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Bank & Quotation Section
Railway Earnings Section
VOL. 108
ghe
lirtitude
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 1 1919
!threnxcu.
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postage)
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Subscription includes following
SupplementsBANK AND QUOTATION (monthly) RAILWAY AND
INDUSTRIAL(twice yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC
STATE AND CITY (semi-annually) BANKERS'RAILWAY (twice yearly)
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CHICAGO OFFICE-39 South La Salle Street, Teleph
one majestic 7396.
LONDON OFFICE-Edward8 di Smith,1 Draper
s' Gardens, E. C.
WILLIAM II. DANA COMPANY,
Publishers,
Front. Pine and Depeyster Ste., New
York.
Week ending January 25.
Clearings at
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Adva
nce
For One Year
*10 00
For Six Months
$4 20
22 00
29 00
50 00
87 00
Published every Saturday morning by
Jacob Seibert Jr., President and Treasurer: WILLIAM 13. DANA COMPANY.
Arnold G.
Secretary. Addresses of both, Office of the Compan Dana, Vice-President and
y.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph,
indicates that the total bank
clearings of all the clearing houses of the United States
for the week ending
have been $6,894,408,506, against $6,917,420,506
last week and $5,542, to-day
the corresponding week last year.
299,675
1919.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_ _
Dayton
Evansville
Springneki,,
Youngstown
Fort Wayne _
Lexington
Akron
Rockford
South Bend
Canton
Quincy
Springfield, O.
-Bloomington _ --Mansfield
Decatur
Jacksonville, III_
Danville
Lima
Lansing
Owensboro
Ann Arbor
Adrian
NO. 2797
518,996,528
61,502,919
92,181,439
75,000,000
29,008,982
14,133,000
10,502,900
11,230,453
5,166,032
5,129,989
4,241,011
3,744,251
1,852,325
3,727,889
1,919,986
1,945,000
6,111,000
1,641,556
1,125,017
2,821,285
1,306,637
1,334,699
1,490,187
1,150,000
1,106,943
584,472
539,305
922,132
988,600
1,737,073
300,000
123,214
1918.
Inc. or
Dec.
$
%
436,858,372 +18.8
44,682,884 +37.6
70.637,630 +30.5
49,314,321 +52.1
23,906,323 +21.3
11,123,000 +27.1
9,163,500 +14.3
9,225,896 +21.7
4,510,892 +14.5
4,419,235 +16.1
2,953,481 +43.6
2,998,085 +24.9
1.548,274 +19.6
3,139,363 +18.71
1,051,412 +82.6.
1,082,671 +79.7
5,436,000 +12.41
1,501,595 +9.3
949,307 +18.4
2,977,329 -5.2
1,110,432 +17.7
1,173,593 +13.7
937,360 +59.0
1,040,629 +10.5
792,342 +39.6
457.754 +27.7
460,169 +17.2
715,000 +29.0
780,741 +26.6
550,997 +215.4
258,553 +16.5
72,793 +69.3
1917.
$
450,221,996
39,892,477
57,868,919
49,793,100
20,729,404
12,599,358
9,806,300
11,627,865
4,000,000
4,136,266
3,737,281
2,437,828
1,788,278
3,236,695
1,751,814
1,130,528
5,072,000
1,233,492
830,000
3,259,118
888,523
1,100,474
968,407
865,746
686,275
355,149
484,664
650,000
1,069,162
1,047,924
261,015
64,126
1916.
$
355,990,827
30,488,800
37,366,480
32,811,275
17,812,248
9,348,953
7,872,500
8,202,297
3.649,866
3,662,374
2,625,468
1,657,353
1,097,219
2,025,578
1,264,784
959,758
3,331,001)
998,038,
787,736
1,929,670
765,128
862,141
599,820
599,662
583,211
251,632
447,573
567,621
988,020
432,167
237,600
36,813
Tot.Mid.West. 863,563,824 695.829
,933 +24.1 693,594,184 530,253
,618
San Francisco_
132,732,205
87,264,001 +52.1
79,308,984
50,694,138
Los Angeles
33,819,000
28,194,000 +20.0
30,734,000
21,044,634
Seattle
36,053,608
27,378,102 +31.7
17,585,246
10,899,450
Portland
26,857,722
16,738,715 +60.5
13,383,842
9,324,000
Salt Lake City
15,200,000
11,753,315 +27.6
12,113,132
6,722,977
Spokane
7,561,700
6,981,409 +8.3
5,004,667
3,587,325
Tacoma
4,244,942
3,628,462 +17.0
2,252,559
1,440,394
Oakland
7,626,892
5,000,881 +50.2
4,516,546
3,152,935
Sacramento
4,454,231
3,393,399 +31.3
2,197,512
2,000,314
San Diego
2,035,903
2,106,506 -3.4
2,483,804
1,600,102
Stockton
1,982,966
1,891,038 +3.8
1,481,583
1,017,137
Fresno
2,735,263
2,107,184 +29.8
1,395,706
810,284
Pasadena
1,143,559
836,221 +36.7
1,241,4111
733,101
San Jose
854,936
809,126 +5.7
733,062.
540,340
Yakima
850,508
542,089 +56.8
466,476
2
55,000
Reno
500,346
525,000 -4.7
500,000
300,000
Long Beach
1,112,623
782,736 +42.2
614,999
412,140
Total Pacific_ _1 279,746,404 197,932,184
+41.3 176,017,240/ 114,534,811
Kansas City__ _ _ / 197,841,615 197,787,685
+0.03 127,386,741, 76,778,713
Minneapolis
38,918,847
29,767,362 +30.7
24,780,442; 24,006,655
Omaha
58,840,565
48,431,983 +26.5
30,847,597; 20,881,407
St. Paul
16,632,885
14,083,998 +18.1
11,955,737! 14,452,534
Denver
17,521,255
19,869,551 -11.8
13,419,672
9,882,038
St. Joseph
22,578,863
16,436,375 +37.4
13,174,283
9,013,150
Des Moines
9,027,672
7,532,504 +19.8
6,280,218
4,619,979
Wichita
8,769,245
7,232,316 +21.3
6,358,652
4,418,362
Duluth
11,775,873
4,405,981 +166.4
4,486,353
4,641,542
Sioux City
11,183,260
7,902,493 +41.5
4,972,3151
3,900,000
Lincoln
Week ending January 25.
4,032,082
3,774,238 +6.8
2,987,434,
Clearings at
2,224,140
Topeka
3,296,525
3,426,475 -3.8
2,673,516
1,550,899
Cedar Rapids
2,096,276
Inc.or
1,698,204 +23.4
1,720,548
1,503;531
Waterloo
1919.
1,682,401
1918.
Dec.
2,249,437 -29.7
1917.
1,952,188
2,13 ;49
9 0 27
1916.
2
5 8
6
Helena
2,0118,106
1,724,282 +27.6
1,643,278
- Colorado Springs
$
686,483
$
%
739,998 -7.2
$
858,038
New York
692,880
Pueblo
3,763,379,054 3,095,523.826 +21.6
$
623.027
612,461
3,139,635,725 2,710,167,430 Fargo
+1.7
520,390
Philadelphia _ _ _ 392,910,470 310,575,622 +26.5
408,289
2,865,716
1,797,667 +59.4
281,593,932 197,845,628 Aberdeen
1,402,740
Pittsburgh
1, 22 551
43 168
68
137,904,703
77,048,208 +79.0
1,350,000
1,069,627 +26.3
81,257,373
679,400
Baltimore
59,999 481 Fremont
731,9
:68
81,321,718
36,841,933 +120.7
687,697
786,980 -12.6
42,137,170
598,950
Buffalo
42,625,157 Billings
22,627,675
17,060,196 +32.6
1,080.459
1,102,695 -2.0
16,410,147
730.771
Washington
434.712
13,626,222 Hastings
13,848,677
11,357,453 +21.9
576,431
516,667 +11.6
8,999,927
364,391
Albany
214,999
8,454,987
4,643,079
4,130,590 +12.4
Tot.0th West. 414,135,283 372,948,979 +11.0
5,171,969
Rochester
4,287,500
7,221,736
259,793,644 185,472.291
5,203,704 +38.8
6,181,141
I
Scranton
4,862,516 St. Louis
4,258,972
I
3,353,650 +27.0
156,554,301 141,265,003 +10.7
3,225,217
Syracuse
2,840,998 New Orleans
3,700,000
120,778,015
3,345,556 +10.6
88,634,174
62,810,316
3,014,178
52,547,147 +19.5
Reading
2,514,781 Louisville
31,838,924
1,879,648
1,974,774 -4.8
23,102,718
27,429,682
2,531,405
17,071,561 +60.7
Wilmington
1,988,249 Houston
21,218,552
2,700,000
2,480,449 +8.9
18,577,631
17,344,058
3,070,603
16,300,000 +6.4
Wilkes-Barre2,835,599 Galveston
2,271,624
16,000,000
1,980.569 +14.7
9,622,664
4,879,999
2,004,310
6,000,000 -18.7
Wheeling
1.578,676 Richmo
4,339,600
5,827,091
3,430,287 +26.5
3,760,671
50,618,085
3,609,426
41,702,626 +21.4
Trenton
2,654,260 Atlantand
21,939,669
2,356,383
2,095,617 +12.5
15,169,707
55,861,560
2,093,240
51,013,847 +9.6' 24,363,282
Lancaster
1,911,429 Memphis
1,727,788
2,201,316 -21.6
16,404,802
19,156,710
2,156,871
12,335,539 +55.3
York
1,711,083 Fort Worth
10,708,479
1,125,882
1,027,184 +9.5
7,532,300
15,102,417. 15,548,885 -2.9
1,075,507
Erie
944,244 Savannah
10,359,958
1,755,434
1,618,645 +8.5
8.226,516
6,463,448
1,517,574
7,129,287 -9.3
Chester
1,098,607 Nashville
5,264,780
1,572,290
1,182,901 +33.0
5,099,367
15,089,098
1,549,649
10,484,967 +43.9
Binghamton _1,041,262 Norfolk
8,195,256
844,500
6,732,881
830,800 +1.7
8,460,407.
820,600
6.710,842 +26.1
704,100 Birmingham..
Greensburg
4,703,795
865,558
4,786,047
600,000 +44.2
_..
12,425,746
352,039
4,664,901 +166.4
758,452 Augusta
Altoona
3,217,217
2,860,378
798,104
669,713 +19.3
2,759,352
600,000
3,593,004 -23.2
502,129 Jacksonville
Montclair
2,305,887
1,749,435
493,437
522,678 -5.5
7,897,563
577,927
4,933,423 +60.1
339,125 Macon
3,664,408
3,500,000
Total Middle_ _ 4,454,546,332 3,585,058,701 +24.3
2,200,000
2,100.000 +4.8
3,609,585,930 3,065,291,615 Charles
1,008,076
3,927,379
ton
3,500,090
3,047,612 +14.8
2,228,133
2,547,497
Boston
Oklahoma
9,599,345
323,982,002 215,805,574 +50.1 209,516,201
8,832,862 +8.7,
5,391,998
2,637,742
175,453,429 Little Rock
Providence
4,762.982
11,023,500
9,178,600 +20.1
4,444,422 +7.2
9,801,500
3,058,766
2,331,060
Hartford
9,081,100 Knoxville
2.279,720
6,720,006
6,601,608 +1.8
2,416,500 -5.7
7,878,374
2,208,025
2,347,394
New Haven
6,587,629 Mobile
1,967,217,
4,796,064
3,700,000 +29.6
1,544,134 +27.4
4,718,500
1,271,288
1,096,811
Springfield
3,884,494 Chattanooga__ _
4,846,303
3,859,836
3,110,007 +24.1
4,261,812 +13.7
3,626,622
3,703,701
Portland
2,580,579
4,054,057 Austin
6,202,709
2,150,000 +5.8
2,275,090
6,000,000 +3.4
2,500,000
4,000,000
Worcester
3,746,883
1,975,000 Dallas
27,016,235
3,667,897
2,877,592 +27.5
20,295,586 +33.1
3,611,812
10,994,305
7,579,825
Fall River
3,087,475 Vicksburg
524,623
1,724,000
1,610,068
592,679 -11.5
+7.1
1,482,672
221,092
New Bedford __ _
1,742,364 Jackson
273,358
621,4831
1,835,564
1,536,649 +19.5
522,208 +18.2
1,697,149
769,246
Holyoke
490,895
1,179,712 Tulsa
10,538,661
844,792
764,001 +10.6
6,646,053 +58.6
903.478
6,259,552
2,242,791
Lowell
741,447 Muskogee
3,541,116
999,835
1,005,576 -0.6
2,639,855 +30.4
1,087,958
1,256,219
1,239,091
Bangor
880,240 Shreveport
2,634,283
612,748
648,209 -5.5
2,296,304 +14.7
464,938
381,957
i
Total Southern 543,087,419 436,941,059 -+18.9 332.408,029 248,810
TotalNewEng. 362.341.244 245 990.884 +45.5
,595
247.289.204 209.048 004
1
Total all
6,917,420,506,5,557,701,740 +24.5
_ _
5,319,112,205 4,353,411,834
Note.
-For Canadian clearings see "Commercial
and Miscellaneous News."
Outside N. Y 3 IW4,041,452 2, 62j713
-'
,
4
14 -TIAti 2,047476,480 1,643.244.404
Clearings-Returns by Te
legraph.Pe
1918Week ending Feb. 1.
r
1919.
Cent.
New York
$3,053,325,586 $2,282,618,530
Chicago
+33.8
422,187,064
352,529,264 +19.8
Philadelphia
311,809,492
257,824,015 +20.9
Boston
251,268,409
186,118,478 +35.0
Kansas City
154,265,115
151,181,425
St. Louts
+2.0
126,895,958
110,572,645 +14.8
San Francisco
102,167,495
79,317,069 +28.8
Pittsburgh
92,517,889
50,376,020 +83.7
Detroit
62,341,784
36,506,567 +70.8
Baltimore
63,877,871
31,735,229 +101.3
New Orleans
62,340,226
53,520,145 +16.5
Eleven cities, 5 days
$4,702,996,889 $3,592,299,387
Other cities, 5 days
+30.9
875,442.693
680,146,319 +28.8
Total all cities, 5 days
$5,578,939,582 $4,272,445,706
All cities, 1 day
+30.6
1,315,468,924
1,269,853,969
+3.6
Total all cities for week
36,894,408,506 35,542,299,675
+24.4
The fall details for the week covere I by the above
wil be given next Saturd
We cannot furnish them to-day, clearings being made
ay.
at noon on Saturday, and hence In the above the last up by the clearing houses
all cases estimated, as we go to press Friday night. day of the week has to be in
Detailed figures for the week ending Jan. 25
show:
P7402
THE CHRONICLE
[VoL. 108.
and Federal authority, and although the attempts
to resist the seizure on part of the owners have
THE FINANCIAL SITUATION.
the courts their abandonment is
The movement started by Mr. Burleson towards not succeeded in
at the very least, it is plain that in the
an indefinite continuance of the Governmental not certain;
another class of private property
hold of the telegraph and telephone seems now to interference with
the country has started another
have met a halt. The present session of Congress and ownership
al and legal tangle, as if there were
was hardly a fortnight in being before Chairman spot of finarici
before. Without stopping
Moon of the House Committee on Post Offices not troubles enough
in any of its bearings, the matter
and Post Roads presented, of course at the in- now to discuss,
prohibition which is now fastened
stance of Mr. Burleson, a joint resolution calling of country-wide
ratification of the constitutional amendfor an appraisement of all the telegraphs, under an so far as the
we can be quite sure that a set of
almost forgotten law more than half a century old, ment can do it,
n authorities and a set of difficult
also directing the Postmaster-General to negotiate clashes betwee
probably come out of that measure
contracts of purchase of all telephone lines, subject legal knots will
the name of reason and common
to Congressional approval, and to report "within also; why then, in
we not put a short stop upon
a reasonable period" an organization plan combining prudence, should
to the heap of tangles which the
"all the advantages and authority of Government adding any more
by a great war have thrust upon us?
with such plan of operation as the experience of the excesses begotten
On the prohibition matter there is room for claims
best operation in our industrial world has shown to
there will be gains as well as
be advantageous." The form of this expression by both sides, for
time can decide which will be the
is itself a reduction of the whole thing to the absurd, losses, and only
other hand, in this matter of
-inasmuch as "the best operation in our industrial greater. On the
control of the wires, there is no
world" has shown nothing more clearly than the Governmental
rable by sane and well-consider.value of individual and the ineffectiveness and prospect, discove
of anything except financial loss and
-destructiveness of Governmental action. The at- ing minds,
jurisdiction and otherwise, without
tempted movement is also on a par with Mr. Burle- contests over
any compensation whatever. For if experience
son's notion (so fantastic that it is not easily char(and experience in public handling
acterized in parliamentary language) that after teaches anything
well) it is that the hand of Governgrabbing these properties from their owners they of the wires as
g hand. There has been little of
could be purchased and paid for within 25 years out ment is a palsyin
complain in the telegraph service,
of the "savings" made by Governmental operation. which to justly
everywhere (except in States like
Mr. Moon's resolution also directed that the con- and it is known
there is vast area with scanty and
trol and possession "be continued until otherwise Texas, where
that the telephone is the
ordered by Congress." A substitute directing re- scattered population)
was nearest perfect of all human agencies; in spread, in
:turn of the properties at the end of this year
ss, in everything progressively
reported to the House on Wednesday, after hearing accuracy, in quickne
highest present peak of developall Mr. Burleson had to say, and although this was American, it is at its
, and invention is making such
only by a vote of 10 to 8 the action was taken by ment in this country
and advances in it as to almost bewilder
the group of Congressmen most infected with the discoveries
this rapid age. What effect will
Burleson virus of Government ownership, and there- the mind, even in
the Government and the Circumlocution Office, where
fore may be reasonably deemed the worst which
it is so wrought into practice,
can be expected before the session ends and the the art of not doing
of communication per the
composition of Congress itself undergoes a change have on the development
without even a wire? And
wire and per the ether
'almost certain to be much for the better.
our slowest
worse, and so there is reason to be this is to be hitched to the post office,
It might be
e of Governmental agencies, tolthankful, yet it ought to be quite otherwise. The and least effectiv
be, and now at about
plain truth:which ought not to be glozed over or for- erated only because it has to
stage on record. To .yoke an ox team to
gotten is that the seizure ot the wires was not only the worst
fastest rail express and
unnecessary and unwise,but was so without a decent the locomotive of our
even if expect to improve the speed and efficiency of the
shred of excuse as to be wanton and wicked;
much more preposterous
the war emergency had still existed at its height combination would not be
we have to the worst.
the properties were in no financial difficulties, the than to fasten the best thing
life are not thus attained.
strike menace could have been dealt with otherwise Good results in human
Therefore, if the scheme for permanent control of
and was itself fomented or aggravated by the propowire communication is halted by setting a term of
sition of seizure, nor was there any producible reason
of so much; but what
which could deceivc a school boy for supposing that ten months, we may be glad
the seizure step and
efficiency of either public or private use of the should be done is to reverse
y, before the knots
service would or possibly could be promoted by the return the properties speedil
the difficulties greater. Let
seizure. We may better honestly admit that the become "harder" and
trouble as speedily
war emergency plea was merely a cover under us get out of this not yet fixed
can, and if it cannot be accomplished by acwhich to commit the country to a first and irrevoca- as we
jammed with necesble step whereby to accomplish the old notion of tion of the Congress, now just
sary matters (as is obviously unlikely), then the
hooking all communication to the post office.
can hardly be delayed
The almost appalling financial results of a year's incoming Congress, which
take it up. The main
Governmental mishandling of the railways ought to from meeting soon, may
shall arouse itself and
make the country recoil with shuddering from any thing is that public opinion
expression against going a step
further ventures in that direction. Perhaps the give a determined
sary day longer, in
deadening of efficiency has not had time yet to farther, or staying an unneces
this unhappy Governmental operation.
show itself clearly in the wire service, but there all
has been time to produce conflicts between State
FEB. 1 1919.]
THE CHRONICLE
403
While not permitted to sit behind the scenes at
M.-Clemenceau if an opportunity would be offered
the Peace Conference, it is not difficult to see that
later to discuss the details of the proposal. The
the deliberations from day to day have resulted in
Chairman replied, "Without any doubt." And then
substantial progress. Last Saturday's session may
came the almost unbelievable closing of•the discusprove to have been the most important yet held or
sion of the matter, when the venerable Clemenceau
that may be held, because at that time it was decided
is said to have asked, "Is there any objection to the
unanimously to have a League of Nations. As migh
t resolution?" Receiving no reply, he declared
it
have been expected, the proposal is meeting with
unanimously adopted. M. Clemenceau then anopposition. Some of the London papers are disnounced the committee, made up of two representapleased with the British delegation, owing particutives from the various nations, of which President
larly to its disposition to support President Wilson
in Wilson is Chairman, and which is charged
with
his scheme for placing the control of German colonies
formulating a definite plan for the League. Associunder the League of Nations. Admiral Mayo, Comated with Mr. Wilson wine such men as Lord Robert
mander-in-Chief of the American Atlantic fleet,
is Cecil for Great Brtitan, the veteran champion of
a
reported, at a hearing before the House Naval Affai
rs League of Nations; Leon Bourgeois, for the French
Committee on Thursday, to have characterized the
delegation, Premier Orlando, for Italy, and Viscount
proposed League of Nations as a "sewing circle with
Chinda, for Japan.
no means of enforcement, and with no international
On Monday Premier Clemenceau made public
police force." He is said to have urged the imme
- four important committees to inquire into particular
diate authorization of a navy-building program that
features of the work of the Congress and to report
would give the United States the largest navy in
the thereon from time to time. They are as follows:
world. Paris cablegrams indicate an inclinatio
n on Responsibility for the war (on which the Unite
d
the part of some French interests to believe that
the States has no representative); Reparation, with
business of their country is suffering because
of too B. M. Baruch for the United States; International
much time being given to the discussion of the
League Labor Legislation, on which our representatives
of Nations and not enough to definite terms of peace
. are E. N. Hurley and Samuel Gompers; Regulation
All of this may not matter so much in the end.
of Ports, Waterways and Railways, with Henry
The League of Nations idea was undoubtedly
the White the American representative. The same day
first number on President Wilson's peace prog
ram that. these committees were given out, the Paris
when he arrived in France. It is to be doubted
that edition of "The Daily Mail," of London, announce
d
substantial progress could have been made
in the that "the belief is expressed in French official circle
s
discussion of peace terms, if first the preli
minaries that the preliminaries for peace will be finished
and
of the League of Nations proposal had not been
acted ready for submission to the French chamber beupon definitely. At any rate, this action gave
the tween March 15 and March 31." It is expected that
whole conference a mile-post from which to
start. President Wilson will leave for home about Feb. 15,
Whether a way can be found of making it pract
ical and probably return to France the latter part
of
and effective remains to be seen.
March.
At Saturday's session President Wilson deliv
ered
As the week advanced the chief topic of discu
a memorable address, in the very beginning of
ssion
which at the Conference was the disposition of
Germany's
he made clear the importance which he attac
hes to colonies. President Wilson stood for their
internathe forming of a League of Nations He said
that tionalization, by which he meant, roughly,
that they
to him it seemed necessary both in order "to
make should be controlled by the proposed
the present settlements, which have been rende
League of
red Nations. On this proposal the President
necessary by the war, and also to secure the
apbeared
peace to be supported in a general way, at
of the world." Mr. Wilson received warm
least, by the
support British and French delegates, but
encountered oppofor his proposal from Lloyd George, who, as
soon as sition from the representatives of
other nations.
a translation of the President's address had
been Whether he would be able to carry his
read, rose to second the formal resolution
point did not
providing appear to be altogether clear
.
for the League. In doing so he declared
that he
, was influenced greatly by the scenes of indes
cribable
Conditions in Germany, whether politi
devastation in France which he had
cal, ecowitnessed the nomic or financial, seem
to be no more settled than
preceding Sunday in the area visited by
him. That at any time in recent weeks
. In fact, at the moment
Lloyd George was not altogether certain
as to they appear to be rather worse
whether the scheme could be made succe
in several respects.
ssful is Only a few days since a
conference of the leading
shown in the closing words of his speech,
when he men in the Government was
held at the Chancellor's
said, "I don't know whether this will succeed.
But Palace to determine what could
if we attempt it, the attempt will be a success,
be done. While
and discussion was most active the
electric lights in the
for that reason, I second the proposal."
palace went out. Soon it was discovered
Next came Vittorio Orlando, the Italian Premi
that a
er, strike of the men in the electr
who declared that no people were readier than
ic service was in
his progress—only one of many strik
to accept the plan in its entirety. Leon Bourg
es with which that
eois, country is now afflicted.
for the French nation, pledged it to do every
thing
While the reports regarding economic conditions
"that can help to put us on the road which has
in
been Germany are bound to be confl
icting, Some considerapointed out by President Wilson." The
delegates tion must be given to them
from far-away China asserted that their
as they appear. One
country of the latest is to the effec
t that there is a general
associated itself in the lofty ideals expressed.
Pre- coal shortage, which already has
mier Hughes, of Australia, was the only
caused a shutting
representa- down of the larger facto
ries in many of the cities,
tive of a large power or dominion who
raised his and which, it is claimed,
if not remedied within two
voice in any degree of opposition, according
to the weeks, will necessitate the
closing of the biggest
cable accounts of the session. He simpl
y asked plants in Berlin. There
is claimed to be a shortage
404
THE CHRONICLE
of rolling stock on the railroads for transporting the
coal to certain important industrial centres.
A second trainload of foodstuffs, said to have been
presented by the British army in Italy to the people
in Vienna, arrived in that city on Thursday. According to the cable advices, the food was most
acceptable, particularly because while it was on the
way, the situation in that important centre had
rapidly become worse.
One of the most interesting announcements during
the week regarding financial matters in Berlin was
the resignation of Arthur von Gwinner as managing
director of the Deutsche Bank. According to the
cable, the resignation will take effect March 31.
Herr von Gwinner was a member of the Prussian
House of Lords, but is said to have taken little
part in politics. For 25 years, however, he was
director of the Bank and had been identified with
banking interests in Berlin for 46 years.
[VoL. 108.
Rates on high density cotton were dropped by American authorities from $4 50 to $1 25 per 100 lbs. from
South Atlantic ports to Liverpool and United Kingdom ports. Yesterday these various reductions were
supplemented by cuts by the United States Shipping
Board, effective immediately and applying as of
Jan. 33, in rates from South Atlantic ports to England of approximately 60%, and from Gulf ports
about 64%. To the surface observer this has
meant the renewal of a wholesale rate war and unrestricted competition between Great Britain and the
United States for trade and for trans-Atlantic traffic.
Whatever else may be true, it is perfectly obvious
that Great Britain must be counted on to protect
her own trade as far as possible, and to endeavor to
offset the great balance in favor of the United States,
by reason of the enormous purchases in this country
during the war. On the other hand, American ship
owners cannot expect to get a large volume of
business at war rates.
Pronounced unrest on the part of the laboring
Financial conditions in France undoubtedly are
class, and even organized strikes, are by no means
eration by the Government and
peculiar to Germany just now. England has her receiving due consid
For obvious reasons little inshare, and so has the United States, for that matter. banking authorities.
is going on is coming to the
In England, where at least 250,000 workers of one formation of what
cally everything else is crowdkind and another are said to be out, the situation United States. Practi
the ed out by the Peace Conference reports. On Monbecame somewhat easier on Wednesday, by
nced that the French
granting of a 48-hour week to all road and trans- day, however, it was annou
day the Notting- people were continuing to subscribe for National
portation workers. On the same
bonds. In the first two weeks
ham miners' strike was settled by the granting of Defense short-term
subscriptions for these securities
the principal demands of the men. In Fifeshire, of January the
0 francs, compared with a fortScotland, the coal miners also returned to their totaled 1,123,000,00
1,200,000,000 francs for the last
work. The situation on the Clyde, where 70,000 nightly average of
interesting and significant feamen have quit work, appears to be rather worse. three months. An
the week ture ofithe announcement was that 30% of the total
It was even claimed toward the end of
ibers were buying bonds for a year
that nearly all of the big shipyards and engineering number of subscr
shorter period. Previously all
works were on the verge of closing down. London instead of for the
the shorter-lived issues.
cable advices yesterday stated that the British but 11%lhad bought
Labor Party intended to carry its fight into ParliaBritish revenue returns for the week ended Jan. 25
ment. At a Cabinet meeting on Thursday it was
by the made a better showing and indicated a slight indecided that no action should be taken
Expenses for the week
Government, inasmuch as it was claimed that the crease in income over outgo.
st £38,960,000 for the week
.
strikes had not been ordered by the various unions were £32,420,000 (again
ending Jan. 18), while the total outflow, including
to which the men belong.
Treasury bills and other items, was
A question with which British business interests repayments of
compared with £135,867,000 a
are greatly concerned is that of restricting importa- £112,219,000, as
ts from all sources amounted to
tion of many products, which it was necessary to week ago. Receip
against £135,404,000 last week. Of
buy in foreign countries during the war. At the £112,270,000,
Sir this total, revenues contributed £28,728,000, in conrequest of a deputation of British business men,
in the preceding week; war
Albert Stanley, President of the London Board of trast with £27,331,000
totaled £3,800,000, against £2,Trade, is said to have pledged himself that restric- savings certificates
debts incurred £783,000, against
tions on importations that had been lifted for three 200,000, and other
bonds equaled £33,730,000, commonths would be reimposed at the end of that £2,099,000. War
,000. , Advances were £2,500,000
period and would not be lifted again, without the paring withl£42,148
On against none the previous week. Sales of Treasury
importers of the country first being consulted.
total of £42,479,000; this compares
Thursday the American War Trade Board announced bills reached a
last week. Treasury bills outstanda long list of commodities, on the importation of with £61,474,000
£1,078,848,000, i comparison with
which Great Britain had placed restrictions, which ing now stand at
week ago. The Exchequer balance
would go into effect after March 1. The action has £1,094,666,000 a
,000, an increase of £51,000.
excited much adverse comment in this country, and aggregates £8,198
ofsales of National War Bonds up
The final total
unless the embargo is to be merely temporary, as
issue closed, was £1,645,the War Trade Board, may have far- to Jan. 18, when the last
claimed by
averaging £24,000,000 weekly for sixty-eight
337,000,
reaching effects.
Savings Certificates for the
attracts the more notice, inasmuch as, weeks. Sales of War
The step
ending Jan. 18 totaled £3,428,000, the aggreduring the week, there have come announcements at week
since the spring of 1916 being £287,030,000.
frequent intervals of radical reductions in Atlantic gate
steamship rates. British ship owners led off with a cut
Offic'al discount rates at leading European centres
averaging about 66 2-3% from points in the United
continue to be quoted/at 5% in London, Paris, BerStates to Great Britain. Then came a corresponding
lin, Vienna and Copengahen; 532% in Switzerland,
reduction by the United States Shipping Board.
FEB. 11919.]
THE CHRONICLE
405
6% in Petrograd and Norway; 63/2% in Sweden, and various items
in this week's return with the state432% in Holland and Spain. In London the private ment of
last week and corresponding dates in 1918
bank rate has not been changed from 3 17-32% for and 1917,
is as follows:
sixty-day and ninety-day bills. Money on call in
BANK OF FRANCE'S COMPARATIVE
STATEMENT.
London advanced to 33/8%, as against the previous
Changes
Stcuus as o
for Week. Jan. 30 1919. Jan. 31 1918. Feb.
rate of 3%. So far as can be ascertained, no reports Gold Holdings—
1 1917.
Francs.
Francs.
Francs.
Francs.
have been received by cable of open market rates at In France
Inc.
5,657,125 3,467,866,891 3,325,098,430 3,336,00
6,060
Abroad
No change 2,037,108,484 2,037,108,484
1,795,157,092
other European centres.
Total
Silver
Inc.
Dec.
5,657,125
1,150,20
5,504,975,375 5,362,206,915 5,131,163,153
9
315,893,237
248,492,600
There was an increase in gold of £449,811 shown Bills discounted_ _Inc. 4,885,588 1,441,098,188 1,015,682,879 279,282,575
709,193,326
Advances
Dec 17,491,116 1,190,022,384 1,214,237,114
by this week's statement of the Bank of England, but Note circulation_ _Inc. 189,280,390 32,361,7
1,268,264,669
91,390 23,534,338,050 17,514,325,755
total reserves expanded only £131,000, because of an Treasury deposits_Dec. 14,247,036 81,370,964 23,550,173 52,605,936
General deposits....Dec. 153,474,512 1,542,68
5,488 2,951,890,305 2,340,048,377
increase in note circulation of £319,000. The proportion of reserve to liabilities continues to _mount
In its statement for the week as. of Jan. 15, the
and is now at 20.13%, as compared with 19.32% a Imperial Bank of Germany shows the
following
week ago. This is the highest thus far reported for changes: Coin and bullion decreased 2,925
,000 marks;
this year. The lowest—on Jan. 2—was 11.20%. gold decreased 299,000 marks; Treas
ury notes exLast year it stood at 19%%. There was a further panded 38,756,000 marks. In bills discounted
there
reduction in public deposits of £604,000, while was a huge increase of 1,567,675,000 marks
, while
other deposits declined £4,970,000, and Government deposits expanded 1,751,236,000 marks. Circu
lasecurities were reduced £7,041,000. Loans (other tion was increased 189,526,000 marks,
investments
securities) registered an expansion of £1,395,000 1,279,000 marks, and securities 63,82
.
2,000 marks.
The English Bank's holdings of gold now stand at There were declines in other notes of 138,0
00 marks,
£80,737,413, which compares with £58,606,952 in in advances of 920,000 marks, and in
liabilities of
the corresponding week of 1918, and ,£56,664,712 the 273,213,000 marks. The Bank's stock
of gold on
year preceding. In 1913 the total stock of gold stood hand is reported at 2,257,186,000
marks, as against
at only £27,074,505. Reserves aggregate £29,847,- 2,405,930,000 marks last year
and 2,450,220,000
000. This compares with £31,160,657 a year ago marks in 1917. Note circulation
now stands at
and £35,513 637 in 1917. Loans amount to £80,- 22,426,317,000 marks. This compa
res with 11,436,000, as against £91,889,588 in 1918 and £35,- 467,740,000 marks in the same
week of 1918 and
727,351 in the preceding year. Clearings through 8,054,660,000 marks the prece
ding year.
the London banks for the week totaled £452,500,000,
• Saturday's bank statement of New York Clearing
as against £473,530,000 a week ago and £413,090,0
00
House members, which will be found in more comlast year. Our special correspondent is not as
yet
able to give details by cable of the gold movement plete form on a later page of this issue, showed a
into and out of the Bank for the Bank week, inas- loss in reserves this week, which reflected for the
much as the Bank has not resumed publication of most part the withdrawal of Government funds from
such reports. We append a tabular statement of the banks. The loan item, however, was also reduced,in round numbers,$31,341,000. Net demand
comparisons:
BANK OF ENGLAND'S COMPARATIVE STATE
deposits declined $43,936,000, to $3,916,797,000
MEN T.
1919.
1918.
1917.
1916.
1915.
(Government deposits of $209,738,000 deducted),
Jan. 29.
Jan. 30.
Jan. 31.
Feb. 2.
Feb. 3.
2
2
while net time deposits decreased $8,539,000 to
Circulation
69,340,000 45,896,295 39,601,075
34,199,420 34,826,925
Public deposits
26,612,000 38,236,917 44,764,140
58,245,525 38,611,418 $136,321,000. Cash in vaults (members
of the
Other deposits
121,602,000 122,644,208 168,777,346
98,583,710 123,936,641
Federal Reserve Bank) declined $3,325,000, to
Govern't securities_ 55,802,000 55,875,951 160,373,
392 32,838,661 21,.24,358
Other securities-.-- 80,436,000 91,889,588 35,727,3
51 105,140,129 108,088,718 $98,611,000 (not count
ed as reserve). Reserves in
Res've notes & coin 29,847,000 31,160,657 35,513,6
37 36,938,556 51,271,657
Coin and bullion
80,737,413 58,606,952 56,664,712
52,687,976 67,648,582 the Federal Reserve Bank of member banks were
Proportion of res've
reduced $23,210,000, to $545,414,000, and the reto liabilities
20.13%
19.37%
16.63%
23.55%
31.13%
Bank rate
5%
5%
%
5%
5% serves in own vaults (State banks and trust comThe Bank of France in its weekly statements con- panies) decreased $191,000, to $10,671,000. Retinues to report gains in its stock of gold in hand, the serves in other depositories (State banks and trust
companies) were contracted $1,038,000. Aggregate
increase this week being 5,657,125 francs.
The reserves showed a loss
of $24,439,000, which carried
Bank's aggregate gold holdings now total 5,504,975,
375 francs, comparing with 5,362,206,915 francs in the total held to $566,381,000, as againt $585,700,000
1918; of these amounts 2,037,108,484 francs were the amount on hand at this date in 1918. The
held abroad in each of the respective years. In 1917 reserve requirements were reduced $5,934,220; hence
at this time the total gold holdings stood at 5,131,- the decline in surplus was cut to $18,504,780. This
163,153 francs, including 1,795,157,092 francs• held brings the total of excess reserves to 8,133,770, in
abroad. Bills discounted during the week gained comparison with $96,681,750 a year ago. The re4,885,588 francs. On the other hand, silver de- serve figures given in both cases are based on reserves
creased 1,150,209 francs, advances were contracted of 13% for member banks of the Federal Reserve
17,491,116 francs, Treasury deposits fell off 14,- system, but not counting $98,611,00Q cash held by
247,036 francs and general deposits were diminished these banks, which last Saturday amounted to
153,474,512 francs. Note circulation registered the $98,611,000. Circulation registered a contraction of
further expansion of 189,280,390 francs, bringing $20,000, and now stands at $36,020,000.
the total outstanding to the new high mark of 32,Apparently the lifting, by the Money Committee,
361,791,390 francs. Last year at this time the of restri
ctions on loans with which to finance specu-,
amount was 23,534,338,050 francs, while in 1917
it lative transactions in stocks, and which had been
stood at 17,514,325,755 francs. Just prior to the in effect
for some time, exerted less influence upon
outbreak of war in 1914 the total outstanding amou
nt the local money market than upon the stock market.
was only 6,683,184,785 francs. Comparison of
the Even there the effect was short-lived. Saturday
406
[Vol,. 108.
THE CHRONICLE
Al4nneapons.1
1
Boston.
New York.
I
financial operations by bankers for
morning the active stocks opened at an advance of to baIl. Large
of corporations are not in progress. The
from 1 to 2 points over the close the previous day, the account
issues that are being brought out
but within a few minutes began to decline and moderate-sized
day do not require a big sum of money
closed with net losses for the day .the rule rather from day to
in the aggregate.
than the exception. While beginning with Monday to finance, even
the stock market displayed a fair degree of strength,
Referring to money rates in greater detail, loans
it is to be doubted whether the rallying tendency
the on call have ranged between 33% and 5%, the same
was due to any great extent to the action of
p.s a week ago. On Monday 4% was the highest,
Money Committee.
rate, with 39% low. Tuesday
The facts are that the actual supply of money also the renewal
m was advanced to 5%; renewals were
at this centre for some weeks prior to the lifting of the maximu
at 432% and the low was 4%. On
the restrictions had been larger than the average negotiated
and Thursday the range was
observer realized. Seemingly speculators in stocks, Wednesday
the ruling rate on both days. Friday
who complained about the restrictions, had come with 4
was no change from 432% high and 4% low,
to think that they were imposed primarily because there
renewal rate was still at 432%. The foreof an actual scarcity of funds. Doubtless at the while the
are for mixed collateral loans, as "alloutset this was partially true, but the chief motive going rates
are still being quoted M of 1% higher.
of the Committee was to prevent the tieing up of industrials"
the situation remains without imbig sums of money in stock speculation. At the In time money
change. A slightly firmer tone was shown,
time that the Committee first acted, the demands portant
unnatural in view of the requirements
for money throughout the country in connection which was not
height. incidental to the payment of the final installment
with the war perhaps were about at their
Fourth Liberty Loan, and only a few loans
With the signing of the armistice and with the of the
amounts were made at 5% for the shortest
general contraction in business that soon mani- for small
and these were a matter of negotiation.
fested itself, considerable amounts of money .were maturities,
ninety day funds are now quoted at 5@
released and have been seeking employment in the Sixty and
5%, against 5% last week. Four, five and six
meantime.
were advanced to 53@532%, against
The requirements of the Government in some months
4% a week ago. The market was more or
5@53
directions have not been as large as before the signof a nominal affair. Last year 53'@6% was
ing of the armistice, although the official figures less
for all periods from sixty days to six months.
made public yesterday by the Treasury Department quoted
Mercantile paper was moderately active. The
show that in January it disbursed about $1,600,000,inquiry for the best names continues unabated and
000 for ordinary war expenses, exclusive of Allied
a fair volume of business was transacted.
loans, or only $70,000,000 less than in December, quite
ons remain at 5@53% for sixty and ninety
$55,000,000 less than in November, and considera- Quotati
days' endorsed bills receivable and six months',
bly more than in any month previously. As long as
of choice character, with names less well
the present conservative policy on the part of busi- names
at 53'@5M%.
ness interests is continued,there is little probability of known
Banks' and bankers' acceptances continue in good
demands of manufaca substantial increase in the
demand with out-of-town as well as local banks in
turing, commercial and general business interests. the market as buyers. Transactions in the aggreThe forthcoming Liberty Loan, tentatively scheduled gate, however, attained only moderate proportions.
for April, but which, according to recent Washing- Quotations remained without essential change.
ton reports, may be postponed a few weeks, must The rate for demand loans on bankers' acceptances
the previous
not be lost sight of. It is worth noting that the final has been advanced to 4 2%, against as follows:
0.
Lib- quotation of 437 Rates in detail are
Delivery
payment on Thursday of 30% on the Fourth
Spot Delivery
within
Thirty
Sixty
Ninety
30 Days
Days.
Days.
erty Loan had no effect whatever upon the local
Days.
31 41.k444 4@4
due, of course, to Eligiblehills of member banks
money market. This was partly
414
Eligible bills of non-member banks 534645 534645 55445% `11,13
6 bid
the advance payments that had been made—only Ineligible bills
$414,084,300 remaining to be paid in on the entire
No changes in rates, so far as our knowledge goes,
total of subscriptions. With the exercise of thrift have been made the past week by the Federal Reon the part of the people of this country and with no serve banks. Prevailing rates for various classes of
greater degree of contraction in business than has paper at the different Reserve banks are shown in the
occurred so far, there should be no apprehension of following:
DISCOUNT RATES OF FEDERAL RESERVE DANES.
a serious tightness of money when the next Liberty
'
1
Loan really gets under way.
t
4
1
P. ' j
CLASSES
1
•
O
brokers say their loans have de- DISCOUNTS F LOANS
Stock Exchange
1 4
AND
I I r
for some time. In recent weeks, and
creased steadily
W A i
0
a
1
months even, a larger proportion of their speculative Discounts—
business than usual has been on a cash basis. The Within 15 days,incl. member 4 4 4 434 434 434 4 4 454 5 434 5
434 434 43‘ 434
banks' collateral notes__
43i 434 431 454 434
04
16
buying and selling of stocks on margin has pretty well 61 to 60 days' maturity___ 431 434 454 434 434 454 434 434 5 5 5 6
434 434
90 days' maturity__
to
and live-stock
531 534 531 534 551 551
5 531 5 a
5 5
balanced each other. Consequently loans have not Agricultural 90 days
paper over
by U. S. certificates
have been no striking Securedindebtedness or Libincreased materially. There
of
erty Loan bonds—
changes this week in the rates for either call or time Within 15 days, includinff
member banks' collat434 4
4
notes
funds. Speculation in stocks has been only on an 16eral90 days' maturity 24 4 4434 431 4% 4% 24 24 4 1431 4 434
434 434 43043'4 434 434
434 434
to
Trade Acceptances
ly moderate scale, and conservative brokers 16 to 60 days' maturity 434 434 434 431 434 434 434 434 454 451 434 434a
extreme
42A 444 JAZ
are not making efforts to increase buying on mar- 61 tn MI tinvse rnntiirttv_ 444 444 444 414 444 444 444 444 444
ed
for 1-day discounts in connection w th the loan operations
Rate of 3 to 434%
gin. It is very well understood that if a concert
of the Government. Rates for discounted bankers' acceptances maturing within
16 to 60 days, 431%, and within 61 to 90 days, 434%.
effort in that direction were made the inevitable 152days, 4%; withinpaper secured by Fourth Liberty Loan bonds where paper reRate of 4% on
discounted has
accommodations interest rate onbeen taken by discounting member banks at rate not exceeding
result would be a curtailment in
bonds.
by the banks and other institutions having money a Fifteen days and under, 451%.
FEB. 1 1919.]
THE CHRONICLE
407
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
Paper of corresponding maturities.
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.
Note 4. Whenever application is made by member banks for renewal of 15
-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90
-day
Paper of the same class.
gian exchange is quoted nominally at 5 67 for checks
and 5 65 for cables. Greek exchange continues to
be quoted at 5 163/ for checks and 5 15 for cables.
Weakness featured operations in the neutral exchanges this week, and sharp declines took place in
Swiss francs, which broke to 4 96 for checks, the
The sterling exchange situation requires very little lowest rate in quite some time. Scandinavian rates
comment. Under prevailing Government restric- were heavy and also suffered declines. Guilders
tions, speculative operations are practically impos- moved irregularly and closed at a substantial net
sible, and as a matter of fact large operators are decline. Pesetas were relatively steady and ruled'
unwilling to enter into important new commitments at or near last week's levels. Much of the weakness was due
until the actual signing of the peace treaties. Mail and attempts to lower cable advices from London
by bankers here to place large offerfacilities have again been below normal and this ings of bills on an unresponsive market.
Later in
also served to place a check upon the volume of the week the downward movement was checked and
business transacted; although improvement is looked some of the losses were partially recovered.
Bankers' sight on Amsterdam closed at 41, against
for on this score in the early future. Just when
Government control of sterling exchange will be 41%; cables at 413., against 41 15-16; commercial
modified, is a question. It is strongly intimated, sight at 40 15-16, against 41 11-16, and commercial
however, in some quarters that some action may be sixty days at 40 9-16, against 41 5-16 a week ago.
Swiss exchange finished at 4 96 and cables 4 93,
taken by the Treasury Department before long.
against 4 89 and 4 86. Checks on Sweden finished
As regards quotations in greater detail, sterling at 27.90 and cables 28.10, against 28.50 and 283 ,
4
exchange on Saturday was quiet but firm, with de- while checks on Norway finished at 27.10 and cables
mand still quoted at 4 75%@4 75 13-16, cable at 27.30, against 27.50 and 273 ,the previous week,
4
transfers at 4 7655@4 76 9-16 and sixty days at and Copenhagen checks closed at 25.75 and cables
%
4 733/@4 73%. On Monday a slightly easier tone 25.95, against 263 and 26%. Spanish pesetas finished at 20.08
noted, and demand declined to 4 75%, with against 20.07 for checks and 20.15 for cables, as
was
and 20.15 fast week.
cable transfers at 4 76523/@4 76 9-16; sixty days
2
As to South American quotations, the check rate
remained at 4 73%@4 73%. A further fractional on Argentina was somewhat firmer and finished
recession in cable transfers to 4 763/@4 76 9-16 at 44.85, compared with 44.60 and cables at 45.00,
2
was the feature of Tuesday's dealings; other rates against 44.75. For Brazil the rate for checks was
were not changed; trading was not active. Wednes- also higher, with the close at 25.85 and cables 26.00,
day's market was a dull affair, although the under- against 25.35 and 25.50 last week. Chilian exchange has not been changed from
tone was a shade firmer and demand bills ranged at continues to be quoted at 50.125@5010 7-16. Peru
.375.
4 75%@4 75773/2, with cable transfers at 4 7655@
Far Eastern rates are as follows: Hong Kong,
4 76 9-16; sixty days were still pegged at 4 73@ 78@783, against 78@78; Shanghai 123@1233/,
2
4 73%. Transactions were again at a low ebb on against 119%@121; Yokohama, 52@533 (unThursday and rates were not altered from 4 75%@ changed); Manila, 49%@50% (unchanged); Singa4 75771 for demand, 4 7655@4 76 9-16 for 6able pore, 563@563/ (unchanged); Bombay, 363/2@36%
A
(unchanged), and Calcutta (cables), 36%@37 (untransfers and 4 733/2@4 73% for sixty days. On Fri- changed).
day the market ruled dull and nominal and without
quotable change. Closing quotations were 4 73%@
The New York Clearing House banks, in their
for sixty days, 4 759 for demand and 4 7655 for operations with interior banking institutions, have
cable transfers. Commercial sight bills finished gained $7,591,000 net in cash as a result of the curat 4 75 11-16, sixty days at 4 72%, ninety days at rency movements for the week ending Jan. 31.
4 71 7-16, documents for payment (sixty days) Their receipts from the interior have aggregated
$9,779,000, while the
4 723/s, and seven-day grain bills at 4 75. Cotton 188,000. Adding theshipments have reached $2,Sub-Treasury and
and grain for payment closed at 4 75 11-16. There Reserve operations and the gold exports, Federal
which towere no imports of gold reported during the week, gether occasioned a loss of $72,416,000, the combined
but gold coin to the amount of $1,150,000 has been result of the flow of money into and out of the New
York banks for the week appears to have been a loss
withdrawn for shipment to South America.
The Continental exchanges continue to mark time, of $64,825,000, as follows:
with attention centred chiefly upon the doings of the
Week ending Jan. 31.
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
Paris Peace Conference. As a result trading was
Banks' interior movement
restricted to the barest routine transactions and Sub-Treasury and Fed. Reserve oper- $9,779,000 $2,188,000 Gain $7,591,000
ations and gold exports
37,775,000 110,191,000 Loss 72,416.000
changes in rates were confined to mere fractions. Total
$47,554,000 $112,379,000 Loss $64,825,000
There was a good undertone, however, and quotaThe following table indicates the amount of bullion
tions on Allied exchange were well maintained, francs in the principal European
banks:
being quite firm and ruling at a slight net advance
January 30 Mg.
January 31 1918.
most of the week. Lire are still pegged at the rates Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
previously current. As to rubles, no change has as
England__
yet been noted and the quotation is entirely nominal. Frances. 80,737,413
80,737,413 58,606.952
58,606,952
_ 138,714.675 12,640,000151.354,675 133,003,940 9,920,000 142.923,940
Germany
Quotations on reichsmarks and kronen are not as Russia __ 129,650,00(
120,301,000 5,727,000 126.028,000
12,375.000142,025,000 129,650,000 12.375,000 142.025,000
Aus-Hun
11,008,000 2,289,600 13,297,000 11,008,000 2,2 9,000 13.297,000
yet available in this market. The official London Spain _ _ _ c 89 140,000 25,666.000114,8
_
06,000 78,690,000 28,296,000106,986,000
37,071,000 3,000,000 40,071,000 33,409,000 3,431,
check rate in Paris closed at 25.98 (unchanged). In Italy
36.840.000
Netherl'ds 57,033,
728,
57,761,000 58,098,000
578,300 58,676,300
Nat.Bel.h 15,380,000
600,
15,980,000 15,380.000
New York sight bills on the French centre finished Swita'land 16,542,
600,000 15.980,000
2,429,000 18,971,000 14,422,000
14.422,000
15,858,000
at 5 45%, cable transfers at 5 4538, commercial sight Sweden... 10,812,000 135,000 15,858,000 13,580,000 137,000 13,580,000
/
Denmark
10,947,000 9,622.000
9.759,000
Norway.. 6,720,000
6,720,000 6,413,000
6,413,000
bills at 5 463/2 and commercial sixty days at 5 513/,
2
Tot. week.721,525,388 60,841,250 782,368,638682,183,892 63,353,300745,537,192
all unchanged from last week. Lire closed at 6 36 Prev.week 719,510,792 60,794.000780,304,7926 2,437,146 62,996,550745,433,696
a
for bankers' sight bills and 6 35 for cables, which held Gold holdings of the Bank of France this year are exclusive of £81,484,340
abroad.
*
reported since
is the same as a week ago. Rubles have not been C No figural both years October 29 1917.
Figures for
are those given by "British Board of Trade Journal" for
Dec. 7 1917.
changed from 14 for checks and 15 for cables. Bel- h August 6 1914 In both years.
•
II
9
0
9
408
THE CHRONICLE
[VOL. 108.
Unless a plan is submitted which is practicable in
itself, and at the same time sufficiently mandatory
THE PEACE CONFERENCE.
THE WORK OF
With the appointment of committees to consider to insure actual results, the work of the Conference
much
and submit preliminary reports on the separate prob- in that direction would hardly carry matters
ent of the Hague
lems which remain to be settled as a result of the war, further than did the establishm
other conit may now be said that the first stage of the Peace Tribunals. Surpassing in difficulty all
on which the Committee must base its
Conference's work is over. The procedure through siderations
of inducing
committees was recognized from the first as the proposals are the two questions, first,
all the conferring nations to surrender, under any
• only feasible and logical manner of dealing with the
of immediate
many complicated and controverted questions. No and all circumstances, the privilege
all such dis- warfare, and second, of securing agreement as to
convention or conference could conduct
a league
cussions from the start in full meeting, without the action which the other members of such
a State which
either protracting its work indefinitely or plunging would take in restraining or punishing
League in
the controversy into utter confusion. Only general should violate the laws or rules of the
to making war. These questions have been
policies can be decided on in that way. The same regard
,consideration bears on the question of secrecy in dis- the insurmountable obstacle to finally effective work
s. If their
cussion, concerning which there was lately so indig- by previous international conference
settlement on contro- solution is possible at all, it ought to be possible at
nant an outcry. Much of the
the history of the world.
verted points must be accomplished through nego- the present juncture in
task is formidable.
tiation and compromise. But the essence of such But the
Two other questions which are in the hands of
mutual concession is that the negotiators, having
separate committees will require a prompt and contaken their first position, should modify it or recede
, because the ratifying of peace with
from it on the basis of frank individual discussion, clusive settlement
Germany largely depends upon them. The Peace
and this, if conducted at all its stages in the public
almost immediately after the
view, will often turn out to be politically impossible. Conference assembled
campaign, in which the English
It is not probable that our own constitution of 1787, British political
and his colleagues had repeatedly asserted
representing a whole series of compromises between Premier
must be made to pay the entire
opposing and at times irreconcilable ideas, could first that Germany
cost of war to the Allies, and second, that the
have been adopted, had the outside public been inpersonally punished. Fortunately
formed of every successive stage of the contro- Kaiser must be
for the proper solution of these two grave questions,
versy.
has rushed to no such hasty
Thus far it may be said of the Peace Conference the Paris Conference
either of them. In the matter
that its machinery has been working with unexpected conclusions regarding
, the League's resolution provides
smoothness; that the desire is evidently uppermost of the indemnity
shall report, "first on the
on all sides to avoid dissension, even on points where that a special committee
amount of reparation which the enemy countries
desires or claims of the different nations do not
second, on what they are capable of
agree, and that the resolute purpose which made the ought to pay;
paying; and third, on the method, the form, and the
Conference possible in its present form—the prowithin which such payment should be made."
viding of some means for preventing another war time
Regarding individual culpability, the committee is
such as that of the past four years—has really been
ordered to inquire and report on these four questions
the dominant influence throughout. For the satisespecially:
factory progress of the deliberations up to this present
First.—The responsibility of the authors of the
date there have been other special reasons. The
of feeling and attitude maintained between war.
harmony
Second.—The facts as to breaches of the laws and
the three largest nations represented—Great Britain, customs of war .committed by the forces of the
France and the United States—is certainly one of German Empire and their allies on land, on sea, and
them. Recognition by the smaller belligerents that in the air during the present war.
Third.—The degree of responsibility for these
their own future international status will depend on
preserving harmonious relations with these larger offenses attaching to particular members of the
governments is another. In some respects, it has enemy's forces, including members of the General
individuals, however highly placed.
been a fact of paramount importance that the United Staffs and other constitution and procedure of a triFourth.—The
States, although it turned the fortunes of war at the bunal appropriate to the trial of these offenses.
critical moment through its immense advances of
It will be perceived that the nature of the instrucmoney and its effective reinforcements, asks nothing
of continued tions given to the Committee on Reparation is such
for itself except substantial guarantee
as to insure dignified and rational consideration of
peace, but presses urgently for that.
period of the Conference will begin what will in any case be a highly Complicated probThe crucial
as the committees make their several reports. The lem. Notwithstanding the English electoral camduties assigned to the Committee on the League of paign, it has been manifest all along to thinking men
Nations are declared in the resolution of January 25 that to assess on Germany damages which Germany
ruin her
to be, "to work out the details of the constitution cou'd not pay, or whose payment would
economically, would defeat the purposes of the Peace
and functions of the League and the draft of resolutions in regard to breaches of the laws of war for Conference itself. It has been equally evident that,
presentation to the Peace Conference"; and it is since in any case the indemnity would involve transfurther provided that "this League should be created fer from one nation to others of cash or capital or
as an integral part of the general Treaty of Peace credit amounting to billions of dollars, the question
and should be open to every civilized nation which of economic consequences, not only on the market
can be relied on to promote its objects." The im- which pays the money but on those which receive
portance and intricacy of the work which will de- it, was a very serious consideration. Taken by
itself, an economic problem new in history was
volve on the committee are sufficiently obvious.
FEB. 1 1919.]
THE CHRONICLE
409
bound to be created; for France paid her indemnity its later entry into the war, cannot expect our
of 1871 mostly by placing loans in other countries, people's serious consideration.
and what we commonly describe as the enormous
Even if the plan were reasonable on other grounds,
advances of the United States and England to their it could not be proposed with equity unless the
allies represented actually nothing more than the similar disparity of national resources or participadeferring of payment for materials purchased in the tion in the war were made a ground for similar
American and English markets. But the prospect sacrifices, say by Japan and England. The problem
of placing German loans in the Allied markets is at will hardly be settled on such lines as this. But the
least obscure; and even if Germany were able to means and manner of meeting such obligations, at
pay the indemnity by shipping her own products into a moment when the question of financing internal
France and England and Italy, the industrial and war debts and internal currency inflation will be
labor markets of those countries would themselves paramount in Continental Europe, must engage the
be confronted with a trying problem.
very best financial minds that the Conference can
In the matter of individual punishment for guilt command.
in causing or conducting the war, the importance of
THE LOST ART OF PUBLIC ECONOMY.
the action to be taken clearly lies in the fact that it
Those who have followed the Senate debate on the
fix new international precedent, such as might
will
conceivably hereafter be seriously abused. How far hundred-million-dollar appropriation for food relief
a sovereign can be justly punished personally for the in Europe must have been startled at some of the
actions of his government, or a commander for statements made. Said one Senator: "It is one concarrying out the decisioms of the general staff, has tinued round of appropriations. We have got to
always been a perplexing field of controversy in the the point where everybody regards Congress with
course of history. In the present case it is far more open and undisguised contempt." While allowtroublesome a problem to the judicial mind,from the ance is to be made for a certain vehemence in debate
virtual impossibility of providing an impartial tri- in this statement, no one, in his calmest moments,
bunal. From these questions the Conference itself would care to deny that there is "one continued
cannot escape, and it will be seen that the Committee round of appropriations." And though the lengthened debate on this subject indicates a sense of reis instructed properly to deal with them.
Large questions would be left, even after these sponsibility, not only to examine more critically than
important problems were disposed of. Disposition heretofore all appropriations, but to safeguard their
of Germany's colonies is one, in which perhaps more expenditure, the appeal of charity has so complidisagreement has arisen than in any previous stage cated this special problem that economists have been
of the discussion. It still remains to be determined at a disadvantage.
As the debate progressed, again and again the
whether the rival aspirations of England, her colonies
and Japan for possession of these outlying German question of giving soldiers, one, two, three and six
dependencies, backed in some cases by secret war- months' extra pay, on discharge, obtruded itself
time treaties, can be compromised with the acquies- by way of comparison. It was brought out that the
cence of all claimants through this week's proposal very inadequacy of this initial fund made it a precefor the administration of such colonies in behalf of dent for more later on. It was stated that since
thirty billions had already been expended in the
the general League of Nations.
What is actually indicated by the proposal that war, if this small sum tended to restore order and
accomplish peace it would be money well spent and
the Conference legislate also on the international
should not be denied even on grounds of expediency.
labor question, we do not clearly understand. Any
attempt to fix an international scale of wages, to Time after time attacks were made on the manner in
distribute international production or to limit inter- which it was to be disbursed, that, in short, in Mr.
national competition in the field (supposing such a Hoover's hands it would be subject to the same
purpose to be even entertained) would seem to verge charges as to contract prices that have been raised
on the fantastic. We should suppose that this part against the Food Administration in general.
of the discussion would be bound to end in some very - The public is well informed as to all the ramificageneral declarations, such as might or might not tions which the discussion assumed. It is not our
purpose to consider these. But it does open our
bear on the actual course of industry hereafter.
eyes as citizens to the "state of the nation," though
It is impossible that the Conference should be the people can give little specific directions in
the
concluded without some general understanding or premises. The important truth is that
while "the
provision in regard to that wholly new economic war is over" we are constantly incurring
new obliphenomenon of the war; the immense indebtednes gations for the taxpayers to meet at a
time when the
incurred by the governments of the weaker allies to cumulative force of prior and admittedly necessary
the governments of the stronger. When the British obligations is upon us, the end and amount of which
Government holds such obligations to the amount no man can see. What will the.total railroad
deficit
of more than $7,500,000,000, and when our own be? Will the Government, in order to keep faith,
European allies owe the United States, on the basis have to pay out a round billion dollars on the guarof credits already open, $8,500,000,000—even Bel- anteed price of this year's wheat crop? Is it going
gium, Serbia, Rumania and Greece being among to be necessary to pay out untold hundreds of milthe debtor States—the Conference will be bound at lions of dollars on "public works" to furnish
labor
least to discuss some general policy to be pursued to the unemployed and keep down unrest and disregarding funding, redemption and current interest order? Just as it seems to be in the premises,
what
payments. There are sufficient reasons why the will six months extra pay to our soldiers
amountto,
vaguely reported proposal, that the United States realizing that there are two millions of
them? Is
assume on its own account such portion of this debt there to be granted another bonus
to department
as would be proportioned to its larger resources or workers, including all those temporarily taken
on
410
THE CHRONICLE
[VoL. 108.
during the war, and what sum will this add to the not to declare in principle that our industry is upon
annual expenditure for maintenance of the Govern- a wrongful basis? And does this not encourage
ment? On a merchant marine constructed at from certain classes, in evidence in other countries more
$200 to $220 per ton, will the Government sell the than in this, to believe that they are right, given the
ships and pocket the loss over and above $60 to power in the confusion of "reconstruction," in seizing
upon property, wealth, and going corporations, and
$70 per ton?
These are a few of the items that stare the tax- attempting to operate them in their own behalf in
payer in the face, and though the war may have accordance with visionary socialistic theories?
At the very time, when, under stress of war, we
brought them forth, they are all after-the-war
problems and susceptible of more than one solution. have been engaged in stimulating production, is it
Again, can anyone estimate what the left-over wise to subject this increase to all the uncertainties
bureaus will add to the current annual appropriations of a new plan of distribution? Yet, there ig a
for purely Government purposes; or has anyone manifest effort, having "taken over" the railroads,
attempted to forecast the total revenue that will be to extend the time in which they shall remain in the
needed for this fiscal year and the next? And is it hands of the Government. More than this, the
not true that in continuing railroad, wire, and other spirit of this reform extends into purely commercial
"control and operation," we have incurred a poten- fields. It is typified in a series of "investigations"
tial hazard of loss which no man can measure, but that are directed against the packing industry, or
the distribution of meats from producer to conwhich in any event taxes alone must pay?
Well—we have fed ourselves full on our "unlimited sumer. The interests of.the American people are
resources." We have grown pompous and boastful vitally affected by these movements. And we ask
over our ability to produce billions by the magic of again, is it opportune to try to readjust the business
credit. We are almost oblivious to the hundreds of the country that is the result of half a century
of millions of annual interest on our public debt. of growth and development?
A bill has been introduced in Congress providing
We are soon to float a "victory loan" of about six
trifle if we are to judge our own for Government ownership of refrigerator cars and
billions, a mere
feelings in the matter. But, why should we hesitate the direction or control of stock yards. In some
as new requirements are asked? Are we not to have minds this extends to an assertion that the
a "foreign trade" that will capture the world—even Government should "take over" the packing industhough, as Marcosson tells us, England is far ahead try itself. Mr. J. Ogden Armour, representing
of us in "reconstruction," boldly asserting Britain Armour Sr Co., has lately appeared before the House
for the British; and will lay a heavy tariff tax against Inter-State CommerceCommittee and given voluminall-comers in the interest of her industries, and has, ous testimony touching the bill in question. He has
by consolidation of banks, created a "money trust" outlined the.history, status and conduct of the whole
that pales all Wall Street into insignificance and packing industry, one of the most important underwhich will restore the supremacy of the pound sterling takings in the commercial world. Our readers have,
in every market of the world? We would not throw no doubt, read ample excerpts of this testimony, and
a straw in the way of a League of Nations,the noblest we have not space to detail it here.
The supreme question is, Would the people be
and best ideal of this age, and not, as we believe, an
Foch is reported to have benefited by changing this industry from private
impractical dream, but—as
said, "America is far away" in the contingency of control and ownership to public? We are making
another war, may we not say the problems of a a distinction between control and regulation. Both
democratized world will pay no taxes in the United the people and the packers are agreed that the latter
States, and we have much to think about at home. wisely administered will be beneficial to all conWe need not continue. The paramount thought cerned. But the industry as a whole represents
is this, our domestic problems have in two short fifty years of development according to the demands
years assumed gigantic proportions. The victory is of trade and the needs of the people, and we may
won—but it must be paid for. Soon, like the tight- dismiss any attempt to control parts of the separate
ening of a vise, the new taxes will close about the organisms as contrary to the present operation of the
fortunes and activities of every man. We are whole. Mr. Armour has very clearly answered
dealing in "futures" in our roseate beliefs as to from his standpoint many of the current popular
foreign trade. We have "sold short" to win the objections to the "business.'
The Armour plant, as the largest of its kind, is
war. Our vast and multiple wealth is not tangible; it
undeveloped. If we are representative of all. It is of colossal size and has
is largely in resources
prudent, if we are economical, if we practice as a been indisputably efficient in war time as well as
nation the saving and thrift .we impose upon the in peace. Its Manager says:
"Our gross volume of sales in this country, both
individual, we will examine every dollar of outlay
from now on. Though war may not, peace requires domestic and for export, was $861,000,000 compared
with $575,000,000 in 1917. In spite of this increase
we "count our expenses."
our net profit was but 1.8 cents on each dollar of
CONTINUED ASSAULTS ON THE INDEPEND- sales, as compared with 3.7 cents in 1917. Our net
income for the period (fifty-three weeks) was $15,ENCE OF BUSINESS.
transition period is beset with many 247,837 53, at the rate of 9% on our average net
Our so-called
"investigations." Are we trying to ride two horses capital invested and 14.7% on our common stock
going in opposite directions? Can we return to (after provisions for dividends on preferred)."
Again:
our former industrial equilibrium while we are
questioning the right to exist of some of our most "In 1915 our company paid for live hogs on
important commercial institutions? Reformation is the Chicago market an average price of $7 10 per
not resumption. What is the effect of a persistent hundred pounds. In 1916 the average was $9 60. In
effort at government ownership and control if it be 1917 it went to $15 10, and in 1918 it was $17 45 per
FEB. 1 1919.1
THE CHRONICLE
411
hundred live weight. It is the same and even higher
It is our belief that of all times in the history of
now. . . . The increase in the price of the live this country this is the worst for dabbling
in Socialhog during the four years in question figures 245%." ism. No man knows what the
future holds, be he in
Now, within day or two of the giving of this or out of the Government employ.
No man can
testimony a visitor in Washington from the West, now map the lines of future
foreign trade. It will be
as interviewed by the Washington "Post," speaking averred that this whole packing
industry has large
with no apparent ulterior object in view, says: plants in the Argentine.
But where will ensuing
"The hogs of America paid off the mortgages of the migrations of peoples go in
the next ten years, and
farmers in the Mississippi Valley. . . . It is a what soils will increase
their production in consepoor farmer who does not make ten cents a pound quence? If it were right, if
our Government was inon his hogs." We have space to say as to the con- stituted "to do business,"
would a wise people astentions of the bill above referred to that Mr. sume all the uncertainties
of trade while the turmoil
Armour's testimony shows that refrigerator cars of peace settles down into
the security of enterprise,
were a necessary growth of the business, bringing and while that people is
struggling under over
Western producer and Eastern consumer into close twenty billions of war debt?
contact, were put on by the packers because the
Why, then, this nibbling and gnawing legislation?
railroads would not do so, paid their way barely for Congresses that cannot adopt
a budget system to
a time and are now operated at a loss; that every guide their own expenditures
assume by such bills
so-called "addition" to the business has grown out as this one under discussio
n to regulate world
of this "by-products" or salvage side of the business production and consumption,
for this is simply what
because a sales organization that must be provided must be done under
government ownership of our
in any case could better maintain itself by the ease major industries; or,
saddle upon the people the risks
and lowered cost of selling allied products; and that, of trade never greater
than now. What spurs on
as far as the stock yards are concerned, it is imma- this effort at control,
operation and ownership if it
terial to the packers who own them if they are be not a feeling that
society and business must be
efficiently managed, which witness believes impossi- reconstructed from
the foundation? So the Soviets
ble under Government ownership, and that they believe. A Senator
prominent in his seeming oppoare a necessary part of the machinery of the business sition to this packing industry
as now managed, does
and make markets for the producers.
not believe in violating the Constitution. Where in
The packing industry is so big, so intimately con- that venerable document
is there warrant for the
nected with other great industries, so imperative a Government entering commerc
ial fields? We cannot
connecting link in the whole food problem, we cannot ever "get. back" by
stumbling forward in the dark.
at this moment consider its many phases. But And if we do not cling
to old principles, no man's
looking broadly and disinterestedly at it as a whole, property is safe in
this country.
it must be declared essential, and it is proven
efficient. It is the very volume of it that enables it PROTECTING SMALL HOLDERS OF LIBERTY
to exist at all, in the face of wartime governmental
BONDS.
restrictions. Can any one deny that fixing prices
Another reference to the subject of the duty owed
in behalf of the producers, as has been done, fixes by Government as well as by business
men to the
them for the consumer? Why then this insidious millions of small purchasers of Liberty
bonds and
drive against them, so apparent to Senator Sherman War Savings Stamps is justified by the
importance
that it forces him to enter, as he avers, a defense? of that duty. Under the pressure of
the general
We need not here consider profits at all, if they campaign for bond selling, suggesti
vely called a
should be large, they are a small part of total costs. "drive" and justifiable because
under the circumThe question for the American people to consider, stances imperatively needed, there was a great
stimuand which goes to the root of the whole matter, is lus to patriotic emotions, especially during
the latest
this: If the Government were to take over this in- loan, when for a few days there
was anxiety lest the
dustry, would it not be compelled to continue the full amount might fail of
being subscribed; so it came
policy of dictating price to be paid the producer about that thousands
went beyond their financial
(and this at the expense of the consumer) or operate ability in assuming obligatio
ns to pay on installunder the laws of supply and demand as provided ments. It is only natural
that after the war has
by the world's markets? In the former case, would been several months over the
strain of these obligathe consumer, as an equal citizen, long stand monop- tions upon financial convenience and
upon the disolistic prices through arbitrary rule—made by the position to stand by a position emotiona
lly assumed
producer as fixed by government? In the latter is felt to such a degree that there
is an effort to discase can the Government compete as a pork packer pose of surplus stocks held by persons
and firms
and meat distributor without taking all the chances that find themselves in the position
of carrying for
incident to a tremendous business, in profit and loss? others more than they can convenie
ntly manage.
And in either case, can it operate as cheaply as under
The situation is opportunity for knavish propresent conditions?
moters who find the financial ignorance of this
But below these questions, and antecedent to multitude of small investors exactly
suits their own
them, is this: Does any producer, or any consumer, schemes. They offer in trade
alleged securities
know what the Government can do with this industry which lack nothing of promise,
and of course they
if it owned it? And is this nagging and heckling do not fail to contrast the
unfortunately depressed
over necessary parts, or at least correlative parts status of the bonds in the
market with the splendid
taken on by virtue of experience in actual manage- offers which they set forth.
Of course they offer to
ment, not inimical not only to efficient management take the bonds at par, which
they can readily afford
under private ownership, but prohibitive of a clear to do, since the stuff they
turn over to their dupes
and sane solution of the Government-ownership in exchange has not, at the
most charitable stateside of the problem?
ment, more than a possible value some time or
412
THE CHRONICLE
[voL. 108.
for the time being,
other. The trading along this line is conscienceless more than what will satisfy them
every ground of both so as to leave opportunity for a pretended "comand mischief-making, and on
established heretofore
private and public welfare it ought to be checked promise," after the manner
The "hearings" having been
by every practical method. The counsel for the in all such cases.
War Labor Board
Federal Reserve Board has drafted a "Blue Sky" bill, concluded, the decision by the
next in border; the procedure has followed the
the prompt passage of which is to be sought; but is the
pressure upon the
whether this can avail to protect the unwary seems usual form of putting the entire
employers and assuming the only question to be
rather doubtful.
by them for the
There is also, it is reported, considerable trading how much ought to be granted
to the past,
in the War Savings Certificates, bought by specu- present occasion. And then, according
spot will run
lators on the chance of being able to get them re- the course of labor in that exact
the next periodical
deemed, notwithstanding they are redeemable only smoothly again, until the date for
to their original owners and are not transferable. outbreak arrives.
As always, the strikers said that all they wanted
The Government, not a day too soon, has orderedAmericans,
postmasters to be more careful to redeem these was wage enough to live on like decent
and they repeated the worn plea of the increased
only according to their tenor.
how much they
The duty of protecting these small investors who cost of subsistence. Suppose we see
ago and before
are getting their first rudimentary lesson in saving demanded for this end? Six weeks
down, the boat-owners
otherwise than through the savings bank, is more the gauntlet was thrown
statement to
than that always owed by the stronger and better- advertised what they called a frank
Since the war began, they said, several
informed to the weaker and the less-informed; it is a the public.
and granted,
matter of self-protection and self-interest as well. demands for increase have been made
escaped and in July last demands for further increase and
Society has long realized that if taxes are
award by
by not supporting a scheme of public education a for a basic twelve-hour day resulted in an
will be required by the an arbitration committee made up for the purpose,
still greater burden of tax
demanded,
greater burden of poverty and crime; similarly, if granting an increase and the "day"
until the end of next May
a great city suffers such plague spots as existed this award to hold good
shown." As
here many years ago the contagious diseases which "unless set aside for some good cause
still memorable industrial wars heretoflourish in them will show no respect to persons but in certain
not last through its
will invade the homes of the wealthiest; we are "our fore, the peace thus bought did
agreed term, for the desire of the men to get another
brothers' keepers" in more than one sense, for in
to be the "some
guarding others we guard ourselves. It is not upward grant was deemed by them
placing of any good cause." The advertisement gave a schedule
merely a question of the successful
in December just
future Governmental loans but of the stability of of wages in July of 1914, the scale
wage now demanded, and the persociety against passionate attacks. The universal now passed, the
to take these
concern of every person in the common welfare, the centage of increase, and it is safe
as correct, since the owners would not risk
individual stake which each has in good govern- figures
as to misstate
ment and good order, the suppression of the "class" so damaging a blow to their own case
unrest stimulates on such a matter. The rate of increase demanded
dogmas and divisions which all
120 to 570%; the
and upon which that unrest itself increases—this on the present scale ranges from
from 183 to 1,224. In
is what the country never so much needed as now rate upon the pre-war wage,
fireman and
to keep and cause to grow. The savings-bank de- dollars, the tugboat deckhand, cook,
from about $1,200 to above
positor has an interest in the rule of law and the oiler wish to jump
grain boats and
authority of the courts, for disorder threatens his $3,000, and the captains of coal and
wish to rise in life from $1,080 to $7,339,
hoard held against future need; of the bondholder scows
if he likes,
the same is true. Therefore the small holder of figures which the reader may compare,
incalculable with the salaries of many judges in our Federal
Government obligations is not only of
the lastvalue as a possible lender anew when occasion courts. It is in case of the captains of
thrift, and intelli- mentioned harbor craft that the advance of 1,224%
arises but a force for industry,
gent interest in good government and good public upon the pre-war scale is asked.
As to the cost of living, lists are printed just now
policies. This one among Americans is like a tenprices of food;
der young plant thus far; he should be cherished and almost daily showing some decline in
and if we grant that retailers have not heard of any
encouraged.
It should again be said, and with emphasis, that decline and that most-of us have not felt any release
may be
every corporation or firm or individual that was of pressure in our position as consumers it
Liberty bonds to small still admitted that the tendency is downward; if
instrumental in supplying
, we may
and inexperienced buyers will fulfill at once a duty even this seems too strong a statement
movement which has so
and an obligation to safeguard all interests by pro- admit that the upward
like the floodtecting them to the utmost, by kindly counsel, burdened us is at a stationary point,
the tide, when the next change must be reagainst loss on their holdings if circumstances com- mark of
even without
pel a sale, and against being tricked into trading cession and is seemingly near. But;
conceding this or without argument about it, and
for worthless stuff.
even if we allow that the time for making any cuts
in wages has not plainly arrived, yet there is cerTHE EXORBITANT DEMANDS OF THE
tainly neither justice nor reason in raising them
MARINE WORKERS.
of the unionized marine workers of this further; we may go another step, and admit (what
The revolt
port reached the stage at which the men return to is positively incontrovertible) that successive wage
work pending the familiar ostensible arbitration by lifts have been a very large factor in successive price
which they expect to get their demands as to wage lifts which are made the excuse for the wage lifts.
and working conditions, having of course demanded Wages and commodity prices boost up each other;
FEB. 1 1919.]
THE CHRONICLE
the latter will not greatly come down without the
former; the break must begin somewhere, if we are
ever to get out of our troubles; at the very minimum,
therefore, there is no excuse for granting more wage
demands.
But the boatmen, having had the twelve-hour day
for six months barely, now demand an eight-hour,
meaning, indubitably, to use that, as in the revolt
of the.railway brotherhoods in 1918, as a means of
getting more money per "over-time." The owners
say they want the men to live comfortably and are
willing to arbitrate all wage questions "in spite of
the manifest absurdity of the demands," but that
the eight-hour day has no application to this case.
These men, on duty over eight hours, work less than
eight. The captain of a canal boat or barge lives
on board with his family, actually working less than
two hours a day; corresponding men on a tug do
not average six hours, the boat passing the time
mostly in awaiting orders or weather conditions;
further, the men get their meals supplied, and the
time at eating counts in the twelve hours. There is
a physical impossibility also, since an eight-hour
day on coal boats and barges would compel three
crews and three captains, whereas there is room on
board for only one captain and one family, and no
more could be provided for. So, say the owners,
"we cannot agree to arbitrate a condition which we
would be unable to fulfill if the award were adverse
to us."
Finally, said the boat owners six weeks ago, "the
time has now come to stop the pyramiding of artificial conditions induced by the war; it is not
difficult to recognize that a period of readjustment
is at hand; mounting costs and impracticable working conditions, if pyramided indefinitely, will only
add confusion and peril to the resumption of normal
business relations." Is not this both sound and
timely? Certainly every thinking person must
desire "resumption of normal business relations,"
and though some courage may be required for
standing firm (as the boat owners say) we only
heighten trouble by putting off the grapple with it.
Is not the lesson clear in respect to all the country's
business and industrial problems?
OUR FOREIGN TRADE IN 1918.
Another twelve-month period of marvelously
large foreign trade aggregates has passed to the
credit of the United States. A year in which inflated prices for commodities were so potent a factor
that despite a smaller quantitative outflow of goods,
due largely to various restrictive measures put in
force by the Government, the total of exports
reached a value approximating very closely the,
record aggregate of 1917, and the imports actually
established a new high mark. Furthermore, the
cessation of hostilities abroad has not yet served to
contract the volume outflow of goods. In fact the
freeing of tonnage from transport service the latter
part of November and the gradual lifting of embargo measures resulted in a total of merchandise
exports in December in excess of all earlier monthly
periods except January, June and December of
1917.
The year opened with the value of the merchandise outflow showing a somewhat marked contraction compared with the preceding year and this
continued for six months. In July, August and
September, with the shipments of breadstuffs and
413
provisions showing very great expansion, new high
records for the particular months covered were in
each instance established, but in October the outflow dropped below that of the period in the previous
year. For the reason already referred to, however,
there was an augmentation in the outflow in November and December, a new high mark for the
former month having been established, and the
result for the full twelve months approaches very
close to the phenomenally heavy total reached in
1917. It is, of course, understood that we have
reference to the exports as represented by value
and not quantitatively, as only a partial analysis
could be made in the latter way, weights or measures
being lacking in very many cases. One point,
however, must not be lost sight of and that is that
higher prices have been an important factor in building up the year's aggregate of export values.
It does not follow that there has been a universal
appreciation in the export prices of commodities.
The exceptions, however, are few and as a rule
unimportant. On the other hand, the advances in
many cases have been decidedly heavy. Confining
ourselves to what may be called representative commodities we note that the average export price of
corn in 1918 was about $1 56 per bushel, against
$1 40 in 1917; wheat $2 34, against $2 31, and rye,
$2 05, against $1 923/; flour, per barrel, $11 27,
2
against $9 94; bituminious coal $3 93 per ton,
against $3 72; cotton, 31.8c per lb., against 23.2c.;
gunpowder, 78c per lb., against 74.3c; bar steel, 5c,
against 4.14c; wire nails, 5.5c and 4.7c; galvanized
steel sheets, 8.1c and 6.8c; other steel sheets, 7.1c
and 5.6c; steel rails, $57 42 per ton, against $46 93;
tin plates, 9.8c per lb. and 8c; sole leather, 51c and
49.3c; canned beef, 36.4c and 27.9c; fresh beef,
21.3c and 14.6c; bacon, 28.6c and 21.2c; hams and
shoulders, 27.1c and 22.2c; lard, 26.4c and 20.2c,
butter, 39.7c and 37c; crude mineral oil, 5.97c per
gallon, against 4.45c, illuminating oil, 10.2c and
7.44c; gasoline, naphtha, &c., 24.9c and 22.4c;
lubricating oil, 29.3c and 20.5c; cottonseed oil,
19.4c and 13.9c, and leaf tobacco, 30.5c and 17.9c.
It is not necessary to pursue this phase of the subject any further. Suffice it to say that chemicals,
lumber, cement, fruits and nuts, cotton goods,
glassware, hides, hops, hay, &c., &c., could be.
included in the list if necessary to make it more
inclusive and conclusive.
As in all years since the breaking out of the war
in Europe the phenomenal proportions of our export
trade find explanation in that circumstance. But
if in the preceding years the gain in outflow was
chiefly to the Allied countries involved, so in 1918
the loss is much more than covered by the decline in
shipments to Russia, a former member of the alliance. Our exports to the United Kingdom, which at
2,009 million dollars in 1917 were well above those
for 1916, rose to about 2,061 millions in 1918. The
Belgian total advanced from 56 millions in 1917 to
155 millions in 1918, and the Italian from 419 millions
to over 492 millions. On the other hand, the outflow
to European Russia fell from 3153 millions to only
about 9 millions—a comparatively nominal figure—
and noticeable contraction is to be observed in the
totals for Denmark, Netherlands, Norway, Spain
and Sweden. Collectively, therefore, the result for
Europe as a whole is a falling off of some 203 millions,
notwithstanding the higher prices obtained for most
of the commodities sent, and consequently indica-
414
THE CHRONICLE
[VoL. 108.
ting a proportionately greater quantitative decline. expansion was in cotton and tobacco, and in the
Elsewhere expansion was quite the rule in quantity second barley, wheat flour, bacon, fresh beef and
as well as in value. The Cuban total mounted from hams—otherwise, grain and meats. On the other
196 millions to 227 millions; Chile from 57 millions hand, an important decline in manufactures, while
to 66 millions; British East Indies from 43 millions to running pretty well through the list, was largely
51 millions; Japan from 186 millions to 274 millions; in explosives(of which the outflow in the two previous
China from 45% millions to 55 millions, and Asia seasons had been enormous), brass bars, sheets and
as a whole from 431 millions to about 446 millions, plates, fire arms, metal working machinery, sugar,
despite a virtual cessation of exports to Siberia. To zinc, leather and oil cake.
In importation of commodities, as already noted,
Oceania also the outflow increased very appreciably,
a new high record by a moderate amount was estabthe total for British possessions advancing from
773/ millions to 102 millions and for the Philippines lished in 1918, this despite a very considerably
from 38 millions to 53 millions. Altogether the mer- diminished inflow of merchandise from Europe, and
chandise exports in 1918 showed a loss of 84 million from the United Kingdom, France and Spain in pardollars from 1917, but in the shipments to South ticular. The inflow from Canada exhibited a very
America, West Indies, Asia and Oceania an increase satisfactory gain after the strikingly heavy increase
of 115 millions appears, this following an expansion in 1917, with wood pulp one of the main items conof 2193/ millions in 1917 over 1916. The test of tributing to the result. Argentina's credit total here
whether we are to hold any great measure of the was considerably swelled by an augmentation in the
trade gained in comparatively new markets as a shipment of flaxseed and wool hitherward, these
result of the war will come when rehabilitated Eu- serving much more than to offset a decrease in hides
rope is in a position to enter into competition with us, and skins; wool, furthermore, accounts for an inand how far our manufacturers are willing to go in crease in the inflow from Chile, as does sugar from
Cuba and copper, lead and oil from Mexico. Deefforts to retain it.
creases in the value of imports from Brazil, Colombia,
The merchandise exports for the year aggregated
$6,149,392,647, this falling only $84,119,920 below Peru, Uruguay and Venezuela reflect reduced shipthe high record total established in 1917 ($6,233,- ments of coffee, hides, rubber and wool. Raw silk,
512,597), and comparing with $5,482,641,101 in hides and wool coming in less freely from China ex1916. Shipments of breadstuffs covered a much plains the decline in the value of our imports from
greater value in the late year than in 1917—sorhe 170 that country, and the smaller influx of cotton acmillion dollars more—a quantitative decrease in the counts for the relatively slight gain in the Egyptian
outflow of oats and corn being much more than off- total. A further increase in the value of the inflow
set by the increased exports of flour, wheat, corn from the British East Indies follows the larger remeal, &c. Cotton exports were less in quantity, but ceipts of India rubber, jute manufactures and tin,
in consequence of the higher prices that prevailed and our increased inward trade with the Philippine
during the year the increase in value was appreciable. Islands involved to a greater or lesser extent most
In other words, the value of the 4,112,349 bales sent of the products of that locality. Consequent upon a
out in 1918 was $674,122,790, whereas the 4,818,943 very appreciable augmentation in shipments of wool
bales shipped in 1917 brought only $575,303,782. to us from Australia, a marked gain in the value of
Consequently, although quantity fell off 14.40%, the imports from that quarter is to be noted. Japan
value was augmented about 17%. Among other contributed more largely to our new supply of raw
commodities sent out less freely but covering a higher silk and tea.
As regards the various groups into which the
value than in 1917 we may mention coal, cotton
cloth, cement, cottonseed, twine, lubricating oils, imports are segregated, moderate decreases in crude
paraffin and various articles of iron and steel manu- materials and in foodstuffs in crude condition are
facture, such as bars, rods, billets, hoops, rails, to be noted, but there was a fair gain in foodstuffs
partly or wholly manufactured and an important
nails, sheets, plates, pipes and fittings.
augmentation in manufactures for further use in
Mineral oil shipments were more liberal in the
aggregate than in 1917, and with prices higher ac- manufacturing or ready for consumption. Without
counted for an important increase in value. An attempting to specifically classify in detail the artiaugmentation of about 504 millions in the total ex- cles involved, we mention as among those showing
port value of meat and dairy products was a striking the largest gains, wool, fibers and manufactures,
feature of the year, and is ascribable in considerable vegetable oils, tin, nitrate of soda, tobacco, meats
measure to the increased prices for every individual and dairy products, fruits and nuts, rice, seeds,
item in the schedule. Attention is also to be drawn furs and furskins and tea. On the other hand, more
to the expansion in the value of the shipments of or less striking losses appear in hides and skins, India
fish, cotton manufactures, wood and manufactures, rubber, coffee, wheat, cotton manufactures, silk
tobacco and manufactures,electrical machinery,coke, rxianufactures, diamonds, &c., liquors; art works,
glass and glassware, lead, paper, vegetables and wool brass and leather. The total of merchandise immanufactures. Contraction is to be noted in a num- ports for the year 1918 was $3,031,304,721, and exber of articles, more particularly iron and steel man- ceeded by 79 million dollars the high mark set in
ufactures, cars, chemicals, copper, explosives, brass, 1917, while contrasting with only $2,391,635,335 in
leather, sugar, horses, mules, automobiles, oil cake 1916. Here as with exports, however, high prices
have been a very potential factor.
and naval stores.
The increase in imports shown above so nearly
Analyzing the year's foreign export trade by great
groups, we note that, notwithstanding the decrease offset the falling off in exports that the total foreign
of 84 million dollars in the total of all, there are trade of the United States for the year (inflow and
striking additions in crude materials for use in manu- outflow combined) fell behind the high record mark
facturing and in foodstuffs, partly or wholly man- established in 1917 by only a nominal amount. It
-ifactured. In the first group the most noticeable reached 9,1809 million dollars,against 9,186 millions
FEB. 1 1919.]
THE CHRONICLE
in 1917 and 7,874 millions in 1916. The excess of
exports of merchandise (values) over imports in
1918 was phenomenally large, although below that
of the preceding year. In other words, the favorable balance reached $3,118,087,926, comparing with
$3,281,044,642 a year earlier, $3,091,005,766 in 1916
and but $1,776,074,152 and $324,348,049, respectively, in 1915 and 1914. As indicating the changes
from year to year in a number of the leading staples
of• export and the relation those principal items
bear to the full outward movement of merchandise,
we append a compilation covering six years:
415
than in 1917 and 679 millions in excess of 1916.
We note in passing that our net gain in gold from
July 1 1914 to Dec. 31 1918-54 months—reached
1,025 million dollars.
ARGUES IN FAVOR OF THE REGISTRATION OF
COMMERCIAL PAPER.
SAINT LOUIS CLEARING HOUSE ASSOCIATION.
Saint Louis, Mo., January 22nd 1919.
Editor, "Commercial & Financial Chronicle," New York City:
Dear Sir.—Thoughtful and constructive financiers have long
desired
and argued for the registration of commercial paper. Owing to the existing
conditions, their views merit a more universal acquiescence than at any
EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS.
time heretofore. From every audible source conies the prediction of
a
new era for the world. This change will affect finance as it will
every
Exports.
1018.
other interest of men. And at the bottom of things material, money
1917.
1916.
1915.
1914.
1013.
is
the dearest and most sensitive of these interests.
$
$
$
$
$
$
When we are passing through transitional periods, it is necessary, and
Cotton_ ...674,122,7901575,303,782545,228,684 417,013,008343,904,905 575,495,653
will become more so, to seek additional safeguards for the lending of
Breadst'ffs801,497,730631,988,510171,918,101 527,882,389
Prov.,&c_ 941,210,883437,449,572315,568,172279,660,232 310,280,873 203,391,856 money. The largest single form of lending
101,474,241 160,606,568
is through commercial paper in
Cot's'd oil 23,184,329 17,303,250 19,390,435 25,233,351 14,883,798 17,991,098
Petrol.,&c344,290,444 252,977,478201,721,291 142,972,322 139,000,587 149,316,409 an endless chain of enormous proportions. This paper is, per se, the
choicest of investments. Purchases are based upon officially signed and
Total_ _
.2784336176 1915022596 1553826682 1392761301 970,244,404 1106801584 audited statements, yet the infrequency of rendering statements, for
All other
whatever reason, does not furnish an index to important information.
articles_ 3365056171 4318490001 3928814410 2161909546 1143379646 1378216708 Such
knowledge, for instance, is needed to ascertain the peak period of
Total_.... 6149392647 6233512597 5482641101 3554670847 2113624050 2484015292 borrowing, and a like period of liquidation. This would give the banker
a line on the seasonable pay-off ability of the borrower.
The movement of gold continued in 1918 in favor as For this purpose the Federal Reserve Bank in each district could act
the registry, and note-issuing concerns could
them the weekly
of the United States, but only in very moderate de- total of their notes payable. This suggestion furnish towise intended to
is in no
supplant, or to supersede, any of the checking processes now in practice.
gree. In fact, as contrasted with 1917 the net influx As an instance of the possible benefit
to be derived under such regisof the metal was of comparatively insignificant tration can be cited the over-extension and unwarranted credit standing
enjoyed by the late Claflin Company. With the company's statement as
amount, and the same remark applies with even a basis, bankers might have anticipated its dangerous policy by knowing
the
greater force to 1916. In much the largest part the suchweekly amount of its current indebtedness. It is conceivable that
an additional check would have saved both the banks and the comyear's inflow came, as in the three preceding years, pany.
But at a time like the present, when neither the banker nor the merchant
for the account of Great Britain and mainly from can accurately forecast the probable course of commodity prices, the inthe depository of the Bank of England at Ottawa, stant information as to the extent of a merchant's current obligations
would at least provide additional data for the banker. He could then
reaching the United States via Ogdensburg, N. Y. match his own judgment against that of the merchant as to the probable
course of prices and conditions in any particular industry. The simple
In the aggregate there so came $46,000,000, against fact must be retained in the mind that this note-borrowing on the open
market is,
only $1,286 by steamer direct from England. Ar- business. and ought solely to be, in anticipation of future movements in
rivals of gold from France were nil, but from Mexico In this respect a recent opinion by Mr. James B. Forgan, in the "Chicago
Banker,"
He said:
they were 5 millions, South America 7 millions, and during theshould be very carefully considered. failures in "While losses
war period have been negligible and
business comparatively few, the seeds have, no doubt, been planted for these in the
West Indies, Central America, &c., 4 millions. Col- rapid
expansion of bank credits which have taken place. Some of the
lectively, the inflow of the metal for the twelve business units expanded during the war will not be able to readjust their
affairs
occur. Experience
months reached $62,042,748, against $552,454,374 that into peace conditions and some failures will bank credits, such shows
the liquidation of a rapid expansion of
as has
in 1917 and $685,990,234 in 1916. Shipments of gold taken place, losses are inevitable and it, will be the part of prudence and
conservatism for banks and bankers to anticipate them."
were also very moderate, totaling only $41,069,818, When bankers invest the vast amounts of other people's money in the
unsecured
or less than one-ninth those of 1917, which were the comprised promises of merchants and manufacturers, their only security is
in the statements and moral standing of their makers. This is
largest for any year in the history of the country. the limit in confidnece that the bankers can show, and in like measure
and kind should be met by the borrowers to their fullest ability.
The outflow was made up of about 26. millions to
There are two other important reasons that demand more intimate
at all times. The
Mexico, 10 millions to South America, 2 millions to credit datacredit risks their first is the increasing use of acceptances
which are
purest forms. The second reason is
in
Canada and 3 millions to all other countries. The highly competitive time-credit extensions to be found in our new quest the
for
foreign trade. Already, it is reported that experienced Europe has caused
net import balance for the year at only $20,972,- contract cancellations in the millions of our South American business, be930 compares with similar remainders of $180,- cause Europe afforded longer credit accommodations to our customers.
There will ever be objections raised in protest
570,490 and $530,197,307, respectively, in the two proposal. Yet, when there are so many good against any new or untried
and tangible results easily
seen to flow from a definite act, no argument should be permitted to delay
preceding years.
the procedure. And the more so when that procedure, as in this case, is
of'such a
The imports of silver in 1918 were the heaviest condensed simple character and of such easy accomplishment. Perhaps a
trial balance at the end of each week, or even at the end of each
ever recorded for a twelve month period, but the month, signed by an officer, and transmitted through the mail to the local
Federal Reserve Bank could be
exports of the metal were of phenomenal proportions done. This information is now obtainable if the bankers request it to be
given weekly to the Comptroller by the
from the U. S. Treasury, the silver being banks themselves in most of the larger cities.
and came
Any advance in banking methods and requirements that adds security
feleased to meet the extraordinary demand for the to the depositors and stockholders is more than justified.
metal by British India, China and Japan. The gross
Very truly yours,
CARY N. WEISIGER, JR.
exports of silver reached no less than $252,846,464.
Assistant Examiner.
The net exports for the year were $181,470,765,
against $30,790,399 in 1917. Bringing together the
various balances, we have the appended summary VOLUME OF BUSINESS ON THE CHICAGO STOCK
EXCHANGE.
for a series of years:
SALES FOR SERIES OF YEARS.
YEARLY TRADE BALANCE.
Excess of—
1916.
1918
1917
$
$
$
$
$
$
1916
Mdse.exp. 3118087926 3281044642 3091005766 1776074152 324,348,049
Silver exp.181,470,765 30,790,399 38,331,748 19,114,931 25,643,873 691,421,812 1915
26,908,812 1914
Total__ 3299558691 3311835041 3129337514 1795189082 349,991,922
Gold Imps. 20,972,931 180,570,490 530,197,307420,528,072 *165228415 718,330,624 1913
*28,093,778 1912
Gr'd total. 3278585761 3131264551 2599140207 1374660411 515,220,337 746,424,402 1911
1910
* Not exports.
1909
1908
With all the items included, the net export balance
1907
for 1918, it will be observed, reached the unparalleled 1906
aggregate of $3,278,585,761, or 147 millions more 1905
1904
1918.
1917.
1015.
1914.
1913.
No. Shares.
1,955,151
1,696,428
1,611,317
715,567
385,783
1,001,417
1,174,931
1,040,068
894,362
1,623,495
829,216
805,984
1,234,537
1,544,948
1,251,177
Bonds.
$4,590,620
9,012,400
11,889,400
9,237,600
9,085,500
9,391,000
13,757,000
14,752,000
7,347,000
14,800,000
15,259,000
4,466,200
5,858,050
9,556,500
5,432,700
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
1891
1890
1889
No. Shares.
1,024,002
1,356,558
1,877,883
1,424,252
3,300,385
1,845,313
987,772
1,726,400
1,386,657
1,553,947
1,157,701
1,175,031
710,000
1,097,000
150,100
Bonds.
$3,364,160
8,967.100
9,338.700
8,735,900
12,483,650
9,856,800
6,575,000
4,853,950
8,382,500
10,213,500
6,575,650
14,198,000
9,435,000
18,368,000
18,530,000
[VoL. 108.
THE CHRONICLE
416
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1918.
Continuing the practice begun by us fourteen years ago, we furnish below a record of the highest and
Stock
lowest prices for each month of 1918 for all the leading stocks and bonds dealt in on the Chicago used
have
Exchange. In the compilation of the figures, which are based entirely on sale transactions, we
range
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our
we make no distinction between sales in small lots and sales in large lots.
For record of previous years, see "Chronicle" of Jan. 26 1918, page 333; Feb. 3 1917, page 399; Jan. 29
1912,
1916, page 380; Jan. 30 1915, page 349; Jan. 31 1914, page 347; Jan. 25 1913, page 244; Jan. 27
page 276; Feb. 6 1909, page 348; Jan. 25 1908, page 205;
page 256; Jan. 28 1911, page 234; Jan. 29 1910,
Jan. 19 1907, page 138; Jan. 20 1906, page 135, and .fan. 211905, page 198.
BONDS
December
November
September October
August
July
June
May
April
March
January February
High Low High Low fligh Low High f,ow High
Low High Low High Low High Low High Low High Low High Low High Low
RAILROAD AND
MISCELLANEOUS BONDS
8314 84
84 84
4
8434 843
,
4
1939 8412 8412 853 8531 8418 85 2 83 83
Armour & Co 434s
4
3s 1013
90 971
-1923
Debenture 6s
9034 9i14
91
8914 10 2
,
89 804 88 88
8314 881a
88 83
74 ;4
118
Booth Fisheries S F D 6s....1926 89 898773
9712 91
8
86
8618 873 88 91
85 8614 8134
85 87
86 86
Chicago City Railway 58_1927 8418 8541 8518 8612 85 8718 87 8814 8718 38
52 60 49 5314
55 59
56 6212 55 59
55 61
55 60
55 55
5412 57
54 59
52 57
Chicago City & Con Rys 55 1927 52 56
- ---97 97
93 95
—9612 97
-Chic Pneum Tool 1st 5s_1921 _
,
,
80 8518 82 85 8 8234 83 4 -81212 8414 412 8712 81 86
82 82
82 83
4
943
- ; 813 84
4
84 8412 -833
1927 82 83
Chicago Railways 5s
_
76
76
76
76
8212 83
1927
5s. Series "A"
5313
5514 5338 55
60
55 57
53 59
59 59
54 —
66;2
54
5212 55
65
8
1927 50 597 58 5912 — - 59
4s, Series "B"
_
_ ---- ----964 9614
1927
4s, Series "C"
28 28
34 35
35 35
35 35
32 3312 3214 34
3114 -----31
1927 27 2712 30 30
Adjust income 4s
95 963 9612 0714
4
9312 9334 95
9312 9412 9312 9312
9412 95
96 9614 ____
8
1923 96 965 96 96
Chicago Telephone 5s
95 0612
9312 98
8
8
3
12 007 92
9134 90 9214 8978 90 4 83 8914 873 883 8912 93
91
8
9334 9418 90 94
1943 9112 91
Commonw Edison 5s
— —
40
95
89 9014
—
92 92 — Commonwealth Elec 5s__ _1943 —
9134 9134
9112 9112
91 _
- 90 90 90 00
Cudahy Pack 1st M g 5s__ _1946 91
97 809060 97 9770
9956102 20 996010180
99 99.50
-- 1947 97 98.62 97720 93.30 97.20 98.80 98.4099.10 98.40
Liberty Loan 3s
96 93 20 92 5094 20
95.9090.80 93.70 96.60 93 94.1)93 7094 30 93 8091 20 94 1096 60 956098
Liberty Loan 1st 45_1932-1947 96 97.50 95.80 97.10 95.04 97.24
94
9294 93 84 94 0580 95 1396 88 94 809760 92 509660
Liberty Loan 2d 4s___1927.1942 95.7497.10 94.7097 95.70 97.52 95.8096.90 93.70 96.60 92.80 91.90 92 94
97 4097 44
94 2096 26 96 3896 90
Liberty Loan 1st 4 Yo__1932-47
929096 30
93609396 04 9560 95 5096 60
—
1.1berty Loan 2d 4!Is_ _1927-42
94 58 95 50 94 4098 20 958097 30 98 509784 91 8098 70
93 97110121 ;if)
1928
Liberty Loan 3d 43(s
91 9680
96 6093
_
1938
Liberty Loan 4th 4 Us
4
5
2
6 2
58 58 -.6- - . 1- 5712 5712 5612 583 5514 58
49
56
55
5S'4 5613 58', 53 56
6Metrop W Side Etc., 1st 4s_1938 — 672 -58- 58 5814 57
50 50 — - — _ 5612 60
4912 50
45 48
48 48
1938 49 55 __
Extension g 4s
__
-—
_.
_ 66 66
No W Gas Lt & Coke 5s_ 1928
7012 7012.
70
Elevated 5s 1941
Northwestern
80 8514 85 85
7512 78
76
7:08
74
75
74
75 77
7532 7512
80
75 754 75 - 1945
Ogden Gas Co 5s
_ — 80 80
7112 7412
78
7814 7712 7712 7412 7412
Leo Gas Lt & C ref gold 5s..1947 7912
87 87 8818 8818 90 90
8812 8812
38 88
8912 30
1937
Chic Gas L & C 1st 5s
8614 8814
8
77 775 81 88
4
7734 7734 77 773 77 7734 77 77
8014 8014 80 80
7912 80
4
Co 1st ref g 5s__ _1956 80 813 80 80
Pub Serv
7912 7912 7912 80
,
7812 78 2
78 80
4
7814 78'; 78, 8012 76 76
79 80
80 8012 _ _ _ _ _
South Side Elevated 4 yi s_ _1924 .7812 81
935s 9714 96 97
8
90 9114 907 93
9018 92
8
917 94
95
,
8
1944 93 9512 94 95.2 93 9514 927 9414 94 951i 91
Swift & Co 1st S F G 5s
3
90 93 983 9812
4
943 9434 94 1)1
95 95
94 943 95 96
4
8
1941 9434 9518 9518 9514 917 96
Wilson & Co 1st 6s
8
-55.78 -667- 100
ow:
-89- 16-
16-
-;
-16-
16-
9312
9921 0970
98.70
_
-61 -61-34
09509980
809
66-- -180
1 8096- -- 650
Id-
65..io
7518
i6-
16;8 so 8114
RAILROAD AND
•
MISCELLANEOUS STOCKS
245 235 245 245 300 295 300
100 250 255 255 265 250 265 248 250 248 250 235 240 242 250 238 245 238
American Radiator
116 116 116 122 116 125
148 148
100
Preferred
--2132 12212 130 12812 1281; 1271 139 112 139 101 113 10812 121
221
97 128 123 140
4
4
100 87 9112 87 903 003 99
American Shipbuilding
86 8712 8612 90 —__-- 8434 87
86 9112 8912 90 87 90 88 88
85 89
8
847 86
—_
100 85 90
Preferred
7412 7412
100
American Smelting
45 47
---45 50 50 50 —
100
American Straw Board
4
4
4
4
913 913 913 913
100
American Tel & Tel
103
99'
9612 9812 9713
—
Armuur & Co preferred_ _ 100
24
21
26
23 2618
4
2234 2412 231.j 2734 25 273 2514 28
23 24
3
22
(no par) - 1:4; - ; 217 26 -2213 25 -2212 25
Booth Fisheries new..
80 83
75 83
79 83 79 81
81 83
80 8112 81 84
82 81
80 82
84 86 283 85
100 83 85
Preferred
12
— 1212 13
12
Bucyrus Co common
_16912 16912 —
Butler Ilros
4
;
-7
72 1
78 218
1-12 --3 —1:234 114 2 8
,
112 2
218 2
2
2
218 2
2
Chic City & Con Ry pt sh corn_
8
133
4
1412 1414 17 2 1312 187
1812 14
,
14
1812 16
17
1412 1612 12
16
15
4
173 151s 18
14
1712 14
Preferred
---1
1
3
3
3
—
3
3
4
3
234 3
4
234
4
4
4
Chicago Elev Ry common
22 ---- -1818 13 20 1818 18
—
- - 22
1212 1212 1212 1212 12
12
12
Preferred
4
,
4
7412 68 7118 68 693 6812 7012 63 697 623 86 2 6212 69
4
7114 67 703 65
5412 5018 63 61
Chicago Pneumatic Tool_ _100 4712 5113 49
39 42
_
-- 58 58. 53 53
4
543 60
_ 5312 54
Chicago Rys Part Ctf Series 1_
734 10,2
12
9 13
11
"
1312 16 -IC)
121.1 16
13
12
17
12
11
10
15
1212 12
9
10
8
Part Ctf Series 2
_
2
2
—.138 134
_
_
214
2
2
2
Part Ctf Series 3
1
12
4
3
12
1
1
1
1
1
1
1
1
11, 11,i
Part Ctf Series 4
99 99
Chicago Telephone Co
185 189 189
165 1(31;2 180163 165 185
- - 1165 167 105
167 187 2 165 171)
- -1100 165 175
Chicago Title & Trust
10012 112 110 119 111 117
102 10114 104
108 105 108 103 107 10112 lOt 100 10112
Edison... 100 103 10712
Commonwealth
113 115 112 115 110 11212 111 130 125 133 12812 132
00 10712 112 110 114 111 11412 111 11434 11112 11431 x10814115
Cudahy Packin Co corn
4
1023 105
_
_
_
---- -- -----Cudahy Cash................
3
7
12
Cudahy rights
94 9711 94 98 91 98
92 94
93 95 £9212 91 4 9312 95
,
95 9614 4412 9612 9414 96
9434 97
100 9512 97
Deere & Co prof
103 10812 10512111 108 10312 107 112 £1081411512 109 112
100 102 112 108 11112 108 112 108 113 r108 11313 10512 103
Diamond Match
4
50 5412 533 55
46 48
46 49
46
41
43 4512 44
4012 4234 41
3634 4012 37 39
40 42
100 40 44
Hartman Corporation
72 76
56 5712 5712 62 62 72
55 5614 55 57
57 60
59 60
60 61
61 67 62 62
Hart, Schaff & Marx, corn..100 53 65
106 110
10314 106 103 103 103 105 103 103 105 105
108 108 10314 108 105 105
100
Preferred
—_
34 37
3812 3912 4014 4112 39.2 3912 4012 11
Haskell & Barker Car Co
6334
59 67
49 50 48 50 45 80
49 50
49 51
48 5012 49 51
51 64
53 56
100 55 58
Illinois Brick
_
---- --- --__ -- --- -17912 17912
Inland Steel Co
21
248
'-1;1- 26
Libby (W 1)
15
14
1414 18
17 • 1512 17
10 "4 28 21 2412 1912 2138 1934 22 z19 22 1914 21 1512 1914
Lindsay Light
10
1012
---_
s
s
10
s
11
1012 107 107 113 1133
10 11
Preferred
86 66 ---Maxwell 1st preferred
•
---50 4438 4438
Midvale Steel & Ord Co
30 30
-.
14
1.W - .- 211s 27
2514 ---24
25 2612 2414 27
Middle West Utilities com_100 25 28
55 59.
60
4012 50
40 40
50 58
57 59
5812 61
59 61
100 57 65
Preferred
26 25
30 30
_ ---30 30
..
..
Mitchell Motor Co —
107
._—National Biscuit preferred..100
4
114 115 114 114 114 114 1153 119 118 121
114
116 120 112- 114
National Carbon prof (new)..,., 114 115
_
—
3
2
--- North Amer Pulp & Paper Co_
412
512 5
4 512 512 412 412
612
53
5
7
6
5
5
5
5
63
4 03
4 5
Page Woven Wire Fence com
4712 56
4
5012 43 5012 443 5014 4912 5812 49 61
4312 4918 42 4512
4134 48
4014 47
44' 53
55
41
People's Gas Lt &
3
80 4 95 89 9212
75 7512 77 81
7112 75
75
70 7134 7112 73
7314
75 75
8
747 77
75 77
Pub Service of Nor Ill, corn_ 100 72 76
85 8512 79 83 80 85 81 85 88 90
82 83
82 86
8712
8712 8712 80
8712 88
100 x87 90
Preferred
260 270 238 245 238 215 245 250 235 259 255 258 260 300
100 250 275 280 285 265 270 270 274 276Quaker Oats Co
9212 9712 9212 9012 95 97 94 9712 95 9918 99 102
9712 9934 9799
99 100
98 100
100 95 100
Preferred
8145 13634 113 133 l3S 13514 14412 13612 14012 13812 142 146 168 158 162 160 17612
Sears-Roebuck, common__ _100 139 154 14914 157 140 153 x1397
_
- — — 118 120
8
100 120 120 1197 120 11912 12014 117 120 ---- -- 115 115 120 120 115 115 115 115
Preferred
75 84
62 63 63 76
64 64
0534 60 68 6814 65 69
4
533 6212 030 6712 60 63 67 67
Shaw W Wcommon •
694 82 99 100
90 90
8814 89
_ ---- -9112 9112
Preferred
7512 7934
541
(1;1 143; 62 72
5612 60
6014 58 60
4
52 5612 523 5514 5313 111
Stewart Warner Speed com 100 47 5312 51 60
1
;
11:112
4
1023 11112 110 118 . - 110 12112 12712
10518 11412
100 121 133 125 132 124 138 134 146 106 144
Swift & Company
_
14 2
3
I3g
Rights
—
_ 107
101
105 107
_
.
—
Warrants .....-....... ...
3312 50 40 4511
32 45
— _
—Swift International.._.....
5512 6714
8
577 69
Vis 5113 61
56 5834
8
8
714 621; 4914 543 49 593 531 59
62
- - 5014 5434 472 5234 -47 - & Carbon__.10
Union Carbide
4
3
Rights
21
2412 1918 23
191 26
19 22
21
22
22
21
2012 19 22
17
1434 17
15
8
15
167 15
United Paper Board com......100
63 63 65 65
6014 61
60 60 60 6014
60 6014
100
Preferred
101 101
10712 107,2 10818 10818
_ 9114 9114
s
100 917 8212 9614 9614
U S Steel common
103 101 1023 100 10312 103 104 103 105 105 109 107
4
8
Ward (Montgomery)& Co pref. 106 108 1037 110 £10314106 102 104 1021
--103 104
_
Receipts ________________
312
513
3
1
— lilt -II;
Western Stone
5713 0314 62
72 6812 7612
628
60 631s 57 - 1- 50 57
55 6514
51
$
5614 5012 673 5238 57
100 46 53
Wilson & Co common
9312 96 £92 9512 92 95 96 99 98 99
94 97
98
97 98
98 x96 9912 98 99
96
100 95 98
Preferred
5014 5014
Woolen common
vx Ex-111-
166
-11-
Fro- 1'16'106
1100
16i-
22
16;- ioi-
214 238
1 1.4
iTHY
too 102..
-ai-
—
__—_-1618 171, 1612
4
-211-
-Fr" 16'53
HI/
;
114-12 114 ffC,, ii-C212 nit;
_
4212
412
275
1021811ot,
loa
ii-618
"4812
-io-
19
5312
fii- iti61-4
1
ma
li-
312
116_-
FEB. 1 1919.]
THE CHRONICLE
417
which the Government would release the railroads
from their war-time control, such episodes of arbtrary officialdom as caused the unnecessary default
[By MELVIN L. EMERICH, of Ames, Emerich & Co.]
of the Chicago & Western Indiana Railroad notes,
Chicago investment dealers stand ready to supply and the fact that the War Finance Corporation took
the funds needed by corporations in their own city care of the more pressing needs, left the railroad
and its tributary territory. This position was defi- market essentially to mere trading in outstanding
nitely demonstrated during 1918, and the accom- issues.
plishments in this direction during a period beset by
Public utility issues, both of Chicago and of other
all the exigencies of war are perhaps the ouststanding cities, suffered first from lowered earning power, due
features of last year's market.
to high operating costs and inability to secure inOn every side conditions worked to hamper rather creased rates, and second, from being made political
than to aid in corporate financing. The remnants of footballs. Short term notes at high rates, where
the previous year's 'liquidation were still something earning power was adequate, were successfully marof a handicap. Two Liberty Loan campaigns, which keted. It was logical that investors should come
took out of Chicago alone more than $450,000,000 into the market for long term bonds in order to
and out of the district immediately tributary to secure the benefit of higher yields over long periods.
Chicago more than $1,575,000,000, a large part of However, because of the rather novel position of
which normally would have gone into corporation many public utilities in showing for the first time in
issues, added to the dealers' problems. The delay a generation constantly decreasing net earnings, and
in receiving the approval of the Capital Issues Com- also because of sharp competition provided by
mittee on new issues, and the uncertainty as to the high rate of prime industrial notes and bonds,
date on which offerings could be made;the restriction long term public utility issues were not really
of bank loans; the releasing of salesmen either for popular.
war service or to the Liberty Loan campaigns; the
Industrial issues were by far the greatest favorites
extreme uncertainty of the individual investor over of the year. Local financing of many of the imthe outcome of the Government experiment with the portant industries of the Middle West broadened the
railroads; the increased cost of operation, especially market materially. Investors readily absorbed issues
of railroads and.public utilities—all these provided of corporations whose trade names were very well
additional serious problems.
known locally, which gave locally managed syndiDuring the early part of the year there were only a cates the stamp of success. In addition Chicago
few new Offerings and the market was largely a and its tributary markets took large amounts of the
trading affair to redistribute securities which came best paper put out through Eastern syndicates.
back from liquidation. The small investor, heretoPerhaps the principal feature in industrial financing
fore neglected, was at a premium, and the larger, was the bringing out of a large number of unsecured
more sophisticated buyer was out of the market, notes. These were somewhat in contrast with note
chiefly because of the need of capital for .his own issues of public utilities which for the most part were
business.
secured by the deposit of mortgage bonds. The
With the stimulus of war contracts there de- industrial notes in practically every case were exveloped later a commercial activity, especially with ceptionally well safeguarded by careful provisions for
industrial corporations, which called rather generally sinking funds, a large amount of quick assets and an
for additional working capital. For a time a con- excellent earning power. One of the most interesting •
siderable amount of these funds came from current features of the situation was the education of a large
loans by banks, but the constant increase in prices of number of investors to a discriminating knowledge
commodities, which in turn occasioned high inven- of industrial credit and the relationship
of the essentories, necessitated public financing. Not only was tial items of the balance sheet.
it advisable that bank credit be released, in order to
The end of the year brought a considerable amount
co-operate with Government financial plans, but it of new industrial financing in sight, with new
probwas highly desirable that corporations provide for lems, especially from the investor's point of view.
themselires financial insurance over a period of doubt- The Capital Issues Committees, both local
and
ful times by funding their current obligations.
national, during a considerable part of the year had
Because of the large demand for funds, the 7% exercised such careful supervision over new issues
coupon appeared for the first time in conservative that investors were indirectly safeguarded to a confinance for a great many years, and became, so to siderable degree by the refusal of approvals on new
speak, quite the fashion in the war investment mar- issues excepting of essential industries. With the end
ket. This endeavor to create a demand sufficient of the war and the cessation of the activities of these
to attract necessary funds met with success, and committees, notwithstanding the endeavor of Blue
notwithstanding high income taxes and the prospect Sky Commissioners to achieve some protection
for
of still higher, the demand produced was sufficient the public, the investor will be confronted with a
to provide home capital for perhaps the major por- great many issues of doubtful merit. Furthermore,
tion of home demands. This inducement of high there will be a temptation on the part of the less
rate, together with exceptionally well known trade experienced dealers in industrial finance to gloss over
names and a logical increase in the number of new weaknesses, instead of providing those safeguards
small buyers who were educated by Liberty Loan essential in a conservative "set-up." With the
proscampaigns, produced a headway in the market which, pect of many industrial corporations considering
with the signing of the armistice, assumed a normal financing through bonds, notes or preferred stock in
pre-war activity before the end of the year.
the near future, it behooves both investor and dealer
Generally speaking, there was little interest in to exact from such corporations the "truth, the whole
railroad finance during the year, excepting in an truth, and nothing but the truth," as it may be poracademic way. Doubts regarding the manner in trayed in i come accounts, balance sheets, proper
THE CORPORATION BOND MARKET IN
CHICAGO DURING 1918.
418
THE CHRONICLE
[VoL. 108.
audits, &c. The time has passed when either syn- more dangerous device was ever placed on the statute
dicate managers or individual dealers should assume books. Banks can now give their own notes to the
a "take it or leave it" attitude, which is the outcome Federal Reserve banks and count the credit so
of inadequate information. The conservative cor- obtained as full reserve. Indeed, some banks have
poration official also has everything to gain by frank- no reserves at the present time except credits so
obtained. This has already led to enormous inflaness and conservatism.
tion and it is difficult to see where there is to be any
At this writing, it would seem that conditions
point to a fair amount of corporation financing by check. The Comptroller of Currency says that the
preferred stocks,instead of by either notes or bonds. increase of deposits of national banks during the
For one thing, the public has now long been accus- five years just past has been greater than the increase
tomed to a high coupon rate, and probably will made during the preceding twenty-five years. We
continue to exact this high rate for some little time may note in passing that the increase during the
because of high taxes. Many industrial concerns preceding twenty-five years referred to by the
which were financed through note issues would have Comptroller was greater than the increase in one
preferred to be financed by preferred stock issues, hundred years before that.
In order to maintain a reserve for this enormous
and they and similar corporations now will probably
turn to the latter method for fresh capital. It is mass of credit the Federal Reserve Board deems it
well to bear in mind that the addition of capital by necessary to keep gold withdrawn from circulation.
preferred stock materially increases the borrowing We have the largest stock of gold any country ever
had (estimated to be one-third of the world stock
position of any corporation.
the as compared with our estimated wealth of one-tenth
All told, war responsibilities have increased
resourcefulness of Chicago as an investment , centre, of the world stock) with trade balance in our favor
and the financial world may expect to see Chicago running into billions and nearly every country in
investment bankers, and more particularly specialists the world our debtor. No such surplus of gold so
in industrial finance, develop increasingly in the extraordinarily protected ever before existed, yet
purchase of original issues. Corporation officials Federal Reserve banks acting under instructions
who heretofore have been ignorant of the distinction are refusing to redeem Federal Reserve notes in gold
between the mere stock exchange or brokerage selling at their counters and are discouraging its use as
of their securities and the fine and broad distribu- money. It would seem that the quickest and safest
tion of high character to the final consumer (the method, of deflation would be to reverse this policy
investor), are beginning to discriminate and to look and to discourage rediscounting by the banks by
to the Chicago market, which has always stood for raising the official discount rate.
The use of the trade acceptance is another device
the best type of distribution. Finally, the new inthat is new to our experience and has elements of
vestor, educated by his experience in patriotic purchases of Liberty Loan bonds, is turning to other danger. The principal basis which any merchant
securities as well. All these influences undoubtedly has for credit is his accounts receivable. His banker
will make for increased activity in Chicago and in depends largely on those accounts for the liquidity
of his loans, but if the merchant converts the accounts
the adjacent markets.
into acceptances and discounts them, he has used up
of his reserve force and is thus
THE REQUIREMENTS OF THE SITUATION— the available part
withstand vicissitudes when they come.
less able to
ELEMENTS OF DOUBT.
It is difficult to stop these things now that the
D. Hulbert, President of the Merchants Loan
[By Edmund
Trust Co., Chicago.]
necessity is past as they result in profit to those who
The signing of the armistice compelled us rather practice them.
We may congratulate ourselves that our war debt
suddenly to turn our thoughts from problems of
war to problems of peace. From a purely business is not only comparatively small but that it has been
standpoint the present problems of peace are more floated at a very low rate and those who have suffered
difficult and dangerous than the problems of war. loss from the sale of the bonds may console themThe stern necessities of war led the Government to selves with the thought that this loss will contake from the people by taxes and forced loans tribute largely to the advantage of this country
whatever money was needed, and as a large per- in our coming struggle for commercial and financial
centage of business in 1918 was'war business, financ- supremacy. Let us not forget for a moment that
whatever treaties may be signed and whatever
ing was a simple affair.
We must now get away as rapidly as possible from vows of eternal friendship may be exchanged in
Government wet-nursing and get back to a natural this hour of fraternal exaltation, the struggle will
and self-supporting basis. To this end Government be bitter and uncompromising.
The plight of the railroads is something which
support and control should be withdrawn as rapidly
all artificial stimulants and devices threatens the welfare of the whole people. Few
as is safe, and
things about the war were finer than the conduct
made necessary by the war should be abandoned.
It was necessary as a war measure that the gold of railroad owners in turning over their properties to
stock of the country be mobilized in the Federal the Government and giving their best efforts to carry
Reserve banks. To facilitate this Congress amended out arbitrary orders which scattered their traffic
the Federal Reserve Act, making it unlawful for and disrupted organizations which had taken years
banks to count gold as legal reserve. This was to build. To say now to these patriotic people, who
revolutionary, yet it is doubtful if that war measure represent stockholders composing a large percentage
can be repealed without a determined effort by of our well-to-do population, "You must take these
interests outside of banks. The present arrange- properties back at once and face bankruptcy under a
ment makes the maintenance of bank reserves so burden of impossible operating expenses, or agree to
easy and profitable that banks as a class can hardly leave the Government in possession so long that a
be expected to demand its repeal, yet probably no return to reasonable competitive conditions will be
FEB. 1 1919.1
THE CHRONICLE
419
almost hopeless," would be an outrageous perversion
Dividend Rate.
Book Deposits -1918-Ncuion al Banks
-Capital. Regular Extra. Value.Dec.31
of a war measure to an entirely different purpose.
.
1918.High. Low.
Atlas Exchange
$200,000 None
$118
$535,225 115 74
The canceling of war contracts and the prompt Austin National
100,000 None ____
129
991,429 125 104
_
50,000
and fair settlement of such contracts by the Govern- Bowmanyille Nat'l__ _ 100,000 6% 1% 150
732,432 175 175
Calumet National__ _
10 ____
194
2,299,415 225 225
City Nat. of Evanston
100,000
ment is for the benefit of everybody, No taxpayer Continen
12 ____
352
3,034,352 361 359
tal & Comshould complain of the liberal use of public money mercial National_ _ _ 21,500,000 14
221 297,505,519 277 249
Corn Exchange Nat
for this purpose, as in no other way can a serious Drovers National.._ _ 3,000,000 16 4 385 102.352,359 435 408
750,000
10
2 160
18,866,949 225 225
calamity be averted. A rapid readjustment of the First Nat.of Chicago_ 10,000,000 18 4 350 206,453,842 458 439
First Nat.of Englew'd
150,000
12
6 305
4,484,882 345 340
use of labor, far and away the most vital and dan- FortDearborn Nat__ _ 3,000,000 8
152
52,991,484 215 205
Irving Park Nat
gerous problem we have to face, depends almost Jefferson Park Nat... 100,000 6
135
1,469,523 152 150
50,000
8
152
677,908 175 173
entirely on this. The thousands of manufacturers Lawndale National..
50,000
a
a
221
2,112,405 a
a
Live Stock Exchange_ 1,250,000
12
167
22,605,841 252 238
Whose capital and credit are now tied up in war Mutual National
200,000 None
114
440,471
Nat. 13k. of Republic_
material must have this capital and credit released National City Bank.. 2,000,000 8
170
33,150,750 160 156
2,000,000
6
before they can give employment to their people in National Produce..._ 500,000 6 2 162 33,236,918 157 141
129
4,371,709 165 156
Ravenswood National
50,000
126
655,426 150 130
other lines of effort. Strangely enough, although Rogers Park National 50,000 None
6
124
638,158
_
the Government has established boards for the settle- Washington Park Nat. 100,000 10 14 210 3,851,801 275 250
West Side National_
200,000
6
115
1,099,356 110 109
ment of all such claims, manufacturers having war Total national banks-$
45,500,000
$794,558,154
contracts are astonishingly slow in filing their claims. Stale Banks
Adams State
$50,000
6
In the Chicago district, in the Ordnance Department Aetna State
$110
$309,591 130 130
200,000 None
116
934,602 109 100
alone,a Claims Board has been in existence nearly American State
400,000
6
2 172
3,227,813 182 180
Austin Ave.
100,000
4
120
248,634 102 90
two months, and only 71 out of 658 contractors in Austin StateTr.& Say. 200,000 10
137
3,364,983 215 215
Avenue State Bank
thrs district have filed any claim. We seem to have (Oak Park,Ill.) _ _ _ 100,000 10
189
1,625,891 300 300
Calumet Trust & Say_
50,000
8
131
522,792 190 190
Capital
the hitherto unheard-of situation that the Govern- Central State Savings_ 200,000 5
118
1,014,559 108 106
Mfg. District
250,000
6
150
4,354,144 212 16834
Central
ment is trying to proceed with speed and the claim- CenturyTr. Co. of Ill_. 6,000,000 10
139
49,886,922 181 163
Tr. & Save..
250,000
5
131
1,792,735 116 109
Chic. City Bk.
ants are dilatory. It is estimated by those in best Chic. Morris & Tr_ 500,000 12 2 214 4,042,731 265 243
Plan Bk_ 1,000,000 None
115
636,035 110 100
Chic. Say. Bk. & Tr_ 1,000,000
position to know that claims will finally be filed in Citizens State Bank
6
1
139
9,697,469 144 141
of
Lake View
250,000
this district alone aggregating $400,000,000.
4
2 123
1,986,050 137 132
Citizens Trust& Sam
50,000
12
1,217,680 210 21CI
City State
How an amicable readjustment of wages is to take ContinentalBankCom- 50,000 6 ---- 121
---123
244,640
dr
mercial Tr.
place, no man knows, but it is fair to say that a cut Cosmopolitan & Says_ 3,000,000 b 12
322
66,953,966
b
b
State._
200,000
4
119
1,048,427 120 115
Crawfor
114
in the cost of living should come before a cut in Depositod State av. 200,000 None
265,273
rs State&S
300,000
8
144
3,359,150 158 149
Drexel State Bank__ _
7
150
4,215,163 163 151
wages. This obviously cannot be brought about Drovers Trust & Say_ 350,000 12
250,000
235
4,379,413 316 314
Englewood State Bank
200,000
8
132
2,435,198 160 153
without the removal of artificial prices of farm Evanston Trust& Say. 100,000 4
114
724,664
First Trust & Savings
a 122
68,046,1
products. Of course, the price of wheat must be ForemanBros.Bkg.Co. 5,000,000 Not reported 18 21,753,612 135 125
c
1,500,000
143
85 ___ __
Ft. Dearborn Tr.&Say. 500,000
c
5,365,577
maintained to the farmer for the 1919 crop, but this Franklin Tr. & Say_ 300,000 6 3 156 2,560,338 195 195
5
180
166 139
Fullerton-Southport
State
burden need not necessarily be borne by the con- GarfleldSavings
200,000
4
1
121
1,024,603 105 100
ParkStateSay.
sumer. Practical grain handlers say that a system GreenebaumSonsBank 2C0,000 6 2 146 2,061,994 140 130
&Trust Co
1,500,000.
145
Guarant
could be devised whereby the farmer could be paid Halsted ee Tr.& Say_ 200,000 10 5 149 11,925,650 151 151
8
818,477
St. State Bk..
200,000
6
1
126
945,208 120 119
HarrisTrust & Save_ _ 2,000,000
the price fixed by the Government and the buyer Hill State Bank
12
9 281
20,780,556 5'75 575
200,000 __-_
130
631,040
Home Bank de Tr. Co_
8
reimbursed by the Government for the difference • Humboldt State Bank 300,000 None
137
2, 06:7 1 _ 160
481 765 if5
9
0
50,000
104
Hyde Park State Bk
200,000
6
between this price and the real value of the wheat in Illinois Trust dr Says_ 5,000,000 16 2 144 1,957,208 142 137
4 336
99,364,955
dence StateBk
200,000
6
116
the open market, thus throwing the loss on the tax- IndepenState Bank_ _ _ 500,000 12 13i 191 1,118,264 460 440
140 125
Kaspar
6,703,175 287 285
Kenwood Trust& Say.
12
payers in general, where it belongs, instead of on the Krause State Save. Bk 200,000 10 4 217 3,338,863 275 240
200,000
165
1,687,569
Lake View State Bk
200,000
5
103
1,466,776 112 110
consumer.
Lake View Tr.& Says.
400,000
6
154
3,635,728 188 17
Lawndale State Bank _
200,000
434
1,923,688
It is certain that unless some such plan for placing Liberty Trust & Save. 300,000 12 2 211 2,931,565 255 245
6
140
190 155
Lincoln State
200,000
6
115
the commercial value on the wheat immediately at its Lincoln Tr. dcBank _ _ _ 200,000 6
Save
120
1.135,93 183 12
864 127 2
3
7
0
5
Logan Sq.Tr.& Says-200,000
5
116
Madison
source of production is put into effect, everyone con- Market &KedzIeState 200,000 6
139
1, 73, 0 14; la
96 493
6 56 7
Tr.& Says_ _ _
200,000
5
123
1,126,876 110 108
nected with its handling and milling will keep stocks Mechanies&Trad.State 200,000 6 1 141 2,053,456 130 123
Merchants L'n dr Tr__ 3,000,000
Mercanti
down to the lowest possible notch. Many will with- Michiganle Tr.& Sav-250,000 16 4 433 86,377,474 510 450
6
2 139
3,544,921 161 159
Ave. Trust_
200,000
8
188
2,400,609 111 109
Mid-City Tr.
500,000
draw entirely from the handling of it because, as the Noel State & Save_ 300,000 10 2 146 6,372,066 232 224
143
2,683,56
170
North Ave. State_ _ _ _
200,000
guarantee only extends to the farmer, everyone into North Side State Save. 200,000 8 2 132 3,271,491 116 160
7
0
88
6
114
1,662,632 105 105
Norther
Co-_ _
whose hands it subsequently passes is threatened Northwen Trust& Save 2,000,000 10
268
32,444,257 275 258
st. Tr.
500,000
12
3 169
8,969,814 235 233
Oak Park Tr. & Says_
200,000
10
169
with a loss-possibly a ruinous loss.
2,249,437 250 235
Ogden Ave. State Bk_
200,000 None
107
774,137 103 85
People'sStk.Yds.State.
500,000
12
3 166
8,945,09
It is conservative to say that at least twelve People's Tr.& Save _ _ 500,000 12 2 185 10,156,2 0 300 300
07 280 280
Phillip State Bank
200,000
4
119
850,573 100 74
billions of dollars must be raised this year in loans Pioneer State Savings 200,000 4
119
1,044,123 107 100
300,000
3
and taxes to properly take care of these matters, and Pullman Tr.& Savings 200,000 12 2 216 4,322,540 230 179
Reliance State Bank_ _
6
115
2,338,16 150 135
RoselandStateSav
200,000
5
134
1,560,806 130 125
obligations already incurred. Selfishness alone should Schiff & Co.Stateings 200,000 12
Bk_
166
2: 82:8 902 aoo
4 77 0 6
0
.
Security Bank of
400,000
259
dictate that at least one-half of this be raised by Second Security Chic. 200,000 10
Bank
4
171
2,045,949 d
d
Sheridan Trust & Save.
200,000
6
2 140
3,402,920 166 150
loans. The Secretary of the Treasury has already 63d&HalstedStateSay. 200,000 6
118
616,516 116 114
South Chicago Save_ _
300,000
8
2 190
5,332,753 234 229
State
said that six billions of bonds cannot be placed on a South Side State
200,000
8
145
3,602,424 160 158
Southwest
200,000
4
128
942,712 123 110
South-W
200,000
purely investment basis, and patriotism must be Standardest Tr.&Savs. 1,000,00
6
1
121
1,887,942 117 115
Tr.& Save...
0
6
163
9,411,713 167 150
State Bank of Chicago 1,500,000
20
invoked as strongly as in previous loans.
378
33,696,869 413 898
State Bank of Evans'n
150,000
12
3 316
3,831,78
BANKING IN CHICAGO IN 1918.
In reviewing banking in Chicago for the year 1918
the following table showing the capital, the dividend
rate, the book value, the deposits, and the high and
low prices in 1918 of the shares of the different Chicago banks and trust companies will be of interest.
These figures have been compiled for us by John
Burnham & Co. of Chicago.
State Bank of West
4
Pullman
25,000 1 6
Stockmen's Tr.& Say.
200,000 311 8
Stock Yards' Savings_
300,000
16
Stony Island Tr.&Sav.
200,000 None
Union Bank of Chic
500.000
6
Union Trust Co
1,500,000
8
United States Bank_ _
200,000
5
Universal State Bank_
200,000 None
West Englewood-Ashland State
250,000
8
West Side Trust & Say. • 400,000
12
West Town State_ _
200,000
4
Woodlawn Tr.& Save.
200,000
10
Total State banks_ _..,$54,575,000
6 330 325
2
1
3
131
148
196
119
123
225
120
118
123
144
131
201
605,683
1,501,447
4,482,408
297,841
2,955,842
35,220,058
819,943
945,789
150
400
117
130
325
105
---
145
350
107
108
300
103
1,428,840 150 145
6,815,324 290 290
1,636,956 123 120
3,406,461 250 245
$752,167,398
a Owned by Lawndale State Bank. b Owned by Continental &
tional. c Owned by First National. d Included in Security Bank.Commercial Na4
420
THE CHRONICLE
erfurrent goads and gustussious
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
offering by J. P. Morgan & Co. of ninety-day
This week's
British Treasury bills were disposed of at 5%. This rate
compares with 53/2% which had prevailed since the week
of Dec. 28. Previously the rate since the week of March 2
1918 had been 6%. As indicated in our issue of Dec. 28 in
the two weeks preceding March 2 1918 the bills were disposed of at 532%; the week of Feb. 9 the rate was 5%%;
just before that it was 6%. The original discount rate,
0.
back in 1917, was 537 For a fortnight during May 1918
the firm withheld the 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 Jan. 28 1919.
[VOL. 108.
carried
Many traditions of the company's 600 years of existence were
the resoluout in the ceremonies in the imposing Goldsmith's Hall when
to Mr. Morgan.
tions, contained in a silver casket, were presented
dor to the
Speeches were made by the Earl of Reading, British Ambassa
Exchequer.
United States, and Austen Chamberlain, the Chancellor of the
the $500,Lord Reading laid emphasis on Mr. Morgan's aid in floating
000,000 loan for England in 1915.
cial in that its hall marks of
The Goldsmith Company, which is semi-offi
had its inception
gold and silver are according to Government standards,
grown into an
as a guild of gold and silver craftsmen. However, it has
although never
organization of England's most influential financiars,
trade.
losing its connection with the gold and silver
SEBRITISH TREASURY CONTROL OVER FOREIGN
CURITIES RELAXED.
The announcement as to the relaxing of control by the'
British Treasury of foreign securities, to which reference
was made in these columns last Saturdcy, page 317, was
printed as follows in the London "Financial News" of
Jan. 2:
ALLIES TO ADVANCE TWO BILLIONS TO BELGIUM.
A Paris cablegram in the "Wall Street Journal" yesterday
(Jan. 31) said the Allies have consented to advance Belgium
£400,000,000 ($2,000,000,000) to hasten reconstruction, it
is learned. Credit will be regarded as a portion of the German war indemnity.
CREDITS ESTABLISHED AND PAYMENTS MADE
TO ALLIES.
Washington dispatches to the daily press on Jan. 30 in
stating that although nearly three months have passed
since the signing of the armistice, war expenses of the V. S.
Government show no sign' of decreasing materially, except
in loans to Allies, added:
war
In January the Treasury paid out about $1,600,000,000 for ordinary
than in Decemexpenses, exclusive of Allied loans, or only $70,000,000 less
bly more than in
ber, $55,000,000 less than in November and considera
any month theretofore.
was not to DO taken as an indication that
Officials explained that this
us rate of several
production of war materials is continuing at the tremendo
bills and receiving
months ago. Manufacturers now are presenting their
ago, and this keeps up expenses.
payment for materials delivered long
after passage
The liquidation of war contracts, to be given added impetus,
of informal orders, is exof pending legisl- tion providing for validation
next month or two.
pected to 1:e a Ile.' source of high oatlays for the
When those
Loans to the Allies fell to about $190,000,000 in January.
turning over
loans were first instituted, the Government contemplated
month, but the actual
about $500,000,000 in credits to the Allies every
amount ordinarily was about $380,000.000 monthly.
ent outlay to emThe Treasury cited figures on the present Governm
or six billion dollars
phazie the necessity for another big war loan of five
of borrowingsfrom
in April. Current expenses now are paid largely out
certificates of
banks and other purchasers of the Government's short term
indebtedness.
wo months of war
The Government's aggregate expenses in the twenty-t
30th). This
have been $26,356,000,000, it was calculated to-day (the
Latest unofficial reports
includes $7,875,000,000 loaned to the Allies.
years of war to Great
place at $40,640,000,000 the cost of more than four
allies. From the same
Britain, including $5,535,000,000 loaned to her
war has cost Germany
British source also comes the estimate that'the
loaned the Teutonic Allies.
$38,750,000,000, of which $2.250,000,000 was
have given general
The Lords Commissioners of his Majesty's Treasury
es) Regulations of
permission under the Defense of the Realm (Securiti
any Foreign, ColoJan. 24 1917, for the sale abroad until further notice.of
relate (whether or not the
nial and Indian securitiei to which regulations
in the United Kingdom
securities have remained in physical possession
the securities in comsince Sept. 30 1914), and the shipment abroad of
limitations and condipletion of any such sales subject to the following
tions:
have not at the
(1) Such permission shall apply only to securities which
the Treasury under ,the
time of sale been included in any order issued by
regulations.
to this country
(2) The proceeds of any such sales shall be remitted
forthwith and retained here.
or maturing securities collected
(3) The proceeds of drawn securities
and retained here in
abroad shall be remitted to this country forthwith,
securities.
the same manner as the proceeds of any sales of
with securities which
(4) All existing regulations in regard to dealing
the United Kingdom
have not been continuously in physical possession in
any enemy interest is
or which have been in enemy ownership or in which
all dealings under this
concerned will continue to apply in full force to
permission.
for registration and return, a
(5) Before any Securities are sent abroad
under the terms of the
form of permit for the reimport of such securities
must be obtained from
Prohibition of Import (No. 21) Proclamation 1917,
Jewry, B.C.
the American Dollar Securities Committee, 19 Old
oners of his Majesty's
(6) The notice issued by the Lords Commissi
Treasury under date Jan. 30 1917 is revoked.
On Jan. 25 it was stated by the Treasury Department
that only $170,000,000 had been paid out as Allied loans
since Jan. 1, "although payments on this account for a long
time ran around $400,000,000 a month. The press accounts
on that date further said:
s of
The reduction is caused principally by the curtailment of shipment
largely used.
food for payment of which the American credits had been
Traesury to
Until Congress enacts the pending bill advocated by the
purposes, officials
authorize loans to the Allies for other than strictly war
on the
do not look for much change in the present low rate of demands
American Government.
to $8,588,773,000.
Total credits extended by the Treasury now amount
these credits.
but only $7,854,816,000 has been actually paid out under
payments.
Greece. Liberia and Rumania have never presented claims for
although
Russia still has $137,000,000 to her credit on the Treasury books,
n.
she has not applied for money since the revolutio
The total credits and payments up to Jan. 25 were reported as follows:
Payment.
Credit.
PURCHASES BY AMERICAN DOLLAR SECURITIES
COMMITTEE DISCONTINUED.
The following announcement by the British Treasury appeared in the London "Financial News" of Jan. 2:
give notice that as
The Lords Commissioners of His Majesty's Treasury be made by the
s will
from Jan. 1 1919 no further purchases of securitie
American Dollar Securities Committee.
as are duo to be delivered
This notice does not apply to such holdings
or to securities held
under the Treasury (Securities) Order Nos. 1-4 (1917)
B,for which !prices will be quoted on apon deposit under Schemes A and
ee as heretofore.
plication to the American Dollar Securities Committ
NG AS
EUGENE MEYER SUCCEEDS W. P. G. HARDI
HEAD OF WAR FINANCE CORPORATION.
DirecThe resignation of W. P. G. Harding as Managing
Finance Corporation was accepted on Jan.
tor of the War
to take
29 by the board of directors of the corporation,
once, and Eugene Meyer Jr. of New York City,
effect at
the board
a director of the corporation, was elected by
of Managto succeed Mr. Harding. In resigning the office
Harding Director of the War Finance Corporation, Mr.
said
ing, who is Governor of the Federal Reserve Board, his
that because of the increasing demands made upon
he felt
time by the work of the Federal Reserve Board,
tion, the directors thereof should
in justice to the corpora
his entire time
elect a Managing Director able to devote
of the office. Mr. Harding, .at the request
to the duties
the corof the Secretary of the Treasury, remains with
poration as a director for the present.
DEALALEXANDER BROWN & SONS TO ENGAGE IN
INGS BASED ON ACCEPTANCES.
..,
the trading
The opening up of a new field in Baltimore for
commercial paper in Baltimore is, according to the
in
cement
Baltimore "Sun," of Jan. 26, witnessed in an announ d to
is prepare
by Alexander Brown & Sons, that the firm
payable in
buy drafts of merchants and manufacturers,
accepted by national banks or
ninety days, or less, and
The "Sun" says:
J. P. MORGAN RECEIVES HONORARY FREEDOM AND trust companies. to be based on the acceptance paper about which so
These dealings are
and which will in effect afford the
LIVERY OF GOLDSMITH COMPANY.
much comment has been recently heard than if a straight discount were
readily
use of
In recognition of his services to the Allies, J. P. Morgan merchants thebanks. money more been several companies organized in
There have
at the
on Jan. 29 received a grant of "the honorary freedom and made York which buy and sell these trade acceptances, though the action
New
The cablegrams to of the local bankers is believed to be the first step made in this city for
livery" of the Goldsmith Company.
carried to the banks they would go
operating in such paper. If they were
the daily press in announcing this said:
ordinary discounts. Therefore the policy
Great Britain
France
Italy
Belgium
Russia
Cuba
Serbia
Czecho-Slovaks
Greece
Rumania
Liberia
$4,165,981,000
2,436,427,000
1,310,000,00t1
256,145,000
325,000,000
15,000,000
12,000,000
17,000,000
39,554,036
6,666,666
5,000,000
$4,032,000,000
2,096,427,000
1,271,000,000
237,045,000
187,729,000
10,000,000
10,814,000
9,800,000
None
None
None
He is the first American and the first banker since 1795 to be so honored.
y
King'George and Foreign Secretary Balfour are the only other honorar
freemen at present.
hrough the same channels as
operation will be watched with keen
the local private bank toward the
terest.
FEB. 1 1919.]
THE CHRONICLE
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
.
banks, under the last two monthly statements, sith the
return for June 30 1914:
ASSETS.
Dec. 311918. Nov. 30 1918. June 30 1914.
Gold and subsidiary coin—
In Canada
Elsewhere
60,927,420
18.388,192
62,525,960
21,250,791
28,948,841
17,160,111
Total
79,315,612
83,776,751
Dominion notes
175,744,883 182,212,720
Dopes. with Minister of Finance
for security of note circulation
5,858,102
5,853,438
Deposit of central gold reserves 130,930,000 131,500,000
Due from banks
210,664,465 205,839,325
Loans and discounts
1,233,898,235 1,239,717,893
Bonds, securities, &c
513,591,319 579,284,675
Call and short loans in Canada_ 89,120,423
85,675,063
Call and short loans elsewhere
than in Canada
150,248,322 171,035,732
Other assets
100,493,656
98,745,543
46,108,952
92,114,482
Total
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
137,120,167
71,209,738
2,689,835,017 2,783,641,140 1,575,307,413
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
179,000,000
109,818,600
100,492,397
116,015,825
3
179,000,000
106,914,800
106,587,649
113,425,000
192,866,666
115.434,666
114,811,775
113,368,898
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
224,501,117
269,684,212
917,879,203
988,473,557
38,296,591
916,612
38,500,274
234.982,978
407.257,954
887,666,070
939,329,271
39,767,968
947,698
37,846,717
99,138,029
44,453,738
495,067,832
663,650,230
32,426,404
20,096,365
12,656,085
421
of the organization baing broadened to include bankers'
acceptance and kindred things.
The plan for the reorganization of the Council was presented by the reorganization committee on Dec. 3; it was revised Dec. 10 and approved by the Council Dec. 19. The articles of association
adopted at the meeting on Jan. 21, in indicating the purpo le of the newly formed C0un.3i1, state:
The American Acceptance Council is hereby organized for
the
of conducting and directing a nation-wide educational campaign purpose
designed
to inform the business people and bankers as to the
merits of trade and
bankers' acceptances, the methods of their use in foreign
and domestic
merchandising, and for the further purpose of aiding in the
establishment
of a comprehensive open discount market, and to assist in other
matters
that will improve the credit system and strengthen the
financial position
of America.
The government of the Council is vested in a Board of
Representatives and an Executive Committee of 24, from
whom the executive officers are chosen. Sixteen members
of the Executive Committee, who are empowered to name
the remaining eight members, were nominated and elected
as follow on the 21st:
Lewis E. Pierson, Chairman of the Board Irving National Bank,
N. Y.
Paul M. Warburg, of Kuhn, Loeb & Co., N. Y.
Jerome Thralls, Secretary-Tre tsurer Discount Corporation of N. Y., N.Y.
Daniel G. Wing, President First National Bank, Boston.
William A. Law, 'President First National Bank, Philadelphia.
Oliver J. Sands, President American National Bank, Richmond,
Va.
Dr. J. T. Holdsworth, Vice-President Bank of Pittsburgh, Pittsburgh.
Charles W. Dul'uis, Vice-President Citizens National Bank, Cincinnati.
Forrest Ferguson, Ferguson & McKinney Dry Goods Co.,
St. Louis.
M. A. Traylor, First Trust & Savings Banc, Chicago.
J. T. McCarthy, Treasurer Kiroy-Bonner Lumber Co., Houston,
Tex.
Morton E. Fry, of Bernhard, Scholl° & Co., New York.
J. H. Tregoe, Sec.-Treas. National Association of Credit Men,
N. Y.
Randall N. Durfee, Chairman Cotton Buying Committee of the National
Association of Cotton Manufacturers, Fall River, Mass.
Henry Burden, President National Canners' Association, Cazenovia,N.Y.
Herbert C. Freeman, of Touche, Niven & Co., 30 Broad St., N. Y.
It is proposed to organize 100 local councils in the leading
centres throughout the country which will be tied up to
the parent organization and through which an educational
propaganda will be conducted, designed to inform business
people and bankers as to the merits of trade and bankers'
FINAL RESULT OF CANADA'S VICTORY LOAN OF acceptances, what they are and how they may properly be
used. In addressing last week's meeting at which the
1918.
The latest, and perhaps final, figures of to.e subscriptions Council was reorganized Mr. Pierson said:
The American Trade Acceptance Council has been
to the 1918 Victory Loan, made public on Jan. 23, show a more than a year heading a national educational at work for something
campaign in
interest
total of $695,389,227 from 1,104,107 subscribers. These of the development of the trade acceptance method; trying theget this
to
figures are in excess of those given out by W. S. Hodgins, method before the business men and bankers of the country; trying to explain its merits; trying to show where it belongs in American business.
Chairman Victory Loan Business Committee, on Nor, 28
It is believed the time has arrived when the results of its efforts should
(V. 107, p. 2225), but also support our statement in that be gotten together and given thorough consideration, to the end that the
movement may be placed upon a broader basis and that not only
issue that returns were still coming in and the ultimate total trade
the
acceptance but the bank acceptance as
would be slightly larger. It was announced from Ottawa their foreign as well as their domestic aspects,well, and both of them in
may receive the full conthat of the total subscribed, the Dominion will accept sideration which they so richly deserve.
Governor Harding is quoted by the "Herald" as saying
$660,000,000, the balance being returned to the largest subin part:
scribers on the plan we outlined in our issue of Dec. 7.
In the development of the American acceptance market it is necessary to
The Province of Ontario had the largest provincial sub- provide not only an outlet for acceptances but means of securing accepscription with a total of $336,055,350, practically half of the tances of bills in adequate volume, and in order to enable American banks
grand aggregate from all Canada. For, in the whole and bankers to compete with British banking houses in financing the
world's trade the combined power of American banks whose acceptance
Dominion, one person in every 7.08 subscribed, compared can be made available in foreign markets to accept time bills must be large
enough to meet all requirements, for otherwise, should importers
with one in every 9.02 in 1917.
find
that
that
In the following table we give, in order of provinces, the from it is only occasionallyto thethey can obtain dollar acceptance credits
American banks, due
fact that these banks have reached the
total subscriptions, the number of applications and the limit of acceptance liabilities provided by law, the importers will naturally
return to the sterling acceptances which are available, at all times, in
average amount subscribed per capita:
sufficient
Total, not including capital
or reserve fund
2,448,251,566 2,547,798,656 1,330,488,6
Note.—Owing to the omission of the cents in the official reports, 83
the
foatings in the above do not exactly agree with the total given.
amounts to meet the demand.
Applications. PerCapita.
On a recent date American banks whose acceptances, allowing the great,
80,315
$91.58
oat latitude possible, might be considered available in foreign markets
56,813
37.25
were found to have acceptances outstanding to the amount of $477,500,000,
77,323
40.11
and under existing limitations on this basis their acceptance liability can
86,792
79.34
be increased by $630,000,000. provided every bank included in the list
542,648
should be called upon to accept to the full extent of its ability. Many of
131.25
114,535
these banks, however, are located in inland cities, and their acecptances are
47,278
undoubtedly largely against domestic transactions. When they do accept
80.91
31,957
on foreign transactions it is usually in connection with ..ome credit in which
48.58
61,040
they have been invit.xl to participate.
70.24
5,406
32.13
In the three cities of Boston, New York and Philadelphia the acceptance
line still available for use by the accepting institutions is only $227,000,000.
Totals
$695,389,277
1,104,107
'rho cities of Baltimore, Wilmington and Charleston, on the Eastern sea$88.91
board, can accept for about $10,703.000 more, making a
AMERICAN ACCEPTANCE COUNCIL ORGANIZED TO for the promotion of foreign trade of cities on the Atlantic total available
slope of about
$238,000,000, while the foreign trade naturally financed in these cities would
PROMOTE USE OF ACCEPTANCES—GOVERNOR
require a much larger line if any considerable proportion were covered by
HARDING'S REMARKS.
dollar acceptances.
In order to provide additional facilities for transacting our foreign busiAction towards broadening the scope of the activities of
ness it may be advisable to ask Congress that Section 13 of the Act be
the American Trade Acceptance Council and intensifying amended
so as to permit the Federal Reserve Board
any
its efforts was taken at a meeting held in the a ;sembly member bank having a combined capital and surplus to authorize than
of not less
room of the Merchants' Association in the Woolworth $1,000,000 to accept drafts or bills of exchange drawn upon it, having
not
Building on Jan. 21, attended by over 250 business men and growmore than six months sight to run, exclusive of days of grace, which
out of transactions involving the
bankers. The meeting was called by the Chairman of the goods, to an amount not exceeding 200% importation or exportation of
of its capital and surplus, proCouncil, Lewis E. Pierson, Chairman of the Board of the vided that no banks shall be permitted to accept of domestic transactions
in an amount greater than 50% of its capital and surplus, or more than
Irving National Bank, and both W. P. G. Harding, Gov- 50% of its capital
and surplus for the purpose furnishing dollar exchange,
ernor of the Federal Reserve Board, and Paul M. Warburg, but that any may be used in accepting draftsof bills of exchange growing
or
formerly Vice-Governor of the Board, addressed the gath- out of transactions involving the importation or exportation of goods.
By limiting the authority to accept in the larger amount proposed, to
ering. The meeting resulted in the organization o! the foreign transactions, there would
be no possibility of the added acceptance
American Acceptance Council, which is to supersede
the privilege being used for the expansion of domestic credits, and the aggregate
original American Trade Acceptance Council, the scope amount of acceptance outstanding would be controlled by our foreign
trade requirements.
Provinces—
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Montana
Quebec
New Brunswick
Nova Scotia
Prince Edward Island
Subscriptions.
$36,633,927
18,999,250
26,072,450
44,030,700
336,055,350
146,302,250
34,061,200
17,002,550
33,221,550
3,011,050
422
In part Mr. Warburg said:
THE CHRONICLE
I believe that in developing the acceptance business in the United States
it is most important that we should proceed cautiously and avoid any untoward event which could undermine the absolute confidence in our bankers'
we
acceptances as an investment both here and abroad. In other words,
must do everything to avoid failures which might result from over-expan
sion, over-aggressiveness and recklessness in granting credits. I do not
limits up to which
believe it is advisable to go too fast in increasing the legal
member banks or acceptance corporations may accept. If these limits
areto be increased they ought to be very carefully safeguarded.
There is nobody more ambitious than I in wishing the United States to
for it
become a leader in the acceptance business, but I believe the basis
or
must be furnished by a proportionate increase in capital and surplus,
by organizing a growing number of acceptance corporations, or by interesting a growing number of private banking firms, but not by unreasonably
over-extending the individual acceptance obligations. I believe that the
the
future of the American acceptance is an extremely bright one, because
relative attractiveness of international acceptance rates is largely governed
by the gold power of the few countries involved in that business.
at
It is impossible to foretell at this moment what our position will be
the conclusion of peace, and how far arrangements to be made between
the Allies, and possibly with other countries, will affect our present position
of great gold strength. As conditions appear to-day, it would seem that
the easiest and most natural way for us to share this strength with others
would be by taking upon our shoulders a large share of the credit business,
and particularly in the granting of banking credits to be furnished by the
world's banking centres.
[VOL. 108.
it
the first time has permitted us to establish this point of contact between
and the State chartered institutions.
executive
I am in receipt of a letter from Mr. Colburn relative to action of
a
council of his association and suggesting that the matter of organizing
State bank section may be taken up at the next meeting of the California
Bankers' Association, two-thirds of the members of which are State institutions.
All thio is in order that you may be entirely familiar with the facts
regarding our present position and general attitude.
Very truly your.,
(Signed) E. G. McWILLIAM,
Asssitant to the President.
The purposes of the proposed amendments is indicated
as follows:
A. To Enable National Banks to Extend Increased Facilities to Customers.
Under authority of Section 11(k) of the Federal Reserve Act as amended
by the Act of Sept. 26 1918, national banks are now permitted to operate
of
separate trust departments and to exercise fiduciary powers on terms
e
substantial equality with competing State corporations. Appropriat
s of all
safeguards have been provided for the protection of the beneficiarie
trust estates.
Under existing laws, therefore, national banks may extend all necessary
themfacilities to the commercial depositor and to those desiring to avail
selves of the services usually extended by trust companies. In the matter
a
of savings deposits, however, Congress has made no provision for
in
separate savings department or for the investment of savings deposits
invested. No
that class of securities in which such deposits are usually
distinction is made in this regard between savings accounts and ordinary
accounts. Savings deposits, in theory at least, represent
BANKING ASSOCIATIONS interest-bearingthe small wage-earner. They are subject to thirty days'
U. S. COUNCIL OF STATE
the savings of
denotice before withdrawal—that is to say, the bank may require the
ON PROPOSED LEGISLATION AFFECTING
There is
positor to give thirty days' notice of any intended withdrawal.
SAVINGS BANKS.
the
accordingly no reason why all of these deposits should be invested by
The United States Council of State Banking Associations, bank in that class of liquid securities in which commercial deposits are
to invest some portion of their
banks are permitted
through its Washington office, has mailed to all banks invested. If national
savings accounts in high-grade long-time securities or in first mortgage
operating under State charters, a bulletin setting forth pro- real estate notes or bonds, their powers will be broadened and they will be
posed legislation affecting those banks, which is now under enabled to extend additional facilities to their customers.
B. To Co-Ordinate State and Federal Banking Powers.
consideration by the Federal Reserve Board, to which we
has fully recognized the right of Congress to vest in
The Supreme
referred in these corumns on Jan. 18, page 216. The Coun- national banks Court
all powers enjoyed by competing State corporations.
comement states:
cil in its announc
National banks must meet the competition of State banks, trust
banks
panies and savings banks. To co-ordinate the powers of national
The proposed legislation is divided under three heads:
mutual with those of competing State corporations, such banks should therefore
1. To admit to membership in the Federal Reserve System
banks be given the powers enjoyed by these three classes of corporations, and
savings banks (which have no capital stock), and stock savings
under should be made subject to the same general restrictions and limitations in
with insufficient capital stock to entitle them to become members
banks and the the exercise of such powers. On the other hand, the privileges of memberthe existing law, provided the surplus of mutual savings
to the ship in the Federal Reserve System should be extended to those corporacombined capital and surplus of such stock savings banks is equal
savings tions which come into competition with national banks, in order that they
capital stock required of national banks in the places where such
may meet the competition of national banks on a basis of equality.
banks are located.
under
2. Authorizing the Board by regulation to prescribe the conditions
C. To Protect the Savings Depositor and to Encourage the Wage-Earner to
which time deposits may be classed as savings deposits and providing that Save.
two-thirds of the 3% reserve against savings deposits may consist of
Under existing laws the savings deposits are mingled with the commerUnited States bonds issued since April 24 1917, or United States certificates cial deposits of national banks, although the commercial deposit is payable
with the Federal Reserve Bank.
of indebtedness deposited
on demand and the savings deposit is subject to thirty days' notice. For
banks to main3. Authorizing savings banks which convert into national
the protection of the savings depositor, a separate department should be
to
banks
created and a national bank should be restricted in the character of investtain separate savings departments and authorizing national
to be operated in substantial con- ments that may be made of savings deposits. Investments acquired with
establish separate savings departments
laws.
formity with State
deposits should be segregated and made subject to a lien of the
of savings
While two of these proposals relate especially to the membership
depositor in the event of liquidation or receivership of the bank.
g feature is savings
savings banks in the Federal Reserve System, the outstandin
Safeguards provided by State laws for the proteciton of this class of doal bank under
national
the third proposal which in effect creates a department
positors should be made applicable to savings departments of
tional banks being now authorized to conduct both banks.
national charter—na
a commercial and a trust business under certain conditions.
D. To Increase the Banking Power of the Federal Reserve System.
a national
Under the third proposal it would also be possible to organize
It is estimated that the mutual associations alone have assets aggregating
a savings business against which
bank solely for the purpose of conducting
dollars. The incorporated savings banks also
reserve could be carried in Government bonds. approximately five billion
two-thirds of the required
a very large amount. It is true that a large proportion of the assets
event it is more than probable that the use of the word "savings," have
In such
Federal of such associations and banks are not eligible for rediscount or purchase
tely
both in corporate title and advertising, would be upheld by a
by Federal reserve banks and that the cash resources are proportiona
court, whether or not in contravention of State law.
s and banks are admitted to membership,
Board has taken no action or expressed any opinion small. If these association transfer to the Federal Reserve banks a fair
The Federal Reserve
in however, they will be able to
in regard to these proposals, but has consented to their circulation
with other banks
have an opportunity proportion of their cash resources and of balances carried
order that the State bankers of the country might
the Federal Reserve
the Board has evi- and will to that extent supplement the resources of
to express their views on the subject. In this action
Federal Reserve System will be still
which should be banks. The banking power of the
denced a desire to co-operate with the State institutions,
further increased when such associations and banks are authorized by State
and
greatly appreciated by all State bankers.
to above law to invest a larger proportion of their assets in bills, notes, drafts
Those who have not received copies of the bulletin referred
banks.
to the President, acceptances eligible for rediscount or purchase by Federal reserve
may obtain same from E. G. McWilliam, Assistant
s, Union Trust BuildE. To Encourage State Legislation Authorizing the Investment of Savings
United States Council of State Banking Association
Deposits in Liquid Securities.
ing, Washington, D. 0.
It is submitted that the admission of mutual savings associations and
Mr. McWilham (Assistant to the President of the Council) savings banks into the Federal Reserve System will give an added impetus
associations and
has also made public the following letter addressed to M. A. to the movement for State legislation authorizing such liquid securities.
in
Graettinger, Secretary of the State Secretaries Section of banks to invest a larger proportion of their assets all deposits must,
Associations or banks which pay interest on practically
the American Bankers' Association, designed to correct any of necessity, keep a large proportion of their assets invested at all times.
standing which may exist as to the aims and pur- As members of the Federal Reserve System, liquid securities which will
misunder
a
supplement the earnings of such associations and banks will constitute
poses of the Council.
larger
January 13 1919.
secondary reserve and make possible the investment of an even
A. B. A.,
proportion of their assets than such associations or banks can conservaMr. M. A. Graettinger, Secretary, State Secretaries Section,
tively make under existing conditions.
208 So. La Salle Street, Chicago,
in
F. To Make It an Added Inducement for National Banks to Encourage
Dear Sin—Referring to article in current issue of the "Chicago Banker"
various Wage-Earners to Build Up Savings Accounts.
to
regard to your inquiry relative to the Council, which you sent the
you recently one of the
It is believed that if these amendments are adopted, national banks will
State secretaries, I took pleasure in forwarding
would find it to their interests to encourage in every way the building up of savings
questionnaires which inadvertently came to us and thought you
Arkansas, Colorado, Kansas, Minnesota accounts—
be interested to know that to date
in(a) Because the funds derived from this source will be available for
and Oklahoma have contributed to our financial support.
Section
make but
vestments wnich national banks are frequently called upon to
We trust, however, that you and the other members of your
to the which under existing laws they are prohibited from making.
will feel, as we do, that the matter of money is entirely secondary
the co-ordina,
(b) Because by carrying two-thirds of the three per cent reserve required
big thing which we are endeavoring to accomplish namely,
of Federal to be maintained against savings accounts in United States bonds or certion of the sentiment of State chartered institutions upon matters
n between
interest on
legislation affecting them and the development of co-operatio
tificates of indebtedness, such banks will be enabled to earn
desire first that such reserve balances at a profitable rate.
those institutions and the sources of such legislation. We
shall select representatives to sit upon
the State institutions in each State
O. To Stabilize the Market for United States Bonds and Certificates of
to eventhe Council next fall and rely upon the character of our service
Indebtedness.
tually merit their financial support.
The receipt on deposit of United States bonds and certificates of in
has
As indicated by our "Bulletin No. 1," the Federal Reserve Board
banks as reserve against savings accounts
proposed legislation, now under debtedness by Federal reserve
permitted us to submit to the State banks
fixed market for such bonds and certificates and would
body, in order to obtain the views of those banks would create a
consideration by that
such securities.
to the have a tendency to stabilize the value of
thereon. This legislation was proposed by the General Counsel
B. G. McWILLIAM,
Board.
Assistant to the President.
to the Board
We are receiving those views, shall faithfully present them
January 7 1919.
greatly appreciate the attitude of the Board which for
due course and
FEB: 1
1919.]
THE CHRONICLE
FEDERAL FARM LOAN ACT—QUESTIONNAIRE OF
FARM MORTGAGE BANKERS ASSOCIATION
ON TAX EXEMPTION CLAUSE.
The sale to the public of tax exempt 5% Federal Land
Bank bonds and Joint Stock Land Bank bonds has been
one of the causes of the depreciation of Liberty bonds, and
the continued is3uing of Land Bank tax-free bonds will
cause still further losses, according to opinions expressed
in 96% of the answers received to the first 500 inquiries sent
out in December, to bankers, mortgage dealers and other
practical business men in 32 States, by the Farm Mortgage
Bankers Association of America. In reporting this under
date of Jan. 17, the Association states that there were no
geographical or political distinctions of opinion, the average
being about the same in the West and South as in the North
and East. The'revenue law should be amended by Congress
to put Land Bank bonds on the same taxing level with
industrial bonds, railway bonds and other moneys and
credits, in the opinion of 97% in order to protect the direct
obligations of the Government, and to prevent tax dodging
by those who receive large incomes.
Following the meeting of the Association's Board of
Governors and Federal Legislature Committee, held at
Chicago on Jan. 6 and 7 (to which we referred in our issue
of Jan. 18, page 217), a questionnaire has been sent generally
to the banks of the country by the Association, which says
in part:
423
my possession accidentally within the past few weeks, a photograph
of
which, in the interest of decent journalism and fair play. I feel
it my duty
to make public.
The document is headed "Memorandum for Mr. —." The
name,
typewritten in the memorandum, but which I prefer not
to make public
now, is that of an official of a banking institution (not national)
which has
been under serious criticism by the Comptroller's Office for months
past
for irregular and unlawful practices.
Evidence in my possession shows that this memorandum was
prepared
by a newspaper correspondent in Washington who was the
author of some
recent stories sent out from Washington to various newspapers,
to the
effect that active opposition to the confirmation for a new
term for the
Comptroller of the Currency had been developed on the
part of both
Democratic and Republican Senators, and criticising the
Comptroller's
administration, and who probably was the instigator of others
along the
same line.
This correspondent was sent for and came to the Treasury
last Monday,
and was asked whether he had sent out stories criticising the
Comptroller
of the Currency. He first denied that he had done so, except
to one newspaper in Buffalo, N. Y., of which he said he was the Washington
correspondent, but subsequently he admitted that he had furnished the
material
for the story to various other newspapers in different parts of the
country,
including among others the New York "Tribune," the "Wall
Street Journal," papers in Boston, Louisville, &c.
Although he denied that he had delivered the document
mentioned
above to thobank official to whom it was addressed, he admitted
that he
had been in consultation with that official in this connection on
a number
of occasions and had received his criticisms of this office, and that he
had
been carrying on negotiations with some one whose name he refused
to
divulge—but who was evidently the bank official to whom the memorandum had been addressed—with a view to conducting a campaign to oppose
the confirmation of the Comptroller of the Currency in the event
of his
renomination. He refused to affirm or deny that he had written
the
memorandum. His refusal to deny may be taken fairly, under
the circumstances, as confession.
He said he had not as yet received a nickel for his propaganda work,
but
subsequently admitted that he had, within the past few weeks,
gotten
It is of the utmost importance that every possible effort be made to main- money
as a loan from the banker who had been attacking and criticising
tain the national credit and keep up the price of Liberty bonds.
the Comptroller of the Currency, and to whom his memorandu
m was
The total amount of Liberty bonds that have been issued is $16,974,329- addressed.
850. They are now quoted in the stock market at an average price of
He said that his negotiations as to the propaganda were yet on.
In
more than 4% below par, entailing a loss to investors of over $700,000,000
. response to my question whether he had ever heard any breath of criticism
The change in the market price of 1 mill on the dollar will make a difference directed
against the integrity of my administration, he admitted that he
In value of $16,974,329 85.
had not.
On Nov. 1 1918, the National Treasury held $55,970,000 of Federal
He insisted that he had not yet consummated his negotiations for
conLand Bank bonds that had been purchased by the Secretary of the Treasury ducting his
publicity campaign, although he confessed that he had already
to aid the Federal Land banks, under the authority of the law passed in given wide
circulation to the stories he had written.
Jan. 1018, authorizing the expenditure of $200,000,000 for that purpose.
I am a little doubtful as to whether this newspaper scribbler—a
disOn Dec. 10, it was announced that the National Treasury had absorbed credit to a
noble profession—seeking fees to defame a Government official,
$2,000,000 of Federal Land Bank bonds since Nov. 1 1918, and that it should be dignified
with public notice, but I think the people should underwould continue to absorb them in order to avoid conflicting with the stand
the nature of some of the things appearing in the newspapers so as
sale of Liberty bonds.
not to be imposed upon, and in order that they may distinguish
paid-for
The law of Jan. 1918 contains this provision:
propaganda from real facts.
'The bonds of any Federal Land bank so purchased by the Secretary
The following is a copy of the "Menlorandum" referred to in the
foreof the Treasury and held in tho Treasury under tho provisions of this going statement,
a photograph of which memorandum by chance, but
amendment one year after the termination of the pending war shall, upon unfortunatel
y for its author, has come into the possession of the Compthirty days' notice from the Secretary of the Treasury, bo redeemed or re- troller
of the Currency:
purchased by such bank at par and accrued interest."
"Memorandum For Mr. —."
Federal Laid Bank bonds are absolutely free from income tax and local
"If reappointed and confirmed the
tax. All Liberty bonds except the first issue of 3 % are subject to surtax. will remain in office for five years. present Comptroller of the Currency
So great is the surtax on large incomes that 43i% Liberty bonds yield . "All that Is needed is determination on the part of two or three
Repubonly 1.61% not income when held by persons receiving incomes in excess lican Senators. If they assume the responsibility the Democrats are not
make a
of $1,500,000 per year, when owned in excess of the maximum amount apt topublicity serious fight for Williams in the Senate.
"A
campaign should be started at once but should be run very
permitted to be tax-exempt.
quietly. Several papers will print stories if the stories are handed to them
It is reasonable to suppose that, if the Government required tax-exempt disguised.
"Full publicity can come when the name is sent to the Senate and
Federal Land Bank bonds to be sold in the open market now, they would
reto the committee.
be a contributing cause toward the iepression of the price of Liberty ferred the meantime
"In
a story here and there would help the Senators along.
Bonds.
"Get several bankers in on the deal. Do not tell them who is to handle
This gives rise to an importation question as to the future following the the publicity at the beginning. That is a matter strictly between you and
me for the present. because I will want to work quietly at first, since wh-in
close of the war.
Question No. 1.—What effect will these tax-free Land Bank bonds have I have to come out in the open I will be sure to make some enemies in high
places.
on the price of Liberty bonds held by investors when, in future, it becomes
"Since the fight promises to last only a few weeks and in handling the
publicity I will be sure to incur some enmities, the charges will be
,
necessary for the National Treasury to unload them on the public?
$250 a
Question No. 2.—Do you think it would be desirable to have Congress week. I am sure I can do some good work for the cause."
appropriate $500,000,000, or such an amount as may be necessary to buy
up all Joint Stock Land Bank bonds that may be offered within the next
year in order to protect Government securities?
DISCONTINUANCE OF "MONEY POOL" AND
Question No. 3.—Do you consider it a wise financial policy for the
REMOVAL OF MONEY RESTRICTIONS.
Government to continue this tax exemption of bonds issued under the
Federal Farm Loan Act by Federal Land banks and by Joint Stock Land
The removal of the money restrictions in New York was
banks? Or, should the law be amended so that their securities would
stand on the same taxing level as the bonds of industrial institutions, announced late on Jan. 24, following a meeting of the subtransportation companies and other banks?
committee on Money of the Liberty Loan Committee of this
Question No. 4.—Do you think it would be a good plan for Congress to
city.. These restrictions had been in force since last Sepcreate Personal Credit banks and City Mortgage banks, and permit them
to issue tax exempt bonds in competition with Liberty bonds, bank stocks, tember, although there had been some slight modification
commercial securities, transportation bonds and industrial bonds, which of them about two months
ago, as noted in our issues of
are subject to taxation?
Question No. 5.—Do you think that all poor men who cannot qualify Nov. 30, page 2046, and Dec. 4, page 2135. The only
with land worth $1,000 should be deprived of the benefits of the Federal requirement now existing is that the Stock Exchange conFarm Loan Act?
tinue to receive from members daily reports of borrowings
Question No. 6.—Do you think that men rich enough to own land worth
$50,000 ought to be helped by American taxpayers to get $25,000 loans until after the placing of the next Liberty Loan. With the
at the back door of the National Treasury, when Liberty bonds are selling removal of the restrictions, the so-called "money pool,"
below par?
created in October 1917, is discontinued. The following is
Question No. 7.—Does your observation in your locality lead you to
think that Secretary McAdoo was warranted by the facts in attributing the announcement made in the matter:
so much credit to the Federal Land banks?
A meeting of the Sub-Committee on Money of the Liberty Loan Committee was held to-day after which the following statement was made:
Last December, when the
CURRENCY WILLIAMS RENOMI
COMPTROLLER OF
- have been furnishing funds toarrangement whereby the New York banks
stabilize rates on loans on Stock Exchange
NATED—.COMPTROLLER ON PROPAGANDA
collateral was about to expire, the Committee inquired whether the TreasAGAINST HIS OFFICE.
ury Department wished an extension of the arrangenyent then in force, and
were requested by it to
Jmn Skelton Williams was nominated br anther term financial requirements.continue their operations in aid of the Government's
as Compte)ller of ths Currency by PI esident Wilson on
Acting in accordance with the wish of the Treasury, thus expressed, the
Sub-Committee on Money arranged with the New York banks to continue
Jan. 29.
the arrangement then existing until after the next Government loan, and,
A statement in which Mr. Williams announced that he with the authorities of the Stock Exchange,
to continue exercising
had come into possession of evidence indicating propaganda of the loan account to prevent its expansion in the aggregate. control
This week, however, the officials of the Stock Exchange, in a written
against himself find the office of Comptroller of the Curcommunication to the Money Committee, having stated that the condirency
.was issued on Jan. 23. The statement said:
tions have so changed that "there is now nothing to indicate the probability
The origin of propaganda recently started against the Comptroller of a speculative movement which
would absorb large amounts of money,"
Of the.Ourrency and this office is explained by a document which came into the Sub-Committee on Money at its meeting
to-day gave full consideration
424
THE CHRONICLE
to this statement, and after consultation with and the approval of the
•
Treasury Department, reached the following conclusions:
1. That control by the Stock Exchange Committee may for the present
be suspended.
2. That the Stock Exchange authorities be requested to continue to
receive from members of the Exchange. daily reports of their borrowings
until after the next Liberty loan is placed.
3. That the definite arrangements made with a large group of New York
banks to furnish funds for Stock Exchange loans, if and as required, should
now be terminated.
The Money Committee desires to acknowledge and record its appreciation of the hearty co-operation which the members of the Stock Exchange
and the New York banks have given it during the past months, and feels
of
confident that should it hereafter become necessary, in the interest
Government financing, to re-establish the control of money for Stock
Exchange loans and for the stabilization of money rates, the Stock Exchange
purauthorities and the New York banks will again unite, with a patriotic
pose, to lend full support to the Treasury Department.
RULES REGARDING MAKING OF SEED-GRAIN LOANS
TO FARMERS.
Regulations governing the making of seed-grain loans by
the Government to farmers in drought-stricken areas for
spring-wheat planting in 1919 are given in a joint statement
recently issued by the Treasury Department and the Department of Agriculture. The regulations in the main,
according to the "Official Bulletin" of Jan. 10 are similar
to those that governed loans for fall planting in drought
areas. The "Bulletin" says:
However, the maximum limit for loans for spring planting will be $500,
while the limit for fall-planting loans was $300. The money available Is
that remaining in the President's 35.000.000 special fund set aside for such
loans. A survey of the situation, the Secretary of Agriculture has stated.
Indicates that the remainder of the fund will take care of the urgent cases.
The Federal Land banks of the districts embracing the affected areas are
designated as the financial agents of the Government in making and
collecting the loans. They may designate local banks or other agencies to
represent them in the taking of applications, forms of which will be supplied
on request. Banks and other local agencies assisting will be asked to contribute their services for the good of their communities.
SENATE PASSES BILL PERMITTING FEDERAL RESERVE BANKS TO HAVE 100% SURPLUS.
The Senate on Jan. 20 passed the bill amending the
Federal Reserve Act so as to permit Federal Reserve banks
to accumulate a surplus equal to 100% of their capital, instead of 40% as at present. The enactment of the legislation was urged upon the House Banking and Currency Committee by Governor Harding of the Federal Reserve Board on
Dec. 19, as reported in these columns Dec. 21, page 2327.
The following is the bill as passed by the Senate:
FEDERAL RESERVE BOARD ON GOLD SITUATION AND
GOLD STANDARD.
Discussing the gold situation and the gold standard the
Federal Reserve Board in its Bulletin for January states
that "a large absolute supply of gold does not appear to be
necessary to the successful maintenance of the gold standard
if a country occupies the position of a banking creditor
holding a larger volume of foreign bills and has an efficient
banking system." We quote the following from the
rearAmong the striking changes produced by the war is a very great
and
rangement or redistribution of gold among the principal commercial
One
belligerent countries, as well as a considerable increase of prices.
is
question which has naturally been presented in urgent form, therefore,
extent
the extent to which gold will be used as a circulating medium and the
Practically all of the
to which the gold standard can maintain itself.
cirprincipal belligerent countries had a very large actual hand-to-hand
all
culation of gold prior to the coming on of the war,'but in practically
methodically
this gold has been transferred to the central banks and has been
More than two thousand million
eliminated from the actual circulation.
dollars of gold have thus far been impounded by the Federal Reserve banks,
will
and it seems likely that this movement will continue to a point that
enlarge the stock of gold held by the Federal Reserve banks to perhaps two
and a half billion dollars, if Government estimates of the total gold monetary
raised
stock of the country are accurate. The question may fairly be
the
whether the outcome of the situation may not be that of introducing
to note that the recent
general use of substitutes for gold. It is interesting
Great
report of the committee on currency and the foreign exchange in
notes
Britain has recommended that the policy be pursued of substituting
for all gold outside the central bank reserves.
been in the past and such as
Creditor countries, such as England has
hencethe United States is to-day, and countries—such as England and
bankers,
forth also the United States—which expect to be international
essential
will doubtless find it necessary to maintain the gold standard in its
integrity; in other words, they will have to maintain a free gold market,
always without
or one in which sterling and dollar credits, respectively,
into gold.
question or delay, be liquidated in gold or in currency convertible
To that end it will be necessary for them to maintain their domestic currency
ready to redeem all forms
on an unequivocal gold basis by always standing
in the
of it on demand in gold. London has been the only free gold market
to
past. Under her banking mechanisnt, England was able successfully
necessity
fulfill her obligations as an international banker without the
gold. A large absolute
of accumulating and holding a very large reserve of
supply of gold does not appear to be necessary to the successful maintenance
creditor
of the gold standard if a country occupies the position of banking
system.
holding a large volume of foreign bills and has an efficient banking
certificates have largely
In the United States to-day both gold and gold
of
disappeared from circulation and the remaining currency in the hands
notes,
the people consist largely of Federal Reserve notes, national bank
been in great
and Federal Reserve bank notes. The large greenbacks have
measure withdrawn for reserve purposes and those which still remain outbeen
standing are in the 8111111ot:denominations. The silver certificates have
and
partly withdrawn for the purpose of freeing the silver held behind them
concentrated upon
partly reduced to small denominations. If attention be
only
the notes of the denominations above $5 there will be found practically
based
two elements—the one, and by far the larger, Federal. Reserve notes
and, in a
upon discounted paper and gold, the other national bank notes
smaller degree, Federal Reserve bank notes based upon Government
obligations.
AN ACT to amend Sections 7, 10 and 11 of the Federal Reserve Act, and
Section 5,172, Revised Statutes of the United States.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That that part of the first pairagraph of
Section 7 of the Federal Reserve Act which reads as follows: "After the
aforesaid dividend claims have been fully met all the net earnings shall
be paid to the United States as a franchise tax except that one-half of
such net earnings shall be paid into a surplus fund until it shall amount
to 40% of the paid-in capital stock of such bank," be amended to read
as follows:
"After the aforesaid dividend claims have been fully met the net earnings
shall be paid to the United States as a franchise tax except that the whole
shall
of such net earnings, including those for the year ending Dec. 31 1918
be paid into a surplus fund until it shall amount to 100% of the subscribed
earnings shall
capital stock of such bank and thereafter 10% of such net
be paid into the surplus."
Sec. 2. That Section 11 of the Federal Reserve Act as amended by the
Act of Sept. 7 1916 be further amended by striking out the whole of subsection (in) and by substituting therefor a subsection to read as follows:
"(m) Upon the affirmative vote of not less than five of its members
the Federal Reserve Board shall have power from time to time by general
ruling covering all districts alike to permit Federal Reserve banks to discount for any member bank notes. drafts, or bills of exchange bearing
the signature or indorsement of any one borrower in excess of the amount
permitted by Section 9 and Section 13 of this Act, but in no case to exceed
20% of the member bank's capital and surplus: Provided, however. That
all such notes, drafts, or bills of exchange discounted for any member
bank in excess of the amount permitted under such sections shall be secured
by not less than a like face amount of bonds of the United States issued
since April 24 1917. or certificates of indebtedness of the United States:
Provided further, That the provisions of this section shall not be operative
after Dec. 31 1919."
Sec. 3. That Section 5,172, Revised Statutes of the United States, be
amended to read as follows:
"Sec. 5172. That in order to furnish suitable notes for circulation, the
Comptroller of the Currency shall, under direction of the Secretary of the
Treasury, cause plates and dies to be engraved in the best manner to
guard against counterfeiting and fraudulent alterations, and shall have
printed therefrom and numbered such quantity of circulating notes in
blank or bearing engraved signatures of officers as herein provided, of the
denominations of $1, $2, $5. $10, $20, $50. $100, $500 and $1,000, as
may be required to supply the associations entitled to receive the same.
Such notes shall express upon their face that they are secured by United
States bonds deposited with the Treasurer of the United States by the
written or the engraved signatures of the Treasurer and Register, and by
the imprint of the seal of the Treasury, and shall also express upon their
face the promise of the association receiving the same to pay on demand.
attested by the written or engraved signatures of the President or VicePresident and Cashier; and shall bear such devices and such other statements and shall be in such form as the Secretary of the Treasury shall, by
regulation. direct."
Passed the Senate January 20 1919.
[VOL. 108.
FEDERAL RESERVE BOARD. ON RELATION OF GOLD
STANDARD TO PUBLIC DEBT.
The following is also taken from the Federal Reserve
Bulletin for January:
-debt situation
The relation of the gold supply of the world to the public
fact that in
has naturally received more or less attention in view of the
the indebtedmost of the belligerent countries the interest•and principal of
payable in
.
ness which has been contracted during the war has been made
of debts
gold. Some have feared, therefore, that the enormous increase
or settlement. The
might result in a growing difficulty of liquidation
economic
question how much debt a country can support is, however, on the
a
side, a question of its productive and contributive capacity, rather than
public
question of the extent of gold production or supply. What the
creditor) wants is, not
creditor (barring the occasional ca-se of the foreign
which'
gold, but purchasing power or money, which is as good as gold, 1. o.,
will buy as much as the gold. There is no occasion for anxiety, so far as
will submit
concerns the fate of the gold standard, in any country that
to the taxation necessary to provide for the interest and sinking fund charges
if properly
on 'its public debt. There is enough gold now in the world,
trasactions
distributed, to provide the requisite banking reserve to handle
The cure for a
of tnis character in an efficient an satisfactory manner.
and credit is. however, not more gold
faulty relationship between gold
of the
production, but reduction of wasteful consumption on the part
the resulting
community and the taking up of the Government's loans out of
paper the banks in
savings. It is the heavy burden of the Government
impairing
all the belligerent countries are being forced to carry whiCh is
their strength and liquidity.
c in all
As has been shown elsewhere, the monetary problem characteristi
has been
countries to-day Is general inflation of prices. This condition
the world and
brought about by practically parallel methods throughout
movements.
stands to-day as the main obstacle to a restoration of free gold
in
With prices as they stand, bank reserves are regarded as inadequate
demands for redemption, assummany countries to the meeting of probable
ing the continued existence of the present level of prices.
In this connection it is to be borne in mind that in some countries,
has become so
notably those of the Central Powers, the credit circulation
than a more
largely expanded as to leave the underlying gold as little more
If such a conditheoretical base or protection for otitstanding liabilities.
an imtion affected the Central Powers only, it might not be considered
natural
mediate or urgent problem for the remainder of the world. In the
that commercial relationcourse of events It must, however, be expected
question
ship between the belligerents will eventually be resumed, and the
be made
must then present itself how payments and settlements are to
ly imbetween them. In trade between two countries it is fundamental
is paid by the
portant to the creditor nation that the money in which it
subject to datigerous fluctuation in
debtor shall be as stable and as little
prices
value as practicable. A general world program for the restoration of
In
must therefore apply not only to those countries which have succeeded
but must
keeping their own internal conditions tolerably satisfactory
FEB. 1 1919.]
THE CHRONICLE
also include the weaker nations and those that have been defeated in
the
present war. This makes the inflation situation not merely a national
but an international problem of fundamentaj import.
425
was Treasurer of the Democratic National Committee
in
1912. He was made Governor of the Federal Reserve Bank
in 1914.
NOT PAYING OUT GOLD IN CHICAGO.
The Chicago "Daily Tribune" in its issue of Jan. 29 makes
the following explanation regarding the policy being pursued
of not paying out gold:
W. R. COMPTON DIRECTOR IN CHARGE OF WAR
SAVING CAMPAIGN IN ST. LOUIS FEDERAL
FEDERAL RESERVE DISTRICT.
At the request of Rolla Wells, until lately Governor of
Federal Reserve notes bear the words "this note is redeemable in gold,
• on demand, at the Treasury Department of the United States in the
City the Federal Reserve Bank of St. Louis, Secretary Glass has
of Washington, or in gold or lawful money at any Federal Reserve bank."
appointed William R. Compton as director of the St. Louis
The Federal Reserve bank and the Sub-Treasury in Chicago
refuse to
Federal Reserve District in charge of the campaigns for the
pay out a single gold coin for any purpose whatsoever. The Secretary
of
the Treasury says the words just quoted are "in accordance with the sale of Government
securities during the year 1919. Mr.
provisions of the Federal Reserve Act" and that "the Treasurer
of the Compton, acting under directio
n of the Governor of the
United States of course will comply with the provisions of the law.
On
Federal Reserve district bank, will direct the various camthe basis of that statement you can get gold by going to Washington."
paigns for the sale of War Savings stamps, Liberty Loan
EARNINGS AND DIVIDEND PAYMENTS OF FEDERAL bonds, and Treasury certificates of indebtedness.
RESERVE BANKS IN 1918.
Gross earnings of $67,584,418 are reported by the twelve LYNN P. TALLEY MADE DEPUTY GOVERNOR OF
FEDERAL RESERVE BANK OF DALLAS,
Federal Reserve banks for 1918, as compared with $15,SUCCEEDING J. W. HOOPES.
438,859 for 1917. The net earnings reached $55,436,978
The positions of Cashier and Deputy Governor of the
in 1918, whereas in 1917 they aggregated but $11,202,993.
The figures for the year just ended were made public by the Federal Reserve Bank of Dallas were consolidated at a
Federal Reserve Board on Jan. 30. After paying $5,- meeting of the directors of the bank on Jan. 7 and Lynn P.
540,681 in 6% dividends the Reserve banks in the late Talley, Cashier of the bank, was chosen to fill the newly
year transferred $21,605,904 to their surplus funds, and created post of Deputy Governor and Cashier. The
reserved $26,728,442 for the Government franchise tax. consolidation of the offices followed the resignation of J. W.
Nearly half this amount came from the New York bank, Hoopes as Deputy Governor. Mr. Hoopes hao become
which turned over $12,795,215 to the Government from Vice-President of the South Texas Commercial National
its net earnings of $22,634,033. The New York FedEral Bank of Houston. Upon the occasion of his withdrawal
Reserve Bank is the only one which has established a surplus from the Federal Reserve Bank the directors, as a token of
Of the maximum allowed by law, 40% of the paid-in capital esteem, presented Mr. Hoopes with a silver water service
stock. The Chicago bank ranked second in volume of set. Besides serving as Deputy Governor of the Reserve
business, with $6,831,073 net earnings and $3,100,223 bank Mr. Hoopes had also been secretary of the board of
turned over to the Government fund. The following directors; his successor in that office is Charles C. Hall,
statement relative to the figures made public by the Reserve Assistant to the Federal Reserve Agent.
M. Crump has been made Cashier of the El Paso branch
Board was issued on Thursday by the Federal Reserve
of the Dallas Federal Reserve Bank, succeeding J.
Bank of New York:
M.
The Federal Reserve Bank of New York stated to-day that the Federal Proctor, resigned.
Reserve Board is announcing this afternoon for publication the
gross and
p-. earnings and dividend payments of the Federal Reserve
banks during
1,="s. also amounts transferred to surplus fund and reserved for Government franchise tax as follows:
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Reserv d for
Transf'd Governed.
Gross
Net
Dividend to Surplus Franchise
Earnings, Earnings. Payments.
Fund.
Tax.
4.475,195 3.505.180
384,180 1.460,500
25,314,736 22.634,033 1.195.026 7.672.677 1.460,500
12.795,215
4,357.740 3,270.824
583.983 1,304.172 1,304,172
5.226.864 4,234,678
716.107 1,776,000 1.776.000
2,979,048 2,325,227
232.432 1.039,799 1,039,799
2,293.059 1.665.585
182,473
735.000
735,000
8.481.747 6,831,073
604.635 3,100,223 3,100.223
2.676.828 1.950.81)7
404.837
801.656
801.656
2,019,954 1..585,546
168,103
688.872
688.872
3.451,9:36 2.762.708
309,729 1.210.713 1,210.713
2.089.526 1,554.102
261.502
592.204
592.204
4,187,785 3,117.215
497.674 1,224,088 1.224,088
67,584.418 55.436,978 5,540,681 21,605,904 26,728,44
2
The earnings of the Federal Reserve banks during 1917,
as made public in the Reserve Board's report of a year ago,
were as follows:
Calendar Year 1917
Federal Reserve Bank.
Boston
New York
Philadelphia
Clevefand
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
111 Total
-
Gross
Earnings.
Net
Earnings.
Amount of
Dividends.
*1,198.009
4.848,291
1.015,958
1.297.244
770,009
541.823
2,022.278
736.774
628,338
955.950
569,430
854,755
$912,294
3,718.955
753,874
963.152
512.223
327.313
1,509.871
502.156
418.137
684,499
353,475
547.044
$597.829
1,941,641
622.150
715.615
240,945
215.972
860,057
284.566
363.876
360.236
187.744
394.490
ESTABLISHMENT OF BUFFALO BRANCH OF FEDERAL
•RESERVE BANK OF NEW YORK.
• The decision to establish a Buffalo branch of the Federal
Reserve Bank of New York was made known in the following
statement made public by the Reserve Bank on Thursday
(Jan. 30):
The Federal Reserve Bank of New York, under authority
of the Federal
Reserve Board, has decided to establish a branch in Buffalo
for the purpose
of receiving deposits, handling currency, making collections
of checks and
notes, and transfers of funds. The request for the establishm
ent of the
branch was made by the three Buffalo member banks and
t oncurred In
by several of the Buffalo non-member banks, and the conclusion
reached
by the Federal Reserve Bank of New York indicates the
willingness of its
diregors to accept the judgment of the Buffalo banks that such
a branch
would render substantial service to the banks and business
interests of
Buffalo and the vicinity.
Buffalo Is the largest city in the Second Federal Reserve District,
outside
of Greater New York, with a population of approximately
500.000.
position at the head of lake transportation and its growing importanc Its
e as a
banking, manufacturing and commercial centre make it the natural
place
for the establishment In this district of a branch of the Ftderal
Reserve
Bank of New York. Whatever advantages accrue to a communit
y from
having the office of a Federal Reserve Bank within it will be
enjoyed by
Buffalo and will place it on an equality In this respect with
Pittsburgh,
Cincinnati, Cleveland and Detroit, the other large cities
nearest to it.
When the Buffalo branch is established. the Federal Reserve
System
will consist of•twelve'reserve banks, with eighteen branches,
all of which
are connected by private telegraph wire by which member
banks may
transfer funds from any one of these thirty points to any other
such point
Immediately, at par, and without cost. The establishment
of the branch
in Buffalo will not only facilitate the collection of checks in Buffalo
and Its
vicinity, but will expedite for the banks in that territory the
collection
of checks on other parts of the country, and will also be of material
assistance to the local banks In dealing with currency problems, as
Buffalo is a
city with a heavy currency movement and very large payrolls.
PROBABLE POSTPONEMENT OF VICTORY LOAN
CAMPAIGN UNTIL AFTER LENT.
The postponement of the opening of the Liberty Loan
campaign until the conclusion of the Lenten season is said
DAVID C. BIGGS CHOSEN AS GOVERNOR OF THE to be under consider
ation by the Treasury Department.
FEDERAL RESERVE BANK OF ST. LOUIS.
This would mean a change in the date from April 6 as
David C. Biggs has been selected as Governor of the tentatively planned, to April 21. Press dispatch
es from
Federal Reserve Bank of St. Louis, succeeding Rolla Wells, Washington on Jan. 29 in announcing this, also
stated:
resigned. Mr. Biggs is director and Treasurer of the
No attempt has been made as yet by Secretary Glass or his advisers
to
International Shoe Co. of St. Louis. The resignation of settle on the interest rate or other terms of the loan, it was stated officially
to-day. Whatever the terms may be, they will accord with the principle
Mr. Wells as Governor of the Federal Reserve Bank of of maintaining the market price of preceding
issues, officials declared.
St. Louis was referred to in these columns Jan. 11, page 115. This is one factor tending to induce the Treasury to keep the interest rate
His desire to retire to private life prompted his action, it is on the Fifth Loan as low as passible. since it is felt a rate as high as 5%
would work out as a depreciating influence on preceding issues
stated. Mr. Wells is sixty-three years of age and had
Further tax exemptions on bonds already outstanding,
of
served in public affairs for twenty years. He was Mayor them in payment of certain forms of taxes in future years oracceptance of
conversion
them into securities bearing higher interest rates are means Which might
of the city of St. Louis for two terms-1901-1904-1909, and
be taken to maintain the prices_of outstanding bonds.
15,438,859 11,202.993 *R 7RA 121
* Exclusive of $16.603, represent ng dividends paid on surrendere
d stock
adjustments in dividend account.
and miscellaneous
THE CHRONICLE
426
Bankers are urging the Treasury to make the interest rate on the next
Joan 43i or 5%,but officials are inclined to keep it lower if possible. They
rely strongly on the patriotic impulses of small bond buyers to "bring the
boys home" and "finish the job." These phrases probably will be adopted
as campaign slogans.
GOLD COMMITTEE NAMED BY SECRETARY OF THE
TREASURY CONSIDERS GOVERNMENT ACTION
TO STIMULATE GOLD UNNECESSARY.
• It was announced on Jan. 24 that the committee appointed
by former Secretary of the Treasury McAdoo to investigate
the question of the gold standard reports that special Government or international action is not necessary to stimulate production of gold now that peace is in sight. It is
further said that the report, which will be submitted shortly
to Secretary of the Treasury Glass, states that the principal
problems arising out of fear that the gold standard throughout the world might not be maintained, have been largely
removed by the cessation of hostilities.
[VoL. 108.
PROPOSED ELIMINATION OF SUB-TREASURIES AND
PROTEST OF PHILADELPHIA BOURSE.
With the bill providing for the discontinuance of the
various Sub-Treasuries throughout the country now before
the Senate for action, the Philadelphia Bourse has renewed
its vigorous protest against the legislation in communications which Emil P. Albrecht, President, has forwarded to
Pennsylvania and other Senators. The failure of the House
to make provision for the continuance of the Sub-Treasuries at Baltimore, Boston, Chicago, Cincinnati, New Orleans, New York, Philadelphia, St. Louis and San Francisco
was referred to in these columns Jan. 18, page 218. Undaunted by the failure of the House to make any appropriations for the Sub-Treasuries after the end of the present fiscal year, the Philadelphia Bourse hopes to have these institutions continued through an amendment adopted by
the Senate. The Bourse protest declares:
It seems to us unfortunate, and we fall to understand the necessity,
that the question of removing the Sub-Treasuries from Philadelphia and
othr cities should be raised almost every session of Congress. We cannot
see that any arguments have yet been made which would indicate that
greater efficiency would be obtained or any less expense incurred by such
removal. In fact we are informed that the former Secretary of the Treasury, Mr. McAdoo, was strongly in favor of continuing those Sub-Treaswhich they are
Whereas, The Treasury Department is about to offer to the public uries rather than to burden Washington with the work
and Liberty bonds of earlier doing or to deprive the various districts now served of the important
another loan, to be known as the Victory Loan;
Issues are now selling on the market much below par; and, the war over, functions performed by the Sub-Treasuries.
much of the patriotic motive which inspired subscriptions to the former
Taking up the question of the Philadelphia Sub-Treasury,
loans will be lacking;
dolTherefore, Resolved, That the Executive Committee of the New Jersey which does an annual business of more than a billion
Bankers' Association does hereby urge upon the Secretary of the Treasury lars at an expense of only $50,000 a year, the Bourse prothat the coming loan be offered at a rate of interest which shall meet the
market, and otherwise be attractive as to taxation, maturity and other test continues:
The Sub-Treasury hero is of great assistance both to the Government
features, to both the small and large investor.
the Federal Reserve Bank in the operation of Government work,
Following a conference on Jan. 23 between Secretary and it does not appear feasible or practicable to combine these instituand
Glass and Eugene Meyer, Jr., who, as Director of the War tions, consequently, for this if for no other reason, in our judgment and in
Finance• Corporation, supervises the purchases for the that of representatives of the largest banks, the Sub-Treasury should reTreasury, it was stated that the Treasury was continuing main in Philadelphia. the leading fiancial centers of the country. The
Philadelphia is one of
to use its Liberty Bond Purchasing Fund but was not buying dealings of the financial institutions here and in the vicinity of this city
" We also with the Sub-Treasury arc heavy. If these institutions Were obliged to
bonds on the market "in any great quantities.
have these dealings with Washington, it would entail considerable expense
quote the following from the press dispatches of that day:
and delay, and we submit that as an aid to these financial institutions the
By buying up even a small proportion of bonds thrown on the market, importance of the Sub-Treasury cannot be overestimated. Furthermore,
price nearer par. To
however, the Treasury hopes to keep the market
the Sub-Treasury acts as a clearing house for the largo requirements of the
the extent that these purchases mare made, the net amount received by banks of Philadelphia and vicinity in the matter of the supply of minor
the Government from the loans is decreased.
coins which are vitally necessary in payroll week, and as a place of deAlthough no announcement was made, it is understoo;:i that current posit for the banks and public service corporations of their excess of subto Third and Fourth Liberty bonds, which
purchases are limited iargely
and
sidiary coin,,and we doubt very much whether these could be successfully
are selling around 96 and 95. The annual limit of Government purchases handled by
Federal Reserve Bank.
for the Third bonds is $208,000,000 and for the Fourth bonds,$350,000,000.
We understand further that the Sub-Treasury is the medium through
gold exchanges are made and that it issues certificates for gold
which
REPORT OF NEW YORK FEDERAL RESERVE BANK payments under certain conditions which could not under the present law
be issued by the Federal Reserve Bank or any other agency.
FOR 1918.
The Sub-Treasury occupies a place in our financial structure which is of
Net earnings of $22,634,033 are reported by the Federal great importance. We can see no reason or excuse on the grounds of
closed and the commuhity
Reserve Bank of New York for the year ended Dec. 31 1918, economy or efficiency that it should bethat would be caused by its thereby
disconbe put to the delay and inconvenience
VICTORY LOAN REQUEST.
Executive Committee of the New Jersey Bankers'
The
Association has adopted and forwarded to Secretary Glass
the following resolution:
as compared with $3,729,609 for the calendar year 1917. tinuance.
The gross earnings for the year just closed were $25,314,736,
On the 18th inst. the New York "Tribune" printed the
as against $4,862,856 the previous year. The comparative
following with regard to the observations of Martin Vogel,
statement of the profit and loss account for the two years
Assistant Treasurer at New York of the U.S. Traesury, with
was issued as follows to the stockholders on Jan. 28:
renewal of efforts to abolish the Sub-TreasTHE YEARS ENDED regard to the
COMPARATIVE PROFIT AND LOSS ACCOUNT FOR
DECEMBER 31 1917 AND DECEMBER 31 1918.
uries:
1918.
$25,314,735 98
Gross earnings
Expenses—
Operating Expenses___32,317,738 10
Cost of Federal Reserve
335,043 65
Notes
Cost of plates and shipping Federal Reserve
27,920 03 2,680,702 68
Bank Notes
Net earnings
Credit balance as per statement of Dee.30 1916_ _
Balance to Credit of
Profit and Loss...
Appliedas follows—
Transferred to Surplus
Account
; Paid to Treasury of the
F" U.S.as franchise tax
Reserve for franchise tax
343,764 88 1,133,246 81
33,729,609 46
163,063 98
33,892,67344
132,058 91
$22,760,092 21
445,248 14
205,880 00
651,128 14
299,375 00
.
803,800 00 _1,103,175 00
521,662,917 21
d uct dividends paid—
Year 1917 for period
April 1 1915 to Dec.
31 1917
une 29 1918 for period
Jan. 1 1918 to June
30 1918
Dec. 30 1918 for period
, July 1 1918 to Dec.
31 1918
$789,481 93
$22,634,033 30
Excess of sundry'credits to
L profit & loss over debits
Total
Deduct—
Cost of unissued Federal Reserve notes in
hands of the Comptroller of the Currency and the Federal
Reserve Agent
Depreciation Reserve
Account
General Reserve Acc't_
Charge off of appraised
Value of Buildings
1917.
$4,862,856 27
$3,241,545 30
1,942,818 17
586,271 98
608,754 22 1,195,026 20
$20,467,89101
$1,298,727 13
$7,672,67644
$649,363 56
649,363 57
12,795,21457
$20,467,891 01
*1,298,727 13
Martin Vogel, Assistant Treasurer of the United States and Chief of
any action is taken
the Sub-Treasury at Now York, said yesterday that, if
plan
to abolish the Sub-Treasuries, it should be based upon a scientific
ho himand not on mere patchwork legislation. Mr. Vogel declared that
self was drawing up a program for the taking over of certain of the functions
of the Sub-Treasury by the Federal Reserve bank to avoid duplication.
has
For fifteen years agitation to abolish the independent Sub-Treasuries
was
been carried on, and last year the House passed a similar bill which
upper
defeated in the Senate. The matter will now be laid before the
House again. Among their activities, the sub-treasuries perform such
functions as the issuing of redemption money,.which
purely Governmental
from
the Federal Reserve banks could not do without additional authority
Congress. In case the sub-treasuries are abolished, Mr. Vogel would
and join them to the Federal Reserve banks.
establish branch treasuries
a billion
At present the Sub-Treasury in this city contains more than
of
dollars of gold, most of which is in bullion and is held for the account
, which occupies
the New York Assay Office, which adjoins the SubtTreasury
in 1849, and which stands as a landmark at
a building that was erected
the stock of gold, of
the intersection of Broad and Wall Streets. 'Besides
more than
which more than $50,000,000 is in the form of coin, there is
The stock
62,000,000 silver dollars stored away in the money reservoirs.
from week to week, and at one time when
of gold coin fluctuates greatly
this city, at about the
gold was flowing from all parts of the world into
as $250,middle of the war period, the amount of gold coin rose as high
South America
000,000. Since, however, much of it has been shipped to
exchange operations conducted by the
in connection with international
Government.
last year, and
The local Sub-Treasury had appropriations of $150,000
the sub-treasuries,
has a personnel of 100 trained men. It is the largest of
others combined.
and does as much business as all the
The proposal to abolish the Sub-Treasuries was recommended to Congress in a report presented to it in January
1918 by the United States Bureau of Efficiency, three of its
recommendations being as follows:
in Baltimore, PhiladelThe immediate suspension of the Sub-Treasuries
phia and Cincinnati.
in the remaining six
The immediate release of the Assistant Treasurers
and control in the hands
Sub-Treasuries and the placing of their direction
of the cashiers of these Sub-Treasuries.
FEB.11919.]THE CHRONICLE
427
The consolidation of the entire Sub-Treasury system with the Federal
Reserve banks within six months after the end of the present war.
EFFORTS TO STOP UNAUTHORIZED TRAFFIC IN
WAR SAVINGS CERTIFICATES.
In accordance with a notice issued by Secretary of the
A reduction in the amount of coin-exchange business undertaken at
the
Sub-Treasuries and by the cash room of the Treasury at Washington through Treasury Glass in
an effort to stop unauthorized traffic by
the charging of a fee for receiving or paying out current coin.
speculators and others in War Savings certificates, the Post
' The concentration of all the redemption of paper currency in Washingt
on.
Office Department has instructed postmasters not to redeem
certificates which do not bear the name of the owner or on
RESOLUTION OF SAVINGS BANK SECTION PLEDGING which the name has been erased or changed; further
more,
CO-OPERATION TO SECRETARY GLASS IN 1919
they are directed not to pay any certificates unless positive
THRIFT CAMPAIGN.
evidence is submitted that they were originally issued to the
A telegram in appreciation of the assistance rendered by persons or firms presenting them for payment. In his notice
the members of the Savings Bank Section of the American Secretary Glass says:
Bankers Association in the Liberty Loan and War Savings
My attention has been directed to the numerous offers made
by uncampaign, and expressing confidence that the savings banks scrupulous persons through advertisements and in other ways to buy
War Savings Certificate Stamps,and as a result of such offers I am
informed
will assist in the liquidation of the Government war bills, that owners of such securities have
suffered material losses which could
was received from Carter Glass, Secretary of the Treasury, have been avoided by redemption ofthe War Savings Certificate Stamps at
by Pierre Jay, Federal Reserve Agent of the New York post offices, as provided by law.
therefore
attention of the
Federal Reserve District, and was submitted to the Execu- asIhave madedirect the the character public, paritcularly such persons
offers of
above mentioned to
- tive Committee of the Savings Bank Section, at the meeting terms and -conditions which are printed on the back of,the the following
War Savings
Certificate of the Series of 1918:
of the committee on Jan. 25. The telegram follows:
"This certificate is of no value except to the owner named hereon,
The report also proposed:
Please extend to the members of the Savings Bank Section of
the American
Bankers Association at their meeting Jan. 25 the appreciat
ion of the
Treasury Department for the assistance which they have
rendered the
Government during Liberty Loans and War Savings
campaigns, and say
that the Treasury Department will welcome the continuance
of their active
co-operation in campaigns of the same nature during
1919. Obligations
incurred by the Government in order to win the war at the
earliest possible
date, and which undoubtedly helped to terminate the war
much sooner
than might otherwise have been the case, must be liquidate
d. This can
be accomplished only by levy of taxes and by the savings
of the people
converted into investments in Government obligation
s issued for that
purpose. Savings banks as a whole have not suffered
loss of
a result of war financing. On the contrary, gains have been deposits as
recorded and
I am informed that deposits in savings banks are now rapidly
I am confident that the savings banks of the country will increasing.
patriotically
assist in the great task of helping to liquidate the war bills
of our Government and of encouraging the habit of thrift amongst the
people, which in
turn should reflect itself in larger deposits and consequen
tly increased
prosperity for savings institutions.
CARTER GLASS.
The Savings Bank Section replied in the form of a resolution adopted at the meeting, as follows:
Whereas, The practice of consistent saving has widely
increased as a
result of the various Government loan campaigns incident
to the war; and
Whereas, It is imperative that such practice
continue
order to insure the proper absorption of future Governme to increase in
nt Victory loans,
and to promote lasting individual prosperity and domestic
tranquility; and
Whereas, The savings banks of the country with
their 26,500,000 depositors, representing the substantial and thrifty citizenry of the
nation, are in
a paramount position to encourage and to promote the habit
of consistent
savings; and
Whereas, the Treasury Department of the United States has
launched a
nationwide offart to induce greater thrift through the sale
of savings
stamps and otherwise;
Resolved, That the Savings Bank Section, American Bankers
Association, through its Executive Committee, representing
the savings interests
of the 19,000 banks, members of the Association, at a meeting
held in
New York City, Jan. 25 1919, pledges its hearty support
and
co-operation to the Secretary of the Treasury, the Lion. Carter earnest
Glass, in
the conduct of the countrywide campaign of thrift and savings
inaugurated
for 1919 under his direction.
To this end the Savings Bank Section, consistent with its
purpose, will
stand ready at all times to respond to any call made upon it by
the Secretary of the Treasury.
The Executive Committee also gratefully appreciates the
sentiments of
the Hon. Carter Glass contained in his telegram transmitted
through and
submitted by Pierre Jay, Federal Reserve Agent at New
York.
Further Resolved, That a copy of this resolution be
transmitted by wire
to the Secretary of the Treasury.
PROCLAMATION OF GOV. SMITH OF NEW
YORK
URGING PURCHASE OF WAR SAVINGS STAMP
S.
A proclamation appealing to the citizens of the State
to
purchase War Savings Stamps of the new issue "to
the
consistent limit of their resources," was issued by Governo
r
Alfred E. Smith of New York State on Jan. 24. We
give
the proclamation herewith:
and is
not transferable.
"The law provides that no one person shall at any one time hold War
Savings Certificates to an aggregate amount exceeding one thousand dollars.
"Certificate—This certifies that subject to the terms and
conditions
printed hereon, the owner named on the back hereof will be entitled
to
receive on Jan. 1 1923, in respect of each United States War Savings
Certificate Stamp of the Series of 1918, then affixed hereto, the amount
indicated thereon as then payable, or, at his option, will be entitled
to
receive at any earlier date, in respect of each such stamp then affixed
hereto
the lesser amount indicated in the table printed hereon."
Treasury Department Circular 128, issued Dec. 18 1918, and referrhe
to War Savings Certificate Stamps, Series of 1919, contains among other
the following provisions:
"Any owner of a War Savings Certificate, Series of 1919, at his
option
will be entitled to receive, at any time after Jan. 10 1919,
and prior t
Jan. 1 1924, at a money order post office, the office where registered
in th
case of a registered certificate, upon surrender of his certificate
, and uper
compliance with all other provisions thereof, in respect of each War
Saving
Certificate Stamp, Series of 1919, then affixed to such certificate
th
amount indicated in the following table, but no Post Office shall
mak
any such payment until ten days after receiving written demand
therefor'
and such certificate must be surrendered for payment within
sixty day
after such demand, otherwise the demand will be deemed
to be waived an
a new demand will be required before payment."
"War Savings Certificates, Series of 1919, are not transferable and
wil
be payable only to the respective owners named thereon,
except in th
case of the death or disability of any such owner.
"It shall not be lawful for any one person at any time to hold War Saving
Certificates of any one series to an aggregate amount exceeding
$1,00
(maturity value)."
In order that the interests of owners of War Savings Ceritficat
es Stamps
of either series may be safeguarded, I hereby notify all persons
to refrain
from offers to buy war savings stamps or accept same in trade.
The Post Office Department, co-operating with the Treasury
Department, has issued instructions whereby payment will be refused whenever
it is apparent that changes have been made in the name of the
original
owner of any certificates which may be presented to post offices
for redemption.
I earnestly request newspapers and magazines to give this
matter the
fullest amount of publicity in order that the rights of millions of
people—
investors in United States Government securities—may be fully
protected.
CARTER GLASS, Secretary.
The notice of the Post Office Department, issued by Third
Assistant Postmaster-General A. M. Dockery, quotes in
port the statement of Secretary Glass, and says:
In pursuance of the foregoing, postmasters are directed
not to pay War
Savings Certificates on which the names of the owners
have not been
entered or have been erased or changed, since, under
the regulations,
they are not transferable and are payable only to the original owners,
except in case of death or dis•tbility.
Postmasters are further instructed not to pay any War Savings
certificates presented by persons or firms known to be buying,
or publicly
to buy, War Savings Stamps or Certificates from the owners, unless offering
positive
evidence is submitted that the certificates were originally issued
to the
persons or firms presenting them for payment.
When consulted by owners of War Savings Stamps in regard
to offers to
purchase such stamps at less than current value, postmaste
rs should invite
their attention to the fact that War Savings Certificates may
be cashed at
money-order post offices after ten days' written notice, and that
this is a
privilege accorded by law. At the same time it should be pointed out
that
the need of the Government for the proceecLs of the War Savings Stamp
issue
is great, and the holders should be urged to retain their
stamps until maturity as a patriotic act unless their necessities are urgent.
PROCLAMATION.
Whereas, The obligations of the Federal Government
The following regarding steps taken to discourage traffic
incidental to the
great war in Europe have made it expedient to launch a new
issue of War in War Savings Stamps is taken from the "Official Bulletin"
Savings Stamps as an aid to the prompt and honorable fulfilment
of national of Jan. 13:
promises; and
Because of the many complaints reaching Washington to
Whereas, A costly duty still confronts the Governme
the effect
nt of bringing that private agencies
have been established in various cities for traffic in
back to home and kindred, hundreds of thousands of
American soldiers War Savings Stamps
and Liberty Bonds, Lewis Franklin, Director of the
now in France, as well as carying for the troops the
Government may newly created war loan
temporarily leave abroad; and
organization of the United States Treasury, has
asked the various news-disseminating agencies of the country to co-operat
Whereas, The expense incidental to the readjustment of
e
the domestic in spreading informati
on which will tend to offset this tendency.
affairs of our nation will be very great, requiring patient
sacrifices on the
According to a report from Milwaukee, where this practice is in
part of our people;
vogue,
stamps are bought for $3 75 and sold for $4 05 per stamp to private
Therefore, I have deemed it wise to appeal to our
a
list
countrymen within of customers. Mr.
Franklin points out that there is no law prohibitin
the boundaries of the State of New York to purchase the
g
War Savings the sale of stamps in
Stamps of this new issue to the consistent limit of their
this fashion, lie suggests, however, that as one
resources. These moans of circumventing
this novel but questionable scheme, holders o
tokens of national obligations have been designated the
Benjamin Franklin stamps desirous
of redeeming them do so through their local post office
Issue, because of the peculiar appropriateness of associatin
g
with the prudent principle of thrift enunciated by that their purchase giving ten days' notice, and thus redeeming their stamps at an actual gain
great American instead of losing money
by dealing through these brokers. At the same
whose 213th birthday has been celebrated.
time owners of stamps are urged to hold them until maturity if for no
I enjoin upon all citizens and residents of this commonwe
other
alth to follow than purely patriotic
reasons.
the precepts of the great Franklin, the apostle of sensible
spending and to
Officials of the Federal Reserve Districts have been asked to place in
usefully and liberally render individual and particular aid
the
at a time when hands of the holders
of Government securities information that will protect
called for by the nation.
thorn from so-called stamp and bond brokers.
THE CHRONICLE
CONFEREES' ACTION ON WAR REVENUE BILLS.
The ccnferees on the war revenue bill were reported to
have reached a basis for a full and final agreement on the
measure on Jan. 27, and the expectations are that the conference report will be presented- to the House on Monday
next. The Associated Press dispatches on Jan.27, in stating
that the basis of agreement on the bill was on three bitterly
contested questions—war excess profits, taxes this year,
the Senate allowances to oil and gas interests and the Senate
amendment to repeal the existing zone system of second-class
mail rates—added:
It was learned that in harmonizing-difficulties on these basic disputes
[VOL. 108.
was made to Congress in the closing week of December by
the Food Administration and the Department of Agriculture for the enactment of legislation to make effective the
wheat price guaranteed for the 1919 crop, and at the same
time, it was said, guarantee the Government against losses.
The measure, which was drawn by officials of the. Food
Administration and the apartment of Agriculture, is said
to have been described by some Senators as an omnibus
bill which would permit the President to continue the Food
Administration in operation and to exercise all the powers
conferred on him by the Food Control Act. Under the
bill, it is stated, Government authority to control grain
dealers, millers and elevators "by license or other like
powers" would- be continued and the President would be
authorized to "create any agency or agencies" to buy the
1918 and 1919 wheat crops,"wheat products and other foodstuffs and feeds," at the guaranteed prices; regulate export and import of wheat; require preferential railroad service as long as the railroads are under Government control; control grain exchanges and prohibit trading upon them
"atsuch time or times as may be deemed desirable or proper
to meet market conditions and competitive prices of foreign-grown wheat and to prescribe such rules and regulatiOns as may be deemed necessary to protect the Government of the United States from paying the guaranteed prices
aforesaid for any wheat other than that covered by proclamations." The powers granted under the bill are set out
as follows in the newly-drafted measure:
the conferees agreed to an increase of the Senate war excess profits rates,
adopted the oil provisions substantially as provided by the Senate, and
eliminated the second-class mall amendment.
1 The agreement on war excess profits rates for 1919, it was stated, provided for retention of the Senate rate of 30% on corporations' net income
In excess of credits, and not in excess of 20% of invested capital; for Increase
from 60 to 65% on income in excess of 20%. and for retention of the 80%
tax on war profits. The higher rates were strongly urged by Representative
Kitchin and others of the House managers.
The Senate conferees were reported to have won their fight for retention
of the Senate provision for a tax exemption of 20% on bona fide sales of
oil and gas wells and mines. This provision, designed to protect and
• stimulate prospectors, was opposed by the House managers as too liberal,
but they finally yielded, after the Senate conferees had accepted the higher
rates on war excess profits.
• Elimination of the second-class postage amendment had been generally
expected. The proposal has been bitterly opposed by Representative
Kitchin and others of the Houso conferees. It provided for repeal of the
present zone rates on second-class mall, based on the proportion of news
and advertising, and for substitution of a new zone plan of 1 cent a pound
on periodicals within the first and second-class parcel post zones and 1M
3. That the President of the United States is authorized to maintain and
cents a pound beyond that radius. The present rates have been vigorously
carry out the guarantees aforesaid and to that end to withdraw from the
attacked by publishers as unjust, and in some cases confiscatory.
appropriated,
With the basis reached for settling these three vital disputes, agreement Treasury of the United States and use said funds above
necessary for the
on other provisions ofthe bill still left open was regarded as certain. Among or so much thereof as may in his discretion be deemed
voluntary arrangements or agreethese are the amendment to prevent importation of intoxicating liquor into purposes aforesaid: To enter into any
accept the services of
the District of Columbia for beverage purposes, the amendment of Senator ments to create and use any agency or agencies; to
with any agency or person;
Thomas of Colorado•levying a tax of 100% on political campaign con- any person without compensation; to co-operate
to authorize such
tributions in excess of $500, and that of Senator Trammel of Florida to to utilize any department or agency of the Government; the funds hereby
to use
allow a bonus of one month's pay and uniforms to men discharged from agency or agencies created by him as aforesaid
with authority in said agency or
the military service. Conferees said the "bone dry" amendment would appropriated so far as necessary and
agencies to borrow additional sums and to pledge the credit and property of
be retained, but the fate of the others was still in doubt.
the agency or the assets held by it for the payment thereof; to authorize said
On the 28th Senator. Simmons announced that agree- agency or agencies to buy wheat of the crops of 1918 and 1919 and wheat
other foodstuffs and feeds from proments had been reached on all except a few Senate amend- products from the same crops andprices aforesaid, or such prices as may
at the guaranteed
iax rate questions. The press ad- ducers or others cash or on credit and to sell or export and sell such wheat.
ments and important
be necessary for
judgment
vices as to that day's action stated that the estate inheri- wheat products, foodstuffs and feeds at a profit or a loss, as in the agency or
be necessary; to authorize such
of such
tance tax section was one of those which had been agreed agenciesagency or agencies mayfacilities or to contract for the construction
to lease or buy storage
to, the Senate conferees, it was said, yielding on the Senate of storage facilities, or both; to authorize said agency or agencies to requiinstead of estates, sition storage space and to proseribe the terms to be paid therefor, with
plan for levying taxes On inheritances
appeal; to authorize said agency or agencies to make
and the House agreeing to decreases on the original House proper provision for and other usual expenses in the carrying of wheat and
payment for storage
estates anif increases on larger ones. On wheat products in elevators or elsewhere, whether the wheat is owned or
rates on small
such agency or agencies
the following day; however, the "Journal of Commerce" held by the agency or agencies or not; to authorizepay for wheat or wheat
the price the agency or agencies will
stated that the estate tax would remain as it passed the to increase order to cover storage on farms or elsewhere; to require preferenproducts in
House, the Senate conferees having abandoned the inheri- tial railroad service to any agency or agencies appointed by him on American
steamships so long as the same are under the control of the
tance tax form of this part of the bill. On the 29th, also, railroads andof the United States; to authorize said agency or agencies to
Government
to the same . paper, the conferees decided to let control the trading on any exchanges or to prohibit the trading at any exaccording
changes at such time or times as may be deemed desirable and proper; to
the "bone dry" amendment stand. It also said:
agencies to use the fund hereby appropriated so
The excess profits and war tax rates for 1918 and 1919 have been agreed authorize said agency or
for the purposes aforesaid and to meet the marketing
on, and the brackets will embrace a combination of both House and Senate far as may be necessary
competitive prices of foreign growers of wheat; to authorize
rates, the Senate brackets being modified to meet the views of the House conditions and
said agency or agencies to prescribe such rules and regulations as may be
that the rates adopted by the Senate were too low.
conferees
or proper to protect the Government of the United States
The principal change in this disposition of the matter is that the second deemed necessary
guaranteed prices aforesaid for any Wheat other than that
bracket for the tax of 1918 in the Senate form of the bill, 65% instead of from paying the
the proclamations aforesaid; to authorize said agency or agencies
60% of the amount of the net income in excess of 20% of the invested covered by
to sell wheat or foodstuffs and feeds for cash or on credit in the United States
capital, is to be taken.
and its possessions and in other countries of the world, and to engage in
With regard to yesterday's deliberations, the New York foreign shipment; to authorize said agency or agencies to control dealers,
millers and elevators, or the operators thereof, by license or other like
"Evening Sun" in a special Washington dispatch sad:
power, and also to prescribe trade margins; to authorize the agency or
Agreement has been reached between the House and Senate conferees agencies aforesaid to control the export and import of wheat products
on the Revenue bill to recommend no change in the so-called luxury taxes and other
foodstuffs and feeds; and, further, to exercise any of the powers
In the bill, but to pass it as it stands in this respect, with the provision that delegated to the President of the United States by the terms of "An Act
later a joint resolution repealing this section of the bill will be introduced to provide further for the national security and defense by encouraging
and passed in both Houses.
the production, conserving the supply and controlling the distribution of
The conference committee found it necessary to do this to avoid the food products and fuel," approved Aug. 10 1917.
parliamentary situation existing through adoption of the luxuty taxes
In transmitting the measure to the committee Chairmen,
by both Houses when the bill was originally passed.
A nation-wide campaign against the luxury taxes, which were aimed William A. Glasgow, Jr., Chief Counsel for the Food Adat certain grades of clothing, &c., costing above a stated amount, has been ministration, wrote that the legislation was requested in
in progress for some time, with department stores, wholesale houses and
in their integrity to the
even manufacturers protesting against the levies as an unwarranted and order to "maintain the guarantees
unnecessary interference with their business.
farmer and to save the Treasury of the United States.from
The conference committee has also agreed to make provision for depreloss if that be possible." The Department of Agriculture
ciation In stocks in computing the profits of corporations and partnerhad estimated that the total'import wheat requirements for
ships.
The elimination of all the items that have been agreed on will leave the Europe,including Germany and Austria, would likely exceed
bill one that will yield less than $5,500.000,000, whereas It originally -was
728,000,000 bushels this year. The surplus stock from
intended to raise $8,000,000,000, this amount having been cut to $6,000.000,000 with the end.of the war.
Canada, Argentina and Australia was estimated at 495,000,-
000 bushels. From the 1918 crop the United States probably
will have a surplus of 277,000,000 bushels for export and
PROPOSED APPROPRIATION OF $1,250,000,000 FOR carry-over. Mr. Glasgow's statement says:
GOVERNMENT GUARANTY AS TO WHEAT PRICE.
If the total surpluses of other countries are exhausted and Russia is
upon for anything this year, the United States will be called upon
A bill appropriating $1,250,000,000 to enable the Govern- not relied 233,000.000 bushels, and would have a carry-over into next year
to export
ment to carry out its guaranty to the farmer of a price of of 44.000.000 bushels. This carry-over, however, is likely to be reduced
Europe following several
$2 20 a bushel for the 1919 wheat crop was transmitted to by increased consumption in the United States and the United States is exyears of short rations. The 1919 wheat crop in
the Chairmen of the Senate and House Agricultural com- pected to give an exportable surplus of 350,000,000 to 400.000.000 bushels.
mittees by the Food Administration on Jan. 28. As indi- In both 1919 and 1920 the question of price and the ability of European
decisive factors.
cated in our issue of Dec. 28, page 2426, a recommendation countries to finance purchases are the
FEB. 1 1919.]
TIIE CHRONICLE
The department also has estimated that European needs
for other grains will be so great that the United States will
be able to supply only the required amount of oats, falling
short on rye, barley, and corn. Senator Gore, Chairman
of the Senate Committee, who is said to have announced
that he would not introduce the measure in the Senate, is
quoted as saying: "It is broader than I think it necessary.
I may take it as a basis for another bill which I may introduce." Further advices on the 29th to the effect that
Senator Gore had refused to report the bill stated that he
would introduce a bill appropriating the money to pay the
guarantees, but would draw it himself. Members of the
House, as well as of the Senate Agricultural Committee,
are said to view the bill unfavorably, Representative Sidney
Anderson of Minnesota is reported to have begun work on
an independent measure.
In denying on the 20th that the Food Administration had
ohampioned the bill, Mr. Glasgow said:
There seems to be some erroneous impression as to the bill recently
presented to the Chairmen of the Committees on Agriculture of the House
and of the Senate by the Secretary of the Department of Agriculture and
the Food Administration. Early in December at the direction of the
President a joint memorandum, prepared by the Secretary of Agriculture
and representatives of the Food Administration, was presented to the
Committee on Agriculture of the Senate and of the House, setting forth the
responsibility of the Government on the several guarantees of wheat
harvested in the years 1918 and 1919.
After this memorandum was received by the Chairman of the Agricultural Committee of the House, Mr. Lover, he requested the Secretary of
Agriculture, together with representatives of the Food Administration, to
prepare a bill to be presented to his committee for its consideration, providing for the carrying out in their integrity, the guarantees of the Government of the price of wheat. In consultation with the Solicitor of the Agricultural Department, the counsel of the Food Administration drew such a
bill, recognizing the liability of the United States, Containing a suggestion
as to an appropriation, and then authorizing the President of the United
States to use so much of the appropriation as might be necessary, and
granting to the President the broadest possible powers if it became necessary to exercise the same, in order to maintain the good faith of the United
States.
This bill was a suggestion to the committee for their consideration, and
after approval as such by the Secretary of Agriculture, was sent by the
counsel for the Food Administration to the Chairman of the Agricultural
Committee of the house, and a copy thereof sent to the Chariman of the
Agricultural Committee of the Senate, at his request.
The Food Administration is not the champion of this bill or of any other.
Its counsel has simply drawn the bill at the request of the Chairman of
the Agricultural Committee of the House for consideration by its committee
and the purpose of drawing it was to incorporate therein such power as it
might be necessary for the President or any of the agencies appointed by
him to exercise.
The Food Administration will have nothing to do with the carrying out
of Government guarantee on wheat, as it is now being dissolved as rapidly
as its duties to the public service will permit, and long before the wheat
crop of 1919 is harvested, It is confidently expected, that the Food Administration will have performed the functions for which it was created
and will no longer be in existence.
Not only does this bill not involve the perpetuation of any powers to the
Food Administration, but no such view was in contemplation.
•
429
of Trade followed, the market closing with prices down from 33
to 7%
cents a bushel compared with twenty-four hours before.
In denying that any recommendation to lift the embargo had been
made, Food Administration officials said Mr. Stream favored Immediate
removal of the embargo, but that Frank G. Crowell. Vice-President
and
acting Manager of the Food Administration's Grain Corporatoin at New
York. had refused to agree to such action without approval of Herbert
C. Hoover at Paris.
The War Trade Board in its announcement made no comment on its
action. but Food Administration officials said to-night that they believed
Mr. Stream's announcement at Chicago bad resulted in "forcing Mr.
Crowell's hand." It was reiterated that Mr. Crowell had not originally
intended to make any request to-day for removal of the embargo.
COUNCIL OF GRAIN EXCHANGES ADOPTS UNIFORM
GRAIN CONTRACT:
It was reported ion Jan. 17 that the Council of Grain
Exchanges at its annual meeting adopted a uniform contract
for the purchase and sale of cash grain to be used by all
grain men.
MODIFICATION OF REGULATIONS IN RESPECT TO
IMPORTATIONS OF COFFEE—REMOVAL
OF RESTRICTIONS.
An announcement by the War Trade Board on Jan. 16
stated that thereafter licenses would be issued to any licensee, where the applications therefor are otherwise in
order, for the importation of coffee from any country.
The Board further stated that the direction of importations
theretofore exercised by the United States Sugar Equalization Board, as announced in W. T. B. R. 268, issued Oct.
15 1918 had been eliminated.
The removal by the U. S. Food Administration of all rules
and regulations governing dealers in green coffee, was announced on Jan. 13. On that date the Food Administration stated that the withdrawal of special coffee rules and
license requirements under the Food Control Act had no
bearing on the requirements of import licenses from the
War Trade Board these being still required. The announcement of the 13th also said:
The War Trade Board, however, will no longer require coffee import
licenses to contain the clause that all coffees must be first offered to the
Sugar Equalization Board before they are offered el ewhere.
Licenses for the export of coffee are under the jurisdiction of the War
Trade Board and are not at present granted. The'provisions of the Food
Control Act are still in effect.
With regard to the removal of the restrictions, the "Journal of Commerce" on Jan. 14 said in part:
The removal of all restrictions on trading in green coffee has been received with considerable satisfaction by coffee importers, and while the
general feeling was that spot prices would advance for the time being, it
could be safely assumed that they would go lower ultimately. The coffee
situation loomed up with new significance as the result of the edict from
Washington lifting the ban.
It appears that coffee importers look for an immediate rise in prices in
Brazil, but they believe that this advance will not be long lived. Under
REMOVAL OF RESTRICTIONS ON IMPORTS OF ARGEN- the restrictions, when profits were limited, American importers were
TINE CORN—EXPORTS OF CORN MEAL PERMITTED. naturally reluctant to buy any coffee, while the demand from Europe that
was expected to start up on a heavy scale with tno
Announcement that the War Trade Board, after con- assumed comparatively little importance as yet. ending of the war has
sultation with the United States Food Administration, , The demand of Europe for coffee will be a great factor in the fixing of
prices
It will depend in
large
would consider applications for licenses to export corn meal Europeeventually.Brazil will maintain aher measure on the exports to
whether
firm attitude with regard to
and corn flour to all countries except the United Kingdom, prices. Some held to the view that there will be a good demand from
Europe, while others maintained that this demand will not be of sufficient
France and Italy, was made on Jan. 23. The Board said:
volume for a long time to come to affect prices.
Purchases of these commodities for shipment to the United Kingdom.
There is little doubt that American importers propose to increase their imFrance, and Italy will be continued to be made by the Allied Provisions
portations, and they expect to pay a greater price than would be considered
Export Commission, acting on behalf of the Governments of these coun- normal.
But it is believed that this will have a salutary effect on the
tries.
whole coffee situation, and will bring in much coffee so that the supply
Exporters should acquaint themselves with the import requirements of
will reach a more normal basis.
the countries of destination before consummation of their business, as in
The restrictions have been removed in every respect, and coffee trading
some countries the regulations which were in force prior to the signing
will be conducted on a pre-war basis. The restrictions governing profits
of the armistice are still in effect.
from importers to jobbers and resales from Jobbers to jobbers have been
On Jan. 22 the Board made known the issuance of a new eliminated, and also the limitations placed on selling prices and on profits.
There
ruling, whereby the restrictions previously existing upon strong was an immediate stiffening of prices in futures, with a particularly
tone in the May option. It is expected that this
the importation of maize (corn) had been removed and tinue until an adjustment has been brought about. firmness will con-
stating that licenses would now be issued for the importation
of this commodity, when the applications are otherwise in
order, from any country.
On the 10th inst. the War Trade Board was said to have
removed all restrictions on the importation of Argentine
corn. Reports of this in press dispatches from Washington on the 9th, in stating that the Board had decided to
rescind the restrictions on corn, noted that Argentina was
the chief country affected by the removal of the embargo
on corn imports and added:
Large stores of corn are held in that country for export, it was said,
and this corn may now be sent to the United States and also probably to
the Allied countries, since the most embargoes placed by the War Trade
Board were in accord with an inter-Allied agreement.
Action by the War Trade Board in removing the embargo on corn followed repeated statements by Edgar Rickard and other Food Administration officials to-day (the 9th) that no recommendations to remove
the
embargo on Argentine corn had been made. J. J. Stream, Chief of
the
Coarse Grain Division of the Food Administration, had stated at Chicago that such a recommendation had been made, and later reiterated his
statement when his attention was called to the denial by the Food
Administration. Sharp declines in the price of corn on the Chicago
Board
ELECTION OF OFFICERS OF NEW YORK COFFEE AND
SUGAR EXPHANGE.
At the annual election of the New York Coffee and Sugar
Exchange on Jan. 16, there was a contest over the Board
of Managers; except for one candidate on the Independent
ticket, C. J. Walter, the Regular ticket went through. In
a letter imed prior to the election indicating the opposition
to the regular ticket, Arthur H. Lamborn, one of those
named on the Independent ticket for election to the Board
oF Managers, said in part:
The members of the regular Nominating Committee have seen fit
to
nominate one member of their committee, the partner of another member,
and in addition the partner and the brother-in-law of such partner of still
another member of the Nominating Committee for the Board of Managers.
I consider such proceedings unethical and unfair to the membership of
the Exchange.
On the Independent Ticket there are nominated one roaster prominent
In the National Coffee Roasters' Association, one sugar merchant, one
coffee importer, one coffee broker and myself. The nmination of
sugar broker and a coffee importer and jobber are indorsed, as well as
430
THE CHRONICLE
[Vol.. 108.
and also to forestall profiteering, which
the regular nominations for President, Vice-President and Treasurer. cut it to a point below vital needs
from these abnormal conditions. Producers
It is the ambition of those opposed to the regular nominations to support might easily have arisen
of their crop under the restrictions
the new President vigorously in order to establish the foundation for a have marketed about three-quarters
hopes to assist in securing
large, safe and fair coffee and sugar market in the Exchange. It is further- of this program, and the Food Administration
having the program continued for the
more the hope of the gentlemen associated with me that, trading on the justice to the entire industry by
Exchange being of the most legitimate nature, it is only fair and just remaining quarter.
that the interest of the Exchange should be aggressively defended against
A circular letter in explanation of the situation was sent
attacks of any nature whatsoever.
the industry by R. E.
out as follows to the licensees of
The officers elected at the meeting were: President,
of this branch of the Food
, A. Schierenberg; Cranston, who is in charge
Clarence A. Fairchild; Vice-President
Administration's activities:
Treasurer, C. H. Middendorf: Board of Manager, to serve
The United States Food Administration is endeavoring to complete the
two yeats, Benjamin B.Peabody, E. L. Lueder, Leon Israel, cottonseed season under the stabilization program that has obtained since
C. J. Walter, George H. Finlay and Franklin W. Hopkins. last September and which was based on a recommendation of representatives
of the producers with reference to price of cotton seed, and agreements
C. B. Davison was alao elected to serve one year.
regarding prices of products manuthe
REMOVAL OF "NEAR BEER" RESTRICTIONS BY PROCLAMATION.
It was announced on Jan. 28 that the U. S. Food Administration had been advised that President Wilson had signed,
in Paris on Jan. 23, a proclamation removing the restrictions
on the manufacture of "near beer." "This proclamation,
however," the Food Administration states, "cannot become
effective until the seal of the United States is attached thereto
by the Department of State and no one can safely act on this
information until the proclamation had become effective."
HOG PRICE CONTINUED AT $1750 FOR FEBRUARY.
The price of $17 50 per hundred pounds for hogs for the
month of February was unanimously agreed upon by the
Hog Price Fixing Committee of the U. S. Food Administration on Jan. 28. The price was recommended at a meeting
in Washington on that day of the Agricultural Advisory
Committee. Conferring with special representatives of the
swine producers, representatives of the Live Stock Commission men and the packers sharing in foreign allotments,
together with the officials of the Food Administration.
F. S. Snyder, Chief of the Meat Division of the Food Administration, presided. Mr. Snyder, in recommending the
continuance of the price of $17 50 which has been in effect
since November, told the packers, producers and commission
men present that increased orders from the Allies, neutrals
and eventually enemy countries, soon would turn the present
surplus of pork into a deficit. The Inter-Allied Food Council
in Paris, he said, had recommended that Germany and other
enemy countries be allowed 70,000 tons of pork monthly.
Business with the Allies and neutrals will amount to 225,000,000 pounds of pork for the month of February, it was said.
With regard to Mr. Snyder's further comments, the press
dispatches state:
industry
with various elements of
factured therefrom.
Statistics of the Census Bureau indicate that this crop has moved in and,
orderly procession in approximately tne same quantities from month to
month as applied to the crop of the previous year. About three-quarters
of the present crop of seed has been purchased by crushing mills, leaving
about one-quarter to be sold subsequently to Jan. 1. There was on hand
in the possession of the crushing mills—but not yet converted into products
—a quantity of seed equivalent to about one-quarter of the total crop,
which was about the same statistical situation a year ago. The amount
of crude oil in the hands of the crushing mills was less than it was in the
previous year and the amount of oil held by the refiners and lard substitute
manufacturers was somewhat more. These statistics indicate that the'
situation as it affects cottonseed and its products appears to be following
the normal lines of its procedure.
It is the intention of the Food Administration to carry out this stabilization plan and we have had numerous requests from all elements of the
industry—farmers, seed dealers, crushing mills, oil refiners, and lardsubstitute manufacturers—to maintain the stabilization plan as It affects
this crop. This plari is based on agreements with the various elements.
of the industry and requires their continued co-operation for the balance
of the season.
We wish to emphasize that while it is our intention to continuo this
program so long as we have the authority to do so there are no guarantees
that we can make in connection with it. Its continued success depends
very largely upon the hearty co-operation of the industry.
The packers may now seek at their own risk an independent market for
hogs among the neutral and Allied nations, in excess of their regular allotments, Mr. Snyder said, and the Food Administration will co-operate to the
extent of obtaining ships from the Shipping Board for the purpose.
Mr. Snyder said the Food Administration would insist upon a continuation of restrictions on exports just so long as a group, or co-ordinated purchasing was the practice abroad. When independent purchasing was resumed in Europe, he said, the situation would take care of itself, and restrictions probably would be removed.
The Chicago "Tribune" of Jan. 29 in its reference to the
continuance of the existing price said:
Hog receipts for the month to date have passed the million mark. The
combined receipts of all kinds of live stock for January will be the largest
on record for any month, totaling around 2,000,000 head, passing the previous record made last November. The car total will also be the largest
ever known.
Average price of hogs at Chicago was $17 50, against $17 52 Monday,
$17 55 a week ago, $15 95 a year ago, $11 62 two years ago and 77 87
three years ago.
BRITISH MAXIMUM WHOLESALE MEAT PRICES.
The following from Consul-General Robert P. Skinner at
London, under date of Jan. 8 1919, has been received by
the Department of Commerce:
The price stabilization plan, announced by the Food
Administration was published in these columns Sept. 21,.
page 1151.
WAR TRADE BOARD'S ANNOUNCEMENTREGARDING
REMOVAL OF IMPORT LICENSE RESTRICTIONS.
In announcing the simplification of importation procedure, which is expected to result in stabilizing the import _
trade into the United States, the War Trade Board on Jan.
30 stated that hereafter no individual import licenses will be,
required for the Importation into the United States from
the United Kingdom, France, Italy and Belgian and their
European and Mediterranean African possessions and protectorates, of any commodities except the following:
Breadstuffs, naxos emery, naxos emery ore, feathers, ferro-manganese,
spiegeleisen, fur skins, nitrates, meat and meat products, peanuts, rice.
tin, tin ore and tin concentrates, or metals containing more than 5% of'
tin.
It was also announced by the Board that all commodities
imported into Alaska, Guam, Hawaii, Tutuila, Porto Rico,
the Virgin Islands, the Canal Zone and the Philippine Islands
may now be trans-shipped to destinations other than the
United States.
LEATHER IMPORT RESTRICTIONS OF ITALIAN
GOVERNMENT.
The War Trade Board, according to the New York
"Times," of yesterday, has been asked by the High Commissioner for Italy to announce that the following restrictions have been imposed upon the importation of leather
and shoes into Italy:
1. Imports of leather of any kind and shoes from any foreign country
and for account of private concerns have been prohibited.
2. The above restrictions are consequently extended also to the placing
of any private contract abroad for the purchase of the above commodities.
3. No authorization will be given for the transportation of leather or
shoes from countries of origin.
DISPOSAL OF SURPLUS WOOL STOCK'S BY WAR
DEPARTMENT.
In answer to.inquiries from wool dealers, wool growers
and wool manufacturers in regard to the policy of the Government in disposing of the stocks of wool held by the War
Department the following statement was issued on Jan. 24
and Traffic:
PRICE STABILIZATION PLAN OF COTTON SEED TO at the office of the Director of Purchase, Storage
First—It is the intention of the War Department to continue to sell
BE CONTINUED.
at public auction such wools as manufacturers may require with a miniIn making known its decision to continue the price sta- mum reserve price the equivalent of the British civil issue price. This
be maintained as the minimum
civil
the
bilization plan for cotton seed put into effect in September, basis ofpriceBritish July issue price will
1 1919.
until
reserve
the U. S. Food Administration in an announcement issued
intention of the War Department in the sale of
Second—It is not the
wool now owned by th Government to compete with the domestic proon Jan. 29 said:
The Ministry of Food gives the following maximum wholesale meat
prices per stone of eight pounds: Home-killed beef, 9s. 6d.; carcasses
108. 7d.; hind quarters, 8s. 5d.; forequarters veal, 8s.; mutton and lamb,
10s. 8d. The wholesale maximum price for imported flour is reduced from
518. Cid, per sack to 46s. 3d. Home-milled flour remains at 44s. 3d. per
sack.
The Food Administration has announced to the various elements of the
cottonseed industry that it intends to continue, through the present crop
season, the stabilization plan which was put into effect with satisfactory
results last September, provided it continues to receive the co-operation of
the different parts of the industry.
The stabilization program was undertaken as a war-time measure to
maintain cotton production at a time when conditions threatened to
ducers of wool. It is the intention of the War Department on July 11919,.
when the domestic clip will probably be arriving in the markets in sufficient
volume to supply the wants of manufacturers, to discontinue offering at
auction or otherwise until such a time as the domestic producer shall have
had ample opportunity to market his 1919 clip, Nov. 11919, those grades
of wool remaining in the hands of the Government that would compete
with the product of domestic wool growers.
FEB. 1 1919
THE CHRONICLE
431
For the further imformation of exporters in the United States, the War
EARNINGS OF PACKING COMPANY COMPARED WITH
Trade Board announced to-day that the British import restrictions upon
OTHER INDUSTRIAL CONCERNS.
the admission of hides have been removed. The Board stated that the
In supplemental testimony before the Committee on British prohibition upon the importation into Great Britain of raw hides of
all descriptions and weights had been removed. Dealings in raw hides
Inter-State and Foreign Commerce of the House of Rep- are now freely authorized.
resentatives on Jan. 21 1919, J. Ogden Armour presented
The statement of the War Trade Board regarding the list
the following tabulation of the net earnings a certain of restricted
British imports said:
leading industrial companies in comparison with those of
The War Trade Board announce, for the information of exporters in the
Armour & Co. Except for the latter, the net earnirgs for United States, that they have been informed of the following announced
changes in the import regulations of Great Britain:
1918 are not yet available.
The Sugar Supply Commission have announced the removal, from
Feb. 24 1919, of all restrictions limiting the importation and sale ofsyrup,
molasses, and other articles of like nature.
The following articles, as to which the British import prohibitions have
hitherto been removed, will again be on the list of prohibited imports
after March 11919, and can then only be imported under special license:
Aluminum, manufactures of.
bundling machinery, wood, woolAluminum powder.
fiber, and pulp machinery, saw.
Apparel not waterproofed.
sharpening and setting machines,
Baskets and basket ware.
saw stretchers, and brazing apparBaths of metal, all kinds.
atus.
Cartridges, all kinds & parts thereof. Machines for grinding, planing, or
Cement.
molding irons.
Diatomite, or infusorial earth.
Mats.
Electrotypes.
Matting.
Fatty acids.
Methyl alcohol.
AMERICAN WOOLEN CO.
QUAKER OATS CO.
Fire extinguishers.
Mops.
1912...43,218,253
2.09
4.4
1912...42,215,395 22.33 12.6
Guns, carbines and rifles.
Mouth organs.
1913.... Deficit
1913._ 2,051,426 20.15 10,9
Hats and bonnets.
1914._ 2,788,602
Oilcloth.
____
4.08
1914.... 2,099,650 20.79 10.7
1915......4,080,676
6.40
5.8
Lawn mowers.
1915._ 3,430,712 38.54 16.9
Perfumery and toilet preparations.
1916.... 5,863,818 15.3
8.2
1916._ 3,086,086 38.13 16.4
Linen yarns & manufactures thereof. Photographic apparatus.
1917._ 6,844,156 20.22
9.19
1917- _ __ 4,906,927 52.07 20.2
Machine tools, and machinery driven Pictures, prints, engravings, and
ANACONDA COPPER MINING CO.
by power and suitable for use in
photographs.
STANDARD OIL CO. OF INDIANA.
1912-$15,856,335 14.60 14.2
cutting, stamping, or working Plaiting, all descriptions.
1913...114,687,696 48.96 36.52
1913.... 11,323,498 10.4
9.6
metal, including lathes, grinding Plated and gilt wares.
1914... 6,590,924 21.96 14.55
1914... 3,789,588
7.5
7.6
1915... 15,998,376 53.33 36.04
machines, milling machines, boring Revolvers and pistols.
1915_ 16,695,806 14.3
13.4
1916_ 30,043,614 100.14 52.9
1916... 50,828,372 43.6
and turning mills, drilling ma- Salt.
38.62
1917_ _ _ 26,808,931 89.36 32.20
1917_ 34,333,751 29.4
20.81
chines, power presses, planers, Sewing machines.
punching and shearing machines, Skins and furs, manufactures of.
BETHLEHEM STEEL CO.
THE TEXAS CO.
shapers, forging machines, screw Slide rules for engineers and drafts1912...42,063,641
13.8
5.39
1912 _ ..$2,203,882
9.61
7.70
1913.... 5,122,703 29.45 12.97
1913.... 6,663,123 24.68 22.61
machines, cutting-off machines,
men.
1914.... 5,590,020 32.5
12.61
1914._ 6,185,974 20.62 17.93
chucking machines, gear-cutting Stereoscopes.
1915_ _ _A7,762,813 112.49 29.1
1915_ _ __ 6,393,327 21.31
15.54
machines, boring machines, cen- Stoves and ranges.
1916_ _ __43,593,968 286.3
43.97
1916___13,898,862 37.56 31.21
tering machines,slotting machines. Straw envelopes for bottles.
1917_ _ __27,320.737 43.2
16.8
1917_ _ __19,724,526 35.54 31.77
Machinery driven by power and suit- Soap.
CENTRAL LEATHER CO.
U. S. STEEL CORPORATION.
able for use in cutting, working, or Spectacles and eyeglasses complete.
1912_45,736,884
8.57
7.34
operating on wood, including saw1912..454,240,049
1913.... 4,386,345
7.71
not containing gold.
5.17
5.39
5.52
1913... 81,216,986 11.02 11.9
1914_ _ __ 4,876,923
ing machines of all descriptions, Time-recording instruments of all
6.4
6.03
1914 _ _ _ 23,496,768 Deficit
1915._ 6,626,897 10.7
2.3
7.93
general joiners, mortise, tenon,
kinds, and movements and parts
1915_ 75,833,832
1916.___15,489,201 33.1
9.95
7.23
16.58
boring machines, lathes and roundthereof.
1916...271,531,731 48.46 21.7
1917...A4,404,855 30.4
14.13
1917...224,219,565 39.15 17.2
ing machines, box and cask-making Wringers and mangles.
CORN PRODUCTS CO.
machines, and all machines acces- Weighing machines, scales, and balWESTERN GROCER CO.
1912.._41,714,835
0.9
2.22
sory thereto, scraping and sandances of all descriptions.
1.01
1913.- -- 2,284,855
2.98
1913.... $182,364
8.51
6.91
papering machines, wheelwright Vacuum cleaners.
1914..-- 2,305,174
1.35
3.10
1914.... 393,306 19.58 14.85
3.35
1915....- 3,168,368
machinery, firewood making and
1915.... 295,967 14.3
4.28
10.26
9.69
1916---- 6,083,746
7.82
1916.... 536,157 26.64 17.78
General licenses admitting the importation into Great Britain of the
1917._ _A1,348,460 18.60 12.21
1917....657,080 28.45 19.52
following commodities without special license will be continued until July 1
1919:
IMPORT RESTRICTIONS ANNOUNCED BY GREAT Aerated mineral and table waters, Horns and hoofs.
unsweetened.
Ivory, vegetable.
BRITAIN EFFECTIVE MARCH 1.
Almonds.
Marble.
restrictions imposed by Great Britain, effective Apples.
Import
Nuts.
Art, works of.
Onions.
March 1, on a number of commodities .were announced by
Bananas.
Pimentoes.
the War Trade Board at Washington on Jan. 29 in ac- Bladders.
Rum.
cordance with advices received from Consul-General Robert Casings and sausage skins.
Sugar cane.
Timber (Dunnage used as temporary
P.Skinner at London. According to the announcement,after Cocoa, raw.
Coffee.
the first of March the items in the restricted list can only Fruit from all sources, canned, hot- ships' fittings and not entered on
bills of lading).
tied, or preserved.
be imported into Great Britain under a special British imTobacco, unmanufactured and manufactured, including cigars and cigport license. In making public the list of prohibited arti- Gum, copal.
Gum, kauri.
arettes.
cles, the War Trade Board also announced the removal from Hides, wet and dry.
Wood flour, cassia and lignea.
Feb. 24 of all restrictions limiting the importation and sale
VANCE C. MeCORMICK, Chairman.
ARMOUR & CO.
DISTILLERS SECURITIES CORP.
% on % on
% on % on
Net
Capital Total
Net
Capital Total
Year- Earnings.
Stock. Investment. Year- Earnings.
Stock. Investment,
1912.. _45,701,646 28.50
1912.- $527,182
5.08
1.61
1.37
1913.... 6,028,196 30.14
1913.... 359,567
6.01
1.04
.93
1914._ 7,509,907 37.54
1914.... 701,864
7.20
2.03
1.82
.
1915...A1,000,000 55.00 10.02
1915.... 1,430,872
4.20
3.68
1916._ __20,100,000 20.10 16.92
1916.... 3,327,094 10.11
8.38
1917..21.293,562 21.29 15.56
1917._ 4,790,432 14.56 11.46
1918.......15,247,837 14.07
9.00
PITTSBURGH COAL CO.
AMERICAN BEET SUGAR CO.
1912..___$2,025,483
2.09
2.75
1912_42,325,573 13.50 10.41
1913._ 2,726,269' 4.29
3.67
1913._ 831,056
3.87
3.88
1914.... 1,371,059
.05
1.81
1914..___ 644,105
2.29
2.82
1915_ _ __ 1,653,524
.93
1915._ 1,601,643
2.18
8.68
6.74
1916.... 3,143,926
5.60
4.14
1916.... 3,174,830 19.17 13.6
1917__14,076,852 31.47 18.11
1917.... 6,126,677 38.84 24.02
in Great Britain of syrup, molasses and other articles of a
Press advices from Atlanta yesterday said:
like nature. It was later announced, also; that the British
The Canadian War Trade Board has been notified that restrictions
prohibition upon the importation into Great Britain of raw imposed by Great Britain on her imports will apply to Canadian exports.
hides had been removed. In offering an explanation for the It is expected that the Dominion Cabinet will make representations to
Imperial
action of the British Government, the War Trade Board the Canadian Government with a view to obtaining preferential licenses
for
products.
stated that the restrictions were not to be regarded as of a
The regulations cover commodities in which a promising export trade
permanent nature, but were found necessary in order to from Canada has been built up. In 1913. the last year unaffected by trade
in war
exports
"re-establish domestic business conditions on a normal basis." Canada materials,(Y, of all of such commodities to Great Britain from
were 4.21
CanacJan manufactures sent to the mother
The Board further said "such measures will tend toward eco- country.
The action of Great Britain in restricting imports at this
nomic and social stability throughout the associated Governtime has occasioned considerable comment; editorially the
ments and this country." The Board's statement follows:
"Journal of Commerce and Commercial Bulletin' had the
The reasons for such action'on the part of Great Britain are not hard to following
to say yesterday regarding the prohibitions:
require anything
in the nature of justification.
understand, nor do they
For over four years Great Britain has been subject to the shock and strain
of a war which not only required the sacrifice of life and intense human energy, but also necessitated the most stringent economic readjustment and
the sacrifice of private business.
It is not strange, therefore, that Great Britain should to-day wish to
make every legitimate effort to keep her commercial and economic status
from falling into chaos, and instead to restore it to a state of equilibrium.
In fact, to do anything else would be strange. .
As a natural result of such a normal, patriotic aspiration, in order to
bring her own manufactures to a state of stability approaching that of
pre-war days, Great Britain finds it necessary to impose such import
restrictions for the time being as will permit her the opportunity to re-establish domestic business conditions on a normal basis. The import restrictions being imposed by Great Britain are for sum purposes and are not
to be regarded as of a permanent nature.
In making for the return of normal domestic conditions in Great Britain,
including the social welfare of the Empire, such measures will tend toward
economic and social stability throughout the associated Governments of
that country. And such a tendency is to-day recognized as vitally necessary for the formation of a lasting and fundamentally sound peace.
According to "advices" from the American Consul-General at London, Robert P. Skinner, to our War Trade Board at Washington, as reported from that capital, the British elovernment has issued a list of
"import restrictions, effective in March." It is not reported as a pro.
posal, but as a determined act by authority, to permit the importation of
the listed articles only "under a special British import license." It is
hardly credible that this sould be, as intimated in the dispatch from Washington, in resentment for our Government action in reducing shipping rates
for vessels under its control to the English level. It is stated as the "frank
opinion" of "some officials" at Washington that this is "another step in
the immediate upbuilding of British commercial machinery, the protection of British markets from American competition and "to counteract
this Government's action in meeting the lowered British shipping rates."
It is assumed that the action of our War Trade Board in issuing its statement as to shipping charges was taken as justifying the issuance of such
a list by the necessity of the Rritish Government in rehabilitating the
commercial position of the Empire and to "keep her commercial economic
status from falling into chaos." It is said that, in view of this official
opinion at Washington and "other indications in Government circles."
the Board does not contemplate "the adoption of similar steps to extend
the same protection to American markets from British competition."
431
THE CHRONICLE
[VOL. 108.
cubic foot, against the old rate of $71 50 to $75 per ton.
Rates based on weight or measurement are at ship's option.
At the same time, the Shipping Board announced new rates
from Atlantic and Gulf ports to ports in India as follows.
To Colombo and Calcutta, $1 10 per 100 pounds, or 60
cents per cubic foot, as against the old rate of $45 a ton, and
to Rangoon and Madras, $1 20 per 100 pounds, or 65 cents
a cubic foot, as against the former charge of $50 a ton.
On Jan. 28 the U. S. Shipping Board announced new
rates on high density cotton from South Atlantic ports to
Liverpool and United Kingdom ports of $1 25 per hundred
pounds, effective immediately. The old rate was $4 50 per
hundred pounds. New rates from South Atlantic ports
to ports in Continental Europe were announced as follows:
To French Atlantic ports, Rotterdam, Antwerp and
Portugal, $1 50 per hundred pounds, compared with
$4 75 a hundred pounds.
To French Mediterranean ports and Barcelona, Spain,
$2 per hundred, compared with $5 25 a hundred pounds.
To Italian main ports, $2 25, against $5 50 a hundred
pounds. In terms of bales trans-Atlantic freight rates on
cotton were reduced from $22 50 to $6 25 a bale from South
Atlantic ports, and from $23 50 to $7 50 a bale from Gulf
ports.
On Jan. 30 Material reductions in trans-Atlantic freight
rates on commodities from SouthA tlantic and Gulf ports
to the United Kingdom, France, Holland and Italy in
American bottoms were announced by the Shipping Board.
The Board made it clear on that date that the cuts announced on Monday (the 27th) applied only to commodities
loaded at North Atlantic ports. The new rates announced
on the 30th for South Atlantic ports were from 10 to 12
cents higher than those for North Atlantic ports, while the
lasting benefit.
In a news item bearing the caption "British Import Ban differential for Gulf ports was from 15 to 25 cents. The
Not Retaliatory," the "Journal of Commerce" also yester- new rates represent a cut of 66 2-3 cents. They are as
follows:
day said in part:
Considering the past policy of Great Britain in her commerce with
atother nations for three-quarters of a century past, and her present
of
titude toward the United States, in the negotiation for a restoration
it should take a position like
peace conditions, It is hardly credible that
terms
this, or admit inability to build up its commerce again on equal
with any nation. In the War Board's statement it is said that the reaundersons for such action on the part of Great Britain "are not hard to
stand, nor do they require anything in the way of justification." For
four years, It says, the nation has been "subject to the shock and strain
but
of war," which not only involved sacrifice of life and intense energy,
necessitated "stringent economic readjustment and the sacrifice of private
wish to make
business." It is not strange, therefore, that she should
from
"every legitimate effort to keep her commercial and economic status
is adfalling into chaos and restore it to a state of equilibrium." So it
mitted that these restrictions upon imports to restore domestic business
conditions to a normal basis may be justified and will not be continued
after normal conditions return, "including social stability throughout
this
the associated Governments of that country." Notwithstanding
of a
kindly plea, It Is inevitably suggestive of the underlying principles
as a source of
protective policy and of weakness in that of free trade,
industrial as well as commercial strength in time of peace.
The list of articles to be subject, not to import taxes but to import
prohibition, includes a great variety, not of natural products or raw maof
terials, but of manufactured articles. They cover a large proportion
of
those involved in the mechanical industries of Great Britain in the way
machinery, tools and a multitude of articles which have contributed to the
to progreat volume of EnglIsh exports to other countries. Is it necessary
Will
tect the domestic market for these by excluding their importation?
it help their increased production of goods for exportation, or will it rather
to
help their export from other countries, especially the United States,
mechanical
the markets of the world while England is rebuilding her
which
industries and reviving domestic trade within her narrow limits,
plan is
really cannot be seriously invaded? The licensing part of the
admit to
intended to apply mainly to what it would be deemed useful to
for varihelp the domestic industries. There are now general licenses
or rightly subject to heavy
ous articles that were regarded as luxuries
July, but
charges for revenue, which are to continue until the first of
be
that is apart from the policy of exclusion, to which exceptions may
inconsistent
made by special license. The process as a whole is quite
to strengthen friendly
with the free trade doctrine and not calculated
It
relations with nations involved in trade with the British dominions.
British
Is not easy to see how it is to help materially the restoration of
as a
industries and the renewal of the wide market for their products
That action of the British Government in restoring certain articles
to the prohibited import list has been subject to misinterpretation was the
view expressed yesterday by exporting interests with British connections,
Who characterized the step as entirely in accordance with established policy.
The idea that restrictions were restored as a measure in retaliation for the
as
reduction of ocean freight rates by the Shipping Board was rejected
untenable and not in accord with the facts.
list, it
Most of the articles in question were removed from the prohibited
was stated, with the distinct understanding that at the end of three months
they would revert to the list unless decision to the contrary was reached
in a
before the expiration of that period. Evidence of this was furnished
end of
letter received by a local house from its London connection at the
the articles which
last November, reporting the removal of substantially
will be restored March 1 from the prohibited list. Commenting on the
list at that time, the correspondent said.
why the
"This is a very curious mixture, and no one can explain how or
overs,'
selections have been made. We suspect some of the goods are 'loft
and
which may be blocking up your warehouses and depots in New York
such
other United States ports. The Board of Trade retains control of all
paragraph
if imported from the United States, as you will have noted from
they
on first page (referring to requirement of 'permits to purchase'), and
three
will regulate the quantities, &c., by their permits during the period of
prohibited
months from the 14th inst., when all these goods revert to the
. . .
items which were not
The placing on the prohibited list of a number of
when
affected by the removal order of last November is readily explained
largely
their character is appreciated. The now items on the list consist
of machinery of various kinds, and it must be pretty clear to everybody
that England is glutted with machinery by this time. She has imported
must
large quantities of machinery necessary to war production, and this
hand
now be taken care of in peace pursuits. Naturally, with a surplus on
of more
and tonnage scarce, she cannot afford to permit the importation
if
machinery, although oven were it not prohibited I doubt very much
it would move forward in any volume."
It was explained yesterday that licenses were still required by Groat
Britain for all imports from the United States. Special licenses are required
for
for all articles on the prohibited list, while general licenses are issued
well as
other items. Up to Dec. 18 "permits to purchase" were required as
authorities,
licenses, but on that date, at the instigation of the American
this system was abandoned. The representative of a large British trans
had
Atlantic line asserted that his company required evidence that licenses
y for
been, or would be, granted before booking cargo, the responsibilit
to comply
seizure of freight by the British Government, in case of failure
with regulatioms, falling upon the shipper.
REDUCTION OF U. S. SHIPPING BOARD IN,YREIGHT
RATES.
Following the announcement on Jan. 26 that trans-Atlantic freight rates had been cut by British shipping interests from $3 50 to $1 per 100 lbs. and from $1 75 to 50
cents per cubic foot, the U. S. Shipping Board on Jan. 27
announced a reduction of about 66 2-3% in charges between
North Atlantic and Gulf ports and the United Kingdom,
France, Italy, Belgium and the Netherlands: The new
rate to the United Kingdom is $1 per 100 pounds, or 50
cents a cubic foot, against the old rate of $66 a ton, while
the rate to Havre, Bordeaux, Antwerp and Rotterdam is
$1 25 per 100 pounds, or 65 cents per cubic foot, against the
old charge of $66 a ton. To Marseilles, Cette, Genoa and
Naples the new rate is $1 60 per 100 pounds,.or 85 cents per
South Atlantic ports to United Kingdom, $1 07% Per 100 pounds or
lbs.)
54 cents per cubic foot. (The war rate, it is *voted, was $2 95 per 100
Rotterdam, Antwerp, Havre and Bordeaux. $1 35. or 70 cents.
Genoa and Naples, $1 72, or 91 cents.
Marseilles, Cette,
Gulf ports to United Kingdom,$1 15, or 57%. (The rate had previously
been $3 20.)
Havre, Bordeaux, Rotterdam and Antwerp, $1 45, or 75 cents.
Marseilles, Cette, Genoa and Naples, $1 85, or 98 cents.
It was announced that the fixed rate from Gulf ports to
the United Kingdom would be reduced 15 cents per 100
pounds on starch, spelter, sulphur, steel billets, lead billets
and canned goods to Liverpool; a flat rate of $1 per 100
pounds was fixed on these commodities. The following
is the Board's announcement:
Rates of Freight from United States South Atlantic Ports to Europe.
Cubic Foot.
100 Pounds,
$0.54
$1.07%
United Kingdom
.70
1.35
Holland (Rotterdam)
.70
1.35
Belgium (Antwerp)
France
.70
' 1.35
Havre
.70
1.35
Bordeaux
.91
1.70
Marseilles
.91
1.72
Cette
Italy
.91
1.72
Genoa
.91
1.72
Naples
Homeward Rates from Above Ports to South Atlantic Ports.
Commodity rates for homeward cargo will bo established and quoted
upon application.
Above rates per 100 pounds or per cubic foot at ship's option.
Above rates apply on pieces or packages weighing up to 4,480 pounds
each.
For pieces or packages in excess of 4,480 pounds each, customary heavy
lift scale to be added.
Rates of Freight from United States Gulf Ports to Europe.
On all Cargo, except as below, and Cotton.
Cubic Foot.
100 Pounds.
$0.5734
$1.15
United Kingdom
.75
1.45
Holland (Rotterdam)
.75
1.45
Belgium (Antwerp)
France
.75
1.45
Havre
.75
1.45
Bordeaux
.98
1.85
Marseilles
.98
1.85
Cette
Italy
.98
1.85
Genoa
.98
1.85
Naples
-Starch, spelter, sulphur, steel billets, lead billets, and
Exceptions
canned goods.
United Kingdom-Liverpool, $1.
Homeward Rates from Above Ports to Gulf Ports.
Commodity rates for homeward cargo will be established and quoted
upon application.
Above rates apply on pieces or packages weighing up to 4,480 pounds
each. For pieces or package in excess of 4,480 pounds each, customary
heavy lift scale to be added.
Corrections to the Reductions for Shipments from North Atlantic
Ports to the United Kingdom.
The rate on cotton waste from these ports. It is announced, is $3 50 per
100 pounds, and that on tanning extracts. Si per 100 pounds. The rate
on whisky in cases is put at 50 cents per cubic foot.
FEB. 1 1919.]
THE CHRONICLE
433
The present week's reductions by the United States
It had been decided some time ago to take this
step just
Shipping Board follow cuts of 25 to 30% previously made inevitable cut in the British rates was decided upon. When as soon as the
the announce(Jan.3)in freight rates from Altantic ports to South America, ment was made Mr. Rossiter, Director of Operations at Washington, at
once took the necessary formal steps and then sent
out notice of the Board's
Asia, Japan, Australia, and Africa, effective for January action.
and February loadings. J. II. Rossiter, director of operThe "Journal of Commerce" of the 29th quoted
Mr.
ations of the Shipping Board,in announcing these reductions, Clegg as saying:
I would like to make clear to steamship companies,
stated that the new rates had been authorized in order that
operators and others
that
the substantial amount of tonnage under the Shipping interested applythe reduced rates announced yesterday are Shipping Board
rates and
on Shipping Board steamers only. Steamship companies
Board which had been made available for commercial operating as agents for the Board must charge on
any Shipping
trades could serve its greatest possible usefulness to American steamer the Shipping Board rates, and have no discretion to apply onBoard
cargo
exporters. The new rates, as announced on the 3rd, were: for such steamers either lower or higher figures.
Steamship agents or operators loading other than
Shipping
South American
rates per ton $22 50 to North Brazil, from Para
to
Pernambuco;$25 to Middle Brazil, from Maceio to Santos;$30
to Southern
Brazil, from Pelotas to Porto Alegre; other South American
points. $25
to Montevideo and Buenos Ayres; $27 50 to La Plata, and $30 to
Rosario,
Bahia Blanca and Port Madrya. Argentine. with a special
unannounced
rate for Punta Arenas.
The rates to Japan and China were $45; Manila. $40; Singapore
and
Saigon, $45; l'enang. Bangkok and Port Swettenham, $52 50; Calcutta
and Colombo, $45; Boznba, Ragoon and Madras. $50; and South
East
Indies, $60.
For Brit
-bane, Sydney and Melbourne, Australia, $40; with the same
tariff for New Zealand main ports, and $45 for Freemantle and Adelaide.
The tariff to South African ports was fixed at $35, and to West
African
ports, $25.
The following special rate quotations of the Shipping
Board were published in the "Official Bulletin" of Jan. 23:
Cotton, high density, United States Gulf ports to Ghent,
Belgium,$5 10
per 100 pounds.
Rosin, United States Atlantic to United Kingdom,$2 80 per 100
pounds.
Rosin, United States Gulf to Liverpool, $2 80 per 100 pounds.
Pine tar, United States Atlantic to Liverpool, $3 per 100 pounds on
such limited quantities as are considered good cargo.)
Turpentine, United States Atlantic to Liverpool, $3
per 100 pounds
(in such limited quantities as are considered good cargo.)
Coal (bituminous), United States Gulf to Chile, $16 50 per gross ton
(in lots not less than 3,000 tons.)
Phosphate rock, Fernandina, Fla., to Antwerp, Belgium, $40 gross
ton.
Phosphate rock, Fernandina. Fla., to Ghent, Belgium (with option
for
Ghent at additional rate.)
Coal, Hampton Roads, Va., to Hawaiian Islands, $20 ton (subject
to
$00 tons daily discharge.)
Divi DWI (tanning extracts), Cumcoa to New York, $30 long ton.
Oil, cocoanut (in bulk), North Atlantic ports to Antwerp, Belgium,
$50 long ton, bulk (one or two cargoes for Dutch tankers.)
Oil, cocoanut (in bulk), North Atlantic ports to Rotterdam, Holland.
$50 long ton, bulk (one or two cargoes for Dutch tankers.)
The United States Shipping Board issues the following suggested special
rate quotation for the Food Administration on account of the British
Government:
"Barley Pacific coast ports to United Kingdom, $52 50 short
ton, rate
subject to our being able to supply tonnage."
Board
steamers are permitted to secure any rate that market
conditions make
Possible, and in securing cargoes may either cut the Shipping
Board rate
or, on the other hand, charge higher figures.
In effect a free market has been established in
the following trades:
United Kingdom, France, Italy and India. As far as other
trades are
concerned, the restriction of the Chartering Committee that
Shipping
Board rates are to be maintained and not exceeded, is for
the present still
in effect.
Undoubtedly in the trades where the Shipping Board has a prepondera
nce
of tonnage its low rate policy must automatically be
followed by other
operators in that particular trade.
In the trades where the Shipping Board has only a
small portion of the
tonnage the establishing of low Shipping Board rates may not,
in effect,
hold the market, but it is not expected that the rates in
such trades will
get to unreasonable figures, and it is a question only of a
short period of
time before the constant adding of Shipping Board steamers
to the various
trades will insure to the American exporter the low rates and
excellent
facilities which is the Board's avowed policy to make
available to the
country's needs.
The following was credited to Bainbridge Colby, Shipping
Board Commissioner, in a Washington dispatch, printed
in the New York "Commercial" of yesterday (Jan. 31):
It, was inevitable that shipping rates had to come down,
but we had
hoped by discussions with the British Government to bring
them down a
in a normal manner so as not to dislocate markets
and bring about unnecessary and undesirable nervousness and flurry.
Since, however, it appears that Betish shipowners consider
this the
psychological moment to launch a big drive for their own purposes,
we are
determined to meet any cuts in rates they may make and, in
some cases, to
do a little better.
If British shipowners consider it to their advantage
to reduce rates to
such an extent that in many cases ships may have to be
operated at a loss
we can stand it as long as they can. We are going
to trot right alongside
the other fellow.
There is one man who won't lose anything, at any rate. You'll
find that
Is always the case—somebody wins. In this case
it is the shipper. The
slashed rates are most certainly a benefit to him.
In denying reports that the British Ministry had been
responsible for the cut in British freight rates William Boyd,
Deputy Director-General of the British Ministry of ShipFurther cuts in shipping rates to African and Australasian
ping, made this statement to-day at the Ministry's office,
ports made yesterday (Jan. 31) by British lines were met
165 Broadway, according to "Financial America" of Jan 29:
at once by the United States Shipping Board. Its division
The report in a number of newspapers
British
operations announced reductions on freight carried by ping has announced a reduction in oceanthat theis quite Ministry of Shipof
freight
erroneous.
The British Government does not concern itself with commercial
American vessels to Africa, Australia, New Zealand and
freight
rates in any direction. These are made by the steamer owners
and the
the Far East, declaring the action was taken to meet the reduction announced yesterday was
determined upon and announced
cuts proposed by British concerns. The American out by the Trans-Atlantic Conference Lines.
During the course of the war the British Government requisition
rates are to take effect to-day (Feb. 1).
ed 100%
of British tonnage in
Those announced by the British firms amounted to 42 keeping between the the trans-Atlantic trade and for the purpose of bookvarious supply departments, the Ministry of Shipand 43% and make a total reduction in British shipping ping controlling this tonnage fixed rates which applied on the Government
rates of pro-armistice days of about 60 and 66%. The cargo shipped in these requisitioned steamers. After the armistice was
signed, some trans
announcement was made by Funch, Edyo & Co., Inc., lines as free space -Atlantic space was released by the Government to the
for commercial cargo shipments and for this space the
who represent in this city the British South African Lines, lines are free to make their own rate.
It is these rates only which have now been reduced by the
the Commonwealth and Dominion Line, Ltd., and the cerned.
lines conCunard Line Australasian service. The new South African
The announcements further above of the Shipping Board
prices quoted are: To Cape Town, $20 a ton for iron and regarding cuts in
rates were preceded by the following, consteel and $27 a ton for general cargo, all rates a ton of forty tained in a telegram
received on Jan. 10 from J. H. Rossi
cubic feet or 2,240 pounds, ship's option, freight prepaid. ter, Director of Operatio
Clegg:
To the following ports a 60-cent differential is added in the The Division of Operations ns of the Board, by Mr. rates for all
is prepared to name freight
order in which they appear: Algoa Bay, East London, overseas trades, both outward and homeward; also through rates from
foreign markets via United States, or direct to all world's markets in cargo
Port Natal, Delagoa Bay and Beira. Beira shipments are or parcel lots; also will make forward quotations
over
year when
also subject to an additional 30 cents a ship's ton landing circumstances warrant; all with the purpose of giving the entire and facility
every aid
to American commerce and industry consistent with national interest.
charge.
At the time of the receipt of these advices the "Tribune"
To Australasian poits the new rates are $15 a ton, naked
weight; $18 a ton, packed weight; $25 a ton, rough general in its issue of Jan. 12 quoted Mr. Clegg to the following
effect:
cargo, and $30 a ton, fine general cargo, all rates a ton of
It is very evident from Mr. Rossiter's telegram that his
2,240 pounds, with ship's option of forty oubic foot ton on courage future business for manufacturers and exporters and idea is to enprotect them
where their business requires a future commitment in the way of
the latter two.
a freight
rate, even though the cargo on which the rate will apply will not
move for
In announcing the new prices, R. H. Goodwin, treasurer several months ahead.
of the company, stated the reductions are in no sense being
The "Tribune" added:
Asked to explain that part of the telegram which is worded
made to create friction with the United States Shipping
"also will
make forward quotation over the entire year when circumstan
Board, but in order to restore shipping to a business basis. rant.,"
ces warMr. Clegg observed: "I take his wording to moan that he
very
Shippers in general, he said, know prices must come down naturally wishes to fit such a considerable departure from
present methods
and have been holding up shipments until the break. These into the general shipping situation, as far as American tonnage is conreductions, he stated, are expected to stimulate commercial cerned and ad far as consistently can be done."
"lie evidently believes," continued Mr. Clegg, "that he can afford
trade between this country and the British colonies, and tection to shippers desiring to send cargoes from one point to another, proeven
though the port of origin and destination have a wide divergence
meet the requirements of the American exporter.
and such
ports may not have been or be entitled to regular line service."
Reductions in Far East rates will be announced shortly,
Discussing the attitude that American business probably will adopt
in
it was stated.
its efforts for world trade expansion. Mr. Clegg was of the
opinion that
while no concerted drive for expansion would be made, each interest
With regard to the cuts in rates this week, A. E. Clegg,
would
for itself.
Assistant Director of Operations and head of the New York look out be gradual lie also was Of the belief that any drive for trade would
have to
and slow in the beginning.
office of the Shipping Board, was quoted in the New York
Mr. Clegg also suggested that American business would meet strong
competition at the hands of the business interests of other countries.
"Tribune" of Jan. 28 as saying:
especially England.
434
THE CHRONICLE
Press advices from San Francisco on Jan. 14 stated that
the cut in trans-Pacific freight rates ordered by the Shipping Board on Government vessels operating between Pacific ports and the Orient would not affect rates of eight
concerns operating under British, Japanese and other foreign flags, according to Drew Chidester, Vice-President and
manager of the Transoceanic Company. It was added that
the decision to maintain the present rates of $40 and 45
a ton for measurements and deadweight freight respectively
was made at a meeting of representatives of all the concerns
operating vessels not under control of the Shipping Board.
N. A. SMYTH ON CONCERN OCCASIONED BY UNEMPLOYMENT—GOVERNMENT AGENCY NEEDED
TO HANDLE PROBLEM OF READJUSTMENT.
The declaration that unemployment throughout the
country is developing with such rapidity as to warrant
serious concern was made by Nathan A. Smyth, Assistant
Director-General of the United States Employment Service,
before the American Academy of Political and Social Science
in Philadelphia on Jan. 24. The failure "to study the
situation as a whole, to watch changing conditions, to
consult industrial leaders, to suggest and to see to the
applications of remedies" is criticised by Mr. Smyth, who
adds that "the Federal Government which but yesterday
was running everything, is to-day pretty nearly refusing
to have anything to do with anything." Mr. Smyth asserts
that "we don't need any general plan for reconstruction,"
but that we do need some Governmental agency from which
constructive plans can emanate as the processes of readjustment move on. We quote in part what he had to say below:
this mess and paying the sums due is adding to unemployment and the
dangers of social unrest.
In almost every industry something is hanging fire. In many cases
there is a cause which might to some extent be remedied. The trouble is
we aren't even trying. It is no one's business, as things stand to-day, to
study the situation as a whole, to watch changing conditions, to consult
industrial leaders, to suggest and see to the application of remedies.
The Federal Government, which but yesterday was running everything
is to-day pretty nearly refusing to have anything to do with anything.
Our venture in laissez faire readjustment is already on the rocks. We
don't need any general plan for reconstruction. What we do need is some
Governmental agency, some administrative board or commission composed
of a few men of the highest ability and standing, and with as much power
as can be conferred upon it, whose business it is to watch and know what
is going on, to which suggestions can be made, from which constructive
plans can emanate as the processes of readjustment move on, by which
the various activities of Federal agencies can be co-ordinated, so that
whatever can be done will be done and done all together. In the absence
of the President, such a readjustment commission might be created by
the Council of National Defense, or by the Cabinet, or by Congress.
Unless it is established somehow, we shall continue to stagger in blindly
and without leadership until we find ourselves in a slough of despond,
surrounded by unemployment, misery and social unrest. We are simply
trusting to luck in facing the pressing problems of the hour. Luck is not
with us yet. Luck may turn. Those of us who are optimists still believe
It will turn. None the less the time has come, when the nation should
demand from its Government clear visioned and firm leadership to guide
us along the difficult paths of readjustment.
Based upon the weekly reports received by the United States Employment
Service from its Community Labor Boards in 124 industrial centres has
been drawn a sort of barometric chart of labor conditions. There are
unmistakable indications of an impending storm of extreme severity.
On Dec. 3 only eleven cities reported any surplus of labor, the aggregate
surplus being less than 12,000. From week to week and with remarkable
regularity of increase, unemployment has spread until on Jan. 21 fifty-five
cities reported a total unemployment of 211.000. Only sixteen cities
continue to report a shortage of labor as against thirty-one on Dec. 10.
These shortages total only about 14,000, of which about one-half represents
a demand for mine labor in Pittsburgh and Scranton.
Reports from the 750 United States Employment Service officers throughoUt the country which, for the week ending Nov. 9 showed about 380,000
positions open and 150,000 applicants for jobs, now show that the margin
has almost entirely disappeared. Certain kinds of laborers, it is true, are
everywhere still id large demand. Boilermakers and shipworkers, for
example, are needed in excess of the supply in 14 States. On the other
hand, surpluses of applicants for work in the building trades are reported
from 22 States; for common labor in 20 States; for clerical positions in 38
States. Generally speaking, the Southeastern States still can absorb labor;
the Pacific, North Middle and Eastern States show unemployment. In
a few places such unemployment has reached unprecedented proportions.
The alarming thing is not so much the present situation as the steady,
persistent and rapid trend. A chart of tne changing situation makes it
clear that if the steady development of the past eight weeks goes on unchecked we shall, before the winter is over, roach a situation fraught with
grave peril.
Little, if anything, in the internal affairs of the country is at present
of equal importance with the question of whether the present tendencies
toward unemployment are to go on or whether in some way they can be
checked.
Certain remedies are available. If we are to avoid a flare up of Bolshevism we must at once apply them.
The first thing to do is to cease adding to the surplus of unemployment.
Every day the army is pouring into our large cities discharged soldiers who
do not belong there, who cannot find jobs, who become a menace to industrial quiet. Misinterpreting the public demands for rapid demobilization, uttered through the newspapers by public men, and in Congress,
we have discharged soldiers at a mad speed without the slightest reference
to industrial needs or social safety.
What the country wants is not an indiscriminate immediate discharge
of all soldiers, it wants more speed in getting out those who have positions
awaiting them. The time has come when, as we value social peace the
brakes must be put on and methods changed. Already the army is taking
steps to meet the situation. An order has just been issued whereunder a
soldier in a unit marked for discharge,.who has no employment awaiting
him, may on his own written request stay in the army until he wishes to
get out. Army authorities and the United States Employment Service
have at once started to unite efforts in urging soldiers to postpone accepting
discharge until they find something to do. Over 2,500 bureaus for returning soldiers, scattered throughout the country are available to help them
find jobs.
But this mere permission to remain in the army is not enough. The
yearning for freedom from military restraints, for the attractions of the
great cities, is too strong. The discharge of men who have no jobs to go
top should stop entirely until the crisis is past. On the other hand, all
speed should be attained in releasing those who have jobs which they
agree to take. Furloughs might be granted to give opportunities to hunt
up positions. The situation is one of immediate and vital national concern. not merely affecting the soldier as an individual.
Even more important is the stimulation of industry. Projects for
public works and the like whicn will prove of great value when they once
get under way, are hanging fire and cannot, in any event, be in time to
meet the present crisis. The danger period is the next two months.
What is to be done must be done at once.
To-day the Federal Government is not only failing to take effective
steps to stimulate, it is actively and to a dangerous degree, retarding
Industrial development. Manufacturers who normally employ thousands
upon thousands of men are prevented from getting on to a sound peace
because millions of dollars rightfully corning to them are tied up in
the failure to validate army contracts. Every day's delay in untangling
[VOL. 108.
ORDER OF WAR DEPARTMENT PERMITTING SOLDIERS TO REMAIN IN ARMY UNTIL THEY
FIND CIVIL EMPLOYMENT.
The increasing number of unemployed has caused the
issuance of an order by the War Department directing that
no man be discharged from the Army against his desire
until such time as he can find employment in civil life. The
following is the announcement made by the War Department:
CIRCULAR NO. 34.
WAR DEPARTMENT4
Washington, Jan. 23 1919.
In connection with Circular No. 23, War Department, 1919, commanding officers will take steps to insure that every enlisted man in their
command understands thoroughly that the War Department does not
desire to discharge any soldier who can not secure civil employment. It
will be made clear to arery soldier that in place of being discharged as he
would be normally under orders for demobilization, he may remain in the
military service upon his own written request until such time as he can
secure employment. The fact that he requests to remain in the Army
temporarily does not in any way operate to compel him to remain in the
service for a long period of time against his will. Any man who would
normally have been discharged had he not expressed his desire in writing
to remain in the service, may thereafter be discharged from the service at
his own request whenever he thinks he may secure employment. All men
who are retained temporarily under this authority will be attached to the
most convenient unit and where their services will be most useful.
By order of the Secretary of. War:
PEYTON C. MAROH,
General, Chief of Staff.
Official:
P. C. HARRIS,
The Adjutant General.
STATE ADVISORY BOARD URGES RETURN OF SOL!
DIERS TO HOMES.
The State Advisory Board of the United States Employment Service, composed of leading employers and labor representatives and headed by Henry Bruere, former Federal
Director of Employment for the State, passed a resolution
on Jan. 25 urging the Secretary of War to revise the present
methods of demobilization, which, the resolution stated, was
rapidly developing a condition of congestion and unemployment in the large cities. The resolution read:
The State Advisory Board of the U. S. Employment Service in New
York State begs to inform the Secretary of War that it is its solemn judgment that the present method of demobilization, which fails to return the
men to their places of enlistment, is rapidly developing a condition of con.
gestion and unemployment in the large cities, to which they are coming
from demobilization points irrespective of previous residence in the vain
hope of finding work. We urge that the present practice be immediately
revised.
At the same time the Board registered its approval of the
efforts of the army and navy to bring men into contact with
the service and invited the two branches of the military
service to send representatives to the United Council for Reemployment, which co-ordinates the reconstruction work of
the war welfare organizations, to arrange for closer cooperation. It also invited the National Civic Federation
to co-operate with it in its program for placing discharged
soldiers, sailors and war workers in permanent employment. Employers throughout the State having former employees in the service are asked to get in touch at once with
these employees, assuring them of re-employment on their
return, and the Chambers of Commerce in the State were
requested to united in an effort to encourage such action
among employers. The matter of the difficulty of securing
the release from the army and navy of individual men needed
in industry was taken up and a resolution passed embodying
the opinion of the Board that the War Department should
FEB. 1 1919.]
THE CHRONICLE
make every effort to release promptly men who will serve
to stimulate b s ness activity or who have positions awaiting
them in specific industries.
435
The Department of Agriculture is taking steps
to accomplish part of
that purpose in the matter of road improvement,
highway improvements,
on the theory Congress has acted on in the past,
that for military purposes
and for postal routes, roads are necessary all over
the country. Where men
are employed in road building they do not
have to be taken from their
own home communities to engage in the work.
The Department of Agriculture, therefore, has asked, or is about to
ask, for an increased appropriation which will enable it, in co-operation
with the respective States, to
engage in a nation-wide project of road building
that will absorb, if need be,
some of these workers temporarily, until industr
y resumes its natural
course.
During the period of the war, by virtue of
the shortage of workmen,
there has-been little or no municipal activity
in building operations, in
park extensions, in sewage extension, waterwo
rks, or any other of the
public utilities. They have been delayed
and postponed because of the
shortage of manpower and because of the inabilit
y to finance. We are
suggesting, through the Department of Labor,
to the various municipalities throughout the country, the advisability
of their resuming these activities at as early a date as possible.
Whenever it is possible to utilize public means, whereve
r it is possible
to undertake public work, or things that are valuabl
e for peace-time purposes, it should be undertaken as promptly as possible
. It may not be
needed, but it ought to be provided so that it can be utilized
if it is needed.
Personally, I am 'opposed to the creation of work solely
for the purpose
of giving employment to somebody. I look upon
that as being so much
waste; wasted intellligence, wasted energy, and
waste of material. But
the same argument can not be made against employi
ng labor for useful
purposes, and this should always be borne in mind,
that if you have millions
of men out of employment and by virtue of their being
out of employment
unable to supply food and clothing and shelter
for their families, they
are going to insist upon the opportunity of earning
a livelihood.
I am not one of those who take the ground that country
a
or a government owes every man a living. But all governm
ents, all organized societY.
Is man-created, and consequently, more or
less artificial because of the
restrictions that must of necessity be imposed for
the purpose of enabling
us to live in harmony with each other. And
because of those restrictions.
men have not always the opportunity of working
for themselves, and I
am one of those who believe that all good governm
ents will see to it that
every man has the opportunity to earn a living.
In other words, the
government does not owe him a living, but it owes
him the opportunity
to earn a living.
DISCHARGED OFFICERS OBTAIN POSITIONS
THROUGH FEDERAL AGENCY.
The Professional Division of the United States Employment Service, at 16 East 42d St., announced on Jan. 24 that
its registrations for the months ending Jan. 23 numbered
2,244, nearly all officers and men discharged from the military service. During this period the applications from
employers for Men of this calibre numbered 1,550. It
was
stated that the Bureau was now registering about 100 officer
s
and men daily who are qualified for professional, executive
or highly technical positions. Opportunities are opening up
for them at about the same rate, but naturally not all of
them are of a character fitted to the qualifications of
the
registrants. The average salary commanded by those
placed
has been over $3,000. Among them have been a number of
civil, electrical and mechanical engineers, sales manag
ers,
office executives, certified public accountants, agricu
lturalists, bankers, publicity men, and one doctor. Since
the
Professional Divisionlhandles only men able to
command
good salaries, the rate of placement is considerably
slower
than that of the general offices of the Employment
Service.
The employer generally hesitates for a week or so
before
engaging men of this character, weighing the
qualifications
of various applicants and making sure that the man
chosen
is fitted to the position before taking him on perman
ently. For
this reason it is impossible to give definite figure
s on the
actual number of placements at present. The
Professional
Division has been running in its present form
SECRETARY WILSON WARNS AGAINST ATTEMPTS
for about
six weeks.
TO FORCE DOWN WAGES.
Appealing to American business men to get their
organizations going and keep them going during the readju
WAGES NOT TO FALL, SAYS SECRETARY
stment
WILSON, period, Secretary
PREDICTING EARLY RESUMPTION
of Labor William B. Wilson., speaking beOF PEACEfore the Lawyers' Club in New York on Jan. 25, predic
TIME ACTIVITIES.
ted
that any attempt unduly to force down wages would result
That the normal demand for peace-time produc
tion will in a social -upheaval in this countr
y. The following from
be so great, after the readjustment from war
conditions, Secretary Wilson's address appear
that there will be no possibility of forcing lower
ed in the New York
rates for "Times" of Jan. 26:
wages, was asserted by Secretary of Labor
Wilson in a stateThe principal reason for our entering the
ment appearing in the "Official Bulletin" for
war was for the
Jan. 25. The of our institutions, so that we might have the opportunity of maintenance
working out
Secretary declared further that the manufacturer
our own destinies without the interfer
ence of the mailed fist of the Kaiser.
who failed Many of the workers
of the country thought that the war was a
to build up his organization in the interim would be
capital_
handi- istic war, and it was our duty to point out that whateve
capped afterward, through lack of working forces
r defects there
in his were, we have the most perfect democracy established on the face of the
factory. In an address before the Lawyers' Club
globe.
in
We now have to turn our attention
Saturday, Jan. 25, the Secretary further predic this city
to the problem of
ted that by There has been a great deal of hysterical talk about that. reconstruction
It is the same
spring industry would be in full swing, saying:
kind of an atmosphere as we experienced
when we entered the war. It
The supply of
labor is not as ample as it is thought
to be. The war
caused an enormous shortage that cannot possibly
be filled within a year.
For four years it has cut off almost completely
the hundreds of thousands
of immigrants who annually swell our labor supply.
It took 500,000 men
from other industries and placed them in the
shipbuilding industries,
where most of them will probably stay for some
time to come. It took
4,000,000 more from industry and put them
under arms. Certainly
1,000,000 of those will stay under arms for another
year.
Stocks are depleted. Workers and farmers have
surplus, part of which they will undoubtedly spend been accumulating a
in improvements upon
their houses and farms. The great South
American markets, a legitimate
portion of whose trade the United States may
expect to obtain, are waiting
for industry to supply their needs. France and
Belgium and later Russia
and the Central Powers will be forced to come
into our markets for vast
quantities of supplies, as will the great
neutrals of the north, shut off
for four years from buying in America the
goods they cannot do without
permanently.
Confidence is all we need to insure prosperi
ty. If business men will get
their businesses going and we tide ourselves
carefully over this brief period
of readjustment, this country is going to know a
prosperity as great as
any she ever enjoyed.
The Secretary's statement as given in the
"Official Bulletin" read as follows:
I am of the opinion that from the time we
restore ourselves to our normal
post-war activities the demand for peace-time
production will be so great
that there will not be the remotest possibility of
securing any reduction in
the wage rates from their present basis. I
feel, further, that the manufacturer who fails to take into consideration
the prospects of the future.
and who, in a hope of securing a cheaper labor
or cheaper raw material,
does not build up his organization and maintain it
during the possibly brief
period of readjustment, will be handicapped in
securing his share of the
business afterwards, because he will be handica
pped through lack of
working forces in his factory.
It therefore seems to mo that the situation
resolves itself into taking
care of the possible problem in the interim between
our ceasing war activities and the time when we have assumed our natural
post war activities.
With the attitude of mind that I have expressed
as existing on the part
of some manufacturers relative to waiting for
a lowering in the price of
raw material and the price of labor, it may be
that the restoration of industry will not take place as rapidly as the
We are not sure of that. There ought to be demobilization takes place.
provision made for a reservoir that would absorb the demobilized workers
and the demobilized soldiers—not in doing the things which there is
no need to have done, but
in doing the things that ought to be done,
that are valuable for peacetime purposes—a reservoir that will take care
of them for the brief period
between their dismissal from the army or
their dismissal from the war
industries until they can be reabsorbed into the
natural post war Industri
activities.
was said then that we would not be able
to organize quickly enough, that
we would not be able to train, equip,
transport and maintain an army of
sufficient magnitude to meet the military
necessity, but it was this same
army of boys that the people said we could
not train and equip who,when
the Hun broke through the battle lino
to a point within thirty miles of
Paris, stepped in and hurled the German
army back toward Berlin.
The same spirit that dominated the
American people during the war
must thrill them during the period
of reconstruction. We now face the
demobilization of our war industries,
and their work and the readjustment to a post-war basis. If every
man would realize that he should get
going, get established on the same basis as
before the war, this problem
Would be simplified. Many think this
unwise because of present war
prices, the costs of materials, and the cost
of labor, and that the thing to
do is to wait until prices go down.
That would be unwise. My vision
of the situation is that there will not be
more than a four or six mantas'
interval between the signing of the armisti
ce and getting into the post-war
swing.
My reasons for this are that in all linos
of industry there has been a depletion of stocks. Shelves are empty and
have to be filled to a normal
business weight, and the supply of labor
is not ample, as some are prone
to think.
There is a shortage of 3,200,000 laborers
and there is not only a possibility of a shortage of labor, but a possibil
ity of an increased demand for
labor. If we tide ourselves over the
readjustment period, I feel that there
will be eight to ten years of great industri
al activity in this country.
If there is any attempt to force down
wages unduly, it will be met with
a resistance of sufficient strength and
duration to frustrate it, and in this
connection I want to say that if we
have any great period of industrial
unrest, there is no one who can tell
where the resultant social upheaval
will leave us. We may have a revoluti
on such as the French Revolution or we may have the Russian
Bolshevism.
That is hard to tell. but if the principle
of accepting the will of the majority is not taken, the condition that brought
about our war with Germany will continue to exist—that conditi
on is autocracy. Democracies
are slow to remedy evils within them.
It was the idea of the German
Emperor that power was supreme. My,
appeal to you is, get your business going and keep it going.
WAGES AND PRICES TO GO HIGHER, PRED
ICTION
OF UNITED STATES EMPLOYMENT DIREC
TOR.
In a hearing before the House Committee
on Immigration on Jan. 14, in connection with the propos restric
ed
tion
on immigration, John B. Densmore, Director of
the U. S.
Employment Service, predicted that costs of labor
and manufactured goods would continue to advance in
the future,
rather than decline. Members of the commi
ttee expressed
436
THE CHRONICLE
[VOL. 108.
counsurprise at his assertion and referred to slumps after wars unemployment as there was on the two previous occasions when this much
try was confronted with similar conditions, there will be ten times as
In the past, but Mr. Densmore said that all calculations disorder. The nation is confronted with an emergency, an emergency
would have to be revised for this war. Mr. Densmore said which threatens with suffering and hardship those people who have sacpeople are entitled to aid in recuperathat he believed that factories and industries would be able rificed themselves for it, and those they were entitled to the leadership of
tion from the war just as much as
run at full speed during the next few years. He said the Government in carrying on the war.
to
no difficulty has been experienced so far in providing emSeveral bills have been introduced in Congress designed
ployment for discharged soldiers, and continued:
to tide over the period of readjustment by 'providing work
During the war we never came within 1.000.000 common laborers of the on road-building and reclamation projects. The Senate
number we could have used. That does not take Into consideration
the Post Office
mechanics or other trained workers. This country is short about 4.000.000 Post Office Committee on*Jan..25 reported
immigrants, who would have come In during the past four years but for Appropriation bill with an amendment outlining a $275,the war. If they were needed before the war, they could have been used
000,000 road-building policy to give work,to returning solduring the war. When you figure the number of people who left the
United States during the war you have another loss. Then at least 1.500.- diers, sailors and marines. Senator Jones of Washington
000 will remain In the army during the next year. In some cities we find introduced a bill appropriating $50,000,000 for land-reclamathat as many as 80% of the foreign population would like to return to
tion to provide jobs for the unemployed. Senator Kenyon
Europe as soon as possible.
of Iowa announced that the Education and Labor Combill creating a public works
UNEMPLOYMENT BECOMING A SERIOUS PROBLEM. mittee would shortly take up his
works wherever there is a
of Labor commission to stimulate public
Notwithstanding the prediction of Secretary
surplus of labor, while Representative Flood of Virginia inWilson and others that industrial conditions would quickly
troduced a bill authorizing expenditure of $200,000,000 for
adjust themselves to peace conditions, and that there would
given honorably discharged
there rural post roads, preference to be
soon be a shortage of labor rather than a surplus,
soldiers and sailors in construction work.
seems no doubt that at the present time unemployment is a
Two measures were also introduced which would give
serious problem and is growing more so day by day. Official
in the civil service.
by the preference to former service men
announcement was made to this effect on Jan. 25
Department of Labor, which (as noted in an article above)
77TH DIVISION IN ACTION 153 DAYS.
stated that the unemployment situation in many parts of
That the 77th Division (New York City drafted men)
the country was "becoming serious." Similar testimony
clays, during
is given by other agencies having to do with placing men in was in action almost continuously for 153
are advanced for the conditions which they had only fifteen days' rest, was among the
industry. Various reasons
S. Greene of the 302c1
existing, chief among which, of course, are the cancellation statements made by Major Frederick
of the regimental
of war orders and the general displacement of industry caused Engineers, speaking before the members
of the war. Figures compiled association on Jan. 26. Major Greene asserted that the
by the sudden termination
Forest virtually
by the United States Employment Service and made public 77th Division went through the Argonne
National Army
on Jan. 27 showed that since the armistice was signed 117,824 unaided, and was easily superior to all other
units. Major Greene's remarks were quoted as follows in
persons engaged in war industries in New York State alone
had been thrown out of employment because of cancellation the "Times" of Jan. 27:
Major Frederick S. Greene of the 302d Engineers told the members of
of war contracts. Demobilization, which is proceeding at the regimental association at their meeting in the Engineering Societies'
the rate of 20,000 to 30,000 men a day, is adding its quota Building yesterday that he did not believe this city realized yet thai. Its
National
was easily the finest
to the unemployed. But there are other factors to be taken 77th DivisionHe said there might of all the argument Army divisions sent
about the relative
be some
to France.
into account, such as the rapid decline in the prices of cer- merits of the National Guard and regular Army divisions, but none about
tain raw materials, which has caused buyers of manufac- the National Army units, because the 77th was far superior to all others.
to emphasize, Major Greene said, was that it
One of the
tured goods to hold off in the hope that still lower prices was the 77th facts he wishedwent through the Argonne Forest, and he inDivision that
would be reached. As illustrating this tendency, a recent dicated the division's sector lines on an official map to show that it had
carried out the campaign virtually unaided. The division remained on
statement issued by the American Woolen Co. said:
The worsted mills In Lawrence are running on short time due to the fact
that all Government work has been canceled and market conditions are
such that manufacturers cannot get orders for their regular line of business. The most important reason for this is that wool and other raw materials are failing In price every day. Wools that cost $1 02 per pound
on Nov. 30 can now be bought for 70 cents. The men who buy cloth
know this and will not buy until they think the lowest price of wool has
been reached. . . . If wool prices had not fallen rapidly since December. manufacturers would have made up some cloth for stock, hoping to
be able to sell these goods later when there Is a demand, but with falling
Wool prices this would only show a dead loss. As It Is. the mills or the
American Woolen Co. have made several thousand yards of cloth for
Which they have no orders, and these goods, when sold, will necessarily
show a loss to the company.
Still another factor in the present employment situation
pointed out by Dr. George Kirchwey, New York
State Director of the Federal Employment Service. Much
of the unemployment, Dr. Kirchwey said, is voluntary, due
to the desire of returning soldiers to better themselves instead
of going back to their old jobs. Speaking in New York
on Jan. 25, Dr. Kirchwey, as quoted in the "Times," said:
has been
It has been said that there is no real unemployment problem—that there
are as many Jobs as men. The Emergency Fleet Corporation, which
has a force of 400.000 men, will need 100.000 more during the coming
year. The Pennsylvania Railroad. for Instance, needs a great many
men, and the Government construction work at Hampton Roads will
require many more, but at best these instances are but very small drops
In the large bucket of unemployment. Much of this unemployment is
voluntary, as the men are not eager to come back to their old Jobs, or
even to jobs closely resembling the old ones, and the war workers who
have been thrown out of employment by the closing down of munition
plants are not anxious to go back to the old wages. So there are many
men walking the streets looking for better jobs.
1 have a keen sympathy for such men. The soldier boys who went
away have not returned. Instead, we have men who discovered in them
selves qualities which they did not Imagine they possessed, which perhaps
most of us possess. but of which the ordinary conditions of life do not make
us conscious. They have learned self-sacrifice and heroism and obedience. So they (I() not want to be offered the old desolating job. They
desire one which will give them the opportunity to. put to the test those
qualities. They will riot wait long enough to bring them to the point of
starvation. but the condition is serious because of the dissatisfaction and
Unrest It Involves.
The means which the Government has just taken to meet the situation,
that of allowing the soldier to remain In the army until he finds a Job.
Is likely to become to him a Greek gift. for I have yet to meet the soldier who could wait until the Government demobilized him. Ile Is not
a docile creature, and he wants what ho deserves. More than that, he
has before him the dangerously contagious example of some European
communities that have a direct way of going about getting what they
Want.
We are in no danger of what it has become the fashion to call Bolshevism.
do say that If we should get to the point where there was as much
active service almost continuously for 153 days. he said, with only about
fifteen days counted out for rest.. When the drive upon Sedan began,
Major Greene added, the 77th outran all the other divisions and was
about four days ahead of all others when, four days before the signing of
the armistice. It was ordered to halt a short distance from the stronghold.
In courtesy to the French the divisional lines were changed then and French
units entered the city, he said.
224,926 NEW YORK CITY MEN IN WAR.
According to figures made public on Jan. 25 by Martin
Conboy, Director of the Draft in this city, 224,926 New York
City men went into the service of the United States during
the war. Of this number 32,429 were men of draft age,
who enlisted before they were called in the first draft, while
47,369 other men voluntarily anticipated the draft by enlisting in some branch of the service; 145,128 men in all
were inducted into the service under the Selective Service
Law. Manhattan registered a total of 290,355 men, of
whom 26.5% were inducted into the service. Brooklyn
registered 211,384 and sent 30.1% into the army; the Bronx
registered 81,015 and inducted 28.8%; Queens, out of 45,130 registered, inducted 32.9%, while Richmond registered
11,043 and inducted 30.1%. The total registration for the
whole city, exclusive of the last or September draft, was
638,927. The September draft came so late that the preliminaries of classification had not been completed when
the armistice was signed, so the draft director did not include it in his comparisons. The number registered on that
day was 781,097, making New York City's total registri:tion
1,420,024.
Altogether the city had 189 draft boards and in the
whole city they registered an average of 3,381 men.
The Bronx had the highest average board registration, its
figure being 3,682. Manhattan was second with 3,541;
Brooklyn third, 3,203; Queens fourth, 3,009, and Richmond
last with only 2,761.
AMERICAN ARMY SECOND IN SIZE WHEN
ARMISTICE WAS SIGNED.
The United States had the second largest army on the
Western front when the armistice was signed, according
to a statement made by General Peyton C. March, Chief
FEB. 1 1919.]
THE CHRONICLE
437
of Staff, on Jan. 25. France stood first with 2,559,000 men selves of this fundamental right, and that they shall vote
the United States second with 1,950,000 men, and England upon the question whether inherent State powers and privithird with 1,718,003 men, including Portuguese. General leges and individual liberty shall be destroyed."
March in his statement said:
We now have fairly complete reports of the strength of the Allied forces
on the western front at the time of the armistice, and we find from these
reports that the United States force had passed the force of Great Britain
in strength, and was the second force in strength on Nov. 11. These
figures, which I am going to give you are the "ration strength," meaning
they include every man who had to be fed—combatant, non-combatant,
medical men, services of supply men. &c.
The French on Nov. 11 had 2.559.000; the United States on Nov. 11 had
1,950,000 on the western front; the British. including the Portuguese. who
were serving with them, 1,718.000: and the Belgian and Italian forces, on
the western front, amounting to about 200.000.
$750,000,000 APPROPRIATION SOUGHT BY DIRECTORGENERAL OF RAILROADS WALKER D. HINES
A $750,000,000 appropriation in addition to the original
$500,000,000 Revolving Fund, now practically exhausted,
has been asked for by Director-General of Railroads Walker
D. Hines in a letter addressed to Secretary of the Treasury
Glass under date ofJan.24. Mr.Hines states that in order to
settle in full the accounts of the Railroad Administration
for the calendar year 1918 it will be necessary to provide
ADDITIONAL STATES RATIFY NATIONAL PRO- in addition to the $500,000,000 fund previously made availHIBITION—OFFICIAL PROCLAMATION
able, the sum of $381,806,904, while the further sum of
ISSUED FROM WASHINGTON.
8368,193,096 will be needed in meeting the capital expenThe following States, on the dates mentioned, have ditures for 1919. Mr. Hines's letter was transmitted to the
ratified the national prohibition amendment in addition House by Secretary Glass as follows:
to the list of forty given in our issue of Jan. 18: New
TREASURY DEPARTMENT,
Mexico, Jan. 20; Nevada, Jan. 21; New York and VerWashington, Jan. 24 1919.
mont, Jan. 29. This makes a total altogether of forty- The Speaker of the House of Representatives.
Sir—I have the honor to transmit herewith for the consideration of Confour. Thirty-six States (the required three-fourths under gress copy of a communication from the Director-General of Railroads
of
the Federal Constitution) having certified their action at the 24th inst.. submitting a supplemental estimate of appropriation In the
sum of $750,000.000. required for the Federal control of transportation
Washington, the following proclamation was made by
systems, to be immediately available and to remain available until exActing Secretary of State Frank L. Polk on Jan. 29:
pended. over $550,000,000 of which is to be returned to the Government
To all to whom these presents shall come, greeting:
Know ye. That the Congress of the United States, at the second session
Sixty-fifth Congress begun at Washington on the third day of December
in the year one thousand nine hundered and seventeen, passed a resolution in the words and figures following, to wit:
Joint resolution, proposing an amendment to the Constitution of the
United States:
Rtsolred, By the Senate and House of Representatives of the United States
Of America in Congress Assembled (two-thirds of each House concurring
therein). That the following amendment to the Constitution be. and hereby
Is, proposed to the States, to become valid as a part of the Constitution
when ratified by the Legislatures of the several States as provided by the
Constitution:
Section 1. After one year from the ratification of this article the manufacture, sale or transportation of intoxicating liquors within, the importation thereof into, or the exportation thereof from the United States and
all territory subject to the jurisdiction thereof for beverage purposes is
hereby prohibited.
Sec. 2. The Congress and the several States shall have concurrent power
to enforce this article by appropriate legislation.
Sec. 3. This article shall be inoperative unless It shall have been ratified
as an amendment to the Constitution by the Legislatures of the several
States, as provided In the Constitution. within seven years from the date
of the submission hereof to the States by the Coin/rms.
And. further. That it appears from official do..uments on file In this
Department that the amendment to the Constitution or the United States
proposed as aforesaid has been ratified by the Legislatures of the States or
Alabama, Arizona. California. Colorado, Delaware, Florida, Georgia,
Idaho. Illinois, Indiana, Kansas, Kentucky. Louisiana, Maine, Maryland.
Massachusetts. Michigan. Minnesota. Mississippi, Montana, Nebraska,
New Hampshire. North Carolina. North Dakota, Ohio. Oklahoma, Oregon,
South Dakota. South Carolina. Texas, Utah, Virginia, Washington, West
Virtrinla. Wisconsin and Wyoming.
And. further. That the States whose Legislatures have RO ratified the
said proposed amendment constitute three-fourths of the whole number
of States in the United States;
Now. therefore, Be it known that I. Frank L. Polk, Acting Secretary
of State of the United States, by virtue and in pursuance of Section 9
05
of the Revised Statutes of the United States, do hereby certify that the
amendment aforesaid has bacome valid to all Intents and purposes as a
part of the Constitution of the United States.
In testimony whereof I have hereunto set my hand and caused the seal
Of the Department of State to be affixed.
*Done at the City of Washington this 29th day of January In the year
of our Lord one thousand nine hundred and nineteen. '
(Signed)
FRANK L. POLK,
Acting Secretary of State.
An executive committee of the Distillers' Association of
America contend, it is understood, that the above proclamation is not binding because of the forty-two States whose
Legislatures have acted on the amendment, the constitutions of twenty-two, the distillers claim, contain a referendum provision which expre4sly provides that no action of
the Legislatures becomes effective until ninety days after
adjournment. If during these ninety days, 5 or 6% of the
voters petition for a referendum, the action of the Legislature must be submitted to the people.
The committee also contends that of these twenty-two
States the Legislatures of fourteen are still in session "and
the 90 days in which to petition for a referendum have not
begun to run."
The fourteen States referred to are Arkansas, California,
Colorado, Idaho, Maine, Michigan, Missouri, Nebraska,
Nevada, New Mexico, Ohio, Oregon, Utah and Washington.
"The people in these fourteen States, under their constitutional referendum rights, are a part of the law-making
body," declared the distillers' statement. "Until the people have voted upon the proposition there has been and can
be no legislative action.
"This referendum is now a fundamental right of the
people. It is intended that the people shall avail them-
eventually.
The necessi'y for the appropriation and the reasons for the submission
of the estimate at this time are fully set forth in the letter of the DirectorGeneral of Railroads herewith. Respectfully.
CARTER GLASS, Secretary.
Letter of Mr. Nines.
DIRECTOR-GENERAL OF RAILROADS,
Washington, D. C., Jan. 24 1919.
My Dear Mr. Secretary: I have the honor to submit herewith a
supple'mentary estimate In the sum of $750.000.000. to be Immediately
available
and to remain available until expended, and to be added to and
considered
a part of the "Revolving Fund" provided for In Section 6 of the Act
approved March 21 1918. entitled: "An Act to provide for the
operation
of transportation systems while under Federal control, for the
just compensation of their owners, and for other purposes."
This additional sum would be expended In the same manner and
for the
same purpose and under the same conditions as the amount
appropriated
in the above mentioned section.
The necessity for this appropriation grows out of the following facts:
,When the Railroad Administration shall have settled its accounts
for the
year 1918, the result will be substantially as follows:
1. The Railroad Administration had cash on hand at the end
of the calendar year 1918
This represents approximately the working cash capital3247,100,000
partly in the Central Treasury at Washington, but principally in the hands of the Federal Treasurers of the Railroad Administration throughout the country. This reprosonts much less than one month's operating expenses, and
approximately this amount is necessary to enable the Railroad Administration and the various railroads under its
control to meet without delay their pay-rolls, vouchers and.
other cash requirements.
2. The Railroad Administration had on hand as of Dec. 31
1918 approximately the following additional current
assets:
Agents' and conductors' balances
$154,000,000
Advances temporarily made to railroad corporations on open account for which, in
effect, materials and supplies are held collateral
100.000.000
Total
$254.000.000
Less outstanding current liabilities
162.047.865
Balance
This not balance of these current assets will become again $94,952,135
available in cash at the end of Federal control, but pending
Federal control Is inevitably tied up as a part of the working cash capital of the Railroad Administration.
3. Loaned New York New Haven & Hartford Railroad Co
This amount will be eventually paid with interest, but 51,475.000
the greater part of it, and perhaps all of it, will not be paid
until after the end of the calendar year 1919.
4. Invested In necessary additions and betterments actually
made during the year 1918 over and above the amount
which the companies can immediately repay out of their
re ntal and out of the balances due then) on open account for the calendar year 1918
This amount will eventually be paid with interest to the 290.918.283
Railroad Administration. The rapidity with which It can
be paid is dependent upon financial conditions and the
ability of the railroad corporations to borrow this money
In the open market without undue disturbance of financial
conditions and without undue interference with the financing of the Government.
Total
$681,445,418
It will be observed that while all this amount of cash Is
temporarily tied up In the Government's conduct of the
railroad business, it Is expected that the entire amount
will be eventually repaid, but temporarily it can not be re.
paid. as above indicated, and therefore provision has to
be made for carrying it.
5. In addition, the Railroad Administration will have paid
operating loss for 1918. I. e., the difference between the
standard return due the railroads and the net operating
Income derived by the Government from railroad operation. this difference amounting to
This loss was due largely to the fact that increased rates 198,000.000
were effective for only six months, approximately, while
increased expenses were effective to a very large extent for
the entire 12 months. due panty to the unprecedented
weather last winter (the railroads having shown an operating loss of over $100000000 for the first four months of
1918, as compared with 1917. although no ite-reased wages
were Included in those months and while the corporations
themselves were atill operating the railroads as agents of
the Director-General) and partly to conducting business
at whatever cost was necessary to meet the needs of war.
This represents the only item In the entire expenditure for
the calendar year 1918 (except a portion of the next succeeding item) which is a loss to the tiovernment and ought
frankly to be charged as part of the cost of the war, and
should be regarded as an exceedingly low cost for the result
accomplished.
438
THE CHRONICLE
6. In addition, the Railroad Administration has expended
during the year 1918 in connection with inland waterways 4,361,486
Of this amount $500,000 represents operating deficit
during the year 1918. It must be remembered that this
operating deficit was Incurred in the early and formative
stages of Governmental operating upon the inland waterways and cannot be regarded as indicating in any way that
similar losses are to be expected when the operation shall
be fully developed. The balance, or $3,861,486,represents
boats and other property acquired by the Government for
operation of inland waterways and of course can and will
continue to be so employed.
$881,806,904
Grand total
500,000,000
Amount of Revolving Fund
[VoL. 108.
by. the Association, "since each month of continued socalled unification and diversion of traffic takes the railroads
further away from normal methods for meeting the business
requirements of reconstruction." The Association also asks
that provision be made for a gradual liquidation of the indebtedness of the railroads to the Government. "The
Government's loans to the railroads," said Mr. Warfield,
"outside of advances of annual compensation or rental,
largely represent expenditures made at the sole discretion
of the Director-General for war and other purposes over
which the railroad corporate managements have had no
control and often made without their approval." As to
control of rates, Mr. Warfield in his statement to the Committee said:
Amount to be provided to settle all accounts for 1918___$381,806,904
In order, therefore, to settle in full accounts of the Railroad Administration for the calendar year 1918, it will be necessary to provide the
additional sum of $381,806,904, which, together with the revolving fund
of $500.00J,000 appropriated in the Act of March 21 1918, will meet the
transactions ut the Railroad Administration for the year 1918, all of which
We believe there should be no divided responsibility hero; that every
have been outlined above. It must of course be understood that the
by statute, directly
figures used are necessarily only approximate at this time, because the Federal or State regulatory body should be made,
when under the law
accounts for the year 1918 have not been completely stated and cannot responsible to the public for the status of a railroad,
from which its sole income is
be prior to March 1 at the earliest. For the calendar year 1919 financial they can and do compel it to accept rates
derived. In such supervision should be wages as well as other elements
provision must be made for the following:
tho railroads back to
1. To finance expenditures contemplated on inland waterways $12,840,000 entering into railroad expenditures. Either give
20,000,000 their owners, free from all Federal regulation, and hold their owners
2. To financing Boston & Maine reorganization
3. To financing equipment ordered in 1918 and to be delivered
responsible to the Congress and to the peo286,000,000 under a penalty, directly
in 1919
ple for their honest and efficient mnaagemont, which we do not advo4. To financing other necessary capital expenditures for addi491,000,000 cate; or by Act require that any Federal regulatory body you place in
tions and betterments, including equipment
control of them shall be held as responsible as you would hold the private
$809,840,000
Total
exploiter if the railroads are not efficient, and rates supplied, under inLess portion of companies' rental which can be devotee to
150,000,000 structions, that will give them credit. The first badge of efficiency is a
capital expenditures
successful enterprise. No business house can efficiently serve its customers
$659,84J,000 when it may be continuously threatened with disaster. Neither can a
Balance to be provided
The last item above mentioned of $491,000,000 represents a forecast railroad.
of capital expenditures which will need to be made during the calendar
As to the requisites of the plan proposed for the return of
year 1919, including these which were authorized and not entered upon
had the following to say:.
year 1918. Under existing condi- the railroads, Mr. Warfield
or not completed during the calendar
it is the purpose generally speaking to avoid the making of new
Requisites of Plan For Return of the Railroads.
tions
capital expenditures without the assent of the corporations, but with such
Our Plan provides a method by which a percentage of the net operating
a vast transportation system it is believed that the expenditure of $491,- income of the railroads is set aside to be applied to the payment of a return
and will be substantially assented on the investment therein just the same as payments are required to be
000,000 will be required during the year
to by the corporations themselves.
made for other necessities entering into railroad operation, without which
A very large part of these expenditures must be provided for in the first they cannot operate. Everything else but the capital upon which they
few months of 1919, and we are compelled to allow for the situation that do business, has been recognized as an essential, but the policy has been
during the period prior to the next Liberty Loan campaign and during that after providing for everything else, whatever may be left over, goes to
that campaign it would not be desirable or practicable for railroad cor- take care of invested capital which should be provided for, especially in a
porations to do a large part of their own financing.
controlled and regulated business, for without it the business cannot be
Under these circumstances I am of opinion that $750,000,000 is the run at all, It is proposed, therefore, by Act of Congress, to fix, through
minimum appropriation which will enable the Railroad Administration rates, a percentage of reasonable return on property investment in the
to carry as above explained the money that is necessarily tied up in the railroads, at least as far as this may be practicable. And after authorizing
Government's conduct of the railroad business and to provide for financing a reserve fund to be set up as a margin of safety within prescribed limiby the Railroad Administration of the portion of the necessary capital tations, surplus earnings of the railroads will be applied as set forth in the
expenditures which it must be assumed it will be necessary for the Gov- Plan, part being used in profit sharing with the employees. A corporation
ernment to carry temporarily for the protection of the general financial is to be organized to supply the means to assist in the return of the railsituation as well as for the protection of its own financing. Such appro- roads; to finance railroad equipment to be used under lease, permanently
priation will meet the requirement of $381,806,904 to settle the accounts or as emergency equipment; and to give a management for the control of
for 1918 and in addition will provide $368,193,096 toward meeting the the joint use of railroad facilities. Regional Commissions are provided
above-mentioned capital expenditures for 1919.
to act in concert with the Inter-State Commerce Commission. We reThis matter has been very carefully considered with my associates in the alize that this calls for the extension of regulatory powers to Federal Commuch pro- missions but they are to be directed as to procedure by an Act of Congress.
Railroad Administration and we are satisfied that at least this
vision ought to be made for temporary assistance for these important In extending regulatory powers provision should be made for such use of
purposes. It must be emphasized again that the money so provided will the functions of the State Commissions as shall be beneficial, by co-ordieventually be returned to the Government with interest.
nating their work with the Inter-State Commerce Commission suppleIt is highly important that adequate funds for these purposes should be mented by the Regional Commissions, so located as to give the country
provided so as to give the Railroad Administration reasonable margin a regulatory system on which all, locally and nationally, can depend, and
for encouraging the making of such railroad improvements as may seem free from political domination and control. Through the proposed leveljustifiable from the railroad standpoint, especially since such improve- ing of railroad earnings by excess earnings reduction and through the
ments will aid in stabilizing the general industrial situation.
Powers to be conferred upon the above mentioned corporation to be orWhether Government control shall constinue until the end of the 21 ganized, in the public interest, for the unification and adjustment of opermonths' period or shall be terminated in the next few months, it is equally ating and traffic facilities, the use of the combined facilities of all the railnecessary that the appropriation above recommended be made. If the roads will be secured with the competitive aevantage still preserve to the
control continues for the 21 months' period, it is my belief and the belief shippers and the public from the individual operation of each. The Interof my associates in the Railroad Administration that we can not count State Commerce Commission and the management of the corporation
upon the railroad companies financing during the calendar year 1919 any working in unison will be the means of correcting any inequalities, and
greater portion of their capital expenditures than it is above assumed they should produce a satisfactory solution of many existing difficulties. Around
will finance. On the other hand, if control should be terminated in the these requisites our Plan has been constructed.
next few months, it will still be true that a very large part of the capital
As the first step in the return of the railroads, the plan,
expenditures for 1919 will have been made and besides the possession of an
present
adequate fluid to facilitate the transfer back to private control and to give Mr. Warfield continued, contemplates that the
temporary aid in financing will be highly desirable. Of course, I must freight and passenger rates, State and inter-State, and the
deal with the matter exclusively upon the basis of the law as it now stands
present scale of wages shall remain in full force and effect
and without reference to conditions which might be brought about in the
until and unless changed in the operation of the plan.
event of a further extension of Federal control.
The reason for the submission of the supplementary estimate at this time Stripped of operating details, he added, the plan "is based.
is that the accounts of the Railroad Administration are kept upon the basis
following fundamentals, and they are embodied
of the calendar year, and therefore it was not practicable to make any on the
reasonable estimate until after the end of the calendar year. Cordially therein."
1. A minimum rate of return on the property investment in the railroads,
yours,
WALKER D. HINES.
fixed by Act of Congress, through rates adjusted as occasion may demand,
in order that the securities of the railroads may be stabilized and their
Hon. CARTER GLASS, Secretary of the Treasury, Washington, D. C.
credit established on a basis necessary to secure the money to provide to
11$0
the shippers and traveling public adequate facilities and service.
2. Recognition that a fixed return through rates that will enable the
PLAN OF SECURITY OWNERS FOR RETURN OF RAIL- average railroad to receive an adequate return on its invested capital is not
ROADS AS PRESENTED TO SENATE COMMITTEE
possible, without giving to the more favorably situated rpilroads more
revenue than the public will sanction, or more than would represent a fair
BY S. DAVIES WARFIELD.
return on its property. The earnings of railroads in excess of a fixed
In presenting before the Senate Committee on Inter- reasonable rate ofreturn to be applied as provided in the following section.
3. A distribution under the control and jurisdiction of the Inter-State
State Commerce yesterday (Jan. 30) details of the plan of
Commerce Commission of a percentage of the fund above provided, that
Association of Owners of Railroad Securities railroad employees shall receive the benefit of profit sharing, by insurance,
the National
for the return of the railroads to private operation, S. Davies or by such other legal methods as may be determined upon; likewise a disWarfield, President of the Association announced it as the tribution of a percentage thereof among the railroads earning it, and under
the plan, and in furtherance of incentive and initiative by establishing opbelief of the Association that the railroads "should be erating efficiency standards; for certain improvements to railroad property,
returned to their owners under private operation as early under restrictions, not to be capitalized in rate making; and for other purplan.
as practicable, but not before legislation can be enacted that poses defined in the created by Act of Congress, operated without profit
4. A corporation,
will assure adequate facilities and service at reasonable rates to the railroads, and under Federal control, directed by trustees composed of
under proper control and regulation by Governmental the nine Inter-State Commerce Commissioners and eight railroad men, to
be purchased by it
bodies and protection to the investment in the properties." finance in the present emergency such equipment as may railroads, and to
from the Railroad Administration and allocated to the
The enactment of this legislation "early in the twenty- furnish an immediate means for assisting in financing the return of the roads;
one months allowed by the Federal Control Act" is urged continued as a permanent means for mobilizing and purchasing equipment
FEB. 1 1919.]
THE CHRONICLE
to be leased to the railroads; to provide a management or agency to continue or put into effect the joint use of terminals, unification of facilities, rerouting of freight by pooling or otherwise, and to continue or adopt such
methods of operation as may have been found to be successful and expedient during Federal control; to furnish a standing, trained and efficient
means for immediate mobilization of the railroads for war purposes without
additional legislation.
5. Federal regulation extended through the Inter-State Commerce Commission as at present established, co-ordinating therewith subsidiary commissions as regional commissions, the members thereof selected equally
from the two leading political parties, appointed from and sitting in the six
traffic territories as at present defined, giving to such bodies the determination of rates and regulations essential to the operation of the plan.
The right of appeal is given to the Inter-State Commerce Commission,
which may be designated Commission of Appeal.
Continuation of rate committees composed of representatives of both
railroads and shippers, established in defined territories of the country,
to primarily consider and pass upon all changes in rates requested by either
railroads or shippers and before being filed with the regional commissions
or Inter-State Commerce Commission, as provided in the plan.
7. Co-ordination by the Inter-Stato Commerce Commission of the work
of the State Commissions, as far as the limitations of law and the legislation provided under the plan will permit, with that of the regional commissions. The adjustment of intra-State rates to the requirements of
inter-State commerce as prescribed through inter-State rates is vested in
the Federal conunissions.
8. Regional commissions act as boards of conciliation for the settlement of
wage differences between the railroads and their employees. In default
of settlement such commissions shall appoint two arbitrators, the employees
naming two, the four so selected naming the fifth, if required. Appeal
may be taken to the Inter-State Commerce Commission; the findings not
to be compulsory unless mutually agreed to beforehand. A fixed return
being provided under the plan, expenditures for wages or other elements
entering into expenditures are supervised by the commissions.
9. Future issues of railroad securities supervised by the regional commissions and the Inter-State Commerce Commission.
Mr. Warfield's statement in giving details of the plan of
his association, dealt with a discussion of some of the propositions submitted to the Committee from other sources,
the fundamentals of which are:
1. Compulsory Federal incorporation of railroads;
2. Provision for a now Cabinet officer, to be known as the Secretary
of Transportation;
3. Regional railroad companies, into which present railroad companies
shall be merged:
4. Withholding from the Government the initiation and determination
of rates, at the same time asking that such rates shall provide sufficient
revenues to the railroads.
As to compulsory legislation he said in part:
Compulsory Federal incorporation necessitates, in the opinion of many
able lawyers, the sale of existing railroad companies now organized under
State charters to companies to be organized under Federal charters. Such
Federal charters would be authorized by Act of Congress, always subject
to amendment at any time by any Congress, and would likely contain a
recapture clause under which the Government could acquire the railroads
on its own terms by probably taking from them the right of appeal to the
courts for an adjustment of their affairs. It would mean surrendering
the rights they now have under State charters for Federal charters under
such an Act as would be necessary to secure the results desired, viz., the
breaking down of the right of the State to establish a commission for the
purpose of regulating any of the affairs of the railroads. The present
Railroad Administration in insisting on the present contract during Federal
control, which requires that the railroads sign away all right of appeal
to the courts for damage to their business, may be taken as an example
of what would likely happen under a Federal incorporation Act. In
other words, compulsory Federal incorporation under such an Act as
would carry out the purposes of its advocates, demands such sweeping
powers necessary for the obliteration of the State commissions and to take
the railroads entirely beyond the power of the States that it would put them
In the position of handing over to the Government much more than the
control of their affairs. It means turning over the properties to the
Government under an Act of Congress that, to obtain the object sought
by those advocating it, shall completely surrender rights now possessed
by their owners, the release of which might eventually prove suicidal to
them. An Act that could from time to time, by a simple amendment,
authorize railroad property to be taken under conditions reflecting the
prevailing sentiment of a time of great national unrest and political excitement would be a constant source of danger to the properties and would not
give tho stability to railroad credit and securities that would obtain did
such an Act not exist. No railroad is justified in surrendering legal rights
its present status gives it for advantages alleged to be attained by Federal
incorporation, and thereby leave open any such avenue of menace to
property rights.
With regard to the proposal for a Cabinet officer, to be
known as the Secretary of Transportation, Mr. Warfield
in part said:
The powers proposed to be given to the Secretary of Transportation,
who largely supersedes the Inter-State Commerce Commission in many
respects, are sufficient to practically disable the railroad structure if the
office should be filled by a man untrained in the technical necessities of
the ease. The provision that this official shall have under him a board
to decide labor disputes, no matter from what interests such board is
selected, is to confer an opportunity for political favors and control dangerous in the extreme. Furthermore, this board would not be responsible
for the control of rates, from the proceeds of which the employees of the
railroads are paid. It is highly necessary that the Governmental agency
charged with the responsibility of finding tho money to operate the railroads, through rates, should supervise the questions of labor in respect
to its fair compensation, and to provide the money wherewith, as a part
of the railroad structure, it is to be paid. We live under a partisan form
of Government. A proposal to turn these properties over to a newly
appointed Cabinet officer with the political power possible under such
proposal would seem to substitute a political form of control for a nonpolitical regulatory body, like the Inter-State Commerce Commission.
The proposition as to regional railroad companies drew
from Mr. Warfield criticism from which the following] is an
extract:
Negotiations leading to the exchange of stocks of all of the railroads into
the stock of the regional companies would be endless. It would result in
a court settlement before it could be accomplished—long drawntout litiga-
139
tion and years of turmoil during which the shippers, the traveling public
and the security owners will all suffer.
It draws the railroads closer to the general principles involved in Government ownership. It saps initiative and incentive by combining into five
areas, several of them largely undeveloped, all railroads under five managements which the plan proposed provides shall be largely Governmental;
why not, therefore, follow the plan devised by many advocates of Government ownership, by forming one large company and take over the railroads. The only difference is there are regional companies that correspond
to regional reserve banks as against the policy first announced in respect to
the Federal Reserve system of one central bank. Practically the diff
culty of bringing about one complete consolidation of all the railroads is no
greater than that of five regional consolidations; the latter having all the
disadvantages of limitation of service and facilities incident to concentration and reaches the point where further contraction would make little
difference. It would result really in five Government ownerships instead
of one, with the money supplied by private means.
On the fourth of the alternative proposals—"withholding
from the Government the initiation and determination of
rates, at the same time asking that such rates shall provide
sufficient revenues to the railroads," Mr. Warfield said:
The general proposition that rates must be "reasonable" and "fair"
and "provide sufficient revenue," &c., has been discussed, and protested
before the Inter-State Commerce Commission and elsewhere, ever since
there has been a Commission—nobody has contested it so far as known.
But to measure it in terms is altogether a different matter. It is difficult to
measure it, yet necessary, for results have not been satisfactory where it
has been left for uninstructed men to decide the limitations of the words
"reasonable," "sufficient" and "fair." The plan that suggests that the
railroads initiate rates, to remain in effect unless and until suspended, does
not define any method to produce the "sufficient revenues" which it asks
for. Even under these conditions, if such return is to be expected, the body
to produce the return should have full control over rates. But our plan goes
further and provides for a fixed return and the method to produce it. To
expect the Congress to define, by Act, the measure of such rate of return
and instruct the Inter-State Commerce Commission to put the same in
effect and see that it is continued, and then ask that the railroads shall
initiate and establish the rates through which such defined return is secured,
would certainly not be a reasonable proposition under such circumstances.
The Security Owners are more concerned in a method fixing the "sufficient revenue," "reasonable" or "fair" percentage of return, than in seeing
given to the railroads the initiation of rates, the control of which properly
belongs to the regulatory body that would be charged with the adjustment of rates necessary to produce such a return. We feel that the feature
of initiation can properly be exchange for the suggested definite return.
The details of our plan now follow:
In entering into details of the plan of his association Mil
Warfield in part said:
Rate Committees.
It is proposed, by Act of Congress, to divide the country into six regiona
Districts corresponding to the present rate making districts. The InterState Commerce Commission to define definitely the boundaries which
are now approximately, as follows:
Trunk Line and New England being the territory east of a line drawn
through Buffalo and Pittsburgh and north of the Potomac river. (This
territory might be divided into two Districts.)
Central Freight being the territory west of a line drawn through Buffalo
and Pittsburgh and north of the Ohio river and east of the Mississippi
river and south of the Illinois
-Wisconsin line including the southern peninsula of Michigan.
Southern being the territory south of the Ohio and Potomac rivers and
east of the Mississippi river.
Western Trunk Line being the territory north of a line drawn from
St. Louis through Kansas City to the Rocky Mountains and east of a north
and south line to the Canadian boundary.
Southwestern being the territory west of the Mississippi river, and south
of a line drawn from St. Louis through Kansas City to the Rocky Mountains and thence south to the Mexican boundary. Pacific-Intermountain being the territory west of a north and south line
through Denver, Col.
Each of such Regional Districts shall be provided with a Regional (InterState Commerce) Commission of three members.
The Regional Commissions shall, consistently with the level of rates
that may be prescribed from time to time by the Inter-State Commerce
Commission, pass and decide upon the rates obtaining in their respective
districts in the following manner: the Inter-State Commerce Commission
shall be authorized to designate Rate Committees in various districts of
the country, as at present in effect, upon which the railroads and the
shippers shall be represented. The said Rate Committees shall consider
and pass upon all changes in rates affecting shippers filed by the railroads
or requested by the shippers, and before being filed with the Regional
Commissions. The Inter-State Commerce Commission shall have authority to designate the procedure to be followed by such Rate Committees. Rates, rules and regulations affecting the shippers shall be
published carrying notice thereof, and no change shall be made until the
Regional Commission having jurisdiction shall have passed thereon.
Questions or complaints that may arise affecting two or more Regional
Districts shall be referred to the Inter-State Commerce Commission which,
in its own discretion, may decide the questions at issue, or it may appoint
and refer the same to a committee of not less than three members, selected
from among the various Regional Commissions concerned, which shall
determine such inter-district matters, and whose decision shall be final
unless an appeal is granted. The Regional Commissions shall be empowered to hold joint hearings with the State Commissions within their
respective districts, whenever "it is necessary to reconcile upon a single
record conflicts between State and Inter.State rates."* In the event of
failure to reconcile differences, the decision of a majority of the members
of the Regional Commission shall be final. There shall be a limited rights
of appeal from the decisions of the Regional Commissions to the present
Inter-State Commerce Commission sitting at Washington, which is constituted a body of appeal, not only in respect to rates, but in respect to
subjects in connection with the control and regulation of the railroads as
may be provided by law. It may be designated Commission of Appeal.
The Inter-State Commerce Commission shall, as at present, be appointed
by the President; the members thereof to receive salaries commensurate
with the added responsibilities now to be imposed upon them. The InterState Commerce Commission at the outset shall establish rules and regulations of procedure, and together with the Regional Commissions will bring
about, as far as the limitations of law will permit, and under the legislation
*Quotation from recommendations of the Inter-State Commerce Commission in its annual report for 1917.
440
TILE CHRONICLE
provided by the Plan the co-ordination of the work of the various commissions, including the State Commissions.
The Act shall provkie that such rates for freight and passem-ers shall be
established as will, as nearly as may be, produce a fixed rate of reasonable
return unon the combined property investment accounts of the roads in
each of three classification territories. It shall also provide that ( xcess
earnings of railroads [termed "Excess Earnings Reductionl above the
on
fixed reasonable amount they shall be entitled to receive . property investment shall constitute a fund to be applied in the public !Mere t as
provided under the Plan.
The basis upon which a fixed reasonable rate of return on property investment is established is secured as follows:
The net railway operating income of all the railroads having gross operating revenue over $1,000,000 per annum for the three year period ended
June 30 1917 (the "test period" determining the standard return under
the Federal Control Act) was 5.20% per annum on the average property
investment. This rate of return was recognized as insufficient to rive the
railroads the revenues and the credit to enable them to provide the shim es
of the country and business interests generally with much needed facilities.
The Act shall provide that the rate of return on the combined property
Investment accounts of all the railroads in each of the classification territories, shall be, as nearly as may be, 6%;and it shall be the duty of the re.
spective Commissions to maintain a level of rates that shall produce a
rate of return at least equal to 6% on the combined property investment
of the railroads operating in each of such territories. A considerable
portion of the earnings produced thereby is utilized in the public interest
through the operation of excess earnings reduction under the Plan.
If any of the railroads shall earn a rate of return in any one year greater
than 6% on their property investment of that year, such excess (or the
excess of such greater percentage as may be found necessary to allow a
reasonable return on the property investment) shall be devoted to the following purposes:
(a) 33 1-3% shall be set aside as a fund to be used for the benefit of the
employees of the railroads under the Plan.
(b) 33 1-3% of such excess shall be returned to or retained by the railroad company fo such uses as it may determine.
(c) 33-13% shall be held in the fund to be devoted to the purposes provided under the Plan and under the direction of the Regional Commissions or the Inter-State Commerce Commission.
Applying, under the Plan, the net operating income to property investment for the period of three years, June 30 1914-1917. of all those railroads
operating in the Official. Southern and Western Classification Territories.
there would have been turned over to the fund for the public uses specified
herein approximately $83,000,000 per annum. This amount so turned
over and for use in the public interest equals 5% an 31,660,000,000.
There is, therefore, provided by the leveling of railroad earAings as a
whole through excess earnings reduction, under the Plan, and which would
not be gotten otherwise, a sum that will much more than pay the Interest
on the amount necessary to absorb any disciepancies that may be thought
to exist in the property investment account of the railroads.
The total stock capital (common, preferred and debenture), represented
in the property investment of the railroads of the country whose gross
operating revenue is over 81,000,000 per annum, amounted to $7,284,051,120 on Dec. 311917.
Had, therefore, this Plan been in operation during the three-year test
period, June 30 1914-1917, the fund created under excess earnings reduction would have been more than 5% per annum on one-fifth of the total outstanding stock capital of the railroads. The shipper and the public are
concerned in the situation as a whole and the operation of the railroads.
as a whole, is provided under the Plan.
The $83,000,000 per annum, above mentioned, paid into the fund to be
used in the public interest, would have been contributed by 78 of the
152 railroads or railroad systems whose gross revenue exceeds S1,000.000
per annum, to which the Plan has been applied. Some of the railroads
contributing to the fund that earned substantially more than 6% on their
property investment would have received, under excess earnings' reduction, less than these railroads were authorized to receive under the Federal
Control Act. These same railroads, however, would have contributed
much more to the fund than the amount that would be necessary to bring
them up to their earnings of the test period, as prescribed by the Act. It
Is for Congress to determine whether such railroads should receive an
amount less than Congress by the Federal Control Act authorized them to
receive. The fundamental purposes of the Plan would not be disturbed
should they receive the amount authorized by the Act.
The Act of Congress shall provide that increases in wages shall be supervised by the Regional Commissions, the intent being that the Commissions shall have supervision over charges against a railroad that tend to
decrease its net operating revenue. Application for increases in wages
shall he primarily made to the particular railroad concerned. In event
of failure on the part of the railroad to make satisfactory adjustment;
thereof, the Regional Commission in that district shall serve as a Board
of Conciliation and in default of agreement upon the questions at issue.
said questions shall be arbitrated; the said Commission appointing two
arbitrators, one from the railroad or railroads concerned, the other from
among their own members or taken outside thereof; the employees affected
also naming two arbitrators. In the event that the four so selected do
not agree, then the four arbitrators shall name a fifth. Should failure to
agree on the fifth arbitrator continue for over 30 days, then the Regional
Commission shall name such arbitrator. Pending the decision (not compulsory unless mutually agreed beforehand) of the questions involved,
there shall be no strike or lockout.
The Act shall also provide supervision by the Regional Commissions
of issues of railroad securities with the right of appeal to the Inter-State
Commerce Commission at Washington. The Regional Commission in
whose territory lies the majority of the mileage affected shall act in such
supervision, and should It become necessary through division of mileage
to obtain action by another Regional Commission, the Commission of
original application shall present the case thereto if desired by the applicant. The supervision of issues of securities of carriers engaged in InterState commerce will thus be given to the Regional Commissions to the full
extent of the power of Congress. At the time of filing any application
for issues of securities with a Regional Commission a 'copy of said application shall be also filed with the State Coramissions within such Regional
District for Information.
There shall be incorporated under the Act of Congress the National
Railways Association. Prefernxi and Common Stock shall be provided
for, the common only nominal as qualifying shares for the Trustees. There
shall be no distribution of the earnings of this Association other than as
herein provided and to pay interest and dividends on any obligation issued
and outstanding, for the purpose of financing its requirements. The
Association will be managed by a Board of seventeen Trustees, nine to be
composed of the nine members of the Inter-State Commerce Commission
and eight to be nominated by agreement of the railroads of the country.
Such salary, additional to that now paid the members of the Inter-State
Commerce Commission. as Play be thought necessary because of their
[vol.. 108.
added duties and responsibilities as Trustees of the Association shall be
paid from the funds thereof. That portion of the fund created under
excess earnings reduction above provided for disbursement in the public
Interest may be paid into the Association, on approval of the Inter-State
Commerce Commission.
T1 e Railroad Administration has purchased and allocated certain
equipment, locomotives and cars, to various railroads. To provide for
t e financing of such equipment, or any part thereof, as may be pure' aserl by the Association from the Government, it may issue its obligations either in the form of equipment trust cbligations or by the sale ofstock.
the said obligations and stock to be guaranteed by the railroads to which
said equipment has peen alloca ed and accepted.
The said TrusteeS upon investigation may re-distribute such equipment
as it may take over among the railroads, with their consent, or all or part
thereof may be acquired by the Association and used as floating equipment to be leased to railroads on such terms as may be determined upon.
The Trustees may also acquire such additional equipment as they may
determine upon for use among the railroads, under lease to them, or hold
same either as emergency equipment or to supply the railroads' future
requirements. For this purpose the Trustees may finance through equipment obligations or stock or they may use any part of the find created
under excess earnings reduction, provided such use will not impair said
fund to an extent where the balance will not safely take care of the requirements of the Plan.
The Trustees shall act as the agency to initiate and recommend and,
after the determination of just terms or compensation by the Commission
or tribunal that may have jurisdiction in the matter, put In practice the
unification of facilities of the railroads such as joint use of terminals,
freight or passenger, the transfer of equipment from one railroad to another.
They shall also initiate, subject to the Commission, such re-routing of
freight as will have the effect of pooling, and likewise initiate or provide
for other operating and traffic requirements in lino with the policy to be
determined by the Trustees in connection with the retention of methods
of operation found to have been successful during Federal control. But,
in no event shall such re-routing deprive shippers of transit or terminal
privileges in effect via shippers' own routing. In re-routing freight or
any dealings between railroad companies, in the public interest, provision shall be made to compensate the carrier adversely affected either
from the traffic or funds of the carrier benefited, or from the funds of the
Association; the intent being that co-ordination shall exist between the
Association and the Inter-State Commerce Commission, that the full purposes of the Plan shall be carried out. I'rovision shall be made for the
combination of railroads under the supervision of the Inter-State Commerce
Commission,
The Act may also give to the Association emergency power during times
of war so that all the railroads of the country may be controlled and operated by the National Railways Association during the period of war without further Congressional authority, or action. There will thus be always
ready a standing, trained and efficient means for the immediate mobilization of the railroads for war purposes.
Finally—
The Plan, In so far as its operation s concerned by Commissions and
Trustees, is not involved, but simple. An Appeal Board is created in
the Inter-State Commerce Commissioners now sitting in Washington, to
be greatly relieved by transferring to the six Regional Commissions the
daily and practical work incident to rate-making and supervision of socurity issues in relation to the railroads. This would give time for prompt
action on the appeals that will come before that Commission and for the
settlement of the other questions properly coming before such a body.
'rhe Plan, as stated, does not contemplate any change in the constitution
of the present Inter-State Commerce Commission further than the suggestion that it may be designated the Commission of Appeal.
!IOW CARTER GLASS'S CONSTITUENTS VIEW FIVEYEAR RAILROAD CONTROL.
At the primary election, held in the 6th Congre-sional
District of Virginia on Saturday, Jan. 18, to choose a successor to the Hon. Carter Glass, the successful candidate,
we are informed, was Colonel James P. Woods, who received a larger vote than the combined votes of. his two
opponents, John Thompson Brown and a Mr. Hart.
At the outset of the campaign more than a month ago,
the Lynchburg "News" and the Lynchburg "Advance,"
both of which, we believe, are owned by Mr. Glass, demanded
editorially that the several candidates declare publicly
their attitude with respect to Mr. McAdoo's proposal
that the railroads remain in the hands of the Federal Government until Jan. 1 1924.
• Mr. Brown, seeking the support of the Glass interests
and the labor union vote of Roanoke, committed himself
without reservation to the McAdoo proposal; Mr. Hart
expressed himself as opposed to Government ownership,
and Colonel Woods defined his attitude very clearly in a
public statement. He indicated unqualified opposition
to Federal ownership of the roads, and declared that he
would vote to return them to their owners as soon as a plan
could be worked out which would safeguard the interests of
the public, the stockholders and the bondholders of the
railroads and their employees.
The campaign soon developed into a contest between
Colonel Woods and Mr. Hart. The latter, in public advertiiements, attempted to make as much capital as possible
out of the railroad issue, but he failed even to carry the
City of Roanoke, which is a very strong union labor town,
and which, as the reader knows, is the place where the Norfolk & Western shops are loeated. His support was confined almost exclusively to a part of the union element. The
business men of the entire district and a majority of the
farmers supported Colonel Woods.
FEB. 1 1919.1
THE CHRONICLE
RESTORATION OF POWERS OF COURTS AND
COMMISSIONS OVER RAILROADS
URGED BY CLIFFORD THORNE.
The statement that "Government operation is so distasteful among the shippers of the United States that were
a popular vote taken to-day it would be defeated overwhelmingly" was made by Clifford Thorne, in his opening
statement on behalf of the shippers at the hearing on railroad legislation before the Senate Committee on Inter-State
Commerce on Jan.24. Previous reference to the suggestions
regarding railroad legislation made in behalf of the shippers
in a brief filed by Mr. Thorne with the Committee was
made in these columns Jan. 18, page 233. In his statement
of the 24th Mr. Thorne said in part:
441
Cleveland. Mr. Washburn is President of the Worcester
Five Cent Savings Bank of Worcester, Mass. In presenting
the matter for consideration to the membership of the
American Bankers Association, Mr. Washburn says in part:
The material herein contained is presented to members of the Association simply for their information. The attitude of the committee is not
sufficiently crystallized for any expression to be given. Hence, there is
neither approval nor disapproval of the suggestions hereafter stated. It Is
desired, however, that consideration and constructive thought of members
be given to the railroad situation in its relation to the securities of railways
by every savings bank owner of such securities and the result of any deliberation of those interested will be appreciated if sent to the writer.
at 5 Nassau St., New York. Therefore,,,the particular studies with relation to the railroads undertaken by the committee are. (1) the readjustment of railroad mortgages, (2) the bearing the railroad situation has upon
the railway securities held by savings banks, and (3) the "unscrambling" of
the railroads.
The Interest of the Savings Banks.
If the members of Mr. McAdoo's staff had deliberately planned to
The interest of savings banks is widespread in the railroad situation,
double-cross the Director-General, and thereby to make Government
operation so unpopular that it would tend to kill any possible movement particularly those of the mutual type, of which there are 622. Over 800
toward Government ownership, they could not have adopted any more millions of dollars of the funds of these banks are invested in railroad
securities, or at the rate of $82 per depositor.
effective methods than those which actually have been adopted.
In a referendum recently submitted to mutual savings banks by the
I do not think for an instant that these railway officials have attempted
to double-cross Mr. McAdoo. for they are honorable men. Unquestion- Committee of Three, the following questions were asked:
1. Are you in favor of railroad management returning to private control?
ably the emergency demands of the war were largely responsible for the
2! Are you in favor of Government ownership of railroads?
existing situation.
The vote was taken in most instances after a conference of the boards of
There are some good things which Mr. McAdoo and his associates have
accomplished, that mast be saved out of the wreckage. To do this in- investment of each bank. Out of a total of 237 answers, 226 answered
telligently and efficiently will require several months of discussion, and that they were in favor of railroad management returning to private control
the careful drafting of laws that will make some very important changes and only 11 answered that they were not; 230 were not in favor of Govin our present statutes. During this interval the shipper wants protection ernment ownership of railroads and seven believed the Government should
against a business organization having powers that are autocratic and own the railroads. However, four of the seven qualified their answers.
Many suggested provisions were made by the banks as to the return of
despotic in character.
I In the midst of the intensely Interesting and instructive discussion railroad management to private control, such as "providing the Federal
Government retains an effective supervision and regulation mutually'
which you have listened to during previous days, about the forty or more
reforms that have been proposed by the Inter-State Commerce Commission beneficial to them and the public."
and by the railway companies, I desire to challenge your attention, it'
Railroad Mortgages.
possible, to a single proposition: It is of paramount importance to the
That a readjustment of railroad mortgages would improve railway
stability and progress of American industry that you shall immediately
securities may be gathered from the following data: Out of a total mileage
restore the full powers of our courts and commissions over the railroads
of 171,232.52 miles, there are eight mortgages on 466.78 miles; six mortof the United States.
gages on 2,491.52 miles; five mortgages on 6,951.70 miles; four mortgages
This can be accomplished In a very simple manner. by striking out a on
16.351.12 miles; three mortgages on 31.853.10 miles; two mortgages on
few lines and inserting one or two sentences in Section 10 of the Railroad
67,825.64 miles. and one mortgage on 41,450.59 miles. Only 3.862.07
Control Law. We are gravely apprehensive whether we can command
miles have no mortgage thereon. The mileage of subsidiary companies is
your attention to this subject sufficiently to get immediate action, when 57,005.31
miles; 23,736.27 miles of which have one mortgage, 11.918.06
your whole discussion, up to the present moment, has centered upon a miles have
two mortgages. 2.603.98 have three mortgages, 234.54 miles
question of larger and more fundamental character concerning the per- have four
mortgages and 7,684.48 miles have no mortgage.
manent solution of the transportation problem—a question of vast importance, but one that cannot possibly be settled during this session of
The Return of Railway Securities.
Congress. Our proposition, however, can be settled now. And unless
If the Government should take over the railroads it may follow one of
this is done, the shippers of the country will suffer Incalculable Injury. several plans.
We may differ on many things, such as the relative functions of the State
1. It may leave outstanding the present securities, pay the interest as It
and Federal Governments, the pooling of earnings, mergers and con- comes due and redeem issues. In this event,
all issues would be of the same
solidations which may tend to eliminate competition in service, the control grade, the Government
guarantee covering equally those of superior and
or capitalization by the Federal Government, or by the State, &c., &c.. inferior lien. It is not
difficult to foresee the effect of this situation on
but I believe that I am safe in saying that the vast majority of the shippers security values. The high grade railroad
bonds would fall in pri,e. beof the United States are united In urgently petitioning for immediate cause the holders would endeavor to
dispose of them in order to purchase
action on the proposition which I have stated.
the inferior
which they would obtain the same guarantee of
I We believe that all other discussion might well be temporarily suspended income and grades, onas on the high-grade bonds. Individual railroad
principal
for a few days so as to make possible the immediate consideration of this credit would be eliminated. Hence, the
savings banks and other instiWale. Unless you decide to do this, nothing will be accomplished by the tutions that hold high-grade issues would
suffer severe loss.
present Congress. For shippers, railway representatives, State com2. It may convert outstanding railroad issues into direct Government obligamissioners, labor spokesmen, and reformers generally, can talk for the tions. This could be done by basing
the rate of conversion on the market
next six months continuously about the many propositions which have value of each security as of a certain date. or by
exchanging each class and
been suggested to you already by the railroad executives and by the Inter- grade of security for a different class of Government
obligation.
State Commerce Commission, to say nothing of those yet to come. You,
(a) In the event that market value of a certain date is taken (or the maryourselves, can reach no conclusion on this fundamental question inside ket value of a certain period): The
savings banks and insurance companies
of six months. The transportation problem forced upon us at this time are likely to suffer losses, because their railroad
securities were purchased
will inevitably become one of the leading issues, If not the greatest, before In some cases at a time of low Interest
rates and consequently at higher
the American people during the coming twelve months. This subject prices, and are held for a fixed income return. The
exchange of their
will be discussed from every conceivable angle, on the platform, in the holdings for high-grade Government bonds, on the basis
of present market
newspapers and magazines, and in the halls of Congress.
value of railroad bonds, or on the basis of an average market value over
I It is essential that this amendment which we have suggested shall be in a period of years would result In both a lower income return and a lower
effect during this interval while you are considering the ultimate dis- book value than they have from their
present railroad holdings.
position of the railroads; for, otherwise, during the next few months many
(b) In the event that each grade of railroad security. Is exchanged for a
sweeping, wholesale changes in rates, rules, and regulations now pending class of Government bonds
in a way that the market value of the Governwill be consummated: and these changes have no connection whatsoever ment bond would in each Instance conform
relatively to the value of the
with the war against the Kaiser.
converted railroad bond, there would result a serious loss of income yield
We most earnestly petition the present Congress to amend Section 10 to the banks. These hold the highest grade
of securities and would thereof the Railroad Control Law as follows:
fore receive the highest grade
These bonds would
I "First, restore the suspension powers of the Inter-State Commerce sell at a high price relative toof Government bonds. bonds could be sold
yield. Of course such
Commission, which will insure us a decision by a disinterested tribunal or exchanged by the
banks for others on which the income yield is higher.
before any more sweeping revisions shall become effective; second, strike but in the process of exchange, market values would be
seriously affected.
out the clause which attempts to make the orders of the President superior so that the greatest caution would be required in order to avoid financial
to State and Federal law and the common law; and, third, insert a clause losses to the banks.
requiring the Director-General to pay final judgments against common
3. It may grant present holders of railroad securities assured income yield
carriers under his control, and charge the same to operating expenses, the same as that expected at the time the railroad securities
were originally
where so chargeable prior to Government operation."
purchased. This would work a hardship on such banks as hold the highest
The present law which attempts to authorize the former Chairman of grade of railroad securities, since the assurance of a Government guaranteed
the board of directors of the Atchison Topeka & Sante Fe Railway Co.. return would put the Inferior h:gh income yielding issues
on the same
speaking for the President, to repeal statutes which have been solemnly investment plan with the low interest, first lien issues.
It would be deenacted by Congress and by the several States, and to reverse the decisions cidedly unfair to the savings banks, particularly in the
event of a forced
of courts of last resort, is an abortion. This is supposed to be a republic liquidation of any of their holdings before maturity date. It thus would
and_not a monarchy.
AQI
have the same effect as under No. I.
4. It may organize a commission or commissions which would assess the
value of each security in the same manner as condemnation proceedinos. This
F. B. WASHBURN ON "THE RAILROADS AND THE would involve endless litigation with uncertain results. Some banks would
undoubtedly suffer losses, and others might profit under this plan.
SAVINGS BANKS."
Plan of the Railway Executives.
"The Railroads and the Savings Banks" is the subject of
will be observed that the
issues)
an article prepared for the February number of the "Journal ofIt railroads apparently issecurity (existing Railwayangle of the return
the
omitted in the
Executives' plan.
of the American Bankers Association" by Frederic B. Wash- This plan has already been given in the columns of the "Chronicle."'
Committee of Three of the Savings
burn, Chairman of the
"Unscrambling" the Railroads.
A. M. Sakolskl an economist, who has given the subject of "unscramBank Section of the American Bankers Association,appointed
at the Chicago convention to act with a similar committee bling" the railroads considerable thought, submitted the following for the
consideration of the committee:
of the Investment Bankers Association. The two members
"It is quite generally agreed that immediate restoration of the railroads
serving with Mr. Washburn are John J. Pulleyn, President to private operation without important readjustments would be disastrous.
Few companies could withstand the pre-war competitive ...onditions under
of the Emigrant Industrial Savings Bank of New York, and present high operating costs. Congress. therefore,
should provide
Myron T. Herrick, President of the Society for Savings of measure of protection to eliminate the pre-war evils and at the same some
time
442
THE CHRONICLE
afford the public all the transportation facilities required for the nation's
further industrial development.
"Assuming that the railroads are to be restored to private operation,
the important problem is, How shall it be done? Should the old-time
competitive conditions, with its economic waste, its duplication of facilities
and services, and its accompanying financial and political entanglements
be resumed or should a general transportation reorganization, providing
for a new integration of railroad systems on broad economic and scientific
lines be put into effect? A careful consideration of these questions cannot
long be delayed.
"There can be no denial that competitive railroad construction, under
private operation, has promoted the industrial progress of both the United
States and Great Britain. The cost, however, has been tremendous and
in recent years both nations have endeavored to rid themselves of the accompanying evils. The British Parliament, which for years encouraged
railroad competition through charter grants to competitive systems, has
sought, in recent years, to allay its adverse effects by restricting competition. Under the authority of the British Board of Trade, competitive
railroad rates are fixed and traffic pooling arrangements are permitted.
In our own United States, under the supervision of the Inter-State Commerce Commission, competition in rates and charges has been curtailed
and controlled, but "service" competition, weaving a constant web of
financial ruin notwithstanding the termporary public benefit, goes on
apace. It is this competition that is responsible for the costly passenger
terminals, those ornamental and top-heavy edifices that burrow deeper
and deeper into net earnings. The de luxe trains, which frequently do not
earn revenue sufficient to meet out-of-pocket operating costs, are a further
result of "service" competition. Excessive passenger trains and partially
loaded "schedule" freight trains between competitive points are another
source of financial loss that might be avoided should railroad rivalry cease.
For several years before the war there had been six evening de luxe trains
on as many different lines between Chicago and Kansas City, each leaving
and arriving at about the same time. The Chicago-Minneapolis and the
Chicago-St. Louis schedules were much the same. It was to be expected,
therefore, that among the first economies inaugurated under Government
operation was the reduction of superfluous passenger trains.
"How are the economies of Governmental monopolistic operation to be
continued under private operation? In England this question has been
agitated more than in the United States. British railroads, because of the
almost constantly declining dividends to shareholders, have long ceased
to offer speculative profits to their shareholders. These now look favorably on any form of reorganization that will avoid a return to pre-war
operation conditions.
"The most widely discussed British plan of reorganization is based on a
territorial grouping and integration of existing lines. This means a breaking up of present systems and their re-consolidation into regional "networks," each system of lines being confined to a definite geographic area.
"The plan has been followed in France since the very beginning of
railroad construction. There ,the national policy has been to encourage
strong privately owned but Government controlled railroad enterprises,
each comprising one or more network of lines operating a restricted territory. The companies are not allowed to compete with one another, and,
although they have been encouraged to earn large profits, they are required, because of subvention and guarantees, to share surplus earnings
with the State.
"Although the financial success of French railroads is somewhat doubtful,
owing to excessive construction of branch lines under State patronage, the
economic advantages of their territorial monopoly can hardly be questioned. Of course, from a strictly "service" standpoint, the English and
American railroads, operating under competitive conditions and without
State financial guarantee or protection, may be physically better and more
efficiently operated than the French. Viewed from a business standpoint,
however, the French companies possess an undeniable theoretical advantage because of non-competitive operation.
"Should a regional or group plan of private railroad operation be attempted as a way out of our railroad tangle? There is much to say in its
favor as a means of eliminating unnecessary wastes and duplication of
services. Whether the public will be served better under a monopolistic
system of transportation is another question. The fact that a regional
plan of operation was adopted as a war measure by the Railroad Administration may possibly mean a permanence of the system. It is all the more
likely to remain should Congress indorse Mr. McAdoo's proposal to hold
the railroads for a further period of five years."
[VOL. 108.
fair measure of just compensation, then the President may make with the
carrier such agreement for such amount as just compensation as under the
circumstances of the particular case he shall find just.
Under this provision the carriers submitted large numbers of claims for
special compensation in addition to their standard return. To investigate
and formulate recommendations respecting the merits of these claims a
committee on compensation and contracts was appointed, as follows
Mr. Eddy, Division of Law; Mr. Carmalt, Division of Law; Mr. Alvord,
Division of Operation; Mr. Niles, Division of Public Service and Accounting. Judge Payne participated in the committee discussions and disposition of the more important claims, and finally they were passed upon by
the Director-General.
The investigation and determination of the applications presented is
extremely difficult and requires a great deal of time and study before the
contract can be negotiated. There have been disposed of 17 claims, and
21 were pending on Jan. 2 1919. Twenty-five additional claims have been
filed within the last ten days.
Contract negotiations are progressing as rapidly as is consistent with the
importance and the technical nature of the subject.
Thus far the following contracts have been executed with railroads:
('Indicated Class I roads.)
*Atlantic Coast Line RR.
*Missouri & North Arkansas RR.
*Atchison Topeka & Santa Fe Ry.
*New York Central RR.
*Buffalo Rochester & Pittsburgh Ry. *New York Ontario & Western Ry.
*Chicago & North Western Ry.
*Norfolk & Western Ry.
*Chicago Burlington & Quincy RR. *Northern Pacific Ry.
*Chicago St.[Paul Minn. & Om.Ry. *Pittsburgh & Lake Erie RR.
*Rich. Fredericksburg & Potom.RR,
*Cincinnati Northern RR.
*Cleve. Cinc. Chic. & St. Louis By. Augusta Southern.
*Colorado & Southern Ry.
Detroit Terminal RR. '
*Fort Worth & Denver City Ry.
Georgia & Florida.
Gulf Texas & Western.
*Great Northern Ry.
Indiana Harbor Belt RR.
*Lake Erie & Western RR.
*Lehigh Valley RR.
Lake Erie & Eastern.
*Michigan Central RR.
*Pennsylvania RR.
Galveston Wharf Co.
*Minnesota & International By.
The following subsidiaries are included in the contract of the parent
company as separately contracting parties:
Atchison Topeka & Santa Fe subsidiaries, parties to the one contract.
*Gulf' Colorado & Santa Fe Ry.
Grand Canyon RR.
Kansas & Southwestern RR.
*Panhandle & Santa Fe Ry,
Rio Grande El Paso & Santa Fe.
Chicago Burlington & Quincy subsidiaries, parties to the one contract.
Black Hills & Fort Pierre.
!Missouri Valley & Blair Ry. & Bdge.
Deadwood Central RR.
Co.
Quincy Omaha & Kansas City.
Chicago North Western subsidiaries, parties to the one contract.
Pierre & Ft. Pierre Bdge. & Ry. Co.
[Wolf River Valley.
Pierre Rapid City & North Western.]Wyoming & North Western.
Norfolk & Western, subsidiaries, parties to the one contract.
New River Holston & Western.
I Virginia-Carolina By.
'Williamson & Pond Creek.
Tug River & Kentucky.
Northern Pacific subsidiaries, parties to the one contract.
Big Fork & International Falls By. I Gilmore & Pittsburgh.
Great Northern subsidiaries, parties to the one contract.
Minneapolis Belt.
Duluth & Superior Bridge.
Duluth Terminal.
Minneapolis Western.
Montana Eastern.
Great Falls & Teton County.
Watertown & Sioux Filas.
Great Northern Equipment Co.
Great Northern Terminal.
Michigan Central subsidiary party to the one contract.
Chicago Kalamazoo & Saginaw.
Cleveland Cincinnati Chicago & St.Louis, subsidiary, part to the one contract
Muncie Belt Ry.
New York Central subsidiaries, parties to the one contract.
!Kanawha & West Virginia.
*Kanawha & Michigan By.
I Zanesville & Western.
*Toledo & Ohio Central Ry.
Colorado c% Southern Railway subsidiary, party to the one contract.
*Wichita Valley Ry.
Pennsylvania Railroad subsidiaries, parties to the one contract.
Barnegat RR.
Baltimore & Sparrows Point RR.
*The Cumberland Valley RR.
Philadelphia & Beach Haven RR.
*N. Y. Philadelphia & Norfolk RR, Rosslyn Connecting RR.
Union RR. Co. of Baltimore.
Atlantic Coast Line subsidiary, party to the one contract.
Washington & Vandemere RR.
Tampa Southern RR.
Short-Line Contracts (Co-Operative).
Pecos Valley Southern Ry.
Cumberland & Manchester BE.
South Georgia Railway Co.
East Carolina Ry.
Western Allegheny RR.
Georgia Northern By.
Midland Railway.
The following contracts have been circulated to the members of the
REPORT OF DIRECTOR-GENERAL OF RAILROADS—
Director-General's staff, regional directors, and Federal managers, and will
GOVERNMENT CONTRACTS.
be ready for signature in tho immediate future:
At the close of the calendar year 1918 the Government Birmingham & Northwestern Ry. Lehigh & Hudson River By.
Central New England By.
Maine Central Railroad Co.
had executed contracts with thirty railroads, according to a Central of Georgia By.
Pennsylvania Lines West.
Rutland
chapter of the annual report of William G.McAdoo,Director- Central RR. of New Jersey. Ry. SouthernRailroad Co.
Charleston & Western Carolina
Pacific.
Delaware Lackawanna & Western. Texas & Pacific By.
General of Railroads, made public on Jan. 27. All but seven El Paso Southwestern Co.
Trinity & Brazos Valley By.
Washington Southern.
of these are Class I roads. Further below, in quoting from Fairchild & Northeastern.
Gainesville Midland By.
Western By. of Alabama.
the report, we give the list of contracts already executed, Georgia Railroad.
In addition to the above, negotiations are in various stages of progression
Director-General announced would be
and those which the
ready for signature in the immediate future. In this chap- with a large number of railroads.
SHORT LINES.
ter of the report the Director-General cites at much length
With reference to the short line railroads the Directorhis announcement of Sept. 5 1918 in regard to the standard
contract clauses adopted as the basis for individual contracts General has the following to say:
systems of
Under the
proclamation of Dec.
with the railroads. This announcement was given in the transportationPresident's for the war emergency 26 1917, only
were taken under Federal
necessary
report control. Independently owned and operated railroads serving a purely
"Chronicle" of Sept. 7 1918, pages 954 to 956. The
local interest, plant facility, or industrial roads and electric interurbans,
then continues as follows:
On the same day [Sept.5 19181 Chairman Thomas De Witt Cuyler, of the
Railway Executives' Advisory Committee, submitted his report to the
companies represented by the committee, recommending acceptance of the
contract (shown in V. 107, P. 1157)•
Some modifications were made in the form announced, and on Oct. 22
1918 a final draft was issued in two forms, namely, Form A for companies
without subsidiaries, and Form B for companies with subsidiaries. For
convenience copies of these are submitted in the appendix [of the complete
report].
Directly after the adoption of these standard clauses, negotiations were
undertaken with the individual roads for contracts.
The Federal Control Act provides, in part, as follows:
If the President shall find that the condition of any carrier was during
all or a substantial portion of the period of three years ended June 30 1917,
because of non-operation, receivership, or where recent expenditures for
additions or improvements or equipment were not fully reflected in the
operating railway income of said three years or a substantial portion thereof,
or because of any undeveloped or abnormal conditions, so exceptional as to
make the basis of earnings hereinabove provided for plainly inequitable as:a
were excluded from the purview of the proclamation by the limitations of
the basic Act of Aug. 29 1916.
The Federal Control Act placed independently owned and operated
carriers competing or connecting with the roads taken over within the
class of controlled roads. The Act provided that roads which proved
unnecessary or undesirable might be relinquished prior to July 1 1918.
After investigation it appeared that a number of such roads should be
relinquished.
On June 29 there were relinquished from Federal control 2,161 so-called
short line railroads, as follows:
637 plant facilities.
726 circular roads (roads which do not file reports with Inter-State Corn'
merce Commission, but submit information in circular form).
204 electric lines.
1
15 switching and terminal roads.
0
1
1
519 Class I, II and III roads.
Since that date 15 additional roads have been relinquished by agreement.
Total, 2,176 roads relinquished.
FEB. 11919.]
THE CHRONICLE
Sixty-six roads have since been restored to Federal control, leaving 2,110
relinquished (Jan. 2 1919)•
At the time of relinquishment it was announced that a policy of cooperation with relinquished roads would be maintained, assurikt fair divisions of joint rates, adequate car supply, and the preservation of routings
so far as consistent with the national needs.
This policy finally, after hearings afforded the interested lines, ripened
into a co-operative contract, which was announced on Oct. 30, copy of
which is appended. By its terms the order of relinquishment is recalled,
the road is operated by its own officers, retaining its operating receipts,
and paying its operating expenses, an equitable car allotment with a liberal
per diem allowance is assured, the benefit of increased rates is extended to
the contracting road, the preservation of routing of competitive traffic is
guaranteed in the same ratio as such traffic bore to the total traffic in the
three years ending Dec. 31 1917, fair tariff publicity is given, and the
advantage of unified purchasing under Federal control extended.
Applications for this contract [see terms in full, V. 108, p. 2351 have been
received from 90 of the relinquished roads, although a large number of the
lines are satisfied with the policy voluntarily put into effect at the time
of relinquishment. Seven co-operative contracts have been executed.
Meanwhile joint rates and divisions are being adjusted on a fair and equitable basis with all the short lines preparatory to the execution of co-operative
contracts if desired.
443
Letter to Chairman Daniels.
"Hon. W. M. DANIELS, Chairman Inter-State Commerce Commission.
Washington, D. C.
"Dear Mr. Chairman: In assuming the responsibilities of my new office,
I am profoundly impressed with the difficulties of its successful administration. I shall need all the sincere and intelligent help I can get from those
who are in a position to make helpful suggestions as to things that ought
to be done or things that ought to be avoided. There are no persons in
the country who are so well qualified to help me along these lines as are
the members of the Inter-State Commerce Commission. I wish to assure
you, therefore, that I shall make it a point to be accessible on short notice
to any and all members of the Commission who have suggestions to make
or inquiries to ask which they think would be useful in connection with the
undertakings of the Railroad Administration. Indeed, I shall not only
be available for this purpose, but I shall welcome, and shall be grateful
for, any opportunities along this line which the members of the Commission may be disposed to afford. I hope, therefore, you will feel that your
advice is sought and that you will render a service to me by giving me the
benefit of your views in any way, either formal or informal, that you may
see fit. I am sending an identical letter to the other members of the Commission. Sincerely yours,
"W. D. HINES."
The United States is just emerging from a great war, and the country's
success in the immediate future depends upon the way in which the industry and commerce of the nation are conducted during the coming
months. Transportation naturally forms the basis of the commercial
welfare of the nation. It is therefore peculiarly necessary that no misunderstandings grow up and no false premises be established as to transportation matters. As to matters placed under the control of the InterState Commerce Commission by the Federal Control Act, the Railroad
Administration has not now, and never has had, the slightest disposition'
to question the authority of the Commission.
COMMITTEE ON COMPENSATION AND CONTRACTS.
This committee was appointed July 15. Its work is divided into two
classes, I. e.: (1) Hearing petitions of relinquished short lines to be restored
to Federal control on "co-operative" or "compensation" basis. (2) Hearing
petitions of Federal-controlled roads for special compensation.
There have been petitions from 79 relinquished short lines and reports
on 74 rendered. The following is an analysis: Co-operative contract recommended. 30 standard return recommended, 26; Special bests recommended, NAME OF AMERICAN RAILWAY ASSOCIATION
6; no contract recommended, 6; contract without compensation recommenCHANGED TO AMERICAN RAILROAD ASSOCIATION.
ded, 3; contract on basis scrap value recommended, 1; electric lines that did
The United States Railroad Administration has issued
not come under the proclamation, 2; unreported, 5.
With the exception of nine cases, all of the committee's recommendations the following circular
announcing the revision of the bywere approved, five contracts having been executed, one on basis of standard return, three co-operative, and one on special basis. Of the nine laws of the American Railway Association and the change
recommendations disapproved, eight wore for contracts on basis of stand- in its name to the American Railroad Association:
ard return in lieu of which the co-operative contract was suggested for five,
UNITED STATES RAILROAD ADMINISTRATION.
three no contract, and one road for which the committee recommended a
Washington, Jan, 10 1919.
contract whereby the Government would operate the road without payment
Circular No. 70.
of compensation, payment of "fixed charges" was suggested. Contracts
To provide, during the period of Federal control, a responsible channel
are being prepared for all of these roads except three, which have declined
through which the Director-General may obtain recommendations for the
on basis tendered.
advancement of railroad practice, the American Railway Association has
APPLICATIONS FOR SPECIAL COMPENSATION.
revised its articles of organization and by-laws and will change its name to
retitions for special compensation have been presented by 38 roads. the American Railroad Association.
The scope of the association has been enlarged and will cover the former
.Recommendations have been made in 17 cases, 10 for complete rejection
and 7 for partial allowances. In 3 of the rejected cases the roads desire a activities of the American Railway Association, American Railway Master
rehearing which will be granted. One road has withdrawn its claim, one Mechanics' Association, Association of Railway Telegraph Suprintendents,
is a matter for the Inter-State Commerce Commission to dispose of, leaving Association of Transportation and Car Accounting Officers, Freight Claim
19 to be reported on as soon as heard and necessary information is received. Association, Master Car Builders' Association, Railway Signal Association,
In addition to the above, 25 now claims have been filed within the past ten Railway Storekeepers' Association, and will consist of five sections, viz.:
Section 1, operating; section 2, engineering; section 3, mechanical;section 4,
days.
traffic; section 5, transportation.
Railroads under Federal control are members of the association and are
directed to be represented and participate in the activities of each section
DIRECTOR-GENERAL OF RAILROADS DENIES
through their proper officers.
CONFLICT WITH INTER-STATE
W. G. McADOO.
COMMERCE COMMISSION.
Director-General of Railroads.
A statement in which Director-General of Railroads
Walker D. Hines denies any conflict in jurisdiction between
the Railroad Administration and the Inter-State Commerce
Commission has been issued by Mr. Hines. The latter's
statement has been prompted by newspaper inferences
last week, following the findings of the Inter-State Commerce Commission in the Pacific Lumber case (referred to
in these columns Jan. 25, page 334) that there existed a
controversy as to jurisdiction. Mr. Hines's statement is
published as follows in the "Official Bulletin" of Jan. 24:
It is distinctly unfortunate that several newspapers, in reporting this
morning the decision of the Inter-State Commerce Commission in the
Pacific Lumber Company case, have drawn the conclusion that there exists a controversy over the relative jurisdictions of the Director-General
and the Inter-State Commerce Commission. It appears to be assumed in
these stories that the Director-General has denied or sought to contest the
right of the Inter-State Commerce Commission to review rates initiated
by him on behalf of the President. As a matter of fact, nothing could be
further from the truth. The Federal Control Act places such power of
review specifically in the hands of the Inter-State Commerce Commission,
and the Director-General time and time again has recognized this authority by being represented before the Commission by counsel, who have
argued as to the merits of contested rates.
In this particular case there was involved a situation which had its origin
prior to Federal control, and the proceeding was commenced prior to the
assumption of Federal control over railroads. It hinged upon the relationship between the rates complained of and other rates, not upon the
reasonablenessof the contested rates in or of themselves. The rate order
of the Director-General of last June put into effect a percentage increase
as to lumber, and therefore did not change the relationship between the
they were compared in the
rates complained of and the rates with which .
consideration of this case.
the Inter-State Commerce Commission
In appearing in this case before
the Assistant General Counsel of the Railroad Administration, representing the Director-General, stated specifically that the position of the
Director-General was "that the Commission has jurisdiction to determine the justness and reasonableness of any rate under attack, not only
with reference to its ineasure, but with reference to its relationship. we
have not denied that for one minute."
At no time since the Government took possession and control of the
railroads has there been the faintest suggestion of any Conflict in
jurisdiction between the Commission and the Director-General. The most satisfactory understanding has existed as to the functions of each. At all
times the Director-General has enjoyed the co-operation and assistance
of the Commission, and assurances to this effect have been most cordially
given to the new Director-General He is in entire accord with the statements which the Commission has made in this case relative to the extent
of its jurisdiction and there is no basis for assumption of any controversy
on this subject. As indicative of his reliance on the Commission there is
quoted herewith a letter sent by him to Chairman Daniels of the Commission on Jan. 17:
DIRECTOR-GENERAL'S REPORT—BOARD OF ADJUSTMENTS—WOMEN EMPLOYEES.
A chapter of the annual report of the Director-General of
Railroads made public on Jan. 17 deals with labor re3ults,
and in referring to the duties prescribed for the Board of
Railroad Wages and Working Conditions, says:
In the report of this Board it will be shown that rapid advances toward
standardization of wages of all railroad employees have been made, and
but for the possible early return of the railroads to private control it could
safely be said that the logical conclusion of the work of the present Board
of Railroad Wages and Working Conditions would be standardized rates,
standardized days and other standardized conditions of employment for
all employees on railroads under Federal control.
On the subject of the eight-hour day the report says:
The demand for an eight-hour day has been pressed by employees in all
industries. While on a considerable number of railroads some classes of
employees had secured the eight-hour day through negotiations, perhaps
in no industry of such importance had there been so little recognition by
the employer of the eight-hour day as with the railroads. The recent
eight-hour movement of men engaged in engine and train service culminated in the enactment of the eight-hour law, applicable to such employees
as were connected with the operation of trains.
Practically all of the representatives of employees that appeared before
the first Wage Commission were earnest in their demands for the eight-hour
day, but it did not appear to the first Wage Commission as being practical
during the war period. Nevertheless, in the issuance of General Order
No. 27, provisions were made for the "basic eight-hour day," which assigned
a certain portion of the now rates of wages to the first eight hours of work
and a similar portion to the usual hours in excess thereof, with a pro rata
overtime rate for all hours worked in excess of those in effect for employees
on Jan. 11918.
This plan for an eight-hour day was but the foundation for the real eighthour day, which it was proposed could be put in effect when the war was
ended and our soldiers returned and were seeking employment and the supply of labor was sufficient to reduce the work of employees to an eight-hour
period.
Through investigations by the present Board of Railroad Wages and
Working Conditions supplementary orders have been issued that have made
great advances toward an ultimate eight-hour day for all railroad employees.
Where classes had through negotiations, and previous to Federal control,
secured the eight
-hour day to a considerable extent, with time and one-half
for overtime, such practice was extended to all employees in that class.
Where classes have not secured the eight-hour day with time and one-half
for overtime, great advances have already been made by extending to them
the eight-hour day with pro rata overtime for the ninth and tenth hour and
time and one-half for all hours worked in excess thereof.
We also take occasion to give some facts embodied in the
report respecting the several Railway Boards of Adjustment, as follows:
444
THE CHRONICLE
Labor.
The Division of Labor of the Railroad Administration was created in
Circular No. 1 issued on Feb. 9 1918, wherein W. S. Carter, President of
the Brotherhood of Locomotive Firemen and Enginemen, was appointed
Director of the Division of Labor. It has been the purpose of this division
to create a better feeling between employees and officials of the railroads
than existed previous to Governmental control.
On Jan. 18 1918 General Order No. 5 was issued, creating a railroad wage
commission and directing a general investigation of the compensation of
persons in the railroad service, the relation of railroad wages to wages in
other industries, and other matters pertaining to conditions of employment
of railroad employees be made. This Commission devoted several months
to the work, submitting recommendations to the Director-General on which
General Order No. 27 was based.
General Order No.8 was issued on Feb. 21 1918, and directed that safety
appliance laws be observed, that excessive hours of service be avoided
where possible, and that matters of controversy arising under interpretations of existing wage agreements, and other matters not relating to wages
and hours of service would take their usual course.
This order also provided that "no discrimination will be made in the employment, retention, or conditions of employment of employees because of
membership or non-membership in labor organizations."
Unquestionably these initial orders did much to bring about a better
feeling on the part of those employees who believed they had not been
treated justly in the past.
Adjustment of Labor Controversies.
• One of the principal purposes of the creation of the Division of Labor
was to provide means whereby the controversies that constantly arise between railroad officials and employees would be promptly and equitably
adjusted. An inability to adjust these controversies under past practices
resulted in strikes, threatened strikes, or a constant unrest among employees
to the extent that the efficiency of the service had greatly diminished at the
time that the roads were taken over under Federal control.
It may be truthfully said that at the time the railroads passed under
Federal control, because of vexatious contentions, the morale of railway
employees had sunk to a low degree. In many instances there was an entire absence of esprit de corps, so necessary for efficient operation.
It was with the knowledge of this alarming situation, and with a determination to restore harmonious relations between employees and the railroads, and thereby increase the efficiency of the railroads, that the Division
of Labor of the Railroad Administration was created.
With an intimate knowledge on the part of the officers of the division
of the relations between the railroads and their employees during the past
Years, innovations were proposed, the practicabilitios of which were first
questioned by some railroad officials and by some railroad employees. It
was suggested that at least for all classes of employees who were working
under wage agreements, bipartisan boards be created for the purpose or
adjusting any differences of opinion which might arise between the emoloYee
and the official, upon which there would be equal representation of tho
railroads and of the employees without the presence of any "neutral" or
umpire. It was believed that when partisans were equally divided, and
when they realized they were occupying Judicial positions, they would_
abandon their partisanship and earnestly and efficiently exercise the function of a Judge.
In carrying out this plan three railway boards of adjustment have been
created, as follows:
Railway Board of Adjustment No. 1 was created March 22 1918 by the
issuance of General Order No. 13. This order is a "Memorandum of
understanding" reached between the Regional Directors and the representatives of the Brotherhood of Locomotive Engineers, Order of Railway Conductors, Brotherhood of Railroad Trainmen, and Brotherhood of Locomotive Firemen and Enginemen.
Railway Board of Adjustment No. 2 was created May 31 1918 by the
issuance of General Order No. 29. This order is a "Memorandum of
understanding" reached between the Regional Directors and the representatives of the International Association of Machinists, International Brotherhood of Boilermakers, Iron Ship Builders and Helpers of America, International Brotherhood of Blacksmiths and Helpers, Brotherhood Railway
Carmen of America, Amalgamated Sheet Metal Workers' International
Alliance, and International Brotherhood of Electrical Workers.
Raiway Board of Adiustment No. 3 was created Nov. 13 1918 by the
issuance of General Order No. 53. This order is a "Memorandum of
underst anding" reached between the Regional Directors and the reprosentati yes of the Order of Railroad Telegraphers, Switchmen's Union of
North America, Brotherhood of Railway Clerks, and United Brotherhood
of Maintenance-of
-Way Employees.
The "Memorandum of understanding" upon which the work of these
railway boards of adjustment were based outlines the functions of these
boards, but a brief description of the methods of procedure is given as
follows:
All controversies growing out of the interpretation or application of the
provisions of wage schedules or agreements in effect, which were not
promptly adjusted by the officials or employees on any of the individual
railroads under Federal control, and all personal grievances or controversies
arising under interpretation of wage agreements and all other disputes
arising between officials of a railroad and its employees were to be handled
in the usual manner by the committees of the employees and the officials
of the railroads up to the chief operating officer of the railroad (or some one
officially designated by him). If, after this ususal process, an amicable
adjustment was not reached, then it became obligatory (by virtue of the
"Memorandum of understanding") on both the part of the railroads and
officials of employees' organizations to submit the matter in controversy
to the Railway Board of Adjustment having jurisdiction. Provisions were
made for joint submission of facts and brief argument in each case submitted, and if it was deemed advisable, such Railway Board of Adjustment could call for additional information, either oral or written, and when
the matter had been entirely investigated a decision would be rendered
by the Board.
First Annual Report of Railway Board of Adjustment No. 1.
This Board, known as R illway Board of Adjustment No. 1, was created
by virtue of an agreement entered into March 22 1918, between the regional
directors of the railroads under Government control and the chief executives
of the four transportation organizations representing engineers, firemen,
conductors, trainmen and yardmen. . This agreement was approved by
the Director-General of Railroads and made effective by General Order
No. 13.
In conformity with the provisions of this agreement the regional directors,
Messrs. R. H. Aishton, C. H. Markham and A. H. Smith, sele:ted the
following as members of the Board
J. W. Higgins, Executive Secretary, Association of Western Railways.
Charles P. Neill, Manager, Bureau of Information of the Southeastern
Railways.
John G. Walber, Secretary, Bureau of Information of the Eastern
Railways.
[Vol, 108.
E. T. Whiter, Assistant General Manager, Pennsylvania Lines West.
The chief executives of the four transportation organizations, respectively, selected the following as members of the Board:
F. A. Burgess, Assistant Grand Chief Engineer, Brotherhood of Locomotive Engineers.
W. N. Doak, Vice-President, Brotherhood of Railroad Trainmen.
Albert Phillips, Vice-President, Brotherhood of Locomotive Firemen
and Enginemen.
L. E. Sheppard, Senior Vice-President, Order of Railway Conductors.
As Article 6 of the agreement between the Regional Directors and the
executives of the four transportation organizations refers to the "Commission of Eight" and transfers the jurisdiction which that body ha
previously had to the new board created by the agreement in question, it
seems teppropriate to embody here a preliminary statement explaining the
origin and jurisdiction of the Commission of Eight.
When in March 1917 the Committee of the Council of National Defense,
at the request of the President of the United States, intervened in the controversy then existing between the railways of the country and the four
transportation organizations over the demand for an eight-hour day, it
was agreed by the National Conference Committee representing the railways and the executives of the four organizations to accept as a settlement
of the controversy whatever award the Committee of the Council of
National Defense should make. The Committee of the Council, under
date of March 19 1917, handed down an award which was formally accepted by the representatives of the parties to the controversy.
The National Conference Committee of the railways represented over
150 railways, and practically each of these roads had elaborate and complex agreements in effect with two or more of the tran.sporation organizations. There were, therefore, in all hundreds of individual contracts, each
with its own peculiar provisions, to which the award of the Committee of
the Council of National Defense had to be applied, and it was fully appreciated by each side that in this process innumerable controversies would
inevitably develop. Immediately upon the acceptance of the award the
Conference Committee and the executives of the four organizations entered
into a further agreement to create a standing commission of eight members,
four to be chosen by the National Conference Committee and four by the
railroad brotherhoods, to pass upon the apPlication of the award to the
agreenients on the individual roads.
It was agreed that the award of the Committee of the Council of National
Defense should be sent to the managements of the individual roads represented by the National Conference Committee and to the respective committees representing the organizations on each of those roads, with Instructions to meet as soon as possible to revise their existing agreements
to conform to the provisions of the award. Each management and committee was then to transmit to the Commission of Eight a joint statement
showing what they had agreed upon as a proper revision of existing agreements to conform to the provisions of the award, and the items upon which
they had been unable to reach agreement. The Commission of Eight
was empowered to decide not only the controversies arising over the
application of the award to the agreements, but also to pass upon whether
the revisions agreed upon by the managements and committees were
proper applications of the award.
The board was intentionally composed of an even number from each
side, and a majority decision was to be binding.
The Commission met in May 1917 and held sessions each month until
March 22 1918, on which date it was superseded by this Board. By that
date it had practically completed its work, and had only a few questions
before it that for want of time had not been disposed of. In every instance
the action of the Commission on all matters before it was unanimous.
The above review of the work of the Commission of Eight has been
gone into because it is believed that the experience of this Commission
(composed of equal numbers from each side) in being able to reach unanimous agreements on all the matters growing out of the application of the
award of the Committee of the Council of National Defense had a %erv
direct influence on Vie action of the regional directors and the heads of the
brotherhoods in making their agreement to create another similarly constituted board with enlarged jurisdiction to supersede that Commission.
It was recognized at the outset by the parties to the creation of this
Board that mutual respect and confidence on the part of its members
was a prime requisite for its successful functioning, and four of the meinhers of the Commission of Eight were named for membership on the new
Board, the other four not being longer available because of press of other
dues.stt
iating with this advantage, the work of this Board from the beginning
has been marked by mutual understanding and good will and by the
absence of friction or any appearance of biased partisanship. In the appended statement it will be seen that up to Nov. 30, decisions had been
rendered by the Board in 292 cases, and between that date and this writing
additional decisions have been rendered bringing the total up to 331.
While in accordance with the agreement creating the Board a majo ity
vote of the membership is decisive, in every one of the decisions rendered
the action of the Board has been unanimous. While the agreement,
further, provides that in the event of a deadlock the case may be referred
up to the Director-General for a decision, no occasion has up to this time
arisen to invoke this provision of the agreement.
Board of Adjustment No. 1 held its initial meeting at Washington, D.0.,
April 8 1918, the full membership being present. It organized by the
selection of Mr. Charles P. Neill as Chairman and Mr.L. H. Sheppard as
Vice
-Chairman for the ensuing calendar year. Later on Mr. Sheppard
had to be withdrawn from the Board to devote his time to duties at headquarters as Senior Vice-President of the Order of Railway Conductors,
and Mr. W. M. Clark, another Vico-President of that orgtnization was
named in his place by President Garretson of the 0. R. C. Mr. F. A.
Burgess, Assistant G. C. E. of the Brotherhood of Locomotive Engineers,
was chosen Vice-Chairman, to fill out the unexpired term of Mr. Sheppard.
With these exceptions the membership and the organization of the Board
has remained unchanged up to this time.
In pursuance of its adopted policy of rotating its Chairmanship and
Vice-Chairmanship, Mr. F. A. Burgess, at the present session of the
Board. has been elected Chairman and Mr. E. T. Whiter, Vice-Chairman,
.
for the term beginning Jan. 11918.
The Board has been in session the greater part of each month since its
initial session on April 8 of this year, and at the beginning of its December
session had disposed of 309 cases. In most of these cases hearings have
been held at the reauest of one or the other party to the controversy, or
of both, to permit of the presentation of oral testimony and argument.
Railway Board of Adjustment No. 2.
4
This Board was establish in accordance with the understanding reached
in General Order No. 29, dated May 31, between the Regional Directors
representing the railways which may have, or may hereafter have,agreements with the International Association of Machinists, International
Brotherhood of Boilermakers, Iron Ship Builders and Helpers of America,
International Brotherhood of Blacksmiths and Helpers, Brotherhood of
Railway Carmen of America, Amalgamated Sheet Metal Workers' Inter-
FEB. 11919.]
TIIE CHRONICLE
445
national Alliance, and international Brotherhood of Electrical Workers,
and the officers of those crafts.
The Director-General of Railroads issued a circular dated Juno 21 1918
on the organization of this Board.
The first meeting of the Board was held in Washington on June 21,
with the following gentlemen present, representing the various railways
and crafts:
Mr. A. 0. Adams, Superintendent of Shops, Readville, Mass., New
York New Haven & lIartford Railroad.
Mr. H. J. Carr. member Chief Executive Board representing International Association of Machinists.
Mr. Otto E. Hoard, Vice-President. Amalgamated Sheet Metal Workers'
International Alliance.
Mr. P. H. Knight, acting President, Brotherhood of Railway Carmen
of America.
Mr.W.S. Murrian, ex-Superintendent Motive Power, Southern Railway.
Mr. F. J. McNulty, International President International Brotherhood
of Electrical Workers, who was elected Vice-Chairman.
Mr. W. H. Penrith, Assistant General Manager Chicago & Alton RR.
Mr. E. F. Potter, Assistant to General Manager, Soo Line RR., who was
elected Chairman.
Mr. G. W. Pring, Vico-President Railway Employees' Department,
American Federation of Labor, representing International Brotherhood of
Boilermakers, Iron Ship Builders and Helpers of America.
Mr. E. A. Sweeley, Master Car Builder, Seaboard Air Lino RR.
Mr. R. J. Turnbull, Inspector of Transportation, Atlantic Coast Line R
Mr. G. C. Van Domes, General Vice-President, International Brotherhood of Blacksmiths and Helpers.
Mr. McNulty on Aug. 19 advised the Board that he would be temporarily
absent in Europe on Government work, and Mr. G. M. Bugniazet, VicePresident of the International Brotherhood of Electrical Workers, was
appointed to act in his stead as a member of the Board during his absence.
Mr. G. W. Piing being elected acting Vice-Chairman in the absence of
Mr. McNulty.
Regular meetings of the Board began on Tuesday, July 2 1918, and have
been held practically continuously from that date.
The Board to date has had 147 controversies presented to it for adjustment and has rendered 128 decisions. The Board has been obliged to
hold up some of the cases pending decisions of the Board of Railroad Wages
and Working Conditions, and others pending further information from the
Parties to the controversies.
has been nothing like what It might be and would be under permanent
unified operation, for the following, among other, reasons:
(a) Many railroads are not under Federal control: while the bulk of the
traffic is handled by roads under Federal control, the number of such roads
is very much less than these operated by their private owners. It is
necessary with respect to all these latter roads to keep the same accounts
as formerly.
(b) It is considered desirable that the accounting continuity of carriers
should be preserved during the period of Government control. The interState Commerce Commission desires information which will enable it to
continue without any break its statistical information with reference to
the individual carriers which are being operated by the Government.
(C) What is more to the point and indeed absolutely controlling is the
fact that the terms under which the Government operates these proper lea
and pays their owners for the use require the maintenance of their accounting identity. The Federal Control Act provides that these properties shall
be returned at the end of Federal control in the same condition as a hen
.
received, and further that the sum paid for their use shall ordinarily be
determined by the result of the operation of the property for the three years
ending June 30 1917, commonly known as the test period. The contract
which is being executed between the Director-General and individual
carriers under the Federal Control Act contains a proviso that the covenant
to return the property in the same condition as when received shall be satisfied
If the Director-General expends in the upkeep of the property, due allowance
having been made for difference in prices, the same amount each year as
was expended upon the average during the test period. There is another
provision that if the Director-General is compelled to expend more than this
sum in the operation of the property, he may recover from the carrier the
excess eznenditure. This renders it absolutely necessary to know the amount
chargeable to operating expenses upon each property by the Government;
In other words, the accounting identity of each property must be preserved.
A very considerable amount of accounting work is also involved In comparing the prices of the test period with those of the current year.
(q) It was found necessary to open at the beginning of Federal control
a new set of books. These books are kept according to the accounting
rules of the Inter-State Commerce Commission and are in general a continuation of the books kept by the carriers in the past. In the distribution
of these items it was found necessary to organize an accounting force for
the purpose of instructing the accountants and examining and supervising
the accounts for the first few months. This has entailed a considerable
amount of expense which will continue during the period of Federal control
in a reduced degree.
Railway Board of Adjustment No. 3.
(e) The Director-General has entered into contracts involving the exGeneral Order No. 53 created Railway Board of Adjustment No. 3
penditure of more than 1500,000.000 for equipment. These contracts
under date of Nov. 13 1918. The Board was organized in accordance with
generally state a maximum price but provide an estimate showing the
the order, consisting of the following members:
distribution of that price between material, labor, and overhead with the
Mr. H. A. Kennedy (Chairman), Terminal Manager, Twin Cities.
proviso that if anything can be saved either on materials, labor, or overMr. T. H. Gerrey (Vice-Chairman), VicoPreident Brotherhood of
head the Government shall have the benefit of the whole or a part of the
United Maintenance of Way Employees.
saving. In case of cars the material is paid for by the Government. This
Mr. S. N. Harrison, receiver Wisconsin & Michigan RR.
has rendered necessary the building up of a cost accounting force at conMr. F. Hartonstion, Superintendent Washington Terminal.
siderable expense.
Mr. E. A. Gould, formerly General Manager Cincinnati Hamilton &
(f) A great amount of extra accounting has been made necessary in order
Dayton fly.
to determine revenue from proposed rates and the effect upon revenues
Mr. G. E. Kipp, Vice-President Order of Railroad Telegraphers.
of various changes which will be unnecessary when conditions have become
Mr. W. A. Titus, Vico-President Swithcmen's Union.
stabiIized
Mr. Richard P. Dee, Vice Grand President, Brotherhood of Railway
The greatly increaed wages which accountants are to-day receiving as
Clerks.
well as the inferior quality and reduced efficiency of some of those who
But one case has been submitted to the Board, upon which no action
are employed has increased the cost in dollars of this accounting work.
has been taken (Dec. 1 1918), duo to additional information being required. Just what
the comparison would be if prices and efficiency were the same,
It may be noted here that Messrs. Walber, Higgins and it is impossible to state, but it can be affirmed with certainty that wet*
Neill and Dr. Sheppard of Adjustment Board No. 1 were the railroads of this country actually unified under one control there would
be an enormous saving in accounting expense.
the old Commission of
Eight which settled dismembers of
putes under the Adamson Act. This Commsision went out
of existence with the assumption of its functions by Adjustment Board No. 1.
The report also deals with the number of women employed
in the railroad service, and show 3 that while 60,55. women
were employed on Jan. 1 1918 by railroads of the first class
the number had grown on Oct. 1 to 101,296. Of the latter,
73,285 were employed as clerks of all kinds—s:Anographers,
accountants, comptometer operators, ecc. The next largest
group-5,555—represented those employed a cleaners. In
the railroad shops approximately 5,000 women were employed, ranging from common laborers to skilled mechanics,
earning the machinists' or carmen's rate of pay. Only 100
women were in actual train service.
DIRECTOR-GENERAL OF RAILROADS—PUBLIC
SERVICE AND ACCOUNTING RESULTS.
The public service and accounting results of the Federalized
railroads is dealt with in a chapter from Director-General
McAdoo's annual report for 1918, made public on Jan. 25.
On the subject of accounting Mr. McAdoo said in part:
Accounting.
A considerable part of the accounting work of the railroads under private
control is occasioned by the statement of the accounts between dIffermt
carriers. Transportation. espegally of freight, seldom begins and ends on
the same railroad and this necessitates a distribution of the charge between
participating carriers which often involves a consideration of mileage,
arbitraries, &c. Cars, especially freight cars, pass habitually from one
road to another so that the cars actually used by a given carrier are
frequently and perhaps ordinarily not owned by it. An account must
be kept showing whore these cares are and what is due to or from particular
carriers to that account. The use of joint facilities has been frequently
under contracts which involve much accounting to determine the proportion to be paid by each carrier. All this has involved a very large accounting cost.
It is plain that if all railroads were owned and operated by a single corporation or by the Government, all these accounting costs would disappear.
Under the Railroad Administration some of these costs have been eliminated and others to a very great extent curtailed.
Car hire has been
eliminated. The accounting for car repairs has been much simplified as
between linos under Government control. Joint facility expenses have
been distributed upon an arbitrary basis thereby reducing to a minimum
accounting on this account. Many millions of dollars of accounting expense have been saved in this manner and still on the whole that saving
The report states that "while the Government will make
heavy demands upon the railroads for some months to come,
and while existing prices of materials and labor may not
justify the undertaking of improvements upon a large scale,
still the war pressure is being relieved and conditions will
gradually become more and more normal." It adds:
From now on the point of view will be different. The effort must be to
ascertain what service the public properly requires and to render that
service when possible. This does not mean that every pre-war time facility
should be revived. Competition had created many situations which
were extragavant and unjustifiable. Service of that kind is generally
a preference to the individual enjoying it which is paid for by the general
public, whiet does not enjoy it. But all facilities which the public can
properly sat< for will be supplied as speedily as possible?
The following extract is also taken from the report with
regard to the procedure in establishing rates:
Rates.
The Federal Control Act invests the Director-General of Railroads
with authority to establish rates of transportation and regulations affecting the rate upon lines under Government control. The rates and regulations 80 established are subject in all cases to review by the Inter-State
Commerce Commission but otherwise can only be altered by the DirectorGeneral himself.
Before ths railroads were taken over the increase In the cost of materials
and supplies had added to operating costs. Further increases in this
direction and large necessary wage increases so enhanced the cost of operation that it was found necessary to make a substantial advance in rates.
both freigat and p tssenger, and such in Teases were in vie ere •tive after,sis
months of Federal control. In making these advances in freight rates it
was endeavored to preserve existing relationships. It is impossible, however, to put into effect such an increase without producing results which
require readjustment. There were also in existence previous to Government control many rate situations which were filled with inconsistency
and discrimination. All this rendered it necessary to promptly devise
some system for the readjustment of rates.
•
Under private operation carriers had created a variety of committees
and associations for the purpose of dealing with this question. These
were largely the outgrowth of competitive conditions which required
uniformity of treatment. Upon these traffic organizations the public had
no representation whatever. The proposed rate was first fixed by the
carrier. If not satisfactory it could be subsequently attacked by the public
either before the Inter-State Commerce Commission or before a State
commission. In some State Intra-State rates were made by the State
commission and not by the carrier, but this was not the rule.
It has been felt by this administration that any change in rates, especially
any change with works an alteration in the relationship of rates, should,
when possible, be submitted to the parties affected before being put into
effect so that the side of the shipper or the public might be presented. To
secure this result, it was decided tesreate traffic committees_which might
446
THE CHRONICLE
[VOL. 108.
consider all rate changes and upon which the public should have represen- Clemenceau announced the delegates from the five great
tation, and as a result such committees have been established at various Powers who would serve on the committee to frame a definite
points throughout the country so located as to be conveniently accessible
the order in which the
to the shipping public. A majority of those serving on these committees proposal for the League of Nations,
are drawn from the railroad service, but there is in every case at least one delegates were named making President Wilson Chairman
representative of the public who has in all respects co-ordinate authority of the committee. Two delegates were appointed for each
with his associates.
There is first the local committee which consists of three members, two of the five great Powers, and five delegates in all to represent
from the carriers and one from the public. To this committee is referred the smaller nations. The latter were chosen subsequently
all rate questions of a local character. The committee lists subjects for
at a separate meeting of the delegates from the lesser Powers,
hearing, gives notice of the time and place when a particular matter will
be heard, and listens to whatever any interested party desires to advance. the proceedings of which are referred to in another article.
Having finished its investigation it makes a report, briefly stating the issue The entire list of members of the Committee on League of
involved and its recommendation, together with reasons upon which that
Nations is as follows:
recommendation is based. This secures an examination of local questions
For the United States—President Wilson and Colonel Edward M. House.
In the locality where they arise.
For Great Britain—Lord Robert Cecil and General Jan Christian Smuts.
There are also three general committees, one in each classification terFor France—Leon Bourgeois and Ferdinand Larnaude, Dean of the
ritory. These consist of five members, three from the railroads and two
from the public. It often happens that a change of rate in one locality Faculty of Law of the University of Paris.
For Italy—Premier Orlando and Viterio Scialoia.
may bear an immediate relation to some other rate in some remote locality.
For Japan—Viscount Chinda and K. Ochial.
With this relationship the local committee may have no acquaintance!'
For other nations—Paul IIymans, Belgium; Epitacio Pessoa, Brazil;
The general committee takes a broader view of a much wider field and is
Janme
in position to determine whether the recommendation of the local committee Wellington Koo, Plenipotentiary, China; M. R. VesnitchiSerbia;.
produces an effect which that committee may not have had in contempla- Batalkha Reis, Minister Plenipotentiary, Portugal
tion.
With the League of Nations out of the way for the time
The procedure is this. All local questions are submitted to the local
committee which sends its report to the general committee. Unless the being, the Conference proceeded to consider four other
general committee finds something in the recommendation which in its resolutions, dealing respectively with responsibility for the
opinion ought to be corrected, it transmits the report to the Division of
war, reparation, international labor legislation, and internaTraffic at Washington, sending a copy to the Division of Public Service.
Questions not strictly local may be submitted .to and disposed of in the tional control of ports and waterways. In each case it was
first instance by the general committee, which in such event would make proposed to appoint a commission made up of two delegates
Its report diectly to the Washington office. In some cases the question
and five delegates to be
may be disposed of by the Washington office without the assistance of each from the five great Powers,
either the local or the general committee.
elected by the representatives of all the other Powers. This
Every authority for a change in rates issues from the Division of Traffic proposal was strongly opposed by the representatives of the
at Washington and under the present arrangement no change can be made
until that change has been submitted to the Division of Public Service. lesser nations, and a debate began which threatened to
Every rate change must, therefore, pass under the observation of this become interminable. The Associated Press dispatches of
division. If not approved, it is suspended until it can be discussed and if Jan. 25 describe this part of the proceedings as follows:
necessary taken to the Director-General for final determination.
The first sign of a division in the conference was when it proceeded to
In the past thousands of rate changes have been made each month which
were worse than unnecessary. 'These multitudinous changes produced consider the four resolutions framed by the Council of the Great Powers,
confusion and discrimination. What the shipping public desires above providing for committees on labor, responsibility for the war, reparation
everything else is stability of rates. It is also highly desirable that these for damages, and ports, railways and waterways.
Camille Huysmans, in behalf of Belgium, asked for two members on the
rates be published in some intelligible form so as to be capable of interpretation by the ordinary shipper. When no rate is changed except for some Committees of Labor, Reparation, and the League of Nations, and one
substantial reason the number of such changes will be enormously reduced each on the others. Serbia made a similar request.
Brazil was more emphatic, declaring against "a cut-and-dried program,"
and it will become possible to publish tariffs in a much more satisfactory
and saying that the conference should be master of its own decisions.
way than at present.
M. Venizelos said that Greece was entitled to membership on the Committees of Reparation and Ports. M. Bratiano, for Rumania, and Dr.
Benes, for Czechoslovakia, as well as the delegations representing Portugal,
LEAGUE OF NATIONS ADOPTED BY PEACE
China, Siam and Poland, also asked for places on the committees.
CONFERENCE.
It looked for a time as if the small nations had formed a bloc and would
the committees.
The second general or plenary session of the Peace Con- contest the decisions of the great Powers to restrict Benes, "in winding up
"We will have something to say," declared Dr.
gress was held at the French Foreign Office at Paris on the Ailstro-Hungarlan Empire, and it is difficult to understand how any
Saturday last (Jan. 25), with Premier Clemenceau of France committee can act without information that the Czechoslovaks alone can
in the chair, and in accordance with previous arrangements give."Bratiano added: "The smaller nations have greater interests at stake
M%
was given over almost entirely to the question of establishing than the great Powers on many of these questions."
M.Clemenceau finally, in a good-tempered speech, said that the Council
a League of Nations. A set of resolutions on the subject,
had not
previously adopted by the Supreme Council, was presented consider imposed its decision, but had simply convoked the conference to
the plan.
to the Conference, and President Wilson, as the foremost
"After forty-eight years of public life," he said, "I am satisfied that the
exponent of the League idea, was invited to open the dis- larger the committee is, the less it accomplishes. I beg the delegates not
when millions of men are waiting
waste time on questions
cussion. This the President did, in a notable address in to be demobilized. Let us of procedure committees at once, and so get to
organize the
to
which he restated his well-known arguments in favor of work. We have no desire to be unjust to any one, but wish to devise a
establishing a League of Nations to supplement the work of procedure leading to rapid results." Council would consider the questions
M.Clemenceau's assurance that the
the Peace Conference. Premier Lloyd George of Great raised finally prevailed, and Belgium,on behalf of the smaller Powers, withBritain seconded the President's remarks, placing the influ- drew the protests, saying that the position having been cleared they
ence of Great Britain unreservedly behind the proposal. trusted to the fairness of the Council.
The resolution were adopted without change.
The resolution was also supported by Premier Vittorio
Orlando, speakitig for Italy, and by Leon Bourgeois, for
France, while representatives of China, Poland and Belgium
also added their endorsements. The text of the principal
speeches will be found below. The only hint of a possible
difference of opinion was when William Hughes, Premier of
Australia, arose to ask if there was to be a further opportunity to discuss the question. Premier Clemenceau assured
him there would be. It was noteworthy that the Japanese
delegates took no part in the discussion. M. Clemenceau
then asked if there was any objection to the resolution, and
there being none, it was declared adopted unanimously.
The text of the resolution follows:
The conference, having considered the proposlas for the creation of a
League of Nations, resolved thac:
It is essential to the maintenance of the world settlement which the
associated nations are now met to establisn that a Logone of Nations be
created to promote international obligations and to provide safeguards
against war.
This League should be created as an integral part of the general treaty
of peace and should be open to every civilized nation which can be relied
on to promote its objects.
The members of the League should periodically meet in international
conference and should have a permanent organization and secretaries to
carry on ths business of the League in the intervals between the conferences.
The conference therefore appoints a committee, representative of the
associated Governments, to work out the details of the constitution and
the functions of the League and the draft of resolutions in regard to breaches
of the laws of war for presentation to the Peace Conference.
M.Louis Klotz, Minister of Finance of France and a member of the French delegation, proposed a financial section to
the League of Nations, but the proposal finally went over.
Following the adoption of the resolution, Chairman
The text of the various resolutions was as follows:
Responsibility for the War.
That a commission, composed of two representatives apiece from the
five great Powers and five representatives to be elected by the other
Powers, be appointed to inquire and report upon the following:
First. The responsibility of the authors of the war.
Second. The facts as to breaches of the laws and customs of war committed by the forces of the German Empire, and their allies on land, on
sea, and in the air duting the present war.
Third. The degree of responsibility for those offenses attaching to particular members of the enemy's forces, including members of the general
staffs and other individuals, however highly plated.
Fourth. The constitution and procedure of a tribunal appropriate to the
trial of these offenses.
Fifth. Any other matters, cognate or ancillary to the above, which may
arise in the course of the inquiry and which the Commission finds it usefu
and relevant to take into consideration.
Reparation..
That a commission be appointed which shall comprise not more than
three representatives apiece from each of the five great Powers, and not
more than two representatives apiece from Belgium, Greece, Poland,
Rumania and Serbia, to examine and report'
First. On the amount of reparation which the enemy countries ought to
pay.
Second. On what they are capable of paying: and,
Third. On the method, the form, and time within which payment
should be made.
International Labor Legislation.
That a commission, composed of two representatives apiece from the five
great Powers and five representatives to be elected by the other Powers
represented at the Peace Conference, be appointed to inquire into the
conditions of employment from the international aspect and to consider
the international means necessary to secure common action on matters
affecting conditions of employment and to recommend the form of a
permanent agency to continue such inquiry and consideration, in cooperation with and under the direction of the League of Nations.
FEB. 1 1919
THE CHRONICLE
International Control of Ports, Waterways and Railways.
That a commission composed of two representatives apiece from the five
great Powers and five representatives of the other Powers be appointed,
to inquire and report upon the international regime for ports, waterways
and railways.
The Conference finally adjourned at 6 o'clock,' after a
Session lasting three hours. The meeting took place in the
same hall as the opening meeting. As before, only a limited
number of press representatives could find accommodation,
and even then they were so placed that seeing and hearing
were matters of some difficulty. At one stage of the proceedings, President Wilson, realizing the situation, went so
far as to send a note to the American correspondents to
explain what was going on.
ADDRESSES OF PRESIDENT WILSON AND LLOYD
GEORGE ON LEAGUE OF NATIONS.
President Wilson's address to the second plenary session
of the Peace Conference, in opening the discussion on the
question of establishing a League of Nations, was as follows:
447
confidence not only but have established peace. Fail to satisfy them, and
no arrangement that you can make will either set up or steady the peace
of the world.
You can imagine, I dare say, the sentiments and the purpose with which
the representatives of the United States support this great project for a
League of Nations. We regard it as the keynote of the whole, which expressed our purposes and ideals in this war and which the associated nations
have accepted as the basis of a settlement.
If we return to the United States without having made every effort in
our power to realize this program, we should return to meet the merited
scorn of our fellow citizens. For they are a body that constitute a great
democracy. They expect their leaders to speak; their representatives to
be their servants.
We have no choice but to obey their mandate. But it is with the
greatest enthusiasm and pleasure that we accept that mandate. And
because this is the keynote of the whole fabric, we have pledged our every
purpose to it, as we have to every item of the fabric. We would not dare
abate a single item of the program which _constitutes our instructions;
we would not dare to compromise upon any matter as the champion of
this thing—this peace of the world, this attitude of justice, this principle
that we are the masters of no peoples, but are here to see that every people
in the world shall choose its own masters and govern its own destinies,
not as we wish, but as they wish.
We are here to see, in short, that the very foundations of this war are
swept away. Those foundations were the private choice of a small coterie
of civil rulers and military staffs. Those foundations were the aggression
of great powers upon the small. Those foundations were the holding
together of empires of unwilling subjects by the duress of arms. Those
foundations were the power of small bodies of men to wield their will and
use mankind as pawns in a game. And nothing less than the emancipation of the world from these things will accomplish peace.
You can see that the representaaves of the United States are, therefore,
never put to the embarrassment of choosing a way of expediency, because
they have had laid down before them the unalterable lines of principles.
And, thank God, these lines have been accepted as the lines of settlements
by all the high-minded men who have had to do with the beginning of this
great business.
I hope, Mr. Chairman, when it is known, as I feel confident it will be
known, that we have adoped the principle of the League of Nations and
mean to work out that principle in effective action, we shall by that single
thing have lifted a great part of the load of anxiety from the hearts of men
everywhere.
We stand in a peculiar cause. As I go about the streets here I see
everywhere the American uniform. Those men came into the war after
we had uttered our purpose. They came as crusaders, not merely to win
a war, but to win a cause. And I am responsible to them, for it falls to
me to formulate the purpose for which I asked them to fight, and I. like
them, must be a crusader for these things, whatever it costs and whatever
it may be necessary to do in honor to accomplish the object for which
they fought.
I have been glad to find from day to day that there is no question of our
standing alone in this matter, for there are champions of this cause upon
every hand. I am merely avowing this in order that you may understand
why, perhaps, it fell to us, who are disengaged from the politics of this
great continent and of the Orient, to suggest that this was the keystone
of the arch, and why it occurred to the generous mind of your President
to call upon me to open this debate. It is not because we alone represent
this idea, but because it is our privilege to associate ourselves with you in
representing it.
I have only tried in what I have said to give you the fountains of the
enthusiasm which is within us for this thing, for those fountains spring, it
seems to me, from all the ancient wrongs and sympathies of mankind, and
the very pulse of the world seems to beat to the fullest in this enterprise.
Mr. Chairman—I consider it a distinguished privilege to be permitted
to open the discussion in this Conference on the League of Nations. We
have assembled for two purposes, to make the present settlements which
have been rendered necessary by this war and also to secure the peace of
the world, not only by the present settlements but by the arrangements
we shall make at this conference for its maintenance.
The League of Nations seems to me to be necessary for both of these
purposes. There are many complicated questions connected with the
present settlements, which perhaps cannot be successfully worked out
to an ultimate issue by the decisions we shall arrive at here. I can easily
conceive that many of these settlements will need subsequent consideration; that many of the decisions we make shall need subsequent alteration
in some degree, for if I may judge by my own study of some of these questions they are not susceptible for confident judgments at present.
It is therefore necessary that we should set up some machinery by which
the work of this conference should be rendered complete.
We have assembled here for the purpose of doing very much more than
making the present settlements that are necessary. We are assembled
under very peculiar conditions of world opinion. I may say, without
straining the point, that we are not the representatives of Governments,
but representatives of the peoples.
It will not suffice to satisfy Governmental circles anywhere. It is
necessary that we should satisfy the opinion of mankind.
The burdens of this war have fallen in an unusual degree upon the
Whole population of the countries involved. I do not need to draw for
you the picture of how the burden has been thrown back from the front
upon the older men, upon the women, upon the children, upon the homes
of the civilized world, and how the real strain of the war has come where
the eyes of the Government could not reach, but where the heart of humanity beats.
We are bidden by these people to make a peace which will make them
secure. We are bidden by these people to see to it that this strain does
not come upon them again. And I venture to say that it has been possible
for them to bear this strain because they hoped that those who represented
them could get together after this war and make such another sacrifice
unnecessary.
It is a solemn obligation on our part, therefore, to make permanent
arrangements that justice shall be rendered and peace maintained.
This is the central object of our meeting. Settlements may be temIn seconding the remarks of President Wilson, Premier
porary, but the action of the nations in the interest of peace and Justice
Lloyd George of Great Britain spoke as follows:
must be permanent. We can set up permanent processes. We may not
I rise to second this resolution. After the noble speech of the American
be able to set up a permanent decision.
Therefore, it seems to me that we mast take as far as we can a picture President, I feel that no observations are needed in order to commend this
of the world into our minds. Is it not a startling circumstance, for one resolution to the Conference, and I should not have intervened at all, had
thing, that the great discoveries of science, that the quiet stirdies of men it not been that I wished to state how emphatically the people of the
in laboratories, that the thoughful developments which have taken place British Empire are behind this proposal.
And if the national leaders have not been able during the last five years
in quiet lecture rooms have now been turned to the destruction of civilization? The powers of destruction have not so much multiplied as they have to devote as much time as they would like to its advocacy, it is because
their time and their energy have been absorbed in the exigencies of a
gained facilities.
The enemy, whom we have just overcome, had at his seats of learning terrible struggle.
Had there been the slightest doubt in my mind as to the wisdom of this
some of the principal centres of scientific study and discovery, and he used
them in order to make destruction sudden and complete. And only the scheme, it would have vanished before an irresistible appeal made to me
watchful and continuous co-operation of men can see to it that science, by the spectable I witnessed last Sunday. I visited a region which but a
few years ago was one of the fairest in an exceptionally fair land. I found
as well as armed men, is kept within the harness of civilization.
In a sense the United States is less interested in this subject than the it a ruin and a desolation.
I drove for hours through a country which did not appear like the habiother nations here assembled. With her great territory and her extensive
sea borders, it is less likely that the United States should suffer from the tation of living men and women and children, but like the excavation of a
attack of enemies than that other nations should suffer. And the ardor province, shattered and torn. I went to one city, where I witnessed a
of the United States—for it is a very deep and genuine ardor—for the scene of devastation that no indemnity can ever repair—one of the beautisociety of nations is not an ardor springing out of fear or apprehension, ful things of the world disfigured and defaced beyond repair.
And one of the cruelest features to my mind was what I could see had
but an ardor springing out of the ideals which have come in the conscioushappened—that Frenchmen, who love their land almost beyond any nation,
ness of this war.
In coming into this war the United States never for a moment thought in order to establish the justice of their cause, had to assist the cruel enemy
that she was intervening in the politics of Europe, or the politics of Asia, in demolishing their homes, and I felt that these are the results—only
or the politics of any part of the world. Her thought was that all the part of the results.
Had I been there three months ago, I would have witnessed something
world had now become conscious that there was a single cause of justice
that I dare not describe. But I saw acres of graves of the fallen. And
and of liberty for men of every kind and place.
Therefore, the United States should feel that its part in this war should these were the results of the only methods, the only organized methods,
be played in vain if there ensued upon it abortive European settlements. that civilized nations have ever attempted or established to settle disputes
It would feel that it could not take part in guaranteeing those European amongst each other. And my feeling was: Surely it is time that a saner
settlements unless that guarantee involved the continuous superintendence plan for settling disputes between peoples ought to be established than this
organized savagery.
of the peace of the world by the associated nations of the world.
I don't know whether this will succeed.* But if we attempt it, the
Therefore, it seems to me that wo must concern our best judgment in
attempt will be a success, and for that reason I second the proposal.
order to make this League of Nations a vital thing—a thing sometimes called
an exigency—but always functioning in watchful attendinto life to meet
ance upon the interests of the nations, and that its continuity should be a
vital continuity; that its functions are continuing functions that do not
PEACE CONFERENCE COMMITTEES NAMED BY
permit an intermission of its watchfulness and of its labor; that it should
PREMIER CLEMENCEAU.
be the eye of the nations, to keep watch upon the common interest—an
eye that did not slumber,an eye that was everywhere watchful and attentive.
Premier Clememeau, permanent Chairman of the Peace
And if we do not make it vital, what shall we do? We shall disappoint
the expectations of the peoples. This is what their thought centres upon. Conference, on Jan. 26 announced the following as members
I have had the very delightful experience of visiting several nations since of the committees decided upon at the plenary session
I came to this side of the water, and every time the voice of the body of the
held on Jan. 25:
people reached me, through any representative, at the front of the plea
Responsibility for the War.
stood the hope of the League of Nations.
Gentlemen, the select cla.sses of mankind are no longer the governors of
Great Britain, Sir Gordon Hewart.
mankind. The fortunes of mankind are now in the hands of the plain
France, Captain Andre Tardieu and Ferdinand Larnaude.
people of the whole world. Satisfy thorn, and you have justified their
Italy, Viterio Scialola and Deputy Raimondo.
448
THE CHRONICLE
Reparation.
United States, B. M. Baruch, John W. Davis and Vance McCormick.
Great Britain. William Morris Hughes, Sir John Simon and Baron
Cunliffe.
France, L. L. Klotz, L. P. Locheur and A. F. Lebrun.
Italy, Antonio Salandra and General Badoglio.
Japan. Baron Makino and Baron Nobuaki.
International Labor Legislation,
United States, E. N.'Turley and Samuel Gompers.
Great Britain, George Nicoll Barnes and Ian Malcolm.
France, M. Colliard and L. P. Locheur.
Italy, Signor DesPlanches and Signor Cabrini.
Japan, M. Otichlan and M. Oka.
Regulation of Ports, Waterways and Railroads.
United States. Henry White.
Great Britain, Sir John Simon.
France, Andre VoLss and Albert Clavellie.
Italy, Signor Grespi and Signor de Martino.
Japan, M. Yamakawa and Colonel Sa.o.
The foregoing do not represent the full membership of
the committees. It is understood that Secretary of State
Lansing and one of the experts cf the American delegation
are to be the American members of the Committee on
Responsibility for the War. In addition, there are in each
case the five members chcsen to represent the smaller nations on the respective committees. It is evident, however,
from the conflicting statements in the press reports that
the whole matter of committee representation is still in a
more or less fluid state. Thus the representatives of the
smaller Powers on Jan. 28 are said to have announced that
Belgium, Greece, Poland, Serbia and Rumania would have
two members each on the Committee on Reparation. The
resolutions adopted by the plenary session of the Conference
provided for two members each for the five great Powers
• and five additional members to represent all the other
Powers.
PRESIDENT WILSON MAKES FIRST VISIT TO WAR
•
DEVASTATED AREA.
President Wilson on Jan. 26 got his first view of the wardevastated area of France when, with Mrs. Wilson, he paid
a visit to Rheims and to the battlefields in the neighborhood
of Chateau-Thierry. Once before Mr. Wilson had been
close to the actual battle area, when he reviewed American
troops at general headquarters, shortly after his arrival in
France. But up to the present trip he had hover visited the
area actually fought over, nor seen the terrible havoc of war
at first hand, in spite of the constant urging of the French
and Belgian press. In fact, it has been intimated that
President Wilson had deliberately avoided such a visit, not
wishing to enter the Peace Conference "with bitterness in
his heart." The French press has urged, on the contrary,
that he could not do justice to the claims of France and
Belgium until he had seen with his own eyes the extent and
completeness of the ruin wrought by the invader upon the
fairest and richest provinces of France and Belgium.
The President's visit last Sunday took him to ChateauThierry, where he visited the scene of the fighting there and
at Belleau Wood, made immortal by the gallant conduct of
the American Marines and Regulars who turned back the
enemy at the point nearest Paris. The'party then motored
to Rheims, passing through many ruined villages en route,
and through the shell-torn farming country where the French
peasants were at work filling in the shell craters and abandoned trenches in the effort to get their fields in shape for
the spring planting. At Rheims Cardinal Lucon, Archbishop of Rheims, showed the President over the ruined
cathedral, and pointed out the irreparable damage done by
the enemy's four-year bombardment. Before going to the
cathedral they passed through the ruined city, once the home
of 115,000 people, but where now barely 5,000 manage to
eke out an existence. At the cathedral Cardinal Lucon
presented to the President a relic in the shape of a circular
panel of stained glass three feet in diameter, showing a
figure of the Savior.
At the close of his•tour the Presideht made this comment:
"No one can put into words the impressions I have received
among such scenes of desolation and ruin."
DEMAND OF THE SMALLER NATIONS FOR LARGER
SHARE IN WORK OF PEACE CONFERENCE.
A situation which threatened at one time seriously to
interfere with the work,of the Peace Congress was smoothed
over on Jan. 28, when, at a meeting called by the Supreme
Council, the delegates of the nineteen lesser Powers definitely
agreed to accept the plan of organization adopted by the
Supreme Council of the five great Powers. The dissatisfaction of the delegates of the smaller nations firstlheeame
[Vol,. 108.
manifest at the plenary session of the Conference, held on
Jan. 25, when, as described in another article, the delegates
of the smaller nations protested against the proposal to
nominate on important committees two delegates each
from France, England, Italy, the United States and Japan,
and only five delegates in all from all the other nations
combined. Some of the smaller nations, because of the
extent of their losses, or the variety and importance of their
interests affected by the decisions of the Conference, felt
that they should have direct representation on all committees, which of course would be impossible unless other
nations were to be excluded entirely. The Belgian delegates led the protest, and were supported by Premier Venizelos of Greece, M. Benes of Czecho-Slovakia, and the
delegates of Serbia, Brazil, and several other nations.
In reply, Chairman Clemenceau promised that their objections would receive consideration. The Belgian delegates thereupon withdrew their objections, thus allowing
the resolutions for the appointment of committees to go
through. Subsequently the Belgian delegates held a
meeting and drew up a memorial to Premier Clemenceau
amplifying the objections to the proposed apportionment
of committee memberships, and the Serbian delegates did
likewise. According to a special dispatch to the New York
"Times," the small powers took the position that Belgium
and Serbia, which suffered in the war as much proportionally
as the big nations, ought to have direct representation on
the committees instead of being lumped with the other
small peoples. The Memorial to Clemenceau suggested,
it was said, that these groups of nations be formed: The
five big Powers, the small Powers, Belgium and Serbia,
which were great sufferers; the nations which fought in
the war, but were not in the same class as to sacrifices as
the first two, and the nations which declared war, but did
not do much fighting—the basis of representation on the
committees to be determined according to such groups.
On Jan. 27, as stated, a meeting of the delegates of the
small nations was called by the Supreme Council under the
Chairmanship of M. Jules Cambon. Belgium, Serbia,
Rumania, and all the other small Powers had their full
delegations at the meeting. M. Cambon, in opening the
meeting, took occasion to refer to the great part Belgium
had taken in the war. He then paid tribute to the parts
played by Serbia, Rumania, Greece, and the others. This
dissipated any lingering shadows of disagreement, and the
meeting proceeded with entire harmony to designate the
members of the small powers on the various commissions.
The following official statement was subsequently issued
as to the results of this conference:
The representatives of the Powers with special interests met this afternoon at 3 o'clock at the Qua( d'Orsay under the Presidency of M. Jules
Cambon, Ambassador and French delegate at the Peace Conference, to
appoint members of the missions in accordance with the decisions of the
plenary session of Saturday, Jan. 25. The following were appointed:
League of Nations.
Belgium. Paul Hymens.'
Pessoa.
Brazil, Epltacio
China, Wellington Koo, Plenipotentiary.
Serbia, M. R. Vesnitch.
Portugal, Janme Batalkha Reis, Minister Plenipotentiary.
Responsibility for the War.
Belgium (not yet appointed).
Serbia, Slobodan Yovanovitch.
Rumania, Mr. Rosenthal.
Greece, M. Politls.
Poland (not yet appointed).
International Labor Legislation.
Belgium, M. Vandervelde and M. Mahaim,
Cuba, A. S. Pustamante.
Poland (not yet appointed).
Czecho-Slovak Republic, M. Benes.
Regulation of Ports, Waterways and Railroads.
Belgium (not yet appointed).
China, H. E. Thomas and C. T. Wang, Plenipotentiary delegate.
Greece. M.Coromilas.
Serbia, M. Trurabttch.
Uruguay, Carlos Blanco.
OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
Continuing our record of the official communiques of the
Peace Conference (referred to on page 340 of last week's
issue), we give herewith the communication issued on
Friday evening of last week (Jan. 24) dealing with the
afternoon session of the Supreme Council. The communique dealing with the morning session of that date was
printed by us in our Saturday issue. The later communication read:
The President of the United States of America, the Premiers and Foreign
Secretaries of the United States, of the British Empire, and France and
FEB. 11919.1
THE CHRONICLE
449
Italy. and the representatives of Japan met at the Qual d'Orsay this exploitation in agreement with the Czechs and the Poles, pending a territoafternoon from 3 o'clock until 5:15 o'clock.
rial settlement of the question by the conference. •
The mission of the Allies and associated Great Powers to Poland was
A statement of the views of the respective interests and rights of Rumania
M. Pichon should prepare draft and Serbia in the Banat of Temesvar was then heard. M. Bratiano and
first discussed, and it was agreed that
instructions to the mission for the approval of the representatives of the M. Mishu represented the Rumanian Government and the Serbian delegaPowers.
tion was composed of M. Pachitch, M. Vesnitch and M. Trumbitch.
It was agreed that one press representative for each of the five Great
The next meeting was fixed for to-morrow, Saturday, at 3 o'clock.
accompany the Mission.
Powers should be permitted to
The question of territory readjustments in connection with the conquest
of the German colonies was then taken up. Sir Robert Borden, Prime ITEMS ABOUT BANKS, TRUST COMPANIES, 413c.
Minister of Canada: Mr. Hughes, Prime Minister of Australia; General
The public sales of bank itocks this week aggregate 88
Smuts, representative of General Botha, the Prime Minister of South
AM(a. and Mr. Massey. Prime Minister of New Zealand, were present shares, of which 56 shares were sold at the Stock Exchange
and explained the particular interest of the respective Dominions in regard and 32 shares at auction. No trust company stocks were
to this question.
The next meeting of the Allied Ministers will take place on Monday sold.
Shares. BANKS—New York.
Loto. High. Close. Last previous sale.
morning at 10 o'clock.
• The Peace Conference will hold a plenary sitting at the Ministry of *56 Commerce, Nat. Bank of7205 215 210 —Jan. 1919— 215 75
-32 Corn Exchange Bank
351h 351( 351( July 1916— 326%
Foreign Affairs tomorrow (Saturday), at 3 o'clock.
Sold at the Stock Exchange.
No official communication was issued concerning the
plenary session held on Saturday the 18th, as the plenary
The death at Paris on Jan. 30 of_Baron_Lambert Rothsessions are open to the press. On Jan. 27 the following was
schild, who, it is said, aided in the formation of the Belgian
the meeting held that day:
issued in regard to
The President of the United States. the Prime Ministers and Foreign Relief Commission, was reported in yesterday's cablegrams
Ministers of the Allied and associated Powers and the Japanese repre- which said:
sentative met this morning at the Qual d'Orsay from 10:30 o'clock to 12:30
When the Germans occupied Belgium in 1914 and a famine was threato'clock and defined a program of work and the constitution of new com- ening Brussels because food was unobtainable, Baron Rothschild went
mittees for economic and financial questions as well as questions relating to London with Hugh S. Gibson, Secretary of the American Legation in
to private and maritime laws.
Brussels, and guaranteed to pay for 30,000 tons of foodstuffs. The food
The afternoon session continued the exchange of views on the former was purchased through Herbert C. Hoover. It was the first purchase
German colonies in the Pacific and the Far East. The representatives made by the organization which afterward became the Commission for
of the Dominions and of China were heard.
Relief in Belgium.
The next meeting will take place to-morrow at 11 o'clock in the morning.
Later, when Gen. von "liming. Governor-General, levied a fine of 50,disposition of the conquered German colonies was 000,000 francs on the city of Brussels, the coffers of which were empty.
The
Baron Rothschild came to the rescue and through
again the subject of discussion at Tuesday's meeting of the sponsibility for part of the tribute demanded by thehis bank assumed reGermans.
Supreme Council, the communiques for that day saying:
--•-The President of the United States, the Prime Ministers and Foreign tr The National Park Bank of this city has leased for twentyMinisters of the United States. the British Empire, France and Italy
and the representatives of Japan held two meetings to-day, the first from one years, with renewal privilege, the property known as
11 a. m. to 12:30 p. m and the second from 4 10 8:30 p. m.
151 Fulton Street, having a frontage of 23 feet and 81 feet
An exchange of views took place on the German colonies in the Far East in depth; it has also purchased theproperty known as 149
and the Pacific and on those in Africa.
The representatives of the Dominions were present at these two sessions; Fulton Street, running through to 20 Ann Street, with 23
the representatives of China at that in the morning and the Marquis feet frontage and 134 feet deep. In the course of time'the
Salvago at that in the afternoon.
In the morning the delegates of Australia, New Zealand. Japan and bank will build an addition to its present building.
China were heard.
Ernest C. Wagner has been elected First Vice-President
In the afternoon M. Henri Simon, French Minister of the Colonies,
explained the views of his department on colonial questions.
of the Discount Corporation of this city. Mr. Wagner has
In addition, the fundamental principles of the League of Nations and reeriManager of the Seattle Branch of the Bank
of California
their application were considered.
and had previously been connected with London banks.
The next meeting will take place tomorrow at 11 a. m.
Two official communications on the peace proceedings Before becoming associated with the Bank of California
07,=ttle, he was Manager of a branch of a London bank
were issued on Jan. 29. The first said:
The President of the United States, the Premiers, and the Foreign at Seattle which was consolidated with the Bank of CaliforMinisters of the Allied and Associated Governments and the Japanese repL.
resentatives held two meetings on Jan. 29. The morning sitting was de- nia.
voted to hearing reports of delegates who made general statements on the
Ina cable just received from the Far East, it is announced
Polish situation and Polish claims. In the afternoon the Czech°.Slovak
delegates gave their views on the question of the industrial basin in Silesia that theShanghai branch of the Asia Banking Corporation
situated between Bohemia and Poland.
will be opened for business on Feb-- 7:immediately following
.
The other communique follows:
Year's festivities, and that it is expected
Since Monday last Mr. Barnes, British Minister without portfolio, has the
been conferring with prominent British trade unionists and representatives that the
-Hankow branch of this corporation willbe.opened
of India and the Dominions on the draft of a scheme for the international aboutMarch 15 and theTientsin and -Peking branches,
.regulation of conditions of employment. The scheme has been closely
Lane, Vice-Piesident- the Guaranty
of
examined, and the experience of all present at the conference has been about May
freely placed at Mr. Barnes's disposal. Many valuable suggestions have Trust Co. of
York, and RalphDawson, Vice-President
been made, and it is felt that full light has been given to the views of or- of the Asia Banking Corporation, are in charge of the
organized British trade unionists.
The conference concluded at noon, Jan. 29, and the draft scheme agreed ganization of the foreign branches and will remain abroad
upon will be submitted to the International Commission on Labor Regu- for some time. Robert Buchan ,formerly. Manager of the
:
,
lation, which was appointed on Saturday last at the l'eace Conference.
American Express company at Shanghai, has been appointed
The official communication on the Peace Council's proAssistant Treasurer of the Asia Banking Corporation and
ceedings on Jan. 30 read:
corporaThe President of the United States, the•Prime Ministers and Ministers will be connected with the Shanghaibranch of thatof Foreign Affairs of the Allied and Associated Powers, as well as the tion.
Japanese representatives, to-day held two meetings at the Qual D'Orsay,
the first from 11 a. m. until 1 p.m. and the second from 3.30 to Op. m.
The Imperial Ottomon Bank,London, England,announces
The exchange of views continued on the German colonies in the Pacific
—
and in Africa, in the presence of the representatives of the dominions and to its Xmerican correspondents that it his received permisof M.Simon, French Minister of the Colonies, and of the Marquis Salvago sion to correspond with its Syr-i— -branches and hold at their
aii -- - Raggi (Italy.)
In the afternoon satisfactory provisional arrangements were reached for disposal funds received in London for payment in Palestine
dealing with the German colonies and the occupied territory in Turkey in and Syria to persons not enemies or allies of enemies
Asia.
resident in those portions of Palestine and Syria extending
At the afternoon meeting the Belgian delegates were present. M.
Hymans, Vandenheuvel, and Vandervelde were accompanied by M. as far north asthe line from Alexandretta to—Aleppo7-inelusive, and as far east as the Hejas Railway.
Ortz, who explained the Belgian point of view concerning the Congo.
It was further decided that the military representatives of the Allied and
Versailles should be asked to meet at once and present
Associated Powers at
In the annual report to the stockholdevi, Lewis E. Pierson,
a report as to the most equitable and economical distribution among those Chairman of Irving National Bank of this city, comments
powers of the burden of supplying the military forces for the purpose of
maintaining order in the Turkish empire pending the decisions of the Peace on the important part the banking institutions have played
Conference regarding the Government of Turkish territory.
in the nation's great struggle. The American banks, in cok The next session will be held to-morrow at 3 p. m.
operation with the trade organizations of the country, in the
The official communication issued last evening (Jan. 31) eighteen months' period of the war distributed successfully
said:
among patriotic investors $14,589,801,000 short-term- cerThe President of the United States of America, the Prime Ministers tificates of indebiediceiii-lad $16,974,330,000 Liberty Loan
- ••••
Allied and Associated Powers, and the rep.
•••••••
and Foreign Ministers of the
bonds. The Irving's quota each time was either reached or
resentatives of Japan, met this afternoon at 3 o'clock.
The delegates of the Great Powers, composing the Inter-Allied Com- exceeded, its total aggregated $132,579,300 sand — .War
mission which will shortly proceed to Poland, were introduced to state
the conclusions which they had reached after hearing the representatives tributed among 62,389 investors. The bank's depOiirs_i
of Poland and of the Czecho-Slovak Republic regarding the provisional $55,000,000 at the beginning of the world war in August
exploitation of the industrial district of Tewhen (Austrian Silesia).
After listening to the reports made by M. Noulens and by General 1914, have increased to over $127,000,000 Dec. 27 1918, the
iwo years reaching- substantial pr
Clothe, in the name of their colleagues. the Allied Ministers decided to grOwth-dnring-the pastsend to Teschen Allied delegates for the purpose of assuring a peaceful portions. The increase in the volume of business in the
450
THE CHRONICLE
foreign department and the extension of the foreign relations
of this department has been noteworthy. The first prize for
bank advertising was awarded to the Irving National for
the second year in succession by the Convention of the
Financial Advertisers' Association of the Associated Advertising Clubs of the World. The profits of the bank for 1918
amounted to $2,537,519, from which, after setting aside
$1,253,831 for Federal and State taxes, left a net profit of
$1,283,688. From the net profits, $540,000 of cash dividends were paid to stockholders and a special contribution
of $45,000 to the American Red Cross leaving a balance of
$698,688 to be carried to undivided profits account of its
aggregate resources of $148,452,560. On Dec. 27 1918 the
bank had'immediately available in quick assets $90,762,100,
and other loans and discounts payable on demand and due
in 30 to 180 days' time, $41,539,517. The capital is $4,500,000 and surplus and profits $6,234,110.
G. B. Rickenbaugh, who had been connected with the
Irving National Brink of this city for the past two years,
was recently elected Vice-President and General Manager
of the Scott Corporation. The company deals in automobile accessories in both domestic and foreign fields.
It has general offices in Paris and London, the main
office being located in Aeolian Hall, New York City.
Before he went with the Irving National Mr. Rickenbaugh
was identified with banking interests in Pennsylvania.
H. S. Scarritt, formerly of the bond department of the
Irving National Bank of this city has become associated
with Bonbright & Co., Inc., 25 Nassau street, this city.
The directors of the Liberty National Bank at a board
meeting held on Monday last elected two new Vice-Presidents
to their staff of officers—Joseph S. Maxwell and George F.
Murname. The bank authorizes the following statement
regarding the past activities of these two new officers:
Mr. Maxwell comes to the Liberty from the First National Bank, with
which institution he has been connected for the past 19 years, since 1915,
as Assistant Cashier, In 1914 he was appointed a member of the SubCommittee on Emergency Currency for the National Currency Association
of New York, in the work of which committee he was very active. He
has also been Secretary, Treasurer and Trustee of the Bankers Safe Deposit
Company. Mr. Murname is now Deputy Commissioner for France of
the American Red Cross. He has been in France since last year with
Harvey D. Gibson, President of the Liberty and Red Cross Commissioner
for France. Previous to going abroad last June, Mr. Murname wis
closely associated for over a year with Mr. Gibson on organization work
of the Red Cross at Washington, D. C. Mr. Murname is Vice-President
of the H. K. McCann Company, Advertising, at 61 Broadway, New
York, with which company he has been connected since 1912. He is
expected to return from France in February along with Colonel Gibson,
who is coming back to resume active work as President of the bank.
The new American Trust Co.of this city, which is affiliated
with the New York Title & Mortgage Company, began
business on Monday last at 135 Broadway, corner Cedar
Street. The new trust company, which has a cash capital
of $1,000,000 and a paid in surplus of $200,000, will do a
general banking as well as a trust business and has the
advantage of the complete co-operation of the Title company's organization in all its branches. Harry A. Kahler
is President of the trust company. Cyril H. Burdett,
Henry S. Acken and Harry H. Fiedler have been elected
Vice-Presidents; Gerhard Kuehne is Secretary; Joseph L.
Obermayer, Treasurer; Huber F. Breitwieser, Assistant
Secretary, and Morgan J. O'Brien, General Counsel. Strong
financial interests are represented on the board of directors
of the American Trust Co. The full list of directors which
has not previously been announced includes:
Walter H. Bennett, Vice-President, American Exchange National Bank.
Edward M. Burghard, Attorney.
Orion H. Cheney, President, Pacific Bank.
Bayard Dominick, Dominick & Dominick.
Stephen B. Fleming, President, International Agricultural Corporation.
Frederick B. Francis, New York Agent, Canadian Bank of Commerce.
William E. Harmon, Wood, Harmon & Co., Real Estate.
Stanley P. Jadwin, 0. H. Jadwin & Sons.
• Harry A. Kahler, President,
Frederick D. Mackay, Vice-President, E. W. Bliss Co.
George T. Mortimer, President, Equitable Office Building Corporation.
Charles J. Obermayer, President, Greater New York Savings Bank.
Morgan J. O'Brien, O'Brien, Boardman, Parker, Harper & Fox.
James A. O'Gorman, O'Gorman, Battle & Vandiver.
William R. Rose, Rose & Paskus.
Louis F. Rothschild, L. F. Rothschild & Co.
Elbridge Gerry Snow, President, The Home Insurance Company.
Daniel G. Tenney, C. H. Tenney & Co.
George Zabriskie, Zabriskie, Sage, Kerr & Gray.
[VOL. 108.
four new directors were elected, making the present personnel
of the board as follows:
J. D. Dort, President, Dort Motor Car Company.
Charles P. Howland, of Murray, Prentice & Howland.
D. R. McLennan, of Marsh & McLennan, Insurance, New York and
Chicago; Director, Continental & Commercial Bank, Chicago, Ill.
A. L. McMeans, Secretary, Dodge Brothers, Incorporated.
E. S. Maddock, President of the Corporation.
J. P. Maguire, Asst. Cashier, Liberty National Bank, New York City.
W.W..Mountain, Director, Genesee County Savings Bank, Flint, Mich.
•William M. Ramsay, Agent, Merchants Bank of Canada, New York.
Alfred P. Sloan, Jr.. President, United Motors Corporation, New York.
George C. Van Tuyl, Jr., President, Metropolitan Trust Co. of New
York City.
H. Mercer Walker, Vice-President, Equitable Trust Co., New York City.
John N. Willys, President, The Willys Overland Company.
H. L. Wynegar, Vice-Prestdent of the Corporation.
-
At the meeting of the board of directors immediately
following the stockholders meeting, all of the present officers
were re-elected with the addition of J. Gibson Jarvie, Vice.'.
President. The officers of the corporation are as follows:
E. S. Maddock, President.
B. A. McDonald, Vice-President.
H. L. Wynegar, Vice-President.
J. Gibson Jarvie, Vice-President.
F. A. Franklin, Treasurer.
H. M. Benson, Secretary.
W. J. Bold, Assistant Treasurer.
R. F. Wingard, Assistant Treasurer.
A. Brunswick, Assistant Treasurer.
C. C. Keele, Assistant Secretary.
M. B. Ignatius, Assistant Secretary
and Assistant Treasurer.
.An additional $1,000,000 of capital was authorized for
issue and sale by the directors, being offered for subscription
to stockholders of record on Jan. 28 1919, who are entitled
to subscribe for the new issue of stock at par within an
amount equal to their holdings on Jan. 28 1919. This
privilege terminates Feb. 28 1919. Subscriptions are to
be accompanied by 10% cash payment, the remaining 40%
being due April 1, and the remaining 50% clue on May 1.
The directors also authorized the opening of a branch office
in London, which will be under the immediate direction of
Vice-President, J. Gibson Jarvie.
At this meeting a quarterly dividend of 2% upon the
outstanding capital stock was declared by the directors,
payable Feb. 1 1919, to stockholders of record at the close
of business, Jan. 28 1919.
At a regular meeting of the directors of the Second National
Bank of this city on Jar. 2i John H. Iloveeman and R hod
E. Shotwell were appointed Assistant Cashiers.
Irving Levy and Ira S. Atkins have been elected as additional Assistant Cashiers of the Public National Bank of
this city.
William Boardman, Deputy State Comptroller, has been
appointed Chairman of the Board of Directors of the First
National Bank of Jamaica, L. I.
William A. Conway, until recently Essistant Secretary
and Treasurer of the Ironbound Trust Co. of Newark, N. J.,
on Jan. 14 was elected Vice-President of the Union T:ust
Co. of New Jersey and has entered upon his new duties.
Me. Conway will have personal charge of the Bayonne
branches of the Union Trust Co.
Only one change was made in the official staff of the New
York State National Bank of Albany at the recent annual
meeting. Donald McDonald was elected First Vice-President of the institution .to succeed J. Townsend Lansing,
resigned. Me. McDonald is Manager of the McDonald
Meter Works and is a former President of the Albany Chamber of Commerce.
The Comptroller of the Cu-Toney has approved an increase of $100,000 in the capital of the First National Bank
of Olean, N. Y., raising it from $100,000 to $200,000.
• The Utica Trust & Deposit Co. of Utica, N. Y., at its
annual meeting re-elected for a term of three yOars the following directors: George E. Dunham, D. Clinton Murray, S. F. Sherman, Richard U. Sherman,and Charles B.
Mason. Mr. Dunham arid Mr. Murray are Vice-Presidents of the institution.
A new national bank—to be known ai the Citizens
National Bank—has been organized in Boston under most
favorable conditions and will open for business early in
April. Five thousand shares of stock at the par value of
$100 per share have been 'issued and sold at $150 per share,
The new company was previously referred to in these giving the new institution a capital of $500,000 and surplus
of $250,000—said to be the largest original paid-in capital
on Dec. 21 and Dec. 28.
and surplus of any national bank ever opened in Boston.
At the annual meeting of the stockholders of the Con- An excellent location for the new bank both as regards its
tinental Guaranty Corporation, held in New York, Jan. 27, usefulness and future growth has been selected on Summer
FEB. 11919.1
THE CHRONICLE
street near Dewey Square. The following officials have
been chosen: Guy A. Ham, President; Wilbur F. Beale,
Vice-President and Cashier; Albert J. Carter, Assistant
Cashier, and Harold P. Newell, Assistant Cashier. Mr.
Carter is Chief Bank Examiner for Massachusetts. On
'Tuesday evening, Jan. 21, a meeting for preliminary organization wai held at the Boston City Club. After an
.opportunity had been given for the officers and directors
to become better acquainted, dinner was served and plans
for the new bank were discus:ed.
451
the Currency. It represents a conversion of the Union
Bank of Jackson.
John A. Elliott, formerly Cashier of the Commercial
Savings Bank of Des Moines, Iowa, was elected President
of the institution at the recent annual meeting of the stockholders. Mr. Elliott, who has been with the bank eight
years, ucceed ; A. L. Hager, who voluntarily resigned from
the Presidency in order that other officials might be promoted. Mr. Hager will hereafter hold the position of
Vice-President. Other promotions were: Clyde F. Frazier,
By playing host to its entire staff of more than 450 mem- heretofore an Assistant Cashier, elected Cashier and Earl
bers at a dinner-dance at the Hotel Somerset, on Jan. 21, I. Davis, formerly Paying Teller, made Assistant Cashie•.
the National Snawmut Bank of Boston put into practice
The Commonwealth Natioaal Bank of Kansas City, Mo.,
an idea claimed to be somewhat new in banking circles.
made the following changes in its official staff and directorate
The affair, which was wholly informal, was planned to allow
all the members of the bank's staff to become better ac- at the annual meeting of the institution on Jan. 14: L. C.
quainted with each other. A feature of the program was Smith, formerly Cashier of the bank, was made President,
the en*ertaitunent provided by members or the Shawmut succeeding his brother, G. M.Smith, who was elected ChairClub. The possibilities of informal social gatherings of man of the board of directors; J. E. Hutt, George E. Ricker
this character for developing "esprit de crop" among the and R. J. Potts were elected Vice-Presidents; H. J. Coerver
members of an organization have long been, it is stated, was appointed Cashier in lieu of L. C. Smith and G. M.
recognized in commercial circles. Development of the Smith, Jr., and W. R. Coulson were made Assistant Cash"get together" idea is now being extended to the financial iers. Mr. Coerver, the new Cashier of the institution, was
and banking field and is considered a pleasing sign of the also elected a director. Mr. L. C. Smith, who is only 41
years of age, in conjunction with his brother, G. M. Smith,
new theory of business management.
founded the Commonwealth National Bank in 1911.
The Roxbury National Bank of Boston has been placed
At the recent annual meeting of the Southwest National
on voluntary liquidation, having been succeeded by the Bank of Commerce of Kansas City, Mo., the stockholders
Roxbury Trust Co. of Boston. The proposed organization voted (subject to the approval of the Comptroller of the
of the trust company was referred to in these columns Aug. Currency) to drop the word "Southwest" from the title of
10.
the institution and revert to the name adopted for the bank
when the institution was reorganized about the year 1882,
At the annual meeting of the Chicopee National Bank as a conversion of the Kansas City Savings Association
of Springfield, Mass., the stockholders voted to add $100,000 Bank. The word "Southwest" came into the title in 1912
to the capital of the bank, making the same $500,600 instead when the National Bank of Commerce took over the Southof $400,000. The new stock will be issued in 1,000 shares west National Bank. E. P. Wheat and C. M. Vining, hereat $175 per share and offered to the present stockholders tofore Assistant Cashiers of the Southwest National Bank
on the basis of one share ot new stock for every four shares of Commerce, were elected Cashier and Assistant Viceof old stock. The $75,000 premium realized through the President (a newly created position), respectively.
sale of the neq stock is to be added to the surplus and
undivided profits. At the same meeting, L. W. White,
An increase of $250,000 in the capital of the Central
forinerly Cashier of the institution, was promoted to a National Bank of Tulsa, Okla., changing it from $250,000
Vice-Presidency; George J. Clark, heretofore an Assistant to $500,000 has been approved by the Comptroller of the
Cashier, was elected Cashier to succeed Mr. White and Currency.
Charles A. Pierce was made an Assistant Cashier to succeed
Mr. Clark. Two new director:, namely, Leo L. Ley and
The stockholders of the American National Bank of Helena,
Edwin S. Gardner, were also elected. George A. MacDonald Montana (capital $200,000) on Jan. 14 increased the suris President of the institution.
plus of the institution from $200,000 to $225,000 and elected
Frank H. Johnson and Charles B. Power directors.
The board of directors of the Merchants Union Trust
Co. of Philadelphia on Jan. 22 re-elected John Stokes
On Jan. 14 the Union Bank & Trust Co. of Helena, Mon
Adams, Esq., Vice-President of the company. He had tana, elected Karl Elting a member of the board of
directors
previously held the office of Trust Officer as well as Vice- in lieu of Horace Elling.
President. C. Percy Willcox, Esq., late Assistant Trust
On Jan. 14 the stockholders of the National Banli of
Officer was elected Trust Officer.
Kentucky, the National Bank of Commerce and the AmeriJohn J. Foulkrod of Philadelphia was recently appointed can-Southern National Bank of Louisville (the consolida2nd Vice-President of the Manayunk National Bank of tion of which into one institution under the title of
the
that city.
National Bank of Kentucky is pending). held separate meetings and ratified in each case the merger plans involving
Charles H. Taylor, who has been acting as General Bookthe three institutions (the two former banks having prikeeper and Discount Clerk in the Park Bank of Baltimore mordially
agreed to consolidate, as referred to in our issue
during the past year, was appointed Assistant Cashier of
of Nov. 30). In accordance with the merger plan thirtythe bank at a meeting of the directors on Jan. 17. Before
six directors were elected to form the new board. The conentering the services of the Park Bank, Mr. Taylor had
solidation of the three banks will be effective Feb. 3.
been with the Old Town National Bank of Baltimore for
about thirteen years.
Hugh L. Rose has been made a Vice-President and Cashier
of the First National Bank of Louisville, Ky., and a member
On Jan. 21, General W. Bladen Lowndes, Vice-President of its board of directors.
He has also been elected a direcof the Fidelity Trust Co. of Baltimore and identified with tor of the
Kentucky Title Savings Bank & Trust Company.
many financial and industrial interests in that city, was
Mr. Rose became connected with the First National Bank
elected a director of the Merchants-Mechanics First National in
1898 and for the past four years has served as Cashier,
Bank of Baltimore, in lieu of Samuel W. Tschudi, the
which position he will retain besides officiriting as a ViceCashier of the bank, who was made a member of the board
President. John M. Monohan and Ralph C. Gilford conpro tern at the recent annual meeting of the stockholders.
tinue as Vice-Presidents.
Harry E: Richter, heretofore Assistant Cashier, has been
Two new directors were elected at the annual meeting of
elected to succeed the late R. R. Rickly as President of the
the Atlanta National Bank of Atlanta, Ga., on Jan. 14,
Capital City Bank of Columbus, Ohio. The post of Cashier,
namely William J. Davis, President of the Atlanta Banking
which had also been held by Mr. Rickly, has been filled by
& Savings Co. and Samuel Y. Tupper, General Manager
the election thereto of Ralph Reamer. Mrs. Ralph R.
of the Queens Insurance Co.
Bickly succeeds her husband as director of the bank.
J. K. Ottley, until recently a Vice-President of theFourth
A charter for the National Union Bank of Jackson, Mich.,
National Bank of Atlanta, Ga., and one of the foremost
(capital $400,000) has been issued by the Comptroller of
bankers of the South, was made President of the institution
452
[VOL. 108.
THE CHRONICLE
at its recent annual meeting. Mr. Ottley succeeds Captain
IMPORTS AND EXPORTS FOR DECEMBER.
James W. English, who in voluntarily resigning the PresiThe Bureau of Statistics at Washington has issued the
dency asked the privilege of naming Mr. OttleY as his suc- statement of the country'sforeign trade for December and from
cessor. Other changes made at the annual meeting were: It arid previous statements we have prepared the following:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
Captain J. W. English was elected Chairman of the board;
(In the following tables three ciphers (000) are in all cases omitted.)
Charles I. Ryan, a Vice-President, elected senior Vice-PresiMERCHANDISE
.
11181/11(4
sident; James D. Robinson, a director, elected a Vice-Pre
dent; Julian Clayton, formerly in charge of the exchange
1916.
1917.
1916.
1918.
1918.
1917.
department, and T. W. Townsend, heretofore manager of January
$504,797 $613,325 $330,036 $231,942 $241,794 $184,351
193,935
207,715
199.480
411,362
401,784
467.648
the new business department, made Assistant Cashiers, February
213,590
410,742
242,162
270.257
553,986
522,900
%larch
218.236
278,981
253.936
529,928
398,569
500.443
and E.H.Daly,formerly general bookkeeper,given the newly April
229.189
549,674
322,853
280.727
474,804
May
550.925
created position of Auditor, and Lee Ashcraft, Thomas H. June
245,795
464,686
260.330
306.623
573,467
483,799
182,723
444,714
241.878
225,926
372.758
July
507,468
Daniel and Edwin F. Johnson elected directors. For a num- August
199.316
273,003
267,855
510,167
527,962
488,656
261,66)
164.039
514,924
2:36,197
550,396 • 454,507
ber of years Mr. Ottley has been a member of the executive September
240,765
221.227
178.659
492,814
501.861
542,101
October
committee of the American Bankers' Association and at one November...._ 522,273 487,328 516,167 251.008 220,535 176,968
210,979
227,911
204.834
523,234
566,007
600.100
December .time was President of the Clearing House Section of the
0 1;11 102 20 922 4751 CA 429 041 2 021 20K tl 029 SAS t9 201 022
Tott1
Association.
0
•
GOLD
The Gainesville National Bank of Gainesville, Fla.
(capital, $100,000), has been placed in voluntary liquidation,
its assets having been taken over by the Florida National
Bank of Gainesville.
The consolidation of the First National Bank of Shreveport, La., and the City National Bank of Shreveport under
the charter of the former and under the title of the First
National Bank-the capital of which has been increased
from $500,000 to $1,000,000, is announced by the Comptroller of the Currency.
The Hibernia Bank & Trust Co. of New Orleans again has
gone into the Chicago field and obtained one of the prominent young foreign exchange bankers of that city in the
person of Bruce Baird, of the First National Bank. Mr.
Baird will occupy an important position in the Foreign Exchange Department of the Hibernia Bank & Trust Co.
He will be associated with Vice-President Paul Villere, and
will specialize in the Latin-American business of the institution. Mr. Baird will assume his new duties about Feb. 1.
Mr. Baird has had fifteen years of practical experience in the
Foreign Department of the First National Bank of Chicago
under Max May and Fred Kent and J.J. Arnold and Chas
P. Clifford. He has been a member of the Chicago Chapter
of the A. I. B.for the past ten years, and served as President
of that Chapter last year. President Hecht of the Hibernia
Bank & Trust Co., in commenting upon the appointment of
Mr. Baird, stated:
'The larger development of' foreign business which already is beginning
will mean a tremendous increase in foreign banking activities, and for this
reason the Hibernia Bank & Trust Co. proposes, in line with the recent
appointment of Mr. Baird, to keep its equipment constantly in advance
of requirements."
At the annual meeting of the South Texas Commercial
National Bank of Houston, Tex., on Jan. 14, J. W. Hoopes,
formerly Deputy Governor of the Federal Reserve Bank of
Dallas, was elected a Vice-President and director.
Imports.
Exports.
1917.
1916.
1917.
1916.
January
February
March
April
May
June
July
August
September
October
November
December
$3,746
5,084
2,810
3,860
3,599
2.704
7.200
3,277
2,244
2.178
3,048
1,580
820,720
22.068
17,920
16,965
57,698
67.164
69.052
46,049
31,333
11,154
7,223
4,538
$10,213
13.685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7.054
26,335
27,974
$4,404
2,549
1.912
2.746
6,621
31,s92
2 597
1,55'
2,611
1,47(
1.92(
1,766
$58,926
103.766
139,499
32,372
52.262
91,339
27,304
18.692
4,172
4.150
2.906
17,066
$15,008
6.016
9.776
6.122
27,322
122.735
62.108
41.239
92,562
97.509
46.973
158.620
Total
41,070
3371,884
$155.793
62.043
$552 454
$055 990
1918.
1918.
imports.
.
axpOTIS
1918.
1916.
1917.
1917.
1918.
January.
February
March
April
May
June
July
August
September
October
November
December
$6,628
6.519
13,432
12.251
46,381
8.568
40,686
20,549
10,340
32,038
7,150
48,306
$5,887
7,694
5,556
4,353
6,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125
$4,636
4,947
5,748
4,856
6,212
4,644
4,336
5,815
6.530
6,016
7.847
9.008
$5,998
4.449
6,963
5.081
7,298
5.351
5.220
7.257
7.172
6.706
5,491
4,330
Total
252.840
284 131
5700011
71 2711
$
Jan____ +270.855
Feb____ +203.647
March. +280.738
April _ +221,462
__
May. +228,072
June___ +223.449
July __ +265.590
Aug ___ +254,959
Sept... +288.727
Oct.... +255.096
Nov... +271.265
Dee ___ +355.028
'
1916.
*1917.
$
+371,531
+268.168
+283.729
+275.992
+268,947
+266.844
+146,832
+220,801
+218.310
+320.874
+266.793
+372,189
1918.
1917.
229 902
55324!
EXCESS OF EXPORTS OR IMPORTS
(Jold.
.
diercisandIse
1918.
1916.
$1.852
$3,346
2.478
2.506
2,880
2,977
2.376
2,176
4,741
2,725
3,183
2,235
2.426
3,420
5,681
2.517
' 2,880
5,796
5.050
2.892
9,086
2.583
3,553
6.155
Sliver.
1917.
1918.
II
$
$
$
$
-658 -38.20()
+630 +2.541
+145,685
+207,849 +2,535 -81,69s +2.070 +5.216
+898-121,579 +6,469 +2,579
+187,152
+814 -15.407 +7,170 +1,977
+180,333
+245,615 -3.022 +5,436 +39 08:3 +1.531
+218,891 -29.188 -24,175 +3.215 +6.730
+261,991 +4.601 +41,74s +35.466 +2,118
+310,851 +1,722 +27.357 +13,292 +1,823
-327 +27,161 43.168 +4,669
+350,885
4 708 +7.001 4-25,272 +1,933
+314,155
+339.199 +1,128 +4,317 +1.659 -4,297
,+43,976 +3,970
-186 -12.52
+318,400
Total +3.118.888 +3.281.010 +3.091.000 -20.973-180 570 181.4-0 +30.790
+ Exports. - Imports
Totals for merchandise, gold and silver for twelve months:
12
Silver.
Gold.
Merchandise.
Mos.
Royal A. Ferris, President of the American Exchange (000s
Excess
Excess
Excess
Imof
Exof
ImExof
omitExNational Bank,of Dallas, Tex., since the consolidation of the ted.) ports. ports. Exports. ports. ports. Exports ports. ports. Exports
in 1905,
American National and National Exchange banks
$
$
$
was made Chairman of the Board of the bank at the annual 1918 6.150.1933.031.305 3,118,888 41,070 62,043 120.973252,846 71,376181.470
180570 84.131 53.341 30.790
14. Before the consolidation of the two 1917.6.233.47 2,952.4683.281.010371,884 552.454 530197 70.595 32.263 38,332
meeting on Jan.
1016.5,482,641 2,391,635 3,091.006155.793685,990
19.115
banks Mr. Ferris had been President of the National Ex- 1915.3.554.67 1.778.596 1,776.074 31,426451,955 420529 53.599 34.484 25.044
1914 2,113,624 1,789,276 324,348222.616 57,388 165.228, 51,603 25,959
change Bank. As President of the American Exchange Na- 1913 2.484.001 1.792,596 691,421 91.799 63,705 28,0941 62,777 35.868 26.909
tional Bank he is succeeded by E. M. Reardon, heretofore I Excess of Imports.
Similar totals for the six months since July for six years
its Vice-President. Two new Vice-Presidents were elected
make the following exhibit:
at the annual meeting, viz.: Louis Lipsitz and Henry C.
Elite?.
Gold.
Coke. Of the Assistant Cashiers, the following were newly
Merchandise.
6
Mo.
elected: Frank C. Pondrom, Paul Danna, Ben B. Johnston (000s
EMU
Excess
Excess
Imof
of
ExImof
ImomitExand Sam Turner. F. R. Bissell was elected as a new mem- fed) ports. ports. Exports. ports. ports. Exports ports. ports. Exports
ber of the board of directors, succeeding Henry Hamilton,
$
$
$
$
deceased. Other than the change in the presidency, all old 1918.3,175,966 1,485,301 1.690,635 19,567 11,919 7.648159,069 38,236 122.833
1917 2,945.450 1.399,651 1,545.799 169,349 74.289 95,060 45.404 35,188 10.216
officers retained their positions.
409624 39.552 16,1451 22.701
1916 3.002.020 1,106,539 1,895,481 89.387499.011/
1915.1.852.862 912,787 940.075 23,843307,030 2/33187 28,749 18,742 10.007
258,421 138,642 26,644 111,998 26,093 13.369 12.724
The controlling interest in the First National Bank of 1914 1,066,781 808,360 404,726 28.065 35.795 17,730 29.456 17.736 11,720
1913 1.317,736 913.010
Oakdale, Cal., and its affiliated institution, the Stanislaus /Excess of imports.
County Savings Bank,was recently sold by Edward F. Davis,
-PER CABLE.
ENGLISH FINANCIAL MARKETS
of Stockton, Cal., and other interests of Stockton, represenThe daily closing quotations for securities, &c., at London,
ted by Mr. Davis, to D. E. Lee, of San Francisco, together
week:
as follows the
with A. E. Schadlich and Rodden Bros., of Oakdale. The as reported by cable, have been27. Jan. 28. Jan. 29. past30. Jan. 31
Jan.
Jan. 25. Jan.
London.
Wed. Thurs.
Frt.
Tues.
invested capital in the two institutions is said to be about
Mon
Sat.
Week ending Jan. 31.
d. 48 7-16 48 7-16 48 7-16 48 7-16 48 7-16 48 7-18
Silver, per ox
$325,000, with deposits in excess of $1,250,000.
593i
594
594
593.
Holiday 59 A
Consols, 254 per cents
The Union National Bank of Seattle, successor to Union
Savings & Trust Co.,announces the election of L. E.Eyman,
formerly of Eyman & Co., as Vice-President and bond manager.
Holiday 95
British, 5 per cents
Holiday 99A
British, 44 per cents
03
French Rentes (in Parfs)...fr.
French War Loan (in
92.10
fr.
Paris)
95
90j
63.25
95
99t
63.10
93
95
00M
95
04
92.50
The price of silver in New York on the same days has been:
Silver In N.Y., per ox_cts-101A
101A
1014
1015
1014
1014
FEB. 1 1919.]
THE CHRONICLE
453
•
Commercial andMiscellantons4etu9
Auction Sales.
-Among other securities, the following
not usually dealt in at the Stock Exchange wore recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cell. Shares. Stocks.
Per cent.
32 Corn Exchange Bank
264 15 & 17 E.32d St. Co., com.,1
35131
100 Great American Insurance._ _ _3454
$50 each
I
$56 lot
25 D. Appleton & Co
79 Oakland Co
17 J. G. White Engineering, pref. 754
5 Hanover Impt. Co
1$90
20 Oakland Trust Co. tr. ctfs I lot
232 780 Mad.Ave.Co.,com.,850eal
5,000 Greyhound Mg.&M.,$1 each
By Messrs. Millet, Roe & Hagen, Boston:
$ per oh. Shares. Stocks.
Shares. Stocks.
$ per oh.
40 Farr Alpaca
165
10 Plymouth Rubber,pref
101
4 Bigelow-Hartford Carpet, pref.
10 Hood Rubber, pref., ex-div__ _100
ex-divldend
9534 17 Sullivan Machinery
137
21 Plymouth Cordage
2143
10 Jessup & Moore Paper,corn. 102
19 Waltham Watch, prof
814
•
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ Per oh.
215
5 National Shawmut Bank
215
10 Webster & Atlas Nat. 13ank
26214
10 01,1 Colony Trust
714
2 Merrimack Mfg.. corn
6 Androscoggin Mills
18034
1124
7 Arlington Mills
10 Hamilton Manufacturing
109
40 Parker Mills (Fall Rlybr)
6831
30 Pilgrim Mills, prof. (F. R.).- 98
2 Bigelow-Hartf. Carpet,corn- 80
•
Shares. Stocks.
$ per oh.
2 Cumberland Co. P.& L., pref. 35
1 Shawmut SS., prof
85
1 Heywood Bros. & Wakefield,
pref
0311
11 Plymouth Cordage
21334-21331
20 Ft. Worth Pow.& L., pf..ex-div.90
2 Turners Falls Power & Elec.- _120
20 Draper Corporation
11954
1 U. S. Envelope, pref
10934
APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Pretty Prairie, Hans
The National Bank of Munfordville, Munfordville, Ky
The Peabody National Bank, Peabody, Mass
The First National Bank of New Richmond, Wis
Capital.
$25,000
25.000
100,000
. 25.000
Total
$175,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of San Juan, Cal. (P. 0. San Juan
Bautista, Cal.)
$25.000
The First National Bank of Lake Wilson, Minn
25.000
The Port Washington National Bank, Port Washington, N. Y
25,000
Conversion of State banks:
The First National Bank of College Springs, Iowa. Conversion
of the Farquhar Savings Bank. College Springs, Iowa
The First National Bank of Redmond, Ore. Conversion of the 50,000
Redmond Bank of Commerce, Redmond, Ore
25.000
Total
$150,000
•
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, prefersed__-- 4
Feb. 21 Holders
Atch. Topeka & Suits Fe. corn. (guar.) 134 Mar. 1 Holders of rec. Jan. 21a
of rec. Jan. 31a
Preferred (No. 41)
234 Feb. 1 Holders of rec. Dec. 3I0
tBalthoore & Ohio, common
2
Feb. 1 Holders of rec. Dec. 281
Baltimore & Ohio, common
2
Mar. 1 Holders of rec. Jun. 284
By Messrs. Barnes & Lofland, Philadelphia:
Preferred
2
Mar. 1 Holders of rec. Jan. 280
$ per oh. Shares. Stocks.
Shares. Stocks.
$ per oh. Canada southern
134 Feb. 1 Holders of rec. Dec. 31a
Central RR. of N. J.(guar.)
30 L. H. Gilmer Co., corn.,
1,015 H. K. Mulford Co., $50 ea_ 57
2
Feb. 1 Holders of rec.
810 each
t Chicago St. Paul Minn.& Omaha,corn. 254 Feb. 20 Holders of rec. Jan. 30a
1 Philadelphia Trust
3034
710
Feb. lie
t Preferred
50 Otto Eisenlohr & Bros., pref. 98
8 Central Trust, Camden,$25
34 Feb. 20 Holders of rec. Feb. Ito
Cleveland Si Pittsburgh, reg. gear. (guar.) .8734c Mar. 1 'Hollers of
85 lot
250 Aqua Gus, $10 each
each
90
rec. Feb. 10
24,500 Daisy Wonder Mg.,$I ea-84 lot
Special
1 Guarantee Trust & S. D
550c Mar. 1 'Holders of rec. Feb. 10
119
Cuba RR., preferred
3,000 Nat'l Copper, $234 each- __$5 IA
73 Finance Co. of Pa., 2(1 pref..105
3
Feb. 1
Dayton (Tenn.) Coal, Iron & Ry., pref. 5c. Feb. 15 Holders of rec. Jan. 140
1,820 Panama Mg.& M.L.,Si ea.$5 lot
7 United Gas & Elec., 1st pref. 4031
Holders of rec. Jan. 20
Combination Trac.
Great Northern (quar.)
500 Goldfiell
Bonds.
1% Feb. 1 Holders of rec. Jan. 3a
Per ce,a.
Ce .trot (guar.)
& Mining, $I each
2c. $1,000 United Light & Ry. 1st
1% Mar, 1 Holders of rec. Feb. t34
Louisville & Nashville
3,500 Highlander M.& M..85°3-311 lot
cony. 6s, 1926
34 Feb. 10 Holders ttf rec. Jan. 200
88
10,000 Nevada Alpine Mg..$1 Os.
Mahoning Coal RR., common •
.$7 lot 1,000 Phil. & Garrettford St. Ry.
$5
Feb. 1 Holders of rec. Jan. 8a
11,000 Vernal Mg. of Goldfield,
1st 5s, 1955
1
Feb. 1 Jan. 23 to Jan. 31
9034 Mississippi Central
Nashville Chattanooga & St. Louis
each
$1
$70 lot 5,000 Atlan. City Gas 1st 5s, 1960 444
334 Feb. 1 Holders of rec. Jan. 254
rNew York Central RR. (quar.)
1,000 CrystalSprIngBrew.,$25e5.$5 lot 1,000 Ches. & Potomac Telephone
Feb. 1
Norfolk & Western. anti prof (quar 1.. 14 Feb. 19 Jan. 4 to Jan. 22
10,000 Goldfield Belmont Mg., $1
of Va. 1st 5s, 1936
1
89
Holders
Norfolk & Western, common (guar.).- - 1% Mar. 19 Hollers of rec. Jan. 31a
each
$12 lot
100 Kan. City Ry. 1st 5s, 1944_ 71
of rec. Feb. 280
Nom hero Pacific (guar.)
400 Keen-O-Phone, $10 each_ _ _$2 lot
200 K.C.T.ight&Pow.Ist5s.1914 76
1% Feb. 1 Holders of rec. Jan. 3a
30 Zee Zee Tire & Rubber__ 2
Pennsylvania (quar.)
Norfolk & Portsmouth Tree.
1,000
75c. Feb. 28 Holders of rec. Feb. la
2,000 Mlzpah Extension of Tono1st 5s, 1936
7534 Pere Marquette fly., prior pref. (guar.) 114 Feb. 1 Holders of rec. Jan. 270
Pittsburgh & Lake Erie
pah, $1 each
5c. 1,000 Citizens Water,Philipsburg,
$2.50 Feb. 1 Holders
Pittsburgh & West Virginia, pref.(qu.). 14 Mar. 1 Holders of rec. Jan. 24a
120 Victoria Copper & Mining...85 lot
1st 5s, 1931
76
of rec. Feb. 130
Reading Company, common (quer.).-- $1
25 Fourth Street N it. Honk.
.310
750 Clev.& Erie Ry.1st 5s, 1929 22
Feb. 13 Holders of rec. Jan. 234
Reading Company, first pref. (guar.). _
39 Market Street Nut. Bank_ _180
2,000 Ches.& Del.Canal 1st 49.'26 80
50c. Mar. 13 Holders of rec. Feb. 250
16 Integrity T. I. T. & S. D.,
Sharon Railway
4,250 Termlnal Storage & Ice
234 Mar. I
02031
Utica Clinton & Binghamton (quar.)... I% Feb. 10 Feb. 2
$50 each
(Hagerstown) 1st Os
25
to Feb. 10
Street & Electric Railways.
American Railways, pref. (quar.)
Canadian Bank Clearings.
1% Feb. 15 Holders of rec.'Feb. la
-The clearings for the week Carolina Power & Light, common (qu.).
ending Jan. 23 at Canadian cities, in comparison with the Cities Service, corn, and pref. (monthly) 34 Feb. 1 Holders of rec. Jan. 15
34 Mar. 1 Holders of rec. Feb. 15
same week in 1918, show an increase in the aggregate of
Common (payable in common stock).
Mar. 1 Holders
Cities Service, corn. & pref. (monthly).. 11 34 Feb. 1 Holders of rec. Feb. 15
22.00%.
of rec. Jan. 154
Common (payable in.common stock)- 11
Feb. 1 Holders of rec. Jan.
Commonwealth P., Ry.& Lt.. pf. (qu.) 0154 Feb. 1 Holders of rec. Jan. lba
22a
Con,.ecticut Ry. Si Ltg., corn. Si pf.(qu.) _ 'v Feb. 15 Feb. 1
s
Week ending January 23.
to Feb. 16
Duquesne Light. pref. (qu.) (No. 16) .
Clearings at1% Feb. 1 Holders of rec. Jan.
Monongahela Val. Tree.. pref. (quar.) _ 3734c. Feb. 20 Hollers of rec. Feb. • 1
Inc. or
to
Montreal Lt., Ht.& Power,cons.(qu.)
1919.
1
1918.
Feb. 15 Holders of rec.
Dec.
1917. I
1916.
Philadephia Compa,iy,5% pref.-- A.-- - 81.25 Mar. 1 Holders of rec. Jan. 31
Feb. 10
Public Service Investment, pref. (quar.) 134 Feb. 1 Holders
Canada
$
$
%
of rec. Jan. 184
$
$
Montreal
92.371,914 73,551,387 +25.6 68,113,259I 55,423,025 Railway & Light Securities, corn. & pref. 3
Feb. 1 Hullers of rec. Jan. 15a
68.614,191 52,630,493 +30.3 49,763,770 40,745.872 Union Street Ry., New Bedford (guar.). 2
Toronto
Feb. 1 Holders Cl rec. Jan. 164
Winnipeg
38,667,609 34,623,308 +11.7 31,634,502 29,780.:316 United Tree. & El., Providence (guar.)134 Feb. 1 Holders of rec. Jan. 23a
10.087,103 8,527.783 +18.2 6,696,433 4.681,089 West Penn Power, pref.(qu.)(No. P2).Vancouver
1% Feb. 1 Holders of rec. Jan. 21
Ottawa
6,617,782 5,866,855 +12.8 5,001.964 4,127,260 West Penn lb's., pref.(guar.)(No.7) 154 Mar. 15 Holders of rec. Mar. 1
Calgary
5.401,218 6,616.401 -18.4 4,805,165 3,401,134 West Penn Tree. & Water P., pf.(qu.). 154 Feb. 15 Holders of rec. Jan. 20
Quebec
5.252,014 3,600.826 +45.9 3.517,773
Banks.
Hamilton
5,123.784 4.612.885 +11.1 4,122,161 3,103,154
1,666.212 1,577,683 +5.6 1,501,619 3,238,802 Bowery (quar.)
Victoria
Feb.
Jan. 29 to Jan. 31
1,233,489
Extra
Edmonton
3.485.723 3346,089 +10.8 2,343,354 1,634,845
3
Feb.
Jan. 29 to Jan 31
Halifax
4.691.505 3,022.873 +55.2 2,229,472 1,924,136 Continental
34 Feb.
Hollers of rec. Jan. 274
Corn Exchange (quar.)
2,656,068 2.058,701 +29.0 1,764,673
St. John
4
Feb.
Hollers of rec. Jan. 31a
2,397.160 1,9:30,587 +24.2 1,782,846 1.492,471 Lincoln National (quar.)
London
234 s Feb.
Holders of rec. Jan. 29a
1,557,105 Pacific (guar.)
2,912.294 2,529.199 +15.1 2,333.401 1,598,719
Regina
$1
Feb.
Jan. 19 to Jan. 31
Extra
Saskatoon
1,721,723 1,524,008 +12.9 1,353.837
Feb.
$1
Jan. 19 to Jan. 31
990,455 Twenty-third Ward
Moose Jaw
1,498,547 1,067,165 +40.4 1,043.781
3
Feb.
Jan. 29 to Jan. 31
843.871
Westchester Ave.tue (quar.)
Lethbridge
902,209
716,074 +26.0
2
Feb.
Iloiders of rec. Jan. 300
715.185
358.509
Fort William
925,513
925,501 +0.0
620,099
549,439
Trost Companies
Brandon
521,244
557.693 -6.9
449,036
408.599 Farmers' Loan & Trust (guar.)
Brantford
920,934
798,403 +15.3
5
Feb. 1 Holders of rec. Jan. 200
689,002
568,800 Hamliton, Brooklyn rquar.).
New Westminster
438.350
463,590 -5.4
3
Feb. 1 Holders of rec. Jan. 24a
279.450
180.997 Kings County (Brooklyn)(quar.)
Medicine Hat
380,624
423.070 -10.0
7
Feb. 1 Jan 26 to Jan. 31
556,010
287,935 Lincoln (guar.)
Peterborough
625.000
649.623 -3.8
1
Feb. 1 Holders of rec. Jan. 25
486.475
418,394
Sherbrooke
656.903
633,343 +3.7
513,385
Fire Insurance.
524.949 +29.7
Kitchener
681.012
437.951
Westchester Fire (guar.)
w50c Feb. 1 Jan. 22 to Jan. 31
Extra
sso sr A 79ft 919 A9R 40(1 -1-99 n 109 IAA awl 1 RO pt. Ala
Total Canada
wl5c. Feb. 1 Jan. 22 to Jan. 31
•
•
•
Miscellaneous
Adra"ce-Rumel
134 April 1 Holders of rec. Mar. 17
National Banks.
-The following information regarding Alaska Packers'y, preferred(No.I)
Assoc.(guar.)
2
Feb. 10 Hollers of fee. Jan. 314
national banks is from the office of the Comptroller of the
Extra (front I surance fund i,terest)...
2
Feb. 10 Holders
Special (pay. la 2d L. L. cone. 4 Ns) _ m25 Feb. 10 Holders of rec. Jan. 31a
Currency, Treasury Department:
of rec. Jan. 31a
American Bank Note. corn. (quar.)
750. Feb. 15 Hol tern of rec. Feb. la
INCREASES OF CAPITAL APPROVED.
Prererred (guar.) (No. 79)
P134 April 1 Holders of rec. Mar. 154
American Brass (quar.)
'134 Feb. 15 *Holders of rec. Jan. 31
The First National Bank of Farmland, I
Extra
from $25,000 toAmount.
'154 Feb. 15 'Holders of rec. Jan. 31.
American
$40,000-- --- -,
- --- --- -- -- ---Feb. 10 Feb. 2 to Feb. 9
- $15,000 American ('aramel, pref. (guar.)
The LaRue N'ational Bank of Hodgenville. Ay., from 825,000 to
to
Chicle, common
1
Feb. 1 Holders of rec. Jan. 18
American Cigar, common (guar.)
$40,000---- ----- ----------- ---2
Feb. 1 Hollers of rec. Jan. 154
- 15.000
American Druggist Sy,dicate
The First National Flank of Beaver ()reek. Minn.,from 5Y5,(jijo
•
40c. Mar. 15 Hollers of rec. Jan. 31a
American Fork & Hoe,common (guar.). 134 Mar. 15 Holders of
------- --------$30 000
rec. Mar. ba
The Arst fratiotialiiarifc of Finley. N. Dak., limnPreferred
jig:0W to 5,000 Amer. Gas &
354 April 15 Holders of rec. April b
$50,000_ _ - _ ---- _ - ----- - ---- ---Elec.. pref.(qu.)(No. 48)_
14 Feb. 1 Holders of rec. Jan 18
25,000 American Glue.
The First National ------of ---------- N. Dak., from *25,600 to
preferrel
4
Feb. 1 Jan. 21 to Feb. 3
350 000--------------------25,000 American Hide & Leather, pf.(quar.).. 131 April 1 Holders of rec. Mar. 15
The Washingtoil ITalional ilanVof ffilin;burg,Was12. fiorn15
Am La France Fire Eng.,Inc.,corn (qu.) 134 Feb. 15 Holders of rec.
- - 666
0.
Feb. 8
American Light & Tray., corn. (quer.). _
to swam°-- ------ ---------- --- -- 254 Feb. 1 Jan. 16
50,000
Th First Na onal
Common (payable in common stock). 1254 Feb. 1 Jan. 16 to Jan. 20
$100,000t
of West Allis, Wis., -------- --------- --to
to Jan. 26
Preferred (quar.)
-- -------------------------------- -- 40.000
14 Feb. 1 Jan. 16 to Jan. 20
American Rolling Mill
Common (payable In common stock). 5
Total---------------------------------------------$175,000
Feb. 1 Holders of reit: Doe.
American Shipbuilding, common (guar.) 1% Feb. 1 Holders of rec. Jan. 31a
154
VOLUNTARY LIQUIDATIONS.
Common (extra)
25; Feb. 1 Holders of rec. Jan. 154
Amer. Soda You tail (guar.)
Capital
134 Feb. 15 Holders of rec.
The Grapevine National Bank, Grapevine, Texas
Amer.Sugar Refining, corn.& pref.(qu.) 131 April 2 Holders of rec. Feb. 1
$25,000
Mar. la
Liquidating Agent, Ford Seale, Grapevine. Succeeded by
Common (extra)
pril 2 Holders of tee.
the
34
the Grapevine Home Bank.
Amer. Sumatra Tobacco, common (qu.) 234 Feb. 1 Holders of rec. Mar. la
Jan 24a
The First National Bank of ileber, Cal
Preferred (No 18)
Liquidating Agents: W. A. Harlan and A. W. Reed, Heber. 25,000 Amer. Water Works & Elec., pref.(qu.) 34 Mar. 1 Holders of rec. Feb. 14a
Feb. 15 Holders of rec. Feb. 1
Assets to be taken over by the Security Commercial St Savings
American Woolen
Bank, El Centro, Cal.
Common (payable in Liberty Lit. Mal 45
Feb. 1 Dec. 17 to Dee. 29
450,000 Amer. Zinc. Lead & Smelter. pref (qtr $1 .50 Feb. 1 Holders of rec. Jan. 24a
Name of Company.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
$150 Feb. 24 Holders of rec. Jan. 18a
Anaconda Copper Mining (quar)
Mar. 1 *Holders of rec. Feb. 8
Associated Dry Goods Corp., 1st pf.(qu.)_ *1
*1% Mar. 1 *Holders of rec. Feb. 8
Second preferred (guar.)
Feb. 1 Holders of rec. Dec. 300
Atlantic Gulf & W.1. SS. L.. common.... $5
1 g Feb. 1 Jan. 21 to Jan. 31
Atlas Powder, pref. (quar.)
Barnhart Bros. do Spindler
15j Feb. 1 Holders of rec. Jan. 27a
First and second preferred (quar.)._
1 g April 1 Holders of rec. Mar. 12
Bethlehem Steel, common (quar.)
1 g April 1 Holders of rec. Mar. 12
Common (extra)
1% April 1 Holders of rec. Mar. 12
B (quar.)
- Common
1% April 1 Holders of rec. Mar. 12
Common B (extra)
April 1 Holders of rec. Mar. 12
Cumulative convertible pref. (quar.)_ o2
Non-cumulative preferred (quar.) _ v144 April 1 Holders of rec. Mar. 12
Feb. 1 Holders of rec. Jan. 280
Bigelow-Hartford Carpet Corp.,common- 3
13 Feb. 1 Holders of rec. Jan. 28a
Preferred (guar.)
Feb. 15 Holders of rec. Feb. la
Borden's Cond. Milk,corn.(No.47)---- 4
1% Mar. 15 Holders of rec. Mar. la
Preferred (guard (No. 69)
134 June 14 Holders of rec. May 31a
Preferred (quar.) (No. 70)
Feb. 1 Jan 25 to Jan. 31
1
Brill (J. G.) Co., pref. (quar.)
Feb. 1 Jan. 25 to Jan. 31
Preferred (on account of accum. divs.) h3
Feb. 21 Feb. 9 to Feb. 20
British Columbia Fish & Pack. (guar
British Columbia Packers' Assoc.(guar3- 234 Feb. 21 Feb. 9 to Feb. 20
134 Feb. 7 Holders of rec. Jan. 31
lirompton Pulp & Paper (quar.)
134 Feb. 1 Holders of rec. Jan. 20a
Brown Shoe. Inc.. preferred (quar.)
Feb. 15 *Holders of rec. Feb. 4
Brunswick-Balke Colle icier, common
Mar. 15 Holders of rec. Feb. 21
52
Buckeye Pipe Line (guar.)
Burns Bros., common (quar.)(No. 22).. 234 Feb. 15 Holders of rec. Feb. la
Common (payable in common stock)_ f234 Feb. 15 Holders of rec. Feb. lo
134 Feb. 1 Holders of rec. Jan. 20a
Preferred (guar.) (No. 24)
234 Feb. 1 Jan. 12 to Jan. 31
Butler Bros. (quar.)
Feb. 1 Jan. 12 to Jan. 31
4
Extra
*134 Feb. 15 *Holders of rec. Jan. 25
By-Products Coke Corporation (quar.)
Feb. 16 Holders of rec. Jan. 31
Canada Cement, Ltd., pref. (quer.)
Feb. 15 Holders of rec. Jan. 31
Canada Fou cdries & Forg corn. (guar.)_ 3
Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
1)4 Feb. 15 Holders of rec. Jan. 31
Canadian Converters, Ltd. (quar.)..___
Mar. 31 Holders of rec. Sept.26
n4
Carbon Steel, 1st preferred
July 30 Holders of rec. July 26
6
Second preferred (annual)
Feb. 15 Holders of rec. Jan. 31
Cedar Rapids Mfg. & Power (quar.)--134 Feb. 1 Holders of rec. Jan. 10a
Central Leather, common (quar.)
Feb. 1 Holders of rec. Jan. 230
Chicago Wilmington & Frank. Coal,com. 5
134 Feb. 1 Holders of rec. Jan. 23a
Preferred (quar.)
75c. Feb. 15 Holders of rec. Feb. la
(qu.)
Cleveland Automatic Mach., corn.
Cluett, Peabody & Co., Inc., corn.(qu.) 134 Feb. 1 Holders of rec. Jan. 21a
% Feb. 20 Holders of rec. Jan. 31a
Colorado Fuel & Iron, common (quar.)
Feb. 20 Holders of rec. Jan. 31a
2
Preferred (quar.)
Feb. 15 Holders of rec. Jan. 31a
1
Columbia Gas & Electric (guar.)
Feb. 1 Holders of rec. Jan. 15a
2
(quar.)
Commonwealth-Edison
*134 Mar. 15 *Holders of rec. Feb. 7
Consolidated Gas (guar.)
334 Feb. 20 Holders of roe. Feb. 10a
Consumers Company, preferred
Feb. 1 Holders of rec. Jan. 28a
2
Coati .eatal Guaranty Corp.(guar.)
15e. Feb. 15 Feb. 9 to Feb. 16
Continental Motors Corp., corn. (quar.)
Coscien Sc Co., carn.(quar.)(No. 6)____ 1234e. Feb. 1 Jan. 11 to Feb. 2
Feb. 1 Jan. 16 to Feb. 2
3
Cramp (Wm.) & Sons S. & E. Bldg.__
10c. Feb. 10 Holders of rec. Jan. 31
Cresson Con. Gold M. & Mill. (ntthly.)
334 Feb. 1 Holders of roe. Dec. 31a
Co., preferred
Cuba
Diamond Ice do Coal, preferred (quar.).. 134 Feb. 1 Jan. 28 to Jan. 31
Mar. 15 *Holders of rec. Feb. 28
*2
Diamond Match (guar.)
Dodge Street Pulley Corp., pref. (quar.) 134 Feb. 1 Jan. 23 to Jan. 31
Feb. 15 Holders of roe. Jan. 31
2
Dominion Bridge, Ltd. (quar.)
Feb. 1 Holders of roe. Jan. 11
Dominion Coal, prof. (quar.)(No. 53)...
Dominion Steel Corp., Ltd., pref. (nu.) 134 Feb. 1 Jan . 16 to Feb. 1
du Pont(El.)de Nemours P.,com.(qu.) 134 Feb. 1 Holders of ree. Jan. 20a
du Pont de Nemours Powder, pref.(qu.) 1 g Feb. 1 Holders of rec. Jan. 20a
234 Apr. 15 Holders of rec. Apr. 1
Eastern Steel, common (guar.)
Mar. 15 Holders of rec. Mar. 1
First a Id second preferred (guar.)
Feb. 1 Holders of rec. Jan. 15
Edison Elec. Iii., Boston (qtr.)(No. 119) 3
Feb. 1 Holders of rec. Jan. 270
2
Edison Elec. Ill. of Brockton (guar.)
Feb. 15 Holders of rec. Feb. lo
Eisenlohr(Otto)& Bros.,Inc.,corn.(qu.) 1
Feb. 1 Holders of rec. Jan. 24a
Electrical Securities Corp.. pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 20
Electric Bond do Share, pref.(quar.)
Feb. 1 Holders of rec. Jan. 24a
2
Elgin National Watch (quar.)
12)4c. Feb. 1 Holders of rec. Jan. 15
Elk Basin Petroleum (quar.)
134 Feb. 1 Holders of rec. Jan. 18a
Emerson-Brantingham. pref. (guar.)__
134 Feb. 1 Holders of rec. Feb. la
Emerson Shoe, preferred (guar.)
Feb. 1 Holders of rec. Jan. 15a
5
Eureka Pipe Line (quar.)
rFeb. 1 Holders of rec. Jan. 20a
2
Fairbanks Co., 1st pref. (quar.)
234 Feb. 1 Holders of roe. Jan. 20
Fajardo Sugar (guar.)
Feb. 1 Holders of rec. Jan. 28a
Fall River Gas Works (guar.) (No. 97)._ _ 3
Federal Sugar Refining, Pref. (quar.)-- 134 Feb. 1 Holders of rec. Jan. 21a
15e. Feb. 25 Holders of rec. Feb. 5
First National Copper
134 Feb. 1 Holders of rec. Jan. 21a
Fisher Body Corporation, pref. (guar.) _
Fort Worth Power & Light, pref. (quar.) 144 Feb. 1 Holders of rec. Jan. 20
134 Feb. 1 Jan 25 to Jan. 31
Gair (Robert) Co., preferred (guar.)
Feb. 15 Holders of rec. Feb. la
Gaston, Williams & Wigmore, Inc.(qu.) $1
(extra)
234 Feb. 1 Holders of roe. Dec. 31a
General Chemical,common
Mar. I *Holders of rec. Feb. 21
*2
General Chemical, common (guar.)
Feb. 1 Holders of rec. Jan. 24a
1
General Cigar, Inc.. common (quar.)..__
134 Mar. 1 Holders of rec. Feb. 24
General Cigar, Inc., preferred (quar.)__
Feb. 1 Holders of rec. Jan. 15a
General Motors Corp., common (quar.) 3
134 Feb. 1 Holders of rec. Jan. 150
Preferred (quar.)
134 Feb. 1 .Holders of rec. Jan. 15
Debenture stock (quar.)
Mar. 1 Holders of rec. Jan. 30
$2
Gillette Safety Razor (quar.)
Feb. 15 Holders of rec. Feb. 5a
1
Goodrich (B. F.) Co.. common (Guard
May 15
*1
Goodrich (B.F.) Co.,com.(quar.)
*134 April 1
Preferred (guar.)
*144 July 1
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 15o
2
Goodyear Tire & Rubber,2d pref.((yid_
Granby Cons. M.,S. do Power, Ltd.(qu.) 234 Feb. 1 Holders of rec. Jan. 170
Grant Motor Car Corp., common (No. 1). *10c Mar. 1 *Holders of rec. Feb. 18
lg Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
134 Feb. 1 Holders of roe. Jan. 25a
Great Northern Paper
$1.50 Feb. 24 Holders of rec. Feb. 7a
Greene Cananea Copper (quar.)
Feb. 28 *Holders of rec. Feb. 18
Hart, Schaff air & Marx, Inc., cont. (qu.) *1
134 Feb. 15 Feb. 6 to Feb. 15
Hercules Powder, pref. (quar.)
Holly Sugar Corp., preferred (quar.)-- 134 Feb. 1 Holders of rec. Jan. 15
Feb. 1 Jan. 18 to Feb. 1
3
Houston Oil, preferred
134 Feb. 1 Holders of rec. Jan. 20a
Idaho Power, pref. (quar.)(No.9)
134 Feb. 1 Jan. 21 to Jan. 31
Illinois Northern Utilities, pref. (qu.)__
134
Ilium. & Power Securities. pref. (quar.) seyi Feb. 15 Holders of rec. Jan. 31
Imperial Tobacco of Gt. Britain dc Ireland
(x)
Bonus
Mar. 1 *Holders of rec. Feb. 10
*2
Inland Steel (guar.)
Feb. 15 Holders of roc. Jan. 25
$2
Indiana Pipe Line (guar.)
$1.50 Feb. 15 Holders 61 rec. Jan. 25
Extra
International Harvester, pref. (guar.)__ _ *1% Mar. 1 *Holders of rec. Feb. 8
Feb. 1 Holders of reo. Jan. 15e
3
International Mercantile Marine. pref_
134 Feb. 1 Holders of reo. Jan. 16a
International Nickel. pref. (quar.)
Feb. 15 Holders of rec. Feb. 10
234
Jefferson & Clearfield Coal & Iron, pref._
Feb. 15 Holders of roe. Jan. 31
2
Kaministiquia Power, Ltd.(quar.)
Kayser (Julius) & Co.
134 Feb. 1 Holders of rec. Jan. 20a
First and second preferred (quar.)
Feb. 1 Holders of rec. Jan. 18a
Kelly-Springfield Tire, common (quar.) $1
Kelsey Wheel, Inc., pref. (qu.(No. 10) 134 Feb. 1 Holders of rec. Jan. 21a
250. Mar. 15 Holders of roe. Mar. la
Kerr Lake Mines, Ltd. (quar.)
134 Feb. 1 Holders of rec. Jan. 23a
Keystone Watch Case (quar.)
Feb. 1 Holders of rec. Jan. 20a
1
Kress (S. H.) & Co.. common (quar.)
Feb. 28 Holders of rec. Jan. 31a
$1
Lehigh Coal & Navigation (quar.)
Mar. 1 *Holders of rec. Feb. 17
& Myers Tobacco, common (guar.) *3
Liggett
50c. Feb. 20 Jan. 28 to Feb. 17
Lit Brothers Corporation
25c. Feb. 20 Jan 28 to Feb. 17
Extra
1g Feb. 1 Jan. 19 to Feb. 1
Loft, Incorporated (quar.)
Lowell Elec. Light Corp.(guar.)(No.91). 234 Feb. 1 Holders of rec. Jan. 27a
Marconi Wireless Telegraph of America.. *25c July 1 *Holders of rec. June 1
Maryland Coal (payable in L. L. bonds) 430e. Feb. 15 Feb. 6 to Feb. 15
02
Feb. 20 Holdere of rec. Jan. 31
Mason Tire & Rubber, corn. (No. 1)
MassachusettsGas Cos., common (qu.) 144 Feb. 1 Holders of ree. Jan. 15
$1
Feb. 15 Holders of roe. Feb. la
Miami Copper (quar.)(No.26)
15e. Jan. 31 Holders of rec. Jan. 15
Michigan Drop Forge, corn. (monthly)
10c. Jan. 31 Holders of rec. Jan: 15
Michigan Stamping (monthly)
MiddleStates Oil Corp.(mthly.)(No.16) lc Feb. 1 Holders of roe. Jan. 24
e8c Feb. 1 Holders of rec. Jan. 24
Extra (payable In stock)
[VOL. 108.
•
THE CHRONICLE
454
.)_ _- 134
*144
134
134
44
144
134
134
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.,
Miscellaneous (Concluded).
Midvale Steel Sc Ordnance(qu.)(No. 9) $1.50 Feb. 1 Holders of roe. Jan. 15
Feb. 1 Holders of rec. Jan. 15a
$1
Midwest Refining (quar.)(No. 17)
Feb. 1 Holders of rec. Jan. 18a
$2
Mohawk Mining (quar.)
Feb. 15 Holders of rec. Jan. 31
Montreal Light, Heat & Power (quer.). 2
3
Feb. 1 Holders of roe Dec. 20a
Morris Plan Co
134 Feb. 1 Jan. 26 to Jan. 31
Municipal Service, preferred (quar.)
$10 Feb. 1 IIolders of roe. Jan. 20
Nash Motors, common
13.4 Feb. 1 Holders of roe. Jan. 20
Preferred (quar.)
75e. Mar. 1 Holders of rec. Feb. 15a
National Acme Co. (quar.)
134 April 15 Holders of rec. Mar.31
National Biscuit, common (quar.)
Feb. 28 Holders of rec. Feb. 15a
Preferred (quar.)
'234 Mar. 13 *Feb. 20 to Feb. 26
National Candy, common
*334 Mar. 13 *Feb. 20 to Feb. 26
First and second preferred
Feb. 1 Holders of rec. Jan. 21a
$1
National Carbon, common (quar.)
Feb. 1 Holders of rec. Jan. 21a
2
Preferred (quar.)
Feb. 20 *Holders of rec. Feb. 9
*2
National Grocer, common
Feb. 20 *Holders of rec. Feb. 9
*3
Common (extra)
Feb. 20 *Holders of rec. Feb. 9
*3
Preferred
1% Mar. 15 Holders of rec. Feb. 21a
National Lead. preferred (quar.)
Feb. 15 Holders of rec. Feb. 1
4
National Refining,common (guar.)
Feb. 10 Holders of rec. Jan. 31e
4
New Jersey Zinc (quar.)
244 Feb. 15 Holders of rec. Feb. 4a
Now York Dock, common (No. 1)
Mar. 1 Holders of rec. Feb. 14a
New York Shipbuilding Corp.(No. 1)_ _ _ $1
*$1.25 Mar. 1 *Holders of rec. Feb. 15
Ohio Cities Gas, common (guar.)
Feb. 15 Holders of rec. Jan. 31
Ontario Steel Products, pref. (quar.)--Extra (acct. accumulated dividends). h% Feb. 15 Holders of rec. Jan. 31
Feb. 1 Holders of rec. Jan. 25a
1
Pacific Coast Co.,common (quar.)
i3( Feb. 1 Holders of rec. Jan. 25a
First preferred (quar.)
Feb. 1 Holders of rec. Jan. 25a
1
Second preferred (quar.)
87)4c. Feb. 15 Holders of rec. Jan. 15a
Pacific Development Corp. (quer.).
(No. 34) 134 Feb. 1 Holders of rec. Jan. 22a
Pacific Pow. & Light, p1. (qu.)
154 Feb. 15 Holders of roe. Feb. 5
Penmans, Limited,common (quar.)_....
134 Feb. 1 Holders of rec. Jan. 21
Preferred (quar.)
$1.50 Feb. 1 Holders of rec. Jan. 30a
Penn Seaboard Steel Corp. (quar.)
734e. Feb. 1 Holders of rec. Jan. 15a
Penn Traffic
234c. Feb. 1 Holders of rec. Jan. 15a
Extra
$1
Feb. 10 Feb. 7 to Feb. 10
Pennsylvania Coal & Coke (quar.)
$1.25 Feb. 1 Holders of roe. Jan. 15a
Pierce-Arrow Motor Car,corn.(guar.)
23-4 Feb. 15 Holders of rec. Jan. 310
Pittsburgh 011 Sc Gas (quar.)
144 Mar. 1 Holders of rec. Feb. 15a
Pittsburgh Steel, preferred (quar.)
134 Feb. 1 Holders of roe. Jan. 23a
Pittsford Power, preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 22
(
Portland Gas&Coke,;wet.(qtr.) No.36)
Mar. 4 Holders of rec. Feb. Ila
Pressed Steel Car, corn.(quar.)(No. 34)
134 Feb. 25 Holders of rec. Feb. 4a
(No. 80)
Preferred (quar.)
Feb. 15 Holders of rec. Jan. 25a
Procter & Gamble,common (quar.)_..- 5
Public Service Co.of No.Iii., corn.(qu.) *13.4 Feb. 1 *Holders of rec. Jan. 15
Feb. 1 *Holders of roe. Jan. 15
'134
Preferred (quar.)
2
Feb. 15 Holders of rec. Jan. 31a
Pullman Co.(guar.) (No. 208)
(No.25).-- 25e. Feb. 1 Jan. 22 to Jun. 31
Pyrene Mfg.,cemmon (quer.)
134 Feb. 28 Holders of rec. Feb. la
Quaker Oats, preferred (quar.)
Republic Iron & Steel, com.(qu.)(No.9) 134 Feb. 1 Holders of roe. Jon. 15a
834c Feb. 5 Feb. 1 to Feb. 4
Riverside Eastern Oil, pref. (guar.)
4334c Feb. 5 Feb. 1 to Feb. 4
Riverside Western Oil, pref.(guar.)
2.113-4 Feb. 5 Holders of rec. Jan. 28a
Royal Dutch Co
Feb. 1 Holders of rec. Jan. 17
Russell Motor Car, preferred (quar.) (qu.) 134 Feb. 1 Holders of rec. Jan. 18
St.Lawrence Flour Mills,Ltd.,corn.
Feb. 1 Holders of rec. Jan. 18
1
Common (bonus)
154 Feb. 1 Holders of rec. Jan. 18
Preferred (quar.)
Santa Cecilia Sugar Corp., pref.(No.I).. 334 Feb. 1 Holders of rec. Jan. 25a
12340. Feb. I Jan. 21 to Feb. 1
SapulpaRelining (guar.)
- -*134 Mar. 15 *Holders of rec. Feb. 20
Savage Arms Corp., common (guar.)
*134 Mar. 15 *Holders of rec. Feb. 26
First preferred (guar.)
'134 Mar. 15 *Holders of rec. Feb. 26
Second preferred (guar.)
2
Feb. 15 Holders of rec. Jan. 31a
Sears, Roebuck & Co.. corbmon (quar.)_
134 Feb. 1 Holders of rec. Jan. 27a
Sierra Pacific Electric Co., pref. (guar.) _
preferred (guar.)__ '134 Feb. 15 *Holders of rec. Feb. 1
Silversmiths Company,
134 Feb. 10 Holders of rec. Feb. be
Sloss-Sheffield Steel & Iron, corn.(qu.)_
Feb. 15 Holders of rec. Feb. la
_
preferred (guar
Smith (A. 0.)
Feb. 15 Holders of rec. Jan. 31
(guar.)
Corp.,
Southern California Edison, corn.
2
Feb. 28 Holders of rec. Feb. 18
Standard Milling, corn. (qu.) (No. 9).._
134 Feb. 28 Holders of roe. Feb. 18
Preferred (quar.) (No. 37)
'234 Mar. 15 *Holders of roe. Feb. 15
Standard Oil (California) (guar.)
'm234 Mar. 15 *Holders of rec. Feb. 15
Extra (payable in 4th L. L. 434s)
3
Feb. 28 Feb. 4 to Feb. 28
Standard 011 (Indiana) (quar.)
3
Feb. 28 Feb. 4 to Feb. 28
Extra
*3
Feb. 28 *Holders of roe. Feb. 14
Standard Oil (Kansas) (quar.)
*3
Feb. 28 *Holders of rec. Feb. 14
Extra
134 Feb. 15 Holders of rec. Feb. be
Standard Parts, common (guar.)
134 Feb. 10 Holders of rec. Feb. 4
Standard Sanitary Mfg., corn. (guar.) _
13.4 Feb. 10 Holders of rec. Feb. 4
Preferred (guar.)
Steel Co.of Canada,corn.(qu.)(No.8). 134 Feb. 1 Holders of roe. Jan. 10
144 Feb. 1 Holders of rec. Jan. 10
Preferred (quar.) (No. 30)
Feb. 15 Jan. 30 to Feb. 19
2
Stewart Warner Speedometer (quar.)
13.4 Feb. 1 Holders of roe. Jan. 15a
Superior Steel, common (quar.)
2 ' Feb. 15 Holders of roe. Feb. la
First and second preferred (guard... _ Swift International (Compania Swift
$1.20 Feb. 20 Holders of rec. Jan. 11
Internacional) (No. 1)
134 Feb. 1 Jan. 25 to Jan. 31
.
Taylor-Wharton Iron & Steel, pf. (qu.)
134 Feb. 1 Holders of rec. Jan. 20
Texas Power & Light, p.(qu.)(No.27)4
Apr. 1 Holders of rec. Mar. 25
preferred
Thompson-Starrett Co.,
Tobacco Products Corp., com. (guard_ g13.4 Feb. lb Holders of roe. Feb. 3a
1
Feb. 15 Jan. 26 to Feb. 15
Union American Cigar, pref. (guar.)_ _
Feb. 15 Holders of rec. Feb. 5
m2
Union Bag do Paper Corp.(extra)
United Cigar Stores of Amer.,corn.(qu.) 234 Feb. 15 Holders of roe. Jan. 29a
United Drug, 1st pref. (quar.) (No. 12) 8734 Feb. c Holders of rec. Jan. 15a
United Drug, second preferred (quar.) _ _ *134 Mar. 1 *Holders of rec. Feb. 15
U.S. Cast Iron Pipe & Fdy., p1. (qu.)... ul% Mar. 15 Holders of rec. Mar. 1
134 Mar. 29 Mar. 1 to Mar. 3
U. S. Steel Corporation,common (quar.)_
1
Mar. 29 Mar. 1 to Mar. 3
Common (extra)
144 Feb. 27 Feb. 2 to Feb. 4
Preferred (guar.)
(quar.)- 50c. Feb. 1 Holders of roe. Jan. 3a
United Verde Extension Mining
25e. Feb. 1 Holders of rec. Jan. 3a
Extra
Feb. 1 Holders of rec. Jan. 28
1
United Wire & Supply,corn.(guar.)
13-4 Feb. 1 Holders of rec. Jan. 28
Senior preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 28
Preferred (guar.)
Feb. 1 Holders of roe. Jan. 15a
Va.-Carollna Chem.,corn.(qu.)(No.46) 1
*4
June 30 *Holders of rec. June 19
Western Grocer,common
June 30 *Holders of rec. June 19
*3
Preferred
Feb. 1 Jan. 22 to Feb. 1
1
Wheeling Mould Sc Foundry, common._
Feb. 1 Jan. 22 to Feb. 1
3
Common (extra)
.)
White (J.0 Co., pref.(quar.)(No.63).... 134 Mar. 1 Holders of rec. Feb. 15a
15a
White (J.G.) Engineering Corp., pref.(qu.) 144 Mar. 1 Holders of rec. Feb. 15a
White (JO.) Ifanagement Corp., pr.(qu.) 141 Mar. 1 Holders of rec. Feb. 20a
25e. Feb. 1 Holders of rec. Jan.
common (quar.)
Willys-Overland,
Mar. 1 'Holders of rec. Feb. loa
Woolworth (F. W.) Co., common (qu.) 2
134
134
144
.).
134
134
'Prom unofficial sources. t Declared subject to the approval of Director-General
will not be
of Railroads. I The New York Stock Exchange has ruled that stock
quoted ex-dividend on this date and not until further notice.
d Cora Transfer books not closed for this dividend. b Less British income tax. scrip.
rection. e Payable in stock. f Payable in common stock. g Payable in 1 Red
dividends. 4 Payable in Liberty Loan bonds.
h On account of accumulated
Cross dividend. m Payable in U. S. Liberty Loan 4)4% bonds.
30 1919
n Declared 8% on first pref. stock, payable 4%,as above and 4% on Sept.
to holders of record Sept. 26.
on May 20:and
0 Declare 6% on common, payable 2% as above and 2% each
Aug. 20 1919, all to holders of record Jan. 311919.
1919 aneJan. 31
p Declared 8% payable 2% each April 30, July 31 and Oct. 31
10 1920,
1920, to holders of record on April 12, July 12 and Oct. 12 1919 and Jan.
respectively.
amounting to 31.600,000.
r On account of accumulated dividends since 1914, and
Payable $300,000 in cash, 3300,000 in 434% Liberty bonds and $1,000,000 In 1st
pref. stock. Series S.
t Ex -dividend on Jan. 24.
u Declared 5%, payable in quarterly installments.
o Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable in quarterly
2
installments 01 2% and 144%,respectively, on Apr. 1, July 1,Oct. 1 1919 and Jan.
respectively.
1920 to holders of record on Mar. 12,June 16,Sept. 15 and Doe. 15,
t Ex-dividend on Jan. 24.
and 13-4%
w Deelared 10% ($1) regular and 2)4% (25c.) extra, payable 5% reg.
April 19.
extra as above and 5% regular and 1% extra May 1 to holders of record
x 15 pence.
•
THE CHRONICLE
FEB. 11919.]
455
-Following is the weekly statement issued by the Federal Reserve
Member Banks of the Federal Reserve System.
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 statemen.t 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 JANUARY 17 1919.
Larger holdings of war securities, following the Jan. 16 issue of about 600 millions of Treasury certificates and corresponding gains in Government
deposits are shown in the Board's weekly statement of condition on Jan. 17 of 765 member banks in leading cities.
U. S. bonds, other than circulation bonds on hand, show an increase for the week of 26.9 millions. For the New York City banks a reduction
of 9.1 millions in bond holdings is noted. Treasury certificates on hand went up by about 166 millions, the New York City banks alone reporting
-an increase of 126.7 millions. Loans secured by U. S. war obliadditional holdings of 87 millions and the banks in all Federal Reserve bank cities
gations increase 16.9 millions. For the New York City banks an increase under this head of 24.6 millions is noted. Other loans and investments show
a decline of 4.7 millions, the decline being somewhat larger for the New York City banks.
Holdings of U. S. war securities and war paper aggregate 3,474.2 millions and constitute 25.1% of the total loans and investments of all reporting
banks, as against 23.9% the week before. For the banks in the twelve Federal Reserve cities an increase from 25.4 to 26.6% and for the New York
City banks an increase from 28.8 to 30.2% is noted.
Aggregate increases for the week of 159.7 millions in Government deposits and further concentration of these deposits in the Federal Reserve cities
are shown. Net demand deposits increased by 5.8 millions, while time deposits went up by 37.7 millions. Reserve balances with the Federal Reserve
banks increased 2.3 millions, while cash in vault, largely Federal Reserve notes, fell off 25.4 millions.
For the banks in the twelve Federal Reserve cities the ratio of net deposits to investments, because of the large gain in Government deposits, shows
a rise from 85.1 to 85.6%. For the New York City banks an increase of this ratio from 89:7 to 90.9% is noted. The ratio of aggregate reserve balances and cash to total net deposits of the banks in the twelve Federal Reserve cities shows a decline from 15.7 to 15.2%. For the New York City
banks a corresponding decline of this ratio from 16.3 to 15.8% is seen.
"Excess reserves' of the banks in the twelve Federal Reserve cities work out at 82.3 millions, compared with 73.9 millions the week before. For
the New York City banks an increase of this item from 59.6 to 67.1 millions is noted.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Boston.
Member Banks.
Number of reporting banks__
New York. Philadel. Cleveland, Richm'd. Atlanta.
45
106
55
90
Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
44
81
101
36
35
75
43
Total.
785
$
$
$
$
$
$
$
$
$
$
$
$
$
46,001,0 11,497,0 41,002,0 25,000,0 15,165,0
19,855,0 17,155,0 6,419,0 13,685,0 18,106,0 34,505,0
U.S.bonds to secure circulat'n 14,352,0
262,742,0
Other U. S. bonds, including
23,615,0 310,997,0 42,348,0 87,946,0 56,229,0 44,986,0 112,501,0 39,051,0 17,141,0 29,671,0 21,769,0 38,649,0
Liberty bonds
824,903,0
U.S. certifs. of indebtedness_ 95,721.0 730,901,0 84,375,0 106,849,0 42,876,0 47,421,0 163,848,0 40,200,0 27,990,0 31,168,0 14,323,0 81,187,0 1,466,865,0
133,688,0 1,087,899,0 138,220,0 235,797,0 124,105,0 107,572,0 296,204,0 96,412,0 51,550,0 74,524,0 54,198,0 154,341,0 2,554,510,0
Total U.S.securities
Loans see. by U.S. bonds,&o. 89,936,0 • 665,264,0 136,600,0 92,867,0 36,909,0 17,594,0
70,950,0 23,928,0 10,067,0 11,645,0 7,646,0 18,990,0 1,182,398,0
All other loans & investments 758,755,0 3,992,612,0 609,475,0 973,166,0 378,919,0 315,305,0 1,365,682,0 366,811,0 222,818,0 437,416,0 176,375,0 529,044,0 10,126,378,0
Reserve bal. with F. R. bank- 79,484,0 668,265,0 65,355,0 92,032,0 34,790,0 28,046,0 156,991,0 38,245,0 21,655,0 46,547,0 17,537,0 49,062,0 1,298,009,0
24,191,0 125,425,0 21,909,0 41,935,0 20,123,0 16,291,0
65,179,0 12,796,0 9,067,0 16,424,0 9,675,0 23,175,0
Cash In vault
386,190,0
728,635,0 4,673,651,0 658,349,0 788,306,0 327,676,0 242,866,0 1,173,922,0 288,337,0 206,416,0 394,047,0 150,270,0 439,745,0 10,072,310,0
Net demand deposits
105,625,0 261,597,0 18,679,0 278,238,0 67,093 0 99 617 0 400,233,0 86,830,0 49,825,0 64,273,0 26,749,0 144,246,0 1,603.005.0
Time deposits
no 324n n sal (11A A AR 971 A 22 277 A 10 Ago %-. inonnn
' '
xi In°n no ocn n io ocon le AAA! n o ooten A oann
oe.3 ono n
54
2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
New York.
Jan. 17.
Jan. 10.
65
65
No.reporting banks
$
$
U. S. bonds to secure cir35,783,0 36,333,0
culation
Other U. S. bonds, Includ263,896,0 272,986,0
ing Liberty bonds
U.S. ctfs. of indebtedness 687,399,0 600,424,0
987,078,0 909,743,0
Total U.S.securities
Loans sec. by U.S. bds.,&c. 621.692,0 597,147,0
All other loans&investm't 3,594,179,03,606,025,0
Res, balances with F.R.Bk 635,222,0 625,882,0
110,703,0 120,257,0
Cash in vault
Net demand deposits
4,322,585,04,310,677,0
Time deposits
206,190,0 196,329,0
Government deposits
358,467,0 232,283,0
Ratio of U.S. war securiti
and war paper to total
loans and investments%
30.2
28.8
Chicago.
Jan. 17,
All F. R. Bznk Cities. F. R. Branch Cities. AU Other Reporrg Banks
Jan. 10.
44
44
$
1,119,0
$
1,119,0
49,798,0
87,700,0
138,617,0
48,339,0
844,350,0
108,029,0
39.600,0
795,711,0
153,274,0
39,405,0
Jan. 17.
Jan. 10.
253
254
$
$
99,497,0 100,022,0
Jan. 17.
Jan. 10.
158
3 1
54,851,0,
Jan. 17.
158
Jan. 10.
Total.
Jan. 17.
354
357
765
$
$
54,674,0 108,394,0
$
108,488,0
$
262,742,0
Jan. 10.
769
$
263,184,0
45,297,0 456,887,0 450,173,0 144,244.01 138.620,0 223,772,0 209,198,0 824,903,0 797,991,0
72,663,01,040,271,0 913,589,0 211,866,0 188,218,0 214,728,0 199,081,0 1,466,865,0 1,300,888,0
119,079,01,596,655,0 1,463,784,0 410,961,0 381,512,0 546,894,0 516,767,0 2,554,510,0 2,362,063,0
45,611,0 952,920,0 938,051,0 105,199,0 105,750,0 124,277,0 121,650,0 1,182,396,0 1,165,451,0
841,594,06,661,191,06,672,165,0 1,516,708,0 1,534,686.0 1.948.479.01,924,290.010,126,378,0 10,131,141,0
112,584,0 970,431,0 972,188,0 151,268,0 153,511,0 167,410, 170,024,0 1,298,009,0 1,295,723,0
42,301,0 220,003,0, 236,886,0 66,578,0 67,957,0 99,609,0 106,760,0 386,190,0 411,603,0
808,403,07,181,766,0 7,196,725,0 ,258,156,0 1,240,417,01,632,388,01,629,360,010,072,310,010,066,502,0
151,894,0 648,150,0 633,944,0 470,545,0 445,978,0 484.310.0 485.404,0 1,603,005,0 1,565,326,0
39,508,0 539,874,0 370,211,0 39,123,0 41,221,0 79,666,0 87,590,0 658,663,0 499,022,0
18.0
16.3
26.6
25.4
22.7
21.4
21.5
20.7
25.1
23.9
-Following is the weekly statement issued by the Federal Reserve Board on Jan. 25:
The Federal Reserve Banks.
Substantial increases in the holdings of discounted and purchased bills, apparently in connection with the Jan. 16 issue of Treasury certificates,
and further reduction in the volume of Federal Reserve note circulation are indicated in the Federal Reserve Board's weekly bank statement issued
as at the close of business of Jan. 24 1919.
INVESTMENT. Total holdings of war paper increased 151.2 millions, the banks at New York, Philadelphia, Chicago and San Francisco re-.
porting large additions under this head. All other discounts on hand went up 9.5 millions, while bills bought in the open market show an increase for
the week of 10.9 millions, New York alone showing an increase of 9.2 millions in the holdings of this class of paper. The decrease of 123.8 millions
in the holdings of Government short-term securities is due largely to the redemption by the Government of temporary Treasury certificates held by
the New York bank. Total earning assets show an increase for the week of 47.8 millions.
-Government deposits show an increase for the week of 97.4 millions, while member bank deposits declined 70.5 millions. Net deDEPOSITS.
posits because of the smaller "float" carried by the banks show an increase of 87.1 millions.
-The week saw a decrease of 1.2 millions in old reserves and of 1.8 millions in total cash reserves. Because of the large increase
RESERVES.
in net deposits, only partly offset by the reduction in Federal Reserve note liabilities, the banks' reserve percentage shows a decline from 52.8 to 52.2%.
NOTE CIROULATION.-Federal Reserve Agents report a further decrease of 39.4 millions in the total of Federal Reserve notes outstanding.
The banks show a total of 2,466.6 millions of Federal Reserve notes in actual circulation, a decrease for the week of 46.5 millions. For the past four
weeks the decrease in Federal Reserve note circulation amounted to 218.7 millions, or at the rate of 54.7 millions per week. Aggregate liabilities of
the banks on Federal Reserve bank notes in circulation increased 1.8 millions and are at present 126.8 millions.
-Increase in capital and surplus of existing members, also payment for Federal Reserve bank stock by newly admitted members acCAPITAL.
count for the increase of 310,000 in paid-in capital, the New York and San Francisco banks reporting the largest increases under this head.
FEDERAL RESERVE BANK OF NEW YORK.
-The weekly 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, Scc.," as of Jan. 24, consisted of "Foreign
Government deposits," $92,732,808; "Non-member bank deposits," $5,430,211, and "Due to War Finance Corporation," $2,440,692.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKSAT THE CLOSE OF BUSINESS JAN. 24
191
Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan. 3 1919, Dec. 27 1918. Dec. 20 1918 Dec. 13 1918. Dec. 6 1918. Jan, 25 1918.
RESOURCES.
bold coin and certificates
bold settlement fund,F.R.Board
bold with foreign agencies
$
343,692,000
407,698,000
5,828,000
$
334,684,000
387,572,000
5,828,000
$
334,552,000
430,730,000
5,828,000
$
335,141,000
461,369,000
5,829,000
$
353,208,000
422,491.000
5,829,000
$
472,012,000
388,210,000
52,500,000
Total gold held by banks
bold with Federal Reserve agents
bold redemption fund
757,218,000 728,084,000 771,110,000 743,543,000 717,952,000 802,339,000 829,913,000 781,528,000
1,255,192,000 1,289,105,000 1,238,245,000 1,263,383,000 1,288,309,000 1,194,228,000 1,167,771,000 1,207,377,000
88,907,000
85,368,000
78,496,000
84,013,000
80,821,000
82,421,000
84,715,000
85,768,000
912,722,000
793,829,000
19,956,000
Total gold reserves
:egal tender notes, silver, &c
2,101,317,000 2,102,557,000 2,094,070,000 2,092,694,000 2,090,274,000 2,078,988,000 2,078,505,000 2,067,401,000 1,726,507,000
67,070,000
67,594,000
55,758,000
53,966,000
55,945,000
56,252,000
67,828,000
60,960,000
54,636,000
Total reserves
bills discounted:
Secured by Govt. war ob1igatipns
All other
311Is bought in open market
2,168,387,000 2,170,151,000 2,161,898,000 2,153,654,000 2,148,219,000 2,133,824,000 2,134,263,000 2,121,367,000 1,782,759,000
1,498,298,000 1,346,746,000 1,484,847,000 1,545,274,000 1,400,371,000 1.299,524,000 1,483,849,000 1,467,322,000
263,735,000 254,412,000 273,229,000 284,590,000 302,587,000 306,778,000 365,614,000 396,462,000
284,539,000 273,607,000 277,896,000 290,269,000 303,673,000 340,765,000 366,594,000 371,406,000
312,520,000
315,142,000
273,912,000
Total bills on hand
3. S. Govt. long-term securities
3. S. Govt. short-term securities
kli other earning assets
2,046,572.000 1,874,765,000 2,035,972,000 2,120,133,000 2,006,611,000 1,947,067.000 2,216,057,000 2,235,190.000
28,571,000
28,571,000
28,850,000
29,189,000
28,821,000
28,869,000
29,196,000
29,824,000
147,398,000 271,173,000 175,809,000 125,063,000 282,677,000 325,073,000 111,477,000 105,606,000
4,000
4,000
27,000
16,000
27,000
13,000
13,000
13,000
901,574,000
50,525,000
72,669,000
4,902,000
$
338,717,000
398,997,000
5,829,000
$
337,365,000
374,758,000
5,829,000
$
336,516,000
487,568,000
5,829,000
2,222,545,000 2,174,513,000 2,240,615,000 2,275,033,000 2,318,170,000 2,301,006,000 2,356,750,000 2,370,019,000 1,029,670,000
Total earning assets
8,108,000
8,083,000
Sank premises
8,083,000
Uncollected items (deduct from gross
710,143,000 808,046,C00 705,910,000 823,079,000 759,608,000 826,831,000 719,591,000 650,039,000 356,208,000
deposits)
1% redemp.fund agst. F.R.bank notes
kll other resources
6,752,000
16,723,000
6,531,000
17,172,000
8,452,000
18,473,000
6,265,000
30,337,000
5,988,000
22,005,000
5,880,000
20,793,000
5,506,000
18,824,000
4,844,000
22,440,000
537,000
201,000
5,132,658,000 5,184,496,000 5,141,431,000 5,288,368,000 5,251,990,000 5,288,134,000 5,234,934,000 5,168,709,000 3,169,375,000
Total resources
53.6%
53.4%
53.0%
bold reserve against net deposit Dab_
53.1%
52.3%
53.1%
52.5%
71.0%
53.4%
52.6%
52.7%
52.0%
bold res. agst. F. R. notes in act. circ'n
52.2%
51.7%
77.6%
52.8%
51.5%
52.5%
gold reserves to net deposit and
lath)of
52.9%
52.8%
F. R. note liabilities combined
52.6%
51.9%
52.4%
62.9%
74.4%
52.6%
51.8%
Anti° of total reserves to net deposit and
52.2%
52.8%
F. R. note liabilities combined
49.9%
50.6%
65.4%
50.6%
49.5%
51.2%
51.8%
lade of gold reserves to F. R. notes in
actual circulation after setting aside
s4
64.1%
64.0%
35% against net deposit liabilities59.7%
62.1%
60.7%
59.7%
59.5%
59.0%
[VOL. 108.
THE CHRONICLE
456
Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Dec. 20 1918. Dec. 13 1918. Dec. 6 1918. Jan. 25 1918.
$
$
' $
LIABILITIES.
80.492,000
80,304.000
72,439,000
80.681.000
80.585,000
80,812,000 • 80,792,000
80,510,000
80,320,000
Capital paid in
1,134,000
1,134,000
1,134.000
1,134.000
1,134,000
22,738.000
22,738,000
22.738,000
22,738,000
Surplus
135,691,000
38.693.000 161.614;000 185,355,000
83,367,000
40,370,000
37,291,000
91,321,000
146,331,000
Government deposits
1,624,415,000 1,695,263,000 1,640,729,000 1,602,901,000 1,587.318.000 1,642,444,000 1,567,927,000 1,547,833,000 1,480,743,000
Due to members, reserve account
194,955,000
511,899,000 534,012,000 495,354,000 569,055,000 554,823.000 V38.755.000 558,764,000 514,512,000
Deferred availability items
37,697,000
Other deposits, incl. for. Govt. credits.. 113,429,000 128,186,000 114,874,000 118,581,000 106,992,000 106,689.000 106,012,000 106,685,000
2,306,124,000 2,406,831,000 2,238,248,000 2,381,853,000 2,312.500,000 2.376,581,000 2,392,317,000 2,354,390,000 1,849,086,000
Total gross deposits
2,466,556,000 2,512,973,000 2.590,681,000 2,648,605,000 2,685,244,000 2,663.701,000 2,604,580,000 2,534,523.000 1,234,934,000
F. R. notes in actual circulation
92,799,000
8,000,000
F:R. bank notes in circulation-net nab 126,810,000 124,997,000 123,466,000 120,267,000 117,122,000 111,909,000 102,202,000
54,224,000
3,782,000
55,309,000
54,209.000
55,559,000
35,486,000
34,108,000
36,447,000
39,610,000
All other liabilities
5.132.653,000 5,181,496.000 5,141,431,000 5,288,368,000 5.251.990.000 5.288.134,000 5.234.934,000 5.168.709.000 3.169.375,000
Total liabilities
Distribution by Maturities
market _ 1,368,754,000 1283,297,000 84,452,0001
1-15 days bills bought in open
390,212,000
55,743,000 1414,208,000J 1,402,827,000 1,254,392,000 1,183,006,000 1,453,748,000 1,432,969,000
53,030,000
1-15 days bills discounted
11,473,000
12,048,000
49,207,000
8,837,000 176,436,000 218,069,003
8,523,000 146,315,000
1-15 days U. S. Govt. short-term secs149,000
3,000
9,000
5,000
10,000
10,000
•
1-15 days municipal warrants
92,171,000 55.622,0001
91,787,000
16-30 days bills bought in open market _ _
169,795,000
63,689,000 89,617,000J 320,185,000 340,022,000 170,107,000 143,767,000 170,319,000
72,098,000
16-30 days bills discounted
10,275,000
1,263,000
1,184,000 10,227,000
8,711,000
25,000
779,000
16-30 days U. S. Govt. short-term secs_
513,000
10.000
1,000
3,000
16-30 days municipal warrants
31-60 days bills bought in open market.... 198,206,000 129,955,00C 104,198,0001
203,437,000
108,353,000 160,741,000 161,024,000f 268,008,000 271,754,000 436,395.000 461,343,000 444,719.000
31-60 days bilis discounted
1,409,000
627.000
699,000
12,584,000
10.568,000
1,030,000
460,000
1,001,000
31-60 days U.S. Govt.short-term secs_
133,000
10,000
14,000
16,000
31-60 days municipal warrants
68,381,000 33.624,0001
- 175,933,000
61-90 days bills bought in open market
124,822,000
53,434,000 65,410,000 f 102,077,000 113,506,000 131,149,000 132,992,000 164,334.00(1
51,058,000
61-90 days bills discounted
1.027,000
7,900.000
899,000
351.000
16,000
2,643,000
643,000
15,000
61-90 days U.S. Govt.short-term secs_ 337,000
3,000
3,000
4,000
61-90 days municipal warrants
27,354,000
27,353,000
Over 90 days bills bought in open market
24.209.000
22,849,00))
13,308,000
20.937.000
24,410,000
27,811,000)
27,036,000
Over 90 days bills discounted
97,221,000
86,894,000
70,323.000
Over 90 days U.S. Govt. short-term secs 137,859,000 123,287,000 104,630,400 114,344,000 103.324.000
3,000
1,005,000
3,000
3,000
4,000
3,000
Over 90 days municipal warrants
Federal Reserve Notes
Issued to the banks
Held by banks
2,730,916,000 2,770.301,000 2,844,516,000 2,866,047,000 2,855,604,000 2,815,450.000 2,764,690,000 2,741,852,000 1,373,622,000
138,698,000
264,360,000 257,328,000 253,835,000 218,442,000 170,360.000 151,749,000 160,119,000 157,329,000
In circulation
Fed. Res. Notes (Agents Accou,tts)Received from the Comptroller
Returned to the Comptroller
2,466,556,000 2,512,973.000 2,590,681,000 2,647,605,000 2,685,244,000 2,663,701,000 2,604,580,000 2,584,523,00(1 1,234,924,000
Amount chargeable to agent
In hands ot agent
3,148,831,000 3,163,106,000 3,179,456.000 3,176,737,000 3,140.529.000 3,102,975,000 3,088.148,000 3,054,632,000 1,614,637,000
241,033,000
415,915,000 392,805,000 334,940,000 310,690,000 284,925,000 287.525,000 323,449.000 312.780.000
3,948,640,000 3,938,240,000 3,932,000,000 3,913,960,000 3,865,020,000 3,813,200,000 3,781,800,000 3,731,861,000 1,875,661,000
801,809,000 775,134,000 752,544,000 737,223,000 724,491,000 710,223,000 693,652,000 677,229,000 261,004,000
Issued to Federal Reserve banks_ _ _ _ 2,730,916,000 2,770,301,000 2,844,516,000 2,866,047,000 2,855,604,000 2,815,450,000 2,764,699,000 2,741,852,000 1,373,622,000
flow Secured
241,527,000 249,707,000 254,658,000 246,315,000 246,327,000 246,327,000 250,327,000 231,627,000 276,894,000
By gold coin and certificates
By lawful money
1,475,724,000 1,481,196,000 1,606,271,000 1,604,664,000 1,567,295,000 1.621.222,000 1,596,928,000 1,534,475.000 579,803,000
By eligible paper
45,586,000
74,376,000
75,679,0(10
81.951,000
79,074,000
80,598,000
82,599,000
84,632,000
77,193,000
Gold redemption fund
936,472,000 958,800,000 900,990,000 930,436,000 960,031,000 868.827.000 843,068,000 900,071.000 471,339.000
With Federal Reserve Board
2,730,916,000 2,770,301,000 2,844,516,000 2,866,047,000 2,855,244,000 2,815,450,000 2,764,699,000 2,741,852,000 1,373,622,000
Total
Eligible paper delivered to F.R. Agent_ 1,978,084,000 1.813,086.000 1,993.694.000 2,069,228.000 1.956.357,000 1,913,404,000 2.176.410,000 2.161.189,000
a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits. t Revised ilgures
634,363,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN 24 1919
Boston.
Two ciphers (00) omitted.
New York.
Phila.
Cleveland. Richm'nd. Atlanta. Chicago. St. Louis. Mtnneap. Kan.Ctty. Dallas. San Fran.
3
3
5,853,0 13,477,0
6,626,0 16,409,0
204,0
321,0
Total.
$
RESOURCES.
3,247,0
Gold coin and certificates
Gold Settlement Fund, F. R.13'd 48,907,0
408,0
Gold with foreign agencies
8
S
$
$
3
11
$
$
8
426,0
583,0 14,010,0 2,229,0 8,030,0 22,842,0 4,144,0 8,267,0
260,554,0
34,008,0 38,638,0 66,992,0 12,216,0 13,621.0 77,326,0 34,571,0 36,301,0 32,083,0
233,0
233,0
291,0
175,0
816,0
524,0
204,0
408,0
2,011,0
52,562,0
Total gold held by banks
Gold with Fed. Reserve Agents.... 52,551,0
8,578,0
Gold redemption fund
296,573,0 39,629,0 81,526,0 14,649,0 21,826,0 100,984,0 28,948,0 44,801,0 32,800,0 12,713,0 30,207,0 757,218,0
270,979,0 78,318,0 143,133,0 52,106,0 41,565,0 296,100,0 64,268,0 54,986,0 51,313,0 22,247,0 127,626,0 1,255,192,0
88,907,0
25.000,0 7.900,0 1,327,0 4,131,0 4,563,0 22,814,0 3,236,0 4,215,0 3,538,0 2,184,0 1,421,0
113,691,0
3,855,0
592,552,0 125847,0 225,986,0 70,886,0 67,954,0 419,898,0 96,452,0 104,002,0 87,651,0 37,144,0 159,254,0 2,101,3)7,0
268,0 1,745,0
507,0
67,070,0
894,0 2,298,0
2,410,0
173,0
51,769,0 1,291,0 1,672,0
188,0
117,546,0
Total reserves
Bills discounted: Secured by Government war obligations.... 118,034,0
8,744,0
All others
Bills bought in open market...._ _ 18,088,0
644,321,0 127,138,0 227,658,0 71,074,0 68,848,0 422,196,0 98,862,0 104,175,0 87,919,0 38,889,0 159,761,0 2,168,387,0
144,866,0
Total bills on hand
848,0
U. S. Gov't long-term securities_
U. S. Gov't short-term securities 8,416,0
All other earning assets
803,942,0 190,454,0 144,552,0 103,289,0 89,134,0 204,223,0 67,791,0 39,760,0 85,284,0 51,327,0 121,950,0 2,046,572,0
637,0 4,510,0 1,153,0
119,0 8,867,0 3,973,0 3,468,0
1,394,0 1,385,0 1,083,0 1,234,0
28,571,0
46,458,0 10,828,0 " 17,103,0 5,299,0 6,521,0 20,613,0 7,068,0 9,510,0 5,452,0 4,400.0 5,732,0 147,398,0
4,0
4,0
154,130,0
Total earning assets
800,0
Bank premises
Uncollected items (deduct from
56,653,0
gross (leposits)
5% Redemption fund against
386,0
F. R. bank notes
330,0
All other resources
851,794,0 202,665,0 162,738,0 109,822,0 96,196,0 229,346,0 76,012,0 49,389,0 99,603,0 59,700,0 131,150,0 2,222,545,0
400,0
291,0
217,0 2,936,0
221,0
400,0
8,108,0
2,343,0
500,0
Total gold reserves
. Legal tender notes, silver,(to
$
343,692,0
407,698,0
5,828,0
663,904,0 172,210,0 91.049,0 83,296,0 51,259,0 138,253,0 50,088,0 18,458,0 30,351,0 16,623,0 64,773,0 1,498,298,0
46,653,0 15,673,0 8,754,0 12,560,0 26,769,0 34,221,0 10,883,0 2,906,0 38,248,0 32,079,0 26,245,0 263,735,0
93,385,0 2,571,0 44,749,0 7,433,0 11,106,0 31,749,0 6,820,0 18,396,0 16,685,0 2,625,0 30,932,0 284,539,0
158,177,0 77,315,0 59,762,0 59,868,0 39,317,0 80,449,0 43,230,0 14,495,0 56,732,0 26,015,0 38,130,0
2,045,0
9,672,0
525,0
727,0
523,0
784,0
235,0
439,0
343,0
634,0
080,0
1,343,0
320,0
492,0
219,0
120,0
506,0
486,0
314,0
680,0
356,0
966,0
710,143,0
6,752,0
16,723,0
329,895,0 1,668,352,0 408,870,0 451,465,0 241,729,0 205,555,0 737,250,0 218,916,0 168,398,0 245,646,0 125,819,0 330,763,0 5,132,653,0
Total resources
LIABILITIES.
3,170,0 4,672.0
80,820,0
6,709,0
20,751,0 7,570,0 9,087,0 4,059,0 3,189,0 11,216.0 3,801,0 2,936,0 3,680,0
Capital paid in
775,0 3,316,0
1,535,0
801,0
726,0 1,211,0
592,0 1,224,0
22,738,0
8,322,0 1,304,0
1,776,0 1,156,0
Surplus
14,762,0
25,134,0 15,237,0 15,583,0 6,337,0 8,825,0 19,592,0 4,789,0 8,058,0 8,729,0 5,277,0 14,058,0 146,381,0
Government deposits
Due to members, reserve account 104,048.0 685,483,0 86.672.0 129,754.0 52,557,0 45,086,0 221,233,0 58,523,0 48,744,0 75,043,0 38,146,0 79,126,0 1,624,415,0
42,712,0 122,990,0 73.822,0 46,677,0 37,419,0 27,261,0 48,721,0 32,385,0 0,920.0 34,585,0 15,308,0 20,099,0 511,899,0
Deferred availability items
All other deposits, including for117,0 1,816,0
1,960,0
365,0
273,0
718,0
565,0 102,276,0
789,0
490,0
338,0 3,722,0 113,429,0
eign government credits
162,087,0
Total gross deposits
F. R. notes in actual circulation_ 148,332,0
F. R. bank notes in circulation,
7,931,0
netliability
3,301,0
All other liabilities
935,883,0 176,520,0 192,504,0 96,586,0 81,289,0 291,362,0 97,657,0 67,087,0 119,075,0 59,069,0 117,005,0 2.396,124,0
850,587,0 211,251,0 235,564,0 133,727,0 112.741,0 410,265,0 109,126,0 91,969,0 107,467,0 55,981,0 199,546,0 2,466,556,0
35,900,0
16,909.0
9,935,0
2,290,0
9,976,0
2,558,0
4,658,0
1,543,0
6,342,0 16,893,0
1,219,0 4,193,0
6,266,0
1,265,0
4,665,0 12,156,0
1,015,0 2,077,0
5,791,0
1,216,0
6,292,0
2,024,0
126,810,0
39,610,0
339.895.0 1.668.352.0 408.870.0 451.465.0 241.729.0 205.555.0 737.250.0 218.916.0 163.398.0 245.646.0 125.819.0 330.7630 5.132.658.0
Total liabilities
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN. 24 1919.
Total.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
.
3
$
$
$
$
Federal Reserve notes:
$
5
3
$
$
$
$
$
Received from Comptroller__ 253,120,0 1,293,480,0 330,420,0 325,840,0 198,580,0 197,600,0 553,600,0 162,340,0 124,480,0 157,700,0 100,960,0250,520,0 3.948,640,0
63,045,0 367,488,0 73,175,0 41,324,0 40,247,0 29,520,0 58,926,0 32,144,0 20,688,0 30,404,0 22,678,0 22,170,0 801,809,0
Returned to Comptroller
Chargeable to F.R.Agent
In hands of F.R.Agent
190,075,0
26,400,0
925,992,0 257,245,0 284,516,0 158,333,0 168,080,0494.674,0 130,196,0 103,792,0 127,296,0 78,282,0 228,350,0 3,140,831,0
153,000,0 36,640,0 28,565,0 15,080.0 52,690,0 48,440,0 8,815,0 10,450,0 12,120,0 20,715,0 3,000,0 415,915,0
Issued to F.It. Bank,less amt.
returned to F. R. Agent for
redemption:
163,675,0
Collat'l security for outst'g notes:
Gold coin and al& on hand
Gold redemption fund
8,551,0
Gold Set'm't Fund,F. R. B'd_ 44,000,0
Eligible paper, min'm required 111,124,0
2,504,0
13,052,0
12,581,0
178,740,0
34,650,0
241,527,0
77,193,0
2,982,0 12,080,0
12,239,0 12.082,0 13,483,0 2,106,0 1,791,0 4,155,0 2,137,0 2,634,0 2,953,0
80,000,0 66,236,0 95,000,0 50,000.0 37,270,0 291,945,0 62,131,0 39,300,0 48,360,0 6,684,0 115,546,0 936,472,0
502,013,0 142,287,0 112,818,0 91,147,0 73,825,0 150,134,0 57,113,0 38,356,0 63,863,0 35,320,0 97.724,0 1,475,724,0
Total
163,675,0
Amount of eligible paper deity
ered to F. R.Agent
144,868,0
F. R. notes outstanding
163,675,0
15,343,0
F. It. notes held by bank
803,942,0 149,920,0 140,834,0 100,712,0 81,733,0 204,223,0 65,105,0 37,953,0 85,284,0 51,327,0 112,180,0 1,978,084,0
772,992,0 220,605,0 255,951,0 143,253,0 115,390,0 446,236,0 121,381,0 93,342,0 115,176,0 57,567,0 225,350,0 2,730,916,0
122,405,0 9,354,0 '20,387,0 9,526,0 2,649.0 35,969,0 12,255,0 1,373,0 7,709,0 1,586,0 25,804,0 264,360.0
F. R. notes in actual circulation_ 148,332,0
650,587,0 211,251,0 235,584,0 133,727,0 112,741,0 410,265.0 109,126,0 91,969,0 107,467,0 55.981,0 199,546,0 2,466,556,0
772,992,0 220,605,0 255,951,0 143,253,0 115,390.0446.234,0 121,381,0 93,342,0 115,176,0 57,567,0 225,350,0 2,730,916,0
772,992,0 220,805,0 255,951,0 143,253,0 115,390,0 446,234,0 121,381,0 93,342,0 115,170,0 57,567,0 225,350,0 2,730,916,0
457
THE CHRONICLE
FEB. 11910.]
-The following detailed statement
Statement of New York City Clearing House Banks and Trust Companies.
shows the condition of the New York City Clearing House members for the week ending Jan. 25. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week ending
Jan. 25 1919.
National
Bank
and
Federal
Reserve
Notes.
Loans,
Discounts,
{Nat. Banks Dec. 311 Investments.
he.
State Banks Nov. 1
Trust Co's Nov. 1
Members of Federal
Reserve Bank.
Bank of NY,N B A. 2,000,000 5,617,200
2,500,000 7,165,700
Bankof Manhat Co_
2,000,000 2,731.300
Merchants' Nat Bank
Mach & Metals Nat. 6,000,000 11,301,600
1,500,000 6,859,700
Bank of America_._ National City Bank_ 25,000,000 51,412,500
3,000,000 9,437,300
Chemical Nat Bank_
1,000,000
900,000
Atlantic Nat Bank_ _
300,000
98.300
Nat Butch dr Drovers
5,000,000 5,689,40,
Amer Exch Nat Bank
Nat Bank of Comm__ 25,000,000 24,607,800
500,000 1,097,500
Pacific Bank
3,500,000 2,573,000
Chath & Phenix Nat_
3,000,000 17,112,700
Hanover Nat Bank
2,550,000 3,098,000
Citizens' Nat Bank
2,000,000 2,316,800
Metropolitan Bank
3,500,000 8,548,600
Corn Exchange Bank
1,500,000 7,980,700
Imp & Traders Nat..
5,000,000 18,698,900
National Park Bank_
250,000
109,300
East River Nat Bank
1,000,000 4,050,000
Second Nat Bank...
National Bank_ 10,000,000 30,504,000
First
4,500,000 5,811,200
Irving National Bank
1,000,000
427,300
N Y County National
1,000,000
664,000
Continental Bank...
Chase National Bank 10,000,000 15,000,900
200,000 2,223,700
Fifth Avenue Bank..
871,100
200,000
Commercial Exclege_
400,000
753,900
Commonwealth Bank
1,000,000 1,992,200
Lincoln National Bk.
1,000,000 1,317,500
Garfield Nat Bank
398,000
250,000
Fifth National Bank_
1,000,000 3,602,800
Seaboard Nat Bank._
3,000,000 4,446,900
Liberty Nat Bank
1,000,000 1,044,100
Coal & Iron National
1,000,000 1,219,800
Union Exchange Nat
1,500,000 2,518,300
Brooklyn Trust Co
Bankers Trust Co- c15,000,000 e16,617,800
2,000,000 4,628,000
ll S Mtge & Trust Co
25,000,000 27,428,900
Guaranty Trust Co
1,000,000 1,283,200
Fidelity Trust Co...
5,000,000 6,850,500
Columbia Trust Co..
1,000,000 1,306,400
Peoples Trust Co....
3.000,000 10,769,900
New York Trust Co_
1,000,000 1,170,100
Franklin Trust Co....
614,300
. 1,000,000
LincolnTrust Co__ 2,000,000 4.383,200
Metropolitan Trust..
1,000,000 1,200,900
Nassau Nat. Beklyn
Irving Trust Co
1,500,000 1,142,000
Farmers Loan &Trust
5,000,000 12,009,800
Gold.
47,145,000
62,614,000
29.267,000
155,343,000
22,274,000
589,788,000
83,076,000
16,211,000
3,175,000
112,806,000
398,210,000
15,288,000
94,264,000
135,882,000
38,635,000
61,507,000
114,933,000
36,173,000
197,129,000
4,848,000
20,696,000
297,303,000
113,006,000
10,659,000
7,150,000
337,588,000
20,746,000
6,715,000
7,132,000
16,220,000
12,770,000
6,750,000
48,597,000
79,411,000
14,412,000
13,923,000
38,183,000
284,278,000
06,600,000
494,082,000
10,783,000
87,115,000
28,436,000
108,958,000
29.551,000
22,853,000
47,619,000
15,486,000
38,323,000
135,363.000
Silver.
Average.
Average.
Legal
Tenders.
Average.
Average.
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositaries.
Average.
Net
Profits.
Capital. I
Average.
Average.
on
on
on
on
Jan.
Jan.
Jan.
Jan.
25
18
11
4
4.628,812,000 33,960,000
4,661,258.000 33,816,000
4,618.934,000 34.157.000
4 634,939,000 34,819,000
Not Afem hers of Fede rat Reserve Ba nk.
500,000 1,476,800
16,329,000
585,000
250,000
816,600
5,736,000
281.000
1,000,000 1,206,500
22,721,000
748,000
2,000,000
548,300
37,731,000 1,504,000
State Banks.
Greenwich
Bowery
N Y Produce Exalt
State
Totals, avge for wk
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Trust Companies.
Title Guar & Trust__
Lawyers Title & Tr__
Totals, avge for wk
Totals, actual conditi
Totals, actual conditi
Totals, actual conditl
Totals, actual conditi
3,750,000
4,048,200
122,000 1,373,000
342,000
12,000
519,000
592,000
711,000
711,000
National
Bank
Circulation.
Average.
Average.
Average.
1,794,000
785,000
289,000 1,809,000
2,708,000 3,775,000
24,197,000 1,445,000
443,000
5,304,000
146,000
521,000
298,000
5,474,000 4,929,000
4,511,000
70,000
8,500,000 2,190,000
150,000
992,000
215,000
50,000
1,513,000
51,000
2,649,000 4,975,000
50.000
643,000
1,653,000 8,413,000
999,000
860,000
199.1)00
420,000
10,131,000 1,100,000
37,000
456,000
173,000
1,740,000
397,000
458,000
4,938,000
10,270,000
2,660,000
20,002,000
500,000
6.664,000
1,671,000
2,693,000
1,836,000
3,099,000
1,187,000
650,000
996,000
7,733,000
210,000
397,000
248,000
70,000
795,000
415,000
398,000
50,000
3,804,190.000 139,019,000 35,975,000
3,793,421,000 135,160,000 36,020,000
3.838,392.000 143,818.000 30.040.000
3.833,775,000 141,201.000 35,942,000
3,853,631,000 138,661,000 35,947,000
12,652,000 17,192,000 34,807,000 545,414.000
12,771.000 18,017,000 3(1,692,000 568.624.000
14,445,000 20,190,000 42,665,000 559,924.000
14,715,000 21,185,000 41,534,000 566.082,000
89,000
55,000
510,000
949,000
Net
Time
Deposits.
32,921,000
53,733,000
21,637,000
154,910,000
28,053,000
582,826,000
67,130,000
13,738,000
2.898,000
97,016,000
294,606,000
14,253,000
85,490,000
132,923,000
35,585,000
24,316,000
118,833,000
25,658,000
159,976,000
4,989,000
16,729,000
157,377,000
115,104,000
10,536,000
5,439,000
285,961,000
18,252,000
6,731.000
7,318,000
15,653,000
10,942.000
6,407,000
42,151,000
61,724.000
11,726,000
13,914,000
26,012,000
231,850,000
53,2.89,000
362,224,000
8,339,000
74,317,000
23,974,000
57,473,000
15,273,000
15,426,000
33.871,000
10,252,000
41,571,000
112,804,000
234,000 4,926,000
120,000
90,000
23,000
324,000
511,000 1,434,000 6,453.000
262,000
151,000 3,004,000
211,000
79,000
70,000
507,000 2,092,000 22,224,000
7,448,000
158,000
448,000 4,011,000
318,000
248,000
170,000
8,378,000 3,015,000 1,121,000 2,612,000 102,351,000
754.000 9,425,000
338,000
163,000
234,000
84,000 1,829,000
199,000
79,000
85,000
425,000
8,000
35,000
58,000
11,000
411,000 2,136,000 1.2854,000
198,000
545,000
815,000 1,655,000 37,622,000
440,000
43,000
628,000 1,661,000
222,000
54,000
192,000
485,000
439,000 1,583,000 2,612.000 11,817,000
781,000 19,593,000
600,000
164,000
4,234,000
494.000 5,422,000
370.000
31,000
112,000
826.000 3,339,000
478,000
143,000
551,000
126,000
129,000 2,255,000 3,560,000 12.893,000
192,000 3,479,000
46,000
54,000
416,000
58,000
403,000
655,000
993,000 20,917,000
844,000
3,000
135,000
68,000
15,000
119,000
426,000 2,428,000
328,000
27,000
19,000
627,000
339,000
490,000 20,399,000
1,054,000
310,000 1,766,000 1,095,000 15,273,000
51,000
413,000 1,249,000
153,000
40,000
19,000
824,000
19,000
14,000 102,000
2,600,000 3,725,000 1,331,000
292,000 30,158,000
501,000 2,306,000
50,000
435,000
164,000
50,000
932,000
100,000
94.000
53,000
44,000
956,000
57,000
26,000
247,000
124,000
149,000
160,000
094,000 2,176,000
4,000
5,000, 121,000
5,000 1,468,000
35,000
833,000
24,000, 144,000
170,000
351,000
111,000
136,0001
453,000 5,687,000
187,000
12,000
493,000 8,939,000
i
5,000
129,000
42,000
492,000 1,390,000
16,000
39,000
152,00
177,000
1,939,000
77,000
17,000
88,000
423,000 3,450.000
45,000
157,000
55,000
715,000 29,990,000
27,000
6,000
200,000
378,000 6,425,000
08,000
1,874,000
278,000 2,183,000 47,138,000
35,000
90,000
37,000
150,000 1,114,000
43,000
21,000
137,000
077,000 9,879,000
72,000
47,000
237,000
575,000 2,429,000
6,000
43,000
1.000
194,000 6,772,000
35,000
68,000
120,000
170,000 2,191,000
25,000
31,000
20,000
306,000 2,170,000
34,000
75,000
39,000
571,000 4,600,000
54.000
11,000
71,000
221,000 1,025,000
75,000
98,000
556,000 1.618,000 5,473,000
13,000
3,738,000
55,000
281,000 16,342,000
Average for week.. 190.050,000 353,007,600 4,049,282,000 33,978,000 12,827,000 18,179,000 30,355,000 527,104.000
Totals. actual conditi
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Net
Demand
Deposits.
1,242,000
327,000
2,047,000
3.030,000
52,000
70.000
322,000
16,730,000
5,449.000
24,329,000
38,165,000
5,000
59,000
82,517,000 3,118,000 1,603,000 1,364,000 3,018,000
6,646,000
444,000
84,673,000
64,000
82,137,000
81.766,000
80,168,000
80.271,000
3,169,000
3.119.000
3.039.000
2,969.000
237,000
5,919,000
866,000
7,232,000
7,125.000 1,217,000
6,297.000 1,479,000
84,710,000
84,360,000
82,445,000
81,754,000
64,000
58,000
63,000
73,000
Not Mem hers of Fede rat Reserve Ba
5,000,000 11,947,900
38,677,000
4,000,000 5,230,200
23,351,000
98,000
204,000
2,571,000 1,009.000
1,433,000
265,000
23,043,000
14,720,000
604,000
565,000
on
on
on
on
Jan.
Jan.
Jan.
Jan.
25
18
11
4
9.000.000 17,184,000
on
on
on
on
Jan.
Jan.
Jan
Jan.
1,440,000 1,348,000 3.049,000
1.516.000 1,436,000 3,036,000
1,460,000 1,362.000 2,973,000
1,706.000 1.458,000 3,001.000
119,000
163,000
170,000
65,000
504,000
462,000
62,028,000
302,000
282,000
235,000
966,000
4,004,000 1,274,000
37.763,000
1,169,000
62,155,000
62,021,000
61,225,000
60,053,000
25
18
11
4
303,000
300.000
304.000
288,000
277,000
280.000
280,000
307,000
857,000
222,000
235,000
934,000
231,000
991.000
321,000 1,064,000
435,000
4,377,000
912,000
4,102,000
3,800.000 1,753.000
3,170,000 2,554,000
38,666,000
37.981,000
30,079,000
35.182,000
1,097,000
1,184.000
1,084,000
1,042,000
Grand aggregate,avge 209,400,000 374,839,900 4,793,827,000 37,398,000 14,712,000 19,778,000 40,339,000 537.754,000 1,718,000 a3,926,626,000 140,252,000 35,975.000
Comparison prey wk.
+37,864,000 -149,000
-7,000 -1,618,000 -4,053,000 -25,240,000 -370,000 -30,642.000-1,902,000 -48,000
Grand ag'gate, actual on Jan. 25
Comparison prey wk.
Grand ag'gate, actual
Grand ag'gate, actual
Grand ag'gate, actual
Grand ag'gate. actual
condition
condition
condition
condition
4.773.704.000 37,432,000 14,375,000 18,762,000 38,713,000 555,710,000
672,000 b3,916,797,000 136,321,000 36,020,000
-31,341,000 +157.000 -198,000 -1,526,000 -1,949,000 -24,248,000 -1.106,000 -43,936,000 -8,539,000 -20,000
Jan.
Jan.
Jan.
Dec.
18_ -- 4.805,045.000 37,275.000 14,573.000 20,288.000 40,602,000 579,958.000
11.... 4,760,327.000 37.500.000 16,185.000 21,783,000 46,029,000 570.849.000
4.... 4.775.863,000 38,076.000 16,728,000 22,964.000 45,599.000 575.549,000
28-- 4.659,461,000 38.173,000 16,619,000 21,101,000 48,676,000 550,548,000
1,778,000
2,970.000
4.033.000
2,084.000
3.960.733.000 144,860,000 30,040,000
3,952,299,000 142,348,000 35,942.000
3,970.567.000 139,776.000 35,947.000
3,9213,359,000 132,903,000 35,934.000
a U. S. deposits deducted, $205,717,000. b U. S. deposits deducted, $209,738,000. c As of Jan. 7 1919.
STATEMENTS OF RESERVE POSITION.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank
Statebanks
Trust companies*
Total Jan. 25_
Total Jan, 18_
Total Jan. 11_
Total Jan. 4_
Total
Reserve.
a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Reserve
Cash
Inc. or Dec.
in
Reserve
from
PreiriousWeek in Vault. Depositaries
S
.
$
$
$
$
$
527,104,000 527,104,000 498,715,270 28,388,730 -21,174,070
a
9,103,000 6,646,000 15,749,000 15,241,140
-135,440
507,860
1,785,000 4,004,000 5,789,000 5,664,450
124,550
+71,800
10,888,000 537,754,000 548,042,000 519,620,860
10.825,000 562,994,000 573,819,000 523.559,550
11,089,000 560,798,000 577,887.000 519.870,210
11.126.000 568.610,000 579,730,000 522,717.890
29,021,140 -21,238,310
50,259,450 -7,757,340
+998,680
58,016,790
57.018.110 +25.417.020
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousiVeek
$
$
$
$
$
$
b
545.414,000 545,414,000 497,199,530 48,214,470 -17,110,030
9,012,000 5,919,000 14,931,000 15,247,800 def316,800 -1,471,000
236,100
+76,250
1,659,000 4,377,000 6,036,000 5,799,900
10,671,000 555,710,000 566,381,000518,247,230
10,862,000 579,958.01)0 590.820,000 524,181,450
10,640,000 570,849.000 581,489.000 522,878,730
11.114.000 575.549.000 586.663.000 525.124.880
48,133,770-18,504,780
66.638,550 +8,028,280
58,610,270 -2,927,850
01,538,120 +18,733.780
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of members of the Federal Reserve Banks
includes also amount of reserve required on net time deposits, which was as follows: Jan. 25, $4,170,570; Jan. 18, $4,229,460; Jan. 11, 54,252,980; Jan. 4, $3,949,230.
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 Bank Includes
also amount of reserve required on net time deposits, which was as follows: Jan. 25, 51,054,800; Jan. 18, $4,308,540; Jan. 11, 54,236,030; Jan. 4, $4,159,850.
c Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. 25, $101,339,000; Jan. 18, $107,229,000; Jan. 11, $113,321,000; Jan. 4, 3111,469,000.
ii Amounts of cash Invaults. which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. 25, $98,611,000; Jan. 18, $101,936,000; Jan. 11, $111,457,000: Jan. 4, $112,253,000.
458
THE CHRONICLE
The State Banking Department reports weekly figures
Showing the condition of State banks and trust companies
in Now York City not in the Clearing House, as follows:
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
Jan. 25.
precious week.
Loans and investments
$750,887,000 Inc.$11,310,600
Specie
8,183,100 Dec.
217,000
Currency and bank notes
15,403,000 Dec.
77,400
Deposits with the F.R.Bank of New York
63,028,900 Dec.
247,500
Total deposits
805,930,000 Inc. 6,904,100
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City, exchanges and U.S.deposits 723,432,300 Inc. 7,290,200
Reserve on deposits
132,719,100 Dec. 4,523,100
Percentage of reserve, 20.3%.
RESERVE.
- -Trust ComapniesState Banks
Cash in vaults
$17,112,300 12.79%
369,502,700 13.43%
Deposits in banks and trust cos_ _ _ _ 11,610,400 8.69%
34,493,700 6.67%
Total
$28,722,700 21.48%
' COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Week
EndedSept.28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Nov.30
Dee 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Loans
and
Demand
Investments Deposits,
Specie.
$
$
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
5,378,736,5 4,587,455,7
5,416,960,5 4,650,393,4
5,473,492,2 4,635,056,5
5,495,539,4 4,673,410,1
5.544.714.0 4.650.058.3
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks,
*
Legal
Tenders.
Total Reserve In
Cash In DeposiVault.
lanes,
$
$
$
$
70,816,0 94,623,1 165,439,1 557,573,3
69,970,7 91,434,6 161,405,3 587,014,3
69,765.2 85,254,7 155,019,9 574,142,4
70,376.0 92,445,8 162,821,8 580,295,4
71,255,2 94,750,5 166,005,7 619,305,3
69,692,6 85,425,1 155,117,7 585,223,6
68,979,4 89,755,9 158,735,3 591,280,8
69,440,7 91,559,5 161,000,2 610,910,4
69,250,6 92,303,2 161,553,8 603,681,3
68,759,7 93,400,6 162,160,3 602,957,6
67,037,7 89,940,6 156,978,3 592,651,4
66,311,3 93,272,8 159,584,1 602,623,2
65,076,3 93,695,1 158,771,4 617,263,4
67,193,9 96,364,4 163,558,3 574,521,6
68,390,9 101,977,4 170,368,3 632,301,0
68,436,0 99,357,3 167,793,3 625,200,3
67,343,1 97,395,8 164,738,9 613,079,3
65.359.1 97.127.0 162.487.1 8000704
Jan. 25
1919.
Differences from
previous week.
Jan 25
1919.
Differences Irons
Previous week.
Capital as of Nov. 1_
24,100,000
99,550,000
Surplus as of Nov. 1_
42,973,000
169,723,000
Loans & investments 546,440,500 Dec. 9,803,100 1,986,548,900 Dec. 18,912,000
Specie
8,116,000 Dec.
134,100
12,932,400 Dec.
43,600
Currency & bk. notes
25,644,600 Dec. 1,436,800
19,283,300 Dec.
946,700
Deposits with the F.
R.Bank of N.Y
42,511,300 Dec. 4,820,900 197,094,600 Dec. 1,582,600
608,310,100 Dec. 12,338,500 2,021,116,000 Inc. 11,092,500
Deposits
Reserve on deposits_
94,463,400 Dec. 7,430,200 284,967,900 Dec. 7,802,100
P. C.reserve to dep_
20% Dec.
1.1%
0.5%
17.7% Dec.
Boston Clearing House Banks.
-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Jan. 25
1919.
Changes from
previous week.
$
Circulation
4,736,000 Dec.
Loans, disc'ts & investments_ 523,677,000 Dec.
Individual deposits, incl.U.S. 446,836,000 Inc.
Due to banks
109.657,000 Dec.
Time deposits
12,596,000 Inc.
Exchanges for Clear. House- 17,197,000 Dec.
Due from other banks
69,255,000 Dec.
Cash in bank & in F. R.Bank 62,079,000 Dec.
Reserve excess in bank and
Fmleral Tlparrarn Bank
14 1107 OM Dee
Jan. 18
1919.
Jan. 11
1919.
$
$
/A
8,000 4,744,000 4,750,000
1,468,000 525,145,000 521,862,000
2,206,000 444,630,000 431,650,000
8,791,000 118,448,000 114,071,000
19,000 12,579,000 13,684,000
905,000 18,102,000 15,924,000
5,010,000 74,265,000 68,895,000
1,533,000 63,612,000 64,055,000
1 4117
nnn 16.164.000 17 264.nnn
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending Jan. 25, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Jan. 25 1919.
* Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
held 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)
Trust Companies.
Week Ended Jan. 25.
$103,996,400 20.10%
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:
[VOL. 108.
Two ciphers (00) omitted. Membersof
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investm•ts
Exchanges for Clear.IIouse
Due 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 vaults
Total reserve & cash held_
Reserve required
Excess res. & cash in vault
529,475,0
78,284,0
728,221,0
20,815,0
106,338,0
150,445,0
468,812,0
4,801,0
624,061,0
50,610,0
15,504,0
66,114,0
49,354,0
16.760,0
Trust
Cos.
Jan. 18
1919.
Jan. 11
1919.
Total.
53,000,0 $32,475,0
7,631,0 85,915,0
26,384,0 745,605,0
380,0 21,195,0
14,0 106,352,0
231,0 150,676,0
16,075,0.484,887,0
4,804,0
16,306,0 640,367,0
29,114,0
50,610,0
2,583,0
2,583,0
863,0 16,367,0
3,446,0 69,560,0
2,386,0 51,740,0
1,060,0 17,820,0
$32,475,0
85,948,0
753,251,0
25,410,0
114,690,0
157,092,0
493,738,0
4,771,0
655,601,0
35,821,0
54,007,0
2,746,0
17,480,0
64,233,0
52,025,0
22,208,0
$32,475,0
86,136,0
746,982,0
25,061,0
107,727,0
150,171,0
479,890,0
4,719,0
640,780,0
26,158,0
54,855,0
2,607,0
18,374,0
75,836,0
51,302,0
24,534.0
*Cash in vault is not counted as reserve for Federal Reserve bank members.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
I
Capital.
I
Net
Profits.
Loans,
Discounts,
Nat. banks Dec.31 Investments,
State banks Nov. 1
Week ending Jan. 25 1919.{
&c.
Trust cos. Nov. 1J
CLEARING
NON-MEMBERS.
Gold.
Legal
Tenders.
Silver.
National
Bank
& Federal
Reserve
Notes.
Members of
Average.
Average. Average. Average. Average.
Federal Reserve Bank.
$
5
$
$
$
$
a
Battery Park National Bank.. 1,500,000 1,463,500 11,584,000
9,000
147,000
11,000
22,000
Columbia Bank
1,000,000
651,200 14,502,000
271,000
392,000
15,000
Mutual Bank
69,000
200,000
548,000 8,745,000
118,000
New Netherland Bank
200,000
196,500 4,704,000
186,000
58,000
8,000
4,000
W. R. Grace & Co.'s Bank..500,000
757,100 6,130,000
4,000
4,000
Yorkville Bank
200,000
609,100 9,125,000
275,000
46,000
1,000
First Nat'l Bank, Brooklyn_ 300,000
116,000
668,900 8,029,000
4,000
6,000
53,000
National City Bank,Brooklyn
300,000
602,700 6,766,000
23,000
128,000
5,000
58,000
First Nat'l Bank, Jersey City
400,000 1,309,200 11,417,000
81,000
72,000
76,000
334,000
Total
Reserve
with
Legal
DeposiMies.
Additional
Deposits
with Legal
Deposilarks.
63,838,000 6,355,000 1,000,000
129,000
131,000
689,000 1,647,000 9,690,000 6,923,000
71,000
169,000
157,000
144,000
14,000
268,000
11,000
351,000
11,000
58,000
497,000
60,000
575,000
108,000
555,000
641,000 1,298,000 2,003,000 3,494,000
Total
Grand aggregate
Comparison previous week
Excess reserve
.
Grand aggregate Jan. 18___
Grand aggregate Jan. 11
Grand aggregate Dec. 14
Grand aggregate Jan. 4
2,900,000 2,849,000 48,302,000
500,000 1,030,700
377,000
200,000
318,000
14,000
700,000 1,408,600 17,434,000
332,000
8,200,000 11,063,800 146,738,000
-1,478,000
$529,640 Increase
8,200,000 11,152,600 148,216,000
8,200,000 11,152,600 145,331,000
8,200,000 11,162,600 141,937,000
8,450,000 11,913,800 141,284,000
1,016,000
-47,000
a U.S.deposits deducted. $5,868,000.
9,136,000
8,298,000
National
Bank
Circulalion.
Average.
Average. Average.
$
s
$
6,926,000
67,000
192,000
13,874,000
395,000
9,215,000
232.000
4,887,000
54,000
4,143.000
570.000
5,048,000 4,162,000
6,272,000
464,000
297,000
5,565,000
411,000
120,000
7,908,000
400,000
4,600,000 6,806,200 81,002,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co, Brooklyn
Mechanics Trust Co, Bayonne
Net
Time
Deposits.
Average. Average.
$
$
1,380,000
314,000
2,116,000
657,000
1,294,000
448,000
761,000
267,000
966,000
908,000
518,000
660,000
423,000
576,000
467,000
9,029,000 3,829,000
State Banks,
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights_
100,000
469,500 2,348,000
Colonial Bank
500,000 1,088,400 10,530,000
International Bank
500,000
198,800 5,791,000
Mechanics' Bank, Brooklyn__ 1,600,000
865,700 24,739,000
North Side Bank, Brooklyn....
200,000
226,600 4,894,000
Total
Net
Demand
Deposits.
125,000
127,000
948,000
423,000
311,000
368,000
870,000 1,824,000
286,000
215,000
1,000
219,000
98,000
2,070,000
11,069,000
5,082,000
25,511,000
4,472,000
634,000
40,000
319,000
609,000. 48,204,000
993,000
291,000
10,000
14,000
12,000
69,000
151,000
179,000
303,000
461,000
268,000
269,000
5,897,000 1,178,000
4,611,000 3,918,000
24,000
81,000
330,000
764,000
537,000
10,508,000 5,096,000
796,000 2,068,000 3,980,000 13,948,000 8,069,000 al22,550,000 12,444,000 1,009,000
+56,000 -117,000 -164,000 -48,000 +39,000 -4,736,000 +117,000
+3,000
1,063,000
740,000 2,185,000 4,144,000 13,996,000
1,059,000 1,058,000 2,260,000 4,428,000 14,146,000
1,039,000
781,000 2,220,000 4,360,000 13,236,000
1,031,000
860,000 2,353,000 4,120,000 13,158,000
8,030,000
7,326,000
8,284,000
7,357,000
127,286,000 12,327,000
126,275,000 12,340,000
121,594,000 12,117,000
118,709,000 11.969,000
1,006,000
1,017,000
1,009,000
1,005,000
FEB. 11919.]
THE CHRONICLE
IfIauh ers" Oazette.
Wall Street, Friday Night, Jan. 311919.
The Money Market and Financial Situation.—The
principal event of the week directly affecting security values
was the announcement of a reduction in the extra dividend
rate of U. S. Steel common stock. This was immediately
followed by liberal sales of these shares at the Stock Exchange, a drop of about 4 points in quoted value and a
sympathetic decline in the entire market, a movement
hardly warranted by the event mentioned. A more logical
reason may perhaps be found in the fact that the market is
unusually sensitive as a result of the deplorable condition
into which the railways of the country have fallen since they
came under Government control. A cut of nearly twothirds in trans-Atlantic shipping rates also had a depressing
effect, especially in International Mercantile Marine issues.
Latest reports from the iron and steel industry indicate
that the relative proportion of output to capacity is somewhat larger than was previously stated, but orders are not
accumulating at present prices. Future prices are indeed a
matter of extreme uncertainty in this as well as in many
other industrial lines.
The weekly Federal Reserve bank statement showed a
further substantial reduction of outstanding note issues,
while the Bank of England reports a slight increase in its
note circulation, after a reduction of over $6,000,000 earlier
in the month. Its percentage of reserve to liabilities is increased, however, to somewhat over 20. The local money
market has been easy, with rates averaging from 33% to
5% for call loans and about 1% higher for fixed periods.
Foreign Exchange.—Sterling has ruled without special
activity or new feature throughout the week. The tone was
about steady and rates were well maintained. Continental
exchange was firm, so far as the Allied exchanges are concerned. The neutrals were heavy and under pressure in
the opening days of the week showed severe declines in some
instances. Toward the close a partial recovery was noted.
Swiss francs again constituted the weakest feature.
•
459
For daily volume of business see page 468.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 31.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. IS per share.$ Per Mare.
Adams Express
100
100 45% Jan 25 45% Jan 25 4534 Jan 50
Jan
Am Bank Note
50
100 33 Jan 25 33
Jan 25 33
Jan 33
Jan
American Express_ .
_ lot
3
8834 Jan 3 90 Jan 28 8434 Jan 95
Jan
American Snuff
100
3t1 10934 Jan 3111434 Jan 25$ 105
Jan 114% Jan
Assets Realization_ _ _ _10
2t1 1% Jan 28 134 Jan 29 1
Jan 154 Jan
Associated Dry GdsAl I
700 2034 Jan 31 2234 Jan 25 1754 Jan 2634 Jan
Associated Oil
ill
400 7234 Jan 30 7454 Jan 27 68
Jan 7634 Jan
Atlanta Birm & AtL1II
200 7% Jan 28 7% Jan 28 754 Jan 8
Jan
Barrett, preferred_ _ _106
400 110% Jan 3011034 Jan 271110% Jan 11034 Jan
0
Batopilas Mining__ _ _20 1,3
134 Jan 28 154 Jan 3
154 Jan
Jan
Bethlehem Steel pref 100
4001 9034 Jan 30 9134 Jan 30 9034 Jan 9134 Jan
Bklyn Union Gas__ _100
1001 8034 Jan 29 8034 Jan 29 80
Jan 82
Jan
Brunswick Terminal-100
200 834 Jan 29 934 Jan 28 83-4 Jan 1034 Jan
Butterick
lii
Jan 27 1634 Jan 25 16
3001 16
Jan 1734 Jan
Calumet & Arizona_ _ _10
Jan 28 60
Jan 28 5834 Jan 6134 Jan
2001 60
Canada Southern...lIl
501 43
Jan 29 43
Jan 29 43
Jan 48
Jan
100
Case (J I) pref
100 9334 Jan 25 9334 Jan 25 9134 Jan 9354 Jan
Certain-Teed 1st pref 100
200 85
Jan 31 88
Jan 30 85
Jan 88
Jan
Cluett,Peabody&Co 100 200 6234 Jan 28 6234 Jan 28 6234 Jan 85
Jan
itt
Preferred
100 108
Jan 25 108
Jan 25 10334 Jan 108
Jan
Computing-Tab-Rec it.
200 3834 Jan 30 3834 Jan 27 3734 Jan 39
Jan
Cons Interstate Call_ -1
834 Jan 31 8)4 Jan 25 sg Jan 834 Jan
2
Continental Insurance 25 1,7
60 Jan 25 62
Jan 29 58
Jan 62
Jan
Deere & Co pref ...i00
1001 95% Jan 28 9534 Jan 28 9554 Jan 96
Jan
III
100 110
Detroit Edison
Jan 25 110
Jan 25 110
Ja. 110
Jan
Rights
34 Jan 29
% Jan
34 Jan 29
% Jan
1,400!
DuiuthSs&AtL...ltt
100 3 Jan 29 3 Jan 29 3
Jan 3
Jan
Elk Horn Coal
50 300 27
Jan 25 2734 Jan 29 27
Jan 2934 Jan
Federal M & S pref_.101
200 3454 Jan 31 34% Jan 30 33
Jan 3834 Jan
Fisher Body Corp no par 2,80 41
Jan 31 4434 Jan 3 3854 Jan 4434 Jan
Preferred
109 615 92 Jan 27 9234 Jan 27 92
Jan 9354 Jan
General Cigar Inc_..iIl 2.3001 4734 Jan 3 4934 Jan 25 47
Jan 5334 Jan
27,835 1
Gen Motors rights
Jan 30 154 Jan 31
34 Jan 234 Jan
100 8 Jan 27 8
Gulf Mob & Nor etfs-100
Jan 27 734 Jan 8
Jan
eferred
100 300 32
Jan 27 33
Jan 28 3134 Jan 33
Jan
HartmanCorporation100
200 5434 Jan 27 5454 Jan 27 5434 Jan 56
Jan
Homestake Mining_ 100
100 96
Jan 29, 96
Jan 29 94
Jan 96
Jan
Int Harvester pref _ -100 10011754 Jan 3011734 Jan 30 116
Jan 118
Jan
Jewel Tea Inc
100
100 3234 Jan 29 3234 Jan 29 2834 Jan mg Jan
100
Preferred
100 89
Jan 25 89
Jan 25 88
Jan 90
Jan
Kelsey Wheel pref __ _100
100, 90 Jan 28 90
Jan 28 89
Jan 91
Jan
Kress (3 H)& Co_ _100
4001 62% Jan 27 6234 Jan 30 60
Jan 83
Jan
Lake Erie & Western 1001
734 Jan 29 7% Jan 29 734 Jan 934 Jan
Preferred
100, 2001 19
Jan 29 1934 Jan 25 18
Jan 1934 Jan
Liggett & Myers__ _ -1001 20020554 Jan 27 210
Jan 27 204% Jan,224% Jan
Preferred
100, 900107
Jan 27i08
Jan 27 107
Jan1111% Jan
Loose-Wiles 1st pref _1001
1001 9531( Jan 291 9534 Jan 29 9434 Jan 9634 Jan
100, 2091162
To-day's (Friday's) actual rates for sterling exchange were 4 733.0 Lorillard (P)
Jan 30.166
Jan 25 162
Jan 16834 Jan
1001 600
Preferred
4 73% for sixty days, 4 75%04 75773 for cheques and 4 765504 70 9-16
Jan 28,109
Jan 27 107
Jan 109
Jan
for cables. Commercial on banks, sight, 4 75%04 753i, sixty days Manhat(Elev) Ry gu 100, 451 82 Jan 28 88
Jan 25 81
Jan
Jan1 88
4 72304 72%, ninety days 4 71%04 71 7-16, and documents for pay- May Dept Stores_ _ _100 500 6334 Jan 31 6434 Jan 25 60
Jan 66
Jan
ment (sixty days) 4'7204 723. Cotton for payment 4 75%04
100 300 90 Jan 25 91
&S S Marie
Jan 25 8751 Jan 91
Jan
75%, M St P& Essex
and grain for payment 4 75464 75%.
50
20 7354 Jan 25 7334 Jan 25 7134 Jan 7134 Jan
Morris
To-day's (Friday's) actual rates for Paris bankers' francs were 5 51% for National Acme
50 200 3034 Jan 27 3034 Jan 31 2934 Jan, 3134 Jan
long and 5 403 for short. Germany bankers' marks were not quoted. National Biscuit_ _ _ -iOU1
100 111% Jan 3111134 Jan 30 109
Jan 113
Jan
Amsterdam bankers' guilders were 40 7-16040 9-10 for long and 40 13-16 Nat Cloak & Suit pref100
20 104
Jan 28 104
Jan 28 10334 Jan 104
Jan
200 31
N0Tex & Mex v t c_100
040 15-16 for short.
Jan 31 3134 Jan 29 30
Jan 36
Jan
Exchange at Paris on London, 25f. 98c.; week's range, 25f. 98c. high and N Y Chic & St Louls_100
200 28
Jan 30 28
Jan 30 28
Jan 30
Jan
100
10S 42% Jan 29 4234 Jan 29 4234 Jan 4354 Jan
2d preferred
25f. 98c. low.
New York Dock__..i00
10 24 - Jan 28 24
The range for foreign exchange for the week follows:
Jan 28 24
Jan 2634 Jan
50 9134 Jan 27 9155 Jan 27 91
N Y Lack & West _.100
Sixty days.
Sterling, Actual—
Jan 9134 Jan
Checks.
Cables.
Nova Scotia 13 St C..100 1.200 46
Jan 3 5234 Jan 25 46
High for the week_ _ _4 73K
Jan 55
4 75 13-16
Jan
4 76 9-16
Owens Bottle-Mach_ _25 600 47 Jan 27 4834 Jan 28' 47
Low for the week
-4 73%
Jan 4954 Jan
4 75%
4 76%
Pacific Tel & Tel_ _ _100 200 2334 Jan 29 2334 Jan 27 22
Paris Bankers' Francs—
Jan 2334 Jan
100 1234 Jan 29 1234 Jan 29 123-4 Jan 14
10
Pond Creek Coal
High for the week_ _ _5 51%
Jan
545%
545j4
St 1.
-San Fran pref A 100 400 22
Jan 27 23% Jan 30 22
Low for the week__ _ 5 51%
5 453(
Jan 27
Jan
5 454
Amsterdam Bankers' Guilders—
Savage Arms Corp _ _log 100 6054 Jan 31 6034 Jan 3 5354 Jan 6234 Jan
100,138
So Porto Rico Sugar_100
High for the week_ _- 411-16
Jan 30138
Jan 140
Jan 3 132
Jan
41%
41',
Preferred
100
Jan 2710734 Jan 31 107
Low for the week_
40 7-16
Jan 108
Jan
40%
413
Standard Milling_ _ _100
100'112654 Jan 27 12654 Jan 27 124
Jan
Jan
Domestic Exchange.—Chicago, par. Boston, par. St. Louis,
250
Preferred
lop 200 8854 Jan 28 8954 Jan 29 853-4 Jan 12654 Jan
8934
15c. per $1,000 discount. San Francisco, par. Montreal, $20.3125 per
24,465 1654 Jan 27 18
Texas Co rights
Jan 27 16% Jan 18% Jan
$1,000 premium. Cincinnati, par.
85,250
Texas Pac Land Tr_ _100
Jan 30260
Jan
Jan
Jan
State and Railroad Bonds.—Sales of State bonds at Third Avenue Ry.._ _100 1001 1334 Jan 3 1334 Jan 27 180 Jan 320 Jan
30 1354
1534
100
Jan 27
Tidewater 011
Jan 27
Jan
the Board are limited to $28,000 Virginia 6s deferred trust Tol St L & W pref._ _100 205120 Jan 25 220 Jan 25 207 Jan 220 Jan
130 10
01
10
10
10
Jan
receipts at 63 to 70.
Transue & W'ms_no pa
38
3
Jan 28 '38% Jan 30 3734 Jan 3834 Jan
Jan
The general bond market has reco-iered somewhat from Twin C Rap Tran pf.iO01 25 80 Jan 29 80 Jan 29 80 Jan 80 Jan
Underwood1001 20012334
28 125
Jan 28 115
Jan 125
Jan
the depression noted last week, although it has showed little United Drug
200 94
1
Jan 29 943-4 Jan 29 9054 Jan 95
Jan
1st preferred
Jan 29 53
Jan 29. 5054 Jan 54
if any inclination to increased activity. Of a list of 20
Jan
5
01 100 53
25 preferred
Jan 28 91
Jan 2S 91
Jan 94
Jan
1001 100 91
standard issues only 2 are lower and 4 are unchanged.
United States Expr_ _100
Jan 30 18
200 18
Jan 30 18
Jan 18
Jan
Brooklyn Rapid Transit 7s have responded to the re- US Realty dr ImpL.1001 200 24 Jan 30 25 Jan 29, 17% Jan 2754 Jan
100 12
Jan 31 12
Jan
12
Ja 12
Jan
ceivership by a drop of 10 points. Southern Pacific cony. Vulcan Detinning...1001 100 40 Jan 28 40 Jan 3 40 Jan 40 Jan
1001
Preferred
28
5s are fractionally lower and Reading, Lehigh, Mo. Pae. and Wells,Fargo Express 1001 35 66 Jan 3 66 Jan 30 66 Jan 75 Jan
Hudson & Manhattan 5s close without net change. In addition to these the active list includes Am. Tel. & Tel., Ches.
& Ohio, Burlington, Interboro. R. T., Inter.' Mer. Mar.
Pennsylvania, So. Pae., Rubber and Steel issues.
United States Bonds.—Sales of Government bonds at
the Board are limited to Liberty Loan 33's at 99 to 99.20;
L. L. 1st 4s at 93.08 to 93.60; L. L. 2d 4s at 92.86 to 93.40;
L. L. 1st 43%s at 95.50 to 95.70; L. L. 2d 4348 at 94.36 to
94.88; L. L. 3d 43%s at 95.30 to 95.56, and L. L. 4th 4%s
at 94.30 to 94.68. For to-day's prices of all the different
issues and for week's range see third page following.
Railroad and Miscellaneous Stocks.—As noted above,
the market for all classes of securities has been inactive and
weak. In most cases the lowest prices were recorded on.
Tuesday, but the recovery has been decidedly feeble, espcially in the railway list, and closing quotations are very
near the lowest.
Practically all the business transacted has been. of a professional character, which, as is well known, means the
public is not in the market. There has been no unloading
by bona fide owners of stocks and no one is filling strongboxes under present conditions.
As a result of the week's operations, Baltimore & Ohio has
lost 2 points, St. Paul 13 , Atchison 13, Penn. 1% and
4
Can. Pao., New Haven and Reading are down I point.
New York Central is the only railway stock which shows a
fractional net gain.
Studebaker is the only industrial showing a higher closing
than last week, while Inter. Mer. Mar. dropped 53 on the
4
cut in ocean freight rates and Mex. Petro. is down 5, Baldwin
Loco. 5, and Am. Sum. Tob., Atl. Gulf & W. I., Gen.
Motors and Royal Dutch are from 3 to 5 points lower.
134
1001
Outside Market.—Speculation on the "curb" this week
was irregular. Trading was active in a number of the
industrial issues where usually an upward movement in
prices was followed by a reaction. Strength and weakness
apeared in different parts of the list at the same time.
General Asphalt stocks were conspicuous the common after
a loss of about 2 points at the opening to 593/a,advancing to
703/2, dropping to 623/2 and resting finally at 66. The pref.
opened the week at 96, sold up to 106 and reacted to 100.
Keystone Tire & Rubb. coin. was active and gained 6 points
to 61%, the close to-day being at 593%. Intercontinental
Rubber was off at first from 173/2 to 16% but advanced
later to 193/i and closed to-day at 593%. Trading in National Fireproofing stocks, which have long been local to
the Pittsburgh market, was started this week the common
from 10 advancing to 12, then dropping to 73/2 the close
to-day being at 8. The pref. from 133/2 reached 203%, but
reacted to 15. National Ice & Coal gained over 5 points
to 5534 and ends the week at 55. Swift International lost
over 3 points to 403/2, sold to-day at 43, and at 423% finally.
United Motors sold up from 36 to 363/2 and finished to-day
%
at 363 . U. S. Steamship lost almost 2 points to 338 due
to the deferring of the declaration of the March dividend.
Standard Oil shares ruled steady but very quiet. Other
oil issues also quiet. Houston Oil corn. after early advance,
from 80 to 81, fell to 78 and sold finally at 783/2. Internat.
Petroleum sold down fron 21% to 203%, up to 223% and at
21% finally. Island Oil & Trans. was off from 83% to 734
5
the close to-day being at 7%. Royal Dutch Co., new stock,
declined almost 5 points to 72. Russian Govt. 634s after
an early advance from 633/2 to 68, broke to 60. The 53/28
gained 2 points to 60 and fell to 56, closing to-day at 57.
R9cor,1,
New York Stock Exchange-Stock TWO PAGES Daily, Weekly and Yearly
OCCUPYING
460
For record of sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Sa:urday
Jan. 25.
Monday
Jan. 27.
Tuesday 'Wednesday
Jan. 29.
Jan. 28.
Thursday
Jan. 30.
Friday
Jan. 31.
Salesfor
the
Week
Shares
srocKs
NEW YORK Srocs
EXCHANGE
PER SHARE
11
Range Since Jan. 1.
-share tots.
On basis of 100
Lowest.
!
Par $ per shrle I
Railroads
$ per share $ per share $ per share I $ per share $ per share I 5 per share
903
93%, 925 92% 9212 92%. 59114 9114 3,000 Atch Topeka & Santa Fe .103 86 8 Jan21,
9212 9314 925 9314 93
100
Jan21'
Do pref
200
87
41 *86
1
/
864 863
8712' *81312 87
4
8734 8734 *87% 873 *85
400 Atlantic Coast Line RR_ A00 955 Jan22
99
93 1 *93
97
99
*97
*97 100
*97 100
*97 102
100 44 Jan21
4: 4518 4612 7,600 Baltimore & Ohio
4 4612 463
x4618 4612 4614 463
4812
48
49
48
100 54 Jan22
Do pref
400
55
*53
55
5134 5534 55
55
*53
4
4
543 543 *5114 56
1912 208 29,100 Brooklyn Rapid Transit_ A00 183s Jan271
8
183. 2114 1833 1914 183 1914 185s 1914 1934 20
100 1553 Jan21
4
15334 15314 15314 15314 15314 2,100 Canadian Pacific
4
158 1593 158 15918 *157 15914 158
100 5334 Jan211
5512 3,500 Cheitipeake & Ohio
554 *55
5512 5518 5512 55
5514 5512 55
5512 56
100
718 Jan211
100 Chicago Great Western
*712 812 *734 812
8
8
814 *712 812 *712 8
4
*73
103 2334 Jan211
Do pre(
400
20
2113 2412 *21
25
2334 2334 *24
25
25
26
26
8
3712 3318 367 3734 35% 3714 15,400 Chicago Milw & St Paul_ _100 36 Jan21,
39
3912 38
4 33
393
39
100 6512 Jan211
Do pref
4
7318 71, 7114 15,000
7312 7114 7234 71
7212 7014
7134 7212 70
.100 9318 Jan211
900 Chicago & Northwestern.
3
9612 957 93
2
957 9578 *95
96
*95
95
958 96
*95
100 13178 Jan 71
Do pref
90
4
4
1
/
4
*131 1353 *131 135 §131 131 *131 13534 *131 135 *131 1353
2314 4,900 Chic Rock Isi & Pae temp ctfs. 2218 Jan21,
2314 2311 2312 2378 23
2334 2414 2311 2334 2334 24
7314 Jan21;
800
7% preferred temp ctfs____
70
7714 7612 7612 76
7612 *76
3
7514 75 4 *7412 7534 76
6118 Jan211
6% preferred temp ctfs__ __
6414 6312 6313 03
61
6334 0312 6312 '1,700
6313 64% 6312 64
Cleo Cin Chic & St Louts_ _100 33 Jan23,
36
*33
30
*33
36
*33
36
*33
36
*32
36
*30
100 6612 Jan15'
Do prof
*6212 75
*0212 75
*6213 75
*6212 75
*13213 75
*6212 75
100 1934 Jan221
400 Colorado & Southern
22
*21
22
*21
22
201s 2134 2113 2112 2114 2114 *21
Jan 3
Do 1st pref
100
53
5412 *49
4912 *49
4912
50
*48
50
*48
50
*48
100 47 Jan27
100
Do 2d prof
48
*43
48
*42
4.4
*43
48
*43
47
47
*4112 48
0
10 10
0 48114 Jan20
800 Delaware & Hudson
104 105 *102 105 .10214 10114 103 101 *10212 10312 10334 10334
Delaware Lack & Western._50 176 Jan10
*17212 180 *173 180 *17212 180 *17212 130 *173 180 *173 180
334 Jan 8;
600 Denver & Rio Grande..__100
37
31
8
7
3 s 37
4
4 33
4
33
4
4
1
/
4
1
/ 3
3
s 37
37
100
614 Jan31
Do pref
614
612
612
634 1,400
612
67
612
612 634
612 634
7
100 1518 Jan211
157 1614 3,700 Erie
4 157
153
1578 16
16
s
1614 1634 157 1618 16
100 2434 Jan21,
Do 1st pref
400
2612
*20
*2513 27
26
*2512 2634. 26
2614 2612 *2513 27
100 18 Jan211
300
Do 2d pref
*1813 20
20
*18
20
*18
1812 1812 *1812 20
19
19
100 9014 Jan21
4,100 Great Northern pre
92
9212
9134 917
93
4
1
/
4 9214 92 .92
9234 9333 9214 923
4
/
Iron Ore properties. No par 311 Jan 2
3334 26,700
37
3634 37
4
3712 3812 3718 3712 3718 3712 363 37
100 96 Jan21
500 Illinois Central
9712 9712
98
*95
93
*95
9512 9612
97
*95
90
96
434 Jan 2
514 2,200 Interboro Cons Corp_ _No par
5
5
514 514
5
518
512 518 *5
5% 514
100 16 Jan 2
Do pref
3,300
4
183 19
4
1
/ 1914
13
1834 19
1834 1912 *1814 1918 1812 19
100 1634 Jan30
500 Kansas City Southern
18
*17
4
*1712 1314 163 17
18
*1712 1812 *1734 1812 18
100 4912 Jan21
Do pref
800
50
50
50
50
50
50
*5014 53
51
3
*5014 50 4 51
50 51 Jan 2
•
5512 5512 2,400 Lehigh Valley
5514 557
56
53
56
5613 56
5634 5718 56
200 Louisville & Nashville__ -100. 11312 Jan23
114
114 114 *113 115 *112, 114 *11312
*113 115 *113- 115
918 Jan21
100
1038
525 Minneap & St L (new)._
1014 *10
10
4
*93 1012 1014 1014 1014 10:4 *10
10
47 Jan22
500 Missouri Kansas & Texas 100
5
*47
5
47
514
47
8 513 *47
514 *47
5
5
100
812 Jan13
*912 1012 *9 10Do pret
*312 9
10
*9
10
*912 1112 *9
2334 2434 10,900 Missouri Pacific trust ctfs-100 2234 Jan21
2418 2434 2412 25
243 247
2434 25
2434 25
100 4914 Jan21
4 2,900Do pref trust ctfs
523
5311 52
4
5212 5312 523 5314 5314 5334 53
5112 52
100 6914 Jan21
7312 7,230 New York Central
73% 73
73
7218 73
7212 7312 7218 7212 717 73
2812 2812 6,200 NY N H& Hartford- -100 2734 Jan21
2834 2812 29
28
2912 2812 99
29
2913 297
600 N Y Ontario & Western. 100 1812 Jan21
8 20
197
s
*1812 2013' 197 197
20
20
20
1913 1912 20
100 104 Jan21
200 Norfolk & Western
'
10514 10514 105 105 '4 10412 1057 *10412 10512 *10112 10512
*106 107
100 8858 Jan21
91
3,200 Northern Pacific
9134 9244 9038 9012 0012. 9112 891 9038' 901s 9014 91
50. z4414 Jan31
4518 £4414 4412 11,100 Pennsylvania
8
447 451 45
45
3
45 8 447 4532 447 45
100. 1218 Jan21
500 Pere Marquette v t c
13
13
1313' 1212 1212 ---- ____
13
Do prior prof v t C._100 57 Jan20
4
-_- *533 60
-- ---- -_- _-_- ---- --- ---- _-_- ---100 43 Jan15
*40 44Do prof v t c
100' 34 Jan21
ii" -iiii8 . 311; -543s 15 - 3518 -3512 34 3434 6,500 Pittsburgh & West Va
4
-ati" 16-1 100 79 Jan31
400
Do pref
79
8112 79
*79
81
81
81
81
81
*79
80
80
50 75 Jan21
7812 73
7334 22,000 Reading
777 78
4
1
/ 777 7914 7714 7312 78
7814 797
50 3612 Jan 9
Do 1st pref
100
3812
*37
*3712 38
*3719 3812' *3712 38
38
*3712 38
38
*3734 39
5. 37 Jan 2
200
Do 2(1 pref
3312
*375 3312 3734 3752 373 3734 *37
2
*3734 38
1218 1218 1,600 St Louis-Sail Fran tr ars--100' 1034 Jan21
12
12131 1134 12 1 1134 1134 12
1234 *12
12
1100' 11
aanr
ition
100 St1
)
So
22
.,guisprolithwestern____1 :. 1 71: l i
2212 *16
*16' 2212 *16
17
- 17
22
*17
22
•17
30
2912 *23
*28
32
*23
30
*23
30
*28
301 *28
100
Line
)
01
50
20 Seaboard
734 8
*712 8
8
8
4 812, ____ ____1 ---•73
15
110000 2955,2. jiliiin
113
*1512 1714
17
17
*1612 17121 ---- ----'
4 9734 987 31,700 Southern Pacific Co
3
,8
)
3 99 1 9414 993 -1 7F2 1 3-' 9734 983
987 10034 98
o prorway
34
(
)
La12 i7
17
2
26'2 f812I N34 gp gfA gr4 13,2( SoLthern It
2734 grs ,8121 4112 27I
27
100, 6634 Jan21
100: 2712 Jan21
3 3212 3312 61,000 Texas & Pacific
4
313 3333 333 343
8! 3134 3252
-50-i4 iiii 31/14 333
100 Twin City Rapid Transit_ _100 38 Jan10
60
*44
60
43 1 *43
43 1 *42
*40
43 1 43
43
•40
100' 17418 3ait21
22 Ja n 1 1
127% 1273 12534 12712 9,2310 Union Pacific
12618 127
4
8
1263 123 1
12714 12813 12613 127
1001
Do pref
700
*7214 7313
74 , 7212 73
*7214 7312 7312 7313 *72
7212 73
714 Jan 9
813
300 United Railways Invest_1001
812
9
814 814'. *8
*819 834
*31. 9
9
*8
100 15 Jan13
300' Do prof
18
3116
18
*16
16
10 1 15
16
*1612 18
•1612 13
100
734 Jan20
600 Wab:1,311
3
8
7% 7%
778 7%
4 8
818 3% *73
812
*8
100. 3012 Jan21
2,700
Do pref A
3214 3134 3112 3112 3112 *3113 32
4
/
311 3214 32
32
32
100' 19 Jan23
400
Do pref 13
20
*19
21
1912 1912 *1112 0 , *19
21
*1913 20 .19
500 Western Maryland (new)-100 1012 Jan17
4
1014 103
4
1
/
*1034 1114 1034 • 104 *103 11
1114 1014 11
*11
100
2d prof
29
Do
*22
29
29 . *22
*22
29 1 *22
29
*22
29
*23
100 18 Jan22
100 Western Pacific
4
1
/ *1712 19
4
*1812 1912 *1712 1912 *1712 1912 *1712 1912 183 18
100- 58% Jan21
•
60
- Do prof
60 *___ 60 *___ _ 60
60 1 *51
4150
60
*50
200 Wheeling & Lake Erie Ry_ 100
*318 9
9
813 *8
9 I *8
9
*8
818 818' *8
11
100
Do pref
19
*17
17
17
19
*17
20
*16
19
*15
19
*16
109' 3014 Jan22
200 Wisconsin Central
34
3131
34
*32
31
35
1312 3312' .31
3014 30% *32
Industrial & Miscellaneous.1
1
100 21
Jan21
2412 2212 2212 2,300 Advance Rumely
*2112 2312 2234 2338 23
2212 2212 *2112 23
100 5612 Jan20
Do pref
4 5,403
4
59
5318 59
58
597s 593 6114 60:4 603
578 58 1 53
50 60 Jan13
1,600 Ajax Rubber Inc
7012 71
71
70
7212 7212 7212 7312, 7212 7212 70% 72
10
313 Jan31
33
33
37
312 334 1,409 Alaska Gold Mines
37
3
*312 3 4
3
4 3 4 . 33
33
3341
134 Jan 2
2,500 Alaska Juneau Gold MIn'g.10
2
*17
2
*17
2
2
178
11
2
2
218 218
, 100 30 Jan21
4,600 Allis-Chalmers is,114;
3034 3114 3013 3118 307 307
32
32
3114 32
3113 327
100 8178 Jan23
400
Do pref
8312 8312
83
8232 83
318212 84
*8213 8312
8234
84
83
•
.100 997 Jan29
10018 10038 10014 10038 2,200 Amer Agrlcultural Chem.
10012 10034 10012 10034 10034 10038 9378 100
100 98 Jan 9
Do pret
300
*98 100 1
99
99
99
*98
99
*98
99
99
*98 100
100 62 Jan 3
6813 0812 69 1 5,600 American Beet Sugar
6,3
68
6912 7014 6312 687s 6712 6812 6712
100 4534 Jan21
4634 18,500 American Can
4512 4712 4534 4612 4612 4612 46
4632 47
2
463 43
100 987 Jan 6
*10013 10212 *101 103 *101 103 *101 103 *101 103 *101 103Do prof
8
8814 893 13,309 American Car & Foundry-100 877 Jan29
8812 89
8
8334 9014 877 89
3 901
90
9134
100 113 Jan18
Do pref
11.5% 11618 1.000
115 115
1147 1147 .......116 11518 115 115
8
100 3958 Jan 2
4
1
/ 4,600 American Cotton Oil
43
4 42
4134 4113 413
8
42
438 417 4178 4112 4112 41
100 88 Jan 7
92 I
Do pref
*82
8018 *82
95
*35
*80
92
92
*32
92
*82
1314' 50,500 Amer Dru mists Synilcate_10 1034 Jan24
8 1234 1312 x13
1114 1118 1112 1134 1112 1138 123
11
2
1518 1512 153 1712 16% 1713 19,209 American Hide & Leather 100, 1318 Jan 4
3
143 15
4
/
111 147
1414 147
100' 7114 Jan 2
Do prat
4
1
/ 8834 61,203
833g 8673 8614 8312 85
8212 84
83
8034 8314 81
100 38 Jan21
4112 41
4113 1,800 American Ice
4014 41
4012 4012 40
3934 40 8 *3712 42
5
100 5434 Jun20
57
2,400
Do pref
57
58
56
55
*55
55
*55
55
55
55
55
5334 51
700 Amer International Corp_ _100 5312 Jan21
54
55
5434 5132 5312 5312 *5312 5112 54
55
100 4534 Jan21
4714 47 4714 9,001) American Linseed
47
4
48
4
4813 50% 473 49
4833 463 48
100 8814 Jan22
Do pre
9012 8912 8912 8912 8912 89 89500
91
91
9012
*90
91
900 American Locomotive_ _ _100 58 Jan21
5918 5913 59 59
61
*53
61
*59
6012 *59
8
607 61
100 100 Jan14
100
Do prof
4
4
10102 10314 *113012 10314 *10012 10212 1023 1023 *102 10234 *102 10314
1
Jan17
100
17
112 *114
1,100 American Malting
112
138
112 112
113 112
I% 2
134
46 Jan10
Do lst pref coatis of dep__
700
*4212 47
3-4213 49
*1212 49
4714 *4212 49
46
49
.46
42,700 Amer Smelting & Refining - 100 6714 Jan21
8
4
1
/ 703 7218 707 72
4
7114 6934 70
1
/
4
1
/ 704 70
7212 69
71
100 10412 Jan 3
300 • Do pref
10313 10612 *10512 107
10614 10614 *106 10311 *106 107 *105 107
t 4,400 American Steel Foundrles_100 7734 Jan21
7912 8018 7313 7914 .7813 7812 7814 787
81
7913 80
80
11214 11214 112 11212 1,800 American Sugar Refining-100 11114 Jan21
11212 *112 11312 112 112
11312 11333 11212
100 11312 Jan 6
200
Do pref
'115 118 *115 117 *115 118 • *115 118
11512 11512-.114 11612 3
8
4
1
/
100 10114 99% 10032 9914 10114 987 10112 8,700 Amer Sumatra Tobacco__ _100 9512 Jan13
10178 10314 101 102
8 10,300 Amer Telephone & Teleg_100 9834 Jan29
2 9914 997
993
99
3
10012 1007 100 10013 93 4 100
10012 101
100 192 Jan21
750 American Tobacco
19614 19614 195 195 *193 196
19614 19014 195 195
193 193
Jan20
100 101
Do pref (new)
*101 104 *101 104 *101 104 *101 103 *100 • 101 *100 103
2,400 Amer Woolen of Mass__ A00 4514 Jan16
4
1
/ 457 46
4512 46
46
455* 45
4614 4633 46
4
463 47
100 9412 Jan30
7
900
Do pref
9412 9412 9413 9412
94, 947
95
9512 95
9514 9514 *95
200 Amer Writing Paper pref_ _100 2773 Jan 2
32
32
33
33
34
*32
34
3412 .32
*33
34
*33
Jan31
11
400 Amer Zinc Lead & Smelt _25 11
12
11
1112 1112 1112 1112 *11
.1178 12
*1178 12
25 40 Jan21
3138 43Do pref
43
*38
43
43
*39
*40
43
*41
43
*39
4
595 23,100 Aneacarla Copper Mining...50 563 Jan22
531s 5333 5812 5912 59
4
1
/ 6018 53% 5912 535 59
58
7,000 Atl Gulf & W I SS Line_ _ _100 9733 Jan29
9712 977
99
9712 100
102 10338 99 101
9734 9312 93
Jan29
100 64
65
4 65
653
6118 *64
6514 6514 64
657 66
67
67
8
Lo
7
2
400 Do p e comotive Wks_100 647 Jan29
6'712 58, 00 Baid winprof
7
4
1
/ 6334 6912 641 67 3 651s 604 66
681s 69
7014 73
100 102 Jan29
102 102
102 102
100 103 Jan 2
300 Barrett Co (The)
n1 *ioi" 1- -78
69 ii i.- ill *Ho' iii" iiii" 116' no no *
.100 5512 Jan20
_
400 Bethlehem Steel Corp..
-------- - 59-34 595*
59
59
61
61
537 6014 62,500
8
Do Class B common 100 553 Jan21
4
513 597
l
,
if
4
/
-130-1 Wil "tio" - - 6012 6132 5352 60
Do cum cony 8% pref.._ 10134 Jan22
2,213
4
103 10312 1023 103
10213 10212 10312 10312 10312 104
10234 103
No par 1814 Jan14
1913 1312 187
1,300 Booth Fisheries
1934 19
1934 *19
1912 . 4
.19
*19
20
19
.
Jan18
100 151
200 Burns Bros
154 151 .145 153
*151 151 *150 157 *152 157 *150 157
6 Jan 2
300 Butte Copper & Zinc v t c_..5
61.I 614
614
612 *6
613 *614 613 *6
6% 614 *6
1313' *175* 13% 1758 1733 17% 18
700 Rottp & tannerlor MinIng_ 10 1718 Jan17
18
*1712 1312 *13
18
ia-
It'13
•Bid and asked prices: no salei on this day. 4 Et-rIghti. § Leis than 100 share,. a Ex-div. and rights. x Ex-dividend.
Highest.
PER SHARE
Range for Previous
Year 1918.
Lowest.
Highest.
$ per share 5 per share 5 per shar i
81 Mar 9934 Nov
9114 Jan 3
80 Jan 9212 Nov
89 Jan 4
893 Apr 109 Nov
99 Jan 6
4312 Dee 62 Nov
50 Jan 2
53 ' Apr 6412 Nov
56 Jan14
2538 Dee 48% Jan
26% Jan 8
1613 Jan 3 135 Mar 1747 Oct
4
4
493 Jan 623 Nov
5714 Jan 2
6 Apr 11 Nov
813 Jan 7
1812 Apr 32 Nov
2612 Jan 3
3714 Apr 5414 Sept
41% Jan 9
6614 Apr, 863 Nov
741.1 Jan 9
8912 Mar 107 Nov
9612 Jan 3
133 Jan17 125 July, 137 Jan
18 Apr, 3212 Nov
2612 Jan 3
4
1
/
56 Jan' 88 Nov
3014 Jan 3
46 Jan1 75 Nov
67 Jan 3
26 Feb 40 Nov
30 Jan 3
58-& May 70 Nov
70 Jan16
18 Apr 2712 Nov
2234 Jan13
47 Apr 55 Nov
4912 Jan13
40 Apr 48 Dee
47 Jan27
105 Jan25' 10013 Apr 11934 Nov
18234 Jan 21 160 Apr 185 Sept
7 Nov
21.1 Jan
514 Jan14,
1318 Jam
5 Apr
714 Jan 21
177 Jan 3, 14 Apr 2338 Nov
2318 Jan 3612 Nov
2814 Jan 3
22 Jan14' 1812 Jan 2714 Nov
9512 Jan 2! 86 Jan 10612 Nov
3812 Jan25' 2518 Jan 3412 Nov
98% Jan15
92 Jan 10512 Nov
912 Jan
4
43 Dec
634 Jan 8,
1714 Dec 4712 Jan
23 Jan 7
15% Apr 2414 Nov
1014 Jan 3
45 Jan 5912 Nov
53 Jan14
5334 Dec 6518 Nov
5718 Jan25
119 Jan13 110 Jan 12434 Nov
713 Apr 157 Nov
Jan 3
4
/
111
634 Nov
6 Jan 3
434 Jan
612 Jan 1312 Nov
10 Jan 9
20 Jan 3134 Nov
27 Jan 3
Jan 62 Nov
41
1
/
544 Jan 3
6712 Jan 8458 Nov
7512 Jan 9
27 Apr 4573 May
3314 Jan 3
1814 Jan 2438 Nov
Jan 7
21
10311 Jan 2 102 Jan 11214 Nov
8118 Jan 105 Nov
9412 Jan 2
4314 June 5018 Nov
Jan 7
46
187 Nov
912 May
1334 Jan 3
5212 Apr 64 Nov
Jan13
58
30 Apr 50 Nov
4318 Jan15
2234 Jan 4038 Nov
3834 Jan 2
Jan 82 Nov
61
8138 Jan13
7012 Jan 9614 Oct
Jan 3
8412
35 Jan 39 May
38 Jan25
35 Mar 40 July
3734 Jan28
1414 Jan 3
98 Apr 1714 Dee
19 Oct 25 Nov
1 133748 Jan21
;
28 Oct 4013 Jan
4
7 Apr 12 Nov
v
5
10 j p,
8 % Aair 1210514
1234 tn.
Nov
2038 Apr 347 Nov
I
57 Jan 7514 Nov
70 Jan 2
14 May 2912 Dec
3618 Jan 3
32 Dec 6514 Jan
43 Jan28
Jan 13712 Oct
173:2
30 2
4
/
Ja 1 3
j :128 10934 Jan 761 Nov
69
914 Janl 1
4
43 Jan 12 June
1714 Jan14
1012 Apr 20 May
7 Apr 1134 July
812 Jan 3
3378 Jan 6
308 Dec 4412 Jan
1918 Dec 2612June
20 Jan24
4
1
/
12 Jan 9 .10 Dec 1734 Feb
20 Jan 32 June
13 Jan 2434 Nov
2012 Jan 3
6)12 Jan 9
40 Jan 66 June
8 Apr 1234 Nov
834 JanI4
1812 Jan 7
1712 Apr 36 Nov
297 L)ec 3934 Oct
35 Jan 4
2634 Nov
627 Nov
7214 Dee
533 Nov
312June
37 May
8642 May
100 Oct
101 Aug
84 Feb
5034 May
99 Dec
4
1
/
93 Dee
11513 Dec
4434 Oct
88 Dec
----- -2218 Sept
948 Aug
49 Oct,
Oct
01
2514
01%
75
414
218
3514
8513
103
09
77
503
10134
9414
11518
4514
89
1312
1712
8834
4512
59
Jan
Jan 3
11
5
Jan30
257 Jan
49 Jan
Jan18
114 Apr
Jan15
112 Apr
Jan 3
4
173 Jan
Jan10
7214 Jan
Jan 9
78 Jan
Jan 8
89:8 Jan
Jan27
48 Nov
Jan 9
Jan 9
347 Jan
Jan24
8914 Jan
Jan 3
6814 Jan
Jan28 106 Jan
25 Jan
Jan 9
Jan13 , 78 May
Jan30 --....11% Jan
Jan30
Jan31
50 Jan
Janl 1
1112 Jan
3834 Jan
Jan 6
2 11
273
4
923
(33
10234
43
48
7838
107
8613
11538
11534
10018
10112
206
106
5212
9612
3534
4
1
/
12
4312
0138
10812
67
7712
102
11534
6213
6312
105
2234
157
714
211,
Dee
V'
Septn
0014 Jan 02. Dec
Jan 7
4
Jan 3
5312 Jan 713 May
Jan24 x95 Jan 10234 Dec
23 Sept'
1312 Feb
Jan 7
41 Sept' 48 Dee
Jan17
4
73 May, 943 Oct
Jail 3
Jan14 103 Sept' 11014 Nov
58 Jan 95 Nov
Jan 3
98 Jan 116 May
Jan10
Jan17 10814 -Mar 11412 Dee
3
60 4 Jan 145 May
Jan15
905 Aug 10914 Feb
Jan16
4
Jan10 14012 Jan 1983 Dee
9213 Sept 10012 Dee
Jan 6
447 Jan 6013 May
Jan 4
4
92 Jan 963 Dee
Jan 9
201 4 Apr 395* Aug
Jan22
11 Doe' 2134 July
Jan 3
4
383 Dec 5314 July
Jan10
Jan 3
59 Dec x741.4 Oct
Jan 4
9734 Jan 12013 Feb
53 Jan 67% Nov
Jan 2
5618 Jan 10134 May
Jan 3
93 Jan 104 Oct
Jan30
Jan 9
85 Jan 110 Dec
60 Dec 96 May
Jan 6
.4
Jan 3
593 Nov 94 May
2
9612 Jan 1067 Apr
Jan 3
Jan 6
21
Jail 2812 Sept
Jan 3 108 Feb 6112 Oct
8
518 Dec 1127 July
Jan 6
1613 Jan 3312May
Jan 3
Jr, 31
MI
•
New York Stock Record-Concluded-Page 2
461
For record of sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGII AND LOW SALE PRICES
Saturday
Jan. 25.
Monday i Tuesday
Jan. 28.
Jan. 27.
Wednesday
Jan. 29.
Thursday
Jan. 30.
Friday
Jan. 31.
Salesfor
the
Week
Shares
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
STOCKS
NEW YORK STOCK
EXCHANGE
1
Lowest
Highest
PER SHARE
Range for Previous
Year 1918.
Lowest
Highest
$ per share $ per share $ per share ! $ per share $ per share $ per share
IndustrIal&Miso.(Con.) Pal 5 per share 1 $ per share $ per share $ per share
4 5214 523
4 5112 5214 4,000 California Packing_ _ _ No par 4814 Jan 2 548 Jan25
8 5312 51 i 5314 5331, 5253 533
5118 517
3612 Jan 50 Nov
2312 24
2353 24
4 2312 24
23
2372 25
2312 10,900 California Petroleum
100; 2038 Jan 2 2514 Jan24
2358 213
Jan, 2473 Nov
12
68
6814 8814 09
08
68
4
7014 073 6914 6712 68
6812 3,800
Do pref
100! 6413 Jan 2 7014 Jan24
36
Jan! 7022 Dec
8
585 5812 5,400 Central Leather
5918 597
3 547 5912 5812 59% 5312 59 , 5814 59
100, 5714 Jan22 6234 Jan 9
543 Dec 7338 Feb
4
321 105% 10512. 10514 10514 *105 108
1057 10578
8
*105 ' 106 *105 106
Do prof
400
100 10412 Jan 7 106
Jan23 10112 Dec 108 Nov
.3113 32
3112 3134 32
3158
3178 32
32
2,030 Cerro de Pasco Cop_ No par j 31
313 32
4
Jan22 345 Jan 3
2914 Mar, 39 Nov
105 105 , 106 10712 108 10934 2,000 Chandler Motor Car _ 100 103 Jan18 10914 Jan31
106 106
106 106
106 106
6814 Jan' 10973 Dec
3
2 173 1812 18
1734 1858 1713 171 . 1712 1712 1733 173
1814 13,600 Chile Copper
25 1718 Jan21' 1858 Jan 3
1412 Apr 24 Oct
33'2 31 1 3318 3312 3318 333
4 3314 337
81 34
31
8 337 343
3,900 Chino Copper
8
5, 3234 Jan23 3138 Jan30
3133 Dec! 4714 May
37
13
35
3812 37 1 3613 363 *30
36 1 353 351 .
2
3134 36
1,300 Colorado Fuel & Iron
I00; 35 Jan14 3814 Jan 3
3434 Jan; 5412May
4212 4212 4253 4214 .4238 4212 425 x4034 4114 5,000 Columbia Gas & Elec
8
42
423 438
100 4053 Jan21' 4338 Jan 6
2834 Marl 4478 Dec
8 8812 9024. 8912 9312 9'3
907
8912 0358 87-13 89 1 89
9312 12•,900 Consolidated Gas(N Y)100 8718 Jan27, 9712 Jan 2
825 July, 10558 Nov
4 8872 6912 6812 6818 _
Continental Can, Inc
897 693 6914 89141 .6914 693
8
100 68 Jan20 7113 Jan 9
6512 Oct, 95 Feb
4 4612 • 473
3 463 4714' 463 4713 21,900 Corn Products Refining_100 46 Jan21' 5078 Jan 4
.1753 49 1 4714 4733 4712 473
4
8.
2972 Jan' 5018 Nov
8
320
*101 10'312 *102 103 1 1027 103 *10212 105 , 103 103 110314 103141
Do pref
100 102 Jan23 104 Jan 2 39013 Jan 104 Dec
4
5353 5514: 5314 5358 5338 548 5214 5312 523 5352' 53
5334 18,900 Crucible Steel of America_100 5214 Jan29 6012 Jan 3
52 Jan 748 May
•90
94
91 I .90
94 1 *90
91 1 .90 94Do pref
94 1 *90
*90
100, 91
Jan 2 92 Jan16
86 Jan 9134 June
8
2213 24341 203 2238, 2012 2258 2218 2258 2253 23141 23
23% 48,100 Cuba Cane Sugar__ __No par. 2058 Jan27. 3112 Jan 9
2712 Apr, 34 Nov
.4' 7118 7414 7212 7314, 74
7412 7412 77
72'2 7512 7112 723
100 7118 Jan28 80 Jan 9
15,000
Do pre
7714 Decl 83 Feb
53381 5218 5253' 5158 5214 5158 52 1 5214 51 1 533 5512 29,300 Distillers' Securities Corp-100 x49 Jan 2 5538 Jan 8 333
52
-1
Jan. 6434 May
1112 1134 1118 1112 1033 1114 5,200 Dome Minos, Ltd
4' 1134 12
4
2 113 113
1118 113
10 1058 Jan31: 13 Jan 3
6 June, 15 Nov
2853 29 i 2858 2334 x2753 28
29 1 2834 29
2873 29141 28
4,300 Gaston W & W Inc No par 2518 Jan21 3012 Jan 2
255 Oct' 39 Feb
14914 14934' 14912 14912 11312 149 . 119 119 *11812 1493
150 150
100 147 Jan21 15178 Jan 3 12734 Jan' 15812 Oct
4 1,400 General Electric
4
12312 12512, 123 124 1 123 12312 1213 12314 122 12312 12312 126
10,200 General Motors Corp
100 11812 Jan21 13413 Jan 2 1061% Jan 164 Aug
3
83 .82,8 8312 *827 8322 835, 8358
8313 33
4
*823 85 1 83
Do pre(
400
104 82 Jan 6 8412 Janl 1
7533 Oct 88 Feb
6113 60
6212 61
6214 5938 6013 10,900 Goodrich Co (B F)
6012 61341 6012 61 I 61
100 5612 Jan10 8212 Jan28
38 Jan 5973 Oct
.102 101314 103 103 i.10212 103 .10212 103 *10212 103 *10212 103 1
200
Do pref
100 103 Jan 8 104 Jan 4
9552 Dec 101 Dec
./31. 76 , *73!., 75
75
73% 75
3
735
74
74
74
71 1
600 Granby Cons M S & P_ _ _100 7353 Jan27 80 Jan 3
Jan 80 Oct
71
44' 4458 443
44
2 44
45
44
4:312 4312. 2,100 Greene Cananea Copper .i00 4213 Jan22 4612 Jan 9
4458 4312 44
3812 Jan 5314 Nov
*5212 55
5113 52 , *5112 55
50 .5112 55
*53
*5112 55
500 Gulf States Steel tr ctfs_100 507 Jan21 6178 Jan .3
5834 Dec 11112 Apr
8 ,42
4212 4212 4212 43' 3
44
*4212 44
*421. 423
2
43
41
43
400 Haskel & Barker Car., No par 42 Jan20 4578 Jan 4
31 Jan 491. July
4418 4453 44% 4514 4113 4434' 10,100 Inspiration Cons Copper__ 20 4318 Jan20 4714 Jan 9
4112 443
417 4514 4412 45
8
4118 Dec' 5813 Oct
14 .1212 1412 *1112 1412 13
*11
15
1414 15
.11
15 I
300 Internat. AgrIcul Corp_ ---100 1012 Jan 2 1558 Jan14
10 Jan 19 June
5 545s .5458 57 i 567 57
5S
54
*55
58
*55
58
8
*55
100 48 Jan 4 59 Jan14
4001 Do pref
38 Jan 65 June
113 113
11214 11224 113 114 1 11273 1127,
11318 11313 *112 114
7001Inter Haverster (new)
100 11018 Jan21 117 Jan 7 104 Oct 121 Nov
3
2212 2318 2114 2231 21,800 Int Mercantile Marine._ -100 2114 Jan31 27 Jan 4
225
2412 2214 2458 213 2234 22
2114
Jan 33 Oct
21
978 9(13 937a. 9758 10014 953 9712 170,500
10312 10112 9318 10222 96
3
Do prat
100
Jan31
8333 Jan 12512 Nov
2658 2673 . 2618 2658: 2514 2614 247 2512 27,950 International Nickel(The) 25 9558 Jan31 1137 Jan 3
2633 27
2634 27
3
2472
3233 Jan 3
27 Jan 35 Nov
34
35
343
34
347
8; 31
3112 341
3552
35
3334 31121 3,700 International Paper
100 3014 Jan 3 3633 Jan22 I 2112 Jan 4512May
.6212 6312 6212 621 *6212 6312 *6212 63%1 *6214 63 i .62
63 1
Do stamped pref
100
100 62 Jan13 64 Jan21
58 Jan 6513 Jan
7912 7712 79
77
78131 78
7714 77
76
8012 7912 7912' 15,300 Roily-Springfield Tire
25 88 Jan21 8012 Jan30
41 Apr 72 Dec
327
8 3214 323
41 323 3334 33
4
323 3313, 3214 32% 3258
4
3314i 9,200 Kennecott Copper____No ca 6212 Jan13 3334 Jan30
32
29 Mar 4114 Nov
67
66
6714 .13534 6634 66
0423 68141 6512 6512 6531 65%, 2,500 Lackawanna Steel
Jan21 8818 Jan 3
6513 Dec 9153May
223 2312 2314 245
4
2312 2312 24
8 2312 2434' 23,500 Lee Rubber & Tire___No par 21
2214 2258
22
Jan22 2431 Jan31
12 Apr 24 Dec
4433 4513 *14
46
4512. 4512 46 , 4412 4413;
4514 4512 *41
800 Loose-Wiles Blacult tr ctfs_100 41
Jan 9 4733 Jan20
1712 Jan' 4533 Dec
9712 *91
493
9712 *92
98
9758 .94
.91
9733 .94
Do 20 prof
100 9612 Jan 1 3 9712 Jan20
97121
53 Feb, 96 Dec
70
70 .69
70
70
74 .69
70
74
*70
70
71 1
400 Mackay Companies
100 70 Jan22 7134 Jan 8
70 Dec: 7822 Feb
*6334 6112 .6334 6412 *633 6412 *633 64121
4
61 .033 85
64
4
Do pref
200
100 64 Jan15 65 Jan 4
57 Jan' 65 May
2813 2312 2712 2.858 2312 2812 29
29
28
29
2912 3012! 2,900 Maxwell Motor, Inc
100 2634 Jan22 3012 Jan31
2312 Jan' 4213 Nov
52 1 .52
52 1 .51
52
52
52
5212 *51
52
5212 53141 1,500
Do 1st prof
100 5033 Jan22 5314 Jan31
50 Dec. 6978 Nov
193 21) .20
.2012 2112 1934 20
2112 21
21 I 213 222
81 2,200
Do 2d pref
100 1914 Jan 2 2233 Jan31
19 May; 3233 Nov
4
1673 17412 16134 16353 1653 17114 15714 172
16712 17014 186 16912 200,200 Mexican petroleum
100 1622 Jan23 19714 Jan 2
79 Jan 194 Oct
-- 10312
*10312
Do prof
100 1065 Jan15 10634 Jan15 , 87 Jan 107 Dec
4 2 4 2378 • 123 2 2;i 8 3
2:.43
:
233 2378 2312 -- - - 1*1(:13 - - - -. ) 4 - 7"412 - 1- **x2212 23
4
311'
6
218 1 53
3
2,700 Miami Copper
5 z2258 Jan23 243 Janll ; 2214 Dec' 3313 Jan
3
4234 43
1212 4234; 421 4212 4012 42
4033 413.1' 408 4112 14,300 Midvale Steel & Ordnance_ 50 4012 Jan29 1478 Jan 9 ; 41 Dec! 61 May
73 1 .7014 73 1 71
.
73 .71
71
71
71
71
.7014 74
300 Montana Power
100 6073 Jan13 7312 Jan 8 , 64 June 8112 Nov
___ *10412 ____ .104
___ 105 105 .103 ____.104100
•101
Do prof
100 105 Jan22 105 Jan22 1 95 Mar 106% Dec
147 1518 1412 1434 *1414 15
3
1412 1412 1413 1433 1114 - 4 1,400 Nat Conduit & Cable_No par 1418 Jan211 1612 Jan10 j 13 Novi 2138 July
1414912 *4722 49 .4712 49
49
4753 43
48
4812 .48
1,100 Nat F.nanfg & Stamp'g-100 4714 Jan 6; 5034 Jan17 i 3714 Jan' 541 May
49
97
*93
97
*93
.93
97 .93
97 .93
97 .93 .97
Do pref
100 93 Jan15' 94 Jan16 ! 88 . Nov; 9912 Feb
8312 673 6712 60
.67
8
6713 67
69
68 .67
6778 678 3,800 National Lead
MO 64 Janll 687 Jan24 1 4314 Jan 6931 Dec
8
4
11012 11018 .1083 112 .1088 ____ .10334 ____ .1083 ___ •10834 ____
4
Do pref
100
100 107 Jan 3 11018 Jan25 ! 993 Mar 10512 May
167 17
8
167 167
8
3 163
a
167 167 .1634 17
*103 17
16
500. Nevada Consol Copper- - - 5 1658 Jan21 1712 Jan 3 ; 1612 Dec 217 May
8
*99 105 .99 105 ; .93 105
105 105
1,100 New York Air Brake__
1001 10114 9712 100
50 9712 Jan:31 105 Jan13 1 9312 Dec 139 May
49 1 .48
48 .47
43
50 .47
48
.47
48 .47
50
300 North American Co
100 47 Janll 43 Jan13 1 3712 Aug 5712 Nov
3 422 43
423.1 4314 4318 435
4212 43
423 43
417 43
3
10,701) Ohio Cities Gas (The)._ _ 25 4112 Jan21 447 Jan 3 ! 3513 Mari 43 Oct
83
4 9 ;
80
5
834 918
878
914
858
9
84
3
814 853 22,500 Oklahoma Prod & Refining 5
811 Jan31 1018 Jan10 '
612
612
612
612
612
63
8
68
1
612
612
67
8
7
7 12 2,300. Ontario Silver Mining_ _ _ _109
57 Jan15
3
733 Jan 2414 Jan 13 June
3533 3473 :35
37
35
3712 *30
37
.34
36
34
34
1,300; Pacific Mall SS
5 34 Jan31, 3812 Jan 4 Jan 40 Dec
1 2312
8 6814 69
6334 703
8 6314 69
6814 6934 6814 603
68
6812 14,400 Pan-Am Pet & Trans
50 67 Jan21 7414 Jan 3 , 6314 Oct 7214 Oct
121 121 *11812 12012 .118 122 • 113 120 .118 120
11712 118
Do pref
600
100 117 Jan22 12812 Jan 3 ; 80 Jan 12412 Oct
47
47
47 .46
1513 4718 48
4912 4912 .45
500, People's G L & C (Chic)_ _100 4518 Jan22. 5013 Jan 3 1 3958 Jan 61 Nov
31
3112 *30
.30
3018 3038 30
31
.30
30
*2913 31"
400' Philadelphia Co (Pittsb) _ 50 30 Jan 3 32 Jan 8 ' 21 Apr 3514 Oct
40
4014 3914 393
4014 3912 40
40
4 4014 4114 4012 4114 13,400: Pierce-Arrow M Car_ _ _No far 1383 Jan22 4378 Jan 8 • 34 Jan 5134,Nov
14
2
*10112 10312 *10173 102
102 102 *10112 __ .102
200; Do prof
01
Jan 3 102 Jan 2 i 893 Jan 104 Dec
T7T2
172
1718 1758 1714 -- 2 9,200: Pierce Oil Corporation_ _ _ 25 • 16 Jan 2 1958 Jan 6 i 15 Sept 1913 Oct
1i1468 4634 .45
.46
47
1(134
47
4513 453
.40
4 4514 46
800, Pittsburgh Coal of Pa
1
100 457: Jan30 5012 Jan 9 : 42 Jan 583 Feb
4
*8534 86
.8512 86
85% 86
85% 80
*88
8814 8611
9001
Do prof
85 Jan29 87 Jan 9
794 Jan 857 Dec
3
63
63
63
63
6212 64
65
*64
65
61(3418 - 18 .61
1,100, Preased Steel Car
100 61% Jan21 6412 Jan 3
5512 Nov 73 Aug
.100 101 .100 104 .100 104 .100 104 .100 104 .99 102
I
Do pref
100 101
Jan 2 104 Jan14
93 Apr 100 Aug
_
88
88
.82
.
33 -- 90 .82 ____
82
82
200' Public Serv Corp of N J_ _100 82 Jan31 9134 Jan 7
85 Oct 10912 Mar
.88-120 120 *11822 120 - *11813 120
11934 1197 120 120 .110 122
1,000 Pullman Company
100 1193 Jan29 122 .Jan 4 10018 Jan 13211 Nov
4
7212 73
7214 7278
723 74
7112 7212 7113 ,71% 7112 7112 4,050 Railway Steel Spring
100 697 Jan20 7733 Jan 3
4513 Jan 7812 Dec
'100 103 .10312 107 *103 107 *103 107 .103 107 .103 107
100 105 Jan 3 106 Jan13' 95 Jan 10512 Dec
100
Do pref
2012 20% 2014 . 2014 2014 20)2 2018 2012 2012 2013 2014 2012 2,350 Ray Consolidated Copper_ 10 20 Jan1S 2134 Jan 3
19% Dec 2614 May
7333 7478 72
74
75% 74
74
7312 7213 73
723 723
2
4 9,400 Republic Iron & Steel__ _ _100 7113 Jan18 763 Jan 3 x7258 Jan 96 May
10112 10113 *101 10214 1011,t 10114 *10114 10112
.101 102 .101 102
Do pref
100 100 Jan13 102 Jan 7. 9258 Jan 10212 Sept
200
7812 z7614 783
7712 7014 77
4 75
5
767
8 75
76
75
7512 10,000 Royal Dutch Co ctfs dep____
70 Jan21 81
Jan 31 x70 Dec 145 Oct
8
.7
8
*7
712 814
13
814
8' 814
83
8
93
3 4,200 Saxon Motor Car Corp_ _100
718 Jan23
933 Jan31
431 Aug 18 Nov
17512 17612 .170 178 .170 180 .170 180 *170 182 x170 170
300 Sears, Roebuck & Co__ 100 x170 Jan31 18514 Jan 8 1333
4June 17612 Dec
1212 12
1222 •12
12
.12
1112 1112 113 113
4
4 12
12
600 Shattuck Ariz Copper
10 1112 Jan29 1313 Jan10 zI3 Dec 18% Feb
3414 3814 35% 363
343 3558 3118 347
1 24,900 Sinclair Oil & Iterg_ _No par 3314 Jan 2 3834 Jan 3
3518 357
343 35
4
2514 Apr 39 Feb
53 .50
*50
5278 .49
5012 *50
5212 5212
5123 x49
49
300 Sloss-Sheffield Steel & Iron 100 4812 Jan 3 53 Jan16
39 Jan 711i May
1014 4012 4012 4018 40% 3918 391s 393 4014 2,000 Stromberg-Carburetor_No par 3634 Jan10 42 Jan15
3914 39
39
, 4918 50 4 5013 52
4838 493
4 4813 49
49
50 2 48%493
3
3
53,400 Studebaker Corp (The)-104 453 Jan22 5384 Jan 9. - 337 Apr 727 Nov
3
97 .92
97 .92
97 .92
97
*92
.92
97
*92
97
I
Do prof
109 92 Jan22 9212 Jan 2, 8013 July 100 Nov
473 4812 4614 171
46
4712 48 '4812 2,400 Stutz Motor Car of Am_No par 46 Jan30 51
4912 4912 493 50
4
Jan13' 37 Oct 55 Dec
*32
34
31
33
35
33
.
3313 35
.32
35 .32
35
200 Superior Steel Corp'n__ _100 32 Jan21 3814 Jan 9
3414 Mar 4538 May
*95 101
.95 101
.95 101
.95 101 .93 100
.95 101
1
Do 1st prat
100
1 95 Feb 100 Sept
1318 13
1312 1312 1312 1318 1312 1312 13
1314 .13
14
1,900 Tenn Copp & C tr ctfs_No par 13 Jan21
123 Dec 21 July
1412 Jan 4
8
188 19012 1863 1947 19212 19434 19058 1932 19034 19212 18914 19211 57,200, TCX00 Company (The)____100 - 134
4
Jan 2 19534 Jan1e., 13812 Jan. 203 Oct
73% 7(31
7258 733
7354 75
7558 7612 733 75
7614 7758 30,600 Tobacco Products Corp .100 7233 Jan29 7812 Jan 9
4812 Mar 8233 Dec
102 102 .10112 104 *10112 104 *101 101
*101 101
102 102
800' Do pref
100 102 Jan21 106 Jan 81 x8714 Mar 1017 Dec
2
*757 30
80
78
78
78 .75
*78
73
80 .78
200 Union Bag & Paper Corp 100 75 Jan 3 79 Jan24
80
65 Jan 80 May
4
3814 3812 3812 383
377 3818 373 38
38
33
4 383 38% 2,200 United Alloy Steel- No par 3733 Janl 1 3912 Jan 3
4
367 Oct 442 May
114 11434 x11012 11112 111 11134 11112 111.78 10,300 United Cigar Stores
11514100
11412.11512 11312
10714 Jan 2 11812 Jan16' 8334 Mar 108 4 Dec
3
.110 125 .110 125 .110 125 1115 115 .105 125 .107 125
10
Do pref
100f115 Jan29 1115 Jan29 10114 Jan 110 July
162 162 .157 162
180 16012 .159 162 *155 162
160 160
600 United Fruit
100 159 Jan22 16734 Jan 2 11614 Jan 16612 Dec
1514 *1412 15 .14
1512 .14
153 1538 *14
1512 *1412 1514
100 U S Cast I Pipe & Fdy__ _ _100 14 Jan15 155 -Jan24
3
1113 Apr 19 May
4528 4518 45
45
*41
46
*43
46
.45
4612 .44
4612
200
Do pref100 4212 Jan16 453 Jan21 .41 Mar 4734 Feb
10153 10212 102 1033 10214 104
3
4
8
10212 10414 1025 10333' 1017 103
13,700 U S Industrial Alcohol-- -100 9714 Jan22 10534 Jan 6 396 Dec 137 May
*997 101
*997 101
10014 10014 .998 10112
.100 102 1.100 101
Do pref
100
100 9814 Jan 2 10014 Jan21: 94 Oct 92) Mar
7614 7712 7512 7638 70
7518 767
7514 77
7714 7518 7812 28,200 United States Rubber
100 73 Jan21 8034 Jan '2' 51
Jan 8013 Dec
110 110
10913 110 *10914 11014 1097 110
.108 110 *108 111
2
815
Do 1st preferred
100 109 Jan20 11018 Jan 9 r95 Jan 110 Dec
4 4512 45
4412 443
45
*43
4412 .14
48
4(3
4614 4614 1,600, U S Smelting Ref & M
50 4314 Jan21 4612 Jan 4. 3213 Apr 5038 Oct
1514 4514 4514 *45
*44
4514 *44
1514 14514 4514 *45
4714
220' Do pref
50 45 Jan18 4514 Jan15
4258 Apr 4734 Dec
8233 9012 89
4
9112 91 1 9034 9213' 0112 927
9014 893 9012 535,600 United States Steel Corp .100 883 Jan21 963 Jan 3; 8612 Mar 11623 Aug
2
4
4
115 11518 1143 11.513 .211313 11312 2,200
115 11514 115 115 1 1147 115
4
Do prof
100 11312 Jan 2 11512 Jan141 108 Mar 1135 Dec
8312 70
703
693 70% 69
8
6973 7112 6912 7012 70
17,200' Utah Copper
70
10 8812 Jan29 7478 Jan 21 7114 Dec 93 Oct
15
15
1534 147 15 1 15
151 1512 1512 1638 1612 1834 6,800 Utah Securities v t c
100 13 Jan 2 163 Jan311
11' Sept 1634 Nov
4
52
5213 5312 515 523
52
52
8 517 52
5218 525
52
2
3,200 Virginia-Carolina Chem__ _100 511g Jan22 563 Jan 61 333 Jan 6014 Nov
4
11272 11278 .110 113 1 11234 11238 .110 113
11231 11234 .11212 11278
Do prof
300
100 110 Jan 7 113% Jan14; 98 Jan 1133 Dec
8
80
56
.)6
59 .54
.55
60 .54
60
100 Virginia Iron C & C
100 58 Jan25 53 Jan18; 50 Jan! 7312 July
.
88
80
;21(1i3 83
8033 37
*8614 88 , .86
ifi- 1(152 8838
800 Western Union Telegraph _100 8614 Jan22 897 Jan13; 7714 Aug' 955 Apr
3
41
4114 41
4114 42
4113' 1034 41
4133 41
41
41% 6,100 Westinghouse Elec & Mfg_ 50 4012 Jan21 4211 Jan 3
3812 Jan,. 4712May
.60. 65 .60
65 .00
65 .60
65 1 *60
05 .60
65
Do 1st preferred
50
59 Jan' 8412 Feb
1
47
*4514 47
47
*4511 47
*4514 47 I *1514 47
4873 407
300 White Motor
50 45 Jan 3 47 Jan25' 3634 Jan' 49 Nov
2414 213
2
2414 2438 233j 2438 237 2423 24
2158 2418 25
19,100 Willys-Overland (The) 25 2314 Jan22 2833 Jan 2
1512 Jan' 30 Nov
.87
88
.8712 89
*8712 8812 38
8322
883 *8712 88
.87
300
Do pref (new)
100 873 Jan 7 8833 Janll, 75 Jan, 8914 Nov
4
.67
6812 67
87 I 6718 871
67
67 I 6612 6914 *67
6914 3,200 Wilson & Co, Inc, v t c_100 6538 Jan20 7473 Jan 6I1 4514 Jan' 7714 Dec
12712 12712 .124 127
12734 128 .125 130
12814 12814 .125 130
500 Woolworth (F IV)
100 12314 Jan22 13312 Jan 9, 110 Mar 12813 Oct
*116
____ 11614 11814 .116 113 1.110 118 i.11.612 118
Do prat
100 115 Jan22 11712 Jan171 111
100
Oct 115 Sept
*54
55 1 54
55
*54
54
54
*53
54
54 ' .54
55
200 Worthington P & M v t c_ _100 54 Jan 3 5712 Jan 41 34 Jan1 69 Aug
.8811 90 .8658 893k .88
894 *88
893 .8812 893 .88 8931)0 pref A
4
4
100 88 Jan 9 8912 Jan101 8533 Feb! 9112 Apr
877 8778 6778 677 *137
8
s 675 6738 68
677 *6612 677
400
68
Do prat B
100 86 Jan 3 68 Jan31
59 Jan 7033 July
• Bid and asked prices; no sales on this day.
L099 than 100 shares. t Ex-rights. a Ex-div. and rights. z Ex-dividend.
iff,, 1712 1734 1738 1772 1714
462
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
and defaulted bonds.
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest
c't
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 31.
Price
Friday
Jan. 31.
k.
Bid
U. S. Government.
33.6s 1st Liberty Loan_ _ _1932-47 J
1932-47 ./
48 1st Liberty Loan
1927-42 M
4s 2d Liberty Loan
1932-47 J
480 1st Liberty Loan
4gs 2d Liberty Loan__ _ _ 1927-42 M
1928 M
44s 3d Liberty Loan
1938 A
4Xs4th Liberty Loan
d1930 Q
25 consol registered
d1930 Q
25 consul coupon
1925 Q
4s registered
1925 Q
48 coupon
k1936 Q
Pan Canal 10-30-yr 2s
Pan Canal 10-30-Yr 25 reg-1938 Q
1951 Q
Panama Canal 35 g
1961 Q
Registered
1914-34 Q
Philippine Island 4s
Week's
Range or
Last Sale
Ask Low
11
k.;
-1
Range
Since
Jan. 1,
High No. Low High
'
99.00 Sale 99.00 99.20 2530
93.10 Sale 93.08 93.60 263
92.86 Sale 92.86 93.40 1512
95.60 Bale 90.50 95.70 187
94.56 Sale 94.36 94.88 6149
95.44 Sale 95.30 95.56 9895
94.44 Sale 94.30 94.68 16442
98 ...._ 9834 Aug '18
98 Dec '18
98
106 10438 Jan '19
---- 106 10414 Jan '19
98 ---. 98 June'18
-. 99 July'18
98
88 ---- 8514 Oct '18
89 Sept'18
88
100 Feb '15
98.50 99.80
92.50 94.18
92.10 94.10
95.50 96.60
94.36 95.32
95.30 96.50
94.30 95.72
-
993 136
4
1919 F A 9953 Sale 9953
Amer Foreign Secur 58
3
977 3483
8
Anglo-French 5-yr 58 Exter loan_ A 0 977 Sale 9713
1
93 90
90
Argentine Internal 58 of 1909._ _ M s 89
10118 352
Bordeaux (City of) 3-yr 68_ _1919 M N 10118 Sale 10038
71
4
Sale 7018
Chinese(Hukuang Ry)5s of 1911 J Dl 71
93 Jan '19
Cuba-External debt 5s of 1904_ M 5 93 95
Exter (it 55 of 1914 ser A-1949 F A 901z 9658 9212 Jan '19
83 83 Jan '19
1949 F A 81
External loan 4548
s
987
8 95
Dominion of Canada g 58-1921 A .0 987 Sale 9818
34
98
__ _1926 A 0 9714 Sale 97
do
do
s
s
_ _ _1931 A 0 973 Sale 973
977
s 53
do
do
10458 Sale 10418 104% 1748
French Repub 55s secured loan_
87
1
-.0 loan 4383_1925
Al 87 Sale 87
Japanese Govt
6
1925 J .1 t 8714 8812 8712
8712
Second series 4548
15
841
8
85
do do "German stamp"_
1-i6;
75 Jan '19
1931
Sterling loan 48
4 10118 240
1919 M N 10118 Sale 1003
Lyons (City of) 3-yr 65
8 10118 339
Marseilles (City of) 3-yr 68_1919 M N 10118 Vale 1005
70 Jan '19
55 66
Mexico-Exter loan £ 5s of 1899 Q
1
55
Sale 55
1951 J D 55
Gold debt 45 of 1904
s
9912 896
-year 6s_ _ _ _1921 A 0 993 Sale 9818
Paris (City of) 5
8212
5
M s 8118 8238 8112
Tokyo City 5s loan of 1912
•
U,K of Gt Brit & Ireland10014 143
1919 M N 100 Sale 100
-year 558% notes
3
N 0812 Sale 9314
9818 1186
1921
5
-year 5j% notes
10018 7377
Convertible 558% notes 1919 F A 10014 Sale 100
10012 1349
20-year gold bond 5;88_1937 F A 10014 Sale 10018
These are prices on the basis of $5to£
9912 9978
9678 9778
93
90
10014 10114
71
70
9212 9312
9212 9212
83
82
973 987
4
8
9658 98
9714 981s
103 10478
8
867 88
8712
86
8578
84
7518
75
10014 10112
10014 10118
6618 70
55
55
4
9358 993
83
81
D
D
N
D
N
S
0
J
J
F
F
F
N
M
M
F
10138 10438
10414 10412
-- - - --
Foreign Government.
9978100%4
8
9778 985
100 1015
8
100 1013
4
State and City Securities.
N Y City
-4s Corp st1960 m 5
4s Corporate stock------.364 M S
4s Corporate stock ___1966 A 0
4348 Corporate stock July
1965 .1- 4888 Corporate stock
1967- 15
1963 m s
438s Corporate stock_
1959 sa N
4% Corporate stock
195s m N
4% Corporate stock
1957 NI N
4% Corporate stock
4%Corporate stock reg_1956 m N
1957 m N
New 4388
41-8% Corporate stock.... 1957 M N
1954 M N
358% Corporate stock
19$1 m s
N Y State
-48
Canal Improvement 45_1961 .1 J
Canal Improvement 48-.1962 .1 J
Canal Improvement 45_ _ _1960 J j
Canal Improvement 450_1961 j J
Canal Improvement 4343_1965 j j
Highway Improv't 4588_1963 Isi1 s
Highway Improv't 45.1,s_ _1965 m 5
Virginia funded debt 2-38_1991 J J
68 deferred Brown Bros Ws_ ---
7
9618 Sale 96
963
4
19
96 97 9612 Jan ' ---967 9612 Jan '19
8
96
1001 Sale 10018
8
103;8
10012 10034 101 Jan '19 ..
10012 101 100 Jan '19 ---91
9112 20
9012 92
901z 91
9012 Jan '19
-------- 9314 Dec '18
8
9012 9112 897 Oct '18
2
10312 101 10012 10012
101
101
Sale 101
1
82 83 8418 Dec '18
97
99 99 July'18
9712 Jan '19 ---97 101
4
975 --- 973 Dec '18
8
97 ..--- 971s Oct '18
107 ___ 10634 Jan '19
101 ___ 10212 Dec '18
107 .._ 10612 Oct '18
101 ___. 10018 Jun,'18
------.. 7878 Dec '18
70
28
60
70 63
Railroad.
7
57
h1995 Q J ---- 58 55
Ann Arbor 1st g 4s
Atchison Topeka & Santa Fe
8414
4
1995 A 0 8312 833 8312
Gen g 4s
89
8512 Nov'18
1995 A 0 80
Registered
8
787 803 80
4
803
4
h1995 Nov
Adjustment gold 4s
7312 June'18
h1995 Nov
Registered
7512
7912
h1995 M N
Stamped
7612 76 Jan '19
1955 .1 D 75
Cony gold 4s
1960.3 D 95..„. 9514 Jan '19
Cony 4s Issue of 1910
East Okla Div 1st g 4s- A928 NI 5 9218 9212 9218 Jan '19
4
Rocky Mtn Div 1st 45.. .,19315.3 J ---- 823 79 June'18
81
807 Jan '19
8
1st 48_1953 J j 80
Trans Con Short L
8612 85 Jan '19
Cal-Ariz 1st & ref 434s"A"1962 m s 85
.
S Fe Pres & Ph 1st g 53._ _1912 M s 94 ---- 9934 JWY 17
8312
At1Coast L let gold 4s--h19521M S 8212 84 8312
2
8
85
85
Gen unified 454s
1964.3 D 837 86
Ala Mid 1st gu gold 55_ 1928 M N 9618 ---- 9812 Nov'18
78 Oct '18
Bruns & W 1st gu gold 45_1939 J J 8014 89
8
Charles de Say 1st gold 78_1936 j J 11114 -. _. 1297 Aug '15
7812 7812 Jan '19
L & N coil gold 4s
01952 M N 77
Say F & W 1st gold 5s_ _ _1934 A 0 108 --__ 108 Dec '18
1934 A 0 9514 -- 105 July'15
1st gold 53
885•8 88
8818 44
Ball 8c Ohio prior 3388
1925,J j 88
,
9012 Sept'17
Registered
h1925Q J
if17714 27
1st 50
-year gold 48
h1948 A 0 -r 4 -g;le 76
923 Mar'17
4
h1948 Q J ---- 79
Registered
8
1933 _ _78 Sale 777
7814 55
10-yr cony 458s
45
82
Refund & gen 5s Series A _1995 J ii 82 Bale 8112
_ 112 Jan '12
Pitts June 1st gold 65
1922 J
. 8313 Jan '19
P Juno AC M Div 1st g 35is 1925M .1-F:i- -$11
N .
8
8
7312 18
P L E & W Va Sys ref 4s 1941 M N 727 Sale 727
5
8113
Southw Div 1st gold 3348_1925 j 8 84 8412 84
Cent Ohio It 1st c g 4545_19'30 M S 8912 ---- 100 Apr '17
Cl Lor & W con 1st g 5s 1933 A 0 9518 --- - 9312 Aug '18
Monon River 1st gu g 58_1919 F A -- --- 10114 Nov'16 Ohio River RR 1st g 58_ _ _1936 J D 9514 ---- 96 Jan'
19
90 Jan '19
1937 A 0 91 _
General gold 53
Pitts Clev & Tol 1st g 6s_ _1922 A 0 9614 -- -. 9918 WWI"(
6712 11
Tol & Cin div lst ref 4s A _1959 J J 6612 Sale 6518
997 June lb
8
1937 M s 9912 107
Buffalo R & P gen g 53
1957 M N 9012 --- 9912 Oot '17
Consol 4 Ms
All & West 1st g 4s gu- 1998 A 0 7612 -- 97 Nov'16
10318 Feb '16
Clear & Mah 1st gu g 5s...1943 J J 8614 __
.
8
Roch & Pitts 1st gold 6s-1921 F A 10118 1017 101 Nov'18
7
Consol 1st g 6s
1922 J 13 10114 -_100 4 Sept'18
Canada Sou cons gu A 58...._1962 A 0 9318 947 95 Jan '19
;
82
Car Clinch & Ohio 1st 30-yr 5s'38.3 D ---- 82 82
Central of Ga 1st gold 5s_ _p1945 F A 101 --_. 100 Jan '19 _
3
94
Consol gold 5s
1945 M N 901s 94 94
4
Chatt Div pur money g 4s 1951 J D 7318 --- 723 Nov'18
Mao dr Nor Div 1st g 58_ _1946 J J 8614 --- - 90 MAy'18
8
1947 J J 8734 ---- 975 June I"
Mid Ga & Atl Div 58
8
Mobile Div 1st g 58
1946 J J 917 --- 9134 Jan '19
885 Dec '18
8
Cent RR & B of Ga coil g 5s-1937 M N 86 89
7
104
Cent of N J gen gold 5s
1987 J J 10218 104 102
Registered
h1987 Q J ---- 10612 100 Sept'18
4
Am Dock & Imp gu 5s _1921 J J ........ 1003 100 Dec '18
-1 Leh & Hud Riv gen gu 58_1920 J J . - 100 Apr '18
NY & Long Br gen g 43.-1941 M 5 86 ____ 10013 J..n '13
Cent Vermont 1st tot g 4s _e1920 Q F _-__ 83 65 Jan '19
9318 Jan '19
Cheaa &0 fund & Impt 58_ _1029 J J 93
9814 28
3l 983
4
1939 M N
1st consol gold 5s
___
Registered
19'39 M N ---- ----- 10412 Jan '17
-fir4 -512
96
9714
9613 93
9612 9944
4
1003 1013
8
101 10112
100 102
9212
91
9012 9214
1061- led 2
10038 10112
9712 9712
1663
-4
--- _
-63- -if55
57
8312 8512
797
80's
7512 7913
77
76
94
9514
9218 9218
-76 - -if 85
85
.
8312 -8612
88
85
78's 7812
88
89's
7834 8212
80
76
8078 821z
-$11- -8313
3
7278 78
84 8614
--- - - - 96
90
96
90
65l
68
- - - --- - -- - - 95
82
100
94
- - --
9578
82
100
9478
-- -
4
3-61 4913
102
- -
ioi
65 65
9318
92
9814 9912
-----
• BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 31.
b•
is
Price
Friday
Jan. 31.
Week's
Range or
Last Sale
a4
Range
Since
Jan. 1.
Ask Low
High No.I1Low High
Bid
Chesapeake & Ohio (Con)78
101 77 8318
19 9 M s 74 Sale 77
99 m S 78
2
2
General gold 4388
863 Mar'17
4
Registered
8
7958 121 7734 8112
-year convertible 438s.._1930 F A 7912 Sale 787
20
103, 8414 89
86
4
-year cony secured 59_1946 A 0 853 Sale 85
30
75 Nov'18
1944 .1 D 7612 Dig Sandy 1st 4s
_ --- -4
Coal River Ry 1st gu 4s 1945 J D - - - E3 8512 Nov'16
- 9634 Feb '16
-- 1940 J J -- _Craig Valley 1st g 5s
1st 45....._1946 J J ---- -- 8434 Jan '13 Potts Creek Br
90
7612 Nov'18
It & A Div 1st con g 48_ _.1989J J 74
71 Oct '17
1989.3 J 6818 75
2d consol gold 4s
_
Greenbrier Ry 1st gu g 48_1940 M N 7314 -- 8812 Sept'16
Warm Springs V 1st g 53--1941 M S *---- 9214 11314 Feb '15
53
52
55
52 Jan '19
RR ref g 3s...._1949 A 0 52
Chic & Alton
40
377
8 22 36
8
1950 J J 367 Sale 36
Railway 1st lien 3548
Chicago Burlington & Quincy
991, 9914
4
8
9914 Jan '19
119 F A 993 101
924
Denver Div 48
4 7538 7534
J J 7538 Sale 753
s
753
s
Illinois Div 3%8
8578
1949 J .1 8412 86 85 Jan '19 ---- 85
Illinois Div 40
4
4
4
s
Iowa Div sinking fund 58_1919 A 0 993 -- 993 Jan '19 ---- 993 993
- - -A 0 9834 -- 9812 Nov'18
Sinking fund 45
9
bonds. See Great North.
Joint
9378 9318
4
9318 35 9258 933
Nebraska Extension 45_ 1927 M N 93
1927 M N .9012 -- 91 Marlb
--- - - - - Registered
8312
823
4 22 81
1958 M 5 82 Sale $2
General 4s
25
25
3
.1
25 Jan '10
Chic & E Ill ref & imp 4s g 1955 J -.. 2418
22
22
22 Jan '19
U S Mtg & Tr Co ctfs of dep__ _
1934 A 0 101 102 100 Dec '18
1st consol gold 6s
- - - -193'7 M N - - 8412 72 Aug '18
General consol 1st 5s
7518 7618
/ ici
7 11
U S Mtg & Tr Co ctfs of dep_ __ - . : ._ 761s Jan '19
75 Nov'18
-- -- --- Guar Tr Co ctfs of dep
973 Feb '13
4
-- - - - Porch money 1st coal 5s_ _1942 F A 56
32 Mar'17
- -- - - -Chic & Ind C Ity 1st 5s._1936 J J
6212
l
67
613
8 14 60
Chicago Great West 1st 48-1959 M s - - -ai; 61
103 103
Chic Ind & Lonisv-Ref 68_1947 J J 103 ---_ 103 Jan '19
82
10012 Al),' '17
--- - --Refunding gold 58
-...
4
1 9 1. .1
- - - -- Refunding 48 Series C____1917 J .8 -------- 8412 Apr '17
70 Nov'18
- -- - -Ind & Loulsv 1st gu 48_ -1956 .1 J
i 9612 Jan '17
i 1 8
- -- -- Chic Ind & Sou 50-yr 45- _ _1956 J J -r f-- - - - -- -Chic L S & East 1st 4 Ms- _ -1969 J D -------- 9738 Dec '16
Chicago Milwaukee & St Paul7312 75
3 75
75
75
764
d989 Q
Gen'i gold 4s Series A_ _ _ _e1989 J J
9258 Feb '16
Registered
34 8212 84
81
1925 J D 84 Sale 8212
Permanent 48
7312 76 6978 7414
Gen & ref Ser A 4588_ _-a2014 A 0 7112 Sale 70
8173
7912 21 78
Gen ref cony Ser B 53,..,...a2014 F A 79 Sale 7814
69
- -66 Nov'18 -J 66
Gen'l gold 33-8s Ser B.._ __e1989 J
1 83
845
8
8312 8312
8312
General 4%s Series C__ -e1989 J J 70
6 72
7378
7278
1934 J .1 70 73 72
-year debenture 48
25
4
7812 42 753 82
1932 J D 77 Sale 7612
Convertible* 4588
4
Chic & L Sup Div g 5s_ -- _1921 J .1 96 983 9758 Dec '18
Chic & Mo Rlv Div 53......1926 J J -- 100 92 Oct '18 - 963- 973 9758 Jan '19
4
8
-6i54
Chic & P W 1st g 5s
78
7973 Dee' 18 19 9 J J
4
C M & Puget Sd 1st gu 43_1921 j j 72
9712 Aug '18
Dubuque Div 1st s 1 68......1920 J .1 99
- 1717 10478 Sept'17 - _
Fargo & Sou as.sum g 6s._1924 J J
-98 Jan '18
1919 J J 98 99
La Crosse & D 1st 5s
9818 9818
4
1921J .1 9612 983 9818 Jan '19
Wis & Minn Div g 58
99
99
Wis Valley Div 1st 68_ _1920 J .1 99 -- 99 Jan '19
---9012 Dec '18 -Wilw & Nor 1st ext 4 As.. _1934 J D 8812
Cons extended 4548......1934 J D 7612 9014 9012 Dec '18 --- ---- --Chic & Nor West Ex 48 1886-1926 F A 9118 9312 9258 Dec '18 ---- ____
95 Dec '18
188678 F NN
998 M A
2 DA
;
Registered
71
8
3
p1 9 7 Q F 71 --__ 71 Jan '19 - 71
1.9 M N
General gold 33.8s
---- -71 Oct '18
Registered
-81 4 WI; 8153
.38212 18 8158 8212
General 4s
- 807 8173 Oct '18
8
Stamped 4$
8
1003
4 14 100 1007
1937 M N Ma 1003 10018
General 58 stamped
1879-1929 A 0 101 ---- 104 May'18
Sinking fund 6s
---- 10912 Apr '16
---1379-1929 A 0
Registered
____
9418 July'18
1879-1929 A 0 96 _
Sinking fund 5s
1879-1929 A 0 9413 100' 96 Nov'18
Registered
1921 A 0 9712 9912 98 Dec '18
Debenture 53
D
Jan '18 -1921 A 0
Registered
- 100 Dec '18 -98
1933 M N "WI; Mo
Sinking fund deb 5s
ms-- 97 Nov'18 -MM
Registered
Des Plaines Val 1st gu 45'8919'4373
N 80 -- 10112 Oct '16 --S
109 109
From Elk & Mo V 1st 68_1933 A 0 108 -- 109 Jan '19
GB &N W 1st 350_1911 J J 60 -- 88 Jan '17
Man
1941 J J
Mllw & S L 1st gu 3Ms
1100 - Aug '18
.-12
Mil L S & West 1st g 68_ _ _1921 M 5 Mfrs
99
99
Ext & imps f gold 5s_ _ A929 F A 985s ---- 99 Jan '19
8
- 1117 Dee '15
Ashland Div 1st g 6s_ _1925 M S 10414
Mich Div 1st gold 68_1921 J J 104 105 10218 MaY18
Mil Soar & N W 1st gu 48_1947 M S 78 8412 76 Oct '18
98
9812 Nov'18 St L Pco & N W 1st gu 5s 1948J J 94
-Chicago Rock 1st Sc Fite.
9 7512 79
8
Railway general gold 4s.._ _1988 J J 707 Sale 7512 ' 77
-7138 May'18
-1933 J J
Registered
75 7;1; 7112
47 7412 7612
75
1934 A 0
Refunding gold 4s
_
b018 Aug '18
1932 J J
20-year debenture 58
3 70
73
72
72
72
It! Ark & Louis 1st 4548_ _1934 M S 71
8
06
96 Jan '19
96
Burl C It & N 1st g 5s_ _ _ _1934 A 0 947 98
--- - - C R I F & N W 1st gu 58_1921 A 0 9714 9812 9712 Jarte'l 7
- - Cho Okla & 0 gen g 53_41919 J J 9518 - _ 97
--92 93 May'11
,
- - - - -- Consol gold 5s
i 68 65
4 65 65
65
93A O
2
Keok & Des Moines 1st 5s 1952 M N
4 6912 71
7012
St Patti & K C Sh L 1st 4388'41 F A 7012 Sale 6912
,
Chic St P NI &0cons 6s- 1930 J D 10718 112 112 Nov'18
88 Sept'18 Do
Cons
to 3388_1930 J D 84
97
97
1930 M S 855s 55 97 Jan '19
5s
.. 118 Nov'16
North Wisconsin 1st 65... _1930 J J 101
100 100 100
-667-8 100
1919 A 0 St P & S City 1st g 6s
95 May 1,
Superior Short L 1st 55 g..c1930 M S
--53 July'18 Chic T H & So East 1st 5s_ _1960 J D
10212 102l
Chic & West Ind gen g 65-0932 Q M 10314 10412 10212 Jan '19
623 Sale 6 4
4
6234 11 6134 65
1952 J .3
0
Consol 50
-year 4s
_ _1937 J .3 7412 -__- 90 NI ay'17
Cin H & D 2d gold
- - -- -- 88 8.1 ar'1 I
438s_C Find & Ft W 1st gu 4sg 1923 M N ___
- -- _ 79 Nov'18
Day & Mich 1st cons 4383 1931 J J 84 ___
--- - - -7212
7112 69
2 69
69
Cloy Chi Cl,& St L gen 48.._1993 .1 D 67
7918 7812
79
9 7812 80
7914
1931.0 J
20
-year deb 4388
86
8614 Aug '18
-- - - - - -1993 J D 80
General 53 Series B
8
837 Nine'?
8
- - - - -Cairo Div 1st gold 4s
1939 J J 715 80
On 13/ & NI Div 1st g 4s 1991 J J 67 -_ 63 Oct '18
if 7618 Jan '19
7618 7618
St L Div 1st coil tr g 4s....1990 M N 70
7418 7418
7418 Jan '19
1940 M S 7414 Spr & Col Div 1st g 4s
- 84 Nov'16
-1940 J .1
W W Val Div 1st g 4s
4
- -C I St L & C consol Os_ _ _ _1920 M N 9912 1013- 99 Sept'18
/c1936 Q F 82 90 87 Dec '17
lst Rold 48
8812 May'15
k1936 Q F
Registered
-8
Cln 8 & Cl cons 1st g 5s.._1923 J J -1723 -591; 10218 Jan '17
CCC&Igenconsg 6s 1934 J J 107 -___ 106 Nov'18
Ind B & NV 1st pref 4s.._ _ _1940 A 0 7212 ---. 94 July'08- -0 Ind & W 1st pret 5s..__d1938 Q J
56
19
'
56
Peoria & East 1st cons 43_1940 A 0 42's 56 -id' Jai;- 1258 1718 12 Jan '19
12
12
1990 Apr
Income 4s
3
- Cleve Short L 1st gu 4 As.. _ _1961 A 0 8712 945 90 Dec '18 88
8914
88
8914
8914
Colorado & Sou 1st g 4s_ _ _ _1929 F A 87
4
8 771i 7912
7814
Refund & Ext 4585
1935 M N 773 Sale 7712
4
4
993 9934
Ft W & Den C 1st g es_ 1921 J D 99 10018 993 Jan '19
Conn & Pas Rivs 1st g 4s_ _ _1943 A 0 65 ---_
94 Fet7'iti
Cuba Itit•lst 50-year 5s g..._1952 J .1
---Del Lack & Western
_ 71 Oct '18 -.Morris & F.ss Ist gu 3Ms_ _2000 J D 71.8 77
8
1921.3 J 101 1017 102 Dee '18 _N Y Lack & W lst 68
953 9714
4
9714 Jan '19
1923 F A 98 --Construction 53
Term dc Improvt 43_ _1923 M N 9114 951s 92 Deo '18 -- -1021s Feb '08 --__
Warren 1st ref gu g 350_2000 F A
.gir
*No price Friday; latest this week. a Due Jan. 4 Due April. a Due May. g Thie June. h Due July. k Due Aug. o Due Oct. pDueNov, g Due Deo. 8 Option sale.
FEB. 1 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 31.
New York Bond Record-Continued-Page 2
Price
Friday
Jan. 31.
Week's
Range or
Last Sale
co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 31. •
Price
Frtday
Jan. 31.
463
Week's
Range or
Last Sale
Range
n.,..11 Since
-1 I Jan. 1.
Ask Lou)
Bid
High No. Low High
Bid
Ask Low . High No. Un0 High
Delaware & Hudson
Leh V Term Ry 1st gu g 5s.1941 A0 100 10278 100
100
15 984 10212
1st lien equip g 4;is
1922 J J 96 97
96
96
2 96
Registered
96
1911 AO
113
1st & ref 45
1943 M N 8514 8518
8518
4 85
8514
Leh Val RR 10-yr coil 6s__n1928
i991 " ;6
6f3 021e 10114 Mar'17 38 10118 10258
:;
102
-year cony 5s
20
1935 A 0 9112 95 95 Jan '19
95 953
Leh Val Coal Co 1st gu g 58_1933
4
9934 Dec '18
- - - - --1946 A 0 7512 80
Alb & Sulu; cony 3As
755 Jan '19
8
755 755
8
Registered
8
1933 .;
- 105 Oct '13
- - - - --Renss & Saratoga 1st 7s_1921 M N 1031s -- 1033 Sept'18
8
- - -1st int reduced to 48
1933 .1 J 79
--- - -- Denver & Rio Grande
Leh & N Y 1st guar g 4s_
1945 m S 79 ___
946 M
70 July'18
- - - - - --1936 J J 7114 Sale 704
8 6978 73
1st cons g 4s
72
Registered
1936 .1 J 73 76
Consol gold 4%3
7312 Jan '19 -- 7312 76
Long isid 1st cons gold 5s__81931 0 J 94 8 1O0' 96 Nov'18
8 9 Q
____ ---.A928 J D 79
80
Improvement gold 5s.
7918 Jan '19 ---, 7918 7918
1st consul gold 4s
8058
_ 9914 June'16
_ _ _ _ - -1955 F A 504 54
4978
1st & refunding 58
5112
3 4978 5714
General gold 4s
1938 .1 D 7614 81
79 Jan '19
79
80
1939 J D 82
Rio Gr June 1st gu g 55
8734 Nov'16
Ferry gold 4348
1922 111 S 8512 98
85 Sept'18
-1940 J J
Rio Or Sou 1st gold 45
6114 Apr '11 ---Gold 48
1932 .1 D
9914 Oct'06---- - --1940 J J
39 July'17 -Guaranteed
Unified gold 48
1949 M S 7538 79
78 Nov'18
- - - - --Rio Or West 1st gold 45..1939 J J 70'8 7112 7014
71
3 70
723
Debenture gold 58
4
1934 J D 77
8018 81 Jan '19
81
81
56
Mtge & coil trust 43 A_ A949 A 0 52
57 Jan '19 ---- 57
57
20-year p m deb 58
1937 IS N 7612 77
77
1 77
7712
77
D 6718 78
Det & Mack-lst lien g 48_ 195.3_
82 Dee '16
Guar refunding gold 4s
19 9 111 S 757 8234 7618 Jan '19
, m
4
- - -- - --8
76
764
1995.3 D
89
Gold 45
7512 July'16 -Registered
95 Jan '11
_ _ _ _ __ _Dot Riv Tun Ter Tun 4348_1961 M N 811; 837 8414 Jan '19 -- 834 8414
8
NYB&MB1stcong 58_1935 A 0 -6i94 Jan '19
94
94
Dul MLssabe & Nor gen 53-1941 J J 955 -8
9634 June'18 -NY&RB 1st gold 5s_
1927 M S __ 98
94 Dec '18
Dul & Iron Range 1st 55_.._ _1937 A 0 9412 Bare 9412
9412 15 - 2
(41Nor Sh 13 1st con g gu 5s_o1932 Q J ski
100 Aug' 16
_ - - --1937 A 0 ---- -- 10512 Mar'08
Registered
Louisiana & Ark 1st g 5s_-.-1927 M S 8734 931; 91 Dec '18
- - - -87
Dul Sou Shore & Atl g 5s_ _ _1937 .1 J 81
87 Mar'18
Louisville & Nashv gen 68_1937 J D 108 11212 108 Dec '18
1 30 m N
Elgin Joliet & East 1st g 58-.1941 M N 9112 102 99 Nov'18
Gold 58
974 105 10012 Jan '19
i( -0-1;
) 16151;
1920 M S 100 10118 100
Erie 1st consol gold 75
995 io.61-2
10018
Unified gold 48
1940 J J
843
4
853
4 18 8412 8812
N Y & Erie 1st ext g 4s_ _ _1947 M N 8118 -- 784 Oct '18
Registered
1940 J J 83 8 l1e 9858 Jan '17
8% 8a 4
5
8
1919 M S 9718
2d ext gold 5s
- 9618 June'18
Collateral trust gold 5s_ 1911 M
39J
9512 100 100 Jan '19
100 100
1923 M S 9018 -___ 934 Jan '18
3rd ext gold 43's
E H & Nash lst g Os
_ 10018 Aug '18
__
1920 A 0 9618 --_ 994 July'17
4th ext gold 5s
L Cin Sr Lax gold 4%s...1931 M N 92
9 0i j
87 Apr 18
1928 J D 81 --- 9434 Nov'15
5th ext gold 48
N 0& M 1st gold 68
102 10712 10512 Jan '19
NYLE&W1stgfd75 1920 M S 9834 100 1004
96 3
105's 1O51
July'18 2d gold 68
1930 J J 98 __ 100 Jan '19
100 100
70 67
Erie 1st cons g 4s prior_ _ _1996 J J 67
6912 17 67
7013
Paducah & Mem Div 48..1946 F A 78
gi 7912 Jan '19
1996 J J
7912 7912
Registered
84 Dec '16
•
St Louis Div 1st gold 68_ _1921 M S 100 - _ 10014 Jan '19
10014 10014
0
1st consol gen lien g 48_1996 J J 53 -gl 5278
5338 66
6 .612
2d gold 38
1980 M S 5512 Ei 574 July'18
1906.3 J
Registered
73 June'16 -Ati Knox SC Cln Div 48_..1955 M N 78111 79
7814 Jan '19
_ 7758 78 Jan '19 ---- 78
Penn coil trust gold 45.-1951 F A
78
Atl Knox & Nor 1st g 58....1946 J D 9512 - _ 95 Nov'18 -----------4814 10' 47 49
50-year cony 48 Ser A _ _1953 A 0 4712 Salo 4714
Render Bdge 1st s f g Os_ _1931 M S 10138113 10312 Sept'18
1953 A 0 4738 Sale 467
do Series 13
8
483
4
8
9 4678 487
Kentucky Central gold 46_1987 J
79 83 804 Jan '19
804 801&
Gen cony 4s Series D.... A953 A 0 4934 Sale 4934
5018 79 4934 524
Lex .4r Out 1st 50-yr 58 gu 1905 A 0 9218 101
9512 Nov'18
Chic & Erie 1st gold 5s_ -1982 M N 9212 9512 94
04
- - - - - - -1 94
L&N&M&M lstg 4%81945 M S 854 984 88 Nov'18
9518
Clev & Mahon Vail g 55_ _1938 J J 8514
- 1067 Jan '17 ---8
L & N-South M joint 48..1952 J J 68 80
71
1 71
71
71
Erie & Jersey 1st s I 68---1955 3 J 9931 jai 101 Jan •'19 -- 101 101
Registered
81952 Q J
- 95 Feb '05
__ _ _ 98
Genesee River 1st 8 t 6s- _1957 J J
977
8
98
6 977 101
N Fla & S 1st gu g Ss__ _-1937 F A 97
99
95 Aug '18 ---Long Dock consol g 6s......_1935 A 0 108 _- 108 Dec '18
N & C Bdge gen gu g 41is _1945 J
_
_ 9778 M ay'18,--- - - - J 85
Coal & RR let cur gu fls_ _1922 M N 90 -- 103 Jan '18
-Pensac & Atl 1st gu g 68_ _1921 F A 10158 Rii 1013 Jan '19 --- 10114 10138
---- ---8
Dock & Impt 1st ext 55.._1943 J J 87 --- 10212 July'17
S & N Ala cons gu g 5s_ ..1931, F A
---99 Apr '18'____
-85 Jan '18
N Y & Green L gu g 5s_ _ -1946 M N 8618 Gen cons gu 50-year 55_1963 A 0 9112 10 14 9312 Jan '18,-- _ _ __96 102
6
N Y Susq & W 1st ref 5s.._1937 .1 J
78 Jan '19
L & Jett Bdge Co gu g 48_.J945 M S 683
4
60 July'18
1937 F A
-- 2d gold 43s
10014 Dee '06 -Manila RR-Sou lines 4s_ _-1936 M N
- ---1940 F A
General gold 55
60 June'18
Max Internat 1st cons g 45_ _1977 M S --19 m
77 ns;;:i5 72:
_
Terminal 1st gold 5s--1943 M N 76 -- 97 Dee '18 --Stamped guaranteed
75 Nov'101---- - - - - - - - Mid of N J 1st ext 5s_.-1940 A 0 9214 ---- 108 Jan '17 -Midland Term-lst s I g 58_1025 JD
1927 j D
9112 June'17
, -------Wilk & East 1st gu g 58_1912 J D --_ 72
72 Jan '19 -Minn St Louis 1st 7s
101 July'18 ----I - - - - - - - 1014
Ev & Ind 1st cons go g 6
2312 Jan '17 ---8-1920 J J
Pacific Ext 1st gold 65
1931 A O 99 ...gale 99
2 m N
4
99 I
4 99
99
Evansv & T H 1st cons 63-1921 J J 95 - 2 98 Jan '19 -6f11st consol gold 58
7812 8312 7812 Nov'18,__
1042 A 0 8512
8518 June'17 -1st general gold 5s
1st & refunding gold 4s_ _ _1919 M S 4518 46
45 Jan '19 ---- 44
Mt Vernon 1st gold 6s-1923 A 0
4718
108 Nov'll Rd ext 50-yr 58 Ser A _ _1962 Q F 40 50 504 Dec '18' __
933 95 June'12 __ __
Sull Co Branch 1st g 53-1930 A 0
Des
& Ft D 1st gu 4s_ _1935 J J
60 Feb '151_ _ _ _ _ _ - -Florida E Coast 1st 4%s- --1959 J D 8l- 85 81 Jan '19 -12
Iowa Central 1st gold 5s_ _193S J D 7634 - ; 77 Jan '19 -- 77
E
5
77
Fort St U D Co 1st g 110-1941 i J
92 Aug '10 -Retunding gold 4s
1951 IS S 4318 Sale 43
44
28 43 44
Ft Worth & Rio Or 1st g 48-1923 J J 5612 5612 Oct '17 -MStP&SSMcong4sintgu_193 J J 8612 8738 86
1938
8
88
'7 86
89
Only lions & Hen 1st 55....,J933 A 0
80 Dee '18
1st cons 58
102 Nov'18
- - - - --- Great Nor C 11 & Q coil 45_ _1921 J J 95 8 Sale 954
,
955 288
8
1st Chic Term s f 4s
1_941 j
id
88 _ 92 Jan '17 ---- - - - Registered
81921 Q J
-- - 9414 Nov'18
MSSM&Alstg4sintgu 26
0032 6i 9412 Jan '19 --__ 9412 9412
1st & ref 43is Series A-._1961 J J 86
Sale 8512
11
86
Mississippi Central 1st 5s_ ..1949 J
J ___ 90 95 Dec '16
Registered
1961 J J
-- - - - -- 96 June'18
Missouri Kansas Sr Texas
St Paul M & Man 48
1933J .1 8814 93
8912 Apr '18
1st gold 48
1990.3 D 6412 6512 6112
6812 11 8412 69
1st consol g 68
1933J J Ill -- 111 Nov'18
2d gold 49
g1.990 F A 30
3118 3012 Dec '18
Registered_„
1933 J J 10818
118 Apr '17
1st ext gold 55
1944 M N 2818 32
32 eept'18
Reduced to gold 4%8_1933 J .1 92 10314 95 Jan '19
94
95
1st & refunding 48
20 M S 41
(14
433 44 Nov'18
4
Registered
1913 J J 904 99 10212 May'18
Trust Co certfs of dep-----4712 41 Dec '18 -------------Mont ext 1st gold 48._ _1137 J D 88 89
90 Dee'18
____
Gen sinking fund 4145.._ 1936
26
3258 3258 Dec
'18-- - - - -1937 J D 855
Registered
8
- 11513 Mar'16 -.St Louis Div 1st ref g 45_ _2001 A 0 __-- 30
40 Nov'll3
1940 J J 763 -- 854 Nov'15
Pacific ext guar 45 £
4
5% secured notes "eat" '10
_
E Minn Nor Div 1st g 4s 1948 A 0 813 -- 80 Nov'18 -4
Dail & Waco 1st gu g 58..1940 M I4
_6912 Apr' 17 ::::
1922 J J 1013
Minn Union 1st g 68
4
- 10014 May'18
Kan City & Pan 1st g 48..1990 11' A 58 ---- 60 Oct '18
1937 J J 110 -- 108 Nov'18 -Mont C 1st gu g Os
Mo K & E 1st gu g 58_ _ _ _1942 A 0,
50 Jan '19 _-_
50 50
71_
1937 J J 107
Registered
_ 13014 May'00
M K & Okla. 1st guar 5s_ _1942 IS N fir 7625
714 Jan '19
7112
1937 J J 974- 9912 Jan '19 ---- -6611st guar gold 5s
11
2
M K & T of T 1st gu g 55 1042M S 51
59
55 Nov'18 ----------Wilt & SF 1st gold 5s_ _1938 J D 9612 1
'
1093 Aug '10
4
-- -- Sher Sh & So 1st gu g 58_ _1942 J D
65
51
Pec'16
-- Green Bay & W deb Ws"A"_ _ _ _ Feb
- 85
093 Dec '16 ---- _
4
Texas & Okla 1st go g 53 1943 M S 3014 3012 3018 Nov'18
- - Sale 74
712
-- - -Debenture offs "13"
Feb
712
712 818
1
Missouri Pacific (reorg Co)
Gulf & S I 1st ref & t g 5s_ _81952 J J 7012 82
80 Jan '19,----' 80 8212
1st & refunding 53 Set* A _ _1965 F .A
_ 87
8738 Jan '19 ___- 8738 8778
79
Hocking Val 1st cons g 4145 1990J J 78 80
10 79
83
1st & refunding 5s Ser Ba 1923 F A 9258 95 934
9318
5 9134 9358
1999 J J
Registered
734 June'181---- - - - - - - _
79.
1st Sr refunding 5s Ser C..1926 F A 90 Sale 90
90
15 894 92
Col & II V 1st ext g 4s_ _ _ _1948 A 0 75 -- 734 Oct '181 -- General 4s
1975 M S 6012 Sale 60
6078 202 5912 634
1955 F A 7418
Col & Tol 1st ext 48
75 Feb '18:- - - - - - Missouri Pac 1st cons g 08-192 M N 9934 Sale 99 4
3
0
993
4
1. 994 993
89
Houston Belt Sr Term 1st 58 A937 J .1 83
4
85 Dec '18
- - -- - -40-year gold loan 48
1945 IS S
58 Oot '18
- --- - - Illinois Central 1st gold 4$_ _1951 J J 91
- 9112 Dec '18
- - - - - -3d 78 extended at 4%.
,..1938 M N
--- 82 Apr '17 __1951 J J 09 93 92 Sept'17
Registered_ Boonv
L Sr S 1st 58 gu_1951 F A
- - - - -- 8438 19718 Fe e :133
8212 00 Den 1
1951 J J 7314 90
1st gold 31is
753 Oct '18
4
Cent Br U P 1st g 42 ___ _1948 J D 63
- - -- Registered
1951 J J 7114 81
84 Nov'15
-- - Pac R of Mo 1st ext; 48..1938 F A 8012 __ 81
81
3 81
Extended 1st gold 3345__ _1951 A 0 7314 -- 80 June'17
82
28 extended gold 5s.._ _.1938.3 J 86 ---- 100 4 Apr '18 ____ _
3
Registered
_ ___
1951 A 0 7114
St L IrM &Sgencong 53 1931A 0 961 98
8
963
8
984
2 9134 9612
1951 111 S
1st gold 3s sterling
-id- Jui3a3
Gen eon stamp gu g 5s_ _1031 A 0
102 July'14
Registered
1951 M S
--Unified Sc ref gold 4s _ _1929 J .1
814
4 Collateral trust gold 48_ 1952 A 0 78 Sale 73
801i -82is
78
5 78
79
Registered
10293 J 10 _ 8
_8
81 Oct '17
84
0
Registered
1952 A 0 7518 -_ 9518 Sept'12
- -- - - - - Riv &0 Div 1st g 48.._1933 IS N 884
7412
7412 sent:112
7
8
16
2 741 77
1955 M N 83 Sale 8212
1st refunding 48
83
22 8212 8414
Verdi V I & W 1st g 53.. _ _1926 M S
Purchased lines 31 45
1952 J J 7018 7318 72 Jan '19
1
72
72
Mob & Ohio new gold (3s__ _.1927.3 D
1054 Jan '19
L N 0& Texas gold 4s_ _ _1953 M N 75
i(141-4
77
75
77
6 75
775
8
1st ext gold 68
81927 Q J 95t2 ____ 95 May'18
Registered
1953 M N
7418 84
72 Feb '18
General gold 48
1938 M S 70 80
71 Nov'18
Cairo Bridge gold 4s_ _1950 J D 79 ---- 78 Nov'18
__
Montgomery Div 1st g 58_1947 F A 85 ---- 93 July'17
- -- -- Litchfield Div 1st gold 38.1951 J J 6018 -- 79 Feb '14
St Louis Div 55
1927 J D 84 87
-- 90 Aug' 17 -. Louisv Div & Term g 3;is 1953 J .1 6714 ---- 734 Nov'18
St L & Cairo guar g 48......1931 J J 77 85
78 Oct '18
Registered
1953 J J
83 Aug '12
_Nashv Chatt & St L 1st 58. _1928 A 0 100 -..-- 100 Jan '19
Middle Div reg 5s
1921 F A 97
102 June'16
iOd Jasper Branch 1st g 08_ _ _1923 J J 130 s . 13514 Dett 7
00. 10! 10 Itl er"18
c _ 42
Omaha Div 1st gold 38_ _ _1951 F A 594 - - 5814 Sept'18
_
.
__Nat Itys of Mex pr lien 430_1957 J J
St Louis Div & Term g 38_1951 J J 65 6912 62 Oct '18
.
____
Guaranteed general 4s_...1977 A 0
38
35 Aug'16____ _Gold 3145
1951 J J 7012 70
6518 Oct '18
Nat of Max prior lien 4348_1926 J J 30 -..... 987 Feb '13
8
- -Registered...
1951 J J 644
-- 80 June'18
1st consol 4s
1951 A 0 21 - .. 21 Aug '18
Springf Div 1st g 3;is_ _ _ _1951 J J 65
8112 805 Nov'16
8
New Orleans Term 1st 48_ _ _1953 J J 664 88 67
67
_1951 F A 76 --- 8012 Dec '18
6
Western Lines 1st g 45_
67 - - - -N 0 Tex & Mexico 1st Os_ ..1925 J D 9612 97 9612
963
8
1951 F A ---6 9618 671
2 6412 9 4
Registered
_ 92 Nov'10
8
Non-corn income 5s A__ 1935 A 0 55
- - -- --58
57
1923 J D
58
Bellev & Car 1st Os
- 11712 May'10
New York Central RR- - - --Carb & Shaw lot gold 4s 1932 M S
90 Jan '17
Cony debOs
1935 M N 9934 Sale 99
- - - --- 993 195 9778 99 4
4
Chic St L & N 0 gold 5s 1951 J D 9514 100
9118 Jan '19
3
9418 0834
Consol 4s Series A '
1998 F A 75
76
7612 Jan '19
Registered
-- 90 Oct '18
1951 J D
Ret & imp 4;is "A"
2013 A 0 84
Sale 84
8412
1951 .1 I) 8514
Oold 3345
6512 July'18
-- New York Cent & Bud 11.1v
-1951 J 13
Registered
Mortgage 3;is
1997 J J 7112 72
7113
714
5 71
7234
Joint 1st ref 5s Series A_1963 J D 9378 94'2 - - Jar;
4
8
9418 95
Registered
1997 J J
72
667 Aug :18
8
Memph Div 1st g 4s__ _1951 J D 7112
ma Oct '18
Debenture gold 43
-1934 M N -84
- 85
8412
8512
6 8234 86
Registered
1951 J D 65 Nov'17
Registered
-- 79 Nov'18
St Louis Sou 1st gu g 48 1931 M S
__ _ _ 794 Jan '19
Lake Shore colt g 3%EL...1399984 M N 8215 69 63 Jan '19,_
293 793
4
4
68 68
F A
Ind Ill & Iowa 1st g 48
1950 J J 80,2 8113 82 Jan '19
82
82
Registered
1998 F A - - 65 67 Jan '191-- 67 87
lot & Great Nor 1st g 6s_ _ _1919 M N 96
9678 96 Jan '19
96
93
Mich Cent coil gold 334s.1998 F A 66 _
70 Jan '19
70
70
James Frank .1: Clear 1st 48_1959 1 D 82
90
8212 June'17
--Registered
- -1998 F A
_ 68- 75 M ar'17
12
Kansas City Sou 1st gold 38_1950 A J 0212 65
6212 Jan '19
6212 6212
Battle Cr & Stur 1st gu 38.1989 J D
Registered
1950 A 0
78 Oct '09
Beech Creek 1st gu g 4s_.19363 J -8118 :::: 864 Dec '18 -- - - - --- Ref & Mint 53
8414
Apr 1950 J .1 8412 87
85
20 8414 85
Registered
1936 J J
9534 Not'18
Kansas City Term 1st 4s_..1960 1 J 78 Sale 773
8
7
3 7678 81
2d guar gold 58
1936 J J 8713
104 Ma)
'18
Lake Erie & West 1st g 58. _1937 J J 86
8934 893 Jan '19
4
893 893
4
Registered
4
28 gold 5s
-- 85
80 8 Fel, '17
3
1941 J .1
Beech Cr Ext 1st g 3%5_81951 2 O
19 A j
36
_North Ohio 1st guar g 5s_ _1945 A 0 - 85
8038 Oct '18
Cart dr Ad lat gu g 4s_ _ _1981 J D 75 ---- 59 /1c7;iii
Leh Val N Y 1st go g 4348_1910 J .1 gi 92
92
92
92 92
Gouv & Oswe 1st gu g 5s_ _1942 J D 9034
Registered
89 Oct '17
1940 J J 8418 93
Moh & Mal 1st gu g 413...1991 M S 767
8
?31s Oct '18
Lehigh Val (Pa) cons g 48_2003 M N 8012 81
8012 Jan '19
8012 8012
J
ylnc ariein r 3 o
ii R guag 11t 4s
2986 F N 6812 ---- 894 Feb '16
1000 m A
General cons 434s
8618 02 92 Dee '18
2003 IS N
75 _,.__ 80 lklay'17
NY & Northern 1st g 58_1923 A 0 9718 ....__ 955 June'18
8
No price Friday; latest bid and asked this week. a Due Jan. b Due Feb.
g Due June. 11 Due July. n Due Sept. 0 Due Oct. s Optlon sale.
---5 11'2 121:
New York Bond Record Continued-Page 3
461
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 31.
tt
Price
Friday
Jan. 31.
Range
Since
Jan, 1.
Week's
Range or
Last Sale
Price
Friday
Jan, 31.
BONDS
N.Y. STOCK EXCHANGE
Week ending Jan. 3L
[voL.
Week's
Range or
Last Sale
108.
Range
Since
Jan. 1.
High No, Low High
Ask Low
Bid
P. C. C.& St. L (Con.)
High No. Low High
Ask Low
Bid
N Y Cent & H R RR (Con)91 Sept'18
Series F guar 4s gold_ __1953 J D 884 93
- -- -- N Y & Pa 1st cons gu g 48_1993 A 0 78 -__ 7734 Dee '18 -- - --- - - 92 Nov'18
8812 90
Series G 48 guar
Pine Creek reg guar 6s...,.._1932 J D 10318-_ 113 May'15
63
19 N1 A
Series I cons gu 410-1957 F N 90% ---- 95 Nov'18
99 665
1 102 102
R W &0 con 1st ext 5s__h1922 A 0 93 ---- 99 Jan '19 -..-.---- 67 67
102
4
C St L & P 1st cons g 58-1932 A 0 102 1043 102
li
67
__-- 67
Rutland let con g 410_ __1911 J J 75
100 June'17
a 614 6118
6112
Peoria & Pekin Un 1st 68 g 1921 Q F
Og&LCham1stgu4sg-1918 J J 6118 ____ 6118
87 Mar'16
b1921 M N
2d gold 410
- -8813
8612 30 85
Rut-Canada 1st gu g 43_1949 .8 J 67 --- 70 Jan '18
Pere Marquette 1st Ser A 58_1956 - -- 864 Sale 85
101 Nov'16 --7214
1 70
St Lawr & Adis 1st g 58.-1996 J J 8212 - _ .70
6934 70
1956
1st Series B 48
103 Noy'16 1998 A 0 8812.
45
2d gold 6s
45 Jan '19 ____ I 45
49
.8
Philippine Ry 1st 30-yr s f 48 1937 .1- "- 42
1922 J J 94% .._ _ 94 Apr '18 _-_Utica As Blk Riv gu g 48
1940A 0 954- 99 Jan '18
73
Pitts Sh & L E let g 5s
73
'19
8
757 73 Jan
1997 J D 72
Lake Shore gold 310
9714 Dee '17
1943 J J 9318
1st consol gold 5s
1997 J D 73 754 734 Nov'18
2 8634
Registered
4
8612
4
Reading Co gen gold 48.. _ _2,1097 J J 853 Sale 853 June'14 31 55112 8812 90
90
1928 M S 8914 Sale 8914
Debenture gold 4s
1997.8 J ---- 8912 8112
Registered
89
5 88
8812
1 884
1931'M N
25-year gold 48
8634 Dec '18
A 0 ---- 88
Jersey Central coil g 48_1951
7
1931M N -------- 83 Nov'17 --- - - - - - RegIstered
_
Atlantic City guar 48 g_ _1951 J J
Ka A & G It 1st gu c 53_ -1933J J 9118
3711 De( 'i8
70
St Jos & Grand Is! let g 45 1917 .1 J
2
1931 J J 95 _ ,. 1.13i1- De;-'ii -------Mahon CI Rft 1st 5.3
St Louis & San Fran (reorg Co)0 91 ---- 103 Mar17 ---61% 89 604 64
Pitts & L Erie 2d g Ss_ _ _a1928! A
6113 Sale 6118
Prior lien Set A 48
8
7712 15 763 7934
Pitts McK & Y 1st gu 6s_ -1932 J J 103 ____ 13018 Jan '09 _
90 J
195 j• j 7634 Sale 7634
9
5
J
Prior lien Set B 58
12314 Mar'12
1934 J .1 10214
69
644 33 64
2d guaranteed 63
Cum adjust Ser A 6s- __51955 A 0 64 Sale 64
954 ____ 0912 Aug '17
1931 M 5
4178 45 4012 4512
Michigan Central 5s
i 414 Sale 41
960
gen 68 ,3
(Ish1 1 JOct
Series A
Income
1931 Q M 93 - 9312 Nov'18 ..
Registered
102 103 100% Sept'18_ _ 82
St Louis & San Fran
82
82 Jan '19
1
1910 J J
97 Nov'18
48
9612 99
General gold 58
_
1940 J J ---- ---- 87 Feb '14
-- Registered
78 May'16
J
6
193 J
48-1991 .1 j
St L&SF RR consg
- J L & 8 1st gold 310_ _ -1951 M S ---- ----907 June'08 ....... - - - 90 May'17
Southw Div let g 5s.._ -19471 A 0
1952 M N 7014 .._- - 79 July'17
6 1024 10314
4
1st gold 310
8
8278
K C Ft S & M cons g 613_1928 M N i0i3. 16314 102% 1023
-i 82
7
8
82
8 744 7512
7414
20-year debenture 48_1929 A 0 83 8314 827
82
KCFCS&M Ry ref g 4s-1936 A 0 7313 37414 744
N Y Chi & St L 1st g 4s _ _1937,A 0 80 8212 80 Jan '19 _ __ 80
_ 854 Aug '18
X C &M R&B lstgu 58_1929 A 0
1937 A 0 77 ___ 86 Nov'17
74
Registered
7234
74
73
1 -if - -ig
5 W Ist g 4s bond ctfs 1989 M N
St L
71
Sale 71
1931 M N ! 71
5/14
574 7
7
'19
Debenture 4s
28 g 4s income bond ctfs_p1939 J J --_- 5718 5714 Jan597
8112 811z
80 8112 Jan '19
71 5712 5978
West Shore 1st 45 guar_ _2361 J J 79
5912 Sale 5914
75
Consol gold 4s
75
75 Jan '19
2331 J J --- 77
62
Registered
60
19321 D
terminal & unifying 58_1952 1J 59 60 60
let
N Y C Lines e4 tr 5s__1919-22 M N 9914 9912 1004 Jan '17 .__
9813 Jan '14 __ 11 5878
Gray's Pt Ter let gis g 5s_1917 J D !--8
983 July'17 _ ...
,72
2 -6J3
6
Equip trust 410_ _1919-1925 J J 96 102
13 A & A Pass Ist gu g 43_ _ -1943 J1 J 654 6814 65 Jan65 __S-76
20 8414 -ig
85
8414
2
N Y Conne.lt 1st git 416s A_ _1953 F A 83 85
'19
.
0
195 A 2s
0190 F 0 7114 757 72
Air Line g 48
Seaboard
,
74
2 74
74
N Y N 14 & HartfordA 0 7012 7378 74
0
,
95
195
54
Gold 4s stamped
54
54 Jan '19
1947 M 5 54 60
22 4912 5314
52
Non-cony deben 4s
8
Sale 497
52
Adjustment 5s
60
, 58
Non-cony deben 34s.....1947 M 5 51 __ 55 Sept'18
59
564 5814 53
Refunding 4s
3
56 4 Nov'18
Non-cony deben 310-1951 A 0 5012 51
74 Nov'18
76
74
ALI Birm 30-yr 1st g 4s_...e1933 M S
55 557 Jan '19 --- -Eiji 557
s
1955 J J 54
Non-cony deben 45
'7(3 Oct '18
5S
Caro Cent 1st con g 4s..,.1949i J
5913
Jan '19
58
59
1956 M N 51
Non-cony deben 48
Fla Cent & Pen 1st ext 68_1923 J J 166
4
503 Jan '19 ____ 504 5014
54
0
Cony debenture 3As_ - -- _1959 J J 51
let land grant ext g 55...1930 2 J 93 _-- IOC Fe- ____
1 854 88
86
,
1943 J J 86 8 8712 86
i • oo 90
go
90
Cony debenture 6s
95
19432 JI 90
Consol gold 58
- - - - -:_ _
Cons Ry non-cony 4s_ _ _ _1930 F A --- -__ 50 Oct '17
904 June'14
_o1945 J J 9118
Ga & Ala Ry 1st con 5s_
- -1951 J J --- _.. 9113 Jan '12
94
Non-cony deben 4s
Ga Car & No 1st gu g 5s_ _1929 J J 934 ____ 96 June'18
60 July'lS
- 60
- -05
-66 -66"
4
Non-cony deben 43_ .,.,.1955 J J .-.
& Roan 1st 5s.. _1926 J -1, 953
Seaboard
8.i
1955 A 0 ----------------Non-cony deben 48_
,
Southern Pacific CoJ
7513
1955 J
75
77
7713 75
Non-cony deben 4s
Gold 4s(Cent Pan coll)__k1949 3 DI 76
7334 Deo 18
4
ii_-_ 90 Feb '14
Harlem It-Pt Ches 1st 48_1951 111 N - 3 --__
1g929 m D I
1 1
9 94
Registered
ts Dee '17
- 79_ ,4
8534
8414 86
B & N Y Air Line 1st 45_1955 F A
s 834 Sale 8312
-year cony 4s
20
6212 6212 Jan '19
4
1017 Sale 10113 1023 320 100 105
Cent New Eng 1st gu 4s_ _1931 J J 15
20-year cony 51
Hartford St Ry 1st 48_ _ _ _1930 M S ------ 167;13
0
.
7 4
"
1:j A1 . .. 82_ 887012
9} D . 3.
3
4
9
Cent Pan 1st ref gu g 48 19
-Mcy'15 7=
Sept'18
Housatonic R cons g 5s_ _1937 N1 pr 90 -Registered
31
7i 8 3- 8 ;
3 85 8 85.
0
8533
Naugatuck RR 1st 4s,.. _ _1954 M N 95 -..-- 87 JulY'll ..-19F A
1 2
_
Mort guar gold 310....k19 9IJ D 851 8612 8534 Nov'18
_ __
_
N Y Prov dr Boston 4s_ _1912 A 0 80 -- 83 Aug '13 -6
7712 76
Through St L 1st gu 48..1954 A 0 75
52
410'45 J .1 5012 5212 52
_
NYW'ches&B 1st ser I
GH&SAM&Plst 531931 M N 9114 101 100 Oct '18 ----------------,
4
Boston Terminal 1st 4s_ 1939 A 0 ---- ---- ---963 Jan '18
---- 97
2d exten 53 guar
_
New England cons 58.....1945 J J 9018 98
95 Nov'18 ___D
- 102
92 M j
Gila V G & N 1st gu g 53_1931 'T N
::....
.:
1945 J J 7014 ---- -iii- se5E17: :
Consol 4s
- - - - ---Lions E & W T 1st g 5s.._ _1933 M N 915 99% 8513 July'18
Jan '19
40
Providence Secur deb 4s_ _1957 M N -... 48
1933 M N 88 __._100 Oct '16___.J
let guar 5s red
.......
8
4 97 98
98
98
Prey & Springfield 1st 58_1922 J J --.... ---- 997 Dec '13 -4
1937 J i 983 104
fr& T C 1st g 58 int gu
'14
_ __
Providence Term let 48_ _ _1956 M 5 6914 -- 88% Feb
97 93 Nov'18
Gen gold 48 int guar_ _1921 A 0
-,
j
N 94 10012 10913 Nov'15 -W & Con East 1st 4163...1913 J J 71% ---- -6,0
Waco & N W div lstg
- 4 69 70
66
93 Nov'18
NY 0& W ref 1st g 48._ _ 41992 I1,1 S 69 70 -- -RI
95
A&NWlstgug5s
-June 12
_
10 - 100 A r
--614 10014 Out 17
Registered $5,000 only_91992 M 5 ------ 924 Apr 18 -Louisiana West let 68_ _1921 J J
- - 1955 J D 5013 65 60
iL
General 45
,
1930 A J
Morgan's La & T 1st 6s-1 28 J 0
6
69
Norfolk Sou 1st & ref A 58..1961 F A 69 Sale 68 lune 18 . 68 694
10218 Oct '18
933
No ot Cal guar g 5s
1911 M N 8718 - .. 81%
-66 - 97
,
' & Sou 1st gold 5s
rod
;
Ore & Cal let guar g 5s_..1927 J J 964 981 09 Jan '19 ----1
-- Norf & West gen gold 6s_ __ _1931 M A 109 10912 109 Dee '18 --So Pac ot Cal-Gu g 5s. _ _1937 M N 96 __ 10712 Sept'16 .._I 93 - - 93
Improvement & ext g 6s 1934 F A 106 ____ 122 Nov 18 _-- - - So Pan Coast 1st gu 48 g 1937 J .1 9218 _ _ _ _ 93 Jan '19 ---1 7812 78%
New River 1st gold (Ss__ _ _1932 A 0 107 __ 10718 Dec '18
783
4
3,
7818 7812
San Fran Term( 1st 4s. _ _1950 A 0 78
8412 27 8112 854
81
N & W Ry 1st cons g 4s_ _1993 A 0 8412 85
8978 91 Nov'161____i - - - - - - - 5
1, 5 J J
Tex & N 0 con gold 5s_ _1943 j j 80
---- 9311 Deo '1.6 _
8 82
1996 A 0 .--83%
82i2
Registered
8212 Sale 8214
82
So Pac RR. 1st ref 4s
1 82
82
82
06%
Div't 1st lien & gen g 48_1944 J J '79% 85
954!
947
i
,,4 J
Southern-1st cons g 5s._ _ 1994 , i 9512 Sale 10014 Aug '16'.. 31! 9112
1932 J D ---- ---: 123% May'17 -- - - .1
10-25-year cony 4s
,_
Registered
11714 May'17 -1932 M S
4
lit -663; -651
10-20-year cony 4s
6613
68
4sSer A..._1900 A 0 66
Develop & gen
10-25-year cony 416s _1938 M S 1e1f- -_-_-__ 10412 Deo '18 ---8
747 75 Dee '18 _
Mob & Ohio coil it g 4s_ - -193J1 NI S 66
1034 144 1034 1084
3
10-year cony 6s(w I)_ _ _1929107 4 Sale 10614
__ 92 July'181-.Mom Div let g 410-54-1996 J J 9212
5418 86
86 Jan '19
Pocah C & C joint 4s_ _ _1941 1 -ii 86 96
7212 7413 73% Jan '19
731e 7413
St Lois div let g 4s
-93
93
C C& T 1st guar gold 53_1922 J J 974 ___ 103 Sept'16 .., _ - - - - -81 1941 J i
Ala Gt Sou lst cons A 58-1953 j D 8512._ 93 Jan '19_
81
81 Jan '19
81
Scio V & N E 1st gu g 48. _1939 M N 80
Atl & Chart A L Ist A 4101944 J J 8218 ___ 8413 Oct '181:_ _I -66(2 9718
97
8
Northern Pacific prior lien rail97 I
4
9444 33J J
13_.:-199488 jj 963 97
1st 30-year 53 Ser
4
8413 28 833 86
4
1997 Q .1 84 Sale 831
way & land grant g 4s
70 Oct '1131._
77
74
,
& Dan / 1st g 43
At!
1997 Q J 814 -- 7914 Oct '1.8 8112 Marl
Registered
28 4s
4
604 11 593 6178
4
a2047 Q F 6018 Sale 593
75 Feb '17._
_
General lien gold 3s
14wi0
All & Yad let g guar 48._11995469
58 Oct '18 -- _ - - - - - - 62
a2017 Q F 56
Registered
E T Va & G9. Div g 5s_ 1930 J i 9612 994 96 Mar'18: __ 9518 9518
1 90 90
90
2017.1 J 90 Sale 90
Ref & imp 410 ser A
,
9313 954 95 8 Jan '19
Cons 1st gold 53
74 Aug '18
5 95'4 954
9514
St Paul-Duluth DIY g 48_1993 J D 75'8 88
9514
99
E Tenn reorg lien g 5s_ _ _ -1938 M S 92
ioti - 102
52
St P & N P gen gold 6s_ _ _1923 F A 103 107 102 Jan '19
_ 52 Jan '19 __ 52
.1
92225
Ga Midland 1st 3s g 69_ _ _ 119946 JjA 0 5214
800-17
Registered certificates_ _1923 Q A 10118 - - - - 10314 Jan '19 --- 9313 9S2
4
Ga 1C03 __ 101 Jan' 19101 101
Pac Ry let g Os
& Duluth 1st 5s....1931 F F 97 --- 9312
St Paul
100% __ 100 Oct '18
Knoxv & Ohio 1st
1968 J D 7614 .-__ 78 Dec '18
_
let consol gold 48
9113 Oct '18
8
9 15 J
Mob & Mr prior lien g 53_ 1045 1 J 863 95
3613 Dec '16 ... ---Wash Cent let gold 4s_ _ _1948 Q M 6312 85
72% 68 Jan'18_
05
Mortgage gold Is
_ _
Nor Pac Term Co 1st g Os-1933 J J 10714 10712 107 Nov'18 . 6
95 Jan '18 ____
19 9 A O
Rich & Dan deb 5s stmpd..1917 M N 92%102
78
1
"i6 8
771a
7712
66
_..
Oregon-Wash 1st & ref 4s-1961 J J 774 78
___ 73 Sept'12
_1
1st g 53._. 948 M N
Rich & Meek
88 83
1946 J D 84 -_ 88 Jan '19
99
Pacific Coast Co let g 5s
66 ____ 09
So Car & Ga 1st g 5s
Paducah & Ills lets t 410_ _1955 J J --- 95 10013 Feb '17 ...- - Virginia Mid Set D 4-53 1921 M 5 •974 ____ 10213 June'll
- - 9514 Nov'18 .-_.
Pennsylvania RR 1st g 4s_ _1923 M N 9518
99% __ 93 Apr '18
Series E 5e
.
1919 M S 0934 lati 100 Aug '18 - -Consul gold Ss
8
0
6M B
191 MS
192 j.I N 9134 --_, 10413 Dec 'le
Serles F 5.s
-,
1919 Q M 98 8 Registered
98 '98 Deo '18
96
General 5s
1913 M N 89 ---- 6014 Nov'18 -_-_
Consol gold 4s
.
Va & So'w'n 1st gu 53_2003 J J 8714 __ 81% Sept'18
3 8612 83
88
8
8
M N 877 Sale 877
1915
Consol gold 48
7018 Nov'18
80
-year 58_1958 A 0 70
964
1st cons 50
9 95
9513
1960 F A 95 9514 9514
Consul 410
9378 Mar'17
92
W 0& W 1st cy go 4s.._ _1924 F A 88
8
44 874 897
89
1965 J D 8334 Sale 8814
_
General 410
4
953 Mar'17
Spokane Internet 1st g 5s 1955 J J 75 82
4
9612 455 9515 973
D 934 Sale 9614
1963 J
General 55
9 5 9112 Jan '19 ___ 9112 9112
Term Assn of St L 1st g 410.1939 A 0 91
-8713 Nov'18
Alieg Val gen guar g 4s_ _1942 M S 8414 88
_
4
F A 93 --- 943 Dee '18
1891-1944
1st COM gold 5.3
D R RR & B'ge let gu 48g 1935 F A 8034 ____ 8112 Sept'16
0 77122 77 .1 1 18
7
'7
1
1953 J J 9534 941 0513 J1 ; 9
Gen refund 81 g 4s
2
1 3713 ii1874
Phlia Bait & W let g 4s_ _1913 M N 8713 _ _ _ _ 8713
_
St L M Bridge Ter Ku g 53_1930 A 0
--- - - - Sixtus Bay & Sou 1st g 5s_1924 J .1 ___ _ ___ 102 Jan '93
92
21 90
92
D 9012 Sale 9012
Texas & Pac let gold 58._.10002
--_.Sunbury & Lewis 1st g 48_1935 J J 80
,
1031 Mar
/7 00 jj 45 __ 41 Bept`18
2nd gold Income Sc
- .
U NJ RR & Can gen 4s_1944 M 5 8518 _ _ _ _ 92 Dec '17. 1-.
88 May'18
93
La Div B L 1st g 55
Pennsylvania Co
10612 Nov'04
--- - - %V Mtn W & N W let gu 531930 F A
1 97% 973
.8
973
4
July 14
4 5_ _
1021 J J 973 .. ..ale
Guar 1st gold 410
9012 Oct '18
J 9213 99
Tot & Ohio Cent let gu 5s.. _1935 J
97
97 4
1921 J J 9514
Registered
9213 87 Jan '19 __ I 87 87
1935 A 0 87
Div 1st g 5s
Western
Guar 310 coil trust reg A _1937 M S 764 --__ 87 Feb '17
93 Oct '18
84
1935 J D 74
General gold 5s
78
78
78 Jam '19
4
Guar 310 coil trust ser 13_1941 F A 783 80
6712 Sept'18
1990 A 0 6814 79
Kan & NI 1st gn g 48
--- --194,2 J D 7512 . _ . _ 8114 July'17
Guar 310 trust crs C
1927 J .1 9013 9113 9014 Jan '19 ___, 9012 .91
28 20-year 5s
4
373 Del '16
43
Guar 3168 trust ctfs D_ _ _1944 J D 75
1917 J .1 36 .___ 52 Aug '17
4
333 8334
Tol P & W Ist gold 4s
4
-25-year gold 48_1931IA 0 844 9112 833 Jan '19.....i.
Guar 15
8318 34 Nov'18
75
Tel St L & W pr lien g 310_1925 J J
87
87
40 87 87
48 - 51
-year guar 48 ars Ser E_1952,M N 86
497
49% 48
0
95 A O
1,17 FA 48
50-year gold 45
4
-Cin Lob & Nor go 4s g_ _ _1912 NI N 8013 -3i3 86 Oct 17
18.4 Nlar'06
.... 32
Coll trust 48 g Set A
4 -_ 9614 May'17
CI Jr Mar 1st gu g 410_ _ _1935 M N 873
r
8 , 7
10 A ug 18
30
7014 87 8
Trust co els of deposit
Cl Ar P gen gu 416s ser A_191'2,1 J 9518 _--- 9634 May 18
6
Tor Ham & Buff let g 48„h1916 3- 1942 A 0 91 __ 101 Dec U.
Series B
95 8914 Dec '18 __Ulster & Del let cons g 5s-1928 I 1) 01
Int reduced to 310_ _1942,A 0 8012 -_ 9014 Feb 12
__ _ _ ____
70 58 Sept'17
1952 A 0
181 refundlne ir 4s
- - 904 Ost 12
1948 M N 83
Series C 310
8712 45 8615 8972
87 Sale 8018
1947 J J
Union Pacific let g 48
884 Fet,
A
1950 F
_ ___
Series D 310
13
803 8512 Oct '18
1947 J J
Registered
17
7614 .....- 88 Apr
1
8
6 873 8912
88
Erle & Pitts gti g 3103_ _1940 J J 83.
1927 J .1 8713 Sale 8713
20-year cony Is
9015 July Si
1940 J J 71314 _
13 80 8313
Series C
81
let & refunding 48_ _ .___p2003 NI 5 8012 Sale 80
89 __ 81% Dec '18
Gr R & I ex 1st gu g 410_1941 J J
10478 79 10378 106
10-year perm secured 138.1928 J J 1047 Sale 10378
86
Ohio Connect let gu 4s_ _ _1943 M S 834 ---- 78 Oct '18
85 Jan '19 ___ 85
Ore RR & Nay con g 4s_ _1916 J D 844 813
8
Pitts Y & Ash 1st cons 58_1927,N1 N '967 ---- 93 May'10
1 1004 101
10012
Ore Short Line let g 13s_ _ .19'32 F A 10014 10112 10013
9834 Apr '17
Tol W V &0 gu 410 A.1931 J J 8812 95
98
98
7e
19161 .1 9812 9878 98 Jan 19
1st consol g 5s
92 Dee '17
19'33 J J 844 95
Series B 410
41
1 • 8611 83
863
4
863
8612 87
Guar refund 4s
8418 Sept'17
1942 M S 7818
___ __
Series C 4s
J
. 19281 D 9113.. 98 Deo
Utah & Nor gold 5s.._ _1929
1 9412 9112
9113
9413 9413
P C C & St L gu 410 A....1910 A 0' 92
89 Feb '13!----I, - 1931J J 8214 89
1st extended 43
1 9234 923
4
924
4
9612 923
1942 A 0 92
__ _
Series B guar
80 Jan
Vendetta cons g 48 Ser A._ _1911 F A
1942 M N 90% 99 99 June'17
__
Series C gust
___
UM M N 7912 -_-_-_-_ 8018 June'18:
Series 13
Consuls 45
,
1945 M N 8312 93 90 8 Sept'18
Series ID 4s guar
35 Sept'17
-_
J
Vera Cruz & P let (sit 449.1931 J
Series E 310 gear gold.1949 F A 874 --- 904 8eut'18
Option sale.
(Due Dec. s
h Due July. k Due Aug. o Due Oct. p Due Nov
No price Friday; latest bid and asked. a Due Jan. 5 Due Feb. g Due June.
--
..--
2
-141-
_-_.
i
.r
----
---.
FEB. 11919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 31
Virginian 1st 53 series A__ __1962 M N
1939 M N
Wabash 1st gold 55
1939 F A
2d gold 58
1939 J J
Debenture series B
1st lien equips fd g 55._ _ -1921 Id S
1st lien 50-yr g term 45.._ _1951 J J
Det & Ch Ext 1st g 5s_ _ _ _1941 J J
Des Moines Div 1st g 4s- -193
9
1941A 0
Om Div 1st g 3Ms
Tol & Ch Div 1st g 4s_ 1911 M S
Wash Terml 1st gu
F A
1945 F A
1st 40-yr guar Is
West Maryland 1st g 4s__ _ _1952 A 0
J
West N Y & Pa 1st g 5s_ _ _1937 J
1943 A 0
Gen gold 48
p1913 Nov
Income 53
_ _1945 M S
Western Pac 1st ser A
-------329 A 0
Wheeling & I, E 1st g 53
Wheel Div 1st gold 5s_ _..1928 J J
Exten S, Impt gold 5s__ 1930 F A
Refunding 44s series A _ _1966 M S
1949 M S
RR 1st consol 4s
J
• Winston-Salem S B 1st 4s_ _1960 J
J
Wis Cent 50-yr 1st gen 43_ A949 J
Sup & Diii dly & term 1st 4s'36 M N
Street Railway
Brooklyn Rapid 'Fran g 5s__1945 A
1st refund cony gold 4s__ -2002 J
5-year secured notes 53.. —1918 J
Ctts 3-yr sec 7% notes opA1021 J
3-yr 7% secured notes_61921 J
Bk City 1st cons 5s__1915-1911 J
Bk Q Co &S con gu g 5s_ _1941 M
13klyn Q Co & 81st 5s__ _ _1911 J
Bklyn Un El 1st g 4-5s__ A950 F
1950 F
Stamped guar 4-58
Kings County E 1st g 4s 1949
1919
Stamped guar 48
Nassau Eicc guar gold 48_1951
1927 F
Chicago ltys 1st 55
Conn Ry & L 1st & ref g 4 Ms1951 J
1951 J
Stamped guar 4s
Dot United 1st cons g 4 Ms_ _1932 J
• Ft Smith Lt & Tr 1st g 53_- -1936 61
Hud & Nlanhat 5s ser A_ _ 1957 F
1957
Adjust income 5s
1932
N Y & Jersey 1st 5s
Interboro-Metrop coil 4s1955 A
Interboro Rap Tran 1st 5s_ -1066 J
Manhat lty (N Y) cons g 4s_1090 A
1990 A
Stamped tax-exempt
Manila Mee lty & Lt s 1 5s_ _1953 M
Metropolitan Street Ry—
Sway & 7th AY 1st c g 53_1913 J
Col & 9th Av 1st gu ic 53-1993 M
Lox Av & P F 1st Ku g 5s 1993 M
Met W S El (Chic) 1st g 4s 1933
Milw Bloc Ity & Lt cons g 5s 1926 F
Refunding & exten 410- -1331 J
Minneap St 1st cons g 5s— _1919 .1
Montreal Tram 1st & ref 53_1941
New On Ry & Lt gen 4Ms_ A935 J
N Y Municip Ry 1st s t 5s A 1935 J
N Y Rys 1st It 111 & rel 43_ _ -1042 J
a1942 A
-year ad) Inc 5s
30
N Y State ltys 1st cons 4 Ms 1952 M
Portland Ity 1st & ref 58_ _ _ _1030 M
Portld lty Lt & P 1st ref 5s_1942 F
Portland Gen Elec 1st 55_1935 J
St Jos Ity I. H & P 1st g 5s_ _1937 M
St Paul City Cab cons g 55_ _1937 J
1960 J
Third Ave 1st ref Is
o1950 A
Ad)income 53
1937J
'Third Ave Ity 1st g 5s
'Fri-City Ity & Lt 1st s f 5s. _1923 A
Undergr of London -13-85- _ _1933 J
1918 _ _
Income 6s
United Rys Inv 5s Pitts iss_ _1929 M
United ltys St L 1st g 4s- -- -1934 J
St Louis Transit au 55_ _ -1924 A
United RBA San Fr s f 45— _1927 A
Union Tr(N 1) ctfs de.1)
Eqult Tr (N Y) inter ctfs__ _ _
Va Ry & Pow 1st & ref 53_ -1934 J
Gas and Electric Light
Atlanta G L Co 1st g 5s— -1947 J
Bklyn Un Gas 1st cons g 5s-19.15 M
n
Cinch Gas & Elec tst&ref 5s 1955 A
1927 J
Columbia GI & E 1st 54
Columbus Gas 1st gold 5s. _1932 J
1920 (4
Consul, Gas cony deb 6s
Cons Gas ELS,P of Balt 5-yr 5s'21 M
Detroit City Chas gold 53_ _ _1923 J
Detroit Edison 1st coll tr 5s-1933 J
/41940 M
1st & ref 53 ser A
Eq 0 L N Y 1st cons g 5s_ _1932 M
Gas & Bloc Berg Co c g 53. _1949 J
i952 F
Havana Elec consol g 5s
Hudson Co Gas 1st g lis_ __1949 M
Kan City (Nlo) Gas 1st g 58_1922 A
1937 A
Kings Co El L & P g.53
1997.
Purchme money Os
1925 M
Convertible deb Os
Ed El III Skis 1st con g 43_1939 J
Lac Gas L of St L 1st g 53_81919 Q
1934 A
Ref and ext 1st g 5s
_ _1927,M
Milwaukee Gas 1, 1st
1913 J
Newark Con Gas a 55
19434
YG
& P g 53
1919. F
Purehase money g Is
Ed Else ill 1st cons g 53-1995
NY&Q El LAP 18t con g 5:3_1930 F
Pacific G & El Co—Cal G &
..1937 M
Corp unifying & ref 53_„
Pacific G & E gen & ref 5s_ .1942,J
,
Pac Pow & Lt 1st & ref 20-yr
55 Internattonal Serles_1930
Pat & Passaic G & El 5s_ _ _ _1919 NI
Peon Gas & C 1st cons g 63_1943 A
1917 NI
Refunding gold 5s
Ch.G -I, & Coke 1st gu g 5s 1937 J
Con G Co of Ch 1st gu g 551935 J
Ind Nat Gas & Oil 30-yr 5s1930 7.1
Mu Fuel Gas 1st gu g 53_19.17 NI
Philadelphia Co cony 5s_ _ _ _1919 I?
Cony deben gold 58
1922 M
Stand Gas & El cony s t 58_ _1926 J
Syracuse TAghting 1st g 5s 1951
Syracuse Light & Power 5s_ _1951 J
Trenton G & Et 1st g 5s__ _ _1949 M
Union Elec Lt & P 1st g 5s_ _1932 NI
Refunding & extension 58_1933 51
United Fuel OM 1st 8 t Os__ _1936 J
Utah Power & Lt 1st 58_
F
Utica Mee L & P 1st g 5s__ _1950 J
Utica Gas & Mee ref 53_ _ _1957 J
Westchester Ltg gold 5s_ _1950 J
New York Bond Record—Concluded—Page 4
Price
Friday
Jan. 31.
1Veek's
Range or
Last Sale
,1,31
Range
g51since
Po 41 Jan. 1.
Bid
Ask Low
High No,' Low High
923 Sale 9238
3
9212
5 9213 9112
953 93
4
063
4
9812
5 9512 93
8512 873 88
.4
88
88
89
---- -- 90 Aug '18
9614 _-_- 98 Nov'18
___
__
05 Sept'18
_
8712 --_- 9912 Sept'17
____ ____
____
80 Aug '12
_
67
72
76 Apr '17
71 Jan '19 -- -------74
74
7518 80
76 Dee '17
84
82 Aug '18
58
Sale 58
12 53
5S2g
58
9912 100
99 Jun '18
---- 853 70 Dec '18
8
_
____
36 Oct '17
-I
- - - -- 8412 Salo 8112
85
15 8112 8612
90
96
93 Oct '18,
---- 96 100 Fen '17'
I
_-__ 983 9958 Mar 17!---4
59
55
04 Jan '19 __ 61 - 61 55
69
69 Nov.
18,____
78
82
72 Nov'18;_—_
7712 Ws 78
7912; 11 78
80
7212 7512 7412
7412
I 7214 7412
71
Sale 71
71 I 10 55
70
4912 5212 48 Jan '19
- 45
5212
9534 Deo 'I8L..-- - - - - - - 9514 Aug '18'
-7812 -757 76
1 8
7912, 53 75
8512
80
92
92 Dec '181----- 70
80 May'121..___
9912 101 May'131___
-i2-18 Sale 72
7514; 13 72
78
7134 Sale 7134
72 I
6 7134 72
60
65
57 Jan '19'
57
57
5614 7253 02 Jan '19
62
62
5873 60 Dee '181_ _
—79.37 Sale 71)
4
793
41
5' 70
81
89
8712 Nov'18
89
_ 86'.i Oct '18 _ _
11 73
7412'
7413 75
741/
74i
_ 81 Jan '14L.._
58
Sale 573
4
533
3 30, -5 1- SOlt
. 2
1G13 Sale 16
1612 83' 15
18
90 100
87 Oct
3912 Sale 383
4
40 1 184 383 433
4
4
70
Sale 6914
71)12' 228 683 7234
4
72
73
72
72
2 72
72
7412 7412
7412
72
1 74
7112
75
80 80 July'18
7712 79 Dec
58 Jan '19 -70
74 Jan '19 ____
74
54 Dec '18
_
97 ---- 10012 June'17;___
8112 Dee '18 —
9912 _-__ 9814 Aug '17
83
9712 July.17'
_ 7212 74 Aug
55 Jan '19 —_41
4314 4012
4053 22
1212 14
1219
13
33
_ 62
613 Jan '19...__i
4
.7i
99
8812
_
67 Aug '181 .....1
9012 Feb '17
9.5 July'171 ----I
--__ 9912 10212
5012 52
50
5212 36.
2813 Sale 2712
29
511
8712 100
97 Dec '18
97 _ _ _ _ 9578
957
3
2
77 ...... _ 76 Mar'18 —
65 ____ 56 Aug '18 _
55
69
65 Dec '18
517 Jan '19 ____I
8
- -- 60
50 June'17
_ 37
22
22
l'
2134 2534 22
22
6
213 25
2212
4
23
17,
79
Sale 79
79
1'
68
-08 - 58
74
74
_
_ _
- - - -- _
_ _
_ _ _ _ _
_
55
4012
1158
6134
---
57
4373
117
8
62
- -__
50
53
2712 317
8
_
94: 957
13
3
50i5 52t,
22
22
22
7:1
22
22
23
79
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 31.
C,
465
Price
Friday
Jan. 31.
1Veek's
Range cr
Last Sale
Range
Since
Jan. 1,
Miscellaneous
1Bid
Ask Low
High No. Low High
Adams Ex coll tr g 4s
1948 M
6212 65
65
65
65
6 65
Alaska Gold NI deb 58 A_ I 1925 M
32
3512 3214
34
3 3214 35
Cony deb 6s series B
1926 M
31
32
3512 32 Jan '19
34
Am SS of NV Va 1st 5s
1920 NI
Armour dr Co 1st real e,st 4 Ms'39 J
-887 87 -807g 88 20 86g 8854
Booth Fisheries deb s f Os__ _1926 A 0
. - - -- 90 Feb '18
Braden Cop NI coil tr 8 f 6s_1931 F A
9134 96
95
7 95
95
9512
Bush Terminal 1st 4s
1952 A 0 80
84
80 Dec '18
Consol 5s
1955 J
8114 89
8553 Jan '19
855s 8553
Buildings 5s guar tax ex 1960 A 0 80
82
81 Jan '19
81
81
Chic C Sr Conn Rys 51 5s...1927 A 0
58 Nlar'18
Chic Un Stat'n 1st gu 410 A 1963 J
8778 8812 88
5 88
89
8812
Chile Copper 10-yr cony 78_1923 M
107 10812 107
107
2 10612 110
Reels (part paid) cony 58 ser A A
83
8412 8212 Jan '19
8212 85
Coll tr & cony (is ser A_ _ _1932 A 0 81
Sale 8212
84
36 8112 85
Computing-Tab-Rec 8 f 6s 1911 J
84
Sale 8312
8412 15' 83
84
Granby Cons MS & Peon 6s A'28 M
97
9312 97
97
97
97
Stamped
1928 PA
97 101
98 Jan '19
98
98
Great Falls Pow 1st s f 5s__ A940 NI
9314 ____ 93 Sept 18
.
Int Mercan Marine s f 58__ _1941A 0 973 Sale 9713
4
987 146 -if 102
8
Montana Power 1st 5s A__ 1913 J
93
Sale 0213
93
8
58 9218 957
Morris & Co 1st s t 4 Ms__ 1939 J
8212 83
81 Nov'18
-- - - - Mtge Bonds(N Y)4s ser 2 1966 A
83 Apr '14
___
10-20-year 5s series 3_
1992 J
94 June'16
__
__
N Y Dock 50-yr 1st g 4s
1951 le A
68
73
7334 Dec '18
__
--Niagara Fails Power 1st 5s_ _1932 J
95 102
97
97
97
1 95
a 1932 A 0
Ref & gen 68
10012 Dec '18 ____
__ - Niag Lock &0 Pow 1st 5s_ _1954 NI
9314 8912 Oct '17
Nor States Power 25-yr 5s A 1941'A 0 89
90
89
8918
7, 89
90
Ontario Power N F 1st 5s_ .19-131F A
8913 93
89
89 ___2 89
91
Ontario Transmission 5s__ _ _1945:M
95
84 June'17
Pan-AmPetS,TrIst conv6s .19-'271J
ill 116 11214
i4 2
111214 3 '11 , 12 .i , 8,
Pub Sony Corp N J gen 5.3_19591A 0 80
Sale 7518
80
8 7 8
Tennessee Cop 1st cony 68_19251M
91
95
91 Jan '19 ____1 91
92
Wash Water Power 1st 513_19391J .1
903g ____ 927 Jan '19 ___ _I 927 927
s
8
8
Wilson & Co 1st 25-yr 8 t 65.1941 A 0 98
Sale 98
Whnufacturing & Industrial
Am Agric Chem 1st c 53_ _ __1928 A
Cony deben 58
1924 F
Am Cot Oil debenture 5s_. _1931 M
1919 I'd
Am Hide & L 1st s f g 6s
Am Sm & R 1st 30-yr 5s ser A'47 A
Am Thread 1st coil tr 4s__ _ _1919 1
Am Tobacco 40-year g 6s__ A944 A
Gold 4s
1951 F
Am Writ Paper 1st s f 5s__ _1919 J
Bahlw Loco Works 1st 55_1940 M
Cent Foundry 1st s f 68.._ _ _1931 F
Cent Leather 20-year g 5s_ _1925 A
Consol Tobacco g 4s
1951 F
Corn Prod Ret'g 8 f g 55_ _1931 I'd
1st 25-year s f 53
1934 M
Distil Sec Con cony 1st g 5s_19271 A
E I du Pont Powder 4 Ms__ _1933J
General Baking 1st 25-yr 5s_19351J
Gen Electric deb g 3Ms__ _1942 F
Debenture 5s
1952 M
Ingersoll-Rand 1st 5s
1935 J
list Agile Corp 1st 20-yr 5s_ _1932 M
Int Paper cony s t g 5s
1935 J
1st & ref s f cony lis ser A _1917 -Liggett & Myers Tobac 7s_ A944
1951 F
Lo
1914 A
Co (P) 7s
5s
1951
Mexican Petrol Ltd con Os A 1921 A
1st lien & re( (is series C 1921 A
Nat Enam & Stamp?, 1st 53_1029 -I
Nat Starch 20-year deb 5s 1930 J
1912 M
National Tube 1st 53
N Y Air Brake 1st cony 5s 1923 M
Pierce 011 5-year cony 5s._81920,J
h1924iJ
10-year cony deb 6s
Sinclair Oil & Refintug1st 8 f 7s 1920 warrants attach IF
do without warrants attach'}'
Standard Milling 1st 5s____19301 NI
The Texas Co cony deb 6s__1931 J
Union Bag & Paper 1st 53_193013
Stamped
193()!J
Union Oil Co of Cal 1st 51 193113
U 8 Realty & 1 cony deb g 5s 192413
U S Rubber 5-year sec 7s__ _1923 J
1st & ref 53 series A
1947 J
U S Smelt Ref & NI cony 63_1926 F
Va-Caro Chem 1st 15-yr 58_1923 J
81924 A
Cony deb Gs
West Electric 1st 55 Dec__ _ _1922 J
0 99
Sale 9S5
8
99
A 100 10053 101
981' 25 : 09812
3
:100
0 :'
98
90801
38
1013 : , 19272
4 733 98
88
8912 88 Jan '19
10012 101 10012
10012
0 9034 Sate 9012
91
_
9953 Nov'18
--119 Jan '19 ____ iffi - 119
A
733 75
4
7212 Jan '19
7212 7212
8812 0012 9014
91
18 • 8814 91
9973 ___ 101 Jan '19 ____ 101 101
A
80
817; 80 Dec'18 ____'1 __ _ _ — 0 9612 Sale 06
955
8 23, 95
97
A
8012 7312 Dec'
o1
18 : _ 2 10 4
I 1 _891_ -90139912 ____ 101 Jan '19 ____, 101 101
9912 10112 9912 Jan '19
9912 100
0 90
Sale 90
__- 100 104 May'17
-833- 90
4
83 Dec '18 ._ 1
A
7318 ___
73 Jan '19
-73
73
9734 977; 973
4
977
8
11 973
4
9778
_ 95 Nov'18 ____ 1•____
797 Sale 78
8
797
s 87 7612 797
8
9512 ____ 94 Oct '18 ____'
92
9012 Nov'18
11
1123; sale 11214
11314
12 11214 1 37
5
1 : 8
3
A
9212 Sale 9212
93
5 92
937
8
0 11234 Sale 11214
11234
A
9034 Sale 9014
9112,
6 , 9014 94
150 180 165 Noy'181 __.
;i1
_ _
_
150 180 185 Jan '19 ____1 -182 - 185
9512 A ug 418
9
4 Noy 8
9312 98
98773 987
s
9873
11 98
938
.
10012 1011 10178
9914 997 99
:
9078 Sale 903
4
A
A
.1
A
99
953
3
88
10112
8812
Sale
Sale
95
Sale
89
9314 9:312
6314 Sale
10353 Sale
136v3 Sale
9973 100
9514 95
10132 102
98
Sale
10178
99
9112
20 :109714 10911s
1 9 8 9 s
0
3
85 883 93
4
99
9934 25 99 100
95
9612 47,, 9533 965
s
93 Jan '19
93
93
10113
10112 27 10012 103
87 Jan '19 __11 85
87
87 Dec '18
937
3
9378
3 , 9373 937
/
8
63
6358 30 60
635
8
10312
104
22 10234 104;
8614
87
375: 85
S77
8
9853
09
111 0s5 100
8
9514
9558
19 9514 90
102
• 102
10 10112 10214
08
9812
9812 1211 97
9313
_ 103 Sept'15
9412 913 913
4
4
9178,
2' 91
95
90 _
91 Dec '18
80
83
Coal, Iron & Steel
1097 FeL82 8 : 86,7 : Beth Steel 1st eats f 55
805:
92
: 1993 1
;
1
115
I: 9992 ;
t
51182 :
8
7
J 95
1926 J
9512 9512
9512
1' 9512 9612
101
Sale
112 i(:
Kilg idi
1st & ref 55 guar A
1912 MN
87
95
97
99
20-yr p m & imp s f 5s_ _ A936 J
J 86112 S8le 8714
8 2 8a
0
8
0
807
3 29 87
1
0 8
83812
9618
_
Buff & Susq Iron s 1 5s
1932 3D 90
96
90 May'18
95
Sale 95
96
Debenture 58
a1926 NI S
_-- 8614 July'18
94
Sale 91
94
1 91
94
Cahaba C NI Co 1st gu 6s__1922 J o
101 Dec '14
_ . 94 Feb .18 .....1, _
_
_
Colo If & I Co gen s 58_ _1913 FA 88
89
..88
88 Jan' 19 -8 -13
I
100 Feb '13
Col Indus 1st & coll .58 gu-1931 F A
74
7512 75
75
21 75
7712
9213 Nov'17
_ ___ 90
Cons Coal of N1,1 lst&ref 5s 195(1 J O 87
92
87 Aug '18
9513 Dee '17
J O 9834 Sale 9834
Elk Horn Coal cony 6s_.__ _ _1925
9834
983
4
1195
9073 Dec '15
8353 __
/
Gr RI, Coal & C 1st g 6s_ _81919 AO
94 Feb '18
0014 _ . _
90 Dec '17
Illinois Steel deb 4 Ms
1910 AO 841: 9
i1, 88
),
412 8 14
9
,
38
94
7
271 8214 8114
Sale 100
100
100
i' 100 103 1952 MN
Indiana Steel 1st 55
2,, 9512 9718
_ 90 Jan '19 _: 90
90
Jeff & Clear C & I 2d 5s_ _ _ _1926 3D 9512 ---83
Silo 797
3
33
0. 7973 83
Lackawanna Steel 1st g 5s_ _1923 AO 9678 98 -1 7 Jan '19:DI-0 1- 97
-6 4
. 8
i6
9953 100
9953
908
9914 99 8
,
1st cons 5s series A
1950 MS 83
8514 85
8612
6 86
8712
95 (
95
3512 95
3 95
Midvale Steel &0 cony s f 581936 NI S 87
97
8714 87
8712 17, 87
8812
87:3 9012 8112 Oct '18
J
Pleasant Val Coal 1st s f 5s 1928 J
763 ____
8
_ 1011/ Apr '17 .
Pocah Con Collier 1st s f 5s_1957 J
8758 90 -971
.
91
9312 9112
94
.13. 9112 94
Repub I Sr S 10-30-yr 5s s f_1940 AO 9112 9518 943
4
9434
-9.518
7112 Sale 7112
7112
1 7112 741 1
St L Rock Mt & P 5s s(mpd_1955 J J
8034 83
8018 Dec '18
100 100 Jan '19 __I 100 100
Tenn Coal I & RR gen 5s_ _1951 J J
89
953 9514 Dec '18
3
9312 Aug '1.7 --__' _
U S Steel Corp—)coup _ _ _41963
N 10014Sale 997
10014093 10012
3
5110-60-year 531reg __d1963 MN 9912
9912 9934
9534 96
9512
953
4 10 9512 9534
Utah Fuel 1st a f 5s
N
1931
8634
8618 87
8712
87 3 12 8712 83
8
Victor Fuel 1st s f 5s
1953 J J
70
SO Dec' 16
Va Iron Coal & Coke 1st g 58 1949 MS 87
8918 8753 Jan '19
875
8
87
92
88 Jan '19 —
88
38
11
100 July'17
____ _ _ _
Telegraph & Telephone
100" -- 100 Jan '19_ 100 101
Am Telep & Tel coll tr 48._ _1929 J
843 Sale 837
8
3
8412 50 83:4 85
75
75
77
7514
11 75
76
Convertible 48
1936 M
7812 85
7812
77
7812 Jan86
'
19
96 Sept'17
_-__ 00
20-yr convertible 4 Ms__ 1933 Id
86
Sale 86
_--- 95 100 Apr '17,
30-yr temp colt tr 5s
1946 J
9314 9312 9312
84
99
6
4 92
9334 17 8
_
89 Mar'17
7-year convertible (is
1925 F A 10212 Sale 102
103
490 10034 103
94 July'l7
Cent Dist Tel 1st 30-yr 5s_ _1943 J
98 ____ 9914 May'18
__ 9812 9914 Noy'15. _._
Commercial Cable 181 g 4s 2397 Q
73 Nov'17
91 Jan '19 ____ 91
3
.
7 91
9t
Registered
2397 Q
6813 Jan '18
91 100
94
91
Cumb T & T 1st & gen 5s_ _ _1937 J
9314 9412 9314 Jan '19
' 93
9312
821s -- 9712 May'17,
Keystone Telephone 1st 5s_ _1935 J
9634 98 Apr '15
7114 7512 70 Nov'18
_
Mich State Telcph 1st 5s__ _1924 F A 90
92
90 Jan '19
_ 56
90
8
-- 983 Oct
NY&NJ Telephone 85 g- A920 M
9712
_ 9812 Jan '19 ____ 1 1 9812 9812
92 Jan '19
0113
92
92
N Y Telco 1st & gen s f 410_1939 M
5 88
903
4
897 90
8
8912
90
S2 1015 Nov 161---- - - 8
.
Pacific Tel & Tel 1st 5s
19371J
9353 9418 93
9413,
8 93
953
8
07
97 Dec '18 _
95
South Bell Tel & T lst f 5s_194111
92
93
92
8812
8812
8812 89
8 8812 -8
West Union coil In cur 5s_ _193813 JI 9312 ____ 93 Jan93 _6 93
.
412
'
191
_, 9
2
9
933
101 June'17
Fund & real est g 43-s_ _ _ _1950 M
8614 92
8612 90
8614 Jan '19
93
95 Aug '17
87
Mut Un Tel gui ext 58_ _ _1941 M NI
99 101 12 Sept'171_ --1 1
__
92 Jan '19
90
97
92
92
Northwest Tel gu 4
g_ _1934 J
8114
- -1 94 Noy'lG
NO price Friday: latest bid and asked. a Due Jan. d Due April. e Due May. g 1) 10 June. 8 Due July. k Due Aug. o Due
Oct. p Due Nov. f Due Dec. s Option sale.
sale 9012 0912 1 :
i
--
BOSTON STOCK EXCHANGE-Stock Record so.":::,°:„.
466
-NOT PER C'ENl'UM PRICES.
SHARE PRICES
:'aturaay
Jan. 25.
Monday
Jan. 27.
Tuesday
Jan. 28.
Wednesday
Jan. 29.
Thursday
Jan. 30.
Friday
Jan. 31.
Salesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1. ,
Lowest
Highest
Railroads
Jan 8 136 Jan 2
100 131
34 Boston & Albany
___- *134 ___ 133 133
134 13412'
0134
134 134 *134__
100 67 Jan22 73 Jan14
1,458 Boston Elevated
6812 6812. 6912 6912 70
68
6734 68
6712 - - 6734 6934 68
100 00 Jan28 95 Jan 3
91
37 Boston & Lowell
00
91
90
92
*90
90 90
98
08
*90
*90
100 28 Jan30 3112 Jan17
2812 28
28385 Boston & Maine
28
29
*2812 2912 $2812 29
*2812 29
29
100 167 Jan 9 168. Jan 6
' Boston & Providence
Last Sale 167 Jan'19
_ *167 ____ *167 -_- *167 __0167
'
Boston Suburban Elee _no par
Last Sale .50 Dec'18
3
3
$1
3
3
*1
*1
01.
'
Jan14
no par 10 Jan24 11
7 Do pref
____ __11
*7
10 *___ 11
*10
10
11
11
*10
par
Boston Sr Wore Elec..
Last Sale 412 Nov'16
- ------- ---- ---no par
Do pref
Last Sale 30 Nov'18
0
3
30 *__ -- *___ 30 *____ Chic Juno Ry & US Y_-100 135 Jan 4 135 Jan 4
Last Sale,135 Jan'19
_
*__ 135 $____ 135 *__ 135 *_ 135
_
100 85 Jan22 8712 Jan 9
Do pref
Last Sale 8612 Jan'19
87
*85
87
*85
*85
90
87
*85
100 112 Atn15 113 Jan23
Last Sale 113 Jan'19Connecticut River
0112 114
*113 115 *113 114 *112 114 '
100 5614 Jan 8 58 Jan 2
Fitchburg pref
57
17
57 1 ---- ---57 57
57
58
57
*57
58
*57
Georgia Ry & Elec stampd.100
Last Sale 109 Oct'18
100
Do pref
ct•
Last Sa '14
if"
ii" ;iii" " ;i5- ;75"
100 80 Jan23 83 Jan 6
139 Maine Central
82---------*80
82
*80
80
81
80
80
8014 81
312 Jan14
238 Jan 2
100
7--i2 -18 2,122 Mass Electric Cos
8 3
212 *23
212
258 258
258 278
3
3
100 12 Jan 2 1714 Jan14
1414 3,839 Do pref stamped
1414 1418 1478 14
14
1514 1512 1334 1512 1312 15
100 28 Jan21 33 Jan 4
29
28
1,292 N Y N H & Hartford
2812 29
29
28
2978 30
2914 2912 2838 29
Northern New Hampshire_100
Last Sale 92 Nov'18
*90 -__ *90 -__ *90*90 _ __
100 98 Jan30 105 Jan 3
99
58 Old Colony
99
98
98
100 100
100 166- 100 100
100 100
100 19 Jan24 20 Jan18
100 Rutland pref
20
*19
20
*19
20
20
*19
20
20
20
Jan'19
Vermont & Massachusetts_100 95 Jan fl 100 Jan18
Last Sale 97
97
*95
*95 _
*95
*95 -__
50 43 Jan22 4712 Jan 8
4512 4512
275 West End Street
4412 45
4E- 4412 45
45
45 -. .
45
46
*45
50 52 Jan21 55 Jan 8
24 Do pref
___. _-_54 '52
54
*52
*52
5312 5312 5312 54
54
Miscellaneous
480 Amer Agricul Chemlcal_.100 100 Jan29 10314 Jan 9
8
8
10012 10034 10014 101
4
3
10034 100 4 100 10034 1003t, 1003 1003 1007
100 9712 Jan 3 99 Jan16
182 Do pref
9818 99
98
98
*9812 99
s
987 99
9812 9812 9812 99
1
25 55c Jan 2
Jan31
1
1
*.60 .70
1,075 Amer Pneumatic Service
.75 .75
.70 .70 *.70 .75
.70 .70
6 Jan 7
50
6 Jan 8
3
512 5 4
50 Do pref
6
6
*5
*5
6
*5
6
05
'
6
*5
Jan 2 115 Jan14
2100111
112 1121
*11234 114
77 Amer Sugar Refining
113 113
11214 113
8
1125 11258 *113 114
100 113 Jan 2 116 Jan27
11512 10532 115 11512 115 115
1014
115 1153 115 116
91 Do prof
4
100 99 Jan29 10134 Jan16
10012 101
8 9
99 10038 9914 995 -- 5T2 166" 2,230 Amer Telep & Teleg
10012 10078 100
4612 *4512 4612
46
37 American Woolen of Mass-100 46 Jan20 5112 Jan 2
04613 4711 *46
'
46
4612 46
4612 *46
100 94 Jan21 97 Jan 9
9412
356 Do prof
95
9514 95
9418 9434 9418 9412 94
9412 95
95
81
81
82
209 Amoskeag Manufacturing..__ _ 80 Jan22 83 Janll
81
*81
*80
82
81
81
81
81
*80
7812 Jan 9 82 Jan 6
28 Do pref
81
81
*80 _ _ _ _ '80 ____ +80
80 80
81
1.t
20
-19- I618
18
45 Art Metal Construe Inc.._ - 10 1712 Jan21 2014 Jan24
20
2012 *19
*19
20
*19
20
Last ale 1112 n'1
AU Gulf & W I SS Lines....100 10112 Jan20 10512 Jan 9
*101 103
9912
99
*97
*98
*98 100
100 6678 Jan25 6678 Jan25
100 Do pref
_
*65 ---- ---------3
___
667 6678 *
65 ____ *65
no par 1812 Jan14 2212 Jan 2
*1912 /61- "i1 "Ai 1914 1958 --------660 Booth Fisheries
2
8
193 193
s 19
19
495 Century Steel of Amer Inc.. 10 1358 Jan10 15 Jan 3
1418 1418 1418 1418 1418
*1418 1414 14
1418 1418 1418 14
13
13
140 Cuban Portland Cement.... 10 12 Jan 7 14 Jan 2
13
13
*1212 1234 *1212 13
12
12
*1214 13
638 Jan14
150 East Boston Land
51 ---- ---512 210 412 Jan 4
512
512 *5
512 *5
512 *5
*5
100 165 Jan28 172 Jan 2
17 Edison Electric Ilium
168 188
165 167 *166 169 *16612 169
168 168
25 5212 Jan21 6114 Jan 2
5:i
399 Fairbanks Co
-Ea12 - 4
*533 5414 5334 54
5412 5112 54
54
54
54
100 14712 Jan21 152 Jan 3
63 General Electric
____ ___
150 150
14912 11912 *148 150
150 15018 *149 151
50 2912 Jan 2 3218 Jan10
65 Gorton-Pew Fisheries
30
30 4 3013 31
4
3
4
3114 3114 3012 3114 *303 31,
10
6
434 Jan 2 . 3 n 2
13
53$ Ja
60 Internat Port Cement
514 512
3
5 4 $5
*5
3
5 4 *514 53
4 *514 512
4 *514 53
50 18 Jan 4
Jan'19
Do prof
Last Sale 19
*1712 22 '1712 22 .1713 22
22
+18
:2
Jaa
6 Jan 2 819X j3a019
8662
Trans Corp_ _ - 10
5 73
8 2,476 Island Oil&
7513 75
814
8
4
4 73
73
4
712 73
4
75
8
712 77
92
10 McElwain (NV H) 1st pref-100 00 Jan17
4 _
*911__ *9114 ____ 92
*9114 ---- '9114 83 83
171 Massachusetts Gas Cos......100 8112 Jan20
82
82
83 83
83
8314 8i*9114- 14 83
83
4
823
100 69 Jan14 71
Jan13
'71
46 Do pref
0'70
7012 7012 '
_ *7014 ___
*70
7012 7012 *7012 __
100 131 Jan28 13312 Jan 2
21 Mergenthaler LinotYPe
*130 13212 13178 1317 131 131 *130 13178 *130 1317 ---- ---8
8
10 New Eng Cotton Yarn__ __100 92 Jan 7 92 Jan 7
'02
*92
92
*92 -_ *92 ____ 92
100
Do pref
Last Sale 92i;-Ati-glii
91
24 New England Telephone_ -100 90 Jan22 94 Jan 3
92 I
;51 61
91- ;9112 . -- "52 Iti" -55- - - 92
"
:
62
-30 Nova Scotia Steel & C.. _ _ _100 4912 Jan27 52 Jan25
47 I -- - *45
52
52
48
*44
50
4912 4913 *47
100 120 Jan 6 12212 Jan15
__
____
*120
8 Pullman Company
. 12014 12014 *120 121
____ *11912
*119
50 4812 Jan31 54 Jan10
350 Punta Alegre Sugar
*4812 50 1 4812 1812
5018 5018 50
50
*48
ICI
50
50
10 14 Jan 3 15 Jan14
15
15
125 Reece Button-Hole
*14
15
L.
143 *1412 15
4
*1412 15
15
*14
4
3218 Jan23 363 Jan31
3312 33 33
33
3 3518 3631 4,755 Stewart Mfg Corpn
353
35
3412 3438 35
33
100 115 Jan30 12614 Jan 3
118 119
123 12314 12112 123
Co
4,092 Swift &
11914 122
11712 11934 115 11812
25 5212 Jan13 55 Jan22
54
5414 55
65 Torrington _ _.
54
55
3
5412 537 5412 5112 5112 *51
*54
100 15812 Jan24 167 Jan15
160 160
16112 16212 160 16031 1,095 United Fruit'
15912 18012 15912 162
15878 160
4
45
e
45
8
445 45
o
4
United S f Mach Corp.... 25 44 Jan13 453 Jan 2
443 45
4434 45
4434 45
4434 45
25 2614 Jan 2 31
Jan25
2913 31
28
28
prof
28
28
78
1,0727
2912 28Is 283
28
28
4 28
100 883 Jan21
4
913 9314 907 9218 913 927
4
4
3
3 887 9014 8914 9014 8958 9018 5,'786 U S Steel Corporation
8
100 113 Jan 2 1665812 j, 3
15 Jan
125
_
11512 11512 *115 1153 1145 115 *11434 11514 115 11518 __
79 Do prof
8
4
812 Jan 7
4
73 Jan21
818 818
81s -14 3,510 Ventura Consol Oil Fields_ 5
813
814 814
8
4
83
8
8
814
Mining
25
'.75 .85 '.75 .85 *.75 .85 '
Last Sale .60 Dec'18
Adventure Con
0.75 .85
0
25 6914 Jan29 74 Jan 3
*70
7012 '70
6912 70
71
175 Ahmeek
070
72
6914 70 '
71 , *70
4 Jan 3
10
"358 Jan 3
Last Site 334 Jan'19
Alaska Gold
4 4
*33
8
338 *31:: 37
.
4 *31
*313 33
25 20c Jan15 200 Jan15
Last Sale .20 Jaa'19
'.15 .40 *.15 .40 *.15 .40 *.15 .40
Algomab Mining
25 42 Jan18 44 Jan21
s
425 4258
*4212 4312 *43
85 Allouez
*4212 4312 4234 43
43
4312 43
*1114 12
12
12
140 Amer Zinc, Lead & Smelt_ 25 1138 Jan21 13 Jan 3
*1138 12
*1112 1212 1112 1112 *1138 12
25 40 Jan21 44 Jan14
40 40
*40
43
43
*40
50 Do prof
42
*10
42
*40
42
*40
5 11 Jan21 123 Jan 6
4
1112 1112
1114 1114 11313 1112 1112 1112 1131 113., 12
525 Arizona Commercial
12
10 20e Jan30 30c Jan17
0.21 .25 1,395 Butte-Balaklava Copper
.21 '
'.25 .32
.20
0.21 .25
.21 .25 $.20 .25 '
Last Sale 1712 Jan'19
Butte & Sup Cop (Ltd)...._ 10 1712 Jan23 1713 Jan23
*1712 19 .1712 19
*1712 19
*1712 19
10 59 Jan18 63 Jan 4
60 60
643 Calumet & Arizona
60
- 5912 5912 5914 5913 5914 5912 60
*5912
25 425 Jan29 445 Jan 3
18 Calumet & Hecla
'430 435
427 430 430 430
425 426
426 420
430 430
225 1234 Jan21 1312 Jan10
*1212 1312 123 123 *1212 1312 *1212 1312 *1212 1312 *1212 131
5 Centennial
4
4
25 41
Jan10 4212 Jan25
4214 4212 42 - 4212 42
4214
4214 42
569 Copper Range Co
4212 42
4214 42
23 Jan 7
20
4
258 Jan 2
258 258
305 Daly-West
4
.4 23
23
4
4 23
23
258
258
258 258 *212 234
538 Jan31
10
5 Jan 2
8 1,650 Davls-Daly Copper
5
5
514 53
5 18
5
51s 518
518 514
5
5
8 *9
9,
9
912 Jan 3
8 918
9,
8 91,
9,
912
9 Jan24
8
9,
9
29'1205 EastButte Copper Min___ 10
9 14
*9
7
3 8 Jan 6
5
8 3
35 825 312 Jan22
Franklin
312 338
312 312 *312 334
334 334 $312 33
Last Sale 80 Dec'18100
'73
76
Granby Consolidated
76
*73
.7312 76
76
*73
100 4312 Jan27 4534 Jan 2
44
*43
*4314 45
45
*44
5 Greene Cananea
45
+41
45
4312 4312 .44
5 Jan 2
Hancock Consolidated.- __ 25
Last Sate 54 Jan'19
*514 512 *514 5 2 *514 512 *514 512
,
61 Ja 2
25 70c Jan23 7003 j n23
Last Sale .70 Jan'19
,75 *____
.75
.60 *-_
Indiana Mining
.75
1 45 Jan21 48 Jan 4
55 p d yr
45 Island Creek Coal
46
46
*4512 47
*4512 47
47
*45
*4512 47
47
47
1 80 Jan29 823 Jan21
4
82
82
*801 1 81
82
prof
82
80 80
$8012 82
82
*8012
25 24 Jan 2 254 Jan13
175 Isle Royale Copper
*243 25
4
4
213 25
25
25
*2412 25
$2412 25
*2412 25
5
4
4 Jan17
53 Jan24
5 Kerr Lake
*512 534 '
s
8 53
55s 558 *512 53t *514 512 *53
0512 514
25
Last Sale .95 Dec'13
Keweenaw Copper
'.95 14 3
,8
16
'.95 1 ;f6 *.95 1/ *.95 1 1 {
412 Jan 2
3 Jan25
25
334
3
312 1.121 Lake Copper Co
*3
3
3
3
3
314
3
3 13
3
234 Jan 3
25
212 Jan21
212 212 *238 3
3 J n21
110 La Salle Copper
4
*212 2 8
4 23
23
4 23
23
7
8 3
4
*23
3 Jan 9
*212 3
Mine
195
Last Sale 3
Jan'
Mason Valley
*212 312 *212 312 *212 31,1
43.t Jan 2
25 4;f .71 10
2 6 J 133
.
411
412
*4
120 Massachusetts Consol
/
4'4 41 (6 *4
412 *4
414 438 *4
412
318 Jan31
25
*212 234 *212 234
3 318 1,960 Mayflower-Old Colony
27
4
4 23
23
8
4 23
29
258 231
418 Jan23
25
4
23 Jan 4
*312 4
*312 4
312
200 Michigan
+312 4
312 312 *3
312 312
25 5034 Jan21 543 Jan 3
4
51
5114 51
449 Mohawk
5158 5158
5112 5112 5118 52
5112 5112 52
*1614 17
5
Last Sale 1634 Dec'18
*1614 17
Nevada Consolidated
*1612 17
*1612 17
25
4
13 Jan14
112 Jan18
*112 2
80 New Are:ttlian Copper
3 112
8 112 *13
3 15,3 *13
112 112 *13
113 112
Jan13
4
83 Jan23
4 Jan'19
3
Last Si
$814 _ _ .. _
Now Idria Quicksliver____ 5
3
*8 4 ---_4
84
* 3 ---- *83
100 10 Jan28 10 Jan28
611
*10
8
12
500 New River Company
____
12-----------*10
10
12
1u1-- 3 I()
*10
10
1014 Ja 23
100 60 Jan24 6333 j n10
230 Do pref
.63 ....__ *63 ....._ 61
60
60 ...._ ___
6114
5
814 Jan15
*814 812 *814 812
400 NipissIng Mines
878 812 *814 812 *811 812
838 812
15 1018 Jan20 4
10%12 Jan 4
7
*1018 10 8 1018 1038 *1014 1012 1014 1014 1014 1014 1014 1014
3
350 North Butte
25 400 Jan 7
Jan
.55
'
Last Sale .40 Jan'19
North Lake
*.55 ---- *.55 -- -- $.55 __
25
15s Jan13
I la Jan20
200 Gjibway Mining
8 *DA
15
0114
112 '
114 114 *114 15
155
8 •114 138 *111
25 3312 Jan31 3514 Jan14
*34
3312 3312
35
34
3412 3412 34
140 011 Dominion Co
35
3412 3412 *31
25 48 Jan23 52 Jan14
*48
Jan'19
50
Last Sale 48
cIscno
50
50
*48
*48
33 O uie cl:
*4712 50
10 125 Jan30 1313 Jan 2
8
13
13
8
455 Pond Creek Coal
1258 1234 125 1234 1234 1234
1278 1314 1234 13
25 57 Jan24 61
*5712 58
59
057
59 '
*57
58
*57
58
58
59
59
J:nn :
8
*2012 21
1
3
s
Last Sale 203 Jan'19
*2014 21
Ray Consolidated Copper.. 10 203 Jan24 21 j (
*20
2034 *2014 21
*42
Jan20 42 Jan21
42
42
45
45
90 St Mary's Mineral Land_ 25 41
*42
45
*42
45
*42
45
*42
Last Sale .32 Dec'18
Sh non
_465 santa Fe Gold & Copper_ 10
---- -- -10
234 Jan17
313 Jan 9
4
Shannon
*23
s 3
*27
3
3
11-I4 --5- -I4
25 400 Jan13
114 Jan14
112
30 South Lake
*114
. 112
112 *114 -112 *114 112 *11a
114 114 *11 t
8c Janll 12o Jan27
5
.10 .10
710 South Utah M & S
.12 .12 *.12 .15 +.12 .14 ..13 .14 *.13 .15
6 Jan 4
434 Jan21
25
35 Superior
5
5
*412 5
*412 5
$412 5
5
5
*412 5
3 Jan 4
218 214 2,320 Snperior & Boston Copper_ 10 I% Jan22
214 214
,4
21 f 214 *218 214
218 214 *218 214
3 .M/113
25
212 Jan 2
234 234 *212 234
212 *212 234
212
220 Trinity
212 212
234 234
1 78c Jan 3 85c Jan17
'.78 .82
0.82 .85 1,950 Tuolumne Copper
.80 .80 '
.85
.80 .82 *_ _
.85
.80
45
45
582.41 S Smelt Rena & Min...... 50 43 Jan21 4618 Jan31
4618
46
4 4478 4518 4514 46 I 451, 48
4434 443
45
50 4414 Jan24 4714 Jan 2
45
214 Do pref
45 I 4412 4512 4512 46 I
45
45
4412 4412 45
5
212 Jan21
318 Jan 3
+214 212
212 212 *212 234
360 Utah-Apex Mining
4 *214 234
212 212
8 23
25
5
838 Jan 2
712 Jan18
712 8
505 Utah Consolidated
8 : *712 8 1 *712 8 1
8
4 8
73
8 8 I
*71
114 Jan28
155 Jan 2
1
112 112
133 113
4 112 5.390 Utah Metal & Tunnel
15
13
114
PA We
6
112 112
25
214 Jan 2
65 Victoria
134 Jan14
8 218'
*17
+17
2
2
8 2 i *2
218
214
2 I *2
2
114 Jan 4
25' 500 Jan 0
.95
.85 .85 2,375 Winona
1
0.77 .95
.85 .00
.90 .90 '
.90 .95
25 18 Jan201 19 Jan14
18
18 ,
316,Wolverine
1812 18
18
1812 *18
18 I *18
1811 IS
*18
25
.25 .50 *.25 .50 +.25 .50 '
'
Last Sale 12
'Wyandotte
Dec'18
0.25 .50
-paid.
* Bid and asked prices. a Ex-dividend and rights. C Assessment paid. b Ex-etook dividend. h Ex-zIghtz. z Ex-dividend. so Half
[voL. 108.
Range for Previous
Year 1918
Lowest
Highest
12212 Apr 146 Nov
37 Jan 80 Nov
80 July 104 Nov
19 Jan 40 Sept
150 Apr 170 Aug
3 June
.50 Doe
1014 Mar 15 June
25 July
138 July
8212 Apr
104 Feb
53 Jan
108 Sept
70 Oct
7712 June
134 Sept
812 Jan
27 Feb
84 Oct
28812 June
20 Jan
80 Aug
37 Feb
47 Jan
3014 Nov
147 Apr
8512 Dee
125 Nov
65 Jan
11614 Jan
81 Feb
88 Nov
712 May
33 May
46 May
95 Nov
11212 Dee
25 Jan
90 Oct
50 July
62 Apr
7812 Jan
8858 Jan
.40 July
4 Sept
99 Jan
107 June
9034 Aug
4512 Jan
90 Jan
6012 Jail
76 Jan
11 Feb
98 Jan
5812 Jan
Jan
21
1014 May
1112 Nov
4 Jan
134 June
2712 June
128 Jan
27 Aug
412 Oct
12 Apr
ati, Aug
88 Sept
27714 Jan
62 June
107 June
88 Jan
Oct
106
100 Dec
212 Mar
1558 Mar
11512May
115 Dec
10918 Oct
6058 May
9712 Dec
92 Nov
82 June
219 Dee
12014 Feb
6714 Nov
2812 Sept
1478 Dec
1712 May
4
53 May
186 Nov
6414 Nov
15734 Nov
35 Aug
712 Oct
23 Nov
658 Dee
93 Nov
9114 Nov
71 Nov
147 Nov
95 Oct
8212 July
53 Dec
102 Jan
29 Jan
11 Jan
27 Oct
102 Aug
45 Jan
11512 Jan
3812 July
2434 Aug
87 Mar
108 Mar
5 Jan
10012 Oct
69 Jan
130 Nov
51 Dee
1378 Mar
4112 Nov
14614 Aug
56 Dee
166 Dec
4812 May
2612 May
11612 Aug
11338 Dee
9 Nov
134 Jan
12 JIM°
69 Dec 86 Nov
53g Nov
138 Apr
.45 May
.15 July
4012 Dec 54 Feb
10 Dec 2114 July
4012 Dec 54 July
Jan 1614 Aug
II
.48 Nov
.20 Oct
163 Dec 33 May
4
61 Dec 7312 May
425 Dec 470 Dee
1034 June 1412 Feb
40 Dec 5112 Nov
3 Sept
112 Apr
8
67 Mar
434 Dec
812 Mar 12 Nov
6 Feb
3 June
732 June 8434 Oct
39 Jan 5734 Nov
434 Dec 1018 Jan
Jan
1
.40 July
4478 Dec 70 May
7012 Oct 84 Feb
1912 Jan 29 July
612 Oct
5 Jan
.80 Sept
13-i May
83 May
334 Dec
4
3, Mar
4
2 Jan
(1 Feb
234 Dec
7 Jan
334 Sept
412 Nov
,.65 Mar
411 Oct
.40 Juno
5012 Dec 6612 May
1612 Dec 2013 May
212 July
114 Aug
034 Dec 1714 Mar
12 Aug 20 Jan
6312 Dec 80 Jan
978 Apr
,
85 4 Jan
1012 Dec 173 May
3
.95 Mar
.25 Feb
12 June
158 Dee
32 Dec 4512 Jan
4612 June (15 Jan
1234 Dec • 2014 Feb
59 Dee 78 May
1912 Dec 2554 May
38 Dec 57 Jan
.25 Dec
lit Feb
234 Dec
4
53 Jan
2 Jan
12 Sept
.20 Jan
.10 Dec
4 Feb
87g Nov
434 Sept
114 Aug
212 Sept
412 Feb
.73 Dec I% Aug
36 Apr 5012 Oct
42 July 4712 Nov
418 Nov
114 May
7 Dec 12 Jan
1 Dec 314 Apr
/
158 Dec
3 Jan
2 Jan
12 Nov
18 Dec 36 Jan
6
.4O May I ',.( Mar
FEB. 1 1.919.]
THE CHRONICLE
467
-
4
Chicago Stock Exchange.
-The complete record of
transactions at the Chicago Stock Exchange from Jan. 25
to Jan. 31, both inclusive, compiled from the official sales .
•Boston Bond Record.
-Transactions in bonds at Bos- lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
ton Stock Exchange Jan. 25 to Jan. 31, both inclusive:
of par value.
Friday
Outside Stock Exchanges
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Bonds
US Lib Loan 330_1932-47
1st Lib Loan 45_1932-47
2d Lib Loan 4s__1927-42
1st Lib L'n 4348_193247
2d Lib L'n 4348_1927-42
3d Lib Loan 435s__1928
4th Lib Loan 4%s._1938
Am Agile Chem 5s__ _1924
Am Tel & Tel coil 48_1929
Convertible 6s
1925
Atch Top dr S Fe gen 4s'95
Atl0& W I SS L 58_1959
Chic Juno & US Y 55_1940
at Nor-C B dr Q 48_1921
Mass Gas 4358
1929
435s
1931
Miss River Power 5s..1051
N E Telephone 5s_ _ _ _1932
Punta Alegre Sugar 881931
Swift & Co 1st 59
1944
United Fruit
s_ _1923
Ventura 011 cony 7s_ _1922
Western Tel & Tel 55_1932
Range since Jan. 1.
Low.
98.54 99.10 $12,150 98.24
92.74 93.50 2,000 91.64
92.74 93.38 14,500 92.04
95.24 95.64 2,400 95.24
94.14 94.60 13,350 94.14
95.14 95.56 35,700 94.74
94.14 94.90 182,750 94.14
100 100
4,000 100
84
84
2,000 83%
102% 103
3,200 100%
837 83% 1,000 837
4
4
80
80% 3,000 80
93% 93% 1,000 93%
95% 95% 4,000 95%
92
92
1,000 92
86
86
2,000 86
79
79
3,000 77%
93
93
3,000 90%
87
88
10,000 87
96
96
7,000 96
100 100
1,000 100
95
9535 12,000 94
89
90
13,000 89
93
96
High.
Stocks-
Jan 99.62 Jan
Jan 94.00 Jan
Jan 94.02 Jan
Jan 96.50 Jan
Jan 95.90 Jan
Jan 96.50 Jan
Jan 96.50 Jan
Jan 102% Jan
Jan 84% Jan
Jan 103
Jan
Jan 837
4 Jan
Jan 83% Jan
Jan 94% Jan
Jan 95% Jan
Jan 92
Jan
Jan 86% Jan
Jan 79% Jan
Jan 93% Jan
Jan 93% Jan
Jan 96% Jan
Jan 100
Jan
Jan 95% Jan
Jan 903( Jan
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 25
to Jan. 31, 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
Mies
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100
Atlantic Petroleum
10
Baltimore Tube
100
Preferred
100
Comml Credit pref B. _25
Consol Gas E L & Pow_100
Consolidation Coal..
..i00
Cosden dr Co
5
Preferred
5
Davison Chemical. no par
Elkhorn Coal Corp
50
Houston Oil pref tr ctfs 100
Mt V-W Mills prof v t r 100
Northern Central
50
Pennsyl Wat dr Power_100
United Ry dr Eleo
50
Wash 13 dr Annan
50
Wayland 011 & Gas
5
BonbsAnacostia & Potom 58 1949
Atlantic Coast Line RR
cony deb 48 sm bds_1939
Balt Sparrows PdrC 4358'53
Central Ry cons 58.._.1932
_1927
Chicago Ry 1st
58__City dr Suburban 1st58'22
City & Sub(Wash)Ist 55'48
Consol 0 EL&P 4358_1935
5 per cent notes
Consol Coal cony 6s._1923
Cosden & Co ser A 66_1932
Series B 68
1932
Cosden Oil & Gas 65_1919
Elkhorn Coal Corp 65_1925
Ga Car dr Nor 1st 58_1929
Kirby Lumb contr 65_1923
Lake Roland El gu 58_1942
M St & St PC Joint 58 1928
Monon V Trao 75
Norf & Carolina 1st 55 1939
Seattle Elea 1st U.__ _1930
United Ry dr E 4s- _1949
Income 48
1949
3434
7084
73.4
43
4
3835
28
7334
7784
1934
2635
3434 35
234 235
70
7084
84
84
25
25
105 10534
82
80
73.1
7
435
4
3684 3934
2784 2884
7434 7455
7434 7434
73
7334
7734 78
1934 1934
2634 2831
334 334
7934
97
9934
9084
9035
1(VIA
Low.
175 3434
350
2
330 70
25 83
20 25
194 105
287 80
1,951
634
85
4
2,703 32
297 2784
4 7284
25 74
64 73
104 7734
235 19
301 2884
100
334
9084 9084 $1,000
80
80
89
89
10084 10034
79% 7935
9934 100
9084 9084
8584 8584
97
97
9984 100
8984 9084
8984 9084
9984 995j
99
99
9034 963-4
4
0884 987
10084 10084
9235 9284
98
98
99
99
9134 9135
7334 735-1
5235 53
75“ 7/114
Range since Jan. 1.
High.
Jan
0084
9084
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ian
Pittsburgh Stock Exchange.
-The complete record of
transactions at the Pittsburgh Stock Exchange from Jan. 25
to Jan. 31, 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-
American Sewer Plpe__100 1734
Amer Wind Glass Mach
100 8635
Common
Preferred
100 7935
Consolidated Ice, com-50
Crucible Steel, prof _ _ _100
Ilarb-Walk Reim, pf_100
Indep Brewing, corn_ ,50
2
3Preferred
50
Lone Star Gas
100
Mfrs Light & Heat
50 4935
Nat Fireproofing, com_50
735
Preferred
50 1534
1 19
Ohio Fuel 011
Ohio Fuel Supply
25 4334
Oklahoma Natural 0as_25 2984
Pittsb Brewing, corn. 50
35
Preferred
50
9
Pittsburgh Coal, com..000
Preferred
100
Pittsb-Jerome Copper ..1 170
Pittsb 011 & Ga
100
Pittsburgh Plate Glass_100 118
Riverside East 011, corn-5
Preferred
5
Rosa Mining & Milling_ _1
San Toy Mining
7o
1
Union Natural Gas-100 125
U S Steel Corp,corn.__100
West'house Air Brake_ _50
West'house Elec & Mfg_50
vv....•........,
ICA
1651
1834
535
Range since Jan. 1.
Low.
16
American Radiator_ _100
Amer Shipbuilding_..100
Armour & Co preferred_ _ _
Booth Fisheries, corn
new
(no par)
Preferred
100
Chic CitydrC Ry pt sh corn
Preferred
Chic Pneumatic Tool_ _100
Chic Rys part ctf "2".._ _ _
Chicago Title & Trust_100
Commonwealth-Edison 100 113%
Cudahy Pack Co corn_ _100 102
Cudahy rights
Deere & Co pref
100
Diamond Match
100
Hart,Schaff&Marx corn100
Illinois Brick
100
Libby(W I)
19%
Lindsay Light
10
Middle West Util pref_100
People's Gas Lt & Coke 100
Pub Serv of No Ill com_100
Quaker Oats Co
100
Preferred
100
Sears-Roebuck common100 170
Preferred
100
Shaw W Wcommon__ _100
Stewart
-Warner Sp com100 8435
Cash
100
Swift & Co
100 118%
Swift International
4231
Union Carbide & Carbon Co
(no par) 56%
United Paper Bd com_100 2135
Ward, Monts,& Co pref_ _ -----Western Stone
Wilson & Co common_ _100
Preferred
100
Jan 3534 Jan
Jan
334 Jan
Jan 72
Bonds
Jan
Jan 84
Jan Armour & Co deb 6s_ _1923
Jan 25
Jan Booth Fisheries s f d Os '26
Jan 10884 Jan Chicago City Ry 55 _1927
Jan 83
Jan Chic City & Con Ry 55'27
Jan
73.4 Jan Chicago Rys 58
1927
Jan
• Chic Ry ad inc 45_1927
434 Jan
Jan 3934 Jan Chicago Telephone 55..1923
Jan 30
Jan Commonw-Edison 55_1943
Jan 78
Jan Cudahy Pack 1st M 551946
Jan 743.4 Jan Fourth Liberty Loan 4 NsJan 7435 Jan Metr West Side El 1st 48'38
Jan 78
Extension g 4s
Jan
1938
Jan 2084 Jan Peoples0 L & C 1st 6s 1943
Jan 27
Jan Pub Serv Co 1st ref g 5s'58
Jan
331 Jan Swift & Co 1st g 58_ _1944
300 80
Jan 80
8.000 88
Jan 89
2,000 10084 Jan 10084
2,000 7935 Jan 7935
3,000 9984 Jan 100
1,000 9084 Jan 9084
3,000 85
Jan 8584
6,000 9584 Jan 9784
16,000 9931 Jan 10084
9,500 8484 Jan 9084
40,000 8584 Jan 9034
14,000 9984 Jan 9934
2,000 99
Jan 9935
4,000 9684 Jan 9635
2,000 9884 Jan 99
4,000 100
Jan 10084
1,000 9284 Jan 933-4
1,000 9784 Jan 9884
1,000 99
Jan 99
5,000 9134 Jan 914
.7
3,000 7331 Jan 767
4
14,000 523-5 Jan 5494
1.000 75
Jan 751
4
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
High.
Jan
1835
Jan
83
645 79
8634
Jan
7834 7934
155 7734 Jan
3
60
384
3
Jan
9184
75 91
9184
Jan
50 99
100 100
Jan
135 2
300
134 Jan
240
54 6
53-4 Jan
172 175
134 170
Jan
575 4884 Jan
4984 5184
534 1034 14,835
5
Jan
1834 8,975 10
11
Jan
223 16
19
1934
Jan
470 4234 Jan
4354 44
30
915 2834
29
Jan
980
235 354
2
Jan
100
9
9
7
Jan
125 46
4684
46
Jan
86 8584 Jan
8534 86
110 170 12,500
80 Jan
740
835 834
8
Jan
35 117
118 118
Jan
100
1
1
1
Jan
1,000
234 231
235 Jan
2,000
70
150
70
Jan
9,200
80
70
70
Jan
125 12634
120 122
Jan
94
235 89
89
Jan
546 93 rJan
9414 9535
41
275 4035 Jan
4134
AO
A2
aft RA
.TAn
88
81
334
9134
100
234
$
177
53
1034
1834
1934
4534
31 34
334
934
4984
86
17o
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
834
120
1
235
70
9c
128
9634
9534
4284
A.
Ian
290 290
104 104
101% 101%
Range Since Jan. 1.
Low.
High.
10 290
Jan 290
Jan
45 104
Jan 106. Jan
807 10135 Jan 101;5 Jan
19
19% 1,841
79% 80
30
475
35
%
8% 9M
610
62
62
175
7U 7%
10
180 180
13
11335 114%
269
101% 10335
541
200
31
35
9535 96
50
109 110
63
74
77
215
58
60
130
19% 2134 8,879
13% 13;4
75
52
52
20
4735 48
80
90
90
12
300 300
3
102% 102%
25
170 176%
385
119 119
10
92
92
25
84
88
1,747
87
100
87
11534 12335 13,550
4131 4435 16,567
19
7935
35
8%
62
73.4
180
113%
10135
95%
109
74
58
19%
13%
52
46
90
300
102
170
119
92
84
87
11535
4134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1935 Jan
80
Jan
34 Jan
10% Jan
63
Jan
8% /Jan
185
Jan
115
Jan
104
Jan
Jan
9834 Jan
110
Jan
77% Jan
60
Jan
22% Jan
14
Jan
53
Jan
48
Jan
92
Jan
300
Jan
10235 Jan
179
Jan
120
Jan
92
Jan
88
Jan
87
Jan
124
Jan
44% Jan
56
18
110
4
66%
97
5734
21%
112
4
68
97
10034
90
82
47
80
2734
96%
9435
92
94.30
56
50%
77
8734
96%
100% $6,000 10035 Jan 100% Jan
90
1,000 90
Jan 90% Jan
82
2,000 81
Jan 83
Jan
4734 3,000 47
Jan 49% Jan
81
3.000 80
Jan 81
Jan
27% 2,000 2735 Jan 28
Jan
96% 6,000 96% Jan 96% Jan
94% 13,000 9435 Jan 94% Jan
92
1,000 92
Jan 92
Jan
94.30 1,000 94.30 Jan 94.30 Jan
56
2,000 56
Jan 56;5 Jan
50% 6,000 5034 Jan 51
Jan
77
1,000 77
Jan 78
Jan
8734 26,000 8751 Jan 87% Jan
9635 7,000 9635 Jan 98% Jan
5,985 56
1,465 1731
13 110
30
4
385 6635
50 97
Jan 57%
Jan 21%
Jan 112
Jan
4%
Jan 69
Jan 98
Jan
Jan
Jan
rJan
Jan
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Jan. 25 to Jan. 31, compiled from official
sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week
Par. Price. Low. High. Shares.
Alliance Insurance
10
American Gas
100
American Stores_ _ _ _no par 25
Baldwin Locomotive_ _100
Preferred
100
Buff dr Susq Corp v t 0_100
Cambria Iron
50
Cambria Steel
50
Elec Storage Battery_ _100
General Asphalt
100 66
Preferred
100 100
Insurance Co of N A._ _10 28
Keystone Telep, pref.. _50
Lake Superior Corp_ _ _100 1934
Lehigh Navigation
50 7135
Lehigh Valley
50
Lehigh Vali Transit, p1_50 26
Midvale Steel dc Ord_ _50
Norristown
50
Northern Central
50
Pennsyl Salt Mfg
50 84
Pennsylvania
50 4435
Philadelphia Co (Pitts)_50
Pref (cumulative 6%)50
Phila Elea of Pa
25 2534
Phila Rapid Tran v t r_ _50 25
Philadelphia Traction _ _50
Reading
50
Tone-Belmont Devel.._ _ _1
3%
Tonopah Mining
1
2%
Union Traction
50
United Cos of NJ
100 186
United Gas Impt
50 7134
U S Steel Corporation_100
Warwick Iron & Steel_ _ _10
West Jersey & Sea Sh_ 50
Westmoreland Coal_
50
Wm Cramp & Sons_ A00
York Railways, pref_ _50
co 1 n•17
Low.
High.
1934 1934
36 19
Jan 1935 Jan
60
61
100 60
Jan 69
Jan
25
25
10 25
Jan 25
Jan
6551 683.4
130 6534 Jan 7634 Jan
102 102
7 10054 Jan 10234 Jan
70
70
167 70
Jan 73
Jan
4034 403-4
20 40
Jan 41
Jan
11334 11356
15 11334 Jan 11356 Jan
5256 5334
240 5135 Jan 5434 Jan
5935 7034 18,662 39
Jan 703.1 Jan
96 105
11,841 76
Jan 105
Jan
327 2534 Jan 29
2734 2835
Jan
50
50
11 50
Jan 50
Jan
19
10,781 17
203-4
Jan 2034 Jan
563 7135 Jan 73
7134 73
Jan
5535 5635
166 r5435 Jan 5634 Jan
26
26
10 26
Jan 26
Jan
41
41
200 41
Jan 4435 Jan
117 117
10 117
Jan 117
Jan
73
74
8 73
Jan 75
Jan
84
8434
253 84
Jan 8435 Jan
4434 4535 2,018 4434 Jan 4654 Jan
30
30
5 30
Jan 31
Jan
313-4 32
139 3134 Jan 3354 Jan
25
2554 2,481 2434 Jan 2554 Jan
25
2554 1,515 z2334 Jan 28
Jan
46 6954 Jan 71
6934 70
Jan
100 7634 Jan 8334 Jan
7854 7834
27
4 334 5,525
234 Jan
Jan
334
235 3
884
235 Jan 3 1-16 Jan
3735 38
137 37
Jan 3934 Jan
186 18734
22 186
Jan 190
Jan
7134 7235
288 7034 Jan 7434 Jan
887 9331 4,248 883-4 Jan 9654 Jam
4
10
834 834
834 Jan
834 Jan
45
45
21 45
Jan 46
Jan
75
75
8 75
Jan 75
Jan
80
82
105 78
Jan 82
Jar
32
32
30 32
Jah 32
Jar
Bonds
US Lib Loan 3348_1932-47
98.80 98.80
$200
2d Lib Loan 4s_ _1927-42
92.80 92.80
250
2d Lib L'n 4345_1927-42
94.10 94.10
250
3d Lib Loan 454s._1928
95.00 95.50 14,750
4th Lib Loan 434s..1938
94.20 94.60 12,950
Amer Gas & Elea 55_ _2007
87
87
3,100
Consol Trae NJ 1st 581932
8834 883-4 4,000
Elea & Peop tr ctfs 48_1945 693.4 6935 70
7,000
do
small
1945
71
71
500
Lake Superior Corp 581924
61
6154 21,600
do
small
1924
5934 5934
500
Lehigh Valley Os
1928
10134102
20,000
General consol 4s_ _2003 8054 8034 8034
1,000
Gen conso14358 __ 2003
8834 883-1
1,000
Penna RR gen 5s_ _ _ _1968
9694 963,4 3.000
Phila Co 1st 5s stmpd 1949 10056 1003.4 100% 33,000
Cons dr coil tr 58 stp.1951 8735 8736 8734 3.000
Phila Elec 1st 55
1966 9334 9334 94
51,000
do
small
1966
95
95
1,100
West N Y & Pa gen 481943
68
68
2,000
.
11,r1r 11 allvengra 1t
,
x Ex-dividend.
Range since Jan. 1.
9.7
9.7
0 MO
98.80 Jan 99.70 Jan
91.80 Jan' 93.68 Jan
94.10 Jan 95.30 Jan
95.00 Jan 98.38 Jan
94.20 Jan 95.64 Jan
87
Jan 88
Jan
88
Jan 89
Jan
6931 Jan 71
Jan
71
Jan 75
Jam
58
Jan 6134 Jan
58
Jan 5934 Jan
10134 Jan 10235 Jan
8054 Jan 8034 Jan
88
Jan 89
Jan
9634 Jan 98
Jan
100
Jan 10054 Jam
8734 Jan 8854 Jan
9334 Jan 96
Jam
95
Jan 9734 Jam
68
Jan 68
Jar
9.7
Ian
07
Tor
468
[VoL. 108.
THE CHRONICLE
volume of Busifies8 at Stock Pixetiange
(*RA NHACTIONS A I' THE NEW YORK STOCK ExCHANGE
DAILY, WEEKLY AND YEARLY.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.i
Range since Jan. 1.
Low.
High.
Rights
Jan
54 Jan
54 9-16 6,000
36
Oklahoma Produc & Refg r
Other OH Stocks.
We Jan
34 Jan
500
M 15-16
1
Railroad. Stole. Men
Stocks.
Allen 011.r
Week ending
3
Jan
255 Jun
2% 2% 3,200
U. S
& Foreign
cgs.,
15
Atlantic Petroleum_ r_
Jan.31 1919.
5-16 Jan
Bonds
Bonds.
54, Jan
M 12,000
Bonds.
34 3-16
Par Value
Barnett 011 & Gas_ r__ _ _1
Shares.
4
Jan
334 Jan
3% 4
49,750
4
5
Boone 011_r
Jan
Jan 230
5,000 18o
18c 20c
$850,000 $1,515,000 $2,851,000 Boston-Wyoming 011_r_l
413,800 $39,322,000
Saturday
734 Jan
754 5,300
7
6% Jan
7
1,307,000 3,092,000 7,181,000 Cosden & Co. com_ r_ _5
396,850 37,711,000
Monday
1% Jan
1% Jan
75
134 1%
2,049,000 6,786,000 Crystal 011 & Refining_ r_ 1
1,504,000
383,730 36,683,500
Tuesday
614 Jan
654
Jan
1,400
6
6
656
1,282,000 3,883,000 7,279,000 Elk Basin Petroleum_ r_ _5
582,835 56,121,000
Wednesday
60
Jan
Sc 43,000
Jan
4o
40
40
1,501,000 3,511,000 6,435,000 Esmeralda 011 Corp_r......1
435,136 41,201,100
Thursday
3% Jan
Jan
2% 354 39,500
2
1,355,000 3,653,000 6,873,000 Federal 011_r
5 3
358,748 33,546,800
Friday
3% 4
14,500
334 Jan
454 Jan
33.4
10
Glenrock 011.r
1 1-16 Jan
1
Jan
1 11-16 1,000
1
2,571,099 $244,585,400 $7,799,000 $17,713,000 $37,405,000 Globe 011_r
Total
81
Jan 8334 Jan
1,600 75
Houston Oil, com_r-- _100 7834 78
Jan
67o 850 21,700 570 Jan 98e
1 67c
Hudson 011..r
Jan. 1 to Jan. 31.
Week ending Jan. 31.
Sales 41
1934 2234 14,500 1674 Jan 22% Jan
2134
Internat Petroleum_r__
Yew York Stock
8% Jan
734 8% 62,000
6% Jan
73.4
Island Oil At Transp_r_10
1918
1919.
1918.
1919.
Szchange.
Jan
100 140 25,900 10c Jan 16o
13c
1
Kenova 011
3055 3554 34,400 23% Jan 3554 Jan
14,639,803 Louisiana Oil& Refin_r . 35
11,858,465
3,149,928
2,571,099
-No.shares_
Stocks
22
Jan 2455 Jan
1,200 21
21
10
$1,126,755,705 $1,376,403,800 Merritt 011 Corp_ r
$244,585,400 $296,016,800
Par value
334 Jan
234 Jan
$7,200 Metropolitan Petroleum 25 3 3-16 2 15-16 3% 66,000
$28,400
$1,000
$4,600
Bank shares, par
374', Jan
234 Jan
2% 394 3,300
Met Pet full paid othi
1
Bonds.
Jan
Jan 450
5,400 25o
250 440
1 30e
$53,130,000 Mexican Gulf 011_r
$167,167,500
Government bonds__ - $37,405,000 $9,816,500
1.34 Jan
1.25 1.31 23,700
1.13 Jan
1.31
1
23,816,000 Midwest Oil, com_r
68,356,000
7,749,000
State,mun.,&c.,bonds 17,713,000
1% Jan 1 9-16 Jan
154 1% 7,400
134
1
Preferred r
35,065,000
41,335,000
7,057,000
7,779,000
RR.and misc. bonds__
Jan
Jan 132
350 124
128 12954
Midwest Refining_r _ _ _50
Jan
47e 500 11,200 47o
Jan 530
$112,011,000 Northwestern 011.r
$276,858,500
$62,917,000 $24,622,500
Total bonds
Jan
Jan 35c
27c 310 24,000 220
Omar 011 & Gas,corn--1 30c
1455 16,000 12
Jan
12
Jan 15
Pennok 011_r
10 12%
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Jan
Jan 300
140 230 125,000 140
190
1
Queen 011_r
BALTIMORE EXCHANGES.
7,100 7054 Jan 76% Jan
x7254 76%
72
Royal Dutch (new)_r
714 Jan
754
Jan
800
7
7
7
5
Sapulpa Refining.r
Baltimore.
Philadelphia.
754 Jan
Boston.
200
7%
7
634 Jan
5
Savoy Oil
54 Jan
M 9-16 1,500
34 Jan
Week ending
5 9-16
Security Prod & Refin
9-I6Jan
54 0-16 1,700
Shares. Bond Sales.! Shares. BondSales.I Shares. BondSales. Son uoyah Oil & Refin_ _1
Jan. 31 1919
55 Jan
Jan
Jan 26
2454 2355 2555 12,100 22
I
$26,800 Sinclair Gulf Corp_r_-_(t)
970
$25,5001
11,037
Jan
$28,950
40
40 38
Jan 40
39
8,165
Saturday
Warrants
17,000
1,604
7,1541
35,3CO3
Jan
81,600
Jan 420
3,300 380
14,210
380 410
Monday
1
51,060 Southwest 011_r
2,789
22,3501
14,8421
134 Jan
155,650
154 22,800
1
1
Jan
15,037
1%
Tuesday
1
Stanton 011_r
24,000
440
47,0001
13,6611
254 Jan
111,600
1% 2 3-16 43,000 13-16 Jan
10,829
1%
Wednesday
United Western 011, new.r
11,000
362
16,500:
72,800
2% Jan
5,695:
1,700
11,611'
255 Jan
Thursday
234 2%
2%
10
21,000 Victoria 011.r
1,395
39,0001
7,530'
8,000
13,030
Friday
Mining Stocks.
Jan
Jan 50c
380 40o 12,500 36c
Metals..! 40e
Alaska-Brit Col
7,560 $150,800 America Mines_ r
59,919 $185,6501
1
Jan
Jan
4,100
72,8821 $458,600
M
Total
% 1
1 15-16
1 13-18 10,100
1
Jan
13.4 Jan
Arizona Bing Copper...„1 1 1-16
Jan
Jan 47
47
200 45
45
47
1
Arizona Butte_r
55,40 Jan
4h e Jan
50
3,500
50
Sc
1
-Below we give a record of Atlanta Mines
New York "Curb" Market.
% Jan 15-16 Jan
54 11-16 13-16 18,900
5
Co..
Jan
1,000 1255c Jan 160
130 130
transactions in the outside security market from Jan.25 'Big Ledge Copper
the
1
Booth_r
Jan
48o 50c 15,300 48o
Jan 540
It covers the week ending Boston dz Montana Dev_..5 49e
to Jan. 31, both inclusive.
Jan
Jan 33e
29c 310 10,300 27c
1 300
Mining
Caledonia
% Jan
54 Jan
Friday afternoon.
%34 7,800
Calumet & Jerome Cop_ r.1 7-16
2
15-16
1,600
be understood that no such reliability attaches Canada Copper Co Ltd..5 58c 55e 21-16 20,650 1520 Jan 2 1-16 Jan
It should
Jan
58c
Jan 58o
1
Candalaria
Jan
8o
654o 80
to transactions on the "Curb" as to those on the regularly Cash Boy Silver-r
9,500 . 634o Jan
1 6Mc
154 Jan
Jan
5,300
1
1
134
134
stock exchanges.
Cerbat Silver M & M.r..1
organized
1 1-16 Jan 1 9-16 Jan
154 134
5
Arizona Smelt _
the New York Stock Exchange, for instance, only Consol Copper Mines.... _5 134 5% 6% 10,500 555 Jan 634 Jan
On
3,200
Consol
554 Jan
434 5
4% Jan
4,000
members of the Exchange can engage in business, and they Cresson Con Gold M & M 1
1% Jan
155 4,160 *134
*154
134
1
are permitted to deal only in securities regularly listed-that Eureka Croesus Min_ r.._ 1 710 65o 710 11,550 60e Jan 710 Jan
Jan
Florence Silver..r
Jan
12
Jan 12
12
1,000 12
is, securities where the companies responsible for them have Florence Goldfield
Jan
310 380
Jan 40c
7,200 35e
1
Fortuna Consol.r
complied with certain stringent requirements before being Golden Ruler
% Jan
14 15,600
7-16 Jan
3.4 7-16
1
Jan
Jan 240
20c 22c
2,000 200
admitted to dealings. Every precaution, too, is taken to Goldfield Consol
10 210
Jan
Jun
60 655e 7,500
6o
Goldfield Merger_r • 1
insure that quotations coming over the "tape," or reported Great Bend_ r
Cc
Jan
3c
Jan
30
3c
1,000
30
1
Jan
56c 61c
Jan 610
6,100 410
in the official list at the end of the day, are authentic.
Hamilton M &
Jan
Jan
350
1
On the "Curb," on the other hand, there are no restrictions Hattie Gold Min _r 25c 40c 454 4 490 11,500 35c e Jan 4490 Jan
15-16
7-16 2,800
45(
434
Hecla Mining
Jan
Jan 390
whatever. Any security may be dealt in and any one can Jim Butler_r
5,550 32c
350 300
1 390
Jan
Jan 160
3,500 130
130 140
140
1
meet there and make prices and have them included in the Jumbo Extension
Jan
8o
5Mo 554c 1,000 5560 Jan
1
Kewanus_r
lists of those who make it a business to furnish daily records Lone Star Cons'd_r
70 52,750 5340 Jan 955o Jan
6c
60
1
Jan
Jan 28
28
28
300 26
5
of the transactions. The possibility that fictitious transac- Magma Copper
354 Jan
1,700
254 2%
234 Jan
254
5
Mason Valley
tions may creep in, or even that dealings in spurious securi- McKinley-Darragh-Say- _1 470 .45e 49c 6,500 45o Jan 490 Jan
5
Jan
Jan
200
5
5
5
ties may be included, should, hence, always be kept in mind, Mexican Lead _r
Jan
4,300 300
Jan 350
300 33c
1 30c
particularly as regards mining shares. In the circumstances, Mother Lode_ r
Jan
Jan 480
4,300 37c
40c 42e
1
Nixon Nevada
335 Jan
3
Jan
7,800
33.4
it is out of the question for any one to vouch for the absolute Onondago Mines Corp_r_l 3M 3
254
500
234
Pinar Copper
trustworthiness of this record of "Curb" transactions, and Ray Hercules (prosp't)-5 256 234 2% 16,750 234 Jan 334 Jan
Jan
1% Jan
1%
154
hIln_r__ _5
Jan
Jan 280
4,300 250
260 280
we give it for what it may be worth.
1
Rochester Mines
855c Jan
70
Jan
1,500
7
75.4
1
San Toy Mining
Sales
Jan
Jan 84c
1,400 60o
Friday
830 84c
Silver Canon Mining_ _1
Range since Jan. 1.
54 Jan
Last Week's Range for
% 9,400
56
55 Jan
Week ending Jan. 31.
_1 5-16
Standard Silver-Lead
Week.
Jan
Jan 180
of Prices.
5,200 150
Sale.
16c 17o
1
Stewart
High.
Low.
Jan
7o
4o
Jan
5,400
Sc
8c
Par. Price. Low. High. Shares.
Stocks1
Success Mining
354 Jan
3%
234 334 2,050 2 9-16 Jan
Jan Tonopah Belmont Dev r _1
8
255 Jan
634 Jan
15/ Jan
255 1,050
755 7% 11,800
7M
234
(no par)
AetnaExplosives_ r
Tonopah Extension
Jan
64
85 63 /Jan
254 Jan
64
2% Jan
63
450
234 2%
100 63
Preferred r
1
Tonopah Mining
% Jan
M
63% 65% 2,010 6355 Jan 6534 Jan Tuolumne Copper
2,300 13-16 Jan
Amer Bosch Magneto r (t) 64
1
34 13-16
Jan
1,300 2334 Jan 25% Jan Tuolumne River Placer r_l 830
Jan 950
2454 25
95o 71,000 30e
-Am Tobac ord bear £1 25
Brit
Jan
Jan 297
400 294
4% Jan
294 297
4 Jan
4 7-16 4 1-16 4 7-16 4,110
3$
Cities Service com_r_..100
OM Jan United Eastern Mining-1
Jan
83i
M Jan
9% 9% 10,300
9%
34 20,300 3-16 Jan
X
Diotograph Products_ r.10
55
United Mines of Arizona.!
134 Jan
5955 7054 51,500 3954 Jan 7055 Jan United Sulphur Mines_r_ 1 13-16 7-16 1% 37,375
54 Jan
General Asphalt corn r 100 66
Jan
13,000 8355 Jan 106
Jan
96 106
90 35,500
6c
6o
Jan , 100
100 100
00
Preferred _r
Jan U S Continental Min_r_ -1 300
Jan 123
80 109
Jan
120 120
Jan 30o
26o 30o 15,100 24o
Gillette Safety Razor_r_(t) 120
Ward Min & hlilling-r-1
3% Jan
155 Jan
Jan
1% 3% 9,000
2%
Jan 93o
5,100 890
90o 930
910
Havana Tobacco corn r 100
4% Jan Washington Gold Quartz _1
Jan
3
4Y 4,300
3
4
1,100 1 3-16 Jan
134 Jan
100
Preferred r
134
134
West End Consolidated 5
4% Jan
654 Jan Western Utah E,xten_ r_ _1
5% 6( 18,200
Jan 170 Jan
2,000 130
150 16o
6%
10
Hupp Motor Car
Jan White Caps Mining_ _10o 15o
Jan 1834o Jan
12c 15c 26,900 100
Intercontinental Rubb_100 19% 164 19% 17,350 1054 Jan 21
Jan White Knob
100 28
Jan 28
28
Jan
28
155
Jan
100 155
Internat Motors corn r_100
1%
154
Cop pref_r_10
Keyst Tire & Rub com_100 59X 555i 6134 49,775 4355 Jan 6155 Jan
Bonds.
1% Jan
100
254 Jan Am T & T 6% notes w 1'24 9934 99
134 1%
9934 $95,000 9874 Jan 99% Jan
Lake Torpedo Boat comr10
Jan 2055 Jan Amer Tobac serlal 75_ r_'22
19
103
.Jan
2,500
20M
19
103 103% 10,000 10254 Jan
Libby, MoN & Libby_r_10
Jan
455 Jan
4
434 4% 6,500
4M
103% 10454 34,000 10254 Jan 10454 Jan
Marconi Wirel Tel of Am_5
1923
Serial 7s_r
Jan Anaconda Cop Min 65 t'29 9734 0734 99% 185,000 9734 Jan 99% Jan
3,800
755 Jan 12
755 12
8
Nat Fireproofing corn r_50
13% 2034 6,975 1355 Jan 2034 Jan Armour & Co deb 6s..r 1922 100% 13054 10034 2,000 10055 Jan 100% Jan
50 15
Preferred r
Jan
Jan 58
4,800 47
55X
50
100 55
1924 100% loom l00% 2,000 100% Jan 100% Jan
Nat Ice & Coal_r
Deb 6.s.r
Jan
Jan 35
300 25
Jan
26
Jan 101
25
1,000 101
lot
Dm
N Y Shipbuilding.(no par)
Beth Steel serial 7s_r_1919
3% 6,200
234 Jan
3
3% Jan
ung lot% 3,000 100% Jan 10134 Jan
3%
No Am Pulp&Pap_(no par)
1923
Serial 7s.r
154 Jan
Jan
354 1,200
354 Jan Braden Cop M 68 r i_1931
2M
Jan 96
93% 10,000 93
1
93
Coal_r
Pearson
Jan Canada (Dom of) 55-1919 99% OM 99% 68,000 9955 Jan 99% Jan
375 3934 Jan .40
39% 40
Penn Seab'rd Steel v t c (t)
13-16 Jan Chic& NW Ry gen5swi'87
% Jan
% 13,700
99% 99% 34,000 99% Jan 100% Jan
Perfection Tire & Rubb r 1
Jan
200
534 Jan
21,000 100% Jan 102
754
7
73.4 Jan Cities Serv deb 75 serC '66
101 102
100
Poulsen W1reless_r_
Jan Federal Farm Loan 5s...... 103
Jan 13
200 13
Jan
13
Jan 104
27,000 103
13
103 103
10
St Joseph Lead_r
11% 4,000 1034 Jan 1334 Jan Gen Elec 6% notes
11
10035 100% 1,000 10055 Jan 100% Jan
5 11M
Submar Boat v to
Jan Interboro R T 7s
Jan
Jan 92
4034 43% 9,800 4054 Jan 48
8955 44,000 85
Swift Internat'l w 1_ r--.15 42M
1921 8855 88
36% 6,000 3334 Jan 3654 Jan Kan C'y Term Ry Sew 123
100% 10054 16,000 99% Jan 10034 Jan
United Motors_ r _(no par) 36% 36
7-16 Jan
M 17,000
Jan 10034 Jan
11-16
% Jan Laclede Gas L coil 7s w 1'29
10054 6,000 100
10034
United Profit Sharing. 25c
5% Jan Liggett & Myers Tob Os'21
354 Jan
54,400
355 5
3M
100 10034 8,000 9934 Jan 10054 Jan
10
U S Steamship
3% Jan
3% 434 2,300
434 Jan N Y Telep deb 68W L1949 100
3%
9014 100 111,000 99% Jan 10154 Jan
5
Wayne Coal
55 Jan Russian Govt 634s_r_1919 6055 6055 68 405,000 48
200
Jan
Jan 68
X Jan
%
X
World Film Corp v t o_ __5
455 Jan
Jan
Jan 60
354 Jan
354 3% 4,100
60
75,000 47
33(
56
Wright-Martin Airo_r_(t)
1921 57
5Ms_r
Jan StudebakerCorp ser 7s r'29 9655 9654 96% 3,000 9654 Jan 9655 Jan
Jan 65
100 65
65
65
100
Preferred r
Former Standard 011
Wilson & Co Inc 65 w 11928 93% 0251 03% 354,000 9255 Jan 94M Jan
Subsidiaries
Listed on the Stock
* Odd lots. t No par value. i Listed as a prospect.
Jan
550 1634 Jan 18
1734 1755
11
Anglo-Amer 011.r
.
will be found. o Newtstook
Jan Exchange this week, where additional transactions
Jan 165
100 164
164 165
Illinois Pipe Line_r___100
issued. x Ex-dividend. y Ex-rights. z Ex-stock dividend.
Jan r Unlisted. w When
45 102
Jan 104
102 103
Indiana Pipe LIne_r _ _ _50
Jan
30 107
Jan 111
110 111
Northern Pipe Line_r_100
Jan
13 315
Jan! 335
320 322
CURRENT NOTICE.
25
Ohio 011_r
Jan
85 630
Janl 685
655 660
100
Prairie 011 & Gas_ r_
Jan
Jan 320
10 298
305 305
100 305
South Penn 011_r
-A. G. Becker & Co., Chicago, Ill., dealers in commercial paper, anJan nounce the opening of a New York office under the management of Charles
.40 258
268 270
Jan; 280
Standard 011 (Callf)_r_100
Jan R. Dunn, temporary address, Ill Broadway. (Telephone, Rector 7218).
Janl 731
205 675
683 692
Standard 011 of N J_r_100 683
Jan The firm is also opening a St. Louis office under the management of Walter
Janl 330
282 310
312 322
Standard Oil of N Y r 100
Jan MacAvoy.
87 395
Jan 437
412 418
100 412
Vacuum 011_ r
FEB. 1 1919.]
THEECHRONICLE
CURRENT
NOTICE.
-In an article published in the Jan. 25th issue of the "Independent"
entitled "The Railroad Muddle," Luigi Criscuolo, formerly in the Finance
Division of the Railroad Administration, sets out his observations and
experiences during his connection with this Department. Mr. Criscuolo
does not hesitate to criticize several of the leading Washington officials,
• having to do with the taking over and operation of the railroads. His
criticisms are based principally on the methods of tile Government's financial management. Mr. Criscuolo was formerly identified with Redmond
& Co. and has recently entered the bond department of Merrill, Lynch & Co.
-At 98 and interest, yielding about 6.16%, Harris, Forbes & Co., E. II.
Rollins & Sons and The National City Co., of this city, are publishing their
Joint advertisement in this issue, offering for investment $8,000,000
Southern California Edison Co. general and refunding mortgage 25-year
6% bonds. Not earnings, more than 2ee times annual mortgage bond
interest charges. Full details appear in the advertisement and complete
circular will be furnished on request by the bankers.
-A new loan of $810,000 City of Bayonne, N. J., 5% bonds, due
serially Jan. 1 1920-1919 is jointly offered and advertised for investment
by flornblower & Weeks, R. M. Grant & Co. and J. B. Van ingen & Co.,
of this city. The yield is 4.65% on all maturities, and the bonds are legal
savings bank and trust fund investment for New York and New Jersey.
Full particulars appear in the advertisement.
-Messrs. Redmond & Co., 33 Pine St., Now York, are offering for investment a list of municipal bonds, free from Federal income taxes, yielding
from 4.50 to 4.75%; also a list of high-grade railroad bonds, yielding feom
4.80 to 7.25%. For further particulars regarding these offerings, see this
firm's advertisement on the advertising page opposite first page of reading
matter.
-Field, Richards & Company are offering a new issue of City of Charlotte, North Carolina, 5% School bonds, due serially 1920 to 1946. Semiannual interest and principal payable in New York City. The bonds are
offered at a price for any maturity to yield 4.75%.
-Edgar K. Sheppard, formerly of Gilbert, Elliott & Co., has returned
from Europe and is now connected with Kirk & Ball, 10 Wall Street, as
manager of the sugar stock department.
-Philip L. Spalding, having resigned as President of the Now England
Telephone & Telegraph Co., has become a partner in the firm of Estabrook
& Co., effective Feb. 1.
-Mr. Aleeanilor Jay Ferber, formerly of A. M. Kidder & Co., is now
associated with Messrs. Gwynne Bros., at 25 Broad street, dealing in listed
and unlisted securities.
-Mr.Charles A. Kahl, formerly with George II. Burr & Co., has become
associated with Kiely & Horton, in chargeof their bond department.
469
New York City Realty and Surety Companies
All prices now dollars per share.
_
I Bid. Ask.
Bid. Ask.
Bid.
Alliance R'ity
74) Lewyers Mtge; 110 117 Realty Assoc
Amer Surety_ 60
65 Mtge Bond __I 85
90
(Brooklyn)_ 77
Bond & M G_ 222 227 Nat Surety_I 210 215 U S Casualty_ 175
Casualty Co_
75 N Y Title Az;
S Title Guar
City Investing 17
20
Mortgage_I 90 100 West & Bronx
67
Preferred _ 60
Title&MGI 150
Ask
83
190
60
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
1
Standard 011 Stocks Per Shote
I RR. Equipments-PerCi. Basis .1
Par; Btd. Ask. 'Baltimore & Ohio 434o
5.85 5.40
Anglo-American 011 new. £11 17 1712 Buff Roch & Pittsburgh 43es 5.90 5.65
Atlantic Refining
100 1225 1250 I Equipment 4s
5.90 5.65
Borne-Scrymscr Co
100 490 510 Canadian Pacific 434s
5.95 5 45
Buckeye Pipe Line Co
50 •94 96 Caro Clinchneld & Ohio 5s_ _ 6.25 5.75
Chesebrough Mfg new
100 300 325 Central of Georgia 5s
6.15 5.65
Continental 011
100 500 525 I Equipment 43es
6.15 5.65
Crescent Pipe Line Co
21 *38 40 Chicago & Alton 48
6.80 6.15
Cumberland Pipe Line__ _1
180 190 Chicago & Eastern 111 534s.. 7 00 6.00
Eureka Pipe Line Co_..100 175 185 I Equipment 414o
7.00 6 00
Galena-Signal Oil corn
100 90 92 Chic Ind & Loutsv 414s
6.50 6.00
Preferred old
100 115 130 Chic St Louts Ac N 0 5s
5.80 5.40
Preferred new
100 105 Chicago Az N W 4 ;i‘t
5.65 525
Illinois Pipe Line
100 162 167 Chicago III & Pac
6.50 6.00
s
Indiana Pipe Line Co__ _ _ 50 100 105 Colorado & Southern 5s._
6.30 5.90
International Petroleum_ £1 2112 22 'Erie 5s
6.05 5 55
National Transit Co-12.53 •161 1712
1
Equipment 444*
6.05 5.55
New York Transit Co
100 200 210 , Equipment 45
6.05 5 55
Northern Pipe Line Co 100 110 115 Hocking Valley 4129
5.85 5.45
2..318 322
Ohio Oil Co
Equipment 5s
5.85 5.45
Penn-Mex Fuel Co
25 •52 55 Illinois Central 5s
5.75 5.30
Prairie 011 & Gas
100 660 1665 I Equipment 434s
,
5.75 5.30
Prairie Pipe Line
100 270 '275 Kanawhe & ellchigan 44-4s
620 5.75
Solar Refining
100 360 380 ,Loulsville A Nashville 5s_ _ _ 5.75 5.30
Southern Pipe Line Co_ _100 175 180 Michigan Central 59
5.90 5.45
South Penn Oil
100 300 310 'Minn St P&SS M 444s.__ 5.9C 5.45
Southwest Pa Pipe Lines..100 98 102 IMissouri Kansas & Texas 5s. 7.04 6.00
Standard 011 (C.slifornia).100 270 274 Missouri Pacific 5s
7 04 6 00
Standard Oil (Indiana) _ _1001760 770 :Mobile & Ohio 5s
6.11, 5.70
Standard Oil (Kansaa)._100 525 550
Equipment 434s
6.11 5.70
Standard Oil (Kentucky)100 365 375 New York Central Lines 5s
5.90 5.40
FOREIGN TRADE OF NEW YORK.
Standard 011 (Nebraska).100 540 560
Equipment 44;4s
5.90 5.40
Standard Oil of New Jer.100 683 687 NY Ontario & West 444s
6.20 5.75
Merchandise
o-ement et New York.
Standard 01101 New rk .100 323 327 Norfolk & Western 444s.. 5.70 5.25
Customs Seem Ns
Standard Oil (Ohio)
100 460 480 Pennsylvania RR 414s
at New York
5.65 5.25
Imports
Swan & Finch
Month.
ter ports.
100 98 102
Equipment 4s
5.65 5.25
Union 'rank Line Co___ 100 114. 116 St Louis Iron Mt & Sou 5s
6.80 6.00
Vacuum 011
1917.
1918.
1918.
1917.
405 415 St Louis & San Francisco 5s. 7.01 6.00
1918.
1917.
-Washington Oil
100&1 •36 40 Seaboard Air line 5s
6.40 5.90
$
Equipment 44-4*
$
1
e.40 5.90
88,164,970 128,344,239 218.203.721,303,906.521 7,488,551 13,491,316
January
Southern Pacific Co 44-4s... _ 5.75 5.30
February _ 94,3030619 97,834,88s I 68.713,11321223,461,135 8,177,780 10,809,297
Ordnance Stocks-Per Share.
Southern Railway ,
“is
5.95 5.60
March _ 98.360.412 147,901,883251,325,0681253,020,408 9,870.16e 13.395,986 Aetna Explosives pref _100 60 65 Toledo & Ohio Central Is... 6.15 5.75
121,564,991126.801,160 191.719,4391263.873,048 10,525.971 14.0e2,313 American & British Mfg_100
Aor I
a
2
149,4'34,134 118.850,759219,019,748,245,998,346 12.162,731 18,82:3,305
Preferred
May
lool 15 25
Tobacco Stocks-Per Sh are.
112,622,429 154,901,984 205,313,999274.287,250 10,665,910 10,256.450 Atlas Powder common__ _100, 153 157
Juno
Pat Bid. Ask.
July
96,101,747 95,713,123 2'37,731,667210,181,903 9,215,233 11,190,794
Preferred
1001 88 92 American Cigar cotninon_100 115 120
August_ _ 122,452.147 122,231,660 209.108,295274,627.773 8.589,023 10,1384,750 Babcock & Wilcox
Preferred
1011 108 110
100 85 92
Septem her 115,731.618 99,805,185 197.725,054 242,132,080 8.438,132 9,469,365 Bliss (E W)Co common_ 50;•250 325 Amer Machine & Fdry_100 60 80
Preferred
October _ _ 105,821,699 91,319,486 182,657,189 219,908,712 7,350,251 9,548,029
501 *65 75 British-Amer Tobac mei__ £1 .23 25
November 98,787,677 89.530.1307 231,464.051 270.128,780 7,390.251 8,733,214 Canada Fdys & Forgings.A004 190 200
Ordinary, bearer
£1 •24 25
December 91,969,882 91,511,471 222,987,829 209,467,362 6,342,531 7,142,266 Carbon Steel common__ _100, 85 95 Conley Foil
100 190 210
1st preferred
100' 88 93 Johnson Tin Foil dr Met_100 80 100
2d preferred
2765969245 2995996332 106,216,531 137,591.085
100 60 70 MacAndrews & 1orbes...100 195 205
Colt's Patent Fire Arms
Preferred
100 90 • 100
Mfg
Imports and exports of gold and silver for the 12 months:
25 .38 40 Reynolds(R J) Tobacco_100 380 420
duPont(E I) de Nemours
B common stock
100 300 330
& Co common
100 269 275
Preferred
100 106 109
Gold Morement at New York.
Silver-New York.
Debenture stock
100 9112 9212
A dividend scrip
95 100
Eastern Steel
100 70 80
B dividend scrip
95 100
Imports.
Rsports
M0110.
Imports I
,1?.zports
Empire Steel & Iron corn 100 25 35 Young (J S) Co
_
..._
100 120 150
Preferred
100 65 70
Preferred
100 95 105
1917.
1918.
1913. I
1917. ,
1918. 1
Hercules Powder Corn...100 205 210
19-1-8.-------Preferred
Short Term Notes-Per Cent.
100 105 109
$
$
;
1
Niles-Bement-Pond com_100 104 106 Amer Cot Oil 59 1919_ _M&S 995 997
3
8
657.910 10,494,074 1,409,524
January __ 1,0;0,279 1,9 03,781
8
Preferred
7% notes
1001 95 98
994,10:
10058.1007
, 1,085,800 3,170,387 14,129,717 1,404:235 1 2,746,717
February.
8
6 10 6
0 2,186,324 Penn Seaboard Steel (no par) *39 40 Amer Tel & Sept 1919
Tel es 1919.F&A 100 10018
628.514 1,074,962
301,073 9,819.730
March ___
3.294,034 Phelps
-Dodge Corp
100 280 300 Balto & Ohio 58 1919___J&J 994 9912
518,140
877,460
223,177 3,017,151
April
726,467
660.277 1,084,038 1,302,420 17.629,499 1,317,371 3,944455 Scovill Manufacturing_ _100' 340 360 Canadian Pac 6s 1924.M&S 2 100141005
May
8
3 910,742 Thomas Iron
,
*20 30 Del & Hudson 5s 1920_ _F&A 9834 99
534.406 1,194,622
Juno
203,500 13.564,850 1.115,157 5 596
,300 Win Repeat Arms com (new) 100
Erie RR 5s 1919
A-0 ____ 94
1127,829
904,838 3,903,713 19.179,282 1,803,038
July
. ,
Preferred (new)
100 I Fed Sugar Rfg 5s 1920 J&J 9712 9812
688,892 1,245,038
268,600 12,337,552 2,421,115 2435000
August
.
100 40 50 General Elec es 1920_ J&J 10012,1007
980,609
559,088
737,990 11,331,810 2,012,001 2,985,275 Woodward Iron
8
September
2,784 201
Preferred
.
85
I 6% notes (2-yr) 1919.J&D 10Cee 100es
456,282 1,225,028
381,200 7,484,497 1,551,114 6 358,
October _ _
613
Great North 5s 1920___M&S
531,690 1,090,730
221,832: 3,911,375 1,738,094 ,,
November
,
1,513080
Hocking Val es Feb '19 MAN
861,071
908,575
December
_
985,050 1,187,606 1,846,753 1.3,579,959
Public Utilities
,K C Term Ry 43es 1921_J&J -- 2 97
9834961- 99-Abler Gas & Elce com___ 500100 103 I Les Nov 15 1923__M&N 15 100 10014
'Total- 8,131,471 13,602,487 25,151,306 21,087,143 17,991,245
Preferred
51,334,70:3
50 *43 45 :Laclede Gas I.t 58 1919_ F&A 993
4,10015
Amer Lt & Tree com
100 233 3512 Lig ett..AcMyersTob6s'21J&D 1001810014
Preferred
100 99 100 ;IsT Y Cent 53 1910__M&S 15 9912 993
4
Amer Power & 1,1 corn
10(e 56 60 Penn Co 434* 1921_ _J&D 15 97 9714
Preferred
100 76 78 Pub Ser Corp NJ 5s '19.1%I&S 98 99
All prices now dollars per share.
Amer Public Utilities com100 _
20 ,Rem Arms U M C 5s'19F&A 9934100
Preferred
100 35 38 Southern Ry 5s 1919.111&S 2 9938 908
Banks-.V.Y Bid. Ask.
Banks.
Bid. Ask. ;Trust
Carolina Pow&Light corn 100, 30 33 Utah Sec Corp 68'22
Ask.
.M&S 15 8812 8912
Americas.- 510 530 lIrving (trust
! New York.
Cities Service Co corn._ _100 295 98 W'house El & M 6s '19_ le&A 100 1004
Amer Exch__ 220 230 1 certificates) 277 285 ;Bankers Trust 381
Preferred
389
100 7912 8012 Winches RepArms7s'19. M&S 993i 100
181) • Liberty__ ._ 425170
Atlantic)
Central Union 405 510
Colorado Power com
100 25 28
Industrial
_ _ Lincoln
Battery Park_ 205
270 3 0 Columbia_
6
Preferred
and Miscellaneous
100 95 00
etanirittan *- 190 200 Commercial_ 307 312
Bowery *__ 425
Com'w'th Pow Ely & Li...100 19 21 American Braes
88
100
100 198 202
Bro.ldwavCon 135
145 Mech Ic Met_ 345 360 Empire
•
Preferred
1285 295
100 40 43 American Chicle corn_
100 72 74Bronx Hero*. 125 175 Merchants_ _ _ 140
____ Equitable Tr_ 410 420
Eiec Bond & Share pref 100 /192 95
Preferred
100 74 76
Bronx Nat.._ 160 170 Metropolitan* 175
___ ,Farm & Tr_ 410 420
Federal Light & Traction.100
American Hardware
8 11
100 134 138
155 Mutual •__ _ _ 375
Bryant Parka 145
_ Fidelity
Preferred
225
100 40 43 Amer Typefounders com_100 37 42
27 New Net ho_ _ 200 215 Fulton
Butch & Drov 22
_Great West Pow 59 1946_J&J 85 8612
230 2
60
Preferred
100 81 86
170 New York Co 130130
Cent Mere- 165
140 Guaranty Tr_ 370 375
Mississippi Riv Pow com_100 10 12 Borden's Cond Milk com_100 100
10212
395 402 New York_
Chase
425
Hudson
Preferred
135
145
100 38 40
Preferred
100 99 101
Pacific •
Chat Az Phen_ 250
150
Irving Trust_ ;See
First Mtge 5s 1951_ _J&J 78 80 Celluloid Company
Irving
100 133 138
Chelsea Exch* 110 120 Park _
575 590
North'n States Pow con:L.100 60 62 Columbia Graphoph Mfg (t) *1343 139
Bank
Prod Exch•._
Chemical
500
Law Tit & Tr 111a
Preferred
97t
100 90 92
Preferred
100 84 87
_
Citizens
t210 220 Lincoln Trust 180
222 227 Public .
North Texas Elm Co coin 100 53 58 Freeport Texas Co
_
(t) *331, 3412
City
450 470 Mercantile Tr
465 470 Seaboard_
Preferred
100 70 75 Havana Tobacco Co..
..1004
212 3
Coal & Iron__ 220
230 Second
400 425
& Deposit_ 210
Pacific Gas & Eice com 100 4732 4814
Preferred
100, 3
4
_ Sherman
Colontal•_ _ 400
125
135 Metropolitan_ 345
1st preferred
__100 8612 88
1st g 5s June 1 1922_J-D; f40 46
Columbia
120 125 el utual(West
160 170 S te •
Puget Sd Tr L dr P com_100 15 18 Intercontinen Rubb com_1001 195s 197
8
Commerce_ t205 t215 231 Ward...- HS
130
Chester)- 105
Preferred
125
100 54 5712 Internal Banking Co.. i00, 160
Comnfl Ex*. 390 410 Union Exch_ 150 160 N Y Life Ins
Republic Ely & Light__ MO 1612 18 International Salt
100, 50 -- - 62
UnitedStates• 500
Common& Trust
785 810
Preferred
100 52 55
1st gold 5s 1951
A-0' 70 7134
wealth
190 205 Wash Ins._
South Calif Edison com 100 8212 8512 International Silver pref _100' 80 90
605
Continental._ 107
sg
115 Westch Ave._ FU rt--- 295 615
I
iInrvian
Preferred
315
100 97 102 'Lehigh Valley Coal Sales_ 513I *84 88
Corn Exch'. _ 1'3504
- Yorkville •..... 200 310 Title Go Ai Tr 330 340
Stanilaril Gas & El (Del)_ 50 *13 15 ,Otis Elevator common _100; 65
70
Cosinoplan•
. 85
'rransatlantic.
Preferred
170
50 *31 33 I Preferred
100 84 87
Cuba (ilk 00 175
Brooklyn.
S Mtg & Tr 420
Tennessee Ely L & P corn _100
3 Remington Typewriter
2
East R.Iver_.
Goney Island* 140 155 United States 890 43(1
20
Preferred
100 12 14
Common
100 30 32
Europe
220 250 Westcheeter„ 130 010
110 130 First
United Gas & Elea Corp 100
5
3
140
1st preferred
100 z82 84
Fifth Avenue* 2200 2500 GreenpoInt _ 150 145
Brooklyn.
1st preferred
100 38 40
2d preferred
100 73 77
Fifth
215 230 Hillside •
110 120 Isrooklyn Tr_ 500 615
2d preferred
100
5
8 Royal Baking Pow corn_ _100 130 __ _ _
First
945 060 Homestead •
70
80 Franklin
220 230
United Lc& Rys corn__ ..100 36 38 I Preferred
100 92 05
Garfield
175
185 Mechanics'• 65
70 Hamilton _
tot nreferroi
260 270
100 6912 7112 Singer Manufacturing. 100 184 188
Gotham
200
_ Montauk• - 85
95 Kings County 630
Western Power common 101) 18 19 '
Texas Pac Coal & Oil__ _100 1400 15 00
Greenwich
335 350 Nassau
'200 207 Manufacturers 160 650
Preferred
100 6614 6712 W'houseChurchKerr&Co 100 63 67
Hanover
735 745 National City 133 138 People's
Preferred
100 81 86 ;
Harriman._ 250 -North Sias_ 175 200 Qtteens Co___ 290
65
75
Imp ,1z Trad._ 540 56
0 People's
130 140
•Per share b Basis. d Purchaser elso pays accrued dividend. e New stook.
• Banks marked with a () are State banks. t Sale at auction
or at
Exchange this week.
Includes one-third share Irving Trust Co. I New Stock f Fiat price. is Nominal. s Exelivieen 1. y Ex -rights. s Ex-dividend of 23%.
stock. 01 Without par value
virovu._ _1129531570511364746445
95 I
Now York City Banks and Trust Companies
166'
[VOL. 108.
THE CHRONICLE
470
lintestinent nut gailroati
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
the last two
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and of the electric
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date
Current
Year.
Previous
Year.
$
262,609 212,125 2,470,856 2,139,316
Alabama & Vicksb_ December
101,699
141,686
44.047
2d wk Jan
67,060
Ann Arbor
Atch Topeka & S Fe December 13997068 12308939 162369130 140978936
Gulf Colo & S Fe._ December 1.430,497 1.666.354 18,885.097 17,285,640
Panhandle & S Fe December, 412,254 537,791 5,809,657 6,890,859
469,176 383,117 4,703,381 3,933,369
Atlanta Birm & Atl December
265,304 161,939 2,518,440 1,770,250
Atlanta & West Pt.. December
December
308,661 187,594 4,252,270 3,215,426
Atlantic City
Atlantic Coast Line December 5,619,882 4,603,098 56,992,329 44,063,331
Baltimore & Ohio_ December 15358813 10668050 174191 448 133613321
116,060 121,138 1,761,486 1,910,003
B &0 Oh Term December
437,617 339,380 4,863,223 4,381,562
Bangor & Aroostook December
80,067
88,753
6,385
8,240
Bellefonte Central _ December
304,800 268,056 3,899,765 3,805,947
Belt Ry of Chicago_ December
Bessemer & L Erie_ December . 862,812 690.307 13,417,534 12,372,620
281,725 306,269 3,189,969 3,010,535
Bingham & Garfield November
Birmingham South.. November84179 114.784 1,313,942 1.087,674
Boston & Maine
November 6,280,374 5,114,413 64,176.642 54,515,752
807,750
866,623
Buff Roch & Pittsb 3d wk Jan 300,314 269,250
175,868 168,032 2,069,798 1,629,923
Buffalo & Susq RR_ November
aCanadian Nat Rys 3d wk Jan 1,541.392 1,034,923 4,255,864 2,990,687
Canadian Pacific_ _ 3d wk Jan 2,949,000 2,324,000 8,696,000 7,035,000
Can Pee Lines in Me December , 318,4261 233,934 2,409,261 2,434,740
Caro Clinch & Ohio December 1 494,7631 310,708 4,811,231 4,063,267
Central of Georgia_ November 1,789,054 1,625,069 18,790,847 14,387,635
Central RR of N J December 3,559,890 2.767,715 44,790,670 37,098,739
Cent New England.. December
507,837 426,656 6,053,156 5,477,288
428,997 379,314 4,735,741 4,120,500
Central Vermont.._ November
Charleston A W Car November
279,520 239,187 2,698,075
Ches & Ohio Lines_ December 7,089,616 4,740,943 73,720,795 51,643,794
December 2,156,517 1,638,407 24,358,662 20,525,689
Chicago & Alton
Chic Burl & Quincy November 13071405 10380642 131533451 111951305
Chicago & East Ill_ December 2,225,996 1,682,331 i26,753.092 21,012,173
Chicago Great West December 1,685,460 1,376,426.19,116,925 16,368,323
Chic Ind & Louisv_ December 1,045,275 750,23411,017,2741 9,161,397
339,178 260.917 3
Chicago Junction December
.
4455 11739201
Chic Milw & St P December 12331515 9,168,421 158 ..
Chic & North West December 10676200 8,788,958 127295679 108264983
Chic Peoria & St 14_ December
159,283 175,8391 2,147.466q 2,191.451
Chic R, I & Pacific.... November 8,665.381 7,781,794 91,445.673 78,201.333
423,105 383,8511 4,065,4671 3,500,979
November
Chic St P M & Om_ December 2,245,995 1,856,397 24.829,982 21,476,509
386,494 361.391 5,000,956 3,805,025
Chic Terre H & S E December
Cinc Ind & Western December
268,713 204,263 3,137.153 2,639,537
655,250
722,851
Colo & Southern_ 3d wk Jan 259,283 238,712
Ft W & Den City December
800,144 651,810 7,950,312 6,516,853
976,528
93,178 142,100 1,040,605
TrIn & Brazos Val November
79,838 1.032,503 1,076,506
90,899
Colo & Wyomin _ November
Constit Rye of Mex 1st wk Dec 231.528
855,288 1,034,713
84,361
65,284
Crip Crk & Col Spgs November
Cuba Railroad..__.. November
472,392 646,826 11,290.408 6.791.614
Delaware & fludson,December 2,601,701 2,220.555 34,789,861 29,989,399
Del Lack & West_!December 6,009.723 4,286,004 63,740,076 57,211,224
Deny & Rio Grande November 2,935,940 2,621,939 28,182,682 26,038,789
Denver & Salt Lake December
61,839 130,33) 2,055,5)9 2,065,217
159,841 113,140 1.557,033 1,350,450
Detroit & Mackinac December
322,594 200.695 3,413.341 2.903,351
Detroit Tol & front December
Del & Tol Shore L.. December
204,229 147,251 1,999,026 1,827.431
Dui & Iron Range__ December
119,161 157,191 8,978,930 7,371,399
Dul Missabe & .Nor December
242,145 345,035 21,545,271 15,303,600
121,313
130,827
70,472
Dul So Shore & Atl 2d wk Jan
68,250
Duluth Winn & Pee November
175.410 143,0813 1,564,080 1.889.416
6
East St Louis Conn November
99.321 188,792 1,038,035g
Elgin Joliet & East_ December 2,037.563 1,194,688 20,685,019 15,816,473
El Paso & So West.. December 1,222,273 1,175,861 14.790,468 13,634,862
Erie Railroad
December 8,176,460 5,309,243 87,855,460 70,982,219
Chicago & Erie.... December 1,137,3531 700,084 11,039,823 8,794,149
Florida East Coast.. November
686,018 8,019,537 8,019,537 7.483,634
974,279
81.602 1.023,981
92,557
Fonda Johns & Glov November
Ft Smith & Western November
115.582 144,044 1.175.197 1.038,120
938.123 1,000,038
72,143
65,895
Wharf November
Galveston
699,506 475,478 6,078.975 3.829,504
Georgia Railroad._ November
Grand Trunk Pac 3d 'wk Dec 163,460 113,477 6,330,3806.013.445
Grand Trunk Syst_ 3d wk Jan 940,925 565,501 2,974,134 1,994,146
Grand Trunk Ry 3d wk Dec 1,495,431 996,791 60,847,249 50,100,971
Grand Trk West_ December 2,211,029 1,523,657 19,376,032 16,208,668
Great North System December 9,848,200 6,884.813 100661 037 88,534.163
211.219 199,6731 2,198,910 2,142,442
Gulf Mobile & Nor.. November
186,759 211,6311 2,365,580 2,126,157
Gulf & Ship Island.. November
699,244 747,606 13,155,861 10,696,434
Hocking Valley
December
Illinois Central
December 9,130,043 7,398,783 107320281 87,144,786
Internet & Grt Nor December 1,178,319 1,260.865,13,476,833 12,538,224
69,824 115,7921 1,259,674 1,217,314
Kan City Mex & Or December
1,308,779
77,131
K Mex &0of Tex December
Kansas City South_ December 1.387,028 1,072,302 15,250,406 12,410,986
127.061 114,9321 1,281,122, 1,136,521
Texark & Ft Sm.. December
95.874 1,247,830 1.131,295
Kansas City Term.. December . 103,877
372,252 158,315 2,476,8511 2,247,617
Lehigh & Hud Riv_ December
Lehigh & New Eng_ December
334,727 ext
Lehigh Valley
December 5,894,043 3,862.839 65,586,769 53,353,446
Los Ang & Salt Lake November 1,208,262 1.065,086 13,247,833 11,632,863
Louisiana & Arkan_ December
146,0721 142,7941 1,671,652, 1,569,722
Louisiana Ry & Nay November
288,1901 254,5411 2,803,668 2.246,001
Louisville & Nashv_ December 9,644,401 6,866,595 101392792 76,907,387
Louisv Rend & St L November
257,751 129,608 2,595,702 2,031,737
Maine Central
December 1,429,414 1,125,183 16,415,178 1,4125,576
Midland Valley
December
323,539 257.002 3,504,780 2,977,127
41.1291•
Mineral Range
23.230
2d wk Jan
19,546!
Minneap & St Louis December 1,067,625 1,033,697.12,028,300 11,005,063
Minn St P &SS M December 3,905,179 2,580,086 35.930,293 34,540,491
862,493
94,201 109,232 1,166,525
Mississippi Central_ November
Missouri Kan & Tex December 3,036,614 2,334,702 33,230,335 25,990,721
Mo K & T Ry of Tex December 1,925,129 1,774.82119,240.331 16,300,156
Mo & North Arkan,December
94,9141 109,609 1,401,1311 1,417,959
Mo Okla & OWL November
141,8221 192,452 1,653,930 1,761,689
g
•
1
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
I
Jan.1 to Latest Date
Previous Current
Year.
Year. I
Previous
Year.
$
$
Missouri Pacific__ December 8,113,594 6,780,313 89,612,398 78,320,313
292,821 171,277 3,208,757 2,152,836
December
Monongahela
222.079 145,383 2,245,461 1,710,105
Monongahela Conn November
Nashv Chatt & St L December 1,893.378 1,353,892 21,757,403 15,194,755
14.267
13.015
4,923
4,653
3.1 WIC Jan
Nevada-Cal-Oregon
239,976 214,097 2,488,027 2,276.560
Nevada Northern.._ November
134,838 228,448 1,453,757 1,143,320
Newburgh & Sou Sh December
190,958 158,880 2,040,349 1,750,535
New On Great Nor.. November
572,053 511,905 6,474,717 4,969,265
New On & Nor East December
148,080 171,800 1.787,889 1,331,180
November
N 0 Tex & Mex
131,914 113,222 1,319.108916,621
Beaum S L & W.. November
380,090 320.802 4,041,504 3.525,584
St L Browns & M November
27382879 19088857 294691313 238829800
New York Central.. December
529.779 345,724 5,691,235 5,121,878
Ind Harbor Belt_ December
773,021 622,985 9,313,9.15 8,122,895
Lake Erie & West December
Michigan Central December 6,568,887 4,727,395 68,520,087 52,879,434
&
Cleve0 0 St L_ December 6,310,415 4,244,428 71,403,970 52,650,920
266,7951 176,990 2,812,979 2,440,829
Cincinnati North December
Pitts & Lake Erie December 2,762.004'1,940,318 32,992,272 25,621,654
975,7801 583,558 10,026,558, 8,083,542
Tol & Ohio Cent.. December
423,367 301,549 5,896,1341 3,606.990
Kanawha & Mich December
N Y Chic & St Louts December 2,505,362 1,293,790 22,656,382 16,901,206
N V N H & Hard_ December 8,608,151 6,961,617 102294212 85,784,892
823,999 688,248 10,895,005 9,164,878
N Y Ont & Western December
337,629 242,337 4,353,420 3,478,993
N Y Susq & West December
Norfolk & Western_ December 6,828,688 5,354,76582,004,034 65,910,242
586,697 416,262 5,753,6441 5,299.914
Norfolk Southern.... December
Northern Pacific.. November 10028533 7,835,401 92,841,868 80,856,976
953,130
923,396
68,896
80,213
Minn & Internat.. November
433,635 399,307 4,268,094 4,465,379
Northwest'n Pacific November
87,367 102,799 1,405,733 1,377,715
Oahu Ry & Land Co November
457,695 570,134 5,161,116 4,645,593
November
Pacific Coast
Pennsylvania RR_ December 34245328 22480944 367414695 290234093
80,999 1,436,440 1,281,365
135,134
Bait Ches & Atl_ December
596,028 378,752 5,917,543 4,838,904
Cumberland Vail. December
December 1,660,531 1,326,523 22,213,444 17,286,179
Long Island
76,228 1,101,324 1,011,519
117,702
Mary'd Del & Va December
765,177 432,944 7,632,494 5,544,625
N Y Phlla & Nod,December
791,112 546,577 10,599,544 8,555,048
W Jersey & Seash December
Pennsylvania Co__ _1December 8,954,611 5,749,152 95,630,322 78.595,298
558,608 504,377 7,207,727 6,491,358
Grand Rap & Ind December
Pitts 00 & St L.. December 7,336,471 5,840,224 87,224,887 73,507,628
94,245 1,306,395 1,206,718
122,602
Peoria & Pekin Un_ December
December 2,689,573 1,979,155 28,955,012 23,507.855
Pere Marquette
83,651 1.343,608, 1,150,806
116,225
Pittsb & Shawmut_ December
74,558 108,774 1,125,2081 1,141,805
Pittsb Shaw & Nor_ November
77,343 127,419 1,800,146 1,580,787
Pittsb & West Va.... December
295,203 272,824 2,637,219 2,105,395
December
Port Reading
793,199
959,229
69,355
68,452
QuincyOrn&Kan0_ November
Reading Company:
Phila & Reading.. December 7,629,262 5,118,847 80,769,563 66,831,398
711,876 797,827 7,164,372 5,249,407
Rich Fred & Potom December
466.354 435.943 4,027,034 2,763,407
Wash Southern.... December
340,659 325,595 4.510,589 4,325,369
December
Rutland
183,524 200,693 2,588,578 2,346,814
St Jos dy Grand Isi'd December
-San Fran_ December 6,033,729 5,003,192 69,812,604 57,434,625
St Louis
97,237 1,151,032 1,008.719
100,059
Ft W & Rio Or.... December
70.837 1,366,345 1,113.130
93,936
St 14-S F of Texas December
St Louis 3outhwest December 1,318.752 1,062,340 13,035,153 11,468,728
516,044 640,827 6,553,608 5,840,929
St L S W of Texas December
832,856
77,660 397,807 1,015,968
St Louis Transfpr November
434,933 401,228 4,000,350 3,740,962
San Ant & Ar Pass_ November
Seaboard Air Line December 3,609,185 2,837,494 38,923,106 30,345,146
80.718 1,137,511 1,094,951
135,591
November
South Buffalo
December 13961660 12259984 153948641 132257556
Southern Pacific_
361,920 348,455 4.083,942 3,915,064
Arizona East........ November
Galv Harris & S A November 1,852,920 1,746,995 19,423.431 17,908.972
704,683 840,277 8.240,927 7,315,539
Hous & Tex Cent November
188,206 167.441 1,891.188 1.675,441
bus E & W Tex.. November
374,371 354,081 4,348,152 3,653,551
Louisiana West'n December
811,009 706,295 8,352,108 6,910,459
Morgans La & Tex December
676,170 593.567 6,818.627 5.819.756
Texas & New On November
Southern Rail way.... December 10727373 8,399,507 126574296 90,716,568
916,859 676,906 9,296,635 7,151,054
Ala Great South_ December
Cin N 0& Tex P.. December 1,556,886 1,033,956 15,478,641 13,051,819
490,965 472,499 5,902,664 4,457.360
New On & N E.... November
Mobile & Ohio December 1,341,075 1,047,353 14,840,901 13,604,507
421,573 328,809 3,694,801 2,983,428
December
Georgia Sou & Fla
195,545 151.007 1,519,496 1,309,222
South Ry in Miss December
902.674
912,904
73,543 105.376
Spokane Internat'l. November
767.075 575.398 7.768,436 6,212.945
Spok Portl & Seattle November
179,164 105,337 1,934,751 1.493,513
Staten Island R T.._ December
4,562
5,245
1,707
Tenn Ala & Georgia 3d wk Jan ' 2,335
245,091 141,892 3,011,813 1,797,252
Tennessee Central.. December
352,003 294,221 3,567.267 3,462.238
Term Assn of St L.... November
305,267 288,467 3.370,305 2.917,562
St L Mer Bdg T.. November
4th wk Dec 855,899 810,530 27,113,250 22,714,007
Texas & Pacific
164,583 107,482 1.645,593 1,289.433
Poor & West December
Toledo
738,051 516,112 8,306,128 7,041,663
Toledo Si; L & Westi December
61.020 1,016.445 1.008,893
55,863
Ulster & Delaware.. December
,December 8,732.532 7,082,019 98,443,365 76,998,423
Union Pacific
Oregon Short Line l December 3,016.862 2,866,620 34,136,854 31,016,343
Ore-Wash RR & N'December 2,312,623 1,852,883 26,264.956.22,097,098
646,165 361,831 7.078,314 5,732,627
Union RR (Pa)...... December
1,289,140
November
113.866
Utah
323,799 225.693 2,689,104 2.206,558
\ricks Shreve & Pee December
November 1,107,501 887.070 11,019.095 9,532,241
Virginian RR
December 4,556,981 3,282,330 48.246.411 40.477,999
Wabash RR
Western Maryland.. December 1,7.15,628 1,276,882 15,402.352 13.638,449
760,121 707.158 10.174,320 9,019,647
November
Western Pacific
December
245,165 187.301 2,558,2031 1,725,860
Western Ry of
951.455 743.779 13.592,172,11,028,904
Alaihe
& Lake Erie.. December
W
96,957 109,239 1.068,1571 1,053,274
Wick Falls & N W.. December
Yazoo & Miss Vail..1December 2,398,801 1,810.053 22,477,008 18,152,123
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Increase or
Previous
Current
%
Decrease.
Year,
Year.
$
$
$
+965,806 14.59
-- 7,581.166 6,615,360
let week Nov (16 roads)
1314,165 5.03
2d week Nov (15 roads)____ 7,194.421 6,850,256
816,977 12.13
_
3d week Nov 111 roads)___ 7,551,945 6,734.968
138.940 1.85
4th week Nov 10 roads)....... 7,631,596 7,492,658
1,040,135 15.90
1st week Dec 15 roads)_ _ _ 7,582,032 6.541,897
2d week Dec 13 roads)_...... 7,853,955 5,756.694 +2,097.26136.43
3d week Dec 11 roads)..__ 6,924,046 5,376,100 +1,547,916 28.79
lth week Dec 14 roads)_-__ 10,698,660 8,136,132 +2.582.52831.49
+976,152 22.80
13 roads)....._ 5,257,043 4,280.891
1st week Jan
2d week Jan 12 roads)_...... 6,073,616 4,701,322 +1,372,291 29.19
3d week Tan 10 roads)____ 5.007.902 4.4a9.019 +1.558.88335.12
-Includes the former Canadian Northern, the Inter-colonial and other
a
•Weekly Summaries.
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or I
Decrease. I %
,
$
Cur. Yr. Prev.Yr.
Mileage.
au uttry........240.046 23.885 282,311.665 294.002.791 -11,608.128 3.95
February _230,338 228.835 362.761.238 312.276.881 +50.484.357 16.22
Mar
233.891 237.483 285.778.203 260.627.752 25.148.451i 9.65
April
233,734 232.255 369,409,895 319.274.9811 50.134.914'15.70
230.355 229.892 374.237.097 342.1.46,096 32.091.0011 9.38
May..
June_-_ 220.303 219.294 363.165.528 323.163,161 40.002.412112.38
July
231.700 230.570 463.684,172 346,022.857 117661315 34.00
230,743 230.015 498.269,356 362.509,561 +135759,795 37.45
August
September.. 232.186 232.379 497.140,781 357.772,850 +129367.931 36.16
October __ _230.184 230.576 484,824,750 377,867.933 +106956.817 28.30
November 232.274 232,259 438,602,283 356.438,875 +82,163.408 23.06
Government owned lines.
THE CHRONICLE
FEB. 11919.]
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third
week of January. The table covers 10 roads and shows
35.12% increase in the aggregate over the same week last
year.
Third week of January.
1919.
1918.
Increase. Decrease.
31,064
300,314
269,250
Buffalo Rochester & Pittsburgh
1,541,392 1,034,923 508,469
Canadian National Rys
2,949,000 2,324,000 625,000
Canadian Pacific
238,712
20,571
259,283
Colorado & Southern
Grand Trunk of Canada
565,504 375,421
940,925
Grand Trunk Western
Detroit Gr Hay & MIlw
Canada Atlantic
4,923
4,653
Nevada-California-Oregon
1,707
628
2.335
Tennessee Alabama & Georgia_
Total (10 roads)
Net increase (35.12%)
5,997,902 4,439,019 1,559,153
1,558,883
$
270
270
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial compames reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
3
16
$
212,125
35,375
80,338
Alabama & Vieks_b____Dec 262,609
425,738
2,470,856 2,139,316
678,073
Jan 1 to Dec 31
257,885
Dec 370,170
62,117
23,672
Ann Arbor_b
3,585,907 3,138,943
390,484
754,053
Jan 1 to Dec 31
Atch Top & Santa Fe_ b_ Dec 13,097,068 12,308,968 2,063,296 4,174,954
162,369,130 140978,938 47,456,755 52,474,886
Jan 1 to Dec 31
447,510
Gulf Col & San Fe_ b_ _Dec 1,430,497 1,686,353 def315,349
18,885.097 17,285,639 4,055,169 5,100,167
., Jan 1 to Dec 31
537,794 def140,091
122,450
Panhandle & San Fe.b_ Dec 412,254
5,809,657 6,890,859
457,781 2,724,209
Jan 1 to Dec 31
186,939
90,640
32,914
Atlanta & West Point_ b_ Dec 265,303
2,548,440 1,770,250
818,085
529,022
Jan 1 to Dec 31
383.116 def57,109
72,834
firm & Atl_b__Dec 469,176
Atlanta
4,703.381 3,983,368 def335.074
861,111
Jan 1 to Dec 31
Line_b__Dec 5,619,882 4,608,096 1,849,020 2,130,807
Atlantic Coast
56,992,329 44,063,331 14,329,026 14,289,336
Jan 1 to Dec 31
Dec 308,660
187,593
56,222
3,858
Atlantic City. b
4,252,269 3,215.425 1,351,264
873.701
Jan 1 to Dec 31
Dec 15,358,812 10,668,050
344.171 1,851,930
/3alt & Ohio.b
174.191,448 133613,320 13.599,268 30,589,107
Jan 1 to Dec 31
121,138 def154,807 def46,676
B & 0 Chicago Term_b_Dec 116,059
1,761,485 1,940,003 def938,217 def64,361
Jan 1 to Dec 31
339,379
32,049
39,849
Bangor & Aroostook_b_Dec 437,618
4,863,222 4,384,561
623,705 1,394,193
Jan 1 to Dec 31
268,066
11.443
10,303
Belt By of Chleago_b__Dec 304,799
124,355 1,019,315
3,899,784 3,805,947
Jan 1 to Dec 31
162,102 def65,088
890,306
Bessemer & Lake Erie_ b Dec 862.812
13,417,584 12,372,619 4,250,325 3,700,385
Jan 1 to Dec 31
173,114
36,367
Buff Roch & Pitts_b_ __Dec 1,606,733 1,184,635
902,450 3,096,434
18,479,658 14.975,000
Jan 1 to Dec 31
65,300
Nor Ry_a_--Dec 5,043,300 3,273,200
610,200
Canadian
26,621,400 21,856,800 2,808,600 3,335,100
July 1 to Dec 31
Canadian Paeific_aDec c15.750,854 13,070,882 c2,811,012 3,911,279
c157,537,698 152389,335c34,502,387 46,546.018
Jan 1 to Dec 31
238,933 def39,042 def18,831
Can Pac Lines in Me_ b-Dec 318,425
2,409,260 2.424,739 def287,897
295,300
Jan 1 to Dec 31
131,078
310,708
115,892
Carolina Clinch & 0_b-Dec 494,763
4,811,231 4,063,267 1,185.670 1,729,669
Dec 31
Jan 1. to
426.856
23,078
108,557
Central New Eng_b--Dec 507,837
6- ,063,155 5,477,288
861,268 1,858,799
Jan 1 to Dec 31
98.214
Central RR of N J_b_--Dec 3,559,889 2,787,715 def431,322
Jan 1 to Dec 31__ _44,790,670 37,096,739 8,421,400 10.683,888
Dec 7,089,618 4,740.943 2,144,013 1,554,491
Ches & Ohlo_b
73,720,796 54,643,793 19,577,795 18,537.987
Jan 1 to Dec 31
Dec 2,156,516 1,638,406
37,931
99,889
Chicago & Alton_b
24,358,661 20,525,689 3,681,232 4,391,711
Jan 1 to Dec 31
280,432
East Ill_b_-Dec 2,225,996 1,682,330 def275,279
Chicago &
26,753,092 21,012,172 2,667,531 4,613,809
Jan 1 to Dec 31
Chicago & Nor West_b_Dec 10,676,199 8,788,958def1081,401 2,173,017
127,295,678 108264,983 17,797,106 29,505,994
Jan 1 to Dec 31
388,334
Chleago Oreat West_b_Dec 1,685,459 1,376,426 def86,872
19,116,924 16,388,323 1,333,827 3,875,911
Jan 1 to Dec 31
750,234' 130,795
132,304
Chicago Ind & Louls_b_Dec 1,045,275
11,017,274 9,161,397 1,725,490 2,679,893
, Jan 1 to Dec 31
280,916 def59,594
8,290
Chicago Junction _b. __Dec 339,178
3- ,435.784 3,280,981 def358,309
383,077
Jan 1 to Dec 31
Chic Milw & St Paul_b_Dee 12,334,544 9,168,420 def215,457 1,483,354
152,894,454 113739.201 10,698,349 28,543,238
Jan 1 to Dec 31
175,839 def145,447 def13,814
Chicago Poor & St L_ b_ _Dec 159,282
2,147,466 2,191,451 def393,697
to Dec 31
323,254
Jan 1
285,094
327,735
Chi St P Minn & 0_ b__ _Dec 2,245,994 1,856,397
24,829,981 21,476,509 3,945,781 5,635,196
Jan. 1 to Dec 31
384,391 def17.952
91,142
H & S E.b..-Dec 386,493
Chic Terre
5,000,956 3,805,025
627,906
915,536
Jan 1 to Dec 31
204,262 def27,415
_ __Dec 268,712
8,389
Cinc Ind &
3- ,137,152 2,639,537 def13,911
West_b512,078
Jan 1 to Dec 31
325,117
279,667
Cin N 0 & Tex Pac_b__Dec 1,554,886 1,033,955
15,478,641 13,051,819 2,874,801 4,210,758
Jan 1 to Dec 31
501,721
348,089
Colorado & Southern_ b_Dec 1,378,711 1,004,755
12,955,826 10.986,664 3.578,836 4,169,360
Jan 1 to Dec 31
FtWorth&DenCity_b_Dec 800,143
654,809
269,368
214.155
7,950,341 6,546,863 1,913,719 2,514,228
Jan 1 to Dec 31
80,494
Delaware & Hudson_b_Dec 2,601,704 2,220,555 def120,367
34,789,864 29,989,399 3,436,079 6,539,446
31
Jan 1 to Dec
763,341
Del Lack & Western_b__Dec 6,009,722 4,288,084 1,177,904
68,740,076 57,211,224 18,814,391 19,534,735
Jan 1 to Dec 31
61,859
130,338 def164,641 def21,249
Denver & Salt Lake_b__Dec
2,055,509 2,085,216 def834,049
23,708
Jan 1 to Dec 31
113,139
Mackinac_b__Dec 159,841
18,395
18,085
Detroit &
1,547,033 1,350,450
68,574
279,411
Jan 1 to Dec 31
200,694 def68,009 def67,859
Ironton_b___Dec 322,593
Dot Tol ..gc
3,413,340 2,903,354 def381,800
232,669
Jan 1 to Dec 31
147,250
114,197
68,146
Dot & Tol Shore Line_b_Doc 204,228
1,999,025 1,827,430
901,719
940,178
Jan 1 to Dec 31
119,151
157,191 def194,028 410'181,408
Duluth & Iron Range_b_Dec
8,978,929 7,371,399 4,234,187 2.953,314
Jan 1 to Dec 31
345,035 def231,905 def140,479
Dul Missabe & North_b_Dec 242,144
21,545,270 15,306,599 13,587,838 8,165,944
Jan 1 to Dec 31
385,749
115,303
99,076
Du! So Shore & Atl_b__Oct 483,849
4,086,822 3,645.891
513,633
763,700
Jan 1 to Oct 31
695,059
453,895
Elgin Joliet & East_b___Dec 2,037,562 1,194,688
20,685,048 15,816,473 5,899,772 4,818,752
Jan 1 to Dec 31
501,831
540,922
,
El Paso & Southwest_b_Dec 1222,272 1,175,861
790,467 13,834,862 6,161,447 6,334,903
Jan 1 to Dec 31
14,
Erie_b
Dec 8,178,460 5,309,242 def146,519 def669,153
191,687 10,164,534
87,855,460 70,982,218
Jan 1 to Dec 31
700,083
125,510
Dec 1,137,352
Chic & Erie_b
69,090
11,039,823 8,794,149 1,298,700 2,134,71
Jan 1 to Dec 31
Roads.
Roads.
471
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
286,145
982,257
Grand Trunk West_b_1Qec 2,211,029 1,523,856
Jan 1 to Dec 31 ' 19,376,032 16,208,588 2,135,980 2,375.492
Dec 9,848,200 6,881,812 def392,334 1.946,939
Great Northern_ b
Jan 1 to Dec 31
100,681,066 88,531,163 16,271,497 29.290.377
42,224
Dec 699,214
747,605 def95.869
Hocking Valley_b
13,155.861 10,696,434 2,707,068 3.287,311
Jan 1 to Dec 31
Dec 9,130,043 7,398,783 def236,710 2,076.376
Illinois Central_b
107.320.261 87.144.786 17.135.850 24,804,951
Jan 1 to Dec 31
427,088
Internat & Gt North_b_Dec 1,178,349 1,280,885 def24,482
Jan 1 to Dec 31
13,476,888 12,588,224 1,833,885 3,938,230
114,792 def71,745
7,209
69,824
K C Mex & Orient_b___Dec
Jan 1 to Dec 31
15,051
1,259,674 1,217,344 def345,007
115,336 def79,036
11,939
77,131
K C M & Or of Texas_b_ Dec
Jan 1 to Dec 31
21,089
1,188,656 1,308,778 def325,000
350,959
95,248
Kansas City South_b___Dec 1,387,027 1,072,301
15,250.406 12,410,965 3,725,404 4,776,284
Jan 1 to Dec 31
71,737
114,932
72,315
Texark & Ft Smith_ b_Dec 127,080
565,666
442.563
Jan 1 to Dec 31
1,281,121 1.136,522
21,123
def8,058
95,873
Kansas City Term'l_b_Dec
108,877
361,489
134,799
1,247,829 1,131,294
Jan 1 to Dec 31_
def9,605
35,547
142,793
Louisiana & Arkansas_b_Dec 146,071
446,326
211,199
1,671,651 1,569,721
Jan 1 to Dec 31
177,928
158,314
Lehigh & Hud River_b_Dec 372,251
30,654
523,732
779,810
Jan 1 to Dec 31
2,476,850 2,247,616
254,037
131,404
85,406
Lehigh & New Eng_b__Dec 334,727
3,989,895 3,686,566 1,205,724 1,402,921
Jan 1 to Dec 31
Dec 5,894,043 3,862,838
352,254
259.133
Lehigh Valley_b
65,586,769 53,358,445 8,240,743 11,532.280
Jan 1 to Dec 31
'
Louisville & Nashv_b___Dec 9,644,401 6,866,585 1,808,178 1,973,464
101,392,792 76,907,387 21,835,820 23.908,628
Jan 1 to Dec 31
Dec 1,429,413 1,125,183 def296,144
Maine Central _b
125,421
16.415,178 14,125,576
Jan 1 to Dec 31
385,432 3,449,700
Dec 323,439
247,002
42.731
55,691
Midland Valley_b
882,488
886.327
Jan 1 to Dec 31
3,504,779 2,977,127
158,888
432,378
Minneap &Mit Louis_bDec 1,067,624 1,033,696
657,203 3.153,487
12,028,300 11,055,062
Jan 1 to Dec 31
559,714
Minn St P & S S Mb Dec 3,905,178 2,680,085 1,346,348
35,930,292 34,540,491 6,239,684 11,575,697
Jan 1 to Dec 31
2,334,701
436,244
486,775
Mo Kan & Texas_b___:_Dec 3,036,614
33,230,334 25,990,720 6,083,993 7,235,425
Jan 1 to Dec 31
508,248
156,383
Mo Kan & Tex of Tex_ b Dec 1,925,129 1,774,820
19,240,330 16,300,155 1,147,164 2,889,745
Jan 1 to Dec 31
19,222
109,609 def83.588
Missouri & Nor Ark_b_Dec
94,914
295,659
1,404,131 1,417,968 def16,645
Jan 1 to Dec 31
948,498 2,047,228
Dec 8,113,593 6,780,313
Missouri Pacif1c_b
16,380,659
Jan 1 to Dec 3189,612,397
280,814
293,833
Nash Chatt & St L_b___Dec 1,893,377 1,353,892
21,757,402 15,194,755 4,133,838 3,644,723
Jan 1 to Dec 31
133,895
228,448
32,833
Newburgh & So Shore b Dec 131,837
110,928
309,881
1,453,758 1,143,320
Jan 1 to Dec 31
86,575
226,870
511,904
New On & Nor East_b_Dec 572,043
Jan 1 to Dec 31
6,474.717 4,969,264 1,282,302 1,629,759
New York Central_ b__ _Dec 27.382,828 19,088,856 5,352,389 8,438,549
294.691,313 238829,799 62,287.608 68,287,671
Jan 1 to Dec 31
178,989
43,741
66,817
Cincinnati North'n_b_Dec 266,795
470,041
2,812.979 2,440,829
673,627
Jan 1 to Dec 31
4,244.428 1,377,709 1,118,251
Clev Cin Ch & St L_b_Dec 6,310,415
71,403,970 52,650,920 19,508,681 14.591,499
Jan 1 to Dec 31
345,724 def122,335 def102,347
Indiana Harbor Belt b Dec 529,778
990,357
•Jan 1 to Dec 31
5,591,235 5,121,878 def806,476
82,794
300.549
91,493
Kanawha & Mich_bDec 423,367
5,896,134 3,606,990 1.689,015 1,063,864
Jan 1 to Dec 31
622,985 def72,721
183,501
Lake Erie & West_ b_ _Dec 773,020
903,892 2.251.363
Jan 1 to Decal
9.343,904 8,122,895
Michigan Central_b__Dec 6,568,886 4,727,394 2,119,736 1,698,783
68,520,087 52,879.434 17.450,014 14,590,297
1 to Dec 31
Jan
474,787
380,231
Pitts & Lake Erie_b_Dee 2,762,001 1,940,317
Jan 1 to Dec 31
32,992,272 25,621,661 10,627,088 8,969,151
213,586
22.341
583,557
Toledo & Ohio Cent_ b Dec 975,780
Jan 1 to Dec 31
10,026,557 8,088,541 1,112,434 1,974.238
162,004
758,387
New York Chic & St L_b Dec 2,505,361 1,293,790
22.656,381 16,901,205 5,166,624 3,619,896
Jan 1 to Dec 31
N Y N H & Hartford_b_Dec 8,608,151 6,961,617 def249.826 1,181,591
102,291,211 85,781,892 14,567,688 23,814,833
Jan 1 to Dec 31
145,826
688.247 de1178,705
N Y Ont & West_b____Dec 823,999
920,481 2,544,299
10,895,005 9,164,878
Jan 1 to Dec 31
def17,133 def21,785
337,628
242.337
NY Susq & Western_ b_ _ Dec
4,353,419 3,478,993
729,127
559,350
Jan 1 to Dec 31
416,262 def27,352
114,437
Norfolk Southern_b____Dec 466,696
480,082 1,619,545
5,753,643 5.299,913
Jan 1 to Dec 31
Norfolk & Western_b___Dec 6,828,688 5,354,764 1,530,677 1,754,806
Jan 1 to Dec 31
82,004,034 65,910,242 20,421,736 24.748,738
36,907
10,952
87,367
102,798
Oahu RR & Land Cob Nov
1.405,733 1,377,715
690,707
637,729
Jan 1 to Nov 30
Pennsylvania RR_b___Dec 31,215,327 22,480,944
343,950 2,842,479
367.414,691 290234,093 33,790,171 64,584,836
Jan 1 to Dec 31
80,999 def24,090 def36,201
Bait Ches & Atl_ b_ _ _ _Dec 135,133
Dec 31
7,505
108,037
1,436,439 1,281,361
Jan 1 to
198,305
197,851
378,752
Cumberland Valley_b Dec 596,027
5,917,643 4,838,901 2,207,037 2,297,061
Jan 1 to Dec 31
Dec 1,660,530 1,326,522 def203,441
98,938
Long Island_b
22,213.411 17,286,178 5,495,960 5,325,643
Jan 1 to Dec 31
76,228 def17,081 def31,924
Mary Del & Va_b____Dec 117,702
72,180
1,101,323 1,011,519 def40,437
Jan 1 to Dec 31
Dec 292,821
171,277
36,866
37,383
Monongahela_b
• Jan 1 to Dec 31
937,641
3.208,757 2,152,835
793,749
154.892
432,943
9,430
N Y Phila & Norf_b_Dec 765,177
Jan 1 to Dec 31
7,632,491 5,444,624 1,349,081 1,412,336
4,476
def2 206
107,481
Tol Peoria & West_b_Dec 184,582
Jan 1 to Dec 31
1,645,492 1,289,432 def22,520
104,658
West Jers & Seas'l_b__Dre
791,111 446,477 def310,129 def56,839
Jan 1 to Dec 31
493.683 1,552,917
10,599,543 8,555,047
Dec 8.944,611 5,749.152
Pennsylvania Cob
247,547 def70,035
95,530.322 78.595.298 8.980,065 15,847.398
Jan 1 to Dec 31
504,377 def54,297
186,745
Grand Rap & Ind_b__Dec 558,607
732.782 1,375.098
7.207,726 6,491,358
Jan 1 to Dec 31
Pitts 0 C & St L_b__Dec 7.336,471 5,840.224 def347.839
670,658
Jan 1 to Dec 31
87,224 887 73.507,827 8,093,352 17,145,679
94,244 def59,690
Peoria & Pekin Unlon_b_Dec 122,602
10,115
Jan 1 to Dec 31
1,306,394 1,206,718 def208,446
133,087
674,814
Dec 2,689,573 1,979,154
440,813
Pere Marquette_ b
28,945,011 23.507,855 5,639.460 6,126,409
Jan 1 to Dec 28
0..861
814 624
Dec 7.629,262 5,118,846 1,227,289
Phila & Reading_b
80.769,583 68 831,398 '14,880,191 20,132.114
Jan 1 to Dec 31
83,651 def16,034
Pitts & Shawmut_b____Dec 118,225
40,822
250,675
1,313,607 1,150,805
Jan 1 to Dec 31
127,418 def106.213
77.342
104,518
Pitts ltz West Virginia_b-Dec
545,651
1.800,10 1,538,786 def132,348
Jan 1 to Dec 31
123,828
Dec 295,202
272,823
118,822
Port Reading_b
844,801
Jan 1 to Dec 31
738,350
2,637,218 2.105,395
491,462
797,826
366,937
Rich Fred & Potom_b__Dec 741,874
Jan 1 to Dec 31
7,164,371 5,249,406 3,340,160 2,385,592
241.836
435.943
Washington South_b_Dec 468,354
277.703
Jan 1 to Dec 31
4.027,034 2,763,406 1,952,942 1,401,384
472
THE CHRONICLE
-Gross Earnings--Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
43.927
Dec 340,659
325,595 def62,159
Rutland_ b
4,640.549 4,325,368
153,408 1,049,646
Jan 1 to Dec 31
St Louis-San Fran_ b_ _ _Dec 6,033,729 5,003,191 1,025,599 1,516,769
Jan 1 to Dec 31
69,812.604 57,434,624 14,560,638 19,960,066
17,216
1,799
Ft Worth & Rio Gr_b_Dec 100,059
97,237
128,807
47,906
1 to Dec 31
1,151,032 1,008.719
Jan
def825 def26,898
70.837
St L S F of Texas_ b_ _Dec
93,936
85,029
187,027
1,366,344 1,113,130
Jan 1 to Dec 31
510,461
350,051
St Louis Southwest_ b_ __Dec 1,318,751 1,062,340
13,035,152 11,468,727 4,144,364 5,274,759
Jan 1 to Dec 31
250,128
640,827 def202,529
St L Southw of Tex_ b_ Dec 516.043
Jan 1 to Dec 31
6,553,608 5,840,929 def369,218 1,138.037
672,760
68,671
Seaboard Air Line_ b_ _Dec 3,609,185 2,837,494
38,923,106 30,345,146 5,576,313 8,627,968
Jan 1 to Dec 31
Dec13,961,659 12.259,984 1,676,906 2,213,202
Southern Pacific_ b
Jan 1 to Dec 31
153,948,641 132257,555 40,295,743 48,613,199
204,596
354,081
147,517
Louisiana Western_ b_Dec 374,730
Jan 1 to Dec 31
4,348,151 3
.653,550 1.999,635 1,964,127
333,483
706,294
241,224
Morg La & T RR&Nb.Dec 841,008
Jan 1 to Dec 31
8,352,107 6,910.458 2,773,379 3,008,448
Southern Railway_ b.._ _ _Dec10,727,373 8,399.507 2,454,565 3,370,125
116,574.296 90
,716.568 34,763,871 30,602.971
Jan 1 to Dec 31
265,698
172.262
676,906
Ala Great Southern _b_Dec 915,858
Jan 1 to Dec 31
.151,054 2,193,120 2,416,644
9,296,634 7
96.069
93,769
Georgia Sou & Fla_ b_ _Dec 421,572
328,808
647,347
445,263
Jan 1 to Dec 31
3,694,800 2,983,427
207,266
90,511
Mobile & Ohio_ b
Dec 1,341,075 1.047,352
709,729 3,251,529
Jan 1 to Dec 31
14,840,901 13.604,506
78,889
52,007
154,006
South Ry in Miss_b_ _Dec 195,544
332,405
170,376
Jan 1 to Dec 31
1,519,495 1,309,221
23,800
16,626
105,336
Staten Island R T_b_ _ __Dec 179,163
326,598
234,325
Jan 1 to Dec 31
1,934,751 1,493,513
20,289
141,891 def41,232
Tennessee Central_ b._ _ _ _Dec 245,094
417,919
299,285
Jan 1 to Dec 31
3,011,812 1.797,251
,441,771
507,875 1,108,385
Dec 3,053,094 2
Texas & Pacific_ bJan 1 to Dec 31
27,294,833 22,714,007 5,394,452 7,324,251
59.166
217,408
516,111
Toledo St L & Weet_b__Dec 738,050
Jan 1 to Dec 31
8,306,127 7
.041,662 1,831,989 2,017,799
64,019 def27,573 'def5,289
Ulster & Delaware_ b_ __Dec
55,862
211.417
def8,199
Jan 1 to Dec 31
1,006,444 1,008,892
117.718 def180,638
Union RR of Penn_ b_....Dec 656,164
361.830
32,663
723,172
1 to Dec 31
7,078,313 5,732,626
Jan
Dec 8,732,532 7 082,019 2,421,406 2,655,964
Union Pacific_ b
31,049,757
98,443,364 76
.988,423 38,565,554
Jan 1 to Dec 31
875,333 1,414,762
Oregon Short Line_ b_ Dec 3,046,861 2,866,620
016,342 12,527,366 14,538,049
Jan 1 to Dec 31
34,136,853 31,
601,388
388,600
RR & N_b_Dec 2,342,623 1,
852,883
Ore-Wash
Jan 1 to Dec 31
26,264,956 22,
097,098 6,547,347 7,218,899
7.144
200,692 def86,146
St Jos & Grand 181_ b_Dec 183,523
1,272
29,546
2,588.577 2,
346.514
Jan 1 to Dec 31
112,370
225,693
59,741
Vicks Shreve & Pac_b_ _Dec 323,798
809,243
206,557
465,747
Jan 1 to Dec 31
2,689,104 2,
814,826
705,162
282,329
Dec 4,556.981 3,
Wabash_ b
48,246,411 40,
471,998 8,121.802 12,003.102
Jan 1 to Dec 31
286,759
473,123
276.882
Western Maryland_ b___Dec 1,745,627 1,
638,449 def124,095 4,077,134
15,402,351 13,
Jan 1 to Dec 31
Dec 245,164
187,301
60,566
70,253
West Ry of Ala b
713.464
484,013
2,558,202 1,725,859
Jan 1 to Dec 31
743,779 def37,683
213,815
Wheeling& Lake Erie.b_Dec
951,455
Jan 1 to Dec 31
13,592,172 11,028,904 2,326,320 3,650,691
109,238 def62,822
19,960
'Wichita Falls & N W_b_Dec
96,957
1,068,157 1,053,273 def321,645
75,430
Jan 1 to Dec 31
552,073
652,350
Yazoo & Miss Valley_ b_ Dec 2,398,801 1,810,053
Jan 1 to Dec 31
22,477.008 18,152,123 5,745,471 5,651,990
Roadss.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c The total figures to date take into working expenses all the back wages
payable during 1918 under the McAdoo Award, and do not include in the
net earnings the net earnings of coast steamers and commercial telegraph
which have already been taken into the company's special income account.
Gross
Net
Fixed Chas. Balance,
Earnings. Earnings. & Taxes.
Surplus.
$
210
861
Bellefonte Central Dec '18
651
8,240
def647
247
6,386
def894
'17
11,808
2,520
9,288
88,752
12 mos '18
2,964
6.145
3,181
'17
80.067
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Adirondack ElPow Co November
Alabama Power Co__ October
Amer Power & Lt Co November
Atlantic Shore Ry___ December
Aurora Elgin & Chic_ November
Bangor Ry & Electric November
Baton Rouge Elec Co November
Blackstone V G & EL November
Brazilian Trac, L & P November
Brock & Plym St Ry_ November
Bklyn Rap Tran Syst September
Cape Breton Elec Co November
Cent MLss V El Prop.. November
Chattanooga Ry & Lt November
Cities Service Co.._ _ _ December
Cleve Painesv & East October
gCol umbia Gas & EL December
Columbia(Ga) El Co November
Coium (0) By,P & L November
Com'w'th P. Ry & Lt November
Connecticut Pow Co.. November
Consum Pow (Mich)_ November
Cumb Co(Me)P & L November
Dayton Pow & Light November
g Detroit Edison.. _ _ _ December
gDetrolt United Lines November
Duluth-Superior Trac November
East St Louis & Sub_ November
Eastern Texas Elec__ October
g El Paso Electric Co November
Fall River Gas Works November
a Federal Lt & Trac_ October
Ft Worth Pow & Lt__ November
Galv-.11ous Elec Co.._ November
Georgia L, P & R's November
Grand Rapids Ry Co November
g Great West Pow Sys December
Harrisburg Railways November
Havana El By,L & P November
Honolulu ft sz Land November
Houghton Co El L Co November
Houghton Co Tr Co.. November
b Hudson & Manhat_ November
Illinois Traction.____ November
Interboro Rapid Tran November
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
[VOL. 108.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
628,532
Jacksonville Trac Co November
9.34260,940
747,108
241,250
225,591
Keokuk Electric Co.. November
23,663 21,650
181,764
132,019
Key West Electric Co November
20,450 13.640
Lake Shore Elec Ry.. October
176,118 142,841 1,809,869 1.475,626
815,160
836.042
Lewist Aug & Watery November
76,707 71,307
Long Island Electric.. September
179,073
200,910
22,602 23,479
Louisville Railway__ November 321.256 289,154 3,373,789 2,989.549
Lowell Electric Corp_ November
795,478
652,123
94,705 69,338
92,040
Manhat Bdge 3c Line September
107,102
12,608 10,744
Milw El By & Lt Co. November 836,299 737,569 8,073,703 7,180.220
Milw Lt, fit & Trac.. November 293,096 193,061 2,759,404 2,024,402
MissIssip Riv Pow Co November 185,292 168,753 2,026,486 1,817.472
Montreal L. H & P __ October
970,106 905.216 5,297.130 4.822,709
Nashville Ry & Light November 271.939 212,264 2,588,987 2,235,205
New England Power_ November 338,121 251,305 3,180.540 2,378,459
NewpN&HRy.G&E November 230.308 142,032 1.996,921 1,223,444
' 176,641 167,784 1.844.277 1.676.290
,
Eq•ivada-Cal El Corp_ Oetoto
N Y & Long Island__ September
58,621 58,224
377,615
350,059
NY it North Shore__ September
15,865 17,897
114,716
128,745
N Y & Queens Co_ _ _ September
722,000
874,656
93,567 84,268
New York Railways.. November 903,152 998,423 10,232,898 11,487,876
Northampton Trac__ December
236,662
217,058
21,980 19,117
Northern Ohio Elec__ November 579.577 538.799 6,577,320 5,884,383
h North Texas Elec__ November 216.150 270,510 2,680,248 2,287,906
137,512
Ocean Electric (L I). September
136,121
17,984 17,302
1910,696 1619,738 18,412,850 16,296.962
Pacific Gas & Bloc_ _ _ October
Pacific Power & Light November 163,128 146.677
g Paducah Tr & Lt Co August
26,280 23,298
204.534
198,993
315.377
Pensacola Electric Co November
456.293
48,814 32,130
Phila Rapid Transit.. November 2764.923 2512,229 28,820.945 27,104.497
569,064
Phila & Western...__ December
57,863 48,332
619,151
Portland Gas & Coke November 164,245 126,043
Port(Ore)Ry,L&PCo. November 636,539 525,811 6,925,386 5,429,490
865,213
744,454
Porto Rico Railways.. October
86.047 72.493
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 November 394.369 402,023 4,760,910 3,570.760
54,254 53,301
611,748
527,135
Santiago El Lt & Tr_ November
Savannah Electric Co November 107,902 88,105 1.072,495
875,561
Second Avenue (Rec) September
76,416 80,737
630,235
652,828
150,928
167,032
Southern Boulevard_ September
18,279 18,557
Southern Cal Edison_ November 668,681 633,515 7,384,318 7,332.220
Staten Isld Midland_ September
25,205 31,277
218,535
282,152
Tampa Electric Co.... November
90,807 78,088
958,880
913,360
Tennessee Power...._.. November 209,787 189,402 1,985,594 1,788,878
Tenn Ry. Lt & P Co.. November 564,667 465,943
Texas Power & Lt Co November 294,603 274,952
Third Avenue Ry___ September 315,153 331,568 2,861,467 3,099,638
360,982
DDEB&B RR__ September
338,116
39,141 38,580
42dStM&StNA Ry September 147,536 148,081 1,234,130 1,339,960
UnionRyCo(NYC) September 229,558 249,346 2,014,370 2,235,569
Yonkers Railroad_ September
72,988 76,868
619,310
619,493
58,412 61,905
513,780
559,546
N Y City Inter Ry_ September
46,757 53,508
Belt Line Ry Corp_ September
436,833
513,100
Tbird Avenue System November 781,242 853,699 7,210,093 7,801,590
Twin City Rap Tran_ November 748,352 807,839 8.799,564 9.345,634
Virginia Ry & Power_ November 647,196 607,654 7.187,007 6,013,083
Wash Balt & Annap_ September 323.e65 179.669 2.105.150
943.843
54,671 48,752
Westchester Electric.. September
457,349
423,400
December 113,148 103,707 1,100,088 1,058,843
York Railways
Youngstown & Ohio_ November
34.055 30.870
383,500
323.934
a Now covers only the lines east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach, Me. b Includes
all sources. f Earnings given in milreis. g Includes constituent or subsidiary companies. h Decrease in gross earnings due to the omission this
year of the Texas State Fair. to the influenze epidemic and to the reduction
In the number of troops at army camps.
Electric Railway and Other Public Utility Net Earnings.
-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross Earnings--Net Earnings
-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
12,451 def11,574 def10,800
13,371
Atlantic Shore Ry_b_Dec -_
171,564
231,756
20,522
33,317
Jan. 1 to Dec. 31
Santiago E.Lt.& Tr. Co.Nov
54,254
53,301
22,190
19,163
611,748
527,135
248,773
Jan. 1 to Nov. 31
175,289
51,091
39,381
23,442
17,353
South. Can.P.Co.,Ltd.Dec._
144,648
112,595
66,455
49,791
Oct. 1 to Dec. 31
Companies.
b Net earnings here given are before deducting taxes.
Gross
Net
Fixed Chgs.
Earnings. Earnings. & Taxes.
$
Honolulu Rap Tr Nov '18
61,698
27,643
13,019
& Land Co
'17
60,526
27,179
3,768
644,762
263,150
140,901
11 mos '18
'17
648,298
295,861
51,267
New York Dock
447,026
172,384
Dec '18
102.274
'17
435,827
189,489
95,259
12 mos '18 5,353,949 2,275,120 1,169,829
'17 4,851,475 2,339,530 1,157,623
Dec '18
113,148
40,633
28,487
York Railways
28,146
'17
103,707
50,057
Balance.
Surplus:
14,624
23,411
x146,757
183,538 152,332 1,671,569 1.485,154
x256,639
275,827 198,441 2.434,406 1.707.560
70,110
1258,289 1071,606
94,230
13.371 12,451
171,564
231,756
1,105,291
177,454 175,788 1,952,758 1,995,777
1,181,907
80.930 76,081
840,188
802,329
25..505 20,518
240,313
210,380
12,146
235,592 183,975 2,209,754 1,803,287
21,911
17581000 17695000 193363,000 184131,000
6,444
8,511
97,303
115,402
x After allowing for other income received.
2594,108 2512,154 23,736,884 23,168,136
Fixed
Gross „ Net after
Balance,
49,235 42,612
461.829
417,959
Earnings.
Taxes.
Charges.
Surplus.
30,794 27,699
308,376
282.371
$
167.118 111,216 1,666,737 1.135,952
Dec '18
49,812
19,530
10,575
8,955
1805,815 1712,683 22,280,067 19,252,493 North Carolina
'17
Pub Sent Co
43.362 44,939
460,188
454.347
210,685
523,056
125,535
85,150
12 mos '18
1123,844 1125,086 11,451,863 10,865,673
'17
106,271 106,369 1,079,087
992.245
370,9g1 359,990 3,846,746 2,628,914 Phila & Western
22,484
8,453
Dec '18
E7ji6
14,031
2022,847 1822,283 19.738,840 17,727,448
14,132
48,332
21,968
7,836
'17
102,356 77,978
917,817
789.028
253,700
619,151
169,163
84,537
12 mos '18
654,640 546,399 5,916,498 5,201,927
274,348
'17
569,064
156,460
47,888
276,504 243,036 2,940,500 2,832,318 Salisbury & Spen- Dec '18
18,404
7,972
3,723
4,249
260,472 187,664 2,162,925 1,673,940
cer Ry Co
'17
1415,133 1296,186 13,801,527 12,279.925
76,184
44,276
180,926
31,909
12 mos '18
1606,536 1376,234 17,278,782 15,903,975
'17
123,967 138,967 1,519,812 1,458,087
205,587
214,044
Dec '18 1,192,222
def8,457
366,551 329,267 3,809.031 3,334,485 United Rys Co
'17
87,857 76,334
924,739
776,607
12 mos '18 13,639,619 2,140,572 2,540,872 def400,300
106,566 108,206
'17
66,534 50,229
655,410
533,915
276,854 254,713 2,853.380 2,290,802
New York Street Railways.
120,677 96,345
--Gross Earnings--Net Earnings
241.488 196,273 2,435.049 1.878,531
Previous
Current
Current
Previous
114,841 109,472 1,106,824
988,439
Year.
Year.
Year.
Year.
Roads.
105,622 100,702 1.160,692 1,186,624
444,784 363,043 4,644,407 4,008,553
352,103
167,174
175,058
118,822 96,651 1.073,902 1,189,917 Hudson & Manhattan..Sept 395,697
Jan 1 to Sept 30
3,620,534 3,223,714 1,534,943 1,618,566
690,704 643,403 7,466.653 6,315.811
61,698 60,526
614,762
383,953
762,647
618,298 Interboro (Sub) R T_ _ _Sept 1,654,100 1,643,622
42,419 39,765
378.568
Jan 1 to Sept 30
16,115,793 16,168,985 7,232,787 8,868,641
379,920
290,815
311,940 Interboro (Elev) R T _ _ _Sept 1,522,478 1,429,846
360,627
499,830
569,259 527,250 6,032,741
14,248,445 13,583,945 4,559,674 5,416,050
Jan 1 to Sept 30
1343,655 1243,066 13,446,064 12.275.726
744,580 1,262,487
Total Interboro
Sept 3,176,578 '3,073,468
3435,687 345.1,687 37.099,618 36,771.208
Jan 1 to Sept 30
30,364,338 29,752,930 11,792,461 14,274,701
(
FEB. 11919.]
THE CHRONICLE
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
Brooklyn Rapid Tran_ _Sept 2,594,108 2,512,154
774,516
853,283
Jan 1 to Sept 30
23,736,884, 23,168,136 6,857,651 7,835,765
New York Railways_ _ _ _Sept 948,376 1,048,291
78,319
277,560
Jan 1 to Sept 30
8,395,063 9,385,835 1,396,817 2,300,603
Second Avenue
76,416
80,737
Sept
14,371
25,156
Jan 1 to Sept 30
652,828
105,088
630,235
123,220
Third Avenue
331,568
Sept 315,153
102,120
120,003
2,861,467 3,099,638
Jan 1 to Sept 30
964,072 1,999,598
D D E Bway & Battery_Sept
39,141
38,580
def3,615
4,213
Jan 1 to Sept 30
360,982
338,116
33,751
23,617
42d St Man & St N Av_Sept 147,536
148,081
41,496
43,573
1,234,130 1,339,960
Jan 1 to Sept 30
373,624
455,809
Belt Line
53,508
Sept
46,757
5.378
9,415
436,833
Jan 1 to Sept 30
513,100
63,328
55,305
N Y City Interboro_ _ _ _Sept
58,412
61,905
6,456
13,710
513.780
Jan 1 to Sept 30
559,546
82,791
130,797
Southern Boulevard_ _ _ _Sept
18,279
18,557
3,176
3,726
150,928
167,032
to Sept 30
21,011
Jan 1
33,329
Union By of N Y City_ _Sept 229,558
249,346
19,077
56,716
2,014,370 2,235,569
Jan 1 to Sept 30
316,224
556,814
Westchester Electric_ _ _Sept
54,671
48,752
11,326
10,946
457,349
Jan 1 to Sept 30
423,400
97,296
73,663
Sept
72,988
Yonkers RR
76,868
13,255
17,687
619,310
Jan 1 to Sept 30
619,493
99.892
146,460
NY & Queens County_ _Sept
93,567
84,268 def11,908 def23,144
722.000
Jan 1 to Sept 30
874,656 def141,437 def87,764
22,602
Long Island Electric_ _ _Sept
23,479
1,022
4,711
179,073
200,910
Jan 1 to Sept 30
19,090
28,800
58,621
N Y & L I Traction_ _ _ _Sept
58,224
14,120
21,746
377,615
Jan 1 to Sept 30
350,059
41,771
55,640
17,984
Ocean Electric(L I)_ _ _ _Sept
17,302
7,571
6,014
136,121
Jan 1 to Sept 30
137,512
60,442
58,417
15,865
N Y & North Shore_ _ _ _Sept
17,897
2,491
5,614.
114,716
Jan 1 to Sept 30
128,745
6,939
31,646
-Line _Sept
12,608
Manhat Bdge 3c.
10,744
774
3,012
107,102
Jan 1 to Sept 30
92,040
14,819
23,070
37,181
Richmond Lt & RR_ _ _ _Sept
37,818
6,047
5,920
339,274
Jan 1 to Sept 30
350,705
37,124
65,113
Staten IsI'd Midland_ _Sept
25,205
31,277
939
1,494
218,535
Jan 1 to Sept 30
282,152 def38,368
11,636
-All the above net earnings are after the deduction of taxes.
Note.
American Cities Company.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
3
$
Birmingham (Ala) Nov '18
326,573
79,712
66,295
13,417
'17
Lt & Power Co
315,740
106,315
66,376
39,939
12 mos '18 3,720,752 1,112,939
838,167
274,772
'17 3.642,987 1,297,129
828,412
468,717
Nov '18
Houston (Tex)
95,183
35,014
8,169
26,845
'17
Ltg & Power Co
79,961
36,014
7,634
28,380
12 mos '18 1,010,494
357,215
107,601
249,614
'17
861,529
387,156
137,988
249,168
Knoxville (Tenn) Nov '18
118,794
53,521 _ 18,871
34,650
Ry & Lt Co
'17
91,993
34,499
18,655
15,844
'18 1,202,988
12 mos
482,326
247,778
234,548
'17 1,079,256
428,445
247,067
181,378
Little Rock (Ark) Nov '18
137,314
38,057
20,776
17,281
'17
Ry & Elec Co
110,053
38,595
18,213
20,382
12 mos '18 1,404,067
260,271
228,584
31,687
'17 1,102,131
458,742
213,521
245,221
Memphis (Tenn) Nov '18
4,784
37,597
44,146
def6,549
'17
Street fly Co
178,514
68,039
43,478
24,561
12 mos '18 2,037.777
608,180
537,298
70,882
'17 2,140,923
830,201
530,707
299,494
822,855
New Orleans (La) Nov '18
104,166
168,075 def63,909
'17
675,843
By & Light Co
231,645
162,301
69,344
12 mos '18 8,438,007 2,267,617 2,002,160
265,457
'17 7,756,548 2,837,018 1,921,683
915.335
FINANCIAL REPORTS
473
declared three months ago, and with 3% paid each quarter
from June 1917 to Sept. 1918, both inclusive, as shown with
earlier extras in the following table:
Cash Dividends (Per Cent) Paid and Declared on Common Stock Since 1915.
1916.
1917
1918-- 1919.
Mar. J'ne. July Sept. Dec. Mar. J'ne. Sept. Dec. Mar.
1X ig
ig
13( 3 1 R 0 3
3
3
3
3
2
Unfilled orders on hand Dec. 31 1918 amounted to 7,379,152 tons, as against 8,297,908 tons Sept. 30 1918, 8,918,866
tons June 30 1918, 9,381,718 tons Dec. 31 1917, and
11,383,287 tons June 30 1917. See "Trade and Traffic
Movements" in "Chronicle," Jan. 11, page 143.
INCOME ACCOUNT FOR THREE MONTHS ENDING DEC. 31.
[Net earnings in 1917 revised by annual report for that year.]
1918.
1917.
1916.
1915.
Unfilled ordersDec.31,tons 7,379,152
9,381,718 11,547,286
7,806,220
Net earnings (see text)_ a 36,354,165 59,384,694 105,917,437 51,277,504
Deduct
Sink, fund on bonds of
subsidiary cos., depreciation and res.funds.. 8,947,273
9,843,041
7.963,579 8.700,869
Int. on U. S. Steel Corp.
bonds
5,187,162 5,280.137 5,368.970
5,451,876
Prem. on bonds redeem_
153,816
269,951
189,966
235,901
Sink. Ms. U.S. St. Corp. 1,969,699
1,845,740
1,728,483
1,650,622
Total deductions_ _ _ _ 16,257,950 17,158,884 15,330,983 16,039,268
Balance
20,096,215 42,225,810 90,586.454 35,238,236
Add-Net bal. of sundry
digs. & receipts, incl.
adjust. in accts., inventories, &c
642,767
1,600,808
124,969
765.814
Total
20,738,982 43,826,618 90,711,423 36,004,050
Pref. divs.(1'/%)
6,304,920
6,304,920 6,304,920 6,304.920
Common dividends_ _ _ _ 11,436,807 21,602,857 15,249,076
6,353.781
Per cent
(25i%)
(4).4 %)
(3%)
(13.1%)
Balance for quarter
2,997,255 15,918,841 69,157,427 23,345.349
-The net earnings are in all cases reported by the company after
a Note.
deducting "all expenses incident to operations, comprising those for ordinary
repairs and maintenance of plants and interest on bonds of the sub. cos."
Also in all quarters in 1918 allowances were made, prior to stating the
earnings, for taxes, including an estimated allowance for war income
and excess profits taxes, this allowance for the first quarter of 1918 amounting to 331,585.198;for the second quarter to $90,716,250; for the third quarter to $101,987.347 including $56,987,347 for the Sept. quarter on basis of
existing laws, and $45,000,000 for account of additional taxes width may
be chargeable for first nine months under proposed legislation]; and for the
fourth quarter $50,000,000, making a total for the year 1918 of $274,288,795. The company states that "aggregate allowances for year for these
taxes is subject to revision upon final calculation under the law imposing
taxes on net income for 1918."
For the year 1917 the annual report dated March 1 1918 showed the estimated amount of Federal income, war income and war excess profits taxes
payable in 1918 to be $233,465,435. What amount was actually paid
is not known.
-Ed.
NET EARNINGS FOR CAL. YEARS (1917 Data Revised by Ann. Report).
1917.
1918.
1916.
1915.
x Net Earnings$
January
13,176,237 24,437,625 18,794.912
1,687,150
February
17,313,883 22,870,321 19,196,396
3,638,578
March
26,471,304 29,448,072 22,722,316
7,132.081
First quarter
April
May
June
56,961,424
20,644,982
21,494,204
20,418.205
76,756,019
27,833,907
30,019.865
30,508,708
60,713,624 12.457,809
25,423,676
7,286,409
27,554,899
9,320,576
28,147.473 11.343,070
Second quarter
July
August
September
62,557,391
15,261,107
14,087,613
13,612,869
88,362,480
23,600,585
24,439,545
22,748,857
81,126,048 27,950,055
25,650,006 12,048,218
29,746,903 12,869,099
30.420,158 13,793,327
Third quarter
October
November
December
42.961,589
13.659,932
11,859,351
10.834,882
70,788,987
21,835,991
19,902,862
17,645,842
85,817,067
35,177,393
36,443.543
34,296,503
38,710,644
16,563,854
16,990,968
17,722.682
Fourth quarter
36,354,165 :59,384,695 105,917,439 51,277,504
Financial Reports.
-An index to annuli reports of steam
Total for the year_ _ _ _198.834,569 295,292,181 333,574,178 130,396.012
railroads, street railways and miscellaneouscompanies which
Note.
-These amounts may be slightly changed on completion of audit of
The
have been publishel during the preceding month will be given accounts for the year. April complete annual report will be submitted at
meeting in
1919 or earlier. See foot note
on the last Saturday of each month. This index will not the annual after deducting interest on subsidiary companies'"a" above.
x Shown
bonds, viz.:
include reports in the issue of the "Chronicle" in which it is INTEREST CHARGES OF SUBSIDIARY
COMPANIES DEDUCTED'
published. The latest index will be found in the issue of
BEFORE ARRIVING AT NET EARNINGS AS ABOVE.
Jan. 25. The next will appear in that of Feb. 22.
1918.
1917.
1916.
1915.
January
$726,892
$745,853
$805,462
$880,026
February
United States Steel Corporation.
724.867
745,522
796.408
872.480
March
724,848
746,977
795,226
872,055
(Earnings for Quarter and 12 Months ending Dec. 31 1918.) April
739,069
744,648
792,541
863,526
May
762,202
742,835
790,558
863,445
The following financial statement of the Corporation and June
762,859
742,738
791,918
859,441
755.784
739,795
its subsidiaries for the quarter ending Dec. 31 1918 was July
783,717
784.672
August
748,047
739,119
780,413
778.792
given out on Tuesday after the monthly meeting of directors. September
746,289
739,397
778,535
776,325
745,878
For the quarter ending Dec. 31 1918 the "total not earn- October
729,847
768,475
771,893
November
744.730
727,566
768,302
769,342
ings" are reported "after deducting all expenses incident to December
743,707
725,842
771,358
762,058
operations, comprising those for ordinary repairs and mainTotal 12 months
$8,925,172 $8,870.139 $9,422,915 $9,854,054
tenance of plants, allowances for estimated proportion of
INCOME ACCOUNT FOR CALENDAR YEARS
extraordinary cost of facilities installed by reason of war re[Preliminary figures for 1917 revised by pamphlet report for that year.]
quirements and conditions; also taxes (including $50,000,000
1918.
1917.
1916.
1915.
for account of Federal income and war excess profits taxes)
and interest on bonds of subsidiary cempanies." It is noted, Total net earns,for yr_y_198,834,569 295,292,181 333,574,178 130,396,012
Deduct
however, that the "aggregate allowance made for the year Sink,funds, depreciation
for these taxes is subject to revision upon final calculation
and reserve funds_ _
40,478,684 50,553,271 39.547,612 32,428,049
Interest
20,891,116 21,256,303 21,02,853 21,928,634
under the law imposing taxes on net income for 1918."
837.816
863,848
1.016,951
971,310
$50,000,000 contrasts with $31,585,198, Prem. on bonds redeem_
The tax item of
For expends. made & to
be made for additional
:
$90,716,250 and $101,987,347 respectively, set aside for
property, new plants
Federal taxes from .the earnings of the quarters ended
and construction
55,000,000
March 31, June 30 and Sept. 30 1918, the last-named item Add-Net bal. of sundry
chgs. & receipts, incl.
"$56,987,347 or the September quarter on basis
including
adjust. in inventories,
&c., accounts
of existing tax laws and $45,000,000 for account of additional
Cr.642.767 Cr.1,600,808 Cr.i24,969 Cr.765,814
chargeable for first nine months under
taxes which may be
Total deductions._ _ _ 61,564.849 126,072,616 62,042,448 54,562,179
Balance
proposed legislation."
137,269.720 169,219,565 271,531.730 75,833,833
Dividends on
For the entire calendar year 1918 $274,288,795 was sot Preferred (7%)Stocks 25,219,677 25,219,677
25,219,677 25,219,677
aside on account of Federal income and excess profits taxes, Common
71,162,350 91,494,450 44,476,468 6,353,782
Per cent
(14%)
(18%)
as against $233,465,435, the amount estimated for the year
(1x)
(8%%)
1917 in the annual report for that period.
Total dividends
96,382,027 116,714,127 69,696,145 31,573,459
40,887,693 52,505,438 201,835,585 44,260,374
The directors on Jan. 28 declared, in addition to the regu- Balance, surplus
yNote.-As to allowances
lar quarterly dividend of 1 3 % on common stock, an extra been made before arrivingfor Federal taxes and other deductions which have
1%,both payable March 29 to holders of record Feb.28 1919. for the quarter ended Dec.at net earnings, see foot note to income account
31 1918 above. The net earnings for 1918, it is
be changed somewhat upon completion of audit of accounts
stated,
Tlus extra distribution of 1% compares with an extra 2% for the may -V. 108, p. 177,
year.
282.
474
THE CHRONICLE
[VOL. 108.
Moline Plow Co:, Moline, Ill.
Consolidated Gas Company of New York.
(Report for 15 Months ending Oct. 31 1918.)
(Abstract of Report Submitted at Annual Meeting Jan. 27 1919.)
President F. G. Allen, Moline, Jan. 29, wrote in subst.:
A typewritten statement (condensed) shows:
Fiscal Year.
-The directors having changed the date of the closing of the
fiscal year from July 31 to Oct. 31,submit their report for 15 months.
Income Account.
-The net profit for the 15 months after charging all
operating expenses, including $426,130 for depreciation of fixed assets,
$792,264 for interest on borrowed money and after making provision for
bad debts and accrued charges, amounted to $2,038,779. The profit for
the period was equivalent to 9.14% per annum on the outstanding common
stock after providing for the dividends on the 1st and 2d pref. stocks.
In view of the changed tonditions due to the cessation of the war and
in order to provide funds to transact an increasing volume of business, the
directors do not intend to declare any dividends on the common stock.
Moline-Universal Tractor.
-The tractor produced by the company continues to be an unqualified success. Difficulties were experienced during
the past 15 months in obtaining the necessary machinery and raw materials
which considerably curtailed the output and the company has not yet been
able to cope with the demand. Most of these difficulties have now been
overcome and the directors contemplate providing in the immediate future
increased facilities to meet the development in the tractor and tractor
drawn implement business which is confidently expected with the return
to normal conditions.
Automobile.
-Conditions during the past 15 months were adverse to any
development in the automobile industry. Despite the obstacles encountered in obtaining the necessary parts and materials and the consequently
decreased output, the company's automobile business has been successful.
Fixed Assets.
-The fixed assets at Oct. 31 1918 amounted to $8,409,154.
being an increase of $1,240,214 compared with July 311917,due chiefly to
expenditures in connection with the tractor factory and equipment thereof.
Net Current Assets.
-The excess of current assets over current liabilities
after deduction of the reserves for discounts and bad debts amounted at
Oct. 31 1918 to $13,484,949, the same being equivalent to 179.8% of
the preferred stock outstanding.
Inventories.
-The inventories of raw materials, goods in process, finished
goods and supplies at Oct. 31 1918 amounted to $17,970,585, being an
increase of $6,673,441 compared with July 31 1917. Tho inventories at
Oct. 31 in any year are always larger than at July 31, and this accounts to a
considerable extent for the difference between the figures for last year and
this. Tho increase is also due to the fact that the volume of the company's
business requires greater quantities of materials and products.
The raw materials were valued at market or cost, whichever was the
lower. Goods in process and finished goods at the factories have been
valued at the actual cost of labor, materials and overhead expense. Finished goods at the branch houses were valued at selling prices, but a reserve
has been deducted therefrom to reduce same to factory cost plus transportation from the factories.
Accounts and Bills Receivable.
-Customers and other accounts and bills
receivable amounted at Oct. 31 1918 to $4,921,782, being a decrease of
1,759,609 compared with the amount thereof at July 31 1917. Such
decrease was mainly due to the fact that the company usually has smaller
amounts outstanding at Oct. 31 than at July 31.
Euroigan Assets.
-These assets at Oct. 31 1918, representing Government bonds, customers' accounts, merchandise, cash and sundry other
items, as stated on the balance sheet, consisted as follows: In France, Italy
and Spain, $937,733; Russia and Siberia, $1,246,836; Germany, Austria,
Poland, Rumania and Scandinavia, $431,372; total, $2,615,941; less reserves for losses and to reduce inventories to factory cost, $1,150,062,
leaving $1,465,879.
The European assets are included at the normal rate of exchange. Those
located in France, Italy and Spain are unquestionably good and should
realize the values placed thereon in the balance sheet. The company does
not at present have definite information regarding the remainder of its
European assets, and, in view of the disturbed conditions now prevailing
in the countries where same are located, the directors resolved to provide
substantial reserves to take care oflosses which will undoubtedly be incurred.
Serial Gold Notes.
-During the year the company issued 7% serial gold
notes for $6,000,000, which mature serially during the next six years in
equal proportions each year. These notes were issued to retire existing
indebtedness to various banks and to provide working capital for the increasing business. (See V. 107, p. 816.)
Outlook.
-The introduction of the tractor has already materially changed
the character of the business and the directors confidently expect a remarkable development in this connection in the future. The company produces
one of the leading tractors of its class on the market and also manufactures
various kinds of agricultural implements specially adapted for use with it.
The demand for horse-drawn agricultural implements and wagons may
temporarily show some falling off owing to the unsettled conditions following the cessation of the war and to the substitution of tractor-drawn
Implements. The farmer has, however, been sparing in his purchase of
now implements during the past two or three years, so that the company
looks forward to an increased demand both at home and abroad.
-During the past 15 months the owners of the maChange in Control.
jority of the common stock of the Moline Plow Co. disposed of their holdings to John N. Willys of the Willys-Overland Co., so that the control
of the company passed from the Stephens family to the Willys-Overland
interests. As a result of the transaction, John N. Willys, C. A. Earl and
E. B. Jackson were elected directors in place of G. A. Stephens, C. R.
Stephens and G. H. Huntoon (V. 107, p. 1290, 1389).
Factories.
-(1) Moline, Ill., plows, planters, cultivators, harrows and a
general line of agricultural implements; (2) Rock Island, Ill., MolineUniversal tractors; (3) Stoughton, Wis., farm wagons, trucks, sleds,
'manure spreaders, hay tools and scales; (4) Freeport, Ill., automobiles
and commercial bodies; (5) Minneapolis, Minn., grain drills, seeders and
sowers; (6) Poughkeepsie, N. Y. grain binders, corn binders, mowers,
reapers, rakes and chilled plows;(7) Chicago, Ill., Acme soft centre steel.
STATEMENT FOR 15 MONTHS ENDED OCT. 31 1918 AND YEARS
ENDED JULY 31 1915-1917.
15 Months.
Years Ended October 31
1917-18.
1916-17.
1915-16.
1914-15.
Net after =int., &c...... $3,257,173 $1,902,453 $1,237,654
$796,581
-Depreciation __
Deduct
426,130
141,859
136,665
127,199
Interest on bills (net)_
792,264
193,752
66,437
144,436
Not profits
Previous surplus
$2,038,779 $1,566,842 $1,034,552
1,447,482
*695,641
604,693
$524,946
787,072
Total surplus
$3,486,262 $2,262,483 $1,639,245 31,31 2,018
First pref. dividend
$656,250 (7)3525,000
$525,000
3525,000
Second pref. dividends_ _
112,500 (6%)90,000
(136)22,500
,
Common dividends,
(2%)200,000
(1M)150,000
Stock dividend
Surplus July 31
$2,717,512 $1,447,483 $1,114,245
$614,518
*After deducting in 1916-17 $418,604 adjustments. '
CONSOLIDATED BALANCE SHEET.
Oct. 31 '18. .Iiily 31'17.
Oct.31 '18. July 31'17.
AssetsLiabilitiesa
a
$
a
Real estate, mach.,
First pref. stock__ 7,500,000 7,500.000
patterns, Are _ _ _ x8,094,434 6,774,132 Second pref. stock 1,500,000 1,500.000
Patents. rights, &c. 314,720
394,808 Com.stock Issued 10,000,000 10,000,000
Finished gds.,&c.y17,970,585 11,297,144 Gold serial notes__ 6,000,000
3,800
Treas. stock (par)
13,800 Wages, &c
126,373
946,394 1,038,771 Bills payable
Cash In U. S
4,574,000 6,680,000
Cash, Inst.,mdse.&
Accounts payable_ 690,706 1,088,455
accts. in Europe 1,465,879 2,467,450 Customers' depos. 378,782
198,327
Cus'm's acc'ts,&c.z4,921,782 6,681,391 Accrued charges
657,949
180,383
Liberty bonds_ _ _ _ 429,150
Reserve bad debts
Def. assets, &c___ 477,558
308,150
and discounts_ _ 478,979
380,999
Surplus(see income
account above).. 2,717,512 1,447,483
34,624,302 28,975,646
Total
34,624,302 28,975,646
•
x Includes in 1918 land, $949,312; buildings, $3,455,038; machinery and
tools, $2,382,206; patterns, $256,777: fixtures and sundry equipment,
$140,158; uncompleted construction, 8116,995. y Includes in 1918 finished goods, $1,487,746; goods in process, 812,919,358, and supplies,
$563,480. z Includes in 1918 customers' bills receivable, $2,031,706;
customers' accounts receivable, $2,664,697, and miscellaneous accounts
receivable, 5225,377.-V. 103, p. 1590.
Total
'Results.
-The figures thus far available respecting the company's operations for the calendar year 1918 indicate that the earnings from the gas business during the year (after deducting the reserve for plant withdrawn from
service), amounted to $94,400, and that after adding dividends and interest
received and having deducted the interest on its indebtedness and dividends
at 7% p. a. on its capital stock surplus, there remained a deficit to be
charged against the profit and loss account amounting to $1,292,393.
Suit.
-A suit has recently been commenced by the company in the Federal Court to test the validity of the law limiting the price of gas to 80
cents per 1,000 cubic feet. Under this rate the company was scarcely able
to earn during the year 1918 any return upon its investment in its gas
business, and there is every prospect that, notwithstanding the termination
of the war, the earnings will be still further impaired during the ensuing
year by the high cost of labor and materials and otherelements of cost.
Toluol for Army.
-The toluol recovery plant at the 21st St. station of
the Consolidated Co. was completed and operations commenced April 14
1918. Within a short time thereafter toluol recovery plants were completed and in operation at all of the manufacturing stations.
During this period the crude toluol contained in 12,972,489,000 cubic feet
of gas was recovered. It amounted to 1,651,027 gallons, the further distillation of which, in order to bring it into a condition suitable for nitration,
resulted in the production of 1,334,050 gallons of pure toluol. It is estimated that from the above-named quantity of pure toluol 21,334,060 lbs. of
TNT were obtained. Two pounds of TNT are required for one French
-mm. (3-inch) shell, so that this quantity of TNT was enough to load
75
10,672,480 shells.
Laboratory.
-On April 18 1918 the Ordnance Department designated the
chemical laboratory connected with the Astoria manufacturing plant,fas
the main laboratory for testing samples of the products of the Government's
light oil recovery plants throughout the United States.
Carbonizing Peach Nuts, &c., for Gas Masks.
-Early in August 1917.
the Astoria Light, Heat & Power Co. agreed to carbonize, at its Astoria
coal-gas plant, under the direction of a Government officer, suitable materials to be furnished by the Government. There was also employed a
subsequent operation for increasing the activity of the carbon through the
employment of a steaming and aerating process. This required additional
buildings, the construction of which was undertaken by the Astoria Co.
for the Government under contract.
In order to still further increase the facilities for the production of carbon, the entire 14th St. coal-gas plant of the Consolidated Co., which wasthen being held in reserve, was placed at disposal of the Gas Defense Div.
During the period of operation at the Astoria and 14th St. plants 66,630,745 lbs. of cocoanut shells, fruit pits and other materials werecarbonzied, and there were shipped to the gas
-mask assemblage plants 6,433,741 lbs. of approved material. Substantially all of the carbon which was
used for the gas defense of the United States forces was thus produced
at our plants.
Another material employed in the canisters of gas masks for the further
purification of the air and protection against poisonous gases was what is
known as "soda lime." At the special plant erected at the Astoria Co.'s.
plant under the direction of the 0,as Defense Division there was obtained
3,966,782 lbs. of "soda lime."
Effect of Weather on Gas Output.
-The gas sent out by the Consolidated
and its affiliated gas companies during the year 1918 exceeded the quantity
sent out during 1917 by 7.02%. The extreme variation in the monthly
output occurred in January and December. In the former month the increase in the output [due to the excessively cold weather] amounted to
25.47%; in the month of December the decrease in output amountecrto
7.37%. The output in December 1917 exceeded the output in December
1916 by 18.46%.
1111
On Feb. 5 1918 the output of the Consolidated and its affiliated gas
companies amounted to 160,077,000 cu. ft., which exceeded the maximum
day's'output prior to the winter of 1917-18 (125,148,000 Cu. ft.) by 34 929,000 cu. ft., or 27.91%.
Poi
Labor Difficulties.
-These continued to prevail during 1918, the labor
turn-over in the manufacturing department reaching the maximum of
249.1%. In all of the departments except the manufacturing and street
departments the shortage of labor has necessitated the employmentof
to
women to p
perform work therefore performed by men.
0.4
-The disastrous effect of the war
Increase in Expenses of Consol. Gas Co.
upon the cost of producing and distributing gas and electrical energy was
much greater during the year 1918 than it was in 1917. The rates of wages
paid were also higher. The purchase price of 27 materials, such as coal,
wrought
-iron pipe, 'cast-iron pipe, steel bars, sheet iron, malleable iron
fittings, red and white lead, pig lead, copper,fire clay and building materials
used in quantities by the companies increased 61% in 1918 as compared
with 1917, and 123% as compared with the year 1913.
The total increase in the operating expenses of the Consolidated Gas Co.
alone, due to the increase in the rate of wages paid and in the price of coal,
gas-oil and other materials and supplies and due to the increase in taxes
and to the greater quantity of gas sold, amounted to $2,679,216.
Increase in Combined Expenses, Gas and Electric.
-The total increase in
the combined operating expenses of the gas and electric companies during
1918 amounted to $6,840,970, including an increase of $1,590,949 in taxes,
and an increase of $1,488,629 due to the greater quantity of gas and ,elec1111
tricity sold.
The total increase in the combined operating expenses, as stated in the
last annual report, ameunted to $9,336,003. The total increase for 191&
over 1916 amounted, therefore, to $16,176,973 about 75% of which may
be attributed to increased expenses and taxes due to the war, the balance
being attributable to the greater quantity of gas and electricity sold.
-The price which we shall have to pay for gas-oil this
Prtce of Gas-Oil.
year, while approximately one cent a gallon higher than in 1918, is substantially lower than the prices which were generally quoted during the
year, the companies having had the advantage of a contract, made late
in 1917, for the requirements of the calendar year 1918. The present
contract, while it runs for the year 1919, gives the companies the option
of canceling It at the end of six months, which will enable them to take
advantage of a snore favorable oil market, should one develop. There is
no prospect, however, of any decrease for some time to come, in the price
of gas-oil or coal or other materials required in the gas and electric business.
The increase in the cost of gas-oil will, it is estimated, add, during 1919.
$1.360,000 to our gas-manufacturing costs. It will amount to approximately $600,000 in the case of the Consolidated Co. alone.
-During most of the year 1918 our
Sale of Coke During Fuel Shortage.
sale of coke to the general public was practically suspended. Early in the
year, however, in order to relieve the distress among the people who were
unable to obtain coal with which to cook their food or to keep themselves
from freezing, coke was sold in bags for household purposes at 8 stations.
As many as 10,000 persons were supplied at all of the yards with this fuel
in a single day.
-During the year the Consolidated.
Gas Heating and Other Appliances.
Gas Co. and its affiliated gas companies installed 176,941 appliances;
number surrendered, 69,527; not increase, 107,414, as against 137,664 in
1917 and 108,562, 90.396 and 61,570, respectively, in 1916, 1915 and 1914.
The net increase in 1918 included 5,643 hotel and restaurant appliances,
3,754 industrial appliances, 2,310 gas-fired steam radiators and 20,985
miscellaneous gas-heating a ppllances.
In 1918 6,683 linear feet (1( miles) of hotel ranges were installed, an
increase of 466 feet, or 7% over 1917. On Dec. 31 1918 wo had on rental
to consumers 460,720 cooking appliances of various types, a decrease of
1,612 from 1917.
-The gas sales of the Consolidated Gas Co. increased during
Gas Sales.
1918 as compared with 1917 1,138,160,900 cu. ft., or 6.74%. In 1917
there had been an increase in gas sales of 3.66% over 1916.
The combined sales of gas of the various companies during the year
were 32.988,377,900 cu. ft. an increase over the previous year of 7.18%,
?
as compared with a gain ol 4.79% in 1917 over 1916.
-The business of the affiliated electric companies was
Electric Business.
much more seriously affected by restrictions put upon the use of electric
current as a means of fuel conservation than were the gas companies by
restrictions affecting their product. The result was that tho normal
growth of the commercial and street lighting business of the electric companies was arrested and the output of electric current remained about
the same as it was in 1917. The sales of electric current during the year,
the Brooklyn Rapid Transit
including sales to the Third Avenue RR.
Co.'
Co. and the N. Y. Now Haven & Hartford RR. Co., amounted to 756,649,203 k.w. hours, an increase over 1917 of .091%.
As a result of the difficulties experienced by private plant operators in
procuring coal, labor and supplies in sufficient quantities and- or proper
quality to meet their requirements,.72 private plants were displaced by
central station service during the year, including those in the WaldorfAstoria, Sherry and McAlpin Hotels, the Metropolitan Museum of Art,
the Hallenbeck-Hungerford, Fifth Avenue and Aeolian buildings and the
Cunard and Southern Pacific piers.
-The municipal street lamps on the lines of the ConStreet Lamps, &c.
solidated Qo. and its affiliated gas and electric companies on Dec. 31 1918
consisted of 7,118 incandescent gas lamps, 1 open-flame gas lamp, 391
electric arc lamps and 65,290 electric incandescent lamps, a total of 72,000
street lamps. The total number of gas meters in use Dec. 31 1918 was
964,055 and of electric meters 370,567.
Taxes.--The taws charged against the earnings of the Consolidated
Co. and its affiliated gas and electric companies during the year amounted
to $6,534,320 as compared with $6,940,751 in 1917.
-There was expended during the yealifor additions to and
Additions.
'extensions of the producing awl distributing plants of the various gas and
electric companies the sum of 36,014,579.
-At a cost of 34,954,266 for repairs and $1,796,810 for
Maintenance.
renewals, or a total of $6,731,075, all of these gas and electric properties
have been fully maintained.
INCOME ACCOUNT FOR YEARS AND GAS METERS, &c., IN USE
ON DECEMBER 31.
1916.
1917.
1915.
1918.
964,098
951,808
964,055
926,150
Dec. 31 _a._
Gas meters
353,660
325,323
370,567
322,726
Electric meters Dec. 31_
Sales of gas(1,000 cu.ft.) 32,988,377 30,778,671 29,371,468 28,240,288
a749,828
a673,286
756,649
593,256
Sales el.cur.(1,000kw.h.)
Net earns, gas business_ 1494,400 141,368,699 $2,086,866 $2,376,753
Add surplus earnings of
See "y" 1,169,579
1,145,467
1,130,646
Astoria L.,H.& P.Co_
dollar of our sales, including by-products. This profit is very small, especially considering the fact that we are handling a'perishable product, and
is considerably les.s than we have made in previous years. Although we
have operated under the Federal Food Administration license, we have not
made the profit which was considered fair and allowed under their rulings.
We kept all of our products closely sold and our inventories, notwithstanding higher prices, showed no increase, thus enabling us to go through
the year without refinancing of any kind.
During the year dividends of $300,000 have been paid, while the balance
of our earnings has been left in the business. A prominent firm of appraisers
made, as of December 1916, a valuation of our packing house properties
and rolling stock, which on a conservative basis showed an increase in the
value of same of $11,612,500, and this amount has been added to our surplus during the year. Thirty per cent of our products were used to feed
the army, navy and Allies.
INCOME ACCOUNT.
Non. 2 '18. Nov. 3 '17. Nov. 4 '16. Oct. 30 '15.
Years endingon manufacNet profit
tures and sales
316,023.192 $10,358,489 $5,694,589 $4,710,974
358,343
977,734
810,588
634,886
Miscellaneous earnings_
Total earns, from gas
$94,400 $2,538,279 $3,217,512 $3,522,220
business for year _ _
Divs. & int. received
6,930,108
y7,141,372 6,695,957
6,700,383
(see "y" below)
$7,235,772 $9,234,236 $10,147,620 $10,222,603
Total net income
1,493,169
1,493,156
1,719,746
Int. on fund.& oth. debt 1,533,372
Divs. paid on stock_ _(7%)6,994,794(7)6,987.155 (7)6,987,155(6%)6737614
$753,922 $1,667,309 $1,765,244
Balance, surplus_ _def.$1,292,393
Third Avenue
Rapid Transit
a Includes sales to theH. RR. Co. bRR. Co., Brooklyn 1917 and
After deducting in
1918
Co. and N. Y. N. H. &
reserve for plant withdrawn from service but without deducting the reserve
made for contingencies.
y The item "Dividends and interest received," amounting to $7,141,372
includes: "The dividends and interest, applicable to the year 1918 received on stock, bonds and other obligations and on advances made to
affiliated gas and electric companies, operating in the Boroughs of Manhattan, Queens and The Bronx and the County of Westchester." Unlike
however the corresponding item in the preceding years this item in 1918, it
Is learned, includes all interest and dividends received from the Astoria
Light, Heat & Power Co., the earnings of that company from its gas business being no longer reported as previously (see table above) in connection
with the gas income of the Consolidated Gas Co.
BALANCE SHEET DEC. 31.
1918.
1917.
1917.
1918.
Liabilities
Assets
Capital stock -.100,253,000 99,816,500
Land, plant and
equipment ___ 51,182,025 54,049,788 Convertible debentures
24,410,272 24,846,773
Stocks & bonds
Accounts payof and adv. to
able and acaffil. cos., &e.
114,457,880 112,043,740 crued charges 7,176,852 4,754,810
Invest.
375,000 Stock premiums 13,918,879 13.018,878
375,000
Bonds & mtges_
1,297,992 1,800,603 Renewal and reCash
Accts. receiv'le_ 5,330,572 6,524,700 serve funds.... 12,728,229 12,764,417
Mat'l & supplies 1,532,891 1,197,985 P.&I.surplus 18,689,128 19,890,439
Total
177,176,360 175,991,817
Total
177,176,360 175,991,817
-V.108, p. 272.
* Includes $2,408,500 par value of Liberty Loan bonds.
Hart, Schaffner & Marx (Mfrs. Men's Clothing), Chicago
(Report for Fiscal Year ending Nov. 30 1918.)
President Harry Hart, N. Y., Jan. 27, wrote in substance:
The company's condition is highly satisfactory. The volume of sales
has continued to expand; the decrease in net profits and in the amount
carried to surplus is due entirely to the full provisions made for Federal
taxes and for proper reserves.
INCOME ACCOUNT FOR YEARS ENDING NOV. 30.
1915-16.
1917-18.
1914-18.
1916-17.
Not stated
$47,343 -Amounts not shown
Depreciation
(7)
270,000
(7)
Reserve Federal taxes Not shown
Net after depreciation &
1,637,697 $1,752,424 $1,235,436
Federal$1,567,371
Deduct-Int. paid (less
Cr.52,069
86,356
33,935
Cr.39,578
received)
286,110
234,617
260,539
240,843
Pref. divs.(7%)
600,000
600,000
600,000
Common diva. (4%)
413,500
64,600
317,000
173,400
Redemption pref. scock_
2,511
40,663
51,893
25,109
Prem. on stock purch
Reserve applic. to inven300,000
tory values, &c
. Balance, surplus
$279,287
3564,411
$562,571
BALANCE SHEET NOV. 30.
1917.
1918.
1918.
Liabilities$
$
$
AssetsPreferred stock._ _d3,331,500
Clood-will, trade
15,000,000 15,000,000 Common stock ___15,000,000
names, &c
1,800,000
Mach.,furn.&fixt_ a231,264 a242,143 Bills payable
5,307,681 6,335,023 Accts., &c., pay - _1
Inventoried_ b _ _
Accrued taxes, sal-2,4l2,634
Lib. Ln. bds. (less
272,795
aries, &c
1
pay. by empl'ees) 527,683
Pref. city. Dec. 31
58,301
Accounts and bills
receivable (net). 4,636,755 3,708,413 Reserve funds_ _ c1,818,500
.
1,712,124 1,320,847 Profit and loss_ _ 3,035,259
Cash
32,849
40,686
Prepaid ins. prem_
Total
27,456,195 26,912,0691
Total
$547,233
1917.
$
3,396,100
15,000,000
2,500,000
(901,714
1
1581,095
59,134
1,753,900
2,720,125
27,456,195 26,912,069
depreciation reserve. b Denotes
a After deducting $287,315 partly finished merchandise at or inventories
below cost,
and finished and
of materials
less reserves. c Reserve funds include pref. stock redemption fund, $1,668,500, and reserve for contingencies, $150,000. d Pref. stock,7% cum.,
originally authorized and issued, $5,000,000. less $1,603,900 redeemed and
canceled and $64,600 purchased during the year and held in treasury for
cancellation; balance as above. ¶3,331,500.-V. 108. p. 830.
Morris & Co., Chicago.
(Report for Fiscal Year ending Nov. 2 1918.)
An official summary issued as of Jan. 27 says:
The report shows net earnings of $1,217,859 upon a capital investment of
$53,864,934, or 7.83%. This is less than 1% cents on each dollar of sales,
including by-products. The volume of sales shows an increase of $100,000,000, while the profit shows a decrease of over 31,000,000. Cash in
bank shows a gain of over $3,000,000, while total liabilities increased slighty
above this amount. This was accomplished by paying only a small portion
of the earnings in dividends, allowing the balance to remain in the business
and also by keeping their products closely sold. The company was therefore able to go through the year without any refinancing.
President Edward Morris reported in substance:
We have made a profit of $4,217,859. or 7.83% on the capital invested of
353864,934, after making our usual reserves for depreciation and taxes.
While our profit was about 31,000,000 less than last year, and our volume
of sales increased over 3100,000,000,our profit was less than 1% cts.on every
475
THE CHRONICLE
FEB. 11919.]
Total income
$10,658,078 811.169,077 36,672,323 35,069,317
Deduct
¶514,500
3505,500
$496,500
$487,500
Interest on bonds
1,058,078
1,480,224
Administrative expense_ 1,662,633
1,494,406
Int. on berrowed money,
1,175,324
1,054,386
3,877,100
4.290,086
taxes, insur., &c
$6.440,219 35,868,006 $3,040,110 $2,747,902
Total deductions..
$4,217,859 35,301.071 $3,632,213 $2,321,415
Net earnings
750,000
1,000,000
150,000
300,000
Dividends
(25%)
(5%) (33 1-3%)
Per cent of dividends_
(10%)
33.917.859 35,151,071 32,632,213 $1,571,415
GENERAL BALANCE SHEET.
• Nov.2'18. Noy.3'17.
Non. 2'18. Nov. 3'17.
Balance, surplus
Assets
Packing house,real
estate, bldgs. &
27,298,477 15,073,036
machinery
Branch markets,
real est.& bldgs. 3,886,233 3,411,945
5,819,337 3,301,160
Car equipment
7,986,368 4,658,520
Cash
Products & suppl's41,859,506 42,254,641
Investments, stks.
6,146,088 6,299,759
and bonds
Acc'ts & bills rec'1e19,229,343 16,178,456
Capital stock__ 3,000,000 3,000,000
10,700,000 10,900,000
Bonds
31,988,054 25,990,209
Bills payable
Acc'ts pay. & reserve for taxes 3,434,214 5,184,443
167,588
Bond int. accrued_ 166,500
Reserve for depre10,112,720 8,641,720
ciation,Jo
52,823,864 37,293,555
Surplus
112,225,351 91,177,516
112,225,351 91,177,516 Total
Total
Added to surplus from appraisal of packing house properties and car
equipment as of Dec. 1916, 311,612,450.
Officers: Nelson Morris, Chairman of the Board; Edward Morris, President; C. M. Macfarlane, V.-Pres. and Treas.; L. H. Heymann, y.-Pres.;
Geo. R. Collett, V.-Pres.: H. A. Timmins, Sec. & Asst. Treas.; M.W. Bor-V.107, p. 2193. 610.
ders, General Counsel.
The Detroit Edison Company.
(Report for the Fiscal Year ended Dec. 311918.)
Pres. Alex. Dow, New York, Jan.15 1919,wrote in subst.:
-Our records show that the many industries
Readjustment to Peace Basis.
dependent on us for power, and to which we sell most of our output, did
their full share of war work. Their return to ordinary peaceful occupations
is now in progress, and must needs be marked by caution rather than by
enthusiasm.
-A comparison of business for the years 1917 and 1918, in the
Results.
same form as the monthly statements issued during the year, shows gross
in 1918, $13,801,527. increase 12.3%; operating and non-operating
revenue
expenses (except renewal, replacement and contingent), $9,271,537, increase 18.3%; renewal, replacement and contingent (depreciation reserve),
$782,000, no change; net income, $3,747,991, increase 2.2%; interst on
funded and unfunded debt, $1,353,767, increase 31.6%; balance, surplus,
for year 1918, $2,394,224, decrease 9.1%.
The U. S. Daylight Saving Law did not affect our business appreciably,
because in Detroit and in most of the communities which we serve, 75th
Meridian Time (32 minutes fast, by the sun) has been in use since 1915.
Territorially, the Detroit division furnished 88% of the electric service
earnings and the Eastern Michigan division 12% thereof. Sales to street
and interurban railways were 6.1% of our total earnings, and sales of steam
In Detroit 6.2%. The sale of electricity to private consumers was, as
always, the major item, and accounted for 82.8% of the total.
The increase in sales of power to large factories was the result, in a
measure, of their working night shirts, and overtime and Sunday work,
prior to the signing of the armistice.
-Steam-heating rates in Detroit were advanced 10 cents gross
Rates.
the
(9 cents net) per 1.000 lbs. of metered condensation, in Oct. 1917 for the
12 months then beginning; and again by a like amount in Oct. 1918 for
present season. These two advances did not quite compensate for the increased cost of fuel, and they took no acount of increases in other operating
costs.
Certain increases of electric power rates were made during the year, but
with little effect on our earnings. The first increase was an advance of
one-tenth of a cent in Nov. 1917. In July the contract rate for low-pressure
electric power service was increased % of 1 cent (gross) per k. w. hour.
As our power contracts have been made for three-year terms,"a newly filed
rate is applicable only to new contracts, or to renewals.
Electric light rates are unchanged excepting for a rearrangement and
reduction of prompt payment discounts on the larger bills ($50 per month
and upwards) which made our discount practice uniform for all classes of
service, but made only a minor addition to earnings. The great majority
of all our customers thus continue to be served at rates which were established in 1915 and were based upon the costs of 1914 and earlier years.
Had the war continued, we should have had to propose increases of rates
for all classes of service. As it is, rates are probably too low. All increases
were accepted by our public without question, and, indeed, graciously.
-The operating ratio is till too high, 67.2% as comOperating Expenses.
pared with 63.8% in 1917 and 54.5% in 1916. The cost of coal is, of
chief cause of the excess; but all wage rates continued to increase
course, the
during the year.
-The net addition to plant investment for the year was
Construction.
$4,675,361. The completion of the extensive construction work in progress
on Jan. 1 1918 was imperatively necessary to take care of the increased
demands. The largest item was the fourth turbine (50,000 kva.) at Connors Creek, which did not go into service until midsummer.
Other notable items were the construction of a new substation at St. Clair,
and of a 50,000-volt transmission line tying the St. Clair County district
into the general system at Utica. This line will be extended from Utica to
Detroit during the present year. We completed the reconstruction of the
Geddes water-power plant and we are substituting this year a modern dam
for the old crib dam at Superior. This work at Superior will complete the
reconstruction of the old plants, and with the Barton plant, which is
entirely new, will give four up-to-date (altheu th small) water powers on the
Huron River. These water powers in 1918 delivered 8,752,000 k. w. hours.
-Of these thilire were 18,884 (net) making a total of
Added Customers.
216,775 connected.
-The appropriation for Federal
-Federal Taxes.
Profit and Loss Account.
taxes is a precaution, and is in addition to appropriations made during the
year according to such information as to the probable tax rate as was from
time to time available. Among the miscellaneous deductions is a donation
to the American Red Cross. The grants made to employees called to the
army or navy, &c., aro likewise charged as deductions from income for the
year, and not as operating expenses.
-Funded debt was increased by the sale at midsummer of $2,Bonds.
676,000 of the First & Ref. Mtge. gold bonds of 1910(V. 106, p. 2563, 2652).
In January 1918 we issued $3,800,000 of 7% Convertible Debentures,
Series of 1928. These differ from previous issues in that the interest rate
is 7%, instead of 6%, and that the period during which they may be converted is 74 years instead of 6 years (V. 105. p. 2275). A further offer to
our stockholders of 32.600,000 of similar convertibles. Series 1929, was made
as of Dec. 1918, and these are to be issued as of Feb. 1 1919(V.107.p. 2379).
-The additions to the Insurance Investment Fund are
Liberty Bonds.
the appropriation of $50,000 (invested in Liberty bonds) and the accrued
476
THE CHRONICLE
Interest on the securities in the fund. Our other holdings of Liberty bonds
are included in investment and special advances.
Coal.
-Coal on hand, $838,152, is four times the investment and twice
the tonnage of coal that we thought it necessary to carry in the winters
before 1917 as a reserve against winter contingencies. By contrast, our
stock a yearago was abnormally low:an effect of Fuel Administration orders.
Fifteen-Year Report -A condensed report of the company's affairs for the
first 15 years of its existence, 1903 to 1917, inclusive, with dsecriptions of
Its properties and a few illustrations, was mailed in September to each
stockholder.
CONSOL. INCOME ACCOUNT (INCL. ALL CONSTITUENT COS.).
1918.
1917.
1916.
1915.
Number of customers__
216,775
197,891 ,
168,792
136,152
Output (in 1,000 k.w.h.)
765,091
672,200
546,925
393,130
Gross revenue
$13,801,527 $12,279,926 $10,066,786 $7,759,932
Oper. & non-oper. exp
9,271.537
7,833,515
5,489,093
4,211,219
Depreciation reserve_ _ _
782,000
782,000
782,000
600,000
Gross income
$3,747,990 $3,664,410 $3,795,693 $2,948,713
Interest paid & accrued_ 1,353,767
1,028,562
1,078,280
1,100,055
Dividends
(8%)2,055,625(8)1,966,905(8)1,487,721(7)1,214,518
Balance, surplus
Previous surplus
$338,598
2,302,801
$668.943 $1,229,692
1,906,185
1,558,001
$634,140
1,189,803
[VOL. 108.
1921; $100,000, yearly 1922 to 1926; $125,000, yearly 1927 to 1931, and
370,000 in 1932.
Cane Sugar Output.
-Since commencement of operations in Feb. 1915
the value of the output has been: Feb. 1915 to April 30 1916, $6,070,655;
year ending Apri130 1917,t$8,134,361; year end. April 30 1918,$10,552,113.
PROFIT AND LOSS ACCOUNT FOR YEAR TO APRIL 30 1918.
Net profit for the year
$462,676
Less
-Bond interest
88,700
Bank interest and exchange
90,883
Deferred operatin* expenses
33,991
Proportion of discount on bonds
2,321
Reserved for depreciation
40,000
Balance surplus for year
$206,781
To foregoing surplus add balance of April 30 1917 $116,658; balance
forward, 3323.439.
BALANCE SHEET AS AT APRIL 30 1918 (Total each side $7,917,909.)
Buildings, wharf,&c
$4,120,259 Pref. stock 7% Cum.
Franchises, leases, goodIssued
$2,500,000
will, trade marks, &c__ 3,000,000 Common stock
3,500,000
Cash
56,699 First Mtge.6% bonds__ _ _ 1,470,000
Accounts receivable
89,207 Accounts payable
35,070
Bills receivable
1,580 Bond interest accrued...._
29,400
Inventories
573,959 Reserve for depr. of plant_
60,000
Expend. made on account
Profit and loss account
of future business
76,205
Balance
323.439
Contingent liability for bills under discount, $237,714. (Note.
-These
bills have since been met.)
Shareholders.
-There are 516 common shareholders, three of these holding
$1,808,000 ofthe $3,500,000 common stock, and 437 preferred shareholders.
Directors.
-D. Lorne McGibbon (President); Sir Thomas Tait (VicePres.); Hon. 0. P. Beaubien; S. II. Ewing; V. E. Mitchell, K. 0.•, M. E.
Williams; L. R. Wilson, and S. J. LeHuray all of Montreal; F. S. Armstrong and C. S. Jennison of New York; William Mulock, Jr., and Hon.
W. Nesbitt, K. C., of Toronto.
S. J. LeHuray is Secretary, 260 St. James St., and M. J. Savage, Treasurer, McGill Building, Montreal.
-V. 108, p. 382.
Total
$2,641,399 $2,575,128 $2.787,693 $1,823,943
Adjustments (net)
Cr.16,360
Cr.9,370 Deb.232,024 Deb.59,365
For Federal taxes
60,000
107,463
Extinguishment of disc't
on securities. &c
196,546
174,235
619,183
206,578
Total surplus Dec.31_ $2,401,214 $2,302,801 $1,906,185 $1,558,001
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
Assets3.
Liabilities$
Property
55,062,004 50,386,643 Capital stock _ _ _ _25,704,400 25,691,600
Investment & speFunded debt_ __ _r29,680,600 23,224,900
cial advances_
1,978,290 1,538,522 Notes,&c., pay'le. 2,090,377 2,605,312
Cash
695,219
843,589 Dividends payable 514,088
513,832
Naumkeag Steam Cotton Co., Salem, Mass.
Notes & acets rec.. 2,519,765 2,146,808 Accounts payable.. 735,327 1,100,700
Materials & supp_ 2,871,309 2,505,432 Accrued accounts_ 1,006,176
986,526
(Report for Fiscal Year ending Nov. 30 1918.)
Special deposits
41,346
65,241 Reserves
y3,054,509 2,726,243
Production.
Sales
Receipts
Deferred charges_ 1,334,238 1,126,485 Surplus
2,401,214 2,302,801
Nov. 30 Years(Yards).
(Yards).
from Sales.
Prepaid accounts. 238,806
159,697
191748
19,453,269 19,363,376 $7,057,470
Insur. investmls_ 445,714
379,498
1916-17
19,327,464 19,285,524 1,835,015
17,397,586 16,139,296 3,298,174
Total
65,186,691 59,151,914
Total
65,186,691 59,151,914 1915-16
1914-15
6,975,500
7.446,910
1,447,942
11,575,578 12,067,311
y Includes in 1918 renewal, replacement and contingent (depreciation) 1913-14
2,188,288
17,844,679 18,221,404
reserve, $2,401,026; casualty insurance reserve, 3445,714; permanent and 1912-13
3,252,545
17,312,040 19,153,008
corporate reserves, $54.165; and other reserves, $150,604. r Includes in 1911-12
3,182,097
16,988,787 16,296,268
1918 $10,000,000 1st M. 5s, $11,676,000 1st & Ref. M. bonds, $204,600 1910-11
2,706,034
(auth. 39,000,000, less 38,795,400 converted to Dec. 311918)6% convertiBALANCE SHEET NOV. 30.
ble debenture bonds of the Detroit Edison
33,800,000 10-year 7%
1918.
1917.
1918.
1917,
debenture bonds (auth. 39,000,090), $1,000,000 Eastern Michigan Edison
Co.•'
Assets
Liabilities$
$
1st M. 5s, and miscellaneous, $7,500.-V. 108, p. 381.
Real est. & constr'n_3,500,000 3,500,000 Capital stock
3,000,000 2,250,000
Danvers bleaching__ 250,000 250,000 Notes payable
1,300,000 1,300,000
American Brass Co., Waterbury, Conn.
Cash
591,169 219,155 Bills payable
104,874
67,289
INCOME ACCOUNT FOR CALENDAR YEARS.
274,974
78,688 Interest on duo loan_
Liberty bonds
3,983
4,215
Acc'ts receivable_ _A,273,695 1,261,346 New machinery_
87,699
1918.
1917.
1916.
1915.
Net earnings
100,000
$3,992,220 $7,109,177 310,991,670 36,128,453 Stock in process.._ _ 93,467 102,563 Guarantee account2,116,768 1,194,508 Reserve for war taxes 415,640 250,000
Dividends paid_ _ _(20%)3.000,000(441,)6675000(25)3750,000(13)1950,000 Cotton
Manufactured goods 429,841 496,833 Deprecia'n account- 457,500 357,500
Miscell. supplies..
148,459 126,088 Profit and loss
Balance,surplus
3,390,376 2,812,476
$992,220
$434,177 $7,241,670 34.178,453
BALANCE SHEET DECEMBER 31.
Total
8,678,373 7,229,180 Total
8,678,373 7,229,180
-V. 107, p. 1672.
1918.
1917.
1918.
1917.
Assets
Liabilities5
$
Real estate, maCapital stock ....15,000,000 15,000,000 Brompton Pulp & Paper Co., Ltd., Montreal and
chinery, &c...._18,199,359 18,936,878 Current accounts
Bromptonville, Que.
Cash
2,081,746 1,750,165
payable
1,024,289 1,705,694
Bills & accts.rec__ 8,223,351 8,278,476 Reserve for contin(Second Annual Report
-Year ended Oct. 31 1918.)
Wood land
229,278
202,768 gencies.
4,000,000 4,000,000
Pres.F.N.McCrea,Montreal,Jan.18 1919,wrote in subst.:
Stocks and bonds
Reserve for taxes_ 6,500,000 5,000,000
owned
1,179,147 2,033,032 Surplus
Results.
-The financial statement, after providing for business profits'
17,453,852 13,344,675
Governm't bonds_ 3,626,474
war tax, shows earnings of $1,051,275, from which is deducted bond interNet earnings for
Patents
1,000
1,000
year
3,992,220 7,109,177 est 387,120, preferred dividends $140,000, common dividends $350,000,
Merchandise
14,430,005 14,907,227
and depreciation $186,880, leaving a balance of' $287,275 carried forward
to the credit of profit and loss.
Total
47,970,361 46,159,546 Total
During the year the company, in common with others, has been con47,970,361 46,159,546
fronted with serious manufacturing difficulties and under these conditions
* Includes in 1918 real estate, machinery and tools, $18,036,878, and the financial statement may be considered quite satisfactory. The return
amount expended for permanent improvements, $3,762,482, less $4,500,000 to more settled conditions should reflect itself in future earnings.
charged off for depreciation.
Acquisition.
-Since the closing of the last financial year, your directors
-V. 108, p. 381.
have acquired on behalf of your company the property of the Odell Mfg. Co.
of Groveton, N. H. The purchase was completed after the physical propAtlantic Sugar Refineries, Limited.
erty had been favorably reported upon by Hardy S. Ferguson, N. Y., and
(Official Statement of Nov.22 1918.
-Balance Sheet,Earnings, the accounts audited by Price, Waterhouse & Co. This purchase was made
upon very advantageous terms. The property was sold direct to your
&c., to April 30.)
company, no commissions being paid to any intermediaries, and it gives
your
This company whose shares, common and preferred, were pany company the most diversified output of any pulp and paper comin Canada.
recently listed on the Montreal Stock Exchange, reports
New Bonds.
-In order to finance the purchase, your directors passed a
by-law authorizing the issue of $1,000,000 of 20-year 6% General Mortgage
a3 of Nov. 22 19t8 in substan3e:
bonds, ranking after the issue of bonds
Organization.
-Incorporated Nov. 26 1912 under the Companies Act of bonds will be offered to shareholders of presently outstanding. Those
record at the close of business on
Canada, with an authorized capital of $10,000,000, which on July 31 1914 Jan. 25 1919, upon
the terms set forth in the circular herewith enclosed
was reduced to $6,500,000, divided into 30,000 preferred and 35,000 com- (see a subsequent
page).
mon shares of 3100 each. Of the preferred shares 25,000 have been issued
The directors and several largo shareholders have already underwritten
and of the common shares 35,000, leaving 5,000 pref. shares unissued.
their quota of these
The preferred shares rank, both as regards capital and dividends accrued, of any balance not bonds, and arrangements have been made for the sale
subscribed for by the shareholders. The preferred
in priority to the common shares. Preferred dividends are cumulative shareholders
have shown their
at rate of 7% per annum from July 1914, and at this date there is 293% by unanimously consenting approval of the proposed method offinancing
due in accumulated dividends on the 25,000 shares outstanding. No to their preferred shares. to allow the new bond issue to rank in priority
dividends have been paid on either preferred or common. The preferred
Profit and Loss Account as at Oct. 31 1918 and Oct. 311917.
shares at option of holder are convertible into common
par at
any time. They also have equal voting power 'with the shares at shares.
1917-18.
1916-17.
common
Purchase.
-The company under agreement dated Nov.30 1912 purchased Earnings, after deducting management, general exfor $2,500,000 of its preferred shares and $3,500,000 of its common stock
pense, insurance, sales department, business
all the assets of Atlantic Sugar Refining Co., Ltd., including the real
profits, war tax, &c
31.051,274 $1,073,563
estate, lease and concessions, and the sum of $1,507,000 in cash. The Deduct-Depreciation
186,880
176,672
Refining Co. was incorporated Feb. 4 1910 with $4,500,000 of authorized
Bond interest
87,120
87,067
Pref. stock dividends, 7%
capital stock and acquired (a) from Dominion of Canada 6.94 acres of
140,000
140,000
water front at St. John, N. B.;(b) from City of St. John lease of
Common stock dividends 5%
350.000
350,000
land, exemption from taxation and 40 years water supply not 2-3 acre of
Balance, surplus
$287,274 $319,826
750,000 gal. per day. The Refilling Co. has been dissolved. exceeding
BALANCE SHEET OCT. 31
Property.
-Located at St. John, New Brunswick, at entrance to the
Assetshabor, adjoining the wholesale business section of the city. The property
1918.
1917.
owned and under lease comprises approximately 7 acres. St. John has Freehold and leasehold timber lands, real estate,
water powers, plants, &c., less depreciation_ _ _ $8,662,098 $8,896,545
open navigation throughout the year. It is the nearest port in Canada
to the West Indies and supplies of raw sugar. Ocean steamers discharge Inventories of logs, pulpwood, paper, raw materials, supplies, &c
raw sugar directly into the company's warehouses, and the
2,172,472
1,289,294
is loaded into railway cars without rehandling. Coal canrefined product Accounts receivable
'718,555
556,170
be received at Cash in banks,
the plant at all seasons by rail and water.
&c
202,441
363,471
Plant.-Buddings, steel and concrete construction. Refinery capacity Investments
470,926
149,277
1,000,000 pounds per day. Raw sugar warehouse storage capacity, Deferred charges to operations
103,282
78,247
20,000 tons. Wharf, water frontage on three sides, respectively, 630 ft.,
Liabilities529 ft. and 387 ft., capable of berthing vessels on all three sides.
Pref. stock, 7% cumulative, par $100 each
$2,000,000 $2,000,000
Bonds of Refineries, Ltd.
-A mortgage made to the Royal Trust Co., Common stock, par $100 each, fully pald
7,000,000
as trustee, as of Sept. 11914, secures an issue of 6% Serial Gold Coupon 67 First Consul. Mtge. sinking fund bonds, duo 7,000,000
0
bonds limited to $2,000,000, a first mortgage on all the property. in1935, authorized, $2,000,000; less redeemed,
cluding leasehold property, now or hereafter owned, and also a floating
$233.000, and in treasury, $315,000; balance,
charge on all other property and assets: 31,250,000 were sold to provide for
31,452,000, viz.:
the completion of the refinery at St. John and $320,000 to provide for
Sold to public
944,000
944,000
additions to the plant and for working capital; and the balance of the
In custody of trustee to be exchanged for Brompauthorized bond issue, viz., $430,000 can only be issued to pay for the
ton Pulp & Paper Co. old bonds, due 1927._
508,000
580,000
chase of additional real estate or buildings and plant in an amountpur- Accounts payable
328,766
not
133.415
exceeding 50% of the actual cash cost thereof on conditions sot forth in Bank loan under Section 88
500,000
the mortgage.
Pay-roll and other charges accrued, including reBonds dated July 1 1914, due serially 1916 to 1932, being payable,
servo for business profits war tax
328,407
233,263
principal and interest (J. & J.) at First Nat. Bank of Chicago or First Nat. Divs. pay'le Nov. 7, pref., $35,000; com., $87,500
122,500
122,500
Bank of N. Y.; $1,570,000 have been issued, of which $150,000 have been Profit and loss. surplus
607,100
319,826
redeemed, viz., $50,000 each July 1 1916, 1917 and 1918, and the
Total each side
$12,338,773 $11,333,004
.
mainder outstanding mature as follows: $75,000 yearly on July 1 1919re- -V. 108,
to
p. 383.
FEB. 1 1919.1
477
THE CHRONICLE
Dominion Bridge Co., Ltd., Lachine, Que.
(Report for Fiscal Year ended Oct. 31 1918.)
President Phelps Johnson in report. presented Jan. 8
says in substance:
Sears, Roebuck & Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1918.)
Operations.
-The result of the year's business has, on the whole, been
satisfactory. The profits shown,after making allowance for bad and doubtful accounts receivable and for depreciation of buildings, plant, stocks and
supplies, are $1,865,717.
Your Lachine works have been nominally filled with orders to capacity
throughout the year, but owing to delays in receiving material for boilers
and for ship work and instructions on munition work, there have been slack
periods resulting in loss of output and increased costs. The works at
Toronto and Ottawa have also been fully occupied, but subject to the same
delays regarding material. At Winnipeg only a small volume of fabricated
work has offered, but the warehousing department has produced satisfactory results.
Costs.
-While prices for material did not appreciably increase during the
year, efficient labor became very scarce, wages were on a constantly advancing scale, and estimates of labor cost based on 1917 conditions were
far exceeded in actual results.
Additions.
-The cost of constructing buildings has been very high, as
has the cost of all new machinery required. The additions made have been
depreciated to normal values before being taken into capital account.
The now department for the manufacture of marine boilers has been filled
with orders and it became necessary to increase its capacity. The assembling building has been extended and fitted up for this purpose, as well as
for the manufacture of tanks, stationary boilers and all manner of curved
plate work. The machine and engine department has also been extended.
-There has been little ordinary structural work fabriStructural Work.
cated, for although a good volume of business offered, material could not
be obtained.
-The material in stock has been inventoried well below
Inventories.
current market value and provision made for any probable decline.
-Several new lines of work have recently been undertaken,
New Lines.
the principal being the manufacture of steam turbines and turboiblowers of
the Ratteau type, for which a good volume of orders has been entered, an
the manufacture of paper-making machinery, for which orders have also
been received.
-The company is in a strong cash position, and during the
Financial.
coming period of readjustment your directors consider it more than ever
important to maintain ample reserves.
Subsidiary Companies.-N'otwithstanding the loss of the suspended span
in 1916, satisfactory profits have resulted from the construction of the
Quebec Bridge. The St. Lawrence Bridge Co. has also carried out profitable
orders for munitions.
The Dominion Copper Products Co., in which your company is largely
interested, has paid no dividends the past year. Orders for brass cartridge
cases ceased about Jan. 11918, thus throwing idle the plant installed for
drawing and finishing the cases, as well as a large part of the casting and
rolling capacity of the copper mill proper at Lachine. Good progress was
being made on new munitions orders for the U. S: Government, but shipment only commenced in September, and following the armistice the U. S.
Government canceled its orders.
The Structural Steel Co., in which your company had a half interest, and
which operated in shops belonging to the Montreal Locomotive Co., was
obliged during the year to vacate the premises, the locomotive company requiring the shops for its own use, and the Steel Co. has been wound up.
-You will be asked to approve by-law No." "authorizing
,0
Purchase.
the purchase of a share interest in the Robb Engineering Works, Ltd., of
Amherst, N. S. [See foot note to balance sheet below.]
INCOME ACCOUNT FOR YEAR ENDING OCT. 31.
Profits from contracts and interest and dividends received on
investments, $2,418,330, and misc. earns., $58,678: total___: $2,477,009
-Depreciation of plant, machinery, &c., $404,472; inDeduct
terest and exchange, $41,344: reserved for doubtful accounts,
$151,015; directors' fees, $14,460
611,292
Net income for year ending Oct. 31 1918
$1,865,717
1917-18.
1916-17.
1915-16.
1914-15.
Net income (see above)- $1,865,717 $1,186,436 $2,762,280 $1,330,437
Dividends paid
)
(93i) ,500 '7)520,000 34)373,750
617
(8% 520,000
(8
(5
Bonus to stockholders__
(2)130,000 (12)780,000 (3)195,000
(see x)
x382,620
Reserves, &c
588,107
204,282
Nat. bk. acct. writ. off_
174,587
Gross sales
198,523,079 178,268,223 146,838,511 112,665,728
Returns,allowances, discounts, &c
9,637,708 6,437,307
16.857,250 12,460.615
Net sales
181,665,829 165,807,608 137,200,803 106,228,421
153,734
221,105
Other income
230,257
298,853
Total income
181,896,426 166,106,461 137,421.908 106,382.155
Purchases, all expenses
145,019,492 119,661.111 94,258,285
412,793
230,212
Repairs and renewals__ 158,633,533
610,698
505,024
Depreciation reserve__
544.383
792,292
315,000
288,246
Other reserves
681,168
.
Profit-sharing, &c.,fund 1,077.883
412.216
905,484
Res. for Federal income
and excess profits tax_ 9,480,946 3,977,398
Common dividend__(8%)5,999,246(74)5549009(7)4,199,874(7)3,849,759
559,190
Preferred dividend(7%)
559,188
559,188
559,188
6,691,439
Balance, surplus
6,145,630 8,011,731 11.317,344
BALANCE SHEET DEC. 31.
1915.
1916.
1917.
1918.
$
Assets$
$
$
Real estate, buildings,
machinery, &c
1 40,935,9571 11,328,731 11,049,202 9,778,904
Patents, good-will, &c_
30,000,000 30,000,000 30,000.000
Supplies & merchandise_ 47,531,096 36,873,214 25,370,055 14,837,661
Advances to & inv. in
7,439,476
5,012.284
Branch houses
13,399,513 11,313,359
Factories owned....-.l
20,107,714 13,552,056 8,181,064
Factories whose out-i 24,289,075
5,527.298
put is chiefly taken
4.441,873 4,204,322
568.411
566.484
1,053,867
Sundry persons
1. 10,828,262
Due from customers_ .. _8,879,560 6,711,370 2,905,371
39,575
196,976
101,725
Duefrom RRs.,claims, c. 424,834
217,771
202,183
740,023
484,799
Insur.& int. in advance_
3,538,119
6,798,240
6,754,898 3,501,188
Cash
2,287.529
5,651,656
Liberty bonds
Total
150,555,314 130,468,809 102,734,992 83,866.578
Liabilities
Common stock
75,000,000 75,000,000 60,000,000 60,000,000
8,000,000 8,000,000
8,000,000 8,000,000
Pref. stock 7% cum_
21,972,497 19,795,000 3,000,000
Notes payable
5,585,352
9,086,109 10,136,422
Mdse.& oth. open accts. 15,345,940
139,797
139,797
139,797
139,797
Divs. on preferred stock
9,480,946 3,977,398
Res. for Federal taxes
Surplus
20,616,134 x14,470,505 21,458,773 10,141,429
Total
150,555,314 130,468,809 102,734,992 83.866,578
x After deducting from previous p. & I. surplus $15,000,000 as a 25%
common stock dividend paid April 1. 1917.-V. 108, p. 84.
$1,345,717
$56,316
Balance, surplus
$874,173
$382,818
x In 1916-17 $300.000 was transferred to special reserve for stock of
material on hand and $82,620 transferred to investment reserve; there was
also a charge of $123,101 against profits for "depreciation on plant, machinery, &c." The charges to reserve accounts in 1917-18 were all deducted
from profits as shown in first table above, and include $404,472 for depreciation on plant, machinery, &c., $151,015 reserved for doubtful accounts.
BALANCE SHEET OCT.31.
1918.
1917.
1918.
1947.
Liabilities
Assets
$
$
Real est.,plant,&e. 4.375,534 a4,265,645 Capital (author'd,
cos. 2,658,999 3,164,591
$10,000,000)
Invest. In 0th.
6,500,000 6,500,000
284,648
463,337 Depr.otc.,reserve_ 385,701
Cash
386,704
112,681 AcciRts in croon. 181,358
Depos. on tenders 141,225
181,358
Accident insurance
Dom.of Can. War
56,954
56,787
46,290
Investment reserve
Loan bonds
386,664
City of Tor. bonds 199,000
Div.,&e.,pay.Jan.1 130,000
162,500
Exp.on contracts.b1,074,362 1,360,034 13al. of purch. price
Logue Pte. prop. 84,442
Acc'ts & bills rec.,
84,442
less reserves..-. 2,029,386 1,202,773 Bank,&c., loans_
196,084 1,150,000
1,301,700 e1,253,434 d Ace'ts. payable_ 1,570,014 1,283,309
Inventory
16,719
47,860 Profit and loss.._ 3,025,307 1,679,591
Unexp. insur., &e.
12,130,866 11,876,355 Total
Total
12,130,866 11,876,355
a After including for additions, $514,362, against $534,667 in year 191617. and after deducting for depreciation $404,472, contrasting with $123,101
in 1916-17. b Includes in 1918 expenditures on uncompleted contracts,
after deducting amounts reserved for contingencies,$2,528,780,less $1,454,417 received on account. c After deducting $300,000 special reserve.
d Includes provision for war taxes.
The Royal Trust Co. holds 1,816 fully-paid non-assessable shares of the
company for the purpose of selling them to the company's employees on
an installment plan.
-Guarantee to Bank of Montreal of Robb EngineerContingent Liability.
ing Co. loan, amounting to $175,000, against which is held the entire issue
of the Robb Enbineering Co. bonds,amounting to $225.000.-V. 108.p.272.
St. Lawrence Flour Mills Co., Ltd.
(Report for Fiscal Year ending Aug. 31 1918.)
Aug. 31 Years1917-18. 1916-17.
Aug. 31 Years1917-18. 1916-17.
$40,250 $40,224
Profits after war taxes.$268,737 $161,638 Prof. diva. (7%)
Interest on bonds_ _ _ _ 13,490 15,694 Corn. dive.(8 %)_ _ 102,000
Bond discount writ- "
Balance, surplus_ _ _ $94,317 $105,720
18,680
ten off
BALANCE SHEET AUGUST 31.
1917.
1918.
1918.
1917.
Liabilities$
Assets$
$
$
Preferred stock
Real estate, bldgs.
575,000 575,000
533,865 Common stock
and machinery_ _ 537,406
1,200,000 1,200,000
6% bonds matur.'41 x167,155 252,500
Special acct., prop.,
good-will, &c
1,200,000 1,200,000 Accounts payable_ _ _ 10,964
39,323
Sundry credits
Open accts., bills re235,985 189,718
99,701 295,329 Unclaimed dividends
ceivable,&c
5,895
4,763
Wheat, flour, bags,&c. 80,589 386,246 Bank loan
69,293
33,734 Profit and loss
Sundry debits
27,121
251,155 138,157
10,500
Stables, plant, &e_
11,500
7,500
Invest. & call loans. 414,953
1,579
Cash
74,886
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1917.
1918.
1915.
Ticonderoga Pulp & Paper Co., Ticonderoga, N. Y.
-Not 1918.)
(Report for Fiscal Year ending Dec. 31 1917
This subsidiary of the Riordon. Pulp & Paper Co., Ltd.,
of Montreal, reports as follows:
INCOME ACCOUNT FOR CALENDAR YEAR-S.
1916.
1917.
1916.
1917.
Govt. taxes-19,16_
$23,543
Not
Profits from operat'ns $860,108
552,569 $470,869
Miscellaneous income_ 21,319 reported Profits for year
Common dividends_- 73,600
15,440
$881,427 $509,675 Preferred dividends_
Total income
Pref. dividends to date
147,279
Depreciation
788
39,319 38,806 of redemption
Bond interest
23,716
Interest on loans
Bonus to officers and
Balance, surplus.. _ _$478,181 $455,429
95,000
employees
BALANCE SHEET DEC. 31.
1917.
' 1916.
Liabilities1916.
Assets1917.
Common stock_ __ $368,000 $360,000
Land, bldgs.,mach.,
equipt., &c_ ---$1,559,339 $1,683,482 Pref.stk.8% cum.A11 redeemed 80,300
76,991 Bonds outstand'g_ a690,500
714,500
482,645
Investments
454,091
590,857 Bank loans
300,000
564,967
Inventories
427,131 Trade notes and
Accts. receivable.. 430,066
126,640
accts. payable__ 361,340
9,902
29,508
Advances
6,810
20,675 Accr. wages, &c_ _
11,180
112,342
Cash
13,684
14,059
29,574 Bond int. accrued
Prepaid insurance46,463
79,765
Div41ends accrued
Surplus
1,480,626 1,002,445
Total
$3,225,330 $2,838,611
Total
$3,225,330 $2,838,611
a First Mtge.6% gold bonds, 1900 issue, 3282,000; 1st Mtge. & Refunding 5% gold bonds, 1905 issue, $246,500; 1st Mtge. & Refunding 6% gold
bonds, 1914 issue. $471,500; deduct bonds of 1900 issue redeemed during
1917, $24,000; held in treasury, bonds of 1914 issue, $280,500: bonds of
.-V. 106. p. 2654.
prior issues, $5,000; outstanding, $690,500 (as above)
Chicago Breweries, Ltd.
(Report for Fiscal Year ending Nov. 30 1918.)
Chairman J. Woolsey Spaelcman on Dec. 20 1918 wrote
in substance:
The amount standing to the credit of profit and loss account for the year,
after the payment of charges hereinafter set out, is £11,956, which, with
the sum of £7,360 brought forward from the last account, makes a balance
of £19,316. From this sum the directors propose to pay a dividend of 4%
for the year, less income tax, which payment will absorb £11,467, and to
carry forward £7,850 to the next account.
The combined sales of the two breweries for the past year have been
200,398 barrels, being a decrease of 61,360 barrels on the previous year.
During the year E800 of debentures have been purchased, £800 of debentures have been canceled in respect of the debenture redemption fund,
and £19,400 have been canceled on general account, leaving the amount
outstanding at £199,200.
INCOME ACCOUNT FOR YEARS ENDING NOV. 30.
1914-15.
1917-18.
1915-16.
1916-17.
£38,319
£35,314
Dividends and interest..
£34,256
£37,389
769
988
Other income
546
998
£36,303
Gross. ncome
£39,089
.C35,255
£37,936
.2,914
3,461
Management expenses
3.008
3,018
14,160
14,166
15.148
Debenture interest
14,160
5,333
Income tax
5.663
3.706
6,090
£13,987
£15,101
£16,675
Balance, surplus
£11,956
2,958
Previous surplus
4,255
3,079
7,360
Total
£19,754
£16,946
£19.360
£19,316
Dividends
(4%)11,466 (4%)12,000 (5%)15,500 (4%)13,866
Profit & loss, surplus_
£3,079
£4,255
£7,849
£7,360
BALANCE SHEET NOV. 30.
1918.
1917.
Liabilities1917.
Assets1918.
Capital stock
£400,000 £400,000
Shares in American
£669,297 £669,297 6% mtge. debentures...201,192 221,594
companies
5,861
6.995
11,069 23,295 Sundry creditors
Dividends due
204
243 Reserve
59,157 59,000
Sundry debtors
21
20
22,348
8.970 Unclaimed dividends_
Cash
19,548 Deb.redemption acct. 16,236 15,517
Debentures purchased
Revenue account...... 19,316 19,360
Total
2,446,155 2,468,754 Total
2,446,155 2,468,754
£702,918 £721,353
Total
£702,918 £721,353 Taal
X 6% bonds, maturing July 11941, $300.000, less redeemed under sinking fund, $56,000; purchased and he d by company, $78,500; add interest
* Six per cent mortgage debentures, £400,000; less debentures purchased
accrued to Aug. 311918, $1,655; total, as above,$167,155.-V.107. p 186. and canceled. £200,800; interest accrued thereon, £1,992.-V. 106. p. 299.
THE CHRONICLE
478
[VOL. 108.
permanent financing. The notes wore held by banks and
Acme White Lead & Color Works.
banking houses, and with the promise of aid from the War
(Annual Report-Year Ending Nov. 30 1918.)
Finance Corporation, provided such action was necessary,
Wm.L. Davies on Dec. 31 1918 wrote in subst.: Kuhn, Loeb & Co. and Speyer & Co. have been able to
President
-The profits for the year, after due allowance for depreciation,
Results.
after payment of bond interest and preferred stock dividends, and after, extend the obligations.
setting aside an amount considered sufficient to cover our war taxes, are
The Maryland P. S. Commission has granted this company permission
17.3% op the common stock. These profits are largely invested in Liberty to issue approximately $10,000,000 of its Refunding & General Mortgage
bonds, accounts receivable, increased cost of inventories and some additi- bonds of 1915 to reimburse the treasury for improvements. The interest
onal equipment considered necessary itgainst war emergencies. Our bank rate on the bonds will be 6%. The outstanding $60,000,000 of these bonds
balances are considerably larger than a year ago, in anticipation of what bear 5% interest.
is usually our borrowing season. For these reasons, your directors believed
Federal Manager.
it inexpedient to pay any large dividend at the end of the year.
Charles W. Galloway, Federal Manager for this company's* Western
-Your directors felt, however, that a beginCommon Dividends Resumed.
the B. & 0.
ning should be made, as evidence of an intention to restore the common lines, has been appointed Federal Manager of succeeds Mr.Eastern lines
Galloway as
stock to a dividend stock, accordingly they authorized a dividend of 1% to succee4 A. W. Thompson. I'. N. Begien
-V. 108, P. 377, 266.
Federal Manager for the Western lines.
on the common stock, which was paid Dec. 11918.
During the past year our business at times seemed to be seriously jeoparBoston & Worcester Street Ry.-Wage Awards.
dized, owing to the fact that, although we were extensively engaged in
The National War Labor Board has fixed the pay of carmen employed
direct and indirect war work, our industry was classed as one not essential
rate, and
to the prosecution of the war. The armistice has relieved us of this em- by this company at 42c. an hour, the minimumone year. 44 cents at the end
Employees other
barrassment. However, we are now entering a period of readjustment, of three months in service and 47 cents after
-V. 107, p.
during which it is possible that we must absorb a considerable shrinkage than carmen were awarded a minimum of 42% cents per hour.
There is little prospect of any general decline during the first 1666.
in values.
half of the coming year. Nevertheless we must face the possibility of one
.Brockton & Plymouth Street Ry.-Municipal
occurring at some time during the readjustment period.
The Mass. P. S. Commission has granted the petition of Selectmen of
A considerable part of the earnings of the past year has been added to
Pembroke and Plymouth, Mass., asking
the reserve against inventories, bringing that reserve up to 33 1-3% of the towns of Hanson, Kingston,
the
the inventory values. Thus it would seem that the company is well for approval of action of those towns in authorizing contributions to per
fortified against any shrinkage in value that is likely to occur. If so, cost of operation and fixed charges of company, not to exceed $1 108,
-V.
and if anything like a normal volume of business is maintained during this thousand of the preceding year's assessed property valuation.
readjustment period, we anticipate that our common stock may again be p. 76.
put on a regular dividend basis.
-New General Manager.
Brooklyn Rapid Transit Co.
During the year the company retired $100,000 of its bonds which matured
Frederick P. Royce, for a number of years one of the leading men of the
July 1 1918. This leaves outstanding in the hands of the public, bonds
Webster organization of Boston, on Jan. 30 assumed the duties
aggregating 31,149,800, against which the reserve for redemption of Stone &
of General Manager under the receiver.
bonds now stands at $545,938, over 47%.
-Change of Yenue.Authorized to Borrow $3,000,000
Aside from its bonds the company's debts are confined to current accounts, and a small note obligation to employees and other individuals.
Judge Julius M. Mayer in the U. S. District Court on Jan. 27 authorized
It is not a borrower at its banks and its policy is to discount all bills.
Receiver Garrison to raise immediately, by temporary loans or receiver's
certificates, the sum of $3,000,000, needed to meet obligations maturing
RESULTS FOR FISCAL YEAR ENDING NOV. 30.
between now and April 1, notably taxes due Nov. 1 1918, interest due
1917-18.
1916-17.
1915-16.
1914-15.
Feb. 1 1919 on two issues of Elevated RR. bonds, &c. Counsel for the
$491,445
$463,678 receiver suggested that the Court authorize the receiver to use as collateral
$380,529
$315,625
Net, after depreciation_
21,966 the Refunding bonds in the company's treasury; the bankers who had
11,954
8,254
7,405
Other income
always financed the B. II. T. were prepared, he said, to provide the $3,$485,644 000,000 secured by these bonds. The Court so ordered. Compare V. 108,
$503,399
$387,934
Total income
$323,879
Deduct
p. 373.
$80,625
$75,500
$85,125
Bond, &c., interest
$97,923
The hearing as to the question of authorizing the receiver to borrow the
64,554 remainder of the $16,859,000 which he required, according to his estimates,
64,554
64,554
64,554
Pref. divs.(6%)
20,000 within the next twelve or fifteen months, went over until to-day. Judge
'Corn. dividends (1%)....
Mayer, however, announced that in the meantime he would appoint ex$358,220
$325,590 Judge E. Fleury Lacombe as Special Master to go over the items con$161,402
$238,255
Balance, surplus
Profit & loss surplus carried forward
tained in the report of the receiver, and to hold hearings in order to deter500,000 mine what priority the receiver's certificates should have over existing
500,000
454,420
from previous year
Add-Bonds retired transferred from
securities. Compare V. 108, I)• 373, 377.
75,000
99,375
reserve
Attorneys for the various banks holding overdue notes asked that the
Court order the receiver to renew the notes and pay the accrued interest.
$825,590 To this the receiver objected on the ground that it would create a new
$933,220
$792,050
Total
26,123 liability for which he, as receiver, would be directly liable. It was finally
358,220
144,000
-Redemption of bonds..
Reserves
100,000 agreed that the receiver should pay the interest and the companies which
75,000
75,900
Retire preferred stock
72,151
General reserve
Issued the notes should renew them.
199.467
Adjust, inventories pre-war basis
As a result of the change of venue granted by the Supremo Court, the
trials of the six officials and employees on the manslaughter indictments
$500,000 found as a result of the Brighton line wreck on Nov. 1, will begin perhaps
$500,000
$500,000
Total profit & loss surp. Nov. 30__
the first week in March in the Supreme Court of Nassau County at Mineola.
.BALANCE SHEET NOV. 30.
1917.
1918.
Lia61/tilesOutlook.-Mr.Schiff Optimistic-Possible Assessment on Stk.
Asset.?1917.
1918.
6% cum. pt. stock$1,075,900 $1,075,900
.
Real est., bidgs.,
Before the Bond Club on Jan. 24, Jacob H. Schiff, of Kuhn, Loeb & Co.,
Common stock__ 2,000,000 2,000,000 said in substance:
maeh'y, trade$3,414,138 53,372,967 1st M.6% bonds_b1,119,800 1,249,8C0
marks, esc
"I do not think the way for Mr. Garrison is an easy one, but it is a
163,865 comparatively easy one. The property, as I understand it, does not need
Accts.pay.(nqt due) 147,561
59,150
U. S. Liberty bds_
55,000 very much money in order to get it into good shape, something like $16,33,800
16,375 Notes payable__ __
18,625
Miscell. invest's__
60,140 Accr'd liabilities,
190,072
Cash
000,000 to 320,000,000, I believe. When you consider the amount of
158,217 money that has gone into that substantial property, there cannot be any
incl. war taxes__ 185,372
951,513
Acc'ts Sr notesrec_ 979,009
x1,545,766 1,337,768 difficulty in raising 316,000,000. Nor is there any danger to the security
a1,919,797 2,087,306 Reserves
Inventories
500,000 holders in this. When I speak of security holders, I mean the creditors; I
500,000
49,240 Sorplus
57,408
Deferral charges_
do not mean the stockholders.
56,638,199 $6,510,550
Total
$6,638,199 55,510,550
Total
"While J think the stockholders eventually will get a good property back,
a After deducting reserve to adjust to pre-war basis. b After deducting a property that, with fair treatment by the public, can earn sufficient to
purchased and held by company. x Includes reserve for pay an equitable return even on the stock, the stockholders might under$50,200 bonds
stand that it is necessary in order to get the property in good condition,
bad debts, $30,000; for depreciation, $443,898; for general purposes, $275,000; to retire pref. stock, $250,900; redemption of bonds, 3545,968.-V. to put their hands in their pockets to eventually clear the property from
any temporary debt that may have to be created to complete it. But the
108, p.81.
property, as everybody agrees, is a good one. If my judgment is worth
-I mean to its bonds.
anything, there is very little danger to its securities
GENERAL INVESTMENT NEWS
-At the annual
Annual Meeting-Reason for Receivership.
meeting yesterday Nicholas F. Brady, Chairman, and T. S.
RAILROADS, INCLUDING ELECTRIC ROADS.
Williams, President, presented a report on behalf of the board
-Report of Director- of directors explanatory of the receivership, saying in subst.:
Government Control of Railroads.
On Dec. 31 last Lindley M. Garrison was appointed temporary receiver
General of Railroads for Year 1918 Showing Among Other of the B. R. T.Co. and two of its subsidiaries, the N. Y. Municipal Railway
Corporation and tho N. Y. Consolidated RR. Co., engaged respectively
Things the Names of Companies With Which Operating Con- in
the construction and operation of the subway and elevated railroads
tracts or Co-operative Agreements Have Been Signed.
of the system.
The street railways are outside the receivership, although closely related
to it both because of their dependence, heretofore, upon the parent company for the moneys with which to provide capital improvements. Although the net earnings of the surface railroads have been largely reduced,
they are, as a whole, still able to pay all of their fixed charges except such
as accrue to the Brooklyn Rapid Transit Co. as the holders of their obligations, and are earning a considerable portion of these. Moreover, they are
creditors of the parent company for moneys loaned from time to time on
demand notes, the aggregate amount of which is now $2,434,514.
The company joined In the application for a receiver because the directors
felt that while the necessity for a receivership might temporarily be avoided
by borrowing the amounts needed to meet the applications paid on Jan. 1,
$868,733 the ultimate result could not be long postponed or averted unless sufficient
Balance*
93,282 funds were provided to carry on existing construction and equipment conAdd net income from bond investments, etc
tracts and to complete the plans for rapid transit enlargement to which
$962,013 the system was committed.
Total
630,000
The raising of these large amounts was found to be impossible under the
-Interest on American Cities Co bonds and notes
Deduct
52,500 financial conditions then prevailing, and especially in view of the general
Amortization of debt discount and expense
disinclination of the public to invest new capital in traction properties so
3279.513 long as the abnormally high costs of operation, due to the war, must be
Balance
*Balance of subsidiary operating companies' operations, deducting def- borne without a compensatory increase of fares.
The important problem now before the company is provision for the float-V. 108, p 266.
icits, $821,222. See "Earnings Department" above.
ing indebtedness and for completing the program for improvements worked
out during the past six years which it is believed are essential to adequate
American Rys.-Extension Plans for Note Issue.
It is stated that plans are under way for the extension of the company's transportation for the community and will be a source of profit to the comBrooklyn
$1,600,000 5% notes due Feb. 1. A Philadelphia report has it that the panies. The city in the construction of the railroads which thepart of the
new issue will bear 7% interest and will be increased to 33000,000 with Rapid Transit under Its contract was to er,itilp and operate as
an added collateral consisting of $4,000,000, par value, of Wilmington and enlarged system, is not less than four years behind time. In the meanPhiladelphia traction securities. Bankers interested are credited with while, the Brooklyn Rapid Transit has expended upwards of $60,000,000
amount
saying that already a considerable number of noteholders have agreed to in performing its part of the contracts and of this thereforeat least half is
in operation and Is
unproductive.
exchange their holdings for the new notes and that the indications are that attributable to facilities not yetCo., in
The Brooklyn Rapid Transit
common with other traction propergenerally. The new notes will run for three years, the
this will be done
has been greatly handicapped by shortage
same as the old. The larger new issue will permit liquidation of a floating ties throughout the country, high costs of operation due to war conditions.
of men and by the abnormally
-V. 107, p. 2007.
debt incurred in caring for increased business.
The cessation of the war, it is said, will gradually lessen some of the difficulties, but it came too late to save the B. R. T. from receivership.
Aurora Elgin & Chicago Ity.-Litigation.It is no less essential now than It has been at any time during the past
This company on Jan. 23 brought suit in the United States District Court
in order to meet these
at Chicago against the Illinois P. U. Commission asking that the Com- year that street railroad fares should be raisedcapital. In the case of Inour
mission be enjoined against enforcing its order fixing the maximum fare creased costs and to attract new investment of
service lines, we are, and have been for many years, receiving a considerably
-V. 108, p. 377.
at 2 cents per mile.
lower average faro than our franchises and the law permit us to charge
-Referring the average fare during the last fiscal year on these lines being only 3.26c.
Baltimore & Ohio RR.
-Extension of Notes.
Our attempt, through the P. S. Commission, to increase this average fare
to the extension of this company's $22,500,000 notes due to approximately 5c. by the abolition of transfers, except where required
Feb. 1, the "Chronicle" learns that practically all of these by franchise obligations, has thus far failed. In the ease of the rapid
contracts with the city the rate of fare is
transit lines operated
notes have been extended for a period of five months, when by the contracts, but tinderof course, be changed with the consent:of fixed
both
can,
it is hoped the company may be in a position to do zuine parties.
-V. 108, p. 268, 78.
See preceding pages in this issue.
-Earnings.
-Sub. Co. Receiver.
American Cities Co.
See Birmingham By. & Power Co. on page 377 in last week's issue.
Earnings Statement of American Cities Co. for 12 Mos. ended Nov. 30 1918.
(Excluding subsidiary companies showing deficits.)
$1,126,959
Balance of operating companies
171,688
Deduct-Reserve for renewals and replacements
Proportion for earnings applicable to stock of subsidiary com86,538
panies owned by public
FEB. 11919.1
THE CHRONICLE
Earnings.
-For the6 mos.and the year ended Dec.31 1918:
Earnings for the Six Months and the Year ended Des. 311918.
1918-6 Mos.-1917.
1918
-Year
-1917.
Revenue from operation $15,937,475 $15,461,938 $30,982,034 $30,085,287
Total operating expenses 10,691,087 8,767,103 20,035,790 17,211,885
Net revenue
$5,246,388 $6,694,835 $10,946,244 $12,873,402
Income from oth.sources
216,862
210,025
414,566
406,187
Total income
$5,463,250 96,904,860 $11,360,810 $13,279,589
Taxes
1,323,210
1,153,112 2,613,750 2,257,292
Interest and rentals.... 4,128,524 3,111,994
7,263,244 5,942,989
Total deductions_....$5,451,734 $4,265,106 $9,876,994 $8,200,281
Surplus
$11,516 $2,639,754 $1,483.816 $5,079,308
See full report made by Receiver Garrison in V. 108, P. 377, 373.
Canadian Northern Western Ry.-Converted Bonds.
-
The Dominion Securities Corp., Ltd., Toronto, replying to our inquiry
regarding the 4 % first mortgage bonds to which reference was made in
these columns last week, say that these bonds were originally sold in the
English market in the form of stock, but, having been bought in and converted, are now being disposed of in Canada and the United States. Compare V. 108, p. 377.
Chicago Burlington & Quincy RR.
-Bond Redemption-Bonds.
479
ance with the decree of foreclosure of the $600,000 5% mortgage of 1905
and the $250,000 5% mortgage of 1907, all the properties, &c., of this
company, consisting of a fully equipped electric railroad extending from
Norwood to Hillsboro, Ohio.
-V. 108, p. 267.
Colorado Midland RR.
-Dismantlement.
-
The Colorado P. U. Commission has postponed from Jan. 21 to Feb. 8
the effective date of the order authorizing the dismantlement of this
property. (Operations of the property were discontinued some months
ago.) A like ruling was made in the matter of the time limit for an application for rehearing on the part of the protestants, including the AttorneyGeneral's office, on behalf of the people.
It is stated that action by the Railroad Administration on the suggestion
of shippers, backed by State officials of Colorado, that the Government
take over and operate the railroad, is being withheld until a definite proposition is submitted. It is said that representatives of shippers and of the.
Colorado Public Service Commission who had conferred with Administration officials were assured that recommendation of a workable plan would
receive earnest consideration -V. 108, p. 267.
Colorado & Southern Ry.-To Receive About $4,000,000
Cash in Settlement of Trinity & Brazos Val. Ry. Suit.
See Chicago Rock Island & pacific Ry. above.
Status of Controlled Company.
See Colorado Springs & Cripple Creek Central District Ry.-V. 108,
p. 378, 267. 170.
Colorado Springs & Cripple Creek District Ry.Notice to Holders of 1st M. 5s-Status of Property-Traffic
Diverted.
-The Protective Committee of holders of First
Mortgage 5% gold bonds, due Jan. 1 1930, James
Timpson, 2nd Vice-Pres. of the Mutual Life Insurance Co.
Chairman, in circular of Jan. 25 calling for the deposit of
Chicago City & Connecting Rys. Collateral Trust.
- these bonds with the Central Union Trust Co., 54 Wall St.,
1918.
Calendar Years1917.
N. Y., as depository, says in substance:
1916.
1915.
One hundred and seventy ($170,000) Denver Extension 4% bonds,
ranging in number from 86 to 7963 incl., due Feb. 1 1922 and thirtyeight ($3,800) bonds ranging from 067 to 01823 incl., have been called for
payment Feb. 1 at par and int. at the New England Trust Co., Boston,
Mass.
This company has applied to the Illinois P. U. Commission for an order
to issue general mortgage bonds, bearing 4% interest, in the sum of $18,387,000.-V. 108, p. 267.
Dividends received
Interest received
Other Income
$1,127,595 $1,916.831 $1,979,751 $1,704,352
103,843
101,682
91.256
88.855
54,337
22,338
29,663
21,956
$1,285,776 $2,040,851 $2,100,670 $1,815,163
Gross income
$1,072,815 $1,078.315 $1,087,209 $1,094,750
Bond interest
105,000
Bond redemption
105,000
105,000
105,000
General expense, &c__ _ _
79,798
81,347
71,939
58,114
Divs. on pref. particiNone ($3)750,000(330812,500 (2)500,000
pation shares(in $) -Balance, surplus
$28,163
$26,189
$24,022
$57,299
Current Assets
1918.
1917. Current Liabilities 1918.
1917.
$
Dec. 31Dec. 31
13,259 604,240 Dividend'Payable_
Cash
375,000
Bills receivable_ - _267,000 267,000 Bills payable
370,000 595.000
Other investments
Accrued int. pay_273,021 278,863
532.752 521,918 Reserves
(at cost)
17,805
23 072
Accrued interest reExcess over cur35,046
ceivable
37,844
rent liabilities_ _187,230 159,067
848,057 1,431,002
848,057 1,431,002
Financial Statement Dec. 311918.
Sinking fund 5% gold bonds outstanding, $21,456,000 (see page 25,
"Electric Railway Section"); pref. participation shares, 250,000, and
common participation shares, 150,000, having no par value.
Assets(all pledged to secure bonds)
-Stocks (par). Total Issue. Bonds (par).
Chicago City Ry
$16,971,900 $18,000,000
Calumet & South Chicago Ry
10,000,000 10,000,000
Southern Street Ry
2,400,000
2,400,000
Hammond Whiting & East Chic. Ry. 1,000,000
1.000,000(all)f,ifolf,666
Western
Chicago &
72,000
72,
000
See official statement as to omission of dividend.
-V.108, p. 263,267.
Chicago Milwaukee & St. Paul Ry.-Meeting Postponed.
The meeting of the board of directors scheduled for Jan. 30 was postponed because of a lack of a quorum -V. 1Q8, p. 267, 170.
Chicago Rock Island & Pacific Ry.--Offering of Three-Speyer & Co., and Hayden, Stone & Co. are
Year Notes.
offering at 983/2 net, yielding over 63/2%, $4,500,000 ThreeYear 6% Collateral 'Trust gold notes, dated Feb. 1 1919,
due Feb. 1 1922. Int. F. & A. Total issue limited to
$4,500,C00. Coupon notes of $1,000 each. Bankers report:
The entire issue (but not a part thereof) is redeemable at par and interest
at the option of the company on any interest date upon 30 days' previous
notice. Principal and interest payable in N. Y.in U. S. gold coin. Interest payable without deduction for Federal income taxes or any other
Federal, State, county or municipal taxes now or hereafter deductible
at the source.
-The notes are to be secured by deposit under a trust agreeSecurity.
ment with the Bankers Trust Co. of N. Y., as trustee, of $7,500,000 face
value First & Refunding Mtge.4% gold bonds, due April 11934, the bonds
thus being pledged at 60 as against a present market value of approximately
75, a margin of 25%. The collateral security shall, at all times, be equal
at market price to not less than 120% of the face amount of the notes out.
-The proceeds of the above $4,500.000 notes are to be
Purpose of Issue.
used for the settlement in full of the claims, long in litigation,„of the Colorado & Southern Ry. growing out of certain contracts relating to the securities of the Trinity & Brazos Valley Ry. and the Galveston Terminal Ry.
and the use of their properties.
Approval.
-The issuance of these notes has been approved by the
tor-General of Railroads, United States Railroad Administration. DirecLetter of Frank Nay, Comptroller, Chicago, to the Above-Named
Bankers, Dated Chicago, Jan. 25 1919.
Referring to your inquiry as to the estimated income account of the
company(including the income account of the Chicago Rock Island &
Gulf Ry.) for the calendar year 1918 while under Federal control, I submit
to you the following statement:
Standard return (based on the minimum rental the company
is entitled to receive under the Railroad Federal Control Act)
(contract not yet signed)
$15,925,118
Total non-operating income
369,029
Total gross corporate income
$16,294,147
Deductions front Gross Income
Miscellaneous taxes, rentals, maintenance of corporate organization, &c
1,500,000
$14,794,147
Interest on funded debt,$9,207,000;on unfunded debt,$270,000 9,477,000
Surplus available for dividends
$5,317,147
Bonds.
This company has applied to the Illinois P. U. Commission for permission
to issue 3-year 6% collateral trust notes for $4,500,000.-V. 108, p.378,267.
-Bond Application.
Chicago Union Station Co.
-
Hearing on the application of this company for authority to issue a
series of First Mortgage gold bonds aggregating 58,150,000, with the
proceeds of which the company intends to finance the building of the new
Union Station, was opened before the Illinois 1'. U. Commission on Jan. 28.
Compare V. 108, p. 378.
Chicago & Western Indiana RR.
-Bond Application.
This
Illinois P.
U. Commission for an order
company has applied to the
authorizing it to issue Consolidated Mortgage bonds aggregating $632,000.
-V. 107, p. 2187.
Cincinnati & Columbus Traction RR.
-Master's Sale.
Special Master Commissioner Richard 0. Swing will sell at *Cincinnati
on Feb. 15,at public auction, without regard to a minimum price, in accord-
A brief statement indicates the necessity for united action.
The company built its railroad about 1900 and operated it until 1905,
in which year the Colorado & Southern Ry. Co. acquired a majority of the
capital stock. The Colorado & Southern operated the road as a part of'
its own system until 1911, in which year it leased the property to a connecting sine, the Florence & Cripple Creek RR. This lease was assigned
in 1915, with the approval of the Colorado Springs & Cripple Creek District
Ry.,to the Cripple Creek & Colorado Springs RR.,successor to the Florence
& Cripple Creek RR., at a minimum rental equivalent to the interest and
sinking fund payments on all of the bonds of the lessor company. The
bonds consist of (a) your First Mtge. bonds due in 1930, 31,255,000 outstanding, and junior to them $1,379,000 First Consol, due in 1942. N
Down to 1917 the earnings continued to be satisfactory. The rentals
due from the lessee were paid and the company itself met its interest and
sinking fund obligations as they became due. Since the summer of 1917
substantially all of the freight traffic of the lessee, the Cepple Creeicf&
Colorado Springs RR., has been diverted from the Colorado Springs &
Cripple Creek District Ry. to a competitive route between the terminal
cities, and since the spring of 1918 operation of the greater part of the Colorado Springs & Cripple Creek District road has been suspended altogether.
Meanwhile the traffic of the Cripple Creek District, the principal interest
of which is the mining of gold, has been greatly curtailed by reason of conditions as to labor, mounting mining costs, and vanishing profits growing
out of the war, as well as those due to the characteristics and 'the etc of
the camp itself.
1411
We are informed that the lessee after May 1918 discontinued paymeit9
the rental for the use of the Colorado Springs & Cripple Creek District Ry.:
that about that time the operation of the main line was rendered impossible
by the burning of a bridge, which the lessee has not rebuilt: that unpaid
taxes to the amount of some 590,000 have accumulated against the property, and the 1918 taxes coming due March 1 and Aug. 1 will increase this
to some $150,000* and that the company, by reason of the default in the
rental due from the lessee, was without funds to pay either the interest
due on Oct. 1 1918 on the First Consol. Mtge. bonds, or that due on Jan. 1
1919 on your First Mtge bonds.
Legal steps have already been taken looking towards the appointment of
a receiver for the property and the toreclosure of the First Consol. Mtge.
In these circumstances prompt co-operation on the part of the First
Mtge. bondholders for the protection of their rights is of vital importance.
Compare V. 108, p. 378. 170.
Connecticut Company.
-Possible Municipal Purchase.
The Hartford Board of Aldermen on Jan. 27 voted unanimously to ask
power from the State Legislature to purchase the Hartford lines of this
company.
-V. 108,• p. 77.
Cripple Creek Central Ry.-Status of Sub. Company.
-
See Colorado Springs & Cripple Creek Central District Ry.-V. 108, p.
170.
Cripple Creek & Colorado Springs RR.-Defan/t.-
See Colorado Springs & Cripple Creek Central District Ry. above.
V. 107, p. 2097.
•
Boston Elevated Ry.-New Trustee.
Gov. Coolidge has appointed Winthrop Coffin trustee, to succeed
Galen L. Stone, resigned -V. 108, p. 377.
Cumberland & Manchester RR.
-Short Line Contract.
-
The U. S. RR. Admin. has signed a "Short Line Contract" with this
company. For standard form of such contract see V. 108, p. 235.-V. 100,
p. 2166.
Dallas-North Western Traction Co.
-Proposed Lines.
-
The following statement referring to the proposed interurban line from
Dallas to Wichita Falls, Tex., has been issued at Dallas, Tex., by E. P.
Turner, who is promoting the enterprise:
We have made Three complete surveys between Dallas and Denton and
two from there to Bowie. We feel we have an A-1 route located as far as
Bowie. We have our bonds approved, properly executed, and are now in
the hands of the Metropolitan Trust Co. of N. Y., who, after a thorough
investigation of our project, agreed to act as trustees.
We have a contract for the building and equipping of our line from Dallas
to Slidell, in exchange for bonds and a certain portion of our capital stock.
We are to furnish the engineering and also the right of way, and if the citizens of Dallas and other points will render us some assistance in procuring
the right of way, the line will be built as soon as conditions become more
favorable. We have spent, to date, between 535,000 and $40,000 in preliminary work. It is a six or seven-million-dollar proposition under present
conditions and could not possibly be financed as a whole. We expect to
build first to Slidell, Krum or Denton, then to Bowie, and then to Wichita
Falls.
-V. 105, p. 1522.
Denver & Salt Lake RR.-Paynzent on Equipment Trusts
-Committee Returns Certificates Under Trust of 1915, All Installments Having Been Paid to Jan. 1.
-Within the past few
days the Mason committee has received funds with which
to liquidate the defaulted installments of principal and
interest on past-due installments on the equipment trusts
of Mar. 1 1913 and July 1 1915, and has sent out notices
to the holders of certificates of deposit to forward same,
with an ownership certificate to cover the accrued interest,
and receive payment of the amount due.
The committee also returns to the holders the original unmatured certificates under the trust of July 1 1915, having paid all installments up to
and including Jan. 1 1919. but deems it prudent to retain the unmatured
notes under the trust of Mar. 1 1913 until the installment of principal and
interest due Mar. 1 1919 has been paid.
While neither the committee nor the depositary made any charge for
their services, expenses connected with the trust of Mar. 1 1913 exceeded
the amount allotted by the Court for that purpose, and it was necessary
to assess the noteholders. This assessment is, however, only $2 15 on
each $1.000 note.
480
THE CHRONICLE
The protective committee consisting of John H. Mason, President
Commercial Trust Co. of Philadelphia, as Chairman; Pierpont V. Davis,
Vice-President of the National City Co. of N. Y.; Sewall S. Watts of
Baker, Watts & Co. of Baltimore; Arthur Dorrance and Reynolds D.
Brown of Philadelphia, with Commercial Trust Co. of Philadelphia, depositary, and Empire Trust Co. of New York, agent for depositary, was
formed in May 1918 to look after the interests of the holders of the two
issues named and secured the deposit of all but a few scattered pieces under
a deposit agreement dated June 17 1918.—V. 108, p. 268.
Detroit Monroe & Toledo Electric RR.—Fare Situation.
The City Attorney of Monroe, Mich., on Jan. 24 filed an affidavit of
contempt against this company, claiming that the company had violated
the terms of an injunction issued some time ago, wherein the Court sustained
the contention of the city that the company could not charge more fare
between Detroit and Monroe than provided for in a Monroe city franchise.
The contempt proceedings will be heard Jan. 30.—V. 107, p. 82.
East Carolina Ry.—Short Line Contract Signed.—
The RR. Administration has signed a "Short Line Contract" with this
company. For standard form of such contract see V. 108, p. 235.
Eastern Massachusetts Street Ry.—Chairman.—
The recently appointed trustees of this company (the Bay State Railway
System) have elected Homer Loring as Chairman.
The trustees, it is stated, will not assume the responsibility of operating
the property until it has been transferred to the new company, probably
of the
about April 1. In the meantime, they will study the many problems
system and co-operate with the various committees in completing the reorganization plans.—V. 108, p. 268, 169.
Fort Wayne & Decatur Traction Co.—Fare Petition.—
This company has filed with the Indiana P. S. Commission a petition for
an increase from 2% cents a mile to 2% cents a mile as the basis for its
i!6
3
an d
any
19181 theeive
c Corgn1.9 7 that
passenger fares. The company represented
3n
6 c
nven
net
Is
Investment
revenue, so that it must have $34,277 annually, on that basis, to enable it
to make a 6% return.—V. 106, p. 295.
Grand Trunk Pacific Ry.—Offering of Guaranteed
Sterling Bonds.—A. E. Ames & Co., Wood, Gundy & Co.
and the Dominion Securities Corp. are offering at 75.37
and in, yielding 534%, £1,081,200 ($5,254,632) 4% sterling coupon bonds guaranteed by the Government of the
Dominion of Canada. The bonds are dated July 1 1914,
due Jan. 1 1962.
Interest J. & J. at a fixed rate of exchange ($4 86 per £) in Canadian currency at Montreal, or in gold at N. Y. at the same rate, or in sterling in
London. England. Denomination £200 ($972). Trustee, The Royal
Trust Co., Montreal. Auth. issue, £3,280,000: outstanding, £3,280,000.
Guaranty.—The issue is guaranteed both as to the payment of principal
and interest by the Dominion Government, the following guaranty being
endorsed on each bond: "Guaranty: I, William Thomas White, Minister of
Finance and Receiver-General of the Dominion of Canada, by virtue of the
power conferred upon me by an Act of the Parliament of Canada. being
Chapter 34 of the Statutes of 1914, known as 'The Grand Trunk Pacific
Guarantee Act, 1914,' and by virtue of an Order-in-Council approved by
the Governor-General, do certify that the bonds of that series of bonds
of the Grand Trunk Pacific Railway Co. known as its 4% Sterling Bonds
due 1962, secured by a mortgage entered into by and between the said
Railway Co. of the first part, the Royal Trust Co., trustee, of the second
part, and His Majesty the King, of the third part, and bearing date Aug. 5
1914, for a principal amount of £3,280,000 sterling, bearing interest at the
-yearly, are guaranteed as to the payment of both
rate of 4%, payable half
principal and interest by the Dominion of Canada.
"Dated at Ottawa, Canada, Aug. 6 1914. W. T. White, Minister of
Finance and Receiver-General of Canada." Compare V. 101, p. 1627;
V. 98, p. 1766, 1920; V. 99, p. 342, 674; V. 100, p. 642.—V. 107, p. 2097.
Hocking Valley Ry.—Extension of Notes.—An extension
of one month from Feb. 1 has been granted, it is stated, for
the payment of its $5,000,000 6% notes due at that date.
This extension, it is understood, was granted in order that
the management of the company might have additional time
in which to arrange more definite financing.
The plan under consideration at present is understood to call for the
marketing of $7,500,000 in serial notes, to mature one-third in two years,
one-third in three years and the remainder in four years.
Government Contract—New Bonds—Litigation.—
The stockholders on Jan. 25 authorized the directors to make a contract
with the Federal RR. Administration. The proposal to authorize the issue
of $50,000,000 mortgage bonds was also approved.
The Ohio P. U. Commission has authorized this company to issue $9,783,000 General Mortgage 6% bonds, of which $5,000,000 are to be used in
refunding maturing notes and the remainder to reimburse the treasury for
expenditures and improvements for the last five years.
The State of Ohio has instituted in the Franklin County courts at Columbus, Ohio, a suit to oust this company from operating in Ohio,for violating
the State law fixing passenger rates at two cents a mile. The State asks
that trustees be appointed for approximately a half million of dollars,
-cent rate specified
which the railroad has collected exclusively under the 3
by the Federal Government since it took control of the transportation
systems. It also asks that this fund be distributed according to the best
judgment of the court.—V. 108, p. 378, 268.
Houghton County Traction Co.—Fares.—
The Village Council of Houghton has voted favorably on this company's
petition to increase its fare from 5 to 6 cents.—V. 106, p. 395.
Illinois Central RR. Co.—Dividend Conditional.—
This company has declared a dividend of $1 75 per share, payable Mar. 1
1919 to holders of record at the close of business Feb. 3 1919,"provided that
before the said date there shall have been received from the United States
Government or other sources a sum sufficient to pay the same, and if the
said sum shall not have been so received, payable at a later date when, as
and if such sum shall be so received."—V. 108, p. 378, 268.
International Ry. Co., Buffalo.—Interest Payment.—
Notice was given as of Jan. 24 to the owners of the company's Refunding
& Improvement 5% gold mortgage bonds that upon presentation to the
New York, all interest coupons due on Nov. 11918, with
Bankers Trust
interest thereon to Jan. 28 1919, would be paid on or after Jan.28.—V. 108.
Co.,
p. 268.
Kansas City Lawrence & Topeka Elec. Ry.—Receiver.
Judge Pollock in the U.S. District Court at Kansas City, Kan.,on Jan.30
BankNtiol
alasty,asrceiveif(riscompanyspropertywt g unsrom
of
appointed P. W. Goebel President of the Commercial
:
Zarah, Kan. to Kansas City, Kan. Foreclosure was asked by the Thomas
'
Trust Co. of Kansas City, acting as trustee of the bondholders.
Kansas City-Outer Belt & Elec. Ry.—Sale Postponement.
Judge John B. Pollock in the United States District Court at Kansas has
declined to agree not to sell the property within a year. The sale has been
postponed from time to time previously, because of the fact that the bondholders, being largely British, were otherwise occupied on account of war
conditions.—V. 107, p. 27, 57.
Kansas City Railways.—Wage Decision.—
[VoL. 108.
are offering, at 943/i and interest, to net 532%, $3,000,000
First & Refumding 5% gold bonds of 1915, due Dec. 1 1935,
but callable on 60 cays' notice at 102 and interest on any interest date. Int. J. & D.—V. 108, p. 268 .
Mexican Northern Railway.—Status, &c.—
The "Financial Times" of Montreal in commenting on the affairs of
this company says:
"This company is one Mexican property that has never failed to pay its
Interest charges promptly during the turbulent times of the past few years.
"The sinking fund on the First Mortgage 6% bonds has not been operative since 1913 on account of the revolution hindering operation, but notice
was given recently that tunds are available to the amount of $14,745 for
retirement of bonds. This is taken to indicate that conditions may be
better in that portion of Mexico where the company operates.
"The company has leased its property to American Metal Co. for an
amount sufficient to meet fixed and sinking fund charges, and will probably
renew the lease at expiration, as the American Metal Co. is in a position to
supply the road with needed equipment for operation, relieving the railroad
of the necessity of purchasing at present high prices.
"The property is sound intrinsically,the chief detrimental factor being the
disturbed political conditions in Mexico. If renewal of Mexican troubles
does not cause the road to again suspend operations, no difficulty in meeting
Interest is anticipated. The bonds were issued in 1890 and at maturity in
1910 the balance of $708,000 out of the original issue of $1,660,000 were
extended until 1930. Sinking fund since 1910, it is understood, has retired $32,000 par value additional, leaving 3676000 outstanding. It is
believed that at least $15,000 or $16,000 more will be retired shortly, reducing the issue to about $660,000.
"Until Mexican political disturbances interfered, dividends were paid
from time to time on Mexican Northern Railway Co.'s $3,000,000 capital
stock."—V. 107, p. 2098.
Milwaukee Electric Ry. & Light Co.—Strike Averted.—
It is announced that this company will continue the payment of the present increased wage scale until Mar. 15, thereby avoiding the danger of a
strike on Feb. 1.—V. 108, p. 378.
Missouri & North Arkansas RR.—Operating Contract.—
The operating contract signed between this company and the Federal
Railroad Administration was executed as with a Class 1 road and not as a
"short line," assuggested in our issue of Dec. 14. Compare V. 107, p. 2290.
The compensation is unofficially reported as $175,000 per annum.
—V. 108, p. 378.
Monongahela Valley Traction Co.—Preferred Dividend.
The directors have declared a dividend of 37% cents por share on the
new pref. stock, payable Feb. 20 to holders of record Feb. 1.—V. 107,
p. 2290.
New Orleans Ry. & Light Co.—Special Master—Coupons.
The U. S. District Court at Now Orleans on Jan. 13 appointed D. B. H.
Chaffe as Special Master in Chancery. The Court also granted the ap-due couplication of Receiver J. D. O'ICeefe for permission to redeem past
pons of Jan. 1 of the bonds of the subsidiary or underlying companies of
the system.
The physical property and management of the New Orleans Gas Co., it
appears, is not under the control of Receiver O'Keefe of the New Orleans
Ry. & Light Co., only the stock of the company being in the receiver's
hands.—V. 108, p. 379, 269, 172, 165, 79.
New York & North ShoreTraction Co.—Operations.—
This company, which threatened to suspend operations unless an increased fare was granted, has decided to continue in business, although no
Increased fare has been allowed.—V. 108, p. 79.
Norfolk & Western Ry.—Subscriptions.—
Announcement is made that the new Convertible 10-Year 6% bond issue
the subscription privilege on which expired Jan. 25, was more than 97%
subscribed. The total amount offered to the stockholders was $17,945,000,
and the subscription aggregated $17,411200, of which $15,506,600 was fullpaid and $1,904,600 first installment paid (official).—V. 108, p. 269, 79.
Northern Ohio Traction & Light Co.—Six-Cent Fare.—
An ordinance was introduced in the Cleveland City Council on Jan. 27
asking for a six-cent fare on this company's lines.—V. 107, p. 1748.
Northwestern Ohio Railway & Power Co.—Obituary.—
George H. Tuttle, a director of this company, died suddenly on Jan. 21.
—V. 107, p. 83.
Norton Taunton & Attleboro Ry.—Sale.—
It is announced that this property will be offered for sale as junk to the
-cent faro does
cities and towns through which it passes, inasmuch as the 7
not pay operating expenses.—V. 105, p. 2366.
Pecos Valley Southern Ry.—Short Line Contract.—
The Railroad Administration has signed a "Short Line Contract" with
this company. For standard form of contract for short lino railroads see
V. 108, p. 235.
Pennsylvania RR.—To Vote on Increasing Debt by
$75,000,000.—President Rea.in statement issued Jan.30says:
Notices are to-day being mailed to the stockholders of the company,
informing them that at the annual meeting to be held in Philadelphia
on Mar. 11 1919 they will be asked to authorize an Increase of $75,000,000
in the company's indebtedness, to be made at such times and in such manner as may be prescribed by the directors. The purpose of this is to
provide for present and future capital requirements, including obligations
maturing during the present year, and to reimburse the Government for
additions, improvements and equipment expenditures made in connection with Government control, and properly chargeable to the company.
Through unissued balances remaining from previous authorizations,
the directors at present are empowered to increase the indebtedness by
approximately 816,000,000. The additional $75,000,000 will bring
,
the total authorization to $121,000,000. The whole amount will not
be immediately necessary, but the authorization is required so that the
com pany may be in a position to meet future needs promptly and adequately.
The budget of additions and improvements for the current year is not
yet determined, but the United States Railroad Administration and the
corporate officers, in co-operation, are making every effort to limit the
expenditures to those actually necessary, either for safety or the immediate
needs of traffic, in order to avoid as far as possible creating the permanent
burden of meeting capital charges on work done or equipment purchased
under war conditions.
Reduction in Trust Ctfs. 4s, Due 1921.—Stock
On Jan, 20 1919 the Phila. Stock Exchange struck off the regular list
$157,000 Phila. Wilm. & Bait. RR. stock trust certificates 4s, due 1921,
Issued by the Penn. Co. for Insurances on Lives & Granting Annuities,
redeemed and canceled by operation of sinking fund, leaving the amount
of said stock trust certificates listed at this date $5,688,000.
This company at the beginning of this year had 106,911 stockholders,
the largest number in the company's history. This shows an increase of
6,873 over Jan. 1 1918.—V. 108, p. 379, 269.
People's Traction Co., Galesburg, Ill.—Fare Increase.
The Illinois P. U. Commission has granted this company a temporary
increase of 6 cents for interurban fare between Galesburg and Abingdon,
based on 2 cents a mile.—V. 98, p. 156.
Philadelphia Company.—New Financing.—A proxy
committee composed of Charles Hayden, Chairman, Benjamin Guiness, Everett B. Sweezy and Eugene V. R. Thayer,
has sent out the following, urging that proxies be sent to
the committee which has been formed to carry out the
Maine Central RR.—Offering of First & Refunding 5s.— financing plans of the company:
is to be held on Fob.
A
Kidder, Peabody & Co.; Lee, Higginson & Co.; Harris, ancespecial meeting of stockholderspurpose of authorizing3 1919 in accorda mortgage upon
with notice duly given, for the
Forbes & Co., Inc.; Estabrook & Co., and R. L. Day & Co., the property and franchises of the company to secure an issue of bonds
The War Labor Board on Jan. 31 recommended that the employees of
• this company be taken back at their old wage and that the company endeavor to obtain an increased tariff to meet the wage scale granted in a
previous decision of the Board. A "diligent" effort to secure a higher
tariff was not made by the company, the Board held. Compare V. 108,
p. 268, 171.
FEB. 11919.]
THE CHRONICLE
of which $30,000,000 will be used to secure a total issue of $15,000,000 67
notes of the company,of which it is proposed to sell at this time 810,000,000
to provide for immediate refunding requirements.
-V. 108, p. 269.
Portland (Me.) Street Railroad.
-Fare Order.
-
The Supreme Court of Maine has ordered the suspension of a petition
for an injunction to restrain the P. U. Commis.sion from permitting the
company to collect a cash fare when no ticket is offered.
-V. 108, p. 269.
Public Service Corporation of New Jersey.-Official
Announcement as to Successful Completion of Plans for Comprehensive Financing. -To put the corporation in a position
to meet its collateral notes, amounting to 87,500,000, at par,
maturing on March 1 next; to pay off all the other unfunded
and floating debt of the corporation, and to provide it with
sufficient funds for its capital requirements for the current
year, it was necessary to procure $22,500,000. Subject to
the approval of the shareholders at a meeting to he held on
Feb. 10, the financing has been worked out as follows:
"The board of directors at its meeting Jan. 27 authorized
the creation of an issue of 8% cumulative pref. stock to the
authorized amount of 850,000,000, at par, that being the
authorized amount of the existing capital stock.
"When the necessary legal machinery shall have been
complied with it is proposed to offer to the existing shareholders of the corporation
(a) "$12,500,000 of Gold Collateral 3
-year 7% notes of
the corporation, to be secured by $14,000,000 at par of the
General Mortgage bonds of the corporation and $5,000,000
at par of the stock of Public Service Electric Co. belonging
to the corporation. These notes are to be offered to the
shareholders at 98M% of their par value and may be converted into the 8% preferred stock of • the corporation at
101M at the option of the holders thereof, any time prior to
Dec. 1 1921. A syndicate has been formed by Drexel & Co.
of Philadelphia and Bonbright & Co., Inc., of New York,
which has agreed to take such of these notes, if any, as may
not be taken by the shareholders.
(b) "It is simultaneously proposed to offer to the existing
shareholders the right to subscribe pro rata to $10,000,000
at par of the new preferred stock. Certain other parties
have agreed to take at par so much of said allotment, if
any, as may not be subscribed for by existing shareholders."
Further Data from Statement Issued by President Thomas N. Mc..
Carter, Jan. 28 1919.
Due to financial conditions, generally speaking, and more especially to
tho difficulties that are confronting public utilities as a result of war conditions, this financing has been no easy task.
The condition of the money market at the present time made it essential
to make this now stock an 8% stock, in order that it might have proper
selling quality, but it is provided that the corporation may, upon proper
notice, redeem so much of this authorized issue of preferred stock as may
from time to time be issued and outstanding at 110% of its par value.
This will serve to protect the corporation against the permanent existence
of an 8% preferred stock should financial conditions return to a normal basis.
The raising of the necessary money is thus assured and the corporation
will be entirely free from unfunded debt except as to the new Collateral Gold
Note issue above referred to. It is confidently expected that during the life
of the notes either all or the major portion of them will be converted by the
holders thereof into the new preferred stock. If all are converted the corporation will be entirely free from unfunded debt, with a large amount of
free and available assets in its treasury.
1. All who have studied the situation believe that this financing will place
the corporation in a sound and healthy condition and feel that it is to be
congratulated in having accomplished this largo amount of financing under
existing conditions. It is thought also that it reflects an abiding confidence of tho investor that the public sentiment of the State of New Jersey,
as expressed and carried into effect by its administrative and judicial
officers, will see to it that all of the public utilities within the Public Service
system are treated fairly and allowed to earn a fair return upon their
investment.
-V. 108, p. 172.
Reading Company.
-Reductions in Bonds.
-
On Jan. 24 1919 there were struck off the regular list of the Philadelphia
Exchange $622,000 Gen. Mtge. 4% bonds, purchased and canceled on
Jan. 8 1919, account of the sinking fund, leaving the amount of said bonds
listed at this date $96,163,000.-V. 107, D. 2477.
-Receiver Appointed.Rhode Island Co.
Judgo Tanner in the Superior Court at Providence, R. I., on Jan. 20
appointed Frank S. Swan of Providence, as temporary receiver, on petition
of John J. Orr, a contractor, of the same city.
A hearing on the question of making the receivership permanent will
be held on March 4.
-The Rhode Island Co. on Jan. 23
Rental Paid in Part.
made a partial payment of $100,000 to the United Traction
& Electric Co. and was granted an indefinite period of grace
on account of the remaining $47,500 due for rentals of
leased lines Dec. 24 1918.
The United Traction & Electric Co. therefore announces that the usual
quarterly dividend of 134% will be paid on its $8,000,000 capital stock on
Feb. 1 to holders of record Jan. 23.
On account of its leases of the Union Street fly., Pawtucket Street fly.
and Rhode Island Suburban fly.[all throe owned by the United Traction &
Electric Co.j, the Rhode Island Co. is required to pay rentals of varying
amounts which on Dec. 24 aggregated $90,000, $7,000 and $50,000, respectively, or total due on that date of $147,500.
-A detailed report filed with the
Falling Off in Earnings.
Rhode Island P. U. Commission on Jan. 8 shows for 1918:
Results for 11 Mos.ended Nov.30 1918- 1918.
1917.
$5.294,830 $5,057,775
Passenger revenue
549,901
Other revenue
559,215
Increase.
$237,055
dec9,314
$5,844,731 $5,616,900$227,741
4,644,250 4,170,030
474,226
$1,200,475 $1.446,960 dec$246,485
Net income •
1,899.503
Fixed charges and taxes
1.857.462
42,011
$699,028
Balance, deficit
$410,502
8288,526
(Data for 1917 where lacking supplied by Ed.)
Efforts to reduce expenses by curtailing service are reflected in detailed
statements for September and October, appended to the report. These
show that in September the company ran 111,003 car miles less than in
September 1917, while in October the car mileage was 125.327 miles under
October 1917. These reductions were, respectively, 8 and 9.23% of
the 1917 mileage.
Receipts per car mile and per car per day both showed material increases
foriSeptember and October. the advance for the former month in receipts
per car mile being 15% and for the latter month 7.32%. In September
the average receipts per car per day were $64 44, compared with $54 98
in the same month of 1917, while the Octobbr figure was $56 79, against
$5201. (Compare report of commission for investigation of company,
V. 105, p. 2090.)-V. 108, p. 270.
Gross income
Operating expenses
481
Southern Railway.
-Issue of $25,000,000 Three-Year
Notes.
-Arrangements are said to be nearing completion
for the kale, to a syndicate headed by Halsey, Stuart & Co.,
and the Continental & Commurcial Trust & Savings Bank,
Chicago, of an issue of $25,000,000 of three-year 6% notes.
Although confirmation was lacking up to the time of going
to press it was understood that a public offering of the notes
would be made shortly at a subscription price of 983 and int.
%
In connection with the above sale of notes J. P. Morgan
& Co. have issued the following statement:
In the matter of the Southern Railway Co.3
-year notes which we understand have just been sold to a syndicate organized by Halsey, Stuart & Co..
of Chicago, John Skelton Willians showed us every courtesy that we could
expect. He gave us an opportunity to submit a bid for these notes and
When we felt unable to accept it he gave us a further opportunity to revise
our offer, if we so desired, which we felt unable to do.
-V. 108, p. 270.
Steubenville East Liverpool & Beaver Val. RR.
-Fares.
The I.
-S. C. Commission has approved the single-trip fare of 10 cents
and the commutation fare of $1 for 14 rides on the lines of the Steubenville
East Liverpool & Beaver Valley Traction Co. between East Liverpool.
Ohio, and Chester, W. Va., and has dismissed the complaint against the
fares.
-V. 105, p. 1803.
Texas & Pacific Ry.-Oil Prospects.
-
It is stated that this company's management has under consideration the
advisability of issuing a statement to the stockholders regarding the progress
of oil-drilling operations in the company's lands in Texas. It is understood
that the company has awarded contracts to several large oil companies to
explore the field on a 50-50 basis.
-V. 108, p. 270.
Toledo Railways & Light Co.
-Rate Application.
-
The company has applied to the Ohio P. U. Commission for permission
to add a service charge of 50 cents a month to bills of domestic current
consumers, to become effective Feb. 1.-V. 108, p. 380.
Twin City Rapid Transit Co.
-Earnings. :
-- Calendar
Gross
Total Net Int. &c. Pref. Div. Corn. Balance
Year- Earnings. Income.
Charges.
(7%)
Divs. Surplus.
1918
$9,695,980 $1,770,770 $1,079,468 $210,000 $440,000 $41,302
1917
10,181,867 2,567,997 1.029,947 210,0001.320,000 8,050
A dividend of 1% was paid on the common stock in April 1918, but
none thereafter until Jan. 1919 when a further 1% was paid, making a total
of 2% for the calendar year 1918, as against 6% per annum from 1910
to Jan. 1918. Compare V. 107, p. 2290.-V. 108, p. 380.
United Light & Rys. Co.-Earns.-Bonbright & Co.say:
Comparative Consolidated Earnings for the Company and Its Subsidiaries.
12 Months ended Nov. 301918.
1917. Inc.or Dec. %
Gross earnings, all sources
$9,161,198 $7,563.148+81,598,050 21.1
Oper. exp. (incl. maint., gen. inc.
and excess profits taxes)
6,485,466 4,780,845 +1.704,621 35.6
Net earnings
82,675.732 82,782,303 -$106,571 3.8
Deductions Account Sub. CompaniesInt. on bonds and notes owned by
public
$721,489 8718,638
+$2,851
Divs. on pref. stks. held by public 171,007
172,144
-1,137 --Earn. appl.t,o cora, stocks held by
public
6,839
14,744
-7,905 --Balance
$1,776,397 81,876,777 -$100,380 5.4
Deductions Acct. United U.& Rys.Interest on 1st & Ref. 5% bonds
434,788
433,292
+1,496
Balance
$1,341,609 $1,443,485 -$101,876 7.0
Int. on 6% Cony. Debentures
3120.000 $113,622
+$6,378 Int. on 2 -Year bond sec. notes_
86,056
214
+85,843 _ _
Int. on 3 & 5
-Year notes
93,224
134,973
-41,749 -Int. on 7% 5
-Year bond-sec. notes
15,801
+15,801 --Interest on commrcial loans
46,737
7.268
+39,469
Balance
$979,790 $1,187,408 -$207,619 --Dividends on pref. stock (6%)_
607,656
604,941
+2.715 --Balance
$372,133 $582,467 -$210,334 __Compare V. 107. p. 2478. 1838. 605. 286.
United Rys. Co., St. Louis.
-Statement in re Settlement
in Mill Tax Litigation.-President Richard McCulloch and
General Counsel Francis for the company have issued a
statement of facts in regard to the settlement of the litigation between the company and the city of St. Louis ending
the mill-tax dispute. The statement appeared in full in the
St. Louis "Globe-Democrat" of Jan. 23.
The following summary of the facts has been prepared:
1. The railway agree.s to pay forthwith to the city 8248.962, the amount
of the judgment rendered against the St. Louis Transit Co., and interest
thereon; to be regarded as an installment payment for the year 1919 on
accrued mill tax.
2. Judgment shall be entered in favor of the city and against the railway
in the mill tax suits for $2,320,276; and against the St. Louis & Suburban
Ry. and the St. Louis & Meramec River RR. in favor of the city; both
judgments to bear interest at 6%.
3. Judgments shall be paid in installments of one-thirty-sixth on the
15th days of Jan., April, July and Oct. each year, beginning 1920, interest
to beat the rate of 6%.
4. The city reserves the right to have payment of judgments become
immediately due and payable if the company gets into financial difficulties
that make it advisable.
5. The United Rys. agrees to assume and pay the judgment against the
St. Louis & Suburban Ry, and the St. I.ouis & Meramec River RR.
6. The United Rys. agrees to pay the mill tax as it becomes due in the
future.
7. Stipulation may be set aside if either party violates any provision
or condition.
8. That the Court retain jurisdiction for the sole purpose of entering
an order to enforce the provisions of Paragraph 4.
0. The United Rys. shall pay the cost of the proceedings in the judgments.
10. The city agrees that the Supreme Court shall affirm the decision of
the Circuit Court in favor of the United Rys. in the Jefferson Ave. line
franchise case. Compare V. 108, p. 380. 270.
Earnings.
-For calendar years:
Calendar Years1918.
1917.
1916.
1915.
Operating revenue
$13,639,618 $13,125,559 $12,641,294 $11,681,200
Operating expenses and
taxes, less oth. income 11,499,045 9,959,353 9,200,175 8,827,705
Gross income
Deductions
$2,140,573 $3,166,206 $3,432,119 $2,853.495
2,540,871
2,523.230 2,544,614 2,587,968
Balance
def$400.298 sur$642,976 sur$887,505 sur$265,527
"Other income" in years 1915 to 1917 ranged from $82,589 to $98,484.
The earnings for 1918 were at the rate of 3.57% on $60,000,000 valuation.
The current mill tax, payable to the city for the year 1918, amounts to
$233.097 76, while the first payment on the accrued mill tax for the year
1919, handed to the city on Jan. 16. was 3248,962 02.-V. 108,p 380 270.
:
United Traction & Electric Co.
-Dividend.
-See Rhode Island Co. above.
-V. 107, p. 1386.
Ni =
t
Wisconsin-Minnesota Light & Power Co.
-Offering
of One Year Notes.- •
THE CHRONICLE
482
Paine Webber & Co. are offering at 99% and interest, yielding 7j4
'due Feb. 1 1920.
$1,000,000 One Year 7% gold notes, dated Feb. 11919,
The proceeds of the sale of these notes will be applied to the payment of
the accumulated floating debt of the company and will reimburse the
company for cash expenditures actually made in the property. Further
particulars should appear another week.-V. 107, p. 1292.
-Fare Increase.
Wisconsin Valley Electric Co.
The Wisconsin RR. Commission has authorized this company to increase
its faries from five to seven cents.
-V. 108, p. 180.
INDUSTRIAL AND MISCELLANEOUS.
Advance-Rumely Co.
-Initial Pref. Div.
[VOL. 108.
celed. A dividend a 45% is declared on the earned premiums for the year ending Dec. 31 1918, which are entitled to
participate in the dividend, for which, upon application,
-V. 106, p. 501.
certificates will be issued May 6 next.
-Earnings.
Baldwin Co., Cincinnati.
1917.
'1918.
Cal. Years$8,150,897 $7,882,554 Pref. diva. (6%)..Total sales
354,482 Corn. divs. (8%). 486,137
Total earnings__
100,034
106,390 Added to surplus.
Added to reserve
1918.
$48,000
107,052
231,051
1917.
$48,000
101,952
x34,420
x After deducting a 5% stock dividend, $63,720.-V. 106, p. 1686.
-Chinese Order.
Baldwin Locomotive Works.
An initial dividend of 1%% has ben declared on the preferred stock,
Announcement is made that this company has received orders from China
payable April 1 to holders of record March 17. While the dividend is not
stated as being a quarterly rate, it may be assumed that this is the case in for 34 locomotives to cost between $1,750,000 and $2,000,000.-V.108,p.173.
view of provisions under which the company was organized. This proBergner & Engel Brewing Co.-Bal. Sheet Sept. 30.vided for dividends on $12,500,000 prof., to become cumulative at rate of
1917.
1918.
1918.
1917. ! LiabilitiesAssets6% per annum after Jan. 1 1919.-V. 107, p. 2189.
Real est. & blIgs_$2,663,2951$3,256,563 Notes payable__ 5170,773 $205,000
Allied Industries Corp.-Reorganization.
110,757
89,952
!Accounts payable_
Mach'y & equip.. _ 592,2001
57,572'
28,871
500,CO3 Bond int.,wages,&c
500,000
The stockholders will vote Feb. 11 on reorganizing the corporation so as Goodwill
28,566
124,977,Res've f w Fel.tax.
to permit the issuance of shares without par value, and to provide:
285,553
Cash
(1) That the number of shares that may be issued by the corporation shall Acc'ts receivable
212,0351 1,301,290 1st M.6%g ill bds. 1,434,000 1,441,000
508,498
be 120,000 shares, consisting of 60,000 shares of no par value common Loans to customers 770,6341
1Res. for deprec.,&c 555,679
stock and 60,000 shares of 7% cumulative preferred stock, par $100. Mater.,supp., &c. 447,985
275,01718% corn. pr. stock. 1,528,100 1,528,100
!Common stock _ .
. 1,483,400 1,483,400
The preferences of said preferred stock shall be exactly the same as those of Unexp. ins., in Sr
401,862
299,349
,
25,776 Surplus
the present outstanding preferred stock.
34,625
expenses
66,101
(2) That the amount of capital with which the corporation will carry on Investments
131,601
business shall be $6,300,000
Co's bonds & stks.
80,949
held by trustees. x83,274
(3) That the terms upon which the outstanding shares of stock of the
corporation are to be exchanged for the new shares shall be as follows:
55,721,204 $5,633,676
Total
$5,721,204 $5,633,676 Total
(a) Each share of present outstanding preferred stock, par $100, shall be
exchangeable for one share of the preferred stock of the reorganized corx Bonds, par value, $23,000: prof stock, par value, $75,600; common
poration, par $100: (b) each share of the present outstanding common stock, par value, $115,800; total par value, $214,400. All held by trustees
stock, par $100, shall be exchangeable for 1.2 shares of the no par value for the company.
Contingent liability; loans to customers, guaranteed, $31,514.
common stock
(4) That the directors may issue and sell the additional 55,000 shares of -V. 107, p. 1671
7% cumulative pref. stock from time to time, after first offering the same
Boston Woven Hose & Rubber Co.-Bal. Sheet Sept. 1.to the then holders of the outstanding preferred stock of the corporation in
proportion to the number of shares of preferred stock owned by them.
LtaNIlltes1917.
1916.
1916.
Assets1917.
-V. 106, p. 1579.
,
1
1 Preferrel stock _ 5750,0 10 $noma
Patents
1 co mm )n stock _ _ 3,000,e00 2,000,000
Office furniture_ _ _
1
American Druggists' Syndicate.-Stock Listed.
950,000
350,000.
Land and bidgs *1,584,056 1,389,673 Loans
The stock of this company was admitted to trading on the New York Machinery & tools a887,303
785,101 Accounts payable
Stock Exchange on Jan. 29. Compare V. 107. p. 1482.
169,488
175,634 (not yet due)... _ 184,527
266,310
Cash
15,754
743,209 Acaruel wares, &o
Accts. receivable.. 1,133,799
American Pitch Pine Export Co.
-New Company.
Mdse.Inventory 2,417,903 1,412,336 Surp. & guarantee 1,401,896 1,220,117
It is stated that the plans for tho organization of an export company
under the Webb law, have been practically completed by Southern pine
$6,289,413 $4,505,359
Total
Total
$6,289,413 $4,505,359
interests. It is sa, that the company will have a minimum capitalizad
tion of at least $2,000,000 and that more than 50 mills will participate in
* After deducting in 1917 $602,687 depredation. a After deducting in
the organization.
1917 $957687 depreciation.
American Woolen Co.
-Reply of Company to Employees' p.The capital stock was increased by $1,000,000 cash in April 1917 (V. 104,
562, 767).
Sales for the fiscal year were $7,800,000, an increase of 28% over theWage Demands.
-The following announcement has been
-V. 106, p. 1903.
previous fiscal year.
made by this company
reply to the demands of the employees for a reduction in working hours without any reducn
tion in wages:
As a result of our recent conferences with you, we have learned that the
desire of the majority of our employees is for 48 hours' work and for 54
hours' wages. This means an increase in the rate of wages of 12%%
We feel that a further adavnce in wages such as you request would increase
materially our risk of meeting successfully the competition from foreign
manufacturers and might result in idleness for our mills and consequent
unemployment for you.
In view of the extremely dull business outlook, and remembering always
the dangers of competition with foreign manufacturers, who pay wages
much lower than the wages paid by us, and competition from manufacturers in this country whose hours of employment are longer, the directors
do not approve of your request for an increase in wages. You will remember that since Jan. 1 1916 your wages have been advanced 87%, while
the cost of living from July 1914 has advanced in industrial communities,
as stated by the National Industrial Conference Board, not over 70%,
and the tendency in the cost of living is now downward.
For these reasons, and with the best interests of our employees always in
mind, wo will not increase the rate of wages, but will pay you 48 hours pay
for 48 hours' work, and should future business make it advisable for us to
run our mills more than 48 hours per week, we will pay you time and onehalf for overtime.
Although we think that 48 hours per week will not give the best economic
results either for our employees or for ourselves, yet the directors are in
sympathy with the desires of its employees for shorter working hours and
will, beginning Monday morning, Feb. 3, open its mills on a new schedule
of 48 hours per week.
-V. 108, p. 381.
-Sales for Calendar Years.
Arlington Mills, Boston.
Years ending
Worsted SalesNov. 30 '18. Dec. 1 '17. Dec. 2 '16.
$27,824,562 $15,745,788
Of manufactured product
1,280,638
Of raw materials and by-products_ _}$48,476,355i 1,932,837
1,494,237
3,915,725
By cotton dept. to Mar. 3 1917- __ _
Total worsted sales
$48,476,355 $31,251,636 $20,942,151
The cotton department was disposed of to the Arcadia Mills in the
spring of 1917.-V. 106, p. 2478.
Armour & Co.
-Testimony of Mr. Armour.
The testimony of J. Ogden Armour on behalf of Armour & Co. in the
matter of the investigation of the meat packing industry before the Committee on Inter-State and Foreign Commerce has been printed in pamphlet
form.
-V..108, p. 264.
-Earnings.
Arundel Sand & Gravel Co.
1917.
Cal. Year1918.
Gross earnings_ _ _$1,550,827 51,344,465 Pref. divs.(7%). _
947,044
845,752 Corn. dlv. (6%)__
Operating
Reserves & depr__
Operating profit $603,783 $498,713 Income tax
41,917
37,658
Taxes & fixed chgs.
Net profit
$561,866
-V.103, p. 2430.
5461,055
1918.
$68,250
89,100
221,050
27,989
1917.
$68,250
89,100
193,629
4,341
Bal., surplus__ $155,475
$105,734
-Earnings.
-The report
Atlantic Mutual Insurance Co.
of the trustees for'1918 will be found in our advertising
columns. The company now has assets aggregating $16,823,491, of which $8,203,790 is in United States and State
of New York stock], city, bank and other securities, $2,259,714 is cash (including $288,904 on deposit abroad against
foreign lossei), $1,000,000 special deposits in banks and trust
companies, $1,380,223 premium notes and bills receivable,
$3,975,1000 in real estate and $4,765 sundries.
Interest Payments-Interest Certificates Called.
-The total
marine premiums for the year were $7,757,443, including
$1,072,551 not terminated Jan. 11918. A dividend of interest of 6% on the outstanding certificates of profits will be
paid to the holder-. thereof, or their legal representatives, on
and after Feb. 4 1919. The outs;;anding certificates of the
'issues of 1917 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Feb. 4
next, from which date all interest thereon will cease. The
certificates to be produced at the time of payment and can-
(J. G.) Brill Co., Phila.-3% on Pref. Div. Accumulations.
The regular quarterly dividend of 1% and an extra of 3% on accumulations have been declared on the 34,580,000 7% pref. stock, both payable
Feb. 1 to holders of record Jan. 24. A like amount was paid in November.
last, and 1% on accumulations in Aug. 1918. The accumulations to Feb' 1
1918. it is understood, will thus be reduced to 6%.-V. 107, p' 2100.
-Annual Report.
Brompton Pulp & Paper Co., Ltd.
See "Financial Reports" on a preceding page.
-$1,000,000 Gen. Mtge. 6s.
Purchaso of Odell Mfg. Co.
The shareholders will meet in the Transporation Building in Montreal
Feb. 4 to veto on authorizing an issue of $1,000,000 20-year 6% General
Mtge. bonds These bonds, having been underwritten, as stated in the
annual report on a preceding page, are offered at 80 and int. to shareholders of record Jan. 25 1919.
Digest of Circular Signed by Pres. F. N. McCrea, Montreal, Jan. 18.
The bonds will be dated March 1 1919 and interest thereon will be payable semi-annually (M. & S.). They will be secured by mortgage on the
property of the Brompton Pulp & Paper Co., Ltd., subject to $1,767,000
of bonds presently outstanding. They will be further secured by the hypothecation of all the shares of the Claremont Mfg. Co. and the Odell Mfg.
Co. owned by the company. We will have the right on any interest date
after March 1 1924 to redeem all or any part of the outstanding bonds at
$105 and accrued interest. A 3% cumulative sinking fund will also be
provided, commencing March 1 1921, to redeem bonds by purchase, or
failing such purchase, by drawing at $105 and int. This sinking fund
will redeem the entire issue at maturity.
The earnings during the past two years, applicable to interest and sinking fund on these bonds, have averaged over $1,000,000 per annum.
The bonds will be offered for subscription to shareholders of record Jan. 25
1919, who will have the right to subscribe at 80% and int. until 12 noon
Feb. 18 for $100 of bonds for every nino shares of stock held by them,
respectively. Suhscriptions must be filed with and are payable to Quebec
Savings & Trust Co., Transportation Bldg., Montreal, as follows: $8 per
bond of $100 upon subscription on or before Feb. 18 1919; the balance in
nine equal monthly installments of $8, payable on the 18th of each month
thereafter. Interest at the rate of 6% per annum will be paid on installments from date of payment. Shareholders may anticipate any or all
payments, and accrued interest will be adjusted upon payment in full of
the subscription. Subscription warrants will be mailed on Jan. 25 1919.
See also "Financial Reports" above.
-V. 108, p. 383.
-Rate Application.
Brooklyn Borough Gas Co.
This company on Jan. 28 filed a supplementary complaint to the New
York P. S. Commission asking for an increase in the rate charges for gas
to $1.30 per 1,000 cu. ft. The company in its complaint alleges that the
price of SI 10 per 1,000 cu. ft. is inadequate and non-compensatory and is
disproportionate to the proper cost of manufacturing and delivering such
-V. 108, p. 271.
gas.
Brunswick Terminal & Ry. Securities Co.-Prories.Hunter Wykes, 43 Cedar St., N. Y., in circular of Jan. 27 asking for
proxies in the names of Hunter Wykes, Howard F. Whitney and Willard
U. Taylor, for use at the annual meeting to be held in Brunswick, Ga., on
Feb. 11, says in brief:
Early in 1917 I bought a considerable amount of the stock of the company on the information that the U. S. Government proposed to locate
Important war industries in Brunswick. I examined the properties of the
company and was impressed by the developments which were taking place
at Brunswick.
On my return to civil life some weeks ago, after military service abroad,
I again discussed the affairs of the company with several large stockholders
and sent to Brunswick on Dec. 10 1918 an engineer of extensive experience.
I have his report before me.
In my opinion, there is practically no equity at present in the ownership
of the utilities. In fact, there is a distinct menace in their present physical
condition, failure to give adequate service and in franchise conditions.
The real estate is assessed for valuation at slightly over $250,000, although
ills undoubtedly worth much more. The basis of assessment for taxation
is stated to be 85% of real value. The proceeds of sales of our real estate
from time to time have been largely absorbed by necessary repairs and
improvements. The securities of the Georgia Coast & Piedmont RR. Co.
held in our treasury have been recently valued locally at $45,000. If there
is no present equity in the utilities, the total of these estimates would mean
a valuation of less than $5 per share for the $7,000,000 stock outstanding.
In my opinion, the local management has been most capable. The
utilities have been built up slowly from very small beginnings (luring many
years. With the present prospect of a much greater rate of development
in Brunswick, I believe the plants should be reconstructed, enlarged and
unified, rates revised and new franchises obtained. I am also of the
opinion that the project can be financed, when necessary, in such a manner
"41
that the stock of our company will appreciate largely in value.
The city of Brunswick is now considering the purchase of the water plant
at a price insufficient to pay off the bonds secured by the first mortgage
FEB. 1 1919.]
483
THE CHRONICLE
on the plant. Under a proper schedule of rates a larger profit could be
shown by the installation of efficient pumping machinery and more business
could be handled with a reduction in the ipresent operating expense. I
believe the city would relinquish its plan to buy the water plant if my proposed plan were properly presented. The plan would be conditioned on
a satisfactory understanding with the city being reached.
A board of directors in sympathy with the general scheme must first be
elected and a tentative agreement reached with the city. A detailed plan
-V. 106. p. 1796.
would then be submitted to the stockholders.
by-product coke ovens, arranged in two batteries of 60 ovens each. The
Installation is most modern and efficient in its line, including a coalhandling and washing plant, a coke-handling and screening plant, and byproduct and benzol recovery sections. The carbonzing capacity is approximately 775,000 tons per year.
-V.108, p. 383.
Cities Service Co., N. Y.
-Earnings-Conversion.
-
Results for December and the 12 Months ended Dec. 31 1918 and 1917.
1918-12 Mos.-1917.
1918-December-1917.
Gross earnings
$22,280,067 $19,252,493 $1,805,815 $1,712,684
Brunswick-Balke-Collender Co.-Com. Div. of 1%%.
3
521,485
357,229
54,143
30,258
A dividend of 1 %% has been declared on the $6,000,000 common stock, Expenses
3
payable Feb. 15 to holders of record Feb. 4. This is the first distribution
Net earnings
$21,758,582 $18,895,264 $1,751,672 $1,682,426
on the common stock since May 15 1918 when 1%% was paid.
Interest on debentures
272,580
2,862
60,650
227
337,378
332,294
-A circular describing the $4,000,000 Dividends on pref. stock 4,034,274 3,712,695
Notes-Official Data.
6% Serial gold notes offered by adv. in last week's "Chronicle" by A. G. Becker & Co., Ames, Emerich & Co.and the
Continental & Commercial Trust & Savings Bank, Chicago,
contains substantially the following official statement:
Net to corn. stk.& res.$17,451.728 $15,179,707 $1,353,644 $1,349,905
Henry L. Doherty & Co., N.Y.,as of Jan. 27 1919, wrote:"Cities Service
Co. for 1918 made a most satisfactory showing from the viewpoint of
earnings, in addition to progressing materially in other respects. In a
financial sense the situation of the parent company and subsidiaries greatly
Digest of Statement by President B. E. Bensinger. Chicago, Jan, 21. improved during the year, and despite the heavy demands made upon the
they labored
public utility subsidiaries and the handicaps under
History.
-Business founded in 1845 by John M. Brunswick of Cincin- their physical condition was maintained and brought whichhigh standard
to
nati, who in 1874 entered into partnership with Julius 13alke of Cincinnati, in the 12 months now ended. The volume of production a crude oil was
of
also a pioneer in the billiard business. In 1879 the J. M. Brunswick & increased by the producing subsidiaries; the refining subsidiaries also made
Balke Co. was incorporated, the entire stock being subscribed for by these
former partners. In 1884, after a successful career, consolidated with the good records.
Capitaliz'n Dec. 31'18- In Hands of Public. Owned by Co. Total Guist.
H. W.Collender Co. of N. Y. under present name, and with a capital stock
$67,906,731 $2,456,969 $70,363,700
of $1,500,000. In Jan. 1911 the capital was increased to $12,000,000; Preferred stock
Common stock
28,488,548
4,037,315 32,525,863
$9,000,000 of the increase was accumulated from earnings.
17,500,000
-The largest manufacturer in the world of billiard and pocket Series B 7% Convertible debentures 2,010,000 15,490,000
Business.
The statement shows that the conversion of the Series B debentures has
tables, billiard supplies, bowling alleys and incidentals thereto; also manufactures and sells the Brunswick phonographs, Brunswick automobile made rapid progress, the amount in hands of public, which on Oct. 31 1918
tires, refrigerators, hard rubber goods, &c. Billiard tables, bowling alleys was $8,787,616, having been reduced prior to Jan. 1 1919 to $2,010,000,
and accessories constitute 40% of its business; phonographs 35% and as above shown. See option in V. 10 p. 2100; V. 108, p. 82. 383.
-7,
rubber manufactures 25%. In order to insure itself a supply of lumber,
-Henry
Important Oil and Gasoline Developments in 1918.
especially for bowling alleys and tenpins and slate for billiard and pocket
tables, the company has found it profitable to invest in timber lands and L. Doherty & Co., N. Y,, in bulletin of Jan. 13 say in brief:
slate quarries. Also owns numerous patents of great value in its business.
Empire Gas & Fuel Co., the principal oil-producing subsidiary of Cities
Balance Sheet as of Nov. 30 1918, but After Giving Effect to This Financing. Service Co., made most satisfactory progress in 1918 despite war condiLiabilities
tions, which drew hundreds of its best employees into military service,
Assetsand made it difficult to secure the necessary materials for the development
Land,bldgs ,plants,equip.$6,109,865 Preferred stock
7% cum__ 6,000,000
of properties. Production in 1918 was in excess of 15,000,000 barrels,
Sundry invest. (Liberty
Less retired 1,166,500
518,727
and would have been greater had not a severe storm in August blown down
bonds, $363,400)
Inv'tories&supplies atcost 8,580,586
4,833,500 almost 200 derricks in Butler County, Kan., putting back the drilling
Bills reel° (less reserves)_ 2,334,556 Common stock
6,000,000 program anywhere from six to ten weeks.
Empire Pipeline Co. in 1918 became the second largest carrier of crude
Accts. rec'le (less reserves) 2,449,391 6% Ser. g. notes (this iss.) 4,000,000
702,943 oil in the United States, at times running well above 30,000 barrels daily,
Cash in bank and on hand 727,488 Accounts payable
Surplus
Deferred: unexpired in5,692,322 and being exceeded during the year only by the Prairie Pipeline Co. The
company completed new lines to the Billings and Cushing fields and also
surance, prepaid ex508,151
Total each side
$21,228,764 took over the Producers' Pipeline Co. at Brownwood, Tex., with its system
penses, &c
The total assets, therefore, after giving effect to this financing, were of gathering lines. The concrete oil reservoir at Gainesville, Tex., one of
$21,228,765, or more than five times the total issue of these notes, and the the largest in the world, was finished in November, and the pipeline
pumping stations at Ponca City, Billings, Cimarron, Gordon and Arnet quick assets were $13,389,079, or more than 3 1-3 times this issue.
kansas City were completed during the year.
Surplus Net Incomefor Cal. Years (agst. maximum $240,000 int. on note issue)
The natural gas division completed the 18-inch pipe line from Cotton
1918 (est.).
1917.
1916. Av. 12 Yrs. Valley to Bigheart, and the Caney-American compressor station was taken
est.)
(December 1918
Surplus net income (in 1918,
over early in 1918, while the installation of the Hominy and Personia
after liberal allowances for
compressor plants was completed.
$1,450,000 $1,211,889 $1,165,409 $1,221,406
taxes)
The gasoline department made unusual progress. One of the greatest
-The accounts are audited annually as of Dec. 31 by Price, casing-head gasoline plants in the mid-continent field was completed at
Audit.
Waterhouse & Co. During the life of the notes the trustee will receive Arkansas City, Kan. The plant has a capacity to handle 30,000,000
CU. ft. of natural gas daily, with an average production of 6,000 gallons of
monthly bal. sheets and earnings statements and a complete annual audit.
-The $4,000.000 6% Serial gold notes will be the direct obli- gasoline daily. The gasoline plant in the Garber field also was completed,
Note Issue.
gation of the company, and will constitute its only funded debt. All dated its capacity being 500,000 Cu. ft. of gas daily.
The Empire Gas & Fuel Co. and associated companies during 1918
Jan. 1 1919, maturing $400,000 annually Jan. 1 1920 to 1929, inclusive.
Interest payable J. & J. without deduction for any normal Federal income passed the 7,000 mark as regards number of employees. Compare V. 107,
tax now or hereafter deductible at the source, not in excess of 27. The p. 1195, 2479.
int., at
entire issue, but no part thereof, may be redeemed at 103% and°
Debentures Sold.
option of company, on any interest date on 60 days' notice.
the
Henry
So long as any of the notes are outstanding, the company will not be syndicate L. Doherty & Co. and Montgomery & Co., managers of 7%
which underwrote the new issue of Cities Service Co. Series C
mortgage or pledge any of its present assets or those of it
permitted to
that
subsidiaries, except Liberty Loan bonds or other U. S. obligations; nor to Convertible Gold Debentures, announcesold. the entire $17,500,000 princiCompare V. 108, p.383.82.
issue, guarantee or endorse any other long time notes, bonded debt, or pal amount of these debentures has been
similar securities (except for the acquisition of additional property), without
-Obituary-Report.
Consolidated Gas Co., New York.
consent of the trustee. The total quick assets also of the company and its
Harrison
subsidiaries must equal at least twice the amount of total liabilities and until his E. Gawtry,one of the organizers of this company.and President
resignation in 1904, died on Jan. 29.
including the notes outstanding
indebtedness,
The annual report is cited on a preceding page.
Properties -The company, with its subsidiary companies, has factories
in Chicago, New York, Muskegon, Mich., Dubuque, Iowa, and Toronto,
Decision Reserved in Rate Case.
Canada; also hardwood timber lands, saw-mill and planing mill at Big Bay,
Judge Julius M.Mayer in the U.S. District Court at New York on Jan.31
Mich. Its products are sold both through jobbers and through 35 branch reserved decision on the application of the city for leave to intervene in the
the principal cities of the United States and Canada.
houses in
action
the
-The business is owned and managed by the heirs of the others recently brought by80 company to enjoin the P. S. Commission and
Management.
from enforcing the -cent law of 1906.-V. 108, p. 272.
original founders of the business, who, together with other officers and
own practically all of the common stock. The management
employees,
Continental Motors Corp.-Earnings.has been under the direct supervision of the President, B. E. Bensinger,
1917-18.
1916-17.
da. 31 Years- 1917-18. 1916-17.
since 1904. Compare V. 108, p• 383.
Net profits
$1,939,785 $1,396,814 Corn. divs. (8%)_$1,162,784 $217,928
$538,719 $1,000,579
Pref. divs.(7%).. 238,282
178,305 Bal., surplus
-Balance Sheet Jan. 1.Butler Brothers, Chicago.
-V.107, p.2191.
1918.
1919.
1919.
1918.
Liabilities$
lb
Assets
-Stock Increase, &c.
Continental Refining Co.
7,786,503 7,655,759 Capital
20,000,000 20,000,000
Real est. & equip_
A press dispatch says
2,831,859 2,084,606 Surplus
15,270,232 11,831,544 the authorized commonthat the stockholders will vote shortly on increasing
Cash
stock from $1,000,000 to $1,500,000, and on au20,117,692 14,434,029 Serial gold notes_ 5,640,104 6,303,646 thorizing an issue of$500,000 first mtge. notes or bonds.
Merchandise
-V.107, p.2379.
Accounts due_ _._13,715,346 13,426,710 Real estate loan_ 438,180
472,350
Accounts payable_ 1,928,663
2,799,731
Bills receivable
787,399
Cumberland Pipe Line Co., Inc.
-Annual Report.Bills payable
6,400,000
Fund for stock
1917.
1918.
1917.
1918.
sales to employ's 2,205,457 2,490,945 Deprec'n reserves_ 689,468
505,303 Yr.end.Dec.31$384,063 $338,879
$564,054 $487,758 Surplus
'
252,011 Special reserve
279,169
Pension fund
1,102,531 Profit
Dividends
$179,991 $148,809 Total sur. Dec.31 $979,902 $595,839
Supplies(catalogue
-V. 107, p. 1923.
360,658
mat'ls, paper,&c.) 540,890
298,055
Liberty bonds_
-Mortgage.De Long Hook & Eye Co. Philadelphia.
The stockholders will vote on April 3 on increasing the indebtedness by
50,366,647 41,002,773 Total
50,366,647 41,002,773
Total
Butler is Chairman of board; Frank S. Cunningham, Preei- $400,000, to be secured by mortgage upon all of the real and personal
Edward B.
.-V. 106, p. 400.
-V. 108, p. 383,_ashim. property, &c
dent1John B. Schofield, Secretary-Treasurer.
-Default.Butte Central Mining & Milling Co.
,-- A circular dated at Boston, Dec. 14 1918, says in substance: 'Tim,
p"The bonds of this company, which amount to $300,000, have been
defaulted by non-payment of interest. The value of the mine has not been
thoroughly established but it seems clear that the personal property must
be".worth$100000, and that the real estate has important value in connection with adjoining mining property, the owner of which can use the shaft
and other property, should be worth upwards dr $100,000-a total of
more than $200,000, outside of any value which it may have as a mine.
From this sum the old underlying attachment on the real estate (aggregating with some other charges about $65,000) would have to be deducted
in estimating the present value of the bonds, and the $80,000 of bonds
pledged should be deducted from the total of bonds to be liquidated. It
Is thought by many that the property has great value as a mine.
"We understand that the period of redemption from the execution sale
isone year from Oct. 31 1918. Go far as we can learn, the officers of the
corporation are doing nothing for protection of the bondholders. It appears that plans are on foot to obtain these bonds in exchange for stock in
a new corporation which is expected to acquire our property without paying
off the bonds. We feel in duty bound to warn the bondholders against
making such exchange. More detailed information will be furnished
uponfspecial inquiry.
.
"Bondholders may send their bonds with a check for 2%, to meet expenses, to Equitable Trust Co.. 35 Congress St., Boston."
Committee: Ethelbert V. Grabill, William A. Powell and Benjamin H.
Goldsmith, with Noble, Davis & Stone as attorneys, 53 State St., Boston.
-V. 107, p. 1839
.
-Sale.
Central Union Telephone Co.
-V. 107. p. 1581.
See Newark Telephone Co. below.
Colorado Fuel & Iron Co.-Minnequa Plant.
This company's "Bulletin" of Jan. 15 says: "On July 5 1918 the byproduct coke plant of the company at the Minnequa works was successfully
*
put into operation. The plant consists of 120 12 -ton Koppers regenerative
-Earnings.
Detroit Edison Co.
Calendar YearsGross earnings
Net, after taxes, &c
Interest
Balance for dividends
-V.107, p. 2379.
1918.
1917.
1916.
$13,801,527 $12,279,926 $10,066,786
$3,747,991 $3,664,410 $3,795,693
1.028,562
1,078,280
1,353,767
$2,394,224 $2,635,848 $2,717,413
Distillers Securities Corp.
-To Convert Plants.
This company, it is understood, will convert three of its distilleries in
Peoria, Ill., and one at Pekin,ill., into sugar manufacturing plants, to be
devoted to new process of manufacturing sugar from corn. The company
will still have six large plants for the manufacture of alcohol for commercial
and medicinal use capable of producing 250,000 gallons a day.-V.108,p.272.
Donner Steel Co., Inc.
-Stock Increase.
This company has filed with the Secretary of State at Albany a certificate
Increasing the auth. capital stock from $13,000,000 to $14,000,000.V. 108, p. 174.
-Offering of Notes.
-The MercanElk Horn Coal Corp.
tile Trust & Deposit Co., the Fidelity Trust Co., Robert
Garrett & Sons and Hamlileton & Co., each of Baltimore,
are offering a block of $710,000 (closed mortgage) Sinking
Fund 6% Cony. gold notes dated Dec. 1 1915, due Dee. I.
1925. Int. J. & D. Auth. issue, $9,500,000. Total outstanding (now closed mtge.), $6,508,000. An adv. shows:
Property.
-Company owns approximately 205,000 acres of valuable
developed coal lands in eastern Kentucky and West Virginia, and through
stock ownership in other companies has a large additional acreage.
Security.
-Through retirement in 1918 of $4,000,000 underlying bonds,
these notes are secured by a first mortgage (closed) on the entire property
484
THE CHRONICLE
[VOL. 108.
owned, conservatively appraised in part, with developments thereon, at
Calendar Years1918.
1917.
1916.
over $18,000,000, subject only to $434,000 5% bonds, due 1943, on a small Net sales
$123,400,000 $87.155,072 $70,990,782
portion of property. Additionally secured by pledge of 19,765.32 shares Net profits after providing for maint.
Consolidation Coal Co. stock, present market value $1,600,000.
charges, deprec'n, bad and doubtful
Equity.
-$6,600000 preferred stock and $12,000,000 common stock,
debts and other items deemed wise
upon both of which 6% dividends were paid in 1918. Present market
to take out of the year's earnings_ _$15,500,000 $12,794,677 $9,568,765
value about $12,000,000
°
.
Provision for war income and excess
Earnings.
-For year 1917 net (after liberal deductions), $2,245,788 88,
profits taxes (estimated)
Not fixed yet 2,250,000
or over five times interest required of $414,630 98 on funded debt; for
eleven months ended Nov. 30 1918, net $1,585,517 69, against fixed
Net (before Fed, taxes in 1918)_ _ _315,500,000 $10,544,677 $9,568,765
charges of only $329,734 18. Compare V. 101, lo• 1716; V. 102, p. 348: Preferred dividends (7%)
1,785,000
1,848,000 1,900,000
V. 107. p. 805.
Common dividends(4%)
2,400,000
2,400,000
2,400,000
Empire Gas & Fuel Co.
-Output,
See Cities Service Co. above.
-V.107, p. 1195.
Erie Lighting Co.
-Offering of First Mtge. 5s.
-Brown
Bros. & Co., Phila., are offering at 88 and int., yielding
about 5.75%, $1,350,000 First Mtge. 5% Sinking Fund
gold bonds of 1917, due Apr. 1 1967, making the total at
present outstanding of $3,000,000. Authorized, $6,000,000.
Data from Letter of Pres. & Gen. Mgr. Fred B. Hofft, Dated Erie, Pa.,
Jan. 21 1919.
Security.
-A direct obligation secured by a first mortgage lien on the
entire property.
Plants.
-The power plants consist of: (a) A recently completed, modern
fire proof structure, designed for an ultimate capacity of 50,000 k. w.
which now contains one 10,000 k. w. and one 6,000 k. w. General Electric
turbo-generators; this has cost approximately $1,800,000; and (b) the
Peach Street Station, built about six years ago which is a modern fire
proof structure containing about 8,500 k. w.in turbo-generators and which
is now used as a reserve. Power is supplied to the City of Erie, the Borough of Northeast,the local lighting companies in Corry, and Union City,
Pennsylvania; also to a large number of industrial plants. Steam heat
is furnished in Erie.
Sinking Fund.
-1% per annum of bonds outstanding is to be used for
the purchase of bonds or for their redemption at 105 and int.
Reserved bonds can be issued for 85% of the actual cost of additions,
betterments, extensions and acquisitions when the net earnings are not
less than 1% times bond interest issued.
A recent sale of $500,000 of the 7% Cumulative Preferred stock makes
the total amount of preferred stock to be presently outstanding,$1,000,000.
The City of Erie is one of the most important manufacturing and shipping
centres in Pennsylvania. The present population is estimated to be
between 110,000 and 120,000, including the suburbs of Wesleyville and
Lawrence Park, also served by the company.
Earnings for Calendar Years (December 1918 and Year 1919 Estimated).
Calendar Year1915.
1916.
1917:
1918.
1919.
Gross earnings
$210,378 $349,125 $493,359 $956,629 $925,000
Net income
$90,535 $138,761 $85,899 $331,254 $355,000
Bond interest, &c
48,556
54,186 67,729 172,690 160,000
Bal.for sink. fd., amor.,
deprec'n, divs., &c_
$41,979 $84,575 $18,170 $158,564 $195,000
For full particulars as to this issue and the company,see V. 104, p. 1048.
Eureka Pipe Lines Co.
-Annual Report.Yr.end.Dec.31- 1918.
1917.
1918.
1917.
$
Profit
848,712 1,111,883 Deficit
251,288
88,120
Dividends
1,100,000 1,200,003 Tot.sur.Dec.31..4,214,479 4,465,767
-V. 108, p. 384.
Imoarsoernet viam
,
General Motors Acceptance Corp.
-New Company.
See General Motors Corporation below.
General Motors Corp.
-Acceptance Corporation
Balance (before Fed. taxes in 1918).$11,315,000 $6,296,677 $5,257,765
The company has declared the regular quarterly dividend of 1% on the
common stock, payable May 15. Regular quarterly dividends of 1%%
were also declared on the preferred stock, payable April 1 and July 11919.
-V. 108, p. 272.
Grasselli Chemical Co.
-New Preferred Stock.
Common shareholders of record Feb. 1 are offered the privilege of
subscribing at par ($100) prior to March 1 1919 to $3,200,000 6% cumulative pref. stock in amounts equal to 20% of present holdings. Subscriptions will be payable as follows: All on or before April 5 1919, or onehalf on or before April 5 and half before July 5 1919.
Stock paid for before April 5 will be issued as of April 1 and bear dividends
from that date. All stock paid for before July 5 will be issued as of July 1
and bear dividends from that date. This brings the oustanding pref. stock
to $8,200,000 and common outstanding to about $16,000,000. The proceeds of the new stock will be used in payment for improvements and extensions, some of which have been made and others contemplated.
H. P. Mansfield and J. H. Dunbar of Cleveland have been elected directors, succeeding H. C. Grant of New York and F. H. Lee of Cleveland.
-V. 107, p. 2380.
Hart,Schaffner & Marx,Inc.
-Stock Reduced-Report, &c.
The stockholders on Jan. 27 voted to reduce the preferred stock from
$3,396,100 to $3,331,500, in accordance with the company's charter provision which permits the retirement of this issue. H. M.Levy was elected
a director.
See annual report on a preceding page.
-V. 108, p. 83.
Hewitt Holding Corp.
-Offering of Guaranteed Notes.
Erie Finance Corp., Buffalo, N. Y., is offering at prices to
yield from 63/2% to 7%, according to maturity, $500,000
Secured 6% Serial gold notes, dated Jan. 1 1919, due in
equal semi-annual installments, July 1 1919 to Jan. 1 1924,
inclusive. A circular shows:
Denom. $1,000. Redeemable at the option of the corporation on any
int. date upon 30 days' notice as a whole or one or more series (in which
event the last maturities must be the first called) at 102. Interest
semi-annually at the office of the trustee, Bankers Trust Co. of Buffalo.
Guaranty.
-These notes are guaranteed by Mr. H. 11. Hewitt, Pres.
of the corporation, and are secured by the following collateral, the value
of which is in excess of $1,200,000: 5,100 shares of Hewitt Rubber Co.,
8% cumulative preferred, 5,100 shares Hewitt Rubber Co., common,
and other security of a market value in excess of $150,000.
This additional collateral remains with the Trustee until all the notes
are paid. The common and preferred stock Of the Hewitt Rubber Co. is
to be surrendered on each semi-annual or other retirements of the notes
In an amount of common and preferred stock each equal to the amount of
notes so retired.
The Rubber company's statement as of Sept. 30 1918 shows gross assets
of over $3,824,000 (of which only $1,262,431 represents actual cost of
buildings, real estate and equipment or fixed assets), total liabilities of
$1,289,000 leaving a net of $2,535,000 for the $1,000,000 preferred and
$1.000,000 common stock outstanding.
The plant is practically new and modern in every respect and the only
lien on the company's property is a mortgage securing an issue of 6%
bonds of which $200,000 remains unpaid, $100,000 due July 1 1919, and
$100,000 due July 1 1920. The company's net earnings for the nine
months were $300,000 and it is estimated the not for the full year will be
nearly 3.500000.
Mr. Hewitt is President of the IIewitt Rubber Co. of Buffalo, Magnus
Co., Inc., of N. Y., &c.; director of Mechanics & Metals National Bank
of N. Y., and Marine National Bank of Buffalo.
Announcement is made of the organization of a new corporation for the
purpose of affording an acceptable medium for financing the needs of the
automobile dealers, factories, &c., of the companies, associated with the
General Motors Corporation.
This company is to be known as the General Motors Acceptance Corp.
and will have a paid-in capital of $2,500,000, of which $2,000,000 will
represent stock and $500,000 surplus. All of the stock has been subscribed
for bv interests identified with the General Motors Corp., which includes
the dl! Ponts of Wilmington, Del., W. C. Durant, President of the CorHome Service Co., Los Angeles.
-Offering of Notes.poration, and others.
The incorporators, who also will bo directors, include the following: Bayly Brothers, Los Angeles, are offering at par and int.
Pierre du Pont, Henry F. du Pont, Lamont du Pont, Irenee du Pont, $450,000 First Mtge. Serial 7% notes dated Jan. 1 1919, due
W. 0. Durant, J. A. Haskell, J. J. Raskob, Paul Fitzpatrick, Alfred H.
Swayne and Curtiss C. Cooper. Officers are to be: J. A. Haskell, Pres.; $25,000 Jan. 1 1920-1928, incl., and $225,000 Jan. 1 1929.
Paul Fitzpatrick, V.-Pres. & Gen. Mgr.;and Alfred H.Swayne, V.-Pres. & Denom. $100, $500, $1,000 c*.
Financial Manager. Offices of the Corporation are to be located in the
The notes are callable on any interest date at 105 and int. Interest Q.
-J.
General Motors Corp. building at Broadway and 57th Street.
at the Title Insur. & Trust Co., Los Angeles, trustee. Tax-exempt in Calif.
Data from Letter of B. 0. Strawser, Dated Los Angeles, Jan. 1 1919.
Gorham Mfg. Co.
-No Action on Corn. Div.
-Organized to acquire all the property of various laundries,
Organization.
The directors took no action on the quarterly dividend on the common
including four of the largest companies in Los Angeles, I. e., New Method
stock usually declared at this time.
-V. 106, p. 2761.2
Co-operative Laundry Co.,. Empire Laundry Co., Diamond Laundry
Corp. and Western Laundry
-Offering of Two-Year for from ten to sixteen years. Co., which have been successfully operated
. GeOrgia-Alabama Power Co.
Security.
-The property mortgaged to secure the payment of these notes
Bonds.
-Howard B. Taylor & Co., Baltimore, Md:,are offerparcels of improved real estate and the equipment
consists of five
ing at 993/ and int., yielding 7Yi%,$525,000 Two-Year 7% in the business separateof Los Angeles. Appraisals of the property are as
district
Collateral Trust gold bonds, dated Feb. 1 1919, due Feb. 1 follows: Real property. $207,325; buildings, $376,397; machinery and
equipment, $839,994; total, $1,423,716.
1921. The bankers report:
Guarantee.
-The notes are further secured by the unconditional guaranDenom.$1,000, coupons F.& A., payable at the banking house of Town- tee, p. & I,, by B. G. Strawser, Pros. Home Service
Manager of
send Scott & Son. Authorized, $525.000; outstanding, $525,000. Mer- Empire plant; J. Edward Reed, Chairman Home Service Co.; J. M. LanCo..
Trust & Deposit Co. of Baltimore, trustee.
cantile
caster, See. Home Service Co., Manager Diamond plant; John Morris,
-Incorporated in North Carolina, owns and operates two Treas. Home Service Co. Manager New Method plant.
The Company.
hydro-electric plants (and steam auxiliary), one on the Muckafoonee River,
Earnings.
-Average monthly net income is $10,000. This figure is
near Albany, Ga., the other on Omussee Creek, near Columbia, Ala. The absolutely net as interest charges on mortgage indebtedness as well as all
former plant has been in operation a number of years; the latter, now other charges of every nature have been deducted.
partly in operation, is just nearing completion and will be in full operation
Adequate fire insurance Is carried on the buildings, machinery and
within 60 days. In addition to the above properties which it owns in fee, equipment, for more than the amount of this note issue.
the company controls through ownership of the entire capital stock, water
power sites on the Flint River in Georgia and on the Choctohachee River
Hudson Motor Car Co.
-Outlook.
in Alabama, including land, backwater privileges, rights of way, &c. The
President Roy D. Chapin says in substance: "Some companies are going
company owns the only available water power sites within economical to get back into automobile production rapidly, and with others it may be
the territory served.
distributing distance of
late in the spring before they get out any quantity of cars. However, the
Purpose of Issue.
-To partly provide funds for the acquisition of the demand seems to be heavy from all sections, and it looks like a big year.
above-mentioned properties, to complete construction at Columbia, for
"We have been shipping Iludsons steadily all winter, although we will
repairs and impts. at Albany and to furnish additional working capital.
not strike full stride until spring. With the new Essex which is now
-The company furnishes current under long-term contracts coming out, built by a corporation allied with the Hudson, our dealers will
Territory.
to Albany, Baconton and Leesburg, Ga., and Dothan Headland and Co- have a very heavy business for 1919; very much larger, in fact, than 1918."
lumbia, Ala., and also does a commercial power business in all of these -V. 97, p. 525. I 11111211b
cities. Towns adjacent to Albany in which there is an urgent demand for
power, and which can be economically served from the Flint River develHudson River Vehicular Tunnel.
-Project.
opment, include Camilla, Pelham, Dawson, Shellman, Cuthbert, Ashburn,
See page 310 in last week's issue.
-V. 107. p. 2293.
Americus, Cordelle, Sylvester, Poulhan and Moultrie, all in Georgia. The
company proposes to develop its site on the Flint River and construction
Imperial Tobacco Co.
-Final Dividend.
will be started in the near future.
A
has
Security.
-A direct obligation of the company and are secured by deposit final press dispatch from London states that this company b)th declared a
dividend of 63-i% and a bonus of 15 pence per share,
free of in-year 6% sinking fund gold bonds. This colof 2600,000 First Mtge. 25
shows the addition of £1,000,030 carried to
lateral is secured by an absolute 1st Mtge. on two hydro-electric plants, come tax. Annual report p. 2563. mil at
4
reserve account.
-V. 106,
silmitiow4112101, 4 st'41
4
now in operation, together with steam auxiliary plant, transmission lines.
&c., furnishing electric power under long-term contracts to various municiIndiana Coke & Gas Co., Terre Haute Ind.-Offeriig
and Alabama.
palities in Georgia
Earnings.
-Net earnings based on past results on existing contracts with of Additional 1st Pref. Stock, Part of $500,000 for New Coke
municipalities and manufacturing plants will be $108,000, or over twice Ovens.
-Breed, Elliott & Harrison of Indianapolis have
the interest charges on the outstanding indebtedness.
Upon the completion of the Flint River development the net earnings recently offered at par ($100 a share)and div.7% Cumulative
be at least $308,000 applicable to interest charges of $104,550, or about First Preferred stock. Dividends Q.
will
-J. A circular shows:
three times total interest charges.
Capitalization-Oct. 311918Authorized. Outstanding.
-Preferred stock to the amount of $340,000 represents a subEquity.
First M. Os of 1916, due April 1 1946 (Sinking
stantial paid-in equity behind this issue.
Fund will retire these by maturity)
$1,000,000
$675,000
- 1st pref. stock,7% cum.;Sinking Pd. call. at 110.- 1,000,000
(B. F.) Goodrich & Co., Akron, 0., and New York.
515.000
stock,
500,000
500,000
Preliminary Results for 1918 (without allowance for 1918 2nd pref.stock 6% non-cumulative
Common
1,000.000
1,000,000
Federal taxes.)
Guar. bonds 1st M. Vigo Mining Co., well secured_(not stated)
500,000
FEB. 1 1919.]
THE CHRONICLE
The sinking fund for 1st pref. stock will receive an amount equal to
10% of any dividends declared on the 2nd pref. and common stock issues.
At the present dividend rates the amount which must be employed in
purchasing first pref. in market (or in calling at 110) is $8,000 p. a.
Data from President Paul N. Bogart, Terre Haute, Ind., Dec. 12 1918.
-Incorporated March 24 1915 in Indiana. Manufactures
Organization.
artificial gas, coke and other coal products at its coal products plant in
Terre Haute, and, through a subsidiary company, mines and sells coal
from mines in Greene and Sullivan Counties, Ind,
-Authorized, 81,000,000; outstanding in hands
First Mortgage Bonds.
of public, $638,000; in hands of sinking fund trustee, $18,000; purchased
and held in treasury of subsidiary company's sinking fund, $19,000.
-Began operations Sept. 25 1916 with new coal products plant,
Business.
consisting (a) of 30 gas machinery company by-product ovens of a maximum
capacity of 225,000 tons of coal per annum,and all necessary coal handling,
coke screening and loading machinery; (b) by-product apparatus for the
recovery of tar, ammonia, toluol, solvent naphtha and naphthalene.
Early in 1918, at the request of the Ordnance Department, we undertook
the installation of 30 additional ovens, under contract with the H. Koppers
Co. of Pittsburgh. These are expected to be in serivce shortly after Jan.
1 1919,representing with appurtenances a cost offrom $750,000 to $800,000,
of which amount $500,000 will be advanced by the U. S. Government, and
the remainder paid out of current resources.
kr
-The company (1) sells its gas to the Citizens Gas & Fuel
Contracts.
-year contract on favorable terms; (2) its
Co. of Terre Haute under a 30
coke is handled by responsible agents on terms providing for substantial
cash advances on coke in storage, in the event sales fall behind production;
(3) the tar is sold under a favorable contract continuing about 8 years.
(4) The entire production of toluol and ammonia, both from present
ovens and new battery, has been sold for a period of three years at favorable prices to the Ordnance Department. This latter contract is subject
to cancellation only as to the third year of its term, and specifically provides
for reimbursement at full porices for any products sold elsewhere at reduced
prices because of failure of the Government to accept deliveries during the
first two years of its term.
-The company owns all of the capital
Vigo Mining Co.-Monon Coal Co.
stock (except directors' shares) of the Vigo Mining Co. and guarantees the
payment of principal and interest of $500,000 of the latter company's
1st M.bonds. It also owns all of the capital stock (except directors' shares)
of the Motion Coal Co. The Vigo Mining Co. owns in fee simple .two
operating mines with a joint capacity of 325,000 tons of coal per annum,
and 2,000 acres of undeveloped number 4 coal land. It also operates under
leases on favorable terms,the properties of the Monon Coal Co.and others
the present capacity of which is approximately 1,250,000 tons of coal per
annum, and which will shortly be materially increased by the addition of
mines now in process of development. Neither the Vigo Mining Co.
two
nor the Indiana Coke & Gas Co. has assumed any capital obligations in
respect to the Monon Coal Co. (V. 99, p. 451.)
Earnings for Calendar Years (including the Vigo Mining Co.)
1916.
1917,
6 Mos. 1918. Year 1918.
Net earnings [avail, for
divs. except that in
1918 no allow.has been
made for income and
$211,435
$402,862
excess profits taxes]_
$263,184 [Not stated]
for
Net earnings, aft. prov.- Federal taxes on basis of 1917 law_(est.)3300,000
It is my opinion that for 1919 and 1920 profits, after depreciation, interest
and taxes available for dividends, should be about $225,000 per annum.
-At the time of undertaking the construction of the
Purpose of Issue.
new battery of ovens, the company authorized an additional issue of $500000 of its first pref. stock, estimating that the proceeds of the sale of this
stock would cover such portion of the construction cost as would not be
provided from current earnings. As previously indicated, the U. S.
Government is advancing on the company's notes the larger portion of the
construction cost and the present advantage of the sale of stock is to
enable the company to reimburse the Government as promptly as possible
and retire its notes given for such advances. As of Oct. 31, no funds had
been advanced by the Government, but the entire construction cost to
date had been met out of current funds. In the latter half of
however, the first payment was made by the Government on ourNovember,
request.
Dividends Paid-Bonds Retired.
-The full 7% dividend on the first pref.
stock has been paid since Oct. 1 1915 and the full 6% dividend has been
paid on its 2nd pref. stock for the period since July 1 1916. An initial
dividend of 1% on its common stock was paid Aug. 1 1917, and a second
dividend of 1 g% Oct. 1 1917, which rate has been maintained quarterly
since that time. In addition to providing out of earnings large sums for
acquisitions and improvements on its own and the Vigo properties, it has
retired $150,000 of its funded debt and purchased $37,000 1st M. bonds
for sinking fund account.
Balance Sheet, October 31 1918.
Liabilities
Assets$135,073 Notes & accts payable..--- $130,968
Cash
143,061 Acc'd interest and taxes__
Accounts receivable
10,807
Coal, materials dciproducts 146,455 Deprec.& miscell. reserves 266,804
675,000
U. S. Govt. bonds and ctfs 100,000 First Mortgage bonds..__
estate, bldgs. & equip 1,181,245 Capital stock
Real
2,015,000
Corp. stocks, contr., &c__ 1,799,300 Profit and loss, incl. Vigo
Co. to Sept. 30
18,000
Bonds in sinking fund..___
120 Miscellaneous liabilities_ - 756,187
fund
Cash in sinking
6,755
Undistrib. prof. of sub.cos. 301.597
Total each side
36,670
Miscellaneous assets
$3,861,521
-V. 103, p. 1984; V. 106, P. 825.
-No Rate Increase.
Indiana General Service Co.
-
The Indiana P. S. Commission has dismissed this company's petition for
-V. 106, p. 1348.
permission to make a surcharge on bills.
Inland Steel Co., Chicago.
-Earnings.
Calendar Yearsx Net earnings
Other income
1918.
1917.
1916.
1915.
$14,473,512 $21,240.783 $11,241,046 $4,414,139
124,431
78,885
814,473,512 $21,240,783 $11,365,477 $4,493,024
Total income
Deprec'n and depletion- $1,953,712 $1,769,166
$539,241
$356,090
353,250
436,549
Bond interest
375,450
381,690
7,000,000 8,500,000
Federal Taxes (est.)
(8%)2,001,060
Dividends
1,999,820
799,908
599,886
Balance, surplus
$3,165.490 $8,535,248 $9,650,878 $3,155,358
x After deducting maintenance and repairs.
-V. 106, p. 598.
International Mercantile Marine Corp.
-Reduced Rates.
-V. 108, p. 273, 175.
Soo preceding pages in this issue.
International Petroleum Co., Ltd., Toronto.
-Earns,
1916.
Cal. Years- 1917.
1917.
1916.
(
$1,009,017 $905,614 Other invest_ _$1,247,000 $346,000
Earnings
Prop'ty assets 5,532,000 6,223,000 Inventories _ 2,648,000 1,942,000
Clarke writes that the report and-balance sheet of Dec.31
Treasurer J. R.
1918 "will not be ready for publication until some time towards the end
-V. 108. p. 83.
of this year."
-To Be Sold.
International Textile, Inc.
-
485
The bonds are unconditionally guaranteed, principal and interest, by
the United Gas & Electric Co. of New Jersey.
The company pays interest without deduction for the normal Federal
income tax up to 4%, if it can legally do so. The Equitable Trust Co.
of New York, trustee. Interest is payable at the office of the trustee in
New York J. & J. 16. Denom. of $1,000 and $500 c.
Data from Letter of President E. G. Connette, Dated Sept. 30 1918.
-Does the entire electric light and power, gas and steam
Company.
heating business in Lockport, N. Y. Population served est. at 21,000.
CapitalizationAuthorized. Outstanding.
Underlying bonds
$750,000
$750,000
7% General Mortgage bonds
350.000
350,000
Capital stock
350,000
256,700
-This bond issue refunds a like amount of unsecured
Purpose of Issue.
notes which recently matured. Within the last six months the company
has sold $106.700 common stock at par.
Earnings for Years Ending September 30.
1917-18. 1916-17.
1917-18. 1916-17.
Gross earning's_ _ _$431,288 $363,054'Underlying bd.int _$37,500 $37,500
Net aft.tax&main. 102,144 103,157 Int. on Gen. M.7s_ 24,500 24,500
The United Gas & Electric Co. of N. J. was incorporated in 1901, and
for the last three calendar years showed the following surplus: Cash earnings of $266,565 for 1917, $314,065 for 1916 and $275,158 for 1915.
Franchises.
-These were granted in Nov. 1905 and extend for 100 Years
from date. Through stock ownership the company is controlled and its
management is supervised by the United Gas & Electric Co. of N. J.
-The plants are in good physical condition. The value of the
Value.
property as determined by the P. S. Commission is substantially in excess
-V. 107, p. 1290.
of the bond issues.
Lone Star Gas Co.
-New Pipe bine.A Pittsburgh press dispatch says that this company has about completed
arrangements to construct a natural gas 16-inch pipe line into a field west
and southwest of Fort Worth, Texas. Already the company has a line
in southern Oklahoma and another in western Texas.
-V. 107, p. 1484.
Manomet Mills.-Special Dividend of $2 per Share.
The directors have declared a special dividend of $2 per share along with
the quarterly disbursement of $2, both payable Feb. 4 to shareholders
of record Jan. 28. Similar amounts were paid in each of the four quarters
of 1918.-V. 107, p. 1750.
Mattagami Pulp & Paper Co., Ltd.
-Offering of Bonds.
The Royal Securities Corp. Ltd., Montreal, is offering a block of this
company's 6% First Mtge. Sinking Fund gold bonds; $2,000,000 authorized and outstanding; due May 1 1937. Int. M. & N. A full description
of the issue and the company's property, &c., may be found in V. 104.
p. 168. The bankers report:
"Present net earnings are at the rate of $450,000 per annum, about four
times annual bond interest. Extensions to the mill are being proceeded
with. Through installation of a third digester, which will be completed
by about March 14 and an additional drying machine, it is intended to increase production to around 150 tons daily as compared to present output
of approximately 100 tons."
-V. 104, p. 168.
Monon Coal Co.-Contro/.See Indiana Coke & Gas Co. above.
-V. 99, P. 541.
Moore (Wm. R.) Dry Goods Co., Memphis, Tenn.
Extra Dividend.
The directors on Jan. 25 declared a special dividend of 15% on the
$1,200,000 capital stock, payable in Liberty bonds and War Savings stamps,
along with the regular cash dividend of 10%. The initial dividend of 10%
was paid in Jan. 1918.
The "Memphis Appeal" of Jan. 26 said in substance: "The year 1918 was
the greatest in the history of the company, the directors were informed, but
1919 has started with a gain of 26% over the corresponding period of 1918.
The company has set up $1,000,000 as surplus in addition to the paid-up
capital stock of 31,200,000, and the financial statement shows assets of
$54 for every dollar of liabilities. The annual business is approaching
the $10,000,000 mark. The company is strictly a Memphis Institution.
George R. James was re-elected President yesterday; W. A. Hein, VicePresident; W. It. King, Vice-President and General Manager; Benton Ledbetter, Secretary, and V. G. Lane, Treasurer.
Municipal Gas Co., Albany.
-Rate Increased.
It is announced that this company will on Feb. 3 begin charging at the
rate of $1 30 per 1.000 cu.ft. for gas in the city of Albany.
-V.108,p. 176,
Nashawena Mills.-Special Dividend.
A special dividend of $2 has been declared on the $33,000,000 capital
stock along with the regular quarterly dividend of $2, both payable Feb.
4 to holders of record Jan. 28. Like amounts were paid in May, August
and November last.
-V. 107, p. 1750, 610.
•
National Grocer Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 3% on the $2,000,000
common stock in addition to the regular quarterly of 2%, both payable
Feb. 20 to holders of record Feb. 9. In Feb. 1918 an extra of3% was paid.
Newark (Ohio) Telephone Co.
-Acquisition.
--
This company and the Central Union Telephone Co. have filed with-the
Ohio P. U. Commission a joint request that the Newark Co. purchasethe
property of the Central Union Co. in Newark. The Newark Co. asks
authority to issue $30,000 of common stock and $55,500 pref. stock to the
Central Union company in exchange for its property.
-V. 107. p. 1582.
New England Tel. & Tel. Co.
-New Pres.Matt B. Jones has been elected President to succeed Philip L. Spalding,
who resigned.
-V 106, p. 2753.
New Jersey Zinc Co.
-New Building.
This company announces the removal of its general offices to a new 7-story
fireproof building at 160 Front Street, which will be exclusively occupied
-V. 107, p. 1842.
by it.
New York Transit Co.
-Directors.
-
W.F. Livingston has been elected a director to succeed W. A. Harris and
P. It. Applegate to succeed George H. Cobb.
-V 106, p. 2349.
Nonquitt Spinning Co.
-Special Dividend.
-
A special dividend of $2 has been declared on the 52,400,000 capital
stock in addition to the regular quarterly dividend of $2, both payable
Feb. 4 to holders of record Jan. 28. A special dividend of $2 was paid
in each of the four quarters of 1918.-V. 107, p. 1750.
North Butte Mining Co.
-New President.
-
Robert Linton, 1st Vice-Pres. has been elected President to succeed
Thomas F. Cole resigned. Mr. Cole still continues as a member of the
-V. 108, p. 84.
board of directors.
Oklahoma Producing & Refining Co.
-New Stock.
-
The following notice has been sent the shareholders under date of
Jan. 29 1919:
"The directors on Jan. 21 determined to present at the annual meeting
of stockholders a proposal to increase the authorized capital stock by
$2,000,000 par value and to offer this increased stock to the stockholders
for subscription at par ($5), at the rate of one share of new stock to each
-Salesfor 4 & 52 Weeks End. Dec. 28.Jewel Tea Co.
five shares held; the stockholders' list for the purpose of subscription to
1918-4 Weeks-4917. Decrease.' 1918-52 Weeks-19l7, Decrease. be taken at the close of business Mar. 20 1919; payment of subscriptions
$9,438[815,137,634 $15,309,408 $171,774 in full to be made on Apr. 10 1919; assignable subscription warrants to be
31,189,310
$1,198,748
issued.
-V. 108, p.-274, 176.
-V. 107, p. 2480.
The Alien Property Custodian gives notice that he will offer for sale
to the highest bidder 2,298 shares of the common stock of this company
,
and of certain patents, &c., on Feb. 15 at the company's office at Bridgeport, Conn.
-V. 107, p. 1923.
Lindsay Light Co., Chicago.-Earnings.-
Ontario Steel Products Co., Ltd.
-Dividend.
-
PeriodNet Earns. Pref. Die,
Corn. Div. Surplus
The directors have declared a dividend of 1g% on the $750,000
Seven mos. to Dec. 31 1918_ _$110,591 (3%)$14,00010460,000 $36,591 cumulative pref. stock, payable Feb. 15 to shareholders of record Jan.7%
31.
Year to May 31 1918
528,979 (7) 28,000 5(70)420,000 80,979 and A % on account of dividends in arrears payable on same dates.
x Stock dividend, 50%; cash dividend. 20%
.-V. 108, p. 175.
.107, p. 1672.
Lockport Light, Heat & Power Co.
-Offering of General
Pabst Brewing Co., Milwaukee.
-Prospective Liquidation
Mortgage Bonds.
-Howard R. Taylor & Co., Baltimore, are -Tenders Asked of Preferred Stock.-The company recently
offering $350,000 General Mtge. 7% bonds, dated July 16 sent out a circular letter inviting pref. shareholdees who might
1918, due Jan. 16 1920, but bailable at 101 and interest.
desire to dispo ;e of their pref. stock to inform the company at
486
THE CHRONICLE
its office in Milwaukee, on or before Jan. 20, as to die price
at m,hid' they were willing to sell.
I
[VOL. 108.
1
common stock and making this class of stock amount to $6,000,000 The
present common stockholders may subscribe to one new share for each two
shares held R. A. Schoolfield has been re-elected Chairman of the Board of
Directors and Harry Fitzgerald President and Treasurer.
It was Stipulated however, (1) that the company shouldlhave until
Feb. 15 1919, in which to send its written acceptance of said offer, and (2)
Savage Arms Corporation, N. Y.—Usual Dividends—
that on or before Feb. 25 1919 shall pay the price named to the Wisconsin
Trust Co. of Milwaukee, in full payment of said shares.
No Distributions of Assets Practicable at Present.—President
Digest of Letter from Henry J. Stark. Sec. and Treas., Jan. 4 1919. A. E. Bone, in circular of Jan. 20 1919, requesting the stockThe matter of the most advantageous winding up of our affairs will holders to sign no proxy for use at the annual meeting on
apparently soon become a question of vital interest to the holders of our
preferred stock, in view of the so-called "War Time Prohibition Act," April 1, until the report for 1918 is at hand, says in brief:
which became a law on Nov. 21 1918. Under the Food Stimulation ProclaYour Finance Committee at their meeting to-day recommended to the
mation, the brewing of beer was required to be discontinued on Dec. 1 board of directors that at their next regular meeting, which will be held
1918, and unless a proclamation by the l'resident of the United States is on Jan. 29 1919, the following quarterly dividends be declared, payable
issued determining a date of demobilization of the military forces of the March 15 1919 to stockholders of record Feb.28 1919, viz.: First pref. stock,
United States earlier than June 30 1919, the sale of all intoxicating liquors,
second pref. stock, 1A %;common stock, 1%%. [These dividends,
Including beer will be prohibited after July 1 1919.
now formally declared, are the usual distributions. The common stock
Anticipating the taking effect of such prohibition, and that our plant, received in 1916, March 15, 23%; June 15, 5%; then none till June 15
equipped principally for the brewing of beer, would then become unproduc- 1917 to Dec. 15 1918, 6% p. a. (13i% Q.
-M.).1
tive, we are seeking to formulate some plans working towards the redempThere will be a slight delay in reporting the earnings for the last three
tion and retirement, first, of the bonds, and secondly, of the pref. stock.
months of 1918. These'figures will be sent you shortly after Feb. 1, and
On June 1 1906, 33,500,000 bonds were issued,secured on our real estate, the full annual report will be issued not later than March 1, in ample time
and such real estate or tne proceeds derived irom the sale thereot, must be for analysis'before the annual meeting on April 1 1919.
held intact for the benefit of such bondholders. These bonds are now
You have doubtless received a circular signed by William Hamlin Childs
being retired at the rate of $150000 per year.
committee,"
and four other gentlemen as a stockholders'
After keeping on hand at all times moneys adequate to meet the current asking for your proxy, making certian statements in regard to tho financial
obligations to general unsecured creditors, we are hoping to arrange for the condition of your company, and suggesting, among other things, the districreation of a fund to be derived from the sale before July 1 of our present bution of a large part of its assets, which would require $4,000,000 to
stock of beer and the collection of our outstanding accounts, with which $6,000,000.
to redeem the 7% pref. stock of those holders thereof who are desirous of
This circulas.(see r. 108, p. 386, 376), is based on a misconception of
selling rather than speculating on the future of the brewing industry.
facts and of existing conditions. It would be impossible at this time to
The company, therefore, invites such holders of the pref. stock as are make any such distribution. While your company has ample funds on
desirous of disposing of their securities, to submit,on or before Jan.20 1919. hand to conduct its business, its obligations to the U. S. Government for
their terms of sale on the conditions outlined in the enclosure herewith. Federal taxes for the year 1918 will be over $5,000,000; the process of liquiThe company reserves the right to purchase only from those stockholders dating its inventories in settlement with the U. S. Government will be
whose offers are acceptable to it, and preference will, therefore, necessarily necessarily slow; and there are other matters under discussion with the
be given to the lowest quotations.
U. S. Government which may absorb practically all of its reserves.
In the opinion of the Finance Committee, it is impossible to make any
Prohibition Certified.—
such additional distribution at this time. If in the future the conditions
Acting Secretary of State Polk onJan.29 issued a proclamation certifying
additional distribution, the Finance Committee
the ratification of the Prohibition Amendment to the Federal Constitution. of the company warrant anit.
will be glad to recommend
Compare V. 108. p. 376. 386.
—V. 108, p. 274.
1 3 %;
Pacific Telephone & Telegraph Co.—Sub. Co. Offering.
See Southern California Telephone Co. below.—V. 108, p. 386.
Peoples Gas Light & Coke Co., Chicago.—
Charles A. Monroe has been made Vice-Pres. of this company, and under
the direction of Samuel lnsull, Chairman of the Board, has taken active
charge of the company's affairs. It is stated that President E. G. Cowdery, active head of the corporation, has been given a leave of absence.
—V. 107, p. 2482.
(Walden W.) Shaw Corp.—Dividend Increased.—
A quarterly dividend of $1 50 has been declared on the common stock,
payable Feb. 15 to holders of record Feb. 1. Dividends at the rate of $1 25
per share have been paid quarterly since May 1917.—V. 104, p. 1708.
Shawmut Steamship Co.—Dividend.—
A quarterly dividend of $2 50 per share has been declared on the $1,650,000 common stock, payable Feb. 15 to holders of record Feb. 1 which
places the stock on a 10% per ann. basis. Previous dividends paid were
40% in Sept. 1916, 5% in 1917 and 7% in 1918.—V. 105, p. 2190.
Riordon Pulp & Paper Co., Ltd.—Offering of Bonds.—
South Porto Rico Sugar Co.—Stock Sold.—
Wm. A Read & Co., E. H. Rollins & Co., Parkinson & Burr
Strong,
and Colgate,
& Co. announce that the
and Coffin & Burr are offering at 96 and int. a new issue $1,005,000Sturgis & Co. this company,Parker was offered at $107 50 per
which
pref. stock of
of ,000,000 10-year 6% (closed) General Mortgage Sink- share, to yield investors about 7.45%, has been sold. Compare offering,
ing Fund gold bonds dated Jan. 1 1919, due Jan. 1 1929, but V. 108, p. 386.
optional in whole or in part on 60 days' notice at the followSouthern California Edison Co.—Offering of 7% Debening prices and accrued interest: 105 through Dec. 31 1926, tures and General de Refunding 6s.—Harris, Forbes & Co.,
102 through June 30 1927, and 101 thereafter.
E. 11. Rollins & Sons, the National City Co. and Coffin &
Semi-annual interest at the International Trust Co., Boston, in gold Burr have sold at par and int.
,000,000 7% Gold Debencoin of the U. S., or at the Imperial Bank of Canada, Montreal or Toronto,
in gold coin of the Dominion of Canada. Denom. $1,000 and $500 c*. ture bonds dated Jan. 15 1919 and due $1,000,000 annually
Royal Trust Co. Montreal, trustee. The company agrees to pay the on Jan. 15 of each year, 1921 to 1928, both inclusive. Int.
normal United States income tax up to and including 4%.
'
Data from Managing Director Carl Riordon, Dated Montreal, Jan.22 J. & J. in New York or Lo. Angeles. Denom. $1,000,
Organization.—Incorporated in 1912 in Canada, as successor of Riordon $500 and $100 c*.
Paper Co., Ltd.,founded in 1857,and G.II. Perley & Co.,founded in 1899.
The same bankers have also old practically all of an issue
Is to-day one of the largest manufacturers of sulphite pulp.
of $8,000.000 of the company's General & Refunding Mtge.
Capitalization—
Authorized. Outstand'g.
-year 6% gold bonds of 1917, "Series of 1919," at 98 and
Common stock (paying 10%)
$4,500,000 $4,500,000 25
Preferred stock, 7% cumulative
1,500,000
1,000,000 int., yielding about6.16%. (See adv.pages.) Circulars show:
First Mortgage 6% Debentures, 1942 •
2,500,000
2,028,500
General Mortgage 6% bonds
(Closed)
4,000,000
The company has paid dividends on its preferred stock without interruption since its incorporation and is currently paying dividends at the
rate of 10% per annum on its common stock.
Security Jor Gen. Mtge.—Subject to the Hen of the First Mortgage 6%
debentures, a direct mortgage upon all freehold and leasehold lands and
water-power rights and concessions, with minor exceptions, all timber
licenses and leases and all buildings, plants and machinery, now owned or
hereafter acquired, and a direct lien upon 2,424 shares of the capital stock
of the Ticonderoga Pulp & Paper Co., and not less than $5,000,000 of prof.
stock and a majority of the common stock of the Kipawa Co., Ltd., and by
a floating charge on all the other assets and properties. Additional securities of the Kipawa Co., Ltd., will be issued only for new property or
working capital.
Properties.—The company owns a sulphite pulp mill at Hawkesbury,
Ont. capacity 54,000 tons (unbleached) a year; a sulphite pulp mill at
Meriitton, Ont., capacity of 9,000 tons (bleached); and several lumber
mills in Quebec, with a total capacity of 20,000,000 ft. b. m. a year. The
company is constructing at Hawkesbury a bleaching plant designed to
bleach about 100 tons of sulphite pulp a day. Controls under license
from the Province of Quebec about 1,300 square miles of timber limits on
the Rouge River, Que.
Ticonderoga (N. Y.) Pulp & Paper Co.—The company owns over 60% of
the capital stock of this company,owner of a soda pulp mill with a capacity
of 18,000 tons a year, and mills for the manufacture of high-grade book
papers, capacity of 16,000 tons a year. Said company has outstanding
$1,000,000 mortgage bonds of closed mortgages. Quick assets Nov.30 1918,
$1,345,807; net quick assets, $358,993, exclusive of the proceeds of $325,000
bonds. Average profits for past three years, after deducting all charges
and depreciation, amounted to over $400,000 or over 100% on capital stock.
Kipawa Company, Ltd.—New Plant, &c.—The Riordon company will
acquire from the proceeds of this financing, together with other funds, not
less than $5,000,000 of 7% cumulative pref. stock and a majority of the
common stock of the Kipawa company. The latter now has under construction at Lake Temiskaming, Quebec, a bleached sulphite pulp mill with
a capacity of 30,000 tons of bleached culphite pulp a year; together with
electrolytic plant, bleachery, acid plant, and all necessary appurtenances.
The company is also installing the initial unit, with a capacity of 3,600 h.p.,
of a hydro-electric development with an ultimate capacity of over 25,000 h.p.
The hydraulic develoriments now being made will permit the installation of
generating machinery largely in excess of the present mill requirements.
We estimate that the net earnings of the Kipawa Co., Ltd.,for 1920 should
be not less than $1,000,000.
Sinking Fund.—This fund, commencing Jan. 11922, is to retire by purchase or call $100,000 Gen. Mtge. bonds in 1922,$125,000 in 1923,$150,000
in 1924, $200,000 in 1925, $250,000 in 1926,$275,000 In 1927 and $300,000
In 1928, or 35% of $4,000,000 before maturity.
The sinking fund for the First Mortgage debentures has already retired
$345,000 debentures and will retire that entire issue before its maturity.
Quick Assets.—As of Nov. 30 1918, the cash, receivables, inventories and
liquid investments amounted to $4,656,540, and after deducting current
liabilities, to $2,250,491, exclusive of the proceeds of these bonds.
Earnings.—Average income for the past three years before depreciation
and interest has amounted to over $1,600,000. The average net income
for the past six years before depreciation and interest has amounted to
about 31,000,000, or about three times the interest on all'bonds now outstanding. The earnings should be substantially increased by expenditures
to be made by the Kipawa Co., Ltd., from the proceeds of these bonds
and other funds.
• Property Values.—An estimate of the property values by which these
bonds are secured shows the net value of properties of the Riordon company
and its net equities in companies controlled to be in excess ov $15,000,000.
Compare annual report, &c., in X. 107, p. 2095; V. 108, P. 177, 38 .
6
Debentures.—These are redeemable on the 15th day of any month on
60 days' notice as follows: At 105 and int, for all debentures having four
years or more to run; at 104 if having less than four years and three years
more to run; at 103 if having less than three years and two years more to
run; at 102 if having less than two years and more than six months to run;
at 101 and int. for all debentures having six months or less to run. Bankers Trust Co., N. Y., trustee.
The company agrees to pay interest without deduction for any normal
Federal income tax on the debentures up to 4% which it may lawfully pay
at the source. Under the present law the company will pay the 2% tax
deductible at the source.
Purpose of Debenture Issue.—Those debenture bonds will be issued to
enable the company to reduce by $2,000,000 the amount of its outstanding General & Refunding Mortgage bonds and to pay off practically all of
its floating debt. The debenture bonds will share in the security of any
new mortgage made, the lien of which is junior to that of the General &
Refunding Mortgage of July 1 1917.
General & Refunding Mortgage Bonds, "Series of 1919."—These bonds are
-refunding mortgage of July 1 1917, and when
to be issued under the self
Issued will be secured by a direct mortgage on the entire property, subject
only to the underlying mortgages. As further security the company has
pledged, among other securities, over 90% of the stock of the Santa Barbara Gas & Electric Co. and over 94% of the stock of the Mt. Whitney
Power & Electric Corp. The mortgage provides for a total authorized
Issue of $136,000,000. Bonds of different series may be issued, but only
upon the retirement of the bonds of preceding series. No additional underlying bonds can be issued unless pledged as additional security for the
General & Refunding Mortgage bonds. Compare V. 105, p. 295; V. 106.
p. 1365, 1349.
•
Properly.—Owns or controls and operates a comprehensive and thoroughly
modern system for the generation, transition and distribution of electricity,
serving either directly or at wholesale over 150 cities and towns, including
Los Angeles, Pasadena, Riverside, San Bernardino, Santa Barbara, Long
Beach, Santa Monica, Redlands, Oxnard, Ventura, Visalia, Tulare and
Porterville. The company operates in ten counties in Southern Ccilifornia
and the San Joaquin Valley, with an area of over 55,000 square miles and a
population of over 1,000,000. The system includes generating plants with
a total installed capacity of 302,430 h.p.,o f which 158,920 is hydro-electric.
Authorized. Outstand'g.
Capitalization (After Present Financing)—
First preferred, paying 7%
$4,000,000 $4,000,000
Second preferred, limited to and paying 5%
12,500,000 12,029,900
Common, paying 7%
8 808:0 2
83,500,000 12:0600
470
General & Refunding Mtge. bonds, "Series of 1919'
equally secured with "Series of 1919' bonds 1978000
Debentures of 1915,
Underlying bonds outstanding with public
32,612,000
7% debenture bonds (this issue)
8,000,000
Equity.—The substantial equity in the property over and above the total
outstanding bonded debt is represented by more than $28,000,000 of divi
dead-paying capital stocks.
Earnings for Year ending Nov. 30 1918—
Gross earnings
$8,608,980
Net, after taxes, insurance and maintenance
$5,308,560
Annual charge on outstanding mortgage bonds, incl. this issue
2,240,840
Balance for interest on debenture bonds, divs. and ceprec'n_ _33,067,720
Note.—Annual interest charge on debenture bonds, 3560,000.
The Railroad Commission of California has recently granted the company
rate increases which it is expected will yield approximately $1,000,000
in 1919.—V. 108, p. 386, 84.
Southern California Telephone Co.—Further Particiliars.—Mention was made in these columns last week
Riverside & Dan River Cotton Mill,Inc.—Stock Increase. of the offering by the Equitable Trust Co., N. Y., and
The stockholders on Jan. 24 increased the authorized capital stock from Merrill, Oldham & Co., Boston, of this company's First
$10,000,000 to $12,000,000. the increase consisting of $2,000,000 new & Ref. 5% gold bonds,duto May 11947. A circular shows:
•
FEB. 1 1919.]
THE CHRONICLE
The Company.
-Operated as a part of the Pacific Telephone & Telegraph
Co. which owns all the capital stock and unconditionally guarantees by
endorsement the principal and interest of these bonds. The Pacific
company operates all of the local and long distance lines of the Bell
System on the Pacific Coast.
Capitalization, Pacific Telephone & Telegraph Company.
Preferred (6% dividends), stock
$32,000,000
Common stock
18,000,000
Divisional bonds (incl. $8,559,000 So. Cal. Tel. Co. bonds)
$17,372,000
Pacific Tel. Tel. Co. First & Collateral Trust 5s, 1937
'&
33,483,000
The bonded debt of the Southern California Telephone Co. here included
consists of $6,565,000 First & Ref. Mtge. 5s (this issue) and $1,994,000
Divisional bonds.
Earnings of Pacific Telephone & Telegraph co. for Calendar Year 1917.
Gross income
$24,943,6401Interest charges
$2,803,633
Net after taxes & rentals_ $5,045,461 Balance for dividends___ $2,241,828
Regular dividends at the rate of 6% have been paid on the preferred
stock of the Pacific Telephone and Telegraph Co. since Jan. 1907.
Data from A. B.Cass; Pres. Southern Cal. Telephone Co., Dec.231918.
The (Southern) company, organized in California on May 1 1917,
acquired and consolidated the telephone systems of the Pacific Telephone
& Telegraph Co. and the Home Telephone & Telegraph Co. in Los Angeles,
South Pasadena, Huntington Park, Watts, Vernon and Eagle Rock, and
In portions of Los Angeles County adjoining these cities. The population
of approximately 50,000 is now estimated to be in excess of 500,000. The
number of telephones in service has increased rapidly, as follows: 1910,
76,724; 1915, 124,155; 1917, 134,177.
Security.
-Direct first mortgage on property acquired from Pacific
Telephone & Telegraph Co. veiled at over $7,000,000 and direct lien upon
all other property now owned or hereafter acquired, subject only to two
closed mortgages amounting to $1,994,000 upon the property formerly
owned by the Home company, as follows: (a) First (Closed) Mortgage
Sinking Fund 5s, due 1933, $1,254,000; and (b) First & Refunding (Closed)
Mortgage Sinking Fund 5s, due 1945, $740,000. The property, as determined by inventory as of Dec. 31 1915, together with additions up to Dec.
31 1917, represents an actual investment of $17,720,287, or in excess of
twice the total funded debt of $8,559,000.
-An annual sinking fund of 2%
Sinking Fund and Escrow Provisions.
of all bonds issued. Additional bonds may be issued only for 75% of
future capital expenditures, when net earnings are equal to at least 1}i
times the interest on all the outstanding bonds of this issue and the
underlying issues, and on all bonds then proposed.
-The earnings of the Los Angeles exchanges of the Pacific
Earnings.
and Home companies for cal. years 1915 and 1916, together with the
statement of the Southern California Telephone Co. for the year ended
April 30 1918, follow:
1915
-Cal. Year-1916 Year 1917-18.
Gross earnings
$4,126,249 $4,352,647
$4,519,546
Net, after depreciation and taxes.. $558,347
$871,508
$813,728
Interest on funded debt outstanding April 30 1918
$430,200
For (nether particulars, see V. 108, p. 387.
481
United Gas & Electric Co. of N. J.
-Guaranty.
-
See Lockport Light, Heat & Power Co. above.
-V. 107, p. 187.
United States Steamship Co.
-Dividend Deferred.
The directors voted to defer action until the next meeting on the usual
hi-monthly dividend of 1% regular and 3 of 1% extra, which rate has been
paid every two months since March 1917.
The directors issued the following: "Owing to the uncertain steamship
situation and pending the announcement of a definite policy by the Government, the directors deem it advisable to defer action on the dividend
until the next meeting."
B. W. Morse, Vice-President of the company, announced that the income of the company for the last six months was $2,204,753, which is
almost six times the dividend requirements.
-V. 107, p. 2104, 1925.
United States Steel Corp.
-Reduction in Extra Dividend
-Earnings for Quarter and Year.
to 1%
See "Financial Reports" above.
Pension Fund.
The United States Steel and Carnegie pension fund, established in 1911,
for the benefit of employees of the United States Steel Corporation and its
subsidiaries, has issued its annual report covering disbursements made in
1918. Beneficiaries under the plan received a total of $709,059 compared
with $712,506 in 1917. Since the commencement of the pension fund a
grand total of $4367.107 has been distributed. The average age of beneficiaries for the eight years is 65.5, the average length of service 30.1 years,
and the average monthly pension $22 10. In 1918 there were 3,147
employees on the pension Mt; 286 pensions were discontinued and 214
cases added.
-V. 108. p. 282. 177.
Vigo Mining Co.
-Control.
See Indiana Coke & Gas Co. above.
Wages.
-Textile Workers Vote for Eight
-Hour Day.
-
The textile workers in Lawrence, Mass., on Jan. 25 voted to reduce
working hours from 54 to 48 hours per week without any reduction in pay,
effective on Feb. 3. It is understood that there will be no strike to enforce
this decision.
-V. 108, p. 387. 85.
Wayagamack Pulp & Paper Co.
-Earnings.
-
1918.
1917.
Cal. Years1918.
1917.
$1,057,742 $966,349 Balance, surplus
Earnings
$544,036 $513,965
Depreciation
160,000 160,000 To reserves, da
500,000
Bond interest
208,980 210,000 P.41c 1. sur., Dee.31_ _$908,060 $864,023
Amount written off_ 144.726 82,384
On Dec. 311918, capital stock was $5,000,000: bonded debt,$3,395,000.
-V. 106, p. 935.
Willys-Overland Co.
-Profit-Sharing Plan.-
Pres. John N. Willys has issued the following statement (in part) outlining a profit-sharing plan to be adopted by the company:
"That after permanent capital and permanent labor have each been justly
Southern Pipe Line Co.
-Annual Report.compensated, having due regard to the cost of each (the cost of capital and
the cost of living), then the additional profits accruing from the joint emYr.end.Dec.31- 1918.
1917.
1918.
2,069,037 2,534,565 Deficit
Profit
130,962sr. 197.134,566 ployment of permanent capital and permanent labor shall be divided
Dividends
2,199,999 2,399,000 Tot.sur.Dec.31..2,594,692 2,725,654 equally among them-fifty-fifty.
"This plan the Willys-Overland company is going to put in operation at
107, p. 508.
the earliest possible moment, profit-sharing beginning Jan. 11919, for the
Southern Wisconsin Power Co.
years 1919 and 1920 and each year thereafter if the plan proves satisfactory
-Merger.
-to both capital and Jabot. I am determined to do my best to work out
See North Eastern Utilities Co. in last week's issue.
-V. 101, p. 1096.
for our companies the plan which will recognize this right.
"The detail plan when ready to present will recognize and reward indiSouth West Pennsylvania Pipe Lines Co.-Report.vidual efficiency, departmental efficiency and incresaing reward for con1918.
Yr.end.Dec.311917.
1918.
1917.
tinuous service, and these plans will have no influence on periodical ad$295,723 $338,536 I Deficit
Profits
$124,276 $81,463
Dividends
$419,999 $419,999 Total sur. Dec.31.3843,610 $967,886 justments of wages."announced that the
Mr. Willys further
Overland plant would be greatly
-V. 108, P. 387
.
Increased to take care of the additional volume of business created by the
purchase recently of the Moline Plow Co. Farm tractors on a large scale
Standard Oil Co. of Cal.-Extra Dividend.
-V. 107, p. 2384.
The directors have declared an extra dividend of $2 50 per share on the are to be manufactured.
$99,373,311 outstanding capital stock, payable in 4U% Liberty Loan
Wisconsin River Power Co.
-Merger.
the regular quarterly of $2 50, both payable Mar. 15
bonds, along with
See North Western Utilities Co., in last week's issue.
-V.101, p. 1197.
to holders of record Feb. 15. An extra of 2M % was paid in 4T% L. L.
bonds in Sept. 1918, but no extra in Dec.
-V. 108, P. 387.
Yukon Gold Co.
-Note Payment.
This company will pay on Feb. 1 a third of a series of eight promissory
Stanley Rule & Level Co.
-New Officers.
notes for $625,000 each, which were issued to secure a $5,000,000 loan from
The following officers have been elected: A. W. Stanley, President; the Yukon
The
Robert N. Peck, Vice-Pros.; Philip B. Stanley, 2nd Vice-Pres.; B. B. serially in Alaska Trust Co. years.notes were dated Feb. 1 1916, payable
from one to eight
This will be first note to be paid as
Bassett, Treas.; J. B. Wilbor, Sec.; C. W. Nichols, Asst. Sec. Directors:
'
Henry S. Walters, M. H. Whaples, A. W.Stanley, W. J. P. Moore, R. N. the first two notes of the series which fell due in 1917 and 1918 respectively
-V. 107, p. 1009.
Peck, George P. Hart, F. G. Platt, J. M. Nurdick and Philip B. Stanley, were extended.
-V. 106, p. 720.
who succeeds 0. B. Stanley, deceased.
CURRENT NOTICE.
-Notes to Be Paid.
Stern Bros. (N. Y.).
We are informed that this company's issue of $2,000,000 6% Five Year
-The 75th annual statement of the New England Mutual Life Insurance
due Feb. 1. will be paid on Feb. 1 at the Chase National Bank, Co., of Boston, the oldest chartered life insurance company
notes,
in the country,
-V. 107, P. 800.
N. Y.
is published in our advertising columns to-day. A report of the year's
Studebaker Corporation.
-Expansion Plans.
business showed that $47,352,794 new insurance had been paid for. This
A press dispatch states that an announcement has been made to the was the largest amount issued in any year in the history of the New England
effect that the company has perfected plans for the expansion of its South Mutual Life-now three-quarters of a century in
active business
-with
Bend plants whereby the number of employees will be increased from 4,500
at the present time to 16,000 by 1920, thereby enlarging the pay-rollTrom the exception of last year, when the liberality of the company in insuring
1918 to from 317,000,000 to $18,000,000. The company in- soldiers and sailors made the amount written very large. The net increase
$4,824;3. 27 in
tends, it is said, to have 50% of the extension completed by Oct. 1 next for the year of Insurance in force was $28,115,210, and the company
now
and to have the plans fully matured by July 1 1920.
The carrying out of the plan means an investment of $8,000,000 in the has on its books 160,089 policies, insuring $403,609,868. Payments to
new factory buildings which are already in the course of construction, and policyholders were $9,873,208 40, an increase of $2,062,546 56. The
the installation of machinery which is now being contracted for. With surplus returned in dividends to policyholders in 1918 was $2,495,788 72.
the additional facilities, Studebaker will be able to turn out 300 automo- The total assets are $89,166,637 66, an increase
of $4,617,350 51; the
-V. 108, p. 282.
biles daily.
0
11
'WSW,
t
1
11:talogo
total liabilities $85,559,225 30, and the surplus, after setting aside $2,Syracuse Lighting Co.
-Application for Bonds.675,000 for distribution in dividends for the full year 1919, is $3,607,412 36.
This company has filed a request with. the New York P. S. Commission The principal investment made during the year was in U. S. Government
-year gold notes to redeem a like amount loans, and the company holds
for permission to issue $920,000 10
$6,000,000 in Liberty bonds of the various
of demand notes, the proceeds of which latter had been used for extensions
issues.
and improvements from Jan. 1 1916 to Nov. 30 1918.
The company* also asked for an order authorizing and approving the
The past year was the most extraordinary in the history of life insurance.
execution and delivery of an agreement extending to March 1 1929 a Not only did the companies of this country have to contend against
the
mortgage or deed of trust and the time for the payment of the principal
of certain bonds secured under it. The mortgage was made to the Bankers increased mortaility caused by the European War, but beginning with
Co. of N. Y. as trustee, on March 11909, to secure an issue of ten- October last, they suffered from an epidemic of influenza and pneumonia
Trust
year bonds which will mature on March 1 1919. The Commission will take which caused losses far beyond any possible expectation. Since the Plague
-V. 103, p. 1894.
Immediate action upon both petitions.
of London in 1665, no country has suffered from such a pestilence as the
one that has just passed over the United States, striking down the young
-New Well Brought In.
Texas Co.
Reports that this company has brought in a well in Brazoria County, and vigorous, and leaving the old and feeble almost immune. As expected,
Tex., of an estimated daily capacity of 20,000 bbls.-V. 107, P. 2383.
the company had a very large number of death claims; the increase being
of influenza and pneumonia,
due entirely
Transue & Williams Steel Forging Corp.
-Earnings.
-- occasioned byto the epidemictotal losses reported during the and the losses
the war. The
year amounted
1917. I
Cal. Years- 1918.
1918.
1917.
Gross sales_ _ _$6,298,300 $6,749,771!Federal taxes_ $275,000 $360,000 to $5,869,455, or $2,238,814 more than in the year preceding. The payOper. profit__ 892,670 1,181,355 Net profit for
ment of these large claims has given convincing proof of the stability and
dividends...,. $514,601 $880,086
Total income.. $789,601 $1,204,086
safety of the legal reserve system of life insurance.
-V. 106, p. 1236.
-NEw ENGLAND MUTUAL LITE INSURANCE CO.
-The company's
(j. Spencer) Turner Co.-Redemption.annual report for the year 1918, cited in the advertising departSeventy-elght6% Debentures have been drawn for redemption at par and
ment of to-day's "Chronicle," discloses the fact that the total death claims
int. on Feb. 1 1919 at the company's office in N.Y.City.
-V.106,p.827
paid in the year were $5,408,204, as against $3,562,483 in 1917, an increase
-Sugar Refinery-New Fiscal Year.
United Fruit Co.
- of $1,845,721; and the average duration of tha policies 13.9 years, as
The company's subsidiary, the Revere Sugar Refinery, has commenced against 17.8 years. Of the claims paid, 26%, or $1,347.454 were due
to
operations at its new plant at Charlestown, S. C., with a capacity of 3,500
barrels of refined sugar a day. The plant cost about $5,000,000 to erect Influenza and pneumonia alone, the average age being 35.9 years. Of
these deaths,301 forty or over, the greater number being at age 32. Death
and covers seven acres of land.
The United Fruit has under cultivation in Cuba 70,000 acres of cane claims paid include $153,757 on account of 58 men killed in action.
and, controlling transportation facilities, has the distinction of being a
The principal investment during the year was in the subscriptions to the
self-contained sugar refining enterprise.
United
It is announced that this company has changed its fiscal year so as to Liberty States Government loans, the company now holding $6,000,000 in
bonds of the various issues. The amount of surplus returned to
commence Jan. 1 instead of Oct. 1.-V. 107, p 2482.
policy-holders in 1918 was $2,495,789, and the amount set aside for distribution in 1919 is $2,675,000, an increase of $200.000. The total assets
-New Director.
United States Gypsum Co.
now amount to $89,166,638. an increase of $4,617,350, the total liabilities
E. A. Bancroft has been elected a director to succeed 0. G. Root. de- $85,559,225, and the surplus after setting aside the distribution for the
ceased.
-V. 107, p. 1925, 1843.
full year is 33,607,412.
•
THE CHRONICLE
488
Xhi Trainux,ercial
•
1.
A.
•
•
• •
COMMERCIAL EPITOME
[VOL. 108.
ships which cannot be laid down before Aug. 1 next. • The
order clears the way for building larger ships along lines best
fitted for commercial competition in peace time. The revision in the building program is expected to out ultimately
the output of wood ships to an aggregate of 1,000,000 deadweight tons and steel ships to 12,000,000 tons, instead of
nearly 15,000,000 originally contracted for. The shipyards affected by Aug. 1 cancellations will not necessarily
lose contracts for they will build a porportionate number of
lager vessels.
Notwithstanding a recent sharp decline in pork, &c. Chicago reports a new January record on prime cattle Of $20
per cwt., comparing with the previous January record last
year of $14 30. At the beginning of the war the price for
the same grade was only $9. There is sharp comment on the
fact that the Food Administration has refused to reduce
the fixed price of hogs. It continues the unheard-of rate
of $17 50 despite the demand of the Chicago Board of
Trade, the New York Produce Exchange and other bodies
that price-fixing of hogs be abolished. So far from doing
it, the Food Administration has rubbed in its refusal to do
so by actually reaffirming an abnormal war price in the
time of peace and plenty. While the U. S. Government
makes the price of American wheat $2 26, other countries are
said to be selling at about a dollar a bushel less. At the
New York Produce Exchange there is opposition to the
announced plan of the Food Administration to maintain the
Government's fixed price of $2 26 per bushel for wheat until
next June. President J. Franklin McElwain of the National Boot & Shoe Manufacturers' Association, says there
is no probability of lower prices for shoes for the next six
months, owing to the increased cost of leather since the
signing of the armistice.
LARD easier; prime Western, 23.40@23.50o.; refined for
the Continent, 28.500.; South American, 28.65c.; Brazil,
in kegs, 29.65e. Futures have advanced with the hog price
of $17 50 maintained for February, although there was talk
at one time that it might be reduced to $17 or even $16 50.
Some even went so far as to suppose that there might be a
discontinuance of all price-fixing. Sharp comment was made
on the fact that the petitions of the New York Produce
Exchange and the Chicago Board of Trade for the removal
of price-fixing were ignored. Pork advanced $1 per barrel
and lard and ribs 50c. per 100 pounds on the 29th inst.,
following the $17 50 announcement. This was the maximum advance allowed by the regulations for one day.
Shaets covered freely. Packers have been buying steadily.
To-day prices declined, but they end slightly higher for the
week.
Fiiday Night, Jan. 311919.
Industry is, if anything, quieter than it was recently.
This is noticeable, especially in textiles and the steel and
iron business. Retail trade is smaller. Phenomenally
mild weather during January has hit it hard. Jobbing and
wholesale 'lines are slow. And a new factor has arisen.
Collections are no longer as prompt as they were. There is
growing complaint ot unemployment. Returning soldiers
are not always readily placed. Big strikes continue in this
city and are feared in New England unless a 48-hour week is
granted with 54-hours pay. Meanwhile very many expect
very low prices for all sorts of merchandise. Therefore they
fear to buy freely; they might be caught with large stocks
on a falling market. A big decline in cotton during the past
month certainly does not help trade at the South. In
cotton mills curtailment of production is becoming very
noticeable. In parts of the Carolinas and Virginia it is
said that cotton mills are running only for and five days a
week. The tendency is very noticeable to reduce the output of steel. Heavy winter clothing is not selling readily
with temperatures abnormally high. Ocean freignts have
been sharply reduced but as yet this has had no particular
effect on cotton exports, for instance, though they are
gaining, however, on the total of last year at this time.
The labor unrest on both sides of the water is not without
its effect. Developments at the Peace Conference do not
please everybody; far from it. The decline in the stock
market and the cutting of the extra dividend by the Steel
Corporation attracted attention in the mercantile world,
and certainly did not tend to encourage optimism. Great
Britain, moreover, has published a long list of articles which
it will not permit to be imported into its dominions. Moreover, failures are becoming rather more numerous, though
they are still far below those of the last four years, at this
time. On the other hand, the big decline in ocean freights
tends to help the steel, lumber, coal and leather trades,
and it may ultimately help cotton. • This country has
undersold England in tin plate business with Japan. England is nervous about American competition in iron and
steel. Agricultural implement manufacturers are busy.
The mild winter helps the automobile business. Wheat.
exports have increased and they are now well above those
of last year. Coal prices are lower. Food prices are also
declining. But merchants are, as a rule, watching the
labor situation, and the drift of prices rather than trading DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Sat.
Mon. Tues. Wed. Thurs.
23.47
heavily. The feeling is not pessimistic. It simply inclines January delivery__cts_22.67 22.47 22.97 23.47 22.97 22.72
23.30 23.05
22.97
22.67 22.47
May delivery
to caution until daylight is plainly to be seen ahead.
It is estimated that nearly 200,000 men and women have . PORK steady; mess, $50@$51; clear, $43@$49. Beef
been idle in the United Kingdom and Ireland because of steady; mess,$350$36; packet, $37@$38; extra India moss,
strikes in various trades, creating one of the most serious $63@$65. No. 1 canned roast beef, $4 25; No. 2, $8 25.
industrial situations in many years, though many have re- Cut meats lower at 269'©26%c., for pickled hams, 10 to
turned to work. Half of the strikers are in Belfast, where 20 lbs., and 32@33c. for pickled bellies. To-day May
the movement is spreading. Telegraphic reports received pork closed at $38 20, showing a decline for the week.
by the United States Employemnt Service for the last week Butter, creamery extras, 463/2©480. Cheese, flats, 34c.
on conditions of employment and unemployment all over Eggs, fresh gathered extras, 60@61e.
the country indicate that the general trend of the situation
COFFEE quiet and slightly lower on the spot; No. 7
is becoming serious. Yet, a movement among textile work- Rio 143c.; No. 4 Santos 213c.; fair to good Cucuta 194@,
rather narrow limits,
ers for the inauguration of a universal eight-hour day in the 20*. Futures have fluctuated
industry, beginning next Monday, comprises approximately declining early in the week and rising, with Brazilian markets
one-half the mill industry in New England. Workers in higher, owing to European buying. Firm offers of cost and
Fall River, the textile centres of Rhode Island, and of the freight have been higher. Europe is said to be more disBlackstone Valley in Massachusetts, Salem, Biddeford and posed to buy., It is said that the Sao Paulo treasury bonds
Saco, Maine, have joined in the demand previously made by issued for the valorization of the crop and secured by oneoperatives at Lawrence, Lowell and Manchester, N. H. half of the surtax of $1 per bag, have all been paid and
The mills in these cities employ an aggregate of upwards of retired. This was regarded as optimistic indication. At the
-hour week with same time stocks in Brazil are still large. Rio has 754,000
120,000 persons. In general they want a 48
54 hours pay. as now.
bags, against 581,000 a year ago, and Santos 5,246,000,
,The weather in this country, particularly here in the East, against 3,539,000 at this time last year. Latterly, a better
has been mild. Chicago has recently had the mildest trade demand has been reported. To-day prices advanced
weather in fifty years. It has had a high record winter at- and they end higher for the week. Closing prices:
tendance at its parks. January here was practically snow Jan
c 13.55(013.58 May____c_14.12 14.14 1 Sept____c_13.75 13.78
13.70 13.72
Juno
14.05 14.07 Oct
less for the first time in many years, if, indeed, such a con- Fob
July
13.65 13.67
13.98 14.00 Nov
March
dition ever existed before in the second month of winter. April
13.60 13.63
Aug
13.87 13.89 Dec
on immiDecember was also snowless. A four-year ban
SUGAR fairly active and steady; centrifugal, 96-degrees
gration has been agreed upon by the House of Representaand Porto
tives Committee on Immigration. Cuba, Mexico, Canada test, 7.28c. for Cubanfirst half of Rican. Arrivals at Cuban
February it is believed will
and Newfoundland are exempted. The bill is aimed at the ports are large. The
here.
Bolsheviki. Many classes of aliens in Europe, however, are see a sharp increase in suppliestons, asThe receipts at Cuban
against 58,612 in the
ports last week were 101,620
excepted.
to 180,531 tons,
cut of 66 2-3% in transatlantic freight rates will further previous week. And stocks have increased 167 mills grindThere are
the sale of American manufactured goods of all kinds practic- as against 123,277 last week. week. Refiners' meltings are
the previous
ally for the first time since the beginning of war, including ing, against 152 inthe demand for refined sugar is not at
hardware, canned goods, cotton, &c., and lubricating oils, increasing. But it is only moderate. The Sugar Equalthough Great Britain has put a ban on the importation of all active. In fact just bought 289,700 bags of Cuba at
many articles. Price-fixing for coal, it is stated, will end ization Board has
of
freight,
Feb. 1, except for Pennsylvania anthracite. Open market 5.88c., cost and Europe, and 18,200 tonswillPorto Rico at
have to buy
it is believed,
conditions will then prevail. It will be a ease of supply 7.28c. c. i. f:
and demand under normal conditions. The mild winter largely in this country. The French sugar industry is in
has, of course, helped consumers. Curiously enough the no shape to take up active operations as yet.
-Linseed quiet and steady;city raw,car lots, 1.450.;
OILS.
winter seems also to have been mild on the continent of
5-barrel lots, 1.48c. Edible laid, $1 90@$2. Cocoanut,
Europe, whereas in this country it was severe last year.
The big Pillsbury flour mills at Minneapolis have shut Ceylon, barrels, 153/2@16c. Cochin, barrels, 18 ®18Me.
3
down because there is a poor market for flour. The Gov- Soya bean, 14(4)150. Corn oil, crude wood, 17%© 180.
ernment has not bought flour for six weeks. The Shipping Olive, 3.50(4)4c. Cod, domestic, 1.40@1.50c. Spirits of
Board has suspended all contracts for construction of steel turpentine,13c. Common to good strained rosin, $13 90.
FEB. 1 1919.]
THE CHRONICLE
PETROLEUM in fair demand and steady; refined in
Receipts to
barrels, cargo, $17 25@$18 25; bulk, New York, $9 250,
Jan. 31.
$10 25; cases, Now York, $20 25@$21 25. Gasoline remains unchanged; motor gasoline in stool bbls. to garages,
Galveston
243/20.; to consumers, 263/2c. Gas machine, 413/2c.
Texas City
Pennsylvania dark $400 South Lima
0 bell
277 Indiana
Crichton
Corning
Wooster
Thrall
Strewn
De Soto
North Lima
1 40
285
258
225
225
215
2 38
Princeton
Somerset,32 degRagland
Electra
Moran
Plymouth
32 38 Illinois, above 30
228 degrees
$2 42
2 42 Kansas and Okla260
1 25
225
2 25
2 33
homa
2 25
Caddo, La., light 2 25
Caddo, La.. heavy 1 25
Canada
2 78
Healdton
1 45
Henrietta
2 25
TOBACCO-Prices for leaf have been firm; that is,
farmers refuse to give way. Bids are. Sc. under growers
prices, however. Export trade is lacking. Old crop leaf
is in fair demand. It is no more than that, for manufacturers supplies are not exhausted by any means; far from it.
Yet the quantities released from bond reveal a good consumption. And Great Britain has annulled its war decree
as to prices and distribution and restricting exportations.
A Washington dispatch says 95% of American Expeditionary
Force uses tobacco and smoking has increased in the army
since the armistice was signed. The purchases. it is said,
average monthiy 425,000,000 cigarettes and 20,000,000
cigars for overseas shipment. It is stated that because
of the inability to get ors on their last year's crops smaller
tobacco growers in v!cinity of Springfield will apply to the
Government for privilege of placing their tobacco in bond
to obtain money to start this season's planting. Larger
growers are protected by large buyers; but smaller farmers
cannot obtain bids. Washington reports leaf tobacco on
hand Jan. 1, 1,234,884,396 lbs., against 1,176, 234,657 lbs.
on Jan. 1 1918; unstemmed Jan. 1, 1,074,175,156 lbs.;
stemmed Jan. 1, 160,709,240 lbs.
COPPER nominally 20@23c., but there are said to have
been small offerings at as low as 18%c. for electrolytic.
Boston wires that electrolytic copper has been offered down
to 18% and 19 cents. It was offered down to that level, it
is said, the lowest which has prevailed in several years, by
a small agency whicii has previously undersold the larger
producers. The domestic demand is light. New business
since the signing of the armistice last November has been
small. Tin unchanged at 71@72c. Lead lower at 5.35@
5.50c. Spelter easier at 6.950.
PIG IRON has been quiet. Many blast furnaces have
been closed down. Lower freight rates may help export,
trade. They.have been cut sharply of later, on general
merchandise, 1. e., 66 2-3%. But when export business will
actually improve remains to be seen. There seem to be no
signs of it as yet. In fact the trade as a whole is simply
awaiting events. Price control of coke ends with this week.
In the South there seems to be a disposition to quote the
lower revised prices on pig iron. Western bar-iron mills
have little business. par iron is down to $2 70 at Pittsburgh, but Eastern mills say they cannot make the lower
price. In general the outlook for steel may be said to be
improved, owing to the sharp cut in ocean freights.
STEEL shows some signs of an export awakening owing
to a decrease of 66 2-3% in ocean freights on both sides
of the Atlantic. The British trade is supposed to be nervous
over the market. They are afraid that American steel
and iron may supplant the British in home markets at least
for a time.. .England has a good deal of steel made at a
cost. Significantly enough too an American mill in
open competition has recently sold tin plates to Japan.
The British fixed price being $43 a ton higher than a Pittsburgh quotation. The big cut in freights, it is supposed,
will open the door still wider for okports from this country.
1918-19.
1917-18.
Stock.
Since Aug This Since Aug
1 1918. Week. 1 1917. 1919. 1918.
44,660 1,163,683 28,183 1,252,658 272,773 275,976
3,765 42,273 6,716 47.318 12,906 35,361
Port Arthur
5,492
Aransas Pass,&c_
541 20,758 487 17,363
New Orleans_ _ __ 34,461 867,400 57,935 1,036,425 427,269 416,395
Mobile
2,552 96,338
60 67,507 25,729 9,350
Pensacola
9,422
20,767
Jacksonville
650 17,036 1,200 35,850 10,800 16,000
Savannah
20,975 656,560 12,327 778,554 279,018 247,340
Brunswick
52,950
110,400 5,130 18,000
Charleston
3,945 118,727 4,000 177,307 58,470 58,880
1,769
Wilmington
2,304 67,573 1,773 66,415 55,826 41.696
Norfolk
N'port News,&c_ 6,459 189,053 3,680 217,248 99,120 84.390
2,909 264 3,469
New York
3515 6,534 611
Boston
1,064 18,267 2,008 104,386 87,710 138,215
80,764 14,383 19,425
Baltimore
37
9,350
Philadelphia ------------30 923 61,135 3,592 27,382
___
65 3,520
4,917
Totals
121.875 3.345.450 122.001 4.086.578 1.362.076 1.393.327
1
Sat.
Mon. I Tues,
,735
2
Galveston
_
Texas City
---------New Orleans , 3,441 4,535
151
211
Mobile
Pensacola
---- ---Jacksonville
,,,
---Savannah
4,733 2,550
Brunswick
Charleston
"872 "Wii
Wilmington _ _ _ _ I 226 593
I 1,689 738
Norfolk
N'port News,
New York &c! ---- --200 ---Boston
_- ___.
Baltimore
Philadelphia___ _1
,......
Totals this weeki 15.100 14.6761
Wed. 1 Thurs.
Fri.
5,79
'
3,958 7,470
----------- 3,238
527
3,913 5,601 4,744 12,541
227
723 524 322 621
---- ---- ---- ------- ---- ---- 650
4,243 4,271 1,832 3,346
1:455 "256 -586 "dgi
989
48 163 285
440 863 1,269 1,460
----------------100
50
____ -,-910 144
10
---- ---- ____
149
Total.
44,660
3,765
541
34,461
2,552
---650
20,975
3,648
2,304
6,459
---350
1,064
149
17,531 30.422 16.129 28.017 121.875
The following shows the week's total receipts, total since
Aug. 1 1918 and stooks to-night, compared with last year:
This
Week.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seaions:
Receipts at1919. 1918. 1917. 1916. 1915. 1914.
Balveston ___ 44,660 28,183 57,730 51,505 152,776 98,635
rexasCity,&c
4,306 7,203
1,748 20,427
30,987
gew Orleans_ 31,461 57,935 11 850 25,616 47,467 56,645
56,448
Slobile
2,55?
60 1,828 4,626 6,964 3,725
3avannah
20.975 12,327 5,900 25,007 84,858 22,548
3runswick_
4,000
3.000
Dharieston,&c
3,945 1,679 5,000 2,160 9,000 4.700
1,436
9,728 3,101
Wilmington
2,304 1,773
356
759 9,102 4,468
gorfolk
6,459 3,680 4,862 1,346 17,178 14,230
g'port N.,&c.
264
862 2,684 3,208
kir others_ _ _
2,213 4,807 5,820 20,604 14,988 3.846
rotal this wk. 121,875 122,001 96,530 167,472 419,923 246,093
3ince Ana. 1_ 2.345.4554.056.578 5212282 4.842.438 5.724.711 8_448_093
The exports for the week ending this evening reach a total
of 180,467 bales, of which 74,612 were to Great Britain,
48,285 to France and 57,570 to other destinations. Exports
for the week and since Aug. 1 1918 are as follows:
Exports
from-
Week ending Jan. 311919.
Exported to-
From Aug. 1 1918 to Jan. 31 1919.
Exported to
-
Great
Great
Britain France. Other. Total. Britain. France.
Other.
Total.
Galveston...
Texas City
Pt. Nogitlez
NewOrlean 25.151
Mojjile
Pensacola
Savannah.._ 16,142
Brunswick _ 25
Charleston
Wilmington
Norfolk..__ 12,52
New York_ 20,544
Boston
Baltimore
Phil:triers
PacificPorts
Total...._.I 74,612
48,285 57,57 180,467 1,262,461 377,124 893,891 2,533,475
Tot.'17-'18* 15,01
Tot.'16-'17_ 39,78
22,6861 19,52 57,224 1,576,135 363,691 769,7622.709.588
6,7841 38,12 84,6921,884,931 536,891 1,336,69 3.758,518
33,141
13,32
1,819
9,929 43,07i 451,819
13,552 38,703 308,44
53,862
9,532
29,467 88,957
25
33,663
12,525 24,075
27,963 238,349
22,286
12,355
19,116
28,489 28,489
5,6
58,701 247,92
15,8
13
143,72' 108,66
758,447
15,800
130
560,841
53,862
9,532
115,57
77,41 281,948
33.663
1,000
1,400
400
5,648
5,646
31
24,106
52,512 182,56 473,423
5,576
27,862
12,355
1,4
20,516
253,94 253,944
*Figures adjusted to make comparison with this semen approximately correct.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forGreatGerOther CoastJan.31 at- Britain.1 France. many. Cont't
. wise.
Galveston ____
New Orleans__
Savannah
Charleston
Mobile
Norfolk
COTTON
New York *
Friday Night, Jan. 31 1919.
Other ports*__
THE MOVEMENT OF THE CROP,as indicated by our
Total 1919._
Total 1918
telegrams from the South to-night, is given below. Foe the
Total 1917_
week ending this evening the total receipts have reached
*Estimated.
121,875 bales, against 142,425 bales last week and 161,949
bales the previous week, making the total receipts since
Aug. 1 1918 3,345,450 bales, against 4,086,578 bale for the
same period of 1917-18, showing a decrease since Aug. 1
1918 of 741,128 bales.
489
13,592'
6,394 17,280
______ 20,000
6,465
10,000 3,000
10,000 3,000
46,451 43,280
50,393 28,000
35,630 20.979
5,000
9,880
5,000
3,000
22,880
29,307
48.563
Total.
Leaving
Stock.
500 19,092 253.681
727, 34,281
2,900 22,900 392,988
256,118
700
700 57.770
I 6,465 19,264
550 550 98,570
18,000 69,710
16,000 95,987
5,377j117,988 1,244,088
15,250122,950 1,270.377
20.862126.034 1.264.824
Speculation in cotton for future delivery was rather more
active early in the week at a sharp rise in prices, but latterly
it has fallen off with prices reacting sharply. The rise was
due to partly sold out and oversold condition of the market, buying by Liverpool and the French Commission, and
the heavy covering of shorts. Local bulls bought freely.
Also freights to Europe were cut to $1 25 and $1 50 per hundred pounds from Atlantic and Gulf ports, respectively. It
was believed that this will be the signal for an increase in the
exports before long, especially as Europe is bare not only of
raw cotton but of cotton goods. Ocean tonnage is in increasing supply. Much shipping, it is believed, will be supplied by Germany for the purpose of transporting troops
homeward. This will leave just so much the more available for the needs of ordinary commerce. Besides, transports can be utilized on the return trip to Europe in exporting all sorts of American merchandise, by no means excluding
cotton. England in the meantime has rescinded all restrictions on its trading with neutrals. This of itself may at
least indirectly help American's export trade in cotton. And
the big deficit which at one time existed in the exports of
cotton from this country as compared with last year is
rapidly being closed up. In any case, whatever figures are
.
considered, the deficit as already intimated, is being steadily
reduced. And that strikes many as a thing of hopeful
augury, even though the total last year was undoubtedly
small. Apart from all this, spot cotton at the South has
been generally reported strong, so far as the great mass of
holders are concerned. And, although indeed the world in
general is on an inflated basis, it is intended that deflation
cannot be done overnight by any means. In fact, it is
argued that it may be a very gradual process. Meanwhile,
too, wages are high. The buying power of the people,
especially the working and agricultural classes, is unusually
high. Big wages and big prices for the crops easily explain
that. The United States is a big creditor nation, whereas
it was a debtor nation before the war.
Many maintain that although there may be a period of
slowing down during the transition from the war to a peace
basis, yet ultimately there is likely to be a big revival of
business. Also so far as cotton is concerned there is an agitation going on in the South in favor of a reduction in the
acreage. The time has now arrived for crop preparations
in such States as Louisiana, Alabama, Mississippi, Georgia
and parts of Texas. It is asserted that around 20c.for October there is no profit in raising cotton. The risk is declared
to be too great. The farmer, it is asserted, might better
buy October and spare himself the labor and trouble of the
planting season with all that follows. Mules are said to be
$800 to $1,000 a pair over much of the South, guano $50 to
$55 a ton, labor $2@$2 50 per day, with all foodstuffs very
high; also agricultural implements. It is asserted that
many farmers will prefer to raise food and feed crops rather
than cotton unless there is a decided rise from the level of
200. per pound for October cotton. Meanwhile spot cotton
is quoted 400 points on March for middling.
Some of the Southern banks are said to be advancing
dealers $100 a bale of almost any grade in spite of the recent
weakness in prices. The Smith amendment to the Lever
Act limiting deliveries on contract here to two grades above
and two grades below middling has apparently been killed
at Washington. New Orleans and Texas interests did not
want it. But Liverpool it is noticed has changed its contracts so that no grades below that of low middling can be
tendered. Some think this is something in the nature of
stealing a march on New York. On the other hand spot
cotton is quiet, cotton goods are slow, strikes are threatened
-hour day and 9 hours pay is
in New England where an 8
demanded, labor unrest is very apparent across the water
and the idea is widespread that inflated prices have got to
be deflated sooner or later. General trade in this country
is quiet. Mild weather has hurt it. The belief that prices
must gradually decline militates against all kinds of business
and the cotton trade by no means escapes.
Also many scout the idea that present prices for raw cotton are low. Before the war nobody considered even 18
to 20 cents for raw cotton low, to say nothing of the present price around 22 cents for May and. 27 cents for middling
uplands. They would have been thought very high, almost
incredibly so. It is also contended that 20 cents is not
an unprofitable price, taking the belt as a whole, at which to
raise cotton. There is little likelihood, it is declared, of the
acreage being decreased. It has been often threatened, and
almost or quite as often the threat has not been made good.
The soil of the South, moreover, is in an exceptionally good
condition. Spinners 'takings are far behind those of last
.
year. World's stocks are larger than then, even though it
is true that they are ill-distributed. The statistics for the
current week do not as a rule favor holders. Speculation
is dull. The outsider fears the big fluctuations and the
dulness of trade, the big supplies at the South and the
universal opinion that prices have got to go down. A declining stock market at times has had a more or less depressing effect. Japanese interests, as well as the South and
Wall Street, have sold. To-day, it is true, prices advanced.
Liverpool and Belgian interests were understood to be buying. Shorts covered. Many are hopeful of larger exports.
But before the end there was a reaction on profit-taking and
Southern selling. Yet for the week prices are higher for
May at about 1 cent net. At one tune during the week
the rise on that month was 205 points. Here on the spot
middling uplands ended to-day at 26.950., showing a rise
for the week of 135 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 25 to Jan. 31Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
26.20 25.95 27 95 26.70 26.70 28.95
NEW YORK QUOTATIONS FOR 32 YEARS.
1919_c
1918
1917
1916
1915
1914
1913
1912
[VOL. 108.
THE CHRONICLE
490
26.95
31.65
17.55
11.80
8.45
12.75
13.05
9.70
1911_c
1910
1909
1908
1907
1906
1905
1904
14.95
14.60
9.85
11.65
11.00
11.35
7.25
16.76
1903_c
1902
1901
1900
1899
1898
1897
1896
9.05
8.25
11.00
8.00
6.44
5.94
7.31
8.25
1895_c
1894
1893
1892
1891
1890
1889
1888
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Saturday..__
Monday
Tuesday ___
Wednesday_
Thursday .._
Friday
Futures
Market
Closed.
Quiet,60 pts. adv__ Steady
Very steady..
Quiet, 25 pts. dec
Steady, 200 pts. adv Strong
Quiet,125 pts.dee_ Barely steady....
Barely steady..
Quiet
uiet, 25 pts. adv. Steady
Total..
SALES.
Spot. Contract
2,100
500
37,66
5,600
5.62
8.06
9.44
7.50
9.31
10.94
9.88
10.69
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been a 3 follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'u, Friday,
Jan.25. Jan.27. Jan.28. Jan.29. Jan. 30. Jan.31.
Week.
February
Range
- - 22.35 -22.10-.25 24.10 -22.75 -22.80 -23.10 Closing
March
Range
21.79-.53 21.25-140 22.04 z95 22.58 x35 22.35-.03 22.53-.20 21.25 z35
tolosing...._ _ 22.20-.28 21.95-.00 23.95 -22.60-.70 22.64-.67 22.94-.96-- April
22.50 22.50
Range
Closing_...... 21.40 -21.15 -22.95 -21.80 -21.50-.60 21.90 -- May
Range
21.04-.54 20.20-133 21.00-182 21.46 z17 21.05-.92 21.22-.10 20.20 z17
Closing...... 21.20-.23 20.95-.97 22.80-.82 21.46-.50 21.38-.41 21.73-.74-- June
20.25-.30
Range
20.25-.30
- Closing__ 20.70 -20.35 -22.25 -20.90 -20.75 -20.93 July
Range
20.43-.92 19.58-J68 20.25-115 20.60-135 20.40-.05 20.45-.15 19.58-135
20.61-.63 30.20-.30 22.10-.15 20.60-.65 20.51-.52 20.83-.84-- tolosing
August
18.95-J03
19.70-.90 18.95495 19.63 -- -19.50-.03-- Range
19.70 -19.50 -21.30 -19.70 -19.80 -20.00 - -wlosing
September
19.20 -19.00 -19.95-115 19.35-J75 19.78 -- -19.00-J75
Range
Closing
19.40 -19.35 -21.10-.15 19.30-.40 19.40 -19.62 - - October
19.00-.60 18.50-.45 19.07-J75 19.10-J95 19.05-.60 19.25-.77 18.50-195
Range
- 19.30-.33 19.14-.20 20.70-.75 19.10-.20 10.20 -19.42 -:closing
November
Range
19.20 -19.12 -20.55 -10.00 -19.10 -19.30 - - Closing
December
19.25-.45 18.55-.30 19.25-J27 19.00-185 18.80-.20---18.55-J85
Range
- 19.10-.20 19.10-.11 20.40-.53 18.90-.05 19.00-.10 19.20 -Closing
z 24o. z 23c. 1220. /21c. j20c. 419o.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete fiures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 31Stock at Liverpool
Stock at London
Stock at Manchester
1919.
bales__ 406,000
16,000
65,000
1918.
456,000
21,000
51,000
1917.
884,000
28,000
69,000
1916.
811,000
60,000
65,000
487,000
528,000
97,000
1,000
50,000
34,000
120,000
3,000
70,000
28,000
981,000
*1,000
*1,000
297,000
7,000
101,000
232,000
*1,000
936,000
*1,000
*1,000
316,000
11,000
74,000
167,000
*1.000
182,000
221,000
640,000
571,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks____,..__ 669,000 749,000 1,621,000 1,507,000
24,000
30,000
98,000
India cotton afloat for Europe...._ 25.000
Amer. cotton afloat for Europe__ 395,463 185,000 358,545 366,416
69,000
Egypt,Brazil,&c.,afloat for Eur'e 54,000 110,000 111,000
386,000 355,000 167,000 196,000
Stock in Alexandria, Egypt
*600,000 *540,000 615,000 808,000
Stock in Bombay, India
1,362,076 1,393,327 1,390,858 1,726,877
Stock in U. S. ports
Stock in U. S. interior towns__1,484,636 1,318,330 1,207,788 1,332,914
29,627
1,400
57,086
U. S. exports to-day •
5,033,261 4,680,657 5,570,591 6,050,834
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales.. 256,000 280,000 738,000 582,000
Liverpool stock
56,000
21,000
60,000
36,000
Manchester stock
*153,000 *191,000 *531,000 *477,000
Continental stock
395,463 185,000 358,545 366,416
American afloat for Europe
1,362,076 1,393,327 1,390,858 1,726,877
U. S. port stocks
1,484,636 1,318,330 1,207,788 1,332,914
U. S. interior stocks
29,627
1,400
57,086
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
3,744,261 3,388,657 4,287,591 4,570,834
150,000 176,000 146,000
21,000
28,000
16,000
30,000
9,000
29,000
*29,000 *30,000 *109,000
98,000
30,000
25,000
54,000 110,000 111,000
386,000 355,000 167,000
* 600,000 *540,000 615,000
229,000
60.000
9,000
*94,000
24.000
69,000
196.000
808,000
1,289,000 1,292,000 1,283,000 1,489,000
3,744,261 3,388,657 4,287,591 4,570,834
Total East India, &c
Total American
5,033,261 4,680,657 5,570,591 6,059,834
Total visible supply
16.59d. 23.15d. 1033d.
7.89d.
Middling upland, Liverpool
26.95c.
14.30c.
12.000.
31.20c.
Middling upland, New York
30.79d. 30.82d. 21.95d. 11.80d.
Egypt,good brown, Liverpool
Peruvian, rough good, Liverpool.. 35.004. 37.00d. 18.00d. 11.75d.
17.42d. 21.854.
0.90d.
7.65d.
Broach,fine, Liverpool
17.67d. 22.10d. 10.08d.
7.77d.
Tinnevelly, good, Liverpool
*Estimated.
Continental imports for past week have been 73,000 bales.
The above figures for 1919 show an increase over last week
of 18,909bales, a gain of 352,604 bales over 1918, a decrease
of 537,330 bales from 1917 and a loss of 1,026,573 bales
from 1916.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotaticns of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton on
Week ending
Jan. 31.
Saturday. Monday.i Tuesday. Wed'day. Thursd'y. Friday.
28.25
Galveston
27.50
New Orleans
Mobile
31.00
Savannah
Total. Charleston
30.00
24.00
Wilmington
23.50
Norfolk
2,100 Baltimore
24.00
500 Philadelphia _-- 26.45
25.00
Augusta
37,666 Memphis
28.00
Dallas
27.50
Houston
5,600 Little Rock
26.75
28.25
27.00
51:60
30.00
24.00
23.50
24.50
26.20
24.75
28.00
25.25
27.50
26.50
28.25
27.00
23.50
31.00
30.00
25.50
124.00
124.50
128.20
125.00
.28.00
27.15
127.50
,26.50
28.25
27.50
23.50
30.00
30.00
25.50
25.00
26.00
26.95
25.50
28.00
27.15
27.50
28.50
28.25
27.50
23.50
30.00
30.00
24.25
24.00
25.00
28.95
25.50
28.00
25.90
27.50
28.50
28.25
27.50
23.50
30.00
30.00
24.50
24.00
25.00
27.20
25.50
28.00
26.20
27.50
26.50
FEB. 11919.]
THE CHRONICLE
491
AT THE INTERIOR TOWNS the movement-that is,
Abilene, Tex.
-Rain on one day of the week. The rainfall
the receipts for the week and since Aug.1,the shipments for has been sixty-eight hundredths of an inch. Average therthe week and the stocks to-night, and the same items for the mometer 45, highest 60, lowest 30.
corresponding period of the previous year-is set out in
Amarillo, Tex.
-Dry all the week. The thermometer has
detail below:
averaged 35, the highest being 49 and the lowest 22.
Brownsville, Tex.
-We have had rain on five days during
Movement to January 31 1919.
Movement to February 11918.
the past week to the extent of three inches and forty hundredths. The thermometer averaged 60, ranging from 46 to
Ship- Stocks
Receipts.
Receipts.
Towns.
Ship- Stocks
meats. Jan.
meats. Feb.
74.
Week. Season. Week.
Week. Season. Week. 31.
1.
-It has rained on one day during the week,
Dallas, Tex.
4,312
____ 2,872
131
Ala., Eufaula
34
4,094
__ 2,721 to the extent of twenty-two hundredths of an inch. The
703 26,234
Montgomery.
795 46,691
657 57,002
766 14,008 thermometer ranged from 38 to 64, averaging 51.
55 33,217
181 20,873
403 53,527
Selma
73 2,184
32,738 1,429 6,231
191
Palestine, Tex.
Ark., Helena
-Rain on one day of the week. The rain300 32,202
600 18,578
Little Rock
2,895 119,544 4,278 44,269 5,003 165,763 2,287 57,716 fall has been four hundredths of an inch.
Lowest thermom778 43,666 3,132 108,736
Pine Bluff._ 2,744 93,911
500 58,132
83 4,577
9,910
12 12,187
Ga., Albany
17
53 2,109 eter 40, highest 64, average 52.
937 97,753 4,300 38,597
Athens
950 98,895 1,882 33,823
San Antonio, Tex.
-It has rained on two days during the
2,689 135,802 5,060 23,855 7,933 237,029 9,448 49,520
Atlanta
6,644 297,031 3,520170,713 4,242 390,889
Augusta
____ 176,767 week to the extent of fifty-one hundreths of an inch. The
115 29,990
Columbus__ _
15 50,173
700 29,963
200 10,000 thermometer has averaged 54, the highest being 66 and the
3,922 140,304 4,190 37,046 1,891 133,422 1,386 25,912
Macon
187 15,055
307 38,491
Rome
506 45,801
551 15,872 lowest 42.
La.,Shreveport 1,570 105,918 2,114 52,237 3,047 177,386 2,684 49,274
-There has been rain on one day the past
Taylor, Tex.
327
Miss.,Columbus
17,392
417 4,978
100
9,110
400 2,236
Clarksdale --- 3,037 101,247 2,627 48,813
600 98,294
800 52,000 week to the extent of eighteen hundredths of an inch.
Greenwood.... 3,000 105,178 1,000 45,000
960 111,084
60 32,710 Minimum thermometer 40.
99 15,009
Meridian
32,256
781 27,146 1,333 11,282
371
-It has rained on one day during the
New Orleans, La.
375 15,693
Natchez
300 44,338
344 34,876
400 9,715
yieksburg
878 26,118 1,131 10,984
420 18,680
578 6,302 week, to the extent of three inches and one hundredth. The
163 34,824
Yazoo City.- 1,263 31,670 1,525 17,664
9 15,634 thermometer averaged 56.
Mo.,St. Louis_ 14,779 329,573 14,822 24,401 12,177 789,612 12,277 20,500
700 8,300
Shreveport, La.
N.C.,Gr'n8boro
-We have had rain on one day of the past
700 22,830
400 22,392
400 5,200
100
325
5,055
149
42
Raleigh
6,498
150
227 week, the rainfall being two hundredths of an inch. Mini0., Cincinnati- 2,501 82,655 2,301 15,200 3,183 86,911 3,005 31,861
Okla., Ardmore
13,750
____ 4,500 mum thermometer 39, maximum 61.
800 45,669 1,000 11,176
Chickasha -- 1,000 33,770 1,129 10,001
Vicksburg, Miss.
-It has rained during the week to the
Hugo25,718 1,911 1,790 1,004 26,751
35 4,896
200 6,001
29,999
700 34,209
---Oklahoma --600 7,933 extent of fifty-three hundredths of an inch. The thermomS.C.,GreenvIll• 1,810 55,129 3,300 21,810 1,500 71,712 2,000 15,500 eter has averaged 53, the highest being 63 and the lowest 40.
13,362
__ _ _ 10,059
451
____ 5,628
____
11,641
Greenwood__ _
-There has been rain on two days the past
Mobile, Ala.
Tenn.,Memph . 26,822 577,859 20,482354,929 18,743 775,153 22,282283,818
1,268
____
_ _ _ 1,552
__
_
1,217
Nashville
___ _
969 week to the extent of two inches and sixteen hundredths.
500
601
7,228
100 23,719
1
Tex., Abilene_
200 1,200 The
thermometer has averaged 55, ranging from 31 to 67.
62 5,200
15,919
81
25
18,931
Brenham
____
881
34,676
857 7,843 1,549 47,892 2,157 9,673
__ _
Clarksville_
Selma, Ala.
-It has rained on two days during the week,
1,045 65,601 1,115 14,683 2,472 109,478 3,880 18,251
Dallas
to the extent of two inches and five hundredths. The
_ __ 5,471
720 52,989
____
Honey Grove_
,
974 10,447
37,651 1,296,681 42,494298,265 39,081 1,598,614 34,367226,128 thermometer ranged from 31 to 59, averaging 46.
Houston
80,060 2,334 10,565 4,195 80,559 3,398 11,544
Paris
Savannah, Ga.-Rain on one day of the week. The rain822 4,286
1,085 33,337
582 28,053
San Antonio
542 1,503
fall has been twenty-four hundredths of an inch. Average
'1,1,11 A1 fnurna 110 nce. A R111 R11197 9,an LIRARRit 110 Rana inn sagnill 9771R1RRR11
thermometer 56, highest 77, lowest 42. .
Charlotte, N.C.
-We have had rain on one day during the
The above totals show that the interior stocks have decreased during the week 7,286 bales and are to-night 166,306 past week to the extent of one inch and fifty-three hunbales more than at the same time last year. The receipts at dredths. The thermometer averaged 48, ranging from 33
all towns have been 294 bales more. than the same week to 64:
Memphis, Tenn.
-Dry all week. The thermometer
last year.
ranged from 36 to 63, averaging 49.
OVERLAND MOVEMENT FOR THE WEEK AND
Charleston, S. C.
-It has rained on two days during the
SINCE AUG. 1.
-We give below a statement Jhowing the week to the extent of twenty-eight hundredths of an inch.
overland movement for the week and since Aug. 1, as made The thermometer has averaged 53, the highest being 63
up from telegraphic reports Friday night. The results for and the lowest 43.
the week and since Aug. 1 in the last two years are as follows:
The following statement we have also received by tele-1918-19--1917-18Jan. 31Since
Since graph, showing the height of the rivers at the point3 named
Week. Aug. 1.
ShippedWeek. Aug. 1. at 8 a. m. of the dates given:
24,401
328,446
Via St. Louis
12,277 a7781,365
Via Mounds, &c
13,843
282,679
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
251
5,208
1,137
863
22,614
15,033
75,301
49,470
92,049
343,376
Total gross overland
Deduct Shipments
1,828
385
2,197
600
1,487
19,843
295,334
5,605
56,808
31,381
155,673
403,248
68,317 1,186,354
38,617 1,726,414
40,768
32,635
131,633
Jan. 311919. Feb. 1 1918.
Feet.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Feet.
14.0
17.6
17.7
18.1
33.0
3.9
11.7
45.7
*4.0
*9.8
3,607 249,805
1,097
56,471
a23,804 a406,717
Overland to N. Y., Boston, &c_ _ - 1,563
* Below.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from the
7,687 205,036
Total to be deducted
28,508 712,993 plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
60,630 981,318
Leaving total net overland*
10,109 1,013,421
the weekly movement from the plantations of that part of
* Including movement by rail to Canada. a Revised.
the oeop which finally reaches the market through the outThe foregoing shows the week's net overland movement ports:
has been 60,630 bales, against 10,109 bales for the week 'mt.
Stocks as Interior Towns. 'ReceiptsIronsP antations
year, and that for the season to date the aggregate net over- Week Receipts as Ports.
end'o
land exhibits a decrease from a year ago of 32,103 bales.
1918-19 1917-18 1916-17 1918-19. 1917-18.1 1916-17.:1918-19 1917-18'1196-17
1,291
4,833
Between interior towns
Inland, &c.,from South
-1918-19-- -1917-18
Since
In Sight and Spinners'
Since
Week.
Aug. 1.
Takings.
Week.
Aug. 1.
121,875 3,345,450 122,001 4,086,578
Receipts at ports to Jan. 31
981,318
60,630
Net overland to Jan. 31
10,109 1,013,421
South'n consumption to Jan. 31 a_ 58,000 1,977,000
70,000 2,199,000
240,505 6,303,768 202,110 7,208,999
Total marketed
788,020
*7,286
Interior stocks in excess
8,383
963,388
Came into sight during week.. 233,219
210,493
7,091,788
Total in sight Jan. 31
8,262,387
North. spinn.'s takings to Jan. 31 45,818 1,265,065
52,054 1,535,090
*Decrease during week. a These figures are consumption; takings not
available.
Movement into sight in previous years:
Week-Feb. 2
1917
-Feb. 4
1916
-Feb. 5
1915
Bales.
178,430
203,957
473,897
Since Aug. 11916-17
-Feb. 2
1915 -Feb. 4
-16
-Feb. 5
1914-15
Bales.
9,488,908
8,420,495
10,198,985
WEATHER REPORTS BY TELEGRAPH.
-Our telegraphic reports from the South this evening indicate that
rain has been quite general during the week, but light in the
main. In some sections of Texas the precipitation has been
rather heavy and over a large portion of the State preparation Of soil has been delayed by wet weather.
KGalveston, Tex.-Light to heavy rains have occurred over
the State, but the heaviest fall was confined to the lower
coastal sections. Preparation of soil for the coming crop is
still delayed over a large territory, duo to continued wet
weather. It has rained on one day during the week, to the
extent of twenty-six hundredths of an inch. The thermometer ranged from 44 to 60, averaging 52.
Dee.
13..147,395 158,476,200,130 1,343,63811,248.095 1,379,059 159,754 189.912228,440
20.. 171.357 122.999'148,643 1.390,823 1,259.429 1,382,887218,542 134,333 152,471
27....,135,441 124,475 141,231 1,448,017 1,301,441 1,405,560192,635 166,487 163,907
Jan.
3....'123,074 139,294 147,26 1,485,119 1,304,120 1,352,284160,176 141,973 93,984
10._ 131,534 153,526 125.848 1.494,729 1.297,927 1,302,513 141,144 147,333 76,077
17._ 161,949 130,483 123,929 1,489,037 1,297,609 1,273,617156,257 130,165 95.033
24._ 142,425 114,224 102,111 1,491,922 1.309.917 1,237,996 145,309 126,562 66,490
31.. 121.875 122,001 96,5301,484,636 1,318,330 1,207,788 114,589 130,384 66,322
1
1
The above statement shows: 1.
-That the total receipts
from the plantations since Aug. 1 1918 are 4,133,470 bales;
in 1917-18 were 5,049,966 bales, and in 1916-17 were 6,066,417 bales. 2. That although the receipts at the outports the
past week were 121,875 bales, the actual movement from
plantations was 114,589 bales, the balance being taken from.
stocks at interior towns. Last year receipts from the plantations for the week were 130,384 bales and for 1917 they
were 66,322 bales.
NEW ORLEANS CONTRACT MARKET.
-The closing quotations foe leading contracts in the New Orleans
cotton marketsfor the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Jan. 25. Jan. 27. Jan. 28. Jan. 29. Jan. 30. Jan. 81.
February
March
May
July
October
December
Tone
Spot
0ntinns
23.55 -22.88 -24.88 -23.82 -23.78 -24.27 22.85-.91 22.18-.25 24.18 -23.12-.14 23.08 -23.57 21.55-.65 20.93-.00 22.93 -21.59-.66 21.60-.63 22.01-.03
20.82-.86 20.11-.18 22.05-.11 20.68-.74 20.58-.62 21.00-.02
19.05-.10 18.65-.70 20.20-.30 18.75-.81 18.71 -19.05 18.75 -18.35 -19.90 -18.45 -18.36-.41 18.80-.85
Quiet
Quiet
Steady
Steady
Steady
Steady
Quiet
Strong Bar. st'y Steady
Steady
Steady
THE CHRONICLE
492
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all source- from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Spot.
[VoL. 108.
Saturday.
Monday.
.
P.M. i
mid.UP1'ds
Good Mid
Uplands_
More
1917-18.
1918-19.
Week.
Week. I Season.
Season.
Visible supply Jan. 24
5,014,352'
4,689,758
Visible supply Aug. 1
3,027,450
2,814,776
American in sight to Jan. 31_ -- 233,219 7,091,788 210,493 8,262,387
Bombay receipts to Jan. 30_ _ _ _ b60,000
823,000
817,000
50,000
Other India shipm'ts to Jan. 30
12,000
50,000
1,000
Alexandria receipts to Jan. 29_ _ b30,000
617,000
581,000
17,000
Other supply to Jan. 29 *
105,000
6,000
78,000
Total supply
5,033,261 5,033,261 4,680,657 4,680,657
Total takings to Jan. 31_a_
Of which American
Of which other
304,310 6,636,977
224,310 5,296,977
80,000 1,340,000
293,594 7,928,506
219,594 6,393,506
74.000 1.535.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Souther mills, 1,977,000 bales in 1918-19 and 2,109,000 bales in 1917-18
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 4,659,977 bales in 1918-19 and 5,729.506 bales in
1917-18, of which 3,319,977 bales and 4,194,506 bales American.
b Estimated.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market is
lifeless and irregular. We give prices for to-day below and
leave those for previous weeks of this and last year for comparison:
1918-19.
1917-18.
8;i lbs. Shirt- Cot'n
32s Cop
Twist,
Dee. d.
8 41
13 41
20 38
27 38
Jan.
3 38
10 36M
17 32
24 3134
31 2914
d.
0 44
0 43
0 40
0 40
8jlbs. Shirt- Corn
32s Cop
Inas, Common Mid.
ins, Common Mid.
Twist.
to finds:.
Upi's
to finest.
Upl's
s. d.
d. a .d.
s. d. d. d.
a. d. d.
0 39 17 6 024 0 22.10
25 9 034 6 20.16 37
25 0 033 9 20.07 37q 0 39 17 6 024 3 22.31
24 6 033 0 20.40 38
0 39q 17 9 024 6 22.31
24 6 033 0 20.40 38% 0 39( 171034024 9 22.68
0 40
23 9 032 0
0 39
23 0 032 0
0 34 21 0 030 0
0 34 21 0 030 0
0 3134 20 3 029 0
21.24 39
19.36 39
19.04 39
15.84 3834
16.59 3834
0
0
44
0
0
40q 18 434025 9
40%
40%
40
40
18
18
18
18
434025 9
434025 9
434025 9
434025 9
23.10
23.53
23.25
23.36
23.15
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States tne pa it week have
reached 180,467 bales. The shipments in detail as made
up from mail and telegraphic eeturns, are as folio.vs:
Total bales.
-To Liverpool
-Jan. 24
NEW YORK
-Belgic, 5,400; Lapland,
.545 _ _ _Jan. 28-Cretic, 4,360_ _ _Jan. 29
-Mentor, 7,039_ -1
Jan.30-Caronia,2,200
20,544
To Havre-Jan. 27-Aracaju, 1,819
1,819
To Lisbon-Jan.29
-Owego,4,000
4,000
To Barcelona
-Jan. 28-Urkiola Mendi, 600_ _ Jan. 30, Eolo,
1,000
1.600
GALVESTON-To Havre-Jan. 29-Beukelsdijk, 22,210; San Jacinto, 10,931
33,141
To Barcelona-Jan. 29
-Barcelona, 9,929
9,929
NEW ORLEANS
-To Liverpool
-Jan. 24-Glenapp (additional),
1,714_ _ _Jan.29
-Craftsman,10,693.__ Jan.30-Novian,3,947 16,354
To Manchester-Jan. 30
-Kenilworth, 8,797
8,797
To Barcelona-Jan. 25
-Catalina, 13,552
13,552
SAVANNAH-To Liverpool
-Jan.24-Kurmark 4,425--Jan. 27
,
16,142
-Courtown, 11,717
-Jan. 28-Netherpark, 13,325
To Havre
13,325
BRUNSWICK
-To Liverpool-Jan. 30, 250
250
-Woodfield, 12.525
NORFOLK
-To Liverpool
-Jan.28
12,525
PACIFIC PORTS
-To Japan-Jan. 25 to 30 inc., 28,489
28,489
Total
180,467
The particulars Ot the foregoing shipment; for the week,
arranged in our usual form, are a - foliows:
New York
Galveston
New Orleans
Savannah
Brunswick
Norfolk
Pacific Ports
Total
Grt.Britain. France. Portugal. Spain. Japan.
20,544
1,819
4,000
1,600
33,141
9,929
25,151
13,552
16,142 13,325
250
12,525
28,489
74,612
48,285
4,000
25,081
28,489
Total.
27,963
43,070
38,703
29,467
250
12,525
28,489
180,467
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which speculators took_
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total Imports of the week
Of which American
Amount afloat
Of which American
Jan. 10. Jan. 17. Jan. 24. Jan. 31.
7,000
5,000
4,000
7,000
4,000
3,000
2,000
5,000
49,000
453,000
285,000
48,000
46,000
222,000
185,000
75,000
447,000
291.000
75,000
56,000
229.000
176,000
76,000
416,000
266,000
38,000
20,000
264,000
213,000
62.000
406,000
256,000
55,000
44,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing ice; of
spot cotton have been as follows:
Steadier.
Quiet.
Quiet.
16.59
Dull.
16.06
16.73
16.68
17.01
16.69
17.36
17.31
17.22
1,000
500
1,000
1,000
1,000
Futures,
Market 1
opened
5
Quiet,
Steady, Quiet,4pts. Steady, Irregular,
45060 pts. dec. to 10 54060 pts. 24050 pts. 11015 pts.
decline.
decline.
advance. pts. adv. advance,
Market, f
4
P. M. I
Steady,
Steady,
Barely st'y, Irregular, Steady,
2037 pts. 42071 pts. 18076 pts. 16042 pts. 14028 pts.
decline.
advance.
advance, advance. advance.
The prices of futures at Liverpool for each day are given
below:
5,337,571 11,670,238 4,974,251 12,609,163
Deduct
-
Visible supply Jan. 31
Friday.
16.38
HOLIDAY.
Sales
Cotton Takings.
Week and Season.
Tuesday. Wednesday. Thursday.
inquiry.
Market, f
12:15 i
Mon.
Sat.
Jan. 25
to
Jan. 31.
Tues.
Wed.
Thurs.
Fri.
12%11234 1234 4 1234 4 1234 4 1234 4 1234 4
p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.p.m.p. m p. m.p. m.
New Contracts. a. 1 d.
January
February
IIOLIDAY.
March
Auril
d.
d.
d. d.
d.
d.
d.
d.
d.
d.
17.36 17.10 17.36 17.62 17.94 17.80 17.67 17.64 17.49
15.67 15.54 15.82 16.25 16.48 16.52 16.07 16.18 15.95 16.32
14.3014.02 14.18 14.50 14.97 15.02 14.56 14.61 14.47 14.86
12.97112.63 12.78 13.05 13.72 13.81 13.25 13.3! 13.20 13.67
BREADSTUFFS
Friday Night, Jan. 31 1919.
Flour has remained dull, with large stocks hero. Consumers hold aloof. Some of them have been afraid that
there would be a change in the method of handling the wheat
crop this year, which might make for lower prices. Everybody has been awaiting some official light thrown on this
question. Some thought, however, that the fact that the
Food Administration has fixed the price for hogs during
February at $17 50 meant that the Administration is in
favor of maintaining present prices in regard to wheat.
Some think, too, that a large percentage of the visible supply
of wheat in this country has already been sold to Europe.
It is plain, however, that trade is very dull. The consumption is said to be below normal. That is to say, sales are
smaller than they were before the war. Meantime the
general dulness of business in this country and the labor
troubles react more or less directly on flour. Some big
mills are closing on account of the dulness of business. But
the local trade is reassured by the statement issued by Julius
Barnes, of the Fcod Administration, to the flour trade to the
effect that the Government will continue to buy wheat at
the fixed price until the end of the present season, and that
it is not reasonable to assume that flour will sell at lower
prices: On Jan. 27 the entire Pillsbury flour milling system
was shut down for the first time in many months. "We
have made more flour than we could sell, so we shut down
for a day," said C. A. Loring, President of the company.
He declared that the Government has not bought flour for
six weeks.
Wheat visible supply increased 2,315,000 bushels, bringing the total in this country up to 128,671,000 bushels,
against only 15,1'27,000 bushels a year ago. Canada has
39,843,000 bushels, against 21,692,900 bushels a year ago.
Last week its visible supply increased 1,884,000 bushels.
North American exports last week were 5,673,000 bushels,
including 4,514,000 bushels cleared as flour. The Department of Agriculture at Washington estimates that European
countries will need to import this year and next year about
65,000,000 bushels of rye, 179,000,000 bushels of barley,
118,000,000 bushels of oats and 255,000,000 bushels of corn.
The United States can supply from 'its 1918 crop all of this
and still have a surplus of 166,000,000 bushels, but will lack
8,000,000 bushels of rye, 59,000,000 bushels of barley and
402,000,000 bushels for domestic consumption • and net
requirements for Europe, which cannot be supplied elsewhere. The weekly crop report of the Atchison RR. Co.
says that winter wheat is in exceptionally good condition.
The snows have all melted,• and the sub-soil has more
moisture than for years. The surface moisture, however,
has been drained, and the crop, it is true; is in a position
where severe weather might do serious damage. Western
Kansas, Oklahoma and Missouri wheat fields are being
pastured. The losses by severe weather on livestock shipped
into western Kansas have been quite heavy. Cars are
plentiful.
Julius IT. Barnes, President of the Grain'Corporation of
the Food Administration, just returned from Europe, sent
a letter to the New York Flour Trade, Inc., expressing surprise that there should be any feeing in the flour trade and
on the part of the public that the present guaranteed price
of wheat will be discontinued at once. He says that the
indications are that every bushel of surplus from the wheat
crop of 1918 will be required before the end of the harvest
year. The Grain Corporation will continuer° pay, says
ra.a•
FEB. 11919.]
THE CHRONICLE
Mr. Barnes, until June, at least, the present level of guaranteed price to the producer, and the Government is not
likely to effect resales on a lower basis.
In Australia harvesting has been completed under generally favorable weather conditions. Liberal amounts of
wheat remain from preceding harvests. Shipments of
wheat are on a much larger scale, with more boats continually arriving. In India rain is much needed. The
wheat country there has been practically rainless and crop
conditions in the United Provinces -are reported very bad.
The wheat acreage in the Punjab and the United Province
is 5,000,000 acres smaller than last year. On irrigated land
the condition is an average; on murrigated it is below the
average. Possibly, it is intimated, India may import wheat
from Australia to bring about lower prices.
Advices from the United Kingdom say the crop is suffering
from recent heavy precipitation and farm work is backward. In France there are fears that the crops will suffer
owing to the excessive rains. Agricultural preparations
have also been retarded. In Italy the scarcity of labor and
fertilizers has interfered with farm work. It is said that
the acreage to the new crop will be short. Severe floods in
the northern and central sections there have damaged new
seedings. From Germany and Austria there is no official
information obtainable, but it is said that farm work is
going on with moderate activity in the country districts
with the winter very mild. In North Africa the outlook
is very favorable and recently beneficial rains have fallen,
which improved the outlook for the new crop. In northern
Argentina the weather has been warm and muggy and in
the centre and south unsettled with rains threatening.
The strike situation has not improved and the shipping
conditions have restricted business. And, it is said that
there will be continued gradual reductions in shipments,
unless the labor differences are satisfactorily adjusted.
49 ships are said to be tied up at Buenos Ayres. Buenos
Ayres has latterly been firm. The foreign demand is less
active as pretty good amounts have already been absorbed
by neutral countries. The Allies have warned Argentina
that they are determined no longer to submit to the present
situation at Buenos Ayres and, that if the port strike was
not definitely settled within two or three days, all the
vessels now in the roadstead, neutral as well as Allied, would
proceed for Montevideo, where they would unload their
Buenos Ayres cargoes, proceeding thence for other ports
to take on new cargoes. Fifty vessels have left the docks
at Buenos Ayres, and anchored in the roads since the strike
began and a hundred are now in the roads. The Allies are
no longer in need of Argentine wheat.
gE
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
No. 2 red
cts_23734 23734 23734
No. 1 spring
24034 24034 24034
NEW
Wed.
23734
24034
YORK.
Thurs. Fri.
2
3734 23734
2403 24034
Indian corn advanced sharply on the announcement that
prices of hogs had been fixed for February at $17 50. It had
been assumed that it would be reduced. A big short interest
had grown up. And it was certainly caught napping. On
the 28th inst. prices advanced about 6 cents. That was a
rise of 12 cents from the low point of Jan. 20. It is said
that the farmers are not selling corn freely. Interior receipts at one timeAshowed a sharp decrease. The feeding
demand has increased. It is expected to be large with hogs
at$17 50. Mr. Hoover shows a disposition, it is supposed, to
protect the interests of the producer. The technical position
at Chicago has been strong. That fact has been amply
demonstrated. Also the recent decline, it is supposed, put
prices to a level which lessens the danger of a big flood of
Argentine corn into this country. The visible supply in
the United States increased last week, it is true, 1,597,000
bushels, but even now it ia only 5,474,000 bushels, against
4,647,000 a year ago. Prices were helped by an authoriitative statement that all our surplus will be needed in
Europe. On the other hand,a good many look for lower prices
for corn. Argentine crop advices are favorable, so far as the
South is concerned, though in the North rain is needed. As
soon as the Argentina strike is settled, many look for big.
shipments to this country. At Chicago houses with Eastern
connections have latterly been free sellers. The distant
months have shown the least strength. Samples of Argentina corn shown at Chicago were of excellent quality. It is
true that Europe will want 255,000,000 bushels of corn, but
it shows a disposition to buy from countries which are making lower prices than those offered by the United States.
Meanwhile trade in this country is generally dull. The disposition everywhere is to go slow. Speculation for a rise
-ally popular in the commodity markets. It is
is not genet
believed that war inflation must, sooner or later, give place
to peace deflation of prices. To-day prices declined after
an early advance. It is said that Argentine corn is offered
at $1 26, delivered, at points in Michigan,Indiana and Ohio.
January went out at $1 27 after touching at one time during
the day $1 33. May ended at $1 18, the same as a week
ago, after selling at one time to-day at $1 211 .
%
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 3 yellow
cts_141
137
137
1413 142
147%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
January delivery in elevator_cts_11834 120
1244 126% 130 127
March delivery in elevator
116X 11834 122
12034 125
May delivery in elevator
115 116 119)4 11734 12034 122X
118
493
Oats advanced with corn and at times Chicago has reported a good sale for shipment both there and at Minneapolis. A rise of late in provisions has had more or less
effect on oats as well as other grain. Farmers show little
inclination to sell at present prices. It is true that the
visible supply in spite of a decrease last week of 2,849,000
bushels, is $29,526,000 bushels, as against 14,057,000 a year
ago, but on the other hand much of the visible supply in this
country is said to be owned by exporters and is merely awaiting ocean tonnage on orders to export to the other side.
Receipts have latterly decreased.
On the other hand, the decrease in the visible supply last
week was practically ignored. The reason is that the export and domestic demand is light. Moreover, if is pointed
out that exporters are said to be taking oats out of winter
storage at Buffalo with a view of shipping them to seaboard. While this might look well enough on its face,
some think it simply means that exporters have all the
oats they want. They believe that the foreign demand for
some time to come will be light. But the most stress is laid
on the indifference of exporters and domestic buyers as regards new business. They are plainly disposed to await
events. It is said that the price of corn in Argentine is
57Y and allowing 33c. per bushel for corn sacks and 25c.
tc.,
for freight, loading, unloading and insurance, it can be laid
down at New York or any other Atlantic port at 86c.; in
England at 82c., and in other ports of Euorpe at 86c. Today prices advanced slightly, but reacted and ended lower.
They are lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YOR K.
Sat.
Mon.
Wed. Thurs.
Tues.
Fri.
cts- 68
67 6734-68 6634 -67 67-67_4 6634
2
Standards
No. 2 white
67
68
68
67
67%
67
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
January delivery in elevator_ _ _ cts_ 57
5534 5734 5534 5634 56
March delivery in elevator
57
58
58
56
5734 5654
May delivery in elevator
5834 5734 58'% 5634 58
5734
The following are closing quotations:
FLOUR.
Barley flour (to arrive)-$7 50(448 00
Barley goods
-Portage barley:
No. I
nom.
Nos 2, 3 and 4
400
Nos. 2-0 and 3-0
5 50@5 65
$10 50 $1080
10 50
10 10
Kansas
10 60 11 00
Rye flour
8 50 925
Corn goods, per bbl.
White flour
$850
Yellow flour
8 00
Boring patents
Winter
No. 4-0
Oats goods
-Carload, spot delivery
GRAIN.
Oats
Standard
2 4034 No.2 white
No. 3 white
1 45
No.4 white
1 42
BarleyFeeding
Malting
1 60
WheatNo.2 red
No. 1 spring
CornNo.2 yellow
No.3 yellow
RyeNo. 2
$2 3734
575
8 70
6786731 •
68%467
66@6654
96@98
1 05@1 07
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.
-The exports of these articles
during the month of December and the twelve months for
the past three years from the principal ports of the country
have been as follows:
Exports!
1918.
1917.
1916.
from
U. S.
December. 112 Months. Dezember. 12 Months. December. 112 Months,
Quantities.,
Wheat,bu. 25,083,543 111,177,103
Flour,bbis. 1,879,005 21,706,7
1
4,490,974 106,196,318 14,473,239 154,049,686
2,402,148 13,926,117
936,7751 14,379,000
Wheat*bu 33,539,065208,857,253 15,310,84 168,863,844 18,688,726t218,755,186
Corn__bu.
990,922 39,899,091 2,443,217 52,167,683 2,891,2761 53.548,298
Total_but 34,529,987248,756,3
Valuiss.
Breadst'ff 93,370,603801,497,730
Provisions, 87,444,803941,240,883
Cotton.. _ _101,293,074674,122,7
Petrol.,ace 29,027,415344,290,444
Cot's'd oil 2,400,281 23,184,329
17,754,057221,031,527 21,580,002 72,303,484
$
61,273,234631,988,510
42,159,903437,449,572
71,120,342575,303,782
29,173.90 252,977,476
685,69 17,303,256
$
I
$
46,775,757071,918,100
33,953,727,315.568,172
78.245,718545,228,684
15,051,727201,721,291
1,749,299i 19,390,435
Total _ _ A13,536,176 2784336176204,413,085 1915022596175,776,22W 1553826682
•Includes flour reduced to bushels.
The statements of the movement of breadstuff& to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at We.tern
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at
Chicago
Minneapolis
Duluth
Milwaukee _
Toledo
Detroit
St. Louis__ _
Peoria
Kansas City_
Omaha
Indianapolis
Total wk.191
Same wk.1918
Same wk.191
Flour.
Wheal. I
Corn.
Oats.
Barley. j
Rye.
bbls.1961bs.'bush. 60 lbs.lbush.56 lbs. bush.32 lbs.bush.48lbs.bush.56th.
160,000
I
I
17,000.
57,000,
76,000
,
310,00
170,000
309,000
666,0001
922,0001
1,960,000,
404,000
40,000
18,000
483,
48,:::
361,011
423,011
32,000
1,770,000
391,000
1,721,000
983,001)
8,000
194,000
647,000
165,000
81,000
68,000
79,000
1,009,000 1,204,000
207,0011
1,316
356,000
42"
9,
1,033,
708,000
231,0001
570,000
5,357,000 6,861, II
2,245,00Q 6,435,000
5,141,000' 6,522,000
843,000
703,000
49,000
652,
70,000i
6,000
306,000
255,000
461,000
395,000
3,000
12,000
2,000
6,309,000; 2,323,000 1,434,000
5,473,000; 1,227,000 128,000
3,979,000 1,401,000 193.000
Since Aug.1
I
_ 8,852,000,339,962,000 120,858,000 182,712,000,42,879,000125,426,000
1918-19
1917-18
_ 8,130,000,131,844,000 78,846,000181,967,00026,260,00016.5i0.000
1916-17 ___ 9,668.000239,835,000111.761,000 164,664,000 61,724,00016,604,000
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 25 1919 follow:
.
THE CHRONICLE
494
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
[voL. 108.
THE DRY GOODS TRADE
New York, Friday Night, Jan. 31 1919.
The entire textile trade is still beclouded with uncertain11,000 ties, and both merchants and manufacturers show no desire
18,000
382,000
20,000
63,000
37,000 • 31,000 to anticipate the intim with nothing to base their calcula77,000
65,000
109,000
5,000
tions upon. In fact, conditions the world over are viewed
4,000
126,000
57,000
183,000
128,000
with much uncertainty, and it is becoming quite apparent
2,001
50,000
120,000
that a much longer period than at first thought necessary
53,000
134,000
91,001
12,000
2,000 will be required to readjust conditions to normal. The chief
170,000
130,000.
32,000
has upset the plans of manufacturers
58,000 factor at present which
147,000
173,000 2,191,000
582,000 1,674,000
Total wk.1919
562,000 is the labor situation, which continues to grow more serious.
SinceJan.1'19 2,972,000 10,019,000 1,271,000 8,235,000 1,386,000
have not been pleased with the refusal of manu120,000 Operatives
82,000
273,000 1,715,000
437,000
490,000
Week 1918- _
683.000 facturers to grant them a forty-eight-hour week without re431.000
841.000 6421 000
SinceJan.1'1S 1.758.000 3.385.000
ducing wages, and as a result, strikes are threatening. The
*Receipts do not include grain passing through New Orleans for foreign ports
outlook for decreased production has also failed to stimulate
on through bills of lading.
for goods is decidedly quiet, as
The exports from the several seaboard ports for the week inquiry. Instead, demandis increasing rather than decreasthe number of unemployed
in the annexed statement:
ending Jan. 25 are shown
ing, which in turn reduces the purchasing power of consum1
Barley.' Peas.
Rye.
Oats.
ers. Production of textiles is falling off, and advices from
Flour.
Corn.
Wheat.
Exports fromall mill centres are indicative of still further curtailment.
Bushels. Bushes. Barrels. Bushels. Bushels. Bushels. Bushels.
i 32,978 Manufacturers are beginning to show anxiety as regards
91,682 417,250 524,745 9,111
519,927
New York
78,000
Portland, Me
future business. Six months ago they were turning buyers
I
97,000
202,000
Boston
I mow away, while now they are beginning to compete for business.
151,000 593,000
89,000
Philadelphia
4,000 22,000 110,000 8,000
197,000
Baltimore
As the market is drifting in their favor intending buyers
4,000
Norfolk
I
prefer to defer purchases as long as possible. Still the small5,000
News_
Newport
32,000 60,000 1,853,000
ness of inquiry is not entirely due to expectations of lower
400,000
New Orleans
I
124,000
Galveston
prices, as there are many who feel that quotations have
1 43,978 reached a favorable level and would be willing to buy ahead
1,609,927 127,682 756,250 3,080,745 17,011
Total week
16.472 188.057 468.560 387.997 129.546 5.077 if they were able to forecast future developments. The ir1.000.712
Week 1918
during the week also
The destination of these exports for the week and since regularity of raw material markets look for further deadded to the uncertainties, and many
1 1918 is a,i below:
July
clines in prices. There has been little change in the export
division of the market, where optimism prevails. The reCorn.
Wheat.
Flour.
Exports for Week
cent drastic reduction in ocean freight rates is expected to
Since
Week
Since
Week
Since
Week
and Since
result in a much larger movement of fabrics to foreign counJuly 1
Jas. 25
July 1
Jan. 25
Jan. 25 July 1
July 1 to1918.
1919.
1918.
1919.
1918.
1919.
tries. There has been an improvement in the inquiry for
goods to be shipped to the West Indies, though buyers for
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
91,682 1,783,181 the most part are awaiting developments before placing
876,000 30,665,332
United Kingdom_ 271,421 2,348,269
4,000 1,434,020
733,927 39,142,386
320,829 2,911,302
Continent
have sent experts
65,485 definite orders. Many prominent houses
32,000
02,133
Cent. Am. 3,000
So.and
55,826 abroad to study conditions and are making preparations for
398,131
161,000
West Indle3
1,071
Brit.No.Am.CoLs.
2,253 an increased export trade.
44,505
Other countries_
-The undertone of marDOMESTIC COTTON GOODS.
753,250 5,764,340 1,609,927 69,807,718 127,682 3,341,842 kets for staple cottons has continued •eay. Prices are
Total
16.472 8.113.510
-i8. 188.057 3.559.427 1.000.712 45.496.372
Total i017
steadily being readjusted to lower levels in an effort to stimu'rhe world s shipments of wheat and corn for the week late inquiry, but so far, business has been comparatively
ending Jan. 25 1919 and since July 1 1918 and 1917 are quiet, with buyers showing no disposition to stock up to
shown in the following:
any extent. Their holding off has not been due so much
to dissatisfaction over prices, as to many threatening labor
Corn.
Wheat.
and financial disturbances the world over. Some smaller
01917-18.
1918-19.
31917-18.
1918-19.
Exports.
interests have been more anxious for business than the
larger ones, and second hands have been selling at concessions
Since
Since
1Veek
Since
Since
Week
July 1.
July 1.
Jan. 18.
July 1.
July 1.
Jas. 18.
in order to reduce their holdings. As a result of the recent
price reductions for 61ankets, manufacturers are said to have
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
96,000 6,647,000 14,711,000 received a fair amount of new orders Cotton flannels have
North Amer. 5,673,000 160.502,001 168,227,00
Russia
ruled easier with mills manufacturing this variety of goods
Danube
demand.
1,121,000 60,117,00 10,576,000 i,750,00t 22,661,001 12,877,000 curtailing their output owing to the falling off in
Argentina
880,000 22,208,00 27,698,000
Australia _ _
Sheetings have likewise been easier, while demand for denims
5,623,000 10,420,000
India
the week that
92,0001 2,395,000 2,225,000 has been slow. It was announced during
56,000 2,218,000 1,611,000
Oth.countr's
mills making ginghams will grant buyers a rebate on old
0 218,532,000 1,944,000 31,703,001 29,813,000
Total ___ 7.733,0002
orders, and also that buyers will be protected on future pura RevLsed.
should prices show additional declines. Offerings of
of wheat and corn afloat for Europe are chases sheetings are reported large with reductions in prices
The quantities
brown
as no figures are available since failing to stimulate demand. Bleached goods continue
omitted for the present,
those for 1916.
quiet, and prices are gradually being readjusted to a level
The visible supply of grain, comprising the stocks in with goods in the gray. Gray goods, 38 2-inch standard,
of accumulation at lake and are listed at 103/2c.
granary at principal points
seaboard ports Jan. 25 1919 was as follows:
-Markets for woolens and worsteds
WOOLEN GOODS.
GRAIN STOCKS.
developments in the
Barley; continue quiet, with buyers awaiting
Rye.
Oats.
Corn.
Wheat.
bush
bush.
bush.
bush.
bush.
raw material situation. According to an official announceUnited States682,001
731,000
371,000 2,467,000
3,382,000
New York
ment, the present withdrawal price on wool will prevail until
365,000
706,000
Boston
205,000 July 1. when Government wool will be taken from the mar368,000
681,000
53,000
1,997,000
Philadelphia
126,000
005,000 1,314,000
149,000
2,395,000
Baltimore
ket, and domestic clip offered without restrictions. Business
178,000
Newport News
in dress fabrics is virtually at a standstill. Mills, however,
815,000
92,000
3,480,000
New Orleans
7,000
1,650,000
Galveston
are preparing for the next fall season and announcement of
183,000 5,028,000 2,952,000 • 528,000
5,389,009
Buffalo
A
280,000 their selling policy is expected within the near future.
6,205,000 3,058,000
22,781,000
afloat
1,000, fair amount of business has been passing in worsted dress
86,000
735,000
88,000
1,295,000
Toledo
77,000
262,000
142,000
69,000
Detroit
sales of fine novelties reported. In the men's
14,551,000 1,461,000 6,532,000 2,030,000 2,108,000 goods with good
Chicago
69,000 1,398,000 1,874,000 2,148,000 wear trade, business is dull, as first hands are waiting until
2,919,000
Milwaukee
795,000
1,085,000
218,000
23,688,000
Duluth
held by smaller dealers is completed
758,000 3,928,000 1,835,000 the liquidation of stocks
60,000
23,771,000
Minneapolis
81,000
39,000 before endeavoring to proceed with forward business.
239,000
372,000
2,494,000
St. Louis
159,000
482,000 1,612,000
13,411,000
Kansas City
-Linens remain inactive. ImFOREIGN DRY GOODS.
178,000
409,000
Peoria
17,000
264,000
porters have little to offer, and there is a disposition on the
654,000
281,000
Indianapolis
70,000
66,000
684,000
879,000
4,408,000
Omaha
part of retailers to await lower prices. On the other hand,
little hope of lower prices.
Total Jan. 25 1919._128,671,000 5,474,000 29,526,000 18,726,000 8,797,000 advices from abroad hold out
Total Jan. 18 1919_126,358,000 3,877,000 32,371,000 16,818,000 8,006,000 Instead, they indicate that they will go still higher. Foreign
Total Jan. 26 1918._ 15,127,000 4,647,000 14,057,000 1,754,000 4,515,000
that lower quotations are impossible, as
Total Jan. 27 1917___ 49,658,000 9,882,000 43,975,000 2,363,000 4,232,000 producers claim
material ate to remain
,.v ote.-Bonlei grain not included above:, Oats, Duluth, 3,000 .bushels; total, flax is scarce, while prices for raw
3,030, against 829,000 bushels in 1918; and barley, Duluth, 75,000 bushels; total, fixed by the British Government until next July. Foreign
75,009, against 247,000 In 1918.
stocks of linens are small, and until raw material becomes
Canadian
483,000 more plentiful there is little prospect of their being increased.
3,000
157,000 1,120,000
6,141,090
Montreal
3,109,000
& Pt. Arthur_21,783,000
Ft. William
Preliminary reports as regards the next flax crop indicate
628,000
11,916,000
Other Canadian
that there will be extensive planting throughout Great
483,000
3,000
157,000 4,857,000
Total Jan. 25 1919... 39,813,000
other European
474,000 Britain, but the prospective production in
3,000
177,000 5,995,000
Total Jan. 18 1919._ 37,959,000
58,000 countries is still uncertain. Burlaps have ruled quiet, and
18,000
16,000 7,651,000
21,692,000
Total Jan. 26 1918
157,000
14,000
24,132,000
11,000
Total Jan. 27 1917._ 33,577,030
in the absence of active demand prices have been lowered.
Summary
and heavy weights at
128,071,000 5,474,000 29,526,000 18,726,000 8,707,000 Light weights are quoted at 8.50c.
American
483,000 12.50c. The trade was greatly elated this week over the
3,000
157,000 4,857,000
39,813,000
Canadian
t by the Textile Alliance that the restrictions
Total Jan. 25 1919...168,514,000 5,031,000 34,383,000 18,729,000 9,280,000 announcemen
Total Jan. 18 1919-161,317,000 4,051,000 38,366,000 16,851,000 8,480,000 on the importations of burlaps and jute would be removed
21,711,000 1,772,000 4,573,000
Total Jan. 26 1918._ 37,819,000 4,663,000
Feb. 1.
Total Jan. 27 1917.- 83,235,000 0,893,000 68,107,000 2,377,000 .4,389,000
New York___
Portland, Me.
Philadelphia _
Baltimore __
Newp't News
Norfolk
New Orleans *
Galveston
Montreal __....
Boston
Barrels.
109,000
Bushels.
622,000
78,000
288,000
232,000
Bushels.
29,000
Bushels.
1,302,000
Bushels. Bushels.
14,000
39,000
FEB. 11919.1
. -tat,e anti Tity gepartuteut
NEWS ITEMS
Canada.—Victory Loan Totals.—Attention is called to
our item in the "Current Avents and Discussions" columns
of this week's issue giving the total amount subscribed and
the total number of subscribeis to the 1918 Victory Loan.
Dallas, Texas.—Water Commissioner Advises Increase In
Bond Limit.—In order to facilitate necessary improvements
A. C. Cason, City Water Commissioner, says that the
people, at the referendum election to be held in April,
should increase the city's debt limit as a means of providing
money for these improvements. In the event that the
proposition to increase the indebtedness is not approved
and some other charter amendment is adopted, it would be
impossible to submit another charter amendment for two
years. The Dallas "News" of Jan. 23 quotes Mr. Cason
as follows:
"But if the charter is amended to increase the bonded indebtedness,or to
remove the limit altogether, the people of Dallas could vote on the question
of building a reservoir at the April election in 1920, provided competent
engineers agreed on this plan of insuring the city an adequate water supply.
•'However, I do not believe that my 'plan to construct a reservoir on the
Elm Fork of the Trinity River could be prepared for a vote of the people
in time for the election this year. Weather conditions have made it
impossible for us to visit the site proposed and it may be some time yet
before we can reach the place. Recent rains have left the Trinity bottoms
in bad shape for purposes of inspection."
Mr. Cason said he thought the bond limit of Dallas should be raised to
at least $12,000,000, if not removed altogether. He said it will have to
be done in the future and the people might as well realize this and do it
now. The present limit is $8,000,000 and almost that amount has been
issued.
"It seems to me the people should feel no reluctance in voting for an
amendment to increase our bond limit, since they have ample protection
in the provision of the city charter, which makes it necessary for the people
to ratify all bond issues at regular elections.
"The bonded indebtedness of the city of Dallas is extremely low, and,
in fact, much lower than any other city of equal importance of which I
have knowledge.
"Some writers upon this subject have seemed to presume that I would
advocate the issuance of $3,000,000 worth of bonds, and the expenditure
of that amount upon the construction of a dam and the purchase of lands
for a reservoir up the Trinity River without any more knowledge of the
conditions and the practicability of the project than I have obtained in
a casual manner. Such is a course of which no business man would dream.
"I believe that, in connection with the city engineers, we have located
the place for this reservoir, but it would not be recommended and would
not be seriously considered until investigation had been as thorough as
the city engineer of Dallas could make.
"After all surveys had been made and the estimates figured it should
be submitted to some engineer who is an unquestioned authority in matters
of this kind, and he should be asked for a thorough report of the matter
as to its merits.
"I would take this course because I believe the city, with an investigation of this sort, could place the facts before an authority on water
supplies that would save the city great expense and expedite his work.
I would, however, advise that if he found this location was not advisable
that he then should be turned loose to make a selection he deemed better,
and to advise the city as to what course it should take.
"In reference to the amount necessary to niake this development, I
have considered that it will be in the neighborhood of $3,000,000. This
amount, however, is not fully established. If it takes less I shall be glad;
If more, it is incumbent upon the city to spend it. In fact, regardless
of the amount of money it will take, the city must have an adequate water
supply."
Franklin County (P. 0. Frankfort), Ky.—Cannot
Increase Interest Rate.—Because the county was unable to
sell $200,000 4% road bonds an order to change the interest
rate to 5% was entered by the Fiscal Court, but the Appellate Court says the action was invalid., Special advices from
Frankfort on Jan. 28 to the Louisville 'Courier-Journal"
had the following to say with regard to the matter:
The Appellate Court decided that the Boone Fiscal Court'could not
Increase the interest voted on a bond issue for road purposes without referring the question to the people of the county.
Being unable to dispose of the $200,000 worth of bonds voted for road
purposes at 4% the Fiscal Court entered an order to change the interest
to 6%. The act of the court, the Appellate Court says, was invalid.
Inasmuch as the constitution prohibits the collection of an ad valorem
tax of 50 cents on each $100 worth of property in cities of the sixth class,
the Appellate Court holds that an attempt to collect a 75-cent tax on $100
worth of property in the town of London violates the constitution.
The restraining order issued enjoining the town and its tax collector
from attempting to collect this tax was made permanent to-day by an
order of the court.
Investment Sale of State Bonds by Minnesota.—
Of the seven issues of bonds of various States aggregating
$4,322,000 offered on Jan. 23 by the State Board of Investment of the State of Minnesota (per an advertisement in
our columns of Jan. 18), a syndicate composed of Brown
Bros. & Co. of N. Y., Alexander Brown & Sons of
Baltimore and Capital Trust & Savings Bank of St. Paul
was awarded the following bonds at the prices named:
$143,000 Alabama 4s, duo Jan. 1 1920 at 99.80, a basis of 4.71
135,000 Delaware 3s, due Dec. 11921, at 88.50, a basis of 4.69
100,000 Utah 3Xs, due July 2 1920 at 98.62n, a basis of 4.20 ,
'
52,500 Virginia 3s, due July 1 1932, at 87.125, a basis of 4.267.
0.
The following bids were also received for the issues named:
Virginia 3s, Due July 1 1991 ($866,500).
Brown Bros. & Co., New York
Alexander Brown & Sons, Baltimore
74.125
Capital Trust & Savings Bank, St. Pauli
Massachusetts 35s, Various Maturities ($2,595,000).
Capital Trust & Savings Bank, R. L. Day & Co., Estabrook & Co.,1
Remick, Hodges & Co., Harris, Forbes & Co
188.83
Northwestern Trust Co. (Merrill, Oldham & Co., Boston)
88.05
Massachusetts 3s, Various Maturities ($430,000)•
R. L. Day & Co., Remick, Hodges & Co. Harris, Forbes & Co.,1
Estabrook & Co., Capital Trust & Savings Bank
J84.54
Northwestern Trust Co. (for Merrill, Oldham & Co., Boston)____83.79
The following bids were also received for the bonds awarded:
Alabama 4s ($143,000).
Merchants Loan & Trust Co., Chicago
Otto Marks & Co., Birmingham
R. M. Grant & Co., Chicago
Delaware 3s ($135,000).
R. M. Grant & Co., Chicago
495
THE CHRONICLE
99.47
99.03
98.70
87.375
Utah 33i3 ($100,000)
•
Merchants Loan & Trust Co., Chicago
R. M. Grant & Co., Chicago
Virginia 3s (152,500).
Davenport & Co., Richmond
98.07
97.25
86.51
The Northwestern Trust Co., St. Paul (for Merrill, Oldham & Co., Boston), also put in a bid for all or none of the
$3,025,000 Massachusetts 3s and 332s of 87.59 (which is said
/
to be approximately $19,000 less than the combined bid put
in by the R. L. Day & Co., &c., syndicate).
The National City Co. put in an all or none bid for the
entire $4,322,000 bonds offered of $3,579,000, equal to 82.80
(this is approximately $138,000 less, it is stated, than the
combined bids put in by the two syndicates in which the
Capital Trust & Savings Bank was interested).
North Hempstead, N. Y.—Bonded Debt.—The total
bonded debt of this town, according to figures taken from
the Town Supervisors' annual report, is $1,299,000. Receipts from Apr. 1 1918 to Dec. 31 1918 were $349,574 68
and the town has a balance of $51,598 48 in the bank.
BONDS CALLS AND REDEMPTIONS
Pekin, Ill.—Bond Call.:—It is reported that the city will
retire $54,900 special assessment bonds this month. The
bonds are being called for payment in anticipation of taxes
and will be retired by lots.
Rockford, Winnebago County, Ill.—Bond Call.—City
Treasurer James D. Taylor calls for payment at the City
Treasurer's office, at the Rockford National Bank of Rockford, on Feb. 10 1919, the following bonds, aggregating
$17,400:
Bond
Due.
Amount.
Ser. No.
233 15 Pine, Race, Mill and Wyman St. paving__ $600 July 1 1919
234 9 Ogden, Peach, Underwood, &c., sewer___ 240 July 1 1919
238 9 Eighth St. sewer
100 July 1 1920
239 4 South Winnebago St. sewer
20 July 1 1919
239 5 South Winnebago St. sewer
20 July 1 1919
239 6 South Winnebago St. sewer
20 July 1 1919
239 7 South Winnebago St. sewer
20 July 1 1919
239 8 South Winnebago St. sewer
20 July 1 1920
243 14 Elm St. Paving
100 July 1 1920
245 19 Court and Elm St. paving
500 July 16 1920
247 14 South Wyman St. paving
'100 July 15 1920
200 July 5 1920
250 14 North Madison St. paving
251 24 Regan,Benton,Daisy and Smith Ave.sewer 100 July 20 1920
253 10 Douglas St. and Harlem Ave. sewer
200 July 24 1920
256 13 North Water St. paving
500 July 7 1920
281 13 Cumberland St. sewer
200 July 10 1921
297 17 Cumberland St. macadam
500 July 1 1920
302 37 South Rockford District sewer
500 July 16 1920
302 38 South Rockford District sewer
500 July 16 1920
315 5 Alley Block 8, 0. E. R. paving
80 July 28 1920
315 7 Alley Block 8, 0. E. R. paving
. 80 July 28 1922
._
315 9 Alley Block 8, 0. E. R. paving
80 July 28 1924
316 5 Alley Block 38, 0. E. R. paving
75 July 3 1920
75 July 3 1921
316 6 Alley Block 38. 0. E. R. paving
317 5 Alley Block 15, 0. E. R. paving
50 July 3 1920
317 6 Alley Block 15, 0. E. R. paving
50 July 3 1921
326 5 Auburn St. macadam
100 July 16 1920
339 10 Peach St. macadam
100 July 1 1920
359 7 Kishwaukee St. sewer
100 July 1 1923
364 13 Morgan, West, Ferguson, Corbin sewer.... 300 July 1 1923
372 9 Alley Block 8, 0. W. R. paving
100 July 1 1925
375 4 Peach St. macadam
100 July 4 1920
376 9 Fifth St. sewer
100 July 4 1925
378 3 Sixth St. sewer
100 July 7 1920
383 16 Miriam Ave. macadam
300 July 1 1923
385 3 Rockton Ave. Sewer
60 July 1 1920
385 6 Rockton Ave. sewer
60 July 1 1923
386 36 10th, 11th St., 7th & 8th Ave. macadam
500 July 1 1922
386 39 10th, 11th St., 7th & 8th Ave. macadam
300 July 1 1922
387 21 Morgan St. paving
500 July 1 1923
387 22 Morgan St. paving
300 July 1 1923
391 17 Parmele St. macadam
500 July 1 1922
394 14 Parmele St. and 12th Ave. macadam
300 July 1 1922
394 15 Parmele St. and 12th Ave. macadam
100 July 1 1922
395 38 Kishwaukee and South 3d St. paving
500 July 1 1921
395 39 Kishwaukee and South 3d St. paving
500 July 1 1921
395 53 Kishwaukee and South 3d St. paving
300 July 1 1922
396 9 Alley between Main and Church St. paving 100 July 1 1926
397 11 Chestnut, Waldo and Marvin St. macadam 500 July 1 1921
400 14 South Fifth St. paving
500 July 1 1921
400 15 South Fifth St. paving
500 July 1 1921
401 9 Twelfth St. macadam
300 July 1 1922
401 10 Twelfth St. macadam
100 July 1 1922
402' 3 Crosby St. sewer
50 July 1 1920
402 5 Crosby St. sewer
50 July 1 1922
402 7 Crosby St. sewer
50 July 1 1924
403 4 Sunset Ave. macadam
100 July 1 1921
405 6 Twelfth Ave. macadam (6th-7th St.)
100 July 1 1923
405 8 Twelfth Ave. macadam (6th-7th St.)
100 July 1 1925
409 6 Alma St. and Browns Ave. sewer
200 July 1 1924
409 7 Alma St. and Browns Ave. sewer
200 July 1 1925
409 9 Alma St. and Browns Ave. sewer
100 July 1 1927
411 19 Auburn St. paving
1,000 July 9 1921
411 37 Auburn St. paving
1,000 July 9 1923
416 3 Ridge Ave. and King St. sewer
100 July 1 1921
416 7 Ridge Ave. and King St. sewer
100 July 1 1925
426 10 North Second St. sewer
100 July 1 1924
428 10 Sixth St. paving
1,000 July 10 1920
428 19 Sixth St. paving
1,000 July 10 1921
Total
$17,400
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADA, Pontotoc County, Okla.—BONDS DEFEATED.—A proposition to issue $75,000 water-works bonds was defeated at an election held
Jan. 20.
AKRON SCHOOL DISTRICT (P. 0. Akron), Summit County,
Ohio.—BOND ELECTION.—According to reports, a proposition to issue
$1.000.000 school bonds will be voted upon at an election to be held Mar.4.
ANACORTES, Skagit County, Wash.—BIDS REJECTED.—All
bids received for the $90.000 general and $60,000 special bonds offered
on Dec. 27 (V. 107, p. 2391), were rejected. We are advised that the
city is now counting upon disposing of these bonds at a private sale.
ANDERSON COUNTY (P. 0. Palestine), Tex.—BOND ELECTION.
—It is stated that a proposition to issue $150,000 county hospital memorial bonds will be voted upon shortly.
ATLANTA, Ga.—BOND ELECTION.—An election will be held Mar:5
to vote on a proposition to issue $1,000,000 general-impt. bonds.
496
THE CHRONICLE
[VOL. 108.
-On
ATTLEBORO, Bristol County, Mass.
Financial Statement.
-TEMPORARY LOAN.
Jan.25 a temporary loan of $50,000, issued In anticipation of revenue, dated Assessed valuation, Jan. 6 1919
$1.170,142,268
Jan. 27 and maturing Aug. 27 1919, was awarded to Salomon Bros. & Bonded debt, including this issue
9,715,000
Hutzler at 4.04% discount.
Bonded debt less than 1% of assessed valuation.
Population (Census 1910), 2,405,233.
-Proposals
-BOND OFFERING.
BATAVIA, Clermont County, Ohio.
will be received until 12 m. Feb. 15 by Chas. S. Slade, Village Clerk, for
COOLIDGE SCHOOL
% deficit bonds. Auth. Sec. 3931. Gen. Code. Denom. ty, Ga.-BOND SALE. DISICRICT (P. 0. Coolidge), Thomas Coun$6,000
-On
2500. Date Feb. 15 1919. Int. semi-ann. Due $500 yearly on Feb. 15 or registered school-building Nov. 12 the $12,0005% tax-free gold coupon
bonds, mentioned in V. 106, p. 731, were
from 1934 to 1945 Inch Cert. check for 2% of bonds bid for, payable to
Village Treas., required. Bonds to be delivered and paid for within 10 awarded to the Robinson-Humphrey Co.. of Atlanta, at par and interest.
Denom. $100. Date Jan. 1 1918. Interest annually. Due $4,000 on
days from time of award. Purchaser to pay accrued interest.
Jan. 1 in each of the years 1928, 1938 and 1948.
BELLAIRE, Belmont County, Ohio.
-BONDS PROPOSED.-Reports
CORAOPOLIS SCHOOL DISTRICT (P. 0. Coraopolis), Allegheny
State that this city contemplates issuing $140,000 bonds.
-On Jan. 27, it is reported, the $50,000
-BOND SALE.
County, Pa.
BERRY, Harrison County, Ky.-BOND SALE.
-The $5,000 6%
% tax-free coupon bonds, offered on that date Or 108 p. 189), were
10-year serial coupon electric light bonds offered on Jan. 18 (V. 108, IL awarded to Lyon, Singer & Co., of Pittsburgh, at 100.45. hue as follows:
189) were awarded on Jan. 20 to the Harrison Deposit Bank of Cynthiana $3,000 1923 and 1925, $4,000 1928, $3,000 1930 and 1932, $4,000 1934,
for $5,084 62, equal to 101.692. Denom. $100. Date Jan. 1 1919. Int. 1936 and 1938, $5,000 1940 and 1942, and $6,000 1944 and 1940.
annually. Due $500 yearly for 10 years.
-On Jan. 9
-BOND SALE.
COATESVILLE, Chester County, Pa.
-It is re- the $75,000 43 % tax-free coupon (with privilege of registration) improve-LOAN OFFERING.
BEVERLY, Essex County, Mass.
ported that proposals will be received until 5 p. m. Feb. 3 by the City ment and water-works bonds recently authorized (V. 106, 13. 2359), were
Treasurer for the purchaser on a discount basis of a temporary loan of awarded to the National City Co. of Philadelphia at 101.639. Denoms.
$200,000 issued in anticipation of taxes, maturing Nov. 6 1919.
$1,000 and $500. Date June 11918. Principal and semi-annual interest
BIBS COUNTY (P.O. Macon), Ga.-BOND ELECTION.
-A proposi- (J. & D.) payable at the National Bank of Coatesville. Due $12,500
tion to issue $1,500,000 road, bridge, school-building and county court June 1 1923 and $2,500 ye.rly on June 1 from 1924 to 1948,inclusive.
house bonds will be submitted to the voters on March 6, it is reported.
Financial Statement (Officially Reported).
BICKNELL SCHOOL DISTRICT (P. 0. Bicknell), Knox County, Assessed valuation taxable property
$13,295,395
Ind.
-BOND SALE.
-On Jan. 8 an issue of $5,000 5% school bonds was Real value (estimated)
20,000,000
awarded to the Meyer-Kiser State Bank of Indianapolis at 102.65. De- Total bonded debt (including this issue)
589,400
nom. $500. Date Jan. 1 1919. Int. J. & J. Due Jan. 1 1929.
Water debt
$453,4a0
32,057
BIG CREEK DRAINAGE DISTRICT NO. 15 AP. 0. Jonesboro) Sinking funds
1% of assessed valuation)
100,943
Craighead County, Ark.
-PURCHASERS OF BONDS.
-The $310,000 Net bonded debt (less thanCensus,
Population 1910, U. S.
11,089; 1919 (estimated), 18,000.
5;4% 15-year (aver.) tax-free bonds, recently offered by Frances Bros.
& Co.(V. 108, p. 291), were purchased jointly by the Mortgage Trust Co.
CUYAHOGA COUNTY (P. 0. Cleveland) Ohio.-BOND ELECand the Wm. R. Compton Co., both of St. Louis. who in turn "wholesaled" TION.
-According to reports a proposition providing for the issuance of
the bonds to various St. Louis brokers.
$100,000 Children's Home bonds will be voted upon at an election to be
-It is re- held March 4
-LOAN PROPOSED.
BOSTON, Suffolk County, Mass.
ported that the city is considering a loan of $750,000 to be issued in an-BOND OFFERING.
CUYAHOGA FALLS,Summit County, Ohio.
ticipation of taxes.
Proposals will be received until 12 in. Feb. 12 by F.0. Vail, Village Clerk,
-BOND SALE.
BRADFORD, Miami County, Ohio.
-The $1,400 6% for $12,0006% sewer bonds. Auth. Secs.3878. 3879 and 3881, Gen. Code.
water-works-system bonds, offered on Jan. 24 (V. 107, p. 2491) were Denom. $1,000. Date Sept. 1 1918. Principal and semi-annual interest
awarded on that date to the Tillotson-Wolcott Co. of Toledo for $1,429 12 (M.& S.) payable at Citizens Bank of Cuyahoga Falls. Due $1,000 yearly
(102.08) and accrued interest. Due $200 on Sept. 1 1927 and 1928 and on Sept. 1 from 1919 to 1926, inclusive, and $2,000 on Sept. 1 1927 and
$250 yearly on Sept. 1 from 1929 to 1932, incl. Bids were also submitted 1928. Certified check oa some solvent bank of Ohio, other than the one
by Durfee, Niles & Co. and W. L. Slayton & Co.
making the bid,for 10% of bonds bid for, payable to the Village Treasurer,
-TEMPORARY LOAN. required. Bonus to be delivered and paid for within ten days from time
BRISTOL COUNTY (P.O. Taunton), Mass.
-On Jan. 28 the temporary loan of $150,000, issued in anticipation of of award. Purchaser to pay accrued interest.
taxes, dated Jan. 29 1919 and maturing Nov. 7 1919 (V. 108, p. 396) FrIfAILAS,
-An election
-BOND ELECTION.
T.
was awarded to Salomon Bros. & IIutzler of N. Y. on a 4.04% discount will be held duriniic April, it is stated, to vote on the question of issuing
basis plus a premium of $4 50.
e.....11.4
$3,000.000 reservoir bonds.
-ProL
BROCKTON, Plymouth County, Mass. . OAN OFFERING.
-On Dec.'28
-BOND SALE.
DALLAS COUNTY (P. 0. Selma), Ala.
posals will be received until 12 m. Feb. 5 by John J. O'Reilly, City Treasurer, for the purchase on a discount basis, of a temporary loan of $200,000, Steiner Bros., of Birmingham, were awarded at 101, $60,000 5% refunding
Issued in anticipation of revenue, dated Feb. 7 1919 and maturing Nov. 20 bridge bonds. Denom. $1,000. Date Jan. 1 1919. Int. J. & J. Due
1919. The notes will be certified to by the First National Bank of Boston Jan. 11949.
and may be made payable at the National Shawmut Bank of Boston, or
DALLAS COUNTY LEVEE IMPROVEMENT DISTRICT NO.2, Tex.
the National Park Bank of New York at option of purchaser, at time of
-We are specially advised that on Jan. 22 an
BONDS REGISTERED.
sale, and made in denominations to suit purchaser.
levee-impt. bonds was registered with the State
issue of $69,000
-Local papers Comptroller. Due $2,000 yearly.
BUFFALO, Erie County, N. Y.
-BONDS PROPOSED.
report that this city is contemplating the issuance of $8,000,000 school
-BOND OFFERING.
DECATUR COUNTY (P.O. Greensburg), Ind.
bonds.
It
- is reported that Ozro J. Butler, County Treasurer, will receive proCAMBRIDGE, Middlesex County, Mass.
-Pro- posals until 2 p. m. Feb. 14 for $9.520 4 % highway improvement bonds.
-NOTE OFFERING.
3 by Henry F. Lehan, City Treasposals will be received until 12 in.
DENNISON VILLAGE SCHOOL DISTRICT (P. 0. Dennison),
urer, for the purchase on a discount basis of $100,000 "Dependent Aid
Feb*
-BOND OFFERING.
-Proposals
Notes," maturing Nov. 3 1919. The notes will be issued under the super- Tuscarawas County Ohio. G. W. Metcalf, District Clerk, for will be
$15,00()
vision of the First National Bank of Boston, who will certify as to their received until 12 an. Feb. 18 by 5656 and 5658, Gen. Code.
Denom.$500.
5% school bonds. Auth. Secs.
genuineness, and their legality will be approved by Ropes, Gray, Boyden
Int. F. & A. Principal and semi-annual interest
& Perkins, of Boston, whose opinion will be furnished the purchaser. Date Feb. 1 1919. National Bank of Dennison. Due $1.000
yearle on
All legal papers incident to this loan will be filed at the aforesaid bank, payable at Dennison1934, inclusive. Certified check for 1% of bonds bid
Feb. 1 from 1920 to
where they may be inspected.
for, payable to the Board of Education, required.
-On Feb.
-BOND ELECTION.
CARNEGIE, Caddo County, Okla.
-BOND OFFERING.
DE SOTO COUNTY (P. 0. Arcadia), Tex.
5 the question of issuing $12,000 water-works improvement and extension,
Feb. 15 by A. L. Durrance, Clerk
$11,500 ice plant purchase and $3,000 park impt. bonds will, it is stated, Sealed bids will be received until 12 m.part of the following two issues of
of Circuit Court, for the whole or any
be submitted to the voters.
6% coupon road and bridge bonds, aggregating $125,000:
-Sealed $90,000 Moore Haven Special Road and Bridge District No. 8 bonds.
-BOND OFFERING.
CASS COUNTY (P. 0. Atlanta), Tex.
Due $4,00) yearly on Jan. 1 from 1921 to 1923. inclusive, and
bids will be received until 10 a. m. Feb. 3 by W. T. Floyd, Road Super$3,000 yearly on Jan. 1 from 1924 to 1949, inclusive. Cashier's
-30
visor, it is stated, for $100,000 5 % 10 -year (opt.) road bonds. Intercheck for $1,000, payable to the above Clerk, required. District
est semi-annual. Certified check for $1.000 required.
debt, this issue only. Official circular states that there is no liti-BONDS PROgation pending or threatened affecting the present bond issue or
CHARLEVOIX COUNTY (P. 0. Petoskey), Mich.
the official standing of any officer connected herewith.
-It is reported that this county will offer an issue of $150,000
POSED.
road bonds next spring.
35,000 McCall Special Road and Bridge District bonds. Due $1,000
yearly on Jan. 1 from 1920 to 1942, inclusive, and $2,000 yearly
-BOND SALE.CHILDRESS COUNTY (P. 0. Childress), Tex.
on Jan. 1 from 1943 to 1948, inclusive. Cashier's check for $350.
On Jan. 13 the $35,000 5% 10-30-year (opt.) road bonds voted during Feb.
payable to the Chairman Board of County Commissioners, re1918 (V. 106, p. 131) were awarded to Harold G. Wise & Co. of Houston
quired. Official circular states that this district has never defor $35,200, equal to 100.571. Denom. $1,000. Date April 1 1918.
faulted in the payment of any indebtedness, and no litigation of
Int. A. & 0.
any nature is pending concerning the above bond issue. District
debt, this issue only. Sinking fund, $1,256.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton
$500. Date Jan. 1 1919. Principal and semi-annual interest
-Proposals will be received until (J Denom.payable at the Chase National Bank, Now York.
-BOND OFFERING.
County, Ohio.
& J)
4 p. in. Feb. 24 by Win. Grautman, Clerk of the Board of Education, for
-c.:"!trtt.:411-44wikeboiv.woosesmom
-40-year (opt.) school bonds, mentioned in V. 108.
the $500,000 4 % 20
SCHOOL DISTRICT (P. O. Elkhart), Elkhart County,
ELKHART-It is stated that the school board is offering
p. 396. Auth. Secs, 7626, 7627 and 7629, Gen. Code. Denom. $500. Ind.
-BOND OFFERING.
1919. Principal and semi-annual interest payable at the for sale $120,000 5% school-building bonds. Int. semi-ann. Due S3C,000
Date Feb. 24'
American Exchange National Bank of New York. Certified check for 5% yearly on Aug. 15 from 1921 to 1924, incl.
of bonds bid for, payable to the Board of Education, required. Purchaser
-NOTE .
-On Jan. 30
SALE.
ESSEX COUNTY (P. 0. Newark), N. J.
to pay accrued Interest.
the $1,250,000 tax-anticipation notes dated Jan. 30 1919 and maturing
- Dec. 30 1919 (V. 108. p. 397), were awarded to J. P. Morgan & CO'. of
-BONDS AUTHORIZED.
CLEVELAND, Cuyahoga County, Ohio.
The City Council authorized in January the issuance of the following 5% N. Y. at 4%% interest plus a premium of $25.
coupon bonds:
-BOND OFFERING.
FLAGLER COUNTY (P. 0. Bunnell), Tex.
$800,000 public-hall bonds. Int. semi-ann. Due Mar. 11969.
2,500,000 deficit bonds. Int. semi-ann. Due $125,000 yearly on Mar. 1 Sealed bids will be received until 9 a. m. Mar. 3 by J. C. Geiger, Clerk
from 1921 to 1940 incl.-V. 108, p. 189.
6% Shell Bluff Special Road and Bridge
150,000 street opening bonds. Int. semi-ann. Due $6,000 yearly on of Circuit Court, for $99,500
District bonds. Denom. $500. Prin. and semi-ann. int. (J. & J.) payable
Mar. 1 from 1920 to 1944, incl.
500,000 electric light bonds. Int. semi-ann. Due $20,000 yearly on at the Bunnell State Bank of Bunnell or at the National Bank of ComMar. 1 from 1922 to 1946, incl.
merce of N. Y. at option of holder. Due yearly on July 1 as follows:
480,000 park bonds. Int. semi-ann. Due $20,000 yearly on Mar. 1
$1,000 1923 and 1924; $1,500 1925 and 1926; $2,000 1927; $2,500 1928
from 1920 to 1943, incl.
500,000 water works bonds. Int. semi-ann. Due $10,000 yearly on and 1929; $3,000 1930 and 1931; $3,500 1932 and 1933; $4,000 1934 and
Mar. 1 from 1920 to 1969, incl.
1935; $4,500 1936 and 1937; $5,000 1938; $5,500 1939,36,000 1940 to 1942
50,000 public bath house bonds. Int. semi-ann. Due $2,000 yearly incl.; $7,000 1943 and 1944, and $7,500 1945 and 1940. Cert. check for
on Mar. 1 from 1920 to 1944.
900,000 hospital bonds. Int. semi-ann. Due $18,000 yearly on Mar. 1 2% of bid required.
from 1920 to 1969, inch The official notice of this bond offering will be found among the advertise30,000 garbage bonds. Int. semi-ann. Duo $2,000 yearly on Mar. 1 ments elsewhere in this Department.
from 1920 to 1934, incl.
-BOND OFFERING.
FLORENCE, Lauderdale County, Ala..
162,000 street impt. bonds. Int. M. & N. Due $18,000 on Nov. 1
According to reports M.M. Striplin, Mayor, will receive bids until Feb. 18
1919 and $36,000 yearly on Nov. 1 from 1920 to 1923, incl.
street impt. bonds. Int. M. & N. Due $22,000 on Nov. 1 for $60,000 water and $65,000 school 5% 20-year bonds. ,
198,000
1919 and $44,000 yearly on Nov. 1 from 1920 to 1923.
-The
-BOND SALE.
FORT COLLINS, Lorimer County, Colo.
1,000.000 street impt. (city's share) bonds. Int. semi-ann. Due $20,000
$100,000 street railway purchase bonds recently voted (V. 108, P. 292)
yearly on Mar. 1 from 1920 to 1969, incl.
1,000,000 street impt. (city's share) bonds. Int. semi-ann. Due $50,000 have been awarded to local investors.
yearly on Mar. 1 from 1920 to 1939, incl.
FREE BRIDGES DRAINAGE DISTRICT, Obion and Lake CounDenom. $1.000. Date Mar. 1 1919. Prin. and semi-ann. int. payable ties, Tenn.
-The Mortgage Trust Co. of St. Louis has
-BOND SALE.
at the American Exchange National Bank of N. Y. C. J. Benkoski is purchased at par and Int. and are now offering to investors on a 5.75%
City Clerk.
basis an issue of $62,000 6% bonds. Denom. $500. Date July 1 1918.
-BOND SALE.
-The $850,000 Prin. and ann. int. payable at the above trust company. Due yearly
COOK COUNTY (P.O. Chicago), 1118.
$3,500
4% tax-free coupon road bonds offered without success on Jan. 20(V. 108, on July 1 as follows: $2,000 1924; 32,500 1925 and 1926; incl.; 1927
$5,500
397) have been awarded to a syndicate composed of the Continental and 1928: $4,000 1929 to 1931 incl.; $4,500 1932 to 1934
p.
and Commercial Trust and Savings Bank the Merchant Loan and Trust 1935;$5,000 1936'$6,000 1937 and 1938.
Co., and the Northern Trust Co., on their joint bid of 94.956. Denom.
-Sealed bids
FREMONT, Dodge County, Neb.-BOND OFFERING.
$1,000. Date April 1 1918. Prin. and semi-ann. int. (A. & 0.) payable
for
-20
at the office of the County Treasurer. Due $50,000 yearly on April 1 will be received until 6 p. mu. Feb. 17 by the City Clerk it is$169,000 5 stated. ge
year (opt.) refunding bonds at_not exceeding 5% int.,
fint1 1922 to 19311 lad.
.
•
FEB. 1 1919.]
THE CHRONICLE
FULTON COUNTY (P. 0. Wauseon), Ohio.
-BOND SALE.
-On
Jan. 25 the following three issues of 5% road bonds, aggregating $107,000
(V. 108, P. 292), were awarded at par and accrued int. as follows:
565,800 Section "0" bonds awarded to the People's State Bank of Wauseon. Due $7,300 Jan. 1 1921 and $6,500 each six months thereafter up to and including July 1 1925.
35,000 Section "G" bonds awarded to First National Bank of Wauseon.
Due $4,000 each six months from Jan. 1 1921 to Jan. 1 1923 incl.
and $3,000 each six months from July 1 1923 to July 1 1925 incl.
6,200 Section "C" bonds awarded to First National Bank of Wauseon.
Duo $700 Jan. 1 1921, $1,000 July 1 1921 and Jan. 1 1922, and
$500 each six months from July 1 1922 to July 1 1925 incl.
GARRETTSON, Minnehaha County, So. Dak.-BOND SALE.
-year water-system bonds, dated Jan. 1 1919
On Jan. 24 the $10,000 5% 20
-were awarded to the Wells-Dickey Co. of Minneapolis
-V. 108, p. 292
at par and interest.
GIRARD SCHOOL DISTRICT (P. 0. Girard), Trumbull County,
-The 560,000 5% school bonds, mentioned In
Ohio.
-BOND SALE.
V. 108, p. 292, have been purchased by the State Industrial Commission
of Ohio.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
-On
Jan. 28 the temporary loan of $150,000 issued in anticipation of taxes,
dated Jan. 31 1919 and maturing Nov. 17 1919(V. 108, p. 397) was awarded
to J. P. Morgan & Co. of N. Y. on a 4% discount basis, plus a premium of
$15 00. Other bidders were:
Discount. Premium.
Salomon Bros. & Hutzler, New York
37 0500
Gloucester Safe Deposit & Trust Co
44,
'
S. N. Bond & Co.. New York
4.05
10 00
Old Colony Trust Co., Boston
4.09
1 00
Gloucester National Bank
4.09 Q
•••••=11••••
497
LOFtAIN, Lorain County, Ohio.
-BOND SALE.
-The $27,000 5%
playground-purchasing bonds authorized on Dec. 16-V. 108, p. 292
have been awarded the State Industrial Commission of Ohio. Denom.
$1,000. Date Nov. 15 1918. Int. M. & S. Due $3,000 yearl on
Sept. 15 from 1930 to 1938. incl.
•- .
_
LOUISVILLE, Ky.-BOND SALE.
-According to reports an issue of
$618,000 bonds has been purchased by the City Sinking Fund Commissioners. These bonds were bought from time to time during the past year
and at prices, it is said, a few points below par.
LOVELADY TOWNSHIP (P. 0. Morganton), Burke County, N.tC.
BOND OFFERING.
-Proposals will be received by J. R. Howard, Clerk
of Board, until 12 m.Feb. 25 for 530,000 5% 30-year road bonds. Denom.
$1,000. Date Mar. 1 or Mar. 15. Int. semi-ann., payable in New York.
Certified check for $1,000 required. Bonded debt, $50,000. Assessed
val.. $949.364. Real value (est.). $1.500,000. Population (est.), 2.400.
LUDLOW, Kenton County, Ky.-BOND OFFERING.
-Sealed bide
will be received until 8 p. m. Feb. 13 by S. E. Wilson, City Clerk, for
$3.441 05 6% Deverhill Street improvement bonds. Denom. $100 or
any multiple thereof, except the last bond, which may be for a fractional
amount. Interest semi-annual.
•
McALESTER SCHOOL DISTRICT (P. 0. McAlester), Pittsburg
County, Ala.
-BOND OFFERING.
-Proposals will be received until
Feb. 1 by W. G. Masterson, Superintendent of Schools, for $250,000 5%
25-year school bonds, it is stated.
MARSHALLVILLE, Wayne County, Ohio.
-BOND OFFERING.
Proposals will be received until 12 m. Feb.7 by F. E. Kieffer, Village Clerk,
for $1,800 6% electric-light-plant improvement bonds. Auth., Sec. 3939,
Gen, Code. Denom. $180. Date July 1 1918. Interest semi-annual.
Due $180 yearly on July 1 from 1919 to 1928, inclusive. Certified check
for 105' of bonds bid for, payable to Village Treasurer, required. Bonds
HA'MTRAMCK SCHOOL DISTRICT NO. 8 (P. 0. Hamtramck), to be delivered and paid for within ten days from time of award. Pur-NO SALE.
-No sale was made of an issue of chaser to pay accrued interest.
Wayne County, Mich.
3125,000 4 % 15-year school bonds offered on Dec. 30. Int. semi-ann.
MERCED COUNTY (P. 0. Merced), Calif.
-BOND SALE.
-On
Bonded debt (excluding this issue). $742,000. Valuation, $34,113,645.
Jan. 24 the $1,250,000 5% 3
-32-year serial tax-free gold coupon highway
Warren V. Tyler is District Secretary.
bonds, dated July 1 1918 (V. 108, p. 292), were awarded to a
HANCOCK COUNTY (P. 0. Bay St. Louis), Miss.
-BOND SALE.
- syndicate composed of Bond & Goodwin, Bank of Italy, Girvin & Miller,
McDonnell & Co., and R. H. Moulton & Co., on their joint bid, 103.884.
The $25,000 6% bonds offered on July 1 (V. 106,_ p. 2774) were purchased ,
during that month by the Merchants' Bank of Bay St. Louis at par.
MIDDLETOWN, Butler County, Ohio.
-BOND SALE.
-On Jan. 23
Denom. $500. Date July 1 1918. Int. annually. Due in 5 years.
the two issues of 534% bonds, aggregating $9,928, offered on that date
subject to call $5,000 yearly.
(V. 108, p. 94), were awarded to Durfee, Niles & Co. as follows:
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BONDS AUTHOR- $5,000 Third Street resurfacing bonds, awarded for $5,081 80, equal to
101.636.
IZED.
-It is reported that an issue of $18,000 bridge-repair bonds has
4,928 sidewalk, curb and gutter bonds, awarded for $5,003 80, equal to
been authorized.
100.523.
HANCOCK COUNTY (P. 0. Greenfield) Ind.
Date Jan. 11919. Interest semi-annual, payable at the National Park
-BOND SALE.
-Of
U,
the two issues of , e% bonds. aggregating $31,500 offered on Jan. 24- Bank of New York. Due yearly beginning Jan. 1 1920. Other bidders
V. 108, p. 292
-the $17,800 1-10-year Fred H. Harmening, et al., highway were as follows:
bonds of Sugar Creek Township, dated Jan. 15 1919, were awarded on that
Street
Sidewalk
Total
Bidderday to J. F. Wild & Co., State Bank of Indianapolis, at par and interest.
Issue.
Issue. Premium.
Ohio National Bank, Columbus
$105.00
HARBOR CREEK TOWNSHIP (P. 0. Harbor Creek), Erie County, W. R. Compton Investment Co., Cindnnati_$40.50
$36.15
Pa.
-BOND OFFERING.
-Additional information is at hand relative to Seasongood-Mayer Co., Cincinnati
70.00
30.00
the offering of the $27,500 tax-free refunding and paving bonds on Feb. 12 Tillotson. Wolcott Co., Cleveland
53.50
8.38
(V. 108, p. 397). Proposals for these bonds will be received until 2 p. m.
on that date by T. K. Elliott, Sec'y Board of Township Supervisors.
MINNEAPOLIS, Minn.
-CERTIFICATE AND BOND OFFERING.
Denom. $100. .Date Feb. 1 1919. Int. (F. & A.) payable at the office Sealed bids will be received until 3 p. m. Feb. 19 by Dan C. Brown, City
of the Township Treasurer. Due on Feb. 1 as follows: $6,000 1924, Comptroller, for $100,000 public market bonds and $400,000 public market
certificates of indebtedness, at not exceeding Sc' interest. Date March 1
$6,100 1926, $5,600 1928, $5,000 1930 and 34,900 1932. Cert. check
for 10% of bonds bid for, required. Bonded debt (incl. this issue) $27,500. 1919. Interest semi-annual. Due March 1 1949. No bid or proposal will
'
Assessed value, 1918, $1,374,628 10. Total tax rate (per 1,000) $3.
be entertained or a sum less than 95% of the par value thereof and accrued
Interest on same to date of delivery. Certified check for 2% of the amount
HARDIN CITY SCHOOL DISTRICT (P. 0. Hardin), Big Horn of bonds and certificates of indebtedness bid for, payable to C. A. BloomCounty, Mont.
-BOND ELECTION.
-Reports state that an election quist, City Treasurer, required.
will be held Feb. 1 to vote on the question of issuing $100,000 schoolbuilding bonds.
MINNESOTA (State of).
-BOND SALE.
-Attention is called to our
item in the news columns of this department reporting the sale of different
HARLEM, Columbia County, Ga.-BONDS NOT YET SOLDo State bonds held by the State Board of Investment.
sale has yet been made of the 310,000 5% 20
-year coupon school bonds,
NEWAGO COUNTY (P. P. Fremont), Mich.
offered without success on July 15 (V. 107, p. 621.)
-BOND ELECTION.
A proposition to issue $50000 court
-house bonds will be voted upon at an
HARTFORD Hartford County, Conn.
-BONDS PROPOSED.
-It Is election to be held in April, it is reported.
reported that this city contemplates issuing $300,000 park bonds.
NEWBURYPORT, Essex County, Mass.
-TEMPORARY LOAN.
IRVINGTON, Essex County, N. J.
-BOND OFFERING.
-Proposals A temporary loan of $160,000, dated Jan. 30 and maturing Nov. 5, has
will be received until 8 p. m. Feb. 10 by W. IT. Jamouneau, Town Clerk, been awarded on a 4.057 discount basis as follows: $80.000 awarded to
for the 434% coupon (with privilege of registration) general improvement S. N. Bond & Co. of N. Y.; $80,000 awarded to F. S. Moseley & Co. of
bonds not to exceed $70,406 31, recently authorized-V. 108, p. 292. Boston.
Denoms. 70 for 31,000 and 1 for $406.31. Date Jan. 1 1919. Int. semiNEWPORT, Newport County, R. 1.
ann. (J. & J.). Due $5,000 yearly on Jan. 1 1920 to 1926, incl., 36,000
-LOAN OFFERING.
-Proposals
yearly on Jan. 1 1927 to 1931, incl., and $5,408 31 on Jan. 11932. Certi- will be received, it is reported, until 5 p. m. Feb. 6 by the City Clerk, for
fied check on a bank or incorporated trust company for 2% of the amount the purchase on a discount basis of $75,000 notes, issued in anticipation of
of bonds payable to the "Town of Irvington,' required. The successful taxes, dated Feb. 8 1918 and maturing Sept. 3 1919.
bidder will be furnished with the opinion of Hawkins, Delafield & LongNEW ROADS, Pointe Coupee Parish, La.
-BOND SALE.
-The
fellow of New York, that the bonds "are bonded and legal obligations of
$25,000 5% public impt. bonds offered on April 30-V. 106, p. 1820
-were
the town of Irvington."
awarded on July 1 to the Bank of New Roads at par.
JEFFERSON COUNTY(P.O. Fayette), Miss.
-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND OFFERING.
O. S. Gillis, Chancery Clerk, will receive bids until Feb. 3, it is reported,
Proposals will be received until 2 p. m. Feb. 13 by the County Treasurer
for $330,000 road bonds.
for $5,469 43 5% drainage bonds. Denom. 1 for $555 43, 9 for $546.
JERSEYVILLE, Jersey County, 111.
-BOND SALE.
-On Jan. 13, Int. J. & D. Principal and semi-annual interest payable at the Farmers
the $28,500 5ee% 20
-year funding bonds, mentioned in V. 107, p. 2492, State Bank of Morocco. Due $555 43 on Dec. 1 1919 and $546 yearly on
were awarded to the Jersey State Bank fon $28,682 40 (100.84) and int. Dec. 1 from 1920 to 1928, inclusive.
as 5s. Other bidders were:
NORFOLK COUNTY (P. 0. Dedham), Mass.
-NOTE SALE.
-On
R. M. Grant & Co., Chic_$29,110 001John Hanchett Bond Co.,
Jan. 28, it is stated,
National City Co. N. Y.._ 29,226 751 Chicago
$29,317 50. Bond & Co., of New $30,000 5% hospital notes were awarded to S. N.
York, at 100.283.
E. H.RolI ins & Son, Chic_ 28,785 00 Bolger, Moser& Wil1aman,
John Nuyeen & Co., Chic_ 28,800 00
Chicago
29,142 00
NORTH ADAMS, Berkshire County, Mass.
-LOAN OFFERING.Wm.R.ComptonCo.,St.L. 29,011 00 Reports state that the City Treasurer will receive bids until 11 a. m. Feb.
- - - -KENMORE SCHOOL DISTRICT(P.O. Kenmore),Summit County, 4, for the purchase on a discount basis of a temporary loan of $100,000
Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Feb. 17 issued in anticipation of revenue, maturing Nov. 6 1919.
by A. R. Ritzman, Clerk Board of Education, for the $140,000 5% school
-BONDS PROPOSED.
bonds, authorized at the election held Jan. 21 (V. 108, _p. 94). Auth. It OCEAN GROVE, Monmouth County, N. J.
is reported that this city contemplates the issuance of $750,000 funding
Secs. 7625, 7626, 7627, 2294 and 2295. Gen. Code, Ohio. Denom.$1,000. bonds.
Date, date of sale. Int.(A.& 0.) payable at office of Board of Education.
Due $20,000 yearly on Oct. 1 from 1936 to 1940, incl., $5,000 yearly on
OCHO IRRIGATION DISTRICT (P. 0. Prineville), Crook County,
Oct. 1 from 1941 to 1945, incl., and $15,000 on Oct. 1 1946. Cert. check Ore.
-BOND SALE.
-The $200,000 6% 11-22-year serial bonds offered
for 5% renuired. Purchaser to pay accrued int.
on Jan. 13 (V. 108, p. 95), were awarded on Jan. 20 to Clark, Kendall &
LA FOURCHE DRAINAGE DISTRICT NO. 11 (P. 0. Thibodaux), Co., of Portland, at 90. Denom. $500. Date July 1 1917. Int. J. & J.
La Fourche Parish, La.
-BONDS NOT YET SOLD.
-No sale has yet
OKMULGEE COUNTY (P. 0. Okmulgee), Okla.
-BOND OFFERbeen made of the $10,000 5% drainage bonds offered on Aug. 17.-V. ING.
-Grace E. Morten, County Clerk, will receive bids until 12 m. Feb.
107, p. 632.
11 for $536,000 5% road bonds. Date Dec. 15 1916. Int. semi-ann.
Dec. 15 from 1919
LAKE CHARLES SCHOOL DISTRICT (P. 0. Lake Charles), Cal- Duo $32,000 yearly onfor 5% required. to 1934 incl. and $24,000 Dec.
The bonds have been approved
-BONDS VOTED.
casieu Parish, La.
-According to ropotrs the propo- 15 1935. Cert. check
school bonds was favorably voted at the election by the Attorney-General of the State of Oklahoma.
sition to issue $200,000
held Jan. 20.-V. 107, p. 2308.
ORANGE, Orange County, Texas.
-BOND ELECTION PROPOSED.
-At a meeting on Jan. 21 the City Commission ordered an election to be
LAWRENCE COUNTY (P.O. New Castle), Pa.
-BONDS PROPOSED. held as soon as possible to vote on
-It is reported that the County Commissioners have under consideration improvement bonds, it is stated. the issuance of $150,000 wharf and dock
a proposition providing for an issue of approximately $748,000 road bonds.
PALM BEACH, Palm Beach County, Fla.
-BOND SALE.
-An issue
LE FLORE COUNTY (P. 0. Greenwood), Miss.
-BONDS WITHDRA WN -The 599,000 5% road bonds offered without success on Oct. 7 of $44,500 general improvement bonds has been disposed of at 95 and
.
(V. 107, p. 2025), have been withdrawn from the market, because, we are Interest, it is stated.
advised, the county finds that it does not need the funds at present.
PALO PINTO COUNTY (P. 0. Palo Pinto), Tex.
-BOND OFFERING.
-W. Ir.
will receive bids until Feb.
LITTLE FALLS TOWNSHIP (P. 0. Passaic), Passaic County, N. J. $50,000 5%Smith, County Judge, 2 bonds. Denom. $1,000. 10 for
Road District No.
Date
-BOND OFFERING.
-B. S. Briggs, Township Clerk, will receive bids
semi-annual interest payable at
until 8 p. m. Feb. 10, it is reported, for the following 5% bonds, not to March 11919. Principal and Due $3,000 for 4 years, $2,000 the Hanover
National Bank, New York.
for 12 years
exceed the amounts mentioned: $71,000 21 2
-3-year (aver.) sower and and 31,000 for 14 years. The assessed value of Road District No. 2 is as
$22,000 2
-year (aver.) assessment bonds. Interest semi-annual. Certi- follows: Assessed value, real estate. $968,229; assessed value, personal,
fied check for 2% required.
'•
lia44 . 11111111111sEll $743,890; total value, $1,712.119.
4
LITTLE ROCK, Pulaski County, Ark.
-WARRANT OFFERI10.PATCHOGUE, Suffolk
-BOND OFFERING.
-ProIt is stated that the Finance Committee will receive bids until 11 a. m. posals will be received until County, N. Y. 4
8:30 p. m. Feb. by Edward B. Woodruff,
Feb. 5 for $3,15,000 1-year warrants.
Village Clerk, it is reported, for $3,500 fire apparatus bonds. Interest not
LOAN OFFERING.
-It is also stated that bids will bo received until the to exceed 5%. Denom. $500. Date Feb. 1 1919. Due $500 yearly on
above time and date by the above Finance Committee, for all or any part Jan. 1 1923 to 1929, inclusive. Certified check for 10% of bonds bid for.
of a temporary loan of 5345.000 maturing in 30 days.
reouired.
498
THE CHRONICLE
[VOL. 108.
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
Financial Statement.
-The
$200.000 temporary loan issued in anticipation of taxes, offered on Jan. 28 General bonded indebtedness of the City of Seattle
$17,014,400
(V. 108, p. 398), was awarded on that date to F. S. Moseley & Co. on a Included in foregoing, incurred for water, light and sewer pur4% discount basis plus a premium of $1. Date Jan. 29 1919. Due Nov.
purposes
8,445,000
10 1919.
Net general bonded indebtedness, exclusive of that incurred
PENSACOLA, Escambia County, Fla.
-BOND SALE.
-On Jan. 20
for water, light and sewer purposes
$8,569,400
the $120,000 5% 20-30
-year (opt.) improvement bonds (V. 107, p. 2493)
were awarded to Sidney Spitzer & Co. of Toledo at 98.50. Denom.$1,000. Assessed valuation of all property within boundary of City of
Seattle, as equalized for city purposes in 1918 (basis 50%
Date Oct. 11918. Int. A. & 0.
of actual value)
$227,856,858
Other bidders were:
BOND ELECTION.
-A proposition providing for the issuance of $1,Provident Savings Bank & Trust Co., Cincinnati
*$118,320
Well, Roth &Co., Cincinnati
117,300 675,000 bridge bonds will, it is reported, be submitted to the voters on
J. C. Mayer & Co. Cincinnati
116,757 March 4.
W. L. Slayton & CO., Toledo
116,700
SHEFFIELD SCHOOL DISTRICT (P. 0. Sheffield), Colbert
Kauffman-Smith-Emert Investment Co., St. Louis
115,307
-BOND SALE.
-The $25,000 school bonds voted during
The Robinson-Humphrey Co., Atlanta
115,216 County, Ala.
August 1918 (V. 107, p. 530) have been disposed of. Due 1939.
* "Good faith' check not in proper form; bid rejected.
SIOUX FALLS SCHOOL DISTRICT(P.O. Sioux Falls), Minnehaha
PHILADELPHIA, Philadelphia County, Pa.
-BONDS TO BE
-Local papers state that this
OFFERED SHORTLY.
-It is reported that the 310,000,000 4%% general- County, So. Dak.-BONDS PROPOSED.
district is contemplating the issuance of $500,000 school-building bonds.
improvement bonds, mentioned in V. 107, p. 824, will probably be offered
_
during the coming week.
BOND SALE.
-The $30.000
-SLIDELL, St. Tammany Parish,
5% 10-year serial street improvement bonds offered on Oct. 1 (y. 107.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
-BOND SALE.
-On
Jan.27 the $2,000 5% hospital bonds offered on that date
-V.108, p. 293
- p. 1305) have been awarded to W. L. Slayton & Co. of Toledo. Denom.
were awarded to W. L. Slayton & Co. of Toledo for $2,041 80 (102.09) $500. Date Sept. 1 1918. Int. M. & S.
and interest. A bid of $2,008 80 was received from Durfee, Niles & Co.,
-BOND SALE.
SNOHOMISH COUNTY (P. 0. Everett), Wash.
of Toledo.
An issue of $40,000 road bonds recently authorized has been sold.
PORTLAND Ore.-BOND OFFERING.
-According to reports George
-BOND ELECTION.
SOUTH AMHERST, Lorain County, Ohio.
R. Funk, City Auditor, will receive bids until 11 a. m. Feb. 5 for $500,000
At a special election to be held on Feb. 22, a proposition providing for the
5% 5 -year (opt.) collection bonds. Int. semi-ann.
-10
issuance of $5,000 street impt. bonds will be voted upon. Fred Ruth is
PORTLAND SCHOOL DISTRICT NO. 3 (P. 0. Portland), Ionia Mayor.
County, Mich.
-BOND OFFERING.
-Sealed bids will be received until
-Reports state
TOLEDO,Lucas County, Ohio.
-BONDSPROPOSED.
4:30 p. m. Feb. 28 by C. L. Crane, District Secretary, for $100,000 5%
school bonds. Date April 1 1919. Int. payable at the office of the Dis- that this city is considering a proposition to issue $100,000 street-impt.
bonds.
trict Treasurer. Cert. check for $1,000 required.
-On Dec.
TUSCUMCARI, Quay County, N. Mex.-BOND SALE.
PORT OF SEATTLE (P. 0. Seattle), King County, Wash.
-BOND
OFFERING.
-Additional information is at hand relative to the offering 30 Sweet, Causey, Foster & Co.of Denver were awarded at par and interest
-30-year
on Feb. 11 of the $1,000,000 gold improvement bonds at not exceeding $5,000 6% 20 Int. F.(opt.) water-works bonds. Denom. $500. Date
& A.
5% interest (V. 108, p. 293). Proposals for these bonds will be received Aug. 15 1918.
until 2 p. m.on that day by W.S. Lincoln, Port Auditor. Denom. $1,000.
TYLER SCHOOL DISTRICT (P. 0. Tyler), Lincoln County,
Date Mar. 11919. Prin. and semi-ann. int. payable in New York. Due Minn.
-We are advised that $35,000 school-building
-BOND SALE.
yearly on Mar. 1 as follows: $11,000 1920; $12,000 1921 to 1923 incl.; and $20,000 funding 4% bonds were recently placed with the State of
$13,000 1924 to 1926 incl.• $14,00 1927 and 1928; $15,000 1929 to 1931 Minnesota.
'
incl.; $16,000 1932 to 1937 incl.; $18,000 1938 to 1940 incl.; $20,000 1941
UMATILLA COUNTY (P. 0. Pendleton), Ore.
-BOND ELECTION.
and 1942; $22,000 1943; $24,000 1944 and 1945; $26,000 1946; $28,000
1947; $30,000 1948; $32,000 1949 and 1950; $34,000 1951; $36.000 1952; -Newspaper reports state that the voters of this county will within 60
$40,000 1953; $44,000 1954 and 1955; $45,000 1956; $47,000 1957 to 1960 days vote upon a nroposition to issue $1,050,000 road bonds.
incl., and $2,000 1961. Cert. check on a national bank or trust comUNION TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Union
pany for 1% of the amount of bonds bid for, required. Bonds may be Station), Licking County, Ohio.
-Proposals will
-BOND OFFERING.
registered in New York as to principal or as to principal and interest. be received until 12 m. to-day (Feb. 1) by A. M. Parrish, Clerk of the
Official advertisement states that the bonds will be deliverable at any Board of Education, for $2,500 6% school bonds. Denom. 2 for $1,000
place in the United States, at purchaser's option, as soon as practicable
1 for $500. Date Dec. 15 1918. Prin. and semi-ann. Int. payable
after award, with opinion of Caldwell & Masslich of New York City that and Hebron Bank Co. of Hebron. Due $500 on Oct. 1 1927 and. $1,000
at the
the bonds are valid obligations of the Port of Seattle, payable from the on Oct. 1 1928 and 1929. Cert. check for 5% of bonds bid for required.
special tax provided by law and other port revenues. Bids must be sub- Purchaser to pay accrued interest.
mitted on blank forms furnished by the above Auditor or said attorneys.
-Proposals
WARREN,Trumbull County, Ohio.
-BOND OFFERING.
Total bonded debt (incl. this issue), $6,979,000. Assess, value of taxable
property in Port District (King County), $279,382,807. Real value will be received until 12 m. Feb. 27 by Geo. T. Hecklinger, City Auditor,
for $5,300 6% coupon sewer (city's share) bonds. Auth.'Sec. 3939, Gen.
(est.), $558,765,614.
Code. Denom. 10 of $500 and 1 of $300. Date Feb. 27 1919. Prin.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
- and semi-ann. int. payable at the office of the Sinking Fund Trustees.
BOND SALE.
-On Jan. 23 the two issues of 5% funding road and bridge Due yearly on Feb. 27 as follows: $2,000, 1922: $1,800, 1923: $1,500, 1924.
bonds aggregating $217,614 (V. 108, p. 293), were awarded to the First Cert. check for $500, payable to City Treasurer, required. Bonds to be
National Bank of Council Bluffs for $222,439, equal to 102.217. Denom. delivered and paid for within 5 days from time of award. Purchaser to
$500. Date Jan. 1 1919. Int. J. & J. Due 25 bonds yearly beginning pay accrued interest.
Jan. 1 1924.
Financial Statement.
RAPIDES PARISH (P. 0. Alexandria), La.
-BOND OFFERING.
- Total assessed valuation for 1919
Real estate
$25,660,510
state that proposals will be received until 12 m. Feb. 17 by T. C. Personal property
Reports
13.992,380
Wheadon, President of the Police Jury, for $61,000 5% road bonds.
Total valuation
$39,652,890
-BOND OFRED LAKE COUNTY (P. 0. Red Lake Falls), Minn.
FERING.
-Sealed bids will be received until Feb. 4 by George Dupont, Indebtedne*sGeneral bonded debt
$612,600
County Auditor, it is stated, for $50,000 6% road and bridge bonds.
443,804
Special ass. debt
Cert. check for $2,500 required.
5,300
This issue
RIDGEWOOD, Bergen County, N. J.
-BOND SALE.
-The two
$1,061,704
issues of 5%% gold coupon (with privilege of registration) street bonds
Total debt, including this issue
35,000
offered on Jan. 28 (V. 108, p. 293), were awarded as follows:
Cash balance and investments in sinking fund
15.4 mills
$60,000 street assessment bonds ($61500 offered) to Harris, Forbes & Tax rate
Co. of New York at 102.36, a basis of 4.99%.
Population, 1919, 27.006.
8,500 street impt. bonds ($8,500 offered) to Outwater & Wells of Jer-BOND
WASHINGTON COUNTY (P. 0. Johnson City), Tenn.
sey City at 101.81, a basis of 4.72%.
OFFERING.
-Further details are at hand relative to the offering on Feb.
15 of the three issues of 5% coupon road bonds, aggregating $690,000
ROCHESTER, N. Y.
-NOTE SALE.
-On Jan. 30 $20,000 sewer notes,
maturing in eight months at the Central Union Trust Co., N. Y., were (V. 108, p. 399). Proposals for these bonds, which are described below,
will be received until 10 a. m. on that day by W. J. Barton, Chairman of
awarded to S. N. Bond & Co., of N. Y. at 4.40% interest.
the Good Road Commissioners.
SALT LAKE CITY,Salt Lake County, Utah.
-BOND ELECTION.- $293,500 bonds. Due yearly on Jan. 1 as follows: $2,000 1930, $7,000
On Feb. 20 a proposition will be submitted to the voters providing for the
1931 to 1934, incl., $10,000 1035 to 1939 incl., and $30,500 1940
to 1946, incl.
issuance of $2,000,000 general-improvement bonds, It is reported.
213,500 bonds. Due $30,500 yearly on Jan. 1 from 1947 to 1953, incl.
SANDUSKY, Erie County, Ohio.
-BOND SALE.
-The $12,000 5%
183.090 bonds. Due $30,500 yearly on Jan. 1 from 1954 to 1959, incl.
7
-9-year serial Camp Street Crossing Elimination bonds, dated Jan. 1 1919,
Denom. $500. Date Jan. 1 .1919. Prin. and semi-ann. int. (J. & J.)
offered on Jan. 29-V. 108, p. 191-were awarded on that day to A. E. payable at the Hanover National Bank, N. Y. Cert. check for 2%lof
Aub & Co. of Cincinnati for $12,121 (101.008) and interest. Other bidders the amount of bonds bid for, payable to J. W. Weeks, County Trustee,
were:
required. Purchaser to pay all expenses as attorney's fees, &c. Official
Ohio State Bk., Columb-$12,066 10 Otis & Co., Cleveland....-$12,011 00 circular states that this county has never defaulted in the payment of prinA. T. Bell & Co., Toledo.. 12,010 00 cipal or interest on its obligations and that there is no litigation affecting
Prbvident Savings Bank
& Trust, Cincinnati..__ 12,044 401Hanchett Bd. Co.. Chic.. 12,009 00 the issuance of the above bonds, or the right of the present officials, elected
-BOND OFFER- to administer the fund, is in progress or expected.
-- JOAQUIN COUNTY (P. 0. Stockton), Calif.
SAN
Financial Statement.
ING POSTPONED.-Wo are advised by W. C. Neumiller, County Treasurer, that the sale of the $500,000 reclamation bonds, on Jan. 9 (V. 108, Estimated actual value of taxable property
$35,000,000 00
p. 95), has been postponed and no definite date for a re-offering has yet Assessed value of taxable property for 1918
6,729,039 50
been set.
Tax rate, $2.05.
Total tax assessment
$128,650 38
-BOND OFFERING.
SEATTLE, Wash.
-Sealed bids will be received Revenue received from other sources (1917)
38,364 53
until 12 m. Feb. 15 by H. W. Carroll, City Comptroller, for $245.000 Total bonded debt, including this issue
885,000 00
nbt
Flnatig fud
34,000 00
gold coupon (with privilege of registration) bridge bonds, series "B," at si okinng de
on
26,665 01
not exceeding 5% interest. Denom. $1,000. Date Mar. 1 1919. Prin. Money loaned athand
interest, about
11,500 00
and semi-ann. int. payable in Seattle or New York, at option of holder.
Valuation of County Property
0
Due $24,000 yearly on Mar. 1 from 1930 to 1934 incl., and $25,000 yearly Court House
14 0
$75:000 000
.
on Mar. 1 from 1935 to 1939 incl. Cert. check on a national bank or County jail
County asylum and farm
12,000 00
trust company for $4,900, payable to the above Comptroller, required. County school property
" 78,200 00
The approving opinion of Caldwell & Masslich of N. Y. will be furnished
WASHINGTON,
--BONDS AUTHORIZED.
County,
to the purchaser without charge. Bids must be submitted on blank forms -On Jan. 8 the City Fayette adopted anOhio.
ordinance providing for the issuCouncil
furnished by the above Comptroller or the said attorneys. Bonds will be ance of $10,500 6% coupon refunding bonds. Denom. $500. Date
delivered in Seattle,. Chicago. New York or any other Eastern financial Feb. 11919. Principal and semi-annual interest (F. & A.) payable at the
centre, at the option of the holder, on or about Mar. 1 1919. Purchaser office of the City Auditor. Due $1,000 yearly on Feb. 1 from 1920 to
1928, inclusive, and $1,500 on Feb. 1 1929.
to pay accrued int.
-TEMPORARY LOAN.
WATERTOWN,
-Sealed bids will also be received until the above The temporary loan Middlesex County, Mass.
BOND OFFERING.
of $175,000 issued in anticipation of revenue, maturtime and date by the said Comptroller for an issue of $750,000 6-20-year ing Nov. 27 1919 offered on Jan. 30-V. 108, p. 399-was awarded on
gold coupon municipal light and power plant and system bonds at not that day, it is reported, to S. N. Bond & Co. of N. Y. on a 4.05% dLsexceeding 6% interest, being part of an authorized issue of $1.755,000 count basis plus a premium of $2.60.
WATERTOWN,Codington County,So. Dak.-TIOND ELECTION.
Denom. $1,000. Date Mar. 1 1919. Prin. and semi-ann. int. payable
Voters of this
at places designated by the purchaser. Cert. check on some national bank proposition to town will have submitted to them on Feb. 11, it is stated, a
issue $175,000 bonds.
or trust company for 2% of bid, payable to the City Comptroller, re
-BIDS REJECTED
.Ail
WEST PARK, Cuyahoga County, Ohio.
quired. Bids must be submitted on blank forms furnished by the City
bids received for the $9,200 5% coupon special assessment bonds offered
Comptroller, stating conditions of bid, but without interlineation, ex- on Jan. 20 (V. 108, p. 96), were rejected. Denom. $1,000 (1 for $200)•
planation or erasure. Bonds will be delivered in Seattle, New York Date Jan. 15 1919. Interest semi-annual. Due $1,000 yearly on Jan. 15
Chicago, Boston or Cincinnati, at option of purchaser. The legality from 1920 to 1928, inclusive, and $200 on Jan. 15 1929.
of the bonds will be approved by Caldwell & Masslich of N. Y., whose
WESTVILLE SCHOOL DISTRICT (P.0. Westville), Adair County,
Okla.
-BOND SALE.
-The $17.000 (not $1,700 as first reported) 6%
approving opinion will be furnished the purchaser.
10-20 year (opt.) school bonds, offered on June 15-V. 106, p. 2580-were
The official notice of these bond offerings will be found among the adver- awarded on that day to Geo. I. Gilbert at.par. Denom. $500. &Date
tisements elsewhere in this Department.
June 15 1918.*Int. J. &.J.
FEB. 1 1919.]
THE CHRONICLE
WHARTON COUNTY COMMON SCHOOL DISTRICT NO.25, Tex.
-BONDS REGISTERED.
-On Jan. 13 the State Comptroller registered an
issue of $9,000 5% 10 -year school bonds of this district.
-20
WILBARGER COUNTY (P. 0. Vernon), Tex.
-BOND SALE.
-The
$101,500 57 1-29-year serial road bonds offered on Dec. 10 (V. 107, p.
2207), have been awarded to the Harris Trust & Savings Bank of Chicago.
WILBARGER COUNTY COMMON SCHOOL DISTRICT NO. 2,
-As officially reported to us, this district
Tex.
-BONDS REGISTERED.
registered with the State Comptroller on Jan. 13 $7,000 5% 5 -year
-20
school bonds.
•
WINCHESTER, Clark County, Ky.-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. March 7 by S. B. Tracy, City Clerk, for
$180.000 5% 30-year water bonds, it is reported.
WINDSOR, Wayne County, Mich.
-BONDS PROPOSED.
-According
to reports this city has under consideration the issuance of approximately
Iks^.44-oir.4.4
$110,000 school bonds.
"WINNEBAGO COUNTY (P. 0. Rockford), Ill.
-BOND ELECTION
-According to reports, the Road and Bridge Committee has
PROPOSED.
recommended that a proposition to issue $1,500,000 road bonds be voted
upon at the spring election.
• ri
WINTHROP, Suffolk County, Mass.
-TEMPORARY LOAN 1 In
.
=44Jan. 27 S. N. Bond & Co., of New -York, were awarded, it is stated, on a
4.25% discount basis plus a premium of $1 25, a temporary loan of $31,000
issued in anticipation of revenue, maturing Nov. 5 1919.
WICHITA FALLS, Wichita County, Tex.
-BOND ELECTION.
-On
Feb. 15 a proposition to issue $75,000 5% 10-40
-year (opt.) street-improvement bonds will be submitted to the voters. Interest semi-annual.
WOOSTER CITY SCHOOL DISTRICT (P. 0. Wooster), Wayne
-BOND OFFERING.
-Proposals will be received until
County, Ohio.
12 m. Feb. 10 by Erwin E. Young, District Clerk, for $20,000 5;4% school
bonds. Auth., Sec. 5656, Gen. Code. Denom.$500. Date Jan. 15 1919.
Interest semi-annual. Due Jan. 15 1937. Certified check for 5% of bonds
bid for payable to the District Clerk, required. Bonds to be delivered
and paid for within ten days from time of award.
WYANDOTTE, Wayne County, Mich.
-BOND SALE.
-On Jan. 28
the $155,000 57 water-extension bonds offered on that date
-V.
-were awarded to the Wyandotte Savings Bank for $160,785 108, p.
294
(102.087)
and interest. Other bidders were:
_$160,502 50!Watling Lerchen & Co_$159,419
E. H. Rollins & Sons_ __
50
160,250 00[Keen, Ifigbee & Co
Detroit Trust Co
158,100 00
YOUNGSTOWN, Mahoning County, Ohio.
-BONDS PROPOSED_
According to reports, the Health Board, has recommended a proposition
providing for the issuance of $250,000 hospital bonds.
499.
HANOVER, Ont.-BIDS REJECTED.
-All bids received for the
;18.000 hydro-electric debentures, mentioned in V. 108, p. 399, were reJected, it is reported.
HAWKESBURY,Ont.-DEBENTURE OFFERING.
-Proposals will be
received until 8 p. m. Feb.7 by Rug. Paquette, Town Clerk and Treasurer,
for the following 67 coupon 30
-year debentures:
$77,000 filtration plant debentures.
32,000 sewer-extension debentures.
PERTH,Ont.-BONDS TO BE OFFERED SHORTLY.
-We are advised
that $6,956 81 6% 20-year granalithic walk-construction bonds will probably be offered in February. Date Dec. 30 1918. Interest annual
(Dec. 30).
PORT ARTHUR, Ont.-DEBENTURES AUTHORIZED.
-A by-law
was passed on Jan. 6, it is stated, providing for the issuance of;11,700 fire
apparatus debentures.
•
PORT COLBORNE, Ont.-DEBENTURES AUTHORIZED.
-It is
reported that on Jan. 13 a by-law was passed authorizing the issuance of
$15,000 school bonds.
QUEBEC (Province of).
-FINANCIAL STATEMENT,
-We are in
receipt of the following financial statement of this province:
Financial Statement.
Assessed value of taxable real estate, Dec. 31 1916 (last date
at which summarized figures are available)
$1.285,516,664
Total funded debt June 30 1917
$30,462,995
Less-Sinking fund
$1,645,058
Other assets (net)
5,312,922
6.957,980
$32505
The net debt is less than 2.53% of the assessed (real estate) val
ivaton,016.
Population census of 1911
2,003,232
Population, 1917, as estimated from official reports of local
authorities
2,380,042
Area of Province, 450,337,761 acres, or 703,653 square miles.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURES
AUTHORIZED.
-Following is a list of debentures recently authorized,it is
stated, by the Local Government Board: Beaver Valley, $1.000; Scalat,
$2,000; Wysla. $2,000; Kemmel Hill, $3,500; Dixmude, $2,900; Aadia,
$2,900; Montague, $2,950.
DEBENTURE SALE.
-The following is a list of debentures reported
sold from Jan. 6 to Jan. 18: Red Butte, $2,500. to Waterman-Waterbury
Mfg. Co., Regina; Rockside, $600, to Canada Landed & National Investment, Winnipeg; Gumbo Flat, $2,500, Beaver Flat, $3,000, to WatermanWaterbury Mfg. Co., Regina; Waldheim, $18,000, to Harris, Read & Co.,
Regina; X. Lonesome Pine, $1,200, X. Silver Cuff, $1,500, to Wood,
Gundy & Co., Saskatoon; Wolseley, $7,500. to several purchasers.
.MSKATOON, Sask.-DEBENTURE SALE.
-It is reported that
CABRI, Sask.-DEBENTURE SALE.
-It is stated that $4,000 deben- $30,000 debentures have been awarded to the Bond & Debenture Corporation of Winnipeg.
tures have been awarded to Louis P. Sinard.
difi
SHERBROOKE, Que.-DEBENTURE SALE.
-It is reported that
lerCROLL SCHOOL DISTRICT, Man.
-DEBENTURE
.
Spitzer, Rorick & Co., of Toledo,Ohio, have been awarded a block of 670
It is stated that a by-law, providing for the issuance ofEIECTION
$3,000 s,
five-year electric-light bonds, to the amount of $90,000 at 97.50, a basis
debentures is to be voted upon to-day (Feb. 1).
hrsm of 6.59%.
CANADA, its Provinces and Municipalities.
NEW LOANS.
NEW LOANS.
NEW LOANS
$99,500
$750,000
$245,000
Shell Bluff Special Road & Bridge District
Flagler County, Florida
6% BONDS
THE CITY OF SEATTLE, WASHINGTON CITY OF SEATTLE, WASHINGTON,
Municipal Light and Power Plant
and System Bonds.
Notice is hereby given that the Board of
County Commissioners of Flagler County,
SEALED BIDS will be received by the underFlorida, will at the regular meeting of said signed at his office in Seattle, Washington, until
Board to be held on the 3RD DAY OF 12 O'CLOCK M. SATURDAY, FEBRUARY
M 4I2CH, A. D. 1919, AT NINE O'CLOCK 15TH, 1919, for the purchase of the following
A. M., at the office of the Clerk of the Circuit bond issue of the City of Seattle:
Court, at Bunnell. Florida, receive sealed
Seven Hundred Fifty Thousand Dollars
bids for the purchase of all those certain
bonds of the Shell Bluff Special Road and ($750,000) of Municipal Light and Power Plant
and System Bonds, 1919, Series 1, being the first
Bridge District in Flagler County, Florida, offering and a
Million
portion of an
voted upon and authorized at the special Seven Hundred Fifty-five issue of One Dollars
Thousand
election held on the 8th day of October, ($1,755,000)
of bonds
A. D. 1918, said bonds aggregating the principal No. 38,920, approved authorized by Ordinance
November 19, 1918, ensum of Ninety-nine Thousand, Five Hundred titled "An Ordinance specifying and adopting
a
($99,500.00) Dollars, and to be due and payable plan or
system of additions and betterments to,
as follows:
and extensions of, the municipal light and power
Principal.
Date of Maturity.
plant and system owned and controlled by The
July 1st, 1923
-$1,000
City of Seattle, declaring the estimated cost
July 1st, 1924
$1,000
thereof as near as may be, and providing for the
July 1st, 1925
$1,500
Issuance and sale of bonds of said city to provide
July 1st, 1926
$1,500
funds therefor, and the creation of a special fund
,
July 1st, 1927
$2,000
to pay the principal and interest of such bonds.'
July 1st, 1928
$2.500
The bonds will be in denominations of $1.000;
July 1st. 1929
$2.500
to be dated March 1, 1919, and shall mature,
July 1st, 1930
$3.000
lowest numbers first, without option, in equal
July 1st, 1931
$3,000
annual amounts, commencing six (6) years and
July 1st, 1932
$3,500
ending twenty (20) years after their date. They
July 1st, 1933
$3,500
shall boar interest not exceeding six per cent(6%)
July 1st, 1934
$4,000
per annum, payable semi-annually, for which
July 1st, 1935
14,000
interest coupons shall be attached to and be a
July 1st, 1936
4,500
part of said bonds; both principal and interest of
July 1st, 1937
4,500
said bonds to be payable in gold coin of the
July 1st, 1938
$5,000
United States of the present standard of weight
July 1st, 1939
$5,500
and fineness at the places therein designated.
July 1st, 1940
$6,000
The bonds are a lien only upon the gross revenues
July 1st, 1911
$6.000
of the municipal light and power plant and system
July 1st, 1942
$6,000
of The City of Seattle, as provided in Section 8008,
$7,000
July 1st, 1943
Rem. & Bal. Ann. Codes and Statutes, and
July 1st, 1944
$7,000
payable, principal and interest, solely from special
$7,500
July 1st. 1945
funds created by above ordinance.
37,500
July 1st, 1946
Bidders are required to bid on blank form to
be furnished by the undersigned, stating condiTotal
$99,500
tions of bid, but
and to bear interest at the rate of six per cent tion or erasure, without interlineatIon, explanato deposit with their
per annum, payable semi-annually on the first certified check and some national bank or bid a
trust
upon
days of January and July of each year, the prin- company,
City Compcipal and interest of said bonds to be paid at ths! troller, forpayable to the order of theof their bid,
two per cent of the face
banking house of the Bunnell State Bank, Bun- which said check will be returned to bidder if
nell, Florida, or at the banking house of the unsuccessful;
if successful, said amount to be
National Bank of Commerce in New York
to the
of the sum bid, or
City, New York, at the option of the holder, and appliedfalls to paymentwith the terms of in case
bidder
comply
each of said bonds being of the denomination of then said check will be forfeited to the his bid,
city as
$500 00 each.
and for liquidated damages.
Said Board of County Commissioners of Flagler
No bids for more than the maximum rate of
the right to reject any interest
County, Florida, reserves
which said bonds shall bear will be reor all of said bids.
ceived.
Each of said bids must be accompanied by a
The right to reject any and all bids is reserved
certified check for 2% of the amount bid for said by the City Council.
bonds.
Delivery of bonds will be made in Seattle,
GEORGE MOODY,
Now York, Chicago, Boston or Cincinnati, at
G. A. PACOTT1,
the option of the purchaser.
, (SEAL)
ROBERT HAMILTON,
The legality of the bonds will be approved by
Z. G. HOLLAND,
Caldwell & Masslich, attorneys, New 'York City,
Z. W. RICHARDSON,
whose approving opinion will be delivered to the
Board of County purchaser.
As Members of the
P."
Commissioners of Flagler County,
Attest:
Florida.
H. W. CARROLL,
J. C. GEIGER, Clerk.
City Comptroller.
COUPON GOLD BONDS
Sealed bids will be received by the undersigned
at his office in Seattle, Washington, until
12 O'CLOCK NOON, FEBRUARY 15TH.
1919. for the purchase of 245,000 City of Seattle
;
Bridge Bonds. Series "B, dated March 1, 1919,
maturing $24,000 annually, March 1, 1930 to
1934, and $25,000 annually March 1, 1935 to
1939. Interest rate to be bid on, not exceeding
five per centum per annum, payable semiannually. Principal and interest payable in gold
In Seattle or New York, at holder's option.
Registerable as to principal or as to principal and
Interest, in New York. Denomination 31.000.
Purchaser will be furnished without charge,
approving legal opinion of Messrs. Caldwellthe
&
Masslieh, attorneys, New York City.
All bids must be on blank forms, to be furnished by the undersigned or said attorneys, and
be accompanied by a certified check on a national
bank or trust company, for $4,900, payable to
the order of the City Comptroller; but this requirement as to check and form of bid is not to be
made of the State Treasurer or the Commissioner
of Public Lands of the State of Washington.
Bonds will be delivered in Seattle, Chicago,
New York, or any other Eastern financial centre,
at the option of the holder, on or about March 1st,
1919.
No bids for less than par and accrued interest
will be received.
The right is reserved to reject any and all bids.
Dated Seattle, Washington. January 17. 1919.
H. W. CARROLL,
City Comptroller.
ACCOUNTANTS.
GEORGE W. MYER, JR.
Certified Public Accountant
60 WALL ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Returns.
Telephone Ilanove 6266
FEDDE & PASLEY
Certifieb Public ,Caccountant
55 Liberty St.,
New York
[VOL. 108.
THE CHRONICLE
500
•
Yinancial
jrinantiai
Atlantic Mutual Insurance Company
New York, January 24th, 1919.
The Trustees, in conformity with the Charter of the Company,submit the following statement of its affairs on the
31st of December, 1918.
Premiums on Marine and Inland Transportation Insurance from the 1st January, 1918, to $6,684,891.55
the 31st December,1918
1,072,550.96
Premiums on Policies not terminated 1st January, 1918
$7,757,442.51
Total Premiums
*6,756,50818
from 1st January, 1918, to 31st December, 1918
Premiums marked off as terminated
Interest on the investments of the Company received during the year $418,106.66
120,010.84
Interest on Deposits in Banks, Trust Companies, etc.
97,634.51 $ 635,752 01
Rent received less Taxes and Expenses
34,105,973.64
Losses paid during the year
$239,186.51
Less: Salvages
1,947.733.0832.186,919.59
Re-insurances
$1,919.054.05
.(if
$1,756,937Re-Insurance Premiums and Returns of Premiums
Expenses, including compensation of officers and clerks, taxes, stationery,
$ 996,019.98
advertisements, etc
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1917 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the fourth of February next, from which date all interest
thereon will cease. The certificates to be produced at the timt of payment and canceled. for the year
A dividend of Forty-five per cent. is declared on the earned premiums of the Company
ending list December, 1018, which are entitled to participate in dividend, for which, upon application,
certificates will be issued on and after Tuesday the sixth of May next.
G. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
DALLAS B. PRATT,
PHILIP A. S. FRANKLIN.
EDMUND L. I3AYLIES,
JOHN J. RIKER,
HERBERT L. GRIGGS
JOHN N. BEACH,
JUSTUS RUPERTI
SAMUEL T. HUBBARD,
NICHOLAS BIDDLE,
WILLIAM JAY SCHIEFFELIN,
WILLIAM H. LEFFERTS,
JAMES BROWN,
SAMUEL SLOAN,
CHARLES D. LEVERICH,
JOHN CLAFLIN,
HENRY.FORBESMeCREERY, WILLIAM SLOANE,
GEORGE C. CLARK,
LOUIS STERN,
NICHOLAS F. PALMER.
J. WILLIAM CLARK,
WALTER WOOD PARSONS. WILLIAM A. STREET.
FREDERIC A. DAT.LETT,
GEORGE E. TURNURE,
CHARLES A. PEABODY,
CLEVELAND H. DODGE.
GEORGE C. VAN TUYL, Jr.
WILLIAM R. PETERS,
CORNELIUS ELDERT,
RICHARD H. WILLIAMS.
G.STANTON FLOYD-JONES. JAMES H. POST,
CHARLES M.PRATT,
CORNELIUS ELDERT, President.
W ALTER. WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
WILLIAM D. WINTER, 3rd Vice-President
A SSETS.
United States and State of New York
$ 3,463,000.00
Bonds
Stock of the City of New York and
Stocks of Trust Companies & Banks 1,385,500.00
3,069,879.85
Stocks and Bonds of Railroads
285,410.00
Other Securities
Special Deposits In Banks and Trust
1,000,000.00
Companies _
Real Estate cor. Wall Street, William
3,900,000.00
Street and Exchange Place
Real Estate on Staten Island (held
under provisions of Chapter 481,
75,000.00
Laws of 1887)
663,439.52
Premium Notes
716,783.36
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
286,904.00
in foreign countries
1,972,809.61
Cash in Bank and in Office
Statutory Deposit with the State of
4,765.00
Queensland. Australia
316,823.491.34
LIAMITIES.
Estimated Losses awl LOS9C3 Unset4,557,029.00
tled in process of Atilustinent.
1.030,934.33
on Unterminated Risks__
Premiums
Certificates of Profits and Interest
316,702.75
Unpaid
129.017.66
Return Premiums Unpaid
400,000.00
Taxes Unpaid
Re-insurance Premiums on Termi238,503.92
nated Risks
Claims not Settled, including Com139,295.1'3
pensation, etc.
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre22.5/
miums
,
3,73 ,1
Income Tax Withheld at the Source
6,14).10,i. )1)
Certificates of Profits Outstanding
3,825.570.11
Balance
$16.823,491.34
$3.325,570.11
Balance brought down
95.890.45
Accrued Interest on tho 31st day of December, 1918. amounted to
23.106,40
due and accrued on the 31st day of December, 1918, amounted to
Rents
-insurance due or accrued, in companies authorized in New York, on the 31st day of 462,184.31
Re
December, 1918, amounted to
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
63,700.00
in excess of the Book Value given above, at
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the 2.411.334.11
Company's valuation by
86.88128%5,38
On the basis of these increased valuations the balance would be
High Grade
Investment Bonds
Municipal and Corporation
Issues Underwritten
We specialize in securities of
the Mississippi Valley and the
South
BOND DEPARTMENT
Mississippi Valley Trust Co.
ST. LOUIS
,
ddi1•1111.111,
STONE&WEBSTER
FINANCE public utility developmente,
BUY AND SELL securities.
DESIGN steam power stations, hydre-,
electric developments, transmission
lines, city and interurban railways,
gas plants, Industrial plants an0
buildings.
CONSTRUCT either from our own dosigns or from designs of other engt,
moors or architects.
REPORT on public utility properties,
proposed extensions or new projects
MANAGE railway,light, power and
companies.
NEW YORK
MELLON NATIONAL BANK
BOSTON
glee
k:211C411.31
Adrian H. Muller & Son
PITTSBURGH
STATEMENT OF' CONDITION AT THE CLOSE OF BUSINESS DEC. 31 1918
RESOU RC ES
350,089,205 53
Loans and Discounts
25,901,080 60
United States Obligations
26,236,991 23
Other Bonds and Investments
38 52
Overdrafts
24,649,149 65
Cash and due from banks
$126,876,465 43
LIABILITIES
56,000,000 00
Capital
4,441,415 27
Surplus and Undivided Profits
2,385,553 20
Reserves
4,500,000 00
Borrowed from Federal Reserve Bank
4,820,000 00
Circulating Notes
$67,460,807 43
Individuals
34,022,634 09
Depositsi Banks
3,246,055 44 104,729,496 96
Government
AUCTIONEERS
Office, No. 55 WILLIAM STRRET
Corner Pine Street
Regular Weekly Sales
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Ro
14-16 Vases Strom
$126,876,465 43
11111.•••••
Government, Municipal, Railroad
Industrial
Public Utility
INVESTMENT BONDS
H. D. Walbridge & Co.
14 Wall Street, New York
Public Utility Securities
F. WM. KRAFT, Lawyer
A. B. Leach & Co., Inc.
Specializing in Examination & Preparation of
Investmsnt Securiliss
105 So. La Salle St., Chicago
62 Cedar St., New York
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Philadelphia
Baltimore
Boston
Scranton
Buffalo)
Pittsburgh
Cleveland
Detroit]
Minneapolis
Milwaukee
Rooms 517-520, 111 W. Monroe St.,
Harris Trust Building
CHICAGO. ILLINOIS
@FedFRASER