3 3 0 871, 93 91 Fiert18

67

-

•N.price /friday; latest bid awl Ank1KI.




411

Dee ha*

BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 27,

tIn

Price
Friday
Dec. 27

[VOL. 107.
tVeek's
Range or
Last Sale

1%3

Range
Since
Jan. 1

Ask Low
High No, Low SIXg13
Bid
P C C & St L (Con.)92 Nov'18
90
88% 02
1957 MN 89
Series 0 4s guar
95
1.1013 --__ 95 Nov'18
93
Series I eons gu 458_1903 FA
96% 10012
C St L & P 1st cons g 55-1932 AU 101 --_- 9813 Oct'18
F
100 June'17
-Peoria & Pekin U11 1st es g 1921
87 Mar'16
N
26 gold 4%s
8712 Salo 8714
88
90
28 79
1
26
Pere Marquette 1st Ser A 58%1 5
71% Dec'18
6212 7312
7113 72
let Series B 4s
40 Dec'18
40
50
Philippine Ry 1st 30-yr s Ms 1937 5.3 4113 46
Jan'18
99
99
Pitts Sh & L E 1st g 5s
1940 A0 9512 ___ 09
-1st consol gold 158
1943 .1 J 9334 ____ 9714 Dee'17
87
65 8034 9112
Reading Co gen gold 48
1997 ii 85 Sale 8412
8112 June'18
8112 8112
--- 85
1997
Registered
8634
5 8114 88
1951 AG -8634 Sale 8634
Jersey Central coil g 4s
Atlantic City guar 4s g_1951 J .1
-di- -717s
St Jos & Green Isl let g 48..1947 J J 70 -if- 717 Dec'18
St Louts & San Fran (reorg Co)69 5512 6712
63 Sale 6234
63
1950 J
Prior lien Ser A 4s
7813 Sale 7812
82%
Prior lien Ser B 5s
79,2 31 66
1950 J
76
66 1 22 60
Cum adjust Ser A 6s___h1955 A 0 66 Sale 65
Sale 43
47181 00 43
55
1 50cti 44
60
93
Income Series A Os gen 6881,
103 -__ 100% Sept'18
10012 10114
St Louts & San Fran
9514 9612 97 Nov'18
91
9712
1931 J
General gold 5s
78 May'16
St I. & F RR cons g 4s 1906 J J
00 May'17
1917 A 0
Southw Div let g 5s
4 ioi ical2
10113 -i -663-8 103
KCFIS&Meonsg0sl938M N 101376
77
6 62
K C Ft S & M Ry ref g 481036 A 0 7334 7613 75
71
758
637
85's 8
KC&MR& 13 1st gu 58_1929 A 0 8714 _ _ _ _1 8513 Aug'18
7234 Sale l 7234
4
72,
St L S W 1st g 4s bond etfs 1989 M N
534 6
-1% Nov
57
6.1178
8
5013 57
26 g 4s income bond etfs_v1989 J J _5_8_ 66
70
57
Consol gold 48
52 65
.. 0013
14
.
1st terminal & unifying 58_1
32 j
95
16
D ..5_8
JJ
68
9
0114
013 Jan'
Gray's Pt Ter 1st go g 58-1947 J D
6814
07
3 5412 6814
S A & A Pass 1st gu g 4s
J 6612 67
1943
100 June'18
100 100
SF&NP1stskidg 53
7578 757 Dec'18
96
L9
0j
19
5
A 0
.1 74
Seaboard Air Line g 4s
a
6714
A 0 7212 7414 73 Dec'18 714 75
68
6
Gold 4s stamped
5433 35- 49
61
A 52 Salo 51%
A 0
39F
1549
01
Adjustment 5s
573.1 Sale 5734
583
16 5134 66
Refunding 4s
74 Nov'18
78
75
73
Atl firm 30-yr 1st g 4s_e1933 M S 74
Oct'18
77
75
Caro Cent 1st con g 48-1949 J J 7212 ____ 76
Fla Cent & Pen let est 63_1923 J J 9518
101 -13ZJiL
-- 1st land grant ext g 58..1930 J J
95 Nov'18
- 0212 95
Consol gold 5s
1943 J J 22_
9113
9012 June'18
9013 9012.
Ga & Ala Ry 1st con 5s__o1945 J
Ga Car & No 1st gu g 5s 1929 J J 9318 ____ 94 June'18
9114 June'18
9114 9114
Seaboard & Roan 1st 58_1920 J J 947 07
Southern Pacific Co.
2
94
7718 161 7
0 8
94
Gold 4s (Cent Pao coll)._k1949 J. 13 7718 Sale 77
s - - 7833 90 Feb.14
H D
49 ..T
4)2
g19
1
Registered
8438 Sale 8414
290
85
20-year cony 4s
8118
8112 Salo 102
103
4
10212 96 -7-111i1g120-year cony 5s
Sale
8334 51 75
86
A
FA
, D
t
4, j
19
3
94
0
,
Cent Pao 1st ref go g 48_ 1
8712 Sept'lli
Registered
8534
5 85 -gi
Mort guar gold 33-s__k1929 J D 8512 8612 8534
96
71
Through St L 1st go 48_1954 A 0 80 ____ 76 Nov'18
Oct'18
OH&SAM&PlstIls..,tO3tM N 9114 101 100
9634 Jan'18
-66-3-4.
1931 J J ---- 97
- 2d exten 5s guar
y i68
Nneotiv
95
95 Oj
8 -- 95
Gila V G N 1st gu g 58_1924 51 N _ _ -- 102
--- 8512 8512
Hous E & W T 1st g 5s-1933 M N
11's 98
96
9'8 ,
5
10
6
80
612
1st guar 5s red
96
3 86
II &'P C 1st g 5s Int go-1933
7 JA1 N
J
69
-1921 A 0
Gen gold 4s int
_3
._ 96
12.10
'
3
99
312 No11.5
8
Waco & N W divguar_1st 4 (le '30 M N _9
95 1 93 Nov'18
761 6:3-3(il
6i
A & N W 1st gu g 55
.1 987 ____ 1 10014 Out '17
j
41
Louisiana West let Os. _.1921
100 Apr '18
faO- 66
Morgan's La & T 1st (3E1_1920 J J
1938 A 0 93I____ 10218 Oct '17 ..No of Cal guar g 55
90
98
96
il- 1 :2
i d8
Oro dc Cal let guar g 56.._1927 J .1 96
So Pao of Cal-Go g 5s
1037 M N 06 --_- 10712 Sopt'16
90,
9313 Aug '17
8 93
So Pao Coast let gu 48 g_ _1937 J
81
Dec'18
_ 7114 811
Ban Fran Terml let 4s
1950 A 0 7914 81
04 Nov.16
Tex & N 0 con gold 5a
1913 J .1 80 85
8234 Salo 82%
8312 168 -7558 8614
So Poe RR 1st ref 45
50 867g 100
90
J 9514 Sale 10905,',.11
j
4
666
199
Southern-lst cons g 5s
Aug'
16
Registered
6914 13
j 6613 WI; 6613
A O
1j
1056
199
velop & gen 4s Ser A
5.0
75 Dec'18
'72
8
, J. Ohio coil tr g 4s
9- -9
5
g7
6
-8
1938 M S 7014 75
02 July'18 ____
Div 1st g 4%s-58_ 19
J 3
1 3
96
95
•1 93
7318 76
74 Nov'18 ____ 641s 74
,ouls div let g 4s
03 Nov'18
877g 93
Ala Gt Sou 1st eons A 5s 1943 J U 95
8212 8412
Atl & Char! A L 1st A 4%31944 J J 86 ...._ 8412 Oct'18
97
97
8 91
1944 J J 9213 9614 967
lot 30-year 5a Ser B
7014
70 Oct '18 --_ 70
Atl & Deny let g 4s
leabr;117
112 'NF
6
75
8
2d 4s
8j
19418
J
J j
Atl & Yad 1st g attar 48_1949 A 0
, 1
,
41I.:
95
ser:18
Die
3 Is/
6
9 718 9,
8
-ad- -6aE T Vs & Oft Div g 5a_1930 J
9114 9712
Cons let gold 58
1956 NI M
9218
86
9218 Nov'18
E Tenn reorg lien g
M S 9.112 95
63
1946 A 0 52 ___. 52 Dec'18 __ 51
Ga Midland 1st 36
101 ___ 101
Dec'18
100 101
Ga Pac Ry 1st g es
9814 10114
Knoxy & Ohio 1st g 65
J 10058 ____ 100 Oct '18
J *1
2j
1625
192
9118 9112.
95
0112 Oct '18
Mob & Bir prior lien g 58_1945 J J 88
65
7212 68 Jan '18
68
68
Mortgage gold 44
9214
95 Jan '18
95
05
7
26
94
Rich & Dan deb 5s stmed_116
73 Sept'12
-Itich & Meek let gu is__ _1948 NI N
go% 9878.
9834 9911 9834 1)ec'18
So Car & Ga 1st g 5s
_ 10212 June'll
Virginia Mid Ser D 4-5a._119
S 9512
1 M N
19
62
3 S 9314 ___ 93 Apr '18
26 1
-Series E 58
911 ____ 10412 Deo'16
Series F 53
98 Dec'18
1936
General Se
N 961g 98
Va & So'w'n 1st gu En__2003 J J 87 ____ 815s Sept'18
79
701s Nov'18
1st cons 513-year 5.8__19513 A 0 70
937s Mar'17
W 0 W ist cy gu 48____1924 F A 85 92
955 Mar'17
Spokane Internet let g 58_1955 J J ---. 82
8718
9 8513 -girs
Term An of St L let g 430.1939 A 0 8712 9912 871s
___
9513
05
4 Dec'18
943
A
00
let cons gold 56
1894-1944 F
8314
7714 - 82
8112 Nov'18
61
Gen refunds f g 4s
j 9012 9412 9512 July'18
A 0
0i
33
96
L M Bridge Ter gu g 58..116
9138 0078 Dec'18
Texas & Pao let gold 5s____2000 J D 90
79-i 921
65
401e
41 Sept'18
41
42090 Mar 46
2d gold income Se
86 May'18
03
86 86
La Div B L let g 5s
1931 J J
10012 Nov.04 -_ _
W Min W & N W Istgo 581030 F. A
95
9878 9012 Oct '18 ____ 00
Tol & Ohio Cent let gu 56_1935 J .1 94
92
89
O 87
9212 02 Dec'18
A D
1935,
Western Div 1st g 5s
93
93
84
03
74
Oct'18
General gold 5s
6713 69
80 6712 Sept'18
Kan &
1990 A 0 78
1st go g 48
90
89 Dec'18
J 9012 95
89
J 3
2d 20-year 5,3
73
17
192
36 ____ 52 Aug'17
Tol P & W 1st gold 48
_
Tol St L & W Dr lien g 3%s-1925 J .1 _-__ 8:112 84 Nov'18
6711 84
6.01
45
1950 A 0 5112 5212 53
50-year gold 4s
185s Mar'06
_ 32
Coll trust -lag Ser A
iS
18
- 1814 18 Aug
518
'
5
Trust co Ws of deposit........
V A
-171 7018 87
80 Ayr '17 -Tor Ham & Buff let g 48__81.946
58
ep
89,4
85
) 8914
7(5
Ulster & Del let cons g 5s 1928 .1 D .822.4 9
j
_
Sept'17
7J 0
12A
let refunding g 4s
65
19
1
91
87 Sale 87
8778 47, 84
Union Pacific let g 4s
93
83
8033 ---- 8512 Oct'18
Registered
89
8234 91
89
88
8114 io
20-year cony 4s
8378 10 7512 8712
1st & refunding 40
2i77 j'irM j
9008
110
g2
S 831 3 Salo 8311
40 101% 105,4
10-year perm secured 68_1928 J 1 101% Salo 104% 105
8734 85 Dec'18
7832 86
Ore RR A Nov con g 4s 1946 J D 85
997g 104
F A 10112 Salo 10112 • 10112
Ore Short Line is; g
944 9911
1 99 ___ 9912 Dec'18
J 0
1946 3
let eonsol g 5a
853j
87
28 80% 9012
86
87
Guar refund 4s
1)J ./ 9118 -___ 98 Deo.17 -1626
192
Utah & Nor gold 50
89 -176.821.t 89 89 Feb.18
1st extended 4s
80
805
80
11/3
F
---- 3
Vandalia cons g 4e Ser A
3 ‘1
35
95
16
8018 801a
8018 June'18
1057 H N
Congols 4s Series II
Sept'17
Vera Cruz & P let gu 4129_1934 J J

Jae Feb. r Due June, A Due July. 4 Due Aug. 0 Due Oct. V Due Nov. r Due Deo. • Option Isle.

New York Bond Record--Concluded-Page 4

DEC. 28 1918.1
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 27

%1,3
-.,

Pries
Friday
Dec. 27

Week's
Range or
Last Sale

Q.,3 1
aa

Range
Since
Jan. 1

High No.I Low High
Ask Low
Bid
9418 27 8414 9012
93 Salo 'J3
Virginian 1st Ls series A____1962
2' 90
96
90
9758
9534 99
Wabash let gold Is
1939 rd
8912 88 Dec'18
80
8978
A 88
20 gold Is
1039
90 Aug'18
90
90
Debencuro series B
1930
9758 ---- 98 Nov'18
96 10014
1921
1st lien equip 5 fd g 5s
90 _-__ 05 Sept'18
65 65
1st lion 50-yr g term 4s
1954
9012 Sept'17 -87s 102
---DM A Ch Est Lit g 59
1941
80 Aug '12 -- ------- 77
Des MoitICEI Div 1st g 49-1939
76
A pr'17 ____
72
69
Om Div let g 334e
1911 A
8114 Jan'17
Tol & Ch Div let g 4s
1911
A 7734 ---- 76 Deo'17
Wash Tenni let gu As___ _1945
- 82 Aug '18
82
82
A 8113
let 40-yr guar 4s
1945
63
5718 Sale 5718
12 5718 72
West Maryland let g 4s
1952 A
0714 9978 99 Jan '18
90
99
West N Y At Pa let g 5s
1937
Salo 70
70
70
5 60
1913 AO 70
Gen gold 4s
36 Oot '17
p1943 Nov
---- -Income Is
86
85
8518 86
7 7914 90
Western Pao let se1213. 58___1946 M
93
Oct'18
96
90
93
Wheeling & L E 1,1n 5a _ _ _ _1926 AO 90
Feb'17
88
90 100
-- _
Wheel Div let gold Se... .1928 J
Eaten & Impt gold 5s____1930 FA ---- 9834 9958 Mar'17
Sale 61
64
10 -gO 64
Refunding 434s series A__1966 MS 61
1949 MS 68 ___- 69 Nov'18
5512 69
RR 1st consol 48
72 Nov'18
6714 72
Winston-Salem 9 B 1st 48-1960 J J 7314 82
80 Deo'18
%pis Coot 50-yr let gen 4s
1949 J J 7712 80
6014 83
7612 78
7873 Nov'18
N
72
Sup & Dul dlv & term 1st 4836
787s
Street Railway
Brooklyn Rapid Tran g 50-1945 A 0
2002 J J
let refund cony gold 4s
1918 J
6-yoar secured notes 5s
Otfs 3-yr sec 7%notes op A1921 J J
3-yr 7% secured notes_51921 J .1
Bk Cty 1st cons 51_1916-1941 J J
Bk Q Co et con gu g 58_1941 M N
Bklyn Q Co dc S let 58-1941 J J
Bklyn Un El let g 4-58_1950 F A
1950 F A
Stamped guar 4-58
Kings County E 1st g 48_1949 F A
1949 F A
Stamped guar 4s
Nassau Eleo guar gold 48_1951 J J
1927 F A
Chicago Rye let Is
J
Conn Ity A L let & rot g 43.s1951
1951 J J
Stamped guar 48
Del United 1st cons g 43.0_1932 .1 J
1936 M S
Ft Smith Lt & Tr let g bs
1957 F A
Hud A Mani= Is ser A
1957
Adjust income 50
1032
N Y Jormy 1st 5.3
Intorboro-Motrop coil 00_1950 A 0
Interboro Rap Tree 1st 5s_1966 J J
Manhat Ry(N Y) cons g 4.8-199 A 0
1990 A 0
Stamped tax-exempt
Manila Elm Ry & Lt 8 1 58_1053 M S
Metropolitan Street RyBway & 7th Av let o g 50_1943 J 1.3
Col & 9th Av 1st gu g 5s 1993 M S
Lex Av & P F 1st gu g 58_1993 M S
Met W S El(Chic) 1st g 48_ _1938 F A
Mllw Eleo Ry & Lt cons g Is 19201F A
Refunding & oxtou 4 Wi....1931 J J
1919,J .1
Minnoap St let cons g 5s
Montreal Tram 1st & ref 58.1941 .3
New On Ry & Lt gen 4148_19351J J
N Y Municip Ry 1st s f 5s A 1960J J
J
1942
N Y Ry3 lst R la & ref 4s
a1942 AO
30-year adj Inc be
N Y State Rys let cons 4348_1902 MN
Portland Ry let A ref Se.. .1930 MN
Portld Ry Lt & P lot ref 58_1942 FA
Portland Gen Elm let 58_1935 J J
St Jos Ry L H &P lot g 5s__1937 M N
St Paul City Cab cons g 58_1937 J J
Third Ave 1st ref 48
1960 J J
Adj income 5s
a1960 AO
1937 J J
Third Ave Ry 1st g 53
Tr -City Ry & Lt 1st e I 56_1923 A 0
1933 J .1
Undorgr of London 4%s
Income Be
1948 -- -United Rya Inv 58 Pittilss_1920 M N
United Rya St L 1st g 4s
1934
St Louis Transit gu 58_1924 A 0
United Rita San Fr e I 4s
192' A 0
Union Tr (N Y)c ertfs dep.-- ---Eljult Tr (N Y) Inter
-Va Ry et Pow let A: ref 5s-1934 J J

I "A

Gas and Electric Light
Atlanta U L Co 1st g
D
Bklyn Un Gas let cons g 58_1945 M N
Cinch] Gas & Eleo Istecrof &a 1950 A 0
Columbia U & E 1st 5.9
J
1927
Columbus OM 1st gold 56_1932 J .1
Consol Gas cony deb 68....1920 Q F
Cons Gas EL&P of Balt 6-yr 58'21 M N
Detroit City Gas gold 5s
1923 J J
Detroit Edison 1st coll tr 513_1933 J J
let A rot Is ser A
51940 M
Eq GLN V 1st eons g 5:1_1932 M
Gas A Elea Berg Co o g 58_1949 J D
Havana Eleo CO/1,901g 58____1952 F A
Hudson Co Gas let g 5s____1949 M N
Kan City (Mo) Gas let g 551_1922 A 0
Kings Co El L P g 50____1037 A
Purcham money Os
1907 A 0
Convertible deb es
1925 M
Ed El Iii Him 1st con g 48.1939.3 .1
Lae Gas L of St L 1st g 58._e1910 Q F
Ref and ext 1st g Is
1934 A 0
Milwaukee Gas L let 4s
1927 M N
Newark Con Gas g bs
1948 J D
1048J 13
NYGELII&Pg 5s
Purchase money g 1s
1949 F A
Ed Eleo III 1st cons g Is. 1995
J
NYAQ El LAP 1st con g 5a_1930 F A
Pacific 0& El Co-Cal G & FlCorp unifying & rot 50_1937 M
Pacific CI & E gen & ref 58..1942 .1 J
Pao Pow & Lt 1st dr ref 20-Yr
5s International Series...1930 F A
Pat & Passaic & El 58
1919 M 9
Peop Gas & C 1st cons g 08_1943 A 0
1947 M S
Refunding gold bs
Oh 0-LA Coke 1st gu g ba 1937.3 J
Con 0 Co of Ch lat gu g 581938 J
Ind Nat Gas & Oil 30-yr 581936 M
Mu Fuel One let gu g 58..1947 M N
Philadelphia Co cony U.__ _1919 F A
Cony doben gold 58
1922 M N
Stand Gas & El cony s f es 1926 J D
Syracuse Lighting let g 58_1951 J D
Syracuse Light & Power 59_1954 J J
Trenton 0 Sc El 1st g bs
11)49 M
Union Eleo Lt & P let g 58_1932 M S
Rotading A extension 58_1933 M N
United Fuel Gas let s f 68_1936 1 J
Utah Power & Lt 1st 51
1944 F A
Utica Elm L & P let g 53_1950 J J
Utica Gas & Eleo ref 5s
1957 J .1
Westchester Ltg gold 58
1950 Jo

_-__ 80
8434 Dec '18
7978 88
53 Sale 53
53
17 53
69
9534 Dec'18
9214 9812
9014 Aug '18
90
97
87 Sale 87
90
281 87
9658
92 Dec'18
94
89
92
80 May'12
70
--_---- 9912 101 May'13
---8034 8231 80 Dec'18
78
8712
---- 8718 8212 Deo'18
7812 8034
68
7178
Dec'18
77
66
72
5614 68
4 6812 6812
6812
6812
5934 04
el
62
51 55
651s
81
Sale 81
8312 151 8012 88
8858 8712 Nov'18
8512 8712
885s _ - 8614 Oct '18
85
8614
7314 7312 7412 Dec'18
68
80
84 Jan '14
58 Salo 5778
5931 83 -9.
1178 -663;
1712 Salo 1618
177s 43 1434 25
90 100
87
Oct'18
87
90
4114 IMO 33
443s 770 88
5858
7112 Sale 7133
7578 1112 7138 85
Salo 75
75
75
5 7314 8118
7012 8012 80 Dec'18
7458 8.112
75
80 80 July'18
80
80
77
79
8478 79
'2 7014 85
93 May'17
--- 70
80 Sept'17
---- 74
---30 Mar'11
---- --97 --__ 10012 June'17
---8112 Dec'18
8112 8112
9912 --__ 9834 Aug'17
---9712 July'17
- 96
---- ------- 7212 74 Aug'17
---- ---99 .May'17
---4214 Sale 3814
4318 114 3814 54
1112 Sale 11
13
406 11
2434
_-__ 64
6434 Nov'18
70
63
72 99
8812 Nov'16
67 Aug'18
6212 68
9012 Feb '17
81
95 July'17
10212 Mar'12
5134 Sale 5134
58 5134 -5-55
29 Sale 29
3112 70 2711 3878
96 100
97 Dec'18
90
97
9514 955s 95 Dec'18
90
91
7612
76 Mar'18
80
76
6212 ---- 50 Aug'18
60
50
---- 69
65 Dec'18
58
06
1912 50
49
5514
50
2 49
---- 57
50 June'17
____ 35
25 May'18
25
25
22
2534 22 Dec'18
22
2012
2134 23
22 Dec'18
22
27
8012 ---- 77 Oct '18
77
801s
9312 __ 103 Sopt'15
94 95
95 Dec'18
90 -- 01 Dec'18
82
8212 8212 Dec'18
97 Feb '15
102
10112 103 101
97 ____ 9514 Oct '18
9618 _-__ 9512 Dec'18
95 ---- 9412
0412
9412 Salo 9112
9412
-__ 94 Feb '18
100 Feb '13
81 -66;
5 9218 Nov'17
9018 Dee '17
93 05
9078 Dec'16
8858
9014 ____ 90 Dee '17
102
97 Aug '18
90
_- 110 Juno'17
7978 -_-- 78 Nov'18
9918 9918 9913 Dec'18
91 Sale 94
9114
9412 -_-- 8412 Oct '18
10112 Apr '17
0112 97
91 Deo'18
72
73
7612 Dec'18
100 -__ 9478 Sept'18
9012 Aug '17

95
85
8912 91
75
8212

BONDS
X Y. STOCK EXCHANGE
Week Ending Dec 27

v. *2

Price
Friday
Dec. 27

2463
Week's
Range or
Last Sale

iv!

Range
,...§:c% I
Since
-4 I
Jan. 1
1
High No.I Low Higk
Dec'18
69
- 60
39
33
3 18
32
14 18
36

Bid
Ask Low
Miscellaneous
70
65
Adams Ex coil tr g 4s
1948 MS 65
30
32
33
Alaska Gold M deb es A- 1925 M
30
31
31
Cony deb es series B
1920 M
1920 MN
Am SS of W Va 1st 5s
8734 22 8112 89
Armour A Co lit real cot 4;4s '39 J D 8612 Sale 80
1926 AO
90 Feb '18
Booth Fisheries deb s f es
90
90
Braden Cop M coil tr s f ea_ 1931 FA 96 _-__ 90
96
9 8978 9(I14
85
1952 A0 83
80 Dec'18
Bush Terminal 1st 48
83
79
Consul 53
855s 8558 Nov'18 --- 7518 86
1955 J J 81
8178 8112 Dec'18 ---- 74
1960 A0 80
85
Bides 5s guar tax ex
58 Mar'18
Chic C & Conn Ry-s f 58
1927 A0
58
58
86
.
1;186
87
Chic Un Stat'n let gu /As A 1963
91
31 85
J
Sale 106
Chile Copper 10-yr cony 78_ 1923 MN 100
10934 971 10238 11812
Recta (part paid) cony es ser A AO 8334 Sale 8334
8912
84
17 73
Coll tr & cony 68 ser A 1932 A0 8314 Sale 8314
8712
18 77
847s
Computing-Tab-Rea s I 65 1941
83
j 83 85
84
7 7812 85
93
Granby Cons MS& Peon Os A '23 MN 97 98
93
1 91 101)
9978 101
97 Sept'18 ---- 91
Stamped
97
1928 M
9314
Great Falls Pow lets f 5s
- 93 Sept'18
9012 94
1940 M N
Int Mercan Marine El f es_
117 90 10478
1911 A0 10112 Sale 10112 103
Montana Power let Is A.
9218 25 8512 9214
1913 J .1 9218 9212 92
81
Morris & Co let s f 4
81
8618 81 Nov'18 ---- 73
1939 J
83 Apr '14
Mtge Bond (N Y)48 ser 2_ 1966 A0
94 June'10
10-20-yr 5s series 3
1932 J j
735
N Y Dock 50-yr let g 4s.....1951 FA 68 76- 7334 Dec'18
-fig
Niagara Falls Power 1st 5s 1932
91 Dec'18
901s 9812
J 9014 102
102 10012 Dec'18 --- 99 10012
Ref & gen 6s
a 1932 A0
Nlag Lock & 0 Pow let 5s__ 1954 MN _--- 9314 89120ct '17
Nor States Power 25-yr 5s A 1941 AO 91
Sale 9014
91
22
-61:1;
Ontario Power N F let 5s___ 1943 FA 89 _
89 Dec'18 _-_- 8512 89
84 June'17
Ontario Transmission 5s____ 1915 MN
(75
107
113
108 Dec'18
Pan-AmPet&Trlst conv63'19-27 J J
igSale 7912
Pub Serv Corp N J gen 5s__ 1959 A0 80
80
31 7312 88
Sale 91
Tennessee Cop let cony Cc...1925 MN 91
3 88
91
9512
Wash Water Power let bs_ _1939 J J 9278 95
9234 Dec'18 ---- 9034 9234
Wilson & Co let 25-yr s f 63_1941 AO 9334 Sale 9312
42 9078 100
99
Manufacturing & industrial
Am Ag Chem lot o 5s
1928
Cony &ben 5s
1924
Am Cot Oil debenture 58
1931
Am Hide & L lets f g es
1919
Am Sm A It let 30-yr 5s ser A 1947
Am Thread let coil tr 4s
1919
Are Tobacco 40-year g Cs...l944
Gold 45
1951
Am Writ Paper let s f 5a
1914
Baldw Loco Works let 58_1940
Cent Foundry let s f 6s
1931
Cent Leather 20-year g 5s 1925
Consol Tobacco g 48
1951
Corn Prod Ref al g bs
1931
1st 25-year s 1 Is
1934
Distil Sec Con cony let g 53_1927
E I du Pont Powder 4 As
1936
General Baking let 21-yr Cs_1930
Gen Electric deb g 3).ta
1942
Debenture bs
1952
Ingersoll-Rand let bs
1935
bet Agricul Corp let 20-yr 5a 1932
Int Paper cony s f g Is
1935
let & ref s f cony 5a ser A1947
Liggett & Myers Tobao 7s 1944
55
1951
Lorillard Co (P) is
1944
ba
1951
Mexican Petrol Ltd con 6s A 1921
let lien & ref es series C 1921
Nat Enam & Stpg let bs
1929
Nat Starch 20-yr deb 5s
1930
National Tube 1st be
1952
N Y Air Brake let cony 68_1928
Pierce 011 5-year cony 6841920
10-year cony deb 68____711924
Sinclair Oil & Refininglet s f is 1920 warrants attach
do without warrants attach
Standard Milling let 5s
1930
The Texas Co cony deb 68..1931
Union Bag & Paper let 58_1930
Stamped
1930
Union Oil Co of Cal 1st 5s 1931
S Realty A I cony deb g ba 1924
U S Rubber 5-yr sec 7s
1923
let A ref 5s series A
1947
U S Smelt Ref dt M cony 68_1920
V-Car Chem let 15-yr 5s
1923
Cony deb Cs
e1924
West Electric let 5s Deo____1922

9814 9312 99 Dec'18
9212 10012
5 9014 106
10134
A 10134 Sale 10112
83 8712 8712
1 80
8712
9978
991,
991,
9931 100
1 9814 101
9218 9212 923s
4 8478 9531
9212
9678 995a
9934 Nov'18
11014
117 Nov'18
117 11712
7212 so 75 Dec'18
75
71
A
8811 90
8812
4 79
90
8812
997s _
_ 9934 Nov'18 ---- 9778 10134
gi 80
7 80
80
8412
A 80
3 93
9714
97
0 9678 9812 97
A - - 8012 7312 Dec'18 ----' 7312 7312
9913 -- 9912 Dec'18
9714 101
101
3710 101
101
95 101
r 75
8912
8912
8912
0 8912 90
-- 100 104 May'17
83
g'i12
83
5 75
83
70 Dec'18
6614 74
A 7014 74
10138 Sale 9912 10134
6 9434 10178
96 -- 96 Nov'18
96
96
7634 7712 765s
71 6812 7712
7137g
96
_ 94 Oct '18
9312 99
9012 Nov'18
- 96
9012 9012
Sale 111
11138 20, 10734 117
11 111
93
12' 86
93
95
A 9212 93
11134 112 112 Dec'18 --- -1 107 115
93
5 8312 93
93
A 9211 93
---- 175 165 Nov'18 ----I 10534 18112
---- 175 16334 Dec'18
106 175
- - 90
9512 Nov'18
93
95
94 Aug '18
9114 9214
94
99
9512
9512
1 93
9711
9914 100
9934
100
4 97 100
9918 9978 9934 Dec'18
9534 10112
8878 89
8838
89
25 83
9012
9934 Sale 993i
30 86 100
100
9534 Sale 95%
96
67 8412 96
95
98 June'18
98
9314.
88
10214 10334 103
103
1 9612 103
89
90
88 Oct '18
8678 88
83 Aug'18
83
83
937 90 Oct '18
93
96
90
59
6412 0434 Dec'18
45
68
10258 Sale 10258
10234 229 101 10234
8514 Sale 8514
8678 366 76
8812
A 9914 9912 9912
1 9218 10018
9912
95
90
95
16 90
96
0714
Sale 101
0 101
10114 14 9414 10114
97
98
97
2 9478 98
97
A
A

Coal, Iron & Steel
9514 90
Beth Ste,e1 let ext s f Is
1926 .1
5 02
9512
99
9512
8712 Sale 8712
let Andf 5s guar A
1942 M
88
14 88
931s
83 Sale 83
20-yr p m & imp s f 5s
1938 J
85
60 7812 8712
90
Buff & Sus(' Iron s f 5s
90 May'18
90
1932
90
90
Debenture 5s
8614 July'18
a1928 M
85
8614
Cahaba C M Co let gu 68_1922 J
_ 101 Dec '14
Col F & I Co gen s 5.8
8634 86 Nov'18
1943 F A 86
86
88
Col Indus 1st & c,oll 5.8 gu 1934 F A 7514 7534 75 Dec'18
76
73
Cons Coal of Md lstAref 58_1950
8614 ---- 87 Aug'18
83
90
Elk Horn Coal cony es
95
95 Aug '18
1925 J
95
95
Or lily Coal & C let g (Is. h1919 A
94
Fel.).18
94
94
Ill Steel deb 4)85
83 Sale 81
1940 A
8312 23 81
8612
Indiana Steel lot Is
9914
97
97 Sale 97
1952 M
99
9714 31 92
9518
Jeff St Clear C I 2d 5a
_1928 J
Lackaw Steel let g 5s
73
78
96
9012 961-2
3 9414 97.1913 A
9612
9714 9918 . let MS Is series A
8612
---- 87
1950 M
87
5 80
Ms
88 Sale 88
Midvale Steel A 0 cony s f 581938 M
8878 9438
89
65 8012 92
8412 8618
Pleasant Vol Coal let s I 5s_1928 J
763s ____
Pocah Con Collier lets f 58_1957 J
90
14 Nov'18
92
8513 8814
97I
Repub I St 8 10-30-yr lee 1_1940 A 0 91
86
9814
9112 91
9338
91
St L Rock Mt& P 5s stmpd_1955 J
77 8018 81 Nov'18
08
7612
81
80
95
Tenn Coal I et RR gen 53 1951 J
9478 9478
0612 9514 Dec'18 7-1 9212 9712
9912 Sale 9912
U S Steel Corp-lcoup_81963 M
100
96 101
1 10-60-yr 5.8; reg -„d1963 M
10058 Dec'18
98 _
96 10058
9511 ---- 95 Dec'18
Utah Fuel 1st s f bs
8034 95%
86
1931 M
-;
8758 Sale 8712
Victor Fuel let s f Is
--- 75 80 Dee' 16
1953 J
8758 228 7638 88
Va Iron Coal & Coke let g Is 1949 M
-8678 Sale 863s
4 83
8678
8678
83
8812 95 Jan '17
Telegraph & Telephone
100 July'17
Am Telep et Tel coil tr 4s___1929
10138 Dec'18
9811; 1-5133
8538 853A 8518
8512 11 7778 88
80
Convertible 4s
85
7112 80
85 Nov'18
__-- 7734 78 Dec'18
1930
86
78
..-- 0014 90 Sept'17
20-yr convertible 4 yis__1933
9 86
87
87
---89
20 82
9212
30-yr temp coil tr 50
---- 100 Apr '17
93 Sale 93
1940
---- ---9714
86
7-year convertible es_ _ _ _1925
____
89 Mar'17
A 10112 Sale 101
10
92
5112
2 205
54 9354 105
_-_ 94 July'17
984 9912
Cent Dist Tel let 30-yr 58..1943
9612 100
9914 May'18
9512 9812 9914 Nov'15
Commercial Cable 1st g 4s_2397
73 Nov'17
9134 9134
Registered
5 78 -E9134
2397
681s Jan'18
-tig18
100 90 Nov'18
Comb T AT let At gen 58_1937
9212 91
CM
91
9318 Dec'18
85
95
851s 88
Keystone Telephone let 5s 1935
9712 May'17
_-_- 9014 98 Apra8
6 __5
Mich State Teleph let 5s
7114 751s 70 Nov'18
1924
70
70
A
SaLe
4 -51"
-851NYANJ Telephone 58 g 1920
9838 Oct '17
2
987;2 97
9
88
7 Aug'18
98
00 .....- 90 Nov'18
9012 Sale 9038
N Y Telep let & gen s f 410..1939
-66- -669012
2 84
92
Pacific) Tel & Tel let Eas
9412 Sale 9412
1937
10158 Nov'16
0612
9538 33 87
97
98
94
-667, -6.11; South Bell Tel & T lets f 55_1941
97 Dec'18
55
95
95
1 80
97
871, 9312
West Union coll tr cur 58
8912 8912 Dec'18
93
80
90
9334 93 Dec'18
1938
Fd and real cot g 4)8e
1950
86
101 June'17
90
90 Dec'18
80
9212
Mut Un Tel gu ext Is ......1941
93
.37
90 Aug'17
--- 99 10112 Sept'17
Northwest Tel gu 454e g _1934
8912 93
8114 ____ 94
8912
5 8912 8912
8912
33 -66- jai9112 9514
9334 9638
3 8978 98
1 9112 9412
01
94
------- ---____
_

0

iio

•Ne price Friday;latest bid and naked. a Due Jan. 4 Due April. d Due May. g Due June. 11 Due July. k Due Aug. e Due Oct. y Due Nov. q Due Dec. 1 Option sale.




SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Dec. 21.

(VoL. 107.

BOSTON STOCK EXCHANGE-Stock Record

2161
Monday
Dec. 23. 1

Wednesday
Tuesday
Dec. 24. 1 Dec. 25.

Thursday I Friday
Dec. 26.
'Dec. 27.

Saiesfor
the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1.
Lowest.

Highest.

Range for Previous
Year 1917
Lowest

Highest

Railroads
Jan
100 12213 Apr17 146 Nov22 120 Dee 175
133 13589 Boston & Albany
133 135
13712 13734
138 138
Jan
27 Dec 79
100 37 Jan 2 80 Nov12
60
68
6334 1,144 Boston Elevated
69
6912 6912 69
6938 *6813 69
7012 Dee 133 Mar
100 80 Julyll 104 Nov20
10 Boston & Lowell
95
95
95
*93
*93
95
+93
95
95
*93
Mar
Sept
9
Dec
45
Jan23
40
15
100
19
Boston
&
Maine
*
29609
29
30
2812 29
29
29
30
*29
100 130 Apr15 170 Aug 9 150 Dec 213 Jan
Boston 43t Providence
--Last Sale 168 Dec'18
*___ 168 *...._ 168 *___ 168
2 July
3 June 5
3 July
2 Jan26
Boston Suburban Elec__no par
Last Sale 3 Juno'18
9 Juno 30 July
no
par
1014 Mar 1 15 June17
Do prof
Last Sale 14 Dec'18
14
*10
14
•
15
*10
Boston & Wore Eleo_no par
Last Sale 412 Nov'16
30 Aug 38 Fob
no par 25 July19 3014 NovI9
Do prof
Last Sale 30 Nov'18
-3()17t *
•-------- /01
4*
Chia Juno Ry & U S Y____100 133 July 2 147 Apr17 148 Nov 150 Jan
_ 13534
Last Sale 133 Sept'18
__ 13534 *____ 13534 *
Jan
8312 Dec 108
100 824 Apr18 8512 1)ec19
Do prof
Last Sale 3512 Dec'18
*85 -- -- *35 ___100 104 Feb19 125 NovIS 10212 Nov 140 Mar
43 Connecticut River
*110 115
115 115 ;86'115 1-15
118 118
100 53 Jan22 65 Jan 3
44 Dec 7812 Mar
14 Fitchburg prat
57
57
5612 5612
Georgia Ity & Elec stampd 100 106 Sept19 1164 Jan 9 116 Dec 133 Jan
Last Sate 1.5
*5,5
7
-:
:
C:ii
0::OC
*107 -- *107
•107
100 70 Oct 3 81 Feb25
83 June 9212 Jan
Last Sale 7014 Oct'18Do prof
74
74
4'70
*70 74
*70
100 7712 J unelS 88 Nov19
73 Dec 10018 Mar
97 Maine Central
83
83
83
83
83
*__
*8312
- - *8312
712
May16
13
4
Sept
6
1 Dec
()3s June
100
Mass
Electric
Cos
521
2
*2
212
2
21 1
214 214 *2% 214
12
100
812 Jan22 33 May16
6 Dec 3114 July
1234 13
1158 1234 2,432 Do prof stamped
13
1214 13
13
13
1314
2134 Sept 5234 Jan
100 27 Feb26 46 May29
32
32
3012 3112
3112 3012 3112 2,260 N Y N 11 & Hartford
3214 31
31
9012 Oct 105 Apr
Northern New Hampahlre_100 84 Oct 7 95 Nov14
Last Sale 92 Nov'18
*90 _ _
*90 -- *9186 Dec 135 Jam
100 38812June14 11212 Dee 9
*104 1075Old Colony
101 1-(li
*107 109 4'104 109
1612 Dec 8412 Feb
100 20 Jan 2 25 Jan 8
22
105 Rutland, prof
*20
21
22
21
*20
*22
23
-io- -ici.Vermont & Mamachusetts_100 80 Aug 0 90 Oct 4
83 Dec 110 Jan
Last Sale 90 Nov'18
*92 101
*92 101
*92 101
50 37 Feb20 50 July 5
34 Dec 5612 Mar
292 West End Street
44
44
45
45
45
4413 4412
4412 45
454
Jan
Do pref
50 47 Jan1.0 62 Apr I x45 Dec 74
53
52
*52 5330
53
*52
*52
52
--_- _--_
Miscellaneous
100 784 Jan 2 106 Oct 18
73 Dec 9434 May
707 Amer Agricul Chemical
99
9934 99 100
99% 9938 9912
10114 10134 x99
100 88513 Jan 2 100 Dec 5
88 Dec 10312 Jan
93151 Do prof
*98
99
98
98
98
98
9938 0912 x97
212 Mar 2
.40 July 1
238 Jan
25
1 Dec
200 Amer Pneumatic Service
.60 .00 4..50
1
*MO
1
*.50
1
*.55
1
4 Sept30 1558 Mar 4
50
712 Dec 14 Mar
685 Do prof
512 512
514
51 1 512
514
512 512
12614
June
100
99
Jan
2
11513
May15
Amer
Sugar
Refining
Nov
90
110
111
111
111
111
11114 11114 11078 111
100 107 June 4 116 Dec 6 105 Dec 12112 Jan
177 Do prof
514--5-14• --*112 11314
•11212 114
113 11312 113 11312
100 9034 Aug 5 10018 Oct 9
90 Dec 12814 Jan
9818 9873 98
934 9814 9834
9731 983* -9712 -6.81-2 3,214 Amer Telop & Telog
3878 Nov 58 June
10 American Woolen of Mass.100 4512 Jan 8 6058 May24
53
*52
5212 51
*4912 5013 *4912 5012
52
51
100 90 Jan 3 9712 Decll x8714 1)ec 10014 June
269 Do pref
9412 95
95
95
95
95
9412 95
9412 95
60 Dee 75 July
110 Amoskoag Manufacturing__ 6012 Jan 2 92 Nov 8
83
83
*82
82
82
82
82
_
83
____
76 Jan 7 82 Juno 5
75 Dec 0713 Jon
34 Do prof
80
*78
78
80
80
*78
80
78
6 Dec 1434 Dec
Last Sale 18 Dec'18Art Metal Construe Inc___ 10 11 Feb21 x19 Dec13
19
*1712 1812 *17
*17
19
83 Sept 12112 Jan
Atl Gulf & W I S S LInes_100 98 Jan15 12014 Feb16
Last Sale 110 Dec•18
•108 110 *10912 110 *10814 1104
Jan
10(1 5812 Jan17 6714 Nov20
Do prat
5512 Feb 66
Last Sale 65 Dec'18
.
65
*65 _--- *65
Jan25 2812 Sept 5
no par 21
224 221,1 2112 2158
-525 Booth Fisheries
*2234 2314 2214 2333 22 -22C%
1014
May18
143
4
Dec27
Inc..
10
Century
Steel
of
Amer
2,515
1412
145
8 1412 1434
1378 1378 1378 1378 *1412 1434
10 1112 Nov30 1712 May I
9 Dec 201s June
445 Cuban Port Cement
358 ____ ____
13
15
3
15
13
1314 1334 1378 1412
Jan
4 Jan31
534 May15
10
378 Dec 10
200 East Boston Land
*412 5
*412 5
*412 5
128 Edison Electric Illutn__100 134 June21 186 Nov21 13318 Dec 226 Jan
105 166
jar,- 1-6-618
171 171
172 172 *166 171
25 2712June27 6414 Nov1(3
2,245 Fairbanks Co
6134 6214 62
62
6214 63
6212 63
6212 6234
100 128
Jau10 15734 Nov 9 11834 Dec 17014 Jan
General Electric
Last Sale 14858Dec'18
*14612 148 *147 148 *144 146
34 Gorton-Pew Fisheries
60 27 Aug29 35 Aug30
52911 30
30
*2934 30
29
29
30
29
29
712 Oct 23
412 Oct 10
4 Dec 1812 Jan
434 431
980 Internat Port Cement__ 10
453 411
434 5
*434 5
*434 5
10 Dec 3312 Jan
50 12 Apr23 23 Nov25
19
20
20
21
+19
1914 194 *20
13
1812 1,125 Do prof
614 Dcc18
10
318 Aug23
50 Island 011 & Trans Corp
7
558 6
578 6
578 6
3
558 53
Jan
924 Dec 102
95 - ----- ------60 McElwain (W H) 1st pref_100 88 Sept30 93 Nov13
*93
+93 _- *93
92
92
101) 27714 Jan15 9114 Nov13
571 Massachusetts Gas Cos
71 Dec 10012 Mar
83
83
82- 8712
8312
8334 8334 8312 3312 83
100 62 June17 71 Nov 4
68
63 Dec 81 Mar
68
429 Do pref
68
68
68
*68 ____ 68
68
6814
13312 13312
35 Mergenthaler Linotype___100 107 Junell 147 Nov14 110 Doe 169 Jan
*133 136
*133 135 *133 135 *133 135
35 Jan 95 Mar
Last Sale 90 Nov'18
New Eng Cotton Yarn___ _100 83 Jan15 95 Oct29
*92 ____ *92 ___- *92
60 Jan 9212 Aug
Last Sale 9212 Aug'17
I)o pref
100
93 Dec 12412 Mar
-5154 94.78 ;61- -613-4 ;61- 94371
95 New England Telephone 100 824 July30 10013 Oct 10
93
93
9312 91
60
1,195 Nova Scotia Steel & C
100 51 Dec27 69 Jan 2 x69 Nov 112 Jan
56
50
*53
56
55
56
56
54
56
21 Pullman Company
100 102 Jan 7 130 Nov13 107 Dec 10014 Jan
•117 11812 *114 117
114 111
116 116
116 110
Jan
49
*48
25 Punta Allegro Sugar
29 Dec 46
48
43
*48
50 29 Jan 3 51 Dec 5
*48
49
49
48
Jan29 137s Marie
*1212 13
-32 Reece Button-Hole
13
1378 1378 ---- --13
10 11
10 Dec 16 Mar
*1234 1312
3614 3612 36
27 Oct 23 4110 Nov20
37
37
37
3618 1,070 Stewart Mfg Corpn
374 3653 3634
123 12334 12212 12312 12212 12312
763 Swift & Co
12212 12312 12212 12314
100 102 Aug30 14614 Aug'17 116 Nov 16278 Apr
54
_
51
54
47 Torrington
*52
54
54
25 45 Jan29 56 Dec12
40 Nov 68 June
54
54
100 11512 Jau17 16314 Dec27 x105 Dec 15513 Jan
951 United Fruit
151 15112 15112 153
151 15534 158 1631i
153 154
25 3812 July 0 4812 May16
4414 4478 4414 4434 44
44
3712 Dec 5814 Jan
4414
4412 44
4412 1,467 United Shoe Mach Corp
26
26
26
141 Do prof
25 • Oct 3018 Mar
26
26
26
26 2434 Aug 9 2612 May28
26
26
2614 2614
100 87 Mar25 11612 Aug28
9514 0618 9512 9618 95
9234 9434 9313 9378 3,361 U 5 Steel Corporation
795s Dec 135 May
9534
Jan
*112 113 *11212 113 *11234 11314
Last Sale 11214Dec'18
Do prof
100 108 Mar25 11338 Dec16 10334 Dec 121
758 778 3,515 Ventura Consul Oil Fields_ 5
9 Nov 8
5 Jan 2
*778 814
414 Dec
878 Jan
8
712 8
8
77s 778
Mining
.75 .75
134 Jan25
414 Jan
12 June27
60 Adventure Con
Oct
..75 .99 +.75 .09 *.75 .99
25
1
..75 .99
235 Ahmeek
25 69 Dec27 86 Nov12
70
70
70
71
70
7014
70 Dec 108 Jan
*70
71
70
69
Jan
Apr25
53
8
Nov
6
1113
s
*358 4
13
Dec
200
Alaska
10
1
001(1
378 378 *358 373
35s 358 *314 4
.15 Julyll
.45 May13
4..20 .40 +.20 .40 *.20 .50
Last Sale .20 Dec'18
26
Algomab Mining
14 Sept
14 Jan
4212 4212 *42
60 Allouez
25 4212 Dec27 54 Feb27
45 Dec 70 Mar
*44
45
44
44
44
43
4312
11 Dec 4114 Jan
1212 1234 12
60 Amer Zinc, Lead & Smelt- 25 12 Dec19 2114 July 3
•12
13
+12
13
12
13
13
25 41
Jan 2 54 July 6
+4313 46
+4312 46
44
20 Do prof
40 Nov 73 Jan
45 *__ _ _ 45
6 11 Jan 5 1014 Aug24
1514 June
1212 1258 1214 1238 *1233 -1-2-3:1
346 Arizona Commercial
84 Nov
1238 1212 1214 1212
.20 Oct 21
.43 Nov22
214 Jan
10
.25 Dec
500 Butte-Balaklava Copper
*.35 .40
*.25 .40
.30 .35 +.26 .40
*.25 40
1258 Dec 52 Jan
+19
21
*19
100 Butte ex Sup Cop (Ltd)..- 10 17 Mar25 33 May14
20
*19
21
194 1914 *1812 20
10 61 Dec27 7312 May113
64
6414 64
55 Dec 8514 Jan
6418 64
02 , 859 Calumet & Arizona
644
61
6114 63
25 425 Dec26 470 Dec 4 411 Dec 590 Feb
43212 435
425 430 425 430
43212 433
97 Calumet & Hecht
430 430
11 Dec 2714 Jan
*13
115 Centennial
25 1034June27 1412 Feb19
1312 1314 14
*1212 1312 *1212 1312
13
13
Jan
3914 Dec 68
4312 4312 43
4034 1,816 Copper Range Co
25 40 Dec26 5112 Nov12
44
40 • 43
40
42
43
3 Sept30
3 Jan
112 Apr10
112 Apr
*258 278 *258 278
*258 275 *258 278
100 Daly-West
20
258 258
•
678 Mar 8
714 Jan
314 Nov
434 Dec2:3
478 5
478 518
10
434 44
5
518 1,975 Davis-Daly Copper
5
5
Jan
812 Mar25 12 Nov12
914 *a
914 1,075 East Butte Copper Min.__ 10
814 Dee 16
914 914
9
914 94
94 91 t
6 Feb13
9 Mar
3 Jun021
446 Franklin
4 Dec
*4
25
414
373 4
4
334 378
4
334 378
1
100 7312 June14 8434 Oct 2,
66 Dec 92 Jan
80
80
*78
10 Granby Consolidated
*78
81
80
*77
*77
80
81
*45
35 Nov 4612 Jan
464 +4514 4614 *454 4612
Greene Cananea
100 39 Jan17 5734 Nov 7
Last Sale 453.1 Dec'18
*6
*512 6
558June21 1018 Jan 2
25
6
Hancock Consolidated_
Consolidated
612
6
7 Dec 2012 Jan
6
6
512 512
.40 July23
1
Jan 3
34 Dec
+.60 .70 *MO .70 +.60 .70
Last Sale .80 Dec'18Indiana Mining
4 Mar
25
1 21512 Dec27 70 May15
48
4812 47
47
47
62 Nov 7612June
48
x4512 4558 2,085 Island Creek Coal
47
47
+82
84
Last Sale 8212 Nov'18Do prof
*82
84
1 7912 Oct 1 84 FebIS
80 Nov 94 Apr
*82
84
*24
25
2412 2458 24
24
24
+23
85 Isle Royale Copper
20 Dec 36 Jan
21
25 1912 Jan14 29 July 3
2412
513 538
514 514
514 514
612 Oct 18
6 Au2
514 512
760 Kerr Lake
5 Jan 2
44 Apr
5
54 54
+.95
1
134 May15
+.95 1%
.80 Septll
.95 .95
+.95
200 Keweenaw Copper
434 Jan
1 '1..95 l%'*
25
114 June
834 May14
6
760 Lake Copper Co
5
*518 51 1
54 538
5
518
412 413
412 Dec27
5 Oct 18 Jan
25
.2
234 *2
Last Sale 234 Nov'18
314 Mar 5
234 *2
La Salle Copper
2 Jan 2
6 Jan
234
114 1)ec
25
5
*3
312
234 Dec27
278 3
*212 3
225 Mason Valley Mine
6 Feb13
*212 3
234 234
838 Aug
418 Nov
*4
414
4
4
334 4
435 Mass Consul
7 Jan 2
334 Sept17
25
5 Nov 1512 Jan
334 334 *334 414
278 34
412 Nov 4
25 .65 Mttr26
*318 34 *314 338
2,290 Mayflower-Old `Colony
3 May
1 Nov
234 3
318 34
Last Sale 334 Dec'18----Michigan
414 Oct 29
.40 June28
612 Mar
25
158 Aug
*314 334 *314 334 *3
312
5178 52
53
62
52
51
+52
51
- ii Mohwak
5112 5134
25 51 Dec26 61312 May16
67 Dec 98 Jan
•1714 18
17 Dec26 2012 May14
*17
17
17
25 Nevada Consolidated
1734 *17
*1612175
1734
16 Nov 2612 Mar
114 Aug29
*112 2
*112 2
*112
*112 134
25
212 July 1
112 112
6 Jan
300 Now Arcadian Copper
112 Dee
10
10
*10
*934
934 Dec27 1714 Mar 7
1012 *934 10
250 New Idria Quicksilver
5
10 Nov 1712 Apr
•12
15
*12
Last 1093
Sale 12 A
100 12 Aug29 20 Jan 2
15
4 ug'9113
+12
4
22 Jan 30 Mar
15
New River Company
*6412 70
*6412 70
*6112 70
6618 0618
10(1 65 Aug29 80 Jan31
200 Do prof
65 Dec 9214 Mar
*6112 70
*878 9
9
9
5 8% Jaull
978 Aprll
958 Sept
340 NipissIng Mines
634 July
9
9
9
9
878 9
1212 1212 1218 1212 1218 124
12
12
1112 12
15 1112 Dec27 1738 May15
1134 Oct 2414 Mar
2,840 North Butte
•.55 .75 *.60 .75 +.65 1
.95 Mar19
254 Jan
.65 .65
.25 Fob14
*.40 .65
300 North Lake
25
.30 Nov
+1
2
158 1)eci0
278 Jan
134 *1
2
25
13 June21
.98 Dec
*114 134 *1
155
158
100 Ojibway Mining
.
35
36
*34
35
33
31
*35
36
35
35
77 Old Dominion Co
25 33 Dec24 4512 Jan 3
33 Nov 6734 Mar
50
51
50
50
4712 48
5312 I)ec 95 Mar
4712 4712
48
48
214 Osceola
25 4612 June11 65 Jan 9
•1334 14
1312 14
*1312 14
*1312 14
x13
13381
10 x1:3 Dec27 2014 Feb20
16 Nov 2834 June
160 Pond Creek Coal
62
62
62
60 Nov 9412 Fob
62
60
60
69
60 I
277 Quincy
61
61
26 59 Dec27 78 May16
•20
2034 +20
1912 2018 *1912 20
2034 20
20 Nov 3218 Apr
20
275 Ray Consolidated Copper_ 10 1912 Dec26 2534 May23
*40
44
*40
43
*40
42
+40
42
38
38
10 St Mary's Mineral Land
48 Dee 8934 Mar
25 38 Dec27 57 Jan 2
.30 .30
.31 .
2 Jan
.38 .38
.30 .31
.25 Dec12
114 Fob21
+.31 .65
500 Santa Fe Gold & Copper
10
.58 Dec
33* 312
34 338
3
34
3
3
534 Jan 2
3 AprIO
3
318
1,415 Shannon
10
54 Oct 19 Jan
*114
112 *114 112 *114 112
138 138
114 14
2 Jan 3
014 Jan
120 South Lake
12 Sept30
.89 Dec
25
+.11 .12 +.11 .12 *.11 .12
Last Sale .11 Dec'18
5
.11 Dec17
.20 Jan 3
.31 Jan
.10 Dec
South Utah 3'.1 & 5
*612 712
612 612
0
6
5
873 Nov20
314 Dec 1658 Mar
64
4 Feb19
612 612
740 Superior
25
4,
4 Sept27
3
3%
814 Jan
338 333 *314 312
318 318
3
114 Aug13
358 Dec
585 Superior & Boston Copper.. 10
3%
'
s
.24 234
*212 234
234 234 *212 234
412 Feb13
212 Sept23
3 Nov
812 July
15 Trinity
25
213 212
•.76 .85 ..78 .85 •.80 .85
.78 .80
.73 .73
900 Tuolumne Copper
1
.73 Dec27 1% Aug20
1 May 2% Jan
46
4614 *4513 47
44
4512 44
*4512 4612
4412
Apr13 5012 Oct 18
4018 Dec 6734 Jan
50 36
730 US Smelt Rofin & Min
•46
4634 *4612 47
4612 47
4614 4614
4612 4634
50 42 J1l1y24 4712 Nov 8
4312 Nov 5212 Jan
163 Do prof
378 Sept
3
34
3,1 f 314 2,980 Utah-Apex Mining
114 Nlay31
418 Nov18
178 Mar
*314 312
5
314 314
34 318
812 812
812 84
6
712 Dec27 12 Jan16
94 Dec 2112 Feb
812 812
814 813
712 814
722 Utah Consolidated
1 V8 158
138 158
112
112 112
112 1% 9,900 Utah Metal & Tunnel
64 Jan
158
1
1 Doe 9 3% Apr 8
218 Dec
*214 212
*214 212 +214 234
214 214 *214 234
3 Jan 3
25
24 Aug26
2 Oct6 Jan
50 Victoria
.85 .86 ..90 1
'0.90
1
.80 .99
2 Oct
518 Jan
.80 .80
2 Jan 3
25
655 Winona
12 Nov21
*19
20
19
19
19
19
1834 1834 18
Jan 3
18
25 18 1)eol6 36
31 Dec 5312 Mar
370 Wolverine
*.25 .60 4..25 .50 '1..25 .50
Last Sale .00 Dec'18
24 Jan
26
.40 May19 14 Mar 7
.15 Aug
Wyandott
*Bid and asked prices. a Ex-dividend and rights. • Assessment paid, b Ex-etock dividend. is Ex-rights. g Ex-dividead. w Half-paid




DEC. 28 1918.1

THE CHRONICLE

2465

Baltimore- Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Dec. 21
- -Boston Bond Record.-Transactions in bonds at Bos- to Dec. 27, both inclusive, compiled from the official sales
ton Stock Exchange Dec. 21 to Dec. 27, both inclusive:
lists, is given below. Prices for stocks are all dollars per
Friday
share, not per cent. For bonds the quotations are per cent
Range
Last Week's
Sales
Range since Jan. 1.
of par value.
for•
Sale
of Prices.

Outside Stock Exchanges

Bonds-

Price. Low.

Us Lib Loan 3343_19:32-47
1st Lib Loan 48_1932-47
2(1 Lib Loan 45..1927-42
1st LIb L'n 4345_1932-47
2(1 Lib L'n 4345_1927-42
3d Lib Loan 4345..1928
4th Lib Loan 4348_ _19313
Am Agric Chem 55_ _ _1928
Am Tel & Tel cony 65_1925
AtIG&WISSL 58_1959
Cent Vermont 45
1020
Chic June & U S Y 4s_1040
5s
1940
Gt Nor-C B & Q 4s_ _1921
Mass Gas 434s
1929
1931
4345
Miss River Power 55_1951
N E Telephone 5s___ _1932
Punta Alegre Sugar 65 1931
1914
Swift & Co 1st 5s
Ventura Oil cow/ 75..1922
Western Tel & 'fel 5s 1932

High. Week.

97.74 99.10
92.64 93.00
92.64 93.04
06.64 97.00
04.14 94.90
95.24 95.86
94.14 94.94
99
99
102% 10234
83% 83% 83%
70
70
75
75
92% 92% 93
95% 95%
91
91
8734
8734 87
76% 76% 76%
93%
93
91
90% 01
96
97
92% 93
92
92

$7,200
21,750
1,900
1,350
68,250
48,100
62,000
2,000
1,400
9,000
1,000
1,000
6,000
1,000
1,000
4,000
1,000
12,000
3,000
11,000
15,000
5,000

Low.

High.

06.52 Jan 102.50 Aug
92.64 Dec 98.86 Oct
92.62 Dec 97.90 Mar
93.64 July 98.90 Nov
93.04 July 98.14 Nov
94.54 Aug 101
May
04.14 Dec 98.24 Nov
92
Jan 99% Feb
94% Sept 10434 Nov
7434 Sept 8334 Nov
60
Dec 70
Dec
72% Apr 75
Dec
87% Apr 93
Dec
92
Mar 95% Nov
85
Sept 92% Nov
8034 Sept 8734 Dec
6734 Jan 7634 Dec
84% Aug 94% Nov
77
May 92
Dec
9034 Sept 9734 Nov
80
Jan 9434 Nov
82% June 92
Nov

Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Doe. 21
to Dec. 27, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cont. For bonds the quotations are per cent
of par value.

Stocks-

Friday
Sales
Last Week's Range for
1Veek.
Sale
ofPrices.
Par. Price.
Low. High. Shares.

Amer Rolling N1111, com_25
American Sewer Pipe_ A00
Amer Wind Glass Mach100
100
Preferred
Amer Wind Glass, pref_100
Columbia Gas & Elec 100
Harb-Walk Iletrac, pf _100
Indep Brewing, com_ _50
50
Preferred
La Belle Iron Wks, prof 100
Lone Star Gas
100
50
Mfrs Light & Heat
Nat Fireproofing, com 50
50
Preferred
1
Ohio Fuel Oil
Ohio Fuel Supply
Oklahoma Natural Gas..25
Pitts!) Brewing, coin
_50
Pittsburgh Coal, com_ _100
Pittsb-Jerome Copper_ _1
Pittsb & Mt Shasta Cop_ _1
Pittsburgh 011 & Gas_ 100
Union Natural Gas_ _.100
100
U S Glass
U S Steel Corp, coin_..100
West'house Air Brake_ _50
West'house Elec & Mfg..50
West Penn Tr & W P 100
Bonds.
Indep Brewing 6s____1955
Pittsb Brewing 6s____1949
West Penn ltys 5s_ .1931

87%
80
9734
4034
6
175
50
1534
43%
30%
46%

32
03%
93
42%
35
00

Range since Jan. 1.
Low.

100 43
4734 4734
Aug
15% 1534
10 12% Jan
8634 8934
1,255 45
Jan
82
80
• 35 73
Oct
97% 98
35 96
Dec
39%
40
125 28% Jan
100 100
100 99
Sept
2
2
100
134 Jan
534 6
130
434 Sept
114 114
20 103
Dec
166 175
120 95
Jan
4934 49%
170 46% Sept
5% 53.4
100
3
Jan
10% 10%
100
7 June
1534 15%
115 13% Sept
4334 44
545 z40% Sept
30% 30%
565 23
July
234 234
100
1% Mar
4734
46
230 44% Nov
12c 11,100
10e
60 Nov
25
25
500 210
Jan
7% 7% 1,347
534 Jan
130 130
10 130
Dec
32
32
50 31
Sept
93% 95%
81 87% Mar
95
93
839 90
Oct
42% 43%
325 39
Jan
14% 14%
10
9
Fob
35
52
90

36
52
90

$3,000
2,000
1,000

34
50
00

Apr
Jan
Feb

High.
55
Apr
16
Nov
89% Dee
96% Jan
101
Feb
41% Nov
102% Feb
3% Aug
9% Jan
115
Feb
197
Aug
53
Jan
5% Aug
13% Aug
1634 Nov
40% Juno
32% Dec
4% Aug
58% Feb
1
Feb
48c Mar
8
Nov
151
May
37% Sept
116
Aug
97% May
47
May
1534 Nov
40
54
90

Jan
Aug
Feb

Ex-dividend.

Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Dec. 21
to Dec. 27, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

American Radiator_ ___100
Amer Shipbuilding__ _ _100
100
Preferred
Amer Smelting
Amer Straw Board
__
Armour & Co., prof
Booth FisheriesCommon,new._(no par)
Chic C'y & C Ity pt sh corn
Preferred
Chic Pneumatic Tool_ _100
Chic Rys part ctf "2"
Commonwealth-Edison 100
Cudahy Pack Co corn_ _100
Cudahy rights
100
Deere & Co, prof
100
Diamond Match
Hart Shaf & Marx,com100
Libby(W I)
10
Lindsay Light
People's Gas Lt & Coke 100
Pub Serv of No Ill, coin 100
100
Quaker Oats Co
Sears Roebuck corn_ _ _ _100
Stew War Speed coin_ _100
100
Swift & Co
Swift International
Union Carb & Carb(no par)
Rights
United Paper I3'd com_100
Preferred
100
Ward Mont & Co, pref.
Western Stone
Wilson & Co,corn
100
100
L. Preferred
BondsArmour & Co deb 65..1023
I3ooth Fish 5 Id Os_ _ _ _1926
Chicago City Ry 55..1927
Chic City & Con Rye 59'27
Chicago Rys 55
1927
Chic Rys 413 series "B"
Chic Ry Ad) Inc 4s 1927
Commonw-Edison 55..1043
Pub Serv Co 1st ref g 55'56
Swift & Co 1st g 5s_ _ _1944

118
47
101
21

295
119
87
7434
47
101%

Low.

17 235
365 87
20 84%
200 74%
60 45
335 9634

21

34
834
112
103
96
110
21%
49%
90
300
173
78%
122%
41%
55%
3
20
4
73

49
28
87%
96




295
116
87
74%
45
101

Range since Jan. 1,

2234
655 1834 Jan
2,705
34
34
yi Dec
8
8
7,848
8
Dec
64
65
100 4734 Jan
8
8
115
8
Jan
112 114
813 100
June
103 103%
170 103
Dec
%
%
350
% Dec
96
06
30 92 June
109% 110%
40 02 June
75
7536
215 53
Jan
2134 22% 4,225 18% Oct
1434 14%
40 1434 Nov
4834 51
280 4034 Apr
90
00
290 70 June
300 300
52 235
Oct
166% 173
1,122 133 June
7834
78
665 47
Jan
121% 12334 2,098 102
Aug
4034 4334 13,875 32
Oct
55% 56% 3,481 47% Apr
3% 28,405
3
3
Dec
20%
20
1,010 14% Feb
65
65
18 5834 June
107 107
10 100
Aug
3% 4
73
1
May
74%
355 46
70
Jan
99
08
50 9134 Oct
101%
91
87%
49
83
50
28
05
8734
06%

101%
91
88%
52
83
50%
28
95%
8734
06%

$2,000
1,000
16,000
35,000
2,000
2,000
10,000
2,000
54,000
9,000

06
88
84%
49
82
50
27
87%
78
90

High.

June 298
Jan 14434
Dec 93%
Dec 74%
July 50
Sept 104

Dec
May
May
Dec
July
Nov

28
25-4
18%
7134
16
118%
133

Sept
Juno
Nov
Apr
Juno
Nov
Nov
Dec
98
Nov
111
Dee
76
Dec
26
Oct
28
Jan
Nov
61
97
Nov
300
Dec
178
Dec
82
Nov
146
Apr
50
Nov
69
Nov
3% Dec
26
Oct
81
May
110
Feb
834 Dec
77
Dee
09% Mar

Sept 101% Nov
Apr 91% Dec
Jan 91
Nov
Dec 62% Aug
June 88% Apr
Jan 60 ,Nov
Jan 35
Aug
Sept 98
Nov
Oct 91
Nov
Sept 9754 Sept

sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Friday

Stocks-.

Alabama Co 2d prof ___100
Arundel Sand & Gravel 100
Atlantic Petroleum
10
Baltimore Tube, pref__100
Commercial Credit, pf B 25
Consol G E L & Pow_ _100 105
Consolidation Coal_ ___100 83
Cosden & Co
5
63-4
Preferred
5
33-4
Davison Chem__ _(no par) 30
Elkhorn Coal Corp
50
Gas Appliance pref
Houston Oil pref tr etfa 100
Kirby Lumber pref
Mer & Min Trans v t..100
Mt V W'b'y Mills v t r 100
Preferred v t r
100 77
Northern Central
50
Penna Water & Power_100
United Ry & Elec
50 21
Wash Balt & Annap_ _ 50 2734
Wayland Oil& Gas
5
334
BondsAnacostia & Potomac 5s'49 9034
Atl Coast L RR cony 45'39
Bait Elec stamped 55_1947
Bait Trac 1st 58
1929
Charles Con RyG&E 55'99
City & Suburban 1st 5s'22
Consolidated GasGeneral 434s
1954
Consol G E L & P 434s '35
5% notes
9634
6% notes
9734
Consolidation CoalConvertible Os
1923
Cosden Sr Co ser A 65_1932 8534
Series B 65
1932 86
Elkhorn Coal Corp Os 1925
Fair & Clarks Trac 5s 1938
Fla Cent & Penin extd 65_
Florida South 1st 48..1945
Kirby Lumber Con 6s 1923 99
Lexington (Ky) St 55.1949
Md Elec Ry 1st 5s_ _ _1931
Milw El Ry & Lt 434s 1931
1st 55
1926
Minn St & St PC jt 5s 1928
Monon V Trac 70
9834
N 0 Great Nor 5s_ _ _ _1955
United Ry & El 4s_ __ _1949
Income 4s
1949
Funding 58 small_ _ _1936
Wash B & A 5s
1941 . 8334

64
35
2
813.4
24
105
8234
67-4
334
30
28
70
70
65
7034
1634
77
7534
78
2034
273-4
334

65
3534
234
8134
24
10534
833-4
7
4
32
29
70
7134
65
71
1634
77
7534
7834
2134
30
3%

9034
82
9234
10034
90
100

9034 MON
82
5,000
0234
1,000
10034 4,000
90
1,000
100
5,000

89
8534
9634
9734

89
6,000
853.4 2,000
9634 9,300
98
22,000

75
125
800
46
20
86
161
143
520
380
150
75
226
50
12
26
194
51
23
807
100
110

10034 10034
1,000
8534 8536 25,000
86
8634 15,000
99% 99% 3,000
9534 9534 3,000
10134 10134 3,000
8434 843-4
1,000
6,000
9834 99
88
88
2,000
92
92
1,000
87% 87% 21,000
2,000
993-4 9934
94
94
1,000
9834 9834 1,000
5334 5334
1,000
77
77
2,000
5434 55
41,000
79
80 ' 300
8334 8334
1,000

Range since Jan. 1.
Low.

High.

56
Jan 87
May
3134 Jan 40
Sept
334 Feb
134 Sept
8134 Dec 86
Apr
24
Dec 2534 Aug
94
Jan 10834 Dec
80
Dec 106
Jan
534 Sept
834 Jan
43.4 Nov
334 Jan
30
Jan 3934 Aug
2234 Jan 313-4 Nov
70
Dec 70
Dec
64
Apr 8034 June
65
Dec 65
Dec
6234 Aug 90
Mar
1434 June 1734 Sept
68
Jan 773-4 Dec
69
Aug 76
Nov
60
Jan 80
Nov
1734 June 2434 Feb
24
Jan 3134 Sept
3
Apr
33-4 Jan
86
7334
90
9634
90
963-4

Feb 903.4 Dec
July 835-4 Nov
June 95
Nov
Oct 10034 Dec
Dec 9234 June
Sept 100
Feb

8334 Nov
78
Oct
90 June
Sept
94
9834
77
78
9334
90
9934
7734
9534
88
8754
82
98
8934
9834
52%
71
52
7334
80

8934
853.4
98
99

Nov
Nov
Nov
Nov

July 10334 Jan
June 8634 Dec
June 8734 Dec
Aug 9934 Dec
Apr 90
Dec
Nov 10134 Dec
Jan 8434 Dec
Apr 99
Nov
Dec 88
Dec
Jan 92
Feb
Aug 87% Dec
Feb 9934 Dec
July 95
Jan
Dec 9834 Dee
Jan 5334 Deo
Sept 79
Nov
Aug 59
Nov
Aug 8234 Feb
Jan 8536 Nov

Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Dec. 21 to Dec. 27, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
Par. Price.
Low. High. Shares.

Baldwin Locomotive...100
Buff & Susq Corp v t c_100
Preferred v t c
100
Cambria Iron
50
Cambria Steel
50
Elec Storage Battery__100
General Asphalt
100
Preferred
100
Insurance Co of N A _10
J G Brill Co
100
Lake Superior Corp
100
Lehigh Navigation
50
Lehigh Valley
50
Minehlil dr S II
50
Northern Central
50
Pennsyl Salt Mfg
50
Pennsylvania
50
Phila Electric of Pa_ _ _ _25
Phila Rapid Transit v t r 50
Philadelphia Traction_ _50
Reading
50
Tono-Belmont Deyel_ _..1
Tonopah Mining
1
Union Traction
50
United Cos of N J
100
United Gas Impt
50
U S Steel Corporation_100
West Jersey & Sea Shore 50
Wm Cramp & Sons..__100
BondsUS Lib Loan 33.0_1932-47
1st Lib Loan 45_1932-47
2d Lib Loan 45_1927-42
2d Lib Loan 4%51927-42
3(1 Lib Loan 4345..1928
4th Lib Loan 4345..1938
Amer Gas & Elec 5s_ _2007
Elec & Peoples tr ctfs 45'45
Inter-State Rye coil 4s 1943
Keystone Teleph 1st 5s '35
Lake Superior Corp 55 1924
Lehigh Valley 6s ctfs_1928
Consol 65 registered 1923
Gen consol 4s
2003
Lehigh Val Coal 1st 58 1933
Natl Properties 4-65.. _1940
Penna RIt consol 434s 1960,
P W & B ctfs 4s_ __1921
Phila Co 1st 55 FM14(1..1949,
Cons & coil tr 55 stpd '51'
Philo. Electric 1st 50..1966,
do
small
1966
Reading gen 4s
19971
Spanish Am Iron 65..19271
z Ex-dividend.

53
5234
3734
20%
1734
68%
54%
51

25

234
3
38%
7234
9331
4555
83

72
73
53
39
115
52%
3734
76
26%
20%
17
68%
53%
51
7554
8534
4434
25
27
71
7834
2%
3834
192
72%
92%
4534
80

7234
73
53
39%
115
54%
3835
76%
27
2034
18
7134
56;4
51
75%
8534
45%
25%
27%
71
81%
234
3%
38%
192
7334
96%
4534
84

Range since Jan. 1.
Low.

200 58% Jan
35 58
Jan
5 46
Jan
131 36% Oct
Jan
50 115
217 48
Mar
1,291 14% May
115 47
Jan
140 24
Jan
30 18
Jan
2,747 12
Jan
871 61% Jan
2,003 53% Dec
5 49% Nov
13 67
Sept
20 80
Oct
2,517 43% June
2,516 24 June
160 23% Mar
29 z6534 Sept
916 71
Jan
2,175 1 5-16 Sep
229
234 July
160 36% Aug
4 182% Aug
1,520 62% Oct
3,325 86% Mar
27 39
May
207 74
Jan

High.
100%
75%
57
43
136
57

May
Dec
Dec
Mar
Jan
Oct
405,, Dec
78
Dec
2734 July
July
27
21% July
7634 Nov
6534 Nov
52
Nov
76% Dec
86% Nov
50% Nov
2734 Nov
30
Jan
7234 Nov
95% Oct
3% Mar
4 [Jan
4234 Jan
195
Feb
7734 Nov
11634 Aug
48
Mar
95% June

97.50 98.60 $11,650 97
Jan 102.40 Aug
92.60 92.60
200 92.60 Dec 97.90 Jan
92.40 92.80 1,250 92.40 Dec 97.84 Nov
94.00 94.50 1,800 94.00 Dec 95.90 Sept
95.00 95.76 16,200 94.30 Sept 98.52 May
04.10 94.90 5,850 94.10 Dec 98.00 Nov
87
87
87
3,000 7634 Sept 87
Dec
72
4,000 67
72
Sept 73% May
40
40
40
2000,
36
Jan
July 42
89% 90
2000,
87% Oct 90
Jan
6034 60% 2,000 4734 Jan 62
Dec
102% 103
4,000 97% Sept 10334 Nov
103
103
103
3,000 100% Apr 103
Dec
8034 80%
1,000 75
July 8234 Nov
100
100 100% 3,000 99% Sept 101
May
35
35
1,000 30
Aug 40
Jan
96
96
96
Sept 98% Jan
4,000 93
96% 963.4
2,000 9434 Oct 9634 Dec
100 10034 12,000 8534 Feb 10034 Dec
100
88
2,000 73
88
Apr 88
Dec
33,000 89% Sept 96
9435 94% 95
Jan
96
500 93
96
July 97
May
8634 8635 4,000 80% Sept 91
Nov
July 101
10034 100% 100% 10,000 99
Feb

2466

[Vol,. 107.

THE CHRONICLE

volume of Business at Stock Exchanges
TRANSACTIONS Al' THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Former Standard 011
Subildlaries(Concl.)

Friday
Last Week's Range Saks
ofPrices.
Sale.
for
Price. Low. High. Week.

Range since Jan. 1.
Low.

High.

Dec
Oct 64
3,750 26
25 60
Penn-Mex Fuel_r
5334 64
Dec
Jan 599
122 418
578 599
Prairie Oil& Ga _r_ _ -100
Oct
Sept 296
30 249
266 268
_ _ _ _100 268
Prairie Pipe Llne_r.
Nov
Oct 185
5 166
180 180
Southern Pipe Line_ r__100 180
Oct
Sept 300
60 245
Railroad, State, Nun
293 294
Stocks.
100
South Penn 011_ r
Week ending
Nov
(l. 8.
130 210 June 249
& Foreign
231 236
dc.
Standard 011 (Calif) r 100
Dec. 27 1918.
Nov
Bonds
42 620 June 700
Bonds
Boas.
690 698
Par Value. I
Shares.
Standard 011 (Ind)_r- _100
Dec
Sept 652
899 490
580 652
Stand 011 of N Jr ._100 646
Dee
Sept 305
656 248
$998,000 $10,798,000 Standard 011 of N Y_r_100 302
288 305
$888,000
222,850 $19,188,500:
Saturday
Dec
Mar 107
10 85
625,000 12,862,000 Union Tank Line_r
105 105
1,702,000
100 105
359,800 32,334,500,
Monday
Oct
Sept 420
130 317
392 398
2,006,000 1,047,000 13,330,000 Vacuum 011_ r
100
426,565 37,924,500
Tuesday
HOLI DAY
Other 011 Stocks.
Wednesday
I 16,572,000
Jan
11-16
May
5-16
900
2,877,000,
2,085,000
%
9-16
1
56,426,100
Allen
94
r
Oil_
649,646
Thursday
Aug 1 3-16 Jan
2,771,000 1,864,000 30,272,500 Barnett 011 & Gas r_- _1
34 3-16 5-16 7,200
721,585 64,905,000
Friday
Jan
4,000 150 Sept 33c
190 190
19c
_ _1
Oil_r.
Boston-Wyoming
I
8% Feb
554 Sept
9,100
6% 7
2,380,446 8210,778,600, $9,452,000, 87,411,000 $83,834,500 Cosden dr Co common r...5
Total
454 Dec
334 Mar
400
4%
4
5
Preferred r
1% July
June
1
80
114
1%
1
_r
Ref
&
011
Crystal
Jan. 110 Die. 27.
Oct
7%
Week ending. Dec. 27. I
534
July
900
sales at
6
63.4
534
Elk Basin Petroleum r__.5
4340 50 49,150 '30 Sent 5-16 Jan
New York Stock
Sc
r
Corp_
Oil
Esmeralda
1917
Feb
1918.
4
I
1% Aug
1917
1918
Exchange.
234 8,025
2
Federal Oil r
Jan
5
2% Sept
355 4,400
354
10
184,264,548 Glenrock Oil r
142,706,450
3,268,852,
2,380,446:
54 Dec *1% June
Stocks-No.shares_ _
54 1 1-16 1,000
1
Globe
94
011_r
$210,778,600$298,381,400 $13,204,895,940 $16,996,092,480 Houston 011 corn r--100
Par value
300 Ng Jan 86% June
7154
71
$26,9001
$126,300
Bank shares, par
18% 10,700 12% Feb 18% Dec
17
£1 18%
Internet Petrol_r
Bonds.
1% Jan
27,500
634 Dec
5% 6
534
8281,628,250 Island Oil & Trans r__._10
Government bonds__ _ 883,834,500 $10,154,500 $1,352,426,500
500 1754 Mar 29% June
23
23%
10
293,565,000 Merritt Oil Corp_r
278,703,000
6,959,000;
7,411,000
State,mun &c.,bonds
% Jan
2% Nov
2 113-10 2% 14,200
Petroleum25
Metropolitan
466,412,000
348,488,500
9,871,000;
9,452,000
RR.and misc. bonds
1.35 Dec
1.18 1.35 38,000 870 Apr
1.18
Midwest 011 common r__1
I% Dec
Apr
1
500
1 7-16 1 7-16
1
Preferred .r
$100,697,500 $26,984,500 $1,979,618,000 $1,046,605,250 Midwest Refining_r____50 122
Total bonds
Nov
Mar 139
122 12454 2,150 97
7,800 42o Sept 890 Feb
480 550
Northwestern Oil, com.r...1 540
654 Apr 10% Oct
91,4 16,200
954
Oklahoma Prod & Ref__ _5
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Jan
21c 230 11,000 18c Nov 40c
Omar 011 & Ga corn_ I 230
BALTIMORE EXCHANGES.
Jan
8c May 860
7,500
120 140
130
1
Queen 011_ r
Nov
Nov
82
6755 9.000 56
Royal Dutch Co new_r_ _5 6654 64
A
700
Sept 10% May
6% 7
Sapulpa Refining_r_.....5
Baltimore.
Philadelphia.
Boston.
Oct
954 Jan
100
6
6% 6%
5
Savoy Oil
Week ending
A Oct
54 Sept
500
3.4
%
Shares. Bond Sales. Shares. Bond Sales. Shares. !Bond Safes. Security Prod & Refg_ _5
Dec. 27 1918.
54 Sept
134 Mar
1 9-16
55 9-16 6,400
Sequoyah 011 & Ref
Oct
24
Jan
15
6,000
22%
19%
21
Sinclair
Gulf Corp-r--(t)
$48,000
260
$34,950
11,689
1.2171 $24,000
Saturday
1,400 250 Sept 58c June
39c 400
1 39c
874'
31,200 Southwest Oil.r
37,650
4,460,
78,150
14,608
Monday
Mar
254
Sept
%
6,000
1%
154
/s
,
1
1
Oil_r
Stanton
59,100
1,171
22,650
3,4181
54,950
11,061
Tuesday
6g Mar
154 Sept
2% 2% 2,400
2%
10
Victoria 011_r
HOLI DAY
Wednesday
Mining Stocks.
20,300
1,331
26,650
8,366
104,950
18,414
Thursday
May
Apr
700
5-16
9,550
46c
39c
46c
.1
Metals.
Alaska-Brit
Col
37,000
658
29.000
5,346
23,000
27,055
Friday
2,100 34o July 01c Deo
89c 910
1 90c
America Mines_r
130 Feb
July
30
8.600
Sc
5%0
5340
1
Mines
Atlanta
$195,600
4,302
22,807 $139,950
82,827 $296,000
Total
134 Mar
54 Sept
9,150
% 1
5 15-16
Big Ledge Cooper
Jar
23c Dec
3c
1,000
130 130
1
Booth_ r
520 570 42,300 38c Sept 960 Mar
Boston & Montana Dev_ _5 540
54 Mar
20 Dec
1,800
30
20
Butto-Det Copp dx Zinc_ _1
New York "Curb" Market.-Below we give a record of Caledonia
Jan
270 320 13,950 270 Dec 560
1 29c
Mining
Mar
134
21
Dec.
Dec
%
5,100
%
from
14
market
security
outside
the
in
I
Cop_r
transactions
Jerome
&
Calumet
the
2% Deo
1% An:
2 2 3-16 6,300
2 1-16
Ltd-5
Co
Copper
Canada
ending
to Dec. 27, both inclusive. It covers the week
520 530 1 13,600 370 Aug 53c Dec
1 530
Candelaria Silver_r
Ott 190 Feb
30
754c 754c 7540 3,000
1
Cash Boy
Friday afternoon.
114 July
Jan
134 4,300 420
1
114
Cerbat Silver M & M_r 1
2% Nov
Feb
5-16
2,500
1
1%
154
attaches
reliability
154
_5
_
Arizona
such
no
Canso!
that
understood
be
It should
May
Aug
434
+Ili
13,300
6
6
6
Consol Copper Mines___ _5
.5y,og
to transactions on the "Curb" as to those on the regularly Cresson
Nov
6
4% Mar
434 554 8,700
Cons Gold M&M 1
154 Dec
114
134 1% 2,200 550 Mar
1
organized stock exchanges.
El Salvador Sliver_r
% Feb
134 I% 4,350
234 June
154
Croesus Min
On the New York Stock Exchange, for instance, only Eureka
1% Sept
254 Jan
1% 254 1.650
First National Copper_ -5
1,400 30c June 46c Aug
390 40o
members.of the Exchange can engage in business, and they Fortuna Consol_r
1
7-16 Jan
210 270 19,950 170 Oct
Goldfield Consolidated _10 220
are permitted to deal only in securities regularly listed-that Goldfield
le Dec 110 Dec
4,700
60
5c
6c
1
Merger-r
234cSept 100 Feb
4c 634c 9.700
Is, securities where the companies responsible for them have Great Bend _r
1
2% Jan .6% Nov
4% 5% 2,945
250
Ueda Mining
complied with certain stringent requirements before being Howe
Dec .4% Dec
4
.4% 2,550
4
4
1
Sound
Jan
admitted to dealings. Every precaution, too, is taken to Jim Butler_r
8,950 320 Dec 90o
340 390
1 35c
Jan
80 July 240
500
150 15o
1
Extension
Insure that quotations coming over the "tape," or reported Jumbo
6% Jan
Jan
6
534 534
200
5
Lake
Kerr
620
July
Feb
280
2,000
49c
In the official list at the end of the day, are authentic.
470
Liberty Sliver (prospt)_r_ I
lo May 330 July
80 607,000
50
6c
1
On the "Curb," on the other hand, there are no restrictions Lone Star Consol_r
4,900 320 Dec 340 Dec
32c 340
Mining_r 1 330
54 May
whatever. Any security may be dealt in and any one can MacNamara
3.4 Apr
250
4,000
250
1 250
Magma Chief
Jan
.2354 273-4 11.300 .23% Dec 42
5 24
meet there and make prices and have them included in the Magma Copper
Jan
6%
Dec
2%
16,200
251
214
254
5
Valley
lists of those who make it a business to furnish daily records Mason
Apr
J9.13 5(ir
5,000 25c
350 350
350
Mother Lode.r
954 Dec
Jan
8
200
9
9
5
of the transactions. The possibility that fictitious transac- Nipissing Mines
1% Mar
Oct
43c 52e 29,500 310
1 47c
Nevada
tions may creep in, or even that dealings in spurious securi- Nixon
July
6
Jan
2
4% 3.400
4
454
1
Onondago Mint's.r
434 Jan
Dec
3
354 2,300
ties may be included, should, hence, always be kept in mind, Ray Hercules Mining_r_ _5 354 3
May
54c
Jan
270
9,700
27c 290
28c
Mines
particularly as regards mining shares. In the circumstances, Rochester
8,500 600 Sept 88c Dec
80c 87c
1 80c
Canon
Aug
1
54 Mar
It is out of the question for any one to vouch for the absolute Silver
13-16 13-16 1,700
Silver Flans Silver r_ _1
A June
54 13-32 2,100 7-32 Apr
Silver King of Arizona....!
trustworthiness of this record of "Curb" transactions, and Standard
A Apr
Oct
%
% 2,200
_1
Silver-Lead
g Jan
we give it for what it may be worth.
6,700 Ile Aug
lec 170
1
Stewart
Jan 170 Dec
7o
9,700
90 170
1 170
Success Mining
2% Dec
Nov
1
134 234 5,328
.saies
254
Friday
1
Tonopah Extension
Jan
4
2% Sept
Range since Jan. 1.
200
3
3
Last Week's Range for
Week ending Dec. 27.
Tonopah Mining
53‘ Feb
July
3
434 454 1,630
Week.
of Pricea.
Sale.
434
United Eastern Mining I
Nov
52c
May
40
High.
Low.
3,000
260
25c
260
Par. Price. Low. Iligh. Shares.
_1
Stocks-Milling_
&
Ward Mining
Oct Ole Dec
890 910 13,100 730
Washington Gold Quartz.1 910
I% June
Jan
534 Dec
1 3-16 134 4,650 650
17,900
6
5% 7
163( May
West End Consolidated _5
Aetna Explos_r...._(no par)
Oct 23o Sent
Mar
lo
1
77
Dec
24,000
58
218
200
60
160
58
170
Air Reduction r_ _(no par) 59
Western Utah Eaten I r 1
4% Aug White Caps Extension_100
Jan
2
5,200 1540 Nov 18o Feb
500
254 2%
1540 20
2%
Amer Writing Pap coin 100
;4 Jan
Sept
100 1414 Apr 2314 Dec White Cape Mining...A(1e 10c
23
9540 100 11,700 8
23
Brit-Amer Tob ord_ _ _ £1 23
4 Nov
11,
June
1
075
134
154
£1 24
1%
Ordinary bearer
2314 2454 6,000 1454 Apr 2414 Dec White Knob, pref_r__ _10
Jan
Dec 5954 May Wilbert Mining
4c Sept 140
1,000
1,400 19
60
2014
60
6c
Butt'veth-Jud Corp_r_(t) 2014 19
1
Dec
Dec
Feb
26
Sept
34
21
335
294
21
500
1
25
25
%
Cuprite Sulphur_r
5.4
%
Yukon-Alas tr offs
(t)
800 10
Nov 42 June
Curtiss Aeropl & M com(t) 1134 1114 1234
Bonds
Nov
Dec Am Tel & Tel 1-yr as r 1919 100
Dec 31
31
100 31
1,000 98% Aug 100
100 100
31
Davidson Chem v t 0_-(t)
101 10154 2,000 100% Oct 10154 Dec
Edmunds Sy Jones CorpAmer Tobacco serial 7s r'19 101
Nov
Dec
Dec 21
300 21
21
31,000 9954 Oct 103
102% 103
21
Common
(t)
1923 103
Serial 7s r
Aug
3934 1,400 2354 June 409,4 Dec Beth Steel ser 7s.r_ _ _1919
38
100% 100% 2,000 98% July 101
General Asphalt. com.r 100 38
Dec
100 2214 Dec 2214 Dec
5,000 0654 July 101
General Develop't r_ _ _ _25
2234 2214
1923 10094 100% 101
7s_ r
Dec
400 78
Dec 96
Nov 83% Nov Braden Cop Mines 68 w 1'31
87,000 96
96
79
96
78
Gen Motors 6% deb stk wl
I
400
3
Sept754 Jan Canada (Dom of) 5s_ _1919 9954 98% 99% 77,000 94% Jan 9954 Dec
3
3
Hall Switch & Sig com r100
Ocl Ch&NWRygen5swi'87 10054 100% 100% 331,060 100% Dec 101% Dec
Dec 18
200 12
12
12
100 12
Preferred_ r
Dec
Dee 40
534 Nov
234 Jan
1,700
434 4%
7,000 35
4%
35
40
Hupp Motor Car Corp_10
Consol Ariz Smelt 58_1939
15,000 9754 Aug 10234 Dec
102 102
Keyst Tire & Rub,com_10 4554 36% 4694 70,900 1154 Oct 46% Dec Cudahy Pack 7s
1923 102
100 1056 Jan 19% Jun( Federal Farm Loan 5s_r__
17
17
103% 103% 20,000 101% June 10034 Aug
Kirby Lumber corn_ r_ 100
Dec 09% Nov
554 Nov
254 July
3% 4
5,200
4
96% 460,000 00
Marconi Wirel Tel of Am-5
1921 --9234 90
Interboro R T 7s
Feb
6 Sept 18
500
9,000 9934 Nov 10054 Nov
954
8
Nat Mot Car & Veh_r-(t)
KanCItyTermRy Os w I '23 99% 99% 100
434 Aug
Apr
2
2% 254
1,400
North Am Pulp & Pap (t)
23%
Liggett&Myers Tob 661921 993.6 99% 99% 135,000 98% Nov 9954 Dec
Feb Penn RR gen 50 w I
100 13
Apr 20
18% 1834
4 2650000 98% Dec 9954 Dec
Peerless Trk & Mot Corp50
9854 98% 995,
1,050 3434 Nov 56% June Proc & Gamble ser 7s r '23
4034
4 Mar 10354 Dec
40
1,000 985,
103% 10334
Penn Seaboard Steel_ _(t) 40
Oct
Mar 78
1
% 360
19,900 36c Dec 48e Feb Russian Govt 6348 r--1919 55
80,000 38
55
67
Perfection Tire AC Rub_ r_l
Apr 73
Nov
900
32
534 6
68,000
.63
100
534 Dec 15% May
51
51
Poulsen Wireless_r_
1921
555s_r
Apr 40% Mar St Paul Union Depot500 31
3614
35
Republic Mot Tr (no par)
Dec 1734 Feb
10
1314 2,550 10
10 11
1023 9854 98% 9954 32,000 0934 Dec 09% Dec
St Joseph Lead_r
5%s _ r _1
2% Apr Studebaker Corporation%, Dee
1-16 1-111 3,200
Smith Motor Truck r_ 10
Dec 00% Dec
54 Dec
A Dec
100
A
100
A
9934 0954 8,000 98
Springfield Body
_1919
_
I
7s_r_w
Serial
5 , Nov i3'% June
Dec
8% 1,200
7/
8
83,4
Stand Motor Constr r_10
9834 99% 42,000 98% Dec 100
Serial 7s_ r_w 1_ __ _1922
Dec 9954 Dec
9854
Dec
8%
8
June
5
8
100
2,000
99
8
5
9834
Corp_r
Steel Alloys
1923
Serial 7s_r _w 1_
9754 9734 30,000 9734 Dec 08% Dec
Submar Boat Corp v t o_(t) 10% 1094 i29,4 9,700 10% Dec 2034 May
Serial 7s_r _w I_._ _1925
Jan
1
1-16 3-16 5.000 1-16 I)ec
96% 96% 5,000 96% Dec 06% Dec
1926
Triangle Film Corp v t 0_5
Serial 7srwi
1,000 96% Dec 96% Dec
35
22,500 19% Jan 35% Nov
9654 96%
1927
Serial 7s_ r_ w
United Motors r (no par) 3334 33
34 Feb 11-16 Fet
500
%
9634 96% 50,000 96% Dec 9834 Dec
1928
United Profit Sharing_25c 5-16 5-16
Serial 7s_r_w 1
Dec 97% Dec
97
4,000
5%
434
May
7%
20,000
97
Nov
97
5
10
1929
334
Serial 7s_ r_w 1
U S Steamship_r
4% Dec
4% 12,200
254 Oct
4
4%
5
Westinghouse El & MfgWayne Coal
1,000 08% May 100% Nov
% Mai
% Dec
100 100
100
54 4,000
54
5
54
World Film Corp v t c
1-year % notes
4
4% 14,100
Dec 1114 Me] Wilson & Co Ins Ss w I '28 93% 93% 9554 510,000 93% Dec 97 Dec
4
4
Wright-Martin Afro r_.-(t)
Former Standard Oil
Stock
•Odd lots. t No par value. I Listed as a prospect. I Listed on the
Subsidiaries.
1,800 11% Feb 18% Oct
£1 17% 17% 173%
Angio-Amer Oil_r
Exchange this week, where additional transactions will be found. 0 New stock.
94
Jar
92
Nov 145
30 85
Galena-Sig 011,com.r _ _100
and stook dividends. to When issued. z Ex-dividend.
An] r Unlisted. i Ex-cash
Sent 99
102 103
75 90
Indiana Pine Line_r_ 50 103
y_ Ex-rights. s Ex-stook dividend,




DEC. 28 1918.1

THE CHRONICLE

CURRENT NOTICE
-Remick, IIodges & Co., members New York Stock Exchange, 14
Wall St., this city, are featuring a page list of conservative bonds selected
from their January circular in this issue of the "Chronicle." The bonds
are particularly suitable for banks, insurance companies, estates or individuals who seek primarily safety and marketability, with yields ranging
from 4.10 to 4.75%. They are legal savings bank investments for New
York, Massachusetts and Connecticut. The firm will mail circular
"0. C. 113," listing these and other issues of similar character.
-In to-day's issue William R. Compton Co., dealers in Government
and municipal bonds for over a quarter of a century, 14 Wall St., this city,
are advertising a selected list of municipal securities at prices to yield
4.20 to 6%. Many of these bonds are legal savings bank investments.
On Jan. 1 William R. Compton Co. will open a new office in the St. Charles
Hotel Building, New Orleans, under the management of John Wells. The
firm has other offices in St. Louis, Cincinnati, Chicago, Pittsburgh and
New York.
-On the advertising page opposite our weekly statement of bank
clearings to-day the National City Co. of this city ask in the caption of
the full-page announcement: "Are you 'up' on Acceptances?" Why acceptances are self-liquidating; why they can be immediately converted
Into cash through the Federal Reserve Bank, and other numerous questions are explained in a booklet which the company will mail on request
to bankers and others interested.
-For the convenience of the public, several of the largest payers of
January coupons and dividends have advertised their lists in the "Chronicle." In our advertising columns will be found complete lists of the interest payments which are payable at the offices of the Guaranty Trust
Co., Harris, Forbes & Co., A. B. Leach & Co., New York Trust Co.,
Irving National Bank, Kountzo Brothers and Winslow, Lanier & Co.
-For the requirements of January investors, Bonbright & Co., Inc.,
25 Nassau St., this city, are advertising on another page a list of
bonds, notes and preferred stocks which the firm owns and offers subject
to prior sale and change in market prices. The bonds yield 5.45 to 7.25%,
notes 6.60 to 8%, preferred stocks 6.25 to 7.45%. Descriptive circulars
of any of the securities listed in the advertisement.
-Hannevig & Co., specialists in marine securities, 139 Broadway, this
city, are advertising short-term bonds for banks, maturities 6 months to
3 years, with attractive yields. The bond department of the firm reports
that the banks are buying their first mortgage marine trust bonds and notes.
Correspondence from institutions not familiar with this class of securities
is solicited.
-Aronson & Co. of Los Angeles announce that it has acquired the
investment business of the Aronson-Gale Co. and will specialize in Government, municipal and corporation bonds and investment stocks. Those
composing the company are: Solite Aronson, Benjamin E. Page, Marco
H. Hellman, Irving II. Hellman, R. 1. Rogers and George Newberger.
-Lewis Lazarus & Sons of London, dealers in metals, announce that
after an association extending over a period exceeding 14 years, Emil
Baerwald has tendered his resignation of the position which he held as
Manager of their New York office at 61 Broadway. The office will henceforth be managed by one of the partners of the firm.
-Clinton Gilbert, specialist in bank and trust company stocks, 2 Wall
Street, this city, is distributing a comparative table of New York City
banks and trust companies, showing capital, surplus, deposits, earnings,
dividends, &c., 1917 to 1918. The pamphlet will be mailed to investors,
institutions, &c., on application. Telephone Rector 4848.
-To yield 4.30%, William Salomon & Co., 25 Broad St., this city, and
106 So. La Salle St., Chicago, are advertising $250,000 State of Oregon
4% highway bonds, subject to prior sale. Legal investment for savings
banks and trust funds in many States. Full particulars appear in the
advertisement and circular will be mailed on request.
-Lee, Higginson & Co., jointly with the Guaranty Trust Co., are
offering for investment $10,598,000 St. Louis-San Francisco Railway Co.
prior lien mortgage 6% bonds, Series "C," due July 11928, by advertisement in to-day's "Chronicle." Price 96 and int., yielding over 6.55%.
Complete circular on request.
-Slason Thompson Bureau of Railway News and Statistics, Chicago,
Ill., have issued the 15th annual number of "Railway Statistics of the
United States of America" for the year ended Dec. 311917. compared with
the official reports for 1916 and recent statistics of foreign railways.

2467

New York City Realty and Surety Companies
All prices now dollars per share.
Bid. Ask.
Bid. Ask.
Alliance R'Ity 55
65 1Lawyers Mtge 105 112 Realty Assoc
Amer Surety- 62
67 Mtge Bond._ 85
(Brooklyn)_ 75
90
Bond & M G.. 215 225Nat Surety.... 218 223 U S Casualty_ 175
75 I N Y Title &
Casualty Co_
US Title Guar
City Investing If
20 1 Mortgage__ 78
85 West & Bronx
67 1
Preferred... 60
Title& M
150

Ask.
80
190
80
170

Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "f."

Standard 011 Stocks Per Share
RR. Equipments-Pern Barb .1
Par Bid. !Ask. Baltimore & Ohio 434e
6.10 5.60
Anglo-American Oil new.. £1 1714 1734 Buff Roch & Pittsburgh 434 6.00: 5.60
100 1010 1025
Atlantic Refining
Equipment 4s
6.00 5•60
Borne-Scrymser Co
100 460 485 Canadian Pacific 43.0
6.10 5.75
'93 96 Caro Clinchfield & Ohio 5s_.. 6.50 6.00
Buckeye Pipe Line Co..__
Chesebrough Mfg new...100 300 320 Central of Georgia 5e
6.00 540
1
29 32
Colonial 011
Equipment 4)4e
6.00 5.50
1
475 500 Chicago & Alton 4s
Continental Oil
6.90 6.00
Crescent Pipe Line Co..... 50 *37 39 Chicago & Eastern Ill 534g.... 7.2 8.25
Cumberland Pipe Line_ _100 175 185
Equipment 434g
7.2 6.25
Eureka Pipe Line Co-...100 180 190 Chic Ind & Louisv 434e
6.5 6.00
Galena-Signal 011 com_100 90 94 Chic St Louis & N 05e
5.9 5.50
100 115 130 Chicago & N W 434s
Preferred old
5.7 5.25
100 105 Chicago R I & Pae 434s
Preferred new
6. 6.00
Pipe
157
Illinois
100 152
Line
Colorado & Southern 5e___ 6.25 5.75
Indiana Pipe Line Co_
50 100 104 Erie 58
6.25 5.75
International Petroleum.. £1 *1814 1834
Equipment 434e
6.25 5.75
National Transit Co_ _ _12.50 "15 16
Equipment 414
6.25 5.75
New York Transit Co_ _ _100 190 195 Hocking Valley 48
6.25 5.50
Northern Pipe Line Co_100 105 110
Equipment 5e
6.25 5.50
Ohio Oil Co
25,4'316 320 Illinois Central 58
5.90 5.50
Penn-Mex Fuel Co
25J .61 66
Equipment 434e
5. 5.50
Prairie Oil & Gals
100. 590 595 Kanawha SZ Michigan 434s... 6.5 6.00
Prairie Pipe Line
100 265 270 Louisville & Nashville 511-1_ 5.7 5.25
Solar Refining
1001 330 350 Michigan Central 5s
6.1 5.80
Southern Pipe Line Co_ 100; 178 183 Minn St P & S S M 434e
6.00 5.50
South Penn 011
100'1 290 295 Missouri Kansaalz Texas 5s.. 7.001 6.00
Southwest Pa Pipe Lines.100. 100 104 Missouri Pacific 50
7.00 6.00
Standard 011 (California).100 243 248 Mobile & Ohio 5a
6.41) 6.00
Standard 011 (Indiana)_100 720 740
Equipment 434e
6.40 6.00
Standard 011 (Kansas)..... 100 525 545 New York Central Lines 5e.._ 6.00 5.85
Standard 011 (Kentucky) 100; 340 350 , Equipment 434g
6.00 5.85
Standard 011 (Nebraska).100; 460 180 NY Ontario & West 434s...... 6.30 5.90
Standard Oil of New Jer_100' 648 653 Norfolk & Western 43441-._ 5.75 5.25
Standard Oil of New Y'k.100 300 304 i Equipment 48
5.75 5.25
Standard Oil (Ohio)
100 455 480 Pennsylvania RR 434e
5.7 5.25
Swan & Finch
100 100 105 . Equipment 48
5.75 5.25
Union Tank Line Co”...100 104 106 St Louis Iron Mt & Sou 541_ 7. 8.00
Vacuum 011
100 388 392 St Louis & San Francisco 5s. 7.00 8.00
Washington 011
1 .33 37 Seaboard Air Line 5s
6.50 6.00
i Equipment 434s
8.50 8.00
Southern Pacific Co 434s_... 5.95 5.55
Ordnance Stocks-Per Share.
Southern Railway 451s
8.25 5.75
Aetna Explosives pref.._ _100 62 68 Toledo & Ohio Central 40..... 6.25 5.75
American & British Mfg_100 2
5
Preferred
100 20 35
Tobacco Stocks-Per Sh are.
Atlas Powder common_ -.100 147 153
Pa Bid. Ask.
Preferred
100 86 90 American Cigar common _100 104 110
Babcock & Wilcox
100 110 112
Preferred
iiI 83 90
Dila;(E W)Co common_ 50.250 325 Amer Machine & Fdry 100 60 80
Preferred
50 .65 75 British-Amer Tobac ord__ £1 "21 23
Canada Fdys&Forgings..10 190 200
Ordinary, bearer
£1 "22 24
Carbon Steel common _ _ ..1001 90 100 Conley Foil
100 180 220
let preferred
1001 93 100 Johnson Tin Foil dr Met_100 70 100
2d preferred
1001 67 70 MacAndrews & Forbes. 100 185 200
Colt's Patent Fire Arms
Preferred
li
90 100
Mfg
25 *43 48 Reynolds(R J) Tobaceo_100 370 90
duPont(E I) de Nemours
lii 280 300
B common stock
& Co common
100, 247 53
Preferred
1
106 109
Debenture stock
A dividend scrip
100 89 91
94 98
Eastern Steel
100 75 85
B dividend scrip
94 98
Empire Steel & Iron com_1001 25 35 Young (J S)Co
100 120 150
Preferred
100 z65 70
Preferred
100 95 105
Hercules Powder corn.....100 197 203
Preferred
100. 105 109
Short-Term Notes-Per Cent.
Niles-Bement-Pond corn-100' 105 109 Amer Cot 011 5e 1919_ _M&S 9918 9958
Preferred
100.38 10034
100 95 98
7% notes Sept 1919
Penn Seaboard Steel (no pa
(1;41 '40 4012 Amer Tel & Tel 13e 1919_F&A 100 innis •
Phelps-Dge
od
Corp
1
280 300 Balto & Ohio 5s 1019..-J&I 9938 9958
Scovill Manufacturing..._100 340 375 Canadian Pao 6s 1924.M&S 2 10018 10034
Thomas Iron
50' *25
Del & Hudson 5s 1920_ _F&A 9858 99
Win Repeat Arms corn(new) 90
io-- Erie RR 5e 1919
A s 95 96
Preferred (new)
90 100 Fed Sugar Rig 5s 1920.._J&J 971 981s
Woodward Iron
100 45 55 General Elea 65 1920_ _ _ _J&I 1007810118
Preferred
85 95 1 8% notes (2-yr) 1919.J&D 10038100'S
Great North 5s 1920... _M&S 9834 99
Hocking Val 6s Feb '19 M&N
_
Public Utilities
K C Term Ry 434e 1921_J&J 171; 19 Amer Gas & Elee corn__ 50"x98 103 I 58 Nov 15 1923_ _M&N 1
9978 1001s
54) '44 47 Laclede Gas Lt 541919_ FAA 9Sl 9912
Preferred
Amer Lt & 'Frac com__ _ _100 239 241 LIggett&MyersTob6s'21J&D
All prices now dollars per share.
Preferred
100 99 101 N Y Cent 5s 1919_ _M&S 15 9914
---- - --- - Amer Power & Lt com_ _ _100 x50 5.5 Penn Co 4 He 1921_ _J&D 1
97 9714
Banks.
Bid. Ask. i Trust Co's. Bid. Ask
Banks-N.Y. Bid. Ask.
Preferred
100
75 80 Pub Ser Corp NJ 58 '19.M&S 98 99
I New York.
America ".. _ _ _ 500 515 tIrving (trust
Amer Public Utilities com100 10 20 Rem Arms U M C Se'19F&A 9814 9914
certificates) 274 280 Bankers Trust 450 465
Amer Exch__ 220 230
100. 36 3912 Southern Ry 5s 1919_M&S 2 99 9914
Preferred
415 430 Central Union 405 412
170 180 Liberty
Atlantic
Carolina Pow&LIght corn 100 33 38 Utah See Corp 6s'22.M&S 15 89 90
250 275 Columbia__ 310 320
Battery Park_ 190 200 Lincoln
Cities Service Co corn... _100 287 290 W'house El & M Os '19_ F&A 100 1004
_ Manhattan'. 180 190 Commercial__ 88 100
Bowery *_ _ _
Preferred
100, 80 81 Winches RepArmes'19.
9958 997g
- :Mech & Met.. 335 345 Empire
BroadwayCen 400135 145
290 300
Colorado Power corn_ .....1001 26 29
Industrial
Bronx limo*. 125 175 ,Merchants.._. 125 135 Equitable Tr_ 385 395
Preferred
100 92 97
and Miscellaneous
Bronx Nat__ 160 170 :Metropolitan* 175 .....Farm L & Tr_ 410 420
Com'w'th Pow Ry & Lt.._100 19 21 American Brass
li i 214 217
Bryant Park* 145 155 :Mutual *___ _ 375
,Fidelity
220
Preferred
100 40 43 American Chicle com____114 60 63
25 iNew Neth... _ 200 ill- ;Fulton
Butch tit Drov 20
230 260
Mem Bond & Share prof...100 d92 95
Preferred
111
74 76
New
130
York
Co
170
140
105
Mere_
__
Cent
'Guaranty Tr 367 377
Federal Light & Traction.100
8 11 American Hardware
1 1 i 136 140
403 418 New York..... 425
__ ,Hudson
Chase
135 145
Preferred
100 40 43 Amer Typefounders com_lii 39 43
__ Tactile•
150
____ :Irving Trust.. J See Irving Great
Chat & Phen_
West Pow 5s 1946_J&J 83 87
Preferred
I44 83 87
530
____ I
- 'Park
115 125
Chelsea Exch* 2451Nat Bank
Mississippi Riv Pow corn _100 11 13 Borden's Cond Milk corn_ 1 i a 36 98
____ .Prod Exchs_ _ 200 216-:Law Tit & Tr 95 100
Chemical. _ __ 450
Preferred
100 38 41
Preferred
141 95 98
210
,Lincoln Trust 150
215 225 Public
Citizens
First Mtge 5s 1951..._J&J 75 77 Celluloid Company
100 135 140
City
455 465 Seaboard .... _. 450 470 ;Mercantile Tr
North'n States Pow com_100 62 64 Columbia Graphoph Mfg (t)*134 138
400 425 I & Deposit- 210
Coal & Iron__ 215 225 Second
Preferred
100 89 92
Preferred
100 88 90
125 135 'Metropolitan. 345
-Sherman
Colonial"_ .... 400 .
North Texas Elec Co corn 100 57 62 Freeport Texas Co
(3) .32 35
Columbia._. 155 165 State *
124:Mutual(WeetPreferred
100 70 75 Havana Tobacco Co_ ___100
1
3
115 lid'- .1 cheater)
Commerce_ . 198 200 123d Ward*
105 125
Pacific Gas & Elm corn 100 44 45
Preferred
100
2
5
145
Exch..
155
:N
Union
Y
Comm'i Ex*. 390 410
Life Ins
1st preferred
1
88 87
1st g 5s June 1 1922-J-D 138 45
Common.1United States* 600....... 1 dc Trust
775 825
Puget
Sd
Tr
L
&
P com_100 14 19- Intercontinen Rubb com_li i 1012 13
_ 'N Y Trust_ 595 610
wealth *._
__ IWash H'ts"_ _ 275
Preferred
100 50 53 Internat Banking Co_ ___100 160
- - Scandinavian 290 305
Continental". 195- .Westch Aye'. 160 175
104 110
Republic Ry & Light......100 19 20 International Salt
100 52 -62
CornExch".... 345 3.55 Yorkville *-- _ 290 310 Title Gu & Tr 340 345
Preferred
54 56
1
let gold Se 1951
A-0 70 7154
Cosmop'tan*_ 85 100
- 170
South Calif Edison com_ _1
8112
79
International
Silver
pref
_1
• i 80 90
U 8 Mtg & Tri 430
Brooklyn.
Cuba (Bk of). 175___
Transatlantic.- Preferred
1
97 102 Lehigh Valley Coal Sales.. 50 *83 88
East River__ 20
-25 Coney Island* 140 155 United States' 885 9i1-0 - Standard Gas & El (Del)..
13
Otis
.11
Elevator
common__100
60 65
280
265
Europe
Westchester- 130 140
110 130 First
Preferred
50 *3112 3312
Preferred
100 81 87
Fifth Avenue*11800 2200 GreenpoInt _ 150 185
Brooklyn.
Tennessee Ry L & P com_100
212 3,2 Remington TypewriterFifth
215 230 Hillside _ __ 110 120 Brooklyn Tr- 500 515
Preferred
100 13 16
Common
100 34 35
80 Franklin
70
*First
960 980 Homestead"..
220 230
United Gas & Elee Corp_100
3
5
let preferred
100 110 115
62 Hamilton
Garfield
175 185 Mechanics' *. 57
260 270
let preferred
100 38 40
2d preferred
1001 101 105
95 Kings County 620 650
Gotham
Montauk'...... 85
200
2,1 preferred
100
5
8 Royal Baking Pow com__100 125
200 207 IManufacturers 160
Greenwich' 335 350 Nassau
United Lt & Rye corn_ _100 38 40
Preferred
1001 87 90
Hanover
740 760 National City 133 138 ;People's
290
1st preferred
100 70 72 Singer Manufacturing..._1001 180 185
Harriman_ _ _ _ 245
__ North Sides_ 175 200 Queens Co
65
75
Western Power common..100 15 17 Texas Pac Coal & 011_ _ _100 1350 1425
130 140 I
_ _ _ _ pennip'.
Imp & Trail _ _ 510
Preferred
100 61 63 W'houseChurehKerr&Co 100 z63 67
Preferred
100 80 86
* Banks marked with a (*) are State banks. t Sale at auction or at Stock
Exchange this week. t Includes one-third share Irving Tru84.00. g New 814)0k.
'Per- share. 8 13a44e. 4 Purterari also pay* accrued -dividend.- s Now-stork.
s Ex-rights.
Flat price. n Nominal. r Ex-dividend. y Ex-rights. (t) Without par value.

New York City Banks and Trust Companies




[VOL. 107.

THE CHRONICLE

2468

butestutent anti Vailitaatt inteltignte.
RAILROAD GROSS EARNINGS

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan.. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Jan. 1 to Latest Date.

Current Previous
Year. I Year.

Current
Year.

Previous
Year.

$
$
236,582 230,475 1,917,4481 1,721,148
Alabama & Vicksb_ October
53,792 3,334,818 3,008,388
2d wk Dec
81,094
Ann Arbor
15425189 12996636 133560797 116089569
Atch Topeka & S lee October
1,768,506 1.629,583 15,796,925 14,032.454
Gulf Colo & S Fe October
510,798 650,899 4,893,461 5,765.304
Panhandle & S Fe October
463,206 385,835 3,772,885 3,248,562
Atlanta Birm Sc At! October
251,363 180,824 2,041,704 1.432.937
Atlanta & West Pt_ October
October
350,372 226,536 3,503,185 2,839,928
Atlantic City
4,987,089 3.661,236 46,380,85035,689,822
Atlantic Coast Line October
18261 058 12525425 143303243 111166993
Baltimore & Ohlo-lOctober
155,183 163,732 1,514,477 1,669,899
B & 00k Term ,October
462,944 393,185 3,957,702 3,699,791
Bangor & Aroostook,October
73,680
80,513
6,953
7,518
Bellefonte Central_ November
349,690 329,001 3,287,438 3,235,286
Belt Ry of Chicago.. October
1,530,951 1,249,280 11,466,648 10,513,586
Bessemer & L Erie..,October
309,687 321,188 2,908,243 2.704,286
Bingham & Garfield October
912,890
92,840 121,782 1,229,763
Birmingham South.. October
6,104.232 5,500.374 57,896,268 49,401.338
Boston & Maine. October
Buff Roch & Pittsb 3d wk Dec 330,035 298,945 17,817.939 14,905,755
187,427, 168,619 1,882,930 1,461,890
Buffalo et Susq RR_ October
Canadian Nor Syst_ 3d wk Dec 1,277,000 738,300 45,649,000 40,604,090
Canadian Pacific_ 3d wk Dec 3,731,000 3,051,000 150370883 146201646
117,946 122,550 1.844,238 1,993,210
Can P Lines in Me_ October
408,123 359,643 3,861,358 3,372,177
Caro Clinch & Ohio October
1,774,420 1,592,578 17,001,793 12,762,566
Central of Georgia_ October
4,434,685 3,299,778 37,526,591 31,073,858
Central RR of N J.. October
456,095 477.316 5,058,304 4,581,251
Cent New England.. October
517,993 420,082 4,306,744 3,741,186
Central Vermont_ October
341.926 252,455 2,416,555 1,919,742
Charleston & W Car October
Ches & Ohio Lines.. November 7,263,217 4,924,538 66,631,181 49,902,881
2,388,753 1,911.764 20,124,094 17,171,101
Chicago & Alton_ _ _ October
14429333 11342614 118462046 101573663
Chic Burl & Quincy October
2,731,341 1,898,964 22,206,343 17,465,428
Chicago & East Ill_ October
1,740.764 1,491,165 15,837,352 13,592.625
Chicago Great West October
1.082,409 844,622 8,987,030 7,611,625
Chic Ind & Louisv_ October
323,653 296,778 2,778,071 2,717,363
Chicago Junction October
14616212 11034551 108988527 94,395,681
Chic Milw & St P.... October
13876431 10477718 105303522 89.972,176
Chic & North West_ October
194,321 201,973 1,831,152 1,795,724
Chic Peoria & St L.. October
10160103 8,162,555 82,780,290 70,422,539
Chic R I & Pacific... October
385,065 378,683 3,642,362 3,117.128
Chic R I & Gulf October
2,496,072 2,054,564 20,235,460 17,654,369
Chic St P M & Om_ October
554,594 337,799 4,185,700 3,079.853
Chic Terre H & S E October
271,355 218,948 2,605,333 2,216,097
*lin Ind & Western.. October
970,919
147.808 112,558 1,061.414
September
'Coal & Coke
991.011 _____-_9,464 194,829
Colorado Midland_ September
3d wk Dec 257,160 240,561 12,178,656 10,596,787
Colo & Southern
820,060 674,193 6,368,318 5,233,894
Ft W & Den City October
834.428
947,427
111,092 128,243
Trin & Brazos Val October
996,668
941.604
90.978
105,000
Colo 8c Wyoming_ October
Nov
1st
wk
of
621,178
Mex
Constit Rys
950,351
790,004
89.833
79,954
Crip Crk & Col Spgs October
October
753.182 587.890 10,818.016 6,147,788
Cuba Railroad
Delaware & Hudson November 2,933,494 2,502,766 32,188,160 27,768,844
6,729,812 5,342,937 56.466,122 48,044.404
Del Lack & West October
3,257,741 2,794,326 25,547,191 23,413.851
Deny & Rio Grande October
223,698 209,094 1,816,197 1,747,717
Denver & Salt Lake October
25,387 1,373,304 1,166,925
38,822
Detroit 8c Mackinac 2d wk Nov
354,043 238,377 2,763,901 2,471.512
Detroit Tol & front October
169.995 159,277 1,616,456 1,539,065
Det & Tol Shore L. October
1,098,610 969,806 8.409.892 6,422,208
Dub & Iron Range October
3,195,440 1.899,046 19,925,878 13,210,348
Dui Missabe & Nor October
74,489 4,502.262 4,059,026
68,077
Dui So Shore & Atl_ 1st wk Dec
120,780 140,400 1.388.669 1,746,331
Duluth Winn & Pac October
864,024
938,715
87,197
102,040
October
East St Louis Conn
2.394,206 1,334,379 16,632,632 13,224,478
Elgin Joliet & East.. October
1,179,466 1,113,680 12,306,600 11,439,533
El Paso & So West_ October
9,492,516 6,923,296 71,446,475 59,246,263
October
Erie Railroad
1,209,803 852,421 8,797,711 7,307,573
Chicago & Erie October
611,213 560,740 7,333.519 6,866,026
October
Coast..
East
Florida
805,950
843,017
95,622
116,327
Fonda Johns & Glov September
893,715
134,955 130,828 1.059.615
Ft Smith & Western October
927,895
872,229
65,185
81,738
October
Wharf
Galveston
657.337 536,405 5,379,469 3,354.026
Georgia Railroad_ October
Grand Trunk Pac 4th wk Nov 219,880 175,690 5,819,706 5,620,636
Grand Trunk Syst_ 2d wk Dec 1,385,902 728,653 67,343,422 55,607,503
Grand Trunk By 4th wk Nov 1,998,280 1,319,644 56,584,547 47,361,575
2,004,327 1,455,210 11,383,091 9.755.840
Grand Trk West.. October
12090441 8,834,849 80,657,056 73,594,695
Great North System October
216,347 229,628 1,987.722 1,942,770
Gulf Mobile & Nor.. October
226,242 234,995 1.974.730 1,665,768
September
Gulf & Ship Island_
1,561,990 1.066,127 11,385,582 8,990,276
October
Hocking Valley
9,769,270 7.980,068 88,993,826 72,212,676
Illinois Central...._.. October
1,319,817 1,355.372 11,123,939 10,077,883
Internat & Gt Nor_ October
990,659
132,983 110,946 1,112.535
Kan City Mex & Or October
999,078 1,074,890
111,121 128,562
October
Tex
of
0
&
Mex
1,507,335 1,078,274 12487380 10,168,745
Kansas City South.. October
910.520
99,667 1,014.102
127,720
Texark & Ft Sm.. October
938.970
938,970
114,613 102,206
Kansas City Term_ October
191,753 187,848 1,904,827 1,904,738
Lehigh & Hud Riv_ October
305,513 349,263 3,317,264 3,085.536
Lehigh & New Eng.. October
November 6,014,373 4,559,628 59,692.726 49,495,607
Lehigh Valley
1,462,289 1.216,365 12,039,570 10,567,777
Los Ang & Salt L.._ October
134,338 145.171 1,388,675 1,283.015
Louisiana & Arkan_ October
261,905 262,159 2,515,478 1,991,461
Louisiana By & Nay October
10192132 7,074,789 83,560,674 62,753,637
Louisville & Nashv_ October
202,722 2,357.952 1,842.129
287,963
October
L
St
8c
Hend
Louis,
1.410,692 1,277,220 13,538,535 11,870.168
October
Maine Central
332,255 264,234 2,853,022 2,379.349
Midland Valley.... October
21,585 1,070,675 1,134,766
19,708
1st wk Dec
Mineral Range
1,216,595 962.522 9,953,872 9.031.795
Minneap 8c St Louis October
4,256,833 3,435,849 28,546,701 28,891,850
Minn St P&SSM October
753,260
89,614 119,428 1.072,324
Mississippi Central.. October
3,556,118 2,390:043 27:069:350 21.257:708
Missouri Kan & Tex October
830.899 711.524 16,056,723 12,788.171
Mo K&T By of Tex October

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Jan 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

$ •
117.159 132,994 1,178,027 1,197,216
Mo & North Arkan October
156,909 178,829 1,516,996 1,569,238
Mo Okla & Gulf__ October
8,461,602 7,199,531 73,248,969 64,688,550
Missouri Pacific___ October
349.462 195,824 2,600,364 1,803,109
October
Monongahela
236,223 202,797 2.023,382 1,564,722
Monongahela Conn October
1.453,249 17.790,855 12,410,872
2.137,227
Nash,°Matt & St L October
368,853
274,721
9,109
6,522
Nevada-Cal-Oregon 2d wk Dec
262,165 242.915 2,248,052 2,062,463
Nevada Northern October
839,698
96,804 1,168,984
169,845
Newburgh & Sou Sh October
196.069 179,088 1,849,391 1,591.654
New On Great Nor_ October
591,210 471,048 5,411,699 3,984,862
New Or!& Nor East October
175,756 153,441 1.639,809 1,159,380
October
N 0 Tex & Mex
803,399
93,811 1,187,194
111,562
Beaum S L Sc W. October
461,585 325,321 3,661,414 3,204,783
St L Browns 8c M October
28673375 22768782 239294263 199417379
New York Central.. October
487,642 420,658 4,542,970 4,362,529
Ind Harbor Belt_ October
972,138 713.311 7,729,450 0,794,553
Lake Erie & W October
6,644,539 4,990,388 55,568,240 43,395.981
Michigan Central October
7,137.150 5,063.791 58,959,212 42,881,194
Cleve C 0 & St L October
295,785 241,961 2,277,224 2,043,375
Cincinnati North October
3,310.812 2,531,575 27,427,568 21,435,089
Pitts & Lake Erie October
Tol & Ohio Cent.. October' 1,133,380 860,021 8,320,314 6.735,035
692,797 333,263 4,986,242 2,999,614
Kanawha & Mich October
2,327,661 1,546,355 17,961,575 14,204,259
N Y Chic & St Louis October
85,055,277 71,643,937
NYNH& Hartf October
900,8241 771,188 9,320,357 7,757,103
N Y Ont & Western October
504,877 295,459 3,589,234 2,961,302
N Y Susq & West October
8,027,950 6.300,313 67,264,435 54,665,808
Norfolk & Western.. October
521,271 472,921 4,673,843 4,468,206
Norfolk Southern October
12167442 8,338,680 82,813,285 73,021,575
October
Northern Pacific
884.234
843,183
77.630
69,812
Minn Sc Internat.. October
541,815 482,707 4,834.459 4,066.071
Northwest'n Pacific October
Oahu Ry & Land Co September 145,687 120,150 1,199.110 1,155,010
1,974 101
524,821 580,339
October
Pacific Coast
36962924 26549030 300253436 24359/375
Pennsylvania RR October
1,089,164
1,170,675
122,682
130,991
October
Atl_
Bait Ches &
561,621 433,389 4,672,898 4,066,494
Cumberland Val! October
1,817,118 1,739.471 18,861,378 14,578,191
October
Long Island
851.453
881,113
99,461
102,947
Mary'd Del & Va October
727,733 488,939 6,126.779 4,609,282
N Y Phila & Nor_ October
808,413 644,004 8,980,768 7,459.939
W Jersey & Seash October
Pennsylvania Co.._ _ November 9,200,041 6,820,380 86,575,711 72,846,146
691,073 550,658 6,015.246 5,486,302
Grand Rap & Ind October
Pitts C C & St L_ November 7,638,774 6,316,525 79,888,416 67,667,403
111,892 101,561 1,053,580 1,015,495
Peoria & Pekin Un_ October
2,960,109 2,157,387 23,400,041 19,549,682
Pere Marquette.._ October
965,059
100.090 109,131 1,127,973
Pittsb & Shawmut_ October
78,257 107,964 1,050,650 1,033,030
Pittsb Shaw & Nor.. October
170,080 171,874 1,581,737
Pittsb & West Va.._ October
257,308 141,720 2,079,089 1,584,432
October
Port Reading
723,844
890,777
84.057
97,010
Quincy Om & Han0 Octobet
Company:
Reading
6,750,197 6,194,124 66,329,562 55,837,679
Phila & Reading.. October
644,379 446,455 5,602.7136 4,008,570
Rich Fred & Potom October
383,928 248,066 3,100,850 2.087.666
Wash Southern.... October
424,201 391,534 3,858,229 3,649,088
October
Rutland
240,797 221,411 2,208,768 1,947,699
St Jos & Grand Isl'd October
6,612,190 5,430,115 57.326.977 47,346.597
St Louis-San Fran_ October
808,389
108,696 117,008
955.739
Ft W & Rio Gr.... October
961,335
123,620 111,345 1,161.660
St L-8 F of Texas October
188,000
269,000
Dec
2d
wk
St Louis Southwest_
505,080 656,065 5,517,474 4,597,291
St L S W of Texas October
478,073 411,823 3,565,417 3,339,734
San Ant & Ar Pass.. October
3,347,370 2,840,116 31,951,853 24.780,094
Seaboard Air Line October
140,108 • 94.427 1,301,921 1,014,232
October
South Buffalo
15263 100 13239308 126556955 108206 117
Southern Pacific...._ October
388,185 337,960 3,722.021 3,566.609
Arizona Eastern.. October
1,882,010 1.773,918 17,770,511 16,161,976
Galv Harris & S A October
809,938 864,116 7,536,244 6,475,261
Hous & Tex Cent October
177,369 172,410 1,702,982 1.508,180
Hous E & W Tex_ October
394,262 395,392 3,629,596 2,923,525
Louisiana West October
677.675 6,712,234 5,472,078
677,497
Morgans La&Tex October
636,536 610,706 6,142,457 5,226,199
Texas & New Or! October
12269788 9,139,552 105386258 73,847.359
Southern Railway.... October
822,985 688,471 7,543,922 5,826,002
Ala Great South.. October
1,371,191 1,202,572 12,567,165 10,928,927
Cin N 0& Tex P.. October
591,210 471,648 5,411,699 3,984,862
October
E
Nor
On
&
New
1,397,986 1,248,350 12,311,396 11,426,867
Mobile & Ohio._ October
323,467 288,806 2,923,482 2,359,453
Georgia Sou & Fla October
102,714 133,646 1,175,771 1,023,804
South By in Miss October
797,298
839.361
94.124 104,666
Spokane Interhat'l_ October
899,060 622,366 7,001,361 5,637,547
Spok Port!& Seattle October
172,731 112,233 1,574,344 1,266,712
Staten Island R T October
116.723
132,506
1,467
2,864
Tenn Ala & Georgia 2d wk Dec
279,168 171,292 2,496,146 1.492,363
Tennessee Central.. October
385,560 299,740 3,214,265 3,168,013
Term Assn of St L.October
377,687 301,252 3.065,338 2,629,085
St L Mer Bdg T.. October
2d wk Dec 677,059 576,989 25,423,840 21,368,538
Texas & Pacific
155,508 122,372, 1,347,617 1,074,444
Toledo Peon & West October
766,088 642,9411 7,568,077 6,525,551
Toledo St L & West November
10897225 8,108,851 80,755,988 62,455,037
October
Union Pacific
3,427,247 2,984,830 28,045,125 25,271,983
October
Oregon Short
2,506,042 2,329,693 21,780,906 18,285,959
Ore-Wash RR&N October
October
684,332 528,215 5,818,278 4,878,319
Union RR (Pa)
1,175,274
October
152,010
Utah
245,494 240,871 2,116.719 1,734,272
Vicks Shrev & Pac.. October
October
1,231,845 894,666 9,911,594 8.645,171
Virginian RR
October
5.067,330 3,830.117 39,418,661 33,551,697
Wabash RR
Western Maryland.. October . 1,262,474 1,234,758 12,271,880 11,173,716
October
1,065.733 966,393, 9.414.199 8,222,489
Western Pacific..
254,764 175,9711 2,070,806 1,376,180
Western By of Ala.. October
1,519,074 1,219,238 11.511,848 9,244,954
Wheel & Lake Erie October
840,609
89,309, 869,309
106,120
Wick Falls & N W.. October
1.970,668 1,840,834 17,904,312 14,553,651
Yazoo & Miss Vail.. October
1

AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
7/1

week Sept
week Oct
week Oct
week Oct
week Oct
week Nov
week Nov
week Nov
week Nov
week Dec
yvenk Dile

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
$
S.
(13 roads).- 9,735,164 8,158,016 +1,577.148 19.33
i10 roads)......- 7.172,415 5,656,143 +1.516,272 26.81
+830.681 11.98
15 mul.-- 7,762,172 6,931.491
+855,060 12.04
15 roads).._.... 7.664,060 6,809,000
16 roads)......_ 11.833,602 10,309,702 +1,523,900 14.78
965,806 14.59
i16 roads)____ 7.581,166 6,615,360
344,165 5.03
15 roads)..__ 7,194,421 6,850,256
816.977 12.13
11 roads)____ 7,551,945 0,734,968
+138,940 1.85
10 roads)--- 7,631,596 7,492,658
15.90
15 roads)...._.. 7,582.032 6,541,897 4-1,040,135 2R.4n
13 roads)




7 RNA AAA

A 7AR RA4

4.9 007.9tH

•Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

Cur. Yr. Prey. Yr.
Mileage.
December -247.988 247,265 343.875,052 317,836.386 +26,038,666 8.18
8.96
January........240.046 239.885 '282,394.665 294,002.791 -11.608,126 16.22
February..-230.336 228.835 362.761,238 312,276,881 +50.484,357 9.65
238,891 237,463 285.776,203 260,627.752 +25,148,451
March
233,734 232,255 369,409,895 319,274,981 -1-50.134,914 15.70
April
230.355 228,892 374.237.097 342.146,096 +32,091,001 9.38
May
220.303 219.294 363,165,528 323.163,161 +40.002,412 12.38
June
231.700 230.570 463,684,172 34 .022.857 +117661 315 34.00
July
230.743 230,015 498.269,356 362.509,561 +135759 795 37.45
August
September_ -232.186 232,378 487.140,781 357,772,850 +129367.931 36.16
Oetober _ _ - _230.154 230,576 484.824,750377,867,933 I-106956817 28.30

THE CHRONICLE

DEC. 28 1918.]

Latest Gross Earnings by Weeks.-For the second week
of December our final statement covers 13 roads and shows
36.43% increase in the aggregate over the same week last
year.
Second Week of December.

1918.

1917.

Increase. Decrease.

$
$
$
Previously reported (8 roads)__ 6,829,256 4,877,399 1,951,857
53,792
27,302
Ann Arbor
81,094
237.938
19,222
257,160
Colorado & Southern
9,109
6,522
Nevada-California-Oregon
1,467
2,864
1,397
Tennessee Alabama & Georgia..
677,059
576,989 100,070
Texas & Pacific
Total (13 roads)
Net increase (36.4311)

7,853,955 5,756,694 2,099,848
2,097,261

$

2,587

2,587

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:

2469
Latest Gross Earnings.

Name of Road
or Company.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

New England Power_ October
341,938 257.796 2,842.420 2,127.154
NewpN&HRy.G&E October
187.664 142,310 1.766,613 1,081,412
Nevada-Cal M Corp_ October
176,641 167,784 1,844.277 1,676.290
N Y & Long Island__ June
44,461 37,595
210.615
197.432
N Y & North Shore__ June
14,207 14,607
68,348
75,561
N Y & Queens Co__ June
84,795 97.994
443,641
588,343
New York Railways_ October
934,683 1103,614 9,329,746 10,489,453
Northampton Trac_ November
21,071
214,682
Northern Ohio Elect.. October
585,622 551,295 5,997,743 5,345.584
h North Texas Elec__ October
200,632 298,952 2,464,098 2,017,396
Ocean Electric (L I)_ June
18,115 15,548
55,011
50,404
Pacific Gas & Elec___ October
1910,696 1619,738 18,412,850 16,296,962
Pacific Power & Lt.. October
154,800 151.310
g Paducah Tr & Lt Co August
26,280 23,298
204.534
198.993
Pensacola Electric Co October
40,173 25,808
407,479
283,247
Phila Rapid Transit.. November 2764,923 2512,229 28,820,945 27,104,497
Phila & Western..___ November
56,993 45,018
Portland Gas & Coke October
166,667 124.346
Port(Ore)Ry,L&PCo. October
627,971 522,294 6,288,847 4,903.679
Porto Rico Railways_ October
86,047 72,493
865.213
744,454
g Puget Sd Tr.L & P_ August
1021,191 774,847 7,629,623 5.910,905
gRepublic Ry & Light September 443.863 426,250 4,151.145 3,469.834
Richmond Lt & RR_ June
42,100 44,102
209,211
208,060
St L Rocky Mt & Pac October
449,085 347,635 4,366,541 3.168.737
Santiago El Lt & Tr_ October
57,100 52,630
557.494
473.834
Savannah Electric Co October
106,444 88,589
964,593
787.456
Second Avenue (Rec) June
391,753
391,180
79,749 78,170
106,723
Southern Boulevard.. June
16,390 19,959
99,400
Southern Cal Edison.. October
699,958 726,000 6.715,637 6,698,705
Staten Isl Midland__ June
132,300
156,755
28,095 34,560
Tampa Electric Co__ October
868,073
835,272
82,786 82,710
Tennessee Power..__ _ October
190.335 182,292 1,775,807 1.599.476
Tenn Ry, Lt & P Co.. October
496,257 442,750
Texas Power & Lt Co October
308,131 261.005
Third Avenue Ry___ June
316,629 359,429 1,909,852 2,064,547
DDEB&BRR__ June
51,366 39,120
240,805
219,345
42dStM&StNA By June
140,262 157,493
799,125
872,686
UnionRyCo(NYO)June
255,823 259,112 1,302,869 1,425,071
Yonkers Railroad.. June
395,598
387,744
72,552 72,231
N Y City Inter By June
58,271 63,049
338,642
370,710
Belt Line Ry Corp.. June
48,053 57,607
298,470
345,163
Third Avenue System October
797,504 896,965 6,428,851 6,947,891
Twin City Rap Tran.. November 748,352 807,839 8,799,564 9,345,633
Virginia By & Power.. October
594,948 609,622 6,539,811 5.405,430
Wash Bait & Annap_ September 323.665 179.669 2,105.150
943.843
Westchester Electric.. June
272,214
253,551
54,888 48,553
York Railways
October
863.497
80.583 92.737
888,983
\Tannest:own Rt (Min Oetnher
34_02R 31_257
349.445
293.084

-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
46
Chesapeake & Ohlo_b_ _Nov 7,263,217 4,924,538 2,319,889 1,517,724
66,631,181 49,902,881 17,433,782 14,982,496
Jan 1 to Nov 30
176,012
Delaware & Hudson_ a _ _Nov 2,933,494 2,502.766
181,334
Jan 1 to Nov 30
32.188,160 27,768,844 2,764,409 5,622,641
Oct £1,304,000 £900,900 £243,100 £177,000
Grand Trunk Ry
£10,423,000 £8,722,250 £1,217,650 £1,872,300
Jan 1 to Oct. 31
Nov 6,014,373 4,559,628
779,962
Lehigh Valley_a
639,572
59,692,726 49,495,607 6,110,449 9,430,806
Jan 1 to Nov 30
120,149
70,691
Oahu Ry & Land Co_b_Sept 145,686
57,374
1,199,109 1,155,009
587,706
Jan 1 to Sept 30
599,203
Pennsylvania System678,644
Pennsylvania Co_a_Nov 9,200,041 6,820,380
854,527
86,876,711 72,846,146 5,520.974 12,612,388
Jan 1 to Nov 30
262,426 1,317,527
Pitts C C & St L_b__Nov 7,638,774 6,316,525
79,888,416 67,667,403 8,441,192 16,475,021
Jan 1 to Nov 30
642,941
894,586
Toledo St L & West_a_ _Nov 766,088
125,790
7,568,077 6,525,551 1,416,211 1,684,595
Jan 1 to Nov 30
448,313
Western Mattyland_a___Oct 1,262,474 1,234,758
360,352
12,271,880 11,173,716
752,119 2,926,524
Jan 1 to Oct 31
a Net earnings here given are after deducting taxes.
deducting
before
taxes.
are
b Net earnings here given
Other
Gross
Fixed
Net after
Gross
Balance,
a Now covers only the lines east of York Beach, Me:; in the first four
Income.
Income. Charges.
Taxes.
Earnings.
Surplus, months of 1917 covered also the lines west of York Beach, Me. d Decrease
in gross earnings due to unusually early rains and recent influenza epidemic.,
f Earnings given in milreis. g Includes constituent or subsidiary comCuba Railroad13,583
111,152
99,146
97,569
Oct'18 753,182
12,006 panies. h Decrease in gross earnings due to the omission this year of the
1,268
90,733
89,465
93,886 def3,153 Texas State Fair, to the influenza epidemic and to the reduction in the
'17
587,890
50,240
979,465
929,225
419,216
4 mos '18 3,721,861
560,249 number of troops at army camps.
5,169
676,444
375,783
671,275
'17 2,861,604
300,661
Net after
Gross
Balance,
Electric Railway and Other Public Utility Net EarnTaxes.
Earnings.
Rents.
Surplus.
ings.-The following table gives the returns of ELECTRIC
$
$
Buffalo Rochester Nov '18 1,479,314 def126,624 def29,404 def156,028 railway and other public utility gro.:s and net earnings with
157,622
72,431
'17 1,323,984
& Pittsburgh
230,053
571,768
370,476
11 mos '18 16,872,925
942,244 charges and surplus reported this week. •
783,679 3,317,230
-Gross Earnings--Net Earnings
'17 13,790,364 2,533,551
Current
Previous
Current
Previous
Net
Gross
Fixed Chgs. Balance,
Year.
Year.
Year.
Year.
Companies.
& Taxes. Surplus.
Earnings. Earnings.
$
$
$
$
$
$
69
7,518
210
Bellefonte Central Nov '18
def141 Braz Tr, L & P Co, Ltd_Octc8,052.000 c8,006,000 c4,301,000 c3,716,000
Jan
1
to
Oct
c85,782,000c76,436,000c44,141,000c39,884,000
31
6,953
1,480
247
'17
1,233
10,947
80,513
2,310
11 mos '18
8,637
c Given in milreis.
6,793
73,680
'17
2,717
4,076
Gross
Net after
Fixed
Balance,
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Taxes.
Charges.
Surplus.
Earnings.
3
183,538
70,136
22,334
47,802
Nov '18
Latest Gross Earnings.
Jan. 1 to Latest Dale. Adirondack Rice
48,331
152,332
21,333
26,998
Pow Corp(GlensFalls, '17
Name of Road
344,752
257,177
87,575
N Y)
12 mos '18 1,825,951
Week or Current Previous Current
or Company.
Previous
256,811
452,937
196,126
'17 1,629,765
Year.
Year.
Month.
Year.
Year.
8,166
3,523
Baton Rouge Elec Oct '18
21.564
4,643
3
3
$
19,338
9,219
'17
3,195
6,024
3
Co
Adirondack ElPowCo November 183,538 152,332 1,671,569 1,485,154
256,810
40,690
80,083
12 mos '18
120,773
275,827 198,441 2,434,406 1,707,560
Alabama Power Co__ October
114,409
'17
228,747
37,521
76,888
1203,058 1004,972
Amer Power & Lt Co October
8,791
50,712
Valley Oct '18
230,135
59,503
12,888 11,713
158,193
Atlantic Shore Ry...... November
219,305 Blackstone
8,791
53,527
Gas & Elec Co
183,301
62,318
'17
Aurora Elgin & Chic_ September 210,299 202,866 1,602,068 1,638,860
671,339
105,500
565,839
12 mos '18 2,346,694
73,541 79,191
759,258
Bangor Ry & Electric October
726,248
657,788
105,500
552,288
'17 1,938,865
21,564 19,338
214,808
Baton Rouge Elec Co October
189,862
230,135 183,302 1,974,162 .1,619,312 Brockton & Plym- Oct '18
Blackstone V G & El_ October
1,433 def4,482
6,248 def3,049
18052000 18006000185782,000 139884,000
Brazilian Trac, L & P October
def717
1,286
9,509
def2,003
outh Street Ry
'17
6,248
9,509
90,859
Brock & Plym St Ry_ October
106,891
106,282 defI2,321
16,570 def28,891
12 mos '18
2774,333
2677,328
June
Tran
Syst
Rap
Bklyn
15,240,907 14,87933
353
14,388 def14,035
124,190
'17
43,392 43,397
412,594
Cape Breton Elec Co October
375,347
43,392
5,254
7.028
1,774
'18
28,327 25,966
277,582
Cent Miss V El Prop_ October
254,672 Cape Breton Elec- Oct'17
15,229
43,397
5,272
9,957
tric Co, Ltd
151,946 89,429 1.499,619 1,024.736
Chattanooga fly & Lt October
501,329
127,564
62,990
64,574
12 mos '18
Cities Service Co_ ... _ November 1821,533 1732,412 20,474,249 17,539,806
'17
450.537
166,473
63,325
103,148
43,362 44,939
460,188
Cleve Painesv & East October
454,347
856,709 835.614 9,353,690 8.718.356 Central Mississippi Oct '18
()Columbia, Gas & EL October
28,327
5,403
2,465
2,938
96,231 104,131
4,301
Vail Elm Properties '17
25,966
6,342
2,041
972,816
Columbus(Ga) El Co October
885,876
353,675 354,895 3,475,765 2,268,924
53,287
334,539
28,594
12 mos '18
81,881
Colum (0) Ry P & L.. October
1799.629 1763,894 17,715.993 15,905.165
21,601
69.785
dOom'w'th P.Ry& Lt October
'17
306,848
91.386
91.027 78,111
815,461
Connecticut Pow Co.. October
711,050 Cleveland Paines- Oct '18
16,194
def5,108
43,362
11.086
582.240 514,113 5,261,858 4,655.528
Consum Pow (Mich). October
997
11,692
ville & Eastern RR
'17
44,939
12,689
247.729 267,632 2,663.996 2,589.282
Cumb Co(Me)P & L October
120,467
31.218
151,685
10 mos '18
460,188
Dayton Pow & Light November 260,472 187,664 2,162,925 1,673,940
172,448
116,839
55,609
451,347
'17
1322,435
November
1156,068
Edison__
12,386,394 10.983.739
g Detroit
32.827
28,914
96,231
Oct '18
3,913
1568,263 1388,579 15,672,246 14,527,741 Columbus (Ga)
gDetroit United Lines October
Electric Co
67,683
26,635
104,131
41,048
'17
Duluth-Superior Trac November 123,987 138,967 1,519,812 1,458,087
1,183,007
643,716
334,150
309,566
mos
'18
12
391,548
October
307,827 3,442,480 3.005,218
East St Louis & Sub..
654,414
305,536
348,878
'17 1,057,281
94,589 79,889
738,589
Eastern Texas Elec__ September
622,288
18,801
16,229
91,027
35,030
933,514
g El Paso Electric Co September 104,290 105,018
955.836 Connecticut Power Oct '18
16,294
15,846
Co
'17
78,111
32,140
65,921 56,330
588,876
483,686
Fall River Gas Works October
217,561
154,917
975,031
372,478
12 mos '18
283.088 230,227 2.289.886 1.798.732
a Federal Lt & Tree. August
183,036
213,827
850.636
396.863
112,621
'17
94,583
October
Lt.._
Ft Worth Pow &
207,069 197,919 2,193,561 1,682,258 Detroit United Lines Oct'18 1,568,263
235,258 x107,009
310,907
Galv-Hous Elec Co.... October
97,455 103.246 1,055.070 1,085,922
202,241
195,530
x23,064
'17 1,388,579
Grand Rapids fly (Jo October
10 mos '18 15,672,246 3,567,127 2,285.211 x1,627,425
gGreat West Pow Sys November 478,262 369,059 4,199,624 3,645,510
976,219
'17 14,527,741 3,580,309 1,992.703 x1,896,807
878.328
Harrisburg Railways September 110,299 103,594
733,443 635,822 6.775,949 5,672,408 Duluth-Superior
Havana El Ry,L & P October
15,352 zdef7,565
6,133
Nov '18
123,967
62,657 62,793
523.803
527.494
Honolulu R T 3, Land September
14,943
35,173
x12,926
138,967
'17
Tract Co
34,431 36,719
336,149
340,155
Houghton Co El L Co October
163,437 x116,026
260,678
11 mos '18 1,519,812
26,024
21,061
October
267,977
285,953
Houghton Co Tr Co..
161,475 x280,271
421,083
1,458,087
'17
387,371 393,500 4,007,905 3,617,214
Hud & Manhattan... October
6,543
74,037
19,403
12,860
1249.294 1226,336 12302,409 11.032.660 Edison Elec Ilium Oct '18
Illinois Traction.. _ _ October
24,848
4,428
65,522
20,420
Co of Brockton
'17
3299,624 3,563592
33.616,521
Interboro Rapid Tran October
258 284
69,243
791 235
189,041
12 mos '18
73,974 59,744
656,766
567,592
Jacksonville Trac Co October
259,688
229,722
711,896
29,966
'17
21,699 20,431
217,587
203,941
Keokuk Electric Co.. October
21.251
4,817
679
4,138
18,163 13,649
161.314
118,379 Electric Lt & P Co Oct '18
Key West Electric Co October
394
18,525
4,390
3,996
of Abington & Rock- '17
176,118 142,841 1,809,869 1,475,626
Lake Shore Elec Ry_ October
6,820
224,252
51,880
45,060
land
12 mos '18
67,900 78,606
738,453
764,735
Lewist Aug & Watery October
3,092
207,272
41,253
44,345
'17
22,555 24,568
102,885
112.865
Long Island Electric_ June
13
Louisville Railway__ November 321,256 289,154 3,373,789 2,989,549 Fall River Gas
Oct '18
65,921
16,946
16,933
79,632 63,409
4
700,773
23,164
Lowell Electric Corp.. October
Works
'17
56,330
23,168
582,785
12,066 10,111
69,641
263
Manhat Bdge 3c Line June
687,942
154,871
154,608
60.928
12 mos '18
270
581,906
230,701
230,431
Milw El Ry & Lt Co. November 836,299 737,569 8,073,703 7,180,220
'17
Milw Lt, lit & Tree_ November 293,096 193,061 2,759,404 2,024,402 Galveston-Houston Oct '18
29,329
4,964
207.069
34,293
180,537 179,050 1,841,194 1,648,719
Missipp My Pow Co.. October
28,401
Electric
Co
'17
197.920
71,305
42,904
970.106 905.216 5.297330 4,822.709
Montreal L, LI & P__ October
347,933
2,599.424
858,324
510,391
'18
mos
12
235.240 211.324 2.317.001 2 n99 nal
Nmahvillnin, As Lisyht elettawr
328,304
351.509
'17 2.028.900
679,813
Roads.




Gross
Earnings.
Haverhill Gas Light Oct '18
Co
'17
12 mos '18
'17
Houghton County Oct '18
Elec Lt Co
'17
12 mos '18
'17
Houghton County Oct '18
Tract Co
'17
12 mos '18
'17
Jacksonville Tract Oct '18
Co
'17
12 mos '18
'17
Keokuk Elec Co
_Oct '18
'17
12 mos '18
'17
Key West Elec Co Oct '18
'17
12 mos '18
'17
Lake Shore ElecOct '18
tric Ry
'17
10 mos '18
'17
Lowell Electric St Oct '18
Corp
'17
12 mos '18
'17
Milw Elec By &
Nov '18
Light Co
'17
11 mos '18
'17
Milw Lt, Ht &
Nov '18
Traction Co
'17
11 mos '18
'17
Mississippi Riv Pow Oct '18
Co (Keokuk, Iowa) '17
12 mos '18
'17
York
Railways
New
Oct '18
'17
4 mos '18
'17
Northern Tex Elec Oct '18
Co (Ft Worth, Tex) '17
12 mos '18
'17
Pensacola Elect Co Oct '18
'17
12 mos '18
'17
Savannah Elect Co Oct '18
'17
12 mos '18
'17
Sierra Pacific Elect Oct '18
Co (Reno, Nev)
'17
12 mos '18
'17
Tampa Electric Co Oct '18
'17
12 mos '18
'17

[VOL. 107.

THE CHRONICLE

2470
28,260
26,157
323,580
305,175
34,431
36,719
416,546
420,049
21,060
26,024
325,156
341,821
73,974
59,744
887,295
678,269
21,699
20,431
262,194
246,394
18,163
13,649
189,021
141,191
176,118
142,841
1,809,869
1,475,626
79,632
63,409
841,619
705.297
836,299
737,569
8,073,703
7,180,220
293,096
193,061
2,579,404
2,024,402
180,537
179,050
2,168,935
1,950,063
934,683
1,103,614
3,715,819
4,388,906
*200,633
298,952
3,028,816
2,363,682
40,173
25,808
473,692
331,243
106,444
88,589
1,145,311
942,348
62,734
59,948
722,301
675,619
82,785
82,710
1,034,115
1,007,495

Net after
Taxes.
$
1,899
4,398
26,479
70,126
7,479
15,167
138,362
187,877
2,336
8,173
105,700
133,118
1,458
17,137
237,515
222,302
3,362
4,822
62,636
73,598
6,991
4,579
76,535
48,868
35,101
34,845
506,328
476,207
6,174
23,423
223,520
272,601
187,328
216,016
1,576,919
1,799,991
69,837
36,226
550,955
462,346
141,490
148,550
1,729,244
1,580,931
113,506
284,528
500,027
1,199,512
*53,390
156,923
1,173,778
1,016,728
6,038
10,215
153,316
138,137
23,328
28,847
356,361
317,085
30,418
33,753
377,741
371,166
34,545
35,896
430,361
449,597

Fixed
Charges.

Balance,
Surilus.

1,332
567
159
4,239
3,892
22,587
69,319
807
3,976
3,503
3,156
12,011
41,207
97,155
34,226
153,651
def1,792
4,128
4,162
4,011
56,271
49,429
50,621
82,497
15,043 def13,585
3,064
14,073
63,789
173,726
167.292
55,010
1,052
2,310
2,885
1,937
35,770
26,866
52,279
21,319
4,928
2,063
1,994
2,585
52,577
23,958
24,548
24,320
def722
35,823
def476
35,321
145,216
361,112
346,848
129,359
1,791
4,383
1,157
22,266
14,974
208,546
263,125
9,476
106,632
x88,075
88,825 x139,504
1,132,013 x545,502
903,616 x991,921
x25,436
44,561
42,526 zdef6,191
x69,957
482,299
436,147
x27,064
37,622
103,868
43,494
105,056
475,022
1,254,222
435,875
1,145,056
216,940 xdef60,604
220,756 x113,263
871.591 xdef197,892
886,645 x513,757
25,214 x*37,760
26,156 x140,350
304,236 x984,542
313,444 x712,867
def1,453
7,491
3,467
6,748
68,104
85,212
57,669
80,668
def773
24,101
5,987
22,860
75,986
280,375
48,126
268,959
25,218
5,200
28,521
5,232
314,198
63,543
308,796
62,370
30,262
4,283
31,216
4,680
378,644
51,717
404.036
45,561

* Decrease in earnings due to the omission this year of the Texas State
Fair, to the influenza epidemic, and to the reduction in the number of
troops at army camps.
x After allowing for other income received.
Balance,
Gross
Net
Fixed Chgs.
Surplus.
Earnings. Earnings. c% Taxes.
$
231,940
Louisville Electric Nov '18
321,256
82,562
114,415
x68,748
81,812
Co
'17
289,154
135,630
11 mos '18 3,373,789 1,338,282
885,437 x566,182
'17 2,989,549 1,418,059
861,937 x717,810
82,990
460,339
103,293
Nov '18
186,283
Now York Dock
100,721
447,752
195,415
94,694
'17
11 mos '18 4,906,924 2,102,736 1,067,555 1,035,181
'17 4,415,648 2,150,041 1,062,363 1,087,678
23,662
180,826
204,488
748,352
Twin City Rapid Nov '18
89,785
254,297
164,512
807,839
Transit Co
'17
671,775
11 mos '18 8,799,564 2,480,875 1,809,100
'17 9,345,633 3,095,159 1,691,343 1,403,816
x After allowing for other income received.

Gross
Earnings.

Net after
Taxes.

Fixed
Charges.

Balance,
Surplus.

777
130
Houston Heights
Oct '18
2,322
907
1,365
2,910
130
(Tex) W & L Assn
'17
1,495
1,560
13,068
31,146
14,628
12 mos '18
14,071
29,926
1.537
'17
15,608
International Syst Oct '18 *192,445 *df108,964 *190,260 *df299,224
74,772
163,345
(Buffalo, N Y)
705,777
238,117
'17
12 mos '18 *7,464,768 *1,421,842 *2,153,176 *df731,334
'17 8,235,724 3,001,183 1,884,537 1,116,646
4,526
26,770
2,283
Lancaster (Pa)
Oct '18
6,809
3,268
GL&FCo
'17
20,222
5,393
2,125
52,071
26,667
282,308
78,738
12 mos '18
66,275
241,254
24,262
'17
91,537
del 852
Leavenworth(Kan) Oct'18
2,032
2,884
22,231
1,519
'17
24,654
4,499
2,979
LH&PCo
256,927
11,282
34,512 def23,230
12 mos '18
16,930
'17
239,232
51,628
34,698
512
Oct '18
39,282
7,431
6,919
1,362
35,452
6,581
L°Zkr:Str
'17
7,943
18,502
435,109
101,632
83,130
12 mos '18
34,173
369,765
69,405
'17
103,578
def 245
4,510
Richmond (Ind)
Oct '18
14,498
4,265
def1,740
4,693
'17
2,953
L II & P Co
14,285
1,421
182,078
56,499
55,078
12 mos '18
def3,801
57,106
187,443
53,305
'17
2,732
6,312
Union Gas & El Co Oct'18
18,920
3,580
454
3,632
16,465
4,086
(Bloomington, Ill)
'17
16,207
42,298
206,411
58,505
12 mos '18
14,374
42,627
180,687
57,001
'17
6,105
Wilkes-Barre (Pa) Oct'18
83,373
27,708
21,603
9,950
30,420
20,470
72,587
Co
'17
101,812
946,777
358,249
256,437
12 mos '18
135,102
793,455
242,493
'17
377,595
* Operation suspended 24 days during October on account of strike.

FINANCIAL REPORTS
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since Nov. 30.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Page.
Miscellaneous Comp. (Con.)- Page.
Steam Roads2379
Alabama Great Southern RR. CO..i286 Federal Mining & Smelting Co
2192
2374 Fifth Avenue Coach Co
Baltimore & Ohio RR
2379
2375 Firestone Tire & Rubber Co
Boston & Maine RR
2192
Canadian Northern By. System__ ....2183 Fox River Butter Co
2286
Clue. New Orleans & Texas Pac. Ry _2372 Guantanamo Sugar Co
Gulf States Steel Co
2101
Government's Expenditures on Rail2374 Houston (Tex.) Ltg. & Power Co._.2192
roads
2095
2380 Intertype Corporation
Guantanamo & Western RR
2285 Keystone Steel & Wire Co
2192
Mobile & Ohio RR. Co
2293
New Orleans Great North. RR.00_2093 Keystone Tire & Rubber Co
2186
New Orleans & Northeast. RR. Co_2285 Mason Tire & Rubber Co
2098 Massachusetts Lighting Companies_2096
Norfolk & Western BY
2184
2094 Mergenthaler Linotype Co
Quebec Central Ry
2293
2188 Miller ..14 Lux, Inc
Salt Lake & Utah RR
2102
2189 Miller Rubber Co
Toronto Railway
Montana Power Co
2293, 2372
United Rys. of Havana & Regla
2380
2377 Newton Coal Co
Warehouse, Ltd
Niagara Falls Power Co
2193
Electric Roads2295
Barcelona Trac., Light & Power Co_2185 Ohio & Western Utilities Co
2288 Oklahoma Produc. & Refining Co_ _2374
Boston Elevated By
2286
Pacific Coast Co
Fort Dodge Des Moines & Southern
2381
2187 Pacific Power & Light Co
(Electric) RR
2103
Haytian American Corporation__ _ _2289 Packard Motor Car Co
2290 Penn Seaboard Steel Corporation._ _2373
Memphis Street Railways
2295, 2373
2090 Pierce Oil Corporation
Third Avenue Railway
2373
2189 Pittsburgh 011 & Gas Co
Utah Power & Light Co
Washington (D.C.) By.& Elec. Co_2189 Public Service Co. of Nor. Illinois_ _2381
2186
Punta Alegre Sugar Co
Miscellaneous Companies.
2194
Adirondack Electric Power Corp 2099 Remington Typewriter Co
2194
2099 Reo Motor Car Co
Alaska Gold Mines Co
2382
2378 Republic Motor Truck Co
American Railway Express
2095
2100 Riordan Pulp & Paper Co
American Telep. & Teleg. Co
2096 San Diego Consol. Gas & Elec. Co_ _2382
Assets Realization Co
2291 Santa Cecilia Sugar Corporation.. 2186
Auto Body Co
2194
2100 Sears, Roebuck Co
Beaver Co., Ltd
2382
2190 Sherwin-Williams co
Braden Copper Mines Co
2103
2101 Siegle Corporation of America
Butte & Superior Mining Co
2191 South Porto Rico Sugar Co._ _2104, 2185
Butterick Co
2291 Stewart Manufacturing Corp
2295
California Petroleum Co
2101 Stover Mfg. & Engine Co
2095
Carbo-Hydrogen Co
2287
2100 Texas Pacific Land Trust
Cities Service Co
Texas Power & Light Co
2383
Chicago Railvday Collateral Trust
2096 Towar Cotton Mills, Inc
2194
Cockshutt Plow Co
2104
Consolidated Arizona Smelting Co_ _2378 United Drug Co
2286
Consol. Interstate-Callahan Min.Co.2191 United Fruit Co
2095 United Gas & Electric Co
2104
Consumers Gas Co
2379 U. S. Rubber Co
2094
Consumers' Power Co
2373 Vulcan Detinning Co
2104
Cudahy Packing Co
2100 Washington (D. C.) Gas Light Co_ -2384
Davis-Daly Copper Co
2094 Wilson dr Co
2195
Donner Steel Co

United Gas & Electric Corporation.
Balance,
Gross
Net after
Fixed
Surplus.
Earnings.
Taxes.
Charges.
$
3
$
Guantanamo & Western RR. Co.
7,170
Citizens G Zic F Co Oct'18
28,121
10,820
3,650
7,620
(Report for Fiscal Year ending June 30 1918.)
(Terre Haute, Ind)
'17
26,828
11,426
3,806
85,606
12 mos '18
313,018
130,314
44,708
President M. H. Lewis on Dec. 12 1918 wrote in subst.:
77,184
'17
285.006
123,947
46,763
Capital Outlags.-Addltions to capital account amounted to $120,473,
7,229
Colorado Springs
Oct '18
51,244
19,688
12,459
8,096 net, of which $97,439 wore account of road and $23,034 were account
(Colo) L II & P Co
'17
51,264
20,555
12,459
66,037 equipment. Capital expenditures aggregated $159,444, as compared with
12 mos '18
594,972
215,564
149,527
58,888 $325,458 in 1917 and $285,377 in 1916. Of this amount $60,380 was for
'17
567,296
208,403
149,515
to shops
735 new rolling stock $19,264 for stations, freight sheds and additions
349
3,773
1,084
Columbia (Pa) Gas Oct'18
493 and terminal facilities, $68,643 for track betterments and extensions and
3,142
323
'17
816
Co
improvements
for
not
$11,157
completed.
3,478
4,070
36,847
7,548
12 mos '18
Revenue.-Railway operating revenues were $748,664, as compared with
3,112
30,766
3,883
'17
6,995
$555,949 in 1917; and operating expenses $761,342. as compared with
1,031
26,551 def25,520 $526,220 in 1917. The deficit a $12,678 compares with a net operating
77,408
Conestoga Trac Co Oct'18
7,964 income of $25,918 in 1917.
26,950
34,914
96,935
'17
(Lancaster, Pa)
120,718
325,191
445,909
12 mos '18 1,234,262
Of the increased revenue of $192,714 over the previous year, $141,281 90
206,310 was from freight and $49,864 from
323,787
530,097
'17 1,196,365
passenger traffic, both due about equally
def6,360 to a larger volume of business and an increase in rates authorized by the
6,833
473
Consumers El Lt
Oct '18
33,094
5,058 Cuban Government and effective Nov. 1917.
11,758
6,700
'17
31,310
& Pow Co (New
58,822
82,001
386,892
140,823
Operating Expenses.-Of the increase over the previous year of' $235,122
Orleans, La) 12 mos '18
93,505 in operating expenses, $129,757 was in the cost of maintenance, $88,024
80,146
'17
366,716
173,651
17,264 in cost of conducting transportation and $17,341 in general expenses. The
10,279
Edison Electric Co Oct '18
68,732
27,543
22,144 increase in maintenance charges was due to higher wages, increa.sod cost of
(Lancaster, Pa)
'17
66,726
31,712
9,568
special maintenance work on
12 mos '18
350,520
116,031
234,489 all materials used, a considerable amount ofwritten
783,566
off for damaged and
83
'17
709,150
105,749
332,110
226,361 both road and equipment, and $23,499
cars. The increased cost of conducting transportation was
11,031 condemned
Elmira(N Y) W L Oct '18
119,784
31,882
20,851
fuel, the latter largely because
and
labor
entirely
to
for
due
higher
costs
14,409
'17
104,097
34,198
& RR Co
19,789
the enormous advance in marine freight rates.
217,307 ofOutlook,
12 mos '18 1,380,229
245,508
462,815
New Rolling Stock, &c.-All these costs are expected gradually
'17 1,241,124
261,438 to become lower,
495,479
234,041
and as the heavy expenditures for betterments and special
Oct '18
81,519
13,073 maintenance are now beginning to reduce operating expenses and the volume
Harrisburg (Pa)
29,167
16,094
'17
80,612
23,609 of business continues to increase, much better results for the current year
38,002
14,393
Lt & Pow Co
979,595
197,246 seem assured. The first quarter, July 1 to Sept. 30,showed a not operating
385,029
12 mos '18
187,783
877,075
'17
473,840
307,449 Income of $9,357, compared with a deficit of 316,393 in 1917.
166,391
53,691
8,561
1,620
Since June 30 five new coaches and 25 now steel box cars have been put
6,941
Houston (Texas) Oct '18
14,323
'17
46,991
7,572 in service; three new coaches will be added to the passenger equipment In
6,751
G & F Co
661,066
198,490
116,111 January, and a large steel warehouse for sugar atithe Boqueron Terminal
82,379
12 mos '18
572,318
150,717 is under construction. Special maintenance worlicontinues, and by next
'17
233,007
82,290
Mill




DEC. 28 1918.)

THE CHRONICLE

2471

year your railroad will be in good condition and should thereafter produce
substantial and continuously increasing profits. The largo part of its
territory not now developed will unquestionably become so as rapidly as
the necessary transportation facilities are assured.
New Mortgage-Bonds Sold.-To make ample provision for present
and future requirements of the company, including the refunding or
payment of all funded and floating debt, was the purpose of the Refunding
6% Mortgage which was authorized by the stockholders and subsequently
executed as of Feb. 1 1918.
Since June 30, bonds aggregating $1,400,000 of the $6,000,000 issue
authorized by this mortgage have been sold and delivered. By June 30
next it is expected to receive proceeds of $600,000 more of these bonds,
which will meet all anticipated necessary requirements to that time and
provide a working cash balance after the payment of all floating debt.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1916-17.
1915-16.
1917-18.
1914-15.
$555,950
$597,732
Gross(railroad) earnings $748,664
$465,097
526,220
477,273
Operating expenses..___
761,342
355,416
$29,730
$120,458
Net railroad earnings_def.$12,678
$109,681
Profit, Boqueron ware55,945
33,475
.46,628
23,642
houses, docks, &c____
$85,674
$33,950
$153,933
Net operating earnings
$133,323
25,440
28,744
12,802
4,348
Other income
$62,694
$111,114
$166,735
$137,671
Net earns. (all sources)_
3,811
1,889
Amer.)
2,051
&
Taxes (Cuban
1,063
$107,303
$60,805
$164,684
$136,608
Operating income_ _ _ _
$36,000
$36,000
$36,000
$36,000
Interest on 1st M.bonds
18,482
19,409
9,873
equip. oblig'ns
8,142
do
10,125
25,770
do
notes, &c
25,053
57,866
69,688
17,129
unfunded debt
2,534
do
10,063
25,415
33,560
Amortiz'n of debt disc't_
35,176
8,261
4,603
7,441
Hire of equipment, &c...,
7,083
Balance, sur. or def__ def.$91,814 def.$35,990 sur.$34,912 sur.$22,620
GENERAL BALANCE SHEET JUNE 30.
1917.
1918.
1918.
1917.
LiabilitiesAssets$
$
2,750,000 2,750,000
Road, equipm't, &e_7,459,869 7,339,397 Common stock
72,615 1st pref. stock
124,220
2,750,000 2,750,000
Cash
2d
pref.
12,083
stock
33,535
250,000 250,000
Miscellaneous
Misc. acc'ts reedy_ 161,034 182,340 First mtge. bonds_ _ _ 600,000 600,000
91,769 Car trust bonds_ _ .._ 293,000 346,000
Material & supplies_ 137,478
5,900 Notes payable
8,250
224,645 532,300
U.S. Lib. Loan bds35,496 Coupon notes, 1 year
Deferred assets
450,000
26,662 Acc'ts, wages, &c.._ _ 45,695
8,000
Special deposits_ __
50,378
Interest accrued__
9,365
Claims against Cuban
12,783
Accrued depree'n. _ 91,637
152,871
Government
59,237
54,971
Miscel.
acc't
30,976
accounts
payable
51,810
Unadjusted
23,337 Adv'ces from Cuban
121,894
Deficit
Government
115,534
UnadJ.,&c., acc'ts
66,442
43,872
8,238,128 7,844,570 Total
8,238,128 7,844,570
Total
-V.107, D. 2380.

Capitalization of West Penn Railways on Dec. 31 1917 (see also p. 103 of
"Electric Railway Section").
Due. Authorized. Issued. Syst. Owns.
Common stock
$10,000,000 $8,054,700 $8,054.700
Preferred stock, 6% cumulative__
10,000,000 7,365,300
Old West Penn Rys. 1st 5s, 1905_1931 6,000,000 5,667,000 See table X
do
2d 5, 1910
1931 6,000,000 ;Fledged) Seez below
Connellsville Suburban 5s
175,000
1932
175,000
Pitts. McK.& Conn. 1st Cons. 58_1931 3,500,000 a2,912,000 See note a
Pitts. McK.& Greensb. 1st 5s........1931 1,500,000 1,500,000
Versailles Traction 1st 6s
1927
88,000
88,000
WestPennTrac.Ist5sof1910assumed
by West Penn Rys.(new
_ _1960 25,000,000 5,251,500 See table I/
a Additional $500,000 reserved
co.)- for extensions, &c., and $88,000 for subsidiary company bonds.
Leading Bond Issues and Securities Pledged Therefor.-The $5,667,000
(old) West Penn Rys. First gold 5s of 1905, due Jan. 11931, are part of an
authorized $6,000,000; $333,000 unissued reserved to retire underlying
liens secured (see V.80,p. 1857, 1914) by a first lien on the power station at
Connellsville, 183.41 miles of single track, 144 passenger cars, 39 miscellaneous cars, car barns and repair shops at Connellsville, McKeesport,
Greensburg and Latrobe, park property at Olympia and Oakford Parks
terminal at Uniontown, and other miscellaneous property (subject to prior
liens listed below), and also by deposit of capital stock and bonds of undernoted subsidiary companies:
X Securities Pledged for Railways 1st 5s of 1905Stock.
Bonds.
Latrobe Street Railway Co
$100,000
McKeesport & Duquesne Bridge Co., preferred
$167,150
McKeesport & Duquesne Bridge Co., common
82,450
Kittanning & Leechburg Railways Co
z500,000
Oakdale & McDonald Street Ry. Co
x150,000
90,000
Pittsburgh & Allegheny Valley Traction Co
x350,000 x350,000
Allegheny Valley Street Railway Co
x2,000,000
West Penn Power Co.[common stock] (see note)____ 6,000,000

West Penn Traction & Water Power Co.
(Financial Report to Pittsburgh Stock Exchange.)
The Pittsburgh Stock Exchange listed in June 1912
$20,500,000 common and $6,500,000 preferred stock of this
company and on Dec. 18 1918 an additional $2,000,000 common and $2,000,000 preferred. The Exchange has issued a
printed statement showing in substance:

Total (x Entire issue)
$7,705,950 $3,196,000
z(Old) West Penn Rys. Co. Registered Mtge. and Collateral Trust 58
of.1910, due Jan. 1 1931, authorized, $6,000,000. Entire outstanding
issue, $2,926,000, is owned by the (new) West Penn Railways Co. and deposited under the 1st Mtge. of the West Penn Traction Co.
Note.-Remaining $6,000,000 common stock of West Penn Power Co. is
pledged under the Railways 1st 5s of 1905. See table X.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED JULY 31.
1917-18.
1916-17.
Gross earnings, all sources
$8.910,920 $7,198,889
Operating expenses
5,095,568 3,740,695

Par. Authorized. Outstanding.
Capitalization (No Funded Debt)$100 $22,500,000 $22,054,700
Common stock
Prof. stock (6%.cumulative, pref. a. & d.)_ 100 8,500,000 8,054,700
Preferred Divtdends.-Regular quarterly -dividends of 1 4% were paid
from June 15 1912 to March 15 1914, and from March 15 1917 to date.
Accumulated arrears dividends amount to 16M %. No dividends have yet
been paid on the common stock.
as the Black
Incorporated.-In West Va. originally on July 11
name changed as at present April 20 1912.
River Water & Power Co., and'
Was organized in present form In accordance with proposition made [in
1912-see V. 94, p. 984) by American Water Works & Guarantee Co.(now
American Water Works & Electric Co.) to stockholders of the West Penn
Traction Co. (now West Penn Railways Co.), whereby the West Penn
Traction & Water Power Co. agreed to deliver to the American Water
Works & Guarantee Co. its common and pref. stock in exchange for the
entire common stock of the West Penn Traction Co., and $500,000 of the
$2,000,000 capital stock of the (see next paragraph)Hydro-Electric Co. of
W. Va. (formerly Cheat River H ydro-Electric Co. . Stockholders of the
West Penn Traction Co. received one share each of common and preferred
stock of the West Penn Traction dc Water Power Co. in exchange for each
share of the common stock of the West Penn Traction Co. exchanged. On
May 23 1917 the West Penn Traction Co. was merged with West Penn
Railways Co. (V. 101, p. 1704).
The water power rights and properties of the Hydro-Electric Co. of
W. Va. are now all owned by the West Virginia Power & Transmission Co.;
all of the stock of which is now owned by the West Penn Railways Co.
Control.-The American Water Works & Electric Co. owns $4,649,500
out of the $8,054,700 of preferred and $15,898,700 out of the $22,054,700
common stock of the West Penn Traction & Water Power Co.
Balance Sheet June 30 1918 (Total each side $30,150,979).
Capital stock-Preferred $8,054,700
Securities (W. P. Rys.
Common
$30,109,400
common stock)
22,054,700
730 Accounts payable affiliCash-Curr't check acct.
36,865
ated companies
Special account
34,211
1,085 Accounts payable, misAccts. receiv. affil. cos__
2,899
celianeous
Deficit
7,368
Company's income is derived from the dividends received on the $8,054 700 of the -common stock of the West Penn Rys. Co. owned. See below.
Officers.-President, A. M. Lynn; Vice-President, Williston Fish; Secretary and Vice-President, R. B. Keating; Treasurer and Assistant Secretary,
C. C. McBride. Directors-H. H. Pierce 11. R. Platt, H. Hobart Porter,
J. D.Mortimer,George T.Wood,Wm.B.Schiller, J.B.Finley, A.M.Lynn.

The following statistics are furnished regarding the subsidiary companies as of Dec. 311917:
Railways (entire $8,054,700 common stock owned by
(i)west Penn Traction
& Water Power Co.).

Total[z entire issue]
$9,249,600 $540,000
Note.-The remaining $4,000,000 common stock of West Penn Power
Co. is pledged for the Traction Co. 1st 5s. See table V below.
The $5,251,500 West Penn Traction Co. First 5s of 1910, are now a direct
obligation of W.P. Rys.Co.(new),due June 1 1960:authorized $25,000,000
of which $9,175,000 are reserved to retire bonds of constituent companies.
Total issued,$12,463,000: in company's treasury $591,500;repledged under
this mortgage at 80% of face value, $6,620,000; in hands of public as above.
$5,251,500(V.92, p.597). Secured by pledge of the following securities:
Stock. . Bonds.
Y Pledged to Secure W.P. Traction Co. 1st 5sBrooke Electric Co
$1,000
Wheeling Traction Co
2,319,200 $170,000
Steubenville Railway Co
10,000
Steubenville Bridge Co., preferred
500
Steubenville Bridge Co. common
13,250
Hancock County Electric Co
12,000 Wellsburg Electric Light, Heat & Power Co
50,000
100,000
Steubenville Wellsburg & Weirton By. Co
z1,300,000
West Penn Power Co., common (see note)
4,000,000
West Penn Railways Co. 2d Mortgage
z2,926,000

Net earnings
$3,815,352 $3,458,194
Taxes
459,870
336,891
Fixed charges and dividends of subsidiary companies 1,979,546 2,029,313
Surplus earnings
$1,375,936 $1,091.989
Note.-Earnings for period ended July 31 1917 cover earnings of West
Penn Traction Co. and subsidiary companies prior to consolidation.
COMPARATIVE CONSOLIDATED BALANCE SHEET DEC. 31.
1917.
1916..
1917.
1916..
Meth. (Concl.)AssetsPlant,prop.& inv.52,375,054 48,374,550 Bonds&coll.notes 31,609,000 31,675,000
Deferred charges_ 1,084,283 1,071,114 Per. notes & mtgs. 494,951
503.951
1,557,997 1,864,588 Car trust notes_
32,000
Cash
Accts.& notes rec.. 1,222,202
541,075 Notes payable_ _ _ _ 1,099,356 2,006,101
590,258
Material&supplies 753,471
487,951 Accts. payable_ __ 1,157,500
389,635
Accrued taxes_ _ __ 343,242
Total
483,382
56,993,006 52,339,278 Accrued int., &c__ 390,643
Liabilities612,176
1,096,218
Reserves
Stock held by public:
Surplus
2,461.921 2,819.100
Common
8,054,700 6,500,000
Preferred
7,365,300 1,624,900
Stock ofsub.cos. 2,888,175 5,134,775 Total
56,993,006 52,339,278
* West Penn Traction Co.'in 1916.
(2) West Penn Power Co. (West Penn Railways Co. owns entire $10,000;000 common stock).
Organization.-Incorporated March 1 1916 in Pennsylvania as a merger
of 53 electric light and power companies. Consolidated under single fee
ownership the principal electric light and power properties in Pennsylvania
formerly owned by West Penn Traction Co. Does a general electric
lighting and power business, serving some 74 cities and towns in the territory surrounding Pittsburgh, Pa. Population served approx. 400,000.
Controls through stock ownership the Butler Light, Heat & Motor Co.
and the Butler Ice Co., a subsidiary of Butler Light, Heat & Motor Co.
The franchises under which the company operates with exception of
those in a few small towns from which the company derives less than 5%
of its revenue, are unlimited as to duration.
Capitalization of West Penn Power Co. as on Dec. 11918.
Total
System
Total
Authorized. Issued.
Owns.
Due
Date.
West Penn Power pref. stock
10,000,000 10,000,000
Common stock
10,000,000 2,750,000 b10000,000
1st gold 5s, series "A"
Mar. 1946 8,500,000 8,500,000
do Ser."C"(V.107,p.2296)June 1958
1,888,000 (as on Dec. 1'18)
Aug 1919 5,000,000 2,000,000 (all called)
2-year 6% Coll. notes
2-year 7% Coll. notes
Feb. 1920 1,500,000 1,600,000
b Entire common stock owned by West Penn Rys. Co.
Preferred dividends cumulative from Feb. 1 1916 have been paid regulary 1(Q.-F.)
Properties.-The physical property owned, directly or through ownership
of all securities, by the West Penn Power Co.,includes 6 electric generating
stations with an aggregate installed capacity of 34,561 k.w., 60 substations
having a transformer capacity of 101,675 k.w., and 387 pole miles of
22,000-volt transmission lines exclusive of low-tension distribution lines
in cities and towns. The company also (1) leases the power plant of the
West Penn Railways Co., located at Connellsville, Pa., installed :generating capacity 56,875 k.w.;(2) operates the plant of the Allegheny Valley
Street By. Co., installed generating capacity 2,375 k.w.•, (3) the plant of
Kittanning & Leechburg Rys. Co., capacity of 750 k.w.
411
Of the generating capacity directly owned, 30,000 k.w. consists of the
company's one-half of the initial installation at the new power plant at
Windsor, W. Va., constructed jointly by the American Gas & Electric Co.
and the West Penn Power Co. The company has recently completed and
put into service 27 miles of 132,000-volt steel tower transmission line.
The transformer yards used in connection with this line have a total transformer capacity of 60,000 k.w.(V. 107. p. 2297)•
West Penn Power Co.and Sub. Cos. Inc. Acct., Cal. Yr.
.1917(V. 107, p.2297)•
Gross earnings, all sources
$4,000,349
Operating expenses and taxes
2,512,237

West Penn
Properties.-The West Penn Rys. Co., formed May 23 1917 as a merger, owns all of the capital stock of the Allegheny Valley Street Ry. Co.,
Kittanning & Leechburg Rys. Co., Oakdale & McDonald Street By. Co.
and Pittsburgh & Allegheny Valley Traction Co., and operates the last
three under lease. Also owns practically all the stock of Wheeling Traction
Co., and entire stock of Steubenville Wellsburg & Weirton By. Co., Brooke
Elec. Co., Wellsburg Elec. Light, Heat & Power Co., IIancock County
Elec. Co., the West Penn Power Co. and the West Virginia Power & Transmission Co., successor owner of the water power rights and properties of
Hydro Electric Co. of West Virginia. Francishes with but few exceptions
are perpetual. (Compare tables of securities pledged below.)
The physical property owned by the West Penn Railways Co. and subsidiaries (exclusive of West Penn Power Co.) includes (a) 339.47 miles of
track (measured as single track), of which 286.33 miles are 5 ft. 2% in.
gauge and 53.14 miles 4 ft. 8% in. gauge; 309 motor passenger cars,20 nonmotor passenger cars, 4 trail passenger cars, 26 work cars, 5 express cars,
8 sweepers and 49 other cars; (b) power stations at Connellsville, Kittanning and Creighton, Pa. (all these operated by West Penn Power
Co.); Wheeling, W. Va., and Brilliant, Ohio; (c) 63.69 miles of 22000-volt
transmission lines exclusive of low tension distribution lines in cities and
towns;substations at Harmarville, Pa., and Weirton and Wellsburg, W. Va.
Capital Stock.-Authorized $10,000,000 common and $10.000 000 6%
cumulative preferred; outstanding $8,054,700 common (all owned by West
Penn Traction & Water Power Co.) and $7,365,300 preferred; par $100.
Dividends.-Quarterly dividend of 1%% on the preferred, cumulative
from June 15 1917, have been paid regularly. Preferred stock listed on
Louisville and Pittsburgh exchanges.
$1,488,112
Common dividends of 1%% have been paid each quarter since and in- Deduct-Int. on bonds and notes, rentals and amortization_ _ _ _ 707,910
cluding Juno 1917 (the September 1918 dividend included an extra
%,
$780,202
making a total of 1j%.)




[VOL. 107.

THE CHRONICLE

2472

which will be delivered in January. With the completion of these plans
we shall have the most economically operated power house and tire mannfacuring plants in existence.
Outlook.-We are now going through the unsettled times of reconstruc2,336,300-a2,319,200 87.73 tion, but I believe the tire industry.will ajdust itself to normal conditions
very quickly; and with our enlarged Export Department, our improved
2,500,000 b2,500,000
sales distributing system, our purchasing and manufacturing facilities I
170,000 b170,000
predict an exceptionally prosperous year for 1918-19.
309,530
INCOME ACCOUNT FOR YEARS ENDING OCT. 31.
1916-17.
1917-18.
162,566
$75,801,507 $61,587,219
Sales for the year
c15,000
65,000
reserve
losses,
&c.,
and
Profits
after
depreciation,
c53,000
235,000
x$6,520,442 $5,051,798
for Federal income and excess profits taxes..
.
2,000,000 b2,000,000 2151
510,0001 1,735,403
Preferred dividends(6%)
1,690,000
.
%
)2.100,000
(60
Common
dividends
(see
below)
500,000 b500,000

Capitalization of Other Sub. Cos. Dec. 311917(Compare p. 104, "El.Ry.Sec.")
Total
system Miles
Principal
Total

Due.
Wheeling Traction Co. stock
let Consol. 5s
Jan. 1931
30-year 58
Jan 1943
Pan-Handle Trac. Co. 6%
Stock Purchase notes
Dec.1918
Wheeling Bridge Co. 6%
Stock Purchase notes
Feb. 1918
Bellaire S. W.Trac. Co. 5s ..Nov. 1926
Wheeling ,Sc Western 5s___ May 1926
Allegheny Valley St. Ry.stock_
Feb.-16:16
1st M. 30-year 5%
dKittanning&Leechb.Rys.stk.
K.8c Ford City Stay. 1st 6s_Dec. 1928
dOakdale & MoD. St. Ry. stk_
1st 5% bonds
Jan 1937
Pittsb. & Allegh. Vol. Tr. stock
1st 5% bonds
May 1940
Pan-Handle Traction stock
1st 5% bonds
Oct. 1932
Steubenville & Wheel. Tr.stock
1st Consol. 5s
May 1935
Steub. M. dr 0. Val. Tr.5s_Jan. 1920
Wheeling Bridge Co.stock__
1st Mtge. 5% bonds
Jan. 1921
Bteub. Wells. & Weir. Ry.stk
April 1951
1st Mtge. 5% bonds

Authorized. Issued.
2,500,000
2,500,000
10,000,000
309,530

Owns. Track.

162,566
500,000
500,000
2,000,000
2,000,000
500,000
27,500
50,000
150,000 b150,000
150,000
b90,000
150,000
150,000
350,000 b350,000
350,000
350,000
350,000 b350,000
500,000
500,000 c500,000
500,000
500,000
500,000 c650,000
650,000
650,000
533,000
150,000
117,000
500,000
336,250 c265,900
200,000
200,000
1,300,000 1,300,000 b1,300,000
700,000
700,000

4.40
8.50

19.19
15.42

13.77

a b c Amounts owned by parent company or its subsidiaries, viz.: a Owned by
West Penn Traction dc Water Power Co.; b Owned by West Penn Railways; c Owned
by Wheeling Traction Co.
d This road is leased by and operated under name of West Penn Railways Co.
The Wheeling Traction Co. owns the entire capital stock of Bellaire South-

Western Traction Co., Wheeling & Western Railway Co., Steubenville &
Wheeling Traction Co., Citizens' Street Railway Co. (leased by Wheeling
Traction Co.) and Pan Handle Traction Co. Controls Wheeling Bridge Co.
Lines of road extend throughout Wheeling and suburbs, and also to Moundsville, Bellaire, Shadyside, Barton. Martins Ferry, Rayland and Wellsburg.
Also has line from Steubenville to Brilliant. In all owns or controls and
operates 87.73 miles of track; 19.19 mile.standard gauge, ba lance 5 ft.
2% in. Cars: Motor passenger, closed 90, open 21; work 9, express 2,
sweepers 2, other 17. Non-motor open passenger cars 20. Power station at Wheeling.-V. 107, p. 2290; 183.

The Cuban-American Sugar Co., New York.
.
(Report for Fiscal Year ending Sept. 30 1918.)
The report will be found at length on a subsequent page
Including the remarks of President R.B. Hawley, the consolidate balance sheet and consolidated profit and loss account.

$3,910,442 $3,316,395
Surplus for year
x Federal income and excess profits taxes for 1917-18 were $1,835,788.
Stock outstanding, $8,500,000 6% cum. pref. and $3,500,000 common;
par $10 a share. In the year 1917-18 the common shares received each
quarter a dividend of $1 25 a share (12%%) and on Sept. 30 with the
regular $1 25, a special of $1 (10%) was paid, making 60% for the year.
CONSOLIDATED BALANCE SHEET OCT. 31.
1917.
1918.
1917.
1918.
Liabilitiesi
Assets$
$
$
Land, bldgs., machinery & equip.17,094,330 16,597,362
Investments:
U. S. "Liberty
500,000
Loan" bonds.. 3,139,906
Misc.stks.& bds 1,661,337 1,200,648
U. S. Treas. cert.
of indebt.(4%%) 505,000
Inventories (cost)_22,205,718 14,034,626
5,207,822 2,452,840
Cash
Notes & acc'ts rec. 8,908,337 11,817,422
Due from empl's
acc't coin, stock
(4,835,135
purchases and
sundry advances 4,916,365 [
Stock subscrip'nsExpend. applic. to
195,665
215,032
future opera'ns_

I
I

6% cum. pref. stk.
(auth. $10,000,8,500,000
000)
Coin. stk. (auth.
$5,000,000) _ _ _ 3,500,000
Notes & trade acceptances pay_14,009,112
Acct's payable.... 1,211,461
Accrued salaries,
1,110,787
taxes, Ste
Subscrip. to U. S.
"Lib. L'n" bds_ 1,973,700
Reserves for:
Welfare work &
1,241,639
pensions
Insurance losses 438,094
Fed.Income and
war excess prof1,835,788
its taxes
30,033,267
Surplus

8,500,000
3,500,000
9,715,000
838,667
314,281
490,000
1,100,000
284,996
787,928
26,122,825

63,853,847 51,633,697
63,853,847 51,633,697 Total
Total
Note.-The company had a contingent liability as endorser on $692,279
of notes and trade acceptances receivable, discounted.-V. 107, p. 2379.

General Electric Co.
(Statement for Six Months ending June 30 1918.)
Figures reported by the New York Stock Exchange compare as follows:

GENERAL STATISTICS FOR YEARS ENDING SEPT. 30.
1915-16.
1914-15.
1917-18.
1916-17.
ACCOUNT SIX MONTHS TO JUNE 30 1918 AND CALENDAR
1,676,940' 1,477,507 INCOME
Total bags
1,863,802
1,724,750
YEARS 1915-1917.
236,401
Total in tons _
275,960
298,208
268,310
1916.
1915.
1917.
6 mos. 1918.
Receipts14,713
Cardenas Ref.(1,000lbs.)
24,997
50,277
30,613
$85,522,070
$98,152,331$196,926,318$134,242,290
billed
Sales
154,954
117,513
Gramercy Ref.(1,000 lbs.) 151,026
145,341
76,174,056 167,921,778 118,948,199 76,898,183
Cost of sales
CONSOL. INCOME ACCOUNT FOR YEARS ENDING SEPT. 30.
$21,978,275 $29,004,540 $15,294,091 $8,623,887
Profit from sales
1914-15.
1916-17.
1915-16.
1917-18.
$38,251,539 $38,653,479 $26,320,943 $22,502,285 Interest and discount
x Sugar sales
1,851,140 2,022,237 2,129,265
2,419,126
and sundry profits_
511,803
492,334
714,304
Molasses sales
650,353
1,554,843
1,844,645
2,661,150
Income from securities
208,850
234,959
Interest received
352,537
530,851
768,921
952,465
Profit on stores, &c_ _ _ _
$24,397,401 $33,516,830 $19,160,973 $12,307,995
Total
Deduct$40,089,316 $40,345,554 $27,344,128 $23,366,625
Total
$570,086
$571,445
$571,645
Interest on debentures_ _ $1,064,850
Prod. & mfg. costs, sell541,357
ing & general expenses 29,840,043 29,523,594 17,718,657 16,156,102 Int.& disc't on notes pay
5,500,000
Excess profits tax. (est.) 11,000,000
(4%)4,533,605(8)8,120,648(8)8,121,646 (8)8,229,918
Net earnings
$10,249,273 $10,821,960 $9,625,471 $7,210,523 Dividends cash
1,015,078
do Red Cross (1%)Deduct2,270,000 2,030,156
stock
do
in
(2%).....
Res, for income and war
excess profits taxes as
$5,528,946 $15,737,946 $10,467,882 $3,507,992
Balance,surplus
may be finally deter$3,500,000 $2,500,000
mined
CONDENSED BALANCE SHEET.
$788,497
729,339
762,030
Depreciation
909,794
June 30'18. Dec. 31 '17.
June 30'18. Dec. 31 '17.
62,352
61,866
83,990
Discount on bonds
Liabilities$
Assets548,860
529,530
498,420
Interest on bonds
197,095
1 Capital stock...113,587,100 101,512,500
13,768
69,624
216,766 Patents, dm_ _
83,520
306,009
Int. on bills payable, &c.
12,047,000 12,047,500
24,844,257 21,190,675 Bonds
Cash
Discount on notes
137,500
38,524,946 37,348,008 Notes payable... 25,451,534 27,757,722
Securities
256,443.
Interest on notes
8,009,910
Acct's payable_ 14,229,638
Notes and acc'ts
Res. to reduce cap. exp_
715,229
7,855,748
38,406,993 Accrued taxes_ 13,717,936
43,529,078
receivable
_
276,283
Bond sinking fund
96,128
637,926
494,921
8,233,880
contra's 17,620,599
Adv.
on
from
affiliDue
Preferred dividends_ _ _ _ (7)552,566 (7)552,566 (7)552,566(14)1,105,132
250,611
254,211
6,571,239
5,578,518 Accrued interest
ated cos
Common (cash) divs_ _ _(10)999,950(20)1999,137(20)1427,120
2,030,156
6,244,600 Divs. payable__
Work in progress 6,128,950
Common (stock) divs.
2,030,156
Inventories.....90,328,896 81,851,312 do do in stock
(40)2854,240
paid Oct. 2 1916
1,277,063 General reserve- 12,000,000 12,000,000
charges 3,469,675
Total deductions__ $7,670,714 $7,117,590 $6,719,206 $2,997,890
Balance, surplus
$2,578,559 $3,704,370 $2,906,265 $4,212,633
x Denotes raw and refined sugars produced, less commissions, &c.
CONSOLIDATED BALANCE SIIEET, SEPTEMBER 30.
1918.
1917.
1917,
1918.
Assets9,999,500 9,999,500
Common stock_
Lands, bidgs., machinery, &c__ _29,993,128 27,820,659
3,929,340 3,929,340
Advances to Colo3,334,174 1,614,800
nos, &c_a
Plant,& grow.cane 2,592,223 1,735,900
Livestock & equip. 1,288,109 1,052,746
Inventory of raw '
material, &c..._ _ 4,500,686 3,618,325
Stock of raw, &o.,
2,327,854 1,431,147
sugar
1,606,366 7,398,438
Cash
Liberty bowls_ _ _ _ 2,300,000
aAccts.& bills rec. 1,530,861 2,656,320
190,446
162,5001
Bond discount_ _ _
Other def. charges 176,1941
379,400
Advances

Total

54,120,834 51,448,122

Preferred stock_ _ _ 7,893,800
1st lien 6% notes. 6,000,000
Coll, trust bondsReal est. Ms., &c.. 462,193
1,052,357
Bills payable
Bankers' loans_ _ _ 858,034
Accounts payable_ 1,722,633
73,211
Salaries and wages
109,451
Interest accrued__
Dividends pay._
Sinking fund
Res. for inc. & war
taxes (est.) _ _ _ _ 3,743,202
Depree'n reserve- 5,378,284
16,828,168
Surplus b

Total

7,893,800
8,211,000
466,195
53,196
721,816
1,479,980
65,620
260,589
1,388,079
347,020
2,500,000
4,251,716

13,809,610

54,120,834 51,448,122

a After deducting reserve for bad and doubtful accounts.
b After crediting $440,000 collateral trust bonds canceled through the
sinking fund.
In regard to the first lien 6% gold notes, see V. 105, to. 2545.-V. 106,
P• 503.

Firestone Tire & Rubber Co.
(Annual Report-Year ending Oct. 311918.)
Pres. H. S. Firestone on Dec. 16 1918 wrote in substance:

Deferred
Property aco't!_ 50,921,254 39,732,622 Surplus

55,427,645 49,898,699

Total

264,332,063 231,630,482

264,332,063 231,630,482
Total
-V.107, p. 2379,2292.

Gaston, Williams & Wigmore, Inc.
(Including Gaston, Williams & Wigmore Steamship Corp.)

(Semi-Annual Balance Sheet Oct. 31.)
1918.
$
AssetsStk. of assoc. cos_ 1,766,688
&curs. of oth.cos. 102,652
Invest,in ships- 1,784,978
Adv. to oth. cos__ 556,584
43,689
Furn.,fixt., &c_Insur. claims, &o.. 317,008
1,135,169
Cash
393,535
Notes receivable
Accts. reedy., less
y9,241,994
reserve
Mdse. purch., sold
& in process of
4,663,551
delivery
484,700
Securities
Deferred, Sic., as119,493
sets

1917.
1,755,662
213,910
.1,508,444
648,157
33,495
354,055
2,863,122
196,451
12,230,571
3,660,363
184,800
28,108

1918.
LiabilitiesDeclared capital
(300,000 shares,
no par value)-12,000,000
6% sor. notes, due
April 1918-21- 3,000,000
Notes payable_ - - 195,000
Accepted merchandise drafts
1,460,354
Accts. payable...- 460,145
Taxes, commis'ns,
&c., accrued.... 126,873
Dividend payable. 300,000
Res. for taxes, &o. 1,007,292
Deferred credits to
profit and loss__ 350,403
Res've for conting. 277,845
1,432,129
Surplus

1917.

12,000,000
4,000,000
605,191
1,760,337
459,098
300,000
1,021,527
293,179
504,695
2,738,112

Total
20,610,042 23,632,138
20,610,042 23,682,138
Total
y Includes accounts receivable (customers), $4,352,273, and of associated companies, $5,150,629, less allowance for doubtful accounts, $260,909.
.Contingent liabilities: Drafts discounted against customers for merchandise sold
and shipped, $2,796,588; sundry guarantees on bonds and contracts, $376,317.
-V. 107, p. 1582.

Fajardo Sugar Co.
(13th Annual Report-Year ending Yuly 31 1918.)
President James Bliss Coombs.says in substance:

Results.-Sales for the year were $75,801,507 against sales the preceding
year of $61,587,219, an increase of $14,214,287, or 21%.
The general results of the 1918 crop in the Island of Porto Rico were less
Profits for the year, after liberal allowances for depreciation, losses and
bad accounts, taxes, &c., were $8,356,230, which have been distributed than the previous year, few Centrals showing an increased outpu over the
as follows: Reserve for Federal income and excess profits taxes,$1,835,788; preceding year. We are glad to report that the Fajardo Central was
•dividends paid during the year, $2,610,000; placed to surplus, $3,910,442; one of the Centrals that exceeded the output over 1916-17.
The total number of tons of cane ground in 1917 was 249,488 tons and
total, $8,356,230.
Additions.-During the year plant No. 2 was completed and devoted in 1918, 295,124 tons. The factory output was 231,085 bags of 310 pounds
'exclusively to work for the Government, which work is now largely finished. net of sugar, equal to 35,818 net tons, and a total of molasses of 1,549,401
The equipment originally ordered for this plant is on hand and paid for, gallons. The cane acreage for the 1919 crop is somewhat larger than the
.and is now being installed. The same is true as to the power house, which 1918 crop, so that it is probable that with favorable weather there will be
is practically completed, with the exception of a 25,000 h. p. steam turbine an increase in the sugar output in 1919.




THE CHRONICLE

DEC. 28 1918.]

CONSOLIDATED PROFIT AND LOSS ACCOUNT-YEARS ENDING
JULY 31.
1916-17.
1917-18.
1915-16.
1914-15.
Sugar, &c., produced_ __ $4,366,671 $3,286,366 $4,162,851 $1,980,623
196,312
164,193
78,643
Miscellaneous receipts__
226,982
$4,593,653

$3,482,678

$4,327,044

$2,059,266

3,591,184

2,790,670

2,601,605

1,654,133

$692,008 $1,725,439
$1,002,468
Net income
79,243
Miscellaneous
Purchase of San Cristobal assets, losses on
40,000
final liquidation
38,440
79,813
103,453
Int. on bills payable, &c.
98,275
154,349
114,589
Depreciation
(10)333,720 (10)333,720(173.6)584010
Dividends

$405,133
5,247

Total
Deduct-Producing and

mfg. costs, &c

a$331,703

Balance,surplus

$181,572

$947,028

70,964
110,366
$218,557

a Before providing for Federal income, war and excess profits taxes.
CONSOLIDATED BALANCE SHEET JULY 31
1917.
1918.
1918,
1917.
Liabilities$
$
$
$
AssetsCapital stock (33,372
Property plant, &c.,
shares at po.r)_ _ _ _3,337,200 3,337,200
less depreciation_ _3,134,714 2,981,762
Fajardo Devel. Co.
Live stk., equip.,&c.
outstanding stock_
1,000
1,000
less depreciation__ 668,974 620,207
Bills payable
Dep.dePuertoRicostk. 1,000
750,000
830,973 517,921 L. W.& P. Armstr'g 864,649 198,954
Growing crops
47,390 Accounts payable_ _ _ 309,311 286,250
Mortgages & loans__ 47,571
253,277 201,133 Dividends payable
83,430
83,430
Cash
Material & supplies_ 616,224 391,442 Insur. reserve to provide for posslosses 100,000 100,000
Sugar and molasses.1,158,314 162,707
60,000 Other reserves
89,930
13,414
Liberty Loan bonds_ 225,540
1,849,316 1,517,612
Planters' acc'ts, &c_ 154,585 254,811 Surplus
Acc'ts & bills receiv. 185,925 191,906
Deferred charges.. 109,760 108,581
7,384,836 5,537,861
Total
-V. 106, p. 503.

Total

7,384,836 5,537,861

Packard Motor Car Company, Detroit.
(Company's Comparative Statement.)
Auditor I. R. Derbyshire has favored the "Chronicle" with
substantially the following comparative data:
COMBINED INCAIE FOR FISCAL YEARS ENDING AUG. 31.
1913-14.
3,612
$
3
$
9,281,332 7,700,487 0,046,203 4,090,556 2,252,054
Gross revenue
3,664,630 2,299,796 2,847,649 1,321,000 1,091,000
Depreciation
1916-17.
1915-16.
1917-18.
1914-15.
Aug. 31 Years14,505
13,237
13,277
4,908
Output, No. of vehicles__

5,616,702 5,400,691 6,198,554 2,769,550
Net revenue
560,000
455,000
350,000
Prof. dividends (7%)-- _ - 560,000

1,161,054
350,000

4,346,320 3,930,055 5,347,953 2,419,556

811,054

Common divs. Cash ._ _(6%)710,382(7U)910636(5'4)395601
do Stock-See foot notes to balance sheet.
do
Balance, surplus

In the year 1912-13 the gross revenue was $3,878,568; depreciation charge,
$1,514,000; cash dividends, $350,000; balance, surplus, for year, $2,014,568. Total
profit and loss surplus Aug.31 1913, after writing down "Rights, franchises, &c.,"
from $3,274,959 to El, $3,394,553.
[Cash dividends on common stock include in calendar year 1916 7% a u% guar.);
1917,8% (2% quar.); 1918, June, 2%; July, 2%; Oct., 4%. For stock dividends
see foot notes to balance sheet.
CONDENSED BALANCE SHEET FOR YEARS ENDING AUG. 31.

1918.

1917.

1916.

1915.

1914.

$
s
a
$
11,792,606 9,819,872 7,372,230 5,840,460
1
1
1
1
5,741,123 4,457,090 2,652,641 1,748,076
19,029
533,080 1,385,388
248,463

$
• AssetsReal estate, mach'y,&c-12,056,190
1
Rights, franchises, &c......
Invest, in branch houses_ 6,968,838
4,416,356
Securities owned
Stock option contract with
156,500
employees
18,235,205
Inventories
2,085,782
Cash
278,795
Vehicles in transit
Due by branch selling cos. 1,237,128
Bills & accounts receivable 4,890,781
199,948
Advance payments

199,000
138,000
186,200
201,950
18,556,600 14,746,475 7,423,876 6,394,804
686,640
727,496 2,289,111 2,462,464
2,334,387
527,327
53,103
278,309
2,798,295
539,966
577,306
263,146
1,315,014 1,658,083
690,789
836,590
248,039
65,406
94,924
97,084

50,525,524
Total
Liabilities11,813,430
Common stock
8,000,000
Preferred stock
5,000,000
Debenture notes
9,817,287
Accounts payable
1,06 , 32
Notes payable
543,870
Def'd pay. on real estate_
632,644
Reserves
13,657,861
Surplus

11,840,930
8,000,000
5,000,000
4,184,113
3,975,000
274,382
1,104,748
9,311,541

43,690,714 33,212,796 22,725,569 18,371,407
11,656,930
8,000,000
3,000,000
4,295,113

7,065,300 7,065,300
5,000,000 5,000,000
3,000,000 3,000,000
2,335,908
886,781

368,985
368,985
510,282
330,213
213,719
x5,381,486 4,625,163 y2,205,607

50,525,524 43,690,714 33,212,796 22,725,569 18,371,407
Total
x After deducting special stock dividends paid on common stock of 10% ($706,0001
50%
and
[63,885,5001
Aug. 11918.
in Feb. 1916
y After deducting $2,000,000 special stock dividend (40%) pald on common stock,
Oct. 16 1913.
1918.
Working Capital Aug. 311917.
1916.
1915.
$22,399,169 $22,832,581 $16,518,265 $8,331,228
Inventories
3,158,510
1,094,400
1,202,731
Cash
4,343,968
275,795
2,334,367
Vehicles in transit
527,327
53,103
6,148,254
2,651,637
Bills & accounts receivable
2,369,285
480,925
Total current assets
Accounts payable
Notes Payable

$31,979,728 $28,712,985 $20,617,808 $13,215,224
$12,869,992 $6,044,470 $3,182,079 33,178,115
1,060,432
3,975,000
1,550,000

$13,930,424 $10,019,470 $4,732,079 $3,178,115
Total current liabilities
318,049,304 $18,893,515 15,885,529 $10,037,109
Net working capital
* Includes reserve for Federal taxes and other accruing obligations. (Compare
V. 107. D. 1746; V. 103. p. 576.)-V. 107, p. 2295.

Republic Rubber Corp. & Subsidiaries, Youngstown,0.
INCOME ACCOUNT AuaUST 31 1918.
Net profit for 6 months ended Feb. 28 1918
Net profit for 6 months ended Aug. 31 1918 (after deducting
$217,737 interest charges)
Total profit
Common dividends
Preferred dividends

$40,530
865,714
$906,243
$76,164
382,249

Balance, surplus
$447,830
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING AUG. 31 1918.
Balance Aug.311917,as shown by company's books,$3,962,453;
balance as shown above, $447,830; total balance
$4,410,283
Deductions-Reducing book value of patents and patent rights,
to nominal value of $2
$940,255
Reducing book value of permanent assets to final appraisal
and revaluation of molds
332,936
Charging off items classified as deferred assets
163,446
Charging off financing expense providing for doubtful items,
necessary adjustments, &c
983,969
Balance applicable to common stock Aug. 31 1918 (equal to
$9 08 per share)
$1,989,677




2473

CONSOLIDATED BALANCE SHEET.
Aug. 31 '18. Oct. 31 '17.
Aug.31'18. Oct. 31 '17.
AssetsLiabilities-$
$
$
Lands, bldgs., eq.,
7% cum. 1st pref.
water r'ts, &c__ 4,692,956 5,323,540
stock
y6,767,400 6,755,400
Invest, in stks. of
Common stock_ _ _x1,094,790 1,007,699other companies
128,370 Notes payable..._ 6,437,417 2,847.185
Raw materials &
444,530
Accounts payable- 966,927
supplies, work in
10,000
Mortgage payable
process, &c_ _ _ _ 7,599,392 5,159,268 Land contr't pay_
17,060
Cash
733,434
115,355
483,759 Sal'es & wages pay.
Accounts receiv'le 2,127,389 2,278,801 Accr'd pref. dive__
118,781
77,638
Notes receivable
417,839
46,1681
35,566
166,781 Accrued taxes_ _ k
Miscell. notes and
I
1,541
Accrued interest_ I
acc'ts receivable 680,586
29,797 Reserves for671,458
Stock contr't with
Deprec. of prop.
y100,000
100,000
officers
Deprec. of patsUnadj. bal. of proDoubtful acc'ts
232,618
110,000
prietary sell.cos.
receivable
2 1,054,601
20,000
Tire adjustm'ts1
27,8651
Patents
16,698
402,287
Distribu. comj
Deferred items... 129,697
stk. to empl_j
1
894,887 3,156,754
Surplus
Total

16,381,295 15,359,822

Total

16,381,295 15,359,822

x Authorized 250,000 shares of no par value, declared value of at least
$5 a share; issued, held for exchange, &c., 218,958 shares, 200,839 shares
being the amount actually outstanding Nov. 15 1918, which at $5 each
equals $1,094,790 as here shown.
y Authorized, $10,000.000; issued, $6,251,000; subscribed, $14,200;
held for exchange, $502,200.-V. 107, p. 2295.

Torbensen Axle Co.
(Report for the Year ending June 30 1918.)
This company, whose entire common stock is owned by
the Republic Motor Truck Co., Inc., reports as follows:
INCOME ACCOUNT FOR THE YEAR ENDING JUNE 30 1918.
$4,234,338
Sales, less returns, &c.: Axles
593,879 Parts
14,089
Less-Discounts
$4,814,128
3,750.012'

Net sales
Manufacturing cost

$1,064,115
49,324

Gross profit from operations
(Mgt income

$1,113,439 Total profits
345.220
Selling, general and administrative expenses, &c
53,924
Preferred dividends
Provision for inc.& exc. prof. taxes, Law of Oct.3 1917,& reserve
400,000 •
for contingencies
$314,295 •
Balance
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING JUNE 30 1918.
Surplus at July 1 1917, $354,012; Less Federal taxes, $159,075 for
year 1916-17 in excess of reserve; balance, $194,936; Add surplus
$509,231
year 1917-18, as above, $314,295; total
Deduct-Amount written off for exting. of patent rights, goodwill
and common stock bonus, $114,790; commission on pref. stock
136,551
sold, $17,482; organization expense written off, $4,279; total
Balance, surplus

$372,680 -

BALANCE SHEET JUNE 30 1918.
LiabilitiesAssetsLand,b1dgs.,mach.,equip.,&c. $764,914 Pref. stock ($1,000,000 auth.). $740,000
395,000
330,990 Corn.stock ($750,000 auth.) _ _
Patent rights, goodwill, &c___
35,000
1,048,226 Mortgage payable
Inventories
575,000
Notes payable-bank loans__ _
Due from Republic Motor
85,003
546.505 Trade acceptances
Truck Co., Inc
516.548
331,681 Accounts payable
Accounts receivable
61,634
30,744 Accrued pay-roll, &c
Notes receivable
12,537
13,230 Customers' Deposits
Liberty bond subscriptions_ _ 122,232 Balance Federal taxes, 6 mos.
Cash
12,031
16,882
to June 30 1917
Prepaid ins., prem.,int., &c..
Prov.for Inc.& exc. prof. taxes

on law of Oct. 3 1917, and
reserve for contingencies_ _
Surplus
Total

$3,205,403

Total

400,000
372,650 •

$3,205,403

Note.-Customers' notes discounted and discounted sight drafts in course
of collection, secured by axles shipped-Republic Motor Truck Co.,
Inc., $400,000; other customers, $123,692; total, $523,692-V. 105, p. 916.

International Milling Co., New Prague, Minn.
(Report for Fiscal Year ending Aug. 311918.)
This corporation owns mills at New Prague, Blue Earth
and Wells, Minn., Davenport, Iowa, Calgary, Alta., and
Moose Jaw, Saskatchewan. The total daily capacity of flour in 1917-18 was 9,000 bbls. and cereals 800 bbls.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING AUG. 31.
1917-18.
1916-17.
1915-16.
1914-15.
$411,199
x$517,163
$613,662 - $661,915
Trading profits
$40,004
$41,244
$42,515
$44,000 Interest on bonds
70,357
70,357
70,357
Preferred dividends(7%)
70,357
$549,013
$296,842'
Balance,surplus
$406,802
$502,061
465,717
566,063
534,002
362,559
Previous surplus
$762,559
Total
$972,865 31,036,063
$911,602
Corn. div. (cash)____(18%)225,000 (22)220,000 (27)257,000 (35)280,000 do in paym't new stk(22)275,020 (25)250,000 (4+)40,000z(15)120,000
See x" above
80,000
do war taxes
$534,602
Total surplus
$472,865
$566,063
$362,559
x After deducting full provision for Canadian and American war taxes.
z Note.-In Feb. 1914 a cash dividend of 28% and a stock dividend of
40 7 and in March 1915 a cash dividend of 30% and a stock dividend of •
20% were paid, the stock being thus increased to $960,000. In the following three years cash dividends only were paid aggregating 31%, 47
and 40%, respectively, but of these distributions amounts equal to 4 o
($40.000), 25% ($250,000) and 22% ($275,000) on the outstanding stock
were forthwith applicable to the purchase at par of additional stock,
which, being worth more than its face value, was taken as a matter of course, increasing the outstanding issues by the sums named to 31,525,000 •
as of Aug. 31 1918.
BALANCE SHEET AUG. 31.
1917.
1918.
1917.
1918.
LiabilitiesAssets$
1,005,100 1,005,100Property & plants_ _2,692,967 2,404,312 Preferred stock
Common stock_ _ _ _b1,525,000 1,250,000
Wheat, oats, flour,
2,272,224 1,637,697 1st Mtge. bonds.... 648,500 668,500cereals, &c
Notes payable
758,066 225,558
Notes and accounts
a724,602 453,526 Accounts payable.. _ 699,595 474,193
receivable
314,944 267,755 Accr. diva. on pt. cap. 17,589
17,589Cash
Accr. int., taxes, &c. 834,689 393,905
Lib'ty & Vic'ty bds- 188,200
Deprec'n reeve, &c_ 382,152 315,869
Milling in transit,
3,9.37
48,652 Insurance fund
prep'd int.,insur.,Arc 59,508
95,069 104,834 Profit and loss
472,866 566,063
Sundry assets
Total
6,347,514 4,916,777 "
6,347,514 4,916,777
Total
a After making allowance for bad and doubtful accounts.
b As to increase of stock, see foot-note to income account above.
There was also, Aug. 31 1918, a contingent liability in respect of drafts
on customers discounted at banks in the ordinary course of business,amounting to $509,156; in respect of contracts for permanent improvements,
approximately $34,000.-V. 105, p. 2541.

[VOL.

THE CHRONICLE

2474

American Real Estate Co., New York.
(Fifth Report of Receivers-Half-Year Ended June 30 1918.)
Receivers Walter C. Noyes and Alfred E. Marling, as of
July 31, say in substance:,
Progress of Liquidation-Park Hill Property.-During the past six months
some progress has been made in the liquidation of the affairs of the estate.

The sales of rental properties aggregate 3125,600, having a book value of
$193,600, and contracts have been entered into for the sale of a rental
property for $121,500, having a book value of $130,000, and for the sale
of a portion of the vacant land situated in Park Hill, Yonkers,for $200,000.
While the sum secured for this latter parcel is less than 33 1-3% of the
book value, this book value was in our opinion unreasonably high. The
purchaser proposes to develop the property with small dwellings, and this,
we believe, will lead to purchases by other parties interested in home sites.
The expense of maintaining the Park Hill properties this year has been
considerably increased owing to an advance of about 31% in the tax rate
by the city of Yonkers.
Cash Receipts-Mortgages.-The amount of cash received through the
sales of real property was inconsiderable; the estate, however, was relieved
of several very pressing first mortgages. Several mortgagees have met our
urgent appeals by reducing the rates of interest on certain mortgages, with
a saving to the estate of $11,487 per annum.
Demand for Apartments, etc.-The demand for apartments and loft
building space continues and the receivers are pleased to report that new
leases have been made at considerable advances,and negotiations in progress
would indicate increases in gross revenues from rental properties aggregating $60,000 for the coming year.
Increase in Tares.-Unfortunately the tax rate in N. Y. City has been
increased an average of 163 % and as already stated, the tax rate in
Yonkers has been advanced about 31%, so that the increased taxes on
Improved and unimproved properties for the year 1918 are nearly $35,000.
Equities.-As many of the second mortgages receivable which came into
the possession of the receivers were past due on April 19 1916, the date of
our appointment, It was necessary to secure title to the properties in order
to protect the equities, which title has been obtained in some instances
through foreclosure proceedings and in others by the payment of nominal
sums. The amount of such second mortgages receivable uncollected and
which we have been unable to liquidate aggregate $397,900. The properties taken over are being operated without loss and as the realty market
improves it is hoped that these various parcels may be sold at prices which
will enable the receivers to recover the larger part of the equity in the
•
second mortgages formerly carried thereon.
Settlement of Claim against Certain Former Directors and Officers.-In view
of the nature of the claim, the financial responsibility of the defendants
and other considerations, the receivers with the approval of the Court,
settled this matter for $60,000 cash. We are fully convinced of the wisdom
of making such settlement under all the circumstances.
Oullook.-There is little opportunity to sell vacant property during the
war and to carry such property with the heavy interest and tax payments is
a great burden; such outlays exceeding the net income from the improved
properties. Indeed the burdens in some cases are so great that we often
seriously consider whether the prospects justify continuing to carry them.
Still many competent persons believe that after the war there will be a
great demand for vacant property for dwellings, apartments and factories,
and advise holding vacant property wherever possible, and awaiting the
expected better market. We therefore continue to provide for substantially all of the unimproved parcels. We earnestly hope that the future
will justify our action.

RECEIVERS' BALANCE SHEET.

(Book value of assets in the possession of the receivers and liabilities of the receivers at June 29 1918.1
Jule29'18. Dec.31'17.
Jule29'18. Dec.31'17.
Liabilities$
AssetsReal estate invest_20,098,258 20,264,122 Receiv. ctfs.-Iss.
Nov.616 at 6% $100,000 $100,000
Deduct - Mtges.
8,786,794 8,989,544 Int. accr., mtges.
thereon
131,955
126,044
payable, &c..._
Reserves:
Balance of real
Taxes, assess.,
estate invest_11,311,464 11,274,578
penalties, &c.,
Unencumb. prop_ 2,805,348 2,805,348
prior to April
Mtges. rec. owned:
194,950
190,077
19 1916
Properties owned
41,061
64,281
Subseq.tax.,&e.
604,910
individ's, &c_ 415,149
32,847
40,671
Miscellaneous.
Props. owned by
187,885 Excess of book val.
287,885
cont. cos__ _
of assets in posxStock of affiliated
session of receiv135,971
135,971
and cont. cos.._
ers over liabili84,747
51,766
Cash
ties of receivers_14,683,387 14,807,235
29,410
28,910
Notes receivable
107,943
Accts. Si receiv'les 101.445
77,258
66,519
Miscellaneous

Total

15,204,460 15,308,048

Total

15,204,460 15,308,048

x No provision has been made for depreciation or loss on securities or mortgages
owned or assets of doubtful value.

Contingent liabilities exist for mortgages receivable sold under guarantee and for
bonds remaining in force in connection with mortgages payable on properties sold:
also for the guarantee of a lease made by an affiliated company, but no item is
given in the above to cover these contingencies.-V. 105, p. 2274, 1204.

Sherwin-Williams Co. of Canada, Ltd,
INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1914-15.
1915-16.
1916-17.
1917-18.
$1,162,951 $915,273 $846,944 $577,304
Earnings for year
$53,485
$76,710
$80,746
Deprec n & renewal reserve_ $121,024
139,323
136,470
133,092
128,581
Interest on bonds
210,000
210,883
232,605
220,133
Preferred dividends
15,337
49,807
118,986
94,258
British & Can. war taxes, &c.
Balance, surplus
$586,584 $392,337 $373,374
CONSOLIDATED BALANCE SHEET AUG. 31.
1918.
1917.
1918.
Assets-

Land,bidgs.,plant,
equip't, trade-

$159,159

1917.
$
Mobil.(Cond.).
1st M.s. f. gold 6sx1,838,500 1,873,200
Mtges. dc bonds of
sub. cos.
340,667
340,667
Can.Paint Co._
Lewis Berger &
103,680
95,873
Sons, Ltd_
447,221
833,242
Bills payable
544,268
Accounts payable.. 868,814
Bank loans of Ber190,705
358,794
ger Co
24,458
24,704
Int. accr'd on bits.
Sherwin-W'ms Co.
of Cleveland (bal.
700,112
current ace't) _ 827,460
100,000
Special reserve I'd. 100,000
Reserve for deprec.
555,862
666,157
& renewals.
2,333,282 1,746,698
Surplus

marks,good-will,
9,409,203 9,100,837
&c
Invest. In stocks of
320,475
320,475
other cos__ _ _
In war bonds &
3,124
50,923
certificates..
59,636
68,853
Sink, fund depots_
3,286,800 2,417,614
Inventories
Acc'ts & bills rec. 2,402,925 1,829,571
167,966
147,754
Cash
Insur., taxes, &c.,
14,628
25,562
prepaid
REAL ESTATE INVESTMENTS, WITH MTOES. THEREON, JUNE 29 1918.
(Showing property values April 19 1916, less properties since sold to June 29 1918.)
15,712,495 13,913,851
Total
LiabilitiesMortgage LiensProperty Values
Cost. Book Val. Assess.'18. First. Subordle. Pref. stock, 7%
Properties3,425,000 3,287,000
cumulative
(1) Unencumoered properties
$
15,712,495 13,913,851
Total
4.000,000 4,000,000
Common stock _
(book value $2,805,348)Contingent liability for bills under discount, $104,692.
71,800
(a) Bronx Boro., N. Y.City_ 83,532 155,325
(b) In Yonkers, N.Y
843,653 2,642,023 753,775
x First mortgage sinking fund 6% gold bonds due July 1 1941, author(2) Mortgaged rental properties (book val. $9,081,515)redemption of
(a) In Manhattan,N.Y.City 6,981,631 6,008,535 4,550,000 8,998,000 453,750 ized, $1,000,000; loss (a) bonds deposited with trustees for & Sons, Ltd.,
(b) In Bronx, N.Y.City_ _ 2,484,443 2,972,980 2,136,500 1,496,500
10,000 bonds of the Canada Paint Co., Ltd., and Lewis Bergerfund purposes,
sinking
for
trustees
with
deposited
bonds
(b)
$437,300:
81,119 100,000
(c) In Yonkers
69,150
20,000
$169,200; (c) bonds held in treasury, $5,000; balance as above, $1,838,500.
(3) Developed land properties (book val. $8,043,943)5,500 -V. 107, p. 2382.
66,000
36,000
(a) In Manhattan,N.Y.City 70,797
90,610
68,239
(b) In Bronx, N.Y.City_
3,057,077 7,800,311 2,910,900 1,723,855
27,850
(c) In Yonkers
62,900
49,540 153,021
(4) Land and propertiesin process of development(book val.$2,962,577)Bronx
800,139 1,214,000 634,000 514,600
Queens
1,265,507 1,748,577 560,275 428,000
(5) Country estate and misc. properties (book val. $40,224)RAILROADS, INCLUDING ELECTRIC ROADS.
Tarrytown, N Y
178,552 178,128
32,085
Miscellaneous
31,818
Atlanta Birmingham & Atlantic RR.-Gen. Manager.-

GENERAL INVESTMENT NEWS

Total real estate investments
June 29 1918
15,733,551 22903,606 11830,300 8,249,305

537,489

Total costs of real estate investment April 19 1916 was $17,733,210 and additions
to June 30 1918 were $260,664; total $17,993,874, less properties sold by receivers,
viz.: From April 19 1916 to Dee. 31 1916, $1,017,418; from Jan. 1 1917 to June 30
1917, $472,358; from July 1 1917 to Dec. 31 1917, $590,091; from Jan. 1 1918 to
June 30 1918. $180,456, leaving a balance as above of $15,733,551.
REAL ESTATE SOLD BY RECEIVERS, JAN. 1 1918 TO JUNE 29 1918.
Cash Mtges., Mtges.
Assumed
Book Val. Paym'ts to Part
Sale Price
ofParceLs. April'16. Ratio. Beers. Paym't. by Pure.
Property Sold in 1918$
$
$
$
$
Bronx Borough,966 Southern
43,000
7,000
63,600 79%
50,000
Boulevard, Jan. 15
Yonkers,Park Hill Apartment
5,600
70,000
75,600 130,000 58%
House, June 12

Total in 1918 (to June 29).....
Sold Apr.19'16 to Dec.31 '16
Sold Jan. 1 '17 to June 30'17_
Sold July 1'17 to Dec.31 '17_

125,600
654,725
475,396
466,500

193,600 65%
816,638 80%
596,385 80%
432,194 78%

12,600
109,325 34,400
109,397 82,275
93,800 14,200

113,000
507,500
282,000
353,500

L WM

1,722,221 2,038,817 78% 325,122 130,8M 1,256,000
Total sold to date
•
CASH RECEIPTS AND DISBURSEMENTS APRIL 20 1916 TO JUNE 29 1918.
Jan. 1'18 to July 1 '17 to Jan.1'17 to Apr.20'1610
June 29'18. Dec. 31 '17. June 30'17. Dec. 31 '16.
Receipts-From tental, leasehold
$658,333
$476,058
8467,370
and miscellaneous properties__ $472,981
36,598
16,316
16,721
19,608
Int. on mtge. notes receivable.-113,265
107,475
88,959
20,607
From sale of r'l est.,incl. part pay.
161,450
142,032
37,467
71,837
From sale of mtges. receiv., dm250,000
Proceeds from sale of reedy. ctfs_
99,406
64,716
29,089
38,929
Miscellaneous receipts
60,000
Cash against claims
Collections from property under
24,476
27,236
assignment of rents
$711,198
Total receipts
Disbursements-Paym'ts of claims
$8,723
receivership._
accrued prior to
162,200
Maint. of misc. properties, &c...
Int. on mortgages, rental, unpro229,898
ductive properties, &c
Taxes and assessments on rental
131,818
and unproductive properties
Allowance to receivers and coun57,259
cil, and general,&c.,expenses_
47,782
Miscellaneous disbursements__ _
Payments to retire mtges. payable
on properties sold and install106,500
ments due on mtges. payable
Receivers' certificates retired_

$664,083

$744,180

$702,151

Total disbursements
Balance of profits or losses

$806,597 $1,319,052

$2,415
168,843

$19,743
151,685

$330,592
188,253

235,544

249,733

218,185

144,860

114,634

194,175

36,052
47,186

94.020
68,854

83,681
84,897

67,250

101,884
150,000

80,530

$950,553 $1,180,313

Prof.$76,266 prof.$43,285 loss$143,95e prf.$138,739
122,814
266,771
51,766
84,747
Deduct,-13al.in hand & on depos.
Bal.taken over from the estate
of Amer. Real Estate Co--




$128,032

$128,032

$266,770

$128,032

w. R. Hudson has been appointed General Manager under the U. S.
Government for this company, the Charleston & Western Carolina, the
Augusta & Summerville, the Atlanta & West Point, the Western RR. of
Alabama, the Georgia, the Augusta Union Station, the Atlanta Terminal
and the Augusta Belt, with office at Atlanta, Ga.-V. 107, p. 1836, 904.
Belt Line Ry.(N. Y.).-Abandonment.-

A hearing will be held Jan. 6 before the P. S. Commission on this company's application for authority to abandon the portion of its East Side
line from 15th St. to the Battery.-V. 99, p. 1450.

Boston Elevated Railway Co.-Earnings.Results for Five Months Ended Nov. 30 1918 (Fare, Seven Cents).
Passenger receipts, $8,771,946; advertising, &c.,$314,815; total_$9,086,761
$5478:220107
Interest
Cost of Service$5,460,310 Sundry items
Wages
Contracts, material, &c__ 3,714,559 Dividends (proportion)... 541,238
368,355
Taxes
Total cost of service_ _$12,328,727
539,800
Subway rentals
Rent for leased roads_ _ _ _ 1,149,048 Net loss for five months_ $3,241,966
Dec. 11917, this statement, it is
ending
months
Compared with the five
said, shows an increase in the total receipts of $919,600, and an increase in
cost of service of $3742,000. The increase in wages aggregated $1,665,525,
while other operating expenses increased $1,598,124, including $446,000
The increase in rentals, due principally to the new Dorchester
for coal.
Tunnel, was $202,661.

Revenue Under 8-Cent Fare-Officers.-

A press dispatch from Boston states that for the first 20 days of December under the 8c. fare the company's gross revenues were reported at
$1,449,469, compared with $1,072,533 in the corresponding period of last
year, an increase of $376,935, or 35.1%.
The trustees voted to dispense with services on Dec. 31 of H. S. Lyons,
Secretary, who received $10,000 a year, and of John H. Lee, municipal
agent, who received $3,000 a year. Salary of D. L. Prendergast, real
estate agent, has been cut from $10,000 to $6,000, and that of Vice-Pres.
C. S. Sargent from $6,000 to $2,500.-V. 107, P. 2288, 2187.

Boston & Maine R.R.-Additional Data as to Plan.The consolidation agreement providing for the merger
with the B. & M. of the seven leased line properties above
mentioned contains, with other provisions already quite
fully given in V.107,p.1918,2375,substantially the following:
Consolidated Company.-These seven companies shall be "consolidated
with the Boston Si Maine RR., forming one corporation under the name
of the Boston Si Maine RR., herein referred to as'reorganized'corporation."
Directors.-The board a directors shall consist of not less than 15 nor
more than 21 members, of whom four, at least, shall be residents of New
Hampshire, two, at least, of Maine and one, at least, of Vermont. (The
names of the first directors, who will hold office until, tho first annual
meeting of the stockholders were given in V. 107, p. 288.
President Woodward Hudson and Treasurer and Clerk A. B. Nichols,
the officers of the present B. Si Me. RR., will hold office until the first
annual meeting or until their successors are elected.
Rights of First Pref. Stock-No Preference as to Assets.-The holders of the
First Preferred Stock of Classes A to E inclusive, shall be entitled out of
the net profits or surplus so determined from time toltime by_the board,

DEC. 28 1918.]

THE CHRONICLE

to semi-annual preferential dividends [payable J. & J. 1], the first dividend
to be paid on July 11919. for the six months from Jan. 1 1919 to June 3()
1919 at the respective rates per annum hereinafter designated for the different classes. The First Preferred stock Class F, shall be entitled out of
the not profits or surplus, so determined, to semi-annual preferential
dividends at the rate of 6% per annum [payable J. & J. 1].
piAll the dividends above specified for the different classes of the First
Preferred stock shall be cumulative, and if in any year dividends of less
than the specified amount shall have been paid upon the First Preferred
stock of any class, the deficiency shall be payable, without interest, out
of the net profits or surplus of subsequent years.
Holders of the First Preferred stock shall be entitled to the dividends
above specified on the respective classes thereof in preference and priority
to the holders of all other stock of the corporation unless additional preferred stock having the same or greater preferences is hereafter authorized
under the limitations of the following paragraph; and in case of the liquidation or other distribution of assets of the corporation, shall be entitled to
have paid to them their accrued and unpaid dividends before any payment'
is made on account of the par value of any class of stock.
In case of liquidation or other distribution, the net assets, after the payment of all accumulated and unpaid dividends on the First Preferred
stock, shall be distributed equally among the holders of all the stock of
the corporation, both First Preferred, Preferred and Common. No class
of the First Preferred stock shall have any preference or priority over any
other class and whenever any dividend is declared upon the First Preferred
stock less than the whole amount of accumulated dividends then remaining
unpaid, such dividend shall be apportioned among all the classes of First
Preferred stock in proportion to the amount of preferred dividends then
accumulated and unpaid on the respective classes.
Limitation on Issue of Further First Pref. Stock, &c.—No stock having
preferences or priorities in any respect the same as or superior to those of
the First Preferred stock shall be issued under any existing or future law,
and no lease or contract for the entire operation of any railroad, other than
those at present operated as part of the system or controlled by it or by
some party to this agreement by means of stock ownership, calling for an
annual payment of more than $100,000 shall be entered into by the consolidated corporation without a vote of two-thirds in interest of the First
Preferred stock outstanding at the time approving the issue of such new
stock or the execution of such lease or contract.
Rights of the Preferred Stock.—The holders of the [$3,149,800] Preferred
Stock shall be entitled out of the net profits or surplus as determined from
time to time by the board after the payment or setting aside of an amount
equal to all accrued and unpaid dividends on the First Preferred stock which
may be from time to time outstanding to semi-annual, non-cumulative,
preferential dividends [at the rates above indicated, payable M. & S. 1.]
"Any accumulated surplus, undivided profits or other income available
for the payment of dividends upon the First Preferred stock shall, except
as otherwise herein provided, after the payment or setting aside of an
amount equal to all accrued and unpaid dividends on the first preferred
stock be available for the payment of dividends on the preferred stock,
and the same shall be so applied without reference to whether any dividends
are paid in that year upon the common stock. This understanding shall
be expressed on all new certificates issued from time to time."
Trust Fund as Additional Security for 5%
Jan.Bods &c.—The funds received by the Trustee during the five years end
ended
1 1924 [including
all money that would otherwise be available for dividends, after providing
for the reduced dividends on the First Preferred and Preferred shares,
except as hereinafter provided.Ed.] shall be invested by it from time to
time in the purchase at par and accrued interest of said [$17,606,000]
5% bonds to be issued to the Director-General of Railroads for advances
made by him or 6% bonds issued to refund the same, to the extent requested by the Director-General, and shall, except in the case of the issue
of the First Preferred stock, Class F, as hereinafter provided, at the expiration of the five-year period to be applied to the payment pro tanto of said
bonds. (The trustee will be designated by the Director-General.
Said agreement shall, however, provide that the reorganized corporation
may at any time prior to Jan. 1 1924 provide the sum of $12,000,000 in
cash by the issue of the 6% First Preferred stock, Class F, hereinbefore
referred to at not less than par, and pay over the proceeds of such issue
to the truster), who shall use it for the payment pro tanto of said $17,606,000
of bonds, and upon such payment the Trustee shall hold the funds theretofore paid over to it subject to the order of the reorganized corporation,
which may subject to the following limitations use it for any legal purpose.
Additions, Improvements, &c.—"From the funds theretofore paid over to
the Trustee, there shall first be deducted a sum equal to all contributions
to the trust fund accruing from the reduction of the full dividends on the
First Preferred stock and from the fact that the Preferred stock dividends
have been paid at the rate of 4% per annum instead of 6% per annum,
which sum shall be invested by the reorganized corporation in paying for
additions and improvements to its property without a corresponding
increase in capitalization or to the diminution of its debt with proper
charges to profit and loss to the end that no part of such sum shall be
directly or indirectly used for dividends on its Preferred or Common stock.
"Likewise thereafter until Jan. 1 1924 in ascertaining the balance of
income available for dividends upon the Preferred and Common stocks
there shall be deducted from the current income each year an amount
equal to 20% of the aggregate dividends which would have been payable
on the first preferred stock Class A to E inclusive, if the full rate of dividend
has been paid, which sum shall be used solely for the purpose of making
additions or improvements to the company's property or the diminution
of debt in the manner above specified.
Voting Power.—Each holder of the stock shall have one vote for each
share of stock held by him, whether First Preferred, Preferred or Common.
The $12,000,000 of First Pref. Stock, Class F.—Thls stock "may subject
to the approval of all public authorities having jurisdiction in respect thereof
be issued at any time prior to Jan. 11924, by vote of two-thirds in interest
of the common stockholders of the reorganized corporation at a meeting
duly called for the purpose. Such stock shall be issued for not loss than
par, and the proceeds thereof shall be used solely for the retirement and
payment pro tanto of the $17,606,000 of 5% bonds to ho issued to the
Director-General of Railroads for money advanced by him, or the 6%
bonds which may be issued to refund the same," as aforesaid.
Preferred and Common Stock.—The holders of the Preferred stock and
also the holders of the Common stock of the present Boston & Maine RR.
at the time of consolidation shall be respectively preferred stockholders
and common stockholders of the reorganized corporation, and the outstanding certificates for such stock shall for all purposes indicate their
ownership of preferred and common stock of the reorganized corporation
without the necessity of changing such certificates for new certificates
[but with the dividend rate for the Pref. stock for the first five years reduced from 6% to 4% and the common stock for that period entitled to
no dividends except as above stated.]
Non-Assenting Stock.—In case any non-assenting stockholder of the
parties hereto elects to have his stock valued and to recover from the
reorganized corporation the cash value thereof in accordance with any
laws applicable thereto, the reorganized corporation shall pay to such
non-assenting stockholder the amount so recovered in cash and the now
stock to which such non-assenting stockholder would have been entitled
shall become the property of such reorganized corporation.
Mortgage.—"Prior to tho consolidation herein provided for, the present
Boston & Maine RR. shall by appropriate action authorize the issue of
the $19,879,000 of bonds specified in the Plan of Reorganization to be
Issued to the Director-General of Railroads in exchange for the cash advances made or to be made by him, and shall likewise authorize the execution of a mortgage upon all the property and franchises of the reorganized
corporation, whether then owned or thereafter acquired, with the exception
of cash and accounts receivable, and any other assets which for convenience
may with the consent of the Director-General of Railroads be omitted.
"Such mortgage shall also secure all outstanding bonds, notes and other
evidences of indebtedness for which the reorganized corporation is liable
as required by the Statutes of Massachusetts, and shall be drawn so as to
equally secure such future issues of bonds as may be required for refunding
purposes or as may be required to pay in whole or in part for additions,
lootterments, extensions or equipment or may be issued for any lawful
corporate purpose. Such provisions limiting the issue of additional bonds
shall be inserted in the mortgage as will reasonably insure safety, consequent good credit and reasonable flexibility for financing. The form of
said mortgage shall be subject to the approval of the Director-General
of Railroads." See also V. 107, P. 1918.
Discharge of Profit and Loss Deficit.—Upon consolidation the deficit of
the Boston & Maine RR.as of June 30 1915 "shall as of that date be charged
and set off as against the premiums realized on common stock of said railroad sold since July 9 1894, amounting as of June 30 1914, to the suns of
$6,501,620, and said premium account shall for the purpose of determining
reasonable rates and fares which said reorganized corporation may thereafter charge and for the purpose of determining the amount of bonds




2475

and other evidences of indebtedness which such reorganized corporation
may lawfully issue, and for all other purposes to the amount of such deficit
be deemed to be canceled and absorbed by such deficit." See also V. 107,
p. 1918. 2007, 2288, 2375.

Brockton & Plymouth Street Ry.-10c. Fare.—

This company has notified the Massachusetts P. S. Commission that on
and after Jan. 1 it will charge a 10c. fare on the company's lines. The
present fare is 6c.—V. 107, p. 2008.

Brooklyn Heights RR. Co.—Notice—To Guarantee Bonds.

Brooklyn Union Elevated 4-5% bonds and Kings County Elevated 4%
bonds will be guaranteed on two days of each month in 1919 by the Brooklyn
Heights RR. Co. at its office, 85 Clinton St., Brooklyn, N. Y., between
9 a. m. and 12 m., viz.:
Jan. 15 and 30 April 15 and 30 July 15 and 301 Oct. 15 and 30
Feb. 14 and 28 May 15 and 29 Aug. 15 and 29 Nov. 14 and 28
March 14 and 31 June 16 and 30 Sept. 15 and 30 Dec. 15 and 30
Mar
—V. 106, p. 188.

Buffalo & Lackawanna Trac. Co.—Receiver Appointed.

Upon application of the City Trust Co., of Buffalo, Harry Evers, of
Buffalo, has been appointed receiver for this property. The action is the
result of the petition of George Bullock, receiver for the Buffalo & Lake
Erie Traction Co.,for authority to abandon its lease of the Buffalo & Lackawanna Traction Co.'s line between Washington and Clinton streets, Buffalo,
to the Lackawanna City line.
The Buffalo & Lake Erie Co. defaulted on Dec. 1 in the payment of interest on the $1,600,000 of Buffalo & Lackawanna Traction Co.5% bonds.
—V.95, p. 1471.

Buff, It Lake Erie Trac. Co.—Leased Co. Receiver, &c.—

See Buffalo & Lackawanna Traction Co. above, and Dunkirk Street Ry.
below.—V. 107, p. 1191, 694.

Chesapeake & Delaware Canal Co.—Appropriation
Approved.—
According to Washington adviees of Dec. 21, the House Rivers and Harbors Committee, in framing its 1920 appropriation bill, has approved an
appropriation of $3,000,000 for the Government purchase and deepening
of this property.—V. 107. E. 2191. 1387.

Chicago City Railway.—Dividend Omitted—Decrease in
Earnings.—The quarterly dividend usually paid at this time
has been omitted, owing to the decrease in earnings resulting
from the increase in wages ordered by the National War
Labor Board, the increased costs of materials and supplies
and decreased traffic.
President L. A. Busby is quoted in Chicago as saying:
This is the first time in the history of the company that it has been
obliged to pass its regular quarterly dividend. This is due to the wage
increase ordered by the National War Labor Board, the increased cost of
operating material and supplies, and the falling off of gross receipts due
to a decrease in traffic.
The wage increase on the surface lines became effective Aug. 1 last, and
is approximately $3,700,000 per year. The increased cost of operating
material and supplies is about $500,000 per year, making a direct increase
in operating charges of 84,200,000 per annum. Owing to decreased traffic
our gross receipts have fallen off over $800.000 during the first ten months
of the present fiscal year.
During the first four months of actual operation under the new wage
scale fixed by the National War Labor Board the net earnings of the
surface lines have decreased $1,726,685. Of this amount $1,422,015 represents increased operating cost, and $304,670 represents decrease in
earnings. This is only for the months of Aug., Sept., Oct. and Nov., and
indicates a decrease in net earnings at the rate of $5,000,000 per year
below the earnings for the year prior to the time the wage award became
effective, and even during that year the company suffered a heavy decrease
in its net earnings due to the greatly increased cost of operating material
and supplies.
The companies are now operating at a loss of over $12,000 a day, and
since Aug. 1 have not even earned 5% on the city purchase price. There is,
therefore, no longer any 55% earned for the city. This company has been
conservatively financed, every dollar of its outstanding securities is within
the valuation fixed by the city for the purchase of the property, and the
management has devoted itself to building and operating a street railway
system in Chicago admittedly one of the best in the country.
The companies are still operating under war conditions with respect to
wages and cost of material, and it is certain that this condition will continue for many months to come—how long the future alone can say.
The continuance of the present situation without some relief is bound to
destroy the companies' credit and impair their ability to serve the community. This situation does not apply to Chicago alone, but is the same
throughout the country. •
In the end, any attempt to furnish service at less than cost will prove
alike disastrous to the public as well as to the investor. The future of
Chicago is absolutely dependent upon adequate transportation facilities,
and anything which will retard their usefulness is bound to affect injuriously every industry and interest of the city.—V. 107, p. 1286.
"f

Cincinnati Findlay & Ft. Wayne 11
—ilt= Junk Line.

A press dispatch from Findlay, 0., states that two wrecking crews will
shortly commence scrapping this property, recently sold to the bondholders.
—V. 107, p. 2008, 1669.

Cincinnati Traction Co.—Higher Fares.—
Following receipt of a letter from Vice-Pres. Draper notifying him that
the earnings during Oct. and Nov. had been insufficient to meet operating
expenses, Street Railroad Director W. C. Culkins made an official announcement to the effect that under the automatic provision of the revised
street railway franchise ordinance provides that street-car fare shall be
cent if for the period of two calendar months the income of
increased
the local lines Is not sufficient to pay the cost of service, the rate of fare
hero for adults will advance to 5;ie. on Jan. 1 1919. At the same time
children's fares will be one-half of the adult fare, or an advance of 3,
4 cent.
—V. 107, p. 1287. 1191.

—Colorado &outhern Ry.—Dividend Payment.—
The company has received the necessary funds from the U. S. Railroad
Administration to pay the dividends recently declared. Compare V. 107,
p. 2289.—V. 107, p. 2375.

Columbus Ry., Light & Power Co.—Petition Filed.—
A press dispatch from Columbus, 0., states that the minority stockholders have filed a petition in the Court of Common Pleas asking for the
appointment of a receiver for this company, claiming large damages, and
alleging mismanagement of its properties

Ohio Stockholders' Committee—Earnings.—
The following is the protective committee of Ohio stockholders: E. A.
Cole, Al G. Field, Fred Vercoe and D. Mead Massie of Chillicothe with
Mr. Kiesewetter as Chairman.
Earnings as Reported by Expert E. W. Bemis.
Two Months ended Oct. 31—
1918.
1917.
Passengers carried
9,685,588 13,984.875
Of whom there traveled free, on transfers, &c
3,073,021
(?)
Rate of fare charged
15 cts. & 1 8 tickets
Jct. transf. for 25cts.
Operating revenues
$660,010 $672,419
Operating expenses
$503,576 $466,647
Other charges and deductions
149,205
110,998
Surplus for depreciation and dividends
$94.774
$7,229
Councilmen Griffin, Zimpfer and Alcott, composing the committee which
employed Mr. Bemis, as well as City Attorney Scarlett, who examined the
report, contend that the company would have made a profit if it had
operated on the old 8-tickets-for-a-quarter basis, and for this reason,
being responsible for the loss, should not be granted relief through an increase of fares.—V. 107, p. 1919.

Constitutionalist Railways of Mexico.—New Name.—
See National Railways of Mexico below.—V. 107. p. 802.

2476

[VOL. 107.

THE CHRONICLE

having a present estimated population of 33,700, with the following service:
Electric light and power in 14 communities, street and interurban railway
service In 6 communities, and water in 1 city. Also controls (through
stock) the Ashland Light, Power & Street Ry., which supplies a present
estimated population of 19,700 with one or more forms of public utility
service, viz.: electric light, power, gas and street railway service.
Duluth-Superior Street Ry.—Franchise Given Up.—
Authorized. Outstand'a
Capitalization—
At the instigation of President A. M. Robertson, this company on Dec.
$500,066
' $500,000
18 surrendered its franchise to operate in Superior. The system operating Common stock
397,000
400,000
between the two cities Is now on the indeterminate permit basis as far as Preferred stock, 7% cumulative
2,500,000
1,800.000
Wisconsin is concerned. Superior being one of the first cities in the State First mortgage 5% gold bonds (this issue)
where the new traction law becomes operative.
Purpose of Issue.—To reimburse the company for the construction of the
Difference in the terms of the permit and franchise is mainly based on Superior Falls water-power plant.
the appearance before the State instead of city officials for any grants to
Security.—An absolute first mortgage lien on all the property now owned
be made In behalf of the company or public, according to the street railway and constitute the only mortgage indebtedness of the company. Sinking
officials.—V. 106, p. 1688.
fund provided.
Property and Territory.—The railway lines include about 1434 miles of
Dunkirk Street Ry.—Abandonment.-street railway connecting and serving Ironwood and Bessemer, Mich., and
The Public Service Commission on Dec. 10 approved the declaration of Hurley, Gile, Montreal and Hamilton, Wis. The transmission system
abandonment of service by this company (leased to the Buffalo & Lake consists of 76 miles of 33,000-volt lines. The company owns and operates
Erie Traction Co.) of part of the Dunkirk company's road, provided the hydro-electric generating plants at Superior Falls, and Saxon Falls, Mich.,
railway shall give the city security for the payment of all taxes and assess- and Mellen Falls Wis., having a combined capacity of 5,400 h. p., and
ments.
steam plants at Ironwood, Bessemer and Wakefield (the latter operated
under lease) having a combined steam generating capacity of 3,100 h. p.
Eastern Texas Electric Co.—Fare Situation.—
The company owns and controls additional water-power sites on the Bad
A petition has been presented to the City Council of Beaumont, Tex., and White rivers capable of developing 5,000 h. p.
requesting the Council to rescind its action in granting a 6-cent fare.—
The territory served extends from Bessemer and Wakefield, Mich.,
V. 107, p. 1192, 905.
westward through iron mining territory, embracing the Gogebic Iron
Mining Range. Mines in this range are taking 8,400 h. p. of energy and
Elk & Little Kanawha RR.—Discontinuance.—
furnish a market for additional power.
The shareholders on Dec. 10 voted to discontinue business as a corporaEarnings for Years ending June 30—
1918.
1917.
tion. The company was incorporated in W. Va. In 1909 and with 3 loco- Gross earnings
$432,928 $305,760
motives and 64 cars was at last accounts operating 26 miles of road, ex- Net, after taxes, rental, maintenance
$150,103 $132,487
tending from Boggs, on Coal & Coke Railway (V. 91, p. 1246), to Shock, Add—Proportion of proceeds of sale of Ironwood WaterW. Va. Stock, $150,000; funded debt if any not reported: current liabiliWorks System applicable to period
28,217
ties June 30 1916, $433,062. Gross earnings year 1915-16, $63,049.
Total income
President. F. W.'Weller. 56 New St.. N. Y.
$178,320
Annual int. on all 1st M. bonds outstanding requires__ $90,000
Note.—The Ironwood Water-Works System was sold to the City of IronHartford (Conn.) & Springfield St. Ry.—Foreclosure.—
Receiver H. B. Freeman on Dec. 20 explained to the Superior Court at wood on Jan. 1 1918 and physical property of greater value substituted
Hartford that he expected that the mortgages against the company's under the lien of the mortgage. Included in the above statement are
property, aggregating about $1,000,000, upon which interest is in default, earnings of the Ironwood Water-Works System for the 6 months ended
Dec. 31 1917; gross, $24,043; oper. exp., $15,658: net esnings, $8,384.
would be foreclosed shortly.—V. 107, p. 1384, 1287.
For further data, &c., compare V. 93, p. 1260; V. 104, p. 764, 452.

Delaware & Hudson Co.—Dividend Payment.—

The company has received the necessary funds from the U. S. Railroad
Administration to pay the quarterly dividend recently declared. Compare
V. 107, p. 2008.—V. 107, p. 2187.

Hocking Valley Railway.—New Bond Issue.—The shareholders will vote Jan. 25 on authorizing the directors to sign
the contract for Government operation and to create an
issue of not exceeding $50,000,000 mortgage bonds, viz.:

• (b) The creation and issue of mortgage bonds of the company to be
limited to a principal amount, in U. S. gold coin, of not exceeding $50,000,000 at any one time outstanding; such bonds to mature at such date or
dates, to bear interest from such date or dates and at such rate or rates,
to be issuable for such purposes and in such denominations, and to be in
such form and to contain such terms and provisions, including provision
for conversion of any or all such bonds into stock of the company, as the
board of directors or the executive committee of the company may determine.
(e) The execution and delivery, to secure such bonds, of a mortgage and
deed of trust on and of all or any part of the railroads, equipment, franchises and property, including corporate stocks and obligations, owned by
the company at the date of the execution and delivery of such mortgage
and deed of trust or at any time thereafter acquired by it.
Digest of Circular Signed by Frank Trumbull, Chairman and President, Columbus, Dec. 26 1918.
Just Compensation Sought.—Your officers are about to apply to the
Director-General for a contract for just compensation for the use of your
railroad property during the period of Federal control. In making this
application, claim will be made for some increase of the compensation
payable to your company over the minimum fixed by the Federal Control
Act, namely, the average railway operating income for the three years
ended June 30 1917, and it is hoped that by the time the meeting convenes
the amount of such compensation, as well as the form of the contract, will
be determined and can be submitted for approval.
Financing.—Your company has done no permanent financing, apart from
the issue of equipment trust obligations, since prior to 1910. This was due
to the existence until the latter part of the year 1917, of various restraining
orders and injunctions in litigation brought by minority stockholders or
public authorities, which prevented the holding of stockholders' meetings,
thus preventing the creation either of additional stock or of mortgage bonds.
Shortly after the dissolution of the last of these orders and injunctions, the
President of the Unitd States, by proclamation, took over the railroad
and property of your company, and this has kept the matter of permanent
financing in abeyance. Your company had outstanding $5,000,000 shortterm 6% notes which matured on Nov. 1 1918. These notes at that time
were extended to Feb .1 1919.
It has been stiggested by representatives of the U. S. Railroad Administration that the company should proceed with the preparation of a mortgage
under which bonds may be issued if found desirable, either for sale or for
pledge under short-term obligations, for the purpose of providing both
for the extended notes at maturity and also for other capital expenditures,
including those for additions and betterments placed upon the property
during the period of Federal control, which, up to this time, have been
financed temporarily by the Railroad Administration. The directors have
therefore determined to ask authority from the stockholders for the creation
of an issue, limited to not exceeding $50,000,000 General Mortgage bonds,
to be secured by lien, subject to prior liens, upon all, or such part as may
be hereafter determined, of its railroad and property.
The amount of bonds to be presently issued under this mortgage must be
determined in the light of the expenditures which the company is called
upon to make under the additions and betterments program of the Railroad
Administration, but it is anticipated that not more than $10,000,000 will
be issued before Dec. 31 1919, including provision for the payment of the
$5,000,000 extended notes. The proposed mortgage is now in course of
preparation.—V. 107, p. 1747, 181.

Holyoke (Mass.) Street Ry.—Fare Situation.—
The Massachusetts P. S. Commission has disapproved the company's
petition for a contraction of its present zone system, which would give the
company increased revenue of $235,743, and instead has ordered a tariff
whereby the increased revenue will be not more than $145,393.—V.
107, p. 2376, 2008.

Illinois Traction System.—Wage Readjustment.—
An increase in wages amounting to 257o has been granted, bringing the
schedule up to 50c. an hour, the increase being effective provided the men
return to work immediately.

Fare Increase Granted.—
The I.-S. C. Commission on Dec. 26 granted this company permission
to increase passenger rates to not to exceed three cents per mile.—V.
107, p. 1384, 1287.

International Traction Co.—Deposits Urged.—
The committee representing holders of the Collateral Trust 4% gold
bonds calls attention to the fact that the period of grace within which the
default on the bonds may be cured expires Feb. 1, and urges the deposit
of bonds under the deposit agreement at the earliest possible day In the interest of the protection of the holders of said bonds.—V. 107, p. 1670, 1579.

Ironwood & Bessemer Ry. & Light Co.—Offering of
First Mtge. 5s.—Halsey, Stuart & Co. are offering, at a
price to yield 6.25%, a block of $247,000 First Mtge. 5%
gold bonds of 1911, due Feb. 11936. Int. F. & A. at the
American Trust'Co., Boston, without deduction for Federal
income taxes now or hereafter deductible at the source.
Under present laws 2% is now deductible.
"Passed by the Capital Issues Committee as not incompatible," &c.
Digest of Letter of Pres. L. E. Meyers, Dated Chicago, Dec. 13 1918.
Organization.—Organized in Wisconsin in 1910 as the Gobebic & Iron
Counties Ry. & Light Co., the present name being assumed in 1911.
Supplies directly 14 communities in Northern Michigan and Wisconsin




Kansas City Clinton & Springfield Ry.—Status.—
See St. Louis-San Francisco By. In last week's issue.—V. 101, p. 905.

Kansas City Fort Scott & Memphis Ry.—Sub. Co.—
See St. Louis-San Francisco By, in last week's issue.—V.. 106, p. 2228.

Kentucky Traction & Terminal Co.—Listed.—
The Philadelphia Stock Exchange listed $32,000 additional First & Ref.
Mtge. 5% sinking fund gold bonds, due 1951, making the total amount
listed to date $2,829,000.—V. 107, p. 1385.

Lehigh & Hudson River Ry.—Federal Contract.—
The shareholders have voted to ratify the Federal operating contract,
the compensation provided being $519,371.—V. 107, p. 2008.

Mahoning & Shenango Ry. & Lt. Co.—New Franchise.
This company on Dec. 20 presented to the City Council of Warren. Ohio
a new franchise for a period of 25 years. The matter of fares is undecided
in the opinion of the Councilmen.—V. 107. p. 2376. 1101.

Memphis (Tenn.) Street Ry.—No Fare Election.—
This company has withdrawn its application made to the Memphis City
Council for an election to secure permission to raise fares to 6c.—V. 107,
p. 2290. 1747.

Mohawk Valley Co.—New President.—
Walter N. Kernan, Vice-Pres.. has been elected President to succeed
Horace E. Andrews. deceased —V. 106, p..1461, 814.

Mt. Tamalpais-Muir Woods Ry.—Service Curtailment.—
This company has applied to the California RR. Commission for permission to abandon operation of the Lee Street local, the profits earned
being alleged to be neither reasonable nor adequate.—V. 105, p. 2272.

National Rys. of Mexico.—Change in Operating Name
Does Not Mean Termination of Government Management.—
An order has been Issued by the Mexican Government, effective Jan. 1
1919, changing the name under which the Mexican Government has been
operating this pr9perty and allied lines from "the Constitutionalist Railways of Mexico' to 'the National Railways of Mexico." The official
circular announcing this event states that the reasons which led to the
use of the name Constitutionalist Railways no longer exist, but that the
Mexican Government will continuo to operate the roads as It has done
for the past four years.—V. 107, p. 2188, 1385.

Nevada County Narrow Gauge RR.—Bonds Retired.—
The annual drawing of 1st M. 7% bonds of 1905 for the sinking fund
has taken place, and $13,000 bonds called for redemption. There are
said to be still $89,000 of these bonds outstanding.—V. 98, p. 1695.

New Orleans Railway & Light Co.—Litigation.—
The Board qf Public Utilities, in laying the foundation for a test suit
to determine the power and authority of the Board to regulate the public
service corporations °prorating in Now Orleans, adopted a resolution abrogating and annulling the increase in stroet-car fare from 5 to 6 cents and in
the price of electricity and gas of 30%, and ordering the restoration of the
old rates. The effect of this will be to bring the street railway and lighting
situation to an immediate issue in the courts.—V. 107, p. 2376, 2188.

New York Central RR.—Dividend Statement.—
The company's statement in reference to the usual dividend, announced
last week, has been changed to read, "conditioned on the approval of the
Director-General of Railroads being given," instead of "conditional on receipt of funds from U. S. RR. Administration."—V. 107, p. 2376.

N. Y. Phila. & Norfolk RR.—President to Retire.—
See Pennsylvania RR. below.—V. 107, p. 1482.

New York State Railways.—New President.—
James F. Hamilton, Vica-Pres., has been elected President to succeed
Horace E. Andrews, deceased.'
The general offices of the company will be removed from New- York to
Rochester.—V. 107, p. 2376, 2188.

Northern Pacific Ry.—Government Contract Signed—
Standard Return—Estimated Results for Cal. Year 1918.—The
company's contract for Government operation has been duly
signed, calling for an annual compensation of $30,130,069,
including the Northern Pacific Ry. and its subsidiaries, the
International Falls Ry. Co. and Gilmore & Pittsburgh RR.
On the basis of this compensation the following estimate
has been compiled by the company's officials, showing the
results for the year 1918 as closely as is possible to date, all
the final figures not being available as yet:
Estimated Gross Income of the Co. under Federal Control—Cal. Year 1918.
$30,130,069
Compensation from Director-General of Railroads
Estimated income from investments and leasei of roads other
6,589,000
than to the Government
$36,719.069
Total estimated available income
14,387,000
Deductions—Taxes, sinking funds, corp. and other expenses
Balance[amounting to about9% on company's $248,000,0001-322,332.000
V. 107, p. 1837.

•

Republic Railway & Light Co.-New Director.-

Oklahoma Kansas & Missouri Ry.-Reported Sold.-

Albert E. Turner has been elected a director.-V. 107, p. 1838.

Unconfirmed press reports state that this property has been purchased by
A. H. Rogers of Joplin, Mo., who will begin operating shortly.

Omaha & Council Bluffs Street Ry.-Fare Appeal.-

This company has appealed the Nebraska Railway Commission s decision
denying the company a 7c. fare, to the Supreme Court.-V. 107, p. 1193

Pacific Gas & Electric Co., San Francisco.-Offering
of $3,500,000 General & Refunding Bonds.-Halsey, Stuart &
Co., Inc. are offering at 87% and int., yielding about 6%,
$3,500,000 General & Refunding M.5% gold bonds of 1911,
due Jan. 1 1942. These bonds are issued on account of
additions, impts., &c., as stated in the President's letter.

Rhode Island Co.-No Rental Payment.-

This company has notified the United Traction Co. that it cannot pay
rentals of $149,500, due Dec. 23, under the terms of the lease to the operating company. The United Traction Co. can, under the provisions of the
lease, serve notice upon the Rhode Island Co. that at the expiration of 30
days, it will take over the properties as a result of the violation of the
agreement.-V. 107, p. 2377, 16'70.

Richm. Fredericksburg & Potom. RR.-Contract Signed.

The contract with the U. S. Railroad Administration was signed on or
about Dec. 20, the annual compensation being fixed at 81,137.373.V. 107, p. 2188.

Interest J. & J. in N. Y. Callable as a whole Jan. 1 1937 or any interest
date thereafter at 100 and int., or in blocks of $500,000 or upwards, or in
any amount for sinking fund, on any interest date at 105 and int. Denom. $1,000 (c*&r*).
"Passed by the Capital Issues Committee as not incompatible," &c.
Data from Letter of A. F. Hockenbeamer,2d V.-P., Dated S. F. Dec.14.
Properties.-Organized in 1905 as a consolidation and owns and operates
extensive properties employed in the production and sale of electricity and
gas for light, heat and power, about 54% of its revenues being derived from
electricity and about 38% from gas. It is also engaged in street railway
operation and in the sale of steam for heating and of water for irrigation
and domestic purposes, deriving approximately 8% of its revenue from
these and other less Important activities. All the properties, except those
of the recently acquired Mt. Shasta Power Corp. are owned in fee.
counties of central and
The operations of the company extend into 30'
northern Calif., having an area of 37,775 sq. miles and a population [19101
of 1,325,637. The business field embraces a present estimated population
of 1,825,000, and includes the important San Francisco Bay section and
the fertile Sacramento and Joaquin Valleys. The cities of San Francisco,
Oakland, Sacramento, San Jose and 176 other communities are served by co.
Capitalization Outstanding in fiends of Public.
Pref.(6% cum.) stock__$25,000,6051Gen. & Ref. 5s (incl, presout issue)
34,004,058
*$36,542,000
Common stock
Divis. bds.(closed mtgs.)a45,543,800
Ref. 5s held in the treasury. a In
&
Gen
$1,000,000
include
not
*Does
addition to this amount, $4,852,500 bonds are held alive in sinking funds
and $210,700 are held in the treasury.
Purposes of Present Issue.-Since Jan. 1917 the company has neither
borrowed money nor sold any securities except a relatively small amount
of its pref. stock but has been able to provide for new construction from
working capital €o the extent of more than $4,000,000. The proceeds of
the $3,500,000 Gen. & Ref. bonds are to partially reimburse the treasury
for advances so made.
Earnings for Calendar Year 1917 and 12 Months to Nov. 30 1918.
1917-18.
*1917.
$22,700,259 $20,321,728
Gross earnings
7,467,037
Net, after taxes, maintenance & depreciation..._ 7,781,294
4,349,570
Annual interest on outstanding bonds
Balance

2477

THE CHRONICLE

DEC. 28 1918.]

$3,431,724

*Earnings include $283,390 reserved for amounts charged consumers
during the year 1917 in excess of rates allowed by city ordinances.
During the period covered by the foregoing earnings statements operating
conditions were rendered unfavorable by the rising cost of labor, fuel and
other materials, nevertheless the company in the 12 months ended Nov. 30
of
1918 showed increased earnings and a balance of $3,431,724 in excessinthe $4,349,570 required to pay interest on all its outstanding bonds,
cluding the present issue. Under peace conditions it is anticipated that
the company's net earnings will show a substantial improvement.
Number of Consumers Served for Calendar Years and YearEnded Oct. 311918.
Electricity.
Water.
Steam.
Total.
Gas.
Year5,539
M.772
182,615
122,304
1907
139,50370,515
216,378
1909
7,2
102,024
5 7
ini
285,513
176,131
1911
132,355
8,479
281
349,384
208,269
1913
9,432
166,149
378
403,545
227,586
1915
12,655
194,374
446
450,657
243,182
1917
206,052
13,052
449
472,706
1917-1918_ _252,623
a
large
represents
and
property
over
investment
above
-The
Equity.
bonded debt. The Gen. & Ref. M. 5s are followed by stocks which on
present market prices have a value of about $35,000,000.
In the last 4% years the company, through the sale of pref. stock, has
added more than $12.300,000 to the assets securing these bonds; the net
cash investment in plant additions was $22,545,325, as against a net increase of $2,904,500 In its outstanding bonded debt during the same interval,
the additional equity thus created exceeding $19,600,000.
Compare map, &c., on pages 116 to 118 of "Electric Ry. Section."
-V. 107, P. 1837, 1670.

Pennsylvania RR.-

Wm. A. Patton, Assistant to the President of this company, and President of the N. Y. Phila. & Norfolk RR., will on Dec. 31 retire from the
active service of the system under the provisions of the pension plan.
V. 107, p. 2376.

Philadelphia Rapid Transit.-New Vice-President.-

Herbert G. Tulley has been elected Vice-President in charge of welfare
and public relations. F. B. Ellis has been elected Secretary and G. W.
Davis Treasurer, succeeding R. B. Selfridge, deceased.-V. 107, p. 2377.

Public Service Corp.of New Jersey.-Possible Financing.

Negotiations are reported to be under way looking toward the issuance of
some new notes, or other evidences of indebtedness, in order to refund the
$7,500,000 5% notes due March 1 next, and also to provide additional funds
or working capital.

Bonds Stricken from Phila. List.-

Rochester Railway & Light Co.-New President.-

James T. Hutchins, Vice-Pros., has been elected President to succeed
Horace E. Andrews, deceased.-V. 107, p. 2188, 1197.

Rockford (Ill.) & Interurban Ry.-Fare Situation.-

Pares on this company's line will be increased to 2.6c. per mile when
tickets are bought and 3c. per mile without tickets.-V. 107, p. 2188.

St. Albans (Vt.) & Swanton Trac. Co.-7c. Fare.-

The City Council at St. Albans, Vt., on Dec. 9 voted to released the
company from its obligation to limit the fare to 5c. and to give permission
to the company to charge 7c.

St. Louis-San Francisco Ry.-Offering of Prior Lien 6%
Bonds.-Lee, Higginson & Co. and the Guaranty Trust Co.
are offering, at 96 and int., yielding over 6.55%,$10,598,000
Prior Lien Mortgage 6% gold bonds, Series "C," dated
July 1 1918, due July 1 1928. Int. J. & J. in New York
without deduction for any tax the company or trustees may
be required to withhold. Callable at 102M and interest on
60 days' notice. See advertising pages.
Data from Letter of Pres. Henry Ruhlender, Dated Dec. 24 1918.
Outstanding Capitalization (as of Dec. 1 1918,Including This Issue).
Prior Lien Mortgage bonds: Total auth., $250,000,000. Outstanding: Series A 4% bonds, due July 1 1950, n84,299,175:
Series B 5s, due July 11950, $25,000,000; Series C 6s, due
n119,897,175
July 1 1928 (this issue), $10,598,000; total
11,234,900
Underlying bonds
2,215,000
Equipment trust obligations
Other funded debt: (a) K. C. Ft. S.& Mem.Ry.System,$54,919,700; (5) Ft .Worth & Rio Grande Ry. Co., $1,403,000:
56,532,700
(c) Quanah Acme & Pacific Ry. Co., $210,000; total
Kan. City Ft. Scott & Mem.4% pref. stock trust certificates.. 7,144,500
Total bearing fixed charges
Adjustment Mortgage 6% Cumulative Income bonds
Non-Cumulative 6% Income Mortgage bonds
Preferred 6% non-cumulative stock
Common stock

$197,024,275
$38,761,693
35,192,000
7,500,000
50.447,026

* In addition $9,099,325 Prior Lien Series A 4% bonds and $1,786,125
Adjustment bonds have been issued and are held in trust to be applied
for the refunding, payment, purchase or acquisition of $7,144,500 St. Louis
& San Francisco RR., Kansas City Ft. Scott & Memphis Pref. Stock Trust
Certificates and $3,363,900 underlying mortgage obligations.
Purpose of This Issue.-These $10,598,000 Series "C" represent reimbursement to the company for capital expenditures as follows: (a) $3,090,000 to retire equipment trust obligations: (b) $683,000 for acquisition
of new mileage, terminals and terminal facilities; (c) $5,367,000 for additions and betterments;(d) $1,458,000 for additions to equipment,including
purchase of 28 freight locomotives and 6 passenger locomotives.
Out of the proceeds of this sale the company proposed to pay off its
present floating debt, amounting to 85,210,000, so that the increase in
annual fixed charges will not exceed $323,280. As a result of this financing
the company will be free of floating debt, and will be provided with additional working capital.
Security.-A direct mortgage lien of 3,471 miles of line owned in fee and
all equipment owned, subject to only $11,234,900 underlying bonds and
$2,215,000 equipment trust obligations (for the refunding, purchase or
acquisition of which Prior Lien bonds have been issued and reserved).
The company controls an additional 1,593 miles of line through ownership of substantially all of the capital stock representing that mileage.
upon which there are outstanding mortgage bonds aggregating $56,532,700.
All of the stock representing the company's control of this mileage is pledged
as further security under the Prior Lien Mortgage, subject, as to a part
thereof, to underlying bonds aggregating $573,700, and as to $7,144,500
par value of pref. stock of the Kansas City Ft. Scott & Memphis Ry., to a
like principal amount of stock trust certificates of St .Louis & San Fran.RR.
Trackage rights on 101 miles of road are also covered by the Mortgage.
System.-This system of 5,165 miles extends from St. Louis and Kansas
City into the States of Mo., Ark., Kan., Okla., Tex., Tenn., Miss .and
Ala., and serves some of the richest traffic-producing territory in the central, south central and southwestern parts of the United States.
Earningsfor Cal. Years 1917 and 1916(1916 Including 10 Mos.of Receiver'p).
1916.
1917.
$59,676,657 $53,119.998
Total operating revenue
$20,065.839 $17,473,220
Net operating revenue
2,773,038 2,193,094
Taxes, &c
$17,292,801 $15,280,126
Operating income
353,279
Miscellaneous income, less hire of equipment__ _ _ a660,833
$16,631,968 $15,633,405
Total income
Fixed int., rentals,sk.fnds. and other fixed chgs_ b 9,348,504 c9,501,430
Balance

$7,283,464 $6,131,975

The Philadelphia Stock Exchange has struck off the regular list $50,000
Gen. Mtge. 5% sinking fund 50-year bonds, duo Oct. 1 1959, leaving the
amount listed $35,816,000.

a Debit. b The Adjustment and Income Mortgage bonds are income
bonds and interest thereon is not included. c 1916 interest charges were
based on capitalization of the new company.
Government Contract.-,-The company has not yet entered into a contract
Sub. Co. Fare Situation.with the Director-General of Railroads, but the average annual railway
See Public Service Ry. below.-V. 107, p. 2377, 2098.
operating income for the three years ended June 30 1917, constituting its
so-called "standard return" under the Federal Control Act, has been
Public Service Ry.-Zone System Proposal.the Inter-State Commerce Commission to be $13,423,400.
Pres. McCarter, it is stated, will on Dec. 30 submit a statement to the certified by of
Property.-In the three years ended June 30 1916, during
Condition
in
the
a
on
of
system
zone
Commission
establishment
Now Jersey P. U.
receivership, the physical property received the benefit of maintenance
the company's territory. In permitting the company to increase its fare the
to $44007,704, or $10,312,594 more than in the
amounting
expenditures
zone
a
a
for
stipulated
system
that
be
plan
subCommission
the
,recently
three previous years. Expenditures for additions and betterments and
mitted before Jan. 1.-V. 107, p. 2098, 1920.
reductions in equipment trust obligations during the same period together
amounted to $13.674,878. Expenditures for additions, betterments and
-Status-Operations.Rapid Transit in New York.
and reductions in equipment trust obligations in the two
the preparation of a final order fixing new equipment,
The 1'. S. Commission has directedLine
years from July 1 1916 to June 30 1918 have amounted to $14,102,554.
branch
a
of
as
in
Elevated
Brooklyn
the
Culver
the status of the
in good physical condition.
are
properties
The
Line
Fourth Avenue Subway. The order will also provide that the Culver
Equity.-Present quoted prices for junior securities indicate an equity
the Whiteshall be operated as a part of the Fourth Avenue Subway when
over and above the Prior Lien Mortgage bonds.
$50,000,000
than
more
of
in
and
shall
placed
line
completed
have
boon
hall-Montague St. tunnel
of the property indicates an equity in excess of this figure.
the new Culver elevated The book value
• operation. This plan will require that when
-V. 107, p. 2377. 1838.
will
a
it
be
hence,
month
operation
so
or
in
placed
is
Brooklyn
structure in
connection with
operated as the present Culver Line is operated, namely,inwhen
St. Paul 'Union Depot Co.-Oversubscription of 5-Year
the tunnel
the Fifth Avenue elevated line in Brooklyn. Thereafter,
Notes.-A syndicate composed of
line is completed the Culver trains will be made up of steel cars and diverted 532% Guaranteed Gold
near the Ninth Avenue station into the Fourth Avenue Subway.
J. P. Morgan & Co., First National Bank, N. Y., Kuhn,
extension
of
in
the
to
Commission
reference
S.
P.
the
Plans made by
and the National City Co., announce, by adv.
• operation of the Pelham Bay Park subway line from the present terminus Loeb & Co.
of operation, Third Ave. and 138th St. to Hunts Point Road, call for the on another page, the sale at a subscription price of 99 and
p.
107,
2290,
11.59
-V.
'
m.
at
2098,
7
p.
Jan.
on
• extended service to begin
int., to yield nearly 5%%, of '4:,000,000 Five-Year

Raritan River RR.-Stock.-

None of the $160,000 now stock will be offered to the public for sale.
. and therefore no particulars as to its issuance are available.-V.107,p.2377.

Reading Co.-Meetings Postponed.-

The meetings of the Philadelphia & Reading Ry. and subsidiary companies magx2 the Fedtrralleerpati2noggotrgt have been postponed to a
..ttiotr




53%
guaranteed gold notes dated Dec. 15 1918, due Dec. 15 1923.
Total authorized, $8,000,000. The advertisement shows:

Int. J. & J. 15 in N. Y. City, without deduction for Federal income taxes
now or hereafter deductible at the source. Denom. $100, $1,000 and
$5,000 c*. Redeemable as a whole, at the option of the company. upon
60 days' notice, on any interest date, at 101 and interest. Northwestern
Trust Co., St. Paul, trustee.

2478

THE CHRONICLE

[voL.107.

Summary of Letter to Bankers by E. Pennington, Esq., President
Payment will be made at the office of the Detroit Trust Co. of $50,000
of the Company.
of 6% coupon notes numbered 301 to 350, both inclusive, maturing Jan. 2
Guaranty.—The notes are to have endorsed thereon a joint and several 1920, being notes secured by the bonds above referred to. Said notes will
guaranty of the payment of principal and interest, executed by the following be redeemed at a premium of 1%.
companies using the Terminal:
American Chicle Co.—Common Dividends Resumed.—
Chicago Milwaukee & St. Paul Ry. Great Northern Ry. Co.
Chicago St. Paul Minn. & Om. Ry. Northern Pacific By. Co.
A dividend of 1% has been declared on the common stock, payable
Chicago Burlington & Quincy RR. Chicago Great Western RR. Co.
Feb. 1 to holders of record Jan. 18. On Jan. 20 1916 a dividend of 1M %
Minneap. St. Paul & S. S. M. By.
was paid, none since until the present distribution.—V. 107, p. 698.
Minneapolis & St. Louis RR.
Chicago Rock Island & Pacific Ry.
The only outstanding indebtedness of the Depot Co. upon the issue of the
American Metal Co. Ltd.—No Dissolution—Voting Trust.
notes will be represented by $500,000 underlying bonds maturing in part
The shareholders on Dec.
'
24 voted to abandon
plan to dissolve the
In 1930 and in part in 1944. The trust indenture in respect of the notes is company, dissolution being no longer necessary forthe
the purpose for which
to provide that while these notes are outstanding, no security will be such a course was designed which will be accomplished by
the voting trust
created or issued ranking ahead of the notes.
agreement. Compare V. 107, p. 2377, 2291.
Operating Agreement.—Under an operating agreement dated Dec. 18
1916. the above-mentioned companies (owning all the stock of the Depot
American Screw Co.—Extra Dividend of 2%.—
Co. and being all the railroad companies operating trains into St. Paul),
An extra dividend of 2% has been declared on the capital stock, along
are obligated to pay the Depot Co. annually an aggregate amount equal to with the regular quarterly of 1%. both payable
Dec. 31 to holders of
the amount required (after deducting other specified income) for operating record Dec. 24, making total distributions for the year
of 15%. An extra
expenses, taxes, interest charges on the company's outstanding bonds and of 2% was paid in Sept. and 4% in March.—V. 107, p.
1289.
dividends at the rate of 4% per annum on the Depot Co.'s capital stock.
Amer. Smelt. & Refin. Co.—Price of Lead Reduced.—
Purpose of Issue.—The proceeds of this issue will be used in part in the
retirement of floating indebtedness heretofore incurred in acquiring land
This company has reduced the price of lead from 6.50c. to 6c.—V. 107.
for the terminal and for construction work and in part in providing the p. 1285.
company with funds to complete its program for 1919.—V. 107. p. 2188,
Amer. Water-Works & Electric Co.—Sub. Cos.—
1838.
West Penn Traction &'Water Power Co. under "Reports" above.—
Salt Lake & Utah RR.—Offering of First Mtge. Notes.— V.See
107, p. 2010, 1477.

E. H. Rollins & Sons, Boston, New York, Chicago, Denver
and San Francisco, and, associated with them, the International Trust Co. of Denver, and Sweet, Causey, Foster &
Co., of Denver, recently purchased and offered an issue of
$562,500 First Mtge. Bond-Secured 3-Year 7% notes dated
Aug. 1 1918, due Aug. 1 1921. The notes are fully described
in our issue of Dec. 7, page 2188.

Messrs. Wilson, Cranmer & Co., Denver, as well as the Palmer Bond &
Mortgage Co. Salt Lake City, Utah, are acting in the capacity of brokers
in the resale of
same on broker's commission. Compare V.107,p. 2188.

Savannah (Ga.) Electric Co.—Wage Decision.—

The War Labor Board on Dec. 17 handed down a decision holding that
wages paid to the operators in Savannah are already in excess of the maximum awarded in the other Southeastern cities, and accordingly no increase
is warranted.—V. 105, p. 177.

South Georgia Ry.—Provisions of Short-Line Contract.—

American Window Glass Co.—Bond Purchase.—

A press dispatch from Pittsburgh says: This company is prepared to
buy $280,000 worth of Collateral Trust 10-year 6% sinking fund bonds.
dated Feb. 1 1912,at a price not exceeding 95 and interest.—V. 107.
D. 1668.

American Writing Paper Co.—Bond Interest.—

Notice is given, by adv. on another page, that the interest due Jan. 1
1919 on the 1st M. 5s will be paid on and after that date at Old Colony
Trust Co., Boston. Interest on certificates of deposit issued for these bonds
under the deposit agreement dated Oct. 10 1918 will be paid on or after
.said date upon presentation of the certificates of deposit for endorsement.
accompanied by ownership certificates required under the Federal income
tax regulations at any of the following offices: Old Colony Trust Co., Boston; Central Union Trust Co., N. Y.; Springfield Safe Deposit & Trust Co..
Springfield, Mass.; Merchants' National Bank, Worcester, Mass.; Lee,
Higginson & Co., The Rookery, Chicago; Merchants' National Bank,
Richmond, Va.—V. 107, p. 2291, 2190.

Anaconda Copper Mining Co.—Quar. Div. to 3%.—

A 'quarterly dividend of $1 60(3%)has been declared on the $116,562,500
Treasurer C. T. Tillman, Quitman, Ga., Dec. 18 1918, wrote: "We have
no spare copy of the short-line contract with the U.S. Government. There stock, payable Feb. 24 to holders of record Jan. 18. The dividend VMS
is no provision in this contract for annual compensation or other returns increased from $1 50 to $2(4%) a share (par $50) in Aug. 1916, which rate
to our company. (See V. 107, p. 1717.) It would not be proper to class has been paid each quarter to the present distribution. Yearly dividend
record since 1901 (per cent):
this road as being operated by the U. S. Government.
"The making of this contract with the Director-General of Railroads 1902 to 1904. '05. '06. '07. 1908 to 1911. '12. '13. '14. '15. '16. '17. '18.
4 yearly
8 193i 26 8 yearly
gives the short lines certain protection that they would not otherwise have.
9 12 10 6 14 17 16
In 1917 paid July 16 a special (Red Cross) 1%.
One item of advantage is the allowance of two days free time, on per diem,
After the meeting an official of the company stated that there was no
on foreign cars. Anoter is that the routing of inbound tonnage via our
explanation
pewinZnarton
make
hea
action
gaou31o
from the fact
lines will be protected."—V. 83, p. 1172.
perannI
t1necaga
e 23-cent copper
Southwestern Interurban Ry., Winfield, Kan.—Sale. of the company, or about $4 per share on the stock. However, as wages
V.-Pres. and Treas. H. M. Preston of Tulsa, Okla., acting on behalf of also are likely to be reduced after the first of next year, the loss in earnings
the holders of the First Mtge. 6% bonds recently purchased at foreclosure will not be as large as stated.—V. 107, p. 2291.
sale the property of this company, operating an electric railway in and beArlington Mills, Lawrence, Mass.—Special Dividend.—
tween Winfield and Arkansas City, in all about 25 miles of track.
The directors have declared a special dividend of $2 per share, along with
A public grant of $40,000 made to the company at the time of the construction of the road, it is said, requires that the road shall continue the usual quarterly dividend of $2 on the $8,000,000 outstanding capital
stock, payable Jan. 2 to holders of record Dec. 23. These are dividends
in operation.
Nos. 95 and 96.—V. 106, p. 2759.

Third Avenue Ry.—Sub-Co. Abandonment.—

See Belt Line Ry. above.—V. 107, p. 2099, 2009.

Union Traction Co.—New Director.—
Arthur V. Morton has been elected a director of this company, a subsidiary of the Philadelphia Rapid Transit Co., to fill the vacancy caused
by the death of James Gay.—V. 107, p. 2189.

•

United Gas & Electric Corp.—Sub. Co. Note Offering.—

See Harrisburg Light & Power Co. under "Industrials" below.—V. 107,
p. 2104. 1386.

United Light & Rys.-6c. Fare.—
Announcement is made that a 6c. fare franchise for Cedar Rapids has
been favorably acted upon at a city election.—V. 107, p. 1838, 605.

United RRs. of San Francisco.—Tunnel Contract.—

Associated Oil Co.—Tenders.—
The Union Trust Co. of San Francisco will, until Jan. 15 1919, receive
tenders of First Refunding Mtge. 5% bonds to the amount of $899.083.
such amount being in the sinking fund.—V. 107, p. 504.

Avery Co. (Peoria, Ill.).—Description,

The "Iron Age" in its issue of Dec. 26 publishes a six-page illustrated
article describing the unique features of this company's foundry which
produces gray iron, semi-steel and electric steel castings. A description of
operations is included.—V. 107, p. 1103, 804.

Bethlehem Steel Co.—Export Combination.—

See North American Steel Products Corp. below.—V. 107, p. 2378. 1671.

Billings & Spencer Co., Hartford, Conn.—Dividends.

President Lilienthal and Mayor Rolph have signed the agreement insuring the extension of the Twin Peaks Tunnel service into the Parkside and
Ingleside disticts.—V. 107, p. 2290, 1386.

The directors have declared along with the regular dividend of 3% an
extra dividend of 2% and a special dividend of 57 on the $750,000 capital
stock of the company,payable Jan. 1 1919 to stockholders of record Dec. 19.
A like amount was paid in October last.—V. 107, p. 1194.

United Railways Co. of St. Louls.—Sustains 6c. Fare.

Booth Fisheries Co.—Operations, &c.—The follow-

The Supremo Court of Missouri by a decision handed down on Dec. 19 ing data are pronounced correct:
1918 sustained the power of the Public Service Commission to alter street
The company has made a record pack of salmon this year, the volume
railway fares prescribed by franchise. This decision makes valid the or- running
well over 800,000 cases, aggregating on the basis of 48 1-lb. cans.
ders of the Commission authorizing 6c. fares in St. Louis and Kansas City, 40,000,000
On the Atlantic coast end the company is still busy on
effective June 1 last. The Railways Company of St. Louis has been is- its sardine lbs.
pack, which had come strong in the past three weeks. The
suing to passengers since Sept. 12 1918 coupon receipts and has been de- fresh
and
frozen
fish department, including also lobsters, clams, &c., is.
positing the extra cent until such time as the Supreme Court passed on the with the cold storage
plants, earning bond income and the 7% preferred
case. As of Nov. 30 1918 the company had $483,479 deposited against and $2
common dividends.—V. 107, p. 698, 606.
such contingency; this amount will now be released.—V. 107, p. 2377.

United Traction Co.—Rentals Not Paid.—

See Rhode Island Co. above.—V. 107, p. 1188, 697.

Watauga & Yadkin River RR.—Receiver's Sale.—

The Oil City (Pa.) Trust Co. has purchased for $160,000 at receiver's
sale this company's property, extending 26M miles from North Wilkesboro to Darby, N. C.—V. 99, p. 1529.

West Penn Rys.—Earns.—Bal. Sheet.—Bonded Debt, dec.

See West Penn Traction & Water Power Co. under "Reports" above.
—V. 106, p. 1037.

West Penn Traction & Water Power Co.—New Stock.

See "Annual Reports" on a preceding page.—V. 106, p. 823.

Wheeling Traction Co.—
See West Penn Traction & Water Power Co. under "Reports" above.—
V. 106, p. 2759.

Borden's Condensed Milk Co.—Earnings.—Tho following data, while given as a current report, are, we believe,
based on facts:
The Borden's Condensed Milk Co. for the year ended June 30 191&
earned approximately $15 a share on $21,368,100 common, after taxes,
depreciation and regular 6% dividend on $7,500,000 pref. The 8% dividend on the common, calling for $1,709,448, was earned nearly twice over.
after providing for $450,000 preferred dividend. This is combined earnings
of Borden's Condensed Milk Co. and its subsidiary, Borden's Farm Products Co., Inc.
The latter company, however, paid no dividends to the parent company.
The Borden's Farm Products Co. (which is engaged in the business of distributing fresh milk, cream and other farm products in New York City and
adjacent cities, Chicago Montreal and elsewhere), net earnings were less
than 5% on its outstanding capital stock of $14,000,000.—V. 107. p. 1921.
1581.

Brier Hill Steel Co.—Export Combination.—

See North American Steel Products Corp. below.—V. 107, p. 698.
White Pass & Yukon Ry.-7-Scheme Approved.—
The company announces that the scheme of arrangement has been apBronx Gas & Electric Co.—Minimum Gas Charge Illegal.
proved by the Court, subject to certain amendments suggested by the
The New York 1'. S. Commission has adopted an order declaring a tariff
Judge. Holders of shares, debenture stocks and debentures are now invited
to subscribe for nopsom of the Prior Lien Debenture stock at 95%, with recently filed by this company illegal, in that it makes the minimum charge
a bonus of one "A' share for each E25 stock allotted. The stock, which per month $1, irrespective of the amount of current consumed. Tho
constitutes a first charge on the whole of the assets and undertaking, is opinion holds that the company is limited to the legal rate of 12c. per k.w.h.
repayable at par on Dec. 31 1935 and carries interest at 7% per ann, pay- which prevails in that territory and that the company has no authority to
able annually on Dec. 1, the first payment of interest being due on Dec. 1 make any minimum monthly charge.—V. 107. p. 805, 293.
1919.
Bush Terminal Co.—Special Dividend Continued.—
After payment of interest on this stock and on the other debenture stocks
The directors have declared a special dividend of 2%% on the common
authorized under the scheme, the "A"shares are entitled to 75% of the divis- stock,
payable in stock along with the regular semi-annual dividends of
ible profits. They are also entitled in a winding-up to 75% of the assets
available for distribution among the shareholders. The application forms $3 on the pref. and $2 50 on the common. All dividends are payable
should be forwarded to the Secretary by Dec. 21, with check for .£5 in re- Jan. 15 to holders of record Jan. 6. A special dividend of 2M % has been
spect of each £25 stock applied for; tho balance of £18 15s. is payable on or paid semi-annually since Jan. 1916.—V. 107, p. 1103.
before Mar. 31 next. Applications must be for £25 stock, or multiples •
Canadian Car & Foundry Co.—
thereof. (London announcement).—V. 107, p. 2377, 2099.
The "Financial Post of Canada' understands that J. Frater Taylor,
Chairman of the Board of the Lake Superior Corp., will shortly be made
Vice-Pres, in charge of financo.—V. 107, p. 3378.
INDUSTRIAL AND MISCELLANEOUS.

Alger;Smith & Co.—Redemption.—
Two bonds ($50,000) numbered 13 and 14 for $25,000 each due
Jan. 2 1920, have been called for redemption on Jan. 2 1919.




Chicago Wilmington & Franklin Coal Co.—New7Stock.

The stockholders will vote Dec. 31 on an increase in the common stock
of $225,000, of which it is proposed to issue $75,000 in part payment for
additional property to be acquired, and to offer to employees for purchase

DEC. 28 1918.]

THE CHRONICLE

the balance of $150,000. After approval of this stock the authorized capitalization will consist of $1,000,000 of preferred and $1,225,000 of common.
-V. 106. p. 1903.

2179

liouston Oil Co.-Earnings.-

For Sept. 30 Years1918.
1917.
1916.
1915.
Total receipts
$1,850,563 $1,724,693 $1,611,933 $1,513,333
Deduct-Taxes
$31,593
$94,641
$69,087
$63,416
Cities Service Co.-Pipe Line, &c.Admin. & office exp_
174,292
164,286
170,080
166,377
See Empire Pipe Line Co. below.-V. 107, p. 2100, 2011.
Oil development
16,670
46.658
Int. on timber certifs
368,272
273,480
306,711
373,826
Colt's Patent Fire Arms Mfg. Co.-Dividend Reduced.Int. on notes payable
11,40917,130
5,895
9,503
A quarterly dividend of $1 50 has been declared on the $5,000,000 stock,
Paid in settle t of suits._
59,679
254,243
par $25, payable Dec. 31 to holders of record Dec. 14. In Jan. 1918 the
Preferred dividend.._.._
.671,948
671,950
676,149
669,240
company paid a dividend of $3, and in April, July and Oct. $2 50 each.
V. 106, p. 2013. 1463.
Balance, surplus
$607,291
$423,319
$3326,685 def.323,272
The balance sheet of Sept. 30 1918"shows outstandinf timber certificates
. Consol. Arizona Smelting.-Production (Lbs.).of
beneficial interest amounting to $4,283,597, as against $4,768,597 on
Jan........1,820,000 iApril_ _ _2,000,000(July _ _ _1,430,000 i Oct _ .. _ _1.200,000 Sept.
30 1917.-V. 107, p. 1923.
Feb__ _1,780,000 may_
__2,000,000 Aug _ _1,250,000 Nov _ _ -1,030,000
March- _2,270,000 June_ _1,750,000 Sept_
_ _1,002,000
Humphreys Petroleum Co.-Dividend, &c.Production for the 11 months aggregated 17,532,000 lbs.-V.107, p.2378.
The "Wyoming Oil News" of Dec. 14 says:"Dividend of $25 a share on
shares outstanding was paid in November. This is the sixth
Consolidated Motors Corporation.-Bankruptcy Sale.- the 7,700 disbursed.
The company is controlled by the HumphreysJohn J. Townsend, referee in bankruptcy, will sell on Dec. 24 the prop- dividend
Merritt
syndicate.
It paid $25 a share in June and $25 in July. The
erty, &c., of this company at public auction.
company has properties in the Billings pool in Oklahoma. E. N. Gilispie,
of Pittsburgh, paid $1,250,000 for the other half interest about ten months
Contra Costa Realty Co.-Bond Call.ago and is
to have already cleared the purchase price out of the oil.
This company has called for redemption as of Dec. 1, $7,000 First Mtge. Production said
in the pool is reported falling off and now is amounting to
6% bonds duo March 1 1921.
about 7,000 barrels a day.".

(Wm.) Cramp & Sons Ship & Engine Building Co.The Philadelphia Stock Exchange listed $134,000 additional Voting
Trust Certificates, making the total amount listed to date $5,756,000.
-V. 107, p. 2191.

Cuban-American Sugar Co.-Payment of Notes.-

The First Lien 6% serial gold notes (series A) maturing Jan. 1 1919,
together with coupons thereon, should be presented for payment to the
National City Bank of New York, 55 Wall St., N. Y. City, on or after
Jan. 2 1919.-V. 106, p. 503.

Cuyahoga Telephone Co.-Bond Extension.-

Indiana Pipe Line Co.-Extra Dividend.-

An extra dividend of 3% has been declared on the $5,000,000 stock (par
$50) in addition to the regular quarterly 4%, both payable Feb. 15 to
holders of record Jan. 25. In Feb. 1918 an extra of 6% was paid and in
May 2%.-V. 106, p. 1348.

Empire Gas & Fuel Co.-Pipe Line, &c.
See Empire Pipe Line Co. below.-V. 107. P. 1195.

Empire Pipe Line Co.-Status.-Henry L. Doherty &
Co., New York, as of Dec. 16, report:

See Ohio State Telephone Co. below.-V. 107, p. 2100, 2011.

It may not be generally known to those interested in Cities Service Co.
and its subsidiaries that the Empire Pipeline Co. within two years' time
has become one of the largest carriers of oil in the United States so far as
This company has filed a notice in Delaware increasing its authorized quantity is concerned, without mileage being taken into consideration. In
capital stock from $5,500.000 to $10,500,000.
September 1918 the total runs by the company were 1,072,802 bbls. of oil,
or an average of 35.760 bbls. a day. These figures are only exceeded in the
Mid-Continent field by the Prairie Pipe Line Co. Of course the Empire
Dodge Manufacturing Co.-Extra Dividend.An extra dividend of 2% has been declared on the common stock, in Pipe Line Co. does not transport anywhere near the total amount produced
addition to the regular quarterly dividend of 1A %, both payable Jan. 2 by the Empire Gas & Fuel Co., as a great deal of the latter's production is
to holders of record Dec. 28. On Oct. 1 paid an extra of 2% and Dec. 1917 turned over to the Prairie Pipe Line Co. and other transporting companies.
The Empire Pipe Line Co. was organized in 1916, two years after the
paid 4%.-V. 107. P. 1195.
pioneer oil development in Butler County, Kan., and its pipe line extents
Dwight Manufacturing Co., Boston.-Extra Dividend. from the El Dorado field to the Oklahoma State line. Subsequent extenAn extra dividend of $15 (3%) has been declared on the $1,200,000 out- sions to Cushing, Okla., was made in record time,and great pumping plants
standing stock (par $500), along with the usual semi-annual dividend of had to be built.
Since 1916 seven refineries have been acquired by the Empire organiza$30 (6%) per share, both payable Jan. 1 to holders of record Dec. 20. In
tion, and the scope of the system has been vastly enlarged. Two of the
Jan. 1918 the regular 6% was paid without an extra.-V. 106, p. 712.
oil refineries are located at Cushing, Okla., and others are at Independence,
Kan., Okmulgee, Oklahoma City, Ponca City, Okla., and Gainesville, Tex.
Electric Boat Co.-New Director.The plants at Independence, Okmulgee and Gainesville use crude oil from
See Submarine Boat Corp. below.-V. 106, P. 1464.
other fields than Butler County, but their main lines and gathering lines
are all owned by the Empire Pipe Line Co.
General Electric Co.-Stock Listing-Earnings, &c.The Empire Pipe Line Co. must primarily take care of all the production
The N. Y. Stock Exchange has authorized the listing on and after
can of the Empire Gas & Fuel Co., and, secondly, it must furnish the
Jan. 15 1919 of the $2,317,500 additional stock, issuable on that day as a It
Empire
refineries with the requisite amount of crude oil so thay may operofficial
notice
of
2%,
upon
such
dividend
of
issuance,
stock
making the
ate
to full capacity. It also carries thousands of barrels of crude oil prototal amount authorized to be listed $118,282,400.
For a statement of income and balance sheet, see "Financial Reports" duced from other companies, especially in the Healdton, Okmulgee and
Independence districts.
on a preceding page.-V. 107, p. 2379, 2292.
The entire pipe line company's system is now composed of 311 miles of
main trunk line with 525 miles of gathering lines in the various fields. The
Gillette Safety Razor Co.-Operations.longest single stretch of pipe lino is from El Dorado, Kan., to °waling,
Vice-President Fahey is quoted is saying:"We have our 1919 production Okla. The line is practically a tangent from the Butler County fields to
practically all sold, so the coming year looks very good to us and the price the Cimarron pumping station in Oklahoma a few miles north of Guthrie,
of the shares will easily take care of itself. There is no special reason for and from Guthrie runs directly east to Cushing. A 4-inch line reaches
the advance in the stock and notes during the past week. Our widespread Cushing from the north, branching off at Ponca City to Burbank and thence
advertising of our enormous business during 1918 may have had something south. A 6-inch branch line extends from a point 35 miles
south of Ponca
to do with it. Perhaps, also, investors are trying to buy our securities in City to the Billings and Garber pools.
a market which has very few for sale. Investors may also figure that the
[In a booklet entitled "The Relation of the Property Manager to the
real value of our shares-paying $9 50 per share dividends for 1918-is Banker and Investor," which has just been issued, John M. McMillin,
considerably above recent quotations."-V. 107, p. 2101.
Assistant Manager of the Bond Department of Henry L. Doherty & Co..
asserts that the Cities Service Co. has spent more than $50,000,000 on its
Great Lakes Engineering Works.-Bond Call.properties in the El Dorado and Augusta oil fields for development and
Eighty ($80,000) $1,000 bonds numbered 1011 to 1090, both inclusive, improvement work.]
and eight ($4,000) $500 bonds numbered 1091 to 1098, both inclusive, of
the 1st Mtge. serial 5% gold bonds dated July 1 1910, have been called
Fairmount Coal & Coke Co.-30% ,for Defaulted Bonds.
for payment at 105 and int. on Jan. 1 1919 at the Union Trust Co., Detroit,
Glover & MacGregor, Pittsburgh, announce, by advertisement in Lonand the Citizens' Savings & Trust Co.. Cleveland.-V.91. p. 1515.
don, that they are prepared to buy at "30% of par" the 4% bonds due
Dec. 1 1919, with June 1 1909 and all subsequent coupons attached.
Harrisburg (Pa.) Light & Power Co.-Offering of5-Year V. 96, p. 1492, 422,

Dearborn Truck Co.-Increase. in Capital.-

6% Gold Notes.-Bonbright & Co., Inc. are offering at
4%,a new issue of $215,000 5-year
97M and int., yielding 65
6% gold notes, dated Dec. 2 1918, due Dec. 1 1923, but redeemable, all or part, at the option of the company upon
30 days' notice at 100 and hat.
Interest J. & D. at office of trustee, Commonwealth Trust Co., Harrisburg, Pa. Denom. of $1,000 and $500 c*. Tax-free in Penna; free from
normal Federal income tax not in excess of 2%.
"Passed by the Capital Issues Committee as not incompatible" &c.
Company.-lncorporated Oct. 23 1913 in Pa. as a merger of the Harrisburg Light & Power Co. (of 1884) and the Harrisburg Electric Service Co.
In Feb. 1913 purchased the Harrisburg Steam Heat & Power Co., and in
Aug. 1913 the Steelton Light, Heat & Power Co. Furnishes electricity
for light, heat and power to the cities of Harrisburg and Steelton and the
towns of Paxtang, Swatara, Highspire, Penbrook and surrounding communities, serving a total population estimated at 114,000. Also distributes steam for heating purposes over a large area in Harrisburg.
CapitalizationAuthorized. Outstanding.
Common stork (par $50)
$1,750,000 a$1,750,000
1,250,000
Preferred 6% cumulative stock (par $50)
1,250,000
Five-year 6% notes, due Dec. 1 1923 (this issue)._
Closed
215,000
Closed
Harrisburg Lt., lit. & Pow. Co. 1st M.5s, due 1924
1,000.000
Harrisburg Lt.&Pow.Co. lst&Ref.M. 5s, due 1952 b10,000,000
2,406,000
a All owned by the United Gas & Electric Corp. b $1,000,000 reserved
to retire a like amount of Harrisburg Lt., Ht. & Power Co. 1st M.5s, due
1924: further 5s of 1952 are issuable only for 85% of the cost of extensions
and improvements when the annual net earnings arc 1% times the total
interest charge, including bonds to be certified.
Security.-A direct obligation of the company. No new mtge. or lien
(other than purchase money mortgages) may be created without equally
securing these notes.
Purpose of Issue.-To retire the outstanding floating indebtedness incurred for extensions, additions and improvements.
Earnings for 12 Months Ended Nov. 30 1918.
$974,4771Gross income
$380,101
Gross earnings
Net, after taxes & maint_ _ _ 364,361 Int. charge on all funded dt- 183,200
15,740 Balance
196,901
Other income
Franchises.-These are perpetual and free of burdensome restrictions.
Physical Properties.-Two steam electric generating stations with a combined capacity of 11,500 h.p. In Harrisburg; distribution lines, total length
about 200 miles (partly underground in Harrisburg; and extending to the
surrounding communities.-V. 107, p. 608.

Hendee Manufacturing Co.-Sinking Fund.

The directors, it is stated, have authorized the Treasurer, in his discretion, to purchase 800 shares preferred stock for retirement by the sinking
fund.-V. 107, p. 1834.

Holland-St. Louis Sugar Co.-Dividend.-

A quarterly dividend of 3% is reported to have been declared on the
common stock, payable Jan. 15 to holders of record Jan. 5. A dividend of
12% was declared a year ago, payable 3% Jan., April, July and October.
-V. 104, p. 2237.




Fisher Body Corporation.-Earnings.3 Months ending Oct. 31Total income
Interest charges
Surplus

1918. •
1917.
Inc. or Dec.
*$898,600 $1,033,814 Dec.$135,214
42,855
40,253 Inc.
2,602
$855,745

$993,561

Dec1137.816

*Excess profits tax not deducted.-V. 106, p. 2647.

(H. H.) Franklin (Motor Car) Mfg. Co., Syracuse.The following has been officially revised for the "Chronicle":
This company, which has devoted its plant to work on Hispano-Suiza
and Rolls-Royce airplane engines, is getting back to automobile production
again, showing for the first week of "peace" a production of only 4 ears,
the second week 17 cars, and at present from 70 to 80 cars per week. The
normal capacity is 250 cars per week. Orders are being received at the
rate of 100% in excess of production.
The amount of stock outstanding Dec. 1 is reported to the "Chronicle"
as follows: Common $1,818,400; pref., $541 300.-V. 105 p. 1525.

-Inspiration Consolidated Copper Co.-Dividend.-

A regular quarterly dividend of $2 has been declared on the stock, payable Jan. 27 to holders of record Jan. 10.
An official of the company has pointed out that the company is very
strong in cash, having accumulated quite a surplus for the purpose of
paying dividends. In addition, he said that the company possessed a
property of low operating cost and does not require the large sums of
money necessary to be carried by other companies because of the fact that
It does not smelt and refine its own ores, therefore has not as much money
tied up as many other companies like the Anaconda and others.-V.107. 1)•
2192.

International Arms & Fuze Co. (Bloomfield, N. J.)Owing to the cancellation of shell contracts, this company has arranged
for immediate curtailment in operations with the expectation of completing
all Government work early in January. The plant has been giving employment to almost 9,000 persons and about one-half of this number will
be released before the close of the year. It is reported that the plant will
manufacture automobiles and parts. ("Iron Age.")-V. 106. p. 301.

International Harvester Co.-New President.Harold F. McCormick, Treasurer, was elected President to succeed Cyrus
H. McCormick, who was made Chairman of the Board. Commenting
upon his resignation from the office of President, Cyrus McCormick said:
"I have been actively in service as President of the International Harvester Co. since its organization, and for eighteen years before that I was
President of the McCormick Co., making thirty-four years' continuous
service. I would have retired several years ago but for the Government
suit against the company which was terminated recently. While that litigation was pending, it would hardly have been proper to make such a
change in the management of the company."-V. 107, p. 1672.

International Ultramarine Works.-Sold.The Alien Property Custodian on Dec.20 sold at public auction the entire
capital stock of this enterprise for $255,000 to Frank A Mayer, Pres. of co.

2480

Jewel Tea Co.-$ales-4 & 48 Weeks to Nov: 30.*1918-4 Weeks-1917. Decrease. 1918-48 Weeks-1917. Decrease.
$162,065

$1,232,268
41,184,785
-V. 107, p. 2102, 1672.

[Vora. 107.

THE CHRONICLE
347,4831$13,947,024 $14,109,089

Keystone Tire & Rubber Co.-Contract.-

A director is quoted as saying: "The Keystone Tire & Rubber Co. has
closed the contract with tho Perfection Tire & Rubber Co. at Fort Madison,
Iowa, under terms by which the latter company will manufacture Keystone tires. To take care of the growing demand for Keystone tires, the
goods manufactured at the Perfection factories will be shipped direct to
the stores controlled by the Keystone Tire & Rubber Co. in the Middle
West, thus saving considerable freight expense. The Perfection plant is
an ideal one for the needs of the Keystone ire & Rubber Co., possessing
as it does a capacity of 3,000 tires per day."-V. 107, p. 2293, 1923.

Lackawanna Steel Co.-President Resigns.-

Pres. E. A. S. Clarke has announced his resignation and will become
head of the new North American Steel Products Corporation, which see
below.
Moses Taylor having resigned as Vice-Pres., has been elected Chairman
of the Board. C. H. McCullough Jr., Vice-Pres. and General Manager,
has been elected President to succeed E. A. S. Clarke. Charles R. Robinson, General Manager, has been made Vice-President in charge of sales.
George F. Downes was made Vice-Pres. in charge of operations.-V.107,
p. 2193.

Lowell(Mass.)Electric Light Corporation.-New Stock.

Valuation of Collateral-Original Face of Notes and Percentage on Same Now
to be Represented by New Securities (Stock and Bonds in Equal Amounts).
[Amounts so issuable and sums paid in cash inserted by Editor.]
xNow Offered.
Notes, *Princ'l Paid
Collateral No.
Orig'l Amt. to Sep. 1 '18. P. Ct. itsik.iibds.
Valuation. Ser.
674,681
10.05
1 Claflin, N. Y_ $6,713,244 $2,807,274
a
448,460
55.03
195,588
814,950
$366,593 2 13atte'm., Bkin
711,070
35.81
575,845
511,646 3 Bacon, Louisv 1,985,674
107,744
10.05
257,299
a
4 Bedford, Br__ 1,072,078
523,577
92.71
135,539
564,747
523,986 5 Castner, Nash
660,321
65.97
289,272
559,744 6 Connell,Butte 1,000,942
121,289
10.05
. 7 Defender, NY 1,206,856
a
351,513
22.80
370,013
196,681 8 Fair, Cincinn_ 1,541,723
83.19 1,341,296
536,100
1,431,869 9 Hen'sy, Butte 1,612,331
None
521,545
521,545
Free asset 10 Jones, Kan C_
367,455
62.68
259,704
586,240
522,166 11 Joslin, Denver
285,866
22.41
355,897
157,731 12 Kline, Altoona 1,275,617
977,868
56.05
542,581
802,510 13 Lion, Toledo.. 1,744,636
116,712
10.05
14 L& G, Read'g 1,161,313
278,715
a
767,381
46.72
394,203
602,411 15 MacD,Seattle 1,642,510
367,315
43.53
202,517
843,820
282,522 16 McAlpin, Chic
464,742
42.42
262,937
354,705 17 Montg'y Fair 1,095,573
460,069
27.92
553,665
294,440 18 Peoples, Tac'a 1,647,812
362,624
31.03
280,470
245,201 19 Root, Terre H 1,168,625
105,898
10.05
492,611
20 Springs, Gr R 1,053,714
a
538,142
48.57
340,147
426,874 21 Watkins, H'on 1,107,972
306,561
28.05
296,177
196,707 22 Watt, Norfolk 1,092,907
532,059
36.12
353,527
384,047 23 White, Au'sta 1,473,031
206.044
24.33
203,249
846,874
120,996 24 Whiteh'se, Spo
Free assets
2,819,141

The shareholders will vote Dec. 31 on authorizing a petition to the Board
of Gas and Electric Light Commissioners for approval of an issue of 2,491
additional shares of stock. The proceeds will be used to pay off floating $10,800,000
abt. $10,800,000
Total
$33,774,736$11,365,487
debt incurred to provide a new power-station equipment and line extensions
required to meet the normal growth of business and also the unusual
a Special security exhausted. * Inserted by Editor as of Sept. 1. The
ratio
the
in
offered
be
new
will
The
stock
war.
demands caused by the
total payments on account of principal to Dec. 18 had aggregated $11,of one share for each four shares of old stock at the price approved by the. 399,099, as against the $11,365,487 as of Sept. 1. See text above.
Board.-V. 104, p. 1903.
xThese amounts and percentages are not carried out to the last decimal.
Note.-The $2,819,141 "free assets" as shown in foregoing table include
Lukens Steel Co.-Export Combination.items valued as follows: The Jones Store Co. capital stock, $1,343,831;
1388.
p.
107,
-V.
below.
See North American Steel Products Corp.
MacCallum & Cloutier Mer. Co. capital stock, $140,555; McCreery & Co.
capital stock, $917,816; Wilkes-Barre Dry Goods Co. capital stock, $223,Mackay Companies.-Arguments Heard.962; real estate, mortgages, cash, stocks, &c., $192,977.
The "free assets" are applicable to all the outstanding collat. notes and
Judge Hand in the U. S. District Court on Dec. 27 heard argument on
the motion of the U. S. Government to dismiss the complaints of the on the basis of the aforesaid valuation aggregate 10.05% on the original
value of such notes. In the case of notes whose special security has
actions
face
in
Co.
Cable
Commercial Cable Co. and the Commercial Pacific
brought to restrain Postmaster-General Burleson and Federal Cable not been disposed of, the sum of the percentages of the entire security to
Director Newcomb Carlton from exercising further control of the plaintiff's which the holder will be entitled is shown in the table, expressed in a merged
cable lines and from effecting the merger with the leased lines operated percentage, embodying both his percentage (10.05%), apportioned as the
result of the valuation of "free assets," and the percentage apportioned
by the Western Union.-V. 107, p. 2380, 2293.
from the valuation of the definitely pledged assets.
Description of New Securities.-Based on the foregoing valuation, the
McCrory Stores Corporation.-Sales.of the new corporation will aggregate $10,800,000, consisting of
1918-November---1917. Increase.' 1918-11 Mos.-1917. Increase. securities
in bonds and one-half in the entire authorized paid-up capital
one-half
$154,1711$8,094,580 $6,566,793 $1,527,787 stock of the
$728,033
$882,204
new corporation, including:
-V. 107. p. 2102, 1672.
(a) Proposed issue of $5,400,000 5% bonds is to be dated Dec. 311918,
and are to be 15-year debenture bonds issued under an indenture with
Sale.
-Receivers'
Co.
Coal
Merchants'
Bankers Trust Co. of N. Y. as trustee. Minimum sinking fund, 66 2-3%
William M. Robinson receiver under a decree of the U. S. District of the net earnings of each fiscal year, as the directors shall determine such
Court for the Western District of Pennsylvania, entered on Dec. 12 1918, net earnings after deducting interest, setting up necessary reserves, &c.,
will offer at public auction on Jan. 16 at the Somerset County Court House, and this sum, it is contemplated, the trustee shall use for the retirement of
Somerset, Pa., all the property, &c., of this company.-V.107, Ls. 86.
the bonds either through call for tenders, purchase at public or private
sale below par, or redemption by lot at par to extent of unused balance.
Mexican Eagle Oil Co., Ltd.-Dividend of 15%.The sinking fund may, however, exceed 66 2-3% of the net earnings in
A press report states that a dividend of 15% has been declared, making the discretion of the directors, the intent being to retire as large an amount
a total of 25% for 1918. This compares with 20% paid in 1917, 16% in of bonds each year as careful business judgment will permit and likewise
to create a market to holders who may desire to sell. It is confidently
1916, 8% in 1915 and 8% in 1914.-V. 107, p. 2380, 2293.
hoped that the bonds will be wholly retired before they become due.
b) Capital stock, $5.400,000, will be of the par value of $100 per share.
Mercantile Stores Corporation, N. Y.-Plan to Put
Trust.-To secure continuity in the management, a voting trust
Properties on a Permanent Basis, Exchanging Collateral Notes for aWing
period of five years will be created, and the five men now composing
of the Several Series for Stock and Bonds (One-half Each) of the board of trustees have consented to serve as the members thereof.
The notes, duly endorsed, should be sent promptly, together with the
New Company in Amounts Together Aggregating Valuation of executed
enclosed consent, to Bankers Trust Co., 16 Wall St., N. Y. City,
Assets Applicable to Said Series.-President Alexander New depositary.-V. 105, p. 2188.

in circular of Dec. 18 sets forth substantially the following
plan for permanent operation which the trustees of the corporation earnestly recommend to the holders of the Collateral
Trust Notes to accept. Holders may deposit their notes
with the Bankers Trust Co., N. Y., depositary, preparatory
to exchange for the stock and bonds of the new company
on the basis of the agreed valuation.

Progress of Liquidation.-This corporation was organized early in 1915
to take over the assets, rights and claims transferred to it by the Claflin
reorganization committee (per plan in V. 99, p. 971, 967, 1454). As the
result of sales and conversions and distributions of accumulated surplus
from various stores from time to time, there has been distributed to the
creditors $11,399,099 which in addition to $5,782,614 distributed by the
reorganization committee, represents a cash total thus far paid to the
creditors under the Claflin plan of $17,181,713.
Trustees and Directors.--All of the capital stock of Mercantile Stores Corporation is still held by the trustees who were selected by the various creditors' committees under the Ciaflin reorganization plan, namely: James S.
Alexander, Pres. Nat. Bank of Commerce in N. Y.; Ernest A. Hamill,
Pres. Corn Exchange Nat. Bank, Chicago; Henry W. Howe, Lawrence &
Co., commission merchants, Boston and N. Y.; John W. T. Nichols,
Minot, Hooper & Co., commission merchants, Boston and N. Y.; Philip
Stockton, Pres. Old Colony Trust Co., Boston.
The directors since organization have been and now are the following:
James S. Alexander, N. Y.; Murray Carleton, St. Louis; Henry D. Cooper.
Gates W. McGarrah, Gerrish H. Milliken, Alexander New (President) and
Albert H. Wiggin, all of New York.
Progress of Ltquidation-Present Status-Further Liquidation Not Justified.
-The liquidation of such assets as could be advantageously converted and
liquidated is substantially completed. The present assets (excepting some
real estate, mortgages and small miscellaneous holdings of an estimated
worth of about $200,000) consist of the retail stores now owned and operated by it. Diligent effcirts were made to dispose of these stores, but no
adequate offers were received. The trustees and the directors are convinced
that further liquidation would be accompanied by unjustifiable losses.
Excepting a small portion of the property occupied by one of the stores,
the establishments are all operating on leased premises. The leases expire
at various dates, and in addition to rental obligations embody liabilities
with respect to restoration and other matters at the termination of the
leases. Generally speaking, the business of the stores is good and on a
profitable basis.
Financial Report.-In November 1917 we issued an extended report of
the corporation from its inception, together with a complete statement of
assets, both free and pledged., and presenting also in detail the assets of
the subsidiary companies, together with complete balance sheets of the
various stores. That report has been reprinted for the information of noteholders (see digest V. 105, p. 1895).
Plan.-As further liquidation would be unjustifiable, the trustees and
directors believe that the best results can be obtained for the noteholders
by placing the properties on a permanent basis and by giving to the creditors securities (composed of bonds and stocks in equal amounts) which
will represent the actual values of the notes which they now hold. Therefore it has been determined that a new corporation, about to be formed,
shall undertake to acquire the assets and shall issue its bonds and stocks
on the basis of the valuations herein set out in exchange for the collat. notes.
Valuation of the Properties.-In fixing the sums at which capital stock of
the respective properties pledged to secure the collat. notes are to be valued,
in issuing the securities of the new company, there was used as a basis
the situation of the properties as of Aug. 1 1918, less any cash thereafter
distributed to the holders of outstanding collat. notes. The trustees and
the board of directors after a careful investigation and audit of the fair
and conservative "going concern" values of each of the stores, have fixed
the aggregate amount of the assets to be the sum of $10,800,000.
Separate Valuations and Terms of Exchange.-The following valuations
of the properties have been adopted and on the basis of these the holders
be entitled to the following percentage
of the notes of the several series will'
of the total new securities (one-half each, stock and bonds), reckoned on
as here shown:
notes
the
of
amount
face
the original




Midvale Steel & Ordnance Co.-Export Combination.See North American Steel Products Corp. below.-V. 107, p. 2380.

Midway Gas Co., San Fran.-Pref. stock Retirement.-

A press dispatch from San Francisco states that the directors have taken
the initial step toward the eventual retirement of the $692,350 7% cum.
pref. stock, by declaring a special amortization dividend of $20 a share,
payable Jan. 30. On payment of this dividend the par value of the pref.
stock will be reduced from $100 to $80.
Regular quarterly dividends of $1 75 per,share on the pref. and 50 cents
a share on the common have been declared, payable Jan. 3 to holders of
record Dec. 31.
The company's gross earnings for the 12 months ended Sept. 30 last
are reported at $1,100,398; operating expenses, $328,256; taxes, $100,400;
Interest, $114,070; balance, $557,672.-V. 107, p. 1388.

Mohawk Mining Co.-Production (lbs.).1918-November-1917.
879,516
930,825
-V. 107, p. 1582, 1196.

Increase.' 1918-11
51,30919,629,460

Mos.-1917.
12,313,887

Decrease.
2,684,427

Natick Gas Light Co.-Rate Petition.-

This company has petitioned the Massachusetts Gas & Electric Light
Commission that the Board set a new price for gas sufficient to meet
expenses. The present price is $1 65 per 1,000 cubic feet.

New Idria Quicksilver Mining Co.-Div. Reduced.-

A quarterly dividend of 25 cents per share has been declared on the
stock, payable Jan. 1 to holders of record Dec. 24. On Oct. 1 1917 the
rate was reduced from $1 to 50 cents quarterly, which sum has been paid
regularly to the present distribution.-V. 105, p. 1314.

New York Dock Co.-Common Dividend No. 1-

An initial dividend of 2;4% has been declared on the $7,000,000 common
stock, payable Feb. 15 to holders of record Feb. 4.
It is stated that the dividend has no reference to possible quarterly or
semi-annual distributions in the future.-V. 106, p. 1794.

New York & Richmond Gas Co.-Mortgage Appeal.-

This company informs us that it is not satisfied with the order of the
New York P. S. Commission granting permission to execute a 30-year
First and Refunding Mtge. to the Central Union Trust Co. as trustee and
to issue thereunder $2,283,755 of 5% bonds, chiefly for refunding purposes.
An appeal will be taken.-V. 107, p. 507.

Niagara Lockport & Ontario Power Co.-Offering, of
Refunding Mtge. 6s, Series "A."-William Salomon & Co.
a new issue
are offering at 93 and int., yielding about 6
of $990,000 Refunding Mtge.6% Sinking Fund gold bonds,
Series "A," dated Feb. 1 1918, due Feb. 11958, but redeemable at 110 and int. on any interest date upon 60 days' notice.
A circular shows:
"Passed by the Capital Issues Committee as not incompatible,"
Interest F. & A. Total issue limited to $15,000,000; series "A' bonds,
now authorized, $1,980,000. Denom. $1,000 and $100 c; $1,000 c*.
The Equitable Trust Co. of N. Y., trustee.
Company.-Engaged in the production and distribution of electric power
serving a highly developed territory extending from the niagara River
to Syracuse, N. Y.
Security.-A direct general mortgage on the entire properties owned,
subject to closed issues of underlying bonds aggregating $8.905,000; a
like face amount of Refunding Mtge. bonds is reserved for the purpose of
refunding the underlying bonds at or before maturity. Value of properties, represented by actual cash investment, over and above the underlying bonds, is upwards of $5,250,000, showing a most substantial equity
for these Refunding Mortgage bonds.

DEC. 28 19181

THE CHRONICLE

Earnings for the Twelve Months' Period ended Oct. 31 1918.
1918.
Twelve Months ended Oct. 311917.
Sales of electric power
$3,019,068 $2,226,439
1,488,711
Cost of power purchased and produced
1,041.833
Gross profit from sales of power
Operating expenses, including maintenance

$1,530,357 $1,184.606
243,052
193,997

Net earnings
Other income

$1,287,305
48,522

Gross income
Taxes, rentals and other deductions

$1,335,827 $1,017,237
353,511
272,777

$990,609
26,628

$982,316
Balance
$744,460
Territory Served.-Includes the cities and towns of Syracuse, Rochester,
Lockport
and
Batavia,
numerous
smaller comAuburn, Oswego, Geneva,
munities. Estimated population, 1,500,000.
For description of properties, &c., see V. 106, P. 612. Further particulars should appear another week. For annual report compare V. 106,p.2753.

North American Steel Products Corporation.-Organization of Export Combination.-The organization of the steel
export combination formed by ten independent steel companies of the U. S. has been announced as follows:
E. A. S. Clarke, President of Lackawanna Steel Co., has accepted the
presidency of the new combination of steel producers which has been
organized under the Webb bill for the advancement of American steel
interests in foreign trade.
Mr. Clarke, who has been the head of Lackawanna Steel Co. since 1904,
will resign as President and director of the parent company and its subsidiary corporations on Dec. 31 1918, and will devote his entire time to the
interests of the new export company. (See that company above.)
The North American Steel Products Corp., which will be the name of the
exporting organization, will be the exclusive agency for exporting the
merchant iron and steel products of the following companies, whose combined annual ingot capacity is about 12,000,000 tons:
Republic Iron & Steel Co.
Bethlehem Steel Co.
Sharon Steel Hoop Co.
Brier Hill Steel Co.
Trumbull Steel Co.
Lackawanna Steel Co.
Whittaker-Glessner Co.
Lukens Steel Co.
Youngstown Sheet & Tube Co.
Midvale Steel Sr Ordnance Co.
It is expected that other steel-producing interests will join the North
American company later on and that eventually it will represent in export
trade substantially all important steel-producing companies of the country
outside of the United States Steel Corporation.
The company expects to incorporate immediately and to begin active
business on Jan. 2 next. In addition to its principal office in New York
City, the location of which has not yet been decided on, it will have branches
throughout the world wherever the introduction and sale of American iron
and steel products make it desirable.
The launching of this company, the first to avail under the Webb bill
of the right of steel producers to combine and co-operate in export trade,
marks the beginning of a broad constructive work which will benefit not
only those directly interested, but the whole country, and should receive
the hearty support of all who believe in the value to the United States of an
Increasing foreign trade in manufactured articles.

Ohio Iron & Steel Co.-Extra Dividend.The directors are reported to have declared an extra dividend of 12%
on the stock in addition to the regular dividend of 12% for the year 1919,
making a total of 2% payable the first day of each month to holders of
record Dec. 20.-V. 106, p. 1349.

Ohio State Telephone Co.-Bond Extension.The extension privilege to holders of the 5% bands of the Cuyahoga
Telephone Co. and the United States Telephone Co. terminated Dec. 23,
about 90% of the bonds being exchanged for the new 7% issue. Bondholders who did not exchange their bonds for the new issue will be paid the
par value of the bonds on Jan. 1. Compare V. 107, p. 2381, 2294.

Oklahoma Natural Gas Co.-Dividend Increased.-

Pittsburgh "Money" of Dec. 21 announces that the directors have declared four quarterly dividends of A of 1% each, payable out of gasoline
and oil earnings, to be paid in conjunction with and in addition to the regular
quarterly dividends of 2% on Jan. 20, April 20, July 20 and Oct. 20 1919.
This places the stock on a 10% p. a. basis.
10.-Th° board has postponed formation of the suggested $3,000,000 oil
subsidiary because of excess profits legislation. Compare V. 107, p. 1007.V. 107, p. 1485. 1389.

Page Steel & Wire Co.-Obituary.Homer 0.Page,a director of the company and also a son of the founder of
the Page Woven Wire Fence Co.. now the Page Steel & Wire Co. died
Dec. 7.-V. 107, p. 909.

Palmolive Co.-Further Data.-The offering, by Spencer
Trask & Co., New York; Bosworth, Chanute & Co., Denver,
and Morris F. Fox & Co. and Edgar Ricker & Co. both of
Milwaukee, of $1,500,900 5-Year 7% Sinking Fund % gold
notes, was mentioned in these columns last week (page 2381).
Further particulars follow:
Data from Letter of Pres. Caleb E. Johnson, Dated Dec. 2 1918.
Company.-Started in Milwaukee in 1864 as a partnership and was incorporated in Wisconsin on Dec. 20 1894 as the B. J. Johnson Soap Co. In
1917 the name of the company was changed to the Palmolive Co. The
main plant is at Milwaukee, and comprises three buildings with a floor area
in excess of 250,000 sq. ft. The plant is modern in every respect. Principal products: Palmolive soap, cold cream, vanishing cream, shaving soap,
lip stick, shampoo, talcum powder, face powder, face rouge, Rose bath
soap, naphtha soap, washing powder, &c.
riki Capitalization (upon Completion of Present Financing) Auth. Outstand'g
5-Year 7% S. F. Convertible gold notes (this issue)_-$1,500,000 $1,500,000
7% cum. pref. stk., callable, all or part,at 105 & divs. 3,000,000 1,095,961
Common stock
3,000,000 1,734,371
Purpose of Issue.-To retire current indebtedness and provide additional
working capital.
Conversion Privilege.-The notes are convertible at par, at the option of
the holders, at any time on and after Dec. 1 1919, into '7% cumulative pref.
stock at par, with an adjustment of int. and dlvs. Said pref. stock is required to be of equal right with any pref. stock of the company then or
thereafter outstanding, and to be part of a total auth. issue of $3,000,000.
Notes called for redemption shall retain the conversion privilege until 30
days prior to the redemption date, whereupon conversion privileges shall
cease.
Sinking Funds.-No common dividends shall be paid until the pref. stock
redemption account, commencing Dec. 31 1919, shall receive each year
credits sufficient to provide for the redemption of at least 5% of the maximum amount of pref. stock at any time issued; but while the company must
continue these annual credits, it need not apply them to the actual purchase
of pref. stock so long as an equal amount is expended in the redemption of
notes. No common dividends shall exceed 12% in any year unless there
shall also be credited to the pref. redemption account an amount equal to
such excess dividends.
On or before Aug. 11919, and annually up to and including Aug. 1 1922,
the company must pay to the trustee a sum sufficient to retire by purchases
or call at the next interest date of not less than $150,000 notes [see redemption prices in V. 107, p. 23811.
Covenants.-The company covenants, among other things: (a) That it
will not, without prior consent of bankers, create any mortgage nor issue
evidences of indebtedness, except as purchase money obligations or to evidence temporary loans; (b) Will at all times maintain net quick assets
(including such as it may own through the Palmolive Co. of Canada, Ltd.)
equal to 150% of outstanding notes; (e) Will not dispose of any essential
part of its property unless it applies the proceeds to the purchase of other
fixed property, or to the sinking fund; (d) Will not pay dividends on the
common or pref. stock except as specially stipulated.
Dividends.-The company has had pref. stock outstanding for over 20
years and has never failed to pay the dividends. Cash dividends at the
rate of 12% per annum are paid on the common. Of the common stock
approximately 80% is owned by the officers, &c., of the company.




2481

Earnings (Incl. the Canadian Co.)for 3 Years and 9 Mos.ended Sept. 30 1918.
9 Months
Calendar Years
1918.
1917.
1916.
1915.
Total net income available for payment of note interest (before providing for Fed.taxes in 1917 & 1.8)3847,357 $941,825 $379,770 $355.568
Year1907.
1915.
1917.
1918(9mos.)
1916.
Sales
$801.000 $2,789,150 $3,899,365 $5,668,283 $6,652,255
Consol. Balance Sheet (Incl. Canadian Co.) as of Sept. 30 1918, Giving Effect
to the Issue.
Assets ($5,122,651)Liabilities(35,122,651)Plant & equip.(less depr.)$1,440,337 Preferred stock
$1,095.961
Current assets
3,448,024 Common stock
1,734,371
Prepaid accounts
120,238 Accrued liabilities (includ.
Investments
7,502
reserve for Fed. taxes)_
607,417
Unpaid subscrip'n to stock 106,550 Five-year gold notes
1,500,000
Surplus
l84,902S
In this balance sheet no valuation as been placed upon patents, trademarks and good will, although our advertising expenditure alone for the
past 6N, years have exceeded $3.850,000. See also V. 107, p. 2381.

Parke Davis & Co.-New Treasurer and Director.-

E. G. Swift, General Manager, it is announced in Detroit, will succeed
George Hargreaves as Treasurer and Jerome II. Remick will take his place
as director. Mr. Hargreaves has been Treasurer and director of this
company for 13 years and will retire on Dec. 31.-V. 106, p. 2194.

Peerless Truck & Motor Corp.-Tenders.The Bankers Trust Co., N. Y., as trustee, will, until Dec. 31, receive
tenders for the sale of $500.000 10-year 6% secured convertible gold notes
of 1915. Accepted bonds will be paid Jan. 121919.-V. 106, A. 2126. 1132.

Penn-Mex Fuel Co.-Status-Outlook.-W. C. Coles &
Co., 61 Broadway, N. Y., specialists in Standard Oil stocks,
independent oil stocks, &c., in a circular say in substance:
Organization.-Incorp. In Delaware and controlled by South Penn Oil Co.,
a subsidiary of the Standard Oil Co. of N. J., through ownership of 51% of
the stock of the Penn-Max. Fuel Co. Capital stock (par $25),$10,000,000.
No bonded debt. Property located in Tuxpan district of Mexico. Mexico
we believe to be the greatest potential oil field in the world.
Properties.-In 1917 Mexico produced 55,292,770 bbls. in spite of a tank
vessels shortage which restricted the shipments of oil, this comparing with
39,817,402 bbls. in 1916, a gain of 38.8%. In 1917 alone 43 new wells
were brought in with a potential daily production of 235,252 bbls; average
per well, 5,471 bbls. During 1918 scarcely a month passed without the
entrance of another big gusher. Some of these new wells have shown an
initial production of from 30,000 to 75,000 bbls. daily. Up to Dec. 31
1917 the total number of wells in Mexico, dry, producing and drilling,
had aggregated only 842: of this number 339 were producing. These
339 wells showed an estimated initial production of 1,337.213 bbls. a
day, or an average daily production for each well of 3,914 bbls., a record
never even approximately duplicated elsewhere. At the close of 1917
there were only 133 companies in Mexico with actual producing„ drilling
or located wells, and as groups of these are under single control, the number
Is really smaller. Companies with actual production numbered 27.
The Penn-Mex Fuel Co. is one of the very few well rounded companies.
It has the production, the pipe lines, the tank farms, the terminals, the
refining facilities and the marketing connections. Against the peculiar
handicaps of 1917, this company was able to show a production of 4,129,297
bbls. The initial potential production of the company's wells is conservatively estimated at 201,600 bbls. daily, all under perfect control.
Financial Policy.-The policy of the company has been to i nvest liberally
in acquisition and development of Mexican properties, and to build up a
well-rounded organization. This has been accomplished. The properties
as of Dec. 31 1917 are valued at $12,170,696. The only indebtedness incurred is a loan of $2,000.000 advanced by the South Penn Oil Co. Dec. 31
1917 the company had current assets of $1,066,666; net surplus, $560,648.
Producing Properties.-The company controls nearly 500,000 acres of
leases and lands in fee in the principal producing sections of the State of
Vera Cruz, Mex. Its chief producing area is in the Alamo field. This
tract of 93,000 acres stretches 23 miles along the south bank of the Tuxpan
River. The company also had producing wells in the Panuco and Chijol
fields in the northern section of the State, adjacent to the Panuco River.
The company's principal producing well is Well Alamo No. 2, conservatively rated at 75,000 bbls. a day. Alama No. 1 is estimated at 12,000
bbls. a day; Alamo No. 3 at 3,000 bbls.; Alamo No. 6 at 4.600 bbls.; and
Alamo No. 7 at 12.000 bbls.; giving the company an estimated production
In the Alamo field of 106.600 bbls. a day. Alamo oil is a high grade oil.
Alamo No. 2 is producing oil of about 21 degrees Baume gravity, the
highest grade oil in Mexico flowing from a big well. This Alamo acreage
has hardly been scratched.
In 1917 the company brought in Mollno No. 1 in the Molino district, the
well having an estimated production of 50,000 bbls. a day. The company's
Molino leases cover 15,000 acres. Another well brought in in 1917 was
Isleta No. 1, located on the Panuco River in the Panuco field. This well
was gauged and showed 2,000 bbls. an hour, or estimated with a production
of 48,000 bbls. a day. Unlike most of the oil of the Pantie° field, which is
a heavy, black oil, the oil from this well is a light oil with a gravity of from
15 to 18 degrees Baume.
From these principal wells described above the company has a production conservatively estimated at 201,600 bbls. a day. Besides these wells
there are several smaller producers.
Pipe Lines, &c.-The company has 28 miles of 8-inch pipe lines extending
from the Alamo field to Tuxpan Bar, where the company has an extensive
storage plant and sea-loading terminals. These sea-loading facilities, which
have a delivery capacity of 1,800 to 2,500 bbls. per hour, can load four
tankers at one time. The present normal capacity of the pipe line is 40.000
bbls. a day, which can be raised to 60,000 bbls. under pressure. The machinery and pumping equipment of the pipe line system cost over $1,000,-000. The company also has 14 miles of narrow-gauge railway from Zapotal,
at the head of navigation of the Tuxpan River, to the Alamo field.
As the oil produced by the Alamo property has a high gasoline content,
it commands a premium above the contract price. The company has a
casinghead gasoline plant and manufactures gasoline directly, and is in a
position to greatly increase this feature of its operations.
Contracts and Marketing Connections.-The company's marketing contracts are with such large refining companies as the Standard Oil Co.(New
Jersey) and the Atlantic Refining Co., both having tank vessels. Most of
its oil goes to the Standard Oil Co. It is understood that the company has
recently made contracts covering a large proportion of its output at an
appreciable advance in price.
Shipments.-The company's shipments from Mexico have enormously
Increased in the last few months, and record shipments are expected. In
October Penn-Max shipments aggregated 1,040,040 bbls.; in September,
660,204 bbls, a big increase over August. It is conservatively estimated
that, with no unexpected developments, the company can ship in 1919 an
average of 650,000 bbls.a month,or for the year 7,800,000 bbls. as against
3,815,078 bbls. in 1917.-V. 106, p. 1465.

Pennsylvania Water & Power Co.-Bonds.The Philadelphia Stock Exchange has listed $400,000 additional First
Mtge. 5% Sinking Fund gold bonds, due Jan. 1 1940, making the total
listed $10,712,000. In addition $228,000 of the issue has been canceled
by the sinking fund. Compare V. 107, p. 1924, 2103.

Pierce Oil Corporation.-New Stock-Earnings.The N. Y. Stock Exchange has authorized the listing of an additionlal
$625,000 common stock on official notice of issuance and payment in fu 1,
making the total listed $19,189.250. The proceeds received from the s le
of these 25,000 additional shares of $25 each will, it is stated, be used or
corporate purposes in liquidating current bank loans.
Income Statement for 8 Mos. ending Aug. 31 and 9 Mos. ending Sept. 30.
9 Mos.-1918--8 Mos.
Trading profits
$4,426,537 $3,860.037
Other income
427,536
362.588
Total income
Miscellaneous expenses
Depletion and depreciation
Provision for Federal taxes (6%)
Interest on debentures and gold notes
Interest on other indebtedness (net)

$4,854,073 $4,222.625
3167,640
$151,876
807.615
717,880
182.788
162.360
456,745
513,649
199.081
218,693

Net income for the period
-V. 107, p. 2373.

$2,963,688 $2,534.683

2482

[VOL. 107.

THE CHRONICLE

Peoples Gas Light & Coke Co., Chicago.-Tax Ruling-

United States Rubber Co.-Import Restrictions Removed.

The Illinois Supreme Court has handed down a ruling under the terms
of which the County Tax Collector is perpetually restrained from collecting
$250,445 as a tax upon the corporation's capital stock.-V. 107, P. 1673
909.

Restriction placed on the importation of manufactured rubber goods,
announced June 19 last, has been removed.-V. 107, p. 2383, 2296.

Pilgrim Mills Corp., Fall River, Mass.-Extra Dividend.
An extra dividend of 3% has been declared on the $700,000 common
stock in addition to the regular quarterly of 1%%, both payable with the
quarterly of 1%% on the preferred stock on Jan. 1 to holders of record
Dec. 20. An extra of 2% was paid on the common stock in Oct. and Dec.
1917.-V. 105, p. 2461.

Prairie Oil & Gas Co.-Extra Dividend.Directors have declared an extra dividend of$5 a share on the $18,000,000
outstanding stock in addition to the usual quarterly dividend of $3 a share
[pot $5, as misprinted last week), payable Jan. 31 to holders of record
Dec. 31. An extra of $2 per share was paid in each quarter of 1918 and
in Oct. 1917 paid $4.-V. 107, p. 1197.

Prairie Pipe Line Co.-Dividend Reduced.A quarterly dividend of $3 a share has been declared on the $27,000,000
capital stock, payable Jan. 31 to holders of record Dec. 31. The dividend
has been $5 quarterly since Jan. 1916 with extras of $5 in Jan. and April
1918.-V. 107, p. 1485.

Remington Arms-Union Metallic Cartridge Co.-

United States Telephone Co.-Bond Extension.See Ohio State Telephone Co. above.-V. 107, p. 2104, 2015.

Utah-Idaho Sugar Co.-Extra Dividend.An extra dividend of 1% has been declared in addition to the regular
quarterly of 2%, both payable Jan. 2. In Dec. 1917 an extra of 1% was
paid.-V. 107, p. 289.

Vulcan Detinning Co.-Litigation.The Appellate Division of the Supreme Court on Dec. 20 handed down
a decision reversing the judgment of the lower court against the company.
The company asked for a judgment of $700,000 against the Republic Chemical Co., Inc., and others and an injunction against the continued use of
its secrets. Counsel for the company says that if an accounting is ordered
on the second trial it may show that a much larger amount than that claimed
when the complaint was filed in 1914, is due.-V.107, p. 2104.

(Charles) Warner Co.-Extra Dividend.An extra dividend of 1% was paid on the $5,000,000 common stock on
Dec. 20 to holders of record Dec. 16. The regular quarterly dividends of
1% on the common and 1°4% on the 1st and 2d pref. stocks have been
declared and will be paid Jan. 23 to holders of record Dec.31.-V.106,p.928.

West Penn Power Co.-Status.-

A press dispatch from Bridgeport, Conn., stated that on Dec. 23 more
than 6,500 employees were laid off at the company's plants, practically
all of the company's ordnance contracts having been canceled. The
company's plant at Ilion, N. Y., also closed Dec. 23, about 6,000 workers
being affected.-V. 106, p. 2654.

See West Penn Traction & Water Power Co. under "Reports" above.
V. 107, p. 2296, 1925.

A regular quarterly dividend of 14% has been declared on the first pref.
stock for the quarter ended Dec.31, payable on stock of record Jan. 10 1919.
whenever and as soon as it shall appear that the dividends accumulated on
the first pref. stock shall have been fully liquidated.
Checks were sent out yesterday in payment of 28% accumulated dividends on the first pref. stock, covering a period from Sept. 30 1914 to
Sept. 30 1918, amounting to $1,120,000, payable one-half in cash and onehalf in Liberty bonds.
The directors also declared the plan operative so far as the second pref.
stock is concerned, but made no provision regarding the payment of accumulated dividends on this issue, which amounts to 32%, or $1,600,000. It
Is understood that shortly after the first of the new year directors will meet
for the purpose of paying off the back dividends on the second pref., which,
according to the plan of readjustment, are to be paid as soon as possible
after Jan. 1.-V. 107, p. 2382.

munition purposes, so the company is in position to go ahead with peace
business without readjustment.
Output.-The output of steam turbines and other ship machinery continues at an extraordinary rate. A large percentage of the company's
Government business consists of work of this character and no-cancellations
have occurred. The New England Westinghouse Co. has turned out 40,000
out of 60,000 heavy type Browning machine guns ordered for the "War
Department and will complete the total number unless orders are received to the contrary.
Outlook.-Heavy peace business is in sight. Large orders from railroads
with electrification work in progress are coming in and public utility corporations are also expected to enter the market.
Notes.-The company has $15,000,000 notes maturing Feb. 1 1919, sold
to provide funds for plant extensions and improvements. The question
of meeting the notes, it is understood, was to come up for consideration
at a meeting of the board Dec. 23. The company had working capital of
$53,318,257 as of March 21 1918, and officials are quoted as stating that
the notes could be paid off in cash without the slightest embarrassment, but
no definite decision in this regard has been reached."Boston News Bureau."

Westinghouse Electric & Mfg. Co.-Operations, &c.The followinc, published statement is believed by the
Remington Typewriter Co.-Plan Operative-28% Ac- "Chronicle" to be based on facts:
Cancellations.-Thus far cancellations of the company's Government
cumulated Dividends Paid on First Preferred-Quarterly Divicontracts have involved an inconsiderable amount of money, only shell
dend Declared-Second Preferred.contracts having been affected. Outside buildings were leased for all

Republic Chemical Co.-Litigation.See Vulcan Detinning Co. below.-V. 102, p. 527.

Republic Iron & Steel Co.-Export Combination.See North American Steel Products Corp. above.-V. 107, p. 1583.

Republic Motor Truck Co., Inc.-Subsidiary Company.
See "Annual Reports" above.-V. 107, p. 2382.

St. Maurice Paper Co., Ltd.-Initial Dividend.The directors have declared an initial dividend of 14% on the $5,000,000
outstanding stock, payable Dec. 30. The Union Bag & Paper Corp. owns
$3,750,000 of the total capital stock of this company.-V.103, p. 148.

Sharon Steel Hoop Co.-Export Combination.See North American Steel Products Corp. above.-V. 106, p. 1692.

South Penn Oil Co.-Subsidiary Company Status.See Penn-Mex Fuel Co. above.-V. 106, p. 934, 714.

Southern Canada Power Co., Ltd.-Earnings.Sept. 30 YearsGross earnings
Profit from operations
Other income
Interest, &c

1917-18 1916-17. 1915-16. 1914-15.
$475,009 $432,634 $148,429 $120,377
219,998 206,180
74,505
61,119
10,519
5,542
7,023
616
182,360 164,375
60,943
39,789

Balance, surplus
$48,157 $47,347 $20,585 $21,846
Note.-In order to synchronize the fiscal years of all the companies, the
figures for 1916-17 include those of the Southern Canada Power Co., Ltd.,
for twelve months and those of the various subsidiaries for from three to
fifteen months ending Sept. 30.-V. 107, p. 86.

Sperry Flour Co., San Francisco.-Extra Dividend.An extra dividend of $2 a share was declared and paid to stockholders
on Dec. 25, thereby making the total distributions for the year amount to
$10 on the common stock. In Dec. 1917 an extra of $2 was paid, and in
July 5% in stock.-V. 106. P. 196.

Standard Oil Co. of New Jersey.-Subsidiary Company.
See Penn-Mex Fuel Co. above.-V.107, p. 1389, 808.

Stollwerck Bros., Inc. (Chocolate).-Sold.The Alien Property Custodian on Dec. 23 sold the property of this
company to the Touraine Co. of Boston for $1,503.390, the transaction
involving the sale of 6,165 shares of corn. and 6,000 shares of pref, stocir

Submarine Boat Corporation.-Operations, &c.The "Engineering News-Record" in its issue of Dec. 19 describes the
activities of this corporation in ship design and quantity production at
the Newark Bay yard. The article states that the 28 ways at the corporation's yard have all been in service since early spring. Recently two
ships have been launched each week-both on the same day, to minimize
the disorganizing effect of launching days. By spring a schedule of three
ships per week should be attained. Compare V. 107. p. 2383, 2296.

New Director.Reginald B. Lanier has been elected a director of this company and the
Electric Boat Co. to succeed Stacy C. Richmond, deceased.-V. 107.
P. 2383.

Trumbull Steel Co.-Export Combination.See North American Steel Products Corp.above.-V.107, p. 2383,1198.

Union Bag & Paper Co.-Initial Div. of Sub. Company.See St. Maurice Paper Co., Ltd., above.-V. 107, p. 2383.

Union Carbide 85 Carbon Corp., N. Y.-New Stock'
The company as of Dec. 12 issued subscription warrant series "A" and
series "B" (for full shares, or fractional shares, or both), on which shareholders of record on that day may subscribe at $40 per sh.for new capital
stock to the extent of 20% of their holdings. Stock subscribed for on series
"A" must be paid for in full on or before Jan. 15 1919: series "B" on or
before April 15 in full-all in N. Y. funds at office of the corporation,
30 East 42d Street, N. Y. City; after these dates respectively the full-paid
certificates and fractional shares will be issued. Warrant series "B" may,
If desired, be paid in full on or before Jan. 15 1919, in which case the new
shares so subscribed for will be then issued, entitled to any dividends declared and paid after that date. If payment for warrant series "B" is
made after Jan. 15 1919 the stock or scrip therefor will not be issued until
after March 15 1919. Compare V. 105, p. 2100.

United Fruit Co.-Debentures Largely Retired.A Boston financial paper understands that up to Dec. 22 the company
had under its proposal to pay par for its 44% debentures of 1923 and 1925
taken up and canceled approximately $3,000,000 of the $5,000,000 recently outstanding.-V. 107, p. 2383.

United Gas Improvement.-Note Renewal.-

mr It is stated in Philadelphia that the company's option to renew the 6%
notes for one year from Feb. 1 1919 will be exercised.-V. 107. P• 2195.




The "Iron Age" of Dec. 26 says in brief:
The Westinghouse Electric & Mfg. Co. has begun the expansion of its
works at Essington, Pa., to four times the present capacity. Not only
will the present operating force of 3,500 mechanics and laborers be retained,
but it is planned to increase the number to 5,000 at once and later to 12,000.
Contracts are now held for 250 ships for the Emergency Fleet Corporation, to be equipped with the Westinghouse marine system of propulsion
machinery, besides other contracts with the U. S. Government for destroyers, cruisers, and other naval units. Whether the present policy of
a bigger navy stands or not, the enormous demand for merchant ships
which have been depleted by the U-boat warfare will now force the completion of the plans of the company originally intended at So. Philadelphia.
Contracts with the Government for marine equipment are expected to
stand, and the broad policy of this country for developing a great merchant
marine is beginning to assume definite proportions, so that business is
practically assured for the Essington plant for some time to come; but even
though these prospects do not materialize, the Westinghouse Co. needs
the new developments for the expansion of its general electrical business.
The parent works at East Pittsburgh, Pa., have completely covered all
of the available space, and Essington will have to take over some departments of the industry.
The company is now carrying out its specifications for a town-site for its
employees. The program calls for 1,40() cottages, of which 100 will be
finished by Jan. 1 and 200 are in process of construction.
The property of 500 acres for the Essington plant was purchased in 1916;
Actual production was begun last June. Seven buildings have been
erected and in use, covering a floor space of 35 acres,