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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 at
1919.

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
36,530,238 +47.
53,944,441
33,903,657
6 00
Cincinnati
53,567,748
For One Year
63,100,291 +28.7
81,209,258
26,364,729
13 00
Cleveland
48,798,745
+80.7
Months
39,283,794
For Six
71,000,000
20,775,111
on (including postage)
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
10,996,000
4,000 -10.1
European Subscripti in London (including postage)
12,25
11,911,000
7,921,700
21 118. Indianapolis -9,422,000
0
Subscription
ge)
Annual
9,892,600 +14.
11,281,600
on in Loudon (including posta
7,049,684
60
ripti
$11
9,855,310
Columbus
8,559,368 +14.8
Six Months Subsc
9,827,580
(including postage)
3,900,000
Toledo
4,900,000
+16.0
dian Subscription
Cana
4,743,587
nts
5,500,000
2,941,936
4,490,662
includes following Suppleme
Peoria
Subscription
y)
4,23i,075 -1.0
4,192,328
3,149,511
Grand Rapids_ _ _
3,773,404
RAILWAY AND INDUSTRIAL (twice yearl
3,152,980 +30.8
ATION (monthly) ELECTRIC RAILWAY (tw1C0 yearly)
,464
4,124
1,523,548
BANK AND QUOT
2,691,297
Dayton
+26.3
thly)
2,674,388
3,490,910
1,478,267
RAILWAY EARNINGS(mon ally) BANKERS' CONYENTIoN (yearly)
Evansville
1,737,493
-annu
1,972,389 -4.2
1,890,825
1,034,812
STATE AND CITY (semi
1,831,547
Springfield, Iii. _
1,066,736 +26.7
,652
ce
1,351
1,753,088
3,162,743
Fort Wayne__ _ _
Advertising-Per Inch Spa
+0.6
3,062,936
Terms of
3,081,865
2,555,000
gstown _ _ _ _
,000
e lines)
4,690
inch space (14 agat
6,588,000 +9.3
(
4 0)
L 20 Younn
7,199,000
1,036,787
Transient matter per
(8 times)
1,360,058
Two Months
1,697,161 +148.2
00 Akro gton
29
4,212,123
899,795
Rmineess?
1,309,375
iviths
T uval is
3Lc
1,650,332 +18.5
50 00 Lexin ord
1,955,872
848,968
18
s
942,4
Standing Business Card
1,398,460 +14.5
87 00 Rockf
1,601,749
570,886
873,875
Quincy
Twelve Months(52 times)
,316 -0.3
1,388
1,383,874
2,227,661
2,268,032
Bloomington__ _ _
tic 7396.
8
e Majes
2,675,184 -10.
2,386,431
664,849
South La Salle Street, Telephon
829,458
Canton
CHICAGO OFFICE-39
E. C.
1,020,480 +5.6
1,077,290
755,000
84 Smith,1 Drapers' Gardens,
800,000
Decatur
919,107 +10.1
LONDON OFFICE-Edwards
1,011,771
779,263
888,870
South Bend
Y, Publishers,
821,299 +26.2
1,036,558
849,276
LIAM H. DANA COMPAN , New York,
WIL
1,073,636
Springfield, 0...
765,079 +45.1
r Stet.
1,110,244
563,772
Front. Pine and Depeyste
727,837
Lansing_
+38.0
834,550
1,151,171
231,295
359,138
DANA COMPANY. Mansfield
452,321 +12.4
508,259
morning by WILLIAM B.
1,054,709
Ill_
600,000
Published every Saturdayand Treasurer; Arnold G. Dana, Vice-President and Jacksonville,
00 +11.1
540,0
600,000
572,086
683,167
Danville
rt Jr., President
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
313,012
Owensboro
437,565 -8.6
400,000
49,345
Arbor
URNS.
76,305
RET
80,000 +2.9
82,325
(71:EillUNG HOUSE &c., indicates that the total bank Ann n
Adria
by telegraph,
up
4
g to-day
The following table, made
d States for the week endin
+22.3 684,613,604 437,803,05
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
72,687,471
have been 85,937,013,714. year.
8,715 +30.9
87,24
1
last
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
12,658,407
Seattle
Cent.
+40.5
---Returns by Telegraph.
1918,
Clearings
16,995,417
1919.
23,884,601
8,489,847
1,237
ary 15.
and
11,44
Portl
Week ending Febru
10,816,283 +2:3.9
3,026,312
13,400,000
4,932,640
+17.8 Salt Lake City
6,489,284 +28.7
,928 $2,128,784,855
8,352,280
$2,507,135
1,514,598
2,320,255
+6.7 Spokane
2
44,457
356,0
3,994,759 -12.
380,018,255
New York
3,507,862
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
+11.3 Oakland
2,59(,085
207,850,479
+15.5
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
Boston
2,130,251
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
St. Louis
1,236,340
1,092,745
+76.6 Pasadena
1,669,482
49,721,486
1,922,306 -2.6
87,818,897
San Francisco
1,873,014
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
775,000
249,829
00
+20.3 Yakima
450,0
46,660,965
Baltimore
410,000 +57.8
56,135,892
646,971
451,414
692,360
Reno
Orleans
968.620 +35.7
New
1,314,542
+17.0 Long Beach
110,717,870
8,417,078
2 166,937,763
$4,034,625,636 $3,44
9
58,546 205,189,249 +25.
+11.
256,8
715,004,721
Total Pacific
Eleven cities, 5 days
800,000,469
81,953,282
56,473
Other cities, 5 days
1 Kansas City__ _ _ 180,658.102 179,605,155 +0.6 119,9 6,204
20,149,720
23,26
$4,834,626,105 $4,163,421,799 +16.
28,884,497 +14.4
+8.5 Minneapolis _ _ _ _
33,048,090
18,496,559
1,016,578,689
29,965,377
Total all cities, 5 days
1,102,417,609
+12.9
46,856,725
52,922,158
10,078,106
0,799
, 1 clay
a
10,85
All cities
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
rrntfil .11 elites for week
13,601,708
7
Denver
16,388,632 +18.
19,461,674
4,769,360
,727
h
7,558
8,754,907 +11.4
* Partly estimated.the week covered by the above will be given next Saturday. St. Josep es
9,748,376
4,305,055
4,623,017
up by the clearing houses Des Moin
full details for
,237 +28.4
made
7,246
The
9,302,636
3,642,771
City
sh them to-day, clearings being last day of the week has to be in
4,455,784
Sioux
4,082,455 +10.6
We cannot furni day, and hence In the above the
8,402,715
4,540,870
5,725,664
Duluth
7,835,560 +39.6
at noon on Satur
Friday nithg.
10,306,550
2,642,819
3,248,859
Wichita
estimated, as we go to press g Feb. 8 show:
+4.3
4,331,428
all cases
4,516,665
1,699,240
,273
es for the week endin
2,491
Lincoln
Detailed figur
3,005,772 +39.1
644,937
4,181,585
867,744
Topeka
735,191 +13.2
832,393
1,278,323
Week ending February 8.
1,819,904
0
Colorado Springs
1,871,237 +22.
2,283,010
388,385
s__ _
537,877
Cedar Rapid
633,734 +14.7
726,671
1,456,553
Clearings at
Inc. or
1,236,524
Pueblo
1,762,590 +32.2
1910.
649,047
2,329,964
1917.
Dec.
601,935
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
1,555,698
Waterloo
+50.3
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
445,609
Billings
94 -7.3
_ 380,739,191 298,811,075 +27.
485,2
46,067,459
450,000
702,709
72,912,130
Philadelphia ___
531,235
ngs
2
4
58,045,479 +143.5
122,828,56
859,275 +49.
41,525,344 Hasti
1,282,318
42,994,862
Pittsburgh
7
38,056,509 +93.
177,970,866
73,719,135
12,579,855 Aberdeen
2 +8.6 250,234,176
16,334,005
Baltimore
20,291,763 -1.1
st_ 330,371,349 350,407,11
20,077,666
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. 8
15,140,057
37,064,588
4,168,517 St. Louis
6,858,186
Washington
48,835,775 +12.
0,184,424 +48.5
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
9,956,484
20,674,385
4,400,601
12,500,000
2,552,72:3 Louisville
3
,222
3,911
14,000,000 +11.8
Scranton
3,503,425 -0.1
3,825,246
15,580,934
,234
3,500,000
5,557
1,816,996 Houston
2,206,886
5,500,000 -19.
Syracuse
2,052,549 -2.6
14,945,512
4,403,790
2,000,000
22,522,725
2,021,183 Galveston
3,405,239
2,516 +64.3
ing
32,66
Read
2,693,229 +8.8
17,127,277
53,677,836
2,929,081
21,345,933
1,626,031 Richmond
+39.9
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
11,844,014
3,841,187 Memphis
1,950,261
14,746,089 +1.3
Wheeling
2,734,093 -13.5
7,326,927
14,934,345
2,366,526
8,783,407
734,761 Fort Worth
5
979,870
11,927,196 +23.
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
5,178,196
565,065 Savannah
+9.7
647,670
7
7,820,505
764,673 +16.
Erie
2,650,820
8,581,128
892,479
2,805,713
8 50,900 Norfolk
935,800
3,467,499 +221.5
Greensburg
794,400 +17.0
1,073,528
00
11,147,997
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
1,340,835
1,947,515
451,077 Mobile
95
+13.9
557,6
2,766,222
601,554 +32.8
Chester
1,804,970
3,149,879
798,758
2,499,108
,654 Knoxville
1,578
2,110,986
3,094,278 +0.2
Altoona
2,018,568 -8.4
1,646,350
3,100,000
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
325,000
3,257,165
+30.2
Augusta
741
3,835,863
Montclair
2,307,727
4,993,399
371 +29.0 4,490,555,700 2,515,360,
3,154,387
Chattanooga__
,796,758 3,525,718,
4,387,289 +23.2
3,903,271
5,405,741
Total Middle.. 4,548
4,001,006
Little Rock
4,497,266 +85.0
3,681,048
8,319,178
6 +35.7 261,325,917 189,306,940 Jacksonville
5,755,62(3
298,429,675 219,966,80
9,354,600
8,722,198 +2.1
3,732,522
9,148,700
8,901,456
n
+9.6
,416
Bosto
1,337
8,705,000
9,544,100
5,672,396 Oklahoma
2,000,000 -10.0
3,500,000
7,823,739
1,800,000
Providence
3,200,000
6,499,623 +15.5
-20.0
,406
,632 Macon
7,507
3,340
5,000,000
313,817
4,716,014
4,000,000
Hartford
316,338
6
4,014,264 +24.0
5,000,000
444,011 +12.
3,289,415 Austin
625,962
500,000
3,408,117
n
9
New Have
662,354
2,989,071 +20.
697,471 +10.2
3,615,479
3,099,145 Vicksburg
768,421
2,166,965
3,391,844
5,588,917
Springfield
3,031,702 +15.5
+24.3
Jackson
3,500,259
6,841,340
2,372,097
921,782
8,501,186
2,617,960
+3.8
Worcester
1,386,389
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
25,199,488
1,637,292
Fall River
1,380,053 +54.8
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
207
623,980
627,869
Total Southern 565,73
585,633
Holyoke
65 -2.6
+26.5 6,223,731,357 3,715,519,
667,2
650,000
6,839,125,198 5,406,021,210
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
."
mercial and Miscellaneous News
see "Com
-For Canadian clearings
Note.




602

THE CHRONICLE

[VoL. 108.
matic reductions in freight and
THE FINANCIAL SITUATION
passenger 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
that this very fund was men
r a world-wide conaced, along with all
vulsion like the present war
other savings, by the rebellio
,
n they threatened.
tangled threads of civilization to would expect the They hav
e kept their own greed so clos
be picked up where
they were broken. This is
ely and so
backwards. Forces have beenot an era of turning long before their eyes that they cannot see anything
n
which must be reckoned with, let loose by this war beyond. Quite a number of years back Chief Sto
ne
go ahead doing his bit, to the and every man must of the Engineers' Brotherhood announced
the propoend that the better sition
civilization for which we fou
that wages are a first lien always
ght shall be carried
and receivers'
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 peo
more wages and fewer been doing in
ple,
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
favorable, the aggregate of
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
from the country intervals of difficulties and differences, seemingly
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
Conference is headed for chaos
is of the same gratifying character as the returns for Fridays the Peace
s, Thursdays and
preceding months. The number of insolvencies, in and calamity, but on Tuesday
as the Saturdays it is marching on to complete agreement
fact, was the lowest for the period as far back
is the kingdom of
records go, and with the exception of October and and glorious success. Of such
Paris Conference was no
November 1918 the smallest of any month in over press dispatches." The
recalled, however, that
a decade. Not only that, but the indebtedness exception this week. It is
gs in modern histfity there
disclosed by the defaults is well under that of either at all similar gatherin
that they did not
of the final four months of 1918 and the lowest in have been rumors of rows, but
to be nearly as serious as intimated.
January since 1905. The nature of the showing is prove
During the early days of this week it was definitely
such as to lead Messrs. R. G. Dun & Co. to remark
s were so incensed
that "no reflection yet appears in the failures statis- reported that the American delegate
far-reaching economic readjust- over what appeared to them to be a carefully pretics of the varied and
to block the chief
ments which have inevitably followed war's ending. pared campaign in the French press
that they were strongly
After more than two months of diminishing business purposes of the Conference,
g be moved
activity and yielding prices the insolvency returns in favor of proposing that the gatherin
At first it was rumored that the
maintain the highly favorable features that have out of France.
with this idea, but
long been witnessed." It is to be noted, too, that British delegates sympathized
days passed nothing developed by way of its
the large failures—those for $100,000 or more— as the
the well defined rumor
were fewer than in January of any earlier year back substantiation. At any rate,
in no instance was that President Wilson favored some other meeting
to, but not including, -1909 and
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
eau exploded the first and only
Premier Clemenc
ation, the total of mercantile disasters in January
any public record.
was only 673, against 1,178, 1,540 and 2,009, one, real bomb of which there has been
with the liabilities On Sunday, in the course of an interview, he asserted
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
g to cable advices,
moreover,the aggregates were 2,845 and $49,640,575, is a lull in the storm." Accordin
Premier caused a
the Rumely Co. insolvency then accounting for this and other statements of the
Conference circles. Careful
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
to warrant the alarming deductions that were
than a year ago, and to a greater or lesser extent seemed
ts of the
most lines shared in the reductions in liabilities of made. Apparently he voiced the sentimen
from 1918. French people, who feel that they must be amply
nearly 43/ million dollars in that division
Germany reIn the trading group defaults were decidedly fewer safeguarded against the possibility of
previous year, and the volume of indebted- opening the war after the demobilization of the
than in the
al of
ness they represented was the smallest for January French and English forces, and the withdraw
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
The days flitted by and it began to appear that this
were in the trading class.
$386,000
Wilson would be
The failures compilation for the Dominion of could not be, and that President
for home until some
Canada is in line with that of the United States in compelled to defer his sailing
the honor, which
making a very satisfactory showing. Number of day next week if he were to enjoy
voted to him, of reading the document to
disasters and volume of indebtedness are both below had been
, seem.
those of any preceding January for many years back the Conference. Late Thursday, however
of liabilities ingly one of those miracles to which he referred in
and only in trading lines does the total
on from the
furnish evidence of any stress, as compared with receiving earlier in the day a delegati
commercial failures in January num- French Association for a Society of Nations, was per1918. In all,
many
bered but 80, involving $1,887,991, against 105 for formed. After much backing and filling for
plan, consisting of 26
$2,287,510 a year earlier, 144 for $2,357,694 in1917, weeks, the final draft of the
of
and 200 for $3,038,805 in 1916. The manufacturing articles, was adopted as a whole by the League




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."
ions in
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
ded return to work on Wednesday. Shipyard strikers
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
of ers at Southport on Wednesday and asked for a sixtrial 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
the whole
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
American boots and shoes would be ale," porters of
"assassins guilty of the crimes laid to their charg
one-fourth of the quantity they
assistance and supplies lowed to bring in
and asserted that financial
On
anti- received in 1913, the year before the war.
of many kinds had been furnished to the
g that the export
an Thursday a cable was received sayin
Bolshevist Governments, simply because of
a of beans, rye flour, barley flour and oatmeal from
earnest desire to keep the rich sections of Russi
the United Kingdom to neutral countries is now
out of the hands of Germany. Suggesting that
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. violence"; restoration of
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 was 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
for the week ended Feb. 8 gained 33,838,162 francs, while general deposits were
British revenue returns
Flow that a net reduction of more than £33,000,000 augmented by 79,590,603 francs. On the other
was brought about in the volume of Treasury bills hand, silver holdings fell off 683,377 francs, bills
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 circula,
Feb. 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
Inc. 2,525,150 5,510,746,275 5,365,355,808 5,134,734,400
The Total
which compare with £32,107,000 last week.
274,499,584
252,167,509
314,804,875
683,377
Dec
Silver
621,032,442
total of Treasury bills outstanding is now £1,008,- Bills discounted Dec. 49,100,386 1,153,745,004 1,334,854,439 1,262,020,977
Dec. 4,598,762 1,226,637,379 1,229,078,037
,000 a week ago, and the Advances
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 Treasurydeposits.._ _Inc. 79,590,603 2,664,301,822 2,634,425,215 2,346,462,370
General
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
120,045,000 126,265,157 145,157,070 99,156,058 117,617,623 ninety-day bills, while money on call in London
Other deposits
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
5% centres.
5%
5%
53•1%
'5%
Bank rate
A heavy reduction in both aggregate and surplus
The Bank of France announces another gain in the
reserves was the feature of Saturday's bank stategold item this week, the amount being 2,525,150
House banks and trust
francs. This brings the Bank's total gold holdings ment of New York Clearing
with 5,365,- companies, and this was accompanied by substanup 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 re%
newals. 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% 414k4)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

'Z

•

i

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

1
Discounts—
Within 15 days,incl. membe
banks' collateral notes__ __ 4 4 4 43 434 43 4 4 434 43 434 434
16 to 60 days' maturity___ 4% 4% 4% 4% 4% 43( 4% 4% 4% 5 43 5
61 to 90 days' maturity_ 4% 434 44 4% 44 4% 434 434 5 5 5 5
Agricultural and live-stock
paper over 90 days
5 5 5
534 5 5 534 534 534 53i 53-( 534
Secured by U. S. certificates
of indebtedness or Liberty Loan bonds—
Within 15 days, inciudin
member banks' collat243j4 4 4 4
eral notes
4 4 4 4
14% 4 434
16 to 90 days' maturity
2
4% 43j 434 43'43 2431 2434 2434 43('434 434 434
Trade Acceptances
16 to 60 days' maturity
434 434 434 434 434 434 434 434 434 434 434 4
54a
61 to 90 days' maturity
414 4W 4W 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
-@4 76 9-16 and sixty days at 4 73M@4 73%. Monday'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/ for
2
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
centre finished at 5 45%, against 5 45%; cables at
5 453', against 5 45; commercial sight at 5 46%,
against 5 469', and commercial sixty days at 5 519',
%
2
against 5 513 last week. Lire closed at 5 363/ for
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

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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
'
reckoned carefully the cost, and I say deliberately
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 Governcanceling" huge orders
ment is even at this time "

FEB. 15 1919.]

THE CHRONICLE

613

confor supplies it does not now need. But such a provi- nine men with plenary powers over "general
ted does not argue a liberal duct"—and this in the days of democracy and
sion as is here contempla
Quixotic
interpretation of conduct. As requirements arise, liberty. Think, too, of setting up such a
Commission as a trade
it is intended apparently to prevent something, and body as the Federal Trade
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
of development, embodies the highest ethical stan- clothed with an undefined power it must needs seek
dards known in the intercourse of men—were this to exercise,and by doing so putting "business" to
not true the whole structure of credit on which it is endless trouble, expense, and confusion. We do
based would fall to the ground. So it is not neces- not seem to be able to view "business" as a correlated
say to re-enact the Decalogue; and no super-law of whole, woven of progress, enlightened by the exconduct 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
in business is as much guaranteed to the individual and get nowhere in our endeavors because there is
citizen by our form of Government as freedom of nowhere to go in the end but back to natural laws
speech and worship. What, when and where to that do control.
plant or to manufacture, where and when and how
What is the genesis of this condition? Why do
open a shop or store or set up a market for sale or we not stand up for the integrity, independence and
to
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
he looks at his attendance many of the ablest publicists, financiers,
he thinks more about America when
Liberty bonds and his War Savings stamps." In and business men of the city and country. Its plan
the campaign for the Third Loan, added Mr. Hemp- is to teach the immigrant the language and the
hill, persons of foreign birth bought 4073 millions, character and the opportunities of America; to
%
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.
have been made in wages, and as a consequence
Mr. Hemphill's remarks to the Council have a
bearing upon the need (already pointed out in the the showing as to the net earnings is steadily grow"Chronicle") of some earnest and well-directed ing poorer.
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
excess of
section of the American Bankers' Association, said the preceding year was considerably in
or
Mr. Hemphill, has an Americanization Committee, 100 million dollars, being in fact $102,757,756,
other words, the total of the gross
which is co-operating with the Council to reach the over 30%. In
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
that the money he sends roads earning gross over $1,000,000 per annum)
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 & Ohio
392,226
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_
economies in operation. Yet the best it was possible Louisville & Nashville 2,777,816 Kansas City Southern _ _ 332,231
314,722
Northern Pacific
2,697,642 Chicago Great Western_
309,034
to do, speaking of the railroad systems as a whole, Philadelphia & Reading_ 2,510,415 Maine Central
304,23
5
Chesapea
2,348,673 Chicago Ind & Louisv
295,044
was to cut expenses in amount of $3,108,672. The Southern ke & Ohio
Railway
2,327,866 Mobile & Ohio
293,72_
9
Union Pacific (3)
2,320.494 Union RR of Ponnsylv
284,33 .
6
gain in gross then was only moderate, namely $1,- Chic Burl & Quincy
2,250,916 West Jersey & Seashore_
244,530
Clove Cin Chic
2,065.987 Alabama
238,95
339,735. The two combined caused an improvement Lehigh Valley & St L.._ 2,031.204 Toledo StGreat Southern 221,93
Louis & West_
Chicago & North West
Central of Georgia
219,63
in the net of $4,448,407. In December 1910 a gain Southern Pacific (8)..... 1,887,242 Cumberland Valley
1,855,904
217,27
Michigan Central
1,841,492 Lehigh & Hudson River_
213,93
of $15,965,153 in gross yielded an addition to net Illinois Central
1,731,260 Wheeling & Lake Erie
207,67
Delaware Lack & West
1,723,659 Caro Clinch!& Ohio_ _ _ _
184,05
of only $2,498,454, according to the compilations NYNH& Hartford
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 Topeka & S
1,333,281 Bessemer & Lake Erie
172,50
Fe (3) 1,326,702 Florida
165,15
Minn St
December 1909 a gain of $16,720,194 in gross was Wabash Paul & S S M 1,325,093 SpokaneEast Coast
Port & Seattle_
162,65
1,274,651 Norfolk Southern
150,43
N Y Chicago &
attended by an actual loss in net of $185,996. In Boston & MaineSt Louis 1.211,573 Mo Kan & Texas of Tex 150,30
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 Coast Lino
135,751
1,011.786 Los Angeles & Salt
135,885
Chicago R I & Pac (2)
for each year back to 1896. For 1910, 1909 and Elgin Joliet & Eastern... 875,017 St Louis SouthwestLake 131,629
(2).
842,875 Kanawha & Michigan
122,818
Pittsburgh & Lake Erie_
821,686 Detroit Toledo & Ironton
1908 we use the Inter-State Commerce totals, but Central RR of N J
121,899
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
701,912 Tennessee Central
yet begun to require monthly earnings) we give the Grand Trunk & Texas
103,202
Western
687,372 Georgia
100,395
Texas
611,324
results just as registered by our own tables each year Yazoo & Pacific
& 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
520,930
being always unrepresented in the totals, owing to Chicago & Alton Pac_ 518,110 Duluth Missabe & Nor_ _ Decrease.
$102,890
517,290
the refusal of some of the roads at that time to Colorado & Southern (2) 485,183 Representing 1 road
Denver & Rio Grande_ _ _
Western Maryland
468,746
in our compilation__
$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.
returns do not show the total for any system, Where, however, these
have
separate roads, so as to make the results conform we nearly combined the
Year.
as
as possible to
those given in the statements furnished by the companies
Year
Year
themselves.
Increase or
Year
Year
a This is the result for the Pennsylvania RR.,
Increase or
Given.
Preceding. Decrease.
Given.
Preceding. Decrease.
vania Company, and the Pittsburgh Cincinnati together with the PennsylChicago & 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. $1,496,24
1896._ 51,220,114 52,520,887 -1,300,773 17,883,104 17,930,398
b These figures cover merely the operations of the New 7 increase.
-747,294
67,542,721 59,449,009 +8,093,712 23,700,713 20,129,314
1897
York Central
1898 _- 70,810,178 66,979,889 +3,830,289 24,790,227 23,220,664 +3,571,399 itself. Including the various auxiliary and controlled 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.
1901 __ 06,268,122 92,628,931 +3,639,191 33,354,272 33,760,831 +4,037,502
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.
1903_... 106,978,224 102,028,99 +4,049,234 33,726,576 34,199,78 +2,353,390
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. Chicago
$786,634
Great Western_
$475,206
1905...133,775,02 119,125,948 +14,649,172 46,525,454 38,842,111 +4,382,939 Grand 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 Minneapolis & 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
342,525
1911
233,614,912232,275,177 +1,339,735 61,225,377 56,766,97 +4,448,404 Philadelphia & Reading_
416,464 Central Vermont
7 Delaware
338,425
1912
203,768,603234,087,361 +29,681,242 81,701,974 72,932,360
Lack & West
414,563 N Y Ont & Western....
324,532
1913
254,218,891 266,224,678-12,005,787 68,800,626 82,622,271 +8,769,614 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 Kansas City Southern
-17,804,301
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 Grand Rapids & Ind_ _ _ _
12f1 e.-1
S7Pfn 189V20;tihneglibiL?fin.°1249InilOceln
e oli 1911Dif)
12T• rlh
241,043
4 e 1;
2
147,275 Norfolk & Western
105; in 1903, 99; In 1904, 95; in 1905, 96;In 1908,96; In 1907,89; in 1908 eTti r as Lehigh & Hudson River_
224,129
145,462 New Orl Tex & Max (3)
were based on 232,007 miles of road;In 1909, 239,481;in 1910, 241,364;In the returns N Y Phila & Norfolk
221,571
1911, 238,109,659 Central of Georgia
561; In 1912, 238,072; in 1913, 243,322; in 1914, 246,807; in 1915, 248,437; in 1918, Wabash
214,594
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
111,048
NY N II & Hartford_ _ _ 1,431,419 Chicago Ter & Aran Pass
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 Pennsylvania Company
and the
!leg Pigug crase
8 i merely
3 s
operationt .t11 24 8
ols
.0
itself. Including the various auxiliary and...1i
controlled
k
Michigan Central, the "Big Four," &c., the whole going roads. Ike the
York Central System, the result is a loss of $2,410,534. to form the New
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
bales in December 1917,
039 bales, against 431,246
by groups is as follows:
in
758,104 bales in December 1916 and 289,120 bales
.
SUMMARY BY GROUPS
Gross Earnings
At the Southern outports the reDecember 1915.
Inc.(+)or Dec.(-)
1917.
1918.
Section or Group$
were 644,588 bales, against 612,115 bales
December
031 23.52 ceipts
14,024,083 +3,298,
Group 1( 7 roads), New England__ 17,322,114
with 760,258
84,743,178 +38,446,425 45.36 in December 1917, but comparing
Group 2 (33 roads), East & Middle__ _123,189,603
_ _ _ 54,251,317 38,560,525 +15,690,792 40.69
Group 3 (28 roads), Middle West_
962,606 bales in 1915 and 1,717,102
47,527,197 +14,550,399 30.62 bales in 1916,
Groups 4 & 5(34 roads), Southern____ 62,077,596
,351 28.80
71,315,976 +20,541
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
438,365.327 335,607,571+102,757,756 30.62
Total (192 roads)
Net Earnings
(-)
1917. Inc.(+) or Dec.
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
20,050,576 -13,404,598 66.85
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
19 -41,078,870 47.84
232,774 232,399 44,738,149 85,767,0
Total
-Group I. includes all of the New England States.
NOTE.
ania except that portion west
Group II. Includes all of New York and PennsylvDelaware and Maryland, and
of Pittsburgh and Buffalo; also all of New Jersey,
West Virginia.
the extreme northern portion of
n except the northern
Group III. includes all of Ohio and Indiana: all of Michiga west of Buffalo and
ania
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 Dakota and North Dakota
of South
Minnesota, Wisconsin, Iowa and Illinois: all City; also all of Montana, Wyoming
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.
Oklahoma, Arkansas and
Groups VIII. and IX. combined include all of Kansas,
and 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
New Mexico north of a line running from the northwesEl Paso.
to
Santa Fe and east of a line running from Santa Fe
ton, Oregon, Idaho, California, Nevada, Utah
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

1918.

1917.

1916.

1915.

1914.

188,863 165,862 306,476 358,571 631,815
88,944
72,373
58,826
16,509
15,492
190,102 230,243 160,004 229,255 303,729
31,067
19,217
13,997
6,201
28,641
9,480
10,728
16,004
11,270
8,939
93,168 103,041 356,159
95,353
121,023
14,500 39,000
16,500
10,000
5,150
87,211
28,765
19,578
27,090
25,923
582
39,152
14,691
5,855
7,119
11,812
93,954
87,166
69,850
41,595
42,378
36,591
23,717
873
265
2
644,588 612,115 760,258 962,606 1,717,10

1913.
335,951
103,220
385,632
80,776
28,084
215,587
29,700'
53,065
52,243
109,726
19,477
1,419,461

ESS.
WAR REVENUE BILL PASSED BY CONGR
War Revenue bill, which was agreed on in conferenceThe
6th inst.,
last week, and was reported to the House on the
wing a diswas passed by that body on the 8th inst. (follo
the final
cussion of six hours), by a vote of 310 to 11. On
and Rayroll seven Democrats-Blackburn, Alabama; Dies
ns and
burn, of Texas, and Humphreys, Sisson, Stephe
voted with four Republicans, Dyer,
Venable, MississippiSells, of
Missouri; Langley and Powers, of Kentucky, and
roads, the poor net Tennessee, against the conference bill. A motion by
In the case of the Western
ve Venable to recommit the bill and strike out
receipts have been made in face of a very heavy grain Representati section was defeated, 171 to 15. Besides the
the child labor
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
were 49,382,000 bushels, as against 15,757,000 discharged from military service. On the 10th inst. Chairts man Kitchin, of the House Ways and Moans Committee,
bushels in the same four weeks of 1917; the receip
of announced that as soon as the bill was signed by President
of corn 16,198,000 bushels, against 15,440,000;
for the repeal of the.
of Wilson he would introduce a resolution
oats 28,020,000 bushels, against 20,032,000;
luxury taxes applying to wearing apparel.
so-called
the bill was
barley 8,523,000 bushels, against 7,735,000, and
On the 10th inst. the conference report on
ls. reported to the Senate; final action on it in that branch or
,000 bushels, against 2,055,000 bushe
of rye 5,509
the 13th, when it was passed
For the five cereals combined the aggregate of the Congress was delayed until a few negative votes, it is said,.
107,632,000 without a record vote. Only
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
our usual form are shown of the President for his approval. A resolution which would
Western grain movement in
tax return
extend the time under the Act for filing income
in the table we now present:
10 by
rom March 15 until April 15 was introduced on Feb.
TS.
WESTERN FLOUR AND GRAIN RECEIP
Indiana.
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.)
Chicago
552,000 although no general extension of time for filing income tax
0 11,831,000 2,072,000
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
Milwaukee
494,000
5,452,000 1,161,000
which cannot complete re644,000
1,672,000
58,000
1918_ _ _
348,000 on that day that corporations
1,915,000 1,613,000
938,000
367,000
97,000
1917._
by March 15 will be permitted to return the estimated
St. Louis
24,000 turns
62,000
1,448,000
1,428,000
1,758,000
1918...... 230,000
56,000 tax and make a revised return within forty-five days. It
54,000
1,682,000
1,431,000
977,000
256,000
1917_ _ _
be
Toledo
was explained that by this plan the Government would
703,000
136,000
215,000
1918_
23,000
343,000
144,000
321,000
collect the approximate installment due next month
1917
able to
ly needing
Detroit
300,000
154,000
83,000
to meet its urgent needs, and corporations actual
1,000
1918....
282,000
189,000
The dis160,000
39,000
1917_.._
an extension of time would in effect receive it.
Cleveland
90,000
1,000
183,000
67,000
25,000
12,000
1918_ _ _
s added:
6,000 patche
9,000
388,000
165,000
95,000
75,000
1917.... _
Peoria
41,000
292,000
1018_ _ _
387,000
184,000
1917_ _ _
Duluth15,814,000
19182,853,000
1917_
Minneapolis17,151,000
1918_
7,238,000
1917_
Kansas City
2,635,000
17,000
1918._ _
1,453,000
1917
and Indianapolis
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

2,000

2,208,000
2,350,000

Total of All
00 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
Last week we gave a portion of the Revenue Bill as
g been 32,152 carloads in December 1918, as
havin
518 to 525); to-day, on the pages
by Congress (pages
against 26,522 carloads in December 1917 and the immediately:succeeding, we give the remaining portions.
ts at Omaha 12,129 carloads, against 9,174.
receip



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
consisting or to be made by
him to separate creditors the collector shall, if
of one-fourth of tho total amount of the tax. The first installm
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
the Commissioner so provides in granting the extentsion. In any
(specifying the same) 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 this title, or who willfully attempts in any
amount
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
Revised Statutes of dividends, stating the name and address of each stockholder, the numas amended, the amount of tax determined to be duo
under such return ber of shares owned by him, and the amount of dividends paid to him.
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
(g) If the Commissioner finds that a taxpayer designs
of the Secretary
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.

gs of such trade or business
and the undistributed profits or earnin
st upon the bonds of foreign 1918,
ed in Section 211, but amounts
payable in the United States) of intere
not be subject to the surtax impos
(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
porations by individuals, corporations
payments of such ness shall be taxed
shall, so far as practicable, apply
collection of foreign
matter of business or for profit the
of Titles II and III relating to corporations
, or bills of exchange.
aph shall not apply to
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
When necessary to make effective the
r,
demand of any trade or business the
ent of income shall be furnished upon
ed capital for such year; Provided, furthe
and address of the recipi
was less than 20% of its invest
e. .
aph shall pay the
rship paying the incom
er who takes advantage of this paragr
the individual, corporation, or partne
first subdivision of
the calendar year 1918 and That any taxpay
apply to
Act and by the
The provisions of this section shall
tax imposed by Section 1000 of this
shall not apply to the payment of inas if such taxpayer had been a
each calendar year thereafter, but
Section 407 of the Revenue Act of 1916,
with a capital stock having no par
the United States.
terest on obligations of
corporation on and after Jan. 1 1918,
value.
Returns to be Public Records.
in existence both during the taxable
has been determined by the
If any asset of the trade or business
257. That returns upon which the tax
the invested capital for the taxable
Sec.
s; but they shall be open to in- year and any pre-war year is included in
record
year, or is
Commissioner shall constitute public
tions year but is not included in the invested capital for such pre-war
the President and under rules and regula
ed capital for the taxable
spection only upon order of
President: Provided, valued on a different basis in computing the invest
the Secretary and approved by the
rules and regulations
, then under
prescribed by
imposing an income tax may, upon year and such pro-war year, respectively
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
tation
the request of the Governor thereof,
e of the such readjustments shall be made as are necessary to place the compu
ct thereof showing the name and incom
yed in deporation, 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.
fide stockholders of record owning terminhig the invested capital for the
scribe: Provided further, That all bona
nization, consolidation, or change of
g
makin
Sec. 331. In the case of the reorga
stock of any corporation shall, upon
e of ownership of property, after
1% or more of the outstanding
d to examine the annual income re- ownership of a trade or business, or chang
or business or property
request of the Commissioner, be allowe
. Any stockholder who March 3 1917, if an interest or control in such trade
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
pursuant to the provisions of this sectio
us owners shall, for the purpose of
known in any manner whatever not transferred or received from the previo
r value than would have
of any corporation, and who makes
e, profits, losses, expendi- determining invested capital, be allowed a greate
law the amount or source of incom
the invested capital of such
provided by
disclosed in any such return, been allowed under this title in computing
forth or
so transferred or received; Protures, or any particular thereof, set
be punished by a fine not exceeding previous owner if such asset had not been
of
shall be guilty of a misdemeanor and
was not a corporation, then the value
vided, That if such previous owner
nt not exceeding ono year, or both.
at its cost of acquisition
$1,000, or by imprisonme
in each year cause to be any asset so transferred or received shall be taken
proper allowance
ssioner shall as soon as practicable
The Commi
as he
previous owner) with
public inspection, in such manner
(at the date when acquired by such
on
prepared and made available to
or development, but no additi
collector in each Internal Revenue Dis- for depreciation, impairment, betterment
ted
may determine, in the office of the
ning the
for any charge or expenditure deduc
contai
to the original cost shall be made
the net
places as he may determine, lists
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
purposes of taxation.
income of such previous owner for
s in such district.
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
Sec. 258. That the Commissioner,
beginning in 1917 and ending in
ably available with
publish annually statistics reason
on) makes return for a fiscal year
porati
sum of:
shall prepare and
profits and excess-profits tax
e year under this title shall be the
the operation of the income, war
1918, the tax for the first taxabl
respect to
ts
for the entire period computed under
ers and of income, the amoun
(1) The same proportion of a tax
laws, including classifications of taxpay
d
period falling
which the portion of such
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
within the calendar year 1917 is
pertinent and valuable.
computed under this title at the
proportion of a tax for the entire period n 301 which the portion of such
Collection of Foreign Items.
ision (a) of Sectio
period.
ations, or partnerships under- rates specified in subdiv
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
ter paid on account of the
taking as a matter of business or for
Any amount heretofore or hereaf
checks, or bills of
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
fiscal year by this title,
exchange shall obtain a license from
ation toward the payment of the tax imposed for such
Government to obtain the inform
the tax imposed by this
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
ary, shall prescribe; and whoever
Secret
of Section 252.
and
ed a license therefor, or without with the provisions
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
under this title shall be the sum
complying with such regulations, shall
one year, ending in 1919, the tax for such fiscal year
ted under
oned for not more than
tax for the entire period compu
be fined not more than $5,000, or impris
g
of: (1) the same proportion of a
the portion of such period fallin
or both.
subdivision (a) of Section 301 which
(2) the same
ns of United States Possessions.
; and
Citize
year 1918 is of the entire period
is a citizen of any possession of the within the calendar
ted under subdivision (b)
Sec. 260. That any individual who
who is proportion of a tax for the entire period compu
the
a citizen of the United States) and
portion of such period falling within
United States (but not otherwise
to taxation under this or (c) of Section 301 which the
shall be subject
of the entire period.
not a resident of the United States,
return for a
s within the United States, and calendar year 1919 is
al service corporation makes
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
in such case the tax shall be compu
persons who are fiscal year beginning in 1917 and ending
of the
conditions as in the case of other
period computed under Title II
subject to the same
proportion of a tax for the entire
g withia the
such sources.
portion of such period fallin
taxable only as to income derived from
Revenue Act of 1917 which the
s.
Porto Rico and Philippine Island
year 1917 is of the entire period.
for any
tax calendar
or personal service corporation
the Philippine Islands the income
Any tax paid by a partnership
Sec. 261. That in Porto Rico and
proshall be immediately refunded to
with the
beginning on or after Jan. 1 1918
collected, and paid in accordance
period
ted.
shall be levied, assessed,
a tax erroneously or illegally collec
as amended.
the partnership or corporation as
shall
visions of the Revenue Act of 1916
not exempt under Section 304,
be paid under Title I of such Act
Sec. 336. That every corporation,
s shall be made,
ns shall be made and taxes shall
Retur
return
s, as the case may be, by (1) every make a return for the purposes of this title. Such
,
in Porto Rico or the Philippine Island
Philippine
be paid,at the same times and places
resident of Porto Rico or the
and the taxes imposed by his title shall
ed in
individual who is a citizen or
(2) every corporation in the same manner, and subject to the same conditions, as is provid
s income from sources therein, and
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
of Title II,
income from sources therein. An
e from poses
the taxes imposed by this
appliable to
pine Islands but derives incom
cluding penalties, are hereby made
a resident of Porto Rico or the Philip
Rico or the Philippine Islands as a title.
or gas wells, or
sources therein, shall be taxed in Porto
ation created or organized
case of a bona fide sale of mines, oil
a corpor
Sec. 337. That in the
non-resident alien individual, and
of the property has been
e from
Philippine Islands and deriving incom as a any interest therein, where the principal value discovery work done by
outside Porto Rico or the
ation and
Rico or the Philippine Islands
demonstrated by prospecting or explor
attributable to
sources therein shall be taxed in Porto
of Section 216 and of Paragraph the taxpayer, the portion of the tax imposed by this title
n corporation. For the purposes
foreig
of such property or
a tax imposed in Porto Rico or the such sale shall not exceed 20% of the selling price
(6) Subdivision (a) of Section 234
d
e of a corporation shall not be deeme
Interest.
Philippine Islands upon the net incom
TITLE IV.—ESTATE TAX.
this title.
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
pine Islands, respectively.
r, any person who takes possession
in Porto Rico or the Philip
or, if there Is no executor or administrato
of any property of the decedent; and
AND EXCESS PROFITS TAX.
collector of internal revenue of the
TITLE III.—WAR PROFITS
The term "collector" means the
published by us last
nt at the time of his death,
II, Part III, Part IV and Part V were
was the domicile of the decede
district in which
[Part I, Part
United States, then the collector of
or, if there was no such domicile in the
week.]
estate of the decedent
PART VI.—REORGANIZATIONS.
is situated the part of the gross
e the district in which
of the gross estate is situated in more
reorganization, consolidation, or chang
in the United States, or, if such part
t
Sec. 330. That in the case of the
a
tor of internal revenue of such distric
a trade or business now carried on by
than one district, then the collec
of ownership after Jan. 1 1911 of
er.
title be deemed
ation shall for the purposes of this
may be designated by the Commission
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
capital of such predecessor trade or
following percentages
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
or business was
net estate of every decedent dying
predecessor trade
the transfer of the
the
capital of such corporation. If such
r hereby imposed upon
er a resident or nonresident of
dual the net income for the pre-wa
after the passage of this Act, wheth
carried on by a partnership or indivi
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
manner as provided for corporations
net estate exceeds $50,000 and does not
upon the same basis and in the same
2% of the amount by which the
or compensation to each
ion for salary
Title II, including a reasonable deduct
exceed $150,000;
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
1919 of
zation as a corporation before July 1
In the case of the organi
e-producing factor exceed $250,000:
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
and which was previously owned by
exceed $450,000;
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
reorganization may at the option
H and HI;in which exceed $750,000;
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
event the net income and invested
exceed $1,000,000:
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
time data as may be necessary to establish the correct tax.
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
at or after, his death, except in case of a bona fide sale for
decedent's death;
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,
(1) Such amounts for funeral expenses, administration
except as in this section
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
expended such excess and demand payment thereof. If such
for the support during the settlement of the estate of those
excess part of the tax
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
but not including any income taxes upon income received administered, period until paid, and the amount of such excess shall be a lien upon the
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 decree of the court. From the proceeds
thereof, or the District of Columbia, for exclusively
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,
private stockholder or individual, or to a trustee or trustees
exclusively for the estate passing to or in the possession or collected out of that part of
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.
of his entire gross estate, wherever situated, but in no case shall
If any part of the gross estate
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
(2) An amount equal to the value at the time of the decedent'
of the total tax 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
beneficiary 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
(3) The amount of all bequests, legacies, devises, or gifts, to
discharged or provided for
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
y shall be personally liable
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
of such property sold by such
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
ent not exceeding one year,
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
any information concerning the estate
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
officer of the United
request to the Commissioner or any collector or law
deputy or agent, who desires to examine the
States, or his duly authorized
liable to
same in the performance of his duties under this title, shall be
in a
a penalty of not exceeding $500, to be recovered, with costs of suit,
civil action in the name of the United States.
TITLE V.—TAX ON TRANSPORTATION AND OTHER FACILITIES, 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—
the transportation
(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
point without the United States to a
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 mechanestablished line when in competition with
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
section shall be construed
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
the commodity transported, or for any
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
be computed (1) on the basis of the rates or
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
is collected
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.
information,
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
due, there shall be added as
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
the issuance of insurance policies, inAct 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
broker, whether acting
livery within the United States by any agent or
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
the tax shall be equivafor 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,
(e) A tax equivalent to 8% of the amount paid for the transporta
amount of the first
payment plan of insurance, the tax shall be 40% of the
oil by pipe 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;
within the
1 cent on
message or conversation, which originates on or after such date
(b) Marine, inland and fire insurance: A tax equivalent to
more than
United States, and for the transmission of which the charge is
part thereof of the premium charged under each
cents, a tax of 5 cents; and if the charge is each dollar or fractional
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
such tax shall be required, notwithstanding the lines or stations of
against peril by sea or inland wator 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
equivalent to 10% of the amount paid after such date to any fractional part thereof of the premium charged under each policy of in(g) A tax
talking circuit
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
transacting the
so much of such service as is utilized (1) in the colto the amount paid for
Title XI.) issued or executed or renewed by any person
in
and dissemination of news through the public press. or(2) the business of employers' liability, workmen's compensation, accident, health,
lection
of its
automatic sprinkler,
conduct, by a common carrier or telegraph or telephone company,
tornado, plate glass, steam boiler, elevator, burglary,
and insurbusiness as such.
automobile or other branch of insurance (except life insurance
be imposed under this section upon any payment resubdivision): Provided, That in
(h) No tax shall
Territory ance described and taxed in the preceding industrial or weekly or monthly
for services rendered to the United States or to any State or
the
ceived
on
this subdivision case of policies of insurance issued
or the District of Columbia. The right to exemption under
40% of the amount of the first weekly
the approval payment plan the tax shall be
as the case
shall he evidenced in such manner as the Commissioner, with
premium or 20% of the amount of the first monthly premium,
of the Secretary, may by regulation prescribe.
may be;
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
this
the person paying for the services or facilities rendered.
e, shall be exempt from the taxes imposed by
tion or accommodation was policies of reinsuranc
(b) If a mileage book used for transporta
section.
upon the issu1917, or if cash fare is paid, the tax imposed by
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
when presented ance of which a tax is
or paying the cash fare, by the conductor or other agent,
duplicate, and pay such tax to the collector of the district
and the amount so collected under oath, in
for such transportation or accommodation,
or place of business of such person is located.
times as the in which the principal office
made at such time
shall be paid to the United States in such manner and at such
Such returns shall contain such information and be
ner, with the approval of the Secretary, may prescribe: if a and in such manner as the Commissioner, with the approval of the SecreCommissio
used before
ticket (other than a mileage book) was bought and partially
so used before tary, may by regulation prescribe. t by the Commissioner or notice from
Nov. 1 1917 it shall not be taxed, but if bought but not
The tax shall, without assessmen
not be valid for passage until the tax has
at the time so fixed for
section 500 takes effect, it shall
the collector, be due and payable to the collector
such payment evidenced on the ticket in such manner as filing the return. If the tax is not paid when due, there shall be added as
been paid and
by regulation
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
500 shall apply to all services or facili(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
collected on all distilled
agency rendering them is a common carrier. In case a carrier
Sec. 600. (a) That there shall be levied and
tion services or
produced
,a pipe line) principally engaged in rendering transporta
in bond or that have been or that may be hereafter
its ownership of the goods trans- spirits now
spirits as are
facilities for hire does not, because of
in or imported into the United States, except such distilled
any other reason, receive the amount which as a carrier it subject to the tax provided in Section 604, in lieu of the internal revenue
ported, or for
to the tax
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
cannot be corn- beverage purposes or for use
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 to the tax imposed by this Act on
Section 50 of an Act entitled "An Act to reduce
by
distilled
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 of rectification is completed and the taxes
takes effect may at the option of the owner remain in bond
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
and bonds as the Secretary may prescribe, the provision
conditions
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
and such packages, when so deposited in warehous
wherever else in his judgment such action may be deemed
e, may be withdrawn
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
warehouse for a period not exceeding thirty days from
of protecting the revenue, and such meters, tanks, and pipes
the date of deposit.
and
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
rate for any other quantity or for
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.
Act taxable fermented
Sec. 609. That from and after the passage of this
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
purposes," approved
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:
Act entitled "An Act to
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
amende to read
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
records and the
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
liability of any
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
Commissioner, with the approval
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
fermentation resulting from the distillation of fermented grape juice,
the product made from the normal alcoholic
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
ation and economical distillation thereof,
treatment of clarifying and aging: purpose of facilitating the ferment
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
commercial grape
Provided, however, That the product made
cellar treat- commonly known as grape brandy, and shall include
complete fermentation of the must under proper of a gauger brandy which may have been colored with burnt sugar or caramel; and the
grapes by
supervision
the
ment and corrected by the addition (under
with wine spirits under the provisgauger) of a solution of water and pure sweet wine which may be fortified
with
or storekeeper-gauger in the capacity of
than sions of this Act is fermented or partially fermented grape juice only,
dextrose sugar (containing, respectively, not less
substance whatever
pure cane, beet, or
must or to the wine, the usual cellar treatment, and shall contain no other
except as herein
actual sugar, calculated on a dry basis) to the
ation,
95%.of
addition shall not increase the introduced before, at the time or, or after ferment
of pure boiled or condensed
to correct natural deficiencies, when such
and the resultant product expressly provided: Provided, That the addition
volume of the resultant product more than 35%,d of acid before fermenta- grape must or pure crystallized cane or beet sugar, or pure dextrose sugar
does not contain less than five parts per thousan
of actual sugar, calculated on a
after complete fermentation, shall containing, respectively, nor less than 95%
pure grape juice before
tion and not more than 13% of alcohol
Act, and may be labeled, dry basis, or water, or any or all of them, to the
of this
be deemed to be wino within the meaning
ed product of such grape juice, or to both,
qualified by the name of the locality fermentation, or to the ferment
either for the purpose of
transported and sold as "wine,"
d by the name of its own prior to the fortification herein provided for,
ds or for mechanical
where produced, and may be further qualifie
That wino as defined perfecting sweet wines according to commercial standar
type or variety: And provided further,
sweet wine aforeparticular
or beet sugar or pure purposes, shall not be excluded by the definition of pure
cane sugar
In this section-may be sweetened with
cane or beet sugar, or pure dextrose sugar
under the provisions of this Act, and said: Provided, however, That the
condensed grape must and fortified
be in excess of 11% of the
ed sweet wine within the added for sweetening purposes shall not
addition
winos so sweetened or fortified shall be consider
weight of the wine to be fortified: And provided further, That theCommisAct.
meaning of this
such regulations as the
including vermouth, and all artificial of water herein authorized shall be under
the Secretary of the TreasSec. 611. That upon all still wines,
l of
as still wino, which are hereafter sioner of Internal Revenue, with the approva
however, That records
or imitation wines or compounds sold
or which on the day after ury, may from time to time prescribe: Provided,
saccharine,
produced in or imported into the United States,
prem- kept in accordance with such regulations as to the percentage of
other bonded
this Act are on any winery premises or
offered for fortification
the passage of
there shall be levied, acid, alcoholic, and added water content of the wine
house,
ses or in transit thereto or at any custom
of the Department of Agriculture
revenue taxes now imposed thereon shall be open to inspection by any official
case shall
collected and paid,in lieu of the internal
tion thereto duly authorized by the Secretary of Agriculture; but in no
tion under
as follows, when sold, or removed for consump
by law, taxes at rates
such wines to which water has been added be eligible for fortifica
fermentation and before
after
or sale:
of absolute alcohol, 16 cents the provisions of this Act, where the same,
On wines containing not more than 14%
less than 5% of their volume.
taxable under this section to fortification, have an alcoholic strength of
ion, and
per wine gallon, the percentum of alcohol
45. That under such regulations and official supervis bills of
"Sec.
be reckoned by volume and not by weight; not exceeding 21% of absolute upon the execution of such entries and the giving of such bonds,
Revenue, with
On wines containing more than 14% and
lading, and other security as the Commissioner of Internal
producer
alcohol, 40 cents per wine gallon;
l of the Secretary of the Treasury, shall prescribe, any
than 21% and not exceeding 24% of absolute the approva
spirits from
On wines containing more
of pure sweet wines as defined by this Act may withdraw wine registered
wine gallon;
from any
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
missioner, with the approval of the Secretar
ioner of Internal Revenue, with
ns of this title, may withdraw from any disposition of the same as the Commiss
of wines defined under the provisio
y, shall prescribe, in fortifying
se grape brandy, or wine spirits, the approval of the Secretary of the Treasur
in accordance
fruit distillery or special bonded warehou
actually made: the pure sweet wines made by him, and for no other purpose,
Commissioner of
tion of such wines on the premises where
for the fortifica
against the producer of with the foregoing limitations and provisions; and the the Treasury, is
assessed
Provided, That there shall be levied and
the Secretary of
l
-revenue tax now imposed thereon Internal Revenue, with the approva of
prevention of
such wines a tax (in lieu of the internal
r authorized whenever he shall deem it to be necessary for the
proof gallon of grape brandy or wine spirits wheneve
withdrawn under this
by law) of60 cents per
tion of such wines violations of this law to prescribe that wino spirits
certain distance
hereafter so used by him in the fortifica
withdrawn and
wines except at a
assessment shall be paid by him within section shall not be used to fortify
during the preceding month, which
y, rectifying house, winery, or other
thereof: Provided further, That nothing prescribed by him from any distiller
ten months from the date of notice
ng or storing distilled spirits, or for making
d as exempting any wines, cordials, establishment used for produci
which are so fortified, and that in the
contained in this section shall be construe
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
on shall be stored in any room
in this title.
which arc hereafter produced other than those permitted by this regulati
g articles
Sec. 613. That upon the followin
fortification of wines is practiced. The
or which on the day after the passage or part of the building in which
under this
in or imported into the United States,
or in transit use [of wine spirits for the fortification of sweet winos officer !of
winery premises or other bonded premises
ion of an
of this Act are on any
collected and paid Act shall be under the immediate supervis
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:
the packtaxes at rates as follows, when sold
fortified, and shall affix such stamps and seals to ioner of
container of champagne or sparkling wine, 12 tities of wine so
Commiss
On each bottle or other
ages containing such wines as may be prescribed by the
pint or fraction thereof;
the Treasury; and
cents on each one-half
the approval of the Secretary of
r of artificially carbonated wine, 6 cents Internal Revenue, with
l of the Secretary
On each bottle or other containe
the Commissioner of Internal Revenue, with the approva
thereof;
wines
on each one-half pint or fraction
y, shall provide by regulations the time within which
container of liqueurs, cordials or similar com- of the Treasur
subject to inspection,
On each bottle or other
ng sweet wine so fortified with the wine spirits so withdrawn, may be
and for rowarehouswhatever name sold or offered for sale, containi
of such wine spirits
pounds, by
each one-half pint or fraction thereof. and for final accounting for the use
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,
of remain not used in fortifying pure sweet wines."
is now imposed by law, be in lieu
execution of such
a corresponding internal-revenue tax
Sec. 618 (a) That under such regulations and upon the ioner, with the
security as the Commiss
such tax.
in section 611 or 613 upon which notices, entries, bonds and other
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
winery where prothe internal-revenue tax now imposed
d tax imposed by Section 611 may be removed from the
passage of this Act held by any person and intende
premise§ or from such premare on the day after the
tax equal to the duced, free of tax, for storage on other bonded
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.
or for
difference between the tax imposed
, or for exportation from the United States
held for sale by the producer thereof moval shall be allowed)
distillery: Provided,
See. 615. That upon all sweet wines
, use as distilling material at any regularly registered
shall, subject
passage of this Act there shall be levied, assessed
upon the day after the
distiller using any such wine as material
nt to 30 cents per proof gallon upon however, That the
Statutes, as amended, be
collected and paid a floor tax equivale the fortification of such wine.
to the provisions of Section 3309 of the Revised
both the
grape brandy or wine spirits used in
on the product of such wines as will include
the
section 611 or 613 shall be paid by held to pay the tax
by
that obtained from
See. 616. That the taxes imposed
c strength therein produced by fermentation and
wines from the custom house, winery or other alcoholi
of fortification.
stamp on removal of the
added to such wines at the time
or sale, and every person hereafter the brandy or wine spirits
ioner, with therapbonded place of storage for consumption under this control when this title
(b) Under regulations prescribed by the Commiss
ng, or having in his possession or
produci
y, it shall be lawful to produce grape wines on bonded
tax imposed in section 611 or 613 shall proval of the Secretar
the
method, and to transport arid use the same
takes effect, any wines subject to
s on which such wines are produced winery premises by the usual
stored on bonded winery
file such notice, describing the premise
such inventories and like wines heretofore produced and now
execute a bond in such form; shall make
production of nonbevorage spirits
or stored; shall
consumption, affix to premises, as distilling material for the
or removal for
under oath; and shall, prior to sale
olic wines, containing less than M of 1%
wine such marks, labels or stamps as in the production of nonalcoh fruit brandy or industrial distillery: Proeach cask or vessel containing such
by volume, in any
approval of the Secretary, may from time to of alcohol
c
so obtained at any industrial distillery shall
he Commissioner, with the
d in such notice shall, for the sided, That all alcoholi spirits
be
line prescribe; and the premises describe premises. But the provisions be denatured, and all spirits so obtained at any fruit distillery shall
rago purposes or for denaturation. Iret!
urpose of this Act, be regarded as bonded
the affixing of the required removed and used only for nonbeve the tax on imported still wineslintax and
t
Pf this section, except as to paymen of held by retail dealers, as defined
Sec. 619. That the collection of
g champagne, andion
amps or labels, shall not apply to wines
regulations pros eluding verrnuth, and sparkling wines, includin
the Revised Statutes, nor, subject to
section 3244 of




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 filtration-mash distilleries."
aeration process shall apply only to sweet
Soc. 624. That under such regulations as the Commissioner, with 'the
Secretary, may prescribe, alcohol or other distilled spirits
approval of the
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 one
eighth 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 to Dec. 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
to carrying on or doing business, equivalent to $1 for each
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
and paid annually, in lieu of the taxes imposed by section 408 of the Reve• 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
and in the case of every such domestic company the
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.
cigars shall each pay $6;
shall apply to all returns filed with the Commissioner for exceed 100,000
(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;
shall pay $50. Every person whose business it is to nego(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 manuorganization was $2,000, or more, but not more than $5,000,
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
freights and other business for the owners of vessels,
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 folto arrange entries and other customhouse
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
500 and not ex600, 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
same number of twelfths of the amount of the tax as the number of
for concerts or theatrical representations, and not including the
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
following July 1.
societies or organizations or exclusively be) remaining prior to the
to the benefit of such institutions,
for the
If the tax imposed by section 603 of tho Revenue Act of 1917
benefit of persons in the military or naval forces of the United
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
as the Commissioner,
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
tax duo under this section in respect to the use of such boat, or be
edifice is under lease at the time the tax is duo, the tax'shall be paid first
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.
Every build- spect to the use of such boat.
(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
the amount by which
a receipt in lieu of spec11 .,ax stamp for
In one State, Territory, or the District of Columbia shall exempt exhibi- may issue
and evidenced
tax under this title is in excess of that paid or payable
tions from the tax in another State, Territory, or the District of Columbia, the
under the Revenue Act of 1016. Such receipt shall be posted
but one special tax shall be imposed for exhibitions within any one by stamp
and
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
Section 407 of the Revenue Act of
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
special tax paid in one State, Territory, or the District of Columbia shall 1916
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:
tax is imposed by sections 1000, 1001 or 1002, without
further, That this paragraph shall not apply to Chautauquas, for which'a special
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 payment
than one year, or both.
, known as a street fair, shall not pay a $1,000 oeto imprisonment for not more of Congress approved Dec. 17 1914
an aggregation of entertainments
Sec. 1006. That Section 1 of the Act
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
-eighth of a grain of heroin, or more than one grain of codeine, or any
one




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

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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
every person (other than a bona fide boys' or girls' now fixed by law,five deputy commissioners and an assistant to the ComSec. 1200. That
canning 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
the taxable year, shall 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
management, and a reasonable allowance for sal- District of Columbia.
heat, power, insurance,
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
producing such products, including losses from fire, flood, removal by the Commissioner with the approval of the Secretary. The
the business of
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 interobtainable therefor either (a)in such manner as directly pretation or administration of the income, war-profits or excess-profits
the fair market price
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.
liable for the tax herein imposed if the only employment or permission
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




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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

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[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 gich will be acceptable by the syndicate of New York
7
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.]

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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
of the refunding of the Mexican loans, had a conference with "An Efficient Rural School System." Schools, Bureau of Education, on
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 purchasing power of money has declined, but this is due to the abnormal and
ENACTMENT BY SECRETARY GLASS.
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;
or persons de- there is a single standard of prices which is based upon the dollar, and not
mittee which would require all corporations
upon the
upon
siring to sell stock through the mails or through advertise- a double standard,one baseddaring the gold dollar, and the other increased
and after the Civil War. The
paper dollar, as was the case
through the mails to file with the Secretary volume of Federal Reserve notes has been an incident or an effect of exments circulated
of the Treasury comprehensive statements concerning the pansion of credits, rather than the cause of such expansion, and the concountry's gold stock of more
same is urged in a letter addressed by Secretary of the ditions which resulted in additions to theand 1916 have changed.
than $1-.000,000,000 during the years 1915
of the House Ways and
Treasury Glass to Chairman Kitchin
With the development of our foreign trade, with increased shipping
Means Committee on Feb. 13. The persons required to facilities, and with the granting of credits to other nations to aid them in
their work of reconstruction and to enable us to sell them goods, a new
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
be punishable by fine of $5,000 or imprisonment of one year, beyond our power to sustain them, but which are at present concentrated
will become more widely diffused throughout the world
or both. Persons suffering from intentional misrepresen- in this country,
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.
close
and the people of the $200,000,000 of notes since the
ment in its financial undertakings
Attention is called to the fact that, while the minimum
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
40%, as a matter of fact, this reserve has not fallen below
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
of pence conditions,
the last and most important year of the great war, and said afterwards as progress is made in the re-establishment
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
training camps in this country, half a milgreatly 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.
The Government has been the principal purchaser and consumer of goods,
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%.
liability for deposits and note issues, and if the re- and by the Liberty Loan bonds have been determined by the Secretary of
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
foreign Governments, as 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.
-time obligations acquired under said Act shall mature
conversion of short
-course proposition
not later than Juno 15 1947. and all other such obligations of foreign Well, my estimate of advertising is such a matter-of
that I find myself at a loss for words to amplify my views. It stands to
mature not later than Oct. 15 1938.
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
with foreign nations through the extension of the first things I did, after being made Secretary of the Treasury, was
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
corporation), plus insurance that transcends in importance and in the inherent difficulties involved in
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 fortu-time indebtedness that was not
nate position of having outstanding no short
more than covered by the deferred installments on subscriptions for the
Loan. But expenditures in November, Debonds of the Fourtli Liberty
cember 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
of which
and for the cancellation of authorized expenditures for Committee is a branch, is Industries Board, needed forthe Price Fixing
happily no longer
the mobilization
,221,029,294 additional. If the war had continued and regulation of the country's industries, and the occasion for the functions of the Price Fixing Committee has ceased. No new price regulations
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
activities of and results accomplished by the Exports Control Comof 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 Farmers Committee.
Chairman Refiners 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.COVINGTON,
J. H. McLAURIN,
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.
Nov. 2, page 1715, occurred on Oct. 29.
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
Administration and the interests in attendance New York "Times" of the 6th inst., in special advices from
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
regarding the meeting says:
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
mahogany and black walnut) was held in Washington on even more significant because of their language and tone and the purpose
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
ence, Richard L. Humphrey, states that after a thorough and hospitals and taking care of the cleaning of linen for hospitals.
Labor will preserve order. The strike committee is arranging for guards,
discussion it was found there was a very small surplus of and it is expected that the stopping of the cars will keep people at home.
hardwoods in the possession of the Government and a very A few hot headed enthusiasts have complained that strikers only should
large portion was lumber that was not really mqrchantable. be fed, and the general public left to endure severe discomfort. Aside
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
demanded
were dissatisfied with the Macey award;the radicals and I. W. W.
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
on the 10th the General Strike strike, and has received numerous telegrams congratulating
voting to return to work;
firmness in meeting the emergency.
Committee, composed of delegates from 130 local unions him for his decision and
"declare this strike at a successful termination" at
voted to
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
The Connecticut Senate declined to ratify the nationa
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.

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[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
executives or security holders to to the Government exceeded 5% of the gross operating revenue, the InterWe must be as free as the railway
I do not anticipate that they will cease from contribut- State Commerce Commission should thereupon adjust the scale of rates in
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
the same rights and privileges. But if we are still barred, we will not waive 5% reduction in rates.
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,
fairly representing the valuation and
property at a price
the New York 'Tribune" in a special cable from Paris on
the organization of "an operating organization where operatthe 11th inst. said:
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

to get the whole thing into
railroads. It
7th as to how the Inter-State Commerce Commission would its own handsis just another case of labor trying principles involved.
without regard to the economic
plan, what would constitute
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
MENT OWNERSHIP AND OPERATION.
When the Government's
and 1% for the Government.
In setting before the Senate Inter-State Commerce Comshare exceeded 5'% the Inter-State Commerce Commission
readjust rates. Senator Cummins expressed fear mittee last week the views of the Railroad Administration
should
that if Government operation were continued for five years as to the ownership and operation of the railroads, DirectorCongress 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
morq complicated, would press for a change, and the representation on the boards of directors, as will give the public and labor
ing
public, feeling that the Government was paying too much all the benefits of Government ownership and at the same time will preserve
self-interested initiative and will avoid the
as compensation to the roads, would urge Congressional the benefits of private and perhaps are inseparable from Government
political difficulties which
sooner. Labor, he said, would lend all its influence ownership.
action
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
schedules, and provide a means of making communities Government control;
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 Interextensions, help to take up the slack
of
Commission, which would retain its present of a big programandimprovements andthe crtical period of readjustment;
State Commerce
material during
in employment
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,
manner, in the Presidential
employees, Mr. Plumb said, the partisan issue, to be considered in an illogical
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
means of increasing profits. He added:
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
before it from the 3rd inst. to the
all the costs of competition without losing four days he appeared
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
to go InfOrtice courts
-77.ilroads would
Kellogg saidt1 to prevent the States from asserting their own rates, but
Mr. Hines thought the Inter-State Commerce Commission
could protect the situation.

NJ
PRESIDENT WILSON ON MIRACLES ACCOMPLISHIN 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

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[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 ma.
chinery 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
Commission. In case of non-fulfilment of labor
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
Frequent meetings of the Supreme Council and the various held eighth meeting of the Commission on the League of Nations was
at 10.30 o'clock this morning
the Hotel Crilcommittees of the Peace Conference have been held during Ion. The meeting was devoted to(Tuesday, Feb. 11) at number of amendthe consideration of a
the 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,
been made in reaching agreements on the respective sub- to a drafting committee, composed the several amendments were referred
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 ex•
ceeded without the permission . the Executive Council.
4
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
their administration.
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
you have
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
relations with
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
of Paderewski, is
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. ,
sale.
High. Close. Last
certain Hungarian territory. Serbia now claims that the Shares. TRUST CO.—New York. Low. 132 132 Oct. previous139
1918—
132
made without her knowledge and that Serbians 60 Hudson Trust Co
treaty was
predominate in some of the territory then awarded to RuJ. L. Cross has resigned as Vice-Governor of the Federal
mania. The text of the treaty was given as follows:
as Assistant.
1. France, Great Britain, Italy and Russia guarantee the terri- Reserve Bank of Kansas City to accept a position
Article
Rumania in the whole extent of its
torial integrity of the Kingdom of
the National City Bank of New York.
Vice-Governor of
present frontiers.
war on and attack Austria- Before becoming identified with the Federal Reserve Bank
Article 2. Rumania engages to declare
military
in the accompanying
of Kansas City in Nov. 1915, Mr. Cross was examiner for
Hungary under the conditions stipulated
of war to cease economic
convention, and also engages on the declaration
the Federal Reserve Board at Washington.
with the enemies of all the Allies.
exchanges

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.
meet on Feb. 28 to act on the question of increasing the
to be annexed by Rumania as follows:
Article 4 delimits the territories
at a point on the present frontier capital from $1,500,000 to $2,250,000.
The line will begin on the Pruth River
4
to the .frontier of Galicia at
near Novoselitza; it will mount the Pruth
Czeremosz. It will then follow the
the confluence of the Pruth and tho
ngary to the Point Stog. It
The Guaranty Trust Co. of New York has issued a book•
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
at the village of Trebusa, above which it joins the Vizo.
a digest in which the various
ing the Tisza
kilometers below its junc- of the law the booklet contains
Thence it descends the Thalweg Tisza to four
village of Uasares Nameny to Ru- sections are explained in such a manner as will assist taxtion with the Szamos River, leaving the
to a point six kilomania. It continues in a direction south-southwest
payers in making out their returns to the Government.
point it reaches the
meters east of the town of Liebreczen. From this
s of the sections
the White Throughout this digest there are citation
affluents,
Criach, a few kilometers below meeting two
Tisza at the village of of the law under discussion which enable the reader to
Crisch and the Rapid Crisch. It then joins the
villages of Croshaza and
Algye, north of Szegeeden, passing west of the
refer readily to the text. The important matter of deducs examples
Befessamson, making a small curve.
Tisza to its confluence with tions and credits is treated fully, with numerou
From the Algy line it descends the Thalweg
the Thalweg Danube to the present fron- given in each case. There is also a chart showing how the
the Danube, and thence follows
tier of Rumania.
tax and surtax apply to net incomes ranging
ions in front of Belgrade in a normal income
Rumania engages not to raise fortificat
tax payable.
only to keep a necessary force in this from $3,000 to $1,000,000, and the total
zone to be determined later, and
The Royal Rumanian Government engages to
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
and tho Quadruple Entente not to make a 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.
be kept secret until the conclusion tional Bank of this city of an Industrial Department is made
Article 7. The present treaty is to
of a general peace.
in the following letter issued to the banks' customers under
The principal of the seventeen artiThe military convention follows:
date of the 3rd inst. by President H. D. Gibson.
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
and industrial problems.
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,
of Constanza (Kustendje).
Port
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
take action at
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
against the Bulgarians, the Allies to
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
been our observation
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,
subordinate to any other.
feeling that bankers, as a whole, have not appreciat
no contracting party is
object of Rumanian action will be in the direc- technical, manufacturing and commercial problems.
Article 9. The principal
Mr. Donald D. Davis.a man of pracTransylvania. 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
the hearings before the Supreme Council showed
American industries from a "War" to a
Although
The present readjustment of
to "Peace" basis is causing much thought on the question of reorganization,
a sharp difference in views, there was said to be reason
would lead to an agree- personnel, equipment, products and their distribution. Most of these
believe that mutual concessions
financial aspect of the situation, and we
a com- relate in some manner to the this Department, that we may be of some
ment between Serbia and Rumania, or, if not, that
expect, through the service of
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
zing in the development of Americanimport
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 members have already enrolled in our Christmas savings club,
The new home of the People's National Bank of Brooklyn, which was 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, notwithstanding
that we have in the same department 8,500 subscribers who are paying on
Quincy St. and Ralph Ave., was formally opened on Jan. 31
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
in 191.1 from Philadelphia, where a few
14) went to Portland
Credit Departyears previously he had been Manager of the
the Merchants' National Bank (since consolidated
ment of
the employ of
with the First National Bank). He entered
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
Nelson is an Oregonian. His banking career
month. Mr.
of Combegan in Seatle in the service of the National Bank
In 1911 he accepted a position with the Portland
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
coin and bunion in India
Silver
1032
882
874
Silver coin and bullion out of India
1890
1967
1968
Gold coin and bullion in India •
12
12
12
and bullion out of India
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
Since then the ratio,as well as the total
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
on the 11th inst. Quotations for bar silver
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%
48 7-16d. Bank rate
" 20
Bar gold per oz. standard__77s. 9d.•
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.

-PER CABLE.
ENGLISH FINANCIAL MARKETS
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,
week:
of John W. Ross.
as reported by cable, have been as follows the past13. Feb. 14.
12. Feb.
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
d 48 7-16 48 7-16 4734
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
Loan(InParis),fr. French War.-----------

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
as compared with
£2,555,233
put for 1918 was £35,768,688, a reduction of
that for 1917.

FM.
4734
59
95
99%
----

The price of silver in New York on the same days has been:
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
Jan. 31 1919_ 6,684,288 Mar. 31 1916_.. 9,331,001 April 31 1913- 6,978,762
7,468,956
Mar.
Dec. 31 1918__ 7,379,152 Feb. 29 1916__ 8,568,966 Feb. 28 1913_ 7.658,714
Nov. 30 1918.... 8,124,683 Jan. 31 1916_ 7,922,767 Jan. 31 1913-- 7,827,368
1913-Dec. 31 1915__ 7.806,220
Oct. 31 1918- 8,353,298
31 1912-Sept. 30 1918.... 8,297,905 Nov. 30 1915._ 7,189,489 Dec. 30 1912_ 7,932.164
Nov.
Aug. 31 1918- 8,759,042 Oct. 31 1915_ 6,165.452 Oct. 31 1912_ 7.852,883
7,594,381
30 1915_.. 5,317,618
July 31 1918_. 8.883,801 Sept.
June 30 1918-. 8,918,866 Aug. 31 1916_.. 4,908,455 Sept. 30 1912_ 6,551,507
1918_ 8,337,623 July31 1915_ 4,928,840 Aug. 31 1912__ 6,163,375
May 31
5,957,073
April 30 1918_. 8,741.882 June 30 1915._ 4,678,196 July 31 1912.- 5.807,349
Mar. 31 1918__ 9,056,404 May 31 1915__ 4,264 598 June 30 1912_- 5,750,986
April 30 1915__ 4,162,244 May 31 1912_Feb. 28 1918- 9,288,453
1912__
Jan. 31 1918- 9,477,853 Mar. 31 1915_ 4,255,749 April 30 1912_- 5,664,885
5,304,841
Mar.
Dec. 31 1917._ 9,381,718 Feb. 28 1915__ 4,345,371 Feb. 31 1912_ 5,454,201
29
Jan. 31 1915_ 4,248,571
Nov. 30 1917_- 8,897.106
1912__ 5,379,721
Oct. 31 1917__ 9,009,675 Dec. 31 1914__ 3,836,643 Jan. 31 1911_ 5,084,765
Sept. 30 1917__ 9,833,477 Nov. 30 1914._ 3,324,592 Dec. 31 1911__ 4,141,958
Nov.
Aug. 31 1917_10,407,049 Oct. 31 1914__ 3,461,097 Oct. 30
3,694,327
July 31 1917_10,844,164 Sept. 30 1914_ 3,787,667 Sept. 31 1911__ 3,611,315
30 1911....
3,287 Aug. 31 1914__ 4,213,331
June 30 1917_-11,38
1911__
Aug.
May 31 1917__11,886,591 July 31 1914._ 4,158,589 July 31 1911_ 3,695,985
April 30 1917-12,183,083 June 30 1914__ 4,032,857 June 31 1911__ 3,584,088
30
3,361,087
Mar. 31 1917_11,711,644 May 31 1914_ 3,998,160
Feb. 28 1917.-11,576,697 April 30 1914._ 4,277,068 May 31 1911__ 3,113,154
1917_11,474,054 Mar. 31 1914__ 4,653,825 April 30 1911__ 3,218,700
Jan. 31
Dec. 31 1916_11,547,286 Feb. 28 1914.... 5,026,440 Mar. 31 1911__ 3,447,301
3,400,543
Nov. 30 1916._11,058,542 Jan. 31 1914__ 4,613,680,Feb. 28 1911.... 3,110,919
Oct. 31 1916.-10,015,260 Dec. 31 1913._ 4,282,108,Jan. 31 1911__
1910._
Sept. 30 1916.... 9,522,584 Nov. 30 1913.... 4,396,347 Dec. 31 1910_ 2,674,750
2,760,413
Aug. 31 1916- 9,660,357 Oct. 31 1913._ 4,513,767 Nov. 30
2,871,949
July 31 1916_ 9,593,592 Sept. 30 1913__ 5,003,785 Oct. 31 1910__ 3,148,106
June 30 1916__ 9,640,468 Aug. 31 1913__ 5,223,468:Sept. 30 1910__ 3,537,128
July 31 1913__ 5,399,356'Aug. 31 1910__
May 31 1916__ 9,937.798
April 30 1916... 9,829,551 June 30 1913__ 5.807,317 July 31 1910_ 3,970,931
May31 1913__ 6,324.322

-The shipments of
ANTHRACITE COAL SHIPMENTS.
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
lends in- Philadelphia & Reading
tons_1,155,
ng country
The great importance of Mexico as a silver-produci
983,964 11,942,817 11,823,066
1,048,173
t," dealing with the politi- Lehigh Valley
524,650 5,593,362 5,722,732
terest to recent remarks made by the "Economis
497,990
Jersey_
"The country is gradually Central Railroad of New Western
934,369 1,029,977 9,635,924 10,375,388
cal and economical condition of that country:
Delaware Lackawanna &
838,875 7,532,802 7,292,061
717,045
Anglo-Mexican business circles there is a reviving spirit Delaware & Hudson
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
come till a loan Erie
171,667 1,641,322 1,688,509
156,328
terprise and trade. Complete recovery, however, cannot
Ontario & Western
New York
can hardly be arranged un- Lehigh & New England
295,233
268,364 3,196,587 3,384,414
can be obtained from the United States, and this
in Europe." Meanwhile, the production of
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 week
ending Feb. 6 at Canadian cities, in comparison with the
same week in 1918,show an increase in the aggregate of 19.2%.
Week ending February 6.

Clearings al
1919.
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,
$2,500,000. Combined capital of Louisville, with capital of
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),
Absorbed by the American National Bank of Little Rock, Ark.. $25,000
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 City.
The Farmers National Bank of Springfield, Ill
Liquidating Committee: Thomas Sudduth, A. 0. Peterson. 200,000
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 following
not usually dealt in at the Stock Exchange were recently sold
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 Hills, Cal
$25,000
The First National Bank of Caruthers, 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. at Kansas
City, Mo. 500,000
The First National Bank of Pandora Ohio
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, Wyo
200,000
The First National Bank of Manville, Wyo
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 APPROVED.
The Granite City National Bank, Granite City, Ill., from
$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
$1 lot
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
80 Hillside Cemetery,$25 each.- 1034 160 Ohio Cons. Mg.(N.Y.),$10 ea..$2 lot
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
10 Phila. Scour., corn., $25 each_ f lot $5,000 East St. Louis & Suburban cent.
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. 21a
to $250,000
Atch. Topeka & Santa Fe.
The Central National Bank of Attica, Indiana, from $75,000 50,000 Baltimore & Ohio, commoncorn. (quar.) 154 Mar. 1 Holders of reo. Jan. 31a
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. ha
$25,000 to $50,000
Cleo. Ctn. Chic. Ab St. Louis, pref. (guar.)
The Lamberton National Bank of Franklin, Pennsylvania, from 25,000 Cleveland & Pittsburgh, reg. guar.(qu.) 134 Apr. 21 Holders of rec. Apr. 1
8740 Mar. 1 Holders of reo. Feb. 10a
$100,000 to $125,000
Special guar. (guar.)
The Caldwell National Bank, Caldwell, Texas. from $50,000 25,000 Cripple Creek Cent., pf.(qu.)(No. 53).. 50o Mar. 1 Holders of ree. Feb. 10a
Mar. 1 Holders of roc. Feb. 14a
1
to $100,000
Coal, Iron & fly.,
50,000 Dayton (Tenn.) Coal, Ironpreferred
5o. Mar. 15 Holders of reo. Feb. 20
Dayton
Total
& Ry.,
5o. Feb. 15 Holders of reo.
$1,255,000 Delaware & Bound Brook (guar.) pref. *2 Feb. 20 *ilolders of rec.. Jan. 20
Feb. 14
REDUCTI

ONS OF CAPITAL APPROVE
The First National Bank of Grey Eagle, Minnesota, fromD.
$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.
Phila. Germantown db Norristown (guar.) *31.35 Mar. 4 Feb. 21 to Feb. la
Mar. 3
Pittsburgh & West Virginia, pref.
154 Mar. 1 Holders of reo.
13a
Youngs. ct Ashtabula, pref.(quar.) 1% Mar. 1 Holders of rec. Feb. 20a
(qu.)Pitsb
Feb.
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.)
$1.50 Feb. 15 Holders of rec. Jan. 25
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
1% Mar. 1 Holders of rec. Feb. 20
Railways.
Street & Electric
Preferred (guar.)
Feb. 15 Holders of rec. Feb. la
1% Mar. 1 Holders of rec. Feb. 8a
134
Harvester, prof. (quar.)..
American Railways, pref. (guar.)
Mar. 1 Holders of rec. Feb. 15a International Nickel, common (quar.)_
24)
50c. Mar. 1 Holders of rec. Feb. 13a
Cent. Ark. fly. & Lt., pf.(qu.)(No. )
Mar. 1 Holders of rec. Feb. 15a International
Feb. 15 Holders of rec. Feb. 10
Cities Service, corn. and pref. (monthly_ fl 34 Mar. 1 Holders of rec. Feb. 15a Jefferson & Clearfield Coal & Iron, prom. 2% Feb. 15 Holders of roe. Jan. 31
2
Common (payable in common stock)
KaminIstigula Power, Ltd.(guar.)
15 Feb. 1 to Feb. 16
25c. Mar. 15 Holders of rec. Mar. la
& Ltg.,corn. & pr.(qu.) 14 Feb. 1 Holders of rec. Feb. 13
Mines, Ltd. (quar.)
Connecticut fly.
Kerr Lake
Mar.
2
14 Feb. 28 Holders of rec. Feb. 18
,e
Detroit United fly. (guar.) (No. 59)... 374o. Feb. 20 Holders of rec. Feb. la Lanston Monotype Alachi, (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
Cons.(qu.), com.(quar.) 3
Montreal Lt., Ht.& Power
Mar. 1 Holders of rec. Feb. 15a Liggett & Myers Tobacco
1
(guar.)_
Mar, 31 Holders of rec. Mar. la
6 2-3
(quar.)
Northern Teens Electric Co., corn.
Mar. 1 Holders of rec. Feb. 15a Lindsay Light, common
3
2 1-3 Mar.31 Holders of roe. Mar. la .
(quar.)
(guar.)
Preferred
Preferred
Feb. 15 Holders of roe. Jan. 31
18)
50e. Feb. 20 Jan. 28 to Feb. 17 '
Pacific Gas & El., 1st pf. (qu.) (No.
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
2% Mar. 1 Holders of rec. Feb. 15
, 5% pref
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 15 Feb. 6 to Feb. 15
14 Mar. 15 Holders of rec. Mar. 1
Penn Krt., pref.(guar.)(No.7) - d Coal (payable in L. L. bonds) 030e. Feb. 20 Holders of rec. Jan. 31
West
Marylan
134 Feb. 15 Holders of rec. Jan. 20
Feb.
P., pf.(qu.)_
(No. 1)_. 02
Mason Tlre & Rubber, corn
West Penn Trao. & Water
Feb. 15 Holders of rec. Feb. la
21
Miami Copper (guar.)(No. 26)
1% Mar. 1 Holders of rec. Feb. 154
Miscellaneous.
Moline Plow,first preferred (guar.)
Feb. 15 Holders of rec. Feb. 14
1% Mar. 1 Holders of rec. Feb. 15a
(guar.)
Acceptance Corporation
Second preferred (guar.)
% Mar. 1 *Holders of rec. Feb. 20
#1.
Feb. 15 Holders of rec. Jan. 31
Acme Tea, first preferred (guar.)
17a Montreal Light, Heat & Power (quar.)_ 2
75c. Mar. 1 Holders of rec. Feb. 15a
134 April 1 Holders of rec. Mar.
Advance Rumely, preferred (No. 1).... 750. Feb. 15 Holders of rec. Feb. la National Acme Co. (guar.)
31
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 Feb. 15 *Holders of rec. Jan. 31
Preferred (guar.)
•144
2% Mar. 12 Feb.d19 to Feb. 254
common
(guar.)
31
American Brass
National Candy,
of res.
3% Mar. 12 Feb.d19 to Feb. 254
'134 Feb. 15 *Holders of rec. Jan. 28
Feb.
First and second preferred
Extra
21a
Mar. 1 Holders
$2
(qu.)(No.19) 1%, Mar. 1 Holders of rec. Feb. 9
American Coal
Mar. 1 Holders of rec. Feb. 15a National Cloak & Suf. prof.
1
Feb. 20 *Holders of rec. Feb.
*2
Oil, common (quar.) _
common
American Cotton
40c. Mar. 15 Holders of rec. Jan. 31a National Grocer,
Feb. 20 *Holders of rec. Feb. 9
'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
134 Mar. 15 Holders of rec. Mar. 5a
1% Mar. 15 Holders of rec. Feb. 21a
American Fork & Hoe, common (guar.). 34 April 15 Holders of rec. April 5
National Lead, preferred (guar.)
Feb. 15 Holders of rec. Feb. 1
corn.(qu.) pay,in com.stk.) f4
Preferred
44
134 April 1 Holders of rec. Mar. 15a Nat. Refin.,
2% Feb. 15 Holders of rec. Feb. 140
American Hide & Leather, pf. (quar.).. *90c. Mar. 31 *Holders of rec. Mar. 15
New York Dock, common (No. 1)
Mar. 1 Holders of rec. Feb.
1)._ $1
cfc pref.(qu.)
ing Corp.(No.
Amer. Internat. Corp., corn.
14 Feb. 15 Holders of roe. Feb. 8a New York Shipbuild common (quar.).. 2% Mar.20 Holders of rec. Mar. la
u.)
an
Am. La France Fire Eng..Ino.,com (qu.) *1
les-fer menVo rd,
NipreBered
Mar. 1 *Holders of rec. Feb. 19
I% Feb. 20 Holders of rec. Feb. (ia
Amer. Laundry Machinery, common-- •15,1 Apr. 15 *Holders of rec. Apr. 5
1% Mar. 1 Holders of rec. Feb. 20
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.)
to Mar.31
Mar,31 Mar.23
1% Feb. 15 Holders of rec. Jan. 31
in L.L.434% bonds) m4
(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 Mar. 7 to Mar. 17
Mar. 15 Feb. 27 to Mar. 4
1
preferred (guar.)
& Refining, corn. (quar.)_
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
1% Feb. 15 Holders of rec. Jan. 31a
Mar. in
Preferred (guar.)
Amer.Sugar Refining,com.& pref.
Holders of
34 April 2 Holders of roe. Feb. 14a Pentnans, Limited,common (quar.)
1% Feb. 15 Holders of rec. Feb. 5
Common (extra)
rec.
18). 334 Mar. 1
I% May 15 Holders of rec. May 5
Pomo is, Limited, common (guar.)
Amer. Sumatra Tobacco pref.(Noscrip)
Mar. 1 Feb. 16 to Mar. 16
May 1 Holders of rec. Apr. 21
05
Preferred (guar.)
Amer. Tobao.,com.(qu.) (pay. in
14 Apr. 1 Feb. 16 to Mar. 16
43 75e Mar. 15 Holders of rec. Feb. 21
Preferred (guar.)
Philadelphia Electric (guar.)
1% Feb. 15 Holders of rec. Feb. 1
*50c. Mar. 15 'Holders of rec. Mar. 1
Water Works at Elec., pref.(qm.) *334 Mar. 1 *Holders of rec. Feb. 19
h Brewing, common (guar.)
PUIsburg
Amer.
*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
(guar.)
Goods Corp., 1st pf
Associated Dry
Mar. 1 Holders of rec. Feb. 8a Pittsburgh Steel, preferred
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
of rec. Feb. 60
& Whitney Co,Pf• (qu.)(No.72) 1% Feb. 20 Holders of roe. Feb. ha
Atlantic Refining (guar.)
Mar. 12
Pratt
1% April 1 Holders of rec.
Mar. 4 Holders
34)
(guar.)
Bethlehem Steel,common
Pressed Steel Car,corn.(guar.)(No.
1% April 1 Holders of roe. Mar. 12
25 Holders of rec. Feb. 4a
134 Feb.
Common (extra)
Preferred (guar.)(No. 80)
1% April 1 Holders of roe. Mar. 12
Feb. 15 Holders of rec. Jan. 25a
Common 13 (guar.)
Procter & Gamble,common (guar.)---- 5
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.)
of rec. Feb. 11
per,corn,(qu.)(No.12) 2% Feb. 15 Holders of rec. Feb. 28a
lative preferred (quar.)
Non-cumu
itiordon Pulp&Pa
Feb. 15 Holders of rec. Feb. 8
4
1% Mar. 15 Holders
(guar.)_ _
Bond & Mortgage Guarantee (guar.)--- 4
Feb. 15 Holders of rec. Feb. la Savage Arms Corp., common
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.)
Feb. 15 Holders of rec. Jan. 31a
134 June 14 Holders of rec. May 31a
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.). 234 Feb. 21 Feb. 9 to Feb. 20
lvay Co.(guar.)
Semet-So
*25c. Apr. 19 *Holders of rec. Mar. 31
Packers' Assoc). (qu.).
Co. (guar.)__
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
134 Feb. 15 Holders of rec. Feb. la
Brown Shoe, Inc., common (guar.)
Smith (A.0.) Corp., Preferred (quer.)-- 1.54 Feb. 15 Holders of rec. Jan. 31a
13( Feb. 15 *Holders of roe. Feb. 4
Collender,common.._
com. (qu.)
Brunswick-BalkeSouthern California Edison,
Mar. 15 Holders of rec. Feb. 21
$2
Mar. 1 Holders of rec. Feb. 15
5
(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.
Holders of roe. Feb. la Standard Milling, corn. (qu.)(No. 9).. 1% Feb. 28 Holders of rec. Feb. 113a
in common stock). /24 Feb. 15 Jan. 26 to Feb. 25
Common (payable
Preferred(quay.)(No. 37)
Feb. 15
134
2% Mar. 15 Holders of rec. Feb. 15
By-Products Coke Corporation (quar.). 134 Feb. 16 Holders of rec. Jan. 31
Standard 011 (California) (quar.)
__
Mar. 15 leolders of rec. Feb. 15
Canada Cement, Ltd., pref. (quar.)_
Extra (payable in 4th L. L.43(s)..... m234 Feb. 28 Feb. 4 to Feb. 28
Feb. 15 Holders of rec. Jan. 31
com.(qu.). 3
3
Canada Foundries & Forg.,
Standard 011,(Indiana) (quar.)
13( Feb. 15 Holders of roe. Jan. 31
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
Standard 011 (Kansas) (quar.)
134 Feb. 15 Holders of rec. Jan. 31
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
Steel, 1st preferred
York (quar.)
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.)—
of rec. Feb. 19
Cedar Rapids Mfg. & Power (No. 13)__ $1
Extra
Mar. 1 Holders
1% Feb. 15 Holders of rec. Feb. la
Copper (guar.)
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
Mar. 1 Holders of rec. Feb. 200
Cleveland Worsted Mills (pay. in(quar.).
arrgtion, corn. (guar.).
Feb. 20 Holders of rec. Jan. 31a Studebaker Corpo
1% Mar. 1 Holders of rec. Feb. 20a
Iron, common
Colorado Fuel &
Preferred Corporation,(quar.)
Feb. 20 Holders of rec. Jan. 31a
2
Feb. 15 Holders of rec. Feb. la
2
Preferred (guar.)
Superior
Feb. 15 Holders of rec. Jan. 31a Superior Steel, 1st & 2d pref. (guar.)
1
ia Swift
Columbia Gas & Electric (guar.)
13j Mar. 15 Holders of rec. Feb. 7a Swift International (Compan
$1.20 Feb. 20 Holders of rec. Jan. 11
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
rec. Feb. 3a
Corp., corn.
(quar.). g134 Feb. 15 Holders of to Feb. 15
Continental Motors
Tobacco Products Corp.. com.
-- 114 Feb. 15 Holders of rec. Feb. 8
Feb. 15 Jan. 26
1
Continental Paper Bag,com.(guar.).
Union American Cigar, pref. (guar.)._ m2
134 Feb. 15 Holders of roe. Feb. 8
Feb. 15 Holders of rec. Feb. 5
Preferred (guar.)
Corp.(extra)
834 Mar. 1 Holders of rec. Feb. 15a Union Bag & Paper
"$1.25 Apr. 1 'Holders of rec. Mar. 10
Cosden et Co., pref. (guar.) (No. 7)
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.)
290
13' Mar. 1 Holders of roe. Feb. 15a Union Tank Line
preferred (guar.)
corn.(qu.) 234 Feb. 15 Holders of roe. Jan. 28a
Deere & Co.,
Mar. 15 Holders of roe. Feb. 28a United Cigar Stores of Amer.,
2
15 Holders of rec. Feb.
1% Mar.
Diamond Match (guar.)
Feb. 15 Holders of roe. Jan. 31
United Cigar Stores of Amer., pref.(qu.) 1% Mar. 1 Holders of rec. Feb. 150
2
Dominion Bridge, Ltd. (guar.)
of roe. Feb. 5
Drug,second preferred (quar.)..
United
14a
134 Feb. 15 Holders
1% Apr. 1 Holders of rec. Mar.20
Dow Chemical, common (guar.)
United Dyewood, preferred (guar.)
64 Feb. 15 Holders of rec. Feb. 5
234 Apr. 15 Holders of rec. Mar.
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.)
1
Extra
Mar. la
24 Apr. 15 Holders of roe. Apr.
u134 Mar. 15 Holders of rec. Mar. 3
Eastern Steel, common (guar.)
U.S. Cast Iron Pipe & Fdy., pf.(qu.)
— — 154 Mar. 15 Holders of rec. Mar. 1
1% Mar.29 Mar. 1 to
First and second preferred (guar.)
U. S. Steel Corporation, coin. (quar.)_
*24 Apr. 1 *Holders of rec. Feb. 28
Mar.29 Mar. 1 to Mar. 3
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.
Common (extra)
*Ix Apr. 1 *Holders of rec. Feb. 28
Wabasso Cotton Co., Ltd.(guar.)
*100. Mar. 10 *Holders of rec. Mar. 1
(guar.)
common (quar.)_
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
Feb. 16a
(No.63) 134 Mar. 1 Holders of rec. Feb. 15a
A.) db Egan Co., pref.
Fay (J.
20
White (J.G.) Co., pref. (guar.)
accum.dividends)-_. h334 Feb. 20 Feb. 13 of to Fob. 25
Mar. 1 Holders of rec.
Preferred (account
rec. Feb.
‘Vhite(J.G.) Engineering Corp., pf.(qu.) 13' Mar. 1 Holders of rec. Feb. lba
(guar.) 134 Mar. 15 Holders
Mining ac Smelting, pref.
Management Corp.,pf.(qu.) 134
Feb. 15
Federal
White(J.G.)
14 Mar. 1 Holders of rec.
Mar. 1 Holders of roe. Feb. 100
2
Federal Utilities, preferred (guar.)
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 DeclaredExchange has ruled that stock will not be
Mar. 1 Holders of rec. Feb. 21a
The New York Stock
General Chemical, common (guar.)__-- 131 Mar. 1 Holden; of rec. Feb. 24
of Railroads.
me.,preferred (guar.).- 'n% Apr. 1 *Holders of rec. Mar. 20
this date and not until further notice. income tax. d CorGeneral Cigar,
quoted ex-dividend on
. b Leas British
General Fireproofing, corn. and pref. (qu.) $2
a Transfer books not closed for this dividend
Mar. 1 Holders of rec. Jan. 30
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
dividends. I
Gillette Safety Razor (guar.)
h On account of accumulated
May 31 Holders of rec. May
$1
U. S. Liberty Loan 434% bonds.
Extra
Feb. 15 Holders of rec. Feb. 5a Cross dividend. m Payable instock, payable 4% as above and 4% on Sept. 30 1919
Goodrich (B. F.) Co.. common (quay.).
n Declared 8% on first pref.
May 15 Holders of rec. May 5a
record
Common (guar.)
134 April 1 Holders of roe. Mar. 21a to holders of6% on Sept. 26. payable 2% as above and 2% each on May 20 and
common,
Preferred (guar.)
o Declare
134 July 1 Holders of res. June 20s
Jan. 31 1919.
Preferred (guar.)
Feb. 14 Holders of rec. Feb. ha Aug. 20 1919, all to holders of record
30, July 31 and Oct. 31 1919 and Jan. 31
Gorham Manufacturing, cont.(quar.)
p Declared 8% payable 2% each April
Feb. 14 Holders of rec. Feb. ha
2
12 1919 and Jan. 10 1920,
of record on April 12, July 12 and Oct.
Common (extra)
Feb. 18
1 *Holders of
1920, to holders
corn. (No. D. *10c Mar.24 Holders of rec. Feb. 7a respectively.
Grant Motor Car Corp.,
rec.
$1.50 Feb.
April 1, July 1, Oct. 1 1919 and
each on
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.
April 1, July 1, Oct. 1 1919 and Jan. 1 1920,
Harbison-Walker Refrac., pref. (guar.)—
t Declared 7% payable 134% each on Sept. 13 and Dec. 13, respectively.
Mar. 1 Holders of req. Feb. 20a
14,
Hartman Corporation (quay.)
to holders of record March 14, June
Feb. 28 *Holders of rec. Feb. 18
) 4.1
Installments.
Hart, Schaffner & Marx,Inc., com.(qu. 4%1
it Declared 5%, payable in quarterly 7% on non-corn. pref., payable in quarterly
Apr. 1 sHolde's of rec. Mar. 17
Haskell db Barker Car (guar.)
cm Declared 8% on cum.cony. pref. and on Apr. 1,July 1,Oct. 1 1919 and Jan.2
Feb 6 to Feb. 15
114 Feb. 15
2% and 131%,respectively,
Powder, pref. (guar.)
Hercules
500. Feb. 25 Holders of rec. Feb. 20a installments of of record on Mar. 12, June 16,Sept. 15 and Dec. 15, respectively.
HOMeatake Mining (monthly)(No. 534) 134 Feb. 15 Holders of reo. Jan. 31
1920 to holders
& 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
Board giving the principal items of the resources and liabilities of the the weekly statement issued by the Federal Reserve
Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date
of Dec. 14 1917 and which was published
in the "Chronicle" of Dec. 29 1917, page 2523.

STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS
LOCATED
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JANUARY 31 1919.IN CENTRAL RESERVE

Declines of about 30 millions in the holdings of U. S. bonds and 6.2
weekly statement of the Federal Reserve Board, showing condition of 771 millions in the amount of war paper on hand are indicated in the consolidated
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 to the
cate issue in anticipation of the Fifth War Loan, reporting members
fifth certifishow
44.4 millions represents the increase at the banks in the twelve Federal an increase in their holdings of Treasury certificates of 57.5 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
larger proportionate
banks a decline of this ratio from about 30 to 29.5% is noted. increase in other loans, shows a decline from 26.5 to 26.3%. For the New York City
Government deposits increased 204.2 millions, time deposits about
23
with the Federal Reserve banks show an increase of 31.8 millions and cash millions, while net demand deposits fell off 43.4 millions. Reserve balances
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 21,443,0 40,025,0
U.S. certifs. of indebtedness_ 102,353,0 727,789,0 97,017,0 117,388,0 60,192,0 40,859.0
789,899,0
45,571,0 45,041,0 183,478,0
Total U.S.securities
140,456,0 1,068,068,0 153,235,0 239,411,0 130,712,0 101,165,0 294,311,0 43,622,0 28,523,0 31,566,0 15,830,0 76,528,0 1.514,708,0
92,556,0 48,313,0 74,987,0 55,202,0 151,058,0
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 2,547,452,0
All other loans & investments 758,122,0 3,991,812,0 822,872,0 968,880,0
1,183,235,0
Reserve bal. with F.R. bank_ 77,412,0 885,999,0 64,774,0 91,319,0 359,183,0 310,503,0 1,357,629.0 379,280,0 220,124,0 436,441,0 174,315,0 522,814,0 10,099,755,0
35,410,0
Cash In vault
21,268,0 116,842,0 19,012,0 35,255,0 17,675,0 32,620.0 157,359,0 40,408,0 22,319,0 48,728,0 18,610,0 54,465,0 1,307,421.0
14,919,0
64,586,0 11,027,0 8,596,0 18,031,0 8,943,0 19,783.0
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, Onfl el
7
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
135,126,0 1,585,904,0.1,568,744,0 409,172,1 407,803,0 552,378,0 214,181,0 1,514,706,0 1,457,219,0
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
the larger banks are indicated in the Federal Reserve Board's weekly bank Eastern Reserve banks, and considerable reductions in reserve deposits of
statement, issued as at close of business on Friday,
The banks' gold reserves show a decrease of about 4 millions, some of
Feb. 7, 1919.
of war paper increased 93.5 millions, other discounts remained practically the banks reporting exchanges of Federal Reserve 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
we present the results for each of the seven preceding weeks, together with given in the following table, and in addition
those of
thus furnishing a useful comparison. In the second table we show the resources andthe corresponding week of last year,
liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Account
s (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 that are Included
under a more general classification in the statement prepared at Washingto
n.
Government deposits," 392,380,855; "Non-member bank deposits," $5,484,729 Thus, "Other deposits, &c.," as of Feb. 7, 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
All other
243,254,000 243,478,000 263,735.000 254,412.000 273,229,000 1,545,274,000 1,400,371,000 1,299,524,000 269,302,000
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 2,120,133,000 2,006,011.000 1,947,067,000 805,826,00
Cf.S. Govt. long-term securities
28,250,000
'28,252.000
8
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
823,079,000 759,608,000 826,831,000
S% redemp.fund akst. F.R.bank notes
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
80,820,000
LIABILITIES.
1,134,000
80,913,000
,000
22,738,000
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
1.537.318,000 1,642,444,000 1,501, 4,000
61,928,010 146,381,000
Surplus
96,809,000
167,15
263,000 1,640,729,000 1,602,901,000
5,000
Government deposits
0 1,693,132,000 1,624,415,000 1,695, 2,000 495,354,000 569,055,000 554,323.000 588,75 9,000
1,590,441,00
59,874,000
2,000 106,68
511,899,000 534,01
s, reserve account
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
581,000 1,787,817,000
Other deposits, incl. for. Govt.
0 2,381,858,000 2,312,500,000 2,376,
124,000 2,406,831,000 2,288,248,000 2,648.605,000 2,685,244,000 2,663,701,000 1,261,219,000
2,239,022,000 2,350,911,000 2,396,556,000 2,512,973,000 2,590,631,00
8,000,000
7,000 117,122,000 111,909,000
Total gross deposits
2,454,165,000 2,450,729,000 2,466,
4,278,000
124,997,000 123,466,000 120,26 ,000
54,224,000
55,309,000
34,108
F. R. notes in actual circulationnet liab 131,315,000 129,445,000 126,810,000
35,486,000
36,447,000
.000
circulation39,610
40,619,000
F.R.bank notes in
42,314,000
134,000 3,135,277,000
0 5,238,368,000 5,251,990,000 5.288,
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
0001
372,107,000
0 1283,297,000 84,452,
ies
0
754,00
1,254,392,000 1,185,006,000
Distribution by Maturit
__ 1,302,953,000 1,219,601,00 1,368,
,000 1414,208,000J 1,402,827,000 176,436,000 218,069,000
market
55,743
53,030,000
61,546,000
1-15(lays bills bought In open
8,837,000
76,048,000
49,207,000
513,000
3,000
8,523,000 146,815,000
5,000
discounted
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
91,787,000
77,373,000
5,000 340,022,000 170,107,000
days municipal warrants market
1-15
72,951,000
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_
U. S. Govt. short-term
16-30 days
172,953,000
129,955,000 104,108,0001
436,395,000
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
1,030,000
10,000
1,001,000
631,000
31-60 days bills discounted term secs
967,000
31-60 days U.S. Govt.short4,000
33,624,0001
127,165,000
68,381,000
7,000 113,506,000 131,149,000
days municipal warrants market_ _ 201,853,000 184,717,000 175,933,000
31-60
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
4,000
1,000
U.S. Govt.short61-90 days
9,748,000
27,354,000
24,410,000
ts
,000
26,937
27,353,000
24,925,000
61-90(lays municipal warran
27,036,000
24,771,000
27,811,000}
open market
97,221,000
103,324,000
Over 90(lays bills bought in
334,000
7,000 104,680,000 114,344,000
3,000
3,000
Over 90 days bills discounted term secs 125,026,000 132,671,000 137,859,000 123,284,000
short3,000
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, 2,000 170,360,000 151,749,000
Federal Reserve Notes
2,691,859,000 2,703,420,000 2,730,916,00
257,328,000 253,835,000 218,44
Issued to the banks
4,000 252,691,000 264,300,000
237,69
0
2,685,244,000 2,663,701,000 1,261,784,00
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
In circulation
960,000 3,865,020,000 3,813, 5,000
0
277,760,000
0 3,938,240,000 3,932,000,00 3,913, 3.000 724,491,000 710,22
Fed. Res. Notes (Agents Accounts)
3,985,680,000 3,967,030,000 3,948,640,00
775,134,000 752,544,000 737,22
Received from the Comptroller
858.001,000 824,285,000 801,809,000
0 1,612,420,000
0 3,140,529,000 3,102,975,00
ed to the Comptroller
737,00
Return
238,195,000
0 3,163,106,000 3,179,456,000 3,176, 0,000 284,925,000 287,525,000
0
3,127,679,000 3,142,795,00 3,146,831,00
392,805,000 334,940,000 310,69
Amount chargeable to agent
435,820,000 439,375,000 415,915,000
225,000
2,855,604,000 2,815,450,000 1,374,
agent
In hands of
516,000 2,866,017,000
0
916,000 2,770,301,000 2,844,
_ _ _ 2,691,859,000 2,703,420,00 2,730,
296,717,000
banks_
246,327,000 246,327,000
Issued to Federal Reserve
249,707,000 254,656,000 246,315,000
How Secured
225,147,000 240,527,000 241,527,000
535,401,000
0 1,621,222,000
certificates
271,000 1,604,664,000 1,567,295,00
BY gold coin and
43,830,000
79,074,000
0 1,481,196,000 1,608, ,000
81,951,000
By lawful money
84,632,000
1,460,693,000 1,450,090,000 1,475,724,00
82,599
80,598,00(3
0013
1,000 868,827,000 498,277,000
77,193,
960,03
80,142,000
By eligible paper
84,562.000
0,000 900,990.000 930,436,000
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
0
228,000 1,956,357.000 1,913,404,00
Total
0 1.993,694.000 2,069,
485.06 1,978,084,000 1,313,066,00
It. Agent_ 1,920.051,000 1,823,
. t Revised figures.
ment credits
Eligible paper delivered to F.
b This Item includes foreign Govern
Federal Reserve banks.
FEB. 7 1919
a Net amount due to other
BANKS AT CLOSE OF BUSINESS
THE 12 FEDERAL RESERVE
S OF EACH OF
RESOURCES AND LIABILITIE
Total.
Dallas. San Fran.
WEEKLY STATEMENT OF
ty.
Chicago. St. Louts. Minneap. Kan.Ci
Cleveland. Richnend. Atlanta.
S
Boston. New York. Phila.
3
$
(00) omitted.
$
$
Two ciphers
$
$
3
$
$
243,0 5,911,0 12,068,0 348,605,0
$
0 22,655,0 4.154,0 8,306,0
419,050,0
$
RESOURCES.
194,0 20,966.0 2,297,0 8,199, 83,845,0 33,625,0 16,099,0 23,898,0 3,968,0 16,844,0
5,829,0
3,015,0 260,597,0 49,579,0 45,596,0 13,176,0 13,810,0
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
773,484,0
,0 24,432,0 10,083,0 29,233,0 1,231,166,0
ith foreign agencies
Goldjw
6,0 38,012,0 24,638
,0 22,058,0 118,008,0
67,087,0 15.677,0 22,184,0 107,31
43,215,0 341,426,0 50,181,0 132,620,0 52,231,0 41,071,0 302,489,0 68,667,0 57,475.0 49,744 0 2,306,0 2,323,0 103,533,0
Total gold held by banks
,0 259,121,0 75,603,0
31,241,0 4,424,0 3,666,0 4,888.
Fed. Reserve Agents_ _ 52,079 0
9,532,0 1,049,0 5,018,0 4,270,0
Gold with
25,000,0
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
204,0 1,059,0 1,735,0
gold reserves
379,0 2.063,
Total
51,666,0
5,056,0
,0 150,070,0 2,175,614.0
silver, Ace
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
110,166,0 677,213,0 135.695,0 202,81
,0 1,451,147,0
18,110,0 27,313,0 20,594,0 60,745
Total reserves
,0 51,503,0 128,253,0 41,737,0 2,214,0 40,795,0 32,024,0 24,498,0 243,254,0
d by GovBills discounted: Secure Ions_ _ _ _ 133,374,0 639,721,0 168,186,0 84,325,0 77,286
,0 282,702,0
,0 25,749,0 8,454,0
ernment war obligat
,0 13,175,0 7,282,0 12,563,0 19,430 0 31,458,0 8,649,0 28,374,0 14,197,0 2,963,0 34,228
49,226
7,844,0
9,619,
All other
64,524,0 2,153,0 63,235,0 7,714,0
119,471,0 1,977,103,0
t_ _ _ 15,588,0
55,581,0
Bills bought in open marke
0,0 58,840,0 48,698,0 82,305,0 3,970,0 3,468,0
28,250,0
4,0 154,842,0 97,563,0 80,552,0 185,46 0 1,153,0
119,0 8.868,0
156,806,0 753,471,0 183,51
528,0 4,510,
5,396,0 139,501.0
Total bills on hand
1,393,0 1,385,0 1,084,0 1,234,0 6,964,0 17,612,0 7,068,0 9,395,0 5.482,0 4,400,0
4,0
538,0
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
,0 128,335,0 2,144,858,0
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 83,048,0 207,582,0
400,0
540,0
166,760,0 801,367,0 195,679,0 167,11
217,0 2,936,0
290,0
500,0
Total earning assets
2,368,0
800,0
,0 624,861,0
,0 25,305.0 35,044
Bank premises
66,967,0 39,783,0 11,781,0 53,522
deUncollected items and other ts_ 45,680,0 141,365,0 69,144,0 49,236,0 56,649,0 30,385,0
6,822,0
357,0
303,0
633,0
ductions from gross deposi
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
420,0 1,187,0
400,1)
bank notes
1,329,0
714,0
F. R.
2,894,0
295,0
315,218,0 4,970,615,0
-sources
0,0 230,955,0 126,703,0
All other re
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 3,660.0 3,177.0 4,677,0
Total resources
22,738,0
S.
3,193,() 11,294,0 3,801,0 2,940,
592,0 1,224,0
LIABILITIE
726,0 1,211,0
20,923,0 7,471,0 9,090,0 4,062,0
801,0
6,773,0
96,809,0
775,0 3,316,0
5,115,0 6,469,0 6,002,0
1,77(1,0 1,156,0
l paid in
1,931,0
Capita
8,322,0 1,304,0
1,535,0
404,0 10,832,0 5,604,0 47,186,0 69,038,0 38,335,0 78,783,0 1,590,441,0
0
Surplus
20,070,0 14,826,0 4,586,0 4,573, 42,136,0 222,596,0 60,511,0
16,397,0
14,613,0 439,221,0
Government deposits
,0 659,132,0 101,261,0 122,250,0 53,874,0 20,109,0 42,617,0 31,915,0 7,369,0 32,297,0 15,814,0
account 95,339
,0
Due to members, reserve
37,537,0 114,269,0 54,944,0 :37,142,0 30,595
226,0 5,093,0 112,551,0
448,0
Deferred availability items for274,0
including
325,0 2,392,0 1,740,0
137,0
324.0
,0
643,0
All other deposits. credits
99,481
1,468,0
ment
60.844,0 104,491,0 2,239,022,0
eign govern
99,770,0 56,760,0 106,898,0
,0 196,332,0 2,454,165,0
89,179,0 62,974,0 278,437,0
150,741,0 892,952,0 171,674,0 164,302,0 133,892,0 113,065,0 407,665,0 109,442,0 89.986,0 104,569,0 54,832
Total gross deposits
650,046,0 208,865,0 232,992,0
actual circulation. 152,479,0
5,927.0 6,290,0 131,315.0
0 12,452,0
F. It. notes in
circulation,
42,314,0
0 17,265,0 6,483,0 4,830,
36,800,0 10,537,0 10,058,0 4,859,0 6,678, 0 4,428,0 1,338.0 1,108,0 2,165,0 1,331.0 2,204,0
F. R. bank notes In
9,136,0
net liability
18,010,0 2,431,0 2,829,0 1,687,0 1,314,
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
Total liabilities
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
$
3
$
ciphers (00) omitted.
Two
$
$
$
680,0
$
$
$
$
157.700,0 101,960,0 250,520.0 3,985, 1,0
S
S
559,440.0 163,900,0 124,480,0
,0 858,00
Federal Reserve notes: oller__ 253,600,0 1,313,480,0 330,420,0 327,840,0 201,780.0 200,560,0 68,536,0 35,339,0 21,899,0 32,669,0 23,803,0 24,787
,0 43,267,0 31,014,0
from Comptr
Received
67.333,0 383,508,0 80,389,0 45,457
3,0 3,127,679,0
Returned to Comptroller
1,0 102,581,0 125,031,0 78,157,0 225,73 ,0 435,820,0
3,0 169,546,0 490,904,0 128,56
,0 11,000
186,267,0 929,972,0 250,031,0 282,383,0 158,51 ,0 53,195,0 48,280,0 7,415,0 11,100,0 13,620,0 22,575
to F.R. Agent
,0 18,235
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:
2,504.0
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
Gold redemption fund
70,000,0 62,889,0 95,000,0 50.000,0 75.280,0 140,135,0 52,479,0
B'd_ 43,000,0
3.0 88,047,0
Oold Set'tn't Fund, F. R.
d 107.808,0 508,851,0 142,938,0 119,23
Eligible paper, mines require
121,146,0
140,278,0 116,351,0 442,624,0
159,887,0 767,972,0 218,541,0 251,853,0
Total
185,460,0 58,840,0
of eligible paper deliv- 156,806,0 753,471,0 154.433,0 149,041,0 95,023,0 77,007,0 442,624,0 121,146,0
Amount
140,278,0 116,351,0
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 11,704,0
,0
P. It. notes outstanding
7,408.0 117,926,0 9,676,0 18,801
by bank
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
12,581.0
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 1,460,693,0
,0 33,524,0 96,725,0
34,006,0 61,667
3,0 2,691,859,0
91,481,0 111,411,0 55,582,0 214,73
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 following 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.
Reserve Bank.
Average. 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
32,793,000 1,813,000
298,000
249,000
Merchants! Nat Bank
419,000
784,000
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
300,000 1,842,000
415,000 2,069,000 24,302,000
1,500,000 8,859,700
33,701,000
146,628,000 2,939,000 3,793,000
252,000
National City Bank_ 25,000,000 51,412
169,000
320,000
422,000 4,245,000
,500 608,287,000 8,302,000 3,015,000
29,289,000
Chemical Nat Bank_
869,000 2,048,000 100,157,000
3,000,000 9,437,300
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
6,000
479,000
2,087,000
555,000
Nat Bank of Comm_ 25,000,000 5,689,400 108,172,000
185,000
448,000 1,512,000 11,919,000
299,000
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,
95,597,000
487,000
14,684,000
Hanover Nat Bank_
435,1300 1,570,000 2,402,000 10,789 000
70,000
3,000,000 17,112,700 132,967,000 4,243,
,000
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
552,000
31,725,000
Corn Exchange Bank
150,000
208,000
437,000
998,000
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
25,516,000
66,000
East River Nat Bank d 1,000,000 18,698,900 192,532,000
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
689,000
19,585,000
4,644,000
125,000
First National Bank.. 10,000,000
26,000
250,000
298,000
50,000
440,000 2,342,000
30,504,000 227,927,000
15,837,000
21.000
Irving National Bank
253,000
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
10,550,000
18,000
Chase National Bank 10,000,000
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
871,100
6,740,000
18,717,000
51,000
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
107,000
210,000
250,000
180,000 1,688,000
398,000
8,523,000
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
424,000 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
413,000
197,000
303,000 1,737,000
1,500,000 2,518,300
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
565,000 30,065,001)
2,000,000
64,034,000
232,455,000 10,027,000
26,000
Guaranty Trust Co_ 25,000,000 4,628,600
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
215,000 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
611,000 4,667,000
15,099,000
33,026,000 1,222,000
Irving Trust Co
10,000
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
298,000 15,180,000
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
4.828,812.000 33,960.000 12,652,000 17,&12,000 31,258,000 558,159,000
3,747,013,000 142,668,000 35,972,000
Totals, actual conditi on Jan.
17,192,000 34,807,000 545,414.000
18
4,681,258,008 33,856.000 12,771
3,793,421,000 135,100,000 38,020,000
,000 18,617.000 36.692,00(3 568,624,000
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
23,474,000
30,000
825,000
State
5,303,000
546,000
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 1,739,000 1,376,
Totals. actual conditi on Feb.
000 2,973,000 6,948,000
85,11.3,900 3,189,000 1,486,
396,000
87,057,000
Totals, actual conditi on Jan. 1
40.000
000 1,311,
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
000 3,049,1)00 5,919,000
81,768,000 3,119,000 1,516,000 1.436,
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! hers of Pede nil Reserve Ba nk
em
Title Guar & Trust__
5,000,000
39,405,000
113,000
Lawyers Title & Tr_. 4,000,000 11,947,900
119,000
127,000
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
222.000
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
-41,648,000 -691,000 -692,000 18,543,000 37,561,000 543,950,000 2,361,000 a3,822,582,000 141,428,000
--557,000 -773,000 -1,199,000
+1161000 -85,634,000 +1,105,000 36,246,000
Grand ag'itate, actual condition
+205,000
Feb. 8... 4,713,812,000 36,598,000
Comparison prey wk
13,389,000
-53,087,000 --791,000 -842,000 18,931,000 38,011,000 529,106,000 2,018,000 b3,795,231,000 140,92
-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 35,241.1,000 569,386,000
ion Jan.
1,080,000 3.873,062,000 143,986,000
Grand ag'gate, actual condition Jan. 25.-- 4.773.704.000 37.432,000 14,375,000 18,762,000
38,713,000 555,710,000
18._ 4.805,045,000 37,275.900 14,573
672,000 3,916,797,000 136,321,000 :35,972,000
Grand foritate. actual condition Jan.
36,020,000
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
517,822,000 517,822,000 481,088,820
15,417,360
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
123,600
553,740
+149,050 1,735,000 4,336,000 16,224,000 15,670,260
+15,920
0,071,000 5,956,200
Total Feb. 8_ 10,950,000 543,95
114,800
+202,500
Total Feb. 1_ 11,132,000 545,140,000 554,900,000 506,201,690 48,698,400 +9,853:060 11,011
Total Jan. 25. 10,888,000 537,75 9,000 556,281,000 517,235,680 39,045,340 +10,024,200 10,748,000 529,106,000 540,117,000 502,715,280 37,401,720 -29,815,670
,000560,386,000 580,134,000 512,91
4,000 548,642,000 519,620,860 29,021,140
Total Jan. 18- IA n. non AR9 00d AM A72 RIO
6,610 67,217,390 +19,083,620
non
-21,238,310 10,671,000 555,71
Ann n91 WI can an .coS
0,000 560,381,000
AAA -7 7S7 %III in Rft9
non R70 OAR MO 1cIIII.R20 000 518,247,230 48,133,770-18,508,780
A24:1M .4MI Rft finFL5M1
* Not members of Federal Reserv
-(-8.028.280
e Bank.
a This is the reserve requir
includes also amount of reserve ed on net demand deposits In the case of State banks and trust compan
required on net time deposits, which
ies,
was as follows: Feb. 8, $4,203,420; Feb. but in the case of members of the Federal Reserve Baaa
b Tills Is the reserve required on net
1, $4,173,570; Jan. 25, 84,170,570:
Jan. 18, $4,229,480.
also amount of reserve required on net demand deposits In the case of State banks and trust companies, but
time deposits, which was as follows:
In the case of members of the Federa
Feb. 8, $4,188,240; Feb. 1, $4,280,040;
l Reserve
c Amount of cash In vault, which
Jan. 25, 84,054,800; Jan. 18, $4,308 Bank include
Is no longer counted as reserve for
,540.
Feb.8,$05,841,000; Feb. 1, $98,17
members of the Federal Reserve Bank, tiaa
2,000; Jan. 25, $101,339,000; Jan. 18,
as follows:
8107,229,000.
d Amounts of cash In vaults.
which Is no longer counted as reserve
Feb. 8, $95,918,000; Feb. 1, 895,17
for members of the Federal Reserv
5,000; Jan. 25, $98,811,000; Jail.
e Bank, was as follows:
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 reportstrust companies
and
showing the condition of State banks House, as follows:
in New York City not in the Clearing
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.
$759300,100 Inc. $8,228,800
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
reserve, 19.5%.
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%
12,338,000
banks and trust cos
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_
169,723,000
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.
with the F.I
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
104,121,200 Inc. 8,200,200 283,047,500 Dec. 5,802,100
Reserve on deposits-1
0.8%
17.0% Dec.
1.3%
21.2% Inc.
P. C. reserve to dep-I

-We give below a sumBoston Clearing House Banks.
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
of
and trust companies in Greater New York City outside
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
disets & Investments_ 530,746,000 Inc. 9,152,000 443,349,000 446,836,000
Loans,
0
Individual deposits. 1nel .S. 424,761,000 Dec. 18,588,00 107,203.000 109.657,000
109,557,090 Inc. 2,354,000
Due to banks
89,000 12,564,000 12,596.000
12,653,000 Inc.
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
0
R.Bank 58,729,000 Dec. 2,383,000 61.112,000 62.079,00
Cash in bank & in F.
Reserve excess in bank and
14,077,000 14.697.000
Reserve Bank ___ _ 12,505,000 Dec. 1,572,000
Federal

AND TRUST COMPANIES IN
COMBINED RESULTS OF BANKS (Two ciphers omitted.)
GREATER NEW YORK.
•
Total Reserve in
Loans
Cash in DeposiLegal
Demand
and
Week
(cults.
Vault.
Specie. Tenders.
Investments Deposits.
Ended
3
$
$
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
.8
Feb
notes
with 'Legal Tenders" are national bank notes and Fed. Reserve
• Included
those held by Fed. Reserve members.
neld by State banks and trust ens., but not

-The Philadelphia Clearing House
Philadelphia Banks.
ative
statement for the week ending Feb. 8, with compar
e
figures for the two weeks preceding, is tis follows. e Reserv
requirements for members of the Federal Reserv system
all
are 10% on demand deposits and 3% on time deposits, in
"Cash
to be kept with the Federal Reserve Bank. companies
vaults" is not a part of legal reserve. For trust
not members of the Federal Reserve system the reserve
ve
required is 15% on demand deposits and includes "Reser
with legal depositaries" and "Cash in vaults."

1

In addition to the returns of "State banks and trust comfurnished
panies in New York City not in the Clearing House,"ment also
by the State Banking Department, the Depart of this
presents a statement covering all the institutions
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
requireThe provisions of the law governing the reserve May 22
of State banking institutions as amended
ments
(V.
1917 were published in the "Chronicle" May 19 1917 the
104, p. 1975). The regulations relating to calculating in
ed
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,
757,184,0 745.605,0
& Investmls 727,568,01 26,680,0: 754,248,0 23,530,0 21.195.0
Loans, disc'ts
467,01 21,416,0
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
462,442,0. 16,926,0, 479,368,0 484,176,0 484,887,0
individual deposits
4.804,0
4,808,6
5,070,0
5,070,0
Time deposits
615,539,0 17,207,0 632,746,0 637.845,0 640.367,0
Total deposits
34,364,0 41,419.0 29,114,0
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*
3,328,01 71,188,0 71.047,0 69.560.0
67,860.01
& cash held_
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

clearing
-Following is the report made to the Clearing House by
Non-Member Banks and Trust Companies.
on the preceding page:
"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. 1
Trust cos. Nov. 1.
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
1,463,500 11,531,000
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
400.000 1.309,200 11,147,000
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
198.800 5,844,000
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
tiA
Dep.

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
000 12,727,000
815,000 2,026,000 3,724,000 14,241,000 6,251,000 a125,755, 00 +146,000
00 1,030,000
8,200,000 11.063,800 150,394,0
+385,000 +2169000 +2,068,0
Grand aggregate
+3,250,000 +12,000 +150,000 +46,000 -139,000
.
Comparison previous week.
$154,800 Increase ------123.687.000 12,581.000
Excess reserve
665,000 1.980,000 3,863,000 13.856,000 4,085,000
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 00 12.327.000
8,200.000 11352,600 146,738.0
()rand aggregate Jan. 25....._
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
Drand aggregate Jan. 18.._
2.280.000 4.428.000 14.144,000 7.320.000 120.275.0
8.200.000 11.152.600 145,331.000 1.059,000 1.058.000
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
previous advance, closing almost 20 points9 points to its
higher than last
week.
As a result of the week's operations New York Centra
l,
Union Pacific, Southern Pacific and Great Northern
point or more higher, while Mexican Petroleum is upare a
814,
Baldwin Locomotive 53', Texas Co. 5, Am. Car & Foun
3, Studebaker 3 and other industrials from
13/2
the other hand General Motors has lost a part of to 3. On
advance and Atlantic Gulf & W. I. and Cornlast week's
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
Range for Week.
ing and therefore WeekSTOCKS. 14. Sales
Range since Jan. 1.
ending Feb.
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
er, from this American Express_ _100 2001 88 Feb 11 89 Feb 13 4134 Feb 50 Jan
aspect of the general situation to that of
8434 Jan 95
Jan
the railroads and Amer Smelters Securities l0
preferred Series A_100
to the effect of the new Revenue Bill,
0234 Feb 11 9234 Feb 11 9234 Feb 93
Feb
100
22 118
now awaili-g only American Snuff
Feb 11 119
n
Feb 13 105
Jan 119
Feb
Am Sumatra Tob,prf100
the President's signature to become a law,
Feb 8
Feb
Jan
the prospect is Assets Realization -__10 500 9534 Feb 8 98 Feb 10 93 Jan 98 Feb
100 134
134
8 1
134 Jan
less pleasing.
Assoc'd Dry Goods_ _100 1,200 1034 Feb 8 2134
Feb 11 1734 Jan 2634 Jan
Second preferred 100
100 5834 Feb 8 5834 Feb 8 5834 Feb
The U. S. Steel Company's report shows a large
5834 Jan
Barrett,
100
Feb
shrinkage Batopilaspreterred .. _ 100 2,81• 110 Feb 10 110 Feb 10 110 Feb 11014 Jan
Mining_ _20
134
10 134 Feb 14 134 Jan 134
of orders booked during January, the larges
Beth Steel, prof
t, indeed, in Brown Shoe, pref 100 1,700 9034 Feb 11 9034 Fob 13 9034 Feb 9134 Feb
Jan
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
struction and other forms of steel are waitin
Jan
Computi
100
g onlyfor that Continenng-Tab-Rec.100 100 3834 Feb 11 3834 Feb 11 3734 Jan 9334 Jan
39
tal Can, pf-100
106
Feb 10106
event. The same is true of many other
Fob 1
Jan
Feb
kinds of manu- Continental Insur_ _ _ _25 311 65 Feb 13 6594 Feb 1 1013,1 Jan 106 Feb
58
66
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 Storage Battery.100 200 55 Feb 8 55
Jan
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
— Fisher Body,
Feb 11 35
Feb 14 33
Jan 3894 Jan
easier during the week, although change
pref _ _ _100
100 91
Feb 11 91
Feb
s in rates were con- Gen'i Chemical, pref.100 101 108 Feb 14 108 Feb 10 91 Feb 9334 Jan
14 10294 Jan 108
fineditorsmall fractions. The continental
Feb
50
Feb
exchanges were General Cigar, Inc_ _100 1,0'' 100 Feb 10 5034 Feb 13 47 Jan 5394 Jan
Preferred
100
130
11 102
Feb 13 103
well maintained with theTheutrals firm during
Jan
Jan
the earlier General Motors rights__ 52,560 2 Feb 13 234 Feb 8 g Jan 103 Feb
234
Debenture stock
days of the week, but-receding'slightlyibefore
3,000 8334 Feb 13 84
Feb
Feb 84
the close on lot Harvester, pref_ _100 100 115H Feb 141153,4 Feb 13 8334 Feb 118 Feb
1411534
Jan
reports that the new armistice terms might
Iowa Central
100
100 234 Feb 13 234 Feb 13 234 Feb 33,4 Jan
result
100 651 28
Feb 8 3034 Feb 14 28
Feb 3634 Jan
lifting of the blockade"and a consequent increa in a partial Jewel Tea,Inc
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
4 73% for sixty days, 4 75(@4
7580 for cheques and 4 76©4773% ®
for cables. Commercial on banks
sight 4 75%404 75j, sixty days 652
4 723i
®4 72N, ninety days 4 71@4
71
(sixty days) 4 72©4 72X. Cotton 7-16, and documents for payment
for payment 4 75®4 75(, and
grain for payment 4 75®4
75X.
To-day's (Friday's) actual rates
for
5 5136 for long and 5 46% ®5 4634 Paris bankers' francs were 5 51%0
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,- 00
0
N. Y. Canal 4s July 1961 at 97% and $191,0
00 Virginia
6s deferred trust receipts at 693/ to 73.
2
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, Lehig112,nd So.
.
Pacifies have
been relatively strong andReadings and-V
-- Rubbers
. S.
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
develo
and prices made substantial advances withissues record ped
high
several issues. Keystone Tire & Rubber corn. after s in
of 43/i points to 553' sold up to 633/2, a new high a loss
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 points
to 97, advanced to 102 and closed to-day at 1003'. Submarine Boat declined from 11% to
but recovered to-day
to 1134. There were several featur1034 strength and activi
es of
in the oil shares. Royal Dutch Co.(new) in particular onty
heavy demand advanced 163/9 points to 883/2. Houston a
com. gained 53/ points to 86 and finished to-day at Oil
Internat. Petroleum moved up over a point to 21% and 85.
to-day at 21. Island Oil & Transportation improvedclosed
from
73% to 85'. Louisiana Oil & Ref. after
a decline from 36
to 3534 sold up to 383/ and at 3834 finally. Merritt 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 Central new
sold for the first time "w.i.", up from 9734 to 97% and 532s
3
down
to 963 and at 97 finally. Interboro. R. T. 7s
from 883/ to 90% and finished to-day at 903/9. improved
Russia
Govt. bonds were weak, the 63s droppin from 69 to n
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.

--PER SIIARE, NOT PER CENT.
111011 AND LOW SALE PRICES
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 907
31
,
86
.86
86
88
*8512 8612
.97
98
*967 98
8
,
9614 96 41
4513 4514 4514 4512 46
4614
*53
55
53
53
533 533
4
4
2134 22
2134 2218
2178 22
157 1573 *15614 159
159 159
4
55
55
545 5434 55
55
8
*73
4 814
73
4 73
*73
4 818
4
.24
25
2412 2412 *24
25
3618 3613 3618 3613 3633 37
3
7038 7012 703 713
707 71
4
4
9413 9434 *94
9512 9434 9434
.131 133 *131 13534 *131 1353
4
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 67
s *612 678
1512 1512 1534 1534
1534 153
4
2512 2512 .25
2612 2614 2612
20
.18
.18
20
*1814 20
02
9114 9112 0114 9112
92
37
4
3734 3733 373
3714 37
98
9812 98
9753 9733
.97
*514
53
4 *514 53
4
514 53
4
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 93
*934 103
4
4 *934 11
433 434 *453 514
*43
4 54
,
*812 9 2 *812 914 *812 914
,
2314 2314 2:312 2312 2334 24
*5012 5212
*50
5112 *5013 52
713
4 7112 7134
4 71
.7133 713
2814 2812 285
2813 2813 28
8
*1912 20
*19
2012 *1913 20
105 10518 *10412 10512
.105 106
8 8912 893
4
897 897
8
4 893 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
8 775 783
773
4 7612 775
3
3
*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 153
4
9714 9712 9714 975
9712 - 3
023 3
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
8
87
3 914
97
8 97
103
3 19
19
19
18
183
4
*Vs 8
*77
8 818
77
8 8
31
31
3118
31
31
31
Ii
20
• *19
20
1978 1978
*19
103 1012 1053 105 *1012 10 4
8
8
3
*22
29
*22
29
29
*22
0:1
17
*1612 18
*1612 18
17
0
57
57
5314
583
4
*813 9
812 *818 9
*8
18
18
*16
*16
18
.16
33
33
.31
*30
33
*30
*21
4
4
2212 213 213 .2078 2212
58
5812 5812 6812 5812 53
71
7112 7112 71
71
71
312 313
33
8 313
35s
358
178
173
17
3 2 I
'2
2
3112 3112 3034 3034 3112 3112
8312 8:312
84
8414' 84
84
10012 10012
8
10073 1007 .10013 1(11
.9812 9912
9912 .9812 100
99
6634 67
67
6758 68 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
877
3 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 1023 104
4
10138 10112 10078 10113 10078 10114
19712 198
199 199
198 200
102 102 *100 102
102 102
4578 46
4612 463
4 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 637
3
115 11612 11578 11614 11512 116
.5814 5914 *5812 59
593 593
3
3
5834 5911
59
5978 5914 597
8
10278 10312 10312 10313 .10278 1033
4
.1858 19
*1813 19
1853 185
8
.140 14212 143 14334 14434 14512
553 53
4
54 54
3
3
5
523
55
8
*187 1712 167 167
8
17
8
17
3

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
543 543
4
4 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 713
4 7053 71
95
95
9533 953
3
*131 1353 *131 1353
4
4
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
63
4 63
4 *614
1512 1534 *1512 1534
2614 2613 *26
27
*13
20
*1812 20
9112 9212 9134 9233
3712 3813 3753 3312
*97 100
973 973
4
4
53
8 553
553 53t
1812 19
1812 1812
*1714 18
173 1734
4
.50
51
*50
51
5453 55
5478 55
*114 11514 *11433 11514
4
93
4 93
10
10
*412 5
514
*5
*812 914
*812 9 2
,
2414 2334 24
24
51
51
51
5134
72
723 *72
4
73
2534 29
2634 2712
*1912 20
•191z 20
*10412 10512 *10412 10512
9018 9012 .13912 91
4433 4434 4453 443
4
13
13
13
13
58
*55
58
60
43
.40
*40
.43
3473 3518 :3418 355
8
*7612 81
*78
80
7733 7878 78
7834
*3712 33
.3712 38
.3753 3813 *3712 3813
2 1153 1153
1112 11,
.17
20
2213 *17
*28
30
*28
30
733 713
1612
.16
9812 9912 991 100'3
2638 27
2633 2634
6714 671t 677 677
8
8
32
3214 3273
3314
43
*44
*44
43
12714 12813 12712 128
7334 7334 733 733
4
4
8 3 911
7
4
*914 93
18
19
1914 1914
.773
778
77
8
31
3113 31
31
*19
20
*19
20
1012 103 .1012 11
4
.22
29
;ifif!! 18
18
*17
5212 5212 .5113 57
312
*8,
8 3 2 *818
,
.16
18
*16
1712
.31
33
22
22
*2112 2212
5812 587
8 5812 5813
7112 7233 *7014 7112
35
3 3.3
353 33
4
173 2
173
2
31
3134 .31
32
8312 84
*83
84
101 101
10012 10012
*983 9912 *973 9912
4
8
63
6834 6834 6873
.85
90
.85
90
4418 4514 44323 4478
10014 10014 10013 10012
8712 8914 8813 8914
11412 1153 11538 11538
3
4358 44
24214 4214
*85
92
.85
95
1134 1214
1214 1212
1712 1818
173 18
.t
90
9138 9012 9214
3912 4112 403t 4114
5733 59
583 5978
4
8
3 5373 547
5318 543
4753 477
8 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 1013
4
101 10114 1003 10112
4
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 723
4
115 11514 115 11512
6014 61
.6034 62
5978 613
3 6038 6134
103 1033.1 10334 10:134
1878 1953 1914 1914
144 146
145 14512
5 2 55
,
8
55
8 534
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
.100
10,300 Chicago Milw & St Paul.
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
-San Fran tr ctfs_ _100
500 St Louis
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
183 Jan27
8
15534 Jan21
4
533 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
Range for Previous
Year 1918.

$ 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
813 Jan13
3
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
733 Feb13
4
10 Feb 6
20 Feb 6
812 Jan 3
3373 Jan 6
20 Jan24
1233 Jan 9

953
41s

12418
72
714
15
734
3012
19
103
3

ai 20
e n11
)
Jan13
Jan21
Jan21
Jan21
Feb13
Jan21
Jan21
Jan21
Feb 1
n21
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
817
8
3
997
98
62
8434
4278
3
987
8413
113
3953
83
1038
1318
7114
38
543
4
5233
4534
87
58
100
1
4513
6213
104
63
11114
11312
9613
4
983
19173
101
4514
9433
2753
11
40
5613
92
64
6473
103
5512
553
3
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
103
4
17
2812
733
1534
9513
25
6634
2712

Ex-rights. I Less than 100 shares. a Ex-div. and rights. z Ex-dividend.

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
563 Jan 88 Nov
4
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
63 Nov
4
433 Jan
1312 Nov
612 Jan
20
Jan 3153 Nov
Jan 62 Nov
41
6712 Jan 8453 Nov
27 Apr 457 May
8
1814 Jan 243 Nov
3
102
Jan 11214 Nov
8118 Jan 105 Nov
4314 June 5018 Nov
9t2 may
187 Nov
8
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
4
69
Jan 763 Nov
434 Jan
12 June
1012 Apr 20 May
7 Apr
113 July
4
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
297 Dec 3934 Oct
35
8
Jan 4

2514
6114
75
414
213
3511
8512
103
9912
77
8134
503
3
1017
8
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
923 J
52 4
'
9
7
63 Jan 3
10312 Feb13
438 Jan 7
4914 Feb 5
33
107 j n 4
86
78
: ari 3
J n13
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
2714 Jan 6
1 3
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
60 4 Jan
3
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
593 Nov
4
9612 Jan
21
Jan
103 Feb
513 Dec
161. Jan

2634 Nov
8
627 Nov
7214 Dec
53 Nov
3
312 June
37 May
8612 May
Oct
106
101 Aug
84 Feb
9113 May
503 May
4
99 Dec
933 Dec
4
11512 Dec
4434 Oct
88 Dec
2213 Sept
947 Aug
13
Oct
49
Oct
61
6012 Oct
4712 Dec
92 Dec
713 May
4
10233 Dec
1312 Feb
48 Dec
4
913 Oct
11014 Nov
95 Nov
116 May
11412 Dec
145 May
10914 Feb
4
1983 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
1067 Apr
3
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. •

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
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 683
4 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
467 4712
3
4858 47
3
3
+10212 10312 10318 1033 *102 103 4
5212 5318 5238 5334 5358 54
*90
91
94
*90
94
*90
2278 2114 227
2218 2238 22
8
7373 7414 73 3 743
5
8
74
74
4 5212 5312 5314 5538
5218 523
1214 1212 1218 1212 *1218 1234
2638 26
*2618 2612 26
2612
148 15018
147 147 1148 148
3
8
130 13214 130 1307 12912 1313
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 413
8
42
42
42
42
52
5218 5214
4912 4912 5
2
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
3
2138 2134 2112 2214 2218 22 4
923 957
4
9414 96
8 955 97
8
2538 2618 2618 2612
2534 26
4
4
373 383
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
23 8
7
23
3
2318 22 4 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
3
2878 2912 3034 30 4
*29
31
53
5312 *5234 5312 53
53
22
2012 2112 *21
2134 22
8
4
16514 16612 16418 16614 1653 1693
*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
- 4612 4733
4
4518 46
-4812 1E3
9612 9612 *95 100
*95 100
66
6512 6512 6413 6514 65
4
010614 111 *10634 111 *1063 111
8 1618 1618
1614 1638 1618 163
9414 96
9378 94
*92
94
48
*46
48
*46
+46
48
3912 3914 3912
3938 3934 39
814 812
814 838
814 8 8
3
714 7
14
714 714
712 712
30
8 30
2912 307
8 2912 293
69
6738 6734 6712 6838 68
118 118
118 118
+115 120
4678 457
8 4718 4713
47 47
3134 3112 3112 3114 3114
*31
4 3978 4014
3913 395
8 3914 393
___- *102 __+102 ____‘*102
8 1678 1714
My 1678 1638 165
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 193
4 1958 20
7218 7212
7158 72
*7112 72
+101 10112 *100 102 *101 1017
8
4
7413 7414 743 7712 778 8214
8
8 913
814 8 8
5
9
83
173 173 *169 174 *170 175
12
11
1118 *11
12
+11
8
3358 3418 3414 347
3334 34
4612 4612 4714 4714
47 47
3812 3812
38
*3712 38
+37
5134
4958 5018 493 5114 51
3
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 827
8
+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
8
9912 1003 10014 101
*99 103
.99 103
*99 103
74
7434 743 743
7334 74
4
4
8
3
01097 1103 *1097 1103a 10978 1097
8
8
3
43 4 433
3
4 4314 43 4 4414 4412
+45
4658 *45
47 .45
4712
88 8 8918 8814 8912 8914 90
3
11314 11314 1131 11318 11414 11414
6578 6634 66
667
8 6614 673
3
*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
487
8 4934 50
2153 2434
2412 243
4 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
68
14'

Thursday
Feb. 13

Friday
Feb. 14

Satesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
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
100 203 Jan 2 2514 Jan24
3
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
543 Dec 7338 Feb
4
593
4 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 183 Jan 3
1412 Apr 24 Oct
7,400 Chile Copper
3
1738 18
173 18
4
5 3218 Feb 6 3438 Jan30
3133 Dec 4714 May
3312 3378 3312 3334 2,700 Chino Copper
4
3434 Jan 5412 May
364 1,600 Colorado Fuel & Iron_-_ -100 343 Feb 10 3814 Jan 3
35
36
36
100 3914 Feb 1 4338 Jan 6
2834 Mar 4478 Dec
4012 40 4 -3
---- 1,700 Columbia Gas & Elec
92
8234 July 10538 Nov
2,500 Consolidated Gas(N Y)-100 8718 Jan27 9713 Jan 2
9
90 4 92
3
100 6512 Feb10 71% Jan 9
6512 Oct 95 Feb
700 Continental Can, Inc
*67
69
68
68
2078 Jan 5018 Nov
47% 477
8 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
3
8
1033 1033 *10212 10312
52 Jan 7478 May
13,600 Crucible Steel of America..100 5218 Feb 7 6012 Jan 3
54
5518 5414 56
4
Jan 2 92 Jan16
100 91
Do pref
86 Jan 913 June
*90
94
*90
94
2712 Apr 34 Nov
8
2034 22
2114 215 15,600 Cuba Cane Sugar____No par 203 Jan27 3112 Jan 9
8
100 7118 Jan28 80 Jan 9
Do pref
7714 Dec 83 Feb
733 75
4
74
7412 6,800
Jan 6434 May
557 5718 5513 5612 48,700 Distillers' Securities Corp..100 x49 Jan 2 5718 Feb13 z33
8
10 1053 Jan31 13 Jan 3
6 June 15 Nov
1214 125
8 1214 1212 2,300 Dome Mines, Ltd
2534 Oct 39 Feb
2638 2714 2714 273
4 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 1317 130% 13212 47,400 General Motors Corp
8
100 82 Jan 6 8614 Feb 6
Do prat
7538 Oct 88 Feb
84
8418 833 8412 1,300
4
100 5612 Jan10 6212 Jan28
38 Jan 5978 Oct
5938 6018 593 593
4
4 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
..100 41 Feb13 4612 Jan 9
3812 Jan 5814 Nov
900 Greene Cananea Copper.
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
957 993
8
4 9914 10012 132,500
27 Jan 35 Nov
72534 27
2613 263 10,000 International Nickel(The) 25 2412 Feb 3 3232 Jan 3
4
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 847 Feb13
41 Apr 72 Dec
2
847
8 82
83
29 Mar 4114 Nov
25,200 Kennecott Copper_ ___No par 2918 Feb13 • 33 4 Jan30
291 30
30
293
4
,
100 6212 Jan21 6818 Jan 3
6512 Dec 9158 May
700 Lackawanna Steel
6413 6413 6458 65
.No par 21
12 Apr 24 Dec
Jan22 2434 Jan31
3,200 Lee Rubber & Tire..
2312 2438' .2312 24
Biscuit tr ctfs _100 41 Jan 9 473 Jan20
1712 Jan 4558 Dec
300 Loose-Wiles
s
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 733 Feb 4
70 Dec 7812 Feb
Mackay Companies
74
*70
74 1 *71
4
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 315
1 900 Maxwell Motor, Inc
8 3138 32
100 503 Jan22 553 Feb13
8
50 Dec 69% Nov
Do 1st pref
4
53
553
4 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 1623 Jan23 19714 Jan 2
4
79 Jan 194 Oct
163 1727 173 17614 149,600 Mexican petroleum
8
100 105 Feb 7 107 Feb14
87 Jan 107 Dec
200
Do pref
*103 107 I 10534 107
5 213 Feb 7 243 Janll
2214 Dec 3318 .Jan
2214 1,600 Miami Copper
s
4
22
2214' 22
41 Dec 61 May
4112 42 I 4112 42
8,100 Midvale Steel & Ordnance_ 50 4014 Feb 7 4478 Jan 9
100 697 Jan13 7312 Jan 8
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
4
4. 4514 4712 5,200 Nat Enam'g & Stamp's__ A00 4513 Feb 8 503 Jan17
4738 473
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 4 Dec
6658 67 I 67
6714 2,200 National Lead.
,
100 107 Jan 3 11018 Jan25
100
Do prof
993 Mar 10512 May
4
103% 10818 *10318 110
1613 Dec 21% May
1612 163 *163 167
4
8
8 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 0353 Feb14 4478 Jan 3
4
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
5 8 Jan15
7
414 Jan 13 June
200 Ontario Silver Mining__ _ _100
*714 712 *713 73
4
5 2912 Feb 8 3812 Jan 4
2312 Jan 40 Dec
30
307
3 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)
4
34 Jan 5134 Nov
4014 4012 40
40
53 3,900 Pierce-Arrow M Car-._No par 383 Jan22 4372 Jan 8
100 10112 Jan 3 102 Jan 2
8934 Jan 104 Dec
Do pref
+102 _
*102
-----2
15 Sept 19% Oct
3 17
1713 173
1738 3,800 Pierce 011 Corporation_ _ _ _ 25 16 Jan 2 193 Jan 6
100 45 Feb 3 5012 Jan 9
42 Jan 5834 Feb
46
1,400 Pittsburgh Coal of Pa
46511 46
46
100 853 Feb 6 87 Jan 9
4
793 Jan 8578 Dec
4
500
Do pref
86
86
86
86
100 x59 Febll 6412 Jan 3
5512 Nov 73 Aug
3,000 Pressed Steel Car
603 61
4
593 61
4
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 911 Jan 7
8518
4
100 1117 Feb14 122 Jan 4 100% Jan 13214 Nov
8
4,800 Pullman Company
1127 11414 11178 113
8
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
4
1914 Dee 2614 May
20
20
2,800 Ray Consolidated Copper_ 10 1912 Feb 6 213 Jan 3
2018 20
723 74 I 73
4
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 1017 *10114 1017
8
8
4
83
861 87
9314 51,900 Royal Dutch Co ctfs dep.... 703 Jan21 934 Feb14 x70 Dec 145 Oct
71s Jan23 11 Feb 3
43 Aug 18 Nov
4
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
8 3413 3514 5,900 Sinclair Oil & Rerg......No par 3314 Jan 2 3634 Ian 3
3414 345
39 Jan 7114 May
48
4812 4814 4814 1,000 Sloss-Shetneld Steel dc Iron 100 4612 Feb10 53 Jan16
4
2,800 Stromberg-Carburetor_No par 363 Jan10 42 Jan15 38
41 I 3913 40
4
3373 Apr
Nov72
5112 5338 5212 5312 51,900 Studebaker Corp (The)_ -100 453 Jan22 5334 Jan 9
100 92 Jan22 92 4 Feb 4
8012 July 100 Nov
*9213 9312 *9212 9312
Do prof
,
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 343
4
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 1953 Jan16 13612 Jan 203 Oct
190 1917 19012 192
8
4
.100 725 Jan29 85 Feb14
8
79,300 Tobacco Products Corp.
4812 Mar 8238 Dec
82
8312 8212 85
100 102 Jan21 106 Jan 8 78714 Mar 10478 Dec
Do pref
105 1053 105 1053
4
4 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
39 14 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 153 Jan24 • 1118 Apr 19 May
3
158 154 1514 1538
900 U S Cast I Pipe & Fdy
100 4212 Jan16 463 Feb14
41 Mar 4734 Feb
Do pre(
4618 4618 464 463
400
4
4
4
10212 1053 10414 10514 16,400 U S Industrial Alcohol__..100 9714 Jan22 1053 Jan 6 x96 Dec 137 May
3
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 803 Jan 2
4
-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
423 Apr 473.4 Dec
8
Do prof
8
*4512 4653 *4512 455
4
8613 Mar 11613 Aug
.100 8814 Feb10 963 Jan 3
8
8912 91141 904 913 227,800 United States Steel Corp.
100 1131s Feb10 11512 Jan14 108 Mar 11358 Dec
Do pref
114 11413 11418 1143
8 1,300
10 6518 Feb 7 747 Jan 2
7114 Dec 93 Oct
8
674 6938 6738 6818 16,000 Utah Copper
11 Sept 1634 Nov
100 13 Jan 2 1713 Feb 4
153 1512 1512 16
3
900 Utah Securities v to
51 Feb10 563 Jan 6
3334 Jan 6014 Nov
5214 52
52
1,300 Virginia-Carolina Chem_ _ _101
4
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
3
7714 Aug 955 Apr
88
87
87
600 Western Union Telegraph _100 8614 Jan22 897 Jan13
8
*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 7 893 Feb14
4
Do prat (new)
75 Jan 8914 Nov
700
*8834 893
4 893 8934
8
7 Jan 6, 4514 Jan 7714 Dec
8
69
400, Wilson & Co, Inc, v t c._ _100 653 Jan20 74
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
853 Feb 9112 Apr
8
*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 3d Liberty Loan
-is
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
--_

997 Sale 9934
8
997 111
8
9738 Sale 9718
973 2192
4
813 90 90
8
90
10178 Sale 10178
10214 133
32
Sale 71
72
71
93
9512
3
953 9512
s
1
9014 9312 9312
9312
8318 8334 83 Jan '19
9812 Sale 983
8
983
8 20
9714 Sale 97
9738 62
973 Sale 9712
4
9778 58
10514 Sale 10518
10514 350
90
90
25
Bale 88
8812 Feb '19
883 92
4
8514 Sale 8512
2
853
4
7512_ 7512
5
7512
1017 Sale 10131
8
10214 114
1017 Sale 1017
8
8
10214 124
1
01
62
68
61
55 iSale 50
55
155
100
,
99 4 Sale 9914
3
8112 8212 82
8212

9912 997
8
9678 977
8
90
93
10014 10212
70
72
9212 0512
9212 0:312
82
83
973 99
4
9038 98
9714 931.3
103 10514
8678 90
86
8812
84
857
8
75
7512
10014 10212
10014 10212
61
70
50
55
933 100
8
81
83

100
10054 499
Bale 100
9312 Sale 933
8
933 745
1
- 10014 Jan '19
10118 2091
8
8
1037- Sale 1007

997 l0)5
8
,4
977 99
8
100 1013
8
100 1013
4

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) secured loan_
-is
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 & Ireland
1919 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 913
4
9114 91.3
4
*9012 9112
101 10138
101 10138
8112 ____
973 99
4
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
4
063 Feb '1.9
9012 98
13 9812 991i
97
97
1013 Feb '19
8
100-18 1013.1
10114 Feb '19
101 10112
10118
10118 14 100 102
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
1663 107
4
10012
10212 Dec '18
106 _ _
10012 Oat '18 --10012
10918 June'18 --7878 Dec '18 --__
72 71;1; 6912
73
19() " " -75
ji
/-

Railroad.
Ann Arbor 1st g 48
1;1995 Q J
Atchison Topeka & Santa Fe
1995 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) 1925 MN
-is
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
111 813 8512
Sale 8134
83
4
80
Sale 80
80
1 80
80
787 79
8
787
8
7878
1 787 8034
3
---- 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
993 July'171---4
83
8438 8312
8312 10 8310 8512
837 85
8
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/312
103
_ 108 Dec '18 --- - - 9514 _ _ _ _ 105 July'15 --- - SS's Sale 8814
8878 32 88
891,
9012 &nerd
77
7714 7714
7712 20 753 8212
4
7518 9234 Mar'17
-7778 Sale 773
4
7814 31 76
80
8218 Sale
10 8078 8212
8018 --_- 112 Jan'1i
828 1
2
84
8614 8312 Jan '19 ---- 8312 8312
737 7518 75 Feb '19
5
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
1397 June'18 -8
8712 ---- 9912 Oct 'I'd _9012 ___ 97 Noy'16
_
_ 1034 Feb '10
863
8
101 10112 101 Nov'18
1013 --__ 10078 Sept'13
8
_
94
957 9318 Feb '19
8
9318 957
8
_--- 8212 82 Jan '19
82
82
100 ---- 100 Jan9
'19
100 101)
91
Sale 91
91
917
8
7312 --__ 723 Nov'18
4
90 May'18
8814 ___ 975 June 17
8
913 Jan '19
917
4
s
9134 9131
89
835 Dec '18
88
8
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 93 18 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
4
20-year convertible 454s 1992
7834 Sale 7834
A
93
0
7978 20 773 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
9
44
823 8512 Nov'16
4
79 __
Craig Valley 1st g 5s
9634 Feb '16
1940
88 _
_ 843 Jan '13
Potts Creek Br 1st 4s____1946
4
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 A 0 50 s Sale 503
59
8
1 50, 53
503
8
,
8
Railway 1st lien 3%5
363 Sale 353
9
4
4
5 3534 40
3634
Chicago Burlington & Quincy
9934
Denver Div 4s
1922
119499
A
9914 Jan '19 _--- 9914 9914
94
7412 7534 753
IllInIllinoisDiv 354s
4
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 ---- 993 9934
4
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
823
1958 MS 8218 8238 8238
8 14 81
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
775
584
J
Chic Ind & Sou 50-yr 43____1956 J
9812 Jan '17
Chic L S dr East 1s1 454s____1960 JD 82 ---- 973 Dec '16
8
Chicago Milwaukee & St Paul
75
10 75
75
Gen gold 4s Series A____e1935
'
.
J
e 11 2,
9
7812
9258 Feb '16
Registered
5
Q J
E58 837
2
JD - - - - 84
Permanent 4s
84
9 8212 84
, s
7774
798 58 697 7414
7
1;8
Gen & ref Ser A 4 qs____a2014 AO 7012 Sale 6938
s
13 773 8178
Gen ref cony Ser 11 Is....a2014 F A
4
89
Gen'l gold 354s Ser B_e1939 J
66 Nov'18
J 66
82
8312 8312 Feb '19
General 4543 Series C_ ___e1 934 J
J
1 8
,
9
84512
83
7014 7212 71
25
-year debenture 4s
J
J
8 71
737
8
Sale 775s
JD 78
Convertible 454s
725
7 12 47 753 82
88
4
90
9834 9753 Dec '18
Chic & L Sup Div g 5s
J
1932 J
9
21
92 Oct '18
Chic & Mo Riv Div 5s_._1926 J .1
4
Chic & P W 1st g Is
975 Jan '19
8
J -g63- 9985
1921 J
9718 0818
79
C M & Puget Sd 1st gu 48_1949 J
797 Dee' 18
8
J 72
Dubuque Div 1st s 1 Gs_ 1920 J
J 9997 Aug '18
12
1 :74"
10178 Sept'17
Fargo & Sou O.SSUM g 6s„.1924 .1
J
5
9934910314 9958
La Crosse & D 1st 5s
9958
J
1919 J
9958
99
Wis & Minn Div g 5s
9818 Jan '19 .........! 1)818 9818
J 9612 102
1921 J
9912 99 Jan '19 -- 99
Wis Valley Div 1st 6s..___1920 J
J 82
99
4
Wilw & Nor 1st ext 4 Ms_ _1934 JD 883 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
Registered
Q F --- - 875272 Oct '18 ---- - - -8212
General 4s
1 81,8 8212
P19 7 NI N
82
1 8
3
:
Stamped 4s
4
,
1987 NI N -, -_- 81 8 817s Oct '18 ---119 102 ::: Jo
,
General Is stamped
: -663- 100 8
5
1987
4
7Sinking 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
--- - --- -CT
98 Nov'18 -- - - - - - Registered
18791929 A 0 94 10
,1
2
Debenture 5s
A 0 9713 9912 98 Dec '18 --__ - - - - - 975 100 Jan '18 --8
Registered
1921 A 0
1193231
Sale
Sinking fund deb 5s
9612 9612
8611 ____ 1806 0 ov 68 -___ i__ 19
9 ;__
0
6
97 N pt,9 116
8
1: e t,118 __ ..._
Registered
: es : 3
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 3548.1941
,
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 -- -14 101718 Dec
10
6
12 8 hlay
Mich Div 1st gold 65_ _1924
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 82
7714
7734 may718
7 1 18
7 44
,
_8 7512 79
8
8
Raft/DM/ general gold 4s_ _ 193
Registered
Refunding gold 4s
1934 A 0 -7.ii
7612
74
-1;:; 8418 Aug '18
_17' 7
0
20-year debenture Is
1932
-Fr gale 70
It I Ark & Louis 1st 4548_ _1934
72
70
98
947 Feb77 51 9 363 9478 96
8
Burl C R & N let g 5s......1934 A 0 90
'
1
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 Feb65
St Paul & K C Sh List 4548'41
'
A
19
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
_15 " 100 Feb '19
6
St P & S City let g 6s____1919 A 0
8100
997
-iii-3- _8
4_6 -- 95 M ay:18 --_- - - - Superior Short L let Is g_c1930 NI
5
8 july 1
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_
:_4 ___ ___ ___ ___ 9
7i
Cin II & D 2d gold 454s
88 Ms :IT
0 m:
ay
'
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
783 79
4
7878
4 7812 80
1931
General 58 Series B
---- 81 4 8614 Aug '18
1993
11,3,3
,
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
993 1008 99 Sept.'18
8
4
_
8214 90
1st gold 4s
87 Dee 17
11936
8812 May'I 5
Registered
11936
- -5 -561-2 10218 Jan '17
62 8
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
---_......
,
--- 56 Jan
6
Peoria & East 1st cons 48_ 1910
,0A 0 49 -5
,
---- 58
58
12
1212 12 Feb '19
Income 4s
Apr
12
12
8
Cleve Short L 1st go 4%8_1961 AO 875 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 993 Jan '19 --__ 9934 993
4
4
Conn & Pa.s Itlys 1st g 4s.... _1943 A0 65
- - - 8
_ _ __ - -17 -iii- Fel;.- ii
9 -Cuba lilt 1st 50-year 58 g. __1952 J
J
i
-- - -- 1)el Lack & Western
7112 77
Morris & E98 1st gill WI_ _2000
D
71 Oct '18 ---- ____ ---J 101 1017 102 Dec '18 __
N Y Lack & W lst 61
8
1921
FA
Construction 5s
9714 Jan '19--__ 953 9714
4
9114 9512 92 1)ec '18. __ _
Term & Improvt 4*...., _ 192 MN
92
1
. _
_
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.

8g
Price
t -,..
Friday
t
.M0
' Feb. 14.

•

IVeek's
Range or
Last Sale

j,
1:
5
"

Range
Since
Since
Jan. 1.

High No. Low High
Ask Low
Bid
High No. Low High
Bid
Ask'Low
Lob98
A 0 9978 Sale 9978 100
Leh V Term Ry 1st gu g 5s__1941 09 1021
Delaware & Hudson
113 Mar'17 -----------1941 A
Registered
96
5 96 961s
964 97 96
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
993 Dec '18 __ ____ ---4
:
1 3 31111 9312 95%
9312
Leh Val Coal Co 1st gu g 5s-19332 I --__ 102
9312
1935 A 0 9312 95
20
-year cony 55
---- --- 105 Oct '13 -- - - -- ---Registered
77
1 ' 5s
77
1946 A 0 77 Sale 77
;0
Alb & Susq cony 3
---- - - -- ---1933 J J 79 ---__ _
1st int reduced to 4s
Renss & Saratoga 1st 7s 1921 NI N 1034 ---- 1034 Sept'18 ----------19 5 m s
Leh & N Y 1st guar g 43_-1945 M 5 79 - -iii-. Juiii.8 -- --- - - -Denver & Rio Grande
-- -- -- -,-Registered
7212 72
72
4 6978 73
1936 J J 72
1st cons g 48
6114
8 6E- NOVai ---Long Isid 1st cons gold Se.. h1931 Q 5 - - I615I- 80
7312 Jan '19 _-- 7312 76
1936 J J 74
Consol gold 4s
___ _
- - - -- 1st eonsol gold 4s
51931 Q J 80 ---- 9914 June'16 8
1928 J D 7212 797 794 Jan '19 ---- 7918 794
Improvement gold 5,s
80
81
79 Jan '19-_- '79
1938 5 D 78
General gold 4s
8
1955 F A 50 5212 5212 Feb '19 ---- 497 5714
1st & refunding 5s
85 Sept'18 ----- ---- -- -1932 51S 853 98
922 3 D
Ferry gold 4;0
4
Rio Or Juno 1st gu g 5s- 1939 J D 82 ---- 873 Nov'18 -- _ _ _ ___ _
--------9914 Oct '06 --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
1940 5 J ---- ----39 July'17 ---. 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 Feb '19 -- 75
7712
1937 WI N 73 77
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
9
194 wi ii
Guar refunding gold 4s_-1949 m s 7512 80
Det &Mack-lst lien g 4s 1995 1 D 65 --__ 82 Dec '16 ---_ _ _ _
--- ---- 95 Jan '11 --- ------..
Registered
89
7512 July'16 -,
D
1995 .1
Gold 4s
94
NYB&MB 1st cong 5s_1935 A 0 94 - - 94 Jan '19,.,._. 94
4
4
4
823
4
2 813 8414
4
Det Riv Tun Ter Tun 4;58 1961 NI N 813 823 813
94 Dec '18 ---1927 M s -„- lig
_ __
N Y & R B 1st gold 5s_
4
4
Dul Missabe & Nor gen 5s 1941 .1 J 953 --- 963 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 ---- ---- 6 ii ii
87 83
83
1937 1 J 81
Dui Sou Shore & Atl g 5s_
1937 51 N 97 105 10012 Jan '19 ---- i(1614 air*
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
2 995 1111112
1920 M S 100 101 100
8
Erie 1st consol gold 7s
1940 J J 8312 8814 964 Jan '17 -__
Registered
MN 814 --- 784 Oct '18 -....- ___ ___ _
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
94 4 Nov'15 ....-3
1928 J D 8118
5th ext gold 4s
7912 Jan '19 ___ 7912 7912
Paducah & Mom Div 4s 1946 F A 80 84
8
N Y L E & W lat g fd 7s 1920 M S 9834 100 1003 July'18 .10014 10014
1921 m
57 ..- 10014 Jan '19
St Louis Div 1st gold 6s_1980 ai s 100 ..
Sale 66
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
1955 1.1 N 7712 773 7814 Feb '19____ 7814 7814
All Knox & Cin Div 4s
4
524 10 523 561
4
:
1 523 523
1st coesol gen lien g 4.9_1996 J J
-4
All Knox & Nor 1st g 5s-1946 J D 953 -...... 95 Nov'18 ---- -----____ __ _
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
-year cony 4s Ser A 1953 A 0 47
50
9514
5 95 95
Lex & East 1st 50-yr 5s gu 1965 A 0 93 9514 95
47
1 467 48 2
g
7
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 Jan '19 ___ 71
L & N-South M Joint 4s_1952 J .1 71
94
5
12
81 N 9212 9312 94
Chic & Erie 1st gold 5.9_1982
9955 Auge:0125 -- - - - - --51952 Q J
__
Registered
s
Ciev & Mahon Vail g 55-.1938 J J 86 ---- 1067 Jan '17 --------------- -- --- N Fla & S 1st gu g Ss-.-1937 b` A -if- -66993 Feb '19 ....-- 9934 101
4
Erie & Jersey 1st s f 68._ -1955 J J 9978 101
- -8
N Sit Bdge gen gu g 4%s-1945 J J 8514 --_- 977 May'16
Genesee River 1st 5168--1957 J J 9578 98 974 Jan '19 --- 9778 1.01
4
3
Pensac & Atl 1st gu g 03..1921 F A *1015 ____ 10138 Jan '19-- 1011- 10138
_.
1935 A 0 108 ......- 108 Dec '18 --- __
Long Dock consol g 6s
99 Apr '18
- -- ---8 & N Ala COM gU 9 53-1936 F A 96 106
6s-1922 M N 90 --- 103 Jan '18...- -------Coal & RR 1st cur gu
-year 55_1963 A 0 9112 99
9312 Jan '18 -----------Gen cons gu 50
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 --- ---- ---1.
Sale 75
: fli '18
3
75
75
NY Susq &W 1st ref 5s1937 J J
1 77 m
Mex Internal 1st cons g 4s-19 7 M S ------ 77 Mar'10
1937 F A __ ..-__. 10014 Dec '06 -- _ __ _ ___.
2d gold 43is
--------75 Nov'10
Stamped guaranteed
62 60 June'18
1940 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
99 Feb '19
Pacific Ext 1st gold 6.3......-1921 A 0 97 101
72
gu g 53-1942 J D____ 72 72 Jan '19 ---- '
Wilk & East 1st
1934 M N 7814 8312 7812 Nov'18 -----------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
9812 98 Jan '10 ---- 97 98
Evansv & T H 1st cons 6s-1921 J J 95
6
0 vu
8
Ref & ext 50-yr 5* Ser A_ _1962 @ F ____ 4912 5 18 Dec 415 2:-_-_ - - - - - -- 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
i 2 66 s
Iowa Central let gold 5s 1938 J D -;61- - .5- 77 Jan '19 _ _ _ 77
5
Sall Co Branch 1st g 5s.....1930 A 0 ____ 93 8 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 ---- _ _------------1.1 88 ---- 92 Jan '17 ----1941 M 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
8
96
237 9518 96
8
Great Nor C B & Q coil 4s__1921 J J 955 Sale 955
-95 Dec '16 --. -------Mississippi Central 1st 5s_ 1949 J J .....- 90
5
h1921 @ J ___- ---- 954 Feb '19 ---- 954 95
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 Feb '19 __ 43 43
43
42
..
__
Trust Co certfs of dep
95 Jan '19 -..... 94 95
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
a
Mont ext let gold 4s...-1937 J D 86 -__- 8873 Feb '19 ---- 887- 88?
5% secured notes "ext" '16 __ _ ___ 3718
Mar'16 -..... ____ _
1937 J D 84 --- 9512
Registered
2
7 - -- - - ---al
Dail & Waco 1st gu g 513-1940 M - *---- 75 -661- 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 :::: -- -- -- -- -- -- -8
E Minn Nor Div 1st g 43._1948 A 0 817 ---- 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
55
2 51
_
546
MK &Tof T 1st gug 58 1942M S 51
J 107 .......- 13614 May'06 --- - - - - - - - .
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
-----------:
Texas dr Okla 1st gu g 56..1943 M S 301 304 301s Nov'18 Will & S F 1st gold 58_ _1938 J D 100 _--- 109 Aug '16 -- - -- - -.
Missouri Pacific (reorg Co)--- - - - .
65
693 Dee '16 -4
51
Green Bay & W deb ctfs "A"_ ...._ Feb
873 Jan '19.- 874 874
s
81;
7
7
1
1st & refunding 58 Ser A...1965 F A 83 .87
612 64 7
Feb
Debenture ctfs"B"
4
3 913 933*
934
J 7212 80
1st & refunding 58 Ser Ba 1923 F A 9314 95 0318
Gulf & 8 I 1st ref & t g 5s__b1952 J
80 Jan '19 ---, 80 821
90
90
90
5 894 92
1st & refunding 5s Ser C 1920 F A 89
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
4
Missouri Pac 1st cons g 68_1920 M N 9912 9958 9912 Feb '19 _ 994 993
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
E
3d 75 extended at 4%.... 1938 M N • ::- 1- 82 Apr '17 ---- - -- - -85 Dec '18 ....- - - - - - - - .
Houston Belt dr Term 1st 53_1937 J J 8312 89
Feb '13 -- - --- Boonv SI. L & 8 1st 5s gu_1951 F A -------- 10_
2 88 88
88
Illinois Central 1st gold 40.-1951 J J 87 ---.. 88
. --- - :: _
_ 3
1948 J D 6314 84 s 9712 Dec '13 :I
Cent Br U P 1st g 4s
1951 2 J 69 93 92 Sept'17 ---- _ _ _ _ _
Registered
82
Pac Ref Mo 1st ext ti 4s 1938 F A 8012 ____ 81 Jan '19 ___ 81
7538 Oct '18 ___. ____ __ _
1st gold 3%e
1951 2 2 7314 90
4
2d extended gold 5s_ _ _ _1938 J J 8614 ---- 1003 Apr '18 -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
0
17 12 - 2 -2 2
7
8 d114 8012
. - -8 -1- -8 -1Unified & ref gold 4s .._1929 J J
__ --__
1951 M S -------- 80 July'09 __ ____ _ _ _
1st gold 3s sterling
-_ _
_
1929 J J --_- -- _ 804 Oct
Registered
-- 1951 al 8
Registered
744 77
76
7412 Jan '19
RIv & G Div 1st g 43-1933 WI N 75
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
1 8212 8414
83
1st refunding 4s
1955 M N 8212 823 83
h1927 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 ----i idci - io45 100
Nashv Chatt Sc St L 1st 55_1928 A 0 100 __ 100
7312 Nov'18 ---- - - - - - - J
'1 ..
Louisv Div & Term g 3;0 1953 J
Jasper Branch 1st g 6s_ 1923 J J 10014 10414 1101a Mar'17
---- ----1953 J J__ ---- 83 Aug '12 --- - _ _ _
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_
Sept'18 ---- -Omaha Div 1st gold 3s_ -.1951 F A 5918 --- 5814
s
Nat of Mex prior lien 450_1926 1 J *30 ....-- 987 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
5s
Spring( Div 1st g 3;0
1951 J J 67 --- 80 Nov'16 2 -96 5; -96712
:1 :8 54
1935 A 0 54 Sale 54
Non-cum income 5s A.
1
8012 Dec '18
Western Lines 1st g 4s___ -1951 F A '
York Central RR
Now
Nov'10 ----------1951 F A --------92_
Registered
3
8
9912 167 9778 99 4
1935 PA N 987 Sale 98
Cony deb Os
11712 May'lO
1923 J D 95
Believ & Car 1st Os
2 744 7814
747 743
8
1998 F A 74
4
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
1997 J .1 72 Sale 7112 . 72
Mortgage 354s
6512 July'18
1951 .1 D 6514
Gold 330
_
1997 J .1 ___- 7212 6678 Aug '18 -----------Registered
1951 J D
Registered
4 82
3 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 Shtered g 3As
Regis orecoll
--- -78
05 Nor17 1951 J D 71
Registered
1998 F A ---- 6612 67 Jan '19 -- 67 67
.4
'19 ---- 793 791
4
St Louis Sou 1st gu g 4s 1931 M S 794 ---- 793 Jan
1 65
70
65
65 Sale 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
Battle Cr & Slur 1st gu 38_1989 J D 53 __
82
4
James Frank dr Clear 1st 4s.1959 J D 803 90 82 Feb '19 ___. 82
Beech Creek 181 gu g 4s_ _1936 J .1 8114 -..-.. -6614 Dee '18 -- - - - - Kansas City Sou 1st gold 3s_1950 A J 63 65 64 Feb '19 ____ 6212 61
__ __ _ _ _
953 Nov'10 :::: - - - - - --4
1936 J J
Registered
78 Oct '09
1950 A 0
Registered
1936 J J "ifi -fir 104 May'16
2d guar gold 5s
3 8414 85
844
3
Ref & Impt 5s
Apr 1950 J J 8514 85 4 844
----- -1936 J J
Registered
Sale 78
7814 10 764 81
Kansas City Term 1st 4s_ __1960 J J 78
Beech Cr Ext 1st g 350..b1951 A 0 :::::::: ---- --- --- - - - - - --4
. 8934 891
8934 893 Jan '19 --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 ---3
North Ohio 1st guar g 5s 1945 A 0 __ 99 803 Oct '18 ----------58
1991 M S 77 -.. - 1- Oct iii Mob & Mal 1st gu g 4s
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
6 - - 9 14
N Y & Northern 1st g 5s-1923 A 0 9714 --- 9714 Feb '19 _ _ _ - -712 - - - 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
92 Nov'18
8812 90
1957 MN
_ 113 May'15
Series G 4s guar
D 10314
Pine Creek reg guar Os__ __1932
F A
905 9413 95 Nov'18
8
_ 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
75
67 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
- --- - - -Canada 1st go g 43-1949
Rut
9 847 8812
8512
8
3 g;le 8478
101 Nov'16
J 8258
Pere Marquette 1st Ser A 53_1956
- - - --- 5s-__1996
St Lawr Sc Adir let g
6831
1 6314 7214
1955
,
68 4 6912 6834
4
0 883 ____ 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
---- -8
757 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 -8634
1997 J
Reading Co gen gold 48
S 8914 9078 8914
Debenture gold 4s ' 1928
J
8
8912 8112 June'18
8 88
833
1997 J
8
Registered
N 883 Salo 8814
89
1931
25
-year gold 4s
1
88
4
863 Dec '18
8
195I A 0
-___ 837 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
1
J
2
J6 70 71-7-( Dec
c- - 1.
J
_ 1041- De-' 5
951s
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 Sale 617
50 6014 64
62
s
1950 3
J 10318 ____ 1301s Jan '09
lien Ser A 4s
J
Prior
- - --Pitts Nick & Y 1st gu 68 1932
J
763.4 7712 771s
4 7658 7938
7712
1950 J
8
Prior lien Ser B 5s
J 1023 ___ 12314 Mar'12
1934
2d guaranteed Os
0112 20 6212 69
951s ____ 9913 Aug '17
- -- - - -Cum adjust Ser A 63____51955 A 0 6412 Sale 6112
1931
Central 5s
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
8
797 July'17
1947 A
Southw Div 1st g 5s
7014 _
N
1952
1st gold 33s
4,
103
8
103
8:114
12, 10212 10314
82
8314 Feb '19
K C Ft S Sc M cons g 63_1928 m /1 10550 8318 85
-year debenture 4s 1929
20
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
-18518 Aug '18
-_ _ _ 85 Nov'17
K C Sc M It Sc B 1st gu 53_1929 A 0 8 14
0 77
1937
Registered
7253
-78 7258
71
1 72
74
71
71 Jan '19
7218 75
N
73
St L S W 1st g 48 bond etfs 1989 MN
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 597
5912
76
8
75
J
1932 J D
78
76
Consol gold 4s
2361
Registered
59
5878 59
4 5878 62
8
993
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& Hartford
53
53
5 53
4
4
733
4
'2 7334 74
8 ____ Da
54
19501 A 0 733 Sale 733
Gold 4s stamped
1947
Non-cony deben 45
49
4734 4778 49
5314
619491F A
2_ 49
- 55 Sept'18
51
Adjustment 5s
33..s1947
Non-cony deben
- - -8
5878 587
5 58
8
60
587
19591A 0 56
56% Nov'18
---- 54
Refunding 43
Non-cony deben 34s1950
-- _ _ 74 Feb '19
20 54 -567
7318
54
74
74
Sale 54
8
54
J
At! Birm 30-yr tat g 4s e1933 M
1955
Non-cony deben 45
75 - - - 76 Oct '18
54
5 51
Solo 51
5913
N 51
Caro Cent 1s1 con g 43_ __1949 J J
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
-- - - - J 9312
60 July'18
- - 94 June'18
Ga Car lir No 1st gu g 5s 1929 J
J
1955
deben 4s
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 Co
1956
Non-cony deben 4s
4
1 75
77
4
Gold 4s(Cent Poe coil) __k1949IJ D
N -743- ____ 733 Dec• 18
--- --Harlem R-Pt Ches 1st 4,3_1954
7912 Dee '17
6
'
_
87-36-3184 885 76 Feb84 s
3
e 0
18 ::
7 14
80
11949 J D
70
A
d
y 48
11 & N Y Air Line 1st 4s 1955
Sale
149 8318 855/
02i2 6212
g1929 M S
8
3
5514 623 6212 Jan '19
20
20-year cony
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
12c
N100 , ,;15
1;)
14; 80
83
Cent Pac let ref go g 48_1934 FA 8014 Salo 801 i
8014
1949 -1 D
Housatonic R cons g 5s 1937
8712 f3ept,'16
87 July'14
Registered
1954
Naugatuck RR 1st 48
3
2 -853$ 853
4
1949 F A
8534
Mort guar gold 3 As_ _k1929 J D 85 4 8612 8534
'
4- 83 Aug 13
1942
0 801
N Y Prey & Boston 4s
12 50
52
53
5ale 5012
Through St L 1st gu 48_1954 A 0 7618 ____ 78 Nov'18
5012 - J
NYirches&11 1st ser I 4 As'46
9114 101 100 Oct '18
0 -------1939
Boston Terminal 1st 4s
85
97
4
963 Jan '18
1931 M J
I
I
a I &8 AM & F 181 58193 J N
l
exten 5s etar
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
913- 9918 8512 July'18
4
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
8
19'33 M N
1st guar 5s red
Proy & Springfield 1st 53_1922
- --- -- ----- 997 Dee '13
J
98 Jan '19 ____ 97
4
983 10-i
8
98
II & T C 1st g 58 int gu__ _1937 J
S ..e914 ____ 883 Feb '14
Providence Term 1st 4s_ _1956
93 Nov'18
_
guar_ _ _ _1921 A 0 --_- 97
Gen gold 4s int
J .7158 W & Con East 1st 43-0_ 1943
--- - --94 10012 10912 Noy'15
_T.:: -di - 71)
i(14 -66 Jai;
Waco & N W div 1st g Os '30 PA N
s 69
N Y 0 & W ref 1st g 48_ _ __g1992
--- - --95 100 No 7
9212 June'12
93., Nov'18
A Sc N W 1st
g 5s
_
5
Registered 115,000 only__ g1992
-- -- - - ---60 Apr '18 __
Oat
3
4
9 J
05
D
Louisiana West 1st Os__ 1921 j 3 9834
1955
General 4s
- -- - --102 100 Apr '18
1 -di- -6616912
J _
2
Morgan's La Sc T 1st 6s1920 J
A 6918 6912 0912
Norfolk Sou 1st & ref A 5s.._1901
-- -- _ 1021s Oct '18
4
A 3
J 13 gi3 _
8158 June•18 --N 81 - __
No of Cal guar g
1941
Norf & Sou 1st gold 53
90
1091; 109 Dec '18 ---_
____ 96
97
119927
5s38
Ore Sc Cal 1st guar g 5s
A 109
1931
Nor( & West gen gold 6s
6 5en 9
9612 -9 ! 9712 -18pt16
8
- _1 10
So Poe of Cal-Go g 53_ _1937 M N
A 106 ____ 122 Nov'16
Improvement & ext g Os_ _1934
7214 ___ 7
97 _7833 93 F
8 Jan 419
,
-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
58
0 84' 85
-236 2
San Fran Terml 1st 48_1950 A 0
.1N & W Sty 1st cons g 4s 1996
9312 Deo '10
8
897 94 Nov'16
1 83
,
- - - - - -- _
3
0
1993
Tex & N 0 con gold 5s_1948 J .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
-25
10 -year cony 4s
931' 94 10414 Aug 4 6
0
9
9 112
'
S 8412 8812 11714 May'17
1932
Registered
-20
10 -year cony 4s
6712 --57 6638 -68 4
Sale 67
9
. 4 A -1
S 104 ____ 10412 Dee '18
1956 JI 0 67
.1
Develop Sc gen 4s Ser A
10-25-year cony 4s._1938
J
S 06
-_ 10712 Sale 10714
10734 118 10014 108's
68
6
661.s Feb '19
38
,
6618 6618
: 199
Ntob DO lst g 4 m s 4s
Mo m& ivhio co11 tr g-5s
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
74l
723 Sale 723
4
4
723 -5 7259
4
St Louis (By lot g 45
C C& T 1st guar gold 5s_1922
-1
0
gi 81 Jan '19 ___ 81 81
93
Jan '19
93
75
1951
N
Ala(3t Sou 1st cons A 5s1943
Selo V & N E 1st gu g 48_ -1089
S - - 983
f38 - -ale 8
9
88
88
88
Atl Sc Charl A List A 44s 1944 J
Northern Pacific prior lien rail40 8318 86
4
84
963 Feb '19
8
.1 8312 837 8318
9612 9718
44
1948 J jj 9318 96
0, 18 j .1
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
90 Jan '19
9512 9918 96 Mar'18
8
F- 90
.1 867
-id - 90
2017
E T Va & Ga Div g 5s_ 1930 J J
Ref & imp 410 ser A
9512 , 9512
92 100
74 Aug 'IS H,_.,
, 9 14
5
3 9518 9512
1956 M M
9612
19
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
101 101
Ga Pac Ry 1st g 68
St Paul & Duluth 1st 5s 1931 F D 0718 100
7014 _ _ 78 Dec '18
::-: 100 Oct '18
22-1
9
1968
Knoxv Sc Ohio 1st g Os _ 1925 J
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 797
7712
7712
8
7712
95 Jan '18
J
947 A -1
1st & ref 4s_ 1961
& Dan deb 5s stmpd _ 1925 .1 0 925 102
Rich
s
Oregon-Wash
8512 Feb '19
86
73 Sept'12
D 84
Pacific Coast Co 1st g 5s_._1946
m N
Rich & Meek 1st g 58
8512 88
9
1948 m N ---- 70
95 1001s Feb '17
99 100
99 Jan '19
J
19
99
99
Paducah & Ills 1st s I 4 As1955
SO Car & Ga 1st g 53
---(
N 9518 _ 95 4 Nov'18
Pennsylvania RR 1st g 4s 1923
- -Virginia Mid Ser D 4-531921 M S 95 ____ 10212 June'll
4
_ _ 93 Apr '18
S 993 100 100 Aug 'P
1919
1926 M 5 9938
Consol gold 5s
Series E 58
-- - - S 913 ____ 10412 Dee '16
8
985 ---4
1919 (2 M
Reglstered
1926
Series F 58
--- - - ,
66 4
N 89 _-__ - 1 N,;;18
1943
Consol gold 45
General 53
- -- --3 8612 8812
8812
N 8812 Sale 8859
8714 1948
7
6
193 AI N
Consol gold 4s
9 1 Bept4
Va & So'w'n 1st gu 5s 2003 JJ 96 _9.- 88 % Dee
- -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
- - - - -I) 8814 Sale 8814
887
8 28 8712 897
85
1965
92
93723 Mar'17
General 44s
1924 F A
W 0 Sc W 1st cy gu 4s_
8
- - - --9612 638 9518 973
Ms Sale 96
953 Mar'17
1968
4
13
J
4
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
- - -- -- - 4
A 803 ____ 8412 Sept'16
8i 88
952
9
eb 19
9112 an 49
08
9818
98
1894-1944 F A -135
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
8712 8712
Philo Balt & W 1st g 4s 1943 NI N 90
j
____ 102 Jan '93 ..- _
0
9
:9 12
9 3 A -1 90 4 76
70
St L M Bridge Ter gu g 58_1910 j 0 ,03 931 2 9512 July'18
Bodus Bay & Sou 1st g 58_1924
80 _
J
92
14 90
Texas Sc Poe 1st gold 53-.712
000 J p
,
mar
Sunbury & Lewis 1st g 48-1038
--- - - - 77
851s _ _ _ -92- Deo_ 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 Co
9734
8
975 Sale 9738
J
1021
10613 Noy'04
W Min W Sc N W 1st gu 55I930 F A
8
973 9731
Guar 1st gold 4 As
J 9514 9713 9712 July'18
9012 Oct '18
1921
1935 A J
Tol Sc Ohio Cent 1st go 5s_1 35 J 0 9212 99
-- - 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 coil trust ser B_1941
-is
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
--- - --4
373 Dec '16
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
6
1927 J
7518 7518
8514 87
Tol St Sc W pr lien g 3;43_1915 -1 I
-year gtiar 4s etfs Ser E_1952
40
8734
4918 49
1950 A 0 48
51
3 48
-year gold 4s
50
- --- -- Cin Lob & Nor gu 4s g_1942 84 N 8012 --_- 86 Oct '17
--__ 32
185s Ma49
r00
1917
Coll trust 48 g Ser A
Cl & Mar 1st gu g 4 A3-1035 rd N 8734 ---- 9614 May'17
4
J 9518 ---- 963 May'is
18 Aug '18
Trust co etis of deposit _ __ F A
Cl & P gen go 44s ser A.1942 -1
83697
8 ,4 80 Apr '17
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
83 ---- 90is Oct '12
N
4
53 Sept'17
95
1922 A i
1, 7 J O ---- 70
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
8
765
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
_9 08 M
8 32 10378 106
1045
10459 Sale 10414
Ohio Connect 1st gu 4s_ _1943 84 5 8312 --- 78 Oct '18
10-year perm secured 63(11928 J
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
8
885 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
8
985 Sale 985
1946 J
8
9858
3 98
Series B 4148
1933
1st consol g 5s
8
937
8512 8612 86
8
S 783 --__ 881s Sept'17
8614
Series C 43
7 86
Guar refund 4s
88
1942
0 91
9112 9412 Jan '19
6
9 92
9412 9112
PCC&St I. go 4 As A _ _19.10
Utah Sc Nor gold 5s- _192 .1 .1 92 __ 98 T)ec '17 ___
- - 8214 89
89 Feb '18
1st extended 4s
Series 11 guar
1912 A o 9058 9612 9234 Jan '19
9234 923
- - - -4
8
905 99 99 June'17
N
5
3
95 F
,7 s
_
80 Jan '18 ____ - - - - - 1953 -1i A
1942
Vandaita cons g 48 Ser A
Series C guar
-- - - 8812 93
N
7912 ___ 8018 June'18,
8
903 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 857
8
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 ---- 853 70 Den '18
8
Income 5s
p1913 Nov
36 Oct '17
Western Pao 1st ser A 5s__1916
S -3 - 742 81
. 4
:13
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
953 Dee '18 --4
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
793
4
2
Sale 88
-88
88
88
8014 Oct '18
9
7514 7512 7518
7512
--- -- 84 Jan '14
5714 573 5712
5734 38
4
1814 Sale 1614
1612 22
90 100
37 Oct '18
4013 297
3914 Sale 39
128
8
71
707 Sale 7012
9
71
83% 72
7214
72
733 7412 Jan '19
8
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
517 Jan '19
8
_ 80
50 June'17
____ 23
22 Jan '19
2234 25 4 22 Jan '19
3
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
-383 -433- - 4
4
683 7234
4
72%
72
7412
74
- - _
68
74
- ---- ____

68
74
------ ----

55
57
3 4012 43%
11 1158 1478
6134 62
- --______
50 53
14 2712 317
8
- - - - --9438 95%
-—
505 5218
8
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
Am Cot Oil debenture 59_1934 M
192 1 F
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 MN
3
1
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
Lorillard Co (P) 7s
5s
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..1928 MN
1 42
Pierce 011 5
-year cony Os. q1920 3D
J
10
-year cony deb Os
h1924
Sinclair Oil & Refining
1st 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 -883
4
--__ -.- 90 Feb '18
91
94
Sale 91
7 04 "iti80%
8018
8014 84
1 8018 8018
80
8514 8312 Feb '19
8312 853
a
79
82
81 Jan '19
81
81
--_58
58 Mar'18
881; 90
8812 Feb '19
88
89
10638 Sale 1053
4
10638 10. 10534 110
83
8
827 83
10 8212 85
83
83 Sale 83
8112 85
83% 17
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
983 134 97 102
4
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
903
4-- 927 Jan '19
92% 92%9778 983; 98
9812 -55 063 987
4
8
10033 Sale 100
10012 39 98 10012
10012 10078 10033
101
'100 10212
8814 89
3812 Feb '19
88 8812
10014 Sale 10014
10014
71 993 10013
4
'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
gi4 00
.
7014 7312 7312 Feb '19
73
731$
98
99
99
99
973 1003
4
4
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 fl37
s
92 Sale 92
937
3
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- -6612
0958
9978 -3 995s 10018
9972 100
101
101
Sale 10012
7 10014 1034
92 Sale 907
8
9214 55 883 93
4

21

09 Sale 9818
15 9812 100
09
96
20 95
Rile 9512
96
961
4
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
3
93
9313 937s Jan '19
-937 937
68 Sale 65
18 60 68
68
10314 10312 10312
10378 36 1023 1043
4
4
87 Sale 863
4
8718 193 86
877
8
9812 Sale 973
6 973 100
4
9812
4
4 9514 96
96
Sale 00
96
10058 102 102
1 101 10214
102
973 9812 9714
4
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 80 823- 82
4 82
82
4
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
95 983
4
Kan City (Mo) Gas 1st g 59_1922 AO 89 -- 907 Dec '16
8
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 993
8612 10 86 8712
4
8612 Sale 8638
1st cons 5s series A
1950
Ref and ext 1st g 5s
1934 AO 9418 95
943
1 9434 97
4
88 Sale 8813
943
4
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
8
90 ligO7i5
871 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
681;
.
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 1003
8 10034 67
U S Steel Corp—)coup_ _ _d1963 NI
t011s
Pacific 0& El Co—Cal G & E—
60
s 110- -year 5slreg _ __d1963 Ni
---- -- 10014 Feb '19
0912 10014
Corp unifying & ref 5s
1937
9 9512 9618
9618
96 98% 0618
Utah Fuel 1st s I 5s
863
4
1931
Pacific G & E gen & ref 5s 1942
88
2 8712 88
875
8
87% 875s
---- 70 80 Don' 16
Victor Fuel 1st s I 59
1953
Pao Pow & Lt 1st & ref 20-yr
5
8712 8918 87 8 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
8 833 8512
Am Telep & Tel coil tr 49
1929
4
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
863
8612 89
8
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 1025 Sale
103
7
-year convertible 6s
137 1003 103
- -8
1925
4
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
94 94
1937
Cumb T & T 1st & gen 5s
93 -931;
-sidG "Ea- 9314 Feb '19
Syracuse 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 93 953
2
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
927 0212
8
93
Utah Power & Lt 1st 59
A 88% 885 8812
1944
5 8812 8912
8
1938
8812
0318
West Union coil tr cur 5s
1 93
933 - -- 93%
4
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

-NOT PER CENTUM PRICES.
SHARE 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 283 *2812 29
*2812 29
4
*167 _ - *167 _ - *167
._ _ 1 *_ _ 1 *_ _ 1
11
;7
11
11
;7
;7

: 4
1
•-- -- -- -- 10 4 *-_ -- -_ -- 16- *::: I61•_-__ 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
147
s
285
8

__
58
2
4
143
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 1007
3
99
99
118 118
512
*5
*11418 115
*118 11812
10034 1013
8
*4512 4614
9413
94
82
82
80
*78
20
*19
*9213 95
65
65
19
19
1414 1438
4
+113 1212
*512 6
*167 169
553 56
4
147 147
2
3018 303
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
1003 10114
4
+46
47
94
9412
*81
82
80
80
*19
*94 96
65
65
*183 1912
4
1418 1438
12
1214
*512 6
166 167
56
5714
148 148
3012
30
*412 514
*1913 23
4
*712 72
95
*92
84
82
7012
*70
130 130
*92 _ __

10012 101
9914 9913
14' 1',(,
512
*5
116 11614
11734 118
101 1013
8
*463 4714
4
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
4
*413 53
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 383
4
12014 12112 120 121
1203 12114
4
56
. *55
_ - *5512 __
*5515812 161 15712 159
15912 165
8
4434 4478 4458 45
447 45
2712 2712 2713 2712 273 273
4
4
885 8914 8814 8938 8914 90
3
*113 11313 *113 1133 11414 11412
4
812 878
8 83
3
4
83 84
85
5
+.50 .75
*6813 71_
45'4
4
.
0.20 .30
42
42
113
4
•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
2
458 45
41.55 .75
4
423 43
*7914 81
2413 26
4
53
4 53
/
*.95 11
*3
312
*234 3
*213 3
41
*4
3
3
4
*258 23
*4913 5013
1634
+16
•113 2
*812 914
10
60
812 812
97 10
3
.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
3
137 137
8
4014 4012
*258 3
5
5 18
4 9
*83
3
3
*67
6714
*4114 43
4
43
4 43
.75
4212 4212
80
80
243 243
4
4
512 512
14 118
*318 313
*234 3
8 3
*27
412
*4
318 318
4
253 23
50
50
1634
*16
4
8 13
*13
84 8 4
3
3
10
60
+812 8 4
3
97 10
3
.50
8
*114 15
35
*34
50
*48
1213
*12
67
57
4
*20
203
+40
42

-25; *213
*114 112 *114
+.14 .15
.14
*412 6
43
4
218
*2
24
213 213 *212
*.80
•.80
as 4334
4358 453 4554 454
4
212
214 214
713
4
712 73
112
113 112
4
2
*13
2
.90
•.80 .90
•1712 18
18
•.25 .50 •.25

*.55 .75
70
...,. 70
*.20 .30
4212 4212
103 107
4
2
43
*39
1114 1114
.30 .30
*1613 18
573 573
4
4
430 430
*137 14
8
403 4012
s
*258 3
473 5
*834 9
3
31 .
X
68
*67
*4112 4212
*5
513
.75
43
43
*7913 81
25
25
55
8 58
5
A
*AM 11 .
*318 314
*23
4
212 212
41 4 414
/
312
3
3
3
51
*50
163
4
+16
112 112
+813 914
58 9
7
6812 59
3
858 8 4
1014
4110
+.60 .75
*114
158
*34
35
60
*48
1214 1214
58
*57
20 4
3
+20
42
*40

212 -17;
112 *114 112
.14 +.14 .15
438 47
8
43
4
218 218
218
234
8
212 25
.75 .90
_
45
16 - 45
46
4614 4614
4
2 8 *212 23
7
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
Nov'16Do prat
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
25 cot hectrcupreflver
5 n rbuig t R
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
23 Jan 2
8
655 Mass Electric Cos
1413 15
1434 1434 2: 82 Do prof stamped
1 68
100 12 Jan 2
8 8
2578 283
273
100 257 Feb13
4 27
4
8
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
523 ---- ----21 Do pref
4
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 47 4 *47
49
3
25 American Woolen of Mass_100 48 Jan20
945 95
8
9412 95
100 94 Jan21
391 Do pref
81
81
10 Amoskeag Manufacturing_
..80 Jan22
80
-7 " lici"
6
80
23 Do pref
7813 Jan 9
20
20
75 Art Metal Construe Inc___ 10 1712 Jan21
5 Fe
Last Sale 9i--- - ;i
6
Atl Gull & W I SS Lines .100 97 Feb 3
66 .64
66
*63
15 Do pref
100 6314 Feb 4
1834 1952 1912 193
no par 1814 Feb 7
4 1,195 Booth Fisheries
8 1413 147
1412 147
961 Century Steel of Amer Inc. 10 135 Jan10
8
*12
123 -------3
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
585 6018 5812 6018 8,082 Fairbanks Co
8
25 5213 Jan21
15112 15112
150 151
106 General Electric
100 1467 Feb 7
8
31
3112 31
31
2,462 Gorton-Pew Fisheries
502912 Jan 2
45 interonat0rPor
90 D
---- 5
5
10 • 434 Jan 2
ort Cement
21
21
50 18 Jan 4
,
734 88 4 --Fife -- 1- 2,608 Island Oil dr Trans Corp_ _ - 10
ia
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
4
4
913 913 --------59 New England Telephone-100 90 Jan22
Last Sale 48 Feb'19
Nova Scotia Steel & C.__.100 48 Feb 6
4
11312 1143 11313 11313
100 Pullman Company
100 11313 Feb13
40 punts Alegre Sugar
50
60
50 48 Feb I
40 Reece Button-Hole
+14
143 ---- -4
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 443 4518 1,322 United Shoe Mach Corp
4
25 44 Jan13
2734 28
135 Do prof
25 2614 Jan 2
9114 -6154 "iiii 3,143 U D
883
4
100 8814 Feb10
10 So prefSteelCorporation
*11414 115
1141211413100 113 Jan 2
84 9
3
8 .3 1013 18,695 Ventura Consol Oil Fields_ 5
7
73 Jan21
4
Last Sale .56 Feb'19
25 .56
121 Adventure Moning
Ah meeh
C in
70
70
70 70
25 6813
334 334 *353 3 8
7
38
5
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
3
65 Amer Zinc, Lead & Smelt_ 25 10 4
Last Sale 40 Jan'19Do pre(
25 40
1114 1114 *1114 1112
5 11
225 Arizona Commercial
%21 .30 1,700 Butte-Baldklava Copper
.30 .30 4
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
4
919108 Centennial
25 123
CopperCe
nIal
4
3
4018 40 4 403 4114
25 404
Range Co
L
Last Sale 234 Feb'19
253
20
Daly-West
434 47
8
47
8 4 8 1,140 Davis
7
44
3
10
-Daly Copper
9
9
9
9
80 East
2000
83
4
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
45
25 Hancock Consolidated_ _ __ 25
8
Last Sale .70 Jan'19
25 70e
Indiana Mining
*43
434 *43
45
330 Island Creek Coal
1 4212
1 80
7 Do pref
*924 813 *243 85
243 24 4 8 4 22
7 3
2
262 Isle Royale Copper
25 24
513 512 *53
5
320 Kerr Lake
4
8 512
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 4
3
34 24 2,40240 Mayflower-Old Colony
234 313
0
3
3
2
.- 25
28*
25
Michigan
5013 51
50 4 51
3
105 Mohawk
25 494
Last Sale 161 Dec'185
4
Nevada Consolidated
113 112 •1343 14
112
25
250 New Arcadian Copper
20 New Idria Quicksilver_ _
5
83
4
813
' 912 '813 9
14
*812 10
100
*813 10
125 New River Company
88
7
5812 59
*57
69
100 5813
380 Do prof
834 8%
6
8 8 878
5
814
720 NlptssIng Mines
10
1018
97 10
8
15
93
4
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 5025 48
5 Osceola
13
13
*1213 13
13 Pond Creek Coal
0
10 1218
210 Quincy
25 57
:7
2
50
2 4 *27
58
03
5
0
25 Ray Consolidated Copper_ 10 1912
2 3
507 4
*40
42
42
10 St Mary's Mineral Land__ 25 41
42
Last Sale .32 Dec'18
anta Fe Gold & Copper_ 10 hannon
213 213
214 212 1,470 8
214
10
S
*114
112
1544 111
,
,4
200 South Lake
25 400
+.14 .15 *.15 .1550 South Utah M & 5
6
8c
*43
4 54 *412 5
43
8
25
175 Superior
218 25 ,
A
218 214 1, 00 Trinirior & Boston Copper_ 10 I%
040 Supe ty
7
213 23
4
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
73
4 734
150 Utah Consolidated
114
1
730 Utah Metal & Tunnel
19 1,fe *113 158
4
•13
4 2
134 134
4
13
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
667
3
2212
15
14
63
3
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
4
903 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
155 Mar
8
11512 May
115 Dec
10918 Oct
605
3May
9712 Dee
92 Nov
82 June
z19 Dec
120 Feb
14
6714 Nov
2813 Sept
147 Dee
a
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
45 4
3
31
965
s
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
137 Mar
8
4113 Nov
14614 Aug
56 Dec
166 Dec
4812 May
2612 May
11612 Aug
1133 Dec
3
9 Nov

Jan18
Jan23
Febl1
Febl 1
Jan15
Feb 7
Jan 7
Jan20
Jan31
Jan23
Feb 8
Jan24
Feb 8
Jan20

13
4
94
1012
6312
10 4
3
1112
55c
15
8
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
83
3
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

-paid.
• Bid and asked Prices. a Ex-dividend and rights. e Assessment paid. Is Er-stock dividend. h Ex-rights. x Ex-dividend. w Half




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 123 Jan 6
4
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
53 Jan31
8
Feb 6
912 Jan 3
Feb 6
37 Jan 6
8
Feb13 7312 Feb13
Jan27 45 4 Jan 2
3
Feb 6
512 Jan 2
Jan23 700 Jan23
Feb 7 48 Jan 4
Jan29 823 Jan21
4
Jan 2 2518 Jan13
Jan17
5 4 Jan24
3
Feb10
14 Feb10
412 Jan 2
Jan25
Jan21
234 Jan 3
Feb14
3 Jan 9
Feb 7
43 Jan 2
4
Jan13
3 4 Feb13
3
Feb10
44 Jan23
Feb 7 543 Jan 3
4

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
10 4 June 144 Feb
3
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 573 Nov
4
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
8 4 May
3
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
9 4 Dec 1714 Mar
3
12 Aug 20 Jan
6312 Dec 80 Jan
978 Apr
VA Jan
1012 Dec 173
8May
.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 Mar
1

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
-Transactions in bonds at Bos- official sales lists, is given below., Prices for stocks are all
Boston Bond Record.
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
831 6
7
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
Bonds
Alabama 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
.100
Pittsburgh Coal pref.
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
8
530
83-4
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
Jan 166
25 164
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
95 297
297 305
100 305
1,199,000 1,8(30,000 9,016,000 South Penn Oil_r
35,354,000
367,920
Tuesday
Jan
120 675
Jan 731
690 698
692
HOLIDAY
Standard 011 of N J_r_ _100
Wednesday
Feb
Jan 331
157 310
322 330
1,292,000 1,654,000 7,063,000 Standard 011 of N Y r 100 328
057,050 62,900,000
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.
s
17/
35 Jan
13% Feb
1 9-16 13% 15,050
1
1,909,514 8182,364,700 $5,501,500 $7,315,500 $36,602.000 Allen 011_ r
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.
5,000 18c
Jan 29c Feb
Week endtsg Feb. 14.
21e 270
Sales at
ng Oil _ r 1
Boston-Wyomi
734 Jan
635 Jan
715 3,200
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 r
$253,854,500
2
Jan
336 Feb
234 311 26,800
Government bonds_ _ _ $36,602,000 $10,252,500
314
5
Federal 011
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
2,200 25c
30e 35e
1 300
Mexican Gulf 011.r
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
932
11,500 Omar Oil & Gas, com__ I 390
39,750
3,362
66,300
20,459
Tuesday
Jar
1135 1234 5.380 1134 Feb 15
DAY
10 12
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
8835 723% 883% 49,400 703% Jan 883% Fel
452
47,000
27,000 Royal Dutch (new)_ r
6,023
21,000
28,073
Friday
Jan
7
1,600
73-4 Jar
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
Jan
1
13-4 13,700
134 Jar
131
1%
1
Stanton 011_r
Jar
Jan 22c
15,000 Ile
12c 13c
130
1
Texans 011 & Ref_ r
2
334
334 6,500
3
5
-Below we give a record of Tyopa 011_ r Oil, new. 1 7-16 231 17-16 12,300 13-16 Feb 211 Fel
New York "Curb" Market.
Jar
Jan
19.1
United Western
Jar
234
274
the transactions in the outside security market from Feb. 8 Victoria 011_r Gas corn_ 10 431 234 411 5.125 234 Jan 234 Fe!
434
5,500
334 Jan
33%
_5
Wayland Oil&
inclusive. It covers the week ending
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
1-16
be understood that no such reliability attaches Arizona Bing Copper 1 1 50
It should
Fel
Feb 51
51
1,100 46
48
1
Arizona Butte_ r
53-Ic Jar
3350 50 26,900 335c Feb
1
Atlanta Mines
to transactions on the "Curb" as to those on the regularly Big Ledge Copper Co.._ _5 3350
35 Feb 16-16 Jar
31 12,200
35
31
Jar
44c 48c 32,500 44e Feb 540
organized stock exchanges.
Boston & Montana Dev_.5 45c
35 Jar
35 Jan
100
35
35
Y Copper__ _1
Jar
Jan 33e
28e 31c 13,200 27c
On the New York Stock Exchange, for instance, only Butte & NMining
1 30c
Caledonia
35 Jar
% Jan
% 7-16 14,525
%
& Jerome
members of the Exchange can engage in business, and they CalumetCopper CoCop_ r.1 2 1-16
Fel
2 2 1-16 1,400 1 15-16 Jan 2%
Ltd 5
Canada
Fel
Jan 60o
570 60c 16,700 52e
1 590
are permitted to deal only in securities regularly listed-that Candalaria Sliver _ r
83-50 Fel
80 11,200
70
635c Jan
1
Cash Boy
134
115
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
Jan
Arizona Smelt__
before being Consol Copper Mines_ _ _ _5 535 514 5% 3,100 594 Feb 614 Jai
Jai
complied with certain stringent requirements
1,900
_ _5
Consol
Jal
Gold
admitted to dealings. Every precaution, too, is taken to Cresson Con SliverM & M 1 43-4 434 434 4,400 434 Feb 514 Fe'
13%
135 Jan
134
13-4 5,100
M_..1
El Salvador
134 Jai
coming over the "tape," or reported Eureka Croesus Min _ r__ 1 13.4 134 13-4 4,100 131 Feb 80c Fel
Insure that quotations
Jan
740 80c 20,525 60o
1 78e
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
635 Fel
Feb
3
3% 434 2,500
5
On tho "Curb," on the other hand, there are no restrictions Gatisden_r Explor_ r _ _ _5 33-1 235 3% 93,500 235 Feb 3% Fel
Golden Gate
35 Jai
7-16 Jan
31 11,400
%
35
1
whatever. Any security may be dealt in and any one can Golden Rule_r
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
3350 335c
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
Jan 50c Fel
350 38c 20.500 35c
1 35c
Hattie Gold 1411n_r
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 Butler_r
Jan 44c Fe'
8,300 320
41e 43e
1
Jim
Ja
included, should, hence, always be kept in mind, Jumbo Extension
1,800 12o Feb 150
120 140
1 120
ties may be
Jo
80
1,000
So Feb
6e
60
1
particularly as regards mining shares. In the circumstances, Kewanus_ r Ltd
7-16 Ja
11 Feb
% 7-16 1.400
5
La Rose Mines
be Feb 9350 Ja
6c 95,000
Sc
1 535c
Cons'd
It is out of the question for any one to vouch for the absolute Lone Star Corns r
31 Feb
14 Fe
% 1,000
%
11
1
Louisiana
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 Ja
2,600
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
134 Jan
334 Jo
2,000
235 234
Last Week's Range for
Range since Jan. 1.
294
Week ending Feb. 14.
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
-16 2.600
% 5
Par. Price. Low. High. Shares.
Low.
StocksStandard Silver-Lead.....! 5-16
High.
Ja
Jan 18o
160 17c
18,400 15c
16c
1
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
Jan
2% 294 4,357
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
16,400 3-16 Jan
11
160 168
1,000 145
100
%
Jan 168
Feb United Mines of Arizona
31
-1
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
2.300 890
900 930
25 5831 6715 6011 11,000 5735 Feb 6031 Feb Washington Gold Quartz _1
& Co_ r
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
135 Ja
500
13.4 Jan
128 136
134
1,435 109
I%
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
635 19,500
435 Jan
7
Feb Am T & T 6% notes w I'24 9935 9934 993-4 $68,000 9835 Jan 9934 Fe
61-1
6
10
Hupp Motor Car
9731 97% 84,000 9731 Jan 993.4 Ja
Jan Anaconda Cop Min 6s i 29 97%
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
Jan 27
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
Jan 1003.4 Ft
1003% 15,000 100
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)
99
993-1 23,000 9835 Jan 9954 Jr
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
Jar Swift & Co 6% notes w 1.'21 99% 99% 99% 195,000 9954 Feb 9915 Ft
1134 12
3,300 113.4 Feb
13
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 3331 Jan 403-5 Feb
3934
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
35 Jar
11 Jan
31 1,000
31
r Unlisted. w When issued. z Ex-dividend. y Ex-rights. e Ex-stock dividend.
5
Film Corp v t o
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 011
El 1712
disease. A copy of the Society's 59th annual statement will be furnished Atlantic Refining new,.100 1250 18 Buff (loch & Pittsburgh 4e 5.88 5.65
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.
6 0 550
.
.
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: 0 6. 0
7 0) 60
6(
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 .85 55
5. 90 5..2
This summary is an abstract of the Income Tax Book also published by Illinois Pipe Line
35
Indiana Pipe
100
6.40 6.00
Harris, Forbes & Co. This book will contain the text of the Income Tax International Line Co_ _ _ _ 60 *2034 105 Chicago R I & Pac 4 14sPetroleum_ CI
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 5
75
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_,.199 359 379 Louisville & Nashville be
00 177 182
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
5
00 9 102
5.85 5.45
information concerning the various railroads and the leading Industrials Southwest Pa Pipe Lines_ 199 398 319 Minn St P&SSM 414s_
Standard 011 (California).100/265 270
Missouri
7.00 6.00
whose securities are dealt in on the New York, Boston, Philadelphia. Standard 011 (Indiana) _.10() 770 780 Missouri Kansas & Texas 5s
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 Oil (Kentucky) 104) 390 400 I Equipment 414s
&c., for a series of years, present fixed charges, and the amount of the
6.25 5.75
Standard
different issues of bonds outstanding, the rates of interest, &c. There is Standard 011 (Nebreska).100 545 560 New York Central Lines 5s_. 6.00 5.50
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 75 6 35
52 57
.0 .0
: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 0 6 00
7 5 690
: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 err ews de Forbes_ _100 190 200
prefn ireti
(
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 375 _
01:
office at 15 Broad St., this city, to trade in bonds and stocks same as here& Co common
100 270 275
11 common stock
10 330 _
00
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
1
100Il
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
„ 290 Amer Tel & Tel Cs 1924.F&A 9914 9912
r1
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
com- Woodward Iron
parative tables about Canada's loans, her national wealth and income,
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 100121003
4
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
0 Park _
12
-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( West
Commerce__ 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
Harriman_.. _ 250
6._ North Side.__ 176 200 Queens Co.. 290 80
70
Imp & Trad
540 id
People's.
130 140
• Banks marked with a (.) are State banks. t Sale at
auction or at Stook
Exchange this week. I Includes one-third share Irving Trust
Co. 8 New Mock.
y.Ex-rights.,




Preferred
LIvett&MyersTob6,021J&I) 100 10014
Amer 1.1 & Tree com
2 45
159 213 246 N Y Cent fis 1919...M&S 15 9934 100
Preferred
9812100 Penn Co 4 kis 1921 J&D 15 967 0714
8
Amer Power & Lt com_ _ _1
Pub Ser Corp N.I 7s '22 M&S 97 9812
1
7567 61 Southern Ry 58 1919. NIA'S 2 99% 100
9
7
Prefd
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 3
0 32 Utah Sec Corp fla '22.M & S 15 89 _
5
99 3
_
Cities Service Co com-100 x312 315
Winches ItepArms7s'19. M&S 99% 100
• Preferredx80 80i2
Colorado Power corn _ _IW 25 28
_ O()
Industrial
Preferred
95 100
and Miscellaneous
Com'w•th Pow Ry & Lt _ _ 1101 19 21
American Brass
100 205 208
Preferred
, 42
0
d43 95
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 85,2
49 4
Preferred
6
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
78
Celluloid Company
JZ 35
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.199 6-8'
5
100 5
Freeport Texas Co
(t) .33 34
Preferred
Havana Tobacco Co
100
312 5
North Texas Elm Co corn 99 99 92
56
100 51
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 Gas & El(Del)_5 •20 25 Remington Typewriter
Preferred199
Preferred
5 .37 42
Common
100 31
33
Tennessee Ry L & P com.100
3
4
1st preferred
100 84 88
Preferred
13 15
2
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 3
99
8 38 Texas Parc Coal & Oil_ ,...100 1425 1500
6
8
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 regularor
and the last two
week
oan be obtained. The first two columns of figures give the gross earnings for the latest month. 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.

89.612.398 78,320.313
262,609 212.125 2.470.856 2,139,316 Missouri Pacific__ December 8.111594 6.780.313 3.208,757 2,152.835
Alabama & Vicksb_ December
292.821 171.277
December
341.993
229.169 Monongahela
87.195
99,427
4th wk Jan
Ann Arbor
228.302 300.865 2,47:3.763 2,010.970
162369 130 140978936 Monongahela Conn December
Atch Topeka & S Fe December 13997068 12308969
Nashv Chatt & St L December 1,893,378 1.353.892 21,757,403 15.194.755
Gulf Colo & S Fe_ December 1.430.497 1.666.354 18.885.097 17.285240 Nevada-Cal-Oregon 4th wk Jan
27,013 .22.535
8,2671
13,998
412,251 537,791 5.809,657 6.890,859
Panhandle & S Fe December
218,301 235.842 2.706.331 2.12.402
469.176 383.117 4.703,381 3.933.369 Nevada Northern December
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
1.56.966 165,682; 2,197,315 1.916.217
December
303.661 187.594 4.252.270 3.215.426 New On Great Nor_ December
December
Atlantic City
572.053 511.905 6.474.717 4.969.265
Atlantic Coast Line December 5,619.882 4,608,096 56,992.329 44,063.331 New Or!& Nor East December
97.731 186,421 1,885,621 1,517,604
Baltimore & Ohio December 15358813 10668050 174191 148 133613321 N 0 Tex & Mexico.. December
98.865 117.902 1.417,97:3 1.034,523
Beaum S L & W_
116,060 121.138 1,761,486 1.910.003
B & 0 Ch Term... 1)ecember
407.421 392.607 4,148,928 3.913.191
December
St L Browns & M
437.617 339.380 4.863,223 4,384,562
Bangor & Aroostook December
800
88,753
80.067 New York Central_ December 27382879 19088857 294691313 238829
6.386
8.240
Bellefonte Central _ December
529.779 345,7241 5.591.235 5.121,878
Ind Harbor Belt.. December
304.800 268.056 3,899.765 3.805.917
Belt Ry of Chicago_ December
;
77:3,021 622.9351 9.313.9 1- 8.122.895
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
Cleve CO & St L_ December 6.310.415 4.244.428 71.403.970 52.650.920
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
223,636 297,138 1,609.587 1.489.530
Buff Roch & Pittsb 1st wk Feb
975.780 583.558 10.026,5581 8.083.542
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
2.505.362 1293.790 22.656.382 16.901.206
Canadian Pacific 1st wk Feb 2,579,000 2,096,000 15,376,000 12,662,000 N Y Chic & St Louis December 8.608.151 6,961.617 102294212 85,784.892
December
318.426 238.934 2.409,261 2,424.740 N Y N Li & liartf_
Can Pac Lines in Me December
823.999 683.248 10.895.0051 9.164.878
494.763 310,708 4.811,231 4,063.267 N V Ont & Western December
Caro Clinch & Ohio December
337.629 242.337 4.353.4201 3.478.993
December
N Y Susq
Central of Georgia_ December 1.856.535 1,636,903 20,647.383 16,024,537 Norfolk & & West... December 6.828,688 5.354.765 82,004.031,65 910.242
Western_
Central RR of N J.. December 3,559290 2,767.715 44.790,670 37.096,739
566.697 116.262 5,753.6441 5.299 914
426.656 6,063,156 5,477,288 Norfolk Southern_ December
507.837
Cent New England.. December
88.225,726
453,097 362,311 5,185.838 4,482,811 Northern Pacific_ _ _ December 10066392 7,368,750 102908259 1,029.959
Central Vermont... December
992.093
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
North wesen Pacific December
C)hes & Ohio Lines_ December 7.039.616 4,740.943 73,720.796 54,643.794
87.367 102,799 1.405.733 1.377.715
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 34245328 22480944 367414 695 290234093
December
Chicago & East Ill_ December 2.225.996 1,682.331 26.753.092 21,012,173 Pennsylvania Atl December
80.999, 1436.440, 1.281.365
135.1:14
Balt Ches &
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
December 1.660.531 1.326.523 22.213.444 17.286.179
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
765.177 432.9141 7.632,494 5,544.625
N Y Philo, & Norf December
Chic & North West December 10676 200 8,788,958 127295679 108264933
546,577,10.599.544 8,555.048
791.112
W Jersey & Seash December
159,283 175.839 2.147.466 2.191,451
Chic Peoria & St L_ December
8.954.611 5.749,15295.530.322 78.595.298
Chic R I & Pacific__ December 8,423,884 7,505.216 99,869,556 85.709,519 Pennsylvania Co..... December
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
Pitts C C& St L.. December 7.336.471 5,840.224,87.224.887 73.507.628
Chic St P M & Om_ December 2,245.995 1,856,397 24.829.982 21.476.509
91.2451 1.306.395' 1.206.718
122.602
Peoria & Pekin Un_ December
386.494 364.391 5,000,956 3.305.025
Chic Terre H & S E December
28.955.012 23.507.855
268,713 204,263 3,137.153 2.639,537 Pere Marquette...... December 2,689.57:3 1.979.155 1.3.13.608 1.150.806
Cinc Ind & Western December
83.651
116.225
200,517 1,315,855 1.190,485 Pittsb & Shawmut_ December
Colo & Southern__ 1st wk Feb 222,785
74.558 108.774 1.125.208 1,141.305
Pittsb Shaw & Nor.. November
800,144 654.810 7,950.342 6,516.863
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
0 _ December
Quincy0m&Kan
Constit Rye of Mex December 2,756.042
927.006 1,113,169 Reading Company:
78,456
72.018
Crip Crk & Col Spgs December
l'hila & Reading.. December 7.629.262 5418.847 80,769.563 66.831.398
646.826 11.290.408 6.794.614
472.392
Cuba Railroad_ __ November
741.875 797.827 7.164,372 5,249.407
December
Delaware & Hudson December 2.601.704 2.220.555 34,789.864 29.989299 Rich Fred & Potom December
466.354 435.943 4.0'7.031 2.763.407
Wash
Del Lack & West__ December 6.009.723 4.286,064 68,740.076 57.211,221 Rutland Southern__ December
340.659 325.595 4.540.589 4.325,369
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
-San Fran_ December 6.033,729 5.003.192 69.812.604 57.434.625
159.841 113.140 1.557.033 1.350,450 St Louts
Detroit & Mackinac December
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
119,151 157.191 8,978,930 7.371.399 St Louis Southwest December 1.318.752 1.062.340 13.035.153 11.468.728
Dul & Iron Range__ December
516.044 640.827 6.553.608 5.840.929
S W of Texas December
St L
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
2.837.494 38.923.106 30.345.146
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
December 13961660 12259984 153918641 132257556
El Paso & So West.. December !.222.273 1.175.861 14.790,468 13,634.862 Southern Pacific... December
393.432 354.587 4,478.691 4.269.650
Arizona East____
December 8.176460.5.309.243 87.85:5,460 70.982.219
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
Johns & Glov December
Fonda
374,371 354.081 4.348.152 3.653.551
Louisiana West'n December
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
91.045 111,624
111.621 Southern Railway__ December 10727373 8.399.507 126574 296 90.716.568
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
Cin N 0.11 Tex P.. December 1,556.886 1.0:33.956 15.178.641 13,051,819
Grand Trunk Ry 2d wk Jan 1,030,268 710.042 2.074.589 1,548,987
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
Mobile & Ohio__ December 1.341.075 1,017.353 14,840.901 13.604.507
System December 9248,200 6,884,813 100661067 88,534,163
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
Spokane Internet" _1December
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
315.142 250.291 3.882.410 3.712.529
South_ December 1.387.028 1,072,302 15,250.406 12.410.966 Term RRAssnof StL December
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
372,252 158,315 2.476.851 2.247.617 Toledo Peer & West December
December
Lehigh & Ilud Riv_
738.051 516,112 8.306.128 7.041.663
St L & West December
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 '
8.732.532 7.082.019 98.443.365 76.998.423
Los Ang & Salt Lake December 1,269.545 1,133.860 11.517,:378 12,766,723 Union Pacific Line December 3.046.862 2.866.620 34.136,8.51 31.016,343
December
Oregon Short
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
646.165 361.&31 7.078.311 5.732.627
Louisville & Nashv.. December 9244.401 6.866.585 101392 792 76,907.387 Union RR (Pa)......_ December
63.568 1,409.236
120.096
December
262,761 191.913 2, .8.4631 2,226.650 Utah
85
Louisv trend & St L December
323,799 225,693 2.639.104 2.206.558
December 1,429.414 1.125,183 16.415,178 1,4125.576 Vicks Shreve & Pac December
Maine Central
887.319 710.232 11,906.411 10.242.473
D .eenn hot'
RR
323,539 257,002 3.504,780 2,977.127 Virginian
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
Minneap & St Louis December 1.067.625 1,033.697 12,028,300 11,005.063 Western Maryland.. December 1.715.628 878.837 11.065.96:3 9.398.434
891.643
Decemb
Pacific.
Minn St P &SEIM December 3.905.179 2,580,086 35.930.293 34,540,491 Western Ry of Ala.. December
245.165 187.301 2.558,203 1.725.860
30.465 112,256 1,216.990
971.749 Western
December
Mississippi Central..
951.455 74:3.779 13.592.17•! 11,028.904
Missouri Kan & Tex December 3.036.614 2,334.702 33,230.335 25.990.721 Wheel & Lake Erie.. December
96.957 109.239 1.068.157 1.05.3.274
Mo K & T Ry of Tex December 1,925.129 1,774.821 19,240.331i16,300,156 Finch Falls & N W.. December 2,398.801 1.810.053 22.477.008 18.152.123
94.914 109,609 1.404.1311 1,417.969 Yazoo & Miss Vail_ December
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
Wash Balt & Annap_ December 249,654 182,420 2,902,015 6,013,083
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
all sources. f Earnings given in milrels. g Includes constituentIncludes
or
sidiary companies. h Decrease in gross earnings due to the omission sub,
this
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
charge for a transfer.
For the city not to grant it will (1) force 3 cents cy; (2) disrupt
service
and [eliminate] transfers; (3) add to the bankruptserious impairme
already
Portland Ry, Lt
nt of
Dec '18
744,002
298,678
credit of electric railway securities which in N. Y. State alone
188,894
109,784
& Power Co
amounts
'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 net rentals
Co
is only 5% of the present value of those lines. sum total of
'17
146,638
13,060
53,151 def40,091
Company's Petition for an 8
12 mos '18 2,237,151
877,149
-Cent Cash Fare, and 3 Cents Charge for Trans629,266
247,883 fers Not a Matter
of Dividends
'17 1,940,124
682,029
.-The increases asked, it will be shown, are
605,485
76,544 in the interest
Tennessee Ry,
of the public we serve. It
Doc '18
607,241
246,757
129,352
117,405 purely an "emergency action" to prevent Ls not a question of dividends but
Lt & Power Co
bankruptcy of the company, and
'17
447,930
102,222
13'7,096 def34,874 to preserve service
for the public.
12 mos '18 6,146,619 2,282,988 1,577,537
705,451 the company does not ask the city Except for the temporary emergency
to alter franchises, nor to abrogate any
'17 5,259,049 1,799,523 1,618,588
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 30 1918 had
Light Co
'17
492,387
239,536
156,487
z91,006 track, divided as follows: Owned, 42.756 miles; 151.017 miles of single
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
* Strike on Railway lines in 1917.
lines,
and also at certain points to lines which do not form a part
of
system.
Capitalization.
-The total capitalization of the company, thesanctione
Gross
Net
Fixed Chgs. Balance,
as
d
from time to time by the P. S. Commission (exclusive of $21,612,1
Earnings. Earnings. & Taxes.
Surplus. and bonds of the leased
44 stocks
lines, in the hands of the public), aggregates
$76,018,087, 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
$17,495,060
41,236
5,526 Funded debt (1st 4% Mtge., $18,063,540; Adjustment Mtge.
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
company's accumulated funds are about exhausteproduced by the war the
d and for several months
its passenger revenue has not equaled operating expenses and taxes.
FINANCIAL REPORTS
By deferring other claims, it managed to
interest on
(V. 108. p. 79), but without early relief by meet bond of Estimate Jan. 1
the Board
bankruptcy is inevitable.
and net revenue have been falling,
Financial Reports.
-An index to annual reports of steam and the trend is still Both gross incomeshown by the following record of
downward, a.s is
gross income and amounts available for interest on the 1st M.
railroads, street railways and miscellaneous companies
4% bonds
form prescribe
have been published during the preceding month will be which (the company's books are kept in theState Governme d by law and reports
given therefrom are made to National and
nts.)
on the last Saturday of each month. This index will
Year ended
Gross
Net for
Gross
Net for
June
include reports in the issue of the "Chronicle" in which itnot 1913 30- Income. 1st M.Int.
Income. 1st M.Int.
is
14,529,331 11.833.776 1917*
13,240,887 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.
of 4% 1st
bonds for the year ended June 30 1918 was $18,063,540If the full Mtge.
$722,542.
interest
had been earned during any year on the $30,609,487 of Adjustme
(18th Annual Report-Year ended Dec. 31 1918.)
nt
5% Income bonds outstanding, the additional annual requirement Mtge.
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,
1918.
downward trend
1917.
1916.
1915.
is evidenced by the following statement of decreases thethe monthly
Revenue passengers, No.319,843,176 356,208.429
in
pas02
Transfer passengers, No.103,608,353 119,962,125 335,599,835 275,576,409 senger revenue beginning with January 1918, as compared with the same
119,899,3
98,541,214 months of (a) the preceding year, and compared also with (b)
Employee pass'gers, No. 7A16,741
the year
8,557,261 8,670,561
8,076,135 ended June 30 1914 (the year before the war):
Receipts per rev. pass-5.53 cts.
4.59 cts.
4.50 cts.
4.49 cts.
Passenger Revenue. -DecreaseCar mileage
53,931,394 58,957,941
-Decrease--1918.
Gross earns, per car mile 35.26 cts. 29.56 cts. 54,008,437 46,327,634
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 cts. January ___ 840,915 965,539 124,624 12.9 1,123,411
Gross earnings
$19,014,018 $17,427,940 316,036,669 $13,235,5
282,496 25.1
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_ _ _ 34,705,415 $4,579,886 35,172,20
1918.
1917.
.
1913.
884,949 1,069,765 184,816
Int. on bonds,taxes, &c. $2,610,831 $2,404,356 $2,291,4 2 $4,190,562 July
10 $2,229,801 August.._ 905,553 1,110,084 204,531 17.3 1,140,965 256,016 22.4
Dividends
18.4 1,151,782 246,229 21.4
(8%)1,200,000(7X)1118,750 X)843,750 (6)750,000 September _ 926,584
(6
Reserve for taxes
1,019,760
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_ _ --9,980,026 11,185,956 1.205.930 10.812.254.525 2.274,499
Surplus income
$144,584
$106,781 $1,237,042
18.6
3460.761 July 1 to
Nov. 30_4,511
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL.
5,244,214 732.407 14.0 5,808,949 1.297,142 22.3
SUB. COS.), Losses in Traffic,807Compared
as
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,
68.972,286 18.0
fund (at cost)_
1917-18_34,849,794 12.8 26,715,947 24.2 61,565,741 16.1 2,225,951 16.6
31,003
31,003
on real est. pur.
1,806,433 13.5
334,839 1918-5
Materials & supp- 1,791,100 1,511,277 Notes payable_ _ _ _ 423,962
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 sub.
Canadian Victory
municipal joint traffic agreement.
scription
49,614 1914. Eliminating such passengerThis agreement was not in effect during
bonds
10,000
Federal taxes
s the
150,000
crease of 2,664,211 passengers, or 1%.comparison would indicate a deMiscellaneous_
This element similarly -affects
165
Reserves
+1,125,063 1,248,649 the figures shown for other years.
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. -The desperate
'U.
Total
63,445,087 63,519,386 Total
63,445,087 63,519,386 financial condition of the company is even more sharply apparent when the
figures beginning with January 1918 are compared with the
corresponding
x After deducting in 1918 $5,114,827 reserve for depreciat
ion and accruing months of the fiscal year ended June 30 1914-a normal or pro-war period:
renewals. * Includes in 1918 reserves for contingen
cies, $393,273; for in- Net Income Availablefor Int.[$60,219
juries and damages, $476,178;for insurance, $161,535;
per Month]on 1st M.4s(V.10943.379)
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
February
Company's 434% gold bonds, due Jan. 11932,authorize 00, includes:
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
75,634
129,045
53,411
$14,555,000 May
Underlying bonds outstanding on company'spublic
6,145
property for tho
176,023
169,878
Juno
retirement of which there are reserved $7,105,000
def. 48,698
250,912
43 % bonds
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.108,850
194.299
303,149
River Ry, and
On Jan. 14 1919, at the request of
the $50,000 1st M. bonds of the Detroit Ry. which matured on
1)ec. 1 1918, submitted an estimate showing that the P. S. Commission, the company
were paid, and a like amount of Detroit United Ry. First
(at the existing rate of fare and
Consols
In addition to the $9,691,500 underlying bonds of subsidiar was issued. basis of actual costs of materials, supplies, labor, accidents and on the
y companies up to Nov.
damages
'which are in hands of public as aforesaid, there are the
estimated costs for the remainder of the fiscal
following in the year ending30 1918, and thethe
treasury of Detroit United By. viz.: Detroit & Lake St. Clair
Juno 30 1919),
revenue from street railway operation
000; Pt. Huron St. Clair & Marine City By., $1,000; Sandwich Ry., $100,- that fiscal period will fall short of paying the expenses of'operatio for
n and
Amherstburg Ry., $110,000; Detroit Jackson & Chicago Ry., Windsor & taxes by more than
$2.000,000 .
This estimate disregard
Ypsilanti & Saline Electric Ry., $16,000; Detroit Ypsilanti $1,114,000;
Ann Arbor & ciation and accidents and s accruals applying to maintenance and depre Jackson Ry., $46,500; total, $1,387,500.
damages reserves. It considers
of-pocket) money outlay Further, this estimate makes only actual (outAdditions to properties during the year 1918 for the
no
subsidiaries aggregated 31,079,278, notably 5239.859 forcompany and its rentals of leased lines, dividends, interest on bonds, needed allowance for
replacements
"right of way." and other necessary requireme
-V. 108. P. 578, 378.
nts.
The actual results of the operation of these lines show that
of September, October and November (the latest completefor the months
figures available), the passenger revenue was not sufficient to pay the operating
New York. Railways Company.
and taxes. Only a slight improvement has been shown since. expenses
(Official Statement as to Why an 8
Situation Entirely Abnormal.
-The factors entering into the increased
-Cent Fare Is Necessary.) 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.
(e) Traffic loss,duo to war conditions.
-The company is on the verge of a receivership. Yet
In comparison with these factors, such expenditu
it is not over-capitalized, is economically operated, and
has never paid a control (executive salaries, director fees, &c.) res as tho company could
dividend on Its stock.
have
importance, the salaries of general officers aggregatibeen of infinitesimal
"Rising costs (duo to the war) and fixed fares" tell
ng only $92,700. If
the story.
ar3 uP 70%; materials more than 100%; taxes are higher. Our Wages these expenditures were reduced to zero it would not alter the case.
Rising Cost of Labor.
entire
-This company, like most other employers of labor,
passenger revenue is not enough to pay for labor, materials
and taxes,
has made enormous increases, since
in about 400 other communities they have increased fares
all the way creases in rates of wages since Jan. 1the war, in its wage rates. The in1916, have been enough to increase
from 6 to 10 colts. Boston pays 8 cents.
the pay-roll (for the same number of men) by 83,250,00
0 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%
Bleecker St. & Fillton Ferry RR. Co., 8,536 shares, at %,
4.
12,614
$12,804 (actually earned during 1918)
-This sum of $315,984, added to $1,620,904, makes the total
Note.
be remembered that
rental, frequently stated as $1,936,887; but it must
only
the actual rental is only $1,620.904, and that the $315,984 is paid out
as a matter of form, because it comes back to the company as a return on
the securities of the leased lines in the treasury of the company. is equivaIn short, while the rental we pay for leased lines ($1,620,901)
4)
lent to an average of 7.50% of the par value of the securities ($21.612,14 ,
outstanding, such rentals are but 5% of the total valuation of the property
while the total of these securities is conof the leased lines. Moreover,
of the system, the
siderably less than one-third of the total capitalization entire system, and
value of the property is almost one-half of that of the
system which, with transfers,
every line leased was necessary to a complete
the
could give the best and most convenient service. Taking as a basis in(which
average State valuation of the special franchises, $20,302,331 included in
cludes not only tracks, &c., but franchises which we have not $9,392,500,
the foregoing tables), and the 1918 assessment of real estate. controlled
the total return actually paid to security holders of leased and
lines is less than 534% on the valuation.
would
The actual situation is that if we paid no rentals at all we on our still be
mtges.
unable, on our present rate of income, to pay the full interestwhich resulted
-The reorganization
Charges of "Excessive Capitalization."
nt of this co. reduced the former capital by $41,883,894.of
in the establishme
A valuation recently completed by Ford, Bacon & Davis, engineers,
the company's property used and useable for the public service, shows the
prices
reproduction cost, less depreciation, and based on average normal
covering six years, to be approximately $70,000,000. Based on presentof the
day prices, this valuation would be nearly doubled. This valuation State,
property does not include anything for franchises taxed by the
'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
would be at the rate of 734', or 35,250,000. It would result in the very
modest return of 5.06% (or $883,580) to the stockholders after deducting
(a) interest on underlying bonds, $492,500; (b) net rentals, $1,620,904:
on Ad-those above named and others)- _149% (c) interest on 1st Mtge. 4s, $722,541. and (d) full 5% Interest
items
Avge. increase (17 important
justment bonds, $1,530,474.
the comA trolley car that cost $5,000 in 1912 would now cost $10,000 or more.
At reorganization, the P. S. Commission fixed a valuation of
is fully 100% higher than
purThe average cost of our materials and supplies
pany's properties, for the issuance of securities (not for rate-making
"going"
it was before the war.
at $85,801,000. This did not include either franchise or
While some recession in prices of particular commodities may be ex- poses), either of which would have brought this valuation up to more than
present values,
pected with the return of normal conditions, these will not meet the
0. Further, more than $3,000.000 has since been put into
emergency. It is also true that prices after all great wars within the last $100,000.00 in additions and betterments.
property
century have on the average been higher for several years after the war the
-However, It is now the established doctrine
Capitalization Nat Material.
than during the war.
s everywhere, as stated last November by Commis- of P. S. Commission case of the N. Y. State Railways, that "Invested
-Since the beginning of the war the tax obligations
Increase in Taxes.
sioner Cheney in the
-have grown more burdensome. In normal times capital," for the purpose of computing rate of return to a public service
which are always heavy
in giving
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
other street railroads in the State. Now the difference is even greater.
service. This has no connection whatever with the share
total of all classes of taxes-local, State and national-paid by the corporation, nor is it material whether the capital was raised by the issuance
The
of the gross of bonds or the sale of stock. Neither does it make the slightest difference
company for the year 1913-14 was $1,164,072, or 26.14%
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
$1,286,125. or 39.63% of the gross income.
'water' may be present. The injection of 'water' cannot the only inquiry
that is
,
-In a normal day's traffic about 360 000 persons use transfers the value of the property which is actually used andearnings, V. 108, p.379.
Transfers.
' Compare
in riding on the company's trolley lines. At a nickel each these transfers which the Commission is interested in.
would cost $18,000 a day In actual money.
Boston Elevated Railway.
leasing or otherwise controlling the separate companies we were
By
enabled to operate as one great system with universal transfers:
-Year ended Dec. 31 1918.)
(Statement for Half
Bleecker St. & Fulton Ferry RR.
New York Railways.
Christopher & 10th St. RR.
Broadway & 7th Ave. RR.
The report of James F..Jackson, Chairman of the Board of
8th Ave. RR.
42d St. & Grand St. Ferry RR.
Trustees, for the half-year ended Dec. 31 1918 was presented
9th Ave. RR.
34th St. Crosstown Ry.
6th Ave. RR.
Port George & 11th Ave. RR.
on Feb. 11 by Gen. Counsel II. Ware Barnum to the Joint
N. Y. & Harlem RR.(City Line).
Central Crosstown RR.
Committee on Metropolitan Affairs of the Mass. Legislature
23d St. Ry. Co.
filed by the Board providing for
costly experience to the public in losses of transfers during the re- in connection with the bills
The
e subceivership of the Metropolitan Company-which formerly operated nearly the purchase by the Commonwealth of the Cambridg
-is still vivid. Their system fell apart and
all the New York street cars
n of subway rentals by the comright and left. The 3d Ave. and 2d Ave.companies way, and for the assumptio
transfers were cut down
munities served by the road. It says in substance: had a
went into receiverships, and still more transfers were lost.
Nor can the P. S. Commission compel the constituent companies, after
-The permanent railway property owned or leased
Properties.
from one line to another. Through
also operated
disintegration, to continue transfers
book value on July 1 1918 of $97,000,000. The company
routing with transfers mignt be required legally, but the courts have de- subways belonging to the City of Boston constructed at an aggregate cost
public authority has the power to compel service at charges of $34,500,000. The total amount of outstanding securities was $91.311,cided that no
which, being "confiscatory," are In violation of that company's constitu- 250. For this amount of stock and bonds S96,302,567 had been paid in
tional rights. Hence, if the cost of the service warranted it a charge for cash and invested in the railway property, the difference between the two
their par value.
-or some other equivalent charge-could be made.
these transfers
amounts representing premiums paid upon securities above
-Convincing evidence that the situation is due 7177's 717i177=• fihen the trustees took- possession of the property Iasi
Massachusetts Experience.
in Massachusetts. The State
, the railway
to abnormal costs is given by the experience
July the company had been rapidly approaching bankruptcy
Board of Trustees, who took office July 1 1918, found it necessary to raise had been depreciating from lack of necessary expenditures for maintenance,
1 from 5 cts. to 7, and after four months' operation, which and the service had reached a point dangerously near stagnation from inathe fare on Aug.
showed a large deficit, to 8 cts. A deficit is still indicated, after meeting bility to obtain revenue from the five-cent fare or new capital by issue of
the guaranteed return on the invested capital required by the State law. stock and bonds. [See p. 10 of "Electric Railway Section" and V. 107, p.
-Ed.'
(See Boston Elevated Ry. report below.]
as to Act for Public Operation.
at once were
-A few communities in the United States are 2288 for particulars
Higher Fares Elsewhere.
The two paramount issues which the trustees had to face wage increase
-cent fares; nearly 200 are
now paying 10-cent fares; several are paying 8
and a demand of all employees for a
these are paying 1 cent extra for an operating deficit
-cent fares, and about 150 of
paying 7
totaling more than $5,000,000 per year.
an intransfers. The 6-cent fare communities are very numerous and increasing
-The application of the 7-cont fare resulted in or less
Increase in Fares.
rapidly, while many 6-cent-fare places have found the sum insufficient and
$1,005,918,
crease in revenue in four months amounting 'to only
-fare places.
-cent
are fast becoming 7
during which the 8-cont faro was in force, the
December,
Of the 158 cities numbering 40,000 or more of population 90 are paying than 16%. For amounted to 36% over the month of December 1917.
in October in
increased fares, and applications for increases were pendingpaying all the Increase in revenue time the cost of service increased more than $4,500,000,
During the same
all the rest but 17. Among the very large cities that are
deficit for the last six months of last year was approxi-cent fares are Chicago, Boston, St. Louis, Pittsburgh, so that the aggregate The distribution of the added service cost, aggregating
way from 6 to 8
mately 83,000,000.
Washington, Milwaukee, Jersey City, Newark, Paterson, Baltimore, .3t.6'13,000, was as follows:
New Orleans and many more.
Increase in Fixed Charges
-in
,,ierease in °berating Expenses
-It has been charged that we are paying certain rentals of the
Rentals.
$12,000
the Maintaining track, &c_
$485,000 Taxes
-to the owners of securities of some
form of dividends or interest
27,000
359,000 Rent leased roads
Maintaining equip., &c__
companies in our system. This matter should be made absolutely clear.
603,000 Rent subways and tunnels 244,000
to note that the actual reasonableness of a lease Power
It is important, however,
63,000
Interest
on the par value Wages of cond'rs and other
appears when the rental paid is stated not as a percentage
658,000
transport'n employees_ 1,223,000 Dividends (Act of 1918)
of the stock, but on the actual value of the property back of the stock.
127,000
A vast amount of money has been put into the properties operated under General expenses
4
3 0
9 0 30
Total inc. In charges_ _ _$ ;60 ; 00
the Depreciation
832,000
lease since the leases were made. The roads have been electrified and
Grand total
cars and other equipment made modern in every respect.
•
In oper. exp_..$3,629,000
% lease' of the Eighth Avenue line.
Total Inc.
Take, for example, the so-called "3144
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 expenses, the awards of the
a year, or 21)4%. But the present value of the property is $5,970,413. $1,859,000, represents increase in wages, due largely to is due to increase
lease was made,and the National Labor Board. The increase in cost of power
A great deal of money has been put into It since the
to inferior
of coal.
true rental of the property actually used by the public is at the rate of in wages and increase in consumption and costan average Due of 57 47 Si
cost
only 3.60% on its present value.
grade of coal received, 9,500 tons more coal, at
a very inadequate
n increased because
Table Showing Annual Return on Property Value Devoted to Operation of per ton, were used. Depreciatio
The board has
amount has been charged to depreciation in the past.
Lines Leased or Operated Under Agreement.
per month, or $3,000,000 per year, as proper.
On Property Value- -Return on Securiies- determined upon $167,000six months under public operation amounted to
The cost of service for
Rental. Ratio.
Valuation. Net Rental. Ratio. Securities.
30 1919 the cost
$14,526,432. It is estimated that for 12 months to June
$
$
of service per passen29,487 3.95 of service will be approximately $30,000,000. Cost
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 1.84
fare
-cent fare proved inadequate and the 8-centleast
15,000
-The 7
814,900
Eight-Cent Pares.
15,000 2.58
Central Crosstown 582,064
at
61,900 7.20 is to be continued in force long enough to provide an experience of$2,234,800,000
61,900 5.44
Christ. & 10th St.. 1,138,552
-cent fare in December was
8
the
5,970,413 215,000 3.60 1,750,000 215,000 12.29 four months. The revenue fromtotal receipts for the month to $2,304,111,
8th Ave
62,667 18.01 532. Other income brought the
348,000
62,667 3.56
1,760,524
42d & Grand St
4,719,360 402,500 8.53 2,850,544 402,500 14.12 with a net loss after dividends of $149,904.
N.Y.& Harlem
metal
66,500 8.31
800,000
66,500 2.35
-Paper tickets have proved unsatisfactory, and
2,830,879
Afetal Tokens.
9th Ave
Feb. 22
7.25
3,078,298 145,000 4.71 2,000,000 145,000 5.00 tokens were ordered Dec. 9 1918. The tokens will be placed in use
6th Ave
50,000
50,000 18.59 1,000,000
268,948
reducing fraud to a minimum.
34th St
95,356 5.99 1919,
than a
95,356 10.53 1,592,500
905,983
23d St
-A zone system would seem to be more equitabletrustees
?one System.
rendered. The
flat fare, as passengers pay according to the service
Tot. cos. leased or
the arguments against a zone system outweigh 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
* Average.
some time in April to inaugurate at least a trial zone
-In calculating the percentage that the territory served into an inner and outer zone, in each of which the fare
Properly Not Taken Into Account
5-cont zones
taken above of
riding under
rental bears to the value of the property,.no account isThat amounts to will be five cents. It is hoped that increasedthe present 8two fare.
-cent
property, either land or buildings, not used in operation.
yield the company more revenue than
percentage would fall from will
and
$328,501, and if it were included the average
-There are other needs which should be met at once subFuture Needs.
5.05 to an even 5%.
it is sought to obtain the money invested in the Cambridge
also exclude the securities of the above listed lines acquired for which afford service reasonablykfree„from interruption caused by
These figures
The way. To
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
35.10 cts.
12.91 cts
July 1914
dec.3181,670
21.37 cts.
12.12 cts.
Increase:
dec.16.67%
60.88%
93.88%
Per cent
comparison is afforded by contrasting the passenger earnA 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.
-The situation as to materials and capital has been
Money and Materials.
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%
7 90 per M. 11 06 per M. 18 15 per M. 129%
(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)
Plus 76%
209%
_Less 40 & 5% Plus 75%
Drills (H. S. Paragon)_
-inch girder)_ _ _ _39 40 gro. ton 80 90 gro. ton 80 90 gro. ton 105%
Rail (7
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.
-Wool
Waste
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
BALANCE SHEET DECEMBER 31.
reflected in lower fares, the following capital expenditures which can be
in the years
1919-1923. Inclusive, are proposed:
1918.
1917.
1918.
1917.
Assets
$
$
Liabilities$
Cars
310,1500,000 Shops
$2,500,000 Road, equipment,
Capital
12,000,000 12.000.000
Power
5,000,000 Miscellaneous
real estate, build1,500,000
Bonds outstanding 2,730,253
Track work
2,000,000
Total
ings, &e
19,586,975 19,592,695 Short-term notes_ 1,000,000 2,957,200
$21,500,000
1,500,000
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
Guaranty Toronto
Accounts & wages 972,462
Shortage of Power.
696.091
-There is a shortage of power to-day in that there is
Power Co
1,000,000
Injuries fund
no margin in case an emergency should disable a part of the system.
287,090
274,782
The
230,950
213,526 Dividend
trustees have renewed a former arrangement with the Edison Electric Stores on hand_
120,000
240,000
Accts.
199,893 Renewal reserve
Illuminating Co. of Boston, making available through the Edison Com- Cash receivable_ 545,012
822,674
455,007
in 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 plant has
been hastened so far as possible; it was to have been completed last 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 providing
(Results for Nine Months ending Dec. 31 1918.)
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
31.
1918 and 1919. In 1921, 1922 and 1923 100 cars should be added years
9 Mos.
1918.
1917.
1916.
each Earns, ofto Dec. 311915.
year to take care of this growth and to make necessary replacement
constit't cos.
The cost of this program is estimated at 36,800,000 in addition to s.
exP--$10,988,140x$11,797,235 $12,628,496 $10,209,531
after mfg.,
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
operating receipts. The trustees We've that to prevent deficits and from Reserved for U. S., &c.,
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.)
•
The great need of additional capital has led the trustees also to recom- Deprec'n of plants and
mineral exhaustion_ _ _ $1,596.515 31,398,337 31,495.448 $1,215,867
mend the sale of the Cambridge subway. A bill has been presented in
Legislature to permit such sale and transfer of the proceeds to capital the Preferred divs. (4%%)_
401.067
401,067
401,067
uses Common dividends.. %) ,183.460(15)4.618,540(18)5,045,012(15 401,067
(10 4
for the benefit of the service. (House 721.)
)4,013.271
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
7% interest on cost to stockholders less dividends, $1,431,196;$7,412,828 common 10% stock dividend on the common stock, calling for 33,803.150
stock, paid Nov. 1 1915 out of accumulated surplus.
and less 7% int. on $300,766 excess cost, $13,102
Note.
1,418,093
-The dividends deducted in 1918 embrace (a) 4%,
paid Sept. 11918:(b) 4%,$1,673,384 paid Dec. 2 1918, and 31,673,384,
Total
$8.830,921 payable Mar. 1 1919, $836,692. In the 9 months period 2% declared
preceding years also, the dividend for the March quarter is of the three
Results for Half
-Year ended Dec. 31 1918 by Months.
in each case
above included in the dividend payment though not shown in the 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
CONSOLIDATED BALANCE SHEET.
30,510,760
$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
Assets
Liabilities
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.
Interest on Boston Elevated bonds and notes
-The operations of
664,512 into two periods: one for eightthe company for the year should bo divided
Miscellaneous items
13,716 the old rates, and the other formonths from Jan. to Aug. inclusive, under
Dividends paid under Acts of 1918, 3% months on preferred at
the four months from Sept. to Dec., inclu'
sive, under the increased
7%;6 months on common at 5%
658,235 and hereafter referred to. rates granted by the Public Utilities Commission
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.
Total.
x$3,072.664 Gross income from operation_ _$13,226,39 4 Mos. to Dec. 31.
Revenue passengers carried
6
38,327,242
$21,553.638
162,964,817 Total expenses, incl. deprec'n_
"Total receipts" per revenue passenger
13,151,181
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
1,577.433
788.717
2,366.150
paid during November and December 1918.-V. 108, p. 479. to 30, but
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
total of the contingent reserve, created for such an emergency, and the
Toronto Railway Company.
the
balance of $273,815 has been taken out of the accumulated surplus earnings.
Unprecedented Increase in Cost of Materials and Labor.
(27th Annual Report-Year ended Dec. 31 1918.)
-This situation,
due to war conditions, has continued during the past year, and despite the
recent cessation of hostilities some time must elapse before a noticeable
President Sir William Mackenzie says in substance:
betterment of conditions may be expected.
-The [net] operations do not show the usual
Results.
After allowing for the increased production of gas and
reason for such condition being the higher wages paidincreases, the main received during war times from light oils the labor for the large income
to employees and
and
the high cost of materials. The gross earnings, which amounted to
exceptional increase for the year 1918 over 1915 amountedmaterial items of
to $4,967,324.
$6,526,302, show an increase of $234,543 over the earnings of the previous
Outlook.
-It
year. expectation of is hoped as a result of the increased rates for gas and the
The various charges against the earnings for operation, maintenanc
decreased cost, in consequence of the
include provision for judgments and fines given against the e, &c., ties, that the year 1919 will show a greatly improved stoppage of war activicondition
company account,
but still unpaid.
notwithstanding the reduction of income owing toof the revenue
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 oil, coke, coal,
-Notwithstanding the large increase in wages
Wages.
&c., and as
granted in
1917 under a binding agreement which does not expire until June June rapidly as these supplies can be used 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.
date from Oct. 1 1918. The Government Conciliation Board.
-The company filed on Jan. 17 1918 with the State
increase of 2%c. per hour to those employees in their first awarded an P. U. Commission, its petition asking for an immediate increase in rates
service and 2c. per hour to all other employees covered by the six months' to offset the abnormal cost of the manufacture of gas. The Commission
agreement.
started hearings on the petition of the company on Feb. 26
Bonds.
-The eighth drawing of currency and sterling bonds
1918, and on
took place on Juno 21, embracing 5% of the bonds issued. There of 1892 July 30 1918 an increase in rates amounting to 275.1 % was granted, which
has been became effective as to all bills rendered on and after Sept.
drawn to date a total of $1,819,467.
1 1918 (V. 107.
p. 507, 611, 1673).
Directors.
-The number of the directors having been increased
Favorable Decision-Refund Suit.
from
-On Feb. 26 1918 James F. Sutter, a
7 to 9, shareholders on May 6 elected Hugh Mackay, K.C., of
gas consumer
and Herman H. Pitts of Ottawa as directors of the company. Montreal of the excess of the City of Chicago, sued the company, claiming a refund
paid by him over the rates fixed by the ordinance of 1911,
Your directors declared out of the accumulated surplus earnings
four passed by the City Council. This suit had a direct bearing on the so-called
quarterly dividends of 1%.
"ton-million dollar" refund suit which has been pending in the
courts of
Cook County since 1911. The Supreme Court of Illinois
RESULTS FOR CALENDAR YEARS.
Sutter was not entitled to any refunds, as the Act of 1905 held that Mr.
of the Illinois
1917.
1918.
Legislature, which purported to empower the City of Chicago to fix rates
1910.
1915.
Passengers carried
166,510,326 158,087,984 149,529,754 142,061,258 for gas, was invalid, and therefore the 1911 ordinance
passed by the City
Transfers
63,176,397 62,301,636 61,342,763 62,398,638 Council, which was based upon the Act of
1905, was void (V.
Gross earnings
$6,526,302 $6,291,759 $5,973,161 $5,694,136
There is still pending in the Circuit Court of Cook County106, p. 1691).
the so-called
Operating expenses_ _ _ 4,509,651
3,815,278 3,350,658 3,250,611 "ten-million-dollar" refund suit, but in view of the decision
of the Supreme
Court of the State in the Sutter case, the
Net earnings
$2,016,651 $2,476,481 $2„622,503 $2,443,524 it need have no apprehension as to the finalcompany has been advised that
outcome of the former suit.
Interest on bonds, &c
$138,660
$146,888
Taxes.
$156,122
-The Supreme Court of the State has recently rendered a decision
$167,357
City percentage on earn. 1,046,495
970,512
909,881
868,254 by which the County Treasurer of Cook County is perpetually enjoined
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
958,826
957,952 the company in 1909.
Valuations.
-The engineering firms,
Total
$1,995,081 $2,341,671 $2,240,536 $2,208,986 engaged in inventorying and appraising who for more than two years were
the property, have submitted their
Surplus
$21,570
$134.810
$381,967
$234,538 valuations of the company's property as of Jan. 11917, which are as follows:
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.

plants, however, are being fully mainthe value of the property ery costs become more normal. The
Your directors have long been anxious to haveby the P. U. Commission, tained to preserve efficiency.
d as a permanent basis for rate-making
and trade reasonably assured promise a volume
establishe
Contracts already taken
tioned firms of
and it was with this purpose in view that the above-men and valuation. of business for 1919 which should compare favorably with 1918, last year
engineers were employed to make an exhaustive inventory valuation and being the largest in the company's history for the number of cans and
the Commission to proceed to such a
Our counsel has asked
packages made and delivered.
d.
to establish rates for gas based on the valuation establishe was directed by
Your company's munition department was busily employed last year,
-On Dec. 28 1917 the company
-Amortization.
Leases
quantity of supplies were delivered to the United States Govthe amounts paid under the leases of the and a largeOwing to the uncompleted state of some contracts, only a porthe P. U. Commission to transfer
investment ernment.
Ogden Gas Co. and Universal Gas Co. from the property and
tion of the profits expected have been taken into 1918 accounts. Since
amount accrued up to
account to the prepaid rent account, to charge theamortize the remainder the armistice the major contract with the Government has been equitably
Dec. 31 1917 to the profit and loss account and to
adjusted by a 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.
charged off in the
outstanding
-The
Company's Finances.
All liabilities are fully shown and doubtful assetsbeen conservatively
1917. The ininventory has
amounted to $2.218,233, against $1,346,769 on Dec. 31
last sum- statement submitted herewith. The
is largely owing to the unfortunate troubles of improved taken on the same plan as last year. Some declines in values of materials
crease of $871,463
With
until
mer and fall in connection with the rendering of bills. outstanding gas have already occurred since the war, and more will probably follow these
As
in
efficiency of labor, it is expected that this differencecollected applied to a basis is reached for a general resumption of new enterprises. an easier
reduced and the funds
requirements will lessen and
accounts will be very largely
declines progress working capital
-Ed.]
the further reduction of the company's indebtedness. and material for financial condition will ensue. [Compare "News" item below. success-The impossibility of obtaining labor
Coal Gas Plant.
Manufacture and distribution of your company's products were
owing to Governmental restric- fully carried through in the face of unusual difficulties surrounding supply
the building of the new coal gas plant,
securities owing
tions during the war, the difficulties in the way of placingcompany, owing of materials and labor, and the restrictions very properly imposed by the
to the same cause, and the reduction in earnings of the war, have made Government in the conduct of the war.
the
of the
to the high prices for labor and material as a result part of 1918. Your
In the last annual report is was stated that the Attorney-General of
hearing
impossible prosecution of the work during the greater with a coal gas plant United States had made a motion in the Supreme Court that tho District
appeal from the decree in the United States
to provide the company
of the Government's
directors hope to find a way
denying the petition of the Government for the dissolution of your
in the near future.
in
3,910 are residents Court,
-The company has 6,882 stockholders,the City of Chicago. company, be continued until the term of the Supreme Court beginning
Stockholders.
are residents of
motion was granted. In Oct. 1918 the Attorneyof the State of Illinois, and of these 3,161
0 Oct. 1918, and that the
appeal
General made a similar motion that the hearing of the Government's This
-On Jan. 3 1919 the output of gas exceeded 101,000,00
Record Output.
be continued until the next term of the Supreme Court in Oct. 1919.
cu. ft., this being the company's maximum record for a single day.
•
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 Net earnings
$17,076,335 $21,995,042 $11,091,048 $6,533,806
458,112
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
16,859,045 Int. on debenture bonds
575,508
,
Gas made (1,0(10 cu. ft.) 22,636,485 19,660,810 16,210,234
5,589,315 Reserve for Fed. taxes
7,000,000 6,000,000
5,875,139 6,689,523
" _ 5,273,758
Gas bought
20,839,039 Preferred dividends (7)2,886,332 x6,583,185 (7)2,886.331(7)2,886,331
" " _ 25,955,900 23,876,927 21,621,783 $16,230,783
Gas sold
$19,630,979 $17,659,008 $16,701,851
Income from gas
1,095,587
1,084,887
1,679,630
$3,114,495 $5,309,674 $5,076,651 $2,142,942
Income other sources_ _ _ 1,957,422
Balance, surplus
dividends, extinguish$19,338,638 $17,786,738 $17,326,370
$21,588,401
Total income
x Includes in 1917-7% regular and 8.9657% backdividends paid during
preferred
Deduct Expenses
$182,632 ing all accumulations, making the total
$203,990
$383,813
$778.291
for steam
Coal
the year 15.9657%.
.(3.44 cts.) (1.95 cts.) (1.25 cts.) (1.08 cts.)
cts. per M
do
$6,718
$7,475
$9,290
$11,686
do
Water
BALANCE SHEET DECEMBER 31.
1,286,828
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
cts.) (20.33 cts.) 12.34 eta.) Plants, real est.,
cts. per M (25.70 cts.) (26.10
do
7,097
Intl. new COM. 91,657,430 90,203,080 Common stock_ 41,233,300 41,233,300
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
4,298,907 7,562,430 Accr'd bond int440,239 Cash
468,026
783,877
1,386,044
Manufacturing labor
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 eta.) Accts.&bilis rec. 35,484,402 24,136,484 Dividend Jan. 1
721,583
cts. per M
do
212,437 Mat'ls & prod'ts
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.)
do
eta. per M__ (48.17 cts.) (41.48 cts.) (31.13 eta.) $1,404,050
144,864,951 133,183,126
133,183,126 Total
144,864,951
Total
Distribution expense_ __ $1,679,906 $1,758,104 $1,422,502
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
Fire & property damage
(Sixth Annual Report-Year ended Dec. 31 1918.)
769,402
753,809
903,266
1,034,107
Depreciation
189,637
193,905
223,719
259,559
Contingent reserve
President T. G. Cranwell reports as follows: of 1917 by
300,000
300,000
300,000
300,000
Lease rentals
92,489
The volume of the company's business in 1918 exceeded that
96,850
112,492
122,975
Main rentals
37,763 about 20%, but the net earnings, before deprec. and taxes, decreased from
44,309
32,454
in the net earnings
City bonus
$4,531,370, to $3,728,269. The reasons for the decrease from almost the
204,637
Amortized rents
are (1) the progressive higher cost of labor and material on raw material,
until November,and (2) depreciation
beginning of the year
Total cost of gas de$11,712,054 which was purchased at higher prices than the present market values.
livered to consum's_$20,588,879 $17,328,689 $13,322,417 (56.20 cts.) The inventories are valued on a reasonable basis and we look for no further
do
cts. per M.._ (79.32 cts.) (72.57 cts.) (61.62 eta.)
2,385,350 losses thereon during the now current year.
2,375,150 2,387,062
y pig
2,366,150
Bond interest
Because of the uncertainty in obtaining raw materials-principallthese
tin plate-the company had to provide for largo quantities of
39 $15,709,480 $14,097,404
of its growing business.
Tot,cost incl. bd.Int_$22,955,029 319,703,801sr.$2,077,258sr.$3,228,965 tin and
commodities during the war in order to take care with an unusually large
def.$1,366,629 def.3365,2
Net income
The abrupt ending of the war finds your company
12,137,025 13,789,105 13,800,294 13,662,870 inventory of raw materials on hand-this to a great extent accounts for the
Previous surplus
in the attached report,
$15,877,552 $16,891,835 increase in bills and accounts payable, as shown
before the
$10,770,396 $13,423,904
Total
but these obligations will, it is fully expected, return to normal no longer
60,723
10,762
Add sundry credits
are such that it is
close of tho present year. Conditions now
Withdrawn from continnecessary to carry more than an average inventory.
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
3,075,994 earning power in 1919 and thereafter.
2,502,147
1,347,477
None
an increased
Dividends
(8%)
The volume of business continues to grow and prospects for
(6)%)
and,
(3)i%)
Rate per cent
15,547 consumption of canned goods in this country are most encouraging,
11,190
125
*826,374
Deduct sundry charges_
y and labor costs, as well as business
with the return of peace, commodit
normal.
$13,789,105 $13,800,294 conditions generally, should once more gradually approach strictly con$11,047,599 $12,137,025
Balance
The operations of your company during the war have been no Govern-cans and tin plate; we have had
31 1917 of fined to its regular business
company
* Of this amount $818,548 36 represents the accruals to Dec.
permanent investment ment orders for so-called "war material." The products of the
charges heretofore made against the company's Gas Co. and the Uni- are needed in peace times as well as in war times.
the
accounts in connection with the leases of the Ogden Public Utilities ComAs seen by the statement, we have found it expedient to continue
instructions of the
versal Gas Co.. and which, under
and charged policy of making liberal allowances for depreciation.
mission, has been credited to the property account interested
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
Liabilities
850,000
Assets
Res. for taxes & conting- 900,000
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
_
chises,tunnels,
38,500,000 38,500,000 Pref. dividends(7%)...._
809,776 (5)450,000 (5)400,000(23i)200,000
mains, &c___ 94,985,710 99,307,279 issued
Common dividends
165,000
165,008
165,000
3,794,151 2,344,660 Underlying prior
165,000
Materials
24,077,000 Redemption pref. stock
11,610,501 11,521,698 lien bonds._.. 24,077,000 20,554,000
Securities
Acc'ts receivable 1,392,661 1,177,592 Ref. M. bonds_ 20,554,000
$7,599,114
$897,017 $2,321,402 $1,225,317
Gen.& Ref. bds_ 1,712,000 1,712,000
Balance, surplus
Bond coupons
0
335,379
461,358
333,725 Gas bill deposits
354,740
-In Jan. 1919 increased the auth. common stock to $15,000,00
Note.
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
Taxes accrued__ 1,061,482
104, p. 2455, 2555; V. 105, p. 392.
Gas bills receiv816,283 V. 105, P. 2275, 2458; V.
837;298
2,218,233 1,346,769 Bond int acced 8,136,883 7,802,955
able
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.
Liabilities
Assets
111,283,191 108,364,305
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
are guaranNotes, accounts
The principal and interest of the following mortgage bonds $6,000,000 Patents and goodCo.,
8,222,024 3,223,955
Payable,
8,035,000 8,035,000
teed by the People's Gas Light & Coke Co.: Ogden Gas Co., $6,000,00C)
will
84,700
81,812
Pref.div.pay.Jan.1
clue May 1 1945; Indiana Natural Gas & Oillisted as a Habil- Investm'ts in other
5% bonds,
125,000
not
277,903 Com.div.pay.Jan.1 202,500
125,453
5 bonds, due May 1 1936. These bond issues are
companies
Co.
& Coke
9,466,737 6,277,939 Surplus for redemp 825,000
ityj on the balance sheet of the Peoples Gas Light
660,000
and special de- Inventories rec._ 1,566,503 2,032,787
of pref. stock_ _ _
Accts.
x In 1917 consists of Green Street property, $159,527,
969,404
$159,527 Cash & bills
915,392 Res've for depreen 1,598,629
2,329,791
posits and securities in hands of trustees, $1,362,162. In 1918,
69,300 Res've for taxes &
230,421
Prepaid insurance.
and $1,450,974, respectively.
850,000
es _ 900,000
contingenci
adding sundry credits (net). $60,598.-V. 108, P. 586.
y After.
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
, &c., includes $2,503,340 net
* Real estate, buildings, plant, machineryduring year to date. x After
and betterments
After deductions for expenditures on additions
of charter,
W The earnings in 1918 amounted to $17,076,335. and dividends on the deducting 3165,000 retired during the year under provision $5,500,000.
for taxes,
fixed charges, depreciation and reserve $3,114,496.
making the total retired to date $825,000 out of an original
($5,226,211), stock
pref. stock, there was carried to surplus
y After deducting from total surplus of Dec. 31 1917common shares, and
34,766,374.
There was expended for new construction and new equipment 1918 except dividend of 35% (33,500,000) paid in Jan. 1918 on the
part of
balance, $2,623,259.No new construction has been started since the early
nt will not having added surplus for year 1018, 3897,017;
in minor matters which were imperative. Your manageme
urgent necessities until building and machin- V. 106, p. 1903.
undertake new work beyond




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.
Assets
Liabilities-.
$
$
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
2
$444,
784
$363,043 Inc. $81,741 2 5
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.
of $916,311 and a net surplus of $2,234,532.
deducted, leaving a net profit
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.
process
5,225,994 4,234,705
phenson Co.)_ _ 325,000
400,000 Additions: Nov. and total 1916, $17,655; year 1917.
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
-V. 108, p. 482.
7e_See foot-note above.
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
161,350
156,177
Less returns, allowances and freight
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 70326,375 %)336.700 %)344,318
(7
(7
(7
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.
-V. 108, p. 487.
100,000 shares.

682

THE CHRONICLE

[VOL. 108.

-In furtherBoston & Maine RR.
-Authorization Asked.
ance 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 th