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The Bank & Quotation Section Railway Earnings Section VOL. 108 ,financial iirotude INCLUDING Railway & Industrial Section Bankers' Convention Section 1919 SATURDAY, FEBRUARY 15 Electric Railway Section State and City Section NO. 2799 Week ending February 8. Whiz Thr PUBLISHED WEEKLY. ance Subscription-Payable in Adv Clearings at1919. I 1918. Inc. or Dec. 1917. 1916. $ 3 449,094,246 273,688,309 488,025,314 246,986,515 +14.7 29,561,650 $10 00 Terms of Chicago 37,895,136 0,238 +47. 36,53 4,441 53,94 33,903,657 6 00 Cincinnati 53,567,748 7 +28. 0,291 For One Year 63,10 81,209,258 26,364,729 00 land 13 8,745 Cleve 48,79 7 hs +80. Mont 39,283,794 ge) For Six posta 0,000 uding 71,00 (incl 20,775,111 on 750 it 6,991 Detro 23,55 European Subscription six months (including postage) 21,476,528 +46.5 31,463,649 8,571,626 22 14M. Milwaukee 6,000 10,99 1 -10. 4,000 European Subscripti in London (including postage) 12,25 1,000 11,91 7,921,700 is 118. ,000 on 21 napol 9,422 ripti India 0 Subsc postage) ,600 +14. Annual uding 9,892 on (incl 1,600 Loud 11,28 in on 7,049,684 60 ripti $11 9,855,310 Columbus 8,559,368 +14.8 Six Months Subsc 9,827,580 3,900,000 on (including postage) o ,000 ripti Toled 4,900 Subsc 0 +16. dian Cana 4,743,587 nts,000 leme 5,500 Supp g 2,941,936 owin foll ,662 des a 4,490 inclu Peori Subscription 4,23i,075 -1.0 4,192,328 3,149,511 WAY AND INDUSTRIAL (twicey)yearly) Grand Rapids_ _ _ 3,773,404 RAIL 8 ) +30. thly (mon ,980 N 3,152 ATIO ,464 4,124 1,523,548 ,297 BANK AND QUOTINGS(monthly) TRIC RAILWAY (tw1C0 yearl 2,691 Dayton ELEC 3 +26. 2,674,388 3,490,910 1,478,267 RAILWAY EARN (semi-annually) BANKERS' CONYENTIoN (yearly) ,493 Evansville 1,737 1,972,389 -4.2 1,890,825 1,034,812 STATE AND CITY 1,831,547 Springfield, Iii. _ 7 +26. ,736 1,066 ,652 ce 1,351 Spa h __ 1,753,088 Inc e__ Per ,743 Wayn ing3,162 Fort rtis Adve +0.6 3,062,936 Terms of ,865 3,081 _ _ _ 2,555,000 _ wn ) gsto ,000 e 4,690 inch space (14 agat lines ) Youn 0 6,588,000 +9.3 0( 42 L 7,199,000 1,036,787 ,058 Transient matter per n (8 times) 1,360 Akro .2 +148 Two Months ,161 1,697 00 29 4,212,123 899,795 Rmineess? 1,309,375 Lexington iviisths T uval 3Lc 1,650,332 +18.5 00 ,872 50 1,955 848,968 18 s ord 942,4 Standing Business Card 1,398,460 +14.5 87 00 Rockf 1,601,749 570,886 75 873,8 Quincy -0.3 Twelve Months(52 times) ,316 1,388 ,661 1,383,874 _ _ 2,227 n__ ,032 ingto 2,268 . Bloom 7396 tic 8 ,184 -10. phone Majes 2,675 t, Tele Stree ,431 Salle 2,386 La 664,849 h Sout 829,458 Canton C. CHICAGO OFFICE-39 1,020,480 +5.6 1,077,290 755,000 Smith,1 Drapers' Gardens, E. 84 00 ur 800,0 ards Decat 1 CE-Edw +10. OFFI 07 919,1 LONDON 1,011,771 779,263 888,870 South Bend PANY, Publishers, 821,299 +26.2 1,036,558 849,276 WILLIAM H. DANA COMr Stet., New York, 1,073,636 Springfield, 0... 765,079 +45.1 1,110,244 563,772 37 Front. Pine and Depeyste 727,8 Lansing_ 0 +38. 834,550 1,151,171 231,295 359,138 B. DANA COMPANY. Mansfield 452,321 +12.4 508,259 1,054,709 day morning by WILLIAM Dana, Vice-President and Jacksonville, Ill_ 00 600,0 1 +11. Published every Satur 00 G. d 540,0 86 urer; Arnol 600,000 572,0 and Treas dent 67 Presi lle 683,1 Jr., Danvi rt Jacob Seibe 700,000 +54.4 1,080,630 463,073 both, Office of the Company. Lima 1,000,000 Secretary. Addresses of 912,132 +92.2 1,753,396 243,661 12 313,0 Owensboro -8.6 437,565 400,000 49,345 S. 76,305 Ann Arbor SE RETURN 80,000 +2.9 82,325 (71:EillUNG HOU ates that the total bank Adrian up by telegraph, &c., indic 03,054 ending to-day 437,8 week 4 the 13,60 for s 684,6 3 State The following table, made d +22. 9 662,970,417 ing houses of the Unite week and $5,180,000,488 Tot.N1ld.West 810,815,47 clearings of all the clear against 86,839,125,198 last 49,265,315 7,471 72,68 have been 85,937,013,714. 9 +30. 8,715 87,24 1 last year. 19,650,000 29,079,000 San Francisco__ _ 119,413,54 the corresponding week 27,272,000 +21.8 33,227,000 9,362,566 Per 16,213,759 Los Angeles 32,758,414 -5.4 30,991,572 8,224,436 raph. Teleg 8,407 le by 12,65 Seatt Cent. 5 turns +40. ---Re 1918, Clearings 16,995,417 1919. 4,601 23,88 8,489,847 15. 1,237 ary and 11,44 Portl Week ending Febru 10,816,283 +2:3.9 3,026,312 13,400,000 8 Salt Lake City 4,932,640 +17. 7 ,855 +28. 8,784 ,284 $2,12 6,489 ,928 8,352,280 $2,507,135 1,514,598 ,255 ane 2,320 +6.7 7 Spok 2 44,45 356,0 ,759 -12. 3,994 ,862 380,018,255 New York 3,507 3,027,498 5,182,379 236,514,330 +12.9 Tacoma 5,300,456 +51.1 267,018,983 Chicago 8,010,525 1,764,185 ,085 3 nd +11. 2,59( 9 Oakla 50,47 5 207,8 +15. 9 ia 3,654,694 Philadelph 231,404,34 4,219,901 2,014,256 -3.7 Sacramento 2,351,513 159,794,278 2,222,124 -4.1 153,883,947 ,251 Boston 2,130 1,034,379 +3.5 San Diego 1,979,435 121,286,953 2,335,121 +18.2 125,553,288 Kansas City 2,759,249 775,880 1,412,851 78,647,229 +33.4 Fresno 1,137,076 +9.7 .105,000,000 ,340 St. Louis 1,236 1,092,745 ,482 6 +76. 1,669 ena Pasad -2.6 49,721,486 ,306 1,922 87,818,897 ,014 San Francisco 1,873 514,610 -1-81.9 Stockton 765,080 32,986,322 986,909 +13.1 .60,000,000 Pittsburgh 260,000 1,115,894 506,809 30,125,724 +101.3 San Jose 677,011 +14.5 Detroit 60,656,097 00 775,0 249,829 00 3 ma +20. 450,0 Yaki 46,660,965 Baltimore 410,000 +57.8 56,135,892 646,971 451,414 692,360 7 Reno +35. ns 20 Orlea 968.6 New 1,314,542 h 0 Beac +17. 17,870 ,078 Long 110,7 8,417 2 166,937,763 +25. $4,034,625,636 $3,44 9 89,24 6 9 205,1 58,54 +11. 256,8 715,004,721 Total Pacific Eleven cities, 5 days 800,000,469 3,282 81,95 days 5 3 , 56,47 cities 119,9 +0.6 Other +16.1 Kansas City__ _ _ 180,658.102 179,605,155 +14. 20,149,720 23,266,204 4 $4,834,626,105 $4,163,421,799 28,884,497 +8.5 Minneapolis _ _ _ _ 33,048,090 18,496,559 5,377 1,016,578,689 29,96 9 Total all cities, 5 days 1,102,417,609 +12. 46,856,725 52,922,158 10,078,106 a 10,850,799 All cities, 1 clay 12,864,801 +18.4 -4-14 11 Omah 4)38 8,172,331 15,225,507 13,660,079 St. Paul $5.937.043.714 85.180 000 18,547,157 -2.8 18,029,403 8,715,469 1,708 rrntfil .11 elites for week 13,60 7 Denver 16,388,632 +18. 1,674 19,46 4,769,360 ,727 h 7,558 above will be given next Saturday. St. Josep 8,754,907 +11.4 * Partly estimated. 9,748,376 4,305,055 ,017 es the week covered by the s for Moin 4,623 house s ing 4 Des clear detail the by +28. up full ,237 7,246 The ings being made ,636 clear 9,302 3,642,771 y, to-da ,784 them in City sh to 4,455 be has Sioux 4,082,455 +10.6 We cannot furni day, and hence In the above the last day of the week ,715 8,402 4,540,870 5,725,664 Duluth 7,835,560 +39.6 at noon on Satur 10,306,550 2,642,819 we go to press Friday nithg.: as ,859 3,248 ta ated, Wichi estim +4.3 4,331,428 8 show all cases Feb. g ,665 endin 4,516 1,699,240 week the for ,273 es 2,491 Lincoln Detailed figur 3,005,772 +39.1 644,937 4,181,585 867,744 2 Topeka +13. 91 735,1 832,393 1,278,323 ,904 Week ending February 8. 1,819 0 Colorado Springs ,237 +22. 1,871 ,010 2,283 388,385 _ s__ 537,877 Cedar Rapid 633,734 +14.7 726,671 1,456,553 Clearings atInc. or 1,236,524 Pueblo 1,762,590 +32.2 1910. ,964 649,047 2,329 1917. Dec. 35 601,9 1918. Fargo 1919. 727,224 -4.5 694,153 2,031,950 2,450,731 Fremont 2,287,000 -30.0 932,403 1,600,000 ,698 1,555 loo 3 Water +50. 2,148,532 3,228,978 441,137 2 3,972,655,572 2,177,993,921 782,955 3,890,795,644 3,059,363,083 +27.4 335,439,330 195,426,314 Ifelena 943,709 +20.8 1,140,401 279,843 Now York 09 5 +27. 445,6 11,07 ngs 1 298,8 -7.3 Billi 39,19 380,7 94 _ 485,2 00 46,067,459 2,130 450,0 702,709 72,91 Philadelphia ___ .5 35 +143 531,2 5,479 ngs 2 4 58,04 Hasti 122,828,56 75 +49. 5,344 859,2 41,52 ,318 4,862 1,282 42,99 Pittsburgh 7 38,056,509 +93. 6 177,970,866 73,719,135 12,579,855 Aberdeen 16,334,005 07,112 +8.6 250,234,17 Baltimore 350,4 9 71,34 330,3 20,291,763 -1.1 7,666 st_ 20,07 Tot.oth.We 5,149,551 4,922,263 Buffalo 4,827,155 +18.6 86,690,329 5,723,219 8,748,076 7 121,779,713 10,032,046 Albany 11,829,577 +28.0 23,414,447 145,950,117 123,953,954 +17. 15,140,057 37,064,588 4,168,517 St. Louis +12.8 6,858,186 5 5,775 Washington +48. 48,83 ,424 0,184 9,867 21,726,299 ,206 55,09 9,183 21,371,477 2,933,137 New Orleans_ _ _ _ 3,607,968 Rochester 19,891,310 +3.9 3,502,211 +25.6 4,385 9,956,484 20,67 ,601 4,400 0,000 ,72:3 12,50 ville 2,552 3 Louis ,222 3,911 0,000 +11. 14,00 Scranton 3,503,425 -0.1 0,934 3,825,246 15,58 ,000 ,234 3,500 5,557 1,816,996 Houston 2,206,886 5,500,000 -19.8 Syracuse 2,052,549 -2.6 14,945,512 4,403,790 2,000,000 2,725 ,183 22,52 ston 3 2,021 +64. Galve ,239 3,405 2,516 ing 32,66 Read 2,693,229 +8.8 7,277 7,836 17,12 53,67 ,081 2,929 5,933 21,34 ,031 9 mond 1,626 +39. Rich 1,843,312 37,564,857 Wilmington 1,889,235 +16.6 7,439,262 52,573,381 2,203,109 10,441,978 1,922,409 Atlanta 3,077,241 Wilkes-Barre.-13,011,872 +35.0 3,116,049 +15.0 8,110,539 17,564,646 3,583,020 4,014 11,84 ,187 his 3,841 +1.3 Memp ,261 1,950 5 14,746,089 Wheeling 2,734,093 -13. 7,326,927 14,934,345 2,366,526 8,783,407 734,761 Fort Worth 979,870 11,927,196 +23.5 Trenton 969,800 +23.4 5,721,729 14,734,946 1,190,303 4,372,660 1,290,250 Nashville 1,847,283 6,298,969 +0.9 York 1,637,227 +36.1 4,324,921 6,358,539 2,228,664 ,196 65 5,178 565,0 nnah Sava 70 +9.7 647,6 7 7,820,505 764,673 +16. Erie 2,650,820 8,581,128 892,479 2,805,713 8 50,900 Norfolk +221.5 935,800 0 ,499 +17. 3,467 00 Greensburg 794,4 1,073,528 7,997 00 11,14 929,7 1,279,005 1,163,691 Birmingham 1,174,9:36 1,579,859 +13.9 Binghamton 1,059,070 +30.3 1,949,941 1,798,672 ,515 1,340,835 77 1,947 451,0 e 9 Mobil 95 +13. 557,6 2,766,222 601,554 +32.8 Chester ,879 1,804,970 3,149 ,108 798,758 2,499 ,654 1,578 +0.2 Knoxville ,986 ,278 2,110 -8.4 3,094 ,568 Altoona ,000 2,018 1,646,350 3,100 1,850,001) 1,944,466 350,640 Charleston 510,937 2,597,773 +40.0 433,233 -23.8 Lancaster 2,792,833 2,701,470 ,165 325,000 3,257 2 ta +30. Augus ,863 ,360,741 3,835 2,515 Montclair ,727 700 ,399 2,307 ,555, 4,993 0 4,490 +29. ,387 371 3,154 Chattanooga__ ,796,758 3,525,718, 4,387,289 +23.2 3,903,271 5,405,741 Total Middle.. 4,548 4,001,006 Rock 4,497,266 +85.0 ,048 ,178 25,917 189,306,940 Littleonville 3,681 8,319 261,3 7 6 +35. ,62(3 66,80 5,755 219,9 +2.1 298,429,675 9,354,600 Jacks 8,722,198 3,732,522 9,148,700 8,901,456 Boston 1,337,416 8,705,000 +9.6 9,544,100 5,672,396 Oklahoma 2,000,000 -10.0 3,500,000 7,823,739 1,800,000 +15.5 ,000 ,623 Providence 3,200 6,499 0 n -20. Maco ,406 ,632 7,507 3,340 5,000,000 313,817 4,716,014 4,000,000 Hartford 316,338 4,014,264 +24.0 5,000,000 444,011 +12.6 3,289,415 Austin 625,962 500,000 3,408,117 New Haven 662,354 2,989,071 +20.9 697,471 +10.2 3,615,479 3,099,145 Vicksburg 768,421 2,166,965 3,391,844 5 ,917 +15. ,702 5,588 Springfield 3,031 3 on +24. Jacks ,097 3,500,259 6,841,340 2,372 ,186 921,782 ,960 8,501 2,617 ,389 +3.8 Worcester 1,386 2,600,000 2,700,000 1,944,777 +25.1 1,646,457 Tulsa 8,321,076 2,433,683 1,528,375 Portland 11,461,639 2,091,847 -14.7 1,784,131 1,258,114 Muskogee 18,198,902 +38.5 9,488 25,19 1,637,292 8 +54. Fall River ,053 1,380 s 890,543 Dalla 2,245,797 +28.1 2,136,132 2,877,420 1,091,361 4 Now Bedford__ _ 1,144,418 -10.4 8 333,359,569 252,001,26 1,025,000 807,201 Shreveport 725,593 Lowell 6,904 408,532,588 +23. 603,818 +3.3 623,980 627,869 Total Southern 5-65,73 33 357 3,715,519,207 585,6 -2.6 Holyoke 65 667,2 5,406,021,210 +26.5 6,223,731, 00 198 650,0 ,125, 6,839 or Bang Total all 6 2,251,075.785 1,537-,525.286 30,545 221,665,409 554 2,3407654,1271 +25. 621 253,693,927 +32.6 298,0 Outside N. Y_ 2,948,329, Tot. New Eng_ 3:36,516,1 News." ous llane Misce and ial merc ings see "Com Note.-For Canadian clear 602 THE CHRONICLE [VoL. 108. mat ic red uct ions in freight and passenger THE FINANCIAL SITUATION rates; . below that amount it would be used for betterments That they might not come under the imputation and extensions of the properties." One difficulty of failing to take ardeep interest in the subject, the about dividing "the earnings of the roads above fixed Railway Brotherhoods presented last week, through charges and expenses" between employees and Govcounsel, their plan for disposing of the transportation ernment, upon any rule, is just here: there would problem, and Chief Garretson of the Conductors be no surplus to be divided, and as for betterments and Trainmen told the Senate commit tee on Monday and extensions, those would be laid upon the public "why labor supports in principle the plan to turn through enforced contributions. In the face of the over the operation and profits of the properties to ghastly financial results of the firs t year of Governthe workers." This plan is gre at in its simplicity, ment operation and the fact that the roads are sublime in its assurance and pote ntially effective largely failing to earn their expens es, how can any in its results. Beginning with a purchase of the man out of Bedlam propose suc h a vacuum-coining roads. by Government, it would turn all manage- scheme as this, by which the men for whose benefit ment over to a single corporati on to be two-thirds the roads have been plundered to the verge of bankchosen by the employees, and the n the net earnings ruptcy are to have the properti es which have bewould be divided between Gov ernment and the come almost theirs in effect turned over to them in men, "each employee receiving a dividend propor- statutory form? tionate to his wages." The diff iculty of having to We ask how this can be seriousl y proposed, and await the conclusion of the phys ical valuation farce yet there is an answer. "Railr oad attorneys and is to be solved after the manner of Alexander when railroad presidents," said Mr. Gar retson with a bland he untied the Gordian knot wit h his sword, for the expression, "may smile whe n I say that I have roads are to be bought on the basi s of present market studied the railroad problem dee ply; I have, in my value of their stocks. If the owners have not lost own way." He has evidently done so, in his own all hope and still object to sell ing, they are to be way, and in no other. He and his fellows have been made to sell and at the purchase r's own price in so delightedly bound up in thei r game of turning Government bonds, whether at par or at market down the screw of successive wag e-extortions upon does not seem to be clearly stated. If some scruples the roads that they have become obli vious to everystill exist as to the honesty of this purchase, be it thing else. To them, there are no other interests noted that we are in a time of striding rough-shod to be considered and no other persons concerned. across private rights, under the plea of war emer- They do not see the complicated financial structure gency—it is, as will be perceived , "the simple plan bottomed upon railway securiti es and welfare nor that they should take who hav e the power and they the many millions (includi ng themselves) whose should keep who can." Gov ernment, we have to savings rest upon this foundatio n whi admit, has the power; shall it be denied the doing blind selfishness, have been und ch they, in their ermining. When of anything which looks good to the set that seems they strutted about in Washin gton, a little more dominant, perhaps by making the loudest clamor? than two years ago, hinting at the explosive strike The employees would now, in their turn, "take orders in their pockets, assuring over" the roads the Governmen Congress that t began by taking nothing short of submission to thei r demands could over; just another seizure foll owing upon the first. avert the calamity of a general stoppage of transChief Garretson is progressive, and he perceives portation; and boasting. of the mill ions they had put that revolutions never go bac kwards. Said he to by as an emergency fund to car ry them through the the committee: struggle, they had not vision enough to perceive "It is a brave man who, afte tha t this very fund was menace r a wor ldd, along with all wide con- oth vulsion like the present war er savings, by the rebellio , wou ld exp ect n the they threatened. tangled threads of civilization They have kept their own gre ed so closely and so they were broken. This is to be picked up where an era of turning long before their eyes that they backwards. Forces have beenot cannot see anything n let loose by this war beyond. Quite a number which must be reckoned with, of yea rs back Chief Stone go ahead doing his bit, to the and every man must of the Engineers' Brotherhood announced the propoend tha t the better sition that wag civilization for which we fou es are a first lien always and rece ght shal l be ivers' carr ied forward." cash as good as any. Are these men to blame? While it is not clear that Mr. Surely, yet not they Garretson and his alone. What hav fellows "fought," except for e all of us, the American people, more wages and fewer been doing in the last twenty years? Withou work hours, this sounds like t even some other rhetorical the excuse of a direct and immediate bonus stuff which has become fami promised liar. He is no such to ourselves, we have been indifferent to all brave man as to expect repair warnof any tangled threads, ings, and hav e allowed the regulative body and he would go on tangling and to bleed breaking them. these public instrumentalitie The plan is not much worse s. Argument, remonthan some others; it strance, entrea ty, have been in vain; we wou is worth considering along wit ld not h Mr. Bryan's idea take notice. The war was the shock which prec of saving the great trunk line ipis and letting all the tated the des cent, but that would have bee minor ones and the feeders n reached go to wrack. Were in time, wit h the process continuing. And not the situation so tragical now ly serious one might these employ ees for whose unreal though smile at the unconscious hum apparent or and the bat-eyed gain the prop erties have been brought to stupidity of such propositions this pass ; but those who make ask that the remains shall be thrown to the them are much in earnest in m. It their own way, and is a climax whi ch should not surprise us, for Mr. Garretson correctly says we have that forces have been brought it upon ourselves. We are rea let loose which must be rec ping what koned with. we have sown. "Above a certain return" the plait reads, "the What shall be done about this Government's share would be bunch of "the absorbed by auto- tangled thread s" is what we, the people, mus t now FEB. 15 1919.] THE CHRONICLE 603 4 of e aggregat the e, favorabl exhibit is particularly debts at $898,772 being little more than half that of 1918. Among brokers, agents, &c., moreover, the liabilities were only $31,420 which, while somewhat larger than in January a year ago, was but little more than one-twentieth of the amount in 1917. Trading insolvencies, on the other hand, while fewer in number, covered debts nearly double those of a year earlier, but were not heavy in either year. decide. The problem is not insoluble, but it does demand sense, firmness, honesty and other virtues which have been liberally ascribed to American character. The test is upon us, and it will show whether we are good metal or a muddle of dross. Mr. Cottrell for the Southern Traffic League tells the Senate committee that Government ownership in any form means only ruin for the South; is not this true as to all the country? The shippers in the South, he added, demand return of the roads in the shortest possible time. The right plan will A Peace Conference, without reports at frequent follow upon a sufficiently stern determination to of difficulties and differences, seemingly intervals country the from find it and an unmistakable hearing serious, would not be a peace conference at all. to that effect. The New York "Evening Post" observed editorially , Wednesdays and The commercial failures exhibit for January 1919 on Thursday: "On Mondays headed for chaos is ce Conferen is of the same gratifying character as the returns for Fridays the Peace Thursdays and s, Tuesday on but , preceding months. The number of insolvencies, in and calamity agreement complete to on g marchin is it s the Saturday as fact, was the lowest for the period as far back of kingdom the is such Of success. glorious and and October of n records go, and with the exceptio no was ce Paris Conferen November 1918 the smallest of any month in over press dispatches." The recalled, however, that is It week. this n exceptio ness the indebted but that, only Not a decade. modern histfity there in gs disclosed by the defaults is well under that of either at all similar gatherin that they did not but rows, of rumors of the final four months of 1918 and the lowest in have been d. as intimate serious as nearly be to January since 1905. The nature of the showing is prove definitely was it week this of days early the remark During to such as to lead Messrs. R. G. Dun & Co. s were so incensed that "no reflection yet appears in the failures statis- reported that the American delegate a carefully prebe to them to appeared what c readjust over economi hing far-reac tics of the varied and block the chief to ments which have inevitably followed war's ending. pared campaign in the French press were strongly they that After more than two months of diminishing business purposes of the Conference, g be moved gatherin the that g activity and yielding prices the insolvency returns in favor of proposin that the rumored was it first At maintain the highly favorable features that have out of France. but idea, this with ized sympath s long been witnessed." It is to be noted, too, that British delegate of its way by d develope nothing passed days the large failures—those for $100,000 or more— as the rumor defined well the rate, any At iation. substant back year were fewer than in January of any earlier other meeting to, but not including, -1909 and in no instance was that President Wilson favored some place had the desired effect. The storm blew over there a really heavy indebtedness involved. being made. According to Messrs. R. G. Dun & Co.'s compil- and there is no probability of any change and only first the exploded eau Premier Clemenc ation, the total of mercantile disasters in January record. public any been has there which of was only 673, against 1,178, 1,540 and 2,009, one, real bomb asserted he w, intervie an of course the in Sunday, s the with liabilitie On two and three years earlier, been won, standing at but $10,736,398, against $19,278,787, that "while I have said that the war has that there $18,283,120 and $25,863,286, respectively. In 1915, it would perhaps be more accurate to say advices, cable to g moreover,the aggregates were 2,845 and $49,640,575, is a lull in the storm." Accordin a caused Premier the of the Rumely Co. insolvency then accounting for this and other statements Careful circles. ce Conferen virtually one-third of the liabilities. The exhibit great furore in Peace w scarcely in the manufacturing division was very much better reading, however, of the Premier's intervie that were ns deductio alarming the warrant to than a year ago, and to a greater or lesser extent seemed ts of the sentimen the voiced he ly Apparent of s made. most lines shared in the reductions in liabilitie amply be must they that feel who people, French 1918. from nearly 43/ million dollars in that division y reGerman of ty possibili the against ded safeguar fewer y decidedl In the trading group defaults were the of zation demobili the after war the opening of indebted the year, and volume previous than in the of al withdraw ness they represented was the smallest for January French and English forces, and the in something like a quarter of a century. Among the American troops. A week ago to-day the hope and belief was exbrokers, agents, &c., an important decrease in the number of insolvents is to be recorded, and the pressed that the League of Nations plan, or constiindebtedness totaled little more than half that of last tution, would be in shape to present at a full meeting end of the week. year. Of the 18 large failures reported only 3 for of the Peace Conference before the appear that this to began it and by flitted days The the trading class. in were $386,000 would be Wilson t The failures compilation for the Dominion of could not be, and that Presiden some until home for Canada is in line with that of the United States in compelled to defer his sailing which honor, the enjoy to were he if making a very satisfactory showing. Number of day next week the document to disasters and volume of indebtedness are both below had been voted to him, of reading however, seem. y, Thursda Late ce. Conferen back the those of any preceding January for many years he referred in which to miracles those of one s of ingly liabilitie and only in trading lines does the total on from the delegati a day the in earlier g receivin with d furnish evidence of any stress, as compare was perNations, of Society a for ion Associat French numin ial January failures commerc 1918. In all, many for filling bered but 80, involving $1,887,991, against 105 for formed. After much backing and of 26 g consistin plan, $2,287,510 a year earlier, 144 for $2,357,694 in1917, weeks, the final draft of the of the by League whole a and 200 for $3,038,805 in 1916. The manufacturing articles, was adopted as 604 THE CHRONICLE [VoL. 108. Nations Commission. President Wilson read the severe if possible. Marshall Foch was to leave for draft at a plenary meeting of the Peace Conference Treves on Thursday for the armistice conference. yesterday afternoon, left for Brest in the evening, The French delegates to the Peace Conference expecting to sail for the United States to-day. have not permitted the question of the indemnity The following are the chief features of the state- which they feel they should receive from Germany ment: There are to be not more than three delegates to be lost sight of in the multitude of other troublefrom each nation; an executive council and one vote some problems presented for consideration. The for each member Power. Council to meet at least simple facts are that they and the people they reponce a year. President Wilson to issue the call for resent feel more keenly than perhaps any one except the first Peace League meeting Only self-governing the Belgians can realize the losses of property, men countries are to be admitted to membership. Arma- and treasure that they have suffered at the hands ments are to be reduced. There is to be a frank of the Germans. Premier Clemenceau in his famous interchange of military information. Provision is interview of last Sunday spoke at length upon the made for a permanent military and naval commis- shortage of France's wealth because of the war and sion. Territorial guarantees are insured. There the fact that, while her agricultural territory and can be no war declarations until three months after industries in the northern part of the country had arbitration, before a permanent court. A trade been despoiled, those of Germany had not been boycott is to be the chief weapon in enforcing the touched. "Industrially and commercially," he deorders of the League, and provision is made for a clared, "as between France and Prussia, for the prespermanent labor bureau. ent the victory is with the Hun." Among the numerous developments earlier in the week was the adoption by the Supreme War Seemingly the Peace Conference acted with undue Council of a resolution, drawn by President Wilson, haste a little more than a week ago with respect intended to put the economic side of the armistice to the announcement of the Lenine Government in situation on a parity with the military side. On Russia that it was ready to send representatives to Monday announcement was made that not only the Princes' Islands to discuss peace terms with the would there be a new council to be known as the Entente, to pay Russia's debts, &c. As we anSupreme Economic Council, clothed with full power nounced in last week's issue, President Wilson at in dealing with economic questions, but also that on once appointed George D. Herron and William Allen the armistice commission there would be two civilian White as the American members of the commissio n representatives of each Government, answerable not to go to that gathering. Early this week it was to Marshal Foch, but to the Economic Council. announced that the latter had received his instrucThomas W. Lamont, Albert Straus, Bernard M. tions but that a new date for the meeting had not Baruch, Herbert Hoover and Vance McCormick are been fixed. Severe critics in this country of Presithe Americans of that body. dent Wilson's selection of Professor Herron for this The question of terms to be imposed upon Ger- important mission are wondering if special signifimany when the extended armistice expires next cance should be given to the fact that nothing has Monday, the 17th, came up for discussion through- been said about instructions having been given to out the week just closing. The creation of the Sup- him. If the President listens to these critics and reme Economic Council was for the evident purpose does not pursue his usual practice of standing by his of curbing Marshal Foch's power in arranging appointees regardless of criticism, however ruthless, another extension, not because of any desire to em- Professor Herron will never have the privilege of barrass him personally, but because of a well defined putting his feet on Princes' Islands. President Butbelief on the part of the American and British ler of Columbia University, the Presbyter ian Union delegates that the best results will be obtained in of Newark, N. J., authorities and citizens of Ripon, Germany, from the point of view of the Entente, Wis., where Professor Herron found and married his if greater prominence is given to the economic side. lawful wife, have cabled their protests to the PresiIt appeared that if Marshal Foch could have his dent against his appointment, in no uncertain terms. way, he would make the terms for Germany more In addition to the Bolshevik Government, word severe than ever. It is said that he would occupy came on Wednesday that in all probability the Essen, take over more artillery and compel Germany Ukraine, the Crimea and General to comply with all the terms of the original armistice, Ekaterinodar will also be represent Denikine at ed. The numwhich she is reported to have evaded at least in part. ber was further increased yesterday by the announceYesterday, it was definitely announced in Paris ment that the Esthonian and Lettish Governments that he would not be able to carry out these ideas, would also send delegates. and that the new armistice plan that had been agreed Reverting to the reported willingness of the Soviet upon is so definite in form as to constitute virtually Government to acknowledge the debts of Russia a basis for a preliminary peace treaty. It is stated to creditors of Entente nationalitiy, it is interesting that it contemplates the conclusion before long of and instructive to glance for a moment at a recent what may be termed a stable armistice with Germany, bulletin of the Russian Chamber of Commerce at which will mean a reduction in its military forces to Paris, which gives some of the largest items of Rus20 or 25 divisions. Although nothing official was made sia's foreign obligations. For instance, it is recalled public as to the terms, it was definitely reported that that England provided £568,000, 000 with which the new armistice plan further provides that if Russia financed her immediat e needs up to the Germany conforms to its stipulations she will be time that the United States entered the war. France permitted to get materials needed for the resumption loaned Russia 3,490,000,000 francs, two-fifths of be permitted to get materials needed for the resump- which was to meet foreign coupons and the rest for of normal industrial life. On the other hand, if the purchase of materials. Furthermo re, the French she evades the terms, the present blockade condi- Government guaranteed the Bank of France against tions will not only be continued, but be made more possible loss resulting from the advancing of 500,- FEB. 15 1919.] THE CHRONICLE 000,000 francs to Russia, without interest, payable in one year after the cessation of hostilities. In the autumn of 1914 Russia sent £10,000,000 to London and undertook to send up to £40,000,000 gold to the United States. Actually it is believed that the amount sent forward was about £20,000,000 gold, which was regarded as an advance to the Bank of England, which is obligated to restore the gold after the war. It is worth noting that the foregoing figures do not include the advances of the United States to Russia nor her large debt before the war began. 605 I earnestly appeal to you to do all that in you lies to foster a happier and more harmonious spirit in our national and industrial life." Urging prompt action by Parliament on the "large number of measures affecting the social and economic well-being of the nation," the King announced that the House of Commons would be asked to consider several measures intended to expedite its deliberations. Furthermore, approval will be asked of bills providing for two new Ministries—one to deal with health conditions, "with a view to the establishment throughout the land of a scientific and enlightened health organization to combat diePolitically, this was a busy and eventful week in ease and conserve the vigor of the race"—and the at least three European capitals other than Paris. other for a Ministry of Ways and Communications, Just when President Wilson was doing all in his "with a view to increasing and developing the inpower to speed up the deliberations of the various dustries and agricultural resources of the country councils and committees which now have the work by improved conditions of transport." of the Peace Conference directly in hand, in order The King emphasized the pleasure he had experithat he might hurry back to the United States to enced in receiving President Wilson in England and be present at the closing days of Congress, Premier observed that "the enthusiastic welcome accorded Lloyd George of England and Premier Orlando of him is proof of the good-will which all sections of Italy were compelled to tear themselves away, much my people feel toward the great Republic of the West, as they felt that their presence there was needed, and an earnest of the increasing understanding with to attend the opening sessions of Parliament in their which I trust they will act together in the future." respective countries. At the same time the faction That he favored the action of the Peace Conferthat is endeavoring to set up a Government in Ger- ence in voting at the outset to have a League of Namany was meeting in quaint old Weimar, which it tions, King George made clear when he said: "I rehas designated as the capital of Germany, to adopt joice particularly that the Powers assembled n the a constitution for the State and to elect a President Conference have agreed to accept the principle of thereof. a League of Nations, for it is by progress along that The new British Parliament convened on Tues- road that I see the only hope of saving mankind from day. Inasmuch •as this is the first time it has a recurrence of the scourge of war." The King come together since the dissolution of the former left no doubt in the minds of his hearers as to the Parliament, soon after the collapse of the German necessity, in his judgment, of maintaining an army, armies in the field, it will always be known as the even after the signing of the peace agreement. On Reconstruction Parliament of this period of Eng- this point he said: "In order to reap the full fruits land's history. In his opening address King George of victory and safeguard the peace of the world, evidenced a notable grasp of the many and trouble- an adequate army must be maintained in the field, some problems with which England is confronted. and proposals which will be necessary to secure the It is well worth noting in passing that most con- forces required will be submitted to you in due spicuous among all these questions is the spread of course." Socialism. That many of these problems were made more knotty by the war, and that some were largely Lloyd George made two addresses this week in the a direct outgrowth of that titanic struggle, is gen- House of Commons. The first was at the opening erally admitted. That many of them antedated session on Tuesday, and the second the following that event by some years was made clear by the day. In neither instance did he make any attempt King, and is as fully realized by all close students at what is commonly called oratory. In a simple, of conditions in England. even familiar, but nevertheless forcible, manner, he In view of the recent labor demonstrations in discussed in a general way the results thus far atLondon, on the Clyde, in Glasgow, and in various tained at the Peace Conference, defending the steps other less important centres, it was perfectly natural that had been taken and the measures adopted, but that the King should have asked Parliament specially of course he dealt specially with some of the most "to spare no effort in healing the causes of the existing vital matters with which the Parliament of his unrest." Outlining some of the causes of the present own country will have to deal before the deliberaattitude of the people, he said that "before the war tions of the Peace Conference shall have been conpoverty, unemployment, inadequate housing and cluded. many remediable ills existed in our land, and these Respecting the progress made at that momentous ills were aggravated by disunion." With respect to gathering, he declared that it was "equal to and ways of overcoming these conditions, the King even beyond the most sanguine expectations." hastened to assert with special emphasis, "we must He added that he "would deprecate very strongly stop at no sacrifice of interest or prejudice to stamp anything in the nature or sort of separate debates out unmerited poverty, to diminish unemployment in the parliaments of those countries upon questions and to mitigate its suffering, to provide decent which can be best discussed by representatives of homes, to improve the nation's health, and to raise those countries together." Special emphasis was the standard of well-being throughout the com- laid by the Premier on the fact that "there is munity." Further expressing his solicitude for the this difference between this conference and all other welfare of the people, their ruler said, "that the gifts conferences the world has ever seen. They practiof leisure and prosperity may be more generally cally all dealt with differences of opinion between two shared throughout the country is my ardent desire. countries. Here at this conference you are settling 606 THE CHRONICLE [VoL. 108. be found to restore peace and order in questions which involve every continent in the way would Russia. world." in ions Discussing economic and industrial condit On the whole the labor situation in England showed his Tuesday's speech, the British Premier declared ntial improvement this week. On Monday that "there is plenty of material for employment substa ncement was made that the London underif all classes act with restraint and wisely. There annou lines were running on normal schedules, the is no danger of unemployment if certain essential ground having been settled. All of the workers in the conditions are adhered to. The first of all is that strike district who had been out were instructed to confidence must be given to those who are responsible Clyde to work on Wednesday. Shipyard strikers return ded for starting the wheels of industry." He defen London district were said to be coming back in trade unionism and its leaders with characteristic in the numbers at midweek. The most disturbing vigor and alleged that the Socialist element in its large e was the agitation on the part of the Miners' efforts to bring about anarchy "is seeking to destroy featur Federation for shorter hours and increased pay. not only trade unionism but the State." ttee of its members met Government leadDealing in still more specific terms with the indus- A commi port on Wednesday and asked for a sixSouth at of ers trial situation, Lloyd George outlined the spirit day, a 30% increase in wages, and full pay fairness with which he asserted the Government hour to demobilized miners during unemployment. intends to deal with every question presented by The Government, in reply to the demands of the labor. He said: "Every attempt which is put formen for a six-hour day, reminded them of the effect ward by any body of workmen the Government are that the granting of the same would have upon the bound to examine, and they will examine, fairly general trade situation. As to increased wages, the and carefully, with a view to removing any legitimate Government signified its willingness to add a shilling grievance and to redressing any unfairness or any a day to the present war bonus. Regarding the inequality. Every demand, however, which is demand in behalf of demobilized miners, the Govpressed forward with the view, not to obtaining ernment stated that they must be considered in fair conditions, but with the ulterior motive to hold and relation to the general question of demobilization. up the community, to overthrow existing order The miners' conference took action the same day to destroy the Government, relying not upon the and announced that it would not accept the Governjustice of their claim, but upon the brute force which , ment offers. It was feared that this would result is behind it, then I say, on behalf of the Government in a great strike and that the coal shortage would be and in all solemnity, we are determined to fight we still further increased. Prussianism in the industrial world exactly as whole the fought it on the Continent of Europe with One of the most interesting announcements of the ion might of the nation." It was this last assert ry, week regarding shipping matters was that of the that has attracted the most attention in this count in further details of the shipping deal with the Governand .to which the heartiest applause was given ment involving £20,000,000. It develops that Lord the House of Commons when it was uttered. Inchcape, head of the Peninsular & Oriental Co., In Wednesday's speech "England's Great Comand Sir Owen Phillipps, Chairman of the Royal Mail moner" sounded the same sanguine note as the day Con- Steamship Co., had taken over from the Governbefore regarding the outcome of the Peace ment contracts with shipbuilders for 137 standard ference, and expressed the belief that a complete rn vessels now in process of construction. According agreement would be reached regarding the weste ary to the plan, they are to . offer the vessels to other boundary of Germany. As to the eastern bound prob- ship owners on the same terms on which they sehe was not so hopeful. In fact, it was to the he cured them from the Government. Everyone enlems presented by the Russian situation to which ugh gaged in the Atlantic shipping trade was specially devoted a considerable part of his remarks, altho ess, interested in the further reduction in rates of about primarily he had risen to reply to Rupert Guinn to 10% announced by the United States Shipping Unionist, who was disposed to press Germany who Board on Thursday. The new rates are for outthe utmost in the matter of reparation, and de bound cargoes and apply to pieces weighing up to requested more information regarding the attitu on 4,480 pounds. of Britain's delegates to the Peace Conference this and other vital questions. Gradually the British authorities are relaxing n, Contrary to the idea seeming to prevail in Londo the rules put into effect from time to time, both as Lloyd George declared that no one at the Peace in to exports and imports. For instance, on Monday Conference had proposed that the Bolsheviki h imas word was received in Washington that Britis Russia be recognized. He characterized them albe would shoes and boots can Ameri e," porters of "assassins guilty of the crimes laid to their charg they ity quant the of urth one-fo in bring to es lowed and asserted that financial assistance and suppli received in 1913, the year before the war. On antithe to hed furnis of many kinds had been t an Thursday a cable was received saying that the expor Bolshevist Governments, simply because of from al and oatme a of beans, rye flour, barley flour earnest desire to keep the rich sections of Russi the United Kingdom to neutral countries is now that out of the hands of Germany. Suggesting permitted, and that large quantities of these comRussia's problems are easy to discuss theoretically, modities are available in the United Kingdom. It but difficult to solve, the Premier declared that if is even reported from London that the war ordinance conditions in that country should seem to demand forbidding the importation of unset diamonds has intervention on the part of a foreign power, America been revoked by the Government. would never send troops, money or material, and that consequently the burden would fall upon As proof of the financial strength of the leading Great Britain and France. He entertained a strong railways of England, it may be noted that practihope that at the forthcoming Prinkipo conference a FEB. 15 1919.] THE CHRONICLE cally all of the larger companies showed increases in their dividend disbursements for 1918, although none of them was in excess of the rates prevailing before the war, except the Great Western and the Hull & Banesley. The average yield on railway shares at current prices is 7%. That some of the insurance companies are notably prosperous is shown by the declaration of a 100% bonus by the Liverpool & London & Globe Insurance Co., which is to be applied toward reducing uncalled liability. At the annual meeting of Lloyds Bank on Tuesday, Sir Richard Vassar Smith summarized Great .Britain's financial condition in a few words. He remarked that her adverse trade balance is no less than £2,000,000,000. By the time peace is formally declared, he estimated that the net debt would be about £8,000,000,000, or $40,000,000,000. From this may be deducted approximately £1,500,000,000 on loans recoverable from the Dominions and other allies. He pointed out the necessity of greater industry and of strict economy, and added that the capital that has been lost in the war can be replaced only by savings from profits on production. 607 Addressing the National Assembly yesterday the Chancellor outlined the peace program of the new German Republic as follows: Conclusion of an immediate peace; adherence to President•Wilson's program; refusal of "a peace.of violence"; restoration of the German colonies; immediate repatriation of German war prisoners; membership in the League of Nations on an equal basis; reciprocal general disarmament; abolition of secret diplomacy and creation of a democratic German army. Scheidemann has been prominent in political affairs in Germany since 1914, as the leader of the pro-war, pro-Kaiser wing of German social democracy. Born in Cassel in 1865 he enjoyed a high school education and became a printer and later a journalist. Since 1903 he has been a member of the Reichstag. Gustav Adolf Bauer, Minister of Labor, was one of the principal leaders of the German trade union movement and since 1912 has sat in the Reichstag. Otto Landsberg, Minister of National Defense and Justice, is a lawyer and since 1912 also has been a Socialist member of the Reichstag. Later in the week Dr. David re-signed the Presidency of the National Assembly to join the cabinet. He is known as an "intellectual," is a doctor of philosophy, an author, and has been a Very little in the way of industrial or financial member of the Reichstag since 1903. He has been news came out of Germany during the week. Yester- succeeded as President of the Assembly by Konday, however, it was reported that 20,000 store work- stantin Foehreneach, who, before the revolution, ers in Berlin had struck for higher wages. The at- was President of the Reichstag. tention of the people was absorbed with the delibFriedrich Ebert, Germany's new ruler, was born erations and developments of the National Assem- in Heidelberg, Baden, Feb. 4 1871, and is, therefore, bly at Weimar. A defiant and extremely radical a trifle more than 48 years of age. • His father was a note seems to have been sounded in all that was said merchant tailor, but the son learned the trade of a and done at that unique gathering. This is not harness-maker in his home town. Even then the strange. The whole movement is fathered by the Socialists were active there and Ebert early imbibed Socialist Party in Germany, and, of course, it is ex- many of their ideas. Later he came chiefly under treme in every particular. In his opening address the influence of Dr. Rued.t, who had been a teacher before the National Assembly last week Thursday, of Prince Chlodwig Hohenlohe, who subsequently Friedrich Ebert vehemently declared:"We warn our was appointed Third Chancellor. Apparently when opponents not to drive us to the utmost. Hunger he left Heidelberg Ebert was a full fledged Socialist, is preferable to disgrace and deprivation is to be pre- but was known as a "revisionist." From 1892 to ferred to dishonor." Continuing he said: "We will 1900 he served as editor of the Bremen "Buergercall on the old German spirit of Weimar. We will be zeitung." Rising rapidly in political circles, in 1912 an empire of justice and truth." The speaker w.as he was elected to the Reichstag. On Nov. 9th last interrupted frequently, and even heckled, by the he succeeded Prince Max of Baden as the first Independents, to whom he declared that their disSocialist Chancellor of the German Empire. Strangeorder showed how little the hard times through ly enough, his appointment was announced simulwhich they had passed had taught them. taneously with the resignation of the Kaiser. On Tuesday he was elected President of the State, or new German Republic, as it is now called, Not much was heard from Italy this week. by a vote of 277 out of a total of 379. Dr. Edward Premier Orlando is back in Rome preparing for the David, a majority Socialist, was chosen President opening of Parliament, probably about ten days of the Assembly by a vote of 274 to 25. For the hence. It was reported in the Italian capital on Presidency of the Republic Count von Posadowsky- Wednesday that soon after the assembling of ParWehner received 49 votes. Mathias Erzberger and liament the Premier would dissolve that body and Phillip Scheidemann each received one vote. Ad- call a general election, the first since October, 1913. journment was taken until Thursday in order to Former Premier Luzzatti came forward with a select a new cabinet. ridiculous plan for paying the war debts of the Allies Chancellor Scheidemann yesterday announced the and to furnish funds for reconstruction work. In following Cabinet: Herr Schiffer, Vice-President of short, it. calls for a world lottery. Evidently the the Cabinet and Minister of Finance; Count Brock- Italian statesman never has made a careful study dorff-Rantzau, Minister of Foreign Affairs; Hugo of the laws of the United States with respect to Preuss, Minister of the Interior; Gustav Bauer, lotteries. Estimating the population of the world Minister of Labor; Herr Wissel, Minister of Public at 1,700,000,000, he -is said to believe that at least Economy; Herr Robschmidt, Minister of Provisions; 300,000,000 would participate in the scheme. He Otto Landsberg, Minister of Justice; Herr Noske, suggests that if that number were to purchase on Minister of War and Colonies; Herr Giebert, Minister the average of ten tickets each at $20 a ticket, the of the Treasury; Herr Koest, Minister of Demobili- total proceeds would be $60,000,000,000, of which zation; Edward David, Mathias Erzberger and Herr $10,000,000 would be used for prizes, an inevitable Gottheim, Ministers without portfolio. adjunct of all lottery schemes. Needless to remark 608 THE CHRONICLE [VOL. 108. that this proposal and many others that have un- 355,868 francs last year and 5,134,734,400 francs the doubtedly been sent forward to the Peace Confer- year before; of these amounts 2,037,108,484 francs were held abroad in 1919 and 1918 and 1,945,603,286 ence, will be pigeon-holed for all time. francs in 1917. Treasury deposits, during the week 8 Feb. ended week the for gained 33,838,162 francs, while general deposits were British revenue returns 0 £33,000,00 than more by 79,590,603 francs. On the other of reduction augmented net Flow that a bills Treasury of holdings fell off 683,377 francs, bills volume silver the in hand, about brought was outstanding. Expenditures for the week were £42,- discounted were contracted 49,190,386 francs, and 733,000 (against £51,153,000 for the week ending advances reduced 4,598,762 francs. Note circulaFeb. 1), and the total outflow, including Treasury tion registered a further expansion of 139,661,915 bills repaid and other items, was £123,976,000, as francs. The total . of notes now outstanding is against £154,883,000 last week. Receipts from all 32,506,658,595 francs, and compares with 23,821,sources were £123,469,000, which compares with 175,830 francs at the corresponding date in 1918, and £155,138,000 in the week preceding. Of this total, 17,747,070,195 francs in 1917 Just prior to the revenues contributed £30,540,000, against £24,- outbreak of war in 1914, the total outstanding was 752,000 a week ago; War Savings certificates £600,- only 6,683,184,785 francs Comparison of the vari000, against £1,600,000, and other debts incurred ous items in this week's returns with the statement £2,221,000, against £2,948,000 the previous week. of last week and corresponding dates in 1918 and 1917 The income from war bonds amounted to £19,- is as follows: BANK OF FRANCE'S COMPARATIVE STATEMENT. 341,000,in comparison with £91,981,000 the previous Status as of Changes Feb. 13 1919. Feb. 14 1918. Feb. 15 1917. for Week week, but advances to the Exchequer were £27,Francs. Francs. Francs. Francs. Gold Holdings— 000,000, against £1,500,000 the week preceding. In Franco Inc. 2,525,150 3,473,637,701 3,328,247,383 3,189,131,114 No change 2,037,108,484 2,037,108,484 1,945,603,280 Sales of Treasury bills amounted to £43,552,000, Abroad 2,525,150 5,510,746,275 5,365,355,808 5,134,734,400 Inc. Total The which compare with £32,107,000 last week. 274,499,584 252,167,509 314,804,875 683,377 Dec Silver 621,032,442 1,153,745,004 1,334,854,439 £1,008,49,100,386 now Dec. is g Bills discounted total of Treasury bills outstandin Dec. 4,598,762 1,226,637,379 1,229,078,037 1,262,020,977 Advances the and ago, week a ,000 253,000, against £1,042,158 Note circulation_ _ _1120.139,661,915 32,500,658,595 23,821,175,830 17,747,070,195 33,785,164 41,918,012 87,630,088 deposits Ino. 33,838,162 Exchequer• balance aggregates £7,947,000. Last Treasury General deposits.._ _Inc. 79,590,603 2,664,301,822 2,634,425,215 2,346,462,370 week it was £8,454,000. The Imperial Bank of Germany in its statement The Bank of England continues to add to its stock for the week as of Jan. 31, again shows sensational of gold on hand, a further increase of £175,450 changes in its leading items. Chief among these having been reported this week. There was also an may be mentioned an increase of 536,224,000 marks expansion of £329,000 in total reserve, the result in bills discounted, a decline of 325,604,000 marks of a reduction in note circulation of £154,000. in other securities, while note circulation was inThe proportion of reserve to liabilities was slightly creased 254,427,000 marks and deposits 200,296,000 lowered and is now 20.40%, compared with 20.45% marks. Lesser changes were a reduction of 1,782,a week ago and 18.96% last year. There was a decline 000 marks in total coin and bullion and of 1,685,in public deposits of £2,563,000, although other 000 marks in gold. Treasury notes expanded 79,deposits increased £4,564,000 and Government 725,000 marks, although notes of other banks deSecurities were expanded £1,841,000. Loans (other creased 1,083,000 marks. There was a reduction securities) registered a contraction of £172,000. in advances of 947,000 marks and in investments of The Bank's holdings of gold now stand at £81,619,- 3,726,000 marks. Other liabilities were conqacted 117, which compares with £58,943,108 in 1918, 171,916,000 marks. The Bank reports its total £57,141,037 the year preceding and £42,527,458 in stock of gold on hand at 2,253,713,000 marks. In 1914. Reserves aggregate £30,236,000, as against the same week of a year ago it was 2,406,100,000 £31,332,308 last year and £36,140,502 in 1917. marks and in 1917 2,524,420,000 marks. Note cirThe total of loans is £83,297,000. In the same week culation has now reached the huge total of 23,547,of last' year the amount was £95,666,673 and in 587,000 marks, which compares with 11,138,940,000 1917, £44,034,194. Clearings through the London marks in 1918 and 7,858,480,000 marks the year banks for the week totaled £463,920,000, as against preceding. In the week of July 25 1914, before £563,720,000 the preceding week and £383,790,000 the commencement of hostilities, note circulation last year. Our special correspondent is not as yet was only 1,890,893,000 marks. 'able to give details by cable of the gold movement into and out of the Bank for the Bank week, inasOfficial discount rates at leading European cenmuch as the bank has not resumed publication of tres remain at the rates previously current, namely, such reports. We append a tabular statement of 5% in London, Paris, Berlin, Vienna and Copenof comparisons. hagen; 532% in Switzerland; 6% in Petrograd and BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1915. 1916. 1917. 1918. Norway; 63/2% in Sweden, and 432% in Holland 1919. Feb. 17. Feb. 14. " Feb. 16. Feb. 13. Feb. 12. and Spain. The private bank rate in London has £ • 60,832,000 46,060,800 39,450,535 32,565,730 34,167,265 Circulation not been changed from 3 17-32% for sixty-day and 28,158,000 39,012,911 51,923,359 51,514,369 40,316,039 Publie deposits 117,617,623 99,156,058 145,157,070 126,265,157 120,045,000 Other deposits ninety-day bills, while money on call in London Govern't securities.. 52,679,000 56,349,951 134,959,208 32,839,300 24,562,642 be quoted at 338%. So far as we have Other securities_ _ _ 83,297,000 95,666,673 44,034,194 95,152,596 101,700,537 continues to Res've notes & coin_ 30,236,000 31,332,308 36,140,502 40,704,002 49,828,707 been able to ascertain, no reports have been received Coin and bullion_ _ _ 81,610,117 58,943,108 37,141,037 54,819,732 65,545,972 Proportion of reserve by cable of open market rates at other European 31.54% 27% 18.33% 18.96% 20.40% to liabilities centres. 5% 5% 5% 53•1% '5% Bank rate A heavy reduction in both aggregate and surplus The Bank of France announces another gain in the was the feature of Saturday's bank statereserves gold item this week, the amount being 2,525,150 York Clearing House banks and trust New of ment francs. This brings the Bank's total gold holdings this was accompanied by substanand , companies 5,365,with up to 5,510,746,275 francs, comparing FEB. 15 1919.] THE CHRONICLE tial declines in loans and deposits. These changes are undoubtedly the result of Government financing and reflect in part withdrawals of Government funds from the banks. The loan item was reduced $53,087,000, net demand deposits $77,831,000, to $3,795,231,000 (Government deposits of $269,517,000 deducted), and net time deposits $3,062,000. Cash in vaults (members of the Federal Reserve Bank) increased $743,000 to $95,918,000 (not counted as reserve). The reserves in the Federal Reserve Bank of member banks, however, showed a reduction of $40,337,000 to $517,822,000. Reserves in own vaults (State banks and trust companies) increased $263,000 to $11,011,000, and in other depositories (State banks and trust companies) $57,000 to $11,284,000. In round numbers, the loss in aggregate reserves amounted to $40,017,000, thus bringing the total down to $540,117,000, as against $582,680,000 last year. There was a decline in reserve required of $10,201,330; hence the contraction in surplus was cut to $29,815,670, and excess reserves now stand at $37,401,720, comparing with $89,305,280 in the corresponding period of 1918. The surplus reserve totals here given are based in both cases on reserves of 13% for member banks of the Federal Reserve system, but not including cash held by these banks which last week was $95,918,000. More complete details of the bank statement will be found on a later page of this issue. With the exception of an advance to 6% in call money rates on mixed collateral and 63/2% on all industrial, shortly before the close of the Stock Exchange on Monday,again on Tuesday and Thursday, there was no break in the extreme dulness that has characterized the local money market for some weeks. These higher quotations were not taken seriously in Stock Exchange circles, although some brokers said on Thursday they had received intimations that money soon would be somewhat firmer, if not tight. At the moment there is nothing in the outlook on which the average observer could base such an expectation. Generally speaking, the advance was regarded as reflecting chiefly belated efforts on the part of Stock Exchange borrowers to get accommodations for the day. At the Peace Conference, however, special attention was directed from time to time throughout the week to the 'necessity of making money conditions a world affair and of taking definite action as early as possible on a plan for furnishing the capital needed by all the European countries directly involved in the war, for reconstruction purposes. Presumably France and Belgium are in the greatest need of funds. Some time must elapse before they can hope to realize on the indemnities that may finally be levied upon Germany. Now that the articles of the League of Nations have been adopted it is quite probable that the financial advisers of the Peace Conference will have a better opportunity to secure the attention of the commissioners to the plans on which they have been working for some weeks. Still, with President Wilson, Premiers Lloyd George and Orlando away, it is doubtful that final action can be secured from the conference as a body in the immediate future. Early in the week Seward Prosser, President of the Bankers Trust Co., was quoted in Chicago as having stressed the idea that the United States must prepare for 609 heavy demands for money from Europe, South America, and pretty much the whole world. Secretary Glass's request of Congress on Monday to increase the authorized, but unissued, amount of Liberty bonds for the forthcoming Victory Loan from $5,000,000,000 to $10,000,000,000, with discretionary powers as to rates of interest and other terms, and also for authority to issue not more than $10,000,000,000 interest-bearing, non-circulating notes, with maturities running from one to five years, were freely discussed and favorably received in the financial district. A high interest rate on the next issue,in comparison with that borne by previous ones, is expected. On Thursday the $6,000,000,000 Revenue Bill passed the Senate by a viva voce vote, with only slightly expressed opposition, and now awaits the signature of the President. Already the Treasury Department is putting into effect the machinery for collecting the taxes stipulated in the bill. Secretary Glass held conferences in New York yesterday and to-day with members of the Liberty Loan Committee and with other bankers. It is believed that before he goes back to Washington the general plan for floating the Victory Loan in April will be known in financial circles, if not made public. Our bankers appear to favor a division of the issue into taxable bonds carrying a high rate of interest and into another group with a low rate of interest and no taxes. Referring to money rates in greater detail, loans on call have ranged between 43/2@6% this week, comparing with 3%@5% a week ago. On Monday and Tuesday 6% was the highest, the low 432% and renewals at 5% on each day. Wednesday was a holiday (Lincoln's Birthday). Thursday 6% was still the maximum, though the minimum was advanced to 53/2%, which was also the basis for renewals. Friday's range was 5@532% and 5% the ruling rate. The above figures apply to mixed collateral loans, as all-industrials are still quoted at M of 1% higher. In time money a slightly firmer feeling developed, though this was shown more in a scarcity of funds than in any increase in rates. In view of the approach of the coming Victory Loan campaign, bankers are beginning to show an unwillingness to put out funds for fixed-date loans. Quotations were not changed from 5@53% for sixty and ninety days, with four, five and six months' money still at 53.%, but very little actual business was reported. At this time a year ago all maturities from sixty days to six months were quoted at 5M@6%. Mercantile paper has ruled quiet with only a moderate volume of business transacted. Rates remain as heretofore, with sixty and ninety days' endorsed bills receivable and six months' names of choice character at 5@53%, while names less well known still require 53'@,5%. Banks' and bankers' acceptances were less in demand than has been the case of late. This is du( to the slight flurry in call rates. Trading was dul and the volume of transactions small. Rates wer( firm and without quotable change. The rate fo demand loans on bankers' acceptances remains a 432%. Quotations in detail are as follows: Eligible bills of member banks Eligible bills of non-member banks Ineligible bills Spot Delivery Thirty Ninety Sixty Days. Days. Days. 4, A@43 4.,4@4% 41,4k4)4 4%@4% 4,404X lit WI% 5i@5 53i05 .53i 435 Deliver within 30 Dais 44 b 4% bid 6 b 610 THE CHRONICLE No changes in rates, so far as our knowledge goes, have been made the past week by ,the Federal Reserve banks. Prevailing rates for various classes of paper at the different Reserve banks are shown in the following: "i 7 .1 'a I • i 'Z 1 Discounts— Within 15 days,incl. membe banks' collateral notes__ __ 4 4 4 16 to 60 days' maturity___ 4% 4% 4% 61 to 90 days' maturity_ 4% 434 44 Agricultural and live-stock paper over 90 days 5 5 5 Secured by U. S. certificates of indebtedness or Liberty Loan bonds— Within 15 days, inciudin member banks' collateral notes 4 4 4 16 to 90 days' maturity 24% 43j 434 Trade Acceptances16 to 60 days' maturity 434 434 434 61 to 90 days' maturity 414 4W 4W g a A :-.a.. Kansas City.' I I • .!.% Chicago. I New York. CLASSES OF, DISCOUNTS AND LOAN Boston. DISCOUNT RATES OF FEDERAL RESERVE BANKS. l z 43 434 43 4 4 434 43 434 434 4% 4% 43( 4% 4% 4% 5 43 5 4% 44 4% 434 434 5 5 5 5 534 5 5 534 534 534 53i 53-( 534 4 243j4 4 4 4 14% 4 434 43'43 2431 2434 2434 43('434 434 434 434 434 434 434 434 434 434 434 454a 4W 4W 4W 4“ 414 4“ 444 4W 41, 1 1 Rate of 3 to 434% for 1-day discounts in connection with the loan operations of the Government. Rates for discounted bankers' acceptances maturing within 15 days, 4%; within 16 to 60 days, 434%, and within 61 to 90 days, 434%. Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding Interest rate on bonds. a Fifteen days and under, 434%. 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. Sterling exchange requires very little comment this week, since rates are still pegged and transactions limited to the merest routine requirements. Attention continues to centre upon the doings at the Peace Conference, as market experts apparently all agree that no improvement in activity can be expected until the actual signing of the peace treaties. So far as can be learned, none of the modifications recently predicted,of the arbitrary control exercised by the Government have as yet been put into effect. A good deal of interest is taken in the fact that the initial Belgian loan recently announced is to take the form of a bank acceptance credit, which will be available for rediscount at the Federal Reserve banks. It is also announced that American bankers are to extend credits to France, which will be financed through the medium of acceptances, the latter for the purpose of purchasing raw materials in this country for use in restoring the devastated regions of France. Prominent New York banks are to participate in accepting these bills, but whether the banks of Belgium are to draw the bills is not yet definitely known. As regards quotations in detail, sterling exchange on Saturday ruled firm, but quiet; demand bills were a small fraction higher at 4 7580 @4 75 13-16, but cable transfers continued at 4 7655 5 Mon-@4 76 9-16 and sixty days at 4 73M@4 73%. day's trading was dull and featureless; variations in -rates were slight, though demand bills eased off to 4 7577M@4 7580 and cable transfers to 4 76523/ @4 7655; sixty days remained pegged at 4 7332@ 5 4 73%. Pre-holiday dulness marked Tuesday's operations, and the volume of business transacted was small; cable transfers were a trifle easier, declining fractionally to 4 76473/2@4 76523/ on an increase in offerings of sterling bills by London; no specific explanation of this development, however, was obtainable; demand bills were also lower at 4 75%@ 4 7580, but sixty day bills were unchanged. Wednesday was a holiday (Lincoln's Birthday). No increase in activity was noted at the resumption of business on Thursday, and trading was dull and nominal; quotations were practically unchanged at [VoL. 108. 4 75%@4 7580 for demand, 4 76 7-16@4 76523/ 2 for cable transfers, and 4 733@4 73% for sixty days. Friday's market ruled quiet and featureless and still unchanged. Closing quotations were 4 73% for sixty days, 4 75% for demand and 4 763/ for cable transfers. Commercial sight bills finished at 4 75 11-16, sixty days at 4 72%, ninety days at 4 71 7-16, documents for payment (sixty days) at 4 721 % and seven-day grain bills at 4 75. Cotton and grain for payment closed at 4 75 11-16. The gold exports reported for the week included $800,000 to South America, $75,000 to Mexico and $14,500 for Canada. There were no imports. The Continental exchanges have experienced another dull and uneventful week, with trading still of minimum proportions. It is plainly evident that leading international bankers are disinclined to enter into extensive commitments at a time when so many conflicting influences are at work to restrict normal commerce. Among these should be mentioned the shortage of ocean tonnage, the irregularity of freight rates, which is tending to interfere with a free movement of shipments, and the continued enforcement of certain export and import embargoes. Most of these uncertainties are likely to be removed with the signing of the peace treaties, but while it is conceded that important progress towards this end has been made, much work is still to be done. In the meantime, opinion in the best informed quarters is that rates for foreign exchange are not likely to vary widely from those now ruling for some little time to come. French exchange was well maintained, at or near last week's levels. Lire cables are still pegged at the official rates previously current, but checks were a shade easier, though without specific activity. The situation in ruble exchange remains the same and the quotation is a purely nominal affair. A cable recently received states that the Soviet Government of Russia intends to assume responsibility for obligations with the Entente, and this caused quite a sharp advance in Russian bonds and also in ruble currency notes. Itisstated, furthermore, that considerable speculation in rubles is going on in London, large supplies having been purchased at low figures in the Far East. The reason that such speculation is not transpiring at this centre is probably attributable to the rigid control exercised by the Federal Reserve Board over all exchange operations. Fred I. Kent, Director of the Division of Foreign Exchange, has issued a notice to the effect that "dealers," until otherwise instructed, may make transfers of funds to persons not enemies or allies of enemies resident in all parts of Finland. Quotations for reichsmarks and kronen are not obtainable, as no business is being done at this centre in German and Austrian exchange. The official London check rate in Paris closed at 25.98 (unchanged). In New York sight bills on the French 5 cables at centre finished at 5 45%, against 5 45%; 5 453', against 5 45; commercial sight at 5 46%, against 5 469', and commercial sixty days at 5 519', % last week. Lire closed at 5 363/ 2 for against 5 513 bankers' sight bills, against 6 36 a week ago; cables were not changed from 6 35. Rubles remain as heretofore at 14 for checks and 15 for cables, nominally. Greek exchange has not been changed from 5 163/ for checks and 5 15 for cables. Belgian exchange is quoted nominally at 5 67 for checks and 5 65 for cables, the same as a week ago. FEB. 15 1919.] THE CHRONICLE No new feature of especial interest has been noted in neutral exchange this week. Much of the time so little business was passing that the market was almost at a complete standstill. As a result fluctuations in rates were relatively unimportant, with no definite trend in either direction. Swiss exchange was firmer, and this was attributed to an announcement that the Swiss Government has been permitted to arrange for definite cargo space for the shipment of supplies from the United States to Switzerland. Considerable interest was shown in the statement that in addition to the Belgian credit of $50,000,000 already granted, Denmark is now seeking a credit of about $15,000,000 in this country, ostensibly with a view of stabilizing the exchange situation between the United States and Denmark. Scandinavian rates were fairly steady. Guilders ruled a shade firmer, though Spanish pesetas were easier. Bankers' sight on Amsterdam closed at 41 1-16, against 411-16; cables at 41 5-16, against 41 5-16; commercial sight at 41 1-16, against 41, and commercial sixty days at 405 %, against 40 9-16 a week ago. Swiss exchange finished at 4 92 as compared with 4 95, and cables at 4 88 against 4 91 last week. Copenhagen checks closed at 25.90 and cables 26.10, against 26.00 and 26.20. Checks on Sweden finished at 27.95 and cables 28.15, against 28.10 and 28.30, while checks on Norway closed at 27.20 and cables at 27.40, against 27.20 and 27.50 the week before. Spanish pesetas finished at 20.11 for checks and 20.18 for cables. This compares with 20.12 and 20.20 the preceding week. As to South American quotations, the check rate on Argentina was lowered and closed at 44.50 and cables 44.65, against 44.85 and 45.00. For Brazil the rate for checks also declined and finished at 25.60 and cables 25.75, compared with 25.85 and 26.00 last week. The Chilian rate remains as heretofore at 10 7-16 and for Peru 50.125@50.375. Far Eastern rates are as follows: Hong Kong, 74.90 against 78@784; Shanghai, 114 against 123@ 1233; Yokohama, 52 against 523'@523'; Manila, 50 against 49%@50%; Singapore, 563 against 56%@566; Bombay, 36 against 363/2@369, and Calcutta (cables), 363 against 36%@37. The New York Clearing House banks, in their operations with interior banking institutions, have gained $3,425,000 net in cash as a result of the currency movements for the week ending Feb. 14. Their receipts from the interior have aggregated $7,674,000, while the shipments have reached $4,249,000. Adding the Sub-Treasury and Federal Reserve operations and the gold exports, which together occasioned a loss of $78,560,000, the combined result of the flow of money into and out of the New York banks for the week appears to have been a loss of $75,135,000, as follows: Week ending Feb. 14. Into Banks. Banks' interior movement Sub-Treasury and Federal Reserve operations and gold exports Out of Banks. Net Change in Bank Holdings. 17,674,000 $4,249,000 Gain 13,425,000 29,022,000 107,582,000 Loss 78,560,000 $36,696,000 $111,831,000!Loss $75,135.000 Total The following table indicates the amount of bullion in the principal European banks: February 13 1919. Banks of— Gold. Silver. I 1 Total. February 14 1918. Gold. Silver. z Total. 81,619,117 58,943,108 2 58,943,108 12,560,000,151,505,511 133,129,875 10,080,000 143,209,875 997,610,113,683,360 120,316,950 5,719,900 126,036,850 12,375,000142,025,000 129,650,000 12,375,000 142,025,000 2,289,0001 13,297,000 11,008,000 2,289,000 13,297,000 25,868,000115,011,000 79,024,000 28,492,000 107,516,000 3,000,0001 40,071,000 33,431,010 3,499,000 36,930,000 744,000 57,774,000 58,917,000 598,000 59,515,000 600,000 15,980,000 15,380,000 600,000 15,980,000 2,514,000 19,019,000 14,477,000 14,477,000 15,577,000 13,711,000 13,711,000 135,000 ,10,947,000 9,622,000 137,000 9,759,000 6,716,000 6,413,000 6,413,000 England__ 81,619,117 Francea__ 133,945,511 Germany Russia S__ 112,685,75'129,650,11 Aus-Hun c 11,008,000 Spain 89,143,000 Italy 37,071,000 Netherrds 57,030,000 Nat.Bel.h 15,380,000 Swits'iand 16,505,000 Sweden..._ 15,577,000 Denmark_ 10,812,000 Norway 6,716,0 14 Tot. week.722,142,378 61,082,610 783,224,988684,022,933 63,789,900747.862,833 Prev.week 721,945,172 60,874,460 782,819,632683,095,059 63,532,000 746,627,059 a Gold holdings of the Bank of France this year are exclusive of £81,484,340 held abroad. * No figures reported since October 29 1917. c Figures for both years are those given by "British Board of Trade Journal" for Dec. 7 1917. h August 6 1914 In both years. 611 LABOR UNREST AND GOVERNMENT. Two incidents of the past week have a direct bearing on what is in many respects the foremost political and economic problem of the day. Even in the early stages of the war no experienced observer of events had any doubt that the question of labor would be the matter of paramount complexity in the period following return of peace. In Europe the Labor Party was playing a highly important part in national politics, even before 1914; in England especially it came close to holding as an organized party the balance of power in Parliament. With the progress of the war, the drafting of ablebodied citizens into the armies and the insatiable demand for man power in the munitions factories, wages advanced with unprecedented rapidity. The advance was partly effect and partly cause of the equally violent rise in prices; but the extent of the double movement made it a matter of certainty that when the war was over, it would be no simple matter for wages to be lowered along with prices of manufactured goods and profits of manufacture. There were hundreds of thousands of skilled workmen who, both in Europe and America, were earning under the abnormal war conditions weekly pay which made the income of the average professional man look small. What was their attitude likely to be when the factitious demand which had put up their wages should suddenly disappear, and when industry should be confronted with the problem whether to lower wages in some proportion to the lowering of prices, or, as an unavoidable alternative, turn loose such masses of laborers as should crowd the ranks of the unemployed? In the present case, moreover, th,p possibility of a new and defiant attitude by labor—the possibility, in fact, of a revolutionary attitude—came into serious consideration as a consequence of events in Russia; where labor had seized not only the Government but the industrial plant, had driven out the owners and employers and had settled for itself its own wages and its own title to participation in the earnings of industry. Disastrous and chaotic as were the results of the Russian experiment, it was a moral certainty that to some extent—how great an extent no one could say beforehand—the mind of the labor class in other countries would be swept off its balance by the spectacle. The attempt to imitate Russia was at once tried in Germany. It failed; probably because of the instinctive recognition by the German people that, at the parting of the ways in which they stood, a Bolshevik revolution meant sure political and economic death. But this failure did not mean that other countries, in a different way, might not be confronted with the problem. As a matter of fact it came almost at once, even in.England and America. The strikes in Ireland and England during the past few weeks were of a peculiarly angry character. In nearly all of them, the characteristic fact was that work was stopped in violation of agreements previously entered into by the unions and which were still running. Usually the demand was for shorter hours, sometimes for higher wages; but in all cases the strike was begun against the remonstrance of the unions and in advance of any effort at Govern mental mediation. In some of them the specific 612 THE CHRONICLE demands were such as to make continued operation of the industry impossible, and the machinery of the sympathetic strike or the general strike was invoked. An even more outright challenge to the present economic regime was made in our own country at Seattle, long a hotbed of social and political experiment and of industrial unrest. The shipbuilders, having struck (in violation of their union's formal contract with the Government), called a"sympathy strike" of other industries,including even street car service and the janitor service in buildings. Intimidation followed. For a day or two industry, transportation and even the school work stopped, and the strikers, flushed with their apparent victory, began to talk of taking over industry as a whole and running it on their own terms. "The sympathetic revolution," said the Mayor of Seattle, "was called in the exact manner of the revolution in Petrograd." Fortunately,the public authorities did not hesitate. Mayor Hanson of Seattle, himself of foreign birth and Socialist affiliations, took up the challenge at once, refused the extreme demands Of the striking laborers, denounced the sympathetic strike, organized 1,000 armed extra police with instructions to use force against all disorder, and proclaimed that on the next day all business must go on as usual. And so it did. The attempted revolution which, the Mayor said, its authors "expected to spread all over the United States" in actual fact "never got to first base, and it never will if the men in control of affairs will tell all traitors and anarchists that death will be their portion if they start anything." In rapid sequence came the announcement that 54 alien agitators at Seattle and Chicago were being deported from the country under the laws of the United States. In England, after transportation at London had been temporarily restored through recourse to motor lorries, the demonstration subsided and the strike in the subways ceased. It began to wane in other industries. Last Tuesday the British Premier, speaking in the House of Commons, warned labor against repetition of such excesses, explaining patiently the inexorable conditions under which the falling prices and profits of industry in the readjustment period would produce an alternative in which an increase of operating costs would lose the market for the manufacturers, so that instead of full employment at higher wages or shorter hours, labor would be confronted with inevitable unemployment and distress. But, after saying that "thes e disturbances are promoting the very evils against which they are supposed to work," Lloyd George went on to say with directness and sternness: "I know the perils, I know the dangers and I have deliberately reckoned carefully the cost, and I say' that if the people of this country are prepared to face both peril and cost with the courage, endurance and patience which they exhibited in the face of equally great menace, if all classes of the community are prepared to make the necessary sacrifices for the stability, security and freedom of the industries upon which the future of this land and the happiness of its people really depend, I am prepared to say, with full knowledge of the peril, that no section of the community, however powerful it may be, can be or will be allowed to hold up the whole nation." In America and England, therefore, the issue is squarely presented. We do not know what the further development of this Governmental policy will be, and we do not suppose that the efforts of [VoL. 108. agitators to undermine the industrial structure are ended. We may still have troublous times ahead of us. But the essential fact is that responsible government in both countries has asserted its rights at the start, has responded to threat with threat, and has thereby called forth an outburst of popular approval throughout the nation. This is our strong ground of assurance against any sequel resembling even remotely the conditions which arose in Russia, as a direct result of Kerensky's feeble surrender to one after another of the extravagant demands of labor—with the natural result of a labor revolution, a labor Government, a reign of terror by the dictators put in power by labor, and the complete collapse of productive industry, orderly politics and individual comfort or safety. TAKING THE WRONG ROAD TO PROSPERITY. The Chamber of Commerce of the United States, through its Federal Trade Committee, has formulated certain "proposals" touching trade that are to be submitted by referendum to various member bodies throughout the country. The proposals embody: A revision of all anti-trust laws now on the statute books; the formulation of "standards of general. business conduct to be administered by a supervisory body," a statute making the Federal Trade Commission this supervisory body; and a provision increasing this Commmission from five to nine. It is to the second of these propositions we wish to address ourselves. There is little dispute anywhere as to the revision of the existing anti-trust laws. One statute in that direction has already been enacted. But many onerous restrictions on trade are yet to be removed. This second proposal is so general in its terms that we may be permitted general comment on the principles involved. And the first question is how can any Governmentally constructed body arrive at the proper "standards of general business conduct?" Is it to re-enact the Golden Rule? When we divide business by the convenient economic terms production, distribution and consumption (or use), a statute would have to be very broad indeed to set out standards of conduct that would apply equally to all. If we pass from morals to ethics and from ethics to economics and from economics to actual trade and commerce, just what "supervision," what "conduct" can be in contemplation? It would seem, almost, that "business" is to be placed under a Federal body which will make its own "standards" whenever and wherever it pleases to assert itself. In the first place we have come to the point where we approach this whole matter of supervision from a hostile attitude. And we do not mean "supervision" (after the fact or during the process), we mean "regulation" (before the fact and according to preconceived ideas as to what should be done). Take the matter of buying and selling grain for future delivery and the "settlements" that ensue without actual delivery. Here the principle of compromise in the consummation of contracts can never be eliminated without a corresponding limitation on the freedom of conduct in business. And from the moment of "production" tb the last moment of "use" no undeviating line of conduct can be rigidly determined—for there is nowhere omniscience to perceive what condictions may arise. Our Government is even at this time "canceling" huge orders FEB. 15 1919.] THE CHRONICLE 613 confor supplies it does not now need. But such a provi- nine men with plenary powers over "general and y democrac of days the in this d duct"—an liberal a argue not does ted sion as is here contempla Quixotic a such interpretation of conduct. As requirements arise, liberty. Think, too, of setting up on as a trade it is intended apparently to prevent something, and body as the Federal Trade Commissi that of course is a "conduct" that 'is inimical to monitor. In doing this we are merely putting business in the the public welfare and (or) downright dishonest. of centuries hands of a petty autocracy, sitting at Washington, And yet "trade" as a whole, by reason stan- clothed with an undefined power it must needs seek ethical highest the of development, embodies e this to exercise,and by doing so putting "business" to of men—wer e intercours dards known in the which it on is endless trouble, expense, and confusion. We do credit of structure not true the whole is not it necesSo ground. not seem to be able to view "business" as a correlated the to fall based would of no super-law and ; Decalogue whole, woven of progress, enlightened by the exthe say to re-enact conduct can ever be made that rises higher than the perience of ages, and imbued with the energy, common honor and honesty of business men every- intelligence and ethics of our civilized human relawhere. Thus pure supervision, as distinct from tions. Because, as the fabric that feeds and clothes regulation, if it ever arrive at any "general" justjudg- us all shows sometimes the stains of a cupidity ments must conform to standards previously set that creeps into the "propensity to acquire," we up by actual business conduct, and enters upon any appear to want to discard the garment and adopt restrictive course at the peril of the freedom of one woven of the intrigue of politics and the vanities of artificial law. We are become obsessed with business. of conduct Government ownership, control and supervision To get down to fundamentals, freedom the to individual d and get nowhere in our endeavors because there is in business is as much guarantee as nt of freedom Governme of nowhere to go in the end but back to natural laws citizen by our form to and where when What, worship. that do control. speech and how and and when where re, manufactu to or plant What is the genesis of this condition? Why do for or sale market a up set or store or shop a open to we not stand up for the integrity, independence and exchange, the means by which to transport, and the freedom of business in these halcyon days of free route, from seller to buyer, the manifold uses to and independent nations throughout a new world? which a product or article may be put, these deter- Why does "business" itself, through such bodies as minations lie in the individual. They constitute the Chamber of Commerce of the United States, conduct. They are essentially helpful, not criminal. take seemingly the easiest way out by seeking some And supervisory laws, if they are to be tolerated, if light and ineffective form of general "supervision" they are not to bind and restrict arbitrarily, must by Government? Why Government? Is there conform to standards already made, or in the process here not a fatal interposition to commercial freedom? of making through experience. And, like the "com- Why Government, why not this Chamber of Common law," guide equity courts in adjudicating any merce itself, if there must be centred somewhere disrupted relations in trade. They neither restrict, outside of and over "trade" a power to control, regulate or control, but merely declare the common regulate or supervise? Has no evil of conduct in judgment as to business conduct. business ever been corrected by development and General powers of even supervision in any Federal the unity of opinion of those engaged in industry? body are therefore to be feared because they tend Has progress carried us backward or forward toward to become regulatory and restrictive. And while more equitable and equable standards of conduct? it is perhaps possible,even feasible and to be desired, It is time, be belive, to right about face. We talk that for purposes of guidance and education, in- of quick resumption and then rush off to Washington formation, that the principles of conduct in business to create an interposition to any steps in actual arrived at by development be declared in national resumption we may wish to take. Can we not free statutes, this can be done wisely and beneficially ourselves from this delusion or obsession? Can only as it is done liberally, and when done would we not bear with some few manifest wrongs knowing bind any Federal board or commission as much as that freedom will soon cure them? Can we not it would the individual or corporation, becoming recognize "business" as a component, if not a foundaat best a mere signboard on the way. tion, of civilization—and that no "Government" can The predominant fallacy under which we labor in "ever rise higher than the people who make it," this wole subject of trade legislation is that we must and who sustain it, by the very elevation and rightgo to Government for relief because there is some- fulness of their business conduct? We believe it thing wrong in the "general conduct" of business, unwise, actually dangerous, an obstacle to our comalbeit that conduct is by the very same citizens who mon advance, a denial of our institutions, to put make the laws under which we live and toil. When plenary power to any Federal Trade body, even in previous discussions anti-trust advocates were for a "supervision" of "standards Of general business confronted with the natural law that undue profits conduct." induce competition and the creation of a rival concern, they took refuge in the admission that there were THE STATUTES OF GOD—ECONOMIC good trusts and bad trusts. Now, we have reached RECONSTRUCTION. the point of permitting combinations, "trusts," for The winter passes; and soon it will be springtime. foreign trade. But what is good for the alien and heathen is not good for us. Concentration, combina- Hidden in the earth, mysterious alchemies are at tion and growth might make for the greatest good to work, too subtle for our comprehension. The the greatest number but we are yet unwilling to admit eternal and onmipotent creative forces never rest. it. And for fear we may unloose the powers of evil What we term the transition time from reaping to upon the world, especially in the trying days of sowing again is a time of preparation, of reconstruc"reconstruction," it is proposed to invoke a body of tion and of renewal. By secret and hidden:processes 614 THE CHRONICLE [vol.. 108. the beneficence of nature makes ready for the call this intensive cultivation or increased acreage, blessed harvests that are to come. if you will, but with all his mind and strength he May we not find to this some analogy • in our cannot originally produce a single grain of wheat. economic reconstruction? Are we not, through When it is grown by nature, its distribution becomes the sheer force of habit and custom, ever looking to more his own problem, but in this he is not sole the artificialities that lie on the surface, such as master. His liberty never becomes license. He legislation, and forgetting those deep and under- may remove mountains by tunneling them and in lying laws man did not create and cannot control? ocean transport he can distance the wind with steam, Upon all the customary energies of our civilization but he cannot do these things save at the expense of war has lain as a winter's pall. Suddenly, like the cost to the consumer. No magic law can convert sudden rush of melting snows in spring, the whole a shock of wheat into manna and waft it to the scene changes, and the pent energies, ambitions, and mouths of the starving. So the means of distripowers, of men are released by an armistice which bution becomes an integral part of the equilibrium ends the war. As men everywhere feel the quicken- of the world's food supply. While we are sending ing of new freedom there is impatience and unrest a hundred million donation to the unfortunate and that the rising opportunities cannot attain im- starving peoples overseas Mr. McAdoo sends out the mediate fruition. There is, because of our growing statement that railways and waterways cannot be dependence on legislation, a call upon Congress to co-ordinated if the former are turned back, and reinstate our former condition of industrial equi- Senator Cummins, evidently apprehending a fear librium. And in this we forget that the laws of that they will be, and precipitately, introduces a supply and demand never abrogated during the war, bill to take the power to do so from the President but were ever at work, throughout the world, how- and vest it in Congress. And here begins the ever impeded, to make the efforts of mankind ceaseless rounds of effort to restore, to reconstruct, fruitful. by legislation, while the pent powers of the people More than this, because we are bound up in the through their own energies and agencies cry out for toils of our own artificial changes, our own departures freedom. from the natural order, in production, distribution It must appear, for we cannot continue here the and consumption, we seem to hesitate, to pro- illustrative phase of the argument, that we can crastinate because our eyes are yet fixed upon the never align ourselves with the world-girdling laws of powers of government rather than upon the return- supply and demand, always existent and powerful, ing tides of commerce regulated by the continents, until we free our minds from the domination of our soils and climates of earth and by the racial charac- fancied dependence on Government. We do not teristics, the wants, needs, tastes of peoples, every- give these vast, intricate, complicated problems a where. It is true that there are vast undertakings chance to deliver themselves. Our very minds are and processes, such as the Conference for Perpetual clouded, hesitant, bewildered, because we are in the Peace, going on and the physical demobilization of grip of a sentimental "control"—where no control is. the destructive forces of war, that we are compelled We do not resume, because we will not resume. to consider. And many of them must be settled We wish—because we expect artificial aid. We before the beneficence of growth, law and order have reversed the natural order of things because in can begin their natural supremacy. Many are war we wanted to concentrate, mobilize, direct and world-wide in scope. But as we turn to what we control all in the interest of winning. term "reconstruction" we seem to wait on our own Again and again men say—Government ownership immediate lawmaking powers to restore our former must have a chance to prove itself, or control and state. operation as the case may be. Every nation is to Let us illustrate this in our food problem, taken have a larger foreign trade. And looming against the world over at this time the most imperative this is the sentiment for national protection by problem of all. It develops, now that war has restriction. Meantime the world actually starves; ceased, that there are surpluses of foodstuffs in three and trade "the antonym of war," as Emerson pointed remote continents, North America, South America out,languishes because it does not know which way and Australia, sometimes called a continent, and to turn, what to do, and has no assurance that its starvation in areas of Europe and Asia. The seas perennial and abiding energies will not be thwarted are swept of submarines by the surrender, and by artificial law. Is it not the fact that congresses shipping is released for long voyages. Mr. Hoover, in every country may legislate till the crack of doom, Director-General of the International Relief Organ- but the natural laws of supply and demand will prevail ization, in his last statement says: "The real solution nevertheless? lies in the hope of early 'peace, and in -the meantime And is it not equally true that the sooner we come the steady demobilization of all restrictions on free under their domain the sooner there will be equimarketing of surplus foods except in enemy territory, librium in industry, the sooner peoples will reap thus re-establishing the law of supply and demand." severally the full reward of their labors? Production, He adds that "practically all restrictions on American distribution and consumption do not exist separfood exports have been removed"—a purely Con- ately. Bind one, and the others are bound. Regressional or Executive action. But, are all restric- strict and control one, and the others fail correspondtions in all countries removed on the importa- ingly to function. Hamper them unwisely and their tions of foodstuffs, and is there reason to believe beneficence is retarded. War demoralized them, that they will be, and would the American farmer it turned them into agencies of destruction and welcome dollar wheat from Australia or the Argen- death. They need only "justice, liberty and tine in the face of his artificially made price of humanity" to bless mankind. They are all the $2 20? agencies of peace. They are the natural arbiters Now, man, working in harmony with the laws of of destiny. And released from thralldom they nature, can reap a greater portion of her bounty; spread comfort and joy everywhere. FEB. 15 19191 THE CHRONICLE 615 The Council finds from figures compiled by it THE INTER-RACIAL COUNCIL—LOOKING that we have here 38 races, speaking as many languages, and numbering 33 millions of foreign birth AFTER THOSE OF FOREIGN BIRTH. The Inter-Racial Council is an organization, of or parentage, many of them indifferent to the counof which Mr. Coleman du Pont is head, for the try and worse than indifferent towards each other. joint altruistic and self-protective purpose of promot- The war found us harboring three millions who do ing better relations and a better modus vivendi not speak our language, and double that number among the various racial groups now in what we must with no American ties and no American touch; call and should hopefully consider the American there are 300 racial organizations of national scope, "melting-pot." At a recent meeting of this organi- 23,000 local organizations, 1,146 papers in foreign zation Mr. A. J. Hemphill, Chairman of the direc- languages, foreign "colonies" in our cities and torate of the Guaranty Trust Co., spoke of the use industrial towns, "and a general policy of indiffermade and the use desirably to be made of spare ence or worse towards the average foreign laborer, funds by workers of foreign birth. This foreigner, leaving him to the mercy of slum landlords, labor said Mr. Hemphill, has been earning liberally and exploiters and swindlers of all sorts." This is not an over-statement. Here in New has been saving, and what he does with his savings is of concern to this country as well as to himself. York, as all of us know or should know, we have If it comes about that he puts his savings into some foreign "colonies" and "quarters," packed with piece of land which he can use or into safe invest- people who do not melt in the "pot," they are ments, then he "likes America," on the contrary, if matter politicallyz industrially, and socially nonhe parts with his savings for stuff which brings no assimilable. The upheaval over the world makes return or if he is persuaded into buying worthless them now more dangerous than ever before, and sand lots on the installment plant or made victim of this city is merely the most extreme example of it. an unsound scheme of colonizing somewhere, he is To avoid contact with this foreign mass and to try likely to feel bitter about America. When he opens to forget about it neither cures its hazardous characan account in an American bank, "he is a little ter nor protects our institutions against it. This first meeting of the Council numbered in its nearer becoming a good American citizen, just as many of the ablest publicists, financiers, attendance his he looks at he thinks more about America when men of the city and country. Its plan and business In stamps." Savings Liberty bonds and his War immigrant the language and the the teach is to HempMr. added the campaign for the Third Loan, opportunities of America; to the and character 4073 millions, bought birth of hill, persons foreign % and now "we want to have immigrants keep these protect him from unfair treatment by employers or others; and to promote "harmonious relations bonds and get other property ties in America." Most assuredly we do. Even a hoard kept in a between the various racial groups in America, so stocking tucked away in some hole, and still more an that they may establish friendly contact with each account in a savings bank, and even more owner- other as well as with native Americans." The ship of bonds or war stamps when combined with plan would help the melting-pot to fuse refractory some understanding of the value of thrift, creates an elements into a composite yet stable and useful interest in stability. The mob is always gathered American. Very surely the work needs hearty up of persons who do not realize that they have any- interest and co-operation and it has not begun a day thing to lose; disorder may harm "the rich" but.if too soon. society is jarred to pieces they imagine,they may GROSS AND NET EARNINGS FOR have a chance to pick up some fragments. Cer- RAILROAD DECEMBER. tainly the howling lot of I. W. W. and other BolThere is no improvement in the character of the shevistic pests who have been brought to the coast this week bound for deportation, are not owners of returns of earnings of the steam railroads. On the savings; if they could be made to work and save contrary,expenses continue to rise in a most striking way, owing in the main to the great increases that they would become hopeful in possibilities. been made in wages, and as a consequence have Mr. Hemphill's remarks to the Council have a as to the net earnings is steadily growshowing the bearing upon the need (already pointed out in the poorer. ing well-directed and "Chronicle") of some earnest effort to interpose a bulwark between small holders . The compilation which we present to-day, coverof bonds and stamps and the conscienceless traders ing the month of December, is the worst we have who are busy at robbing them. If they are not had for any monthly period since the higher rates safeguarded, they will come under temptation to for passengers and freight were put into effect last drift from American citizenship and feeling towards June. The additions to gross revenues continue the same insensate and brutal mass that is threaten- satisfactory enough, and for December 1918 the of ing America as well as Europe. The savings bank gain as compared with the corresponding month of excess section of the American Bankers' Association, said the preceding year was considerably in or $102,757,756, fact in Mr. Hemphill, has an Americanization Committee, 100 million dollars, being which is co-operating with the Council to reach the over 30%. In other words, the total of the gross immigrant and interest him to keep himself and his (and our tabulations include all the roads which are savings here, but this is not enough; "we need some obliged to file monthly statements with the Iriterall legislation and interest to protect his savings and State Commerce Commission, which means annum) per $1,000,000 over gross earning roads the sends that he money investments and to see abroad reaches its destination; with the millions of has moved up from $335,607,571 in December his friends and relatives abroad who need his help, 1917 to $438,365,327 in December 1918. But we cannot afford to waste even a small sum and it is under the steady increase in the payrolls of the roads, part of our patriotism to see that it arrives where it the augmentation in expenses has now reached a noint where it greatly outruns the impro.vement in will help rebuild the homes of our Allies." 616 THE CHRONICLE [VoL. 108. receipts. For the month under review the addition NET EARNINGS. Month— 1918. 1917. Inc. (+) or .Dec. (—) to expenses amounts to no less than $143,786,626. July $144,348,682 $109,882,551 +834,466,131 31.36% August 142,427,118 118,114,360 +24,312,758 20.58% September. As a consequence there is a loss in net in the pro- October 117,470,621 114,280,071 +3,190,550 2.79% 107,088,318 122,581,905 —15,493,587 12.63% November 75,882,188 digious sum of $41,028,870, notwithstanding the December 95,809,962 —19,927,774 20.80% 44,738,149 85,767,019 —41,028,870 47.84% increase already noted of $102,757,756 in the gross Owing to the great augmentation in expenses, the revenues. The comparative totals for the two years with the amount and percentages of increase and ratio of expenses to gross earnings has been mounting in amazing fashion, as pointed out by us on sevdecrease are shown in the following: December— Inc.(+) or Dec. (-3 eral previous occasions. The ratio has in fact been 192 Roads— 1918. 1917. Amount. Mlles of road 232,774 232,399 +375 0.16 rising uninterruptedly month by month. In July Gross earnings $438,365,327 $335,607,571 +8102,757,756 30.62 Operating expenses 393,627,178 249,840,552 +143,786,626 57.55 it still seemed about normal at 68.87%, but August Net earnings $44,738,149 $85,767,019 —$41,028,870 47.84 saw the ratio up to 71.41%; September to 76.09%; Only six months ago no one would have deemed October to 77.92%, November to 82.94, while for such an unfavorable showing of the net possible. December the ratio of expenses to earnings actually The advances made in freight rates and passenger runs close to 90%, as will be seen by the following: fares were deemed more than sufficient to offset OPERATING EXPENSES, EXCLUSIVE OF TAXES. the additions to expenses growing out of the increases —Expenses,1918— —Expenses,1917-Ratio to Ratio to in wages and arising from other causes. Indeed Month— Amount. Gross Earn. Amount. Gross Earn. July $319,335,490 68.87% $236,140,306 68.24% comment at the time was that the Director-General August 355,842,238 71.41% 244,395,201 67.42% 369,670,160 76.09% 243,492,779 68.06% in thus so radically raising transportation charges September October 377,736,432 77.92% 255,286,028 67.56% November 362,720,095 82.94% 260,628,913 73.12% had provided himself with more new revenue than December 393,627,178 89.79% 249,840,552 74.44% he really needed. But hardly any one could have With this the showing for the roads as a whole, had conception of how comprehensive the Director- it is not strange that for many of the separate roads General's wage program was or realized that the or systems it should be found that gross earnings, wage increases put into effect at the end of May heavily increased through higher rates, are not marked only the beginning of the Director-General's sufficient to pay bare operating expenses. In a policy. Since then manyfurther increases in the pay special article last week dealing with this phase of of the men have been made and whereas as recently the situation we showed that in December not less as last August the yearly increase in the payroll than 72 roads had failed to earn bare running exof the roads was estimated at less than moopopo, penses, and 10roads more had failed to earn running it is now believed that with the further wage ad- expenses plus taxes. With the receipt of a few more vances since made the addition to the payroll reaches returns the present week the number now stands at close to, if it does not actually exceed, $1,000,000,000 74 in the one case and 12 in the other. The list per annum, and still other increases are under con- includes some of the largest railroad systems in the sideration and in contemplation. How radically country, among them the Pennsylvania Railroad, the situation has changed for the worse owing to the Boston & Maine, the Maine Central, the New the great rise in operating costs brought about Haven, the Central of New Jersey, the Chicago & mainly through the wage increases referred to, be- Alton, the Chicago Great Western, the Chicago & comes plainly evident from a cursory survey of the North Western, the Milwaukee & St. Paul, the Rock monthly totals, beginning with last July, which Island, the Great Northern, the Illinois Central, was the first full month when the higher transpor- the Delaware & Hudson, &c., &c tation charges were in effect. The figures for that What makes the loss of $41,028,870 in the net in month recorded an increase of $117,661,315, or the general totals in face of the gain of $102,757,756 34% in the gross earnings and an increase of $34,in the gross all the more significant is that in De466,131, or somewhat over 31% in the net earnings. cember of the two previous years, rising expenses On that basis, the outlook for the roads under Govplayed a similar part in the exhibits. Stated in ernment control appeared promising. The exhibit brief, in December 1917 our tabulation showed for August did not modify the prospect very greatly, $26,038,666 gain in gross attended by an augmenthough with $135,759,795 gain in gross,or over 37%, tation of $43,842,967 in expenses, leaving therefore the improvement in the net dropped to $24,312,758, $17,804,301 loss in net, while in December 1916 a or about 20%. In September, however, with gain of $20,106,934 in gross was converted into a $129,367,931 gain in gross, the increase in the net loss of $3,064,713 in net through the augmentation proved no more than $3,190,550 or less than 3%. in expenses. It is true that these losses in 1917 and In October with the gross still gaining, though in a 1916 followed important gains in gross and net alike diminished ratio, actual loss in net was registered in 1915, but these gains in turn came after poor and the same condition continued through Novemresults as to both gross and net in the two years ber and December, with the losses in net growing immediately preceding. In other words, for Delarger in both amount and ration-that is, in face cember 1915 we had $62,43g,948 gain in gross and of continued gain in the gross there was a contrac$44,692,200 gain in net, while in 1914 there was tion in the net in October of $15,493,587, or over 12%, in November of $19,927,774, or over 20%,and $25,686,001 loss in gross and $7,139,472 loss in net, now for December a contraction in the net of no and in 1913 $12,005,787 loss in gross and $13,less than $41,028,870, or nearly 48%. Stated in 822,945 loss in net. It is always interesting to another way we have now reached a pass where net extend the comparison still further back, and in earnings (before the deduction of taxes) are hardly this instance we find that prior, to 1913 there were more than half of what they were the previous year. substantial additions to the gross earnings in some The monthly comparisons are as follows: of the years, but hardly more than moderate addiGROSS EARNINGS UNITED STATES RAILROADS. Month— 1918. 1917. Inc. (-I-) or Dec. (—)• tions to the net, except in 1908, following the shrinkJuly $463,684,172 $346,022,857 +8117,661,315 34.00% August 498,269,356 362,509,561 +135,759,795 37.45% age in the panic year, 1907. In December 1912 September 487,140,781 357,772,850 +129,367,931 36.16% October 484,824,750 377,867,933 +106,956,817 28.30% there was an improvement in gross earnings of no November 438,602,283 356.438,875 +82,163,408 23.06% December 438,365,327 335,607,571 +102,757,756 30.62% less than $29,681,242, but augmented expenses FEB. 15 1919.] THE CHRONICLE 617 7 consumed $20,911,628 of this, leaving only $8,- PRINCIPAL CHANGES IN GROSS EARNINGS 2 IN DECEMBER8 Increases. 769,614 increase in net. In December 1911 earn- Pennsylvania (3) Increases9 a$16,466,090 Buffalo Roch & Pittsb_ _ $122,09_8 New York Central 68,294,022 Toledo & Ohio Central__ ings were very indifferent in character, and tre- Baltimore 392,226 & Ohio 4,690,763 Chic St Paul Minn & Om 389,596 Erie (2) 3,304,486 Delaware & Hudson....381, 144 mendous efforts were made to effect savings and Chic Milw & St Paul 3,146,124 Long Island 334,001 Great Northern 2,963,357 N Y Phila & Norfolk_ _ _ 332,231 economies in operation. Yet the best it was possible Louisville & Nashville 2,777,816 Kansas City Southern 314,722 Northern Pacific 2,697,642 Chicago Great 309,034 to do, speaking of the railroad systems as a whole, Philadelp hia & Reading_ 2,510,415 Maine Central Western_ 304,23 5 Chesapeake & Ohio 2,348,673 Chicago Ind & Louisv 295,044 was to cut expenses in amount of $3,108,672. The Southern Railway 2,327,866 Mobile & Ohio 293,72_ 9 Union Pacific (3) 2,320.494 Union RR of Ponnsylv 284,336. gain in gross then was only moderate, namely $1,- Chic Burl & Quincy 2,250,916 West Jersey & Seashore_ 244,530 Clove Cin Chic & St L.._ 2,065.987 Alabama Great Southern 238,95 339,735. The two combined caused an improvement Lehigh Valley 2,031.204 Toledo St Louis & West_ 221,93 Chicago & North West 1,887,242 Central of Georgia 219,63 in the net of $4,448,407. In December 1910 a gain Southern Pacific (8)..... 1,855,904 Cumberland Valley 217,27 Michigan Central 1,841,492 Lehigh & Hudson River_ 213,93 Central of $15,965,153 in gross yielded an addition to net Illinois 1,731,260 Wheeling & Lake Erie 207,67 Delaware Lack & West 1,723,659 Caro Clinch!& Ohio_ _ _ _ 184,05 & Hartford of only $2,498,454, according to the compilations NYNH 1,646,534 Indiana Harbor Belt.... 184,05 Norfolk & Western 1,473,923 Virginian 177.11 Missouri Pacific of the Inter-State Commerce Commission, and in Atch 1,333,281 Bessemer & Lake Erie 172,50 Topeka & S Fe (3) 1,326,702 Florida East Coast 165,15 Minn St Paul & S S M December 1909 a gain of $16,720,194 in gross was Wabash 1,325,093 Spokane Port & Seattle_ 162,65 1,274,651 Norfolk Southern 150,43 N Y Chicago & St Louis 1.211,573 Mo Kan & attended by an actual loss in net of $185,996. In Boston Texas of Tex 150,30 & Maine 1.063,687 Lake Erie & Western... 150,036 St Louis-San Fran (3) 1,056,458 N Y Ont & Western.... the following we furnish the December summaries Atlantic 135,751 Coast Lino 1,011.786 Los Angeles & Salt Lake 135,885 Chicago R I & Pac (2) 875,017 St Louis Southwest (2). for each year back to 1896. For 1910, 1909 and Elgin 131,629 Joliet & Eastern... 842,875 Kanawha & Michigan 122,818 Pittsburgh & Lake Erie_ 821,686 Detroit Toledo & Ironton 1908 we use the Inter-State Commerce totals, but Central 121,899 RR of N J 792,175 Monongahela 121,544 Seaboard Air Line 771,691 Atlantic City for preceding years (when the Commission had not Pere Marquette 121,067 710,418 Ann Arbor 112,284 Missouri Kan & Texas 701,912 Tennessee Central yet begun to require monthly earnings) we give the Grand 103,202 Trunk Western 687,372 Georgia 100,395 Texas & Pacific 611,324 results just as registered by our own tables each year Yazoo & Miss Valley_ _ _ 588,748 Representing 104 roads Chicago & East Illinois_ 543,665 in our compilation_$101,276,755 -a portion of the railroad mileage of the country Nashv Chatt & St Louis 539,486 Cin New Orl & Tex Pac_ 520,930 Decrease. being always unrepresented in the totals, owing to Chicago & Alton 518,110 Duluth Missabe & Nor_ _ $102,890 & Southern (2) 517,290 the refusal of some of the roads at that time to Colorado Denver & Rio Grande_ _ _ 485,183 Representing 1 road Western Maryland 468,746 in our compilati on__ $102,890 give out monthly figures for publication. Note.-All the figures in the above are on the basis of the returns filed with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate roads, so as to make the results conform as nearly as possible to Year. those given in the statements furnished by the companie Year Year themselves. Increase or Year Year a This is the result for the Pennsylvania RR., together swith Increase or Given. Preceding. Decrease. the PennsylGiven. Preceding. Decrease. vania Company, and the Pittsburgh Cincinnat i Chicago & St. Louts, the Pennsylvania RR. reporting $11,764,384 increase, the Pennsylva Dec. nia Corn-. $ pang 3,205,459 increase and the P. C. C.& St. Lo. $1,496,247 increase. 1896._ 51,220,114 52,520,887 -1,300,773 17,883,104 17,930,398 b These figures cover merely the operations of -747,294 67,542,721 59,449,009 +8,093,712 23,700,713 20,129,314 1897 the New York Central Including the various auxiliary and controlled 1898 _- 70,810,178 66,979,889 +3,830,289 24,790,227 23,220,664 +3,571,399 itself. roads, like the 78,244,324 71,010,127 +7,234,197 27,637,073 24,908,012 +1,569,563 Michigan Central, the "Big Four," &c., the whole going to form the New 1899 1900... 00,789,657 81,465,49 +9,324,162 33,093,800 29,056,298 +2,729,061 York Central System, the result is a gain of $13,962,123. +4,037,502 1901 __ 06,268,122 92,628,931 +3,639,191 33,354,272 33,760,831 1902 ___ 104,232,385 93,160,941 +11,071,444 33,245,049 30,891,659 -412,559 PRINCIPAL CHANGES IN NET EARNINGS IN DECEMBER. +2,353,390 1903_... 106,978,224 102,028,99 +4,049,234 33,726,576 34,199,78 Decreases • 1904 116,253,981 108,670,412 +7,583,569 36,794,527 32,411,58: -473,209 Minn St Paul & S S M__ Increases. $786,634 Chicago Great Western_ +4,382,939 Grand $475,206 1905...133,775,02 119,125,948 +14,649,172 46,525,454 38,842,111 Trunk Western__ 696,111 International & Grt Nor +7,683,343 451,550 1906 135,735,226 124,733,43 +11,001,791 43,831,182 42,943,9 N Y Chicago & St Louis 596,383 Maine Central ,282 Chesapea 421,565 1907 132,199,762 141,312,429 -9,112,667 34,354,158 45,908,206 ke & Ohio 588,521 Minneapol is & St Louis_ 416,492 1908. 205,777,451 194,222,311 +11,555,14 68,495,740 51,533,086 -11,644,048 Erie (2) 579,054 Western Pacific 1909. 222,692,092205,971,89 +16,720,194 68,407,30 68,653,301 +16,962,654 Northern Pacific 370,559 575,362 Mo Kan & Tex of Tex.. -185,996 351.865 1910 236,835,304 226,870,151 +15,965,153 70,357,004 67,858,550 +2,498,45 Michigan Central 420,954 Virginian 4 Philadelp 342,525 1911 233,614,912232,275,177 +1,339,735 61,225,377 56,766,97 +4,448,40 hia & Reading_ 416,464 Central Vermont 7 338,425 1912 203,768,603234,087,361 +29,681,242 81,701,974 72,932,360 414,563 N Y Ont & Western.... 4 Delaware Lack & West 324,532 1913 254,218,891 266,224,678-12,005,787 68,800,626 82,622,271 +8,769,61 Union RR of Pennsylv 298,357 Long Island 302,379 1914 232,598,369258,285,270-25,686,901 61,134,75 68,274,222 13,822,245 Cleve Cin Chic & St L.. 259,459 Los Angeles & Salt Lake 284,257 1915-- 295,202,018 232,763,070 +62,438,948 105,878,758 61,186,558 -7,139,272 Elgin Joliet & Eastern 241,164 Atlantic Coast Line 1916 281,787 262,171,169242,064,235 +20,106,934 83,237,395 86,302,108 +44,692,200 Pere Marquette 233,971 Lake Erie & Western 256,222 1917 343,875,052317,836,386 +26,038,666 85,715,727 103,520,028 -3,064,713 Bessemer & Lake Erie 227,191 -17,804,3 Kansas 01 City Southern 255,711 1918 438,365,327335,607,571 +102757756 44,738,149 85,767,019 -41,028,870 Colorado & Southern (2) 208,847 West Jersey & Sea Shore 253.741 Toledo & Ohio Central.. 191,244 Wheeling & Lake Erie for the 251,498 Toledo St Louis & West 158,242 12f1S7Pfn e.1819V20;tihneglibiL?fin.°1249InilOceln Grand Rapids & Ind_ _ _ _ e12T•olirlh1911Dif)4Ttier1; 241,043 a2s Lehigh & Hudson River_ 147,275 Norfolk & Western 105; in 1903, 99; In 1904, 95; in 1905, 96;In 1908,96; In 1907,89; in 1908 ethe 224,129 returns N Y Phila & Norfolk 145,462 New Orl Tex & Max (3) were based on 232,007 miles of road;In 1909, 239,481;in 1910, 241,364;In 1911, 221,571 238,- Wabash 109,659 561; In 1912, 238,072; in 1913, 243,322; in 1914, 246,807; in 1915, 248,437; Central of Georgia 214,594 1918, in Missouri Okla & Gulf 216,811; in 1917, 247,988; in 1918, 232,774. 104,203 Pittsburgh & West Va 210,732 Delaware & Hudson_ __ _ 200,862 Representing 23 roads Western Maryland 186,364 in our compilation__ $7,399,120 Monongahela Connect 166,163 Louisville & Nashville 165,286 Decreases. Denver & Salt Lake_ _ _ _ 143,392 Chicago & North West__ $3,257,420 Norfolk Southern 141,789 Pennsylvania (3) a3,189,445 New Orl & Northeastern 140,294 Atch Topeka & S Fe (3) 3,137,059 Northwestern Pacific.._ 139,351 New York Central 63,086,160 Hocking Valley 138,093 Chicago Burl & Quincy_ 2,883,436 Buffalo Roch & Pittsb_ 136,746 Chicago R I & Pac (2)_ 2,380,812 Chicago Peoria & St L 131,632 Great Northern 2.339,274 Atlanta Birm & Atlantic 129,943 Illinois Central 2,313,086 Richmond Fred & Potom 127,524 Boston & Maine 2,108,632 Florida East Coast 123,128 Southern Pacific (8)_ 1,873,204 Mobile & Ohio 116,755 Chic Milw & St Paul _ _ _ 1,698,813 Spokane Port & Seattle_ 111,241 Baltimore & Ohio 1,507,760 San Antonio Aran Pass 111,048 NY N II & Hartford_ _ _ 1,431,419 Chicago Ter & H&SE 109,095 Missouri Pacific 1,098,729 Bait & Ohio Chic Term_ 108,131 Southern Railway 915,560 Rutland 106,088 St Louis Southwest (2)_ 613,069 Missouri & North Ark 102,811 Seaboard Air Line 604,090 New Orleans Grt South_ 101,190 Texas & Pacific 600,510 Newburgh & South Shore 101,062 Union Pacific (3) 561,200 Yazoo & Miss Valley... 100,277 Chicago & East Illinois_ 555,712 Central RR of N J 527,536 Representing 86 roads St Louis-San Fran (3) 480,515 in our compilation_..$46,791,089 a This is the result for the Pennsylvania RR. together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsylvania RR. reporting $2.488 530 decrease, the Pennsylva nia Company and the !leg Pi8 g3 ugiscrase merely operation ol.ts..1i.t11.0 24 8 itself. Including the various auxiliary and controlled roads.k Ike the Michigan Central, the "Big Four," &c., the whole going to form the New York Central System, the result is a loss of $2,410,53 4. Gross Earnings. Net Earnings. In the case of the separate roads losses in net in face of gains in the gross are such a general:feature of the returns, it seems unnecessary to enumerate more than a few instances for purpose of illustration. Thus the Pennsylvania on the lines directly operated east and west of Pittsburgh with its gross for the month larger by $16,466,090 falls nevertheless $3,189,445 behind in net; the New York Central with $8,294,022 gain in gross suffers a contraction of $3,086,160 in net; the Baltimore & Ohio with $4,690,763 increase in gross loses $1,507,760 in net; the Chicago & North Western with $1,887,242 addition to gross sustains a shrinkage of $3,257,420 in net; the Milwaukee & St. Paul with $3,146,124 addition to gross suffers $1,698,813 diminution in net; the Burlington & Quincy with $2,250,916 increase in gross reports $2,883,436 decrease in net; the Atchison with $1,326,702 increase in gross has . When the roads are arranged in groups or geo$3,137,059 decrease in net; the Louisville & Nash- graphical divisio ns, according to their location, ville with $2,777,816 increase in gross has $165,286 the part played by rising expenses is brought home decrease in net, and the Southern Railway with with peculiar emphas is. While every one of the $2,327,866 increase in gross reports net reduced divisions records satisfactory improvement in the $915,560. And these illustrations might be con- gross, all the differe nt divisions, with one exception, tinued almost indefinitely. In the following we have suffere d a contraction in the net. Not only show all changes for the separate roads in amounts that, but the ratios of decline are strikingly heavy, in excess of $100,000, whether increases or decreases, running for two of the groups in excess of 60%, and in both gross and net: while the New England group shows a deficiency [vol.. 108. THE CHRONICLE 618 In the South the cotton movement was small in the amount needed for ordinary operating ex222,ary for the season. The shipments overland reached penses, the loss here being 262%. Our summ 1917, ber Decem in bales 039 bales, against 431,246 by groups is as follows: in 758,104 bales in December 1916 and 289,120 bales . SUMMARY BY GROUPS rethe rts outpo ern Gross Earnings South the At December 1915. Inc.(+)or Dec.(-) 1917. 1918. Section or Group$ ceipts were 644,588 bales, against 612,115 bales December23.52 031 14,024,083 +3,298, 58 Group 1( 7 roads), New England__ 17,322,114 45.36 ,425 +38,446 78 84,743,1 in December 1917, but comparing with 760,2 Group 2 (33 roads), East & Middle__ _123,189,603 40.69 ,792 +15,690 25 ,102 38,560,5 17 1,717 54,251,3 _ _ _ Group 3 (28 roads), Middle West_ 962,606 bales in 1915 and 47,527,197 +14,550,399 30.62 bales in 1916, Groups 4 & 5(34 roads), Southern____ 62,077,596 71,315,976 +20,541,351 28.80 bales in 1914, as will be seen by the following: Groups 6 & 7(30 roads), Northwest __ 91,857,327 57,608,611 +7,450,904 12.93 Groups 8 & 9(49 roads), Southwest __ 65,059,515 21,828,001 +2,779,854 12.74 Group 10(11 roads), Pacific Coast_.. 24,607,855 571+102,757,756 30.62 335,607, 327 438,365. Total (192 roads) Net Earnings Inc.(+) or Dec.(-) 1917. 1918. --Mileage-1017. 1918. December7,161df2,743,114 1,691,027 -4,434,141 262.22 7,157 Group No. 1 870 45.88 28,520 28,302 8,634,171 15,862,041 -7,227, Group No. 2 495 15.79 21,692 21,731 7,834,249 6,765,754 +1,068, Group No. 3 16,517,226 -3,463,352 20.96 Groups Nos. 4 & 5_ _ _ 37,973 38,053 13,053,874 66.85 ,598 -13,404 76 20,050,5 Groups Nos. 6 & 7_ _ _ 66,125 66,136 6,645,978 6 18,790,293 -11,874,977 63.25 Groups Nos.8 & 9_ _ _ 54,873 54,621 6,915,31 427 27.79 16,434 16,395 4,397,675 6,090,102 -1,692, Group No. 10 47.84 ,870 -41,078 19 232,774 232,399 44,738,149 85,767,0 Total States. NOTE.-Group I. includes all of the New England ania except that portion west Group II. Includes all of New York and PennsylvDelawar e and Maryland, and of Pittsburgh and Buffalo; also all of New Jersey, Virginia. West the extreme northern portion of n except the northern Group III. includes all of Ohio and Indiana: all of Michiga ania west of Buffalo and peninsula, and that portion of New York and Pennsylv Pittsburgh. south of the Ohio and Groups IV. and V. combined include the Southern States east of the Mississippi River. peninsula of Michigan, all of Groups VI. and VII. combined include the northern of South Dakota and North Dakota Minnesota, Wisconsin, Iowa and Illinois: all City; all of Montana, Wyoming also and Missouri north of St. Louis and Kansas of a line parallel to the State line and Nebraska, together with Colorado north passing through Denver. Kansas, Oklahoma, Arkansas and Groups VIII. and IX. combined include all ofand Kansas City: Colorado south Indian Territory, Missouri south of St. Louis of Louisiana; and that portion of of Denver, the whole of Texas and the bulk t corner of the State through northwes the from running a line of New Mexico north to El Paso. Santa Fe and east of a line running from Santa Fe California, Nevada, Utah Idaho, Oregon, ton, Group X. Includes all of Washing and Arizona and the western part of New Mexico. PORTS IN DECEMBER FOR RECEIPTS OF COTTON AT SOUTHERN SIX YEARS, 1913 TO 1918, INCLUSIVE. December. Ports. bales_ Galveston Texas City, &13 New Orleans Mobile Pensacola, &c Savannah Brunswick Charleston Georgetown Wilmington Norfolk Newport News,&c Total 1916. 1918. 1917. 188,863 15,492 190,102 28,641 8,939 121,023 5,150 25,923 165,862 306,476 58,826 16,509 230,243 160,004 13,997 6,201 16,004 11,270 93,168 95,353 16,500 10,000 19,578 27,090 11,812 42,378 265 7,119 41,595 873 644,588 612,115 1915. 1914. 1913. 358,571 631,815 335,951 88,944 103,220 72,373 229,255 303,729 385,632 80,776 31,067 19,217 28,084 9,480 10,728 103,041 356,159 215,587 29,700' 39,000 14,500 53,065 87,211 28,765 582 52,243 39,152 14,691 5,855 93,954 109,726 87,166 69,850 19,477 36,591 23,717 760,258 962,606 1,717,102 1,419,461 ESS. WAR REVENUE BILL PASSED BY CONGR enceconfer in on agreed was which bill, ue Reven War The inst., 6th the on House the to ed last week, and was report wing a diswas passed by that body on the 8th inst. (follo the final On 11. to 310 of vote a by , hours) six cussion of and Rayroll seven Democrats-Blackburn, Alabama; Dies ns and burn, of Texas, and Humphreys, Sisson, Stephe Dyer, icans, Republ four with voted Venable, MississippiSells, of Missouri; Langley and Powers, of Kentucky, and bill. A motion by In the case of the Western roads, the poor net Tennessee, against the conference bill and strike out the mit recom to e ve Venabl receipts have been made in face of a very heavy grain Representati to 15. Besides the 171 ed, defeat was n sectio labor child the traffic. For the four weeks ending Dec. 28 the child labor provisions several House members criticised as receipts of wheat at the Western primary markets a "mere pittance" the $60 pay bonus provided for persons Chairwere 49,382,000 bushels, as against 15,757,000 discharged from military service. On the 10th inst. ttee, Commi Moans and Ways ts House receip the the of n, 1917; of man Kitchi bushels in the same four weeks ent Presid by signed was bill the as of announced that as soon of corn 16,198,000 bushels, against 15,440,000; tion for the repeal of the. resolu a uce introd would he Wilson of l. oats 28,020,000 bushels, against 20,032,000; so-called luxury taxes applying to wearing appare and ,000, 7,735 the bill was st again ls, bushe barley 8,523,000 On the 10th inst. the conference report on branch or of rye 5,509,000 bushels, against 2,055,000 bushels. reported to the Senate; final action on it in that passed was it when 13th, the until d the of delaye Congress was For the five cereals combined the aggregate a few negative votes, it is said,. Only vote. record a t 0 withou 32,00 107,6 taken. receipts for the four weeks of 1918 were were said to have been heard in the viva voce vote bushels against only 61,019,000 bushels for the After Vice-President Marshall and Speaker Clark sign the the the return corresponding weeks of 1917. The details of bill, it will be sent to the White House to await would which tion shown resolu A al. are approv form his for usual ent our of the Presid Western grain movement in return tax e incom filing for Act extend the time under the in the table we now present: 10 by rom March 15 until April 15 was introduced on Feb. TS. RECEIP GRAIN AND WESTERN FLOUR a. Indian Rye. Senator New, of Barley. Oats. Corn. Wheat. Flour. Four wks. that (bush.) (bush.) (bush.) (bush.) (bush.) Press dispatches from Washington on the 12th state end.Dec.28. (bbls.) e tax incom filing for Chicagotime of 552,000 ion 0 extens l 2,072,00 00 genera no 11,831,0 gh 0 althou 5,307,00 6.654,000 970,000 1918_ _ _ 325,000 916.000 5,804,000 8,028,000 2,041,000 772,000 1917..__ returns will be authorized, Commissioner Roper announced Milwaukee494,000 0 te re1,161,00 0 5,452,00 644,000 1,672,000 58,000 1918_ _ _ on that day that corporations which cannot comple 348,000 1,915,000 1,613,000 938,000 367,000 97,000 ted 1917._ estima the return to ted be permit will 15 March by St. Louis24,000 turns 62,000 1,448,000 1,428,000 It days. 1,758,000 ive forty-f 1918...... 230,000 within d return 56,000 revise 54,000 1,682,000 tax and make a 1,431,000 977,000 256,000 1917_ _ _ nment would be Gover the plan this by Toledothat ned explai was 703,000 136,000 215,000 1918_ 23,000 month 343,000 144,000 321,000 1917 able to collect the approximate installment due next g needin ly Detroitactual ations corpor and 300,000 154,000 83,000 to meet its urgent needs, 1,000 1918.... 282,000 189,000 160,000 39,000 1917_.._ would in effect receive it. The distime of ion extens an Cleveland90,000 1,000 183,000 67,000 25,000 12,000 1918_ _ _ 6,000 patches added: 9,000 388,000 165,000 95,000 75,000 1917.... _ Peoria41,000 292,000 1018_ _ _ 387,000 184,000 1917_ _ _ Duluth15,814,000 19182,853,000 1917_ Minneapolis17,151,000 1918_ 7,238,000 1917_ Kansas City2,635,000 17,000 1918._ _ 1,453,000 1917 olis Indianap and Omaha 3,334,000 1918 990,000 1917 2,236,000 2,236,000 843,000 880,000 488,000 1,191,000 23,000 155,000 30,000 30,000 356,000 1,007,000 1,057,000 78,000 257,000 33,000 • 4,746,000 4,197,000 3,260,000 2,611,000 3,606,000 1,189,000 1,599,000 1,660,000 305,000 1,209,000 3,784,000 1,993,000 2,208,000 2,350,000 2,000 Total of All00 8,523,000 5,509,000 1918... 1,580,000 40,382,000 16,198,000 28,020,000 7,735,000 2,055,000 20,032,0 1917._ 1,423,000 15,757,000 15,440,000 on such amount, as a payment Taxpayers will not be rellowx1 of interest be due. If the installment due may fall short of the tax found later to completed return the excess will March 15 is greater than shown by the be credited to the next payment. r," said Commissioner Roper, "Is "One of the advantages to the taxpaye interest per month that would attach that it relieves him of one-half of 1% an extension granted at his request.' to the payment of the taxes under this now feature will be made in the Provision for systematically handling for corporations, and a statement in construction of the new return blanks ble for the corporation to complete writing of the reasons why it is impossi accompany every such remittance. the return by the specified date must similar privileges, but no reason Individual taxpayers will be given officials, for delaying the filing of exists, according to the internal revenue In unusually difficult cases. the returns of individual incomes, except up to $5,000 will be distributed Forms for returns of individual incomes for larger Incomes will be available by collectors within a few days. ForniS will be distributed by March 1. about Feb. 24. Corporation blanks tration of the new income tax will also Regulations governing the adminis be available before March 1. The Western roads also had the advantage of a much larger live stock movement, the receipts at h the Union Stock Yards at Chicago for the even mont passed as Last week we gave a portion of the Revenue Bill as 1918, ber Decem in ads 2 carlo 32,15 been g havin pages the on to-day, 525); to 518 by Congress (pages against 26,522 carloads in December 1917 and the immedi the remaining portions. give we ding, succee ately: . 9,174 receipts at Omaha 12,129 carloads, against FEB. 15 1919.] THE CHRONICLE TEXT OF THE WAR REVENUE BILL. We give below the remainder of the War Revenue Bill as agreed upon by the Conference Committees of the two Houses of Congress. The first part of the measure was published in our issue of last week, pages 518 to 525. This included all of Title I, Title II and Title III of the bill down to Part VI of the latter with the exception of the Administrative Provisions of Title II. Before beginning now with Part VI of Title III, we first insert Part IV of Title II, containing the Administrative Provisions. The bill was passed by the House last Saturday (Feb. 8) and by the Senate on Thursday of this week(Feb.13). It now requires only the President's signature, and for this it will be necessary to await the return of the President from the Peace Conference in Europe be-fore the measure can become a law. 619 proceedings be brought without delay, the Commissioner shall declare the taxable period for such a taxpayer terminat ed at the end of the celendar month then last past and shall cause notice of such finding and declaration to be given the taxpayer, together with a demand for immediate payment of the tax for the taxable period so declared terminated, and of the tax for the preceding taxable year or so much of said tax as is unpaid, whether or not the time otherwise allowed by law for filing return and paying the tax has expired; and such taxes shall thereupo n become immediately due and payable. If any action or suit brought to enforce payment of taxes made due and payable by virtue of the provision s of this subdivision the finding of the Commissioner, made as herein provided, whether made after notice to the taxpayer or not, shall be for all purposes presumptive evidence of the taxpayer's design. A taxpayer who is not in default in making any return or paying income, war profits, or excess profits tax under any Act of Congress, may furnish to the United States, under regulations to be prescribed by the Commissi oner with the approval of the Secretary, security approved by the Commissi oner that he will duly make the return next thereafter required to be filed and pay the tax next thereafter required to be paid. The Commissi oner may approve and accept in like manner security for return and payment of taxes made due and payable by virtue of the provisions of this subdivisi on, provided the taxpayer has paid in full all other income, war profits, or excess profits taxes due from him under any Act of Congress. If securit§ is approved and accepted pursuant to the provisions of this subdivision and such further or other security with respect to the tax or taxes covered thereby is given as the Commissioner shall from time to time find necessar y of such taxes shall not be enforced by any proceedi and require, payment ngs under the provisions of this subdivision prior to the expiration of the time otherwise allowed for paying such respective taxes. TITLE II.—INCOME TAX. Receipts for Taxes. IV.—ADMINISTRATIVE PROVISIONS—PAYM Sec. 251. That every collector to whom any ENT OF payment of any tax is TAXES. made under the provisions of this title shall upon request give to the IThis part was omitted by us last week.] person making such payment a full written or printed receipt, stating the amount paid and the particular account Sec. 250 (a) That except as otherwise provided in this section for which such payment was and sec- made; and whenever any debtor pays taxes on account of payments tions 221 and 237 the tax shall be paid in four installments, each made consistin g or to be made by him to of one-fourth of tho total amount of the tax. The first installm separate creditors the collector shall, if requested ent shall by such debtor, give a separate receipt for the tax paid on account be paid at the time fixed by law for filing the return, and the of each second in- creditor in stallment shall be paid on the fifteenth day of the third month, such form that the debtor can conveniently produce such rethe third ceipts separatel installment on the fifteenth day of the sixth month, and the y to his several creditors in satisfaction of their respectiv fourth install- demands e up to the amounts stated in the receipts; and ment on the fifteenth day of the ninth month, after the timo such receipt shall fixed by law be sufficient evidence in favor of such debtor to justify for filing the return. Where an extension of time for filing a him in withholding return is from his next granted the time for payment of the first installment shall be payment to his creditor the amount therein stated; but the postponed creditor may, upon giving to his debtor a full written receipt acknowle until the date of the expiration of the period of the extension , but the the payment dging to him of any sum actually paid and accepting the time for payment of the other installmenst shall not be postponed amount of unless tax paid as aforesaid (specifying the same) the Commissioner so provides in granting the extentsion. In any as a further satisfaction of the case in debt to that amount, which the time for the payment of any installment is at the request require the surrender to him of such collector's receipt. of the taxpayer thus postponed there shall be added as part of such installment Refunds.. interest thereon at the rate of M of 1% per month from the time it would Sec. 252. That if, upon examination of any return have been due if no extension had been granted, until paid. If of income made purany install- suant to this Act, the Act of Aug. 5 1909, entitled "An Act to provide ment is not paid when due, the whole amount of the tax unpaid shall be.. revenue, equalize duties, and encourage the industries of the United States, come due and payable upon notice and demand by the collector. and for other purposes," the Act of Oct.3 1913, The tax may at the option of the taxpayer be paid in a entitled "An Act to reduce single payment tariff duties and to provide revenue for the Government and for Instead of installments, in which case the total amount other shall be paid on or purposes," the Revenue Act of 1916, as amended, or the Revenue before the time fixed by law for filing the return, or, where Act of an extension 1917, it appears that of time for filing the return has been granted, on or before an amount of income, war profits or excess profits the expiration tax has been paid in excess of that properly due, then, notwithstanding of the period of such extension. the provisions of Section 3228 of the Revised Statutes, (b) As soon as practicable after the return is filed, the Commissi the amount of the oner shall excess shall be credited against any income, war profits or excess profits examine it. If it then appears that the correct amount of the tax is greater taxes, or installm ent thereof, then due from the taxpayer under any other or less than that shown in the return, the installments shall be If the amount already paid exceeds that which should have recomputed. return, and any balance of such excess shall be immediately refunded to the been paid on taxpayer; Provided, That no such credit or refund shall be allowed or made the basis of the installments as recomputed, the excess so paid shall be after five years from the date when the return was due, unless before credited against the subsequent installments; and if the amount the already expiration of such five years a paid exceeds the correct amount of the tax, the excess shall claim therefor is filed by the taxpayer. be or refunded to the taxpayer in accordance with the provisions credited of Section Penalties 252. sec. 253. That any individual, corporation, or partners hip required If the amount already paid is less than that which should have been paid, under this title to pay or collect any tax, to make a return or to supply inthe difference shall, to the extent not covered by any credits then due to formation, who fails to pay or collect such tax, to make such return, or to the taxpayer under Section 252, be paid upon notice and demand by the supply such information at the time or times required under this title, collector. In such case if the return is made in good faith and shall the under- be liable to a penalty of not more than $1,000. Any individua statement of the amount in the return Is not due to any fault of the l, corporation, or partnership, or any officer or employee of any corporation or memthere shall be no penalty because of such understatement. If taxpayer, ber or employee of a partnership, who willfully refuses to the underpay or collect statement is due to negligence on the part of taxpayer, but such tax, to make such return, or to supply such informat without ion at the time to defraud, there shall be added as part of the tax 5% of the total intent or times required under amount this title, who or willfully attempts in any manner of the deficiency, plus interest at the rate of 1% per month on the amount to defeat or evade the tax imposed by this title, shall be guilty of a misof the deficiency of each installment from the time the installment was meaner and shall be fined not more than $10,000 or imprisonment due. for not more than one year, or both, together with the costs of prosecution. If the understatement is false or fraudulent with intent to evade the tax, then,in lieu of the penalty provided by Section 3176 of the Revised Returns of Payments of Dividends. as amended, for false or fraudulent returns willfully made, but inStatutes, Sec. 254. That every corporation subject to the tax imposed by this title addition and to other penalties provided by law for false or fraudulent every personal service corporation shall, when required by the Comshall be added as part of the tax 50% of the amount of the returns, there missioner, render a correct return duly verified under oath, of its payments deficiency. (c) If the return is made pursuant to Section 3176 of the of dividends, stating the name and address of each stockholder, the numas amended, the amount of tax determined to be duo Revised Statutes ber of shares owned by him, and the amount of dividends paid to him. under such return shall be paid upon notice and demand by the collector. Returns of Brokers. (d) Except in the case of false or fraudulent returns with intent to evade Sec. 255. That every individual, corporation, or partners the tax, the amount of tax due under any return shall be hip doing determined and business as a broker shall, assessed by the Commissioner within five years after the when required by the Commissioner, render a return was duo correct return duly verified under oath, under such rules and regulations or was made, and no suit or proceeding for the collection of any be begun after the expiration of five years after the,date when tax shall as the Commissioner, with the approval of the Secretary, may prescribe, the return showing the names of customers was due or was made. In the case of such false or fraudule for whom such individual, corporation, nt returns, the or partnership has transacted any business, with such details as to the amount of tax due may be determined at any time after the return is filed, profits, losses, or other informat ion which the Commissioner may require, and the tax may be collected at any time after it becomes t as to each of such customers, as will enable the'Comm (e) If any tax remains unpaid after the date when it is du issioner to determine and for ten whether all income tax due on profits or gains of such customers has been days after notice and demand by the collector, then, except in the case of paid. estates of insane, deceased, or insolvent persons, there shall be added Information at Source. as part of the tax the sum of 5% on the amount due but unpaid, plus inSec. 256. That all individuals, corporations, and partnersh terest at the rate of 1% per month upon such amount from ips, in whatthe time it ever capacity acting, includin g lessees or mortgagors of real or personal became duo: Provided, That as to any such amount which is the subject property, fiduciaries, and employers, making payment to another inof a bona fide claim for abatement such sum of 5% shall not be added and dividual, corporation, or partnership, of interest, rent, salaries, wages the interest from the time the amount was due until the claim is decided premiums, annuities , compensations, remunerations, emoluments, shall be at the rate of of 1% per month. other fixed, or determinable gains, profits, and income In the case of the first installment provided for in subdivisi (other than payment& on (a) the in- described in Sections 254 and 255), of $1,000 or more in any taxable year, structions printed on the return shall be deemed sufficient notice of the date or, in the case of such payments made by the United States,the officers when the tax is duo and sufficient demand, and the taxpayer or s' computation employees of the United States having information as to such payments of the tax on the return shall be deemed sufficient notice of the amount duo. and required to make returns in regard thereto by the regulations herein (f) In any case in which in order to enforce payment of a tax, it is neces- after provided for, shall render a true and accurate return to the Com sary for a collector to cause a warrant of distraint to be served, there shall inissioner, under such regulatio ns and in such form and manner and to such also be added as part of the tax the sum of $5. extent as may be prescribed by him with the approval of the Secretar (g) If the Commissioner finds that a taxpayer designs y quickly to depart setting forth the amount of such gains, profits, and income, and the nam from the United States, or to remove his property therefro m, or to conceal and address of the recipient of such payment. himself or his property therein, or to do any other act tending to prejudice Such returns may be required, regardless of amounts, (1) or to render wholly or partly ineffectual proceedings to in the case o collect the tax for payments of interest upon bonds, mortgages, deeds of trust, or other aim the taxable year then last past, or the taxable year then current unless such tar obligations of corporations, and (2) in the case of collections of item PART 620 THE CHRONICLE [VOL. 108. ss s or earnings of such trade or busine n 1918, and the undistributed profit ed in Section 211, but amounts ) of interest upon the bonds of foreig impos States d surtax the Unite to the t in e subjec be payabl not (not n cor- shall the earnings of such trade or busbonds of and dividends from foreig countries and interest upon the distributed on or after Jan. 1 1918, from all the provisions , or partnerships, undertaking as a to the recipients as dividends, and taxed be porations by individuals, corporations shall ness such of nts payme so far as practicable, apply collection of foreign II and III relating to corporations shall, matter of business or for profit the Titles of nge. excha of not apply to bills or , shall aph ns, checks this paragr interest or dividends by means of coupo such trade or business; Provided, that year 1918 provisions of this section the name to net income of which for the taxable the ss busine or When necessary to make effective the trade any of d Provided, further, e shall be furnished upon deman of its invested capital for such year; 20% than and address of the recipient of incom less was . e. rship paying the incom of this paragraph shall pay the the individual, corporation, or partne That any taxpayer who takes advantage apply to the calendar year 1918 and and by the first subdivision of Act this of 1000 n Sectio by ed The provisions of this section shall tax impos if such taxpayer had been a shall not apply to the payment of ineach calendar year thereafter, but n 407 of the Revenue Act of 1916, as Sectio . with a capital stock having no par terest on obligations of the United States corporation on and after Jan. 1 1918, value. Returns to be Public Records. in existence both during the taxable mined by the If any asset of the trade or business e s upon which the tax has been deter return That 257. Sec. ed in the invested capital for the taxabl into includ is open year be r shall pre-wa they any but and s; year record r year, or is Commissioner shall constitute public regulations year but is not included in the invested capital for such pre-wa and rules under and ent e Presid the taxabl the invested capital for the spection only upon order of ved by the President: Provided, valued on a different basis in computing under rules and regulations then , prescribed by the Secretary and appro tively upon respec may, year, r tax e pro-wa incom an such year and imposing ary That the proper officers of any State er with the approval of the Secret have access to tho returns of any cor- to be prescribed by the Commission place the computation the request of the Governor thereof, and income of the such readjustments shall be made as are necessary to name the ng showi f dein thereo ct yed poration, or to an abstra r year on the basis emplo manner as the Secretary may pre- of the invested capital for such pre-wa corporation, at such times and in such taxable year. g the for l ownin capita record ed of invest olders the hig stockh fide termin scribe: Provided further, That all bona nization, consolidation, or change of g Sec. 331. In the case of the reorga of any corporation shall, upon makin ship of property, after 1% or more of the outstanding stock ne the annual income re- ownership of a trade or business, or change of owner exami to d allowe be er, ssion trade or business or property request of the Commi such in l who contro or older st stockh intere Any an . if March 3 1917, its subsidiaries s, or any of thorn, then no asset turns of such corporation and of n is allowed to examine the return of 50% or more remains in the same person the purpose of pursuant to the provisions of this sectio r whatever not transferred or received from the previous owners shall, for manne any in known makes who r value than would have of any corporation, and e, profits, losses, expendi- determining invested capital, be allowed a greate incom of source or t l of such amoun capita the ed law provided by return, computing the invest forth or disclosed in any such been allowed under this title in Protures, or any particular thereof, set ing not been so transferred or received; exceed had not fine asset a by such if hed owner punis us be previo the value of shall be guilty of a misdemeanor and us owner was not a corporation, then both. previo or such year, if ono That ing vided, exceed ition not nt acquis taken at its cost of $1,000, or by imprisonme so transferred or received shall be cable in each year cause to be The Commissioner shall as soon as practi tion, in such manner as he any asset us owner) with proper allowance the date when acquired by such previo public inspec (at to on ble availa made and ed prepar or development, but no additi collector in each Internal Revenue Dis- for depreciation, impairment, betterment iture deducted may determine, in the office of the lists containing the to the original cost shall be made for any charge or expend ine, determ may he as net the places trict and in such other tax March 1 1913, in computing of all individuals making income as expense or otherwise on or after names and the post office addresses es of taxation. e of such previous owner for purpos incom t. distric such in s return PART VII.—MISCELLANEOUS. Publication of Statistics. ary, (other than a personal service corwith the approval of the Secret Sec. 335. (a) That if a corporation in Sec. 258. That the Commissioner, ably available with year beginning in 1917 and ending reason fiscal ics a for statist ly return annual h makes publis on) porati the sum of: shall prepare and war profits and excess-profits tax 1918, the tax for the first taxable year under this title shall be e, incom the of ion operat the respect to ts for the entire period computed under ers and of income, the amoun (1) The same proportion of a tax falling laws, including classifications of taxpay d which the portion of such period credits, and any other facts deeme Title II of the Revenue Act of 1917 allowed as deductions, exemptions and of the entire period; and (2) the same is 1917 year ar calend le. the valuab within pertinent and computed under this title at the proportion of a tax for the entire period Collection of Foreign Items. which the portion of such - rates specified in subdivision (a) of Section 301 under rships partne or , period. ations Sec. 259. That all individuals, corpor the collection of foreign pay- period falling within the calendar year 1918 is of the entire tax imposed profit hereafter paid on account of the or fore taking as a matter of business or for of hereto t bills or amoun , Any checks means of coupons, of 1917 shall be credited ments of interest or dividends by t for such fiscal year by Title H of the Revenue Act the Crmnissioner and shall be subjec such fiscal year by this title, exchange shall obtain a license from information toward the payment of the tax imposed for the obtain to nment tax imposed by this Gover the to such regulations enabling the t so paid exceeds the amount of ssioner, with the approval of the and if the amoun ation in accordance required under this title as the Commi knowingly undertakes to collect title the excess shall be credited or refunded to the corpor er Secretary, shall prescribe; and whoev t with the provisions of Section 252. withou or or, and theref e licens a ed for a fiscal year beginning in 1918 such payments without having obtain shall (b) If a corporation makes return be guilty of a misdemeanor and year under this title shall be the sum fiscal such for complying with such regulations, shall tax year, the one 1919, in ending ted under oned for not more than tax for the entire period compu be fined not more than $5,000, or impris of: (1) the same proportion of a n of such period falling or both. of Section 301 which the portio sions. (a) Posses ision States subdiv United the same of (2) ns ; and Citize year 1918 is of the entire period is a citizen of any possession of the within the calendar computed under subdivision (b) period entire Sec. 260. That any individual who the for is tax who a of and ) proportion falling within the a citizen of the United States United States (but not otherwise which the portion of such period shall be subject to taxation under this or (c) of Section 301 not a resident of the United States, , and calendar year 1919 is of the entire period. States d Unite for a the within s al service corporation makes return title only as to income derived from source paid in the same manner and (c) If a partnership or a person ted and in 1918, it shall pay the same ending and in such case the tax shall be compu 1917 are in ing who s fiscal year beginn of the in the case of other person period computed under Title II subject to the same conditions as proportion of a tax for the entire the such sources. n of such period falling withia taxable only as to income derived from ue Act of 1917 which the portio Reven s. Porto Rico and Philippine Island year 1917 is of the entire period. ar calend any for ation corpor e tax or personal servic the Philippine Islands the income Any tax paid by a partnership ed to Sec. 261. That in Porto Rico and pro1 1918 shall be immediately refund and paid in accordance with the period beginning on or after Jan. ly collected. shall be levied, assessed, collected, as a tax erroneously or illegal ed. ation amend corpor as or rship 1916 of partne Act ue the shall Reven visions of the Act not exempt under Section 304, shall be paid under Title I of such Sec. 336. That every corporation, Returns shall be made and taxes every Such returns shall be made, (1) by title. be, this may of es case the purpos as s, the for , in Porto Rico or the Philippine Island Philippine make a return be paid,at the same times and places resident of Porto Rico or the and the taxes imposed by his title shall as is provided in individual who is a citizen or n, and (2) every corporation in the same manner, and subject to the same conditions, therei s source from e incom s purIslands or derive ng corporations for the or the Philippine Islands or derivi s and payment of income tax by created or organized in Porto Rico n nor the case of return and all the provisions of that title not inapplicable, inindividual who is neither a citize poses of Title II, income from sources therein. An taxes imposed by this from e the appliable to pine Islands but derives incom cluding penalties, are hereby made a resident of Porto Rico or the Philip or the Philippine Islands as a title. Rico Porto in taxed be or shall n, sources therei fide sale of mines, oil or gas wells, a corporation created or organized Sec. 337. That in the case of a bona non-resident alien individual, and value of the property has been income from ng pal derivi princi and the s where Island n, pine therei st Philip outside Porto Rico or the a any intere ation and discovery work done by Rico or the Philippine Islands as demonstrated by prospecting or explor sources therein shall be taxed in Porto title attributable to es of Section 216 and of Paragraph the taxpayer, the portion of the tax imposed by this purpos the For ation. corpor n foreig of such property or or the price Rico selling Porto the in of ed 20% impos tax exceed a not (6) Subdivision (a) of Section 234 d such sale shall e of a corporation shall not be deeme Interest. Philippine Islands upon the net incom TITLE IV.—ESTATE TAX. title. this to be a tax under ature shall have power by due The Porto Rican or Philippine Legisl Sec. 400. That when used in this title— or repeal the income tax laws in force or or administrator of the decedent, enactment to amend, alter, modify, The term "executor" means the execut . tively respec s, Island pine r, any person who takes possession in Porto Rico or the Philip or, if there Is no executor or administrato decedent; and TAX. the ITS of ty PROF proper SS any of EXCE AND collector of internal revenue of the TITLE III.—WAR PROFITS The term "collector" means the V were published by us last decedent at the time of his death, Part the and of IV le Part III, domici the Part II, was district in which [Part I, Part tor of the United States, then the collec in le domici such no was there if or, week.] estate of the decedent PART VI.—REORGANIZATIONS. is situated the part of the gross which t in distric the e gross estate is situated in more reorganization, consolidation, or chang States, or, if such part of the Sec. 330. That in the case of the by a in the United on al revenue of such district d intern carrie of now ss tor busine collec or the trade a then t, than one distric of ownership after Jan. 1 1911 of this title be deemed ssioner. of es Commi the purpos by the for ated shall design be ation may Act corporation, the corpor ed as imposed by Title H of the Revenue that date, and the net income and invest Sec. 401. That (in lieu of the tax by Title IX of the to have been in existence prior to business for all or any part of the pre- of 1916, as amended, and in lieu of the tax imposed tages ing percen capital of such predecessor trade or follow such the of the corporation now carrying on 1917) a tax equal to the sum of war period prior to the organization ed Revenue Act of mined as provided in section 403) is to have been the net income and invest of the value of the not estate (deter trade or business shall be deemed was of every decedent dying ss busine estate or net predecessor trade the transfer of the capital of such corporation. If such r hereby imposed upon or nonresident of the dual the net income for the pre-wa of this Act, whether a resident e indivi or passag rship the partne after a by on d carrie ibed by the Commissioner with the United States: period shall, under regulations prescr be not in excess of $50,000; ained and returned as nearly as may 1% of the amount of the net estate approval of the Secretary, be ascert in estate exceeds $50,000 and does not manner as provided for corporations of the amount by which the net upon the same basis and in the same 2% each to sation compen or ion for salary deduct able reason a ing includ 00; II, Title exceed $150,0 estate exceeds $150,000 and does not al services actually rendered. partner or the individual for person 3% of the amount by which the net corporation before July 1 1919 of 00: In the case of the organization as a $250,0 exceed factor ucing e-prod estate exceeds $250,000 and does not is a material incom any trade or business in which capital 4% of the amount by which the net a partnership or individual, the net 00; and which was previously owned by $450,0 exceed from Jan. 1 1918 to the date of such net estate exceeds $450,000 and does not 6% of the amount by which the income of such trade or business of the individual or partnership be taxed 00; reorganization may at the option $750,0 exceed which in HI; and H not estate exceeds $750,000 and does not is taxed under Titles as the net income of a corporation 8% of the amount by which the capital of such trade or business shall be ,000: $1,000 event the net income and invested exceed been in existence on and after Jan. 1 computed as if such corporation had FEB. 15 1919.] THE CHRONICLE 621 10% of the amount by which the net estate exceeds $1,000,000 and does use of any domestic corporation organized and operated exclusively for not exceed $1,500,000; religious, charitable, scientific, literary, or educational purposes, including 12% of the amount by which the net estate exceeds $1,500,000 and does the encouragement of art and the prevention of cruelty to children or not exceed $2,000,000; animals, no part of the net earnings of which inures to the benefit of any 14% of the amount by which the net estate exceeds $2,000,000 and does private stockholder or individual, or to a trustee or trustees exclusively,for not exceed $3,000,000; such religious, charitable, scientific, literary, or educational purposes within 16% of the amount by which the not estate exceeds $3,000,000 and does the United States. This deduction shall be made in case of the estates not exceed $4,000,000; of all decedents who have died since Dec. 31 1917; and 18% of the amount by which the net estate exceeds $4,000,000 and does No deductions shall be allowed in the case of a non-resid ent unless the not exceed $5,000,000; executor includes in the return required to be filed under section 404 the 20% of the amount by which the not estate exceeds $5,000,000 and does value at the time of his death of that part of the gross estate of the nonnot exceed $8,000,000; resident not situated in the United States. 22% of the amount by which the not estate exceeds $8,000,000 and does For the purpose of this title stock in a domestic corporation owned and not exceed $10,000,000; and held by a non-resident decedent, and the amount receivable as insurance 25% of the amount by which the net estate exceeds $10,000,000. upon the life of a non-resident decedent where the insurer is a domestic The taxes imposed by this title or by Title II of the Revenue Act of 1916 corporation, shall be deemed property within the United States, and any (as amended by the Act entitled "An Act to provide increased revenue to property of which the decedent has made a transfer or with respect to which defray the expenses of the increased appropriations for the army and navy he has created a trust, within the meaning of subdivision (c) of section 402, and the extensions of fortifications, and for other pruposes," approved shall be deemed to be situated in the United States, if so situated either at March 3 1917) or by Title IX of the Revenue Act of 1917, shall not apply the time of the transfer or the creation of the trust, or at the time of the to the transfer of the net estate of any decedent who has died or may die decedent's death. while serving in the military or naval forces of the United States In the case of any estate in respect to which the tax under existing in the law present war or from injuries received or disease contracted while in such has been paid, if necessary to allow the benefit of the deduction under service, and any such tax collected upon such transfer shall be refunded to paragraph (3) of sub-division (A) or (B) the tax shall be redetermined and the executor. any excess of tax paid shall be refunded to the executor. Sec. 402. That the value of the gross estate of the decedent shall Sec. 404. That the executor, within sixty days after qualifying be as such, determined by including the value at the time of his death of all property, or after coming into possession of any property of the decedent, whichever real or personal, tangible or intangible, wherever situated— event first occurs, shall give written notice thereof to the collector. The (a) To the extent of the interest therein of the decedent at the time of his executor shall also, at such times and in such manner as may be required death which after his death is subject to the payment of the charges against by regulations made pursuant to law,file with the collector a return under his estate and the expenses of its administration and is subject to distribu- oath in duplicate, setting forth (a) the value of the gross estate of the detion as part of his estate; cedent at the time of his death, or, in case of a non-resident, of that part (b) To the extent of any interest therein of the surviving spouse, existing of his gross estate situated in the United States;(b) the deductions allowed at the time of the decedent's death as dower, courtesy, or by virtue of under section 403;(c) the value of the net estate of the decedent as defined statute creating an estate in lieu of dower or courtesy; In section 403; and (d) the tax paid or payable thereon; or such part of (c) To the extent of any interest therein of which the decedent has at such information as may at the time be ascertainable and such supplemental any time made a transfer, or with respect to which he has at any data as may be necessary to establish the correct tax. time created a trust, in contemplation of or intended to take effect in Return shall be made in all cases where the gross estate at the death of possession or enjoyment at or after his death (whether such transfer or trust is made the decedent exceeds $50,000, and in the case of the estate of every nonor created before or after the passage of this Act), except in case of a resident any part of whose gross estate is situated in the United States. bona fide sale for a fair consideration in money or money's worth. Any If the executor is unable to make a complete return as to any part of the transfer of a material part of his property in the nature of a final disposition gross estate of the decedent, he shall include in his return a description of or distribution thereof, made by the decedent within two years such part and the name of every person holding a legal or beneficial interest his death without such a consideration, shall, unless shown to prior to the con- therein, and upon notice from the collector such person shall in like manner trary, be deemed to have been made in contemplation of death within make a return as to such part of the gross estate. The Commissioner shall the meaning of this title; make all assessments of the tax under the authority of existing adminis(d) To the extent of the interest therein held jointly or as tenants in the trative special and general provisions of law relating to the assessmen entirety by the decedent and any other person, or deposited t in banks or and collection of taxes. other institutions in their joint names and payable to either or the survivor. Sec. 405. That if no administration is granted upon the estate of a except such part thereof as may be shown to have originally belonged to decedent, or if no return is filed as provided in section such other person and never to have belonged to the decedent; 404, or if a return contains a false or incorrect statement of a material fact, the collector or (e) To the extent of any property passing under a general power of deputy collector shall make a return and the Commissi appointment exercised by the decedent (1) by will, or (2) oner shall assess by in contemplation of, or intended to take effect in possession deed executed the tax thereon. or enjoyment Sec. 406. That the tax shall be due one year after the decedent's death; at or after, his death, except in case of a bona fide sale for a fair considera- but in any case where the Commissioner finds that tion in money or money's worth; and payment of the tax within one year after the decedent's death would impose (f) To the extent of the amount receivable by the executor undue hardship as insurance upon the estate, he may grant an extension of time for the payment of the under policies taken out by the decedent upon his own life; and to the tax for a period not to exceed three years from the due date. If the tax Is extent of the excess over $40,000 of the amount receivable by all other not paid within one year and 180 days after the decedent's death, interest beneficiaries as insurance under policies taken out by the decedent upon at the rate of 6% per annum from the expiration of one his own life. year after the decedent's death shall be added as part of the tax. Sec. 403. That for the purpose of the tax the value of the net estate Sec. 407. That the executor shall pay the tax to the shall be determed— collector or deputy collector. If the amount of the tax cannot be determine (a) In the case of a resident, by deducting from the value d, the payment of the gross of a sum of money sufficient, in the opinion of the estate— collector, to discharge the tax shall be deemed payment in full of the tax, except as in this section (1) Such amounts for funeral expenses, administration expenses, claims otherwise provided. If the amount so paid against the estate, unpaid mortgages, losses incurred exceeds the amount of the during the settlement tax as finally determined, the Commissi oner shall refund such excess to of the estate arising from fires, storms, shipwreck, or other casualty, or the executor. If the amount of the tax as finally determined exceeds the from theft, when such losses are not compensated for by insurance or amount so paid, the collector shall notify the executor of the amount of otherwise, and such amounts reasonably required and actually such expended excess and demand payment thereof. If such excess part of the tax for the support during the settlement of the estate of those dependent upon is not paid within thirty days after such notificati on,interest shall be added the decedent, as are allowed by the laws of the jurisdiction, whether within thereto at the rate of 10% per annum from the expiration ofsuch thirty days' or without the United States, under which the estate is being administe period red, until paid, and the amount of such excess shall be a lien upon the but not including any income taxes upon income received after of the decedent, or any estate, succession, legacy, or inheritanc the death entire gross estate, except such part thereof as may have been sold to a e bona fide purchaser for a fair consideration in money (2) An amount equal to the value at the time of the decedent' taxes; or money's worth. s death of The collector shall grant to the person paying the tax any property, real, personal, or mixed, which can duplicate receipts, be identified as having either of which shall be sufficient evidence of such payment, and shall been received by the decedent as a share in the estate of any person who died entitle the executor to be credited and within five years prior to the death of the decedent, allowed the amount thereof by any or which can be iden- court having jurisdiction to audit or settle his accounts. tified as having been acquired by the decedent in exchange for property Sec. 408. That if the tax herein imposed is not so received, if an estate tax under the Revenue paid within 180 days Act of 1917 or under this after it is due, the collector shall, unless there is reasonable cause for furAct was collected from such estate, and if such property is included in the ther delay, proceed to collect the tax decedent's gross estate; under the provisions of general law, or commence appropriate proceedings in any court (3) The amount of all bequests, legacies, devises, or of the United States, gifts, to or for the in the name of the United States, use of the United States, any State, Territory, any to subject the property of the decedent political subdivision to be sold under the judgment or thereof, or the District of Columbia, for exclusively decree of the court. From the proceeds public purposes, or of such sale the amount of the tax, together with the costs and expenses to or for the use of any corporation organized and operated exclusively for of every description to be allowed by religious, charitable, scientific, literary, or education the court, shall be first paid, and the al purposes, including balance shall be deposited according to the order of the court, to be paid the encouragement of art and the prevention of cruelty to children or under its direction to the person animals, no part of the net earnings of which inures entitled thereto. to the benefit of any If the tax or any part thereof is paid by, or collected private stockholder or individual, or to a trustee or trustees out of that part of exclusively for the estate passing to or in the possession such religious, chartable, scientific, literary, or educational of, any person other than the purposes. This executor in his capacity as such, such deduction shall be made hi case of the estates of all decedents person shall be entitled to reimwho have died busement out of any part of the estate still undistributed or by a just and since Dec. 311917; and equitable contribution by the persons whose interest (4) An exemption of $50,000; in the estate of the decedent would have been reduced if the tax (b) In the case of a nonresident, by deducting from the value of had been paid before the that part distribution of the estate or whose of his gross estate which at the time of his death is situated interest is subject to equal or prior in the United liability for the payment of taxes, debts, or other charges against the estate, States— it being the purpose and intent of this title that (1) That proportion of the deductions specified in paragraph (1) so far as is practicable and of sub- unless otherwise directed by the will of the decedent the tax shall be paid division (a) of this section which the value of such part bears to the value out of the estate before its distribution. If any part of the gross estate of his entire gross estate, wherever situated, but in no case shall the amount consists of proceeds of policies of so deducted exceed 10% of the value of that part of his gross insurance upon the life of the decedent estate which receivable by a beneficiary other at the time of his death is situated in the United States; than the executor, the executor shall be entitled to recover from such beneficiary such portion of the total tax (2) An amount equal to the value at the time of the decedent' paid of any property, real, personal or mixed, which can be identified s death as the proceeds, in excess of $40,000, of such policies bear to the net estate. as having If there is more than one such been received by the decedent as a share in the estate beneficiar y the executor shall be entitled of any person who to recover from such beneficiar died within five years prior to the death of the decedent, ies in the same ratio. or which can be Sec. 409. That unless the tax is sooner paid in identified as having been acquired by the decedent in full, it shall be a lien for exchange for prop- ten years upon the gross estate of the decedent, except that such part of erty so received, if an estate tax under the Revenue Act of 1017 or under the gross estate as is used for the payment of charges against the estate and this Act was collected from such estate, and if such property is included expenses of its administration, allowed in that part of the decedent's gross estate which at the by any court having jurisdiction time of his death thereof, shall be divested of such lien. If the Commissioner is satisfied is situated in the United States; and that the tax liability of an estate has been fully discharged or provided for (3) The amount of all bequests, legacies, devises, or gifts, to or for the use he may, under regulations prescribed of the United States, any State, Territory, any political by him with the approval of the Secsubdivision thereof, retary, issue his certificate releasing any or all property of such estate from or the District of Columbia, for exclusively public purposes, or to or for the he lien herein imposed. 622 THE CHRONICLE If (a) the decedent makes a transfer of, or creates a trust with respect possesto, any property in contemplation of or intended to take effect in of a bona fide sion or enjoyment at or after his death (except in the case sale for a fair consideration in money or money's worth) or (b) if insurance a specific passes under a contract executed by the decedent in favor of paid when beneficiary, and if in either case the tax in respect thereto is not liable personally be shall y due, then the transferee, trustee, or beneficiar for such tax, and such property, to the extent of the decedent's interest 's therein at the time of such transfer, or to the extent of such beneficiary lien Interest under such contract of insurance, shall be subject to a like such by sold property such of equal to the amount of such tax. Any part ion in transferee or trustee to a bona fide purchaser for a fair considerat money or money's worth shall be divested of the lien and a like lien shall any then attach to all the property of such transferee or trustee, except or part sold to a bona fide purchaser for a fair consideration in money money's worth. in any Sec. 410. That whoever knowingly makes any false statement to a notice or return required to be filed under this title shall be liable year, one exceeding not ent penalty of not exceeding $5,000, or imprisonm or both. Section Whoever fails to comply with any duty imposed upon him by con404, or, having in his possession or control any record, file, or paper, of estate the concerning n informatio any taining or supposed to contain comthe decedent, or, having in his possession or control any property upon prised in the gross estate of the decedent, falls to exhibit the same United the of officer request to the Commissioner or any collector or law the examine to desires who or agent, deputy States, or his duly authorized liable to same in the performance of his duties under this title, shall be a in a penalty of not exceeding $500, to be recovered, with costs of suit, civil action in the name of the United States. OTHER FACILITITLE V.—TAX ON TRANSPORTATION AND TIES, AND ON INSURANCE. levied, asSec. 500. That from and after April 1 1919, there shall be 500 of sessed, collected, and paid, in lieu of the taxes imposed by Section the Revenue Act of 1917— tion transporta the (a) A tax equivalent to 3% of the amount paid for motor on or after such date, by rail or water or by any form of mechanical by power when in competition with carriers by rail or water, of property and a freight transported from one point in the United States to another; States like tax on the amount paid for such transportation within the United to a point of property transported from a point without the United States within the United States; (b) A tax of 1 cent for each 20 cents or fraction thereof of the amount or paid to any person for the transportation on or after such date, by rail n water or by any form of mechanical motor power when in competitio with express by rail or water, of any package, parcel, or shipment, by exa press, transported from one point in the United States to another; and like tax on the amount paid for such transportation within the United a to States United the without point States of property transported from a point within the United States; tion (c) A tax equivalent to 8% of the amount paid for the transporta on or after such date of persons by rail or water, or by any form of mechanwith on competiti in when line d establishe ical motor power on a regular carriers by rail or water, from one point in the United States to another or to any point in Canada or Mexico, where the ticket or order therefor is sold or issued in the United States, not including the amount paid for commutation or season tickets for trips less than thirty miles, or for transportation the fare for which does not exceed 42 cents: Provided, That where such water transportation lines are in competition between American ports with foreign water transportation lines from adjacent foreign ports, the tax imposed under this subdivision on amounts paid for water transporta tion between American ports shall not exceed the amount of the transportation tax to which such foreign water transportation lines are subjected by their Government corresponding to this tax; (d) A tax equivalent to 8% of the amount paid for seats, berths, and statetoorns in parlor cars, sleeping cars, or on vessels, used on or after such subdate in connection with transportation upon which tax is imposed by [Vol.. 108. puted from actual rates or tariffs of the carrier, to be computed on the d basis of the rates or tariffs of other carriers for like services as determine line) by the'Commissioner. In the case of any carrier (other than a pipe it on the principal business of which is to transport goods belonging to the its own account and which only incidentally renders services for hire, tax shall apply to such services or facilities only as are actually rendered construed be shall section by it for hire. Nothing in this or the preceding Ls as imposing a tax (1) upon the transportation of any commodity which such necessary for the use of the carrier in the conduct of its business as and is intended to be so used or has been so used; or (2) upon the transportation of company material transported by one carrier, which constitutes a part of a railroad system, for another carrier which is also a part of the same system. to all (d) The tax imposed by subdivision (e) of section 500 shall apply tion transportation of oil by pipe line. In case no charge for transporta any for or d, transporte y commodit the is made, by reason of ownership of other reason, the person transporting by pipe line shall pay a tax equivalent for to the tax which would be imposed if such person received payment bona such transportation, and if the tax cannot be computed from actual or rates the of basis the on (1) computed be fide rates or tariffs, it shall tariffs of other pipe lines for like services, as determined by the Commisreasonable sioner, or (2) if no such rates or tariffs exist, on the basis of a ner. charge for such transportation, as determined by the Commissio in secSec. 502. That each person receiving any payments referred to section tion 500 shall collect the amount of the tax, if any,imposed by such returns from the person making such payments, and shall make monthly taxes under oats, in duplicate, and pay the taxes so collected and the Imposed upon it under subdivision (c) or (d) of section 501 to the collector of the district in which the principal office or place of business is located. of secNo carrier collecting the taxes imposed by subdivision (a) or (b) in any tion 500 shall be required to list the amount of such tax separately if the bill of lading, freight or express receipt, or other similar document, therein. total amount of the transportation charge and the tax is stated collected is Any person making a refund of any payment upon which tax collected under this section may repay therewith the amount of the tax against on such payment; and the amount so repaid may be credited amounts included in any subsequent monthly return. n, informatio The returns required under this section shall contain such ner, with and be made at such times and in such manner as the Commissio the approval of the Secretary, may by regulation prescribe. or notice from The tax shall, without assessment by the Commissioner so fixed for the collector, be due and payable to the collector at the time be added as shall there due, filing the return. If the tax is not paid when rate of 1% part of the tax a penalty of 5%, together with interest at the for each full month, from the time when the tax became duo. Insurance. be levied, assessed, Sec. 503. That from and after April 1 1919 there shall of the Revenue collected and paid in lieu of the taxes imposed by Section 504 policies, ininsurance of issuance the Act of 1917, the following taxes on States (except cluding, in the case of policies issued outside the United XI), their dethose taxable under Subdivision 15 of Schedule A of Title whether acting livery within the United States by any agent or broker, the insurer or by for the insurer or the insured; such taxes to be paid by such agent or broker: or fractional (a) Life insurance: A tax equivalent to 8 cents on each $100 under any policy part thereof of the amount for which any life is insured same is called: of insurance, or other instrument, by whatever name the by which a life is inProvided, That on all policies for life insurance only or monthly sured not in excess of $500, issued on the industrial or weekly of the first payment plan of insurance, the tax shall be 40% of the amount premium, as weekly premium or 20% of the amount of the first monthly life insurance, tho case may be: Provided further, That on policies of group of the same person, covering groups of not less than 25 lives in the employ be equivashall tax the for the benefit of persons other than the employer, the group lent to 4 cents on each $100 of the aggregate amount for which the insurance policy is issued and of any not increase in the amount of covering life, under such policy: And provided further, That on all policies which a life is health and accident insurance combined in one policy by division (c); or weekly or monthly tion insured not in excess of $500, issued on the industrial, of the first (e) A tax equivalent to 8% of the amount paid for the transporta plan of insurance, the tax shall be 40% of the amount payment pipe by oil line: premium, as on or after such date of weekly premium or 20% of the amount of the first monthly (f) In the case of each telegraph, telephone, cable or radio dispatch, the case may be; the 1 cent on message or conversation, which originates on or after such date within (b) Marine, inland and fire insurance: A tax equivalent to more than under each United States, and for the transmission of which the charge is dollar or fractional part thereof of the premium charged each is charge the if and cents; 5 of tax a cents, nanse the same is 14 cents and not more than 50 of policy of insurance or other instrument by whatever more than 50 cents, a tax of 10 cents: Provided, That only one payment upon property of any descripone or called whereby insurance is made or renewed sea or inland watby such tax shall be required, notwithstanding the lines or stations of peril against or tion (including rents or profits), whether more persons are used for the transmission of such dispatch, message ers, or by fire or lightning, or other peril; each dollar or conversation; and (c) Casualty insurance: A tax equivalent to 1 cent on after such date to any (g) A tax equivalent to 10% of the amount paid premium charged under each policy of inthe of thereof part fractional circuit talking telegraph or telephone company for any leased wire or nature of indemnity for loss, damage or liability n shall not apply surance or obligation of the n 2 of schedule A of special service furnished after such date. This subdivisio (except bonds and policies taxable under subdivisio colthe in (1) utilized as is service such of much so to the amount paid for or renewed by any person transacting the or(2)in the Title XI.) issued or executed press. public the through news of ion accident, health, ion, disseminat and compensat lection of its business of employers' liability, workmen's automatic sprinkler, conduct, by a common carrier or telegraph or telephone company, tornado, plate glass, steam boiler, elevator, burglary, (except life insurance and insurbusiness as such. payment re- automobile or other branch of insurance subdivision): Provided, That in (h) No tax shall be imposed under this section upon any preceding State or Territory ance described and taxed in the to any or States United the to rendered services industrial or weekly or monthly for the ceived on this subdivision case of policies of insurance issued first weekly or the District of Columbia. The right to exemption under plan the tax shall be 40% of the amount of the payment approval the with ner, Commissio the as as the case shall he evidenced in such manner premium or 20% of the amount of the first monthly premium, prescribe. regulation by may of the Secretary, be; may be paid by d In section 231, and Sec. 501. (a) That the taxes imposed by section 500 shall (d) Policies issued by any corporation* enumerate imposed by this the person paying for the services or facilities rendered. of reinsurance, shall be exempt from the taxes policies was tion accommoda or tion (b) If a mileage book used for transporta section. by imposed tax the paid, is fare cash if or upon the issu1917, purchased before Nov. 1 Sec. 504. That every person issuing policies of insurance the mileage book, imposed by section 503 shall make monthly returns section 500 shall be collected from the person presenting is tax a which of ance presented when or paying the cash fare, by the conductor or other agent, and pay such tax to the collector of the district so collected under oath, in duplicate, person is located. for such transportation or accommodation, and the amount in which the principal office or place of business of such the as times such at and manner such in made at such time States shall be paid to the United Such returns shall contain such information and be a may if prescribe: Secretary, of the Secrethe of approval approval the the with ner, with ner, Commissio used before and in such manner as the Commissio ticket (other than a mileage book) was bought and partially regulation prescribe. by may tary, before used so not but ner or notice from Nov. 1 1917 it shall not be taxed, but if bought The tax shall, without assessment by the Commissio the tax has to the collector at the time so fixed for section 500 takes effect, it shall not be valid for passage until payable and due be collector, the manner as been paid and such payment evidenced on the ticket in such tax is not paid when due, there shall be added as by regulation filing the return. If the at the rate of 1% the Commissioner, with the approval of the Secretary, may part of the tax a penalty of 5%, together with interest became due. prescribe. or each full month, from the time when the tax facilior to all services apply shall 500 (c) The taxes imposed by section or not the ties specified in such section when rendered for hire, whether TITLE VI—TAX ON BEVERAGES. (other than agency rendering them is a common carrier. In case a carrier there shall be levied and collected on all distilled That (a) 600. Sec. or services tion produced ,a pipe line) principally engaged in rendering transporta now in bond or that have been or that may be hereafter spirits transgoods the of ownership its except such distilled spirits as are facilities for hire does not, because of it in or imported into the United States,604, in lieu of the internal revenue a carrier as which amount the receive reason, other any Section ported, or for to the tax subject to the tax provided in would otherwise charge, such carrier shall pay a tax equivalent the carrier taxes now imposed thereon by law, a tax of $2 20 (or, if withdrawn for if which would be imposed upon the transportation of such goods in the manufacture or production of any use for or purposes cannot be corn- beverage received payment for such transportation, such tax, if it FEB. 151919.] THE CHRONICLE 623 article used or intended for use as a beverage, a tax of $6 40) on each proof The Commissioner, with the approval of the Secretary gallon, or wine gallon when below proof, and a , may by reguproportionate tax at a lations exempt distillers of ethyl alcohol, for use in the production of like rate on all fractional parts of such proof or wine gallon, to be paid munitions of war, or for other non by the distiller or importer when withdrawn, and collected -beverage purposes, from so much of the under the provisions of Sections 3264, 3285, provisions of existing law. or 3309 of the Revised Statutes, and Acts amendatory thereof, respecting the survey (b) That the tax imposed by subdivision (a) on distilled of distilleries, the period spirits in- of fermentation, the filling and emptying of fermenting tubs, and assesstended for beverage purposes shall not be due or payable on such spirits ments, as, in his judgment, may be expedient: Provided, That the bond while stored in any distillery, bonded warehouse, or special or general prescribed in Section 3260 of the Revised Statutes shall, in the cases herein bonded warehouse, and which, pursuant to any Act of Congress or procla- provided, be in such sum and contain such further conditions as the Commation of the President of the United States, cannot be lawfully sold missioner may require. or removed from any such warehouse during the period of prohibition Sec. 603. That under such regulations as the Commissi fixed by such Act or proclamation; and all warehousing bonds oner, with the or trans- approval of the Secretary, may prescribe , ethyl alcohol of not less than portation and warehousing bonds conditioned for the payment of tax 180 degrees proof, produced at any central distilling and denaturing plant on any such spirits so stored on the date such prohibition takes effect established under the provisions of subsection 2, paragraph N,of Section IV shall as to all such spirits actually so stored be canceled and discharged, of the Act entitled "An Act to reduce tariff duties and to provide revenue provided the distiller of such spirits shall in lieu of such bonds and prior for the Government, and for other purposes," approved Oct. 3 1913, may to their cancellation execute a bond in a penal sum of not less than $10,000 be removed from such plant to any central denaturing bonded warehouse with surities satisfactory to the collector of the district, conditioned for denaturation, or may, before or after denaturation, be removed from that the principal shall, during the period of such prohibiti on, safely such plant or from such denaturi ng bonded warehouses, free of tax, for keep or cause to be kept in good condition all such spirits and the ware- use in the United States or for shipment to any nation while engaged house in which the same are stored, and shall not remove or suffer to against the German Governme nt, in the present war, and the removal be removed from warehouse, contrary to law, any such spirits during the herein authorized may be made period of such prohibition; and the bond herein prescribed in such tank vessels, tank cars, drums, shall be in such casks, or other container s as may further sum and shall contain such further condition s as the Commis- shall be lawful, under regulatio be approved by the Commissioner. It ns prescribed by the Commissioner, with sioner, with the approval of the Secretary, may by regulations require. the approval of the Secretary , for an allowance to be made for leakage The distiller may, subject to the provisions of this section, be permitted or loss by unavoidable accident and without fault or negligence of the to retain in any such bonded warehouse distilled spirits on which, under distiller, owner, carrier, or his agents or employees, which may occur the terms of any existing bond, the tax imposed thereon becomes due during the transportation of such spirits or while the same are lawfully and payable prior to the date such prohibition takes effect: Provided, That stored on either of the premises herein described on the removal of such prohibition the distiller shall, as to all . spirits as to Sec. 604 That upon all distilled spirits produced in or which the bonded period fixed by law has not expired and which imported into remain the United States upon which the internal revenue tax now imposed by stored in warehouse, execute new and satisfactory bond in the quired by existing law, conditioned for the payment of the tax form re- law has been paid, and which, on the day after the passage of this Act, on all such are held by any person and intended for sale or for use in the manufacture spirits; and all provisions of existing law relating to such bonded ware- or production of any article intended for sale, there shall be levied, assassed, houses, or the storage of spirits therein, or to the execution of new or collected, and paid a floor tax of $3 20 (if intended for sale for beverage additional bonds, so far as applicable, shall continue in force as to all purposes or for use in the manufacture or production of any article used distilled spirits rebonded under the provisions of this section. or intended for use as a beverage) on each proof gallon, and a Upon the withdrawal of distilled spirits from bonded proportionwarehouse, after• ate tax at. a like rate on all fractional parts of such proof gallon. the period of prohibition has ended, and under the condition s imposed Sec. 605. That in addition Section by to the tax imposed by this Act on distilled 50 of an Act entitled "An Act to reduce taxation, to provide spirits and wines, there shall be levied, assessed, collected and paid, in revenue for the support of the Government, and for other purposes," lieu of the tax Imposed by Section 304 of the Revenue Act of 1917, a tax approved Aug. 28 1894, an allowance for loss by leakage or other un- of 30 cents on each proof avoidable cause, not exceeding one proof gallon as to packages gallon and a proportionate tax at a like rate on all of a capacity fsactional parts of such proof gallon on all distilled spirits or wines hereafter of not less than 40 wine gallons, may be made in addition to that pro- rectified, purified, or refined in such manner, and on all mixtures hereafter vided in said Section 50, as amended; and a like additiona l allownace of produced in such manner, that the person so rectifying, purifying, refining, one proof gallon as to each package withdrawn may be made for each or mixing the same is a rectifier within the meaning os Section 3244 of the period of four months, or fration thereof, for such spriits as shall have Revised Statutes, as amended: Provided, That this tax shall not apply to remained in warehouse during the period of prohibiti on and expiration of the maximum leakage perold fixed by that section.after the gin produced by the redistillation of a pure spirit over juniper berries and other aromatics. Under regulations prescribed by the Secretary, any imported distilled Upon all such articles heretofore produced, and which on spirits, wines or other liquors which may be in any customs the day after bonded ware- the passage of this Act house under the customs laws on the date such are held by any person and intended for sale, there prohibition takes effect shall be levied, assessed, collected, and paid a floor tax of 15 cents on each shall be permitted to remain therein without payment of any taxes or proof gallon, and a proportio duties thereon, beyond the three-year period nate tax at a like rate on all fractional parts of provided in Section 2971 each proof gallon; and all such distilled spirits so held and not contained of the Revised Statutes, during such period of prohibition; and may be in the distillers' original stamped packages, or in bottles or other conexported at any time during such extended period. Any imported spirits, tainers, bearing the distillers' original 'able's, shall for the purpose of this wines or other liquors as to which the three-year bonded period may ex- section be regarded as rectified spirits. pire after the passage of this Act and prior to the date such prohibition When the process takes effect may at the option of the owner remain in bond of rectification is completed and the taxes prescribed during such by this section have been paid, it shall be unlawful for the rectifier or other period of prohibition. dealer to reduce in proof or increase in volume such spirits or (c) In lieu of the internal revenue tax now imposed thereon wine by the by law addition of water or other there shall be levied and collected upon all perfumes substance; nothing herein contained shall, howhereafter imported ever, prevent a rectifier from using again in the process of rectification into the United States containing distilled spirits a tax of $1 10 per wino spirits already rectified and upon which the taxes have theretofore gallon, and a proportionate tax at a like rate on all been fractional parts of paid. such wine gallon. Such tax shall be collected by the collector of customs The taxes imposed by this section shall not attach to cordials and deposited as internal revenue collections, under such or liqueurs rules and regu- on which a tax is imposed and paid under Section 611 or 613, nor to lations as the Commissioner, with the approval of the the Secretary, may mixing and blending prescribe. of wines, where such blending is for the sole purpose of perfecting such wines according to commercial standards, Sec. 601. That no distilled spirits produced after Oct. nor to blends 3 1917 shall be made exclusive ly of two or more pure straight whiskies aged in wood for a imported into the United States from any foreign country, or from the period not less than four years and without the addition of coloring or Virgin Islands (unless produced from products the growth of such islands, flavoring matter or any other substance than pure water and if not reduced and not then into any State or Territory or District of the United States below ninety proof: Provided, That such blended whiskies shall be exempt in which the manufacture or sale of intoxicating liquor is prohibited), or from tax under this section only when compounded under the immediat from Porto Rico, or the Philippine Islands. Under such rules, regulations, supervisi e on of a revenue officer, in such tanks and under such condition and bonds as the Secretary may prescribe, the provision s s of this section and supervisi on as the Commissioner, with the approval of the Secretary, shall not apply to distilled spirits imported for other than (1) beverage may proscribe purposes or (2) use in the manufacture or production . of any article used All distilled spirits or wines taxable under this section shall or intended for use as a beverage. be subject to uniform regulations concerning the use thereof in the Sec. 602. That at registered distilleries producing alcohol, manufacture, or other high- blending, compounding, mixing, marking, branding, and sale of whiskey proof spirits, packages may be filled with such spirits reduced to not less and rectified than one hundred proof from the receiving cisterns spirits, and no discrimination whatsoever shall be made by and tax paid without reason of a difference in the character of the material from which being entered into bonded warehouse. Such spirits same may may be also transferred have been produced. from the receiving cisterns at such distilleries, by means of pipe lines, direct to storage tanks in the bonded warehouse and The business of a rectifier of spirits shall be carried on, and may be warehoused the tax on rectified spirits shall be paid, under such rules, regulatio In such storage tanks. Such spirits may be also ns, and bonds transferred in tanks or tank ears to general bonded warehouses for storage therein, either in as may be prescribed by the Commissioner, with the approval of the Secretary. storage tanks in such warehouses or in the tanks in which they were transferred. Such spirits may also be transferred Whoever violates any of the provisions of this section shall be from receiving cisterns deemed to or warehouse storage tanks to barrels, drums, tanks, tank cars, or other be guilty of a misdemeanor and, upon conviction, shall be fined not more than $1,000 or imprisoned not more than two years, and shall, in approved containers, and may be transported in addition, such containers for exportation or other lawful purposes. The Conunissioner, with the be liable to double the tax evaded, together with the tax, to be collected by assessment or on any bond given. approval of the Secretary, is hereby empowered to prescribe all necessary regulations relating to the drawing off, transferring, Sec. 606. That hereafter collectors shall not furnish wholesale liquor gauging, storing, and dealer's stamps in lieu of and in exchange for stamps for rectified transporting of such spirits the records to be kept and returns to be made; spirits unless the package covered by stamp for rectified spirits the size and kind of packages and tanks to be used; the is to be broken marking, branding, into smaller packages. numbering, and stamping of such packages and tanks; the kinds of stamps, The Commissioner, with the approval of the Secretary, is if any, to be used; and the time and manner of paying authorized to the tax; the kind of bond and the penal sum of same. The tax prescribe discontinue the use of the following stamps whenever in his judgment d by law must be the interests of the Government will be subserved thereby: paid before such spirits are removed from the distillery premises, or from Distillery warehouse, special bonded warehouse, special bonded general bonded warehouse in the case of spirits transferred rewarethereto, except house, as otherwise provided by law. general bonded warehouse, general bonded retransfer, transfer brandy, export tobacco, export cigars, export oleomargarine, Under such regulations as the Commissioner, with the and export Secretary, may prescribe, distilled spirits may hereafter approval of the fermented-liquor stamps. be drawn from receiving cisterns and deposited in distillery warehous Soc. 607. That the Commissioner, with the appoval of the es without having Secretary, is affixed to the packages containing the same, distillery hereby authorized to require at distilleries, breweries, rectifying houses, warehouse stamps, and such packages, when so deposited in warehous e, may be withdrawn and wherever else in his judgment such action may be deemed advisable, therefrom on the original gauge where the same have the installation of meters, tanks, pipes, or any other apparatu s for the remained in such purpose of protectin warehouse for a period not exceeding thirty days from g the revenue, and such meters, tanks, and pipes and the date of deposit. Under such regulations as the Commissioner, with all necessary labor incident thereto shall be at the expense of the person the approval of the on whose premises the installation is required. Any such person Secretary, may prescribe, the manufacture, warehous refusing ing, withdrawal, and shipment, under the provisions of existing law, of or neglecting to install such apparatus when so required by the Commisethyl alcohol for other than (1) beverage purposes or (2) use in the manufacture or production of sioner shall not be permitted to conduct business on such premises. any article used or intended for use as a beverage Sec. 608. That there shall be levied and collected on all beer, , and denatured alcohol lager beer, may be exempted from the provisions of Section ale, porter, and other similar fermented liquor, containing one-half of 1%, 3283 of tho Revised Statutes. or more, of alcohol, brewed or manufactured and hereafter sold, or removed for consumption or sale, within the United States, by whatever 624 THE CHRONICLE taxes now name such liquors may be called, in lieu of the internal revenue containing not imposed thereon by law, a tax of $6 00 for every barrel y or for quantit other any for rate more than thirty-one gallons, and a like law; to be colthe fractional parts of a barrel authorized and defined by lected under the provisions of existing law. taxable fermented Sec. 609. That from and after the passage of this Act the brewery promliquors may be convoyed without payment of tax from y of either class ises where produced to a contiguous industrial distiller tariff duties and to established under the Act, entitled "An Act to reduce s," approved purpose provide revenue for the Government, and for other the residue from such Oct. 3 1913, to be used as distilling material, and of alcohol by volume, distillation, containing less than one-half of 1% ated by cooling, which is to be used in making beverages, may be manipul distillery premises or flavoring, carbonating, settling and filtering on the [Vol,. 108. y, shall the scribed by the Commissioner, with the approval of the Secretar use of tax imposed by section 811 apply to winos produced for the family e removed the duly registered producer thereof and not sold or otherwis two hundred from the place of manufacture and not exceeding in any case gallons per year: "An Act to entitled Act Sec. 617. That sections 42, 43 and 45 of the for other purreduce the revenue and equalize duties on imports, and Act entitled poses," approt eel Oct. 1 1800, as amended by section 68 of the ent, and "An Act to reduce taxation, to provide revenue for the Governmd to read amende for other purposes," approved Aug. 27 1894, are further as follows: in the prepa"Sec. 42. That any producer of pure sweet wines may use the filing of ration of such sweet wines, under such regulations and after and the records such notices and bonds, together with the keeping of such Commissioner rendition of such reports as to materials and products as the Treasury, of Internal Revenue, with the approval of the Secretary of the distiller, and may prescribe, wine spirits produced by any duly authorized of any liability the Commissioner of Internal Revenue, in determining the the Revised distiller of wine spirits to assessment under section 3309 of computations Statutes, is authorized to allow such distiller credit in his wines under for the wine spirits withdrawn to be used in fortifying sweet elsewhere. the brewery to the disThe removal of the taxable fermented liquor from of the residue theretillery and the operation of the distillery and removal offices as the Comor from shall be under the supervision of such officer with the approval ioner, Commiss missioner shall deem proper, and the such regulations from time of the Secretary, is hereby authorized to make and effect to this section and to to time as may be necessary to give force this Act. the product safeguard the revenue. "Sec. 43. That the wine spirits mentioned in Section 42 is meaning of this Act shall be to which water Sec. 610. That natural wine within the c fermentation resulting from the distillation of fermented grape juice, alcoholi normal the from made product the deemed to be or after fermentation, for the sole addition or abstraction, except may have been added prior to, during, of the juice of sound, ripe grapes, without the fermentation and economical distillation thereof, ing of aging: facilitat purpose and ng clarifyi of nt treatme such as may occur in the usual cellar from grapes or their residues from the juice of sound, ripe and shall be held to include the product include commercial grape Provided, however, That the product made under proper cellar treat- commonly known as grape brandy, and shall must the of ation ferment e complet sugar or caramel; and the grapes by burnt with colored been have may which gauger brandy a of ion supervis the ment and corrected by the addition (under which may be fortified with wine spirits under the proviswine and sweet pure water of a solution of gauger) of ed grape juice only, with or storekeeper-gauger in the capacity y ing, respectively, not less than sions of this Act is fermented or partiall ferment pure cane, beet, or dextrose sugar (contain other substance whatever to the must or to the wine, the usual cellar treatment, and shall contain no basis) dry a on ed calculat sugar, actual ation, except as herein 95%.of addition shall not increase the introduced before, at the time or, or after ferment ed to correct natural deficiencies, when such y provided: Provided, That the addition of pure boiled or condens product t expressl resultan the and than 35%, more sugar volume of the resultant product fermenta- grape must or pure crystallized cane or beet sugar, or pure dextrose on a before acid of d thousan per parts five than ed does not contain less of actual sugar, calculat after complete fermentation, shall containing, respectively, nor less than 95% tion and not more than 13% of alcohol to the pure grape juice before of this Act, and may be labeled, dry basis, or water, or any or all of them, both, be deemed to be wino within the meaning or to the fermented product of such grape juice, or to ation, locality the ferment of name the by d qualifie purpose of transported and sold as "wine," its own prior to the fortification herein provided for, either for the of name the d by qualifie further be where produced, and may ial standards or for mechanical further, That wino as defined perfecting sweet wines according to commerc particular type or variety: And provided on of pure sweet wine aforedefiniti the d by be exclude not shall , pure or purposes sugar beet or cane sugar sugar In this section-may be sweetened with , however, That the cane or beet sugar, or pure dextrose and Provided said: Act, this of ns provisio the under of the condensed grape must and fortified the added for sweetening purposes shall not be in excess of 11% within wine sweet ed consider be shall addition winos so sweetened or fortified weight of the wine to be fortified: And provided further, That theCommismeaning of this Act. such regulations as the including vermouth, and all artificial of water herein authorized shall be under Treasthe of y Secretar the Sec. 611. That upon all still wines, l of as still wino, which are hereafter sioner of Internal Revenue, with the approva records or imitation wines or compounds sold after ury, may from time to time prescribe: Provided, however, That day the on which or States, United the into produced in or imported ons as to the percentage of saccharine, premises or other bonded prem- kept in accordance with such regulati the passage of this Act are on any winery of the wine offered for fortification content water added and c, alcoholi levied, acid, be shall there house, ses or in transit thereto or at any custom on by any official of the Department of Agriculture to inspecti thereon open be shall imposed now taxes revenue collected and paid,in lieu of the internal of Agriculture; but in no case shall sold, or removed for consumption thereto duly authorized by the Secretary tion under by law, taxes at rates as follows, when such wines to which water has been added be eligible for fortificaand before or sale: where the same, after fermentation Act, this of ns cents 16 provisio the alcohol, absolute of 14% On wines containing not more than less than 5% of their volume. taxable under this section to fortification, have an alcoholic strength of supervision, and per wine gallon, the percentum of alcohol "Sec. 45. That under such regulations and official weight; by not and volume giving of such bonds, bills of be reckoned by the and entries n such of executio the absolute upon of g 21% not exceedin Revenue, with On wines containing more than 14% and lading, and other security as the Commissioner of Internal any producer alcohol, 40 cents per wine gallon; absolute the approval of the Secretary of the Treasury, shall prescribe, spirits from of 24% ng exceedi not and 21% than On wines containing more of pure sweet wines as defined by this Act may withdraw wine registered gallon; any wine from s or alcohol, $1 per of absolute alcohol by volume any special bonded warehouse in original package gallons, and may use so All such wines containing more than 24% distillery in any quantity not less than eigty wine shall pay tax accordingly. shall be classed as distilled spirits and and official supervision and upon much of the same as may be required by him under such regulations, and Sec. 612. That under such regulations and other security as the Com- after the filing of such notices and bonds and the keeping of such records bonds s and products and the the giving of such notices, entries, y, may prescribe, any producer and the rendition of such reports as to material with missioner, with the approval of the Secretar as the Commissioner of Internal Revenue, same any the of from w ion withdra disposit may title, this of ns in fortifying of wines defined under the provisio or wine spirits, the approval of the Secretary of the Treasury, shall prescribe, accordance brandy, grape se warehou bonded purpose, in fruit distillery or special premises where actually made: the pure sweet wines made by him, and for no other ns; and the Commissioner of for the fortification of such wines on the assessed against the producer of with the foregoing limitations and provisio y of the Treasury, is Secretar Provided, That there shall be levied and the l -revenue tax now imposed thereon Internal Revenue, with the approva of prevention of such wines a tax (in lieu of the internal whenever authorized whenever he shall deem it to be necessary for the spirits wine or brandy grape of gallon proof withdrawn under this by law) of60 cents per tion of such wines violations of this law to prescribe that wino spirits fortifica the in him by used distance so r certain hereafte withdrawn and wines except at a assessment shall be paid by him within section shall not be used to fortify other during the preceding month, which from any distillery, rectifying house, winery, or him by nothing ed That prescrib further, Provided thereof: making ten months from the date of notice , establishment used for producing or storing distilled spirits, or for cordials wines, any ng exempti as d construe the be in which are so fortified, and that contained in this section shall payment of any tax provided for or storing wines other than wines wines or spirits liqueurs, or similar compounds from the building in which such fortification of wines is practiced, no room in this title. by this regulation shall be stored in any g articles which arc hereafter produced other than those permitted practiced. The Sec. 613. That upon the followin passage or part of the building in which fortification of wines is the after day the on which or this States, in or imported into the United for the fortification of sweet winos under s or other bonded premises or in transit use [of wine spirits ion of an officer !of supervis te the immedia of this Act are on any winery premise under be shall paid Act and d collecte there shall be levied, kinds and quanthereto or at any custom house, Internal revenue, who shall make returns describing the or removed for consumption or sale: seals to the packtaxes at rates as follows, when sold g wine, 12 tities of wine so fortified, and shall affix such stamps and Commissioner of sparklin or gne champa of r containe On each bottle or other ages containing such wines as may be prescribed by the thereof; and cents on each one-half pint or fraction the approval of the Secretary of the Treasury; r of artificially carbonated wine, 6 cents Internal Revenue, with Secretary containe other or bottle each On ioner of Internal Revenue, with the approval of the Commiss the thereof; by regulations the time within which wines on each one-half pint or fraction r of liqueurs, cordials or similar com- of the Treasury, shall provide wn, may be subject to inspection, On each bottle or other containe sale, containing sweet wine so fortified with the wine spirits so withdra wine spirits and for rowarehousfor offered or sold name r whateve such of pounds, by use the for ing account final for thereof. and fraction or pint each one-half fortified with grape brandy,6 cents on on any portion of such wine spirits which in the case of any article upon which ins or for payment of the tax The tax imposed by this section shall, law, be in lieu of remain not used in fortifying pure sweet wines." by imposed now is tax e execution of such -revenu a corresponding internal Sec. 618 (a) That under such regulations and upon the ioner, with the security as the Commiss other and such tax. bonds entries, which notices, upon 613 or 611 section in specified prescribe, domestic wines subject to the Sec. 614. That upon all articles by law has been paid and which approval of the Secretary, may the winery where prothe internal-revenue tax now imposed and intended tax imposed by Section 611 may be removed from person any by held Act this of passage premise§ or from such prembonded other on are on the day after the storage for tax, of the free to duced, equal tax d and paid a floor additional refor sale, there shall be levied, collecte ises to other bonded premises (but not more than one such by this Act and the tax to paid. States or for difference between the tax imposed allowed), or for exportation from the United be shall thereof moval r produce the by sale for held distillery: Provided, See. 615. That upon all sweet wines assessed, use as distilling material at any regularly registered levied, be shall there Act this subject of shall, passage upon the day after the distiller using any such wine as material nt to 30 cents per proof gallon upon however, That the , be 3309 of the Revised Statutes, as amended collected and paid a floor tax equivale the fortification of such wine. Section of ns provisio the to both the used in on the product of such wines as will include the grape brandy or wine spirits tax the pay by to held paid be shall 613 or 611 section d from by produced by fermentation and that obtaine See. 616. That the taxes imposed the custom house, winery or other alcoholic strength therein such wines at the time of fortification. stamp on removal of the wines from and every person hereafter the brandy or wine spirits added to sale, or theraption with consump ioner, for Commiss storage of bonded place (b) Under regulations prescribed by the on or under this control when this title producing, or having in his possessi y, it shall be lawful to produce grape wines on bonded the tax imposed in section 611 or 613 shall proval of the Secretar t arid use the same takes effect, any wines subject to d winery premises by the usual method, and to transpor produce are wines such which on s premise the now stored on bonded winery file such notice, describing make such inventories and like wines heretofore produced and shall form; such in bond a nonbevorage spirits of execute ion g material for the product or stored; shall or removal for consumption, affix to premises, as distillin under oath; and shall, prior to sale olic wines, containing less than M of 1% of nonalcoh on as producti the in stamps or labels marks, such wine in any fruit brandy or industrial distillery: Proeach cask or vessel containing such l of the Secretary, may from time to of alcohol by volume,c any industrial distillery shall he Commissioner, with the approva shall, for the sided, That all alcoholi spirits so obtained at notice such in d describe s premise the at any fruit distillery shall be obtained so line prescribe; and spirits all and ed, ns denatur be provisio the But premises. Iret! urpose of this Act, be regarded as bonded only for nonbeverago purposes or for denaturation. tax and the affixing of the required removed and used t d still wineslinPf this section, except as to paymen of held by retail dealers, as defined Sec. 619. That the collection of the tax on importe wines andion to ne, apply amps or labels, shall not sparkling wines, including champag , nor, subject to regulations pros- eluding verrnuth, and section 3244 of the Revised Statutes FEB. 15 1919.] THE CHRONICLE mported liqueurs, cordials, and similar compounds, may be made within the discretion of the Commissioner, with tho approval of tho Secretary, by assessment instead of by stamps. Sec. 620. That whoever evades or attempts to evade any tax imposed by Sections 611 to 615, both inclusive, or any requirement of Sections 610 to 621, both inclusive, or regulation issued pursuant thereto, or whoever, otherwise than as provided in such sections, recovers or attempts to recover any spirits from domestic or imported wine, or whoever Actifies, mixes, or compounds with distilled spirits any domestic wines, other than in the manufacture of liqueurs, cordials, or similar compounds, shall, on conviction, be punished for each such offense by a fine of not exceeding $5,000, or imprisonment for not more than five years, or both, and in addition thereto by a penalty of double the tax evaded, or attempted to be evaded, to be assessed and collected in the same manner as taxes are assessed and collected, and all wines, spirits, liqueurs, cordials, or similar compounds as to winch such violation occurs shall be forfeited to the United States. But the provisions of this section and the provisions of Section 3244 of the Revised Statutes, as amended, relating to rectification, or other internal revenue laws of the United States, shall not be held to apply to or prohibit the mixing or blending of wines subject to tax under the provisions of sections 611 to 615, both inclusive, with each other or with other wines for the sole purpose of perfecting such wines according to commercial standards: Provided, That nothing herein contained shall be construed as prohibiting the use of tax-paid grain or other ethyl alcohol in the fortification of sweet wines as defined in Section 610 of this Act and Section 43 of the Act, entitled "An Act to reduce the revenue and equalize duties on imports, and for other purposes," approved Oct. 1 1890, as amended by this Act. Sec. 621. That the Commissioner, by regulations to be approved by the Secretary, may require the use at each fruit distillery of such spirit meters, and such locks and seals to be affixed to fermenters, tanks, or other vessels and to such pipe connections as may in his judgment be necessary or expedient, and is hereby authorized to assign to any such distillery and to each winery where wines are to be fortified such number of gaugers or storkeeper-gaugers in the capacity of gaugers as may be necessary for the proper supervision of the manufacture of brandy or the making or fortifying of wines subject to tax imposed by this section; and the compensation of such officers shall not exceed $5 per diem while so assigned, together with their actual and necessary traveling expenses, and also a reasonable allowance for their board bills, to be fixed by the Commissioner, with the approval of the Secretary, but not to exceed $2 50 per diem for such board bills. Sec. 622. That the Commissioner, with the approval of the Secretary. Is hereby authorized to make such allowances for unavoidable loss of wines while on storage or during cellar treatment as in his judgment may be Just and proper. Sec. 623. That the second paragraph of Section 3264 of the Revised Statutes, as amended by Section 5 of the Act of March 1 1879, and as further amended by the Act of June 22 1910 be amended so as to read as follows: "In all surveys forty-five gallons of mash or beer brewed or fermented from grain shall represent not less than one bushel of grain, and seven gallons of mash or beer brewed or fermented from molasses shall represent not less than one gallon of molasses, except in distilleries operated on the sour-mash principle, in which distilleries 60 gallons of beer brewed or fermented from gain shall represent not less than one bushel of grain, and except that in distilleries where the filtration-aeration process is used, with the approval of the Commissioner of Internal Revenue; that is, where the mash after it leaves the mash tub is passed through a filtering machine before it is run into the fermenting tub and only the filtered liquer passes into the fermenting tub, there shall hereafter be no limitation upon the number of gallons of water which may be used in the process of mashing or filtration for fermentation; but the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, in order to protect the revenue, shall be authorized to prescribe by regulation, to be made by him, such character of survey as he may find suitable for distilleries using such filtration-aeration process. The provisions hereof relating to filtrationaeration process shall apply only to sweet-mash distilleries." Soc. 624. That under such regulations as the Commissioner, with 'the approval of the Secretary, may prescribe, alcohol or other distilled spirits of a proof strength of not less than one hundred and eighty degrees intended for export free of tax may be drawn from receiving cisterns at any distillery, or from storage tanks in any distillery warehouse, for transfer to tanks or tank cars for export from the United States, and all provisions of existing law relating to the exportation of distilled spirits not inconsistent herewith shall apply to spirits removed for export under the provisions of this Act. Soc. 625. That Section 3255 of the Revised Statutes, as amended by the Act of June 3 1896 and as further amended by the Act of March 2 1911, be further amended so as to read as follows: "Sec. 3255. That Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may exempt distillers of brandy made exclusively from apples, peaches, grapes, pears, pineapples, organes, apricots, berries, plums, pawpaws, persimmons, prunes, figs, or cherries from any provision of this title relating to the manufacture of spirits, except as to the tax thereon, when in his judgment it may seem expedient to do so: Provided, That where, In the manufacture of wino, artificial sweetening has been used the wine or the fruit pomace sesiduum may be used in the distillation of brandy, and such use shall not prevent the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, from exempting such distiller from any provision of this title relating to the manufacture of spirits, except as to the tax thereon, when in his judgment it may seem expedient to do so: And provided further, That the distillers mentioned in this section may add to not less than five hundred gallons (or ten barrels) of grape cheese not more than five hundred gallons of a sugar solution made from cane, beet, starch, or corn sugar, 95% pure, such solution to have a saccharine strength of not to exceed 10%,and may ferment the resultant mixture on a winery or distillery premises, and such fermented product shall be regarded as distilling material." Sec. 626. That distilled spirits known commercially as gin of not less than 80% proof may at any time within eight years after entry in bond at any distillery be bottled in bond at such distillery for export without the payment of tax, under such rules and regulations as the Commissioner, with the approval of the Secretary, may prescribe. Sec. 627. That Section 3354 of the Revised Statutes as amended by the Act approved June 18 1890 be, and is hereby, amended to read as follows: "Sec. 3354. Every person who withdraws any fermented liquor from any hogshead, barrel, keg, or other vessel upon" which the proper stamp has not been affixed for the purpose of bottling the same, or who carries on or attempts to carry on the business of bottling fermented liquor in any brewery or other place in which fermented liquor is made, or upon any premises having communication with such brewery, or any warehouse, shall be liable to a fine of 3500, and the property used in such bottling or business shall be liable to forfeiture: Provided, however, That this section 625 shall not be construed to prevent the withdrawal and transfer of unfermented, partially fermented, or fermented liquors from any of the vats in any brewery by way of a pipe line or other conduit to another building or place for the sole purpose of bottling the same, such pipe line or conduit to be constructed and operated in such manner and with such cisterns, vats, tanks, valves, cocks, faucets, and gauges, or other utensils or apparatus, either on the promises of the brewery or the bottling house, and with such changes of or additions thereto, and such locks, seals, or other fastenings, and under such rules and regulations as shall be from time to time prescribed by the Commissioner of Internal Revenue, subject to the approval of the Secretary of the Treasury, and all locks and seals prescribed shall be provided by the Commissioner of Internal Revenue at the expense of the United States: Provided further, That the tax imposed in Section 3339 of the Revised Statutes shall be paid on all fermented liquor removed from a brewery to a bottling house by means of a pipe or conduit, at the time of such removal, by the cancellation ttnd defacement, by the collector of the district or his deputy, in the presence of the brewer, of the number of stamps denoting the tax on the fermented liquor thus removed. The stamps thus canceled and defaced shall be disposed of and accounted for in the manner directed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury. And any violation of the rules and regulations hereafter prescribed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, in pursuance of these provisions, shall be subject to the penalties above provided by this section. Every owner, agent, or superintendent of any brewery or bottling house who removes, or connives at the removal of, any fermented liquor through a pipe line or conduit, without payment of the tax thereon, or who attempts in any manner to defraud the revenue as above, shall forfeit all the liquors made by and for him, and all the vessels, utensils, and apparatus used in making the same." Sec. 628. That there shall be levied, assessed, collected, and paid in lieu of the taxes imposed by Sections 313 and 315 of the Revenue Act of 1917— (a) Upon all beverages derived wholly or in part from cereals or substitutes therefor, and containing less than 34 of 1% of alcohol, sold by the manufacturer, producer, or importer, in bottles or other closed containers, a tax equivalent to 15% of the price for which so sold; and upon all unfermented grape juice, ginger ale, root beer, sarsaparilla, pop, artificial mineral waters (carbonated or not carbonated), other carbonated waters or beverages, and other soft drinks, sold by the manufacturer, producer, or importer, in bottles or other closed containers, a tax equivalent to 10% of the price for which so sold; and (b) Upon all natural mineral waters or table waters, sold by the producer, bottler, or importer thereof, in bottles or other closed containers, at over 10 cents per gallon, a tax of 2 cents per gallon. Sec. 629, That each manufacturer, producer, bottler, or importer of any of the articles enumerated in Section 628 shall make monthly returns under oath in duplicate and pay the taxes imposed in respect to such articles by such section to the collector for the district in which is located the principal place of business, containing such information necessary for the assessment of the tax, and at such times and in such manner as the Commissioner, with the approval of the Secretary, may by regulation prescribe. The tax shall, without assessment by the Commissioner or notice from the collector, be due and payable to the collector at the time so fixed for filing tno return. If the tax is not paid when due, there shall be added as part of the tax a penalty of 5%, together with interest at the rate of 1% for each full month,from the time when the tax became due. Sec. 630. That on and after May 1 1919 there shall be levied, assessed, collected, and paid a tax of 1 cent for each 10 cents or fraction thereof of the amount paid to any person conducting a soda fountain, ice cream parlor, or other similar place of business, for drinks commonly known as soft drinks, compounded or mixed at such place of business, or for ice cream, Ice cream sodas, sundaes, or other similar articles of food or drink, when any of the above are sold on or after such date for consumption in or in proximity to such place of business. Such tax shall be paid by the purchaser to the vendor at the time of the sale and shall be collected, returned and paid to the United States by such vendor in the same manner as provided in Section 502. TITLE V11.—TAX ON CIGARS, TOBACCO AND MANUFACTURES THEREOF. Sec. 700. (a) That upon cigars and cigarettes manufactured in or imported into the United States, and hereafter sold by the manufacturer or importer, or removed for consumption or sale, there shall be levied, collected and paid under the provisions of existing law,in lieu of the internal revenue taxes now imposed thereon by law, the following taxes, to be paid by the manufacturer or importer thereof— On cigars of all descriptions made of tobacco, or any substitute therefor, and weighing not more than throe pounds per thousand,$1 50 per thousand; On cigars made of tobacco, or any substitute therefor, and weighing more than three pounds per thousand, if manufactured or imported to retail at not more than 5 cents each, $4 per thousand; If manufactured or imported to retail at more than 5 cents each and not more than 8 cents each, $6 per thousand; If manufactured or imported to retail at more than 8 cents each and not more than 15 cents each, $9 per thousand; If manufactured or imported to retail at more than 15 cents each and not more than 20 cents each, $12 per thousand; If manufactured or imported to retail at more than 20 cents each, $15 per thousand; On cigarettes made of tobacco, or any substitute therefor, and weighing not more than three pounds per thousand, S3 per thousand; Weighing more than three pounds per thousand, $7 20 per thousand. (b) Whenever in this section reference is made to cigars manufactured or imported to retail at not over a certain price each, then in determining the tax to be paid regard shall be had to the ordinary retail price of a single cigar. (c) The Commissioner may, by regulation, require the Manufacturer or importer to affix to each box, package, or container a conspicuous label Indicating the clause of this section under which the cigars therein contained have been tax-paid, which must correspond with the tax-paid stamp on such box or container. (d) Every manufacturer of cigarettes (including small cigars weighing not more than three pounds per thousand) shall put up all the cigarettes and such small cigars that he manufactures or has manufactured for him, and sells or removes for consumption or sale, in packages or parcels containing five, eight, ton, twelve,fifteen, sixteen, twenty, twenty-four, forty, fifty, eighty, or one hundred cigarettes each, and shall securely affix to each of such packages or parcels a suitable stamp denoting the tax thereon and shall properly cancel the same prior to such sale or removal for consumption or sale under such regulations as the Commissioner, with the approval of the Secretary, shall prescribe; and all cigarettes imported from a foreign country shall be packed, stamped, and the stamps canceled in a like manner, in addition to the import stamp indicating inspection of the custom house before they are withdrawn therefrom. 626 • THE CHRONICLE Sec. 701. (a) That upon all tobacco and snuff manufactured in or imported into the United States, and hereafter sold by the manufacturer or importer, or removed for consumption or sale, there shall be levied, collected, and paid, in lieu of the internal revenue taxes now imposed thereon by law, a tax of 18 cents per pound, to be paid by the manufactuier or importer thereof. (b) Section 3362 of the Revised Statutes, as amended,is hereby amended to read as follows: "Sec. 3362. All manufactured tobacco shall be put up and prepared by the manufacturer fcr sale, or removal for sale or consumption, in packages of the following description and in no other manner: "All smoking tobacco, snuff, fine cut chewing tobacco, all cut and granulated tobacco, all shorts, the refuse of fine cut chewing, which has passed through a riddle of thirty-six meshes to the square inch, and all refuse scraps, clippings, cuttings and sweepings of tobacco, and all other kinds of tobacco not otherwise prrided for, in packages containing oneeighth of an ounce, three-eighths of an ounce, and further packages with a difference between each package and the one next smaller of one-eighth of an ounce up to and including two ounces, and further packages with a difference between each package and the one next smaller of one-fourth of an ounce up to and including four ounces, and packages of five ounces, six ounces, seven ounces, eight ounces, ten ounces, twelve ounces, fourteen ounces and sixteen ounces: Provided, That snuff may at the option of the manufacturer, be put up in bladders and in jars containing not exceeding 'twenty pounds. "All cavendish, plug, and twist tobacco, in wooden packages not exceeding 200 pounds net weight. "And every such wooden package shall have printed or marked thereon the manufacturer's name and place of manufacture, the registered number of the manufactory, and the gross weight, the tare, and the net weight of the tobacco in each package: Provided, That these limitations and descriptions of packages shall not apply to tobacco and snuff transported In bond for exportation and actually exported: And provided further, That perique tobacco, snuff flour, fine cut shorts, the refuse of fine cut chewing tobacco, refuse scraps, clippings, cuttings and sweepings of tobacco, may be sold in bulk as material and without the payment of tax, by one manufacturer directly to another manufacturer or for export, under such restrictions, rules and regulations as the Commissioner of Internal Revenue may prescibe: And provided further, That wood, metal, paper, or other materials may be used separately or in combination for packing tobacco, snuff and cigars, under such regulations as the Commissioner of Internal Revenue may establish." Sec. 702. That upon all the articles enumerated in Section 700 or 701, which were manufactured or imported, and removed from factory or custom house on or prior to the date of the passage of this Act, and upon which the tax imposed by existing law has been paid, and which are, on the day after the passage of this Act, held by any person and intended for sale, there shall be levied, assessed, collected, and paid a floor tax equal to the difference between (a) the tax imposed by this Act upon such articles according to the class in which they are placed by this title, and (b) the tax imposed upon such articles by existing law other than Section 403 of the Revenue Act of 1917. Sec. 703. That there shall be levied, collected and paid, in lieu of the taxes imposed by Section 404 of the Revenue Act of 1917, upon cigarette paper made up into packages, books, sets, or tubes, made up in or imported into the United States and hereafter sold by the manufacturer or importer to any person (other than,to a manufacturer of cigarettes for use by him in the manufacture of cigarettes) the following taxes, to be paid by the manufacturer or importer: On each package, book, or set, containing more than twenty-five but not more than fifty papers, M cent; containing more than fifty but not more than one hundred papers, 1 cent; containing more than one hundred papers, M cent for each fifty papers or fractional part thereof; and upon tubes, 1 cent for each fifty tubes or fractional part thereof. Every manufacturer of cigarettes purchasing any cigarette paper made up into tubes (a) shall give bond in an amount and with sureties satisfactory to the Commissioner that he will use such tubes in the manufacture of cigarettes or pay thereon a tax equivalent to the tax imposed by this section, and (b) shall keep such records and render under oath such returns as the Commissioner finds necessary to show the disposition of all tubes purchased or imported by such manufacturer of cigarettes. Sec. 704. That Section 35 of the Act entitled "An Act to provide revenue, equalize duties and encourage the industries of the United States, and for other purposes," approved Aug. 5 1909, be, and is hereby, repealed, to take effect April 1 1919. That Section 3360 of the Revised Statutes be, and is hereby, amended to read as follows: "Sec. 3360 (a) Every dealer in leaf tobacco shall file with the collector of the district in which his business is carried on, a statement in duplicate, subscribed under oath, setting forth the place, and, if in a city, the street and number of the street, where his business is to be carried on, and the exact location of each place where leaf tobacco is held by him on storage, and, whenever he adds to or discontinues any of his leaf tobacco storage places, he shall give immediate notice to the collector of the district in which he is registered. "Every such dealer shall give a bond with surety, satisfactory to, and to be approved by, the collector of the district, in such penal sum as the collector may require, not less than $500; and a new bond may be required In the discretion of the collector or under instructions of the Commissioner. "Every such dealer shall be assigned a number by the collector of the district, which number shall appear in every inventory, invoice and report rendered by the dealer, who shall also obtain certificates from the collector of the district setting forth the place where his business is carried on and places designated by the dealer as,the places of storage of his tobacco, which certificates shall be posed conspicuously within the dealer's registered place of business, and within each designated place of storage. "(b) Every dealer in leaf tobacco shall make and deliver to the collector of the district a true inventory of the quantity of the different kinds of tobacco held or owned, and where stored by him, on the first day of January of each year, or at the time of commencing and at the time of concluding business, if before or after the first day of January, such Inventory to be made under oath and rendered in such form as may be prescribed by the Commissioner. "Every dealer in leaf tobacco shall render such invoices and keep such records as shall be prescribed by the Commissioner, and shall enter therein, day by day, and upon the same day on which the circumstance, thing or act to be recorded is done or accurs, an accurate account of the number of hogsheads, tierces, cases and bales, and quantity of leaf tobacco contained therein, purchased or received by him, on assignment, consignment, for storage, by transfer or otherwise, and of whom purchased or received, and the number of hogsheads, tierces, cases and bales, and the quantity of leaf tobacco contained therein, sold by him, with the name and residence in each instance of the person to whom sold, and if shipped, to whom shipped, and to what district; such records shall be kept at his place of business at all times and preserved for a period of two years, and• the [VOL. 108. same shall be open at all hours for the inspection of any internal revenue officer or agent. "Every dealer in leaf tobacco on or before the tenth day of each month, shall furnish to the collector of the district a true and complete report of all purchases, receipts, sales and shipments of leaf tobacco made by him during the month next preceding, which report shall be verified and rendered in such form as the Commissioner, with the approval of the Secretary, shall prescribe. • "(c) Sales or shipments of leaf tobacco by a dealer in leaf tobacco shall be in quantities of not less than a hogshead, tierce, case, or bale, except loose leaf tobacco comprising the breaks on warehouse floors, and except to a duly registered manufacturer of cigars for use in his own manufactory "Dealers in leaf tobacco shall make shipments of leaf tobacco only to other dealers in leaf tobacco, to registered manufacturers of tobacco snuff, cigars or cigarettes, or for export. "(d) Upon all leaf tobacco sold, removed or shipped by any dealer in leaf tobacco in violation of the provisions of subdivision (c), or in respect to which no report has been made by such dealer in accordance with the provisions of subdivision (b), there shall be levied, assessed, collected and paid a tax equal to the tax then in force upon manufactured tobacco, such tax to be assessed and collected in the same manner as the tax on manufactured tobacco. "(e) Every dealer in leaf tobacco "(1) who neglects or refuses to furnish the statement, to give bond, to keep books, to file inventory or to render the invoices, returns or reports required by the Commissioner, or to notify the collector of the district of additions to his places of storage; or "(2) who ships or delivers leaf tobacco, except as herein provided; or "(3) who fraudulently omits to account for tobacco purchased, received, sold, or shipped; shall be fined not less than $100 or more than $500, or imprisoned not more than one year, or both. "(f) For the purposes of this section a farmer or grower of tobacco shall not be regarded as a dealer in leaf tobacco in respect to the leaf tobacco produced by him." TITLE VIII.—TAX ON ADMISSIONS AND DUES. Sec. 800 (a) That from and after April 1919, there shall be levied, • assessed, collected, and paid, in lieu of the taxes imposed by section 700 of the Revenue Act of 1917— (1) A tax of 1 cent for each 10 cents or fraction thereof of the amount paid for admission to any place on or after such date, including admission by season ticket or subscription, to be paid by the person paying for such admission; (2) In the case of persons (except bona fide employees, municipal officers on official business, persons in the military or naval forces of the United States when in uniform, and children under twelve years of age) admitted free or at reduced rates to any place at a time when and nutter circumstances under which an admission charge is made to other persons, a tax of 1 cent for each 10 cents or fraction thereof of the price so charged to such other persons for the same or similar accommodations, to be paid by the person so admitted; (3) Upon tickets or cards of admission to theatres, operas, and other places of amusement, sold at news stands, hotels, and places other than the ticket offices of such theatres, operas, or other places of amusement, at not to exceed 50 cents in excess of the SUM of the established price therefor at such ticket offices plus the amount of any tax imposed under paragraph (1), a tax equivalent to 5% of the amount of such excess; and if sold for more than 50 cents in excess of the sum of such established price plus the amount of any tax imposed under paragraph (1), a tax equivalent to 50% of the whole amount of such excess, such taxes to be returned and paid, in the manner provided in section 903, by the person selling such tickets; (4) A tax equivalent to 50% of the amount for which the proprietors, managers, or employees of any opera house, theatre, or other place of amusement sell or dispose of tickets or cards of admission in excess of the regular or established price or charge therefor, such tax to be returned and paid, in the manner provided in section 903, by the person selling such tickets; (5) In the case of persons having the permanent use of boxes or seats in an opera house or any place of amusement or a lease for the use of such box or seat in such opera house or place of amusement (in lieu of the tax imposed by paragraph (1), a tax equivalent to 10% of the amount for which a similar box or seat is sold for each performance or exhibition at which the box or seat is used or reserved by or for the lessee or holder, such tax to be paid by the lessee or holder; and (6) A tax of 1M cents for each 10 cents or fraction thereof of the amount paid for admission to any public performance for profit at any roof garden, cabaret, or other similar entertainment, to which the charge for admission Is wholly or in part included in the price paid for refreshment, service, or merchandise; the amount paid for such admission to be deemed to be 20% of the amount paid for refreshment, service, and merchandise; such tax to be paid by the person paying for such refreshment, service, or merchandise. (b) No tax shall be levied under this title in respect to any admissions all the proceeds of which inure exclusively to the benefit of religious, educational, or charitable institutions, societies, or organizations, societies for the prevention of cruelty to children or animals, or exclusively to the benefit of organizations conducted for the solo purpose of maintaining symphony orchestras and receiving substantial support from voluntary contributions, none of the profits of which aro distributed to members of such organizations, or exclusively to the benefit of persons in the military or naval forces of the United States, or admissions to agricultural fairs • none of the profits of which are distributed to stockholders or members of the association conducting the same. (c) The term "admission" as used in this title includes seats and tables, reserved or otherwise, and other similar accommodations, and the charges made therefor. (d) The price (exclusive of the tax to be paid by the person paying for admission) at which every admission ticket or card is sold shall be cohspicuously and indelibly printed, stamped, or written on the face or back thereof, together with the name of the vendor if sold other than at the ticket office of the theatre, opera, or other place of amusement. Whoever sells an admission ticket or card on which the name of the vendor and price is not so printed, stamped, or written, or at a price in excess of tho price so printed, stamped, or written thereon, is guility of a misdemeanor, and upon conviction thereof shall be fined not more than $100. Sec.801. That from and after April 1 1919, there shall be levied, assessed, collected, and paid, in lieu of the taxes imposed by section 701 oftthe Revenue Act of 1917, a tax equivalent to 10% of any amount paidion or after such date, for any period after such date, (a) as dues or inembbrship fees (where the dues or fees of an active resident annual member are in excess of $10 per year) to any social, athletic, or sporting club or organization; or (b) as initiation fees to such a club, or organization, if such fees amount to more than $10, or if the dues or membership fees (not including initiation fees) of an active resident annual member are in excess of $10 per year; such taxes to be paid by the person paying such FEB. 15 1919.] THE CHRONICLE dues or fees: Provided, That there shall be exempted from the provisions of this section all amounts paid as dues or foes to a fraternal society, order, or association, operating under the lodge system. In the case of life memberships a life member shall pay annually, at the time for the payment of duos by active resident annual members, a tax equivalent to the tax upon the amount paid by such a member, but shall pay no tax upon the amount paid for life membership. Sec. 802. That every person (a) receiving any payments for such admission, dues, or fees shall collect the amount of the tax imposed by section 800 or 801 from the person making such payments, or (b) admitting any person free to any place for admission to which a charge is made, shall collect the amount of the tax imposed by section 800 from the person so admitted. Every club or organization having life members, shall collect from such members the amount of the tax imposed by section 801. In all the above cases returns and payments of the amount so collected shall be made at the same time and in the same manner as provided in section 502 TITLE I X.—EXCISE TAXES. 627 specified as to each such article, when such article is sold by or for a dealer or his estate on or after such date for consumption or use— (1) Carpets and rugs, including fiber, except imported and American rugs made principally of wool on the amount in excess of $5 per square yard; (2) Picture frames, on the amount in excess of $10 each; (3) Trunks, on the amount in excess of $50 each; (4) Valises, traveling bags, suit cases, hat boxes used by travelers, and fitted toilet cases, on the amount in excess of $25 each; (5) Purses, pocketbooks, shopping and hand bags, on the amount in excess of $7 50 each; (6) Portable lighting fixtures, including lamps of all kinds and lamp shades, on the amount in excess of $25 each; (7) Umbrellas, parasols, and sun shades, on the amount in excess of $4 each; (8) Fans, on the amount in excess of $1 each; (9) House or smoking coats or jackets, and bath or lounging robes, on the amount in excess of $7 50 each; (10) Men's waistcoats, sold separately from suits, on the amount in excess of $5 each; Sec. 900. That there shall be levied, assessed, collected, and paid upon (11) Women's and misses' hats, bonnets, and hoods, on the amount in the following articles sold or leased by the manufacturer, producer, or im- excess of $15 each; porter, a tax equivalent to the following percentages of the price for which (12) Men's and boys' hats, on the amount in excess of $5 each; so sold or leased— (13) Men's and boys' caps, on the amount in excess of $2 each; (1) Automobile trucks and automobile wagons (including tires, inner (14) Men's, women's, misses', and boys' boots, shoes, pumps, and sliptubes, parts, and accessories therefor, sold on or in connection therewith pers, not including shoes or applicances made to order for any person having or with the sale thereof), 3%; a crippled or deformed foot or ankle, on the amount in excess of $10 per (2) Other automobiles and motorcycles (including tires, inner tubes, pair; parts and accessories therefor, sold on or in connection therewith or with (15) Men's and boys' neckties and neckwear, on the amount in excess of the sale thereof), except tractors, 5%; • $2 each; (3) Tires, inner tubes, parts, or accessories, for any of the articles enu(16) Men's and boys' silk stockings or hose, on the amount in excess of merated in subdivision (1), or (2) sold to any person other than a manu- $1 per pair; facturer or producer of any of the articles enumerated in subdivision (1) (17) Women's and misses' silk stockings or hose, on the amount in excess or (2), 5%; of $2 per pair; (4) Pianos, organs (other than pipe organs), piano players, grapho(18) Men's shirts, on the amount in excess of $3 each; phones, phonographs, taking machines, music boxes, and records used (19) Men's, women's, misses', and boys' pajamas, night gowns, and in connection with any musical instrument, piano player, graphophono, underwear, on the amount in excess of $5 each; and phonograph, or talking machine, 5%; (20) Kimonos, petticoats, and waists, on the amount in excess of $15 (5) Tennis tackets, nets, racket covers and presses, skates, snowshoes, each. skis, toboggans, canoe paddles and cushions, polo mallets, baseball bats, (b) The tax imposed by this section shall not apply (1) to any article gloves, masks, protectors, shoes and uniforms, football helmets, harness enumerated in paragraphs (2) to (8), both inclusive, of subdivision (a), and goals, basket-ball goals and uniforms, golf bags and clubs, lacrosse if such article is made of or ornamented, mounted, or fitted with, precious stocks, balls of all kinds,including baseballs, footballs, tennis, golf, lacrosse, metals or imitations thereof or ivory, or (2) to any article made of fur on billiard and pool balls, fishing rods and reels, billiard and pool tables, the hide or pelt, or of which any such fur is the component material of chief chess and checker boards and pieces, dice, games and parts of gaanes value, or to (3) any article enumerated in subdivision (17) or (18) of Section (except playing cards and children's toys and games), and all similar 900. articles commonly or commercially known as sporting goods, 10%; (c) The taxes imposed by this section shall be paid by the purchaser to (6) Chewing gum or substitutes therefor, 3%; the vendor at the time of the sale and shall be collected, returned, and paid (7) Cameras, weighing not more than 100 pounds, 10%; to the United States by such vendor in the same manner as provided in (8) Photographic films and plates, other than moving-picture films, 5%; Section 502. (9) Candy, 5%. Sec. 905. That on and after April 1 1919, there shall be levied, assessed, (10) Firearms, shells, and cartridges, except those sold for the use of collected, and paid (in lieu of the tax imposed by subdivision (e) of Section the United States, any State, territory, or possession of the United States, 600 of the Revenue Act of 1917) upon all articles commonly or commercially any political subdivision thereof, the District of Columbia, or any foreign known as jewelry, whether real or imitation; pearls, precious and semicountry while engaged against the German Government in the present precious stones, and imitations thereof; articles made of, or ornamented, war, 10%. mounted or fitted with, precious metals or imitations thereof or ivory (not (11) Hunting and bowie knives, 10%; including surgical instruments); watches; clocks; opera glasses; lorgnettes; (12) Dirk knives, daggers, sword canes, stillettos, and brass or metallic marine glosses; field glasses: and binoculars; upon any of the above when knuckles, 100%; sold by or for a dealer or his estate for consumption or use,a tax equivalent (13) Portable electric fan, 5%; to 5% of the price for which so sold. (14) Thermos and thermostatic bottles, carafes, jugs, or other thermoEvery person selling any of the articles enumerated in this section shall static containers, 5%; make returns under oath in duplicate (monthly or quarterly as the Com(15) Cigar and cigarette holders and pipes, composed wholly or in part missioner, with the approval of the Secretary, may prescribe) and pay of meerchaum or amber; humidors and smoking stands, 10%; the taxes imposed in respect to such articles by this section to the collector (16) Automatic slot-device vending machines, 5%, and automatic slot- for the district in which is located the principal place of business. Such device weighing machines, 10%. If the manufacturer, producer or im- returns shall contain such information and be made at such times and in porter of any such machine operates it for profit, he shall pay a tax in respect such manner as the Commissioner, with the approval of the Secretor''', to each such machine put into operation equivalent to 5% of its fair market may by regulations prescribe. value in the case of a vending machine, and 10% of its fair market value The tax shall, without assessment by the Commissioner or notice from in the case of a weighing machine; the collector, be due and payable to the collector at the time so fixed for (17) Liveries and livery boots and hats, 10%; filing the return. If the tax is not paid when due, there shall be added as (18) Hunting and shooting garments and riding habits, 10%; part of the tax a penalty of 5%, together with interest at the rate of 1% (19) Articles made of fur on the hide or pelt, or of which any such fur for each full month,from the time when the tax became due. is the component material of chief value, 10%; Sec. 906. That on and after the 1st day of May 1919, any person en(20) Yachts and motor boats not designed for trade, fishing or national gaged in the business of leasing or licensing for exhibition positive modefense; and pleasure boats and pleasure canoes if sold for more thanl$15, tion-picture films containing pictures ready for projection shall pay monthly 10%; an excise tax in respect to carrytng on such business equal to 5% of the total (21) Toilet soap and toilet soap powders, 3%; and rentals earned from each such lease or license during the preceding month. If any manufacturer, producer or importer of any of the articles enu- If a person owning such a film exhibits it for profit he shall pay a tax equivamerated in this *section customarily sells such articles both at wholesale lent to 5% of the fair rental or license value of such film at the time and and at retail, the tax in the case of any articles sold by him at retail shall be place where and for the period during which exhibited. If any such percomputed on the price for which like articles are sold by him at wholesale. son has, prior Dec. to 6 1918, made a bona fide contract with any person The taxes imposed by this section shall, in the case of any article in respect for the lease or licensing, after the tax imposed by this section takes effect, to which a corresponding tax is imposed by section 600 of the Revenue of such a film for exhibitiqn for profit, and if such contract does not permit Act of 1917, he in lieu of such tax. the adding of the whole of the tax imposed by this section to the amount Soc. 901. That if any person manufactures, produces or imports any to be paid under such contract, then the lessee or licensee shall, in article enumerated in section 900, or leases or licenses for lieu exhibition any of the lessor or licensor, pay so much of such tax as is not so permitted to positive motion-picture film containing a picture ready for projection, be added to the contract price. The tax imposed by this section shall and, whether through any agreement, arrangement, be or understanding, or in lieu of the tax imposed by subdivisions (c) and (d) of Section 600 of the otherwise, sells, leases, or licenses such article at loss than the fair market Revenue Act of 1917. price obtainable therefor, either (a) in such manner as directly or inSec. 907 (a) That on and after May 1 1919 there shall be levied, assessed, directly to benefit such person or any person directly or indirectly interested in the business of such person, or (b) with intent to cause such benefit, the collected and paid (in lieu of the taxes imposed by subdivisions (g) and (h) of Section 600 of the Revenue Act of 1917) a tax of 1 cent for each 25 cents amount for which such article is sold, leased or licensed shall be taken to be or fraction thereof of the amount paid for any of the following articles when the amount which would have been received from the sale, lease or license sold by or for a dealer or his estate on or after such date for consumption of such article if sold, leased or licensed at the fair market price. or use: Sec. 902. That there shall be levied, assessed, collected, and paid upon (1) Perfumes, essences, extracts, toilet waters, cosmetics, petroleum sculpture, paintings, statuary, art porcelains, and bronzes, sold by any jellies, hair oils, pomades, hair dressings, hair restoratives, hair dyes, person other than the artist, a tax equivalent to 10% of the price for which tooth and mouth washes, dentrifrices, tooth pastes, aromatic cachous, so sold. This section shall not apply to the sale of any such article to an toilet powders (other than soap powders), or any similar substance, areducational institution or public a.t museum. ticle, or preparation by whatsoever name known or distinguished, any of Sec. 903. That every person liable for any tax imposed by Section 000, the above which are used or applied or intended to be used or applied for 002 or 906, shall make monthly returns under oath in duplicate and pay toilet purposes; the taxes imposed by such sections to the collector for the district in which (2) Pills, tablets, powders, tinctures, troches or lozenges, sirups, mediis located the principal place of business. Such returns shall contain such cinal cordials or bitters, anodynes, tonics, plasters, liniments, salves, information and be made at such times and in such manner as the Com- ointments, pastes, drops, waters (except those taxed under Section 628 missioner, with the approval of the Secretary, may by regulations pro- of this Act), essences, spirits, oils, and other medicinal preparations, comscribe. pounds, or compositions (not including serums and antitoxins), upon the The tax shall, without assessment by the Commissioner or notice from amount paid for any of the above as to which the manufacturer or prothe collector, be due and payable to the collector at the time so fixed for ducer claims to have any private formula, secret, or occult art for making filing the return. If the tax is not paid when due, there shall be added as or preparing the same, or has or claims to have any exclusive right or title part of the tax a penalty of 5%, together with interest at the for each full month, from the time when the tax became duo. rate of 1% to the making or preparing the same, or which are prepared, uttered, vended, or exposed for sale under any letters patent, or trade-mark, or Sec. 904 (a) That on and after May 1 1919, there shall be levied, as- which (if prepared by any formula, published or unpublished) are held sessed, collected, and paid a tax equivalent to 10% of so much of the amount out or recommended to the public by the makers, vendors, or proprietors paid for any of the following articles as is in excess of the price hereinafter thereof as proprietary medicines or medicinal proprietary articles or( 628 THE CHRONICLE [VOL. 108. each alley or table. Every building or place where bowls are thrown or where games of billiards or pool are played, except in private homes, shall be regarded as a bowling alley or a billiard room, respectively. (9) Proprietors of shooting galleries shall pay $20. Every building, space, tent, or area, where a charge is made for the discharge of firearms at any form of target shall be regarded as a shooting gallery. (10) Proprietors of riding academies shall pay $100. Every building, space, tent, or area, where a charge is made for instruction in horsemanship or for facilities for the practice of horsemanship shall be regarded as a riding academy. (11) Persons carrying on the business of operating or renting passenger automobiles for hire shall pay $10 for each such automobile having a seating capacity of more than two and not more than seven, and $20 for each such automobile having a seating capacity of more than seven. (12) Every person carrying on the business of a brewer, distiller, wholeTITLE X.—SPECIAL TAXES. sale liquor dealer, retail liquor dealer, wholesale dealer in malt liquor, Sec. 1000. (a) That on and after July 1 1918, in lieu of the tax imposed retail dealer in malt liquor, or manufacturer of stills, as defined in section by the first subdivision of section 407 of the Revenue Act of 1916— 3244 as amended and section 3247 of the Revised Statutes, in any State, (1) Every domestic corporation shall pay annually a special excise tax Territory, or District of the United States contrary to the laws of such each for $1 to equivalent doing or business, on carrying to with respect State, Territory or District, or in any place therein in which carrying on $1,000 of so much of the fair average value of its capital stock for the pre- such business is prohibited by local or municipal law, shall pay, in addition ceding year ending June 30 as is in excess of $5,000. In estimating to all other taxes, special or otherwise, imposed by existing law or by this the value of capital stock the surplus and undivided profits shall be Act, $1,000. included; The payment of the tax imposed by this subdivision shall not be held to (2) Every foreign corporation shall pay annually a special excise tax with exempt any person from any penalty or punishment provided for by tne respect to carrying on or doing business in the United States, equivalent laws of any State, Territory, or District for carrying on such business in to $1 for each $1,000 of the average amount of capital employed in the such State, Territory or District, or in any manner to authorize the comtransaction of its business in the, United States during the preceding year mencement or continuance of such business contrary to tne laws of such ending June thirtieth. -State, Territory or District, or in places prohibited by local or municipal (b) In computing the tax in the case of insurance companies such delaw: posits and reserve funds as they are required by law or contract to maintain The taxes imposed by this section shall, in the case of persons upon or hold for the protection of or payment to or apportionment among whom a corresponding tax is imposed by Section 407 of the Revenue Act policyholders shall not be included. of 1916, be in lieu_ of such tax. (c) The taxes imposed by this section shall not apply in any year to any Sec. 1002. That on and after Jan. 11019 there shall be levied, collected, corporation which was not engaged in business (or In the case of a foreign paid annually, in lieu of the taxes imposed by section 408 of the Reveand • corporation not engaged in business in the United States) during the pre- nue Act of 1916, the following special taxes, the amount of such taxes to be ceding year ending June 30, nor to any corporation enumerated in seccomputed on the basis of the sales for tho preceding year ending Juno 30— tion 231. The taxes imposed by this section shall apply to mutual insurManufacturers of tobacco whose annual sales do not exceed 50,000 the company domestic of the case such every in and ance companies, pounds shall each pay $6; tax shall be equivalent to $1 for each $1,000 of the excess over $5,000 of the Manufacturers of tobacco whose annual sales exceed 50,000 and do not sum of its surplus or contingent reserves maintained for the general use exceed 100,000 pounds shall each pay $12; of the business and any reserves the net additions to which are included in Manufacturers of tobacco whose annual sales exceed 100,000 and do net income under the provisions of Title II, as of the close of the preceding not exceed 200,000 pounds shall each pay $24; accounting period used by such company for purposes of making its income Manufacturers of tobacco whose annual sales exceed 200,000 pounds tax return: Provided, That in the case of a foreign mutual insurance com- shall each pay $24 and at the rate of 16 cents per thousand pounds, or pany the tax shall be equivalent to $1 for each $1,000 of the same profraction thereof, in respect to the excess over 200,000 pounds; portion of the sum of such surplus and reserves, which the reserve fund Manufacturers of cigars whose annual sales do not exceed 50,000 cigars upon business transacted within the United States is of the total reserve shall each pay $4; upon all business transacted, as of the close of the preceding accounting Manufacturers of cigars whose annual sales exceed 50,000 and do not period used by such company for purposes of making its income tax return. 100,000 cigars shall each pay $6; exceed for Commissioner the with filed all returns to apply shall (d) Section 257 Manufacturers of cigars whose annual sales exceed 100,000 and do not purposes of the tax imposed by this section. exceed 200,000 cigars shall each pay $12; Sec. 1001. That on and after Jan. 1 1919 there shall be levied, collected, Manufacturers of cigars whose annual sales exceed 200,000 and do not and paid annually the following special taxes— exceed 400,000 cigars shall each pay $24; to negois it business whose person Every $50. pay shall (1) Brokers Manufacturers of cigars whose annual sales exceed 400,000 cigars shall tiate purchases or sales of stocks, bonds, exchange, bullion, coined money. each pay $24, and at the rate of 10 cents per thousand cigars, or fraction bank notes, promissory notes, other securities, produce or merchandise, thereof in respect to the excess over 400,000 cigars; Tor others, shall be regarded as a broker. If a broker is a member of a Manufacturers of cigarettes, including small cigars weighing not more Stock exchange, or if he is a member of any produce exchange, board of than three pounds per thousand shall each pay at the rate of 6 cents for trade, or similar organization, where produce or merchandise is sold, he every 10,000 cigarettes, or fraction thereof. shall pay an additional amount as follows: if the average value, during In arriving at the amount of special tax to be paid under this section, the preceding year ending June 30, of a seat or membership in such ex- and in the levy and collection ofsuch tax, each person engaged in tho manu$5,000, than more not but more, or $2,000, was organization change or facture of more than one of the classes of articles specified in this section $100; if such value was more than $5,000, $150. shall be considered and deemed a manufacturer of each class separ(2) Pawnbrokers shall pay $100. Every person whose business or occu- ately. pation it is to take or receive, by way of pledge, pawn, or exchange, any Sec. 1003. That sixty days after the passage of this Act, and thereafter goods, wares, or merchandise, or any kind of personal property whatever, on July 1 in each year, and also at the time of the original purchase of a as security for the repayment of money loaned thereon, shall be regarded new boat by a user, if on any other date than July 1, there shall be levied, as a pawnbroker. assessed, collected and paid in lieu of the tax imposed by section 603 of (3) Ship brokers shall pay $50. Every person whose business it is as a the Revenue Act of 1917, upon the use of yachts, pleasure boats, power vessels, of owners the for business and other freights broker to negotiate boats and sailing boats, of over five net tons, and motor boats with fixed or for the shippers or consignors or consignees of freight carried by vessels, engines, not used exclusively for trade, fishing or national defense, or not shall be regarded as a ship broker. built according to plans and specifications approved by the Navy Depart(4) Customhouse brokers shall pay $50. Every person whose occupation ment, a special excise tax to be based on each yacht or boat, at rates as folcustomhouse other and entries arrange to it is, as the agent of others, lows: Yachts, pleasure boats, power boats, motor boats with fixed engines papers, or transact business at any port of entry relating to the Importation and sailing boats, of over five net tons, length not over fifty feet, $1 for each or exportation of goods, wares, or merchandise, shall be regarded as a foot; length over fifty feet and not over one hundred feet, $2 for each foot; customhouse broker. length over one hundred feet, $4 for each foot; motor boats of not over (5) Proprietors of theatres, museums, and concert halls, where a charge five net tons with fixed engines, $10. for admission is made, having a seating capacity of not more than 250, In determining the length of such yachts, pleasure boats, power boats, shall pay $50; having a seating capacity of more than 250 and not exceeding motor boats with fixed engines, and sailing boats, the measurement of exnot and 500 600, shall pay $100; having a seating capacity exceeding over-all length shall govern. ceeding 800, shall pay $150; having a seating capacity of more than 800, In the case of a tax imposed at the time of the original purchase of a new shall pay $200. Every edifice used for the purpose of dramatic or operatic boat on'any other date than July 1, and in the case of the tax taking effect or other representations, plays, or performances, for admission to which sixty days after the passage of this Act, the amount to be paid shall be entrance money is received, not including halls or armories rented or used the same number of twelfths of the amount of the tax as the number of including not and , representations theatrical or concerts for occasionally calendar months (including the month of sale, or the month,in which is edifices owned by religious, educational or charitable Institutions, societies, included the sixty-first day after the passage of this Act, as the case may or organizations where all the proceeds from admissions inure exclusively be) remaining prior to the following July 1. exclusively or organizations or societies to the benefit of such institutions, for the If the tax imposed by section 603 of tho Revenue Act of 1917 United of the forces or naval military the in persons of benefit use of any to the fiscal year ending Juno 30 1919 has been paid in respect to the States, shall be regarded as a theatre: Provided, That in cities, towns or the Commissioner, as boat,the amount so paid shall under such regulations villages of 5,000 inhabitants or less the amount of such payment shall the approval of the Secretary, may prescribe, be credited upon the be one-half of that above stated: Provided further, That whenever any with boat, or be first tax duo under this section in respect to the use of such paid be shall tax' duo, the is tax the time at the lease under is edifice such in rerefunded to the person paying the first tax imposed by this section by the lessee, unless otherwise stipulated between the parties to the lease. boat. such of use the to spect buildEvery (6) The proprietor or proprietors of circuses shall pay $100. the Revenue Sec. 1004. That if the tax imposed by section 407 or 408 of ing, space, tent, or area, where feats of horsemanship or acrobatic sports by any 1916 for the fiscal year ending June 30 1919 has been paid or theatrical performances not otherwise provided for in this section are Act of subject to the corresponding tax imposed by this title, collectors exhibited shall be regarded as a circus: Provided, That no special tax paid person which by amount the a receipt in lieu of spec11 .,ax stamp for In one State, Territory, or the District of Columbia shall exempt exhibi- may issue title is in excess of that paid or payable and evidenced this under tax the of Columbia, District the or Territory, State, tions from the tax in another under the Revenue Act of 1016. Such receipt shall be posted and but one special tax shall be imposed for exhibitions within any one by stamp by law, and with it, as in the case of the special tax stamp, as provided State, Territory or District. the place of business of the taxpayer. (7) Proprietors or agents of all other public exhibitions or shows for within the Revenue Act of of 407 Section If the corresponding tax imposed by money not enumerated in this section shall pay $15: Provided, That a was not payable by stamp, the amount paid under such section for 1916 shall Columbia of District the or Territory, State, one in paid tax special period for which a tax is also imposed by this title may be credited not exempt exhibitions from the tax in another State, Territory, or the any the tax imposed by this title. District of Columbia, and but one special tax shall be required for exhi- against any business or occupation Sec. 1005. That any person who carries on bitions within any one State, Territory, or the District of Columbia: special tax is imposed by sections 1000, 1001 or 1002, without which'a for to Chautauquas, apply not shall this paragraph That further, Provided the special tax therein provided, shall, besides being liable for lecture lyceums, agricultural or industrial fairs, or exhibitions held under having paid of such special tax, be subject to a penalty of not more than the auspices of religious or charitable associations: Provided further, That the paymentimprisonment for not more than one year, or both. oeto $1,000 a not pay shall fair, a , as street known an aggregation of entertainments 17 1914 Sec. 1006. That Section 1 of the Act of Congress approved Dec. larger tax than $100 in any State, Territory, or in the District of Columbia. amended to read as follows: (8) Proprietors of bowling alleys and billiard rooms shall pay $10 for is hereby preparations, or as remedies or specifics for any disease, diseases, or affection whatever affecting the human or animal body: Provided, That the provisions of this section shall not apply to the sale of vaccines and bacterines which are not advertised to the general lay public, nor to the sale by a physician in personal attendance upon a patient of medicinal preparations not so advertised. (b) The taxes imposed by this section shall be collected by whichever of the following methods the Commissioner may deem expedient: (1) by stamp affixed to such article by the vendor, the cost of which shall be reimbursed to the vendor by the purchaser; or (2) by payment to the vendor by the purchaser at the time of'the sale, the taxes so collected being returned and paid to the United States by such vendor in the same manner as provided in Section 502. FEB. 15 1919.1 • "Section 1. That on or before July 1 of each year every person who imports, manufactures, produces, compounds, sells, deals in, dispenses or gives away opium or coca leaves, or any compound manufacture, salt, derivative, or preparation thereof, shall register with the collector of internal revenue of the district his name or style, place of business and place or places where such business is to be carried on, and pay the special taxes hereinafter provided; "Every person who on Jan. 1 1919 is engaged in any of the activities above enumerated, or who between such date and the passage of this Act first engages in any of such activities, shall within 30 days after the passage of this Act make like registration, and shall pay the proportionate part of the tax for the period ending June 30 1919; and "Every person who first engages in any such activities after the passage of this Act shall immediately make like registration and pay the proportionate part of the tax for the period ending on the following June 30; "Importers, manufacturers, producers, or compounders, $24 per annum; wholesale dealers, $12 per annum; retail dealers, $6 per annum; physicians, dentists, veterinary surgeons, and other practitioners lawfully entitled to distribute, dispense, give away, or administer any of the aforesaid drugs to patients upon whom they in the course of their professional practice are in attendance, shall pay $3 per annum. "Every person who imports, manufactures, compounds, or otherwise produces for sale or distribution any of the aforesaid drugs shall be deemed to be an importer, manufacturer, or producer. "Every person who sells or offers for sale any of said drugs in the original stamped packages, as hereinafter provided, shall be deemed a wholesale dealer. "Every person who sells or dispenses from original stamped packages. as hereinafter provided, shall be deemed a retail dealer: Provided, That the office, or if none, the residence, of any person shall be considered for the purpose of this Act his place of business; but no employee of any person who has registered and paid special tax as herein required, acting within the scope of his employment, shall be required to register and pay special tax provided by this section: Provided further, That officials of the United States, Territorial, District of Columbia, or insular possessions, State or municipal governments, who in the exercise of their official duties engage in any of the business herein described, shall not be required to register, nor pay special tax, nor stamp the aforesaid drugs as hereinafter prescribed, but their right to this exemption shall be evidenced in such manner as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulations prescribe. "It shall be unlawful for any person required to register under the provisions of this Act to import, manufacture, produce, compound, sell, deal In, dispense, distribute, administer, or give away any of the aforesaid drugs without having registered and paid the special tax as imposed by this section. "That the word 'person' as used in this Act shall be construed to mean and include a partnership, association, company, or corporation, as well as a natural person; and all provisions of existing law relating to special taxes, as far as necessary, are hereby extended and made applicable to,this section. "That there shall be levied, assessed, collected, and paid upon opium, coca leaves, any compound, salt, derivative, or preparation thereof, produced in or imported into the United States, and sold, or removed for consumption or sale, an internal-revenue tax at the rate of 1 cent per ounce, and any fraction of an ounce in a package shall be taxed as an ounce, such tax to be paid by the importer, manufacturer, producer, or compounder thereof, and to be represented by appropriate stamps, to be provided by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury; and the stamps herein provided shall be so affixed to the bottle or other container as to securely seal the stopper, covering, or wrapper thereof. "The tax imposed by this section shall ho in addition to any import duty imposed on the aforesaid drugs. "It shall be unlawful for any person to purchase, sell, dispense, or distribute any of the aforesaid drugs except in the original stamped package or from the original stamped package; and the absence of appropriate tax-paid stamps from any of the aforesaid drugs shall be prima facie evidence of a violation of this section by the person in whose possession same may be found; and the possession of any original stamped package containing any of the aforesaid drugs by any person who has not registered and paid special taxes as required by this section shall be prima facie evidence of liability to such special tax: Provided, That the provisions of this paragraph shall not apply to any person having in his or her possession any of the aforesaid drugs which have boon obtained from a registered dealer in pursuance of a prescription, written for legitimate medical uses, issued by a physician, dentist, veterinary surgeon, or other practitioner registered under this Act; and whore the bottle or other container in which such drug may be put up by the dealer upon said prescription bears the name and registry number of the druggist, serial number of proscription, name and address of the patient, and name, address, and registry number of the person writing said prescription; or to the d;spensing, or administration, or giving away of any of the aforesaid drugs to a patient by a registered physician, dentist, veterinary surgeon, or other practitioner in the course of his professional practice, and where said drugs are dispensed or administered to the patient for legitimate medical purposes, and the record kept as required by this Act of the drugs so dispensed, administered, distributed, or given away. "And all the provisions of existing laws relating to the engraving, issuance, sale, accountability, cancellation, and destruction of tax-paid stamps provided for in the internal-revenue laws arc, in so far as necessary, horeoy extended and made to apply to stamps provided by this section. "That all unstamped packages of the aforesaid drugs found in the possession of any person, except as herein provided, shall be subject to seizure and forfeiture, and all the provisions of existing internal-revenue laws relating to searches, seizures, and forfeitures of unstamped articles are hereby extended to and made to apply to the articles taxed under this Act and the persons upon whom these taxes are imposed. . "Importers, manufacturers, and wnolosale dealers shall keep such books and records and render such monthly returns in relation to the transactions in the aforesaid drugs as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulations require. "The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall make all needful rules and regulations for carrying the provisions of this Act into effect." Sec. 1007. That section 6 of such Act of Dec. 17 1914 is hereby amended to road as follows: "Sec. 6. That the provisions of this Act shall not be construed to apply to the manufacture, sale, distribution, giving away, dispensing, or possession of preparations and remedies which do not contain more than two grains of opium or more than one-fourth of a grain of morphine, or more than one-eighth of a grain of heroin, or more than one grain of codeine, or any 629 THE CHRONICLE salt or derivative of any of them in one fluid ounce, or, if a solid or semi solid preparation, in one avordupois ounce; or to liniments, ointments, or other preparations which are prepared for external use only, except liniments, ointments, and other preparations which contain cocaine or any of its salts or alpha or beta eucaine or any of their salts or any synthetic substitute for them: Provided, That such remedies and preparations are manufactured, sold, distributed, given away, dispensed, or possessed as medicines and not for the purpose of evading the intentions and provisions of this Act: Provided,further, That any manufacturer, producer, compounder, or vendor (including dispensing physicians) of the preparations and remedies mentioned in this section shall keep a record of all sales, exchanges, or gifts of such preparations and remedies in such manner as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury. • shall direct. Such record shall be preserved for a period of two years in such a way as to be readily accessible to inspection by any officer, agent, or employee of the Treasury Department duly authorized for that purpose, and the State, Territorial, district, municipal and insular officers named in section 5 of this Act, and every such person so possessing or disposing of such preparations and remedies shall register as required in section 1 of this Act and, if he is not paying a tax under this Act, he shall pay a special tax of SI for each year, or fractional part thereof, in which he is engaged in such occupation, to the Collector of Internal Revenue of the district in which he carries on such occupation as provided in this Act. The provisions of this Act as amended shall not apply to decocainized coca leaves or preparations made therefrom, or to other preparations of coca leaves which do not contain cocaine." Sec. 1008. That all opium, its salts, derivatives, and compounds, and coca leaves, salts, derivatives, and compounds thereof, which may now be under seizure or which may hereafter be seized by the United States Government from any person or persons charged with any violation of the Act of Oct. 1 1890, as amended by the Acts of March 3 1897, Feb. 9 1909, and Jan. 17 1914, or the Act of Dec. 17 1914, shall upon conviction of the person or persons from whom seized be confiscated by and forfeited to the United States; and the Secretary is hereby authorized to deliver for medical or scientific purposes to any department, bureau, or other agency of the United States Government, upon proper application therefor under such regulation as may be prescribed by the Commissioner, with the approval of tne Secretary, any of the drugs so seized, confiscated, and forfeited to the United States. The provisions of this section shall also apply to any of the aforesaid drugs seized or coming into the possession of the United States in the enforcement of any of the above-mentioned Acts where the owner or owners thereof are unknown. None of the aforesaid drugs coming into possession of the United States under the operation of said Acts, or the provisions of this section, shall be destroyed without certification by a committee appointed by the Commissioner, with the approval of the Secretary, that they are of no value for medical or scientific purposes. Sec. 1009. That the Act approved Oct. 22 1914, entitled "An Act to increase the internal revenue, and for other purposes," and the joint resolution approved Dec. 17 1915, entitled "Joint resolution extending the provisions of the Act, entitled 'An Act to increase the internal revenue, and for other purposes,' approved Oct. 22 1914. to Dec. 31 1916," are hereby repealed, except that the provisions of such Act shall remain in force for the assscsment and collection of all special taxes imposed by Sections 3 and 4 thereof, or by such sections as extended by such joint resolution, for any year or part thereof ending prior to Jan. 1 1917, and of all other taxes imposed by such Act, or by such Act as so extended, accrued prior to Sept. 8 1916, and for the imposition and collection of all penalties or forfeitures which have accrued or may accrue in relation to any of such taxes. TITLE XI.—STAMP TAXES, Sec. 1100. That on and after April 1 1919, there shall be levied, collected, and paid, for an in respect of the several bonds, debentures, or certificates of stock and of indebtedness, and other documents,instruments, matters, and things mentioned and described in Schedule A of this title, or for or in respect of the vellum, parchment, or paper upon which such Instruments, matters, or things, or any of them, are written or printed, by any person who makes, signs, issues, sells, removes, consigns,or ships the same, or for whose use or benefit the same are made, signed, issued, sold, removed, consigned, or shipped, the several taxes specified in such schedule. The taxes imposed by this section shall, in the case of any article upon which a corresponding stamp tax is now imposed by law, be in lieu of such tax. Sec. 1101. That there shall not be taxed under this title any bond, note, or other instrument,issued by the United States, or by any foreign Government, or by any State, Territory, or the District of Columbia, or local subdivision thereof, or municipal or other corporation exercising the taxing power; or any bond of indemnity required to be filed by any person to secure payment of any pension, allowance, allotment, relief or insurance by the United States; or stocks and bonds issued by co-operative building and loan associations which are organized and operated exclusively for the benefit of their members and make loans only to their shareholders, or by mutual ditch or irrigating companies. Sec. 1102. That whoever— (a) Makes, signs, issues, or accepts, or causes to be made, signed, issued, or accepted, any instrument, document, or paper of any kind or description whatsoever without the full amount of tax thereon being duly paid; (b) Consigns or ships, or causes to be consigned or shipped, by parcel post any parcel, package, or article without the full amount of tax being duly paid; (c) Manufactures or imports and sells, or offers for sale, or causes to be manufactured or imported and sold, or offered for sale, any playing cards, package, or other article without the full amount of tax being duly paid; (d) Makes use of any adhesive stamp to denote any tax imposed by this title without canceling or obliterating such stamp as prescribed in Section 1104; Is guilty of a misdemeanor and upon conviction thereof shall pay a fine of not more than $100 for each offense. Sec. 1103. That whoever— (a) Fraudulently cuts, tears, or removes from any vellum, parchment, paper, instrument, writing, package, or article, upon which any tax Is imposed by this title, any adhesive stamp or the impression of any stamp, die, plate, or other article provided, made, or used in pursuance of this title: (b) Fraudulently uses, joins, fixes, or places to, with, or upon any vellum, parchment, paper, instrument, writing, package, or article, upon which any tax is imposed by this title, (1) any adhesive stamp, or the impression of any stamp,die, plate, or other article which has been CU 6, torn or removed from any other vellum, parchment, paper, instrument, writing, package, or article, upon which any tax is imposed by this title; or(2) any adhesive stamp or the impression of any stamp, die, plate, or other article of insufficient value; or (3) any forged or counterfeit stamp, or the 630 THE CHRONICLE impression of any forged or counterfeited stamp, die, plate, or other article; (c) Willfully removes, or alters the cancellation, or defacing marks of, or otherwise prepares, any adhesive stamp, with intent to use, or cause the same to be used, after it has been already used, or knowingly or willfully buys,sells, offers for sale, or gives away, any such washed or restored stamp to any person for use, or knowingly uses the same; (d) Knowingly and without lawful excuse (the burden of proof of such excuse being on the accused) has in possession any washed, restored, or altered stamp, which has been removed from any vellum, parchment, paper. instrument, writing, package, or article; Is guilty of a misdemeanor, and upon conviction shall be punished by a fine of not more than $1,000, or by imprisonment for not more than five years, or both, and any such re-used, canceled,or counterfeit stamp and the vellum, parchment, document, paper, package, or article upon which It Is placed or impressed shall be forfeited to the United States. Sec. 1104. That whenever an adhesive stamp is used for denoting any tax imposed by this title, except as hereinafter provided, the person using or affixing the same shall write or stamp or cause to be written or stamped thereupon the initials of his or its name and the date upon which the same Is attached or used, so that the same may not again be used: Provided, That the Commissioner may prescribe such other method for the cancellation of such stamps as he may deem expedient. Sec. 1105. (a) That the Commissioner shall cause to be prepared and distributed for the payment of the taxes proscribed in this title suitable stamps denoting the tax on the document, articles, or thing to which the same may be affixed, and shall prescribe .uch method for the affixing of said stamps in substitution for or in addition to the method provided in this title, as he may deem expedient. (b) The Commissioner, with the approval of the Secretary, is authorized to procure any of the stamps provided for In this title by contract whenever such stamps cannot be speedily prepared by the Bureau of Engraving and Printing; but this authority shall expire on Jan. 1 1920, except as to imprinted stamps furnished under contract, authorized by the Commissioner. (c) All internal revenue laws relating to the assessment and collection of taxes are hereby extended to and made a part of this title, so far as applicable, for the purpose of collecting stamp taxes omitted through mistake or fraud from any instrument, document, paper, writing, parcel, package, or article named herein. Sec. 1106. That the Commissioner shall furnish to the Postmaster-General without prepayment a suitable quantity of adhesive stamps to be distributed to and kept on sale by the various postmasters in the United States. The Postmaster-General may require each such postmaster to give additional or increased bond as postmaster for the value of the stamps so furnished, and each such postmaster shall deposit the receipts from the sale of such stamps to the credit of and render accounts to the Postmaster-General at such times and in such form as he may by regulations prescribe. The Postmaster-General shall at least once monthly transfer all collections from this source to the Treasury as internal revenue collections. Sec. 1107. That the collectors of the several districts shall furnish without prepayment to any assistant treasurer or designated depositary of the United States located In their respective collection districts a suitable quantity of adhesive stamps for sale. In such cases the collector may require a bond, with sufficient sureties, to an amount equal to the value of the adhesive stamps so furnished, conditioned for the faithful return, whenever so required, of all quantities or amounts undisposed of, and for the payment monthly of all quantities or amounts sold or not remaining on hand. The Secretary may from time to time make such regulations as he may find necessary to insure the safekeeping or prevent the illegal use of all such adhesive stamps. [VOL. 108. the corporation the stamp shall be placed upon such books; and where the change of ownership is by transfer of the certificate the stamp shall be placed upon the certificate; and in cases of an agreement to sell or where the transfer is by delivery of the certificate assigned in blank there shall be made and delivered by the,seller to the buyer a bill or memorandum of such sale, to which the stamp shall be affixed; and every bill or memorandum of sale or agreement to sell before mentioned shall show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to which it refers. Any person liable to pay the tax as herein provided, or anyone who acts In the matter as agent or broker for such person, who makes any such sale,or who in pursuance of any such sale delivers any certificate or evidence of the sale of any stock, interest or right, or bill or memorandum thereof, as herein required, without having the proper stamps affixed thereto with intent to evade the foregoing provisions, shall be deemed guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not exceeding $1,000. or be Imprisoned not more than six months, or both. 5. Produce, sales of, on exchange: Upon each sale, agreement of sale, or agreement to sell (not including so-called transferred or scratch sales), any products or merchandise at or under the rules or usages of, any exchange, or board of trade, or other similar place, for" future delivery, for each $100 in value of the merchandise covered by said sale or agreement of sale or agreement to sell, 2 cents, and for each additional $100 or fractional part thereof in excess of 3100, 2 cents: Provided, That on every sale or agreement of sale or agreement to sell as aforesaid there shall be made and delivered by the seller to the buyer a bill, memorandum, agreement, or other evidence of such sale, agreement of sale, or agreement to sell, to which there shall be affixed a lawful stamp or stamps in value equal to the amount of the tax on such sale: Provided further, That sellers of commodities described herein, having paid'the tax provided by this subdivision, may transfer such contracts to a aearinghouse corporation or association, and such transfer shall not be deemed to be a sale, or agreement of sale, or an agreement to sell within the provisions of this Act, provided that such transfer shall not vest any beneficial interest in such clearing-house association but shall be made for the sole purpose of enabling such clearing-houes association to adjust and balance the accounts of the members of such clearing-house association on their several contracts. Every such bill, memorandum, or other evidence of sale or agreement to sell shall show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to which it refers; and any person liable to pay the tax as herein provided, or anyone who acts in the matter as agent or broker for such person, who makes any such sale or agreement of sale, or agreement to sell, or who, in pursuance of any such sale, agreement of sale or agreement to sell,delivers any such products or merchandise without a bill, memorandum, or other evidence thereof as herein required, or who delivers such bill, memorandum, or other evidence of sale, or agreement to sell, without having the proper stamps affixed thereto, with intent to evade the foregoing provisions, shall be deemed guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not exceeding $1,000 or be imprisoned not more than six months, or both. No bill, memorandum, agreement, or other evidence of such sale, or agreement of sale, or agreement to sell, in case of cash sales of products or merchandise for immediate or prompt delivery which in good faith are actually intended to be delivered shall be subject to this tax. 6. Drafts or checks (payable otherwise than at sight or on demand) upon their acceptance or delivery within the United States whichever is prior, promissory notes, except bank notes issued for circulation, and for each renewal of the same, for a sum not exceeding $100, 2 cents; and for each additional $100 or fractional part thereof, 2 cents. This subdivision shall not apply to a promissory note secured by the pledge of bonds or obligations of the United States issued after April 24 1917, or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations: Provided, That in either case the SCHEDULE A.—STAMP TAXES. par value of such bonds or obligations shall be not less Clan the amount of 1. Bonds of indebtedness: On all bonds, debentures, or certificates of such note. Indebtedness issued by any person, and all instruments, however termed, 7. Conveyances: Deed, instrument, or writing, whereby any lands, teneissued by any corporation with interest coupons or in registered form, known ments, or other realty sold shall be granted, assigned, transferred, or othergenerally as corporate securities, on each $100 of face value or fraction wise conveyed to, or vested in, the purchaser or purchasers, or any other thereof, 5 cents: Provided, That every rental's al of the foregoing shall be taxed person or persons, by his, her, or their direction, when the consideration or as a now issue: Provided further, That when a bond conditioned for the re- value of the interest or property conveyed, exclusive of the value of any payment or payment of money is given in a penal sum greater than the debt lien or encumbrance remaining thereon at the time of sale, exceeds $100 and secured, the tax shall be based upon the amount secured. does not exceed $500, 50 cents; and for each additional $500 or fractional 2. Bonds, indemnity and surety: On all bonds executed for indemnifying part thereof, 50 cents. This subdivision shall not apply to any instrument any person who shall have become bound or engaged as surety, and on all or writing given to secure a debt. bonds executed for the due execution or performance of any contract, 8. Entry of any goods, wares, or merchandise at any customhouse, obligation, or requirement, or the duties of any office or position, and to either for consumption or warehousing, not exceeding $100 in value, 25 account for money received by virtue thereof, and on all policies of guar- cents; exceeding $100 and not exceeding $500 in value, 50 cents; exceeding anty and fidelity insurance, including policies guaranteeing titles to real $500 in value, $1. estate and mortgage guarantee policies, and on all other bonds of any de9. Entry for the withdrawal of any goods or merchandise from customs scription, made, issued, or executed, not otherwise provided for in this bonded warehouse, 50 cents. Schedule, except such as may be required in legal proceedings. 50 cents: 10. Passage ticket, one way or round trip, for each passenger, sold or Provided, That where a premium is charged for the issuance, execution, issued in the United States for passage by any vessel to a port or place renewal or continuance of such bond the tax shall be 1 cent on each dollar or not in the United States, Canada, or Mexico, If costing not exceeding $30, fractional part thereof of the premium charged: Provided further, That poli- $1;costing more than $30 and not exceeding $60,$3;costing more than $60, cies of reinsurance shall be exempt from the tax imposed by this subdivision. $5. This subdivision shall not apply to passage tickets costing $10 or 3. Capital stock, issue: On each original issue, whether on organization less. or reorganization, of certificates of stock, or of profits, or of interest in 11. Proxy for voting at any election officers, or meeting for the transproperty or accumulations, by any corporation, on each $100 of face value action of business, of any corporation,for except religious, educational, charitor fraction thereof, 5 cents: Provided, That where a certificate is issued able, fraternal, or literary societies, or public cemeteries, 10 cents. without face value, the tax shall be 5 cents per share, unless the actual 12. Power of attorney granting authority to do or perform some act for value Is in excess of $100 per share, in which case the tax shall be 5 cents on or in behalf of the grantor, which authority is not otherwise vested In each $100 of actual value or fraction thereof. the grantee, 25 cents. This subdivision shall not apply to any papers The stamps representing the tax imposed by this subdivision shall be necessary to be used for the collection of claims from the United States attached to the stock books and not to the certificates issued. or from any State for pensions, back pay, bounty, or for property lost in the 4. Capital stock, sales or transfers: On all sales, or agreements to sell, military or naval service, or to power, of attorney required in bankruptcy or memoranda of sales or deliveries of, or transfers of legal title to shares cases. or certificates of stock or of profits or of interest in property or accumula13. Playing cards: Upon every pack of playing cards containing not more tions in any corporation, or to rights to subscribe for or to receive such than fifty-four cards, manufactured or imported, and sold, or removed Shares or certificates, whether made upon or shown by the books of the for consumption or sale, a tax of 8 cents per pack. corporation, or by any assignment in blank, or by any delivery, or by any 14. Parcel-post packages: Upon every parcel or package transported paper or agreement or memorandum or other evidence of transfer or sale, from one point in the United States to another by parcel post on which whether entitling the holder in any manner to the benefit of such stock, in- the postage amounts to 25 cents or more, a tax of 1 cent for each 25 cents terest, or rights, or not, on each $100 of face value or fraction thereof, or fractional part thereof charged for such transportation,to be paid by the 2 cents, and where such shares are without par or face value, the tax shall be consignor. 2 cents on the transfer or sale or agreement to sell on each share, unless the No such parcel or package shall be transported until a stamp or stamps actual value thereof is in excess of $100 per share, in which case the tax shall representing the tax due shall have been affixed thereto. be 2 cents on each $100 of actual value or fraction thereof: Provided, That 15. On each policy of insurance, or certificate, binder, covering note, It is not intended by this title to impose a tax upon an agreement evidencing memorandum, cablegram, letter, or other instrument by whatever name a deposit of certificate& as collateral acuity for money loaned thereon, called whereby insurance is made or renewed upon property within the Which certificates are not actually sold, nor upon the delivery or transfer United States (including rents and profits) against peril by sea or on inland for such purpose of certificates so deposited: Provided further, That the tax waters or in transit on land (including transshipments and storage at shall not be imposed upon deliveries or transfers to a broker for sale, nor termini( or way points) or by fire, lightning, tornado, windstorm, bombardupon deliveries or transfers by a broker to a customer for whom and upon ment, invasion, insurrection or riot, issued to or for or in the name of a whose order he has purchased same, but such deliveries or transfers shall be domestic corporation or partnership or an individual resident of the United accompanied by a certificate setting forth the facts: Provided further, That States by any foreign corporation or partnership or any individual not a in case of sale where the evidence of transfer is shown only by the books of resident of the United States, when such policy or other instrument is not FEB. 15 1919.] THE CHRONICLE 631 signed or countersigned by an officer or agent of the insurer in a State, The first taxable year for the purposes of this title shall be the period Territory or district of the United States within which such insurer is between sixty days after the passage of this Act and Dec. 31 1919, both authorized to do business, a tax of 3 cents on each dollar, or fractional part inclusive, or such portion of such period as is Included within the fiscal thereof of the premium charged: Provided, That policies of re-insurance year (as defined in section 200) of the taxpayer. shall be exempt from the tax imposed by this subsdivision. TITLE XI1I.—GENERAL ADMINISTRATIVE PROVISIONS. Any person to or for whom or in whose name any such policy or other Sec. 1300. That hereafter the salary of the Commissioner shall be $10,000 instrument isissued, or any solicitor or broker acting for or on behalf of such person in the procurement of any such policy or other instrument, shall a year. The difference between the amount appropriated under existing affix the proper stamps to such policy or other instrument, and for failure law and the salary herein established shall, for the period between the to affix such stamps with intent to evade the tax shall, in addition to other passage of this Act and July 1 1919 be paid out of the appropriations for collecting internal revenue. penalties provided therefor, pay a fine of double the amount of the tax. Sec. 1301. (a) That hereafter there may be employed in the Bureau of TITLE X11.—TAX ON EMPLOYMENT OF CHILD LABOR. Internal Revenue, in lieu of the deputy commissioners whose salaries are (other than a bona fide person every boys' or girls' Sec. 1200. That now fixed by law,five deputy commissioners and an assistant to the Comcanning club recognized by the Agricultural Department of a State and of missioner, who shall each receive a salary of$5,000 a year, payable monthly. the United States) operating (a) any mine or quarry situated in the United The assistant to the Commissioner may be authorized by the CommisStates in which children under the age of sixteen years have been employed sioner to perform any duties which the deputy commissioners may perform or permitted to work during any portion of the taxable year; or (b) any under existing law. mill, cannery, workshop, factory or manufacturing establishment situated (b) The salaries of collectors may be readjusted and increased under In the United States in which children under the age of fourteen years have such regulations as may be prescribed by the Commissioner, subject to the been employed or permitted to work, or children between the ages of four- approval of the Secretary, but no collector shall receive a salary in excess teen and sixteen have been employed or permitted to work more than eight of $6,000 a year. hours in any day or more than six days in any week, or after the hour of (c) There is hereby appropriated, out of any money in the Treasury not 7 o'clock post meridian, or before the hour of 6 o'clock ante meridian, otherwise appropriated, for the fiscal year ending June 30 1919 the sum of taxable year, shall the pay for each taxable year, in $7,500,000 for the expenses of assessing and collecting the internal-revenue during any portion of addition to all other taxes imposed by law, an excise tax equivalent to taxes as provided in this Act,including the employment of necessary offi10% of the entire net profits received or accrued for such year from the cers, attorneys, experts, agents, inspectors, deputy collectors, clerks, sale or disposition of the product of such mine, quarry, mill, cannery, janitors, and messengers, in the District of Columbia and the several workshop, factory or manufacturing establishment. collection districts, to be appointed as provided by law, telegraph and Sec. 1201. That in computing net profits under the provisions of this telephone service, rental and repair of quarters, postage, and the purchase title, for the purpose of the tax there shall be allowed as deductions from of such supplies, equipment, furniture, mechanical devices, printing, the gross amount received or accrued for the taxable year from the sale or stationery, law books and books of reference, not to exceed $500 for street disposition of such products manufactured within the United States the car fares in the District of Columbia,and such other articles as may be necesfollowing items: sary for use in the District of Columbia and the several collection districts: (a) The cost of raw materials entering into the production; Provided, That not more than $2,750,000 of the total amount appropriated (b) Running expenses, including rentals, cost of repairs and maintenance, by this section may be expended in the Bureau of Internal Revenue, in the reasonable management, and a allowance for salheat, power, insurance, District of Columbia. aries or other compensations for personal services actually rendered, and (d) (1) There is hereby created a board to be known as the "Advisory for depreciation; Tax Board," hereinafter called the Board, and to be composed of not to (c) Interest paid within the taxable year on debts or loans contracted to exceed six members to be aprointed by the Commissioner with the approval meet the needs of the business, and the proceeds of which have been actually of the Secretary. The Board shall cease to exist at the expiration of two used to meet such needs; years after the passage of this Act, or at such earlier time as the Com(d) Taxes of all kinds paid during the taxable year with respect to the missioner with the approval of the Secretary may designate. business or property relating to the production; and Vacancies in the membership of the Board shall be filled in the same (e) Losses actually sustained within the taxable year in connection with manner as an original appointment. Any member shall be subject to losses from fire, including products, flood, producing such the business of removal by the Commissioner with the approval of the Secretary. The storm, or other casualties, and not compensated for by insurance or other- Commissioner with the approval of the Secretary shall designate the wise. Chairman of the Board. Each member shall receive an annual salary of Sec. 1202. That if any such person during any taxable year or part $9,000, payable monthly, together with actual necessary expenses when thereof, whether under any agreement, arrangement, or understanding, or absent from the District of Columbia on official business. otherwise, sells or disposes of any product of such mine, quarry, mill, (2) The Commissioner may, and on the request of any taxpayer directly cannery, workshop, factory, or manufacturing establishment at less than interested shall, submit to the Board any question relating to the intertherefor either (a) in such manner as obtainable directly the fair market price pretation or administration of the income, war-profits or excess-profits or indirectly to benefit such person or any person directly or indirectly tax laws, and the Board shall report its finding and recommendations to interested in the business of such person; or (b) with intent to cause such the Commissioner. benefit; the gross amount received or accrued for such year or part thereof (3) The Board shall have its office in the Bureau of Internal Revenue in from the sale or disposition of such product shall be taken to be the amount the District of Columbia. The expenses and salaries of members of the which would have been received or accrued from the sale or disposition of Board shall be audited, allowed, and paid out of appropriations for collectsuch product if sold at the fair market price. ing internal revenue, in the same manner as expenses and salaries of emSec. 1203. (a) That no person subject to the provisions of this title shall ployees of the Bureau of Internal Revenue are audited, allowed, and paid. the only employment imposed if or permission for the herein liable tax be (4) The Board shall have the power to summon witnesses, take testito work which but for this section would subject him to the tax, has been mbny,administer oaths and to require any person to produce books, papers, of a child as to whom such person has in good faith procured at the time documents, or other data relating to any matter under investigation by of employing such child or permitting him to work, and has since in good the Board. Any member of the Board may sign subpoenas and members faith relied upon and kept on file a certificate, issued in such form, under and employees of the Bureau of Internal Revenue designated to assist the such conditions and by such persons as may be prescribed by a board con- Board, when authorized by the Board, may administer oaths, examine sisting of the Secretary, the Commissioner and the Secretray of Labor, witnesses, take testimony and receive evidence. showing the child to be of such age as not to subject such person to the tax Sec. 1302. That all internal-revenue agents and inspectors shall be imposed by this title. Any person who knowingly makes a false statement granted leave of absence with pay, which shall not be cumulative, not to or presents false evidence in or in relatioti to any such certificate or appli- exceed thirty days in any calendar year, under such regulations as the cation therefor shall be punished by a fine of not less than $100, nor more Commissioner, with the approval of the Secretary, may prescribe. than $1,000, or by imprisonment for not more than three months, or by Sec. 1303. (a) That there is hereby created a Legislative Drafting Serboth such fine and imprisonment, in the discretion of the court. vice under the direction of two draftsmen, one of whom shall be appointed In any State designated by such board an employment certificate or by the President of the Senate, and one by the Speaker of the House of other similar paper as to the age of the child, issued under the laws of that Representatives, without reference to political affiliations and solely on the State, and not inconsistent with the provisions of this title, shall have the ground of fitness to perform the duties of the office. Each draftsman shall same force and effect as a certificate herein provided for. receive a salary of $5,000 a year payable monthly. The draftsmen shall, (b) The tax imposed by this title shall not be imposed in the case of any subject to the approval of the President of the Senate and the Speaker of person who proves to the satisfaction of the Secretary that the only em- the House of Representatives, employ and fix the compensation of such ployment or permission to work which but for this section would subject assistant draftsmen, clerks, and other employees, and purchase such him to the tax, has been of a child employed or permitted to work under a furniture, office equipment, books, stationery, and other supplies, as may mistake of fact as to the age of such child, and without intention to evade be necessary for the proper performance of the duties of the service and as the tax. may be appropriated for by Congress. Sec. 1204. That on or before the first day of the third month following (b) The Drafting Service shall aid in drafting public bills and resolutions the close of each taxable year, a true and accurate return under oath shall or amendments thereto on the request of any conunittee of either House of be made by each person subject to the provisions of this title to the collector Congress, but the Library Committee of the Senate and the Library for the district in which such person has his principal office or place of Committee of the House of Representatives, respectively, may determine business, in such form as the Commissioner, with the approval of the Secre- the preference, if any, to be given to such requests of the committees of tary, shall prescribe, setting forth specifically the gross amount of income either House, respectively. The draftsmen shall, from time to time, received or accrued during such year from the sale or disposition of the prescribe rules and regulations for the conduct of the work of the service product of any mine, quarry, mill, cannery, workshop, factory, or manu-• for the committees of each House, subject to the approval of the Library facturing establishment, in which children have been employed subjecting Committee of each House, respectively. (c) For the remainder of the current fiscal year there is hereby approhim to the tax imposed by this title, and from the total thereof deducting the aggregate items of allowance authorized by this title, and such other priated, out of any money in the Treasury not otherwise appopriated, the particulars as to the gross receipts and items of allowance as the Com- sum of $25,000, or so much thereof as may be necessary, for the purpose of defraying the expenses of the establishment and maintenance of the missioner, with the approval of the Secretary, may require. Sec. 1205. That all such returns shall be transmitted forthwith by the service, including the payment of salaries herein authorized. One-half of collector to the Commissioner, who shall, as soon as practicable, assess the all appropriations for the service shall be dispersed by the Secretary of the tax found due and notify the person making such return of the amount of Senate and ono-half by the Clerk of the House of Representatives. tax for which such person is liable, and such person shall pay the tax to Sec. 1304. That there shall be levied, collected, and paid in the United States, upon articles coming into the United States from the Virgin the collector on or before thirty days from the date of such notice. Soc. 1206. That for the purposes of this Act the Commissioner, or any Islands, a tax equal to the internal-revenue tax imposed in the United other person duly authorized by him, shall have authority to enter and States upon like articles of domestic manufacture; such articles shipped inspect at any time any mine, quarry, mill, cannery, workshop, factory, from such islands to the United States shall be exempt from the payor manufacturing establishment. The Secretary of Labor, or any person ment of any tax imposed by the internal-revenue laws of such islands: duly authorized by him, shall, for the purpose of complying with a request Provided, That there shall be levied, collected, and paid in such islands, of the Commissioner to make such an inspection, have like authority, and upon articles imported from the United States, a tax equal to the shall make report to the Commissioner of inspections made under such internal-revenue tax imposed in such islands upon like articles there manuauthority in such form as may be prescribed by the Commissioner with the factured; and such articles going into such islands from the United States approval of the Secretary of the Treasury. shall be exempt from payment of any tax imposed by the internal-revenue Any person who refuses or obstructs entry or inspection authorized by laws of the United States. Sec. 1305. That all adminstrative, special, or scamp provisions of law. this section shall be punished by a fine of not more than $1,000, or by imprisonment for not more than one year, or both such fine and imprisonment. Including the law relating to the assessment of taxes, so far as applicable, Sec. 1207. That as used in this title the term "taxable year" shall have are hereby extended to and made a part of this Act, and every person liable the same meaning as provided for the purposes of income tax in section 200. to any tax imposed by this Act, or for the collection thereof, shall keep such 632 THE CHRONICLE records and render, under oath, such statements and returns, and shall comply with such regulations as the Commissioner, with the approval of the Secretary, may from time to time prescribe. Whenever in the judgment of the Commissioner necessary he may require any person, by notice served upon him, to make a return or such statements as he deems sufficient to show whether or not such person is liable to tax. The Comissioner, for the purpose of ascertaining the correctness of any return or for the purpose of making a return where none has been made, Is hereby authorized, by any revenue agent or inspector designated by him for that purpose, to examine any books, papers, records or memoranda bearing upon the matters required to be included in the return, and may require the attendance of the person rendering the return or of any officer or employee of such person, or the attendance of any other person having knowledge in the premises, and may take his testimony with reference to the matter required by law to be included in such return, with power to administer oaths to such person or persons. Sec. 1306. That where floor taxes are imposed by this Act in respect to articles or commodities, in resepct to which the tax imposed by existing law has been paid, the person required by this Act to pay the tax shall, within thirty days after its passage, make return under oath in such form and under such regulations as the Commissioner, with the approval of the Secretary, shall prescribe. Payment of the tax shown to be due may be extended to a date not exceeding seven months from the passage of this Act, upon the firing of a bond for payment in arch form and amount and with such sureties as the Commissioner, with the approval of the Secretary, may prescribe. Sec. 1307. That in all et,sett where the method of collecting the tax imposed by this Act is not specifically provided in this Act, the tax shall be collected in such manner as the Ce ramissioner, with the approval of the Secretary, may prescribe. All adminhtrative and penalty provisions of Title XI of this Act, in so far as applicable, shall apply to the collection of any tax which the Commissioner determines or prescribes shall be paid by stamp. Sec. 1308. (a) That any person required under Titles V. VI, VII, VIII, IX, X, or XII, to pay, or to collect, account for and pay over any tax, or required by law or regulations made under authority thereof to make a return or supply any information for the purposes of the computation, assessment or collection of any such tax, who fails to pay, collect, or truly account for and pay over any such tax, make any such return or supply any such information at the time or times required by law or regulation shall in addition to other penalties provided by law be subject to a penalty of not more than $1,000. (b) Any person who willfully refuses to pay, collect, or truly account for and pay over any such tax, make such return or supply such information at the time or times required by law or regulation, or who willfully attempts In any manner to evade such tax shall be guilty of a misdemeanor and in in addition to other penalties provided by law shall be fined not more than $10,000 or imprisoned for not more than one year, or both, together with the costs of prosecution. (c) Any person who willfully refuses to pay, collect, or truly account for and pay over any such tax shall in addition to other penalties provided by law be liable to a penalty of the amount of the tax evaded, or not paid, collected, or account for and paid over, to be assessed and collected in the same manner as taxes are assessed and collected: Provided, however, That no penalty shall be assessed under this subdivision for any offense for which a penalty may be assessed under authority of Section 3176 of the Revised Statutes, as amended, or of Section 605 or 620 of this Act, or for any offense for which a penalty has been recovered under Section 3256 of the Revised Statutes. The term "person" as used in this section includes an officer or employee ofa corporation or a member or employee of a partnership, who as such officer, employee, or member is under a duty to perform the act in respect of which the violation occurs. Sec. 1309. That the Commissioner, with the approval of the Secretary, is hereby authorized to make all needful rules and regulations for the enforcement of the provisions of this Act. The Commissioner with such approval may by regulation provide that any return required by Titles V. VI, VII, VIII, IX, or X to be under oath may, if the amount of the tax covered thereby is not in excess of $10, be signed or acknowledged before two witnesses instead of under oath. Sec. 1310. (a) That in the case of any overpayment or overcollection of any tax imposed by sections 628 or 630 or by Title V. Title VIII or Title IX, the person making such overpayment or overcollection may take credit therefor against taxes due upon any monthly return, and shall make refund of any excessive amount collected by him upon proper application by the person entitled tnereto. (b) Wherever in this Act a tax is required to be paid by the purchaser to the vendor at the time of sale, and such sale is made on credit, then, under regulations prescribed by the Commissioner, with the approval of the Secretary, the tax may, at the option of the vendor, be returned and paid by him to the United States as if paid to him by the purchaser at the time of the sale, and in such case the vendor shall have a right of action in any court of competent jurisdiction against the purchaser for the amount of the tax so returned and paid to the United States. (c) Under such rules and regulations as the Commissioner with the approval of the Secretary may prescribe, the taxes imposed under the provisions of Titles VI, VII or IX shall not apply in respect to articles sold or leased for export and in due course so exported. Under such rules and regulations the amount of any internal revenue tax erroneously or illegally collected in respect to exported articles may be refunded to the exporter of the article, instead of to the manufacturer, if the manufacturer waives any claim for the amount so to be refunded. Sec. 1311. That where the rate of tax imposed by this,Act, payable by stamps, is an increase over previously existing rates, stamps on hand in the collectors' offices and in the Bureau of Internal Revenue may continue to be used until the supply on hand is exhausted, but shall be sold and accounted for at the rates provided by this Act, and assessment shall be made against manufacturers and other taxpayers having such stamps on hand on the day this Act takes effect for the difference between the amount paid for such stamps and the tax due at the rates provided by this Act. Sec. 1312. (1) That (a) if any person has prior to May 9 1917 made a bona fide contract with a dealer for the sale ce lease, after the tax takes effect, of any article in respect to which a tax is imposed under TiVe VI. VII or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and (b) if such contract does not permit the adding of the whole of such tax to the amount to be paid under such contract, then the vendee or lessee shall, In lieu of the vendor or lessor, pity so much of such tax as is not so permitted to be added to the contract price. If a contract of the character above described was made with any person other than a dealer, the tax collected under this Act shall be the tax in force on May 9 1917. (2) If (a) any person has prior to Sept. 3 1918 made a bona fide contract with a dealer for the sale or lease, after the tax takes effect, of any article in respect to which a tax is Imposed under Title VI, VII or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and ! [Vol- 108. In respect to which no corresponding tax was imposed by the Revenue Act of 1917, and (b) such contract does not permit the adding, to the amount to be paid under such contract, of the whole of the tax imposed by this Act, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of the tax imposed by this Act as is not so permitted to be added to the contract price. If a contract of the character above described was made with any person other than a dealer, no tax shall be collected under this Act. (3) If (a) any person has prior to Sept. 3 1918 made a bona fide contract with a dealer for the sale or lease, after the tax takes effect, of any article in respect to which a tax is imposed under Title VI, VII, or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and in respect to which a corresponding tax was imposed by the Revenue Act of 1917, and (b) such contract does not permit the adding, to the amount to be paid under such contract, of the whole of the difference between such tax and the corresponding tax imposed by the Revenue Act of 1917, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of such difference as is not so permitted to be added to the contract price. If a contract of the character above described was made with any person other than a dealer, the tax collected under this Act shall be the tax in force on Sept. 3 1918. (4) The taxes payable by the vendee or lessee under this section shall be paid to the vendor or lessor at the time the sale or lease is consummated, and collected, returned and paid to the United States by such vendor or lessor in the same manner as provided in section 502. (6) The term "dealer" as used in this section includes a vendee who purchases any article with intent to use it in the manufacture or production of another article intended for sale. (6) This section shall not apply to any tax imposed by section 906. Sec. 1313. That in the payment of any sax under this Act not payable by stamp a fractional part of a cent shall be disregarded unless it amounts 'to one-half cent or more, in which ease it shall be increased to 1 cent. Sec. 1314. That collectors may receive, at par, with an adjustment for accrued interest, certificates of indebtedness issued by the United States and uncertified checks in payment of income, war profits and excess profits taxes and any other taxes payable other than by stamp, during such time and under such regulations as the Cominissioner, with the approval of the Secretary, shall prescribe; but if a check so received is not paid by the bank on which It is drawn the-person by whom such check has been tendered shall remain liable for the payment of the tax and for all legal penalties and additions the same as if such check had not been tendered. Sec. 1315. That section 3315 of the Revised Statutes, as amended, is hereby amended to read as follows: "Sec. 3315. The Commissioner of Internal Revenue may, under regulations prescribed by him with the approval of the Secretary of the Treasury, issue stamps for restamping packages of distilled spirits, tobacco, cigars, snuff, cigarettes, fermented liquors, and wines which have been duly stamped but from which the stamps have been lost or destroyed by unavoidable accident." See. 1316. (a) That section 3220 of the Revised Statutes is hereby amended to read as follows: "Sec. 3220. The Commissioner of Internal Revenue, subject to regulations prescribed by the Secretary of the Treasury, is authorized to remit, refund and pay back all taxes erroneously or illegally assessed or collected, all penalties collected without authority, and all taxes that appear to be unjustly assessed or excessive in amount, or in any manner wrongfully collected; also to repay to any collector or deputy collector the full amount of such sums of money as may be recovered against nim in any court, for any internal revenue taxes collected by him, with the cost and expenses of suit; also all damages and costs recovered against any assessor, assistant assessor, collector, deputy collector, agent or inspector, in any suit brought against him by reason of anything done in the duo performance of his official duty, and shall make report to Congress at the beginning of each regular session of Congress of all transactions under this section." (b) Section 3225 of the Revised Statutes of the United States is hereby amended to read as follows: "Sec. 3225. When a second assessment is made in case of any list, statement, or return, which in the opinion of the collector or deputy collector was false or fraudulent, or contained any understatement or undervaluation, such assessment shall not be remitted, nor shall taxes collected under such assessment be refunded, or paid back, or recovered by any suit, unless it is proved that such list, statement, or return was not willfully false or fraudulent and did not contain any willful understatement or undervaluation." (c) That the paragraph of section 3689 of the Revised Statutes, as amended, reading as follows: "Refunding taxes Illegally collected (Internal revenue): To refund and pay back duties erroneously or illegally assessed or collected under the internal revenue laws," is repealed from and after June 30 1920; and- the Secretary of the Treasury shall submit for the fiscal year 1921, and annually thereafter, an estimate of appropriations to refund and pay back duties or taxes erroneously or illegally assessed or collected under the internal revenue laws, and to pay judgments, including interest and costs, rendered for taxes or penalties erroneously or illegally assessed or collected under the internal revenue laws. Sec. 1317. That sections 3164, 3165, 3167, 3172. 3173 and 3176 of the Revised Statutes as amended are hereby amended to read as follows:* "Sec. 3164. It shall be the duty of every collector of internal revenue having knowledge of any willful violation of any law of the United States relating to the revenue, within thirty days after coming into possession of such knowledge, to file with the district attorney of the district in which any fine, penalty or forfeiture may be Incurred, a statement of all the facts and circumstances of the case within his knowledge, together with the names of the witnesses, setting forth the provisions of law believed to be so violated on which reliance may be had for contlemnation or conviction. "Sec. 3165. Every collector, deputy collector, internal revenue agent, and internal revenue officer assigned to duty under an internal revenue agent, is authorized to administer oaths and to take evidence touching any part of the administration of the internal revenue laws with which he Is charged, or where such oaths and evidence are authorized by law or regulation authorized by law to be taken. "Sec.3167. It shall be unlawful for any collector, deputy collector, agent, clerk, or other officer or employee of the United States to divulge or to make known in any manner whatever not provided by law to any person the operations,style of work,or apparatus of any manufacturer or producer visited by him in the discharge of his official duties, or the amount or source of income, profits, losses, expenditures, or any particular thereof, set forth or disclosed in any income return, or to permit any income return or copy thereof or any, book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law; and it shall be unlawful for any person to print or publish in any manner whatever not provided by law any income return, or any part thereof or source of Income, profits, losses, or expenditures appearing in any income return; and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by Imprisonment not exceeding one FEB. 15 1919.j THE CHRONICLE year,, or both, at the discretion of the court; and if the offender be an officer or employee of the United States he shall be dismisesd from office or discharged from employment. "Sec. 3172. Every collector shall, from time to time, cause his deputies to proceed through every part of his district and inquire after and concerning all persons therein who are liable to pay any internal revenue tax, and all persons owning or having the care and management of any objects liable to pay any tax, and to make a list of such persons ahd enumerate said objects. "Sec. 3173. It shall be the duty of any person, partnership, firm, association, or corporation, made liable to any duty, special tax, or other tax imposed by law, when not otherwise provided for, (1) in case of a special tax, on or before the thir6y-first day of July in each year, and (2) in other cases before the day on which the taxes accrue, to make a list or return, verified by oath, to the collector or a deputy collector of the district where located, of the articles or objects, including the quantity of goods, wares, and merchandise, made or sold and charged with a tax, the several rates and aggregate amount, acording to the forms and regulations to be prescribed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury,for which such person, partnership, firm,association, or corporation is liable: Provided, That if any person liable to pay any duty or tax, or owning, possessing, or having the care or management of property, goods, wares, and merchandise, article or objects liable to pay any duty, tax, or license, shall fail to make and exhibit a list or return required by law, but shall consent to disclose the particulars of any and all the property, goods, wares, and merchandise, articles, and objects liable to pay any duty or tax, or any business or occupation liable to pay any tax as aforesaid, then, and in that ease, it shall be the duty of the collector or deputy collector to make such list or return, which, being distinctly read, consented to, and signed and verified by oath by the person so owning, possessing,or having the care and management as aforesaid, may be received as the list of such person: Provided further, That in case no annual list or return has been rendered by such person to the collector or deputy collector as required by law, and the person shall be absent from his or her residence or place of business at the time the collector or a deputy collector shall call for the annual list or return, it shall be the duty of such collector or deputy collector to leave at such place of residence or business, with some one of suitable age and discretion, if such be present, otherwise to deposit in the nearest post office, a note or memorandum addressed to such person requiring him or her to render to such collector or deputy collector the list or return required by law within ten days from the date of such note or memorandum, verified by oath. And if any person, on being notified or required as aforesaid, shall refuse or neglect to render such list or return within the time required as aforesaid, or whenever any person who is required to deliver a monthly or other return of objects subject to tax fails to do so at the time required, or delivers any return which, in the opinion of the collector, is erroneous, false, or fraudulent, or contains any undervaluation or understatement, or refuses to allow any regularly authorized Government officer to examine the books of such person, firm,or corporation, it shall be lawful for the collector to summon such person, or any other person having possession, custody, or care of books of account containing entries relating to the business of such person or any other person he may deem proper, to appear before him and produce such books at a time and place named in the summons, and to give testimony or answer interrogatories, under oath, respecting any objects or income liable to tax or the returns thereof. The collector may summon any person residing or found within the State or Territory in which his district lies; and when the person intended to be summoned does not reside and cannot be found within such State or Territory, he may enter any collection district whore such person may be found and there make the examination herein authorized. And to this end he may there exercise all the authority which he might lawfully exercise in the district for which he was commissioned: Provided. That 'person,' as used in this section, shall be construed to include any corporation, joint-stock company or association, or insurance company when such construction is necessary to carry out its provisions. "Sec. 3176. If any person, corporation, company, or association fails to make and file a return or list at the time prescribed by law, or by regulation made under authority of law, or makes, willfully or otherwise, alalse or fraudulent return or list, the collector or deputy collector shall make the return or list from his own knowledge and from such information as he can obtain through testimony or otherwise. In any such case the Commissioner may, from his own knowledge and from such information as he can obtain through testimony or otherwise, make a return or amend any return made by a collector or deputy collector. Any return or list so made and subscribed by the Commissioner, or by a collector or deputy collector and approved by the Commissioner, shall be prima facie good and sufficient for all legal purposes. "If the failure to file a return or list is due to sickness or absence, the collector may allow such further time, not exceeding thirty days, for making and filing the return or list as he deems proper. "The Commissioner of Internal Revenue shall determine and assess all taxes, other than stamp taxes, as to which returns or lists are so made under the provisions of this section. In case of any failure to make and file a return or list within the time prescribed by law, or prescribed by the Commissioner of Internal Revenue or the collector in pursuance of law. tho Commissioner of Internal Revenue shall add to the tax 25% of its amount, except that when a return is filed after such time and it is shown that the failure to file it was due to a reasonable cause and not to willful neglect, no such addition shall be made to the tax. In case a false or fraudulent return or list is willfully made, the Commissioner of Internal Revenue shall add to the tax 50% of its amount. "The amount so added to any tax shall be collected at the same time and in the same manner and as part of the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount so added shall be collected in the same manner as the tax." Sec. 1318. That if any person is summoned under this Act to appear, to testify, or to produce books, papers or other data, the district court of the United States for the district in which such person resides shall have jurisdiction by appropriate process to compel such attendance, tetimony, or production of books, papers, or other data. The district courts of the United States at the instance of the United States are hereby invested with such jurisdiction to make and issue, both in actions at law and suits in equity, writs and orders of injunction, and of ne °seat republica, orders appointing receivers, and such other orders and process, and to render such judgments and decrees, granting in proper cases both legal and equitable relief together, as may be necessary or appropriate for the enforcement of the provisions of this Act. The remedies hereby provided arc in addition to and not excludive of any and all other remedies of the United States in such courts or otherwise to enforce such provisions. Sec. 1319. That whoever in connection with the sale or lease, or offer for sale or lease, of any article, or for the purpose of making such sale or lease, makes any statement, written or oral, (1) intended or calculated to lead any person to believe that any part of the price at which such article is sold or leased, or offered for sale or lease, consists of a tax imposed under the 633 authority of the United States, or (2) ascribing a particular part of such price to a tax imposed under the authority of the United States, knowing that such statement is false or that the tax is not so great as the portion of such price ascribed to such tax, shall be guility of a misdemeanor and upon conviction thereof shall be punished by a fine of not more than $1,000 or by imprisonment not exceeding one year, or both. Sec. 1320. That wherever by the laws of the United States or regulations made pursuant thereto, any person is required to furnish any recognizance, stipulation, bond,guaranty,or undertaking,hereinafter called "penal bond," with surety or sureties, such person may, in lieu of such surety or sureties, deposit as security with the official having authority to approve such penal bond, United States Liberty bonds or other bonds of the United States in a sum equal at their par value to the amount of such penal bond required to be furnished, together with an agreement authorizing such official to collect or sell such bonds so deposited in case of any default in the performance of any of the conditions or stipulations of such penal bond. The acceptance of such United States bonds in lieu of surety or sureties required by law shall have the same force and effect as individual or corporate sureties, or certified checks, bank drafts, post office money orders, or cash, for the penalty or amount of such penal bond. The bonds deposited hereunder, and such other United States bonds as may be substituted therefor from time to time as such security, may be deposited with the Treasurer, or an Assistant Treasurer of the United States, a Government depository, Federal Reserve bank, or member bank, which shall issue receipt therefor, describing such bonds so deposited. As soon as security for the performance of such penal bond is no longer necessary, such bonds so deposited, shall be returned to the depositor: Provided, That in case a person or persons supply a contractor with labor or material as provided by the Act of Congress, approved Feb. 24 1905 (33 Stat. 811), entitled "An Act to amend an Act, approved August thirteenth, eighteen hundred and ninety-four, entitled, 'An Act for the protection of persons furnishing materials and labor for the construction of public works,'" shall file with the obligee, at any time after a default in the performance of any contract subject to said Acts, who application and affidavit therein provided, the obligee shall not deliver to the obligor the deposited bonds nor any surplus proceeds thereof until the expiration of the time limited by said Acts for the institution of suit by such person or persons, and, in case suit shall be instituted, within such time, shall hold said bonds or proceeds subject to the order of the court having jurisdiction thereof: Provided further, That nothing herein contained shall affect or impair the priority of the claim of the United States against the bonds deposited or any right or remedy granted by said Acts or by this section to the United States for default upon any obligation of said penal bond: Provided further, That all laws inconsistent with this section are hebey so modified as to conform to the provisions hereof: And provided further, That nothing contained herein shall affect the authority of courts over the security, where such bonds are taken as security in judicial proceedings, or the authority of any administrative officer of the United States to receive United States bonds for security in cases authorized by existing laws. The Secretary may prescribe rules and regulations necessary and proper for carrying this section into effect. TITLE XIV.—GENERAL PROVISIONS. Sec. 1400 (a) That the following parts of Acts are hereby repealed, sub ject to the limitations provided in subdivision (b): (1) The following titles of the Revenue Act of 1916: Title I (called "Income Tax"); Title H (called "Estate Tax"); Title III (called "Munitions Manufacturers' Tax"), as amended; Title IV (called "Miscellaneous Taxes"); (2) The following parts of the Act entitled "An Act to provide increased revenue to defray the expenses of the increased appropriations for the Army and Navy and the extension of fortifications, and for other purposes," approved March 3 1917: Title III (called "Estate Tax"); Sec. 402 (called "Returns of Dividends"); (3) The following titles of the Revenue Act of 1917: Title I (called "War Income Tax"); Title II (called "War Excess-Profits Tax"); Title III (called "War Tax on Beverages"); Title IV (called "War Tax on Cigars, Tobacco, • and Manufactures Thereof"); Title V (called "War Tax on Facilities Furnished by Public Utilities. and Insurance."; Title VI (called "War Excise Taxes"); Title VII (called "War Tax on Admissions and Dues"); Title VIII (called "War Stamp Taxes"); Title IX (called "War Estate Tax"); Title X (called "Administrative Provisions"); Title XII (called "Income-Tax Amendments"). (b) Such parts of Acts shall remain in force for the assessment and collection of all taxes which have accrued thereunder, and for the imposition and collection of all penalties or forfeitures which have accrued and may accrue in relation to any such taxes, and except that the unexpended balance of any appropriation heretofore made and now available for the administration of any such part of an Act shall be available for the administration of this Act or the corresponding provision thereof: Provided, That, except as otherwise provided in this Act, no taxes shall be collected under Title I of the Revenue Act of 1916 as amended by the Revenue Act of 1917, or Title I of II of the Revenue Act of 1917, in respect to any period after Dec. 31 1917: Provided further, That the assessment and collection of all estate taxes, and the imposition and collection of all penalties or forfeitures, which have accrued under Title II of the Revenue Act of 1916 as amended by the Act entitled "An Act to provide increased revenue to defray the expenses of the increased appropriations for the Army and Navy and the extensions of fortifications, and for other purposes," approved March 3 1917. or Title IX of the Revenue Act of 1917, shall be according to the provisions of Title IV of this Act. In the case of any tax imposed by any part of an Act herein repealed, if there is a tax imposed by this Act in lieu thereof, the provision imposing such tax shall remain in force until the corresponding tax under this Act takes effect under the provisions of this Act. Title I of the Revenue Act of 1916 as amended by the Revenue Act of 1917 shall remain in force for the assessment and collection of the income tax in Porto Rico and the Philippine Islands, except as may be otherwise provided by their respective legislatures. Soc. 1401. That Section 1100 of the Revenue Act of 1917 is hereby repealed to take effect on July 1 1919, and thereafter the rate of postage on all mail matter of the first class shall be the same as the rate in force on Oct. 2 1917: Provided, That letters written and mailed by soldiers, sailors, and marines assigned to duty in a foreign country engaged in the present war may be mailed free of postage, subject to such rules and regulations as may be prescribed by the Postmaster-General. Sec. 1107 of such Act is hereby repealed, to take effect July 111919. 634 THE CHRONICLE [VOL. 108. Sec. 1402. That if any clause, sentence, paragraph, or part of this Act The extension by the U. S. Treasury Department ot a shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the re- credit of $75,000,000 to Italy and of $40,000,000 in favor of mainder of this Act, but shall be confined in its operation to the clause, the Belgian Government, making a total of $1,385,000,000 sentence, paragraph, or part thereof directly involved in the controversy advanced to Italy and $296,145,000 for Belgium, was anIn which such Judgment has been rendered. Sec. 1403. That the Revenue Act of 1916 is hereby amended by adding nounced on the 10th inst. It was also reported this week at the end thereof a section to read as follows: that the credit eto Rumania, which had previously amounted "Sec. 903. That this Act may be cited as the 'Revenue Act of 1916.'" to $6,666,666, has been increased to $10,000,000. Sec. 1404. That the Revenue Act of 1917 is hereby amended by adding at the end thereof a section to read as follows: "Sec. 1303. That this Act may be cited as the'Revenue Act of 1917.'" Sec. 1405. That this Act may be cited as the "Revenue Act of 1918." GREAT BRITAIN PROHIBITS IMPORTATION OF ALL Sec. 1406. That all persons serving in the military or naval forces of the FOREIGN COINS EXCEPT GOLD AND SILVER. United States during the present war who have, since April 6 1917, resigned or been discharged under honorable conditions (or, in tho case of Samuel Montagu & Co. of London in their weekly circular Reservists, been placed on inactive duty), or who at any time hereafter call attention to the fact that a proclamation was issued on (but not later than the termination of the current enlistment or term of service) in the case of the enlisted personnel and female nurses, or within the 14th of January last absolutely prohibiting the importaone year after the termination of the present war in the case of officers, tion into the United Kingdom of all coins coined in any may resign or be discharged under honorable conditions (or, in the case or Reservists, be placed on inactive duty), shall be paid, in addition to all foreign country, other than gold or silver coins. On Mar.301917 they state a proclamation was made by which such other amounts due them in pursuance of law, $60 each. This amount shall not be paid (1) to any person who though appointed or importation could be effected under license granted by the inducted into the Military or Naval forces on or prior to Nov. 11 1918, had not reported for duty at his station on or prior to such date; or (2) Ministry of Munitions; this proviso, it is added, has now to any person who has already received one month's pay under the pro- been removed. visions of Section 9 of the Act, entitled "An Act to authorize the President • to increase temporarily the Military establishment of the United States," approved May 18 1917; or (3) to any person who is entitled to retired pay; ENGLAND PERMITS DIAMOND IMPORTS. or (4) to the heirs or legal representatives of any person entitled to any payment under this section who has died or may die before receiving such "Financial America" in London advices of the 13th inst. payment. In the case of any person who subsequent to separation from the service as above specified has been appointed or inducted into the Mili- stated that the War Ordinance forbidding importation of tary or Naval forces of the United States and has been or is again separated unset diamonds had been revoked by the Government. from the service as above specified, only one payment of $60 shall be made. The above amount,in the case Of separation from the service on or prior to the passage of this Act, shall be paid as soon as practicable after the passage of this Act, and in the case of separation from the service after the .PROPOSED CREDITS TO BELGIUM BY UNITED STATES passage of this Act, shall be paid at the time of such separation. AND GREAT BRITAIN. The amounts herein provided for shall be paid out of the appropriations for "pay of the Army" and "pay of the Navy," respectively, by such disRegarding the Belgian credit of about £4,000,000 to be bursing officers as may be designated by the Secretary of War and the supplied by Great Britain and to which we referred a week Secretary of the Navy. The Secretary of War and the Secretary of the Navy respectively shall ago, page 526, the "Journal of Commerce," in a special make all regulations necessary for the enforcement of the provisions of cable from London, under date of Feb. 6, said: this section. A group of leading banks and discount houses has arranged a credit Sec. 1407. That the provisions of Section 5 of the Act, entitled "An Act making appropriations for the service of the Post Office Department for of about £4,000,000 to a group of Belgian banks in three months bills the fiscal year ending June 30 1918, and for othher purposes," approved renewable three times at current rates, making the full period of credit one March 3 1917, relating to intoxicating liquors in inter-State commerce, as year. The capital is to finance Belgian purchases of goods in Great amended by Section 1110 of an Act entitled "An Act to provide revenue to Britain, and it is understood that American bankers have made oven defray war expenses, and for other purposes," approved Oct. 3 1917, be, larger credit arrangements. and the same are hereby, made applicable to the District of Columbia. The negotiations looking to extension of a credit to Belgium Sec. 1408. That every person who on or after April 6 1917, has entered into any contract, undertaking, or agreement with the United States, or of approximately $50,000,000, which is being arranged for with any department, bureau, officer, commission, board, or agency under in the United States, are understood to be about completed. the United States or acting in its behalf, or with any other person having These negotiations, it is said, are being conducted by J. P. contract relations with the United States, for the performance of any work or the supplying of any materials or property for the use of or for Morgan & Co., the Guaranty Trust Co. of this city, the the account of the United States, shall, within thirty days after a request National City Bank and the National Bank of Commerce. of the Commissioner therefor, file with the Commissioner a true and correct As indicated in these columns last week, the financing will copy of every such contract, undertaking, or agreement. Whoever fails to comply with such request of the Commissioner shall be be in the form of an acceptance credit, the acceptances being guilty of a misdemeanor and shall be punished by a fine of not more than eligible for rediscount at the Federal Reserve Bank. In $1,000, or by imprisonment for not more than ono year, or both. The Commissioner shall (when not violative of the technical military or stating that leading banks in Belgium will draw the bills naval secrets of the Government) have access to all information and data w 7gich will be acceptable by the syndicate of New York relating to any such contract, undertaking, or agreement, in the possession, banks, the "Wall Street Journal" of the 8th inst. also said: control or custody of any department, bureau, board, agency, officer or The bills will be sold in this market and will run for one year, consisting commission of the United States and may call upon any such department, bureau, board, agency, officer or commission for a full statement and de- of four installments of three months' each. It was stated that the proceeds scriptim of any allowance for amortization, obsolescence, depreciation or will be used to buy cotton, leather and other raw materials here. loss, or of any valu ation, appraisal, adjustment or final settlement, made in pursuance of any such contract, undertaking, or agreement. I Soc. 1409. That unless otherwise herein specially provided, this Act PRESIDENT CARRANZA'S STATEMENT AS TO PAY• shall take effect on the day following its passage. Passed the House of Representatives Sept. 20 1018. Attest: SOUTH TRIMBLE, Clerk. Passed the Senate with amendments Dec. 15 (calendar day, Dec. 23) 1918. Attest: JAMES M. BAKER, Secretary. Crurrent glatuts and pistussions CONTINUED OFFERING OF BRITISH TREASURY BILLS. The usual offering of ninety-day British Treasury bills was disposed of this week by J. P. Morgan & Co. on. the same discount basis as in the past two weeks, viz., 5%. The bills are dated Feb. 11. NEW CREDITS TO ITALY, BELGIUM AND RUMANIA. The aggregate aid to the Allies since this country's entrance into the war now aggregates $8,678,157,836, apportioned as follows: Great Britain France Italy Russia Belgium Greece Czecho-Slovak $4,155,981,000 2,417,477,800 1,385.000,000 325,000,000 296,145,000 39,554,036 17,000,000 Cuba Serbia Rumania Liberia Total $15,000,000 12,000,000 10,000,000 5,000,000 $8,678,157,836 MENT OF INTEREST BY MEXICO ON FOREIGN INDEBTEDNESS. The following, emanating from San Antonio, appeared in the "Wall Street Journal" of the 13th inst.: In an interview given to the San Antonio "Express" and San Antonio "Evening News" at the City of Mexico, President Carranza said that shortly Mexico in all probability will begin paying in part the interest. 6+7 her foreign indebtedness. This includes the interest on the railroads that are steadily being put in better shape. The revenues of the country are now on such a scale that the necessarily big budget is soon to be met and the prospects are for a surplus. . "I am going to devote the remainder of my administration to the conversion of our foreign financial obligations," Carranza said. President Carranza dictated the following message to the people of the United States: "My message to the people of the United States is: The people of Mexico are cordial toward the people of the United States, but the policy of the foreign interests, which at times threatens the interests*of the Mexican people, has created a sentiment of distrust for which the Mexican people cannot be blamed. On the other hand, the American people, misled by these same interests, think the Mexicantpe,ople unfriendly and this policy, followed by the foreign interests and spread throughout the country In their press, is responsible for this distrust:and lack of cordial understanding between the two peoples." AMBASSADOR FLETCHER ON CONDITIONS IN' MEXICO. The statement that American rights in Mexico will be amply safeguarded by the Mexican Government was attributed to Henry P. Fletcher, ;American Ambassador to Mexico, in Associated Press ;dispatches from Washington oniFeb. 6. Ambassador' Fletcher is now in Washington, FEB. 15 1919.] THE CHRONICLE 635 having just returned from Mexico City to confer with State tional Railways of Mexico, which had been practically run Department officials. by the Government since 1913, during which period no inThe New York "Times" of the 8th in reporting him as terest has been paid on its bonds. stating in his opinion relations between Mexico and the The "Times" of the 11th inst. said: United States were "most cordial," also said: Mr. Nieto, it is understood, is anxious to work out some plan whereby He said that while there were a number of very important matters pending, the two Governments were approaching their solution in the most friendly spirit. Asked as to the German propaganda in Mexico, the Ambassador said that it had been most virulently anti-American and had sought in every way to confuse and complicate the relations between Mexico and the United States, but that with the signing of the armistice and the subsequent recall of the German Minister propaganda had ceased, and the lofty ideals of the United States, its honesty of purpose and sincerity of motive were being appreciated by the Government and the Mexican people. President Carranza was bending all his energies to reorganizing the public services and pacifying the country. Laws were being proposed and considered for putting into effect the reforms outlined in the new Constitution, but up to the present, little, if any, legislation along these lines had been enacted. The Oil Question Explained. Speaking of the oil question, the Ambassador stated that under the old Spanish laws minerals belonged to the crown and could only be exploited by license, that after Mexico became independent of Spain, the Mexican Government claimed and exercised the rights of the Spanish Crown in this respect, but that in 1884 a new mineral code was adopted in Mexico which excepted coal and petroleum from the operation of this rule, and in conformity with the mineral code of Mexico the American oil companies acquired title to their lands and, as they claim, to the subsoil deposits also. No American companies are operating under concessions. The conflict between the oil companies and the Mexican Government arose under Article 27 of the new Constitution. This article provided that "in the nation is vested direct ownership of all minerals or substances which in veins, masses or beds constitute deposits whose nature is different from the components of the land, such as minerals from which metals and metaloides used for industrial purposes are extracted, beds of precious stones, rock salt and salt lakes formed directly by marine waters, products derived from the decomposition of rocks, when their exploitation requires underground work, phosphates which may be used for fertilizers; solid mineral fuels; petroleum and all hydro-carbons—solid, liquid or gaseous. In February of last year the Mexican Executive, acting under authority conferred by the Mexican Congress, issued a decree designed to carry out the provisions of this article of the Constitution, although no reference was made in tho decree thereto. This decree was subsequently amended and revised by other decrees. The United States Government in its note of April 2, which has been published in the United States, pointed out to the Mexican Government its objection to this procedure, and the American oil companies operating in Mexico reSZorted to the Mexican courts and asked an "amparo"—similar to a writ of injunction—against the enforcement of those decrees, on the ground that they constituted a taking of their property without duo process of law, &c. The oil companies also sent representatives to Mexico to present their arguments to the Mexican Government. President Carranza appointed a committee of his Cabinet to confer with them, and the position of the American companies has been made entirely clear to the Mexican Government. • Up to this time the Mexican Government has not enforced any of these decrees, nor has it collected a dollar of tax under them. Early in December President Carranza suhmitted to the Mexican Congress the whole question, but the Congress came to an end by constitutional limitation on Dec. 31 last and had not sufficient time to take up the oil legislation. It is generally understood that I'resident Carranza will call a special session of Congress to consider, among other things, petroleum legislation, In April or May of this year, and the oil companies have been asked to appear before the proper committees of the Mexican Congress and present their case. The Ambassador said he felt very hopeful that ultimately a law would be passed which would recognize the rights of American citizens acquired under the laws of Mexico in good faith, and at the same time bo in harmony with the sovereign rights of Mexico in respect to taxation and regulation of industry. Economic Situation Improving. the Mexican national debt may be refunded and new capital secured for the internal development of the southern republic. The national debt, translated into dollars, is equal to approximately S375,000,000, and bankers who have studied the subject doubt if the Mexican income, after deducting the cost of government, would be sufficient to pay interest on this sum and allow a balance for new money. Under the circumstances, American bankers hesitate to undertake any new financing in the interest of Mexico unless they are assured that some sort of guarantee will be forthcoming. This,it is understood, has been explained to Mr. Nieto, who, it may be said, is not empowered to bind Mexico to any definite agreement, even if one were possible of consummation at the present time. A plan for refunding Mexico, and for supplying capital for new development work, has tentatively been prepared, but all interests concerned insist that nothing definite can be said. However, it became known yesterday that this plan calls for the refunding of the Mexican debt into a comprehensive issue of bonds of one description; the issuance of new bonds for capitil with which to develop some of the natural resources of Mexico; the pledging of the national customs revenue as security for the whole debt, and the administration of the customs revenue by a joint commission or international board of representatives of the United States and Mexico. NEW FOREIGN EXCHANGE REGULATIONS. The Federal Reserve Bank of New York announced yesterday (Feb. 14) that the Division of Foreign Exchange of the Federal Reserve Board had issued additional regulations on Feb. 11 and 13 1919 whereby "dealers" as defined under the Executive Order of the President dated Jan. 26 1918, are permitted to make transfers of funds to persons not enemies or allies of enemies resident in all parts of Finland, and in the provinces of Bohemia and Moravia, as existing on Aug. 1 1914, which provinces are at present under control of the Czecho-Slovak National Council. The Bank also says: Similar regulations have been promulgated by the Division of Foreign Exchange of the Federal Reserve Board permitting the transfer of funds to persons not enemies or allies of enemies resident in Belgium, AlsaceLorraine, Palestine, Syria, Mesopotamia, Rumania, Serbia and the territory included in the line set out in Article 3 of the Military Clause of the Armistice Protocol of Nov. XI 1918, which covers those parts of Austria now under Italian control. CONFERENCE OF AGRICULTURAL COMMITTEES OF A. B. A. AND STATE BANKERS' ASSOCIATIONS. A joint conference of the Agricultural Commission of the American Bankers' Association and the Agricultural Committees of forty-two State Bankers' Associations, designed to shape the bankers' plans for 1919 in the matter of dealing with agricultural problems, will be held in Washington Feb. 26 and 27 with the Secretary, Assistant Secretaries and Bureau Chiefs of the Department of Agriculture, representatives of the Bureau of Education and the Federal Farm Loan Board. Joseph Hirsch, banker, of Corpus Christi, Texas, who is Chairman of the Commission, says: The keynote of this meeting will be the formulation of bankers' plans so they may perform the greatest possible service to the nation and work Asked about the general economic situation and progress of the country in closest co-operation with the Department of Agriculture and other in the last two years, Mr. Fletcher stated that in some parts a wonderful agencies dealing directly with rural matters. Up to this time the work step forward had boon made; but conditions in other sections had ham- of the bankers' committees has been largely devoted to agricultural propered the work of reconstruction since tho revolution, and that a groat task duction. That is, our principal work has had to do with increasing the had confronted President Carranza, whose executive ability was over- number of farm demonstration agents, the introduction and distribucoming the numerous obstacles in his way. The army was being reor- tion of thoroughbred live stock, the organization of Boys' and Girls' Agriganized, tho railways were gradually being placed on the footing before the cultural and Baby Beef clubs, but I think we should branch out now and revolution, and the various bandit leaders were without real influence, go more largely into matters of marketing, warehouse construction and operating only in small bands. the organization of co-operative marketing a.s.sociations. In short, I Relative to the smuggling of arms and ammunition across the border, think the bankers should bring their ability to bear on the matter of the the Ambassador stated that this was on a very limited scale and that the marketing of farm products. Mexican Government realized that the United States was doing its utmost The bankers are especially interested in farm'tenancy and should atto suppress the smuggling. tempt some concerted action looking to the purchase of farms by present Asked as to whether Mexico had any intentions to present itself before farm tenants and to long-time leases on terms that will conserve the soil. the Peace Conference in Paris, the Ambassador answered that he did These matters are of vital importance to the nation but have received not think so,,as Mexico was decidedly opposed to any foreign meddling in but scant consideration as yet by our bankers. the adjustment of her international affairs. On the subject of finance, the Ambassador said the Mexican newspapers The speakers at the conference will include: had stated that the Government was contemplating taking steps looking Dr. Clarence Ousley. Assistant Secretary of Agriculture. to a refunding of the public debt and might, in the near future, send a repreG. I. Christie, Assistant Secretary, on "Production in 1919." sentative to the United States to study the possibilities of making some C. B. Smith, Chief of Extension, North and West, on "County Agent financial adjustment. Work in the'North and West." Bradford Knapp, Chief of Extension in the South, on "County Agent Work in the South." Charles J. Brand, Chief of the Bureau of Markets, on "The Marketing RAFAEL NIETO CONFERRING WITH NEW YORK of Agricultural Products." BANKERS ON REFUNDING OF MEXICAN DEBT. C. W. Thompson, of the Bureau of Markets, on "Rural Finance." Rafael Nieto, Acting Secretary of Finance for Mexico, who J. R. Mohler, Chief of the Bureau of Animal Industry, on "The Control of Animal Diseases and Animal Husbandry Extension Work." arrived in New York on the 5th inst. to take up the question Dr. A. o. Neal, Specialist on Rural Schools, Bureau of Education, on of the refunding of the Mexican loans, had a conference with "An Efficient Rural School System." J. P. Morgan & Co. on the 10th inst. No statement was Charles E. Lobdell, Member of the Federal Farm Loan Board. forthcoming as to Monday's discussion, and it has since been The members of the Agricultural Commission selected reported that the matter is still under consideration. by the American Bankers' Association because of their Besides seeking to refund the external debt of $250,000,000 knowledge of agricultural problems, are: and accrued interest since 1914, Mr. Nieto, according to Joseph Hirsch, Texas. 0. N. Sams, Ohio. Fred N. Shepherd, Washington,D.0. the "New York Tribune," of the 7th, indicated that the W. G. Gordon, Missouri. B. C. Powell, Arkansas, J. R. Wheeler, Wisconsin. Government would also like to refund the debt of the Na- George E. Roberts, New York. 636 THE CHRONICLE [VOL. 108. in the gold value of our currency, history, there has been no depreciation BILL AIMED AGAINST FRAUDULENT SECURITIES every form of which is on an absolute parity with gold. True, the purGLASS. SECRETARY BY power of money has declined, but this is due to the abnormal and chasing ENACTMENT URGED FOR urgent demands for goods and services and the accompanying expansion The enactment of a law drawn by the Capital Issues Com- of credit and currency. The quality of our currency has been maintained; mittee which would require all corporations or persons de- there is a single standard of prices which is based upon the dollar, and not double standard,one based upon the gold dollar, and the other upon the siring to sell stock through the mails or through advertise- apaper dollar, as was the case daring and after the Civil War. The increased Secretary the with file to mails the through ments circulated volume of Federal Reserve notes has been an incident or an effect of exof the Treasury comprehensive statements concerning the pansion of credits, rather than the cause of such expansion, and the conwhich resulted in additions to the country's gold stock of more same is urged in a letter addressed by Secretary of the ditions than $1-.000,000,000 during the years 1915 and 1916 have changed. and Ways House the of Treasury Glass to Chairman Kitchin With the development of our foreign trade, with increased shipping in Means Committee on Feb. 13. The persons required to facilities, and with the granting of credits to other nations to aid them work of reconstruction and to enable us to sell them goods, a new their sign the statements would be made personally responsible influence will be felt in due course, which will work towards the restorafor any falsity therein,and willful violation of the Act would tion of more normal levels. Banking credits, which are not extended are at present concentrated be punishable by fine of $5,000 or imprisonment of one year, beyond our power to sustain them, but which in this country, will become more widely diffused throughout the world misrepresenintentional from suffering or both. Persons and the elastic quality of our currency, the main constituent of which is tations in the statements could recover damages. The now the Federal Reserve note, will soon be manifest, as indeed It has alby the retirement of approximately enactment of the legislation is sought to protect the Govern- ready been evidenced in some degreeof the year. $200,000,000 of notes since the close the of people the and ment in its financial undertakings that, while the minimum fact the to called is Attention United States from "threatened grave injury" growing out by law is of the issuance of securities of doubtful worth. In his reserve against Federal Reserve notes required not fallen below has reserve this fact, of matter a as 40%, letter Secretary Glass said: that, while the maximum of Federal Reserve The country is being flooded with stock flotations at the present time, 60%, and many of which are of very doubtful worth and many of which are fraudu- notes in circulation during the year was $2,701,956,000, the lent. The millions of holders of our Liberty bonds are being solicited by 60% gold reserve (which otherwise would have been in cirpaid agents to exchange these bonds for these securities, thus not only notes was $1,621,173,000, so seriously diminishing resources which should be kept available for Govern- culation) held against such ment financing, but as well bringing,in many cases,financial loss and ruin, that the actual increase of circulation due to Federal Reserve and seriously jeopardizing national finances from the resultant sale on the notes amounted to but $1,080,783,000. The report further market of Government securities by those who have thus obtained possession of them. Public protests are coming in from all parts of the United States. said: While the condition I have pointed out is not a new one, it represents at the present time an especially grave menace to the public and to the Government, and for the common protection of both I make this appeal to Congress for the legislation indicated, to cope with and to suppress this Permit me to point out that this proposed action by Congress will not of Itself be sufficient to suppress effectually this evil, because there are many transactions with which Congress may not have Constitutional authority to deal. Supplementary legislation by the several States will also be necessary. The promoter or stock vendor whose agents go from house to house, relying upon personal conversations and solicitations, without the use of the mails or any of the United States Government agencies, can hardly be reached through national legislation. On the other hand, they can be adequately controlled by State legislation; an'd the obvious method would be to require all persons desiring to sell shares of stock to the public to obtain first a license from any State in which such shares are to be offered. An obligation rests upon the American people to assist the Government In the completion of its financial program and to absorb the securities which have been and are yet to be issued. This absorption can be accomplished by reasonable economies and by persistent saving for some time to come, and it will be the duty of the Federal Reserve Board and the banks in the meanwhile to aid in the extension of credit facilities, necessary in the processes of production and distribution. The Board considers there are elements of danger in forced and premature contraction of credit and currency. On this point it says: Drastic contraction would be followed by results no less disastrous than those which would attend undue expansion, and the processes of deflation must therefore be permitted to work themselves out in a gradual and orderly manner. Discount rates, which for the past 18 months have been based upon the rates borne by Government issues, must for the time being continue to be fixed with regard to Treasury requirements, but when the war obligations of the Government have been digested, and the inTHE ANNUAL REPORT OF FEDERAL RESERVE BOARD. vested assets of the Federal Reserve banks have been restored to a commercial basis, rates can be established with reference to the commercial The Federal Reserve Board in submitting to Congress requirements of the country. on the 8th inst. its annual report for the calendar year 1918 The Board is profoundly conscious of the responsibilities imposed upon gave a most complete story of the national financing during it by the Federal Reserve Act, and during the period of readjustment and as progress is made in the re-establishment of pence conditions, the last and most important year of the great war, and said afterwards its purpose will be to exercise its control of our credit structure in such manin part: ner as best to promote the national welfare, the agricultural, industrial, In meeting the emergencies occasioned by the war Governments every- and commercial interests of the country, and the development of our where have been compelled to make unprecedented drafts upon their na- foreign trade. tional incomes and resources. With the great nations engaged in a death The service rendered by the Federal Reserve System to grapple, preservation of national life has been the supreme object. Most difficult questions of financial expediency have been presented to finance the Government in its war financing is shown by the followministers in deciding upon the most available and effective means of ing statement of the fiscal agency operations of the Federal mobilizing national resources. The decision once made it became the duty of all separate administrative agencies concerned with fiscal or banking Reserve banks: functions to co-operate in giving effect to policies adopted, and it was in this A total of $11,113,816,250 of bonds of the third and fourth Liberty loans, spirit of co-operation that the Federal Reserve Board felt it to be its duty and $10,659,743,000 of Treasury certificates of indebtedness issued in to assist in making effective the policies determined upon by the Secretary anticipation of these loans, of the forthcoming Fifth Loan and of 1918 and of the Treasury, however inconsistent some of the steps necessary to be 1919 tax receipts have been subscribed, allotted and collected through the taken might be with principles which usually govern in normal times. 12 Federal Reserve banks. The demands of war are imperative and must be met without delay, and Including operations in 1917 certificates of indebtedness and Liberty In financing the titanic struggle happily ended by the armistice last No- bonds subscribed for and collected through the Federal Reserve banks vember, first consideration could not always be given to what was theor- have amounted to $31,452,290,250, composed of $14,529,708,000 of ceretically desirable, or convenient from the standpoint of banking practice. tificates and $16,922,582,250 of Liberty bonds. The financial obligations of the Government are being met, the war has In a chapter dealing with the development of the market been won, hostilities have been ended, and representatives of the United States and the Allied powers are now in conference regarding terms of for bankers' acceptances the Board undertakes to give the peace. The country is confronted, it is true, with the problems incident reasons for the variance between the London and New York to the demobilization of troops, the readjustment of prices, and the diversion of industry from war activities to the employments of peace. We are market rates pointing out that while the London market approaching an era of general readjustment and resumption of construc- rate has been lower than that in New York, the official tion at home, and of reconstruction abroad, but the termination of the (Federal Reserve Bank) rate has been 43'6%, as against war at a time far in advance of popular expectation has minimized instead of magnified our national problems. We should have been confronted an official (Bank of England) rate of 5%. Opening the with them in any event whenever the war terminated and the Government chapter relating to its discount policy, the Board says: has not been required to withdraw from their ordinary employment the The discount policy of the Board has necessarily been co-ordinated 2,000,000 or more of men it was preparing to withdraw in September last, nor is the country faced with the necessity of equipping them, and throughout the year with Treasury requirements and policies, which in of maintaining overseas military and naval forces for a year or more of turn have been governed by demands made upon the Treasury for war subordinated to war 4,000,000 to 5,000,000 men. The expenditures of $25,000,000,000 to purposes. All lines of business activity have been under arms in France, $30,000,000,000 which had been anticipated for the year 1919 will be necessities; more than two million men have been country, half a milthis in camps training greatly reduced, and instead of sending new men to the front the Govern- another million at stations and one-half milment is bringing back a large portion of the forces which it had been main- lion more were in the navy, making more than three and lion men actually under arms; and it is estimated that the labor of fifteen taining abroad. disWithin a few months the country's war financing will have been com- million more has been devoted to the production, manufacture and pleted, and the Board can then deal with the problems incident to bringing tribution of commodities and material required In the conduct of the war. goods, of consumer and purchaser principal the been has Government The our credit structure and our banking operations back to a commercial basis. Our banking situation is strong and inherently sound, and is much as well as the chief employer of labor, and the financing of the Government stronger than would have been the case had the war continued for another therefore has been of paramount importance from a commercial as well as a patriotic point of view. year. The rates of interest borne by the Treasury certificates of indebtedness On Dec. 31 the Federal Reserve banks held a reserve of about 50%. and by the Liberty Loan bonds have been determined by the Secretary of the if reand issues, and note deposits liability for against their combined serve against deposits be computed on the basis of the legal requirement the Treasury within the limits fixed by Congress, and the Board has felt of 35%, the reserve against Federal Reserve notes would be 60%. The It to be its duty to adjust its discount rates in seek wanner as to assist ability of the country to absorb investments has proved to be far greater the distribution of the various Treasury issues. The Board has therefore continued the policy, as explained in the last than had been anticipated, and our credit structure, although expanded, Is unshaken. We have no currency problems, and conditions are not annual report, of giving a preferential rate of discount to notes made or comparable with those which existed at the close of the Civil War and while offered by member banks secured by the Government's war obligations, the volume of circulation is larger than it has been at any period in our and has continued to permit the Federal Reserve beaks to discount for non- FEtt. 15 1919.] THE CHRONICLE member banks, upon the indorsement of a member bank, notes secured in this manner. The following statement is quoted as illustrating the manner .in which the system has fulfilled its mission in making funds available as needed throughout the country by means of rediscounts and sales of paper between Federal Reserve banks: TransaCtions of this character between the Federal Reserve banks have been unusually heavy during the past year, due to three causes named In the order of their importance: First, transfus of Government funds; second, joint purchases of bankers' acceptances, and third, seasonal requirements incident to crop moving. The Board's policy has been to equalize, in an approximate degree, the reserves of the 12 Federal Reserve banks with the purpose of avoiding undue variations in their reserve position. Discount transactions between the banks have not, as a rule, been negotiated by the banks themselves, but through the medium of the Federal Reserve Board, instructions being given by telegraph and transfers incident to the operations were effected In the same way. Open-market purchases of bankers' acceptances have shown a very substantial growth. Investments in paper of this class reached a maximum of $388,383,000 on Oct. 25. The principal market for acceptances Is New York, although an open market for them has been established in Boston under the auspices of the Federal Reserve Bank there. The Federal Reserve banks of other districts have found it more convenient to participate in the purchases of acceptances made by the Federal Reserve Bank of New York, and some of the banks have undertaken to take care of the acceptances originating in their own districts which are sold in the Voluntary transactions between the banks in New York market. acceptances have been permitted without the indorsement of the Federal Reserve Bank selling them, but in all cases where the Board has required rediscount operations the indorsement of the bank disposing of the paper has been given. Rediscounting because of seasonal or crop-moving requirements has been confined to five banks—the Federal Reserve banks of Kansas City, Minneapolis, Dallas, Atlanta, and Richmond—but it is probable that none of these banks would have had Occasion to rediscount except for the fact that they were discounting heavily for member banks paper secured by Government obligations. Transactions in paper of this class have been so heavy and transfers of balances from ono district to another so constant that the process of rediscounting between banks has been continuous through the greater part of the year. All of the banks have disposed of paper except the Federal Reserve banks of Cleveland and San Francisco. Rediscount operations between the Federal Reserve banks, including voluntary purchases of bankers' acceptances, during the year, have aggregated $655,638,000. NEW LIBERTY BOND LEGISLATION PROPOSED BY SECRETARY OF THE TREASURY GLASS. New legislation which would among other things increase the authorized issue of Liberty bonds from $20,000,000,000 to $25,000,000,000 and the authorized but unissued amount to approximately $10,000,000,000, is proposed in a message addressed this week to Claude Kitehin, Chairman of the House Ways and Means Committee by Secretary of the Treasury Glass. Further legislation as follows is also asked by Secretary Glass, who submitted with his letter a bill covering the desired legislation: 2. Remove the limitation as to interest rate so far as regards bonds maturing not more than ten years from the date of issue; 3. Authorize the issue of not to exceed $10,000,000,000 of interest bearing, non-circulating notes having maturities from one to five years; 4. Authorize the issue of bonds and notes, payable at a premium; 5. Exempt War Savings certificates from income surtaxes; 6. Confer authority upon the Secretary of the Treasury to determine the exemptions from taxation in respect to future issues of bonds and notes and to enlarge the exemptions of existing Liberty bonds in the hands of subscribers for new bonds and notes; 7. Exempt from income surtaxes and profits taxes all issues of Liberty bonds and bonds of the War Finance Corporation held abroad. 8. Extend the period for conversion of 4% Liberty bonds on the lines suggested in Secretary Glass's letter to Chairman Kitchin on Jan. 15; this letter was published in our issue of Jan. 18, page 219; 9. Create a 2%% cumulative sinking fund for the retirement of the war debt; 10. Continue the existing authority for the purchase of obligations of foreign governments after the termination of the war in accordance with the views expressed by Secretary McAdoo by letter and in his testimony before the Ways and Means Committee; 11. Extend the authority of the War Finance Corporation so as to permit It to make loans in aid of our commerce, thus supplementing the aid which may be given by the Treasury on direct loans to foreign governments and in a measure relieving the Treasury of demands for such loans. In his letter of this week to Representative Kitehin urging the enactment of this legislation, and giving his reasons therefor, Secretary Glass said: Washington, D. C., Feb. 10 1919. Dear Mr. Kitchin—Now that the Revenue bill has passed the House, I desire, in accordance with the intimation contained in my letter of Jan. 15 to you and my talk with you and Mr. Fordney, to ask the attention of the Ways and Means Committee to the necessity of the immediate enactment of legislation amending the Liberty Bond Acts so as to make possible the funding by a Victory Liberty Loan in the spring of the floating debt which has been incurred and will be incurred up to that time. The Victory Liberty Loan could not be issued successfully, now that hostilities have ceased, within the limitations imposed by existing laws. After most careful consideration of the matter and after receiving and considering the views of bankers, Liberty Loan workers and others whose views are most entitled to consideration, very reluctantly I am constrained to say that I cannot wisely determine now in February the terms of the bonds or other obligations which it would be wise to offer for subscription in April, when the Liberty Loan campaign should probably begin. At the moment we are in a period of readjustment. To the slackening of industry and commercial activity incident to the termination of active warfare has been added the usual dullness of the winter season. The necessary and desirable contraction of our credit structure has begun and will be greatly facilitated by the enactment of appropriate legislation to permit the liquidation of claims arising under informal army contracts. 637 Steps have been taken to break the deadlock which had arisen, growing out of the maintenance, nominally at least, of war prices in certain basic industries. Upon the enactment of appropriate legislation to enable the Food Administration to protect the guarantees given by the United States, I am hopeful that it will prove possible to restore the operation of the law of supply and demand with respect to foodstuffs with, as I believe, a consequent reduction in the cost of living. A period of rtsing prices and of intense industrial activity, such as we have experienced during the past four years, is always a period of great apparent prosperity, and a period of falling prices and of the contraction of credits is always a period of depression. The retardation of the process of readjustment by artificial means can only increase the evils inherent in the situation. Buying will not begin and activity will not set in until the community at large is satisfied that prices have reached bedrock. I am very hopeful that measures now under discussion may result in the rapid acceleration of the readjustment, and I am firmly convinced that if that be done America has before her a new period of great and growing prosperity. I am even sanguine enough to believe that it is within the range of the possible that so much may have been accomplished on the lines above Indicated before the expiration of two months from now that the whole situation will have been changed and that we may look forward to the successful issue of the Victory Liberty Loan on terms which to-day would seem quite impossible. Furthermore, merely as a matter of the technique of bond selling, it would be a fatal mistake to fix the terms of the loan so long in advance of the offering. The issue would become stale and its attractions would have been discounted long before the loan campaign begins. It will be remembered that the Second Liberty Bond Act was approved as late as Sept. 24, and the bonds were offered on Oct. 1 1917; that the Third Liberty Bond Act was approved April 4 and the bonds offered on April 6 1918; and that the supplement to the Fourth Liberty Bond Act was approval Sept. 24 and the bonds offered on Sept. 28 1918. Therefore, and in view of the early expiration of the life of the present Congress and the apparent impossibility of convening and organizing the new Congress in time to enact further bond legislation before the Victory Liberty Loan campaign begins, I reluctantly ask greater latitude in the exercise of a sound discretion as to the terms of the Victory Liberty Loan than has been conferred by the Congress in respect to previous loans. I should be only too glad to have the Congress share with Me the respZ: sibility of this extraordinarily difficult determination, but, believing that It would be a grave mistake to reach a final determination at this time, I must ask authority to deal with the matter as the situation may develop. Holding these views, I have ventured to have prepared and I submit to you herewith a draft of a bill to amend the Liberty Bond Acts and for other purposes. This bill would (1) increase the authorized issue of bonds from $20,000,000.000 to $25,000,000,000;(2) remove the limitation as to interest rate so far as regards bonds maturing not more than ten years from the date of issue; (3) authorize the issue of not to exceed $10,000.000.000 of interest-bearing, non-circulating notes having maturities from one to five years;(4) authorize the issue of bonds and notes payable at a premium; (5) exempt War Savings Certificates from income surtaxes; (6) confer authority upon the Secretary of the Treasury to determine the exemptions from taxation in respect to future issues of bonds and notes, and to enlarge the exemptions of existing Liberty bonds in the hands of subscribers for new bonds and notes; (7) exempt from income surtaxes and profits taxes all issues of Liberty bonds and bonds of the War Finance Corporation held abroad; (8) extend the period for conversion of 4% Liberty bonds on the lines suggested in my letter of Jan. 15 to you; (9) create a 23. % cumulative sinking fund for the retirement of the war debt; (10) continue the existing authority for the purchase of obligations of foreign Governments after the termination of the war, in accordance with the views expressed by Secretary McAdoo by letter and in his testimony before the Ways and Means Committee; and (11) extend the authority of the War Finance Corporation so as to permit it to make loans in aid of our commerce, thus supplementing the aid which may be given by the Treasury on direct loans to foreign Governments and in a measure relieving the Treasury of demands for such loans. I am sure that your committee will wish to discuss all of these matters fully with me, and I shall not burden you at this time with a fuller statement of my N iews concerning them. I am sending a copy of this letter to Senator Simmons. Very truly yours, CARTER GLASS. We also give herewith the text of the bill proposed by Secretary Glass: A BILL to Amend the Liberty Bond Acts and For Other Purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. that Section 1 of the Second Liberty Bond Act, as amended, is hereby further amended by striking out the figures $20.000,000,000 and inserting in lieu thereof the figures $25.000,000,000, and by adding the following clause: Any bonds maturing not later than ten years from the date thereof may bear interest at such rate or rates, notwithstanding the limitation hereinbefore contained, and may be made payable at or before maturity at such premium or premiums as the Secretary of the Treasury may prescribe. Sec. 2. That the Second Liberty Bond Act Is hereby amended by adding thereto a new section to read as follows: Sec. 18. That, in addition to the bonds and certificates of indebtedness and War Savings certificates authorized by the Second Liberty Bond Act and amendments theieto. the Secretary of the Treasury is authorized to borrow from time to time on the credit of the United States for the purposes of said Act and amendments thereto and to meet public expenditures authorized by law such sum or sums as in his judgment may be necessary, and to issue therefor notes of the United States at not less than par in such form or forms and subject to such terms and conditions and at such rates of interest as he may prescribe, and each note so issued shall be payable at such time not leas than one year nor more than five years from the date of its Issue, and may be redeemable before maturity upon such terms and conditions, and may be payable at or before maturity at such premium, and the interest accruing thereon shall be payable at such time or times as the Secretary of the Treasury may prescribe. The sum of such notes outstanding hereunder shall not at any one time exceed in the aggregate $10,000,000,000. None of such notes shall bear the circulation privilege. The principal and interest thereof shall be payable in United States gold coin of the present standard of value. The words "bonds" where it appears in Sections 8. 9, 10, 14 and 15 of this Act and Section 5,200 of the Revised Statutes, but in said sections only, shall be deemed to include notes issued hereunder. Sec. 3. That, notwithstanding the provisions of the Second Liberty Bond Act and of any other Act. (a) War Savings certificates of the United States heretofore or hereafter Issued shall be exempt from taxation as fully and to the same extent as bonds of the United States issued under Section 1 of the First Liberty Bond Act. 638 THE CHRONICLE [Vot. 108. (b) Bonds, notes and certificates of indebtedness of the United States ation shall deem adequate. The corporation in its discretion may extend Of any series hereafter issued shall be exempt from taxation if and to the the time of repayment of any such advance through renewals, the subWent prescribed by the Secretary of the Treasury in connection with stitution of new obligations, or otherwise, provided that the time for the the issue thereof. repayment of any advance shall not be extended beyond five years from (c) Subscribers for any subsequent series of bonds or any series of notes the date on which the same was originally made. of the United States shall be entitled to additional exemptions from taxSec. 9. That the last sentence but one of Section 15 of the War Finance ation in respect to bonds of the First Liberty Loan, converted; the Second Corporation Act be and is hereby amended to read as follows: Liberty Loan, converted and unconverted; the Third Liberty Loan, and "Beginning twelve months after the termination of the war, the date the Fourth Liberty Loan owned by them if, as, and to the extent pre- of such termination to be fixed by a proclamation of the President of the scribed by the Secretary of the Treasury in connection with the issue United States, the directors of the corporation shall proceed to liquidate Of such subsequent series of bonds or of such series of notes. its assets and to wind up its affairs, but the directors of the corporation, (d) Section 3 of the Fourth Liberty Bond Act is hereby amended to in their discretion, may, from time to time, prior to such date, sell and read as follows: dispose of any securities or other property acquired by the corporation." Sec. 3. That, notwithstanding the provisions of the Second Liberty Sec. 10. That the short title of this Act shall be "Fifth Liberty Bond Bond Act and of the War Finance Corporation Act and of any other Act, Act." bonds, notes and certificates of indebtedness of the United States and bonds of the War Finance Corporation shall, while beneficially owned by a non-resident alien, individual or by a foreign corporation, partnership, or N. Y. FEDERAL RESERVE BANK'S ANNOUNCEMENT association not engaged in business in the United States, be exempt both AS TO TRANSFER AND EXCHANGE OF as to principal and interest from any and all taxation now or hereafter THIRD LIBERTY LOAN BONDS. Unposed by the United States, any State or any of the possessions of the The Federal Reserve Bank of New York on Feb. 10 anUnited States or by any local taxing authority. Sec. 4. That the privilege of converting 4% bonds of the First Liberty nounced that the transfer books of the Third Liberty Loan Loan converted and 4% bonds of the Second Liberty Loan into 4X % bonds, which privilege arose on May 9 1918 and expired on Nov. 9 1918, will close at the close of business to-day, Feb. 15, and rd2sy be extended by the Secretary of the Treasury for such period upon will re-open at opening of business on Monday, March 17 such terms and conditions and subject to such rules and regulations as he 1919: The bank also says: ray prescribe; provided, however, that, for the purpose of computing During such period no transfers of registered bonds or exchanges of the amount of interest payable, bonds presented for conversion under any such extension shall be deemed to be converted on the dates for pay- registered and coupon bonds of this sort will be permitted. No exceptions can be made and as the bonds must actually be in the possession of the ment of the semi-annual interest on the respective bonds so presented for Treasury Department, Washington, on Feb. 15 1919 the transfer and conversion, next succeeding the date of such presentation. Sec. 5. That at the expiration of one year after the termination of the exchange of Third Liberty Loan registered bonds presented to the Federal war, and annually thereafter until all bonds and notes hereinafter referred Reserve Bank of New York after the close of business Feb. 14 1919 will be to shall be retired, the Secretary of the Treasury shall set aside, as a cumu- withheld until March 17 1919. Coupon bonds of the Third Liberty Loan presented to the Federal lative sinking fund for the retirement of the war debt, such amount as he shall deem necessary under the provisions of this section, and the amount Reserve Bank of Now York for registration after Feb. 14 must have the so set aside by the Secretary of the Treasury in each such year is hereby March 15 1919, interest coupon detached. appropriated for the purposes of this section to be available until all such bonds and notes are retired. Bonds and notes purchased, redeemed, or paid out of the sinking fund shall be cancelled and retired and shall not be reissued. The Secretary of the Treasury shall, from time to time, PATRIOTISM THE BASIC APPEAL OF VICTORY LOAN, beginning one year after the termination of the war and continuing until ACCORDING TO SECRETARY OF TREASURY GLASS. the war debt is retired, purchase for the sinking fund bonds and notes Secretary of the Treasury Carter Glass yesterday (the issued under authority of the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond Act, the Fourth Liberty Bond Act, 14th inst.) reiterated his decision to appeal to American and this Act, including converted bonds, at such prices and upon such patriotism to float the Victory Liberty Loan, in an address terms and conditions as he may prescribe. The aggregate par amount of all such bonds and notes purchased in any sinking fund year shall equal before the Advertising Club, in this city. Two hundred as nearly as may be, but shall not exceed 2;i% of the aggregate amount members of the club attended a luncheon there in his honor. _of such bonds and notes outstanding at the expiration of one year after Describing the nation's sentiment as one of grabitude for the termination of the war plus (in the case of any sinking fund year after the first) any amount herein authorized to be expended for such purchases victory, Mr. Glass said: And I shall not approach the next Liberty Loan, therefore, in a cold ,not expended in any previous year or years, and an amount equal to the Interest on all bonds and notes retired by means of the sinking fund. The spirit of business. I shall approach it in a spirit of thanksgiving to God and sinking fund may be applied to the payment of bonds or notes at maturity, in that spirit of patriotism that always has and should now and always will or to tho redemption thereof before maturity, as well as to the purchase characterize the American people when they must solve a great problem thereof. The average cost of the bonds and notes purchased shall not and successfully meet a great emergency. exceed par and accrued interest. The Secretary said he was aware of a reactionary feeling Sec. 6. That the proviso at the end of Section 2 of the Second Liberty existing which would dismiss patriotic matters by saying Bond Act as amended by the Third Liberty Bond Act and the Fourth that the war is over. He did not intend to be discouraged Liberty Bond Act is hereby amended to read as follows: Provided, that the authority granted by this section to the Secretary of by it, he said. Mr. Glass expressed faith that when he Governments, as foreign aforesaid, the Treasury to establish credits for had presented tho subject to all the people they would meet shall cease one year after the termination of the war between the United States and the Imperial German Government; and, provided further, the Government's honorable commitments. Secretary Glass' that, for the purpose of promoting commerce with foreign nations, such speech in part was as follows: credits may, after Feb. 15 1919 be established by the Secretary of the When I came over from Washington it was with the general understandTreasury, with the approval of the President, to provide for purchases in the United States for export therefrom and for expenditures in the United ing that I merely came over to shake hands with, and to greet, the gentleStates in connection with such purchases and for the payment of interest men in New York City belonging to those organizations which had done such to the United States; and, provided further, that after the termination of the notable service in the four campaigns for the Liberty Loan. And I came war such credits may, with the approval of the President, be established without any thought of having to make a speech. Indeed, I escaped from the committee room of the Ways and Moans In favor of the Governments of such foreign countries as were previously Committee of the House, where I was as a suppliant asking the comengaged in war with enemies of the United States. Sec. 7. That the obligations of foreign Governments acquired by the mittee to confer unprecedented authority upon the Secretary of the VreasSecretary of the Treasury by virtue of the provisions of the First Liberty ury of the United States in the matter of the interest rate and the terms Bond Act and the Second Liberty Bond Act and amendments and supple- of the Fifth, and I very fervently trust the last, Liberty Loan, which we r:ants thereto shall mature at such dates as shall be determined by the are going to present to the country. And, therefore, gentlemen, I am Secretary of the Treasury; provided that such obligations acquired by here without any definite notion of what I am expected to say, or of what virtue of the provisions of the First Liberty Bond Act or through the I shall say. It was suggested that I tell this company what I think of advertising. conversion of short-time obligations acquired under said Act shall mature not later than Juno 15 1947. and all other such obligations of foreign Well, my estimate of advertising is such a matter-of-course proposition Oct. 15 1938. that I find myself at a loss for words to amplify my views. It stands to mature not later than Governments shall Sec. 8. That the War Finance Corporation Act is hereby amended by reason that I believe in advertising. I am a publisher of two newspapers, and I am Secretary of the Treasury of the United States, and I have to adding to Title I thereof a new section to read as follows: Sec. 21. That the corporation shall be empowered and authorized, in have something to live on, and therefore I believe in advertising. One extension the through nations of foreign the first things I did, after being made Secretary of the Treasury, was with order to promote commerce of credits, to make advances upon such terms, not inconsistent with the to write my business manager at my home to know just exactly how much, provisions of this section, for periods not exceeding five years from the conveniently, I could have to live on. Rielly, what I want to do to-day is to express my very earnest and respective dates of such advances, to any person, firm, corporation, or association engaged in the business in the United States of exporting very generous appreciation of the marvelous work this Advertising therefrom domestic raw materials, agricultural products, manufactured Club did in the preceding Liberty Loans. Being a newspaper man, and articles and other commodities to foreign countries, or to make advances attracted specifically to the sort of work with which you are charged, to any bank, banker, or trust company conducting business in the United I had rather intimate observation of it, and I want to say that It was done States which shall have made advances to any such person, firm, corpor- with the greatest of skill. It was evidently done with the greatest enthusiasm. ation, or association after this Act shall have taken effect. You have accomplished with signal success the tasks to which you have Such advances shall be limited in amount to not more than the market value of the goods to be exported at the port of shipment and at the time of devoted yourselves hitherto, but you have in the immediate future a task insurance transcends in importance and in the inherent difficulties involved in plus that corporation), shipment (as estimated and determined by the and carrying or transportation charges to the foreign point of destination, it, any that you have over yet undertaken. I suppose most of you have observed—you must have observed—that If and to the extent that such insurance and carrying or transportation charges are payable in the United States to domestic insurers and carriers. there is a reactionary feeling and spirit abroad. People are saying "The company War is over," and that they are no longer interested in these matters. Provided, that any such advances to a bank, banker, or trust shall not exceed the amount remaining unpaid of the advances made by There is a different state of mind in the country, and we are warned from any such bank, banker, or trust company to any such person, firm, cor- all sides that the task of the Secretary of the Treasury with respect to the poration, or association, and provided further, that the aggregate of the next Liberty Loan is a stupendous one—and it is. But I do not intend advances made by the corporation under this section remaining unpaid to be discouraged by these frequent admonitions. I have a very abiding faith in the real patriotism of the American people, shall never at any time exceed the sum of 31,000,000,000. 1". Notwithstanding the limitation of Section 1 of this Act, the advances and I very earnestly believe that it may be appealed to as long as there is provided for by this section may be made until the expiration of one year any necessity for appealing to it; and I am going out into the country to after the termination of the war, the date of such termination to be fixed present these matters to the plain people, and to the people who are not by proclamation of the President of the United States. All such advances plain, and I confidently shall appeal to them to take a patriotic view of :hail be made upon the promissory note or notes of the borrower, secured our difficulties, and to help the Treasury and to help the country to meet k each instance by indorsement, guarantee, or otherwise, as the corpor- the honorable commitments of the Government. • FEB. 15 1919.] THE CHRONICLE And I shall rely upon you as one of the great factors in that enterprise, and confidently rely upon you to assist me in putting the next Loan over the top. Just as you have helped so tremendously in putting the other four Liberty Loans over the top; and I know you are going to do it. I addressed an audience of about twelve hundred hard-headed, successful business men in Pittsburgh on Saturday evening last, among them being many of the captains of the greatest industries in the country, and I was very much encouraged to believe that again the patriotism of the American people may be appealed to, and that the response will be just such a response as could be expected from the people of this great country. The war is over, the guns have ceased firing, but we should pause for a moment and consider that but for the commitments of the Government the guns would not have ceased to fire as suddenly as they did. It was these commitments that carried the guns right on through the Hindenburg Line and brought peace to a suffering world. The guns have ceased to fire, yea verily, but for the fact that the Government of the United States did not pause to count the cost, we might to-day be hearing the roar of the artillery—the frightful crash of those great guns; and today the hearts of a million, yes millions, of American mothers might be wrung with grief and anguish. I have said that the selection of the title for the next loan was a happy one—the Victory Liberty Loan— in celebration of the fact that the entrance of this great nation into the war speedily consummated the greatest victory of the greatest war of all time, but that it might very appropriately have been called also the Thanksgiving Loan. We should be thankful for many things in connection with the speedy termination of this war. We should consider, for example, that the Congress of the United States is to-day engaged in writing off the books authorizations of expenditures amounting to the stupendous sum offifteen billions of dollars; and the American taxpayers should be fervently thankful for the fact that those authorizations which might have been expended but for the speedy termination of the war, have not now to be expended, and that in making out our next tax reports we at least are spared the pain of having to add that sum to the sum we already shall have to raise. But above all things, my friends, we should be enormously thankful for the fact that only sixty thousand of our American boys have found a last resting place upon the soil of one of our allied nations, and that the others have returned to their homes and their activities. That is something for which we should fervently thank God,and which should give us strength to go forward in this campaign for the next Liberty Loan. As I said to that Pittsburgh audience the other night, I stood upon the dock of a battleship of the great fleet when the news came of Germany's capitulation, and on the next day went down to Edinburgh to attend a thanksgiving service in the great cathedral of St. John's, and there was stirred by the sweet notes of the groat organ and by the rendering of the 124th Psalm by the choir; and it seemed, my friends, like a six-thousandyear-old prophecy, so appropriate was that song to the moment, pealing forth the praises of grateful hearts to the God of the universe for having crowned our armies, apparently in the very darkest hour of the war, having crowned our armies with success and having rewarded the staunch spirit of heroism gLour troops with triumph over the legions of Prussia. And I shall not approach the next Liberty Loan, therefor& in a cold spirit of business. I shall approach it in a spirit of thanksgiving to God, and in that spirit of patriotism that always has, and should now, and always will, characterize the American people when they must solve a groat problem and successfully meet a great emergency. And I know I shall have the sympathy and I shall have the active cooperation of this group here that has done such great work in the past, and that I may confidently rely upon you to hold up my hands and to servo your Government as you have never served your Government before. It is in a position to do it, and I know that it will exercise all of its ingenuities and all of its powers of initiative, and bestir its patriotism to the uttermost depths, in the service which they shall render their country at the present time. George B. Sharpe, the club's president, presided at the luncheon. At the speaker's table were H. H. Charles, Dan A. Carroll, Jesse H. Neal, J. Ernest Allen, W. D: Patterson, Frank R. Wilson, and Guy Emerson. In an interview with reporters after the luncheon, Mr. Glass said. the date for the next loan had not been definitely set, and that neither the amount to be raised, nor the terms to be offered, had been decided upon. . -• SECRETARY GLASS IN EXPLANATION OF REASONS FOR SEEKING NEW FINANCIAL LEGISLATION. Elsewhere we refer to the recommendations- of Secretary of the Treasury Glass for the enactment of new legislation incident to the floating of the Victory Loan. On Thursday of this week, the 13th, Secretary Glass appeared before the House Ways and Means Committee and explained at length his reasons for seeking the additional powers asked for. In part his statement said: On the date tho armistice was signed the United States was in the fortunate position of having outstanding no short-time indebtedness that was not more than covered by the deferred installments on subscriptions for the bonds of the Fourtli Liberty Loan. But expenditures in November, December and January, exclusive of transactions in the principal of the public debt,, amounted to $5,958.576,114 24, or nearly $2,000,000,000 a month, and Treasury Certificates outstanding Jan. 31 were $4.798,064,800,of when $3,225,099,500 were in anticipation of the Victory Liberty Loan. Expenditures for the first seven months of the fiscal year ending June 30 1919, exclusive of the principal of the public debt, amounted to $12,594,498,537 96. It is apparent that unless there should be a very radical reduction in expenditures during the last five months of the current fiscal year, Secretary McAdoo's hope that the expenditures for the whole fiscal year would be in the neighborhood of $18,000,000,000 must be disappointed. With these things before us, and with a floating debt of nearly $5,000,000,000, increasing at the rate of, say, $1,400,000,000 a month, you will, I know,not be surprised by my recommendation of an increase in the authorized amount of bonds. The amount of bonds authorized and unissued under existing Liberty Acts is slightly in excess of $5,000,000,000; the authorization under the four bond Acts approximates $17,000,000,000. It is needless to say that the Treasury does not contemplate the issue of any such amount of bonds as $10,000,000,000. It is necessary, however, to authorize some increase in the amount of bonds to be issued. In making the change it seemed wise to suggest an increase to a figure which would seem to represent the maximum possible amount of the bonded debt growing out of the war. 639 Not in addition to but as an alternative of the issue of such bonds, I have suggested the authorization of an issue of notes limited to $10,000,000,000, and I should like to suggest also an increase in the maximum amount of Treasury certificates from $8,000,000,000 to $10,000,000,000. It cannot be too plainly stated that these three items of $10,000,000,000 each are not cumulative. It is contemplated merely that authority should be given to the Treasury to finance the existing and expected indebtedness, either by the issue of Treasury certificates or by the issue of notes or by the issue of bonds. It may be desirable to adopt all of these methods in succession. It may be desirable to issue Treasury certificates in the first instance and bonds to refund them, as has been done in the past. It may be desirable to refund the Treasury certificates into notes and the latter ultimately into bonds. Conditions may be such that the issue of a series of notes of a shorter maturity than is indicated in section four of the Second Liberty Bond Act as appropriate for a bond issue, but of a longer maturity than that permitted for Treasury certificates of indebtedness, would be desirable. Conditions in April might be such that it would be easy and wise to issue a short-time note bearing a relatively high rate of interest and carrying with it the privilege of conversion into bonds bearing interest at a lower rate, and having a longer maturity. This would make necessary authority for the issue of both the notes and the bonds to the full amount to be raised, but of course would not necessitate the existence of both as outstanding indebtedness at any one time. On the other hand, it might be desirable to make an alternative offer of bonds and notes, leaving the subscriber a choice between the two. This also would necessitate double authorization, but only one debt. In respect to the notes and bonds of a maturity of ten years or less I have asked authority to determine the interest rate as the situation may develop. No Liberty loan has ever been sold at a lower rate than the maximum fixed by the Act under which it was issued. On the other hand, in the Second Liberty Bond Act, which was approved nearly a year and a half ago, you conferred upon Secretary McAdoo authority to issue Treasury certificates of indebtedness without limit as to the rate of interest, and he and I have been ab!e to maintain the rate of 434% for such certificates during a, full year. The floating debt must be refunded, and bonds or notes must be sold to an amount sufficient to accomplish this purpose. To withhold the power to issue bonds or notes bearing such rate of interest as may be necessary to make this refunding possible might result in a catastrophe. To specify in the Act the maximum amount of interest at a figure sufficient to cover all contingencies would be costly, because the maximum would surely be taken by the public as the minimum. I have suggested that authority be conferred to issue bonds or notes payable at premi.=at maturity, believing that it might be found desirable to issue bonds, following the linos of the British national war bonds, which have been issued so successfully during the past year and a half. A slight premium at maturity would have advantages over an increase in the nominal interest rate; it would carry an inducement to saving and to the retention of the bonds; would tend to limit depreciation; probably have a somewhat less injurious effect on the market value of existing issues of Liberty bonds and other securities than a flat increase in the interest rate; and would make possible more exact computation of the effective interest rate to be borne by the bonds or notes than is possible where bonds are issued and paid at par. A fractional semi-annual interest payment involves infinite annoyance to bondholders, banks and the Government itself, which would be to a great extent avoided by payment of a small premium only once at maturity. I have asked for authority to determine the exemptions from taxation to be carried by the bonds, notes and Treasury certificates. Such exemptions could not be greater than that conferred by the Congress in the first Liberty Bond Act. Something must be done to make the bonds or notes of the Victory Liberty Loan more attractive than their predecessors. In the discussion of the pending revenue bill and of the supplement to the Fourth Liberty Bond Act Secretary McAdoo called attention to the relation between income taxes and the rate of interest on the bonds. The consideration which led Secretary McAdoo to recommend increased exemptions from taxation in September are more potent now. The Capital ISSUOS Committee, which had exercised a restraining influence upon the issue of State and municipal securities, has ceased to function, and such securities are now being issued without restriction. The Treasury itself has found it necessary to resume the sale of bonds of the Federal Land Banks. Those who are subject to higher rates of surtaxes will escape taxation at those rates to a very considerable degree by investment in the $8,000,000,000 or $10,000.000,000 of existing securities carrying exemption and the new securities of the same character continually being offered. Low rate taxable bonds have no attraction for them. I believe a plan should be devised which will protect the interests of holders of existing Liberty Loan bonds. I believe it will be wise and proper to confer on holders of the old bonds who subscribe to the new loan additional exemptions from taxation. I believe that immediate steps should, be taken to set up a sinking fund for the retirement of the war debt. I have suggested the creation of a % cumulative sinking fund calculated to retire the whole debt, so far as I can now estimate it, within a period of some twenty-five years. A cumulative sinking fund has the advantage of making the amount to be set aside for the service of the debt, both on account of interest and sinking fund, substantially a permanent item at a fixed figure until the debt i retired. The necessity of foreign purchases before we entered the war has greatly impaired the resources of the European Allies available to meet an adverse balance of trade, so that to-day they cannot import goods they need without'financial assistance. In asking the extension of the powers of the War Finance Corporation it has been my thought to avail of methods approximating as nearly as possible to commercial practice, and to enable the funds to be secured without resort to the Treasury or the issue of Liberty bonds. The War Finance Corporation will, of course, if the legislation is enacted, secure funds by the issues of its bonds to the public which it is already authorized to make. The interest payments due from the several Governments on their obligations held by the United States now aggregate over $200,000,000 each half year, and it is probable that few of the Governments at the present time can meet these payments without assistance. For these reasons I urgently ask the authority to broaden the purposes for which the loans to foreign Governments may be made. I do not ask an increased appropriation, and it would not be my purpose to avail of the authority where commercial loans or the powers of the War Finance Cor• poration could, in my judgment, be used to meet the requirements. I do, however, feel very strongly that before the Congress adjourns powers should be given sufficiently broad to enable the situation to be dealt with. We are creditors of the European Allies to the extent of over eight billion dollars, and we have a very real interest in the early restoration of their economic life and their ability to enter upon foreign trade. I am convinced that exports must be greatly curtailed, unless the Government for the present emergency (and only during that emergency) lends THE CHRONICLE 640 [VoL. 108. financial aid along the lines I have indicated. I view with the greatest concern the. task of raising the funds needed by the Government during this year, but I am nevertheless willing somewhat to increase those needs for this purpose, being satisfied that the resultant effects will be such that the task as a whole will thereby be lightened. quest, the resignations of the members of the Price Fixing Committee, as taking effect March 1. May I not say that I do this with a very full and deep appreciation of the laborious and valuable—indeed indispensable— services which the Committee has rendered? I have followed its conclusions not only with the greatest interest, but with an appreciation of the great sobriety and judgment which characterized them, and I shall long remember with the greatest FIFTEEN BILLIONS SAVED BY CANCELLATION OF appreciation my associations with them. Cordially and sincerely yours, WOODROW WILSON. WAR APPROPRIATIONS. Hon. ROBERT S. BROOKINGS, War Industries Board, Washington. The Senate on Feb. 10 passed the House bill providing for D. C. Letter of Resignation. a reduction of over fifteen billion dollars in contemplated WAR INDUSTRIES BOARD war expenditures, and appropriating $295,000,000 to cover Washington, Dec. 17 1918. deficiencies. The bill, which now goes to conference, was To the President: introduced in the House on Jan. 25. It provided for coverThe members of the Price Fixing Committee hereby beg to tender their ing Into the Treasury of $7,179,156,944 of appropriations resignations, to take effect at the earliest moment compatible with the public interest. The War Industries Board, of which the Price Fixing and for the cancellation of authorized expenditures for Committee is a branch, is happily no longer needed for the mobilization ,221,029,294 additional. If the war had continued and regulation of the country's industries, and the occasion for the funcPrice Fixing Committee has ceased. No new price regulations tions of the another six months it is estimated that the expenditure of seem to be called for, and those which have been made will be allowed by both these amounts would have been necessary. the Committee to expire at the dates severally sot. A report filed with the bill said in part: The latest date for the expiration of a price fixing agreement is March 1 1919. Until that time, questions may arise concerning the interpretation In recommending that various sums shall be covered into the Treasury the Committee does not mean to affirm in any sense that the total of and administration of the agreements still pending. The Committee moneys left with various bureaus is needed or should be expended, or to stands ready to continue in service for the disposition of any such questions. approve or disapprove of various activities. There should and doubtless Although some members of the Committee may withdraw from Goevernment service before March 1, others will remain, and will be able to serve will be large savings made from these balances. The bill covers into the Treasury great sums voted to the army and navy if needed. The Committee accordingly requests that it be finally released for the prosecution of the war and now made unnecessary for expenditure from its duties on that date The Committee begs to express to yourself its appreciation of the condue to the signing of the armistice last November. The repeal of appropriations and withdrawal of authorizations has been confined to the military fidence you have shown in the assignment to it of a difficult task, and for and naval establishments not because funds voted to other departments the careful attention and favorable judgment with which you have conare all required, for such Is by no means the fact, but because the magnitude sidered its recommendations. ROBERT S. BROOKINGS, of the task made Impossible at this time a review of other departments and Chairman it is hoped that in connection with other bills that many of these surplus B. M. BARUCH, funds may be dealt with. H. A. GARFIELD, What the Committee has endeavored to do is to cover into the Treasury JOHN M. HANCOCK, BUMS that plainly are not needed, but as it is necessarily uncertain just F. W. TAUSSIG, what extent the Government may be able by cancellation of contracts and HUGH FRAYNE, discontinuance of projects to reduce its obligations, the Committee has ROBT. H. MONTGOMERY, deemed it wise to leave funds amply sufficient to meet such obligations. W. B. COLVER, The labors of the Committee have been greatly added to because of the HENRY C. STUART, absence of any modern or uniform system of keeping accounts by the The l'resident, The White House. various departments, and it desires to express the hope that Congress may provide soon for such a system of accounting. Letter of Transmittal. WAR INDUSTRIES BOARD Details of the savings in cancellations and authorizations Washington, Dec. 23 1918. were set forth as follows: My Dear Mr. President.—In transmitting to you tho resignation:of the Price Fixing Cbmmittee, permit me to express my personal appreciation ARMY ESTABLISHMENT. of the opportunity you have given me to contribute in a modest way to Purpose— Appropriations. Authorizations. Signal Service $83,373,200 04 $45,000,000 00 the solving of the many war problems over which the War Industries Board Military Aeronautics and the Price Fixing Committee have had jurisdiction. 85,000,000 00 Aircraft Production As explained in the Committee's letter of resignation, our price fixing 402,000.000 00 Quartermaster's Corps 3,740,385,307 76 15,750,000 00 activities will not be entirely cleared until March 1 next. This, coupled Medical Department with other interests, will probably keep me here for several months. If it 54,145,513 73 65,000,000 00 Engineer Corps 792,580,435 76 200,000,000 00 so happens, Mr. President, that I can be of any service to you at any time, Ordnance Department 1,503,369.009 75 7,714.279,294 70 it is hardly necessary for me to say that I am always subject to your comChemical Warfare 183,932,610 66 150,000,000 00 mands. With great respect, believe me, cordially and sincerely yours, ROBERT S. BROOKINGS, Total army $6,844,795,077 70 $8,190,029,274 70 Chairman, Price Fixing Committee. The President, The White House. NAVAL ESTABLISHMENT. Aviation $98,000,000 00 Navigation 4,500.000 00 Ordnance 164,833.843 69 $31,000,000 00 EXPORTS CONTROL COMMITTEE TO DISBAND MAR.1 Public Works 2,173,627 00 —C. E. SPENS NAMED AS EXPORT DIRECTOR. Supplies and Accounts 23,096,000 00 Steam Engine The Railroad Administration announced on the 13th inst. 1,420 33 Marine Corps 41,216,975 06 that the Exports Control Committee would be dissolved Total navy Grand total army and navy $334,361,866 98 $31,000,000 00 $7,179,156,944 68 $8,221,029,294 70 RESIGNATION OF PRICE FIXING COMMITTEE TO BECOME EFFECTIVE MARCH 1. The existence of the Price Fixing Committee of the War Industries Board will terminate on March 1. The Committee on Public Information made this known through the publication in the "Official Bulletin" of Feb. 6 of the letter of resignation submitted to President Wilson by Robert S. Brookings, Chairman of the Price Fixing Committee, in December and the President's reply dated Jan. 13. The Price Fixing Committee held over after Jan. 1, the date on which the War Industries Board was dissolved, because the prices fixed on some commodities will not expire until March 1. Composing the Committee are Robert S.-Brookings, of St. Louis, Chairman; B. M. Baruch, Chairman of the War Industries Board; H. A. Garfield, Fuel Administrator; Lieut.-Com. John M. Hancock, representing the Navy; F. W. Taussig, of the Tariff Commission; Hugh Frayne, labor member of the War Industries Board; Lieut.-Col. Robert H. Montgomery, representing the Army; W. B. Colver, of the Federal Trade Commission, and former Governor Henry C. Stuart, of Virginia, representing the Agricultural Department. The following is the correspondence which passed between President Wilson and the members of the Committee: on March 1, but that the permit system adopted to prevent congestion at the ports would be continued until further notice. With the disbanding of the committee the direction of the country's export business will be transferred to Conrad E. Spens, whose appointment as Assistant Director of Traffic in charge of export and import traffic was made known by the Railroad Administration on the 13th inst. It was announced that Mr. Spens would co-operate with business interests in the development of foreign trade, with the Shipping Board in the establishment of new steamship lines, and with the Port and Harbor Improvement Commission in the development of port activities. He will continue his duties as manager of inland traffic for the Food Administration. Before joining the Railroad Administration Mr. Spens was Vice-President of the Chicago Burlington & Quincy. The Exports Committee is to be dissolved at its own request. It was appointed last year by the Secretary of War, the Secretary of the Navy and the Director-General of Railroads. Its request for its dissolution was contained in the following letter made public this week: EXPORTS CONTROL COMMITTEE. Washington, Jan. 25 1919. Hon. Newton D. Baker, Secretary of War. Hon. Josephus Daniels, Secretary of Navy. Hon. Walker D. Hines, Director-General of Railroads. Gentlemen—Under the authority of June 11 1918, announcing creation of the Exports Control Committee, effective on that date, the duties wore outlined as follows: 1. It shall be the duty of this committee to inform itself: AMERICAN COMMISSION TO NEGOTIATE PEACE (a) As to the probable amount of freight which must be exported for 28 Rue de Monceau,Paris, the prosecution of the war. Jan. 13 1919. (b) How this war freight can best be routed through the various ports. My Dear Mr. Brookings.—I warmly appreciate your letter of Dec. 23, (c) How much of other essential export traffic has been handled. Which was slow in reaching me, and I hereby accept, as you and they re(d) The amount of local traffic necessary for each port. FEB. 15 1919.] THE CHRONICLE 2. The committee will have authority to select the port to which specified freight shall be transported for trans-shipment overseas for the use of the War and Navy Departments, the Allied Governments and others. 3. It shall be the responsibility of the committee to decide the distribution of the combined amount of all exports, as between the various ports, so as to facilitate its handling at and avoid congestion in any one port. Inclosed herewith is copy of 1918 annual report of Exports Control Committee, which is respectfully submitted as of possible interest. Following the signing of the armistice Nov. 11 there was a large amount of export war freight en route to and at the several ports. The disposition of this tonnage has progressed very satisfactorily indeed, either by storage at the ports or diversion to interior points. There remains a heavy food program for overseas, which is well under control by the respective food committees, i. e., Freight Traffic Committee, North Atlantic Ports, 141 Broadway, New York, covering the Northern range, and Southern Export Committee, Atlanta Ga., covering the South Atlantic and Gulf. The congestion at Pacific ports is now under control through the committees recently appointed as follows: North Pacific Export Committee, Portland. Ore., having jurisdiction over Puget Sound ports, and California Export Committee, headquarters San Francisco, over California ports. Your committee respectfully recommend that with the view of preventing port congestion hereafter the committees of control above mentioned be continued, with authority to regulate the flow under the present permit system. At this time, therefore, it seems proper to suggest that the exports control committee has successfully fulfilled the executive functions for which it was created, and with the continuance of the port committees of control as recommended herein, this committee may be dismissed as early as March 1, or at your pleasure. Yours very truly, GEORGE D. OGDEN, Chairman. We also give Director-General Hines's reply as follows: DIRECTOR-GENERAL OF RAILROADS, Washington, February 8 1919. Mr. George D. Ogden, Chairman Exports Control Committee, Southern Railway Building, Washington, D. C.; Dear Mr. Ogden.—I am indebted to you for the clear and concise report of and results accomplished by the Exports Control Comactivities of the mittee since the date of its organization. The resume of your work has been read by me with very considerable interest. With the armistice signed and the reasonably certain return to conditions approximating the normal within a comparatively short time, I can appreciate the desire of your committee, in the press of other duties, to be relieved of the direct supervision of this traffic, and there is, therefore, no objection upon the part of the Railroad Administration to your disbanding March 1. In so doing it is not only my duty, but a privilege of which I gladly avail myself to express to you, upon behalf of myself and my associates, the very deep appreciation we have of the successful manner in which your committee performed its exacting and manifold duties. Your labors have been one of the outstanding contributions to the successful prosecution of the war, and it is, indeed, a pleasure in thanking yourself and the other members of the committee to give written expression to the thought which has so often been in my mind. Cordially, yours, WALKER ,D. HINES. SALE OF AUSTRALIAN WHEAT TO SWEDEN. The sale of 12,000 tons of wheat from the Australian Government pool to Sweden at $1 37 a bushel,f. o. b. Melbourne, has recently been consummated, according to press advices from Melbourne on Feb. 12, which also state that this makes a total of 112,000 tons of wheat sold by the Commonwealth of Australia for export since the beginning of the year. 641 of the farmers and crushers, the amount of seed crushed, the amount of crude oil hold by the crushers, the amount of refined oil produced, and the stocks of refined oil in the hands of the refiners was in a normal state as compared with the same date last year. This indicates that there has been a normal flow from the crude products to the refined products, and that if this flow continues the whole cottonseed crop and its products will be marketed in a perfectly normal way, without fluctuation of prices. It is, however, true that in certain localities, due to local conditions, there has been an accumulation of stocks of seed and oil which has caused apprehension on the part of the industry. Another cause of apprehension has been the uncertainty as to the continuation of the stabilization program agreed to between the industry and the Food Administration. Furthermore, a very large amount of foreign oils has been imported and has been sold below the market price of cottonseed, thus affecting somewhat the domestic demand for refined cottonseed oil. To meet the above conditions the meeting unanimously made the following suggestions and recommendations to the Food Administration: (1) That all orders for lard substitutes allocated through the United States Food Administration or received for export by the manufacturers direct be manufactured solely out of domestic cottonseed oil and may include a proportion of domestic oleostearin, domestic peanut oil, and no other oils whatsoever. (2) That the United States Food Administration, together with the State Food Administrators, their successors or agents, continue to function and give due consideration to the carrying to a successful conclusion the stabilized plan governing the cottonseed industry, giving every available publicity to the effect that this is their intent and purpose until the completion of the marketing of the present crop. (3) That an embargo on the future importation of Oriental -vegetable oils be established until the present emergency has passed. (4) That a rapid opening of all the markets of the world and the removal of all trade restrictions be accomplished as quickly as possible. (5) That a telegram be sent to Mr. Hoover explaining the situation and asking his continued co-operation, particuarily in reference to opening the European markets and removal of restrictions on free export of cottonseed -products. (6) A recommendation made to crushers to use their best effort in purchasing seed from the localities where the heaviest congestion of seed exists. (7) A recommendation made to refiners to purchase crude oil from crude mills where the heaviest congestion of oil exists. The meeting unanimously agreed with the Food Administration that the stabilization plan should be continued and more particularly— (1) The producers agreed to use their best efforts in maintaining the stabilized price. (2) Dealers and ginners agree to purchase at the stabilized price and to abide by the regulations of the Food Administration in the purchase of the seed from the producer and the sale of it to the crushers. (3) Crude mills agree to purchase the seed from planters, dealers and ginners at the stabilized prices and to use an extra effort to relieve the situation by buying their seed wherever possible in the congested districts. They further agree to market their products at the stabilized prices, thereby maintaining the spread as originally determined in conference with the Food Administration. (4) The refiners and lard substitute manufacturers agree to purchase the crude oil from the crushers at the stabilized price, and wherever possible to make these purchases in the congested districts. They further agree to market the refined oil and lard substitute on the same basis as heretofore and according to the regulations of the United States Food Administration, and in the case of export sales of lard substitute they agree to manufacture such products solely out of domestic cottonseed oil. Such products may include a portion of domestic oeostearin, domestic peanut oil, and no other oils whatsover. (5) The wholesale distributors agree to distribute the cotton-seed products according to the regulations of the Food Administration. (6)The Food Administration states that it will use all the power at its command in co-operation with the trades in maintaining the plan of price stabilization to which all have agreed, and the Food Administration urges every producer and every member of the trades to fully co-operate in maintaining the joint plan now in effect. (7) The Food Administration will present to the proper agencies of the Government the particular recommendations that have been made and will continue actively the efforts now being made to open up the wider foreign market for cottonseed products. It will fully maintain such organizations at Washington and in the several States as may be necessary in carrying out the stabilization program. CHANGES IN OFFICIALS OF AMERICAN COTTON AND GRAIN EXCHANGE. The American Cotton and Grain Exchange of 71 Wall St. announced on Feb. 14 the resignation of J. C. Cooper as This announcement was signed by: President and as a director. Also the resignation of R. L. W.0. THOMPSON, A. CALVIN, Cooper as Vice-President and director, and the election of E.Chairman Chairman Refiners Committee. Farmers Committee. Charles C. Cowan, formerly President of the Memphis E. W. DABBS, J. A. HAWKINSON, Chairman Lard Substitute MenuChairman Ginners and Dealers CornCotton Exchange and now of Now York City, as a member facturers Committee. mittee. of the board of directors and President, and the election of G. W. H. McLAURIN, J. COVINGTON, W. B. Drake, President of the Merchants' Bank of Raleigh, Chairman Wholesale Grocers ComChairman Crushers Committee. mittee. N. C., and President of the North Carolina Bankers' Association, as Vice-President. The announcement states that DENIAL OF REPORTS THAT GREAT BRITAIN SOUGHT the new officers and board have taken control of the ExCOMPENSATION FOR BRITISH INVESTORS IN change. The opening of the Exchange, as reported in these UNITED STATES BREWING PROPERTIES. 1715, on occurred page 29. Oct. 2, Nov. columns Reports that Great Britain had indicated her intention, through diplomatic agencies, to call on the United States PLANS FOR STABILIZATION OF COTTON SEED AND to make good losses to British investors in this country PRODUCTS AGREED ON AT WASHamounting to $150,000,000, and arising from the "bone INGTON CONFERENCE. dry" Constitutional amendment, were contained in WashAt a mooting on Feb. 10 and 11 of Federal Food Adminis- ington press dispatches on Feb. 4, which.also said: trators from the cotton States, and representatives of cottonThe losses are in brewery and distillery properties destroyed by the proproducing interests, it was unanimously agreed with the hibition amendment. It is proposed to ask Uncle Sam to buy these securiFood Administration that the cotton-seed stabilization plan ties back at their cost to English purchasers during the next ten years. A denial of these reports was printed as follows in the be continued. The meeting was held at the instance of the York "Times" of the 6th inst., in special advices from New the and in interests attendance Administration U. S. Food included planters, seed dealers, ginners, crude mills, refiners, Washington: At the British Embassy and the State Department denial was to-day lard substitute manufacturers and wholesale distributors. (the 5th) made of the statement published this morning that the British the meeting says: regarding An announcement Government had called the attention of the State Department "to the adThe following situation was brought out, together with certain suggestions and recommendations, and a free statement from all the different elements concerned as to what they were willing to do in order to carry through to a successful termination the marketing of all cottonseed and Its products at stabilized prices. Statistics compiled by the Census Bureau show that on Jan. 1 1919 the general condition of the cottonseed industry as to the seed in the hands visability of having the money in hand with which to compensate British investors for the losses occasioned to them by the destruction of the brewing and distilling business through prohibition." Frank L. Polk, acting Secretary of State, said he had never heard of the matter. At the Embassy the statement was made that no communication dealing with the effect of prohibition on British investments in the brewing and distilling business had been received. 642 THE CHRONICLE [VOL. 108. day for mechanics, $7 for helpers and $6 for laborers. The demands were referred to the Federal Wage Adjustment Commission, known as the Macy Board. The Board made an award, but the shipyard workers refused to abide by the decision and on Jan. 21 declared a strike. The Central Federated Union, which, owing to the large influx of outof-town workers due to the rush of war work, had fallen under control of the radical element, took up the cause of the shipyard strikers, and the general sympathetic strike resulted. Reports vary as to the number of men affected, but with the original shipyard workers, probably 60,000 to 65,000 men in all were out, and the tieup was virtually. complete. The newspaper printers abided by their contract with the employers, but the papers were forced to suspend owing to the strike of stereotypors, truckmen and newsboys. The unions had made provisions to continue certain necessary services to hospitals and instututions, and announced that they proposed to aid the authorities to maintain order by means of an auxiliary police force. Twelve "soup kitchens" were also operated by members of the culinary unions to feed strikers and others dependent upon Our exports of shoes to the United Kingdom for that year was a total of 584,477 pairs of men's, women's and children's; with a total value of restaurants for their meals. $1,333,605. For the eleven months ending Nov. 30 1918, our exports The real nature of the movement as a demonstration of of shoes of all kinds to the United Kingdom was 807,261 pairs, worth "class solidarity" rather than a mere labor strike, was re$2,646,172. Comparison of the possible export under unrestricted trade vealed by the proclamation issued by the Central Labor conditions with one-fourth of the export of 1913, shows the extent to which the new trade regulations affect this industry in the British market. Council announcing the beginning of the strike. This document, new in the history of the American labor movePLANS FOR DISPOSAL OF LUMBER STOCKS HELD ment, was made public here on Feb. 8 by the National Association of Manufacturers, which made the following BY GOVERNMENT. A conference for the purpose of considering the disposal comment: They are significant In the plans which they reveal. They are perhaps of Government surplus stocks of hardwoods (other than more significant because of their language and tone and the purpose mahogany and black walnut) was held in Washington on even which they betray. Feb. 7, the particular object of the conference being to deterThe proclamation read as follows: mine a method of procedure which would be best for the 011 Thursday at 10 a. m. there will be many cheering, and there will be Government interests and at the same time receive the ap- some who fear. Both these motions are useful, but not to much of either. We are undertaking the most tremendous move ever made by labor In this proval of the industry. Those present at the meeting in- country, a move which will lead no ono knows where. cluded representatives of the War Department, the Navy We do not need hysteria. We need the iron march of labor. Labor will Department, the U. S. Housing Corporation, the U. S. feed the people. Twelve great kitchens have been offered and from them food will be distributed by the provision trades at low cosi; to all. Labor Railroad Administration, the War Industries Board and the will care for the babies and he sick. The milk wagon drivers and the hardwoods lumber industry. The Chairman of the confer- laundry &hers aro arranging plans for supplying milk for babies, invalids and hospitals taking care of the cleaning of linen for hospitals. and ence, Richard L. Humphrey, states that after a thorough Labor will preserve order. The strike committee arranging for guards, discussion it was found there was a very small surplus of and it is expected that the stopping of the cars williskeep people at home. hardwoods in the possession of the Government and a very A few hot headed enthusiasts have complained that strikers only should be fed, general and the public left severe to endure discomfort. Aside large portion was lumber that was not really mqrchantable. from the Inhumanitarian character of such suggestions, let them get this The following facts were developed: straight; not the withdrawal of labor power, but the power of the workers to MODIFICATION OF BRITISH IMPORT RESTRICTIONS AS TO SHOE IMPORTS. The import restrictions which Great Britain will reimpose on March 1 has been modified by the British Import Restriction Control Board so far as it affects imports of shoes into that country. It was announced on Feb. 10 that the Board has decided to allow the importation of American boots and shoes to the extent of 25% of the quantity imported in 1913. This announcement, it is stated, virtually nullifies the efforts of the joint conference of importers and British manufacturers which had been endeavoring to agree upon some modified plan of the import restrictions which would prove agreeable to both sides and which the British Government would accept. The "Journal of Commerce" in Washington advices on Feb. 10 in stating that the Departmentof Commerce had been advised by Consul General Skinner at London that the British Government had announced that it had been decided to ration imports of shoes of all kinds from the United States to one-fourth of the total importation of the year 1913. (1) The Government was rapidly disposing of its stocks of hardwoo d by redistribution among its several construction bureaus and through absorption by the industry in the adjustment of contracts. (2) It was the consensus of opinion of those present that the Government surplus stocks of merchantable hardwoods did not exceed 10,000,000 feet, and was located at more than 40 points, with not more than one-half million feet at any one point. (3) A plan Is to be considered at a later meeting by which the industry will absorb this merchantable hardwood at market prices whenever the same is released by the Government. (4) This plan is also to be considered in connection with the disposal of hardwood of special shares. (5) It was apparent that the amount of Government stocks of hardwood were very small and would not in any way affect the market. (6) There was no disposition on the part of the Government to dispose of even this small stock of lumber in a way that would affect the market. FUEL ADMINISTRATION ANNOUNCES THAT GAS REGULATIONS ARE STILL IN FORCE. Owing to an apparent misapprehension in some quarters to the effect that the suspension of certain fuel regulations effective Feb. 1 applied to commodities other than coal and coke, a statement was issued by the United States Fuel Administration on Feb. 11 calling attention to the fact that natural gas regulations were not canceled by that order. THE GENERAL STRIKE AT SEATTLE. With the official calling off of the sympathetic strike at Seattle at noon on Feb. 11 there came to an inglorious end an attempt to use the general strike as an industrial weapon and incidentally, the first endeavor to apply so-called Bolshevist methods in an American community. The vigorous assertion of municipal and Federal authority under the leadership of Mayor Ole Hanson has not only restored order to the threatened community, but has resulted in the rounding up, in preparation for deportation, of a large number of alien agitators who are held responsible for the fomenting not only of the Seattle strike but of various other industrial disturbances on the Pacific Coast. The sympathetic general strike was called on Feb. 6 inIthe effort to force settlement of a strike of some 25,000 metal workers employed in the Seattle shipyards. The Metal Trades Council, representing the strikers, had submitted demands of $8 a manage will win this strike. What (ices Mr. Pies of the Shipping Board care about the closing down of Seattle's shipyards or even of all the Industries of the Northwest? Will it not merely strengthen the yards at Hog Island in which he is more interested? When the shipyard owners of Seattle wore on the point of agreeing with the Workers it was Mr. Piez who wired them that if they so agreed he would not let them have steel. Whether this is camouflage we have no means of knowing, but we do know that the great Eastern combinations of capitalists could afford to offer privately to Mr. Skinner, Mr. Ames and Mr. Duthie a few millions apiece in Eastern shipyards stock rather than let the workers win the closing down of Seattle's industries. As a mere shut down will not affect these Eastern gentlemen much, they could let the whole Northwest go to pieces as far as money alone is concerned, but the closing down of the capitalistically controlled industries of Seattle while the workers organize to feed the people, to care for the babies and the sick, to preserve order, this will move them, for this looks too much like the taking over of powei by the workers. Labor will not only shut down the industries, but labor will reopen under the management of the appropriate trades such activities are needed to preserve public health and public peace. If the strike continues labor may feel led to avoid public suffering by reopening more and more activities under its own management, and that is why we say that we are starting on a road that leads no one knows whero. Organized labor tenders its services services to help police the city. The personnel of the strike executive committee at this time is at the disposal of organized labor and the general public who may be interested. This committee meets daily at 1.30 o'clock in Room 9, Labor Temple. The committee comprises B. F. Nauman; Chairman; Thomas Egan, Secretary; W. L. Hingsley, E. Cram, C. Berndal, H. Thompson, D. S. Turner, Miss May Montgomery, Miss Gladys Small, John A. Stevenson, A.0. Heller, Williams Coffey, E. B. Tryon, L. Glaser and B. F. Dwyer. Relative to reports that Chief of Police Warren planned an increase of the Seattle police force during the strike, the committee announces that there will be absolutely no need of building up a larger police organization. The strike executive committee has already perfected plans to do its own policing on behalf of organized labor. Details of this plan will be announced Tuesday. This policing plan of the strike executive committee will work in entire harmony with the regular police department and its chelf, Joof F. Warren. Persons having no urgent business to attend to on the streets after 8 o'clock in the evening should remain at home whenever possible. The gathering of crowds tends to create disorders and this organized labor intends to avoid. The committee has considered thoroughly the welfare of the general public relative to fire protection. The fire fighters of Seattle have accordingly been asked to remain at their postsduring the strike. The committee has properly taken care of all laundry work for hospitals by securing one of the largest privately owned laundries in the city where this work will be done under supervsion of the committee. The health and sanitation end has been adequately attended to. The executive committee wished the public In general to realize that all matters relative to the general strike are being attended to by tho committee in its usual thorough manner. FEB. 15 1919.] THE CHRONICLE All details either largo or small receive like attention. The executive committee desires all union mon and all union sympathizers at the strike call at 10 o'clock Thursday, Feb. 6, to disperse to their homes in an orderly manner and under no consideration to countenance disorders of any kind. Publicity committee, W. J. Delaney, Chairman; W. Z. Zimmer, Secretary. The strike situation was met by Mayor Hanson with uncompromising firmness and vigor. The plans of the unions to police the city were met by the Mayor with the assertion that: Any man who attempts to tako over control of municipal government functions here will be shot on sight. Strikers have not taken over government functions in Seattle. They will not be allowed to take over any government functions, despite their published statements that they intend to operate the light plant and help police the city. The seat of city government is still at the City Hall. An extra police force of 1,000 men was sworn in and armed with rifles, and Secretary of War Baker ordered 800 soldiers from Camp Lewis,to Seattle to co-operate with the local authorities. However, the strikers attempted no violence. On the 7th the Mayor sent an ultimatum to the strikers announcing that unless the strike were called off by 8 o'clock the next morning he would take steps to place the city under Federal control. The ultimatum read: I hereby notify you that, unless the sympathetic strike is called off at 8 a. in. Fob. 8, I will take steps to operate all essential industries and place this city under control of the Federal Government. The Mayor also issued the following proclamation: To the People of Seattle: By virtue of the authority vested in me as Mayor. I hereby guarantee to all people of Seattle absolute and complete protection. They should go about their daily work and business in perfect security. We have 1,500 police officers, 1,500 regulars from Camp Lewis, and can and will got the services, if necessary, of every soldier in the Pacific Northwest, to protect life, business and property. The time has come for every person in Seattle to show his Americanism. Go about your daily duties without fear. We will see to it that you have food, transportation, water, light and gas, and all the necessities. The anarchists in this community shall not rule its affairs. All persons violating the laws will be dealt with summarily. OLE HANSON, Mayor of Seattle. 643 Two years ago our city had 15,000 industrial workers; to-day we have 65,009. The American Federation of Labor two years ago controlled our labor organizations. The influx of workmen from all over the country, and from Russia brought in a very large radical and I. W. W. element. Under stress of the war the American Federation of Labor unions allowed these anarchists to join their unions. The I. W. W.element, noisy and active, talked the loudest and promised the most, and secured partial control of the Central Labor Council. and active control of a great many unions in Seattle. The shipyard workmen were dissatisfied with the Macey award;the radicals and I. W.W.demanded a general strike. The Soviet Government of Russia, duplicated hero, was their plan. The conservative leaders acted the part of cowards in most instances, and the sympathetic strike was called. The Central Labor Council, which is composed of the heads of the different unions, is controlled by the radicals, and the working people of 'Seattle were made to believe that a general strike would increase the pay of the shipyard workers. Many members of the labor organizations believed they could take over the industries, Government, &c. The sympathetic revolution was called in the exact manner as was the revolution in Petrograd. Labor tried to run everything. Janitors and engineers in schools were called out, everything was stopped, except a few things which were exempted. We refused to ask for exemptions from any one. The seat of Government is at the City Hall. We organized 1,000 extra police, armed with rifles and shot guns, and told them to shoot on sight any one causing disorder. We got ready for business. We had already had trouble in two instances heretofore, and had completely whipped the Bolshevik'. They knew we meant business, and they started no trouble. I issued a proclamation that all life and property would be protected; that all business should go on as usual, and this morning all our municipal street cars, light, power plants, water, &c , were running full blast. This was an attempted revolution which they expected to spread all over the United States. It never got to first base, and it never will if the men in control of affairs will tell all traitors and anarchists that death will be their portion if they start anything. Law and order are supreme in our city. The labor unions must now cleanse themselves of their anarchistic element or the labor unions must fall. They are on trial before the people of this country. I take the position that our duty as citizens stands ahead of the demand of any organization on the face of the earth. The union men, the business men, the church men, must first of all be citizens. Any man who owes a higher allegiance to any organization than he does to the Government should be sent to a Federal prison or deported. Let the national Government stop pandering to and conciliating the men who talk against it. Let us clean up the United States of America. Let all men stand up and be counted. If the majority of the people of this country are disloyal and owe superior allegiance to some other country or some other cause, now is the time to find it out. We refuse to treat with these revolutionists. Unconditional surrender are our only terms. Among the proofs that this is a revolution and not a strike are the following extracts from an editorial in the "Labor Union Record" of Feb. 4: "We are undertaking the most tremendous move ewer made by labor in this country, a move which will lead no one knows where. We do not need hysteria, we need the iron march of labor. The Strike Committee is arranging for guards, and it is expected that the stopping of the cars will keep people at home. •"The closing down of Seattle's industries as a mere shutdown will not affect these Eastern gentlemen much. They could let the whole Northwest go to pieces as far as money alone is concerned. But the closing down of the capitalistically controlled industries of Seattle while the workers organize to feed the people, to care for the babies and the sick, to preserve order—this will move them, for this looks too much like the taking over of power by the workers. "Labor will not only shut down the industries, but labor will reopen, under the management of the appropriate trades, such activities as are needed to preserve public health and public peace. "If the strike continues labor may feel led to avoid public suffering by reopening more and more activities under its own management, and that is why we say that we are starting on a road that leads no one knows where." A conference was held on the 7th between Mayor Hanson, J. W. Spangler, a banker, and the Rev. M. A. Mathews, and a special committee of the General Strike Conference Committee, but failed to reach an agreement. The Strikers' Committee, it was said, offered to recommend that the sympathetic strike of 30,000 workers be called off if the Mayor's Committee would agree that a committee of business men would be formed to present the demands of the 25,000 striking metal trades workers for higher wages to the proper Shipping Board authorities and urge that they be granted. The Mayor's Committee took the stand that the shipyard workers were under contract with the Government and that nothing could be done until the men showed good faith by returning to work. By the 8th the failure of the' Mayor Hanson has been warmly commended from one strike was obvious. Street car traffic was resumed, the the other for his handling of the newspapers reappeared and the unions were one by one end of the country to received numerous telegrams congratulating has and strike, the 10th the on General Strike voting to return to work; firmness in meeting the emergency. Committee, composed of delegates from 130 local unions him for his decision and voted to "declare this strike at a successful termination" at noon on the 11th. The resolutions declared that "regardFURTHER STATES VOTE ON PROHIBITION less of the action the rank and file would take, the rank and AMENDMENT. file did stand pat, and the stampede to return to work was declined to ratify the nationa Senate Connecticut The on the part of the leaders." The resolutions read: prohibition amendment by a vote of 20 to 14 on Feb. 4, Whereas, This Strike Committee now assembles in the midst of the genwhile on Feb. 11 the Connecticut House ratified the amenderal understanding of the true status of the general strike; and, Whereas, The Executive Committee is sufficiently satisfied that, regard- ment by a vote of 153 to 96, creating a deadlock between less of the ultimate action that the rank and file would take, the rank and the two Houses. On Feb. 12, when after ratification by the file did stand pat, and the stampede to return to work was not on the House the amendment came back to the Senate, the latter part of the rank and file, but rather on the part of their leaders; However, Be it understood that this committee does not question the by a vote of 24 to 7 refused to recede from its position. honesty of any of the representatives of the general movement; therefore, The Rhode Island Senate practically defeated the amendbe it Resolved, That the following action become effective at once, Feb. 10 1919: ment when on Feb. 7 it indefinitely postponed action by a That this Strike Committee advises all affiliated unions that have taken vote of 25 to 12. action to return their men to work, that said unions shall again call their On Feb. 4 the Pennsylvania Assembly ratified the amendmen to respond immediately to the call of the rank and file until 12 noon, Feb. 111919, and to then declare this strike at a successful determination, ment by a vote of 110 to 93. and if developments should then make it necessary that the strike be continued, thatfurther action be referred to the rank and file exclusively. Following the calling off of the strike, Mayor Hanson made the following statement: The calling off of the general strike will not replace union labor in the high position it held in Seattle. Without reason, without cause, our city lay prostrate. Union labor must clean house. Seattle may forgive, but it cannot forget. The Mayor also declared that he favored the passage of a law, if that should be found constitutional, forcing employees of essential industries to swear allegiance to the United States Government in preference to any union and to make it illegal for them to quit their positions or strike unless there were others to replace them. In a special telegram to the New York "Times" under date of Feb. 8, Mayor Hanson gave the following account of the events leading up to the strike and the measures adopted to meet the situation: WOMEN SUFFRAGE AMENDMENT DEFEATED FOR FOURTH TIME IN UNITED STATE SENATE. By a vote of 55 for to 29 against, the U. S. Senate on Monday on Feb. 10 again defeated the resolution providing for a woman's suffrage amendment to the Federal Constitution. As a two-thirds majority is required, the vote was one short of the necessary number. For the present session of Congress (which expires March 4) this action is final, but the suffrage advocates are planning to submit the question to the next Congress, when they claim they will have the necessary two-thirds majority in both Houses. Thirtyone Republicans and twenty-four Democrats voted for the amendment and eleven Republicans and eighteen Democrats voted against it. 644 THE CHRONICLE [VoL. 108. with the Regional Reserve bank therein? You extend the banking system, to give service, by establishing banks to serve the smaller communities. It is proposed to curtail railroad facilities of smaller communities by a concentration of them through consolidation. The regional banks are simply places of exchange. The network of railroads throughout the country constitutes an endless operating problem of vast magnitude involving constant watching and care, and local in its relation to communities. The facilities and service given the shippers and the public Is never to be finished and always to be extended. It calls for administrative methods not possible to be made effective unless localized in their final application. This structure with its many ramifications, although It may be faulty in spots and parts of it may have been exploited in the past, has served the country well. There is no similarity whatsoever between either the purpose or the application of the use of the Regional Federal Reserve bank plan and the requirements of the railroads. If the result observed to be attained is the fear of railroad rates being slightly higher. if this method is not devised to level them, the shippers and the public must decide whether they propose to see their service sacrificed to the adoption of a method when the same result can be attained in another and simpler way, preserving the essentials to efficient service, Including comThe question has narrowed down to the well-recognized fact that a petitive service. measure must be applied by one method or another, by which a given If present Federal control and operation is continued during the period return to the railroads is assured whether guaranteed or not, that is suffi- when the proposed new companies are forming, securities guaranteed and cient to attract capital for their legitimate purposes; at the same time present securities scaled, as suggested, you head the railroads directly into. earnings are to be limited to a fair and reasonable return to the roads. permanent Government ownership. It is idle to say, as has been stated, Whether you make this measure the bonds or stocks, guaranteed by the that present Federal control and operation can be extended, with definite Government, or unguaranteed, of new and fewer regional corporations to purposes in the minds of those in control of it, and at the same time state be formed, to be exchanged for the bonds or stocks of present railroad that you do not favor Government ownership, when, perforce, you bring companies in such amounts to the security owners of each railroad as it about whether you favor it or not. Give me the direction of extended may represent their proportion of property and earnings of the company Federal control and operation of the railroads for five years, or even three issuing them; or whether you make the measure a fixed reasonable return years, and under my direction they could be so operated that at the end on the aggregate of the investment in railroads taken in groups by ad- of the period they would find themselves in the position of being forced justing rates to produce this return, the amount each railroad receives to accept the larger company proposition, or Government ownership, if it being dependent entirely upon its competing actively for business and as was my belief that it was desirable to eventually land them in one or the the result of efficient methods of operation—excess earnings beyond this other direction. The attitude of one man, so placed, could determine return being used in the public interest—is the real question now before and control the policy of the nation in respect to these great enterprises. Your committee. For after all is said, one method or the other must be His political power, if he chose to exercise it, would be dangerous in the adopted sooner or later, unless you decide to turn the railroads back un- extreme. The power to enforce the payment of Government loans to der the regulatory methods of the past, and without defining what a railroads is, in itself, an effective means to an end. One man wielding this "reasonable" or "fair" or "adequate" return to them means. This leaves great financial power alone, with the Government back of him, can do the Inter-State Commerce Commission to define it, without instruction many things to accomplish his aims. as to policy, which has not been satisfactory or successful in the past. In carrying out the essentials of the plan we have submitted, the consent Under the regional method guaranteed bonds or stocks of the new and of neither the security holders nor the railroads will be required, as in larger regional companies to be formed are to be exchanged for the bonds the case of either enforced or voluntary exchange of securities under the or stocks of each of the existing companies, in the proportion that you other method, for Congress has authority to impose upon the railroads scale down the securities of each or adjust them. Under the second, or the conditions proposed in our plan. We do not ask for a Governmental the method we propose, present outstanding bonds or stocks remain, guarantee either in respect to securities or property investment accounts; but the value of the securities of each railroad is dependent upon the the Congress in using the property investment accounts merely for comactual property they represent and the percentage of return each railroad parison is not required to recognize such accounts other than for the purearns entirely through its own efforts, earnings in excess of the reason- poses of comparison. able return being taken from it and under rates adjusted to the requirements of the plan we have submitted. ORGANIZED LABOR'S PROPOSALS FOR RAILROAD The regional method means Government ownership, for in any event, CONTROL. if a Governmental guarantee on railroad securities is to be thought of, it must necessarily carry with it, if not at first, eventually, the complete A plan proposed by organized railway labor for the control control and management of the companies whose securities it guarantees. Incentive and initiative cannot be continued under this method of deal- of the railroads was presented to the Senate Committee on ing with the subject. For as you exchange your bonds or stocks for Inter-State Commerce on the 7th inst. by Glenn E. Plumb, bonds or stocks guaianteed by Government, of larger regional companies organized under Federal incorporation, whether permissive or compul- long associated with the four railway brotherhoods. The sory under a Federal franchise, with Federal management, in whole or plan proposes: in part, we have entered Government ownership. Let us not be deluded Government ownership of all railway properties; operation by a single with the idea that we have not. Experience has proven that the return corporation, dividing profits equally between employees and the Governin interest or dividends on such bonds or stocks would be limited to the ment, and directed jointly by representatives of employees, operating offiguaranteed bonds or other senior securities issued in exchange and intended cers and the public; automatic reduction of rates when profits exceed a to represent the main part of the supposed value of your property. What certain amount, and retention of the Inter-State Commerce Commission would represent so-called equity would likely never be reached in the of present power to regulate rates. distribution of earnings. The general principles of his proposal, Mr. Plumb stated, For years past we have seen the general railroad situation dominated by the managements of a few of the larger and more favorably situated rail- were supported by the Brotherhoods of Engineers, Firemen roads; for through their influences in respect to the rate-making gateways and Enginemen, Conductors and Trainmen,the International of the country, in division of rates, and through their power,they have been able to favor certain seaport cities, certain localities and railroads in'the Association of Machinists, Brotherhood of Blacksmiths' disposition of freight. This policy will continue only in more aggrevated and Helpers, Brotherhood.of Boilermakers, Iron Shipbuilders form under this method. In the exchange of securities of present cor- and Helpers, Amalgamated Steel Metal Workers' Internporations for those of the larger divisional corporation the same influences would necessarily control the larger corporations, for they would receive national Alliance, Brotherhood of Electric Workers, Brotherthe greater amount of new securities issued. The advantages expected to hood of Railway Carmen, Brotherhood of Railway Clerks, be secured by dominating railroad interests through compulsory Federal Freight Handlers and Station Employees, Switchmen's incorporation of railroads, will be just as well attained through the control of the larger corporations. Foreseeing this would not Government take Union, Order of Railroad Telegraphers, Brotherhood of full control and complete management to prevent these things happening? Maintenance of Way Em ployees and Railway Shop Laborers. We contend therefore that this method means Government ownership. These organizations, which represent some 1,500,000 railway There cannot be worked out practically a partnership between Government and the owners of the railroads, both in ownership and management, workers or about three-fourths of the total, while supporting and it should not be. Any enterprise, the people, through Government, the general principles do not, it is pointed out, agree on guarantees, through Government also should be operated. And if we are all details concerning methods of carrying the principles into to have Government ownership, let us have it unconcealed, "naked and effect. unashamed." The plan providing voluntary exchange of present securities for lesser In offering the plan Mr. Plum told the committee that amounts of new company securities not bearing Government guarantee, would require rates to be made to yield a given return on the capitalization railroads should be kept under Government control until of the securities of the new companies instead of such guarantee. Do you Congress develops a permanent plan for their management. believe that holders of underlying bond of present companies would volun- While stating that the twenty-one months of Government tarily exchange their bonds under those circumstances? And do you believe owners of junior bonds or other junior securities would exchange control, provided under the present law, would not give for lesser amounts of new securities of a holding company, not actually sufficient time for working out a solution, Mr. Plumb added guaranteed by the Government, such securities being subject to billions of that railway employees are against a five-year extension, underlying bonds of existing companies? In fact they would likely not accept an even exchange for such collateral trust securities, for their present unless the Railroad Administration rescinds its order of last securities are junior only to securities on their own properties. Our plan October forbidding participation in politics by railway of using railroad rates, adjusted to produce a given reasonable return on Mr. Plumb is quoted in the New York "Times" property investment, taking away earnings in excess of such return, present employees. securities to remain undisturbed, is here used to apply to new securities ad- as stating that "As the order now stands it mighq even be justed and given in reduced amounts in exchange for present outstanding construed to forbid the organizations, with this plan adopted, securities. There is a wide difference between a Government guarantee on the purpose of having me present securities and securities thus issued. Under these circumstances owners from contributing money for it hero." In advising Senator McLean that the only obof underlying bonds would likely not exchange, and they should not. In the formation of the new regional railroad companies, to liken the jection of the railway men to the five-year extension was great transportation system of the country to the Federal Reserve system and to say that because regional reserve banks are used in the country's Mr. McAdoo's political ban, Mr.Plumb said: "The purpose financial structure, the same method is applicable to the railroad situation, of the extension is to allow time for a political solution, and displays a lack of appreciation of the purposes each is intended to serve. under the order we are precluded from expression. We could If it is a good thing to consolidate all the railroads into regional railroad companies, why not consolidate all the banks in a regional reserve district not lelve to the financial interests complete freedom while SUPPLEMENTAL STATEMENT OF S. DAVIES WARFIELD ON RETURN AND REGULATIONS OF RAILROADS. S. Davies Warfield, President of the National Association of Owners of Railroad Securities, presented to the Senate Committee on Inter-State Commerce on the 13th inst. a supplementary statement on the return and regulation of the railroads. Mr. Warfield had appeared before the committee two weeks ago and the details of the plan of the Association for the return of the railroads to private operation, as then presented by him, were given in our issue of Feb. 1, page 438. In his supplemental statement this week Mr. Warfield, besides giving the essentials of his organization's plan in brief, said in part: FEB. 15 1919.] THE CHRONICLE 645 service, and the public would not need to be protected against high rates and diversion of profits to private interests. You could provide that wherever the total amount of net revenue paid to or security holders executives to the Government exceeded 5% of the gross operating revenue, the InterWe must be as free as the railway from will cease contributthey that anticipate Commerce Commission should thereupon adjust the scale of rates in not do I State express our ideas. ing to elect members of Congress. No more should we cease to exercise such manner as to absorb this 5%, thereby producing an equivalent of a waive not we will 5% reduction in rates. the same rights and privileges. But if we are still barred, our objections to the extension of control. be settled by we were silent." The "Times" quotes Mr. Plumb as also saying: Mr. Plumb is said to have added that in no circumstances should the railroads "be turned back to the old composite scrap heap" of private ownership without some plan of action being developed; he furthermore told the committee that "if no permanent plan is developed your first duty is to legislate before the return. To quote further from the "Times:" Mr. Plumb declared he could not see how a permanent solution could be worked out in a year; that it would require two, and that twenty-one months was much too short a period. lie also suggested taking short-line railroads under Federal control during the time Congress was at work upon a permanent plan. "It's my deliberate judgment, if the five-year period is approved by Congress, we will do nothing toward a solution until near the end of that time," said Senator Cummins. "Now is the time, the public is alive now. The other way it would have to be waked up again at the end offive years." Wage and employment disputes would wage boards and boards of adjustment similar to those now maintained by the Railroad Administration. The Government could provide capital from one-fourth to onehalf cheaper than private investors, Mr. Plumb contended, and "this should mean an annual saving under Government ownership in the cost of capital of from four to six hundred million dollars." The result, he said, might be a reduction of 1% in rates. Mr. Plumb's plan, according to the Philadelphia "Press," opposes the creation of a Secretary of Transportation, as proposed by the Railway Executives, on the ground that this would be "regulating the people in the interest of capital." In his presentments to the committee, Mr. Plumb sugIn indicating the views of Samuel Gompers of the Amergested the acquisition by the Government of all railroad ican Federation of Labor with regard to the above proposal, and the valuation representing fairly property at a price the New York 'Tribune" in a special cable from Paris on the organization of "an operating organization where operat11th inst. said: the ing ability constituted its sole capital." In his brief he Samuel Gompers when interviewed yesterday was not deeply impressed continued: with the wisdom of the proposal for Government ownership of railways. We would recognize as operating ability the skill, industry and application of every employee, from President down to office boy. This is the organization which Mr. Thom defined as moaning the human capacity to efficiently perform the service. Such a corporation requires no capital. It should be organized under a Federal law. It should be authorized to take and hold and operate these properties under the full regulatory power of the Government, to whom it should account for all of its operations and expenditures. It should be required to meet all costs of operation and fixed charges upon the capital employed which had been guaranteed by the Government. A certain agreed percentage of the not results of operation should belong to this corporation. The stock of this corporation should be held in trust for the b9nefit of the employees. The earnings of the corporation should constitute a trust fund to be declared as a dividend upon the amounts paid to the labor which it employs, every employee receiving that proportion of this trust fund which his annual wage bore to the total annual compensation of all employees. The affairs of this corporation should be administered by a board of directors, which we suggest, merely tentatively, should be elected In the following manner: Ono-third of the directors to be elected by the classified employees below the grade of appointed officials; one-third by the appointed officers and employees; the final third being appointed by the President of the United States. This board of directors should have power to appoint all officers down to the point where employment begins by classification and to prescribe the conditions of employment and classification of all other employees. In answer to an inquiry by Senator Cummins on the Discussing the proposal of the railroad brotherhoods before the Inter-State Commerce Committee of the Senate, he said: "The plan submitted is probably as good as any, but there is the greatest danger to freedom in the attempted denial by the Government of the right of association or reorganization. Too frequently has it been attempted, and in some instances carried into action." Mr. Gompers cited the Executive orders of Presidents Roosevelt and Taft in denying the workers the right of organized activity. "Because a man enters the service of the Government," said Mr.Gompers "it is too often thought that he surrenders his rights as a citizen. There is no greater veneration for the institutions of the republic than the apprehension in placing too much power in the hands of the Government." According to the "Tribune" of the 8th inst., Francis H. Sisson, Vice-President of the Guaranty Trust Co. of this city and a member of the Merchants' Association's special Committee on Government Operation • of Railroads, condemns the railroad brotherhoods' plan as Socialistic, impracticable and unjust, and declares emphatically that if the plan were adopted it would be the longest step toward Socialism the country had experienced. The "Tribune" reports Mr. Sisson as saying: The whole scheme is impractical and very unfair to capital invested in the railroads. It is just another case of labor trying to get the whole thing into 7th as to how the Inter-State Commerce Commission would its own hands without regard to the economic principles involved. would what constitute plan, determine, under the labor If it is adopted, it will result in a higher cost of operation of the roads, fair rates to provide a share of profit.for• division among less efficiency and the necessity of meeting deficits out of Government taxaemployees, Mr. Plumb suggested that in the beginning tion. rates might be placed on a level to render 1% of gross operDIREeTOR-GENERAL HINES ON GOVERNating revenues as net earnings to be shared among employees VIEWS OF OWNERSHIP AND OPERATION. MENT s the When Government' and 1% for the Government. In setting before the Senate Inter-State Commerce Comshare exceeded 5'% the Inter-State Commerce Commission last week the views of the Railroad Administration fear mittee Senator Cummins expressed rates. readjust should ownership and operation of the railroads, Directorthe that if Government operation were continued for five years as to Congress would drop efforts to find a solution until near General Walker D. Hines stated that he did not personally the end of that period. Mr. Plumb replied that he believed believe in Government ownership, adding: I believe there can be a form of radically reconstructed private ownerinterests representing capital, seeing their relations becomship, with such close Government supervision, including Government the and would for a press change, complicated, morq ing representation on the boards of directors, as will give the public and labor preserve public, feeling that the Government was paying too much all the benefits of Government ownership and at the same time will benefits of private and self-interested initiative and will avoid the as compensation to the roads, would urge Congressional the political difficulties which perhaps are inseparable from Government action sooner. Labor, he said, would lend all its influence ownership. to promote early legislation. Mr. Hines also took occasion to state that he did not The plan he offered, Mr. Plumb contended, would pro- believe "there is anything substantial in the argument that vide cheaper financing, give stability of income to security a five year extension of Government operation would necesowners, promote efficiency of operation through sharing sarily mean Government ownership." Arguing in favor profits, remove railroad operation from partisan politics, of a five year extension Mr. Hines contended that:— compose conflicts between Federal and State authorities, It will give advocates of Government ownership full opportunity to press keep rates at a minimum, eliminate complications in rate their views without being influenced by the temporary reaction against control; schedules, and provide a means of making communities Government It will remove the necessity for undue haste in solving such a big program benefitting by making extensions pay for them. The as the future of the railroads; It will stabilize employment and wage conditions, permit prosecution corporation would be subject to regulation by the Interthe slack of a big program of improvements and extensions, help to take up its retain would which present Commission, State Commerce in employment and material during the crtical period of readjustment; regulating powers. With one-half of the profits going It will protect security holders pending an ultimate solution; purely It will minimize the danger of making the railroad question a to the Government and the other half to the corporation, partisan issue, to be considered in an illogical manner, in the Presidential the Plumb Mr. said, employees, to be distributed among elections.' men would be actuated by a desire to promote efficiency The "Railway Age" of Feb. 7 gives a detailed account of He added: profits. increasing of means and economy as a Mr. Hines's observations before the Committee during the Such a scheme would render to the public all of the benefits of unified days he appeared before it from the 3rd inst. to the four losing of competition costs without the all Operation. It would eliminate 6th, and we reproduce herewith in part what it printed with any of the benefits of competition. This would remove the operation of the railroads from politics. Gov- regard thereto: possibly have anything to say about the emermnent officials could not ployment of men or officials of the road. They would have nothing to say as to construction or extension of now lines. The:Government would have no power to exact from the public a return which was more than adequate for the maintenance and operation of the Walker D. Hines, Director-General of Railroads, in addition to advocating the five-year extension of Federal control and declaring that the railroads must soon be returned to their owners unless the extension is adopted, also outlined briefly a permanent plan which he thought might 646 THE CHRONICLE [VoL. 108. be worked out during the five years ior grouping the railroads into 6 to 12 Relinquishment Will Not Be Precipitate. corporations with a minimum guaranteed return and a profit-sharing plan My own thought is that whenever an appropriate time shall approach, for earnings above the guarantee. The purely executive function of operating the railroads to render the due notice of the step will be given and the relinquishment will be made in public transportation service is the primary responsibility which confronts an orderly way, so as to afford a reasonable opportunity for the transition. the President. His operation of the railroads may incidentally be a pro- The further question remains as to whether there is anything in the legal tection to railroad owners or a convenience in reaching a legislative solution; situation as to the rates or anything in the arrangement of the indebtedness but it is primarily and directly and daily and hourly the rendition of the of the railroad companies to the Government which would make it unjust. public transportation service. From this standpoint there are very grave to the railroad companies to make a relinquishment prior to the end of the difficulties in the way of successful operation throughout the 21 months' 21 months' period without now legislation. To illustrate this, let us look period, and unless these can be obviated through a reasonable extension at the carefully thought-out proposals of the Inter-State Commerce ComI believe Congress will decide that there is every reason in favor of the mission. I should think it would be fair to assume that those proposals earliest discontinuance which can be effected in a reasonable and orderly would come nearer to receiving Congressional approval than any other definite plan for a permanent solution that has been offered. Lot us way. The emergency which necessitated the taking of the railroads has ended- assume that in six months the plan as outlined by the Commission should or certainly will have ended when peace shall be formally declared. Cerl become a law and that immediately the railroads should be turned back to. their respective companies. I cannot see that the transition would be any tainly there will no longer be the need for unified Governmental contro for the transportation of troops and war supplies. The only remaining less difficult or any more free from uncertainty than if the transition were. made without additional legislation. There is nothing in that plan which public need will be the ordinary need of rendering an adequate transportation service in time of peace. This does not in itself will per se and instantaneously make conditions different from what they call for Governmental intervention except to the extent that there would be under the existing laws. For example, that plan does not promay be temporary peculiar circumstances involved in the aftermath pose to deprive State commissions of the power to deal with intra-State rates. It merely contemplates harmonious action with State commissions. of the war. If we assume that the proclamation of peace shall be made between now and that is entirely feasible under existing laws. Indeed, the commission now has a tremendous and far-reaching power over intra-State rates by and July 1 next, it results that under the present Federal Control Act Government control cannot continue after April 1 1921 and may end reason of Section 3 of the Inter-State Commerce Act as construed and earlier than that date. With such a nearby limit there will be increasing applied in the Shreveport case, and as a result of which the commission has uncertainty on the part of officers and employees every month that passes, actually prescribed the intra-State rates in a large portion of Texas. Of growing out of their inevitable thought as to what can and will be their course, the provisions of the plan about merger of railroads, the limitations relations with the new managements. The results cannot be otherwise of railroad construction or any other feature will have no instantaneous than a cumulative influence unfavorable to the most successful operation. effect upon the operating expenses or upon the operating revenues. With It is obvious that when a transfer of management must take place in the respect to those immediately pressing problems the commission can do near future, the sooner it takes place the better for the certainty and effi- under existing law whatever it could do under the proposed law and it is perfectly safe to assume that the Commission will be actuated by a desire ciency of the management. Under any circumstances administration of the railroads in face of such to protect the situation. My own deliberate prediction is that if the commission's plan shall be a near approach to a change in management would be difficult. But the we will then find the companies imploring the Government to difficulty promises to be greatly accentuated by several different factors. continue to operate the railroads for a while in order to provide an entirely One is the natural relaxation of virtually our whole population from the patriotic tension. The very fact that virtually the entire population adequate period of readjustment. I believe that any legislation adopted responded so magnificently to the sacrifices demanded by the war and to prior to the end of the 21 months' control will leave the railroads just as the inconveniences which came from unusual war control of the ordinary much disturbed over an instantaneous transfer back to private manageindustrial activities makes all the greater the insistent desire to be relieved ment as they will be disturbed over such a transfer without any additional from any sort of inconvenience and to complain against the continuance legislation. Extension Does Not Mean Government Ownership. of anything that can be connected with inconvenience during the war period. Viewed in this practical way I do not believe there is anything subOf course, the Railroad Administration gets the full benefit of this changed stantial in the argument that an extension of the time would necessarily attitude. Again, we are involved in an effort on the part of Congress to find a mean Government ownership. If a period of 21 months after the war will permanent solution of the railroad question. This, of course, results in not mean Government ownership, I do not see how a period of not exceedingevery advocate seeking to find in the present Government control a reason five years would mean Government ownership. The operating organizato support the solution which he advocates. Since nobody advocates per- tion of every important railroad is preserved intact and the railroad could petual continuance of the present form of control the result is that every be turned back to-morrow or in five years from now and still its operating advocate of any sort of solution is tempted to point out that the present organization would be available to carry on the business without interrupcontrol is unsuccessful, even as a temporary condition, because any such tion under private management. Of course, in terminals there have been argument helps in his estimation to support his contentions. In the aggre- some consolidations of management, but undoubtedly they ought to con• gate the momentum of criticism in this direction constitutes a distinct tinuo under private control, and I do not see any practical difficulty on additional psychological factor which makes for difficulty of successful this score unless the particular companies shall wish to put their separate Interests above the general public interest, and in that event it will be operation under the present form of control. advantage to the public that the established terminal organization is a Again, the country will be entering within the next 12 months upon a Presidential campaign which will culminate in November 1920. I do not consolidated organization so as to make it more difficult for a separate and selfish development of the terminals. The only thing that will make against see how it will be possible, despite the firm purpose of the Railroad Administration to afford an absolutely non-partisan administration, to avoid the the resumption of private management at the end of five years or any interRailroad Administration becoming the subject of a great deal of political vening period between the 21 months and five years will be that as a result discussion and criticism. I do not complain of this condition. But, of unified contr.)l viewed under normal conditions, the public will reach nevertheless, it promises to make for unsatisfactory railroad service under the conclusion that a greater degree of unified control is in the public interest than can be accomplished through the medium of the large number of railthe present form of Government control. Now it happens that all these unpromising factors are so related in point road corporations which jn the past have controlled the railroads of the of time that if the railroads remain under Federal control throughout the country. If the public does reach this conclusion undoubtedly we ought 21 months period and that be not extended, these factors will converge not to return to the old system and the public will have profited by having in such a way as to produce a cumulative effect which will be very definitely been given an opportunity to study the advantages of unified control. On the other hand, If the public feels that the advantages are loss than the adverse to the successful rendition of the public service. advantages of the multifarious railroad managements it will be entirely practicable to go back to the old forms of control. Additions and Betterments. Government Operation Should Be Tested Under Normal Conditions. Another highly important practical reason is the situation as to additions and betterments. It is highly important that a railroad shall continually There is a strong disposition to.assume, that Government operation be improved and developed through the making of additional capital ex- under any circumstances means correspondingly heavy costs and penditures. Not only is this important in order to improve the public serious inconvenience. Since Government operation has been entered service, but it is doubly important now that a large railroad additions and upon and since it is desired that it be continued to facilitate a satisfactory betterment program should be carried out in order to stabilize industrial legislative solution, then my recommendation is that it be continued long conditions while we are passing through the period of readjustment. But enough to furnish a fair example of what can and what cannot be accomwith a change of control so near, the opportunity for carrying out an ade- plished under Government ownership in time of peace. So far we are not quate program is largely lacking. Of course, the Railroad Administration in a position to analyze fully even the result of the war year—the year 1918. will be glad to go forward with the betterment work to whatever extent it The year 1919 will be a period of readjustment. When the armistice can get tho assent of the corporations, but with control to end so soon it was signed the railroads had been geared up as a war machine. Many will not feel justified except in urgent matters in proceeding where that things which were done to obtain the quickest and most effective results consent is not obtainable, and that consent will not be forthcoming in at whatever cost might be necessary can in peace time be done on a more many important matters when the corporations feel that they will so soon oconomica basis. These things, however, cannot be changed overnight. be back in charge of their properties and that they can then proceed to For example, it was indispensable to Olace cars where they were develop them exclusively according to their own ideas. Indeed the cor- most needed and to repair them wherever they happened to be porations may well feel that they would rather wait in the hope of getting when they needed repairs. Cars can be repaired more economically in lower prices even though in the meantime business suffers severely by the their home shops than in shops of other railroads because the home shops cessation of industry. are especially adapted to repair the cars belonging to the home road. In the course of a few months it is believed this condition will make a material Temporary Continuance Not Necessary. showing in the reduction of the cost of car repairs. But this is one of the The next phase of the matter is the argument that the President must processes of readjustment which ainnot be done instantly and which will retain possession of the railroads for the protection of the companies pend- help to make the year 1919 a year of transition and, therefore, even its ing permanent legislation. The argument seems to be that an early return results will not be a normal showing of what can be accomplished under of the railroads before the adoption of legislation would result in a chaotic Federal control. condition which would involve disaster to the credit of the railroad comMoreover, the year 1919 is a critical year from the general industrial panies. If we admit that the re-establishment of private cporation under standpoint. It is a year when the problem of unemployment will be the laws as they already exist would be an evil, it is hardly a wise and pru- exceedingly grave. Every Government agency should deal with that dent remedy to insist upon continuing a form of railroad operation which problem in a comprehensive way so as to promote the general welfare and is not calculated to give satisfactory service to the public and which prom- not exclusively with reference to making immediately the very greatest ises to become increasingly difficult with every month. To avoid confusion reduction in its own costs. This factor ought to govern largely the methods I wish to make it clear that there is no such basis whatever for the as.sump- of the Railroad Administration, and in order to aid in stabilizing general tion that I have proposed to recommend the relinquishment of the railroads industrial conditions the Railroad Administration ought not to enter under circumstances which would create wide-spread bankruptcy. Indeed, upon processes of retrenchment so radical as to accentuate the general I think the argument that has been made that an early relinquishment will industrial difficulties. create such wide-spread bankruptcy and consequent chaotic financial I think this more deliberate policy is duo to labor. On every hand there conditions defeats itself., because it is evident that no department of the is a disposition to charge existing high costs to the increased wages. PracGovernment wishes to produce any such condition. My belief, however, tically all these arguments carry in some form the thought that these rates is that unless there should be a very serious falling off in business the situ- of pay are too high and ought to be reduced at the earliest possible opporation will readjust itself in a comparatively few months so that a return tunity. I believe these conclusions are unfair and that a method of dealing of the railroads on a basis of the rates established by the Railroad Adminis- with this subject ought to be adopted which will give an opportunity to tration will be entirely admissible so far as the general financial situation demonstrate their unfairness. A very largo part of the heavy operating is concerned. costa of the past year was not due at all to the high rates of pay, but to other FEB. 15 1919 THE CHRONICLE factors brought about by the war. One was the abnormal cost of repairing cars to which I have referred. Another was the extraordinary turnover of labor due to labor being withdrawn for military purposes and labor being tempted into other lines of industry where much higher wages were paid. This led to less efficiency than could be expected of men who remain with reasonable permanency in the railroad work. The scarcity of railroad labor also macle it necessary at times to employ labor which was far below reasonable standards of efficiency. It was also necessary in the times of war pressure to require a great deal of overtime work which called for timeand-a-half pay. All these various factors are being piled up together and charged to the present rates of wages. There is every evidence that the most cordial co-operation will be afforded by labor in rendering value received for the wages paid, but these conditions cannot be translated into reports of operation except by the lapse of time. The extension of Federal control would have a beneficial effect in stabilizing industrial conditions at the very time such stabilization is most badly needed. Railroad improvements can be carried forward on an extensive scale and they not only afford indirect employment for a great many additional railroad employees, but they afford indirect employment for thousands of other employees. Here, then, we have the factor of rapidly increasing unemployment and we also have the potential factor of the great stabilizing influence of railroad improvement activity. If the period of Government control be limited to the 21 months, the amount of railroad improvement will be minimized because of the shortness of the time within which to plan and do the work, the uncertainty of railroad credit, and the disposition of the railroad companies to defer improvements until the comparatively near date when they will again be in control. If the period be extended to five years steps can at once be taken to enter upon a much more comprehensive program, and I believe that the greatly increased credit of the railroad companies which will result from this additional certainty will enable us to get their active co-operation in financing an extensive program. Views as to a Permanent Solution. I do not personally believe in Government ownership. I believe there can be a form of radically reconstructed private ownership with such close Government supervision, including Government representation on the boards of directors, as will give the public and labor all the benefits of Government ownership and at the same time will preserve the benefits of private and self-interested initiative and will avoid the political difficulties which perhaps are inseparable from Government ownership. I do not believe the plans now before the committee will meet the fundamental difficulties. I believe that a far more radical treatment will be needed, and that this treatment cannot be accorded in the crowded period of the next two years. There can be no solution through the operation of the railroads by the numerous existing corporations with their widely varying financial structures. The deep-seated suspicion of the public and of labor that there is serious over-capitalization largely negatives all representations as to the propriety of any given level of railroad operating income. To perpetuate existing capitalization means to perpetuate suspicion and unrest and will defeat any plan despite the other good qualities the plan may have. No plan can be permanently successful which loaves railroad operations with a large number of different corporations, some strong and some weak. So long as this condition continues it will result that on any given 'basis of rates and wages some railroads will prosper to a great degree and others will fail. Whatever level of rates is adopted the public will be at a disadvantage either through impaired service on the poor roads or through being charged more than is necessary on the strong roads. The contrast will load to continual discontent and dispute as to what basis of rates is correct and will largely tend to defeat any scheme of regulation. The plan of private management proposed necessarily involves the idea that if one or many railroad companies happen to be exceptionally prosperous the entire exceptional profits remain with the company. This condition will make the public always fear or suspect that it is being exploited for the benefit of private capital and will lead to continual insistence upon the railroads being operated exclusively for the public benefit. Also, similar suspicions will always encourage unrest on the part of labor. If any plan of private management is to be successful it ought to provide for the participation of the Government and perhaps of labor in the profits in excess of some comparatively moderato return. This country has settled down to the definite conception that railroads ought not to receive more than a reasonable return and also that they ought not to receive less. Practically, the standard is impossible of application under the proposed plan of private management. No matter how carefully rates may be fixed they are more likely to vary either above or below a fair return than to produce the fair return and no more and no less. A prosperous year may produce too much and before the rates can be changed the exceptional prosperity may have disappeared, Of course, one company may get more than a fair return and another less. If the Government adopts the proposed plan it will be doing a vain thing. It will be proceeding on the idea that it is insuring the performance of an adequate transportation service for a fair return, but it will be providing machinery that never will and never can provide the desired fair return. The logical thing to do is for the Government itself to ascertain what the fair return ought to be and to guarantee that to the railroads, and then if it wishes the benefit of the increased efficiency which may probably be expected from private initiative it can permit a moderato participation in any profits in excess of that return. Government Should Guarantee Fair Return. It is recognized that it is indispensable that capital invested in railroads shall yield a sufficient return to attract additional capital. But the proposed plan involves the whole subject in so much confusion and uncertainty as to make the prospect of obtaining additional needed capital highly unfavorable. If the fair return principle be adopted in theory but fail in practice, the result will be either that the public will suffer serious Inconvenience through railroad credit being impaired so that the necessary new capital cannot be raised, or the public will suffer serious loss through being compelled to pay a great deal more for transportation than is needssary. The real object can be obtained by the Government itself assuring once and for all a fair return. Of course, a definite assurance of this character will necessitate a much lower total compensation than would have to be provided through the haphazard plan of a theoretical fair return administered through impossible machinery. Therefore, there would be a largo saving to the public in a definite Government guaranty and an enormous benefit in the way of creating a real and reliable credit instead of one involved in the greatest uncertainty. The proposed plan of private management does not meet any of these fundamental needs. If adopted all these needs will remain unsatisfied and will operate with cumulative effect to produce a failure of the entire regulatory scheme, and in a short while the whole railroad subject will have to be dealt with again. Indeed, the very fact that the proposed plans still leave the public suspecting that unjustified capitalization is enjoying a return, and still admit of instances of some corporations deriving 647 apparently excessive returns even on their existing capitalization, will go a long way towards defeating the concessions which it is proposed to make in favor of the railroad corporations, and the conception will probably become increasingly clear that the desired certainty of sufficient return will not be assured. Again, the proposals of the present plans for pooling of traffic under certain conditions and for unification of terminals and facilities and for combined control of cars and traffic in time of emergencies are going to prove largely illusory. It is exceedingly difficult to see how any compulsory plan along these lines can be worked out and in practice it will mean there will be no unification except when rival companies can decide that it is distinctly to their own interest to unify or except in very extreme emergencies. It will be dificult to induce a strong enterprise to dilute itse f by merging with the weak one. It may be said that my observations necessarily lead to Government ownership and operation. I do not think so. I believe that all the objects which I think must be achievd can be accomplished through the creation of a comparatively few railroad companies which will have capitalization equal only to the real value of the property, and which will have a moderate guaranteed return with the right to participate moderately In any additional profits. In this way I believe it would be entirely practicable to preserve whatever advantages there may be in private management and at the same time meet the difficulties which I have already pointed out. I do not believe that the radical changes which in my judgmen5are indispensable can be made without prolonged study and debate. lam, therefore, forced to the conclusion either that there will be no comprehensive legislation in the next two years or that any legislation adopted will be so much like the present system as to offer no hope for a permanent solution. A great deal has been said about the claims of the railroad security holders to a reasonable degree of protection. I know of nothing which would more satisfactorily protect their situation than a five-year extension, because that will be ample to cover not only the period of industrial readjustment but also the period of legislative readjustment. kthink any plan which still leaves the question whether the railroads will oriwill not get a fair return subject to all the fundamental difficulties which I have pointed out would leave the position of the security holders in doubt and uncertainty. Indeed, there will be serious question whether any legislation will be adopted in the 21-months period. I cannot imagine, how this can be otherwise than prejudicial to the legitimate interestsiof railroad security holders. al 3enator Kellogg disagreed with Mr. Hines's statement that the rate structure would continue after the terming, he tat iirfederal control, and:. ointed ou •that aw estabMilt west a as recently as an. 31 passe listis scales of intra-St.L. laws iower even" than those in effect before the increase or ered.••by the allroad Administration. Mr. Hines said that such a statute was _clear y invalid during the period of Federal control and that the rate structure established during that period would apply until organized oction was taken to change it. Senator -fOrtice-courts to go In roads would Kellogg saidt1-77.il to prevent the States from asserting their own rates, but Mr. Hines thought the Inter-State Commerce Commission could protect the situation. PRESIDENT WILSON ON MIRACLES ACCOMPLISH-NJ IN WORK LOOKING TO LEAGUE OF NATIONS. In an address before the French Association for a Society of Nations in Paris on Feb. 13, President Wilson proposed the celebration of the completion of the task looking to the formation of the League of Nations, and besides incidentally formally announcing his intention to return to France, he alluded to the miracles wrought by the war; we quote what he had to say below: I appreciate very deeply what has been said,"and7I7take,itIthat:thelind suggestion is that some time after my return we should arrange a public meeting, at which, I am quite confident, we may celebrate the completion of the work, at any rate up to a certain very far advanced stage, the constmunation of which we have been working and hoping for for a long time. It would be a very happy thing if that could be arranged. I can only say for myself that I sincerely hope it can be, I should wish to lend any assistance possible to so happy a consummation. I cannot help thinking of how many miracles this war has already wrought, miracles of comprehension as to our inter-dependence as nations and as human beings, miracles as to the removal of obstacles which seemed big, and now have grown small, in the way of active and organized cooperation of nations in regard to the establishment and maintenance of justice. And the thoughts of the people having been drawn together, there has already been created a force which is not only very great, but very formidable, a force which can be rapidly mobilized, a force which is very effective when mobilized, namely the moral force of the world. One advantage in seeing one another and talking with one another is to find that, after all, we all think the same way. We may try to put the result of the thing into different forms, but we start with the same principles. I have often been thought of as a man more interested in principles than in practice, whereas, as a matter of fact, I can say that, in one sense, principles have never interested me. Because principles prove themselves when stated. They do not need any debate. The thing that is difficult and interesting is how to put them into practice. Large discourse is not possible on the principles, but large discourse is necessary on the matter of realizing them. So that, after all, principles until translated into practice are very,thin and abstract and, I may add, uninteresting things. It is not interesting to have far away visions, but it is interesting to have nearby visions of what it is possible to accomplish. And in a meeting such as you are projecting perhaps we can record the success that we shall have then achieved of putting a great principle into practice, and demonstrated that it canibe put into practice, though only, let us say, five years ago it was considered an impractical dream. I will co-operate with great happiness in the plan that you may form after my return, and I thank you very warmly for the:compliment:of this personal visit. 648 THE CHRONICLE [VOL. 108. • •••• ••••••••••••• domination on the part of Prussia. It was a definite, calculated conspiracy to exterminate France, as well industrially and commercially as in a military sense. In this effort the German bankers and manufacturers joined their General Staff. The exposures of Dr. Muhlon of the Krupp Works and of Kurt Eisner at the Borne Socialist Conference make this clear. "And this fact explains many of the activities of the German Army which we were not able to understand. We can now see why they .stole the machinery from our factories, why they destroyed the coal mines of Lens, why there was all the wanton devastation of French territory, oven when they were in retreat. It was thought to be a part of their tactics of military frightfulness. Instead, we can see now that it was a part of their deliberate commercial design. "And in this phase of their war-making effort they have not been altogether unsuccessful. The- industrial life of Franco has been so wrecked that its resuscitation is most difficult, while by reason of her military surrender Germany has been able to save her factories,intact and ready for immediate efficient operation. Industrially and commercially, as between France and Prussia, for the present the victory is with the Hun. "And financially, by reason of the blockade, (the value of which as a military factor no one will question), the German war debt is almost wholly a debt to her own people, easily repudiated, while the debt of France is one which must be paid. Here again the war has proved something like a Pyrrhic victory for France. "The French fortune invested abroad before the war was large—some fifty or sixty billions (francs) of French stock. What has become of that fortune? The best that we can hope for is that payments on about "While I have said that the war has been won, it would perhaps be more two-thirds of it may be considered as simply deferred; that the immense accurate to say that there is a lull in the storm," said Georges Clemenceau, sum accumulated by French thrift and loaned abroad will be collectible the French Premier, in the course of an interview with The Associated eventually. "France has something like twenty billion francs invested in Russia, twoPress to-day. "At least," he added, "it is as well to face squarely all the thirds of that sum in Russian Government securities and the remainder in possibilities." Although Germany has been beaten militarily and had been largely dis- Industrial enterprises. The French people have other billions in Balkan armed, there still remained, the Premier said. "a'chaotic but fruitful and Turkish obligations. Then, just before the war, the disorders in MexRussia, from which great help may be drawn by the Teutons." There ico deprived us of any revenue from abour two and a half billions of francs would be danger, he thought, of a "reopening of the military debate," if it Invested there, and we are having the same experience with several other were not for the assurance President Wilson had voiced recently that billions in South America, notably the immense French investments in railwhene-ver France or any other free people was menaced the whole world ways. "I mention some of these financial details to show how the French fortwould be ready to vindicate its liberty. In the Society of Nations, said the Premier, each nation must be willing une has shrunk, so that our people can no longer derive a largo income to renounce its traditional aloofness and be willing to employ the national from abroad. The paying investments abroad are relatively inconsiderable compared to the debts that France has contracted abroad during the war, strength outside its own country, both in wartime and in peace. Premier Clemenceau warmly praised the help the American troops had particularly in America and in England. The French Government has also given in winning the war for democracy, and expressed disbelief that there loaned considerable sums to her small allies, just as America has done with was a man in the American Army of Occupation who regretted that he her associates. "We look forward, therefore, to an immediate future in which we must had "fought on the side of freedom" because he had more creature comforts regularly meet great interest charges in America and elsewhere abroad, to in Germany than in France. "I lived in the United States in my young and formative days," said the provide which we will have only the resources at home. "If our national debts were duo only to our own people the problem Premier. "Perhaps, therefore, I may be indulged to say a few words to our allies on the other side of the Atlantic. Not by way of advice or would not be so difficult, because we would not then have to consider the sending out of the country of groat sums at disadvantageous rates or expropaganda, but frankly as friend to friend. "The friendship between our peoples which has subsisted for a century change. The money collected from the French people for interest on the and a half is a very beautiful thing. The like of it has never existed for national loans would be distributed among the French people, unequally the same length of time between any other two peoples. This cordiality, perhaps, but nevertheless the interest payments would remain in the councemented by our contact during the war, must endure in closer measure try, to be used partly for reconstruction and as capital for the development of our industrial life. hereafter. To this end our minds must meet. "Even as to the military triumphs over Germany there is a situation not n'he entrance of America into the great war was full of dramatic interest. The application of nation-wide conscription without the slightest disturb- altogether without disquieting features for France. It is quite true that ance, the universal self-denial to supply us with food and all other re- the Allies have taken the German Navy, and in largo measure have disquirements, the unity of purpose, and the amazing energy of 110.000,000 of armed the enemy. But there remains a chaotic yet fruitful Russia from people of so varying and complex a character, challenged our admiration which great help may be drawn by the Teutons. "With the British Army demobilized, the American Army back home, and gratitude in such fashion as no one but ourselves can know. "And the way the American soldiers fought. Nothing could have been and France isolated, there might be a danger of a reopening of the milifiner. Inspired by the holiest ideals, I may say transfigured, they entered tary debate by Germany which might embarrass us were it not for the asupon their task with all the determination, all the fervor, all the spirtual surance which President Wilson gave us in the Chamber of Deputies the purpose of the old-time Crusaders. They did work. France might have other day that under the operation of the League of Nations, 'whenever died. She would not have surrendered. But do not mistake me. I do France or any other free people is threatened the whole world will be not mean to minimize the importance of the American military aid, nor of ready to vindicate its liberty,' so that 'there never shall be any doubt or the American Red Cross, nor the Salvation Army, nor any of the helpful waiting or surmise.' This has given us great solace. And so we bid the agencies. There never has been in all the world's history so perfect a co- departing American soldiers godspeed and a happy return to their peaceful ordination of the holy purpose of the righteous-minded inhabitants of the firesides. "Of course, a Society of Nations in which America and France enter earth. "And now the war is won. The world is made safe for democracy, for must be supported profoundly by the conviction of their peoples and by a determination of each nation entering into the agreement to be willing life, liberty, and the pursuit of happiness, as Jefferson said in the American Declaration of Independence. And the future is before us. What to renounce its traditional aloofness from other peoples and willing to employ the national strength outside its own country, in time of peace as has it in store? "I am told that some of these gallant American soldiers, who lived in well as under the pressure of war. "We shall have problems, but Franco will face them, as she has done, trenches, slept in dugouts, and burrowed in the mud in devastated and war-torn France, when they crossed the Rhine and in an undevastated land with courage and with an abiding faith in the triumph of right and jusfound clean beds and baths, rather regret that they fought on the side of tice. As was said of Chevalier Bayard, so must it be said of France—she freedom and would rather have fought on the side of the murdering Ger- will continue 'sans peer et sans reproche.' "All of our plans are based upon the splendid platform laid down by mans. I do not believe it. I am sure there is no American soldier who does not recognize that France, the battlefield of the war, could not give him President Wilson. In perfect harmony with the principles which he has enunciated, we are striving for higher and holier idealism in the conduct of the comforts that Germany, undevastated, was able to. I do not and will not believe so meanly of a single one of the brilliant warriors who came the affairs of the world. Divested of all mercenary aspirations, we join from the States to our aid in the great struggle for civilization against sav- heartily and unreservedly in the effort to make a better world and one of agery. It is incredible. It is the tragedy of the war that devastated simple justice to all manldnd." France could not give them the comforts that unbroken Germany could. "I believe there is some criticism that there have been overcharges by SUPREME ECONOMIC COUNCIL SET UP—REMOVAL the French for food and other things. Well, there are things to be said OF PEACE CONFERENCE FROM PARIS HINTED. about that. First, for many years the Americans have been coming to Europe and with abundant means and great generosity have been spoiling On the initiative of President Wilson, steps were taken our people. They have paid for everything with a bounteous hand. As a result, they have taught our people, who were willing pupils, that they by the Supreme War Council on Feb. 8 to insure greater were very rich and very, very generous. It was but human that our control by civilians over the conditions prevailing during people should expect much from the Americans. the armistice period and pending the signing of the final "It is only fair to say that in every case where the attention of the French Government has been brought to a case of extortion an earnest and, I peace treaty. With this object in view, it was decided to think,effective, effort has been made to stop it. Compared with the United create a Supreme Economic Council to deal with the matStates France is a small country and limited in her resources. Necessarily ters of finance, food, blockade control, and shipping of raw she is provident, perhaps unpleasantly careful, I would say; not miserly nor certainly intentionally extortionate. But also you must know that all materials. This new Economic Council is to take the place the time our own French people have paid the same prices for what they of all similar bodies now existing, and is to consist of not bought that our American friends have, more than five representatives of each interested Govern"Throughout the war our relations with the American Army have been most cordial, and your Treasury officials will assure you, I am sure, that ment. The resolution also provided for adding to the present there has always been a spirit of generosity on both sides. Any suggestion Armistice Commission two civilian members from each that we have asked payment for trenches or the burial places of your Government, who should consult with the Allied high combrave soldiers is atrocious. For all future ages the graves of American mand, but might report direct to the new Economic Council. soldiers will be in the tender and sacred keeping of our grateful people. "I have said that the war is won. It would perhaps be more accurate to The announcement of the proposed changes was contained say that there is a lull in tho storm. At least it is as well to face squarely in the official communique issued after the session of the all of the possibilities. "Recent disclosures have enabled us to look deeper into the purposes of Supreme War Council on Saturday last (Feb. 8), which the enemy than we could heretofore. It was not purely a dream of military said: PREMIER CLEMENCEAU SEES ONLY A "LULL IN THE STORM"—STATES FRENCH POSITION. In an interview with the Associated Press on Feb. 9 Premier Clemenceau of France discussed with great frankness several phases of the existing situation as between France and Germany and France and the United States. The interview attracted great attention because of the pending negotiations for a renewed extension of the armistice, and because of the alleged divergent views of Premier Clemenceau and President Wilson as to the future treatment of Germany. On .the day following the appearance of the interview in the Paris press correspondents at the French capital reported that the American delegates intended to press for the removal of the Peace Conference from Paris to some neutral country, because of the "intensive propaganda" in the French press, intended to hamper the making of peace and the restoration of normal conditions. As cabled from Paris by the Associated Press the interview with Premier Clemenceau was as follows: FEB. 15 1919.1 THE CHRONICLE The Supreme War Council met this afternoon from 3 to 5 o'clock at the Qua! D'Orsay. The discussion of the terms of the renewal of the armistice was continued. The following resolution, proposed by President Wilson, was approved: First—Under present conditions many questions not primarily of military character, which are arising daily and which are bound to become of Increasing importance as time passes, should be dealt with on behalf of the United States and the Allies by civilian representatives of these governments experienced in such questions—finance, food,'blockade control, shipping, and raw materials. Second—To accomplish this, there shall be constituted at Paris a Supreme Economic Council to deal with such matters for the period of the armistice. The Council shall absorb or replace all such other existing inter-Allied bodies and their powers, as it may determine from time to time. The Economic Council shall consist of not more than five representatives of each interested Government. Third—There shall be added to the present International Permanent Armistice Commission two civilian representatives of each Government, who shall consult with the Allied high command, but who may report direct to the Supreme Economic Council. The action of the Supreme War Council in thus extending the power of civilians over the armistice conditions was attributed in the earlier dispatches to the fact that the civilian element "had decided that the time had come to assert themselves." Later dispatches, however, drew attention to the fact that there is a considerable divergence of views between the French authorities and President Wilson in regard to the attitude to be assumed toward Germany in the matter of the resumption of her economic life. President Wilson is understood to favor the earliest possible modification of the blockade as the first step toward the restoration of normal conditions, and, it is said, is supported in that position by the British delegates. The French Government, however, backed pp strongly by the French press, has taken the position that it is not yet safe to be lenient with Germany. Marshal Foch is understood to demand the maintenance of the blockade and the occupation of further German territory, including the Krupp works at Essen, as a precaution against a German resumption of hostilities in the near future. This viewpoint was supported by Premier Clemenceau in an Associated Press interview, given in full in another article, published in the Paris papers on Feb. 9, the day following the adoption by the Supreme War Council of President Wilson's resolution to put civilians on the Armistice Commission and create a Supreme Economic Council. The French Premier emphasized the deliberate destruction wrought upon French industry by the German invaders, who had kept their own factories intact by a timely surrender. He also dwelt upon the heavy losses France has suffered on her foreign investments in Russia, Turkey, Mexico and elsewhere, and the tremendous burden of interest payments she will have to bear upon external debt, while Germany, whose war debt is almost exclusively held within her own borders, can easily repudiate her obligations. • Premier Clemenceau's interview was at once interpreted as an appeal to American and British public opinion for sympathy for the French point of view as against that of the American and British delegates, and especially President Wilson. Taken in connection with the general tone of the French press, the interview is said to have aroused great concern (some correspondents said in(lignation) among the American .delegates lest their efforts to bring about a quick peace and a resumption of economic relations between Germany and the rest of the world should be defeated by the alleged hostile atmosphere prevailing at the French capital. On this point an Associated Press dispatch under date of Feb. 10 said: Paris, Feb. 10.—The question of removing the Peace Conference from Paris to a neutral country may be considered by the Conference, if what is characterized as the obstructive policy of the French press and certain French officials continues, it developed to-day. Representatives of various other polvers taking part in the Peace Conference, it is declared, believe that the work of the body is being greatly hampered through unfriendly criticism by the French press of various loaders in the Conference. They arc represented, therefore, as inclined to consider the removal of the Conference, if the hostile attitude of the French press is maintained. Should it be deemed necessary to take up the matter it would be considered at a full meeting of the Peace Conference. • Just what is meant in the foregoing dispatch by the "obstructive policy of the French press and certain French officials" is not clear, probably for the reason that there has been great difficulty in obtaining prompt and full reports of developments in Paris in connection with the Peace Conference. During the war there was seldom any difficulty, despite the serious handicap of the censorship, in getting through news matter from France in reasonable time and in plentiful volume, largely over the direct French cable line. Since the delegates began assembling for the Peace Conference, however, and especially since the real work of the Conference started, the communication with France has been of the most uncertain sort. Virtually no news has been received over the French cable line, the best and quickest means of communication, since the Conference began. All the cable and wireless services have been greatly congested, but the chief .difficulty has been that, although the French cable was nominally in service, there has been complete inability to transmit news matter over it, and that all the cable communication for weeks past has been by roundabout routes. 649 The functions of the new Economic Council were referred to as follows in press dispatches from Paris on Feb. 9: Stephen Pichon, the French Foreign Minister, told the correspondents to-day he did not consider that the appointment by the Inter-Allied War Council of a supreme economic council meant any curtailment of the powers of Marshal Foch as Supreme Commander of the Allied Armies. The purpose of the appointment of the Supreme Economic Council is understood to be synonymous with the desire of the leaders in the Peace Conference to expedite the return to normal coaditions in the war stricicen countries. It is believed that this will do more to prevent any possibility of a resumption of hostilities than harsh military conditiods, which, while effective from the military standpoint, would cause unrest prejudicial to peace. The declaratioa of the functions of the new council is thought to indicate that even while the armistice lasts the blockade against Germany may be lifted to such an extent as can be done safely in order to aid Germany's economic restoration, which is thought by the American and British statesmen necessary to insure the collection of the Allied claims against Germany. SAMUEL GOMPERS HEADS PEACE CONFERENCE COMMITTEE ON INTERNATIONAL LABOR RELATIONS—PROPOSALS OF AMERICAN DELEGATES. Samuel Gompers, President of the American Federation of Labor, and one of the two American representatives on the Peace Conference Committee on International Labor Relations, was chosen as Chairman of that committee at its first meeting on Feb. 1. Mr. Gompers's fellow American delegate is Edward N. Hurley, Chairman of the Shipping Board. Arthur Fontaine of the French Ministry of Labor was elected General Secretary, with Mr. Butler, a British delegate, as joint General Secretary. The commission decided to name two Secretaries, one Italian, Palma Castigliore, and one Belgian, who will Also represent the nations with special interests: On Feb. 8 the American delegates submitted to the committee a list of fundamental principles, embodying a set of proposed international labor standards. These principles, which are substantially the same as those adopted by the American Federation of Labor, were as follows: We declare that the following fundamental principles should underlie and be incorRorated in the peace treaty: A league of the free peoples of the world in a common covenant for genuine .and practical co-operation to secure justice, and therefore peace, In the relations between nations: The entrance of any free nation into the league of free peoples of the world shall be inherent; No reprisals based upon purely vindictive purposes, or deliberate desire to injure, but to right manifest wrong; Recognition of the rights of small nations and of the principle, "No People must be forced under a sovereignty -under which it does not wish to live"; No territorial changes or adjustments of power except in the furtherance of the welfare of the peoples affected and in the furtherance of world peace; That in law and in practice the principle shall be recognized that the labor of a human being is not a commodity or an article of commerce; Involuntary servitude shall not exist except in a punishment for crime of which the party shall have been duly convicted; Trials by jury should be established; The right of free association, free assemblage, free speech and the press shall not be denied or abridged; That the seamen of the merchant marine shall be guaranteed the right of leaving their vessels when the same are in a safe harbor; No article or commodity shall be shipped or delivered in international commerce in the production of which children under the age of sixteen years have been employed or permitted to work; No article or commodity shall be shipped or delivered in international commerce in the production of which convict labor has been employed or permitted; It shall be declared that the work day in industry and commerce shall not exceed eight hours per diem except in case of extraordinary emergency, such as danger to life or property; The sale Or use for commercial purposes of articles made or manufactured in private homes shall be prohibited; It shall be declared that an adequate wage shall be paid for labor performed—a wage based upon and commensurate with the stanards of pay conforming to the civilization of the time; That equal wages shall be paid to women as are paid to men for equal work performed; The incorporation of the points laid down by Presideqt Wilson. The British delegates also had a plan to present to the Labor Commission, which was outlined as follows in an Associated Press interview on Jan. 23 by George Nicol Barnes, minister without portfolio in the British Cabinet representing labor on the British peace delegation:Briefly, his program calLs for the oat ablishment of an international commission made up of the representatives of both labor and capital for the settlement of labor problems. This commission is to be responsible to the League of Nations. One feature of the plan would be the appointment by the Peace Conference of a small commission composed of delegates from the groat powers. This commission would convene the first labor conference, which, in turn, would become the central international commission for the betterment of labor. Ileeause of lack of machinery, the present Peace Conference would be unable to establish a perfected commission, although the Peace Conference may make certain suggestions and even hind the pov.ers to them. For example, such questions as the ri ;ht of the !°mole to form them. selves into trade unions might be settled by the Pe •.ce Conference. The matter of the hours of labor and similar problems would come before labor of non-fulfilment of case In Commission. the International Labor agreements the League of Nations would be called in ti settle the matter. The International Labor Commission,or bureau, will not deal with purely 650 THE CHRONICLE [Vol,. 108. internal problems of the nations. Capital and labor will still work out The seventh meeting of the Commission of the League of Nations was their local differences as before. held this morning (Monday. Feb. 10) at 10.30 o'clock at the Hotel Crillon. Asked as to what power the Commission would have back of it to enAt this meeting the Commission finished its first reading of the draft force its rulings, Mr. Barnes replied in substance that if any nation refused under discussion. In addition the Drafting Commission, to whom the to play the game she might be brought to reason by depriving her of trade Commission had entrusted the revision of certain articles of the draft, privileges with sister States. made its report. The meeting adjourned at 1.15 p. in. to resume its work at 10.30 to-morrow morning. Though certain of the earlier.articles may be subjected to re-examinaOFFICIAL.COMMUNIQUES OF THE PEACE tion at to-morrow's session, it is confidently expected that the Commission CONFERENCE. will be able to proceed with the second reading of the draft. The eighth meeting of the Commission on the League of Nations was Frequent meetings of the Supreme Council and the various held at 10.30 o'clock this morning Feb. 11) at the Hotel Crilcommittees of the Peace Conference have been held during Ion. The meeting was devoted to(Tuesday, the consideration of a number of amendthe past week, and reports indicate that rapid progress has ments to the draft which had been submitted. After a discussion had developed the sense of the meeting, the several amendments were referred been made in reaching agreements on the respective sub- to a drafting committee, composed of M. Larnaude. Lord Robert Cecil, divisions of the Conference's work. The Supreme War M. Venizelos, and M. Vesnitch, who will meet at the Hotel Majestic toCouncil has been engaged almost exclusively on the terms morrow morning. Two articles were added to the draft. to be imposed upon Germany for a renewal of the armistice, The Commission will meet again at 10.30 Thursday (Feb. 13) morning which expires on Feb. 17. No official announcement has at the Hotel Crillon, when the draft will be subjected to its second reading. been made as to the terms agreed upon, but an important outgrowth of the discussions was the proposal presented by President Wilson on Feb. 8 to add civilian members to the Armistice Commission and set up a Supreme Ecnomic Council to deal with matters of food, transportation, blockade, &c. A full account of this development will be found in another articlia. At a meeting held on the 11th, the Supreme Council considered the claims presented by the Belgian delegates; an official communication in regard to'the meeting reported: The draft of the Society of Nations plan, consisting of 26 articles, was unanimously adopted as a whole by the Commission in the afternoon of the 13th inst. We give the plan in its entirety in another article in to-day's issue of our paper. The following official communication dealing with the morning session on the 13th was issued on behalf of the Commission of the League of Nations: The ninth meeting of the Commission on a League of Nations was held at 10.30 o'clock this morning at Hotel de Crillon. The Commission received the report of the Drafting Committee, which The President of the United States and the representatives of the Allied was appointed on Wednesday, to examine the entire draft and present it in a and Associated Powers met at the Qual d'Orsay this afternoon from 3 to 6 definite form. o'clock. As a consequence of the labors of this Commission, several now articles The Belgian delegation, composed of MM. Hymans, Vandenheuvel, and have been added to the original text, and, throughout the draft, certain Vandervelde, stated the different claims of Belgium. changes of phraseology have been made for the sake of consistency and The next meeting will take place Wednesday at 11 a. m. clarification. In regard to the above meeting an Associated Press With the report of the sub-committee before it, the Commission proceeded to the second reading. More than a quarter of the draft was apdispatch on the 12th said: The Belgian claims as placed before the Supreme Council yesterday proved in this final form. The Commission adjourned at 1 o'clock, to meet again at Hotel de include a demand for the transfer to Belgium of some territory held by Germany, in addition to requests for free navigation of the Scheldt and the Crillon at 3.30 o'clock this afternoon. cession of certain territory held by the Dutch. The following official statement was issued following The German districts demanded are Montjote and Malmedy, just east of the present Belgo-German border. The population of these districts the conclusion of the tenth meeting of the League of Nations is mainly Walloon, and their possession by Belgium, it is pointed out, Committee late Thursday (Feb. 13): 'would deprive Germany of a foothold for a new invasion of Belgium. The second reading of the draft of the League of Nations which began It is believed that a special commission will be appointed to study the this (Thursday) morning under the chairmanship of President Wilson, was Belgian,claims, says a Havas report. continued this (Thursday) afternoon under the chairmanship of Lord The official statement dealing with the deliberations of Robert Cecil, of England, at the Hotel Crilion. Due to the spirit of accord which has continually been manifested among the Supreme War Council on Feb. 12 said: The War Council met this morning, sitting from 11 until 12:30 and re- the members of the Commission, and in spite of some reservations which sumed the sitting in the afternoon from 3 to 5:30. The conditions of the have been made with regard to certain articles by some of the members, renewal of the armistice were decided. The next meeting will take place the whole text of the agreement, comprising twenty-six articles, was adopted after a protracted and complete discussion which brought out to-morrow at 3 p. m. every conceivable point. The following official statement was issued by the Supreme War Council on the 13th inst.: The President of the United States of America and the representatives of the Allied and associated Powers met at the Qual d'Orsay this afternoon from 3 until 6 o'clock. Dr. Howard Bliss, President of the American College at Beirut, and -Chekri Gahem, President of the Syrian National Committee, were heard. The League of Nations Committee has held numerous sessions during the week. The press reports.indicate that there was a sharp struggle between the French delegates on the one hand and the British and American delegates on the other over the question of maintaining a permanent international land and naval force under direction of the League of Nations executive, to serve wherever ordered. Both the British and American delegates opposed this proposal on the ground that constitutionally their Governments could not pledge themselves in advance to make war in the future. The official communications dealing with the work of the League of Nations Committee issued since our last report are given below. The meeting held on the evening of Feb. 7 was described as follows: The Commission on the Society of Nations met on the evening of Feb. 7 and continued its discussion of articles of the draft. Substantial agreement was reached by the Commission on the chief points discussed. The Commission decided, however, that certain clauses of the draft should be referred to a sub-committee of four for clarification. In order that the greatest possible progress might bo made with the draft it was decided to resume the discussion on the morning of Feb. 8, at 10.30 o'clock. The Committee on Reparation held a meeting on Feb. 10 which was described in the following official statement: The Committee on Reparation met this morning at the Ministry of Finance, with M. Klotz in the Chair. After naming the members of the different sub-committees, the committee began the discussion of the principles upon which rest the right to reparation, and the examining of the memoranda submitted by the different delegations. William H. Hughes (Premier of Australia) set forth the considerations upon which the Britiih memorandum was based. The Committee on Reparation, the Official Press Bureau reported on the 13th, continued its examination that morning on the principles on which the right to reparation is based. A. W. Dulles, for the United States, and Lord Sumner for Great Britain, explained the points of view of the British and American delegations. The official communication that night said: The Reparation Committee met this morning, with M. Klotz in the chair. The commission declared that only information communicated by the commission itself, after each of its meetings, should be considered authentic. The commission continued the examination of the principles upon which rest the right of reparation. Mr. Dulles, United States, and Lord Sumner, Great Britain, set forth in turn the points of view of the American and British delegations on the question. The discussion will be continued to-morrow morning. The following was issued on the 10th in regard to the Committee on Ports, Waterways and Railways: The Commission on the International Regime of Ports, Waterways and Railways held its second meeting at the Ministry of Public Works to-day at 3 o'clock under the Chairmanship of M. Crespi. Two proposals were presented to the Commission. The first, presented On the 8th the following was given out: At 10.30 o'clock this morning at Hotel de Crillon the Commission on by the British delegation, relates to the freedom of interior transit, and the League of Nations held a meeting which was marked by the game ac- the second, presented by the French delegation, relates to a study of the questions involved in the international regime of ports,. waterways and cord of view that has characterized its previous sessions. At the end of this meeting the Commission finds itself nearing the end of railways, as well as the rivers and railroads to which this regime should be its task. Only a few articles of the draft remain to be presented formally applied. After an exchange of views among the members of the Commission it to the members of the Commission. A few matters, referred to the Drafting Committee for clarification, still require reference back to the Com- was decided to appoint two small conunittees, one consisting of nine members, of which five should represent the great Powers and four the mission, and certain points, provisionally accepted, may be reopened for minor powers, to study questions relative to the application of the interdiscussion before the Conunission makes its report to the Conference. M. Ricci Busatti was named to represent the Italian delegation on the national regime of ports, waterways and railways; the second, consisting of ten members, five from the great Powers and five from the minor Powsecretariat. The Committee will meet again at 10.30 Monday morning. On Sunday afternoon the Drafting Committee above referred to, con- ers, to study the relation of general questions. The second of these committees will hold its first meeting on Thurssisting of Paul Hymens (Belgium), Leon Bourgeois (Franco), Lord Robert Cecil, (Great Britain) and M. Venizelos (Greece), will meet at the Hotel day, Feb. 13, at 3 o'clock. Majestic in order to prepare a report for the next meeting of thelComIn regard to the foregoing meeting, an Associated Press mittee. Other communications regarding the League of Nations Committee were as follows: dispatch said: The Commission on Ports, Waterways and Railways met to-day, with Dr. Silvio Crespi of Italy in the chair. England, supported by America, pro- FEB. 15 1919.] THE CHRONICLE posed the proclamation of the principle of complete liberty of transit to every country on equal conditions to all. This proposition was opposed by Albert Claveille, for France, and Lambros A. Coromilas, for Greece, who pointed out that England and America occupied special situations that made the question of commerce and transit insignificant for them. The Commission appointed two Sub-Commissions, one to study the question of the control of ports, waterways, and railways, and the other the question of liberty of transit. The first Commission has approved of the principle that no country may charge duties on goods passing through its ports or over its railways or waterways other than the freight rates paid on goods destined for the country itself. Neither may it levy on such goods customs or local taxes. Belgian delegates protested against allowing freight destined for German ports to pass through their territory exempt of duty, thus helping the prosperity of Germany. They contended also that such measures should be taken as would make navigation of the Scheldt River free for Belgium. The Czecho-Slovaks and Poles insisted on having ports of their own, the former on the Adriatic and the latter on the Baltic. M. Coromilas proposed to give them, respectively, at Trieste and Danzig, the same privileges that Greece granted to Serbia at Saloniki, where Serbia has part of the port and enjoys territorial rights. The Czecho-Slovaks and Poles consider this proposition an insufficient guarantee, and definite decision was postponed. The Commission agreed that navigation of the Rhine and Danube should be free to all countries bordering on them,or through which thos rivers pass. The Rhine passes or borders Switzerland, Germany, France, and Holland, and the Danube holds the same relation to Germany, Austria, Bohemia, Hungary, Serbia, Bulgaria and Rumania. The special committee, consisting of two representatives each from Great Britain, the United States, France, and Italy, which the Council of the great Powers constituted a week ago to examine into the claims of Greece In the Peace Conference, will meet on Thursday of this week. Sir Robert Borden, the Canadian Premier, is one of the British delegates on this committee. Immediately upon the conclusion of the committee's work he will probably pay a short visit to Canada, returning to Paris when President Wilson returns from the United States. The organization of the Committee on International Labor Legislation with Samuel Gompers as President is referred to elsewhere. Both the British and American delegates have submitted tentative programs or sets of principles as the basis of discussion. On Feb. 6 an official statement was issued which said: -day at 10 The Commission on International Labor Legislation met to a. m., under the chairmanship of Mr. Gompers. It was decided that, after examining the articles of the draft of the convention submitted by the British delegation, the text adopted should be submitted to the Governments represented on the commission, and that the latter would thereafter proceed to read the convention a third time. The commission then commenced a detailed examination of the draft of the convention, which provides for the creation of a general organization with a view to insure the progress of international labor legislation. All members of the League of Nations would necessarily be members of this organization. The first two articles of the draft were adopted. On the 11th it was reported that two important features of the American and British labor program had been accepted by the commission and would form a part of the whole project of international regulation of labor which will be siAmitted to the full Peace Conference. These are the prohibition of labor by children under 16 years of age and the uniformity of seamen's wages. On the 12th it was announced that Articles IV and V of the British draft had been accepted. Article IV provides that representatives of the Governments, employers and working people should be entitled to speak and vote independently at the proposed international labor conference without regard to the views expressed by other representatives of their nations. Article V provides that the international labor conference shall meet in the capital of the Society of Nations unless it is decided by a two-thirds majority to meet elsewhere. It is also agreed that an office be established in the capital of the Society of Nations as a part of the organization of the society. This office is to be under the control of a director appointed by the governing body. The official statement of the proceedings of the commsision said: The-seventh meeting of the Commission on International Labor Legislation took place this morning. Article IV of the British draft was carried, providing that at the proposed international labor conference the representatives of the Governments, the employers and work people should be entitled to speak and vote independently without regard to the views expressed by the other representatives of their nation, with power to draw up conventions binding on the States represented. Hitherto the delegates present at such a conference have represented the Governments only, and the voting had always been by nations. It was felt, however, that in dealing with labor legislation the employers and the workers must be given the fullest opportunity of giving free expression to their views, and that they could not do this if the delegates of each nation were bound to speak and vote as a unit. Article V was also carried, providing that the international labor conference shall meet at the capital of the League of Nations, unless it decides by a two-thirds majority to meet elsewhere. The Commission then proceeded to discuss the article dealing with the establishment of the permanent international labor office and the governing body which will direct its work. It was agreed that the office should be established at the capital of the League of Nations as part of the organization of the League and should be under the control of a director. The Commission, at the President's suggestion, rose in honor of the birth of Abraham Lincoln. The Peace Conference Commission on International Labor Legislation examined on the 13th the articles dealing with the procedure of the proposed international conference body. 651 In this process it reached Article XVII of the draft. This announcement was officially made on that date. The Cornmission, the announcement stated, has decided to issue a journal dealing with the problems of international industry and employment. TEXT OF THE LEAGUE OF NATIONS PROPOSAL AT PEACE CONFERENCE. President Wilson as Chairman of the League of Nations Commission read the full draft of the covenant at a meeting of the Plenary Commission of the Peace Conference at the Quai d'Orsay yesterday (Friday) afternoon. The text folows: In order to promote international co-operation and to secure international peace and security by the acceptance of obligations not to resort to war, by the prescription of open, just and honorable relations between nations, by the firm establishment of the understandings of international law as the actual rule of conduct among governments, and by the maintenance of justice and a scrupulous respect for all treaty obligations in the dealings of organized people with one another, the Powers signatory to this covenant adopt this constitution of the League of Nations: Article 1. The action of the high contracting parties under the terms of this covenant shall be effected through the instrumentality of a meeting of a body of delegates representing the high contracting parties, of meetings at more frequent intervals of an executive council, and of a permanent international secretariat to be established at the seat of the League. Article 2. Meetings of the body of delegates shall be held at stated intervals and from time to time as occasion may require for the purpose of dealing with matters within the sphere of action of the League. Meetings of the body of delegates shall be held at the seat of the League or at such other places as may be found convenient and shall consist of representatives of the high contracting parties. Each of the high contracting parties shall have one vote, but may have not more than three representatives. Article 3. The executive council shall consist of representatives of the United States of America, the British Empire, France, Italy and Japan, together with representatives of four other States, members of the League. The selection of these four States shall be made by the body of delegates on such principles and in such manner as they think fit. Pending the appointment of these representatives of the other States, representatives of (blank) shall be members of the executive council. Meetings of the council shall be held from time to time as occasion may require and at least once a year at whatever place may be decided on, or failing any such decision, at the seat of the League, and any matter within the sphere of action of the League or affecting the peace of the world may be dealt with at such meetings. Invitations shall be sent to any Power to attend a meeting of the council at which such matters directly affecting its interests are to be discussed and no decision taken at any meeting will be binding on such Powers unless so invited. Article 4. All matters of procedure at meetings of the body of delegates or the executive council, including the appointment of committees to investigate particular matters, shall be regulated by the body of delegates or.the executive council, and may be decided by a majority of the States represented at the meeting. The first meeting of the body of delegates and of the executive council shall be summoned by the President of the United States of America. Article 5. The permanent secretariat of the League shall be established at (blank), which shall constitute the seat of the League. The secretariat shall comprise such secretaries and staff as may be required, under the general direction and control of a Secretary-General of the League, who shall be chosen by the executive council; the secretariat shall be appointed by the Secretary-General subject to confirmation by the executive council. The Secretary-General shall act in that capacity at all meetings of the body of delegates or of the executive council. The expenses of the secretariat shall be borne by the States, members of the League, in accordance with the apportionment of the expenses of the International bureau of the Universal Postal Union. Article 6. Representatives of the high contracting parties and officials of the League when engaged in the business of the League shall enjoy diplomatic privileges and immunities, and the buildirgs oc pied by the League or its officials or by representatives attending its meetings shall enjoy the benefit of extra territoriality. Article 7. Admission to the League of States not signatories to the covenant and not named in the protocol hereto as States to be invited to adhere to the covenant requires the asesnt of not less than two-thirds of the States represented in the body of delegates, and shall be limited to fully self-governing countries, including dominions and colonies. No State shall be admitted to the League unless it is able to give effective guarantees of its sincere intention to observe its international obligations, and unless it shall conform to such principle, as may be prescribed by the League in regard to its naval and military forces and armaments. Article 8. The high contracting parties recognize the principle that the maintenance of peace will require the reduction of national armaments to the lowest point consistent with national safety and the enforcement by common action of international obligations, having special regard to the geographical situation and circumstances of each State; and the Executive Council shall formulate plans for effecting such reduction. The Executive Council shall also determine for the consideration and action of the several Governments what military equipment and armament is fair and reasonable in proportion to the scale of forces laid down in the program of disarmament; and '• imits, when adopted,shall not be exceeded without the permission .4 the Executive Council. The high contracting parties agree that the manufacture by private enterprise of munitions and implements of war lends itself to grave objections, and direct the Executive Council to advise how the evil effects attendant upon such manufacture can be prevented, due regard being had to the necessities of those countries which are not able to manufacture for themselves the munitions and implements of war necessary for their safety. The high contracting parties undertake in no way to conceal from each other the condition ofsuch of their industries as are capable of being adapted to warlike purposes or the scale of their armaments, and agree that there shall be full and frank interchange of information as to their military and naval program. Article 9. A permanent commission shall be constituted to advise the League on the execution of the provisions of Article 8 and on military and naval questions generally. Article 10. The high contracting parties shall undertake to respect and preserve as against external aggression the territorial integrity and existing political independence of all States members of the League. In case of 652 THE CHRONICLE any such aggression or in case of any threat or danger of such aggression the Executive Council shall advise upon the means by which the obligation shall be fulfilled. Article 11. Any war or threat of war, whether immediately affecting any of the high contracting parties or not, is hereby declared a matter of concern to the League, and the high contracting parties reserve the right to take any action that may be deemed wise and effectual to safeguard the peace of nations. It is hereby also declared and agreed to be the friendly right of each of the high contracting parties to draw the attention of the body of dolegates or of the executive council to any circumstances affecting international intercourse which threatens to disturb international peace or the good understanding between nations upon which peace depends. Article 12. The high contracting parties agree that should disputes arise between them which cannot be adjusted by the ordinary processes of diplomacy, they will in no case resort to war without previously submitting the questions and matters involved either to arbitration or to inquiry by the executive council and until three months after the award by the arbitrators for recommendation by the executive council; and that they will not even then resort to war as against a member of the League which compile.; with the award of the arbitrators or the recommendation of the executive council. In any case under this article, the award of the arbitrators shall be made within a reasonable time, on the recommendation of tee executive council shall be made within six months after the submission of the dispute. Article 13. The high contracting parties agree that whenever any dispute or difficulty shall arise between them which they recogniez to be suitable for submission to arbitration and which cannot be satisfactorily settle by diplomacy, will submit the whole matter to arbitration. For this purpose the court of arbitration to which the case is referred shall be the court agree on by the parties or stipulated in any convention existing between them. The high contracting parties agree that they will carry out in full good faith any award that may be rendered. In the event of any failure to carry out the award the executive council shall propose what steps can be best taken to give effect thereto. Article 14. The Executive Council shall formulate plans for the establishment of a permanent court of international justice and this court shall, when established, be competent to hear and determine any matter which the parties recognize as suitable for submission to it for arbitration under the foregoing article. Article 15. If there should arise between States members of the League any dispute likely to lead to rupture, which is not submitted to arbitration as above, the high contracting parties agree that they will refer the matter to the Executive Council; either party to the dispute may give notice of the existence of the dispute to the Secretary-General, who will make all necessary arrangements for a full investigation and consideration thereof. For this purpose the parties agree to communicate to the Secretary-General as promptly as possible, statements of their case with all the relevant facts and papers, and the Executive Council may forthwith direct the publication thereof. Where the efforts of the Council lead to the settlement of the dispute, a statement shall be published indicating the nature of the dispute and the terms of settlement, together with such explanations as may be appropriate. If the dispute has not been settled, a report by the Council shall be published, setting forth with all neeessary facts and explanations the recommendations which the Council think just and proper for the settlement of the dispute. If the report is unanimously agreed to by the members of the Council other than the parties to the dispute,the high contracting parties agree that they will not go to war with any party which complies with the recommendations, and that,if any party shall refuse so to comply,the Council shall propose measures necessary to give effect to the recommendation. If no such unanimous report can be made,it shall be the duty of the majority and the privilege of the minority to issue statements indicating what they believe to be the facts and containing the reasons which they consider to be just and proper. The Executive.Council may in any case under this article refer the dispute to the body of delegates. The dispute shall be so referred at the request of efther party to the dispute provided that such request must be made within 14 days after the submission of the dispute. In a case referred to the body of delegates all the provisions of this article and of article 12 relating to the action and powers of the Executive Council shall apply to the action and powers of the body of delegates. Article 16. Should any of the high contracting parties break or disregard its covenants under Article 12, it shall thereby ipso facto be deemed to have committed an act of war against all the other members of the League, which hereby undertake immediately to subject it to the severance of all trade or financial relations, the prohibition of-all intercourse between their nationals and the nations of the covenant-breaking States, and the prevention of all financial commercial, or personal intercourse between the nationals of the covenant-breaking States and the nationals of any other States, whether a member of the League or not. It shall be the duty of the Executive Council in such case to recommend what effective military or naval force the members of the League shall severally contribute to the armed forces to be used to protect the covenants of the League. The high contracting parties agree, further, that they will mutually support one another in the financial and economic measures which may be taken under this article, in order to minimize the loss and inconvenience resulting from the above measures, and that they will mutually support one another in resisting any special measures aimed at one of their number by the covenant-breaking States, and that they will afford passage through their territory to the forces of the high contracting parties who are cooperating to protect the covenants of the League. Article 17. In the event of dispute between one State member of the League and another State which is not a member of the League,or between States not members of the League, the high contracting parties agree that the State or States not members of the League shall be invited to accept the obligations of membership in the League for the purposes ofsuch a dispute, upon such conditions as the Executive Council may deem just, and upon acceptance of any such invitation, the above provisions shall be applied with such modifications as may be deemed necessary by the League. Upon such invitation being given the Executive Council shall immediately institute an inquiry into the circumstances and merits of the dispute and recommend such action as may seem best and most effectual in the circumstances. In the event of a Power so invited refusing to accept the obligations of membership in the League for the purpose s of such dispute, and taking any action against a State member of the League which in the case of a State member of the League would constitute a breach of Article 12, the provisions of Article 16 shall be applicable as against the State taking such action. If both parties to the dispute when so invited refuse to accept the obligations of membership in the League for the purpose of such dispute, the Executive Connell may take such action and make such recommendations as will prevent hostilities and will result in the settlement of the disphte. [VOL. 108. Article 18. The high contracting parties agree that the League shalt be intrusted with general supervision of the trade in arms and ammunition with the countries in which the control of this traffic is necessary in the common interest. Article 19. To those colonies and territories which as a consequence of' the late war have ceased to be under tho sovereignty of the States which formerly governed them and which are inhabited by peoples not yet able to stand by themselves under the strenuous conditions of the modern world, there should be applied the principle that the well-being and development of such peoples form a sacred trust of civilization and that securities for the performance of this trust should be embodied in the constitution of the League. The best method of giving practical effect to this principle is that the tutelage of such peoples should be entrusted to advanced nations who by reason of their resources, their experience, or their geographical position, can best undertake this responsibility, and that this tutelage should be exercised by them as mandatories on behalf of the League. The character of the mandate must differ according to the stage of the development of the people, the geographical situation of the territory, its economic conditions and other similar circumstances. Certain communities formerly belonging to the Turkish Empire have reached a stage of development where their existence as independent nations can be provisionally recognized, subject to the rendering of administrative advice and assistance by a mandatory Power until such time as they are able to stand alone. The wishes of these communities must be a principal consideration in the selection of the mandatory Power. Other peoples, especially those of Central Africa, are at such a stage that the mandatory must be responsible for the administration of the territory subject to conditions which will guarantee freedom of conscience or religion, subject only to the maintenance of public order and morale, the prohibition of abuses such as the slave trade, the arms traffic and the liquor traffic, and the prevention of the establishment of fortifications or military and naval bases and of military training of the natives for other than police purposes and the defense of territory, and will also secure equal opportunities for the trade and commerce of other members of the League. There are territories, such as Southwest Africa and certain of the South Pacific Isles, which, owing to the sparseness of their population,or their small size, or their remoteness from the centres of civilization, or their geographical continuity to the mandatory States, and other circumstance, can be best administered under the laws of the mandatory State as integral portions thereof, subject to the safeguards above mentioned in the interestof the indigenous population. In every case of mandate,the mandatory States shall render to the League an annual report in reference to the territory committed to its charge. The decree of authority, control, or administration to be exercised by the mandatory States shall, if not previously agreed upon by the high contracting parties in each caso, be explicitly defined by the Executive Council in a special act or charter. The high contracting parties further agree to establish at the seat of the League a mandatory commission to receive and examine the annual resports of the mandatory Powers, and to assist the League in insuring the observance of the terms of all mandates. Article 20. The high contracting parties will endeavor to secure and maintain fair and humane conditions of labor for men, women and children both in their own countries and in all countries to which their commercial and industrial relations extend; and to that end agree to establish as part of the organization of the League a permanent bureau of labor. Article 21. The high contracting parties agree that provision shall be made through the instrumentality of the League to secure and maintain freedom of transit and equitable treatment for the commerce of all States, members of the League, having in mind, among other things, special arrangements with regard to the necessities of the regions devastated during the war of 1014-1918. Article 22. The high contracting parties agree to place under the control of the League all international bureaus already established by general treaties, if the parties to such treaties consent. Furthermore, they agree that all such international bureaus to be constituted in future shall be placed under the control of the League. Article 23. The high contracting parties agree that every treaty or inter-' national engagement entered into'hereafter by any State member of the League shall be forthwith registered with the Secretary-General and as soon as possible published by him, and that no such treaty or international engagement shall be binding until so registered. Article 24. It shall be the right of the body of delegates from time to time to advise the reconsideration by States, members of the League, of treaties which have become inapplicable, and of international conditions, of which the conti nuance may endanger the peace of the world. Article 25. The high contracting parties severally agree that the present covenant is accepted as abrogating all obligations inter se which are inconsistent with the terms threeof, and solemnly engage that they will not hereafter enter into any engagements inconsistent with the terms thereof. In case any of the Powers signatory hereto or subsequently admitted to the League shall, before becoming a party to this covenant, have undertaken any obligations which are inconsistent with the terms of this covenant, it shall be the duty of such Power to take immediate steps to procure its release from such obligations. Article 26. Amendments to this covenant will take effect when ratified by the States whose representatives compose the Executive Council and by three-fourths of the States whose representatives compose the body of delegates. RIVAL TERRITORIAL CLAI-MS BEFORE PEACE CONFERENCE BRING SECRET TREATIES TO LIGHT. The hearings before the Supremo Council of the Peace Conference in regard to the conflicting territorial claims of the various nations have revealed the existence of a number of secret treaties, concluded during the early days of the war, which will have to be abandoned or considerably modified if the principles of self-determination and no conquests are to be observed in the peace settlements. The existence of some of these treaties has been generally known, but their details are only just coming to light. Three of these treaties were referred to in the Paris edition of the London "Mail" on Jan. 29, which said: The first is the treaty between Groat Britain, France and Italy, disposing of the Adriatic coast, which conflicts violently with Jugo-Slay and Czecho-Slovak interests. The second is the treaty between Great Britain and Japan, under which Japan gets the German islands in the North Pacific. The third is the treaty between Great Britain and the King FEB. 15 1919.] THE CHRONICLE of the territory given of the Hedjaz, under which Damascus forms a part to the Hedjaz Kingdom. in Syria and Damascus lies near the border lino of the spheres of control and French. Under this Palestine agreed upon between the British to the Egyptian border is a agreement, Palestine from the Sea of Galileo special benefit of the Jews, while British protectorate administered for the under the French. The north of the Sea of Galilee to Asia Minor it comes included within latter, however, are most anxious to have Damascus equally anxious to retain are their sphere, while the Hedjaz delegates ation. administr their Damascus, as it is already under 653 Polish State as soon as possible. Mr. Lansing's telegram was as follows: Foreign The President of the United States directs me to extend to you as GovernMinister and Secretary of Foreign Affairs of the Provisional Polish have you ment, its sincere wishes for your success in the high office which a part assumed and his earnest hope that the Government of which you are will bring prosperity to the republic of Poland. It is my privilege to extend to you at this time my personal greetings and into officially to assure you that it will be a source of gratification to enter your official relations with you at the earliest opportunity to render to cycle of country such aid as is possible at this time as it enters upon a new sss independent life, will be in due accord with that spirit of friendline with relations which has in the past animated the American people in their your countrymen. of The National Polish Department of America to-night sent a message "recogthanks to l'resident Wilson and issued a statement saying that his is i, Paderewsk of nition of the Polish Government under the premiership the an act fully consonant with the high ideals with which America entered bewar and with the ideals which have actuated the President from the ginning." A fourth treaty came before the Supreme Council on Jan. 31, when the Prime Ministers of Rumania and Serbia presented the claims of their respective countries to certain disputed territory which has been occupied by Rumanian troops, but to which Serbia lays claim under the principle of nationality. The treaty was the hitherto undisclosed agreement between Rumania and the Quadruple Entente (England, France, Italy and Russia), under the terms of which Rumania entered the war in 1916 on the ITEMS ABOUT BANKS, TRUST COMPANIES, &c. side of the Allies. The document was dated Aug. 17 1916, No sales of bank stocks were made at the Stock Exchange and was published by the Paris "Temps" on Feb. 3. By or at auction this week. Fifty shares of trust company this treaty Rumania was to receive the region of Banat and stock were sold at auction. , High. Close. Last previous sale. certain Hungarian territory. Serbia now claims that the Shares. TRUST CO.—New York. Low. Oct. 1918— 139 132 132 132 Trust Co s Hudson that and ge Serbian 60 knowled her without made treaty was to Ruy then awarded territor the of predominate in some J. L. Cross has resigned as Vice-Governor of the Federal mania. The text of the treaty was given as follows: and Russia guarantee the terri- Reserve Bank of Kansas City to accept a position as Assistant. Italy Britain, Great France, 1. Article Rumania in the whole extent of its torial integrity of the Kingdom of Vice-Governor of the National City Bank of New York. present frontiers. and on attack Austriabecoming identified with the Federal Reserve Bank war declare Before to engages Article 2. Rumania in the accompanying military of Kansas City in Nov. 1915, Mr. Cross was examiner for stipulated conditions the under Hungary of war to cease economic convention, and also engages on the declaration the Federal Reserve Board at Washington. exchanges with the enemies of all the Allies. relations and conmercial recognize Rumania's Article 3. Franco, Great Britain, Italy and Russia Austro-Hungarian Monarchy stipuThe stockholders of the Irving Trust Co. of this city will right to annex the territories in the lated by Article 4. on Feb. 28 to act on the question of increasing the meet as by follows: Rumania annexed be to Article 4 delimits the territories the frontier present on point a at River from $1,500,000 to $2,250,000. Pruth capital the on The line will begin 4 to the .frontier of Galicia at near Novoselitza; it will mount the Pruth then the follow It will Czeremosz. the confluence of the Pruth and tho New York has issued a bookof Co. It Point Trust the y to Stog. ngary Guarant The • frontier of Galicia-Bukowina and Galicia-Hu of the Tisza and Vizo, reach- let on the new War Revenue Law. Besides the full text thence follows the line separating the waters above which it joins the Vizo. a digest in which the various ing the Tisza at the village of Trebusa, kilometers below its junc- of the law the booklet contains Thence it descends the Thalweg Tisza to four a manner as will assist taxsuch in to Rud Nameny Uasares explaine of are village sections tion with the Szamos River, leaving the to a point six kiloreturns to the Government. their out making in mania. It continues in a direction south-southwest payers point it reaches the meters east of the town of Liebreczen. From this citations of the sections affluents, the White Throughout this digest there are Criach, a few kilometers below meeting two at the village of of the law under discussion which enable the reader to Tisza the joins Crisch and the Rapid Crisch. It then villages of Croshaza and Algye, north of Szegeeden, passing west of the refer readily to the text. The important matter of deducBefessamson, making a small curve. e with tions and credits is treated fully, with numerous examples its to confluenc Tisza From the Algy line it descends the Thalweg fronto the present Danube Thalweg the given in each case. There is also a chart showing how the the Danube, and thence follows tier of Rumania. normal income tax and surtax apply to net incomes ranging in a of in front Belgrade ions Rumania engages not to raise fortificat in this force a necessary $3,000 to $1,000,000, and the total tax payable. keep to from only zone to be determined later, and to nt engages Governme Rumanian Royal The zone for police purposes. , who in abandoning their Indemnify the Serbians of Banat (of Temesias) The Italian Discount and Trust Co., 399 Broadway, from the conclusion of peace. properties, wish to emigrate within two years a not to make Entente Quadruple tho and this city, announces the appointment of Hugh F. Donnelly, Article 5. Engages Rumania engage that the aforesaid terriseparate peace. The Quadruple Entente Manager. Mr. Donnelly was formerly connected Monarchy shall be annexed by the treaty as Credit tories in the Austro-Hungarian • with the Guaranty Trust Co. of New York. of peace. same rights as the Allies in the peace Article 6. Rumania is to enjoy the questions submitted to the Peace Conpreliminaries and the discussion of Announcement of the inauguration by the Liberty Nagress. n the until conclusio kept secret be tional Bank of this city of an Industrial Department is made Article 7. The present treaty is to the following letter issued to the banks' customers under of a general peace. in The principal of the seventeen artiThe military convention follows: of the 3rd inst. by President H. D. Gibson. date cles are: an Industrie on Aug. 28 We take this occasion to inform you that we have created Article 1. Rumania engages to attack Austria-Hungary in an advisory caSaloniki offensive). Department for the purpose of offering our services, 1916 (eight days after the problems. and industrial by vigorous action, notably in pacity, on matters pertaining to manufacturing Article 2. The Russian Army will aid hav- It is expected that the establishment of this Department will insure closer Bukowina, and the Russian fleet will watch the Rumanian coasts, prospective, Port of Constanza (Kustendje). relationship between our industrial customers, present and ing the right of the use of the into Dobrudja two divisions of in- and the officers of this bank. It is one more endeavor to serve the inArticle 3. Russia engages to send action at take to co-operate with the Rumanian Army terests of our customers, and we have been prompted to fantry and one division of cavalry make an offensive at Salonlki at this time, because certain industries in particular, and the general business to Allies the s, Bulgarian the against of readjustment. the war. of the country in general are passing through a period least eight days before Rumania enters Allies, by way of Russia,. This is due to what might be considered industrial reorganization, as a Article 4. Rumania is to receive from the our observation been result of conditions brought on by the war. It has munitions and war material. ip in arms being safeguarded, in the past that there exists on the part of many manufacturers a distinct Article 8. The necessities of war comradesh ed their individual, te to any other. feeling that bankers, as a whole, have not appreciat no contracting party is subordina object of Rumanian action will be in the direc- technical, manufacturing and commercial problems. Article 9. The principal a man of pracDavis. D. Donald Mr. Transylvania. The Russian troops, co-operatThis now work will be directed by tion of Budapest through will be under command of the chief of the tical engineering, accounting and factory executive experience, who brings ing with the Rumanian army, conditions, which to us a knowledge of accounting and industrial working Rumanian army. as well. we believe will prove helpful to you and to ourselves showed e the Council Suprem before a "War" to a hearings from industries the American Although The present readjustment of tion, to "Peace" basis is causing much thought on the question of reorganiza a sharp difference in views, there was said to be reason on. Most of these personnel, equipment, products and their distributi we and situation, the believe that mutual concessions would lead to an agree- relate of in some manner to the financial aspect a comwe may be of some ment between Serbia and Rumania, or, if not, that expect, through the service of this Department, that assistance to you. mission would be appointed to deal with the subject. as our friends and cusOur Industrial Department will be just as large It is our desire that they tomers make it by their demands for its services. nt will be in a position avail themselves of such service. The Departme g the trend of inUNITED STATES EXTENDS RECOGNITION TO to furnish, upon request, general information concernin other important inPOLAND. dustrial conditions, raw materials, labor and all the fluences to which a going concern is susceptible. Recognition of the Provisional Government of Poland was accorded by the American Government on Jan. 29 when Secretary Lansing at Paris sent a message by direction of President Wilson to Ignace Jan Paderewski, the new Polish Premier. Mr. Lansing congratulated Mr. Paderewski upon becoming head of the Polish Gvernment and said the United States would be glad to enter into relations with the new The Asia Banking Corporation, to whose organization we have previously referred in these columns,opened for business on Monday last (Feb. 10) at 60 Liberty Street, this city. banking The Corporation will conduct a general Far Eastern n import America of ment develop the in zing business,speciali 654 THE CHRONICLE and export trade. It issues commercial and travelers' letters of credit, negotiates drafts and acceptances, makes payments and transfers of money by mail or cable; in short, offers to American importers and exporters the thorough equipment of a foreign trade bank—with special direct facilities with regard to China and the Far East, in general. The head office in the Orient at Shanghai is now open for business; and other branches are being opened at Hankow, Peking, Tientsin, Changsha, Harbin and Vladivostok. The organizers and shareholders of the Corporation are the following banking institutions: Guaranty Trust Co. of New York; Bankers Trust Co., New York City; Mercantile Bank of the Americas, New York City; First National Bank of Portland, Oregon; National Bank of Commerce at Seattle, Washington; Anglo and London, Paris National Bank of San Francisco. Charles H. Sabin is President of the Asia Banking Corporation; the Vice-Presidents are Albert Breton and Ralph Dawson; Robert A. Shaw is Secretary; F. R. Sandford Jr., Treasurer; E. C. Brownell and Robert Buchan, Assistant Treasurers. The following are the directors: [VOL. 108. with fixtures of marble and bronze. The building is fitted throughout with the latest appliances and devices for the efficient carrying on of an up-to-date banking business, while at the same time provision is made in every way for the comfort and welfare of the employees. The People's National Bank was organized in 1908 and has a capital of $200,000, with surplus and undivided profits of $191,400. The officers of the institution are: George W. Spence, President; Charles Wissman, Vice-President; Walter F. Cawthorn°, Cashier; and Arthur W. Spolander, Assistant Cashier. The directors of the Manufacturers & Traders National Bank of Buffalo announce the election of George R. Rodgers, formerly assistant to the President, as Vice-President; Walter Aspinwall, formerly Assistant Cashier, has been elected Cashier. Raymond H. Flagg, until recently Assistant Treasunr of the Commercial Trust Co. of Springfield, Mass., has been C. F. Adams, Vice-President First National Bank of Portland, Oregon. appointed Treasurer of the institution to fill the vacancy M.F. Backus,President National Bank of Commerce of Seattle, Wash. Albert Breton, Vice-President Guaranty Trust Co. of New York. caused by the resignation of John W. Wood, and in turn Captain Robert Dollar, San Francisco. Mr. Flagg's place has been filled by the promotion of Frank Herbert Fleishhacker, President Anglo and London Paris National Bank N. Hughes from Secretary to of San Francisco. Assistant Treasurer. Mr. J. H. Hammond, Brown Brothers & Co., New York City. Wood, who has been Treasurer of the Commercial Trust Co. Fred I. Kent. Vice-President Bankers Trust Co., Now York City. since its organization in 1915, leaves to accept a position W. C. Lane, Vice-President Guaranty Trust Co. of New York. with the well-known New York and Boston Stock Exchange Seward Prosser, President Bankers Trust Co., New York City. Charles H. Sabin, President Guaranty Trust Co. of New York. firm of Jackson & Curtis and will represent that house in Geo. Ed. Smith, President Royal Typewriter Co., New York Western Massachusetts. Prior to his connection with the City. Eugene W. Stetson, Vice-President Guaranty Trust Co. of Now York. Commercial Trust Co. he was connected with the State Bank The Corporation has a capital of $2,000,000 and surplus Commissioner's office as a Bank Examiner, a position he of $500,000. held for six years and which brought him into close touch The American ,Bankers' Association, through unanimous with the banking institutions of the State. action by the Administrative Committee of that organization, Henry W. Erving who had been Cashier of the Conrecently gave indorsement to the fight which the Associated Advertising Clubs of the World have been waging against necticut River Banking Company of Hartford for thirtyfake promotion schemes and the fraudulent use of adver- two years, has been elected Vice-President of the institutising in the promotion of such schemes. The Committee, tion. Mr. Erving is one of the oldest bankers in Hartford, at a meeting in New York, adopted the following resolution: Ifhving been with the Charter Oak Bank for seventeen "Whereas, The Associated Clubs of the World have for a number of years previous to his affiliation with the Connecticut years been engaged in the work of raising the standard and improving the River Banking Company. Frederick F. Fisher has been power of advertising, in investigating and prosecuting the illegitimate user of advertising, In protecting the public from the snares of the un- elected Cashier of the latter, succeeding Mr. Erving. Mr. scrupulous advertiser; Fisher, who has been with the institution for twenty-four "And Whereas, The Associated Avdertising Clubs of the World have as years, had been Assistant Cashier since 1913. their motto 'Truth in Advertising,' and by their vigorous activities have raised the standard of advertising, thereby protecting the general public and the legitimate advertisers; further that this Association by its great patriotic activities has become a recognized factor in Governmental activ_ Ities during the war; "Be it Resolred, That the Administrative Committee of the American Bankers' Association does hereby commend the Associated Advertising Clubs of the World for their splendid work and does hereby lend its moral encouragement and support to the further progress of their campaign for truth-in-advertising." • • Melville G.Baker, who has served successively as Assistant Cashier, Cashier and Vice-President of the Penn National Bank of Philadelphia, has risen to the Presidency of the institution, having been chosen to that office as successor to Samuel S. Sharp, who has been elected to the newly created post of Chairman of the Board. Mr. Sharp had officiated as President for thirty-four years. The new Frank J. Parsons, Vice-President of the United States President, Mr. Baker, is also Secretary of Group One of Mortgage & Trust Co. of this city, has been appointed Chair- the Pennsylva nia Bankers' Association. William B. Ward man of the Committee on Real Estate Securities of the replaces Mr. Baker as Cashier and Horace C. Polhemus is a Investment Bankers' Association of America. new Assistant Cashier. The Comptroller's bulletin of Feb. 8 announces the apThe report of the activities of the Pennsylvania Trust proval by his office of the increase of $200,000 in the capital Company of Reading, Pa., presented at the annual meeting of the First National Bank of Brooklyn, whereby the amount is raised from $300,000 to $500,000. The proposal by the Vice-President H. B. Hagy states that "Notwithto increase the capital was ratified by the stockholders on standing the large amount of assets diverted and paid to Jan. 14, and as indicated in our issue of Jan. 18, the en.. the Government for Liberty Bonds and Treasury Certificates to help finance the war, our assets increased $1,500,larged capital was scheduled to go into effect Jan. 29. 000 since the war commenced, and on Dec. 31 1918, stood at 4 The inauguration of a trust department by the National $9,600,496 59, and of this increase, 78,248 was gained Newark & Essex Banking Co. of Newark, N. J., in accord- during the last year." The amount of Liberty bonds and ance with the provisions of the amendment to the Federal Treasury certificates purchased aggregated ,496,700, of Reserve Act enacted Sept. 26 1918, was announced by the which $4,246,700 represented subscriptions to the four institution on Jan. 31. The new department is under the Liberty Loans, and $3,250,000 Treasury certificates pursupervision of A. C. Livingston, who has been made Vice- chased in anticipation of the several Liberty Loans. In anPresident and Trust Officer. Mr. Livingston had formerly ticipation of the Fifth Liberty Loan the company reports been Assistant Trust Officer of the Bankers Trust Co. of the purchase thus far of $1,000,000 Treasury Certificates. War Savings and Thrift Stamps sold during the year New York. amounted to $109,046. The report also says: 11,882 have already enrolled in our Christmas savings club, The new home of the People's National Bank of Brooklyn, which wasmembers started last month, and by the time it is closed we expect to which that institution has been erecting at the corner of have at least as many members as the preceding year, notwithstan ding Quincy St. and Ralph Ave., was formally opened on Jan. 31 that we have in the same department 8,500 subscribers who are paying on Liberty Bonds on the installment plan. and several thousand persons availed themselves of the Our total deposits Dec. 31 1918 were $6,535,001 43, as against $5,714,invitation of President George W. Spence to inspect the 106 73 a year ago, a gain of $820,894 70. The assets of the trust department showed an increase In the last year artistic interior of the building. The structure which of $266,358 49. occupies a site fronting 45 feet on Quincy St. and 110 ft. The company announces that it has a grand total of on Ralph Ave., is of polished granite, front brick and terra accounts in all departments of 45,857—more than one-third, cotta. The interior is of Italian marble and Caen stone t states, the liopulation of Reading. Besides 11 of the FEB. 15 1919.] THE CHRONICLE 655 employees of the institution two of its officers served the In addition to the changes made at the annual meeting Government during the war; five of the 13 have already re- of the Wayne County and Home Savings Bank of Detroit, turned to the institution. mentioned in our issue of Jan. 25, the following promotions have since been made by the directors of the institution: The Comptroller of the Currency has approved an in- George H. Johnstone, formerly an Assistant Cashier, was crease of $25,000 in the capital of the Union National Bank made Cashier to take the place of Edwin J. Eckert, who of Huntingdon, Pa., raising it from $100,000 to $125,000. was elected a Vice-President at the annual meeting, and • • George F. Buhrer, heretofore Senior Paying Teller; Charles An increase of $100,000 in the capital the Williamsport H. Northup, formerly Chief Discount Clerk, and Frank A. National Bank of Williamsport, Pa., raising if from $100,000 Grosfield and George A. Burns, Tellers in the Savings Deto $200,000 has been approved by the Comptroller of the partment of the bank, were appointed Assistant Cashiers. The following is the full list of officers: Currency. Charles W. Whitehair, who for five years past has been engaged on special missions to the war zone-England, France, Italy, Egypt and Palestine—has joined the staff of the Union Commerce National Bank and the Citizens Savings & Trust Company of Cleveland. The banks are under joint ownership. Mr. Whitehair's Cleveland connection began a year ago in April when he opened the Third Liberty Loan campaign there. Later he toured the country at the instance of William G. McAdoo, then Secretary of the Treasury. He has recently returned from Palestine, whither he went by invitation of Gen. Allenby, commander of the victorious British army there. During the Fifth Liberty Loan—Victory Loan as it has been designated in Washington—Mr. Whitehair will have charge of securing co-operation of returned soldiers and sailors for the Cleveland loan organizatoin. F. L. Chamberlain has succeeded F. H. Hohlfelder Jr. as Auditor of the Cleveland Trust Co. of Cleveland, Ohio. The title of Cashier has been conferred on Charles Bartlett, Vice-President of the Fourth National Bank of Cincinnati. Mr. Bartlett had formerly served as Cashier, but some time ago was succeeded in the office by Harry W. Benedict, whose death occurred recently. As no permanent successor to Mr. Benedict is to be chosen for the present Mr. Bartlett will pdrform the functions of Cashier along with those of Vice-President. An increase of $100,000 in the capital of the Union Saving & Trust Co., of Steubenville, Ohio, was authorized on Jan. 24 by the State Superintendent of Banks, raising it from $150,000 to $250,000. The doubling of the capital stock of the Rubber City Savings Bank of Akron, Ohio, raising it from $100,000 to $200,000, was authorized by the State Superintendent of Banks on Jan. 10, together with the granting of trust company powers and permission to change the name of the institution to the Firestone Park Trust & Savings Bank. Chairman of the Board, Charles F. Cashier, George H. Johnstone. Collins. Assistant Cashiers: Hugh R. Burns, President Julius H. Haass. William H. McClenahen. Vice-Presidents: Lyman L. Rosier, George Wiley George C. Johnston. William V. Moore Chas. H. Northrop, William S. Green Geo. F. Buhrer, Edwin J. Eckert Frank A. Grosfield. Arthur E. Loch. Geo. A. Burns. Assistant to the President, Rupert Auditor, Geo. J. Pipper. Pletsch. John W. Gamble, President of the Standard Chemical Manufacturing Co., of Omaha, has been elected a VicePresident and director of the First National Bank of that city, and assumed his new duties Feb. 5. Mr. Gamble, while only thirty-nine years of age, has had a wide and varied experience in the business world. He is a graduate of the University of Nebraska and went to Omaha about eight years ago as Secretary of the Standard Chemical Manufacturing Co. Mr. Gamble will continue to hold his position as President and Treasurer of the Standard Chemical Manufacturing Co. John T. Milliken, a director of the National Bank of Commerce of St. Louis, and one of the most prominent and widely known financiers and philanthropists of St. Louis and the Middle West, died at his home in St. Louis on Jan. 31 of pneumonia, aged sixty-six years. Mr. Milliken was a native of Paducah, Ky. He went to St. Louis in 1879 and began his business career as a salesman for the Victoria Flour Mills. Later he went into the grain business on his own account and still later (1895) founded the Milliken Co., chemical manufacturers, which owns one of the largest chemical plants in the United States. Mr. Milliken's business interests were numerous and varied and the phenomenal success which attended his enterprises gained for him the nickname of the "Modern Midas." At the time of his death he was a director of the National Bank of Commerce of St. Louis and one of the heaviest stockholders in that institution. Incidentally it may be noted that not only has the National Bank of Commerce made adequate preparations for a trust business but will act as corporate executor of estates and serve in any and every fiduciary caipacitk. On the 3rd inst. it qualified as administrator of the $20,000,000 estate of Mr. Milliken; this is the first time in the history of Missouri that a national bank has qualified as executor of a will; and it so happens, we are advised, that the estate is the largest ever placed in the hands of a corporate executor in that State. Timely and instructive booklets under the captions: "Let's Choose Executors and Talk of Wills," "A New Service Fron an Old Bank," and "The Twentieth Century Will," are being distributed by the trust department of the bank, which is in charge of Virgil M. Harris, one of the best known trust department officials in the West. A consolidation has been arranged between the South Bend National Bank of South Bend, Ind., and the Citizens National Bank of that city under the name of the latikr institution. The South Bend National Bank with capital of $100,000 is one of the oldest banks in the State of Indiana, having been started in 1838 as a branch of the State Bank of Indiana and eventually becoming its successor, and in 1879 a national institution. The Citizens National Bank was founded in 1892 and has a capital of $100,001 The consolidation will be effective about March 1. The enlarged institution will have a capital (in shares of $100) The Army National Bank of Belmont (P. 0. Camp Pike) of $400,000 and surplus and undivided profits of $200,000. Ark. (capital $25,000) has been placed in voluntary liquidaThe officers have not yet been chosen. tion having been absorbed by the American National Bank of Little Rock, which is acting as liquidating agent. The Farmers' National Bank of Springfield, Ill., has been R. Pryor Combs has been elected a director and an active placed in voluntary liquidation following the consummation of plans for its consolidation with the Ridgely National Vice-President of the Peoples' Trust Company of Kansas Bank, and the creation of a State institution under the name City, Mo. Mr. Combs was commissioned as first lieutenant of the Ridgely-Farmers' State Bank. The plans were given in the Field Artillery at the Second Officers' Training Camp at Fort Sheridan, Ill., but not obtaining foreign service, in detail in our issue of Nov. 2 last. transferred to the Navy and was on Admiral McGowan's An increase of $75,000 in the capital of the Granite City staff until Dec. 15 when he was ordered to inactive duty. National Bank of Granite City, Ill., raising it from $75,000 Before that he had been Vice-President of the Terminal to $150,000 has been approved by the Comptroller of the Trust Company of Kansas City. Wilson D. Wood is also Currency. a new official in the Peoples' Trust Company, having been elected Treasurer; Aldridge Corder has been made SecreThe State Commissioner of Banking for Michigan reports tary. the absorption of the First State Bank of St. Clair Heights Henry C. Haarstick, Vice-President of the St. Louis by the First State Bank of Detroit. Union Trust Company and of the St. Louis Union Bank 656 THE CHRONICLE of St. Louis, Mo., died on Jan. 26. Mr. Haarstick in 1869 took charge of the Mississippi Valley Transportation Company and in 1881 consolidated the larger transportation interests on the Mississippi River as the St. Louis and Mississippi Valley Transportation Company and later became President and Manager of the Mississippi Valley Transportation Company. Mr. Haarstick was a member of the Merchants' Exchange and Chairman of the Board of Commissioners of Tower Grove Park. Mr. Haarstick was 83 years of age. Henry W. Meuschke has resigned as President and director of the Sedalia National Bank of Sedalia, Mo. Mr. Meuschke was one of the founders of the bank twenty-nine years ago and a director ever since that time. Two changes among the officers of the Liberty Bank of St. Louis were made at the recent meeting of the directors: E. Barklage, the former Cashier, was made Vice-President and Cashier. and R. R. Clabaugh, who was formerly an officer of the Federal Reserve Bank of St. Louis was elected a Vice-President. Mr. Barklage has been connected with the Liberty Bank since 1888, having first served in the capacity of Receiving Teller. He was elected an Assistant Cashier in 1904 and a member of the board of directors in 1906. In December 1914 Mr. Barklage was elected Cashier. Mr. Clabaugh, the new Vice-President, was born in Carlyle Ill., in 1880. He graduated from the Benton College of Law at St. Louis and was admitted to the practice of law in Missouri in 1903. In that year he became connected with the Mississippi Valley Trust Company as Secretary to the President. He left the Mississippi Valley Trust Company in 1909 to become associated with the commercial paper house of Agust Schlafly & Sons. On Nov. 1 1914 at the time of the organization of the Federal Reserve Bank of St. Louis Mr. Clabaugh became associated with it as Manager of the Discount Department. In April 1917, he was elected Assistant Cashier of the Federal Reserve Bank with the supervision of the Credit Department, Discount Department and Government Deposit Department. He is a brother of J. T. Clabaugh who has been the St. Louis Clearing House. examiner for a number of years. Mr. Clabaugh will handle the acceptance busines§ of the Liberty Bank. In consideration of the fact that the earnings of the bank for the year 1918 were the largest in the history of the institution (66 years old), the directors have authorized the payment of a dividend of 12% per annum, payable 1% monthly. Since the capital stock of the bank was increased from $500,000 to $1,500,000 in 1915, the bank has paid a quarterly dividend of 232% or 10% per annum. The completion of the consolidation of the three Louisville, Ky., institutions—the National Bank of Commerce, the American-Southern National Bank and the National Bank of Kentucky—under the title of the last named, is announced in the Comptroller's bulletin of Feb. 8. The consolidation plans were referred to in these columns Nov. 30 and Feb. 1. The enlarged National Bank of Kentucky has a capital of $2,500,000. The consolidated institution began business on Feb. 3. The Louisville "Evening Post" of Jan.30 in telling of the working out of the details for the consolidation said in part: Approximately six weeks before the opening date of the new institution those responsible for the consolidation of the three banks realized that their own time would be taken up too much with the settling of financial problems to enable them to give any time to solving organization and system problems, and there was no question in their minds that unifying the three systems was imperative to the successful operation of the bank. The selection of men who are qualified to undertake this rather large commission, was the next point to be decided. After looking into the professional standing of the best efficiency and organization concerns, the task of preparing the system was entrusted to Arthur Young & Co. of Now York and Chicago. Again the selection of the staff members who were to have actual charge of the preparation of the methods of procedure, the printing of forms and the installation of the system, proved difficult for the reason that the members best qualified to undertake this work were at that time engaged in organizing and systematizing one of the largest banks In New York City. However, Arthur Young & Co. arranged with their New York client to defer the completion of that work, and Messrs. T. E. Madsen and P. J. Nelson were assigned to come to Louisville. The preliminary work of these men consisted of making a brief survey of existing conditions In the three banks and getting acquainted with the officers and employees who were to supervise and carry out the recommendations made by the organization experts. Concurrent with setting up the organization structure, the functions of each department were submitted and after conferences with the executives and division heads, were modified to meet local conditions. When the functions of each division had been definitely set forth a plan of procedure was established and again discussed not only with men in charge of the divisions, but with the employees who are to carry on the work. All precautions were taken to eliminate red tape, duplication of work, and the [VOL. 108. result that has been attained is ant'cipated to give a maximum efficiency coupled with minimum cost. Not only were the officers of the bank consulted in all the various steps of the procedure, but the Clearing House Examiner, Mr. Humphrey Robinson, was present at practically every meeting of importance, and his advice, based on a thorough knowledge of local conditions, proved of inestimable value. A large share of credit for the perfection of the new plans is also due to the efforts of Mr. H. Lee Earley, auditor of the AmericanSouthern National Bank, who has won well deserved recognition because of his intimate knowledge of banking methods. It is believed by those in charge of the new institution, by the Clearing House Examiner and by the bank organization experts, Messrs. Madsen and Nelson, that practically all of the confusion that inevitably attends the opening of new institutions will be eliminated in this instance, and that the new National Bank of Kentucky will have one of the most scientifically arranged and ideally operated methods of procedure and systems of internal check of any bank in the country. The classification of accounts has been adopted to furnish the officers daily figures of earnings and expenses that will reflect not only contemporary conditions, but can be made useful in making fore casts of to-morrow. The business of the Marine Bank & Trust Co. of New Orleans, which was organized and opened for business on March 18 1918, with a paid-in capital of $400,000 and surplus fund of $100,000, has grown so rapidly that it has been found necessary to increase the capital, and a special meeting of the shareholders was called for Jan. 9 last for the purpose of voting on a proposition to raise the amount from $400,000 to $800,000. The action of the meeting was unanimous in favor of the increase. The increased capital, we are advised, has all been paid in, the capital of the bank now being $800,000 with a surplus fund of $217,400 paid in, and undivided profits, net, of $86,400; deposits at close of business Feb. 7 were $9,309,000. We are informed that the original stock was very largely oversubscribed, and the applications for stock when the capital of the bank was increased were very largely in excess of the amount of the increase. The growth of the bank, since its organization, it is pointed out, sets a record of such accomplishments in the South, as the business is all new, and not the result of any consolidation or the purchase of any existing banking interests. L. M. Pool, President of the Bank, has -been identified actively with New Orleans banking interests for twenty-five years. In addition to the President, the other officers are: J. A. Bandi, Vice-President; W. T. Marfield, Cashier; W. J. Pillow, Assistant Cashier. • The following changes in the official staffs of the First National Bank of Berkeley, Cal., and its affiliated institution, the Berkeley Bank of Savings & Trust Co., were made at the joint annual meeting of the institutions held recently: F. L. Naylor, formerly a Vice-President of each bank, was elected President of both institutions to succeed his father, A. W.Naylor, who Wad served in that capacity for upwards of twenty years and will still continue his connection with the banks as Chairman of the joint board of directors; W. F. Morrish, heretofore Cashier of the First National, was made a Vice-President of that institution to take the place of F. L. Naylor, and F.H. Thatcher, formerly an Assistant cashier of the latter institution, was promoted to the Cashiership in lieu of Mr. Morrish. The other officials of the affiliated banks were re-elected and are: William E. Woolsey, a VicePresident of both institutions; G. L. Pape and W. W. Sorrick, Assistant Cashiers of the First National Bank; W. S. Wood, Cashier and Trust Officer of the Berkeley Bank of Savings & Trust Co., and A. H. Sheffield, G. T. Douglas and E. K. Cole, Assistant Cashiers of the latter bank. At the annual meeting of the Bank of California, N. A. of San Francisco, the regular dividend of $2 25 per share, together with the usual extra dividend of $2 per share was declared. No changes were made in the official staff or directorate of the institution. The Crocker National Bank of San Francisco at its annual meeting elected Captain William W. Crocker,of the United States Army, a director. At the recent annual meeting of the Seaboard National Bank of San Francisco, Max Mierson was formally elected Vice-President and director to succeed A. S. Carman, and C. D. de Jongh and E. G. Lind were appointed Assistant Cashiers. Two important changes were made in the personnel of the Northwestern National Bank of Portland, Ore., at the annual meeting of the directors on Jan. 17. Edgar H. Sensenich, formerly Cashier, was made a Vice-President of the institution and Roy II. B. Nelson, heretofore an Assist-. 657 THE CHRONICLE FEB. 15 1919.] Sensonich. ant Cashier, was elected Cashier to succeed Mr. of the NorthMr. Sensenich (who was also elected a director on Jan. western National at the stockholders' meeting held a few where phia, Philadel from 191.1 in 14) went to Portland Credit Departyears previously he had been Manager of the consolidated ment of the Merchants' National Bank (since employ of the entered He Bank). with the First National time was elected the Portland Trust Co. and in a few weeks tion of the Cashier of the institution. Upon the organiza h. was Northwestern National Bank in 1913, Mr. Sensenic n last chosen Cashier, a position he held until his promotio career banking His n. Oregonia an is Nelson month. Mr. of Combegan in Seatle in the service of the National Bank Portland with the position a accepted he 1911 In merce. Trust Co.and in 1914 was elected an Assistant Cashier of the Northwestern National Bank. Indian Currency Returns. Dec. 31. Jan. 7. Jan. 15. (In Lacs of Rupees.) 14720 14824 14709 Notes in circulation 2118 2295 2339 India in bunion and coin Silver 1032 882 874 Silver coin and bullion out of India 1890 1967 1968 Gold coin and bullion in India • 12 12 12 India of out bullion and Gold coin 1418 1418 1266 Securities (Government of India) 8250 8250 8250 Securities (British Government) to the fact that throughIn our letter of the 12th ulto. we drew attention metallic reserves to the Indian out the previous five months the ratio of the as well as the total ratio, the then Since note issue had steadily increased. silver holding, has contracted in each subsequent return. 0 ounces The stock in Shanghai on Jan. 18 consisted of about 26,160,00 0 ounces in sycee and 12,100,000 dollars, as compared with about 23,000,00 silver s bar for Quotation inst. 11th on the in sycee and 12,200,000 dollars per ounce standard: cash _48 7-16d. cash_48 7-16d. Jan. 23 Jan. 17 48.4375d. 48 7-16d. Average " 18 5% rate Bank 7-16d. 48 " 20 _77s. 9d.• oz. per standard_ gold Bar 48 7-16d. " 21 48 7-16d. " 22 to-day for cash No quotation fixed for forward delivery. The quotation delivery is the same as that fixed a week ago. ENGLISH FINANCIAL MARKETS-PER CABLE. E.J. Chamberlin has resigned as a director of The Molsons Bank, Montreal, and his place has been filled by the election The daily closing quotations for securities, &c., at London, past week: of John W. Ross. as reported by cable, have been as follows the 12. Feb. 13. Feb. 14. On Jan. 31 the directors of the Provincial Bank of Canada (head office Montreal) announced the doubling of the capital stock of the institution, raising it from $1,000,000 to $2,000,000, and offered the now stock at 110 to shareholders of record as of that date. At the same time it was announced the annual dividend of the bank would be increased from 7 to 8%, beginning with April 1. On Nov. 30 1918 the total assets of the institution were $24,736,000, an increase of about $3,000,000 over the preceding fiscal year. Feb. 8. Feb. 10. Feb. 11. Feb. London, Wed. Mon. Tues. Scu. Week ending Feb. 144734 7-16 48 7-16 4734 48 d oz Silver, per 59 59 Holiday 5934 Consols, 234 per cents 95 95 Holiday 95 British,5 per cents 9934 99X Holiday 99X British, 434 per cents 65 French Rentes (in Paris), fr_ 91.15 s),fr. -----------r. Loan(InPari French Wa 4 At the recent annual meeting of the Canadian Bank of Commerce (head office Toronto) the annual dividend rate of the institution, which for some years past has been on a 10% basis with an annual bonus of 2%, was placed on a regular 12% basis. At the same meeting the number of directors was increased from 19 to 22 with power to increase new to 25 in the discretion of the directors. The three directors elected at the annual meeting were Thomas Findley, President and General Manager of the Massey Harris Co., Ltd., of Toronto; W. W. Hutchison, Vice-President of the Lake of the Woods Milling Co.,Ltd.,of Montreal,and H. R. Silver, President of H. R. Silver, Ltd., of Halifax. THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of Jan. 23 1919. The circular dated Jan. 17 appeared in these columns last week: GOLD. a decrease The Bank of England gold reserve against its note issue shows The Transvaal gold of £321,195 as compared with last week's return. with £3,068,639 output for December 1918 was £2,723,836, as compared 1918. The total outfor December 1917 and £2,797,983 for November compared with as £2,555,233 put for 1918 was £35,768,688, a reduction of that for 1917. FM. 4734 59 95 99% ---- has been: The price of silver in New York on the same days 34 Silver in N. Y., per oz_cts_101 X On account of the large increase in the assets of the Bank of Hamilton, which during the past year have increased from $66,000,000 to $81,000,000, it has been deemed advisable to increase the capital of the institution $1,000,000, raising it from $3,000,000 to $4,000,000. The new stock will consist of 10,000 shares (par value $100) and will be offered to shareholders of record as of Feb. 20 1919 at 150 in the proportion of one share to every three shares of their holdings, although under the provisions of the Canadian Bank Act the bank would be entitled to charge 210 per share based on its accumulated reserve ($3,300,000) and its relation to the capital. The annual dividend rate of the Bank of Hamilton is 12%. Thurs. 4734 59 95 9934 65 91.17 10134 10134 Holiday101 10134 TRADE AND TRAFFIC MOVEMENTS. UNFILLED ORDERS OF STEEL CORPORATION. The United States Steel Corporation on Monday, Feb. 10 1919, issued its regular monthly statement showing unfilled orders on the books of the subsidiary corporations as of Jan.31 and made the amount 6,684,268 tons. On Dec.31 1918 the aggregate was 7,379,152 tons,- the decrease thus being '694,884 tons. Compared with the unfilled orders on hand on Jan. 31 1918, the current returns disclose a falling off of 2,793,585 tons. The total for Jan. 31 1919 is the smallest reported since Nov. 30 1915. In the following we give comparisons with the previous months: Tons. Tons. Tons. 30 1913- 6,978,762 Jan. 31 1919_ 6,684,288 Mar. 31 1916_.. 9,331,001 April Mar. 31 1913_ 7,468,956 Dec. 31 1918__ 7,379,152 Feb. 29 1916__ 8,568,966 Feb. 1913-- 7.658,714 Nov. 30 1918.... 8,124,683 Jan. 31 1916_ 7,922,767 Jan. 28 31 1913-- 7,827,368 Oct. 31 1918- 8,353,298 Dec. 31 1915__ 7.806,220 31 1912-- 7,932.164 Sept. 30 1918.... 8,297,905 Nov. 30 1915._ 7,189,489 Dec. Nov. 30 1912_ 7.852,883 Aug. 31 1918- 8,759,042 Oct. 31 1915_ 6,165.452 Oct. 31 1912_ 7,594,381 July 31 1918_. 8.883,801 Sept. 30 1915_.. 5,317,618 Sept. 1912_ 6,551,507 June 30 1918-. 8,918,866 Aug. 31 1916_.. 4,908,455 Aug. 30 31 1912__ 6,163,375 4,928,840 1915_ July31 8,337,623 1918_ May 31 July 31 1912.- 5,957,073 April 30 1918_. 8,741.882 June 30 1915._ 4,678,196 30 1912_- 5.807,349 Mar. 31 1918__ 9,056,404 May 31 1915__ 4,264 598 June May 31 1912_- 5,750,986 Feb. 28 1918- 9,288,453 April 30 1915__ 4,162,244 30 1912__ 5,664,885 Jan. 31 1918- 9,477,853 Mar. 31 1915_ 4,255,749 April Mar. 31 1912_- 5,304,841 Dec. 31 1917._ 9,381,718 Feb. 28 1915__ 4,345,371 Feb. 29 1912_ 5,454,201 4,248,571 1915_ 31 Jan. Nov. 30 1917_- 8,897.106 31 1912__ 5,379,721 Oct. 31 1917__ 9,009,675 Dec. 31 1914__ 3,836,643 Jan. 31 1911_ 5,084,765 Dec. 3,324,592 1914._ 30 Nov. 9,833,477 1917__ Sept. 30 30 1911__ 4,141,958 Nov. 3,461,097 1914__ Aug. 31 1917_10,407,049 Oct. 31 Oct. 31 1911__ 3,694,327 July 31 1917_10,844,164 Sept. 30 1914_ 3,787,667 Sept. 30 1911.... 3,611,315 1914__ 4,213,331 31 Aug. 3,287 June 30 1917_-11,38 Aug. 31 1911__ 3,695,985 May 31 1917__11,886,591 July 31 1914._ 4,158,589 July 1911_ 3,584,088 April 30 1917-12,183,083 June 30 1914__ 4,032,857 June 31 30 1911__ 3,361,087 Mar. 31 1917_11,711,644 May 31 1914_ 3,998,160 31 1911__ 3,113,154 Feb. 28 1917.-11,576,697 April 30 1914._ 4,277,068 May April 30 1911__ 3,218,700 Jan. 31 1917_11,474,054 Mar. 31 1914__ 4,653,825 Mar. 1911__ 3,447,301 Dec. 31 1916_11,547,286 Feb. 28 1914.... 5,026,440 eb. 31 28 1911.... 3,400,543 Nov. 30 1916._11,058,542 Jan. 31 1914__ 4,613,680,F 31 1911__ 3,110,919 4,282,108,Jan. 1913._ 31 Dec. 15,260 Oct. 31 1916.-10,0 31 1910._ 2,674,750 Sept. 30 1916.... 9,522,584 Nov. 30 1913.... 4,396,347 Dec. 30 1910_ 2,760,413 Nov. 4,513,767 1913._ 31 Oct. 9,660,357 191631 Aug. 31 1910__ 2,871,949 July 31 1916_ 9,593,592 Sept. 30 1913__ 5,003,785 Oct. ept. 30 1910__ 3,148,106 June 30 1916__ 9,640,468 Aug. 31 1913__ 5,223,468:SAug. 31 1910__ 3,537,128 May 31 1916__ 9,937.798 July 31 1913__ 5,399,356' April 30 1916... 9,829,551 June 30 1913__ 5.807,317 July 31 1910_ 3,970,931 May31 1913__ 6,324.322 ANTHRACITE COAL SHIPMENTS.-The shipments of anthracite coal for the month of January 1919, as reported to the Anthracite Bureau of Information, at Philadelphia, Pa., aggregated 5,934,241 tons. This shows an increase of 295,858 tons over the amount moved in January 1918. The shipments for the coal year (beginning April 1) to date now total 63,856,917 tons, this comparing with 64,663,456 tons for the same period last year. The Bureau says: "The exceptionally mild weather of this winter has been favorable to mining and transportation, and as a result production was well maintained up to the last day of the month, the shipments being the heaviest for January, with two exceptions (1913 and 1917) in the history of the trade." Below we give the shipments by the various carriers for the month of January 1919 and 1918 and for the respective coal years since April 1: CURRENCY. last absolutely prohibiting the A proclamation was issued on Jan. 14 of all coins coined in any foreign importation into the United Kingdom On March 30 1917 a proclamation country, other than gold or silver coins. could be effected under license was made by which such importations ; this proviso has now been removed. granted by the Ministry of Munitions SILVER. price or the tone of the market, but No alteration has taken place in the unlikely to take place in the near a readjustment in the quotation is not freight from America. future, owing to a reduction of the cost of falling on this occasion January- 10 Mos.Coal Year ./an.3 The near approach of the Chinese New Year, 1917-18.1 1918-19 recede to 5s. Od. 1918 . 1919. Roadon Feb. 1, has caused the Shanghai exchange to 932,146 12,614,019 12,351,463 803 inlends tons_1,155, ng country Philadelphia & Reading The great importance of Mexico as a silver-produci 983,964 11,942,817 11,823,066 1,048,173 Valley politiLehigh the with dealing t," 524,650 5,593,362 5,722,732 terest to recent remarks made by the "Economis 497,990 of New Jersey_ "The country is gradually Central Railroad 934,369 1,029,977 9,635,924 10,375,388 Lackawanna & Western cal and economical condition of that country: spirit Delaware 7,532,802 7,292,061 is a 838,875 reviving there 717,045 circles business & Hudson ican Delaware Anglo-Mex settling down; in 458,408 4,482,781 4,664,424 442,059 openings for British en- Pennsylvania of optimism and steps are being taken to find new 632,332 7,217,303 7,361,401 687,241 Erie loan a till come 171,667 1,641,322 1,688,509 156,328 terprise and trade. Complete recovery, however, cannot New York Ontario & Western can hardly be arranged un- Lehigh 295,233 268,364 3,196,587 3,384,414 & New England can be obtained from the United States, and this of production , the Meanwhile Europe." in til peace is definitely made 5,934,241 5,638,383 63,856,917 64,663,456 Total silver is likely to increase. 658 THE CHRONICLE Commerciai andrAisceilaneons4ews Canadian Bank Clearings.-The clearings for the ending Feb. 6 at Canadian cities, in comparison withweek the same week in 1918,show an increase in the aggregate of 19.2%. Week ending February 6. Clearings al1919. CanadaMontreal Toronto Winnipeg Vancouver Calgary Ottawa Edmonton Quebec Victoria Hamilton Regina Halifax Saskatoon London St. John Moose Jaw Fort William Brantford New Westminster Brandon Lethbridge Medicine Hat Peterborough Sherbrooke Kitchener Total Canada 1918. Inc. or Dec. 1917. 1916. $ $ % $ $ 94,743,387 72,815,914 +30.1 81,715,255 55,558,925 70,412,545 53,566,128 +31.4 57,034,188 42,494,062 34,589,252 39,677,076 -12.8 38,723,968 26,906,921 11,128,919 8,826,365 +26.1 5,824,281 4,618,011 5,273,024 6,517,822 -19.1 3,861,545 3,295,029 7,731,207 5,615,195 +19.9 4,939,424 3,787,138 3,233,123 2,918,667 +10.8 1,967,143 2,023,877 4,959,236 4,195,951 +18.2 3,968,642 3,024,951 2,114,600 1,871,148 +13.0 1,324,146 1,128,778 5,455,835 4,660,822 +17.1 3,835,544 3,096,285 3,030,157 2,831,298 +7.0 2,185,448 1,470,736 5,052,444 3,928,212 +28.6 2,595,660 2,309,505 1,738,217 1,490,488 +16.6 1,202,873 1,006,906 3,275,758 2,373,643 +38.0 2,314,133 1,748,648 2,496.342 2,232,737 +11.8 2,030,291 1,600,830 1,309,853 1,137,615 +15.1 821,108 797,049 771,784 700,000 +10.2 536,320 339,216 862,333 845,785 +2.0 732,579 637,401 503,109 400,193 +25.8 235,044 158,933 501,863 547,665 -8.4 367,438 415,049 693,608 667,788 +3.9 592,587 385,022 330,945 558,681 -40.8 355,346 250,235 638,278 686,588 -7.0 522,037 400,068 1,011,921 696,714 +45.2 574,674 600,000 475,000 +26.3 499,746 262.457.740 220.237.495 +19.2 218.759.350 157.453.575 National Banks.-The following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department: [VOL. 108. CHARTERS RE-EXTENDED. The First National Bank of Stockton, Cal. Until close of business Feb. 4 1939. The First National Bank of Winsted, Conn. Until close of business Feb. 7 1939. The Citizens National Bank of princeton. Until close of business Feb. 9 1939. CONSOLIDATION. National Bank of Commerce of Louisville, Ky., The AmericanSouthern National Bank of Louisville, and The National Bank of Kentucky of Louisville, under charter and title of The National Bank of Kentucky, of Louisville, with capital of $2,500,000. Combined capital of three banks prior to consolidation was $3,445,000. Reduction $945,000. VOLUNTARY LIQUIDA For consolidation with other national banks: TIONS. The Army National Bank of Belmont (P. 0. Camp Pike), $25,000 Absorbed by the American National Bank of Little Rock, Ark.. Ark., which is acting as liquidating agent. Other liquidations: The Citizens National Bank of Waverly, Tenn Liquidating Agent: A. P. McMurry, Waverly. Succeeded 50,000 by a State bank. The Wayne National Bank of Cambridge City, Ind Liquidating Agent: R. A. Hicks, Cambridge City. Absorbed 50,000 by the Wayne Trust Co. of Cambridge The Farmers National Bank of Springfield,City. Ill 200,000 Liquidating Committee: Thomas Sudduth, A. 0. Peterson. and G. E. Keys, Springfield. Succeeded by the RidgelyFarmers State Bank of Springfield. The First National Bank of Berlin, Md Liquidating Committee: J. D. Henry and W. L. Holloway, 25,000 Berlin, and H. W. Murrell. The Merchants National Bank of Savannah, Georgia Liquidating Agent: V. B. Jenkins, Savannah. Absorbed by3500.000 the Citizens & Southern Bank of Savannah. The First National Bank of Plant City. Florida Liquidating Agent: Wm. Schneider, Plant City. Absorbed 50.000 by the Bank of Plant City. The Ridgely National Bank of Springfield, Illinois Liquidating Committee: F. Ricigely and A. Corneau, Spring- 300.000 field, and J. A. Johnson. Succeeded by the RidgelyFarmers State Bank of Springfield. Total $1,200,00 0 Auction Sales.-Among other securities, the followin not usually dealt in at the Stock Exchange were recently soldg at auction in New York, Boston and Philadelphia: Capital. By Messrs. Adrian H. Muller & Sons, New York: $35,000 50,000 Shares. Stocks. APPLICATIONS FOR CHARTER. For organization of national banks: The First National Bank of Lepanto, Ark The First National Bank of Sycamore, Ohio The American National Bank of Cisco, Texas 50,000 The Beverly Hills National Bank, Beverly $25,000 The First National Bank of Caruthers, CalHills, Cal 25,000 The First National Bank of Crockett. Cal 25,000 The First National Bank of Axtell, Kansas 25,000 The First National Bank of Kerkhoven , Minn , The Continental Nat. Bank of Jackson Co. The First National Bank of Pandora Ohioat Kansas City, Mo. 500,000 30,000 The First National Bank of Black Rock, Ark 25,000 The Broadway National Bank of Buffalo, N Y 200,000 The Second National Bank of Hempstead, N. Y 100,000 The American National Bank of Cheyenne, 200,000 The First National Bank of Manville, WyoWyo 25,000 The First National Bank of Rock River, Wyo 25,000 For conversion of State banks: The Downs National Bank, Downs, Kansas 25,000 Conversion of the Union State Bank of Downs. The First National Bank of Wetonka, S. Dak 25,000 Conversion of the First State Bank, Wetonka. The Citizens National Bank of Abingdon, Va Conversion of the Citizens Bank & Trust Company, Incor- 25,000 porated, of Abingdon. The Peoples National Bank of Bedford, Va 100,000 Conversion of the Peoples Bank, Bedford. Total $1,540,000 CHARTERS ISSUED. Original organizations: The First National Bank of Foosland, Ill 25,000 The First National Bank of Hugoton, Kans 25,000 Succeeds the Hugoton State Bank, Hugoton, Kans. The Redmond National Bank, Redmond, Oregon 25,000 The American National Bank of Wichita Falls, Texas 100,000 Conversion of State banks: The American National Bank of Bridger, Mont 25,000 Conversion of the First State Bank of Bridger. The First National Bank of Alexander, No. Dak Conversion of the Alexander State Bank,Alexander, No. Dak. 25,000 Total $225,000 INCREASES OF CAPITAL APPROVE The Granite City National Bank, Granite City, Ill., fromD. $75,000 to $150,000 The First National Bank of Sioux Centre, Iowa., from $25,000 to $50,000 The Madison National Bank of Richmond, Ky., from $100,000 to $125,000 The First National Bank of Brooklyn. N. Y., from $300,000 to $500,000 The Union National Bank of Huntingdon, Pa., from $100,000 to $125,000 The Williamsport National Bank, Williamsport, Pa., from $100,000 to $200,000 The First National Bank of Mobridge, So. Dak.. from $25,000 to $50,000 The First National Bank of Cooper, Texas., from $60,000 to Per cent. Shares. Stocks. Per cent. 12 Christopher & 10th St. RR_ 56 350 Hudson & Manh. RR., pref. 1 A 29,672 Mexican Producing & MinGoshen.N.Y.,$25ea $813( per sh. Ing, $1 each $1,000 lot 10 Unitel Gas & Elec., 1st pref. 40 • 200 Knicker.-Wyo. Oil, pref., Bonds. Per cent. $10 each $2% per sh $14,000 Now York City, Assessment 50 Hudson Trust 132 34s, 1954 813 2,170 Nat. Securities Corp.. v.t.c.$1 lot $t,000 Estates of Long Beach 1st Os, 1,000 Mont. dc Mexico Mining,$5 1917. and 5 shs. Estates of Long each 5c. per sh. Beach $110 23 Nat. Bank of Orange Co., By Messrs. R. L. Day & Co., Boston: lot Shares. Stocks. $ per sh. Shares. Stocks. $ per sh. 107 National Shawmut Bank 215 10 Hood Rubber, preferred 102% 25 Old Colony Trust, ex-div 255 50 U. S. Envelope, common 200 1 Merrimack Mfg.,corn., ex-div_ 68 9 Cambridge Gas Light 160 22 Flint Mills 155 lb Turners Fulls P. & E 122 10 Nashua Mfg., new stock 240 17 Thomson Elec. Weld'g,$20 ea_ 5434 2 Pepperell Mfg 190 1 Boston Atheneum,$300 par_ _ _416 40 Hamilton Mfg., ex-div 8 Quincy Mkt. C. S.& W.,corn_150 10934 6 Tremont & Suffolk Mills 158 15 King Philip Mills 165 1 Peterborough RR 60 By Messrs. Millet, Roe & Hagen, Boston: Shares. Stocks. $ per sh. Shares. Stocks. $ per sh. 28 National Shawmut Bank 215 15 New Eng. Fuel Oil, $10 each__ 40 9 Bigelow-Hartf. Carpet, prat 95 8 Sullivan Machinery 133 8 Pepperell Mfg 190 10 Fairbanks Company, preferred. 90 52 Puget Sound True., L. & P., 1 Hood Rubber, corn., ex-div_ _145 pref., unstamped 56 5 Lamson & Hubbard Corp., pref 8334 By Messrs. Barnes & Lofland, Philadelphia: Shares. Stocks. $ per sh. Shares. Stocks. $ per sh. 250 St. James Hotel, preferred._ _ _ 2 100 Guyandote Coal Land Assn., 5 Bryn Mawr Trust, $50 each __ 55 common $3 lot 10 Peoples Natl. F. Ins., $25 each 1734 10 Guyandote Coal Land Assn., 1 Philadelphia Trust 720 preferred lot $1 3 Phila. National Bank 350-35034 200 Cumberland Gap Park (Tenn.) 6 Corn Exchange National Bank.344 common,$25 each $1 lot 7 Comml.Finance, pf.,$10 each- 10 2 New Review Pub.(N.J.),pref. 21 People's Trust, $50 each $50 each 4034 $4 lot 15 Phila. Germantown & Norr.RR119 5 Graham Furnace (Va.) 20 Curtis Publishing 300 200 Radford-Crane Iron (Va.)_ _$15 lot 10 Phila. Ritz-Carlton, pref 5 25 Interlacken Land $3 lot 80 Hillside Cemetery,$25 each.- 1034 160 Ohio Cons. Mg.(N.Y.),$10 ea..$2 4 United Gas & Elec., 1st prat_ 4034 50 Densmore Oil (Pa.),$10 each...$1 lot lot 5 Jenkintown Bldg. Assn, 69th 50 Lemis Placer Mg.(1da.),$1 ea..1$550 series 412 120 Isle,sboro Land & Improve't__ lot 30 Virginia Lumber (Va.) $3 lot 200 Boreal Mining $6 lot 20 Mingo Coal (W. Va.)-_ _$500 lot 10 Phila. Scour., pref., $234 eachl$1 Bonds. Per cent. 10 Phila. Scour., corn., $25 each_ f lot $5,000 East St. Louis & Suburban 339 Phila. Medical Publishing___$1 lot Co. cony. 7% notes, 1921 90 $75,000 25,000 25,000 200,000 _5 25,000 100,000 25,000 375,000 DIVIDENDS. 15,000 The Planters National Bank of Honey Grove, Texas., from The following shows all the dividends announced for the $75.000 to $100,000 25,000 future by large or important corporat The First National Bank of Alexandria, Virginia, from ions: $100,000 laibto $200,000 Dividends announced this week are printed in italics. 100,000 The Citizens National Bank of Alexandria, Virginia,from $100,000 Iskto $200,000 100,000 The Public National Bank of New York, New York, from $1,Per When Books Closed. 000,000 to $1,250,000 Name of Company. Cent. Payable. 250,000 Days Inclusive. The First National Bank of Puente, California, from $25,000 to $50,000 Railroads (Steam). 25,000 Alabama Great Southern, The Citizens National Bank of Decatur, Illinois, from $200,000 preferred..-- 4 Feb. 21 Holders of rec. Jan. to $250,000 Atch. Topeka & Santa Fe. corn. (quar.) 154 Mar. 1 Holders of reo. Jan. 21a 31a The Central National Bank of Attica, Indiana, from $75,000 50,000 Baltimore & Ohio, common Mar. 1 Holders of ree. Jan. 280 2 lot° $100,000 Preferred Mar. 1 Holders of rec. Jan. 280 The First National Bank of Pharr, Texas,from $25,000 to $50,000- 25,000 Buffalo Rochester & Pittsburgh, corn_ _ 2 Feb. 15 Holders of roe. Feb. 13a 2 The Powell National Bank, Powell, Wyoming, from $25,000 25,000 Preferred 3 Feb. 15 Holders of rec. Feb. 13a $40,000 Canadian Pacific, common (guar.) 2% Apr. 1 Holders of reo. Feb. 28 The First National Bank of Decatur, Texas, from $50,000 to 15,000 Chestnut Hill (guar.) *75o. Mar. 4 Feb. 21 to Mar. 3 ro$100,000 :Chicago St. Paul Minn.& Omaha,coin. 2% Feb. 20 Holders of reo. Feb. :10 The First National Bank of Mt. Vernon, South Dakota, from 50,000 :Preferred 3% Feb. 20 Holders of rec. Feb. $25,000 to $50,000 Ctn. Cleo. Chic. Ab St. Louis, pref. (guar.) 134 Apr. 21 Holders of rec. Apr. ha 1 The Lamberton National Bank of Franklin, Pennsylvania, from 25,000 Cleveland & Pittsburgh, reg. guar.(qu.) 8740 Mar. 1 Holders of reo. Feb. 10a $100,000 to $125,000 Special guar. (guar.) 50o Mar. 1 Holders of ree. Feb. 10a The Caldwell National Bank, Caldwell, Texas. from $50,000 25,000 Cripple Creek Cent., pf.(qu.)(No. 53).. 1 Mar. 1 Holders of roc. Feb. 14a to $100,000 Coal, Iron & fly., preferred 50,000 Dayton 5o. Mar. 15 Holders of reo. Feb. 20 Dayton (Tenn.) Coal, Iron & Ry., pref. 5o. Feb. 15 Holders of reo. Jan. 20 Total $1,255,000 Delaware & Bound Brook (guar.) Feb. 20 *ilolders of rec.. Feb. 14 *2 REDUCTI ONS OF CAPITAL APPROVED. The First National Bank of Grey Eagle, Minnesota , from $30,000 to $25,000 CHARTERS EXTENDED. The Frost National Bank of San Antonio, Texas. Until close of business Feb. 5 1939. The Citizens National Bank of Alton, Ill. Until close of business Feb. 6 1939. The Border National Bank of Eagle Pass, Texas. Charter extended until close of business Feb. 13 1939. $5,000 :Delaware & Hudson Co.(quar.) :Illinois Central (guar.) Norfolk & Western, adj. pref. (guar.).- 234 Mar.20 Holders of rec. Feb. 26h 154 Mar. 1 Holders of reo. Feb. :3a Feb. 19 Holders of rec. Jan. 31a 154 Mar. 19 Holders of reo. Feb. 28a North Pennsylvania (guar.) Feb. 25 Feb. 14 to Fob. 19 $1 Pennsylvania(quar.) 75e. Feb. 28 Holders of roe. la Phila. Germantown db Norristown (guar.) *31.35 Mar. 4 Feb. 21 to Feb. Mar. 3 Pittsburgh & West Virginia, pref. 154 Mar. 1 Holders of reo. Feb. 13a Youngs. ct Ashtabula, pref.(quar.) 1% Mar. 1 Holders of rec. Feb. 20a (qu.)Pitsb Reading Company, first pref. (gnarl 500. Mar. 13 Holders of reo. Feb. 25a Norfolk & Western, common (guar.)._ Name of Company. 659 THE CHRONICLE FEB. 15 1919.] When Per Cent. Payable. Books Closed. Days Inclusive. When Per Cent. Payable. Name of Company. Books Closed. Days Inclusive. Miscellaneous (Concluded)— .50c. Mar. 15 *Holders of rec. Feb. 28 Indepe Ideal Brewing, common (guar _ 4113i Feb. 28 *Holders of rec. Feb. 19 Preferred (guar.) Feb. 15 Holders of rec. Jan. 25 $2 Indiana Pipe Line (quay.) Feb. 15 Holders of rec. Jan. 25 $1.50 Extra Mar. I *Holders of rec. Feb. 10 "2 Inland Steel (guar.) Mar. 1 Holders of rec. Feb. 20 Internat. Colton Mills, COM77103 (guar.)_ _ $1 Mar. 1 Holders of rec. Feb. 20 1% . Railways Street & Electric Preferred (guar.) la Feb. rec. of Holders 15 Feb. Mar. 1 Holders of rec. Feb. 8a 1% 134 Harvester, prof. (quar.).. American Railways, pref. (guar.) Mar. 1 Holders of rec. Feb. 15a International 24) 50c. Mar. 1 Holders of rec. Feb. 13a (quar.)_ Cent. Ark. fly. & Lt., pf.(qu.)(No. ) Holders of rec. Feb. 15a International Nickel, common 1 Mar. 15 Holders of rec. Feb. 10 Feb. 34 2% prom. (monthly Iron, & pref. d Coal Cities Service, corn. and Mar. 1 Holders of rec. Feb. 15a Jefferson & Clearfiel fl Feb. 15 Holders of roe. Jan. 31 2 Common (payable in common stock)_ KaminIstigula Power, Ltd.(guar.) Feb. 15 Feb. 1 to Feb. 16 15 Holders of rec. Mar. la Mar. 14 25c. (qu.) pr. & corn. (quar.) Ltd. Ltg., & Mines, Connecticut fly. Kerr Lake Mar. 1 Holders of rec. Feb. 13 2 14 Feb. 28 Holders of rec. Feb. 18 Detroit United fly. (guar.) (No. 59)... 374o. Feb. 20 Holders of rec. Feb. la Lanston Monotype Alachi,,e (guar.) Feb. 28 Holders of rec. Jan. 31a $1 Monongahela Val. Trac., pref. (quar.)_ Lehigh Coal & Navigation (quar.) Feb. 16 Holders of rec. Jan. 31 1 Mar. 1 Holders of rec. Feb. 170 (qu.)15a Liggett & Myers Tobacco, com.(quar.) 3 Montreal Lt., Ht.& Power Cons. rec. Feb. of Holders 1 Mar. 1 _ .) 31 Holders of rec. Mar. la (guar Mar, 6 2-3 (quar.) Northern Teens Electric Co., corn. Mar. 1 Holders of rec. Feb. 15a Lindsay Light, common 3 Mar.31 Holders of roe. Mar. la 1-3 2 (quar.) (guar.) Preferred Preferred . of roe. Jan. 31 Holders 15 Feb. Jan. 28 to Feb. 17 ' 20 Feb. 18) 50e. (No. (qu.) Pacific Gas & El., 1st pf. Lit Brothers Corporation 134 Feb. 15 Holders of rec. Jan. 31 25c. Feb. 20 Jan 28 to Feb. 17 Original preferred (guar.)(No. 52)... $1.25 Mar. 1 Holders of rec. Feb. 10a Extra of rec. Feb. 15 Holders 1 Mar. 2% pref 5% , Philadelphia Company Manati Sugar,common (guar.) 24 Feb. 15 Hollers of rec. Feb. 7 1 'Holders of rec. June 1 Tampa Electric Co.(guar.)(No. 57) Marconi Wireless Telegraph of America_ '25c July 14 Mar. 15 Holders of rec. Mar. 1 030e. Feb. 15 Feb. 6 to Feb. 15 7) - West Penn Krt., pref.(guar.)(No. Maryland Coal (payable in L. L. bonds) 02 Holders of rec. Jan. 20 15 Feb. 134 20 Holders of rec. Jan. 31 Feb. (qu.)_ 1)_. pf. P., (No. Mason Tlre & Rubber, corn West Penn Trao. & Water Feb. 15 Holders of rec. Feb. la 21 Miami Copper (guar.)(No. 26) Holders of rec. Feb. 154 1 Mar. 1% (guar.) Miscellaneous. preferred first Moline Plow, Feb. 15 Holders of rec. Feb. 14 1% Mar. 1 Holders of rec. Feb. 15a Acceptance Corporation (guar.) Second preferred (guar.) % Mar. 1 *Holders of rec. Feb. 20 #1. Feb. 15 Holders of rec. Jan. 31 2 Acme Tea, first preferred (guar.) Mar. 17a Montreal Light, Heat & Power (quar.)_ 75c. Mar. 1 Holders of rec. Feb. 15a 134 April 1 Holders of rec. Advance Rumely, preferred (No. 1).... 750. rec. Feb. la National Acme Co. (guar.) 31 of Holders 15 Feb. 134 April 15 Holders of rec. Mar. common (guar.) American Bank Note, com. (quar.)__ April 1 Holders of rec. Mar. 15a National Biscuit, (No. 81) 1% Feb. 28 Holders of rec. Feb. 15a Amer. Beet Sugar prof. (qu.) (No. 79). P134 Preferred (guar.) •144 Feb. 15 *Holders of rec. Jan. 31 12 Feb.d19 to Feb. 254 Mar. 2% common (guar.) American Brass National Candy, of res. Jan. 31 3% Mar. 12 Feb.d19 to Feb. 254 '134 Feb. 15 *Holders of First and second preferred Extra rec. Feb. 28 Feb. 21a Mar. 1 Holders $2 (qu.)(No.19) 1%, Mar. 1 Holders of rec. American Coal Mar. 1 Holders of rec. Feb. 15a National Cloak & Suf. prof. 1 _ Feb. 20 *Holders of rec. Feb. 9 (quar.) *2 common Oil, American Cotton Feb. 9 rec. Mar. 15 Holders of rec. Jan. 31a National Grocer, common of *Holders 40c. 20 Feb. '3 American Druggist Syndicate Common (extra) 5 Feb. 15 Holders of rec. Feb. 15a Feb. 20 *Holders of rec. Feb. 9 *3 American Foreign Securities Preferred Feb. 21a rec. Mar. 15 Holders of rec. Mar. 5a of Holders 15 134 Mar. (guar.). 1% common American Fork & Hoe, National Lead, preferred (guar.) 34 April 15 Holders of rec. April 5 Feb. 15 Holders of rec. Feb. 1 Preferred 15a Nat. Refin.,corn.(qu.) pay,in com.stk.) f4 15 Holders of rec. Feb. 44 Feb. 134 April 1 Holders of rec. Mar. . 2% (quar.). 1) pf. (No. Leather, common & Hide Dock, 15 American New York *90c. Mar. 31 *Holders of rec. Mar. Mar. 1 Holders of rec. Feb. 140 ing Corp.(No. 1)._ $1 Amer. Internat. Corp., corn. cfc pref.(qu.) of rec. Mar. la 14 Feb. 15 Holders of roe. Feb. 8a New York Shipbuild rd, common (quar.).. 2% Mar.20 Holders of rec. Feb. (ia an o menVu.) ered er Am. La France Fire Eng..Ino.,com (qu.) re-fB les Nip Mar. 1 *Holders of rec. Feb. 19 *1 20 Holders I% Feb. commony, Machiner Laundry Amer. •15,1 Apr. 15 *Holders of rec. Apr. 5 of rec. Feb. 20 Holders 1 Mar. 1% Preferred (guar.) Ogilvie Flour Mills, Ltd., pref. (quar.) Mar.31 Mar.23 to Mar.31 — 3 $1.25 Mar. 1 Holders of rec. Feb. 150 American Radiator, common (guar.) Ohio Cities Gas, common (guar.) Mar,31 Mar.23 to Mar.31 of rec. Jan. 31 Holders m4 15 Feb. bonds) 1% L.L. _ 434% in (guar.) Corn.(extra pay. Ontario Steel Products, pref. Feb. 15 Feb. 7 to Feb. 15 1 h% Feb. 15 Holders of rec. Jan. 31 Preferred (guar.) Extra (acct. accumulated dividends). 1% Mar. 15 Feb. 27 to Mar. 4 1 15 Mar. 7 to Mar. 17 (quar.)_ Mar. corn. , Refining (guar.) preferred & Pabst Brewing, to Feb. 20 Amer• Smelt. Mar. 1 Feb. 87340. Feb. 15 Holders of rec. Jan. 15a Preferred (guar.) Pacific Development Corp. (quar.)_ 134 Feb. 15 Holders of roe. Feb. 1 Feb. 15 Holders of rec. Jan. 310 American Soda Fountain (guar.) (qu.) 1,4 April 2 Holders of roe. Mar. la Pacific Lighting Corp., corn. (guar.)--- 3 pref. & 1% Feb. 15 Holders of rec. Jan. 31a com. , Refining in Preferred (guar.) Amer.Sugar April 2 Holders of roe. Mar. 34 Feb. 15 Holders of rec. Feb. 5 1% Feb. 14a Pentnans, Limited,common (quar.) Common (extra) 18). 334 Mar. 1 Holders of rec. Mar. 16 I% May 15 Holders of rec. May 5 Pomo is, Limited, common (guar.) Amer. Sumatra Tobacco pref.(Noscrip) Mar. 1 Feb. 16 to May 1 Holders of rec. Apr. 21 05 in (pay. ) com.(qu. Preferred (guar.) Amer. Tobao., 14 Apr. 1 Feb. 16 to Mar. 16 43 75e Mar. 15 Holders of rec. Feb. 21 Feb. 1 Preferred (guar.) Philadelphia Electric (guar.) (qm.) 1% Feb. 15 Holders of rec. Feb. Mar. 15 'Holders of rec. Mar. 1 pref. *50c. Elec., at Works common Water h (guar.) 19 PUIsburg Brewing, Amer. *334 Mar. 1 *Holders of rec. *134 Feb. 28 'Holders of rec. Feb. 18 American WI Wow Glass Co., preferred_. $1.50 Feb. 24 Holders of rec. Jan. 18a Preferred (Tuar.) Feb. 15 Holders of rec. Jan. 310 Anaconda Copper Mining (guar) .(qu.) 134 Mar. 1 Holders of rec. Feb. 8a pittsburgh 011 & Gas (guar.) Mar. 1 Holders of rec. Feb. 150 Associated Dry Goods Corp., 1st pf of rec. Feb. 8a Pittsburgh Steel, preferred (guar.) Holders 1 Mar. Mar. 6 Holders of rec. Feb. 15a 13( Second preferred (guar.) Porto Rican American Tobacco (quar.). g3 *5 Mar. 15 *Holders of rec. Feb 21 20 Holders of rec. Feb. 60 1% Feb. (No. 72) (qu.) • 12 & Whitney Atlantic Refining (guar.) Pf Co, Mar. Pratt ha 1 Holders of rec. April 1% Mar. 4 Holders of roe. Feb. 34) (guar.) Bethlehem Steel,common Pressed Steel Car,corn.(guar.)(No. Feb. 4a April 1 Holders of roe. Mar. 12 1% 134 Feb. 25 Holders of rec. Common (extra) Preferred (guar.)(No. 80) 1% April 1 Holders of roe. Mar. 12 Holders of rec. Jan. 25a 15 Feb. 5 ---(guar.) (guar.) 13 common Common Procter & Gamble, 1% April 1 Holders of rec. Mar. 12 Feb. 15 Holders of rec. Jan. 310 2 Common B (extra) Pullman Co.(quar.)(No. 208) April 1 Holders of roe. Mar. 12 02 1% Feb. 28 Holders of rec. Feb. la Cumulative convertible pref. (quar.)- 0131 April 1 Holders of rec. Mar. 12 Quaker Oats, preferred (guar.) Feb. 15 Holders of rec. Feb. 11 2% (quar.) ) .)(No.12 preferred corn,(qu per, lative Non-cumu itiordon Pulp&Pa Feb. 15 Holders of rec. Feb. 8 4 1% Mar. 15 Holders of rec. Feb. 28a la Savage Arms Corp., common (guar.)_ _ Bond & Mortgage Guarantee (guar.)--- 4 Feb. rec. of Holders 15 Feb. 1% Mar. 15 Holders of rec. Feb. 28a Borden's Cond. Milk,com.(No.47)_ --First preferred (guar.) 134 Mar. 15 Holders of rec. Mar. la 1% Mar. 15 Holders of rec. Feb 28a Preferred (guar.) (No. 69) Second preferred (quay.) Holders of rec. May 31a 14 June Feb. 15 Holders of rec. Jan. 31a 134 2 Preferred (guar.) (No. 70) Sears, Roebuck & Co., common (quar.). 2 134 Feb. 21 Feb. 9 to Feb. 20 Feb. 20 Feb. 6 to Feb. 20 British Columbia Fish & Pack. (quar.). lvay Co. (guar.) 20 to Feb. Semet-So Feb. 21 Feb. 9 234 (qu.). Apr. 19 *Holders of rec. Mar. 31 *25c. Assoc). (guar.)__ Packers' Co. British Columbia Mar. 1 Holders of roe. Feb. 140 Shattuck-Arizona Copper 2 (guar.) 114 Feb. 15 Holders of rec. Feb. 8a Brooklyn Edison, Inc. (guar.) 114 Mar. 1 Holders of rec. Feb. 20a Silversmiths Company, preferred Feb. 15 Holders of rec. Feb. la 134 (quer.) Preferred Brown Shoe, Inc., common (guar.) 4 Smith (A.0.) Corp., 13( Feb. 15 *Holders of roe. Feb. 1.54 Feb. 15 Holders of rec. Jan. 31a Brunswick-Balke-Collender,common.._ $2 Southern California Edison, com. (qu.) 5 Mar. 15 Holders of rec. Feb. 21 Mar. 1 Holders of rec. Feb. 15 (quar.) Buckeye Pipe Line (guar.) 22)_ 24 Feb. 15 Holders of roe. Feb. la Southern Pipe Line Feb. 28 Holders of rec. Feb. 18a 2 Burns Bros., common (guar.) (No. Feb. 15 Holders of roe. Feb. la Standard Milling, corn. (qu.)(No. 9).. 1% Feb. 28 Holders of rec. Feb. 113a /24 stock). common in 37) (No. Common (payable d(quay.) 25 to Feb. Preferre 26 Jan. 15 Feb. 134 2% Mar. 15 Holders of rec. Feb. 15 By-Products Coke Corporation (quar.). 31 Standard 011 (California) (quar.) 134 Feb. 16 Holders of rec. Jan. 31 (quar.)___ Mar. 15 leolders of rec. Feb. 15 Canada Cement, Ltd., pref.com. of rec. Jan. Extra (payable in 4th L. L. 43(s)..... m234 Holders 15 Feb. 3 (qu.). Feb. 28 Feb. 4 to Feb. 28 3 Canada Foundries & Forg., Standard 011,(Indiana) (quar.) Feb. 15 Holders of roe. Jan. 31 13( Feb. 28 Feb. 4 to Feb. 28 3 Preferred (guar.) Extra Mar. 15 *Holders of roe. Mar. 1 *2 Feb. 28 'Holders of rec. Feb. 14 *3 Canada Steamship likes, common ) (quar.) 31 of (Kansas Jan. rec. 011 Holders 15 Standard Feb. 134 Feb. 28 *Holders of rec. Feb. 14 *3 Canadian Converters, Ltd. (quar.). Extra Mar.31 Holders of rec. Sept.26 04 Mar. 15'Holders of rec. Feb. 21 "4 preferred 1st (quar.) Steel, York Carbon Standard 011 of New July 30 Holders of rec. July 26 6 Apr. 1 Mar. 1 to Mar. 19 3 Second preferred (annual) Standard (XI (Ohio) (guar.) Feb. 15 Holders of rec. Jan. 31 Apr. 1 Mar. 1 to Mar. 19 1 (quar.)— 19 of Cedar Rapids Mfg. & Power (No. rec. Feb. Extra Mar. 1 Holders $1 13)__ 15 Holders of rec. Feb. la Feb. 1% (guar.) Copper Cerro de Pasco 75e. Feb. 15 Holders of rec. Feb. la Standard Parts, common (guar.) (qu.) Feb. 15 Jan. 30 to Feb. 19 2 Cleveland Automatic Mach., corn. Feb. 13 Feb. 12 Stewart Warner Speedometer (guar.)._- 1 stock)._ e5 1 Holders of rec. Feb. 200 Mar. (guar.). corn. rrgtion, Cleveland Worsted Mills (pay. in(quar.). o a Feb. 20 Holders of rec. Jan. 31a Studebaker Corp 1% Mar. 1 Holders of rec. Feb. 20a Colorado Fuel & Iron, common Preferred Corporation,(quar.) Feb. 20 Holders of rec. Jan. 31a 2 Feb. 15 Holders of rec. Feb. la 2 Preferred (guar.) Feb. 15 Holders of rec. Jan. 31a Superior Steel, 1st & 2d pref. (guar.) 1 Columbia Gas & Electric (guar.) Mar. 15 Holders of rec. Feb. 7a Swift International (Compania Swift $1.20 Feb. 20 Holders of rec. Jan. 11 13j Consolidated Gas (guar.) Internacional) (No. 1) 334 Feb. 20 Holders of roe. Feb. 10a Apr. 1 Holders of rec. Mar. 25 4 Consumers Company, preferred (guar.) Thompson-Starrett Co., preferred 150. Feb. 15 Feb. 9 to Feb. 16 Holders of rec. Feb. 3a Corp.. com. (quar.). g134 Feb. 15 Jan. Continental Motors Corp., corn. Products 8 of Feb. Tobacco Holders rec. 15 Feb. 114 26 to Feb. 15 Feb. 15 1 Continental Paper Bag,com.(guar.). Union American Cigar, pref. (guar.)._ m2 134 Feb. 15 Holders of roe. Feb. 8 Holders of rec. Feb. 5 15 Feb. Preferred (guar.) Corp. (extra) 1 Holders of rec. Feb. 15a Union Bag & Paper Mar. of rec. Mar. 10 'Holders 834 1 Apr. 7) (No. "$1.25 Cosden et Co., pref. (guar.) Union Carbide tic Carbon (guar.) Mar. 1 750. Mar. 15 Feb. 21 to Mar. 16 .234 Mar.25 *Holders of rec. Crescent Pipe Line (guar.) Mar. 1 Holders of roe. Feb. 15a Union Tank Line of roe. Jan. 290 13' Holders 15 Feb. (guar.) 234 (qu.) preferred corn. Deere & Co., Mar. 15 Holders of roe. Feb. 28a United Cigar Stores of Amer., 28a Feb. rec. 2 of Holders 15 1% Mar. Diamond Match (guar.) Feb. 15 Holders of roe. Jan. 31 United Cigar Stores of Amer., pref.(qu.) 2 Mar. 1 Holders of rec. Feb. 150 Dominion Bridge, Ltd. (guar.) United Drug,second preferred (quar.).. 1% Feb. 15 Holders of roe. Feb. 5 Mar.14a rec. of 134 Holders 1 Apr. (guar.) 1% common , Dow Chemical United Dyewood, preferred (guar.) 64 Feb. 15 Holders of rec. Feb. 5 234 Apr. 15 Holders of rec. Mar.20 Common (extra) United Fruit (guar.) (No. 79) 134 Feb. 15 Holders of rec. Feb. 5 50c. Apr. 15 Holders of rec. Mar.20 Preferred (guar.) Extra Mar. la 24 Apr. 15 Holders of roe. Apr. 1 (guar.) common u134 Mar. 15 Holders of rec. Mar. 3 Eastern Steel, Iron Pipe & Fdy., pf.(qu.) Holders of rec. Mar. 1 15 Cast S. Mar. U. 154 — — (guar.) 1% Mar.29 Mar. 1 to First and second preferred U. S. Steel Corporation, coin. (quar.)_ *24 Apr. 1 *Holders of rec. Feb. 28 Mar. 1 to Mar. 3 29 Mar. 1 Eastman Kodak, common (guar.) Common (extra) 4 *24 Apr. 1 *Holders of rec. Feb. 28 134 Feb. 27 Feb. 2 to Feb. 14 Common (extra) *5 Preferred (quar.) May 1 *Holders of rec. Mar.31 134 Apr. 2 Holders of rec. Mar. 1 Common (extra) *Ix Apr. 1 *Holders of rec. Feb. 28 Wabasso Cotton Co., Ltd.(guar.) of rec. Mar. *Holders 10 Mar. *100. (guar.) (quar.)_ common Preferred Wayland Oil it Gas, Feb. 15 Holders of reo. Feb. in (qu.) 1 June 30 *Holders of rec. June 19 *4 Elsenlohr(Otto)& Bros.,Inc.,corn. Western Grocer, common 134 Feb. 21 Holders of rec. Feb. 11 (guar.) June 30 'Holders of roe. June 19 *3 Electric Investment, preferred(quar.)... 134 Feb. 20 Feb. 13 to Feb. 20 Preferred pref. Mar. 1 Holders of rec. Feb. 16a 134 Co., 63) db Egan (No. A.) Fay (J. White (J.G.) Co., pref. (guar.) h334 Feb. 20 Feb. 13 to Fob. 20 -_. vidends) accum.di Mar. 1 Holders of rec. Feb. 15a Preferred (account 25 ‘Vhite(J.G.) Engineering Corp., pf.(qu.) 13' Mar. 1 Holders of rec. Feb. lba pref. (guar.) 134 Mar. 15 Holders of rec. Feb. Smelting, (qu.) 134 ac Corp.,pf. ent Mining 15 Managem Feb. Federal White(J.G.) 14 Mar. 1 Holders of rec. (guar.) Mar. 1 Holders of roe. Feb. 100 2 preferred Federal Utilities, Woolworth (F. W.) Co., common (qu.) *1A Apr. 1 *Holders of rec. Mar. 10 15o. Feb. 25 Holders of rec. Feb. 5 First National Copper Feb. 15 Holders of rec. Feb. la Woolworth (F. W.) Co., pref. (quar.) (qu.) $1 Gaston, Williams & Wigmore, Inc.47).. 134 Mar. 1 Holders of rec. Feb. 13a subject to the approval of Director-General General Asphalt, pref. (guar.) (No. •From unofficial sources. t DeclaredExchang Mar. 1 Holders of rec. Feb. 21a e has ruled that stock will not be The New York Stock General Chemical, common (guar.)__-- 131 Mar. 1 Holden; of rec. Feb. 24 of Railroads. (guar.). until further notice. not and preferred date me., this General Cigar, quoted ex-dividend on 1 *Holders of rec. Mar. 20 Apr. 'n% b Leas British income tax. d Cor(qu.) pref. . General Fireproofing, corn. and a Transfer books not closed for this dividend Mar. 1 Holders of rec. Jan. 30 $2 in common stock. g Payable in scrip. Gillette Safety Razor (guar.) rection. e Payable in stock. !Payable Payable in Liberty Loan bonds. 1 Red May 31 Holders of rec. May 1 $2 I s. dividend Gillette Safety Razor (guar.) h On account of accumulated May 31 Holders of rec. May $1 U. S. Liberty Loan 434% bonds. on Sept. 30 1919 Extra Feb. 15 Holders of rec. Feb. 5a Cross dividend. m Payable instock, payable 4% as above and 4% Goodrich (B. F.) Co.. common (quay.). n Declared 8% on first pref. May 15 Holders of rec. May 5a record Sept. 26. Common (guar.) 134 April 1 Holders of roe. Mar. 21a to holders of6% 2% as above and 2% each on May 20 and payable common, on Preferred (guar.) 20s Declare o June of res. 134 July 1 Holders 31 1919. Preferred (guar.) Feb. ha Aug. 20 1919, all to holders of record Jan. July 31 and Oct. 31 1919 and Jan. 31 of 14 Holders rec. Feb. 30, Gorham Manufacturing, cont.(quar.) p Declared 8% payable 2% each April Feb. 14 Holders of rec. Feb. ha 2 12 and Oct. 12 1919 and Jan. 10 1920, July 12, April on record of Common (extra) 1920, to holders D. *10c Mar. 1 *Holders of rec. Feb. 18 Grant Motor Car Corp., corn. (No. $1.50 Feb. 24 Holders of rec. Feb. 7a respectively. each on April 1, July 1, Oct. 1 1919 and Greene Cananea Conner (guar.) r Declared 7% on pref., payable 134% 1% Mar. 1 Holders of rec. Feb. 101 Harbison Walker Refrao., com.(quay.). 1% Apr. 19 Holders of rec. Apr. 0 Jan. 11020. 1, July 1, Oct. 1 1919 and Jan. 1 1920, April (guar.)— on Harbison-Walker Refrac., pref. t Declared 7% payable 134% each 14, Sept. 13 and Dec. 13, respectively. Mar. 1 Holders of req. Feb. 20a Hartman Corporation (quay.) 4.1 to holders of record March 14, June Feb. 28 *Holders of rec. Feb. 18 nts. ) Installme com.(qu. quarterly Inc., in Hart, Schaffner & Marx, 4%1 it Declared 5%, payable in quarterly Apr. 1 sHolde's of rec. Mar. 17 pref. and 7% on non-corn. pref., payable Haskell db Barker Car (guar.) cm Declared 8% on cum.cony. Apr. 1,July 1,Oct. 1 1919 and Jan.2 114 Feb. 15 Feb 6 to Feb. 15 on ely, respectiv , % pref. and (guar.) 2% Powder, 131 Hercules ely. of rec. Feb. 20a installments of Holders respectiv 15, 25 Dec. Feb. and 15 500. Sept. 16, 534) June (No. 12, HOMeatake Mining (monthly) 1920 to holders of record on Mar. 134 Feb. 15 Holders of reo. Jan. 31 & Power Securities, pref. (guar.) Railroads (Steam)—Concluded. Sharon Railway Southern Pacific (guar.)(No. 50) Unton Pacific, common (guar.) Preferred 214 Mar. 1 14 Apr. 1 Holders of rec. Feb. 28a 24 Apr. 1 Mar. 9 to Apr. 8 Apr. 1 Mar. 9 to Apr. 8 2 .)_ 134 134 134 A 1'A 12 134 234 1% 660 THE CHRONICLE [VOL. 108. Member Banks of the Federal Reserve System.-Following is the weekly statemen t issued by the Federal Reserve Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the "Chronicle" of Dec. 29 1917, page 2523. STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN CENTRAL RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JANUARLOCATED Y 31 1919. Declines of about 30 millions in the holdings of U. S. bonds and 6.2 millions in the amount of war paper on hand are indicated in the weekly statement of the Federal Reserve Board, showing condition consolidated of 771 member banks in about 100 leading cities. Following the redemption on Jan. 30 of the balance of the Oct. 1 certificate issue and the close on that date of subscriptions cate issue in anticipation of the Fifth War Loan, reporting members to the fifth certifishow an increase in their holdings of Treasury certificates of 57.5 44.4 millions represents the increase at the banks in the twelve Federal millions, of which Reserve cities. Aggregate holdings of U. S. war securities and war paper were 3,467.6 millions and constituted 25.1% of the total loans and investmen reporting banks, as against 25% the week before. For the banks ts of all in the twelve Federal Reserve cities this ratio, because of the decrease in the holdings of U. S. bonds and war paper and the increase in other loans, shows a decline from 26.5 to 26.3%. Forlarger proportionate banks a decline of this ratio from about 30 to 29.5% is noted. the New York City Government deposits increased 204.2 millions, time deposits about 23 millions, while net demand deposits fell off 43.4 millions. with the Federal Reserve banks show an increase of 31.8 millions and Reserve balances cash in vault a decrease of 14.4 millions. 1. Data for all reporting banks In each district. Two ciphers (00) omitted. Member Banks. Boston. New York. Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. LOW. Minneap. Kan. City Dallas. San Fran. Total. 106 56 90 82 46 101 38 35 76 44 52 $ 771 g $ $ $ $ $ g $ $ U.S.bonds to secure circulat'n 14,402,0 $ $ $ 46,101,0 11,497,0 41,207,0 24,949,0 15,265,0 19,857,0 17,154,0 6,469,0 13,712,0 17,929,0 34,505,0 Other U. S. bonds, including 263,047,0 Liberty bonds 23,701,0 202,176,0 44,721,0 80,816,0 90,976,0 31,780,0 13,321,0 29,689,0 U.S. certifs. of indebtedness_ 102,353,0 727,789,0 97,017,0 117,388,0 60,192,0 40,859.0 40,025,0 789,899,0 45,571,0 45,041,0 183,478,0 43,622,0 28,523,0 31,566,0 21,443,0 Total U.S.securities 15,830,0 76,528,0 1.514,708,0 140,456,0 1,068,068,0 153,235,0 239,411,0 130,712,0 101,165,0 294,311,0 92,556,0 48,313,0 74,987,0 55,202,0 151,058,0 2,547,452,0 Loans sec. by U.S. bonds. &c. 83,137,0 641,854,0 147,839,0 94,491,0 40,262,0 18,254,0 70,173,0 24,079,0 25,278,0 11,383,0 8,054,0 18,831,0 All other loans & investments 758,122,0 3,991,812,0 822,872,0 968,880,0 310,503,0 1,357,629.0 379,280,0 220,124,0 436,441,0 174,315,0 522,814,0 1,183,235,0 Reserve bal. with F.R. bank_ 77,412,0 885,999,0 64,774,0 91,319,0 359,183,0 35,410,0 157,359,0 40,408,0 22,319,0 48,728,0 18,610,0 54,465,0 10,099,755,0 Cash In vault 21,268,0 116,842,0 19,012,0 35,255,0 17,675,0 32,620.0 14,919,0 64,586,0 11,027,0 8,596,0 18,031,0 8,943,0 19,783.0 1,307,421.0 Net demand deposits 708,411,0 4,607,734,0 632,839,0 784,828,0 324,778,0 242,824,0 1,168,571,0 353,937,0 Time deposits 108,333,0 250,377,0 20,086,0 280,156,0 67,191,0 99,638,0 405,638,0 300.826,0 223,913,0 387,091,0 153,844,0 417,149,0 9,952,408,0 92,679,0 55,670,0 68,263,0 25,805,0 131,745,0 1,610,581,0 e 0OA A 012, 7 Onfl el rM /100 11 0A 1 1 r A 0.1 Orel II 1•7 r CIA /1 gg gg an ROO Il pp Number of reporting banks__ 45 pp gg pp gg Ott OAA 11 pg 11 Of17 /1 pp 111 flO11 11 gg A OA X A gg 0 011011 pp IMO ROA 11 2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks. New York. Jan. 31. I Jan. 24. No.reporting banks 65 65 U. S. bonds to secure cir$ $ culation 35,883,0 35,783,0 Other U.S. bonds, Including Liberty bonds 245,572,0 256,357,0 U. S. ctfa. of indebtedn.- 680,490,0 677,237,0 Total U.S.securities_ _ 961,945,0 969,377,0 Loans sec. by U.S. bds.,&c. 595,078,0 611,077.0 All other loans&investm' • 3,803,231,03,587,545,0 Res. balances with F.R.Bk 627,034,0 612,1374,0 Cash in vault 103,140,0 107,571,0 Net demand deposits 4,233.775,0 4,272.158,0 Time deposits 202,723,0 195,877,0 Government deposits 344,081,0 225,360,0 Ratio of U.S. war securities and war paper to total loans and investments% 29.5 30.0 Chicago. 1 441 Jan. 31. $ 1 1,119,0 35,404,0 107,958,01 144,479,0 48,808,0 843,488,0 109,743,0 38,706,0 788,192,0 155,219,0 51.371,0 18.4 All F. R. Bznk Cities. Jan. 24. 44 $ 1,119,0 Jan. 31. 1 $ 2541 99,773,0' Jan. 24. F. R. Branch Cities. Jan. 31. 254 159 $$ 99,614,0 54,673,0 Jan. 24. All Other Reporrg Banks Jan. 31. Jan. 24. Total. Jan. 31. 160 358 353 $ $ $ 54,674,0 108,601,0 108,497,0 771 $ 283,047,0 I Jan. 24. 772 $ 262,785,0 46,667,0 412,450.0 439,809,0 133,977,0 139,212,0 223,272,0 789.899,0 799,999,0 87,340,0 1,073,681,0 1,029,321,0 220,522,0 213,717,0 220,503,0 220,978,0 214,181,0 1,514,706,0 1,457,219,0 135,126,0 1,585,904,0.1,568,744,0 409,172,1 407,803,0 552,378,0 58,455,0 931,528,0 955,201,0 105,482,0 105,776,0 148,227,0 543,858,0 2,547,452,0 2,520,003,0 843,771.0 8,880,802,08,635,817.0 1,499,503,0 1,510,140,01,919,450,0 128,374,0 1,183,235,0 1,189,351,0 107,621,0 977,376,0 950,657,0 149,509,0 156,338,0 180,538,0 1,948,192,0 10,099,755,0 10,092,149,0 168,628,0 1,307,421,0 1,275,623,0 39,609,0 201.161,0 211,284,0 59,138,0 80,150,0 93,638,0 96.862,0 353,937,0 368,296,0 783.471,0 7,039,402,0 7,090,958,0 1,242,350,0 1,242,046,0 1,870,856,0 1,662,787,0 9,952,408,0 9,995,791,0 153,726,0 053,303,0 641,984,0 461,497,0 461,065,0 495,781,0 484,548,0 1,810,581,0 1,587,597,0 39,931.0 548,662,0 368,557,0 61,136,0 82,833,0 83,828,0 60,057,0 893,624,0 489,447,0 18.4 26.31 28.5 22.8 22.7 22.5 21.5 25.1 25.0 The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Feb. 8: Substantial increases in the holdings of war paper, largely by the three Eastern Reserve banks, and considerable reductions the larger banks are indicated in the Federal Reserve Board's weekly in reserve deposits of bank statement , issued as at close of business on Friday, Feb. 7, 1919. The banks' gold reserves show a decrease of about 4 millions, some of the banks reporting exchanges of Federal Reserve of war paper increased 93.5 millions, other discounts remained practically notes for gold. Holdings unchanged, while acceptances on hand went up 1.4 .term securities, due mainly to redemption by the Treasury of temporary millions. U. S. shortcertificates of indebtedness, declined about 127 millions. show a decrease of 32.4 millions for the week. Total earning assets The return flow of notes to the issuing banks appears to have ceased, at least temporarily, the Federal Reserve note circulation larger than the week before. Net deposits on the other hand, being 3.4 millions show a decline, for the week of 45.3 millions, which accounts reserve ratio from 53 to 53.5%• largely for the rise of the The figures of°the consolidated statement for the system as a whole are given in the following table, and in addition we present the results for each of the seven preceding weeks, together those of the corresponding week of last year, thus furnishing a useful comparison. In the second table we show the with resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the Comptrol ler and the Reserve Agents and between the latter and the Federal Reserve banks. FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement issued by the bank subdivides some certain items under a more general classification in the statement prepared at Washingto that are Included n. Thus, "Other deposits, &c.," as of Feb. 7, Government deposits," 392,380,855; "Non-member bank deposits," $5,484,729 consisted of "Foreign . and "Due to War Finance Corporation," $294,454. COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT TIIE 'CLOSE OP BUSINESS Fob. 7 1919. Feb. 7 1919. Jan. 311919. Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan, 3 1919. Dec. 27 1918. Dec. 20 1918. Feb. 8 1918. RESOURCES. $ $ $ $ $ $ Dold coin and certificates 1 $ 348,605,000 338,916,000 343,692,000 334.684,000 334,552,000 $ Dold settlement fund,F.R.Board 419,050,000 422,686,000 407,898.000 387,572.000 430,730.000 338.717,000 337,365,000 335,141,000 439,907,000 398.997,000 374,758,000 461,369,000 404,042,000 Dold with foreign agencies 5,829,000 5,828,000 5,828,000 5,828,000 5,828,000 5,829,000 5,829,000 5,829,000 52,500,000 Total gold held by banks 773,484,000 767,430,000 757,218,000 728,084,000 771,110,000 743,543,000 717,952,000 802,339,000 896,449,000 Dold with Federal Reserve agents 1,231,168,000 1,253,330,000 1,255,192,000 1,289.105,000 1.238,245,0 00 1.263,383,000 1,288,309,000 1.194,228,000 038,259,000 Dold redemption fund 103,533.000 91,346,000 88,907,000 85,388,000 84,715,000 85,768,000 84,013,000 82.421,000 19,960,000 Total gold reserves 2,108,183,000 2,112,106,000 2,101,317,000 2.102.557,000 2,004.070,0 00 2,092,894,000 2,090,274,000 2,078,988,000 1,754,668,0 Legal tender notes, sliver, &c 87.431,000 00 87,540,000 67,070,000 87.594,000 67,828,000 60,960,000 55,945,000 54,636,000 58,426,000 Total reserves 2,175,614,000 2,179,646,000 2,168,387,000 2,170,151,000 2.161,898,0 00 2,153.654,000 2,146,219,000 2,133,824,000 1,813,094,000 Bills discounted: Secured by Govt. war obligations 1,451,147,000 1,357,650,000 1,498,298,000 1,348,746,000 1,484,847,0 00 1,545,274,000 1,400,371,000 1,299,524,000 269,302,000 All other 243,254,000 243,478,000 263,735.000 254,412.000 273,229,000 Bills bought in open market 282,702,000 281,293,000 284,539,000 273,607,000 277,898,000 284,590,000 302,567,000 306,778,000 255,819,000 290,269,000 303,673.000 .340,785,000 280,705,000 Total bills on hand 1,977,103,000 1,882,421,000 2,046,572,000 1.874,765,000 2,035,972,0 00 2,120,133,0 00 2,006,011.000 1,947,067,000 805,826,008 Cf.S. Govt. long-term securities 28,250,000 '28,252.000 28,571,000 28,571,000 28,821,000 29,824,000 Cr. S. Govt. short-term securities 28,869,000 28,850.000 139,501,000 266,532,000 147,398,000 271,173,000 175,809,000 55,782,000 125,063,000 282,677,000 325,073,000 170,100,00 kll other earning assets 4,000 0 4,000 4,000 4,000 13,000 13,000 13,000 16.000 4,423,000 Total earning assets 2,144,858,000 2,177,209,000 2,222.545,000 2,174,513,000 2,240,615,0 00 2,27.5.033,000 2,318,170,000 2,301,006,000 1,036,131,0 Bank premises 8,672,000 8,648,000 00 8,108,000 8,083.000 8,083,000 Uncollected items and other deductions • from gross deposits 624,861,000 .691,454,000 716.588,000 808.046,000 705,910,000 823,079,00 0 759,608,000 S% redemp.fund akst. F.R.bank notes 826,831,000 6,822,000 284,964,000 6,767,000 8,752.000 6,531,000 8.452,000 6,265.000 kll other resources 5,988,000 5,880,000 9,788,000 11,631,000 537,000 10,278,000 17,172,000 18.473,000 30,337,000 22,005,000 20,793,000 551,000 Total resources 4,970,615,000 5,075,355,000 5,132,858,000 5,184,496,000 5.141,431,0 00 5,288.388,000 5,251,990,000 5,288,134,000 3,135,277,0 Dold reserve against net deposit liab 00 53.7% 53.8% 53.4% 53.6% 53.1% 53.4% Gold res. asst. F. R. notes in act. ctrc'n 53.1% 53.0% 53.1% 71.2% 52.9% 52.6% 52.7% 52.5% 52.8% Ratio of gold reserves to net deposit and 52.2% 52.0% 77.2% F. R. note liabilities combined 53.4% 53.0% 52.9% 52.8% 52.4% 52.8% Ratio of total reserves to net deposit and 52.9% 52.6% 74.4% F. R. note liabilities combined 53.0% 53.5% 52.3% 52.8% 51.8% 51.2% Ratio of gold reserves to F. R. notes in 50.6% 50.6% 65.6% c_ circulation after setting aside 35% arainst net deposit liabilities 85.6% 65.2% 64.1% 84.1%' 62.1% 80.7% 59.7% 59.7% THE CHRONICLE FEB. 15 1919.] 661 20 1913. Feb. 3 1918. Jan. 3 1919. Dec. 27 1918. Dec. 1919. Jan. 17 1919. Jan. 10 1919. Feb. 7 1911. Jan. 31 1919. Jan. 24 3 72,829,000 80,535,000 80,681,000 80,792,000 80,812.000 1,134,000 $0,510,000 1,134,000 ,000 80,820 000 ,000 LIABILITIES. 1,134, 80,913 ,000 ,000 22,738 81,061 22,738,000 59.488,000 22.738,000 38,693,000 22,738,000 63,367,000 22,733.000 Capital paid in 91,321,000 22,738,000 37,291,000 301,000 49,370,000 61,928,010 146,381,000 0 1.537.318,000 1,642,444,000 1,501, Surplus 96,809,000 167,154,000 5,000 1,695,263,000 1,640,729,000 1,602,901,00 588,75 0 415,00 3.000 1,624, 554,32 32,000 1,693,1 5,000 Government deposits 0 1,590,441,00 495,354,000 569,05 ,000 59,874 2,000 t 9,000 534,01 106,68 accoun 9,000 reserve 2,000 511,89 s, Duo to member 439,221,000 472,042,000 114,874,000 118,581,000 106,99 9,000 113,429,000 128,186,000 Deferred availability Items credits_ 112,551,000 120,80 0 1,787,817,000 581,00 Govt. 2,376, 0 for. 500,00 incl. s, 2,312, 0 deposit Other 0 2,381,858,00 0 2,663,701,000 1,261,219,000 124,000 2,406,831,000 2,288,248,00 2,239,022,000 2,350,911,000 2,396,556,000 2,512,973,000 2,590,631,000 2,648.605,000 2,685,244,00 8,000,000 111,909,000 Total gross deposits 2,454,165,000 2,450,729,000 2,466, 0,000 124,997,000 123,466,000 120,267,000 117,122,000 4,278,000 54,224,000 tion circula ,000 126,81 actual 55,309 5,000 in 129,44 ,000 notes 34,108 F. R. ,000 131,315,000 35,486 liab ,000 net 36,447 tion.000 circula 39,610 40,619,000 F.R.bank notes in 42,314,000 0 5.288,134,000 3,135,277,000 990,00 5,251, 0 368,00 0 5,238, All other liabilities 431,00 658,000 5,184,496,000 5,141, $ 4,970,615,000 5,075,355,000 5,132, Total liabilities 84,452,0001 372,107,000 97,000 1283,2 0 ies 601,000 1,368,754,00 1,254,392,000 1,185,006,000 0 1,219, 827,00 Distribution by Maturit 0 1,402, 8,000J 953,00 1414,20 1,302, __ ,000 market 55,743 9,000 53,030,000 61,546,000 1-15(lays bills bought In open 8,837,000 176,436,000 218,063,000 76,048,000 49,207,000 513,000 5,000 146,81 000 nted 8,523, 5,000 discou 10,000 1-15(lays bills 10,000 6,339,000 132,84 term sees1-15 days U. S. Govt. short123,853,000 92,171,000 55,622,0001 7,000 ts 170,10 ,000 2,000 warran pal 91,787 340,02 ,000 munici 77,373 5,000 days 1-15 72,951,000 market 63,689.000 89,617,000J 320,18 1,184,000 72,098,000 1,263,000 74,984,001) 779,000 16-30 days bills bought in open 65,033,000 8,711,000 134,000 25,000 10,000 370.000 16-30(lays bills discounted secs_ term shortGovt. S. U. 16-30 days ,0001 104,108 3,000 172,95 5,000 5,000 129,95 436,39 ts 271,754,000 95,112,000 198,206,001) 16-30 days municipal warran market_ _ 88,873,000 160,741,000 161,024,000J 268,008,000 699,000 627,000 460,000 31-60 days bills bought in open 103,872,000 103,623,000 108,353,000 10,568,000 7,000 000 1,030, 000 nted 10,000 0 1,001, discou 631,00 31-60 days bills 967,000 term secs 31-60 days U.S. Govt.short-ts 4,000 127,165,000 68,381,000 33,624,0001 9,000 131,14 6,000 warran 3,000 113,50 7,000 pal 175,93 184,71 munici 7,000 days 31-60 market_ _ 201,853,000 53,434,000 65,416.000 f 102,07 7,900,000 1,027,000 51,058,000 41,140,0(30 643,000 61-90 days bills bought in open 37,699,000 2,643,000 1,000 16,000 3,000 15,000 15,000 61-90 days bills discounted term sees_ _ 3,000 7,169,000 short4,000 Govt. S. 1,000 U. 61-90 days 000 9,748, ,000 ,000 27,354 24,410 ts ,000 26,937 27,353,000 24,925,000 61-90(lays municipal warranopen market 27,036,000 24,771,000 27,811,000} 97,221,000 4,000 Over 90(lays bills bought in 104,680,000 114,344,000 103,32 334,000 7,000 3,000 123,28 nted discou 9,000 1,000 bills 137,85 132,67 3,000 Over 90 days 4,000 short-term secs 125,026,000 3,000 Over 90(lays U.S. Govt. ts Over 90(lays municipal warran 0 1,374,225,000 047,000 2,855,604,000 2,815.450.00 112,4.11,000 0 2,770.301,000 2,844,510,000 2,806, 170,360,000 151,749,000 Federal Reserve Notes2,691,859,000 2,703,420,000 2,730,916,00 257,328,000 253,835,000 218,442,000 0,000 1,000 264,30 252,69 Issued to the banks 4,000 237,69 784,000 1,261, 0 701,00 2,663, 0 244,00 2,685, 0 Held by banks 2,512,973,000 2.590,681,000 2,647,605,00 2,454,165,000 2,450,729,000 2,466,556,000 200,000 1,890,180,000 3,813, 0 020,00 3,865, 0 In circulation 960,00 0 3,913, 277,760,000 0 3,948,640,000 3,938,240,000 3,932,000,00 724,491,000 710,225,000 Fed. Res. Notes (Agents Accounts) 3,985,680,000 3,967,030,00 775,134,000 752,544,000 737,223.000 Received from the Comptroller 858.001,000 824,285,000 801,809,000 975,000 1,612,420,000 3,102, 0 oller 529,00 Comptr 3,140, the to 0 ed 737,00 Return 238,195,000 0 3,163,106,000 3,179,456,000 3,176, 0 284,925,000 287,525,000 3,127,679,000 3,142,795,00 3,146,831,00 392,805,000 334,940,000 310,690,000 Amount chargeable to agent 435,820,000 439,375,000 415,915,000 1,374,225,000 0 450,00 2,815, 0 604,00 2,855, agent In hands of 516,000 2,866,017,000 420,000 2,730,916,000 2,770,301,000 2,844, 296,717,000 banks__ _ _ 2,691,859,000 2,703, 7,000 246,327,000 Issued to Federal Reserve 254,656,000 246,315,000 246,32 7,000 249,70 7,000 7,000 241,52 240,52 How Secured7,000 225,14 535,401,000 0 222,00 1,621, certificates 0 1,604,664,000 1,567,295,000 BY gold coin and 43,830,000 79,074,000 0 1,481,196,000 1,608,271,00 81,951,000 By lawful money 84,632,000 1,460,693,000 1,450,090,000 1,475,724,00 82,599,000 498,277,000 00(3 80,598, 7,000 868,82 0013 1,000 77,193, 80,142,000 6,000 960,03 By eligible paper 930,43 .000 84,562 0.000 900,99 0,000 058.80 Gold redemption fund 921,457.000 932,661,000 9:36,472,000 450,000 1,374,225,000 With Federal Reserve Board 0 2,866,047,000 2,855,244,000 2,815, 0 2,770,301,000 2.844,516,00 2,691,859,000 2,703,420,000 2,730,916,00 574,704,000 404,000 1,913, 0 357.00 1,956, 0 228,00 Total 0 1.993,694.000 2,069, 485.06 1,978,084,000 1,313,066,00 1,823, 51,000 . 1,920.0 figures d Agent_ Revise t It. . ment credits Eligible paper delivered to F. b This Item includes foreign Govern Federal Reserve banks. a Net amount due to other E OF BUSINESS FEB. 7 1919 RAL RESERVE BANKS AT CLOS FEDE 12 THE S OF EACH OF RESOURCES AND LIABILITIE Total. WEEKLY STATEMENT OF ty. Dallas. San Fran. Chicago. St. Louts. Minneap. Kan.Ci Cleveland. Richnend. Atlanta. S Boston. New York. Phila. 3 . $ omitted (00) $ $ Two ciphers $ $ 3 $ $ 243,0 5,911,0 12,068,0 348,605,0 $ 0 8,306,0 $ 0 16,844,0 419,050,0 0 8,199,0 22,655,0 4.154, 3,968, 2,297, .0 ,0 20,966 23,898 RESOURCES. ,0 194,0 16,099 5,829,0 3,015,0 260,597,0 49,579,0 45,596,0 13,176,0 13,810,0 83,845,0 33,625,0 321,0 204,0 291,0 233,0 Goldlcoin and certificates 233,0 78,818,0 816,0 39,792.0 175,0 204,0 525,0 408,0 Gold Settlement Fund, F. R.13'd 2,011,0 408,0 ,0 773,484,0 29,233 ,0 s 10,083 agencie ,0 24,432 foreign ,0 ith Goldjw 6,0 38,012,0 24,638 ,0 67,087,0 15.677,0 22,184,0 107,319,0 68,667,0 57,475.0 49,744,0 22,058,0 118,008,0 1,231,166,0 43,215,0 341,426,0 50,181 4,888.0 2,306,0 2,323,0 103,533,0 75,603,0 132,620,0 52,231,0 41,071,0 302,48 Total gold held by banks 0 31,241,0 4,424,0 3,666,0 _ _ 52,079,0 259,121,0 4,270, Agents 0 e 5,018, Reserv 0 1,049,0 Fed. 9,532, Gold with 25,000,0 0 9,816, ,0 149,564,0 2,108,183,0 Gold redemption fund 111,103,0 85,779,0 79,064,0 34,447 67,431,0 506,0 6,0 72,926,0 67,525,0 441,046,0 2,461,0 293,0 1,817,0 189,0 105,110,0 625,547,0 135,316,0 200,75 0 1,735,0 1,059, s 204,0 0 reserve 2.063, gold 379,0 Total 51,666,0 0 614.0 5,056, 2,175, 0,0 Ace 150,07 ,0 silver, Legal tender notes, 113,567,0 85,968,0 79,357,0 36,264 9,0 73,130,0 63,584,0 442,781,0 147,0 110,166,0 677,213,0 135.695,0 202,81 1,451, ,0 60,745 ,0 20,594 s ,0 reserve 27,313 Total 128,253,0 41,737,0 18,110,00 40,795,0 32,024,0 24,498,0 243,254,0 by Gov168,186,0 84,325,0 77,286,0 51,503,0 Bills discounted: SecuredIons_ _ _ _ 133,374,0 639,721,0 13,175,0 7,282,0 12,563,0 19,430,0 25,749,0 8,454,0 2,214, 34,228,0 282,702,0 0 2,963, ,0 14,197 ,0 ernment war obligat ,0 28,374 49,226 7,844,0 9,619,0 31,458,0 8,649,0 All other 64,524,0 2,153,0 63,235,0 7,714,0 1,0 1,977,103,0 t_ _ _ 15,588,0 ,0 82,305,0 55,581,0 119,47 0 Bills bought in open marke 28,250,0 80,552,0 185,460,0 58,840,0 48,698 ,0 97,563 2,0 4,0 154,84 183,51 1,0 119,0 8.868,0 3,970,0 3,468,0 139,501.0 753,47 1,153,0 0 6,0 4,510, 156,80 528,0 5,396, 0 1,234,0 4,400, 0 5.482,0 Total bills on hand 1,393,0 1,385,0 1,084,0 4,0 538,0 6,964,0 17,612,0 7,068,0 9,395, securities_ 46,503,0 10,780,0 11,186,0 5,299,0 • U. H. Gov't long-term securities 0,416,0 4,0 U. S. Gov't short-term 858,0 2,144, 5,0 128,33 ,0 All other earning assets 67,061,0 58,212,0 96,655,0 63,951 8,672,0 400,0 221,0 2,0 104,096,0 83,048,0 207,582,00 400,0 540,0 166,760,0 801,367,0 195,679,0 167,11 217,0 2,936, 290,0 500,0 Total earning assets 2,368,0 800,0 1,0 624,86 ,0 11,781,0 53,522,0 25,305.0 35,044 Bank premises de30,385,0 66,967,0 39,783,0 Uncollected items and other ts_ ,0 141,365,0 69,144,0 49,236,0 56,649,0 0 45,680 6,822, deposi 357,0 303,0 gross 633,0 ductions from 304,0 274,0 952,0 0,78.0 345,0 654,0 1,012,0 270,0 388,0 551,0 550,0 85,0 5% Redemption fund against 1,846,0 410,0 432,0 1,187,0 420,0 400,1) notes 0 bank 1,329, 714,0 F. R. 2,894,0 295,0 4,970,615,0 0,0 230,955,0 126,703,0 315,218,0 All other re-sources 187,099,0 722,405,0 221,635,0 156.35 324,133,0 1,627,053,0 402,282,0 421,047,0 234,835,0 81,061,0 0 4,677, 0 es 3,177. resourc 0 0 3,660. Total 22,738,0 3,193,() 11,294,0 3,801,0 2,940, 592,0 1,224,0 LIABILITIES. 726,0 1,211,0 20,923,0 7,471,0 9,090,0 4,062,0 801,0 6,773,0 3,316,0 96,809,0 0 775,0 6,002, 0 6,469, 1,156,0 in 0 0 paid 5,115, 1,77(1, l Capita 8,322,0 1,304,0 5,604,0 1,931,0 1,535,0 ,0 441,0 10,832 1,590, ,0 404,0 78,783 ,0 0 38,335 Surplus 20,070,0 14,826,0 4,586,0 4,573, 42,136,0 222,596,0 60,511,0 47,186,0 69,038,0 16,397,0 14,613,0 439,221,0 ,0 ,0 15,814 53,874 ,0 1,0 32,297 0,0 Government deposits 2,0 101,26 122,25 7,369,0 659,13 ,0 t 95,339 42,617,0 31,915,0 accoun ,0 20,109 reserve ,0 s, 30,595 member ,0 ,0 :37,142 Due to 37,537,0 114,269,0 54,944 226,0 5,093,0 112,551,0 448,0 Deferred availability itemsng for274,0 includi 325,0 2,392,0 1,740,0 137,0 324.0 643,0 All other deposits. credits 99,481,0 1,468,0 ,0 104,491,0 2,239,022,0 ment 60.844 eign govern 99,770,0 56,760,0 106,898,0 89,179,0 62,974,0 278,437,0 109,442,0 89.986,0 104,569,0 54,832,0 196,332,0 2,454,165,0 150,741,0 892,952,0 171,674,0 164,302,0 133,89 407,665,0 5,0 113,06 2,0 2,0 5,0 232,99 Total gross deposits 5.0 circulation. 152,479,0 650,046,0 208,86 0 12,452,0 5,927.0 6,290,0 131,31 ,0 F. It. notes in actual circulation, 42,314 0 17,265,0 6,483,0 4,830, 2,165,0 1,331.0 2,204,0 36,800,0 10,537,0 10,058,0 4,859,0 6,678, F. R. bank notes In 9,136,0 0 4,428,0 1,338.0 1,108,0 1,314, 0 1,687, y 0 0 liabilit 2,829, ,0 2,431, net 18,010 3,469,0 3.0 315.218.0 4.970.615.0 All other liabilities 221.65.5.0 156 350 0 230.9550 126.70 047 n 234 835 n 187.000.1) 722.495.0 324.133.0 1.627.053.0 402.282.1) 421 ies liabilit Total ESS FEB. 7 1919. S' ACCOUNTS AT CLOSE OF BUSIN *Overdraft. STATEMENT OF FEDERAL RESERVE AGENT Total. Minneap Kan.City. Dallas. San Fran. nd Atlanta. Chicago. Si. Louis. Boston. New York. Phila. Cleveland. Richmo S . omitted $ 3 (00) $ ciphers Two $ $ $ $ 250,520.0 3,985,680,0 $ $ $ S 0,0 124,480,0 157.700,0 101,960,0 S ,0 24,787,0 858,001,0 200,560,0 559,440.0 163,90 0.0 23,803 ,0 201,78 0,0 32,669 0,0 ,0 80,0 327,84 330,42 21,899 1,313,4 ,0 Federal Reserve notes: 0,0 oller__ 253,60 ,0 31,014,0 68,536,0 35,339 Received from Comptr 67.333,0 383,508,0 80,389,0 45,457,0 43,267 679,0 1,0 125,031,0 78,157,0 225,733,0 3,127, Returned to Comptroller 169,546,0 490,904,0 128,561,0 102,58 3,0 158,51 ,0 22,575,0 11,000,0 435,820,0 3,0 282,38 1,0 2,0 250,03 929,97 186,267,0 48,280,0 7,415,0 11,100,0 13,620 ,0 Agent 53,195 ,0 R. 18,235 F. to ,0 Chargeable 26,380,0 162,000,0 31,490,0 30,530 In hands of F. R. Agent 3 amt. Issued to F. R. Bank,less 442,624,0 121.146,0 returned to F. R. Agent for 159,887.0 767,972,0 218,541,0 251,853,0 140,278,0 116,351,0 tion! redemp notes: 0 2,504. 23,270,0 Collat'l security for outst'g 173,740,0 2,297,0 5,544,0 2,736,0 001(1 coin and etfs. on hand_ 15,381,0 12,714,0 14,350,0 2,231,() 36,270,0 296,945,0 65.931,0 9,079,0 ,0 62,889,0 95,000,0 50.000,0 Gold redemption fund 70,000 ,0 43,000 5,0 52,479,0 B'd_ 3.0 88,047,0 75.280,0 140,13 Oold Set'tn't Fund, F. R. d 107.808,0 508,851,0 142,938,0 119,23 Eligible paper, mines require 4,0 121,146,0 442,62 1,0 116,35 8,0 140,27 159,887,0 767,972,0 218,541,0 251,853,0 Total 185,460,0 58,840,0 ,0 deliv77,007 ,0 95,023 paper 1,0 of eligible Amount 121,146,0 156,806,0 753,471,0 154.433,0 149,04 140,278,0 116,351,0 442,624,0 11,704,0 ered to F. R. Agent 159,887,0 707,972,0 213,541,0 251,853,0 6,386,0 3,286,0 34,959,0 P. It. notes outstanding 0 117,926,0 9,676,0 18,801,0 7,408. bank by F. R. notes held 109.442,0 -, 133.892.0 113.065.0 407.665,0 9.0 650.1)46.0 208.865.1) 232.01)2.0 C' T1, tint!. 111 nntilni m,,,,hittart 152.47 2,691,859,0 91,481,0 111,411,0 55,582,0 214,733,0 225.147,0 .0 12,581 13,052,0 84,562,0 ,0 2,423,0 3,384,0 3,293,0 11,130 921,457,0 42,000,0 46,360,0 6,184,0 106,878,0 93,0 1,460,6 ,0 96,725 ,0 33,524 ,0 34,006,0 61,667 3,0 2,691,859,0 214,73 ,0 55,582 1,0 111,41 ,0 91,481 8,0 1,920,051,0 46,636,0 82,305,0 55,581,0 105,443,0 2,691,859,0 91,481,0 111,411,0 55,582,0 214,73 ,0 237,694,0 18,401 750,0 1,495,0 6,842,0 2.0 2,454,165,0 89,988,0 104,569,0 54,832,0 196,33 662 THE CHRONICLE [Vol,. 108. Statement of New York City' Clearing Hous e Banks and Trust Companies.-The follo wing detailed statement shows the condition of the New York City Clear ing House members for the week ending Feb. 8. The figures for the separate banks are the averages of the daily resul ts. In the case of totals, actual figures at end of the week are also given. NEW YORK WEEKLY CLEARING HOU SE RETURN. CLEARING HOUSE MEMBERS. Week ending Feb. 8 1919. Capital. I Net • Profits. Loans, Discounts, (Nat. Banks Dec. 311 Investments, State Banks Nov. 1 etc. Trust Co's Nov. 1 Cold Legal Tenders. Silver. National Bank and Federal Reserve Notes. Reserve with Legal DeposiCaries. Additional Deposits with Legal DeposiCaries. Net Demand Deposits. Net Time Deposits. National Bank Circulation. Members of Federal Average. Average. Average. Average. Averag Reserve Bank. e. Average. Average. Average. Bank of NY,N B A. 2,000,000 5,617, Average. 3 Average. 200 48,807,000 23,000 53,000 Bank of Manhat Co_ 8 86,000 266,000 4,819,000 2,500,000 7,185,700 63,734,000 32,793 298,000 ,000 249,00 1,813,000 Merchants! Nat Bank 0 419,00 784,000 0 849,000 10,502,000 2,000,000 2,731.300 28,977 ,000 55,116 ,000 86,000 70,000 Mech & Metals Nat_ 190,000 144,000 2,975,000 6,000,000 11,301,600 153,998,000 7,453, 22,528,000 000 Bank of America____ 148,000 300,00 0 1,842, 415,00 000 0 2,069, 1,500,000 8,859,700 000 24,302,000 33,701,000 146,628,000 2,939,000 3,793,000 252,000 National City Bank_ 25,000,000 51,412 169,00 320,000 422,000 4,245,000 ,500 608,287,000 8,302,000 3,015,0000 29,289,000 Chemical Nat Bank_ 869,00 0 2,048, 3,000,000 9,437,300 000 100,15 7,000 88,203,000 888,937,000 26,351,000 1,445, 157,000 Atlantic Nat Bank__ 216,000 363,000 000 . 693,000 8,220,000 1,000,000 900,000 15,207,000 60,204,000 5,410,000 85,000 Nat Butch & Drovers 68,000 208,000 445,000 99,000 1,883,000 300,000 98,300 3,274,000 14,045,000 10,000 Amer Each Nat Bank 68,000 536,000 22,000 149,000 5,000,000 5,689,400 108,172,000 6,000 479,000 2,087, 555,000 Nat Bank of Comm_ 25,000,000 000 185,00 0 448,00 299,000 0 1,512,000 11,919,000 24,807,800 391,070,000 87,798,000 5,467,000 4,945,000 46,000 Pacific Bank 325,000 604,000 1,364,000 34,549,000 500,000 1.097.500 15,205,000 266,684,000 4,819,000 58,000 Chath & Phenix Nat_ 171,000 232,000 3,500,000 2,573,000 643,000 1,709,000 95,597,000 487,00 14,684 0 Hanover Nat Bank_ ,000 435,130 70,000 0 1,570, 000 2,402,000 10,789,000 3,000,000 17,112,700 132,967,000 4,243, 85,363,000 8,649,000 2,194,000 Citizens Nat Bank_ 000 163,000 498,000 2,550,000 3,098,000 623,000 15,349,000 37,138,000 124,022,000 101,000 Metropolitan Bank_ 32,000 360,000 150,000 405,000 4,312,000 2,000,000 2,316.800 59,052,000 552,00 31,725 0 ,000 Corn Exchange Bank 150,00 208,000 0 437,00 998,000 0 813,000 3,074, 3,500,000 8,548,600 119,664,000 151,000 23,096,000 Imp & Traders Nat_ 110,000 2,092,000 3,472,000 18,285 000 50,000 1,500,000 7,980,700 ,000 37,834 ,000 124,310,000 1,642,000 37,000 National Park Bank_ 379,000 53,000 5,000.000 153,000 3,380,000 ,900 192,532,000 25,516,000 66,000 East River Nat Bank d 1,000,000 18,698 638,000 351,000 51,000 910,000 19,933,000 d609,100 5,009,000 152,289,000 2,688,000 4,988,000 3,000 Second Nat Bank 147,000 15,000 1,000,000 4,050,000 56,000 689,00 0 19,585,000 4,644,000 125,000 First National Bank.. 10,000,000 26,000 250,000 298,00 50,000 0 440,000 2,342,000 30,504,000 227,927,000 15,837 21.000 Irving National Bank ,000 253,00 0 651,000 648,000 4,500,000 5,811,200 112,207,000 396,000 18,985 148,817,000 1,865,000 8,482,000 272,000 N Y County National 294,000 1,694,000 1,061,000 15,776 ,000 1,000,000 427,300 ,000 11,084,000 113,887,000 55,000 Continental Bank... 44,0(.0 800,000 1,097,000 141,000 1,000,000 406,000 1,558,000 664,000 7,098,000 10,550 18,000 Chase National Bank 10,000,000 ,000 16,000 421,000 13,000 199,000 107,000 15,000,900 352,659,000 2,606,000 3,071, 876,000 5,400,000 Fifth Avenue Bank_ _ 000 1,330,000 200,000 2,223,700 258,000 42,193,000 19,943,000 262,118,000 10,162,000 1,100,000 52,000 Commercial Exch'ge_ 166,000 465,000 449,000 2,568,000 200,000 871,10 0 6,740, 000 18,717 51,000 ,000 Commonwealth Bank 49,000 81,000 400,000 84,000 1,039,000 753,900 7,125,000 6,859,000 40,000 Lincoln National Bk. 24,000 67,000 273,000 1,076,000 1,000,000 1.992,200 17,270,000 121,000 7,167,000 Garfield Nat Bank 198,000 138,000 1,000,000 1,317,500 856,000 2,620,000 12,621 ,000 16,305,000 1,000 Fifth National Bank_ 5,000 6,000 107,00 210,000 0 250,000 180,00 1,688, 0 398,00 000 8,523,000 0 11,112,000 34,000 Seaboard Nat Bank.. 22,000 49,000 119,000 399,000 1,000,000 3,602,800 180,000 957,000 47,828,000 336,000 6,681,000 Liberty Nat Bank 142,000 459,000 249,000 96,000 3,000,000 4,446,900 424,00 0 5,953, 000 79,153 ,000 42,954,000 187,000 Coal & Iron National 240,000 11,000 70,000 460,000 7,975,000 1,000,000 1,044,100 14,667,000 • 58,324,000 1.730,000 5,000 Union Exchange Nat 41,000 120,000 797,000 510,000 2,205,000 1.000.000 1,219,800 13,755,000 13,037,000 17,000 Brooklyn Trust Co. 400,000 42,000 413,00 197,00 0 0 303,00 1,500,000 2,518,300 0 1,737, 000 36,452 ,000 13,583,000 72,000 Bankers Trust Co.._ c15.000,000 466,000 16,000 399,000 109,000 437,000 3,278,000 c18,1317,800 282,017,000 26,429,000 4,558,000 89,000 US Mtge & Trust Co 128,000 47,000 565,00 2,000,000 4,628,600 0 30,065 ,001) 64,034 ,000 232,45 26,000 5,000 10,027,000 Guaranty Trust Co_ 25,000,000 27,000 148,000 344,000 5,773,000 27,428,900 499,086,000 1,873,000 51,967,000 1,001,000 Fidelity Trust Co 74,000 277,000 2,285,000 51,683,000 1,000,000 1,283,200 10,845,000 375,872,000 21,578,000 90,000 Columbia Trust Co._ 35,000 38,000 5,000,000 6,850,500 140,000 1,271,000 87,044 ,000 8,448,000 24,000 Peoples Trust Co.... 508,000 38,000 184,000 1,000.000 1,300,400 707,000 9,210,000 28,380,000 70,933,000 6,578,000 49,000 New York Trust Co_ '65,000 237,000 3.000,000 10,789.900 107,106.000 547,000 2,333,000 24,092,000 1,655,000 48,000 Franklin Trust Co_ 8,000 2,000 1,000.000 1,170,100 215,00 0 7,289, 000 25,411 ,000 56,465,000 2,521,000 63,000 Lincoln Trust Co.... 34,000 121,000 1,000,000 168,000 2,157,000 614,300 22,334,000 15,165,000 1,809,000 10,000 Metropolitan Trust.. 12,000 37,000 2.000,000 4.383,200 339,000 2,495,000 46,777,000 17,051,000 1,742,000 75,000 Nassau Nat, Br'klyn 33,000 41,000 1,000,000 1.200,900 611,00 0 4,667, 15,099 000 ,000 33,026 Irving Trust Co 10,000 ,000 1,222,000 59,000 80,000 1,500,000 1,142,000 284,000 1,015,000 39,800,000 105,000 10,143,000 Farmers Loan &Trust 87,000 678,000 542,000 1,488,000 5,493,000 5,000,000 12,009,800 127,844,006 50,000 . 3,748,000 42,021,000 1,001,000 12,000 55,000 298,00 15,180 0 ,000 110,061,000 7.846,000 Average for week.. 197,400,000 354,10 7.400 4,584,841,000 33,188,000 11,810 ,000 16,999,000 33,644,000 533,022,000 3,697,934,000 140,114,000 36,246,000 Totals. actual conditi on Feb. 4,564,502,000 33,083,000 11,366,000 Totals, actual conditi on Feb. 8 17,377,000 34,092,000 517,822,000 1 4,818,682,000 33,912,000 12,463 3,668,466,000 139,608,000 36,444,000 Totals, actual conditi on Jan. 25 ,000 17,&12,000 31,258,000 558,159,000 4.828, 812.00 3,747,013,000 142,668,000 35,972,000 0 33,960.000 Totals, actual conditi on Jan. ,000 17,192,000 34,807,000 545,41 18 4,681,258,008 33,856.000 12,652 3,793,421,000 135,100,000 38,020,000 12,771,000 18,617.000 36.692,00(3 568,62 4.000 4,000 3,838,392,000 143,618,000 36,040.000 State Banks. -Not Mem hers of Pede ral Reserve B. nk. Greenwich 500,000 1,476,800 16,515,000 592,000 Bowery 96,000 125,000 1,348,000 1,109,000 250,000 816,600 5,649,000 280,000 N Y Produce Exch.. 16,278,000 48,000 11,000 1,000,000 1,206,500 316,000 318,000 23,474 30,000 ,000 825,000 State 5,303,000 546,00 0 464,000 2,000,000 402,000 2,230,000 548,300 39,019,000 1,503,000 1,001,000 197,000 25,063 ,000 750,000 750,000 3,101,000 329,000 39,008,000 Totals, avge for wk 40,000 3,750,000 4,048,200 84,657,000 3,200,000 1,691,000 1,350,000 2,906,000 6,758,000 556,000 85,652,000 Totals, actual conditi on Feb. 40,000 8 85,012 .000 3,188,000 Totals. actual conditi on Feb. 000 1,376,000 2,973,000 6,948,000 85,11.3,900 3,189,000 1,739, 396,000 87,057,000 Totals, actual conditi on Jan. 1 1,486,000 1,311, 40.000 25 82,737,000 3.189,000 1,446,000 1,348, 000 3,105,00(1 7,118,000 891,000 87,251,000 Totals, actual conditi on Jan. 18 45,000 81,768,000 3,119,000 1,516,000 1.436,000 3,049,1)00 5,919,000 237.000 84,710,000 64.000 000 3,038,000 7,232,000 866,000 Trust Companies. 84,360,000 58,000 Not A!em hers of Pede nil Reserve Ba nk Title Guar & Trust__ 5,000,000 11,947,900 39,405,000 113,000 Lawyers Title & Tr_. 4,000,000 119,00 0 127,00 0 519,000 2,628,000 1,586,000 5,236,200 24,176,000 201,000 23,336 ,000 165,000 662,000 67,000 492,000 1,542,000 219,000 15,660,000 Totals, avge for wk 612,000 9.000.000 17,184,100 63,071,000 314,000 284,000 194,000 1,011,000 ' 4,170,000 1,805, 000 38,990,000 1,274,000 Totals, actual conditi on Feb. 84,298,000 327,000 Totals, actual conditi on Feb. 8 284,000 178,000 946,000 4,336,000 1,622,000 63,099,000 291,000 39,708,000 1,276.000 Totals, actual conditi on Jan. 1 282,000 179,000 901,000 4,079,000 1,089,000 62,155,000 38,798,000 1,273,090 Totals, actual conditi on Jan 25 303,000 277.000 222.00 0 18 857.1) 00 4,377,000 62,021.000 435,000 300,009 38,666 ,000 1,097.000 286,000 235,000 934,000 4,102,000 .912,000 Grand aggregate,avge 210,150,000 37,981,000 1,181.000 375,339,700 4,733,169,000 36,702,000 Comparison prey wk _ 13,785,000 18,543,000 37,561,000 543,95 0,000 2,361, -41,648,000 -691,000 -692,000 --557, 000 -773,000 -1,199,000 +1161 000 a3,822,582,000 141,428,000 36,246,000 000 -85,634,000 +1,105,000 +205, Grand ag'itate, actual condition 000 Feb. 8... 4,713,812,000 36,598,000 Comparison prey wk 13,389,000 18,931,000 38,011,000 529,10 6,000 2,018,000 b3,795,231,000 140,92 -53,087,000 --791,000 -842,000 -108,000 +2747000 -40,280,000 4,000 +38,000 -77,831,000 -3,062,000 36,444,000 Grand argate, actual condition +472,000 Feb. 4,766,899,04)0 17,389.000 11.231,000 Grand «legate, actual condit 19,039,000 35,241. ion Jan. 25.-- 4.773.704.000 37.432 Grand ag'gate, actual condition Jan. ,000 14,375,000 18,762,000 38,7131,000 569,386,000 1,080,000 3.873,062,000 143,986,000 :35,972,000 18._ ,000 555,71 4.805, 0,000 045,00 37,275 0 672,00 .900 14,573 0 3,916,797,000 136,321,000 36,020 Grand foritate. actual condition Jan. ,000 11- 4,780,327,000 37.500,000 16,185 ,000 20,288,000 40,662,000 579,958,00(1 1,778.000 3.980,733.00 0 144,860,000 ,000 21,783,000 46.029,000 570,849,000 2,970,000 3,952,299,000 142,348,000 36,010,000 a U. S. deposits deducted. 8304,5 35,942,000 11,000. b U. S. deposits deduct ed. $269,517,000. c As of Jan 7 1910 .1 As of Jan. 11 1919. STATEMENTS OF RESERVE POSIT ION Averages. Cash Reserve In Vault Reserve in Depositaries Total Reserve a Reserve Requirid Actual Figures. Surplus Reserve. Inc. or Dec. from PreviouslVea Cash Reserve in Vault Reserve in Depositaries b Inc. or Dee. rows Reserve Surplus , from Reserve. Required Reserve. PreolousWeel $ $ $ s $ $ a 533,022,000 533,022,000 484,934,840 $ S ' $ 48,087,160 +9,802,990 S $ 9,147,000 6,758,000 15,905,000 $ b 517,822,000 517,822,000 481,08 15,417,360 8,820 36,733,180-30,084,090 487,640 1,803,000 4,170,000 5,973, -98,980 9,276,000 6,948,000 000 5,849,400 ,000 15,670,260 123,600 553,740 +149,050 1,735,000 4,336,000 16,224 +15,920 0,071, 000 5,956,200 Total Feb. 8_ 10,950,000 543,95 114,800 +202,500 0,000 554,900,000 506,201,690 48,698 Total Feb. 1_ 11,132,000 545,14 ,400 +9,853:060 11,011,000 529,10 9,000 556,281,000 517,235,680 39,045 6,000 540,117,000 502,715,280 37,401 Total Jan. 25. 10,888,000 537,75 ,340 +10,024,200 10,748,000560,386, ,720 -29,815,670 4,000 548,64 000 2,000 580,13 519,620,860 29,021,140 -21,238,31 4,000 Total Jan. 18- IA n. non AR9 00d AM A72 RIO 0 10,671,000 555,710,000 560,381,000 512,916,610 67,217,390 +19,083,620 Ann n91 WI can an .coS -AAA -7 7S7 %III in Rft9 7,230 48,133,770-18,508,780 non R70 OAR MO 1cIIII.R20 000 518,24 A24:1M .4MI Rft finFL5M1 * Not members of Federal Reserv -(-8.028.280 e Bank. a This is the reserve required on net demand deposits In the case of includes also amount of reserv State banks and trust companies, but in the case of membe e required on net time deposits, which rs of the was as follows: Feb. 8, $4,203,420; Feb. b Tills Is the reserve required 1, $4,173,570; Jan. 25, 84,170,570: Federal Reserve Baaa net demand deposits In the case of State Jan. 18, $4,229,480. also amount of reserve required onon banks and trust companies, but In the net time deposits, which was as follow case of membe rs of the Federa s: Feb. 8, $4,188,240; Feb. 1, $4,280 c Amount of cash In vault, which ,040; Jan. 25, 84,054,800; Jan. l Reserve Bank include Is no longer 18, $4,308,540. counte d as reserve for members of the Federa Feb.8,$05,841,000; Feb. 1, $98,17 l Reserve Bank, tiaa as follows: 2,000; Jan. 25, $101,339,000; Jan. 18, 8107,229,000. d Amounts of cash In vaults. which Is no longer counted as reserve for members of the Feb. 8, $95,918,000; Feb. 1, 895,17 Federal Reserve Bank, was as follow 5,000; Jan. 25, $98,811,000; Jail. s: 18, $101,938,000. Members Federal Reserve Bank_ State banks Trust companies* 663 THE CHRONICLE FEB. 15 1919.] NEW YORK CITY. STATE BANKS AND TRUST COMPANIES IN weekly figures The State Banking Department reports and trust companies showing the condition of State banks as follows: in New York City not in the Clearing House, TRUST COMPANIES IN GREATER SUMMARY OF STATE BANKS AND CLEARING HOUSE STATEMENT. NEW YORK, NOT INCLUDED IN t.) Differences from (Figures Furnished by State Banking Departmen previous week. Feb. 8. 100 Inc. $8,228,800 $759300, Loans and investments 180,600 8,361,600 Inc. Specie 423,800 15,616,100 Inc. Currency and bank notes 58,798,700 Dec. 2,094,000 Deposits with the F.R. Bank of New York 792,746,900 Dec. 1,323,200 Total deposits reserve deDeposits, eliminating amounts due from trust compositaries and from other banks and deposits 716,588,100 Dec. 5,445,700 panies in N.Y.City,exchanges and U.S. 125,152,500 Dec. 1,215,400 Reserve on deposits 19.5%. reserve, Percentage of RESERVE. - -Trust Comapnie,sState Banks S85,534,400 13.06% $17,242,000 12.49% Cash in vaults 5.99% 30,038,100 8.94% 0 12,338,00 cos trust and banks Deposits In 895,572,500 19.05% $29,580,000 21.43% Total Trust Companies. State Banks. Week Ended Feb. 8. Feb. 8 1919. Differences from previous week. Differtnces from prevkus we,k. Feb.8 1919. $ $ $ $ 99,550,000 24,100,000 Capital as of Nov. 1_ 00 169,723,0 42,973,000 Surplus as of Nov. 1_ 2,025,564,700 Dec. 1,740,300 Loans de investments 558,459,600 Inc. 8,664,100 34,100 13,134,400 Inc. 237,300 8,275,800 Inc. Specie 162,600 19,404,300 Inc. 586,500 Currency & bk. notes, 24,478,800 Dec. F.I the with Deposits 4,801,700 52,782,300 Inc. 8,245,700 195,777.7001 Dec. R. Bank of N.Y I 0 626,025,600 Inc. 14,561,800 2,040,100,200 Inc. 21,800,70 Deposits 00 Dec. 5,802,100 283,047,5 8,200,200 Inc. 00 104,121,2 Reserve on deposits-1 0.8% Dec. 17.0% 1.3% 21.2% Inc. P. C. reserve to dep-I a sumBoston Clearing House Banks.-We give below Boston mary showing the totals for all the items inofthe weeks: Clearing House weekly statement for a series BOSTON CLEARING HOUSE MEMBERS. The averages of the New York City Clearing House banks for the State banks and trust companies combined with those York City outside of and trust companies in Greater New the Clearing House, are as follows: Changes from previous week. Feb.8 1919. Feb. 1 1919. Jan. 25 1919. $ 22,000 4,767,000 4,736,000 4,789,000 Inc. Circulation 521,594,000 523,677.000 9,152,000 Inc. 00 530,746,0 ts_ Investmen & disets Loans, 0 443,349,000 446,836,000 Individual deposits. 1nel .S. 424,761,000 Dec. 18,588,00 109,557,090 Inc. 2,354,000 107,203.000 109.657,000 Due to banks 12,564,000 12,596.000 89,000 Inc. 0 12,653,00 Time deposits 1,109,000 16,31)0,000 17,197,000 Exchanges for Clear. House_ 15,191,000 Dec. 6,990,000 67,673,000 69.255,000 60,683,000 Dec. Due from other banks 61.112,000 62.079,000 Cash in bank & in F. R.Bank 58,729,000 Dec. 2,383,000 Reserve excess in bank and 14,077,000 14.697.000 1,572,000 Dec. 0 12,505,00 _ ___ Bank Reserve Federal AND TRUST COMPANIES IN COMBINED RESULTS OF BANKS GREATER NEW YORK. (Two ciphers omitted.) • Total Reserve in Loans Cash in DeposiLegal Demand and Week (cults. Vault. Specie. Tenders. Investments Deposits. Ended3 $ $ 5,413,086,8 1.435.747,6 69,765,2 85,254,7 155,019,9 574,142.4 Oct. 12 5,386.267,9 4,487,786,5 70,376.0 92,445,8 162,821,8 580,295,4 Oct. 19 5,457,805,1 4,520,463,6 71,255,2 94,750,5 166,005,7 1319,305,3 Oct. 20 5,499.400,2 4,364,815,8 69,692,6 85,425,1,155,117,7 585,223,6 Nov. 2 5,471,164,4 4,430,932,2 68,979,4 89,755,9,158,735,3 591,280,8 Nov. 9 5,489,226,0 4,515,346,9 69,440,7 91,559,5;161,000,2 610,910,4 Nov. 16 5,470,203.8 4.511,208,2 69,250,6 92.303,2 161.553.8 603,681,3 Nov.23 5,360,177,9 4,449,150,6 68,759,7 93,400,6 162,160,3 602.957.0 Nov. 30 5.330,133,6 4,458,973,9 67,037,7 89.040,6 156,978,3 592,651.4 7 Dec. 5.384,107,7 4,527.415.1 66,311,3 93,272.8 159,584,1 602,623,2 Dec. 14 5,373,134.6 4,592,634.0 65,076,3 93,695,1 158.771,4 617,263,4 Dec. 21 5,378,736,5 4,587,455,7 67,193,9 96,364.4 163.558,3 574,521,6 Dec. 28 5,416,960.5 4,650.393,4 68,390,9 101,977,4 170,368,3 632,301,0 Jan. 4 5.473,492,2 4.635.056,5 68,436,0 99,357,3 167,793,3 625,290,3 Jan. 11 5,495,539.4 4,673,410,1 67,343,1 97,395,8 161,738,9 613,079,3 Jan. 18 5,544,714,0 4,650,058,3 65,359,1 97,127.9 162,487,0 600,970,4 Jan. 25 5,525,768,3 4,630,229,8 64,674,0 94,640,61 159,314,6 587.250,3 1 Feb 5,492,269,0 4,539,150,1 63,606,6 92,116,8 155,723,4 586,326,1 Feb.8 Tenders" are national bank notes and Fed. Reserve notes 'Legal with • Included those held by Fed. Reserve members. neld by State banks and trust ens., but not Philadelphia Banks.-The Philadelphia Clearing House ative statement for the week ending Feb. 8, with compar e figures for the two weeks preceding, is tis follows. e Reserv system requirements for members of the Federal Reserv s, all are 10% on demand deposits and 3% on time deposit "Cash in to be kept with the Federal Reserve Bank. compan ies vaults" is not a part of legal reserve. For trust reserve not members of the Federal Reserve system the s "Reserve required is 15% on demand deposits and include with legal depositaries" and "Cash in vaults." 1 comIn addition to the returns of "State banks and trust furnished panies in New York City not in the Clearing House,"ment also by the State Banking Department, the Depart this presents a statement covering all the institutions of class in the City of New York. items various For definitions and rules under which the p. 1661. are made up, see "Chronicle," V. 98, requireThe provisions of the law governingasthe reserve 22 May d amende tions institu g bankin State of ments May 19 1917 (V. 1917 were published in the "Chronicle" the 104, p. 1975). The regulations relating to calculatinged in amount of deposits and what deductions are permitticle" the computation of the reserves were given in the "Chron April 4 1914 (V. 98, p. 1045). Week ending Feb. 8 1919. Jan 25 Feb 1 1919. 1919. Two ciphers (00) omitted. Membersofl Trust Total. Cos. F.R.System! 1 529,475,0j 53,000,0: $32,475,0 $32,475,0 $32.475,0 Capital 7,631,0i 85,915,0 85.967,0 85.915,0 78,284,01 Surplus and pronto, s 727,568,01 26,680,0: 754,248,0 757,184,0 745.605,0 Investml & Loans, disc'ts 467,01 21,416,0 23,530,0 21.195.0 Exchanges for Clearllouse 20,949,0, 10,0 97,913,0 104,220,0 106,352,0 97,903,0; Due from banks 281,0 148,308,0 148,861.0 150.676.0 ' 148,027,0 Bunk deposits 479,368,0 484,176,0 484,887,0 16,926,0, . 462,442,0 individual deposits 4.804,0 4,808,6 5,070,0 5,070,0 Time deposits 632,746,0 637.845,0 640.367,0 17,207,0 615,539,0 Total deposits 29,114,0 41,419.0 34,364,0 U.S.deposits(not included) 53,276,0 52,574,0 50,610,0 Ites've with Fed.Res.Bank 53,2'76,0 2.583,0 2,862,0 2,501,0 2,501,0, Res've with legal deposit's 827,0 15,411,0 15,611,0 16,367.0 14,584,0 Cash In vault* 71.047,0 69.560.0 71,188,0 3,328,01 67,860.01 held_ cash & Total reserve 2,509,0 51,822,0 51,510.0 51,740.0 49,313,0 Reserve required 819,0 19,366,0 19,537,0 17,820,0 18,547,0' Excess res. & cash in vault 1 Reserve bank members. *Cash In vault is not counted as reserve for Federal g wing is the report made to the Clearing House by clearin Non-Member Banks and Trust Companies.-Follo page: ng precedi the on "Clearing-House return" non-member institutions which are not included in the YORK CLEARING HOUSE RETURN OF NON-MEMBER INSTITUTIONS OF NEW I Net Capitol. • Profits. Loans, Discounts, Nat. banks Dec.31 Investments, &c. Week ending Feb. 8 1919. {State banks Nov. 11. Trust cos. Nov. CLEARING NON-MEMBERS. Gold. Legal Tenders. Silver. National Bank & Federal Reserve Notes. Average. Average. Average Average. Average. Members of $ S $ $ $ $ $ Federal Reserve Bank. 115,000 5,000 13,000 11,000 0 11,531,00 1,463,500 Battery Park National Bank_ 1,500,000 373,000 273,000 15,000 0 051,200 14,960,00 1,000,000 62,000 Columbia Bank 119,000 548.000 9,542,000 200,000 131,000 Mutual Bank 59,000 14,006 8,000 196,500 4,975,000 200,000 New Netherland Bank 5,000 4,000 757,100 7,944,000 500,000 314,000 W. R. Grace & Co.'s Bank.. 46,060 609.100 9,367,000 200,000 115,090 Yorkville Bank 36,000 5,000 4,000 668,900 7,979,000 300,000 132.000 First Nat'l Bank, Brooklyn.. 49,0(5) 19,000 5,000 602,700 6,395,000 300,000 233,000 National City Bank, Brooklyn 86,000 80.000 80,000 0 11,147,00 1.309,200 400.000 City First Nat'l Bank, Jersey 673,000 1,475,000 136,000 127,000 4,600,000 6,806.200 83,840,000 Total _ State Banks. Not Members of she 127,000 Federal Reserve Bank. 35,000 72,000 469,500 2,389,000 100,000 401,000 517,000 Bank of Washington Heights_ 380,000 173,000 500,000 1,088.400 10,934,000 358,000 61,000 Colonial Bank 11,000 161,000 5,844,000 198.800 500,000 798,000 546,000 International Bank 256,000 143,000 865.700 25,311,000 282,000 101,000 Mechanics' Bank, Brooklyn._ 1.600.000 11,000 19,000 226,600 4,711,000 200,000 North Side Bank, Brooklyn._ 658,000 1,260,000 1,966,000 573,000 2,900,000 2,849,000 49,189,000 Total ---- ---- ---Trust Companies. NotMembers of the Federal Reserve Bank. Hamilton Trust Co, Brooklyn Mechanics Trust Co. Bayonne 500,000 1.030,700 377.900 200.000 8,357,000 9,008,000 317,000 13,000 10,000 11,090 14,000 79,000 129,000 154,000 Reserve with Legal DeposiRoles. Additional Deposits with Legal Depositaries. Net Demand Deposits. Net Time Dep.tiA Average. Average. 3 $ 166,060 1,432,000 545,000 1,948,000 430,000 1,317,000 244,000 792,000 1,199,000 421,000' 940,000 465,000 656,000 528,000 582,000 900,000 2,437,006 Average, Average Average. $ $ $ 197,000 07,000 7,235,000 397,000 13,895,000 244,000 9,349,000 53,000 4,711,000 570,000 5,922,000 5,360,000 4,246, 297.000 477, 6,228,000 120,000 423. 5,590,000 400,000 7,434,000 9,766,000 5,236,000 65,724,000 6,477,000 1,014,000 . 2,175,060 11,576,000 5,179,000 25,661,000 4,393,C00 130,000 980,000 312,000 1,964,000 282,000 24,000 219,000 17,000 3,668,000 568,000 48,989,000 1,018,000 - 298,000 509,000 291,000 159,000 5,961,000 1,196,000 5,086,000 4,036,000 308,000 659,000 40,000 319,000 450,000 11,047,000 5,232,000 807,000 283,000 93,000 21,000 330,000 0 6,251,000 a125,755,000 12,727,000 14,241,00 3,724,000 2,026,000 815,000 1,030,000 00 +146,000 8,200,000 11.063,800 150,394,0 Grand aggregate +46,000 -139,000 +385,000 +2169000 +2,068,000 +3,250,000 +12,000 +150,000 . Comparison previous week. $154,800 Increase ------0 4,085,000 123.687.000 12,581.000 13.856,00 3,863,000 Excess reserve 1.980,000 665,000 00 1.018,000 00 12,444.000 Grand aggregate Feb, 1_ _ _ _ 8.200.000 11,063.800 147.144.000 1,016,000 796,000 2,068.000 3.980.000 13.948,000 8,069,000 122.550.0 146,738.0 00 12.327.000 ()rand aggregate Jan. 25....._ 8,200.000 11352,600 740.000 2.185.000 4.144,000 13,996.000 8,030,000 127,286.000 12.340.000 8,200.000 11,152.600 148,216,000 1,063,000 120.275.0 0 7.320.000 14.144,00 4.428.000 Drand aggregate Jan. 18.._ 2.280.000 0 145,331.000 1.059,000 1.058.000 11.152.60 8.200.000 Grand aggregate Jan. 11 a U. S. deposits deducted, $6,192,000. Total National Bank eircuialion. 700,000 1.408.600 17,365,000 1,014,000 +12,000 1.002.000 1.009.000 1,006.000 1.017.000 664 THE CHRONICLE /.13ankers" Oztatttt. [VOL. 108. stocks advanced and at least one of the industrials made a phenomenal gain. Royal Dutch added points to its previous advance, closing almost 20 points9higher than last week. As a result of the week's operations New York Centra l, Union Pacific, Southern Pacific and Great North are a point or more higher, while Mexican Petroleum isern up 814, Baldwin Locomotive 53', Texas Co. 5, Am. Car & Foun 3, Studebaker 3 and other industrials from to 3. On the other hand General Motors has lost a part13/2 of last week's advance and Atlantic Gulf & W. I. and Corn Products are fractionally lower. For daily volume of business see page 673. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: Wall Street, Friday Night, Feb. 14 1919. . The Money Market and Financial Situation.—The developments of the week have not "lent themselves" to activity or buoyancy in the security markets. There has been, however, an increasing tendency to hope that, in Wall Street at least, a substantial part of the depres sion incident to readjustment after four and a half years of war has already taken place and therefore when any further change occurs it will be for the better. Commodity prices have begun to come down and every one knows this process must go on, with greater or less rapidity, until an equilibrium is reached. With everybody expect . Sales Range for Week. ing and therefore WeekSTOCKS Range since Jan. 1. ending Feb. 14. for somewhat prepared for such a change the effect Week. Lowest. will be less Highest. Lowest. Highest. disastrous than it otherwise would be. Hence a Par. Shares $ per share. $ per share. $ per share.$ per share. the hope referred to. When one turns, howev reason for Adams Express 100 39 4134 Feb 11 42 Feb 11 4134 Feb 50 Jan er, from this American Express_ _100 2001 88 Feb 11 89 Feb 13 8434 Jan 95 aspect of the general situation to that of Jan Smelters Securities the railroads and Amer preferred Series A_100 l0 0234 Feb 11 9234 Feb 11 9234 Feb 93 to the effect of the new Revenue Bill, Feb n Snuff 100 22 118 now awaili-g Feb 11 119 n only America Feb 13 105 Jan 119 Feb Am Sumatra Tob,prf100 the President's signature to become a law, 9534 Feb 8 98 Feb 10 93 Jan 98 Feb the prospect is Assets Realization -__10 500 100 134 Feb 8 134 Feb 8 1 Jan Jan less pleasing. Assoc'd Dry Goods_ _100 1,200 1034 Feb 8 2134 Feb 11 1734 Jan 134 Jan Second preferred 100 100 5834 Feb 8 5834 Feb 8 5834 Feb 2634 Jan The U. S. Steel Company's report shows a large 5834 Barrett, preterred 100 110 Feb 10 110 Feb 10 110 shrinkage Batopilas Mining_ .. _ 100 Feb 11014 Jan _20 2,81• 134 Feb 10 134 Feb 14 of orders booked during January, the larges Jan 134 Feb Beth Steel, prof 100 1,700 9034 Feb 11 9034 Fob 13 134 Feb t, indeed, in Brown 9134 Jan 9034 Shoe, pref 10i several years, but this is not unexpected 350 98 Feb 10 98 Feb 13 98 Feb 98 Feb anticipating,the Butterick 100 200 1634 Feb 13 1634 Feb 13 16 Jan 1734 Jan impending readjustment of prices. Large Calumet & Arizona_.10 300 57 Feb 8 58 Feb 10 57 Feb 6134 Jan orders for con- Case (J I), prof 100 100 93 Feb 14 93 Feb 14 9134 Jan 9334 Jan struction and other forms of steel are waitin Computing-Tab-Rec.100 100 3834 Feb 11 3834 Feb 11 3734 Jan 39 g onlyfor that Continen Jan tal Can, pf-100 100 106 Feb 10106 event. The same is true of many other Fob 1 1013,1 Jan 106 Feb tal Insur_ _ _ _25 kinds of manu- Continen 311 65 Feb 13 6594 Feb 1 58 Jan 66 Feb Cuban-Amer Sugar_ _100 factured goods. 200154 Fob 14 155 Feb 11 150 Jan 160 Jan Deere & Co,pref._ _ _100 301 9534 Feb 10 95H Feb 8 953,4 Jan 96 Jan The money market has been somewhat Duluth S S & Att._ _ _100 101 234 Feb 11 23,4 Feb 11 234 Feb 3 firmer this week. Elec Jan Storage Battery.100 200 55 Feb 8 55 Feb 11 54 Feb 55 Feb Federal Min & Smelt.100 101 93,4 Feb 11 934 Feb 11 934 Feb 10 Foreign Exchange.—Sterling has ruled dull Jan Preferred and a ih—da e 100 310 33 Feb 11 35 Feb 14 33 Jan 3894 Jan Fisher Body, pref _ _ _100 easier during the week, although change 100 91 Feb 11 91 Feb 10 91 Feb 9334 Jan s in rates were con- Gen'i Chemical, pref.100 101 108 Feb 14 108 Feb 14 10294 Jan 108 fineditorsmall fractions. The continental Feb Cigar, Inc_ _100 1,0'' 50 Feb 10 5034 Feb 13 47 exchanges were General Jan 5394 Jan Preferred 100 130 100 Feb 11 102 Feb 13 103 well maintained with theTheutrals firm during Jan 103 Jan Motors rights__ 52,560 2 Feb 13 234 Feb 8 the earlier General g Jan 234 Feb Debenture stock days of the week, but-receding'slightlyibefore 3,000 8334 Feb 13 84 Feb 13 8334 Feb 84 Feb the close on lot Harvester, pref_ _100 100 115 H Feb 141153,4 Feb 1411534 Feb 118 Jan reports that the new armistice terms might Iowa Central 100 100 234 Feb 13 234 Feb 13 234 Feb 33,4 Jan result Tea,Inc 100 651 28 Feb 8 3034 Feb 14 28 Feb 3634 Jan lifting of the blockade"and a consequent increa in a partial Jewel Preferred III 400 84 Feb 11 8634 Feb 14 84 se in export Kayser (Julius)& Co 100 200110 Feb Feb 90 Jan and import trade. 14 111 Feb 14 107 Jan 111 Feb Kelsey Wheel, Inc 100 100 36 Feb 14 36 To-day's (Friday's) actual rates for sterling exchange were 4 73% ® 4 73% for sixty days, 4 75(@4 for cables. Commercial on banks7580 for cheques and 4 76©47652 sight 4 75%404 75j, sixty days 4 723i ®4 72N, ninety days 4 71@4 71 7-16, and documents for payment (sixty days) 4 72©4 72X. grain for payment 4 75®4Cotton for payment 4 75®4 75(, and 75X. To-day's (Friday's) actual rates for Paris bankers' francs were 5 51%0 5 5136 for long and 5 46% ®5 4634 for short. Germany bankers' marks were not quoted. Amsterdam bankers' guilders were 40 11-16 for long and 411-16 for short. Exchange at Paris on London, 25.98 francs; week's range, 25.98 francs high and 25.98 francs low. The range for foreign exchange for the week follows: Sterling, Actual— Sixty Days. Cheques. Cables. High for the week 4 73% 4 75 13-16 4 76 9-16 Low for the week 4 733i 4 753 4 76 7-16 Paris Bankers' Francs— High for the week 5 51% 54534 545 Low for the week 5453,, 551 5 4534 Amsterdam Bankers' Guilders— High for the week 40 11-16 41% 41 7-16 Low for the week 40% 411-16 41 5-16 Domestic Exchange.—Chicago, 25c. per $1,000 bid. San Francisco,par. Boston, par. St. Louis, 15® par. Montreal, $19.3750 per $1,000 premium. Cincinnati, par. State and Railroad Bonds.—Sales of State bonds at the Board includet2,060-New York 4s at 1063/2, $10-,0 -00 N. Y. Canal 4s July 1961 at 97% and $191,0 00 Virginia 6s deferred trust receipts at 693/ 2 to 73. The market for railway and industrial bonds has broadened somewhat in scope this week, but prices have not generally been maintained. Of a list of 20 well known issues 12 have declined and 2 are unchanged. Some of the local traction issues have recovered a part of the recent decline, while Ches. & Ohio, Lehig . 112,nd So. Pacifies have been relatively strong andReadings and-V -. S. Rubbers are unchanged. United States Bonds.—Sales of Government bonds at the Board are limited to $2,000 2s coupon at 98 and Liberty Loan 332s at 98.80 to 98.94, L. L. 1st 4s at 92.74 to 93.06, L. L. 2d 4s at 92.40 to 92.82, L. L. 1st 43.,s at 9E60 to 95, L. L. 2d 43s at 93.80 to 94.10,2.. L. 3d 43.s at 94.90 to g5.24 and L. L. 4th 43(;'at 93.76 to 94710. For prices of all the different issues and for the week's range see third page following. Railroad and Miscellaneous Stocks.—During the early part of the week the stock market was dull and the movement:of prices was within a very narrow range. Following the :holiday on Wednesday stocks were decide dly more active and the market showed a tendency to advan ce. The buoyant tendency was checked, however, by an application for a receiver for the New Haven Road, and in many cases closing 'prices were substantially below the highes t of the day. In to-day's market, which was slightly less active than yesterday's, 7 of the 10 most conspicuous railway Feb 14 34 Jan 36 Feb Kress (S II) & Co__ _100 100 63 Feb 14 63 Feb 14 60 Jan 63 Jan Lake Erie & Western.100 100 734 Feb 11 794 Feb 11 734 Feb 034 Jan Lorillard (P) 100 30' 163 Feb 10164 Feb 10 162 Jan 16834 Jan May Dept Stores_ _ _100 400 64 Feb 8 65 Feb 11 60 Jan 66 Jan M St P & 88 Marie_100 20u 88 Feb 13 89 Feb 11 8734 Jan 91 Jan Morris & Essex 50 4 7434 Feb 10 7434 Feb 10 7134 Jan 7134 Jan National Acme 50 300z30g Feb 14 31 Feb 13 2934 Jan '3134 Jan National Biscuit_ _ _ _100 700112 Feb 10114 Feb 13 109 Jan 114 Feb Preferred 100 101 120 Feb 8120 Feb 811534 Jan 120 Feb Natl Rys Mex 2d pref100 3,690 6 Feb 8 934 Feb 13 534 Feb 934 Feb N 0Tex & Mex v t 0_100 200 31 Feb 10 31 Feb 13 30 Jan 36 Jan N Y Chic & St Louis-100 100 29 Feb 14 29 Feb 14 28 Jan 30 Jan Norfolk Southem 100 300 1534 Feb 13 17 Feb 11 1534 Feb 1834 Jan Nova Scotia S dc C 100 300 4734 Feb 8 49 Feb 11 46 Jan 55 Jan Ohio C Gas rights 19,330 234 Feb 8 23,4 Feb 14 234 Feb • 27 4 Feb Owens Bottle-Mach_ _25 100 49 Feb 13 49 Feb 13 47 Jan 493,4 Jan Pitts Cin Ch & St L_100 10i 4534 Feb 8 4594 Feb 8 45 Jan 46 Jan Pittsburgh Steel, pref10 300 9334 Feb 11 94 Feb 13 9034 Jan 94 Feb Savage Arms Corp_ _100 200 60 Feb 14 6034 Feb 10 5334 Jan 6234 Jan Sloss-Sheffield, pref_ I 200 87 Feb 11 8734 Feb 13 87 Feb 88 Feb Tex Pao Land Trust-100 90250 Feb 13250 Feb 13 180 Jan 320 Jan Third Avenue Ry_.....100 600 1334 Feb 11 14 Feb 13 1334 Jan 1534 Jan Transue & W'ms_no par 50 38 Feb 13 3834 Feb 11 3754 Jan 3834 Feb Underwood 100 100 130 Feb 8 130 Feb 8 115 Jan 130 Feb United Drug 100 400 9434 Feb 10 9534 Feb 13 9034 Jan 9534 Feb First preferred 50 100 54 • Feb 13 54 Feb 13 5034 Jan 54 Jan Second preferred__10 200 95 Feb 8 9534 Feb 13 91 Jan 9534 Feb U S Realty & Impt__100 1,400 27 Feb 13 2734 Feb 13 1734 Jan 2734 Jan Vulcan Detinning....10 100 13 Feb 10 13 . Feb 10 12 Jan 13 Feb Preferred 10 200 44 Feb 14 45 Feb 10 40 Jan 45 Feb Wells. Fare()Exnress 10 400 6434 Feb 13 66 Feb 13 6434 Feb 75 Jan Outside Market.—Trading on the "curb" early in the week was irregular and prices moved downward, ,but later a heavy demand for many of the leading developed and prices made substantial advances withissues high records in several issues. Keystone Tire & Rubber corn. after a loss of 43/i points to 553' sold up to 633/2, a new high record, and closed to-day at 61. Gillette Safety Razor after early gain of 4 points to 136 dropped to 128 and was traded in finally at 132. Fairbanks (Scales) Co. was traded in for the first time up from 573/ to 603/i and down to 58% finally General Asphalt com. weakened from 65 to 63%, recove . red to 683/ and ends the week at 67. The pref. lost two to 97, advanced to 102 and closed to-day at 1003'. points Submarine Boat declined from 11% to but recovered to-day to 1134. There were several featur1034 es of strength and activity in the oil shares. Royal Dutch Co. (new) in particular on a heavy demand advanced 163/9 points to 883/2. Houst on Oil com. gained 53/ points to 86 and finished to-day at 85. Internat. Petroleum moved up over a point to 21% and closed to-day at 21. Island Oil & Transportation improved from 73% to 85'. Louisiana Oil & Ref. after a decline from 36 to 3534 sold up to 383/ and at 3834 finally. Merrit t 0il after a fractional recession to 22%, advanced to 24 and ends the week at 233 %. A feature in the mining department was the initial trading in Golden Gate Exploration stock. Trading in bonds was only fair. Illinois Centra l new 532s sold for the first time "w.i.", up from 9734 to 97% 3 to 963 and at 97 finally. Interboro. R. T. 7s and down ved from 883/ to 90% and finished to-day at 903/9. impro n Govt. bonds were weak, the 63s droppin from 69Russia to the final figure being 63. The 53/25 fell from 62 to 55. 62, A complete record of "curb" market transactions for the week will be found on page 673. New York Stock Exchange-Stock Record, Daily, Weekly and Yearly OCCUPYING TWO 665 PAGES For record of sales during the week of stocks usually inactive, see preceding page. 111011 AND LOW SALE PRICES--PER SIIARE, NOT PER CENT. Saturday Feb. 8 Monday Feb. 10 Tuesday Feb. 11 Wednesday Feb. 12 $ per share $ per share $ per share $ per share 9012 00,2 9012 91 9014 90731 86 .86 86 88 *8512 8612 .97 98 *9678 98 9614 96,41 4513 4514 4514 4512 46 4614 *53 55 53 53 5334 5334 2134 22 2134 2218 2178 22 157 15734 *15614 159 159 159 55 55 5458 5434 55 55 *734 814 734 734 *734 818 .24 25 2412 2412 *24 25 3618 3613 3618 3613 3633 37 7038 7012 7034 7134 7073 71 9413 9434 *94 9512 9434 9434 .131 133 *131 13534 *131 13534 2234 223t 2234 2278 2234 23 .75 77 *7514 7712 *7512 77 63 6353 6358 *63 6412 63 36 .32 *32 .32 36 36 *6212 75 *6212 75 *6212 75 *20 2112 2112 2013 2013 .20 4814 4814 .48 .48 50 50 *4112 48 *4112 48 *4112 48 *103 105 10314 10314 10312 10312 .173 180 *17212 178 *17212 180 514 *4 *4 514 514 *4 612 7 *613 67s *612 678 1512 1512 1534 1534 1534 1534 2512 2512 .25 2612 2614 2612 20 .18 .18 20 *1814 20 02 9114 9112 0114 9112 92 37 3734 3733 3734 3714 37 98 9812 98 9753 9733 .97 *514 534 *514 534 514 534 19 19 18 *18 1912 19 *1714 18 *1712 18 18 *17 51 51 .50 51 *50 *50 55 5473 55 5434 55 55 115 115 *113 116 .114 115 934 934 *934 1034 *934 11 433 434 *453 514 *434 5,4 *812 9,2 *812 914 *812 914 2314 2314 2:312 2312 2334 24 *5012 5212 *50 5112 *5013 52 7134 7112 7134 .7133 7134 71 2814 2812 2858 2813 2813 28 *1912 20 *19 2012 *1913 20 105 10518 *10412 10512 .105 106 8978 8978 8912 8934 8934 9014 4412 4412 4433 4433 4412 4434 >3 *1213 13,2 *1212 1312 .1214 1312 60 60 *58 *58 60 .58 43 4314 *40 .40 .40 43 3418 3418 3413 3412 3412 3434 .7912 8112 .7914 8112 80 80 77 7734 7612 7758 7753 7833 *3712 38 *3713 38 *3713 38 *3753 3813 *3753 3813 *3758 3818 .1112 12 1113 1113 *17 21 ;I/ 22 22 *17 *29 30 *28 30 *29 30 •712 8 1534 1534 9714 9712 9714 975 9712 -02333 26 2613 26 2612 2614 2612 *67 68 6714 6714 07 67 3114 3113 3112 3178 3234 31 *44 47 50 *45 *44 48 12618 12653 12613 12612 12612 12714 *7234 7353 73 73 *73 74 10 10 873 914 978 978 1033 19 19 19 18 1834 *Vs 8 *778 818 778 8 31 31 3118 31 31 31 Ii 20 • *19 20 1978 1978 *19 1038 1012 1053 1058 *1012 1034 *22 29 *22 29 29 *22 0:1 17 *1612 18 *1612 18 17 0 57 57 5314 5834 *813 9 812 *818 9 *8 18 18 *16 *16 18 .16 33 33 .31 *30 33 *30 *21 2212 2134 2134 .2078 2212 58 5812 5812 6812 5812 53 71 7112 7112 71 71 71 312 313 338 313 35s 358 178 173 173 2 I '2 2 3112 3112 3034 3034 3112 3112 8312 8:312 84 8414' 84 84 10012 10012 10073 10078 .10013 1(11 .9812 9912 9912 .9812 100 99 6634 67 67 68 6758 68 89 89 *85 .85 90 .85 4313 4513 4278 4518 4513 46 _ *100 101 1100 100 *100 8612 8758 8434 8512 8413 86 11518 11512 11514 11514 *114 117 4212 4212 4212 4212 4312 4:334 92 .85 92 •85 93 • *85 1114 1112 1112 1158 1112 1134 1613 1612 17 1753 17 1712 9133 8773 8812 9053 89 87 39 3912 *3813 3912 39 39 57 57 5613 57 57 .56 53 5233 5212 5253 5253 53 4818 4714 4738 4713 47 47 8734 88 •87 88 87 8814 60 5814 5314 5914 5912 .58 .102 10312 *102 10314 .102 10314 118 11, I 118 *1 112 .4212 4712 4614 4712 4712 4712 64 6212 6312 6214 6333 63 105 105 10434 10513 *103 104 68 7114 6812 7012 7112 74 11434 1143.1 11434 11538 11553 11614 .118 120 .118 120 118 118 101 10231 10112 10212 10234 104 10138 10112 10078 10113 10078 10114 19712 198 199 199 198 200 102 102 *100 102 102 102 4578 46 4612 4634 4718 4712 0433 9412 *94 9513 *9312 94,2 .3012 34 33 *29 3312 *29 •11 12 *11 12 *11 12 .3913 43 *39 43 *39 4312 5613 37 5034 5734 5738 5758 92 115 9213 9473 04 06 *6314 65 .63 65 *63 65 06 6634 66 6778 6714 6373 115 11612 11578 11614 11512 116 .5814 5914 *5812 59 5933 5933 5834 5911 59 5978 5914 5978 10278 10312 10312 10313 .10278 10334 .1858 19 *1813 19 1853 1858 .140 14212 143 14334 14434 14512 553 534 534 534 5523 558 *1878 1712 1673 1678 17 17 3/1 e Bid and asked prices; no sales on thlil du. Thursday Feb. 13 Friday Feb. 14 $ per share $ per share 9073 91 91 91 *85,2 8612 8614 8614 *9612 98 97 97 46 4612 4512 4613 5434 5434 5412 5412 2178 2318 22 2212 15878 159 153 153 5412 55 55 55 712 712 753 753 *24 25 *2414 2513 3533 3713 36 3678 7012 7134 7053 71 95 95 9533 9533 *131 13534 *131 13534 2234 2238 2314 2:333 *75 7712 *7512 7712 *63 6412 *63 6412 *32 36 .32 36 *6212 75 *6212 75 *20 2112 2112 .20 .48 50 *48 50 *42 48 *42 48 *10312 10512 *10312 10612 *17212 180 *173 183 .4 514 *4 514 7 634 634 *614 1512 1534 *1512 1534 2614 2613 *26 27 *13 20 *1812 20 9112 9212 9134 9233 3712 3813 3753 3312 *97 100 9734 9734 538 553 553 53t 1812 19 1812 1812 *1714 18 1734 1734 .50 51 *50 51 5453 55 5478 55 *114 11514 *11433 11514 934 934 10 10 *412 5 514 *5 *812 914 *812 9,2 2414 2334 24 24 51 51 51 5134 72 7234 *72 73 2534 29 2634 2712 *1912 20 •191z 20 *10412 10512 *10412 10512 9018 9012 .13912 91 4433 4434 4453 4434 13 13 13 13 58 *55 58 60 43 .40 *40 .43 3473 3518 :3418 3558 *7612 81 *78 80 7733 7878 78 7834 *3712 33 .3712 38 .3753 3813 *3712 3813 1112 11,2 1153 1153 .17 20 2213 *17 *28 30 *28 30 733 713 1612 .16 9812 9912 991 100'3 2638 27 2633 2634 6714 671t 6778 6778 32 3214 3273 3314 43 *44 *44 43 12714 12813 12712 128 7334 7334 7334 7334 873 911 *914 934 18 19 1914 1914 .773 778 778 31 3113 31 31 *19 20 *19 20 1012 1034 .1012 11 .22 29 ;if-if!! 18 18 *17 5212 5212 .5113 57 312 *8,8 3,2 *818 .16 18 *16 1712 .31 33 22 22 *2112 2212 5812 5878 5812 5813 7112 7233 *7014 7112 353 3.3 353 334 173 2 173 2 31 3134 .31 32 8312 84 *83 84 101 101 10012 10012 *9838 9912 *9734 9912 63 6834 6834 6873 .85 90 .85 90 4418 4514 44323 4478 10014 10014 10013 10012 8712 8914 8813 8914 11412 11533 11538 11538 4358 44 24214 4214 *85 92 .85 95 1134 1214 1214 1212 1712 1818 173.t 18 90 9138 9012 9214 3912 4112 403t 4114 5733 59 5834 5978 5318 5433 5373 5478 4753 4778 4712 48 8814 8833 .8713 8812 60 6118 *60 6112 10314 10312 .10312 10412 1 113 1 1 .4213 47 4512 4512 6373 6518 6414 6513 .103 105 .103 105 7512 7613 7612 772 11613 117 11578 11613 118 118 118 118 10353 105 10314 10134 101 10114 10034 10112 19978 201 219734 19734 102 102 210113 10112 4818 4813 *9412 9512 -55- .3112 3112 3214 *11 1512 *11 1112 *3913 4:112 *3912 4313 5733 5312 5773 5318 9614 9712 9534 97 *64 65 *63 65 6018 7253 7114 7234 115 11514 115 11512 6014 61 .6034 62 5978 6133 6038 6134 103 1033.1 10334 10:134 1878 1953 1914 1914 144 146 145 14512 5,2 558 558 534 1711 1712 .17 18 Salesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE Railroads Par 1,800 Atch Topeka & Santa Fe_ _100 200 100 Do prof 200 Atlantic Coast Line RR_ _100 100 3,800 Baltimore & Ohio 100 600 Do pref 6,900 Brooklyn Rapid Transit 100 100 2,300 Canadian Pacific 3,800 Chesapeake & Ohio 100 300 Chicago Great Western__ _100 200 100 Do pref 10,300 Chicago Milw & St Paul..100 100 6,500 Do pref 600 Chicago & Northwestern_ _100 100 Do pref 8,300 Chic Rock Isi & Pac temp ctfs. 7% preferred temp ctfs_ _ 200 6% preferred temp Ws_ _ _ _ Cloy On Chic & St Louls__100 100 Do pref 100 100 Colorado & Southern 100 100 Do 1st pref 100 Do 2(1 pref 100 400 Delaware & Hudson Delaware Lack & Western_ _50 Denver & Rio Grande_ _ _ _100 100 700 Do pref 100 2,700 Erie 100 600 Do 1st pref 100 Do 2d prof 100 2,100 Great Northern pref 11,900 Iron Ore properties_.No par 100 300 Illinois Central 1,200 Interboro Cons Corp_.No par 100 2,100 Do pref 100 Kansas City Southern__ _ _100 100 Do pref 2,30() Lehigh Valley 50 100 Louisville & Nashville_ _ _ _100 400 Minneap & St L (new)_ _ _ _100 500 Missouri Kansas & Texas_100 100 Do pref 1,600 Missouri Pacific trust ctfs_100 100 500 Do pref trust ctfs 100 2,600 New York Central 20,500 N Y N II & Hartford_ _ _ _100 N Y Ontario & Western_ _100 100 300 Norfolk & Western 100 3,000 Northern Pacific 6,256 Pennsylvania 50 100 1,100 Pere Marquette v t c 100 Do prior pref v t c_ _ _ _100 100 Do pref v t c 2,200 Pittsburgh & West Va__ _ -100 100 100 Do prof 50 15,400 Reading 50 Do lst pref 5 Do 24) prof 500 St Louis-San Fran tr ctfs_ _100 St Louis Southwestern_ _ _ _100 100 Do pref 100 200 Seaboard Air Line 100 100 Do prof 100 11,200 Southern Pacific Co 100 7,000 Southern Railway 100 600 Do prof 100 10,200 Texas & Pacific Twin City Rapid Transit_ _100 100 4,700 Union Pacific 100 300 Do pref 900 United Railways Invest_ ...101) 100 4,100 Do pref 100 300 Wabash 100 900 I)o pre A 100 100 Do pref B 700 Western Maryland (new)_100 100 24) pref Do 100 201) Western Pacific 100 200 Do prof Wheeling & Lake Erie Ry _100 100 Do prof 100 Wisconsin Central Industrial Bc Miscellaneous. 100 200 Advance Rumely 100 900 Do prof 50 1,100 Ajax Rubber Inc 10 2,800 Alaska Gold Mines 4,600 Alaska Juneau Gold Min'g_10 100 1,400 Allis-Chalmers Mfg 100 900 1)0 pre( 70() Amer Agricultural Chem_ _100 100 200 Do prof 100 1,900 American Beet Sugar 100 Do pref 100 50,700 American Can 100 330 Do pref 20,200 American Car & Foundry _100 900 100 Do prof 100 1,800 American Cotton Oil 100 Do pre( 10,354 Amer Druggists Syndicate_10 13,600 American Hide & Leather _100 37,400 100 Do pref 2,900 American Ice 100 100 :3,700 Do prof 3,500 Amer International Corp_ _100 3,300 American Linseed 100 1,600 100 Do prof 2,000 American Locomotive__ _ A00 400 100 Do prof 1,5(10 American Malting 100 1,000 Do 1st pref certits of dep_ _ 43,600 Amer Smelting Sr Refining _100 900 100 Do prof 15,700 American Steel Foundries_100 4,800 American Sugar Refining_ -100 100 400 Do pref 13,400 Amer Sumatra Tobacco_..100 4,200 Amer Telephone Sc Teleg_ _100 1,600 American Tobacco 100 900 100 Do pref (new) 1,000 Amer Woolen of Mass_ ...10e) 200 100 Do pref 700 Amer Writing Paper prof_ _100 Amer Zinc Lead & Smelt_..25 25 Do pref 13,700 Ancaonda Copper Mining_ _50 18,400 Atl Gulf Sr W I SS Line_ _100 100 Do prof 53,100 Baldwin Locomotive Wks_100 3,500 Barrett Co (The) 100 300 Bethlehem Steel Corp__ ..100 19,600 Do Class B common_ _100 900 Do cum cony 8% Prof- -800 Booth Fisheries No par 1,100 Burns Bros 100 1,400 Butte Copper & Zinc v t 300 Butte & Sitnerlor MInIng_ _10 PER SHARE Range Since Jan. 1. On basis of 100-share lots. Lowest. Highest. $ per share 90 Feb 3 86 Jan21 9553 Jan22 44 Jan21 53 Feb10 1838 Jan27 15534 Jan21 5334 Jan21 713 Jan21 2353 Jan21 3533 Feb13 6512 Jan21 9313 Jan21 13178 Jan 7 2218 Jan21 7314 Jan21 6118 Jan21 33 Jan23 6612 Jan15 1934 Jan22 4814 Jan 3 45 Feb 4 101 Jan20 176 Jan10 334 Jan 613 Feb 3 1513 Jan21 2434 Jan21 Jan21 18 9014 Jan21 3134 Jan 2 Jan21 96 434 Jan 2 Jan 2 16 1634 Jan30 4912 Jan21 Jan 2 54 11312 Jan23 $ per share 9414 Jan 3 Jan 4 89 Jan 6 99 Jan 2 50 56 Jan14 2673 Jan 8 16134 Jan 3 5714 Jan 2 812 Jan 7 2612 Jan 3 4133 Jan 9 7414 Jan 9 9612 Jan 3 133 Jan17 2612 Jan 3 8014 Jan 3 67 Jan 3 Jan 3 36 Jan16 70 2233 Jan13 4912 Jan13 47 Jan27 10514 Feb 4 18234 Jan 2 514 Jan14 714 Jan 2 1733 Jan 3 2814 Jan 3 22 Jan14 9512 Jan 2 3834 Feb 4 9934 Feb 4 653 Jan 8 23 Jan 7 1914 Jan 3 53 Jan14' 5718 Jan25 Jan13 119 1134 Jan 3 6 Jan 3 10 Jan 9 27 Jan 3 5434 Jan $ 7512 Jan 9 3314 Jan 3 21 Jan 7 10314 Jan 2 9412 Jan 2 46 Jan 7 1334 Jan 3 53 Jan13 4318 Jan15 3853 Jan 2 8133 Jan13 8412 Jan 3 3813 Feb 4 3753 Jan28 1414 Jan 3 Jan21 18 Jan 4 31 878 Jan 3 183t Jan 4 10334 Jan 3 3013 Jan 3 Jan 2 70 3613 Jan 3 45 Feb 5 13012 Jan 3 7334 Feb13 10 Feb 6 20 Feb 6 812 Jan 3 3373 Jan 6 20 Jan24 1233 Jan 9 9 453 1s 12418 72 714 15 734 3012 19 1033 a ein )2 10 1 Jan13 Jan21 Jan21 Jan21 Feb13 Jan21 Jan21 Jan21 Feb n21 1 Jan21 Jan20 Jan15 Jan21 Jan31 Jan21 Jan 9 Jan 2 Jan21 Jan28 Feb 4 Feb13 Feb 3 Jan21 Jan21 Jan21 Jan21 Jan16 Jan21 Jan14 Jan 9 Jan13 Jan20 Jan21 Jan23 Feb 7 17 5212 8 17 3014 Feb 3 Feb13 Jan18 Jan30 Jan22 21 5612 66 338 134 30 8178 9973 98 62 8434 4278 9873 8413 113 3953 83 1038 1318 7114 38 5434 5233 4534 87 58 100 1 4513 6213 104 63 11114 11312 9613 9834 19173 101 4514 9433 2753 11 40 5613 92 64 6473 103 5512 5533 10133 1814 138 512 167, Jan21 Jan20 Jan13 Feb 4 Jan 2 Jan21 Jan23 Jan29 Jan 9 Jan 3 Jan13 Feb 11 Jan 6 Feb10 Jan18 Jan 2 Jan 7 Jan24 Jan 4 Jan 2 Jan21 Jan20 Feb 8 Jan21 Feb 4 Jan21 Jan14 Jan17 Feb14 Feb 6 Feb 6 Feb 8 Jan21 Jan 6 Jan13 Jan29 Feb 4 Jan20 Jan16 Feb 8 Jan 2 Jan31 Jan21 Feb 6 Feb 8 Jan29 Jan29 Jan 2 Jan20 Jan21 Jan22 Jan14 Feb 6 Feb13 Febl I 2285142 4914 6914 2534 1812 104 4418 8853441 1213 57 43 34 79 75 3613 37 1034 17 2812 733 1534 9513 25 6634 2712 Ex-rights. I Less than 100 shares. a Ex-div. and rights. z Ex-dividend. PER SHARE Range for Previous Year 1918. Lowest. Highest. $ per share $ per shar 31 Mar, 9934 Nov 80 Jan 9212 Nov 8933 Apr, 109 Nov 4812 Dec 62 Nov 53 Apr. 6412 Nov 2533 Dec' 4314 Jan 135 Mar! 17473 Oct 4934 Jan, 6238 Nov 6 Apr 11 Nov 1812 Apr 32 Nov 3714 Apr 5414 Sept 6614 Apr 865s Nov 8912 Mar 107 Nov 125 July 137 Jan 18 Apr 3212 Nov 5634 Jan 88 Nov 46 Jan 75 Nov 26 Feb 40 Nov 5834 May 70 Nov 18 Apr 2712 Nov 47 Apr 55 Nov 40 Apr 48 Dec 10012 Apr 11934 Nov 160 Apr 185 Sept 214 Jan 7 Nov 5 Apr 1353 Jan 14 Apr 2333 Nov 2318 Jan 3612 Nov 1812 Jan 2714 Nov 86 Jan 10612 Nov 2518 Jan 3412 Nov 92 Jan 10512 Nov 434 Dec 912 Jan 1714 Dec 4712 Jan 1518 Apr 2414 Nov 45 5912 Nov Jan 5353 Dec 6518 Nov 110 Jan 12434 Nov 1578 Nov 712 Apr 634 Nov 433 Jan 1312 Nov 612 Jan 20 Jan 3153 Nov Jan 62 Nov 41 6712 Jan 8453 Nov 27 Apr 4578 May 1814 Jan 2433 Nov 102 Jan 11214 Nov 8118 Jan 105 Nov 4314 June 5018 Nov 9t2 may 1878 Nov 5212 Apr 64 Nov 30 Apr 50 Nov 2253 Jan 4033 Nov Jan 82 Nov 61 7018 Jan 9614 Oct Jan 39 May 35 35 Mar 40 July 038 Apr 1714 Dec 19 Oct 25 Nov 28 Oct 4012 Jan 7 Apr 12 Nov 1513 Apr 2514 Nov 8012 Jan 110 Nov 2033 Apr 3473 Nov 57 7514 Nov Jan 14 May 2913 Dec 32 Dec 6514 -Tan 10934 Jan 13712 Oct 69 Jan 7634 Nov 434 Jan 12 June 1012 Apr 20 May 7 Apr 1134 July 3073 Dec 4412 Jan 1918 Dec 2612 June 10 Dec 1734 Feb 20 Jan 32 June 201; Jan 3 13 2434 Nov Jan 46 Jan 66 June 6112 Jan 9 853 Jan14 1234 Nov Apr 1712 Apr 26 Nov 1812 Jan 7 2978 Dec 3934 Oct 35 Jan 4 2514 6114 75 414 213 3511 8512 103 9912 77 8134 5033 10178 9414 11512 4514 89 1312 1833 9214 4512 5978 5713 Jan 3 Jan30 Jan16 Jan15 Jan :3 Jan10 Jan 9 Jan 8 Feb 8 Jan 9 Jan13 Jan 9 Feb 5 Jan 3 Febll Jan 9 Jan18 Jan30 Feb 4 Feb14 Jaull Feb14 Jan 6 Jan 9 5 ' 234 J 9 7 63 Jan 3 10312 Feb13 438 Jan 7 4914 Feb 5 33 10 86 78 : 7 j Jan rn13 i 4 3 117 118 10618 10112 206 106 5212 9612 3534 1234 4312 6133 10812 67 7712 11612 6212 6312 105 2234 157 Feb13 Feb 5 Jan15 Jan16 Jan10 Jan (3 Jan 4 Jan 9 Jan22 Jan 3 Jan10 Jan 3 Jan 4 Jan 2 Jan 3 Feb 8 Jan 6 Jan 3 Jan 3 Jan 6 Jan 3 Jan 27 1 143 Jan 6 3 11 Jan 2573 Jan 49 Jan 114 Apr 112 Apr 1734 Jan 7214 Jan 78 Jan 89,8 Jan 48 Nov 282 Sept 3433 Jan 8914 Jan 6814 Jan 106 Jan 25 Jan 78 May 11.8 -Jan 50 Jan 1112 Jan 3834 Jan 5112 Sept 27 Jan 6914 Jan 5312 Jan Jan 295 233 Sept 41 Sept 73 May 103 Sept 58 Jan 98 Jan 10814 Mar 6034 Jan 9053 Aug 14012 Jan 9218 Sept 4478 Jan 92 Jan 2014 Apr 11 Dec 3834 Dec 59 Dec 9734 Jan 58 Jan 5618 Jan 85 Jan 60 Dec 5934 Nov 9612 Jan 21 Jan 103 Feb 513 Dec 161. Jan 2634 Nov 6278 Nov 7214 Dec 533 Nov 312 June 37 May 8612 May Oct 106 101 Aug 84 Feb 9113 May 5034 May 99 Dec 9334 Dec 11512 Dec 4434 Oct 88 Dec 2213 Sept 94713 Aug Oct 49 Oct 61 6012 Oct 4712 Dec 92 Dec 7134 May 10233 Dec 1312 Feb 48 Dec 9134 Oct 11014 Nov 95 Nov 116 May 11412 Dec 145 May 10914 Feb 19834 Dec 10012 Dec 607,3 May 9634 Dec 3938 Aug 2138 July 5314 July 27414 Oct 12014 Feb 6758 Nov 10134 May 110 Dec 96 May 94 May 10673 Apr 2813 Sept 6112 Oct 11278 July 3312 May New York Stock Record-Concluded-Page 2 666 For record of sales during the week of stocks usually inactive, see second page preceding. • HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. Saturday Feb. 8 Monday Feb. 10 Tuesday Feb. 11 Wednesday Feb. 12 $ per share $ per share $ per share $ Per share 52 5112 5134 5112 5112 52 2314 2314 2334 2418 *2314 24 6734 6834 6814 6914 6734 68 58 58 5612 58 5612 57 *105 106 *104 106 *105 106 32 3114 3114 32 32 *31 114 11712 11678 119 *113 144 1712 178 1712 1734 1712 1734 3314 3278 33 3238 3212 33 35 35 3434 35 *3438 35 40 4012 40 40 40 40 9114 9114 9012 9118 9034 9114 6678 67 6914 6512 66 *66 4658 47 4673 4712 4858 47 +10212 10312 10318 10333 *102 10334 5212 5318 5238 5334 5358 54 *90 91 94 *90 94 *90 2278 2114 2278 2218 2238 22 7373 7414 7353 7438 74 74 5218 5234 5212 5312 5314 5538 1214 1212 1218 1212 *1218 1234 2638 26 *2618 2612 26 2612 148 15018 147 147 1148 148 130 13214 130 13078 12912 13133 8418 8418 8334 8414 48312 8412 5814 69 5913 5734 5812 58 *104 105 *10412 105 *10412 105 73 *68 73 *68 *68 73 4138 4138 42 42 42 42 52 5218 5214 4912 4912 52 43 *40 __*40 43 4218 4278 43 -4238 -4238 43 *1312 1512 *1312 15 14 14 5612 57 5712 5712 57 *56 11112 11112 11214 11214 112 112 2138 2134 2112 2214 2218 2234 9234 9578 9558 97 9414 96 2538 2618 2618 2612 2534 26 3734 3834 39 3812 3912 38 *6512 67 67 *65 67 67 7812 81 78 79 7618 77 30114 3038 3014 3034 2938 3018 65 *6312 6412 6312 6312 *63 2378 23 2318 2234 2318 23 43 *42 43 *42 45 *42 94 *92 94 *92 94 *92 74 *70 74 *70 73 *70 *6312 6412 *6312 6412 *6312 6412 2878 2912 3034 3034 *29 31 53 5312 *5234 5312 53 53 22 2012 2112 *21 2134 22 16514 16612 16418 16614 16534 16938 *10312 106 *10312 106 *10312 106 22 22 22 2178 2178 22 4138 41 4012 4034 4038 41 *7012 71 71 74 71 +71 *10412 ---+104 _ *1C1412 1414 14 1418 14 4 4612 4733 4518 46 -4812 1E39612 9612 *95 100 *95 100 66 6512 6512 6413 6514 65 010614 111 *10634 111 *10634 111 1614 1638 1618 1638 1618 1618 9414 96 9378 94 *92 94 48 *46 48 *46 +46 48 3912 3914 3912 3938 3934 39 814 812 814 838 814 838 714 714 714 714 712 712 30 2912 3078 2912 2938 30 69 6738 6734 6712 6838 68 118 118 118 118 +115 120 4678 4578 4718 4713 47 47 3134 3112 3112 3114 3114 *31 3913 3958 3914 3934 3978 4014 ___- *102 __+102 ____‘*102 My 1678 1638 1658 1678 1714 46 46 45 454 45 45 86 +85 *84 86 86 +85 59 5934 6014 5914 5914 759 *98 101 *98 10112 *98 102 85 8513 *82 +82 ____ *82 113 11414 113 115 116 117 7012 7112 6914 6978 6812 70 +104 107 *104 107 *104 107 2018 20 1934 1934 1958 20 7218 7212 7158 72 *7112 72 +101 10112 *100 102 *101 10178 7413 7414 7434 7712 778 8214 8 814 858 9 838 913 173 173 *169 174 *170 175 12 11 1118 *11 12 +11 3358 3418 3414 3478 3334 34 4612 4612 4714 4714 47 47 3812 3812 38 *3712 38 +37 5134 4958 5018 4933 5114 51 9312 *9212 9312 9312 *92 *91 4312 4238 4412 43 4212 43 *3212 35 *32 35 *3312 35 *93 101 *93 101 +93 101 1212 1212 1212 1212 *1214 13 186 18612 18518 18612 18612 191 7912 8038 7912 83 8153 8278 +102 105 105 105 *102 105 7712 7712 *7678 7912 39 39 3914 39 -58is 11314 11312 11234 11352 11312 11412 *108 125 *109 125 .109 119 15838 16134 157 158 15914 16434 15 +1434 1538 1412 1412 15 46 46 46 *45 4612 *45 10112 10258 9912 10038 10014 101 *99 103 .99 103 *99 103 74 7434 7434 7434 7334 74 010978 11038 *10978 1103a 10978 10973 4334 4334 4314 4334 4414 4412 +45 4658 *45 47 .45 4712 8838 8918 8814 8912 8914 90 11314 11314 1131 11318 11414 11414 6578 6634 66 6678 6614 6733 *15 16 1614 *15 16 O15 51 5214 51 5114 51 4151 +11214 11314 *112 11314 *112 11314 60 *55 60 *55 60 *55 87 *8612 88 87 87 87 4114 4114 41 4114 4114 4114 65 *60 65 +60 65 *60 4758 4734 48 4878 4934 50 2153 2434 2412 2434 2412 247 8014 *89 8938 8914 8914 89 68 68 *66 70 *6712 70 122 122 *122 125 125 125 +116 118 *116 118 *116 118 5014 5014 51 5073 51 51 *85 89 1 *85 89 .85 89 67 67 *66 6814 *66 6814' Thursday Feb. 13 Friday Feb. 14 Satesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1. On basis of 100-share lots. Lowest Lowest Highest IndustrialikMisc.(Con.) Par $ per share Per share $ per share $ per share $ per share $ per share 3613 Jan 50 Nov 5234 5314 5314 5338 1,400 California Packing......No par 4814 Jan 2 64'8 Jan25 12 Jan 2478 Nov 100 2033 Jan 2 2514 Jan24 2334 2418 2334 2414 3,600 California Petroleum' 36 Jan 7012 Dec 100 64% Jan 2 7014 Jan24 Do pref 68 6812 6813 6912 1,400 100 5612 Feb 8 8234 Jan 9 5434 Dec 7338 Feb 5934 5,000 Central Leather 58 J 5912 59 100 10412 Jan 7 106 Jan23 10112 Dec 1,08 Nov Do pref *105 , 10614 *105 10614 2914 Mar 39 Nov Jan22 3458 Jan 3 300 Cerro de Pasco Cop___No par 31 3212 3178 3178 *31 100 103 Jan18 120 Feb13 6814 Jan 109% Dec 11834 120 115 11834 6,000 Chandler Motor Car 25 1718 Jan21 1833 Jan 3 1412 Apr 24 Oct 7,400 Chile Copper 1738 18 1734 18 5 3218 Feb 6 3438 Jan30 3133 Dec 4714 May 3312 3378 3312 3334 2,700 Chino Copper 3434 Jan 5412 May 364 1,600 Colorado Fuel & Iron_-_ -100 3434 Feb 10 3814 Jan 3 35 36 36 100 3914 Feb 1 4338 Jan 6 2834 Mar 4478 Dec 4012 4034 --92-- 1,700 Columbia Gas & Elec 8234 July 10538 Nov 2,500 Consolidated Gas(N Y)-100 8718 Jan27 9713 Jan 2 9 9034 92 100 6512 Feb10 71% Jan 9 6512 Oct 95 Feb 700 Continental Can, Inc *67 69 68 68 2078 Jan 5018 Nov 47% 4778 4714 4712 9,800 Corn Products Refining_100 46 Jan21 5078 Jan 4 100 102 Jan23 104 Jan 2 79012 Jan 104 Dee Do pref 400 10333 10338 *10212 10312 52 Jan 7478 May 13,600 Crucible Steel of America..100 5218 Feb 7 6012 Jan 3 54 5518 5414 56 Jan 2 92 Jan16 100 91 Do pref 86 Jan 9134 June *90 94 *90 94 2712 Apr 34 Nov 2034 22 2114 2158 15,600 Cuba Cane Sugar____No par 2038 Jan27 3112 Jan 9 100 7118 Jan28 80 Jan 9 Do pref 7714 Dec 83 Feb 7334 75 74 7412 6,800 Jan 6434 May 5578 5718 5513 5612 48,700 Distillers' Securities Corp..100 x49 Jan 2 5718 Feb13 z33 10 1053 Jan31 13 Jan 3 6 June 15 Nov 1214 1258 1214 1212 2,300 Dome Mines, Ltd 2534 Oct 39 Feb 2638 2714 2714 2734 3,800 Gaston W & W Inc__No par 2518 Jan21 3012 Jan 2 100 14412 Feb 3 15178 Jan 3 12734 Jan 15812 Oct 1,825 General Electric 15012 15118 151 151 100 11812 Jan21 13413 Jan 2 10634 Jan 164 Aug 130 13178 130% 13212 47,400 General Motors Corp 100 82 Jan 6 8614 Feb 6 Do prat 7538 Oct 88 Feb 84 8418 8334 8412 1,300 100 5612 Jan10 6212 Jan28 38 Jan 5978 Oct 5938 6018 5934 5934 2,500 Goodrich Co (B F) Do pref 100 103 Jan 8 105 Feb14 9538 Dec 104 Dec 100 *10434 105 105 105 Granby Cons M S & P._ _ _100 7358 Jan27 80 Jan 3 74 Jan 86 Oct *68 73 *68 73 3812 Jan 5814 Nov 900 Greene Cananea Copper...100 41 Feb13 4612 Jan 9 41 4112 42 42 5834 Dec 11113 Apr 400 Gulf States Steel tr ctfs_100 4912 Feb 8 6178 Jan 3 *51 .5412 *4912 53 34 Jan 4914 July 42 200 Haskel & Barker Car ,No par 40 Feb 6 4578 Jan 4 4113 4112 42 4118 Dec 5812 Oct 4312 44 4312 435, 3,700 Inspiration Cons Copper__ 20 4212 Feb 6 4714 Jan 9 10 Jan 19 June 100 Internat Agricul Corp__ __100 1012 Jan 2 1538 Jan14 *1312 15 *1312 15 100 48 Jan 4 59 Jan14 600 Do pre( 38 Jan 65 June 5734 58 *56 58 100 11018 Jan21 117 Jan 7 104 Oct 121 Nov 600 Inter Haverster (new) 112 112 *112 114 21 Jan 33 Oct 2218 2318 2234 2314 11,500 Int Mercantile Marine_ _ _100 2114 Jan31 27 Jan 4 100 9234 Feb10 11372 Jan 3 8338 Jan 12512 Nov Do prof 9578 9934 9914 10012 132,500 27 Jan 35 Nov 72534 27 2613 2634 10,000 International Nickel(The) 25 2412 Feb 3 3232 Jan 3 100 3014 Jan 3 4112 Feb14 244 Jan 4513 May 3812 3914 39 4112 30,900 International Paper 100 62 Jan13 68 Feb14 Do stamped pref 58 Jan 6512 Jan 800 6614 6614 67 68 8312 10,400 Kelly-Springfield Tire__ _ _ 25 68 Jan21 8472 Feb13 41 Apr 72 Dec 8478 82 83 par Jan30 Copper_ ___No 2918 Feb13 29 Mar 4114 Nov Kennecott 25,200 291 30 30 2934 • 33, 4 100 6212 Jan21 6818 Jan 3 6512 Dec 9158 May 700 Lackawanna Steel 6413 6413 6458 65 12 Apr 24 Dec Jan22 2434 Jan31 3,200 Lee Rubber & Tire...No par 21 2312 2438' .2312 24 1712 Jan 4558 Dec 300 Loose-Wiles Biscuit tr ctfs _100 41 Jan 9 473s Jan20 43 44% *43 44 100 94 Feb 5 0712 Jan20 100 Do 25 pref 53 Feb 96 Dec 9414 9414 *92 9712 100 70 Jan22 7334 Feb 4 70 Dec 7812 Feb Mackay Companies 74 *70 74 1 *71 100 64 Jan15 65 Jan 4 67 Jan 65 May Do prof *6312 6412 *6312 6412 2312 Jan 4212 Nov 100 2634 Jan22 32 Feb14 3034 3158 3138 32 1 900 Maxwell Motor, Inc 100 5038 Jan22 5534 Feb13 50 Dec 69% Nov Do 1st pref 53 5534 55 5512 1,800 100 1914 Jan 2 2358 Feb 4 19 May 3238 Nov Do 25 pref 2238 2234 22 2212 2,100 100 16234 Jan23 19714 Jan 2 79 Jan 194 Oct 163 17278 173 17614 149,600 Mexican petroleum 100 105 Feb 7 107 Feb14 87 Jan 107 Dec 200 Do pref *103 107 I 10534 107 5 2134 Feb 7 243s Janll 2214 Dec 3318 .Jan 2214 1,600 Miami Copper 22 2214' 22 41 Dec 61 May 4112 42 I 4112 42 8,100 Midvale Steel & Ordnance_ 50 4014 Feb 7 4478 Jan 9 100 6978 Jan13 7312 Jan 8 64 June 8112 Nov 300 Montana Power *7118 7214 71 7114 100 105 Jan22 105 Jan22 95 Mar 10618 Dec *10412 _-_- *105 _-_Do pref 13 Nov 2138 July 14 1414' 14 14 1,300 Nat Conduit Ar Cable_No par 14 Feb 8 1612 Jan10 3714 Jan 6413 May 4738 4734. 4514 4712 5,200 Nat Enam'g & Stamp's__ A00 4513 Feb 8 5034 Jan17 100 93 Jan15 9612 Feb10 300 Do pref.. 88 Nov 9912 Feb *96 100 I 9618 9618 100 64 Janll 6878 Jan24 4314 Jan 69, 6658 67 I 67 6714 2,200 National Lead. 4 Dec 100 107 Jan 3 11018 Jan25 100 Do prof 9934 Mar 10512 May 103% 10818 *10318 110 1613 Dec 21% May 1612 1634 *1638 1678 1,700 Nevada Consol Copper.- 5 1618 Feb10 1712 Jan 3 1,000 New York Air Brake__ _ _ 50 9114 Feb 3 105 Jan13 9812 Dec 139 May *94 96 96 96 100 47 Janll 48 Jan13 3713 Aug 6712 Nov *413 43 *46 48 North American Co 25 03534 Feb14 4478 Jan 3 0534 36 22,195 Ohio Cities Gas (The)._ 35% Mar 48 Oct 3912 40 8 Feb 3 1018 Jan10 814 812 7,600 Oklahoma Prod & Refining 5 812 812 8 Feb 1 578 Jan15 414 Jan 13 June 200 Ontario Silver Mining__ _ _100 *714 712 *713 734 5 2912 Feb 8 3812 Jan 4 2312 Jan 40 Dec 30 3073 3012 3012 2,400 Pacific Mall SS 50 67 Jan21 7414 Jan 3 6314 Oct 7214 Oct 69 7018 70 7114 23,100 Pan-Am Pet & Trans 100 117 Jan22 12813 Jan 3 300 86 Jan 124% Oct Do prat 120 120 *12012 123 550 People's 0 L & C (Chic) 100 4518 Jan22 5013 Jan 3 3958 Jan 61 Nov 47 47 .47 4812 50 30 Jan 3 3213 Feb14 21 Apr 3514 Oct 3134 3214 3214 3212 1,500 Philadelphia Co (Pittsb) 34 Jan 5134 Nov 4014 4012 40 4053 3,900 Pierce-Arrow M Car-._No par 3834 Jan22 4372 Jan 8 100 10112 Jan 3 102 Jan 2 8934 Jan 104 Dec Do pref +102 _ *102 -----15 Sept 19% Oct 1713 1733 17 1738 3,800 Pierce 011 Corporation_ _ _ _ 25 16 Jan 2 1932 Jan 6 100 45 Feb 3 5012 Jan 9 42 Jan 5834 Feb 46 1,400 Pittsburgh Coal of Pa 46511 46 46 100 8534 Feb 6 87 Jan 9 7934 Jan 8578 Dec 500 Do pref 86 86 86 86 100 x59 Febll 6412 Jan 3 5512 Nov 73 Aug 3,000 Pressed Steel Car 6034 61 5934 61 100 101 Jan 2 104 Jan14 93 Apr 100 Aug Do prof *98 102 *93 102 85 Oct 10912 Mar 82 83 *82 200 Public Serv Corp of N J 100 82 Jan31 9114 Jan 7 8518 100 11178 Feb14 122 Jan 4 100% Jan 13214 Nov 4,800 Pullman Company 11278 11414 11178 113 100 6812 Feb10 7738 Jan 3 4513 Jan 7812 Dec 72 4,700 Railway Steel Spring 7112 7212 72 100 104 Feb 4 106 Jan13 95 Jan 10512 Dec Do prof *104 107 ,*104 107 1914 Dee 2614 May 20 20 2,800 Ray Consolidated Copper_ 10 1912 Feb 6 2134 Jan 3 2018 20 7234 74 I 73 7312 4,800 Republic Iron & Steel__ 100 7112 Jan18 76'4 Jan 3 x7258 Jan 96 May 100 100 Jan13 102 Jan 7 9258 Jan 10212 Sept Do pref +101 10178 *10114 10178 83 861 87 9314 51,900 Royal Dutch Co ctfs dep.... 7034 Jan21 934 Feb14 x70 Dec 145 Oct 71s Jan23 11 Feb 3 434 Aug 18 Nov 914 912 9 914 4,300 Saxon Motor Car Corp_ _ _100 1,100 Sears. Roebuck & Co_ _ _ _100 16812 Feb13 18514 Jan 8 13334 June 17613 Dec 16812 170 1 170 170 11 1118 1,200 Shattuck Aria Copper__ _ 10 11 Feb10 1312 Jan10 x13 Dec 1814 Feb *11 12 2514 Apr 39 Feb 3414 3458 3413 3514 5,900 Sinclair Oil & Rerg......No par 3314 Jan 2 3634 Ian 3 39 Jan 7114 May 48 4812 4814 4814 1,000 Sloss-Shetneld Steel dc Iron 100 4612 Feb10 53 Jan16 2,800 Stromberg-Carburetor_No par 3634 Jan10 42 Jan15 38 41 I 3913 40 3373 Apr Nov72 5112 5338 5212 5312 51,900 Studebaker Corp (The)_ -100 4534 Jan22 5334 Jan 9 100 92 Jan22 92, 8012 July 100 Nov *9213 9312 *9212 9312 Do prof 4 Feb 4 7,400 Stutz Motor Car ot Am-No Par 4214 Feb14 51 Jan13 37 Oct 55 Dec 4313 45141 4214 45 *32 35 1 3434 3434 400 Superior Steel Corp'n_..100 32 Jan21 3014 Jan 9 3414 Mar 4552 May 100 Do 1st pref 95 Feb 100 Sept *93 101 *93 101 800 Tenn Copp & C tr ctfs_No par 124 Feb13 1412 Jan 4 1234 Dec 21 July 1214 1212 1212 1212 29,500 Texas Company (The)._ 100 184 Jan 2 19534 Jan16 13612 Jan 203 Oct 190 19178 19012 192 79,300 Tobacco Products Corp..100 7258 Jan29 85 Feb14 4812 Mar 8238 Dec 82 8312 8212 85 100 102 Jan21 106 Jan 8 78714 Mar 10478 Dec Do pref 105 10534 105 10534 1,000 7912 200 Union Bag & Paper Corp_100 75 Jan 3 79 Jan24 65 Jan 80 May 78 *76 78 3678 Oct 4412 May 39 39 39 3914 1,100 United Alloy Steel__ __No par 3738 Janll 3913 Jan 3 8334 Mar 10834 Dec 11414 115 115 118 10,400 United Cigar Stores 100 10714 Jan 2 11812 Jan16 100 106 Feb 5 108 Feb 5 10114 Jan 110 July Do prof +109 119 *109 119 100 157 Feb10 16734 Jan 2 11614 Jan 16613 Dec 162 163 5,500 United Fruit 164 165 100 14 Jan15 1533 Jan24 • 1118 Apr 19 May 158 154 1514 1538 900 U S Cast I Pipe & Fdy 100 4212 Jan16 4634 Feb14 41 Mar 4734 Feb Do pre( 4618 4618 464 4634 400 10212 10533 10414 10514 16,400 U S Industrial Alcohol__..100 9714 Jan22 10534 Jan 6 x96 Dec 137 May 100 9614 Jan 2 10014 Jan21 94 Oct 99 Mar Do pref *99 103 Jan 8013 Dec 51 11,400 United States Rubber__ _100 73 Jan21 8034 Jan 2 -74118 -76113' 7514 76 Jan 110 Dec 100 109 Jan20 11018 Jan 9 x95 100 Do 1st preferred *10913 111 1+110 11112 3212 Apr 5034 Oct 4412 4412 1,000 US Smelting Ref & M.- 50 4314 Jan21 4612 Jan 4 45 45 50 45 Jan18 4514 Jan15 4238 Apr 473.4 Dec Do prof *4512 4653 *4512 4558 8613 Mar 11613 Aug 8912 91141 904 9138 227,800 United States Steel Corp..100 8814 Feb10 9634 Jan 3 100 1131s Feb10 11512 Jan14 108 Mar 11358 Dec Do pref 114 11413 11418 11438 1,300 10 6518 Feb 7 7478 Jan 2 7114 Dec 93 Oct 674 6938 6738 6818 16,000 Utah Copper 11 Sept 1634 Nov 100 13 Jan 2 1713 Feb 4 1533 1512 1512 16 900 Utah Securities v to 51 Feb10 5634 Jan 6 3334 Jan 6014 Nov 5214 52 52 1,300 Virginia-Carolina Chem_ _ _101 52 100 110 Jan 7 11312 Jan14 Do prof 98 Jan 11358 Dec 100 11278 11273 *11212 11314 100 56 Jan25 58 Jan18 Virginia Iron C & C 50 Jan 7313 July *55 60 I *55 60 7714 Aug 9558 Apr 88 87 87 600 Western Union Telegraph _100 8614 Jan22 8973 Jan13 *86 4138 4178 *4138 42 3,700 Westinghouse Elm & Mfg_ 59 4012 Jan21 4214 Jan 31 3813 Jan 4712 May I 50 Do 1st preferred 59 Jan 6412 Feb 65 1 *60 65 *60 50 45 Jan 3 5018 Feb14 3634 Jan 49 Nov 4978 50 i 50 5018 4,990 White Motor 1512 Jan 30 Nov 2434 2514 2518 2512 9,600 Willys-Overland (The).... 25 2314 Jan22 2838 Jan 2 100 8734 Jan 7 8934 Feb14 Do prat (new) 75 Jan 8914 Nov 700 *8834 8934 8938 8934 7 69 400, Wilson & Co, Inc, v t c._ _100 6538 Jan20 74 Jan 6, 4514 Jan 7714 Dec 68 : *67 68 100 120 Feb 7 13313 Jan 9 110 Mar 12813 Oct 300: Woolworth (F W) 124 124 100 115 Jan22, 11712 Jan17 111 Oct 115 Sept 1 Do prof 4,116 us .+116 118 1,100, Worthington P & M v t c 100 50 Feb131 5712 Jan 4 34 Jan 69 Aug 50 5014 *5018 52 100 88 Jan 9, 8912 Jan10 89 I Do prof A 8538 Feb 9112 Apr *85 89 I .85 100 66 Jan 3 68 Jan31 *66 5814' *66 100 Do prof B 684 59 Jan 7038 July • Isld and asked prices; no sales on this day. I Less than 100 shares. j Ex-rights. a Ex-div. and rights. 7 Ex-dividend. Highest PER SHARE Range for Previous Year 1918. New York Stock Exchange-Bond Record, Friday, Weekly and Yearly 667 Jan. 1909 the Exchange method of quoting bonds was changed and prices are ww-"and interest"-except for interest and defaulted bonds. tlxs BONDS N. Y. STOCK EXCHANGE Week Ending Feb. 14 Price Friday Feb. 14 Bid U. S. Government. 354911st Liberty Loan__ _1932-47 .1 D 45 1st Liberty Loan 1932-47 JD 1927-42 4s 2d Liberty Loan N dgs let Liberty Loan_ A932-47 JD 44s 2d Liberty Loan___1927-42 MN 45-is 3d Liberty Loan 1928 MS 4gs 4th Liberty Loan 1938 AO 2s consol registered 81930 Q 81930 Q J 28 consul coupon 4s registered 1925 Q F 1925 Q F ds coupon k1936 Q F Pan Canal 10.30-yr 28 Pan Canal 10-30-yr 2s reg__1938 Q N 1961 Q M Panama Canal Is g 1981 QM Registered 1914-34 Q F Philippine Island 48 Week's Range OT Last Sale Ask Low Range Since Jan, 1. High No, Low High 98.84 Sale 98.80 98.91 2290 92.74 Sale 92.74 93.06 210 92.60 Sale 92.40 92.82 1993 91.80 Sale 91.60 95.00 272 93.84 Sale 93.80 94.10 0149 95.14 Sale 91.90 95.24 10309 93.90 Sale 93.76 91.10 18292 9712 98 9834 Aug '18 .97 2 9814 98 98 10134 10512 10118 Jan '19 10134 105 10414 Jan '19 97 9814 98 June'18 97 9314 99 July'18 92 8712 Feb '19 88 89 Bept'18 88 90 90 96 100 Feb '15 98.50 99.80 92.50 94.18 92.10 94.10 91.60 96.60 93.80 95.32 94.90 96.50 93.76 95.72 --_ 9978 Sale 9934 9978 111 9738 Sale 9718 9734 2192 8138 90 90 90 10178 Sale 10178 10214 133 32 Sale 71 72 71 93 9512 3 953s 9512 1 9014 9312 9312 9312 8318 8334 83 Jan '19 9812 Sale 9838 9838 20 9714 Sale 97 9738 62 9734 Sale 9712 9778 58 10514 Sale 10518 10514 350 90 90 25 Bale 88 8812 Feb '19 8834 92 8514 Sale 8512 2 8534 7512_ 7512 5 7512 10178 Sale 10131 10214 114 10178 Sale 10178 10214 124 1 01 62 68 61 55 iSale 50 55 155 100 4 Sale 9914 99, 3 8112 8212 82 8212 9912 9978 9678 9778 90 93 10014 10212 70 72 9212 0512 9212 0:312 82 83 9734 99 9038 98 9714 931.3 103 10514 8678 90 86 8812 84 8578 75 7512 10014 10212 10014 10212 61 70 50 55 9338 100 81 83 100 10054 499 Bale 100 9312 Sale 9338 9331 745 - 10014 Jan '19 10118 2091 8 Sale 10078 1037- 9978 l0)5 ,4 9778 99 100 10138 100 10134 10138 10138 10114 10112 -- -- ----- ---8712 8712 Foreign Government. Amer Foreign Secur 58 1919 A Anglo-French 5-yr 5s Exter loan_ A 0 Argentine Internal 5s of 1909._ Bordeaux (City of) 3-yr 63__1919 Chinese (Hukuang Ry) Is of 1911 I) Cuba-External debt 5s of 1904_ Exter dt 55 of 1911 ser A__1949 A External loan 454s 1949 A Dominion of Canada g 58_ __1921 A 0 ___1920 A 0 do do ___1931 A 0 do do French Repub 5)-is secured loan_ Japanese Govt-Sloan 4%8_1925 Second series 4 gs 1925 do do "German stamp"_ 1931 Sterling loan 4s Lyons (City of) 3-yr 68 1919 Marseilles (City of) 3-yr 63_1919 Mexico-Exter loan £ Is of 1899 1954 Gold debt 4s of 1901 Paris (City of) 5-year 6s__ _ _1921 A Tokyo City 51 loan of 1912 U K of Gt Brit & Ireland1919 NI N 3-year 55% notes 1(321 NI N 5-year 5%% notes Convertible 554% notes_ _1919 FA 20-year gold bond 5%3_1937 F A These are prices on the Oasis of 85/Qt; State and City Securities. 9012 9718 9612 9718 Sale 97 101 101 10318 101 102 9114 9112 9114 9134 9114 91.34 *9012 9112 101 10138 101 10138 8112 ____ 9734 99 97 101 9712 97 ___ _ N Y City-4)(s Corp stock A960 MS 4gs Corporate stock_ ___1964 MS 41s Corporate stock _ _ _1966 AO 454s Corporate stock July 1007 45is Corporate stock 1965 3 45-4s Corporate stock_ _ _ _1963 ft4 4% Corporate stock N 1959 4% Corporate stock 1953 MN 4% Corporate stock 1957 MN 4%Corporate stock reg 1956 NI N New 4%3 1957 NI N 454% Corporate stock _ .._1957 MN Corporate stock_ __1954 MN 3 N Y State-4s 1061 MS Canal Improvement 4s_ __1961 J J Canal Improvement 4s_ __1962 J J Canal Improvement 4s. _ _1960 J J Canal Improvement 4%3_1964 J Canal Improvement 45318_1965 J J Highway Improv't 4%8_1963 NI S Highway Improv't 4 gs._1965 MS Virginia funded debt 2-38__1991 J J (Is deferred Brown Bros Ws_ _- 4 06 97 9714 9714 0634 Feb '1.9 9012 98 13 9812 991i 97 97 10138 Feb '19 100-18 1013.1 10114 Feb '19 101 10112 10118 14 100 102 10118 9114 9114 91 9217 9114 Feb '19 9012 9214 9314 Dec '18 _ -- 8978 Oct '18 2 10013 idi 101 101 10078 Feb '19 10038 10112 8112 8112 2 8112 8112 09 July'18 9712 Jan '19 9712 9712 9734 Deo '18 9718 Oct '18 10415 _--- 107 Feb '19 16634 107 10012 10212 Dec '18 106 _ _ 10012 Oat '18 --10012 10918 June'18 --7878 Dec '18 --__ 72 71;1; 6912 73 19() "ji" -7 /5- Railroad. Ann Arbor 1st g 48 1;1995 Q J Atchison Topeka & Santa Fe1995 AO Gen g 48 1995 AO Registered h1995 Nov Adjustment gold 48 h1995 Nov Registered h1995 M N Stamped 1955 J 1) Cony gold 4s 1960 J 1) Cony 48 issue 01 1910 East Okla Div 1st g 4s_ 1928 MS J Rocky Mtn Div 1st 48. _ _1965 J J Trans Con Short L 1st 48_1953 J Cal-Ariss 1st & ref 4 548"A"1902 MS S Fe Pros & Ph 1st g 5s_ ._1912 MS Atl Coast L 1st gold 4s____h1952 MS 196.1 JD Gen unified 454s Ala Mid 1st go gold 5s_ 1928 MN Bruns & W 1st gu gold 43_1938 J J Charles & Say 1st gold 78_1936 J 01952 MN L & N coil gold 4s Say F & W 1st gold 53_ _1934 A 0 1931 A 0 1st gold 5s 1925 J J Bait & Ohio prior 354s /11925 Q J Registered h1913 A () 1st 50-year gold 48 1(1918 Q Registered 1933 10-yr cony 4548 Refund & gen 55 Series A.1995 J" 13 j Pitts June 1st gold (is__ _.1922 P June & M Div 1st g 3)-is 1925 MN P L E&W Va Sys ref 48_1941 NI N J Southw Div 1st gold 3%3_1925 J Cent Ohio R 1st c g 4 54s....1930 MS Cl Lor & W con 1st g 55..1933 AO Monon River let go g Is._1919 F A Ohio River RR 1st g 55.. _1936 J 1) 1937 A 0 General gold 5s Pitts Cies,& Tol 1st g 6s_.1922 AO Tol & Chi div 1st ref 48 A _1959 J J 1937 NI S Buffalo It & P gen g 5s 1957 MN Consol-154s All & West 1st g 4s gu--1998 A 0 J Clear & Mali 1st gu g 5s._1943 J Roth & Pitts 1st gold 6s__1921 F A 1922 JD Consol 1st g 65 Canada Sou cons go A 55- - -1962 AO Car Clinch & Ohio 1st 30-yr 53'33 JD Central of G3 st gold 5s_ __p1945 FA Congo' gold 5.s 1945 MN Chatt Div pur money R 4s 1951 J I) J Mae & Nor Div 1st g 53_1916 J J Mid Ga & Atl Div 5s 1917 .1 Mobile Div 1st g Is 1946 j .1 Cent RR & 1101 Ga coil g 58.1937 MN Cent of N J gen gold Is 1987 J J Registered 1(1997 Q J Am Dock & Imp gu 5s_ _J921 J J Leh & Hod Itiv gen gu 58.1920 J J N Y & Long Br gen g 48_1911 M S Cent Vermont 1st go g 48..e1920 Q F Chess & 0 fund & impt 54..1029 j J ft. 1st consol gold 58 1939 MN Registered 1939 MN 82 111 8134 8512 Sale 8134 83 80 Sale 80 80 1 80 80 7878 79 7878 7878 1 7873 8034 ---- 86 7312 Juno'18 7512 Feb '19 7514 78 7512 7912 75 7712 7612 Feb '19 78 77 9312 9514 Jan '19 94 9514 8918 9218 9218 9218 3 9218 9218 70 8234 79 June'18 75 79 79 Feb 'Ill 79 81 85 8512 85 Feb '19 85 85 96 106 9934 July'171---83 8438 8312 8312 10 8310 8512 8378 85 8418 8118 5 8418 - 88 9618 ---- 9812 Nov'18 - --- 8014 89 78 Oct '18 ---11114 --__ 12978 dug '15 -77 78 7812 Jan '19 -- 788 -i/31-2 103 _ 108 Dec '18 --- - - 9514 _ _ _ _ 105 July'15 ---- SS's Sale 8814 8878 32 88 891, 9012 &nerd 77 7714 7714 7712 20 7534 8212 7518 9234 Mar'17 -7778 Sale 7734 7814 31 76 80 8218 Sale 10 8078 8212 8018 --_- 112 828 Jan' 21i1 84 8614 8312 Jan '19 ---- 8312 8312 7375 7518 75 Feb '19 7278 78 83 8512 8112 85 5 84 8814 895s ---- 100 Apr '17 - 75 _--- 931s Aug '18 ---- 10114 Nov 9514 96 Jan '19 93 -66 91 -__ 90 Jan '19 90 90 9918 Mar'18 _ 65 Sale 65 65 2 05 63 9912 107 13978 June'18 -8712 ---- 9912 Oct 'I'd _9012 ___ 97 Noy'16 _ _ 1034 Feb '10 8638 101 10112 101 Nov'18 10138 --__ 10078 Sept'13 _ 94 9578 9318 Feb '19 9318 9578 _--- 8212 82 Jan '19 82 82 100 ---- 100 Jan9'19 100 101) 91 Sale 91 91 9178 7312 --__ 7234 Nov'18 90 May'18 8814 ___ 9758 June 17 9134 Jan '19 917s 9134 9131 89 8358 Dec '18 88 10214 104 10214 10214 1 102 ioi 101 102 100 Sept'18 _ 9858 10034 100 Dec '18 _ 100 Apr '18 _ 88 ____ 10012 Jan '13 ___ _ 60 80 65 Jan '19 65 85 89 93 9318 Jan '19 _ _ 92 9318 97 99 9612 99 10 9814 9912 100 11)812 Jan '17 rs" 58 5712 5712 55 5712 BONDS N. Y. STOCK EXCHANGE Week Ending Feb. 14. Price Friday Feb. 14 1Veek's Range or Last Sale tql Range Since Jan, 1, Chesapeake & Ohio (Con)Bid Ask Low High No. Low High General gold 4548 1992 7918 Sale 7918 17 77 80 831g Registered 8634 Mar'17 ---- 76 20-year convertible 454s 19 7834 Sale 7834 A 93 90 2 7978 20 7734 8113 30-year cony secured 5s__1946 A 0 8534 Sale 8512 78 8414 89 86 Big Sandy 1st 4s 7612 ____ 75 Nov'18 Coal River Ry 1st gu 48 1945 69 44 8234 8512 Nov'16 79 __ Craig Valley 1st g 5s 9634 Feb '16 1940 88 _ _ 8434 Jan '13 Potts Creek Br 1st 4s____1946 R & A Div let con g 4s_ __1989 74 90 7612 Nov'18 65 2d con.sol gold 48 85 71 Oct '17 1989 7314 ____ 8812 Sept'18 Greenbrier Ry 1st gu g 48_1940 Warm Springs V 1st g 5s__1941 77 --__ 11314 Feb '15 Chic & Alton RR ref g 35..__ 1910 59 A 0 50, 1 50,8 53 5038 s Sale 5038 Railway 1st lien 3%5 3634 Sale 3534 9 5 3534 40 3634 Chicago Burlington & Quincy9934 Denver Div 4s 1922 119499 A 9914 Jan '19 _--- 9914 9914 94 7412 7534 7534 IllInIllinoisDiv 354s 5 7518 7534 75, 4 8418 85 8114 Illinois Div 4s 4 8414 85713 8414 Iowa Div sinking fund 53_1919 A 0 9912 9934 Jan '19 ---- 9934 9934 Sinking fund 4s 9918 1919 A 0 9878 9918 5 9918 9918 Joint bonds. See Great North. 93 9312 9318 Jan '19 Nebraska Extension 45___1927 MN _ 9258 9334 91 Mar'18 Registered 1927 MN General 4s 8312 8238 14 81 1958 MS 8218 8238 8238 2418 31 25 Jan '19 ---- 25 Chic & E Ill ref At imp 4s g I955 J J 25 23 30 U S Mtg & Tr Co etfs of dep... 22 Jan '19 --__ 22 22 1) 102 10212 100 Dec '18 let consol gold 6s 1934 94 General consol 1st 5s 75 Feb '18 ---- 75 1937 NI N 75 74 7618 Jan '19 ---- 751s 7618 US NItg & Tr Co ctts of dep. 75 00 75 Nov'18 Guar Tr Co ctfs of dep _____ 56 Porch money 1st coal 53_1942 1 A 9734 Feb '13 J Chic & Ind C Ity let 55_ 1936 J 32 Mar'17 Chicago Great West 1st 45 1959 NI S 6114 -6178 6112 20 80 62 6212 103 Jan '19 ---- 103 103 Chic Ind & Loutsv-Ref 68_1947 J j 103 8214 10012 Apr '17 Refunding gold 5s J 1947 J 67 Refunding 4s Series C__1947 J 8412 Apr '17 J J 60 Ind & Loutsv 1st gu 4s___1956 70 Nov'18 775584 J Chic Ind & Sou 50-yr 43____1956 J 9812 Jan '17 Chic L S dr East 1s1 454s____1960 JD 82 ---- 9738 Dec '16 Chicago Milwaukee & St Paul75 10 75 75 Gen' . gold 4s Series A____e J e193 11 29 5 , 7812 9258 Feb '16 Registered 5 Q J - -8372 84 JD -E58 Permanent 4s 84 9 8212 84 , 012 Sale s 6 79 73 748 798 1;8 58 697s 7414 Gen & ref Ser A 4 qs____a2014 AO 7 13 7734 8178 Gen ref cony Ser 11 Is....a2014 F A 89 Gen'l gold 354s Ser B_e1939 J 66 Nov'18 J 66 82 8312 8312 Feb '19 General 4543 Series C_ ___e1 J 1 , 93 89 4J 84512 83 7014 7212 71 25-year debenture 4s J J 8 71 7378 Sale 775s JD 78 Convertible 454s 78 25 12 8 47 7534 82 90 9834 9753 Dec '18 Chic & L Sup Div g 5s J 1932 21 J 92 Oct '18 Chic & Mo Riv Div 5s_._1926 J .1 Chic & P W 1st g Is 9758 Jan '19 J -g63-4 9985 1921 J 9718 0818 79 C M & Puget Sd 1st gu 48_1949 J 7978 Dee' 18 J 72 Dubuque Div 1st s 1 Gs_ 1920 J J 999712 Aug '18 1 :74" 10178 Sept'17 Fargo & Sou O.SSUM g 6s„.1924 .1 J 5 9934910314 La Crosse & D 1st 5s 9958 9958 J 1919 J 9958 99 9612 102 Wis & Minn Div g 5s 9818 Jan '19 .........! 1)818 9818 J 1921 J 9912 99 Jan '19 -- 99 Wis Valley Div 1st 6s..___1920 J J 82 99 Wilw & Nor 1st ext 4 Ms_ _1934 JD 8834 90 9012 Dec '18 -Cons extended 454s_ __ _1934 D 8012 9014 9012 Dee '18 ---- ---_ - 91 93 Chic & Nor West Ex 48 1880-1926 FA 9258 Dec '18 ---95 Deo '18 --Registered 1886-1926 FA General gold 354s 1987 NI N -7Fs -i-i" 71 Feb '19 71 71 34 81 Oct '18 ---Registered Q F --- - 875272 - --8212 General 4s 1 81,8 8212 P1 82 198 37 NI N : Stamped 4s -_4 81, 8 817s Oct '18 ---1987 NI N -, 119, 102 ::: Jo General Is stamped : 5 -663-4 10071987 8 Sinking fund 65 1879-1929 A 0 101 --_- 104 May'18 ---- - - - - - - Registered _ 1879-1929 A 0 -- -- --_-_ 10912 Apr '16 -_-_-_-_ -- - - - 96 Sinking fund 5s 1879-1929 A 0 --- ---98 Nov'18 -- - - - - - Registered 1879192 , 29 1 A 0 94 1-0-CT Debenture 5s A 0 9713 9912 98 Dec '18 --__ - - - - - 9758 100 Jan '18 --Registered 1921 1193231 A 0 Sale Sinking fund deb 5s 9612 9612 8 90 6 611;____ __ 180 98 6 7 1: 3 -___ i__ 19 Registered :0 __ ..._ Nees opt,v 9 t, : 611118 6 1933 Des Plaines Val 1st gu 45-48 '47 Frees Elk dr Mo V let 0s...1933 A 0 108 --__ 109 Jan '19 -- lad - jai 60 ---- 88 Jan '17 Man GB & N W 1st 35,48.1941 Milw & S L 1st gu 3545.„1941 ---- 10012 Aug ;185 MII L S & West 1st g 65.., _1921 8 :::::::-. Ext & Imps f gold 5s_ _ _1929 A 98 --__ 99 Jan '19 --__ 99 99 1 41 ia0F4 Ashland Div 1st g 6s.._ _1925 103 10 -6 -14 10 12 1718 Mich Div 1st gold 65_ _1924 8D hlec ay 78 8412 78 Mil Spar & N W 1st go 43_1947 78 78 94 96 St L Peo N W 1st gu Is 1943 9812 Nov'18 ---. . 3 Chicago Rock Eel & Pac7714 7714 82 7 77 1314 8 may 7, 7418 4 _8 7512 79 38 Raft/DM/ general gold 4s_ _ 198 Registered Refunding gold 4s 1934 A 0 -7.ii 7612 74 -1;:;_17' 8 70 418 Aug '18 20-year debenture Is 1932 -Fr -gale 70 It I Ark & Louis 1st 4548_ _1934 72 70 98 9478 Feb77 Burl C R & N let g 5s......1934 A 0 90 ' 5119 363 9478 96 9714 „.1._ 9714 9714 C It IF&NW 1st gu 5s__1921 A 0 9714 Sale 9714 97 May'18 Cho Okla & G gen g 58_41919 92 93 Mar 18 Consol gold Is 1952 68 Kook & Des Moines 1st 53 1923 A 0 85 65 2 65 6612 83 70 70 Feb6 St Paul & K C Sh List 4548'41 ' A 519 71 69 112 112 Nov'18 -. -. ii Chic St M &0cons 6s__ _ _1930 84 --Cons 6s reduced to 354s_ _1930 -_ 92 97 Jan '19 Debenture 58 1930 97 07 i(11118 Noy'113 __ North Wisconsin 1st CS.....i930 _156" 100 Feb '19 St P & S City let g 6s____1919 A 0 9978100 -iii-34_6 _8 -- 9 Superior Short L let Is g_c1930 NI 58 5 M jualy y:1 18 --_- - - - Chic 'I' II & So East let 5s_ _1960 ---Chic & West Ind gen g 6s.._q1932 NI i652F2 10412 10212 Jan '19 1021 10212 6234 62 Consol 50-year 4s .1 1952 5 6134 65 _80_ : 7i_4 ___ ___ ___ ___ 9 Cin II & D 2d gold 454s 80 8 M ms : ay ' :IT 1937 C Find & Ft W let gu 48 g 1923 Nt -8278 ____ 79 Nov'18 Day & Mich 1st cons 414s 1931 --Cloy Cin Ch & St I. gen 4s 1993 68 I) 6734 Sale 673' 10 6734 7212 20-year deb 4548 7834 7834 79 7878 4 7812 80 1931 General 58 Series B ---- 81, 1993 11,3,3 4 8614 Aug '18 72 80 Cairo Div 1st gold 4s 8378 Mar'17 Cin W & M Div lst g 4s 1991 63 Oct '18 78 St L Div let coil tr g 45.... _1990 Ni 77 7131s Jan '19 7618 7618 7414 ---- 7118 Jan '19 ---- 7418 741s Sr & Col Div 1st g 48_ _1940 NI 69 ____ 84 Nov'18 -W W Val Div let g 48.._....1940 C I St L & C consol Is... _ _1920 9938 10084 99 Sept.'18 _ 8214 90 1st gold 4s 87 Dee 17 11936 8812 May'I 5 Registered 11936 -62-58 -561-2 10218 Jan '17 Cin S & Cl cons 1st g 5s__19253 107 --_- 108 Nov'18 CCO&I gen cons g 63_ _1934 Ind B & W 1st pref 4s____1940 A 0 73 ---- 04 July'08 8018 0 Ind & W 1st prof 5s._ 41938 ---_...... , --6 Peoria & East 1st cons 48_ 1 56 Jan , 910 , 0 A 0 49 -5 ---- 58 58 12 1212 12 Feb '19 Income 4s Apr 12 12 Cleve Short L 1st go 4%8_1961 AO 8758 90 90 Dec '18 -- -Sale 88 Colorado & Soil 1st g 4s__ __1929 FA 88 8812 21 88 8914 78 Sale 7712 Refund & Ext 4545 78 1935 MN 24 7714 7912 Ft W & Den C let g(h8-1921 J D ---- 9934 9934 Jan '19 --__ 9934 9934 Conn & Pa.s Itlys 1st g 4s.... _1943 A0 65 - - - 7 8 _ __ _ 9 -1 Cuba lilt 1st 50-year 58 g. __1952 J J -iii- Fel;.-iii -- - - - 1)el Lack & Western7112 77 Morris & E98 1st gill WI_ _2000 D 71 Oct '18 ---- ____ ---J 101 10178 102 Dec '18 __ N Y Lack & W lst 61 1921 FA Construction 5s 9714 Jan '19--__ 9534 9714 9114 9512 92 1)ec '18. __ _ Term & Improvt 4*...., _ 19 92 21 MN _ _._ Warren let ref go g 3 Lis_ _2000 FA 6712 --- 10218 Feb '08 -__ ____ ___1 *No nrte.a Friday: latest this week, a Due Jan. d Due ADM. e Duo May. g Due June. h Due July. 1 Due Aug. o Due Oct. p Due Nov. I Due Deo. s Option sale. BONDS N. Y. STOCK EXCHANGE Week ending Feb. 14 [VOL. 108. New York Bond Record-Continued-Page 2 668 11 ..., 4.. Price I Friday I Feb. 14. I Week's Range or Last Sale in, LS04 -1 I Range since Jan. 1. BONDS N. Y.STOCK EXCHANGE Week ending Feb. 14. 8-g Price t -,.. Friday t .M0 ' Feb. 14. • IVeek's Range or Last Sale 1:5j, " Range Since Jan. 1. High No. Low High Ask Low Bid High No. Low High Bid Ask'Low 1021 Lob98 A 0 9978 Sale 9978 100 Leh V Term Ry 1st gu g 5s__1941 09 Delaware & Hudson113 Mar'17 -----------1941 A Registered 96 5 96 96 961s 97 964 19225 J 1st lien equip g 450 1.6i- -6;17, 10112 102 40 .18- 134 Val RR 10-yr coil 63...n1928 8513 41 84 851.1 1943 M N 8518 8512 854 1st & ref 43 9934 Dec '18 __ ____ ---:11- I --__ 102 1933 2 11 9312 95% 9312 Leh Val Coal Co 1st gu g 5s-1 9312 1935 A 0 9312 95 20-year cony 55 ---- --- 105 Oct '13 -- - - - - ---Registered 1 ' 5s 77 77 1946 A 0 77 Sale 77 Alb & Susq cony 3;0 ---- - - -- - - - 1933 J J 79 ---__ _ 1st int reduced to 4s Renss & Saratoga 1st 7s 1921 NI N 1034 ---- 1034 Sept'18 ----------19 945 5M m 5 s 79 -- -iii-. Juiii.8 -- - - - - - -Leh & N Y 1st guar g 43_-1 Denver & Rio Grande-- -- -- -,-Registered 7212 72 72 4 6978 73 1936 J J 72 1st cons g 48 4 I615I8 -6E- NOVai ---Long Isid 1st cons gold Se.. h1931 Q 5 -61180 7312 Jan '19 _-- 7312 76 1936 J J 74 Consol gold 4s -- _1st eonsol gold 4s 51931 Q J 80 ---- 9914 June'16 -- - -___ 1928 J D 7212 7978 794 Jan '19 ---- 7918 794 Improvement gold 5,s 80 81 79 Jan '19-_- '79 1938 5 D 78 General gold 4s 1955 F A 50 5212 5212 Feb '19 ---- 4978 5714 1st & refunding 5s 85 Sept'18 ----- ---- -- -3 D 853 98 193 922 2 51S Ferry gold 4;0 Rio Or Juno 1st gu g 5s- 1939 J D 82 ---- 8734 Nov'18 -- _ _ _ ___ _ --------9914 '06 Oct Gold 4s --Apr '11 3 6114 Rio Or Sou 1st gold 4s_......1940 J J ....... _ __- 78 Nov'18 ---- --1949 51 S 754 89 Unified gold 4s - ----39 July'17 ---1940 5 J ---. Guaranteed 81 1934 J D 77 804 81 Jan '19 -- 81 Debenture gold 58 7234 Rio Or West 1st gold 4s_1939 J J 704 7118 7112 Feb '19 ---- 70 -75 75 Feb '19 7712 77 73 1937 WI N 57 20-year pm deb 5s 57 Jan '19 ---- 57 56 Mtge & coil trust 4s A 1919 A 0 52 7612 Feb '19 _--- 7 7012 wi s ii 7512 80 19 94 49 m Guar refunding gold 4s_-1 Det &Mack-lst lien g 4s 1995 1 D 65 --__ 82 Dec '16 ---_ _ _ _ -----Jan '11 --95 -----.. Registered July'16 -, 89 7512 D 1995 .1 Gold 4s 94 NYB&MB 1st cong 5s_1935 A 0 94 - - 94 Jan '19,.,._. 94 8234 2 8134 8414 Det Riv Tun Ter Tun 4;58 1961 NI N 8134 8234 8134 94 Dec '18 ---1927 M s -„- lig _ __ N Y & R B 1st gold 5s_ Dul Missabe & Nor gen 5s 1941 .1 J 9534 --- 9634 June'18 -------Nor Sh B 1st con g gu 5s_o1932 @ J YU ---- 100 Aug' 16 ---- - - - - -9414 2 9414 9412 Dul & Iron Range 1st 53.-1937 A 0 9414 Sale 9414 91 Dec '18 ---- ---- -Louisiana & Ark 1st g 58.-1927 M 5 874 91 1937 A 0 ---. -....- 10512 Mar'08 Registered Louisville & Nashv gen 6s_1930 .1 D 108 11212 108 Dec '18 ---- - --- -ii ii 83 6 81 87 83 J 1 1937 Dui Sou Shore & Atl g 5s_ - air* 1937 51 N 97 105 10012 Jan '19 ---- i(1614 Gold 5s _. _ _ _ Elgin Joliet & East lat g 53-1941 NI N 9112 102 99 Nov'18 ..--, _ 3 8412 8812 8512 8434 1940 5 .1 8412 86 Unified gold 4s 10014 2 9958 1111112 1920 M S 100 101 100 Erie 1st consol gold 7s '17 -__ 964 Jan 8312 8814 1940 J J ___ _ Registered -....___ Oct '18 784 MN 814 --N Y & Erie 1st ext g 4s_ -1947 Collateral trust gold 5$... _1931 M N 96 100 100 Jan '19 -_ 1.66 - ii5ii 1919 M S 9714 ---- 964 June'18 --- ____ _ _ _ _ 2d ext gold 5s 9512 9318 Feb '19 _-_ 9318- Nis L Cin & Lox gold 430_1931 M N 92 1923 RI S 9014 ---- 9312 Jan '18 3rd ext gold 430 1930 J 5 10218 10718 10512 Jan '19 -- 10512 10512 N 0 Sr M 1st gold 63 994 July'17 -1920 A 0 9614 4th eat gold 53 -_ 100 Jan '19 __ 100 100 1930 J .1 98 2d gold (Ss 9434 Nov'15 ....-1928 J D 8118 5th ext gold 4s 7912 Jan '19 ___ 7912 7912 Paducah & Mom Div 4s 1946 F A 80 84 N Y L E & W lat g fd 7s 1920 M S 9834 100 10038 July'18 .10014 10014 ..10014 Jan '19 100 7 .. 1 9 9 21 a m i s 80 5 gold 6s_1 Louis Div 1st St 66 Sale 663 4 ii 66 'nil: Erie 1st cons g 45 prior_ 1996 J J 66 57 57 57 57 2d gold 3s 84 Dec '16 - , 1996 J J Registered __4 7814 Feb '19____ 7814 7814 1955 1.1 N 7712 773 All Knox & Cin Div 4s 524 10 5234 561: 1 523 5234 1st coesol gen lien g 4.9_1996 J J ------Nov'18 95 ---D 953 4 -...... Nor 1st g 5s-1946 J _ _ _ All Knox & _ _ _ _ June'19 ---1996 J J ---- ---- 73Registered Hender ridge ist 8 1 g 68_1931 NI 5 10138 ____ 10312 Sept'18 --- - - - - - -7734 Feb '19 -- 7753 78 Penn coll trust gold 425_1951 F A 7838 82 Kentucky Central gold 4s.1987 J J 7312 83 8018 Jan '19 __ 8018 8018 49 48 48 Feb '19 ---, 47 50-year cony 4s Ser A 1953 A 0 47 9514 5 95 95 Lex & East 1st 50-yr 5s gu 1965 A 0 93 9514 95 47 1 467g 4872 1953 A 0 47 Sale 47 do Series B 525 L&N& M SrM lstg 4;01945 M S 8514 ---- 88 Nov'18 -----------4978 11 49 1953 A 0 ____ 4934 49 Gen cony 4s Series D 71 7212 71 ___ 71 71 Jan '19 J .1 4s_1952 Joint M L & N-South 94 5 12 9312 94 9212 81 N Chic & Erie 1st gold 5.9_1982 9955 Auge:0125 -- - - - - --51952 Q J __ Registered Ciev & Mahon Vail g 55-.1938 J J 86 ---- 1067s Jan '17 --------------- -- - - - N Fla & S 1st gu g Ss-.-1937 b` A -if- -669934 Feb '19 ....-- 9934 101 Erie & Jersey 1st s f 68._ -1955 J J 9978 101 - -N Sit Bdge gen gu g 4%s-1945 J J 8514 --_- 9778 May'16 Genesee River 1st 5168--1957 J J 9578 98 974 Jan '19 --- 9778 1.01 4 10138 Pensac & Atl 1st gu g 03..1921 F A *10153 ____ 10138 Jan '19-- 1011_. 1935 A 0 108 ......- 108 Dec '18 --- __ Long Dock consol g 6s 99 Apr '18 96 106 --F A 53-1936 '18...-------gU 9 103 Jan Ala COM --8 & N N 90 6s-1922 M Coal & RR 1st cur gu 9312 Jan '18 -----------Gen cons gu 50-year 55_1963 A 0 9112 99 Dock dr Impt 1st ext 53......1943 J J 87 ----- 10212 July'17 ------L & Jeff Bdge Co gu g 4s___1945 al S 6914 ---_ 60 July'18 -----------_ _ . N Y & Green L gu g 5a-1946 111 N 864 ---- 85 Jan '18 -- _ _---- ---Manila RR-Sou lines 43...._1936 M N --- ---- --Sale 75 : 3 fli '18-1. 75 NY Susq &W 1st ref 5s1937 J J 75 m S ------ 77 Mar'10 1977 M Mex Internal 1st cons g 4s-1 1937 F A __ ..-__. 10014 Dec '06 -- _ __ _ ___. 2d gold 43is --------75 Nov'10 Stamped guaranteed 62 60 June'181940 F A General gold 53 ...._-Midland Term-1st s I g 58-1925 J D 80 ---- 9112 June'17 Terminal 1st gold 53-1943 MI N '65 --- 97 Dec '18 ---- .. _ _ _ _ _. __---1927 J D 10118 ___ 101 July'18 Minn St Louis 1st 7s Mid of N J let ext 5s...._1940 A 0 ---- ----108 Jan '17-. _ _ ___ . 99 99 101 99 Feb '19 97 A 0 6.3......-1921 gold Pacific Ext 1st 72 '19 ---' 72 72 Jan D____ 53-1942 J gu g Wilk & East 1st -----------8312 7812 Nov'18 7814 1934 M N gold 58 1st consol Ev & Ind 1st eons gu g 6s 1926 J J -__ --- 2312 Jan '17 -----------3 44 4013 474 1st & refunding gold 4s.....1949 MI 8 4612 Sale 45 - 98 Jan '10 ---- 97 98 9812 Evansv & T H 1st cons 6s-1921 J J 95 6018 Dec vu 415 8 2:-_-_ - - - - - - - Ref & ext 50-yr 5* Ser A_ _1962 @ F ____ 4912 5 1942 A 0 6512 ---- 854 June'17 ........ _ _ _ _ _ _ _ . 1st general gold 5s - - - - - --Des m & Ft D 1st gu 4s_ _1935 J J Mt Vernon 1st gold 6s..._1923 A 0 __ -_ 108 Nov'ji -_. _ _ _ _ _ _ _ . 77 i61-2 -66.5-s 77 Jan '19 _ _ _ 77 Iowa Central let gold 5s 1938 J D -; Sall Co Branch 1st g 5s.....1930 A 0 ____ 9358 95 June'12 -- - - _ . 4412 2 43 4412 4412 1951 pri B 434 45 Refunding gold 4s 83 83 6 gi Eg 85 Florida E Coast 1st 00-1959 1 D 6 89 MStP&SSMcong4sintgu_1938 J J 8512 8612 86 Feb '19__ Fort St U D Co lst if 44s-1941 J J --------92 Aug '10 ---- __ ___. -------1938 __ _ 95 100 102 Nov'18 1st eons 53 Ft Worth & Rio Or 1st g 4s_1928 J J 5618 -...... 5612 Oct '17 ---- _ _--. -----------1941 M -1.1 88 ---- 92 Jan '17 ----1st Chic Term s f 45 Galv Hous & Hen 1st 5s____1933 A 0 ____ 77 80 Dec '18 -,„ 941 9412 Jan '19____ 94 MS S NI & A let g 43 int gu.'26 J J 9314 95 96 237 9518 96 Great Nor C B & Q coil 4s__1921 J J 9558 Sale 9558 -95 Dec '16 --. -------Mississippi Central 1st 5s_ 1949 J J .....- 90 h1921 @ J ___- ---- 954 Feb '19 ---- 954 955 Registered Missouri Kansas & Texas9 1 lat & ref 4;is Series A_-_-1961 J J 85 8618 8618 Feb '19 -65 8 6412 69 1990 J D 6412 65 65 1st gold 4s 96 Juntel8 -----------1961 J J 83 Registered 36 3012 Dee '18 -g1990 F A 29 2d gold 43 8912 Apr '18 ----------1933 J J 88 St Paul M & Man 45 --32 Sept'18 ---- - - - - .1st ext gold 5s 1944 M N 2818 32 1933 J J 108 111 111 Nov'18 1st consol g 63 4334 42 Feb '19 _ _- 42 42 2004 NI S 42 1st & refunding 4s 118 Apr '17 1933 J .1 10618 Registered 43 43 Feb '19 __ 43 43 42 of dep .. certfs __ Trust Co 95 '19 -..... 94 95 Jan 95 Reduced to gold 40_1933 J J 92 324 Dec '18 ___. Gen sinking fund 4540... 1930 J- J 2614 34 1933 J J 9014 99 10212 May'16 ---. _ Registered 40 Ziov'18 :::: -__ -- - - - - -_St Louis Div 1st ret g 4s 2001 A 0 --- 30 Mont ext let gold 4s...-1937 J D 86 -__- 8873 Feb '19 ---- 887-a 88? 3718 ___ _ '16 __ "ext" notes secured _ -..... ____ 5% Mar'16 1937 J D 84 --- 9512 Registered 7 --- - - - - - - - Dail & Waco 1st gu g 513-1940 M -al *---- 75 -661-2 Apr' 17 Pacific ext guar 4s.£___ _1940 J J 7612 ---. 8512 Nov'15 --- - - - - - - - _. Kan City & Pao 1st g 45_1990 F A 58 ---- 60 Oct '18 :::: -- -- -- -- -- -- -- -E Minn Nor Div 1st g 43._1948 A 0 8178 ---- 80 Nov'18 ....-- _-- _ _. 50 50 Jan '19 ____ 50 Mo K & E 1st gu g 58._ _1942 A 0 3614 62 1922 J J 10134 --__ 1004 May'18 ---. - - - - --. Minn Union 1st g 65 73 7112 Jan '19 -- 7112 714 M K & Okla 1st guar 53_1942 WI N 70 1937 5 .1 11018 ---- 108 Nov'18 -.-- _ _ _. Mont•let gu g Os 51 51 51 55 2 _ 546 51 1942M S 1st gug 58 &Tof T MK May'06 --. J 107 .......13614 1937 J Registered _ _ __ - - - 51 Dec Sher Sh & So 1st gu g 5s._1942 J D -- 65 1937 J J 98 ---- 9912 Jan '19 ---- 9912 991: 1st guar gold 58 -----------:304 301s Nov'18 Texas dr Okla 1st gu g 56..1943 M S 301 Will & S F 1st gold 58_ _1938 J D 100 _--- 109 Aug '16 -- - - - - -. (reorg Co)Missouri Pacific . 65 6934 Dee '16 -51 Green Bay & W deb ctfs "A"_ ...._ Feb 873s Jan '19.- 874 874 81; 7 7 1 1st & refunding 58 Ser A...1965 F A 83 .87 612 64 7 Feb Debenture ctfs"B" 3 9134 933* 934 1st & refunding 58 Ser Ba 1923 F A 9314 95 0318 Gulf & 8 I 1st ref & t g 5s__b1952 J J 7212 80 80 Jan '19 ---, 80 821 90 90 90 5 894 92 89 A refunding 5s Ser C 1920 F 1st & 5 79 83 79 7912 79 Hocking Val let cons g 4;is 1999 .1 J '78 Sale 604 6112 247 5918 8318 1975 MI S 61 General 4s 7312 June'18 _ 1999 J .1 Registered Missouri Pac 1st cons g 68_1920 M N 9912 9958 9912 Feb '19 _ 994 9934 1948 A 0 7518 ---- 734 Oct '18 -. _ _ - - _-. Col & H V 1st ext g 4s_ 58 Oct '18 1945 M S 40-year gold loan 43 75 Feb '18 1955 F A 7618 ..Col & Tol 1st ext 43 3d 75 extended at 4%....-1938 M N • ::-E1- 82 Apr '17 ---- - - - - -85 Dec '18 ....- - - - - - - - . Houston Belt dr Term 1st 53_1937 J J 8312 89 1 0 _ Feb '13 -- - - - - --------gu_1951 F A 1st 5s Boonv SI. L & 8 2 88 88 88 Illinois Central 1st gold 40.-1951 J J 87 ---.. 88 .:: -_ - - -_ -1948 J D 6314 843s 9712 Dec '13 :I Cent Br U P 1st g 4s 1951 2 J 69 93 92 Sept'17 ---- _ _ _ _ _ Registered 82 Jan '19 ___ 81 ____ 81 8012 F A __ _ ti 4s 1938 ____ 1st ext Pac Ref Mo ___. 7538 '18 Oct 1st gold 3%e 1951 2 2 7314 90 -1003 4 Apr '18 8614 ---J J _ _ _1938 2d extended gold 5s_ 84 Nov'15 --.- -_ _ _ _ 1951 J J 7114 81 Registered -612 8 -65- - -9 95 95 St L Ir NI &S gen con g 5s.1931 A 0 95 96 Extended 1st gold 350-1951 A 0 7314 --- 80 June'17 -- --- - - ____ ___ _ _ _ _ _ _ Gen con stamp gu g 5.3 1931 A 0 --------102 July5'114 ... ....... 1951 A 0 '1 Registered -2-1-2 -0 -1-2 -8 12 -8 78 d114 8012 .17Unified & ref gold 4s .._1929 J J __ --__ 80 July'09 __ ____ _ _ _ 1951 M S -------1st gold 3s sterling -_ _ _ 1929 J J --_- - - _ 804 Oct Registered -- 1951 al 8 Registered 77 744 76 7412 Jan '19 75 N 43-1933 WI RIv & G Div 1st g 79 Collateral trust gold 48_1952 A 0 7618 7934 77 Feb '19 ---- 77 Verdi V 1 & W 1st g 5s_ _1926 NI 8 8838 ...- 78 kleVt'15 --- - -i- ,,,.. 1952 A 0 *7518 ---954 Sept'12 ----------Registered 4 Mob & Ohio new gold 63_1927 J D 105 ___ 10514 Jan '19 -- 10514 10514 83 1 8212 8414 83 1st refunding 4s 1955 M N 8212 823h1927 Q J 100 105 95 May'18 1st ext gold 83 72 72 Purchased lines 354s 1952 J J 7018 73 72 Jan '19 71 Nov'18 :::: - - - - -1938 M S 6512 80 General gold 45 775 L N 0& Texas gold 4s_ 1953 M N 7473 77 77 Jan '19 ---- 75 Montgomery Div 1st g 58_1947 F A 8518 --- 93 July'17 __ - - - - -72 Feb '18 ....- - - - - __ _ 1953 M N 70 84 Registered 90 Aug' 17 __-- - - - - -1927 J D 84 87 --St Louis Div 5s Cairo Bridge gold 4s. 1950 J D 79 __- 78 Nov'18 --- - - - - - - 1931 J J 794 841s 78 Oct '18 St L & Cairo guar g 4s Litchfield Div 1st gold 3s_1951 J J 6018 -.._- 79 Feb '14 ----- _ _ idci io45 100 __ --i 0 100 100 55_1928 A Nashv Chatt Sc St L 1st Nov'18 ---7312 J '1 .. Louisv Div & Term g 3;0 1953 J Jasper Branch 1st g 6s_ 1923 J J 10014 10414 1101a Mar'17 ---- -------- 83 Aug '12 --- -- _ _ _ 1953 J J__ Registered Nat Rya of Mex pr lien 4;0_1957 J J *3012 ___- 35 Dec '18 -_-_-_-. -_-_-- -- :::: 1921 F A 97 ---- 102 June'16 ---_ --_ Middle Div reg 55 35 Aug '16 --1977 A 0 -..-.. 38 Guaranteed general 4s_ Omaha Div 1st gold 3s_ -.1951 F A 5918 --- 5814 Sept'18 ---- ---Nat of Mex prior lien 450_1926 1 J *30 ....-- 987s Feb '13 -_-_-.. - - - - -6912 82 Oct '18 ---- - - - - - - St Louis Div & Term g 33_1951 J J 65 - - - - - -1st consol 45 1951 A 0 *21 ---- 21 Aug '18 6512 Oct '18 1951 J .1 7012 7(1 Gold nis 67 -1 67 New Orleans Term 1st 45-1953 J .1 67 69 80 June'l0 ----------1951 J J 6453 Registered 2 9614 16 N 0Tex & Mexico 1st 6s......1925 J D 96 Sale 96 ----------8112 805s Nov'16 Spring( Div 1st g 3;0 1951 J J 67 --2 -96 :15; -96 54 :87121935 A 0 54 Sale 54 Non-cum income 5s A. 1 8012 Dec '18 Western Lines 1st g 4s___ -1951 F A ' York Now Central RRNov'10 ----------1951 F A --------92_ Registered 9912 167 9778 9934 1935 PA N 9878 Sale 98 Cony deb Os 11712 May'lO 1923 J D 95 Believ & Car 1st Os 2 744 7814 7478 7434 1998 F A 74 7412 Consol 4s Series A Carb & Shaw 1st gold 4s._1932 al 9 70 __-_ 90 Jan '17 ....-- - - - - _ _ _ 1 82 8512 8412 14 2013 A 0 8412 Sale 8412 Ref & imp 450"A" 944 Jan '19 ---- 941 991 3 ( Chic St L & NO gold 5s_ _1951 J D New York Cent & Hod Riv1951 J D --------90 Oct '18 ----------Registered 71 723 Sale 7112 . 72 .1 72 1997 J Mortgage 354s 6512 July'18 1951 .1 D 6514 Gold 330 _ 1997 J .1 ___- 7212 6678 Aug '18 -----------Registered 1951 J D Registered 4 823 86 85. 5 Sale 84 1934 Pal N Debenture gold 4s Joint 1st ref 5s Series A_1963 J D 8434 9258 944 Jan '19 ---. 941 95 1934 M N --------79 Nov'18 -----------Registered Memph Div 1st g 4s__ _1951 J D 7038 --__ 701s Oct '18 ----------68 1998 F A 63 68 11 . Jan '19- 68 Lake Regis Shtoerred ecoll g 3As --78 05 Nor17 -- - 1951 J D 71 Registered 1998 F A ---- 6612 67 Jan '19 -- 67 67 ---793 .4 791 '19 St Louis Sou 1st gu g 4s 1931 M S 794 ---- 7934 Jan 1 70 65 Sale 65 65 65 Mich Cent coll gold 334s.1993 F A 2 8014 82 8014 Ind III & Iowa 1st g 40 1950 J J 8014 Sale 8014 75 Mar'17 _- -- - -1998 F A -- '76 Registered 96 964 96 Jan '19 _--- 96 Int dr Great Nor 1st g 6s__ _ _1919 M N 98 53 __ D 38_1989 J Battle Cr & gu Slur 1st 82 James Frank dr Clear 1st 4s.1959 J D 8034 90 82 Feb '19 ___. 82 4 Dee '18 -- - - - - -Beech Creek 181 gu g 4s_ _1936 J .1 8114 -..-.. -661Kansas City Sou 1st gold 3s_1950 A J 63 65 64 Feb '19 ____ 6212 61 9534 Nov'10 :::: -__- -__- -_ -_- -_ 1936 J J Registered 78 Oct '09 1950 A 0 Registered May'16 104 -fir "ifi 1936 J 2d J guar gold 5s 3 8414 85 844 Ref & Impt 5s Apr 1950 J J 8514 8534 844 ----- --1936 J J Registered Sale 78 7814 10 764 81 Kansas City Term 1st 4s_ __1960 J J 78 --- --- - - - - ---:::: ---:::: Beech 350..b1951 A 0 Cr Ext 1st g 891 8934 4 Jan '19 --. 8934 893 Lake Erie & West 1st g 5s__1937 J J 86 : - -?"18 ........_ -- -1981 J D 7518 ---- 76- No Cart & Ad 1st gu g 4s 1941 J J -- 83 805s Feb '17- - - - -2d gold 5s Gouv & Oswe 1st au g 5s....1942 J D 904 ---North Ohio 1st guar g 5s 1945 A 0 __ 99 8033 Oct '18 ----------5 18 -.. Oct iii S 77 1991 M Mob & g 4s Mal 1st gu 92 3 89 ____ 89 89 Leh Val N Y 1st gu g 454s_1940 J J N' J Juno R guar 1st 45_1986 F A 6812 ......- 8912 Feb '16 ...::: -- - - - --_ 89 Oct '17 _-__ _ _.-_ 1940 5 J _89_ Registered - --- N Y & Harlem g 330-- _2000 al N 75 --- 80 May'17 1 801 801 8012 Lehigh Val (Pa) cons g 413-2003 al N 8012 Sale 8012 -7-14 - -9 N Y & Northern 1st g 5s-1923 A 0 9714 --- 9714 Feb '19 _ _ _ -6-7-12 8938 92 Dec '18 -------2003 Ill N 85 General cons 4;0 •No price Friday; latest bld and asked this week. a Due Jan. b Due Feb. Q Due June. 5 Due July. a Due Sept. 0 Due Oct. 8 Option sale, FEB. 15 1919.] BONDS N. Y. STOCK EXCHANGE Week ending Feb. 14. 2.2 New York Bond Record-Continued-Page 3 •4''15 Price BONDS Week's Price Friday Feb. 14. Range or Last Sale ,TA Range Since Jan, 1. N. Y. STOCK EXCHANGE Week ending Feb. 14 Friday Feb. 14. 669 Week's Range or Last Sale • I co Range Since Jan. 1. Ask Low High No. Low High Bid High No. Low High Ask Low P. C. C. Sc St. L (Con.)Bid N Y Cent & II It RR (Con) 91 84pc'18 80 Feb '11) 80 Series F guar 4s goid---1953 J D 8812 93 78 0 79 N Y Sc l'u 1st cons go g 43_1993 MN 92 Nov'18 90 8812 113 1957 _ May'15 guar 4s G Series 10314 D Pine Creek reg guar Os__ __1932 F A 9058 9413 95 Nov'18 _ 99 Jan '19 99 Series I cons gu 4)4s..,,,1903 99 0 99 _ R W &0 con let ext 58._h1922 idi- idi67 Jan '19 67 75 67 J C St L & P 1st cons g 5s 1932 A 0 10014 102 102 Jan '19 Rutland 1st con g 4 As___1941 100 June'17 ____ _ 6118 6118 611s Peoria Sc Pekin Un 1st Os g 1921 J 6118 ____ 6118 Og & L Cham 1st gu 4s g_ 1948 _ 87 Mar'16 _ J 67 77_ 70 Jan '18 51921 84 N _ 24 gold 4-4s ---- - -Rut-Canada 1st go g 43-1949 9 8512 8478 8812 3 8478 g;le 101 53_1956 16 Nov' A Ser 8258 1st J Marquette Pere 5s-__1996 St Lawr Sc Adir let g 6831 1 6314 7214 1955 4 6912 6834 68, 0 8834 ____ 103 Nov'16 1st Series B 4s 1996 2d gold es J 45 Jan '19 ____ 45 47 45 45 9438 ___ 94 Apr '18 J Philippine Sty let 30-yr sf48 1937 J Utica & [ilk lily go g 4s.._1922 1940 A 0 96 _ _ _ _ 99 Jan '18 ---- -7578 73 Jan '19 73 73 Pitts Sh Sc L E 1st a 5s I) 73 1997 Lake Shore gold 3 MS J _ 9714 Dec '17 9318 1943 J 7512 7359 Nov'18 D 73 1st consol gold 5s 1997 Registered 831. 15 8812 90 J 8512 Sale 8512 8534 21 8512 -863-4 1997 J Reading Co gen gold 48 S 8914 9078 8914 Debenture gold 4s ' 1928 J 8912 8112 June'18 8 88 8338 1997 J Registered N 8838 Salo 8814 89 1931 25-year gold 4s 1 88 8634 Dec '18 195I A 0 -___ 8378 Nov'17 Jersey Central coil g 4s - -1931 Registered J _8_ _ 9118 J Atlantic City guar 48 g 1951 J 1938 --- - - Ka A & G R 1st gu c 5s J J6 70 71-7-1( Dec- -1.5 c' J _ 1041-2 De951s St Jos Sc Grand Isl 1st g 4s _ _1947 J 1934 Mahon C'l RR let 5s - -- - --_ 103 May'17 0 91 St Louis Sc San Fran (reorg Co)--Pitts & L Erie 2d g 53___a1928 6178 3 50 6014 64 Sale 617s 62 '09 Jan 1301s 4s A 1950 Ser ____ 10318 J lien J Prior -- --Pitts Nick & Y 1st gu 68 1932 J 763.4 7712 771s 4 7658 7938 7712 1950 J Prior lien Ser B 5s J 10238 ___ 12314 Mar'12 1934 2d guaranteed Os 0112 6112 6412 20 Sale 0 A 6212 69 '17 63____51955 Aug 9913 ____ A Ser adjust 951s Cum 1931 5s Central Michigan 4058 4112 4034 41 6 4012 4512 _ _ 9812 Nov'18 51960 Oct Income Series A 63 M 93 1931 Registered _ 102 Feb '19 J 103 _ 102 102 _ 82 Jan '10 82 82 84 J St Louis Sc San Fran gen 68_1931 J 1940 4s 97 Nov'18 _ 87 Feb '14 1931 J 1 9612 qi General gold 58 1940 Registered _ 78 May'16 J St L & S RR cons g 4s 19941 J 5 69 _ _ _ _ 90 June'08 --1951 J L & 5 1st gold 3As 90 May'17 7978 July'17 1947 A Southw Div 1st g 5s 7014 _ N 1952 1st gold 33s 103 103 8:114 12, 10212 10314 82 8314 Feb '19 K C Ft S Sc M cons g 63_1928 m /4,1 1055-8 0 8318 85 20-year debenture 4s 1929 73 73 6 73 7512 73 8012 82 5 80 K C Ft S & M Ry ref g 4s_1936 A 0 _ 0 8012 Sale 8012 N Y Chi & St L 1st g 4s 1937 14 8518 Aug '18 -_ _ _ 85 Nov'17 K C Sc M It Sc B 1st gu 53_1929 A 0 8-10 77 1937 Registered 7258 7253 MN -78 71 72 '19 1 Jan 74 71 71 75 7218 N 73 etfs bond 48 g 1989 1st W S L St 1931 Debenture 49 5714 5714 Jan '19 80 J 7 79 79 5714 5714 80 8112 24 g 4s income bond etfs_p198 J J 79 2361 West Shore 1st 45 guar 5914 60 76 Feb '19 5912 12 5712 5978 5912 76 75 J 1932 J D 78 76 Consol gold 4s 2361 Registered 59 5878 59 4 5878 62 9938 N 9912 9912 5914 _ - 9912 Feb '19 list terminal Sc unifyIng 59_1952 3 J N Y C Lines eq tr 5s__1919-22 J 96 102 0833 July'17 Gray's Pt Ter lot gu g 58_1947 J D 83 __ 9812 Jan '14 ---i; - - - - - - --- Equip trust 4 As__1919-1925 05 g;le 65 65 1943 J J 65 68 8414 85 A & A Pass 1st gu g 4s 8512 8612 8414 Jan '19 A NY Connect 1st go 4 As A 1953 7578 72 Jan '19 ----1 72 72 1950 A 0 71 Seaboard Air Line g 4s NYNH& Hartford53 53 5 53 7334 '2 7334 74 8 ____ Da 54 19501 A 0 7334 Sale 7334 Gold 4s stamped 1947 Non-cony deben 45 49 Sept'18 49 55 4734 A 4778 5314 49 619491F 2_ 51 5s Adjustment 33..s1947 Non-cony deben -- -5878 5878 5 58 60 5878 19591A 0 56 56% Nov'18 ---- 54 Refunding 43 Non-cony deben 34s1950 --- _ _ 74 Feb '19 20 54 7318 54 74 74 Sale 54 5678 54 J At! Birm 30-yr tat g 4s e1933 M 1955 Non-cony deben 45 51 75 54 5 76 Oct '18 Solo 5913 51 51 J J N 1s1 __1949 43_ g con Cent Caro 1956 Non-cony deben 45 J 100 5238 52 Feb '19 50714 52 Fla Cent Sc Pen 1st ext 68_1923 J .1 .51 1956 Cony debenture 33-4s 8518 40 84 88 1st land grant ext g 5s__1930 3 J 93 -- 101 Dec '15 J 841 Salo 84 1948 Cony debenture Os 90 Jan '19 1043 J J 90 95 90 90 A ---- ----50 Oct '17 Consol gold 5s Cons lty non-cony 4s_ _ _1030 --- - -- j _ 9012 June'18 9112 Jan '12 9118 Ga Sc Ala lty 1st con 5s_ _01945 J J 1954 Non-cony deben 4s -94 July'18 J J 60 June'18 1929 9312 5s g gu 1st No lir Car Ga J 1955 4s deben Non-cony --- ---96 96 Jan '19 96 90 -----Seaboard Sc Roan let 53_ _1926 J J --- - -0 ---1955 Non-cony deben 4s 58 J Southern Pacific Co1956 Non-cony deben 4s 18 D Dec• 4 733 __k1949IJ ____ 1 77 75 4 coil) -743Poe Gold N (Cent 4s Harlem R-Pt Ches 1st 4,3_1954 7912 Dee '17 s 414 6 ' 87-36-3184_ 885 3: Feb8 0 6 e 7: 18 7 80 11949 J D 70 A d 48 y 11 & N Y Air Line 1st 4s 1955 Sale 149 8318 855/3 02i2 6212 g1929 M S 5514 6238 6212 Jan '19 20-year cony 20 J Cent New Eng 1st go 48-1901 102 Sale 10118 102 258 100 105 20-year cony 5s - -1930 Hartford St Ity 1st 4s N10012c,1;),;15 -1 D 8014 Salo 801 i 14; 80 83 4 FA 939 Cent Pac let ref go g 48_1 8014 194 Housatonic R cons g 5s 1937 8712 87 July'14 f3ept,'16 Registered 1954 Naugatuck RR 1st 48 A 8534 8612 8534 F D 2 -853$ 8534 949 J 192 8534 Mort guar gold 3 As_ _k1 13 1942 0 8014- 83 Aug' N Y Prey & Boston 4s 12 50 52 53 Through St L 1st gu 48_1954 A 0 7618 ____ 78 Nov'18 5012 -5a-le 5012 J NYirches&11 1st ser I 4 As'46 9114 101 100 Oct '18 0 -------1939 Boston Terminal 1st 4s 85 97 9634 Jan '18 J M N 31 J 93 19 II &8 aI l F 181 581 & 5s etar enAM ext 1945 New England cons 5s 05 Nov'18 70 Sept'17 7212 Gila V G & N 1st go g 5s_ _1924 Al N -__ 102 J 1945 Consol 48 9134 9918 8512 July'18 40 Feb '19 _-_- 40 40 Hous E Sc W T 1st g 5s_ __1933 M N N --_ 48 ---- - Providence Scour deb 48_1957 90 _ 100 Oct '16 19'33 M N 1st guar 5s red Proy & Springfield 1st 53_1922 - - - - - - ----- 9978 Dee '13 J 98 Jan '19 ____ 97 9834 10-i 98 II & T C 1st g 58 int gu__ _1937 J S ..e914 ____ 8838 Feb '14 Providence Term 1st 4s_ _1956 0 97 --_93 A Nov'18 _1921 _ _ _ guar_ Gen gold 4s int J .7158 W & Con East 1st 43-0_ 1943 ---- --94 10012 10912 Noy'15 - Jai; _T.:: -di - 71) i(14 -66 Waco & N W div 1st g Os '30 PA N s 69 N Y 0 & W ref 1st g 48_ _ __g1992 - - - - -- 95 100 9212 June'12 93., No 7 Nov'18 A Sc N W 1st g 5s _ 5 Registered 115,000 only__ g1992 - --- - - ---60 Apr '18 __ Oat J 3 9834 41 j 05 D Louisiana West 1st Os__ 192 1955 General 4s --- - - - 102 100 Apr '18 1 -di- -661-2 6912 J _ Morgan's La Sc T 1st 6s1920 J A 6918 6912 0912 Norfolk Sou 1st & ref A 5s.._1901 - --- _ _ 4 gi3 3 13 __ 1021s A J 8158 --June•18 '18 Oct 81 N Cal of No g guar 1941 Norf & Sou 1st gold 53 90 109 1091; Dec '18 ---_ ____ 96 97 119927 g 5s 5s38 Ore Sc Cal 1st guar A 109 1931 Nor( & West gen gold 6s 612 -1 97 9612 -9 ! _1 10 58 9 -8 enpt16 So Poe of Cal-Go g 53_ _1937 M N A 106 ____ 122 Nov'16 Improvement & ext g Os_ _1934 7214 _7___ 97 3 F 78 833 9 Jan 41, 9 -di- -di 0 10814 110 10718 Dee '18 So Pac Coast 1st gii 45 g 1937 J New River 1st gold Os__ 1932 8434 ____ 78 7834 8434 0 84'58 85 -236.1-2 San Fran Terml 1st 48_1950 A 0 N & W Sty 1st cons g 4s 1996 9312 Deo '10 8978 94 Nov'16 198 , ---- ---_ 3 J .31 48 0 1993 Tex & N 0 con gold 5s_1 Registered 8114 Sale 8118 8212 74 8118 8312 J 7814 8112 82 Jan '19 82 82 So Pac RR. 1st ref 4s DWI 1st Ilen & gen g 48_1944 9658 5 94 1994 J D 8412 ____ 8412 Fel) '19 _ 1932 84 8412 Southern-let cons g 5s 10-25-year cony 4s 931' 94 10 414 Aug9 90 2 4116 ' S 8412 8812 11714 May'17 1932 Registered 10-20-year cony 4s 6712 --57 6638 -68.14 -1 67 Sale 67 A 0 4 JI 56 9 S 104 ____ 10412 Dee '18 19. Develop Sc gen 4s Ser A 10-25-year cony 4s._1938 J S -_ 10712 Sale 10714 10734 118 10014 108's 68 8 06 661.s Feb '19 36 99 6618 6618 s: 1, 4s s-5 rg g114tm b& Ntom Mo ivhilostco DO 10-year cony Os(w 1)_ _1929 9212 ___- 92 July'18 86 Jan '19 ____I 8418 86 89 0 85 Pocah C & C joint 48_ 1941 j 974 _ _ 103 Sept'16 7234 Sale 7234 7234 -5 7259 74l St Louis (By lot g 45 C C & T 1st guar gold 5s_1922 -1 0 gi 81 Jan '19 ___ 81 81 1 93 Jan '19 93 75 53 94 19 N Ala(3t Sou 1st cons A 5s1 Selo V & N E 1st gu g 48_ -1089 f38 -S-a-le 9 983 - 8 88 88 88 Atl Sc Charl A List A 44s 1944 J Northern Pacific prior lien rail40 8318 86 84 9634 Feb '19 .1 8312 8378 8318 jj 9318 96 J .1 9612 9718 4j 8 418 194 0, 1st 30-year Os Ser 11 way & land grant g 4s_ 1997 74 7914 Oct '18 80 70 Oct '18 --__ 87 _1997 12 Ati Sc I)ony 1st g 4s Registered 60 8111 Mar'16 13 5912 6178 _ a2047 Q F 5012 Sale 5912 2d 4s General lien gold 3s 58 Oct '1802 75 Feb '17 - -- - - a2017 (2 All & Yad 1st g guar 4s 1949 A 0 Registered '19 Jan 90 90 9512 8 867 9918 F96 Mar'18 .1 J g J -id Div 1930 90 5s_ Ga & Va 2017 T E Ref & imp 410 ser A 9 92 74 Aug 'IS H,_., 512 100 , 9512 , 14 3 9518 9512 1956 M M 96112 9 Cons 1st gold Os St Paul-Duluth Div g 4s 1990 .1 D 7518 86 Jan A 103 107 102 Jan '19 9514 9514 102 102 1938 M E Tenn reorg lien g 5s St P & N P gen gold Os_ -1923 52 Jan '19 52 A 10118 _ __ 10394 Sept'17 1946 A 0 5214 52 Registered certificates _1023 Ga Midland 1st 3s 97 Feb '19 -_-_-_-_ -di 082 101 Jan' 19 F 0718 100101 101 Ga Pac Ry 1st g 68 St Paul & Duluth 1st 5s 1931 F D 7014 _ _ 78 Dec '18 ::-: - 100 Oct '18 J 22-1 1968 Knoxv Sc Ohio 1st g Os _ 1925 1st consol gold 4s 6812 85 3612 Doc '16 NI 95 91'2 Oct '18 M 1918 Mob Sc Dir prior lien g 53_1945 J Wash Cent 1st gold 45_ J 10718 - 10714 Feb '19 65 6912 68 Jan '18 10714 i6f14 Nor Pac Term Co 1st g Os 1933 Mortgage gold 4s 7 7712 7712 925 8 102 7712 -1 95 Jan '18 0 J A .1 7 5 4 9 92 1 _ & 1st 1961 4s_ ref & stmpd Rich Dan deb 5s 7712 797s Oregon-Wash 8512 Feb '19 86 73 Sept'12 D 84 Pacific Coast Co 1st g 5s_._1946 N ---- 70 m N Rich & Meek 1st g 58 8512 88 948 m 19 95 1001s Feb '17 99 99 Jan '19 100 J 19 99 99 Paducah & Ills 1st s I 4 As1955 53 g 1st Ga & Car SO ---N 9518 _ 95(4 Nov'18 Pennsylvania RR 1st g 4s 1923 - -Virginia Mid Ser D 4-531921 M S 95 ____ 10212 June'll _ _ 93 Apr '18 S 9934 100 100 Aug 'P 1919 1926 M 5 9938 Consol gold 5s Series E 58 - -- - S 9134 ____ 10412 Dee '16 9858 ---1919 (2 M Reglstered 1926 Series F 58 --- - -,18 4 N,;; N 89 _-__ -661 1943 Consol gold 45 General 53 --- - - 3 8612 8812 8812 N 8812 Sale 8859 8714 _9 96 1948 AI N 7- 8 -. 3 JJ 936 100 Consol gold 4s 1% D 98 pt4 Beee Va & So'w'n 1st gu 5s 2 - -90 Sale 96 1960 F A 96 80 7018 Nov'18 9014 Consol 41,4s 95 1st cons 50-year 58_1958 A 0 70 - -- - -8814 Sale I) 887 8814 8 85 1965 92 28 8712 8978 93723 Mar'17 General 44s 1924 F A W 0 Sc W 1st cy gu 4s_ --9612 638 9518 9734 Ms Sale 96 9534 Mar'17 1968 13 J General 5s Spokane Internal 1st g 5s 1955 J - - - --8712 Nov'18 S 8414 88 9112 9112 Term Assn of St List g 4 3511•1939 A 0 Alleg Val gen guar g 4s__ _1942 -- -- -- -____ 8412 4 803 A Sept'16 i 8 135 8 952 9 112 aenb 4 98 0 9 19 9818 98 1894-1944 F A -8 1st cons gold 58 Dill RR Sc ll'ge 1st go 48 g 1936 _ 8712 Jan '19 88 75 11 75 77 Gen refund s f g 45 Philo Balt & W 1st g 4s 1943 NI N j 90 ____ 102 Jan '93 ..- _ 8712 8712 034 9 90 -1 , A 0 61 2 9 3 0 7: 3j 910 51122 July'18 70 St L M Bridge Ter gu g 58_19 Bodus Bay & Sou 1st g 58_1924 80 _ J 92 14 90 Texas Sc Poe 1st gold 53-.712 ,000 Jmap r Sunbury & Lewis 1st g 48-1038 --- - - 851s _ _ _ -92- De-o-77 _ 48 41 Sept'18 2nd gold income 5s -- - - - - U NJ RR & Can gen 43 1944 63 93 86 M ay'18 La Div B L 1st g 5s 1931 J Pennsylvania Co9734 9758 Sale 9738 J 1021 10613 Noy'04 W Min W Sc N W 1st gu 55I930 F A 9738 9731 Guar 1st gold 4 As J 9514 9713 9712 July'18 J 9212 99 9012 Oct '18 1921 35 JA 0 1935 Tol Sc Ohio Cent 1st go 5s_1 --- Registered 9212 87 Jan '19 87 9 87 _ -- -Western Div 1st g 5s Guar 3 As coil trust reg A.1937 84 S 7612 _-__ 87 Feb '17 78 Jan '19 701 1 79 A 74 78 93 Oct '18 1935 .1 D 78 General gold 5s 78 Guar 33-is coil trust ser B_1941 7558 -___ 8114 July'17 D 80 6712 Sept'18 1990 A 0 68 ---- - - Kan & M 1st gu g 4s Guar 3 As trust etts C_1942 -'16 4 373 Dec 88 D 75 J 9012 9112 9012 Jan '19 1927 J 1944 9012 91 2(1 20-year 55 Guar 3 As trust etts D 8334 Jan '19 36 ____ 36 30 36 Tol P Sc W 1st gold 4s 8-34 8:ii Guar 15-25-year gold 4s 1931 A 0 851(1 91 8512 Feb '19 7514 8318 7518 Feb '19 N 82 J I 7 -1 6 15 92 19 7518 7518 8514 87 Tol St Sc W pr lien g 3;43_1 40-year gtiar 4s etfs Ser E_1952 8734 86 Oct '17 4918 49 1950 A 0 48 51 3 48 50-year gold 4s ---- -- Cin Lob & Nor gu 4s g_1942 84 N 8012 --_--__ 32 185s Ma4 00 r9 1917 Coll trust 48 g Ser A Cl & Mar 1st gu g 4 A3-1035 rd N 8734 ---- 9614 May'17 J 9518 ---- 9634 May'is 18 Aug '18 Trust co etis of deposit _ __ F A Cl & P gen go 44s ser A.1942 -1 83697,4 80 Apr '17 8 1942 A 0 91 --__ 104 Deo '11 Tor Ham Sc Buff 1st g 43--A1946 Series B 95 £014 Dec '18 Ulster Sc Del 1st cons g 53_1928 J D 91 Int reduced to 3)-s._1042 A 0 8012 --_- 9614 Feb '12 i ---- 70 83 ---- 90is Oct '12 N A O 2J 47 5 53 Sept'17 92 19 1, 1948 1st refunding g 43 Series C 3As A 83 ---- 8813 Feb '17 8614 Sale 86 8614 14 -id 1950 Union Pacific 1st g 48 Series D 31.4s J 7658 ___ 88 Apr '17 1947 J J 8512 Oct '18 Erie & Pitts gu g 3s B...1940 Registered 7658 J -- 9018 July'12 8714 88 8714 8714 20-year cony 4s 8714 8912 1940 Series C 83 89 ____ 8118 Dec '18 84 J 83 83 30 80 1st Sc refunding 48 8312 Or R & fox 1st gu g 410_1941 8 JM 08 192 10458 32 10378 106 10459 Sale 10414 Ohio Connect 1st gu 4s_ _1943 84 5 8312 --- 78 Oct '18 10-year perm secured 63(1_9 85 971s ---- 93 May'10 Sale 85 85 86 Pitts Y & Ash 1st cons 58_1927 84 N Ore RR Sc Nov con g 4s_ _1946 J 3 85 - -- 9834 Apr '17 8858 95 J 10112 2, 10012 10112 Tol W V & 0 an 4)s A 1931 Oro Short Line 1st g Os_ 1922 F A 101 10112 10113 -92 Deo '17 8814 95 9858 Sale 9858 1946 J 9858 3 98 Series B 4148 1933 1st consol g 5s 9378 8512 8612 86 S 7838 --__ 881s Sept'17 8614 Series C 43 7 86 Guar refund 4s 88 1942 0 91 9112 9412 Jan '19 9926 .1 .1 92 __ 98 T)ec '17 ___ 9412 9112 PCC&St I. go 4 As A _ _19.10 Utah Sc Nor gold 5s- _1 - - 8214 89 89 Feb '18 1st extended 4s Series 11 guar 1912 A o 9058 9612 9234 Jan '19 9234 9234 - - - -9058 99 Fi A s N 99 June'17 7 -1 3 35 5 95 9 , _ 80 Jan '18 ____ - - - - - 1 1942 Vandaita cons g 48 Ser A Series C guar -- - - 8812 93 N 7912 ___ 8018 June'18, 9038 Sept'18 Series D 4s guar 1945 COIL9019 4s Series B - 3 --__ 35 _ 9012 Sept'18 8714 A 35 Sept'171____1 - - - Vera Cruz Sc P 1st go 4 As_1934 J • Series E 3!-4s guar gold _1949 --- ---(Due Dec. 8 Option sale. • No price Friday; latest bid and asked. a Duo Jan, 5 Duo Feb. g Duo June A Duo July. 1 Duo Aug. 0 Due Oct. p Due Nov ---- ---- _ 10 L 670 BONDS N. Y. STOCK EXCHANGE Week ending Feb. 14 Price Friday Feb. 14 Week's Range or Last Sale g co , Range Since Jan. 1. Bid Ask Low High! No, Low High 9212 139218 9112 Virginian 1st 5s series A____1902 MN 9218 Sale 9218 Wabash 1st gold 59 1939 MN 9714 98 97 9714 5 9613 93 2d gold 5s 1939 FA 8578 Sale 8578 8578 5 8512 89 Debenture series B 1939 J J 90 Aug 18 let Hen equips td g 5s 1921 MS 06% 93 Nov'18 1st lien 50-yr g term 4s 1954 J J 65 — 65 Sept'18 Dot & Ch Ext 1st g 5s....1011 J J 8753 9912 Sept'17 Des Moines Dlv 1st g 49-1939 J J 80 Aug '12 Om Div 1st g 3J-4s 1041 AO " 71 76 Ayr '17 Tol & Ch Div 1st g 4s 1941 MS 74 Jan '19 74 74 Wash Terml 1st gu 3)0.-1945 FA 7413 80 76 Dec '17 1st 40-yr guar 4s 1915 FA 84 -- 82 Aug '18 West Maryland 1st g 4s.. I952 A 0 61 4 53 -di Sale 60 61 West N Y S, Pa 1st g 5s— —1937 .1 J 9912 100 93 Jan '18 Gen gold 45 1943 AO ---- 8538 70 Den '18 Income 5s p1913 Nov 36 Oct '17 Western Pao 1st ser A 5s__1916 S -3 . :134 742 81 8612 5 84 8414 Wheeling & L E 1st g 5s____1926 A 0 9118 96 93 Oct '18 Wheel Div 1st gold 5s____1928 J J ____ 96 100 Feb '17 Exten & Impt gold 5s____1930 FA _ 9953 Mar'17 Refunding 4349 series A __1966 S 5914 70 64 Jan '19 -d'i" -di RR 1st consol 4s 1949 NI S 65 69 __ 69 Nov'18 __ Winston-Salem S B 1st 49_1960 J J 75 82 75 Fob '19 75 75 Wis Cent 50-Yr 1st gen 453 7912 Jan '19 78 80 1910 J J 7713 78 Sup & Dul dlv & term Ist 4s'36 MN 7213 7512 7412 Jan '19 7214 7412 Street Railway Brooklyn Rapid Tran g 5s 1915 A 0 1st refund cony gold 45-2002 J 6-year secured notes 5s__ _1918 J Ctfs 3-yr sec 7% notes opA1921 3-yr 7% secured notes__h1921 J Bk City 1st cons 5s_ _1916-1911 J Bk Q Co & S con gu g 59_1911 M Bklyn Q Co & S 1st 59 1941 J Bklyn Un El 1st g 4-59-1950 F A Stamped guar 4-58 1959 F A Kings County E 1st g 49.-1919 b' A Stamped guar 4s 1949 F A Nassau Elm guar gold 49.1951 J Chicago Rys 1st 5s 1927 F A Conn Ry & L 1st & ref g 43.451951 .1 Stamped guar 43.45 1951 J Dot United 1st cons g 4)49...1932 J Ft Smith Lt & Tr 1st g 59.--1936 M Mad & Manhat 5s ser A 1957 F A Adjust Income 55 1957 -. N Y & Jersey 1st 5s 1932 F Interboro-Metrop coil 43-4s-1956 A Interboro Rap Tran 1st 5s--1966 J Manhat Ity(N Y)cons g 4,3_1990 A 0 Stamped tax-exempt 1990 A Manila Elec Ry & Lt s I 59-1953 M Metropolitan Street Ry— Bway & 7th Av late g 59_1943 J Col & 9th Av 1st go g 58-1993 M Lex Av & P F Ist gu g 53_ _1993 M Met W S El (Chic) 1st g 49_1938 F A Milw Elec Ity & Lt cons g 5s 1926 F A Refunding & exten 43-49_1931 J Minneap St 1st cons g 59-1919 J Montreal Tram 1st & ref 59_1941 J Nev On Ry & Lt gen 43.49..1935 J NY Munlcip Ry 1st s f 5s A 1966 J N Y Rys 1st R E & ref 4s__ _1942 J a1942 A 0 30-year ad) inn 5s N Y State Rys 1st cons 43.4s 1962 M Portland Ry 1st & ref 5s__ _1930 M Portid Ry Lt & P 1st ref 59_1942 F A Portland Gen Elec 1st 59_1935 J St Jos Ry L II & P 1st g 59_1937 M St Paul City Cab cons g 53._1937 J Third Ave 1st ref 49 1960 J Adj income 5s a1960 A Third Ave Ry 1st g 5s 1937 J Tr -City Ry & Lt 1st Sf 5s 1923 A Undergr of London 4)0...A933 J Income 6s 1948 — United Rys Inv 5s Pitts 199..1926 M United Rys St L 1st g 4s 1934 J St Louis Transit gu 5s 1924 A 0 United Rfts San Fr s I 4s 1927 A Union Tr(N Y) ctfs dep Equit Tr (N Y) inter etfs Va Ry & Pow Ist & ref 5s___1934 [voL. 108. New York Bond Record—Concluded—Page 4 7158 74 4912 53 7111 73 8 4912 Feb '19 9534 Dee '18 --9614 Aug '18 -31371 -gAlO Si 82 "i5 92 Dec 18 80 92 ---- 70 80 May'12 ---- 9912 101 May'13 7458 75 77 6 76 75 78 7134 Feb '19 _-60 85 57 Jan '19 -5614 7258 62 Jan '19 -__ 45 80 60 Dee '18 85 2 7934 7934 2 Sale 88 -88 88 88 8014 Oct '18 9 7514 7512 7518 7512 --- -- 84 Jan '14 5714 5734 5712 5734 38 1814 Sale 1614 1612 22 90 100 37 Oct '18 4013 297 3914 Sale 39 128 71 7078 Sale 7012 9 71 83% 72 7214 72 7338 7412 Jan '19 75 _ 80 July'18 70 77% 79 Deo '18 70 68 Feb '19 74 Jan '19 ---- 74 5-1 Dec '18 10012 June'17 8112 Deo '18 --- 9834 Aug '17 9712 July'17 --__ 96 --_- 72% 74 Aug '17 55 47 57 55 4212 4118 4314 42 1238 1258 13 12s8 ____ 62 6134 Jan '19 8812 Nov'18 7214 76 67 Aug '18 9012 Feb '17 95 July'17 81 0912 10212 Mar'12 5234 5078 Feb '19 52 29 Sale 2814 2912 8712 100 97 Dec '18 95 9712 9578 Jan '19 77 --__ 78 Mar'18 6538 90 56 Aug '18 55 69 65 Dec '18 5178 Jan '19 _ 80 50 June'17 ____ 23 22 Jan '19 2234 2534 22 Jan '19 2234 25 2234 2234 81 79 Jan '19 79 05 45 76 5212 -75 ---8512 _ 72 7134 57 62 78 72 57 62 79 88 81 88 73 75l 5612 6014 16 18 -3834 -4-33-4 6834 7234 72% 72 7412 74 - - _ 68 74 - ---- ____ 68 74 ------ ---- 55 57 3 4012 43% 11 1158 1478 6134 62 - --______ 50 53 14 2712 3178 - - - - --9438 95% -— 5058 5218 22 22 5 22 79 22 22 23 79 BONDS N. Y. STOCK EXCHANGE Week Ending Feb. 14 •s- Miscellaneous Adams Ex colt tr g Is 1943 Alaska Gold M deb 6s A 1925 Cony deb (Ss series B 1926 Am SS of W V 1st 5s 1920 Armour & Co 1st real est 43-45'39 Booth Fisheries deb s f 69 1920 A Braden Cop M colt Ins f 69_1931 Bush Terminal 1st 45 1952 A Consol 5s 1955 Buildings 53 guar tax ex_ _1960 A Chic C & Conn ltys s 155.._1927 A Chic Un Stat'n 1st gu 43-4s A 1963 Chile Copper 10-yr cony 75_1923 Rents (part paid) cony 6s ser A A Coll tr & cow, Os ser A __ _1932 A Computing-Tab-Rec s f 69_1941 Granby Cons Ni S & Peon Os A'28 Stamped 1928 Great Fails Pow 1st s 1 _1910 NI lot Mercan Marines f 68_1911 A Montana Power 1st 55 A_ __ _1943 Morris & Co 1st s f 43-4s......339 Mtge Bonds(N Y)4s ser 2...1066 A 10-20-year 55 series 3 1932 N Y Dock 50-yr 1st g 4s 1951 Niagara Falls Power 1st 5s 1932 Ref & gen Os a 1932 A Niag Lock & 0 Pow 1st 53_1951 Nor States Power 25-yr 5s A 1041 A Ontario Power N F 1st 59_1943 Ontario Transmission 55..._1945 Pan-AmPet&Trlst convas '19-'27 Pub Serv Corp N J gen 55_1959 A Tennessee Cop 1st cony Os....1925 NI Wash Water Power 1st 55_1939 Wilson & Co 1st 25-yr s I 69.1941 A Price Friday Feb. 14 Week's Range or Last Sale Bid Ask Low _6712 62 31 3014 31 33 30 3014 A 0 0 A 0 A 0 Manufacturing & Industrial _1928 A 0 Am Agri° Chem 1st c 53 A Cony deben 5s 24 1 M F Am Cot Oil debenture 59_1 93 19 Am Hido & L 1st s f g 6s 1919 m Am Sm & It 1st 30-yr 5s ser A'-17 A Am Tobacco 40-year g 6s__ _1914 A 1951 F A Gold 4s Am Writ Paper 1st s f 59._ _1919 J Trust Co ctfs of deposit... Baldw Loco Works let 59_1910 IW Cent Foundry 1st s f 69 1931 PA Cent Leather 20-year g 5s 1925 A0 1951 PA Consol Tobacco g 4s Corn Prod Ref'g s f g 5s 1934 1 MN MN 1st 25-year s I 59 Distil Sec Con cony 1st g 59_1927 A0 E I du Pont Powder 4349_ _1936 JD General Baking 1st 25-yr (39_19:36 JD Gen Electric deb g 334s 1942 F A 11,93552 MS Debenture 5s J J Ingersoll-Rand 1st 5s Int Agric Corp 1st 20-yr 59_1932 MN Int Paper cony s f g 5s 1935 .1 3 1st & ref SI cony 5s ser A_1917 -Liggett S, Myers Tobac 7E3_1944 A0 1951 FA Lo5s rillard Co (P) 7s 1944 A0 A 5s 1951 Mexican Petrol Ltd con Os A 1921 AO 1st lien & ref 6s series C 1921 AO Nat Enam & Stampg 1st 53_1929 .1 D Nat Starch 20-year deb 5s 1930 J J National Tube 1st 5s 1942 N N Y Air Brake 1st cony 69..1 192 48 2 MN Pierce 011 5-year cony Os. q1920 3D J 10-year cony deb Os h1924 Sinclair Oil & Refining1st s I 7s 1920 warrants attach FA do without warrants attach PA Standard Milling 1st 5s____1030 M N The Texas Co cony deb (39..1931 J J Unton Bag & Paper 1st 59_1930 J J Stamped 1930 J J Union 011 Co of Cal 1st 5s 1931 J J S Realty & I cony deb g 59 1924 J S Rubber 5-year sec 7s__ _1923 J 0 10-17.8 1st & ref 59 series A US Smelt Ref & NI cony 69_1926 F A Va-Caro Chem 1st 15-Yr 5s-1923 81924 A Cony deb 6s West Electric 1st 5s Dec__ __1922 J Range Since Jan, 1. 04 High No.t Low 02 3 62 31 2 31 5 3014 3014 High 65 35 34 8612 Sale 86 87 26 86 -8834 --__ -.- 90 Feb '18 91 94 Sale 91 7 04 "iti80% 8018 8014 84 1 8018 8018 80 8514 8312 Feb '19 8312 853a 79 82 81 Jan '19 81 81 --_58 58 Mar'18 881; 90 8812 Feb '19 88 89 10638 Sale 10534 10638 10. 10534 110 83 8278 83 10 8212 85 83 83 Sale 83 83% 17 8112 85 833, 8312 83 835s 3 83 84 9814 9812 9812 Feb '19 97 9812 9814 100 98 Jan '19 98 98 9412 9314 Feb '19 9314 9314 9834 Sale 97 9834 134 97 102 9138 9218 9112 9214 9 9112 9578 83 87% 83 Feb '19 83 83 83 Apr '14 -94 June'16 -- "Eo"- "ii 7334 Dec '18 95 9812 97 Jan '19 95 "iii" 101 10012 Dec '18 — 8912 9314 8912 Oct '17 8834 89 8912 Feb '19 89 -66" 89 Jan '19 8918 93 89 91 --_- 95 84 June'17 — 11214 122 11512 11812 11214 Jan '19 79 78 78 31 751s 80 79 92 9214 91 Jan '19 91 92 9034-- 927 Jan '19 92% 92%9778 983; 98 9812 -55 0634 9878 10033 Sale 100 10012 39 98 10012 10012 10078 10033 101 '100 10212 8814 89 3812 Feb '19 88 8812 10014 Sale 10014 10014 71 9934 10013 '9034 Salo 9014 91 37 9014 03 119 119 1 •119 119 119 7578 80 75 Fob '19 7212 75 8912 00 8814 01 0014 Jan '19 87 87 4 86 88 88 90 9978 __ 101 Jan '19 101 101 gi 80 Dec'18 80 9612 Sale 9618 908 "Li -id - -57 74 8012 7312 Dee '18 9912 101 101 Jan '19 101 101 9912 9912 100 9912 9912 100 0 8912 91 9012 Sale 9018 9012 100 104 May'17 83 Dec '18 gi . 4 00 7014 7312 7312 Feb '19 73 731$ 98 99 99 99 9734 10034 9778 _ 06 Nov'18 -2 7Ola 8013 7034 7934 80 80 94 Oct '18 100 102 92 9012 Nov'18 11218 Sale 112 11234 8 112 fl37s 92 Sale 92 9373 0312 3 92 7 11214 113 11278 11214 11318 11234 9112 4 9014 04 91 9214 91 165 Nov'18 185 Jan '19 182 jig" 91 9512 Nov'18 96 9312 ---- 94 Aug '18 96 0912 Feb '19 98 -58- -661-2 0958 9978 -3 995s 10018 9972 100 101 101 Sale 10012 7 10014 1034 92 Sale 9078 9214 55 8834 93 21 09 Sale 9818 15 9812 100 09 96 20 95 Rile 9512 96 9614 9112 95 93 Jan '10 93 93 10218 103 101% 10213 14 10012 103 87 90 87 Jan '19 ____ 85 87 87 90 87 Dec '18 93 9313 937s Jan '19 -9373 937 68 Sale 65 18 60 68 68 10314 10312 10312 10378 36 10234 10434 87 Sale 8634 8718 193 86 8778 9812 Sale 9734 6 9734 100 9812 4 9514 96 96 Sale 00 96 10058 102 102 1 101 10214 102 9734 9812 9714 9 97 98 98111 Gas and Electric Light Atlanta G L Co 1st g 5s__1947 JD 931 103 Sept'15 Bklyn Un Gas 1st cons g 5s-1945 MN 9314 ---- 9314 2 9314 95 9412 Cincin Gas dc Elea lst&ref 5s 1956 AO 90 -- 91 Deo '18 —Columbia0& E 1st 5s 1927 J J 80 8234 82 82 4 82 8212 Coal, Iron & Steel Columbus Gas 1st gold 53_1932 J J 07 Feb '15 9513 9612 9512 Jan '19 Beth Steel 1st ext s 155 1926 9512 Ms Consol Gas cony deb 6s 1920 Q F 101" -6;1; 10012 10114 78 lOOls 103 5 87 80 89 Salo 88 1st & ref 5s guar A 1942 89 N 9612 -- 9612 Feb '19 Cons Gas EL&P of Bait 5-yr 59'21 9612 97 81 20-yr p m & imp s I 5s__ _1936 8112 17 80 83 Sale 8038 J 9613 Detroit City Gas gold 5s......1923 96% Jan '19 _-_- 0618 0618 90 May'18 1932 85 Buff & Susq Iron s I 59 98 Detroit Edison 1st coil tr 59..1933 J J 96 96 Jan '19 8614 July'18 9512 96 a19213 NI Debenture 5s 1st & ref 5s ser A h1940 MS 93 Sale 93 93 94 101 Deo '14 03 Cahaba C M Co 1st go 69-1922 Eq GLNY 1st cons g 5s__1932 MS 94 Feb '18 A 88 — 91 88 Jan' 19 — — 88 Colo F & I Co gen s f 5s____1943 88 Gas & Elec Berg Co c g 59__1949 JD 7514 100 Feb '13 7478 75 Col Indus 1st & coil 59 gu__1934 F A 74 3 75 7712 Havana Eleo consol g FA 84 90 92% Nov'17 8718 92 87 Feb '19 Cons Coal of Md lst&ref 59_1950 ----87 87 Hudson Co Gas 1st g 5s_-_-1949 MN _ _ 95 9618 Dee '17 Elk Horn Coal cony 6s 98 Feb '19 1925 95 9834 Kan City (Mo) Gas 1st g 59_1922 AO 89 -- 9078 Dec '16 Or Riv Coal & C 1st g 6s_h1919 A 94 Feb '18 Kings Co El L & P g 5s 1937 AO 04 90 Dee '17 Illinois Steel deb 43-45 84585i2 8512 3 8214 8512 1940 A 8512 Purchase money Os 1997 AO 100 105 105 Feb '19 100 105 9818 Indiana Steel let 59 1952 98 9818 5 9512 9812 Convertible deb 6s 1925 S 91 90 Jan '19 90 90 Jeff & Clear C & I 2d 5s 1926 9512 - Ed El Ill Bkn 1st con g 49.1939 J J 77 83 83 9714 1 7978 84 83 9714 Sale 9714 Lackawanna Steel let g 5s_ _1923 A 2 9614 9714 Lae Gas L of St L 1st g 58_81919 Q F 9958 9934 9953 9958 5 9914 9934 8612 10 86 8712 8612 Sale 8638 1st cons 5s series A 1950 Ref and ext 1st g 5s 1934 AO 9418 95 9434 1 9434 97 88 Sale 8813 9434 Midvale Steel &0cony s 1551930 NI 13 8612 8812 88 Milwaukee Gas L 1st 4s 1927 MN 8714 ---- 8412 Oct '18 Pleasant Val Coal 1st s f 5s 1928 - - —8012 ____ -- Newark Con Gas g 5s 1948 JD 10412 Apr '17 90 ligO7i5 8718 00 Pocah Con Collier 1st a f 53_1957 NYGELII&Pg 59 1948 JD ---9 -3172 -64'9412 9512 0412 92129312 0212 9412 9312 Repub I & 5 10-30-yr 5s s 1-1940 68.1; Purchase money g 4s 1949 FA 72 7312 7112 3 69 72 8114 83 80% Dec '18 7414 St L Rock Mt & P55 stmpd_1955 Ed Elea III 1st cons g 59_1995 J .1 98 100 1 98 100 98 • 98 91 Tenn Coal I & RR gen 5s 1951 9514 95% Dec '18 NY&Q El L&P 1st con g 59_1930 FA 89 05 9612 Aug '17 10034 Sale 10038 10034 67 U S Steel Corp—)coup_ _ _d1963 NI t011s Pacific 0& El Co—Cal G & E— s 110-60 ---- -- 10014 Feb '19 0912 10014 -year 5slreg _ __d1963 Ni Corp unifying & ref 5s 1937 9 9512 9618 9618 96 98% 0618 Utah Fuel 1st s I 5s 8634 1931 Pacific G & E gen & ref 5s 1942 88 2 8712 88 8758 87% 875s ---- 70 80 Don' 16 Victor Fuel 1st s I 59 1953 Pao Pow & Lt 1st & ref 20-yr 8712 8918 8758 Jan '19 Va Iron Coal & Coke 1st g 53 1949 8713 8713 55 International Series__ _1930 A 86 92 88 Jan '19 88 88 Pat & Passaic G & El 5s__ _1949 100 July'17 Telegraph & Telephone Peop Gas & C 1st cons g 69_1913 A _ 100 Jan '19 iid - 101 8438 8433 Sale 84 8 8334 8512 Am Telep & Tel coil tr 49 1929 Refunding gold 5s 1947 7814 7414 75 75 5 74% 7614 Convertible 4s 1936 7812 Feb '19 7812 85 77 7812 Ch G-L & Coke 1st gu g 5s 1937 ___ 90 96 Sept'17 1 8512 89 20-yr convertible 43.4s....1933 - --8638 8638 8612 89 Con G Co of Ch 1st gu g 5.91936 .1 ___- 95 100 Apr '17 92 9253 11 92 30-yr temp coil tr 5s Sale 92 .--1946 94 Ind Nat Gas & 01130-yr 591936 89 Mar'17 10212 A 10258 Sale 103 7-year convertible 6s 137 10034 103 - -1925 Mu Fuel Gas 1st gu g 59._1947 — 94 July'17 ____ 96 9812 Fob '19 Cent Dist Tel 1st 30-yr 5s 1913 9812 9812 Philadelphia Co cony 53 A 1919 9914 Nove15 Commercial Cable 1st g 4(1_2397 _ 73 Nov'17 Cony deben gold 5s 1922 -6E 0134 0178 9178 2 91 9258 .1 Registered 6818 Jan '18 2397 Stand Gas & El cony s f 69_1926 94 Jan '19 94 100 4 9314 Feb '19 94 94 1937 Cumb T & T 1st & gen 5s 93 -931; -sidG "EaSyracuse Lighting 1st g 5s 1951 13 8218 ---- 9712 May'17 - -Keystone Telephone 1st 59_1935 ___- 9634 08 Apr '16 Syracuse Light & Power 5s_ -1954 7518 70 Nov'18 72 -----A 9078 Salo 9078 92 Mich State Teleph 1st 53_ 1924 13 -id - 92 Trenton G & El 1st g 5s 1949 NY&NJ Telephone 5s g 1920 -- ----- -- 983 Oct '17 97% -- 9812 Jan '19 — 9813 9812 Union Elec Lt & P 1st g 5s 1932 02 92 0114 Sale 9014 N Y Telep lat & gen s f 4;0_1939 at 7 88 9114 ---- 92 Jan '10 9114 9114 Refunding & extension 59_1933 _ 10158 Nov'16 _— 94 Pacific Tel & Tel 1st 5s 9378 94 1937 93 5 93 9532 United Fuel Gas 1st s f139 1936 95 98 4 95 98 08 9278 91 South Bell Tel & T 1st s f 59_1941 98 2 92 9278 0212 93 Utah Power & Lt 1st 59 A 88% 8858 8812 1944 5 8812 8912 1938 8812 0318 West Union coil tr cur 5s 1 93 9334 - -- 93% 9312 Utica Elec L et P 1st g 5s__ _1950 8612 01 101 June'17 8712 Feb '19 ---- 8614 92 Fund & real est g 43.4s....1950 Utica Gas & Eleo ref 5s 1957 83 93 08 Aug '17 Mut Un Tel gu ext 5s 1941 ---- 99 10112 Sept'17 -.Westchester Ltg gold 5s__..1950 90 97 92 Jan !19 92 Northwest Tel gu 4%a g 1934 92 8114 ---- 94 Nov'16 ---•No price Friday: latest bid and asked. a Due Jan. d Due April, e Due May. a Duo June. /1 Due July. k Due Aug.0 DUe Oct. p Due Nov. q Due Dec. s Option sale. 9818 98.. _ -664 _ BOSTON STOCK EXCHANGE-Stock Record FEB. 15 1919.1 SHARE PRICES-NOT PER CENTUM PRICES. saturaay Feb. 8. m onaay Feb. 10. Tuesaay Feb. 11. VY r.........v Feb. 12. *135 138 136 136 *13512 136 6812 6812 6812 6814 69 68 85 88 *86 *97 100 90 2813 2834 *2812 29 *2812 29 *167 _ - *167 _ - *167 ._ _ 1 *_ _ 1 *_ _ 1 11 ;7 11 11 ;7 ;7 : I61-4 4 *-_ -- -_ -- 16- *::: •-- -- -- -- 101 •_-__ 135 *__ 135 *___ 135 87 *83 87 87 *83 *83 *112 114 112 112 *112 114 57 5713 5712 58 57 58 wiii- ii" ;iii" ii- ;ill *80 212 14 28 *91 *98 *19 *95 *45 *52 74 - --3 147s 2858 __ 2 -58 1434 2814 94 100 20 97 46 54 80 80 212 258 1414 1458 2812 28 ___ *90 +98 foo 20 +19 *95 97 4512 4512 *52 54 *80 *212 1414 *2814 *91 *97 *19 *95 45 52 10078 10073 99 99 118 118 512 *5 *11418 115 *118 11812 10034 10138 *4512 4614 9413 94 82 82 80 *78 20 *19 *9213 95 65 65 19 19 1414 1438 +1134 1212 *512 6 *167 169 5534 56 147 147 3018 3032 5 5 •19 712 -712 94 94 84 84 7012 7012 *131 132 92 92 101 101 99 9912 118 *1 513 513 11518 11512 11713 118 10034 10114 +46 47 94 9412 *81 82 80 80 *19 *94 -96 65 65 *1834 1912 1418 1438 12 1214 *512 6 166 167 56 5714 148 148 3012 30 *412 514 *1913 23 *712 724 95 *92 84 82 7012 *70 130 130 *92 _ __ 10012 101 9914 9913 14' 1',(, 512 *5 116 11614 11734 118 101 10138 *4634 4714 9413 95 82 *81 80 +79 20 *19 97 *95 66 *63 *1834 1914 1414 1412 12 12 *512 8 167 16712 5714 59 148 14814 3053 3112 *413 534 2012 21 7% 724 95 +92 83 82 70 70 132 133 *92 _--- -98 20 97 45 52 "or 'lif - "Hit Ii" 51 92 50 *46 50 50 '46 *46 +11512 11612 115 117 *11213 11312 +49 50 49 60 *49 49 •14 *14 15 15 15 15 3712 3818 3713 3814 3818 3834 12014 12112 120 121 12034 12114 56 _ - *5512 __. *55 *5515812 161 15712 159 15912 165 4434 4478 4458 45 4478 45 2712 2712 2713 2712 2734 2734 8853 8914 8814 8938 8914 90 *113 11313 *113 11334 11414 11412 812 878 853 834 858 834 +.50 .75 71_ *6813 45'4 4 .0.20 .30 42 42 1134 •11 43 *38 1118 1118 •.21 .30 *1612 18 5712 5713 *425 430 *1312 144 4014 4012 +258 3 5 5 834 9 +234 3 75 *70 43 *41 458 452 41.55 .75 4234 43 *7914 81 2413 26 534 534 / *.95 11 *3 312 *234 3 *213 3 41 *4 3 3 *258 234 *4913 5013 1634 +16 •113 2 *812 914 10 60 812 812 973 10 .50 *.. *114 152 35 *34 48 48 1218 1212 67 57 194 1912 42 *40 *.60 .75 69. 71 ' .29 .29 *4212 44 11 11 43 *39 1118 11 .25 .30 *1612 18 5712 57 430 430 1378 1373 4014 4012 *258 3 5 518 *834 9 3 3 *67 6714 *4114 43 434 434 .75 4212 4212 80 80 2434 2434 512 512 14 118 *318 313 *234 3 *278 3 412 *4 318 318 253 234 50 50 1634 *16 *138 134 834 834 10 60 +812 834 973 10 .50 *114 158 35 *34 50 *48 1213 *12 67 57 *20 2034 +40 42 --25; *213 *114 112 *114 +.14 .15 .14 *412 6 434 218 *2 24 213 213 *212 *.80 •.80 4358 -as 4334 4534 4554 454 212 214 214 713 712 734 112 113 112 2 *134 2 .90 •.80 .90 •1712 18 18 •.25 .50 •.25 *.55 .75 70 ...,. 70 *.20 .30 4212 4212 1034 1072 43 *39 1114 1114 .30 .30 *1613 18 5734 5734 430 430 *1378 14 403s 4012 *258 3 473 5 *834 9 3 31X. 68 *67 *4112 4212 *5 513 .75 43 43 *7913 81 25 25 558 558 *AM 11A. *318 314 *234 212 212 41/4 414 312 3 3 3 51 *50 1634 +16 112 112 +813 914 578 9 6812 59 858 834 1014 4110 +.60 .75 *114 158 *34 35 60 *48 1214 1214 58 *57 2034 +20 42 *40 212 -17; 112 *114 112 .14 +.14 .15 438 478 434 218 218 218 234 212 258 .75 .90 _ 45 16 - 45 46 4614 4614 278 *212 234 734 *712 8 1% PA 158 *134 2 2 .90 +.85 1 *1713 18 18 .50 •.25 .50 -4 A 111 E-4 P4 t... PI co Z ..1 0 0 Z . a l A fil co 0 .2 0 14 14 154 0 0 to Thursday Feb. 13. Friday Feb. 14. Salesfor the Week Shares STOCKS BOSTON STOCK EXCHANGE 671 limt" Page Range Since Jan. 1. Lowest Railroads 100 131 * Jan 8 136 136 13514 136 63 Boston & Albany 6914 100 67 Jan22 6912 70 69 468 Boston Elevated 100 85 Feb 8 88 88 +87 88 37 Boston & Lowell 100 28 Jan30 28 2812 28 2812 258 Boston & Maine Last Sale 167 Feb'19 100 167 Jan 9 Boston & Providence Last Sale 13 Dec'18 Boston Suburban Elec__no par Last Sale 7 no par 7 Feb'19 Feb 3 prat Nov'16Do Last Sale 413 Boston & Wore Elea_ .no par Last Sale 3014 Feb'19 no par 30 Feb 7 Do pref Last Sale 135 Jan'19 Chic Juno Ry & U S Y____100 135 Jan 4 87 84 100 84 Feb14 *83 84 5 Do pref *112 114 .100 112 Jan15 butricguptreRflver notrhec 25 5c 100 5614 Jan 8 57 -5/ ii" 57 Last Sale 109 Oct'18 Georgia Ry & Elea stampd.100 Last Sale 7014 Oct'18 100 Do pref *80 ____ 80 80 100 80 Jan23 50 Maine Central 234 234 213 212. 100 238 Jan 2 655 Mass Electric Cos 1413 15 1434 1434 2 1:6 100 12 Jan 2 88 88 2 Do prof stamped 2578 2834 27 2734 100 2578 Feb13 N Y N H & Hartford Last Sale 92 Nov'18 Northern New Hampshire_100 98 98 99 100 9713 Feb 1 99 12 Old Colony Jan'19 Last Sale 20 100 19 Jan24 Rutland prof 1 Vermont & Maasachusetts_100 95 Jan 6 97 97 "i 1645 4547 50 43 Jan22 West End Street 52 5234 ---- ----21 Do pref 50 52 Jan21 Miscellaneous 10012 10114 10078 10118 308 Amer Agricul Chemical-100 100 Jan29 9912 100 9713 Jan 3 9914 9912 99 180 Do pref 118 1 1 1 520 Amer Pneumatic Service 25 55c Jan 2 5 5 *____ 5 50 390 Do prat 5 Jan 7 128 Amer Sugar Refining 116 117 117 117 100 111 Jan 2 117 118 100 113 Jan 2 95 Do pref 101 10113 iiii- Rills 2,045 Amer Telep & Meg 100 99 Jan29 4734 4734 *47 49 25 American Woolen of Mass_100 48 Jan20 9458 95 9412 95 100 94 Jan21 391 Do pref 81 81 10 Amoskeag Manufacturing_..80 Jan22 80 -76" lici" 80 23 Do pref 7813 Jan 9 20 20 75 Art Metal Construe Inc___ 10 1712 Jan21 5 -FeLast Sale 9i-6;i Atl Gull & W I SS Lines .100 97 Feb 3 66 .64 66 *63 15 Do pref 100 6314 Feb 4 1834 1952 1912 1934 1,195 Booth Fisheries no par 1814 Feb 7 1412 1478 1413 147 961 Century Steel of Amer Inc. 10 1358 Jan10 *12 1233 -------75- Cuban Portland Cement-- 10 12 Jan 7 75 East Boston Land 512 54 10 512 512 412 Jan 4 ___- __-169 169 17 Edison Electric Ilium 100 165 Jan28 5858 6018 5812 6018 8,082 Fairbanks Co 25 5213 Jan21 15112 15112 150 151 106 General Electric 100 14678 Feb 7 31 3112 31 31 2,462 Gorton-Pew Fisheries 502912 Jan 2 4 95 0 interonat0rPor ---- -5 5 D 10 • 434 Jan 2 ort Cement 21 21 50 18 Jan 4 ,4 --Fife --i1-a 2,608 Island Oil dr Trans Corp_ _ - 10 734 88 6 Jan 2 94 94 90 90 17 McElwain (W H) 1st pref_100 90 Jan17 83 83 8214 83 130 Massachusetts Gas Cos-100 8112 Jan20 17 Do pref 70 70 7012 70 100 69 Jan14 ____ 133 133 71 Mergenthaler Linotype._..100 130 Feb10 4 New Eng Cotton Yarn.......100 92 Jan 7 Last Sale 9212 Aug'17 100 Do pref 9134 9134 --------59 New England Telephone-100 90 Jan22 Last Sale 48 Feb'19 Nova Scotia Steel & C.__.100 48 Feb 6 11312 11434 11313 11313 100 Pullman Company 100 11313 Feb13 40 punts Alegre Sugar 50 60 50 48 Feb I 40 Reece Button-Hole +14 1434 ---- -10 14 Jan 3 ---3913 16,076 Stewart Mfg Corpn 3834 3912 39 3213 Jan23 121 12113 12114 12213 1,008 Swift & Co 100 115 Jan30 Last Sale 554 Feb'19 25 5213 Jan13 Torrington 162 16312 2,643 United Fruit 16314 165 100 15713 Feb10 45 4513 4434 4518 1,322 United Shoe Mach Corp 25 44 Jan13 2734 28 135 Do prof 25 2614 Jan 2 -6154 9114 8834 100 8814 Feb10 "iiii So prefSteelCorporation 3,14 10 3 UD *11414 115 1141211413100 113 Jan 2 834 9 87.3 1013 18,695 Ventura Consol Oil Fields_ 5 734 Jan21 Last Sale .56 Feb'19 25 .56 121 Ad hv ment eehure M Co in ning 70 70 70 70 25 6813 334 334 *353 378 358 10 100 Alaska Gold •.25 .30 •.25 .30 25 20e 100 Algomab Mining 42 43 *4213 434 150 Allouez 25 42 1112 *11 *11 1112 65 Amer Zinc, Lead & Smelt_ 25 1034 Last Sale 40 Jan'19Do pre( 25 40 1114 1114 *1114 1112 5 11 225 Arizona Commercial .30 .30 4%21 .30 1,700 Butte-Baldklava Copper 10 200 Last Sale 1712 Jan'19 Butte & Sup Cop (Ltd)- 10 1712 -*58 .. 59 59 10 57 160 Calumet & Arizona 430 430 430 430 14 Calumet & Hecla 25 425 1312 14 14 14 919108 Centennial 25 1234 CopperCe nIal 4018 4034 4034 4114 25 404 Range Co L Last Sale 234 Feb'19 253 20 Daly-West 434 478 478 478 1,140 Davis-Daly Copper 434 10 9 9 9 9 80 2000 East 834 Copper Min.__ 10 34 3 3 3 3 25 Franklin 7312 7312 *68 73 10 Granby Consolidated 100 7313 Last Sale 4313 Jan'19 100 4312 Greene Cananea *54 512 *518 612 458 25 Hancock Consolidated_ _ __ 25 Last Sale .70 Jan'19 25 70e Indiana Mining *43 434 *43 45 330 Island Creek Coal 1 4212 1 80 7 Do pref *9 2 743 24 3 8 24 134 *24 8234 8 22 5 262 Isle Royale Copper 25 24 513 512 *538 512 5 320 Kerr Lake 4 0.95 1 *.95 1 25 Keweenaw Copper 14 25 312 318 318 *3 15 Lake Copper Co 3 25 *234 3 234 234 212 25 100 La Salle Copper *213 3 24 213 6 24 450 Mason Valley Mine 412 414 414 *4 4 25 725 Massachusetts Consol 84 3 34 234 24 0 Mayflower-Old Colony.- 25 334 313 3 2 2,40240 28* 25 Michigan 5013 51 5034 51 105 Mohawk 25 494 Last Sale 1614 Dec'18 5 Nevada Consolidated 113 112 •1343 14 112 25 250 New Arcadian Copper 20 New Idria Quicksilver_ _ 5 834 813 912 '813 914 ' *812 10 100 *813 10 125 New River Company 878 5812 59 *57 69 100 5813 380 Do prof 834 8% 6 858 878 814 720 NlptssIng Mines 10 1018 978 10 15 934 1,306 North Butte .60 .50 *.25 .75 25 40c 100 North Lake Last Sale 114 Jan'19 113 25 Oflbway Mining 34 34 34 45 Old Dominion Co 34 25 3312 +48 50 *48 502 5 48 5 Osceola 13 13 *1213 13 130 Pond Creek Coal 10 1218 210 Quincy 25 57 : 2 50 7 2 58 034 *2 50 7 25 Ray Consolidated Copper_ 10 1912 2 50734 *40 42 42 10 St Mary's Mineral Land__ 25 41 42 Last Sale .32 Dec'18 a hn atnano Fne Gold & Copper_ 10 213 213 214 212 1,470 8 214 10 S *114 112 15 ,44 111 ,4 200 South Lake 25 400 +.14 .15 *.15 .1550 South Utah M & 5 6 8c *434 54 *412 5 438 25 175 Superior 218 25A, 218 214 1,0 0T or & Boston Copper_ 10 I% 40 Su ripneiri ty 70 213 234 212 212 2 25 •.80 -__ *.80 __ 1 75c 635 Tuolumne Copper 4413 4514 *4414 4514 214 U S Smelt Refin & Min- 50 43 46 4614 4613 4634 50 4414 365 Do pref +214 234 5 214 214 214 940 Utah-Apex Mining 6 713 7'a 712 734 734 150 Utah Consolidated 114 1 730 Utah Metal & Tunnel 19 4 1,fe *113 158 •134 2 134 134 134 25 100 Victoria .80 .80 •.85 .90 2550c 218 Winona *1712 18 _ 1753 18 54 Wolverine Last Sale 12 Dec'18 Wyandotte Highest 136 73 95 3113 168 Jan 2 Jan14 Jan 3 Jan17 Jan 6 11 Jan14 3014 135 874 113 58 Feb 7 Jan 4 Jan 9 Jan23 Jan 2 83 312 1714 33 Jan 6 Jan14 Jan14 Jan 4 105 20 100 4712 55 Highest 12213 Apr 146 Nov 37 Jan 80 Nov 80 July 104 Nov 19 Jan 40 Sept 150 Apr 170 Aug .50 Dec 3 June 1014 Mar 15 June Jan 3 Jan18 Jan18 Jan 8 Jan 6 3014 Nov 147 Apr 8512 Dee 125 Nov 65 Jan 11614 Jan 81 Feb 88 Nov 74 May 33 may 46 May 95 Nov 1124 Dec 25 Jan 90 Oct 50 July 62 Apr 10314 9913 114 6 117 118 10134 514 97 83 82 2014 10512 6673 2212 15 14 633 172 6114 152 3218 512 21 8% 94 86 71 13312 92 Jan 9 Feb 5 Feb 3 Jan 8 Feb13 Feb10 JanI6 Jan 2 Jan 9 Janll Jan 6 Jan24 Jan 9 Jan25 Jan 2 Jan 3 Jan 2 Jan14 Jan 2 Jan 2 Jan 3 Jan10 Jan 2 Feb 1 1 Jan23 Feb 8 Jan g Jan13 Jan 2 Jan 7 7812 Jan 8853 Jan .40 July 4 Sept 99 Jan 107 June 9034 Aug 4513 Jan 90 Jan 6012 Jan 76 Jan 11 Feb 98 Jan 5812 Jan 21 Jan 1014 May 1112 Nov 4 Jan 134 June 2712 June 128 Jan 27 Aug 413 Oct 12 Apr 318 Aug 88 Sept 3774 Jan 62 June 107 June 88 Jan 106 Oct 100 Dec 213 mar 1558 Mar 11512 May 115 Dec 10918 Oct 6053May 9712 Dee 92 Nov 82 June z19 Dec 12014 Feb 6714 Nov 2813 Sept 147a Dee 1712 May 534 May 186 Nov 6414 Nov 15734 Nov 35 Aug 713 Oct 23 Nov 658 Dec 93 Nov 9114 Nov 71 Nov 147 Nov 95 Oct 94 52 12212 54 15 3912 12614 5512 167 4534 31 965s 11513 1013 Jan 3 Jan25 .7,115 Jan10 Jan14 Feb13 Jan 3 Feb 6 Jan15 Jan 2 Jan25 Jan 3 Jan25 Feb14 8212 July 53 Dec 102 Jan 29 Jan Jan 11 27 Oct 102 Aug 45 Jan 11513 Jan 384 July 2434 Aug 87 Mar 108 Mar 5 Jan 100 Oct 69 Jan 130 Nov 51 Dec 1378 Mar 4113 Nov 14614 Aug 56 Dec 166 Dec 4812 May 2612 May 11612 Aug 11333 Dec 9 Nov Jan18 Jan23 Febl1 Febl 1 Jan15 Feb 7 Jan 7 Jan20 Jan31 Jan23 Feb 8 Jan24 Feb 8 Jan20 134 94 1012 6312 1034 1112 55c 158 3514 52 1312 61 21 43 Jan14 Jan18 Jan28 Jan20 Jan13 Jan 4 Feb 6 Jan13 Jan14 Jan14 Jan 2 Jan 3 Jan 6 Feb 4 Feb14 Jan13 Janll Feb 11 Jan22 Feb 3 Febll Jan21 Jan24 Feb 4 Jan18 Jan28 Jan14 Jan 9 Feb14 312 1% 14c 6 3 3 90c 4613 4714 318 833 153 214 114 19 __ Jan 9 Feb14 Feb10 Jan 4 Jan 4 Jan13 Feb 11 Jan31 Jan 2 Jan 3 Jan 2 Jan 2 Jan 2 Jan 4 Jan14 • Bid and asked Prices. a Ex-dividend and rights. e Assessment paid. Is Er-stock dividend. h Ex-rights. x Ex-dividend. w Half-paid. Lowest 25 Kis, 138 July 8212 Apr 104 Feb 53 Jan 106 Sept 70 Oct 774 June 134 Sept 812 Jan 27 Feb 84 Oct z8812June 20 Jan 80 Aug 37 Feb 47 Jan Feb 6 .75 Feb 6 Feb 6 71 Feb10 Jan 3 4 Jan 3 Jan15 30e Feb 7 Jan18 44 Jan21 Febll 13 Jan 3 Jan21 44 Jan14 Jan21 1234 Jan 6 Jan30 30c Jan17 Jan23 1712 Jan23 Feb10 63 Jan 4 Jan29 445 Jan 3 Jan21 14 Feb13 Feb 7 4212 Jan25 Jan 2 3 Feb 3 Feb13 538 Jan31 Feb 6 912 Jan 3 Feb 6 378 Jan 6 Feb13 7312 Feb13 Jan27 4534 Jan 2 Feb 6 512 Jan 2 Jan23 700 Jan23 Feb 7 48 Jan 4 Jan29 8234 Jan21 Jan 2 2518 Jan13 Jan17 534 Jan24 Feb10 14 Feb10 412 Jan 2 Jan25 Jan21 234 Jan 3 Feb14 3 Jan 9 Feb 7 434 Jan 2 Jan13 334 Feb13 Feb10 44 Jan23 Feb 7 5434 Jan 3 2 _T._ Range for Previous Year 1918 lzJune 134 Jan 69 Dec 86 Nov 138 Apr 538 Nov .45 May .15 July 4012 Dec 54 Feb 10 Dec 2114 July 4013 Dec 54 July 11 Jan 1614 Aug .20 Oct .48 Nov 1634 Dec 33 May 61 Dec 7313 May 425 Dec 470 Dec 1034 June 144 Feb 40 Dec 5112 Nov 113 Apr 3 Sept 434 Dec 678 Mar 812 Mar 12 Nov 3 June 6 Feb 7313June 8434 Oct 39 Jan 5734 Nov 434 Dec 1018 Jan .40 July 1 Jan 4478 Dec 70 May 7913 Oct 84 Feb 1912 Jan 29 July 5 Jan 613 Oct .80 Sept 134May 334 Dec 834 May 2 Jan 314 Mar 234 Dec 6 Feb 334 Sept 7 Jan 413 Nov .65 Mar .40 June 414 Oct 5012 Dec 6622 May 1613 Dec 2013 May 114 Aug 213 July 934 Dec 1714 Mar 12 Aug 20 Jan 6312 Dec 80 Jan 978 Apr VA Jan 1012 Dec 1738May .25 Feb .95 Mar 12 June 158 Deo 32 Dec 4513 Jan 4612 June 65 Jan 1234 Dec 2014 Feb 59 Dec 78 May 1913 Dec 2534 May 38 Dec 57 Jan .25 Dec 114 Feb 234 Dec 534 Jan 13 Sept 2 Jan .10 Dec .20 Jan 4 Feb 878 Nov 114 Aug 434 Sept 213 Sept 413 Feb .73 Dec I% Aug 36 Apr 5013 Oct 42 July 4711 Nov 114 May 44 Nov 7 Dec 12 Jan 1 Dec VA Apr 153 Dec 3 Jan 12 Nov 2 Jan 18 Dec 36 Jan .40 May I,4 1 Mar THE CHRONICLE 672 [VoL. 108. L. Philadelphia Stock Exchange.-The complete record of transactions at the Philadelphia Stock Exchange from Feb. 8 to Feb. 14, both inclusive, compiled from the Boston Bond Record.-Transactions in bonds at Bos- official sales lists, is given below., Prices for stocks are all dollars per share, not per cent. For bonds the quotations ton Stock Exchange Feb. 8 to Feb. 14, both inclusive: are per cent of par value. Friday Outside Stock Exchanges Last Week's Range Sales Sale. of Prices. for Price. Low. High. Week. Bonds. Range since Jan. 1. Low. High. Stocks- US Lib Loan 34s_1932-47 1st Lib Loan 4s_1932-47 2d Lib Loan 4s_ _1927-42 1st Lib L'n 4348_1932-47 2d Lib L'n 448_1927-42 3d Lib Loan 434 _1928 4th Lib Loan 43(s_ _1938 Am Agric Chem 5s _..i924 100 Am Tel & Tel colt 48_ _1929 Convertible 6s 1925 1024 Atch Top & San Fe 4s_1995 At1G&WISSL 53_1959 79 Central Vermont 48_1920 Chic June & U S Y 5:3_1940 Mass Gas 431s 1929 N E Telephone 5s_ _ _ _1932 93 Oregon Short Line 58_1946 Punta Alegre Sugar 6s 1931 Swift & Co 1st 5s 1944 9634 U S Smelt It & M cony (5s. 99 Ventura 011 cony 78_ _1922 100 Western Tel & Tel 53_1932 90 98.74 98.90 $12,550 98.24 92.24 93.04 2,600 91.64 92.24 92.70 6,100 92.04 94.64 95.00 7,700 94.64 93.64 94.10 14,400 93.84 94.64 95.18 38,350 94.64 93.74 94.10 108,150 93.74 100 100l3,000 100 8454 844 1,000 834 1,600 1004 1024 1024 824 82%, 1,000 82% 80 79 9,000 79 4,000 05 66 65 93( 93% .1,000 93% 924 924 7,000 92 93 2,000 9054 93 1014 101 1,000 10134 894 904 3,000 87 96 9631 6,000 95% 99 1,000 99 99 99 106 10,000 94 90 8,500 89 90 Jan Jan Jan Feb Feb Feb Feb Jan Jan Jan Feb Feb Feb Jan Jan Jan Feb Jan Feb Feb Jan Jan 99.62 94.00 94.02 90.50 95.90 96.50 90.50 102% 8454 103 83176 8334 66. 9434 9254 93% 101% 9354 9654 100 100 904 Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Feb Jan Feb Jan Feb Jan Jan Jan Feb Jan Baltimore Stock Exchange.-Complete record of the transactions at the Baltimore Stock Exchange from Feb. 8 to Feb. 14, 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. Friday Sales Last Week's Range for Range since Jan 1. Week. of Prices. Sale. StocksPar. Price. Low. High. Shares. Low. High. . 10 70 Alabama Co Feb 70 10 69 70 Feb 70 Arundel Sand & Gravel 100 38 36 368 3431 Jan 38 Feb 38 Atlantic Petroleum 234 2 34 Jan 10 120 Jan 234 234 Baltimore Tube pref _ _ _100 Jan 85 35 83 85 Feb 85 Commercial Credit 25 43 150 43 43 Feb 44 Jan Consol 0,E L & Pow_ _100 108 107 108 182 105 Jan 10834 Feb Consolidation Coal_ .._..100 80 208 8() Jan 83 Jan 804 Cosden & Co 5 140 74 74 64 Feb 74 Jan 7 Preferred 5 44 434 120 4 Jan 44 Feb Davison Chemical_ _no par 374 3634 38 575 32 Jan 404 Feb Elkhorn Coal Corp 50 284 284 2834 355 2754 Jan 30 Jan Houston Oil trust ctfs_ -100 86 84 125 7234 Jan 80 86 Feb Preferred trust ctfs-100 86 80 960 7254 Jan 86 86 Feb Mt V-Wood Mills v t r_100 17 17 65 16 17 Jan 1754 Jan Norfolk fly & Light.._ -100 20 23 20 20 Feb 20 Feb 50 Northern Central 5 73 734 7334 Jan 7454 Jan Pennsyl Wat & Power_100 79 78% 79 120 7731 Jan 79 Feb United Ry dr Elec 50 194 194 194 212 19 * Jan 204 Jan 50 Wash B & Annan 80 26 2634 265.1 Feb 27 Jan Wayland 0114Sc Gas 5 4 34 4 764 334 Feb 4 Feb BondsAlabama Cons Carl 581933 Anacostia & Potomac 58'49 City & Suburban 1st 5522 Consolidated Gas 58_ _1939 Consol G,EL&P 4348 1935 5% notes Cosden Sc Co ser B 6s-1932 Hess Steel 1st 68 Houston 011 div ctts'23-'25 Kirby Lumb Contr 138 1923 Monon V Trac 743 Pennsy W & P 5s...__1940 United fly & E 4s.___1949 Income 4s 1949 1936 Funding 5s small do 1938 81 90 9934 10054 85 85 9734 91 904 94 94 104 9934 974 974 90 73 5334 75 75 81 $3,000 81 Feb 81 90 1,000 90 Feb 9034 994 1,000 994 Jan 104) 10034 4,000 10034 Feb 10054 85 2,000 85 Jan 8554 9,000 954 Jan 984 98 91 21,000 854 Jan 91 14,500 94 94 Feb 94 9,000 984 Jan 105 105 9954 8,000 9834 Jan 9934 98 7,000 973( Jan 984 90 2,000 96 Feb 904 7351 4,000 73 Feb 763.4 1,000 523.4 Jan 5434 5334 2,000 75 Jan 754 75 Jan 754 754 1,100 76 Feb Jan Jan Feb Jan Feb Feb Feb Feb Feb Jan Jan Jan Jan Jan Jan 10 Alliance Insurance American Gas 100 63 American Rys, pref._ _100 65 American Stores_ .no par Baldwin Locom, pref_ 100 56 Cambria Iron Elm Storage Battery_ _100 5634 100 6734 General Asphalt Preferred 100 100 Insurance Co of N A_ _ _ _10 284 J G Brill Co 100 Lake Superior Corp__ _100 194 Lehigh Navigation 50 Lehigh Valley 50 5531 Midvale Steel & Ord_ _50 Minehill & S II 5() Northern Central 50 North Pennsylvania_ _50 Pennsylvania Salt Mfg_ _50 8434 Pennsylvania 50 44% Philadelphia Co(Pitts)_ _50 32 Pref (cumulative 6%).50 33 Phila Electric of Penn_ _25 254 Phila R T vot trust rects.50 244 Philadelphia Traction_ _50 70 Reading 50 Tono-Belmont Devel_ _ _ _1 334 Tonopah Mining 1 Union Traction 50 3754 United Cos of NJ 100 United Gas Improvt_ _50 U S Steel Corporation_100 904 Preferred 100 West Jersey & Seashore_50 Westmoreland Coal..._50 Wm Cramp & Sons.._ _100 York Railways, pref_ _50 Stocks- Friday Sales Last Week's Range for Sale. of Prices. Week. Par. Price. Low. High. Shares. Range since Jan. 1. Law. 100 Amer Sewer Pipe 40 16 174 18 Amer Wind Glass Mach100 8434 8431 86 670 79 Preferred 100 80 794 80 65 7754 Columbia Gas Sr Elec_ _100 39% 39% 10 39% Commonwealth Trust-100 135 135 20 135 Harb-Walk Refrac pref 100 40 99 99% 99% Indep Brewing, com_-50 24 24 24 1,400 14 Preferred 50 754 84 572 554 La Belle Iron Wks com-100 99 622 944 9434 99 100 170 Lone Star Gas 219 170 170 170 Mfrs Light & Heat 50 51 50 51 930 484 Nat Fireproofing com__ -50 7% 74 754 1,130 5 50 144 15 Preferred 285 10 Ohio Fuel Oil 1854 19 1 19 290 10 25 Ohio Fuel Supply 4234 434 453 4254 Oklahoma Nat Gas _25 29 29 170 2836 Oklahoma Prod & Ref_ _5 10 84 84 84 Pitts Brewing com 50 4 2 234 454 1,330 Preferred 50 1134 954 12 1,075 7 Pittsburgh Coal pref..100 86 86 100 8534 Pittsb Jerome Copper_ _1 8c 15c 200 17,500 Pittsb & Mt Shasta Cop-1 310 25c 31c 14,500 21c 100 Pittsb 011 & Gas 84 84 83-4 8 530 Riverside West Oil pref_25 15 15 96 134 Ross Mining & Milling_ _1 70 Sc 5c 2,500 San Toy Mining 1 7c 60 7c 500 U S Steel Corp corn_ _._100 884 90% 135 8834 Preferred 100 20 11434 11434 11434 West'house Air Brake...50 9454 9454 95 230 93 West'house El & Mfg_ _50 41 240 404 4134 Jan Jan Jan Feb Feb Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Feb Jan Jan Feb Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan BondsIndepend Brew 6s_ _ _ _1955 Pitts Coal deb 58.......1931 Jan Jan 40 96 40 96 $1,000 7,000 36 954 High. 184 88 81 4334 135 100 24 83.4 102 177 53 104 1854 194 4534 314 10 34 12 86 200 31e 84 15 80 9c 9654 11434 9534 4234 38 96 Jan Jan Jan Jan Feb Jan Feb Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Jan Feb Feb Jan Feb Feb Jan Jan Feb Jan Jan Feb Feb 194 1934 63 63 65 65 28 28 10234 10254 40 404 5754 55 634 68 95 1014 28 2834 20 2134 19 1934 6934 7054 54% 554 4134 4134 51 51 734 734 x80 x80 8434 8434 4454 44% 32 32 3234 33 2554 2534 244 254 694 70 7835 77 354 354 3 3 1-16 374 3734 180 r86 714 72 8854 91 1144 1144 4454 444 75 75 77 77 3154 314 78 20 34 35 180 120 3,017 2,070 2,154 215 270 3,558 102 287 50 4 20 2 225 1,093 72 142 2,183 2,085 66 365 1,420 700 212 4 377 3,410 25 10 1 6 40 Bonds. 98.50 98.84 $50,550 US Lib Loan 3348_1932-47 03.30 93.30 1st Lib Loan 4s_1932-47 50 2d Lib L'n 4348_1927-42 600 93.40 93.70 3d Lib Loan 4 qs__1928 94.50 95.04 6,600 4th Lib Loan 44et_ _1938 93.40 94.10 12,000 87 Am Gas& El 5s,small 2007 800 87 Beth Steel p m 6s_ _ _ _1998 1,000 110 110 Elec & Peop tr ars 48.1945 09 6954 5,000 Equit Ilium Gas Lt 58.1928 10134 101% 10134 3,000 Lake Super Corp 5s__1924 1,000 61 61 Lehigh C & N cons 4548'54 1,000 94 94 Lehigh Valley (is 17,000 1928 10134102 Annuity (is 10134 1014 1014 6,000 Lehigh Val Coal 1st 55 1933 100 1004 22,000 Penn RR gen 58 1968 9654 9654 5,000 Consol 454s 1960 9634 9634 4,000 Pa & Md Steel cons 66.1925 101 10154 4,000 Phila Co 1st 5s stmpd_1949 10034 10054 1,000 Cons&coll tr 5s stpd 1951 894 894 894 6,000 Phila Electric 1st Ss_ _1966 94 45,000 934 94 1,500 do small 1966 94 94 Beading general 45.. _1997 854 854 8534 21,000 Spanish-Amer Iron 643_1927 5,000 101 101 TT E4 Rt..] Clnrn 9gi Fat MIR 111034 10034 8.000 Range since Jan. 1. Low. High. 19 60 65 25 10034 40 5134 39 76 254 20 17 6934 x5434 41 50 73 x80 84 444 30 314 2434 z23% 694 764 234 24 37 185 704 8834 1143-1 4454 75 77 3154 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Feb Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Feb Feb Feb Jan Feb Feb 1934 Feb Jan 69 6954 Jan Feb 28 1024 Jan Jan 41 5754 Feb 7034 Jan Jan 105 Jan 29 214 Feb 2034 Jan Jan 73 564 Jan 444 Jan Jan 51 Jan 75 x80 Feb 844 Jan 464 Jan 324 Feb 333.4 Jan 2534 Jan 28 Jan Jan 71 8354 Jan 334 0 3) 33-16 Fect 394 Jan Jan 190 7454 Jan 964 Jan 11434 Feb Jan 40 Jan 75 Jan 82 32 Jan 98.50 92.70 93.40 94.50 93.40 87 110 69 10134 58 94 1013.4 1014 100 964 96 101 100 8754 9354 94 851.4 10035 10034 Feb Feb Feb Feb Feb Jan Feb Feb Feb Jan Feb Jan Feb Jan Jan Jan Feb Jan Jan Jan Feb Jan Jan Feb 99.70 Jan 93.30 Jan 95.30 Jan 96.38 Jan 95.64 Jan 8834 Jan Feb 110 Jan 71 10254 Jan 6134 Jan Feb 94 1024 Jan 1014 Feb 1004 Jan Jan 98 963-4 Feb 10234 Jan 1004 Jan 8934 Feb Jan 90 9754 Jan 864 Jar Jan 101 10034 Feb x Ex-dividend. Chicago Stock Exchange.-The complete record of transactions at the Chicago Stock Exchange from Feb. 8 to Feb. 14, 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- Pittsburgh Stock Exchange.-The complete record of transactions at the Pittsburgh Stock Exchange from Feb.8 to Feb. 14, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Sales Friday Last Week's Range for of Prices. Week. Sale. Par. Price. Low. High. Shares. Sales Friday Last Week's Range for Week. of Prices. Sale. Par. Price. Low. High. Shares. American Radiator_...160 Amer Shipbuilding_ _ -100 Armour & Co, preferred.. Booth Fisheries, Common New (no par) Chiceity & C fly pt sh com Preferred Chic Pneumatic Tool_ _100 Chic Rys part elf "2"_ _ _ Chic Rys part ctf "3" Chicago Title & Trust_100 Commonw'th-Edison_ _100 Cudahy Pack Co, com_100 Deere & Co, pref 100 Diamond Match 100 Hart,Shaff&Marx,com.100 Illinois Brick 100 Libby (W I) Lindsay Light 10 Middle West Util,com_100 Preferred 100 National Biscuit 100 Preferred 100 People's Gas Lt & Coke 100 Pub Serv of N Ill. com_100 Preferred 100 Quaker Oats Co, pref_ 100 Sears-Roebuck,com_ _ _100 Preferred 100 Shaw W W,common_ 100 Stewart Warner Speedom common 100 Swift & Co 100 Swift International Union Carbide & Carbon Co (no par) Union C & C Co rights"B" Unit Paper Board,com.100 Ward, Montgom & Co, pt. Western Stone Wilson Sr Co,common_100 Bonds. Chicago City fly 5s_ 1927 Chicago Telephone 58_1923 Comnionw-Edison 58_1943 Cudahy Pack 1st M 581946 Liberty Loan 4th 448. Met W Side El ext g 481938 Pub Serv Co 1st ref g 5s'56 South Side Elev 448.1924 Swift dr Co 1st g 5s_..1944 285 285 100 1004 100 1014 10134 10134 Range since Jan. 1. Low. High. Jan Feb 290 10 285 Feb 100 325 100 Jan 685 10134 Jan 1014 Jan 1854 20 1 84 9 634 03 7 8 8 2 2 180 180 111 11234 1004 103 96 97 109 11234 70 71 56 56 21 2054 214 1034 104 13 24 24 52% 5254 113 113 12154 12134 47 474 8854 884 89 90 103 103 1684 17454 171 121 121 91 91 830 185 380 80 175 30 10 251 803 160 240 110 10 2,790 2,920 10 30 10 25 70 60 130 10 1,423 50 14 20 1 9 634 854 2 185 115 104 97 1124 7754 60 22% 14 24 53 113 12154 49 92 90 103 179 121 92 Feb Feb Feb Feb Jan Feb Jan Jan Jan Feb Feb Jan Jan Jan Jan Feb Jan Feb Feb Feb Jan Jan Feb Jan Feb Jan 84 844 84 1224 12031 1224 43% 4254 434 Jan 88 1,180 84 2,830 11551 Jan 124 3,092 414 Jan 444 Jan Jan Jan 6,833 56 34 250 180 174 150 110 4 10 20 0634 Jan Feb Jan Jan Jan Jan 1 574 5634 334 20 110% 44 684 674 20 5754 334 20 Ill 44 6835 $1,000 84 84 1,000 9634 Ng 0334 94% 11,000 1,000 02 92 93.70 93.70 2,000 504 5054 3,000 874 8734 17,000 7954 7954 1,000 96 0634 4.000 18 34 854 6054 7 2 178 111 10054 95% 109 70 56 1934 104 24 52 113 12136 46 8834 89 101 16854 119 91 81 9034 934 92 93.70 5054 874 7931 96 Feb Jan Feb Feb Feb Feb Feb Feb Feb Jan Jan Feb Feb Jan Feb Feb Jan Feb Feb Jan Feb Feb Feb Feb Jan Feb Jan 57% 34 Feb Jan 21% Jan 112 454 Jan Jan 69 Jan Jan Feb Jan Feb Feb Jan Feb Feb 84 96% 944 92 93.70 Si 8754 794 984 Feb Jan Jan Jan Feb Jan Jan Feb Jan FEB. 15 1919.] 673 THE CHRONICLE Volume of Business at Stock Exchanges Rights- Sales Friday Last 1Veek's Range for Week. of Prices. Sale. Par. Price. Low. High. Shares. Range since Jan. 1. Low. TRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. High. 14 Feb 35 Feb 15 9-16 5,700 3% Oklahoma Produc & Refg r 431 Feb 431 Feb 500 43% 434 431 Tobacco Products _ r Former Standard 011 Subsidiaries 1875 Feb 173% 18% 2,550 1635 Jan £1 Railroad, State, Mutt Anglo-Amer Oil_ r Stocks. Week ending Feb Jan 91 10 89 91 91 U. S. Foreign ote.. Galena-Sig Oil. coms_ _100 Feb. 14 1919. Feb 166 Jan 164 25 164 166 Bonds. Bonds. Bonds. Illinois Pipe Line_r____100 165 Par Value. Shares. Feb Jan 113 10 107 111 111 Northern Pipe Line_r_100 Jan 20 315 Jan 335 323 324 8793,000 $2,669,000 Ohio 011_r $ 626,000 25 153,080 $14,271,000 Saturday Jan Feb 270 40 266 266 270 880,000 1,081,000 8,969,000 Prairie Pipe Line r_ _ _.J00 323,899 30,583,700 Monday Jan Feb 320 297 95 305 297 305 100 9,016,000 1,8(30,000 Oil_r 1,199,000 Penn South 35,354,000 367,920 Tuesday Jan 731 120 Jan 675 698 690 692 HOLIDAY Standard 011 of N J_r_ _100 Wednesday Feb Jan 331 157 310 322 330 328 7,063,000 100 1,654,000 r Y 1,292,000 N of 011 62,900,000 Standard 057,050 Thursday Jan Jan 437 30 395 409 410 100 410 1,504,500 1,327,500 8,885,000 Vacuum 011_r 407,565 39,256,000 Friday Other Oil Stocks. 17/s 35 Jan 13% Feb 1 9-16 13% 15,050 1 $36,602.000 $7,315,500 $5,501,500 r 011_ 8182,364,700 Allen 1,909,514 Total 5-16 Jan Jan 3-16 11 4,500 1 Barnett 011 & Gas_r 43% Feb 33% Jan 431 435 46,420 5 434 Boone 011_ r Jan. 1 to Feb. 14. Feb 29c 18c 5,000 Jan Week endtsg Feb. 14. 270 21e 1 r _ Oil Sales at ng Boston-Wyomi Jan 734 Jan 635 3,200 715 7 714 New York Stock Cosden & Co. com_r____5 1918. 1919. 435 Jan Jan 1918. 4 500 43% 1919. 4 Exchange. 5 Preferred r Jan Jan 15c 9,000 13e 16c 160 1 Oil _ r 18,913,978 Crown 011 & Refining_ r_l 15,764,962 135 Jar 1,749,325 1,909,514 13% Feb 135 3,170 135 131 Stocks-No. shares_ _ _ Crystal 134. Feb $182,304,700 $165,264,500 $1,495,623,205 $1,783,211,800 Curman Petroleum_ r_ _ _ _1 1 5-16 950 115 15-16 13% Feb I'ar value $7,200 Elk Basin Petrolcum_r__5 $28,400 Jan 600 6 615 634 63% Jar 634 Bank shares, par Jar fic Jan 5c 37,500 40 40 Sc Bonds. 011 Corp_r___1 872,447,500 Esmeralda $253,854,500 2 Jan 336 Feb 234 311 26,800 Government bonds_ _ _ $36,602,000 $10,252,500 314 5 011 r Federal 33% 4 33,083,500 Glenrock 011.r 88,0:36,500 431 Jan 3,846,000 7,315,500 335 Feb 6,800 10 394 State,mun.,&c.,bonds 44,727,000 Houston Oil, com_r___100 85 Feb 53,160,500 3,731,000 5,501,500 Jan 86 5,000 75 8034 86 RR. and misc. bonds_ Jan 55c 90c 20,700 55e Feb 98c 1 83c Hudson 011 corn_ r $150,258,060 Internat Petroleum _r £1 21 $395,051.500 $49,419,000 $17,829,500 7,400 163% Jan 2274 Jan 20 213/s Total bonds 815 Jan 835 734 83% 56,800 63-4 Jan Island Oil & Transp_r_10 Jar 8o Feb 16o 80 110 14,000 9c 1 Kenova 011 DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND 31 Fet 72c Feb 5,000 70c 740 70c Kinney Oli_r BALTIMORE EXCHANGES. 3594 381% 22,000 231% Jan 3815 Fe! Louisiana 011 & Refln_r_50 383.1 Feb Jan 25 2,800 - 21 221% 24 10 231% Merritt Oil Corp_r 335 Jan 23% Jan 33-4 3 7-16 16,300 Baltimore. Philadelphia. Metropolitan Petrolcum.25 3 5-16 Boston. Jar Jan 45c 25c 2,200 35e 30e 300 1 Gulf 011.r Mexican Week ending 1.49 Feb 1.13 Jan 1.36 1.45 38,000 1.43 I Midwest 011, com_r Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales Feb. 14 1919 134 Feb 1 9-16 1 11-16 2,800 131 Jan 1 Preferred r Fe! Jan 148 5,025 124 $12,200 Midwest Refining_r__ _ _50 14715 143 148 1,250 $12,500 2,037 $54,200 7,733 Saturday Jar Jan 53e 9,800 47e 48e 500 50c I 1,137 26,000 Northwestern 011_ r 102,800 4,057 45,350 13,379 Monday Jan 42e Feb 33e 420 107,000 22e 390 I 932 11,500 com__ 39,750 3,362 Gas, & Oil 66,300 Omar 20,459 Tuesday Jar 1134 15 5.380 Feb 1135 1234 12 DAY 10 IIOLI Pennok 011_ r Wednesday Jar Jan 30e 14c 19c 87,000 140 1,229 17,600 Queen 011_r 1 190 36,050 10,263 64,700 23,181 Thursday Fel Jan 883% 49,400 883% 723% 703% 8835 452 47,000 27,000 r _ 6,023 (new) Dutch 21,000 Royal 28,073 Friday Jar Jan 7 1,600 73-4 734 734 5 Sapulpa Refining _ r Jar Jan 26 700 22 2315 24 5,000 $93,700 Sinclair Gulf Corp_ r_ _ .(t) 25,742 $238,100 92,825 $251,550 Total Jar Jan 1 13,700 13-4 134 131 1% 1 011_r Stanton Jar Jan 22c 15,000 Ile 12c 13c 130 1 Texans 011 & Ref_ r Feb 2 6,500 334 Fel 231 334 3 5 r 011_ Tyopa a of give we record New York "Curb" Market.-Below Jar 211 Jan 12,300 13-16 17-16 19.1 7-16 1 United Western Oil, new. 234 Jar 5.125 234 Jan 234 234 274 10 011_r the transactions in the outside security market from Feb. 8 Victoria 434 Fe! 5,500 334 Jan 33% 411 431 Wayland Oil& Gas corn_ _5 the week ending covers It inclusive. Mining Stocks. to Fob. 14, both Jar 7,150 35c Feb 50c Alaska-Brit Col Metals__1 37c *33e 38c 134 Fel Jan Friday afternoon. 1 11-16 15-16 1 1-16 1,320 America hilnes r 111 Jar Jan 1 1 1 1-16 5,500 1 1 1-16 Copper Bing Arizona reliability attaches such no that understood be It should Fel Feb 51 51 1,100 46 48 1 50 Arizona Butte_ r 53-Ic Jar 3350 50 26,900 335c Feb 1 3350 Atlanta Mines to transactions on the "Curb" as to those on the regularly Big 35 Feb 16-16 Jar 31 12,200 35 31 Ledge Copper Co.._ _5 Jar 44c 48c 32,500 44e Feb 540 organized stock exchanges. Boston & Montana Dev_.5 45c 35 Jar 35 Jan 100 35 35 & N Y Copper__ _1 Jar Jan 33e 28e 31c 13,200 27c On the New York Stock Exchange, for instance, only Butte 1 30c Caledonia Mining 35 Jar % Jan % 7-16 14,525 % & Jerome Cop_ r.1 members of the Exchange can engage in business, and they Calumet Fel 2 2 1-16 1,400 1 15-16 Jan 2% Canada Copper Co Ltd 5 2 1-16 Fel Jan 60o 570 60c 16,700 52e 1 590 Sliver _ r are permitted to deal only in securities regularly listed-that Candalaria 83-50 Fel 80 11,200 70 635c Jan 1 Cash Boy 134 Jai Jan 115 3,100 1 115 is, securities where the companies responsible for them have Cerbat Silver M & hi _ r_ _1 135 1% 13-16 3,100 1 1-16 Jan I 9-16 Jai _5 _ Smelt__ Arizona Consol before being Jai 614 complied with certain stringent requirements Feb 1,900 5% 594 514 535 _5 _ _ Mines_ Copper Consol 514 Jal 434 Feb 434 434 4,400 43-4 Con Gold M & M 1 admitted to dealings. Every precaution, too, is taken to Cresson 13% Fe' 135 Jan 134 13-4 5,100 El Salvador Sliver M_..1 131 Feb 4,100 13-4 134 Jai 13.4 134 Insure that quotations coming over the "tape," or reported Eureka Croesus Min _ r__ 1 78e Fel Jan 80c 740 80c 20,525 60o 1 Florence SIlver..r Jai 4,000 33c Feb 40c 330 350 In the official list at the end of the day, are authentic. 1 Fortuna Consol_ r Fel 635 Feb 3 434 2,500 3% 5 On tho "Curb," on the other hand, there are no restrictions Gatisden_r 3% Fel 235 Feb 235 3% 93,500 33-1 Golden Gate Explor_ r _ _ _5 35 Jai 7-16 Jan 31 11,400 % 35 1 Rule_r whatever. Any security may be dealt in and any one can Golden Jai 7,400 18c Feb 24e 18c 20c 10 200 Goldfield Consol Jai 6s 7o 50 Feb 8,300 50 1 moot there and make prices and have them included in the Goldfield Merger_ r Jal 6c Jan 3c 1,000 335c 3350 1 r Great Bend lists of those who make it a business to furnish daily tecords Hamilton M & S hi _t _ r_ _1 700 59i, 70: 12,650 41e Jan 70o Fel 50c Fel Jan 35c 38c 350 20.500 35c 1 1411n_r Gold Hattie of the transactions. The possibility that fictitious transac- Hecla Mining 41 4 Jan 415-16 Jai 415 4 9-16 1,270 435 25c Jai 7-16 Feb 53c 400 7-16 7-16 10c 13lossom_r tions may creep in, or even that dealings in spurious securi- Iron Jan 44c Fe' 8,300 320 41e 43e 1 Jim Butler_r Ja be mind, in should, always hence, kept Feb 150 included, 12o 140 1,800 120 1 120 ties may be Jumbo Extension Jo 80 1,000 So Feb 6e 60 1 r particularly as regards mining shares. In the circumstances, Kewanus_ Ja 7-16 Feb 11 7-16 1.400 % 5 Ltd La Rose Mines be Feb 9350 Ja 6c 95,000 Sc 1 535c Star Cons'd r It is out of the question for any one to vouch for the absolute Lone 31 Feb 14 Fe % 1,000 % 11 1 Louisiana Corns 331 Ja 2% Feb 1,500 2% 23-4 5 trustworthiness of this record of "Curb" transactions, and Mason Valley Ja 36e 5,000 28o Fel 28c 29c 1 290 Mother Lode_ r Ja Jan 48e 380 41c 8,400 37c we give it for what it may be worth. 1 40c Nixon Nevada 3 Jan 334 2,600 Ja 334 3 33% Onondago Mines Corp_ r_l 29.1 Jan 234 Fe Friday 234 2% 4,000 Sales 234 Pinar Copper (prosp't)_ _5 Jo 134 334 Jan 2,000 235 Last 14. 234 Week's for Range since Range Jan. 1. 294 Feb. Week ending Ray Hercules Niin_r_......5 he Jan 32e 8,800 250 31e 32c of Prices. Sale. 1 32c Week. Rochester Mines 34 Ja 15 Jan % 5-16 2.600 Par. Price. Low. High. Shares. Low. StocksStandard Silver-Lead.....! 5-16 High. Ja Jan 18o 160 17c 18,400 15c 1 16c Stewart Ja 7c Jan 4c 1,000 Sc Jan Success Mining 735 7 50 515c 8 634 Jan 1 73-4 8,200 Aetna Explosives_ r(no par) 33-4 Fe 300 29-16 Jan 61 100 334 3 9-16 61 Feb 64 Jan Tonopah Belmont Dev_r_l 50 61 Preferred r 3 Fe 4,357 Jan 2% 294 1 2% 154 54 131 Feb 5435 Jan Tonopah Extension 20 54 Air Retitle Co_r__(no par) Ja Jan 95c 650 80c 6,900 300 *6135 6435 4,300 *6134 Feb 653-4 Jan Tuolumne River Placer r _1 75e Amer Bosch Magneto r (3) 435 Ja 4 5-16 4% 350 39-4 Jan 2434 253% 5,100 2334 Jan 2535 Jan United Eastern Mining_ _1 Brit-Amer Tob ord bear £1 2531 % Ja Jan 3-16 16,400 11 160 168 1,000 145 100 % Jan 168 Feb United Mines of Arizona-1 31 Chevrolet Motor % Jan 35 9,585 134 Ja 315 318 %, 145 294 Jan 321 Feb United Sulphur hilnes_r_ 1 13-16 Cities Service com _r_ _ _100 Ja Jan 10e 6o 10c 16,200 Se 100 1015 1135 4,000 811 Jan 113% Feb U S Continental Mln_r_ _1 Dictograph Products_r_10 1035 Jan 390 Fe 270 390 13,500 24o 235 231 860 2 Feb 211 Jan Ward Min & hililing_r__1 380 Emerson Phonograph_ _5 Ja Jan 93e 890 2.300 900 930 Feb 5831 6715 11,000 6031 5735 6011 Feb 25 _1 Quartz Gold r Washington Co_ & Fairbanks 131 Ja 700 1 316 Jan 1 3-16134 6315 6835 9,700 3935 Jan 703-5 Jan West End Consolidated...5 General Asphalt corn r 100 67 Ja 2,600 10c Feb 17c 10c lie 11c Jan Western Utah Exten_r_ _ _I 3,200 8315 Jan 106 100 10034 97 102 Preferred _r 120 143-5c 13,050 100 Jan 18450 is 83 84 Feb White Caps Mining___10c 120 800 78 Jan 85 1Gen Motors deb stk w I_ r Ja 135 Jan 500 13.4 128 136 134 1,435 I% 109 Feb White Knob Cop, pf_r_ _10 Jan 136 Gillette Safety Razor_r-(t) 132 97 97 Feb 20 97 Feb 97 Bonds. Holly Sugar Corp, prcf_100 Fe Jan 9835 $68,000 993-4 9934 9935 635 9934 19,500 435 Jan 7 Feb 61-1 '24 6 I w notes T 6% T Am & 10 Hupp Motor Car Jan Anaconda Cop Min 6s i 29 97% 9731 97% 84,000 9731 Jan 993.4 Ja 16,400 1011 Jan 21 Intercontinental Rubb.100 1634 *1535 18 2,000 10015 Jan 10135 Ft 5515 6335 59,000 4315 Jan 6315 Feb Beth Steel serial 7s_r_1923 10115 10115 1013.4 Keyst Tire & Rua)cona_100 61 25 Jan Canada (Dom of) 5s__1919 99% 993-4 993% 10,000 9934 Jan 9911 Fe 300 18 27 Jan 253-4 Kirby Lumber com _ r _ _100 21,000 9934 Jan 10034 is 1196 1134 3,050 1034 Feb 1194 Feb Chic& N W Ry gen5s wi'87 99% 99% 100 Lackawanna Co Coal r 10 1194 is Jan 104 103 10315 3,000 103 415 4% 4 1,500 Jan 4% 43-4 Jan Federal Farm Loan 55_ Marconi Wirel Tel of Am.5 963.4 97% 1124000 9634 Feb 9715 Ft 35 % Feb % 34 500 34 Feb Ills Cent 535s w 1____1934 97 Maxim Munitions_r _ _ _ _15 is Jan 92 8 6,500 9 Feb Interboro R T 7s 9 Feb 1921 0034 8894 903% 47,000 85 8 10 83% Morris (Philip) w 1 Feb *2144 FE 3141 *3144 175,000 3141 654 735 Jan Italian Govt 5s 1918 550 634 Feb 12 Nat Fireproofing corn r-50 Ft Jan 1003.4 100 15,000 1003% 1434 1434 500 1335 Jan 2034 Jan Laclede Gas L coll 7s w 1'29 1003% 50 Preferred r 335 4 10094 100% 19,000 993-4 Jan 10035 F( 8,100 Feb Liggett & hiyers Tob 6s'21 4 255 Jan 33-4 No Am Pulp&Pap_(no par) 100 100% 30,000 9974 Jan 1013-4 is 334 Feb 114 Jan 334 33.4 2,000 N Y Telep deb 6s w 1_1949 100 1 Pearson Coal_ r Ft Jan 72 62 6834 128,000 48 Feb 1915 1934 100 18 Jan 20 Russian Govt 635s_r_1919 63 Peerless Trk & Mot Corp50 Ft Jan 65 62 94,000 47 55 Jan 100 37 37 37 1921 55 Feb 40 535s_r Penn Scant Steel v t c(t) Jr Jan 9835 23,000 9954 99 993-1 Jan 13-16 35 Feb % 11,000 35 St Paul Un Dep 515s _r.i'23 Perfection Tiro & Rubb r 1 Feb South Ry 8% notes NV I '22 9935 9935 9934 527,000 9935 Feb 993-1 Ft 55 330 330 400 Feb 400 Rey'ds(RJ)Tob,com,13.100 9915 Ft Feb 9954 195,000 99% 99% Jar 99% 1.'21 1134 12 w 3,300 13 notes Feb 6% Co & 113.4 Swift 10 St Joseph Lead_ r 10015 100% 51,000 10015 Feb 10035 Ft Feb 1331 Jar West Elec & Mfg 6s_ r _ 1034 1135 6,200 10 Submar Boat Corp v t o_ 6 1131 0211 931-4 52.000 9244 Jan 0444 .19 93ix Inn fla to I 1 noo Wilann 600 4035 Jan 48 Jar 4234 4334 Swift Internat'l w l_r_. _15 6,900 Feb 3934 3331 Jan 403-5 United Niotors _ r_ _(no par) 3934 39 7-16 Jan * Odd lots. ;No par value. 4 Listed as a prospect. I Listed on the Stock 134 Feb 135 1% 1 9-16 24,000 United Profit Sharing__25c 514 Jar 10 335 335 8,200 39-1 334 Jan U 8 Steamship Exchange this week, where additional transactions will be found. o New stock. 6,600 334 4 33-4 Jan 434 Jar 3% 5 Wayne Coal Jar 35 11 Jan 1,000 31 31 r Unlisted. w When issued. z Ex-dividend. y Ex-rights. e Ex-stock dividend. 5 o Corp t v Film World 43% Jar Foh 3 314 33-4 2.800 3% Wriaht-Mortln Alm r it) 3 Dollars per 1,000 lire, flat. 'X, 35 674 THE CHRONICLE CURRENT NOTICE. [VoL. 108. New York City Realty and Surety Companies -In our advertising columns to-day W. A. Day. President of the All prices now dollars per share. Equitable Life Assurance Society of the United States, briefly summarizes Bid.- Ask Bid Ask. Bid. Ask. the company's business record for 1918. During the year the greatest Alliance R'Ity 60 70 Lawyers Mtge 110 117 Realty Assoc epidemic in America's history carried off over 400,000 people, most of Amer Surety_ 60 65 Mtge Bond_ _ 85 90 (Brooklyn)_ 77 83 them in the young and healthful period of life. Of the $27,799.026 dis- Bond & M Ci_ 223 '228 Nat Surety.... 214 219 US Casualty_ 175 190 U Title Guar tributed in death claims by the Equitable in 1918, $5,200,000 was directly Casualty Co_ 75 N Y Title & 60 City Investing "if 20 Mortgage__ 95 102 West. & Bronx due to the influenza and pneumonia epidemic. During 1918 the Equitable Preferred__ 60 67 Title & M G 150 170 distributed to policyholders in endowments, death claims, dividends and other benefits. $65,412,490. Liberty bonds to the amount of $54,000,000 were purchased in 1918. The society's outstanding insurance Dec. 31 1918 was $1.924,538,578. a gain over 1917 of $169,669,670, the new insurAll bond prices are "and interest" except where marked "1." ance in 1918 was $273,223,559, an increase of $21,878,907 over 1917. Assets Dec. 31 1918 were $611,813,920. The Equitable has inaugurated an expansion of its services by issuing complete accident and health policies., Standard Oil Stocks Per Share RR. Equipments-PeedI Basis. Par Bid. Ask. Baltimore & Ohio 414s_ providing for weekly incomes for disabilities caused by accident and 5.90 5.45 Anglo-American El 1712 18 Buff (loch & Pittsburgh 4e 5.88 5.65 disease. A copy of the Society's 59th annual statement will be furnished Atlantic Refining011 new,.100 1250 1275 Equipment 4s 5.88 5.65 on request. Borne-Scrymser Co 100 490 510 Equipment 6s 5.88 5.65 50 .93 95 Canadian Pacific 414s 5.90 5.50 -Harris, Forbes & Co., Pine Street corner of William, this city, have Buckeye Pipe Line Co Chesebrough Mfg new 100 310 325 Caro Clinchneld & Ohio 5s_ 6.25 5.75 published and ready for distribution an eight-page Summary of the new Continental 011 100 550 560 Central of Georgia Es 6.10 5.50 Income Tax Law, especially as it affects individuals. The summary Crescent Pipe line Co 50 .39 41 Equipment 414s contains tables showing the income tax rates, normal and surtax, to be Cumberland Pipe Line .100 175 185 Chicago & Alton 4s 6.75 6.25 Eureka Pipe Line Co ,.,.100 170 180 Chicago & Eastern Ill 5As_ 7.00 6.00 levied for the year 1918. There are two charts which show quickly and Galena-Signal Oil com 100 86 90 Equipment 410 6 7:0 6(0 ) 6.00 directly the great increase in tax rates by a comparison of the rates levied Preferred old 100 125 140 Chic Ind & Loulay 414s Preferred new. under the four income tax laws, of 1913, 1916, 1917 and 1918, respectively. 100 105 Chic St Louis & N 0 5s___ 100 160 165 Chicago & N W 41.4s 5. 8 90 5 55 This summary is an abstract of the Income Tax Book also published by Illinois Pipe Line 5..2 35 Indiana Pipe Line Co_ _ _ _ 60 100 105 Chicago R I & Pac 4 14s6.40 6.00 Harris, Forbes & Co. This book will contain the text of the Income Tax International Petroleum_ CI *2034 2114 Colorado & Southern 5s . 6.50 6.00 Law and tables and charts showing the practical applications of the statute. National Transit Co....12.50 .1812 1712 Erie 5s. 6.10 5.75 It will also contain a review of the changes made by the new law and New York Transit Co_ _100 190 200 Equipment 414s Northern Pipe Line Co_100 110 115 Equipment 4s 6 6..11 5..7 75 5 analytical comments thereon. The firm suggests that inquirers who Ohio 011 Co 25.324 328 Hocking Valley 412e 5.90 5.40 desire complimentary copies of the "Summary" and later the "Income Penn-Mex Fuel Co 25 *53 55 Equipment 5s 5.90 5.40 Prairie Oil & Gas Tax Book" ask for "E-33." 100 660 670 Illinois Central 58 5.70 5.30 Prairie Pipe Line 100 267 272 Equipment 410 5.70 5.30 -The January 1919 issue of the "Hand Book of Securities," compiled Solar Refining Kanawha & Michigan 410.. 6.25 5.75 by the publishers of the "Commercial and Financial Chronicle," is now Southern Pipe Line Co_,.199 177 17 59 3 89 2 Louisville & Nashville be 00 3 5.70 5.30 ready for distribution. The book contains 206 pages, and gives very full South Penn 011 Michigan Central 5s 5.95 5.45 1109 98 5 3 2 00 39 Minn St P&SSM 414s_ 5.85 5.45 information concerning the various railroads and the leading Industrials Southwest Pa Pipe Lines_ 199 Standard 011 (California).100/265 270 Missouri Kansas & Texas 5s 7.00 6.00 whose securities are dealt in on the New York, Boston, Philadelphia. Standard 011 (Indiana) _.10() 770 780 Missouri Pacific 55 7.00 6.00 Chicago and Pittsburgh exchanges. It shows their earnings, dividends, Standard Oil (Kansas).,.,.100 580 590 Mobile & Ohio 5s 6.25 5.75 Standard 390 (Kentucky) 400 Oil 104) I Equipment 414s &c., for a series of years, present fixed charges, and the amount of the 6.25 5.75 Standard 011 (Nebreska).100 545 560 New York Central Lines 5s_. 6.00 5.50 different issues of bonds outstanding, the rates of interest, &c. There is Standard 011 of New Jer_100 690 695 Equipment 414s 6.04 5.50 also given the monthly range of stocks and bonds to Jan. 1 1919. together Standard 011 of New rk.100 328 330 Y Ontario & West 4101-_. 6 5.7 20 5 6 5.3 70 5 :with a yearly range for four years. Price, one dollar, or to "Chronicle" Standard 011 (Ohio) 100 460 480 Norfolk & Western 414s_. 100 98 102 Pennsylvania RR 410 subscribers, 75 cents. Copies may also be had at the "Chronicle" office, Swan & Finch 5.90 5.25 Union Tank Line Co 100 117 118 Equipment 4s 5.90 5.25 39 S. La Salle St., Chicago, or from Edwards & Smith, 1 Drapers' Gar- Vacuum 011 100 412 416 St Louis Iron Mt & Sou 6.75 6.00 dens, London, E. C. Washington Oil 10 '36 40 St Louis & San Francisco 5s. 6 7:0 50 6:0 90 0 Seaboard Air line 5s -Luigi Criscuolo has contributed an article on "American Capital for a Equipment 414s 6.50 5.00 Greater Italy" in the February number of the Italian Review "Ii CarOrdnance Stocks-Per Share. Southern Pacific Co 44s_,.. 5.70 5.30 roccio." In his discussion of the subject, Mr. Criscuolo presents Aetna Explosives pref. ...100 60 64 SouthernRailway 5.9.5 5.55 the 4 Toledo & Ohio Central 4s___ 6.25 5.75 1 views of Charles E. Mitchell, President of the National City Co., Alex- American & British Mfg 100 Preferred 100 15 25 ander J. Hemphill, Chairman of the Guaranty Trust Co., and Emerson Atlas Powder common 100 153 157 Tobacco Stocks-Per Sh are. McMillin, Chairman of the American Light & Traction Co., whom he Preferred 100 88 92 Pa, Bid Ask. Interviewed. Mr. Criscuolo was, until his recent connection with Merrill, Babcock & Wilcox 100 107 109 American Cigar common.100 118 125 Preferred 104) 85 92 Lynch & Co., 7 Wall St., this city, Secretary of the Advisory Finance Bliss (E W)Co common_ 50.250 325 Preferred Amer Machine & Fdry._ 10( 60 80 50 •65 75 Committee, United States Railroad Administration. Canada Fdys & Forgings..1 -_ _ _ British-Amer Tobuc ord_.C1 .24 26 Carbon Steel common_,.,.is 88 95 -William F. Bishop, recently returned from service in Franco, is Ordinary. bearer El •25 26 in 1st preferred 100 93 98 Conley Foil 101 190 210 charge of the art and printing department of Maclay & Mullaly, Inc., adver2d preferred 100 65 70 Johnson Tin Foil & Met.100 80 100 tising agents, 198 Broadway, this city. Colt's Patent Fire Arms MacA prefne(rr iret ew i s de Forbes_ _100 190 200 Mfg 25 .37 40 -F. V. Z. Didrichsen has returned from the service and has opened an 95 100 duPont(E I) de Nemours Reynolds (R J) Tobacco_ 1N 01: 375 _ office at 15 Broad St., this city, to trade in bonds and stocks same as here& Co common 100 270 275 11 common stock 10 00 330 _ 10 tofore. Telephones "Hanover 7885-8." Debenture stock Preferred 100 9112 9212 107 109 Eastern Steel A dividend scrip 100 70 75 05 100 WAR LOANS, RESOURCES AND PROGRESS OF CANADA, Empire Steel & Iron com_10() 28 33 II dividend scrip 95 100 A booklet, just off the press, bearing the above title, has been prepared Preferred 100 68 72 Young (.1 9) Co 1'20 150 Hercules Powder com_100 207 212 by A. E. Ames & Co., of Toronto, Montreal and New York, in order Preferred 1100Il 95 105 to Preferred 100 105 109 answer the numberless inquiries which are being received about Canada's Niles-Bem ent-Pond com_l i Short Term Notes-Per dent, 104 108 war loans. $1,400,000,000 is the total investment by Canadians in Preferred 1 I 95 98 Amer Cot Oil As 1919. _M&S 9958 100 their Penn Seaboard Steel (no par) *35 38 war issues, upon which there is annually distributed in interest to 7% notes Sept 1919_ _. 1008 101 the Phelps-Dodge Corp „r- 290 Amer Tel & Tel Cs 1924.F&A 9914 9912 1 holders $78,000,000. The booklet points out the extent of the security Scovill Manufacturing,.,.,111370 390 Balto & Ohio 5s 1919,...J&J 9912 9934 behind Canada's bonds, the natural resources, the progress and develop- Thomas Iron 54 .20 30 Canadian Pao Os 1924.M&S 2 100,8101 ment Canada is making in all fundamental directions. A mass of interest- Win Repeat Arms com w 1 _ d100 Del & Hudson Is 1920_ _ FAA 9834 99 Preferred w I ing information is compacted in the booklet, including charts and A-0 9134 93 J d90 156 Erie RR 5s 1910 comparative tables about Canada's loans, her national wealth and income, Woodward Iron 100 44 52 Fed Sugar RN 5s 1920_ _J&I 9712 9812 Preferred investments of the United States and Great Britain in Canada, the record I 85 95 General Elec es 1920.....J&J 10012 10034 achievement in the matter of loans, war debts of belligerents, the effect 6% notes (2-yr) 1919..I&D 1001210034 Great North 5s 1920.. _M&S 9834 9914 of the income tax, how to handle investments, &c., &c. Public Utilities K C Term ity 414, 1921.J&J 9512 97 Amer Gas & Elec com__ 50.100 102 5s Nov 15 1923..MAN 16 100 10014 Quotations for Sundry Securities New York City Banks and Trust Companies All prices now dollars per share. Banks-N.Y. Bid Ask, Banks. Bid. Ask. Trust Co's. Bid. Ask. America'___ 510 530 :Irving (trust New York. Amer Exch__ 220 230 certificates) 280 290 Bankers Trust 388 395 Atlantic 170 180 Liberty 520 540 Central Union 407 412 Battery Park_ 215 230 Lincoln 270 A00 Columbia 307 312 Bowery •_ _ 425 Manhattan ._ 195 205 Commercial_ 88 100 BroadwayCen 135 - Mech & Met_ 350 357 Empire 1285 295 Bronx Bort)._ 125 175 Merchants..,... 140 Equitable Tr_ 420 427 Bronx Nat 160 170 Metropolitan. 175 Farm I. & Tr_ 425 415 Bryant Park. 145 155 Mutual 375 Fidelity 220 235 Butch & Drov 22 27 New Neth*.._ 200 215 Fulton 230 260 Cent Merc 165 170 New York Co 130 140 Guaranty Tr _ 377 385 Chase 390 400 New York_ 425 Hudson t132 Chat & Phen_ 250 Pacific' 150 Irving Trust_ J See Irving Chelsea Exch. 110 1-2-0 Park _ 580 601 1Nat Bank Chemical_ 500 __ Prod Exch.- 200 -_ Law Tit & Tr 100 107 Citizens 220 230 Public /215 225 Lincoln Trust 180 City 463 468 Seaboard 450 470 Mercantile Tr Coal & Iron 220 230 Second 400 425 & Deposit. 210 Colonial• 400 _ _ Sherman 125 135 Metropolitan_ 345 Columbia._ 160 170 l'State • 120 125 M utual( WestCommerce__ 210 215 I 23d Ward'_..,. 115 130 cheater) _ _ 105 126 Comal Ex._ 390 410 Union Exch.._ 158 168 N Y Life Ins CommonUnitedStates• 500 & Trust,.,._ 790 810 wealth * 195 205 Wash Frt5*- 275 N Y Trust___ 605 615 Continental*. 107 115 Weatch Ave*. 160 175 Scandinavian 295 315 Corn Exch..- y305 315 Yorkville.- 290 310 Title Gu & 'Pr 325 335 Cosmoplan... 85 100 Transatlantic 170 Cuba (Bk of)- 175 Brooklyn. U S Mtg & Tr 415 425 East River__ _ Coney Island* 140 155 United Statee 890 910 Europe 110 fie; First 185 200 Westchester- 130 140 Fifth Avenue.2200 2500 GreenpoInt 150 165 Brooklyn. Fifth 215 230 Hillside • 110 120 Brooklyn Tr. 500 515 First 950 960 Homestead • 70 80 Franklin 220 230 Garfield 175 185 Mechanics' *- 65 70 Hamilton 260 270 Gotham 200 Montauk. 85 95 Kings County 630 650 Greenwich• 340 fig- Nassau 200 207 Manufacturers 160 Hanover 735 National City 133 138 People's 290 Harriman_.. _ 250 6._ North Side.__ 176 200 Queens Co.. 70 80 Imp & Trad 540 id People's. 130 140 • Banks marked with a (.) are State banks. t Sale at Exchange this week. I Includes one-third share Irving Trustauction or at Stook Co. 8 New Mock. y.Ex-rights., Preferred LIvett&MyersTob6,021J&I) 100 10014 Amer 1.1 & Tree com 46 5 N Y Cent fis 1919...M&S 15 9934 100 2 24 159 213 Preferred 9812100 Penn Co 4 kis 1921 J&D 15 9678 0714 Amer Power & Lt com_ _ _1 Pub Ser Corp N.I 7s '22 M&S 97 9812 1 7567 6 9 7 Prefd 1 Southern Ry 58 1919. NIA'S 2 99% 100 Amer Public Utilities comlOOl_-_ 20 9 tut he n Ry fla 1092 wi M&S 9918 9914 Preferred40 Swift&Co (is 1991 Wi FAA 15 9912 9934 Carolina Pow&Light corn 100 5 32 Utah Sec Corp fla '22.M & S 15 89 _ 99 30 _ Cities Service Co com-100 x312 315 Winches ItepArms7s'19. M&S 99% 100 • Preferredx80 80i2 Colorado Power corn _ _IW _ O() 25 28 Industrial Preferred 95 100 and Miscellaneous Com'w•th Pow Ry & Lt _ _ 1101 19 21 American Brass 100 205 208 Preferred 45 2 43 0 9 d, American Chicle corn___ _100 73 76 Elec Bond & Share pref 1199 Preferred 100 73 77 Federal Light & TractIon.1 8 11 American Hardware 100 135 138 Preferred Amer Typefoumiers corn 100 38 42 10(1 Great West Pow 5s 1946..J&J 8412 49 8 Preferred 46 5,2 100 84 88 Mississippi Rly Pow com_100 10 14 Borden's C'ond Milk corn 100 95 98 Preferred 8040 Preferred 100 99 101 First Mtge 55 1951 75 Celluloid Company 8 JZ 3 100 130 136 Northern Ohio Elec Corp_(t) d14 18 Columbia Graphoph Mfg (t) 135 137 Preferred 60 I Preferred 100 84 86 North'n States Pow com.1199 55 -8' Freeport Texas Co 00 6 (t) .33 34 Preferred Havana Tobacco Co 100 312 5 North Texas Elm Co corn 99 51 9 52 6 100 99 Preferred 100 3 4 Preferred 100 70 75 1st g 5s June 1 11,22 J-D /40 Pacific Gas & Elec com_l 50 51 IntercontInen Itubb com_100 17 18 1st preferred 100 8612 8812 Internet Banking Co,. _100 160 Puget Sri Tr L & P com_ _100 15 18 International Salt 100 52 60 Preferred 1 52 57 I 1st gold 5s 1951 A-0 70 7154 Republic Ry & Light__ _100 16 18 ,International Silver pref _100 90 95 Preferred Lehigh Valley Coal Sales_ 50 .83 86 South Calif Edison corn...100 IV -ii- OUs Elevator common _100 62 65 97 102 Preferred 100 80 84 Standard Preferr Gas & Eled199 (Del)_5 •20 25 Remington TypewriterPreferred 5 .37 42 Common 100 31 33 Tennessee Ry L & P com.100 3 4 1st preferred 100 84 88 Preferred 13 2 15 2d preferred 100 75 77 United Gas & Elec Corp_10099 5 Royal Baking Pow corn,.,j00 131) lust preferred 100 38 40 Preferred 100 93 08 2d preferred Singer Manufacturing.. 100 185 190 United Lt & Ryscom 100 99 38 6 38 8 Texas Parc Coal & Oil_ ,...100 1425 1500 lat preferred WhouseChurchKerr&Co 100 63 66 100 69 71 Western Power oommon_100 1814 1914 Preferred 100 81 88 Preferred 100 65 67 I 'Per share. S Basis. 4 Purchaser also pays accrued dividend. e New stook . 1 Flat Wks, 8 Nominal. I Ex-dividend. y Ex -rights. (t) Without par value. 675 THE CHRONICLE FEB. 15 1919.] bitestutent anttIrrad RAILROAD GROSS EARNINGS weekly or monthly returns The following table shows the gross earnings of various STEAM roads from which regular week or month, and the last two oan be obtained. The first two columns of figures give the gross earnings for the latest month. The returns of the electric oolumns the earnings for the period from Jan. 1 to and including the latest week or 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. Latest Gross Earnings. ROADS. Previous Year. Week or Month. Current Year. Previous Year, Jan.1 to Latest Date Current Year. Previous Year. 6.780.313 89.612.398 78,320.313 262,609 212.125 2.470.856 2,139,316 Missouri Pacific__ December 8.111594 Alabama & Vicksb_ December 292.821 171.277 3.208,757 2,152.835 December 341.993 229.169 Monongahela 87.195 99,427 4th wk Jan Ann Arbor 300.865 2,47:3.763 2,010.970 228.302 December Conn Monongahela 130 162369 140978936 Atch Topeka & S Fe December 13997068 12308969 15.194.755 Nashv Chatt & St L December 1,893,378 1.353.892 21,757,403 Gulf Colo & S Fe_ December 1.430.497 1.666.354 18.885.097 17.285240 Nevada-Ca 27,013 .22.535 8,2671 Jan wk 13,998 4th l-Oregon 5.809,657 6.890,859 537,791 412,251 December Fe S & Panhandle 2.12.402 2.706.331 235.842 218,301 December Northern 469.176 383.117 4.703,381 3.933.369 Nevada Atlanta Birm & Atl December 134,838 228.448 1.453.757 1.143.320 265.304 166.939 2.548.440 1.770.250 Newburgh & Sou Sh December Atlanta & West Pt- December 2,197,315 1.916.217 165,682; 1.56.966 December Nor_ Great On New 4.252.270 3.215.426 303.661 187.594 December Atlantic City 572.053 511.905 6.474.717 4.969.265 East December Atlantic Coast Line December 5,619.882 4,608,096 56,992.329 44,063.331 New Or!& Nor 97.731 186,421 1,885,621 1,517,604 Mexico.. December Baltimore & Ohio December 15358813 10668050 174191 148 133613321 N 0 Tex & 98.865 117.902 1.417,97:3 1.034,523 December W_ & L S Beaum 1,761,486 1.910.003 116,060 121.138 B & 0 Ch Term... 1)ecember 392.607 4,148,928 3.913.191 407.421 December St L Browns & M 437.617 339.380 4.863,223 4,384,562 Bangor & Aroostook December 238829800 88,753 80.067 New York Central_ December 27382879 19088857 294691313 6.386 8.240 Bellefonte Central _ December 345,7241 5.591.235 5.121,878 529.779 December Belt.. Harbor Ind 304.800 268.056 3,899.765 3.805.917 Belt Ry of Chicago_ December ; 19.313.9 8.122.895 622.9351 77:3,021 Lake Erie & West Dt-cember 862.812 690.307 13,417.564 12.372.620 Bessemer & L Erie.. December Michigan Central December 6.568.887 4.727.395 68,520.087 52.879.434 281.725 306.269 3,189.969 3.010,535 Bingham & Garfield November 52.650.920 71.403.970 4.244.428 6.310.415 December L_ St & CO Cleve 83.312 113,856 1,397,251 1,201.5.30 Birmingham South.. December 266.795 176.990 2212.979 2.440.829 Cincinnati Nortb December Boston & Maine... December 5,734,750 4,671,063 69,911,392 59,686.815 Pitts & Lake Erie December 2.762.004 1.910.318 32.992.272 25.621.654 Buff Roch & Pittsb 1st wk Feb 223,636 297,138 1,609.587 1.489.530 583.558 10.026,5581 8.083.542 975.780 December Tol & Ohio Cent_ 189,868 155.933 2,249,666 1,785,856 Buffalo & Susqueh. December 423.367 300,549 5.896.1341 3.606.990 Kanawha & Mich December Canadian Nat'l Rys 1st wk Feb 1,436,757 1.003,473 8,180,775 5.700,040 22.656.382 16.901.206 1293.790 2.505.362 December Louis St & Chic Y N 15,376,000 2,096,000 12,662,000 Canadian Pacific 1st wk Feb 2,579,000 102294212 85,784.892 318.426 238.934 2.409,261 2,424.740 N Y N Li & liartf_ December 8.608.151 6,961.617 Can Pac Lines in Me December 683.248 10.895.0051 9.164.878 823.999 December Western & Ont V N 4.811,231 4,063.267 310,708 494.763 December Caro Clinch & Ohio 4.353.4201 3.478.993 242.337 337.629 December West... & Susq Y N Central of Georgia_ December 1.856.535 1,636,903 20,647.383 16,024,537 Norfolk & Western_ December 6.828,688 5.354.765 82,004.031,65 910.242 Central RR of N J.. December 3,559290 2,767.715 44.790,670 37.096,739 5,753.6441 5.299 914 116.262 566.697 December Southern_ Norfolk 6,063,156 426.656 5,477,288 507.837 Cent New England.. December 102908259 88.225,726 453,097 362,311 5,185.838 4,482,811 Northern Pacific_ _ _ December 10066392 7,368,750 Central Vermont... December 992.093 1,029.959 76.829 68.697 Minn & Internat.. December 219,811 243,514 3.015,836 2,401,444 Charleston & W Car December 431.301 406.215 5.702,398. 4,371.594 December C)hes & Ohio Lines_ December 7.039.616 4,740.943 73,720.796 54,643.794 North wesen Pacific 1.377.715 1.405.733 102,799 87.367 December 2,156417 1238.407 24.358,662 20,525.689 Oahu Ry & Land Co November Chicago & Alton 459,131 557.524 5,620,600 5.201.117 Chic Burl & Quincy December 12639318 10388401 144172769 122342 707 Pacific ()oast RR December 695 290234093 367414 944 22480 34245328 December Chicago & East Ill_ December 2.225.996 1,682.331 26.753.092 21,012,173 Pennsylvania 80.999, 1436.440, 1.281.365 135.1:14 Balt Ches & Atl December Chicago Great West December 1,685,460 1276.426 19.116.925 16.368223 596.028 378.752 5.917.5431 4.838.904 Cumberland Vail. December Chic Ind & Louisv_ December 1.045,275 750.234 11.017,271 9.161.397 22.213.444 17.286.179 1.326.523 1.660.531 December Long Island 339,178 260.917 3 435,781 3,260.982 Chicago Junction- December 76.228 1.101.321 1.011.519 117.702 Mary'd Del & Va December Chic Milw & St P... December 12334 545 9.168,421 15 894455 113739 201 7.632,494 5,544.625 432.9141 765.177 December Norf & Philo, Y N Chic & North West December 10676 200 8,788,958 127295679 108264933 791.112 546,577,10.599.544 8,555.048 W Jersey & Seash December 159,283 175.839 2.147.466 2.191,451 Chic Peoria & St L_ December .322 78.595.298 5.749,15295.530 8.954.611 December Co..... Pennsylvania 99,869,556 85.709,519 7,505.216 Chic R I & Pacific__ December 8,423,884 558.608 504.3771 7.207.727, 6,491.358 Grand Rap & Ind December 398,193 4420,003 3299,172 354.54 Chic R 1 & Gulf__ December 7.336.471 5,840.224,87.224.887 73.507.628 December & L.. C St C Pitts 24.829.982 21.476.509 1,856,397 & M 2,245.995 Om_ December P St Chic 91.2451 1.306.395' 1.206.718 122.602 386.494 364.391 5,000,956 3.305.025 Peoria & Pekin Un_ December 2,689.57:3 Chic Terre H & S E December 1.979.155 28.955.012 23.507.855 268,713 204,263 3,137.153 2.639,537 Pere Marquette...... December Cinc Ind & Western December 83.651 1.3.13.608 1.150.806 116.225 December Shawmut_ & Pittsb 1,315,855 1.190,485 200,517 Colo & Southern__ 1st wk Feb 222,785 74.558 108.774 1.125.208 1,141.305 800,144 654.810 7,950.342 6,516.863 Pittsb Shaw & Nor.. November Ft W & Den City December 77.343 127.419 1.800.146 1,580.787 122,125 118,811 1.164,137 1,095,339 Pittsb & West Va.... December Trin & Brazos Val December 295.203 272,824 2237.219 2.105.395 December 88,034 1,123.240 1,164,540 Port Reading 90,737 Colo & Wyoming_ December 871.889, 78.690 1.057,825 98.596 Quincy0m&Kan0 _ December Constit Rye of Mex December 2,756.042 Company: Reading 927.006 1,113,169 78,456 72.018 December Col & Crk Spgs Crip 66.831.398 80,769.563 5418.847 7.629.262 December Reading.. & l'hila 11.290.408 6.794.614 646.826 472.392 Cuba Railroad_ __ November 741.875 797.827 7.164,372 5,249.407 Fred & Potom December Delaware & Hudson December 2.601.704 2.220.555 34,789.864 29.989299 Rich 466.354 435.943 4.0'7.031 2.763.407 Wash Southern__ December Del Lack & West__ December 6.009.723 4.286,064 68,740.076 57.211,221 Rutland 325.595 4.540.589 4.325,369 340.659 December Deny & Rio Grande December 2,869,532 2,384.319 31.356214 28,42:3,138 18.3.524 200.693 2.588.578 2.346.814 61.859 130.339 2.0,55.509 2.065.217 St Jos & Grand IsI'd December Denver & Salt Lake December 69.812.604 57.434.625 5.003.192 6.033,729 December Fran_ -San Louts St 1.557.033 1.350,450 113.140 159.841 December Detroit & Mackinac 97.237 1.151.032 1.008.719 100.059 Ft W & Rio Or.... December 322.594 200.695 3,413,311 2.903.354 Detroit Tol & Iront December 70.337 1.366.345 1.113.130 93.9'36 St I.-8 F of Texas December 204.229 147.251 1,999.026 1.827.431 Det & Tol Shore L.. December 13.035.153 11.468.728 119,151 157.191 8,978,930 7.371.399 St Louis Southwest December 1.318.752 1.062.340 Dul & Iron Range__ December 516.044 640.827 6.553.608 5.840.929 St L S W of Texas December 242.145 345,035 21,545,271 15,306,000 Dul Missabe & Nor December 901.107 68,251 1,080,329 64.361 93,654 302,296 277,787 St Louis Transfer December 99,994 Dul So Shore & Atl_ 4th wk Jan 369.984 437.230 4.370.3:31 4,178.102 147,986 136.693 1,712,066 2.026,109 San Ant & Ar Pass.. December Duluth Winn & Pac December 30.345.146 38.923.106 2.837.494 73,436 1.118.3821.126,252 Seaboard Air Line December 3.609.18.5 80.347 East St Louis Conn December 73.558 1.563,095 1,168,509 125,581 December Elgin Joliet & East.. December 2.037.503 1.194,68.820.88.5,049 15,316.473" South Buffalo Pacific... December 13961660 12259984 153918641 132257556 El Paso & So West.. December !.222.273 1.175.861 14.790,468 13,634.862 Southern 393.432 354.587 4,478.691 4.269.650 December East____ Arizona 70.982.219 8.176460.5.309.243 87.85:5,460 December Railroad Erie Galv Harris & 8 A December 1.850.416 1.829.025 21.273.847 19.737.997 Chicago & Erie.... December 1,137,353 700,0434 11.039,823 8,794.149 810.053 907.887 8.041.980 8.223.426 Hous & Tex Cent December 821.685 656,533 8,841.222 8.110.16, Florida East Coast.. December 196.528 187.359 2,087.716 1.862.980 Hous E & W Tex_ December 99,157 90,039 1,123,137 1,064,318 December & Glov Johns Fonda 374,371 354.081 4.348.152 3.653.551 December West'n Louisiana 121.660 141,729 1.296.857 1,179,819 Ft Smith & Western December 841.009 706,295 8.352.103 6.910.459 Morgans La & Tex December 111,715 92.406 1,019.838 1,092.444 Galveston Wharf December 626.973 590.321 7.415.600 6.410.077 Texas & New On December 637.528 537,133 6,716.503 4266,637 Georgia Railroad December 296 90.716.568 91.045 111,624 111.621 Southern Railway__ December 10727373 8.399.507 126574 94.045 Grand Trunk Pee_ 1st wk Jan 915.359 676.906 9.296.635 7.151.054 Ala Great South_ December Grand Trunk Syst_ 1st wk Feb 905,449 480.714 5,307.678 3.457.052 13,051,819 15.178.641 1.0:33.956 1,556.886 December P.. Tex .11 0 N Cin Jan 1,030,268 710.042 2.074.589 1,548,987 Grand Trunk Ry 2d wk New Orb & N E.__ December] 572,05:3 511.905 6.474.717 4.969,265 Grand Trk West_ December 2,211,029 1.523,657 19,376,032 16.208,568 14,840.901 13.604.507 1,017.353 1.341.075 December Ohio__ & Mobile 88,534,163 December 9248,200 6,884,813 100661067 System Great North 421.573 328.809 3.694.801 2.983.428 Georgia Sou & Fla December 219.3.52 180.207 2,418,292 2,322,649 Gulf Mobile & Nor.. December 195.545 154.007 1.519.496 1,309.222 South Ry In Miss December 182.480 202.585 2,548,0602,328,742 Gulf & Ship Island_ December 97.458 1.011.605 1.000.131 98,701 _1December Internet" Spokane 699.244 747.600 13.155.861 10,696,434 Hocking Valley.... December 728.508 565.853 8.196.941 6.778.798 Illinois Central.... December 9.130.043 7.398.783,107320261 87.144.786 Spok Port! & Seattle,December 179.164 105.337 1.934.751 1.493.513 Internat & On Nor December 1.178.319 1,260.365 13.476.888 12.583.224 Staten Island R T_1December 12.202 1:3.916 7.610 8.701 69,824 115.792 1.259274 1,217.344 Tenn Ala & Georgia 4th wk Jan Kan City Mex & Or December 245.091 141.892 3.011.813 1.797.252 77,131 115.337 1.188.657 1208.779 Tennessee Central. December IC 0 Mex & 6 of Tex December 3.712.529 3.882.410 250.291 315.142 December StL RRAssnof Term 1.387.028 December 1,072,302 12.410.966 South_ 15,250.406 Kansas City 250.285 248,481 3220.539 3.166.033 St L Mer Ildg T.. December 127,061 114,932 1.281,122 1.136.521 Texark & Ft Sm.. December 1.948.976 103,377 95.874 1.217.830 1.131,295 Texas & Pacific__ 4th wk Jan 912.252 641,159 2.709.742 1.239.433 Kansas City Term.. December 164.533 101.482 1.64.5.593 December West & Peer Toledo 372,252 158,315 December 2.247.617 2.476.851 Lehigh & Ilud Riv_ 7.041.663 8.306.128 516,112 738.051 & L West December St 334.727 254.037 3.989204 3,866,567 Toledo Lehigh & New Eng.. December 61.020 1.006.445 1.003293 55.863 December 5,894,043 3,862.839 65,586,769 53.358.446 Ulster & Delaware.. December Lehigh Valley ' December 8.732.532 7.082.019 98.443.365 76.998.423 Pacific Los Ang & Salt Lake December 1,269.545 1,133.860 11.517,:378 12,766,723 Union 34.136,8.51 31.016,343 2.866.620 3.046.862 Oregon Short Line December 146.072 142.794 1.671.652 1,569,722 Louisiana & Arkan_ December Ore-Wash R R & N December 2.312.623 1 252233 26.264.956 22.097.098 274,391 251.534 2.078.059 2.497.535 Louisiana Ry & Nay December 7.078.311 5.732.627 361.&31 646.165 December RR Union (Pa)......_ Louisville & Nashv.. December 9244.401 6.866.585 101392 792 76,907.387 Utah 63.568 1,409.236 120.096 December 262,761 191.913 2,85.8.4631 2,226.650 Louisv trend & St L December 225,693 2.639.104 2.206.558 323,799 Pac December & Shreve Vicks 1,429.414 1.125,183 1,4125.576 December 16.415,178 Maine Central 887.319 710.232 11,906.411 10.242.473 D .eenn hot' 323,539 257,002 3.504,780 2,977.127 Virginian RR Midland Valley.... December December 4.556.981 3.232.330 48.246.411 40.477.999 31.213 34,241 89,381 Wabash RR 91,719 4th wk Jan Mineral Range 1.276.882 15.402.352 13.638.449 1.715.628 December Maryland.. Western 1.067.625 1,033.697 11,005.063 12,028,300 Minneap & St Louis December 891.643 878.837 11.065.96:3 9.398.434 Decemb Pacific. Minn St P &SEIM December 3.905.179 2,580,086 35.930.293 34,540,491 Western Ry 187.301 2.558,203 1.725.860 245.165 December Ala.. of Western 30.465 112,256 971.749 1,216.990 December Mississippi Central.. 951.455 74:3.779 13.592.17•! 11,028.904 Wheel & Lake Erie.. December Missouri Kan & Tex December 3.036.614 2,334.702 33,230.335 25.990.721 Finch 96.957 109.239 1.068.157 1.05.3.274 W.. December N & Falls 0,156 1,925.129 1,774.821 19,240.331i16,30 December Tex Ry T of & K Mo 94.914 109,609 1.404.1311 1,417.969 Yazoo & Miss Vail_ December 2,398.801 1.810.053 22.477.008 18.152.123 Mo & North Arkan December 121.728 145,227 1,780,546. 1,906,916 Mo Olda & Gulf__ December AGGREGATE OF GROSS EARNINGS-Weekly and Monthly. *Weekly Summaries. Current Year. i . 3d week Nov /11 roads __ _ _ 7.551.945 4th week Nov 10 roads)..___ 7,631,596 1st week Dec 15 roads ___ 7.582.032 2d week Dec 13 roads)...._ 7,85.3,955 3d week Dec 11 roads)........ 6.924,046 4th week Dec 14 roads)__ 10.698,660 13 roads)..,..... 5,257,043 let week Jan 2d week Jan 12 roads)_-__ 6,073.616 3d week Jan 14 roads)......... 6.810.241 4th week Jan 14 roads)...... 10.082,381 8 roads)____ 5.367.627 1st week Feb • Previous Year. $ 6.734.968 7,492,658 6,541.897 5.756.694 5,376.100 8,136,132 4,280,891 4.701.322 4,968,084 7,814,588 4.077.842 Increase or Decrease. % $ +816,977 12.13 +138,940 1.85 +1.040.135 15.90 +2.097,261 36.43 +1.547,946 28.79 +2.562,528 31.49 +976.152 22.80 1.372.291 29.19 +1,842.157 37.09 +2,267,793 28.87 +1.28.0.78.531.63 *Monthly Summaries. Cur. Yr. Mileage. February._ _230,336 238.891 March April 233.734 May., 230.355 220.303 June 231.700 July 230.743 August September...232.186 230.134 October November 232.274 December _ _232,774 Current Year. Previous Year. Increase or Decrease. % Prey.Yr. 228.835 362.761.238 312.276.881 +50.484.357 16.22 237.483 285.776.203 260.627.752 +25.148,451 9.65 232.255'369.409.895 319.274.981 +50.134.914 15.70 228.392 374.237.097 342.146.096 4-32.091.001 9.38 219294 363.165.528 323.163.161 4-40.002.412 12.38 315. 230.570 463.684,172 346.022.857 230.015 498.269.356 362.509.561 +135759.795 37.45 232.37348.7.140.78.1 357.772.350 +129367.931 36.16 230.576 484.824.750 377.867.933 +106956.817 28.30 232.259 438.602.233 356.433.375 +32.163.408. 23.06 232.399 438.365.327 335,607,571 +102757756 30.62 676 THE CHRONICLE Latest Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the first week of February. The table covers 8 roads and shows 31.63% increase in the aggregate over the same week last year. First Week of February. I 1919. 1918. Increase.' Decrease. Buffalo Rochester & Pittsburgh 223,636 297,138 Canadian National Railways__ 1,436,757 1,003,473 Canadian Pacific 2,579,000 2,096,000 Colorado & Southern 222,785 200,517 Grand Trunk of Canada Grand Trunk Western 905,449 480.714 Detroit Grand Hay & Milw_ Canada Atlantic Total(8 roads) Net increase (31.63%) 73,502 433,284 483,000 22,268 424,735 5,367,627 4,077,842 1,363,287 1,289,785 73,502 For the fourth week of January our final statement covers 14 roads and shows 28.87% increase in the aggregate over the same week last year. Fourth Week of January. 1919. 1918. Increase. Decrease. $ $ $ Previously,reported (8 roads)__ 8,636,004 6,694,909 1,941,095 Colorado & Southern 380,219 334,718 45,501 Duluth South Shore & Atlantic 99,994 93,654 6,340 Mineral Range 31,213 34,241 Nevada-California-Oregon 13,998 8,267 5,731 Tennessee Alabama & Georgia.. 8,701 7,640 1,061 Texas & Pacific 912,252 641,159 271,093 $ Total(14 roads) Net increase (28.87%) 3,028 10,082,381 7,814,588 2,270,821 2,267,793 3,028 Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings,with charges and surplus of STEAM railroad and industrial companies reported this week: Name of Road or Company. [VoL. 108. Latest Gross Earnings. Week or Month. Jan. 1 to Latest Date. Current Previous Year. Year. Current Year. Previous Year. Milw El Ry & Lt Co.. November 836.299 737,569 8,073,703 7,180.220 Milw Lt, Ht & Trac_ November 293,096 193.061 2,759,404 2,024,402 Mississip Riv Pow Co December 186,906 158,989 2,213,392 1,976,461 Montreal L, H & P.._ October 970,106 905,216 5,297,130 Nashville Ry & Light December 277,227 223,117 2,866,213 4,822,709 2,458,321 New England Power.. December 376,741 267,515 3,557,281 2,645,974 Newp N&H Ry.G&E November 230,308 142,032 1,996,921 1.223,444 Nevada-Cal El Corp_ October 176,641 167,784 1,844.277 1,676,290 N Y & Long Island__ September 58,621 58,224 377.615 350,059 N Y & North Shore__ September 15,865 17,897 114,716 128,745 N Y & Queens Co__ September 93.567 84,268 722,000 874,656 New York Railways.. November 903,152 998,423 10,232,898 11,487,876 Northampton Trac.... December 21,980 19,117 236,662 217,058 Northern Ohio Elec__ December 716,210 584,651 7,293,811 h North Texas Elec__ December 249.512 294,208 2,929,759 6,469.035 2,582,113 Ocean Electric (L 1).. September 17,984 17,302 136,121 137.512 Pacific Gas & Elec_ __ October 1910,696 1619,738 Pacific Power & Light November 163,128 146,677 18.412,850 16,296,962 g Paducah Tr & Lt Co August 26,280 23,298 204.534 198.993 Pensacola Electric Co December 50,756 35,082 506,050 350,459 Phila Rapid Transit.. November 2704,923 2512,229 28,820,945 27,104,497 Phila & Western__ December 57,863 48,332 619,151 569,064 Portland Gas & Coke November 164,245 126,043 Port(Ore)Ry,L&PCo. December 744,002 594,020 7,669,389 6,023,510 Porto Rico Railways.. October 86,047 72,493 865,213 744,454 g Puget 8d Tr,L & P.. August 1021,191 774,847 7,629,623 gRepublic By & Light September 443,863 426,250 4.151.145 5,910,905 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 Santiago El Lt & Tr.. November 54,254 53,301 611,748 527,135 Savannah Electric Co December 110,395 92,611 1,182,891 968,173 Second Avenue (Rec) September 76,416 80,737 630,235 652,828 Southern Boulevard_ September 18,279 18,557 150,928 167,032 Southern Cal Edison_ December 811,874 685,396 8,735,458 8,250,382 Staten Isld Midland_ September 25,205 31,277 218,535 282.152 Tampa Electric Co... December 103,665 87,953 1,062,546 1,001,311 Tennessee Power..__ _ December 243,532 146,638 2,237,151 1,940,124 Tenn Ry, Lt & P Co.. December 607,241 447,930 6,146,619 5,259.049 Texas Power & Lt Co November 294,603 274,952 Third Avenue System December 829,963 793,012 8,040,056 8,594,602 DDEB&B RR__ September 39,141 38,580 360,982 338,116 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 N Y City Inter By.. September 58,412 61,905 • 513,780 559,546 Belt Line By Corp_ September 46,757 53,508 436,833 513,100 Third 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_ December 249,654 182,420 2,902,015 1,560,125 Westchester Electric.. September 54,671 48,752 457,349 423,400 York Railways December 113,148 103,707 1,100,088 1,058,843 Youngstown & Ohio.. December 37,468 32,625 420,968 356.559 a Now covers only the lines east of York Beach, Mo.; in the first four months of 1917 covered also the lines west of York Beach, Me. b Includes all sources. f Earnings given in milrels. g Includes constituent or sidiary,companies. h Decrease in gross earnings due to the omission subthis year of the Texas State Fair, to the influenze epidemic and to the reduction in the number of troops at army camps. -Gross Earnings--Net Earnings-Current Previous Current Previous Year. Year. Year. Year. $ $ $ $ Crip Crk & Colo Spgs b_Dec 72,018 78,457 31,370 60,072 Jan 1 to Dec 31 927,306 1,113,170 374,030 593,698 East St Louis Connec-b_Dec 80,347 73,436 def23,024 def7,939 Jan 1 to Dec 31 1,118,382 1,126,252 def197,147 255,571 Fonda Johns&Glovers b Dec 99,156 90,039 33,065 38,772 Jan 1 to Dec 31 1,123,137 1,064,318 426,248 462,100 Northern Pacific_ b Dec10,066,391 7,368,749 3,096,765 2,521,404 Jan 1 to Deo 31 102,908,259 88,225,726 31,391,957 34,927,865 St Louis Transfer_ __Dec 64,361 68,251 13,243 13,314 Jan 1 to Dec b_31 1,080,329 901,107 173,165 258,902 South Buffalo_ b Dec 125,584 73,538 2,265 def8,438 Jan 1 to Dec 31 1,563,095 1,168,509 310,394 265,833 Term RR Ass'n of St L b Dec 315,142 250,290 23,366 38,663 Jan 1 to Dec 31 3,882,409 3,712,528 689,297 1,590,417 Electric Railway and Other Public Utility Net EarnSt Louis Mer Bdg TerbDec 250,284 248,481 def28,791 70,124 ings.-The following table gives the returns of ELECTRIC Jan 1 to Dec 31 3,620,589 3,166,033 150,575 871,252 railway and other public utility gross and net earnings with b Net earnings here given- are before deducting taxes. charges and surplus reported this week: Gross Net after Other Gross Fixed Balance, -Gross Earnings--Net Earnings Earnings. Taxes. Income. Income. Charges. Surplus. Current Previous Current Previous $ Companies. Year. ' Year. Year. Year. Fonda Johnstown & Gloversville R.R.$ S $ $ Dec '18 99,156 29,287 1,365 30,652 32,154 def1,502 N Y Telelphone-b Dec 5,472,087 5,805,056 677,378 930,783 '17 90,039 33,264 1,723 34,987 32,096 Jan 1 to Dec 31 2,891 64,364,898 60,581,647. 20,452,602 22,369,729 12 mos '18 1,123,137 375,266 33,371 408,637 393,701 14,936 Postal Telegraph & Cable '17 1,064,318 421,687 23,779 445,466 392,851 52,615 Co of N Y b Nov 164,202 185,550 def35,999 5,655 Jan 1 to Nov 30 1,960,087 2,023,797 def169,628 16,646 ELECTRIC RAILWAY Roads. AND PUBLIC UTILITY COS. Name of Road or Company. Latest Gross Earnings. Week or Month. AdirondackElPow Co December Alabama Power Co__ October Amer Power & Lt Co November Atlantic Shore Ry___ December Aurora Elgin & Chic.. December Bangor Ry & Electric December Baton Rouge Elec Co December Blackstone V G & El.. December Brazilian Trac, L & P November Brock & Plym St Ry_ December Bklyn Rap Tran Syst September Cape Breton Elec Co December Cent Miss V El Prop.. December Chattanooga Ry & Lt December Cities Service Co.. ___ December Cleve Painesv & East November gColumbia Gas & El_ December Columbus(Ga)El Co December Colum (0) Ry,P & L December Com'w'th P. Ry & Lt December Connecticut Pow Co- December Consum Pow (Mich)_ December Cumb Co(Me)P & L December Dayton Pow & Light November g Detroit Edison_ ___ December gDetroit United Lines December Duluth-Superior Trac December East St Louis & Sub.. December Eastern Texas Elec_ _ November g El Paso Electric Co December Fall River Gas Works December Federal Lt & Trac_ November Ft Worth Pow & Lt.._ November Galv-Hous Elec Co_ _ December o Georgia L.P dc Rye November Grand Rapids Ry Co December g Great West Pow Sys December Harrisburg Railways November Havana El Ry,L & P December Honolulu R T & Land December Houghton Co El L Co December Houghton Co Tr Co.. December b Hudson & Manhat_ November Illinois Traction..___ November Interboro Rapid Tran December Jacksonville Trac Co December Keokuk Electric Co_ December Key West Electric Co December Lake Shore Elec Ry_ December Lewist Aug & Watery December Long Island Electric.. September Louisville Railway__ November Lowell Electric Corp December Manhat Bdge 3c Line September Current Previous Year. Year. Jan. 1 to Latest Date. Current Year. Previous Year. 173,734 165,608 1,834,077 1,650,764 275,827 198,441 2.434,406 1.707,560 1258,289 1071,606 13,371 12,451 171,564 231,756 189,780 183,518 2,140,210 2,158,478 82,935 83,790 923,122 886,120 27,596 21,584 267,809 231.965 234,979 188,557 2,444.733 1,991,844 17581000 f7695000 f93363,000 f84131,000 6,125 8,910 101,429 124,316 2594,108 2512,154 23,736,884 23,168,136 51,173 46,120 513,005 464.081 30,700 29,258 339,076 311,630 177,162 132,286 1,843,947 1,356,732 1805,815 1712,683 22,280,067 19,252,493 51,442 41,817 511,630 •496,164 1123,844 1125,086 11,451,863 10,865,673 102,325 103,821 1,181,413 1,096,066 417,737 385,269 4,264,485 4,024,186 2179,221 1996,288 21,918,061 19,723,736 110,435 81,592 1,028.252 870,621 691,601 573,444 6,608,100 5,775,371 286,401 249,608 3,226,900 3,081,927 260,472 187,664. 2,162.925 1,673,940 1415,133 1296,186 13,801,527 12,279.925 1735,236 1523,965 19,014,018 17,427,940 147,888 165,637 1,686,485 1,644,387 406,855 357,987 4,215,887 3,692,472 95,507 76,990 1,020,246 852,597 122,307 108,471 1,257,633 1,283.525 62,800 48,837 718,210 582.753 306,291 268,643 3,159,671 2,559.445 120.677 96,345 256,283 209,590 2,691,332 2,088,122 114,841 109,472 1,106,824 988,439 117.656 117,238 1,278,348 1,303,860 444.784 363,043 4,644.407 4.008,553 118,822 96,651 1.073,902 1,189,917 709,891 673,789 8,176,545 6,989,599 65,881 66,260 735,151 726,603 45,136 40,633 423,703 420,553 29.252 31,193 320,067 343,134 569,259 527.250 6,032.741 5,596,927 1343,655 1243,066 13.446.064 12,275.728 3782,284 3740,928 40,881,932 40,512,136 98,461 69,590 945,568 698,123 22,985 22,955 264,236 248,546 21.109 14,067 202,873 146,087 178,819 142,814 1,988,688 1,618,440 79.624 62,331 894,784 898,373 22,602 23,479 179,073 200,910 321,256 289,164 3.373,789 2,989.549 97,366 71,506 892,846 723,632 12,608 10,744 107,102 92,040 b Net earnings here given are, before the deduction of taxes. Gross Net after Fixed Balance, Earnings. Taxes. Charges. Surplus. Aurora Elgin & Chicago RR Dec '18 180,780 '17 183,518 12 mos '18 2,140,210 '17 2,158,478 Bangor Railway Dec '18 82,935 & Electric Co '17 83,790 12 mos '18 923,122 '17 886,120 Caddo Oil & Refin Dec '18 217,306 Co of Louisiana, Inc '17 100,851 12 mos '18 2,075,580 '17 2,089,114 Chattanooga By & Dec '18 177,162 Lt Co (incl all Ry lines)'17 *132,286 12 mos '18 1,843,947 '17 1,356,732 Columbus Ry, Dec '18 417,737 Power & Lt Co '17 385,269 12 mos '18 4,264,485 '17 4,024,186 Commonwealth Pow Dec'18 2,170,221 Ry & Lt Co System '17 1,996,288 12 mos '18 21,918,061 '17 19,723,736 Consumers Power Dec '18 691,601 Co (Michigan) 573,444 17 12 mos '18 6,608,100 '17 5,775,371 Cumberland Co 286,401 Dec '18 Power & Lt Co '17 249,608 12 mos '18 3,226,900 '17 3,081,927 East St Louis & Dec '18 406,855 Suburban Co System '17 357,987 12 mos '18 4,215,887 '17 3,692,472 Grand Rapids Dec '18 117,656 '17 117,238 By Co 12 mos '18 1,278,348 '17 1,303,860 Huntington Devel Dec '18 104,072 & Gas Co '17 88,614 12 mos '18 992,238 '17 644,289 Keystone Telephone Jan '19 131,966 '18 136,519 Lewiston Augusta Dec '18 79,624 & Watery St Ry '17 62,331 12 mos '18 894,784 '17 898,373 Nashville By & Dec '18 277,227 Light Co '17 223,117 12 mos '18 2,866,213 '17 2,458,321 12,567 44,110 265,512 600,815 25,421 38,449 326,387 384,067 63,491 26,098 705,734 556,455 43,133 *442 402,334 218,039 131,681 94,295 1,151,417 1,080,257 773,272 658,171 6,988,216 7,438,731 243,617 179,702 2,792,595 2,393,114 76,999 68,518 925,736 1,027,881 77,389 114,353 912,570 1,210,952 26,284 29,978 257,861 393,684 53,817 47,836 460,611 365,038 46,312 57,609 10,345 706 103,678 214.689 78,566 86,714 969,346 869,903 38,845 def26,278 35,625 8,485 439,253 def173,741 428,516 172,299 20,271 5,150 19,665" 18,784 239,096 87,291 228,442 155,625 12,923 50,568 12,588 13,510 142,627 563,107 142,191 414,264 32,683 10,450 31,164 *def30,722 376,118 26,216 360,087 def142,048 - 63,153 68,528 49,535 44,760 695,457 455,960 558,589 521.668 539,771 233,501 454,220 203,951 6,037,313 950,903 5,289,106 2,149,625 138,839 104,777 89,048 90,654 1,350,862 1,441,733 941,892 1,451,222 73,565 3,434 70,201 def1,683 859,074 66,662 820.400 207.481 70,935 6,454 69,883 44,470 813,289 99,281 785,382 425,570 18,911 7,373 19,945 10,033 233,087 24,774 218,215 175,469 16,120 37,697 16,295 31,541 193,152 267,459 190,816 174,222 29,421 16,891 28,353 29,256 19,735 def9,390 15,665 def14,959 227,610 def123,932 186,689 28,000 38,381 40,185 40,137 46,577 481,655 487.691 490,071 378,832 • FEB. 15 1919.] THE CHRONICLE Gross Earnings. Net after Taxes. Fixed Charges. Balance, Surplus. 677 We have applied for an 8-cent fare and 3 cents charge for a transfer. For the city not to grant it will (1) force bankrupt cy; (2) disrupt service [eliminate] transfers; (3) add to the already serious and impairme Portland Ry, Lt nt of Dec '18 744,002 298,678 credit electric of 188,894 railway securities which in N. Y. State alone amounts 109,784 & Power Co '17 594,020 114,135 to 13-i billion dollars. 179,036 12 mos '18 7,669,389 2,813,499 2,218,187 def64,901 In opposition to the fare increase it is charged we are paying "excessiv 695,312 e '17 6,023,510 2,446,917 2,152,052 294,865 rentals" to the owners of the leased lines (all necessary to a complete sysTennessee Power tem with transfers). The charge is not well founded; for the Dec '18 243,532 121,284 52,694 68,590 the sum total of Co net rentals is '17 only 146,638 5% 13,060 of the present value of those lines. 53,151 def40,091 Company's Petition for an 8-Cent Cash Fare, and 12 mos '18 2,237,151 877,149 629,266 3 Cents Charge for Trans247,883 fers Not a Matter of Dividends.-The increases asked, '17 1,940,124 682,029 605,485 76,544 in the it will be shown, are interest Tennessee Ry, the of public we serve. It Ls not a question of dividends but Doc '18 607,241 246,757 129,352 117,405 purely an "emergency action" to prevent bankruptcy of the Lt & Power Co '17 447,930 102,222 company, and 13'7,096 4 to preserve service for the public. 12 mos '18 6,146,619 2,282,988 1,577,537 def34,87 705,451 the company does not ask the city Except for the temporary emergency alter to franchise '17 5,259,049 1,799,523 1,618,588 s, nor to abrogate any 180,935 of its rights or powers. (Compare V. Utah Power & 108, p. 79.) Dec '18 528,247 312,064 172,055 z182,915 Organization.-The company on June Light Co 30 1918 had 151.017 miles '17 of single 492,387 239,536 156,487 z91,006 track, divided as follows: Owned, 42.756 miles; leased, 96.646 miles; operated under agreement, 11.615 miles. x After allowing for other income received. The fare is 5 cents, and free transfers are given between the various lines, * Strike on Railway lines in 1917. and also at certain points to lines which do not form a part Capitalization.-The total capitalization of the companyof the system. Gross Net Fixed Chgs. Balance, , as sanctioned from time to time by the P. S. Commissi Earnings. Earnings. & Taxes. on (exclusive of $21,612,144 stocks Surplus. and bonds of the leased lines, in the hands of the public), aggregates $76,018,0 87, viz. Duluth-Superior Dec '18 147,888 16,595 13,565 3,030 Capital stock (par value $100 per share) Traction Co '17 165,637 46,762 41,236 5,526 Funded debt (1st 4% Mtge., $18,063,540; Adjustment Mtge.$17,495,060 12 mos '18 1,686,485 392,803 273,746 5% income bonds, interest payable only if earned (and none 119.057 '17 1,644,387 582,116 296.319 285,797 paid since Oct. 19161) Underlying mortgage bonds (less $900,000 such bonds acquired) 48,673,027 9,850,000 The stock of this company has never paid a dividend. Seriousness of Situation.-Owing to conditions produced by the war the company's accumulated funds are about exhauste d and for several months its passenger revenue has not equaled operating expenses FINANCIAL REPORTS and taxes. By deferring other claims, it managed to meet bond interest on Jan. 1 (V. 108. p. 79), but without early relief by the Board of Estimate bankruptcy is inevitable. Both gross income and net revenue have been falling, Financial Reports.-An index to annual reports of and the trend is still downwar d, a.s is shown by the following record of steam gross income and amounts railroads, street railways and miscellaneous companies available for interest on the 1st M.4% bonds (the company's books are kept in the form prescribed by law and reports have been published during the preceding month will be which therefrom are made to National and State Governme given nts.) on the last Saturday of each month. This index will not Year ended Gross Net for Gross Net for June 30- Income. 1st M.Int. include reports in the issue of the "Chronicle" in which it Income. 1st M.Int. 1913 is 14,529,33 1 11.833.77 6 1917* 13,240,8 87 3574,834 published. The latest index will be found in the issue 1914 4,453,588 1,780.579 1918 3,245,457 of 1915 568,908 4,332,718 1,591,703 Five months to Jan. 25. The next will appear in that of Feb. 22. 1916 4,870,199 2.162,316 Nov.30'18_ 782,780 df.306,743 * Strikes in effect during the greater portion of first half of this fiscal year. The annual interest requirement on the Detroit United Railway. 540 of 4% 1st Mtge. bonds for the year ended June 30 1918 was $18,063, $722,542 If . the full interest had been earned during any year on the $30,609,487 of Adjustme (18th Annual Report-Year ended Dec. 31 1918.) nt Mtge. 5% Income bonds outstanding, the additional annual requirement would COMBINED RESULTS FOR CALENDAR YEARS. be 11,530,474. (Detroit United Ry., Rapid Ry. System, Sandwich Windsor & • On Jan. 1 1918 there was a deficit of $924,947, and on Dec. 1 1918 It Ry., Detroit Monroe & Toledo Short Line and Detroit Jackson &Amherstburg had grown to $1,978,682. Chic. Ry.) Decrease in Monthly Passenger Revenue.-Further, the downward 1918. 1917. 1916. 1915. is evidenced by the following statement of decreases in the monthlytrend Revenue passengers, No.319,843,176 356,208.429 335,599,802 pas275,576,409 senger revenue beginning with January 1918, as compared Transfer passengers, No.103,608,353 119,962,1 the same 25 119,899,3 35 98,541,214 months of (a) the preceding year, and compared also withwith Employee pass'gers, No. 7A16,741 (b) the year 8,557,261 8,670,561 ended 8,076,13 June 5 30 1914 (the Receipts per rev. pass-year before the war): 5.53 cts. 4.59 cts. 4.50 cts. 4.49 cts. Passenger Revenue. -DecreaseCar mileage 53,931,394 58,957,941 54,008,437 46,327,6 -Decrease--34 1918. Gross earns, per car mile 35.26 cts. 29.56 cts. 1917. Amount. P.C. 1913. Amount. P.C. 29.70 cts. 28.57 cts. Net earns. per car mile_ 7.9 cts. 7.07 cts. 8.093 cts. 8.43 January cts. ___ 840,915 965,539 124,624 12.9 1,123,411 282,496 25.1 Gross earnings $19,014,018 $17,427,940 316,036,669 $13,235,5 51 February 806,099 883,698 Operating expenses_ 77,599 8.8 915,074 108,975 11.9 14,758,340 13,259,791 11.215,802 9,331,804 March 958,540 1,021,094 62,554 6.1 1,004,348 45.808 4.6 April 959,396 1,003,040 Not earnings 43,644 4.4 1,110,983 151,587 13.6 $4,255,678 $4,168,149 $4,820,867 $3,903,747 May 993,628 1,015,567 Other income 21,939 2.2 1,162,210 168,582 14.5 449,737 411,737 351,335 286,815 June 909,641 1,052.804 143,163 13.6 1,129,550 219,909 19.5 Total net income_._ _ 34,705,41 $4,579,886 35,172,20 1918. 1917. 1913. 2 $4,190,562 July 884,949 1,069,765 184,816 17.3 1,140,965 256,016 22.4 Int. on bonds,taxes, &c. $2,610,8315 $2,404,35 6 $2,291,4 10 August. $2,229,80 ._ 1 905,553 1,110,084 204,531 18.4 1,151,782 246,229 21.4 Dividends %)1,200,000(7X)1118,750(6 X)843,750 (6)750,00 (8 0 September _ 926,584 1,019,760 Reserve for taxes 93,176 9.1 1,180,455 253,871 150,000 150,000 October 913,118 1,074,927 161.809 15.1 1,230,845 317,727 21.5 Depreciation charged off - 600,000 800,000 25.8 800,000 750,000 November _ 881.603 969,678 88,075 9.1 1,104.902 223,299 20.2 Total deductions__ _ _ $4,560,831 $4,473,105 33,935,16 0 33,729,801 Total_ _ -9,980,02 Surplus income 6 11,185,95 6 1.205.930 10.812.254.525 2.274,499 18.6 $144,584 $106,781 $1,237,042 3460.761 July 1 to Nov. CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. ,807 5,244,214 732.407 14.0 5,808,949 1.297,142 22.3 SUB. COS.), Losses in30_4,511 Traffic as Compared With 1913-14 (the Year Before the War) 1918. 1917. 1918. 1917. Loss in Revenue Loss, AssetsFree Loss, fitabflitiesTotal $ Loss. Passenger Loss, Land, buildings, Capital stock_ _ _ _15,000,000 15,000,000 Years- Passengers. P.C. Transfers. P.C. Passengers. P.C. Revenue. P.0 1914-15_ 6,665,536 2.4 plant, equipm't, 664,105 0.6 7,329.641 1.9 $410,748 3.1 Funded debt (see &c 1915-16_x1,788,548 0.7 2,085,512 1.9 x60,997,309 61,147,232 "Elec.Ry."Sec.)35,851,500 296,994 0.1 42,633 0.3 35,326,500 1916-17z43,452,960 15.9 25,519,326 23.1 Insurance reserve Def.mtge.paym'ts, 68.972,2 18.0 2,225,951 16.6 fund (at cost)_ 1917-18_34,849,794 12.8 26,715,947 24.2 61,565,7486 31,003 31,003 on real est. 1 16.1 1,806,433 13.5 423,962 334,839 1918-5 Materials & supp- 1,791,100 1,511,277 Notes payable_pur. _ _ _ 1,138,231 U.S.Govt.Liberty mos __25,572,475 21.7 18.011,695 37.8 43,584,170 26.3 1,297.142 Audited vouchers_ 1,265,380 1,569,748 22.3 Loan bonds__ __ 175,200 137,400 Accrued interest__ 232,572 1,407,708 238,673 Accounts recelv'le. 101,151 x Increase. An increase in revenue passengers during 1916 177,826 Unred'd tickets__ 360.811 is here indi339,764 cated, duo principally to the fact Cash 270,387 437,068 Taxes accrued,&c_ that the year 1916 includes 4,452,759 89,576 25,648 passengers carried at 3 cents from or Prepaid taxes, &c.. 68,935 to the Staten Island Ferry under a 77.579 Liberty Loan subCanadian Victory municipal joint scription agreement. This agreement was not in effect during 49,614 1914. Eliminattraffic bonds 10,000 Federal taxes ing such passenger s the on would indicate a de150,000 crease of 2,664,211 passengers, or 1%.comparis Miscellaneous_ This element similarly -affects 165 figures shown for other years. Reserves +1,125,063 1,248,649 the z Strike in effect during greater portion of first half this year. Profit and loss_ _ _ _ 7,807,828 7,978,243 Decrease in Amount Available for Interest on 1st M.'U.-The desperate Total 63,445,087 63,519,386 Total condition of the company is even more sharply apparent when the 63,445,087 63,519,386 financial figures beginning with January 1918 are compared with the corresponding x After deducting in 1918 $5,114,827 reserve for depreciat months of the fiscal year ended June 30 1914-a normal ion and accruing or pro-war period: renewals. * Includes in 1918 reserves for cies, $393,273; for in- Net Income Availablefor Int.[$60,219 juries and damages, $476,178;for insurance,contingen per Month]on 1st M.4s(V.10943.379) $161,535; and for bond sinking fund, $94,077. . Decrease. January The bonded and debenture debt, as above, $35,851,5 def.$32,.693 $128,244 $160,937 00, includes: February Company's 434% gold bonds, due Jan. 11932,authorize def. 32,005 18.931 50,936 d, $25,March 000,000; certified by trustee, $17,845,000; less unsold 13,514 47,340 33,826 bonds April in treasury, $3,290,000; balance in hands of public 75,634 129,045 53,411 May $14,555, Underlying bonds outstanding on company' 000 s property for tho 6,145 176,023 169,878 Juno retirement of which there are reserved $7,105,00 def. 48,698 0 43 % bonds 250,912 299,610 of the Detroit United Ry 1918. 1913. Decrease. 7,105,000 July Underlying beds of subsidiary companies outstanding def.$29,928 $148,971 $178,899 9,691,500 August Detroit United Ry. Five-Year 7% Collateral Trust Gold def. 13,310 156,214 169,524 Notes September duo April 1 1923(secur sit of Treasury bonds and def. 94,049 190.078 284,127 October other collateral)------------4,500,000 def. 60,604 227.247 287,851 ----November The $425,000 First Consols of the Wyandotte & Detroit def.108,8 50 194.299 303,149 River Ry, and On Jan. 14 1919, at the request of the P. S. Commissi the $50,000 1st M. bonds of the Detroit Ry. which matured on on, the company 1)ec. 1 1918, submitted an estimate were paid, and a like amount of Detroit United Ry. First showing that (at the existing rate of fare and on the Consols was issued. basis of actual In addition to the $9,691,500 underlying bonds of subsidiar costs materials of , supplies, labor, accidents y companies up to Nov. damages 'which are in hands of public as aforesaid, there are the 1918, and the estimated costs for the remainderand of the fiscal following in the year ending30 treasury of Detroit United By. viz.: Detroit & Lake St. Clair Juno 1919), the revenue from street railway operation for Ry., $100,- that fiscal period 30 000; Pt. Huron St. Clair & Marine City By., $1,000; Sandwich will fall short of paying the expenses of'operation and Amherstburg Ry., $110,000; Detroit Jackson & Chicago Ry., Windsor & taxes by more than $1,114,000; This estimate disregards accruals applying to maintenance $2.000,000 . Ypsilanti & Saline Electric Ry., $16,000; Detroit Ypsilanti and depre Ann Arbor & ciation and accidents and Jackson Ry., $46,500; total, $1,387,500. damages reserves. It considers only actual (out- of-pocket money outlay Further, this estimate Additions to properties during the year 1918 for makes no allowance for company and its rentals of)leased subsidiaries aggregated 31,079,278, notably 5239.859the lines, dividends , interest on bonds, needed replacements for "right of way." and other necessary -V. 108. P. 578, 378. requirements. The actual results of the operation of these lines that for the months of September, October and November (the latestshow figures available), the passenger revenue was not sufficient to paycomplete New York. Railways Company. the expenses and taxes. Only a slight improvement has been shownoperating since. (Official Statement as to Why an 8-Cent Fare Is Necessa Situation Entirely Abnormal.-The factors entering into the increased ry.) cost of giving service, briefly stated, are these: President Theodore P. Shonts in a pamphlet issued (a) Rises in the cost of labor. (c) Rises in taxes. Feb. 11, says (in brief): (b) Rieses in the cost of materials andl(d) Rise in the cost of money. supplies. e in a Nutshell.-The company is on the verge of a (e) Traffic loss,duo to war conditions. In comparison with these factors, it is not over-capitalized, is economically operated, andreceivership. Yet expenditures as tho company could has never paid a control (executive salaries, directorsuch dividend on Its stock. fees, &c.) have been of infinitesimal importance, the salaries of general officers "Rising costs (duo to the war) and fixed fares" tell aggregating only $92,700. If the story. expenditures were reduced to zero it would not ar3 uP 70%; materials more than 100%; taxes are higher. Our Wages these alter the case. Rising Cost Labor. entire of -This company, like most other employer passenger revenue is not enough to pay for labor, materials s of labor, has made enormous increases, since the war, in its wage in about 400 other communities they have increased faresand taxes, rates. The inall creases the in rates way of wages since Jan. 1 1916, have been enough to increase from 6 to 10 colts. Boston pays 8 cents. the pay-roll (for the same number of men) by 83,250,000 a year. 678 THE CHRONICLE [VOL. 108. rentals thus excluded and returned to the New York Railways Co., as dividends on securities owned, aggregate $315,984, as follows: $140,020 1. Broadway & 7th Ave. RR. Co., 14,002 shares, at 10% 72,000 2. 42d & Grand St. Ferry RR. Co., 4,000 shares, at 18% 91,350 . 3. 23d St. Ry. Co., 5,075 shares, at 18% %, at shares, 8,536 Co., RR. Ferry & Fillton St. Bleecker 4. 12,614 $12,804 (actually earned during 1918) Note.-This sum of $315,984, added to $1,620,904, makes the total that remembered be rental, frequently stated as $1,936,887; but it must paid out only the actual rental is only $1,620.904, and that the $315,984 isas on return a company the to back as a matter of form, because it comes the securities of the leased lines in the treasury of the company.) is equiva($1,620,901 leased lines for pay we rental the while In short, ($21.612,144) lent to an average of 7.50% of the par value of the securities of the property, outstanding, such rentals are but 5% of the total valuation is consecurities these of total the while of the leased lines. Moreover, of the system, the siderably less than one-third of the total capitalization entire and system, the of that of one-half almost is property the of value transfers, every line leased was necessary to a complete system which, with basis the could give the best and most convenient service. Taking as a(which inaverage State valuation of the special franchises, $20,302,331 not included in cludes not only tracks, &c., but franchises which we have estate. $9,392,500, the foregoing tables), and the 1918 assessment of real the total return actually paid to security holders of leased and controlled lines is less than 534% on the valuation. would still be The actual situation is that if we paid no rentals at all we on our mtges. unable, on our present rate of income, to pay the full interest Charges of "Excessive Capitalization."-The reorganization which resulted . $41,883,894 by capital former the reduced co. this of nt in the establishme of A valuation recently completed by Ford, Bacon & Davis, engineers, shows the the company's property used and useable for the public service, prices normal average on based and n, depreciatio less reproduction cost, on presentcovering six years, to be approximately $70,000,000. Based valuation of the day prices, this valuation would be nearly doubled. This the State, by taxed franchises for anything property does not include 'going value" recognized by authoritative decisions, property owners consents, working capital, &c. A minimum "fair return" to the company on this valuation of $70,000.000 in the very would be at the rate of 734', or 35,250,000. It would result modest return of 5.06% (or $883,580) to the stockholders after deducting $1,620,904: rentals, net (b) (a) interest on underlying bonds, $492,500; and (d) full 5% Interest on AdAvge. increase (17 important items-those above named and others)- _149% (c) interest on 1st Mtge. 4s, $722,541. justment bonds, $1,530,474. A trolley car that cost $5,000 in 1912 would now cost $10,000 or more. Commission fixed a valuation of the comS. P. the on, At reorganizati than higher 100% fully is rate-making purThe average cost of our materials and supplies pany's properties, for the issuance of securities (not for or "going" it was before the war. at $85,801,000. This did not include either franchise While some recession in prices of particular commodities may be ex- poses), valuation up to more than this brought have would which of either values, present pected with the return of normal conditions, these will not meet thethe last $100,000.000. Further, more than $3,000.000 has since been put into emergency. It is also true that prices after all great wars within property in additions and betterments. the established doctrine century have on the average been higher for several years after the war the Capitalization Nat Material.-However, It is now November by Commisthan during the war. S. Commissions everywhere, as stated last P. of tax obligations Increase in Taxes.-Since the beginning of the war the the case of the N. Y. State Railways, that "Invested in Cheney sioner public service a to return of rate computing of which are always heavy-have grown more burdensome. In normal times purpose the for capital," in giving the the taxes paid by this company were comparatively larger than those of corporation, means the actual value of the property used capital of the the share other street railroads in the State. Now the difference is even greater. service. This has no connection whatever withwas the the issuance by id by raised national-pa and State capital the taxes-local, of classes whether of all total it The corporation, nor is material difference gross the slightest the of make company for the year 1913-14 was $1,164,072, or 26.14% of bonds or the sale of stock. Neither does it what extent the income, while for the year ended Juno 30 1918, there was paid or accrued whether the issued capital stock is 'watered' or not nor to add one cent to cannot $1,286,125. or 39.63% of the gross income. 'water' may be present. The injection of 'water' used and that is the only inquiry , Transfers.-In a normal day's traffic about 360 000 persons use transfers the value of the property which is actually 108, p.379. V. earnings, Compare ' in. interested transfers is these each a nickel At which the Commission in riding on the company's trolley lines. would cost $18,000 a day In actual money. Railway. were we Elevated companies separate the Boston controlling otherwise or leasing By enabled to operate as one great system with universal transfers: (Statement for Half-Year ended Dec. 31 1918.) Bleecker St. & Fulton Ferry RR. New York Railways. Christopher & 10th St. RR. of James F..Jackson, Chairman of the Board of Broadway & 7th Ave. RR. report The 8th Ave. RR. 42d St. & Grand St. Ferry RR. half-year ended Dec. 31 1918 was presented the for Trustees, RR. Ave. 9th 34th St. Crosstown Ry. 6th Ave. RR. Gen. Counsel II. Ware Barnum to the Joint by 11 Feb. Port George & 11th Ave. RR. on e N. Y. & Harlem RR.(City Line). Central Crosstown RR. Committee on Metropolitan Affairs of the Mass. Legislatur 23d St. Ry. Co. Board providing for the by filed bills the with n rethe during connectio in of transfers losses in public the to experience costly The nearly the purchase by the Commonwealth of the Cambridge subceivership of the Metropolitan Company-which formerly operated all the New York street cars-is still vivid. Their system fell apart and way, and for the assumption of subway rentals by the comcompanies 2d Ave. and Ave. 3d The left. and right transfers were cut down munities served by the road. It says in substance: had a went into receiverships, and still more transfers were lost. or leased Nor can the P. S. Commission compel the constituent companies, after Properties.-The permanent railway property owned Through another. to line one from disintegration, to continue transfers of $97,000,000. The company also operated de- book value on July 1 1918 aggregate cost an at constructed Boston routing with transfers mignt be required legally, but the courtsathave of City the to charges subways belonging was $91.311,cided that no public authority has the power to compel service constituof $34,500,000. The total amount of outstanding securities had been paid in S96,302,567 bonds and which, being "confiscatory," are In violation of that company's stock of amount this For a charge for 250. the two between difference the property, tional rights. Hence, if the cost of the service warranted it railway cash and invested in the these transfers-or some other equivalent charge-could be made. premiums paid upon securities above their par value. due amounts representing Iasi property the of possession tookMassachusetts Experience.-Convincing evidence that the situation is 7177's 717i177=• fihen the trusteesto abnormal costs is given by the experience in Massachusetts. The State rapidly approaching bankruptcy, the railway raise July the company had beenlack e, maintenanc for s expenditure necessary Board of Trustees, who took office July 1 1918, found it necessary towhich of from had been depreciating the fare on Aug. 1 from 5 cts. to 7, and after four months' operation, a point dangerously near stagnation from inaafter meeting and the service had reached t fare or new capital by issue of five-cen showed a large deficit, to 8 cts. A deficit is still indicated,the the from revenue obtain to bility State law. Railway Section" and V. 107, p. the guaranteed return on the invested capital required by stock and bonds. [See p. 10 of "Electric Operation. -Ed.' (See Boston Elevated Ry. report below.] for Public are 2288 for particulars as to Actwhich had to face at once were trustees the Higher Fares Elsewhere.-A few communities in the United States issues paramount The two 200 are now paying 10-cent fares; several are paying 8-cent fares; nearly deficit and a demand of all employees for a wage increase operating an for extra cent 1 paying are these paying 7-cent fares, and about 150 of totaling more than $5,000,000 per year. transfers. The 6-cent fare communities are very numerous and increasing fare resulted in an inIncrease in Fares.-The application of the 7-cont rapidly, while many 6-cent-fare places have found the sum insufficient and only $1,005,918, or less crease in revenue in four months amounting 'to are fast becoming 7-cent-fare places. faro was in force, the 8-cont the which during paying than 16%. For December, Of the 158 cities numbering 40,000 or more of population 90 are of December 1917. in October in Increase in revenue amounted to 36% over the monthmore than $4,500,000, increased fares, and applications for increases were pendingpaying increased service of cost the time same all the During the year was approxiall the rest but 17. Among the very large cities that are last of months six so that the aggregate deficit for the last way from 6 to 8-cent fares are Chicago, Boston, St. Louis, Pittsburgh, service cost, aggregating added the of distribution The 83,000,000. Baltimore, mately Paterson, Washington, Milwaukee, Jersey City, Newark, .3t.6'13,000, was as follows: New Orleans and many more. Increase in Fixed Charges-in the ,,ierease in °berating ExpensesRentals.-It has been charged that we are paying certain rentals $12,000 of the some of $485,000 Taxes Maintaining track, &c_ form of dividends or interest-to the owners of securities 27,000 clear. 359,000 Rent leased roads Maintaining equip., &c__ companies in our system. This matter should be made absolutely tunnels 244,000 and subways lease a Rent of ess 603,000 reasonablen the actual that note to Power It is important, however, 63,000 Interest par value the on Wages of cond'rs and other appears when the rental paid is stated not as a percentage 658,000 transport'n employees_ 1,223,000 Dividends (Act of 1918) of the stock, but on the actual value of the property back of the stock. under General expenses 127,000 A vast amount of money has been put into the properties operated 000 4;0 33 00 ;6 9 _$ _ charges_ In inc. Total the 832,000 Depreciation lease since the leases were made. The roads have been electrified and Grand total cars and other equipment made modern in every respect. • line. 9,000 Avenue Eighth of exp_..$3,62 the oper. lease' In % Total Inc. Take, for example, the so-called "3144 expenses, over one-half, or The stock has a face value (at par) of $1,000,000 and the rental is $215,000 Of the increase of $3,629,000 in operating the awards of the $5,970,413. $1,859,000, represents increase in wages, due largely to is a year, or 21)4%. But the present value of the property is due to increase the and made, of power was lease cost A great deal of money has been put into It since the National Labor Board. The increase in of coal. Due to inferior true rental of the property actually used by the public is at the rate of in wages and increase in consumption and costan cost of 57 47 Si average at coal, more tons value. only 3.60% on its present grade of coal received, 9,500 n increased because a very inadequate Table Showing Annual Return on Property Value Devoted to Operation of per ton, were used. Depreciatio The board has past. the in depreciation to charged Agreement. been Under has amount Lines Leased or Operated as proper. $167,000 per month, or $3,000,000 per year,amounted to On Property Value- -Return on Securiies- determined upon public operation The cost of service for six months under Rental. Ratio. the cost Valuation. Net Rental. Ratio. Securities. 1919 30 June to months 12 for that estimated is $14,526,432. It $ passenper $ service of Cost 29,487 3.95 of service will be approximately $30,000,000. 29,487 3.96' 746,400 744.113 Bleeckor St 5.40 ger was 8.778 cents in December. B'way & 7th Ave..10,073,936 477,494 4.74 8,849,800 477,494 and the 8-cent fare 15,000 1.84 814,900 2.58 Eight-Cent Pares.-The 7-cent fare proved inadequate 15,000 582,064 Crosstown Central 7.20 is to be continued in force long enough to provide an experience of at least 61,900 800,000 61,900 5.44 Christ. & 10th St.. 1,138,552 was $2,234,December in fare -cent 8 the 5,970,413 215,000 3.60 1,750,000 215,000 12.29 four months. The revenue fromtotal 8th Ave receipts for the month to $2,304,111, 62,667 18.01 532. Other income brought the 348,000 62,667 3.56 1,760,524 42d & Grand St $149,904. of 14.12 dividends 402,500 with a net loss after 4,719,360 402,500 8.53 2,850,544 N.Y.& Harlem 66,500 8.31 proved unsatisfactory, and metal 800,000 66,500 2.35 2,830,879 Afetal Tokens.-Paper tickets have tokens 9th Ave 7.25 will be placed in use Feb. 22 ordered Dec. 9 1918. The 3,078,298 145,000 4.71 2,000,000 145,000 5.00 were tokens 6th Ave 50,000 50,000 18.59 1,000,000 268,948 34th St 1919, reducing fraud to a minimum. 5.99 95,356 1,592,500 10.53 be more equitable than a to 95,356 seem 905,983 23d St ?one System.-A zone system would the service rendered. The trustees flat fare, as passengers pay according toagainst system outweigh the zone a arguments Tot. cos. leased or the are not convinced that op.under agree't 32,073,070 1,620,904 *5.05 21,612,144 1,620,904 *7.50 arguments in favor of introducing a zone system. Therefore, they propose system, dividing the zone trial a least at * Average. inaugurate to April in time which the fare that the some served into an inner and outer zone, in each oftwo Properly Not Taken Into Account -In calculating the percentage 5-cont zones taken above of territory It is hoped that increased riding under cents. five be rental bears to the value of the property,.no account isThat will fare. to -cent 8 amounts present the than operation. in revenue not used more or buildings, land company either property, will yield the from fall would percentage be met at once and $328,501, and if it were included the average Future Needs.-There are other needs which should subCambridge the in invested money the obtain 5.05 to an even 5%. to sought for which it is caused by These figures also exclude the securities of the above listed lines acquired The way. To afford service reasonablykfree„from interruption by this company to reduce the rentals paid to other security'holders. The rates put into effect in August and September 1918 alone made an Increase of approximately $1,250,000 a year. Comparison of Pay-Roll Expense of Operating Departments (1) Per Revenue Car Mile, (2) Per $1 of Pass. Earnings; Also Total Transportation Rev. Total Rev. Per Car Mile. Per $1 Earned. Pay-Roll-$913,118 56.47 cts. 25.03 cts. October 1918 1,095.788 cts. 35.10 cts 12.91 July 1914 dec.3181,670 21.37 cts. 12.12 cts. Increase: dec.16.67% 60.88% 93.88% Per cent earnthe passenger by contrasting afforded is comparison A more correct ings of Oct. 1918 with Oct. 1913 (the pre-war period), as follows: Oct. 1918, $913,112; Oct. 1913, $1,230.345: decrease, $317,727, or 25.81%. From the foregoing it will be noted that there has been a decrease of from per 17% to 26% in our transportation revenue, while our pay-roll costs cts. dollar of transportation revenue have increased 21.37 cts. (from 35.10 to 56.47 cts.). This is an increase of 60.88%• Our pay-roll cost per revenue car mile has increased 12.12 cts. (from 12.91 cts. to 25.03 cts.), or 93.88%. " The increases in wages since Oct. 1914 (average rate of pay per day per man), for maintenance, operation and miscellaneous, have been 69.23%. The increase in rates of wages since 1915 for operating the system have been enough to increase the pay-roll (same number of men) by $3,250,000 a year. Money and Materials.-The situation as to materials and capital has been equally difficult. Coal has practically doubled in price and the increases In cost of materials have been no less striking, viz: Comparative Prices of Materials for Use in Street Car Service. At Present. Increase. 1917-18. 1912-13. MaterialAsphalt pave't restored_$1 35 sq. yd. $1 75 sq. yd. $2 30 sq. yd. 70% 18 15 per M. 129% per M. 06 11 M. per 90 7 (hard) Brick 15 00 cwt. 275% 12 90 cwt. Castings (malleable iron) 4 00 cwt. 3 40 bbl. 1187_0 2 55 bbl. 1 56 bbl. Cement (Portland) 76% Plus 209% 75% Plus & 5% 40 _Less Drills (H. S. Paragon)_ Rail (7-inch girder)_ _ _ _39 40 gro. ton 80 90 gro. ton 80 90 gro. ton 105% 83% 38 75 N. T. 38 75 N. T. 71 00 N. T. Shoes brake 156% 12 50 cwt. 10 90 cwt. 4 25 cwt. Steel, cold rolled 208% 45 25 cwt. 26 50 cwt. 14 67 cwt. Waste-Wool 95% 9 75 cwt. 10 30 cwt. Cotton colored.. 4 95 cwt. % 640 2 99 cwt. 248 cwt. 1 825 cwt. Wheels (31-in. C. 1.) FEB. 15 1919.] THE CHRONICLE 679 * breaking of cars, old or out of repair and to effect economies can be BALANCE SHEET DECEMBER 31. reflected in lower fares, the following capital expenditures which in the years 1919-1923. Inclusive, are proposed: 1918. 1917. 1918. 1917. Assets$ $ Liabilities$ Cars 310,1500,000 Shops Road, equipment, $2,500,000 Capital 12,000,000 12.000.000 Power 5,000,000 Miscellaneous estate, real build1,500,000 Bonds outstanding 2,730,253 2,957,200 Track work 2,000,000 Total ings, &e 19,586,975 19,592,695 Short-term notes_ 1,000,000 1,500,000 $21,500,000 This amount is irrespective of any remodeling of present subways to Advances to subMortgage 70,000 70,000 sidiary cos 1,450,911 2,914,352 Accrued interest provide for rapid transit trains and also outside of any extension of system. 41,066 44,479 Toronto Accounts & wages 972,462 Shortage of Power.-There is a shortage of power to-day in that there is Guaranty 696.091 Power Co 1,000,000 Injuries fund no margin in case an emergency should disable a part of 287,090 274,782 system. The Stores on hand_ 230,950 213,526 Dividend trustees have renewed a former arrangement with thethe 120,000 240,000 Edison Electric Accts. receivable_ 545,012 199,893 Renewal reserve Illuminating Co. of Boston, making available through the Edison 822,674 455,007 Cash Comin hand and Profit and loss.. 5,565,253 5,543,684 pany's frequency changes a certain amount of current. in banks 794,950 860,777 Work on the 25,000 k.w. turbine at the Westinghouse Co.'s has been hastened so far as possible; it was to have been completed lastplant NovemTotal 23,608,798 23,781,244 Total ber. The repair of the 35,000 k.w. turbine by the General Electric Co. -V. 23,608,798 23,781,244 107, p. 2189. has been delayed by Government demands. New Cars.-It is proposed in the five years beginning with 1919 to purchase 600 surface cars. That, with the cars now already ordered, would International Nickel Co., New York. permit the retirement in 1919 of 625 of the oldest box cars and in 1920 the retirement of the balance of cars of that type now in use besides (Results for Nine Months ending Dec. 31 1918.) providing for the addition of 100 more cars than are now operating upon the system. CONSOL. INCOME ACCOUNT FOR 9 MONTHS ENDING DEC. That 100 should take care of the natural growth in population for the years 31. 1918 and 1919. In 1921, 1922 and 1923 100 cars should be added 9 Mos. to Dec. 311918. 1917. 1916. each Earns, 1915. year to take care of this growth and to make necessary replacement of constit't cos. The cost of this program is estimated at 36,800,000 in addition to s. exP--$10,98 after mfg., 8,140x$11,797,235 $12,628,496 $10,209,531 the Other income $3.700,000 already ordered. 109,465 324,228 216,324 168,449 The number of cars owned, according to the last annual report, was 3,332. Total income $11,097,605 312,121,463 312,844,820 310,377,980 Relief from Subway Rentals.-One feature of the street railway situation General, &c., expenses_ in Boston is the extraordinary burden of subway rentals to be met y598,952 452,755 994,895 636,153 from Reserved for U. S., &c., operating receipts. The trustees We've that to prevent deficits and eventaxes (estimated) z3,829,680 3,680,741 tually to secure a lower fare it is essential that at least while the public operating its own railway this charge to operating expense should be is reNet income moved. One of the bills now pending in the Legislature asks for S6,668,973 37,987,967 $11,849.925 39,741,827 relief Deduct- • from this burden. (House 722). (V. 107, p. 2288.) • Deprec'n of plants and The great need of additional capital has led the trustees also to recommineral exhaustion_ _ _ $1,596.515 31,398,337 31,495.448 $1,215,867 mend the sale of the Cambridge subway. A bill has been in the Preferred divs. (4%%)_ Legislature to permit such sale and transfer of the proceedspresented 401.067 401,067 401,067 401,067 to capital uses Common dividends.. (10%)4,183.460(15)4.618,540(18)5,045,012(15)4,013.271 for the benefit of the service. (House 721.) Total deductions_ _ _ _ $6,181,042 86,417,944 $6,911,527 35,630.205 Amount Which the City of Cambridge Would Pay the Company for Purchase Balance, surplus of Cambridge-Main St. Subway. $487,931 $1,570,023 $4,908,398 $4,111,622 Total cost paid in by stockholders, excluding rolling stock x After deducting also reserve for Canadian taxes. y Including donations $7,713,604 Less amount paid in excess of cost of subway 300,776 to War Relief Funds. z This reserve in 1918 includes provision for foreign as well as United States taxes. Total cost paid in * Also 10% stock dividend on the common stock, calling for 33,803.150 7% interest on cost to stockholders less dividends, $1,431,196;$7,412,828 common stock, paid Nov. 1 1915 out of accumulated surplus. and less 7% int. on $300,766 excess cost, $13,102 Note.-The dividends deducted in 1918 embrace (a) 4%, 31,673,384, 1,418,093 paid Sept. 11918:(b) 4%,$1,673,384 paid Dec. 2 1918, Total and declared $8.830,921 payable Mar. 1 1919, $836,692. In the 9 months period 2% the three preceding years also, the dividend for the March quarter is of Results for Half-Year ended Dec. 31 1918 by Months. each case above included in the dividend payment though not shown ininthe official Rate Fare Inc. or Dec. Number of Loss After statements as previously issued. Month 1918- Fare. Receipts. Over 1917. Passengers. Dividends. July Sc. $1.525,538 dec. 2.897 CONSOLID ATED 30,510,760 BALANCE SHEET. $707,958 August 7c. 1.915,261 inc. 24.01% 27,360,870 514,748 Dec.31 '18 Dec. 31'17 September Dec. 31'18 Dec.31'17 7c. 1,722.738 inc. 12.33% 24,610,540 604,999 AssetsLiabilities October 7c. 1.688.495 inc. 3.00% 24.121.340 799.522 Property account_49,233,916 47,792,420 Common stock _ _ _41,814,600 November 7c. 1,919,915 Inc. 21.03% 41,834,600 27,427.340 500,334 Investments 3,709,439 2,380,811 Preferred stock_ _ _ 8,912,600 8,912,600 December Adj. 62.896 1.002.3171 149,904 Inventories at cost 8,408,974 7,176,182 Accounts payable, December 8c. 2,234,532 inc. 36.33% 27,931.650! Acc'ts receivable_ 2,017,932 2,900,732 tax reserves, &c. 6,488,792 5,845,602 Loans on call (sec.) 15,000 15,000 Pref. div., due._133,689 Total $11.069.374 133,689 162,964,817 $3,277,465 Certificates of deCorn. div., due.. Other income 836,692 384.394 posit Cr.204,801 30,000 2,030,000 Accident & insurCash 3,493,906 2,527,816 ance funds Total 291,099 232,609 $11,453.768 $3,072,664 Profit & loss surp.x 8,411,694 7,863,861 Income Account for Six Months ending Dec. 311918. Total 66,909,166 64,822,961 Receipts from fares Total 66,909,166 64,822,961 $11,069,374 Other receipts from operation 335,655 x Surplus April 1 1918, $7,923,763. Profit and loss (balance as Interest, dividends, &c per 48.739 statement), 3487,931.-V. 108, p. 584. Total receipts 311,453,768 Operating expenses ($6,379,987 wages) The Peoples Gas Light & Coke Co., Chicago. $10,711.749 Taxes proportion for six months 447,610 Rent for leased roads (exclusive of subways) (Report for Fiscal Year ending Dec. 31 1918.) 1,291,691 Proportion for 6 mos. of rent of subways and tunnels to be paid to the city of Boston, which does not include Cambridge Chairman Samuel Insull, Feb. 10, wrote in substance: subway owned by the Boston Elevated Railway Co 738,918 Results.-The operations of the company for the year should bo divided Interest on Boston Elevated bonds and notes 664,512 into two periods: one for eight Miscellaneous items from Jan. to Aug. inclusive, under 13,716 the old rates, and the other formonths Dividends paid under Acts of 1918, 3% months on preferred at the four months from Sept. ' to Dec., inclusive, under the increased 7%;6 months on common at 5% granted by the Public Utilities Commission 658,235 and hereafter referred to. rates The income account during the two periods is as follows: Total "cost of service" x$14,526,432 Net loss for six months 8 Mos. to Aug. 31. 4 Mos. to Dec. 31. Total. x$3,072.664 Gross income from operation_ Revenue passengers carried _$13,226,396 38,327,242 $21,553.638 162,964,817 Total expenses, incl. deprec'n_ 13,151,181 "Total receipts" per revenue passenger 7,437,697 20,588,878 7.028c. "Cost of service" per revenue passenger 8.914c. Net revenue $75,215 $889,545 $964,760 Bond interest x Does not include 8117,403 back pay covering period June 15 to 1,577.433 788.717 2,366.150 30, but paid during November and December 1918.-V. 108, p. 479. 578. Balance def.31,502,218 sur.3100,828 def.$1,401,390 Of this year's deficit, $1,092,814 has been made up by transferring the total of the contingent reserve, created for such an emergency, Toronto Railway Company. and the balance of $273,815 has been taken out of the accumulated surplus earnings. Unprecedented Increase in Cost of Materials and Labor.-This situation, (27th Annual Report-Year ended Dec. 31 1918.) due to war conditions, has continued during the past year, and despite the recent cessation of hostilities some time must elapse before President Sir William Mackenzie says in substance: a noticeable betterment of conditions may be expected. Results.-The [net] operations do not show the usual increases, After allowing for the increased production of gas and for the large income the main received reason for such condition being the higher wages paid to during war times from light oils the labor and material items of employees and exceptional the high cost of materials. The gross earnings, which amounted increase for the year 1918 over 1915 amounted to $6,526,$4,967,324. 302, show an increase of $234,543 over the earnings of Outlook.-It is hoped as a result of the increased rates to the previous for year. and the The various charges against the earnings for operation, maintenanc expectation of decreased cost, in consequence of the stoppage ofgas war activiinclude provision for judgments and fines given against the e, &c., ties, that the year 1919 will show a greatly improved condition of the revenue company unpaid. but still account, notwithstanding the reduction of income owing to the stoppage The payments made to the city amounted to $1,301,266, being the Government demand for light oils. an in- ofSupplies. crease of $114,235 over the previous year. -The signing of the armistice and the approaching peace render no longer necessary unusually large supplies of Wages.-Notwithstanding the large increase in wages granted oil, coke, coal, &c., and as in June rapidly as these supplies can be used 1917 under a binding agreement which does not expire until June the money tied up in them will be 1919, released and applied to reduce the company's the employees asked for a war bonus of from 11 to 16 cents per current indebtedness. hour, to Rates Increased.-The company filed on Jan. 17 1918 date from Oct. 1 1918. The Government Conciliation with the awarded an P. U. Commission increase of 2%c. per hour to those employees in theirBoard. , its petition asking for an immediate increase in State first rates six months' to offset the abnormal cost of the manufacture of gas. The Commission service and 2c. per hour to all other employees covered by the agreement. started hearings on the petition of the company on Feb. 26 1918, and on Bonds.-The eighth drawing of currency and sterling bonds of July 30 1892 1918 an increase in rates amounting to 275.1 % was granted, which took place on Juno 21, embracing 5% of the bonds issued. There has been became effective as to all bills rendered on and drawn to date a total of $1,819,467. after Sept. 1 1918 (V. 107. p. 507, 611, 1673). Directors.-The number of the directors having been increased Favorable Decision-Refund Suit.-On Feb. 26 1918 James F. Sutter, a from 7 to 9, shareholders on May 6 elected Hugh Mackay, K.C., of gas consumer of the City of Chicago, sued the company, claiming refund and Herman H. Pitts of Ottawa as directors of the company. Montreal of the excess paid by him over the rates fixed by the ordinance a of 1911, Your directors declared out of the accumulated surplus earnings passed by the City Council. This suit had direct bearing four on the so-called quarterly dividends of 1%. "ton-million dollar" refund suit which hasabeen pending in the courts of Cook County since 1911. The Supreme of Illinois held that Mr. RESULTS FOR CALENDAR YEARS. Sutter was not entitled to any refunds, asCourt the Act of 1905 of the Illinois 1917. 1918. Legislature, which purported to empower the City of Chicago 1910. 1915. to fix rates Passengers carried 166,510,326 158,087,984 149,529,754 142,061,258 for gas, was invalid, and the 1911 ordinance passed by the City Transfers 63,176,397 62,301,636 61,342,763 62,398,638 Council, which was based therefore upon the Act of 1905, was void (V. 106, p. 1691). Gross earnings $6,526,302 $6,291,759 $5,973,161 $5,694,136 There is still pending in the Circuit of Cook County the so-called Operating expenses_ _ _ 4,509,651 3,815,278 3,350,658 3,250,611 "ten-million-dollar" refund suit, but inCourt view of the decision of the Supreme Court of the State in the Sutter case, the company has been advised that Net earnings $2,016,651 $2,476,481 $2„622,503 $2,443,524 it need have no apprehensio n as to the final outcome of the former suit. Interest on bonds, &c $138,660 $146,888 Taxes.-The Supreme Court of the State has recently $156,122 $167,357 rendered a decision City percentage on earn. 1,046,495 970,512 by which 909,881 the County Treasurer of Cook County is perpetually enjoined 868,254 Pavements, &c., taxes_ x329,926 264,271 215,707 215,421 from collecting over $250,000 of taxes which were illegally assessed against Dividends paid (4%)480,000(8%)960,000 the company 958,826 in 1909. 957,952 Valuations.-The engineering firms, who for more than two years were Total $1,995,081 $2,341,671 $2,240,536 $2,208,986 engaged in inventorying and appraising the property, have submitted their Surplus $21,570 $134.810 valuations of the company's property as of Jan. 11917, which are as follows: $381,967 $234,538 Sloan, Huddle, Feustel & • William J. Hagenah_ _ _ _399,040,9n x Includes war and Provincial Govt. taxes, $75,155; pavement charges, Freeman $90,412,365ISanderson & Porter $98,817; general taxes, $155,954. 99,672.571 William A. Baehr 95,389,795 Henry I. Lea 105,606.178 680 TIIE CHRONICLE [VoL. 108. normal. The plants, however, are being fully mainthe value of the property ery costs become more Your directors have long been anxious to have Commission, tained to preserve efficiency. U. P. the by g rate-makin for promise a volume basis permanent a as d establishe Contracts already taken and trade reasonably assured tioned firms of which should compare favorably with 1918, last year and it was with this purpose in view that the above-men inventory and valuation. of business for 1919 of cans and number the for history company's the engineers were employed to make an exhaustive in largest to such a valuation and being the made and delivered. Our counsel has asked the Commission to proceed packages established. employed last year, busily was t departmen munition to establish rates for gas based on the valuation company's Your was directed by United States GovLeases-Amortization.-On Dec. 28 1917 the company a large quantity of supplies were delivered to the porpaid under the leases of the and the P. U. Commission to transfer the amountsthe Owing to the uncompleted state of some contracts, only aSince property and investment ernment. accounts. 1918 into taken been have expected Ogden Gas Co. and Universal Gas Co. from profits the of tion up to accrued amount equitably the been charge to nt has account, Governme the with rent prepaid account to the the remainder the armisticeathe major contract Dec. 31 1917 to the profit and loss account and to amortize adjusted by supplementary contract which fully protects the company's of these rentals over the lives of the leases.gas bills on Dec. 31 1918 interest and assures a fair profit to be realized in 1919. ng charged off in the outstandi Company's Finances.-The All liabilities are fully shown and doubtful assets conservatively on Dec. 31 1917. The in- statement submitted herewith. The inventory has been amounted to $2.218,233, against $1,346,769 last sumof troubles e values of materials unfortunat in declines the to Some owing year. last largely as is plan crease of $871,463 taken on the same improved With until bills. of probably will mer and fall in connection with the rendering have already occurred since the war, and morenew enterprisesfollow in outstanding gas a . As these efficiency of labor, it is expected that this difference basis is reached for a general resumption of to applied easier an collected and funds lessen will the ts and reduced requiremen accounts will be very largely declines progress working capital ss. -Ed.] condition will ensue. [Compare "News" item below. the further reduction of the company's indebtedne were successlabor and material for financial Coal Gas Plant.-The impossibility of obtaining Manufacture and distribution of your company's products restrictal ng supply Governmen surroundi to difficulties owing the building of the new coal gas plant, carried through in the face of unusual by the securities owing fully tions during the war, the difficulties in the way of placing of materials and labor, and the restrictions very properly imposed owing company, the of earnings in war. the reduction of conduct the the to the same cause, and Government in made of the have General war, the of Attorneythe to the high prices for labor and material as a result part of 1918. Your In the last annual report is was stated that Court that tho hearing United States had made a motion in the Supreme impossible prosecution of the work during the greater with plant District gas States coal a United the in decree the company the from provide appeal to of the Government's directors hope to find a way for the dissolution of your in the near future. Court, denying the petition of the Government beginning in 3,910 are residents company, be continued until the term of the Supreme Courtthe Stockholders.-The company has 6,882 stockholders, Chicago. Attorneyof City the In Oct. 1918 of granted. was residents are motion 1918, and that the of the State of Illinois, and of these 3,161 exceeded 101,000,000 Oct. a similar motion that the hearing of the Government's appeal made General Record Output.-On Jan. 3 1919 the output of gas This 1919. day. in Oct. single Court a Supreme for the of record term next the maximum until company's continued the be cu. ft., this being • motion was not opposed, and was granted. RESULTS FOR CALENDAR YEARS. 1915. 1916. 1917. 1918. StatisticsRESULTS FOR CALENDAR YEARS. 2,976 3,035 3,068 3,080 Miles of street mains_ _ _ 1915. 1916. 1917. 655,219 1918. 686,905 704,669 669,350 Meters 429,447 $17,076,335 $21,995,042 $11,091,048 $6,533,806 458,112 Net earnings 492,113 511,109 Gas stoves 10,227 7,862 Deduct 7,658 6,865 Public lamps $850,000 99,719 Depreciation $3,500,000 $3,500,000 $2,500,000 99,031 106,421 103,379 Arc lamps 654,533 628,067 602,183 575,508 Int. on debenture bonds , cu. ft.) 22,636,485 19,660,810 16,210,234 16,859,045 Gas made (1,0(10 6,000,000 5,589,315 7,000,000 taxes Fed. for 6,689,523 Reserve 5,875,139 " _ 5,273,758 ,331 Gas bought 31(7)2,886 (7)2,886.3 x6,583,185 32 20,839,039 (7)2,886,3 " _ 25,955,900 23,876,927 21,621,783 $16,230,783 Preferred dividends " Gas sold $19,630,979 $17,659,008 $16,701,851 Income from gas 1,095,587 2 1,084,887 $2,142,94 1,679,630 $3,114,495 $5,309,674 $5,076,651 Income other sources_ _ _ 1,957,422 Balance, surplus 70 $17,326,3 38 extinguish $17,786,7 dividends, 8 back $19,338,63 8.9657% and $21,588,401 Total income x Includes in 1917-7% regular preferred dividends paid during Deduct Expenses$182,632 ing all accumulations, making the total $203,990 $383,813 $778.291 steam for Coal cts.) the year 15.9657%. .(3.44 cts.) (1.95 cts.) (1.25 cts.) (1.08 cts. per M do $6,718 $7,475 $9,290 $11,686 do Water BALANCE SHEET DECEMBER 31. ,828 ,286 1 1,260,640 2,456,611 3,864,000 1917, 1918. Fuel (gas making) 1917. cts.) 1918. cts. per M (17.07 cts.) (12.50 cts.) (7.78 cts.) (7.63 do Liabilities-. 2,080,284 Assets3,295,751 5,131,508 5,817,350 Oil Preferred stock_ 41,233,300 41,233,300 eta.) est., 12.34 real Plants, cts.) (20.33 cts.) cts. per M (25.70 cts.) (26.10 do 41,233,300 41,233,300 7,097 Intl. new COM. 91,657,430 90,203,080 Common stock_ 7,139 37,629 85,620 Purifying material 641,075 Debenture bds_ 11,329,000 11,872,500 106,330 38,330 Other inv. items 46,380 106,089 190,258 247,344 236,020 Station supplies Accr'd bond int7,562,430 4,298,907 440,239 Cash 468,026 783,877 1,386,044 Manufacturing labor eta.) Accts.&bilis rec. 13,317,882 10,640,057 Accts.&bilis pay 16,633,240 11,215,651 721,583 (6.12 cts.) (3.99 cts.) (2.8 9cts.) (2.61 721,583 cts. per M do 1 Jan. 212,437 Mat'ls & prod'ts 35,484,402 24,136,484 Dividend 217,841 328,409 14,629 Repairs Contlng't funds. 6,942,107 4,237,544 1,523,783 1,621,242 1,354,581 833,455 Gas bought Rester Fed.tax 7,000,000 0,000,000 19,530,401 16,421,906 Surplus $5,778,348 Cost of gas produced_$13,442,662 $10,591,807 $7,128,486 (25.74 cts.) 133,183,126 do eta. per M__ (48.17 cts.) (41.48 cts.) (31.13 eta.) 144,864,951 Total 133,183,126 144,864,951 Total 2 $1,404,050 Distribution expense_ __ $1,679,906 $1,758,104 $1,422,50 62,870 -V.108,P.81. 68,833 97,008 48,110 Commercial net expense 919,579 933,703 1,001,923 1,124,322 Office expense 1,040,261 1,148,324 1.310,089 1,471,621 General expense Continental Can Co., Inc. (of New York). 1,075,653 1,189,696 955,826 858,980 Taxes 42,000 42,000 42,000 42,000 Annual Report-Year ended Dec. 31 1918.) Fire & property damage (Sixth 769,402 753,809 903,266 1,034,107 Depreciation 189,637 193,905 223,719 259,559 T. G. Cranwell reports as follows: t Contingent reserve Presiden 300,000 300,000 300,000 300,000 Lease rentals in 1918 exceeded that of 1917 by 92,489 The volume of the company's business deprec. 96,850 112,492 122,975 and taxes, decreased from Main rentals the net earnings, before but 37,763 about 20%, 44,309 32,454 City bonus the decrease in the net earnings for $4,531,370, to $3,728,269. The reasons 204,637 material from almost the Amortized rents are (1) the progressive higher cost of labor and raw material, of the year until November,and (2) depreciation on beginning deof gas cost the present market values. Total 17 $11,712,054 which was purchased at higher prices than for no further look we and basis livered to consum's_$20,588,879 $17,328,689 $13,322,4 reasonable a on valued are s cts.) inventorie The do cts. per M.._ (79.32 cts.) (72.57 cts.) (61.62 eta.) (56.20 2,385,350 losses thereon during the now current year. 2,387,062 2,375,150 2,366,150 principally pig Bond interest Because of the uncertainty in obtaining raw materialsfor largo quantities of these 04 tin and tin plate-the company had to providecare 39 $15,709,480 $14,097,4 business. growing its of Tot,cost incl. bd.Int_$22,955,029 319,703,801sr.$2,07 7,258sr.$3,228,965 commodities during the war in order to take def.$1,366,629 def.3365,2 with an unusually large Net income The abrupt ending of the war finds your company for the 12,137,025 13,789,105 13,800,294 13,662,870 inventory accounts extent great a Previous surplus to hand-this of raw materials on attached report, in bills and accounts payable, as shown in the normal the before $10,770,396 $13,423,904 $15,877,552 $16,891,835 increase to return Total expected, fully is it will, s but these obligation 60,723 it is no longer 10,762 Add sundry credits close of tho present year. Conditions now are such that inventory. Withdrawn from continaverage an than more carry to necessary 424,889 completed and 1,092,814 gent fund The new factory at Clearing, Ill., a suburb of Chicago, is 5 now in operation and we have every evidence that this unit will prove its $11,873,972 $13,484,627 $16,302,442 $16,891,83 Total thereafter. and 3,075,994 earning power in 1919 2,502,147 1,347,477 None an increased Dividends (8%) The volume of business continues to grow and prospects for (6)%) g, and, (3)i%) Rate per cent 15,547 consumption of canned goods in this country are most encouragin 11,190 125 *826,374 as business well as costs, Deduct sundry charges_ labor and y with the return of peace, commodit approach normal. gradually more once 4 should $13,800,29 generally, conditions 05 $13,789,1 $11,047,599 $12,137,025 been strictly conBalance The operations of your company during the war have we have had no Governto Dec. 31 1917 of fined to its regular business-cans and tin plate; * Of this amount $818,548 36 represents the accruals products of the company The t material." "war investmen so-called for orders ment permanent charges heretofore made against the company's war times. Gas Co. and the Uni- are needed in peace times as well as infound accounts in connection with the leases of the Ogden it expedient to continue the As seen by the statement, we have Public Utilities Comversal Gas Co.. and which, under instructions of theinterested on. depreciati for charged allowances liberal and making of policy mission, has been credited to the property account against the accumulated surplus account of the company. RESULTS FOR YEARS ENDING DECEMBER 31. 1915. 1916. BALANCE SHEET DEC. 31. 1917. 1918. 1917. 1918. 1917. $3,728,269 $4,531,370 $2,510,665 $1,457,965 1918. Net earnings 44,000 Liabilities850,000 conting- 900,000 & Assetstaxes for Res. 132,126 323,111 Cap. stk. (auth. 400,392 629,226 Real est., franDepreciation 361,725 353,23/7 850,000,000) 344,575 327,250 (7%)...._ _ chises,tunnels, 38,500,000 38,500,000 Pref. dividends 809,776 (5)450,000 (5)400,000(23i)200,000 dividends mains, &c___ 94,985,710 99,307,279 issued Common 165,000 165,008 165,000 3,794,151 2,344,660 Underlying prior 24,077,000 24,077,000 Redemption pref. stock 165,000 Materials 11,610,501 11,521,698 lien bonds._.. 20,554,000 Securities 20,554,000 bonds_ Acc'ts receivable 1,392,661 1,177,592 Ref. M. $7,599,114 $897,017 $2,321,402 $1,225,317 Gen.& Ref. bds_ 1,712,000 1,712,000 Balance, surplus Bond coupons 335,379 to $15,000,000 461,358 333,725 Gas bill deposits 354,740 Note.-In Jan. 1919 increased the auth. common stock depositel _ _ _ _ 967,726 Acc'ts payable.. 4,895,571 2,429,663 and the outstanding issue to $13,500,000 through a stock dividend of 35%. Deferre 1 expen_ 6,707,536 392. p. 1,061,482 105, V. accrued__ 2555; Taxes p. 2455, 104, Gas bills receiv816,283 V. 105, P. 2275, 2458; V. 837;298 2,218,233 1,346,769 Bond int acced 8,136,883 able 7,802,955 CONSOLIDATED BALANCE SHEET DECEMBER 31. 219,658 1,364,856 Depr., &c., res_ 11,047,599 y12,137,025 Cash Surplus 1917. 1918. 1917. 1918. LiabilitiesAssets111,283,191 108,364,305 111,283,191 108,364,305 Total Total Common stock ....13,500,000 10,000,000 Real estate, bldgs., .10,874,319 8,370,079 Prof. stock, 7%_x4,675,000 4,810,000 plant, &c bonds are guaranNotes, accounts The principal and interest of the following mortgage Gas Co., $6,000,000 Patents and good- 8,035,000 8,035,000 8,222,024 3,223,955 Payable, teed by the People's Gas Light & Coke Co.: Ogden will $6,000,00C) 84,700 Co., Oil & 81,812 Gas y.Jan.1 Natural Indiana Pref.div.pa 1945; 1 May clue in other 5% bonds, 125,000 are not listed as a Habil- Investm'ts Com.div.pay.Jan.1 202,500 277,903 125,453 5 bonds, due May 1 1936. These bond issues companies Co. & Coke redemp for Surplus 6,277,939 9,466,737 ityj on the balance sheet of the Peoples Gas Light 660,000 and special de- Inventories of pref. stock_ _ _ 825,000 Accts. & bills rec._ 1,566,503 2,032,787 x In 1917 consists of Green Street property, $159,527, 969,404 $159,527 Cash 915,392 Res've for depreen 1,598,629 2,329,791 posits and securities in hands of trustees, $1,362,162. In 1918, & taxes for Res've 69,300 230,421 insurance. Prepaid and $1,450,974, respectively. 850,000 900,000 _ es contingenci y After.adding sundry credits (net). $60,598.-V. 108, P. 586. Profit and loss__ y2,623,259 5,226,241 American Can Co., New York. (Report for Fiscal Year ending Dec. 311918.) President F. S. Wheeler says in substance: 32,628,224 25,979,300 32,628,224 25,970,300 Total $2,503,340 net includes &c., , * Real estate, buildings, plant, machinery ts during year to date. x After for expenditures on additions and bettermen deductions After of charter, 5. provision under $17,076,33 year to the amounted during in 1918 W The earnings 3165,000 retired for taxes, and dividends on the deducting out of an original $5,500,000. fixed charges, depreciation and reserve $3,114,496 making the total retired to date $825,000 1), stock . ($5,226,21 31 1917 Dec. of surplus total from pref. stock, there was carried to surplus deducting y After new equipment 34,766,374. common shares, and There was expended for new construction and dividend of 35% (33,500,000) paid in Jan. 1918 on the the early part of 1918 except having 3897,017; balance, $2,623,259.1018, year for surplus No new construction has been started since added not will nt manageme in minor matters which were imperative. Your and machin- V. 106, p. 1903. undertake new work beyond urgent necessities until building Total FEB. 15 1919.] THE 'CHRONICLE 681 (The) J. G. Brill Co., Philadelphia. (Report for Fiscal Year ending Dec. 31 1918.) Pres. Samuel M. Curwen, Phila., Feb. 12, wrote in subst.: BALANCE SHEET DEC. 31. 1918. 1917. 1917. 1918. AssetsLiabilities-. $ $ Land, buildings, Preferred stock_ __e4,430,000 4,550,000 *4,249,126 4,303,431 Common stock__ _12,000,000 12,000,000 plant, Ac Sales.-The sales value of the combined output of the three plants wholly Good-will 12,000,000 12,000,000 Notes payable to operated by your company for the year 1918 amounted to 4;16,761,155. Marketable securibankers 500,000 5,100,000 In addition to this, the sales value of the output of aeroplanes of the Springties (at cost)_ _ _ c120,906 230,078 Accounts payable_ 922,557 1,895,905 field Aircraft Corporation,in which your company has an interest,amounted Cash 1,570,209 1,399,817 Unfilled orders,&c. to $2,280,000. b Merchandise 9,139,359 5,756,859 (due customers) 769,006 658,323 Accounts receivTrade accep.receiv Combined Output of the Plants of the J. 0. Brill Co. 408,838 118,372 able, &c 272,208 (see contra)_ 1907 -419,211,82611910 __$5,960,77911913 _ _$9,154,43411916..._36,180,896 150,000 465,729 Corn. div. payable 150,000 1908__ 3,845,174 1911_.. 5,870.907 1914_.. 4,903,511 1917_.. 7,706,099 Prep'd catalogs4C. a659,039 191,569 Res've for Federal 1909 4,261,205 1912_ 7,842,091 1915__ 4,403,117 1918__16,761,155 Prepaid exp., 236,371 524,157 Profits.-The combined profit for the year from the plants operated by Corn,stock. purch. taxes (est.)... 341,710 500,000 your company, after charging against the earnings all amounts expended for resale to emSpecial reserve_ _ _ 700,000 for maintenance and repairs during the year, and after proper allowances 17,070 ployees 102,250 102,250 Miscell. reserves_ for depreciation and for amortization of equipment obtained for special Sundry debtors_ _ _ 154,452 84,245 Surplus reserve Government production, amounted to $1,341,510. From this profit must Trade acceptances Profit and loss_ d4,158,348 3,772,035 119,849 be paid Federal income and war profits taxes. In view of the fact that the receivable proposed tax Adt has not become a law, the amount of those taxes must be but an estimate. Your management, from the best Information it can 28,689,992 24,721,942 Total Total 28,689,992 24,721,942 obtain, has estimated that these taxes will amount to $425,000, which, * Includes in 1918 real estate, $4 012,253; plant equipment, $226,872; deducted from the profit earned, will leave a net profit for the year of and capital stock Franmor Shoe Co., $10,000. a Includes in 1918 postage Inventory, $66,914, and prepaid catalogs, &c., $592,125. b Including $916,510. Government Orders.--During practically the entire year your company, goods in transit. c Including in 1917 Liberty Loan bonds at market value. especially at its Philadelphia plant, was engaged almost exclusively in the d Embraces unappropriated current surplus, $3,588,346, and appropriaexecution of orders for cars, trucks and field equipment received by your ated surplus (par value of pref. stock canceled or acquired for cancellation). company from the War Department of the Government. Our output $570,000. e Authorized and issued 7% cumulative preferred stock, 50,000 capacity increased by additional equipment supplied by the Government, shares of $100 each. $5,000,000; less retired and canceled 3,000 shares; and by equipment purchased by the company was, during a large part of acquired for cancellation 2,700 shares; outstanding 44,300 shares or $4.the year, used to its limit, resulting in the largest output in its history. 430,000 as above.-V. 106, p. 1125. Cancellation of Orders-Adjustment.-After the signing of the armistice, your company was asked by the War Department gradually to decrease its production And to accept cancellations on some of the orders which had Great Western ftsver System. been placed with it. Our orders from the Government were all in proper contract form and contained the proper clauses for cancellation and for (Results for December 1918 and the Calendar Year.) adjustment if canceled. Final adjustments are now in process of being made, which we expect will be satisfactory. Bonbright & Co.,Inc.,N.Y.City,have issued thefollowing Notwithstanding the cancellations of contracts for Government work, your company had on hand, as of Feb. 11919, work amounting to $8,204,- statement covering the operations of the Great Western 449, including the Government work which will not be canceled. Power Co., California Electric Generating Co., City Electric Aeroplanes.-The production of aeroplanes by the Springfield Aircraft Corporation at the Wason plant of your company was practically completed Co., Great Western Power Co. of California and ConsoliDec. 311918. The necessary delay in the completion of the settlements dated Electric Co. with the Government has prevented the obtaining of a settlement by the Wason company of its share of the profits sesulting from this activity. It COMPARATIVE INCOME ACCOUNT (Inter-Company Business Elim'd). Inc. or Dec. 1917. Month of December1918. is, however, expected that this settlement will shortly be made. The $444,784 $363,043 Inc. $81,741 225 Wason company iw now making preparation to operate its plant in the Gross earnings Oper. expenses and taxes_ _ - 136,584 150,413 Dec. 13,829 9.2 production of cars, and should be in operation in about 60 days. Pref. Dividends-Accumulation Reduced.-Notwithstanding the profit $212,629 Inc. $95,570 45.0 Net earnings $308,199 earned during 1918, and in the previous year, the great demand for working 4,089 --3,336 Dec. deb.753 capital duo to the largely increased business, made it inadvisable to declare Other income dividends on the preferred stock in excess of the yearly rate of 4% which Total income $215,965 Inc. $91,481 42.4 $307,446 has been maintained for the last few years, and dividends of 4% for the 41.3% 30.8% Year paid in reduction of the accumulated preferred stock dividends. A Operating ratio quarterly dividend of 1% and a dividend of 3% in reduction of the accumuInc. or Dec. 1917. 12 Mos. end. Dec. 311918. lated unpaid dividends on the preferred stock were declared and were paid Gross earnings $4,644,407 $4,008,553 Inc. $635,854 15.9' on Feb. 1 1919. The remaining accumulated dividends on the preferred Oper. expenses and taxes.....1,763,506 1,492,725 Inc. 270,782 18.2 stock now amount to 05%• Outlook.-In view of the transition from world-wide war to peace, it is Net earnings $2,880,901 $2,515,828 Inc. $365,072 14.5 somewhat difficult at this time to determine what amount of work it will Other income deb.18,687 18,105 Dec. 36,791 ---_ be possible for your company to secure for the remainder of the present year, in addition to the work which your company has carried over from Total income $2.862,214 $2,533,933 Inc. $328,281 12.9 last year as indicated in this report. Interest on funded debt_ --- 1,656,428 1,678,158 Dec. 21,730 ---THE J. G. BRILL CO.'S AND SUBSIDIARY COMPANIES'SALES AND Net income $1,205,786 $855,775 Inc. $350,011 41.0 EXPENDITURES FOR THE YEARS ENDING DEC. 31. Accrued divs. on C.E. G.Co. 1917. 1918. 1916. 1915. preferred stock $150,000 $150,000 Total sales $16,761,155 $7,706,099 $6,180,896 I4,403,117 Inc. $180,000 ---180,000 Oper., gen. 3c adm. expl 15,419,645 6,711,910 6,087,638 4,122,817 Reserve for depreciation____ Depreciation reserve.. _ 163,973 $705,775 Inc. $170,011 24.1 Balance $875,786 Operating ratio 37.3% 38.0% Net profit x$1,341,510 $994,189 $ 93,258 $116,326 Note.-"Other income" shows a decrease as compared with the same Less-Div. on pref. stk. 366,400 (4)183,200 (4)183,200 (4)183,200 period of last year, due to the elimination of "interest charged to construeRes've for Fed'I taxes (x) Not deducted 90,000 tion."-V. 108. p. 83. Balance,sur. or def__sur.$975,110 sur$720,989 def$89,942 def$66,874 Previous surplus 1,744,546 1,146,193 1,247,982 Transue & Williams Steel Forging Corporation. 1,368,370 Total $2,719,656 $1,867,182 $1,158,040 $1,301,496 (Report for Fiscal Year ending Dec. 31 1918.) Adjustments 60,124 22,636 11,847 53,514 Res've for special deprec. 100,000 . President 0. F. Transue wrote in substance: The corporation has kept its plant up to a high degree of efficiency during Total surplus x$2,659,532 $1,744,546 $1:146,193 $1,247,982 the year. Depreciation in the amount of $105,433 has been charged against x Federal taxes for the year 1918 now estimated at $425,000 must be the year's operations. $916,311 of and a deducted, leaving a net profit net surplus of $2,234,532. As stated in previous reports The American Appraisal Co. on Sept. 30 J. G. BRILL CO. AND SUB. COS. COMBINED BAL. SHEET DEC. 31. 1916 appraised the land, buildings, machinery and equipment, &c., at sound value, $1,117,808. This amount is $253,791 in excess of the depre1917. 1918. 1918, 1917. ciated book value at Nov. 11916, the date of the organization of the present Assets'$ $ Liabilities-$ $ Value of propers Preferred stock__ 4,580,000 4,580,000 corporation. Below is shown a summary of additions and depreciation less deprec., Ac. 8,124,030 8,719,387 Common stock__ 5,000,000 5,000,000 since that time to Dec. 31 1918: $245,724;$864,017 Material, raw, In Depreciated book balance Nov. 1 1916 Bonds (John SteDec. 1916, $17,655; year 1917. process 5,225,994 4,234,705 phenson Co.)_ _ 325,000 400,000 Additions: Nov. and total 308,293 461,289 Bills & acc'ts pay_ 2,867,208 3,206,961 year 1918, $44,915; Investments 435,455 Depreciation: Nov. and Dec. 1916, 313,725; year 1917, $82,349; Bills and accounts Advance paym'ts 201,507 2,305,450 1,564,135 on contracts_ _ _ 1,364,498 1,000,000 receivable year 1918, $105,433; total 705,305 951,991 Surplus Cash x2,659,532 1,744,548 $106,788 18,798,238 15,931,507 Total Total 18,798,238 15,931,507 $970,803 Depreciated book balance Dec. 31 1918 7e_See foot-note above.-V. 108, p. 482. INCOME ACCOUNT FOR CALENDAR YEARS. National Cloak & Suit Co. 1917. 1918. (Report for Fiscal Year ending Dec. 31 1918.) $6,298,301 $6,749,771 Gross sales allowances and freight 161,350 156,177 Less returns, Pres. S. G. Rosenbaum on Feb.7 1919 wrote in substance: During the past year we have purchased 1,200 shares of the preferred stock of your company for retirement and cancellation, making the total amount so purchased to date $570,000. This takes care of all amortization requirements called for by our charter to Oct. 15 1919 and $120,000 of the requirements for the year ending Oct. 15 1920. Owing to the difficulty in securing merchandise, and the uncertainty of its transportation, wo ordered in before the end of the year and paid for, a great deal of spring merchandise that in normal seasons would have been bought for January and February delivery. This earlier delivery of merchandise for spring selling, together with the greater value per unit, explains our larger inventory and the corresponding notes payable. At the end of the year 1917 the directors set aside out of surplus, the sum of $500,000 as a special reserve to take care of a possible readjustment of merchandise values in the future. We have added to this reserve out of the surplus at the end of the year 1918 the sum of $200,000 thus making the total reserve for that purpose $700,000. Your company has no bonded debt and there are no mortgages on any of its property. Our stocks aro clean and inventories have been conservatively valued. Carl J. Schmidlapp resigned as a director on May 20 1918 to enter the service of the Government. Gerhard M. Dahl, Vice-President of the Chase National Bank, was elected a director to succeed him. The executive staff remains unchanged. It is composed of men who have handled the business for years past, all of them being substantial stockholders in the company. INCOME ACCOUNT FOR CALENDAR YEARS. 1917. 1918. 1916. 1915. Net sales $32,592,925 $27,649,538 $21,554,231 $17,371,650 Net profits 31,668,671 32,570,640 $2,082,053 $1,015,431 Preferred dividends_ _ _(7%)329,000(770326,375(7%)336.700(7%)344,318 Common dividends__(5%)600,000(54 )600,000 Special reserve for future contingencies 500,000 200,000 Premium on pref. stock canceled 3,287 763 14,688 9,164 Federal taxes (est.) 524,157 341,710 41,000 9,995 Balance,surplus $197,198 $616,821 11,689,665 3651,955 $6,136,950 $6,593,594 5,244,280 5,287,000 Net sales Labor, material and factory expenses Manufacturing profit Selling, office and administrative $892,670 $1,306,594 125,239 163,805 Net profit from operations Other income-net $728,865 $1,181,355 60,737 58,731 Net profit before providing for Federal taxes..___ $789,601 $1,240,086 360,000 Prov. for Fed. taxes and res.for contingencies (est.) 275,000 ($5)500,000(343)450000 Dividends $14,601 Net profit $430,086 BALANCE SHEET DECEMBER 31. 1917. 1918. 1917. Assets1918. Capital declared in Prop'y & plant at accordance with less than indep. Laws of N. Y_ _ b$550,000 $550,000 appr. after depr. $970,803 $1,031,322 123,232 840,834 Accounts payable_ 533,729 Cash 373,293 4,453 2,874 399,614 Accrued taxes..... Notes & accts. rec. 897,883 125,000 723,374 Dividend payable_ 125,000 Mdse.Inventory_ - 641,751 60,635 Res.for Fed. taxes 29,419 Other assets 360,000 dr contingencies. 275,000 Liberty bonds,with 41,984 Capital surplus__ 2,222,544 2,222,544 accrued interest. 574,744 68,087 Profit and loss_ _ - 622,754 95,637 Prepaid expenses_ 836,077 Securities owned..a1,281,131 Total $4,331,901 $3,959,973 Total $4,331,901 $3,959,973 a U. S. bonds and certificates of indebtedness, United Kingdom and municipal bonds and listed stocks, with accrued interest, $1,309,905; less unpaid subscriptions to Liberty bonds, $28,775. b Capital declared in accordance with the Stock Corporation Laws of the State of New York, represented by an authorized issue of 110,000 shares, reserved for sale to employees, 10,000 shares outstanding in hands of public. 100,000 shares.-V. 108, p. 487. 682 THE CHRONICLE [VOL. 108. Boston & Maine RR.-Authorization Asked.-In furtherance of the plan of reorganization (V. 108, P. 267; V. 107, p. 2375), the Public Service Commission of Massachusetts gives RAILROADS, INCLUDING ELECTRIC ROADS. notice that it will hold a hearing Feb. 21 on the following Government Control of Railroads.-Advances to Rail- propositions: 1) To approve the proposed merger with seven leased lines. roads by the Government Up to Jan. 31 1919.- GENERAL INVESTMENT NEWS See page 540 in last week's issue.-V. 108. p. 478, 268. Alabama Company.-Earnings.The "Baltimore Sun" reports results as follows: Year ending Dec.31Deductions1918. Total operating revenue_ _$4,847,031 Bond interest Operating, &c., charges__ 3,882,119 Expenses Lewisburg flood Total net income from op_ 964,912 Special depr. on new work Rents, &c 146,338 Balance, surplus Total net income $1,111,250 -V. 107, p. 2377. 1918. $120,693 45,976 57,645 $886,936 Argentine Railway.-Note Renewal.A meeting of the holders of the 6% Two-Year Secured Notes was to be held on Jan. 27 to consider a resolution for the renewal of the notes for one year to Feb. 1 1920. on the same conditions as before.-V.106, p. 714. . Association of Railway Executives.-New Office.Headquarters have been removed from Room 3106 to Room 2101, 61 Broadway, N. Y. City. The new telephone number is Bowling Green 7822. Augusta Southern RR.-Federal Manager.W. A. Winburn has been appointed Federal Manager of this and the Georgia & Florida railroads -S. 108, p. 76. Aurora Elgin & Chicago RR.-Annual Earnings.- A press report states tho results for the calendar year 1918 as follows: 1918, Total earnings $2,140;210 $2,158;178 Net, after taxes 265,511 600.814 Deduct-Interest 439,253 428,510 Reserve for depreciation, &c 74,029 77,452 Balance -V. 108, p. 377. df.$251,193 sur.$98,269 Bay State Street Ry.-Committeefor Underlying Bonds.Notice to Holders of Lynn & Boston 1st M. 53.-The committee named below addressed the holders of certain underlying bonds as follows: Lowell Lawrence & Haverhill St. By. Co. First Mtge. 5s, due June 1 1923; Brockton St. By. Co. First Mtge. 5s, due Oct. 11924; Peoples St. By. Co. First Mtge. 5s, due Jan. 11928. It is understood that a reorganization of the Bay State St. By. System under the statute of 1918 is impending, and its provisions being considered by the various protective committees. Protective committees have heretofore been formed, or are being formed, for all bonds of the system, including all underlying bonds. It is desirable that your interests should be represented, notwithstanding the fact that your bonds are first mortgage bonds and that until comparatively recently it has seemed feasible to get along without a committee for them. You are asked, therefore, to deposit your bonds immediately with the First National Bank, Boston, depositary. The undersigned are in addition a committee under another and similar protective agreement for the First Mortgage bonds of the Lynn & Boston RR. Co., already in default. Such of these bonds also as have not already been deposited should be deposited immediately with the First National Bank of Boston, depositary. Extracts from Committee's Circular Dated at Boston, Feb. 10 1919. We understand that until quite recently it has been believed by those connected with the reorganization plans that none of the four bond issues mentioned would be affected by the reorganization; that the property would be taken over by the reorganized company subject to the lien of the foregoing four mortgages without any assumption of the mortgage debt, but with the expectation that the interest and principal would be paid when due. The new corporation contemplated by the Act of the Massachusetts Legislature has been formed under the name of Eastern Massachusetts Street Railway Co., trustees have been named by the Governor of the Commonwealth, and details of the reorganization plan are being considered by the trustees and the various committees concerned. The Act of the Legislature under which the new company has been incorporated provides that the reorganization cannot be effected until provision has been made for raising several million dollars. The expenditure of this new money, If raised, will add measurably to the value of your bonds This Act also provides that the new trustees may make rates sufficient to pay the interest on the bonds and dividends on the new stock. People most familiar with the general situation consider it imperative that the reorganization be completed as speedily as possible. We are informed that in considering the details of reorganization the trustees named by the Governor have asked that there should be some arrangement made with reference to the four issues of underlying 1st M. 5% bonds mentioned above because they mature at such an early date, viz.: Lynn & Boston 5s $3,723,000 Brockton Street Ry. 5s_ _ __$689,000 Lowell Law.& Haverhill 5s 607,000 People's Street Ry. Co. 5s_ _ 64,000 The committee for the Lynn & Boston bonds has been enlarged so that the personnel is the same as that of this committee and the depositary is the same, insuring the benefits of concerted action. The People's Street Railway Co. bonds are already In default by reason of failure to pay the coupons (only $1,600) due Jan. 1 1919. As for the Lowell Lawrence & Haverhill Street Ry. Co. bonds, the money for the last coupons (only $15,175) was obtained from an issue of receiver's certificates expressly authorized for the purpose, the earnings not being adequate. Since these mortgages were put on some 20 years ago, the consolidations which have taken place, and the depreciation of the plant-for with some exceptions the property has not been kept up-the security enforcible has in some particulars become much less. The rolling stock originally covered has been worn out and discarded, and in the case of the Brockton Street By. Co. the power house covered by the mortgage was dismantled long ago, and the power for the Brockton lines comes from the Bay State Street Ry.'s power house at Quincy. on which the Brockton mortgage is not a lien. In case of foreclosure and subsequent operation as independent units, the matter of power and equipment, particularly the latter, would raise serious difficulties. We understand that the public trustees or the reorganization managers may request some arrangement in respect to an extension of the underlying bonds. In case they do, it may be possible to strengthen the bonds in some way. In any event the committee believes that the whole situation should at once be taken up with care, and the committee placed in a position to negotiate with the reorganization committee and other parties in interest. Under the deposit agreement, no plan of reorganization can be put into effect without submitting the plan to the depositors, who are then entitled, in accordance with the terms of the agreement, to withdraw their bonds if they are not satisfied. Protective Committee for 5% First Mortgage bonds of Lowell Lawrence & Haverhill St. Ry. Co., Brockton St. By. Co., Peoples St. By. Co.Roland F. Gammons (Chairman), Treasurer West Newton Says. Bank; William P. Goodwin, Treas. Peoples Says. Bank, Providence; Samuel Prest. Lynn Mutual Fire Insur. Co.: Chester B. Humphrey, Vice-Pres, Old Colony Trust Co., Boston; Olaf Olsen, Vice-Prest. The First National Bank of Boston; Leroy M. Peavey, Boston; Francis A. Shove, Treas. Malden Says. Bank; and William D. Wyman, Prest. Berkshire Life Insurance Co., Pittsfield, Mass.; with Weld A. Rollins, Boston, Mass. as counsel; and Leroy D. Peavey, as Secretary of the Committee, Room 1601, 50 Congress St., Boston.-V. 108, p. 266, 169. Boston Elevated Ry.-Results for One-Half Year, Financial Requirements Proposed Sale of Cambridge-Main St. Subway. See "Annual Reports" above. • Opinion on Act.Attorney-General H. C. Atwill, in response to a request from the Massachusetts Senate, gave as his opinion that the Public Control Bill for the Boston Elevated By. was constitutional.-V. 108. p. 578. 479. 2) To sanction the issue of $38,817900 first pref. stock, classes A to E. 3) To approve the preferences and limitations of the pref. stock, Class F, of a total par value of $12,000,000. (4) To approve the issue for cash at par of said $12,000,000 of first pref. stock, Class F. (5) To certify that the issue for cash at par, upon said consolidation, of $15,306,000 of 5% bonds, payable July 1 1920, for the purpose of raising funds to pay $13,306,000 of unfunded debt of the Boston & Maine RR. and $2,000,000 of unfunded debt of the Connecticut River RR. Co., is in conformity with the authority conferred by special Acts of Mass. for 1915. (6) To approve the issue for cash at par of said consolidation of $2,300,000 of 5% bonds payable July 1 1920, for the purpose of raising funds to be applied to taking up a like amount of6% coupon notes of the Vermont Valley BR.on which Boston & Maine RR.Is endorser, dated June 11915. (7) To approve the issue for cash at par, upon said consolidation, of $2,273,000 of its 6% bonds payable Jan. 11929. for the purpose of raising funds to pay certain notes of the Fitchburg RR. Co. and of the Boston & Lowell RR. Corp., aggregating said amount.-V. 108, p. 578, 267 Boston & Worcester Street Ry.-Wages.The National War Labor Board has taken under advisement the request of this company for a rehearing on the Board's wage scale award for the company.-V. 108, p. 478. Brockton Street Ry.See Bay State Street By. above.-V. 71, p. 750. Buffalo Lockport & Rochester Ry.-Plan.-A plan of reorganization dated Jan. 20 1919 has been prepared by the bondholders' committee organized under protective agreement of Feb. 15 1917, with R. Home Smith as Chairman and the National Trust Co. Ltd. of Toronto as depositary. A circular addressed to the holders of the 5% 1st M. gold bonds says in substance: It is proposed that the properties shall be acquired at the foreclosure sale by the committee under the proposed plan and turned over to a new corporation (to be formed under the laws of N. Y. State) in exchange for the proposed new securities. In preparing the plan of reorganization the committee has given its consideration to the earnings of the railway company after the payment of the bond interest during the past six years, the committee's knowledge of the property, the conditions under which it is and will be operated and a valuation of the physical properties recently prepared under the direction of the officers of the company and at the request of the committee. Earnings as Furnished by the Treasurer for Years ended June 30. 1912-13. 1913-14. 1914-15. 1915-16. 1916-17. 1917-18. Grass earnings_ _ _$394,328 $417,052 $436,802 $399,996 $413,500 $443,915 Op.exp.,tax.&rent. 330,560 327,043 309,810 290,028 341,756 377.340 Bal. • or bd. lot.... $63,768 $90,009 $126,992 $109,968 $71,744 $66,575 • From the above, it appears that the average amount available for bond interest during the past six years has been the sum of $88,176, or $51,774 less than the annual first mortgage bond interest charge of $139,950. The committee understands that the additional amount required to meet the interest charge in the years 1913, 1914 and 1915 was provided from the proceeds of the $200,000 2d Mtge. bonds. The company is confronted with two or three years, and possibly five years, of very disturbed labor and other operating conditions. The track and equipment has not been properly maintained during recent years, and it has been necessary during,the current year to spend comparatively large sums on these items, and, in our opinion, fairly large expenditures must be continued if the property is to be put in first-class condition. Your committee therefore recommends the acceptance of the accompanying plan, under which the railway will be relieved of fixed char >es• Provision is made in the plan for participation by the holders of the existing $200,000 2d Mtge. bonds of the company upon the condition that such bondholders enter into an underwriting agreement to provide for the cash requirements of the plan in respect of such 1st Mtge. bondholders as do not deposit thereunder. The committee of ors the plan to the bondholders who have already deposited their bonds under the protective agreement and to all 1st Mtge. bondholders who have not so deposited. The committee has fixed Feb. 20 1919 as the last day on which bondholders may deposit under the plan. Plan of Reorganization. Principal Amount. Existing Securities of Railway Co. to Be Dealt With$2,799,000 First Mortgage 53' gold bonds 200,000 Second Mortgage 6% gold bonds The existing preferred and common stock is not to participate in the plan. $3,698,750 New Securities to Be Issued by New Company. (a)6% cumulative pref. stock (par value), part of a total auth. issue of $1,500,000 par value. Preferred both as to dividends and upon any distribution of assets. Dividends cumulative $1,499,500 from Jan. 11919. Now to issue (b) Common stock, part of a total auth. Issue of $2,200,000, distributable in the form of voting trust certificates if the com2,199,250 mittee so determine. Now to issue' The by-laws will provide that no mortgage shall be placed on the property or assets of the new company in priority to the now preferred stock without the consent of the holders of two-thirds in par value of the outstanding preferred stock. The distribution of the new securities will be made on the following basis: Now Will be Exchanged for Each $1,000 of Outstanding. New Pref. Stock. New Corn. Stock. ExistingFirst Mortgage 5s $2.799.000 $500-$1,399,500 $750-$2,099.250 200,000 500- 100,000 500- 100,000 Second mortgage 6s_ _ _ _ Holders of existing 6% 2d Mtge. bonds will be entitled to participate in this plan only In case on or before Feb. 20 they surrender their bonds and execute and deliver to the National Trust Co., Ltd., an underwriting agreemen (guaranteed, if the reorganization committee so requires, by some person or corporation satisfactory to the committee) agreeing each of them to pay to the depositary "for the account of the reorganization committee an amount of cash equal to his pro rata share of the total amount required to be paid out of the proceeds of the foreclosure sale to the holders of First This agreement Mortgage bonds who do not become parties to the plan. and such pro rata share shall be in the proportion of the face amount of the 2d Mtge.'bonds deposited by such depositor to the total face amount of the 2d Mtge. bonds deposited or which shall be deposited tinder the plan. For the payments so made such holders of the 2d Mtge. bonds will be entitled to receive their pro rata share in the proportion above stated of the new securities which would have been'receivable in accordance with the plan by such holders of such 1st Mtge. bonds had they become parties to the plan. If any holders or 2d Mtge. bonds do not become parties to the plan the new securities which would otherwise have been receivable by them in respect of their 2d Mtge. bonds shall be apportioned upon the pro rata basis above mentioned among the holders of the 2d Mtge. bonds who do become parties to the plan. Owners of 1st Mtge. bonds deposited under agreement of Feb. 15 1917 who do not withdraw within the stipulated 20 days will be bound by the plan. The National Trust Co., Ltd., as depositary, will receive further deposits of the 1st Mtge. bonds on or before Feb. 20 or such other date as may be fixed Bondholders' Protective Committee.-D.B. Hanna, Hon. Frederic Nicholls and R. Home Smith (Chairman), Toronto. Secretary, A. S. Muirhead, 26 King St. East, Toronto. Counsel, William Osgood Morgan, of Noble, & Estabrook, 115 Broadway, N. Y., and Harris Beach Harris & Matson, Rochester.-V. 108, p. 578. Chicago Milwaukee & St. Paul RR.-Electrification.-8 The Washington State Legislature has before it the matter of terme whereby this company will be permitted to electrify about 25 miles of 1ln belonging to the Columbia & Puget Sound By., which is tinder a 99-yea lease for joint operation by the St. Paul company. See Washington Wate. Power Co. under "Reports" above.-V. 108, p. 479. FEB. 15 1919.1 Chicago Surface Lines.-Fare Petition.- The Illinois P. U. Commission has postponed until Feb. 17 the hearing on a petition for an increase in fares.-V. 107, p. 2187. Chicago Utilities Co.-Less Deficit than in 1917.-- At the annual meeting in Portland, Me., on Feb. 10, the annual reports of the subsidiary companies, the Chicago Tunnel Co. and the Chicago showed a deficit, after taxes, of $75,226 for Warehouse & Terminal 1917. The company was aided consideraby by an 1918, against $87.572 forCo.. Increase in rates granted by the Illinois Public Utilities Commission on July 1 last.-V. 106, p. 394. Cincinnati Hamilton & Dayton Ry.-Distribution.Special Master Strong has given notice that he will make a distribution as of March 1, of the proceeds of the sale of this property. Holders of first mortgage bonds of the Cincinnati Dayton & Ironton RR. can present them at the Equitable Trust Co.,of N. Y.,and holders of the Cincinnati Hamilton & Dayton Ry. First & Refunding Mtge. bonds can present them to the Bankers Trust Co., New York.-V. 107, p. 401. Connecticut Co.-Possible State Aid.A bill has been offered in the Connecticut General Assembly for State aid to this comapny, which operates most of the electric railways in this State, to the extent of $2,000,000. The Connecticut P. U. Commission will first give hearings to determine the need and to decide on the payment of sums as required.-V. 108, p. 479, 578. Cripple Creek Central Ry.-Usual Quarterly Dividend.The usual quarterly dividend of 1% has been declared on the preferred stock, payable Mar. 1 to holders of record Feb. 14.-V. 108, p. 479. East Side Traction Co. (Syracuse, N. Y.).-Merger.See New York State Rys. below. Ferrocarril del Pacifico de Nicaragua.-Status, The "Railway Review" in its issue of Feb. 8 published an article, with illustrations, describinthis company's property and showing the development of the company's business under the operation of the J. G. White Management Corporation.-V.83, p. 1410. Ft. Smith Subiaco & Eastern Ry.-Sale Confirmed.- The U. S. District Court at Fort Smith, Ark., has confirmed the sale of this property to the Commonwealth Trust Co. of St. Louis for $50.000. The road is 14 miles long, from Paris via Subiaco to Scranton, Ark. It had been planned to extend it 23 miles farther to Dardanelle, Ark. Henry Stroup°. of Paris, Ark., is President, and Lovick P. Miles, of Memphis, Tenn., Vice-President. The receivers are I. H. Nakdimen of Port Smith and Chas. H. Sommer of St. Louis. The sale had been protested on account of the price, but there was no other bidder, and it is further stated that operation was at a loss.-V. 107, p. 1919. Georgia Ry. & Power Co.-Wage Agreement.- . This company has announced an agreement with its employees covering wages and service until Jan. 1 1920. A definite scale of wages was adopted, allowing the motormen and conductors 35 cents an hour for the first three months service, 38 cents for the next nine months and 40 cents an hour after the first year of service. The wages of all union employees other than the motormen and conductors were left to be decided by the War Labor Board. The men agree that for the period of one year there will be no strikes or lockouts.-V. 107, p. 2097. • Houston (Tex.) Electric Co.-Fare Situation.The Houston City Commission has enacted an ordinance repealing the 6-cent fare ordinance and restoring the 5-cent fare. This action was taken immediately after the 61st District Court had disposed of the petition of the company, seeking mandamus to compel the Commission to permit the railway to collect 6-cent fares as provided in the city ordinance adopted last September. Soon after the 6-cent fare ordinance was adopted the proposal was overwhelmingly rejected by referendum. The railway then filed suit, contending that the City Commission had no authority to delegate its rate-making powers to the people, and that the referendum election on the 6-cent fare ordinance was illegal. This case the court has just decided adversely.V. 107, p. 1919. Illinois Central Railway.-Meeting Adjourned.- The annual meeting has again been adjourned without action to Mar. 7. -V. 108, p. 578. Interborough Rapid Transit Co.-80% More Subway Service.The "Subway Sun" says: "The opening of the new subway lines is bringing more subway service. To-day we are running 80% more express trains in rush hours than one year ago, although the travel Ilas only increased 4.8%. In rush hours we are running 840 cars an hour, as against 530 cars a year ago, an increase of 310 cars an hour."-V.108, p. 268, 378. • 683 THE CHRONICLE Lehigh Valley RR.-Coal Rate Case.- administration of the current affairs of the corporation or the operation of its transportation system." Trolley Co.See Rhode Island Co. below.-V.108, p. 579. New York & North Shore Traction Co.-Fares.Patrons of this company have organized voluntarily a 7-cent fare league and have obtained 1,500 signatures to a petition for a 7-cent fare. The P. S. Commission has recommended an increase but the Board of Estimate has refused to grant the request.-V. 108, p. 480, 79. New York Railways Co.-Fare Situation.Corporation Counsel Burr on Feb. 11 filed a brief with the New York P. S. Commission explaining and confirming the position of the city in opposition to an increase in fares. The brief constituted an answer to the application by this company for authority to abolish transfers or to charge 3 cents for them as an interim relief pending the return of pre-war conditions. The brief holds that the Commission has no jurisdiction over fares that have been fixed in agreements with the city.-V. 108, p. 379, 269. New York State Rys.-Merger.-This company on Feb. 7 filed with the New York P. S. Commission a petition to be allowed to merge into itself the East Side Traction Co. (Syracuse). the entire stock of which has been owned since 1912. The East Side company owned 6.44 miles of road between Syracuse and Minoa and leased its lines to the Syracuse Rapid Transit Ry. on Aug. 7 1899. When the Syracuse lines became part of the New York State Rys.. the East Syracuse branch was included, but the formal merger has never taken place, and to comply with the law in this respect the present application is taken.-V. 108, p. 172. Oklahoma (City) Ry.-Offering of Bond-Secured Notes.The Mississippi Valley Trust Co., St. Louis, is offering a new issue of $450,000 Bond-Secured 7% gold notes, dated Jan. 2 1919, due Jan. 1 1921. Int. J. & J. at the Mississippi Valley Trust Co., St. Louis, trustee. Denom. $1,000 and $500. Red., all or part, at 101 and int. on any int. date. The company agrees to pay 2% normal income tax when claim is made upon presentation of coupons. Authorized and issued, $450,000. Data from Letter of V.-Pres. John W. Shartel, Dated Oklahoma City, Dec. 30 1918. Authorized. Outstanding. Capitalization$5,000,000 31,795,900 Preferred stock 3,800,000 10,000,000 Common stock 1st & Ref. M. 5s (in treasury,$525,000 Series"F," 3,653,000 12,000,000 $500,000 pledged to secure $3740,000 347,000 Underlying (closed mortgage) bonds 455,000 Junior mortgage 6s 450.000 This issue of notes There are $2.500,000 underlying bonds issued, $2,153,000 of which are deposited under the First & Ref. Mtge., leaving $347,000 outstanding. A like amount of First & Refunding 5s are reserved to retire the underlying bonds and until the entire underlying issue has been obtained, the bonds acquired will be held uncanceled, as security for the First & Refunding 5s. Collateral.-This consists of $120,000, the only outstanding bonds of an authorized issue of $300,000 Guthrie Ry. First Mtge.5s, dated Feb. 11905, due Jan. 11935. This issue is also secured by a deposit of $500,000 of an authorized issue of $500,000 Guthrie-Edmond Electric Ry. 1st M. 58. dated Jan. 3 1916, due Jan. 11936. The property of the Guthrie-Edmond Ry. which is a division of the Oklahoma Ry., comprises 16.28 miles of single track from Edmond to Guthrie, on private right-of-way, with the exception of a small trackage in Edmond, upon which the company has a perpetual franchise. Property.-These notes are the direct obligation of the company, which owns and operates a modern street and interurban electric railway, serving Oklahoma City and extending to El Reno, Moore, Norman, Edmond and Guthrie, incl. about 132 miles of single-track equivalent, of which over 100 miles are on private right-of-way, the remainder being operated under favorable franchises, and which extend with one unimportant exception beyond the maturity of the bonds. In addition the company owns valuable terminal property in the central district of Oklahoma City. The property is comparatively new. Franchises.-Favorable; those in Oklahoma City are perpetual, subject to the right of the city to purchase the property on Jan. 30 1932, or at the end of any 15-year period thereafter. Territory.-The company serves Oklahoma City, the capital, as well as the commercial and financial centre of Oklahoma, together with several communities located in the tributary territory, or a total population served now of nearly 145.000. Comparative Earnings for Calendar Years and Year ended Oct. 31 1918. 1917. 1917-18. 1914. 1915. 1916. $740,448 $793,261 3942,107 $1,125,985 $1,261,208 Gross earnings Net,aft. taxes & maint.$294,263 $350,346 $401,728 $456,765 $462,912 Charge on 1st Ref. and 200,000 226,250 , underlying bonds_ _ _ 197,250 197,250 200,000 The Inter-State Corn. Commission has handed down a decision in this company's action vs. Lehigh Valley Coal Sales Co. by the terms of which the railroad company will not be required to pay the Sales company $319,Balance $97,013 $153,096 $201,728 000, Nlieged to have been collected by the carrier in payment of unreason- Interest on junior mtge able rates on anthracite coal from the Wyoming Lehigh and Schuylkill coal tidewater points in N. J. N. Y. and Pa. The Balance applicable to these notes regions of Pennsylvania to Commission in deciding this case held that the decision in the "anthracite Interest on $450,000 notes (this issue) case" decided some time ago relieved carriers from charge of extortionate -V. 107, p. 1920, 1670. rates.-V. 108, P. 579, 171. Los Angeles Railway.-Rates--Proposed Investigation.- The California RR. Commission has announced its intention of making an immediate investigation into this company's affairs in connection with Its application for increases in the rate of fare or, in lieu thereof, whether the company should reduce its service.-V. 103, p. 320. $256,765 27,300 $236,662 27,300 $209,362 31,500 People's Street Railway, Rhode Island.- See Bay State Street Ry. above. Philadelphia Company.-Description of New $100,000,000 Mortgage Bonds-Valuation Securing Notes.-The $20,000,000 bonds pledged to secure the $10,000,000 6% threeLowell Lawrence & Haverhill Street Ry.year note issue which was offered last week at 963'2 by Lee, See Bay State Street Ry. above.-V. 100, p. 1593. Iligginson & Co. and the First National Bank of N. Y. RR. Lynn & Boston form part of a new authorized issue of $100,000,000 First See Bay State Street Ry. above.-V. 107, p. 2376. Refunding and Collateral Trust Mtge. gold bonds, dated Massachusetts Electric Co.-Bondholders' Committee.- Feb. 1 1919 and due Feb. 1 1944, bearing such rate of interest See Bay State Street Ry. above.-V. 107, p. 2290. not exceeding 6% as may be fixed at time of issue. An Mexican Railway, Ltd.-Dealings.official statement (condensed) for the "Chronicle" follows: The London Stock Exchange has authorized dealings in £60,000 Deferred Interest Certificates in respect of dividend due Jan. 1 1919 on £2,000,000 6% debenture stock.-V. 107, p. 801. • These bonds will be secured by mortgage upon all the natural gas properties. transportation lines and distribution systems owned in fee by the company, and upon all securities (with certain unimportant exceptions) of companies engaged in production, transportation or. distribution of natural Minneapolis Street Ry.-Valuation Set.gas, artificial gas, electric light and power, oil, coal and coke now owned or The Minneapolis special Council committee on street railway matters hereafter acquired by the Philadelphia Company. the adopted valuation figure of $24,346,113 arand extensions on Jan. 21 Purposes for which the $100,000:006 Bonds May be Issued. rived at by C. L. Pillsbury, the engineer retained by the city, and advocated immediately, bearing 5% interest and pledged to a 5k-cent fare as the basis of franchise negotiations. The company's To be issued $10.000,000 Three-Year notes secure the $20,000,000 present franchise expires in 1923. The company will be granted a return Reserved to be issued as security for the remaining authorized bif 7% on the valuation, Engineer Pillsbury's figures being used. 35,000.000 Three-Year notes (if and when issued) 10,000,000 New York New Haven & Hartford RR.-Suit to Compel Reserved to be issued against the