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manna , Oflmrrcitl liratud Tlie INCLUDING Bank & Quotation Section Railway Earnings Section Railway & Industrial Section Bankers' Convention Section VOL. 108 SATURDAY, FEBRUARY 22 1919 Thruinicle The ‹!!5 1919. Terms of Subscription-Payable in Advance For One Year $140 3 00 For Six Months European Subscription (including postage) 13 00 European Subscription six months (including postage) 7 50 Annual Subscription in London (including postage) 22 14s. Six Months Subscription in London (including postage) 21 11 s. Canadian Subscription (including postage) $11 50 Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(twice y) yearly) RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY (twice STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly) Terms of Advertising-Per Inch Space Transient matter per inch space(14 agate lines) $4 20 Two Months (8 times) 2200 ee Months (13 times) Standing Business Cards 00 Ex (26 times) ir Montlis TwolveMonths(52 times) 87 00 CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic 7396. LONDON OFFICE-Edwards & Sinith, 1 Drapers' Gardens, E. C. 'WILLIAM B. DANA COMPANY, Publishers , Front. Pine and Deperster Ste., New York. N3 Published every Saturday morning by WILLIAM B. DANA COMPANY. Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Secretary. Addressess of both, Office of the Company. CLEARING HOUSE RETURNS. The following table, made up by telegraph, &c., Indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $5,628,915,784, against $5,884,879,291 last week and $5,038,087,099 the corresponding week last year. Clearings-Returns by Telegraph. Week ending February 22. Per Cent, New York Chicago Philadelphia Boston Kansas City St. Louts San Francisco Pittsburgh Detroit Baltimore Now Orleans $3,060,848,992 439,296,201 330,674,618 231,367,987 153,229,475 130,128,377 102,744,599 103,211,034 90,752,432 64,014,008 56,704,844 $2,149,358,591 328,895,981) 217,185,667 166,678,481 129,969,427 100,930,828 68,728,052 45,836,369 33,865,942 28,434,520 34,454,631 Eleven cities,5 days Other cities, 5 days $4,762,972,567 865,943,217 $3,304,338,488 640,247,618 +44.1 +35.2 Total all cities, 5 days All cities, 1 day $5,628,915,784 $3,944,586,106 1,093,500,993 +42.2 +++ 1918. C, 1000.3 , el,,..*M.N,NCNCO 1919. Total all cities for week $5.628.915.784 85.038.087.099 -1-11_7 MTh() full details for the week covered by the above wil be given next Saturday. We cannot furnish them to-day, clearings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to be in all cases estimated, as we go to press Friday nithg. Detailed figures for the week ending Feb. 15 follow: Week ending February 15. 1919. 1918. 3.128,964,129 2,725,787,757 New York Philadelphia __ _ _ 338,563,536 300,384,031 110,490,126 61,431,645 Pittsburgh 73,681,892 30,903,153 Baltimore 16,766,995 Buffalo 18,385,426 13,740,640 Washington 11,234,358 3,820,973 Albany 5,791,514 7,393,208 Rochester 6,561,649 Scranton 3,242,660 3,249,844 Syracuse 3,400,000 3,428,376 Reading 2,376,455 2,200,000 2,999,391 Wilmington 2,464,093 Wilkes-Barre_ _ _ _ 1,819,869 1,622,516 4,036,514 Wheeling 3,300,577 2,409,381 2,305,774 Trenton _ 1,134,553 1,017,309 York 1,851,246 1,796,881 Erie 1,176,146 1,349,826 Chester 730,200 Binghamton 850,000 __ Greensburg 858,008 739,210 Altoona 579,745 760,045 Lancaster 2,540,243 2,200,000 Montclair 336,617 287,170 Total Middle_ 3,722,603,757 3;194,365,924 Boston Providence Hartford New Haven Springfield Portland Worcester Fall River New Bedford.._ _ Holyoke Lowell Bangor 281,084,976 9,576,500 6,064,769 4,900,000 3,655,822 2,500,000 2,969,336 2,002,518 1,940,699 586,963 1,034,020 662,941 Total New Eng 316,978,544 Note.-For Canadian clearings Inc. or Dec. 1917. 1916. Chicago Cincinnati Cleveland Detroit Milwaukee' Indianapolis _ _ _ _ Columbus Toledo Peoria Grand Rapi(is__ _ Dayton Evansville Springfield, Ill_ _ Lexington Fork.Wayne_ _ _ _ Youngstown ___ _ Rockford Bloomington _ _ _ Quincy Akron Canton Springfield, Ohio Decatur South Bend Mansfield Danville Jacksonville, Ill_ Lima Ann Arbor Lansing Owensboro Adrian Tot./%Iid.NVest San Francisco.._ _ Los Angeles Seattle Portland Salt Lake City Spokane Tacoma Oakland Sacramento San Diego Fresno Stockton San Jose Pasadena Yakima Reno Long Beach Total Pacific.. _ Kansas City__ _ _ Minneapolis _ _ Omaha St. Paul 1)enver St. Joseph Des Moines Sioux City Duluth Wichita Lincoln Topeka Cedar Rapids.... _ Colorado Springs Pueblo Fargo Fremont Waterloo Helena Billings Hastings Aberdeen Tot.0th. West. NO. 2800 1Veek ending February 15. Clearings at PUBLISHED WEEKLY. Clearings at Electric Railway Section State and City Section 1 1918. Inc. or i Dec. $ 460,268,4531 428,171,747 +7.5 54,357,474 42,382,768 +28.2 80,186,964 65,775,172 +21.9 55,000,000 41,765,438 +31.7 29,988,581 27,471,544 +9.2 12,383,000 13,903,000 -10.9 11,707,300 9,412,8.0 +24.3 10,033.369 9,225,039 +8.8 4,945,430 4,400,685 +12.4 4,158,535 4,587,969 -9.4 3,694,507 2,829,522 +30.6 3,653,177 3,296,961 +10.8 2,395,356 1,983,442 +20.8 3,000,000 1,726,378 +73.8 1,131,924 1,041,704 +8.6 3,716,099 5,377,627 -30.9 1,852,541 1,650,332 +12.2 1,344,586 1,453,018 -7.5 1,408,149 1,287,761 +9.4 7,221,000 4,869,600 +48.3 2,229,374 2,741,585 -18.7 1,179,057 1,031,559 +14.3 981,483 1,002,351 --2.1 1,097,079 1,607,565 +8.9 1,043,554 773,806 +34.9 577,500 525,000 +10.0 440,194 451,244 -2.4 882,193 660,017 +33.6 262,083 327,695 -20.0 1,000,000 799,779 +25.0 1,508,936 1,383,919 +9.0 74,508 73,719 +1.2 763,722,466 683,390,146 +11.8 107,346,458 94,629,677 33,679,000 28,893,000 28,412,244 24,398,496 26,243,977 19,878,165 13,000,000 11,196,063 7,220,353 7,002,430 4,210,142 3,775,481 7,139,548 5,480,458 3,373,293 3,193,783 2,463,400 2,231,385 2,131,653 3,175,679 1,449,969 1,922,510 866,560 917,813 1,160,974 1,201,280 826,839 711,726 612,477 543,584 1,164,648 1,030,936 241,301,535 210,182,466 177,713,877 186,599,558 27,805,281 27,794,783 46,781,107 44,618,799 13,623,622 12,946,131 15,364,504 19,202,880 17,198,079 17,385,811 8,125,362 7,118,499 9,234,905 7,679,489 4,939,936 3,586,246 10,460,232 7,643,188 3,573,592 4,032,149 3,007,505 2,917,610 1,793,868 1,740,842 752,186 756,493 734,533 699,818 2,169,818 1,414,438 501,658 895,649 1,360,222 1,950,767 1,811,840 1,592,319 1,012,404 896,386 420,000 423,532 1,084,433 830,312 349,468,964 352,712,699 1917. 436,196,925 35,901,041 56,937,136 52,874,839 25,621,641 12,514,000 9,720,800 9,781,296 4,800,000 4,781,447 3,204,442 2,511,963 1,665,273 898,864 1,747,268 3,368,109 1,366,416 1,034,832 974,766 4,557,000 3,055,625 1,042,258 866,075 750,000 741,047 575,000 378,218 636,325 385,664 1,067,711 837,295 99,553 680,892,829 1916. $ 396,941,529 30,524,350 36,534,605 46,379,926 19,621,201 12,315,996 7,406.300 8,549,414 4,700,000 4,588,148 2,599,297 2,099,792 1,275,196 1,058,072 1,589,676 1,750,308 834,171 948,385 1,069,486 3,049,000 2,206,151 722,590 661,056 839,743 621,218 594,826 362,473 600,000 304,326 1,101,534 422,847 89,004 592,447,773 +13.4 77,402,622 69,858,953 +16.6 31,130,000 22,624,233 +16.5 16,752,890 13,211,877 +32.0 13,373,363 11,538,166 +16.1 12,063,694 8,705,741 +3.1 5,192,112 4,567,094 +11.5 2,397,857 2,265,160 +30.3 5,207,205 4,468,866 +5.7 2,178,135 1,585,448 +10.4 2,469,317 2,714,312 -32.9 1,576,366 1,004,827 -24.6 1,481,665 1,163,968 -5.6 873,294 685,399 -3.4 1,418,191 1,009,422 +16.2 526,374 350,000 +12.7 437,179 353,696 +13.0 723,275 587,433 +14.8 175,203,539 146,754,595 -4.8 115,017,011 81,109,999 +0.04 23,031,540 28,407,415 +4.8 32,911,011 22,000,000 +5.2 13,062,565 15,186,159 --20.0 12,544,133 11,294,969 --1.1 .13,348,960 8,677,605 d-14.1 6,913,530 6,465,285 +26.3 5,947,491 3,980,682 d-37.8 4,019,721 4,252,491 +36.9 6,879,932 4,120,430 ---11.4 3,314,830 2,959,852 d-3.1 2,172,834 1,427,419 +3.0 1,768,959 1,615,703 -0.6 940,461 847,081 +5.0 581,518 443,759 +53.4 1,141,040 1,463,660 ---44.0 500,000 471,753 --30.2 1,985,618 2,070,417 +13.8 1,567,000 1,243,490 +12.9 760,877 513,882 ---0.8 380,305 258,304 -I-30.6 630,738 635,329 -0.9 249,420,074 199,445,684 +14.8 2,809,842,630 3,122,596,143 +12.7 281,833,320 290,087,245 +79.9 65,568,270 60,651,945 +99.7 36,849,194 44,696,347 -8.8 15,328,265 14,021,917 +22.3 9,634,444 8,560,063 -34.0 4,594,520 5,765,215 +12.7 6,631,350 6,0:30,248 St. Louts 144,816,155 143,572,465 +0.9 116,270,366 89,901,310 3,236,642 2,983,946 New Orleans_ _ _ _ 54,526,099 46,055,011 +18.4 32,364,348 23,044,466 3,747,461 3,703,883 Louisville 21,804,949 22,738,503 -4.1 22,734,213 20,704,301 -7.4 2,624,557 2,350,216 Ilouston 12,710,073 12,500,000 +1.7 11,000,000 10,069,641 +21.7 3,060,821 2,697,498 Galveston 4,087,327 4,500,000 -9.2 3,870,108 3,825,246 +12.2 1,728,998 1,403,156 Richmond 46,832,301 39,327,222 +19.1 21,719,461 14,385,646 +22.3 3,108,509 2,578,822 Atlanta 50,037,227 46,381,675 +7.9 22,762,577 16,376,415 -4.3 4,205,450 2,708,417 Memphis 16,275,799 13,955,537 +16.6 10,317,258 7,642,221 +11.5 1,067,037 1,073,421 Savannah 5,227,924 7,173,753 -27.1 4,822,547 5,001,196 +3.1 1,658,464 1,218,435 Nashville 14,929,946 12,764,884 +17.0 9,183,097 +14.7 7,199,196 1,253,032 1,111,339 Fort Worth 13,187,603 12,811,821 +2.9 9,499,815 +16.4 8,440,029 754,800 763,800 Norfolk 7,911,774 7,113,032 +11.2 4,332,839 4,155,466 -13.9 851,184 790,219 Birmingham _ _ _ _ 10,824,573 3,603,294 +200.4 2,859,223 2,449,541 +31.2 593,198 600,951 Augusta 2,462,536 2,917,300 -15.6 1,832,297 -13.4 1,492,138 2,207,831 2,178,249 Knoxville 2,558,772 2,504,501 +2.1 2,017,450 2,153,214 -14.5 408,898 422,623 Little Rock 5,461,634 5,384,748 +1.4 2,782,781 2,398,891 +16.5 3,260,788,875 3,585,090,098 Jacksonville _ _ _ _ 8,453,229 4,625,963 +82.8 3,964,896 3,666,346 Mobile 1,569,474 1,378,077 +13.9 1,200,000 1,038,158 260,667,182 +7.8 231,906,304 217,128,678 Chattanooga__ 4,884,109 4,150,205 +17.7 3,347,032 2,562,394 10,890,800 -12.1 9,797,000 9,678,600 Charleston 3,200,000 3,279,263 -2.4 2,211,984 1,890,886 7,035,837 -13.8 6,771,134 7,486,162 Oklahoma 8,875,053 8,737,671 +1.6 5,109,278 3,090,173 4,199,632 +16.7 4,496,101 4,547,659 Macon 2,000,000 2,200,000 -9.1 1,220,722 3,459,288 3,607,198 +1.3 3,775,180 3,710,506 Austin 9,174,880 4,000,000 +129.4 3,560,000 3,800,000 2,400,000 +4.2 2,509,581 1,950,000 Vicksburg 388,994 505,629 -23.1 345,914 188,125 3,205,995 -7.4 3,772,372 3,387,471 Jackson 650,653 723,698 -10.1 488,773 745,895 2,050,374 -2.3 1,481,038 1,293,801 Muskogee 3,336,139 1,685,699 +98.0 1,403,058 1,135,459 1,802,769 +7.7 1,601,109 1,452,927 Tulsa 9,205,656 8,033,942 +14.6 5,430,578 4,454,792 656,894 -10.7 894,015 802,000 Dallas 22,582,360 16,609,810 +36.0 11,090,295 7,053,954 1,162,886 -11.0 1,186,152 963,773 Shreveport 2,828,786 2,569,168 +10.0 1,500,000 600,848 +10.3 631,486 690,605 Total Southern 490,804,025 441,802,861 +11.1 317,180,910 243,177,997 298,280,415 +6.3 268,821,472 253,092,082 Total all 5,884,877,291 5,180,744,521 +13.6 4,952,307,683 5,049,067.461 Oiltd810 N. Y_ 2.755,915,162 2,454,956,764 +12.3 2.142.465.053%,906,471.323500 "Commercial and Miscellaneous News.'t 704 THE CHRONICLE [VOL. 108. determined upon this move which so seriously impairs the value and integrity of the weekly Clearing House returns. The banking public and the general community are both entitled to know whether the item of cash in vault which in this week's return aggregates $112,046,000 is, in its ralation to the general banking system, an asset or a liability, and we wish to register a vigorous protest at the taking of a step which means the denial of such knowledge. THE FINANCIAL SITUATION. This being Washington's Birthday and a legal holiday, the New York Clearing House Bank statement, usually put out at noon on Saturday, was issued yesterday afternoon. There is nothing strange about this, as it has long been the custom to issue this weekly return of the Clearing House institutions the day before, whenever Saturday happens to be a holiday. Our reason for referring to the matter Gold mining operations in the Transvaal in the here is that with this week's statement an important of 1919 would seem to reflect some change in the form and character of the statement opening mouth the situation in the world's premier in t vemen impro has been made. red with the condition recently We wish to emphasize that the change is not to be gold field as compa That, however,is not saying much, for commended, but rather to be strongly condemned. prevailing. output during the latest monthly period For essential items of information are withheld although the r than in either November or December of which it has always previously been the practice to was greate less than for all months prior thereto furnish. The change consists in no longer stating 1918, it was including March 1914 only excepting and to separately the different classes of money holdings, back 1918—a short month. The yield for Janbut to lump them all together under the general February as cabled was only 676,059 fine ounces, designation of "Cash in Vault."' The items which uary 1919 diem average of 21,808 five ounces, this comare now intermingled and commingled are (1) gold, or a per 2 fine ounces, or a daily average (2) silver, (3) legal tenders, and (4) national bank pany with 714,18 fine ounces last year, 782,634 fine ounces and Federal Reserve notes. It is only necessary of 23,038 fine ounces two years ago, 787,467 fine to enumerate the items to make it plain that they are and 25,246 ounces and 25,402 fine ounces, three years ago, of widely different character and merit. fine ounces and 23,064 fine ounces in 1915 Never previously in the entire history of the 714,984 3 fine ounces and 21,024 fine ounces in 651,75 Clearing House, except in times of panic, has knowl- and edge with regard to the nature of the cash holdings 1914. been withheld, and it is not easy to understand why The foreign export trade of the United States for a sudden departure should now be made in the wise largely if not wholly freed from the policy with which the history of the Clearing House January 1919, that had operated to curtail its tions restric is so completely identified. It is proper to state various erable period, and assisted consid a quite for e volum that the division between the different money holdy increased aggregate of tonnage with ings is never made in the "Summary" given out early by a greatl meet the urgent demand for a wide range on Saturdays, but appears in the later or detailed which to from Europe, mounted to a total never statement showing the condition of each individual of goods attained—at least as far as values are conbank or trust company. But even the early return before . On but two occasions heretofore—in Janin which the different items of money holdings were cerned December of 1917—was the record now combined under the head of "cash" always contained uary and even closely approached. It does not ished a foot note which specified how much of this cash establ , of course, that the expansion in outflow consisted of "specie." Under the change now made follow ed generally over the list of commodities emthis explanatory note in the weekly summary is extend by the export schedule. On the contrary, omitted, while the detailed statement is so emascu- braced in the absence of specific returns upon which lated that four full columns of figures are cut and to base deductions, it is clear that of many articles out. al to the prosecution of the war—such as Never has it been more important than it is now essenti ives, &c.—the shipments were practically to have full knowledge regarding these holdings of cash explos year. But of foodstuffs, reconstruction this nil in vault. As far as the legal requirements are conals, and crude materials for use in manufaccerned it is now obligatory only upon member banks materi ture, the forwardings, it is evident, were limited to have a credit to their account with the Federal by the shipping facilities available. In one Reserve Bank. But, that being so,it is all the more only ce, at least, we have data which permits of a essential that full information should be available to instan positive statement, the exports of cotton for the show not alone how much cash in vault the member period having been quantitatively some 40% in banks are keeping, but how that cash is made up. excess of a year ago and, therefore, notwithstanding If such vault holdings consist wholly or largely e of a decline in price in the interim, covering a much of gold then an element of strength exists outsid greater value-110 million dollars, against 71 milthe Reserve Bank itself. On the other hand, if the lions. The promise for a very large foreign trade vault holdings are made up wholly or mainly of in the immediate future, too, seems well assured, Federal Reserve notes, not only is the element of if prices can be made satisfactory, the situation in strength referred to lacking, but in any estimate of Europe being such that enormous supplies will be the situation allowance must furthermore be made required from here, and yet there seems reason to for the circumstance that the notes can on occasion doubt that foreign purchases will be continued bebecome an element of weakness, since they are in the atl yond immediate needs unless prices are made last analysis nothing but a liability of the Federa tractive. Reserve Bank—a liability, too, which the Reserve Our merchandise exports for January covered a änk woUld have to meet if the notes were presented vt,lue of $623,000,000, which, as already stated, for payment. marks a new monthly peak in our foreign comWe cannot understand what could have possessed merce, and compares with $504,797,306 in 1918 the managers of the Clearing House when they FEB. 22 1919.] THE CHRONICLE 705 and $613,324,582 in 1917—the preceding high when much of the country's operatio ns involving a January total. For the seven months since July 1 great• measure of . outdoor work is reduced to a 1918 the value of the commodity outflow at $3,- minimum. It is true that the amount of work 798,000,000 also stands as unprecedented for such planned for covers a little greater outlay than in a period, contrasting with $3,450,246,793 in 1917- either November or December of 1918, but that is 18 and $3,615,345,140 in 1916-17. In no year prior saying very little, seeing that the expenditure conto the breaking out of the war did the total for seven templated is the smallest for January in very many months reach near to one-half any of these aggre- years and decidedly meagre withal. Various cirgates, and for the full twelve months of 1913 the cumstances are delaying the resumption of building sum of the exports was 1,314 millions less than the activity, such as the scarcity and high range of value figures for 1918-19 given above. Concurrent with of some descriptions of material and the prevailing the gain in the outward movement of merchandise, labor wage scales, and the situation is further the imports for January show contraction, as com- complicated by strikes or threats thereof. pared with 1918, the month's total standing at It has been recently stated by the Dow Service $213,000,000, against $233,942,081 in 1918 and that in New York and vicinity, with weather con$241,793,282. in 1917. For the elapsed portion of ditions during the entire winter ideal for continuous the fiscal year (July 1 to Jan. 31 inclusive), how- construction work, contract s awarded have been ever, the 1918-19 inflow of goods is the heaviest on barely 10% of what they were in 1912 and these record for the period, reaching $1,698,000,000, mainly for building s of specialized type, for which against $1,633,593,550 in 1917-18 and exceeding there is immedia te necessity. The Government, 1916-17 by 350 million dollars. The net export according to the same authority, has found that balance for the month at 1,,10,000,000 marks a re- bids for the construc tion of some forty post office sult in our favor well above the best previously buildings through out the country run from 10 to recorded, and greater than the aggregate exports 80% over the amount available for the work with of any month prior to March 1916. In 1918 the labor the largest item in the excess cost, makremainder on the same side of the account was only ing necessar y additional appropriations if the $270,855,225 and in 1917 was $371,531,300. The work is to be carried on. Evidence, therefore, seven months' balance of $2,100,000,000 compares is not lacking that the principal impediment in with $1,816,653,243 in 1917-18 and $2,267,013,159 building revival is the excessive labor cost. As in 1916-17. regards the available supply of materials, locally The gold movement for the month was of com- at least, the annual convention of the New York paratively small volume in either direction. It State Associat ion of Builders, held at Albany shows a net outflow of $1,351,000. Exports reached on Saturday last, brought enlightenment. It was $3,432,000 and imports were $2,081,000. For the there stated that a recent survey indicated that seven months the net outflow of gold has been the quantity of material s available would not $9,000,000, against $94,401,984 in 1917-18, but in permit of the carrying out of more than 30% of 1916-17 the flow was in this direction to the extent public improvements contemplated for the State of $447,830,677. Silver exports for the month in 1919. reflected less urgency in the demand from India, the For 173 cities from which we have returns for outflow having been much under that for December. January the permits provide for a total outlay of They reached $19,931,000, increasing to $179,- only $23,908, 614, or 4 million dollars less than the 000,000 the aggregate for the seven months. Against very slim aggregat e of 1918, and nearly 36 millions this latter total there were imports of $41,000,000, below 1917. Greater New York shows only a slight leaving the net efflux of the metal $138,000,000, falling off from a year ago, but as compared with Janagainst $10,846,113 in 1917-18 and $25,243,300 uary of many years prior thereto the decrease is very in 1916-17. decided. For the five boroughs of the city, in fact, the aggregate is but $5,020,033, against 85,245,740 Canada's foreign exports for January were of full last year, $9,924,065 in 1917 and $12,372,257 in volume for the season of the year, being well above 1916. Outside of New York the expenditure those for the period in 1918—$125,334,756, com- arranged for in the month was only $18,888,581, paring with $99,746,184. For the ten months, against $22,813,345 last year and $49,879,372 two April 1 1918 to Jan. 31 1919, however, the total years ago, and of the 172 cities included, 81 exhibit exports of merchandise, domestic and foreign, decrease s, with the percentages in many instances at $1,094,536,241, compare with $1,392,685,908 conspicuously heavy. This is so of such leading a year earlier, the decline being most largely in centres as Chicago, Philadelphia, San Francisco, agricultural products. The imports for the month Detroit, Cincinnati, Newark, Jersey City, Des also were more than a year ago, $72,749,397 con- Moines, Houston , Denver, Salt Lake City, New trasting with $60,677,414, but for the period since Haven, Bridgeport, Worcester, Dallas, Seattle, April 1 they aggregated $780,564,737, against Tacoma, Buffalo, Albany, Minneapolis and Omaha. $823,059,701. The favorable or export balance On the other hand more or less notable increases for the month this year is $51,585,359, comparing over last. year appear at Boston, Los Angeles, with $39,068,770 last year, and for the ten months Baltimor e, Cleveland, Indianapolis, Toledo, St. reaches $313,971,504, against $569,626,207. . Louis, Columbus, Portland, Ore., Oakland, Hartford, Springfield, Mass., Atlanta, Richmond, MemBuilding construction data for the United States phis, Norfolk, Oklahoma, Akron and Dayton, for the opening month of 1919 does not furnish any where notable declines were quite the rule in 1918. concrete evidence of the looked-for revival of activity Analyzing the returns by groups, and making in this important industry. Nor could it be ex- comparis on with the practically normal results of pected to, so soon after the end of the momentous 1917 rather than with the greatly contracted totals struggle abroad and especially at a time of year of 1918, we find that 25 New England cities report 706 THE CHAO Later, posing as a hero, he glibly declared,"I wished the man who was preparing for another war to disappear. I am an integral anarchist, a friend of men, not excepting the Germans, and a friend of humanity and fraternity." How strikingly similar are these statements to those of all well-known assassins and would-be assassins. After the first examination the wound of M. Clemenceau was declared by the physicians and by Hubert Clemenceau, the Premier's brother and secretary, as not being serious, the greatest danger being in the possibility of infection later. On Thursday morning, however, George Mandel, his chief clerk, was reported to have said: "The Premier certainly is seriously hurt; but his condition is as satisfactory as possible." According to an official bulletin, signed by four attending physicians and surgeons', and issued during the day, an X-ray examination revealed the fact that a bullet had penetrated his lung. The announcement further stated: "The general condition is satisfactory. Temperature, 98.4; pulse, 72. The nourishment is normal." On both Wednesday and Thursday, the grim old "Tiger," that he is, insisted upon sitting up, receiving callers and discussing business, while he walked in the sunshine on the The one great tragedy in the high official circles on the latter day house. Among the numerous callers of Europe this week, until yesterday, when Kurt balcony of his William G. Sharpe, the American Eisner, Premier of Bavaria, was reported to Thursday was recently resigned. Upon leaving have been assassinated, was the dastardly attack, Ambassador, who ced that the wounded man announ he Wednesday morning, on the life of the vener- the house spirits, displaying wonderful of best the "in able Premier of France, Georges Clemenceau. was lness." His enforced inaction The would-be assassin, who, by reason of his courage and cheerfu ng on him and the attending long, fair hair, was first believed by the crowd was said to be weighi him a difficult patient to manage. that assembled soon after the shooting, to be a physicians found g as his nurse, this aged man, Russian, is declared by the Paris authorities to be To the nun servin table will and unbounded a Frenchman, having been born 25 years ago in possessed of an indomi ay morning as he awoke Thursd ed Creil, about thirty miles from the French capital. courage, remark man. That is the first lazy a am "I : o'clock In the police records he bears the name of Emile at 8 I have been so late in that years twenty in he time which in , Cottin, while in the anarchist circles was active, he was known as "Milou." Although the getting up." police had kept a close watch upon this fellow and It is difficult to imagine of the occurrence of any the small hotel in Montrouge, a suburb of Paris, at this time that would have in which he lived, they had not regarded him as a event in Paris just or consternation there and sorrow sufficiently violent and dangerous type of anarchist caused greater t in anarchist and socialist (excep France hout to make designs upon the life of Premier Clemenceau, throug ed as an enemy) than regard was he which in , circles or any other prominent figure in public life. ceau. For several days The records further show that, at the beginning the shooting of Clemen y it was apparent that the of the war, he had been held for two months and prior to that traged s at the Peace Conference, then exempted because of heart trouble. Later, French representative France, were of the opinion of as an employee in an airplane factory, he was dis- and even the people not being made towards was s progres charged for inefficiency and laziness, after having that sufficient It happened that treaty. peace a of worked only three months. The only other posi- the formulation on the way to was he shot was r Premie tion that he held subsequently was in a furniture when their l E. M. Colone with Office 'War the at ence ed a confer factory. At police headquarters it was disclos n SecreForeig British the r, Balfou Mr. and House three served that this seemingly worthless fellow had deliberthe up ng tary, for the very purpose of speedi sentences for inciting soldiers to disobedience. the before s matter ant import In their opinion of him the police were mistaken, ations on various l. for, according to the villain's own admission, he had Supreme Counci been planning the killing of the Premier for seven To what extent the bullets fired by Cottin have months, having received his first good look at him d the getting of peace for France and for all delaye While at a reception in honor of the King of Italy. be estimated at this moment. On the early reports of the shooting stated that he had the world cannot day of the shooting, Secretary of an accomplice, the later accounts do not substan- Wednesday, the sed the opinion that the work tiate this idea. The Paris police refused to say State Lansing expres had been so well organized ence Confer whether they believed the act was a part of a plot, of the Peace an, and had progressed chairm its ceau, or that of a single misguided individual. Cottin by M.Clemen most of it was now that stage ed advanc an characterized himself as "a solitary and scientific to such be carried forward virtucould and tee, commit in anarchist." ption, even in the absence of When first taken to police headquarters he refused ally without interru While, of course, this statement was to make a statement as to his motive for the shooting. Clemenceau. a decrease of 63 million dollars (78%) and the middle group (41 cities outside of Greater New York) exhibits a diminution of nearly 532 millions (60%). The Middle West (30 cities) shows a decline of 73 millions (56%) and the result at the South (34 cities) is about 1% millions (42%) poorer than in 1917. For the Pacific Slope 15 cities give an aggregate over 63 million's (69%) under 1917 and the remainder of the West, 26 cities, exhibits a decrease of 3 1-3 millions (62%). Canadian building operations for Jan. 1919, although less than in 1918, were in excess of the totals for the month in 1916, but very much below the amounts for several preceding years. Returns for 29 cities in the Eastern Provinces are at hand and combined they exhibit an increase of $49,265 ($901,574, contrasting with $852,309 in 1918). At 12 cities in the western part of.the Dominion the outlay called for by the permits issued is $228,427, against $718,255. Consequently, the 41 cities permit an aggregate of $1,130,001, against $1,570,564 for the month of 1918, and $1,157,297 in 1917, but in 1914 and 1913 the totals were 33/ Millions and 6 millions respectively. FEB. 22 1919.] THE CHRONICLE 707 intended to be reassuring, it is to be doubted that In London the "Daily News" enthusiastically without his influence the French representatives asserted: "It is the greatest scheme ever forged for at the Conference and the people of France generally the maintenance of peace." "The draft goes deeper can be held together for the same degree of con- into the causes of'the war and will do more for its certed action as would be the case if the "Tiger," removal than any one expected," said the "Times," or the "Grand Young Man of France," as Lloyd while the "Daily Mail" and the "Daily Chronicle" George has characterized him, were in his place were not so enthusiastic as their contemporar ies, every day. It came to light soon after the shooting the former saying: "We hope the draft means the that personally he had in hand matters of first opening of a new era of political life," and the latter: importance relating specifically to the consum- "We are hopeful that the constitution is a satismation of an early peace. It was for the purpose factory rendering of the conclusion to which the of dealing with these questions that he was proceed- Allies are coming." ing to the War Office when the shooting occurred. In the United States its reception was more or less The Supreme War Council was to have held a a composite of the opinion expressed in all the Eurosession on Thursday afternoon, but it was.postponed pean countries.. Former President Taft, who is until yesterday afternoon, when it was expected President of the League to Enforce Peace, and who, that Secretary of State Lansing would preside, and after President Wilson, is undoubtedly the most Stephen Pichon, Foreign Minister, and Andre ardent champion, in this country, of a League of Tardieu would represent France. As a matter of Nations, did not fail to defend it daily at the series of fact, the meeting was held at Clemenceau's home. congresses,in favor of such an organization, which he It was announced that his pulse and tempera- has been addressing throughout the West. In Portture were practically normal and that he was land, Ore., on Tuesday, he declared emphatically, "getting on as well as possible." Thursday "It is a real covenant with a bite in it." Neither morning announcement was made in London did Mr. Taft fail to express his opinion, in the plain, that Lloyd George had received an urgent mes- est terms, about the stand taken against the League sage from Paris declaring that his presence there of Nations by Senators Borah and Poindexter, and was imperative. Representative Fess, all of whom are bitterly attackEven before the shooting of Premier Clemenceau, ing the proposition in Congress. On Wednesday the Peace Conference this week was a tame affair Senator Poindexter, in a hostile speech, characterin comparison with the tremendous activity that ized the League of Nations constitution as "this fatal had characterized the sessions from the very outset covenant." The great sensation of the week in the until the adjournment a week ago yesterday after- United States was the announcement, on Tuesday, noon, following the reading by President Wilson of of Senator Borah that he could not accept the invithe constitution, or covenant, for the League of tation of the President for a dinner at the White Nations. This organization, in principle, had been House on February 26th, to the Foreign Relations approved by unanimous vote of the Conference much Committee of the Senate, because he was certain sooner after the original assembling of that body that the President would divulge information regardthan had been thought possible, even by President ing the League of Nations plan that the President Wilson, its principal author and sponsor. It will would expect to be kept confidential, and that conbe recalled that the constitution, consisting of 26 sequently he (Borah) would not be free to discuss articles, was not presented to the Peace Conference the document openly in Congress, to which he is so as a whole for approval, but that before President unalterably opposed. Yesterday the Senator anWilson read the document it had been adopted by nounced that if a special session of Congress is not the League of Nations committee. The latest ad- called soon after March 4th, he would begin, on vices indicate that the sanction of the Peace Con- March 10th, "a swing around the circle" with a ference will not be sought for some little time. In all series of addresses in opposition to the League of probability various and perhaps important changes Nations covenant, and. that he would be backed will be made before the return of President Wilson financially by a group of men whose names he did to France. All week the whole scheme for a League not feel at liberty to make public at that time. of Nations, as outlined in the 26 articles, has been Thursday President Wilson's private secretary repraised, criticized and even condemned in every ceived a telegram from Senator Fall, of New Mexico, part of the civilized world by all classes and conditions that he would not be present at the dinner, because of people capable of forming any idea about it. he could not "accept confidences on the document." Generally speaking, it may be said that it was He indicated, however, that he had not come to a received with reservation and not a little skepticism final decision as to what position he would take on in France; with hopefulness but with more or less the League of Nations plan itself. doubt as to its effectiveness in England; with effusive praise in Italy; with pronounced condemnation The trend of affairs and actual developments in in Germany, while the numerous factions in Russia, Russia do not indicate much improvemen t. On busily engaged in finding themselves, scarcely knew Wednesday a dispatch from Stockholin stated that what to do with the document. The Paris press serious differences had arisen between Lenine, was divided in its expression of opinion. For in- as head of the Moscow Soviet, and Trotzky, head stance, "La Liberte" declared: "It marks a date in of the Petrograd Soviet, over the invitation of the history of humanity. President Wilson is no the Allies to the various Government s and politimere herald of Utopia." On the other hand, cal factions in Russia, to send delegates to the "L'Heure" said: "It remains to be seen whether we Prinkipo conference. This report was not easy shall have a loose association of nations or an inter- to reconcile with the definite announcement on national power capable of guaranteeing peace. February 6th that the Foreign Minister Tchitcherin, The main thing is disarmament. Until we get representing the Bolshevik Governmen t, had acthat we are duped." cepted the invitation for the Princes' Islands parley. 708 THE CHRONICLE But anyone who attempts to reconcile developments, rumors, and even official announcements regarding affairs in Russia, will be assuming a big task. The disclosures before a Congressional committee in Washington regarding alleged conditions and practices in that country are anything but reassuring to the nations that are working hard on plans to bring a reasonable degree of order out of the unspeakable chaos that has existed practically ever since the overthrow of the old Government. On Wednesday it was stated in Paris that George D. Herron had arrived there from Geneva for a conference with William Allen White, his American colleague on the commission appointed to meet the Russian delegates at the Princes' Islands. While no definite announcement was made of plans for the meeting, it was believed that if eventually that conference would have to be abandoned some other arrangement would be made for talking over the situation with representatives of the various Russian governments either individually or collectively. [VOL. 108. restore street car service. That the business of the Bradford Dyers Association was adversely affected by the war is disclosed in its 1918 report, which shows profits of only £643,000, against £811,000 in 1917, and £801,000 in 1916. The dividend, howthe ever, was not reduced, the rate being 17 same as in 1917, and in .contrast with only 15% for 1916. On the London Stock Exchange, where prices were well maintained in spite of the labor troubles, there was renewed discussion of the advisability of permitting transactions on time again and not restricting business absolutely to a cash basis. Ultra-conservatives held that the change should not be made until certain large pre-war contracts, which show heavy losses, are liquidated. The more liberal and aggressive elements were of the opinion that a further continuance of strictly cash business would work against the best interests of the London Stock Exchange. On Monday it was reported in London that the Government was forming an organization Belgian President Wilson set sail from Brest at 11:15 a with foreign exchange matters in connecdeal to week ago this morning on the George Washington, the recent credits established by it abroad, with tion to-morrow arrive to expected for Boston, where he is for £4,000,000 at that centre. For sevone including be reto messages first the of One or Monday. ceived in this country from the George Washing- eral days it has been reported that both Belgium and ton came late Saturday night, and told of the ap- France have been offered a good sized credit by pointment of Hugh C. Wallace of Tacoma to succeed Canada. A dispatch from• Ottawa says that an William G. Sharpe, resigned, as Ambassador to offer of temporary credits of £5,000,000 has been France. Mr. Wallace has lived in Washington for made to those countries and that it is under considmany years, and is known to be a close personal eration by them. At midweek cable advices from friend of the President. His wife is a daughter of London stated that plans were about completed for former Chief Justice Fuller of the United States Su- the organization of a new trade bank to be known as preme Court. Mr. Sharpe expects to leave for the British Overseas Bank, with its capital held by home on March 15. It became known on Sunday, a group of banking firms, London, Provincial, Scotalso, that the President had cabled invitations to tish and French. the members of the Foreign Relations Comniittee Germany has not been without labor troubles any of the Senate for a dinner at the White House on Feb. 26, that he might go over with them the chief more than England has. On Tuesday Copenhagen features of the League of Nations covenant. As al- received a report from Berlin that a general strike ready noted, Senator Borah of Idaho and Senator had been declared in the Ruhr industrial district Fall of New Mexico have declined the invitation. along the Rhine, and that the Spartacides had ocIn spite of the cabled request of the President not cupied Bochun, Hambum and several other places. to discuss the League of Nations plan until he had On Wednesday it was stated in Paris on information had an opportunity to present it to Congress him- said to have been received from Brigadier General self, prominent members of both houses have at- Harries, that conditions on Berlin were greatly disturbed. The League of Nations plan was generally tacked it bitterly. condemned in the papers, some of them declaring Germany should refuse to have anythi ig to that On Thursday afternoon it became known in it. Professor Scheuckring, Vice President with do London that in spite of the earnest request that he Association for a League of Nations, German the of return to Paris because of the shooting of Premier document a more cordial reception, Paris the gave Clemenceau, Lloyd George decided to delay going belief that Germany should be the expressed but situation. labor of the because of the seriousness Representatives of the miners demanded a definite permitted to join the League simultaneously with answer from the Government, after having rejected the o her Powers. Not only has the Peace Conference been counting its proposals last week. Robert Smillie, head of the cost of the war and considering means to provide the organization, declared that unless the demands of to pay the enormous bills, and also those of funds a miner's the men were granted there would be , but the individual Governments have reconstruction a He that added Britain. Great strike throughout a ballot on a general strike would be begun on been dealing with these questions also. For instance, Thursday. Late yesterday afternoon it was re- .Dr. Schiffer, the German Minister of Finance, in an ported from London that the vote was overwhelm- address before the National Assembly at Weimar on ingly in favor of the strike. The National Industrial the 15th, astounded his hearers by presenting staConference will be convened at Westminster on Feb. tistics to show that the war had cost Germany 27 to discuss the general labor situation and its report 161,000,000,000 marks, or $40,250,000,000. He is expected by the end of March. On the 15th the gas then proceeded to ask the Assembly to vote a credit and eltctric service in Belfast, which had been cut off fork 25,300,000,000 marks or $6,325,000,000. Dr. for several weeks, was resumed under military pro- Schiffer further stated that last October the Governtection. An effort was made also on Monday to ment stood on the verge of financial exhaustion. It FEB. 22 1919.] THE CHRONICLE 709 asked for a credit of 15,000,000,000 marks or $3,750,- item. The stock of gold in vault during the week 000,000 but when it was refused the amount re- increased 72,710,634 francs, this being offset to the quired was raised through the medium of bank notes. extent of 58,800,009 francs by a ,decrease in the amount held abroad. The total gold holdings, The British Treasury statement for the week end- therefore, now aggregate 5,524,656,900 francs, of ing Feb. 15 showed a further important reduction which 1,978,308,475 francs are held abroad. In 1918 in Treasury bills outstanding, in round numbers at this time the aggregate gold holdings were 5,366,£14,841,000. This has resulted in a decline in the 726,618 francs, while in 1917 they stood at 5,142,total of these bills to £993,412,000, or below the 522,253 francs; of these amounts 2,037,108 ,484 were billion-pound mark for the first time since the late held abroad in 1918 and 1,945,603,286 francs in fall of 1917. A week ago they amounted to £1,008,- 1917. During the week decreases were registered 253,000. The week's expenses totaled £37,451,000 in all the other items, silver falling off 422,622 francs, (against £42,733,000 for the week ended Feb. 8). bills discounted 52,643,281 francs, advances 21,598,The total outflow, including repayments of Treas- 118 francs, Treasury deposits 50,048,26 1 francs and ury bills and other items, was £102,019,000, com- general deposits 16,069,654 francs. Note circuparing with £123,976,000 a week ago. Receipts from lation contracted to the extent of 14,240,065 francs, all sources amounted to £102,007,000, as against bringing the amount outstanding down to 32,492,£123,469,000 last week. Of this total revenues con- 418,530 francs, which compares with 23,986,tributed £34,034,000, in contrast with £30,540,- 287,440 francs in 1918 and with 17,888,54 5,370 francs 000 in the preceding week; war savings certificates in 1917. In 1914, just prior to the outbreak of war, yielded £1,400,000, against £600,000, and other debts the total outstanding was but 6,683,184 ,785 francs. incurred £1,150,000, against £2,221,000. From Comparison of the various items in this week's advances £13,500,000 was received. Last week the returns with the statement of last week and correamount was £27,000,000, while war bonds brought sponding dates in 1918 and 1917 is as follows: £4,480,000, compared with. £19,341,000 the preBANK OF FRANCE'S COMPARATIVE STATEMENT. vious week. New issues of Treasury bills amounted Changes 'Status as of for Week Feb. 20 1919. Feb. 21 1918. Feb. 22 1917. to £47,293,000, as against £43,552,000 the week Gold Holdings— Francs. Francs. Francs. Francs. In France Inc. 72,710,634 3,546,348,425 3,329,818,133 3,196,918,96r before. As a result of the week's financing the Abroad Dec. 58,800,009 1,978,308,475 2,037,108,484 1,945;603,286 Exchequer balance shows a decrease of £12,000 and Total Inc. 13,910,625 5,524,656,900 5,366,726,618 5,142,522,25F now aggregates £7,934,000, which contrasts with Silver Dec. 422,622 314.382,253 253,415,445 272,806,662 Bills discountesl Dec. 52,843,281 1,101,101,723 1,252,873,295 512,649,414 £7,947,000 a week ago. Advances Dec. 21,598,118 1,205,039,261 1,225,450,549 1,249,848,154 Another gain in gold has been shown by the Bank Note circulation_ _Dec. 14,240,065 32,492,418,530 23,986,287,440 17,888,545,370 Treasury deposits_Dec. 50,048,261 37,581,827 19,294,332 55,777,782 of England statement, amounting to £150,267. This General deposits_ _Dec. 16,069,654 2,642,703,704 2,608,097,835 2,451,596,427 brings up the total of the Bank's stock of gold to £ 81,769,384, as against £ 58,471,467 last year and The Imperial Bank of Germany in its statement, £ 55,727,843 in 1917. In 1914 it totaled only issued as of February.7, shows the following changes: £ 42,705,040. Note circulation was reduced £266,- A decrease of 1,527,000 marks in total coin and bul000; hence total reserves were expanded £416,000, lion, and 1,565,000 marks in gold. Increases were while the proportion of reserve to liabilities was ad- shown in Treasury notes, 28,805,000 marks, notes of vanced to 20.60 per cent,against 20.40 per cent last other banks, 1,246,000 marks,other securities, 2,056,week, and 18.02 per cent • a year ago. Public de- 000 marks, note circulation, 18,031,000 marks, and posits showed an expansion of £2,522,000, but other other liabilities, 75,517,000 marks. Bills discounted deposits declined £1,712,000, and Government declined no less than 1,068,178,000 marks, while securities were reduced £445,000. There was an there was also a sensational contraction in deposits, increase in loans (other securities) of £849,000. viz., 1,132,942,000 marks. Advances were reduced The total of reserves now stand at £30,652,000. 1,230,000 marks, and investments 566,000 marks. This compares with £30,714,127 in 1918 and £35,- The German Bank reports its total stock of gold on 602,158 the year before. Loans aggregate £84,147,- hand at 2,252,150,000 marks. In the corresponding 000, as contrasted with £101,441,055 and £93,- week of 1918 it amounted to 2,406,339,000 marks and 215,121 one and two years ago, respectively. Clear- the year before 2,525,480,000 marks. Note circuings through the London banks for the week were lation aggregates 23,565,618,000 marks. £453,140,000, compared with £463,920,000 last week and £395,540,000 a year ago. Our special corresNo change has been noted in official discount rates pondent is not as yet able to give details by cable at leading European centres from 5 per cent in Lonof the gold movement into and out of the Bank for don, Paris, Berlin, Vienna and Copenhagen; 53/2% in the Bank week, inasmuch as the tank has not re- Switzerland; 6% in Petrograd and Norway; 63/2% in sumed publication of such reports. We append a Sweden and 43/2% in Holland and Spain. In Lontabular statement of comparisons: don the private bank rate remains at 3 17-32% for BANK OF ENGLAND'S COMPARATIVE STATEMENT. sixty days and ninety days. Call money in London 1918. 1917. 1919. 1916. 1915. is still quoted at 338%. No reports have been reFeb. 21. Feb. 20. Feb. 19. Feb. 23. Feb. 24. .£ ceived by cable, as far as can be learned, of open Circulation 69,567,000 46,207,340 38,575,685 32,507,860 34,222,880 Public deposits__ __ 30,680,000 38,561,994 48,836,080 52,619,707 26,924,591 market rates at other European centres. Other deposits 131,879,319 146,828,413 118,333,000 Govt. securities 52,234,000 Other securities 84,147,000 Reserve notes ez coin 30,652,000 Coln and bullion_ 81,769,384 Proportion of reserve to liabilities 20.60% Bank rate 5% 56,350,582 101,441,055 30,714,127 58,471,467 84,931,646 93,215,121 35,602,158 55,727,843 96,393,965 32,839,300 93,336,312 40,929,633 54,987,493 132,868,891 26,924,284 102,931,879 48,098,860 63,871,540 Last Saturday's statement of New York Associated banks and trust companies, which is given in more complete form in a subsequent section of the 18.02% 18.19% 27.46% 30.09% 5% 5X% 5% 5% "Chronicle," was about as had been forecast and showed only minor changes, if a heavy increase in The Bank of France in its weekly statement re- loans be excepted. This amounted to $89,837,000. ports a net gain of 13,910,625 francs in the gold There was a small expansion in net demand deposits 710 THE CHRONICLE [VoL. 108. of the money market cannot be foretold at this time. The best established fact is that the banks are putting out very little money on time, proposing to be well fortified against the demands that may be made upon them in connection with the Government financing. For this reason it seems perfectly safe to assume that while the stock market has been comparatively active this week, it will not be permitted to go far enough to tie up a large amount of funds that will be needed by the Government for financing its requirements as a result of the war and for helping those nations with whom we are associated. We are beginning to come to a better realization of what the war has cost the world and will cost, and of the difficulties that are likely to be encountered in securing money with which to pay for it all and to have something left over for reconstruction purposes. The fact cannot be emphasized too strongly that the United States will have to contribute a big share toward the enormous total which will be needed. Dealing specifically with rates for money, call loans this week have again covered a range of 432 ®6%. Monday 5% was the high and also for renewals with 432% the low. On Tuesday, while renewals were still negotiated at 5%, there was an advance to 532%, with 5% the lowest for the day. Wednesday's range was 5 ® 6% and 5% again the ruling rate. On Thursday the maximum remained at 6% although renewals were marked up to 53/2%, and this was also the minimum. Friday 53/2% was the highest, 43/2% the low and 53/2% still the renewal basis. The figures here given are for loans based on mixed collateral. "All-industrials" continue to be The trend of rates on both call and time loans was quoted at IA of 1% above this range. For fixed toward a higher level. On -Monday and again maturities a somewhat firmer trend has been shown, yesterday afternoon, there was a drop in the former as already indicated, with all periods from sixty days from the 5 and 532% quotations, which had pre- to six months now quoted at 53 ® 53/2%, as against vailed, with slight variations, for some little time, 5 @ 53-% for sixty and ninety days and 5 @ 514% but there is good reason for doubting that for four, five, and six months' money last week. to 4 was put out at that figure. During money much This is in line with expectations and bankers the week there was a perceptible stiffening in time are now forecasting a firm market for the next rates, the quotations ranging M% above the nominal few weeks at least. Very little money is actually quotations noted at the beginning of February. available for fixed date loans and the volume Speculative Wall Street became apprehensive of business transacted was small.. Last year time Tuesday afternoon over the announcement from money from sixty days to six months was quoted Washington that the Ways and Means Committee at 6%. of the House had reached a tentative agreement with Commercial paper is still being quoted at 5 ® the Secretary of the Treasury not to authorize the 537 0 for sixty and ninety days' endorsed bills reissuance of more Liberty bonds, but to put out in ceivable and six months' names of choice character, their stead short-term notes running from 1 to 5 with names not so well known at 53-®5%, but years. The Street at once jumped to the con- trading was dull and featureless. clusion that the banks would be compelled to Banks' and bankers' acceptances were also quiet assume the responsibility of the whole issue, which, with no improvement in the demand recorded. This it was said, might reach $7,000,000,000. This, in is undoubtedly due to the tightening in the call loan turn, it was argued, would absorb 'a large part of rate. Brokers do not look for any material increase the available funds of the banks, and accordingly in activity for some little time to come. Demand would leave little or no money to finance speculation loans on bankers' acceptances continue to be quoted in stocks. The latter were sold actively that after- at 43/2%. Detailed rates, which ruled firm throughnoon. On more careful consideration over night out, follow: Delivery Spot Delivery— within Sixty Thirty Ninety of the Washington announcement the hastily aroused 30 Days. Days. Days. Days. fears largely disappeared, and stocks were bought Eligible bills of member banks ,fi bid 47 4 4%(§)4 414143i 43.(©41 4% bid 4% ©4X. 44.@4J44'4,234 of non-member banks rather freely the next morning. Since then the Eligible bills bid 0 53(@4;i 4 . (4) 1 , 53 53j043i Ineligible bills speculative activity on the Stock Exchange, which has been a feature all through the week, has made No changes in rates, so far as our knowledge goes, further progress, and under a growing volume of been made the past week by the Federal Rehave transactions some noteworthy advances in prices banks. Prevailing rates for various classes of serve have been recorded. at the different Reserve banks are shown in the paper borrowing Government of form new Whether the is going to have any effect in increasing the firmness following: of $498,000, to $3,795,729,000 (Government deposits of $284,382,000 deducted), and a decline in net time Other deposits of $256,000, to $140,668,000. changes were a decrease in circulation of $278,000, while increases were recorded of $1,554,000 in cash in vaults (members of the Federal Reserve Bank), bringing that total to $97,472,000 (not counted as reserve), of $14,468,000 in the reserves in the Federal Reserve Bank of member banks, to $532,290,000, and of $388,000 in the reserves in own vaults (State banks and trust companies) to $11,399,000. Reserves in other depositaries (State banks and trust companies) expanded $220,000, to $11,504,000. Aggregate reserves registered a gain of $15,076,000, and this brought the total up to $555,193,000, which compares with $509,259,000 in the same week of 1918. Surplus increased $15,013,760, and now stands at $52,415,480, as contrasted with $29,251,200 a year ago. The above totals are on the basis in both instances of reserves of 13% for member banks of the Federal Reserve system but not including cash held by these banks, which last Saturday amounted to $97,472,000. Reserve requirements this week showed only a nominal change, having been increased $62,240. Because of the holiday to-day this week's statement was issued yesterday afternoon. The most striking changes, in comparison with last Saturday's returns, were an increase of $50,958,000 in loans and discounts and an expansion of $23,964,000 in net demand deposits. The final result was a decrease in surplus of $2,928,690, which is now $36,734,190. FEB. 22 1919.1 THE CHRONICLE DISCOUNT RATES OF FEDERAL RESERVE BANKS 711 New York. I mercial sight bills finished at 4 75 11-16, sixty days at 4 723/ 2, ninety days at 4 71, documents for pay'CI 4 CLASSES '• 4 I c% OF ment (sixty days) at 4 723/2 and seven-day grain DISCOUNTS AND LOANS O a a . i 8 6 11 ill a SI1 •51% ' bills at 4 75. Cotton and grain for payment closed at 4 75 11-16. The gold engagements for the week i Discounts— Within 15 days,incl, member were $789,000 consigned to South America. No banks' collateral notes__ 4 4 4 434 434 434 4 4 414 414 414 414 16 to 60 days' maturity.... 434 451 43( 434 431 434 434 434 414 5 444 5 imports were recorded. Government officials say 61 to 90 days' maturity__ 414 414 414 434 434 454 434 434 5 5 5 5 Agricultural and live-stock 5 5 5 534 5 5 534 514 514 534 534 514 that the export movement is somewhat freer, alpaper over 90 days Secured by U. S. certificates of indebtedness or Libthough the official ban is not yet lifted. erty Loan bonds— Within 15 days, including Probably the most important feature of an othermember banks' collateral notes 4 4 4 4 mg 4 4 4 4 434 4 414 wise dull and uneventful week in the Continental 16 to 90 days' maturity 434 414 414 434 5434 2434 434 Lig 434 3434 414 434 Trade Acceptancesexchanges has been the announcemen t received by 18 to 60 days' maturity... 414 434 44 414 434 414 414 434 434 434 434 454a R1 tn AA days'. nuttlirltv 4% 4“ 444% 434 444% 414 4% 41.1 41.4 43A cable from London that there has been a decline Rate of 3 to 414% for 1-day discounts in connection w th the loan operations of the Government. Rates for discounted bankers' acceptances maturing within in the price of the old Russian rubles there to the 15 days, 4%; within 16 to 60 days. 4g %,and within 61 to 90 days, 434%. 2c. It is undarstood that this Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re- equivalent of 123/ discounted has been taken by discounting member banks at rate not exceeding brings them down to the basis agreed upon by Great interest rate on bonds. a Fifteen days and under. 434%. Britain and the Northern Provinces of Russia in Note 1. Acceptances purchased in open market, minimum rate 4%. Note 2. In case the 60-day trade acceptance rate Is higher than the 15-day dis- order to govern the new Russian currency. In the count rate, trade acceptances maturing within 15 days will be taken at thelowermte. Note 3. Whenever application Is made by member banks for renewal of 15-day opinion of exchange dealers this is a movement in paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day paper of the same class. the right direction, since as there is no guarantee Rates for commodity paper have been merged with those for commercial paper of corresponding maturities. that the old rubles will be marketable should the Bolshevists continue in power, they ought not to be Sterling exchange as yet shows no signs of emerg- placed at a higher valuation than the new currency. ing from its present rut, and is as dull as ever. Un- With the recent tightening of the restrictions by der the rigid supervision exercised by the Treasury the Federal Reserve Board upon all Russian exauthorities speculative operations are practically change transactions, however, the market for rubles impossible, or at least unprofitable, and trading has here remains nominal; although the quotation was again been of minimum proportions. In a word, advanced slightly to 15 for checks and 16 for rubles, the market may be said to be in a waiting attitude, against 14 and 15, the previous level, it lost all and no important change is expected until some the advance before the close, German and Ausdefinite announcement of developments in the in- trian exchange is not as yet traded in on this marternational situation is forthcoming, or further ket and quotations are not obtainable. Advices progrss has been made in the readjustment process from London show that the Amsterdam rate on now under way in industry and finance. The re- Berlin is now quoted at 27.80, against 23.10 last quest contained in Secretary Glass's bond bill for a week and 43.65 a year ago. Swiss exchange on continuation of advances to the Allies received Germany is now 55.25 francs per 100 marks, comfavorable comment in foreign exchange circles here, pared with 57 a week ago. Last year it was 86. since it is argued that if these advances were .to be The par of Dutch exchange on Germany is 59.26 suddenly cut off much of the support for the stabili- florins and of Swiss exchange 123.45 francs. Francs zation of sterling and other Allied exchange would have ruled firm, and .lire remain unchanged. Tradbe removed and severe demoralization might re- ing throughout was exceptionally light. The offisult. A cable from London states that the Belgian cial London check rate in Paris finished at 25.71, Government is forming an organization to deal against 25.98 a week ago. In New York sight bills with foreign exchange matters as connected with on the French centre closed at 3 5 45%, against recent credits established by it abroad. But it is 5 45%; 3 cables at 5 4538, against 5 453/2; commercial not believed that this will have any pronounced sight at 5 463 %,against 5 46%, and commercial sixty effect upon rates of exchange for the present at days at 5 51%, against 5 513 / on Friday of the preleast. Referring to the day-to-day rates, sterling ceding week. Lire finished at 6 363/2 for bankers' exchange on Saturday was steady with demand sight bills and 6 35 for cables, the same as a week ago. still at 4 753%@4 7580, cable transfers at 4 76 7-16 Greek exchange remains as heretofore at 5 163/2 for and sixty days at 4 7332@4 73%. On Monday a checks and 5 15 for cables. Belgian exchange is slightly easier tone was noted and demand bills quoted nominally at 5 643/ 2 for checks and 5 623/2 for 3 did not get above 4 75%, while cable \transfers cables, against 5 67 and 5 65 last week, with no receded to 4 7645@4 76 7-16; trading, hoWever, business reported. was very quiet and the volume of business transacIn the neutral exchanges no increase in activity ted small; sixty days remained at 4 7332@4 73%. was noted and quoted rates showed no material No new feature of note was recorded on Tuesday alteration. The undertone was steady, although and rates continued pegged at the levels of the day the expectation among dealers is that quotations preceding; a slight increase was noted in the supply are likely to go to par, or perhaps lower, when of commercial bills and rates were a trifle easier in business is once more resumed. A report from consequence. Wednesday's transactions reached Paris that the blockade against Germany might be hardly more than nominal proportions; hence rates modified to, the extent of allowing a limited amount were again quoted at 4 73%@4 73% for sixty days, of commodities to be shipped to the enemy under 4 753% for demand and 4 76 7-16 for cable transfers. the new armistice terms, was without.effect on the Dulness was the chief characteristic of Thursaay's market. Swiss francs were quite firm and guilders dealings and quotations were still without alteration. well maintained. Stockholm, Copenhagen and On Friday the market was a trifle easier, with de- Christiania remittances all showed slight gains, mand and sixty days a small fraction lower. Clos- while pesetas were also a trifle higher. ing quotations were 4 73 for sixty days, 4 753% for Bankers' sight on Amsterdam finished at 41 1-16 demand and 4 76 7-16 for cable transfers. Com- against41 1-16; cables at41 5-16 against41 5-16; corn- THE CHRONICLE 712 mercial sight at 40 15-16 against 41 1-16, and com% a week mercial sixty days at 405 % against 405 agog. Swiss exchange closed at 4 91 for bankers' sight bills and 4 87 for cables, in contrast with 4 92 and 4 88 a week ago. Copenhagen checks finished at 26.00 and cables' 26.20. Checks on Sweden closed at 28.20 and.cables 28.00, against 27.95 and 28.15, while checks on Norway finished at 27.20 and cables 27.40, against 27.20 and 27.40 the week previous. Spanish pesetas closed at 20.22 for checks and 20.30 for cables. A week ago the close was 20.11 and 20.18. With regard to South American quotations, the rate for checks on Argentina was firmer and closed at 44.60 and cables 44.75, as against 44.50 and 44.65. For Brazil the check rate was also higher, and finished at 25.70 and cables 28.85, comparing with 25.60 and 25.75 a week ago. Chilian exchange is still pegged at 10 7-17, and for Peru at 50.125@ 50.375. Far Eastern rates are as follows: Hong Kong, 75 @753, against 74.90; Shanghai, 115@115, against 114; Yokohama, 513@51% against 52; Manila, 50 (unchanged); Singapore, 563 (unchanged); Bombay, 36 (unchanged), and Calcutta (cables) 363 (unchanged), The New York Clearing House banks, in their operations with interior banking institutions, have gained $6,245,000 net in cash as a result of the currency movements for the week ending Feb. 21. Their receipts from the interior have aggregated $9,134,000, while the shipments have reached $2,889,000. Adding the Sub-Treasury and Federal Reserve operations and gold exports, which together occasioned a loss of $60,426,000, 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 $54,181,000, as follows: Out of Banks. Into Banks. Week ending Feb. 21. Banks' interior movement Sub-Treasury and Federal Reserve operations and gold exports Net Change in Bank Holdings. $9,134,000 $2,889,000 Gain $6,245,000 41,993,000 102,419,000 Loss 60,426,000 $51,127,000 $105,308,000 Loss S54,181,000 Total The following table indicates the amount of bullion in the principal European banks: 1 Feb. 211918. Feb. 20 1919. . Banks ofi Gold. I Silver. I Total. Gold. Sitter. Total. f I 71,467 58,4Z I 81,769,384 58,471,467 12,560,000154,413,037 133,184,725 10,120,000143,304,725 5,786,950126,112,900 997,610 113,683,360 120,325,95 12,375,000142,025,000 129,650,000 12,375,000 142,025,000 ,008,00( 2,289,000 13,297,000 2,289,000; 13,297,000 25.165.000114,309,000 79,024,000 28,492,000 107,516.000 3,000,0001 40,071,000 33,431,000 3,499,000 36,936,000 606,300 50,573,300 746,000 57,775,000 58,907,000 600,600 15,980,000 600,000, 15,980,004 15,380,000 14,486,000 2,518,000; 18,983,000 14,486,00 13,130,000 1 15,543,0001 13,130,000 135,060 9,785,000 135,000, 10,540,0001 9,650,000 6,413,000 1 6,715,000j 6,413,60 £ England... 81,769,384 Francea 141,853,937 Germany 112,685,7501 Russia 129,650,000. Aus-Hun c 11,008,000 Spain _ _ 89,144,000; 37,071,000 Italy Netherl'ds 57,029,000 Nat.Bel.h 15,380,000 SwItz'land 16,465.0 Sweden__ _ 15,543,00 Denmark _ 10,405,000 6,715, Norway Tot. week.724,719,071 60,385,610785,104,€81 683,121,142 63,903,250,747,024,392 Prey.week 722,142,378 61,082,610 783,224,988684,022,933 63,789,000747,862,833 a Gold holdings of the Bank of France this year are exclusive of £79,132,339 held abroad. 4. 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 0 1914 In both years. THE PLAN FOR A LEAGUE OF NATIONS We imagine that if the draft of the League of Nations covenant, as signed by the delegates at Paris and made public on Friday of last week, had been agreed upon and given out in the earliest stages of the conference—along with the first thrill of victory and of rejoicing at the end of war—the mere fact of its adoption would have evoked almost unanimous enthusiasm. This was not possible. Long discussion [VoL. 108. was necessary, the purport of which was made known to the outside world. There was disagreement between the delegates at Paris on some points; obvious compromise on others; and all this was followed by the general public step by step. The result has been, first that publication of the completed draft was in no way a surprise; next that the•voice of doubt and criticism was strengthened by the differences of opinion which had already developed in the Conference itself. That was inevitable, and would have been inevitable in the case of any such agreement. The histories tell us that, while the completion and publication of the draft of our own Constitution in 1787 was greeted in some cities by public rejoicings and ringing of church bells, in others it was received with jealousy and suspicion. Several of the States, in fact, refused for two or three years to sign and ratify the instrument. The objection raised by these recalcitrant States was partly that the Constitution was a bundle of compromises which would satisfy nobody, but chiefly that they were being asked to sign away their political rights and privileges as sovereign States. In this regard, the objections and criticisms already directed against the League of Nations plan as formulated bear a close resemblance. Dissatisfaction over the proposal that the prerogatives of one Government might be overridden through a combination of other Governments, was necessarily the first instinct of opposition on each occasion. In previous plans for an international world league, this sentiment has always been the insurmountable obstacle. Only the existing political chaos in the American States of 1787, and the shadow of approaching anarchy, made ratification of the Constitution politically possible. We have now to see just what effect the disastrous experiences of the European war will have on the discussion of the League of Nations plan when the legislatures are asked to ratify it. The articles in the covenant at Paris are not in the nature of a binding code of rules and procedure. They are in some places admittedly vague, in all places elastic, in many incomplete. Probably it would be fair to regard the document as it stands rather as a general outline or sketch; the first formal step in a world confederation for certain specified purposes; an agreement whose provisions would be supplemented and enlarged as the test of practical experience should give occasion and opportunity. In its present form the covenant is hardly more than a framework. Its purpose, however, as declared in its preamble, is all-embracing: "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." Expctly what would the signatory States surrender of their independent powers under this agreement, and to just how much in the way of co-operative action affecting other Governments would they commit themselves? These are the crucial questions. Article XI sets forth that "any war or threat of war, whether immediately affecting any of the high con- FEB. 22 1919.] THE CHRONICLE 713 tracting parties or not, is hereby declared a matter organization which was not yet formed would itself of concern to the League." They therefore (Article be contrary to ordinary prudence. But agreement XII) agree that, in case of disputes between members in the matter of moral, financial and ,economic presof the League which cannot be adjusted by diplo- sure is of the highest importance at this juncture of macy, "they will in no case resort to war without the world's history. That exercise of such pressure, previously submitting the questions and matters in- on the lines prescribed, would in the long run be volved either to arbitration or to inquiry by the effective hardly admits of doubt. Executive Council, and until three months after the These provisions, and the allotment of Germany's award by the arbitrators or a recommendation by colonial possessions •to certain signatory Powers the Executive Council; and•that they will not even who are to govern them under the mandate and then resort to war as against a member of the League general authority of the League, make up the real which complies with the award of the arbitrators gist of the League's Constitution. Reduction of or the recommendation of the Executive Council." armaments is positively recognized in principle, and Here, obviously, is one prerogative surrendered so is the evil of manufacture of war munitions by at the start—the right of one nation to determine private enterprise. But as to these, the covenant for itself the merits of a dispute, and to insist on im- merely states that armaments must be reduced "to mediate warfare in case its claims are not instantly the lowest point consistent with national safety"— conceded. Substantially, this does no more than to which leaves the question open as to what that reaffirm the principle already adopted in our arbi- point would be—while in the case of war munitions tration treaties. If it differs from them, it is only the Executive Council of the League is merely diin the scope on which the principle is applied. The rected to advise "how the evil effects attendant upon manifest purpose is, first to insist on some other such manufacture can be prevented." Germany and arbitrament than war for disputes between two her allies may in the future become members of the States, each of which is unwilling to abate any of League, under the article providing for such adits own pretentions, but second, and in some ways mission on the assent of two-thirds of the States even more important, to do away with the sudden represented by the delegates. But "no State shall resort to war which always makes orderly adjust- be admitted to the League unless it is able to give ment impossible, and to replace that familiar ex- effective guaranties of its sincere intention to observe pedient by the pledge of refraining from war, at its international obligations." Here is certainly least until the merits of the case can be reviewed by sufficient machinery for obviating what had somean impartial tribunal. It hardly need be said that times been predicted—the sudden intrusion of an this is the practical goal at which all advocates of unrepentant and insincere Germany into the councils international peace have been for years directing of the League. their efforts. The essential and vital consideration about the But the question then arises, what if one of two League of Nations plan of which the framework has disputing States should thus submit its case, while now been submitted is that it is the beginning of the other refused or neglected to do so and prepared an experiment for which enlightened opinion, the for war? This has always been a stumbling-block world over, has been longing during half a century— in the way of compulsory arbitration. In dealing the experiment in prevention of war by international with that question, the proposed constitution un- co-operation and agreement. How this present questionably takes a radical forward step. plan would work out in all its details, no one is capable Article XVI provides that if any member of the of saying to-day. It might conceivably result at League sees fit to break or disregard the agreement the start in more rather than less use of political as to the submission of the disputes, "it shall thereby coercion or military force in the case of small defiant ipso facto be deemed to have committed an act of nationalities. There would undoubtedly at times' war against all the other members of the League, be restlessness and friction, even among the larger which hereby undertakes immediately to subject it members of the League. to the severance of all trade or financial relations, But the prescriptions are elastic enough to admit the prohibition of all intercourse between their na- of their more precise future development in the light tionals and the nationals of the covenant-breaking of practical experience, and it is hard to see any State, and the prevention of all financial, commer- other way in which a thorough solution of the cial, or personal interc-ourse between the nationals problem can ever be arrived at. It is equally cerof the covenant-breaking State and the• nationals of tain that the present moment is one in which the any other State." Not only so, but members of the tentative inauguration of the general plan has opLeague will "support one another in resisting any portunities which may not return in a generation. special measures aimed at one of their number by It would start with an actual existing alliance of the covenant-breaking State, and will afford passage the greater Powers outside of Germany; with the through their territory to the forces of any of the undoubted sympathy of the neutral Powers; with high contracting parties who are co-operating to pro- the absolute acceptance of the plan in principle, tect the covenants of the League." even by Germany; with the paramount need for The French delegates are believed to have urged such international machinery deeply impressed on strongly the creation of an international army or the whole world's mind by the experiences of the police force to compel obedience. This plan did four and a half past years. Whether a moment with not commend itself to the Conference as a whole, such favorable auspices would or could recur, after and it certainly would have failed of approval at shifting and perhaps colliding interests will have this stage of the discussion by the majority of nations affected the attitude of the present conferees in represented at Paris. Assent to such an arrange- political controversies of the minor sort, is at least ment was, indeed, inconceivable when the real a matter of grave doubt. Meantime, it is to be nature and working capacity of the general plan observed that Congressional critics of the plan had not been tested. To provide an army for an submit no practical alternative. 714 THE CHRONICLE [Vol,. 108. Now, the man who tends a machine or works "AM I A LABORER?" with tools is a laborer and worthy of all merited Looking ahead at the possibilities in store for recognition. And with us he gets it. He is free the American people, may not every man, with in all the public places; he is given full franchise; profit, ask himself this question? For there are he is free to come and go, to contract his labor, to "labor unions," there is to be "labor" legislation, change his occupation, as he will, bound only by a there may be a labor party, and there may be so- moral law to regard the rights of the second party called "labor troubles." We are in a "new era"; in every contract. He is protected by the law that all nations, large and small, are to be independent, is omnipresent over all. As far as public sentiment self-determining, self-governing; and citizenship, and opinion is involved, only the small souls that are and consent of the governed, are to triumph every- foolish in their own conceit, hold themselves above where. If there is to be labor legislation, then, him, or offer him anywhere contumely or indignity. unless it is to fall into the forbidden category of Many believe him the salt of the earth. By what class legislation, it must affect every man who rule of right or reason, therefore, should he set works. himself before others in seeking to influence legisSeveral States have enacted laws compelling every lation; and why should he organize into unions, to man to work. There are to be no idlers under a secure preferment either in society, politics, ecofixed age limit. A man may have made a fortune nomics or government? and retired, nevertheless, he must have an occuIt is a strange fact in all this crusade for an eightpation—he must work. Though somewhat arbi- hour, or seven-hour, or six-hour day (which is to trary, and of doubtful enforcement, such an enact- equalize conditions everywhere and provide emment suggests a recognition of the usefulness of all ployment for every man), that it is concerned with labor and its essential nobility. If a man will not only one thing—that no employer shall be permitted work, neither shall he eat. The vagrant is a para- to compel a man to work more than the prescribed site. All effort is communal. Every man owes it hours in one day—unless, and here is the inconsisto his fellows to do something that will add a little tency, the laborer chooses to work overtime at an to the momentum of progress; that will augment the increased ratio of pay, and then the employer and sum of human welfare—and this in addition to any employee may make their own adjustments. Yet personal income he may have from his investments. these men who work with machines and tools conIt is a recognition of the personal equation in duty stitute only a small portion of those who work, to fellow men. Of course, the law sprang out of a defined by any liberal requirements. Why should desire to "round up" the low classes that live upon they set the pace for all labor; and how can it be the labor of women and others, the vicious classes possible that being restricted to short hours a that would rather live by crime than work, and the minority of all our workers, the majority remaining shiftless incompetents that must be incited to effort free, and actually in many instances working overtime by the fear of punishment. Notwithstanding, it at their own tasks, can so adjust the total product has its philosophical import. to the total population as to arrive at the number This law, as every other law should be, is no of hours that shall constitute a fundamental working respecter of persons. But do we realize, each of us,. day? And must it not follow, if there is a total as we give personal attention to active business, as product of all labor to a total population, relieving we work for stated salaries, as we perform our pro- a minority class represented by unions, of all labor fessional tasks, that as citizens we are all laborers except the prescribed hours, tends to compel all in the vineyard together, and entitled to the con- others and a majority, to work more than the required sideration of Congress in every law passed that hours? Perhaps we are not holding our thought strictly affects labor? If we do not do this, are we not supinely surrendering our rights to those who assume to the logic of our original question. There is by virtue of organization and concerted efforts to little fear of this short hour tyranny of a minority represent all labor? In a free democracy, where class, as long as men are allowed to work as long as every man chooses his own vocation, why should they please for themselves. Its chief. effect is to a wage'earner in the mechanical trades be considered hamper industries, that because of their peculiar the sole laborer of a republic, and his penetrating products, their capital invested, and geographical and ever active voice be allowed to spread terror location, cannot readily comply with the provisionS in political parties and become a compelling power of the law. But the growth of this delusion, and in the halls of legislation? it is one, for a moment's thought must convince any This mistaken conception of labor and the laborer man, that, while there is progress and prosperity, no finds its legitimate denouement in turbulent Russia. limit of total product can be arrived at upon which There the ultra-Socialists, to designate them by to set a fixed-hour-day measure, and the final result no more obnoxious name, not satisfied with seizing must be lessened production and retarded progress. upon capital and the agencies of trade, are particu- The growth of the delusion should rouse citizens to larly violent against the "middle classes." These ask whether a labor-class is to dominate society and supposedly, have a minimum of property, a small politics throughout the world. Asking this question, home, a shop, or store, and often a small bank each man, classifying himself by an examination of account. They are residents of cities and towns, what he personally does with his hands and his head, are of the distributing classes, do not live on the as to whether or not he is a laborer, when he confronts land and are to some small extent educated. There- the coercion of the "strike" he will better be able to fore they are not laborers; neither are the profes- fix the liability of attempted class-rule and to divine sional classes, a grade above them. These are the course our laws should take to protect the rights dubbed intellectuals and are subjects of all the ter- of all citizens irrespective of vocation: rorism that now spreads anarchy, rapine and murder Why,the woman in the home, sewing and cooking, through an ill-fated land. performing the multifarious petty duties of the house- FEB. 22 1919.1 THE CHRONICLE 715 hold, from "early morn till late at night" (and how of representative men to formulate and follow up often she is the wife of this same "unionist," solving an educational program to be country-wi de, leaving the riddle of the universal advance by a short- legislation to follow when it can be obtained. hour-day) is a laborer. And now she is a citizen and Responsible and reputable journals will not knowa voter. Why not limit her labor to eight hours, ingly accept fraudulent advertisements, and exercise and compel her to hold her hands the remainder of some scrutiny over all offered them, and responsible her waking hours, if we are to have equality in labor. and reputable security dealers will not deal with the Now, we are not saying there has not been exploita- opposite class. No statute is needed for protection tion of the toil of men and women by some employers, thus far, yet the sharper finds ways of reaching the and that where it can be proven to be such it should gullible. One of them is to send telegrams that his not be punished. Nor is there lack of sympathy stuff is rising in the market or is about to have its for toilers, who, by the force of circumstances sur- price advanced, but the addressee may and should rounding their own lives, circumstances over which order at once and save the advance, and he or she is they have no control, are compelled to work "long asked to wire "at our expense." A morning journal hours" for daily bread. But while they are hungry editorially mentions one concern whose promoter was and there is work to do will enforced idleness really once convicted of forgery, yet took in of late some help them? The important thing for our citizens $27,000 in six weeks, partly by posting in its Broadto contemplate,in the rising shadow of possible strikes way window a notice of an "advance" to $2 a share and riots due to "unemployment" and "business on February 1, wherefore the passer-by was advised depression," is, can labor ever be equalized, justly to "buy now at $1." The same brief article says it is distributed, or jetstly paid, while a minority class reported that "there are wide districts out in the of toilers ignore all others who work, and proceed West where scarcely a Liberty bond remains," this to "make-over" this country, and the world (there vile trading having taken them all. is now forming an International Labor Union), The extent of the evil is unknown, but its character according to their ideas of what ought to be? And and menace are plain, and all:the "Chronicle" has is it not time for other citizens, who are also laborers, said of the importance of,protection by some means to discover the significance of this peril? for these unsophisticated small bond buyers, both as a matter of duty and of national welfare, stands unchanged. As to protective methods, we conceive PROTECTING SMALL HOLDERS OF U.S. BONDS. nothing simpler and likely, to be more effective than Pursuant to a letter sent out, near the close of last the personal approach we suggested at the first. For week, by/President Noble of the Stock Exchange, the bonds must have been supplied through some asking the city's leaders in finance and business to financial institution or some responsible employer,in join in an active campaign against the predatory pro- whatever manner the promise to take them may have moters who are trading worthlesss stuff for Liberty been given; hence the buyers must be on record bonds owned by inexperienced persons/a meeting somewhere, and their addresses should be obtained was held at the Chamber of Commerce on Monday even more, easily than the designing trader can get to form) permanent organization for protective pur- them. Therefore let every bank or,other concern or poses. his call Mr. Noble pointed out that there person who acted as mediary in placing the bonds is now practically no barrier between the sharper take up the duty of warning all for whom it *acted. and his prey, and he finds evidences accumulating Counsel not to sell without careful inquiry will be as that the knavish trader has thrown aside the old influential as was the counsel* to buy, and no selfish "lists" of names and addresses of persons who might motive will be suspected in the warning. be caught bysome variant of the"fool-fishery," taking in their stead new lists of some 20 millions of known FREEDOM FROM HURTFUL RAILROA RED or supposed small owners of Liberty bonds-. Some STRICTIONS—VIEWS OF RAILROAD MEN. weeks ago, the Exchange called on member'firms to Following Mr. Kruttschnitt as a practical railroad include in their own advertisements some note of man, and with the weight of authority which ought warning, and to some extent the banks have posted to be accorded without question to one who has come notices asking holders of bonds to consult them before up from the ranks of transporta tion service, Mr. disposing of their holdings to persons who make Daniel Willard set before the Senate's committee,on promises of larger returns; but those persons are not Tuesday the lines upon which, in his judgment, the frequent visitors to the banks, and if they see the problem can be dealt with. He opposes the shiftless advertisements of Exchange members it is not un- proposition to delay action under the five-year exnatural for them to suspect an interested motive tension, because he believes, as all clear-minded men in the warning. must believe, that at the end of that period "it would The meeting on Monday included in attendance be practically impossible to restore the roads to the the leading bankers of the city, and the feeling was owners,and Government ownership would be the only unanimous that the situation requires unital and alternative." He justifies the seizure, in the situa earnest action. A letter from Secretary Glass ex- ton as it existed, but now that the occasion has pressed gratification at the position taken by the passed he deems it "the clear and peremptor y Exchange, which he thinks might well be continued duty of the Government to restore,as soon as may be, "even after Congress shall have acted on the bill sent the property so taken to the rightful owners." • This up by me some days ago." One proposition in con- and nothing less accords with the pledge in the law, sideration is that Exchange firms and leading dealers and Mr. Willard sees with like clearness the obligaoutside seek to head off the sharpers from disposing tion to return it saved "from unnecessary harm or of the bonds they gather up, by simply refusing all disarrangement." dealings with them; another is that publishers decline He adds another competent opinion in denying that the advertising of questionable traders. The meet- the roads "had broken down" and for that reason ing on Monday decided upon a permanent committee the seizure was necessary. Howard Ellio , whose 716 THE CHRONICLE [VOL. 108. excellent address has also been made public the able, thorough, and protective regulation." Wages present week,emphasized this same point. Neither and working conditions should come under that reguauthority finds anything, under private handling and lation, "and should eventually receive the final ape for in the year of Governmental handling,to support that proval from the same power that is responsibl compractical past the of assertion; on the contrary, the record of the past year, rates"; then the absurdity in semi-official according to Mr.Willard,"is the best and most con- mitment of wages to Qne set of men rates will be upon pass set another while vincing evidence that the railways, both as to physi- power which to with income of question "the for avoided, cal properties and personnel, had not only not broken by the and time same the at d considere be will pay " agencies. down but were in fact most efficient paid." be to outgo the as power deciding final same roads the was it Granting that in the situation as country a in necessity, the d reaffirme he course, Of Willard Mr. y, effectivel and could not act promptly of a constant dealso cites the Director-General's admission that he which is growing and is to grow, , for which machinery could not have done any better except that "he was velopment of transportation is,plainly capital private to ness authorized bylaw to ignore the restrictions which ap- sufficient attractive plied to the railroads under private operation." In essential. In an address read on Wednesday night to the other words, the restrictive hands which had been Chamber of Commerce, Mr. Otto H. Kahn Brooklyn and stress the under placed on the roads were cut, something as to which we earnestly saying by began of freedom greater the then and y, plea of emergenc exmovement has been erroneously credited to the Gov- hope he is not a whit mistaken: that one year's American the to te demonstra to sufficed ernmental as against the private control. "Actual perience "has of railroads eiperience," said Mr. Willard, "now leads to the people at large that Government operation lessened cost, higher service, of ion deteriorat means under conclusion, it seems to me, that the railroads, convehis study and shipper the please to eagerness nt private ownership and subject always to Governme becompolitics of menace the mention to not nience, what do d to regulation, should be lawfully authorize of wages, in new ever would be done, in the public interest, under Gov- ing a determining factor in the fixing cavil it Beyond ernment ownership and operation, or is actually being construction, betterments," etc. many and this, all produces done in such interest at the present time under Gov- does mean and inevitably if at fact; the d discovere surely have people of the ernmental control and operation." great one so, done y realizingl have majority a It is obviously unfair and misleading to contrast least gained. results under Governmental freedom with those and fixed step will have been already are recogKahn, Mr. said labor, of claims just The and under the restrictions it lays upon others, comindustry, any on charge first the are they nized; hour the of need Mr. Willard only expresses the of those "even for a "new freedom" for public instrumentalities ing before those of capital and before contrary it declared if they are to do their work. He made five speci- the consumer in general"; but he fic suggestions. He would have Congress "provide to our theory of government to permit any Executive and without a definite rule for. rate-making as related to capital department, without any public hearing put up railto pay, to have who public the consulting railway of by fixing an adequate percentage ratioThe inyear. one in millions 600 about wages way investproperty operating income to the combined at 583 put officially ment account of the railroads as a whole." He would crease paid in 1918, he said, is expected is it that informed have Congress "affirmatively authorize" the roads millions, but he is being in effect a to combine properties and operations, subject to to reach about 800 millions after interest on our total the to e comparabl tax a Governmental control "and when shown to be desir- full year, nations. This Allied to loans less debt war present able in the public interest," also issue securities for in other inwages affects ly unfavorab advance huge for construction, equipment, and enlargement, and his belief "that a refunding, subject to Governmental supervision. He dustries, and Mr. Kahn renewed shippers, and would provide a reasonable term of extension of the decisive majority of the farmers, the their minds up made carriers' indebtedness for advances made during the the consumers in general have of railoperation ntal term of control and either create new agencies or ex- that in this country Governme tend existing ones so that matters "requiring Gov- roads is not wanted." The program towards which he believes public ernmental disposition may be promptly disposed of." is moving calls for Governmental control, opinion He outlined a plan of absorption of the weaker roads and comprehensive, but fair and construc"strong by the stronger (which he seems to think inevitable punitive or strangling;" for preservation of not tive, might roads of number under any course) whereby the year's control finally reduce to twenty-five. As to the fantastic what has proved good under the past ; and for hampering proved has what plan of the brotherhoods for having the properties and abolishing so as to ons Commissi State of functions the thrown to themselves, he replied that in no line of adjusting rateon on Commissi Federal the with conflict avoid gainful endeavor have there been larger opportunig railroadin "let Then: issues. security and making ties for advancement than in transportation; speak, enterprise initiative and ing as one who himself began as a c3mmon laborer at be thrown open to private attractive it an make 18 years of age, he declared that private ownership and to competition in service; all, for men of ability and operation will preserve these opportunities for field for capital, and, above advancement,but that Governmental ownership and and vision." Fantastic proposals of course continue. One, this operation will destroy them. said to be offered on behalf of the farmers and week, Speaking from nearly forty years of practical exfor the brotherhoods' plan, would substitute a as perience in railways, Mr. Howard Elliott was equally handling to a board of 25, one-fifth railroad commit warning clear and emphatic, on the following day, in the road employees, the Senate committee against the drift to Govern- each to be chosen by the farmers, appointmental ownership as "not for the best interests of the two associations, and by direct Executive of.the in each included nation." The best results, he said, will come from ment, at least one woman to be Assont Bankers' Investme private ownership under wise management with "suit- five:components. But the FEB. 22 1919.] THE CHRONICLE ciation has announced a committee of sixteen of the most prominent and the ablest bankers and financiers of the whole country from the Atlantic to the Pacific coast, and this committee, like Mr. Warfield's association, will be able to speak for the real owners of the properties and for the substantial interests of the nation. Thefull and precise plan in detail is not yet reached, but the lines of principle which it must recognize and follow are cumulatively and distinctly presented. This cannot fail to have an enlightening effect, and the incoming Congress must take up the problem seriously. 717 borrowing, their ability to make. investments and to extend accomodation to those in need of funds was raised to a higher figure than before, making them a correspondingly more important factor in the financial operations of the day. The decrease in deposits and greater resort to borrowing on their part are both ascribable to the same circumstance, namely the demand by the Ti. S. Government upon the investment and money markets to obtain the huge funds needed in the prosecution of the war. Both the Third Liberty Loan and the Fourth Liberty Loan were floated during the year, the aggregate of the subscriptions in the one case being $4,176,516,850 and in the other THE TRUST COMPANIES IN NEW YORK case $6,989,047,000, or over $11,000,000,000 toAND ELSEWHERE. gether,and the whole amountin each instance was acContinuing the practice begun by us a long time cepted—besides which there were numerous issues of ago, we again present our annual comparative re- certificates of indebtedness. In such a situation the turns of the trust companies in this city (Manhattan deposits of the trust compani es, which in the main and Brooklyn boroughs) and also those in Boston, differ very greatly from the commercial deposits Philadelphia, Baltimore and St. Louis, bringing of mercantile banks, partaki ng of the nature of say forward the results.so as to include the figures for a ings deposit s or consisting of funds awaiting permayear later. For this city the figures, as far as the nent investm ent, would inevitably decline. At such liabilities and assets of the different companies are a time, too, the trust companies, moved by paconcerned, are those furnished to the Superintendent triotic instincts, would be anxious to assist their of Banking at Albany under his latest call, namely patrons in financing subscriptions for the various Nov. 11918. As has been many times pointed out Government loans and with that object in view by us it was the practice of the Banking Depart- would evince a disposition to borrow with greater ment for a quarter of a century or more to require freedom at the Federal Reserve Bank. reports for the closing day of the year, but this was The figures reflect both processes in operation. changed in December 1911 by the then executive The statement for Nov. 1 1918 shows aggregate rehead of the Department, and from that time to 1914 discounts of $118,211,329 and bills payable of $90,- various dates in December were fixed as the time 336,679 making over $208,000,000 together. The of the return, while in December 1915 the last day year before, on Nov 14 1917, the rediscounts were was again chosen, but for 1916 the date was dropped only $30,585,248 and the bills payable or borrowed back to Nov. 29, for 1917 to Nov. 14, and for 1918 money $63,711,200. If we go back a year further still further to Nov. 1. to Nov. 29, 1916, we find the rediscounts hardly So long as there was a difference of only a few more than nominal, or only $27,254, and the bills days in the date of the figures the change was nut a payable but $75,000. Here then there is evidence matter of any great consequence, though it was that the trust companies, in the ways indicated, enobjectionable since it interfered with the previous larged their facilities for accommodating their patrons uniformity of date, but now that the figures are in amount of considerably over $200,000,000, thereby two months earlier the change is seen to be a most doing their part in promoting the success of Governregrettable one. The Superintendent who inaugment financing. urated the departure evidently contemplated that While the deposits of the trust companies were there should always be a return for some date in drawn down, the falling off was relatively small bearDecember, though the date was not to be known ing in mind the huge antecedent growth. Between beforehand. Succeeding incumbents of the office Dec. 24 1914 and Nov. 14 1917, a period of less than have not felt bound by any such rule, and accordthree years,the deposits of the New York State trust ingly have named a day in November, aggravating companies rose from $1,437,030,984 to $2,630,085,the effects of the original change. 223; the decrease in 1918 was only to $2,519,090,854. The character of the returns of these New York Another line of business which the trust companies institutions changed somewhat during the twelve have been developing has been the acceptance busimonths under review. In the recent past the New ness. This item appears for corresponding amounts York trust companies have been noted for their on the two sides of the balance sheet. On the liaprodigious growth. During 1918 further growth in bility side we find "acceptances of drafts payable at a one direction was checked. In this we have refer- future date or authorized by commercial letters of ence merely to the aggregate of their deposits. If cr .edit" for $129,001,489; on the asset side there is the total of their resources or the total of their busi- the corresp onding item of "customers' liability on ness be taken as the measure, then further expan- accepta nces" for $129,024,536. The previous year sion has occurred. Usually growth in deposits and the acceptance total Was $96,342,346; in 1916 it was growth in resources run in parallel lines. In 1918, $78,767 ,347 and in December 1914 only $23,542;185. with the deposits suffering contraction, the trust Of course these trust companies hold greatly encompanies indulged in borrowing on a greatly in- larged amount s of "public securities" mainly U. S. creased scale, and in particular they appear to have Govern ment obligations, this being one of the ways been availing of the facilities of the Federal Reserve in which they assisted in Government financing. The Bank. With their resources supplemented by such total of the holdings would be expected to vary con- 718 THE CHRONICLE [VoL. 108. the New York Clearing siderably between the date of one call of condition of the weekly return of the outbreak of the Before ons. instituti House •and the date of another,accordingly asissues of treasthe Irving Trust) (now Trust y Broadwa the war, or out put ury certificates of indebtedness were being city that had the in company trust only the was call 1918 10 er retired. At the time of the Septemb There were system. the trust companies reported altogether $500,397,669 joined the Federal Reserve Clearing the of members es of "public securities"; at the date of the Nov. 1 1918 many other trust compani for week each returns making e therefor call the item was $413,221,939. At this figure com- House, and stateHouse Clearing y Saturda the in ation parison is with $443,486,907 on Nov 14 1917. We incorpor exception mentioned, need only go a year further back to see how greatly ment, but, with the single Federal Reserve systhe of members not were these used the facilities of the trust companies have been companies that trust two only are there Now tem. for ns, operatio in support of the Government's loan House and not members on Nov. 29 1916 the aggregate investment in public are members of the Clearing securities was no more than $166,233,694. On the of the Federal Reserve system. The capital of the trust companies, which has other hand the investment in "private securities" is in recent periods now only $335,721,543,as against $417,197,381 Nov. been steadily and largely increased of institutions number the time same 14 1917; $405,853,187 Nov. 29 1916 and 4'33,945,679 while at the as the result ing diminish was city) this in least (at March 17 1916. increased further was ation, consolid and merger of a been Loans on collateral security have always 14 1917 Nov. ,700 $115,260 from rising 1918, in s, companie trust the with favorite form of investment the 1915 31 Dec. On and the amount employed in that way is larger than of $119,932,200 Nov. 11918. 000. $79,600, only was capital the ever and may now be supposed to reflect loans, more aggregate of profitable business or less; on Government obligations. For Nov. 1 The trust companies did a institutions, banking other did as year, the during which 1918 the amount stands at $1,042,921,704, the class (of values security in decline the with and and 1917 14 compares with $900,975,589 on Nov. nts) investme make ons instituti these which in and s discount $960,764,762 Nov. 29 1916. "Loans, subwas and profits bills purchased, not secured by collateral" has risen arrested, the item of surplus this the previously in g reversin d, increase y stantiall nt importa an of ns dimensio the in recent years to 1916 the total of 29 Nov. On item, and for Nov. 1 1917 was $521,322,959 as existing tendency. at $198,865,173. reported was profits against $508,697,327 Nov. 14 1917 and $346,273,321 surplus and $183,176,027 by to decline a was there this Nov. 29, 1916; the item includes presumably much From e in the early shrinkag further a with 1917 14 Nov. paper eligible for rediscount at the Federal Reserve $188,886,678 to recovery a with but 1918, of part greatly Bank. Other forms of invesment do not vary by us in our out pointed was As 11918. Nov. by instance for s from year to year, real estate mortgage es are like compani trust being $93,377,100 Nov. 1, 1918 and $94,131,424 review of a year ago, the they hold that in respect one in the savings banks Nov. 14, 1917. material a which in s securitie d gilt-edge of Obviously the trust companies could not have ex- a mass States United the when occurred values in e shrinkag tended their loaning powers in the way set out above, of Govamounts huge out put and war the entered Bank Reserve if they had not joined the Federal 4% on Liberty ns at 4 and 41 system. On the other hand, they have contributed ernment obligatio certificates Treasury on 4% 41 at powerfully—we mean the New York City institutions Loan issues and obtainons obligati S. U. With ness. especially—to reinforce that system: As showing of indebted readjust a return, good a such yield to as so able how completely they have become identified with the segrade high of classes of .other prices the in ment Federal Reserve Bank it is only needful to point out ly followed. In other words, the that with over $3,221,000,000 of resources, they held curities necessari of the investments of the trust comonly insignificent amounts of cash in their own vaults market value nt considerable contraction and this —no more than $13,874,275 of specie and $28,233,821 panies underwe n in surplus and profits, since that of "other currency authorized by the laws of the involved reductio the basis of the market value on figured United States." At the same time they had on de- item is During 1918, as already held. s securitie the posit with the Federal Reserve Bank of NewYork of tion. was recovered. deprecia of the part a stated, no less than $192,033,330. In other words, they dealing with the been have we g foregoin the In turned over practically all of their gold to the Federal as the separate far As whole. a as es compani trust Reserve Bank and this in turn enabled the Reserve statements on e the elaborat d, concerne es are compani to base, Bank, through the enlargement of its gold to ascertain reader the enable nt pages will extend the desired accommodation to the trust com- subseque been as behas company each of ce the experien panies. A year earlier, or on Nov. 14 1917, the what of general a sort furnish To 1918. and 1916 tween trust companies reported $147,732,182 of reserve comprisg table followin the here e introduc we survey with the Federal Reserve Bank, this being the first an s of Manhatt Borough the in es compani the all ing date which showed this as a separate item. The Aug. on deposits Brooklyn and showing the trust companies then held $48,157,471 of specie in and (before the panic of that year) and on Dec. 1907 22 and tenders of legal their own vaults and $21,393,115 Nov. 29 1916, Nov. 14 1917 and Nov. 1 bank notes. A year further back—on Nov. 29 1916— 9 1913, The number of institutions in the Boroughs they held in their own vaults $143,119,311 of specie 1918. York and Brooklyn has not changed during New and $19,757,285 of legal tenders, etc.—from all of of months. One new company, namely twelve last the which we see how important has been the contribuCo., has just been started, but Trust n America the tion of the trust companies in support of the Federal appear in the reports to the Banking yet not does Reserve system. ent; on the other hand, early in 1918, the How widely the trust companies have given ad- Departm Co. was consolidated with the Central herence to the Federal Reserve system, out of a Union Trust Co., reducing the number of Separate institupatriotic desire to unite and solidify the country's Trust one. banking strength, will appear from an examination I tions by FEB. 22 1919.] Borough of Manhattan. Aug. 22 1907. THE CHRONICLE Dec. 9 1913. Nov. 29 1916. Nov. 14 1917. Nov. 1 1918. Bankers 23,861,6061 Mercantile -__ 35,119.131 )129848,542 218,350,964 1 Manhattan )302,999,353 294,678,516 10,975,9571 34,957.694 Astor 8.905,745 20,667,490 Carnegie Defunct 7,1123,242 Defunct Defunct. Defunct Central_k 42,137,580 83,432,013 158,551,195 192,170,980 1 92,013,231 48,231,644 55,256,528 Union Trust 77,618,175 J 235,815,186 Columbia 6,774,339 l 99,793,454 100,564,532 Knickerbocker 62,114,990154,089.632 88,699,314 5,171,208 Commercial ___- 3,876.980 3,882,550 4,961,157 4,873,448 Commonwealth 458 Defunct (defunct) Defunct. Defunct 516 8,898,9401 Empire 43,710,562 Guardian 47,758,314 4,185,255,)22,359,030 51,060,671 Windsor 11,162,53W) Equitable 17,381,123 1 Bowling Green 16,233.629 I 166,870,535 157,661,339 266,027,883 271,862,383 Madison or . Van Norden 8,101,350 1 TrustCo.of Am 64,124,995 1 Farmers' L.& T_ 81,702,513 112,181,300 172,013,173 170,304,292 176,330,461 11,818,043 3,028,403 7,641,801 13,203,952 Fidelity 11,859,187 10,178,559 7,423,429 8,361,843 Fulton 8,644,457 7,589,341 Guaranty 41,996,604) Fifth Avenue_ 17,532,796 1149,456,212 467,623,703 523,509,340 551,222,895 Morton 40,510,828 I Standard 12,884,2581 5.607,520 Hudson 2,066,175 3,556,973 6,038,162 3,017,144 Irving_b Broadway 3,932,749 1 27,829,251 3,104,410 114,420,483 Flatbush 36,327,937 45,824,910 Savoy 1,569,287) Lawyers'T.1,&T. 8,524,049 12,075,4571 2,636,974 2,695,951 1 23,375,725 Home .b 19,148,035 15,145,872 Lincoln 22,400,958 11,601,7611 16,289,970 15,224,911 19,629,601 Mercantile Tr.& Dep_h 7,486,603 15,189,296 64,291,645 64,349,341 Metropolitan __23,747,751 17,094,371 36,912,859 Mutual Alliancei 5,763,501 8,344,532 it it 28,027,672 N. Y. L. I. & T. 33,782,456 32,582,070 32,772,080 23,701,797 78,194,392 68.928.242 33,517,360 37,535,428 New York 78,404,988 Scandinavian.I. 14,019,775 27,595,288 34,401,031 Title Guar.& Tr. 28,495,980 26,921,794 32,137,226 29,679,154 5,625,770 Transatlantic_ a _ I 2,617,687 13,498,979 6,748,795 79,809,441 81,042,870 U. B. Mtge.& Tr 30,982,562, 40,459,470 67,347,547 66,884,945 United States__ 59,394,159, 54,882,451 63,968,195 36,047,435 (d) Washington _ d __ 9.798,340, 9,702,666 (d) (d) Total_b 849,123,619 985,843,077 1,906,925,501 2,150,960,384 2,047,236,088 Borough of Brooklyn— 15,363,635 123,456,096 e38,190,978 Brooklyn 34,569,361 33,836,932 Long IsI.L.&T 7,055,3681 • 10,929,960 9,290,277 Franklin 24,218,978 32,047,793 20,894,517 6,734,731 7,137,485 Hamilton 8.870,562 11,512,139 7,646,257 Kings County — 12,346,322 15,936,860 27,295.185 25,675,566 21,004,430 4,344,881 Defunct Lafayette Defunct Defunct Defunct ManufacturersCitizens_e_ _ _ _ 1,592,398 5,896,416 13,503,030 14,392,274 28,083,285 8,290,228 5,831,878 Nassau_ I (f) (I) (I) 14,946,702 19,037,583 People's 26,714,564 27,207,492 28,907,592 Williamsburgh. _ 8,206,663 Defunct Defunct Defunct Defunct 719 Boston trust companies again show noteworthy growth. The number of companies has been increased by one, as several companies have sprung up recepitly in the outlying districts, one of which we have added to our present compilation—the Winthrop Trust Co. of Winthrop (Boston). The capital of this institution is $100,000, which, with a slight addition to the capital of the Fidelity Trust Co., accounts for the increase in the aggregate amount of that item. Surplus and profits have risen from $27,419,977 to $29,107,018. Both deposits and aggregate resources have again heavily increased, the former rising from $363,551,440 to $415,355,824, and aggregate resources from $414,609,945 to $466,298,772. The following furnishes a comparison for the various items for the last nineteen years: BOSTON. Dec. 31 1900 (16 cos.)_ _ _ _ Dec. 31 1901 (16 cos.)... Dec. 31 1902 (18 cos.)_ Dec. 31 1903 (19 cos.)__ _ _ Dec. 31 1904 (19 cos.). _ _ Dec. 31 1905 (19 cos.)_ _ Dec. 31 1906 (16 Dec. 31 1907 (19 cos.)-Dec. 31 1908 (19 cos.)_ _ Dec. 31' 1009 (19 Dec. 31 1910 (19 cos.)_.Dec. 31 1911 (19 cos.).-Dec. 31 1912 (21 cos.)._ Dec. 31 1913 (23 cos.)_ 1)ec. 31 1914 (24 cos.). _ Dec. 31 1915 (26 cos.)._ __ Dec. 31 1916 (29 ens.).... Dec. 31 1917 (29 coal_ _ Dec. 31 1918 (30 cos.) _ _ _ Capital. Surplus and Profits. Deposits. Aggregate Resources. $ 8,450,000 9900,000 11,100.000 12.100.000 12.500,000 12,500.000 11,100,000 11,750,000 11.750,000 12,150,000 12,250,000 14.850,000 10,250,000 17,250.000 17,450.000 18.480,200 19,150,000 21,479.800 21,650,000 10,285,659 12,294,798 15,779.627 18929.264 19,702.108 20,841,502 22,551,499 23,699,740 24,610,326 25,002,793 27,349,902 26,234,350 28,108,699 29.358,660 26,143,017 24,261.485 26.174,836 27.419.977 29,107,018 89,461.044 107,991,782 116,264,790 112,281.257 139,851,208 148.033,197 158,213,825 125,254,672 173,765,331 186,937,983 189,153,760 216.926,992 207.263.762 213,973,959 225,532.137 293,833,516 337.625,256 363.551,440 415,355,824 108,196,703 129,286,580 143,144,417 143,010,521 172,053.318 181,397,833 191.885,082 160,704,413 210,125,657 224,090,823 228.753.662 258,248,402 251,622.061 260,582.620 269,125,155 338,704.220 383,460,073 414.609.945 466.298,772 At Philadelphia changes have been numerous but not large. Three new companies have begun busi95,552,272 89,282,5461 138,793,297 147,104.725 138,672,913 ness, while one has been eliminated—the Fairmount Total_ c Borough of Savings Trust, purchased by the Logan Trust Co. Queens. Queens County_ 1,934,491 1,019,001 2,836,005 2,677,118 2,789,472 The combined capital of the three new companies— Total Greater New York_ _ 946,610,382 10770446242,048,554.803 2,300,742,227 2,188,698,473 the Northern Central, the Parkway and the Roxborough—is $423,630;this, with increases of 00,000 a Transatlantlo began business May 28 1912. b For Aug. 22 1907 the total does not include deposits of Flatbush of Brooklyn, in the capital of the Germantown Trust Co.,$100,000. which was consolidated with Broadway of N.Y.City March 61912. The Broadway changed title to Irving Trust Nov.30 1917 and Market & Fulton Nat. consolidated in the capital of the North Philadelphia Trust Co., with Irving in March 1918. The total for Dee. 9 1913 does not Include Home Trust Co. of Brooklyn, con$29,175 in the capital of the Colonial Trust Co. and solidated with Lawyers'Title Insurance & Trust Co. of N.Y.City February 1915. c The total for Aug.22 1907 includes deposits of Flatbush and the total for Dec.9 $24,810 in the capital. of the Market Street Title & 1913 includes deposits of Home Trust Co. d Washington Trust Co. absorbed by Corn Exchange Bank on Jan. 26 1914. Trust Co., make up the increase in the aggregate e Citizens' Trust Co. and Manufacturers' Nat. Bank consolidated in Aug. 1914. Manufacturers' Trust absorbed the West Side Bank, New York City, June 15 t918. amount of that item. Surplus and profits during the f Nassau Trust Co. merged into the Mechanics Bank June 27 1914. g Mutual Alliance taken over by Chatham-Phenix Nat. and Century bank's twelve months have increased from $77,779,452 to January 1915 Is Mercantile Trust & Deposit began business May 1 1917. I Scandinavian began business June 11 1917. $78,408,601, deposits from $327,597,906 to $335,k Central and Union consolidated June 18 1918. 093,397 and aggregate resources from $452,498,288 TRUST COMPANIES AT OTHER POINTS. In the case of the trust companies at Boston, to $505,489,017. The following furnishes a comPhiladelphia, Baltimore and St. Louis, the figures parison of the totals of the• different items from as presented on subsequent pages for the different Dec. 31 1900 to Dec. 311918, inclusive: institutions are all our own, we having in each Surplus and Aggregate PHILADELPHIA. Capital. Profits. Deposits. Resources. instance made direct application for them to the $ $ $ $ companies, though in a few instances, where our Dec. 31 1900 (40 cool.... 28.399,965 27,826,941 136.496,312 196,498.618 Dec. 31 1901 (41 coal__ 31,927.006 33,885,857 149,137,386 218.660,249 requests met with no response, we have had to have Dec. 31 1902 (41 cos.)_. 33,142,233 37,514.329 153,151,355 227,480,117 Dec. 31 1903 (43 cos.)____ 34.320,337 39,654,877 161,231,152 238,817.588 recourse to official statements made in pursuance Dec. 31 1904 (43 cos.)___ 34,800,980 42,344,733 202,855,986 283,503.299 Dec. 31 1905 (44 cos.)____ 35,312,363 45,594,298 209.213,067 293,177,935 of calls of the public authorities. In the nature of Dec. 31 1906 (52 cos.)._ 36,931,963 49,590.018 193,283,134 286.232,600 Dec. 31 1907 (58 cos.)____ 38.727,909 50,840,244 169,669,224 265.150,778 Dec. 31 1908 (58 cos.)___ 39,068,955 52,000,976 200,983,530 296,761,341 things, as we are entirely dependent upon the com- Dec. 31 1909 (59 cos.)._ 39.897,218 55,374,618 217,196,883 316,892,720 Dec. 31 1910 (59 cos.)._ 39,931,416 59,187,488 208,837,634 311,640,645 panies themselves for the figures and no general Dec. 31 1911 (58 cos.)........ 38,511,733 62,262,427 224.225,832 328,196,392 Dec. 31 1912 (56 cos.)____ 36,797,836 64,847,539 231,712,367 337,179.556 data of an official kind are available, comprehensive Dec. 31 1913 (56 cos.)_—_ 39,162,538 65.535.659 232,941.234 341.784.741 Dec. 31 1914 (56 cos.)____ 39.069,243 65,932.688 238,256.333 347.588,292 totals and elaborate details, such as are possible Dec. 31 1915 (56 cos.).--- 38,870,193 69,298,540 297,235,195 407.024.328 Dec. 31 1916 (56 cos.)____ 38,879,993 73,775,140 331,108,286 444.775,175 for the institutions of New York, are out of the 3ec. 31 1917 (54 cos.)____ 40,579,993 77,779,452 327,597,906 452,498,288 question. Our summaries for these other centres 3ec. 31 1918 (56 cos.)____ 41,307,608 78,408,601 335.093.397 505.489.017 are such as we have been able to prepare ourselves In the case of Baltimore our compilations were only and necessarily are limited to a few leading items. begun four years ago and cover the returns at the Nor are the returns in those instances cast on uni- end of 1913, 1914, 1915, 1916, 1917 and 1918. As form lines, nearly every company having its own compared with the previous year there is some falldistinct method of classification, making general ing off in deposits and resources, but this is misfootings out of the question, except as regards those leading, since it is entirely due to the withdrawal of few common things treated alike by all, and which railroad deposits from the Safe Deposit & Trust Co. have definite, established meaning, such as capital, by the U. S. Railroad Administration. There is a surplus and profits, and deposits. marked expansion in both the deposits and the re- THE CHRONICLE 720 sources of the 11 companies included as compared with all earlier dates; that is, the deposits have moved up from $45,131,061 on Dec. 31 1913 to $85,714,838 on Dec. 31 1918, and resources from $66,058,188 on Dec. 31 1913 to $107,773,988 on Dec. 31 1918. In tabular form the comparisons are as follows: BALTIMORE. Dec. 31 Dec. 31 Dec. 31 Deo. 31 Deo. 31 Dec. 31 1913 (10 cos.).... 1914 (10 cos.).... 1915 (11 cos.)--1916 (11 cos.)_.... 1917 (11 cos.).._. 1918 (11 MS.)- - - Capital. Surplus and Profits. Deposits. Aggregate Resources. $ 8,950.000 8,950.000 8,650,000 8.650.000 8,650.000 8.650,000 12,177,127 11.407.783 11.851.317 12.539,306 12.765,927 13,309,150 45,131,061 52,212,492 72,128,718 82,523,300 89,537,806 85,714,838 $ 66,058,188 73.170,115 93,230,098 103.712.606 110,986,411 107,773,988 [VoL. 108. Syndicate participants have been notified that their liability as syndicate members ceased yesterday. Bonds which have been withdrawn from sale by members of the syndicate are to continue to be held subject to the undertaking not to sell before April 1, 1919, unless sooner released by managers of the'syndicate. PROPOSAL BY FRENCH ECONOMIST FOR FINANCIAL LEAGUE. An Associated Press dispatch from Paris on Feb. 16 said: An inter-Allied financial alliance is strongly advocated by Edmond Thery, the French economist,in the "Figaro." It should take the form of a special organization, he says, to receive for joint account all sums paid by Germany, Austria-IIungary, Bulgaria and Turkey, which it would transform into liquidation bonds, "to be distributed among the Allies." M. Thery points out that after the signing of peace the richest Entente nations will seek to improve their monetary situation and consolidate their financial situation as rapidly as possible on a gold basis. Such consolidation would augment the difficulties of the less favored Allies in converting to gold, sterling, dollars or francs, the claims they recover from the enemy, on which they count to pay the debts they have contracted, either with the wealthier Allies or with neutrals. Individual conversion of war damages,it will thus be seen,says M.Thery, would provoke between the Entente nations an antagonism of interests by which Germany would not fail to profit to try to elude wholly or in part her engagements. Such competition between the Allies, he contends, would be an unpardonable mistake, for it would divide them within a few years. At St. Louis the number of companies remains unchanged, but the deposits and aggregate resources have been substantially added to, the former having increased from $79,518,642 to $102,137,663,and the latter from $98,906,145 to $123,397,168. In 1915 our"totals of deposits and resources were greatly reduced by the fact that the banking business of the PLANS FOR ESTABLISHMENT OF' EXPORT CREDIT St. Louis Union Trust Co. was taken over by the then FOR BELGIUM IN NEW YORK. newly organized St. Louis Union Bank. In the Announcement was made on Feb. 19 that a syndicate of three years since then the reduction in deposits and American bankers is being formed under the management of the Guaranty Trust Co. of New York, J. P. Morgan & Co., resources has been more than recovered. Surplus and Capital. ST. LOUIS. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 3 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 1901 ( 6 cos.)____ 1902( 9 1903( 8 cos.). _ 1904( 5 cos.)___ 1905( 6 cos.)_-__ 1906( 9 cos.)-1907( 8 cos.)___. 1908( 9 cos.)... 1909 (13 cos.)___. 1910 (13 con.).... 1911 (16 cos.)_ 1912 (15 cos.)____ 1913 (16 cos.)____ 1914 (16 cos.)_—_ 1915 (14 cos.)____ 1916 (15 con)..... 1917 (15 cos.).___ 1918 (15 cos.)---- ProfUs. 3 13,425,660 14,471,934. 20.485,300 24,922.243 19,000,000 24,915,483 16,000,000 22,507,930 16.100,000 23,365,609 16,350,000 23,584,914 13.350,000 22,537,837 13,452.400 22,782,021 14.752,400 19,428,356 14,752,000 19,505,474 15.002,400 19,591.743 14,900,000 19,617,825 14,950,000 19,600,492 13,050,000 19,024,203 .8,050,000 .12,738,269 8,250.000 12,879,829 8,350,000 12,795,317 8,350,000 12,909,504 Deposits. &,%=° 41,339,273 62,910,106 62,563,117 78,706.702 71.681,442 74,512,832 66,329,762 61,619,831 73,959,732 73.015,086 78,169,009 84,229,211 83,329,512 81,741,093 *62,012,906 70,380,425 79,518,642 102.137,663 69,829,307 109,167.449 107.454,100 117,214.632 111,268.041 115,189,586 107,028,169 97,856.192 108,139,489 107.272,961 112.763.152 118,747.036 117,880,234 111,765,316 .94,068,996 91,509,254 98,906,145 123,397,168 National Bank of Commerce of New York and the National City Bank of New York, to establish a commercial export credit in New York of $50,000,000 for a consortium of Belgian banks which comprises about seventy of the important banking institutions in Belgium, with aggregate capital and reserve in excess of $150,000,000, and includes the Banque Nationale de Belgique and the Societe Generale de Belgique. The announcement says: Under this credit the Banque Nationale Belgique, acting for the consortium, is to draw drafts from time to time on the syndicate participants. Each series of original drafts will be drawn at 90 days' sight, with privilege of three renewals of 90 days each, and the drafts will be sent to the syndliate participants for acceptance. The acceptances so created will be sold in the open discount market and the proceeds placed at the disposal of the Belgian consoritum in this country to pay for the merchandise purchased here for shipment to Belgium. The proceeds of this credit will therefore be used only to provide funds in *Reduction In totals due to the elimination of the St. Louis Union Trust Co.. re-establishing industrial operwhose banking business was taken over by the newly organized St. Louis Union America to purchase American supplies for $25,710,275 ations in Belgium, and no part of this credit will be used for other than inBank. The Trust Co. reported no deposits on Dec.31 1915 against on Dec. 31 1914 and $11,244,321 aggregate resources Dec. 31 1915 against $36,- dustrial and commercial purposes. Obligations of the Belgian industrial 935,227 on Dec. 31 1914. concerns for whose benefit this credit is being arranged will be held in Belgium as security for payment of the drafts. (current goents and gistussions 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 few weeks, viz., 5%. The bills are dated Feb. 18. NEW CREDIT TO BELGIUM. The extension of a credit of $2,000,000 by the United States Treasury to Belgium was announced on Feb. 15. This brings the .total obligations of that country to the Treasury Department up to $298,145,000. The aggregate aid to the Allies since this country's entrance into the war now reaches $8,680,157,836, apportioned as follows: Great Britain France Italy Russia Belgium Greece Czecho-Slovak $4,155,981,000 2,417.477,800 1,385,000,000 325,000,000 298,145,000 39,554,036 17,000,000 Cuba Serbia Rumania Liberia Total $15,000,000 12,000,000 10,000,000 5,000.000 $8,680,157,836 CLOSING OF SUBSCRIPTION BOOKS FOR OFFERING OF BONDS OF UNITED KINGDOM OF GREAT BRITAIN AND IRELAND. Subscription books which were opened on February 13 at the office of J. P. Morgan & Company for an offering of United Kingdom of Great Britain and Ireland 20-year 53/2% gold bonds, were closed at noon yesterday (February 21). The bonds, as noted in these columns Feb.8 page 525, are due Feb. 1, 1937; they had previously been reserved for the conversion of the two year notes which matured Feb 1 last. The syndicate headed by J. P. Morgan & Company through which the present offering was made, announced on Thursday that the unsubscribed balance, remaining on hand after the closing of the books, had been sold; a prominent group of bankers. in said to have made the purchase. The BELGIAN EXCHANGE RATES. A special cable to the "Journal of Commerce" from London on Feb. 16 said: It is understood that the Belgian Government is forming an organization to deal with foreign exchange matters in connection with the recent credits established by it abroad, including a £4,000,000 credit hero. It is expected that more or less definite rates will be fixed respecting the importation of essentials. EXPORTATION OR IMPORTATION OF RUSSIAN RUBLES PROHIBITED. The announcement of the issuance of a ruling by the Foreign Exchange Division of the Federal Reserve Board prohibiting the exportation or importation of Russian rubles is made as follows by Deputy Governor of the Bank, J. I. Case: FEDERAL RESERVE BANK OF NEW YORK. February 15 1919. To Holders of Registration Certificates: Sirs:—Your attention's directed to the following regulation which was issued by the Division of Foreign Exchange of the Federal Reserve Board on Feb. 14 1919 under the Executive Order of the President dated'Jan. 26 1918: "Until otherwise instructed, the exportation or importation of Rusisan rubles or the transfer of funds for their purchase by 'persons' and 'dealers' in the United States as described under the Executive Order of tne President of Jan. 26 1918. is prohibited." Very truly yours, J. I. CASE, Deintly Governor. FOREIGN EXCHANGE RULING PERMITTING TRANSFERS OF FUNDS TO BULGARIA, TURKEY IN . ASIA, &C. The Federal Reserve Bank of New York stated on Feb. 18 that it was circularizing dealers in foreign exchange transmitting the following regulation under date of Feb. 17 of the Division of Foreign Exchange of the Federal. Reserve Board under the Executive Order of the President, dated Jan. 26 1918: Notice is hereby given that "dealers" as defined under the Executive Order of the President of Jan. 26 1918, until otherwise instructed, may make transfers of funds to persons not enemies or allies of enemies resident in Bulgaria. Turkey in Asia, and Turkey in Europe, and all Black Sea ports. FEB. 22 1919.] TIIE CHRONICLE 721 No one was in a position to say whether Germany would be able to extricate herself from the present financial situation, the Finance Minister stated, but it would depend in part on the kind of peace which the Allied Powers decided upon. Germany must be patient and wait. The Minister added that Germany needed social regeneration, and declared his intention to punish frauds against the Government more severely than against individuals. He pleaded for a new conception of property which should eliminate the individual or put him in the background, making the individual feel that he was merely administering his property for the State. Our expenditures have increased not only because of our needs, but because of bad financial measures during the war," the Minister said. "On the assumption of a short war, considerable sums were wasted in enriching individuals improperly. In addition the war program of Field Marshal von IIindenburg was deplorable from an economic point of view, because Notice is hereby given that "dealers" as defined under the Executive of the manner in which he dissipated money. At the conclusion of the Order of the President of January 26 1918 until otherwise instructed may war unjustified strikes in an insane struggle for higher wages, thus inmake transfers of funds to persons not enemies or allies of enemies resident creasing the expense of demobilization." War expenditures, the Minister added,.had been -covered by loans on in Roumania, Servia, and also within the territory included in the line set out in article 3 of the Miliraty Clause of the Armistice Protocol of Nov. which only tne interest was covered by taxation. There was no question, Dr. Schiffer said, of annulling the war loans or of seizing savings or cash in '3 1918 which is covered by the following extract from Article 3: From Pic Umbrail to the north of the Stelvic it will follow the crest of banks, but the Government would have to levy taxes in keeping with the the Rhetian Alps up to the sources of the Adige and the Eisach, passing economic situation. thence by Mounts Reschon and Brenner and the heights of Oetz and Zoaller. The line thence turns south crossink Mount Toblach and meeting the REPORT OF COMMITTEE APPOINTED BY SECRETARY present frontier Carnic Alps. It follows this frontier up to Mount Tarvis McADOO TO STUDY GOLD PRODUCTION. and after Mount Tarvis the Watershed of the Julian Alps by the Col of The report of the committee appointed last November Predil, Mount Mangart, the Tricorn° (Terglou), and the watershed of the Cols di Podberdo, Podlaniscam and Idria. From this point the line by Secretary of the Treasury McAdoo to investigate conturns southeast toward the Schneeberg, excludes the whole basin of the Save and its tributaries. From Schneeberg it goes down toward the coast ditions in the gold mining industry has been made public in such a way as to include Castua, Mattuglia, and Volosca, in the evacu- this week. A preliminary announcement concerning the ated territories. committee's conclusions was referred to in these columns It will also follow the administrative limits of the present Province of Delmatia, including to the north Lisarica and Trivania and to the south Feb. 1, page 426. The committee states that "the cessation territory limited by a line from the (Semigrand) of Cape Fiance to the of hostilities has radically changed the situation, and with summits of the watershed eastward, so as to include in the evacuated area the change in the situation any need of particular effort to all the valleys and water courses flowing toward Sebenico, such as the Circola, Kerkka, Butisnica, and their tributaries. It will also include all the promote or stimulate our gold production which may have islands in the north and west of Dalmatia from Promuda, Solve, Ulbo, existed, has ceased." "Under these circumstances" it states Scherda, Maon, Page, and Puntadura in the north up to Moleda in the "there is in our opinion no need for artificial stimulation South, embracing Santandres, Busi, Liza, Lasina, Tercela, Cursola, Cazza, and Langusta, as well as the neighboring rocks and islets and passages, of gold production." It adds that "not only has any need only excepting the Islands of Great and Small Zirona, Due, Solta and therefor passed, but there have come into operation causes 13razza." FOREIGN EXCHANGE REGULATIONS PERMITTING TRANSFERS OF FUNDS TO RUMANIA AND SERBIA. Last week, page 635, we referred to the fact that the Division of Foreign Exchange of the Federal Reserve Bank had issued regulations permitting the transfer of funds to persons not enemies or allies of enemies resident in Belgium, Alsace-Lorraine, Rumania, Serbia, &c. In the notice as to remittances permitted to persons in Rumania and Serbia, issued under date of Feb. 4, F. I. Kent, Director of the Division of Foreign Exchange, said: that will in due time restore all industry, including the mining of gold to a normal basis." The committee deleSOUTH AFRICA MAY REFINE AND MINT ITS OWN gated by Secretary McAdoo to inquire into the subject conGOLD. sisted of Albert Strauss, Vice-Governor of the Federal ReThe following special advices were received by the "Jour- serve Board; Edwin F. Gay, representing the War Trade nal of Commerce" from London on Feb. 14: Board; Raymond T. Baker, Director of the Mint; Emmet It is understood that the recent reduction of freight insurance from South Africa represents a saving of nearly £300,000 annually to the gold mines D. Boyle, Governor of Nevada,and Pope Yeatman, repreon the basis of last year's output. It is also reported that the South Afri- senting the War Industries Board. The following is the can Government contemplates establishing a gold refinery and a mint, letter of the Committee to the Secretary of the Treasury: which will mean a further saving of freight if the African gold is refined locally. GERMAN MINISTER OF FINANCE, DR. SCHIFFER, ON GERMANY'S WAR DEBTS. According to press dispatches from Weimar on Feb. 15, Dr. Schiffer, Minister of Finance, in an address before the German National Assembly said that he saw the necessity for credits of 25,300,000,000 marks being requested. These dispatched further said: Of this amount, the Minister said, 300,000,000 marks would be used for building houses. He added that the total credits and loans aggregated more than 140,000,000,000 marks, not including 6,000.000,000 marks in 'Treasury notes. The bank bills in circulation, Dr. Schiffer said, amounted to 43,500,000,000 marks. Further accounts as to Dr. Schiff9r's presentments were contained in Associated Press advices from Weimar under date of Feb. 15 and received as follows by the daily press in the United States on Feb. 17: The German people generally do not yet understand clearly the financial situation in which the war has left them, and they are too optimistic, declared Dr. Schiffer, the Minister of Finance, in his address to the German National Assembly to-day. lie apparently astonished the House when he gave statistics to show that the war had cost 161,000,000,000 marks. Dr. Schiffer then asked the Assembly to vote a credit in the form of a loan for 25,300,000,000 marks, the greatest loan the German people ever have been asked to raise. lie explained that last October the Government stood on the verge of financial exhaustion. It asked for a credit of 15,000,000,000 marks, and when this was refused raised it by means of banknote issues. The speaker was applauded when he remarked that truth and openness should be the basis of all politics and finance. The Finance Minister said that the expenditures were divided as follows: in 1014, 7,500,000,000 marks; 1915, 23,000,000,000; 1916, 26,600,000,000; 1917, 39,500,000,000; 1918, 48,500,000,000. In addition 6,000,000,000 marks in Treasury bonds were issued, and there were credits of 9,500,000,000 marks to allies of Germany, making a total of nearly 161,000,000,000, which exceeded by 14,000,000,000 the credits which had been granted. Credits made available by loans totaled 93,000,000,000 marks; and bonds and notes issued totalled 58,000,000,000 marks. The daily expenditure during the war, Dr. Schiffer added, ranged from 49,000,000 marks in 1914 to 135,000,000 in 1918. The Minister explained that there had been a steady decrease in expenditures since the signing of the armistice. lie condemned the waste throughout the war and characterized the war finances as "a program of desperation." He said that the Soldiers' and Workmen's Councils since the war had at times been accused unjustly, but unfortunately, too many councils were not of advantage to the Government financially. Dr. Schiffer emphasized the imperative need of economy, and said that the German people must look upon expenditures in an entirely different manner from that formerly assumed. lie said that the Government would need 19,000,000,000 marks during the current year to cover interest payments alone. The Government expected to raise 3,000,000,000 marks from the sale of army stores. Tnis sum might have been greater if the stores had not been pillaged by the troops. Washington, Feb. 111919. To the Honorable the Secretary of the Treasury: Sir: On Nov. 2 1918, your predecessor appointed the undersigned a committee to investigate present conditions in the gold-mining industry and to study the problem carefully and thoroughly with a view to definitely ascertaining all the difficulties confronting gold production and submitting suggestions of sane and sound methods of relief. The nature of the problem submitted to the committee was well stated in the letter of Secretary McAdoo to Delegate Sulzer, of Alaska, under date of June 10 1918, to which reference has been made in almost all resolutions or discussions of the subject since that time. At that time the war was at its height and there was every prospect of a prolonged war. Contrary to the belief apparently entertained in many quarters, the structure of banking credit in any country during war time does not depend very much, if at all, on the amount of gold that can be made available as a reserve for that structure. Undoubtedly the rise in prices in this country since 1914 is to a great extent due to the heavy importations of gold during 1915 and 1916, but it does not follow that the export of a corresponding amount of gold at the present time would operate to bring down prices. As a matter of fact, it is the judgment of this Committee that it would not so operate until we have reached or approached normal peace conditions. In time of peace the gold reserve is undoubtedly an important factor in controlling the credit structure, but in time of war that structure is determined by other causes. This distinction is sometimes overlooked, and much inaccurate thinking is due to this oversight. Under war conditions the imperative necessity of the Government for the production of war essentials determines Government expenditure, and this expenditure cannot be modified to meet the banking needs of the country; on the contrary, the banking policies of the country must conform to the fiscal policy of the Government. Under these circumstances, the only way in which the expansion of banking credits can be checked is by a reduction of civil demands to correspond with the expanding needs for Government expenditure. The credit saved through this reduction of civil demands becomes available to the Government through the purchase of Government securities or through the payment of taxes. To the extent to which such saving and resulting investment does not take place Government obligations must be taken by the banks, giving rise to credits to the Government which create additional purchasing power for the use of the Government. This additional purchasing power in turn competes with the demands of private individuals, driving up prices against the Government and against the civil consumer, and ultimately impairs the individual's purcha:sing power to an amount roughly equivalent to the impairment tnat might better have been brought about through voluntary saving. The credit structure thus erected depends inevitably upon Government needs and upon the willingness and ability of the community to impose upon itself voluntary restraint of expenditure. In other words, the structure will be high if the community falls to save. The results of saving achieved in the United States were remarkable, but no program of saving can be instantly put into effect, and the expansion of the credit structure that took place under these circumstances was inevitable and could not have been controlled through any reduction in the gold reserve. This being so and a long war being believed in prospect, it was important to maintain a strong gold reserve in order that there might be no impairment of confidence in the convertibility of our currency and in our ability ultimately to settle any internailonal indebtedness in gold. The cessation of hostilities has radically changed the situation, ande with the change in the situation, any need of particular effort to promot 722 THE CHRONICLE or stimulate our gold production which may have existed has ceased. There is now no danger of an impairment of confidence. The dimensions of our financial problems are becoming clear, and we know that we can without permanent strain meet any financial requirement the Government will be willing to assume. Some further expansion of credit may result from our expenditures for demobilization and readjustment but we can look forward to a comparatively early contraction of our credit structure with the attending circumstances of a free gold market and a gold reserve that shall once more perform its normal function of regulating credit conditions. That movement will, we believe, be both preceded and accompanied by lower commodity prices. Under these circumstances, there is in our opinion no need for artificial stimulation of gold production. Not only has any need therefor passed, but there have come into operation causes that will in due time restore all industry, including the mining of gold, to a normal basis. Gold mining will then become aga:n normally profitable and respond automatically to normal stimuli. It is therefore the judgment of this committee that no steps should be taken by the Government to stimulate or promote the production of gold. The representatives of the gold mining interests very properly based their suggestims for relief on the public necessity for a larger production of gold and not on the hardships suffered by them as parties interested in an Industry in which the margin of profit had been rapidly shrinking, and in many cases had entirely disappeared or been turned into a loss. They recognized that such diminishing profits and such losses were Inevitable under the Alining conditions of war, and that merely as producers they had no better claim to relief than any other section of the community suffering a reduction of profits or incurring losses under the changing incidence of war conditions. In the course of its consideration of the subject referred to it this committee has conferred with a committee appointed by the American Gold Conference held at Reno in Aug. 1918, under the Presidency of Gov. Emmet D. Boyle of Nevada; it has had the benefit of the very complete survey of the conditions of the gold mining industry contained in the report dated Oct. 30 1918 of the committee appointed by the Secretary of the Interior to study the gold situation, of which Hennen Jennings, Esq., was Chairman;and of the report dated Nov. 29 1918 of the Gold Production Committee appointed by the Commissioners of the British Treasury under the Chairmanship of Lord Inchcape; they have conferred with or secured the views of Prof. Irving Fisher and other eminent economists, besides which they have had referred to them a considerable volume of correspondence expressing widely varying views which had been received by the Secretary of the Treasury and the Director of the Mint. It is interesting to note that the British Treasury Committee arrived at the same conclusion as that which we have reached. We cannot refrain from expressing gratification at the substantial unanimity of opinion among those whose position or experience entitles their views to respectful consideration against suggested measures of relief that would have had a tendency to undermine or upset our standards of value. Respectfully submitted, EMMET D. BOYLE, ALBERT STRAUSS, POPE YEATMAN. EDWIN F. GAY, RAYMOND T.BAKER, MOVEMENT BY NEW YORK STOCK EXCHANGE TO SUPPRESS STOCK SWINDLING. Pursuant to a call of H. G. S. Noble, President of the New York Stock Exchange, a meeting of representatives of various business associations and institutions was held at the Chamber of Commerce in this city on Monday last, Feb. 17, to consider the question of the stock swindling evil and what measures, if any, were necessary. Mr. Noble's letter calling the meeting, was made public on the 15th inst.; in it he said: I feel that it is only necessary to call your attention to the fact that there is practically no defensive barrier between the predatory promoter and the multitude of new Liberty bond investors, to present to your mind the national peril of the sitaution. Evidences accumulate that the knavish promoter has thrown away his lists for now ones made up of some 20,000,000 small Liberty bondholders, practically all of whom are financially ignorant and fall easy victims. Federal blue sky legislation is in the making, but the danger will not accommodatingly hold off until a competent law is found and enacted. Other and immediate measures are called for and must be instituted and continued as a necessary adjunct to eventual legislation. Mr. Hamlin, Chairman of the Capital Issues Committee, than whom no one is more familiar with the threatened raid, is heartily in favor of a national publicity campaign to expose and earmark the wild cat promoter. He shares our opinion that a union of representatives business bodies in such a campaign will go far toward checking this evil. If some such action is not taken we snail see an investment situation of greatest promise changed to a grave menace to private and public welfare. In view of the foregoing will you not either personally or by representation meet with the leaders of prominence in their respective lines at the Now York Chamber of Commerce at 11 o'clock on Monday the 17th to conskier the advisability of organization? . Monday's meeting resulted in the decision to appoint a committee to be charged with the drafting of a program looking to the suppression of stock swindling in the New York Federal Reserve District. A statement with reference to the conclusions of the meeting, announcing this said: In view of the evidences of the vast extent to which the new Liberty Loan investors had been victimized the meeting was nnanimous in favor of some action mhoich would unite all of the sound business interests of the country in a publicity and educational campaign. It was shown that the Treasury Department was already doing all that it could in the way of preparing legislation which would check the evil at the source. That is, supervise the issue of securities. The Secretary of the Treasury himself, however, made it clear in a letter to the Stock Exchange that it was essential that legislation be supplemented by publicity and education. Before adjournment it was decided to form a permanent committee of men experienced and qualified by their studies of the problem to draft a program which would, in a practical manner, permit the various business Interests in the Second Federal Reserve Distarict to unite in the suppression of stock swindling in said district. As soon as the campaign is actively launched in this district it is proposed so to extend its scope that eventually the entire country will be included. [VOL. 108. Letters to Jason Westerfield of the Committee on Library of the New York Stock Exchange from C. S. Hamlin of the Capital Issues Committee and Secretary of the Treasury Carter Glass endorsing a national campaign against stock swindlers were made public at the meeting; we quote that of Mr. Hamlin's herewith: January 20 1919. My Dear Sir:-1 beg to acknowledge your letter of Jan. 18 in confirmation of the interview we had last week. Although the Capital.Issues Committee has suspended its activities for the time being, I am sure that every • member feels that effective legislation should be speedily enacted to abate the menace from the placing of worthless and fraudulent securities with the public. I believe your proposed plan involving the unien of representative bodies, such as Chambers of Commerce, financial associations and industrial establishments, will go far toward checking this evil, and I feel certain it will receive enthusiastic support by our committee. I will take pleasure in sending your letter to the Secretary of the Treasury and asking him to also communicate with you in this matter. Sincerely yours, C. S. HAMLIN, Chairman. We also annex Secretary Glass's letter to Mr. Westerfield': THE SECRETARY OF THE TREASURY. Washington, February 12 1919. Dear Sir:—Confirming a letter written by me to Mr. Hamlin, Chairman of the Capital Issues Committee, on Jan. 24, which I had supposed would be forwarded to you, I desire to repeat that "I am genuinely glad to note that the New York Stock Exchange is starting a general movement to check vicious operations in worthless and fraudulent securities, pending enactment of suitable legislation by Congress." Very likely the work of the Stock Exchange movement might be profitably continued even after Congress shall have acted on the bill sent up by me some days ago. It is quite certain that, in the absence of the pro-, posed legislation, the Stock Exchange movement will not only be desirable but almost essential. Sincerely yours, CARTER GLASS. Those in attendance at Monday's meeting at the Chamber of Commerce included: A. E. Marling, President of the N. Y. Chamber of Conunerce. Pierre Jay, Chairman of the Federal Reserve Bank. John J. Pulloyn, representing the American Bankers' Association and Savings Banks. H. G. S. Noble, H. K. Pomroy and Jason Westerfield, representing the New York Stock Exchange. G. W. Hodges, W. H. Maxwell Jr. and H. F. Beebe, representing the Investment Bankers' Association of America. John Price Jones, representing the Liberty Loan Publicity Committee. Francis H. Sisson, Vice-President of the Guaranty Trust Co. E. 0. Stanley of the Title Guarantee & Trust Co. G. E. Roberts of the National City Bank. J. W. Bramhall of the Merchants' Association. Of the committee now in process of formation, W. Fellowes Morgan of the Merchants' Association, Francis H. Sisson, Vice-President of,the Guaranty Trust Co. and Mr. Westerfield have already been chosen. NEW OFFERING OF FARM LOAN BONDS BY LIBERTY JOINT STOCK LAND BANK AT SAUNA,KANSAS. An issue of $1,000,0005% Farm Loan bonds of the Liberty Joint Stock Land Bank (Salina, Kan.), due Nov. 1 1938 and optional on and after Nov. 1 1923, was offered on Feb. 14 as the third installment of approximately $3,500,000 of these bonds that the bank contemplates issuing in a year's time. The total thus far issued is $2,000,000. The present offering, like the preceding ones, is made and interest, by Bonbright & Co., -Inc., and is at 101 to yield 4.65% to the optional period and 5% thereafter. The Londs are issued under the Federal Farm Loan Act, are a direct instrumentality of the United States Government, and are exempt from all Federal, State', municipal and local taxation. The previous offerings were referred to in our issues of Nov. 9, page 1783, and Dec. 21, page 2327.. REPRESENTATIVE McFADDEN'S BILL ABOLISHING OFFICE OF COMPTROLLER OF CURRENCY. A bill to abolish the office of Comptroller of the Currency and a resolution calling for the appointment of a special committee to inquire into the official conduct.of Comptroller John Skelton Williams were introduced in the Housd of Representatives by Representative McFadden of Pennsylvania on Feb. 15. The bill, it is stated, is similar to a measure introduced in the Senate by Senator Weeks. It was reported on the 19th inst. that a.n informal agreement was reached on that day by the Senate Banking and Currency Committee that no action could be taken at this session of Congress on Senator Weeks' bill. In support of his contention that the powers of the Comptroller conflicted with those of the Federal Reserve Board, Senator Weeks read letters from bankers stating that they favored placing all authority in the hands of the Board. Senator Weeks is said to have agreed that it would not be possible to obtain action by Congress at this time, and again announced his intention to oppose the confirmation of Mr. Williams' renomination as Comptroller. Representative FEB. 221919.] THE CHRONICLE 723 McFadden, in introducing his resolution and bill, stated The following advices from State Bank Commissioner that he hoped the members of the House would "think seri- Fisher to the Philadelphoia "Press" regarding Represenously over this matter, because there are floating round tative McFadden's assertion appeared in that paper of the the country all sorts of rumors regarding this 'office, and 18th inst.: its administration under the present Comptroller, and I Indiana, Pa., Feb. 16. think it is for the interest of the finances and banks of this To the Editor of "The Press:" The incident referred to in the letter read by Congressman McFadden country that these rumors should be cleared up. I am was brought to my attention by Mr. B. M.Marlin, Secretary and Treasurer hoping, therefore, that this resolution will be given prompt of the Union Banking and Trust Company, Dubois, Pa. As a result of inquiry as to whether a trust company had legal power to convert into and quick attention by the House of Representatives." ahisnational bank, I elicited the information that he had been informed by Representative McFadden added: the Comptroller of the Currency, Mr. Williams, that unless his company I need only point to the fact that during the term of office of the present Comptroller of the Currency many controversies have taken place between him and the banks and bankers all over the country. I need only refer to the famous Riggs National Bank case and the more recent controversy with the Guaranty Trust Co. of New York, and several other instances which have been called to the attention of the House. In some of his further allegations Representative McFadden said: I call attention to the fact that rumors are floating around that the Comptroller of the Currency has used information obtained in his official capacity for speculations in stock and personal profits, and that he has not hesitated to pass the word around to the faithful. I call attention to the rumor floating around that there are many speculators among the people connected with private banks and bankers who get information from this source, and I think it well to look into the New York, Richmond and the Baltimore connections which are either controlled by Williams or members of his family, and I would also point to the recent wild speculation in International Mercantile Marine stock while the Government was deciding what it would do with their tonnage. The following are the bill and joint resolution offered by Representative McFadden: took immediate steps to effect a conversion into a national bank certain large deposits belonging to the Buffalo, Rochester & Pittsburgh Railroad Company would be removed. I interpreted this act of the Comptroller as an endeavor to coerce a State institution and therefore called the attention of the officers of the Federal Reserve system to it. My department has had no controversy with the Federal Reserve system over this regretable incident, nor have I had any direct communication with Comptroller Williams. I further understand that he has taken no steps as yet to remove the deposits, although he had given the trust company only until the first of February to decide whether it would convert. JOHN S. FISHER, Commissioner of Banking. In a statement telegraphed from Richmond, Va., and made public at his office on the 15th, Comptroller Williams said: I am just informed of the suggestion, presented in the House to-day by Representative McFadden,for a special investigation of my official conduct. I will welcome such an investigation most heartily and will do all in my power to hasten the appointment of the committee Mr. McFadden suggests and the inquiry he proposes. The rumors of which he spoke are new to me. Since they have been put before the public by me, the sooner and more thoroughly they are probed to the bottom and traced to their respective origins, the better I shall be pleased. It is entirely possible that Mr. McFadden, for reasons known to himself, will not be so well pleased with the:results as I will be, but I challenge him distinctly to proceed. A bill (H. R. 15983) to abolish the Bureau of the Comptroller of the Currency and the office of Comptroller of the Currency, and authorizing the Federal Reserve Board to perform the duties thereof. Be it enacted, &c., That the Bureau of the Comptroller of the Currency in the Treasury Department, and the office of Comptroller of the Currency On the 16th Comptroller Williams denied that he has be, and they are hereby abolished, except as hereinafter provided in this Act. Sec. 2. That the duties now imposed by law upon the Bureau of the any banking connections in Richmond or elsewhere. In Comptroller of the Currency and upon the Comptroller of the Currency an interview at Richmond on the 16th Comptroller Wilshall hereafter be performed under and by direction of the Federal Reserve liams said: Board; and all employees of the Bureau of the Comptroller of the Currency I resigned from all bank and trust"company directorships six years ago, now provided for by law shall be transferred to and hereafter be under the control and direction of the Federal Reserve Board, which board shall when I went to Washington as Assistant Secretary of the Treasury. I have no banking connections whatever, having disposed of my stocks at also disburse all appropriations for salaries and for other expenses of the Bureau of the Comptroller of the Currency and shall submit detailed that time. estimates in its next annual report of the number of employees, their Mr. Williams again asserted his willingness for an invessalaries, and of other necessary expenses for the administration of the tigation of his official acts and private connections. duties hereby imposed upon it by said board. Sec. 3. That all Acts or parts of Acts inconsistent or in conflict with this Act are hereby repealed. REMARKS OF DWIGHT W. MORROW AT BANQUET OF TRUST COMPANIES OF THE UNITED STATES. HOUSE RESOLUTION. Resolved, That the Speaker appoint a select committee of seven MemDwight W. Morrow of J. P. Morgan & Co., who spent bers of the House, and that such committee be instructed to inquire into over a year in England and France and had been associated the official conduct of John Skelton Williams, Comptroller of the Currency, in his capacity as such Comptroller, in the relationship thereof not directly with the great work over there and was on Gen. only to the functions of said office as prescribed by law and by regula- Pershing's staff in a legal capacity, in an address at the antions issued by the Secretary of the Treasury and by said Williams, but also in his official relationships to the office of Secretary of the Treasury, nual banquet of the Trust companies of the United States Secretary of the Navy, Secretary of War, Commissioner of Internal Rev- stated that in his opinion "the United States at the present enue, to the Federal Reserve Board, to the War Finance Corporation, time has before it a different type of problem, with referto tho Capital Issues Committee, to the United States Shipping Board, and to the Emergency Fleet Corporation, respectively; said committee ence to the relationships of all of us to each other, than it shall also inquire whether said Williams has any private banking connec- has ever had before. We are going to go through a very tions or partnerships or otherwise interested in banking of brokerage con-. critical six months. I am not speaking about business, I corns in the cities of Richmond, Va., or Baltimore, Md., or both, and what connection any or all of these have had in the past year with purchases or am thinking more of the position that this Nation is to take sales of stocks in International Mercantile Marine and Russian bonds in the world in the future." Continuing he said in part: or other securities, if any fiduciary or other relationship exists or has I am thinking of the character that this nation is to establish for itself, existed between such banks and the Richmond Federal Reserve Bank or for a very long time, by reason of the attitude that it takes toward the war its branch at Baltimore, Md. Said committee shall also inquire into that has just ended. You are going to have a great many men come back the official conduct of said John Skelton Williams in his official capacity from Europe, you are going to have a great many men in this country talk as Director of Finance and Purchases of the United States Railroad Admin- about this war. Why, gentlemen, as long as we live, men will be talking istration. Said committee shall also inquire into the acquisition of sites about this war, about what the various nations did, about who won it, for naval operations of any kind and report to the House whether, in about the contribution, the great contribution that America made, and it their opinion, the said John Skelton Williams, while in said office of Comp- is going to be a severe test of America to get the right sense of proportion. troller of the Currency or in an official capacity directly, indirectly, or The population of this country is roughly one hundred and five to one ex-officio in connection with any other Governmental office, commission, hundred and ten million people, the population of England may be forty board, or agency, has been guilty of acts which were designed or calculated to forty-five million people. The statisticians—I never have been able to to overthrow, subvert, or corrupt the Government of the United States, understand how they do it—but they figure out that the wealth of England or any department or officer thereof; and whether the said John Skelton is something like a hundred billion Williams has been guilty of any act, or has conspired with others to do hundred and fifty billion dollars. dollars and our wealth is about two acts, which, in contemplation of the Constitution, are high crimes or I don't know what adding machine counts that up. but the total loans of misdemeanors, requiring the interposition of the constitutional powers Great Britain while a cruel war was going on and while a great part of their of this House; and for such purposes said committee shall have power to Population were at the front, the people of England have given to their • send for persons and papers and administer oaths, and shall have the Government something over thirty billions of dollars, and the loans which right to report at any time. this country, two and a half times as big have raised about 17 billions of and you are going to be put to the test not only before this country As to the reasons which prompted the introduction of the dollars, but before the world, the opportunity is going to come to the banking comabove, Mr. McFadden said: munity to show that they are going to pay their obligation,pay for something One of them (the reasons) comes in the form of a copy of a letter from the country has already gotten, not for something that they are going to John S. Fisher, the Commissioner of Banking of the State of Pennsylvania, get, and that, the example that the people of New York set, the example to Richard L. Austin, agent of the Federal Reserve Bank at Philadelphia. that the trust companies pet, that the banks of this country set all over the country is going to determine whether or no this great loan is to be a success. He says: I was asked by somebody to say a word about the next Liberty Loan, A matter just came to my attention yesterday which I feel justified in mentioning to you. One of the trust companies of the State has been a the Victory Loan. depository for a number of years for one of the important railroad systems That is going to be a very great test for you men. It is not going to be operating in the region. An officer of this company informs me that the easy, it is going to be hard to sell bonds two months from now. It is not Comptroller of the Currency has notified him that unless steps are taken going to be easy to get the bands to play in the same way that they played by the 1st of February to convert the company into a railroad deposits will be removed to a national bank. national bank the when soldiers were going to France. It is going to be a test of character It seems to me that this is an unfortunate circumstance, and doubly that didn't come while the war was on. It is going to be a test of whether so if it forecasts a fixed policy on the part of the Comptroller. the we are able to go on when things do not look as bright, when we are not recent Government financial operations I am quite certain that theIn State stimulated by the greater sacrifice that younger men are making, institutions have done their full patriotic duty, just the same as the and tional banks. We are advised that there are to be further flotationsnaof that test is going to come peculiarly to the banking community of this loans by the Government, and it seems to me untimely for the Government country. authorities to exercise any discrimination against the State institutions. Gentlemen, it is going to rest with you as to whether this country rises If friction should arise as a result of such Governmental policy, it is not difficult to anticipate that pressure may be brought to bear upon the to the great opportunity of paying its debts, paying its debt to the men State authorities to retaliate by removing State deposits to State instituwho died in France, paying for something that had already been expended, tions. In the past there has been no discrimination in this respect. and doing it with as fine an enthusiasm, even a deeper enthusiasm, than 724 THE CHRONICLE [VoL. 108. that which marked your conduct at the time that you were trying to raise Clearing House. The directors are: C. J. Haven, West money to keep an uninterrupted flow of American soldiers going to the Jersey Trust Co.; Charles Lafferty, First National Bank; other side. It is going to be what someone has called the 3 o'clock-in-the-morning Charles H. Laird Jr., West Jersey Trust Co.; Stanley C. courage: there wouldn't be any glamor about it, but it is going to be the Kimble, National State Bank, and E. H. Robinson, Merthing that bankers, particularly, ought to recognize: it is going to be the chants' Trust Co. The Philadelphia "Ledger" of the 18th discharge of obligations, the discharge of a sacred obligation, the discharge of a sacred obligation to the man who dies on the other side of the water, inst., in stating that the organization of the new institution to our own men and to our allies, and the Secretary of tho Treasury, who was effected to facilitate the handling of bank clearings, says: is confronted with a task to-day as great or greater than any of the tasks Under the old regime each bank had a runner who visited the various that confronted his predecessor, has the right to rely upon the men of this institutions to make clearings. Under present plans the runners meet each meeting, and men that you represent, from all over the United States, day at the Camden Safe Deposit & Trust Co.and clearings are made. to give him not only your unqualified support, but your enthusiastic support. He has the right to rely upon you to start at the beginning and keep up to the end, to show that the people of this country, even after SUBSCRIPTIONS TO SIXTH OFFERING OF TREASURY the bands have quit playing, are ready to pay their obligations to the CERTIFICATES IN ANTICIPATION OF livink and the dead. VICTORY LIBERTY LOAN. And so far as our capacity to do so is concerned, don't make any misSubscriptions of $620,578,500 to the sixth offering of take, if you raise a seven-billion-dollar loan or a ten-billion-dollar loan for this Government, if the people of this country loan ten billion dollars Treasury certificates of indebtedness in anticipation of the more to this Government, they will not have begun to raise as much (Feb. 21). money for the prosecution of this war, either per capita or in proportion Victory Liberty Loan were announced yesterday to their wealth, as the people of England, without boasting about it, A minimum of $600,000,000 was offered, the certificates have raised while the war was going on. bearing date Feb. 13 and maturing July 15; subscriptions OLE HANSON, MAYOR OF SEATTLE, ON MEASURES TO COMBAT DISORDER AND REVOLUTION. At the annual banquest of the Trust Companies of the United States, held at the Waldorf on Thursday night of this week (Feb. 20) a telegram from Ole Hanson, Mayor of Seattle, was read. John W. Platten, President of the Trust Company Section of the American Bankers' Association, had extended an invitation to Mayor Hanson to be a guest of honor at the banquet, with a suggestion that in the event that he should not find it convenient to be present, he send a telegram giving his views on the present industrial situation. His message follows: I very much regret not being able to attend your annual banquet. My place however is here performing my duty and fulfilling my oath, however you have asked me for my views on the present industrial situation with which request I cheerfully comply as follows: Nearly three hundred million people in the world are now living in a state of anarchy or semi-anarchy. This was brought about partially by military defeat, principally by famine. When people are hungry, when children cry for bread, when willing workers are unemployed the field is already plowed and harrowed ready and waiting for the seed of anarchy. From these countries to our shores has come the alien agitator and wherever a crowd of workers congregate his printed propaganda is distributed and by word of mouth he spreads in free America the doctrines of disorder and revolution. Our attempted revolution in Seattle was brought about by alien agitators and criminal labor leaders who, drunk with power, believed they could start a flame here which would sweep over the country. The story of their failure you already know. It was indeed fortunate that at the time this trouble occurred the people of Seattle were prosperous. If they had been hungry no one knows the end. You, gentlemen have in your custody the wealth of the rank and file of the people. Words spoken by you are very powerful. You are each one a power in your community and being powerful you owe a great duty to our country and this duty I feel that you will with courage and patriotism fulfill. Your duty and my duty and the duty of every patriotic American citizen is first to stop the influx of antagonistic aliens, second to assist in the passage of a law whereby the aliens now in this country should be compelled to register their addresses and re-register with each change of address, third to enact national laws making the I. W. W. and kindred organizations outlaws, fourth to encourage in every manner possible public work of all kinds in city, State and nation. This should include bridges, railroads, power plants, etc. and last but not least, great Governmental enterprises for the irrigation of arid land, diking of overflowed land, and in some instances the clearing of cutover land. This land should be taken over by the Government, the improvement work should be done on the same, and then the land should be sold to the actual user on the amortization plan, a homestead at actual cost. Long time bonds should be issued by the Government to be repaid out of the subsequent sale of the land. Such great public works as above spoken of should go on continuously and be used as a refuge for the unemployed when times are hard. I am firmly convinced that in this United States there should be in each State some place where a man who is willing and able to work could find employment under decent living conditions. Constructive statesmanship must solve our readjustment and reconstruction . You gentlemen should take part and assist in their proper problems. solution. It is time now to look forward and not backward. Conditions and times are rapidly changing. We must recognize these changes and prepare for them. We muct not refuse to listen because a thing is new. We believe in orderly progress. Another element desires disorder and the overthrow of our Government. If we do our duty our plan will be adopted. If we sit idly by other men unsafe and unready will control. Let us therefore East and West, North and South unite to make conditions better for all mankind. Let us uphold our Government, its con.stitulon and its ideals, but let us march forward a little each day. Yours sincerely, OLE HANSON Mayor. to the offering closed on Feb. 20. The aggregate thus far of subscriptions for certificates in anticipation of the Victory Liberty Loan is $3,845,678,000. The results by Federal Reserve districts to the sixth offering arranged in order of the percentage of subscriptions of their quotas, are as follows: Federal Reserve Bank— St. Louis Minneapolis Chicago Cleveland New York Philadelphia San Francisco Boston Richmond Atlanta Kansas City Dallas Treasury Total Quota. $24,000,000 20,800,000 84,000,000 54,400,000 203,200,000 42,400,000 42,400,000 52,000,000 20.800,000 17,600,000 24,000,000 14,400,000 No quota $600,000,000 Subscription, $27,405,000 23,610,000 91,677,500 59,100,000 217,497,500 43,323,500 40,000,000 48,421,500 18,977,500 15,482,000 18,500,000 10,939,000 5,645,000 $620,578,500 SEVENTH OFFERING OF TREASURY CERTIFICATES IN ANTICIPATION OF VICTORY LIBERTY LOAN. The Secretary of the Treasury announced yesterday (Feb. 21) a new offering of Treasury certificates of indebtedness in anticipation of the Victory Liberty Loan. A minimum amount of $500,000,000 is offered, the certificates, with interest at 4M%, bearing date Feb. 27, and payable July 29 1919. The New York Federal Reserve Bank in its announcement of the offering yesterday, said: Subscriptions will be received by the Federal Reserve Dank of New York, as fiscal agent of the United States, up to the close of business on Thursday, March 6 1919. Payment for certificates allotted in the Second Federal Reserve District must be made to the Federal Reserve Bank of New York at par and accrued interest on and after Feb. 27 1919, up to March 6 1919, inclusive. This is the seventh issue of the series of certificates to be offered in anticipation of the Victory Liberty Loan, and is known as Series 5-G. The quotas for the banks in the Second Federal Reserve District are the same as for a previous issue of this series, namely. Series 5-B, dated Dec. 19 1918. Treasury certificates of indebtedness of Series 5, heretofore or hereafter issued, will be accepted in payment on account of subscriptions for the loan if the loan takes the form of an issue of notes, upon the same terms and conditions as are provided in the Treasury certificates and in the circulars offering them for subscription, in the case of an issue of bonds. SHORT TERM BONDS TO BE ISSUED IN' VICTORY LIBERTY LOAN. The issuance of short term notes, maturing in from one to five years was tentatively agreed on by the House Ways and Means Committee on Feb. 18 when it decided against giving Secretary of the Treasury Glass the wide discretionary powers to determine the terms of the proposed Victory Liberty Loan In the legislation proposed by Secretary Glass and outlined in these columns last week, page 637, he had asked Congress for authority to issue either bonds or notes, as market conditions at the time might warrant, but the committee is said to have reached the conclusion that a new loan would necessarily carry with it such a high rate of interest that financiaUmarkets might be adversely affected. OPENING OF THE SAVANNAH BRANCH OF THE It was pointed out on the 18th that even if Congress adopted the plans of the committee the Treasury's plans would not FEDERAL RESERVE BANK OF.ATLANTA. The new Savannah branch of the Federal Reserve be materially changed. Secretary Glass intended to make Bank of Atlanta, referred to in these columns Dec. 14, page the bonds of short maturity, but had asked for authority 2229, began business on Feb. 3. R. J. Taylor, formerly. to issue up to $10,000,000,000 of notes in addtiion, rates Cashier of the Effingham County Bank at Guyton,.Ga., is and other terms of both bonds and notes to 1::,43 determined Manager of the Savannah Branch of the Reserve Bank; by the Treasury under blanket authority by Congress. Secretary Glass in announcing on the 18th that the proRobert Groover is Assistant Manager. posed Victory Liberty Loan campaign would be conducted CAMDEN (N. J.) CLEARING HOUSE FORMED. as planned, irrespective of the terms proposed by Congress, The Camden City Clearing House has been formed in said: The Victory Liberty Loan campaign will begin not later than April 21. Camden, N. J. F. Herbert Fulton, Assistant Treasurer imperative and cannot be financed of the Camden Safe Deposit & Trust Co., is Manager of the The requirements of the_sTreasury:are FEB. 22 1919.] THE CHRONICLE without such a campaign. The form and terms of the securities to be issued remain to be determined. Whether they be bonds or notes it is absolutely essential that the widest possible measure of distribution be realized. This will necessitate a campaign of the same character as that conducted in the past through the existing Liberty Loan organizations. They have pledged again their united support in order that the Victory Loan bonds or notes may be distributed as widely as possible among the American people. 725 announced will not lessen the effectiveness of the present blockade of the Central Powers. In a further statement formally announcing the issuance of its ruling (W. T. B. R. 602) authorizing all persons in the United States, subject to the rules and regulations of the War Trade Board, to trade and communicate with perThe tentative agreement reached on the 18th proposed to sons in Bulgaria and in the Turkish Empire, both in Europe give Secretary Glass discretion as to the issuance of any one and in Asia Minor, the Board says in part: To clarify the situation in the light of this announcement, and previous or several of four kinds of notes, the total amount to be announcements regarding Russian Black Sea ports and Rumania.. t limited to $7,000,000,000, of which but $6,000,000,000 War Trade Board announces that all ports on the Black Sea are now open would be issued at this time by the Treasury. The com- to trade with the United States. In accordance with this authorization, applications will now be conmittee on the 19th inst. finally decided in favor of short- sidered for licenses to export or import all commodities to consignees or term notes, and was advised by Assistant Secretary of the from consignors in such territory. The War Trade Board has received no official advices as to what the imTreasury that this plan was acceptable to Secretary Glass. port regulations into this territory, if any, will be. Prospective exporters The notes would be redeemable before maturity at the op- should therefore communicate with their customers abroad maktion of the Government, on one year's notice. The four ing shipments, in order that the importer may comply withbefore any import types of notes that may be issued by the Treasury and their regulations that may be in effect. terms as fixed by the committee are: COMMISSION NAMED BY WAR DEPARTMENT TO First—Exempt from all taxation, except estate or inheritance taxes. Second—Exempt from all taxation except estate or inheritance taxes LIQUIDATE LATTER'S CLAIMS IN FAVOR OF AND and the graduated additional income taxes, commonly known as surtaxes, AGAINST GREAT BRITAIN AND FRANCE. and excess profits and war profits taxes. Third—Exempt from the same taxation as those of the second type, The War Department announced on Feb. 12 that, with except that the interest of $30,000 of notes of this type shall not be subthe approval of the President, the Secretary of War had Ject to the estate and the graduated additional income levies. Fourth—Exempt, except from estate or inheritance taxes, and all in- appointed a commission to be known as "The United States come, excess profits and war profits taxes. Liquidation Commission—War Department." The duties The exemption in all the four types applies to both prin- of the new body, according to the announcement of the cipal and interest from all present or future tax levies, either War Department, will be "to adjust and settle claims of Federal or local. The privilege of conversion of the bonds the War Department in favor of and against the French and of one type to those of another is granted purchasers for a British Governments, growing out of arrangements abroad period of six months after their date of issue. It is also stated and in this country-for the furnishing of supplies, munitions, that with a view to making Liberty bonds more attractive &c., to dispose of movable and immovable properties in as investments the committee proposes to provide that France and England used by our forces, and generally to $30,000 of any of the four issues be exempt from the addi- liquidate the business and financial affairs in France and tional graduated income taxes. Provision will also be carried England of the American Expeditionary Forces." The in the bill increasing the amount of Treasury certificates announcement also says: that may be issued by the Department from $8,000,000,000 The commission will maintain its headquarters in Paris, and will work to $10,000,000,000. Secretary Glass will be empowered to closely with the Services of Supply of the American Expeditionary Forces, which will function substantially as heretofore. Claims against the fix the rates of interest on the four classes of notes. Because French and British Governments growing out of arrangements and conof the misapprehension that the Victory Liberty Loan plans tracts made in the United States with the War Department will be develhad been abandoned or modified materially by reason of oped, as far as practicable disposed of, and then referred to the commission for final adjustment and disposition by Mr. Chester W. Cuthell, who was the committee's decision, Secretary Glass on the 20th again recently designated by the Secretary of War as special representative of announced that the campaign would be held as planned the War Department and assigned to these duties. The commission will consist of Hon. Edwin B. Parker, of Houston, Tex., and would be inaugurated on April 21 or possibly earlier chairman; Hon. Henry F. Hollis, of New Hampshire; Homer H. Johnson, and would be popular in nature. Mr. Glass said the Treas- Esq., of Cleveland, Ohio, and Brig. Gen. Chas. G. Dawes, of Chicago, ury had not determined the denomination of the securities, who is now serving with the American Expeditionary Forces abroad. A but he intimated that they would be as small as $50 as in fifth member may be appointed at a later date. Senator Hollis and Mr. Johnson will sail for Europe in a few days and will be followed within a fortpast loans. The notes would carry no coupons and would night by Judge Parker. The plan of adjusting the obligations and disposing of the'property of mature within five years. STATE BANKERS TO CONFER ON VICTORY LIBERTY LOAN. Members of the Association of State Banks of New York State this week were advised of a special meeting to be held in Syracuse next week to consider the rate of interest and terms upon which the next Government loan should be issued. The notice was contained in the following telegram sent out by Secretary Paul E. Bonner: A special meeting of the "Association of the State Banks of the State of New York" has been called by the executive committee to meet at the Onondaga Hotel, Syracuse. at 1.30 p. m., Feb. 27, to consider the rate of Interest and terms upon which the next Government loan should be issued, and such other business as may come before the meeting. The great importance of the subject will appeal to you and you are earnestly equested to be present or send a representative. the American Expeditionary Forces abroad was proposed by Gen. Pershing, and has been worked out in detail by the Secretary of War in conference with Mr. Edward R. Stettinius, who since last July acted as Special Representative in Europe. Mr Stettinous having completed the specific tasks assigned to him, has resigned and!terminated his official connection with the War Department; he will, however, return to France with Judge Parker and assist in the organization of the commission before resuming his former business connections. REMOVAL OF BREADSTUFFS FROM LIST OF RESTRICTED IMPORTS, The War Trade Board announced this week the issuatee of a new ruling (W. T. B. R. 598), whereby the restrictions which have heretofore existed upon the importation of breadstuffs, as classified under item 8 of the List of Restricted Imports No. 1, published Mar. 23 1918, W. T. B, R. 82, have, with the exception of rice, wheat and wheat. flour, been removed. Licenses may now be issued, when the applications therefor are otherwise in order, for the importation of all breadstuffs not heretofore removed from the import restricted list, except rice, wheat, and wheat flour, from any overseas market, provided that shipment is made from the country of origin. RESUMPTION OF TRADE BETWEEN UNITED STATES AND TURKEY AND BULGARIA. The resumption of trade between the United States and Bulgaria, as well as the Turkish Empire, both in Europe and Asia Minor was authorized by the Supreme Economic Council in Paris on Feb. 15, according to an announcement by the War Trade Board on that date. The Board LICENSING BY WAR TRADE BOARD OF EXPORTS OF is represented on the Council by Vance C. McCormick. PORK. The War Trade Board announced on Feb, 15 in a new In its announcement the Board says: This'action marks by far the most extensive opening of territory to ruling (W. T. B. R.601), after consultation with the United trade since the signing of the armistice. It is taken in accordance with the States Food Administration, that it will now consider apdesire of the War Trade Board to open increased fields for our commerce, with the purpose of restoring trade to conditions more nearly approaching plications for licenses to export pork and pork products to normal. all destinations except Great Britain and Italy. The Board This step will throw open the Dardanelles, and consequently Rumania says: and all the ports Black Sea, to trade with of the this country. And it will serve as a measure of relief to Armenia and all South Russia. In addition to the already announced reopening of trade with Mesopotamia, Syria and Palestine south of the line from Alexandretta to Aleppo, this announcement by the War Trade Board signified the resumption of trade with the entire territory embraced within the boundaries of the Turkish Empire, as it existed on Aug. 11914. It was further stated that in those regions which have been under enemy domination, such as Turkey and Bulgaria, arrangements will be made by the associated Governments to insure that the resumption of trade now Purchases of these commodities for shipment to Great Britain and Italy will continue to be made by the Allied Provisions Export Commission, acting on behalf of the Governments of these countries. All applications for licenses to export pork and pork products to European destinations, other than Great Britain and Italy, must have attached thereto a certificate from the United States Food Administration to the effect that the commodity described in such applications has been sold for export at a price approved by the United States Food Administration. Exporters should ocquaint themselves with the import restrictions of the countries of destination before consummation of their business, as in some 726 THE CHRONICLE [VOL. 108. The furnishing of import certificates will no longer be required except in the case of applications for the exportation The War Trade Board in making known recently that a of cereals or mineral oils to Iceland only. The Board's supply of pork and pork products from the United States announcement says: for the people of the Swiss Conferedation had been definitely • Applicants will not be required to attach to their applications Supplemental Information Sheets X-103 or X-119, except in the case of applicaarranged for said: only. countries the regulations which were in force prior to the signing of the armistice are still in effect. Supplementing its announcement of the allotment of sugar, breadstuffs and feed stuffs for which export licenses to Swiss destinations will be granted the War Trade Board announces that 40,000 tons from the American oversupply of pork and pork products are to be included in this list. This • allotment is for the year ending Sept. 30 1919. Arrangements for the determination of this allotment were completed by representatives of the Governments of France and Great Britain the War Trade Board and the Swiss Confederation. tions to export cereals or mineral oils to Iceland No import certificates will be required for the exportation of commodities to the Faroe Islands, nor will applicants be required to attach Supplemental Information Sheets X-103 or X-119 to their applications. Licenses hereafter granted for shipments to Iceland and the Faroe Islands, as well as those heretofore issued which contain an expiration date of Nov. 15 1918, or later, are valid until used or revoked. TRADE WITH CZECHO-SLOVAKIA PERMITTED COFFEE AND LARD REMOVED FROM EXPORT UNDER LICENSE. CONSERVATION LIST. Board announces, in a new ruling, Trade War The The removal of coffee and lard compounds and lard sub594, that all persons in the United States are W.T.B.R. Feb. effective list, on conservati export the stitutes from authorized, subject to the rules and regulations of the War 14,is announced by the War Trade Board. Trade Board, to trade and communicate with persons residing within the territory under the control of the Czecho-Slovak REMOVAL OF BELGIAN IMPORT RESTRICTIONS. National Council. The Board says: The War Trade Board announced on Feb. 7 that it had Pending further announcement the territory now opened to trade is the the in changes announced following the of area constituting the Provinces of Bohemia and Moravia as existing on been informed Aug. 1 1914. import regulations of Belgium: United States from such territory individual The import restrictions have been removed on all commodities imported Into Belgium with the exception of foodstuffs, tobacco, wines, spirits, malt, shoes, clothing and accessories, cloth, perfumery and accessories, and coal. Previous regulations issued by the Belgian Government, providing that licenses for the importation of foodstuffs, clothing, textiles and tobacco must be applied for from the Ministry of Industry, Labor and Revictualling, have been amended to provide that it is necessary to apply to the abovementioned Ministry only when the application covers sugar, tobacco (raw or manufactured), wines, spirits, malts, barley, oats and cereals to make bread. No Belgian import license is required before shipping oats, sugar, tobacco and wines if such goods are sent to public bonded warehouses in Antwerp or Brussels, but import licenses will have to be obtained for the release of such goods from the warehouses. Licenses for the importation into Belgium of shoes, clothing and accessories, cloth, perfumery and accessories, and coal are issued by the Ministry of Economic Affairs. Applications for all import licenses should be made on special blanks, and, if possible, by representatives in Belgium of American firms. Parcels weighing less than 2 kilos (about 4.4 pounds) are exempt from Import license, also parcels sent by individuals to their families in Belgium when tne articles contained therein are not meant for trade. For importations into the import licenses will be required under the same conditions as for importations from European countries, except where shipments are covered by the list of general import licenses previously announced. The War Trade Board has received no official advices as to what the Import regulations into this territory, if any, will be. Prospective exporters should therefore communicate with their customers abroad before making shipments, in order that the importer may comply with any import regulations that may be in effect. 15% DUTY ADDED ON ARTICLES BY MAIL SENT TO • OR FROM MEXICO. The following announcement has been issued by the Post Office Department: OFFICE OF SECOND ASSISTANT POSTMASTER-GENERAL. Washington, February 111919. This department has been advised of a decree of the Mexican Government establishing an additional charge of 15% on mail articles exported from or imported into Mexico, said charge being over and above the regular tariff duties applicable to the merchandise involved. Postmasters will please cause due notice of the foregoing to be taken at their offices, and the widest possible publicity to be given thereto. OTTO PRAEGER, Second Asst. Postmaster-General. BRITISH RESTRICTIONS AFFECTING IMPORTS OF GOAT AND SHEEP SKINS. 0 TO STOCK YARD On Feb. 7 the War Trade Board announced the following WAGE INCREASES OF $13,000,00 EMPLOYEES. changes in the import regulations of Great Britain: 1 General licenses nave been issued, and will remain in force until July Wage increases aggregating $13,500,000 annually have sheep 1919 for the importation, without special license, of tanned goat and granted to stock yard employees in an award announced been skins. lamb and sheep dressed and skins in Chicago on Feb. 17 by Judge Samuel Alschuler, Federal Packing House Arbitrator. The Chicago "Record Herald" RESUMPTION OF TRADE WITH SERBIA AND in announcing the award says: . RUMANIA In addition, he directed payment by the packers of approximately The War Trade Board announced on Feb. 4 that all per- $2,800,000 in bonuses on back pay, bringing the total increases won by since last March to over $91,000,000. sons in the United States are authorized, subject to the rules the employees The total number of workers affected is 100,000, of whom about 60,000 and regulations of the War Trade Board, to trade and com- are employed in the Chicago plants alone. The award was in the nature of a compromise. None of the four demunicate with persons residing in Serbia and Rumania. in full. One was denied. For importations into the United States from such territory mands submitted to arbitration was granted same the under required be WON. will licenses WORKERS THE import WHAT individual The award compares with the demands as follows: conditions as for importations from European countries, except where shipments are covered by the list of general Demand No. 1. import licenses previously announced. A minimum wage of 65 cents an hour for common labor, an increase RESUMPTION OF TRADE WITH MESOPOTAMIA. According to an announcement made by the War Trade Board on Feb. 3, all persons in the United States are authorized, subject to the rules and regulations of the Board, to trade and communicate with persons residing in those portions of Mesopotamia within the military occupancy or control of the Allied Governments. Applications will hence be considered for licenses to export or import all commodities to consignees or from consignors in such territory. The Board also says: of 25 cents an hour. Award—An increase of 2% cents an hour with a maximum of 42% cents, limited to employees over 21 years old. A weekly bonus to all employees, total not to exceed $2 a week. Demand No. 2. That overtime be paid for at rate of time and a half for first two hours over eight and double time thereafter. Award—Time and a half granted for all overtime. Demand No. 3. monthly Sunday work for stock handlers to be restricted to one Sunday instead of two, workers to give up two Saturday afternoons off in exchange. Award—Demand denied. Demand No. 4. That the award be made effective Oct. 1 1918 For importations into the United States from such territory, individual Award—Bonus made effective Nov. 10 1918: pay increases effective Import licenses will be required under the same conditions as for importa- Feb. 16 1919; new overtime schedule effective March 2 1919. the by covered are tions from European countries, except where shipments MEANS EIGHT-HOUR BASIS. list of general import licenses previously announced. An agreement entered into voluntarily between packers and employees More specific information will be given the public as to the exact bounhalf an daries of the territory involved as soon as such information is received before the arbitration perpetuated the basic eight-hour day with hour for lunch with pay, provided for the reinstatement of former emfrom the Allied military authorities at Paris. ployees who entered war service, and declared Independence Day, Labor Day and Christmas Day holidays. FAROE THE EXPORTATIONS TO ICELAND AND EFFECT OF AWARD. ISLANDS. The effect of the award on the individual workers' weekly pay check The War Trade Board made known on Feb. 4 that a sim- was computed for the "Herald and Examiner" last night by John T. international auditor for stockyards unions, as follows: plified procedure had been adopted for the consideration Joyce,Employees—F ourteen weeks' back pay at $2 a week; total, $28. A All Iceland to s commoditie of applications for licenses to export maximum bonus of $2 a week hereafter. and the Faroe Islands. W.T.B.R.227,issued Sept. 17 1918, Employees over 21—Increase in pay beginning Feb.or16 of $1 20 e week 1919, have been withdrawn. In addition to $2 a week bonus; total increase, $3 20 16.87%. and W.T.B.R.480,issued Jan.8 FEB. 22 1919.) THE CHRONICLE Employees (mostly women) receiving 303 cents an hour—An increase in pay beginning February 16 of $2 78 a week, including the $2 bonus— an increase of 19%. The wage increase of 2% cents an hour is applicable to so-called common labor only, which constitutes about 50% of all employees. BONUS FOR LIVING COST. Judge Alschuler explained the bonus award was intended to meet the Increased cost of living, which, he said, reached a maximum of 12 to 15% in November and began receding in January. He declared frankly the increase in overtime compensation was intended to discourage overtime work, and so give employment to larger numbers of men. NO VALID REASON, SAYS SECRETARY GLASS, WHY CREDIT SHOULD NOT BE AVAILABLE FOR. BUILDING. In stating that no valid reason now exists "why sufficient credit should not be made available for useful building operations," Secretary of the Treasury Glass in an announcement on Feb. 8 added: The impression seems to exist that policies initiated during the war by Secretary McAdoo and by the Federal Reserve Board for the conservation of credit are still fully effective and are responsible for inactivity in the building trades. The activities of the country have undergone a great change since the signing of the armistice, and many industries which are engaged in the production of war material and for which credits were essential are now directing their energies to other lines more nearly related to the normal activities of peace. Consequently many of the policies which were adopted to meet war needs are now out of date. My own impression is that inactivity in the building trades is directly traceable not to any.insufficiency of credit, but to the continuance of abnormally high costs. CONFERENCE BETWEEN GOVERNMENT OFFICIALS AND REPRESENTATIVES OF PLY- WOODS AND VENEER INDUSTRY AS TO DISPOSAL OF SURPLUS STOCKS. A conference of representatives of the War Department and War Industries Board and a committee representing the ply woods and veneers industry was held in Washington on Feb. 13 to consider a method of procedure for the disposal of Government surplus stocks of ply woods and veneers that would be for the best interests of the Gownmentand at the same time meet with the approval of the industry. The Government representatives having the matter in charge stated it was their desire to so dispose of these stocks as to not in any way adversely affect the market. A plan is under consideration by which these stocks will be disposed of in co-operation with the industry. A considerable portion of these stocks will bo absorbed by redistribution among the several bureaus for Government use. The representatives of the industry in attendance are said to have expressed complete satisfaction as to the method being followed by the Government in arranging for the disposal of these surplus stocks and agreed, after a conference with all the members of the industry, to attend a further conference later, at which the industry is expected to present proposal in regard to the matter. DISPOSITION OF GOVERNMENT SURPLUS STOCKS OF HARDWOODS. A conference was held on Jan. 30-in the Building Materials Division, Council of National Defense Building, Washington, D. C., between representatives of the Government and of the lumber industry to consider a uniform method of procedure for the disposal of Government surplus stocks of hardwoods. The conference developed the following facts: 1. It was not the intent of the Government to market theso stocks in such a way as to adversely affect the lumber industry. - 2. The amount of those stocks is very small. 3. A plan was under consideration by which these stocks would be disposed of in co-operation with the industry. 727 It is strongly recommended, however, that many features of these regulations should be continued. During many years of sharp competitive business, various wasteful practices of editing and circulation have developed, these practices having in many instances led to unwarranted waste of paper with no advantage to the public or the publishers. Under the necessity of conserving all paper possible the Pulp and Paper Division of the War Industries Board was compelled to eliminate many of these practices, and these restrictions have not only conserved paper but have also proved profitable and beneficial to the publisher. On account of the lifting of priorities on coal, transportation and labor. the newsprint situation has been materially improved. There is still, however, an obligation to the newsprint industry, that during the period of readjustment, both in public interest and for their own protection, newspaper publishers should exercise reasonable conservation in its use. At a recent conference held in Washington between the War Service Committee of the Newspaper Publishers and the Pulp and Paper Division of the War Industries Board, it was the concensus of opinion that the regulations governing the use of paper promulgated by the War Industries Board should be continued, and it is therefore recommended by the War Industries Board that the newspapers should continue for a time a reasonable limitation upon the amount of space to be given to reading matter, and we join with the War Service Committee of Newspaper Publishers in strongly urging the continuance permanently of the following practices: 1. Discontinue the acceptance of the return of unsold copies. 2. Discontinue sending papers after date of expiration of subscription unless subscription is renewed and paid for. 3. Discontinue the use of all samples or free promotion copies. 4. Discontinue giving copies to anybody except to advertisers for checking purposes and for actual service rendered. 6. Discontinue selling advertising with a guarantee of circulation requiring rebate if circulation falls below guaranteed amount. 7. Discontinue the arbitrary forcing of copies on newsdealers (i. e.. compelling them to buy more copies than they can legitimately sell in order to hold certain territory). 8. Discontinue the buying back of papers at either wholesale or retail selling price from dealers or agents, in order to secure preferential repro* sentation. 9. Discontinue the payment of salaries or commission to agents, dealers. or newsboys for the purpose of securing the equivalent of return privileges. 10. Discontinue all cash discounts or bonuses to wholesalers or retailers, pt a bona fide cash discount for prompt payment. 11. Discontinue all free exchanges. 12. No publisher shall sell his paper at retail less than his published prices. 13. No publisher shall use premiums, contests, or similar means to stimulate his circulation. T. E. DONNELLY, Director, Pulp and Paper Division, By G. J. PALMER, Chief, Newspaper Section. Approved: B. M. BARUCH Chairman. NORTH DAKOTA'S EXPERIMENT WITH STATE SOCIALISM. In our issue of Feb. 8, page 539, we referred to the plans of the Non-Partisan League, which controls both houses of the North Dakota Legislature, for introducing State Socialism. With regard to the progress of the bills, which would accomplish this, the St. Paul "Pioneer Press" in a dispatch from Bismarck, N. D., Feb. 14, said: The State Senate today passed the administration bill creating the State elevator and flour mill association and the administration bill for the establishment of a home building association, while the house passed the administration bill for a $2,000,000 bond issue to capitalize the proposed State bank. The flour mill bill was passed in the Senate by a vote of 42 to 7, with the emergency clause attached, while the $2,000,000 bonding bill was carried in the House, 74 to 36, with Representative Donner, who voted with the minority yesterday, voting with the majority today. Representative Krueger of Richland county, who voted with the majority yesterday, was absent from the city. The emergency clause is attached. The hottest debate took place in the Senate on the home building bill, a clause that gives the industrial commission, which is to administer the act, the right of eminent domain being the sticking point. Senator Hyland insisted that the right of eminent domain would open the way to one individual forcing another individual to sell his property for home purposes, at a price fixed by the courts. His amendment to strike the provision out was defeated and a second amendment, under which the right of eminent domain could not be exercised against the homestead of any citizen in North Dakota of the United States, was also defeated. During the course of his remarks Senator Hyland declared that Walter Thomas Mills, the Socialist, was the author of the bill. Senator Cahill offered an amendment which took off the emergency clause and which was adopted. Members of the industry in attendance expressed complete satisfaction with the practical methods which the Gov- SECRETARY REDFIELD PROPOSES COMMISSION TO CONSIDER POST-WAR LEVEL .OF PRICES AND ernment was employing in its disposal of these surplus stocks. RELATIONSHIP TO WAGES. Action toward evolving plans to establish a fair post-war WITHDRAWAL OF RESTRICTIONS AFFECTING level of prices for basic commodities was taken at a conDAILY AND SUNDAY PRESS. ference on Feb. 5, called by Secretary of Commerce William The withdrawal of all regulations and restrictions govern- C. Redfield and attended by a number of former heads of ing the publication of daily and Sunday newspapers, as the more important divisions of the War Industries Board, announced by the War Industries Board, became effective representatives of various Government departments and Dec. 15. The newspapers were asked, however, to con- others. This meeting, which followed a series of confertinue for a time a reasonable limitation on the amount of ences between members of the Cabinet and others interspace to be given to reading matter, and they were urged ested in the matter, was held for the purpose of considering to continue permanently certain practices, among them the the industrial situation with particular reference to unemdiscontinuance of free exchanges, &c. The following was ployment and the prospect of the resumption of active buythe Board's notice: ing. The meeting resulted in the adoption of a resolution All regulations and restrictions governing the publication of daily and requesting Secretary Redfield to seek the approval of PreqiSunday newspapers are withdrawn. to take effect Dec. 15 1918. Until that date these regulations are in full force and effect and will be rigidly dent Wilson for the appointment of a committee to deal with enforced the situation. A statement by Secretary Redfield as to the 728 THE CHRONICLE [VOL. 108. conditions confronting the country and the conclusions the-war tasks confronting the United States was quoted to the following effect in the "New York Commercial:" reached at the conference says: It was.recognized by the meeting that a considerable amount of unemployment existed and that with the return of the troops this unemployment would tend to increase. It was also recognized that in a large measure the unemployment was seasonal and due to the impossibility of carrying out open-air construction in the Northern States at this time of the year. It was, however, agreed that a second important cause was the reluctance of buyers to purchase more than their emergency requirements at the present level of prices, and it was felt that a determination of a post-war level of prices for basic commodities was urgently needed. It was the general opinion, illustrated by many specific cases, that a large latent buying power existed in the country, which needed only a satisfactory level of prices to become effective. It was pointed out that the establishment of a satisfactory level of prices at this time offered particular difficulties, because war prices, as fixed, are recognized as abnormal; on the other hand, there is no prospect in the Immediate future of the restoration of pre-war prices. It was felt that wages would remain on a higher level than before the European war and that no readjustment in the true wages of labor, as measured by purchasing power, should be attempted, though it was felt that as the cost of living is reduced, labor would readily agree to the corresponding adjustments in money wages. If events are left to take the natural course the establishment of post-war prices would probably be a difficult and protracted matter, since prices of one commodity affect other commodities and producers would wait for one another to take the first step. Such a course of procedure would involve much unemployment and a loss to both labor and capital. It was the sense of the meeting that the fine spirit of voluntary cooperation in industry which had proved such a valuable factor in the conduct of the war should be availed of to ease and expedite the processes of readjustment and that the manufacturers of the country would be willing to take the first step. After a full discussion of the situation, which occupied the greater part of the day, a resolution was adopted, asking the Secretary of Commerce to seek the approval of the President to the appointment of a committee to deal with the situation. It was contemplated that this committee should call into conference the representatives of the basic industries of the country to examine conditions in industry with a view to the formulation of a scale of prices at which the Government departments and other buyers would be justified in buying freely and at which the manufacturers would be willing to sell with a view to maintaining or restoring business activities to a full volume. It was felt that time was the very essence of the problem, and that therefore the appointment and action of the committee should proceed with all possible speed. It was believed that pablic announcement of the conclusions of such a committee would have a great value in establishing confidence in a level of prices and would be accepted by bankers and others as a basis for credit. Conditions confronting the country now are: 1. Unemployment of labor, now large and rapidly increasing. 2. A stagnant condition of industry due to several reasons: (a) Industries are not resuming production in full volume for lack of buyers. (13) Consumers are not buying except for immediate needs or emergency requirements because of high and unstable prices. (c) Prices are high and unstable, duo to the effects of the war, which interfered with the ordinary operation of the law of supply and demand. (1) Prices were inflated beyond the possibility of maintenance upon the same scale during peace time. (2) Prices advanced or were fixed to encourage maximum production by producers operating at the highest cost. (3) Prices advanced disproportionately, some showing increases over the pre-warprices of 250%, while others showed but 50%• ( The adanced prices largely obtain now,and unless concerted action on the part of industry and Government is taken, a long time will be re. quired by the law of supply and demand to reduce them to the proper level3. This stagnant condition of industry is equally detrimental to labor, capital and Government, and, it is believed that industry will welcome an opportunity to put the prices of its commodities upon a sound and stable basis. This stable basis, it is clear, must be upon a higher scale of prices than those of the pre-war period. 4. 'rho action taken by the Department of Commerce upon this situation was briefly as follows: (a) . Impressed with the gravity of the situation, the subject was considered at a nuniber of conferences by different members of the cabinet. (b) Pursuant to conclusions there reached, a meeting called by me was held in Washington on Feb. 5. I had previously appointed a number of the more important division heads of the War Industries Board as my advisers, and these and representatives of the various Governmental departments and others interested in the subject were present at the meeting. 5. The conclusions reached at this conference wore briefly as follows: (a) it was felt that a large, latent buying power exists in the country which needs only a fair adjustment of prices to become active and effective. (b) That there is no prospect of the restoration of pro-war prices and the prices of everything will remain higher than in pre-war days (c) That it is highly desirable to take steps to reduce the prices of all commodities abnormally high to their proper level. (d) That it is necessary in considering the readjustment of prices of materials to have due regard for the necessity of maintaining a proper and just wage scale. (e) That the fine spirit of voluntary co-operation in industry which proved such a valuable factor in the conduct of the war should be availed of to expedite the processes of industrial readjustment. (f) That time is of the very essence of handling the problem and the situation requires the utmost speed. (g) It was therefore determined that it would be wise for the Secretary of Commerce to seek the approval of the President to the appointment of a board to deal with the situation. (1) If the approval of the President is had, I contemplate appointing a board largely from the division heads of the War Industries Board, with a view to co-ordinating the interest and efforts of Government, labor and industry, in an effort to remedy present industrial conditions. (2) It is designed that this board shall from time to time call into conference the industries of the country, and the first of these conferences will be with committees or representatives of industries producing basic materials, such as iron, steel, textiles, cement, lumber, copper, brick, and other construction materials. (3) These conferences will be designed to ascertain the present fair selling prices of materials. (4) The board will, pursuant to these conferences, and upon considering the recommendations of the representatives of industry, form and announce its conclusions. (5) The work of this board will be continued so long as it may be deemed in the public interest for the good of all. (h) It is felt that the public announcement of the conclusions of the board after the conferences contemplated will be of great value in establishing a proper level of prices, and the stability thereof, and will induce a general resumption of industrial activity, such as the deferred building program; and that operations undertaken thereafter in pursuance of the policies announced will afford a safe basis for business transactions and serve as a basis for consideration by bankers and others in order to enable them to determine proper bases for credit of industrial enterprises. WILLIAM 0. REDFIELD. "We are in the 'cold gray dawn of the morning after' a national military debauch," Mr. Redfield began. "In the early spring of 1917 our industries were running full, largely, of course, on war orders from the then bellIgerant countries, but still more largely upon the manufacture of the ordinary things we re9uired to run our homes and our businesses. "Then for nineteen months we were engaged in a continuous and increasing effort to turn our industries from a peace to a war footing. Before half that period was over, there were 30,000 factories in the United States, and 15,000,000 men and women, exclusive of those in the army and navy, doing war work. "We were at the height of this endeavor Nov. 11 when the armistice was signed, and we have had eighty days since then to undo the things that required nineteen months in the doing. "Every housewife knows it is simple to sramble eggs. Uncrambling them is not nearly as simple. "There is an element of danger in going too fast. We have, for instance, already demobilized about 800,000 men, 10,000 a day. The absorption power of the nation has its limits. I had supposed there was nothing Uncle Sam didn't have the physical power to do, but recently he has run up against several jobs he found he didn't have the necessary tools to perform. "During the war the commerce of the nation was under the complete control of the War Industries Board and the War Trade Board. They held it under leash. The Duty of the Department of Commerce was to see to it that these two bodies were as merciful as possible in a merciless business. But now they have released their control." Secretary Redfield reviewed the accomplishments of the food conservation program during our participation of the war, emphasizing the salutary effect it had had upon the fortunes of the Allies. And the first great job of commerce after the war," he continued, "is concerned with this same problem. Formerly we sent approximately 6,000,000 tons of food to Europe each year. Last year we sent 11,000,000 tons. This year we must send 18,000,000 or 20,000,000 tons. Fortunately we have it to spare. We have none to waste. We have no right to waste ever. But there will be no need to pinch. "But furnishing the food to feed Europe is not all. We must find the ships to transport it and we must furnish Europe the money to pay for the food we send them. "The second task that lies before us is to rebuild the homes of Europe. We must within the next year reconstruct at least 1,000,000 dwellings. to say nothing of the railroads, bridges, factories and other works the enemy destroyed. And we must furnish material for building new homes and equipment for the factories and provide the money to pay for that as well. "Then our third task is to take up the threads of trade as they were before the war and carry them along. "But this commerce after the war is not to be any more a game of grasp and get. Between the commerce that robs and the commerce that serves a great gulf is fixed. "If we conduct our commerce in the spirit of service to those with whom we deal, it will not be long before the American flag will go everywhere. It will be only a question of the ships. It may be a few months before we get them, but they are coming." JUDGE GARY DEPRECATES PESSIMISTIC OUTLOOK AS TO UNEMPLOYMENT. Any suggestion that the country is facing a serious unemployment problem is deprecated by Judge Elbert H. Gary, Chairman of the Board of the U. S. Steel Corporation. The New York "Tribune" of Jan. 27 quotes him as follows: "Why should there be any talk about unemployment?" said Judge Gary. "The country never was more in need of its workers than it is now, and it will use all the workers it can get. I don't think there is going to be any permanent or menacing unemployment problem. "Our country never has been so prosperous as it is now. We have resources of fifteen billions of dollars annually coming out of the ground— more than we ever had before; we have more than sixteen billions of cash; in our banks; we are a creditor nation to the extent of fifteen billions or more, and our per capita wealth haA jumped up to $56, as compared to $35 before the war. We are in an era of prosperity hitherto undreamed of. "What we need is simply to get to work and not talk about unemployment. Psychology has a good deal to do with it. Pessimistic talk will do more to bring about unemployment than it will do to prevent it. "But there isn't going to be any. Our mop who have been fighting abroad will be taken back into industry just about as fast as they return. Of course, there may be a little talk here and there about a few not being able to find employment, but this will not be serious." "Do you think the business men of the country should begin doing business on a largo scale, so as to tide over any period of depression, as suggested by Secretary of Labor Wilson?" Judge Gary was asked. "We don't need any booming," he replied. "Business will take care of itself. This time of the year is always cleaning-up time. It is not necessary for industry to do more than the demand requires. Business is going to boom itself without any help from anybody. There is no doubt about that. "I do believe that all the public improvements that have to be done should be done now. Men should be at work all this winter on the roads that are to be built in the Southern States. The Government should begin the great reconstruction work necessary on the railroads of the country, and wherever there is public work to be done it should be done without delay. "As for the steel industry, we are not thinking of any depression. We had a great many men in the war, and we are taking them back as fast as they return." President Wilson on Feb. 15 cabled to Secretary Redfield his approval of the proposal to establish the suggested Government price adjustment Board. On the 17th inst. Secretary Redfield announced the appointment of W. M. Ritter, formerly head of the Hardwood Lumber Section of the War Industries Board, to supervise the organization executive work incident to the committee's formation. The new body is to be known as the Government Price Conference Board. On the 18th inst. it was announced that George N.Peek,for' mer member of the War Industries Board, had been chose by Secretary Redfield as Chairman of the Board. Mr. In an address before the Humanitarian Cult at Carnegie Peek, it is stated, will select his associates on the Board. Hall on Jan. 29, Secretary Redfield in. outlining the after- On the 17th inst. the Philadelphia "Record" in stating that FEB. 22 1919.] THE CHRONICLE Mr. Redfield had taken occasion to point out that the impression that he planned a widespread price fixing movement was erroneous, quoted him as saying in part: "We have no such intentions, our plan is a proposal that the the Goverment shall co-operate in the determining of fair prices on basic commodities, and establishing these prices through Government purchases is in no sense a price-fixing program. No one will be under any sort of compulsion to adhere to the price schedule as arrived at. If a producer can find a market for his wares at a higher price, no one can prevent his being free to avail himself of it. If a consumer is able to buy below these prices, it will be his privilege to do it. "I have been assured by leaders in many lines of industry that they will be willing to operate their plants without profit for the next two or three months, if thereby they can help to start commodities to moving and thus free American business firms from the stagnation which has hold of it. In fact, a great many industries now are operating without any assurance of profit----operating in fact with prospect of having to take a loss on their output. They are paying war prices for materials and war prices for later, piling up goods for which they have no immediate sale. In this they are partly altruistic and partly practical. They don't want to turn their workers loose to augment the army of unemployed, and they don't want to break up their factory organizations if there is prospect of early resumption of buying of their products. "It is not expected, as I have said, that prices will be stabilized at their war-time level. Nor is it expected that early reductions will bring them down to the level of pre-war days. "We hope to accomplish two things. One is to do what might be termed 'squuezing the water' out of present prices, bringing them to a rational and, therefore, stable basis, thereby permitting business to go ahead without undue risk. The other is to effect reductions in these basic commodities which will be reflected in the prices of the necessities of life, thus making for industrial content and the possibility of effecting readjustments, without putting an undue burden upon those least able to bear it. "In substance, finally, we purpose to bring capital, labor and the Government into common counsel together around one table, and with one purpose —to do the best possible for the country." 729 The committee recommends that Congress should at once consider the situation of all statutes constituting our anti-trust legislation. The committee recommends that there should be formulated standards of general business conduct to be administered by a supervisory body. The committee recommends that an enlarged Federal Trade Commission should be made the supervisory body. The committee recommends that the membership of the Federal Trade Commission should be increased from five to nine. The report of the committee after calling attention to a resolution adopted at the annual meeting of the.Xhamber in April 1918, which proposed that in view:of the economio policies inaugurated during the war Congress shouldlbe asked to consider a revision of anti-trust legislation and of the Trade Commission Act for the purpose of amending or replacing them in such manner as to make this legislation reasonable, clear and adequate, points out that the present time is particularly opportune for remakingithellaws. Respecting the recommendation that thereishould be formulated standards of general business conduct to be administered in the first instance by a supervisory body, the report gives examples of the applications of standards in a way which would accord with this regulation. Itpoints out that interlocking of directors among corporations which are competitive might be continued under a general prohibition, but with a provision that such interlocking might lawfully exist as to instances in which a regulatory body had made a prior determination that there would be no detriment to the public interest. Attention is called to some industries which in response to war needs have expanded to According to the New York "Tribune" of Feb. 17 the fol- a capacity beyond the demand for their products in times of lowing protest against Secretary Redfield's proposal was peace, and the report says: There can be no public advantage in having a period of destructive cabled to President Wilson: competition ensue in such industries and continued only "It has been called to our attention that Secretary Redfield has evolved a plan to stabilize prices, including farm products, through a peace industries board. The undersigned, members of the Senate, speaking for themselves and the farmers of their states, desire to register a decided protest. We are anxious to be heard on this matter before it receives any sort of official sanction." The protest it is stated was signed by Senators Lenroot and La Follette, of Wisconsin; Gronna, of North Dakota; Borah,of Idaho; Curtis, of Kansas; Gore of Oklahoma;Smith of South Carolina; Smith, of Georgia;Ransdell, of Louisiana, and Sheppard, of Texas. At a convention of the New York State Association of Builders in Albany on Feb:14, Secretary Redfield's proposal brought forth more or less criticism. Lewis F.Pilcher, State Architect expressed the opinion that although the State was prepared immediately to proceed with an extensive construction programme, it would not be able fully to carry out its entire programme because of the shortage of building materials. A recently completed survey of the quantity•of building materials available for construction work this year he said revealed the fact that not more than 30 per cent. of the construction contemplated for the State in in public improvements would be able to be carried out this year. Voicing the opinion of the building industry and building material manufacturers of the country as being vigorously opposed to any further efforts at control of building material production or prices, Allen E. Beals, secretary of the Dow Service Daily Building Reports, said in part: "All during the war building materials were the most negative of all commodities. The Government bought lavishly of stocks that had been bought prior to the entrance of this country into war, and at prices that left the manufacturer little or no margin of profit. They submitted to the fixed prices patriotically, but with the hope, at times born almost of despair, that the day would come when peace would be proclaimed and that they would then have an opportunity of recovering some of their losses. "That day has arrived, the building season is right at hand and practically all differences between the prospective builder and the factor of cost and actual operation at least partially met. only to find that still further Governmental paternalism is being recommended by the Department of Commerce in the matter of a cable to the President recommending the advisability of appointing a committee, with advisory powers only, to assist in reducing prices on commodities. "My contention is that no one is better able to determine at what price building materials shall be sold than the manufacturer himself and for that reason, with conditions before the trade that no outsider could understand without extensive investigation, at least, no further handicap should be placed in the path of construction than those which already are confronting he building material producer." REVISION OF CLAYTON ACT AND SHERMAN ANTITRUST LAW RECOMMENDED BY U. S. CHAMBER OF COMMERCE. A.recommendation that Congress give especial attention to the!Sherman and Clayton Acts with a view to their immediate revision has been put by the Chamber of Commerce ofthe United States to a referendum vote of its membership. The proposals to be voted on are four in number and they employ the results of a special study of the situation made by the:.Chamber's Federal Trade Committee. They follow: the units until that are strongest in financial resources survive, regardless of relative merits from an economic point of view. There should be regulation of excess capacities to the point where the capacity will reasonably correspond to present and future needs. To this end a form of temporary action in common might be made permissible in order that under adequate supervision such industries may solve their special problems. The decision whether or not in a particular industry such action should be allowed in the public interest, determination of the elements that should be dealt with, and supervision of the operation of the arrangements, should be in a regulatory body. The co-operative agreements among producers of timber, coal, petroleum and metalliferous ores advocated by the Chamber, says the report, would undoubtedly include agreements as to prices. Unless such agreements were very carefully supervised in the public interest, the report continues, they would be apt to be detrimental to consumers. "For exercising the supervisory functions which are proposed," the report states further, "the appropriate agency is obviously the Federal Trade Commission, so far as business in its great branches of manufacture and merchandising are concerned. In an earlier report we had occasion to call attention to recent departures by the Commission from the purposes of the law that created it. That report dealt only with the procedure and the point of view of the Commission as at present constituted, and it ended with recommendations that existing vacancies in the Commission's membership should be filled with men who would bring to the Commission a proper conception of its duties and purposes." One reason why the Federal Trade Commission should be the supervisory body, the committee declares, is that the Commission has obtained a great body of information about American industry and commerce. Supporting its recommendations that an enlarged Federal Trade Commission should be made the supervisory body and that the membership of the Federal Trade Commission should be increased to nine, the committee has this to say: Such duties as the committee has suggested for the Federal Trade Commission will impose upon the Commission greatly increased responsibilities to the public and to individual industries and will require constant attention to the whole field of production and distribution. For duties so extensive and important the membership of the Commission should be enlarged. At present the law authorizes but five commissioners. At the same time there are nine members of the Inter-State Commerce Commission, which can scarcely be said to have more important duties than are proposed for the Trade Commission. The Federal Reserve Board has seven members, of whom two are ex officio but active. Even such war agencies as the Advisory Commission of the Council of National Defense and the War Trade Board have more members than the present law provides for the Trade Commission, and bodies which have more specialized tasks have an equal number of members. An example is the TarLIT Commission, with its five commissioners. SENATE HEARINGS ON RAILROAD LEGISLATION ENDED, HOUSE TO HOLD NO HEARINGS. The hearings on proposed railroad legislation before the Senate Committee on Inter-State Commerce were brought to a close yesterday (Feb. 21) so far as the present session of Congress is concerned. According to last night's "Financial America" Chairman Smith announced that he could not indicate what course would be pursued with the legislation at the next session or whether there would be continued hearings by the committee at that time. The hearings were begun on Jan. 3. Members of the Committee were reported to have stated on the 20th inst. that 730 THE CHRONICLE Congress will attempt no legislative solution of the railroad problems until the next regular session. The House Committee on Inter-State Commerce decided on the 17th to hold no hearings at this session on the proposal to extend Government operation of the railroads for a period of five years, thereby indicating there will be no railroad legislation at this session. HOUSE PASSES BILL APPROPRIATING $750,000,000 FOR RAILROAD REVOLVING FUND. The House passed yesterday (Feb. 21) the bill calling for an appropriation of $750,000,000 for the revolving fund of the Railroad Administration. Only 15 votes were cast against the measure. The request for the appropriation, which is in addition to the original $500,000,000 revolving fund provided for in the Railroad Control Act, came from Director-General of Railroads, Walker D. Hines, as noted in these columns Feb. 1, page 437. The bill appropriating the additional sum had been approved by the House Appropriations Committee on Feb. 17, and it was taken up for action on the 20th in the House. In Committee of the Whole, the House on the 20th rejected amendments to limit Government control to Dec. 31 1919 or to July 1920 and also defeated a proposal to limit the appropriation to $381,000,000. Chairman Sherley, of the Appropriations Committee, stated on the 20th inst. that the passage of the measure would neither deter nor accelerate the return of the railroads to private ownership, and that even if the roads were returned as early as next July the money would be needed to pay obligations the Government has assumed. INVESTMENT BANKERS' ASSOCIATION TO OPPOSE PUBLIC OWNERSHIP OF RAILROADS. A railroad committee, composed of some of the best known bankers in the country has just been announced by the Investment Bankers' Association. This is the first committee to be formed exclusively of bankers. It is headed by Allen B. Forbes of Harris, Forbes & Co., New York, who announces that the Committee does not stand committed to any plan but in general conformity with the resolution creating the committee which was adopted at the association's Atlantic City convention in December, will take its position against the permanent public ownership or operation of the railroads as inimical to the best interests of the country and will favor their return to private ownership and operation as soon as practicable after Congress has determined upon the necessary constructive legislation. The personnel of the bankers' committee appointed by Wm.G.Baker Jr. of Baltimore, President of the Investment Bankers'Association, along with an explanatory statement, follow: The railroad problem confronting the country was given prolonged and careful consideration at the annual convention of the Investment Bankers' Association of America, held at Atlantic City December last. It was felt that this problem was of such importance and absorbing interest as to warrant the appointment of a special committee of representative members of the Association to carefully consider and study the matter with a view to co-operating, where possible, with other committees and bodies devoting themselves to the subject, and taking such other action as the great importance of the railroad question warrants. In this connection I have appointed the following committee, all of whom have informed me of their willingness to serve: Allen B. Forbes, Harris, Forbes & Co., New York, Chairman. • Otto H. Kahn, Kuhn, Loeb & Co., New York. W. H. Porter, J. P. Morgan & Co., New York. • Charles H. Sabin, President Guaranty Tust Co.. New York. Frank A. Vanderlip, President the National City Bank, New York. John E. Oldham, Merrill, Oldham & Co., Boston. Robert Winsor, Kidder, Peabody & Co., Boston. George H. Frazier, Brown Bros. & Co., Phila. A. H. S. Post, President Mercantile Trust & Deposit Co., Baltimore. H. C. McEldowney, President Union Trust Co., Pittsburgh, Warren S. Hayden, Hayden, Miller & Co., Cleveland. James B. Forgan, Chairman of board First Trust Sr Says. Bank, Chicago. George M. Reynolds, President Continental & Commercial National Bank, Chicago. R. S. Hecht, President Hibernia Bank & Trust Co., New Orleans. Breckinridge Jones, President Mississippi Valley Trust Co., St. Louis. Frank B. Anderson, President Bank of California, San Francisco. [Vol,. 108. various sections of the country. The plan of the Association, the Committee contends, offers a comprehensive means for restoring private enterprise and individual initiative in the transportation industry without disturbing security values and businesti conditions, and has secured the support of shipping and other interests in co-operation with the owners of the roads with a view to working out a solution. The endorsement of Daniel Willard, President of the Baltimore & Ohio RR., before the Senate Committee on Inter-State Commerce on Tuedsay, of the fundamental feature of the plan, which provides that assurance of a definite return upon the investment in the railroads be given by Congress in the formulating of legislation under which the roads are to be returned, was embodied in a resolution adOpted at the meeting calling attention to the fact that shipping, landowning financial, business and railroad interests have approved it. The resolution in part follows: Whereas, There has been submitted on behalf of this Association before the Senate Committee on Inter-State Commerce a comprehensive plan for the return and regulation of the railroads, containing certain fundamental features that in the opinion of this Association are essential for the safe return and continued operation of the railroads under private ownership;and Whereas, The fundamental principles underlying this plan have met substantial endorsement among the shipping, land-owning, financial, business and railroad interests of the country; and Whereas, The President of the National Industrial Traffic League, representing through constituent trade organizations some 250,04)0 shippers of the country, outlined before the Senate Committee certain principles for the operation of the railroads under private ownership adopted by the League, which largely conform to those of the plan of this Association, emphasized the desirability of co-operation between the shippers and the owners of the properties, tendered for the first time by the said owners; and Whereas, Investors in great amounts of railroad securities as represented by mutual life insurance companies, savings banks and financial and fiduciary institutions, and only recently by representatives of houses being great distributors of railroad investment securities have adopted the main and fundamental features of the plan of this Association; and Whereas, Daniel Willard, President of the Baltimore & Ohio Railroad, one of the Standing Committee of Five of the Association of Railway Executives, appeared on behalf of said Association before the Senate Committee on Inter-State Commerce on Tuesday last, endorsed the main and fundamental provision of the plan in respect to a definite rule for rate making, and in respect thereto said: Mr. Warfield, on behalf of the National Association of Owners of Railroad Securities, has proposed a definite rule for rate making. His recommendation. as I understand It, contemplates that rates shall be established in each of the so-called rate regions so as to yield, as nearly as may be, a fixed percentage return upon the combined value of the property devoted to the public use by the railroads in that region, with the limitation that if any individual carrier in such region shall be able to earn from rates so fixed a greater return upon the value of its property than the rate per cent fixed for the region, two-thirds of this excess shall go to the Government. While this plan does not contemplate a'vositive guarantee of any fixed amount, it would afford a definite guide or measure and would in my opinion be a decided improvement upon the methods of the past. . . . I think there can be no difference of opinion concerning the soundness of the principle underlying his recommendation. . . . Whereas, There are a multitude of plans before the said Senate Committee that create new and larger railroad companies, into which the securities of present railroad companies would be required to be exchanged in reduced amounts, based upon the valuation of existing railroad properties and their securities, and the time essential for such would be destructive not only of railroad credit but of the general credit of the country: Be It Resolved: (1) That this Committee reaffirms its endorsement of the plan heretofore approved by the Association submitted to the Senate Committee on Inter-State Commerce; (2) That it is essential to the welfare not only of these properties but of commerce and industry that there should be a definite settlement of the railroad question during the extra session of Congress now understood to be necessary; (3) That we call upon those who have contributed suggestions for the return of the railroads, in view of the critical conditions that confront us, to co-operate in securing at least the essentials Of our plan (which do not require the long legal and financial processes essential to other plans submitted) and which can quickly be incorporated into existing law without disturbing the present structure either of the railroad corporations or their securities. (4) That this Association instructs its officers and committees to impress In as forceful a manner as possible the necessity of concentration of effort on the part of all interests concerned with a view to unity on at lease those fundamentals of our plan which have been before the public for some time and have received substantial endorsement from many sources and directions. (5) That the Association continue its efforts before Congress and the public to secure prompt action in respect to the fundamentals of the plan of this Association; be it further Reserved, That a copy of these resolutions be sent to the members and to the officers and directors of the railroads. OTTO H. KAHN ON RAILROAD PROBLEM. Otto H. Kahn in a paper entitled "A Suggestion Concerning To-day's Railioad Problem," prepared for presentation to the Brooklyn Chamber of Commerce on Feb. 18 stated that "if there is one thing less desirable than outright GovNATIONAL ASSOCIATION OF OWNERS OF RAILROAD ernment operation, it is Government control, so minute, SECURITIES CALLS FOR EFFORTS FOR ADOPTION hampering and all pervasive as to be tantamount to GovOF PLAN. ernment operation without corresponding responsibility." A meeting of the Committee of Seventy of the National Mr. Kahn added: Association of Owners of Railroad Securities was held in this Most of the plans which have been put forward within recent weeks from city at the Recess Club on Feb. 19, at which resolutions were individual quarters, would moan this very thing. Their authors start by adopted outlining the support received of the plan proposed declaring themselves utterly opposed to Government operation, and thee devise a set of provisions, which to all intents and purposes, are by the Association before the Senate Committee on Inter- to Government operation, or would necessarily lead to it. equivalent A feature State Commerce. Report was made by the President, common to all such plans, and, in my opinion, their fatal defect and largely explanation of their self-contradictory character, is that they are based S. Davies Warfield, to the meeting, at which were present the upon a permanent Government guarantee of minimum earnings for the jorty members of the Committee of Seventy, representing railroads. FEB. 22 1919.1 THE CHRONICLE Mr. Kahn stated that the program, in support of which he believes public opinion is crystallizing more and more, is: 1. Let the Government exercise strong and comprehensive control, but fair and constructive, not punitive or strangling. 2. Let those features of operation, which under Government management have proved advantageous and convenient to the public be preserved, and those features of legislation and administration, which experience has shown to be unduly and unwisely hampering, be abolished. 3. Without eliminating State commissions, let their functions be so adjusted as to avoid conflict with the Federal Commission in matters of rate-making and security issues. 4. Let railroading then be thrown open to private initiative and enterprise, and competition in service; make it an attractive field for capital, and, above all, for men and ability and vision. In the absence of Mr. Kahn, who is now at Palm Beach, his paper was read by Mayo Sesler, Secretary of the Brooklyn Chamber of Commerce. In his further observations on the subject Mr. Kahn said: 731 rate-making authority, whether it be the I. C.0. or some newly designated authority, and that it does not provide a self-working formula. But self-working formula in rate-making is, I believe, a practical impossibility.a At any rate, under the proposed definition the railroads could appear before the I. C. C. or regional commissions, with a precise charter of rights. Instead of, as in the past, having to come as importunate beggars,throwin g themselves upon the mercy of the Commission, with the effect of undermining their own credit by pleading and perhaps over-pleading the dire need for higher rates and the disastrous consequences which would follow if higher rates were not granted. And, if the commissions disregarded the rights of the railroads to a fair price for their product, they could under the definition above suggested go to the courts and obtain prompt and effective redress, which under the vague terms of the existing law is in fact denied to them. I hardly need emphasize that the views I have expressed do not attempt to address themselves to a complete program of railroad legislation, but— es far as they offer positive suggestions—merely to the matter of assuring fair rates as against the proposal of a Government guarantee of minimum earnings. I should like to add that, whilst I believe the number of separate railroad corporations could with advantage be greatly diminished and the absorption of the weaker lines by the strong lines should in the interest of good service to the public be facilitated and encouraged, I am opposed to the suggestion that the number of independent systems should be so reduced as to give the country over to a very few great regional combinations. My antagonism to this proposal rests on the ground that I believe it would diminish competition to the vanishing point and soon lead to Government operation in fact, if not in name. The two things, I. e., private management and permanent Government guarantee of earnings, are simply not reconcilable. The railroads cannot eat their cake and have it. You cannot rent your house to some one and then expect to be master in your house. If the railroads want to have private management in fact, instead of merely in name, they must take their chances and rely upon public opinion for a square deal. If they are not willing to do that, if they ask the people to protect them by giving them a permanent guarantee of minimum earnings, the people will rightly insist upon such minute and exacting safeguards as to amount to Government HOWARD ELLIOTT FAVORS PRIVATE RAILROAD OWNoperation. Personally, I am wholly opposed to the timid opportunism which would ERSHIP WITH PROTECTIVE REGULATION. barter away the reality of private initiative and enterprise for a permanent The view that "Government ownership, management and governmental guarantee of earnings. If we cannot as citizens be convinced that bureaucratic management is preferable to individual effort, we must operation of the American railroads is not for the best innot as stock or bondholders permit ourselves to be bribed into making a compromise with our convictions. And I am optimistic enough to believe terest of the nation" is expressed in a statement prepared by that by deserving the good-will and confidence of the people, and making Howard Elliott and filed with the Senate Committee on adequate efforts to keep them correctly informed, the railroads will got a Inter-State and Foreign Commerce on Feb. 19. Mr. Elliott square deal from the people. I think, indeed, that public opinion has come to recognize, not from submitted it as his further opinion that: tender regard for the railroads, but from enlightened self-interest, that the Second.—Private ownership, with wise, energetic, and honest manageroads must be given such treatment henceforth and permitted such oppor- ment and operation under suitable, thorough and protective regulation tunity as will attract a free flow of capital; because, otherwise, one of two will produce the best results for the country. things is bound to result: stagnation in the railroad industry, which means Third.—Regulation should be so arranged and directed as to preserve inadequate and insufficient service for a growing and developing country, and encourage the initiative of the American citizen to be prompt and responsive to changing conditions, but, at the same time, provide checks or Government ownership and operation. If we are agreed that what we want is real private management under to prevent any unfair and dishonest practices by owners and managers, strict but fair, workable and constructive Government supervision and and also to prevent repressive, unreasonable and conflicting action by regulation, with no permanent guarantee of earnings (but rather profit- regulatory bodies. sharing with the Government and perhaps with labor), it seems to me that Mr. Elliott is Chairman of the Executive Committee of the framing of appropriate legislation presents no extraordinary difficulty, provided that an equitable basis of rate-making is established and defined the Northern Pacific Ry. Co., Chairman of thel-Committee with sufficient preciseness to enable the railroads to obtain actually, instead on Intercorporate Relations of the New York New Haven of merely theoretically, as heretofore, the protection of the courts against & Hartford RR., and a member of the Executive Comthe imposition of unduly low rates. I hesitate to express opinions as to this thorny point, concerning which so mittee of the Chicago Burlington & QuincyjR,R., the many better qualified than I appear to hold conflicting views, but I venture Colorado & Southern. Ry., the Rutland RR. Co., and to throw out these suggestions for what they may be worth: Scientific rate-making is an impossibility. A mathematical, uniformly the New York Ontario & Western Ry., and his concluapplicable formula for ratomaking might have been possible when the sions are adduced from a railroad experience of nearly railroads started to some into being. It is no longer passible now. The thirty-nine years-2 3 years on the C. B. & Q., and intouch rate structure is the product of a great many years of testing, experimenting, adapting, bargaining between the railroads and shippers, consumers, with the development of the country and railroad pracports, cities, &c., in short, of evolution. It is of infinite intricacy, of mani- tice of the Middle West; 11 years on the Northern Pacific, fold and subtle inter-relationship. and 5 years with the New Haven, in tho.complicated and It is no more practicable to make it over at this late date on lines of theoretical perfection, than It is practicable to make over on such lines a intricate New England transportation system. In suplarge city, the growth of generations. port of his contention that private ownership of the railCapitalization or over-capitalization has no effect whatever on rateroads has been a success, Mr. Elliott in a brief review of making, nowadays. I doubt whether it ever had any. Even the true value of railroad properties, as ascertained by valuation some of the past history of the railroads stated that nearly (to the extent that it can be so ascertained) can merely be one of the factors all will admit: In rate making. As a matter of fact,I believe that from the practical point (a) The American railroad system has been created almost entirely by of view a valuation of railroad properties such as the Inter-State Commerce Commission has been engaged in for several years at the expense of pro- private enterprise and investment subject to Governmental regulation. The railroads have furnished the people of the United States trans(6) digious labor and of many millions of dollars, will prove largely futile, because I think a fair appraisal on such principles as the courts will uphold portation at the lowest rates, paid the highest wages to employees and will show that the railroads on the whole are not over-capitalized and that have invested less capital for the service rendered than is the case in any existing rates certainly do not err on the side of giving more than a fair other civilized nation in the world. (c) In creating this great piece of industrial machinery under new, varyreturn. But I realize that to satifsy public opinion, a largo portion of which sus- ing and oftentimes very difficult conditions, the investors, builders and pects the railroads of taxing the people to pay dividends on watered stock, managers in their financial and managing policy, and the Government, an authoritative appraisal of the true values of railroad properties must in its regulating policy, have naturally made some mistakes. There have been a few examples of unfortunate and unwise policies of railroad building be had. It should be borne in mind, however, that the completion of such an and management that have aroused popular distrust. There has been appraisal will still take years, and that not a few of the awards, in all competition between the nation, the States, individuals (both in and out probability, will have to be reviewed by the courts before they can become of legislative halls), and executive commissions representing both the national and State Governments in suggestions for taxation, regulation and definitely established. supervision. This competition has resulted in action being taken by the My suggestions, in view of these circumstances, are: 1. Until the valuations are completed, let the I. 0. O. or other authority nation and the States which has gradually weakened the capacity of the (having first been granted exclusive power in rate-making) be directed railroads to live and expand in harmony with the growth of the country. (d) The system of private ownership and Government regulation, howto consider the existing rates as prima facie fair and reasonable on the basis of existing wages and costs, subject to such adjustment of inequalities ever, was successful on the whole, and resulted in the development of the or injustices between localities and shippers as the I. C. 0. may determine railroads and the country to a marvelous extent. This growth and devel(or better still, a Committee of Railroad Presidents and shippers subject opment was steady and continuous until regulation failed to respond promptly to changed conditions, the more expensive and luxurious methto the I. C. C.'s casting vote in case of disagreement.) 2. If wages and cost of materials decrease, let rates decrease proportion- ods of the people, the increased wages needed by employees, the higher cost ately (as determined, say every six months), but in no event, pending the of everything necessary for keeping the railroads equal to their task, incompletion of the valuation, below figures which would produce as near cluding the higher cost of capital and rapidly increasing taxes. as may be an aggregate return equivalent to the rental now being paid by What has been accomplished under private ownership the Government for the use of the railroads, plus a fair return noon such and operation in the past, Mr. Elliott said, is good evidence new money as may be put into the properties. 3. In the new railroad legislation about to be framed by Congress lot it of what can be accomplished in the future if private energy be precisely defined, instead of having merely a vague and unenforceable formula as heretofore, what items are to be considered by the I. C. C. (or and initiative are encouraged and repressive and conflicting such regional bodies as may be appointed) in fixing rates.'The principal regulation removed. "Regulated competition, especially as ones amongst those items are, of course: wages, cost of materials, a return to service," Mr. Elliott argued, should be continued beon the fair value of railroad properties at a sufficient rate to attract new capital and stimulate enterprise. It is surely not beyond the capacity tween the great systems. He further noted that "withof language to define with clarity what items enter into the cost of a pro- out reasonable competition, development and the introduct. The product which railroads are selling is transportation of passen- duction of the most improved and advanced methods for gers and goods. The price of the product is the rate. We also Of course, I realize that the satisfactory working of the method proposed giving service to the public will be checked." Is still dependent, to an extent, on the fairness and breadth of view of the take from his statement the following: THE CHRONICLE 732 [VOL. 108. The Future. It is in the public interest to have the dollar invested regulated by the In a growing and still undeveloped country like the United States, and Government, and it is equally in the public interest that the dollar paid for In reasonably. be regulated should even than its past, any system_of of wonderful service more conditions it before service and the with a future a complex civilization like ours in the United States, and with great con- internal transportation should provide for: centrated populations to be served with food, fuel, shelter, light, &c., there 1. Inducement for the individual citizen to engage in the businessIby must be continuous service by the transportation agencies, just as much as permitting reasonable rewards for brains, energy, industry, and the„,capital employed, substantially equal to the same kind of rewards iniother of water. a continuous supply forms of human effort. Regulation for All. 2. Constant developments of the transportation machine so as to keep at all times ahead of the needs of the growing country. To bring this about there must be some method devised for reasonable it 3. Adoption of improved and improving methods of carrying on the Federal supervision and regulation of wages and working conditions, and business so.as to obtain the maximum of efficiency and economy. such regulation should eventually receive the final approval from the same 4. Reasonable and regulated competition and co-operation for the purand impower that is responsible for the rates of fare and freight charged by the pose of producing development of different sections of the country provement in the methods employed by the transportation agencies serving transportation agencies, so that the question of income with which to pay the country. will be considered at the same time and by the same final deciding power 5. Continuity of service so that the transportation machine will always as the outgo to be paid. Just as the Government should have the power to be in a position to serve the country unless prevented by Act of God or prevent wasteful use of the dollar invested, upon which the public will be by war. 6. Regulation by the United States through suitable Government agenasked to pay a return through rates, so should the Government have power cies, which regulation must be of such a form as to supervise wages and conditions of service which ultimately are paid for (a) To attract capital and permit a steady improvement in, and exby the public, through those same rates. pansion of, the facilities; (b) Which must protect the interests of the public using the railroads Federal Power Supreme in Cases of Doubt. and promote the comfort, convenience and safety of that public; (c) Which must protect the officers and employees who maintain and the with rest The power of final decision as to rates and practices must imoperate the road and which must work constantly in the direction of whole a as nation the of the interest to is it when and Federal Government, proving working and living conditions; and which must provide some to have a given basis of rates, or to adopt a given practice, rules and regu- method of adjustment of any controversies about wages and working conlations of States, counties and municipalities must give way and must be ditions; (d) And which also must protect the interests of those who have invested subordinate to Federal power. money in the securities representing the railroads and who are also directly because of their insurance policies, savings bank deposits, &c. interested Management. Director-General's of Benefits Retain Any The suggestions outlined to you by Mr. Cuyler and Mr. Thom, repreAny benefits resulting from the management of the Director-General senting the crystallized opinion of the principal railroad men in the United should be retained where it is reasonably clear that such benefits are of a States, point the way to a system of ownership and regulation which will, permanent character and in the interest of the public in peace times. in my judgment, produce the results desired by the majority of the people. The Director-General names seventeen reforms that he thinks should be Secretary of Transportation. continued, and Mr. Kruttschnitt has commented on them in detail. Those that prove of permanent value can be carried out successfully under private Washington had only five Cabinet officers. Since then the growth is Mr. Thom and Cuyler Mr. by you to outlined the if platform operation of the country has required the addition of Secretaries of the Navy, of the put into effect. Interior, of Agriculture, of Commerce, and of Labor. Combinations Under Federal Authority. An effective transportation machine is vital to the interests of the nain war and peace; its importance justifies having a man in the Cabinet Railroads and water carriers should be permitted to make agreements tion to confer on an equality with other Cabinet officers dealing with great between themselves covering such practices, as well as the making of rates national questions and resources, and to present the transportation needs and the division of earnings, all for the purpose of saving waste and giving of the nation directly to the President and his advisors. He will not better service to the public; but such agreements should be subject to manage and operate the railroads any more than tho Secretary of Agriculclose inspection, supervision, and approval by Federal authorities. ture manages and operates the farms of the country. He will not exercise the vast powers conferred upon the Director-General as a war measure, Difficulties of Present Situation. and will not have (as some have suggested) 2,000,000 or more railroad The Director-General, in his statement and testimony, commented on employees reporting to him, directly or indirectly. Ile will have powers some of the difficulties being encountered in keeping up the organization of supervision, of correction, and, what is equally important, of protecand morale of the service, and intimated that unless the roads could be tion to the largest single business of the country after Agriculture. their to promptly back turned be to kept for a 5-year period they ought With his aid, that of the Inter-State and Regional Commissions, and owners because of the difficulty of handling the intricate business satis- the State Commissions, and with changes in laws as suggested, I believe factorily under present laws and conditions for a shorter period. Government ownership and operation can be avoided and that the railI can well understand the difficulties confronting the Director-General roads will enter on another period of stability and that thy will be able managedetailed of centralization the of and his administration in view to serve the country wisely and well and give to their owners reasonable ment and operation. rewards for their investments. There is, howeve', a method of helping that situation that can be utilized very promptly. If all the information accumulated in the so-called "Newlands Inquiry" and that to be obtained from the Inter-State CornmErce Commission, State commissions, railroads and from other students DANIEL TVILLARD'S VIEWS ON RAILROAD PROBLEM. of the situation, is utilized, does anyone believe that some conclusion cannot Testifying before the Senate Committee on Inter-State be reached within the period fixed by the present law—that is, 21 months on Feb. 18 on the question of railroad control Commerce peace? after If the desire and the will to accomplish this result is in existence, it can and operation, Daniel Willard, President of the Baltimore be obtained, and it should be obtained,in even less time than the 21 months' & Ohio RR. stated that under certain conditions he was in period. full accord with the Director-General, when he urges the Let Companies Help the Director-General. While this work is going on, the President should continue the central desirability of unfied control of steam railroads, but, conorganization in Washington under a Director-General, who will supervise tinued Mr. Willard, "unified control, like all things else of the whole situation, direct policies, and make those adjustments with real value, must be paid for in some manner, and the price the various railroads that will be required after Governmental control ceases. The present contracts between the Government and the railroad of unified control'is the sacrifice of competition of service," companies should continue until the new protective legislation is passed. "There cannot," said Mr. Willard, "be unity of control and But this central organization should direct the operation of the railroads service at one and the same time—the two through the companies themselves rather than through a system of regional competition of directors. In other words, say to the boards of directors and executive things are incompatible." Mr. Willard added: officers of each company that from and after a given date they are to take Competition of service has probably done more than any other one thing charge of their properties and manage, maintain and operate them for or influence to raise the standard of equipment and performance of American account of the United States and as may be ordered by the President railroads, and as a policy It should not be lightly given up, and in no through the central organization in Washington. At once there will begin event should it be abandoned unless something else of equal or greater to be a better feeling among officers and men, and less uncertainty about value be obtained in its place. I do not, however, share the views that the future; the intricate and delicately adjusted organization on the great unified control, when desirable, cannot bo had under private ownership systems of railroads will begin to function better and work more smoothly with Governmental regulation, and the'information which Mr. Kruttshutt and effectively; there will be less lost motion and crossing of wires than has laid before this committee concerning the results of unified control of under the very highly centralized system now in existence with regional steam railroads obtained by the so-called Railway War Board, for a period directors. of nine months preceding Federal control, affords a most substantial basis Most, if not all, railroad managers have reached the conclusion that what for my belief. is known as the "divisional system" of operation is better than the "deActual experience, Mr. Willard said, "now leads to the partmental." In other words, that someone must be in the driver's seat on a small enough unit of property to control the ordinary maintenance conclusion, so it seems to me, that the railroads under and operation subject to a central directing authority as to general methods, private ownership, and subject always to Governmental standards of work, maintenance and accounts. Morale Can Be Improved. I believe very strongly that a new basis of regulation can be worked out within the 21 months' period, and that if the management and operation of the properties is returned to the directors of each company, subject to the orders of the Director-General, there will be an improved esprit de corps, less unrest, and that great efficiency will be obtained; that all of the plans about unification, economy, &c., that the central administration may wish to carry out can be made effective by the corporate organizations promptly. Under this plan there will.be some saving in money because there is now more or less unavoidable duplication of effort, and a better preparation will be made for carrying on future constructive work under whatever plan Congress may adopt. • Fear of Five-Year Plan. There has also been some suggestion by the Director-General of lack of co-operation by the corporations, and that this is one of the difficulties in the situation that might be cured under a 5-year extension of time. On the contrary, I believe that a five-year extension would make the companies hold back because of fear that the properties would never be restored to the owners. There may have been some differences of opinion, which is not unnatural, in the very large and complicated problems presented to the Director-General and to those of the corporation charged with the duty of protecting the property rights for which they are responsible. regulations, should be lawfully authorized to do whatever would be done in the public interest under Government ownership and operation, or is actually being done in such interest at the present time under Governmental control and operation." Continuing, Mr. Willard said: Iram familiar with the recommendations that have been submittedTto this Commissioni by Mr. Cuyler on behalf of the Association of Railway Executives, and further and ably elaborated by Mr. Thom, and I approve and endorse the general plan so outlined, because I believe that if adopted and put in effect with a firm desire to make it succeed it would provide such method of procedure and such agencies of control as would enable the railroads in the future under private ownership to deal promptly and effectively with any probable emergency which might arise, and, if in connection therewith Congress will establish a definite and adequate rule for ratemaking as related to the invested capital, the credit of the carriers which has been seriously disturbed by tho uncertainties of the past will again and in time be sufficiently restored to attract the large sums of new capital constantly required for the additional facilities and equipment necessary %.1 to keep pace with the growing commerce of this country.1 t•si I have listened to the report and recommendations submittedi AMr. hiksugCommission, and to Commerce Clark on behalf of the Inter-State gestivecomments thereon, and if his_recommendations should be_vadopted FEB. 22 1919.] THE CHRONICLE 733 and made effective by suitable legislation, I believe they also would go all the country's railroads into about twenty-five great sysfar towards meeting the requirements of the situation. The two plans tems along present lines, as an alternative to the plan of have much in common, but the one suggested by Mr. Cuyler would give to the Inter-State Commerce Commission exclusive authority to deal with establishing regional systems on a geographical basis. Under all rates and security issues, would have Congress provide a definite rule the proposed regional system, he said, competition would for rate-making, and would create a new department of transportation, be eliminated in each region and service would suffer. the head of which would have a seat in the President's Cabinet. Such a department, in my opinion, is desirable primarily in order to bring about Funds for purchasing small roads should be provided, the that co-operative development and use of the different agencies of trans- committee was told, from excess earnings of the prosperous portation which are needed in the public interest. It is not proposed, nor is it desirable, that the Secretary of Transportation ones, which otherwise would go to the Government. Exshould have executive authority either over the personnel or physical prop- plaining his idea of the functions of a Secretary of Transerty of the railroads or other transportation agencies. It is suggested that portation, Mr. Willard favored making the office largely he should study the transportation problem as a whole and advise the President how the public interests may be best promoted in that connection. advisory, leaving the administration and management of Mr. Warfield on behalf of the National Association of Owners of Railroad the railroads to existing agencies. The only two questions Securities has proposed a definite rule for rate-making. His recommenda- which should be settled before the roads were relinquished, tion, as I understand it, contemplates that rates shall be established in each of the so-called rate regions so as to yield, as nearly as may be, a fixed Mr. Willard said, were those of sufficient rates and the percentage return upon the combined value of the property devoted to the settlement of loans received from the Government. public use by the railroads in that region, with the limitation that if any individual carrier in such region shall be able to earn from rates so fixed a greater return upon the value of its property that the rate per cent fixed JULIUS KRUTTSCHNITT IN SUPPORT OF RAILWAY for the region, two-thirds of such excess shall go to the Government. While EXECUTIVES RAILROAD PLAN. this plan does not contemplate a positive guarantee of any fixed amount, It would afford a definite guide or measure and would in my opinion be The views of Julius Kruttschnitt, Chairman of the board a decided improvement upon the methods of the past. He suggests that of directors on the railroad problem, were given before the 6% be the fixed rate of return upon the value of the property as shown by the book investment account of road and equipment. While I recognize Senate Committee on Inter-State Commerce the latter that the rate of return to be allowed, the manner of ascertaining the value part of January. Mr. Kruttschnitt appeared in support of the property and the disposition of so-called excess earnings, may well of the legislation proposed by the Association of Railway be matters for discussion. I think there can be no difference of opinion concerning the soundness of the principle underlying his recommendation, Executives and in what he had to say on the subject on and I firmly believe that no less a rate of return than 6% upon no less an Jan. 22 stated "we are asking you to do what has never amount than the combined book property investment account of all the been done before—that is to adopt a national railroad policy." railroads taken as a whole will be sufficient to establish and sustain the credit of the carriers. My own study of the problem leads me to the con- "If you do," he said, "that policy cannot change every clusion that a rate of return of 63i% upon the combined property invest- four years." Mr. Kruttschnitt added: ment account of all the railroads is not too large, and a rate of 6%,I fear, Recent occurrences have shown that the Inter-State Commerce Commismay prove to be too small, and it may be fairly said that the success or sion has no hesitation in overruling the actions of an official who has very failure of private ownership of the railroads as an economic policy rests much greater powers than the proposed Secretary of Transportation would upon the wise and correct determination of this particular phase of the have. We are chiefly concerned with the establishmentl pfa definite policy by problem. When we say that the net operating income of a railroad is Congress. Whether it is given effect through a Cabinet officer or through equal to 6% upon RS property investment or invested capital, it must not an enlarged and fortified commission is still a matter of discussion. Add be assumed that the whole of that amount is available for interest and divi- to that a board for the adjustment of wages, which should be closely tied dends, because experience has shown that not less than %% upon invested to the body which controls rates and revenues. capital, and preferably more, must be spent each year'by public utilities In his further pronouncements as to the plan of the such as railroads for additions and improvements which do not increase the earning capacity of the property, and inasmuch as such expenditures Association of Railway Executives Mr. Kruttschnitt also must be made and cannot be charged to operating expenses they must either said: be paid for out of operating income or else be capitalized, and the latter In it we ask Congress to make it possible for the carriers to give the pubcourse would mean ultimate financial disaster. It is for this reason that I doubt whether a return of 6% upon property investment—which would lic the advantages of conservation of capital by requiring unification of really mean not more than 5M % for interest and dividends—would be lines and terminals, when required in the public interest, by promoting useful consolidations and permitting agreements as to rates and practices, sufficient to properly sustain credit through a series of years. I am not in favor of such a division of excess profits with labor as Mr. the benefits of which have been proved during Federal operation, but which Warfield suggests, because such a plan in my opinion would be extremely the carriers by law have been prevented from supplying. Its fundamental features, to which details of organization and operating difficult of fair application and does not rest upon the right principle. I believe thoroughly in good wages, and if a man does work of inusual value machinery are subordinate, are: First—The creation of a Department of Transportation headed by a he should receive unusual reward, but the two should go together, and that would not necessarily follow under Mr. Warfield's plan. I agree fully Secretary, who would sit at the President's council table, who would rewith the idea advanced by Mr. Plumb on behalf of the Four Brotherhoods lieve the Inter-State Commerce Commission of its executives duties, and that the best results will be obtained when men are actuated by hope of In whose jurisdiction would be centred rate regulation subject to revision reward, and not by fear of punishment, and in no line of gainful endeavor by the Inter-State Commerce Commission, and the fixing of wages, and has there been greater opportunity for advancement and reward than in who would use the power of the Administration to maintain proper service, the railroad service. Private ownership will preserve the conditions which to create the necessary credit for the carriers, and to maintain harmonious relations between employers and employees. have made such advancement possible. Second—The adoption of a fixed policy as to the revenues of the carriers I am opposed to tho five year extension of the period of Federal control, recommended by the Director-General, because I believe that if such by requiring that the influence of the President, through his Secretary of extension is granted, that by the end of that period it would be practically Transportation, shall be put behind movements for increased rates which impossible to restore the roads to the owners, and Government ownership ho finds proper, and the establishment of a statutory rule for rate making, would be the only alternative, and I am opposed to the policy of Govern- which shall require that rates be not only reasonable but adequate and sufficient to protect existing investment and to attract capital necessary ment ownership and operation of the railroads. I have carefully considered the plan submitted by Mr. Plumb on behalf to maintain existing properties up to the standard of the public need, and for the construction of extensions and branches. of the four brotherhoods. Aside from the fact that I believe his concluThird—To provide for compulsory Federal incorporation and for the sions are erroneous concerning the possible savings to be effected in cost of capital, it seems to me that his plan has all the objections which in my elimination of the conflict of regulating power between the States and the mind are associated with Government ownership and operation. He Federal Government as to all essential matters, including rates, State and proposes that the Government should furnish the facilities and capital Inter-State, with as little interference as possible with the State commisneeded, and that the railroad officers and employees should operate the sions in carrying out the intended purposes. Our plan is not presented in the shape of a hard and fast bill, but is offered properties, and, having a two-thirds majority of the board of directors, they would evidently be in a position to manage the properties as they as a suggestion, by no means inflexible, of a way to attain desired ends. might elect, and while I have no doubt it would be their honest purpose The question of a guarantee was freely discussed in our deliberations, but to operate the roads efficiently, I simply do not believe that efficient we do not ask for a guarantee. We recognize that the establishment of a definite guarantee would stifle all, incentive to efficient management and operation would be possible or probable under the plan they propose. would destroy competition as to service and facilities, for if necessary revIf Congress as a minimum program: enue definite could be obtained without effort what inducement would exist to rule for provide rate-making a Will 1. as related to capital, by fixing an adequate percentage ratio of railway operating income to the make an effort? Under our plan, if a rate system be put in effect in a given region that will combined property investment account of the railroads as a whole, along produce revenue adequate to yield a fair return on roads operated under general lines such as I have discussed; and average conditions and with reasonable efficiency, and to enable them to the authorize railroads to combine their proper2. Will affirmatively ties and operations, subject to Governmental approval, as and when shown maintain their credit and pay satisfactory returns to their security holders, some roads below the average which should never haye been built, or which to be desirable in the public interest; and 3. Will affirmatively authorize the carriers to issue securities for con- were poorly located and are indifferently managed, may be forced to reorganize or sell their properties, while those above the average will prosper. of their enlargement struction, equipment, properties, and for the refunding of obligations, subject to exclusive supervision of the Federal But all without exception will be stimulated by self-interest to create new and increase existing traffic by competition in service and facilities, beCommission; and 4. Will provide for the extension, for a reasonable period, of the in- cause by so doing the returns to the owners are increased and at the same time the public is better served. debtedness of the Carriers to the United States for advances and loans made by any Governmental agency during Federal control; and With regard to the standardizing of equipment Mr. 5. In addition thereto, will either create the new agencies which have been suggested, or enlarge and extend the exsiting regulating agencies so Kruttschnitt expressed himself as follows: Standardization of locomotives is unwise and unnecessary. To obtain that matters requiring Governmental determination may be promptly disposed of; maximum efficiency of a locomotive and corresponding minimum of cost Congress will then have dealt with the matters fundamentally essential of transportation demands close study of the alignment and grade system, at this time. With such legislation, I believe that the difficulties which the nature of fuel, strength of bridges, weight of rail, length of turntables, have confronted private ownership and operation of the railroads in the depth of roundhouses and lengths of freight passing sidings on the line on past will be very greatly reduced if not entirely eliminated, that the rail- which they are to be operated. As these features are different for each road credit will be re-established, and that the public will be provided lino, no locomotive can be designed to serve all lines with maximum effiwith ample transportation facilities at reasonable rates and at lower rates ciency. than they would be required to pay under Government ownership or The standardization of passenger equipment is not necessary, as it selcontrol. dozn leaves the rails of the owner. Standardization of certain classes of cars is desirable, but should not be obtained at a sacrifice of trans.-freight In his further testimony before the committee on the Portation efficiency of the owning line by forcing it to use a car unsuitable 19th, Mr. Willard proposed the ultimate consolidation of for its traffic. 734 THE CHRONICLE [VOL. 108. (a) Railway executives' plan for regulation of railways. The "Times" also quoted him as saying: (b) National Association of Owners of Railroad Securities for return and At one time the late Mr. Harriman became obsessed with the idea of standardizing all locomotives on his system and he charged me with the regulation of railroads. (c) Statement presented by the Inter-State Commerce Commission on duty of devising a plan whereby this could be done. I opposed it for the same reason that I am opposing it now, namely, that in order to get the railway legislation. The principles embodied in the several plans were fully discussed and most efficient service you must have different types of locomotives to meet the varying conditions of grade, trackage, fuel, water and character of after due consideration the Transportation Committee unanimously adopted the following recommendation, which is hereby submitted to the traffic. board for approval: Mr. Kruttschnitt contended that greater efficiency had It is recommended by the Transportation Committee of the Association been obtained by the railroads under private ownership that the plan for the control, supervision and operation of the railroads as by the organization of Railway Executives be approved by the than under Government control, and that the carriers did presented Merchants' Association of New York, inasmuch as the principles of this not want the equipment ordered by the Railroad Admin- plan, In our judgment, embrace the fullest measure of protection to both istration. The Administration, he said, had been asked the shipping public and the carriers, and best respond to the exigencies of the national railroad situation. to cancel these contracts but had refused. The committee also recommended approval of the bill The "Tribune" account of what Mr. Kruttschnitt had to introduced by Senator Cummins of Iowa, which provides say on Jan. 22d contained the following: railroads shall not be released until the expiration Profiting by experience acquired under both private and Government that the operation, the carriers earnestly desire to provide a better system of opera- of the twenty-one-month period after the conclusion of tion by combining the initiative and beneficial features of competition in- peace, as now specified by law, unless Congress shall otherherent in private ownership with the benefits developed during operation wise order. by the Government unhampered by legal restrictions. He referred particularly to the following as reforms advisable to be continued: 1: The maintenance of the permit system so as to control traffic at its source. 2. Maintenance of heavy loads for cars. 3. Pooling of repair shops. 4. Unification of terminals. 5. Maintenance of the "sailing day plan" for tidewater shipments destined for export. 6. Consolidation of ticket offices. 7. Utilization of universal mileage tickets. 8. Maintenance of the uniform freight classification. 9. Maintenance of common time tables between important points. 10. Maintenance of high demurrage rates and uniform rules. 11. Establishment of through way-billing of freight from point of origin to destination, and rendering unnecessary the rebllling by connecting or intermediate routes. 12. Elimination, so far as practicable, of the old practice of paying in mileage or per diem rental for the use of freight cars of one carrier by another. 13. Simplification of the old practice of apportioning interline passenger revenue; and, 14.•Utilization of water routes for the relief of crowded rail lines. GOVERNMENT CONTROL OF RAILROADS PROPOSED BY FARMERS' NATIONAL COUNCIL. In his proposal for the solution of the railroad problem, Benjamin C. Marsh suggested to the Senate Committee on Inter-State Commerce on Feb. 19 the administration of the railroads under Government ownership by a commission of 25, representing five industrial classes and including women. The plan was offered by Mr. Marsh on behalf of the Farmers' National Council and the Farmers' National Committee on Transportation. Mr. Marsh criticised the plan of the railroad brotherhoods, calling for the operation of the roads by a board controlled by employees, as "class legislation." He said the Farmers' National Council, representing 750,000 farmers, desired action by Congress to purchase the railroads before the expiration of the Federal Control Act, with money to be provided by taxing "inheritances, land values incomes." The "Tribune" of Jan. 20 quotes Mr. Marsh and In his further testimony on Jan. 23 Mr. Kruttschnitt said as saying: also but opinion there had been a change not only in public We suggest—tentatively—and as a substitute for the plan of operation in the attitude of railroads toward carriers sharing their of the railroads put forward by the railroad brotherhoods, that the adminfacilities with competitors. To illustrate, he said, before istration of the railroads should be in the hands of a board of at least 25 of whom one-fifth should be selected from farmers' organizations, the Government took over control of the roads, the Pennsyl- directors, one-fifth from railroad employees, one-fifth from merchants' and manuvania offered to share its New York terminals with other facturers' associations, one-fifth from commercial municipal associations, roads, and Southern Pacific at San Francisco had exhibited and one-fifth should be appointed directly by the President, by and with advice and consent of the Senate. It is suggested that there should be a similar inclination. In reply to a question by Senator the at least one woman from each of the five groups represented upon this Kellogg, of Minnesota, Mr. Kruttschnitt said that under board of directors. the plan recommended by the railroads for a Federal railThe "Tribune" also states that Mr. Marsh thought that road department there would be no objection to conferring the women should have this representation in view of the on this department sufficient power to acquire the joint use numbers of them who now vote. of facilities. REPRESENTING SOUTHERN SHIPMERCHANTS' ASSOCIATION APPROVES RAILWAY C. E. COTTRELL, PERS, URGES RETURN OF RAILROADS TO PRIVATE EXECUTIVES' PLAN FOR REGULATION OF MANAGEMENT.—CRITICISM OF WAGE RAILROADS. INCREASES. The Merchants' Association of New York has approved E. Cottrell of Atlanta, representCharles inst. 7th the On the plan proposed by the Association of Railway Executives told the Senate Committee League, Traffic Southern the ing for the operation and control of the railroads. This plan, shippers he represented which was presented to the Senate Committee on Inter- on Inter-State Commerce that the to private management railroads the of return the advocated State Commerce on Jan. 9 by Thomas De Witt Cuyler, consideration of any proposed plans. Chairman of the Association of Railway Executives, was pending Congressional by Federal authority given in full in our issue of Jan. 11, page 129. In the enun- He evinced opposition to any attempt in a further hearing and rates, intra-State with interfere to ciation of the principles which should be adopted the Railthat many way Executives' Association held that "private ownership, before the Committee on the 10th inst. he stated "if bankruptcy into forced be would men business Southern management and operation of the American railways should as a matter of national policy be continued"; it also held the wholesale revision of freight rates initiated under the that "the power of regulation of the instrumentalities of arbitrary power of the Director-General was continued." inter-State commerce, as to all things substantially affecting In urging that Congress refuse to extend the period of Governthem, including all rates, State and inter-State, should be ment control Mr. Cottrell said it was proposed to establish exclusively in the hands of the National Government," &c. mileage rates on 89 Southern commodities, for which, he there was no justification. He also said: The Merchants' Association announces that the various declared, The Railroad Administration has been altogether too generous in the plans put forward for the control of the railroads after the disposition of wage increases. We want adequate rates paid railroad period during which the Government is authorized to retain employees, but the rate accorded negro labor has caused anomalous and peculiar situations without any corresponding improvement in the living them—twenty-one months after the conclusion of the war— conditions of the negro. In numerous instances negro laborers are paid were carefully considered by the Transportation Committee more than their white supervisors. of the Merchants' Association, of which W. B.. Dudley is He stated that the Southern Wholesale Grocers' AssoChairman. The Transportation Committee reported to ciation had asked him to announce that in a referendum the board of directors at its meeting on Feb. 13 recommend- of its 2,100 members more than 95% desired a prompt ing the adoption of the Railway Executives'plan and its rec- return of the roads to private management because of the ommendation was approved by the board. The report of "poverty of service" under Government operation. the committee, as submitted by Chairman Dudley, was as PROPOSAL OF TV. J. BRYAN FOR FEDERAL AND STATE follows: OWNERSHIP OF RAILROADS. ,The Transportation Committee of the Merchants' Association of New York at the meeting of the committee held at the offices of the Association Bryan before the National Rivers and Jennings William on Tuesday, Feb. 11, gave consideration to the several plans which have a dual been presented to the Senate Committee on Inter-State Commerce with Harbors Congress in Washington on Feb. 6 offered In subrelation to the return of the railways to private ownership and operation plan of State and Federal ownership of railroads. and further legislation with respect to the regulation of railroads. mitting his proposal Mr. Bryan, we learn through "Financial The three plans which the committee had under consideration, and a America," said: copy of each of which is attached hereto, embraced: FEB. 22 1919.] THE CHRONICLE 735 "In my mind the plan most easily presented and defended is a dual plan in which the Federal government will own and operate, not the entire railroad system of the country, but only a trunk line system sufficient to give every State an outlet for its products and an inlet for its purchases. - "The dual plan contemplates not only a trunk line system owned and operated by the Federal government but the ownership and operation of the local network of roads by the several States. "The government could, for instance, take over one first class trunk line between the Atlantic seaboard and the Great Lakes at Chicago; another to the Mississippi Valley at St. Louis; another to the Middle West; and lines to the north, south and Central Pacific coast; also north and south lines. "This woild give an opportunity to test the relative merits of private as against public ownership. The government owned system would have lower fixed charges because its bonds would be issued at lower interest rates. Profits could be used either to extend the system or to pay off the debt. "In other words, while it is government ownership, the larger part of the problem is distributed among forty-eight States and can be extended over a number of years." to Secretary Tumulty in which he announced that he could not accept the invitation to dine with the President and discuss the League of Nations. Meetings at the White House, the Senator pointed out, are always regarded as strictly confidential, and in view of his differences with- the President on the question to be discussed, he did not wish to be bound in any way to secrecy in regard to the inforamtion that might be imparted by the President. At the same time Senator Borah's letter was made public, it was announced that both he and Senator Poindexter of Washington intended to discuss the League of Nations on the floor of the Senate on Wednesday (the 19th), despite the President's request to the contrary. Senator Borah's letter to Secretary Tumulty was as folMr. Bryan predicted that the roads would be returned to private ownership at the end of 21 months after peace on lows: Feb. 17 1919. the same basis as that existing when they were taken over My Dear Mr. Tumulty: I greatly appreciate your note honoring me by the Government, unless the President should arbitrarily with an invitation to meet the President Feb. 26, to discuss the League turn them back before. "The railroads do not want this," of Nations—a matter of most vital concern to the whole country. Meetings at the White House, according to a long-standing custom, are always he said, "nor has such a plan any advocates, but it is likely regarded as strictly confidential upon the part the guests. This meetto be accepted because no other plan will be accepted by a ing, I take it, would be regarded as especially of confidential, otherwise the President would have spoken according to his custom to the open Senate. majority." The differences between the President and myself on this question are Mr. Bryan addressed the gathering after Luther M. fundamental. I am sure no suggestion of mine would modify in the Walter of Chicago had presented the Warfield plan of opera- slightest the views of the President, and nothing could induce me to support this League as outlined in this proposed legislation or anything like tion. The former Secretary of State criticised the 6 per cent It. I feel, therefore, that it would not be fair to the President to occupy guarantee advocated under this plan, saying that a policy his confidence or receive from him confidential information concerning this of guaranteed incomes would not be accepted by the people. subject. Neither, in my view of the subject, could I accept information PRESIDENT WILSON ASKS CONGRESS LEADERS TO DELAY DEBATE ON LEAGUE OF NATIONS —REQUEST IGNORED BY SOME. On Saturday last (Feb. 15) there was made public at Washington the text of a message from President Wilson, cabled from Paris under date of Feb. 14, through Secretary Joseph P. Tumulty to the Foreign Relations Committees of the House and Senate, in which the President requested the members of the committees to dine with him at the White House as soon as he arrived in Washington, in order that he might go over with them the various provisions of the proposed constitution of the League of Nations. In the meantime, the President requested that Congress should refrain from debate on the subject. The President's message read as follows: Last night the Committee of the Conference charged with the duty of drafting a constitution for a League of Nations concluded its work, and this afternoon, before leaving for the United States, it is to be my privilege and duty to read to a plenary session of the Conference the text of the twentysix articles agreed upon by the Committee. The Committee which drafted these articles was fairly representative of the world. Besides the representatives of the United States, Great Britain, France, Italy and Japan, representatives of Belgium, Serbia, China, Greece, Rumania, Czecho-Slovakia, Poland, Brazil and Portugal actively participated in the debate and assisted materially in the drafting of this constitution. Each article was passed only after the most careful examination by each member of the Committee. There is a good and sufficient reason for the phraseology and substance of each article. I request that I be permitted to go over with you, article by article, the constitution before this part of the work of the Conference is made the subject of debate of Congress. With this in view, I request that you dine with me at the White House as soon after I arrive in the United States as my engagements permit. Coincident with the receipt of the foregoing message, came the announcement that the President would land at Boston instead of at Newport News, as originally planned, and that he would deliver an address in Boston and possibly another at New York before proceeding to Washington. The President's request for a suspension of debate on the League of Nations until his arrival met with a mixed reception. Senator Hitchcock, Chairman of the Foreign Relations Committee, expressed gratification over the President's plans for a consultation with the committee members of both Houses. "In this manner, both Democratic and Republican members of the committees will be able to exchange views with the President," he said. "He will come fresh from the scene, with impressions and very probably information which will be of immense value in a consideration of the League's constitution. I think the conferences will be of great value." Other Senators, however, were inclined to take umbrage at the President's attempt to forestall debate. This was especially so after it became known that the President intended to make a public address on the subject before his conference with the Foreign Relations Committees. The fact was commented upon, too, that the destination of the President's ship was changed to Boston, in order, his critics said, to enable him to make his first speech in the home State of Senator Loilge, who has all along been the principal opponent of the League of Nations idea. On the 18th Senator Borah, of Idaho, Republican, and a member,,,of,the Foreign Relations Committee, sent a letter which I would not feel perfectly free to transmit to my colleagues or use in public debate. After much reflection I beg, therefore, to be excused from attending the meeting. In writing this note and in taking this course I mean no personal disrespect to, or disregard of. the President. I simply find myself in such disagreement with him, and feel so intensely concerning the matter that I cannot do other than candidly advise him of the fact. Very sincerely. WILLIAM E.BORAH. To the Hon. Joseph P. Tumulty. PRESIDENT WILSON SAILS FOR HOME—WILL RETURN TO PARIS IN MARCH. President Wilson left Paris Friday evening, Feb. 14, on the return trip to the United States, sailing from Brest Saturday forenoon on the steamship George Washington, the same vessel on which he originally crossed. The President is expected to arrive at Boston on Feb. 25, where he is to deliver one speech before leaving for Washington. After remaining at Washington during the closing days of the Congressional session which ends on March 4, the President expect to return at once to Paris, arriving there about the middle of March. Just before leaving Paris Mr. Wilson called a meeting of the American peace delegation and arranged with them for the carrying on of the work of the delegation during his absence. From Brest the President sent a farewell message to the French people, expressing his gratitude for, their cordial hospitality. In his message the President said: I cannot leave France without expressing my profound sense of the great hospitality of the French people and the French Government. They have received and treated me as I most desire to be treated, as a friend, a friend alike in spirit and in purpose. I am happy to say that I am to return to assist with all my heart in completing the just settlements which the Peace Conference is seeking, and I shall carry with me during my absence very happy memories of the two months I have spent here. I have been privileged to see here at first hand what my sympathies have already conceived—the sufferings and problems of France—and every day has deepened my interest in the solution of the grave questions upon whose proper solution the future prosperity of France and her associates and the whole world depend. May I not leave my warm and affectionate farewell greeting? The President is accompanied by Mrs. Wilson and by an official party, numbering in all 319 persons. In addition, the transport is bringing back a large number of soldiers. PRESIDENT WILSON'S ADDRESS IN PRESENTING CONSTITUTION OF LEAGUE OF NATIONS. The full text of the proposed constitution of the League of Nations, as presented to the plenary session of the Peace Conference on Friday of last week (Feb. 14), was given in our issue of Feb. 15, on page 651. In presenting the draft of the document, as prepared by the special Commission on League of Nations, President Wilson made certain comments elucidating paragraphs as to which there had been differences of opinion; he also summed up the document as a whole in a notable address in which he said: "Mr. Chairman—I have the honor and, as I esteem it, the very great privilege of reporting in the name of the Commission constituted by this Conference on the formulation of a plan for the League of Nations. I am happy to say that it is a unanimous report, a unanimous report from the representatives of fourteen nations—the United States, Great Britain, France, Italy, Japan, Belgium, Brazil, China, Czecho-Slovakia, Greece, Poland, Portugal, Rumania and Serbia. I think it will be serviceable and interesting if I, with your permission, read the document as the only report we have to make." Then followed the reading. After reading through the second paragraph of Article 14, the President paused and said: 736 THE CHRONICLE "Irpause to point out that a misconception might arise in connection with one of the sentences I have just read, if any party shall refuse to omply, the Council shall propose the measures necessary to give effect to the recommendation. Cites Hypothetical Case. "Areas° in point, a purely hypothetical case, is this: Suppose there is in the possession of a particular Power a piece of territory or some other substantial thing in dispute to which it is claimed that it is not entitled. Suppose that the matter is submitted to the Executive Council for recommendation as to the settlement of the dispute, diplomacy having failed, and suppose that the decision is in favor of the party which claims the subject matter of dispute as against the party which has the subject matter in dispute. Then, if the party in possession of the subject matter in dispute merely sits still and does nothing, it has accepted the decision of the Council, in the sense that it makes no resistance; but something must be done to see that it surrenders the subject matter in dispute. "In such a case, the only case contemplated, it is provided that the Executive Council may then consider what steps will be necessary to oblige theTparty against whom judgment has been given to comply with the decisions of the Council." After reading Article 19, the President again paused and said: "Let me say that before being embodied in this document this was the subject matter of a very careful discussion by representatives of the five greater parties, and that their unanimous conclusion of the matter is embodied in this article." After the reading of the entire document, President Wilson continued as follows: "It gives me pleasure to „add to this formal reading of the result of our labors that the character of the discussion which occurred at the sittings of the Commission was not only of the most constructive, but of the most encouraging sort. It was obvious throughout our discussion that, although there were subjects upon which there were individual differences of judgment, with regard to the method by which our objects should be obtained, there was practically at no point any serious differences of opinion or motive as to the objects which we are seeking. Indeed, while these debates were not made the opportunity for the expression of enthusiasm and sentiments, I think the other members of the Commission will agree with me that there was an undertone of high respect and of enthusiasm for the thing we were trying to do, which was heartening throughout every meeting. Because we felt that in a way this Conference did entrust unto us the expression of one of its highest and most important purposes, to see to it that the concord of the world in the future with regard to the objects of justice should not be subject to doubt or uncertainty; that the co-operation of the great body of nations should be assured from the first in the maintenance of peace upon the terms of honor and of the strict regard for international obligations. The compulsion of that task was constantly upon us, and at no point was there shown the slightest desire to do anything but suggest the best means to accomplish that great object. [VOL. 108. force of the world shall. But that is the last resort, because this is intende as a constitution of peace, not as a league of war. "The simplicity of the document seems to me to be one of its chief virtues, because, speaking for myself, I was unable to foresee the variety of circumstances with which this League would have to deal. • I was unable, therefore, to plan all the machinery that might be necessary to meet differing and unexpected contingencies. Therefore, I should say of this document that it is not a strait-jacket, but a vehicle of life. A living thing is born, and we must see to it that the clothes we put upon it do not hamper it, a vehicle of power, but a vehicle in which power may be varied at the discretion of those who exercise it and in accordance with the changing circumstances of the time. Definite Guarantee of Peace. "And yet, while it is elastic, while it is general in its terms, it is definite in the one thing that we were called upon to make definite. It is a definite guarantee of peace. It is a definite guarantee by word against aggresssion. It is a definite guarantee against the things which have just come near bringing the whole structure of civilization into ruin. Its purposes do not for a moment lie vague. Its purposes are declared and its powers made unmistakable. "It is not in contemplation that this should be merely a league to secure the peace of the world. It is a league which can be used for cooperation in any international matter. That is the significance of the provision introduced concerning labor. There are many ameliorations of labor conditions which can be effected by conference and discussion. I anticipate that there will be a very great usefulness in the Bureau of Labor which it is contemplated shall be set up by the League. While men and women and children who work have been in the background through long ages, and sometimes seemed to be forgotten, while Governments have had their watchful and suspicious eyes upon the manoeuvers of one another, while the thought of statesmen has been about structural action and the larger transactions of commerce and finance, now, if I may believe the picture which I see, there comes into the forcground the great body of the laboring people of the world, the men and women and children flpon whom the great burden of sustaining the world must from day to day fall, whether we wish it to do so or not; people who go to bed tired and wake up without the stimulation of lively hope. These people will be drawn into the field of international consultation and help and will be among the wards of the combined Governments of the world. There is, I take leave to say, a very great step in advance in the mere conception of that. "Then, as you will notice, there is an imperative article concerning the publicity of all international agreements. Henceforth no member of the League can claim any agreement valid which is not registered with the Secretary-General, in whose office, of course, it will be subject to the examination of anybody representing a member of the League. And the duty Is laid upon the Secretary-General to publish every document of that sort at the earliest possible time. I suppose most persons who have not been conversant with tho business of foreign affairs do not realize how many hundreds of these agreements are made in a single year, and how difficult it might be to publish the more unimportant of them immediately—how uninteresting it would be to most of the world to publish them immediResult Reached Harmoniously. even they must be published just as soon as it is possible for "There is very great significance, therefore, in the fact that the result ately—but the Secretary-General to publish them. was reached unanimously. Fourteen nations were represented, among them all of those Powers which for convenience we have called the great Annexations of Helpless Peoples. Powers, and among the rest a representation of the greatest variety of saying in justified about this covenant which to my mind is one of are we feature a think is I there "Then that So interests. circumstances and that have been made. We that it was a representative group of the members of this great Conference. the greatest and most satisfactory advances meanings, all are done with annexations of helpless peoples, meant in some instances The significance of the result, therefore, has that deepest of We recognize in the be exploitation. for cannot merely which wills of used be union to a Powers purpose, by some the union of wills in a common peoples of the world, resisted, and which I dare say no nation will run the risk of attempting most solemn manner that the helpless and undeveloped being in that condition, put an obligation upon us to look after their to resist. interests primarily before we use them for our interests; and that in all Character of Document. cases of this sort hereafter it shall be the duty of the League to see that "Now as to the character of the document. While it has consumed the nations who are assigned as the tutors and advisers and directors of is it once that those peoples shall look to their interests and to their development before some time to read this document, I think you will see at very simple, and in nothing so simple as in the structure which it suggests they look to the interests and material desires of the mandatory nation for the League of Nations—a body of delegates, an Executive Council, and itself. There has been no greater advance than this, gentlemen. If you a permanent secretariat. When it came to the question of determining look back upon the history of the world you will see how helpless peoples we were all have too often been a prey to Powers that had no conscience in the matter. the character of the representation in the body of delegates, aware of a feeling which is current throughout the world. Inasmuch as It has been one of the many distressing revelations of recent years that the Iram stating it in the presence of official representatives of the various great Power which has just been happily defeated put intolerable burdens Governments here present, including myself, I may say that there is a and injustices upon the helpless people of some of the colonies which it anuniversal feeling that the world cannot rest satisfied with merely official nexed to itself; that its interest was rather their extermination than their guidance. There has reached us through many channels the feeling development; that the desire was to possess their land for European purthat if the deliberating body of the League was merely to be a body of poses, and not to enjoy their confidence in order that mankind might officials representing the various Governments, the peoples of the world be lifted in these places to the nexi higher level. Now, the world, expresswould not be sure that some of the mistakes which preoccupied officials ing its consceince in law, says there is an end of that; our consciences shall be applied to this thing. States will be picked out which have already had admittedly made might not be repeated. "It was impossible to conceive a method or an assembly so large and shown that they can exercise a conscience in this matter, and under their various as to be really representative!of the great body of the peoples of tutelage the helpless peoples of the world will come into a new light and into the world, because, roughly reckoned, we represent as we sit around this a new hope. "So I think I can say of this document that it is at one and the same time table more than 1,200,000,090 people. You cannot have a representative assembly of 1,200,000,000 people, but if you leave it to each Government a practical document and a humane document. There is a pulse of symit. It is practo have, if it pleases, one or two or three representatives, though only a pathy in it. There is a compulsion of conscience throughout to single vote, it may vary its representation from time to time, not only, but tical, and yet it is intended to purify, to rectify, to elevate. And I want sense a beone in have is it me, this if should instruct representatives, several observations its of my as far so choice say that it may originate the several, in different ways. Therefore, we thought that this was a proper lated document. I believe that the conscience of the world has long been and a very prudent concession to the practically universal opinion of plain prepared to express itself in some such way. We are not just now discovermen everywhere that they wanted the door left open to a variety of repre- ing our sympathy for those people and our interest in them. We are simply sentation, instead of being confined to a single official body with which expressing it, for it has long been felt, and in the administration of the affairs of more than one of the great States represented here—so far as I they could or might not find themselves in sympathy. know of all the great States that are represented hero—that humane Unlimited Rights of Discussion. impulse has already expressed itself in their dealings with their colonies We have had many "And you will notice that this body has unlimited rights of discussion—I whose peoples were yet at a low stage of civilization. of complete self-government. mean of discussion of anything that falls within the field of international instances of colonies lifted into the sphere the agreement of the great is relations—and that it is especially agreed that war or international mis- This is not the discovery of a principle. It standards in their separate adunderstandings or anything that may lead to friction and trouble is every- nations which have tried to live by these their common force and their combody's business, because it may affect the peace of the world. And in order ministrations to unite in seeing that this groat and humane enterprise. to safeguard the popular power, so far as we could, of this representa- mon thought and intelligence are lent to tive body, it is provided, you will notice, that when a subject is submitted, Occasion for Profound Satisfaction. not to arbitration but to discussion by the Executive Council, it can upon "I think it is an occasion therefore for tne most profound satisfaction the initiative of either of the parties to the dispute be drawn out of the Exectitive Council on the larger forum of the general body of delegates; that this humane decision should have been reached in a matter for which becau.4e throiighout this instrument we are depending primarily and the world has long been waiting and until a very recent period thought that chiefly upon one great force, and this is the moral force of the public it was still too early to hope. "Many terrible things have come out of this war, gentlemen, but some opinion of the world—the pleasing and clarifying and compelling influences of publicity; so that intrignes can no longer have their coverts, so very beautiful things have come out of it. Wrong has been defeated, but that designs that are sinister can at any time be drawn into the open, the rest of the world has been more conscious than it ever was before of the so that those things that are destroyed by the light may be promptly majesty of right. People that were suspicious of one another can now live destroyed by the overwhelming light of the universal expression of the as friends and comrades in a single family, and desire to do so. The miasma condemnation of the world. of distrust, of intrigue, is cleared away. Men are looking eye to eye and "Armed force is in the background in this program, but it is in the back- saying 'we are brothers and have a common purpose. We did not realize it before but now we do realize it, and this is our covenant of friendship.'" ground, and if the moral force of the world will not suffice the phys FEB. 22 1919.] THE CHRONICLE LEON BOURGEOIS VOICES FRENCH VIEW OF LEAGUE QF NATIONS COVENANT—OTHER NOTABLE ADDRESSES. In addition to the address of President Wilson in laying before the Peace Conference the draft of the proposed Constitution of the League of Nations, a number of addresses were made by the representatives of other nations, notably by Lord Robert Cecil of the English delegation, Leon Bourgeois, speaking for France, and Premier Orlando of Italy. The address of M. Bourgeois, while declaring that he had pot and would not say one word that "could weaken the feeling of our complete and hearty unity," nevertheless voiced the desires of France for a strengthening of the guarantee of peace to those nations that are especially exposed to peril (such as France and Belgium), and made a strong plea for the establishment of an_international force to maintain world order. He also pressed for real disarmament. The text of his address follows: I rise to express the deep satisfaction of all, and of France more than any other country, because she is 4nlong the countries who have most suffered, to see the unity of our wills and of our hearts in a passionate adhesion to the principles of the League of Nations. That act of faith we shall do in a spirit of cordiality and good-will that has been that of the committee. Under the eminent Chairmanship of President Wilson the committee has worked with all their hearts to attain this great object. Lord Robert Cecil has said we now present to the conference and to the world the result of our work, but we do not present it as something that is final, but only as the result of an honest effort to be discussed and to be examined not only by this conference but the public opinion of the world. We are unanimous in our opinion that this scheme must be presented to the world, and it resulted from our deliberation. We must preserve the character of unanimity which its note has given it. We still retain our rights when further discussion take place to state more definitely our views on some details. Signor Orlando has said how difficult it seemed at the beginning to conciliate two apparently contradictory principles—that of the sovereignty of nations and that of the limitations that nations must accept in order to secure the reign of right and justice. That conciliation has taken place without effort, and we have demonstrated movement, as Signor Orlando said, by walking. We rise to prevent the renewal of a war like that which we have just seen; we rise at the appeal of all those who have fallen to spare their offspring the renewal of such an ordeal. We are persuaded that no war in the future can be limited to a small area. 'rho interdependence of the different parts and different interests of the world has become such that no conflict can be limited. It is that the whole world may keep itself from danger that we to-day have ordained that right And justice must be the basis of settlement in all the conferences. In the all view of just people there are no small and no great States. All are and will be equal before the principle of international justice, and in the trithe represenas not sit, will judges the decisions bunal that will give the tatives of one particular nation, but as the representatives of international right. This is a principle to which we are particularly attached. All the States, in consenting to submit to international justice, take at the same time a definite pledge to guarantee to each other the integrity of their territories as established by the settlement ef the present peace treaty, and also to guarantee their political independence against future aggression. This is the object of our scheme. I hope the means which are suggested by it will Allow us to attain our object. We have established a certain number of judicial principles and interthem to a national organizations binding the States together, binding common work and binding them to the truce without which their common development would be impossible. These organizations, the creation of which is provided for in the last articles of the covenant, are similar to some which have existed already, but which were scattered through various parts of the world and which had never been brought together to form part of the common body of humanity. The foundation is now laid, and we are certain that the organizations will be multiplied and will help humanity more and more to attain its common aims, We have been unanimous in proclaiming these principles, and we have felt the force of these principles so much that we have no doubt that a strong light will penetrate even into the darkest sport, that the light radiating from those principles will find its way in lands that seem to be the least open to it. But it is not enough to proclaim such great principles. We must organize a system of guarantee and a system of action, both judicial and practical. The plan laid down is a clear and simple one. There is a council whore all the States are represented equally, each having only one which is constituted on a vote, and there is an Executive Committee different principle. But oven in this case, whore it has been found necesto the larger Powers, the votes five give to action sary for purposes of principle of equality has been secured by giving as much as four votes to the smaller States. that body will be assured by definite 1,4Respect for the decision given by considered as an act of war against rules, the violation of which shall be (It may be the smallest and most All the contracting States. If one State without justification then the whole remote of all the States) is attacked and will resist. attacked, pf the League of Nations is being secure the execution of international But we must go further. In order to armaments. This has been the sentences there must be a limitation of What was formerly so difficult wish of the world for a great many years. has made it possible, because it victory has to-day become possible. Our force that was in the way of such has enabled us to disarm the barbaric An improvement. State can be capable of prevailing That limitation must be such that no but at the same time each State Against the will of the law of nations, to the force that will enable the contribute should be strong enough to has boon unanimity upon all League of Nations to Impose its will. There these points. wish particularly to insist, I which There are one or two points upon that may be of special moment because they are connected with dangers not equal for all. to some of us, dangers that may arise Belgium, Serbia, There are special danFers for countries like France, of formation in Central Europe. and the new States that aro in the stage been recognized has this and guarantees, It is necessary to give them special account should be taken of by the committee,'when it states that special to each State the geograpbical situation of, and the mode of application 737 in the scale of armaments. Where the frontiers are more exposed it must be possible to have stronger systems of defense, and possibly also greater armaments. This is all right, but there is no doubt that it will put on the shoulders of the nations that happen to be in that difficult position a special burden. It will hamper them in the peaceful competition that is the life of the world. And here again two practical questkins must be put. To give all nations necessary security, the principle of the limitation of armaments must not only be executed but executed very fast. It has been said (and no one has said it more forcefully than President Wilson) that modern war has become a war of material, that in such a war as the one we have just seen, and such as we hope never to see in the future, what has triumphed has been science turned into barbarism. Now, it is necessary for us to control the war industries all over the world. The nations, who are the contracting parties of the covenant, pledge themselves mutually to communicate to each other full information about their armaments and their means of production. This is a very good plan, with which I am particularly satisfied. At the same time, I propose an amendment, which I think I ought to mention. I thought it would be necessary to institute a permanent organization for purposes of inspection, and this amendment was not at the moment embodied in the text. We have accepted the text as it is before you, and we now mention that amendment. It is because—as the whole scheme is going to be discussed by the world—it is better that all the points that have given occasion for important observations should be mentioned. Here is a second point. Take a State that violates the international covenant. That State is supposed to be in a state of war against all the members of the League, and all are prepared to compel it to execute its obligations. But war is not something that can proceed at once, especially when the question is how to bring together forces belonging to States which are very different from each other and may be at the four corners of the world. Each nation will have to wait in order to act until a certain procedure is gone through and until for each particular nation a vote has been taken by its Parliament—and so on. This means time and delay. And, supposing that there is on the part of the aggressor a will to precipitate a situation, then we must provide for the possibility. For this purpose it would be desirable to have all the means of resistance studied and concerted action prepared before the occasion arises. This would be the best check against any ill design. If the would-be aggressor knows that resistance is fully prepared against any action such as he contemplated, then he will be restrained. Where, on the other hand,he knows that no such preparations exist and that sudden action on his part would encounter no prepared and well thought out resistance, perhaps he would not be restrained and it would be extremely dangerous. If you do not wish to see the terrible ordeal through which the world has passed renewed in the future, we ought to have a permanent organization to prepare the military and naval means of execution and make them ready in case of emergency. This has been objected to by some of the members of the committee because it involved some difficult constitutional problems. This is why we have agreed to the text without that amendment, but we think the principle of that proposed amendment ought to De put before public opinion at the same time as the scheme to which we have agreed. I hope that no one, either here or anywhere in the world, will be mistaken about my intention. I will not say, and I have not said, a word that could weaken the feeling of our complete and hearty unanimity. We have acted with one heart for the triumph of the cause, which is that of our conference, the cause of right against violence, the cause of right against might. We believe that this scheme that is now before us is an excellent one. We believe in its virtues and its possibilities. The observations we have made on some points will, we hope, be of some value in the further discussions, since we are at the beginning of the examination of the whole plan. Now we must, at the end, express our deep gratitude toward our colleagues, and our deep gratitude toward President Wilson, who presided over our labors in such a competent way and with such high spirit, and we wish still more to express the sincere wish of France to see that the great 'pact becomes, possibly with some improvement on the two points I have mentioned, the law of nations. Lord Robert Cecil, who was the first to speak after President Wilson, said: Mr. President and Gentlemen: I rejoice very much that the course which has been taken this afternoon has been pursued. It seems to me a good omen for the great project in which we are engaged that before its final completion it should have been published to the world and laid before all its people for their service and for their criticism. The President spoke of the spirit which animated the Commission over which he presided with such distinction. I gladly bear my testimony to the complete accuracy, both in letter and in spirit, of everything which he has said about it. It was, indeed, a pleasure to serve with such colleagues, and but for the common purpose and the common devotion to that purpose, it would have within been impossible for us to have accomplished the task set before us the time which was given to it. For, after all, the problem in which we it was it, were engaged in solving was one of great difficulty. As I see to devise some really effective means of preserving the peace of the world consistent with the least possible interference with national sovereignty. You have heard the covenant and it is unnecessary for me to dwell on its details. We have sought to safeguard the peace of the world by establishshall ing certain principles. The first and chiefest of them is that no nation settling go to war with any other nation until every other possible means of the disputes shall have been fully and fairly tried. Secondly, we lay down that under no circumstances shall any nation as the seek forcibly to disturb the territorial settlement to be arrived at of consequence of this peace or interfere with the political independence we which any of the States in the world. These are the two great precepts relatiOns. international seek to lay down for the government of to be acted And we have recognized that if these principles are really retain upon we must go one step further and lay it down that no nation must doubt armament on a scale fitted only for aggressive purposes. I do not down laid is it but difficult, that the working out of that principle will be with clearly in this document, and the organs of the League are intrusted the world a the duty of producing for the consideration and support of workable scheme for carrying it into effect. it is not And,finally, we have thought that if the world is to be at peace We must enough to forbid war. We must do something more than that. that of intry and substitute for the principles of international competition document a ternational co-operation, and you will find at the end of this the world which in respects number of clauses, which point out the various nation for purcan better discharge its duties by the co-operation of each the examples poses which are beneficial to the whole of them. They are of what may be done. There are many omissions. 738 THE CHRONICLE There is one clause which points out that in future international cooperation shall be made subject to and connected with the League of Nations. Certainly I should hope that there are such questions as the opium trade, the white slave traffic, and, in another order of ideas, the regulation of the arteries of the air, which, besides those mentioned in this document, call earnestly for effective international co-operation. Certain it is that if we can once get the nations of the world into the habit of co-operating with one another, you will have struck a great blow at the source of origin of almost all the world wars which have defaced the history of the world. Those, I believe, are the principles on which we have relied for the safeguarding of peace. And as to national sovereignty, we have thought, in the first place, that the League should not in any respect interfere with the international libel. , ties of any nation. I do not regard the clause which deals with labor as any such interference, for it is quite certain that no real progress in ameliorating the conditions of labor can be hoped for except!by international agreement. Therefore, although the conditions of labor in Et country are a matter of internal concern, yet, under the conditions under which we now live that is not so in truth, and bad conditions of labor .n one country operate with fatal effect in depressing conditions of labor in another. Secondly, we have laid down (and this is the great principle of the delegates except in very special cases and for very special reasons which are set out in the covenant) that all action must be unanimously agreed to in accordance with the general rule that governs international relations. That this will to some extent, in appearance at any rate, militate against the rapidity of action of the organs of the League is undoubted. In my judgment that defect is far more than compensated by the confidence that it will inspire that no nation, whether small or great, need fear oppression from the organs of the League. Gentlemen, I have little more to say. The President has pointed out that the frame of the organization suggested is very simple. He has alluded to some respects in which some may think it might have been more elaborate, but I agree with him that simplicity is the essence of our plan. We are not seeking to produce for the world a building finished and complete in all respects. To have attempted such a thing would have been an arrogant piece of folly. All we have tried to do—all we have hoped to do is to lay soundly and truly the foundations upon which our successors may build. I believe those foundations have been well laid out, and it depends upon those who come after us what will be the character and stability of the building erected upon them. If It is merely a repetition of the old experiments of alliance, designed for however good a purpose, believe me,gentlemen, our attempt is doomed to failure. It must be a practical thing, (and this is the real point.) Instinct with a genuine attempt to achieve the main objects we have in view. And if those who build on those foundations really believe that the interest of one is the interest of all and that the prosperity of the world is bound up with the prosperity of each nation that makes it up—that goes to compose the family—then only will the finished structure of the League of Nations be what it ought to be—a safeguard and a glory for the humanity of the world. Premier Orlando, speaking for Italy, said: If I have asked to take part in thiedobate, it is to express my deep satisfaction at having co-operated in the first production of what is going to be one of the great documents of history, and I hope that my present feeling will be fully justified. We all expect from the discussion and development of the present act a renewal of the whole world, but as the present debate has for its object to bring the whole scheme before the public opinion of the world, I wish to bring to that debate my personal contribution. I am not going to speak on the general aim of the scheme. This has been formulated by the men who have the highest and noblest right to do it, and I am not here to insist upon the main and fundamental principles. This is what Lord Robert Cecil has done with vigorous lucidity of mind. But I have something to say on the general method upon which our work has been conducted. Our task, gentlemen, was one of incomparable difficulty. We were faced with two absolute principles, the conciliation of which would seem to be logically impossible—on one side the sovereignty of States, admitting of no limitation, and, on the other hand, a limit, imposed upon the action of States, so that rights might be conciliated and so that the liberty of States should not include the liberty of doing wrong. Now, we have been able to conciliate these two principles on the basis of self-constraint. The Governments have recognized that limit, and they will make it effective in each case, as there will be the overwhelming pressure of the public opinion of the world. I do not forget the possibility that such a scheme has been the object of attacks by skeptics, some of them according to their temper, in sorrowful tones, others in an ironical mood. I will answer them as the Greek philosopher did, when the reality of movement was denied in his presence, and he answered by rising to his feet and walking. The possibility of collective international action has been demonstrated by the work of our committee itself, there being eminent statesmen there representing the interests of the most divergent national existences, and. they had to face problems which were difficult and puzzling. But even in spite of this we have agreed in a short time and after full discussion, where all the difficulties of solution were shown, and we had an opportunity of seeing which of the solutions was the best and wisest. We reached our agreement after periods of suspense and reflection. Then we felt that something was growing and ripening, as a grain in the earth, and what has taken place at this time and will take place in the future is but an example of how that idea can work in its reality in a tangible form. If that idea is going to be transformed into a reality, it is because of the generous and occult influence of all the blood that has been spilt, of all the terrible bereavement of the whole world. After great wars in the past men have erected dplendid monuments to glorify the fallen heroes, with their names inscribed on the walls. But the greatest monuments of the world, even the pyramids of Egypt, would not be equal, under the present circumstances, where millions of men have died for a cause, to this document. The pact which has been brought here to-day is the monument we intend to erect. This document of freedom and right was not born in vain, and It represents the redemption of humanity by sacrifice. [VOL. 108. I bog to add another voice to echo the congratulatory speeches that have been made on the presentation of a document which is, perhaps, the most important document that has been compiled by man. The great leaders with stanch purpose have personified this great movement, a movement involving intricate problems of divers nations, and they deserve the gratitude of their follow-men for successfully piloting to this advanced stage a most effective instrument for the maintenance of the peace of the world. Their names will be written indelibly on the pages of history and that will be the grateful acknowledgment of humanity for their labor. As I understand it, there is to be no discussion of the project before us, I will limit myself to those few remarks, observing that at a later stage in the discussion of this project I shall have the privilege of addressing certain propositions which I hope will receive earnest and favorable consideration from the distinguished men who represent the nations assembled here. In answer to a question from William Hughes, Premier of Australia, M. Clemenceau, Chairman of the Conference, assured the delegates that ample opportunity would be furnished later for discussion of the covenant. Er-PRESIDENT TAFT URGES SUPPORT OF PLAN FOR LEAGUE OF NATIONS. Various utterances have been made during the past week by William H. Taft, former President of the United States, in support of the League of Nations. At the Northwestern Congress for a League of Nations at Portland, Ore., on Feb. 17, he endorsed the constitution of the League of Nations, and on that occasion said: The constitution as road in Paris by President Wilson is indeed wider In the scope of its purpose than was the platform of our League to Enforce Peace. Article X of the Constitution extends our Monroe Doctrine to the world by making it an obligation of the League members to respect and preserve as against external aggression the territorial integrity and existing political independence of all State mambers of the League. The punishment of a universal boycott is a very favorable instrument of repression. We may reasonably hope that this prospect will minimize the temptation to make war and to secure the object of the League. This Paris covenant has been made by the five nations who are to prescribe the terms of the treaty of peace. A convention of all the nations would never have agreed on anything as practical as this. This League is growing up as an institution forced by the necessities of the situation. In the President's addresses and messages during the war, and since, he has promised to the long harassed peoples of the allied nations that the United States would press for a League of Nations which should secure permanent peace when this war ended. The nation is thus pledged to the idea of a League of Nations to render peace permanent. In speaking to a gathering at the Union Station at Helena, Mont., on Feb. 15 upon his arrival from the East with a delegation touring the country in the interest of the League of Nations, Mr. Taft asked his hearers "as lovers of your country, and as lovers of mankind," to use all their influence "with our Senators and have the treaties embodying the League of Nations idea ratified." Commenting upon the text of the articles agreed to at the Peace Conference for a Society of Nations, former President Taft said: It is a real League of Nations. It is not all that I wished, but comes near. It is a great deal better than I hoped. It contains within its terms provisions for its own growth. Indeed, the exigencies of the European situation in the sphere of the League will probably require additional and more stringent provisions in some respects than appear in the present plan, but on the whole I am quite gratified over the unanimous agreement on the subject. There should be no doubt of its approval by the Senate when it is embodied in the treaty. On the 19th inst. at a luncheon given in his honor at San Francisco by Civic Organizations, Mfr. Taft declared that "the gentlemen in the Senate who are setting out to defeat this League of Nations are those I would not trust over night." Mr. Taft added: "They are citing the Constitution as an argument against it. I revere and worship that great instrument, and it is a now story to me if the Constitution prevents this people from playing their part in bringing peace and order and happiness to ourselves and the other peoples of the world. "This is not a political question. God forbid! I am glad President Wilson went to Europe, because he went bearing a promise of a League of Nations. "The application at this time of the doctrine of avoiding entangling alliances is reactionary to the extent of delaying world peace one hundred years. The question at this time is whether the whole great plan of the League of Nations is to be defeated because we can't get a two-thirds majority of our Senate for its ratification." In further criticisms along this line, the press dispatch from San Francisco on the 20th quote Mr. Taft as saying: "Certain small Americans on the floor or the United States Senate profess to see dire danger and eventual disaster to the country if we enter the League of Nations, agreed upon at the Paris peace table. I do not use the term 'small Americans' in an invidious sense, but to imply that these gentlemen have a small view of America, the provincial, selfish view that the highest duty of America is to preserve a safe, comfortable,luxurious pros. perity for our own people, beyond which Nye have no other responsibility toward the rest of the world. "While the statesmen and peoples of the entire world are unanimous in the certain belief that unless the machinery of such a League is set in motion, war, more terrible, and far-reaching than the one we have just endured, will sweep the world in ten or twenty years. The only discord in the concert is heard in the voice of small Americans, from certain small-visionedimen, who have been elevated to the United States Senate." Baron Makino, head of the Japanese delegation, joined in congratulating the Conference on the presentation of a document "which is perhaps the most important document that has been compiled by man." He served notice, however, that the Japanese delegate would at a later stage in From the New York 'Tribune" of Fob. 19 we ta,kelthe the discussions bring forward certain propositions. These following special correspondence to it from Portland: are understood to relate to the removal of all racial restric"It is a real covenant with a bite in it," said ex-President Taft to the tions on immigration. Baron Makin° said: correspondent of the "Tribune" when asked to contrast the Parisi coy- 1,EB. 22 1919.] THE CFIRONICLE enant with the program of the League to Enforce Peace. The ex-President stressed the word 'bite' and later made plain through amplifications that the League to Enforce Peace places duo emphasis on the third word of its title. Once he bristled perceptibly at thoughts of the opposition certain men in Congress exert against a peace League of Nations and broke out with: "Oh, why can't we play the game? We go into arbirtation on the theory that the decision is going to (aver us, but if it doesn't you take it anyhow. We have been in arbitration a hundred times and have taken the decisions creditably." Senators Poindexter and Borah were specifically scored for what he termed potty fault-finding with plans for arbitration and peace. "Let me tell you this," said Mr. Taft. "Borah and the rest of them trying to find extreme hypotheses to destroy the League could destroy our Constitution by adopting the same course." Discussing the constructive side of peace principles, he declared that he had already expressed his favorable opinion of the Paris covenant, and added: "It proposes a real League with a bite in it. I sincerely hope it will be adopted, as it is a long step forward." "It is the duty of our Senate to ratify the treaty when it arrives there. I feel sure it will, in spite of the opposition of such men as Poindexter, receive the necessary two-thirds vote." Wants Enforcement Power. Here ho remarked that in only one or two respects would he have the covenant altered. "One point in which it is hardly strong enough, he said, is with regard to the use of military forces to enforce decisions. "I would be glad if the obligation to furnish military forces were imposed on the League," he said. "There is no such obligation now. The main leverage now to secure awards of the covenant is the boycott. We advocate that, but we also recommend, as did General Smuts, that they have a military force to back them up if the boycott fails. "France wanted a standing international police force. We do not want that. There is every provision to got that, so we come pretty near the objective. I would say to the people of Now York that it would appear to me that the advantage of having an international arrangement that will prevent another such war as we have just had must certainly appeal to them. Congratules Wilson. "It must be a very small contracted view of our power as a nation which would make our ability to join a League which will accomplish this purpose less than that of other nations. President Wilson is to be congratulated on having the League of Nations take the form it has." 739 Now,in this contract, into which it is proposed to enter presumably for all time, and by which we are imposing stupendous obligations upon our people and our children and our children's children, shall we leave open to contention or construction the question of whether or not there shall be reserved to the American people a policy they have long cherished and which, in my judgment, they still believe indispensable to their future happiness and tranquility? It must be remembered, too, that this constitution is only a proposed constitution. Mr. Clemenceau stated specifically to Mr. Hughes that amendments would be offered and that opportunity would be given to all who desired to offer amendments. Italy gave official notice that she would have amendments to offer. Japan did the same. It will not therefore delay consideration for a single hour for the United States to offer an amendment. If all parties concerned desire that it shall be reserved, it will not even lead to question. The question I submit to you, therefore, is this: Will you and other friends and advocates of the League of Nations endorse an exception or reservation clause to be attached to this proposed constitution in the language of the reservation attached to the Hague Convention of 1907? Very respectfully, WILLIAM E. BORAH. Hon. William Howard Taft, Washington, D. C. In replying to Senator Borah's letter at the closing session of the Pacific Coast Congress of the League to Enforce Peace at San Francisco on Feb. 20 Mr. Taft, according to the press dispatches from that city last night, said: Senator Borah wants to know in what he calls an open letter whether I would consent to a League of Nations in which the Monroe Doctrine is not recognized. I will answer him by saying that I would like to have the Monroe Doctrine acknowledged specifically by such a League, but if a recognition of its principles is contained in the covenant for such a League. I would not object to the form in which it is put. Article X of the covenant drafted in Paris extends the Monroe Doctrine to the entire world and gives it the backing of the entire world. Consequently, it recognizes the Monroe Doctrine, and I am in entire support of that covenant. What I would like to ask Senator Borah is this: If he insists upon the specific acknowledgment of the Monroe Doctrine in the covenant of the League of Nations, and if such recognition is given it in the covenant as finally agreed upon in Paris, will he vote for a treaty based upon the covenant as finally amended? The wild words of Representative Foss and Senators Reed and Poindexter, shot out into the air on the theory that the people of this country do not read or that they will accept their bald statements unquestioned, would be humorous if they were not the utterances of such eminent and learned gentlemen. EXCEPTION TAKEN BY SENATOR BORAH TO CONTENTION OF EX-PRESIDENT TAFT THAT LEAGUE OF NATIONS SAVES MONROE DOCTRINE. In a letter addressed to former President Taft this week, the Senator Borah takes exception to a statement ascribed ARMISTICE AGAIN EXTENDED—GERMAN DISARMAMENT TO BE FOLLOWED BY RELAXATION to Mr. Taft to the effect that the Constitution of the League OF BLOCKADE. of Nations "saves the Monroe Doctrine." We quote what The armistice with Germany was again extended on Senator Borah has to say below: Feb. 16, under terms which are said to be equivalent to Feb. 19 1919. My Dear Mr. Taft.—In a statement made to the press which was a preliminary treaty of peace. Instead of being extended incorporated in the Congressional Record you are quoted as saying that the proposed Constitution of the League of Nations "saves the Monroe Doc- for a fixed period of thirty days, as heretofore, the present trine." On the other hand, Mr. Aranha, Brazilian diplomat and late agreement is for an indefinite period subject to termination Ambassador at The Hague, declares "the Monroe Doctrine, as I see it, on three days' notice. The new terms have not been made is destroyed by the new League. There is no longer any reason why the United States should attempt to protect the republics of the new world." public, but are understood to restrict German operations A dispatch to the New York "Sun" from Paris states that the belief in against Poland, thus removing the danger of a military clash France is that the League destroys the Monroe Doctrine. Loading Journals in England have declared to the same effect! I have conversed and at the same time opening access to the interior of Poland with a number of lawyers in this country, most of whom agree that the from the Baltic Sea. On the other hand,a telegram has been League and the Monroe Doctrine cannot exist together, and all with whom sent to Warsaw ordering the Poles on their part to refrain I have spoken agree that the matter is loft in great doubt. Leading aggression. Further disarmament is imposed upon journals in this country take opposite views to the question. The proposi- from tion which I submit to you is: Why should HO great a mattor be loft in doubt, Germany, and is understood. to include both naval and when three lines added to the Constitution, excepting this important policy military branches. It is stated unofficially that the Gerof ours from the jurisdiction of the League' will place the whole subject man army is limited to no more than 250,000 men. It is beyond contention or cavil? If the advocates of the League of the United States want to preserve the also said that the ultimate naval terms will provide for disMonroe Doctrine, will they offer any objection to writing in this proposed mantling the fortifications of Heligoland and the Kid Constitution an exception or reservation clause which will preserve it beyond question? If they are not willing to make the exception clear, are Canal, the canal being opened for commercial navigation. wo not entitled to presume that they are willing to see the Monroe Doctrine While the blockade is not raised by the present terms, it is sacrificed? If England, Japan, France, and Italy do not want to destroy expected that the disarmament under the later and broader Doctrine, they will readily consent to the reservation. If the Monroo they do not consent, it will be sufficient proof to all that they wish to terms will obviate the necessity of further blockade and destroy it and believe that this League Constitution accomplishes that permit such economic and food relief as is determined upon. fact—a sufficient justification to warrant the American people in insisting The line of demarkation between Germany and Poland is upon unmistakable language to preserve it. The Arbitration Convention of The Hague Convention of 1907, as you outlined as follow, according to a Troves dispatch: will recall, expressly reserved this cardinal principle of our foreign policy in the following language: "Nothing contained in this convention shall be so construed as to require the United States of America to depart from its traditional policy of not intruding upon, interfering with, or entangling itself in the political questions of policy or internal administration of any foreign State, nor shall anything contained in the said convention be construed to imply a relinquishment by the United States of its traditional attitude toward purely American questions." This was thought necessary and wise by Elihu Root, no mean authority upon national policies and international affairs. It was specifically urged by Senator Lodge, long a vigorous defender of this policy. It was also thought proper and necessary by Senator Knox, an acknowledged leader of the American bar and your honored Secretary of State. I am told also by those who were in public life at that time that it met with your indorsement. ,Most of all, it was insisted upon by Theodore Roosevelt, who always stood dauntless against every infringement of American rights and for the full preservation of American principles. Now the Hague Convention has been swept aside for a more drastic organization with vastly increased jurisdiction and greater powers. If it was deemed necessary and wise to have this reservation in the Hague Convention, how can it be contended that it is not equally necessary and wise to have this reservation in this proposed constitution of the League of Nations? If you were called upon again as a lawyer to draw a contract imposing heavy obligations upon your client, but from which contract certain vital things were to be reserved, would you leave the question of the reservation and the possible loss of.those things open to construction or contention? East of Grosser Neudorf (southeast of Bromberg), south of Labischin, south of Schodziesen (?), north of Exin (southwest of Bromberg), south of Senn (?),north of Czarnikau (east of Kreuz), west of Birnbaum and Bentschen (west of Posen), Wollstein, Lissa, and north of Wiernszow,and thence aliang the frontier between Silesia and Poland. (This line of demarkation would give to Poland a considerable part of the German Province of Posen.) The new armistice terms were signed by the German delegates under protest, and only after a prolonged discussion by the German Cabinet. Press dispatches from Weimar reported that the Cabinet first voted to reject the terms, but that a subsequent meeting of party leaders reversed the action of the Cabinet, which thereupon instructed the Armistice Commission to sign under protest. A dispatch from Weimar to Copenhagen on the 17th gave the German account of the signing of the armistice renewal as follows: The Government instructed Herr Erzberger to sign the armistice, but before doing so to hand to Marshal Foch a written statement, declaring that the German Government was aware of the serious consequences involved in either signing or rejecting the agreement. Instructing its delegates to sign, it does so with the conviction that the allied and associated Governments are endeavoring to restore peace to the world. The GormanTGoveniment is obliged to define its standpoint toward three articies.N First, the agreement entirely ignores the German Govern- 740 THE CHRONICLE ment which has arisen in an orderly manner from the will of the people. It imposes in the form of curt orders provisions for the evacuation in favor of the insurgent Poles a number of important places, including Birnbaum and Bentschen. Although we are ready to cease all military aggressive action in Posen and other regions, we must expect the Poles to respect the lige of demarkation; otherwise we must be authorized to defend ourselves by force. 'Second, Germany promises to carry out those armistice terms which she hitherto had not succeeded in doing, but she ventures to assume that her obligations will not be interpreted in a manner incompatible with President Wilson's principles. We must wait and see whether we are in a position fully to follow the contemplated instructions of the Allied Supreme Command. Third, objection is raised to the point in the agreement giving only three days' notice for its denunciation. The press accounts also gave the following additional details: Some of the requests made by the Germans in connection with the armiptice are reported in a Berlin dispatch to the Central News, quoting from letters written by Mathias Erzberger to Marshal Foch. In one letter Herr Erzberger enumerated requests, including the release of the German prisoners, the maintenance of free intercourse, especially economic, with the territories occupied by the Allies and the Poles, freedom for German coastal trade, and better treatment for the German populace of AlsaceLorraine. The letter also protested against opening up the question of machinery carried off from France and Belgium through an investigation of the subject. A German wireless message reports that Erzberger returned to Weimar from Treves, appeared before the National Assembly, and read the text of the new armistice agreement. After he had finished he is reported to have paid: 69 not wish any of this house ever to have to live through such heavy hpurs as it was my fate to live at Treves. The German commission's activity was kept to the narrowest limits, as Marshal Foch declined to extend the period and declared he was unable to alter anything in the stipulations, since the conditions had been framed by the chiefs of the Allied [VOL. 108. If a corporation finds it impossible to complete its return by March 15, t may return the estimated tax due and pay it on March 15. If reason is shown why the corporation is unable to complete its return, then the collector will accept the estimated tax and accept the completed tax within forty-five days. Under this plan the Government will collect approximately the amount due on or before March 15, thus meeting its urgent needs; and corporations actually requizing further time will receive the accommodation. Provision for handling this new feature will be made in the new return blanks for corporations. The form will be a combined income and excess profits blank, with a detachable letter of remittance. Individual taxpayers will receive similar privileges where it is made clear by the taxpayer that the time is not sufficient to enable him to complete his return by March 15. Forms for larger incomes than $5,000 will be available about Feb. 24. Corporation blanks will be distributed by March 1. Regulations governing the administration of the new income tax law will also be available before March 1. OFFICIALS AND EMPLOYEES OF STATES AND MUNICIPALITIES NOT SUBJECT TO INCOME TAX. It was announced by the Internal Revenue Bureau on Feb. 19 that officials and employees of a State, county, city or other political subdivisions will not be required to pay income tax on their public compensation for 1918. The Bureau states that they need not even count this income from public sources in deciding whether to make a return, although income from any private source is taxable. This exemption applies to Governors, State executive officers, legislators, judges and local officials or employees, including police. It does not, however, include officers or employees of the Federal Government. povenun9nts. "Marshal Foch's interpreter stated that President Wilson had approved the conditions of the new armistice." During the course of the negotiations, it is said that Mathias Erzberger, head of the German commission, made A, strong appeal to the American delegates to come to the Aid of Germany on the ground that Germany went to the Aid of the United States from 1862 to 1865 during the great economic crisis, furnishing money, clothes, shoes and maphinery. If the United States came to the aid of Germany to-day, mpre than fifty years afterward, Erzberger said, she could give Germany food And raw materials against a Qerman loan, and at the same time would be doing a good stroke of business. Erzberger said that Germany was suffering from hunger. The doctors had made known. the number of victims of the blockade. More than half a million men, women and children had died from exhaustion or the results of lessened rapacity to resist disease, he added. He declared that Bismarck gave succor to Paris in 1871 immediately after the Franco-Prussian War, and he gave warning that Bolshevism would result from hunger in Germany. Erzberger also prqtested, it is said, against what he termed the oppression against everything German in Alsace-Lorraine and against" the encouragement given by the Entente to "the Polish appetitite for conquest." Germany, he asserted, had accepted President Wilson's fourteen points for peace, and the Allies also had accepted them. Article II., he said, did not give the Allies the right to forbid the German people from defending themselves against such encroachments as the Poles were making. It was reported at one time that Count von BrockdorffRautzau, Foreign Secretary in the Weimar Government, had resigned as a protest against the acceptance of the prmistiee terms. A Paris dispatch, dated Feb. 18, however, stated that the Foreign Secretary had agreed to retain his post on condition that henceforth the Armistice Commission be under his authority. COLLECTOR OF INTERNAL REVENUE EDWARD URGES EARLY INCOME TAX PAYMENTS. In an appeal to tax payers to pay where possible their entire income tax return by March 15, William H.*Edwards, Collector of Internal Revenue for the Second District of New York, in a statement made public on Feb. 17, said: The Government has a large number of certificates of indebtedness falling due on that date and must bay° income taxes in the Treasury to Meet them. Therefore, it is the patriotic duty of every taxpayer who can do so to pay his entire tax on March 15. In the great majority of cases, I imagine, it will be no hardship because most persons have, I believe, laid aside funds with which to pay the tax. The installment plan pf paying the tax, that is payment of one-quarter ofit on the 15th of March, June, September and December, was intended to prevent the upset of peal financial conditions if the tax were all financed at one time. Although no general extension of time will be authorized for filing returns flue March 15, the Commissioner of Internal Revenue has approved a novel feature of tax collection; which will serve for all practical purposes as a possible extension of forty-five days for the filing of corporation income pnd excess profits tax returns in cases where corporations are unable to complete and file their returns by Marph 15. REQUEST FOR POSTPONEMENT OF ACTION ON QUESTION OF REMOVAL OF HEADQUARTERS OF A. B. A. .A recommendation that action on the proposal to remove the headquarters of the American Bankers Association to Washington be deferred until the Spring meeting of the Executive Council of the Association is made by a number of representative bankers of the country, members of the Association. The request follows the expression of opinion sought by the Association in a referendum circulated by us following the adoption of a resolution by the Administrative Committee on Jan. 24 proposing the change in the location of the headquarters. The request for the postponement of action is made as follows: New York, Feb. 18 1919. To the Members of the Executire Council: Gentlemen: The undersigned, as members of the American Bankers' Association and deeply interested in its welfare, desire to present the following considerations why the proposed removal of the Association offices to Washington should be deferred at least until the matter is fully considered at the spring meeting of the Executive Council, when opportunity for full discuscussion of this move may be had. Inasmuch as the Chicago convention, in adopting the report of the Committee on Co-ordination of Activities, went on record that the removal to Washington was neither advisable nor practicable at that time, we feel that any hurried decision to the contrary by mail vote, where only one side of the question has been presented, deprives the general membership of any voice in the matter, and would be extremely unwise. We as individual members are opposed to this move (although we believe that the Association should have suitable permanent representation at Washington), and we know that many others are likewise opposed, not only as indicated by the vote of the last convention but by the expressions of opinions of some who have already voted by mail in favor of this move, without having given full consideration to the arguments in opposition. We therefore ask in all fairness that action be deferred until opportunity has been given, if not at the next convention at least until the next meeting of the Executive Council, for the members of the Executive Council to get together and fully weigh the pros and cons of this important proposition. May we not appeal to you to wire to the General Secretary of the Association your willingness and recommendation that further action on this matter be postponed until the spring meeting of the Executive Council. Yours very truly, FRANK W. BLAIR, President Union Trust Co., Detroit, Mich. JOSEPH CHAPMAN, Vice-President Northwestern National Bank, Minneapolis, Minn. WILLIAM J. GRAY, Vice-President First & Old Detroit National Bank, Detroit, Mich. R. S. HECHT, President Hibernia Bank & Trust Co., New Orleans, La. E. D. IIULBERT, President Merchants' Loan & Trust Co., Chicago. WILLIAM A. LAW, President First National Bank, Philadelphia. JAMES K. LYNCH, Governor Federal Reserve Bank, San Francisco. E. C. McDOUGAL,President Bank of Buffalo, Buffalo, N. Y. JOHN H. PUELICHER, Vice-President Marshall & Ilsley Bank, Milwaukee, Wise. ROME C. STEPHENSON, President St. Joseph Loan & Trust Co.. South Bend, Ind. ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Only three shares of bank stock wore sold at the Stock Exchange this week and no sales were made at auction. No trust company stocks were sold. The one transaction in bank stock was a sale of 3 shares of Chatham & Phenix National Bank at 260, an advance of 14 points over the price paid at the last previous sale, which was made in January. Shares. BANK—New York. Low. High. Close. 260 260 3 Chatham & Phenix Nat. Bank 260 Last previous sale. Jan. 1919— 246 FEB. 22 1919.] THE CHRONICLE The eighth annual reception and banquet of the trust companies of the United States, held Thursday night at the Waldorf-Astoria, was a great success and brought together • bank and trust company executives from every State in the Union. This is the first gathering since 1917,the ban• quet having been omitted last year on account of the war. 'The grand ballroom was decorated with Old Glory and the flags of our Allies. The committee of arrangements surprised the bankers during the courses with the appearance • of the American baritone, Reinald Werrenrath, who made his debut in the Metropolitan Opera House in "Pagliacci " the previous evening. Mr. Werrenrath sang three operatic selections and one Irish song. The affable presiding officer, John W. Platten, President of the United States Mortgage & Trust Co., brought down the house when at the conclusion of his welcome to the bankers he read the telegraphic response of fighting Ole Hansen, Mayor of Seattle, who could not be present, but sent a ringing message denouncing Bolshevism. Dwight W. Morrow of J. P. Morgan & Co. and George Wharton Pepper of Philadelphia discussed the wars, League of Nations and reconstruction. The National Bank of Commerce of this city has published the Federal Revenue Act in book form. As a guide to tax, payers there have been added a complete index, side notes .and tables illustrating typical cases involving large payments. .Copies of this book will be supplied by the bank to its customers and friends on request. The annual convention of the Association of Reserve City Bankers will be held at the Hotel Grunewald, New Orleans, from March 31 to April 2. 741 actions not directly connected with trade or business and removes the limitation upon the deduction of interest upon indetbedness. In this book the National Bank of Commerce in New York presents the full text of the greatest revenue bill in history. This new commerce book is attractively bound and contains 240 pages. Agreement has been reached between the Guaranty Trust Co. of New York, and interests which control the firm of C. Meredith & Co., Ltd., of Montreal, under the terms of which a new company is to be formed for the sale of Canadian securities. Offices operated by the Meredith firm in Montreal and in Toronto will be taken over by the new organization. According to announcement made on Thursday by the Guaranty Trust Co., the new company, the name of which has not yet been decided upon, is a logical outgrowth of the changed financial situation growing out of the war.. Canadian financing has heretofore been done largely in England. American capital invested there has been in a few lines not largely representative of the Dominion's chief industries. The present financial strength of the United States, together with the promise of great expansion, both in transportation and in industry which is generally looked for in Canada, provides an opportunity for a closer relationship than has heretofore existed. The proportion of American capital invested in Canadian enterprises is expected to increase from this time forth. Details of the arrangement have not yet been completed, but agreement has been reached on all essential points, and the transaction is assured. The firm of C. Meredith & Co. is one of the oldest and best established in Canada, with broad interests and influence. In its announcement regarding the presentation on Feb. 11 of a loving cup to its President, Herbert K. Twitchell, the With regard to the acquisition of controlling interest Chemical National Bank of this city in its "Bulletin" says: Tuesday afternoon the Chemical force presented Mr. Twitchell with in the East River National Bank of this city by a group of a On loving cup as a formal welcome to his home-coming. Mr. Flaacke, Italian-American bankers, which was referred to in the daily because of his long connection with the bank, was chosen to make the papers following the annual meeting of the bank's stock- pr esentation. He said: "During the last two years at different times, you have requested the holders in January, but which we refrained from mentioning employees of this institution to take part in various drives for raising official the information, "Pacific of for the welfare of our soldiers and sailors, and recently, having lack funds to owing the Banker" contagion, we have voluntarily started a little drive of our caught the of Jan. 25 says: your It develops that the recent trip to New York of Mr. A. P. Giannini, President of the Bank of Italy, and his brother, Dr. A. H. Giannini, was taken at the invitation of the New York Italian Chamber of Commerce to assist in the organization of a great banking institution in the Eastern metropolis. Dr. Giannini has been advised by wire of his selection as Chairman of the board of directors of the East River National Bank, purchased by Italian financiers as the nucleus of a vast banking institution in the interest of more than 700,000 Italians in New York. "We were asked some time ago to come to Now York to assist the Italian Chamber of Commerce and Italian business men in the foundation of a banking house for three-quarters of a million of Italians in that city," said President A. P. Giannini of the Bank of Italy, "and after looking over the ground thoroughly we decided on the purchase of the East River National Bank, a member of the Federal Reserve and of the New York Clearing House, as a nucleus for our plan. We will probably change the name of the bank to something more appropriate. It is an old and well known institution, having been established in 1852, and with its new capitalization, it will take a loading part in the financial affairs of New York. "Despite the immense Italian population of New York,there has been no real Italian bank there in the past. The East River National will be affiliated with the Bank of Italy here in the closest coperation: "At the annual election held according to law on Jan. 14, President Oscar Steiner was retained in office. The Vice-Presidents are G. Granata, head of the New York-Italian Chamber of Commerce, L. Costa of Peirce Brothers, shipowners of Naples, Genoa and New York, and James T. Cavagnaro, former Manager of the East River National Bank's Foreign Department. The directors are: W. 0. Jones, Vice-President of the National Park Bank; C. C. Robinson, First Vice-President of the Philippine National Bank of Manila and New York Manager of the institution; Peter McDonnell of McDonnell and Trude, shippers, of New York and Naples; Joseph Gatti of Gatti & McQuaide, wholesale paper stock manufacturers; J. C. Francesconi, importer; F. A. Zunino, President of the Atlantic Macaroni Co.; Judge L. A. Valente of the Surrogate Court; Frederick T. Hume, capitalist; M. Morgenthau, banker and brother of the former Turkish Ambassador; Oscar Steiner and Dr. If. A. Giannini." consent and unknown to you, with the result that own, without on behalf of the officers and employees of this bank, this loving cup is now presented to you, in recognition of what you have done and are planning to do for the welfare of those connected with the Chemical. We wish to assure you, sir, that with this cup goes 100% of the best wishes of all connected with this institution." Carl R.Gray,President of the Western Maryland Ry. Co., formerly a trustee of the Equitable Trust Co. of New York, who resigned to become a member of the Railroad Administration, has been re-elected a trustee of the Equitable Trust Co. of New York. C. H. Roberts has been elected a Vice-President of the Flushing National Bank of Flushing, succeeding Ellis Parker Butler, who declined re-election, because of his desire to give more attention to other interests. David S. Gottesman, Vice-President and Treasurer of M. Gottesman & Company, Inc., Wood Pulp MerchaLts of 18 East 41st Street, this city, has been elected a director of the Sherman National Bank of New York to fill a vacancy. The Governing Committee of the Stock Exchange has approved the application of the Corn Exchange Bank of this city for the listing, beginning Feb. 14, of the $700,000 On Dec. 4 the stockholders of the East River National additional stock issued by the bank. Details of the issuance authorized an increase of $750,000 in the capital, raising of the new stock, whereby the capital is increased from it from $250,000 to $1,000,000. The par value of the stock $3,500,000 to $4,200,000, were given in these columns Dec. 21, Jan. 25 and Feb. 8. The plans to enlarge the capital was at the same time changed from $25 to $100 per share. were approved by the stockholderslon Jan. 21. An annotated edition of the new Federal Revenue Act is being issue by the National Bank of Commerce in New The New York agency of the Anglo-South American Bank, York. The text of the book is provided with side notes now at 60 Wall Street, has made arrangements for larger and a complete index and also with tables to aid in the in- quarters at 49 Broadway. The bank has taken over from terpretation of the law and the computation of taxes. In a the Railroad Administration the unexpired term of the foreword James S. Alexander, President of the bank, says: latter's lease on the basement, ground floor and second floor Federal taxes for both319183and 1919 are levied in the new Federal of the building. Geo. R. Read & Company, who negotiated for business men to know in advance Revenue Act, thus making it possible also secured from the owners a lease of the what share of earnings the Government will require in taxes for the coming the lease, have year. entire building, which is five stories high and runs through The new law contains distinct improvements over the Acts of 1916 the block to Trinity Placed. Four of the floors will be reand 1917, which it replaces. It consolidates scattered provisions relating to taxes on individual incomes and relieves individuals and partnerships modeled for the use of the bank. from the excess-profits tax. liaise permits deduction of losses in trans- 742 THE CHRONICLE Announcement is made by the New York agency of the Philippine National Bank of the opening on Feb. 3 of the Legaspi agency of the bank in the Albay Province. The early opening of the Lucena agency in the Tayabas is planned. Captain Ray E. Mayham of Orange, having received his discharge from the chemical warfare service, has resumed his duties as examiner of the New Jersey Department of Banking and Insurance. He was granted a leave of absence last June when he enlisted, and because of his experience in financial matters was appointed disbursing officer of the Gas Defense Division. In this office, it is announced, Captain Mayham handled practically all the funds spent by the Government for gas masks and other gas defensive purposes since he enlisted. He also trained as a gas officer, and had passed an examination for overseas duty, to which at his request he was about to be assigned, when the armistice was signed. Captain Mayham was made a bank examiner in 1912. He has been active in the liquidation of the Roseville Trust Co. of Newark and the Mutual Trust Co., Orange. Ernest R. Mulcock, for two years Cashier of the Solvay Bank (Syracuse, N. Y.), has been elected to the VicePresidency of the Greenwich Trust Co. of Greenwich, Conn. His resignation has been tendered to the directors of the Solvay Bank, and he expects to begin his new duties on April 1. Mr. Mulcock started as messenger of the Commercial National Bank of Syracuse more than fifteen years ago. He worked through the various departments of that bank and then went to the Syracuse Trust Co. as loan teller. In Nov. 1917 he was elected to the Solvay Bank as Cashier. During Mr. Mulcock's connection with the Sulvay Bank the deposits and assets tripled, until now it is a million dollar institution, though it is only two years old. Mr. Mulcock was elected a director of the Oswego County Trust Co. of Fulton nearly a year ago. He was also placed on its Executive Committee. He has acted in an advisory position with the Oswego County concern. Julius E. Ransom, a director and one of the incorporators of the Windsor Trust & Safe Deposit Co. of Windsor, Conn., has been elected Vice-President of the institution to succeed Frederick W. Morgan, resigned, and Edward T. Garvin, Treasurer of the company, has been appointed a director, to succeed Mr. Morgan in that capacity. Mr. Morgan's retirement from the bank is due to the pressure of other business. He was one of the incorporators of the institution and has taken an active part in bringing it up to its present standard. George R. Ford is President of the Windsor Trust & Safe Deposit Co. 4 [VoL. 108. Francis W. Price has been elected President of the Excelsior Trust & Saving Fund Co. of Philadelphia, succeeding Ralph R..Stearly. Mr. Price had previously officiated as Vice-President, Secretary and Treasurer of the company. William T. McCluskey, Paying Teller, has been elected Assistant Secretary and Assistant Treasurer. The annual report of the Fidelity Trust Co. of Philadelphia for the fiscal year ending Jan. 31, presented to the stockholders by President William P. Gest on Feb. 11, showed net earnings for the twelve months of $1,551,788. Out of" this sum the company paid four quarterly dividends of 6% each (aggregating $1,200,000) on the $5,000,000 capital. In June 1918 the company contributed $70,000 to the war chest, payable in one year in monthly installments, the first installment being due July 1 1918. On account of the depreciation in the market value of securities the company charged off the sum of $533,886 to undivided profits. All employees of the Fidelity Trust Co., except officers, received the usual additional compensation of 10% on their salaries and also a special further compensation of 10%. After the deduction of these appropriations and all other expenses undivided profits at the close of the fiscal year were $862,622. The report also showed that on Jan. 31 1908 the capital was $2,000,000, the surplus $8,000,000 and the undivided profits $887,197. On Jan. 31 1919 these figures were as follows: Capital $5,000,000, an increase of $3,000,000; surplus, $16,000,000, an increase of ,000,000; undivided profits, $862,622; showing a net increase in the capital, surplus and undivided profits of $10,975,426—after paying out in dividends the sum of $9,160,000 and special compensation to employees aggregating $234,291. William M.Gordon has resigned as President of the North Philadelphia Trust Co. of Philadelphia, and has been elected to the new office of Chairman of the Pinance Committee. Mr. Gordon is succeeded in the Presidency by Lee Sowden, who had been Secretary and Treasurer since the company's incorporation in 1903. John F. McNelis, heretofore Assistant Treasurer, has been elected Treasurer; and Harry P. Corbett has been made Secretary. Leon Gihon was elected an Assistant Secretary of the Fidelity Trust Co. of Philadelphia on Feb. 14. Victor B. Deyber has been elected Cashie- lf the Second National Bank of Washington, D. C. Mr. Deyber was formerly Assistant Cashier of the Federal National Bank of Washington, D. C.; he will take up his duties with the Second National Bank on March 1. Other changes in the officers of the Second National Bank are: Jacob Scharf, 22 years Assistant Cashier, promoted to Auditor; J. K. Seyboth and W. W. Marlow, employees for 13 and 10 years respectively, have been appointed Assistant Cashiers. With the arrest on Feb. 13 of J. S. Swartz, 'Cashier of the Park Bank of Pittsburgh, Pa., charged with the misappropriation and embezzlement of the bank's funds, the State Banking Department ordered the institution to close its doors and appointed P. G. Cameron, State Bank Examiner, receiver pro tem. With regard to the shortage and the efforts to meet it President E. C. Chalfant issued a statement on Feb. 13 saying: A new banking institution—the Textile Trust Co.—has recently been organized in New Bedford, Mass., by representative men in the textile industry, dry goods trade, &c. The officers chosen for the new trust company are: Charles S. Ashley (Mayor of New Bedford), President; Frank S. Wilcox, Michael J. Leahy and Albert G. Mason, Vice-Presidents, and Wiliam A. Robinson, Jr., Treasurer. The question as to the amount of capital which the proposed institution will have will not be decided until after April 1. 4--A number of changes occurred recently in the personnel of Our capital of $50,000 together with our $40,000 surplus, Mr. Swartz's the Merchants National Bank of Salem. The office of Vicebond and $20,000 which can be assessed against the stockholders President has been created and Josiah H. Gifford, Cashier $25,000 will give a total of $135,000 as a start on meeting the $250,000 shortage. of the institution for the past seventeen years, elected thereto. We feel that some of the unauthorized loans and overdrafts can be colCarl F. A. Morse, until recently Treasurer of the Morris lected, so that it now looks as though not more than $20,000 will be lost, even that may be made up. Even with this loss, the apportionment Plan Company of Salem, has been appointed Cashier to and between the $2,400,000 of deposits will be so small that the depositors do succeed Mr. Gifford and Albert H. Barnett and Charles not need to worry. Mr. Swartz was the principal stockholder of the bank, so it is not likely Howard Bates have been elected Assistant Cashiers. The capital of the Merchants National Bank is $200,000 with anything can be recovered through assessment of this stock. According to the Pittsburgh "Dispatch" of the 14th the surplus and undivided profits of $320,000. II. M. Batcheldirectors also issued the following statement: der is President of the institution. The board of directors of this bank have placed unbounded confidence — in Cashier J. S. Swartz. This they were expected to do, and while they, On Jan. 1 the Peoples National Bank of Reynoldsville, one and all, attended zealously to their dutiros as directors, the cashier by acts of his, which in the judgment of the directors amount to embezzlePa. (capital $100,000) and the Citizens National Bank of ment, abstraction and wilful misapplication of moneys, funds and credits that place (capital $50,000) were consolidated under the name of the bank, has impaired the capital of the bank to such an extent as to it impossible to longer continuo business. of the former institution. The enlarged bank has a capital make In the spring of 1918 Swartz by purchase of the stock owned by the of $100,000 and surplus and undivided profits of $30,000. then President and Vice-President of the bank and by three other directors, Its stock is in shares of $100. The officers are J. C. Sayers, became the majority owner of the capital stock of the bank. At about that time, having no one in mind who would become the permanent Presi, Vice-President; J. W. Hunter, dent President; August Baldanof, of the bank,E. C. Chalfant reluctantly consented to become President Cashier and J. C. Swartz, Asst. Cashier. temporarily, with the understanding that some active business man of the East End would relieve him very shortly. FEB. 22 1919.] 743 THE CHRONICLE It was reported on Feb. 20 that practical assurance of the reopening of the bank was given the previous night by President Chalfant. He is reported to have said that at a meeting of depositors it was planned to issue new stock to cover the shortage, and over $100,000 was subscribed. Besides the capital of $50,000 the bank, in its last report to the State Banking Commissioner showed surplus and profits of $93,278 and deposits of approximately $2,270,000. It is learned from the Pittsburgh "Dispatch" that according to a statement issued at Harrisburg on the 13th by State Treasurer Harmon M. Kephart, there are no State funds in the bank. The same paper reports Richard W. Thompson, chief clerk of the City Treasury, as stating that the city had about $25,000 in the closed bank, which was one of the city's inactive depositories. Moorhead B. Holland has been elected a Trust Officer of the Peoples' Savings & Trust Company of Pittsburgh, in association with W. R. Errett, the present Trust Officer, and Lieut. Edward M.Powell, Jr., has been elected Assistant Trust Officer. Mr. Powell had been with the company before entering the service early in the war. The banking room of the Bank of Somerset of Princess Anne, Md., is being thoroughly modernized, and new equipment installed by Hoggson Brothers, the New York and Chicago builders, in order to furnish adequate facilities for the bank's expansion in business. The Bank of Somerset was organized in 1889. Its present officers are Joshua W. Miles, President; H. F. Lankford, Vice-President; William B. Spiva, Cashier. ment and also appointed Manager of the New Business Department. The Safe Deposit Officer, Frank C. Ball, has been made Safe Deposit Officer and Assistant Secretary. The chief clerk of the Real Estate Department, Orville Grove, has been made Assistant Real Estate Officer. The chief clerk of the Safe Deposit Department, 0. G. Hanson, is made Assistant Safe Deposit Officer. Paul Bakewell Jr., who entered the company last year as Assistant Counsel, has been made Assistant Trust Officer and Assistant Counsel. 0. A. Rowland of the Credit Department was elected Assistant Manager of that Department. The company's official roster, as now constituted, is as follows: Julius S. Walsh, Chairman of the Board; Breckinridge Jones, President; William G. Lackey, Vice-President; Frederick Vierling, Vice-President and Trust Officer; J. Sheppard Smith, Vice-President; William M. Fitch, VicePresident and Farm Loan Officer; Hord Hardin, Vice-President; John R. Longmire, Vice-President and Bond Officer; James E. Brock, Secretary; Henry C. Ibbotson, Assistant Secretary; C. Hunt Turner Jr., Assistant Secretary; Edwin J. Kropp, Assistant Secretary; Robert W.Fisher Assistant Secretary; Edward A. Haight, Assistant Secretary; James A. Weaver, Assistant Secretary; Frank C. Ball, Assistant Secretary and Safe Deposit Officer; A. H. Roudebush, Assistant Trust Officer and Counsel; Paul Bakewell Jr., Assistant Trust Officer and Assistant Counsel; Jesse H. Keebaugh, Assistant Trust Officer; Fred A. Gissler, Assistant Trust Officer; Cecil A. Tolin, Assistant Trust Officer; Walton W.Steele, Assistant Farm Loan Officer; Charles G. Cobb, Assistant Farm Loan Officer; John P. Sweeney, Assistant Bond Officer; George Kingsland, Real Estate Officer; Orville Grove, Assistant Real Estate Officer; Oliver G. Hanson, Assistant Safe Deposit Officer; Thomas J. Kavanaugh, Manager Credit Department: G. Prather Knapp, Publicity Manager. On Jan. 29 the First National Bank of Kansas City purchased for $80,000 the property of the Zahner Manufacturing Co. at No. 12 West Tenth St. that city with a view to enlarging its present quarters which adjoin the newly acquired property. The work of remodeling the building to meet the needs of the bank, we understand, will not be comThe new banking rooms of the Cosmopolitan Bank & menced for another year, as under the terms of the sale, the Trust Co. of Cincinnati in the Traction Building at Fifth Zahner Manufacturing Co. have the use of the property for and Walnut streets, were opened on Feb. 17. The leasing that period. by the institution of the north. half of the building was referred in these columns on Aug. 3 last. The institution The enlarged National Bank of Kentucky of Louisville, has space in the basement, ground floor and second floor. resulting from the merger of the National Bank of Kentucky, • the National Bank of Commerce and the American-Southern Alex W. Krumm for 12 years with the Ohio National National Bank (referred to in these columns in our issue of Bank of Columbus, Ohio, has been elected an Assistant Nov.30 and Feb. 1) opened for business Feb. 3. At present Cashier and Auditor of the institution to fill the vacancy the institution is occupying temporary quarters while the caused by the resignation of John W. Kaiser' building formerly the home of the National Bank of Commerce at Fifth and Market Streets, is being remodeled and A new banking institution—the Peoples Trust & Sav- enlarged to meet its needs. The capital of the enlarged ings Bank—recently organized in East Youngstown, Ohio, bank is $2,000,000, with surplus and undivided profits of with a capital of $200,000 (about one-half of which is paid in) more than that amount, while deposits stand at $42,500,000. and surplus of $20,000, was opened for business on Feb. 15. Total assets of the institution are approximately $52,000,000. The new institution has absorbed the bank operated for the As stated in our issue of Nov. 30, Oscar Fenley, President past fifteen years by G. V. Hamory. A two-story brick of the former National Bank of Kentucky, for more than bank building is in course of construction and will be ready twenty years, is Chairman of the board of directors of the for occupancy by the bank about March 1. The officials enlarged bank and James B. Brown, heretofore President of of the new institution are: D. R. Fithian, President; G. V. the National Bank of Commerce, is its President. The Hamory, Vice-President; Eugene Crow, Vice-President and other officials are: Earl S. Gwin (formerly President of the American-Southern National Bank) ranking Vice-President; John M. Reed, Secretary and Treasurer. Henry J. Angermeier, Henry D. Ormsby, James J. Hayes The Ridgely National Bank of Springfield (which has been (holding the position of Cashier as well), Frank I. Dugan, succeeded by the Ridgely-Farmers State Bank) has been E. B. Robertson, Henry Thiemann, C. M. S. Hebei, Noel placed in voluntary liquidation. The placing of the Farmers Rush, John S. Akers and Nicholas H. Dosker, Vice-PresiNational in voluntary liquidation was referred to in this dents; and Charles F. Jones, H. R. Grant, David W. Gray, Noland B. Milton, Thomas Green, Oscar A. Block, Anthony columns last week. P. Ramser, Edward E. Lee, Logan L. Fontaine and F. L. Hord Hardin and John R. Longmire were elected Vice- Moseley, Assistant Cashiers. President and Vice-President and Bond Officer, respectively, T. J. McEllinn, Jr., until recently a Vice-President and of the Mississippi Valley Trust Co. of St. Louis at a regular meeting of the directors on Feb. 12. Mr. Hardin was Acting President of the Peoples Bank of Savannah, was promoted from the position of Assistant Executive Officer, elected President of the institution at the annual meeting which he has held since 1916, and Mr. Longmire retains on Feb. 4. Mr. McEllinn succeeds Edward F. O'Connor, bis position as head of the Bond Department and becomes resigned. Other changes were A. E. Pierce, appointed Vice-President and Bond Officer. Both men entered the Vice-President and Cashier, and J. R. Lovett, made Assistservice of the Mississippi Valley Trust Co. as office boys— ant Cashier. The following were elected directors of the Mr. Hardin in 1903 and Mr. Longmire in 1908. Both institution: T.J. McEllinn, Jr., A. E. Pierce, W.S. Godley, are graduates of St. Louis University, and Mr. Hardin is Arthur W. Solomon, F. M. Oliver, W. IT. Wright, Ameen known to bankers and attorneys all over the State as the Thomas, R. S. Reid, J. D. Siem, Max Blumenthal and author of Hardin's "Banking Law of Missouri, Annotated." William Marcus. This is not the first time that the Mississippi Valley Trust Walker P. Broach, a Vice-President Pof the WhitneyCo. has given high executive positions to men who entered its service in humble capacities. Frederick Vierling, Central National Bank of New Orleans, died suddenly at Vice-President and Trust Officer, started out with the his home in that city on Feb. 2. Mr. Broach, whose death Mississippi Valley Trust Co. as stenographer, and so did is attributed to acute Bright's disease, was a native of Mr. McChesney Martin, formerly a Vice-President and Meridian, Miss., and had spent practically all his life in now Chairman of the board of directors of the Federal that city. As a young man he entered the First National Reserve Bank of St. Louis. Thomas J. Kavanaugh has Bank of Meridian and at the time of his going to New been re-elected Manager of the company's credit depart- Orleans-about a year ago. upon his election as an active Vice- ••••-•-•-• 744 THE CHRONICLE President of the Whitney-Central National Bank, had been a Vice-President of the institution for eighteen years. He was forty-six years of age and widely known in Mississippi, Alabama and Louisiana banking circles. He was prominently identified with the American Bankers' Association, being one of the most active members in the South, and always attended their conventions, and was on several committees. [VOL. 108. Co. of Oregon of that city, besides being for nearly sixty years publisher of the "Oregonian," died on Jan. 28 of influenza following an illness of several weeks. Mr. Pittock, who was in his eighty-fourth year, was born in London,. Eng., and came to America as a small boy with his parents. who settled in Pittsburgh. At the age of eighteen he went to Portland and was employed as a printer by Thomas J. Dryer, the then proprietor of the weekly "Oregonian." Within a few years Mr. Pittock rose to be manager of the paper and eventually (1861) bought out Mr. Dryer and began publication, besides the weekly, of the "Morning Oregonian." Mr.Pittock was President of the Northwestern National Bank from the time it was organized and for many years President of the Portland Trust Co. of Oregon, both of which positions he held at the time of his death. On Feb. 15 Dewitt C. Dunn, heretofore Vice-President and director of the Union National Bank of Houston, Tex., severed his official connection with the institution, but will still remain a member of the board. Mr. Dunn in conjunction with Laurence Carr, has opened offices in the Union Bank Bldg., under the firm name of Dunn & Carr, as dealiers in stocks, securities, commercial paper • and •-••••-••• Liberty bonds. Mr. Carr has, for the past seven years, The Oregon Legislature adopted a joint resolution on been connected with another brokerage house in Houston. Jan. 29 in eulogy of Mr. Pittock, and Governor Withcombe also issued a statement in tribute to his memory. The City Charles T. Limberg, President of the American Na- Council likewise honored his memory in a suitable resolution. tional Bank of Leadville, Col., died of pneumonia on Feb. 5. He was 66 years of age. Emery Olmstead, for the past five years Vice-President A merger of the interests of the First National Bank and and General Manager of the Northwestern National Bank of the Farmers & Merchants National Bank of Santa Ana, Cal., Portland, Ore., on Feb.6 was elected President of the instituwent into effect yesterday,Fob. 21. The business depart- tion to succeed the late Henry L. Pittock. Mr. Olmstead bement of the merged institutions will be conducted under the gan his banking career at the age of eighteen in the Northwestname of the First National Bank in the First National Bank ern National Bank of Minneapolis. In 1907 he went to Seattle building now being remodeled. The savings departments and General Manager of the Northwestern Bank of Portland, will be operated under the name of the Farmers & Mer- Ore., on Feb. 6 was elected President of the institution to chants Savings Bank, and this department will be located succeed the late Henry L. Pittock. Mr. Olmstead began in the building of the Farmers & Merchants National Bank. his banking career at the age of eighteen in the Northwestern The officers of the enlarged First National Bank are: A. J. National Bank of Minneapolis. In 1907 he went to Seattle Crookshank, President; W. A. Huff, Geo. S. Briggs, and to accept an official position with the National Bank of C. S. Crookshank, Vice-Presidents; W.B. Williams, Cashier; Commerce of that city and four years later he was induced and A. F. Zaiser, F. M. Robinson, W.B. Tedford, Assistant to go to Portland to become Vice-President and General Manager of the Portland Trust Co. In 1913 the NorthCashiers. western National Bank was organized and took over the The Anglo & London Paris National Bank of San Francisco commercial business of the Portland Trust Co., Mr. Olmrecently purchased from the heirs of the Zimmerman estate stead being appointed Vice-President and General Manager the site on which its present bank building stands at the of the new bank, while continuing at the same time as Northwest corner of Sansome and Sutter Streets,that city, Vice-President and General Manager of the Portland Trust (and which was held by the bank on a forty-nine years and Co. Undei his management, the Northwestern National nine months ground lease, dating from Oct 1 1908) together Bank has enjoyed great prosperity, its total resources having with an adjacent piece of property having a frontage on increased from $2,473,927 on Jan. 2 1913 to $20,943,050 Sansome Street of 91M ft. This purchase reveals plans of Dec. 31 1918. Mr. Olmstead is State President of the the bank for the enlargement of its present quarters at a War Camp Community Service and President of the Portfuture date. The price paid for the Zimmerman property land Clearing-House Association,.and was Chairman of the Liberty Loan Campaign Committee for the Portland drives by the bank, we understand, was $450,000. in the Third and Fourth Liberty Loans. Frederick F. At a recent meeting of the directors of the First National Pittock, a son of the late Henry L. Pittock, has been elected Bank of San Diego-, Cal., John F. Forward, Jr., tendered his a director of the Northwestern National Bank to succeed his father in that capacity. resignation as a Vice-President of the institution, which was accepted with deep regret. Mr. Forward has accepted a position with the J. D. & A. B. Spreckels Securities Co., At the annual meeting of the Montreal City & District the holding company of the large Spreckels interests in San Earnings Bank of Montreal, Canada, held on Feb. 10, Francisco and San Diego. Zephirin Herbert was elected a director of the institution to fill the vacancy caused by the death of the Hon. Sir Advices from Tacoma, Wash., announced recently the Evariste Le Blanc. The seventy-second annual report of the purchase of the Fidelity Trust Co. of that city (capital bank for the year ending Dec. 31 1918, presented at the $500,000 with surplus and undivided profits of $464,913) meeting, showed net profits for the period of $234,642, by The Bank of California, N. A. of San Francisco, with making with the balance of $214,024 brought forward from branches in Tacoma, Seattle and Portland. Under the the preceding year's profit and loss account, the sum of terms of the sale, John S. Baker, President of the Fidelity $448,666 available for distribution. From this total four Trust Co., and Arthur G. Pritchard, its Vice-President, quarterly dividends were paid and $14,000 contributed, to have retired from the institution and the enlarged bank is the Red Cross and other patriotic and philanthropic funds, now headed by Samuel M.Jackson, Manager of the Tacoma leaving a balance of $243,943 to be carried forward to next Branch of the Bank of California since its establishment, year's profit and loss account. Hon. Raoul Dandurand is with G. H. Raleigh, Assistant Manager of the same branch, President of the institution and A. P. Lesperance, General and H. V. Alward, heretofore a Vice-President and Cashier Manager. of the Fidelity Trust Co., as Assistant Managers. The Fidelity Trust Co. was founded in 1889 by John S. Baker The annual statement of the National Discount Company, and his associates and was one of the oldest and largest finan- Ltd., of London, for the year ending December 31 1918 is cial institutions in Tacoma. Eighteen years ago Mr. published in another column. On December 31 last gross Baker acquired control of the institution and became its assets were $140,575,755 and deposits and sundry balances President, a position he held until his recent retirement. $89,865,679. Dividends at the rate of 11% per annum Mr. Pritchard eritered the Fidelity Trust Co. in March 1902 were paid during the year amounting to $346,603 and a balas Cashier and subsequently became a Vice-President. ance of $236,601 carried forward to 1919 account. . The The acquisition of the Fidelity Trust Co. gives the Bank of National Discount Company has a subscribed capital of California, N. A. in Tacoma, deposits of approximately $21,166,625 (169,333 shares of $125 each), paid-up capital $15,000,000. ($25 per share)of$4,233,325 and a reserve fund of $2,500,000. The institution wasfounded in 1856. Sir Sigismund F. Mendl, Henry L. Pittock, President of the Northwestern National K.B.E.,is Chairman of the Board and Phillip Harold Wade, Bank of Portland, Ore., and President of the Portland Trust Manager: THE CHRONICLE FEB. 22 1919.1 Trust 745 Tompatp.3 Acturns. NEW YORK, BROOKLYN, BOSTON, PHILADELPHIA, BALTIMORE AND ST. LOUIS. We furnish below complete comparative statements of the condition of all the trust companies in Boston , Philadelphia, New York, Brooklyn, Baltimore and St. Louis. This is in continuation of a practice begun seventeen years ago, the compilation having been enlarged two years ago by the addition of Baltimore's institutions. The statements occupy altogether fifteen pages. The dates selected for comparison are December 311918, December 31 1917 and December 311916. In the case of the Boston, the Philadelphia, the Baltimore and the St. Louis companies, we have sought to get figures for these dates and have largely succeeded. As; however, no returns for these dates are required by the State authorities, several of the Boston companies and a few of the,Philadelphia and St. Louis companies have not found it convenient to compile statistics for Dec. 31, but have furnished instead the latest complete figures available. As far as the New York companies are concerned, we have been obliged to make a departure in the method of compiling the returns. Formerly it was the practice of the State Banking Department to require the trust companies to render a statement of their condition, showing resources and liabilities for the last day of December, and also to furnish certain supplementary statistics for the twelve months of the calendar year. But in December 1911 this time-honored practice was abandoned, and the Superintendent instead now calls on the companies for a statement of their condition for some date towards the end of the year (Nov. 1 on the present occasion), and waives entirely the requirement as to the supplementary items of information. As these supplementary statistics, dealing with earnings, expenses, dividends, &c., have constituted a most valuable feature of the annual returns and the record extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct application to the companies in each instance and in not a few of the cases we have been successful in obtaining the supplementary statistics, though the number of companies supplying such data has been greatly reduced as compared with the original number. As regards the resources and liabilities, we use the November 1 figures just as shown in the returns of the Banking Department. NEW YORK COMPANIES. *Bankers Trust Co. (New York). Columbia Trust Co. (New York). Nov. 1 '18. *Nov. 14 '17. Nov. 29 '16 ResourcesStock and bond investments$47,951,642 $11,203,606 $24,303,670 securities Public 26,026,821 57,778,868 39,924,063 Private securities 4,089,608 4,141,586 4,024,653 Real estate owned 3,967,000 1,761,000 3,209,000 Mortgages owned 133,294 294,988 114,148 Loans on bond&mtg.or other r.e. coll. Loans & disc. sec. by other collateral _161,378,518 124,058,920 124,294.903 Loans dIsc.&bilis pure. not sec.by coil 53,823,374 37,906,314 10,625,251 6,607 5,302 12,669 Overdrafts Due from trust cos., banks & bankers 12,618,895 13,547,443 23,231,790 33,701 943,156 17,244,132 Specie 926,445 794,037 117,465 Other currency auth. by laws of U.S_ 60,600 Federal Reserve notes 9,896,699 12,969,651 10,986,843 Cash items Due from the Fed. Res. Bank of N.Y. 24,134,675 20,790,989 19,361,108 19,905,667 10,556,405 Customers' liability on acceptances 2,234,390 3,872,936 2,809,855 Other assets Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. ResourcesStock and bond investments$5,961,923 $2,354,978 $1,976,619 Public securities 9.513,391 7,067,697 11,265,495 Private securities 5,541,350 5,421,814 5,305,106 Real estate owned 2,803,524 3,227,009 3,180,130 Mortgages owned 913,490 1,980,350 855,521 Loans on bond & mtge.or oth.r.e.coll. Loans & disc. sec. by other collateral_ 30,982,890 40,396,077 43,686,366 Loans,disc.&bills pur. not sec. by coll. 28,417,370 27,243,619 22,810,639 8,892 4,350 3,358 Overdrafts 6,468,926 Due from trust cos., banks & bankers 3,151,597 8,825,389 7,005,638 156,602 6,276,056 Specie 356.475 1,000,395 565,663 Other currency auth. by laws of U. S.. 199,955 Federal Reserve notes 4,726,357 3,238,620 5,677,402 Cash items Due from Fed'l Res've Bank of N Y_ 8,488,596 1,761,811 11,434,167 4,608,656 Customers' liability on acceptances 6,317,205 5,654,210 6,411,411 Other assets $342,098,756$348,716,132$257,257,789 Total Liabilities$11,250,000 $11,250,000 $10,000,000 Capital stock Surplus fund and undivided profits. 16,283,166 12,980,417 17,016,562 Preferred deposits5,962,966 8,732,202 7,397,499 Due N. Y. State savings banks Due as executor, administrator, &c. 14,784,836 23,851,902 16,959,985 55,496,987 State 2,000,751 1,310,092 Y. N. by dep. Trust dep. & 88,260 52,450 31,895 Other preferred deposits 183,597,701 187,309,528 148,402,320 Due depositors (not preferred) Duo trust cos., banks and bankers.._ 34,747,763 81,052,516 44,249,170 5,000,000 Bills payable 18,494,346 14,329,748 10,556,405 Acceptances 1,392,741 2,156,618 1,333,861 Other liabilities $121,100,030$116,989,761$115,157,498 Total Liabilities$5,000,000 $5,000,000 $2,000,000 Capital stock Surplus fund & undivided profits_ _ _ _ 6.850,478 6,210,672 8,591.024 Preferred deposits1,637,202 907,089 665,876 Due savings banks,loan ass'ns, &c_ 726,992 1,144,629 Due as executor, administrator,&c. 1,075,143 201,418 7,159.160 5,515,700 Trust dep. & dep. N. Y. State 77,680,411 89,883,107 92,679,805 Duo depositors (not preferred) 4,548,036 3,114,004 Due trust cos., banks and bankers_ _ _ 2,118,721 7,902,510 Rediscounts 1.761,811 4,608,656 11,934,167 Acceptances 3,011.210 605,904 713,564 Other liabilities Total $342,098,766$348,716,1328257,257,789 Amt.deposits on which int. is paid_ _8252,870,000$271,957,000$201,457,300 Companies consolidated April 23 1917. The Trust * Astor and Bankers Astor Trust Company reported aggregate resources on Nov. 29 1916, $38,725,384, and on Dec. 31 1915, $34,018,563. $121,100,030$116,989,761$115,157.498 Total 1916. 1917, 1918. Supplementary-For Cal. YearTotal int. & comm.rec'd during year- $5,042,257 $4,763,244 $3,916,059 508,978 84.849 345,739 All other profits received during year.. Charged to profit and loss120,000 Real estate charged down 120,068 405,347 369,510 On account of depreciation 26.091 25,094 195,899 On account of other losses 2,399,000 2,133,835 Int. credited to depositors during year 2,272,774 620,571 796,583 Expenses during year, excluding taxes 1327,906 595,000 750.000 825,000 Amt. of divs. declared on capital stk.. 131.365 217,777 299,005 Taxes paid during year Amt. deposits on which int. is paid..- 85,000,000 79.632,000 89,169,000 §Central Union Trust Co. (New York). (Figures include both companies on all dales.) Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. ResourcesStock and bond Investments$47,643,084 $37,151,291 $1ZAISNI Public securities 24,415,982 30,138,570 30,700,344 Private securities 5,089,360 3,590,673 3,871,277 Real estate owned 1,341,475 1,252,212 1,603,308 Mortgages owned 246,750 26 539,311 Loans on bond or mtg.or oth. r.e.coll_ 4 0 124,181,351 Loans & disc. sec. by other collateral_ 98,480,279 92,137,8 Loans,dIsc.& bills pur.not sec.by coll. 47,871,676 93,922,231 23,366,937 12,756 4,397 30,965 Overdrafts Due from trust cos., banks & bankers 15,845,793 23,746,095 60,440,821 2,527,825 7,153,374 19,867,762 Specie 356,485 603,172 Other currency auth. by laws of U. S_ 1,040,686 92,465 Federal Reserve notes 16,989 9,471 Cash items Due from the Fed.Res.Bank of N.Y_ 22,747,492 21,806,571 1,649,999 Customers' liability on acceptances_ - ?:113 2 1,560,851 Other assets $278,196,756$313,846,755$285,491,650 Total Liabilities$12,500,000 $8,000,000 $8,000,000 Capital stock Surplus fund and undivided profits..- 18,046,696 22,690,261 22,402,948 Preferred deposits3,309,536 5,120,191 5,680,445 Due N. Y. State savings banks_ 4,199,520 10,472,153 Duo as executor, administrator, &c. 2,926,383 297,746 525,774 447,246 Deposits by New York State 48,146,569 29,290,458 Deposits sec. by pledge of assets 172,703,899 219,038,534 216,134,204 Due depositors (not preferred) 8,431,050 11,614,675 17,830,374 Due trust cos., banks and bankers 10,000,000 Rediscounts 9,414,214 1,649,999 250,000 Acceptances 2,420,663 2,874,281 3,117,342 Other liabilities ig 1,N8190 8278,196,756$313,846,755$285,491,650 Total Amt. deposits on which int. paid_ _ _$220,917,672$253,187,781$231,786,539 § Central and Union Trust Companies consolidated as of June 18 1918. Above figures are combined results on all dates. Commercial Trust Co. (New York). Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. ResourcesStock and bond investments$880,426 $832,900 $946,141 Public securities 400,121 99,750 99,750 Private securities 199,162 513,404 400,939 Real estate owned 58,000 88,000 220,000 Mortgages owned 981,741 1,278,482 1,496,651 Loans & discounts secured by collat 1,876.541 1,816,698 Loans,disc.&bills pur.not sec.by coll.. 1,707,207 5,914 13,276 23,773 Overdrafts 968.974 602,266 285,820 Due from trust cos., banks & bankers 340,027 313,298 327,281 Specie 40,000 50,000 70,000 Other currency auth. by laws of U. S_ 5,000 Federal Reserve notes 39.601 22,088 96,248 Cash items 94,588 88,990 434,846 Other assets $6,108,656 $5,719,152 $5,890,095 Total Liabilities$500,000 $500.000 $500,000 Capital stock 195,188 150,804 123.238 Surplus fund and undivided profits._ _ Preferred deposits5,508 5,488 31,199 Due as executor, administrator, &c. 222,000 200,000 150,000 Deposits by State of New York_ . 125,000 Other dep. sec. by pledge of assets 4.744,279 4,928,958 4,557,086 Due depositors (not preferred) 14,741 11,390 10,162 Due trust cos., banks and bankers...._ 532,000 Bills payable 107,191 23,700 79,971 Other liabilities $6,108,656 $5,719,152 $5,890,095 Total Amt. deposits.on which int. is paid.... $1,989,300 $2,167,000 $1,950,000 746 THE CHRONICLE *Corporation Trust Co. (New York). [VOL. 108. Fidelity Trust Co. (New York). ResourcesResourcesNov. 1 '18. *Nov.141.7. Nov. 1 '18. Nov. 14 '17. Nov. 29'16. Stock and bond investments-Public securities- $568,912 $502,356 Stock and bond investmentsLoans and discounts secured by collateral Public securities 32,508,200 31,623,726 15,524 $612,352 Due from trust companies, banks and bankers Private securities 14,549 6,320 2,020,975 2,106,403 2,038,955 Cash items, currency, specie Mortgages owned 2,294 561,750 585,000 606,000 Other assets Loans & disc. secured by collateral.... 2,621,183 35,207 5,847 2,348,809 2,272,899 Loans.disc.& bills pur.not sec.by coll. 3,752.222 4.455.210 4.915,130 Total $514,523 Due from trust co's.. bks. & bankers.. $636,486 958,163 1,594.684 2,062.167 Specie 141,273 200,319 789,839 Liabilities192,937 208,132 105,332 Capital stock $500,000 Other currency auth. by laws of U.S. $500,000 10,000 Surplus fund and undivided profits 112,241 14,523 Federal Reserve notes Cash items 411,818 988,726 717,248 Re-discounts 15,000 Due from Fed. Res. Bank of N.Y 1,109.165 1,388,209 Other liabilities 9,245 Customers' liability on acceptances.._ 100,573 31.416 33,333 234,860 57,871 81,649 Total $514,523 Other assets $636,486 Supplementary-For Calendar Year1918. Total 314,613,019 815,588,505 $14,244,904 Total interest and commissions redeived during year $21,360 LiabilitiesAll other profits received during the year 373,453 31,000,000 31,000,000 $1,000,000 Expenses during year, excluding taxes 300.720 Capital stock 1,259,880 1,213.185 Amount of dividends declared on capital stock 30,000 Surplus fund & undivided profits_ .... _ 1,283,156 Taxes paid during year 3,076 Preferred depositsDue N.Y.State savings banks....... 469,230 1,046,268 870,724 Due as executor, administrator, &c. 11,634 17,490 42,585 * Began business July 31 1917. Deposits sec'd by pledge of assets.._ 1.359,626 31,294 642,408 preferred) Due depositors (not 9,429,802 10,505.256 9,933,618 Empire Trust Co. (New York). Due trust co's, banks and bankers.... 588,893 992,528 939,820 55,000 Nov. 1 '18. Nov. 14 '17. Nov. 29 '16 Rediscounts Acceptances 31,416 33,333 ResourcesOther liabilities 415.678 139,954 133.650 Stock and bond investmentsPublic securities $12,392,805 1112,194,271 $8,040,643 Total $14,613,019 $15,588,505 $14,244,904 Private securities 4,402,716 4,739,953 5,227,077 Real estate owned 584,819 556,473 535,671 Amt. deposits on which int. is paid.._ $7.637,000 39.179.000 $8,956,000 Mortgages owned 602,564 585,929 659,141 Loans on bond & mtg.or other r.e.coll 527,745 456,275 584,663 Fulton Trust Co. (New York). Loans & disc. sec. by other collateral_ 21,256,420 16,071,630 15,267,775 L'ns, disc. & bills pur. not sec. by coll. 4,596,496 3,897,575 2,632,376 ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Overdrafts 4,746 3,496 Stock and bond investments7,381 Due from trust co's, banks & bankers 7,108,991 Public securities 9,055,789 11,271,803 $336,965 3836,177 3477,430 Specie Private securities 1,833,780 93,483 1.815,055 1,728,444 1,789,808 1,857,934 Other currency auth. by laws of U.S.. 2,382.021 287,980 Mortgages owned 607,010 414,000 419,000 494,000 Federal Reserve notes 67,000 Loans & disc, secured by collateral.... 4,279,148 4,798,915 6,626,125 Cash items 18,391 8,759 109,525 60,807 Loans,disc.&bills pur. not sec. by coll. 66,364 122,500 Customers' liability on acceptances.. _ 158,509 3,533,673 Overdrafts 24,623 5,598 4,833 Other assets 716,382 658,301 Due from trust co's, bank & bankers_ 618,054 319,429 1,337,271 1,072,274 Specie 49,212 697,125 816,030 Total $54,631,309 $54,381,331 $47,111,788 Other currency auth. by laws of U.S.. 98,573 45,507 61,169 Federal Reserve notes 35,000 LiabilitiesCash items 32,911 Capital stock $1,500,000 $1,500,000 $1,500,000 Due from Fed. Res. Bank of N. Y.._ 947,184 Surplus fund and undivided profits 1,558,477 1,301,166 1,602,916 Other assets 40,142 67,747 56,771 Preferred depositsDue say. banks & say.& loan ass'ns 1,043,312 1,295,835 1,529,418 Total $8.817,182 89,749,160 311,501,392 Due as executors, administr's,&c 4,079,391 4,721,219 2,501,428 LiabilitiesDep. by State of N. Y.& bank dep. 1,390,406 2,055,6281 2,124,692 Dep. secured by pledge of assets Capital stock 10,276,591 $500,000 $500,000 $500,000 2,926,828! Due depositors (not preferred) 31,602,291 31,510,528 32,400,193 Surplus fund & undivided profits_ 643.873 523,312 721,724 Due trust co's, banks and bankers.. 5,248,274 2,668,677 5,154,827 Preferred depositsAcceptances Due N Y.State sayings banks 28,058 158,509 3,530,808 Other liabilities Due as executor, administrator, &c. 99,500 336,262 273,814 291.045 298,314 363,655 Trust dep. & dep. by N. Y. State • 355,449 64,357 86,247 Total 7,134,391 8,298,667 9,680,524 $54,631,309 $54,381,331 $47,111,788 Due depositors (not preferred) Amt. deposits on which int. is paid.. $37,925.000 $42.438,700 $37,800,000 Due trust cos., banks and bankers...._ 47,467 7,618 Other liabilities 83,969 81,392 101,110 Equitable Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $19,792,140 $67,781,897 $10,342,898 Private securities 24,808,153 24,594,429 21,690,860 Real estate owned 3,701,980 3,679,872 3,648,734 Mortgages owned 2,317,547 2,360,989 2,899,292 Loans on bond & mtg. or oth. r.e.coll. 443,922 288,050 215,435 Loans & disc. sec. by other collateral_ 70,406,345 78,407.967 63,975,540 Loans,disc.&bills pur. not sec. by coll. 28,068,661 23,188,380 11,375,562 Overdrafts 40,630 103,678 54,552 Due from trust co's, banks & bankers 23,221,600 18,940,923 20,080,691 Specie 339,901 1,670,266 8,956,907 Other currency auth. by laws of U. S.. 1.169,038 796,160 1,120,795 Federal Reserve notes 55,645 Cash items 1,393,538 314,607 468,466 Due from Fed. Res. Bk. of N. Y......,. 11,764,367 22,764,894 Customers' liability on acceptances 16,444,017 17,485,700 12,622,614 Other assets 68,917,957 44,703,302 27,329,575 Total $271,750,8653308.484,680$184,512,931 LiabilitiesCapital stock $6,000,000 36,000,000 $3,000,000 Surplus fund and undivided profits 14,423,971 13,070,678 10,465,207 Preferred depositsDue savings banks,loan ass'ns, &c_ 2,296,817 4,993,670 4,338,500 Due as executor, administrator, &c. 23,277,923 26,068,783 11,239,640 Tr. dep. & dep. by N. Y. State__ 10,877,918 90,788 90,491 Deposits otherwise preferred 68,669 12,778 33,927 Due depositors (not preferred) 154,550,344 160,246,058 125,341,469 Duo trust co's, banks and bankers 26,846,598 74,559,913 16.617,308 Bills payable 4,120,000 5,000,000 Rediscounts 1,664,971 Acceptances 16,477,398 17,001,029 12,622,614 Other liabilities 11,202,147 1,385,092 763,775 Total 3271,750,8653308,484,6803184,512,931 Amt. deposits on which int. paid.. $192.000.000$253.000.000$147,000,000 Farmers' Loan & Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investments-Public securities $40,802,626 $37,205,389 $22,450,337 Private securities 17.002,325 19,104,246 25.773,524 Real estate owned 3,821,747 3,718,665 3,615,000 Mortgages owned 2,224,149 1,595,188 1,818,139 Loans on bond&mtg.or other r.e.coll_ 21,300 31,800 31,800 Loans & disc. sec. by other collateral_ 40,050,018 43,793,744 41,628,194 Loans,disc.& bills pur.not sec.by coll.. 28,354,728 38,678,458 43,906,477 Overdrafts 119,536 1,122,746 387 Due from trust co's, banks & bankers 9,517,039 32,139,656 29,924.003 Specie 3,492,010 2,402,046 12,632,062 Other currency auth. by laws of U. S.. 600,500 1.938,300 474,500 Federal Reserve notes 97.000 Cash items.. 5,041,741 Due from Fed. Res. Bank of N. Y...._ 16,512,174 6,100.345 Customers' liability on acceptances 9.470,958 4.954,745 8,007,941 Other assets 40.443,658 1,250,133 1,917,864 Total $217,474.5093194,035,4613192.367,228 LiabilitiesCapital stock 35,000.000 $5,000,000 $1,000,000 Surplus fund and undivided profits.... 12,009,800 11,077,858 8,628,126 Preferred depositsDue savings bks.,say.& loan ass'ns 1,439,160 1,729,802 4,053,326 Due as executor, administrator, &c. 3,400,122 4,818,959 7,190,411 Other dep. sec. by pledge of assets.. 4,891,470 2,899,655 Due depositors (not preferred) 159,218,164 155,391,108 154,027,904 Due trust co's, banks and bankers...._ 7,381,543 5,464,768 6,741,530 Bills payable 11.000,000 Rediscounts 1.000,000 Acceptances 9,720,958 4,954,745 8,097,941 Other liabilities 2,413,292 2,698,566 2,627,900 Total $217,474,509$194.035.461$192,367,228 Amt. deposits on which int. paid_ $129.130.5873169.751.602$168.220,072 Total Amt. deposits on which int. is paid $8,817,182 $9,749,160 $11,501,392 $7,976,830 $8,354,900 $9,868,500 Guaranty Trust Co. (New York). ResourcesNov. 1 '18. Stock and bond investmentsPublic securities $96,224,399 Private securities 45,349,645 Real estate owned 5,000,000 Mortgages owned 1.754,800 Loanson bd.& mtg.oroth.r.e.coll. 10,798 Loans & disc. sec. by other coil_ 270,744,007 Loans, discounts and bills purchased not secured by collateral 117,012,530 Overdrafts 3,181 Due from tr. co's, banks & bankers 23,718,686 Specie 23,884 Other curr'cy auth. by laws of U.S. 4,807,868 Federal Reserve notes Cash items 34,687,839 Due from Fed. Res. Bk. of N. Y_ 63,542,167 Customers' liab. on acceptances 50,521,984 Other assets 23,441,034 Total $736,842,722 LiabilitiesCapital stock 325,000,000 Surplus fund and undivided profits 27,428,936 Preferred depositsDue N.Y.State savings banks.. 1,995,865 Due as executor, adtnin'r, &c 251,103 Deposits by New York State..-163,437 Depos. seed by pledge of assets 27,841,108 Due depositors (not preferred)._ 437,454,988 Due trust cos., banks & bankers_ 83,516,390 Bills payable Rediscounts 70.076,502 Acceptances 50,521,984 Other liabilities 12,592,409 Nov.-14 '17. Nov. 29 '16. $128.087,996 $32,248,769 67,623,769 49,812,470 2,954,887 2,500,000 1,653,400 1,833,000 20,234 342,875 184,456,838 201,122,120 102,748,297 3,566 14,737,494 3,839,088 1,139,010 11,912,448 40,934.874 48,959,639 92,047,386 82,693,679 9,038 24,087,310 27,633,039 6,801,250 400,115 24,167,051 41,193,796 82,318,580 $701,118,976 $577,163,092 325,000,009 $20,000,000 • 26,125,432 33,999,906 7,035,431 6,821,725 102,207 20,413.530 49,276 50,000 2,946,026. 643,157 430,336,893 346,252,468 83,039,505 84,442,821 49,000,000 17,842,456 48,959,689 41,193,796 10,682,061 14,345,689 Total $736,842.722 $701,118,976 $577,163,092 Amt. dopes. on which int. Is paid.$448,406,466 $476,747,116 $421,075,163 Hudson Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $1,577,888 $986,006 $825,000 Private securities 973,462 938,067 1,219,679 Real estate owned 515,687 Mortgages owned 62,000 93,000 196,000 Loans on bds.&mtg.or other r.e.coll 139,640 107,445 36,000 Loans & disc. sec, by other collateral.. 1,135,854 1,410,962 1,235,680 Loans, disc.&bills pur.not sec.by coll.. 994,702 1,172,326 1,177,747 Overdrafts 8 Due from trust cos., banks & bankers 1,738,074 960,770 1,667,351 Specie 189,094 355,102 191. 463 Other currency auth. by laws of U. S.. 139,db 99 158,828 145,800 Federal Reserve notes 4,015 Cash items 14,045 23,867 21,297 Customers' liability on acceptances.... 772 Other assets 32,102 35,960 34,086 Total $6,212,821 $7,211,995 $7,084,371 LiabilitiesCapital stock $500,000 $500,000 $500,000 Surplus fund and undivided profits 637,796 593,761 608,277 Preferred depositsDue as executor, administrator, &c. 153,762 5,799 29,389 Deposited by State of New York.... 382,785 214,593 124,785 Trust dep. & dep. otherwise peer_ 12,974 131,899 194,334 Due depositors (not preferred) 4,188,444 4,662,805 '4,556,956 Due trust co's, banks and bankers... 825,834 503,779 674,681 Acceptances 772 Rediscounts 55,705 Other liabilities 31,698 35,267 383,092 Total $6,212,821 37,211,995 $7,084,371 FEB. 22 1919.1 THE CHRONICLE Hudson Trust Co.(New York) Concluded. Supplementary-For Cal. Year1918. Total int. & comm.roc'd during year.. MI other profits received during year_ Charged to profit and lossOn account of depreciation On account of other losses Int. credited to depositors during year Expenses during year, excluding taxes Amt.of divs. declared on capital stock Taxes paid during year Amt.deposits on which int. is allowed a3,236.400 1917. $243,173 30,715 1916. $239,493 29,873 2,000 1,000 74,175 78,366 105,335 32,500 12,242 2,936,400 84,048 101,917 37,500 11,509 3,472.400 Irving Trust Co. (New York). (Formerly Broadway Trust Co.) ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities 81,239,496 $7,408,902 62,671,590 2,202,269 Private securities 1,462.358 1,480,089 Real estate owned 633,468 117.640 107,350 1,087,600 Mortgages owned 1.084,575 906,350 Loans on bonds & mtg.or oth.r.e. coll. 212,429 249.923 233,806 Loans & disc. sec. by other collateral_ 19,052,787 6,784,366 7,205,974 Loans dis. & bills pur. not sec. by coll. 18,340,547 12,601,847 9,477,189 Overdrafts 431 634 425 Due from trust cos., banks & bankers. 763,969 2,846.007 3,897,447 Specie 164,814 513,307 2,616,149 Other currency auth. by laws of U.5. 2,228,811 1,184,360 235,690 Federal Reserve notes 42,820 Cash items 2,310,986 1,517.334 1,371,767 Due from Fed. Res. Bk.of N.Y 4,470,496 3,241,400 Customers'liability on acceptances 1,203.276 591,860 1.417,466 Other assets 171,007 120,125 185,099 Total $54,082,386 $39.724,638 $31,849,220 LiabilitiesCapital stock $1,500,000 $1,500,000 $1.500,000 Surplus fund & undivided profits._ _ _ 1,142,015 1,082,151 954,189 Preferred depositsDue say. bks. & say. & loan ass'ns. 1,180,479 1,647,137 1,374,304 Due as executor, administrator, &c. 146,722 1,599,610 90,260 0th. dep. sec'd by pledge of assets.. 7,913,404 6,341,570 987,953 Due depositors (not preferred) 35,400.001 25,517,685 24,124,601 Duo trust cos., banks and bankers.. 1,184,303 1,221,932 1,252,131 Bills payable 2,000,000 Rediscounts 1,780,463 Acceptances 1,414,183 644,065 1,428,290 Other liabilities 420,816 170,488 137,492 Total $54,082,386 639,724,638 $31,849,220 Amt. deposits on which int. is paid_ _632,540,343 $24,249,541 $20,478,300 Lawyers' Title & Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $2.922,836 $2,874,520 32,224,060 Private securities 3,426,200 4,533,264 5,455.188 Real estate owned 3,251,692 3,328,376 3,376,566 Mortgages owned 7,499,833 8,184,456 7,504,042 Loans on bond & mtg. or oth.r.e.coll_ 133,931 231,014 189,850 Loans & disc. sec. by other collateral_ 3,695.427 3,336,021 7,669,720 Loans,dis.&bills pur.not sec. by coil_ 3,250,109 2.692,894 2,242,880 Overdrafts 5.472 1,518 647 Due from trust co's, banks & bankers 1,309,143 1,276,732 1,530.197 Specie 676,288 522.562 1,545,618 Other currency auth. by laws of U.S.. 296,834 311,845 417,740 Federal Reserve notes 35,335 Cash items 268.979 845,988 791,871 Due from Fed. Res. Bank of N. Y 948,246 235,517 Customers' liability on acceptances.._ 400.000 166,666 Other assets 463,166 482,217 521,405 Total 628,292,772 $29,112,308 $33,671,785 ,..,...sur LiabilitiesCapital stock 64,000,000 $4,000,000 $4,000,000 Surplus fund and undivided profits 5,236,230 5,183,999 5,774,601 Preferred depositsDuo savings banks & loan ass'ns 594,051 1,209,588 1.182,758 Duo as executor, administrator, &c. 413,088 469,454 2,086,684 Trust dep. & dep. by State of N.Y. 1,388,856 1,621,315 455,055 Deposits otherwise preferred 272,595 726,325 199,542 Due depositors (not preferred) 12,270,689 14,743,737 19,046.473 Duo trust cos., banks and bankers...._ 206,588 387,613 405,210 Bills payable 2,000,000 Rediscounts 733,066 Acceptances 400,000 770,277 166,666 Other liabilities 777.609 354,796 Total $28,292,772 $29,112,308 $33,671,785 Supplementary-For Cal. Year1918. 1917. 1916. Total int. & comm.roc'd during year.. 1,166,221 $1,239,697 $1,169,426 All other profits roc'd during year.. 765,297 895,898 984,154 Charged to profit and lossOn accountof depreciation 126,653 431,876 104,306 On account of other losses 68,517 25,346 50,033 lot, credited to depositors during year 387,619 504,465 528,488 Expenses during year, exclud. taxes 949,614 980,390 949,363 Amt.of divs.declared on capital stock 200,000 200,000 200,000 Taxes paid during year 163,327 155,715 146,312 Amt. deposits on which int. is paid.._ 14,558,000 15,614,000 18,375,600 Lincoln Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $1,327,047 $1,170,783 $885,618 Private securities 1,106,984 1,369,030 1,679,127 Real estate owned 40,466 160.337 72,354 Mortgages owned 827,737 625,042 739,063 Loans oa bond & mtg.or oth.r.o.coll_ 21,700 65,558 118,000 collateral.. other sec. 12,027,703 Loans & disc. by 8,020,255 8,464.187 Loans,disc.& bills pur.not sec.by coll.. 3,952,508 2,339.188 1,879,272 15,440 Overdrafts 3,951 1,648 Due from trust cos., banks & bankers 1,002,246 1,740,041 1,708,157 Specie 30,504 1,132,736 1,170,231 Other currency auth. by laws of U. 8.. 367,342 208,100 179.900 Federal Reserve notes 9,500 Cash items 618,690 564,329 788,940 Due from Fed. Res. Bank of N. Y_ 1.549,171 Other assets 169,869 129,692 223,452 623,057,407 $17,529,012 $17,919,449 Total LiabilitiesCapital stock $1,000,000 $1,000,000 $1,000,000 Surplus fund & undivided profits.. 614,328 568,161 501,253 Preferred depositsDue say. banks, say. & loan a.ss'ns_ 370.636 518,486 583,278 Due as executor, administrator,&c. 1,231,615 121,129 227,306 Trust dep. & dep. by N. Y. State..--.. 4,840,032 420,433 370,014 Due depositors (not preferred) 13,134.012 13,731,769 14,686,335 Duo trust en's, banks and bankers53.195 433,091 423,035 Bills payable 1,300,000 Rediscounts 341,224 Other liabilities 172,255 735.973 128.228 Total $23,057.407 617,529,042 617,919,149 Amt. deposits on which int, is paid_616,400.000 610.900,000 S12.900.000 a As of Nov. 1 191S 747 *Mercantile Trust & Deposit Co. (New York). ResourcesNov. 1 '18. *Nov. 14'17 . Stock and bond investmentsPublic securities $1,032,500 $1,823,090 Private securities 472,190 157,125 Loans and discounts secured by collateral 6,236,946 2,923.781 Loans, discts. & bills purch. not secured by collet 3,027,512 7,483,358 Overdrafts 116 Due from trust companies, banks and bankers 198,051 168,749 Specie 3,502 6,036 Other currency authorized by laws of United States 63,000 76,600 Due from Federal Reserve Bank of New York.. 1,510,901 893.436 Customers' liability on acceptances 235,763 Other assets 2,399 15,188 Total LiabilitiesCapital stock Surplus fund and undivided profits Preferred depositsDeposited by the State of New York Deposits secured by pledge of assets Due depositors (not preferred) Due trust companies, banks and bankers Acceptances Other liabilities $17,238,726 $9,091,517 Total Amount of deposits on which interest is paid 617,238,726 $9,091,517 $15,189,296 $7,211,507 $1.000,000 $1,000,000 716,850 535,253 85,000 2,287,617 12,213,415 603,263 235,763 96,818 200,000 553,241 5,831,294 902,067 69,662 * Began business May 1 1917. Metropolitan Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $12,681,887 $7,734.520 $4,338,980 Private securities 6,043,434 9,553.848 11,366,395 Real estate owned 851,270 937,934 353,425 Mortgages owned 1,318.133 768,333 1,353,608 Loans on bond & mtg. or oth. r.e.coll.. 1,605,065 797,914 1,282.161 Loans & disc. sec. by other collateral_ 17,826,111 21,382,275 24,392,736 Loans disc. & bills pur.not sec.by coll. 13,793,191 17,689,437 16,388.313 Overdrafts 7,366 600 Due from trust cos., banks & bankers 1,460,455 2,599,038 4,812,054 Specie 119,426 872,301 3,627,777 Other currency auth. by laws of U.8_ 583,400 311,980 1,646,995 Federal Reserve notes 38,540 Cash items 2,331,393 2,999,083 2,313.411 Due from Fed. Res. Bank of N. Y 3,041,107 4,895,376 Customers' liability on acceptances 533,333 Other assets 269,500 315,879 424,176 Total $61,124,587 $72,199,002 $72,338,481 LiabilitiesCapital stock $2,000,000 62,000,000 32,000,000 Surplus fund and undivided profits 4,383,175 5,484,384 4,070,857 Preferred deposits- , Due say, banks, say. & loan ass'ns_ 1,421,028 3,883,911 5,425,200 I)ue as executor, administrator, &c. 2.179,848 2,260,722 2,345.808 Deposited by State of New York 1,098.477 1.585,177 1,684.951 Dep sec by pledge of assets 3,047,391 418,500 Due depositors (not preferred) 24,416,170 36,497,404 37,306,965 Duo trust cos., banks and bankers.. 4,749,943 19,703,624 17,528,719 Bills payable 7,200.000 Rediscounts 10,389,728 1,100.000 Acceptances 150,000 Other liabilities 238,827 528,807 562,454 Total $61,124,587 $72,199,002 $72,338,481 Supplementary-For. Cal. Year1917. 1918. 1916. Total int. & comm. roc'd during year.. yr.. $2,932,717 $2,273,893 All other profits received during year.. 382,537 1,120,772 Charged to profit and lossOn account of depreciation 1. On acount of other losses 3°6 ' 602 {1,112,gt2 Int. credited to depositors during year 1,648,150 '1,848.591 Expenses during year, excluding taxes 568,617 403,136 Amt. of divs. declared on capital stk.. 500,000 480.000 Taxes paid during the year 83,989 95,354 Amt. dopes. on which int, is ailowed_a32,200,000 45,755.400 58,102,000 .New York Life Insurance & Trust Co. (New York). Resources -Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $5,436,695 $2,849,963 $3,727,993 Private securities 13,861,016 15,142,732 14,060,897 Real estate owned 2,209,358 2,260,321 1,976,914 Mortgages owned 3,751,508 3.532,787 4,051,365 Loans & disc. secured by collateral.. 695,375 1,253,332 3,031.884 Loans,disc.&bills pur.not soc.by coil.. 2,970,269 • 8,414,075 10,051,525 Overdrafts 88,096 58.432 105,302 Duo from trust ens., banks & bankers 930,841 616,473 1,496,760 Specie 1,814,187 2,108,390 2,459,590 Other currency auth. by laws of U. 5_ 1,020 410 100,410 Other assets 837,725 988,540 1,083,701 Total $32,596,120 $37,224,458 $42,146,311 LiabilitiesCapital stock $1,000,000 $1,000-.000 $1,000,000 Surplus fund and undivided profits 4,406,406 4,309,906 4.443,494 Preferred depositsDue N.Y. State savings banks........ 360,822 344,450 392,915 Due as executor, administrator, &c. 2,227,844 2,954,131 2,857,60 Dep. see. by pledge of assets 2,661,580 Due depositors (not preferred) 18,439,954 24,054,368 28,580,230. Due trust cos., banks and bankers...... 8.596 674,722 941,288 Other liabilities 3,487,918 3.886,881 3,930,768 Total 632,596,120 $37,224,458 $42,146,341 Supplementary-For. Cal. Year1917. 1918. 1916. Total int. & comm.rec'd daring year.. 61,600,340 $1,819,212 61.727,459 All other profits received during year.. 67,127 59,940 43.924 Charged to profit & loss ace't deprec_ Int. credited to depositors during year 946.630 930.297 987.690 Expenses during year, excluding taxes 168,764 180.614 180,885 Amt. of divs. doctored on capital stk.. 450.000 450.000 450,000 Taxes paid during year 120,539 117.759 109,892 Amt. depos. on which int, is allowed.a23,613,701 27,969,740 32,011,661 New York Trust Co. (New York). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $8,458,261 $11,597,357 31,027,789 Private securities 6,819,081 8,789,710 9,101.147 Real estate owned 402,608 316.665 361.945 Mortgages owned 2.877,750 2,742,300 2,602,150 Loans on bond & int. or oth. re.coll. 660,446 603,626 1,230,951 Loans & disc. sec. by other collateral_ 53,182,001 39.436,908 51,397,249 Loans dbl. & bills pur. not sec. by coll. 21,521,821 9,107,215 5,912,857 Overdrafts 45,771 2,071 35,782 Due from trust co's, banks & bankers 5,528.598 1,738,221 5,562,770 Specie 63,356 71.717 5,216,213 Other currency auth. by laws of N.Y. 191,019 64,000 171,651 Federal Reserve notes 96,650 Cash items 2,833.9)3 9,315,673 7,106,935 Due from Fed. Res Bank of N Y_ 5,367,521 6,382.252 Customers' liability on acceptances 3.522,493 605,750 100,000 Other assets 532,927 528.506 685.545 Total 6116.492.368 684.995,886 S93.534.980 a As of Nov. 1 1918. THE CHRONICLE 748 Transatlantic Trust Co. (New York). New York Trust Co.(New York) Concluded. Nov. 1 '18. Nov. 14 '17. Liabilities$3,000,000 $3,000,000 Capital stock Surplus fund and undivided profits.._ 10,769,875 11,032,740 Preferred deposits2,651,916 1,851,679 Due N.Y.State savings banks.. Due as executor, administrator,,c. 7,250,355 4,847,256 462,242 Deposits secured by pledge of assets 19,212,110 1,094,388 1,901,411 Deposits otherwise preferred 45,240,964 53,612,081 Due depositors (not preferred) 2,948,467 6,260,358 Due trust co's, banks and bankers_ _ 1,000,000 15,941,760 Bills payable 3,998,086 Rediscounts 305,750 3,522,493 Acceptances 729,155 855,168 Other liabilities Nov. 29 '16. $3,000,000 11,548,634 2,714,103 4,727,193 1,987,333 60,041,235 8,724,526 100,000 691,959 $116,492,368 $84,995,886 $93,534,983 Total 1916. 1917. 1918. Supplementary-For Cal. Yearrec'd during comm. year- $4,680,454 $3,660,177 $3,395,210 Total int. & 289,217 160,687 111,919 All other profits received during year.. Charged to profits and loss17,380 200,000 1,590,972 On account of depreciation • 70,932 15,676 18,413 On account of other losses 1,789,623 1,766,060 Int. credited to depositors during year 1,683,923 394,849 673,759 451,544 Expenses during year,excluding taxes 960,000 960,000 990,000 Amt. of divs. declared on capital stk_ 562.074 164,418 235,200 Taxes reserved and pd. during the yr_ Amt deposits on which int. is paid....a70,560,200 $69,343,000 $62,975,000 *Scandinavian Trust Co. (New York). Nov. 1 '18. *Nov. 14 '17. ResourcesStock and bond investments$5,488,460 $3,060,870 Public securities 104,066 382,404 Private securities 5,055,640 9,908,042 Loans and discounts secured by collateral 13,896,081 5,781,918 Loans, disc. & bills pur. not secured by collateral '613 27 Overdrafts 758,753 1,470,190 Due from trust companies, banks & bankers_ __ _ 194,797 1,174,589 Other currency auth. by laws of United States_.. 3,436 52,770 Specie 5,721 Cash items 2,936,980 Due from Federal Reserve Bank of New York_ 206,800 778,389 Customers' liability on acceptances 82,609 36,710 Other assets Total LiabilitiesCapital stock Surplus fund & undivided profits Preferred depositsDue as executor. administrator, &c Deposits by State of N. Y Deposits secured by pledge of assets Due depositors (not pref.) Due trust companies, banks and bankers Bills payable .. Rediscounts Acceptances Other liabilities $34,436,285 $16,944,327 $1,000,000 $1,000,000 1,579,862 1,879,278 280,163 25,000 195,000 18,913,552 8,181,672 2,100,000 745,000 778,389 338,331 68.500 9,137,632 4,813,642 206.800 137.891 $34,436,285 $16,944,327 Total Amounts of deposits on which interest is paid_ _ _ _$24,747,489 $13,318,193 * Began business on June 11 1917. Title Guarantee & Trust Co. (New York). Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. ResourcesStock and bond investments$601,115 $577,650 $5,460,732 Public securities 7,460,250 6,159,046 6,334,000 Private securities 2,660,505 2,477,668 2,439,013 Real estate owned 8,783,220 8,896,744 9,658,351 Mortgages owned 1,260,045 980,212 593,365 Loans on bond & mtg.or oth. r.e. coll. Loans & disc, sec. by other collateral_ 12,453,532 17,742,146 20,345,679 3,031,649 Loans dis. & bills pay. not sec. by coll. 3,762,757 3,826,794 121 1,232 1,544 Overdrafts 2,870,493 Due from trust co's, bks., bankers,&c. 2,672,775 3,358,508 2,759,616 2,261,966 337,868 Specie 243,082 351,888 685,386 Other currency auth. by laws of U.S. 14,440 Federal Reserve notes 1,877,606 1,114,743 1,995,364 Cash items 1,021,271 Due from Fed. Res. Bank of N. Y 567,523 529,351 516,921 Other assets $46,996,318 $49,214,509 Total Liabilities$5,000,000 $5,000,000 Capital stock 11,947,880 11,706,254 Surplus fund and undivided profits Preferred deposits1,931,049 • Due N. Y. State savingsbanks......_ 1,061,866 235,251 415,127 Due savings and loan associations_ 966,987 792,681 Due as executor, administrator, &c. 665,582 Deposits secured by pledge of assets 3,470,935 23,621,147 26,698,754 Due depositors (not preferred) 1,639,601 317,395 Due trust co's, banks and bankers 371,031 369,287 0thee liabilities $52,478,344 $5,000,000 12,587,939 1,569,665 360,447 902,525 56,778 29,472,698 2,039,516 488,776 $46,996,318 $49,211,509 552,478,344 Total 1916 1918. 1917. Supplementary-For Cal. Year$2,158,781 $1,917,011 Total int. & comm.rec'd during year.. 1,927,099 2,119,656 All other profits received during year_ Adj. in book value of securities 787,349 Charged off book value of securities.Charged to profit and loss345,987 72,885 On account of losses 707.294 690,644 Int. credited to depositors during year 1,728,695 1,687,336 Expenses during year, excluding taxes 1,000.000 1,000,000 Amt. of divs. declared on cap. stock_ 213,271 198,694 Taxes paid during the year Amt. deposits on which int. Is paid _ _a27,532,550 27,660,293 32,128,790 a As of Nov. 1 1918. [Vol.. 108. . Nov.1 '18. ResourcesStock and bond investments$1,349,552 Public securities 500,389 Private securities 2,287,247 Loans & disc,secured by collateral 487,685 Loans,disc.& bills pur.not sec.by coll.. Overdrafts Due from trust co's, banks & bankers 3,279,471 21,200 Specie 110,000 Other currency auth. by laws of U. S.. Federal Reserve notes 34,986 Cash items 112,405 Due from Federal Res. Bank of N Y.. 19,278 Other assets $8,202,213 Total Liabilities$700,000 Capital stock 440,122 Surplus fund and undivided profits_ Preferred deposits8,571 Due as executor, administrator, &c 105,000 Deposits by State of N. Y 383,540 Deposits sec. by pledge of assets.. Deposits otherwise preferred 6,231,407 Due depositors (not preferred) 20,276 Due trust co's, banks and bankers.._ 313,297 Other liabilities $8,202,213 Total Amt. deposits on which int. is paid.. _ $5,086,491 1918. Supplementary-For Cal. YearTotal int. & corn. rec. during year_ All other prof. received during year.... Amt, of divs. declared on cap. stock.. Taxes paid during year Nov. 14 '17. Nov. 29 '16. $798,550 967,193 1,363,597 984,630 173 3,555,708 224,002 29,201 $741,597 1,134,798 2,308,199 91,477 2,504,905 226,002 22,190 6,815 35,582 35,035 22,197 29,172 $7,987,261 $7,093,762 $700,000 567,555 $700,000 438,242 25,416 20,046 298,975 276,0001 113,000j 120,000 35,000 4,624,240 5,641,454 557,144 413,478 220,432 350,041 $7,987,261 $7,093,762 $5,369,768 33,896,747 1916. 1917. $209,262 $365,170 385,713 169,572 56,000 42,000 14,165 15,247 *United States Mortgage & Trust Co.(New York). Nov. 1 '18. *Nov. 14'17. Nov. 29 '16. ResourcesStock and bond investments$5,844,415 $2,417,919 $2,260,040 Public securities • 8,542,218 10,976,886 10,929,216 Private securities 16,600 161,125 161,678 Real estate 8,542,101 7,498,620 8,159,496 Mortgages owned 1,000 Loans on bond & mtg. or oth. r.e.coll_ Loans Sr disc, sec. by other collateral.. 38,863,711 46,414,751 39,804,917 Loans,disc.&bills pur. not sec.by coll.. 14,586,236 11,258,773 13,543,029 259 400 3,788 Overdrafts 4,923,806 10.197,700 Due from trust cos., banks & bankers 2,455,548 4,615,989 373,445 73,648 Specie 287,450 525,921 463,568 Other currency auth. by laws of U. S._ 28,000 Federal Reserve notes 12,024 2,747,842 4,312,507 Cash items 7,495,000 Due from Fed. Res. Bank of N. Y.._ _ 4,024,261 Customers' liability on acceptances.... 1,900,000 612,732 4,928,706 554,383 Other assets $89,284,581 $96,068,096 $95,167,031 Total Liabilities$2,000,000 $2,000,000 $2,000,000 Capital stock 4,738,695 4,691,519 4.628,625 Surplus fund and undivided profits Preferred deposits568,697 609,525 375,325 banks...... _ Due N. Y. State savings banks.. 2,019,412 6,553,563 3,612,777 Due as executor, administrator, 165,689 43,373 45,217 Deposits by State of New York.. 308,158 8,938,902 7,689,557 Dep.secured by pledge of assets.. 723,689 Deposits otherwise preferred 44,620,780 59,059,848 57,770,837 Due depositors (not preferred) 9,030,853 11,621,153 14,442,494 Due trust cos., banks and bankers.. 159,680 Bills payable 6,118,332 Rediscounts 1,900,000 Acceptances 8.333,709 8,618,898 7,130,401 Other liabilities $89,284,581 $96,068,096 $95,167,031 Total Amt. deposits on which int. Is paid_ _$60,064,310 $74,393,560 372,053,006 * The U. S. Mtge. & Trust Co. purchased the assets of the Fidelity Bank in May 1917. United States Trust Co. (New York). Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. ResourcesStock and bond investments$2,484,979 31,166,500 $4,690.000 securities Public 5,988,685 8,673,697 10,449,650 Private securities 1,195,000 1,195,000 1,045,000 Real estate owned 3,018,948 3,063,227 4,415,024 Mortgages owned' 21,346,235 39,769,885 47,849,685 Loans & disc. secured by collateral 7,854,935 Loans,disc.&bills pur.not sec.by coll.. 6,984,891 12,004,102 7,577,864 Due from trust cos., banks & bankers 5,502,768 8,949,924 5,000,000 5,000,000 Specie 100,000 S. U. of laws by auth. Other currency Due from Fed. Reserve Bank of N.Y. 3,200,000 511,924 506,581 351,788 Other assets $53,624,391 $81,647,395 $84,624,506 Total Liabilities32,000,000 $2,000,000 32,000,000 Capital stock 14,556,941 14,820,076 14,878,539 Surplus fund & undivided profits.. Preferred deposits3,196,669 6,746,684 Due N. Y. State savings banks........ 2,347,657 Due as executor, administrator, &c. 7,713,457 10,602,514 8,008,935 605,445 1,921,497 1,692,807 Dep, secured by pledge of assets 21,212,650 45,377,809 47,404,812 Due depositors (not preferred) 4,119,067 2,869,705 3,080,862 bankers and banks Duo trust cos., 300,000 Rediscounts 861,024 859,125 720,017 Other liabilities $53,624,391 $81,647,395 $84.624,506 Total 1916. 1917. 1918. Supplementary-For Cal. YearTotal int. & comm.rec'd during year $3,553,104 $4,126,034 $3,204,753 134,742 15,224 125,387 All other profits received during year.. Charged to profit and loss67,263 905,790 353,952 On account of depreciation 1,531,344 1,836,886 Int. credited to depositors during year 1,642,415 301,403 304,178 354,608 Expenses during year, excluding taxes 1,000,000 1,000,000 Amt.of divs. declared on capital stock 1,000,000 230,611 312,694 284,863 Taxes paid during the year 35,487,364 57,343,691 66.286,470 Amt. deposits on which int. is paid BROOKLYN COMPANIES. Liabilities-(Concl.) Nov. 1 '18. Non. 14 '17. Preferred deposits3,209,994 Due say. bks. & say. & loan ass'ns_ 2,145,873 Nov. 1 '18. Nov. 14 '17. Nov. 29 '16. Resources1,507,793 1,603,086 8,..c. administrator, Due as executor, Stock and bond investments5,000 5,000 Dep. by Supt. of Banks of N Y. 2,355 $5,838,479 $4,549,425 $8,63. Public securities 1,498,281 5,892,375 assets of pledge by secured Deposits 14,657,467 14,553.065 18,486,221 Private securities 24,168,129 28,152,899 1,175,670 1,155,669 Due depositors (not preferred) 1,106,902 Real estate owned 195,391 22,466 1,437,770 1,454,526 1,646,600 Due trust cos., banks and bankers...... Mortgages owned 5,444,500 408,378 638,600 536,500 Bills payable Loans on bond & mtg. or oth.r.e.coll_ 1,192,200 5,434,792 8,576,393 Rediscounts Loans and disc. sec. by other collateral 6,904,373 1,443,958 1,693,822 1,703,314 Acceptances Loans,disc.&bills pur.not sec.by coll_ 5,470,604 397,701 471,469 1,223 14,238 508 Other liabilities Overdrafts 1,347,569 2,724,040 Due from trust cos., banks & bankers 1,045,567 $38,622,427 $46,407,339 Total 2,631,956 405,859 194,953 Specie 557,643 523,985 Amt. deposits on which int. is paid_ _$30,111,500 $30,416,000 368,095 Other currency auth. by laws of U. S.. Supplementary-For Cal. Year.29,515 Federal Reserve notes 1,302,944 Total interest and commission received during year 1,285,167 1,143,293 Cash items All other profits received during year • Due from Fed. Res. Bank of N. Y._ _ 3,151,895 3,871,854 Charged to profit and loss-Account of depreciation Customers' liability on acceptances.... 1,443,958 On account of other losses 423,912 364,158 427,491 Other assets Interest credited to depositors during year $46,407,339 $38,622,427 $44,290,982 Expenses during year, excluding taxes Total Amount of dividends declared on capital stock Liabilities$1,500,000 $1,500,000 31,500,000 Taxes paid during year, accrued Capital stock 4,398,423 Amount deposits on which interest Is paid 2,518,283 2,155,368 Surplus fund and undivided profits Brooklyn Trust Co. (Brooklyn). Nov. 29 '16. 3,064,209 2,190,447 627,167 32,224,990 84,161 201,585 $44,290,982 334,056.559 1918. $2,077,178 111,892 44,226 99,239 926,113 451,896 450,000 06,000 28,425,401 FEB. 22 1919 THE CHRONICLE Franklin Trust Co. (Brooklyn). 749 Manufacturers' Trust Co. (Brooklyn). Nov. 1 '18. Nov. 14 '17. Nov.29 '16. ResourcesResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsStock and bond investmentsPublic securities $13,150,373 $3,425,415 $1,334,210 $8,043,208 $14,484,223 $3,944,792 Public securities Private securities 729,417 1,596,478 1,798,589 2,821,166 4,280,781 Private securities 4,632,050 1,429,634 863,865 868,782 539,548 553,120 Real estate owned 528,000 Real estate owned 924,729 951,930 931,029 667,550 808,450 Mortgages owned 887,450 Mortgages owned 27,052 111,949 47,725 103,043 99,000 Loans on bond & mtg. or oth.r.e.coll_ 101,289 Loans on bond & mtg. or oth.r.e.coll_ 1,906,943 1.963,385 Loans & disc. sec. by other collateral_ 8,678,573 5,678,843 9,256,696 Loans & disc. sec. by other collateral.. 5.540,355 5.458,306 5,108.955 2,514,209 Loans,disc.& bills pur.notsec.by coll. 5,740,482 1,385,642 Loans disc.& bills pur.not sec.by coil.. 8,903.916 489 516 70 824 2,323 Overdrafts 146 Overdrafts 1,212,221 1,398,974 Due from trust cos., banks & bankers 482,761 1,764,851 2,831,497 Due from trust co's, banks & bankers 1,338,494 203,561 104,772 827.420 26,681 Specie 226,448 1,741,716 Specie currency auth. Other by laws of U.S_ 793,596 254,000 393.177 Other currency auth. by laws of U. S.. 314.655 491,276 317,900 51,250 Federal Reserve notes 6,508 Federal Reserve notes 58,256 71,347 90,395 981,688 Cash items 971,629 918,803 Cash items Due from Fed. Res. Bank of N.Y 2,422,445 1,596,201 Due Federal Reserve Bank of N. Y.._ 2,166,382 2,312,685 112.165 127.304 148.805 Customers' liability on acceptances.._ 1,823,387 1,039,507 715,000 Other assets Other assets 86,497 169,802 172,526 Total $36,654,596 $16,593,917 $15,029.982 $32,476.445 835,397,147 $27,440,015 Total LiabilitiesLiabilitiesCapital stock Surplus fund and undivided profits Preferred depositsDue say. banks & sav.& loan ass'ns Duo as executor, administrator, &c Deposits by State of New York.. Deposits secured by pledge of assets Deposits otherwise preferred Due depositors (not preferred) Due trust cos., banks and bankers Bills payable Rediscounts Acceptances Other liabilities $1,000,000 $1,000,000 $1,000,000 1,170,143 1,168,655 1,445,185 955,794 1,567,139 2,202,766 556,106 311,740 209,734 220,000 675,000 375,000 791,075 672,850 419,161 3.745,091 10,766,049 14,453,396 16,763,178 19,412,085 173,051 1,291,835 1,600,229 5,698.125 1,766,813 1,823,387 1,080,298 715,000 123.464 100,403 60,855 $32,476,445 $35,397,147 $27,440,015 Total Supplementary-For Cal. Year1918. 1917. 1916. Total int. & comm.rec'd during year.. $1,391,390 $1,145,529 $995,024 51,080 All other profits received during year_ 38,316 182,718 Charged to profit & loss acc't deprec29,000 4,309 50,079 Chgd. to profit & loss acc't oth. losses 41,140 13,317 78 Int. credited to depositors during year 462,475 576,947 585,673 Expenses during year, oxclud. taxes._ 647,329 326,154 243,067 Amt. of diva. declared on capital stk.. 120,000 120,000 120,000 Taxes paid during the year 27,441 36,644 34,800 Amt.deposits on which int. is paid.. _ _ 22,234,377 24,113,016 21,213,766 Capital stock Surplus fund and undivided profits.... Preferred depositsDue say. Mrs. & say. & loan ass'ns_ Due as executor, administrator, &c Deposits by State of New York_...... Deposits sec. by trust co. assets Deposits otherwise preferred Due depositors (not preferred) Bills payable Rediscounts Other liabilities $1,000,000 $1,000,000 81,000.000 406,226 409,933 785,038 1,285,713 1,111,739 1,366,564 27,908 47,669 843,990 139,760 300,000 300,000 879,044 8,464,009 324,177 42,312 18,123,580 11,257,499 11,464.618 5,750,000 672,160 728,650 307,626 120,728 119,552 Total 836,654,596 316,593,917 $15,029,982 Supplementary-For Cal. Year1916. 1917. 1918. Total int. & comm.rec'd during year_ $1,044,332 $592,254 $630,115 All other profits received during year.. 68.457 76,085 46,138 Charged to profit & loss acc't deprec_ 105,863 35,185 Charged to pref.& loss acct. other loss 40,407 75,129 Int. credited to depositors during year 262,402 241,256 Expenses during year,excluding taxes 215,395 168.072 Amt. of divs. declared on capital stk.. 75,000 60,000 60,000 Taxes paid during the year 19,282 19,000 Amt. deposits on which int. is alloweda22.000,000 10,307,000 10,530.000 The Peoples Trust Co. (Brooklyn). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock and bond investmentsPublic securities $4,502,512 $4,461,536 $1,863,701 Hamilton Trust Co. (Brooklyn). Private securities 6,208,060 6,315,173 6,808.512 657,768 696,761 684,015 ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Real estate owned Mortgages owned 1,655,938 1,750,932 1.307,622 Stock and bond investmentsLoans on bond & mtg. or oth.r.e.coll_ 583,951 440,235 378,083 Public securities $1,123,400 $1,124,100 $548,000 Loans & disc. sec. by other collateral_ 6,534,917 6,909,361 10,047,755 Private securities 2,373,187 2,537,884 3,024,826 Loans disc. & bills pur.not sec.by coll. 6,752,966 2,400,486 2,274,628 Real estate owned 80,249 78,081 76,804 Overdrafts 1,403 4,631 1,015 Mortgage owned 593,400 627,850 651,475 Due from trust co's, banks & bankers 686,325 2,469,706 2,501,158 Loans on bond & mtg. or oth.r.e.coll_ 82,900 120,575 90,550 Specie 263,422 664,681 1,994,067 Loans & disc. sec. by other collateral.. 3,316,069 4,964,577 4,121,902 Other currency auth. by laws of U. S.. 527,925 462,000 156,145 Loans,disc.& billspur.notsec. by coll. 342,322 131,090 229,669 Federal Reserve notes 43,605 Overdrafts 95 69 17 Cash items 1.841,362 3,329,363 1,339.076 Duo from trust co's, banks & bankers 837,972 2,827,348 1,077,510 Due from Federal Reserve Bank_ _ 2,285.944 1,318,403 Specie 574,561 Customers'liability on acceptances 505,294 330,013 100,000 100,000 Other currency auth. by laws of U.S_ 104,600 103,250 106,420 Other assets 181,481 193,633 195,503 Federal Reserve notes 15,140 Cash items 915 5,245 3,423 Total $32,826,195 $31.376,550 829.693,015 Other assets 63,241 78,529 78,748 LiabilitiesTotal 39,252.693 $13,099,562 $10,599,045 Capital stock $1,000,000 $1,000,000 81,000.000 Surplus fund and undivided profits 1,331,835 1,306,469 1,722,030 LiabilitiesPreferred depositsDue N.Y.State savings banks.... 2,264,935 3.137,742 2.670,056 Capital stock $500,000 8500,000 $500,000 Due savings and loan associations.. 24,784 28,589 Surplus fund and undivided profits.. _ 1,030,657 27.523 1,002,863 1,147,451 Due as executor,administrator, &c. 1,331,983 305,561 282.881 Preferred depositsDeposits by State of New York...... 72,949 337,050 253,652 Due N.Y. State savings banks.._ _ _ 976,954 1,284,325 1,457,433 Deposits secured by trust co. assets 2,936,101 2,881,269 466,881 Duo savings and loan associations_ 11,647 15,538 '32,311 Due depositors (not preferred) 21,386,208 20,967,737 22,787.000 Due as executor, administrator, &c 197,485 2,471,420 139,040 trust co's, banks and bankers.. 216,952 223,219 226,668 Deposits by State of Now York 156,644 500,534 201,717 Due 2,400,000 Dep. sec. by pledge of tr. co. assets.... 1,253,872 521,952 176,500 Bills payable 454.000 Due deposits (not preferred) 5,029,660 6,632,683 6,776,361 Rediscounts Acceptances 100,000 100,000 Due trust cos., banks and bankers_ 19,992 85,685 87,197 Other liabilities 358,236 137,126 156,424 Other liabilities 75,782 84,562 81.035 Total 89.252,693 813,099,562 $10,599,045 Supplementary-For Cal. Year1918. 1917. 1916. Total in. & comm. rec'd during year.. $477,153 $503,702 $425,201 All other profits received during year.. 10,072 17,922 18,915 Charged to profit and loss acct. depr_ 45.750 Charged to prof. & loss acc't oth. loss 25,049 2,287 9,435 Int. credited to depositors during year 210,045 263,119 228,827 Expenses during year, oxclud. taxes_ 102,362 98,584 92,774 Amt.of divs declared on capital stock 60,000 60,000 60,000 Taxes paid during year 26,964 18,675 16,773 Amt. deposits on which int. is paid 6,725,100 8,473,400 8,335,600 Kings County Trust Co. (Brooklyn). Total 832,826,195 831,376,550 $29,693,015 Supplementary-For Cal. Year1918. 1917. 1916. Total int. & comm.rec'd during year.. 81,374,019 $1,261,756 $1.101,140 All other profits received during year.. 68,029 54,505 136,995 Charged to profit & loss acct. deprec.. 612,238 275,199 49,471 Charged to prof. & loss acct. oth. loss 25,149 24,523 55,742 Int. credited to depositors during year 565,759 613,770 541,068 Expenses during year, excluding taxes 341,285 271,670 230,323 Amt. of divs. declared on capital stk.. 150,000 160,000 130,000 Taxes paid during the year 65,932 46,377 43,143 Amt. deposits on which int. is paid 23,367,434 21,022,220 22,458,115 Queens County Trust Co. (Jamaica). ResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16 and bond investmentsResourcesNov. 1 '18. Nov. 14 '17. Nov. 29 '16. Stock Public securities $414,075 $596,181 $631.480 Stock and bond investmentsPrivate securities 430,654 462,420 408,972 $2,617,560 $2,313,588 $2,500,087 Real estate owned Public securities 412,066 343.265 407,199 5.810,638 8,188,820 Private securities 8,443,933 Mortgages owned 669,679 705,966 592.431 434,921 Real estate owned 238,758 223,592 Loans on bond & mtg. or oth.r.e.coll_ 128,432 178,343 165,330 1,049,550 Mortgages owned 1,151,450 1,042,800 Loans & disc. sec. by other collateral_ 544,211 429,217 548,519 242,325 Loans on bond & mtg. or oth.r.e.coll_ 278,625 259,075 Loans disc. & bills pur.not sec.by coll. 911,249 653,511 833,777 Loans & disc. sec. by other collateral_ 8,361,136 9,479,793 10,386,157 Overdrafts 3,427 440 404 Loans disc.& bills pur.not sec.by coil.. 1,855,900 1,325,022 1,736,004 Due from trust co's, banks & bankers 112,004 222,306 204,906 1,118 Overdrafts 292 Specie 31.097 40,981 52,685 bankers & banks co's, 2,632,550 trust from Duo 4,122,785 4,168,338 Other currency auth. by laws of U. S.. 81,962 69,165 84.420 18,551 Specie 1,348,665 1,265,409 Federal Reserve notes 2,500 Other currency auth. by laws of U. S.. 1,273,890 492,945 415,350 Cash items 2,963 1,412 81 Federal Reserve notes 130,545 Other assets 116,340 76,124 141.189 13,450 Cash items 16,778 16,382 135,327 Other assets 199,913 204,600 Total $4,153,025 83.863,022 63,695,336 Liabilities$24,446,916 $29,157,434 $30,792,272 Total Capital stock $600,000 • $600,000 $600,000 LiabilitiesSurplus fund and undivided profits 113,662 134,439 127,070 $500,000 Capital stock $500,000 $500,000 Preferred depositsDue savings and loan associations.. Surplus fund and undivided profits.... 2,705,266 491 627 1,160 2,743,054 2,733,079 Duo as executor,administrator,&c. Preferred deposits34,673 48,246 27.801 Deposits by State of New York.. Duo N.Y. State savings banks_ _ _ _ 2.444,144 4,471,485 4,186,429 175,000 115,000 111,000 Deposits sec. by pledge of assets...... 6,308 40,100 Due savings and loan associations.. 104,616 5,062 135,849 10,315 Deposits otherwise preferred Due as executor, administrator, &c 419,637 103,700 496,703 588,439 2,461,189 2,246,145 2,485,551 Deposits by State of Now York_ .. _ 1,276,513 927,983 Due depositors (not preferred) 59,927 76,339 Deposits sec. by trust co. assets 75,175 1,731,365 1,015,006 424,319 Due trust co's, banks and bankers_ .. _ 398,258 271,200 Due depositors (not preferred) 15,371,651 18,244,564 20,878,002 Bills payable 251,636 180,266 Due trust co's, banks and bankers...... 132,263 107,470 166,230 279,695 Other liabilities Other liabilities 237,224 264,011 238,817 Total $4,153,025 $3,863,022 33,695,336 Amt.deposits on which int. Is paid $2,200,000 $2,100,000 $2,400,000 Total $24,446,916 829,157,434 830,792,272 a As of Nov. 1 1918. Amt. of deposits on which int. is paid$19,865,300 824,497.300 $26.194,009 THE CHRONICLE 750 [Vol,. 108. PHILADELPHIA COMPANIES. Commercial Trust Co. (Philadelphia). Aldine Trust Co. (Philadelphia). Dec.31 '18. Dec.31 '17. Dec.30'16. ResourcesReal estate mortgages $7,350 I $5,800 390,739 Stocks and bonds 614.236 $1,367,270 507,773 Loans on collateral 771,565 228,142 238,182 Loans on commercial paper 135,000 135,000 Banking house 135,000 193,855 168,217 Cash on hand 139,7041 184,802 Cash on deposit 71,7361 Total $1,977,773 $1,696,125 $1,420,473 Liabilities$200,000 $200,000 Capital stock paid in $200,000 1120,000 201,417 Surplus fund 150,0001 Undivided profits 50,2851 1 67,493 1,144,703 932,974 1,142,425 Deposits 5 6 Dividends unpaid 63 100,000 100,000 Ground rent, 4% 100,000 Bills payable 50,000 335,000 Total 31,977,773 $1,696,125 $1,420,473 $227,125 Trustdept.(invest.& uninvest.,add'i) 3260,056 3235,109 Statistics for Calendar Year 1918. $6,596 Interest, commissions. &c.._ _$88,920 Taxes 19,257 Ground rent, 4% 6,000 Interest to depositors Expenses 8,573 Dividends paid 20,000 Salaries 20,926 Belmont Trust Co. (Philadelphia). ResourcesDec. 31 '18. Dec.31 '17. Dec.30'16. $130,994 Cash on hand and due from banks_ _ _ $146,273 $132,546 Commercial & other paper purchases_ 211,605 177,963 176,664 Loans on collateral 124,099 176,557 71,653 46,700 Loans on bonds and mortgages 43,400 60,100 Stocks, bonds, &c 532,638 310,599 143.311 146,019 167,735 Mortgages 174,411 48,580 48,457 Banking house,furniture and fixtures 49,887 7,717 1,171 450 Miscellaneous assets Total $986,125 $800,916 $1,342,488 LiabilitiesCapital stock $125,000 $125,000 $125,000 Undivided profits 71,218 67,248 75,111 Deposits 1,137,771 608,006 784,135 Other liabilities 5,772 662 4,606 Total $800,916 $1,342,488 $986,125 Trust department (additional) $57,905 $70,978 Note.-Rate of int. paid on deposits;2% check and 3M % savings fund. Central Trust & Savings Co.(Philadelphia). ResourcesDec. 31 '18. Stock investments $1,739,553 Commercial & other paper purchased 2,805,710 Amount loaned on collateraLs 3,146,913 Real estate,furniture and fixtures_ 375,695 Cash on hand 114,261 Cash on hand 454,054 Cash en deposit 996,951 Miscellaneous 15,770 Total $9,534,646 LiabilitiesCapital stock $750,000 Surplus fund 525,000 Undivided profits 46,161 Deposits 8,160,278 Other liabilities 53,207 Total $9,534,646 Trust department (additional) 33,597,854 1918. Rate of int. pd.on dep. of 3500 & over 2 & 3% Dividends paid in calendar year 6% Dec.31 '17. Dec.30'16. $665,364 ' $716,592 2,684,241 2,290,172 2,771,772 2,447,321 448,388 520,126 122,778 122,737 392,715 310,145 1,469,975 731,126 404,202 15,820 $8,836,657 37,031,302 $750,000 $750,000 500,000 450,000 60,447 82,269 7,192,387 5,729,915 333,823 19,118 $8,836,657 $7,031,302 *31,560,000 $1,184,066 1917. 1916. 2 6% 3 6 * Figures are of date Dec. 111917. Chelten Trust Co. (Philadelphia). ResourcesReal estate mortgages Loans on collateral, &c Real estate Cash on hand Cash on deposit Bonds,stocks. &c Other assets Total LiabilitiesCapital stock Surplus fund Undivided profits General deposits Other liabilities Total Trust department (additional) Dec. 31 '18. Dec. 31 '17. Dec.30'16. $343,702 $317,625 $264,422 917,284 725,082 574,107 114,251 122,778 122,737 62,787 38,980 64,716 187,937 156,776 87,183 1,462,862 956,774 786,372 7,103 6,500 7.602 $3,095,926 $2,324,515 $1,907,139 $200,000 $200,000 $200,000 125,000 125,000 125,000 23,696 50,312 32,385 2,717,230 1,774,203 1,538,699 30,000 175,000 11,055 $3,095,926 32,324,515 31,907,139 $408,170 $373,585 $352,799 1917. 1918. 1916. Rate of interest paid on deposits__ _ 2% demand; 3.65% time Dividends paid in calendar year $12,000 $12,000 $12,000 The Colonial Trust Co. (Philadelphia). ResourcesDec.31 '18. Real estate mortgages $32,050 Stocks and bonds 1,568,996 Loans on collateral 1,875.433 Real estate, furniture and fixtures..__ 8,278 Cash on hand and in banks 311,098 Commercial and other paper owned.. 879,169 Other assets 16,019 Total $4,691,043 LiabilitiesCapital stock paid in $300,000 Surplus and undivided profits 348,534 General deposits 4,042,509 Total $4,691,043 Trust department (additional) $1,285,496 Dec.31 '17. Dec.30'16. $54,550 $61,030 1,160,325 638,328 727,300 683,597 5,793 536,375 347,492 790,557 789,243 20,881 9.585 $3,295,781 $2,529,275 $270,825 $270,825 315,219 290,749 2,709.737 1,967,701 $3,295,781 $2,529,275 $1.245,273 $1,345,039 1918. Rate of interest paid on deposits_ _ _ _2% to 33i% check; 3 to 3.65 savings Dividends paid in calendar year • 4% Columbia Avenue Trust Co. (Philadelphia). ResourcesDec. 31 '18. Cash on hand and due from banks_ _ _ $761,135 Commercial and other paper owned__ 206,496 Loans on collateral 871,660 Loans on bonds and mortgages 86,744 Stocks, bonds, &c 1,649,025 Mortgages 196,958 Banking house, furniture, &c 180,000 Other real estate 195,3751 Miscellaneous assets 185.099 Total $4,332,492 LiabilitiesCapital stock $400,000 Surplus and undivided profits 563,196 Deposits 3,347,825 Dividend unpaid 16.000 Bills payable Miscellaneous liabilities 5.471 Total 34,332,492 Trust department (additional) $1,158,919 Jan. 3 '18. Dec. 30'16. 3527.486 $499.404 1181,712 1,376,464 676,289 281,705 1,547,808 11,247,298 1 318,130 410,200 1180,000 1235,200 1,292 1.317 $3,835,168 $3,649,137 $400,000 $400,000 551,820 548,014 2,817,795 2,698.053 10,400 50,000 5,154 3.070 83,835,169 33.649.137 $926,531 $1,158,614 ResourcesCash on hand Due from banks, &c Loans and discounts Stocks, bonds, &c Real estate and vault Other assets Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $183,307 $292,576 $532,676 2,779,878 4,087,231 4,003,965 2,629,499 13,149,443 10,190,069 7,149,827 8,482,476 6,767,561 103,170 106,857 107,252 278,666 270,117 316,060 Total 320,684,917 $25,868,756 $24,876,957 LiabilitiesCapital stock $1,000,000 $1,000,000 $1,000,000 1,750,000 1,500,000 1,750,000 Surplus 374.618 411,054 522,684 Undivided profits 13,863,083 22,489,586 21,616,803 Deposits subject to check Loans & redisc. Fed. Reserve Bank.._ 3,484,320 212,896 218,117 237,470 Other liabilities $20,684,917 $25,868,756 $24,876,957 $18,276,586 $15.716,803 $13,898,616 1917. 1918. 1916. 2% Rate ofint.paid on dep.of$300 & over Dividends paid in calendar year 160'0 11P. 1SR Total Trust department (additional) Commonwealth Title Ins. & Trust Co. (Philadelphia). ResourcesReal estate mortgages Bonds and stocks Loans on collateral Real estate Cash on hand Cash on deposits Other assets Total LiabilitiesCapital stock paid in Surplus and reserve fund Undivided profits Deposits Bills payable Other liabilities Dec. 31 '18. Dec. 11 '17. Dec. 30 '16. $740,792 $610,890 $686,925 4,675,138 4,055,956 3,508,364 1,745,922 2,645,553 2,258,875 1,182,648 1,182,648 1,194,779 229,629 330,675 304,893 464,583 295,364 373,867 142,060 354,751 134,737 $9,850,501 $8,706,108 $8,462,440 $1,000,000 $1,000,000 $1,000,000 1,250,000 1,250,000 1,250,000 150,061 52,936 35,563 6,627,591 6,079,314 6,174,675 300,000 800,000 22,849 23,858 2,202 39,850,501 88,706,108 38,462,440 $21,691,441 $20,708,999 319,240.028 1918. 1917. 1916. Rate ofint. pd.on dep.of$200 & over 12 2 Dividends paid in calendar year ; qo 13P. Total Trust department (additional) 13P. Continental-Equitable Title & Tr. Co. (Philadelphia). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$690,819 $1,050,760 Real estate mortgages $782,704 3,669,296 3,260,770 3,143,744 Stocks and bonds 4,270,922 4,379,223 Loans on collateral 3,931,178 322,000 Customers' time loans on L. L. bonds 773,458 Real estate 787,074 950,367 1,384,825 1,360,818 Cash on hand and in banks 884,412 479,679 Other assets 39,086 34,668 $11,590,999 310,877,731 39,727,071 Total Liabilities$1,000,000 $1,000,000 $1,000,000 Capital stock 1,000,000 Surplus and reserve fund 1,000,000 1,000,000 260,524 205,120 Undivided profits 128,286 8,713,648 7,950,832 General deposits 7,580,963 322,000 Spec. l'ns on L.L.bds. for customers_ 560 Dividends unpaid 483 1,482 100,000 700,000 Bills payable 194,267 21,296 16,370 Other liabilities Total Trust department (additional) Rate of interest paid on deposits Dividends paid in calendar year $11,590,999 $10,877,732 39,727,071 $7,359,381 37,259,448 -$7,447,298 1917. 1916. 1918. 2% sight, 3% time $80,000 $80,000 $80,000' Empire Title & Trust Co. (Philadelphia). Dec. 31 '18. Dec. 11 '17. Dec. 30 '16. Resources$24,817 Cash on hand $39,180 $24,525 47,702 Due from banks and bankers 57,856 28,356 Loans 238,379 126,670 89,843 265,367 223,597 Stocks, bonds, &c 522,204 Mortgages 190,264 219,354 217,047 Real estate, furniture and fixtures... _ 54,652 54,235 54,628 Miscellaneous 553 265 Total LiabilitiesCapital stock paid in Surplus and undivided profits Deposits Unpaid dividends Bills payable $1,103,089 8738,118 $638,286 $156,575 49,811 768,577 150 127,976 $156,575 38,349 543,111 83 $156,575 36,638. 430,006 70 15,008 Total Trust department (additional) $1,103,089 $21,401 $738,118.. $20,938 $638,286 $44,276 Excelsior Trust & Savings Fund Co.(Philadelphia). Dec. 31 '18. Dec. 11 '17. Dec. 30 '16. ResourcesCash on hand $859,569 $79,024 $78,003 Due from banks, &c 148,976 157,502 102,701 Stocks and bonds 919,111 1,047,093 851,993 Loans on collateral 648,438 647,455 505,321 Mortgages 142,779 139,175 171,975 Real estate, furniture and fixtures__ _ 48,721 45,000 45,31Z Other assets 13,163 11,1.28 5,980 Total LiabilitiesCapital stock Undivided profits and reserve fund Deposits Bills payable on demand Miscellaneous Total $2,689,283 $2,117,851 $300,000 104,757 2,279,406 $1,761,195 $300,000 166,213 1,496,638 155,000 $300,000166,267 1,294,928 $2,689,283 $2,117,851 $1,761,195 5,120 Federal Trust Co. (Philadelphia). ResourcesBonds Real estate mortgages Loans on collateral Loans on personal securities Real estate Cash on hand Cash on deposit Other assets Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $729,540 $420,428 $287,269 212,773 179,073 151,473 1,413,879 894.333 598,758 214,028 218,259 168,760 66,200 64,550 64,240, 106,960 71,942 55,616 200,474 84,760 55,913 5,840 3,763 2,775 Total $2,949,694 $1,937,108 $1,384,804 Liabilities$125,500 Capital stock $125,500 $125,508 Surplus fund 109,108 86,977 76,307 General deposits payable on demand.. 2,715,086 1.724,631 1,182,997 Total $2.949,694 $1,937,108 $1,384,804 1918. 1917. Rate of interest paid on deposit of $500 & over__ _ 2% check; 3 % savings Dividends paid in calendar year 6% & 3 ext. 6% & 1 ext. FEB. 22 1919.] THE CHRONICLE Fidelity Trust Co. (Philadelphia). ResourcesMortgages Stocks, bonds, &c Loans Real estate Cash on hand Cash on deposit Accrued interest Miscellaneous .. Dec. 31 '18. $4,507,300 24,156.960 24,030,197 888,388 707,916 3,572,103 268,430 718,889 Dec. 31 '17. $6,213,800 25,415,068 14,428,830 870,388 1,797,450 6,087,510 245,697 751 Girard Trust Co. (Philadelphia). Dec. 30 '16 $5,376,300 21,067,128 16,657,438 974,671 1,735,150 4,954,709 239,031 Total LiabilitiesCapital stock Surplus and profits Deposits Bills payable Other liabilities $58,850,182 $55,058,743 $51,004,427 Total Trust department (additional) $58,850,182 $55,058,742 $51,004,427 232,186,445 221,773,237 210,173,553 $5,000,000 $5,000,000 $4,000,000 17,259,346 17,995,575 13,596,949 24,802,431 31,985,685 33,353,207 10,865,792 922,613 77,483 54,271 Finance Co. of Pennsylvania (Philadelphia). ResourcesCash on hand and in banks Loans Securities Real estate Other resources Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $ 8,336,530 $10,526,070 $10,649,146 30,245,393 21,658,020 25,478,819 20,790,036 20,590,486 18,318,331 3,363,754 3,363,063 3,215,021 162,500 750,000 Total LiabilitiesCapital stock Surplus fund Undivided profits Rediscounts Deposits Dividend Other liabilities $62,898,213 $56,887,649 $57,661,317 $2,500,000 32,500,000 $2,500,000 7,500,000 7.500,000 7,500,000 1,365,412 1,019,516 1,490,003 11,379,520 1,503,520 39,765,727 43,389,590 45,946,179 225,054 225,013 225,135 162,500 750,000 Total Trust dept., excl. ofcorp. trusts $62,898,213 $56,887,639 $57,661,317 221,544,949a203,766,397b196,273,223 1918. 1917. 1916. Rate of int. pd. on dep. of $300 & over 2% Dividends paid in calendar year _ 36% 3gR 3P. Note.-Figures are of dates: a Dec. 111917; b Nov. 17 1916. Dec. 31 '18. Dec. 11 '17. Nov. 17 '16. Guarantee Trust & Safe Deposit Co. (Philadelphia). $66,525 $50,978 $65,407 ResourcesDec.31 '18. Dec. 11 '17. Jan.26'17 407,291 373,389 557,886 300,000 $294,795 300,000 $310,323 $281,526 1,037,427 Cash on hand from banks and bankers Due 767.936 519,076 463,370 621,803 640,156 545,236 3,468,104 2,755,283 3,356,918 5,480,558 4,887,881 4,395,524 Loans on collateral 436,100 317,000 272,000 412,150 436,006 272,000 Loans on bonds and mortgages 3.264,355 259,039 3,628,003 18,001 2,212,974 35,998 Stocks, bonds, &c 195,000 2,203,458 2,168,122 2,151,982 Legal securities, reserve 198,000 198,000 Mortgages 585,783 878,363 897,426 Securities pledged to sec. clearings.. $9,552,947 $8,533,741 $9,061,460 Total 115,375 Securities pledged for special deposits 49,425 LiabilitiesReal estate 547,134 663,566 663,566 $3,000,000 $3,000,000 $3,000,000 Other assets Capital stock 27,088 136,208 16,326 Undivided profits and reserve fund.._ 2,285,840 2,081,839 2,370,399 1,369,386 Deposits Total 1,282,048 $9.586,295 $9,603,799 38,867.698 1,575,305 2,890,000 2,160,000 Bills payable Liabilities 1,935,000 7,721 Miscellaneous liabilities 9,854 $1,000,000 $1,000,000 $1,000,000 180.756 Capital stock Surplus fund 400,000 600.000 600.000 $9,552,947 $8,533,741 $9,061,460 Undivided profits Total 119,854 196,211 205,175 Deposits 7,699,644 7.704,512 7,055,767 Bills payable, incl. L. L. loans disc.._ 335,000 Frankford Trust Co. (Philadelphia). Other liabilities 31,798 102,976 6,756 Dec. 31 '18. Dec. 11 '17. Dec. 30 '16. Resources• Total $9.586,295 $9,603,699 $8,867,698 $384,030 $430,355 Real estate mortgages $406,305 Trust department (additional) $19,417,583 $19,624,940 $18,112,480 3,345,202 2,892,400 2,532,051 Stocks and bonds 802,829 709,776 Loans on collateral 790,145 114,817 54,512 Loans on personal securities Haddington Title & Trust Co. (Philadelphia). 29,521 25,819 25,000 Real estate 25,000 ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16 828,085 /322,550 Cash on hand and reserve bonds_ _ _ _ 348,650 Bonds, stocks, &c $1,425,754 $665,289 $439,099 1216,120 Cash on deposit 200,714 Mortgages 24,600 30,200 25,200 11,472 34,727 Other assets (incl. vault,turn.& fixt.) 8,500 Loans on collateral & bonds & mtges.} 482,870 1309,167 298,480 1201.425 166,768 $5,512,254 $4,685,440 $4,340,886 Commercial paper Total Cash on hand 69,097 64,570 53,260 LiabilitiesCash on deposit 236,887 79,850 78,008 $250,000 60,740 Capital stock $250,000 59,300 50,605 $250,000 Office building,furniture & fixtures.._ Surplus and reserve fund 400,000 29.404 400,000 14,369 10,744 364,204 Other assets 104,861 144,148 Undivided profits 136,667 Total Gen. dep. payable on demand & time 4,657,923 3,864.343 3,572,515 $2.329,352 $1,423,900 $1,122,164 LiabilitiesOther liabilities 99,470 26,949 17,500 Capital stock $125,000 $125,000 $125,000 Total $5,512,254 4,685,440 $4,340,886 Undivided profits 66,679 49,849 44,648 Trust department (additional) $1,222,657 2,135,887 1,245,182 a$1,240,812 Deposits 1,244,725 950,120 Other liabilities 1,787 4,326 2,396 a Figures are of date Jan. 26 1917. Total $2,329,352 $1,423,900 $1.122,164 1918. 1917. 1916. Franklin Trust Co. (Philadelphia). Rate of interest paid on deposits 2% check, 33-% savings$7,500 $6,250 $5,000 Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Dividends paid in calendar year ResourcesBonds and mortgages and real estate- $1,151,728 $975,028 $779,512 3,394,992 Stocks and bonds 1,397,375 Hamilton Trust Co. (Philadelphia). 748,931 3,974,129 2,810,520 Amt.loaned on coll. & personal sec 2,002,825 ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. 594,309 Cash on hand 257,694 153,119 Cash on hand $116,014 $124,104 $109,660 887,476 Cash on deposit 686,423 437,983 Checks and due from banks, &c_ _ _ _ 312,999 190,952 222,878 30,605 Other assets 24,898 100 Reserve municipal bonds 318,470 356,816 483,936 443,456 $10,033,239 $0,151,938 $4,122,470 Commercial and other paper owned.._ Total Loans on collateral 390,040 287,587 277,458 LiabilitiesLoans on bonds and mortgages 142,710 130,285 134,963 Capital stock paid in $600,000 $600,000 789,986 $400,000 Stocks, bonds, &c 628,419 516,245 392,668 338,168 Surplus and undivided profits 154,212 160,791 218,620 Mortgages 114,108 429 Dividends unpaid 365 290,621 209 Real estate, furniture and fixtures.. 293,531 245,629 8,114,852 4,798,405 3,278,642 Accrued interest receivable Deposits 24,256 15,255 15,772 700,000 Bills payable 190,000 225,290 Mortgages (20-22 South 15th St.) 225,000 Total $2,896,124 $2,405,515 $2,087,074 225,000 Liabilities$10,033,239 $6,151,938 $4,122,470 Capital stock Total $200,000 $200,000 $200,000 $169 Trust department (additional) $1,146 200,000 200,000 $3,358 Surplus fund 200,000 Undivided profits 41,978 31,784 21,940 Deposits 2,444,558 1,863,957 1,656,372 Germantown Trust Co. (Philadelphia). Dills payable 100,000 Dividends unpaid 116 176 181 Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources9,472 9,598 8,581 Cash on hand, due from banks,&c..3856,874 $698,515 Accrued interest payable 4,357,5 2 9 3,505.606 3,132,812 Loans on collateral Total $2,896,124 $2,405,515 $2,807,074 327,320 Loans on bonds and mortgages 434,190 293,635 $71,333 $72,829 4,818,406 4,413,748 3,931.443 Trust department (additional) Stocks, bonds, &c $88,078 219,598 Real estate,furniture and fixtures_ 219,215' 218,907 1918. 1917. 1916. Other assets Rate 38,920 of intereat paid on deposits 33,636 2 to 3.65% 2 to 37' 2 to 3% 28,184 Dividends paid in calendar year 8% g% 8% Total $10,521,353 $9,463,269 $8.303,496 LiabilitiesHolmesburg Trust Co. (Philadelphia). Capital stock $1,000,000 $600,000 $600,000 ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. 1,101.246 Surplus and profits 1,065,076 1,017,716 $44,490 $40,209 $29,719 Deposits 8,420,107 7.798,193 6,685.780 Cash on hand Due from banks and bankers 97.875 61,232 61,146 Commercial and other paper owned_ 32,621 30,047 110,521,353 28,476 Total 39,463,269 $8,303 496 Loans on collateral 120,191 104,094 117,772 19,434,353 315,481,053 $13,307,415 Trust department (additional) Bonds 601,305 537,905 467,540 1918 1917. Mortgages 98,537 77,123 1916. 76,766 2% Rate of int. paid on dep. of$500 & over Real estate, furniture and fixtures.... 38,000 38,000 38,000 Dividends paid in calendar year 18R 7,852 4,905 13R Miscellaneous assets 3,993 Total $1,040,871 $893,515 $823,412 Girard Avenue Title & Trust Co. (Philadelphia). LiabilitiesCapital stock paid in $125,000 Dec. 31 '18. Dec. 11 '17. Dec. 30 '16 $125,000 Resources$125,000 Surplus fund 70,000 $191,150 70,000 Real estate mortgages 70,000 $204,000 $174,100 Undivided profits 30,816 450,612 29,018 Stocks and bonds 21,236 399,812 358,149 Deposits 814,237 871,861 668,110 Call loans on collateral 606,617 526,168 615,837 Dividends unpaid 283 425 360 Time loans on collateral 48 3,600 4,890 Miscellaneous liabilities 535 103,430 1.027 Commercial paper 511 133,452 107,866 53,890 Real estate 53,890 53,890 Total $1,040,871 112,250 $893,515 $823,412 Cash on hand 70,857 61,601 $21,414 $19,443 133,170 Cash on deposit $19,272 76,189 209,849 Trust department (additional) 1918. 1917. Furniture, fixtures and vault 5,889 1916. 9,000 10,500 Rate of interest paid on deposits__ _ 2% -27 check;3% say. 161,486 Miscellaneous 164,453 674 Dividends paid in calendar year..--5% 54 5% $2,084,163 $1,641,421 $1,597,356 Total LiabilitiesIndustrial Trust, Title & Savings Co. (Philadelphia). $200,000 Capital stock $200,000 $200,000 ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Surplus fund 106,000 106,000 106,000 Cash and reserve $1,320.287 $1,166,793 $1,333,701 Undivided profits 69,346 69,134 63,746 Loans on collateral 1,581.935 1,283,082 1,699,715 Deposits, special 1 1,594,017 /398,393 370,226 Mortgages and ground rents 1,277,590 1,791,667 1,860,459 General deposits,payable on demand f 1747,175 857,384 Stocks, bonds, &c 3,278,907 2,990,363 2,617.029 Other liabilities 114,800 120,719 Real estate (free of encumbrance) 172,512 183,612 186,600 Banking house 56,214 56,573 59,860 Total $2,084,163 $1,641,424 $1,597,356 Trust department (additional) $42,668 $48,501 $47,940 Total $7.687,445 $7.472,090 $7,757.364 ResourcesCash on hand Due from banks, &c Commercial and other paper owned Loans on collateral Stocks, bonds, &c Mortgages Other assets Real estate I [VoL. 108. THE CHRONICLE 752 Industrial Trust, Title & Savings Co.(Philadelphia) Concluded. Dec. 31 '18. Dec. 31 '17. Dec.30'16. $500,000 $500,000 $500,000 1,150,000 1,150,000 1,150,000 50,000 101,534 63,942 6,000 15,000 20,000 30 45,000 35,000 35,000 6,006,334 5,670,557 5,818,503 100,000 $7,687,445 $7,472,090 $7,757,364 $3,134,617 $3,291,907 $5,706,659 1916. 1917. 1918. 12% 16% 14% Dividends paid in calendar year Interest paid on deposits_ __ _2% chk., 3.65 says. -2% chk., 3% says.- LiabilitiesCapital stock (full paid) Surplus Undivided profits (net) Set aside for taxes accrued Dividends unpaid Dividends due Jan. 15 Deposits Reserve for depreciation Total Trust funds (additional) Integrity Title Ins., Tr. & Safe Dep. Co.(Philadelphia). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$1,210,429 $1,689,706 $1,971,430 Real estate mortgages 2,720,583 3,132,218 9,828,671 Stocks and bonds 1,757,518 3,076,522 2,345,854 Loans on coll. & corn. paper purch_ 84,315 83,920 86,186 and fixtures.. furniture estate, Real 951,486 565,605 965,571 Cash on hand and on deposit 5,732 8,563 242,345 Other assets $8,713,271 $7,522,319 $7,491,064 Total Liabilities$500,060 $500,000 $500,000 Capital stock 1,200,000 1,325,000 1,275,000 Surplus fund 302,977 305,887 332,153 Undivided profits 6,531,027 5,428,136 5,481,183 Deposits 6,904 13,296 25,091 Other liabilities Total Trust department (additional) Rate of interest paid on deposits.. Dividends paid in calendar year $8,713,271 $7,522,319 $7,491,064 $1,275,134 $1,058,795 $1,083,884 1916. 1917. 1918. 2% check; 3% savings $80,000 $80,000 $80,000 Kensington Trust Co. (Philadelphia). 30 'TT Dec. 31 '18. Dec. 31 '17. Dia7. Resources$408,452 $322,300 $253,635 Real estate mortgages 1,515,543 1,915,831 Loans on collateral & personal secur_ 2.366,835 1,128,051 1,439,570 2,497,514 Stocks, bonds, &c 518,657 450,105 1,238,449 Cash on hand and on deposit 61,413 61,413 62,663 Banking house 2,230 12,478 28,290 Other assets $3,565,794 $4,270,249 $6,447,386 Total Liabilities$200,000 $200,000 $200,000 Capital stock 173,032 213,476 228,091 Surplus and undivided profits 35,000 Contingent fund 5,778,790 3,799,657 3,186,533 Deposits 8,002 6,000 8,000 Dividends payable Dec. 31 229 49.114 197,505 Miscellaneous liabilities $3,565,794 $4,270,249 $6,447,386 Total b$55,008 a$49,326 $112,707 Trust Department (additional) 1917. 1918. 2% check, 3X% savings Rate of interest paid on deposits _ Dividends paid in calendar year.. __6% & 2% extra 6% & 1% extra Figures are of date: a Dec. 11 1917; b Jan. 26 1917. The Land Title & Trust Co. (Philadelphia). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$971,564 $569,145 $712,755 Cash on hand 2,579,800 2,539,649 2,911,499 &c banks, Due from Loans on coll., bonds and mortgages_ 8.338.104 10,101,384 10,238,363 4.155,079 3,035.159 2,479,767 Stocks, bonds, &c 2,751,939 2,486,390 1,864,665 Mortgages 2,076,191 2,042,734 Real estate, furniture and fixtures__.. 2,050,411 480,457 493,228 554,866 Other assets $21.474,653 $21,267,689 $20,690,807 Total Liabilities$2,000,000 $2.000,000 $2,000,000 Capital stock paid in 5,000,000 5.000,000 5,000,000 Surplus and reserve fund 154,067 237,186 610,000 Undivided profits 13,536,740 14,030,035 13,964,653 Deposits $21,474,653 $21,267,689 $20,690.807 Total $48,753,292 $46,198,763a$44,131,528 Trust department (additional) 1917. 1916. 1918. Statistics for Calendar Year$12,064,569 $11.399,338 Amount of deposits receiving interest.$12,075,240 2% 2% 2% Rate of int.paid on dep.of $500& over 18% 16X% 18X % Divs. paid in cal.year (payable guar.) aFigures are of date Jan. 26 1917. Liberty Title & Trust Co. (Philadelphia). Manayunk Trust Co. (Philadelphia). ResourcesReal estate mortgages Stocks and bonds Judgment notes Loans Real estate and fixtures Cash on hand Cash on deposit Other assets Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $433,042 $409,306 $367,602 762,978 860,480 1,018,755 4,120 1,485 669,289 698,000 651,636 69,250 70,050 71,650 56,983 86,567 76,015 266,984 202,411 404,888 7,750 140,276 12,030 Total $2,604,061 $2,467,090 $2,270,396 Liabilities$250,000 $250,000 $250,000 Capital stock 225,000 240,000 240,000 Surplus fund 21,933 19,455 25,492 Undivided profits 836,049 966,717 General deposits, payable on demand 1,067,721 929,561 881,116 976,575 Special deposits 7,853 109,802 Other liabilities 44,273 Total Trust department (additional) Dividends paid in calendar year Rate of interest paid on deposits $2,604,061 $2,467,090 $2,270,396 $903,734 $864,258 $1,417,797 1916. 1917. 1918. 10% 10% 107 -2% chk..23% say.,3 i% spec'l- Market Street Title & Trust Co. (Philadelphia). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$108,794 Cash on hand $154,042 $247,335 439,654 Due from banks and bankers 254,992 376,963 896,939 Loans on collateral 926,459 1.401.394 276,039 338,203 Loans on bonds and mortgages 488,372 785,721 1,248,221 1,828,202 Bonds, &c 228,200 409,830 452,440 Mortgages 91.257 94,154 Real estate, furniture and fixtures.... 101,048 29,672 38,303 54,004 Miscellaneous assets Total LiabilitiesCapital stock paid in Surplus fund Undivided profits Deposits Other liabilities $4,949,758 $3,464,204 $2,856,276 $224,810 225,000 34,428 4,402,595 62,925 $200,000 200,000 37,072 2,995,329 31.803 $175,000 . 175,000 32.045 2,448.713 25,518 $4.949,758 $3,464,204 $2,856,276 $81,452 $73,493 $88,283 1916. 1917. 1918. Rate of interest paid on deposits.. --2% chock acct.; 3X% savings Dividends paid in calendar years..__-6% reg. & $2.50 ex-6%r.&10% ex. Total Trust deparment (additional) Merchants' Union Trust Co. (Philadelphia). ResourcesCash on hand and in banks Demand loans Time loans Stocks, bonds, &c Mortgages Banking house Real estate Other assets Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $294,068 $419,767 $404,078 650,252 424,324 450,409 50,617 84,917 63,803 1,522,468 1,659,541 1,889,597 251,725 228,000 143,325 255,000 255,000 255,000 231,654 149,307 104,318 24,693 37,847 40,548 Total LiabilitiesCapital stock Surplus Undivided profits Reserve for depreciation Deposits Other liabilities $3,324,991 Total Trust department (additional) $3,324,991 $3,284,788 $3,280,477 $1,634,673 $1,637,626 $1,700,051 1916. 1917. 1918. 27 27 27 $40,000 $40,000 $40,000 Rate of interest paid on deposits Dividends paid in calendar year $3,284,788 $3,280,477 $1,000,000 $1,000,000 $1,000,000 150,000 100,000 100,000 98,709 71,200 131,117 55,000 2,076,335 2,038,502 2,020-,Ng 10,823 15,169 22,456 Mortgage Trust Co. of Pennsylvania (Philadelphia). ResourcesCash on hand Due from banks, &c Loans on collateral Investment securities Mortgages Real estate Other assets Total LiabilitiesCapital stock Contingent fund Deposits Other liabilities Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $1,399 $1,225 $1,165 13,228 26,261 39,630 75,500 70,800 55,000 30,884 44,558 26,763 19,059 26,978 14,530 21,498 22,579 18,578 33 373 $155,666 $184.515 $169,860 $125,000 9,763 18.802 2,101 $1.25,000 3,180 52,219 4,116 $125,000 3,422 41,438 Dec. 31 '18. Dec. 31 '17. Dec.30'16 Resources$103,012 $120,882 $119,902 Cash on hand 298,273 336,908 395,107 &c Due from banks, 989,651 1,005,031 1,292,971 Loans on collateral $184,515 $155,666 $169,860 Total 1,050,534 984,651 1,198,007 Stocks, bonds, &c $7.500 $7,500 $7,500 733,835 Trust department (additional) 639,937 616,166 Mortgages Note.-Rate of interest paid on deposits, 2%. 50,179 74,098 63,189 Commercial paper purchased 302,300 296,000 296,000 fixtures_ and furniture estate, Real 6.491 20,782 3,775 Mutual Trust Co. (Philadelphia). 'Other assets $3.985,117 $3,425,363 $3,587,201 Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. ResourcesTotal $34,914 $43,175 $58,711 Cash on hand Liabilities$500,000 Due from banks and bankers $500,000 $500,000 93,956 60,106 148,370 Capital stock 503,800 Commercial and other paper owned.... 535,629 554,089 173,172 217,459 232,458 Undivided profits and reserve fund.._ 2,931,027 2,569,968 Loans on collateral 2,389,421 811,613 475,547 674,662 Deposits 13,433 Stocks, bonds, &c 313 1 236,676 280,477' 540,769 Other liabilities 122,100 107,108 75,610 $385,117 $3,425,363 $3,587,201 Mortgages Total 8,590 8.590 9,290 and fixtures Furniture $3,984,382 $3,442,354 $4,161,514 (additional) Trust department 58,250 51.650 53,169 Real estate 1917. 1916. 1918. Statisticsfor Fiscal Year end. Sept.30- $177,174 $158,603 $181,578 year for profits Total $1,929,990 $1,432,790 $1,213,642. Total 41,882 50,354 49,815 Int. credited depositor during year.. Liabilities54,409 60,863 75,140 Expense of institution, same period.._ $438,043 $438,043 $438,043 In stock paid Capaal 24,490 29,988 29,988 stock company's on div. Amount of 50,000 . 50,000 50,000 1,853,055 Surplus 2,229,958 Amount of deposits receiving interest 2,208,830 35,092 29,927 44,692 Undivided profits 2 3% & & 2 3% 3% & _ 2 _ _ deposits_ on paid interest of Rate 635,507 814,820 1,277,951 Deposits 100,000 119,305 55,000 Miscellaneous money borrowed *Logan Trust Co. (Philadelphia), Dec. 31 '18.*Dec. 11 '17. Dec. 30 '16. $1,929,990 $1,432,790 $1,213,642 Total Resources$303,847 $397,334 $172,719 1917. 1915. 1916. 1918. Cash on hand 281,734 Rate of int. paid on dep_2%,3%&4% 212,589 1,253,210 2% 2% 2% Duefrom banks and bankers 2,262,481 2,392,267 2,984,881 collateral Loans on 472,165 Co. (Philadelphia). Trust Central *Northern Commercial paper 7,454,634 3,099,148 2,596,199 Bonds, stocks, &c *Dec. 31 '18 Resources36,418 298,703 341,994 Mortgages $59,139 680,142 Cash on hand 1,104,351 Real estate,furniture and fixtures_ _ .. 1,603,614 45,015 54,250 111,880 Cash on deposit _ 219.454 Miscellaneous assets 12,025 Commercial paper purchased * $14,502,671 $7,558,642 -$6,172,701 Loans on collateral 95,075 Total 164,879 Bonds, stocks, &c Liabilities$1,000,000 $1,000,000 $1,000,000 Office building and lot 28.000 Capital stock paid in 450,435 Furniture and fixtures 510,120 428,066 5,012 Surplus fund and undivided profits 4,165,534 5,145,163 8,453,932 5,373 Other resources Deposits • 670,000 400,000 660,000 Ground rent 150,000 225,000 3,690,000 $414,518 Total Bills payable 6,732 8,359 270,672 LiabilitiesMiscellaneous $148,630 $14,502,671 $7,558,642 $6,172,701 Capital stock Total 235,226 $1,450,000 $1,324,640 41,204,376 Demand deposits Trust department (additional) 30,662 Saving fund deposits Co. consolidated as of *Logan Trust Co. and Robert Morris Trust $414,518 Total Dec. 11 1917. The latter reported aggregate resources on Dec. 30 1916 of $2,620,591 and on Dec. 31 1915, $2,290,417. *Began business April 15 1918. a Figures are of date Jan. 26 1917. a FEB. 22 1919.] THE CHRONICLE Northern Trust Co. (Philadelphia). Resources' Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Real estate mortgages $1,185,405 $1,580,880 $1,678,855 Bonds and investment securities__ _ _ 6,453,750 5,851,364 5,291,591 Loans on collateral 2,722,106 2,907.249 3,069,503 Real estate 460,985 338,766 337,822 Cash on hand and in bank 767,504 735,069 714,287 Accrued interest 29,019 17,339 14,666 Total $11,618,769 $11,430,667 $11,106,724 LiabilitiesCapital stock $500,000 $500,000 $500,000 Surplus fund 2,000,000 2,000,000 1,800,000 Undivided profits 249,166 214,698 288,494 Reserve for depreciation 100,000 Deposits 8,769,613 8,715,969 8.518,230 Total $11,618,769 $11,430,667 $11,106,724 Trust department (additional) $14.110,913 $12,862,427 $11,504,222 Statistics for Calendar Year1918. 1917. 1916. Int. credited depositors during year.._ $210,901 $213,592 $180,432 Amount of diva, on company s stock_ 100,000 100,000 100,000 Rate of interest paid on deposits_ _ _ _ 2% & 3% North Philadelphia Trust Co. (Philadelphia). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Stocks and bonds $1,792,942 $1,109,848 $915,232 Mortgages 1,071,852 1,112,164 918,596 Amount loaned on coliaterals 982.575 590,514 690,407 Amount loaned on personal securities 147,663 96,632 66,347 Cash on hand 292,613 171,292 165,480 Cash on deposit with banks 268,253 52,316 220.739 Real estate, furniture and fixtures 106,271 62,500 62,500 Other assets 4,055 16,282 2.192 Total $4.666,224 $3,211,548 $3,041,493 LiabilitiesCapital stock $250,000 $150,000 $150,000 Surplus fund 450,000 250,000 200.000 Undivided profits 59.538 29,298 45,720 Other liabilities 675 18,263 Gen. dep. pay. on demand & time 3,906,011 2,763.987 2,645,773 Total $4,666,224 $3,211,548 $3_,041,493 Trust department (additional) $175,781 $149,532 ;106,308 Northwestern Trust Co. (Philadelphia). ResourcesCash on hand Cash on deposit Commercial paper purchased Loans on collateral Loans on bonds and mortgages Stocks, bonds, &c Mortages Real estate, furniture and fixtures 753 Pennsylvania Warehousing & Safe Deposit Co.(Phila.). ResourcesDec. 31 '18. Dec. 11 '17. Nov. 17 '16. Cash on hand $38,308 354,397 $41,730 Due from banks and bankers 294,559 230.683 242,379 Accrued storagecharges, 46,291 Loans on collateral 782,13 6 587,776 453,672 Loans on personal securities 33,209 33.209 57,319 Investment securities owned 999,542 702,705 554,502 Real estate, furniture and fixtures_ 898,712 798,267 798.267 Other assets 75,279 155,928 126,216 Total $3,240,699 $2,642,656 $2,320,276 LiabilitiesCapital stock $1,000,000 $1,000,000 $400,000 Surplus and undivided profits 76,860 76,860 j349.885 Deposits 781,052 944,527 769.843 Bills payable 1.105,000 355.000 275.000 Other liabilities 277,787 266.269 225,548 Total $3.240,699 $2,642,656 $2,320,276 People's Trust Co. (Philadelphia). ResourcesCash on hand Due from banks and bankers Commercial and other paper purch Loans on collateral Bonds, &c Mortgages Real estate Furniture and fixtures Other assets ec. 31 '18. Dec. 11 '17. Dec. 30 '16. $173,603 $152,186 $494,150 240,396 163,900 638,274 801,924 892,586 479,659 1,805,261 995,487 440,182 277,400 280,250 387,158 386,655 407.456 21,174 21,008 22,185 23,155 5,000 $3,648,264 $2,748,919 $2,711,867 Total LiabilitiesCapital stock $634,450 $634,450 $634,456 Surplus and undivided profits 115,061 152.020 154,59S Deposits 2,710,191 1,648,812 1,817,819 Letters of credit issued 9,250 5,000 Other liabilities (mtg.12th&Arch Sts.) 19,312 113,637 100,000 Bills payable on demand 160,000 Bills payable on time 160,000 40,000 Total $3,648,264 $1,748,919 $2,711,867 Trust department (additional) $80,783 $77,601 415,665 a Figures are of date Jan. 26 1917. Dec. 31 '18. Dec. 11 '17. Dec. 30 '16. $372,311 $240,158 $231,136 593,352 203,978 408,501 1.135,836 1,081.499 815,284 1,552,372 556,405 604,036 770,100 Philadelphia Trust Co. (Philadelphia). 560,200 661.700 1,514.389 1,204,482 899.661 Resources622,750 591,550 Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. 74,000 75,651 74,000 Cash on hand $1.091.876 $1,360,349 $1,369,512 Due from banks, &c 3.292,674 3,439.071 4,317.359 Total $6,012,360 $4,545,123 $4.285,868 Loans on collateral 15,915,283 12,183,215 12,789,855 LiabilitiesStocks, bonds, &c 7,122,795 7.810,791 9,893,868 Capital $150,000 $150,000 $150,000 Mortgages 37,500 37.500 37,500 Surplus fund 525,000 525,000 450,000 Real estate, furniture and fixtures716,053 628,384 614,923 Undivided profits 49,352 ' 18,929 58,792 Other assets 253,718 199,813 179,982 Deposits 5,288,008 3,851,194 3,627.076 Total $28,429,899 $25,659,123 $29,202,999 Total $6,012,360 $4,545,123 $4.285,868 Liabilities-) Capital stock *Parkway Trust Co. (Philadelphia). $1,000,000 $1,000,000 $1,000,000 Surplus and undivided profits 5,218,609 5,080,825 5,129,678 Resources*Dec. 31 '18. Deposits 17,778,453 19,411,828 22,943.135 Cash on hand $60,954 Notes & bills rediscounted 4,252,730 Cash on deposit 50,853 Dividends unpaid 36 60 Commercial paper purchased 6 138,543 Other liabilities 180,071 166,410 130,180 Time loans on collateral 21,178 Call loans on collateral 107.400 Total $28,429,899 $25,659,123 $29,202.999 Loans on bond and mortgage 6,000 Trust department (additional) 153,709,734 127,260,711 118,740,897 Bonds, stocks, &c 77,185 Mortgages and judgments of record 12,927 1918. 1917. 1916. Furniture and fixtures 2,785 Rate of int. on dep. of $200 and over.. 2% 2% 2% Other resources 2,402 Dividends paid in calendar year 24%f 24% reg., 1 24% 12% Red 0.1 Total $480,227 LiabilitiesCapital stock The Provident Life & Trust Co. (Philadelphia). $125,000 Surplus fund 20,000 Demand deposits ReourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. 279,730 Time deposits 54,798 Mortgages $753,250 $622,750 $461,348 Other liabilities 10,376,190 9,513,873 8,808,923 699 Stocks and bonds Loans on collateral 8,492,118 7,194,356 8,784,315 Total $480,227 Real estate 200,100 200,100 255,100 L. L. bonds subs. and W. S. S 370,206 *Began business June 24 1918. Cash on hand, &c 667,241 1,140,024 1,176,788 Due from banks and bankers 1,643,906 1,052,689 1,088,291 Pelham Trust Co. (Philadelphia). Miscellaneous assets 33,038 1,724 3,457 ResourcesDec. 31 '18. Dec. 31 '17. Dec.30'16. Total Real estate mortgages $22,536,048 $19,725,516 320,578.222 $84,575 $91,375 $70,550 Stocks and bonds 575,961 Liabilities546,120 505,474 Loans on collateral 428,607 332,171 274,668 Capital stock $2,000,000 $2,000,000 $1.000,000 Loans on commercial paper 109,502 146,549 149,271 Surplus 5,000,000 5,000,000 5,000,000 Cash on hand 50,718 40,460 59,766 Undivided profits 1,101,032 810,826 715,286 Cash on deposit 118,197 91,658 75,408 Deposits payable 10,521,925 11,799,080 13,818,746 Reserve bonds 43,350 43,400 43,450 Cert.checks,clear.-house due bills, &c. 5,014 15,610 14,109 Other assets 14,460 13,144 11,260 Dividends unpaid 100,000. 100,000 Bank building and fixtures 30,081 46,750 46,750 47,750 Liberty Loan subscriptions 308,077 Total $1,472,120 $1,351,627 $1,237,597 Bills payable 3,500,000 LiabilitiesCapital stock Total $150,000 $150,000 ;22,536,048 $19,725,516 $20,578,222 $150,000 Surplus fund 80,000 .80,000 80,000 Insurance department (additional)_ _396,970.640 $90,621,156 $86,474,674 Undivided profits 30,193 29,997 25,971 Trust department (additional),includGeneral deposits payable on demand_ 1,106,888 ing corporation trusts 895,602.318 $84.173,082 $18,916.433 986,586 981,602 Other liabilities 105,039 105,044 24 1918. 1917. 1916. Total $1.472,120 $1,351,627 $1,237.597 Amount of divs. on company's stocks 20% 33R 36% 1918. 1917. Rate Of int. on deposits (generally)__ 1916. 2% 2% Rate ofint.paid on dep.of$100& over 2% per annum Dividends paidlin calendar year 5% 4%% 4% Pennsylvania Co. for Insurances on Lives & Granting Annuities (Philadelphia). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Cash on hand $629.600 $1,473,873 $1.867,227 Due from banks and bankers 6,039,809 5,611,752 5,388.190 Loans on collateral 24,833,787 21,067,372 25.788,438 Stocks, bonds, &c 4,333,235 4.885,610 3,923,767 Mortgages1.158750 1,403,891 Real estate, furniture & fixtures 933,235 933,235 933,235 Reserve fund for protection of tr. bal_ 4,915,607 5,527,755 6,087,718 Interest accrued 352,296 351,929 353,712 Other assets 96,358 57,496 64,925 Total $42,133,927 $41,067,772 $45,811,103 LiabilitiesCapital stock $2,000.000 $2,000,000 $2,000,000 Surplus fund 5,000,000 5,000,000 5,000,000 Undivided profits 318,152 525,254 574,557 Loans on comm'l paper rediscounted- 6,129,000 Reserve for depreciation 520,005 Deposits 28,050,110 33.530.661 38,094,528 Other liabilities 116,660 11,857 142,018 Total $42,133,927 $41,067,77-2 $45,811,10 Trust department (additional) 244,449,358E230,728,8443220.573,128 1918. 1917. 1916. Rate of int. on dep. of $100 & over_ Dividends paid in calendar year 21Po 22 8:t 2/2 Real Estate Trust Co.(Philadelphia). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Lawful reserve bonds $267.000 $267.000 $267.000 Cash on hand212,374 227,876 from Due banks and bankers 1,066,98 3 666,5957 .0 Call loans on collateral 1,808,589 2,641,138 2,639,618 Time loans on collateral 375.701 480,850 408.317 Loans on bonds and mortgages 159.163 89,163 577,167 Stocks, bonds, &c 5,257,745 3.233,829 2,207,224 Real estate 3,131.956 3,142,868 3,137,440 Other assets 103,045 25,140 Total $12,295,281 $10,836,862 $10.262,808 LiabilitiesCapital stock paid in $1,319,600 $1,319,600 $1,319,600 Capital stock, preferred (full paid) 2,236,200 2,364,600 2,429,000 Undivided profits 629,604 597,581 533,681 Deposits 6.711,756 6,554,727 5,979,915 Dividends unpaid 714 354 612 Bills payable 1,390,000 Other liabilities 7,407 Total $12,295,281 $10,836,862 $10,262,808 Trust department (additional) $29,327,440 $28,943,639 $29,813,328 1918. 1917. 1916. Rate of interest paid on deposits.._2% 2% 2% Divs. paid in cal. year on pref. stock.. $90,200 $95,480 $97,250 754 THE CHRONICLE [VOL. 108. Tioga Trust Co. (Philadelphia). Real Estate Title, Insur. & Trust Co. (Philadelphia). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$400,202 $680,151 $778,855 51.406,982 $1,398,151 51,431.680 Bonds, stocks, &c Real estate mortgages 29,664 36,946 32,893 ._ Real estate 1,916,204 2,165,038 2,451,231 Stocks, bonds, &c 67,900 101,900 93,600 2,545,836 Mortgages 1,920,097 2,126,130 Loans on collaterals 160,179 247,919 258,847 collateral with Loans 427,094 436,440 436.830 Real estate 77,844 95,552 77,611 361,492 Commercial paper purchased 437,355 624,391 Cash on hand 70,445 84,937 72,247 1,327,684 Duo from banks 1,011,277 1,083,947 Cash on deposit 28,018 39,820 86,343 and 269,462 notes Specie 276,385 282,167 Other assets 1,799 2,324 6,537 Other assets $8,279,452 $7,850,776 $8,205,645 Total Liabilities$836,051 $1,406,933 $1,289,549 Total $1,000,000 51,000.000 $1,000,000 Capital stock Liabilities1,500,000 1,500,000 2,000,000 Surplus and reserve fund $125,000 $125,000 $125,000 324,408 Capital stock 456,238 121,181 Undividend profits 30,317 44,562 59,219 profits Undivided 5.424,678 4,890.375 4,876,674 General deposits 630,535 1,119,864 1,200,152 Deposits 30,366 4,163 207,790 Other liabilities 50,199 123 22,561 Other liabilities $8,205,645 $7,850,776 $8,279,452 Total $836,051 $16,519,309 $17,623,853 $14,199,761 Trust department (additional) $1,406,933 $1,289,549 Total 1916. 1917. 1918. -2%-23,i %-3%Rate of interest paid on deposits.. United Security Life Ins. & Trust Co. (Philadelphia). 13 12% 12% Dividends paid in calendar year Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$1,221,239 $1,369,482 $1,336,392 Real estate mortgages Republic Trust Co. (Philadelphia). 416,412 589,615 789,678 bonds and Stocks Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Loans on collateral Resources1,253,617 826,506 997,567 $259,851 $263,890 $381,369 bonds Cash and reserve 570,043 550,393 496,511 estate Real 209,000 208,000 209,239 Real est., safe dep. vaults,furn.& fat. 268,279 266,669 242,391 on hand and deposit 1,314,931 Cash 1,493,748 1,748,132 Loans on collateral 1,937 3,204 Other assets 499,505 647,579 1.057,556 Stocks and bonds 19,265 14,850 15,650 Mortgages and ground rents $3,750,590 $3,602,665 $3,846,680 Total 10,999 13,101 17,138 Accrued interest Liabilities821 783 Miscellaneous $1,000,000 $1,000,000 $1,000,000 Capital stock 850,000 850,000 $2,313,551 } 1.068,261 $2,641,989 Surplus fund $3,429,867 Total 69.087 97,412 Undivided profits Liabilities100,000 100,000 100,000 $400,000 Bills payable $400,000 $400,000 Capital stock paid in 1,827,593 1,555,253 1,582,329 demand.. on 200,000 payable 200,000 200,000 General deposits Surplus fund 27,254 42,156 49,303 Undivided profits 33,750,590 $3,602,665 $3,846,680 1,569,937 - Total 1,883,163 2,554,416 Deposits $1,923,420 $1,781,262 $1 800,455 108,750 Trust department (additional) 108,750 108,750 Ground rent 1916. 1917. 1918. 6,000 Statistics for Calendar Year6,000 6,000 Dividend payable Jan. 2 $38,810 $41,718 $35,381 179 Interest credited deposits during year 420 238 Accrued interest 70,000 70,000 70,000 Amount of diva. on company's stock.. 109,660 Bills payable 1,827,593 1,555,253 1,434 Amount of deposits receiving interest. 1,582,328 1,500 1,500 Miscellaneous 3% check; 2 3, 2A, 2, 3, 2 2, deposits on $3,429,867 $2,641,989 $2,313,554 Rate of interest paid Total say. 3A % % 3567,442 $256,005 3366,038 Trust department (additional) 1916. 1917. 1918. Wayne Junction Trust Co. (Philadelphia). 6% 6% 6% Dividends paid in calendar year Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. 2% check,3A % savings ResourcesRate of interest paid on deposits $33,966 $36,188 $44,735 Cash on hand 146,415 60,463 117,839 Due from reserve agents The Rittenhouse Trust Co. (Philadelphia). 177,028 329,411 394,582 collateral on Loans 30 Dec. '16. '17. Dec. 31 '18. Dec. 31 Resources121,600 153,901 173,600 Mortgages 385,114 $85,646 $75,657 Cash on hand 297,863 324,514 482,539 &c bonds. Stocks, 137,868 203,361 • 215,014 Due by banks 180,340 188,340 156,312 estate Real 1,140,394 1,085,847 1,196,953 Collateral loans 133,998 36,747 36,747 Banking house} 148,945 Commercial paper purchased' 1 2,748 fixtures and Furniture 436,406 586,989 789,316 Investments 90,197 11,455 13,433 Miscellaneous 2,566 968 6,191 Accrued interest 14,401 12,590 11,971 Furniture and fixtures $1,084,155 $1,141,019 $1.419,787 Total 25 530 Suspense Liabilities$160,000 $160,000 $160,000 $2,444,047 $1,975,931 $1.816,774 Capital stock paid in Total 40,000 40,000 40,000 Surplus fund Liabilities$250,000 Undivided profits 29,268 $250,000 20,028 12,835 $250,000 Capital stock 68,470 Deposits 73,122 853,031 813,254 1,205,280 76.576 Surplus and undivided profits 1.452,168 Miscellaneous 1,856 1,636,894 1,672 107,737 1,597,598 Deposits 46,078 15,804 4,660 Certified and treasurer's checks 165 5$ 111 $1.419,787 $1,141,019 51,084,155 Dividends unpaid Total 1916. 1917. 1918. 515,000 Rediscount 48 Rate of int aid. on dep.of $500&over 2&3.65% -2% check & 3 % say. Income tax withheld 4% 4% 4% $2,444,047 $1,975,931 ;1,816,774 Divieiends aid in calendar year Total 1179,325 $195,855 $231,229 Trust department (additional) West End Trust Co. (Philadelphia). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources*Roxborough Trust Co. (Philadelphia). $707,839 $639,549 $729,263 *Dec. 31 '18. Cash on hand and due from banks_ Resourcesmtges 4,905,089 4,360,803 4,707,759 & bonds on & coll. on Loans $32,759 Cash on hand 4,921,963 5,204.115 5.159,840 112,841 Investments,stocks and bonds Cash on deposit 5,000 55,562 Mortgages Commercial paper purchased 1,405,651 1,401,695 1,390,075 8,360 Real estate, furniture and fixtures Time loans on collateral 312,135 interest_ 188,376 accrued 86,900 resources, Other 202,820 Call loans on collateral 584,950 Bonds,stocks, Sce $12.252,677 $11,794,538 512,078,837 Total 59,985 Mortgages and judgments Liabilities30,061 Office building and lot $2,000,000 $2,000,000 $2,000,000 2,705 Capital stock Furniture and fixtures 1,800,000 1,800,000 1,800,000 10,588 Surplus Other resources 168,955 103,190 274,537 profits Undivided $1,100,721 Deposits Total 7,701,290 7,641,348 8.004,300 Liabilities582;432 250,000 liabilities Other $150,000 Capital stock 1,309 Undivided profits $12,252,677 $11,794,538 512,078,837 Total 653,791 Demand deposits $9,008,867 $6,646,712 $5,699,706 288,478 Trust department (additional) Time deposits 1917. 1918. 1916. 7,142 Other liabilities •8% 8%, Dividends paid in calendar year 8% $1,100,721 Rate of int. paid on deposits 2% demand, 3% time-Total 41 Began business March 20 1918, West Philadelphia Title & Trust Co. (Philadelphia). Tacony Trust Co. (Philadelphia). Dec.31 '18. Dec. 31 '17. Dec.30'16. Resources$579,415 $603,390 $773,591 Dec.31 '18. Dec.31 '17. Dec.30'16. Real estate mortgages Resources1,336,755 3,742,797 bonds and Stocks $440,462 $425.892 1,249,905 $386,402 Real estate mortgages 2,083,449 1,923,872 582,289 Loans on collateral 606,984 2,253,490 908,282 Stocks and bonds 110,714 119,714 399,241 Real estate 319.600 104,714 424,798 Loans on collateral 587,136 654,653 85,077 Cash on hand and on deposit 83,365 663,607 104,748 Loans on personal securities 42,997 67.140 49,000 Other assets 50,000 41,194 50,000 Real estate 63,475 94,537 192,860 Cash on hand $7,087,591 $4,773,441 $5,086,501 Total 173,262 537,350 452,265 Cash on deposit Liabilities8.907 Capital stock paid in 6,554 1,555 Other assets $500,000 $500,000 $500,000 500,000 500,000 500,000 $2.520,910 $2.124,282 51,801,713 Surplus Total 93,855 Undivided profits 86,180 • 78,690 Liabilities4,768,736 $150,000 3,687,261 $150,000 $150,000 General deposits 4,007,811 Capital stock 1,225,000 187,072 185,522 Bills payable 150,000 Surplus and reserve fund 6,744 45,997 10,951 Undivided profits $7,087,591 54,773.441 35,086,501 Total 1,777,106 2,164,182 1,455,000 Trust department (additional) Deposits $1,291,049 $1,532,400 51,346,546 3,360 10,731 240 Miscellaneous 1917. 1918. 1916. $2,520,910 $2,124,282 $1,801,713 Rate of int. on dep. of $500 & over_ _2% to3A % 2% to3 A % 2% to 3% Total 12% 12% year ...., in paid 12% calendar dividends (additional) $1.905,075 $2,002,456 32,078,13 department Trust BOSTON COMPANIES. American Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$2,997,926 $2,988,521 $1,882,940 Railroad and other bonds 13,213,699 14,159,970 14,324,192 Time loans 30,000 30,000 30,000 Our real estate 4,403,410 3,122,182 5,160,737 Demand loans 6,211,386 5,712,588 5,655,533 Cash on hand in banks Total LiabilitiesCapital stock Surplus fund Undivided profits General deposits $27,114,950 $27,793,287 $25,014,847 $1,000,000 $1,000,000 $1,000,000 2,000,000 2,000,000 2,000,000 507,900 505,470 475,691 23,609,480 24,285,387 21,539,156 527,114,950 527,793,287 $25,014,847 1916. 1917. 1918. 2% 2% Rate ofint. pd.on dep.of 3500 or over 27 16% 16% reg., 9% extra 12% Divs. paid in cal. year Total Beacon Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$8,936,307 $7,792,217 $7,255,144 Time loans 6,358,180 5,992,041 Demand loans 5,787,622 234,383 429,500 Investments 160,500 3,824,355 2,709,475 2,623,214 Cash in office and banks Total LiabilitiesCapital stock Surplus Earnings undivided Deposits $19,353,225 $16,923,233 $15,826,480 $600,000 $600,000 $600,000 1,000,000 1,200,000 600,000 107,118 170,337 456,523 17,446,107 15,152,896 14,169,957 $19,353.225 $10,923,233 $15 826,480 Total 1917. 1918. 1916. Amount of deposits receiving int_ -$14,136,500 $12,239,700 $11,100,000 2% 2% Rate of int.pd.on dep.of $300 & over.. $102,000 Dividends paid in calendar year $72,000 $72,0 2a FEB. 22 1919.] THE CHRONICLE Boston Safe Deposit & Trust Co. (Boston). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Massachusetts bonds $40,845 Railroad bonds $107,160 Other bonds and stocks 167,9(,0 863,018 Loans 12,998,480 12,649,018 14,333, 050 Cash in office 1,030,642 1,200,925 1,253,496 Cash In banks 2,565,895 3,179,887 2,326,241 Overdrafts and accrued interest 29,020 29,177 26,591 Cash items 3,366 5,518 1,541 Real estate by foreclosure 14,639 14,191 Real estate 1,689,650 1,719,6 50 1,749,650 Stk. B.S.D.& T.Co. held for distrib'n 11,900 10,000 Total $18,618,652 $18,849,211 $19,753,587 LiabilitiesCapital stock $1,000,000 $1,000,000 $1,000,000 Surplus 2,000,000 2,000,000 2,000,000 Profit and loss 1,239,734 1,211,739 1,165,609 Deposits 14,334, 543 14,618,443 15,582,798 Div. B. S. D.& T. Co.'s stock 480 180 Int. reserved for dertifs. of deposit.. _ 2,302 Reserved for taxes 42,073 • 18,549 5,000 Total $18,618,652 $18,849,211 819,753,587 Trust department (additional) $47,600,637 $43,713,144 $38,500,000 1918. 1917. 1916. Rate of interest paid on deposits_ _ _ _ 2% 2% Dividends paid in calendar year 34% 34% Charlestown Trust Co. (Boston). Resources1 '18. Nov. 20 '17. Nov. 17 '16 Mass. State and municipal bonds.._ _ _ Nov. $355,743 $23,450 $527,453 Other stocks and bonds 587,194 258,991 Loans on real estate {392,469 Time loans 1 1,610,080 146,370 1,204,333 Demand loans 427,138 Banking house and vaults 53,500 56,375 59,375 Due from banks } 432,722 J110,018) 274,556 Cash on hand 1137,729J Other resources 1,176 50 28,273 Total $3,040,415 $1,552,590 $2,093,990 LiabilitiesCapital stock $200,000 $200,000 $200,000 Surplus fund 50,000 50,000 35,000 Undivided profits 21,832 5,099 23,566 Commercial deposits 1,335,7681 988,367 1,834,820 Savings deposits 1,275,441j Bills payable 95,000 Uncompleted loans 70,618 Miscellaneous 157,374 143,586 604 Total $3,040,415 $1,552,580 $2,093,900 Columbia Trust Co. (Boston). ResourcesUnited States bonds State, city and railroad bonds Loans Cash in office Cash In banks Dec.31 '18. Dec.31 '17. Dec.30'16. $163,000 $70,000 183,606 188,600 $141,000 1,052,573 977,664 867,216 87,965 87,045 88,302 216,917 134,259 123,878 $1,704,061 $1,457,568 $1,220,396 Total LiabilitiesCapital stock Surplus and profits Deposits $100,000 74,176 1,529.885 Total ltate of int. pd. on dep.of $500 & over Dividends paid in calendar year $1,704.061 1918. 2%, % $100,000 69,390 1,288,178 81.457,568 $1,220,396 1917. 1916. 297 6M 0 Commonwealth Trust Co. (Boston). ResourcesInvestments Demand and time loans Real estate Cash on hand Cash on deposit Total LiabilitiesCapital Surplus and undivided profits Deposits $100,000 60,372 1,060,024 . Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $8,387,051 $4,044,736 $2,175,488 15.945.279 14.293.056 16,820,109 137,500 42,500 42,500 858,871 834,809 1,757,391 5.735,075 7,006,116 2,953,679 831.063,776 $26,221,217 $23,749 ,167 $1,000,000 $1,000,000 $1,000, 000 944.318 813,411 737,699 29.119,458 24,407,806 22,011, 468 Total $31,063,776 $26,221,217 $23,749 ,167 1918. 1917. 1916. Rate of int. on dep. of $500 and over.. 2% 2% 2 Dividends paid in calendar year 8% 8% 80 Cosmopolitan Trust Co. (Bost on). • ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Stocks and bonds $219,541 $171,829 $169,65 9 Loans on real estate 90,745 32,699 Demand loans 1,143,851 1,0122,9ig 1,005,991 Time loans 2,170,815 2,179,566 1,472,032 Banking house, furniture and fixtures 47,688 39,969 Due from banks 1,3g,in 515,629 249,937 Cash 328,791 251.713 167,643 Other resources 21,251 240,591 95,610 Total $5,357,514 84,517,395 $3,233,540 LiabilitiesCapital stock $200,000 $200,000 $200,000 Surplus fund 100,000 100,000 100,000 Undivided profits 52,128 34,189 35,120 Deposits 4,895,386 3,678,643 2,645,578 Bills payable 100,000 504,563 250,000 Miscellaneous 10,000 2,842 Total $5,357,514 $4,517,395 $3,233, 540 Savings Department (additional)_ _ _ - $3.245,626 $1,794,088 $1,272,055 Dorchester Trust Co. (Boston). . ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Bonds and mortgages $1,982,000 $1,720,000 $1,280, 000 Stocks and bonds market value)._ 1,950,0 1,480:02 1,4g8:88 ( 1 Loans on collateral, 00 Other loans, including bills purchased 773,000 • 550,000 763,000 Duo from tr.cos., bks.,bkrs.&brokers 761,000 602,000 560,000 Specie 25,000 28,000 25,000 Legal-tender notes & notes of nat.bks. 215,000 185,000 120,000 Safe-deposit vaults 2,000 Total $6,514,000 $5,240,000 $4,550, 000 LiabilitiesCapital 0 $300,000 $200,000 Surplus & undiv. profits(market val.) $300,00 145,000 125,000 100,000 Deposits 6,051.000 4,800,000 4,220,0 Certificates of deposit 00 18.000 15,000 30,000 Total 86,514,000 85,240,000 $4,550.000 1918. 1917. 1916. Rate of interest paid on deposits Dividends paid in calendar years__-2% check, 3%:certfs., 4% savings. 8% 8% 7%% 755 'Equitable Trust Co. (Boston). Resources-31 '18. Dec. 31 '17. *Dec. 28'16. United States and State of Mass.bds_Dec.$82,150 851,932 $25,000 Other stocks and bonds 183,200 219,957 123,051 Loans on real estate 199,775 137,175 26,000 Demand loans with collaterals • 681,195 542,335 444,508 Other demand loans 143,008 72,208 42.800 Time loans with collateral 290,977 250,784 161,025 Other time loans 619,964 645,927 178,809 Banking house,furniture and fixtures 7,850 8,300 8,938 Accrued interest 651 1,333 1,567 Due from reserve banks 209,045 343,489 251,783 Cash, currency and specie 154,473 117,987 79,440 Other assets 8,156 1,125 10,372 Total $2,580,444 $2,392,553 81,353.293 LiabilitiesCapital stock $200,000 $200,000 $200,000 Surplus fund 40,000 40,000 40,000 Undivided profits 44,404 23,112 9.620 Deposits, subject to check 1,784,495 1,568,154 926,050 Certified checks 13,034 61,231 83,193 Treasurer's checks 5,722 52,274 226 Certificates of deposit 131,974 54,181 57,500 Open accounts 40,917 74,016 26,056 Due to banks 56,769 49,001 10.574 Other liabilities 263,129 267.584 74 Total $2,580,444 $2,392,553 $1,353,293 * Began business Nov. 6 1916. Exchange Trust Co. (Boston). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. Stocks and bonds $1,910,750 $1,187,396 $896,725 Cash in offices and banks 1,523,969 1,455,071 1,120,132 Safe deposit vaults,furn. & fixtures 20,000 Demand loans 1,891,0 34 1.167,774 440,886 Time loans 3,327,238 3,801,037 3,500,852 Loans on real estate 3,406,889 3,201,093 2,453,237 ' Total $12,059,880 $10,812,371 $8,431,832 LiabilitiesCapital $600,000 $600,000 $600,000 Surplus 400,000 400,000 400,000 Profit and loss 165,420 135,479 107,450 Deposits 10,894,460 9,676,893 7,324,382 Total $12,059,880 $10,816,372 $8.431,832 1918. 1917. i tate of int. pd.on dep.of $300 & 1916. 27 i nvidends paid in calenda r year ove $36,0 r7 208 $36,000 $36.0a Federal Trust Co. (Boston). ResourcesDec.31 '18. Nov. 20 '17. Dec.30'16. State of Massachusetts bonds $178,0001 $2,034,753 J 8178,000 Other stocks and bonds 2,517,5741 11,875, Loans 9,251,067 6,215,196 6,378,7648 Banking house furniture & fixtures 27 8,708 Real estate 31,292 34,815 Cash on hand and in bank 2,469,9 71 1,596,6 91 1,846,472 Customers' liability under foreign bills rediscounted 430,264 15,084 Customers'liability under acceptances 857,514 50.000 Subscriptions to Liberty Loans 626,500 Miscellaneous 32,448 8,591 Total $16,362,182 $10,127,695 $10,287,438 LiabilitiesCapital stock $1,000, 000 $1,000,000 $1,000,000 Surplus and undivided profits 502,484 377.450 448.959 Deposits 12,918,020 8,203,306 8,837,8 Sinking fund 39 30,334 Bills payable, Lib. Loan subscriptions 350,000 300,000 Notes and bills rediscounted 674,164 155,084 Acceptances 857,515 50,000 Letters of credit 60.000 Due mortgages 10.000 Other liabilities 1,522 640 Total $16,362.182 $10,127,695 $10,287.438 Fidelity Trust Co. (Boston). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. U.S. and State of Mass. bonds $728,441 $207,225 $54.450 Other stocks and bonds 677,252 578,577 597.017 oans on real estate 2,403,2 69 1,090,4 69 Demand loans 1,137,689 3,855,4 92 2,015,628 1,366,308 Time loans with collateral} 4,119,5 27f 923,816 717,237 Other time loans 1 2,299,979 1.357.451 Banking house, furniture & fixtures 157,800 119,177 10,879 Due from reserve banks } 1.021,690 1,148,442f 892,419 Duo from other banks 1 404,211 Cash: Currency and specie 798,818 298,980 270,461 Other assets 98,239 37,019 11,447 Total $13,860 ,528 $8,719, 312 $6,819,569 LiabilitiesCapital stock $2,000,000 $1,929,800 $1,000,000 Surplus fund and undivided profits 545.109 553,799 300,043 Deposits (demand) 6,384,662 4,650,2831 4,765,9 Savings deposits 03 3,057,5 41 (see below)i War loan deposit 175,432 Time deposits 98,313 272,224 51,804 Certificates of deposit 148,286 105,661 248,837 Certified checks 291,345 51,493 11,124 Treasurer's checks 146,377 43,948 26,270 Participations 3,557 5,157 5,577 Bills payable 967,500 •867,500 410.000 Uncompleted loans 37,241 237,408 Other liabilities 5.165 2.039 11 Total 81-3,860,528 88,719,312 86,819,569 Savings Department (additional) (see above) 82,252,475 *Hanover Trust Co. (Boston). ResourcesDec. 31 '18. Dec. 31 '17.*Nov. 17 '16. Other stocks and bonds 358.954 $86,370 Loans on real estate 1 25.450 55,150 Demand loans with collateral 27,214 Other demand loans I 1.423,5 67 1285,28244 66 17,633 Time loans with collateral 64,247' 64,650 Other time loans 177,417 Overdrafts 9:9 5 23 9 28 Banking house,furniture and fixtures 7 2 15.000 485:38316 772 Other assets, incl. int. and expenses Due from reserve banks } 387.123 J49,142 2 16 7,5 5 Due from other banks 151,706 83,113 Cash currency and specie 95,106 31,234 27,353 Other cash items 20,823 9 Total $1,920,796 $727,141 $511,348 Liabilities-' MI Capital stock $200,000 $200,000 $200,000 Surplus fund 50,000 50,000 50,000 Undivided profits 20,963 49,803 11,500 Deposits,subject to check 302,953 216.705 Certificates of deposit 75,250 1,100 Certified checks 1,649,833 2,936 3,491 Treasurer's checks 21,099 332 Due to other banks 25,000 28,220 Total 31.920,796 $727,141 $511,348 Savings department (additional)..._and. above) 3139,822 $64,911 *Began business May 11916. 90 [VoL. 108. THE CHRONICLE 756 *Hyde Park Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources39,521 $48,121 $229.446 U.S. and State of Mass. bonds 132.756 134,978 123,516 Other stocks and bonds 22,000 92,200 94,513 Loans on real estate 5,750 47,900 20,866 Demand loans with collaterals 203,577 213,292 219,656 collateral Time loans with 442,567 376,413 401.992 Other time loans 60,000 U. S. certificates of indebtedness.. 45,327 74,012 69,000 Banking house,furniture and fixtures 289,438 357,417 308,688 Due from reserve banks 66,393 112,932 198,869 specie and Currency Cash: 69 934 322 Other assets, internal revenue stamps. $1,716.868 31,458,200 $1,217,399 Total Liabilities$200,000 $200,000 $200,000 Capital stock 20,000 20,000 20,000 Surplus fund 13,600 16,869 22.102 Undivided profits 3,000 23,075 Uncompleted loans 974,566 1,070,646 1.429,234 Deposits subject to check 334 5,000 5,151 deposit of Certificates 593 5,689 831 Certified checks 72 2,280 1,236 Treasurer's checks 110,344 41,659 Due to other banks 3,098 610 3,012 Dividends unpaid 400 1,000 1,000 Reserve for taxes 500 1,000 2,000 Reserved for interest on deposit 1,236 1,687 642 Other liabilities $1,726,868 $1.458,200 $1.217,399 Total liabilities 1917. 1918. 2% 2 & 2M % Rate of interest paid on deposit 6% 6% Dividends paid in calendar year * Hyde Park Nat. Bk. converted into Trust Co. In 1916 V. 102, p.1320. Massachusetts Trust Co. (Boston). Dec. 31 '18. Nov. 20 '17. Dec. 30 '16. Resources$261,355 $345,260 $604,226 U. S. and State of Mass bonds 961,709 862,229 1,056,274 bonds and Other stocks 1.366.798 206.125 1,984,436 Loans on real estate, net 1.160,198 1,099,960 1,406,220 Demand loans with collateral 290.359 536,647 605,849 .. Other demand loans 715,584 1,074,751 1,894,612 Time loans with collateral 2,410,350 2,287.387 2,147,511 loans Other time 40,748 31,623 15,554 Banking house,furniture and fixtures 929.486 1,025,808 1,004,177 Due from reserve banks 38,945 113,024 149,409 Due from other banks 395,568 488,676 518,917 Cash:Currency and specie 5,718 Other cash items 10,000 Ac000 Subs. due Liberty Loans 5,937 180 Other assets $11,567,185 $8,087,388 $8,577,037 Total Liabilities$500,000 $500,000 $500,000 Capital stock 250,000 250,000 250,000 Surplus funds 139,774 133,720 242,411 Undivided profits 7,041,135 5,679,211 9,884,767 Deposits 10,925 54,350 52,354 Certificates of deposit 50,000 164,550 14,190 Certificates of deposit (time) 21,447 22,063 59,440 Certified checks 25,358 40.573 100,847 checks Treasurer's 158,587 29,167 156,735 Open acc'ts not pay'le within 30 days 180,246 87,866 Due to reserve banks 191,600 269,929 Due to other banks 2,439 Reserve for taxes 7,538 24 16,684 Dividends unpaid 750,000 95,000 Bills payable 101,017 194,366 Notes and bills rediscounted 427 2,479 391 Other liabilities International Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$2,146,708 $1,958,164 $1,716,314 Stocks and bonds 13,177,274 11,308,468 8,631,881 Time loans and real estate 5,040,062 5,378,271 4,522,686 Demand loans 1,000,000 1,000,000 1,000,000 Banking house 4,395,135 3,538,463 2,826,101 Cash on hand and in banks 36,180 3,671 Foreign exchange 1,440,555 73,919 Customers'liability under accept'cos_ 323,750,359 $25,178,564 $20,264,929 Total Liabilities$1,500,000 $1,500,000 $1,000,000 Capital stock 1,000,000 1,500,000 1,500,000 Surplus fund 197,964 321,442 439,545 profits Undivided 100,000 138,270 143,489 Reserved for taxes, &c 1,759,000 1,537,177 Rediscounts 1,440,555 73,919 Acceptances 18,402,449 18,519,297 17,966,965 Deposits 153,779 Sinking funds $23,750,359 $25,178,564 $20,264,929 Total $3,150,081 Savings department (additional)_ _-1916. 1917. 1918. 2% 2% Rate of int. on deposits of 3500 & over 8% 12% R Dividends paid in calendar year__ _ _ Metropolitan Trust Co. (Boston). Dec.31 '18. Dec. 31 '17. Dec.30'16. Resources$90,542 $179,603 $298,514 U. S. and State of Mass. bonds 133,406 419,726 333,226 Other stocks and bonds 510,315 338,351 527,550 Loans on real estate 1,432,507 1,446,802 1,235,835 Demand loans 2,345,746 1,062,486 3,171,476 Time loans 85,560 90,487 96,807 Banking house,furniture and fixtures 582,689 376,232 753,438 Due from reserve banks 40,574 506,672 689,404 Due from other banks 368,687 168,962 197,344 Cash 292,851 Other resources-accrued interest_ Total LiabilitiesCapital stock Surplus fund Undivided profits Deposits Rediscounts Due to reserve banks Due to other banks Total *Jamaica Plain Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. ' Resources$4,867 State of Massachusetts bonds$4,868 222,420 301,641 409;391 bonds and stocks Other 177,350 263,400 306,050 Loans on real estate 7,300 63,421 211,867 Demand loans with collaterals 10,183 13,438 28,738 Other demand loans 67,572 93,294 143,135 Time loans with collateral 85,548 164,506 207,105 Other time loans 40 20 15 Overdrafts 12.629 29,975 29,800 Banking house,furniture & fixtures.._ 7,389 7,300 vaults deposit Safe 15,995 32,061 74,822 Due from reserve banks 9,223 15,959 27,355 Due from other banks 21,403 39,999 87,496 specie and Cash: Currency 5,949 21,400 43,560 ... Other assets $640,479 $1,581,502 $1,051,371 Total Liabilities$200,000 $200,000 $200,000 Capital stock 20,000 20,000 20,000 Surplus fund 6,992 7,989 loss and Profit 417,804 814,837 1,339,993 Deposits subject to demand 1,000 8,809 12,000 Certificates of deposit 1.179 259 1,314 Certified checks 63 126 36 Treasurer's checks 414 241 127 days_ 30 within pay. not accts. Open 19 107 43 Other liabilities $640,479 $1,581,502 $1,051,371 Total liabilities *Organized in 1916. Rate of interest paid on deposit Dividends paid in calendar year $7,303,594 $4,882,172 $5,590,026 $300,000 300,000 79,519 5,609,230 498,592 $300,000 300,000 32,206 3,770,205 $300,000 300,000 28,023 4,327,615 516,253 479,761 300,500 333,888 $7,303,594 $4,882,172 $5,590,026 1917. 1916. 1918. 2 & 3% (say. 434%) 10% New England Trust Co. (Boston). ResourcesStocks and bonds Real estate Demand and time loans Cash in bank and office Other assets Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $3,344,412 $2,692,474 $2,094,850 700,000 700,000 700,000 17,864,639 17,558,337 17,343,339 1,763,077 4,336,633 4,657,274 677,802 6,057,414 904,487 Total LiabilitiesCapital stock Surplus Earnings undivided_ ... Deposits Other liabilities Total $27,470,812 $25,965.246 $27.958,680 Liberty Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $39,653 $40,000 . $39,653 238,898 308,700 918,006 510,993 543,278 525,113 259,164 290,644 419,705 2,413,434 2,196,150 2,254,910 1,000 2,500 585 1.018.447 664,100 1.095.186 $5,256,005 54,042.525 $4,481,589 $200,000 $200,000 $200,000 300,000 300,000 300,000 41,704 59,728 66,892 3,934,877 3,477,790 4,388,330 5,008 5,007 5,043 180.000 115.740 $5,256,005 $4.042,525 $4,481,589 1916. 1917. 1918. 2 2% Rate of interest paid on deposits 10% 2 10% _ 10;; Year.. calendar in paid Dividends ResourcesState of Massachusetts bonds Other investments Loans on real estate Demand loans Time loans Banking rooms Interest Cash on hand and in banks Total LiabilitiesCapital stock Surplus fund Undivided profits (less expenses) Deposits Dividends unpaid Bills payable inc. ctf. of deposit Notes and bills rediscounted Total Market Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Nov. 17 '16. Resources$9,000 $451,862 $560,285 U. S. and State of Mass. bonds 420.561 686,050 927,693 Other stocks and bonds 150,730 746,545 785,217 estate Loans on real 311,593142,659 261,512 Demand loans 874,316 957,181 981,832 Time loans 25,000 25,000 25,000 fixtures & Banking house,furniture 8,360 8,360 8,360 Safe deposit vaults 114,446 208,483 380,9481 1 Due from banks 114,905 185.566 1 Cash 445 Overdrafts $3,930,847 $3,580,640 $1,860,422 Total Liabililies$250,000 $250,000 $250,000 Capital stock 125.000 125.000 200,000 Surplus fund 102.425 136,994 81,840 Undivided profits 1,382,488 2,865,841 3,277,234 Deposit 202,805 121,773 Due to other banks 509 Miscellaneous $3,930,847 53,380,640 31,860,422 Total 1917. 1918. 2 to 4% 2 to 4% Rate of interest paid on deposits 8% 8% J Dividends paid In calendar year $11,567,185 $8,087,388 $8,577,037 Total $1,000,000 $1,000,000 $1,000,000 2,000,000 2,000,000 2,000,000 1,174,509 1,034,472 813,001 21,180,924 20,747,756 23,661,489 122,682 1,193,019 2,476,887 $27,470,812 $25,965,247 $27,958,680 1916. 1917. 1918. 2% 3% Rate of int. on dep. of $500 and over_ _..3% 10% spec. reg. 20% 20% spo. reg.&20% year_20% cal. Divs. paid in Old Colony Trust Co. (Boston). Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Resources$28,556,623 $8,200,668 $6,606,382 Investments 81,462,642 85,280,148 99,642,360 loans Demand and time 2,843,000 2.635,000 2,635,000 Banking offices Customers liability and acceptances.. 12,634,710 10,612,104 23,3'71,825 28,235,577 19,575,832 Due from banks 1,967,703 5,386,651 7,286,106 Exchanges for clearing house 4,295,220 4,521,373 6,660.192 Cash $160,450,126$144,871,521$137,087,469 Total' Liabilities$6,000,060 $6,000,000 36.000,000 Capital stock 7,000,000 6,000,000 8,000,000 Surplus 361,444 501,451 1,034,602 Reserved for taxes and interest Notes payable at Federal Res. Bank_ 3,000,000 3,700,000 Loans Liberty Subscriptions to 13,561.638 11,572,165 Acceptances and letters of credit.... 1,298.082 814,144 941.402 Undivided profits 124,212.484 118,983,761 123.427,943 Deposits 0861469 .917 371 144,871,521$1 5160,450,126$ Total 1917. 1918. 113i2R 2% ' Rate of int. on dep. of $500 & over.... 12% Dividends paid In calendar year 1n Old South Trust Co. (Boston). Dec. 31 '18. Nov. 20 '17. Dec. 30 '16. ResourcesS196,173 3185,901 $177,286 Stocks and bonds Liberty Loan bonds 683,037 0 58 26 255,450 23 0 171, Loans on real estate 205.301 233,182 166,954 Demand loans with collateral 208,764 140,656 186,470 loans Other demand 444.773 133,557 124,531 Time loan with collateral 119,947 498,841 673,725 Other time loans 436 1,645 Overdrafts 16,291 15,600 17,832 Banking house, furniture and fixtures 60,680 88,848 0 5 540 51:50 Due from reserve banks 13,000 82,308 Due from other banks 4,113 Revenue and War Saving stamps.. 37,785 23,016 17,801 Cash 3.826 65,075 35,630 Other assets $1,652,000 $1,580,814 $2,133,278 Total Liabilities$200,000 $200,000 $200,(100 Capital stock 40,000 40,000 40,1)00 Surplus fund 55,407 2,981 37.960 Undivided profits 1,620,238 1,108,445 1.190,301 Deposits subject to check 17,207 31,300 Deposits (time) 160,944 137,151 120,506 Due to banks 72,000 63,000 Bills payable 25,000 Construction mortgage account 21,837 Tellers overs 389 3,030 1,479 Other liabilities - $2,133,278 $1,652,000, $1,580,81-4 Total 703,762 $1,184.965 Saving department (additional) FEB. 22 1919.] THE CHRONICLE *Prudential Trust Co. (Boston). ResourcesDec. 31 '18. Nov. 20 '17. Jan. 10 '17. U.S. and State of Mass. bonds $140,663 $50,962 $20,230 Loans on real estate 245,008 44,6001 Demand loans 382,344 359,369 768,218 Time loans 913.534 '624,215 Banking house,furniture and fixtures 15,913 15,912 15.521 Overdrafts • 13,064 12,213 Due from reserve banks 109,183 81,8431 137,063 Due from other banks 53,023 3,3305 Cash 132.807 96,364 99,498 Other resources 54,520 131,099 91,809 Total $2,060,059 $1,419,907 $1,132,339 LiabilitiesCapital stock $200,000 $200,000 $200,000 Surplus fund 50,000 50,0001 111,775 Undivided profits 50,059 117,421 Deposits (demand) 1.128,978 899,233 820.564 Deposits (time), inch savings dept.._ 602,022 60,638 Bills payable, U. S. Govt. bonds_...... 29,000 10,000 Notesand bills rediscounted 82,615 Total $2,060,059 $1,419,907 $1,132,339 Savings department (additional)_ _(incl. above) $332,746 $246,614 *Began business June 1 1915. See V. 100, p. 1886. Puritan Trust Co. (Boston). Resources- . Bonds and stocks Loans Bank building Cash in office Cash in banks Safe deposit vaults Miscellaneous Total LiabilitiesCapital stock Surplus fund Earnings undivided Deposits Treasurer's checks Total Dec. 31 '18. Nov. 20 '17. Dec. 30 '16. $1,213,864 $708,047 $969,173 1,899,214 1,265.211 2,071.970 15,500 18,500 19,000 189,107 173,184 192,361 562,410 259,925 287,955 15,000 15,000 15,000 323 8,430 2,822 $3,895,428 $2,448,297 $3,558,281 $200,000 150,000 58,893 3,314,475 172,060 $200,000 150,000 60,877 2,018,448 18,972 $200,000 150,000 69,185 3,133,629 5,467 $3.895,428 $2,448,297 $3,558,281 *South Boston Trust Co. (Boston). 757 State Street Trust Co. (Boston). ResourcesDec. 31 '18. Jan. 2'18. Dec. 30 '16. Loans $18,358,539 $22,370.013 $21.334,533 Investments 6,108,794 2,668,253 1,845,310 Cash in office and banks .7,009,905 5.969,267 6,027.652 Real estate and safe deposit vaults_ 1,062,726 1,065,726 364,628 Liability on accept. & accept. purch_ 1,641,5 94 1,890,738 Liability under letters of credit__ 2,817 895.000 Notes and bills rediscounted 3,604,435 407,810 Total $37,788,810 $35,266,807 $29,572,123 LiabilitiesCapital stock $1,000,000 $1,000,000 $1.000,000 Surplus and undivided profits 1,920,342 1.711,266 1,695,724 Acceptances 1,522,596 1,905.758 Customers' letters of credit 65,000 895,000 Liabilities for rediscounts 3,604,435 407,810 Bills payable 1,200,000 Deposits_ 29,676,437 28,146,973 26,876,399 Total $37,788,810 $35,266,807 $29,572.123 1918. 1917. 1916. Rate of interest paid on deposits_ ___ 2% 2% 2% Dividends paid in calendar year 11% 8% • 8% • Tremont Trust Co. (Boston). ResourcesNov. 1 '18. Nov. 20 '17. Jan. 9 '17. Stocks and bonds, $40,343 Loans on real estate 748,989 967:990 1,000,745 Demand loans 148,166 131,661 131.392 Time loans 1,152,510 1,499,086 1.380,586 Real estate 89,885 Banking house,furniture and fixtures 11,727 11,727 15,778 Cash on hand and in banks 227,582 273,908 214,355 Other resources 3,254 46,782 823 Total -$2,3-94,354 $2,943,395- $2,784,02 LiabilitiesCapital stock $200,000 $200,000 $200,000 Surplus 50,000 50,000 50,000 Undivided profits 14,134 52,643 65,164 Deposits 1,840,517 2,085,291 2,468,858 Bills payable 20,000 Notes rediscounted 212,000 Due mortgagors 269,703 343,015 Other liabilities 446 Total $2,394,354 $2,943,395 $2,784,022 United States Trust Co. (Boston). ResourcesNov. 1 '18. Dec. 31 '17. Dec. 30 '16. II. S. and State of Mass. bonds $814,687 $556,638 $206,638 Other stocks and bonds 2,939,272 4,332,623 3,809,144 Loans on real estate 369,631 2,249,456 2,192,108 Demand and time loam 5,749,599 5,859,043 4,282,673 Syndicate participations 182,737 195,612 Due from banks 1,420,348 1,030,000 1,018,158 Cash on hand 354,310 549,546 487,569 Other assets 607 1,541 Total $11,831,191 $14.578,847 $11,985,705 LiabilitiesCapital stock $1,000,000 $1,000,000 $300,000 Surplus 1,000,000 1,000,000 1,200,000 Undivided profits 170.232 338,592 415,255 Deposits 8,513,9 09 11,330, 065 10,070,450 Notes & bills redis. with Fed. Res.Bk_ 1,147,05 0 Other liabilities 910,190 Total $11,831,191 $14,578,847 $11,985,705 Trust department (additional) $1,576,593 1,370,687 Resources31 '18. Dec.31 '17. United States and State of Massachusetts bonds__ Dec. $746,705 $286,900 Other stocks and bonds 331,699 319.486 Loans on real estate 449,928 239,602 Demand loans with collaterals 252,942 175,168 Other demand loans 3,370 18,214 Time loans with collateral 736,963 554,846 Other time loans 192,703 144,100 Syndicate participations 94,737 Overdrafts 299 122 Due from reserve banks 384,499 170,348 Cash and cash items 182.440 132,390 Other assets 121 75,710 Total $3,376,405 $2.116.886 LiabilitiesCapital stock $200,000 $200,000 Surplus fund 50,000 Winthrop Trust Co. (Boston). 40,000 Undivided profits 6,081 18,012 ResourcesDeposits subject to check Nov. 1 '18. Liabilities1,420,147 No”. 1 '18. 1,172,135 U. S.& State of Mass. bonds Liberty Loan account $25.048 Capital stock 376,784 168,299 Other stocks and bonds 3100.000 Certificates of deposit 127.320 Surplus fund 1,112 2,106 25,000 Loans on real estate Certified checks 15,650 Undivided profits 8,122 461 1,745 Demand loans with collat'l_ 143,500 Treasurer's checks Deposit s subject to check_ 262,119 57,449 1,210 Other demand loans Deposits, savings department 12,875 Certified checks 1,243,329 448,079 Time loans with collateral_ 329 Dividends unpaid 17,750 Treasurer's checks 5,000 6,836 40 Other time loans Other liabilities, reserve for interest 39,875 Due to reserve banks_ _ _ _ 8,380 25,029 65,260 Overdrafts 105 Due to other banks 5,006 B'k'g house turn. and fixtures 15.119 Total liabilities U. S. bond account $3.376,405 $2,116,886 Due from reserve banks_ 70,8.50 80,339 Acceptances 17,000 Cash, currenc y and specie.. * Successor to the Mattapan Deposit & Trust, which reported 35,144 Other liabilities aggregate 194 resources of $1,770,816 on Dec. 30 1916. Total $512,724 Total $512,824 ST. LOUIS COMPANIES. American Trust Co. (St. Louis). ResourcesDec. 31 '18. Bonds and mortgages $1,713,053 Demand loans 2,149,656 Time loans., 2,182,345 Real estate loans 732,568 Due fr. tr. cos., bks., bkrs. & brokers 1,652,21 5 Cash on hand 144,372 Other resources 456,148 Total $9,030,357 LiabilitiesCapital $1,000, 000 Surplus and undivided profits 198,852 Deposits subject to check 3,969,8 13 Certificates of deposit 691,513 Due trust cos., banks and bankers_496,719 Savings deposits......_1,570 ,732 Other Habil., res. for taxes, int.', &c.._ 1,102,72 8 Total $9,030,357 Dec. 31 '17. Dec. 30 '16. $1,029,509 $906,616 2,585,252 2,603,731 1,801,962 1,666,834 558,195 781.628 1,351,056 880,454 490,900 448,275 249,538 1,489 $8,066,412 $7,289,027 $1,000,000 $1,000,000 165,423 215,443 4,084,6961 461,591 0',049,831 475,201 1,592,393 287,108 * 23,753 $8,066,412 $7,289,027 Broadway Savings Trust Co. (St. Louis) . ResourcesDec. 31 '18. Loans on collateral and commercial paper and investment securities $1,125,434 Bonds and stocks 287,917 Duo from trust cos. and banks 219,114 Cash on hand 172,930 Other assets 18,962 Total $1,824,357 LiabilitiesCapital stock $100,000 Surplus 90,000 Undivided profits 29,630 Deposits 1,552,727 Bills payable 50,000 Other liabilities (dividends unpaid)_ _ 2,000 Total $1,824,357 Dec. 31 '17. Dec. 30 '16. $1,182,882 $994,681 123,478 76,589 241,362 252,304 104,716 76,649 22,004 18,000 $1,674,442 $1,418,223 $100,000 75,000 36,055 1,461,387 $100,000 75,000 28,344 1,210,879 2,000 4,000 $1,674,442 $1,418,223 Chouteau Trust Co. (St. Louis). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 Loans on collateral security '16. $278,976 $190.036 Loans on real estate security $214,220 48,700 72,050 Other negotiable paper & non-neg 120,480 otiable paper and invest. securities_ 250,180 288,973 Bonds and stocks 180,322 184,485 146,065 Furniture and fixtures 76,236 1,837 2,437 Due from trust cos. and banks 3,037 89,668 61,388 Checks and other cash items 46,243 19,100 14,110 Cash on hand 24,358 36,967 33,086 Other resources 15,647 4,283 Total 3909,913 3812,428 $680,543 Chouteau Trust Co. (St. Louis) Concluded. LiabilitiesDec. 31 '18. Dec. 31 '17. Dec.30'16. Capital stock paid in $100,00 0 $100,000 $100,000 Surplus 35,000 34,000 30,000 Undivided profits 534 2,082 6.191 Dopes. subj.to draft at sight by indiv. & others, incl. dem. ctfs. of dep...... 431,583 362,616 312,038 Time certificates of deposit 59,565 70.538 87,202 Savings deposits 252,988 173,051 144,986 Bills payable 30,000 70,000 Other liabilities, div. checks outstan'g 243 141 126 Total 009,913 $812,428 $680,543 City Trust Co. (St. Louis). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 27 '16. Loans on collateral security $273,670 $188,272 $154,812 Loans on real estate security 276,157 269,300 107,671 Overdrafts 205 114 Bonds and stocks 1,151 297,534 212,971 Other negotiable and non-negotiable 34,112 paper and investment securities.... _ 372,754 307,528 286,196 Furniture and fixtures 4,443 4,442 5,442 Real estate 7.447 13,818 " 13.965 Due from trust cos. and banks 132,537 108,005 79,781 Checks and other cash items 2,830 802 Cash on hand (currency, gold, silver 240 and other coin) 67,780 39,887 31,251 Total $1.435,357 $1.145,139 $714,621 LiabilitiesCapital stock paid in $100,000 $100,000 $100,000 Surplus 7,500 7,500 7,500 Undiv. prof. less current exp. & tax.. _ 2,646 7,013 4.610 Dep. subj. to draft at sight by indiv. & others, incl. dem. ctfs. of dep...... 873,327 642,069 371.339 Time certificates of deposit • 91,541 83,004 64,099 Savings deposits 261,956 217,140 166,523 Treasurer's checks 17,287 13,413 Reserve for taxes 1,100 550 Bills payable 80,000 75.000 Total 31,435,357 31,145,139 $714,621 Easton-Taylor Trust Co. (St. Louis). ResourcesLoans on collateral Loans on real estate Other securities Liberty bonds Due from banks and trust cos Cash on hand, &c Furniture and fixtures Safe deposit vaults Real estate War Saving certificates Total Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $212,323 $161,601 $166,770 94,007 137,834 135,984 91,703 102,521 92,636 85,750 28,000 116,556 15,087 37,dii 65,382 35,543 22,829 5,475 5,475 5,475 1,120 1,120 1,120 1,647 2,646 2.646 1,016 - $674,979 $489,827 $465,101 . [VoL. 108. THE CHRONICLE 758 ded. Easton-Taylor Trust Co.(St. Louis) Conclu '17. Dec.30'16. LiabilitiesCapital stock paid in Surplus Undivided profits Deposits, demand Time certificates of deposit Demand certificates Savings deposits Treasurer's checks outstanding Christmas club Unpaid dividends Dec. 31 '18. $100,000 20,000 17,592 320,442 39,409 3,660 140,012 33,576 288 $674,979 Total ded. Mississippi .Valley Trust Co.(St. Louis) Conclu Dec. 30'16. Dec. 31 '18. LiabilitiesDec. 31 $3,000,000 $100,000 Capital stock $100,000 3,500,000 28,432 Surplus fund 20,000 1,882,139 • profits ed Undivid 14,439 4,526,525 222,944 Deposits (savings) 225,235 1,443,221 (time) Deposits 28,162 23,919 16,166.009 5,600 Deposits (demand) 1,810 78.607 Rediscounts with Federal Res. Bank 97,243 of St. Louis 1,040 6,667 3,525,000 51. Bills payable to Fed. Res. Bk., St. L 190 5 265 Acceptances and letters of credit__ _ _ 3,148,02 323 10,000 Reserve for interest $465,101 Reserve for taxes $489,827 6,424 Other liabilities $37,207,343 Total Louis). Farmers' & Merchants' Trust Co. (St Dec. 31 '18. Dec. 31 '17. Dec. 27 '16. Resources$320,312 $357,313 $347,578 Loans on collateral 707,226 683,310 631,878 Loans on real estate 227,618 245,241 320,000 Commercial paper 168,262 201,592 288,005 Bonds and stocks 16,000 15,457 16,000 Furniture and fixtures 70,101 55,890 57,866 Cash on hand 137,292 106,659 277,569 es compani trust and Duo from banks • 118,149 85,820 59,622 Tax bills Other resources, real estate owned 116,831 127,017 122,209 and office building $2,120,727 $1,878,299 $1,881,791 Total Liabilities$100,000 $200,000 $200,000 Capital stock 85,000 10,000 25,000 Surplus • 18.690 13,849 11,520 Undivided profits 1 1,678,10 0 1,654,45 1,884,207 Deposits 91 $1.881,7 99 $1,878,2 27 $2,120,7 Total 1916. 1917. 1918. 2% cur. & 4% savAtime Rate of int.pd.on dep_2% cur.,3% sav.,47 time 8% 8% Divs. paid in cal. year 10k ). Jefferson-Gravois Trust Co. (St.'Louis '17. Dec. 27 '16. Dec. 31 '17. $3,000,000 $3,000,000 3,500,000 3,500,000 1,899,404 1,863,441 5,472,979 4,756,913 2,659,835 2,386,506 12,635,926 13,888,595 525,000 2,800,000 635,648 12,000 112,279 13,000 92,238 5,857 619 $32,116,053 $30,644,187 North St. Louis Savings Trust Co. (St. Louis). Dec.31'18. Dec.31'17. Dec.30'16. Resources$278,707 $296,749 $228,066 Real estate mortgage 95,791 165,883 266,112 Stocks and bond invest.(mkt. value) 766,264 356,304 316,403 l Loans and collatera 407,838 504,623 Other loans, incl. bills purchased 124,890 94,053 157,625 Due fr. tr. cos., bks., bkrs. & brokers 56,902 56,000 55,659 Real estate, furniture and fixtures.._ 8,375 . 11,129 30,400 Specie 33,105 92,676 36,601 Legal-tender notes & notes nat. banks 6,698 6,058 12,202 Other resources $1,607,691 $1,486,690 $1,370,732 Total Liabilities$100,000 $100.000 $100.900 Capital '70,823 90,620 96,856 Surplus and undivided profits 533,722 612,108 671,386 Deposits subject to check 641,184 662,462 709,751 Certifs. of dep. and savings deposits.. 25,003 21,500 29,698 Other liabilities $1,607,691 $1,486,690 $1,370,732 Total 1916. 1917. 1918. months;4% yearRate of interest paid on deposits....._-2% chock;3% 6 7% 8% 10% Dividends paid calendar year Savings Trust Co. (St. Louis). Dec. 31 '18. Dec. 31 '17. Dec. 27 '16. Resources$234,416 $230,683 $195,336 Loans on collateral 124,326 127,282 167,480 Loans on real estate Other negotiable and non-negotiable 172,077 252,887 . 309,698 s securitie ent paper and Investm 32,049 68,012 116,199 Bonds and stocks 15,162 9,000 8,500 Real estate 8,657 8,175 10,876 fixtures & Safe-deposit vaults,furn. Due from trust companies, banks, 105,846 50,943 { 169,901 brokers and bankers 13,171 31,850 Checks and other cash items 36,722 30,540 94,887 Cash on hand 6 $742,42 $809,372 $1,072,877 Total Liabilities0 $100.00 0 0 $100.00 $100,00 Capital stock paid in 6.819 13,163 15,920 Surplus and undivided profits 486,248 529,467 751,273 to draft Deposits subject 31,849 31.332 38,161 Time certificates of deposit 117,510 135,410 167,523 Savings deposits $742,426 $809,372 $1,072,877 Total 1916. 1917. 1918. Laclede Trust Co. (St. Louis). & 334% '16. 2% 30 2% Dec. &3% Rate of interest paid on deposits Dec. 31 '18. Dec. 31 '17. Resources6% $201,720 6% 4 8% years__ $183,94 In calendar 3 paid ds $275,13 Dividen Loans on collateral 70,196 57,681 49,395 . Louis) Loans on real estate security (St. Co. Trust South Side Other negotiable and non-negotiable 206,573 315,025 Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. 332,122 Resourcespaper and investment securities.._ _ 111,105 239,271 $651,8621 $884,635 13317,783 347,364 l collatera on Loans Bomb and stocks 4,274 1 243,600 4,604 417,100j 705 security estate real on Loans Real estate 3,450 128 905 3,000 652 2,500 Safe deposit vaults 3,049 Overdrafts 467,829 2,800 462,861 379,967 2,570 stocks and Bonds Furniture and fixtures 77,438 2,000 81,215 2,000 2,000 170,509 banks.. and cos, vaults deposit trust Due from other 460 Safety {225,586 1,410 229,3951 177 Due from trust co's and banks Checks and other cash items 68,751 387.018 118,700 items Cash on hand (currency, gold, silver 11,443 Checks and other cash 36,453 152,360 40,222 119,376 &c.) silver, gold, Cash on hand (curr., and other coin) 196 292,400 & W.S. S ctfs. s. U.S.Trea bds., L.L. War and revenue stamps 483 576 $2,211,452 $1,736,881 $1,478,037 Overdrafts by solvent customers.. __ _ Total $689,708 $925,986 $1,221,468 LiabilitiesTotal $200,000 $200,000 $200,000 Liabilities$100,000 Capital stock paid in $100,000 6,659 20,371 $100,000 38,252 Capital stock paid in 20,000 Surplus and undivided profits 30,000 34,349 15,162 30,000 61,259 and bankers banks Surplus 4,779 Due to 6,435 651,727 763.138 23,268 0 1,127,41 Demand deposits Undivided profits 421,306 556,651 342,181 Deposits subject to draft, including 398,575 Time certificates of deposit 551,120 162,996 746,371 180,059 231,121 certificates of deposit 77,848 Savings deposits 92,349 1,000 1,500 112,092 2,500 taxes and interest for Reserve Time certificates of deposit 82,234 112,994 140,505 158,729 tions subscrip deposits Loan Liberty Savings 30,000 30,000 50,000 ' Bills payable Bills payable 2,131 Reserves for interest, taxes, &c $2,211,452 $1,736,881 $1,478,037 Total All other liabilities, treasurers' checks 6,272 2,988 37,101 Co. (St. Louis). Trust outstanding enter Vandev $689,708 $925,886 $1,221,468 Dec.31 '18. pec. 31 '17. Dec.27'16. Total current, 3% savings and Resources2681 $158,732 Note.-Rato of interest paid on deposits: 2% Loans on collateral3433, 1 147,761 4% time. Negotiable and non-negotiable loans} $460,780 30,409 23,569 estate loans 41,659 109,659 38,418 Mercantile Trust Co. (St. Louis). Dec. 30 '16. Real Bonds and stocks Dec. 31 '17. '18. 115,600 31 Dec. ons obligati ent U.S. Governm esResourc 8,756 056 $20,615,826 Furniture,fixtures & safe dep. vaults. 9,486 $20,204, 9,892 998 $21,479, Time loans 5,355,979 15.132 15,131 5,548,442 14,132 6,400,148 Demand loans 8,016,009 Real estate 216 194 ,378 186,770 _ _ s.. 5.785,5 customer solvent by ts Overdraf stocks Bonds and 54,826 75,000 141,709 1 Due from banks and trust companies} Liberty bonds & U. S. Govt. ctfs. of 12,974,695 25,834 24,365 2,592,680 1 hand on Cash indebtedness 75 285,000 3.300 285,000 Stock in Fed. Res. Bank, St. Louis 880,000 Other resources (collections) 880,000 1,500,000 $483,400 $693,972 $780.531 Real estate (co.'s office building) 250,000 Total 250,000 300,000 Safe deposit vaults 8 es 6,517,37 Liabiliti 7,240,244 9,488,263 $50,000 $50,000 $50.000 Cash and sight exchange Capital stock 7,634 13,630 11,137 Customers' liability acc't acceptances1,466,296 ' 576,844 Surplus and undivided profits 425,766 589,558 719,394 and letters of credit Deposits 485,852 8 1,216,32 40,784 Acceptances 115,197 Other liabilities 7,238 3,424 $483,400 Other resources $693,972 $780,531 Total $60,899,670 $44,840,734 $41,810,389 3% savings. Total Note.-Rato of interest paid on deposits; 4% one year, Liabilities00 $3,000,000 $3,000,000 $3,000.0 2 Co. (St. Louis). West St. Louis Trust 31 Capital stock paid in 0 6,820,000 6,819,13 '18. Dec. 31 '17. Dec. 27 '16. Dec. Surplus and undivided profits taxes.. 6,820,00 Resources435,000 406,683 $106,401 and divs. • $171,317 and int. $148,323 for Reserves 23 30,983,081 a1,RENg Loans on collateral security 41,161,8 121,312 138,292 105,777 Deposits Loans on real estate security tiable non-nego Contingent liability and acceptances 1,466,296 and le Other negotiab 576,844 243,116 277,290 383,204 credit of and letters paper and investment securities 450,000 3,500,000 344 928 410 Bills payable at Federal Res. Bank Overdrafts 6,704 115,534 144,355 181,601 Unpaid dividends Bonds and stocks 256,716 4,700 4,700 20,800 Other reserves 1,478,300 Real estate 4,137 3,226 2,192 Rediscounts at Federal Res. Bank...._ 268,578 Furniture and fixtures 66,478 48,908 127,542 Acceptances rediscounted and sold.._ es and banks compani trust 759,763 from Due 6 4,281,44 l'ns 11,370 12,837 16,676 Subscription payments on Liberty other cash items and 69,168 Checks 26,500 39,029 40,958 Other liabilities on hand 1,319 2,564 2,230 $60,899,670 $44,840,734 $41,810,389 Cash Total Other resources 6 $791,211 $843,44 13 $1,029,7 Total . Louis) (St. Co. Mississippi Valley Trust Liabilities$100,000 $100,000 $100,000 Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Capital stock Resources29,200 30,500 27,000 . $5,882,688 $5,824,709 $6,974,073 Surplus Stocks and bonds 2,453 2,273 195,000 6,004 195,000 stock. cap. Undivided profits Fed. Res. Bank,St. Louis, 3 2,554,77 6 3,525,48 4 in1,752,94 individuals and others Loans on real estate 77 11,022,888 Deposits by 357,690 337,327 10.788,0 0 511,398 9,317,63 deposit_ of certifs. l demand collatera cluding Loans on 4,342,827 92.787 97,458 111,090 6,298,944 4,456,992 Other negotiable & non-nego. paper 112,280 Time certificates of deposit 193,754 212,500 635,649 258,252 3,148,025 Savings deposits Customers' liability on acceptances.... 3 13,200 700 1,949,93 11 8 10,800 4,995,68 bonds ness_ mtge. indebted est, of real ctfs. and U. S. bonds and 150,566 Debentures 613 141,160 fsoo 88,638 4,773 1 Real estate, 72,000 Reserve for interest 60,000 1,500 1 58 50,000 taxes for es Rerve Safe deposit valuts 2.691,719 3 14 1,241,09 830 4 1,417,71 396 Cash on hand 2,615,486 Other liabilities 3,054,036 50,000 3,889,848 Cash on deposit 107,575 Bills payable 243,918 170,224 $791,211 6 s $843,44 13 resource Other $1,029,7 Total $37,207,343 $32,116,053 $30,644,187 Total Dec. 31 '18. Dec. 31 Resources$846,467 $878,664 $928,463 Loans and discounts 5,450 63.720 175,000 Bonds and stocks 10,650 10,650 10,350 Furniture,fixtures & safe dep. vaults.. 27,000 27,000 27,000 building bank estate Real 19,756 21,449 33,206 Other real estate 147,173 137,990 188,777 Duo from banks and cash 411 5,806 7,937 s Other resource 08 $1,056,9 79 $1,370,733 $1,145,2 Total Liabilities0 $100,00 0 $100,00 0 $100,00 Capita) 14,494 19,523 20,654 Surplus and profits 942,414 998,756 6 1,249,76 Deposits 27,000 313 Other liabilities 79 $1,056,908 $1,145,2 33 $1,370,7 Total deposits: 2% check accounts over $500; Note.-Rate of interest paid oncertifica tes. time months' 12 3% savings; 4% 759 THE CHRONICLE - FEB. 22 1919.] BALTIMORE COMPANIES. Maryland Trust Co. (Baltimore). Baltimore Trust Co. (Baltimore). ResourcesLoans Stocks, bonds, securities, &c Real estate, banking houses Interest accrued Collateral against acceptances Cash on hand and in banks Miscellaneous Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. $6,856,521 $7,031,880 $3,672,401 5,579,884 6,962,637 6,015,339 381,982 743,267 561,991 60,044 72,711 81,043 125,000 611,364 2,210,139 2,268,853 7,795 47,467 Total LiabilitiesCapital stock paid in Surplus fund Undivided profits Dividends unpaid Deposits Reserves Bills payable Rediscount Sundry accounts $16,951,456 $15,900,392 $10,438,470 $1,000,000 $1,000,000 $1,000,000 2,000,000 2,000,000 2,000,000 272,342 313,853 279,227 42,875 40,000 40,148 6,505,064 12,998,063 11,057,224 18,189 600,000 1,100,000 540,550 388,450 35,343 58,990 $16,951,456 $15,900,392 $10,438,470 1918. 16% Amount dividends paid on company's stock in calendar year.. _ _ Total Colonial Trust Co. (Baltimore). Resources 31 '18. Dec. 31 '17. Dec. 27 '16. -Dec. Loans and discounts $408,824 $506,447 $445,555 Overdrafts, secured and unsecured_ _ 200 103 97 Stocks, bonds, securities, &c 880,343 807,794 835,390 132,945 Mortgages 125,873 133,945 Bkg. house, furn., fixtures & vault.._ 138,827 126,027 140,472 4 Checks and cash items 403 301 Due from approved reserve agents_ _ _ 148,475 175,669 128,385 24,804 16,292 Lawful money reserve in bank 18015 19,937 574 Miscellaneous 4,715 Total LiabilitiesCapital stock paid in Surplus fund Undivided profits Deposits Other liabilities Total $1,785,659 $1,688,295 $1,746,458 $300,000 • 65,000 28,640 1,381,457 10,562 $300,000 65,000 18,853 '1,304,371 71 $300,000 65,000 5,137 1,376,256 65 $1,785,659 $1,688,295 $1,746,458 Continental Trust Co.(Baltimore). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 31 '16. Loans and discounts $4,606,311 $5,005,149 $4,320,019 Overdrafts, secured and unsecured 5,188 Stocks, bonds, securities, &c 2,078,781 2,418,762 2,143,958 Banking house,furniture and fixtures 1,550,000 1,550,000 1,550,000 Due from banks, bankers and tr. cos.. 2,936,214 846,580 1,924,750 Checks and cash items 2,705 39,853 37,289 Due from approved reserve agents 2,464,781 2,022,245 Cash on hand 33,706 32,043 41,002 Customers' liability on acceptances.. _ 2,350,000 Total $11,212,905 $12,357,168 $14,389,263 LiabilitiesCapital stock paid in $1,350,000 $1,350,000 $1,350,000 Surplus fund 1,350,000 1,350,000 1,350,000 Undivided profits 284,323 266,215 258,270 Due to banks, bankers and trust cos_ 551,450 2,499,2491 1,924,750 Due to approved reserve agents 92,377 120,7931 • Deposits (demand) 5,144,847 6,199,648 6,606,389 Deposits (time) 1,229,908 571,262 549,848 Domestic and foreign acceptances.. _ _ 2,350,000 Bills payable 1,210,000 Total $11,212,905 $12,357,167 $14,389,263 1918. 1917. 1916. Amount dividends paid on co.'s stock, calendar year.... 12% 12% 12% Rate of interest paid on deposits 3% 3% 3% Equitable Trust Co. (Baltimore). ResourcesDec. 31 '18. Dec. 31 '17. Jan. 2 '17. Loans and discounts $6,071,312 $4,975,790 $4,336,259 Overdrafts, secured and unsecured.._ 573 93,700 478 Mortgages in treasury 15,000 24,850 58,650 Mortgages with trustee 42,000 367,850 600,250 Stocks, bonds, securities, &c 2,095,450 1,575,567 1,735,688 Stock Equit, Mtg.&Tr.Co.(absorbed) 938,125 938,125 937,500 Bank. house, vaults, furn. & fixtures_ 124,000 148,000 164,000 Due from banks, bankers & trust cos.. • 256,435 268,294 202,235 Due from approved reserve agents.. 2,102,642 1,574,453 986,766 Lawful money reserve in bank 234,962 195,907 133,510 Miscellaneous 43,832 154',957 63,934 Credit granted on acceptances 20,000 37,425 208,133 Foreign exchange 68,163 7,135 Customers' liability on acceptances 250,000 4 Total $12,262,524 $10,295,994 $9,493,462 LiabilitiesCapital stock paid in $1,000,000 $1,000,000 $1,000,000 Surplus fund 250,000 250,000 250,000 Undivided profits 244,597 118,674 188,404 Due to banks, bankers and trust cos.. 303,782 384,952 556,581 Due to approved reserve agents 73,943 30,423 312,977 Deposits (demand) 7,030,901 4,491,772 5,128,729 Deposits (time) 3,013,132 2,219,203 2,582,689 Mortgage bonds outstanding 41,500 600,000 367,500 Demostic and foreign acceptances.. 270,000 37,425 208,133 Miscellaneous 20,399 43,318 18,676 Foreign exchange rediscounted 14,270 Dec. 31 '18. Dec. 31 '17. Dec. 31 '16. ResourcesLoans and discounts $3,184,951 $2,398,107 $1,636,573 Overdrafts, secured and unsecured 1,726 2,131,852 2,265,5431 2,116,945 Stocks, bonds, securities, &c Real estate owned 265,0001 2,144,278 206,728 Due from banks, bankers & trust cos_ 1,726,142 653,402 431,7291 1,118,580 Due from approved reserve agentg.: Cash on hand 54,7841 354,069 Liberty Loan subscriptions 244,863 36,927 Miscellaneous assets 51,456 61,940 Total LiabilitiesCapital stock paid in Undivided profits Deposits $8,236,678 $8,183,435 $4,665,482 $1,000,000 $1,000,000 $1,000,000 284,208 231,302 295,274 6,952,133 3,381,274 6,941,404 $8,236,678 $8,183,435 $4,665,482 Total Mercantile Trust & Deposit Co. (Baltimore). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 31 '16. Loans and discounts $9,361,125 $9,794,109 $9,383,000 7,287,177 7,883,845 Stocks, bonds, securities, &c 7,271,746 285,000 Banking house, furniture and fixtures 275,000 225,000 100,400 Checks and cash items k 4,040,548 3,957,967f 1 2,819,345 Due from approved reserve agents...1 67,328 40,374 Miscellaneous 9,549 Total LiabilitiesCapital stock, paid in Surplus fund Undivided profits Interest, &c Deposits (demand) Deposits (time) Reserved for war taxes $20,907,968 $21,951,295 $19,942,350 $1,500,000 61,500,000 $1,500,000 3,000,000 3,000,000 3,000,000 244,211 304,632 362,116 17,343 17,324 13,031,933 13.510,130 11,395,140 3,785,656 3,566,533 2,966,595 70,000 30,000 Total $20,907,968 $21,951,295 $19,942,350 1916. 1917. 1918. Divs. paid on co.'s stock in cal. year.. 18% 16reg., 2ext 16 reg.,2ext Note.-Also paid In 1917 a dividend of 66 2-3% in stock of M.& M.T.Co Safe Deposit & Trust Co. (Baltimore). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 30 '16. $2,612,609 $3,100,094 $3,372,890 Stocks and bonds 5,500,094 3,516,883 Loans, demand, time and special_ _ _ _ 2,668,950 396,360 307,913 Mortgage loans 347,127 1,258,408 5,351,817 6,767,626 Cash on deposit in banks 200,000 200,000 200,000 Real estate 35,306 37,355 26,231 Accrued interest receivable 60,727 42,804 517,977 Other assets Total LiabilitiesCapital stock Surplus Undivided profits Deposits Deposits, trust funds $7,631,302 $12,556,866 $16,333,003 $600,000 2,400,000 351,360 *3,334,572 945,370 $600,000 $600,000 2,400,000 2,400,000 212,264 209,033 8,586,331 12,394,010 729,960 758,271 $7,631,302 $12,556,866 $16,333,003 Total 1915. 1917. 1916. 25(inc.5ex.) 25(inc.5ex.) 30% Amt.divs. paid on co's stock in cal.yr. * Decrease due to withdrawal of railroad deposits by the United States Railroad Administration. Security Storage & Trust Co.(Baltimore). ResourcesLoans and discounts Stocks, bonds, securities, &c Other real estate owned Mortgages Cash on hand and in banks Due by firms and individuals Miscellaneous assets Total LiabilitiesCapital stock paid in Undivided profits Deposits Total Dec. 31 '18. Dec. 31 '17. Dec. 31 '16. $144,746 $141,908 $130,064 356,823 245,753 410,853 151,000 179,749 152,091 136,168 54,503 104,011 82,881 50,163 63,026 34,822 10,338 13,900 28,180 $921,052 $831,759 $738,168 $200,000 134,443 586,609 $200,000 124,699 507,059 $200,000 122,747 415,421 $921,052 $831,758 $738,168 Title Guarantee & Trust Co.(Baltimore). ResourcesDec. 31 '18. Dec. 31 '17. Dec. 31 '16. Loans and discounts $1.348,846 $1,289,512 $1,441,298 Overdrafts, secured and assumed_ _ _ _ 124 152 579 Stocks, bonds, securities, &c 373,201 1,521,623 972,949 Banking house,furniture and fixtures 330,200 341,485 325,616 Mortgages 553,012 560,887 397,489 Due from banks, bankers & trustees.. 25,826 150 '71,349 Checks and cash items 9,064 11,204 8,790 359,431 Due from approved reserve agents.. _ _ 339,529 243,436 Lawful money reserve in bank 58,744 61,765 65,351 Accrued interest receivable 13,961 7,343 Miscellaneous 79,483 96,896 172,068 Total $4,165,998 $3,595,892 $3,319,473 LiabilitiesCapital stock paid in $200,000 $200,000 $200,000 Undivided profits 221,774 235,136 238,373 47,959 Due to banks, bankers & trust cos.._ _ 26,525 678 Due to approved reserve agents 8,936 2,686 Deposits (demand) 1,600,028 1,859,246 1,375,615 Deposits (time) 1,345,831 891.867 1,384,543 Total $12,262,524 $10,295,994 $9,493,462 Building loan deposits 111,375 109,294 1918. 1917. 1916. Reserve for interest on deposits 12,700 12,000 7% Amt.divs.paid on co.'s stk.in cal.yr_ 6% Other 6Y% liabilities 330,000 341,797 guar.of Title Bldg.Co. 325,000 deposits 3% chock, 4% savings Rate of interest paid on Total $4,165,998 $3,595,892 $3,319,473 1918. 1917. 1916. Fidelity Trust Co. (Baltimore). 8% on co's stock in cal.yr. 10% 10% Dec. 31 '18. Dec. 31 '17. Dec. 31 '16. Amt.divs.paid Resources3% check balance over V00;4% say. Rate ofinterest paid on deposits $6,925,899 $7,372,142 $6,426,271 Amount Loans and discounts All of deposits receiving interest. All $2,381,960 684 Overdrafts, secured and unsecured 405 059 6,913,270 6,152,323 Stocks, bonds, securities, &c 5,645,834 Union Trust Co. (Baltimore). Due from banks, bankers & trust cos.. 32,029 48,306 98,966 Due from approved reserve agents._.. 1,819,216 3,026,530 3,017,954 ResourcesDec. 31 '18. Dec. 31 '17. Dec. 31 '16. Cash on hand 566,945 512,074 398,223 Loans and discounts $3,815,030 $3,096,168 $2,844,181 13,900 Miscellaneous assets 5,536 2,700 Stocks, bonds,securities, &c 1,373,149 995,626 1,245,096 Banking house,furniture & fixtures.._ 350,000 350,000 350,000 Total $16.271,943 $17,117,316 $15,590,907 Due from banks, bankers & trust cos_ 458,320 560,376 461,621 LiabilitiesDue from approved reserve agents.. 1,395,830 1,214,672 1,350,950 Capital stock paid in $1,000,000 $1,000,000 $1,000,000, Credit granted on acceptances 79,054 100,000 940,000 Surplus fund 1,500,000 1,000,000 1,000,000 Total $7,426,503 $6,498,000 $7,055,570 Undivided profits 67,530 465,530 354,053 LiabilitiesDue to banks, bankers and trust cos_ 1.225,710 3,055,248 1,705,121 Capital paid in $500,000 $500,000 $500,000 Due to approved reserve agents 101,361 163,558 149,892 Surplus stock fund 250,000 250,000 200.000 Deposits (demand) 12,200,823 11,342,374 11,299,766 Undivided profits 173,641 170,489 140,027 Reserve for taxes and interest 165,481 85,070 deposits 5,245,081 6,423,808 5,507,973 Other liabilities 11,038 5,536 82,075 Total Domestic and foreign acceptances.. 79,054 100,000 940,000 Total Total $16,271,943 $17,117,316 $15,590,907 $7,426,503 $6,498,000 $7,055,570 1918. 1917. 1916. 1917. 1916. 1918. Divs. pd. on co.'s stk. in cal. year_ _ _ 10% 6% regular 4% extra 15% 15% 15% Amt.divs.paid on co's stk. in cal.year Rate of interest paid on deposits -2% daily, 3% monthly acc't- Rate of interest paid on deposits__ _--2% act. accts.; 3% inact. accts.- 760 THE CHRONICLE THE ENGLISH GOLD AND SILVER ilfARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of Jan. 30 1919: GOLD. The Bank of England gold reserve against its note issue is £79,832,850, an increase of £356,955 as compared with last week's return. SILVER. No change has taken place in the price of silver, although one may occur at any moment on account of reduced fre,Ights from America to this country. INDIAN CURRENCY RETURNS. In Lacs of RupeesJan. 7. Jan. 15. Jan. 22. Notes in circulation 14824 14889 14720 Silver coin and bullion in India 2295 2118 2028 Silver coin and bullion out of India 882 1032 1101 Gold coin and bullion in India 1967 1890 1890 Gold coin and bullion out of India 12 12 12 Securities (Government of India) 1418 1418 1608 Securities (British Government) 8250 8250 8250 The stock in Shanghai on the 25th inst. consisted of about 27,250,000 ounces in sycee and $12,200,000, as compared with about 26,160,000 ounces In sycee and $12,100,000 on the 18th inst. Quotations for bar silver per ounce standard: Jan. 24 cash_48 7-16d. Jan. 30 cash_48 7-16d. Jan. 25 48 7-16d. Average 48.4375d. Jan. 27 48 7-16d. Bank rate 5% Jan. 28 48 7-16d. Bar gold per oz. standard__77s. 9d. Jan. 29 48 7-16d. 2'To quotation fixed for forward delivery. The quotation to-day for cash delivery is the same as that fixed a week ago. ENGLISH FINANCIAL MARKETS-PER CABLE. The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: London, Feb. 15. Feb. 15. Feb. 18. Feb. 19. Feb. 20. Week ending Feb. 21. Sat. Mon. Tues. Wed. Thurs. 473% Silver, per oz d 4734 4734 4734 4734 Consols, 234 per cents Holiday 59 58% 58% 5834 British,5 per cents Holiday 9434 95 94% 9434 British,434 per cents Holiday 99% 99% 9934 9934 French Rentes (in Paris)_fr_ French War Loan (In Paris) Feb. 21. Fri. 4734 58% 95 993% The price of silver in New York on the same days has been: Silver In N.Y., per oz___cts_101% 10134 10134 10134 10134 STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country, as well as the holdings by the Treasury and the amount in circulation on the dates given: -Stock of Money Feb.1 '19- -Money in Circulation in U.S. aKeld in Treas. Feb. 11919. Feb. 1 1918. $ 5 $ $ Gold coin (including bullion In Treasury) 3,085,459,209 330,089,676 b939,281,718 1,039,557,784 Gold certificates 642,900,575 1,015,280,380 Standard silver dollars- -__ 373.685,930 51,235,103 77,022,475 87,479,957 Silver certificates 233,185,955 460,985,559 Subsidiary silver 242,203,752 8,258,055 233,945,697 214,616,126 Treasury notes of 18901,900,498 1,784,915 United States notes 346,681,016 11,515,175 335,165,841 332,831,528 Federal Reserve notes_ __e2,703,420,225 37,115,287 2,443,956,123 1,117,244,140 Federal Reserve Bank notes 138,250,180 2,857,366 135,392,814 12,219,775 National bank notes 721,928,498 48,761,064 673,167,434 694,220,339 Total 7,611,628,810 489,831,726 5,726,261,029 4,965,878,604 Population of continental United States estimated at 106,877,000. Circulation per capita, 553 58. a This statement of money held in the Treasury as assets of the Government does not include deposits of public money in Fedefal Reserve banks and in national banks and special depositaries to the credit of the Treasurer of the United States, amounting to $1,248,607,387 4. b Includes $426,987,989 Federal Reserve Gold Settlement Fund deposited with Treasurer of the United States. C Includes own Federal Reserve notes held by Federal Reserve banks. Note.-On Feb. 1 1919 Federal Resolve banks and Federal Reserve agents held against Federal Reserve notes $953,886,460 gold coin and bullion, $219,300,780 gold certificates and $222,348,815 Federal Reserve notes, a total of $1,395,536,055, against $875,959,235 on Feb. 11918. Canadian Bank Clearings.-The clearings for the week ending Feb. 13 at Canadian cities, in comparison with the same week in 1918, show an increase in the aggregate of 37.8%. Week ending Feb. 13. 1919. CanabaMontreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton St. John London Calgary Victoria Edmonton Regina Brandon Lethbridge Saskatoon Brantford Moose Jaw Fort William New Westminster Medicine Hat Peterborough Sherbrooke Kitchener Total Canada I 1918. $' $ 90,309,2091 61,066,430 77,954,464 43,124,838 31,048,941 36,382,301 10,045.752 8,717,659 6,111,349 3,691,966 4,402,873 2,410,952 4,366,224 3,129,090 4,564.067 3,334,451 2,722,240 1,832,912 2,548,978 1,545,676 4,817,373 6,118,017 2,069.458 1,672,261 3,473,095 2,871,103 2,679,164 2,535,911 494,492 472,721 568,898 557,941 1,352,025 1,378,287 872,989 684,891 1,367,148. 1,006,291 588,735, 510,129 593,667• 401,444 308,926, 507,370 637,866 463,232 798,133, 419,623 635,078 337,729 Inc. or Dec. 1917. 1916. +47.9 +80.8 -14.7 +15.2 +65.6 +82.6 +30.6 +36.9 +48.6 +64.9 --21.3 +23.7 +21.0 +5.7 -4.4 +1.9 -1.9 +27.5 +35.8 +15.4 +47.8 -39.2 +37.6 +90.2 +88.3 $ 62,335,857 47,869,381 30,143,170 6,009,756 4,077,174 3,400,571 2,467,675 3,872,023 1,751,837 1,787,111, 3,706,114 1,381,415 2,249,733 2,144,607 401,348 491,509 1,235,895 634,959 918,886 446,392 243,039 371,634 453,304 513,166 470,742 $ 55,851,704 42,624,541 22,908,272 4,761,771 4,114,532 2.767,788 2,081,921 3,403,787 1,299,864 1,550,432 3,161,557 1,299,625 1,745,718 1,529,848 438,386 358,969 954,799 523,210 762,620 419,736 174.470 296,441 385,874 255,309,373 185,195,396 +37.8179,377,298 153,415,865 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: By Messrs. Adrian H. Muller & Sons;-New York: Shares. Stocks. Per cent. Shares. Stocks. Per ce 88 Hayden W. Wheeler & Co., pf _ 50 7 United Gas & El. Corp., let pf _ 40 50 Knox Hat, Inc., 1st pref., cum_ 5534 75 The Stafford Co., pref____,$1,600 lot By Messrs. Millet, Roe & Hagen, Boston: Shares. Stocks. $ per sh. 3 per sh. Shares. Stocks. 15 131gelow-Hart. Carpet, pref._ 95 3 Puget Sd. Trac. Lt.& P.,com__ 15 4 Mass. Cotton Mills, full pd. rts.116 5 Waltham Watch, pref 8234 15 U.S. Worsted, 1st pref 70 3 Boston Wharf 85% By Messrs..R. L. Day & Co., Boston: Shares. Stocks. $ per sh. 21 National Shawmut Bank _21434-215 10 Naumkeag Steam Cotton 16334 5 Great Falls Mfg 18234 20 Arlington Mills 11234 50 Pocasset Mfg 8934 2 Boston Belt. Corp., pf.,$50 each. 2534 30 Wamsutta Mills 123 4 Ipswich Mills, common 15334 1 Merrimack Mfg.,common 67% 4 Quissett Mill, common 216 5 Central Vermont RR 105 20 Hood Rubber, preferred 103 1 Columbian Nat. Life Ins 115 33 Bromfield Bldg. Trust 70 flat $ per sh. Shares. Stocks. 3 Fidelity-Phenix Ins., N.Y 405% 20 Boston Wharf 85% 20 Hood Rubber, common 14634 1 U.S. Envelope, pref., ex-div__ -110% 65 10 Towle Mfg., common 2 Wamesit Nat. Bank, Lowell__ - 9834 6 Pepperell Mfg 190 3 Mass. Cotton Mills,full pd.rect.116 2 Shaw Stocking 60 2 Merrimack Mfg., pref., ex-div. 7634 1 Middlesex Co.,common,ex-div. 60 2 Lowell Bleachery 13334 4 Worcester Cons. St. Ry., pref._ 9 By Messrs. Barnes & Lofland, Philadelphia: Shares. Stocks. $ per sh. 20 West. N.Y.& Pa. Ry.,550 ea_ 10 30 Amer.Pipe Az Const.,$50 each. 1034 3 Girard Trust 802 1 Montgomery Trust, Norrist'n_245 2 1st Nat. Bank, Norristown__ _153 30 Real Estate Trust, pref 95-9534 5 Commonw.Pow.Ry.& L.,pref. 4034 55 Reliance Real Estate 25 200 Croft & Allen 70 6 Hale & Kilburn, pref., v. t. c 1934 5 Beryl Mining 20 Phila. & Gulf SS /52 lot 1 Consumers Ice Mfg 40 Corn Exchange Nat. Bank....345 6 Philadelphia Nat. Bank 350 2 Philadelphia Trust 70734 5 Fidelity Trust 557 20 Peoples Trust, $50 each 40 5 Pelham Trust 130% 30 Integrity T.I.T.& S.D.,550 ea-22334 5 Nat. State Bank, Camden.._ _21334 5 Broadway Trust, Camden_ _ _276 10 Fire Assoc. of Phila.,$50 each_312% 20 Peoples Nat.F.Ins 425 ea.1734-1734 25 Phila. City Passenger Ry 12634 20 Phila. Bourse, corn., 550 each.5%-6 1 Shares. Stocks. $ per sh. 22 50 Be Long Hook & Eye 1 Pennsyl. Acad. of Fine Arts_ _ _ 26 8 United Gas & Elec., 1st pref 3934 1,500 Kimberley Cons. Mines,31 ea. 7c. Per cent. Bonds. $1,000 John Wanamaker 5s, 1923.. 95 1,000 New Eng.Pow. 1st 5e,'51- 9034 10,000 Portland Ry. L. & P. coll. 97 7% notes, 1920 2,000 Phila. & Reading RR., Del.Riv.Term.58,1942_100 1,000 Erie Lighting 1st 55, 1967- 87 100 Commonwealth P. R.& L. cony. 7% notes, 1923._ 90 1,000 Chattanooga Ry. & Light 1st & ref. 5s, 1956; Nov. 1918 coupon on.. 45 10,000 Newark Pass. Ry. 1st 9134 cons. 5s, 1930 2,000 Penn Central Lt. & Pow. 1st & cons. Ss, 1963.9234-93 100,000 Morehead & No. Fork RR. 22 1st 5s, 1958 1,000 West. N. Y. & Pa. Ry 45 income 5s, 1943 10134 Commexcial andintscellancons ems Clearings at- [VOL. 108. DIVIDENDS. The following shows all the dividends announced for the future by large or important corporations: Dividends announced this week are printed in italics. Name of Company. 1Vhen Per Cent. Payable. Books Closed. Days Inclusive. Railroads (Steam). Atch. Topeka & Santa Fe, corn. (guar.) 134 Mar. 1 Holders of rec. Jan. 310 2 Mar. 1 Holders of rec. Jan. 28a Baltimore & Ohio, common 2 Mar. 1 Holders of rec. Jan. 280 Preferred Boston do Albany (guar.) 2 Mar. 31 Holders of rec. Feb. 28a Canadian Pacific, common (guar.) 234 Apr. 1 Holders of rec. Feb. 28a 2 Apr. 1 Holders of rec. Feb. 28 Preferred 75c. Mar. 4 Feb. 21 to Mar. 3 Chestnut Hill (quar.) Cin. N.0.& Texas Pacific, pref. (guar.). 134 Mar. 1 Holders of rec. Feb. 21a 3 Mar. 1 Holders of rec. Feb. 21a Cincinnati Northern (annual) Cloy. Chi. Chic. & St. L., pref. (guar.) 1% Apr. 21 Holders of rec. Apr. 1 Cleveland & Pittsburgh, reg. guar.(qu.) 8734c Mar. 1 Holders of rec. Feb. 100 50c Mar. 1 Holders of rec. Feb. 100 Special guar. (guar.) Mar. 1 Holders of rec. Feb. 14a Cripple Creek Cent.. nt. WO (No.53). 1 Dayton Coal. Iron Az Ry., preferred_ _ _ _ Se. Mar. 15 Holders of rec. Feb. 20 tDelaware & Hudson Co.(quar.) 234 Mar.20 Holders of rec. Feb. 262 88734c Mar. 1 *Holders of rec. Feb. 28 Erie & Pittsburgh (guar.) Fonda Johnstown & Gloverso., pref. (qu.)_ 134 Mar. 15 Holders of rec. Mar. 10a 134 Mar. 1 Holders of rec. Feb. 230 tIllinois Central (guar.) Mar. 1 *Holders of rec. Feb. 20 Keokuk & Des Moines, pref *7 Mafae Ce drat, preferred (guar.) 134 Mar. 1 Holders of rec. Feb. 15a 134 Mar. 19 Holders of rec. Feb. 28a Norfolk & Western common (guar.). North Pennsylvania (quar.) $1 Feb. 25 Feb. 14 to Feb. 19 75c. Feb. 28 Holders of rec. Feb. la Pennsylvania(quar.) Phila. Germantown & Norristown (qu.)_ 31.35 Mar. 4 Feb. 21 to Mar. 3 Pittsburgh & West Virginia. pref. (qu.)- 134 Mar. 1 Holders of reo. Feb. 130 Pittsb. Youngs.& Ashtabula, pref. (qu.) 134 Mar. 1 Holders of rec. Feb. 20a Reading Company, first pref. (quar.).. . 50e. Mar. 13 Holders of rec. Feb. 25a *50c Apr. 10 *Holders of rec. Mar. 250 Reading Co., 2nd pref.(guar.) 2% Mar. 1 Sharon Railway 134 Apr. 1 Holders of rec. Feb. 280 Southern Pacific (quar.)(No. 50) Union Pacific, common (quar.) 234 Apr. 1 Mar. 9 to Apr. 8 Preferred 2 Apr. 1 Mar. 9 to Apr. 8 Street & Electric Railways. Cent. Ark. Ry.& Lt., pf.(qu.)(No. 24) 134 Mar. 1 Holders of rec. Feb. 15a Cities Service, corn. and pref. (monthly) % Mar. 1 Holders of rec. Feb. 150 Common (Payable in common stock). 11 Mar. I Holders of rec. Feb. 150 Detroit United Ry. (quar.) (No. 59)2 Mar. 1 Holders of rec. Feb. 13 *134 Mar. I *Holders of rec. Feb. 20 Eastern Wisconsin Elec. Co., pf. *234 El Paso Elec. Co., corn. (qu.) (No. 31)... Mar. 15 *Holders of rec. Mar. 5a Northern Ohio Elec. Corp., pref.(quar.).. *I% Mar. 1 *Holders of rec. Feb. 21a Northern Texas Electric Co., corn.(qu.) 1 Mar. 1 'Holders of rec. Feb. 15a Preferred (quar.) 3 Mar. 1 Holders of rec. Feb. 15a Philadelphia Company. 5% pref $1.25 Mar. 1 Holders of rec. Feb. 10a San Joaquin L. & P., pref. (qu.)(No. 17) 134 Mar. 15 Holders of rec. Feb. 28 West Penn R ys., pref.(guar.)(No.7) 134 Mar. 15 Holders of rec. Mar. 1 Wisconsin-Minn. Lt. & Pow., pref. (qu.) 13j Mar. 1 *Holders of rec. Feb. 20 Banks. Chemical National (0i-monthly) *334 Mar. 1 *Feb. 25 to Feb. 28 Miscellaneous. Acme Tea, tirst preferred (quar.) Acme 1Vhite Lead de Color Wks., pfd.(qu.) Advance Rurnely. preferred (No. 1)... Alax Rubber, Inc., (guar.) Amer. Beet Sugar pref. (qu.) (No. 79). American Chicle, preferred (guar.) American Coal American Cotton 011, common (quar.).. American Druggist Syndicate American Express (guar.) American Fork & Hoe,common (guar.). Preferred American Hide & Leather. Pf. ((Mar.) Amer.Internat. Corp.,corn.& pref (qu.) Amer. Laundry Machinery,corn.(guar.) Preferred (guar.) American Multigraph, common (guar.)._ American Radiator, common (guar.).. _ _ Corn.(extra pay.in L.L.4%% bonds) Amer. Smelt. & Refining, corn. (gnat.). Preferred (quar.) American Stores, 1st pref. (guar.) Amer.Sugar Refining,com.& pref.(qu.) Common (extra) Amer. Sumatra Tobacco pref.(No 18). American Teleg & Cable (guar.) Amer. Teep. & Teleg. (guar.) American Thermos Bottle Amer. Tobao., com.(qu.) (pay. in scrip) Preferred (quar.) American Window Glass Co., prefen ed_ Anaconda Copper Mining (guar) 1% 134 134 51 50 p134 134 $2 1 40e. 134 134 334 1% 90c. 1 1% 2 3 m4 1 1% *134 1% % 334 134 2 50 g5 134 334 $1.50 Mar. 1 Holders of rec. Feb. 200 Mar. 1 Holders of rec. Feb. 20 April 1 Holders of rec. Mar. 17a Mar. 15 IIolders of rec. Mar. 28a April 1 Holders of rec. Mar. 15a Apr. 1 Holders of rec. Mar.22. Mar. 1 Holders of rec. Feb. 280 Mai. 1 Holders of rec. Feb. 15a Mar. 15 Holders of rec. Jan. 31a Apr. 1 Holders of rec. Feb. 28a Mar. 15 Holders of rec. Mar. 5a Apr1115 Holders of rec. April 5 April 1 Holders of rec. Mar. 15a Mar. 31 Holders of rec. Mar. 15a Mar. 1 Feb. 20 to Mar. 1 Apr. 15 April 6 to April 15 Mar. 1 Feb. 21 to Mar. 2 Mar. 31 Mar. 23 to Mar. 31 Mar. 31 Mar. 23 to Mar. 31 Mar. 15 Feb. 27 to Mar. 4 Mar. 1 Feb. 12 to Feb. 20 Apr. 1 *Mar. 22 to Apr. 1 April 2 Holders of reo. Mar. la April 2 Holders of rec. Mar. la Mar. 1 Holders of rec. Feb. 14a Mar. 1 *Holders of rec. Feb. 28 Apr. 15 Mar. 15 to Mar. 25 Apr. 15 Holders of rec. Apr. 5 Mar. 1 Feb. 16 to Mar. 16 Apr. 1 Feb. 16 to Mar. 16 Mar. 1 Feb. 20 to Feb. 28 Feb. 24 Holders of rec. Jan. 18a FEB. 22 1919.] THE CHRONICLE • When Per Cent. Payable. Name of Company.. Books Closed. Days Inclusive. Miscellaneous (Continued) Associated Dry Goods Corp., 1st pf.(qu.) 1 A Mar. 1 Holders of rec. Feb. 8a Second preferred (quar.) 1% Mar. 1 Holders of rec Feb. 8a 5 Mar. 15 Holders of rec. Feb 21a Atlantic Refining (quar.) 3 Mar. 10 Mar. 1 to Mar. 9 Atlas Powder, common (guar.) 131 April 1 Holders of rec. Mar. 12 Bethlehem Steel,common (quar.) 1A April 1 Holders of roe. Mar. 12 Common (extra) Common B (quar.) 134 April 1 Holders of rec. Mar. 12 134 April 1 Holders of rec. Mar. 12 Common B (extra) April 1 Holders of roe. Mar. 12 Cumulative convertible pref. (quar.). v2 el% April 1 Holders of rec. Mar. 12 Non-cumulative preferred (guar.). Booth Fisheries, common (guar.) *50c Apr. 1 *Holders of rec. Mar. 12 *IA Apr. 1 *Holders of rec. Mar. 12 Preferred (guar.) Borden's Cond. Milk pref.(qu.) (No.69) 1 A Mar. 15 Holders of rec. Mar. la Preferred (quar.) (No. 70) 13i June 14 Holders of rec May 31a Brandram-Ifenderson, Ltd., corn. (guar.) Mar. 1 Holders of rec. Feb. la 1 Preferred (guar.) Apr. 1 Holders of rec. Mar. la Brooklyn Edison, Inc. (quar.) Mar. 1 Holders of me Feb. 14a 2 Mar. 1 Holders of rec. Feb. 20a Brown Shoe, Inc., common (quar.) l3 Mar. 15 Holders of rec. Feb. 21 Buckeye Pipe Line (quar.) 32 Mar. 15 *Holders of rec. Feb. 28 California Yacht rg Corp., corn. (guar.).- *$1. Preferred (guar.) *134 Apr. 1 *Holders of rec. Mar. 15 *75c. Mar. 15 *Holders of rec. Feb. 28 Cambria Steel (guar.) *75c. Mar. 15 *Holders of rec. Feb. 28 Extra Mar. lb Holders of rec. Mar. la Canada Steamship Lines, common 2 Mar. 31 Holders of rec. Sept.26 Carbon Steel, las preferred n4 July 30 Holders of rec. July 26 Second preferred (annual) 6 *35c. Mar. 1 *Holders of rec. Feb. 20 Century Steel (guar.) Mar. 1 Holders of rec. Feb. 19a Cerro de Pasco Copper (qu.) (No. 13)— si *3 Chesebrough Mfg.(guar.) Mar. 20 *Holders of roe. Mar. 1 Extra *500 Mar. 20 *Holders of rec. Mar. 1 A Apr. 15 Holders of rec. Mar. 31a Colorado Power, comma;(guar.) Preferred (guar.) 134 Mar. 15 Holders of rec. Feb. 28a 134 Mar. 16 Holders of rec. Feb. 7a Consolidated Gas (quar.) $1 Copper Range Co. (guar.)(No. 49) Mar. 15 Holders of rec. Feb. 20 Cooden & Co., ores. (quar.)(No. 7)- _ _ _ 834c Mar. 1 Holders of rec. Feb. 15a 75c. Mar. 15 Feb. 21 to Mar. 16 Crescent Pipe Line (quar.) *10c Mar. 10 *Holders of rec. Feb. 28 Cresson Con. Gold Min. & Mill (mthly) Crucible Steel, pref. (guar.) (No. 66) 134 Mar. 31 Holders of rec Mar. 15 Cuban-American Sugar, corn. (guar.) _ _ 234 Apr. 1 Holders of rec. Mar. 14a Preferred (guar.) 134 Apr. 1 Holders of rec. Mar. 14a Mar. 1 Holders of rec. Feb. 15a Deere & Co., preferred (quar.) 2 Mar. 15 Holders of rec. Feb. 28a Diamond Match (quar.) Apr. 1 Holders of rec. Mat. 15 Dominion Textile, htd., common (quar.).. 2 Preferred (guar.) 134 Apr. 15 Holders of rec. Mar. 31 Eastern Steel, common (quar.) 234 Apr. 15 Holders of rec. Apr. 1 First and second preferred (guar.)._ 13( Mar. 15 Holders of rec. Mar. 1 Eastman Kodak,common (quar.) 234 Apr. 1 Holders of rec. Feb. 28a Common (extra) 234 Apr. 1 Holders of rec. Feb. 28a 5 Common (extra) May. 1 Holders of rec. Mar. Ma Preferred (quar.) 134 Apr. 1 Holders of rec. Feb. 28a 75c. Mar. 10 Holders of rec. Mar. 1 Elk Horn Coal Corp., corn. (guar.) Preferred (guar.) 75c. Mar. 10 Holders of rec. Mar. 1 Fairbanks, Morse & Co.. Pref. (euar.) 134 Mar. 1 Feb. 21 to Feb. 28 Federal Mining & Smelting, pref. (qu.).. 13( Mar. 15 Holders of rec. Feb. 25a Federal Utilities, preferred (quar.) 134 Mar. 1 Holders of rec. Feb. 15 First National Copper 15e. Feb. 25 Holders of rec Feb. 5 Galena-Signal Oil, pref. A. new pref. (qu.) 2 Mar. 31 Holders of rec. Feb. 28a General Asphalt, pref.(guar.)(No. 47)_ 1 Mar. 1 Holders of rec. Feb. 130 General Chemical, common (guar _ _ 2 Mar. 1 Holders of rec. Feb. 21a General Chemical, pref. (guar.) *134 Apr. 1 *Holders of rec. Mar. 18 General Cigar, Inc., preferred (quar.)_ _ 134 Mar. 1 Holders of rec. Feb. 24 General Fireproofing, corn. & pref. (qu.) rl A Apr. 1 Mar. 21 to Mar. 31 Gillette Safety Razor (quar.) $2 Mar. 1 Holders of ree. Jan. 30 Gillette Safety Razor (quar.) $2 May 31 Holders of rec. May 1 Extra $1 May 31 IIolders of rec May 1 Goodrich (13 F.) Co., common (quar.). 1 May 15 Holders of rec. May 5a Preferred (quar.) 134 April 1 Holders of rec. Mar.2Ia Preferred (quar.) 134 July 1 Holders of rec. June 20a Goodyear Tire & Rubber, common (guar.)_ 3 Mar. 1 Holders of rec. Feb. 15 Grant Motor Car Corp., corn. (No. 1). *10c Mar. 1 *Holders of rec. Feb. 18 GreatNorthern Paper 13-i Mar. 3 Holders of rec. Feb. 24a Greene Cananea Copper (quar.) $1.50 Feb. 24 Holders of rec. Feb. 7a Harbison Walker Retrac., com.(guar.)- 134 Mar. 1 Holders of rec. Feb. 19a Preferred (quar.) 134 Apr. 19 Holders of rec. Apr. 9 Hartman Corporation (quar.) 1 A Mar. 1 Holders of rec. Feb. 20a Hart, Schaffner & M arx,Inc., com.(qu.) *1 Feb. 28 *Holders of rec. Feb. 18 Haskell & Barker Car (quar.) $1 Apr. 1 Holders of rec. Mar. 17a Homestake Mining (monthly)(No.534) 500 Feb. 25 Holders of rec. Feb. 20a Independent Brewing, common (quer.). 50c Mar. 15 Holders of rec. Feb. 28a Preferred (quar.) 134 Feb. 28 Holders of rec. Feb. 19a Inland Steel (guar.) 2 Mar. 1 Holders of rec. Feb. 10 Internat. Cotton Mills, common (quar.) $1 Mar. 1 Holders of roe. Feb. 20 Preferred (quar.) 134 Mar. 1 Holders of rec. Feb. 20a 134 Mar. 1 Holders of ree. Feb. 8a International Harvester, pref. (quar.)_ _ International Nickel, common (quar.)_ _ 50c. Mar. 1 Holders of rec. Feb. 13 Jewell Tea, pref.(guar.) 154 April 1 Holders of rec. Mar.20, Kerr Lake Mines, Ltd. (quar.) 25c. Mar. 15 Holders of rec. Mar. la Kresge (S. S.) Co., pref. (guar.) 134 Apr. 1 Holders of rec. Mar. 17a Laclede Gas Light, common (guar.) *134 Mar. 15 *Holders of rec. Mar. 1 Lake ofthe Woods Milling, corn. (guar.)_ _ 3 Mar. 1 Holders of rec. Feb. 22 Preferred (guar.) 154 Mar. 1 Holders of rec. Feb. 22 Lanston Monotype Machine (quar.)_ -- 134 Feb. 28 Holders of rec. Feb. 18 *1 Laureirtde Power (guar.) (No. 1) Apr. 15 Lehigh Coal & Navigation (quar.) $1 Feb. 28 Holders of roe. Jan. 31a Liggett & Myers Tobacco, cons. (quar.) 3 Mar. 1 Holders of rec. Feb. 17a Lindsay Light, common (quar.) 6 2-3 Mar. 31 Holders of roe. Mar. la Preferred (quar.) 2 1-3 Mar131 Holders of rec. Mar. la Lit Brothers Corporation 50c. Feb. 20 Holders of rec. Jan. 27 Extra 25e. Feb. 20 Holders of rec. Jan. 27 Mackay Cos., common (guar.) (No. 55) 134 Apr. 1 Holders of roe. Mar. 8a Preferred (guar.) (No. 61) 1 Apr. 1 Hollers of rec. Mar. 8a Mahoning Iavestme it 3 Mar. 1 Holders of rec. Feb. 24a Manati Sugar, common (quar.) 234 Mar, 1 Holders of rec. Feb. 15 Manhattan Shirt, common (guar.) 1 Mar. 1 Holders of rec. Feb. 20a Marconi Wireless Telegraph of America.. .25c July 1 *Holders of rec. June 1 May Departmeit Storer, corn. (guar.) _ _ _ _ 134 Mar. 1 Holders of rec. Feb. 20a Mergenthaler Li rolype (guar.) (No. 93).... 234 Mar. 31 Holders of roe. Mar. 5a Michigan Drop Forge, corn. (monthly)_ 15e. Mar. 1 Holders of rec. Feb. 15 Michigan Stamping, corn. (monthly)._ 15e. Mar. 1 Holders of rec. Feb. 15 2 Michigan Sugar, corn. (guar.) Mar, 1 Holders of rec. Feb. 17 Middle Stales Oil Corp. (monthly) lc. Mar. 1 Holders of rec. Feb. 24 Minnesota Sugar, common (guar.) 234 Mar. 1 Holders of rec. Feb. 16 134 Preferred (guar.) Mar. 1 Holders of rec. Feb. 16 134 Mar. 1 Holders of rec. Feb. 15a Moline Plow, first preferred (guar.). Second preferred (quar.) 134 Mar. 1 Holders of rec. Feb. 15a Montgomery Ward & Co., corn. (annual). *5 Feb Montreal Cottons, Ltd., common (guar.)_ _ 1 Mar. 15 Holders of rec. Feb. 28 Preferred (guar.) 154 Mar. 15 Holders of rec. Feb. 28 National Acme Co. (guar.) 75e. Mar. 1 Holders of rec. Feb. 15a National Biscuit, common (guar.) 154 April 15 Holders of rec. Mar. 31 154 Feb. 28 Holders of roe. Feb. 15a Preferred (quar.) (No. 84) National Candy, common 234 Mar, 12' Feb. 19 to Feb. 25 First and second preferred 334 Mar. 12 Feb. 19 to Feb. 25 Nat. Cloak & Solt, pref. (qu.) (No. 19) 134 Mar. 1 Holders of roe. Feb. 21a 01 34 Mar. 20 Holders of rec. Feb. 28 Nat. Enamel & Stp3., corn.(guar.) Preferred (guar.) 8134 Mar. 31 Holders of rec. Mar. 11 *134 Mar. 31 *Holders of rec. Mar. 14 National Lead,common (guar.) 134 Mar. 15 Holders of rec. Feb. 210 National Lead, preferred (guar.) 2 National Screw ct Tact (bi-monthly) Mar. 10 Holders of roe. Feb. 18a National Sugar (guar.) 154 Apr. 2 Holders of rec. Mar. 10 National Surety (guar.) 3 Apr. 1 Holders of rec. Mar. 20a Nebraska Power, pref. (guar.) 154 Mar. 1 Holders of rec. Feb. 18 New York Air Brake (guar.) 23.4 Mar. 21 Holders of rec. Mar. 4a New York Shipbuilding Corp.(No. I)._ it Mar. 1 Holders of rec. Feb. 14a Niles-Bement-Pond, common (quer.) 234 Mar,20 Holders of rec. Mar. la Ogilvie Flour Mills, Ltd., prof.(guar.)._ 134 Mar. 1 Holders of rec. Feb. 20 Ohio Cities Gas, common (quar.) $1.25 Mar. 1 Holders of rec. Feb. 15a Ohio Oil (guar.) *S1.25 Mar. 31 *Holders of roe. Feb. 28 Extra *34.75 Mar. 31 *Holders of rec. Feb. 28 Oklahoma Producing tt Refg. (guar.) 12 Ac. April 2 Holders of rec. Mar.'20 Pabst Brewing, preferred (quay.) 134 Mar. 15 Mar. 7 to Mar. 17 Pacific Coast ShiOuilding, preferred..- _ _ 334 Feb. 15 Holders of rec. Feb. 1 134 .)_ Name of Company. 761 Per When Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Concluded)— Paton Mfg. of Sherbrooke, Canada 2 Mar. 15 Holders of rec. Feb. 28 Bonus 4 Mar. 15 Holders of rec. Feb. 28 Penmans, Limited, common (quar.)_ _ _ May 15 Holders of rec. May 5 13,4 Preferred (quay.) 134 May 1 Holders of rec. Apr. 21 Pennsylvania Rubber, cam. (guar.) .1A Mar. — Preferred (guar.) *134 Mar. — PennsylvanialVater & Power (gu.)(No.21) 1 A Apr. 1 Holders of rec. Mar. 19 Philadelphia Electric (quar.) 43 75e Mar. 15 Holders of rec. Feb. 210 Pittsburgh Brewing, common (quar.)_ _ 50c. Mar. 15 Holders of rec. Mar. la Preferred (quar.) 134 Feb. 28 Holders of rec. Feb. 18a Pittsburgh Steel, preferred (guar.) 1% Mar. 1 Holders of rec. Feb. 150 Porto Rican American Tobacco (quar.)_ g3 Mar. 6 Holders of rec. Feb. 15a Pressed Steel Car,corn.(quar.)(No.34) 2 Mar. 4 Holders of rec. Feb. lla Preferred (quar.)(No.80) 1% Feb. 25 Holders of rec. Feb. 4a *3 Quaker Oats,common (guar.) April 15 *Holders of rec. April 1 *1 Common (extra) April 15 *Holders of rec. April 1 Preferred (guar.) *134 May 29 *Holders of rec. May 1 Quaker Oats, preferred (quar.) 13.4 Feb. 28 Holders of ree. Feb. la . Republic Iron ct Steel, corn.(qu.)(No. 10) 134 May 1 Holders of rec. April 21a Preferred (guar.) (No. 62) 1% April 1 Mar. 21 to April 16 St. Joseph Lead (guar.) 35e. Mar. 20 Mar. 9 to Mar. 20 Savage Arms Corp., common (quar.)_ _ 134 Mar. 15 Holders of rec. Feb. 28a First preferred (quar.) 1% Mar. 15 Holders of rec. Feb. 28a Second preferred (quar.) 13.4 Mar. 15 Holders of rec. Feb 28a Shattuck-Arizona Copper Co. (quar.)... .25c. Apr. 19 *Holders of rec. Mar. 31 Southern Pipe Line (quar.) 5 Mar. 1 Holders of rec. Feb. 15 Southwestern Power ec Light, pref. (gu.). _ 1% Mar. 1 Holders of rec. Feb. 21 Standard Milling, corn. (qu.)(No. 9) 2 Feb. 28 Holders of rec. Feb. 18a Preferred (quar.)(No. 37) 154 Feb. 28 Holders of rec. Feb. 180 Standard Oil (California) (quar.) 234 Mar. 15 Holders of rec. Feb. 15 Extra (payable in 4th L. L. 4 A s)...._ - m234 Mar. 15 Holders of rec. Feb. 15 Standard 011 (Indiana) (quar.) Feb. 28 Feb. 4 to Feb. 28 3 Extra Feb. 28 Feb. 4 to Feb. 28 3 Standard Oil (Kansas) (quar.) *3 Feb. 28 *Holders of rec. Feb. 14 Extra Feb. 28 *Holders of rec. Feb. 14 *3 Standard 00 of N. J.(guar.) *5 Mar. 17 *Holders of rec. Feb. 20 Standard Oil of New York (quar.) Mar. 15 Holders of rec. Feb. 210 4 Standard Oil (Ohio) (quar.) 3 Apr. 1 Mar. 1 to Mar. 19 Extra Apr. 1 Mar. 1 to Mar. 19 1 Studebaker Corporation, corn.(quar.)_ _ Mar. 1 Holders of rec. Feb. 200 1 Preferred (quar.) 1% Mar. 1 Holders of rec. Feb. 200 Tennessee Eastern Elec. Co., pref. (quar.) 134 Mar. 1 Holders of rec. Feb. 17 Thompson-Starrett Co., preferred Apr. 1 Holders of rec. Mar. 25 4 Tobacco Products Corp., pf. (qu.)(No. 25) 1% April 1 Holders of rec. Mar. 14 Tooke Bros., Ltd., pref. (guar.) (No. 27)_ 1% Mar. 15 Holders of rec. Feb. 28 Union Bag & Paper Corp.(quar.) 154 Mar. 15 Holders of rec. Mar. 5 Union Carbide & Carbon (quar.) $1.25 Apr. I Holders of rec. Mar. 100 Union Tank Line 234 Mar. 25 Holders of rec. Mar. 1 United Cigar Stores of Amer.. pref.(qu.) 1% Mar. 15 fielders of rec. Feb. 28a United Drug,second preferred (quar.)_. 13.4 Mar. 1 HOlders of rec. Feb. 156 United Dyewood, preferred (quer.). 1% Apr, 1 Holders of rec. Mar. 14a United Fruit (quar.)(No. 79) 254 Apr. 15 Holders of rec. Mar.200 Extra 50e. Apr. 15 Holders of rec. Mar. 200 U.S. Cast Iron Pipe & Fdy., pf. ul A Mar. 15 Holders of rec. Mar. la U. S. Envelope, common *3A Mar. 1 Common (extra) *2A Mar. 1 4.”.6 Mar. 1 Preferred U. S. Gypsum, pref.(guar.) *15,4 Mar. 31 *Holders of rec. Mar. 15 U. S. Industrial Alcohol, corn. (guar.)-- - 4 Mar. 17 Holders of rec. Mar. 4 U. S. Steel Corporation, corn. (quar.).- 134 Mar.29 Mar. 1 to Mar. 3 Common (extra) 1 Mar.29 Mar. 1 to Mar. 3 Preferred (quar.) 1% Feb. 27 Feb. 2 to Feb. 4 Wabasso Cotton Co., Ltd. (quar.) 134 Apr. 2 Holders of rec. Mar. 14 Wayland 011 dr Gas, common (quar.)_ _ _ 10c. Mar. 10 Holders of rec. Mar. 1 Western Grocer, common *4 June 30 *Holders of rec. June 19 *3 Preferred June 30 *Holders of rec. June 19 White(JO.) Co., pref. ((Mar.)(No.63) 134 Mar. 1 Holders of rec. Feb. 15a White(J.G.) Engineering Corp., pf.(qu.) 1% Mar. 1 Holders of rec. Feb. 15a White (J.G.) Management Corp.,pf.(qu.) 134 Mar. 1 Holders of rec. Feb. 15a 1Vhile Motor (guar.) *31 Mar. 31 *Holders of rec. Mar. 15 Wilmington (Del.) Gas, pref 3 Mar. I Feb. 22 to Feb. 28 Woods Mfg., Ltd.(guar.) 1% Mar. 1 Holders of rec. Feb. 22 Woolworth (F. W.) Co.. common (qu.) 2 Mar. 1 Holders of rec. Feb. 100 Preferred (quar.) 1% Apr. I Holders of rec. Mar. 100 * From unofficial sources. t Declared subject to the approval of Director-General of Railroads. The New York Stock Exchange has ruled that stock will not be quoted ex-dividend on this date and not until further notice. a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. I Payable In common stock. g Payable in scrip. h On account of accumulated dividends. 4 Payable in Liberty Loan bonds. I Red Cross dividend. m Payable in U.8. Liberty Loan 4 A % bonds. n Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919 to holders of record Sept. 26. o Declared 6% on corn, payable in quarterly installments of 134% each on Mar. 20, May 31, Aug. 30 and Nov. 29 to holders of record on Feb. 28, May 10, Aug. 11 and Nov. 10, respectively. p Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 and Jan. 31 1920, to holders of record on April 12. July 12 and Oct. 12 1919 and Jan. 10 1920, respectively. r Declared 7% on pref., payable 154% each on April 1, July I, Oct. 1 1919 and Jan. 11920. s Declared 7% on pref. payable in quarterly installments of 154% each on Mar.31, June 30, Sept. 30 and Dec. 31 to holders of record on March 11, June 10, Sept. 10 and Dec. 11, respectively. I Declared 7% payable 134% each on April 1, July 1, Oct. 1 1919 and Jan. 1 1920. to holders of record March 14. June 14, Sept. 13 and Dec. 13, respectively. u Declared 5%, payable in quarterly installments. o Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable In quarterly Installments of 27 and 134%,respectively, on Apr. 1, July 1,Oct. 1 1919 and Jan.2 1920 to holders of record on Mar. 12, June 16, Sept. 15 and Dec. 15, respectively. New York Clearing House Bank Statement.—To-day being a holiday, the Clearing House issued the usual weekly bank statement after the close of business on Friday afternoon. We give below the summary of weekly totals for the week ending February 21: CLEARING HOUSE MEMBERS, DAILY AVERAGE. Loans, discounts, investments, &c $4,794,050,000 Inc. $50,958,000 Cash in own vaults: Members F. R.Bank..a 97;880,000 Inc. 654,000 *Reserve in F. R. Bank of Member banks 515,199,000 Inc. 9,000 Reserve in own vaults: State bks. & trust cos_ _ _ _ 11,301,000 Dec. 83,000 *Reserve in depositories: State banks & trust cos_ 11,278,000 Inc. 292,000 deposits demand bNet 3,804,851,000 Inc. 23,964,000 Net time deposits 140,687,000 Inc. 81,000 Circulation 36,116,000 Inc. 71,000 a Specie included. b U. S. deposits deducted, $60,906,000. * Aggregate reserve $26,477,000 Excess reserve 33,805,500 Decrease 2,928,690 payable, Bills rediscounts, acceptances and other liabilities 818,584,000 CLEARING HOUSE MEMBERS, ACTUAL CONDITION THIS DAY. Loans, discounts, investments. dtc $4,786,565,000 Dee.$17,084,000 Cash in own vaults: Members F. R. Bank_a 100,548,000 Inc. 3,076,000 *Reserve in F. R. Bank of member banks 501,477,000 Dec. 30,813,000 Reserve in own vaults: State banks and trust cos_ 11,498,000 Inc. 99,000 *Reserve in depositaries: State banks & trust cos_ 11,359,000 Dec. 145,000 b Net time deposits 3.831,656,000 Inc. 35,927,000 Net demand deposits 140,603,000 Dec. 65,000 Circulation 36,056,000 Dec. 110,000 a Specie included. b U. S. deposits deducted, $25,714,000. * Aggregate reserve Excess reserve Decrease Bills payable, rediscounts, acceptances and other liabilities $12,836.000 16,821,810 35,593,670 808,180,000 762 THE CHRONICLE [VOL. 108. Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published In the "Chronicle" of Dec. 29 1917, page 2523. STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OP BUSINESS.FEBRUARY 7 1919. Further reductions by over 30 millions in the volume of U. S. banks bonds and by 50.8 millions in the total of Treasury certificates held by 770 member banks are indicated by the weekly statement of the Federal Reserve Board showing condition of these banks in about 100 leading cities. Loans secured by U. S. war obligations (so-called war paper) show an increase for the week of 15.2 millions for all reporting banks and a much larger increase of 38.8 millions for the banks in the 12 Federal Reserve cities. Aggregate holdings of U. S. war securities and war paper combined were 3,401.4 millions and constituted 24.9% of the total loans and investments of all reporting banks, as against 25.1% the week before. For the member banks in the 12 Federal Resnve cities this ratio remains unchanged at 26.3%, while for the New York City banks a slight decline of this ratio from 29.5 to 29.4% is noted. Government deposits show a reduction of 111.7 millions, largely at the banks in the 12 Federal Reserve cities, time deposits increased 4.8 millions, while net demand deposits declined 165.5 millions. Reserve balances with the Federal Reserve banks fell off 82.3 millions, while cash in vault shows but a nominal decline. I. Data for all reporting banks In each district. Two ciphers (00) omitted. Boston. Member Banks. New York. Philadel. Cleveland. Rtchm'cl. Atlanta. 45 103 56 Chicago, St. Louis. Minneap. Kan. City Dallas. San Fran. 90 82 101 35 47 36 76 44 Total. 770 $ $ $ $ a a $ $ s $ b $ $ U.S.bonds to secure eirculat'n 14,402,0 46,201,0 11,497,0 41,355,0 24,949,0 15,265,0 19,855,0 16,908,0 6,469,0 13,779,0 18,029,0 34,505,0 263,214,0 Other U. S. bonds, including 22,179,0 290,218,0 42,557,0 77,238,0 59,195,0 36,954,0 82,094,0 30,242,0 12,501,0 27,865,0 21,191,0 36,874,0 739,108,0 Liberty bonds U. S. certifs. of Indebtedness_ 90,290,0 688,070,0 94,654,0 120,260,0 48,197,0 46,503,0 180,166,0 43,575,0 28,407,0 31,342,0 15,662,0 76,829,0 1,463,955,0 126,871,0 1,024,489,0 148,708,0 238,853,0 132,341,0 98,722,C 282,115,0 90,725,0 47,377,0 72,986,0 54,882,0 148,208,0 2,466,277,0 Total U.S.securities Loans sec. by U.S. bonds, &c. 81,723,0 653,367,0 145,727,0 95,205,0 39,385,0 18,082,0 86,783,0 24,217,0 10,490,0 11,004,0 8,680,0 20,690,0 1,198,353,0 All other loans & investments 756,195,0 3,944,615,0 606.526,0 961,214,0 367,519,0 301,478,0 1,334,401,0 368,379,0 230,599,0 441,324,0 171,141,0 522,587,0 10,006,011,0 Reserve bal. with F. R. bank. 67,217,0 618,148,0 63,933,0 83,882,0 34,732,C 28,691,0 157.324,0 41,755,0 21,703,0 40,262,0 18,127,0 49,415,0 1,220,219,0 22,720,0 118,817,0 18,604,0 34,220,0 18,517,0 14,492,0 62,068,0 10,806,0 8,601,0 15,186,0 9,352,0 19,764,0 Cash In vault 353,177,0 685,120,0 4,485,633,0 637,511,0 783,043,0 328,222,0 243,505,0 1,146,789,0 300,170,0 214,015,0 386,415,0 152,569,0 423,915,0 9,786,907,0 Net demand deposits 108,733,0 256,937,0 20,468,0 281,848,0 65,567,0 102,327,0 408,903,0 92,652,0 50,878,0 67,117,0 28,209,0 132,813,0 1,616,452,0 Time deposits AA 901 n qnr. 0000 SQ 5090 A7 1195 A 11 A9n n 11 0,11 n 79 90)0 10 RIVI n R ROM A 11 Q000 9 0A7 A 9 1:07 11 AR1 noon P • • PP I • P IP I • p. p • • • PP Number of reporting banks._ 52 2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks. New York. Feb. 7. Jan. 31. 65 65 No.reporting banks $ U. S. bonds to secure eir$ 35,983,0 35,883,0 culation Other U. S. bonds, Includ246,554, 215,572,0 ing Liberty bonds U. S. ctfs. of indebtedness 642,664, 680,490,0 925,201,0 961,945,0 Total U.S.securities Loans sec. by U.S. bds.,&e. 610,341,0 595,076,0 All other loans&investmls 3,570,079,03,603,231,0 Res. balances with F.R.Bk 583,670, 627,034,0 Cash in vault 101,418,0 103,140,0 Net demand deposits 4,119,832, 4,233,775,0 Time deposits 206,087,0 202,723,0 Government deposits 287,546,0 344,081,0 Ratio of U.S. war securities and war paper to total loans and investments , , '29.4 N 29.5 All F. R. Bank Claes. Chicago. Feb. 7. Jan. 31. I Feb. 7. 1 Jan. 31. F. R. Branch Cities. Feb. 7. I Jan. 31. All Other Reporrg Banks Feb. 7. Jan. 31. Total. Feb. 7. Jan. 31. 44 44 2551 255 157 159 358 358 770 772 $ 1,119,C $ 1,119,0 $ 99,863,01 $ 99,773,0 54,729,0 54,673,0 $ 108,622,0 $ 108,601,0 $ 263,214,0 263,047,0 31,516,0 105,493,0 138,128,0 63,764,0 812,181,0 109,336,0 37,939,0 776,641, 156,239,131 53,840,0 ., 769,727,0 739,108,0 35,404,0 399,725,0! 412,478,0 129,013,0 133,977,0 210,340,0 223,272,0 107,956,0 1,019,096,04,073,751,0 224,352,0 220,522,0 220,507,0 220,503,0 1,463,955,0 1,514,776,0 144,479,011,518,684,0,1,586,002,0 408,124,0 409,172,0 539,469,01 552,376,0 2,466,277,0 2,547,550,0 46,806,0 970,288,01 931,536,0 101,589,0 105,482,0 123,470,0 146,227, 1,198,353,0 1,183,245,0 843,486,06,602,781,06,681,767,0 1,493,263,01,499,503, 1,909,967,0 1,919,450,0 10,006,011,0 10,100,720,0 109,743,0908,249,0 977,409,0 149,180,0 149,509,0 167,790,01 180,536,0 1,225,219,0 1,307,454,0 353,177,0 353,950,0 56,482.0 59,138,0 38,706,0 203,077,0' 93,638,01 93,038,0 788,192,0 6,908,605,0 7,039,402,0,1,233,877,01,242,350,0 1,644,425,0 1,670,656,0 9,786,907,0 9,952,408,0 155,219,Q 654,939,0 654,443,0 468,433,0 461,497,0 493,080,01 495,781,0 1,610,452,0 1,611,721,0 581,969,0 693,681,0 51,371,0 458,707,0 548,719,0 59,500,0 61,136,0 63,762,01 83,826,0 19.8 18.4 26.3 20.3 22.8 22.8 21.5 22.5 24.9 25.1 The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Feb. 15: Continued increases in the holdings of war paper in connection with the placing of the 6th issue of Treasury certificates, accompanied by considerable Increases in Government and net deposits and a substantial gain in gold reserves are indicated in the Federal Reserve's Board's weekly bank statement. issued as at close of business on Friday, Feb. 14 1919. For the first time the volume of war paper held by the Reserve banks is shown in excess of 1,600 millions with an increase for the week of 151.9 millions. Other discounts fell off 9.4 millions and acceptances bought in open market-7.6 millions, while Government short-term securities, I. e., Treasury certificates, increased 1.7 millions. Government deposits show an increase for the week of 96.2 millions-which accounts in part for the large borrowings by the member banksmembers' reserve deposits went up 32.7 millions and net deposits-130.5 millions, or only slightly less than the increase in total earning assets. The week saw increases of 14.2 millions in Federal Reserve note circulation, and of 1 million in the aggregate liabilities of the banks on Federal Reserve Bank notes in circulation. This together with the much larger increase in net deposits accounts for a decline of the banks' reserve percentage from 53.5 to 51.9%. notwithstanding a gain of 11.2 millions in gold and of 9.7 millions in total cash reserves. PI The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks. FEDERAL RESERVE DANK OF NEW YORK.-The weekly statement issued by the bank subdivides some certain items that are Included under a more general classification In the statement prepared at Washington. Thus, "Other deposits, &c.,' as of Feb. 14, consisted of "Foreign Oovernment deposits," $92,636,062; "Non-member bank deposits," $5,286,229, and "Due to War Finance Corporation," $138,416. COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF IIUSINESS Feb. 14, 1919. Feb. 14 1919. Feb. 7 1919, Jan. 31 1919. Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Feb. 15 1918. RESOURCES. Gold coin and certificates Gold settlement fund, F. It. Board Gold with foreign agencies Total gold held by banks 'Gold with Federal Reserve agents Cold redemption fund II 347,764,000 437,278,000 5,829,000 1 348,605,000 419,050,000 5,829,000 $ 338,916,000 422,686,000 6,828,000 $ 343,692,000 407,698,000 5,828,000 $ 334,684,000 387,572,000 5,828,000 $ 334,552,000 430,730,000 5,828,000 'S 338,717,000 398,997,000 5,829,000 $ 3 337,365,000 '446,378,000 386,966,000 374,758,000 52,500,000 5,829,000 790,871,000 773,484,000 707,430,000 757,218,000 728,084,C00 771,110,000 743,543,000 717,952,000 1,217,363,000 1,231,166,000 1,253,330,000 1,255,192,000 1,289,105,000 1,238,245,000 1,203,383,000 1,288,309,000 85,368,000 111,113,000 103,533,000 84,013.000 91,346,000 85,768,000 88,907,000 84,715,000 885,844,000 852,375,000 20,323,000 Total gold reserves Legal tender notes, silver, cfcc 2,119,347,000 2,108,183,000 2,112,106,000 2,101,317,000 2,102,557,000 2,094,070,000 2,092,694,000 2,090,274,000 1,758,542,000 67,431,000 55,945.000 60,194,000 65,971,000 67,540,000 67.594.000 67.828,000 60,960,000 67,070,000 Total reserves Bills discounted: Secured by Govt. war obligations All other Bills bought in open market 2,185,318,000 2,175,614,000 2,179,646,000 2,168,387,000 2,170,151.000 2,161,898,000 2,153,054,000 2,146,219.000 1,818,736,000 1,603,052,000 1,451,147,000 1,357,650.000 1,498,298,000 1,346,740,000 1,484,847,000 1,545,274,000 1,400,371.000 233,849,000 243.254,000 243,478,000 263,735,000 254,412,000 273.229.000 284,590,000 302,167.000 275,068,000 282,702,000 281,293,000 284,539,000 273,607,000 277,896,000 290,269.000 303,673,000 249,603,000 252,313,000 287,263,000 Total bills on hand U. S. Govt. long-term securities U. S. Govt. short-term securities All other earning assets 2,111,969,000 1,977,103,000 1.882,421,000 2,046,572,000 1,874,765,000 2,035.972,000 2,120,133.000 2.006.011,000 28,252,000 29,824,000 28,869,000 28,101,0110 28.821,000 28,250,000 28,571,000 28,571,000 141,204,000 139,501,000 266,532.000 147,398,000 271,173,000' 175,809,000 125,063,000 282,677,000 13,000 13,000 13,000 4,000 4,000 4,000 4,000 4,000 789.179,000 52,343,000 105.981,000 4,486,000 2,281,278,000 2,144,858,000 2,177,209,000 2,222,545,000 2,174,513.000 2,240.615,000 2,276,033,000 2.318,170,000 Total earning assets 8,083,000 8,648,000 8,083,000 Bank premises 8,967,000 8,108,000 8,672.000 Uncollected items and other deductions 701,465,000 624,861,000 691,454,000 716,588,000 808.046.000 705,910,000 823,079,000 759,608,000 from gross deposits 6,452.000 5,988,000 6,767,000 6,531.000 6.265.000 6,842,000 6.752,000 6,822,000 5% redemp. fund agst. F. R.bank notes 22,005,000 11,031,000 17,172,000 18,473,000 30,337,000 10,278,000 10,658,000 All other resources 9,788,000 951,989,000 374,327,000 537,000 582,000 5,194,528,000 4,970,615,000 5,075,355,000 5,132,658,000 5,184,490,000 5,141,431,000 5.288.368,000 5,251.990.000 3,146,171,000 Total resources 53.4% 53.1% 71.0% 53.1% 53.6% 53.4% 54.07 53.7'7 Gold reserve against net deposit 53.8% 52.2% 77.1% 52.5% 52.0% 52.8% 53.1% 52.7% Gold res. agst. F. It. notes In act. cire'n 52.9%: 53.34 Ratio of gold reserves to net deposit and 52.9% 74.2% 52.4% 52.6% 52.8% 53.7% F. R. note liabilities combined 53.4% 53.0% 62.9% Ratio of total reserves to net deposit and 51.2% 50.6% 67.7% 52.8% 51.8% 51.9% 52.3% 53.0% F. R. note liabilities combined 53.5% Ratio of gold reserves to F. R. notes in circulation after setting askie 35% • 63.807,, 1108% 65.2% 64.1% 64.1% 62.1% 60.7% 59.7511 against net deposit liabilities FEB. 22 1919.] THE CHRONICLE 763 Feb. 14 1919. Feb. 7 1919. Jan. 31 1919. Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Feb. 15 1918. Capital paid in $ . 81,21.1,000 81,061,000 80,913,000 80,820,000 80,510,000 80,812,000 80,792,000 Surplus 80,681.000 73,229,000 22,733,000 22,738,000 22,738,000 22,738.000 22.738,000 22,738,000 22,738,000 Government deposits 1,131,000 1.134,000 192,970,000 96,809,000 64,928,000 146,381,000 49,370,600 37,291,000 91,321,000 Due to members, reserve account 63,367,000 87,643,000 1,623,153,000 1,590,441,000 1,693,132.000 1,624,415,000 1,695,263, 000 1,640,729, 000 1,602,901.000 1,587.318.000 1,409,714,000 Deferred availability items 517,726,000 439,221,000 472,042,000 511,899,000 534,012,00 0 495,354,000 569,055,000 554,823,000 Other deposits, incl. for. Govt. credits. 112,273,000 112,551.000 120,809,00 228,289,000 0 113,429,000 128,186,000 114,874,000 118,581,000 106,992,000 52,315,000 Totalgross deposits 2,446,127,000 2,239,022,000 2,350,911,000 2,396,124,000 2,406,831, F. R. notes in actual circulation 2,468,338,003 2,454,165,000 2,450,729,000 2,466,556.000 2,512,973,000 2,238,248,000 2,381,858,000 2.312,500.000 1,777,961,000 000 2,590,681,000 2,648,605,000 2.685,244,000 1,281,045,000 F.R. bank notes in circulation-net liab 132,291,000 131,315,00 0 129,445,000 126,810,000 124,997,000 123,466,000 120,267,00 All other liabilities 0 117,122,000 7,999,000 43,773,003 42,314,000 40,619,003 39.610,000 36,447,000 35,486,000 34,108,000 55.309,000 4,803,000 Total itabilitles 5,194,523,090 4,970,615,000 5,075,355,000 5,132,659,0 :30 5,184,496,000 5,141,431,000 5,288,368,000 5.251.990,000 3,146.171,000 DistribtUion by Maturities1-15 days bills bought In open market_. 1,450,470,000 1,302,953, 000 1,219,601,000 1,368,754,000 1283,297,000 84,452,0001 1-15 days bills discounted 82,689,000 76,048,000 61,546,000 55,743,000 1414,208,000j 1,402,827.000 1,254,392,000 348,930,00 53,030,000 1-15 days U.S. Govt. short-term secs7,869,000 0 6,339,000 132,845,000 8,523,000 146,815,000 49,207,000 1-15 days municipal warrants 8,837,000 176,436,000 10,000 16-30 days bills bought in open market10,000 634,000 57,683,000 72,951,000 77,373,000 91,787,000 92,171,000 55.622,000} 16-30 days bills discounted 63,848,000 65,083,000 74,984,000 63,689,000 89,617,000 72,098,000 16-30 days U. S. Govt. short-term secs320,185,000 340,022,000 93,985,000 724,000 370,000 25,000 8,711,000 16-30 days municipal warrants 779,000 1,263,000 31-60 days bills bought in open market_ 10,000 87,037,000 88,873,000 95,112,000 198,206,00 129,955,00 31-60 days bills discounted 103,967,000 103,872,000 103,623,000 108,353,000 160,741,000 104,198,0001 0 0 161,024,0001 268,008,000 271,754.000 31-60 days U.S. Govt.short-term secs_ 185,542,000 130,030 967,000 631,000 1,001,000 1,030,000 10,568,000 31-60 days municipal warrants 460,000 627,000 4,000 4,000 61-90 days bills bought in open market _ - 218,152,000 204,853,00 10,000 7,000 0 184,717,000 175,933,000 68,381,000 33,624,0001 61-90 days bills discounted 24,561.000 37,699,000 41,140,000 53,434,000 65,416,000r 102,077,000 113,506,000 51,058,000 61-90 days U.S. Govt.short-term aces.. 150,567,000 217,000 7,169,000 15,003 16.000 15.000 2,643,000 61-90 days municipal warrants 643.000 1,027.000 1,000 4,000 3,000 Over 90 days bills bought in open market 3,000 1,000 23,503,000 24.771,000 24,925,000 27,354,000 27,353,000 Over 90 days hills discounted 27,811,000 } 27,036,000 Over 90 days U.S. Govt.short-term secs 132,264,000 125,026,00 26.937.000 10,155,000 132,671,00 0 0 137.859,00 0 123,287.000 104,680,000 114.344,000 103,324,000 Over 90 days municipal warrants 3,000 4,000 3,000 469,000 Federal Reserve NotesIssued to the banks 2,690,702,000 2,691,859,000 2,703,420,000 2,730,916, 000 2,770,301,000 2,844,516,000 2,866,047,000 2,855,604.000 1,392,484,000 Held by banks 222,314,000 237,694,000 252,691,000 264,360,000 257,328.000 253,835,000 218,442,000 170,360.000 111,439.000 In circulation 2,468,388,000 2,454,165,000 2,450,729,000 2,466,556,000 2,512,973,000 2,590,681,000 2,647.605,000 2,685,244,000 1,281,045,000 Fed. Res. Notes (Agents Accounts)Received from the Comptroller 4,001,520,000 3,935,640.000 3,967,080,000 Returned to the Comptroller 883,253,000 858,001,000 821,235,000 3,948,640.000 3,938,240,000 3,932,000,000 3,913,960,000 3,865,020,000 1,910,160.000 801,809,000 775,134,000 752,544,000 737,223,000 724.491.000 281,146,000 Amount chargeable to agent 3,118,267,000 3,127,679,000 3,142,795,000 In hands of agent 427,565,000 435,820,000 439,375,000 3,146,831,000 3,163,106,000 3,179,456.000 3,176,737,000 3.140,529,000 1,629,014,000 415,915,000 392,805,000 334,940,000 310,690.000 284,925,000 236,530,000 Issued to Federal Reserve banks.-2,690,702,000 2,691,859, 000 2,703,423,030 2,730,916,000 2,770,301,000 2,844,516,000 How Secured2,866,047,000 2.855.604.000 1,392,484,000 By gold coin and certificates 225,147:003 225,147,000 240,527,000 241,527.000 249,707,000 254,656,000 246,315,000 246,327,000 290,923,000 By lawful money By eligible paper 1,473,339,000 1,460,693,000 1,450,099.000 1,475,724,000 1,481,196.000 1,606,271.000 1,604,664,000 1.567,295,000 Gold redemption fund 540,109,000 83,758,000 84,562.000 80,142,000 77,193,000 80,598,000 82.599,000 With Federal Reserve Board 84,632,000 81,951.000 44,512,000 908,458,000 921,457,000 932,661,000 936.472,00 0 958,800,000 900,990,000 930,436,000 960,031.000 516,940.000 Total 2,690,702,009 2,691,859,000 2,703,420,000 2,730.916, 000 2,770,301,000 2,844,516,000 2,866,047,000 2,855,244,000 1,392,484,000 Eligible paper delivered to F.R.Agent. 2,037.501,009 1,920.051, 000 1,823,435.000 1,978.084.000 1,813,066,000 1,993,694,000 2,069,228,000 1,956,357,000 575,434.000 WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 14 1919 Two ciphers (00) omitted. Boston. RESOURCES. Gold coin and certificates Gold Settlement Fund, F. R. B'd Gold with foreign agencies .5 3,136,0 41,673,0 403 0 Total gold held by banks. _ Gold with Fed. Reserve Agen Gold redemption fund 45,,'), 51,343,0 12,424,0 Total gold reserves 109,281,0 Legal tender notes, silver, So._ 5,249,0 New York. Phila. Cleveland. Rtchnierid. Atlanta. Chicago. - 5. $ $ $ i 3 261,690,0 145,0 21,172,0 2,311,0 8,252,0 22,560,0 21,300,0 44,815,0 58,013,0 20,088,0 15,949,0 120,662,0 2,011,0 403,0 525,0 201,0 175,0 816,0 285,001,0 45,368,0 79,710,0 22,603,0 24,376,0 144,038,0 258,669.0 72,702,0 130,994,0 50,246,0 41,243,0 299,327,0 25,000,0 14,301.0 2,570,0 6,634,0 4,378,0 24,397,0 St. Louis. Minneap. Kan.City, Dallas. San Fran. $ $ $ 4,244,0 8,296,0 162.0 29,082,0 22,589,0 31,996,0 233,0 233,0 291,0 3 $ 5,946,0 9,550,0 7,993,0 23,118,0 204,0 321,0 Total. $ 347,764,0 437,278,0 5,829,0 33,559,0 31,118,0 32,449,0 14,143,0 32,989,0 790,871,0 70,475,0 55,918,0 48,797,0 20.540,0 117,107,0 1,217,363,0 3,523,0 4,108,0 5,704,0 2,208,0 5,866,0 111,113.0 563,670,0 132,371,0 213,276,0 79,483,0 69,937,0 467,762,0 107.557,0 91,144,0 86,950,0 36,891,0 155,962,0 2,119,347,0 51,657,0 299,0 1,351,0 231,0 878,0 1,395,0 2,311,0 160,0 277,0 1,822,0 340,0 65,971,0 Total reserves 114,533,0 623,327,0 132,370,0 214,627,0 79,714,0 70,875,0469,138,0 109,868,0 91,304,0 87,227,0 38,713,0 156,302,0 2,185,318.0 Bills discounted: Secured by C18vernment war obligations_ 146,403,0 731,071,0 177,622,0 97,010,0 81,019,0 58,542,0 131,878,0 All other 7,318,0 51,449,0 14,291,0 6,745,0 12,008,0 17.929,0 20,812,0 43,025,0 15,999,0 33,000,0 21,393,0 61,040,0 1,603,052.0 Bills bought in open market.... 11,213,0 54,927,0 2,274,0 61,750,0 7,619,0 8,550,0 34,709,0 7,279,0 1,937,0 39,363,0 32,099,0 22,619,0 233,849,0 15,268,0 26,570,0 12,242,0 2,595,0 37,351,0 275,068.0 Total bills on hand 164,934,0 837,447,0 191,187,0 165,558,0 100,646,0 85,021,0 187,399,0 65,572,0 44,506,0 84,605,0 56,087,0 126,010,0 2,111,969. U. B. Gov't long-term securities_ 538,0 1,393,0 1,385,0 1,084,0 1,234,0 0 378,0 4,510,0 1,151,0 119,0 8,868,0 3,970,0 3,468,0 U. B. Gov't short-term securities 10,416,0 28.101,0 43,033,0 11,280,0 11,006,0 5,299,0 6,964,0 16,612,0 7,058,0 9,300,0 5,416.0 4,399,0 5,351,0 141,204,0 All other earning assets 4,0 433 Total earning assets 175,888,0 886,873,0 200,852,0 177,705,0 107,179,0 92,367,0 208,521,0 73,791.0 53,925,0 98,889,0 64,456,0 134,829,0 2,281.278. Bank premises 800,0 2,653,0 0 500,0 295,0 217,0 2,936,0 510,0 Uncollected items and other de400,0 221,0 400,0 8,967,0 ductions from gross deposits.. 58,671,0 199,761,0 78,876,0 49,018,0 44,083,0 31,598,0 72,470.0 43,328,0 16,973,0 49,975,0 5% Redemption fund against 19,666,0 37,046,0 701,465,0 F. It. bank notes 511,0 1,333,0 575,0 534.0 244,0 364.0 901,0 313,0 All other resources 283,0 627,0 298,0 333,0 356,0 2,941,0 6,842,0 998,0 1,425,0 499,0 707,0 1,110,0 432,0 94,0 418,0 748,0 946,0 10,658,0 Total resources 350,736,0 1,714,400,0 420,471,0 443,303,0 232,014,0 196,128,0 755,099,0 228,275,0 162,579,0 237,536,0 124,102.0 LIABILITIES. 329,879,0 5,194.528,0 Capital paid in 6,773,0 20,925,0 7,473,0 9,201,0 4,064,0 3,196,0 11,295,0 3,801,0 2,948,0 3,659,0 3,194,0 4,679,0 Surplus 1,535,0 8,322,0 1,301,0 1,776,0 1,156,0 81,211,0 775,0 3,316,0 801.0 Government deposits 726,0 1,211.0 27,920,0 592,0 1,224,0 43,132,0 18,950,0 22,738,0 Due to members, reserve account 98,880,0 673,3311,0 98,697,0 19,155,0 5,121,0 7,599,0 25,892,0 11,100,0 8,023,0 10,020,0 3,756,0 12,302,0 192,970,0 53,256,0 .45,517,0 224,556,0 59,501,0 48,033,0 72,094,0 38,105,0 Deferred availability items 45,084,0 147,206,0 65,5'33,0 130,188,0 35,852,0 30,648,0 20,407,0 57,517,0 35,573,1) 7,626,0 32,026,0 17,752.0 80,995,0 1,623.158,0 All other deposits, including for22,502,0 517.726,0 eign government credits 1,517,0 101,533,0 1,011,0 251,0 76,0 64,0 853,0 218.0 190,0 346,0 73,0 6,091,0 112.273,0 Total gross deposits 173,401,0 965,257,0 184,101,9 F. It. notes In actual circulation_ 155,834,0 664,613,0 214,301,0 185,416,0 89,101,0 7:1,587,0 308.818,0 106,392,0 63,872,0 114,486,0 59,686,0 121,890,0 2,446,127.0 2:33,874,0 130,958,0 110.320,0 409,884,0 109,282,0 89,051,0 103,417,0 F. R. bank notes in circulation, 53,239,0 193,515,0 2,468,338.0 net liability 9,577,0 35,524,0 10,670,0 10,102,0 4,965,0 6,878,0 17,281,0 6,601,0 4,872,0 12,516,0 6,007,0 6,293,0 132,291.0 All other liabilities 3,566,0 18,759,0 2,532,0 2,907,0 1,770,0 1,372,0 4,505,0 1.393,0 1,110,0 2.197,0 1,384.0 2,278,0 43,773,0 Total liabilities 350,736.0 1,714,400,0 420,471.0 413.309.0 232.014.0 194.128.0 755.099.0 228.275.0 162.579.0 237.536.0 124.102.0 329.870.0 5.194,523,0 STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEB. 14 1919. Two ciphers (00) omitted. Boston. New York. Phila. Clereland. Richmond Atlanta. Chicago. St. Lewis. Minneap Kan.City. Dallas. Ain Fran. Total. Federal Reserve notes: $ S $ $ S $ i $ Received from Comptroller $ 254,560,0 1,326,680,0 :330,420,0 327,840,0 $ 8 4 $ 202,820,0 200,560,0 559,440,0 164,540,0 124,480,0 157,700,0 101,960,0 Returned to Comptroller 70,070,0 :388,920,0 85,290,0 47,081,0 45,840,0 31,841,0 71,691,0 36,531,0 22,456,0 33,616,0 24,221.0 250,520,0 4,001,520,0 25.689,0 883,253.0 Chargeable to F. R. Agent_ 184,490,0 937,760,0 245,130,0 280,759,0 In hands of F. R. Agent 24,380,0 158,000.0 23,015,0 30,265,0 156,980,0 168,719,0 487,742,0 128,099,0 102,024,0 124,084,0 77,739,0 224,831,0 3,118,287,0 22,405,0 53,945,0 48,280,0 7,415,0 11,700,0 14,020,0 23,110,0 11,000,0 427,565,0 Issued to F. R. Bank, less amt returned to F. It. Agent for redemption -• 160,110.0 779,060,0 222,085,0 250,494,0 134,575,0 114,774,0 439,462.0 120,594,0 90,324,0 110,064,0 54,629,0 213,831,0 3ollat'l security for outsrg notes: 2,690.702,0 Gold coin and Ws.on hand.. 173,740,0 23,270,0 2,504,0 13,052,0 Gold redemption fund 12,581,0 9,343,0 14,929.0 15,813,0 12,726,0 2,246,0 2,469,0 6,382,0 2,544,0 1,866,0 2,437,0 2,775,0 10,228,0 225,147.0 Gold Set'm't Fund. F. R. 13'cl. 42,000,0 70,000,0 56,889,0 83,758,0 Eligible paper, min'm required 108,767,0 521,091,0 149,383,0 95,000,0 48,000,0 36,270,0 292,945,0 67.931,0 41,000,0 46,360,0 5,184,0 106,879,0 908.458.0 119,498,0 84,329,0 73,531,0 140,135,0 50,119,0 34,406,0 61,267,0 34,089,0 96,724,0 1,473,339,0 Total 160,110,0 779.960,0 222,085,0 250,494,0 134,575,0 114,774,0 439,462,0 120,594,0 90,324,0 110,064,0 54,629,0 213.831,0 kmount of eligible paper deliv2,690.702.0 ered to F.It. Agent 164,934,0 837,447,0 151,538,0 164,772,0 98,455,0 76,396,0 187,399,0 F. R. notes outstanding 160,110,0 779,760,0 222,085,0 250,494,0 134,575,0 114,774,0 439,462,0 65,572,0 43,984,0 84,605,0 56,087,0 106,317,0 2,037,506,0 120,594,0 90,324,0 f. It. notes held by bank 110,064,0 54,629,0 213,831,02 4,226,0 115,147,0 7,784,0 16,620,0 3,617,0 4,454,0 29,578.0 11,312,0 1,273,0 6.597,0 1,390,0 20,316,0 ,090,702.0 222.314,0 P'. R. notes in actual clreulatfon. 155.384.0 664.613.0 214,301,0 233,874.0 130.1)58.0 110.320.0 409;884,0 109.232.0 89,051,0 103.467,0 53.239.0 193.515,02.4153.383.0 [VoL. 108. THE CHRONICLE 764 s.-The following detailed statement Statement of New York City Clearing House Banks and Trust Companie Feb. 15. The figures for the sepending week the for shows the condition of the New York City Clearing House members of the week are also given. end at figures actual totals, of case the In results. daily the arate banks are the averages of on page 761. to-day found Ire will 21 February The summarized totals, both actual and average,for week ending NEW YORK WEEKLY CLEARING HOUSE RETURN. CLEARING HOUSE MEMBERS. Week ending Feb. 15 1919. Capital. I Net Profits. 1Nat. Banks Dec. 31. State Banks Nov. 1 Trust Co's Nov. 1 Members of Federal $ $ Reserve Bank. 2,000,000 5,617,200 Bank of NY. N B A_ 7,165,700 2,500,000 Co.. Bank of Manhat 2,000,000 2,731,300 Merchants' Nat Bank 6,000,000 11,301,600 Mech & Metals Nat.. 1,500,000 6,859,700 Bank of America_ _ _ National City Bank.. 25,000,000 51,412,500 3,000,000 9.437,300 Chemical Nat Bank.. 900,000 1,000,000 Atlantic Nat Bank_ 98,300 300,000 Nat Butch & Drovers 5,000,000 5,689,400 Amor Exch Nat Bank Nat Bank of Comm__ 25,000,000 24,607,800 500,000 1,097,500 Pacific Bank 3,500,000 2,573,000 Chath & Phenix Nat_ 3,000,000 17,112,706 Hanover Nat Bank.._ 2,550,000 3,098,000 Citizens' Nat Bank.._ 2,000,000 2,316,800 Metropolitan Bank _ 3,500,000 8,548,600 Corn Exchange Bank 1,500,000 7,980,700 Imp & Traders Nat 5,000,000 18,698,900 National Park Bank.. d609,100 East River Nat Bank d1,000,000 1,000,000 4,050,000 Second Nat Bank...._ First National Bank.. 10,000,030 30,504,000 4,500,000 5,811,200 Irving National Bank 427,300 1,000,000 N Y County National 664,000 1,000,000 Continental Bank Chase National Bank 10,000,000 15,000,900 200,000 2,223,700 Fifth Avenue Bank_ 871,100 200,000 Commercial Exch'ge_ 753,900 400,000 Commonwealth Bank 1,000,000 1,992,200 Lincoln National Bk.. 1,000,000 1,317,500 Garfield Nat Bank_ 398,000 250,000 Fifth National Bank.. 1,000,000 3,602,800 Seaboard Nat Bank 3,000,000 4,446,900 Liberty Nat Bank 1,000,000 1,044,100 Coal & Iron National 1,000,000 1,219,800 Union Exchange Nat 1,500,000 2,518,300 Co._ Trust Brooklyn Bankers Trust Co.._ c15,000,000 c16,617,800 2,000,000 4,628,600 US Mtge & Trust Co 25,000,000 27,428,900 Guaranty Trust Co 1,000,000 1,283,200 Fidelity Trust Co.... 5,000,000 6,850,500 Columbia Trust Co 1,000,000 1,306,400 Peoples Trust Co...... 3,000,009 10,769,900 New York Trust Co_ 1,000,000 1,170,100 Franklin Trust Co 614,300 1,000,000 Lincoln Trust 2,000,000 4,383.200 Metropolitan Trust 1,000,000 1,200,900 Nassau Nat, Br'klyn 1,500,000 1.142,000 Irving Trust Co 5,000,000 12,009,800 Farmers Loan &Trust Loans, Discounts, Investments, &c. . Gold. Legal Tenders. Silver. Average. Average. Average, $ $ $ 51,000 23,000 47,803,000 243,000 313,000 63,480,000 70,000 88,000 28,194,000 150,000 151,758,000 7,444,000 170,000 264,000 32,444,000 500,266,000 8,263,000 3,015,000 216,000 154,000 87,244,000 60,000 84,060 15,304,000 49,000 9,000 3,346,000 202,000 573,000 104,891,000 344,000 39,000 398,065,000 198,000 59,000 15,678,000 458,000 488,000 94,520,000 162,000 132,759,000 4,241,000 31,000 113,000 36,245,000 145,000 554,000 58,365,000 108,000 167,000 125,817,000 411,000 42,060 37,463,000 558,000 37,000 194,183,000 178,000 3,000 5,535,000 24,000 127,000 19,304,000 286,000 21,000 238,877,000 266,000 89,000 114,353,000 37,000 56,000 11,569,600 18,000 18,000 7.189,000 347,521,000 2,598,000 2,709,000 160,000 52,000 20,505,000 41,000 50,000 6,944,000 21,000 40,000 7,221,000 209,000 111,000 15,656,000 5,000 2,000 12,878,000 22,000 33,000 6,546,000 142,000 337,000 49,388,000 187,000 77,005,000 52,000 5,000 14,915,000 56,000 17,000 13,780,000 21,000 70,000 36,368,000 170,000 90,000 282,445,000 34,000 22,000 63,883,000 74,000 501,175,000 1,182,000 36,000 90,000 11,078,000 39,000 25,060 87,376,000 63,000 46,000 27,748,000 8,000 66,000 107,064,000 36,000 64,000 25,922,000 12,000 10,000 22,179,000 36,000 79,000 46,092,000 73,000 6,000 15,095,000 85,000 90,000 40,726,000 10,000 129,529,000 3,750,000 National Bank and Federal Reserve Notes. .. Reserve with Legal Deposicaries. Additional Deposits with Legal DeposfCaries. Average. Average. Average. Average. 3 $ $ $ 276,000 4,519,000 93,000 873,000 7,329,000 479,000 183,000 3,026,000 230,000 579,000 2,103,000 20,879,000 451,000 3,422,000 325,000 968,000 1,877,000 96,625,000 756,000 8,171,000 349,000 102,000 1,926,000 221,000 361,000 8,000 45,600 411,000 1,412,000 11,325,000 624,000 1,556,000 35,068,000 680,000 1,923,000 259,000 1,582,000 2,799,000 10,917,000 796,000 16,734,000 465,000 50,000 4,700,000 354,000 877,000 2,955,600 440,000 2,081,000 4,036,000 17,633,000 178,000 3,281,000 52,000 912,000 20,022,000 336,000 952,000 88,000 16,000 476,000 2,352,000 284,000 352,000 18,992,000 648,000 1,735,000 1,592,000 15,459,000 502,000 1,410,000 116,000 806,000 115,000 13,000 140,000 38,015,000 1,344,000 497,000 2,395,000 522,000 950,000 90,000 87,000 260,000 1,232,000 62,000 543,000 2,029,000 117,000 153,000 1,634,000 122,000 189,000 1,108,000 95,000 455,000 5,837,000 91,000 492,000 7,783,000 11,000 562,000 1,069,000 137,000 334,000 1,617,000 240,000 497,000 3,293,000 119,000 723,000 29,279,000 52,000 392,000 5,847,000 194,000 273,000 2,384,000 51,914,000 160,000 1,097,000 38,000 724,000 10,074,000 191,600 638,000 2,686,000 234,000 182,000 6,761,000 2,000 180,000 2,276,000 124,000 340,000 2,350,000 42,000 41,000 • 631,000 3,871,000 279,000 1,053,000 69,000 556,000 1,622,000 5,501,000 324,000 14,702,000 55,000 National Bank Circuits-lion. Net Demand Deposits. Net Time Deposits. Average. $ 30,711,000 53,949,000 21,263,000 147,102,000 27,219,000 553,551,000 57,620,000 13,775,000 3,031,000 83,275,000 257,779,000 15,427,000 82,129,000 127,110,000 32,172,000 22,901,000 128,382,000 24,588,000 151,372,060 5,415,000 15,650,000 140,835,000 115,443,000 10,806,000 5,598,000 262,273,000 18,496,000 6.692,000 7,396,000 14,739,000 11,344,000 6,899,000 42,492,000 55,436,000 12,374,000 14,478,000 26,695,000 227,552,000 51,212,000 383,925,000 8,459,000 71,154,000 24,360,000 55,496,000 15,433,000 17,010,000 32,167,000 10,282,000 42,342,000 108,559,000 Average. Average. 3 $ 773,000 1,819,000 305,000 1,837,000 2,656,000 3,755,000 25,986,000 1,445,000 442,000 5,645,000 148,000 543,000 296,000 5,514,000 4,885,000 4,676,000 70,000 8,705,000 2,173,000 150,000 988,000 189,000 50,000 1,712,000 51,000 2,702,000 4,961,000 50,000 250,000 639,000 1,665,000 8,397,000 814,000 1,186,000 197,000 520,000 10,440,000 1,100,000 40,000 61,000 477,000 240,000 1,702,000 402,000 466,000 4,412,000 9,709,003 1,007,000 21,198,000 510,000 6,584,000 1,709,000 2,385,000 1,790,000 1,761,000 1,220,000 697,000 1,003,000 7,681,000 210,000 306,000 245,000 70,000 793,000 412,000 390,000 50,000 3,654,368,000 139,301,000 36,045,000 32,291,000 11,562,000 17,532,000 35,841,000 515,190,000 Average for week__ 197,400,000 354,107,400 4,593,591,000 3,668,690,000 139,333,000 36,166,000 532,290,000 36,068,000 4,653,098,000 31,156,000 12,140,000 18,108,000 Totals, actual conditi on Feb. 15 3,668,466,000 139,608,000 36,444,000 4,564,502,000 33,083,000 11,366,000 17,377,000 34,092,000 517,822,000 3,747,013,000 142,668,000 35,972,000 Totals, actual conditi on Feb. 8 558,159,000 31,258,000 17,542,000 12,403,000 4,618,682,000 33,912,000 3,793,421,000 135,160,000 36,020,000 Totals, actual conditi on Feb. 1 4.628.812,000 33,960.000 12,652,000 17,192,000 34,807,000 545,414.000 Totals, actual conditi on Jan. 25 Not Mem bers of Fede rat Reserve Ba nk. 16,31W,000 State Banks. 129,000 1,478,000 1,138,000 97,000 595,000 16,352,000 500,000 1,476,800 5,321,000 72,000 Greenwich 319,000 322,000 12,000 45,000 237,000 5,653,000 816,600 250,000 25,657,000 • 62,000 Bowery 2,212,000 550,000 464,000 596,000 832,000 23,926,000 1,000,000 1,206,500 42,000 39,328,000 N Y Produce Exch... 352,000 2,948,000 809,000 809,000 1,078,000 1,504,000 39,363,000 548,300 2,000,000 State 42,000 86,703,000 486,000 85,294,000 3,218,000 1,816,000 1,414,600 3,159,000 6,617,000 3,750,000 4,018,200 Totals, avge for wk 48,000 87,066,000 165,000 6,877,000 3,220,000 1,443,000 85,775,000 3,296,000 1,819,000 40,000 87,057,000 Totals, actual conditi on Feb. 15 396,000 85,012,000 3,188,000 1,739,000 1,376,600 2,973,000 6,948,000 45,000 87,251,000 Totals, actual conditi on Feb. 8 891.000 7.148,000 3,105,000 1,313,000 1,486,000 85,113,000 3,186,000 04.000 Totals, actual conditi on Feb. 1 84,710,000 237,000 5,919,000 82,737,000 3.169,000 1,446.000 1,348,000 3.049,000 Totals, actual conditi on Jan. 25 Not Mem bers of Fede rat Reserve Ba nk. 663,000 24,016,000 Trust Companies. 526,000 503,000 2,765,000 132,600 117,000 117,000 40,420,000 5,000,000 11,947,000 600,000 15,770,000 232,000 Title Guar & Trust__ 459,000 1,601,000 84,000 162,000 203,000 23,787,000 4,000,000 5,236,200 Lawyers Title & 39,816,000 1,203,000 758,000 962,000 4,369,000 216,000 279,000 320,000 61,207,000 17,184,100 9,000,000 Totals, avge for wk 39,973,000 1,287,000 349,000 834,000 4,627,000 188,000 281,000 318,000 61,776,000 39,708,000 1,276.000 Totals, actual conditi on Feb. 15 946,000 4,330,000 1,622,000 178,000 284,000 327,000 64,298,000 38,798,000 1,273,000 Totals, actual conditi on Feb. 8 1,089,000 4,079,000 901,000 179,000 282,000 291,000 63,090,000 Totals, actual conditi on Feb. 1 38,666,000 1,007,000 435.000 857,000 4,377.000 222.000 277.000 303,000 62,155.000 Totals, actual conditl on Jan. 25 13,657,000 19,162,000 39,962,000 520,176,000 1,244,000 a3,780,887,000 140,606,060 36,045,000 Grand aggregate,avge 210,150,000 375,339,700 4.743,092,000 35,829,000 -123,000 +619,000 +2401000 -17,774,000 -1,117,000 -41,605,000 -822,000 -201,000 +9,923,000 -873,000 Comparison prey wk.. 514,000 b3,795,729,000 140,668,000 36,166,000 14,210,000 19,739,000 40,122,000 543,794,000 +498,000 -250,000 -278,000 Grand ag'gate. actual condition Feb. 15...... 4,803,649,000 34,770,000 +851,000 +808,000 +2111000 +14688000 -1.504,000 +89,837,000 -1,828,000 Comparison prey wk. 0 140,024,000 36,444,000 3,795,231,00 2,018,000 529,106,000 38,011,000 13,389,000 18,931,000 Grand ag'gate, actual condition Feb. 8.... 4,713,812,000 36,598,000 14.231,000 19,030,000 35,264,000 569,386,000 1,980,000 3,873,062,000 14:3,986,000 35,972,000 0 136.321,000 36,020,000 Grand ag'gate, actual condition Feb. 1..__ 4.766,899,000 37.389,000 14,375.000 18.762.000 38,713,000 555,710.000 3,916,797,00 672,000 Grand ag'gate, actual condition Jan. 25... 4.773,704.000 37,432,000 14.573.000 20.288.000 40.662.000 579.958.000 1.778.000 3.960.733.000 144.860.000 38.040.00C Grand ag'gate. actual condition Jan. 18..... 4.805.045.000 37.275.000 . c As of Jan. 7 1919. d As of Jan. 111019. a U. S. deposits deducted, $259,838,000. b U. S. depos Is deducted, $284,382.000 STATEMENTS OF RESERVE POSITION Actual Figures. Averages. Reserve Cash In Reserve In Vault. Depositaries Members Federal Reserve Bank. Statebanks Trust companies* Total Feb. 15_ Total Feb. 8_ Total Feb. 1.. Total Jan. 25.. Total Reserve. Reserve Required. Sdrpius Reserve. Inc. or Dec. from PreviousWeek 515,190,000 515.190,000 470,246,870 35,943,130 -12,144,030 a +129,820 017,460 9,607,000 6,617,000 16,221,000 15,606,540 +50,000 173,600 1,777,000 4,369,000 6,146,000 5,972,400 11,384,000 526,176.000 537,560.000 500.825,810 10,950,000 543,950,000 554,900,000 506,201,600 11,132,000 545,149,000 556,281,000 517,235,660 10,888,000 537,754,000 548,642,000 519,620,860 36,734,190 -11,964,210 48,698,400 +0,653,060 39,045,340 +10,024,200 29,021.140 -21,238,310 Reserve Cash Reserve In Vault. Depositaries 9,778,000 1,621,000 Total Reserve. Reserve Required. Surplus Reserve. Inc. or Dec. from PreviousWeek $ $ 532,290,000 532,290,000 481,109,600 51,180,310 +14,447,130 +420,380 983,120 6,877,000 16,655,000 15,671,880 +137,250 252,050 4,627,000 6,248,000 5,995,950 11,399,000 543,794,000 555,193,000 502,777,520 11,011,000 529,106,000 540,117,000 502,715,280 10,748,000 569,386,000 580,134,000 512,016,610 10,671,000 555,710,000 566,381,000 518,247,230 52,415,480 +15,013,760 37,401,720 -29,815,670 67,217,390 +19,083,620 48,133,770 -18,504,780 • • Not members of Federal Reserve Bank. Federal Reserve Banks of State banks and trust companies, but in the case of members of the Jan.25, $4,170,570. a This is the reserve required on net demand deposits in the case was as follows: Feb. 15, 54,179,039; Feb. 8, $4,203,420; Feb. 1, $4,173,570; which deposits, time net on required reserve of amount also Includes Bank include hanks and trust companies, but in the case of members of the Federal Reserve b This Is the reserve required on net demand deposits in the case of StateFe..). 15, $4,179,990; Feb. 8. $4,188,240; Feb. 1, $4,280,040; Jan. 25, $4,054,800. also amount of reserve required on net time deposits, which was as follows: follows: as was members of the Federal Reserve Bank, c Amount of cash In vault, which Is no longer counted as reserve for $101,339,000. Feb. 15, $97,226,000; Feb. 8, $95,641,000: Feb. 1, $98,172,000; Jan. 25, members of the Federal Reserve Bank, was as follows: for reserve as counted longer no is d Amounts of cash in vaults, which $98,611,000 Feb. 15, $97,472,000: Feb. 8, $95,918,000: Feb. 1, $95,175,000; Jan. 25, FEB. 22 1919.] TIIE CHRONICLE The State Banking Department reports weekly figures showing the condition of State banks and trust companies in New York City not in the Clearing House, as follows:. SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT. (Figures Furnished by Slate Banking Department.) Differences from Feb. 15. previous week. Loans and investments $766,692,600 Inc. $7,512,500 Specie 8,402,200 Inc. 40,600 Currency and bank notes 16,255,500 Inc. 639,400 Deposits with the F. R. Bank of New York 61,140,800 Inc. 2,342,100 Total deposits 797,880,800 Inc. 5,133,900 Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 723,998,000 Inc. 7,429,900 Reserve on deposits 126,594,10C Inc. 1,441,600 Percentage of reserve, 19.8%. RESERVE. State Banks - -Trust ComapniesCash in vaults $17,313,700 12.50% 368,484,800 13.63% Deposits in banks and trust CO3-..- 12,132,000 8.75% 28,663,600 5,76% Total 329,445,700 21.25% $97,148,400 19.39% Feb. 15 1919. Specie. Feb. 15 1919. Differences from previous week. Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston Clearing House weekly statement for a series of weeks: BOSTON CLEARING HOUSE MEMBERS. Feb. 15 1919. Changes from previous week. Feb. 8 1919. Feb. 1 1919. $ $ $ $ Circulation 4,767,000 Dec. 22,000 4,789,000 4,767,000 Loans,disc'ts & investments_ 525,167.000 Dec. 5,579.000 530,746,00 0 521,594,000 Individual deposits, Inci.U.S. 412,278.000 Dec. 12,483,000 424,761,00 0 443,349.000 Due to banks 110,207,000 Inc. 650,000 109.557,000 107,203,000 Time deposits 12,635,000 Dec. 18,000 12,653.000 12,564,000 Exchanges for Clear. House_ 14,679,000 Dec. 512,000 15,191,000 16,300,000 Due from other banks 65,053,000 Inc. 4,370,000 60,683,000 67,673,000 Cash in bank & in F.R.Bank 58,317,000 Dec. 412,000 58,729,000 61,112,000 Reserve excess In bank and Federal Reserve Bank__ 13.663.000 Inc. 1.158.000 12.505.000 14.077.000 • Total Reserve in Legal Cash in DeposiTenders. Vault. larks. $ $ $ $ $ Oct. 19......,-. 5 33.267.0 4.487•786•5 70•376•0 92II445I8 162I821 I8 580 $ 29596 4 . Oct. 26 5,457.805,1 4,520,483.8 71,255,2 94,750,5 166,005,7 619,305,3 Nov. 2 5,499,400,2 4,364,815,8 69,692,6 85,425,1 155,117.7 585,223,6 Nov. 9 5,471.164,4 4,430,932.2 68,979.4 89.755,9 158,735,3 591,280,8 Nov. 16 5,489,226.0 4,515,346,9 69,440,7 91,559,5 161,000,2 Nov. 23 5.470,203,8 4,511,208,2 69,250,8 92.303,2 161.553,8 610,910,4 Nov. 30 5,360,177,9 4,449,150,6 68,759,7 93,100.6 162,160,3 603,681,3 Dec. 7 5,330,133,6 4,458,973,9 67,037,7 89,010,6 156,978,3 602,957,6 Dec. 14 5,384.107,7 4,527,415,1 68,311.3 03,272,8 159.584,1 592,651,4 Dec. 21 5,373,134,6 4,592,634,0 65,076.3 93.695.1 158,771,4 602,623,2 Dec. 28 5,378.736,5 4,587,455.7 67,193,9 96,364,4 163.558,3 617,283,4 Jan. 4 5,416,960,5 4,650,393,4 68,390,9 101,977,4 170,368,3 574,521M Jan. 11 5,473,492,2 4.635.058.5 68,438,0 99,357.3 167.793,3 632.301,0 Jan. 18 5,495.539,4 4,673,410,1 67,343,1 97,395,8 164.738,9 625,290,3 Jan. 25 5.544,714,0 4,650.058,3 65,359,1 97,127,9 162,487,0 613,079,3 5,525,768, Feb. 1 3 4,630,229,8 64,674,0 04.640,6 159,314,6 600.970,4 5,492,269,0 4,539,150.1 63,606,6 92,116,8 155,723,4 587,250,3 Feb. 8 586,326,1 t,s1, in 5.509.784.6 4.504.885.0 (13.393.2 95.174.3 158.587.5 566_071 a Philadelphia Banks.-The Philadelphia Clearing House statement for the week nding Feb. 15, with compara tive figures for the two weeks preceding, is as follows. Reserve requirements for members of the Federal Reserve system are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash vaults" is not a part of legal reserve. For trust companiin es not members of the Federal Reserve system the reserve required is 15% on demand deposits and includes "Reserve with legal depositaries" and "Cash in vaults." •Included with 'Legal Tenders" are national bank notes and Fed. Reserve notes livid by State banks and trust cos.. but not those held by Fed. Reserve members. In addition to the returns of "State banks and'trust companies in New York City not in the Clearing House," furnishe by the State Banking Department, the Department alsod presents a statement covering all the institutions of this class in the City of New York. For definitions and rules under which the various items are made up, see "Chronicle," V. 98, p. 1661. The provisions of the law governing the reserve requirements of State banking institutions as amended May 22 1917 were published in the "Chronicle" May 19 1917 (V. 104, p. 1975). The regulations relating to calculating the amount of deposits and what deductions are permitted in the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045) Trust Companies. Differences from previous week. $ Capital as of Nov. 1_ 21,100,000 99,550,000 Surplus as of Nov. 1_ 42,973,000 169,723,C00 Loans & Investments 568,335,000 Inc. 9,875,400 2,035,320,200 Inc. 9,755,500 Specie 8,407,000 Inc. 131,200 12,498,900 Dec. 635,500 Currency & bk. notes 26,057,300 Inc. 1,578,500 20,529,600 Inc. 1,125,300 Deposits with the F. H. Bank of N.Y. 47,631,900 Dec. 5,150,400 197,408,000 Inc. 1,630,300 Deposits 634,188,600 Inc. 8,163,000 2,001,267,800 Dec. 38,832,400 Reserve on deposits_ 100,421,700 Dec. 3,698,500 280,727,60 0 Dec. 2,319,900 P. C.reserve to dep. 20.4% Dec. 0.8% 17.4% Inc. 0.4% COMBINED RESULTS OF BANKS AND 'TRUST COMPANI ES IN GREATER NEW YORK. (Two ciphers omitted.) Loans and Demand Investments Deposits. State Banks. Week Ended Feb. 15. The averages of the New York City Clearing House banks and trust companies combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House, are as follows: Week Ended- 765 STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY. Week ending Feb. 15 1919. Two ciphers (00) omitted. Membersof F.R.System Capital Surplus and profits Loans, disc'ts & Investtn'ts Exchanges for Clear.House Due from banks Bank deposits Individual depoeits Time deposits Total deposits U.S.deposits(not included) Res've with Fed.Res.Bank at:Wye with legal deposit's Cash in vault. Total reserve & cash held_ Reserve required Excess res. & cash In vault $29,475.0 78,288,0 732,615,0 23,888,0 106,480,0 154,637,0 469,660,0 5,195,0 629,492,0 Trust Cos. $3,000,0 7.631,0 27,043,0 374,0 10,0 284,0 16,822,0 17,106,0 52,657.0 14,959,0 67,616,0 49,547,0 18.069.0 Feb.8 1919. Feb.1 1919. 332,475,0 85,915,0 754,248,0 21,416,0 97,913,0 148,308.0 479,368,0 5,070,0 632,746,0 34,364,0 53,276,0 2,501,0 15,411,0 71,188,0 51,822,0 19.366.0 332,475,0 85.967,0 757,184,0 23,530,0 104,220,0 148,861,0 484,176,0 4.808,0 637,845,0 41,419,0 52.574,0 2,862,0 15,611,0 71,047,0 51,510,0 19.537.0 Total. 1,981,0 857,0 2,838,0 2,508,0 330.0 $32,475,0 85,919,0 759,658,0 24,262,0 106,490,0 154,921,0 486,482,0 5,195,0 646,598,0 33,211,0 52,657,0 1,981,0 15,816,0 70,454.0 52,055,0 18.399.0 +Cash in vault Is not counted as reserve for Federal Reserve bank members. Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing non-member institutions which are not included in the "Clearing-Hous e return" on the preceding page: RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. CLEARING NON-MEMBERS. 1 Net Capital. I Profits. Loans, Discounts, (Nat. banks Deo.31 Investments, Week ending Feb. 151919. State banks Nov. 1 &c. Trust cos. Nov. 1) _ Gold. Legal Tenders. Silver. National Bank it Federal Reserve Notes. Reserve with Legal Deposilanes. Additional Deposits with Legal Depostmiles. Net Demand Deposits. Net Time Deposits. National Rank Circulalion. Members of Average. Average. Average. Average. Average. Average. Federal Reserve Bank. Average. Average, $ Average. Average. $ $ Battery Park National Bank_ 1,500.000 1,463,500 11,592,000 $ $ 3 3 3 a a 11,000 15,000 3,000 Columbia Bank 120,000 1,437,000 1,000.000 651.200 15,329,000 184,000 7,146,000 68,000 194,000 16,000 289,000 Mutual Bank 383,000 1,419,000 200,000 548.000 9,674,000 666,000 13,915,000 397,000 118,000 Now Netherland Bank 80,000 1,319,000 200.000 106.500 5,054,000 407,000 9,996,000 237,000 3,000 24,000 53,000 W. R. Grace & Co.'s Bank 151,000 765,000 500.000 290,000 757,100 8,050,000 5,050,000 68,000 4,000 7,000 Yorkville Bank 1,181,000 200.000 609,100 0,536,000 5,859,000 870,000 1.000 45,000 327,000 First Nat'l Bank, Brooklyn 913,000 300,000 347,000 668,900 7,974,000 5,383,000 4,278,000 5,000 5,000 35,000 138,000 National City Bank, Brooklyn 300.000 677,000 602,700 6,507,000 422,000 6,493,000 481,000 300,000 4,000 22,000 49,000 126,000 583,009 First Nat'l Bank. Jersey City 400,000 1.309.200 11,099,090 445,000 5,590,000 426,000 120,000 80,000 109,000 82,000 291,000 900,000 3,951,000 7,449,000 400,000 Total 4,600,000 6,806,200 81,815,000 124,000 . 182,000 _ 674,000 1,616,009 9.254,000 6,712,000 66,881,000 6,825,000 1,014,000 State Banks. Not Members of the Federal Reserve Bank. . Bank of Washington Heights_ 100,000 469,500 2,465,000 72,000 38,000 178,000 Colonial Bank 131,000 500.000 1.088,400 11,277,000 2,297,000 171,000 338,000 455,000 386,000 International Bank 966,000 500,000 198,800 5,763,000 125,000 11,605,000 161,000 11,000 65,000 417,000 198,000 Mechanics' Bank, Brooklyn 1,600,000 865,700 26,580,000 5,156,000 648,000 142,000 292,000 563,000 868,000 2,408,000 North Side Bank, Brooklyn79,000 26,784,000 200,000 226,600 4,811,000 40,000 21,000 15,000 111,000 304,000 292,000 249,000 4,618,000 319,000 Total 2,900,000 2.849,000 50,8913,000 567,000 656,000 1,232,000 2,153,000 3.995,000 453,000 50,460,000 1,007,000 --Trust Companies. Not Members of the Federal Reserve Bank. Hamilton Trust Co. Brooklyn 500,000 1,030,700 8,316,000 313,000 9,000 12,000 142,000 Mechanics Trust Co. Bayonne 297,000 254,000 200.000 377.900 8,738,000 5,953,000 1,198.000 14,000 17,000 74,000 188,000 438,000 209,000 4,866,000 4,071.000 Total 700.000 1,408,600 17,051,000 327,000 26,000 86,000 330,000 735,000 463,000 10,819,000 5,269,000 grand aggregate 8,200.000 11.063,800 152,765,000 1,018,000 864,000 1,992,000 Comparison previous week._ +2,371,000 -12,000 +49,000 -34,000 4,099,000 13,984,000 7,628,000 8128,160,000 13,101,000 1,014,000 +375,000 -257,000 +1374000 +2,405,000 +374,000 Excess reserve $407,040 decrease _______ Grand aggregate Feb. 8---- 8,200,000 11,063,800 150,394,000 815,000 2,026,000 3,724.000 14,241,000 6,254,000 Drawl aggregate Feb. 1_ _ __ 8.200.000 11.063.800 117.144,000 1,030,000 125,755,000 12,727,000 1,014,000 1,018,000 665,000 1,980,000 3,863,000 13,856,000 4.035.000 grand aggregate Jan. 25____ 8,200,000 11,152,600 146,738,00 796.000 2.068,000 3.980,000 13.948.000 8,069,000 123,687,000 12,581,000 1.002.000 grand 'unmeant0 Tan 18____ 8.200.000 11 152.600 I is:.2i R.onn0 1.016,000 1.083,000 740.000 2.185.000 4,144.00013.906,000 8.030.000 122.550.000 12.444.000 1.009.000 127.286.000 12.327.000 1.006.000 a U. S. deposits deducted. 115.716,000. [Vol,. 108. THE CHRONICLE 766 Vaulters" azette. STOCKS. Week e7diig Feb. 21. Sales for Week. Range for Week. Lowest. Highest. Range since Jan. 1. Lowest. Highest. .5 p er share. Par. Shares $ per share. $ per share.5 per share Jan Feb 50 40 Wall Street, Friday Night, Feb. 21 1919. 100 1,200 40 Feb 20 42 Feb 17 160 Adams Express Jan Jai 165 10 160 Feb 17 160 Feb 17 The Money Market and Financial Situation.—Busi- Am Brake S&F pref _100 10 Feb 98 Jan 93 10 Feb 97 19 Feb 97 Am Sumat Tobac pf _100 Feb 21 17% Jan 2634 Jan ness at the Stock Exchange has been more active this week Associated Dry Goods100 1,100 19% Feb 17 20% Feb Jan 70% Jan 2 68 100 600 74 Feb 17 75 than any previous week this year. A definite cause for AS90Clated 011 Jan 21 7% Jan 8 Feb 7% 21 Feb 7% 100 Bir & Jan 102% Feb 102 19 Feb this new interest in the market is not easy to locate, although Atlanta 10 102% Feb 19102% Baldwin Locom pref_100 Feb Feb 111 Feb 18111 Feb 17 110 there is some ground for a little more hopeful feeling in re- Barrett preferred _ _ ....100 30 110% 1% Feb 20 1% Feb 18 1% Jan 1% Feb Batopilas Mining_ _ _20 6,00 Jan gard to the railway situation. We refer especially to a Beth 100 91 Feb 21 91 Feb 21 90% Feb 91% Feb 100 pref Steel Feb 100 Feb 17 100 decision by the House Appropriation Committee in favor liklyn Edison Inc_ _ _100 15 100 Feb 17 100 Feb Feb 98 Feb 98 17 10. 98% Feb 17 98% Shoe pref._ _ _100 of a further sum of $750,000,000 for railway needs, and an Brown 9% Feb 21 9% Feb 15 sg Feb 10% Jan Terminal_100 30 Feb 72% Feb 10 72% Feb 20 72% Feb 20 70 apparently growing sentiment against the former Director- Brunswick Buff Roch & Pitts__ _100 Jan 18% Feb 16 100 1,700 16% Feb 15 is% Feb 19 -57 General's recommendation that the Government retain ButterIck Arizona_..10 Feb 61% Jan 20 Feb 60 15 Feb 58% 700 Calumet & years. five of period Jan 93% Feb further a 91% for 18 Feb railroads the 93% 17 of Feb control 100 309 93% Case (J I) pref Feb 33% Feb 21 33% Feb 21 From whatever cause the market has been strong through- Central Fdry pref_...i00 100 Feb 3 " 37 b 20 en ja F 0 " 7 21 3 20 Feb 207 21 Feb 100 207 of N J_ _100 RR to Central tendency a was Feb 7% there 5 6 when Jan to-day 7% until 21 week Feb out the 100 734 Feb 21 734 Chicago & Alton__ ....100 Jan Feb 6034 Feb 21 6034 Feb 21 00% hesitate pending the two days' holiday to follow. The Cluett,Peabody&Co100 100 Jan % Jan 108 7% 3 0 13 19 Feb Feb 19106% 100105% 100 e Preferred speculativ a of course Feb extent 40 to some Jan been has t 19 Feb movemen Comouting-Tab-Rec 100 200 49 Feb 18 40 Feb 8% Jan (1% 20 Feb 7 advanced have 18 issues Feb railway 6% of 200 list ble a considera but _10 one, Cons Interstate C all_ Feb 101 107 Feb 19 107 Feb 19 104% pref 100 Feb 7 0 66 Jan 10 jn an average of about two points and a similar proportion of Continental Can 100 63% Feb 21 63% Feb 21 58 Insur_ _25 Jan 150 17 Feb 155 17 Feb 200 153 industrial stocks are from 3 to 5 points higher than last week. Continental Cuban-km Sugar_..109 Jan 3,i Feb'an 08 3% 102 9 300 93% Feb 17 93% Feb 17 18 Deere & Co pref_ _ _100 Jan The most important developments of the week, how- Detroit Feb 19111% Feb 20 22111% 100 Edison Jan 5 10 jan 18 Feb 19 Feb 82% 19 Feb 300 ever, have probably not influenced stock market operations. Detroit United 82% 100 Jan 20 0% Fob 9% 20 100 9% Feb These are—the Government report of international trade, Fe leral Mg & Smltg.100 Jan 15 3834 Feb 20 33 Feb 201 36% 100 Preferred Jan showing a phenomenal export movement the excess of Fisher Body Corp_ no par 650 42% Plb 19 4434 Feb 21 38% Jan 4 d 3 4 3190 9 4 nnb ijj'aae Feb 91 18 Feb 91% 200 91% Feb 17 100 Preferred which includes not only foodstuffs, as might have been 2 -Feb 78% b 10 en ja F % % 3 2 6 20 10 Feb Feb 15172% 200163% _100 _ Chemical_ Feb 15 Feb 103 expected, but also various classes of manufactured goods General 15 Feb 120 103 100 Preferred 54% Feb 50 Feb 15 54% Feb 20 47 and general merchandise—and the announcement by Secre- General Cigar Inc_ _ _100 13,000 Feb Jan34 5,331 2% Feb 15 2%.Feb 15 Motors rights Feb Feb % 82 20 tary Glass that the new Victory Loan will be offered in the Gen Feb 86 17 Feb 14,100 82% stock Debenture Feb 7 2 6 351038 9 8 0 1 eeeebbbb Feb FFFk 3.,‘ 7 951035 100 107 Feb 19 107 Feb 19 10 form of short term notes of various descriptions, which it Heime(G W)pref___100 300 Jan 17 Feb 117 18 Feb 115 Int Harvester nref _100 Feb is hoped will be more popular than long term bonds. 18 Feb 53 100 53 Feb 18 International Salt_ _ _100 Jan 20% Feb 17 28 17 Feb and 30 200 quiet ruled exchange ng 100 .—Sterli Inc Jewel Tea Foreign Exchange Jan 100 87 Feb 17 87 Feb 17 84 100 Preferred Feb ContiThe week. the during t change 21 without importan 400 93 Feb 19 95 Feb Feb Kelly-Springfield pref100 17 34 Feb 35% 17 exchange Feb neutral 36 700 and d, maintaine well were _i00 nental exchanges Kelsey Wheel Inc_ Jan 5 6" 393 b 8 n en 3j3a 100 7734 Feb 18 771.4 Feb 18 77% F 100 Gas )4 Jan 1% nn 119 Fjj b steady. Spanish pesetas showed marked firmness at the Laclede 400 7% Feb 15 7% Feb 17 Lake Erie & Western 100 Jan 19% Jan 18 20 Feb Trading 19% 20 abroad. Feb from 19% cables 100 higher on 100 extreme close Preferred Jan 74 400 109 Feb 20109% Feb 19 107 Liggett & Myers pref 100 Jan throughout the entire week has been dull and lifeless. 100 164 Feb 18 164 Feb 18 162 100 Lorillard (P) Feb Jan 21 107 73% 73©4 Feb 4 were exchange sterling 18109% for Feb rates actual To-day's (Friday's) 400109% Inn Preferred Jan Com81 cables. 200 85 Feb 19 87 Feb 19 for sixty days, 4 757004 75% for checks and 4 76 7-16 for Manhatt (Elev) guar 100 Feb 1A: 988 34 8969 jjaann 17 200 78% Feb 18 7934 Feb 17 78% Feb mercial on banks,sight, 4 75%014 75%;sixty days,4 72% ©4 724; ninety Marlin-Rook v t e_no par % Feb 1 4 3 9 Feb i 7 3 6 8 72%. 17 4 Fob 72©4 days), 3434 (sixty payment 17 22 34% Feb days,4 71(444 71%,and documents for Mathieson Alkali_ _50 Jan Cotton for payment, 4 75% ©4 753i, and grain for payment, 4 75% Mat, Dent Stores_ MO 1,000 64% Feb 15 65% Feb 17 Jan 100 89% Feb 17 so% Feb 17 . ©4 S S Marle_100 & P St 45 M Feb 1 6 17 7 0 3 6 1 l a e aa , jj1 ' jjj I 106 5 19 were Feb 51%0 francs 106 42 103 Feb 19 y's (Friday's) actual rates for Paris bankers' ' To-da 100 Preferred Jan Feb 20 74% 20 Feb 74% 50 5 51% for long and 5 46% @l5 46% for short. Germany bankers' marks 50 Morris & Esse"; Jan 311 30 Feb 18 30% Feb 17 were not quoted. Amsterdam bankers' guilders were 40%040% for long National Acme 50 Feb 17 117% Feb 21 and 40 13-16040 15-16 for short. National Biseult___ A00 1,300114% Feb 10 Feb 0273 291 ),.66 105 Feb 19 10 500 104% Feb Exchange at Paris on London, 25.98%f. week's range, 25.98f. high and Nat Cloak & Silt pref100 5% Feb 36 110 b 13 5% Fob 15 10% Feb 18 30 25983f. low. Nat. Rvs Mee 21 nref 100 7,600 8% Feb 15 Jan Jan Feb 20 The range for foreign exchange for the week follows: NOTee&Meevtc_100 3,800 31 Feb 21 3434 Jan b 30 eb F,e } Cables. 9 7 20 1 Feb 2 28 Sixty Days. Checks. Feb 27 200 Sterlang Actual— & St Louls_100 Chic Y Jan Fob 7-16 76 21 4 Feb 7580 4 20% 18 73% 4 High for the week New York Dock_...100 1,000 19% Feb 6 " Jan 8 26 4 b 9 n 4 7645 4 7570 18 45% Feb 18 9451% 4 73 Feb 45% 100 Low for the week 100 Preferred Feb 18 Feb 96 17 Feb 96 100 Paris Bankers' Francs— Feb 5 214 Jan 73 5 45 1-16 NY Lack & West _ _ _100 5 45% 5 51% 100 75 Feb 21 75 Feb 21 73 High for the week Norfolk & West pref_100 3i Feb 49% Feb 5 45% 5 45/ 5 513 2% Feb 15 3 Feb 21 8,70 Low for the week Ohio Co Gas rights Jan 43 20 Feb 44% 20 Feb 41 Marks— 800 Bankers' Germany Ohio Fuel Supply_ _ _25 Feb 49% Feb 21 47 High for the week Owens nottle-Mach_ _25 400 48 Feb 17 23% Feb 21 22 Jan 48 6% 13 4 n 2 e,bn a Jan J, F 21 Feb 23% 100 Low for the week Feb Pacific Tel & TeL ..100 100 48 Feb 20 48 Feb 20 45 Amsterdam Bankers' Guilders-L._ _ _100 St & C C Pitts Jan 12% 20 41% 413( 40% 100 13 Feb 20 13 Feb High for the week 10 Jan Jan 27 53 41 5-16 Pond Creek Coal A 10 411-16 40% 300 2234 Feb 17 24% Feb 20 22 Low for the week St L-San Fran nref Jan 62% Jan 10 Feb 60 19 Feb 100 60 Domestic Exchange.—Chicago. par. Boston, par. St. Louis, 150 Savage Arms Corp_ _10 % % Feb 6 10 9 Jan 6 1 : 5 103 9 100 89 Feb 17 89 Feb 17 8 25c. per $1,000 discount. San Francisco, par. Montreal, $19 0625 per Standard Mill nref__10 Feb 20 Feb 17 Feb 1634 14 4,200 Third Avenue Ry_ _ _100 Jan $1,000 premium. Cincinnati, par. li 220 a' Ja j 500 220 Feb 15 220 Feb 15 207 10 Oil Jan 38% Feb 5 17% State and Railroad Bonds.—Sales of State bonds at the Tidewater 200 38 Feb 19 38% Feb 21 13 Transne & W'ms_no par Feb 19 Feb 130 18 Feb 129% 20() 100 Feb Board include $2,000 New York 4s, reg., 1958, at 96; $2,000 Underwood 0 31 Fe 12 100 121 Feb 17 121 Feb 17 121 10 Prererrel Feb 18 New York 4s, reg., 1960, at 96; and $330,000 Virginia 6s, United 100 400 9334 Feb 19 04% Feb 20 Dm; Feb 50% Feb 54% 300 54 Feb 19 50 4. def., trust receipts, at 70 to 743 lit preferred 4544 Feb 55 9: jjan in' 9 Jan 200 93 Feb 18 94 Feb 17 91 10 21 preferred Feb Jan 60 The market for railway and Industrial bonds has been United 100 60 Feb 17 60 Feb 17 58 Dyewood_ _ _ _100 Jan 27% Jan 7% 1 2 15 1 Feb 27% Feb 20 largely neglected and the transactions therein leem in- US Realty & Imnt_ _100 500 25 Feb Jan 15 Feb 18 15 15 Feb 14 25 Detinning. Feb 45 Jan 16 40 Feb significant when compared with the enormously heavy Vulcan 45 15 Feb 280 45 100 Preferred Jan .20 64 Feb 17 62% Feb 75 trading in Liberty Loans. Virginia 6s have also been un- Wells,Fargo Eenress lne 30 6234 Feb Feb 98 Feb 20 96% Fe!) 98 usually active on the progress made in plans for their re- Wilson & Co prof _ _ _ _100 200 9634 Feb 17 demption. was The local traction issues have advanced from 2 to 4 points Outside Market.—Trading on tho "curb" this week was on the prospect of higher fares. Several of the well-known unusually active and on a broad scale. The undertone railway bonds have also been strong, including Southern strong and several leading issues moved to now high levels. 65, Pacifies, Mo. Pacifies and Atchisons. Of a list of 18 repre- General Asphalt com. after an early loss of two points to to 71. sentative issues in this group 13 have advanced this week. sold up to 723%, a new high record, and reacted finallyran up 101 to 98, then United States Bonds.—Sales of Government bonds at The preferred weakened at first from106. Keystone Tire & at being Loan to-day Liberty close the at 1043; coup., 109, 4s, to $1,000 include Board the to 623%, fell to 593% and ends 3%s, at 98.20 to 98.86; L. L. 1st 4s, at 92.76 to 93.08; Rubb. com. advanced from 61 rose to 413%, L. L. 2d 4s, at 92.50 to 92.96; L. L. 1st 434s, at 94.78 to the week at 603%. United Motors from 393% at 413%. Submarine Boat 95.28; L. L. 2d 43's, at 93.78 to 94.40; L. L. 3d 43s, at a new high point, and sold to-day now high record,and closed 95.06 to 96; and 4th 4%s, at 93.76 to 94.30. For to-day's gained over 33% points to 143%, acorn. improved from 326 to prices of all the different issues and for the week's range see- to-day at 143%. Cities Service feature, dropping from 58% 336. Fairbanks Co. was a weak third page following. to-day being 553%. Gillette Safety Railroad and Miscellaneous Stocks.—As noted above, to 55, the final figure points to 135 declined to 129. three of gain a after Razor strong. and active unusually been the stock market has almost two points to gained Rubber inental Intercont the t throughou observed been No sign of a reaction has Dutch (new) was a conRoyal stocks, oil Among 183%. group in the railway t movemen week. As a result of this After an early advance from 883% to Reading is 33% points higher than last w.eek, Southern spicuous feature.down to 84, then sold up to 90, a new moved it Balti893/i and Pacific Canadian Pacific 3, and Union Pacific, transaction to-day was 883%. Merfinal The record. high more & Ohio from 2 to 3. up to 253% and rested finally at moved 223% from Oil ritt ve speculati the in heavy Professional trading has been an active issue, sold up from Refining, Midwest The 243%. oils. and tobaccos industrial stocks especially the finally. Sinclair Gulf improved at and 161 us 1583% to conspicuo is Motors General 1473% motors were again active and new high record. Houston Oil corn. after for an advance of nearly 11 points. Baldwin Locomotive 3 points to 275A,ato 82, advanced to 863%, the close to-day points losing , A 45 Tobacco Sum. 33% Am. closes 49 higher than last week, 4. Internat. Petrol. improved from 21 to 223 U. S. Steel 43% and many issues in the same group are up being at 84. advance from 383% to 39, early an after Ref. & Oil t Louisiana prominen of 18 list a from 3 to 4 points while not one of and ends the week at 3734. Mining stocks well known stocks has lost a fraction of a point. This, as is sank to 373% quiet. Illinois Central 53%s weakened from Bonds active. well known, is an unusual record. recovered to 97. Russian Govt. 63%s but 963%, to 973% For daily volume of business see page 775. the 53%s from 55 to 61. The former and 68 to 63 not from rose shares of week The following sales have occurred this the latter at 59. and at to-day closed 673% follow: which pages represented in our detailed list on the New York Stocii Exchange-Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAGES 767 For record of sales during the week of stocks usually inactive, see preceding page. IMO HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. Saturday Feb. 15 I Monday Feb. 17 Tuesday Feb. 18 Wednesday Feb. 19 Thursday Feb. 20 Friday Feb. 21 Satesfor the Week Shares STOCKS NEW YORK STOCK EXCETANGE PER SHARE Range Since Jan. 1. On basis of 100-ehare tots. : PER SHARE Range for Precious Year 1918. Lowest. Highest. Lowest. Highest. $ per share $ per share $ per share $ per share $ per share 1$ per share Railroads Par $ per share 9138 9133 9078 9173 9112 02 $ per share $ per share $ Per 9134 92 92 9213, 9134 9212 5,300 Atch Topeka & Santa Fe__100 90 Mar Feb 3 9114 Jan 3 I 81 Mar .86 8612 8612 8612 8634 87 8714 8712 *87 88 I 8712 88 9934 Nov 1,300 Do pref 100 86 Jan21 89 9714 9714 *95 4 98 98 *97 98 80 Jan 192 93 4 9734 *97 5414 s 93 Oct:opvt Nov 800 Atlantic Coast Line RR 100 955 Jan22 99 Jan 455 408 4514 4634 4634 4714 1714 4711 973 Jan 6 8933 Apr 109 Nov 47 47% 4718 4812 6,400 Baltimore St Ohio 100 44 Jan21 50 Jan 2 *54 5512 54 5412 *5412 5512 *5412 5512. 55 4812 Dec 62 Nov 55 55 5001Do pref 100 53 Feb10 56 Jan14 2134 2178 2238 22% 2273 2414 2312 26731 2553 2634'I 55 53 Apr' 641 243 2578 36,700 Brooklyn Rapid Transit 100 18% Jan27 :32 Nov 158 1581 15312 1604 16014 16112 16012 16012 16012 161 2678 Jan 8 I 2538 16014 161 6,000 Canadian Pacific 100 15534 Jan21 16134 Jan 3 135 Dec 1 55 55 554 56 56 5683 5653 57 I 5638 5718 57 Mari : 5714 5,300 Chesapeake & Ohio " 100 5334 Jan21 *753 8 8 571 3 Jan 4 2 8 4934 Jan, 6238 Nov 3 *733 8 813 8181 *813 9 100 Chicago Great Western__ _100 *2414 2512 25 718 Jan21 812 Jan 7 25 *25 2512 2512 2512 2,1 6 Apr l 11 Nov 2612 *26 2612 500 Do prof 100 2338 Jan21 2613 Jan 3 3412 3614 3434 3612 3534 363 3014 3638 3512 3813 3514 364 Apr' 181 2 32 Nov 18,300 Chicago Maw & St Paul._100 3412 Feb15 4138 6812 7033 5712 70 Jan 9 6834 6912 6918 6912 69 3714 Aprl 70 6912 14,100 Do pref 100 6512 Jan21 9533 9538 9512 9512 9538 9538 *9412 9512 *9412 9512 6834 7414 6614 Apr 8638 Nov 9112 9512 600 Chicago & Northwestern..100 9318 Jan21 9612 Jan 9 *131 13534 *131 13534 *131 13534 *131 13534 *131 Jan 3 8912 Mar 107 Nov 13534 *131 1353 100 13173 Jan 7 133 Jan17 2314 2314 2333 2334 2314 24 2373 2418 24 243 2414 243 4D 4 7,500 Chic Rock Pac temp ctfs. 2213 Jan21 2612 Jan 3 125 July 137 Jan *7512 7712 *7513 7712 *77 78 *7712 82 18 Apr 3212 Nov *7712 79 7812 7834 200 preferred 7% temp Ms_ *6312 6413 6314 6414 64 7314 Jan21 3014 Jan 3 6434 6434 6473 *64 5634 Jan 88 Nov 6512 6473 65 1,500 6% preferred temp Ws---- 6113 Jan21 67 Jan *32 36 32 *30 32 36 *32 36 3 *33 46 36 Jan 75 Nov" *33 36 100 Clev Chi Chic & St Louis...100 32 Feb17 36 *6212 75 *6212 75 *6312 75 *6212 75 Jan 3 26 Feb 40 Nov *63 75 *63 75 Do pret 100 6612 Jan15 70 Jan16 *20 2112 *20 2112 *20 21 20 2013 *2012 2112 *20 583 4 May 21 70 Nov 200 Colorado Southern At 100 1934 Jan22 2233 Jan13 *48 50 *48 *48 50 50 *48 50 *48 18 Apr 274 Nov 50 *4812 50 Do 1st pref 100 4814 Jan 3 4912 Jan13 *42 48 *42 48 *42 48 *42 48 *42 47 Apr 55 Nov 48 *42 48 Do 2d pref 100 45 Feb 4 47 Jan27 *10312 105 *10338 10538 *10333 10533 10414 10414 *104 108 40 105 106 400 Delaware & ITudson 100 101 Jan20 106 Feb21 10012 Apr 48 Dec *17212 180 *17212 180 *173 180 *17212 130 *173 180 *17212 Apr 11934 Nov 130 Delaware Lack & Western__50 176 Jan10 18234 Jan 2 160 *4 54 *1 514 *4 514 *4 514 *4 Apr 135 Sept 514 *4 514 Denver Rio Grande.. & _100 612 7 '6l4 7 334 Jan 8 7 7 *612 7 514 Jan14 7 214 Jan 7 7 7 Nov 2,100 Do pref 100 1538 158 155 1518 1618 1612 1613 1614 164 1633 618 Feb 3 714 Jan 2 5 Apr 13% 1613 1634 10,000 Erie 7 Jan 100 1513 Jan21 1733 Jan 3 2473 26 26 2612 2634 2712 2712 2712 2714 2712 2712 2833 14 Apr 2333 Nov 6,700 Do 1st pref 100 *18 20 *18 2434 Jan21 2833 Feb21 20 19 19 *19 20 *19 2313 Jan 20 20 20 600 Do 26 pref 100 18 Jan21 22 Jan14 923 9212 9173 9278 9212 9333 9253 9273 9253 93 1812 Jan 3 9278 9312 5.500 Great Northern pref 26 7:: Nov 3818 3812 3818 3834 3838 3938 3883 40 100 9014 Jan21 9512 Jan 2 86 3954 4038 3934 4033 11,100 Jan 10612 Nov Iron Ore properties-No Par 3134 Jan 2 4013 Feb20 98 98 *96 99 97 97 9612 07 *96 99 2518 Jan 3412 Nov 9778 977 8 600 Illinois Central 100 512 512 96 Jan21 558 534 534 (314 613 612 633 658 9934 Feb 4 92 Jan 10513 Nov 618 738 24,600 Interboro Cons Corp__No 1812 1812 19 par 434 Jan 2 1938 1912 2114 2012 2234 2212 23 738 Feb21 434 Dec 2233 2334 11,400 912 Jan Do pref 100 16 Jan 2 *1733 1734 1712 18 *1734 184 1733 1753 175 1734 1712 18 Feb21 1714 Dec 4712 Jan 1,400 Kansas City Southern.--100 1634 Jan30 2334 5014 51 *50 52 *50 52 *50 1914 52 Jan 3 *50 1513 Apr 2414 Nov 52 *50 52 200 Do pref 100 5434 5434 55 4912 Jan21 53 Jan14 5512 5514 5512 5538 5512 5514 5514 558 553 45 Jan 5912 Nov 3,100 Lehigh Valley *112 114 50 54 Jan 2 5718 114 114 115 11514 *11414 116 115 115 5353 Dec 6518 Nov 115 115 500 Louisville & Nashville---100 11312 Jan23 119 Jan25 . *914 11 *9 10 10 1034 *1014 11 Jan13 110 1078 1078 *1012 1112 Jan 12434 Nov 700 Minneap & St L (new)----100 514 514 *473 515 *5 913 Jan21 1134 Jan 3 514 514 514 *514 583 712 Apr 1573 Nov 553 512 1,100 missend Kansas & Texas-10 *812 914 *812 10 0 *9 10 Feb10 453 *853 10 6 *9 Jan 3 10 433 Jan 9 9 634 Nov 200 Do pref 2378 2414 24 100 2434 2414 254 2438 2478 2438 2478 2441 812 Jan13 10 Jan 9 613 Jan 1313 Nov 2514 13,100 Missouri Pacific trust etfs_100 51 51 51 5134 52 2234 Jan21 27 Jan 3 5312 5212 53 53 53 20 Jan 3138 Nov 534 5412 3,400 trust Ms pref Do 7214 7234 7234 74 100 7314 74 4914 Jan21 7314 74 5434 Jan 3 7334 74 41 7334 7414 4,000 New York Central Jan 62 Nov 2634 2712 2634 2733 27 100 6914 Jan21 7513 Jan 9 2738 2714 2734 2713 2773 2773 29 6712 Jan 8438 Nov 1912 1912 1933 1912 20 20 1934 1934 *1934 2013 1978 2014 8,900 NY N H & Hartford-- -100 2534 Feb13 3314 Jan 3 27 Apr 4573 May 1,300 N Y Ontario & Western...100 1812 Jan21 104 105 10518 106 10513 1053 10612 107 *105 107 21 Jan 7 1814 Jan 2133 Nov 2,400 Norfolk & Western 90 9034 9013 92 9112 9212 9112 92 100 104 Jan21 10814 Jan 2 102 Jan 11214 9134 9233 I21-2 7,800 Northern Pacific Nov 4458 4473 4412 447 100 8833 Jan21 9412 Jan 2 4412 4434 4453 4434 4412 4434 -Hit 811 Jan 105 Nov 4458 4434 7,200 Pennsylvania 1314 1314 *1212 1312 *1212 1314 1314 134 *1273 50 4413 Feb I 46 Jan 7 1312 1314 1312 4314 June 6018 Nov 500 Pere Marquette v t c *55 60 *55 100 60 124 *55 60 Jan21 *55 1334 60 Jan *55 3 60 012 May 1878 Nov 58 58 100 Do prior pref v t e *40 43 *40 100 57 Jan20 58 Jan13 43 *40 43 *40 43 *42 43..42 5212 Apr 64 Nov 42 100 Do pref v t c 35 3514 3434 3512 3512 36 100 42 Feb21 3514 3558 3534 3653 3614 38 30 Apr 50 Nov 21,800 Pittsburgh & West Va.--100 34 Jan21 1318 Jan15 •78 80 *78 794 7914 7914 *78 Jan 80 3838 2238 Jan 4033 Nov 2 80 80 80 80 300 Do 78 7913 781 8012 7912 8114 8013 81 100 79 Jan31 8138 Jan13 80 61 81% 8013 8134 54,900 Readingpref Jan 82 Nov .37 38 3713 3713 *37 50 75 Jan21 8413 Jan 3 38 38 38 704 Jan 9614 Oct *3712 3812 *37 3812 200 *37 Do 1st pret 3813 *37 50 3812 *37 3612 Jan 39 9 3712 3712 *3713 3812 *3712 38 3813 Feb 4 35 Jan 39 May .00 Do 1134 1173 12 26 pref 5 37 Jan 2 3753 Jan28 1213 1218 1238 1233 127 35 Mar 40 July 127 127 1234 13 2,900 St Louis-San Fran tr etfs--100 1034 Jan21 . 17 1812 *17 22 *17 1812 *17 18 *17 933 Apr 1714 Dec 1812 174 1713 100 St Louis Southwestern---100 17 Jan28 1414 Jan 3 *28 30 *28 30 *28 30 18 Jan21 *28 30 19 Oct 25 Nov *28 30 3 0 8 3 8 0 1,3 1 0 0 Do 712 712 pref 1 734 734 8 2812 Feb 4 31 8 Jan 4 28 78 712 Oct 4012 Jan 738 78 *1612 1712 1714 1714 *17 SeD abooardprAelfr Line 100 733 Feb13 1712 1714 878 Jan 3 7 Apr 12 Nov 17 17 400 9973 10133 10058 10173 10073 10253 10133 1714 *1612 17 100 1534 Feb 3 1834 Jan 4 154 Apr 2514 Nov 2614 2634 2633 2738 2673 2734 27 10253 10134 1027.3 10158 10212 118,300 Southern Pacific Co 100 9518 Jan21 10334 Jan 3 2734 2713 2734 2712 2814 23,700 Southern 8012 Jan 110 Nov 68 100 25 Jan21 3018 Jan 3 68 Railway 6773 68 68 68 68 203 Apr 3473 Nov 68 68 68 68 6812 3,100 Do pref 21 35, 1713 4 35 4 100 6634 Jan21 70 Jan 2 3212 3314 32 3278 32 3214 32 57 Jan 7514 Nov 3314 3212 3318 14,500 Texas & Pacific 100 2712 Jan21 *44 48 :4 24 Jan 3 912 1430814 14 may 2913 Dec 48 4814 300 Twin City Rapid Transit_ _100 38 Jan16 3618 12753 129 12734 130 4514 Feb21 iiiii4 1361; ii5i4 11612 12912 13034 17,400 32 Dec 6514 Jan 7312 7313 7334 7334 74 Union Pacific 100 12418 Jan21 13034 Feb21 10934 Jan 13713 74 *7314 74 *7313 7414 74 Oct 7414 1,225 97 10 Do pref 100 72 Jan14 7414 Feb21 98 1014 973 1033 934 1012 1058 11 69 Jan 7634 Nov 1034 1314 11,600 United Railways 19 Invest-100 194 1014 2053 2014 21 714 Jan 9 1314 Feb21 2053 2212 2234 2312 23 434 Jan 12 June 2514 28,600 Do prof 100 778' 8 15 Jan13 2514 Feb21 818 814 818 813 813 818 818 814 1012 Apr 20 May 814 838 1,900 Wabash 3112 3112 32 100 3214 3233 3212 3214 3214 .3134 32 734 Jan20 812 Jan 3 7 Apr 1134 July 32 324 2,200 *19 Do pref A 20 100 3013 Jan21 3373 Jan 6 *19 20 *19 21 *19 21 *19 21 307 *1912 3 Dee 4413 Jan 201 1033 1038 1038 105 100 16 Jan23 20 Jan24 1012 1113 *1034 11 1034 1034 1034 1113 1918 Dec 2612 June 4,200 Western 2p *20 Maryland (new)-10 ernPMar 30 Ni B 0 *20 30 *20 1038 30 .20 Feb 7 1238 Jan 9 30 *20 30 '20. 30 10 Dec 1734 Feb *17 pre 2d Do 18 100 *1612 18 *16 18 *16 18 *16 18 20 Jan 32 June 18 18 .51 Pacific 100 17 Feb 3 201; Jan 3 57 *51 5612 •5212 5612 5212 5212 5213 524 5512 13 Jan 2434 Nov 1 100 5218 Feb20 6112 Jan 9 46 Jan 66 June •1612 18 & Lake Erie Ry-100 8 Jan18 *16 18 17 17 18 18 914 Feb19 *18 20 8 Apr 1234 Nov 184 184 400 Do pref . 31 100 33 *31 17 33 Jan30 *31 33 3178 3212 *31 1812 Jan 33 7 1712 Apr 26 Nov *31 33 400 Wisconsin Central 100 Jan22 35 Jan 4 2978 Dec 3934 Oct AInddvuansterelaRluatmMellyseellaneorms. 3014 2212 2212 23 *2214 23 23 2253 23 2212 2234 223 223 1,300 59 59 21 Jan21 2514 Jan 3 5933 593 *5814 5912 59 597 0014 597 11 Jan 2634 Nov 5938 5933 1,600 Do 7114 72 100 pref 5612 Jan20 6114 Jan30 7112 72 7014 7114 70 7112 71 737 2573 Jan 6273 Nov 7112 7412 9,700 Ajax Rubbe4Ine 333 38 35 50 66 Jan13 75 Jan16 rs Ts lis 1373 4 'Ts 1;8 49 Jan 7214 Dee 4 rs 383 37 4,700 Alaska Gold Mines •173 2 10 *178 333 Feb 4 114 Jan15 114 Apr 173 2 533 Nov 6,400 Alaska Juneau Gold Min'g-10 3112 3214 3173 3438 3313 3483 34 134 Jan 2 218 Jan 3 358 3434 357 112 Apr 3458 3534 65,400 Allis-Cha 313 June lmers Mfg 100 30 Jan21 357 Feb19 8313 84 84 85 85 8512 8412 86 87 8713 8612 8638 3,800 1734 Jan 37 MAY 10014 10033 10034 10114 10053 10073 10012 103 Do pref 100 Jan23 8712 Feb20 10218 103 7214 Jan 8611 May 1024 10212 7,000 Amer Agricultural Chem .100 8178 *9838 9913 99 997 99 99 99 99 99 103 Jan 8 9912 99 78 Jan 106 Oct 99 600 6812 6813 6813 6914 6834 6912 *6812 6834 *9838 100 98 Jan29 Do pref Jan 9 9912 Feb 8 68 69 894 68 71 Jan 101 Aug 9,500 *85 90 American Beet Sugar *85 90 .85 100 62 Jan 3 77 Jan 0 90 *85 90 *85 48 Nov 84 Feb *85 901 4434 4514 4413 4514 4433 4553 4434 4533 4514 90 00 844 Jan13 8434 Jan13 282 Sept 9112 May 4614 4512 464 25,800 Am .100 101 *100 102 Deorican 100 e fan DrC 10012 10078 10012 101 *10014 102 4278 Febll 5038 Jan 9 3453 Jan 5054 May 10134 10134 500 8913 90 Do pref 100 9878 Jan 6 10173 Feb 8834 9078 8933 8912 8812 90 9013 9173 8912 9133 14,000 8914 Jan 99 Dec 11512 11512 *114 116 *112 115 *114 11512 *110 500 American Car de Found17_100 8418 Feb10 9414 Jan 5 3 6814 Jan 9334 Dec 115 11534 42 4214 4233 424 427 4314 4314 4418 4414 116 100 113 Jan18 11534 Feb21 106 Jan 11512 Dec 4453 444 4518 12,200 *85 92 *86 American Cotton011 92 *85 92 100 3938 Jan 2 4512 Feb21 *84 92 *87 25 Jan 4434 Oct *85 93 1213 1238 1214 1212 1214 1213 1218 1238 1218 93 Do pref 100 88 Jan 7 89 Jan18 1233 1213 78 May 88 Dec 1734 1814 1714 18 1733 1714 1734 1734 1812 1818 1214 5,700 Amer Druggists Syndicate_10 1033 Jan24 1312 Jan30 17 1812 13,100 9173 9234 92 American Hide & Leather.100 1318 Jan 4 1813 Feb20 9314 9014 92 9012 9114 9133 9334 9234 9412 117 Jan 2218 Sept 36,700 Do pref 41 4214 4214 4314 4214 4214 4213 4312 100 7114 Jan 2 9413 Feb21 4312 *4234 4312 5,000 50 Jan 9473 Aug got 6118 6134 6213 6173 0212 6153 623j 43 American Ice 100 38 Jan21 4513 Janll 6213 6273 6138 6214 7,700 1112 Jan 49 Oct 544 5514 548 5473 5413 Do pref 5434 55 . 100 5434 Jan20 6273 Feb20 5434 50 3834 Jan 61 554 5434 55 Oct 4818 4814 48 0.900 Amer International Corp-100 5233 Feb 8 574 Jan 6 4814 48 49 48 4834 4833 487 5112 Sept 6012 Oct 4812 4914 8,400 American Linseed 7 100 4534,Jan21 5234 Jan 9 8712 *87 8712 8712 87 87 877 8812 8733 88 27 Jan 4712 Dec *87 88 1,000 Do prof 61 6214 63 100 87 Feb 4 9234 Jan 7 6353 6313 64 0312 6433 64 6412 634 6433 13,920 6914 Jan 92 Dec American Locomotive *10312 104 *10312 10412 101 10414 *103 105 *103 106 100 58 Jan21 6412 Feb20 531g *104 -.118 14 200 Do pref 114 134 100 100 Jan14 10414 Feb18 x95 Jan 7134 May 114 114 112 134 158 08 Jan 10238 Dec 112 153 3,200 American Malting *4212 47 4513 454 *424 4514 4312 4334 45 4512 46 46 1,400 Do 6414 65 1st pref certits dep of 1._ 00 4113 ta 6473 6634 6513 6653 6513 6613 6538 6613 6538 6814 egl; ''a eli) l5 7 4158 Septe3 IP Dec eb 59,900 Amer Smelting & Refining_100 6213 Feb 6 4t31348 ' ' 103 105 101 10414 10312 1031 *10214 10312 103 10312 *10312 104 7838 Jan 3 73 1,100 Do pref 100 103 Feb20 107 Jan14 103 May 9434 Oct 7612 7678 7614 77 76 74 75141 7534 76 78 Sept 11014 Nov 7812 8014 11,100 American Steel Foundries 1 11614 11612 11613 11733 117 11712 1171411171 _100 68 Feb 8 8612 Jan 3 4 11738-1177s 118 1193 58 Jan 95 Nov 8 7,800 American Sugar Refining 100 11114 *11612 119 116711167 11733 11783 117141178 116 116 '51.1.6 '4,118 Jan21 11938 Feb21 98 Jan 600 10312 10414 10414 10712 10512 10712 1061 10313 10773 Do prof 100 11312 Jan 6 118 Feb 5 10814 Mar 116 May 1093 4 107 / 11412 Dec 1083 4 35,000 Amer Sumatra TOba000 10158 10134 1017 10214 10214 10212 10254103 10314 10413 10412'1105 100 0612 Jan13 10934 Feb20 6034 Jan 145 May •190 4200k 196 196 197i4 19714 *1941,198 19712 19712 198 19834 5,400 Amer Telephone & Teleg 100 98$4 Jan29 105 Feb21 9038 Aug 1,100 American Tobacco 10175,10178 101 101 100 19178 Feb 4 206 Jan10 14012 Jan 10914 Feb 10014101 101 101 10073 10073 *100 102 19834 Dec 1,100 Do pref (new) 4912 14934 4934 50 100 10012 Feb19 106 Jan 6 5113 50531(5212 5213 54 51 9218 Sept 10012 Dec 5314 538 5,300 Amer Woolen 96 of MISS100 4514 Jan16 51 Feb20 05i 9513 9513 9614 9612 0033119658 *90 4478 Jan 97 6078 May *96 97 800 Do pref 3212 3312 33 100 9433 Feb 8 3312 3312 3312 33340334 3334:,3512 3534 377 3 Feb19 92 Jan 9634 Dec 9,700 Amer Writing Paper pref.. _100 2738 Jan 2 965 11 11 3 1112 1112 1112 12 11121/1112 11120112 *IVA 12 3778 Feb21 2014 Apr 3938 Aug 850 Amer *39121451 *397 45 Zinc Lead Smelt_ & _ _25 11 Jan31 1234 Jan 3 41 41 *40 fi 45 *40 4112 4034 4034 11 Dec 2138 July 500 Do pref 5734 5812 5814 59 25 40 Jan21 4312 5833 59 5812115912 5814 5953 5814 6012 3834 Dec 5314 July 32,400 Ancaonda Copper MinIng 50 5613 Feb 6 6138 Jan10 90 98A Jan 3 9778 9834 9014 9755 971l 97 9733' 98 59 Dec z7414 Oct 978 99 0,000 Atl Gulf & WI SS Line___100 92 Feb 8 10812 Jan 4 '8312 65 .64 65 *6312 65 .6312 165 *6312,65 9734 Jan 12014 Feb *6312 65 Do pref 7112 74 74 7518 7333 7412 7334 17612 76 Jan 7733 7558 I 77 Nov 115 11512 11534 119 93,800 Baldwin Locomoti ve Wks.10 0 ( 0 ) :173' Rig 11833 11934 1183020$ 12012 12214 11973 121 00% :L an 10134 8,700 Barrett Co (The) *60 0112 6112 6238 6112 6178 100 103 Jan 2 12214 Feb20 8112 *6114 63 85 Jan 110 Dec *61 62 1,700 Bethlehe 6012 615 0133 6234 6034 6218 6111 Steel m Corp. -100 5512 Jan20 6212 6012 43178 (32 Jan 6 6234 6130634 60 Dec 96 May 104 104 Do Class B common..100 5533 Jan21 634 Jan 3 10114 10414 10412 105 10478,10478 10434 10473 104741047 30,600 5934 Nov 94 May 3 1,900 1934 20 Do cum cony 8% pref.__ 10153 Jan22 105 Jan 3 191 20 1913 19% 1913 1918 1933 1912 19344,2012 9612 Jan 1067s Apr 4,100 Booth Fisheries 145 14534 14534 14534 145 14538 14512 146 No par 1814 Jan14 2234 Jan 6 14612 147 21 Jan 2812 Sept 14418114614 2,100 Burns Bros 55 100 138 Feb 6 167 Jan 3 108 53 553 5581 4 538 583 *512 558 Feb 6112 Oct 513 57 512 512 2,200 Butte Copper & Zinc v t o...5 *17 1812 1734 , 1734 *1714 1812 1714 1712 1733 1818 513 Feb20 714 Jan 6 513 Dec 1127s July *1714 1814 500 Butte & Superior Mining..10 1673 Febll 2113 Jan 3 1612 Jan 3312 May • *Did and asked prices; no sales on this day. 1 Ex-rights. 1 Less than 100 shares. a Ex-div,and rights. z Ex-div idend. 55 2 ASS Western . g„ 768 New York Stock Record-Concluded-Page 2 inactive, see second page preceding. For record of sales during the week of stocks usually HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. Friday Wednesday Thursday Tuesday Monday Saturday Feb. 21 Feb. 19 I Feb. 20 Feb. 18 Feb. 17 Feb. 15 Sales/or the Week Shares . STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1. On basis of 100-share lots. Lowest Highest PEI? SHARE Range for Previous Year 1918. Lowest Highest $ per share $ per share $ per stare Industrial&Misc.(Con.) Par $ per share per share i $ per share $ per share 3612 Jan 50 Nov 2 5441 Jan25 $ per share $ per share $ per share $5218 524 5258 5273 2,900 California Packing.... _No par 4814 Jan 2 5214 52 5212 5212 5214 5234 12 Jan 247 Nov 5214 53 2834 Feb21 20% Jan 100 Petroleum California 41,200 2834 2712 3 257 I 2758 2414 2412 2414 26 2432 25 Jan 7013 Deo 36 Feb21 25 24 2 74 Jan 6413 100 pref Do 10,100 7232' 7212 7314 7273 74 513. Dec 7332 Feb Feb21 63% 6912 7014 7012 7073 7014 7012 71 8 Feb 100 5612 6352 25,700 Central Leather 62 6214 6034 6214 6032 6114 6112 63 60 7 10612 Feb19 10112 Dec 108 Nov Jan 5914 60 10412 100 prof Do 650 10634 - *10814 2914 Mar 39 Nov Jan22 34% Jan 3 10534 10534 106 10812 10614 10814 10613 10612 -.... 1,400 Cerro de Pasco Cop__No par 31 32 *31 32 32 31 3214 3214 3214 x31 32 6814 Jan 10973 Deo 32 32 100 103 Jan18 126 Feb20 13,700 Chandler Motor Car 12313 125 119 12112 11914 12134 12173 126 1412 Apr 24 Oct 11772 122 Jan 3 116 119 Jan21 18% 25 1713 Copper Chile 5,900 1752 1814 1734 18 18 1734 18 1814 18 3132 Dec 4714 May 1734 1772 18 5 3213 Feb 6 3432 Jan10 Copper 3314 3334 3312 3334 3212 3312 3213 3312 10,600 Chino 3352 34 3434 Jan 54l May 3312 34 100 3434 Feb 10 3814 Jan 3 Iron...... & Fuel Colorado 2,500 3712 4 3712 373 38 364 3634 3673 3072 v3512 37 3613 37 2834 Mar 447 Dec 100 3914 Feb 1 4334 Feb20 & Elea 4234 4258 4234 4212 4334 4252 4312 8,800 Columbia GasGas(N Y)_100 8713 Jan27 9712 Jan 2 4213 4314 42 41 8234 July 10558 Nov 41 3,300 Consolidated 94 *93 9312 91 9414 9372 937 94 94 92 91% 92 6512 Oct 95 Feb Jan 9 7113 Feb10 100 6512 Can, Inc Continental 100 69 *6713 69 *67 69 *67 *6514 69 68 68 69 297 Jan 5012 Nov *67 Jan21 50% Jan 4 435 4834 4834 4952 4858 4913 34,200 Corn Products Refinipg_100 47 47% 4772 4832 4772 4834 48 100 102 Jan23 104 Jan 2 79012 Jan 104 Dec Do pref 500 10231 10234 10334 10334 *10212 10334 *10212 10312 10332 10312 *102 104 52 Jan 7473 May Jan 3 7 604 Feb Amorica..100 of Steel Crucible 5213 47,100 59 5734 5912 5552 5734 5712 5373 574 5832 53 56 55 86 Jan 9134 June Jan 2 92 Jan16 100 91 Do prof 200 94 9112 *91 *90 92 92 *90 92 92 92 94 2712 Apr 34 Nov *90 Cane Sugar___No par 2032 Jan27 3113 Jan 9 Cuba 17,875 3 237 4 223 2212 2314 22 2134 22 2134 2152 2252 2134 2212 7714 Dec 83 Feb 100 7112 Jan28 80 Jan 9 Do prof 7312 7412 12,125 75 7533 747 7514 74 Jan 6434 May 75 7514 74% 7534 75 Feb17 z33 5873 48,000 Distillers' Securities Corp_100 z49 Jan 2 5773 Feb18 5632 5513 5632 5514 5612 55 6 June 15 Nov 5632 5712 5614 57% 65 10 10% Jan31 1314 Doma Mines, Ltd 6,400 4 123 1234 1314 13 1318 13 12% 1314 2 39 Feb Oct 1212 1212 1233 1234 Jan 4 253 3012 Jan21 par 2518 No Inc.. & W W Gaston 14,200 2834 3012 2712 2734 2734 29 28 274 2712 2734 2834 28 100 14412 Feb 3 15112 Feb21 12734 Jan 1584 Oct 153 15334 153 15112 2,000 General Electric 152 152 *150 15172 15112 15252 14934 151 Corp.. 100 11812 Jan21 14334 Feb20 10634 Jan 164 Aug Motors General 14112 120,300 14013 4 140 1433 14112 1394 7533 Oct 88 Feb 13014 13434 13414 13912 13813 14252 100 82 Jan 6 8614 Feb 6 Do prof 8534 8532 8532 3,900 84% 8412 8412 8434 8512 85 84 38 Jan 598 Oct 8312 84 100 5612 Jan10 6512 Feb21 6512 24,900 Goodrioh Co (B F) 017 6212 62 6012 62 61 6034 60 60 9552 Dec 104 Deo 5912 00 Jan 8 10514 Feb19 103 100 pre( Do 300 10714 *10512 103 *10513 10514 10514 105 105 3 Jan 74 Jan 86 Oat 80 *104 108 Jan27 7352 _100 . P__ & S M Cons Granby 73 *65 73 *03 73 *70 73 *69 3312 Jan 5814 Nov 73 ;55- 73 *68 1,425 Greene Cananea Copper-100 41 Feb13 4612 Jan 9 4112 4112 4113 42 42 4114 4112 42 42 41 '41 5834 Dec 11112 Apr 6172 Jan 3 §41 8 Feb 4912 ctfs_100 tr Steel States Gulf 1,000 5612 5412 51 5314 5314 5352 5352 54 54 41 54 Jan 34 Jan 4914 July 54 45% *50 Feb 6 40 par C3.r_No 900 Haskel & Barker 42 4214 4214 *4172 4234 4214 4212 42 Oct 42 42 *4112 42 17,300 Inspiration Cons Copper- 20 4212 Feb 6 4714 Jan 9, 414 Dec 5812 June 4312 4114 4334 4413 437 4413 4358 4114 4312 46 Jan14' 10 Jan 19 1532 2 Jan 4314 44 1012 Corp__100 Agrlcul Internat 100 15 *14 *1312 15 14 14 *1312 15 June 65 Jan *1312 15 Jan14: 38 59 *1312 15 4 Jan 100 48 Do pref 5378 5738 5312 3,200 53 5712 5712 5712 5712 57% 5813 5778 5834 100 11012 Jan21 117 Jan 7i 104 Oct 121 Nov 114 11414 11432 11612 115 11552 2,700 Inter Haverster (new) 113% 11312 114 114 21 Jan 33 Oct 114 114 100 2114 Jan31 27 Jan 41 2514 25,100 lot Mercantile Marlue 22% 2473 2452 2512 2312 2473 234 2414 2432 2473 2414 10352 105,950 100 9234 Feb10 11373 Jan 3, 833 Jan 12512 Nov Do prof 994 10114 10072 10212 10053 2 Jan 3! 27 Jan 35 Nov 323 9952 10272 10112 10352 9934 102 3 Feb 2412 25 (The) Nickel International 10,800 2673 2612 2673 26 27 26 2612 2612 2612 2634 264 27 100 3014 Jan 3 4712 Feb21; 2412 Jan 4512 May 4134 4314 417 4312 4312 4512 454 4712 95,000 International Paper 42 4312 4112 43 100 62 Jan13 69 Feb20, 58 Jan 6512 Jan Da stamped pref 2,100 69 69 684 69 67 6834 *6712 6812 67 68 Apr 72 Dec 68 68 25 68 Jan21 102 Feb21' 41 Tire Kelly-Springfield 51,200 2,4 00 0 13 6 234 9 93 94 94 8312 84 81 84 29 Mar 4114 Nov 8234 8312 83 18,200 Kennecott copper....No par 2912 Feb13 3334 Jan30 2912 2934 2914 2973 29% 3013 2973 30 6512 Dee 9158May 2934 30 Jan21 6813 Jan 3 6212 100 Steel Lackawanna 3,400 67 66 3 667 66 66 66 67 66 66 12 Apr 24 Dec 6434 6434 66 Jan22 2614 Feb21 2614 22,250 Lee Rubber & Tiro__No par 21 2512 25 2514 25 24 2412 24 2373 24 Jan20 1712 Jan 4533 Dec 2334 24 423 4232 2,100 Loose-Wile.3 Biscuit tr otts_100 4012 Feb17 4732 4052 4114 4034 4034 4114 42 53 Feb 96 Dec 9712 Jan20 42 4212 4012 42 5 94 Feb 100 prof 2d Do 9712 9712 *92 9713 *92 9712 *92 9712 *92 70 Dec 7812 Feb *92 9712 *92 100 70 Jan22 7334 Feb 4 100 Mackay Companies 78 *72 78 *71 79 *73 79 *70 73 73 57 Jan 65 May 74 *71 100 64 Jan15 65 Jan 4 Do pre( 200 4 65 4 343 Feb20 2313 Jan 4212 Nov *6312 6412 *6312 6412 *6313 6412 6413 6412 6414 6414 *633 Jan22 204 100 Inc Motor. Maxwell 3312 3312 3434 3314 3434 5,600 50 Dec 6973 Nov 3172 3252 3234 3312 3313 3312 33 100 5032 Jan22 5733 Feb20 Do 1st pref 3,400 57 5732 57 19 May 3232 Nov 5512 5614 5612 5714 58% 5732 5612 5512 57 Jan 2 24% Feb18 1914 100 pref 2d Do 1,800 2352 1 24 24 2333 24 2312 24% *23 24 23 Oct 23 23 79 Jan 194 100 16234 Jan23 19714 Jan 2 175 17814 17712 180341 17614 17913 187,300 Mexican petroleum Feb21 Jan 107 Dec 174 17934 17634 18012 17473 178 10712 87 100 105 Feb 7 400 Do pref *106 108____1 10712 10712 24% Janll 2214 Dec 33I Jan *107 108 7 Feb 4 213 5 Copper Miami 3,200 2258 22 2238' 4 2258 2212 -iirs 4172 Jan 9 41 Dec 61 May 2211 2214 22 -51-2 2173 -2-2-14213; 4134 4314 17,200 Midvale Steel & Ordnance_ 50 4014 Feb 7 7312 Jan 8 42 4213 4152 4173 4134 42 42 64 June 8112 Nov 41% 42 100 69% Jan13 100 Montana Power 73 72 i *72 72 *7012 73 95 Mar 1064 Deo 105 Jan22 *7012 7212 *7012 7212 *7012 73 Jan22 105 100 prof Do *105 *105 _ __ *105 *105 ____ *lova Jan10 1612 13 Nov 2132 July •105 8 Feb 14 par Cable_No 8-,555 Nat Conduit & 1412 -1-i12 - -151., -1512' 1514 157 1512' 1512 16 15 3714 Jan 5412 May 1414 -fi 100 4512 Feb 8 5034 Jan17 5014 5013 5012 5012 5012 20,200 Nat Enam'g & Stamp'g 4612 4634 4712 4313 5052 49 97 Feb17 88 Nov 9912 Feb 46 Jan15 93 100 Do prof 140 99 *96 19712 9712 97 97 99 *97 4314 Jan 693I Dec 100 64 Janll 6873 Jan24 6733 -5/ 6/53 -6678 6734. 6012 6712 4,300 National Lead 6712 6773 67 67 9934 Mar 10512 May 67 100 107 Jan 3 11012 Jan25 Do prat 200 10912 10912 *108 110 x10834 10834 3 1712 Jan 1612 Dec 2178 May *107 110 *107 110 *103 110 Feb10 1613 5 Copper Consol 3,100 Nevada 1614 1014 9812 Dec 139 May 1614 1612 1612 16731 1612 1612 1658 1612 1658 16341 102 100 9114 Feb 3 105 Jan13 10414 2,000 New York Air Brake 9812 101 98 98 97 . 97 97 97 3712 Aug 5712 Nov 97 *94 Janll 50 Fob19 47 100 Co American 300 North 50 *47 55 *49 4973 50 48 *46 48 *47 351 Mar 48 Oct 4473 Jan 3 48 *46 3634 373 31,200 Ohio Cities Gas (The)--- 25 a3534 Feb14 1012 Jan10 35% 3614 3614 3652 3612 3634 3612 3652 3612 3734 8 Feb 3 834 873 27,500 Oklahoma Prod & Refining 5 853 81 852 873 83.1 9 414 Jan 13 June 873 913 8 Feb 1 Jan15 812 872 5% _100 _ Mining__ 75 Sliver Ontario 1,300 *7 _1 _-_- __ 7 7 7 7 2312 Jan 40 Dec 712 714' 714 714 5 2912 Feb 8 3312 Jan 4 300 Pacific Mall SS 31 3034 3052 3072 31 3014 *30 31 I *30 6314 Oct 7214 Oct *30 3034 *30 50 67 Jan21 82% Feb20 Trans & Pet Pan-Am 300,800 82 7934 8258 7852 7873 86 Jan 12412 Oct 7112 7632 7612 7973' 7634 7834 77 100 117• Jan22 142 Feb20 Do prof 7,500 135 13672 13614 142 1 140 140 5012 Jan 3 3952 Jan 61 Nov 123 13112 134 13712 134 136 5012 4912 4912 2,400 People's G L & C (Chic)_100 451 Jan22 3614 Feb21 40 48 1 4812 4812 4872 49 21 Apr 3514 Oct 4712 4712 48 30 Jan 3 50 (Pittsb) Co Philadelphia 361,1 16,700 3414 3114 3312 3234 3312 8 Jan 43% 34 Jan 5134 Nov 3214 3273 3332 3234 33 Jan22 32 4 383 par _No Car_ 4158 21,200 Pierce-Arrow M 4112 4233 4034 4112 4132 4173 41 2 Jan 102 4 Jan 104 Dec 893 4013 4072 4073 42 100 10112 Jan 3 Do pref *103 __ *103 108 *103 106 *102 ____ *10213 15 Sept 1912 Oct 19% Jan 6 *102 _ 1734 1814 20,800 Pierce Oil Corporation.,..._ 25 16 Jan 2 5012 Jan 9 Jan 5834 Feb 42 174 17% 1732 1734 1712 1734 1732 1712 1714 1814 473 45 3 Feb ....100 2 4734 4,000 Pittsburgh Coal of Pa 4612 4734 46 46 46 4634 46 7934 Jan 857 Dec 4612 . 46 46 100 8534 Feb 0 87 Jan 9 Do pref 100 80 *85 86 *85 86 *85 86 86 73 Aug 86 *85 Feb20 Nov 6814 5512 86 *85 x59 100 Febll Car Steel Pressed 6712 6814 6714 6S1 13,300 667 93 Apr 100 Aug 6173 6212 6114 6212 02 6114 62 Jan 2 101 Jan14 100 101 Do pref 1.93 102 *98 103 *98 102 *98 102 85 Oct 1094 Mar *93 102 Jan31 9134 Jan 7 *98 102 82 100 J N of Corp 100 Serv Public 90 *82 90 *82 90 82 *82 8512 82 *82 85 *82 100 11172 Feb14 122 Jan 4 10012 Jan 13214 Nov 1147 11552 *11452 11512 2,400 Pullman Company 4512 Jan 7813 Deo 114 11412 115 11532 11412 11514 11558 11532 100 6812 Feb10 77% Jan 3 7473 7413 7512 8,960 Railway Steel Spring 7312 74 7212 738 7212 7314 73 95 Jan 10512 Dec 7212 73 100 104 Feb 4 107 Feb21 Do 200 pref 107 107 105 105 *10412 107 3 Jan 1014 Deo 2614 May 2134 *104 107 *101 107 *104 107 0 1912 Feb 2012 1934 2014 5,200 Ray Consolidated Copper. 10 2012 20 2014 2013 2014 20 2014 20 *20 100 7112 Jan18 7634 Jan 3 77253 Jan 96 May 7532. 764 10,000 Republic Iron & Steel 76 74I 75 7414 7452 75 7 75 Jan Jan 10212 Sept 102 9252 74 74 73 Jan13 100 100 Do pref 300 102 102 *10152 10214 10134 10134 10152 102 102 102 *10153 102 - 7034 Jan21 9912 Feb20 x70 Dec 145 Oct 9314 9212 9912 9534 9932 87,100 Royal Dutch Co ctfs den9034 9312 92 9172 96 434 Aug 18 Nov 97 93 712 Jan23 11 Feb 3 A00 Corp.. Car Motor Saxon 6,400 973 912 914 103 933 938 94 934 Jan 8 13334 June 17612 Dec 98 934 912 9% 17212 17212 1,100 Soars, Roebuck & Co.......100 16812 Feb13 18514 171 1724 173 173 17014 17011 170 170 *170 173 10 10 Feb19 1312 Jan10 z13 Dec Y814 Feb Copper 1014 1012 1012 1012 1013 2,200 Shattuck Arts Reg_ 1012 1078 10 2514 Apr 39 Feb 37% Feb21 1072 1072 *1014 11 2 Jan 3314 par ..No & 011 8 377 79,200 Sinclair 3512 3713 39 Jan 7114 May 53 Jan16 3412 35% 3513 3614 348 3513 347 3573 3512 5034 50 5014 1,400 Slots-Sheffield Steel & Iron 100 4612 Feb10 42 50 50 50 50 50 Jan15 4912 4912 50 *48 Stromberg-Carburetor_No par 3634 Jan10 2,100 404 40 40 2 397 4014 *3914 4012 Apr 727 Nov 3373-3912 4014 *39 40 *38 Jan22 553i Feb17 75114 5512 5312 5134 75,150 Studebaker Corp (The).. 100 4534 804 July 100 Nov 5234 5313 535 5534 5412 5512 548 55 100 92 Jan22 9234 Feb 4 Do prat 94 *90 91 *90 94 *90 94 *93 Jan13 37 Oct 55 Deo *9212 9312 Am_No par 4214 Feb14 61 of Car Motor Stutz 9,700 44 4214 44 4252 4334 4312 44 43 3414 Mar 455 May 4212 45 , 4314 44 100 32 Jan21 364 Feb20 3614 2,200 Superior Steel Corp'n 3178 3613 36 35 3412 3412 *34 *3212 35 95 Feb 100 Sept *3412 35 3100 pref Do 1st *95 1001 9913 *95 101 *95 *96 101 *96 101 1234 Dec 21 July *96 101 par 1214 Feb13 1412 Jan 4 ctfs_No tr C & Tenn Copp 5,700 13 13 1358 1358 1233 1212 1233 1212 1212 1312 *1212 13 100 184 Jan 2 19534 Jan16 13612 Jan 203 Oct 19214 19414 192 19434 34,892 Texas Company (The) Mar 8232 Dec .4812 90% Feb20 19112 19434 19214 19434 19114 19312 19134 194 72% Jan29 8852 90 113,400 Tobacco Products Corp 100 102 8432 8512 843 8732 864 8373 877 8914 8852 9033 10534 10534 1,000 Jan21 100 'Jan 8 78714 Mar 10478 Deo 100 Do pref 10512 10534 106 106 Jan 80 May Jan24 65 10552 10534 10573 106 79 3 *103 106 Jan 75 Corp_100 100 Union Bag & Paper 7734 7734 80 *76 80 *76 80 *76 80 3673 Oct 441 May *76 *7612 80 Janll 4012 Feb21 4013 4012 2,200 United Alloy Steel___ _No par 3733 Jan 393 3932 3912 3934 401 Mar 10834 Dec 12434 Feb21 4 833 2 *3832 3914 39l 3914 39 1074 100 Stores Cigar United 67,300 12414 122 12434 11634 11773 11752 11873 11773 11812 118 12332 122 100 106 Feb 5 106 Feb 5 10114 Jan 110 July Do prof _ *109 119 *109 119 *109 119 *109 119 100 157 Feb10 16734 Jan 2 11614 Jan 16612 Dec .16312 1,000 United Fruit la- NY- 4.15212 1-63-12 *163 16312 164 11l Apr 19 May 16312 16312 163 164 14 Jan15 2012 Feb21 _100 Fdy__ & 2012 12,000 US Cast I Pipe 19 41 Mar 4734 Feb 15 1512 1512 1614 1613 1614 1534 1632 164 113 100 4212 Jan16 5312 Feb21 Do prof 5112 5118 5212 5312 2,000 Jan22 112 Feb21 z96 Dec 137 May 4732 4732 4712 4712 *4712 4873 4814 49 974 ..100 Alcohol.. S U Industrial 44,100 112 10814 103 11012 94 Oct 99 Mar 10412 10553 10514 10612 10414 10614 105 108i2 100 9614 Jan 2 10012 Feb18 Do pref 425 10012 10012 10012 10012 *100 103 110212 10212 Jan 8012 Dec 51 *99 103 *100 103 100 73 Jan21 8134 Feb21 81.34 125,000 United States Rubber 7712 7634 7734 7714 7833 7634 7814 7712 7853 7'714 76 109 Jan20 111 Feb18 z95 Jan 110 Deo 100 preferred Do 1st 600 11034 11152 11012 11012 5034 Oct Apr 4734 Feb21 3212 *10973 11112 *11014 11012 111 111 Jan21 4314 50 US Smelting Ref & M 4232 Apr 4734 Dee *4418 4514 4514 4514 *4434 4512 *4434 4512 4512 4614 4714 -4-54 3,100 50 45 Jan18 46% Feb20 Do prof 300 478 4652 4652 4652 4634 4673 *47 Aug Mar 11612 3 4 *46 963 Jan 8612 4633 *46 *4512 47 Feb10 13 188%1 100 Corp... Steel 9434 478,400 United States 93 91 9152 9273 9152 9234 93 0 11512 Jan14 108 Mar 11333 Dee 9032 9172 9152 93 100 0518 Feb 17 Do prof 2,109 111 114 74% Jan 2 7114 Dec 93 Oct 11432 11412 11432 11458 11432 11432 11432 11432 11414 11412 10 Copper Utah 29,900 6914 2 657 11 Sept 1634 Nov 6852 6714 6834 6712 6858 6632 09 6752 68'4 68 100 13 Jan 2 1712 Feb 4 800 Utah Securities v t a 16 1612 16 1614 *16 3334 Jan 6014 Nov *1534 1612 1612 1612 16 Feb10 563.4 Jan 6 *1534 16 5472 5414 55% 6,300, Virginia-Carolina Chem_ _100 51 54 08 Jan 11352 Deo 11312 Jan14 5213 5232 5358 5314 5334 5312 55 Jan 52 110 100 prof Do 300 11258 11232 *111 11314 *111 113 Jan 7312 July Jan18 60 53 Jan25 *112 11314 11314 1134 113 113 14 0 6 5 100 Virginia Iron C & C 60 60 *55 *55 60 60 *55 *51 60 7714 Aug 9552 Apr *55 8972 Jan13 60 .55 J 8712 8712 1,9003 Western Union Telegraph_100 8672 84 87 Jan 4713 May leab21 384 874 8714 8734 87 4114 87 87 Jan21 87 4012 50 Mfg_ & 4234 4334 4314 4414 14,350! Westinghouse Elea 4214 427 42 59 Jan 6412 Feb 423 4152 4134 4173 43l 50 I Do 1st preferred 65 70 .60 70 .60 *60 70 *60 3634 Jan 49 Nov 70 3 53I Feb18 65 *60 *60 Jan 45 ao Motor White 8,600, 5112 5234 5114 5212 51 1512 Jan 30 Nov 504 5014 5318 52 2612 Feb21 50 5012 50 2612 41,400 Willys--Overland (The)... 25 2311 Jan22 92% Feb21 2573 2612 26 75 Jan 8914 Nov 2513 2512 2558 2613 2534 264 2533 26 100 8734 Jan 7 Do prof(new) 9232 1,000 9132 9112 92 9014 907s 91 6 Jan Jan 7714 De0 74% 4514 8973 89% 90 *8914 90 Jan20 par 6552 No et t v 7033 7012 7073 3,3001 Wilson deCo.'Ino, 687 6872 '69 69 6912 69 69 69 *67 100 120 Feb 7 13313 Jan 9 110 Mar 1284 Oct 121 12112 12032 12032 12014 12034 1,000 Woolworth (F W) Oct 115 Sept *120 124' 121 12234 *120 123 0 Jan22 11712 Jan17 111 15 15 100 Do pre( 117 *115 117 *115 34 Jan 69 Aug *116 118 *116 118 *115 117 3 60 Feb21 eb10 . ja P & M v t a--100 88 F 2 53 5414 5573 60 4,900, Worthington -a" -E2152 *51 *5014 52 8934 Feb21 *4952 52 8558 Feb 9112 Apr 100 A pref Do 4 1001 893 4 893 4 893 *8712 4 893 *8712 89 *85 89 *85 89 .85 59 Jan 7032 July 100 66 Jan 3 69 Feb21 Do pref B 400 64 *6612 874 *6612 6712 6612 6612 6712' 69 *66 6812 *66 and rights. z Ex-dividend. a •Bid and asked prices; no sales on this day. i Less than 100 shares. 1 Ex-rights. Ex-dIv. New York Stock Exchange-Bond Record. Friday, Weekly and Yearly changed awl prices are now---"and interest"--erce /an. 1909 the Exchange method of quoting BONDS N. Y. STOCK EXCHANGE Week Ending Feb. 21 Price Friday Feb. 21 Bid U. S. Government. 330 lot Liberty Loan___1932-47 JD 4s 1st Liberty Loan 1932-47 JD 48 2d Liberty Loan 1927-42 Ni N D 434s 1st Liberty Loan...10:32-47 1927-42 M N 434e 2(1 Liberty Loan 430 3d Liberty Loan 1928 MS 4319 4th Liberty Loan 1938 A 0 2s consol registered d1930 Q J 2s consol coupon d1930 Q J 45 registered 1925 Q F 40 coupon 1925 Q F Pan Canal 10.30-yr 2s k1936 Q F Pan Canal 10-30-yr 2s reg-1938 Q N Panama Canal 3s g 1961 Q M Registered 1961 Q M Philippine Island 45 1911-31 Q bonds woo 1Veek's Range or Last Sale Ask Low Range Since Jan. 1. High No. Low High BONDS N. Y. STOCK EXCHANGE Week Ending Feb. 21. Price Friday Feb. 21 Week's Range or Last Sale 34 Rance Since Jan. 1. Chesapeake & Ohio (Con) Bid Ask Low High No, Low High General gold 430 1992 M S 7818 Sale 7818 7918 3 77 8318 Registered 1992 M S 8634 M tr'17 20-year convertible 430..1930 F A 7812 Sale 78 7858 45 773 8112 30-year cony secured 59_1916 A 0 8578 86 1011 8414 89 8534 86 Dig Sandy 1st 4s 1944 J D 7014 --_. 75 Nov'18 Coal River Ity 1st Cu 4s 1945 J 72 S23- 8512 Nov'16 Craig Valley 1st g 59 82 ___ 9634 Feb '16 1940 J J Potts Creek Br 1st 45 1940 J J 6612 -- 8434 Jan '13 R & A Div 1st con g 4s_ 1989 J 7414 00 J 7612 Nov'18 26 consol gold 4s 1039 J 6812 85 71 Oct '17 Greenbrier Ity lot gag 49_1910 NI N 8812 Sept'16 Warm Springs V 1st g 5s 1911 6.1 S 77 --_ _ 11314 Feb '15 Chic & Alton RR ref g 39_19.19 A 0 5058 55 :3012 2 5012 53 5012 Railway let lien :330 1950 J J 3512 3634 3658 3634 3 3534 40 Chicago Burlington & QuincyDenver Div 4s 1922 F A 9934 -- 9914 Jan '19 9914 9914 Illinois Div 330 7412 7534 7412 1019 3 J 7412 1 7412 7534 Illinois Div 4s 1949 J 8318 Sale 83% J 8414 8 8318 85% Iowa Div sinking fund 59.1919 A 0 9912 ---- 9934 Jan '19 9934 9934 Sinking fund 49 1919 A 0 9918 9918 Feb '19 9918 9918 Joint bonds. See Great North. Nebraska Extension 4s.„1927 ai N 9312 1Sale 9234 9312 923 8 9354 Registered 1927 M N 8818 91 Ma,'18 General 4s 1958 15 S 8214 8258 82 8212 9 81 8312 Chic & E Ill ref & imp 4s g 1955 J 29 J 3012 29 29 1 25 29 IJ S Nit. ;& Tr Co ctfs of dep__ 23 29 22 Jan '19 ---- 22 22 let eonsol gold 6s 1914 10312 Sale 10312 1 10312 10312 10312 General consol lot 59 1937 NI N _-__ 94 75 Feb '18 --_- 75 75 USMtg &Tr Co ctfs of dep.. - -- 70% 7618 Jan '19 ---- 7518 7618 Guar Tr Co ctfs of dep _____ 75 9(1 75 Nov'18 Porch money lot coal 5s 1942 56 --- 9734 Feb '13 Chile & Ind C ity let 59_ I936 J 10 ---- 32 Mar'17 J Chicago Great %Vest lot 4s_ _1959 NI S 61.53 Sale 6138 6178 20 60 6212 Chic Ind & Loulsv-itef 6s..1947 J J 103 ____ 103 Jan '19 ---- 103 103 Refunding gold 5s 8214 J 1917 J _ 10012 Apr '17 Refunding 4s Series C 1917 J 67% J _ 8412 Apr '17 Ind & Loulsv lot gu 4s 1950 3 J 6018 ____ 70 Nov'16 Chic Ind & 'Sou 50-yr 4s 1956 J 7734 84 J 9612 Jan '17 _ Chic L S & East lot 434s_ 1909 J D 8218 9738 Dee '11 Chicago Milwaukee & St Paul-Gen'l gold 45 Series A _ _e1939 J 73 7578 73 J 74 6 73 7612 Registered el939 Q J 92% Feb '16 Permanent 4s 1925 1 I) 8112 -6115-8 81 Feb '19 8212 84 Gen & ref Ser A 430__22014 A 0 7012 Sale 70 7034 371 6978 7414 70 Gen ref cony Ser B 5s___a2011 F A 7912 7934 7934 26 7734 8178 Octet gold 334s Ser 11___e1989 J 69 J 60 60 Nov'18 General 430 Series C_-e1939 J 70 82% 8218 J 83 121 S218 8458 25-year debenture 49 7014 7212 71 Feb '19 1934 J J 71 73% Convertible 430 1932 3 D 73 Sale 7712 19 7534 82 78 Chic & L Sup Div g 5s 1921 J 93 J 96 9758 Dec '18 Chic & Mo Itly Div 59_1926 J J 01% 92 Oct '18 Chic & P NV lst g 53 97 19213 J 9734 98 98 -6i58 988 7924 79% Dec' 16 --_C M & Puget Sd 1st go 45_1919 J J 68 Dubuque Div 1st s f 6s. 1920 J J 99 9934 9712 Aug '18 ___. Fargo & Sou assum g 6s_ A924 J J 9618 104 10178 5e1)1.'17 La Crosse & 9818 10314 9958 Feb '19 1st 5s 1919 J J -66- -65; Wis & Minn Div g 5s 9612 98 19213 9818 Jan '19 9818 98% Wis Valley Div lot 6s J 82 ____ 99 Jan '19 1920 J 99 99 Wilw & Nor let ext 43-0 1934 3 D 8834 ____ 9012 Dec '18 -- - - -Cons extended 430- 1934 3 D 8114 9914 9012 Dec '18 Chic & Nor West Ex 4s 1386-1926 F A 91 9312 9238 Dec '18 Registered 1886-1926 F A 87 00 95 Dec '18 General gold 33.4s 69 74 1987 Nt N 70 70 "ici - 71 Registered 71 p1987 Q F 71 Oct '18 _ General 4s 8534 8212 1987 NI N a 7 -ii58212 8 8212 Stamped 4s 8158 8178 Oct '18 1987 NI N General 5s stamped t7,51-i 1 1t 100 1987 M N 101 -6.634 loaf Sinking fund Os 1879-1929 A 0 10112 _--- 104 May'18 ---Registered 1879-1929 A 0 ---- -- 10912 Apr '16 Sinking fund 5s _ 9618 1879-1929 A 0 064 9018 -0-618 -6618 Registered 1879-1929 A 0 0614 IOO 96 Nov'18 Debenture 55 1921 A 0 9712 9912 93 Dee '18 97 Registered 975 1921 A 0 8 97 97 -97 Sinking fund deb 5s 9614 9S18 9612 Feb '19 1933 M N 9612 96% Registered 1933 M N 9014 97 Nov'18 Des Plaines Val 1st gu 430'47 M S 10112 Oct '16 Frem Elk & Mo V let 6s 1933 A 0 107 103 103 jog. 100 Man GB&NW 1st 330_1941 I J 60 ___ _ 88 Jan '17 Milw & S L 1st gu 330-1941 3 J Mil L & West 1st g 6s 1921 M S 11)012 Aug '18 Ext & imps f gold 5s 98 _ 99 Jan '19 1929 F A 99 99 Ashland Div 1st g 6s__ _1925 P4 S 10414 ---- 11178 Dec '15 Mich Div let gold Os..,1924 3 J 103 10614 1021g May'18 Mil Spar & N NV let gu 45_1947 M S 73 8412 78 7814 12 78 7814 St L Peo & N W 1st gu 5s 1948J 94 Sale 94 94 94 91 Chicago Rock 1st & Pan-Railway general gold 4s_ 1988 J 7718 777 7714 J 7714 2 7512 79 Registered 1988 J J ---- ....-- 7138 May'18 Refunding gold 4s 1934 A 0 74 Sale 737 7453 25 7373 '75,2 20-year debenture 55 1932 J J ---- --- -I 8053 Aug '18 R I Ark & Louis 1st 430_1934,M S .70 Sale 70 70 2: 70 72 Burl C R & N 1st g 5s_ _ 1934 A 0 9(3 98 1 94% Feb '19 _-__I 9478 96 CRIF&NW 1st gu 5s1921!A 0 9714 9812 97% Feb '19 '1 '1 Cho Okla & G gen g 53_41919 J 9612 _....-1 97 May'18 ----------J _ -Consol gold 55 1952M N - __- 92 1 93 May'18 __-1 - - --Kook & Des Moines 1st 5s 192:3A 0 6558 68 65 Feb '19 __, -6E - -Oil; St Paul & K C Sh L 1st 430'41,F A 68 6958 70 Feb '19 „--1 69 71 Chic St PM &0 cons 6s 1930 D 107 Sale 10612 107 0 10612 107 Cons 6s reduced to 330 1930 J D 8418 ----1 88 Sept'18 Debenture 5s 1930M s 8858 9312' 97 Jan '19 __-- -6i- -6i" North Wisconsin let 6s 1930!J J 101 ____ ,118 Nov'16 St P & S City 1st g 6s_ _ _19191A 0 100 100 Feb '10 __ _ _ -9678 - 1.60 Superior Short L let 5s g_e19301 S May'18 Chic T It & So East let 55._1960,J D 6 90 2 -6 -8 - 5935 -. : : -_ Chic & West Ind gen g 0s_41932 Q NI 10318 10412 10212 Jan '19 ____ - - - - - - - 2 i61 51Consol 50-year 4s 2 J 658 6234 62 1952 J 6234 11 4 85 Cin II & D 2d gold 430__ _ _1937 J J 80 ____ 90 May'17 - - - - ---C Find & Ft NV let gu 45 g 1923 M N ---- ---- 88 lateen Day & Mich 1st cons 430 19313 J 84 ____ 79 Nov'18 Cloy Cm Ch & St L gen 49..1993 J D 6712 7112 6734 Feb '19 6734 7212 20-year deb 430 7812 79 1931 J J 7834 Feb '19 7812 80 General 5s Series B 8434 8614 Aug '18 1993 J D Cairo Div let gold 4s 7318 80 1939 J J 83% Mar'17 Cin NV & M Div 1st g 4s 1991 J 6731 ____ 63 Oct '18 ____ -- -- -- -- -- -- --_--J StLDiv1stcolltrg4s_1990NI N 76 77 7618 Jan '19 ____ 761 701s Spr & Col Div lot g 4s 1940 NI S 7414 ____ 7418 Jan '19 ....... 7418 .7,418 W W Val Div 1st g 4s_ 70 ___ 1940 J 84 Nov'16 C I St L & C consol 0s 93 9138 2 19 000132 4 - : 1920 M N 0 9 8 13 S mest:: : :1 15 8 --- - - - - -let gold 4s 11930 Q F 8214 00 87 Dec '17 Registered k1930 Q F Cin S & CI cons Ist g 5s__1928 J J 10218 Jan '17 CCC&I gen cons g 69_1934 3 J 101 --_- 107 107 --1 3, ilii - fOi Ind B & W let pref 4s____1940 A 0 74 ---- 94 July'OS ____ __ 0 Ind & 1st pref 5s_ _d193S Q J 82 Peoria & East lot cons 49_1940 A 0 49 56 56 Jan '19 _-_ -E6 - -id Income 4s 1212 1718 1212 1990 Apr 1212 4 12 1212 Cleve Short L let gu 430_ _ _1961 A 0 8712 90 90 Dec '18 -- Colorado & Sou lot g 4s_..A929 F A 8734 8814 8734 88 -2 7 -i n 79 i3 911-4 14 -i Refund & Ext 430 78 Sale 193515 N 78 78 4 4 2 Ft W & Den C 1st g 68_ 1921 J D 99 9934 9934 Jan '19,____ 9934 9934 Conn & Pas Rh% 1st g 4s_ _ _1943 A 0 65 giss -------,--- --__ ---Cuba RR let 50-year 58 g 1952 J J 93 Feb '16' ____ Del Lack & WesternMorris & Ess let git 330 2000 J D 72 77 71 Oct '18 N Y Lack & NV 1st es 1921 1 J 101 10178 102 Dec '18 _ Construction 55 1923 F A 9812 101 101 9534 101 Term & Improvt 92% --__ _1923 NI N 9334 92 Dec '18 Warren lst ref gu g 330_ _2000 F A 6712 ---- 10218 Feb '08 98.40 Sale 98.20 98.86 4190 98.20 99.80 92.92 Sale 92.76 93.08 358 92.50 9118 92.86 Sale 92.50 92.96 2443 92.10 91.10 05.28 Sale 91.78 95.28 38,4 94.60 90.00 94.40 Bale 93.74 94.40 6299 93.74 95.32 95.80 Sale 95.06 96.00 12095 94.90 96.50 91.30 Sale 93.76 /5725 93.76 95.72 97% 9818 9334 Aug '18 97% 98 98 Feb '19 10134 10512 10138 Jan '19 10138 101% 10134 105 10134 10134 1 10114 10134 98 June'18 ---- -- - _ 97 9814 99 July'18 89 88 8712 Feb '19 -8/12 -8-71-2 92 83 89 Sept'18 90 90 100 Feb '15 Foroign Government. Amer Foreign Senor 59 9934 Sale 9934 9978 252 9912 99% 1919 A Anglo-French 5-yr 5s Enter loan_ A io 9738 Sale 9714 97, 8 1607 96% 07% Argentine Internal 5s of 1909_ __ s 85 90 93 Fob '19 90 93 Bordeaux (City of) 3-yr 69._1919 Ni N 10134 Sale 10134 102 45 10014 10212 Chinese (Ilukuang ity) 59 of 1911 D 72 Sale 72 72 6 70 72 Cuba-External debt 5s of 1901_ 93 93% 95% 93% 9212 9512 Enter(1150 of 1914 ser A 1949 A 9012 902 9312 Feb '19 92(2 9312 External loan 4)-0 A 83 84 83 Jan '19 1919 82 83 Dominion of Canada g 59.-1921 A O 9812 Sale 93 9838 77 9734 99 do do ...._1920 A O 9634 Sale 9334 9118 53 9058 93 do do 193I A O 9712 Sale 9712 9718 40 9714 981s French Repub 530 secured loan_ 1053 4 Sale 1053 4 1.053 4 182 103 10514 9114 90 Japanese Govt-1:loan 430_1925 "A" 91 91% 371 8678 9138 Second series 430 92% Sale 0134 1925 9238 10 80 9218 8812 Sale 87 do do "German stamp"_ 89 57 84 89 Sterling loan 4s 1931 1 Nt- J 2 76 ---- 76 76 1 75 70 Lyons (City of) 3-yr Os N 10134 Sale 10134 1023-4 77 10014 10212 1919 Marseilles (City of) 3-yr 69_1919 Nt N 10134 Sale 10134 102 52 10014 10212 Mexico-Enter loan .0 5s of 1899 73 60 71 J 7012 11 01 7012 Gold debt 45 of 1904 55 D 50 1951 55 Feb '19 50 55 Paris (City of) 5-year Os__ 1921 A O 99% Sale 9958 10014 955 9353 10014 Tokyo City 53 loan of 1912 Sale 82 Nt S 82 82 3 81 83 K of (it 13rlt & IrelandSale 100 1919 MN 100 3-year 534% notes 10018 1007 99%103.3f4 9834 Sale 9812 1921 NI N 5-year 535% notes 9834 650 97% 99 Convertible 534% notes 1919 VA 100% Jan '19 101) 10158 8 Sale 10012 20-year gold bond 530_1937 VA 1(3(15101 Ho] 100 10134 These are prices on the basis of 155foL State and City Securities. N Y City-43,is Corp stock_1960 76b pt for interest and defaulted bonds. 9312 97 97 97 5 9(3 9714 43is Corporate stock 1904 9638 9678 9012 97 4 9012 98 9012 97 43is Corporate stock 1966 A 97 Feb '10 9612 9914 10118 Sale 10118 430 Corporate stock July 1967 101 18 18 10038 1013.1 wits 430 Corporate stock 1905 iD 10118 Sale 10118 3 101 10112 10118 Sale 10118 430 Corporate stock 1963 en 1011 2 100 102 4% Corporate stock 1959 rd 9112 Sale 9034 9112 14 903A 9'21? 4% Corporate stock 1953 NI 9114 9112 0114 1 9012 921 0114 4% Corporate stock 91 1957 0112 9314 Dee '18 4%Corporate stock reg.._1956 90 9114 8978 Oct '18 Now 430 101 10112,10114 1957 Ni 6 10012 102 10114 434% Corporate stock _ 1957 11A 101 10112110078 Feb '19 10038 10112 334% Corporate stock- 1954 82 ___ 8112 Feb '19 8112 8112 N Y State-43 9634 09 1961 99 July'18 Canal Improvement 45_ 1961 .1 9712 ___ 9712 Jan '19 9712 0712 Canal Improvement 4s_ _1962 9034 ____ 9734 Dec '18 -- _ Canal Improvement 4s_ 1960 0034 ____ 9718 Oct '18 Canal Improvement 430_1961 107 ____ 107 Feb '19 1005.t 107 Canal Improvement 430_1065 .10012 __ 10212 Dec '18 Highway Improv't 430_1963 NI 10612 10734 10612 Oct '18 Highway Improv't 43113._19135 *10012 ___ 10018 June'18 Virginia funded debt 2-39_1991 7878 Dec '18 69 deferred Brown Bros ctfs___ 73 Sale 70 7434 320 -63- -iT3.1 Railroad. Ann Arbor lot g -Is /1995 Q J 55 5718 5712 5713 55 5712 Atchison Topeka & Santa FeGen g 43 Sale 8134 1995A 0 83 83 43' 8134 8512 Registered 80 Feb '19 1995 A 0 8112 89 80 80 Adjustment gold 4s 7518 7738 7878 111995 Nov 787 5 78% §034 Registered h1995 Nov ---- 86 7312 June'18 -- - - - - - - - Stamped 7738 7512 Feb '19 h199 M N 70 7512 7912 Cony gold 4s 76 1955 J D 74 7012 Feb '19.- 76 77 Cony 43 issue of 1910 9358 19603 D 9358 Sale 9338 1 9:31's 9514 East Okla Div 1st g 4s__ A928 M S 8018 9214 9218 Feb '19 9218 0213 Rocky Mtn Div let 4s_ 1905 J 79 79 June'18 J 70 Trans Con Short L 1st 49_1958 J 7618 79 79 Feb '19 J 79 81 Cal-Ariz lit & ref 430"A"1902 M S 85 8514 85 Feb '19 85 85 S Fe Pres & Ph 1st g 5s1942 M S 96 100 9934 July 8 ' 3117 3._3 _8 . 1._811._ .8t0_11 . 2 All Coast I. 1st gold 4s____h1952 M S 8218 83% 83 Gen unified 430 85 1904 J D 84 84 84 Ala Mid 1st gu gold 5s_ _A928 M N 9612 9614 9012 11 9012 9612 Bruns & NV lot gu gold 45_1938 J J 8012 89 78 Oct '18 Charles & Say 1st gold 79_1936 J J 11112 __ 12978 Aug '15 L & N coil gold 4s o1952 M N 7512 77 77 77 5 77 7812 Say F & W 1st gold 5s_1034 A 0 10818 ___ 108 Dec '18 -1st gold 59 1934 A 0 9512 - - - 105 July'15 -- _Bait Jc Ohio prior 33-45 1925 J J 88 8812 88 8312 11 88 8914 Registered h1925 Q J 87 Sale 87 87 1 87 87 let 50-year gold Is /1948 A 0 7714 Sale 77 7714 21 7534 8212 Registered /1948 Q J •. .. 78 0234 Mar'17 10-yr cony 430 1933 -- 7712 Sale 7712 7858 18 76 80 Refund & gen 5s Series A_1995 J D 8238 Sale 82 8212 20 8078 8212 Pitts June lot gold Os___ _1922 J J 98 ____ 112 Jan '12 -- _ Pion°& M Div 1st g 3%s 1925 M N 8418 8614 8312 Jan '19 8312 8312 7312 74 P L E & NV Va Sys ref 49.-1941 M N 74 74 1 72% 78 Southw Div 1st gold 330_1925 J 83 J 8134 83 8312 1_(! 8:3 8614 Cent Ohio It 1st c g 430-1930 m s 8934 ---- 100 Apr '17 CI Lor & NV con 1st g 53_1933 A 0 95.8 ---- 9:312 Aug '18 --__ - - - - - Monon River 1st gu g 53_ _1919 F A -- 10114 Nov '16 Ohio River lilt 1st g 5s_ 1936 J D 9514 _-__ 96 Jan '19 -66 - -66 General gold 5s 1937 A 0 01 ---- 00 Jan '19 --__ 90 90 Pitts Cloy & Tol lot g 69-1922 A 0 9912 --__ 9918 Mar'18 Tol & Cin illy 111 ref Is A _1959 J J 6212 6612 65 Feb '19 "di; -di" 7 Buffalo It & P gen g 5s 1937 M S 9C, 102 99 June'18 Consol 4349 1957 M N 88 ---- 9912 Oct '17 ___ All & West 1st g 49 gu_ _ _1998 A 9612 -___ 97 Nov'16 -- Clear & Mah 1st gu g 59-1943 J 88 --- 10318 Feb '16 --__ - - - - - Roch & Pitts 1st gold Os..1921 F A 10034 -___ 101 Nov'18 Consol let g Os 1922 J D 10114 --__ 100% Sept'18 Canada Sou cons gu A 53_ 1912 A 0 95 958 95 05 8 -6:i18 -6E18 Car Clinch & Ohio lot 30-yr 5s'33 J I) 75 8312 82 Jan '19 82 82 Central of Ga lot gold 5s_ __p1945 F A 100 --_- 100 Jan '19 ___ 100 100 Consol gold 5s 9112 92 93 1945 NI N 0:1 1 91 9478 Chatt Div pun money g 4s 1951 J D 74 --- 7234 Nov'18 ____ Mac & Nor Div 1st g 5&..19l0.3 J 8 90 9% __IT: 97058 7 1%,,laaciy n:1 18 7 _ Mid Ga & All Div 5s 1947 J J Mobile Div 1st g 5s 917 8 _ 9134 Jan '19 ___ -913 1946 J J ; -91 3 . 4 Cent lilt & Il of Ga coil g 59_1937 M N 86 89 8853 Dec '18 _Cent of N J gen gold 5s 1987 J J to214 ____ 10214 10214 4 - fog Registered h1987 Q J 10114 Sale 10114 10114 2 10114 10114 Am Dock & Imp gu 5s___1921 J 9834 10034 100 Dee '18 J _ _ _ -_ _ _ Leh & Hud Riv gen gu 5s_1920 J .1 96 -- 100 Apr '18 N Y & Long Br gen g 49_1941 NI S 8712 ---_ 10012 Jan '13 Cent Vermont 1st gli g 4s_ _e1920 Q F 60 80 65 Jan '19 -__ 65 05 Chesa & 0 fund & impt 59_1929 J 9012 9318 Jan '19 _--- 92 J 89 9318 lot consol gold 53 1939 M N 0812 9912 99 Feb '19 -_ 9814 0912 Registered 100 10412 Jan '17 _ 1939 M N . __ mice Friday; latest this woek. a Due Jan. d Due April. e Due May. p Due June. h Due July. k Due Aug. 0 Due Oct. p Due Nov. e Due Dec. s Option sale. no BONDS N. Y. STOCK EXCHANGE Week ending Feb. 21 New York Bond Record-Continued--Page 2 Price Friday Feb. 21. Week's Range or Last Sale jpi co 63 Range Since Jan. 1. High No.I Low High Ask Low Bid Delaware & Hudson9513 96 '19 Feb 96 97 9614 1922 1st lien equip g 4)-s 5 8334 8514 8514 8512 8334 85 1943 let & ref 4s 9412 21 9312 9534 9414 1935 20-year cony 5s 7553 77 77 Feb '19 1948 Alb Sc Susq cony 3As 793 10 13118 44 -87 -37 -1e 10333 Sept'18 Reuss & Saratoga 1st 75_1921 Grande Rio Denver & 694 73 72 72 7214 71 1936 1st cons g 4s 7313 76 7313 Jan '19 80 74 1936 Consol gold 414s 7913 7913 7913 Jan '19 79 75 1928 5s gold Improvement 4978 5714 50 50 5212 5033 1955 1st & refunding 53 8734 Nov'16 --- - --82 Rio Or June 1st gu g 5s.. _ -1939 '11 6114 Apr _1940 Rio Or Sou 1st gold 4s___ 39 July'17 19-10 Guaranteed 7234 70 7118 651 -70; 70 Rio Gr West 1st gold 43-1939 57 57 57 57 Jan '19 52 Mtge & coil trust 4s A 1949 - --- 82 Dec '16 621s Det & Mack-lst lien g 4s-1995 7512 July'16 gq 1995 Gold 4s 4 8414 813 8234 834 4 813 4 813 Dot Riv Tun Ter Tun 4;48_1961 954 ---- 9634 June'18 Dui MLssabe & Nor gen 5.9_1941 -di:Cs -lift; 9414 Feb '19 9313 95 1937 Dul dc Iron Range 1st 5s -- -10513 Mar'08 1937 Registered 83 83 Feb '19 83 if if 1937 5s_ g All & Dul Sou Shore Nov'18 102 99 9158 Elgin Joliet & East 1st g 53-.1941 8 iddii 1 -6 10014 9934 10014 10014 1920 Erie 1st consol gold 7s 784 Oct 'lb ---813s N Y & Erie 1st ext g 4s_ 1947 ____ 9714 984 June'18 ---1919 2d ext gold 53 9313 Jan '18 -.91 1923 4;43 gold ext 3rd - 9913 July'17 9614 1920 4th ext gold 58 9434 Nov'15 82 1928 5th ext gold 45 9834 100 1004 July'18 7s 1920 fd g 1st NV LE& Y N 5 -id - -761-2 8618 SM. 66 66 Erie 1st cons g 4s prior_ -1996 84 Dec '16 1996 Registered 17 5213 5612 53 5212 54 53 43_1996 g lien gen let consol 73 June'19 1998 Registered 7734 Feb '19 77's 78 781 82 Penn colt trust gold 4s-1951 47 49 4 43 Feb '19 473 47 1953 A Ser 4s cony 50-year 9 464 487s 4713 4712 47 47 1953 do Series 11 4913 60 4813 5233 4914 Sale 4813 Gen cony 4s Series D...1953 94 • 9513 9313 94 Feb '19 1982 Chic & Erie 1st gold 55 Jan '17 1064 _df Ciev & Mahon Vail g 53_1938 8 98 idf 99% 98 -Sale 98 1 rie ifc Jersey 1st s f 6s.. 1955 , 1 954 101 9578 9734 9578 87 (Jeuesee River lets f 6s-1957 -- - - -103 Deo '18 108 Long Dock consol g 6s_ - _ -1935 103 Jan '18 01 -- - - -Coal & RR 1st cur gu Os..1922 July'17 10213 -871s -- --Dock & Impt 1st ext 5s--1943 _ 8612 ---- 85 Jan '18 1948 N Y & Green L gu g 5s 7814 75 '19 Feb 75 79 71 5s-1937 ref 1st N Y Susq & W '06 Deo 10014 1937 2d gold 4;4s gi 60 June'18 1940 General gold 5s 85 ---- 97 Deo '18 Terminal 1st gold 5s_ 1943 85 --- 108 Jan '17 1940 Mid of N J 1st ext 5s 72 72 ; 72 Jan '19 ____ Wilk & East 1st gu g 59-1042 2313 Jan '17 By & Ind let cons gu g 68_1926 97 93 -66 7194 '- 98 Jan '19 Evansv Sc T H 1st cons 63_1921 8513 June'17 - - - --6512 1942 1st general gold 5s 108 Nov'll - -- - - Mt Vernon 1st gold Os._1923 -98s 95 June'12 Bull Co Branch 1st g 53-1930 -gg 83 Feb '19 83 8312 811; Florida E Coast 1st 4 As- 1959 -.- 92 Aug '10 Fort St U D Co let g 4;45_1941 -'17 Oct 5612 5812 4s_1928 let g Or & Rio Ft Worth 80 80 Deo '18 1933 Clalv Hous & Hen 1st 5s ;-66 -O.E3 954 3 Sale 9553 -95; Great Nor C B & Q coll 4s 1921 954 9553 954 Fob '19 61921 Registered 89 8514 '19 8618 Feb 89 855 1st & ref 4;4s Series A-__1961 83 --- 96 June'16 1961 Registered Apr '18 8913 -.... 8814 1033 St Paul M .Sc Man 4s 10713 111 111 Nov'18 1933 1st consol g Os 104 ---- 118 Apr '17 1933 Registered 95 94 95 Jan '19 9218 95 Reduced to gold 43.45-1933 904 99 10212 May'16 1933 Registered 887* 887 8613 89 884 Feb '19 Mont ext 1st gold 45- _1937 841s --- 9512 Mar'16 --- - - 1937 Registered ---- - - 7634 ....-- 8513 Nov'15 Pacific ext guar 4s£..._1940 Nov'18 80 7713 - --1948 4s g let Div Nor E Minn _-10134 ---- 10014 May'18 1922 Minn Union let g 6s - --- 10753 -...... 108 Nov'18 1937 Mont C 1st go g Os 1937 J J 105 ---- 13614 May'06 Registered -Odf; 0912 1937 J J 984 ---- 9912 Jan '19 1st quar gold 5s '18 Will & S F let gold 5s 1938 JD 100 - - 10934 Aug51 -if - -if 51 gg 5114 Feb _ Green Bay & W deb ars "A"___ 818 7 613 712 7 Feb '10 Feb Debenture ctfs"B" 80 8213 80 Jan '19 Gulf & I 1st ref & t g 5s__61952 J J 7213 SO 83 79 79 7912 Sale 7913 J J Hocking Val 1st cons g 430 1999 7313 June'18 1990 Registered - - - - ---- 734 Oct '18 Col & H V 1st ext g 4s_..1948 A 0 7514 A 7614 ---- 75 Feb '18 1955 Col Sc Tot let ext 4s 85 Deo '18 8434 86 Houston Belt & Term 1st 5s-1937 88 88 87 - - 88 Feb '19 Illinois Central let gold 4s 1951 di 92 Sept'17 69 - --- - - 1951 Registered 7534 Oct '18 --- --7333 1951 1st gold 334s 84 Nov'15 7133 81 --- - - 1951 Registered 80 June'17 Extended 1st gold 3As...._1951 A 0 7333 ---3 713 A 0 1951 Registered -id - Juiy -i); 1951 let gold 3s sterling 9 1951 Registered 79 77 77 Feb '19 4 -ig3 764 0 A Collateral trust gold 45_ _ _1952 954 Bept'12 -- - - -- 1952 A 0 Registered 8213 8414 83 Feb '19 -gil; 8113 1955 4s let refunding 72 72 704 73 72 Jan '19 1952 Purchased lines 3;48 7753 3 75 764 7613 744 76 L N 0& Texas gold 4s...1053 Feb '18 -72 84 7312 1953 Registered 78 Nov'18 79 -. --- --Cairo Bridge gold 4s__ _1950 - 79 Feb '14 57 -- - Litchfield Div 1st gold 38_1951 -- 6733 ---- 7313 Nov'18 Louisv Div & Term g 3;48 1953 83 Aug '12 1953 Registered 102 June'16 -9718 A 1921 reg 58 Div Middle -5814 Sept'18 A 594 Omaha Div 1st gold 3s_ __1951 -.12 62 Oct '18 65 5 St Louis Div & Term g 33_1951 '18 8518 Oct 75 704 1951 Gold 314s 80 June'16 -.... 6453 1951 Registered 811; 8053 Nov'16 67 --- -Springf Div 1st g 33.s..._1951 .1 - - - -8013 Deo '18 A 761,3 81 Western Lines 1st g 4s_ _ _1951 92 Nov'10 -A 1951 Registered 11712 May'10 9513 1923 Bellev Sc Car 1st 6s 70 ---- 90 Jan '17 Carb Sc Shaw 1st gold 4s_1932 .934 -941;-9 941s Jan '19 9834 99 Chic St L& N 0 gold 5s 1951 9518 954 9518 954 Sale 9518 1051 Registered July'18 0512 66 1951 Gold 3;4s 1951 J. Registered 2 9034 95 9034 8434 9012 9034 Joint 1st ref 58 Series A_1063 -7213 --- 704 Oct '18 1951 Memph Div let g 4s 65 Nov'17 78 71 1951 Registered "i63-4 7034 '19 Jan 4 793 ---8012 45..1931 g St Louis Sou 1st gu 8014 82 8014 Feb '19 .1 8033 84 1950 Ind Ill Sc Iowa 1st g 4s 96 96 9434 964 90 Jan '19 Int Sc Great Nor 1st g 6s_ _ 1919 82 82 8073 84 82 Feb '19 James Frank Sc Clear 1st 4s_1959 6213 6438 644 8435 6213 63 Kansas City Sou let gold 3s-1950 A 78 Oct '09 0 A 1950 Registered 11 8414 8534 8534 85 Sale 85 Apr 1950 Ref Sc Impt 5s 774 11 764 81 80 77 78 Kansas City Term 1st 4s_ __1960 8934 8934 '19 Jan 4 3 89 8934 89 Lake Erie Sc West 1st g 5,5_1937 3 8053 Feb '17 99 :8 . 1941 7 2d gold 5s 803s Oct '18 North Ohio 1st guar g 5.5...1945 A 0 - 02 1 8918 894 id Leh Val NY 1st gu g 4148_1940 4 89 Oct '17 844 8831940 Registered 80', '19 Feb 8013 81 80 2003 g 4s cons Lehigh Val (Pa) 90 3 90 90 90 8513 92 2003 General cons 414s 1 • No price Friday; latest bid and asked this week. a Due Jan BONDS N. Y. STOCK EXCHANGE Week ending Feb. 21. 130, Price Friday Feb. 21, [Vol.. 108. Week's Range or Last Sale Range Since I Jan. 1. High No. Low High Ask Low Bid 53_1911 AO 10014- 994 10014 13 981s 10213 Leh V Term ity 1st --- I - Mar'17 113 1.5114 AO 1941 Registered 10134 32 10113 1025s - 10138 10134 10138 Leh Val RR 10-yr coil Os_n1928 9934 Deo '18 994 Leh Val Coal Co let gu g 58_1933 J 105 Oct '13 1933 J J Registered 79 ---1933 J 1st int reduced to 4s 70 July'13 79 S M 1915 4s_ g guar 1st Y N Sc Leh 1915 MS Registered __ .ili iddii Ott NJAT Long Isid 1st cons gold 5s_61931 Q J :: 80 : : s i tils ernpe u sa J 514 j 873 61931 Q J 87 --_- 9 1st consol gold 4s 81 78 1933 J D General gold 4s 98 1922 MS 95 Ferry gold 4%s ---_ 991.1 Oct '06 1932 3D 75 Gold 4$ 78 Nov'18 7514 89 1949 M Unified gold 4s -gl- 81 '19 Jan 81 801s 77 D J 1934 5s gold Debenture 75' 7712 1937 MN 73 77 - 75 Feb '19 20-year p m deb 5s 7613 76 75l3 80 7613 Feb '19 Guar refunding gold 4s..1949 MS _ _'11 Jan 95 MS 1940 Registered 94 94 '19 Jan 94 -94 NYB&MB 1st con g 53_1935 A0 di 94 Deo '18 NY&RB 1st gold 5.5_ _1927 MS 92 16 Nor Sh B let con g gu 5s_o1932 Q J 91 -.- 100 Aug''18 - - - -91 Deo MS 8734 91 Louisiana Sc Ark 1st g '18 Deo 11'212 108 108 D 7 0 1 93 9 J 1 69_1 gen Nashv Sc Louisville 14 10012 111.6MN 9714 105 10013 Jan '19 Gold 53 1 8413 8813 85 85 1910 J .1 8512 86 Unified gold 4s '17 Jan 964 8313 8814 J J 1940 Registered 1.150 - kid '19 Collateral trust gold 53_1931 M N 96 100 100 Jan 95 934 Feb '19 L Cin Sc Lox gold 4s..1931 MN 92 3113 95 95 3 10 3 10 31'3 '19 Jan 10513 10712 10213 J 1930 J N 0& M 1st gold Os 100 100 1930 J J 98 -- -- 100 Jan '19 2d gold Os 7912 7913 7913 Jan '19 Paducah Sc Mom Div 43_1946 FA 80 81 10014 10014 1• S 100 ---- 10014 Jan '19 20 98 19 St Louis Div let gold 65_1 57 57 57 Feb '19 MS 57 2d gold 3s 7814 '7814 7814 Feb '19 All Knox Sc Cin Div 4s_ _1955 MN 754 79 -Nov'18 95 -96 All Knox Sc Nor let g 5s 1918 S D - -- - 10313 Sept'18 Hender Bdge 1st s f g 6s....1931 M S 1014 3 514 80 413 , 80 - 0 '19 Jan 79 804 744 J J gold 48.1937 Central Kentucky 04 -1 94 J 94 95 A O 2Q 55 96 Lox Sc East 1st 50-yr 5s go/1119 88 Nov'18 L&N&M&M lstg 4;019151Ni S 854 ---7212 71 Jan '19 -- -fi -if L & N-South M Joint 43_1952 J .1 71 -- - .--- -- 95 Feb '05 Registered _95 Aug '18 N Fla Sc S 1st gu g 5s___1937 F A 97 99 May'16 974 -8512 .1 J N & C Mtge gen gu g 410_1945 4 f1-'19 Jan 10138 Pensao Sc Atl let gu g 68_1921 F A 10153 -99 Apr '18 Sc N Ala cons gu g 53_ _1936,F A 9613 106 -9313 Jan '18 ---Gen cons gu 50-year 5s_1963'A 0 93 99 _--L Jeff 13dge Co gu g 4s_1945 M S 6912 ---- 80 July'18 ---N M .1936 4s_ lines Manila RR-Sou _ 10 -Mex Intermit let cons g 43__1977 M S --- ---- 77 Mar 75 Nov'10 1977 M S --Stamped guaranteed 0 80 -...... 9113 June'17 Midland Term-lst s f g 53_1925 __ ____ ... 101 July'18 1927J 1) 101 Minn St Louis let 7s 1)9 1921 A 0 97 idf 99 Feb '19.... 99 Pacific Ext let gold 6s -81 Nov'18 7813 7814 1934 NI N let consol gold 5s 471 44 4613 48 4612 1st Sc refunding gold 4s_..19-19 M S 46 '18'____________Ref & ext 50-yr 5s Ser A 1962 Q F ___ 48% 504 Dec Feb '15 60 Des M Sc Ft D 1st gu 43_1935 J J 77 ; 77 Jan '19 ....„ 77 ;-823 Iowa Central 1st gold 53..1938 J D -701 6 43 4618 4613 45 1951 M S 444 45 Refunding gold 4s 89 86 '19 Fob 81314 86 8 J J 85 , 93 MlitP&SSMcong4sintgu_1193 1 9734 9734 9734 98 -- 9734 1st cons 5s ____ 1911 M -pi 9314 -,-- 92 Jan '17 let Chic Term s f 4s 9415 9413 9412 Jan '19 MSSM ScA 1st g 43 int gu_'26 J .1 924 95 ____ __ Deo '16 95 90 .1 J _1949 _ 5s_ Mississippi Central 1st Missouri Kansas Sc Texas2 6112 69 65 1990 J D 6114 67 1st gold 4s - - - - -3033 3013 Dec '18 g1990 F A 29 25 gold 41 ____ 32 32 Sept'18 1944 M N 284 1st ext gold 5s 42 42 4334 42 Feb '19 S 42 2004 1st Sc refunding 4s 4 43 3 Feb 44 '19 43 42 Trust Co cents of dep...... ---325s Dec '18 34 Gen sinking fund 4%s__ 1936 1 -.I 26 -30 St Louis Div 1st ref g 4s_ _2001 A 0 ___ 3712 40 Nov'16 _---5% secured notes "ext" '16 _ -6F; Dall Sc Waco 1st gu g 5s__1940 M -N ___ _ Api7177-_ '18 GO Oct -58 A F 4s._1990 g let Pao Sc City Kan 7112 50 112 0 7 5 '19 50 Jan 62 3614 Me K & E 1st gu g 53___1942 A 0 73 7113 Jan '19 M K Sc Okla 1st guar 5s_ _1942 M N 70 55 51 51 51 Feb '19 M K & T of T 1st gu g 5s 1942 NI S 51 __ _ 51 Deo '16 65 Sher Sh & Bo lst gu g 5s__1942 J D - 3012 3013 Nov'18 Texas Sc Okla 1st gu g 5.1 1943 M S Missouri Pacific (reorg Co) 874 Jan '19 let Sc refunding 5s Ser A._1985 F A 83 8714 43 7348 8 97 8 5 013 9413 93 944 --1st Sc refunding 55 Ser Ba 1923 F A 93 6 8912 92 90 8913 Bale 8934 A let Sc refunding 53 Ser C__1920 F 6312 5912 39 62 Sale 6114 1975 M S 62 General 4s 1 9913 9934 9933 994 994 Missouri Pac 1st cons g 63_1920 M N .99 -58 Oct '18 __1945 M S 40-year gold loan 4s 82 Apr '17 3d 75 extended at 4%....1938 M N 65 -Feb '13 -100 A • F Boonv St L & S 1st 53 gu_1951 ; 3 9713 Dee '13 _- - - Cent Br U P 1st g 4s _ _1948 J D 6314 -87 82 81 Jan '19 __ 81 90 80 A F 1938 1st 4s ext Mo of R Pao Apr '18 4 1003 87-,.-J 1938 J 2d extended gold 5s_ 8 95 9612 9512 95 StLIrM&Sgencong 5s 1931 A 0 9512 Sale 102 July'14 -- - - -0 A 1931 5s g gu stamp Gen con 8014 42 80 8212 1929 J .1 80 Sale 80 Unified Sc ref gold 4s 804 Oct '17 ---- --1929 J J Registered 744 77 75 75 76 75 N M Riv &0 Div 1st g 43.-1933 J 8835---S 6 1927 _1 Verdi V I & NV lat g 58.._6 08 17 9 13 514 8 J21:1 1927 J D 105 Mob Sc Ohio new gold 6s _ - loo 105 95 May'18 1st ext gold 6s - 71 Nov'18 - -SO 1938 M S 05 General gold 4s ---93 July'17 -86 A F 5s_1947 g let Montgomery Div - --17 90 Aug' 87 1927 J D 84 St Louis Div 5s St L & Cairo guar g 4s_ _ 1931 1 J 7914 844 78 Oct '18-2 -eV" Sale 99 0 A Nashv Chatt Sc St L 1st 5s_ _1928 - _e917 94 Ma9 10 Jasper Branch 1st g 65_ _ _1923 J J 1004 10414 10 -- ---- 35 Dec '18 --- Nat Rys of Mex pr lien 4;43_1957 J J - -- '10 35 Aug 0 ---A 1977 Guaranteed general 4s - -964 Feb '13 --Nat of Mex prior lien 43-3_1926 J J 21 Aug '18.- - - - -1951 A 0 let consul 4s 69 67 Feb '19 ___ 6653 87 New Orleans Term 1st 4s.__1953 J .1 67 9712 1 96 9614 9614 9614 N 0 Tex Sc Mexico 1st 63_1925 J D 96 5812 12 54 55 Non-cum income 5s A. 1935 A 0 55 Sale 54 New York Central RR134 974 9934 99 1935 M N 99 Sale 084 Cony deb Os 7814 2 74 75 7514 74 74 Consol 4s Series A 8512 8413 12 82 A 8412 Sale 84 A O 1013 2 998 F Ref & imp 4 Yis "A" New York Cent Sc Hud Riv7234 7213 12 71. 1997 J J 7134 7212 7214 Mortgage 14s 8 84158 1317s 94 7213 6 2 Aug' _ 1997 J J 3Registered 4 8234 80 . 85 1934 M N 81 Debenture gold 4s ---79 Nov'18 1934 M N Registered 1 6612 68 6612 6313 6612 6012 Lake Shore coil g 334s....1998 F A __Gala ........ 67 87 '19 Jan 67 A F 1998 Registered 70 65 65 Fob '19 Mich Cent colt gold 330_1998 F A 6EG 67 75 Mar'17 76 1998 F A Registered -g 4, D J Battle Cr Sc Slur 1st gu 35_1989 _ - 8238 Beech Creek 1st gu g 45_1936 J - - -Nov'16 0534 J J 1936 Registered -90 104 May'16 19365 J 88 2d guar gold 5s -Registered 65 ........ A j 6 1 3 5 9 Beech Cr Ext let g 30.619 -IPIT1 1931 J D 754 ---- 89 No Cart Sc Ad 1st gu g 4s Gouv & Oswe 1st gu g 53.._1942 J D 9034 ....... '18 Oct 73I -7718 Moh & Mal 1st gu g 49_1991 M S - Feb '16 N J June R guar 1st 49_1986 F A 0813 -- 8913 May'17 80 -75 N M _._2000 3;0_ g N Y AL Harlem 9714 9712 '19 Feb 9714 N Y Sc Northern 1st g 5s_1923 A 0 9714 ---- Due Oct. 8 Option sale. b Due Feb. g Due Juno. 6 Duo July. n Due Sept. 0 I BONDS N. Y. STOCK EXCHANGE Week ending Feb. 21. E3 bt Price Friday Feb. 21. Week's Range or Last Sale Range Since Jan. 1. I IP I P I46 . BONDS N. Y. STOCK EXCHANGE Week ending Feb. 21 t Price Friday Feb. 21. Week's Range or Last Sale Range Since Jan. 1. N Y Cent & II R RR (Con)Ask Low Bid High No. Low High P. C. C.& St. L (Con.)Ask Low I Bid High No. Low High N Y & Pu 1st cons gu g 0_1993 A 0 79 ____ 80 Feb '19 80 78 Series F guar 43 gold-__1953 J N 8812 __- 91 Sept'18 NI D Pine Creek reg guar6s____1932 J D 10314 -___ 113 May'15 Series G 48 guar 1957 88/ 1 4 90 92 Nov'18 R W &0 con 1st ext 53_./41922, A 0 99 ____ 99 Jan '19 99 99 Series I cons gu 4;0_ _ _1963 F A 9058 ___- 95 Nov'18 Rutland 1st con g 430_1941 .1 J 76 -- 67 Jan '19 67 67 C St L & P 1st cons g 58...1932 A 0 10014 10458 102 Jan '19 idi- idiOg & L Cham lst gu 4s g_ 1948 J J 6138 ____ 6118 Feb '19 611 / 4 6118 Peoria & Pekin Un Ist 68 8-1921 Q F 100 June'17 Rut-Canada 1st gu g 4s_1949 J J 67 ---- 70 Jan '18 2d gold 430 b1921 M N 87 Mar'16 St Lawr & Adir 1st g 5s_ _1996 J J 8314 ____ 101 Nov'16 Pere Marquette 1st Ser A 58_1956 -- 86 -6;1; 8514 86 -io 2d gold Os 1996 A 0 89 ____ 103 Nov'16 1st Series B 4s 1956 6834 69 .6834 6834 5 6814 7214 94 Apr '18 Utica & 111k Riv gu g 4s 1922 J J 9412 Philippine Ry 1st 30-yr s f 4s 1937 45 49 45 Jan '19 45 45 7234 7578 73 Jan '19 Lake Shore gold 30 1997 J 73 73 Pitts Sh & L E 1st g 5s A 40 73 SS 96/ 1 4 ___ 99 Jan '18 190 11904 - 75/ 1 4 733s Nov'18 Registered 1997 .1 D 73 1st consol gold 5.3 94 ____ 9714 Dec '17 Debenture gold 4s 1 8838 90 8838 1928 M S 8914 8934 8838 Reading Co gen gold 4s 85 Sale 85 8538 20 8734 25-year gold 4s 2 8734 89 1931 M N 8734 Salo 8734 Registered 1997 J J 8912 8112 June'18 _ Registered 8378 Nov'17 19311M N - -Jersey Central cell g 48_1951 A 0 -81 8478 8634 Dec '18 Ka A & G R 1st gu c 5s 19381J J 913t _ -Atlantic City guar 48 g 1951 J Mahon C'I RR 1st 5s__ _1934 J J 9518 1041-2 Dee '15 -St Jos & Grand 1st 1st g 48 -1 60 fd- 717 Dec ii 19 24 57 0 Pitts Sc L Erie 2d g 5s_ _'_a1928 A 0 92 __ 103 May'17 St Louis & San Fran (reorg Co)Pitts McK & Y let gu 6s 1932 J J 10314 ___ 13018 Jan '09 Prior lien Ser A 4s J J 6178 Sale 8134 6212 78 6014 64 2d guaranteed fis 1934 J J 10238 ____ 12314 Mar'12 J 7634 Sale 7634 Prior lien Ser 13 58 1950 J 12 76% 7938 77 Michigan Central 5s 9912 Aug '17 Cum adjust Ser A 6s_-__h19 h196 50 5 A0 6412 Sale 64 6434 37 6212 69 Registered 0812 Nov'18 19 93 31 Q M M S 93 Income Series A 65 42 Sale 41 Oct 4214 34 4012 4512 84 ____ 82 Jan '19 1940J J 4s 82 82 St Louis & San Fran gen 69_1 10 93 31 J J 10318 ___ 102 Feb '19 102 102 87 Feb '14 1940 .1 J Registered General gold 5s J J 9658 98 97 Nov'18 __ 90 June'08 J L&S 1st gold 3;0-1951 M S -idi St L& S F RR cons g 4s 1996 J J 70 ___ 78 May'16 - _-1952 M N 7018 _ _ _ 7978 July'17 1st gold 330 Southw Div 1st g 5s 90 May'17 1947 A0 8314 Feb '19 20-year debenture 0_1929 A 0 84 85 8314 82 K C Ft 5 & M cons g 65_1928 N 1011-2 -Sale 10112 10234 10112 10318 8012 Feb '19 N Y Chi & St L let g 48 _1937 A 0 8014 81 80 82 K C Ft S & M Ry ref g 0_1936 A0 70 71 73 Feb '19 73 7512 Registered 1937 A 0 77 ___ 85 Nov'17 -KC&MR&B 1st gu 5s..1929 AO 8714 _ __ 8518 Aug '18 ---- -Debenture 45 1931 M N 7238 Sale 7238 7238 73 71 St L S W 1st g 4s bond ctfs 1989 MN 5712 703-4 7258 Feb '19 72 74 West Shore 1st 4s guar_ _ _2361 J J 783s 79 79 8112 79 2 79 2d g 4s income bond ctfs.p1989 J J 5712 6534 5714 Jan '19 5714 5714 Registered 2361 .1 J 76 7834 86 2 75 78 7834 Consol gold 45 1932 S D 5914 60 5912 Feb '19 5712 5978 N Y C Lines eq tr 58_1919-22 M N 9912 --__ 9912 Feb '19 9913 9912 J let terminal & unifying 58_1952 J 60 587s 62 Equip trust 4 yis.._1919-1925 J J 96 102 983s July'17 58 5% 680 Gray's Pt Ter 1st gu g 58..1947 S D 8 9 12 Jan '14 N Y Connect lat gu 430 A 1953 F A 8412 8618 _512 8512 8414 8512 S A & A Pass 1st gu g 75 112 6 73 734 6 75 2 Feb '19 _11190 94 5500 3▪ s 6 85 68 NYNH& HartfordAO 71 Seaboard Air Line g 4s 7578 72 Jan '19 72 72 Non-cony deben 4s ---- 60 53 Feb '19 --1947 M 53 54 Gold 4s stamped AG 72 5 72 74 5012 Non-cony deben 30 5012 1947 M S 5012 5012 Adjustment 58 Sale 4712 01 1949 050 FA 48 4834 24 4712 5314 54 Non-cony deben 350 5912 50)8 1954 A 0 25012 50) 8 Refunding 45 A0 5514 5734 5878 Feb '19 58 60 Non-cony deben 48 1955 J J 54 5678 Atl Birm 30-yr 1st g 4s_e1933 MS 7318 ____ 74 Feb '19 74 74 5g 54 518 FebFeb5'19 ---f 54 Non-cony deben 4s 1956 M N 5 5912 Caro Cent let con g 4s__ _1949 ▪ J 75 _ 78 Oct - --Cony debenture 3Ms 1956 J J 3 5012 52 Fla Cent & Pen 1st ext 68.1923 J J loo34 log ' 1 8 Cony debenture Os 7 84 1948 .1 J 88 1st land grant ext g 5s 1930 J J --_- -- 101 Dec '15 50 Oct '17 Cons Ry non-cony 0..„..1930 F A Consol gold 5s 9018 95 90 Jan '19 1943 "id - 90 9112 Jan '12 Non-cony deben 48.. 1954 J J Ga & Ala Ry 1st con 53_01945 S i 9118 ____ 9012 June'18 Non-cony deben 413 1955 J J - 60 60 July'18 Ga Car & No 1st gu g 5s 1929• j 9312 __ 94 June'18 Non-cony deben 4s 1955 A 0 Seaboard & Roan 1st 5s...1926 Si 96 96 Jan '19 -id 58 Non-cony deben 45 1956 .1 J Southern Pacific Co-. -5 ; 3 Dee' 18 Harlem It-Pt Ches let 411_1954 M N 53-4 949 4915 D 7614 77 7618 Feb '19 Gold 48(Cent Pac coll)__k k10 75 77 7912 Dec '17 80 & N Y Air Line 1st 4s 1955 F A 71 J O 7858 90 Feb '14 Registered Cent New Eng let gu 4s_ _1961 J .1 5514 6238 6212 Jan '19 ---- 6212 9212 20-year cony 4s 8334 Sale 8358 84 g1929 MS -__278 831 85's Hartford St Ry let 45 1930 M S 20-year cony 5s 104 1934 S D 104 Sale 102 784 100 105 1061-2 Housatonic R cons g 58-1937 M N -613.1-2 FA 80 Sale 79, Cent Pac 1st ref gu g 0_ 10 9 4 40 9 4 80 11 7934 83 87 July'14 1954 M N 70 Naugatuck RR let 4s FA 8712 Sept'16 _Registered 1942 A 0 8014--- 83 Aug '13 N Y Proy & Boston 4s Mort guar gold 334s_k1929 J D 8534 861 8534 Feb '19 ! 85's 85's 51 -Sale 5014 NYW'ches&I3 let ser I 40'46 J J 51. 23 50 - 53 7018 _ _ 7512 Through St L 1st gu 48_1954 AG 70'8 7512 10 7512 7512 1939 A 0 Boston Terminal 1st 4s G II &SAM &P 1st 5131931 MN 9114 101 100 Oct '18 1945 J J 9012 New England cons 5s 85 2d exten 58 guar 97 1931 J 9634 Jan '18 1945 J .1 7312 _ _ 70 seWii Sept'17 Consol 48 Gila V G & N 1st gu g 58_1924 MN 90 102 95 Nov'18 48 40 Feb '19 Providence Secur deb 45.._1957 M N 40 40 Hous E & W T 1st g 5s_ _ _1933 MN 92 99 8512 July'18 --9078 Dec '13 Prov & Springfield 1st 59_1922 J J 1st guar 5s red 1933 MN 90 100 Oct '16 1956 M S 6912 ___ 8838 Feb '14 Providence Term 1st 4s H & T C 1st g 58 int gu_1937 J J 9834 104v 98 Jan '19 97 98 W & Con East let 4 As_ 1943 .1 J Gen gold 4s int guar__ 1921 AG 9458 93 Nov'18 Y 0& W ref 1st g 4s----01992 M -id - -661-3 -4-61-2 3 69 70 Waco & N W dly 1st g 6s'30 MN a 100/ 1 4 10912 Nov.15 -- -0212 June'12 Registered $5,000 only.j1992 M 5 9212 85 S i A&NWlstgug 58 98 1941 93 Nov'18 --- 65 60 Ayr '18 1955 J D General 48 S i 9834 Louisiana 10014 68_ West _1 1st 1 9 3 2 8 1 Out '17 - -Norfolk Sou 1st & ref A 55..1961 F A 87 _ 6912 Feb '19 68 6912 Morgan's & T 1st 6s....1920 S i 97 9912 - 100 Apr '18 --Norf dr Sou 1st gold 58 1941 M N 87 ___ 8153 June'18 A0 9334 No of Cal guar g 53 10218 Oct '18 --1931 M A 109 10912 109 Dec '18 Nod & West gen gold 68 Ore & Cal 1st guar g 58.....1927 J .1 96 Sale 99 96 97 Improvement & ext g 68 1934 F A 10618 ____ 122 Nov'16 M N 9612 10712 Sept'18 _So Pao of Cal-Go g 1932 A 0 10814 110 10718 Dec '18 New Itiver 1st gold 6s So Pac Coast 1st gu 45 g I937 S i 9214 93 Jan '19 93 93 8412 A 0 1998 4s cons g 1st Ry 853 & 4 W N 8434 85 2 2 -8 .(31-1-14 -8 San Fran Terml 1st 4s 1950 AG 77 78 77 783s 77 7834 1996 A 0 Registered 9312 Dec '16 Tex & N 0 con gold 5s 8978 94 Nov'16 -1943 055 J J 82 Jan '19 ---- 82 Dly'l 1st lien & gen g 40..1944 J J 78's 82 82 J 81 So Pee RR 1st ref 4s 82 8134 34 -if 831, 8412 8412 D 1932 J 8412 10-25-year cony 4s 2 84 8412 Southern-lst cons g 513 10 90 94 Si 9413 Sale 9414 9512 30 94 9658 1932 M S 8412 ____ 11714 May'17 10-20-year cony 48 S i ---- -- 10014 Aug '16 --Registered 10412 Dec '18 10-25-year cony 45.s_1938 M S Develop & gen 45 Ser A_ 1956 AG 6634 Sale 6612 6714 60 66's 6884 8 -Sale 10714 10778 137 106110751929 10-year cony Os(w l) 8 idii 6612 Mob & Ohio coil tr g 45 6612 3 6618 6612 1938 MS 6612 75 Pocah C dc C joint 4s_ _1941 1 -6 8518 8812 86 Jan '19 ---- 8418 86 _ 92 July'18 -Mem Div 1st g 430-5s_-1 10 95 96 1 J J 9212 C C & T let guar gold 5.3..1922 S J 9714 __ 103 Sept'16 J J 72 St Louis dim 1st g 4s 7412 72 72 4 -id 81 Jan '19 ---- 81 Selo V dcN E 1st gu g 48._1989 M N 80 81 81 Ala CU Sou 1st cons A for_ _1943 S D 93 __ 93 Jan '19 93 93 Northern Pacific prior lien railAO& Charl A List A 4;01944 S i 88 gg14 88 Feb '19 _- 88 88 831/1 way & land grant g 4s_ __ _1997 Q 8312 84 8378 22 831s 88 J J 9534 Sale 9534 1st 30-year 5s Ser B 96 190 11 94 4 8 9718 9534 6 ___ 7914 Oct '18 Registered 1997 Q J J 74 Atl & Danv 1st g 45 75 70 Oct '18 __-8312-Sale 591s General lien gold 3s 60 a2047 Q F 60 12 5918 6178 J J 8112 Mar'16 _2d 4s 62 58 Oct '18 Registered a2047 Q F Atl & Yad 1st g guar 4s 1949 A . 0 70__ 75 Feb '17 _- - -- --- - - - Ref & imp 40ser A 2047 J J 867; 90 90 Jan '19 90 90 ET Va & Ga Div g 543.-1930 J 9612 -9912 96 Mar'18 74 Aug '18 St Paul-Duluth Div g 48._1996 J D 7518 86 rn 97 100 9512 Cons 1st gold 5s 1956 9512 1 102 Eit P & N P gen gold 68_ _1923 F A 103 10412 102 2 ni E Tenn reorg lien g 92 9512 9514 Jan '19 9614 9614 Registered certificates.._1923 Q A 10118 ___ 10334 Sept'17 Ga Midland 1st 38 52 Jan '19 1946 AG 5214 52 52 97 100 9715 F Feb 58_1931 F '19 St Paul & Duluth 1st J J 98_ 101 Jan' 19 _--- 101 101 Ga Pac Ry 1922 1st g 6s 1988 S D 7318 -_ 78 Dec .18 1st consol gold 4s . 100 Oct '18 --Knoxv & Ohio 1st g 6s.....1925 J J 101 Mi 3612 Dec '16 Wash Cent 1st gold 4s 1948 Q M 90 95 9112 Oct '18 ---Mob & hr prior lien g 513_1945 J 10 17 0714 2I 6_0 F ,e eb 410 Nor Pao Term Co 1st g 68_1933 J J : 7 9 _1 ! 10714 10714 Mortgage gold 4s 1945 J J 65 6912 68 Jan '18 _23i75-7-8 Oregon-Wash 1st & ref 45...._1061 J J 7712 7978 Rich & Dan deb 5s stmpd_1927 AG 9258 102 95 Jan '18 Pacific Coast Co 1st g 58--1946 J D 84 8578 8512 Feb '19 8512 88 Rich dr Meek 1st g 5s..._ _1948 MN - - 70 73 Eleot'12 95 10018 Feb '17 Paducah & Ills 1st s f 4%5_1955 J J di loo 99 Jan '19 _- 99 99 So Car & Ga 1st g 58 1919 MN Pennsylvania RR 1st g 0_1923 M N 9518 ---- 9514 Nov'18 -----Virginia Mid Ser D 4-58_1921 MS 95 10212 June'll _9934 100 100 Consol gold 5s 1919 M S Aug '18 Series E 58 1926 MS 99 ___ _ 93 Apr '18 _9914 Registered 1919 Q M 9918 ____ 9914 9914 9914 Series F 58 104/ 1 4 Dec '16 ---1026 MS 9134 Consol gold 4s 1943 M N 89 ---- 9014 Nov'18 MN 96 General di 96 58 1936 96 1 8778 12 8612 8812 Consol gold 48 1948 M N 8778 _8778 8714 _ 815s Sept'18 Va & So'w'n 1st gu 5s 2003 J Consol 434s 1960 F A ---- 6E4 954 21 95 9614 id let cons 50-year 513_1958 AG 70 701s Nov'18 96 General 430 10655 D 8814 Sale 8818 8838 23 8712 8978 W 0& W lst cy gu 48._ _1924 FA 86 92 937s Mar'17 General 5.3 1988 J D 96 Sale 9512 9618 549 9518 9734 Spokane Internat 1st g 5.3_1955 J J 9534 Mar'17 -Alleg Val gen guar g 4s.... A942 M S 84 88 8712 Nov'18 Term Assn of St L 1st g 4;0.1939 A0 90 95 9112 Jan '19 911k 91l D R RR &13'ge 1st gu 43g 1936 F A 8034 ___ 8412 Sept'16 1st cons gold 5s 98 Feb '19 _- 98 1894-1195443 0 FA 94 98 9818 Phila Bait & W 1st g 0_1943 M N 88 -_ 8712 Jan '19 8712 8712 Gen refund s f g 4s J J 76 7612 75 Feb '19 _- 75 77 Sodus Bay & Sou 1st g 58_1924 J J 90 102 Jan '93 St L M Bridge Ter gu g 58_1930 A0 9034 9412 9512 July'18 -Sunbury & Lewis 1st g 0_1936 J J Texas dc Pac 1st gold 53.___2000 S D 90 Sale 90 91 29 -id - 92 N J RR & Can gen 0_1944 M 2nd gold income Sc Mar 41 Sept'18 _q2000 Pennsylvania CoLa Div L 1st g 5s 55 -fa- 93 86 May'18 _1021 J J 9712 9812 9814 9812 Guar 1st gold 4345 2 9738 9812 W Min W & N W let go 581930 FA 10612 Nov'04 _1921 J 9514 - _ 9712 July'18 Registered Tol & Ohio Cent 1st go 5,3_1935 J J 9212 99 9012 Oct '18 1 4 80 87 Feb '17 Guar 3345 coil trust reg A.1937 M S 76/ -_ Western Div 1st g 5s 1935 A0 80 9212 87 Jan '19 87 - -ifGuar 3;0 colt trust ser 13_1941 F A 7634 7812 78 Jan '19 78 General gold 5.9 78 93 Oct '18 _78 1935 S D 74 / 4 July'17 Guar 334s trust Ors C.._ _1942 J D 7556 --__ 811 Kan & M let gu g 40 76 6712 Sept'18 1990 AG 68 1944 J D 75 80 3734 Deo '16 Guar 334s trust ctts D 2d 20-year 5s 1 4 Jan '19 __-- -i61110177 92 J J 9012 91/ 1 4 90/ 8 91 8518 91 8334 Jan '19 Guar 15-25-year gold 48-1931 A 8 4 -ggi 4 --gi J J 36 _ _ 36 Feb '19 _- 38 36 Tol P & W 1st gold0 40-year guar 4s ctfs Ser E_I952 M N 8414 8458 8512 Feb '19 Tol St L & W pr lien g 3546..1925 S i 7514 8318 7518 Feb '19 8514 87 Ws Ms N 81 M 8734 88 Oct '17 Cin Leb & Nor gu 48 g_ _1942 50-year gold 48 4958 49 Feb '19 1950 A0 48 48 51 15 Mar lst gu g 4%3.-1935 M N 8734 ---- 9614 May'17 CI. Coll trust 48 g Ser A FA --__ 32 1858 Mar'06 Ci & P gen gu 43.0 ser A.1942 J J 951s --- 9634 May'18 Trust co Ws of deposit..... 18 30 --Aug '18 -1942 A 0 9114 ---- 104 Dec '15 Series B Tor Ham & Buff 1st g 4s__h1948 SD 701; 87 80 Apr '17 _9614 Feb '12 Int reduced to 334s_1942 A 0 Ulster & Del let cons g 58_1928 S D 91 95 8914 Dec '18 -1948 M N 7812 -- 9013 Oct '12 Series C 3;0 A0 --- 70 58 Sept'17 -1st refunding g 4s 1950 F A 7812 ---- 8812 Feb '17 Series D 3%s J J 861Union Pacific 1st g 48 2 8714 8614 87 54 86 -iii Erie & Pitts gu g 3WID__1940 J J 7634 ---- 88 Apr '17 Registered 1 119 994 457 72 J J 86 85/ 1 4 Oct '18 -_-- -Series C 1940 J J 7634 -- 9018 July'12 J J 8714 88 20-year cony 4s 87 8712 14 87 8912 Gr R & I ex 1st gu g 4;0_1941 J .1 89 --- 841 / 4 Dec '18 S M 1st 8112 8112 & refunding 4s 3 80 83/ 8212 82 92 100 928 7 1 4 Ohio Connect 1st gu 4s-1943 M S 8312 ____ 78 Oct '18 10-year perm secured 68_1928 J J 10414 Sale 104 10412 35 10378 106 Pitts Y & Ash 1st cons 53_1927 M N 9738 -- 93 May.10 Ore RR & Nay con g 45-1946 SD 85 8512 85 85 86 3 85 Tol W V & 0 gu 4Ms A 1931 J J 8858 ---- 9834 Apr '17 Ore Short Line 1st g 6s 1922 FA 101 10112 101 101 6 10012 101/ 1 4 Series B 4340 1933 J J 8814 95 92 Dec '17 1st consol g 50 9858 Feb '19 1946 J J 9812 99 98 98/ 1 4 Series C 48 8818 Sept'17 1942 M S 7812 Guar refund 48 1929 S D 87 Sale 8412 87 8412 88 1 PCC&StLgu434sA194OA 0 91 --9412 9412 Jan '19 94/ 1 4 9412 Utah & Nor gold 5s_1926 J J 92 __ _ 98 Dec '17 --- - - - Series B guar 1942 A 0 9058 9612 9234 Jan '19 9234 9234 1st extended 4s 1933 J J 8212 89 89 Feb '18 -Series C guar 1942 M N 9058 99 99 June'17 -Vandalla cons g 48 Ser A. _ 1955 FA 80 Jan '18 _Series D 4s guar 1945 M N 8812 93 9033 Sept'18 Consols 4s Series B MN 7912 80/ 1957 1 4 June'18 Series E 3)0 guar gold_1949 F A 8714 --- 9012 Sept'18 Vera Cruz & 51. 1st gu 430_1934 J J 35 Sept'17 ---• NO price Friday; latest bid and asked. a Due Jan. b Due Feb. g Duo June h Duo July. k Due Aug. o Due Oct. p Due Nov 4Due Dec. a Option sale. ---- _01_ _ 9 5599 g41 T 2: V NZ ...- ---- 60', .--- ---- 96 1 BONDS N. Y. STOCK EXCHANGE Week ending Feb. 21 [vol.. 108. New York Bond Record -Concluded-Page 4 772 tr2 44 Price Friday Feb. 21 Week's Range or Last Sala , Range Since Jar/. 1. BONDS N. Y. STOOK EXCHANGE Week Enclinoi Pe.). 21 44 Price . Friday Feb. 21 iVeek's Range nr Last Saie Range Feats Jan- 1. High No. Low High Ask Low 'Bid Miscellaneous 65 62 Feb '19 ____ 62 1918 M S 6014 61 Adams Ex coil tr g 43 7 30% 35 3234 Alaska Gold NI deb 6s A.-1925 M S 32% Sale 3012 30% 34 Feb '19 3014 33 30 1926 M B series 6s deb Cony 1920M Am.Si of W Va 1st is 87341 44 , 86 8834 8734 Sale 8634 Armour di Co 1st real est 430'39 J _I 90 Fel) '181.-11- - - -Booth Fisheries deb s 1 63- _1928 A 96 6 94 94 I Braden Cop NI coil tr a I 6s_1931 F A 9312 9538 91 1952 A 0 8012 83 8018 Feb '19 -__ 8018 8018 Bush Terminal 1st 45 8312 ___ '19 Feb 8553 8312 8514 80 1955 2 Coasol 5s 8/ 791 82 I 81 Jan '19;____ 81 Buildings 5s guar tax ex_1960 A 4978' 58 M ir'18, 40 Chic C & Conn Rys s t53._19271A 89 88 28 883 8813 ---8814 Chic Un Stat'n 1st gu 41-is A 19332 Silo 10312 10718. 2310554 110 107 Chile Copper 10-yr cony 78_1923,M 85 8212 , 74 8312 83 Sale 8312 A Al sot* Recta (part paid) cony 6s 8312' 211 8112 85 8312 Site 83 Coll In & cony 6s ser A-19'32 A 84 15 83 84 81 Site 83 Computing-Tab-Rea s t 63_1911J 9812 9814 9812 9812 Feb '19.... 97 Granby Cons MS & Peon 68 A'28.M 98 98 Jan '19 -- 98 9814 101 1928IM Stamped 9314 9314 Feb .'19 9314 --I 9512 M _1940 5s__ t s 1st Great Falls Pow 199 97 102 Int Mercan Marines 1 Ss_ _1941IA 0 9834 Sale' 9813 100 92'8 21 9112 9578 91% 9l73 0112 1913 J Montana Power 1st 5s A 83 83 83 8778 83 Feb '19 1939 J Morris & Co 1st a I 434s 83 Apr '14 Mtge Bonds(N Y) 43 ser 2_1965 A 0 94 June'16 19-20-year is series 3._ 1932 J 733 Dec '18 73 F A 69 N Y Dock 50-yr let g 97 3 95 9614 9614 Sale 95 Niagara Falls Power 1st 53..1932 J 5 101 101 101 101 ___ 101 0 A 1932 a 63 gen & Ret Street Railway _ _ 17 Oct 8912 93% 90 NI 5s....1951 Nlag Lock &0 Pow 1st 1 65 76 72 72 75 Brooklyn Rapid Tran g 58-1945 A 0 74 18 8812 90 89 89 Sae 8812 Nor States Power 25-yr 54 A 1911 A 53 2 45 53 5278 53 1st refund cony gold 48._ _2002 J .1 60 89 9 Ontario Power N F 1st 53-1913 F A 891% 89%; 89 Jan'191 9534 Dec '18 6-year secured notes 5s__..1918 J J Jun..•17 84 95 -_Ontario Transmission 5s____1915 M 9614 Aug '18 Ctts 3-yr sec 7% notes opA1921 J 12914 -6 112l 12914 132 ___ 125 conv63'19-'274 86 Pan-AmPet&TrIst 75 57 83 81% tide .1 J _h1921 3-yr 7% secured notes_ 78 36 75% 80 Pub Serv Corp N J gen 53-19591A 0 78 S ae 78 9178 92 Dee '18 9213 Bk City 1st cons 53__1916-1911 3 J 80 4 91 9212 9212 Site 9212 Tennessee Cop 1st cony 63_19251 M _ Bk Q Co & S con gu g 53-1911 M N -- 70 80 May'12 Jan •19 ....„ ' 9278 927s 92% ___I 92 J 53_1939 let Power Water -Wash 101 May'13 9912 Bklyn Q Co & 5 1st 58-1941 J .1 --_9878 4 963 49 9814 9713 9818 Sale' A 63_1941 t 78 Wilson & Co 1st 25-yr s 77% 52 72 Bklyn Un El 1st g 4-5s.....1950 F A 7738 Sae 7512 7134 Feb '19 -_- 7134 72 I Stamped guar 4-53___-.1950 F A 77% 78 Industrial & Manufacturing 65 57 1 65 Kings County E 1st g 48..1949 F A 62 68 65 20 98 101 Am Agric Chem 1st a 55_1928 A 0 100 10114 10012; 101 A 62 72% 62 Jan '19 ---- 62 62 1919 Stamped guar 4s 1024 47 100 10234 1924 F A 10012 10212 1.101 Cony deben is -Nassau Elec guar gold 48-1951 J J 5012 60 60 Dec '18 84 ; 8812 ..-'19 Feb 8812 . 89 8814 N M 5s.....1931 debenture Am Cot Oil 81 79 6 79 1927 F A 7812 80 79 Chicago Rys 1st 5s 10014 20 9934 100% 1919 M S 10018 10912 10)14 Am Elide & L 1st t g 6s 88 Conn ity & List & ref g 4301951 J J 87 ___ 88 Feb '19 --- 88 42 8912 93 cou Sale 8912 90 0 A '47 A ser is 1st R Amos & 30-yr Srn '18 Oct ____ 87 8614 1951 J J Stamped guar 44s 119 ___ 119 Feb '19 _-- 119 119 ; Am Tobacco 40-year g 6s 1944 AF 0 4 73 "fit. 7478 7514 Dot United 1st cons g 430-1932 J J 7312 75 A 7613 80 I 75 Feb '19 ..... 721* 75 1951 Gold 4s Ft Smith Lt & Tr 1st g 5s__ _1936 M 5 60 __ _ 84 Jan '14"lid-- _ 9153 9138 Sue 88 9153 13 88 J J 1 11 53 a 1st Paper Writ Am 5613 6014 58 1957 F A 58 Sale 5712 Hud & Manhat is ser A 10 86 90 88 -- 88 Sale 8718 Trout C1 ctfs of deposit...... 18 35 16 17 1957 -- 1612 Sale 1614 Adjust income 5s 100 ___1101 Jan '19 _- 101 101 111N 5.1_1910 1st Works Loco Boldw '18 Oct 87 9112 100 A F 1932 _, N Y & Jersey 1st 5s .. 80 Dec • la Cent Foundry 1st a I (38____1931 F A 807 82 4334 8571 3834 4334 Interboro-Metrop coil 449-1956 A 0 4314 Sale 3918 9612 25 957 97 Sale 957 Cent Leather 20-year g 53_1925 A 0 95 7413 605 6834 7412 Interboro Rap Tran 1st 53._196(3 J J 73% Sale 70% 7312 Dec • la /10121 74 A F 1951 7214 43 g Tobacco Consol 72 '19 Feb Manhat Ely(N Y) cons g 43_1990 A 0 7112 8318 72 2 9912 991k 9913 M N 9913 Sale 99% 7412 8 72 Corn Prod Ref'g s I g 7414 1990 A 0 72% 7414 72 Stamped tax-exempt 1934 M N 9912 10112 9912 Feb '19 ___- 9912 100 1st 25-year s 1 53 80 July'18 Manila Elec ay & Lt a t 5s_1953 M S 75 ___ 9 8912 91 9012 0 904 91 1 90 A 53_1927 g cony 1st Con Sec Distil Metropolitan Street Ryadt,y•17 ___I ___ ___ E I du Pont Powder 4 34s...1936 J D -- 100 101 Bway & 7th Av 1st c g 58_1943 J D 70 77% 79 Dec '18 _____I General Baking 1st 25-yr 63_1936 .1 D 8414 87 83 Dec 'Is 68 Feb '19 - 68 68 Col & 9th Av lat gu g 5s 1993 M S -__ 68 Feb '19 "io' "ii" -ii1-2 7312 7313 7012 A F 1912 3343 g deb 74 74 Gen Electric 74 .Jan '19 Lox Av & P F let go g 53_1993 M S ---- 74 9734 10034 98 4 973 3 974 3 Sale2_ .. 1952 JM S Debenture 53 - -54 Dec '18 Met W S El (Chic) 1st g 43_1938 F A Nov*18 19:35 Ingersoll-Rand 1st is Milw Elec Ry & Lt cons g 58 1926 F A 05 _ _ 10012 J une'17 65 /(31-2 -i6; -; 3 80 4 793 Sale N 80 al 53-1032 Int Agric Corp 1st 20-yr -- - -Refunding & eaten 430-1931 J J 77 --- 81.2 Dec '18 94 Oct '18 ----1 ---- --- Int Paper cony s 1 g 5.41935 .1_. J 100 102 -9834 Aug '17 --- - Minneap St 1st cons g 5.9_1919 J J 9012 Nov'18 .._ .___ _ _ _ _ 92 85 . A.1917 ger I 5s cony _ rels & 1st 9712 ---July'17 -66 82 Montreal Train let & ref 58_1941 J J 8 112 1137 113 Silo 112 Liggett & Myers Tolosa 78..1941 A -0 113 72% 74 Aug •17 New On Ely & Lt gen 4548_1935 J J 9234 19 911 9378 1951 J A 9212 9234 91 18 23 55 62 53 62 57 62 N Y Municip Ry 1st s t 5s A 1968 J J 58 1 11214 113 11234 11234 Silo 0 11234 A 1911 41 20 4012 Lorillard Co (P) 7s 44 4118 41 N Y Rys 1st R & ref 48...._1942 J J 4212 1951 F A 9118 9178 9112 Feb '19 ---. 9014 94 is 1514 190 11% 1.514 (11942 A 0 1412 Site 1234 30-year adj Inc is A 0 __-- __- 165 Nov'la 1921 A flis con Ltd Petrol Mexican 62 4 613 4 '19 61.3 Jan N 55 60% M 1962 4e cons 1st Rys N Y State 182 185 185 Jan '19 1st lien & ref 63 series C 1921 A 0 Portland Ely let & ref 5s._ _1930 M N 73 79 8812 Nuv'16 9512 Nov'18 Nat Enam & Stampg 1st 58_1929 J D -6E- -id ---Portld Ely Lt & P 1st ref 53_1942 F A 62 _-_- 67 Aug '18 J 9312 ____ 04 Aug '18 J 53_1938 deb -year Starch 20 ___ Nat Feb '17 9012 _J 85 J 53_1935 1st Portland Gen Elea -fkiti Iii '10 Feb 9912 98 96 N M 1942 is 1st Tube National _ 95 July'17 St Jos Ely L if & P 1st g 58..1937 M N 81 99% 10018 109 N Y Air Brake 1st cony 83_1928 M N 997 109 103 9912 10212 Mar'12 St Paul City Cab cons g 53..1937 J J 85 38 10014 10318 10314 102 Silo 101 D J cony 63_0920 -year 5 011 5112 Pierce 13 50 Sue 541s 5112 4 J 523 1960 J Third Ave let ref 45 9314 144 8834 9314 51924 J J 9212 Sale 92% 10-year cony deb (33 3212 232 2712 3212 0.960 A 0 3134 Sale 29 Ad)income 5s Sinclair 011 & Refining97 Dec '18 19372 J 8712 100 Third Ave Ely 1st g 50 9812 9953 Sale A 993* 17 9813 100 F attach warotias 1920 I 7s a ; .7 -91 -I/6 ; 3 1st '19 9712 9578 Jan Tr -City Ely & Lt isle I 53_1923 A 0 95 9814 30, 95 96% do without warrants attach F A 9614 Silo 9534 - ---1933 J J 77.-- 76 Mar'18 Undergr of London 4343 11 93 95 95 95 N 93 95 NI 1st Milling Standard ---'18 Aug 90 6618 56 1948 Income f3s 18 1001* 103 10153 102 102 10178 J J 63..19:31 deb cony Co The Texas 55 ---- 65 Dee '18 United Rys Inv 53 Pitts iss...1926 85 87 '19 Jan 87 88 Union Bag & Paper 1st 5s__1930 J .1 85 50% 521s 5178 Jan '19 1934 J J United Ftys St L 1st g 4s 87 Dec '18 1939 J J 85 88 Stamped -617 50 June'17 1924 A 0 St Louis Transit gu 5s -7; -3 ;-9 -3-7 -9 7_7_ 934 93% 93 '19 .3 Jan J 53_1931 Union Oil Coot Cal 1st 22 22 22 Jan '10 37 1927 A 0 25 United 11113 San Fr a t 4s 40 60 68 68 6734 22 US Realty & I cony deb a 58 1924 J .1 65 68 22 2534 22 Jan '19 Union Tr(N Y)ctfs del)------ _ _ 24 30 10234 10434 10334 10112 10:312 4 1033 D J 192:3 7s sec -year 5 Rubber 5 22 U 5 25 25 25 Sale 25 Equit Tr (N Y) inter ctfs_8778 217 86 87 1947 J J 8634 Smile 8653 1st & ref is series A 1 79 79 79 7834 79 Va Ry & Pow 1st & ref 58.-1934 i" "i 77 5 9734 100 9838 99.8 9912 98's US Smelt Ref & M cony 63_1926 B' A 96 9.313 9514 7 913 96 9512 D J 5E3_1923 15-yr 1st Va-Caro Chem Gas and Electric Light 20 101 10214 102 e1921 A O 10053 102 102 Cony deb 68 95 --- 103 Sept'15 Atlanta 0 L Co let g 5s____1947 J 4 97 981, 98 Sale 9818 9818 J J Dec____1022 is 1st Electric 11 West "di 95 93 93 93 Sale Bklyn Un Gas 1st cons g 58_1945 M - 9013 ____. 91 Dec '18 -Cincin Gas & Sine IstAret is 1956 A I I I Coal, Iron & Steel 8234 82 Feb '19 ---- 82 82% 82 1927 Columbia 0& E 1st 55 3 9512 961* 9538 1926 J J 9512 coda 9538 Beth Steel 1st eats I 5s 97 Feb •15 Columbus Gas 1st gold 5s 1932 J 15 87 89 89 8812 N 8812 89 1st & ref 5s guar A 101141 74 lOOts 103 Sale 100% 101 Consol Gas cony deb 6s_ __ _1920 Q 8134 34 80 83 946 193 111 J 8112 Sale 81 2J 20-yr p m & imp s t 53_1 9613 97 9612 99 I 9612 Feb '19 Cons Gas EL&P of Bait 5-yr 58'21 M 90 May'18 --96 D 86 1932 Buff & Susq Iron s t 5s --I 9618 Jan '19 --- 9618 9618 1923 J 961a Detroit City Gas gold 5s 8614 s ____ -July'18 a1926 M Debenture 5s 9612 96 Jan '19 _-- 9512 96 96 Detroit Edison 1st coil tr 58_1933 J 101 Dee '14 ....Cahaba C M Co 1st go 68_1922 J 13 5 93 94 931 93 Sale 93 51910 NI 1st & ref is ser A 1 -66; 4 90'8 go 91 90 A F it f gen Co I Colo F & ------- 94 Feb '18 Eq GLNY 1st cons g 53_1932 M 7712 1 75 75 I 7478 75 Col Indus let & coil is go...1931 F A 74 85 __..100 Feb '13 ---- ---- ---Gas & Elec Berg Co c g 5s__1949 J Feb '19 --_ 87 87 87 01 8'714 D J 58_1950 Ist&ret MS of Coal Cons -923 Nov'17 90 ---- ---Havana Elee con.sol g 5s__1952 F A 84 ---- 98 Feb '19 ____ 95 9834 1925J D Elk Horn Coal cony as 9618 Dee '17 -- ---9014 95 Hudson Co Gas let g 5s____1949 M - ---_ 04 Feb '18 Or Ely Coal & C 1st g 63_51919 A O 8978 ___ 9078 Dec '16 -Ran City(Mo) Oda 1st g 5E3_1922 A 7 8214 851 8513 Sale 85 8512 (3 m A 0 50 4 9 1 sie 4 deb Steel Illinois '17 90 Deo 95 1937A 984 Kings Co El L & P g 5s 95% 2, 98 98 98 97% N Indiana Steel 1st is 100 105 1997 A 0 10014 105 105 Feb '19 _ Purchase money 65 M D 96 2J 56 92 Jeff & Clear C & I 2d 5s_ 219 90 90 9212 '00 Jan '19 _ 1925 M Convertible deb 63 971 98 2 9614 98 98 96% A O 5s...1923 g 1st Steel Lackawanna 81 79% 83 Feb '19 --79 82 Ed El III Bkn let con g 43_1939 J 2 86 871* 8653 S 81112 8653 -8618 1st cons 53 series A 7 9914 9934 9934 9934 Sale 99% Lac Gas L of St L 1st g 58_81919 Q 211 861s 8812 873 Midvale Steel &0 cony s 15519313 NI S 8712 Sale 867 2 94% 97 9434 9434 Sale 0134 1934 A Ref and ext 1st g is 98 80 2 3 3 12 7581 4 J 5s..1928 t s 1st Coal Val Pleasant 88 ___- 8412 Oct '18 -1927 M Milwaukee Gas L 1st 4s Poeith Con Collier 1st s f 53_1957 J 89 ____ 10112 Apr '17 -1948 J Newark Con Gas g is Repub I & 5 10-30-yr 58 s 1_1910 A 931* 12 91I 94 1948J 9313 97 9312 NYGELH&Pg 53 St L Rock Mt & P 53 stmpc1.1955 J .1 8114 83 8018 Dee '18, ...1 735 7414 6 69 1949 F A 7318 Sale 7318 Purchase money g 4s 9514 9514 Dec Tenn Coal I & RR gen 53..1951 J J 91 98 100 98 98 Sale 98 Ed Elec Iii 1st cons g 5s 1995 J 100% 162 -99.3; loft; U 5 Steel Corp-)coup_ _ _d1963 M N 10038 Sale 100 18 ---- -NY&Q El L&P let con g 53-1930 F A 89 95 9612 Aug '17 -6" 6:1; 10 14 9912 --990512 '19 Feb 90 9 10 4 314 7 N 9 Dec9*5181-51 af10-130-year 531reg ---d1193631 Pacific G & El Co-Cal G & ENI N 8334 Utah Fuel 1st f is 1 9512 9613 95 96% 0618 Fob '19 Corp unifying & ref 53- 1937 NI 16 Deo' 80 74 J 55 f s 1st Victor Fuel 8714 88 8714 8512 867s 8714 Pacific G & E gen & ref 133_1942 J 8912 8738 Jan '19 -_- 8753 -jibe 87 M 3 s1 59 94 Va Iron Coal & Coke 1st g 53 19 Pee Pow & Lt 1st & ref 20-yr 88 88 87 88 Jan '19 53 International Series...i930 F A 85 Telegraph & Telephone Pat & Passaic G & El 5s....1949 NI S 85 -- 100 July'17 8138 47 83% 85% Bale 84 84 Ain Teiep & Tel coil tr 4s___1929 idd" iof Peep Gas & C 1st cons g 63_1943 A O 10018 ___ 100 Jan '19 7812 77 7813 Feb '19 78% 84 1936 Convertible 45 4 7414 7614 7614 1947 M S 7514 8512 7614 Refunding gold 53 3 8512 89 89 87 Sale 89 1933 20-yr convertible 4 34s 8978 96 Sept'17 Ch O-L & Coke 1st gu g 5s 1937 J J 82 9218 51 9112 94 Sale 9112 9112 tr 1946 colt 58 temp 30-yr '17 Apr 00 J 5s1936 let g gu J95 Con G Co of Ch 288 100% 103 10:3 A 10278 Sale 10212 1925 7-year convertible (Is Ind Nat Gas & Oil 30-yr 561936 NI N ---- --- -89 Mar'17 9812 98% 9812 Feb '19 Cent Dist Tel 1st 30-yr 53_1943 Mu Fuel Gas 1st gu g 53_1947 NI N '7(1 ____ 94 July'17 -73 Nov•I7 -65 43_2397 g let Cable Commercial 9914 Nov'15 1919 F A Philadelphia Co cony 53 '18 Jan 681 2307 Registered 91 9253 1922 NI N 7111; Wig 9112 9113 Cony deben gold 58 "disi 2 93% -VA "9414 93% Comb T & T 1st & gen 53_1937 94 94 Stand Gas & El cony a I 63_1926 J D 95 100 94 Jan '19 _ -1 08 Apr '16 '96 , Keystone Telephone let 5s-1935 -Syracuse Lighting 1st g 53..1951 J D 85% ---- 9712 alay'17 92 90 5 02 92 9212 92 A Mich State Teleph 1st 5s__ _1924 -Syracuse Light & Power 5s_ A954 J J 7213 7512 70 Nov'18 9812 9812 9312 Jan '19 09 9814 514g...1920 Telephone NJ Y.IL N __Trenton G & El 1st g 53._ _1949 M 5 90 --_- 983s Oct '17 9112 88 18 9112 9034 Sole 9034 430.1939 f s N Y Telep 1st & gen 92 92 914 92 Jan '19 Union Elec Lt & P 1st g 58..1932 NI S 953s 2 93 93 93 9212 93 1937 Pacific Tel & Tel let 53 Refunding & extension 58_1933 M N 80 84 10138 Nov'16 8 9178 03 A 02 91% 93 92 J ef 1st 53_1911 T & Tel Bell South 98 95 97 98 Feb '19 1936 J J 95 United Fuel Gas let at 6s 1 94 93 3 91 9338 94% West Union coil tr our 58_1938 8812 10 8812 8911 1944 F A 8812 8838 8812 Utah Power dt Lt let 138 8614 92 8712 Feb '19 8612 01 Fund & real eel g 43-48.-1950 101 June'17 -----Utica Elec L & P 1st g 543-1950 J J Sept'17 10112 99 ---ext Mutt gu Tel Un 96 Aug '17 1957 J J 90 93 -- - - Utica Gas & Elec ref 5s 8114 --- 91 Nov'16 Northwest Tel gu 4 i g 1934 92 92 97 32 Jan '19 1950 J D 90 Westchester Ltg gold 53 High No. Low High Ask Low Bid 1, 92% 9112 92% Virginian 1st 55 series A___-1082 MN 9218 Site 92% 9612 9S '19 Feb 9714 9714 9634 MN 1939 Wabash 1st gold 5s 8534 16 85'8 89 1939 FA 8534 Sale 8513 2d gold 5s 'in Aug 90 ii 1939 B series Debenture 1921 MS 96% -- 98 Nov'18 ---1st lien equips Id g 53 _ - 65 Sept'18 1954 J J 65 1st lien 50-yr g term 4s 8814 8314 8814 8814 1941 J J 88% 5s Del & Ch Ext let g 80 Aug '12 Des Moines Div 1st g 4s 1939 J J 1941 AO -(Ti""fi" 76 Apr '17 001 Div 1st g 330 74 74 Tol & Ch Div 1st g 48-1911 MS ---- -- 74 Jan '19 76 Dee '17 1945 FA 74% 80 Wash Terml 1st gu 3343 '18 Aug 82 84 FA 1945 4s guar 40-yr 1st 7 53 -131-,1; 6114 AO 61% 62 61 West Maryland 1st g 99 Jan '18 West N Y & Pa 1st g 53..-1937 J J 99% 100 - '18 Dec 70 AO 85% 1943 Gen gold 4s -- 36 Oct '17 -p1943 Nov Income is 8612 5 84 84% 8334 81% 8112 Western Pao 1st ser A 58_1916 M Wheeling & 1. E 1st g is...-1926 AO 91% 96 93 Oct '18 - ---Wheel Div 1st gold 5s.....-1028 J J ---- 96 100 Fen '17 99% Mar'17 Eaten & Impt gold 5s_....-1930 FA -di" "di" 64 Jan '19 Refunding 43.4s series A _1966 MS 5914 66 1949 MS 65 69 69 Nov'18 RR 1st consol 43 75 75 82 75 Feb '19 Winston-Salem S B 1st 43_1968 J J 75 80 6 78 78 7812 78 Wis Cent 50-yr 1st gen 43..A949 J J 71 7214 741s Sup & Dui div & term 1st 4s'36• N 72% 75% 7412 Jan '19 q Due Dm.8 Option Baia. No price Friday: latest bid and asked. a Due Jan. d Due April. e Due May. g Due June. 11 Due July. k Due Aug. o Due Oct. p Due Nov. FEB. 22 19191 BOSTON STOCK EXCHANGE-Stock Record s.. BNO•: r :age SHARE PRICES-NOT PER CENTUM PRICES. 773 I Salesfor STOCKS Range Since Jan. 1. Range for Precious the BOSTON STOCK Year 1918 Wednesday , Thursday Friday Week EXCHANGE Feb. 19 I Feb. 20. Feb. 21, SharesLowest Highest Lowest Highest i I Railroads +135 13512 135 135 *135 13514 13512 *136 140 13614 136141 56 Boston & Albany 1001 131 Jan 8 13614 Feb21 12212 Apr 146 Nov 6912 0912 68 6814 68 -13818 - 6712 6812 68 6812 6734 6812 5(15 Boston Elevated 100 67 Jan22 73 Jan14 37 Jan 80 Nov '89 90 88 88 ' 088 90 *88 90 90 90 88 88 11 Boston & Lowell 100 85 Feb 8 95 Jan 3 80 July 104 Nov *2812 29 2814 2812 20 29 30 2934 2978 30 --------282 Boston & Maine 100 28 Jan30 3112 Jan17 19 Jan 40 Sept +1(17 __- 167 167 *167____ *167 ____ *167 __ Providence 9 Boston & 100 167 Jan 9 168 Jan 6 150 Apr 170 Aug a _ 3 _ 3 *_ Last Sale 12----1)e-cliiii 3 Boston Suburban Elecno par .50 Dec 3 June *7 11 '0'7 11 i-;7- 11 *7 11 Last Sate 7 Feb'19 Do pref no par 7 Feb 3 11 Jan14 1014 Mar 15 June Last Sale 412 Nov 16 Boston & NVore Elec _no par *-_-_-_-_ -2. Sa 6.- *-_ -_-_ -3-01- *-_ -_ -_ -_ -36 le - Last 3014 Feb'19 Do pref no par 30 Feb 7 3014 Feb 7 -iE - .-iiii; 3014 Nov +_ 135 *_ 135 135 *__ 135 Last Sale 135 Jan'19, Chic June Ry & U S Y__ _100 135 Jan 4 135 Jan 4 138 July 147 Apr *83 87 *84 88 *84 88 *84 88 Last Sale 84 Feb'19' Do pref 100 84 Feb14 8712 Jan 9 8212 Apr 8512 Dec *112 114 112 112 *112 114 *112 114 112 112 22 Connecticut River 100 112 Jan15 113 Jan23 104 Feb 125 Nov ___- *57 *57 ___- *57 ____ 57 67 5712 5712 -.-71-2 -E7-1272 Fitchburg pref 100 5614 Jan 8 58 Jan 2 53 Jan 65 Jan Last Sale 109 Oct'18 Georgia Ity & Elec stampd .100 10(1 Sept 11614 Jan - '7 ------74 - iiii- -if- ii5- ' -. Last Sale 7014 Oet'18 71Do pref 100 70 Oct 81 Feb *80 __- *80 _ *80 ___- *80 82 80 80 80 80 16 Maine Central 100 80 Jan23 83 Jan 6 7712 June 88 Nov *212 278 +212 -i78 212 234 212 212 *212 3 *212 278 135 Mass Electric Cos 100 238 Jan 2 312 Jan14 134 Sept 712 May 1412 1434 1412 1434 14 1438 1312 14 1314 1312 1334 14 2,018 Do pref stamped 100 12 Jan 2 1714 Jan14 812 Jan 33 May 2634 2714 2678 2714 27 2712 *2712 28 2738 28 271 / 4 2818 553 N Y N H & Hartford 100 257s Feb13 33 Jan 4 27 Feb 46 *91+92 May -- *92 __ *92 ____ ' 092 __ 92 92 9 Northern New Hampshire 100 92 Feb21 92 Feb21 Oct 95 Nov 84 *08 1-6-6.- *98 foo 08 -98 - *05 98 98 -98 - 98 98 24 Old Colony 100 9712 Feb 1 105 Jan 3 :8812 June 11212 Dec 11) 19 *19 22 *19 20 *19 22 *19 22 ____ ____ 25 Rutland pref 100 19 Jan24 20 Jan18 20 Jan 25 *95 Jan 97 95 95 *95 97 *95 97 *95 97 11 Vermont & Massachusetts_100 95 Jan 6 100 Jan18 80 Aug 90 Oct *45 46 44 45 43 44 4312 44 44 44 -44- ifWest EndEn rerreet pd 50 43 Jan22 4712 Jan 8 37 Feb 50 July *52 53 52 52 *52 53 52 52 *52 --------120 53 477 50 52 Jan21 55 Jan 6 47 Jan 62 Apr Miscellaneo us 10034 10112 19078 10111 10034 103 10012 101 10214 103 10212 10234 1,821 Amer Agricul Chemical_100 100 Jan29 1031 / 4 Jan 9 7812 Jan 106 Oct 9912 9912 99 9912 99 9912 99 9912 99 9912 9918 9918 438 Do pref 106 9712 Jan 3 9912 Feb 5 1/ 885s Jan 100 Dec 14 118 *1/ 1 6 114 1 1 .94 .94 1 1 .94 .94 585 Amer Pneumatic Service 25 55e Jan 2 114 Feb 3 .40 July 212 Mar 5 5 *5 512 •_-_5 20 Do pref 50 5 Jan 7 6 Jan 8 4 Sept 1558 Mar 11634 11634 *117 11758 11714 11714 11714 11714 11712 11712 118 11914 191 Amer Sugar Refining 100 111 Jan 2 11914 Feb21 99 Jan 11512 May 11612 11612 118 118 I 116 117 117 117 117 117 117 118 221 Do pref 100 113 Jan 2 118 Feb10 107 June 115 Dec 10114 10134 10112 10214 102 10234 10218 103 103 10434 10112 105 2,442 Amer Telep & Teleg 100 90 Jan29 105 Feb21 9034 Aug 1091 *49 / 4 Oct 50 I *4912 5012 5114 5114 5212 5258 5258 5258 5418 5418 60 American Woolen of Mass_100 46 Jan20 54/ 1 4 Jan21 4512 Jan 6058 May 95 95113 9534 96 9514 96 0614 9614 97 96 9612 97 3'34 Do pref 100 94 Jan21 97 Jan 9 90 Jan 9712 Dec 79 79 +8014 82 *8014 82 *8014 81 80 82 106 Amoskeag Manufacturing__ 79 Feb15 83 Janll 6012 Jan 92 Nov *79 80 •79 80 .79 *79 *79 80 80 81 - i - -g-640 Do pref 7812 Jan 9 82 Jan 6 76 Jan 82 June *19 20 *1812 22 *18 22 *18 ---- 22 2034 22 _-375 Art Metal Construe Inc__ 10 1712 Jan21 22 Feb20 11 Feb :19 Dec *97 99 *97 99 98 *96 Last Sale 97 Feb'19 98 *96 Atl Gulf & W I SS Lines .A00 97 Feb 3 10512 Jan 9 98 Jan 12014 Feb 63 63 65 65 .63 *63 66 66 *63 66 *63 66 20 Do pref 100 63 Feb15 667 8 Jan25 5812 Jan 6714 Nov 195s 1934 1978 197s •1912 20 1938 19/ 1 4 1912 1912 20 2038 900 Booth Fisheries no par 1814 Feb 7 2212 Jan 2 21 Jan 2812 Sept 1434 1478 145s 1478 1434 14/ 1 4 1434 15 x1433 145s 1414 1438 2,587 Century Steel of Amer Inc- 10 1358 Jan10 15 Jan 3 1014 May 12 141 12 / 4 Dec 12 12 12 1212 12 1212 111 / 4 111 / 4 12 12 710 Cuban Cement__ Portland 10 1178 Jan20 14 Jan 2 1112 Nov *512 6 1712 May *512 6 *512 6 512 512 *538 512 538 538 117 East Boston Land 10 412 Jan 4 638 Jan14 4 167 169 Jan 165 166 534 May 164 166 *166 169 166 166 166 136 107 Edison Electric Illum 100 164 Feb18 172 Jan 2 134 June 186 Nov 58 5812 57 5758 5578 57 5014 5612 5614 5634 56 5612 1,690,Fairbanks Co 25 5212 Jan21 6114 Jan 2 2712June 6414 Nov +150 152 15112 1511 / 4 15034 15034 *151 153 151 15278 153 153 211General Electric 100 14678 Feb 7 153 Feb21 128 Jan 15734 Nov *3034 31 31 31 3034 3034 *3012 31 30 30 30 3(1 187,GortonFisheries Pew 50 2912 Jan 2 321s Jan10 27 Aug 35 Aug 5 5 +478 5 a 5 *5 5/ 1 4 150,Internat Port Cement 10 434 Jan 2 512 Jan 2 412 Oct •19 21 •19 712 Oct 22 *2012 23 23 *20 Last Sale 21 Feb'19 I Do pref 50 18 Jan 4 21 Febll 12 Apr 23 Nov 8 814 818 83s 8 818 77s 8 8 933 734 734 4,065 Island Oil & Trans Corp.-- 10 6 Jan 2 938 Feb20 318 Aug +92 95 *92 653 Dec 94 *92 94 *92 95 Last Sale 94 Feb'19 IMcElwain (W II) 1st pref_100 90 Jan17 94 Feb 8 88 Sept 93 Nov 83 83 21 83 83 83 8212 8234 *8214 83 8214 8214 150 Massachusetts Gas Cos_100 8112 Jan20 86 Jan 9 :7714 Jan 9114 Nov 7012 7012 ---- ----7012 7012 70 70'2 70 70 70 70 641 Do pref 100 69 Jan14 71 Jan13 62 •131 133 June 71 Nov 133- 13 134 134 133 133 135 135 135 135 41 Mergenthaler Linotype_100 130 Feb10 135 Feb20 107 June 147 Nov 92 *92_ .. *92 92 *92 ' ____ *92 _ 14 New Eng Cotton Yarn._100 92 Jan 7 92 Jan 7 88 Jan 05 Oct 9113 9112 911 / 4 -9:3 9134 -iii- 92 02 92 ___-92 9292 __- - -1 4 522 New England Telephone_ 100 90 Jan22 94 Jan 3 *471 / 8212 July 10012 Oct 4 50 *47 50 *4712 50 *47 50 Last Sale 48 Feb'19 1Nova Scotia Steel & C100 48 Feb 6 52 Jan25 114 114 53 Dec 69 11534 11534 115 11514 11514 116 Jan 11512 116 111 1151 232iPuliman Company Feb13 100 11312 122/ 1 4 Jan15 102 50 5112 5112 52 Jan 130 Nov 52 5114 5114 5114 5114 ---- ---820_ Punta Alegre Sugar 50 48 Feb 1 54 1434 1434 1434 1434 1434 1434 *14 Jan10 29 Jan 51 Dec 1412 1412 14 15 1412 200 Reece 10 Button-Hole 14 Jan 3 15 Jan14 11 3858 3918 3812 3878 3812 3918 39 Jan 1378 Mar 40 4014 4034: 3912 4014 9,937 Stewart Mfg Corpn 3218 Jan23 4034 Feb20 12112 12212 122 12312 12218 123 27 Oct 4112 Nov 12234 12338 12212 124 12:1 12312 1,333 Swift tic Co 115 Jan30 12614 Jan 3 102 Aug 1461, Aug 5210 58 58 5934 5934 5934 5934 *59 591 / 4 *59 5911 5912 60 77,Torrington 25 12 Jan13 60 Feb21 16312 16312 162 164 I 16312 16412 163 16312 163 16334 16334 45 Jan 56 Dec 16334 65811.1nited Fruit 100 15712 Feb10 167 Jan15 11512 Jan 166 Dec 45 45 45 451 4518. 45 / 4 4434 4513 45 4538 4518 4512 1,845 United Shoe Mach Corp ‘g N14 Jan13 R34 j Ja en22 5 28 28 3 1,2i July 4812 May 2712 2712 2714 2734 *2712 28 I 28 12 28 861 Do pref 9014 9134 9134 93 ' 9134 9234 9158 9212 93 Aug 2(113 May 94 -15- -615- 600811 S Steel Corporation_ _100 8814 Feb10 9658 Jan 3 87 Mar +11412 115 11434 11434 +114 11434 4'114 11434 11434 11434 --------Aug _ 351 Do pref 100 113 Jan 2 11512 Jan25 108 9/ 1 4 1012 I ar 1 1:1Z ec 978 1014 978 1018 9/ 1 4 101s 978 1018 934 1011Ventura15,030 VentConsol 011 Fields_ 5 734 Jan21 1012 Feb15 69 512311. : Ja n cc 9 Nov Mining .75 .75 +.75 1 I *.75 1 *.75 1 *.75 1 *.75 1 50 Adventure Coning 25 .56 Feb 6 .75 Feb 6 +6814 70 6914 6934' *6912 70 134 Jan *695s 70 70 70 70 70 765 25 las ekGeld 25 6812 Feb 6 71 Feb10 358 3% 358 358 Nov 358 4 3W, 37 3 8 37 / 1 4 *312 8 8 37 Alaska 1C 358 Jan 3 4 Jan 3 ' 0.25 .30 *.25 .35 13s Apr 85.61s .30 .30 ' 0.25 .30 ' 0.25 .30 ' 0.25 .30 18 00 1 Altriooumer Mining 25 20c Jan15 30e Feb 7 42 42 .15 July 4118 4112 .41 .45May 411 / 4 *4118 42 *4138 42 *41 42 411 8 25 Feb17 44 Jan21 4012 Dec 54 1112 1112 *11 12 I 1118 1113 1138 1112 1138 1138 *1112 12 Feb 650 Amer Zinc, Lead & Smelt_ 25 1034 Febll 13 Jan 3 1A) 39 1i2 Dec 39 *38 aene 5 40 1 *:3912 43 2114 ;up; 41 41 *3812 43 *40 4312 103 130 pref 25 39 Feb15 44 Jan14 1114 1114 +1114 1112 *11 1112 *II 1112 1114 1114 1114 1114 490 5 Commercial 11 Arizona Jan21 1234 Jan 6 •.25 .30 ' 1614 Aug 0.25 .30 .22 .22 ' 0.22 .30 *.22 .30 +.20 .30 100 Butte-Balaklava Copper 10 20c Jan30 30c Jan17 .20 Oct.48 Nov *1613 18 *1612 18 *1612 18 *1612 18 Last Sale 1712 Jan'19 Butte & Sup Cop (Ltd)___ 2 5 1713 i, Iletila A7 3/ 1 4 Jan23 ( 5858 5858 58 163 13?34 Dec ee 33 May 59 5912 (10 5912 60 59 59 59 60 374 Calumet & Arizona 425 430 427 427 426 246 425 425 425 425 420 421 46 Calumet & IIecla 25 420 Feb21 445 Jan 3 425 Dec 47 1314 1314 13 71112N113% 13 *1212 1312 13 *1212 13 *1212 13 1312 66 08 7,C iaalnge co Ce enptpeenran 25 1234 Jan21 14 Feb13 10 4012 4078 4012 4114 4034 41 u 1412 Feb 4034 4114 :40 4014 4014 40,2 25 40 Feb20 42/ 1 4 Jan25 413 '"Dn ec 3 e 5112 qeopvt 3 +258 3 278 3 *234 3 *234 3 234 234 170 Daly-West 20 253 Jan 2 3 Feb 3 112 Apr 5 5 5 518 5 5 5 5 5 5 5 5 670 Davis-Daly Copper 10 434 Feb13 533 Jan31 834 834 84 43 Dec 834 9 *834 9 834 834 834 878 834 834 960 East Butte Copper Min 10 834 Feb 6 912 Jan 3 *3 Mar 16 312 *314 278 Nov 312 Mar 314 314 312 312 318 318 3 318 365 Franklin 25 3 Feb 6 378 Jan 6 '67 74 3 June +68 74 6 Feb +67 72 *69 74 Last Sale 7318 Feb'19 Granby Consolidated 100 7312 Feb13 7312 Feb13 *4112 43 7312 June *4112 43 8434 Oct •41 4212 *42 43 Last Sale 4312 Jan'19 Cananea Greene 100 *518 512 .512 512 *512 512 4312 Jan27 453 4 Jan 2 39 Jan 5734 Nov 518 5Is *5 538 512 538 70,Hancock Consolidated 25 458 Feb 6 512 Jan 2 ' 0.50 .75 +.60 .75 434 Dec 1018 Jan .75 .75 .60 .60 ' 0.50 .75 ____ ____ 11011milana Mining 25 60e Feb19 75c Feb18 4312 4312 44 July 45 45 4614 4534 46 1 Jan 46 4612 *45 46 Creek 5551Island Coal 1 4212 Feb 7 48 Jan 4 *8012 82 *80 44170 8 -11) 82 1 ele 70 May 'Si) 82 *80 82 Last Sale 82 Feb'19 Do pref 1 80 Jan29 8234 Jan21 25 25 25 2514 25 7912 Oct 84 Feb 25 *2412 25 25 25 I *2518 2512 188 Copper Isle 25 24 Jan 2 2514 *538 558 Feb17 512 5/ 1912 Jan 1 2 J tly 1 4 512 512 *538 558 512 512 532 512 395 Kerr Lake 5 4 Jan17 ' 0.95 534 Jan24 1 ' 0.95 1 5 Jan ' 0.95 1 1 Oct ' 0.95 1 Last Sale 118 Feb'19 Keweenaw Copper ( *3,13 312 *3,4 3,2 T30 4 Sept 312 312 *312 4 e 813344 *312 414 *312 4 35 n Lake Copper 318 Co It e tl b22 *234 3 il l ; *241 3 1 . .jt e tb n i *234 3 *234 3 May 234 23 4 100 *23 4 La 3 Copper Salle *2 212 212 212 214 233 Jan 238 238 *214 314 Mar 212 *214 212 2 250 Mason Valley Mine +4 412 *4 412 414 414 ee 414 6 Feb 414 412 412 *414 412 85 Massachuset Consol__ 1 ts 25 4 Feb 1 7 43 1 4 Jan 32 32 2 312 312 334 Sept 3 2 358 312 312 7 Jan 312 312 314 338 708 Mayflower-Old Colony Jan13 25 2 334 Feb13 *234 314 314 314 *3 312 *234 3 412 Nov 25 234 258 234 385 Michigan 25 211s Feb10 52 413 Jan23 52 51 51 51 .1 .,60).1'llinare 5114 60 414 Oct 5118 5114 5114 *611 115 Mohawk 32 5 491z Feb 7 +16 5434 Jan 3 1634 *1614 17 *1614 17 5012 Dec *1614 17 Last Sale 1634 Dee 18 Nevada Consolidated 5 *Vs Ilz 112 1612 Dec llz *112 2 6 2 64 0 1 N *112 2 Mia a ; 112 112 *112 2 95 New Area,Pan Copper-- 25 112 Jan18 134 Jan14 •1514 1534 114 Aug 1514 1512 1512 153. *1538 16 212 July *1512 1534 1534 1534 425 New Cornelia Copper 5 1514 Feb17 17 834 938 +9 Jan13 10 *9 912 •9 912 938 938 .9 912 335 New Idria quicksilver__ 5 834 Jan23 912 Jan18 *812 10 *812 10 9 9 934 Dec 1714 Mar 9/ 1 4 918 *812 10 300 New River Company 100 878 Febl 1 1012 Jan28 *57 59 12 Aug 20 Jan *57 59 5812 5812 5858 5853 +57 59 250 Do pref 100 5812 Febll 63/ 8 1 4 Jan20 53 9 6312 Dec 8137s Jati 878 8 A / 1 4 0 9 *834 p 9 8/ 1 4 9 r 9 9 501 Niplssing Mines 5 814 Jan15 1034 Jan13 1 4 10 9/ 84f. Jan 978 10 934, 10 10 10 9 10 10 10 483 North B utte 15 9 Feb20 1112 Jan 4 •.25 .75 1012 Dee 738M y .50 ' 0.50 .60 .50 .50 .50 50 North Lake 25 40c Jan 7 55c Feb 6 *112' 158 .25 Feb 112 11 / 4 •114 1.95 Mar 112 *114 a 158 *114 112 *114 112 100 Oilbway Mining 25 118 Jan20 *3312 34 158 *3312 34 3412 3412 34 Jun 34 158 Dec 32 33 3212 3212 171 Dominion Old Co 25 32 Feb20 3514 48 Jan131 Jan14 48 32 ' Dec *4712 50 *4712 50 Jan *4812 50 50 50 4814 481 45 4 Osceola 25 48 Jan23 52 •1212 13 Jan14 4612June 212 •1212 13 *12 13 1234 1234 13 1344 1314 1314 18 10 0P Qo un indeyCreek Coal 10 121s Feb 8 1312 Jan 2 57 57 1234 Dec 2014 Feb •57 53 '057 68 *57 69 57 57 *57 Si) 25 57 Jan24 61 *20 Jan 3 2034 •20 59 Dec 78 May 2034 *20 2034 *20 2034 *20 203 4 2018 201 12 Ray Consolidated Copper_ 10 1912 Feb 8 21 / 4 *41 Jan 6 42 1912 Dec 253 May 41 41 *4012 44 *4012 46 41 41 *4012 41 22 St Mary's Mineral Land 25 41 Jan20 43 Feb 4 *13 1312 1318 1318 14 38 Dec 57 Jan 14 14 14 14 1414 14 14 710 Seneca Copper Corp_no par 13 Jan22 1412 Jan 4 214 238 233 238 7 Jan 214 Dec 212 214 238 238 238 214 23s 1,725 Shannon 10 214 Feb14 +114 3/ 1 4 Jan 9 112 *114 234 Dec 112 114 11444 114 *1 114 *1 112 ' 01 1, 75 South Lake 2g 41 ' c i Taarin 0.14 .15 le c .14 .14 *.14 .15 ' 12 Sept 2 Jan 0.14 .15 .14 .14 -------200 South Utah M & S .. J 11 1, 1' 412 412 .10 Dec 5 5 +412 5 , 2 Jan *412 5 *412 5 5 5 85 Superior 214'6 218 25 43s Febll 6 Jan 4 2 218 24 218 4 Feb 218 214 . 870 s *23 , 4 238 25 / 4 VA 1,750 Superior Boston dr Copper_ 10 1% Jan22 23.t 234 3 Jan 4 212 212 114 Aug 4 Sept 29,1'. 29 /4 *VA 23t *2% 241 29 /8 29 ,46 110 Trinity 25 2 Feb 3 +.80 -___ ' 3 Jan13 0.80 212 Sept 43 11: Feb .85 .85 ' 0.80 ____ ' 0.82 .90 .85 .90 650 Tuolumne Copper 1 75e Febl 1 90c Febl 1 45 45 45 -453.73 Dec 1% Aug 8 45 45 *4414 45 4534 4614 46 4714 1,420 Smelt US Refill & Min Jan21 4714 Feb21 50 43 4614 4614 4618 4612 463i 4634 4612 4612 36 Apr 5012 Oct 463 4 4718 48/ 1 4 4718 602 Do pref 214 50 4414 Jan24 4714 Jan 2 212 214 42 July 4712 Nov 234 *212 238 *212 234 *212 3 *212 3 552 Utah-Apex Mining 5 2/ 1 4 Feb 4 *712 • 8 318 Jan 3 734 758 11 / 4 May 734 734 *734 8 418 Nov *73 4 77 8 8 7 / 1 4 120 Utah Consolidated 5 712 Jan18 112 112 834 Jan 2 112 112 7 Dec 12 112 112 Jan 1 112 *14 7 112 112 112 1,685 Utah Metal & Tunnel 1711184 Feb155 19 25 1 •134 2 1/ 11 4 j Jan i2 213 218 *131 4 1F.;4 1101, D va ey e : 3 11 2 A JanNip ar *134 2 *134 2 +112 2 25 Victoria 25 *.85 134 Jan14 1 214 Jan 2 *.85 1 158 Dec ' 0.80 .90 *.85 .00 3 Jan Last Sale .80 Feb'19 Winona 25 50c Jan 9 171 / 4 171s 114 Jan 4 18 18 2Nov_ee 362 1712 1712 *17 18 *17 18 171 / 4 17,2 Wolverine 65 •.25 .50 •.25 .50 ' 0.50 1 Jan +.50 1 Last Sole 12 Der'18 Wyandotte 25 --- •Bid and naked Prices. 0 JA-dividend and rights. c A9seasment paid. b Ex-stock dividend. 11 Ex-rights. z Ex-dividend. to Halt-paid. Saturday Feb. 15 Monday Feb. 17 Tuesday Feb. 18 g 1,2 ii:eaul r4 Jan 1.', eela3 3., Baltimore Stock Exchange.-Record of transactions at Baltimore Feb. 15 to Feb. 21, compiled from official sales lists: Boston Bond Record.-Transactions in bonds at BosSales Friday Range since Jan 1. Last Week's Range for ton Stock Exchange Feb. 15 to Feb. 21, both inclusive: Outside Stock Exchanges Bonds. Friday Last Week's Range Sales for of Prices. Sale. Price. Low. High. Week. 98.04 98.88 US Lib Loan 330_1932-47 92.14 92.80 1st Lib Loan 4s_1932-47 92.42 92.84 2d Lib Loan 4s_ _1927-42 93.44 94.90 1st Lib L'n 48%s_1932-47 93.74 94.28 2(1 Lib L'n 4)0_1927-42 94.84 96.00 3d Lib Loan 48%s_ _1928 93.54 94.54 4th Lib Loan 4348_1938 Am Agric Chem 58_1924 1028% 100% 1028% 83% 84 Am Tel & Tel coil 4s_ _1929 84 91% 91% 1946 30-year coil 5s 1925 10236 102% 103 Convertible 65 79% 80 AUG&WISSL5s 1959 80 Chic Junc & U S Y 5s_1940 9331 93% 93% 95% 95% Gt Nor-C B & Q 4s_ _ _1921 92% 92% 1929 Mass Gas 4%s 1931 87% 87% 87% 430 93 93 N E Telephone 5s_ _..1932 90 89 Punta Alegre Sugar 6s 1931 90 96% 96 Swift & Co 1st 5s_ _ _ _1944 96 99 99 U S Smelt It & M cony 6s_ 104 106 Ventura 011 cony 7s_ _1922 105 89 89 Western Tel & Tel 5s_1932 Stocks- Range since Jan. 1. High. Low. $9,750 98.04 1,950 91.64 11,300 92.04 2,900 93.44 9,350 93.64 68,600 94.64 98,900 93.54 10,000 100 31,000 83% 1,000 91% 7,600 100% 6,000 79 2,000 93% 1,000 95% 1,000 92 2,000 86 2,000 9034 28,000 87 6,000 95% 5,000 99 15,000 94 5.000 89 Feb Jan Jan Feb Feb Feb Feb Jan Jan Feb Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb Jan Jan 99.62 94.00 94.02 96.50 95.90 98.50 96.50 102% 8434 91% 103 • 8336 94% 95% 92% 8736 93% 93% 96% 100 106 90% Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Feb Jan Chicago Stock Exchange.-The complete record of transactions at the Chicago Stock Exchange from Feb. 15 to Feb. 21, 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- Sales Friday Last Week's Range for Week. of Prices. Sale. Par. Price. Low. High. Shares. Amer Shipbuilding.. 100 Preferred 100 Armour & Co, preferred_- -----Booth Fisheries, corn new (no par) 2034 Preferred 100 Chic City&C Ry pt sh corn Preferred Chic Pneumatic Tool_ _100 64 Chic Rys part ctf "1" Commonwealth Edison 100 11136 Cudahy Pack Co,com_100 102;i Deere & Co, pref 100 Diamond Match 100 Hartman Corp 100 Hart,Shaff&Marx corn 100 Libby(WI) 2494 Lindsay Light 10 1334 Middle West Util pref_100 People's Gas Lt & Coke100 Pub Serv of No Ill, com100 Quaker Oats Co, pref _100 Sears-Roebuck com_ _ _100 Preferred 100 Shaw W W corn 100 Preferred 100 Stewart Warner Sp com100 8636 Swift & Co 100 123 Swift International 4731 Union Carbide & Carbon Co (no par) 61% Union Carb Car Co rights.. United Paper Bd corn_ 100 Ward, Montg & Co, pref.... 11034 Western Stone Wilson & Co,corn 100 Preferred 100 Bonds Armour & Co deb 6s_ _1922 Booth Fisheries s f d 6s1926 Chic City&Con Rys 5s1927 Chic Rys 4s_ _ _ _series "B" Chicago Telephone 58_1923 Commonw-Edison 5.9_1943 Commonw Elm 5s_1943 Peop Gas L & C 1st (is 1943 Pub Serv Co 1st ref g 5s'56 Swift & Co 1st g 5s__ _1944 101 105 85% 86 10194 1018% Range since Jan. 1. High. Low. Jan Feb 106 170 100 Feb 20 85% Feb 86 1,223 10134 Jan 101% Feb 1934 2031 1,210 18 100 r9 80 80 125 'X 1 836 100 9 9 50 60% 6334 64 10 35 35 35 225 111 11134 11134 262 10034 10134 10234 200 95 95 9531 60 109 111 11234 100 55% 5531 5536 50 69 70 69 2434 20,075 19% 21 934 1334 16,320 20 5036 5031 5034 80 46 4836 4834 20 8834 89 89 44 101 103 103 355 16831 170 173 55 119 120 120 20 91 91 9134 10 10134 10194 10134 8494 868% 1,879 84 1,142 11534 122 12391 438% 4734 4,005 41m, Feb Feb Jan Feb Feb Feb Feb Feb Feb Jan Feb Feb Jan Feb Feb Jan Feb Feb Feb Jan Feb Feb Jan Jan Jan 20% 80 1 9 64 35 115 104 97 112% 55% 7736 2494 14 53 49 92 103 179 121 92 101% 88 124 47% Feb Jan Feb Feb Feb Feb Jan Jan Feb Feb Feb Jan Feb Jan Jan Feb Jan Feb Jan Feb Jan Feb Jan Jan Jan 5734 618% 21,163 56 58 3% 336 3% 10 1734 20 20 383 110 110 11034 150 4 5 5 285 6636 6834 705j 155 95 95% 98 Jan 61% Feb 3% Jan 21% Jan 112 5 Jan Jan 70% Feb 98 Feb Feb Jan Jan Feb Feb Jan 10091 10034 90 908% 468% 47 47 4734 9636 968% 93 948% 92 92 77 77 8734 8736 96 96 17,000 10034 Feb 10036 Feb 4,000 89% Feb 90% Feb 7,000 4634 Feb 49% Jan Feb 60 Jan 18,000 47 2,000 96% Jan 96% Jan Feb 94% Jan 66,000 93 Feb 92% Feb 2,000 92 Jan 78 Jan 1,000 77 16,000 8734 Jan 87% Jan Feb 98% Jan 8,000 96 Pittsburgh Stock Exchange.-Record of transactions at Pittsburgh Feb. 15 to Feb. 21, compiled from official sales lists. Stocks- Sales Friday Last Week's Range for Week. of Prices. Sale. Par. Price. Low. High. Shares. American Sewer Pipe_100 1736 Amer Wind Glass Mach100 8534 100 80 Preferred Columbia Gas & Elea_ _100 Crucible Steel pref_ _ _ _100 Harb-Walk Rama pref 100 9934 334 Indep Brewing com____50 9 Preferred 50 La Belle Iron Wkscom-100 Lone Star Gas 100 186 Mfrs Light & Heat 50 50 Nat Fireproofing corn_ _SO 794 50 Preferred 1 2034 Ohio Fuel 011 Ohio Fuel Supply •25 4434 25 2994 Oklahoma Nat Gas 836 Oklahoma Prod & Refg_ _5 PeoplesNatGas&Pipeage25 5 Pittsb Brewing com...._50 50 13 Preferred Pittsburgh Coal corn_ _100 Pittsb Jerome Copper__ _1 180 Pittsb & Mt Shasta Copp 1 330 100 Pittsb 011 & Gas 934 100 Pittsb Plate Glass Riverside Eastern 011 com5 2% Preferred ____5 San Toy Mining 1 Union Natural Gas--100 12436 U S Glass 100 31 U S Steel Corp com__ _100 94 West'house Air Brake_ _50 9434 West'house Eleo de Mfg..50 4334 4634 40 PIttah Rrrowlmy Rs fla 63 . • 45 63 $19,000 1.000 High. Low. 185 16 1734 1734 620 79 8334 8591 190 7736 80 80 100 3934 4294 4294 25 91 92 92 55 99 9934 9934 134 294 334 3.875 985 831 10 534 70 9434 100 105 378 170 173 186 407 4834 51 50 1,020 5 734 751 615 10 1334 15 1834 2034 1,995 16 1,837 4234 4394 45 29% 866 2834 29 220 834 834 9 31 120 30 31 434 536 4,595 2 12 1434 1,890 7 47 200 46 4751 15o 20c 22,500 80 310 34c 21,600 210 8 894 1034 10,068 130 117 117 119 100 3/ 34 91 100 2% 294 291 60 7c 2,800 70 70 122 12434 125 160 30 31 30 94 275 8831 92 9434 94% 535 93 44 1,177 40% 42 BondsIndepend Brew 6s_ _ - _1955 1049 Range since Jan. 1. 36 52 Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Feb Jan Feb Feb Jan Jan 1894 88 81 4331 92 100 334 10 105 186 53 1034 1834 2034 4554 3194 10 31 534 1434 4934 200 340 1054 120 1 23.1 90 128 33 9634 95% 44 Jan Jan Jan Jan Feb Jan Feb Feb Feb Feb Jan Jan Jan Feb Jan Jan Jan Feb Feb Feb Jan Feb Feb Feb Jan Jan Jan Jan Jan Jar Jar Jar Feb Jan Jan 45 56 Fet Fet Week. Sale. of Prices. Par. Price. Low. High. Shares. 100 Alabama Co 100 2d preferred Arundel Sand & Grave1.100 10 Atlantic Petroleum 100 Baltimore Tube 100 Preferred Celestine Oil v t Commercial Credit 25 25 Preferred Consol Gas E L & Pow_100 Consolidation Coal-....100 5 Cosden & Co 5 Preferred Davison Chemical...no par Elkhorn Coal Corpn_ _50 Houston Oil prof tr ctfs.100 Manufacturers Finance.100 Isdler & Min Trans V T.100 Mt V-Woodby Mills vtr100 Preferred v t r 100 50 Northern Central Pennsylv Wat & Pow_ _100 50 United Ry & Elec 50 Wash B & Annap 5 Wayland Oil & Gas BondsAtlan Coast Line RR1964 Unified 434s All C L (So Car) 4s_ _ _1948 City & Suburb 1st 58_1922 Coal dr Coke 1st 5s__ _1919 Coal & Iron 1st 5s_ _ _ _1920 Consol GEL &P 5% notes 6% notes Consol Coal ref 434s_ _1934 1950 Refunding 5s Cosden & Co Ser A 68..1932 1932 Series B Os (Old Co) refund 6s_1926 Danville Trac & A 5s_1941 Davison Sulphur (is Elkhorn Coal Corp 6s_1925 Fla Cent & Penin extd 6s_ Georgia Pacific 1st 6s_1922 Hess Steel Os bust Oil div ctfs_ _1923-25 Kirby Lumb Contr 6E1_1023 Motion V Trac 5s--_1942 Pennsy W & P 5s 193 40 Portland Ry ref 5s 1949 United Ry & E 4s_ 1919 Incomo 4s 193 46 9 Funding 5s, small_1 6% notes 1941 Wash Ii & A 5s 60 2% 108 828% 7% 37% 85% 71% 19% High. Low. 174 69 70 70 5 60 60 60 131 34% 38 39 2 895 2% 2% • 35 70 71% 72 15 71% 71% 71% 1.10 1.20 1,150 1.10 43 43 50 43 80 26 26 26 145 105 108 108 567 80 7914 82% 6% 7% 7% 2,367 4 4 4% 80 280 32 37% 39 2814 28% 265 27% 85 90 1,612 7214 50 50 20 40 60 9 60 60 295 16 17% 17% 270 71% 71% 72 30 72% 72% 73 270 7714 79% 80 1934 19% 1,086 19 26 26% 195 26 4% 525 3% 4 Feb 70 Feb 60 Jan 38 334 Jan Jan 72 Feb 85 Feb 1.50 Feb 44 Feb 26 Jan 10834 Jan 83 Feb 734 Jan 434 Jan 40% Jan 30 Jan 90 Feb 50 Feb 60 Jan 17% Feb 74% Feb 74% Jan 80 Jan 2034 Feb 27 434 Feb Feb Feb Feb Jan Jan Feb Feb Jan Feb Feb Jan Jan Feb Feb Jan Feb Feb Feb Jan Jan Jan Feb Jan Jan Feb 8434 $9,000 84% Feb 84% Feb Jan 83% Feb 83% 2,000 83 Jan Feb 100 5,000 09 99 Feb Feb 97 1,000 97 97 Feb Feb 96 1,000 96 96 9834 33,000 95% Jan 98% Feb 9814 97% 9,000 97% Feb 98% Feb Feb Feb 88 88 1,000 88 88 Jan 90% 2,000 90% Feb 92 90% 91% 25,000 84% Jan 91% Feb 91 Feb 90% 2,000 85% Jan 91 Jan 93% Feb 1,000 91 9334 Feb Feb 86 86 1,000 86 9534 2,000 95% Feb 9534 Feb 9854 8,000 98% Feb 9994 Jan Feb 101 2,000 10034 Fob 101 my, loon 1,000 100% Feb 101% Jan Feb 95 Feb 10,000 94 95 95 19,000 9814 Jan 112 Feb 107 112 /1 Feb 99% 99% 99% 16,000 98% Jan 997 Jan 86 Jan 86 86 3,500 86 80'% 89'% 2,000 89% Feb 9031 Jan Feb 75% 75% 5,000 75% Feb 77 72% 7231 72% 61,000 7214 Feb 76% Jan 5334 11,000 52% !Jan 54% Jan 53 75 200 75 !Jan 75% Jan 75 Jan 95% 95% 1,000 95% Feb 90 82% 83 3.000 82% Jan 83% Jan 8314 84% 83% 99 97 96 9731 9734 88 90% 90% 90% 9331 86 9531 98% 10034 Philadelphia Stock Exchange.-Record of transactions at Philadelphia Fob. 15 to Feb. 21, from official sales lists: Stocks- Sales Friday Last Week's Range for Week. of Prices. Sale. Par. Price. Low. High. Shares. 100 62 American Gas American Rys pret___ _100 American Stores__.no par Baldwin Locomotive_ _100 Buff & Susq Corp v t c_100 50 4094 Cambria Iron 50 Cambria Steel 50 40 Catawlssa 1st prof 50 2(1 preferred Elec Storage Battery_ _100 60 100 7034 General Asphalt 100 105 Preferred Insurance Co of N A_ _10 100 J G Brill Co Lake Superior Corp_100 2034 50 7034 Lehigh Navigation 50 5534 Lehigh Valley Lehigh Val Trans pref _ _50 50 5134 Mtnehill & S H 50 Northern Central 50 Pennsyl Salt Mfg 50 4434 Pennsylvania Philadelphia Co (Pitts)_50 3434 Prof (cumulative 6%)50 3591 25 x 2534 Phila Electric of Pa Phil Rap Tr vol tr rcts_50 26 Philadelphia Traction_ _50 6936 - 50 8134 Reading 50 1st preferred 334 Tono-Belmont Dcvel_ _ _ _1 1 Tonopah Mining 50 3831 Union Traction 50 United Gas Impt U S Steel Corporation-100 9434 Warwick Iron & Steel_ _10 Westmoreland Coal.._ _ _50 75 Wm Cramp & Sons.... _ _100 York Railways pref-_ _50 31 BondsUS Lib Loan 330_1932-47 1st Lib Loan 46_1932-47 2d Lib Loan 4s_ _1927-42 2d Lib L'n 430..1927-42 3d Lib Loan 434s_1928 4th Lib Loan 430._1938 Amer Gas ok Elea 5s_2007 2007 Small Atlan C Elec 1st 5s.. _ _1938 Consol Trac NJ 1st 5s 1932 Elec & Peo tr ctfs 4s-1945 1945 Small Equit I Gas L 5s 1928 Lake Supertor Corp 5s 1924 62 Lehigh Val Os 1928 , Consol Os • 1923 101% Annuity 6s 119 I Gen consol 4s 2003 80 Gen consol 434s__.1003 93 Lehigh Val Coal 1st 5s 1933 Pennsylv RR gen 430 1965 General 5s 1968 1960 Consol 434s P W & B ctts 4s___1921 Phtla Co 1st 5s stpd__1949 Plana Electric 1st 5s_ _1966 94 1966 Small Phil & Reading 2d ext 5(3'33 1997 Reading gen 4s Spanish Am Iron 0s.1927 United Rys Invest 5s.1926 8734 w.t iv v .rt• Pa grn 4a 1043 z Ex-dividend. Range since Jan. 1. Low. High. 63 19 60 Jan 69 Jan 62 65 58 65 Jan 6934 Jan 6591 Feb 28 28 30 25 Jan 28 74 630 655.4 Jan 7634 Jan 7691 12 6934 Feb 73 Jan 6934 6934 4034 41 11 40 Jan 41 Jan 100 110 Feb 11334 Jan 110 110 40 Feb 40 Feb 40 30 40 5 40 Feb 40 Feb 40 40 5634 6034 5,753 5151 Jan 6031 Feb Jan 7234 Feb 65 7231 8,252 39 99 108 5,852 76 Jan 108 Feb 28 181 2591 Jan 29 Jan 2834 12' 20 Jan 2134 Feb 20 20 Jan 2134 Feb 1991 2134 19,526 17 Jan 146 6991 Feb 73 6936 7034 5494 555.4 811 x5434 Jan Ng Jan 25 Jan 25 25 25 Feb 26 9 50 Jan • 5134 Feb 5191 5134 Jan 75 Jan 7334 7334 7 73 84% 84% Jan 8431 Feb 5 84 4431 4434 2,064 4454 Feb 4634 Jan 3236 3431 420 30 Jan 34 Feb 584 3131 Jan 35 Feb 34 3594 x25 2534 2,565 2431 Jan 2534 Jan 2,942 x2334 Jan 28 Jan 2434 26 Jan 6931 6936 128 6936 Feb 71 79 8131 730 7694 Jan 8334 Jan 10 38 Feb Feb 38 38 38 334 35-4 1,400 234 Jan 394 Feb 3 3 1-16 350 231 Jan 3 3-16 Feb 536 37 Jan 3934 Jan 3734 3836 885 7034 Jan 7434 Jan .7131 72 91 9434 4,330 8834 Feb 9634 Jan 90 834 Jan 836 836 834 Fel 22 76 Jan 75 Jan 75 75 Feb 82 Jan 75 78 258 75 Jan 31 30 3134 Feb 32 3136 98.40 98.60 92.30 92.30 92.30 92.60 93.50 93.70 94.70 95.20 93.50 94.28 8634 88 87 87 9934 9931 8834 8831 70 70 7034 7034 10134 10134 63 62 10131 1018% 10194 101% 119 120 8034 80 93 93 100 10034 8834 8834 06 9634 9534 9531 95 9531 10056 10034 9334 94 94 94 10234 1028% 853-4 8535 101 10134 64 8754 68 08 $950 600 2,050 750 16,570 47,650 12,000 700 2,000 1,000 3,000 300 5,000 13,000 6,000 3,000 14,000 15,000 5,000 7,000 1,000 43,000 10,000 4,000 1,000 13,000 800 1,000 2,000 2,000 121,000 1.000 98.40 92.30 91.80 93.40 94.50 93.40 8634 87 993.4 8731 69 7054 10134 58 10134 10134 119 80 88 100 8734 96 9531 95 100 9334 94 10254 8594 10094 6234 68 Feb Feb Jan Feb Feb Feb Feb Jan Feb Feb Feb Feb Feb Jan Jan Feb Feb Feb Jan Jan Jan Feb Feb Feb Jan Jan Feb Feb Jan Jan Jan Jan 99.70 93.30 93.68 95.30 96.38 95.64 88 8834 9934 89 71 75 10236 63 10234 10234 120 8054 93 10054 8954 98 9634 9534 10034 96 9734 10231 8634 10131 6654 68 Jan Jan Jan Jan Jan Jan Jan Jai Fel Jai Jai Jai Jai Fel Jai Jai Fel Jai Fel Ja Tit Ja Fe Fe Ja Ja Ja Fe Ja Fe Fe Ja FEB. 22 1919.] THE CHRONICLE 775 t_.._ Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY. WEEKLY AND YEARLY. Week ending Feb. 21 1919. Stocks. Shares. Saturday Monday Tuesday Wednesday Thursday Friday Total Railroad. &G.. Bonds. Par Value. 434,985 815,510 629,615 554,004 856,460 842,400 Stags, Men. & Foreign Bonds. U. B. Bonds. 42,421,250 78,728,500 59,780,000 52,476,900 81,151,000 79,999,500 739,000 1,381,000 1,554,000 1,658,000 1,608,000 1,336,000 609,000 5,392,000 1,449,000 7,433,000 1,056,000 8,787,000 1,277,000 12,303,000 1,454,000 10,900,000 1,142,000 8,266,500 4,132,974 394,557,150 8,276,000 6,987,000 53,081,500 Sales at New York Stock Exchange. Week ending Feb. 21. 1919. Jan. 1 to Feb. 21. 1919. 1918. 1918. Stocks-No.shares_ _ _ 4,132,974 3,475,724 19,897,936 22,389,702 Par value $394,557,150 $327,213,400 $1,890,180,355 $2,110,425,200 Bank shares, par $300 $28,700 $7,200 Bonds. Government bonds- _ _ $53,081,500 $11,610,000 $306,936,000 $84,057,500 State bonds 6,987,000 4,574,000 95,023,500 37,857,500 RR.and misc. bonds_ 8,276,000 6,391,500 61,436,500 51,118,500 Total bonds $68,344,500 $22,575,500 $463,396,000 $172,833,500 DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending Feb. 21 1919 .....-Saturday Monday Tuesday Wednesday Thursday Friday Total Philadelphia. Baltimore. Shares. !Bond Sales. Shares. Bond Sales. Shares. Bond Sales 15,715 13,070 12,389 13,962 15,055 14,738 $42,500 63,050 52,050 59,100 98,600 20,000 8,145 10,955 23,575 13,762 16,765 4,545 $47,700 90,350 76,600 50,950 45,650 43,000 1,243 2,168 2,047 3,770 1,826 716 $27,000 70,400 45,300 62,900 34,000 9,000 84.929 $335.300 77.747 $354,250 11,770 $248,600 New York "Curb" Market.-Below we give a record of the transactions in the outside security, market from Feb. 15 to Feb. 21, both inclusive. It covers the week ending Friday afternoon. It should be understood that no such reliability attaches to transactions on the "Curb" as to those on the regularly organized stock exchanges. On the New York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are permitted to deal only in securities regularly listed-that is, securities where the companies responsible for them have complied with certain stringent requirements before being admitted to dealings. Every precaution, too, is taken to insure that quotations coming over the "tape," or reported in the official list at the end of the day, are authentic. On the "Curb," on the other hand, there are nozestrictions whatever. Any security may be dealt in and any one can meet there and make prices and have them included in the lists of those who make it a business to furnish daily records of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind, particularly as regards mining shares. In the circumstances, it is out of the question for any one to vouch for the absolute trustworthiness of this record of "Curb" transactions, and we give it for what it may be worth. Friday Sales Last 1Veek's Range for Sale. of Prices. Week. Par. Price. Low. High. Shares. Week ending Feb. 21. Stocks- AetnitExplosives.r(no par) 715 Guaranty Trust ctfs__ _ _ 100 60 Preferred r Amer Bosch Magneto r (t) 64% Amer Road Machine_r 100 12 4% Amer Writing Pap coin 100 Brit-Amer Tob ord bear £1 Cities Service corn_ r _ _ A00 336 Dictograph Products_ r-10 1054 Emerson Phonograph__ -5 Fairbanks & Cor _ _ _25 55% General Asphalt coin r 100 71 Preferred _r 100 106 Gillette Safety Razor.r.(t) 129 Hupp Motor Car Corp-10 5% Imperial Tob of G Mir £1 Intercontinental Rubb..100 18% Keyst Tire & Rub com_100 6054 Lackawanna Co Coal r 10 11% Libby, McNeil & Libbyr10 24% Marconi Wirel Tel of Am_5 4% Morris (Philip) w I 10 8% Nat Fireproofing corn r50 7% Preferred r 50 14% No Am Pulp&Pap.(no par) 3% Pearson Coal_ r 1 Penn Seab'd Steel v t 0-(t) / 34 Perfection Tire At Rubb r 1 Poulson Wireless r _ _ _ _100 St Joseph Lead r 10 Standard Motor Constr r10 Stewart Mfg_r 40 Bubmar Boat Corp v to. 5 14% Swift Internat'l w 1-r---15 4754 Todd Shipyards Corp r (t) Triangle Film v t c 5 Un Carbide & Carbon r (t) 6114 United Motors-r--(no par) 4114 United Profit Sharing-25e 114 light & Heat pref._ 10 US Steamship 10 3X Wayne Coal 5 33.4 World Film Corp v t e...-5 Wright-Martin Aire_r-(t) 7 734 6% 6% 60 63 63% 65 8 10 3 4% 25 25% 326 336 11 10 234 3 55 583-4 6414 72% 98 109 129 135 5% 634 15% 17% .16% 18% 5934 62% 1114 11% 21% 24% 4 434 7 934 7% 7% 14% 14% 3% 4 33,4 3% 32% 3454 54 1 5 5 11 10 8 814 41 39 11% 14% 4414 48 102 102 14 5-16 60% 61% 3934 41% 154 19-16 23,4 2 334 3% 3% 33 54 14 33,4 3% 6,500 600 140 2,250 1,500 3,900 2,800 1,865 14,550 1,800 2,200 34,700 8,800 960 8,500 1,100 8,600 17,100 5,000 2,500 6,000 10,600 1,200 500 4,300 740 140 82,200 200 2,100 400 3,000 15,400 4,600 50 500 2,025 15,800 51,000 600 24,300 3,455 2,300 2,300 Range since Jan. 1. Low. 634 Jan • 6% Feb 60 Feb .61% Feb 8 Feb 214 Jan 2334 Jan 294 Jan 834 Jan 2 Feb 55 Feb 3934 Jan 83% Jan 109 Jan 414 Jan 14% Feb 10% Jan 4334 Jan 10% Feb 19 Jan 4 Jan 7 Feb 8% Feb 13% Jan 2% Jan 114 Jan 32% Feb 34 Feb 5 Feb 10 Feb 754 Jan 39 Feb 10 Feb 40% Jan 102 Feb 14 Feb 6034 Feb 333-4 Jan 7-18 Jan 2% Feb 3% Jan 3% Feb 14 Jan 3 Feb High. 8 Jan 634 Feb 64 Jan 65% Jan 10 Feb 434 Feb 25% Feb 336 Feb 1131 Feb 3 Feb 60% Feb 72% Feb 109 Feb 136 Feb 7 Feb 17% Feb 21 Jan 6354 Feb 11% Feb 24% Feb 4% Jan 9 Feb 12 Jan 20% Jan 4 Feb 3% Feb 40 Jan 1 Feb 734 Jan 13 Jan 8% Jan 41 Feb 14% Feb 48 Jan 108 Jan 5-16 Feb 61% Feb 41% Feb 114 Feb 2% Feb 5% Jan 4% Jan 54 Jan I 434 Jan Rights- Friday Sales Last Week's Range for Sale. of Prices. Week. Par. Price. Low. High. Shares. Range since Jan. 1. Low. High. Oklahoma Produo & Refg r 54 11-16 17,000 34 Feb iff. Feb Tobacco Products_ r 454 Feb 4 4% 4,500 4 Feb Former Standard Oil Subsidiaries Angio-Amer 011_r £1 18 17% 18 1,000 16% Jan 18% Feb Illinois Pipe Line_r----100 165 165 10 164 Jan 166 Feb Ohio Oil_r 325 328 25 328 210 315 Jan 335 Jan South Penn Oil_r 100 307 312 65 297 Feb 320 Jan Standard 011 (Call()_r_100 265 265 10 258 Jan 280 Jan Standard 011of NJ_r_100 689 688 695 160 675 Jan 731 Jan Standard 011 of N Y r 100 325 334 232 310 Jan 334 Feb Swan & Finch_r 118 118 100 10 118 Feb 118 Feb Union Tank Line 118 118 118 10 107 Jan 123 Jan 100 422 Vacuum 011_r 415 422 165 395 Jan 437 Jan Other Oil Stocks. 1 2% 1 13-16 2% 77,500 Allen OH_ r % Jan 234 Feb Barnett Oil & Gas_ r % 1,100 1 11 3-16 % Jan 5-16 Jan 5 314 Boone 011 r 33,4 414 38,200 334 Jan 434 Feb 30c 47c 135,000 18e Boston-Wyoming 011-r 1 370 Jan 47o Feb Commonwealth 011_ r_w 1 1 400 400 100 400 Feb 40o Feb Cosden & Co. com_r---5 714 734 73-4 11.500 6% Jan 731 Jan 134 1% Crystal 011 & Refining_ r_i 13-4 11,350 134 Feb 13.4 Jan Curman Petroleum_ r _ _ _ _1 1 5-16 134 1 5-16 800 1% Feb 1% Feb Elk Basin Petroleum_r_5 6% 6 654 3,900 Jan 6 634 Jan 5e Esmeralda Oil Corp_r_ _ _I 40 50 47,000 4c Jan Jan 6o 5 23,4 Federal 011_ r 234 33-4 23,000 2 Jan 3% Feb Glenrock 011.r 334 314 3% 9,200 10 33.4 Feb 434 Jan Home Oil & Refg_r 10 10% 10 10% 800 10 Feb 10% Feb Houston Oil. oom_r___100 84 82 8634 4,072 75 Jan 8634 Feb 1 750 Hudson 011 _r 700 83e 8,250 55o Feb 98o Jan Internat Petroleum _r__Ei 22% 21 2234 14,500 10% Jan 2234 Jan Island 011 dg Transp_r....10 734 7% 831 92,000 6% Jan 831 Feb 1 9e 8e 9.3 14,400 Henova Oil 8o Feb 16o Jan Louisiana Oil & Refin-r-50 3714 3734 39 15.400 2334 Jan 39 Feb 10 2414 23% 2554 9,900 21 Merritt 011 Corp_r Jan 2554 Feb Metropolitan Petroleum.25 3 146 3 3 746 27,500 231 Jan 3% Jan 1 300 Mexican Gulf Oil _ r 25o 320 3,100 250 Jan 454) Jan 1.44 Midwest Oil, com_r 1 1.40 1.62 137,000 1.13 Jan 1.62 Feb 1% I% 2,700 Preferred r 1 1 11-16 134 Jan 1% Feb Midwest Refining _ r _ _ _ _50 158% 148% 161 21,700 124 Jan 161 Feb 53e 480 550 49,800 47o Northwestern 011.r I Jan 55o Feb Oklmulgee Prod & Refg_ _5 1% 1% 2,000 13-4 Feb 234 Jan 360 390 24,000 220 Omar Oil & Gas,own__ __I 370 Jan 420 Feb Pennok Oil_r 12 1314 14,200 1134 Feb 15 10 13% Jan 1 16c Queen Oil r 15e 18o 67,000 14o Jan 300 Jan 8814 84 Royal Dutch (new)_ r 90 32,500 703.4 Jan 90 Feb 5 Sapulpa R.efining_r 731 7% 754 500 7 Jan 7% Jan 5 Savoy 011 7% 714 7% 200 6% Jan 73.4 Jan Sinclair Gulf Corp_ r__(t) 27% 2434 27% 21,550 22 Jan 2734 Feb Southwest 011.r 380 39c 1 1,400 380 Jan 420 Jan Stanton Oil_r 13-4 18,700 13-4 131 1 1 Jan 1% Jan Texana Oil & Ref _r 12c 13c 3,000 lbo 1 Jan 22o Jan Tyopa Oil_ r 234 33-4 3,100 5 2 Feb 331 Feb United Western on. new.. 134 134 134 11,000 13-18 Jan 234 Jan Victoria 011_ r 2% 3 4,930 2% 234 Jan 10 3 Feb Wayland Oil& Gas com.._5 4 434 1.200 314 Jan 434 Feb Mining Stocks. Alaska-Brit Col Metals__1 390 350 390 14,400 350 Feb 50o Jan ft 1 1-16 2,000 America Mines_r 34 Feb 1 1 1%, Feb 1 1 146 3,400 Arizona Bing Copper__ 1 1 Jan 13.4 Jan Arizona Butter 47 52 52 1,550 48 1 Feb 52 Feb Atlanta Mines 314c 4c 11,000 334e Feb 4o 1 5540 Jan Big Ledge Copper Co fi 9,300 % 1146 5 34 Feb 15-16 Jar Booth _ r 15c 17c 4,500 1234c Jan 1 17c Feb 42c 46c 68,500 42o Feb 1540 Boston & Montana Dev--5 45c Jam Butte & N Y Copper. ,.1 14 14 500 14 Jan 14 Jam 1 31c 29c 31e Caledonia Mining 11,800 270 Jan 33o Jam % 7-16 8,500 Calumet &Jerome CoD-r.1 7-16 14 Jan % Jam 2 1 15-16 2 1-16 5,400 1 5-16 Jan 234 Feb Canada Copper Co Ltd_ _5 Candelaria Silver_ r 1 60c • 58c 60c 22,900 52o Jan 60c Feb 6c Cash Boy 60 3,500 1 (lo Feb 8340 Feb 131 1% 134 11,200 Cerbat Silver M & M_r__1 1 Jan 1% Feb Congo' Arizona Smelt--5 1 1 3-16 8,000 1 Feb 19-16 Jar 4% 5% 5,300 Consol Copper Mines_ _5 4% Feb 6% Jar Cresson Con Gold M dzM 9,400 - 1 434 5 5 5% Jar 434 Feb El Salvador Silver M____1 1% 500 134 131 Jan 134 Feb Eureka Croesue Min.r... 1 1% 1% 4,360 1% 13.4 Feb 134 Jar 1 77c 73c 77c 11,500 600 Jan 800 Feb Florence Sliver..r 24c 35c Fortuna Consol_r 1 1,400 24e Feb 400 Jar Golden Gate Explor_r _5 3% 2% 3% 41,400 214 Feb 33-4 Feb 1 9-16 7-16 9-16 2,600 Golden Rule_ r 7-16 Jan 34 Jam Goldfield Consol 19c 20c 10 4,850 18c Feb 24e Jam 5310 6c 11,500 Goldfield Merger_ r 6c 1 50 Feb 7e Jar 1 4 4 Great Bend _ r 4 2,000 30 Jan Jar 60 630 710 Hamilton M & 13 M _i_r_j 71c 5,800 41e Jan 710 Feb I 37c Hattie Gold Min_r 330 38c 17,500 330 Feb 50e Feb Heels Mining 250 4 11-16 434 4 11-16 3,250 434 Jan 4 15-18 Jar Iron Blossom_ r 7-16 7-16 100 200 7-16 Feb 53e Jam 3 380 Jim Butler_ r 37c 400 9,500 32c Jan 44c Fet 1 13c 140 Jumbo Extension 13c 4,500 12e Feb 15o Jar Kewanus.r 1 5340 50 534c 3.000 5o Feb 80 Jai La Rose Mines, Ltd % 500 5 54 5-16 q Feb 7-16 Jar Lone Star Cone'd_r 1 83.46 53.40 100 535.000 100 Feb 5o Feb Louisiana Cons 34 % 1,600 1 X Feb % Fet Magma Chief _ r 1 250 25c 25c 11,100 22c Feb 25c Fet 1 3%0 3140 3540 3,000 Marsh NIining r 314c Feb 40 Jar Mason Valley 2% 2% 5 500 2% Feb 314 Jar 1 30c 29c 30c Mother Lode_ r 4,700 28o Feb 350 Jar Nipissing Mines 8% 954 2.500 5 834 Jan 934 Feb Nixon Nevada 33c 380 13,000 330 Feb 48c I 34c Jar North Butte I)evel_ r _ _ _ _1 100 10e 10c 500 100 Feb 100 Fet Onondago Mines Corp_ r _1 3% 4.000 3% 3 3 Jan 354 Jar Pinar Copper (prosp't)_ _5 2% 2% 231 1,400 251 Fel 23.4 Jan 2% 23,4 4,800 Ray Hercules Min_r 5 '2% 1% Jan 334 Jai Rochester Mines 27c 32c 13,200 25c I 28e Jan 32o Fet Seneca Cop Corp_(no par) 800 133.4 Feb 1554 Jai 1354 1434 Silver Canon Mining___ _1 770 730 830 4,400 60e Jan 840 Jai Silver Pick Consol_ r 554 c 60 7,700 6'1 1 5%c Feb 7c Jai Standard Silver-Lead ___ _1 5-16 5-16 5-16 3,100 31 Jan A Jai Stewart 16c 17c 27.000 150 16c 1 Jan 18e Jai Success Mining_r 4c 4c .1,000 4c 1 40 Jan Jai 7c Tonopah Extension 2% 2% 6,870 2% 1 1% Jan 3 Fel Tuolumne Copper 34 % 1,530 13-16 Jan 1 % Jai Tuolumne River Placer r_i 950 65c 1 44,200 300 Jan 1 Jai 454 4% United Eastern Mining-1 800 33-(. Jan 434 Jai United Mince of A rizona..1 34 15,800 3-18 Jan 34 3-16 X Jai United Sulphur Mines_r_ 1 11-16 31 13-16 9.970 31 Jan I% Jai 931c 12c 21,500 •6o U S Continental Min.r...1 100 Jan 12e Fel 30c 400 23,000 24o Ward Min & Milling _r__I 36c Jan 40o Fel Washington Gold Quartz _1 89c 93c 3,000 890 Jan 93e Jai West End Consolidated_.5 134 1 3-16 1 5-16 2,420 1 346 Jan 14. Fel Western Utah Exten-r_ _1 100 11c 3,000 10c Feb 17c Jai 30 White Caps Exten _r 2,000 3c 1 20 2340 Jan 4c Jai White Caps Mining...Apo 12%c 10%c 13c 33,700 10o Jan 1831e Jal White Knob Cop, pf_r_ _10 154 154 134 4,100 13-4 Jan 13-4 Jai Wilbert Mining 60 60 1 1,000 50 Jan 60 Fel Bonds. Am T & T 6% notes w 1'24 9934 9934 Amer Tobac serial 78 r '20 1014 Serial 7s_ r 10334 '22 Serial 78 r 10314 '23 Anaconda Cop Min 641'29 9731 9734 13eth Steel serial 7s_r_1919 10034 Serial 7s_r 1923 101% 10134 13raden Cop M fls_ r _1_1931 9354 9314 9931 Canada(Dom on 5s...1919 9934 Chic& N W Ry gen5s wl'87 Cudahy Packing 7a_ _ _1923 102 Federal Farm Loan be_ _ 10354 10354 M a r•nt Rt (',.tI ur.ZR I 1 iii4 07 96% 9934 $96,000 102% 10,000 10334 1,000 103% 5,000 9754 120,000 10031 1,000 10154 20.000 9434 36,000 99% 75,000 9954 100,000 10234 26,000 10354 16,000 9734 500.000 98% 10134 10234 10234 9734 10031 100% 93 9934 9934 102 103 9634 Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Feb Jan Feb 9934 10234 10334 10434 99% 10154 10154 96 9934 10054 10234 104 9734 Fel Fel Fe Feb Ja Fel Fe Ja Fe Ja Fe Ja Fel IIII THE CHRONICLE 776 Bonds (Concluded)- maw Last Week's Range Sales for of Prices. Sale Price. Low. High. Week. Range since Jan. 1. Low. 85 994 993% 953% 48 47 83 993% 993% 92 126,000 91 _ _1921 92 Interboro R T Tob 8s'21 1003% 100 10034 36,000 7s.._Liggett & Myers 993% 100 145,000 N Y Teiep deb 68 W 1-1949 13,000 9534 96 Phila Elec 6s...r Russian Govt 63%8_1%1919 673% 643% 68 202,000 62,000 61 56 1921 59 534s_r 30,000 8614 89 Sinclair Gulf Corp 6s_r_'27 207,000 South Rs,8% notes w I '22 993% 993% 993% r, 128,000 Swift & Co 6% notes w 1.'21 oath ans non oft wit....t. on I nn An cs I I C19)1 ofi u Jan 92 Jan 1004 Feb 1013% Feb 96 Jan 72 Jan 65 Jan 89 Feb 093% Feb 993% 1:12“ Jan 04 114 * Odd lots. t No par value. i Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. o New stock r Unlisted. re When Issued. x Ex-divideud. y Ex-rights. t Ex-stock (W./Mead. $ Dollars per 1,000 lire. flat CURRENT NOTICES. -The prelimistary number of "The Review of Economic Statistics," issued by Harvard University Committee on Economic Research, has just been issued. It forms a volume of 107 pages of medium atlas size,including text, tables and charts covering the familiar indices of business condition, such as failures, bank clearings, iron production, interest rates, &c., all presented in the most elaborate and scientific fashion. Part of the matter is brought down to Jan. 1917, and part to Dec. 311918. The "Chronicle" and other publications have been used in gathering the necessary data. The purpose of the "Review" is to promote the collection, criticism and interpretation of, economic statistics, with a view to making them more accurate and valuable than they are at present for business and scientific purposes. For the present it will deal chiefly with those industrial, commercial and financial data which ordinarily serve as the basis for judgments concerning fundamental business conditions. But, as fast as resources permit, its work will be extended to other kinds of economic statistics. The "Review" "will be supplied only in connection with a statistical service which the committee offers for the year 1919 to all who may desire to become subscribers at the price of $100 per subscription. Besides the 'Review.' it is expected that the statistical service will include, after April or May,a monthly supplement to the quarterly publication which will deal with current monthly data." -Adjutant Leoy Deram of the French Army,33rd Regiment of Infantry. 34th Company, Secteur Postal 208, writes to the "Chronicle" stating that he is anxious to become agent in France, or for the north and eastern portion only, Including Alsace-Lorraine, of an American house wishing to market in that region, automobiles, or any sort of tools, machines, general supplies, &c. Mr. Deram is a married man .of some education, writing a good letter: he is also a licensed chaffeur, and he tells us, accustomed from his youth to traveling and handling business matters, fond of work, and certain that he can succeed if given an opportunity. For 42 months pa t he has been at the front and he looks to America for the chance to put himself and his family on their feet again. -The Aetna Fire Insurance Co. of Hartford, Conn., William B. Clark, President, has completed one hundred years of service with losses paid from 1819 to 1919 of over $174,000,000. The cash capital is $5,000,000, cash assets $32.006,433, total liabilities $18,578,093, net surplus S8,428,339, and surplus for policyholders $13.428.339. The Aetna styles itself "The Leading Fire Insurance Company in America." The company has agents in all the principal cities and towns in America. The New York City agents are Russell & Ziegler, 95-97 William St., and Talbot. Bird & Co.. Inc., 63-65 Beaver St. The company's annual statement was advertised in last week's issue of the "Chronicle." -Marwick, Mitchell, Peat & Co., accoutants awl auditors, announce that they have admitted into partnership Thomas Ritchie, James B.Campbell, 0. A., O.P. A., and Andrew Stewart, M A. B.L.,C. A. Mr.Ritchie has been with the New York Bank Audit Department of the firm for twelve years and for many years has acted as Manager of that Department,of which he will now be plrtner in charge. Mr. Campbell has been with the firm for eleven years and has acted as manager of the St. Louis Office since 1911. Mr. Stewart has served with the firm from 1910 and in 1911 be be,nme manager at Vancouver and latterly acted as liquidator of the Dominion Trust Co. He will now be a resident in New York. -Stone & Webster of Boston and New York have ready for distribution their "1919 Mannar describing the electric railway, electric lighting, gas and power companies under Stone & Webster management. This manual should be of interest to investors in public utility securities and may be secured free upon request. Banks and Trust Companies Now York City All prices now dollars per share. II New York City Realty and Surety Companies High. Jan Feb Jan Feb Feb Feb Feb Feb Feb Jan [VOL. 108. Alliance Why Amer Surety_ Bond tit M ()Casualty Co_ City investing Preferred- - All prices now dollars per share. Bid. Bid. Ask. /31d. Ask. 70 Lawyers Mtge 110 117 Realty Assoc 80 (Brooklyn). 77 90 65 Mtge Bond__ 85 60 223 228 Nat Surety-. 214 219 US Casualty_ 175 U S Title Guar 75 N Y Title & _ Mortgage__ 95 102 West & Bronx - 20 Title& M G 150 67 60 Ask. 83 190 60 170 Quotations for Sundry Securities All bond prices are "and interest" except where marked "f." RR. Equipments-Per Ct.Basis .1 5.85 5.50 Baltimore & Ohio 434e Buff Roch & Pittsburgh 43%s 5.90 5.65 5.90 5.65 Equipment 48 Equipment 68 90 5' 5..9 50 .65 Canadian Pacific 4348 Caro Clinchfield & Ohlo 55._ 6.251 5.75 6.25 5.75 Central of Georgia 58 ,1 5.75 6.22 Equipment 434s 6.7 6.25 Chicago & Alton 45 0 6.0 50 7..0 6 0 00 Chicago & Eastern Ill 534s 7.00 6.00 Equipment 4%s Chi° Ind & Loulsv 4348 5.80 5.40 Chic St Louis & N 0 56 5.65 5.25 Chicago & N W 434s 6.3 5.90 Chicago R I & Pee 4345 6.50 6.00 Colorado at Southern Ers 6.10 5.75 Erie 56.. Equipment 434s 75 0.10 5.'7 6 Equipment 4s 5.95 5.45 Hocking Valley 412s 5.95 5.45 5s Equipment 5.70 5.37 Illinois Central Se 5.70 5.37 Equipment 434s Kanawha & Michigan 4340_ 8.3 5.75 5 .50 5.3 75 5 5.9 Louisville & Nashville 55 Michigan Central 5s 00 5 5 40 7.0 5 6..0 Minn St P & 88 M 4345 Missouri Kansas & Texas 15s_ 7.00 8.00 Missouri Pacific 55 8.25 5.75 Mobile & Ohio 58 6.25 5.75 Equipment 4348 New York Central [Ines 55__ 5.95 5.45 5.95 5.45 Equipment 4345 6.30I 5.75 N Y Ontario & West 4348 5.70 5.35 Norfolk & Western 434s 5.60 5.25 Pennsylvania RR 4345 5.60 5.25 Equipment 45 7.00 6.00 St Louis Iron Mt & Sou 5s St Louis & San Francisco 58- 7.00 6.00 0.00 .50, 6.00 6. 6 Seaboard Air Line 5s Equipment 434e 5.35 5.50 5 70 9 . . 5 434sCo Pacific Southern Share. Ordnance Stocks-Per Aetna Explosives pref....1011 60 64Southern Railway 4345 6.25 5.75 4 45 Ohio Central 1 & Toledo 100 Mfg British & American 10e 15 25 Preferred Tobacco Stocks-Per Sh are. Atlas Powder common. l00 153 155 Par Bid. Ask. 100 90 92 Preferred 0 19 25 2 25 American Cigar common_100 18 100 107 110 Babcock & Wilcox 1130 Preferred Bliss (E W)Co common- 50 •250 325 60 80 -100 Fdry at Machine Amer 75 51) *05 Preferred ---- British-Amer Tobac ord__El *25 26 Canada Erlys & Forgings_100 £1. .24 26 9985 bearer 100 88 05 Carbon Steel common 100 190 210 Conley 100 03 1st preferred Johnson Tin Full & Met_100 80 100 100 05 70 2(1 preferred 190 , 5 2 00 10 VIacAndrews & Forbes Colt's Patent Fire Arms Preferred 25 436 38 MIR 375 425 Reynolds (R J) Tobacco 1 duPont(E I) de Nemours 104 330 360 B common stock 100 269 274 & Co common 107 109 1 Preferred 100 9112 92% Debenture stock 95 100 A dividend scrip 100 70 75 Eastern Steel 95 100 scrip 28 B 33 dividend com_100 Empire Steel & Iron 1 120 160 Co 100 65 Preferred a) jeFi 100 95 105 Hercules Powder corn_ 100 210 211 irogfac 100 107 110 Preferred Short Term Notes-Per Cent. Niles- lientent-Pond com_100 105 109 100 95 98 Amer Cot 011 55 1919..M&S 9950100 Preferred 9.47 s110(74 100, 7% notes Sept 1919 Penn Seaboard Steel(no par) *30 35 ,4 99, 290 Amer Tel & Tel 68 1924_ F&A 991 1 Photo,' Dodge Corp 34 99% 1919___J&J 55 Ohio 360 & Bait° 350 Scovill M tnufacturing-100 50 *20 30 Canadian Pao as 1924.M&S 2 1001210073 Thomas Iron 9913 983 FAA 1020_ 55 Hudson & Del _1100 I w com Arms Repeat Win A-0 94 96 6100 7;7 Erie RR ils 1919 Preferred w I 100 44 52 Fed Sugar Rig 55 1920__J&J 9814 9914 Woodward Iron 10018 10038 Os 1920____J&J Mee 95 General 85 Preferred 11 3100, 6% notes (2-yr) 1919.J&D 100, Great North 5s 1920- M.tS 9834 9914 K C Term IV 4348 1921_J&J 9612 97 Public Utilities 58 Nov 15 1923. _ al&N 15 100 10014 Amer Gas & Elec corn__ 50'101 103 Si) 443 46 Liggett&MyeraTob6s'21J&D 100 1004 Preferred Amer Lt & Traci com__100 242 246 N Y Cent 5s 1919....M&S 15 99)2 9934 9674 9714 100 99 101 Penn Co 434e 1921..J&D 1 Preferred Amer Power & Lt corn. l0() 57 60 Pub Ser Corp Ni 75 '22.M&S 97 9812 100 75 78 Southern Ry 55 1919.M&S 2 997g 100 Preferred 90 993s 20 Southern By Os 1022 w I al& Amer Public Utilities com100 100 35 40 Swift&Co 651921 w 1 F&A 15 9932 9934 Preferred Carolina Pow&Light corn 100 30 32 • Utah See Corp 6s'22 MAS 15 99 90 Cities Service Co corn_ _100 333 35 1Winches ItepArms78'19. M&S 99% 100 100 80 81 Preferred Industrial Colorado Power corn___ _100 24 27 100 07 100 I and Miscellaneous Preferred 1 • 208 210 Corn'w'th Pow Ry & Lt__100 19 21 'American Brass 77 80 1 43 'American Chicle com refermi 100 41 00p Preferred 75 79 100 193 Elec Bond & Share pref_100 100 135 138 American Hardware 9 11 Federal Light & Traction 100 100 40 45 Amer Typefounders corn 101) 38 42 Preferred 100 84 88 Preferred Great West Pow 58 1946_,I&J 84 86 96 98 124 Borden's Milk corn PreferredBorale Mississippi Riv Pow corn 100 10 4 1 I 99 101 100 40 Preferred LII 130 136 First Mtge 5s 1951_J&J 7712 79 Celluloid Company 18 Columbia Graphoph Mfg (8) *145 150 Northern Ohio Elea Corp-(t) 114 . 100 85 87 100 50 60 I Preferred Preferred North'n States Pow Corn..100 68 72 Freeport Tester Co 31 11311 ""3 100 90 92 Havana Tobacco Co--100 Preferred 4 3 1 North Texas Elec Co corn 100 51 58 I Preferred 100 70 75 I let g 5s June 1 1022....1-D /40 Preferred Pacific Gas & Elec com_100 49 51 IntercontInen Rubb com_100 18 1814 100 160 100 87 89 Internet Banking Co 1st preferred 100 ____ lir Puget Sri Tr L & P corn__100 14 17 International Salt A-0 70 7184 1951 58 I' gold 54 1st 57 100 Preferred 18 International Silver pref.100 90 95 100 16 Republic By & Light 100 54 57 Lehigh Valley Coal Sales. 60 *81 84 Preferred South Calif Edison corn 100 83 88 Otis Elevator common.._100 62 65 100 80 84 100 97 102 I Preferred Preferred Standard Gas & El (Del)- 50 *23 26 Remington Typewriter*36 38100 33 34 Preferred 100 84 86 1sotrapiraeofrred 4 1 C 3 Tennessee By L& P corn-100 100 75 77 2d preferred 100 13 16 Preferred 93 00 130 ..8 ;, .-1 5 Royal Baking Pow cont_ 100 3 United Gas & Elec Corp 100 100 38 40 , Preferred 1st preferred 8 Singer Manufacturing__ _100 164 187 1 100 5 2d preferred_ United Lt & Rye eom_ _100 36 38 Texas Pao Coal & Oil_ _ _ _100 1425 1475 W'houseChurchKerr&Co 100, 63 66 100 70 71 1st preferred 1001 .131 80 1014 I Pteferred Western Power common MO 18 100 85 6612 ' Preferred Standard Oil Stocks Pe r Shar s Par Bid. Ask. Anglo-American Oil new. El 1734 18 100 1200 1280 Atlantic Refining 100 500 520 Borne-Scrymser Co Buckeye Pipe Line Co- 50 1290 93 325 350 new..-100 Mfg Chersebrough lii r550 560 Continental 011 Crescent Pipe Line Co- 51 •38 40 Cumberland Pipe Line-1 i 175 185 Eureka Pipe Line Co__ _100 170 180 100 86 90 Galena-Signal 011 com 100 130 150 Preferred old 100 105 Preferred new. 100 165 170 Illinois Pipe Line Indiana Pipe Line Co..- _ 50 09 102 4221 23 international Petroleum_ El ' National Transit Co_ _ -12.50 416) 17 New York Transit Co__ _100 190 200 Northern Pipe Line Co_100 110 115 25 •326 330 Ohio Oil Co 25 *53 60 Penn-Mex Fuel Co 100 665 870 Prairie Oil & Gas 288 270 100 Prairie Pipe Line 100 345 355 Solar Refining Southern Pipe Line Co..100 176 180 100 312 317 South Penn Oil Southwest Pa Pipe Lines.10)) 97 100 274 278 (California).100 Oil Standard Standard 011 (Indiana) _.l00 775 785 Standard 011 (Kansa8) 100 585 595 Standard Oil (Kentucky) 100 400 410 Standard Oil (Nebraska).100 545 560 Standard 011 of New Jer_ 100 686 690 Standard 011 of New Vk.100 '328 331 1041 460 480 Standard Oil (Ohlra 100 100 104 Swan & Finch 100 116 118 Union Tank Line Co 100 417 422 Vacuum Oil 10 *38 40 Washington 011 Bid. Ask. Trust Co's. Bid. Ask. Banks. Banks-N.Y. Rid. Ask. II 'Veto York. America•__ 510 5:30 IItirving (trust' Amer Exch.- 225 235 I certificates)I 290 300 'Bankers Trust 390 400 520 540 ,Central Union 407 412 170 180 Liberty Atlantic 307 312 270 300 •Columbia. Lincoln Battery Park_ 205 100 88 __ Manhattan •_ 195 205 Conimcial Bowery •. _ 135 145 ;Meet) & Met- 350 357 Empire...... 1285 295 BroadwayCen 425427 420 Tr. 145 Equitable •Merchants 175 Bronx Born*. 125 Farm I. & Tr_ 425 4:35 Bronx Nat_ _ _ 150 165 'Metropolitan* 175 220 235 Fidelity 375 Bryant Park• 145 155 ,Mutual 210 260 215 Fulton 200 Noth•._ 27 New Butch & Wow 22 170 New York Co 130 140 Guaranty Tr 380 390 Cent Mere__ 165 132 Hudson 425 390 400 ;New York_ Chase 150 Irving Trust_ iSee Irving Pacific * Chat & Phen. Bank 580 600 - I Park 110 120 Chelsea Exch•8260200 Law Tit & Tr 1 10 0t 107 Na Chemical_ _ _ _ - ;Prod Etch 220 230 !Public.. .. 1225 250 Lincoln Trust 180 500Citizens 450 470 Mercantile Tr 483 468 Seaboard_ City & Deposit . 21)) 400 425 Coal & iron.. 220 230 Second 135 Metropolitan_ 345 _ 400 Sherman -___ 125 . 120 130 Mutual(West,-, 170 State Columbia.... 160 125 105 cheater) 130 Commerce_ _ 211) 215 ,23d Ware_ _ 115 Comm'l Ex*. 390 4t0 !Union Exch. 158 168 N Y Life ins & Trust... 700 810 ,UnitedStates* 500 CommonN Y Trust... 605 615 wealth •_._ 195 205 ,Wash IMO_ 275 1(5 IWestch Ave*. 160 176 Scandinavian 295 315 Continental•_ 107 Title Gu & Tr 325 335 290 310 y305 :315 Yorkville' Corn Exch* _ Transatlantic. _ 170 Cosmop'tan*. 100 110 U S Mtg & Trl 41-5 425 Brooklyn. Cuba (Ilk of). 175 Coney Island• 140 155 United States 890 910 East River__ _ 185 200 Westchester. 130 140 1-1-0i- 116 First Europe Brooklyn. 150 165 2500 Greenpoint 2200 Fifth Avenues 120 Brooklyn Tr 500 515 110 216 230 Hillside • Fifth 212 225 70 80 Franklin 950 960 Homestead • First 260 270 70 Hamilton 185 Mechanics' •. 65 175 Garfield 95 Kings County 630 650 85 200 Montauk• Cloth,mt 200 207 Manufacturer 180 --_- Nassau Greenwich •._ 340 265 275 7:30 745 National City 133 138 People's Hanover 80 70 175 200 Queens Co - North Sides Harriman_ _ 250 130 140 540 580 People's__ Imp & •--Stool Sale at auction 0 1 at •Banks marked with a (et are State banks *Per share. lt Basis. I Purchaser also pays accrued dividend. s New stook. Exchange this week. t includes one-third share Irving Trust Co. t New stock. a Ex-dividoml. a Hz-rights. (t) Without oar value. /Flat price. a Nominal V Ex-rights. -. FEB. 22 1919.] THE CHRONICLE intlestment ana 777 gailitaatt RAILROAD GROSS EARNINGS The following table shows the gross earnings of various roads from which regular weekly or monthly returns can be obtained. The first two columns of figures give theSTEAM gross earnings for the latest week or month, and the last columns the earnings for the period from Jan. 1 to and includin two g the latest week or month. The returns of the electric railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. Jan.1 to Latest Date Current Year. Previous Year. ROADS. Latest Gross Earnings. Week or Month. Jan. 1 to Latest Date Current 1Previous Year. Year. Current Previous Year. Year. $ Alabama & Vicksb_ December 262,609 212.125 2,470.856 2.139,316 Missouri Pacific___ December Ann Arbor 8,111,59416,788.313 89.612.398 78.320.313 21 WK Feb 61,211 50,0/2 470,289 320,527 Monongahela Atch Topeka & S Fe December 13997068 123089(39 162369 292.821 171.277 3,208.7571 2.152.835 130 140978936 Monongahela Conn December December Gulf Colo & S Fe_ December 1.430.497 1.666.351 18,885.09 228,302 300.865 2,47:3.7631 2,010.970 7 17,285,64 0 Nashv Chatt & St L Panhandle & S Fe December 412,254 537.794 5.809,657, 6.890,859 Nevada-Cal-Oregon December 1.893.378 1.353,892 21.757.403 15,194.755 1st we Feb Atlanta Birtn & Ati December 5,025 469.176 383.1171 4.703.3811 3,983.369 Nevada 3,001, 32,038 25,539 Northern December Atlanta & West Pt.. December 218,304 235.812, 2.706,331 2,512.102 265.304! 166.939 2.518.440 1,770.250 Newburgh & Sou Sh December Atlantic City December 134.838 308.661 1 187.594' 4.252.270 3.215.426 228,448 1.453.757 1.143.320 New On Great Nor_ December Atlantic. Coast Line December 5,610.882 4.608,096 56,992,329 156,966 165,682, 2.197,315 1,916.217 Baltimore & Ohio December 15358813 10668050 174191 148 44,0E33.331 New On & Nor East Dezember 572.053 511,905 6,474,717 4.969.265 136i3321 Tex & Mexico_ December B & 0 Oh Term- December 97.734 186,424 1,885,624 1,517.604 116.060 121.138 1,761.486 1,940.003 N 0 Beaum S L & W. December Bangor & Aroostook December 98.865 117.902 1.417,973 1.034.523 437.617 339,3801 4,863.223 4,384,562 St L Browns & M December Bellefonte Central _ December 407.424 392,602 4.448.928 8.240 6.3861 88.753 80.067 New York Central_ December 27382 Belt Ry of Chicago.. December 879 19088857 294691313 23g821;800 304.800 268,056 3.899.765 3,805.947 Ind Harbor Belt_ December Bessemer & L Erie_ December 529.779 345.724, 5.591.235 5.121,878 862.812 690,307,13,417.564 12,372,620 Lake Erie West & Bingham & Garaeld Decemb December 773,021 622.985, 9.313,905 8.122.895 260,779 340,8101 3,150,747 3,351,395 Michigan Central December 6.568.887 4,727,395 68.520.087 52.879.43 Birmingham South_ December 83.312 113.856! 1,397,251 1,201,530 Cleve Boston & Maine... December 5,734,750 4,671.063 & St L _ December 6.310.415 4,244,428 71.403.970 52.650.9204 2 59.686.815 Cincinnati North December Buff [loch & Pittsb. 241 wk Feb 238,191 297,138 69.911.39 266.795 176,990 2.812.979, 2.440.829 1,817,778 1.786,668 Pitts & Lake Erie December 2.762.004 1,940.318 32,992.27 Buffalo & Susqueh. December 189.868 155,933 2,249.666 1,785,856 2 25.621.654 Tol & Ohio Cent_ December Ccnadian Nat'l Rye 2d wk Feb 1,515,442 1,147,481 9,726,217 975.780 583.558 10.026,5581 8.088.542 6,817,521 Kanawha & Mich December Canadian Pacific... 24 wk Feb 2,883.000 2,306,000 18,259,000 423.367 300.549 5.896.1341 3.606.990 0 N Y Chic St St Louts December 2.505.362 Can Pac Lines in Mc December 318,426 238.9341 2.409.261 14,972,00 1.293.790 22,656.382 16.901.206 2.424.740 N Y N II & 1)ecember 8.608.151 6.961.617 102294 212 Caro Clinch & Ohio December 494,763 310.708 4,811.231 4.063.267 85.784.892 N Y Ont & Western December Central of Georgia_ December 1.856.535 1.636.903 20.617,38 823,999 688,248 10.895.0051 9.164.878 Central RR of N J_IDecember 3,559,390 2,767.715 44 790.6703 16,024,537 N Y Susq & West December 337.629 242.337' 4.353,4201 3,478,993 37.096,73 9 Norfolk & Western_ Cent New England_ December December 6.828.688 5,354.76582,004.034 65 910.242 507.837 426.6561 6.063.156 5,477.288 Norfolk Southern_ December Central Vermont December 566,697 116.262 5,753.644 5,299.914 453.097 362,311 5,185,838 4.482,811 Pacific.. December 10066 392 7,368.750 10290825 Charleston & W Car December 219.811 213.514 3,015.886 2.401.444 Northern 9 88.225.726 Minn & Internat. December Ches St Ohio Lines_ December 7.089.616 4,740.943 73.720.796 68,697 76.829 992.093 1.029.959 54,643.794 Northwest'n Pacific December Chicago & Alton 434,301 406.215 5.702,39/3 4,871,594 December 2,156.517 1,638.407,24.358,662 20.525.68 9 Oahu Ry & Land Chic Burl & Quincy Decemb Co November 87.367 102.799 1,405.733 1.377.715 12639 318 10388401;144172 769 122312 707 Pacific Coast Deretiftv Chicago & East III. December 2.225.996 1,682.331 26.753.09 459,481 557,524 5.620.600 5.:?01.l17 2 21.012.173 Pennsylvania RR December Chicago Great West December 1.685,460 1,376.426 19,116.925 34245328 22480944 367414 695 290234093 16,368,32 3 Bait Ches & Atl_ _ December Chic Ind St Loulsv. December 1,045,275 750.2:34 11 017.271 135.134 80.909 1.436.440 1.281.365 Cumberland Vail December Chicago Junction... December 596.028 378.752 5.917.543 4,838.904 339.178 260.9171 3,135,781 9.161.397 3,260.982 Long Island December 1,660.531 1.326.523 22.213.444 17.286.17 Chic Milw & St P.. December 123:1451,5 9.168,421'15289145 9 5 113739 201 Mary'd Del & Va December Chic & North %Vest December 10676200 8,788.958 127295679 117.702 76.228 1,101,324 1.011.519 108264 983 N Y Plena & Nor! December Chic Peoria & St L. December 765.177 432.944 7.632.494 5.544.625 159.283 175.8391 2,147.466 2,191.451 W Jersey & Seash December Chic R I A Pacific- December 8.423,884 7,505,216,99,869,556 791.112 546.577 10,599.54 8.555.048 85,709,549 Pennsylvania Co Chic R I & Gulf December December 8.954.611 5.749.152 95.530.3242 78.595.29 351.541 398.1931 4,420.008 3,899.172 8 Grand Rap & Ind December Chic St P M & Gm_ December 2.245,995 1,856.397 24.829.98 558.608 504.377 7.207,727 6,491.358 2 21,476,50 9 Pitts Chic Terre 41 & S E December 386.494 364.391 5,000.956 3,805,025 Peoria CI C & St L. December 7.336.471 5.840.224 87.224.88773.507,628 & Pekin Cinc Ind & Western December Un_ 1 December 122.602 94.245 268.713 201,263 2,639.537 Pere Marquette ___ December 2.689.573 1.979.1.55 1.306.395 1.206.718 Colo & Southern.... 1st wk Feb 222,785 200,517 3,137,153 28,955.012 23.507.8.55 1,315,855 1.190,485 Pittsb & Shawmut_ Ft W & Den City December December 116.225 800,141 654.810 7,950,342 6,546,863 83,651 1.343.608 1.150.806 Pittsb Shaw & Nor_ December Trin & Brazos Val December 91.139 122,125 118.811 1,164.137 1.095,339 Pittsb 80,122 1,216,348 1,230.927 Cele St Wyoming December & West 77,343 127.419 1.800,146 1.580.787 90,737 88,034 1,123,210 1,164.540 Port Reading Va. December Commit, Rvs or Mex December 2.756.042 December 295.203 272.824 2.637.219 2.105.395 Q uf ncy0 m& Kane _ December Orli) Crk if,: Col Spgs December 98.596 72.018 78.690 1.057,825 78,456 871.889 927.006 1,113,169 Reading Company: Cuba Railroad Decembv 772,173 1.043,085 12,062,581 7,837;700 Phila St Reading_ December 7,629.262 5,118.847 80.769,56 Delaware & Hudson December 2,601 .70.1 2.220.555 34.789.864 29,9.399 Rich 3 66,831.398 Fred & Potom December Del Lack & West December 6.000.723 4.286,064 741,875 797,827 7.164.372 5.249.407 6 57,211.221 Wash Southern December Deny & Rio Grande December 2,869,532 2.384.319 68.710,07 466.351 435.943 4.027.031 2.7(13.407 31,356.211 8 Rutland Denver & Salt Lake December December 340.659 325.595 4.540,589 4,325.369 61.859 130.339 2,055.509 28.423.13 2.065,217 St Jos & Grand 181'd December Detroit & Mackinac December 183.524 200.693 2.588.578 2.346.814 159 841 113.140 1.557 033 1.350,450 St Louis-San Fran. December 6,033.729 5.003.192 69.812.604 57.434.62 Detroit Tol & front December 322.594 200.695 3.413.311 2.90:3.354 5 Ft W St Rio Or.. December Det & Tol Shore L. December 100.059 20-1,229 147.251 1,999.026 1.827.431 07.237 1.151,032 1,008.719 St L-S F of Texas December Del & Iron Range- December 93.936 70.837 1.366.345 1.113.130 110.151 157.191 8.978.930 7.371.399 St Louis Southwest December 1.318.752 1.062.340 13.035.15 Dul Missabe & Nor December 242.1.15 34.5.035 21,545,271 15,306,60 3 11.46/3.72 St, I. S W of Texa,December 0 Dul So Shore & Atl_ 1st wk Feb 516.044 640.827 6.553.608 5.840.9298 65,565 51,724 367,861 329,011 St Louis Transfer... December Duluth %Vinn & Pac December 64,361 68,251 1.080.329 147.986 136.693 1.712.066 2.026.109 San 901.107 Ant & Ar Pass. East St Louis Conn December December 369.981 437.230 80,347 4,370.334 73.438 1.118.382 1.126,252 Seaboard Air Line 4.178.192 Elgin Joliet & East_ December 2.037.583 1.194.6138 20.685,01 December 3.609.185 2.837.494 38.923,106 30.345.14 6 9 15,816.47 3 South Buffalo December El Paso & So West_ December 1,222.273 1.175.86114.790,111.8 12.5.581 73.558 1,563.095 1.168,509 13.634,862 Southern Pacific_ December 13961660 Erie Railroad December 8.176.460 5.309.243 87.855.460 70.9132.21 122.59984 153948641 132254556 Arizona 9 East_ Chicago & Erie_ December 1.137,353 700.084,11.039,823 December 393,432 354.587 4,478,691 4.269.650 8,794.149 Galv Harris & S A December 1.850.416 1.829,025 Florida Melt Coast. December 821,685 656.5:331 8.841,222 8,140.167 21,273.847 19.737.997 Hous & Tex Cent December Fonda Johns & Glov December 810.053 907.887 8,041,980 8.223.426 99.157 90.039' 1,123,137 1,064.318 bus E & W Tex. December Ft Smith & Western December 196.528 187.359 2.087.716 1.862,980 121,660 141,729 1,296.857 1,179,819 Louisiana West'n December Galveston Wharf_ December 374.371 351,081 4.348.152 3,653.551 111.715 92.406 1.049.838 1.092.444 Morgans La & Tex December Georgia Railroad 841.009 706.295 8,352.108 6.910.459 December 637,528 537.133 6,716.503 4,366,637 Texas & New On December Grand Trunk Pac.... let wk Jan 626.973 91.015 111,624 94.015111.624 Southern Railway December 10727373 590.321 7.415,600 6.410.077 Grand Trunk Syst_ 2d wk Feb 8.399.507 126574 296 90.716.568 531,316 3,088,368 Ala Great South_ December Grand Trunk Ry 20 wk Jan 1.030:2 68 710,012 6.255,567 915.859 9.296.6:35 7.151.054 2.074,589 1,518,967 Qin N 0 & Tex P.. December 1.556.886 676.906 15,478.64 Grand Trk %Vest_ December !2.211,020 1.523.657 19.376,032 1 13.051.819 16,208,568 New Orb A N E._ December' 572.0.53 1.033,956 Great North System December 9.848,200 6,884.843 100661 511.005 6.474,717 067 88,534,16 3 Mobile & Ohio_ December 1.341.075 1,047,353 11.840.00 4.969.265 Gulf Mobile & Nor_ December 219,352 180,207 2,418,292 2,322,649 1 13.604.507 Georgia Sou & Fla 'Decembe Gulf & Ship island_ December r 421,573 182.480 202.585 2,548,060 2.328,742 328,809 3.694.801 2.9133.428 South Ry in Miss December Hocking Valley December 195.545 154.007 1.519.496 1.309.222 699,244 747.606 13.155.8(1110.606, 434 Spokane Internat'l Illinois Central r 98.701 December 9.130,043 97.458 1.011.605 1,000.131 107320261 87,144.786 Spok Portl & Seattle!Decembe Internet & Ort Nor December 1,178.349 7,398,783 December 728,508 565.8.53 8.496.944 6.778.798 1,260.865 13,476.88s 4 Staten Island R T IDecernber Kan City Mex & Or December 179.164 105.337 1.934.751 1.493.513 69.824 115.792 1.259,671 12.588.22 Tenn Ala & Georgia'1st wk Feb K 0 M ex & 0of Tex December 3,123 1,527 77,131 115.337 1,188.657 1.217,344 11,825 9.167 1,308.779 Tennessee Central December Kansas City South_ December 1.387.028 1.072.302 245.094 141.892 3.011.813 1.797.252 15.250.406 12.410,966 Term RRAssnof StL December Texark & Ft Sin_ December 315,142 250,201 3.882,410 3.712,529 127.061 114.932 1.281.122 1,136,521 St L Kansas City Term.. December Mer Bdg T. December 108.877 250.285 248,481 3.620.589 3.166.033 95.874 1.217.830 1,131,295 Texas & Pacific_ Lehigh & [Ind lily. December 1st wk Feb 563,155 441,899 3,272,897 2,390.875 372,252 158.315 2.476,851 2.247.617 Toledo Peor & W-est December Lehigh & New Eng. December 334.727 254.037 3.989.894 3,666.567 164.58.3 107.482 1.645.593 1.289.433 Toledo St L & West December Lehigh Valley._ _ December 5.894.043 3.862.839 65.586,76 738.051 516.112 8.306.128 7.041.663 9 53,358.446 Ulster & Delaware_ Decent ber Los Ang & Salt Lake December 1,269.515 1,13:3.860 11.517,378 55.86:3 61.020 1.006.4 1.008.893 12,766,721 Union Pacific Louisiana & Arkan_ December December 8.732.532 7.082.019 98.443,3615 146.072 142.794 1,071.652 1.569,722 5 76.998.423 Oregon Short Line Louisiana Ity & Nay Der...miter December 3,016.882 274.:391 251.531 2,078.059 2,497,535 2.866.620 14.1313,854 11.016.343 Ore-Wash ERA N December 2.342.623 1,852.883 26.264.9.16 22.097.09 Louisville & Nestle. December 9.644,401 6 866.5135 101392 8 792 7 Union RR (Pa)__ ;December Loulsy Rend St St I December 646.165 361.831 7.078.314 5.732.627 262.761 191.013 2.858.463 76,907.38 2,226.6.50 Utah December Maine Central December 1,429.414 1.125,183 16.415.17 120.096 63.568 1.409.236 8 1,4125,57 Vicks Shreve & Pac December Midland Valley _ _ December 323.799 225,693 2.689.104 2.206.558 323.539 257.002 3.504.780 2.977,1276 Virginian RR I December Mineral Range__ 1st wk Feb 887,319 710.232 11,906,411 10.242.473 19,981 21.647 114,700 111,031 Wabash RR Minneap & St Louis Deeember 1.067.625 1.033.697 12.028,30 11)ecem her 4.5.543.981 3.2132.330 48.246.411 40.477.99 9 0 Minn St P&SSM December 3.005,179 2.580,086 35.930.29 11.005.063 Western Maryland_ December 1.715.628 1,276.8/32 15.402.352 13.638.449 3 34.540,491 Western Pacific. IDecember Mississippi Central. December 80,465 112,25(1 1.216.990 891.643 87/3.837 11.065.063 9,898.484 971,719 Western Ry of Ala_ December Missouri Ran & 'rex December 3.0:36,614 2.334.702 33.230.33 245.165 187.301 2.558.203 1.725.860 5 25,990.721 Wheel & Lake Erie_ December Mo K & T Fly of Tex December 1.925.129 1.774 821119.24 951.455 743.779 13.592.172 11.028.904 0.331 6 Wich Falls & N W.. December Mo & North Arkan December 96.957 109.239 1,068.157 1.053.274 94,914 109.609 1.401.131 16.300.15 1.417.969 Mo Okla & Gulf December 121.728 115.227 1.780.516 1.906,916 Yazoo & Miss Vail.. December 2,398.801 1.810.053 22.477.006 18.152.123 AGGREGATE OF GROSS EARNINGS-Weekly and Monthly. *Weekly Summaries. 4th 1st 20 3d 4th 1st 24 3d 4th 1st 2d week Nov week Dec week Dec week Dec week Dec week Jan week .lan week Jan week .lan week Feb * Tee) we, 10 roads)._ 15 roads)__.. 13 roads)... _ 11 1 1:3 roads __ 12 roads)____ 114 roads)...., (14 roads).... (14 roads).._._ i 8 ..-odq)...._ Current Year. I Previous I Increase or I Year. I Decrease. % *Monthly Summaries. S II 1 Cur. Yr. 7,631.596 7,492,658,1 +138.940 1.83, Mileage. February...230,3.4e 7,582,032 6,541.8971 +1.040,135 1.5.90 ; March 238.891 7.853,055 5.756.694 +2,097.26 ; April 233.734 6,924,046, 5,376.100 +1,547,9461 36.43 28.79 ' May.. 230.355 10,698.660 8,136,1321 +2.562,52831.49' June 210.303 5,257,043 +976.152 22.80 231,700 6.073,616 4,280,8011 4,701.322i +l.:372.291 29.I 9'I July August *30.743 6.810.241 4.968,0/34, +1,812,1 57 37.09 September_ _232.186 10,082.381 7.814.588 +2.267.793 28.87 October _230.1434 6,091.560 4,438,628 +1,452,912 31.32 November 232.274 PS R75.711 4.311.01n 4-13(1,791 11., 11 Current Year. i Previous I Increase or Year. Decrease. Prev.Yr. $ $ $ 228 8:45 362.761.238 312,276.881 +50.484,3 57 237.463 285.776.203 260.627.752 +25.148.451 16.22 9.65 232,255 369.409.895 319.274.981 4-50.134,914 15.70 224.892 374.237 097 342,146,096 4-32.091.001 9.38 219.204 363,165.528 323,163.161 -4-40,002,412 12.38 230.570 463.6e4,172 346,022.857 +117661 315 34.00 230.01.5 498.269.3563(12.509.561+135759,795 37.45 232.378 487.140.781 357.772.850 +129367.931 36.16 230,576 4444.824.750 377.867.933 +1069.56.817 28.30 232.259 438.602.2 354,438,875 +82.163.408 23.06 Deeember _2'32.774 212.199 11S.:36.5.383 27 335.607,571 4-102757756 30.62 [VoL. 108. THE CHRONICLE 778 Jan. 1 to Latest Data. Latest Gross Earnings. Previous Current Previous Current or Week Year. Year. Year. Year. Month. $ II $ $ 0 176,641 167.784 1,844.277 1.676.29 Nevada-Cal El Corp_ October 350.059 377,615 58.224 58,621 er Septemb Island.._ N Y & Long 128.745 114,716 17.897 15,865 NY & North Shore_ September 874,656 722.000 93,567 84,268 Increase. Decrease. N Y & Queens Co.__ September 1918. 1919. Second Week of February. 10,232,898 11.487,876 York Railways.. November 903,152 998,423 New 217.058 236,662 $ 21,980 19,117 3 $ $ Northampton Trac__ December 584,651 7,293,811 6,469.035 11,139 50,072 61,211 Northern Ohio Elec__ December 716,210 294,208 3 Ann Arbor 2.582,11 9 2,929,75 58,947 297,138 238,191 fa North Texas Elec__ December 249.512 137,512 Buffalo Rochester & Pittsburgh. 136,121 17,984 17,302 1,545,442 1,147,484 397,958 Ocean Electric (L I).. September 16.296,962 Canadian National By 50 18,412,8 1619,738 577,000 1910.696 0 2,883,000 2.306,00 Pacific Gas & Elec___ October Canadian Pacific 1,860,867 1,647,401 Pacific Power & Light December 172,309 153,626 Grand Trunk of Canada198,993 204,534 26,280 23.298 p Paducah Tr & Lt Co August Grand Trunk Western 350,459 506,050 35,082 416,573 50,756 531,316 947.889 I Pensacola Electric Co December Detroit Or Hay & Milw 97 27.104.4 45 28,820,9 Phila Rapid Transit_ November 2764,923 2512,229 Canada Atlantic 569.064 619.151 57.863 48,332 Phila & Western_ __.December 0 1,361,15 1 1,797,46 58,947 125,059 0 173,233 1,402,67 0 5,675,733 4.332,01 Portland Gas & Coke December Total (8 roads) 7,669,389 6,023.510 1.343.723 Port(Ore)Ry,L&PCo. December 744,002 594,020 Net increase (31.02%) 744.454 865,213 72.493 86.047 October . Porto Rico Railways. 5 1021,191 774,847 7,629.6235 5.910.90 Puget Sd Tr.L & P_ August 4.151.14 3.469,834 For the first week of February our final statement covers pRepublic Ry & Light September 443.863 426,250 208.060 209.211 44,102 42,100 over te June aggrega Richmond Lt & RR_ 4.760,910 3,570.760 14 roads and shows 31.32% increase in the St L Rock's Mt & Pac November 394,369 402.023 583,594 665,250 53,502 56,459 Santiago El Lt & Tr_ December the same week last year. 968,173 1,182,891 92,611 r 110,395 Savannah Electric Co Decembeer 652,828 630,235 76.416 80,737 Second Avenue (Rec) Septemb 167.032 150,928 18,279 18,557 Increase. Decrease. Southern Boulevard_ September 1918. 1919. I First Week of February. 685,396 8,735,458 8,250,382 Southern Cal Edison_ December 811.874 282,152 218,535 25,205 31,277 Staten Isld Midland_ September 1 73,502 Tampa Electric Co.... December 103,665 87,953 1.062,5416 1,001.31 2 1,363,287 1,940.124 Previously reported (8 roads)_ _ 5,367,627 4,077,84 r 243,532 146,638 2,237,15 9 5,259.04 Decembe _ 26,099 Power___ e 40,985 Tennesse 67,084 9 Ann Arbor 6,146,61 447,930 607,241 r Decembe 13,841 Co.. & P Lt 51,724 Ry, Tenn 65,565 2,600.816 Duluth South Shore & Atl 1,666 Texas Power & Lt Co December 345,813 267,290 3.248.180 8,594,60 21,647 19,9811 2 6 Mineral Range 8,040,05 2,021 3,004 5,025' Third Avenue System December 829,963 793,012 338,116 Nevada-California-Oregon 360,982 39,141 38,580 1,596 1,527 DDEB&B RR__ September 3,123 0 1.339,96 0 Tennessee Alabama & Georgia.. 1,234,13 148,081 147,536 441,899 121,256 42dStM&StNA Ry September 563,155 Texas & Pacific 2,014,370 2,235,569 UnionRyCo(NYC)September 229,558 249,346 619,493 619,310 72,988 76,868 75,168 Yonkers Railroad. September 6,091,560 4,638,628 1,528,100 559,546 Total (14 roads) 513,780 61,905 58,412 er 2 Septemb Ry_ 1,452,93 Inter City Y N 513,100 ) (31.32% Net increase 436,833 46,757 53,508 Belt Line Ry Corp_ September 7,801,590 3 7,210,09 853,699 781,242 r Third Avenue System Novembe 4 9,345,63 4 8,799.56 807,839 City Rap Tran_ November 748,352 615,586 615,586 725,451 Net Earnings Monthly to Latest Dates.-The table rwin 725,451 Virginia Ry & Power_ January 5 1.560,12 5 2,902,01 and charges 182,420 with Wash Bait & Annap.. December 249,654 423.400 following shows the gross and net earnings 457.349 54,671 48,762 Westchester Electric_ September 96,834 reies compan 116,779 ial industr and 96,834 d railroa M 116,779 STEA of Tanuary surplus York Railways 356,559 420.968 37.468 32.625 Youngstown & Ohio.. December ported this week: Earnings -Net congss Earnin Includes -Gros given in milreLs. g Previous S Includes all sources. f Earnings Current Previous earnings due to Current y companies. ii Decrease in gross subsidiar Year. or Year. stituent Year. epidemic Year. influenza Roads. to the $ the omission this year of tho Texas State Fair, $ $ $ at army camps. 167,685 and to the reduction in the number of troops 95,284 340,840 Bingham & Garfield_ b_ Dec 260.779 4 2.011,62 4 1,596,65 4 3,450,747 3,351,39 Jan 1 to Dec 31 Earn89,122 def20,391 def36,127 91.139 Electric Railway and Other Public Utility Net Pittsb Shaw & Nor_ b_ _ _Dec 1,216,347 1.230.926 def490,006 def198,088 Jan 1 to Dec 31 returns of ELECTRIC which Latest Gross Earnings by Weeks.---In the table week second the for s earning the ely separat up sum we follows 31.02% shows and roads 8 of February. The table covers increase in the aggregate over the same week last year. b Net earnings here given are before the deduction of taxes. Balance, Charges Total Other Net Gross Re Taxes. Surplus. Earnings. Earnings. Income. Income. $ $ Cuba Railroad*27,856 107,233 12,580 *135,089 Dec '18 *772,173 *122,509 197,652 166,371 364,023 1,306 362,717 '17 1,043,086 454,284 611,262 1,095,546 76,465 6 mos'18 4,966,425 1,019,081 508,560 635,638 7,924 1,144,198 '17 4,551,516 1,136,274 Name of Road or Company. ings.-The following table gives the s with railway and other public utility gross and net earning week: this d reporte charges and surplus * Operations affected by labor troubles, since settled. ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Latest Gross Earnings. Name of Road or Company. Week or Month. Current Previous Year. Year. Jan. 1 to Latest Date. Current Year. Previous Year. $ $ 3 $ 1,834,077 1,650.764 AdlrondackElPowCo December 173,734 165,608 275.827 198,441 2,434.400 1.707,560 Alabama Power Co__ October Amer Power & Lt Co November 1258.289 1071.606 10,832 11,606 11,606 10,832 Atlantic Shore Ry_.January 2.140,210 2,158,478 Aurora Elgin & Chic_ December 189,780 183.518 886,120 923.122 83,790 82,935 r Decembe & Electric Bangor Ry 231,965 267,809 27.596 21.584 Baton Rouge Elec Co December 2.444,733 1,991,844 Blackstone V G & EL December 234,979 188,557 193363,0 0 00184131.00 /7695000 r 17581000 Brazilian Trac. L & P Novembe 124,316 101,429 8,910 6,125 Brock & Plym St Ry. December 36 Bklyn Rap Tran Syst September 2594,108 2512.15-1 23,736,884 23,168.1 464,081 513,005 51,173 46.120 Cape Breton Elec Co December 311.630 339.076 30,700 29,258 Cent Miss V El Prop_ December 1,356,732 7 1,843,94 132,286 177,162 r Decembe & Lt Ry oga Chattano 93 19,252.4 67 22.280,0 1712.683 1805.81b Cities Service Co.. ___ December 496,164 511,630 51.442 41.817 Cleve Painesv & East November 73 10,865,6 63 11.451,8 1125,086 r 1123.844 Decembe El_ & Gas ia geolumb 103,821 1,181.413 1,096,066 Columbus(Ga) El Co December 102,325 385,269 4.264,485 4,024,186 Colum (0) Ry,P & L December 417,737 36 Com'w'th P. Ry & Lt December 2179,221 1996,288 21.918,0612 19.723,7 870.621 81,592 1.028.25 Connecticut Pow Co.. December 110.435 573,444 6,608,100 5,775,371 Consum Pow (Mich)_ December 691,601 0 3,081,927 Cumb Co(Me)P St L December 286,401 249,608 3,226,90 195,477 271,625 271.625 195,477 Dayton Pow & Light January 9 1,277.766 1,470,67 1277,766 1470,679 January _ __ Edison_ a Detroit 40 17.427.9 18 19.014,0 1523.965 r 1735,236 gDetroit United Lines Decembe 147.888 165.637 1.6146_4145 1 R44.387 Duluth-Sunerior Trac December 2 L692,47 357,987 406,855 r Decembe & Sub_ East St Louis 852,597 95,507 75.990 1,020,246 Eastern Texas Elec. November 5 g El Paso Electric Co December 122,307 108,471 1,257,633 1,283,52 582.753 718.210 62.800 48.837 Pall River Gas Works December November 306,291 268,643 3,159.671 2.559.445 Federal Lt & Trac_ 1,305,160 1,015,938 Ft Worth Pow & Lt_ December 116,199 111,993 2,691,33 2 2,088.122 Galv-Hous Elec Co.. _ December 256,283 209,590 118,847 103,884 1,225,671 1,093,412 g Georgia L, P & Rys December 8 1,303,860 1,278.34 117.238 r 117.656 Decembe Grand Rapids Ry Co 7 4.008,553 g Great West Pow Sys December 444,784 363,043 4.644.40 2 1,189.917 1,073,90 96,651 r 118,822 Novembe Railways rg Harrisbu 8.176.545 6.989.599 Havana El Ry,L & P December 709,891 673.789 726.603 735.151 65.881 66,260 Honolulu R T & Land December 420.553 423,703 45,136 40.633 Houghton Co El L Co December 343,134 320.067 29,252 31,193 Houghton Co Tr Co_ December 1 5.596.927 b Hudson & Manhat_ November 569,259 527.250 6.032,7464 26 12.275.7 13.446,0 1243.066 r 1343,655 ____ Novembe Illinois Traction 36 Interboro Rapid Tran December 3782,284 3740,928 40,881,932 40,512,1 698,123 945.568 69,590 r 98.461 Decembe Co Trac lle Jacksonvi 248.546 264,236 22,985 22,955 Keokuk Electric Co._ December 146,087 202,873 21,109 14.067 Key West Electric Co December 0 8 1.618.44 1,988,68 142,814 178,819 r Decembe Ry. Lake Shore Mee 898.373 894.784 79,624 62,331 Lewist Aug & Watery December 200.910 179.073 22,602 23.479 Long Island Electric_ September 9 2.989.549 . Louisville Railway.... November 321,256 289,154 3,373.78 723,632 892.846 97,366 71,506 Lowell Electric Corp_ December 92,040 107,102 10.744 12.608 r Septembe Line 3c Bdge Maahat 3 7,180,22 8.073,70 Milw El Ry & Lt Co. November 836,299 737.569 2,759.404 2,024.4002 Milw Lt. Ht & Trac_ November 293,096 193.061 2 1.976.461 Mississip Riv Pow Co December 186,906 158,989 2,213,39 970,106 905.216 5.297,130 4,822.709 Montreal L, H & P. October 1 Nashville Ry & Light December 277,227 223,117 2,866,2113 2,458.32 4 New England Power.. I)ecember 376,741 267,515 3,557,28 2.645,97 Newp N &H Ry.0&E November 230.308 142,032 1.996,921 1,223,444 -Gross Earnings--Net Earnings Previous Current Previous Current Year. Year. Year. Year. Companies. $ def2.162 668 10,832 11,605 Atlantic Shore Ry..b___Jan 21,385 20,621 56,459 53.502 a Dec Co Tr & Santiago El Lt 196,674 269,394 583,594 665,250 Jan 1 to Dec 31 179,918 233,022 457,417 Southwest Pow & Lt_ a_ _Dec 571,988 0 5,691,832 4,677,378 2,102,846 2,064,07 Jan 1 to Dec 31' 220,511 235,577 702,650 677,194 bDec Tel & Tel tern Southwes 5 8,361,994 7,831,823 2,554,324 2,491,93 Jan 1 to Dec 31 after deducting taxes. a Net earnings here given are g taxes. b Net earnings here given are before deductin Fixed Net after Gross Charges. Taxes. Earnings. Balance, Surplus. Dayton Pow & Light Jan '19 '18 Co Detroit Edison Co Jan '19 '18 Dec '18 Ft Worth Power '17 & Light Co 12 mos '18 '17 Georgia Lt Pow Ss Dec '18 '17 Rye 12 mos '18 '17 Dec '18 Kansas Gas & '17 Electric Co 12 mos '18 '17 271,625 195,477 1,470,679 1,277.766 101,745 51.485 44,982 32,436 z58,875 z21,683 461,269 388,912 132,694 96,817 328,575 292,095 116,199 111,993 1,305,160 1,015,938 15,821 9,556 162,699 121,163 143,389 47,159 z435,192 430,840 18,527 18,809 218,641 221,533 64,591 27,482 401,800 275,321 34,409 18,030 226,123 322,982 x51,104 28,843 1307,634 212,039 Keystone Telep Co Jan '19 '18 131,966 136,519 57,870 56,715 591,078 552,003 52,930 36,839 444,764 544,515 91,331 56,325 691,593 487,360 46,312 57.609 29,421 28,353 16,891 29,256 Dec 18 '17 12 mos '18 '17 Dec '18 Portland Gas & '17 Coke Co 12 mos '18 '17 172,309 153,626 1,860,867 1,647,401 88,548 76,926 869,052 803,683 44.145 30,197 496,960 434,387 z46,777 40,729 z376,124 429,296 173,233 125,059 1,797,461 1.301,150 59,491 47,313 795,307 607,752 29,491 29,265 351,747 336,015 30.000 18,048 443,560 271,737 Pacific Power & Light Co 118,847 103,884 1,225,671 1,093,412 254,720 186,569 2,123,556 1,767,642 125,128 230,924 Dec '18 '17 12 mos '18 2,650,645 1,158,577 '17 137,340 345,813 Dec '18 Texas Power & 86,104 267,290 '17 Light Co 12 mos '18 3,248,180 1,076,0898 '17 2,600,816 1,011,29 s After allowing for other income received. San Joaquin Power Corp 59,213 65,915 670,693 487,884 66,066 50,568 653,215 552,900 z72,095 35,536 z424,734 459,209 Fixed Chgs. Net Gross Earnings. Earnings. & Taxes 182,739 273,763 725,451 Virginia Railway & Jan '19 105,837 269,035 615,586 '18 Power Co 7 mos '19 4,762,217 1,535,532 1,222,7582 '18 4,199,915 1,915,703 1,104,54 37,510 50,244 116,779 Jan '19 York Rail ways 55,055 69,244 96,834 '18 73,827 98,707 228,168 2 mos '19 70,335 106,434 190,734 '18 x After allowing for other income received. Balance, Surplus. $ z102,049 z111,570 z404,486 z875,988 12,734 14,189 24,880 36,099 FINANCIAL REPORTS CONSOLIDATED BALANCE SHEET, DECEMB ER 31. 1918. 1917. 1918. Liabilities Real est.& pl'ts_a17,061,586 18,327,134 Common stock_ 60,000,000 Patents 1 256,527 Preferred stock_c25,500,000 Good-will 57,798,000 57,798,000 Ser.notes renew. Invest. oth. cos_ 2,020,487 1,230,469 Feb'19toNov'19 15,000,000 Fore'n assoc. cos Bills payable_ &e.,represent. Accts. payable_ 1,248,032 net invest ___ 3,185,876 3,179,533 Sundry 522,888 Treas. pref. stk. 930,700 865,700 Res.for inc.&war Inventory 34,965,692 50,735,871 exc. prof. tax_ Trade accts. rec.b12,165,876 9,487,608 Conting. res've_ 2,000,000 Other accts. rec. 404,733 582,459 Res. excess exp. Bills receivable_ 130,796 119,553 over pre-war val 1,447,540 Cash 6,343,766 2,573,804 Pension reserve_ 400,000 Prepaid accts._ 446,258 970,589 Appr. for redem. Ti. S. Lib. bonds 5,784,656 of pref. stock_ 4,500,000 Surplus d30,619,987 Total 141.238,427 146,127,246 Total 141,238,427 Assets- Annual, &c., Reports.-The following is an index to all annual and other reports of steam railroads, street railways and miscellaneous companies published since Jan. 25. This index, which is given monthly, does not include reports in to-day's "Chronicle." Full-face figures indicate reports published at length. Railroads- Page. Alabama Company 682 Algoma Central & Hudson Bay Ry .372 American Railways Co 577 Aurora Elgin & Chicago RR__ _ _377, 682 Reading Company 580 Rhode Island Company_ _ _481, 580, 684 Southern Railway 581 Miscellaneous (Concl.)- Page. 1917. 60,000,000 26,400,000 15,000,000 14,349,265 1,460,896 589,705 2.250,000 2,000,000 Davis-Daly-Copper Co 686 De Long Hook & Eye Co 300,000 686 Detroit Edison Co 384, 475, 483 3,600,000 Dominion Bridge Co 477 20,177,379 Electrical Securities Corp 687 Elk Horn Coal Corp 584 146,127,246 Erie Lighting Co 484 Eureka Pipe Line Co Electric Railways484, 584 a Includes in 1918 real estate, buildings, plant, machiner General Chemical Co y and sundry American Cities Co 573 equipment, less reserve for depreciation, 478 Boston Elevated Railway Co__ _578, 678 General Motors Corp 574, 584 reserve for doubtful accounts, discounts and$5,256,219. b After deducting allowance Giant Portland Cement Co Bkiyn. Rap. Tran. Co_373, 377, 478,572 584 $4,500,000, $45,000 shares of pref. stock, redeemeds. c After deducting and canceled. The Gillette Safety Razor Co Chicago City & Connecting Rys. 687 pref. stock is redeemable in case of dissolution, Goodrich & Co Collateral Trust 484 consolidation at $125 per share. d The dividend liquidation, merger or 479 Great Western Power System Chicago Rock Island & Pacific Ry 681 of 1% declared Oct. 16 1918, payable Feb. 15 1919, on the common stock 479 Hart, Schaffner has not been deducted & Marx Columbus Ry., Power & Lt. Co__ _ _573 475 from the surplus shown above. Commonwealth Pow., Ry.& Lt. Co-578 Indiana Coke & Gas Co 484 d Net profits and total surplus are shown without providing for Inland Steel Co such income Detroit United Ry 485, 574 and war excess 578, 677 profits taxes for 1918 as may be finally determine d. Interborough Consolidated Corp__ _372 International Nickel Co Contingent liability-Bankers' loans 679 to employee secured by deposit Internation Lehigh Valley Transit Co 485 of stock of this company purchased by them and bysthe 375 Keystone al Petroleum Co guarantee of the Telephone Co New York Railways Co 385 company, $501,117 .-V. 108, p. 484, 272. 379, 677 Laurentide Power Co Oklahoma (City) Ry 687 683 Lindsay Philadelphia Company 485, 576 580, 683 LockportLight Co National Candy Co., St. Louis, Mo. Light, Heat & Public Service Corp. of N. J Power Co.. 485 580 Midvale Steel & Ordnance Co (Report for Fiscal Year ending Dec. 311918.) Public Utilities Co 585 379 Moline Plow Co Toronto Railway Co 474 679 Montgomer President Vincent L. Price wrote in substance: y Ward Co Twin City Rapid Transit Co_ _ 574 481 Morris & Co The company is in excellent condition and every care has been taken United Gas & Electric Corp 475 380 National to Unitel Light & Railways Co 681 provide proper cash reserves in the form of cash and U. S. Treasury cer481 National Cloak & Suit Co Securities Corp United Rye. Co. of St. Louis 585 tificates of indebtedness for taxes and necessary working capital. The 481 Naumkeag Steam Cotton Co Washington Water Power Co._ _380, 581 476 accounts and notes receivable and other assets are all of sound value, and Wisconsin-Minnesota Lt. & Pow. Co_581 New England Co., Power System_ 687 the raw material and merchandise inventories indicate no material depreNew Jersey Zinc Co 687 ciation in values during 1919. MiscellanmsNew Niquero Sugar Co Dividends have been paid in full upon bath pref. stocks from 585 Acme White Lead & Color Works_ _ _478 New York & Richmond date of Gas Co 688 issuance at the rate of 7% per annum, being in all 33 consecutive Ajax Rubber Co 685 New York Transit Co 688 annual dividends. During 1918 two semi-annual dividends of 2%%semiAlaska Juneau Gold Mining Co were 380 Niles-Bement-Pond Co paid upon the common 688 stock, and in addition Alliance Realty Co thereto an extra dividend of 381 Northern Pipe Line Co 688 5% was declared upon said stock, payable Jan. 15 1919, after careful conAmerican Bosch Magneto Corp 381 Northern States Power Co 585 sideration of the cash requirements for war taxes and necessary American Brass Co 476 North West Utilities Co 385 capital. [After providing for these dividends the profit and lossworking American Can Co 680 Ohio Utilities Co surplus • 586 shows an increase of $586,832 as compared with Dec. 311917. American Hide & Leather Co 381 Oklahoma Natural Gas Co The common stock received 2% in 1910, 1% in March 1911 and 586 American Linseed Co 576 Pacific Mills then further no dividend .. until -386 1917, when semi-annual distributions of 1%% were paid, American Steel Foundries Co 582 Parke, Davis & Co 688 followed by the dividends above mentioned in 1918 and Arlington Mills 482 People's Gas Light & Coke Co Jan. 1919.-Ed.l 1918 the company was restricted as to its sugar Arundel Sand & Gravel Co 482 Pennsylvania Water & Power Co__ _ 679 U.During S. Food Administration, but these restrictions were removedusage by the -577 Atlantic Sugar Refineries 476 Pettlbone-Mulliken Co Dec. 1 1918. The 688 labor situation also is Avery Co considera bly improved. 685 Philadelphia Electric Co 586 There have so far been no marked reductions in (Walter) Baker & Co 582 Pittsburgh Steel Co prices of the principal 688 raw materials used by the company, namely Baldwin Co.(Pianos) 482, 577 Portage Rubber Co sugar, chocolate and corn 386 syrup. The price of sugar is controlled by the U. S. Food Bergner & Engel Brewing Co Administr 482 Riordon Pulp & Paper Co ation, 486 which control will probably extend throughout Bethlehem Steel Corp 376 St. Lawrence Flour Chocolate, a product 477 made by the company from cocoa beans, has1919. Boston Woven Hose & Rubber co..482 Savage Arms Corp Mills Co advanced, due to shortage 376, 586 cocoa of bean supplies in this country. The price of corn syrup is reguBird & Son, Inc 382 Sears, Roebuck & Co 477 (J. G.) Brill & Co 681 Southern California Edison Co_ _486, 586 lated by the price of corn. The business of the Clinton Sugar Refining Co. during 1918 being an British-American Tobacco Co 575 Southern California Telephone Co_ -.486 essential food industry was licensed by the U. S. Food Administration and Brompton Pulp & Paper Co 476 Southern Pipe Line Co 487,586 largely under its control, both as to distributi Brooklyn Edison Co 383, 576, 582 South Porto Rico Sugar Co on and profit, which situation 386 still in effect but will probably be soon discontinued. Brunswicke-Balke-Collender Co 483 South West Pa. Pipe Line Co__.487, 586 Is Owing Buckeye Pipe Line Co 686 Stewart-Warner Speedometer Corp .575 1919'andto shortages of stocks in hands of customers at the first of the year a continued good demand our business so far during the year Burns Brothers 686 Sullivan Machinery Co 688 1919 has been most satisfactory. Butler Brothers 483 Swift & Co 688 Cement Securities Co 383 Ticonderoga Pulp & Paper Co BALANCE SHEET DECEMBER 31. 477 Chicago Breweries, Ltd 477 Tobacco Products Corp 688 1918. 1917. Chile Copper Co 1918. 1917. 383 Transue & Williams Steel Forging A ssetsCities Service Co 483 Corp 487, 681 Cash 890,145 198,009 First pref. sock.. 1,000,000 1,000.000 Cluett, Peabody Co 575 Troy Laundry Machinery Co Raw materials_ 587 _ _ 929,561 739,458 Second pref. stock 1,699,300 1,699,300 Coal Products Manufacturing Co....583 Union 011 Co 689 M fd.mdse.& sup 431,286 554,188 Common stock... Colorado Power Co 6,000,000 383 Union Stock Yards Co 376 Accts.& notes rec. 1,241,363 1,132,746 Prof. divs. accrued 6,000,000 Columbia Gas & Electric Co 94,476 384 United Cigar Stores Co Lberty 574 bonds_ 372,851 50,000 Corn. diva. pay'le_ Consolidated Gas Co 264,730 474 United Steel Corp 473 U.S.cf.so indebt.1,150,000 Consol.Gas,Elec.Lt.& Pow.0o _ 583, 685 Wayagamack Pulp Accounts payaole_ 169,610 100,310 & Paper Co 487 Clinton Sugar Ref. Ites, for war taxes 1,908,979 Continental Can Co 425,000 680 Weyman-Bruton Co 375 Co. stock 2,500,894 2,186,185 Surplus Continental Motors Corp 3,484,676 2,897,844 483, 576 Wisconsin Motor Mfg. Co 689 2d prof.stk. purch. 33,900 Converse Ituhher Shoe Co 33,900 381 Woolworth Co , 689 Mach.,trade mks., Cumberland Pipe Line Co 483, 584 Youngstown Sheet & Tube Co 689 pat. rights, &c_ 7,071,771 7,227,968 (The) B. F. Goodrich Co., N. Y. and Akron, 0. (Report for Fiscal Year ending Dec. 31 1918.) President Bertram G. Work says in substance: After making provision for maintenance, charges, depreciat ion, bad debts and other items which it was deemed wise to take out of the year's earnings, net profits for the period were $15,637,1 15 before providing for such income and war excess profits taxes as may be finally determined when the pending legislation is enacted. The amount of these taxes will substanti Ally reduce the profits carried to the surplus account. The not sales for the year 1918 amounted to 3123,470 188, or an increase of 41% over 1917. This increase in the of business has been very largely responsible for the increase in thevolume earnings. It is gratifying to note a reduction in the amount of our inventory in 1918 from $50,735,870 to $34,965,691. of the reduction in Inventories and indebtedness, the financialBecause position of the company has been materially strengthened. In accordance with the provisions of charter, directors have voted, subject to your approval, to retire 9,000 sharesthe of the preferred stock. CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. 1918. 1917. 1916. 1915. Net sales $123,470,187 $87,155,072 $70,990,7 82 $55,416,867 Mfg., &c., expenses_ _ _ _102,156,330 72,276,398 60,611,33 3 42,825,909 Net profit $21,313,857 $14,878,674 $10,379,449 $12,590,9 58 Miscellaneous income 296,465 341,603 235,461 467,691 Total net income--$21,610,322 $15,220,277 $10,614,910 $13,058,649 Depreciation $2,428,225 $1,092,456 3890,163 5734,545 Res. for income & excess profits taxes 2,250,000 Reserve to reduce plant addit's to pre-war val. 1,447,540 Reduction of U. S. Liberty bonds from cost to market value 104,410 Reduction prof. stock _x 9,506 39,188 121,466 11,878 Int. on bills payable,&c 1,993,032 1,333,144 155,982 46,546 Approp. for contingenc's 1,700,000 Pref. stock redeemed and canceled 900,000 900,000 700,000 1,100,000 Pension fund 100,000 100,000 100,000 100,000 Preferred dividend (7 1,785,000 1,848,000 1,911,000 1,960,000 Common dividend (4%) 2,400,000 2,400,000 2,400,000 Total deductions_ _ _ _511,167,713 $9,962,787 $6,278,611 $5,652,969 Balance,surplus $10,442,609 $5,257,490 34,336,299 $7,405,68 0 Previous surplus 20,177,379 14,919,889 10,583,590 3,177,910 Total p.' &1.surplus_ _330,619,988 $20,177,379 $14,919,889 $10,583,590 x Reduction of treasury stock from cost to Dar value. y See"d"below. Total 14,621,771 12,122,454 Total 14,621,771 12,122,454 There is in addition to the above assets $705,400 common stock, full paid and non-assessable, owned by the company andof standing in the name of F. D. Seward, trustee.-V. 106, p.1348. Niles-Bement-Pond Co., New York. (Report for Fiscal Year ending Dec. 31 1918.) President Jas. K. Cullen, Feb. 5, wrote in substance: The profits for the year, after deducting general, selling and other expenses, all ordinary repairs to buildings all and equipment, and ample allowances for depreciation, taxes, &c., were $3,181,93 dividends paid during year, $1,258,674: surplus for year, $1,923,260, 4: making the total present surplus $14,575,650. During 1918 most of our customers were engaged in war work, although the company's product was of its standard character. The cessation of war resulted in immediate changed conditions. In consequen ce of this we received a considerable number of requests for cancellati on by direction of the Government, and these still continue to some extent. In settling such cases the prime consideration has been to save the company from loss while dealing justly with customers. This changed condition has left the company heavy inventories which, while of standard character, are temporariwith ly of slow liquidation. The Government has thus made demands which have necessaril y resulted in throwing a large share of your assets into this state of slow convertibi lity. Regardless of this, the revenue bill about to be promulgated seemingly proposes to call for enormous sums in cash which necessarily results in a severe drain on your active capital. A large amount of the company's earnings has therefore been set aside as reserve for Federal revenue taxes, although the actual amount to ‘ be paid cannot now be determined. Your plants are now operating with reduced but more efficient forces. At this date (Feb.5 1919) the unfilled orders are about 70% of what they were at the same time last year. INCOME ACCOUNT FOR CALENDAR YEARS. 1918. 1917. 1916. 1915. Manufacturing profits__ $8,220,777 $5,113,61 1 $6,526,120 Misc. dept. gross profit_ 1,063,517. 624,190 608,765 Not stated Other income 16,428 146984 176.117 Total income $9,300,721 $5,884,785 $7,311,001 Expenses, taxes, &c..._ 6,118,788 2,751.151 2,220,792 Net profits $3,181,933 $3,133,633 $5,090,259 $3.772,458 Pref. dividends (8%)._ $238,581 $245.914 $289,688 $303,369 Common dividends_(12%)1,020.003(12)1,019,876 (8)680,00 0(1 3.)127,497 Balance, surplus $1,023,349 $1,867,843 $4,120,571 $3,341,592 Previous surplus 12,652,390 10,784,546 6,907,141 3,565,549 Total $14,575,739 $12,652,390 $11,027,712 $6,907,141 Profit and loss charges_ 243,166 Total surplus Dec.31-$14,575,739 $12,652,390 $10,784,546 $6,907.14 1 THE CHRONICLE 780 [VOL. 108. YEARS ENDING DEC. 31. 1915. 1916. 1917. 1918. 7 $4,020,437 $3,162,226 $2,548,671 $1,464,78 Net earnings 52,372 75,519 109,745 210,317 income 8,500,000 Other 9 $4,230,751 $3,271,971 $2,624,190 $1,517,15 1,558,600 Total net income 1813,573 244,452 244,405 200,071 2,427,700 Deprec. charged off, &c_ $1,336,586 1,200,000 Net profit for year_ _ _ $4,030,683 $3,027,566 $2,379,738 1,669,203 Deduct3,607,440 Res've for Fed.income & $500,000 excess prof. war taxes_ x$1,250,000 165,875 $293,398 327,663 376,837 sharing $316,750 1,266,000 Profit 302,750 274,750 273,000 divs. Preferred (7%) 4,258,109 Common ,500 (4)340,000 00(414)382 (11)9-14,5 dividends....(11%)973,500 12,652,389 $656,750 3978,648 3 32,046,91 7 $2,873,33 Total deductions.. $679,836 $980,653 $1,401,090 $1,157,346 41,879,310 37,305,317 Balance, surplus Total 41,879,310 37,305,317 Total have shall law tax Federal the 688. when p. -V. 108, x This amount is subject to change been finally enacted. tion. Corpora es Distillers Securiti BALANCE SHEET DEC. 31. 1917. 1918. 1917. 1918. (17th Annual Report-Fiscal Year ended Dec.311918.) Liabilities$ $ Assetssubst.: in said 1919 13 3,900,000 Feb. on r 3,900,000 Holzinge stock A. M. y Preferred Secretar Real estate, bidgs., 9,000.000 8,600,000 stock providing machinery, Ja _ _2,460,365 2,365,411 Common payable Results.-The net profits for the year were $10,056,588, afterinsurance, 766,013 769,249 Accounts Patents,tr.-mks.,&c.7,995,720 7,995,720 Reserve for interest, income and excess profits and all other taxes, rentals, exp.. tor tion. Stock in other cos_ _ _ 176,184 176,298 maintenance, repairs, depreciation, and all costs of administra 1,118,279 597,478 Ate pay-rolls, through and purchase by we acquired suryear the special -During Invest., Retired. Securities Federal America, $2,322,000 plus capital res_ __ 234,500 209,500 Reserve far conversion of preferred stock of the Distilling Co. of have income and excess been canceled. Inventories (cost or par value of Distillers Securities Corp. bonds, which taxes_ _1,250,000 500,000 war protits Disissue, 00 3,909,650 $16,000,0 4,371,604 original the g of less) outstandin There are remaining Bonus to employees.. 376,837 327,663 tillers Securities Corp. bonds to the amount of $5,757,855, and $891,000 Accts. & notes reel°, 3,749,459 3,790.763 Dividendsless reserves bonds of the American Spirits Manufacturing Co. 68,250 Pref. pay. Jan. 2_ 65,250 from its Cash 1,051,588 1,687,700 Written Off.-The management has written off 37,928.503 Corn, pay. Jan. 2_ 555,000 559,000 same extent. Inv. in U. S. Govt. property account and the surplus has been reduced to the 6,525,019 5,544,367 Profit and loss ies 1,324,229 uncertaint and 5,156 effect the notes_3,86 of and view nonds -In Business. and 980,653 Change in Name Constitution, Furn., fixtures, &a 416,267 305,075 Surplus for year----1,157,346 that result from the prohibition amendment to the Federal 243,772 82,313 Reserve adj 69,672 best interests of the Prepaid laser., &c the board of directors has concluded that it is for the Accordbusiness. its of scope the enlarge to company and its stockholders 24,990,51721,846,660 Total 24,990,51721,846,660 being adapted to Total ingly, a number of the plants of the company are now &c. -V. 107, p. 1925. the manufacture of cereal food products, feed stuffs, yeast, rs stockholde the to submit will In keeping with this policy, the board Stutz Motor Car Co. of America, Inc. of the company, for their approval appropriate changes in the charter powers of "U. S. Food and also a change in the name of the company to that Annual Report-Year ending Dec. 31 1918.) (Third Products Corporation." of the stockIL C. Stutz on Feb. 17 1919 wrote: t Presiden We enclose herewith notice of a special and annual meeting to Messrs. Julius the company have been holders to be held on Mar. 19 1919 and proxy running in During the past year the properties and plant ofand order to effect new and additional Kessler, Alvin W. Krech and Theodore F. Reynolds. maintained at the highest degree of efficiency, to have necessary is it charter acquired. the in bmn and name the has in the proposed change equipqient of the most up-to-date character an affirmative vote of the holders of at least two-thirds of the stock. TO DEC.31'16. MOS. 7 CAL. YEARS 1918 AND 1917 AND FOR RESULTS INCOME ACCOUNT. 7 mos. '16. 1917. 1918. 7 30June ending -Years -Year ending Dec.31$3 536,558 $4,183,315 $1,771,32 Net sales 1915. 1,374,066 1916. ,981 ,375 3 1917. 2,891,838 1918. re Cost of manufactu $3,143,843 $4,806,755 Not stated stated Gross profits(allsources) Not $397,281 $614,720 $1,107,331 DeductGross profit 44,748 $331,101 $6,553 77,637 69,736 Int. on notes and loans_l and general expense Selling 139,774 141,846 Not separ- Not sonarTaxes $352,513 61,396 42,321 $1,029,697 ated for $574,981 ated for Rentals earnings Net 93,301 28,548 96,933 45,081 19,061 this year. this year. Insurance 195,473 Interest and discount earned 231,771 Additions and maint._ _ _ I 99,003 $381,061 .778 ,074 168,127 $1 $591,018 j tion Cost of administra Net profit 12,000 contribution $920,049 War Chest $687,551 375,000 Not stated. Not stated. Total Dividends. $2,223,794 $4,119,204 7 x$5,497,37 10 x$10,514,8 Net earnings $381,061 $792,922 $792,110 $207.018 31,074,778 $706,944 458,222 Interest on bonds Balance, surplus 2,641,149 Written off prop'y acct_ SHEET DEC. 31. BALANCE 23,131 548 7(13)484, (2)616.11 2,462,787 1917 Dividends 1918 AssetsLosses on prop.,&c.,sold_ 7,928,503 Land, buildings, machinery, equipment, office} $2,675,854{ $460,731 Spec. res. no longer req'd Cr141,530 furniture and fixtures, patterns, &c 2,100,000 $816,053 Goad-will 252,811 Total deductions___ _310,707,982 $3,964,211 $1,276,658 $1,407,741 167,119 Cash df.$193,172 $1,533,166 $2,842,546 53,816 225,438 Balance, surplus receivable notes and 4,639,641 Accounts 6,047,382 8,889,928 10,423,094 1,148,470 801.857 Previous surplus Merchandise inventory 50,000 Profit and loss surplus_ _310,229,923 $10,423,094 $8,889,928 $6,047,382 Liberty bonds $3,923,265 $4,015,828 Total x Represents net income from all sources, after providing for interest, LiabilitiesIncome and excess profits and all other taxes, rentals, insurance, mainten- Capital of no nominal or shares 75,000 auth., stock ance, repairs and all costs of administration. par value, declared under the N. Y. Stock Cor- $375,000 $375,000 Subsidiaries.) poration Law at $5 per share CONSOL. BALANCE SHEET DEC. 31 (Incl. the various 1917. 1918. Notes and accounts payable ($358,257), deposits 1917. 1918. 358,912 388,757 on cars ($30.500) Liabilities$ 59,491 Assets77.163 Depreciation, Sm., reserve Property account_32,439,432 40,501,072 Capital stock20,500 Chest Dist. See. Corp_32,306,681 2,295,981 Liberty bonds and War Investments (at a2,579 530,278 War tax on cars Constituent cos_ 484,238 1,167,757 2,471,120 cost) 10,000 a6,648,855 8,969,384 Reserve for taxes Bonded debt Accounts and bills 3,222,425 3,019,266 Surplus 1,900,997 5,087,719 Trade accts., &c_ 690,686 1,884,428 receivable 119,617 89,793 int.. bond Accrued Merchandise, ma$4,015,828 $3,923,265 4,900 Total Unclik(10-1 divs_ ted dis and sup161,625 plies at cast_ _ _ 3,630,811 6,239,630 Dividend payable_ 622,507 not included as its amount 154,328 a Reserve to meet other Federal taxation Is 5.052,057 1,477,477 Reserves Cash Accr. war tax.,&a. 1,669,119 1,233,381 has not yet been definitely determined.-V. 107. p. 1097. Liberty bonds_ __ 8,386,587 10,229,923 10,423,094 Surplus Prepayments, &c_ 164,150 s Corporation. BALANCE SHEET DEC. 31. 1918. 1917. 1918. $ Capital stock- ' $ $ Assets8,500,000 Common Property account 18,429,608 16,472,765 1,558,700 Preferred Invested in other 37,915 Pf.stk.of asso.cos. 2,417,700 55.414 companies 11,453,393 11,524,715 Notes payable_ _ _ _ 2,831,086 Inventories 2,592,502 2,438,453 Accts. payable..__ 2,129,854 Securities 89,207 7,717,471 5,648,739 Advance payments Acclunts 1,630,922 1,182,729 Res.for completing Cash 446,704 contracts Reserve for taxes_ 4,175,000 Reserve for depr'n 5,155,410 14,575,649 Surplus Total c52,741,801 55,777,018 Total INCOME ACCOUNT FOR 1917. c52,741,801 55,777,018 and Distillers a Includes American Spirits Mfg. Co. bonds $891,000 purchased Securities Corp.5% bonds $5,757,855 after deducting $9,322,000 not used acquired from conversion, and canceled, and $920,145 issued but . conversion of for purposes trade c Totals differ from those in the company's report. The current are shown accounts, accrued bond interest and accruing war taxes, &c., assets current from deducted are they in report the liabilities: above under and omitted under liabilities.-V. 108, p. 483. Underwood Typewriter Co., Inc. (Ninth Annual Report-Year ending Dec. 31 1918.) Pres. John T. Underwood on Feb. 13 1919 wrote in subst.: . Results.-The net earnings for the fiscal year amounted to $4,230,751 not defiWhile the amount of Federal income and excess profits taxes are sum of the earnings net its from aside set has company the known, nitely for such taxes. $1,250,000 which it b !heves to be amply sufficient to provideshares and 6% After providing for dividends of 7% on the preferred paid Jan. 1 shares common the on 5% of extra dividend an with together amounts forward carried 1919, out of the 1918 profits, the final net surplus to $1,157,316. throughout The unusual difficulties occasioned by the war continuedeven greater the year 1918 and presented in some respects features ofand the proshowever, armistice, the of signing the With ss. sensitivene greatly improved. pects of an early peace, the situation has already very $600,000 of Liberty Loans.-The company subscribed for its own account and the Third Liberty Loan and 31012,000 of the Fourth Liberty Loan, carries for its employees subscriptions totaling $417,150. again been Profit Sharing.-The plan inaugurated several years ago has the employees successfully conducted, and the distribution for 1918 among Employees have of the two years standing over will amount to $376,837. and over company the of stock capital in fund this of investing the option and are still owned by 94% of shares thus distributed have been retainedare now stockholders. our employees. Over one-half of our employeesthe company's shares the Stock.-In order to permit this distribution of , making issue of an additional 4,000 shares of common stock was authorized outstanding. now auth. originally 0) ($9,000,00 shares of 93,000 quota full the amount the because year the during No preferred shares were canceled requirement. heretofore canceled is largely in excess of the sinking fund y, satisfactor very factory the at conditions the are only Outlook.--Not export trade by the but with the removal of restrictions surrounding tho the company has War Trade Board, for the first time in a numbor of years demands from been enabled to make its shipments in response to urgont over, demands every part of the world. And now that the war is happily of large requirefrom foreign countries added to the continuing pressuretho of a prospect indicate strongly ments throughout the United States, ound and profitable business in the year to come. Tobacco Product (Sixth Annual Report-Fiscal Year ended Dec. 31 1918.) substance: Treasurer Gray Miller on Feb. 10 1919 wrote in a.ssets includ- Acquisition.-In Jan. 1918 your company purchased all the Co. of ing goodwill, trademarks, leaf tobacco, &c., of the Falk Tobacco N. Y. City (V. 106, p. 507). capital stock common the of all purchased company your 1918 June In New York City, for of the United Paper Box Co. of America, Inc., ofpaid in preferred stock was the sum of $116,000, of which amount $51,500 Box of America, Inc.. Co. Paper United The par. at of your company stock, $25,000, common aforesaid has outstanding, in addition to the stock was retained by par value, 7% cumulative preferred stock, which which are boxes, paper res manufactu company Such the former owners. valuable essential to the business of your company, and it owns and controls purpose. that for used machinery on patents paid company your 1918 year the -During Scrip Dividends in Cash and stock, at the rate of 7% per the regular quarterly dividends on the pref. of $1 50 per share dividends four paid also they year such During annum. paid in cash on Feb. 15 1918, on the common stock, the first having been 15, in two-year scrip, and the other three on May 15, Aug. 15, and Nov. Your board of directors annum. per 7% of rate bearing interest at the in order to conserve scrip deemed it advisable to pay those dividends in 282, 387; V. 106, P. 404, the cash of the company. (Compare V. 108, p. 714.1 directors declared a New Stock-Stock Dividend.-In Nov. 1018 your stock, payable in special dividend of 10% on the outstandingtocommon common stock for provide common stock at par on Jan. 15 1919, and,the authorized common stock on increase an ded recommen purpose, such increase was approved by from $16,000,000 to $20,000,000. Such stock 1V. 107, p. 2015. the stockholders, at a special meeting held Dec. 10 1918. 2296, 2383.1 beon Included have companies Earnings.-All the earnings of subsidiary companies, only such earnings as in this statement, but of the affiliatedbeen Included. have have been declared as dividends YEARS. INCOME ACCOUNT FOR CALENDAR 1918. 1917: 32,006,209 $3,276,283 Net income 514,500 556.016 (7%) Preferred dividend 240,000 960,000 cash__' Common dividend (one quarter, $1 50), Balance surplus Previous surplus Excess profits tax for year 1917 $1,760,267 $1,251,709 2,109,823 3,361.533 128.611 $1.901.184 $3,361,533 Total nrofit and loss surplus Special div. pay. in coin. stk. Jan. 15 '19(10%) 1,600.000 33,393,188 $3,361.533 Final surplus FEB. 22 1919.] TIIE CHRONICLE BALANCE SHEET. 1918. 1917. I 1918. 1917. Assets$ $ I Ltabtlities-$ $ Real est., mach., 'Preferred scook_- 8,000.000 7,350,00 0 equip., &c 5,532.603 4,571.016 Common stock___ x160,000 160.000 Mall & supplies 8,023,623 6,159,135 Bills payable---] Invest.in affil. cis. 1,259,250 1,124,000 Accts. payable__ f 3,706,3651 1,587,000 181,505 Due from affil. cos. 134,008 Res.for allowance, Cash 563,647 490,782 taxes, & 786,207 409,968 Mercy bonds__ 1,057.500 Due affiliated cos_ 76,080 204,509 Bills & accts. res..,. 1.360,105 595,305 Div., payable in Invest. In Cairo, common stock__ 1,600,000 Egypt 454,463 190,067 Div. scrip payable 720.000 Sundry deb. preProf. div. payable 140.000 123,625 paid, ins., &e.._ 196,642 252,833 P.&I. mu plus__ 3,393,188 3,361,53 3 Total 18,581,841 13,383,139 Total 18,581,841 13,383.139 xCommon stock, $16.010.000. par value, ng of 160,000 shares of $100 par value per share, but for which consisti Corp. received only $1 per share cash, and which were issued under thethe Virginia Law at $1 per share. As to purchase of Philip Morris & Co.. see news item below and V. 108, IL 689. 387, 282. Weyman-Bruton Co. (Report for Fiscal Year ending Dec. 311918.) 1918. 1917. 1916. 1915. Net earnings x $1,487.984 $1,471,528 $1,448,711 $1,271, 372 Common dividends_... y1,058,000 (20)920.000 (20)920,000 (22)880,000 Pref. dividends (7%)__.. 323,554 322,000 322,000 280,000 Balance, surplus $106,430 $229,528 $206,711 $111,372 x'Net earnings" is stated after deducting yearly all charges and expenses of manasnmant, and provision for all taxes, includin cess profits" tax. y In March 1918 a stock dividend g "Income and exof 20% was daclared on the $1,690,000 common 00) payable Oct. 1 to($920,0 holders of 'record Sept. 16, to take the place of the stock, quarterl tion on the common stock usually paid April 1, July 1 and Oct.y1;distribu and on Dec. 31 1918 a further 2%% ($138,000) in cash. (V. 106, p. 1040.) BALANCE SHEET DEC. 31. 1918. 1917. 1918. 4917. AssetsLiabUitiesReal est., mach., Preferred stock.. _ _ 4,688,80 fixtures, tradeCommon stock..__ 5,520,0000 4,600,000 marks, patents, Prof. div. pay. Jan. 82,054 4,600,000 80,500 good-will,&c_ _ _ 5,952,040 5,838,504 Com.div.pay.Jan. 230,000 Leaf, mid, stock Prov. for adv., in- 138,000 supplies,&c___ 4,034,966 2,908,699 sur., disc'ts, &c. Secur.of other cos. 2,707,214 1.095,740 Bilis & accts. pay.. 3,346,788 2,315,685 3,641,696 1,30,393 Cash 1,066,612 996,047 Surplus 1,083,113 976,683 Bills & aects. rec_ 4,739,619 3,344,270 Total 18,500,451 14,183,261 Total 18,500,451 14,183,261 -V. 108, p. 375, 387. 781 Liabilities.-Against the accrued war we have acquired $500.000 of U. S. Treasury Certificates due Marchtaxes 1919. The issue of Collateral Trust notes was completely retired May 115 (Signed by W.L. Stewart,President, and1918. R. D.Matthews, Comptroller.] PRODUCTION OF COMPANY AND CONTROLLED COMPANIES. 1918. 1917. 1916. 1915. Net barrels 8,271,084 7,430,154 6,681,015 .1,379,896 CONSOLIDATED INCOME ACCOUNT FOR CALEN DAR YEARS. [Including proportionate share of the operations of controll ed cos.] 1918. 1917. 1916. 1915. Gross sales $43,863,562 $33,870,889 $27,745,009 $19,248 ,143 Gross profits Not $14,154,197 $11,197,053 $6,301. 224 Royalties and miscell_ _ _ stated. 16,854 9.210 20,424 Total profits $14,364,695 $14,171,051 $11,206,263 $6,321,648 DeductGeneral expenses $517,164 $405,684 $308,682 $339,460 Taxes 537,542 845,215 456,247 308,779 Employ, share in profits 313,371 201,690 158,158 Depreciation 4,862,626 3,201,2 12 2,432,465 2,148,502 Interest on bonds 577.803 542,564 477,541 450.878 Int. on coll. tr. notes,&c. 53,235 108,370 161,275 Miscellaneous Cr.16,950 38,144 40,236 93,625 Provision for war income and excess profits tax_ 1,550,000 1,240,993 Cash dividend 4,252,519 (9)3,297,866 (6)2,045,532 Stk.div.pd.Mar.10.18(10%)3,951,193 Taal deductions.._ _ _$16,545,268 $9,826,633 $6,027, 231 $3,502,519 Balance, sur. or def__def.32,180,573034,344.418545 ,179,032532,819,129 Adjustments Cr.269,403 Cr.331,876Db.5,234.791/3 6.2,990,451 Previous surplus., 6.237,886 1,561,592 1,617,351 1,788,673 Total surplus $4,326, ' 716 $6,237,886 $1,561,592 $1,617.351 CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. OWNED COS.). 1918. 1917. 1918. 1917. Assets-$ $ Ltatrtliti es-$ $ Oil lands, rights, Capital stock____43,567.500 39,510,1 00 gas and water 1st Mtge. bonds_11,331,000 11,688.000 lines, &c, a51.437,075 49,055,951 Notes 390,000 Inv. in aril. cos.._ 321.597 297,489 Purchase money. Inv. in contr. cos_d3.671,301 6,167,299 &c., obligatio ns 589,791 761,654 U. S. Govt. bonds Accr. taxes & res. and treas. errs_ 1,553,575 1,151,25 for war taxes 1,943.738 1,413,993 Oil,&c.,inventory 9.978,815 10,007,5010 Operatin g reserves 435,993 235,745 Materials & supp_ 2,674,769 1,984,326 approp. & Bills & accts. rec.... 7,065,381 5,912,344 Surplus Invest. in add'ns ' Prepaid taxes and to fixed assets, ' insurance 238.752 175,99S working capital_15,000.000 15.000,000 Cash 3,083,360 2,610,088 Bills payable 156,281 Miscellaneous____ 196,442 204,295 Accounts payable_ 2,811.564 2,263.948 Accrued interest.._ 58,483 65,214 Profit and loss.-- 4,326,716 6.237,886 Total 80,221,0 77,566,5 66 40 Total Union Oil Co. of California. 80,221,066 77,566,540 a 011 wells, gas and water lines, &c , in 1918 include oil lands, rights (Report for Fiscal Year ending Dec. 31 1918.) and leases, $30,960,742: oil wells and develop ment, $11,961,209; pipe lines and storage system,$10,348,031; steamships and The report dated at Los Angeles, Feb. 6, says in marine equipment,$5,085,685; refineries and compres.sor plant, $5,696,392: marketi brief: ng stations Results.-There has been a considerable advance , $6,461,452; in the cost of crude oil, total, $70,513,511, less reserve for depreciation and depletion. $19,076 labor and material without commensurate s in the selling prices of balance as above, $51,437.075. b Includes in 1918 investments in ,436; our products; and the company has suffered advance controlled cos.: from Stocks, $2,012,7 the lack 19; bonds, of $828,00 0; advances accounts (net transper Increased income and war taxes also account after deducting amounts due to controlled co's, for a part of the declinetation• in the V. 108, $136,88 net results. Depreciation and depletion charge $830,58 8), 2.p. 689. shows a substantial increase, made necessary by the largely increase account, the fact that our manufacturing d cost of additions to plant Unite d States Envelope Co. plants were operated under forced conditions and the increased production of crude oil. While the net profit stated is less [by 31,619,1 (Report for Fiscal Year ending Jan. 1 1919.) 451 than in 1917, our business and financial position continues strong. Employees'share of profits amounte Treasurer William 0. Day on Feb. 14 wrote: to $313,370. d Oil Production.--The company and controlled A dividend of $3 50 per share with an extra dividend of companies produced on the common 50 per share 8,271,084 net barrels, as against 7,430,1 stock was paid March 1 1918, one of $3 5042 54 net barrels for 1917, an increase paid per share was of 11.32%. This production, together with regular purchases and agency dend Sept. 3 1918, and one of $3 50 per share together with an extra divideliveries, approximates 19,660, of $2 50 per share will be paid March 000 net barrels, 1. or about 20% of the 97,700,000 net barrels or marketable oil produce The item of accounts and bills payable shown under d in the State. The total includes es quantity of oil handled by the company, taking for $225.000. the proceeds of which were appliedliabiliti into account Mexican ment for notes in paypurchases, approximates 22,000, Liberty bends. 000 barrels. the company's production 60% was produced from lands held in fee andOf There has been added during the year to our permanent plant and equip40% from leaseholds. The ment, in production of refined and lubricating oils increase machinery. $87,170, and in real estate and building d substantially over 1917. s, $64,312. Sales.-Our sales amounted $43,863,562, an increase of $9,992, RESULTS FOR YEARS ENDING DEC. 31. or 30%. over 1917. The valueto 672, fuel business increased 35% and refined and lubricating business 23%. of 1918. 1917. Fuel oil prices increase 1916. d about 15c. per Net profit 1915. barrel during the year; prices $1,713,619 41.042.518 $1,861,330 refined products, however, remaini $679,440 Deductsubstantially the same as a yearfor ng ago. The deliveries of fuel oil have large, but we were able to go into been Int. on 1st Mtge.bonds_ $79,792 $82.292 1919 with slightly a $84,793 $87,292 larger quantity of Div.on pref. stock(7%) crude oil in storage than was carried a year 280.000 280.000 280.000 Arrangements 280.000 been Div.on common stock (9%)71,250 (934)71,250 (7)52.5 consummated which assure us of a supplyago. of oil from Mexicohave 00 (7)52,500 for some Depreciation time to come. 196,727 20.779 705,842 34,700 Oil Properties.-During the year there was acquired Reserve for taxes 800.000 150,000 In Orange. Los Angeles and Kern counties, Californ in fee or under lease acres of oil lands and prospective territory. The ia, approximately 880 Total $1,427, 769 $604,321 $1,123.134 company also owns the Balance, surplus $454,491 entire capital stock of the Union 011 Co. of Mexico, $285.850 $438,197 $738,196 which has acquired $224,949 approximately 16,000 acres of land in Mexico held under lease: we expect BALANCE SHEET JAN. 1.• In the near future to commence the development ties. We have also entered the Texas fields andof these Mexican proper1918. 1917. 1918. hold under lease about 1917. Assets31,000 acres fairly well scattered through the prospect North Central portion of the State and on which ive oil territory of the Plants,good-will,&c.5.970.874 5,832,117 "referred stock 4,000,00 0 4,000,00 0 three wells Stock on hand are drilled. The company is likewise drilling a well 2,729,489 2,159,194 Common stock 1,000.000 1,000,00 in Wyoming and being Accounts cently commenced another well also in the and bills First Mtge. bonds 1,550,000 1,600,0000 Lusk Dome district. has rereceivabl &c._ e, 1,873,894 1,553.806 Bond coupons Summary of Land Holdings at Dec. 31 1918 5,250 5,400 Cash (299,060 Acres). 614.667 174,432 keds.& bills parle.1,591,229 California-Fee, 32,850; mineral rights in fee, 1,065,750 7,250 129;455; mineral locations, Cash for coupons 6,400 Reserve for depree 1,555,0C0 1,475,00 10,940; leaseholds, 53,8.34 acres. 0 Treisury stock, corn. 250,000 250,000 Res.for 1st bonds Other States, &c.-(a) Wyoming, mineral location 2,000 1.000 Liberty Loan bonds.. 281,883 250,000 Reserve for M. taxes_ 15,387; (b) Texas, leaseholds, 31,394; (c) Mexico,s, 9,000; leaseholds 800,000 150,000 Surplus leaseholds, 16,000. 1,224,578 928,799 New drilling and field development cost $2,182,667, while tion provided for oil development was depreciaTotal 11,728,05810,225,949 Total 115. "Oil wells the 11,728,0 5810,225,949 and ment, after,deducting the reserve for$2,283, develop -V. 106, p. 1687. depreciation, aggregates which is represented by 449 producing 36,355,933, wells, 49 active drilling the necessary field facilities. At Dec. 31 1918 wells and (F. W.) Woolw orth Co.(Five & Ten Cent Stores), N. Y. the company owned 444 miles of trunk pipe lines and 299 miles of gatherin g linos, and the total capacity of all crude and refined storage facilitie (Report for Fiscal Year ending Dec. 31 1918.) s approximates 19,000, barrels. The trunk pipe lines run from (a) the Fullerto 000 GROSS SALES AND PROFITS FOR TEN CALENDAR at San Pedro,(b) the Lompoc and Santa Maria fields n fields to tidewater YEARS. to tidewater at Port YearSan Luis, (c) the San Joaquin Valley fields, commenc Sales. Profits. YearSales, Profits. ing at Sunset, Kern and Coalinga, to tidewater at Port San Luis, and 1918 $107,179,411 $7.088.716 1913 $66.228 ,072 the Ventura field to 1917 $6.461,118 wharf at Ventura. Tile combined daily maximu(d) 98,102,858 9,252,349 1912 m capacity of the pipe 1916 60,557.767 5.414,798 line system is about 90,000 bbls. and the normal capacity 87,089,270 8,713,445 1911 52,616.124 4,995.255 about 60.000 bbls. 1915 Steamships and marine equipment ($5,085,681) 75,995.774 7,548,210 1910 50,841,547 5.065,031 represents principally 1914 the cost of 18 steamers ana barges having 69,619,669 6,429,896 1909 a total carrying capacity 44,438.193 4,702,802 of 528.094 bbls., while the chartered fleet consists of 4 steamer INCOME ACCOUNT FOR YEARS ENDING DECEM s, cap. 285.000 bbls. The expenditures [of 31.156,097] made for refinerie BER 31. s and compressor plants represents principally outlays 1918. 1917. on the new refinery at Los 1916. 1915. No. of stores Dec. 31._ _ Angeles harbor. This plant will shortly commen 1,039 1,000 ce operations, with an initial Net sales '920 capacity of about 10.000 barrels of crude per day. $107,179,411 $98,102,858 $87,089,271 $75,995 805 ,774 Extensi ons to our lubri- Net income cating plants have been made. The Maltha refinery x$7,088,716 x$9,252,349 $8,713,445 $7,548, 210 Deductin the fall of 1917 by fire, has been rebuilt and , which was destroyed commen ced Preferre d dividend (7%) $875,000 operations in June 1918. 3892.500 4927.500 3953.750 Common dividends_ _ _ _ 4,000,000 4,000,0 I Newlove Oil Co.-The assets and liabilities of 00 3,875,000 3,375,000 the Newlove Oil Co. have Per cent been consolidated in the balance sheet (8%) (8%) (7%%) . Practically all of the Prem. on pref. stock,&c. (6%Yel outstanding capital stock was acquired herewith 120,016 by exchange for our First 118,626 10,51U bonds and cash on the basis of approximately Lien per share. Total deductions__.... $4.875,000 $5,012,517 $4,921, Oil Inventories.-The quantity of crude and$100 126 $4,339,260 oil owned by the com- Balance, surplus pany is approximately 10,800,000 not barrels,fuel 2,213,7 16 4,239,8 32 trolled through the agency about 12,500,000 netand including stocks con- Ped'I taxes paid in 1918_ 1,232,209 (see "1918') 3,792,319 3,208,950 barrels, the State storage being about 32,600,000 barrels. Surplus Capital Stock.-The increase in capital stock during $981,507 $4,239,832 $3,792,319 the year, $4,057,400. Previous surplus 950 is duo mainly to the stock distribution of 10% 19,608,493 15,368,660 11,576,342 $3,208, made in March 1918. 8,367,392 Number of stockholders Dec. 31, 4,382. Total surplus Tho cash dividends paid and stock distribu 420,599 ,000419,608,492 $15,368,660 411,576,342 tions during the past 19 years approximate $42,200,000, while there has been added to the surplus about 318,600,000. x Note.-"Net income" in 1917 and again in 1918 is shown subject to tug deduction for the Federal taxes payable on account of the earnings of each , is year respectively. The tax for 1917 paid in 1918, it will be observed here charged against the balance surplus for 1918. 1918. 1917. 1916. 1915. 1914. 1913. 1912. 5.46 9.43 9.93 10.01 9.23 9.76 Net earns. on sales_(%) 8.94 9.96 Net earns, on corn. stk_ 8.73 10.82 10.87 13.19 15.57 16.72 BALANCE SHEET DECEMBER 31. 1917. 1918. 1917. 1918. Liabilities-$ Asset&,500,000 12,500,000 Real est.,fran.,&c*11,929,401 10,428,683 Preferred stozk__12 50,000,000 50,000,000 Common stock _ -50,000,000 50,000,000 Good-will 884,600 698,327 Mortgages payable 940,000 Treasury stock_ a867,457 a w. Secualties owned_ 1,198,744 1,339,987 Accts. pay. dr &e__ • 340,822 2,202,907 taxes, its., 445,522 1,259,722 Cash 545,018 Preferred dividends Accts. receivable_ 503,871 218,750 payable Jan. 2- 218,750 Inven.(mdse.,&c.)18,431,813 17,278,601 62,190 137,721 Net advances_ __ 26,066 Miscellaneous Imp.leased prem.b3,501,702 3,618,110 Res've, depr., fur- 2,043,781 1,650,190 niture & fixtures 712,884 Store supplies, &c.. 840,832 20,589,999 19,608,493 Surplus 7 85,202,854 86,557,60 Total 4 7 85,202,85 88,557,60 Total 0 real estate and *Property (book values) in 1918 includes $3,258,74 stock, pref. buildings and $8,670,661 furniture and fixtures. a Treasury ments" include $736,000 (par value) acquired for retirement. b "Improve off during be written to premises leased upon ents improvem alterations and loss $610,482 during the terms of the leases, after charging to profit and 689. 1918. c Subject to change on account of Federal taxes.-V. 108, p. Mackay Companies. (Report for Fiscal Year ending Feb. 1 1919.) President Clarence H. Mackay, Feb. 15, wrote in subst.: will also be available When normal conditions are restored these reserves land and ocean due to the to meet the demands for increased facilities onwith foreign countries. It expansion of American trade, internally and merely to provide increased has always been the aim of your system not e, so far as possible, future facilities when actually needed, but to anticipat communication. needs for quick and reliable telegraphic and cable system of land unbroken an presents now system The result is that your France, across two oceans and ocean communication from Great Britain andand es-over Philippin the Japan China, to t Continen American the and gradually built up two-thirds around the world. This system has been no intention of during the past thirty-five years, and your trustees have , turning it over to promoters, politicians and competitors. ng common shares Capital Stock.-It is now 14 years since the outstanding preferred shares have been increased, and twelve years since the outstandi issued or have been increased. Meantime, no notes or bonds have been e in the debts incurred. The employees continue to show their confidenc therein. ings g sharehold increasin their by system FEB. 1. PROFIT AND LOSS ACCOUNT FOR YEARS ENDING 1915-16. 1916-17. 1917-18. 1918-19. Income from investments $4,274,941 In other companies__ $4,695,497 $4,519,365 $4,683,265 00 $2,000,000 Div. on pref. stock(4%) $2,000,000 $2,000,000 $2,000,0 ,020 Div. on corn. stock_ _( 302,388,677(5)I)2425198(5)2,069,020 (5)2,069 Oper. exp., incl. transfer and ' agents',registrars trustees' fees, office rent, salaries, Federal 55,741 56,800 89,059 301,121 income tax, &c $150,180 $557,446 $5,108 $5,697 forward carried Balance BALANCE SHEET FEBRUARY 1. 1918. 1919. 1918. 1919. $ $ Liabilities-$ $ AssetsProf.shares Issued 50,000,000 50,000,000 investm'm In other 0 93,277,077 92,417,770 Corn.shares issued 41,380,400 41,380,40 companies 881,074 Balance, profit_ 1,924,151 1,918,453 26,574 Cash 93,304,551 93,298,853 Total 93,304,551 93,298.853 Total -V. 108. p. 223. s of your Relations with United States Government.-The regular operation very little by the land line and ocean systems have been interfered with that the fact the to largely due is result This American Government. progress in his plans Postmaster-General has not been able to make much al Commerci the. by held position strong The p. ownershi ent Governm for cable and telegraph Cable-Postal Telegraph system with the users of the it possible Ajax Rubber Co., Inc.,New York City. by reason of the long record of efficient competition, rendered of the country to to defeat Mr. Burleson's plans by calling the attention poor for Fiscal Year ending Dec. 311918.) titive (Report of non-compe way the dangers involved in those plans in the your service, financial lass, political power and the unfairness towards L. McClaren, writing Feb. 11, says in subst:: H. nt Preside properties. deducting cash disPostal Telegraph-Cable Results.-Our gross sales for the year 1918, before The telegraph lines of your land line system, the over and telephone companies, counts, freight and allowances, were $20,759,438, an increase of 40%usual Co., together with the lines of all other telegraph ts, the equipmen and nt. plants of ion Governme S. depreciat U. off the by writing After 1917. were ostensibly taken over on Aug. 1 1918 our on loss money, , borrowed on offices, personnel bonuses to employees, bad debts, interest Practically no change has been made in the management, year Co., and when the com- Investment in Liberty bonds, &c., our net income for our last fiscaltaxes. income or outgo of the Postal Telegraph-Cable and income profits war erFederal for Postmast the providing by before offered was $2,915,368, pany refused to accept the compensation be done seems to have been This Is an increase of 49% over the net earnings on the same basis of the General, everything that was proposed to • previous year. abandoned. buildings, 1918 30 June ended Additions-Output.-During the year we have expended for The net earnings of your land line system for the year apannual compensation of your machinery, molds and other equipment at both our plants, a total of were $4,230,825. Mr. Burleson fixed the g our increasin continue to us now permit and will declined, which , promptly was ly $400,000 proximate land line system at $1,680,000, which of capable t equipmen have shall presently Burleson had no authority production at each place. We comes the United States Court and says that Mr. see no occasion producing upwards of 6,000 automobile casings and 6,000 tubes per day. ted to fix the compensation at all. Altogether, your trustees necessita ation transport and supply of ties uncertain Liabilities.-The for being disturbed. (Compare V. 107, p. 2013.) do this, we system seems to have met our carrying abnormally large stocks of crude materials. To In the same way the taking over of your ocean your ocean system has not were obliged to borrow considerably more money than in normal times. with much the same fate; the actual interference possessio interest on for $237,363 of charge a expenses system ocean n of your Therefore, we had in our 1918 materialized. In fact, the so-called taking in 1917. being fixed, and neither on borrowed money, as against $59,065, the charge for this item never even reached the stage of a compensation latter part of the n during productio of seized, nt been curtailme profits or enforced the income that land or ocean has any part of the receipts, nt. They are still in your However, extent the to money borrowed this the year permitted a liquidation of claimed or interfered with by the Governme amount of $500.at Dec. 31 1918 we owned for money borrowed the small open possession. on owed we also 1917; 31 the Dec. after 00 days five $2,495,0 with cables d these 000. as contraste The legality of the so-called seizure ofthat the seizure was justified for accounts, not due, only $332,801, as against $906,493 for the same item theory armistice had been signed, on theof the nation, under the delegated power at Dec. 31 1917. business and, the national security and defense United 273.) p. (V. 108, States Courts. New Stock.-In order to insure ample finances for our 1919 of our of Conlress, is being tested in the your organizations are to in addition, to provide the cash required to meet the largo payments Oullook.-Apparently both on land and ocean year, without abnormal the during taxes operated be income to And earn and they profits war monies Federal what keep of sale the be allowed to receive and through l capital additiona the of 00 though as $1,000,0 and the same borrowing, we obtained by their own staff the same as heretofore, the came into our business Jan. 17 slightest. additional stock. This additional capital statemen American Government had not interferedofinCongress of Dec. 31 1918. In t in the your shown 1918, not 16 , July is of therefore and, n 1919 By the terms of the Joint Resolutio than is shown by that or before the treaty of peace other words, we now have $1,000,000 more capital land and ocean systems are to be returned on , finances for any changes now made by statement and are most adequately prepared in the matter ofent tax that is signed and proclamation made. Therefore of Governm payments large the the restoring in and including s, months, operation our 1919 the Government would merely be for a few 107, p. 2377.) (V. very have to be undone at a we must make in that period. properties to the companies such changes would ng. While we began 1919 with encouragi undoubtvery tion is t considera future -The importan This Outlook. nt. Governme stocked at heavy expense to the g his policy of a merely hardly any stocks of finished goods, whereas we were liberally edly influences the Postmaster-General in continuin exceeded our prduction the beginning of 1918, our production last month nominal control. month's output will be ns this Is indicatio that and present from turmoil, this and all of 1918, out of January come One conclusion seems to have is not desired by the largest single month's production we have ever had. We expect this that Government ownership of the telegraph and cables every reason for favorable production situation to continue and there is the American people. d In the our belief that 1919 will show sales and earnings equal to, if not larger than, be introduce to caused l er-Genera n and sales - On Dec. 13 1918, the Postmast productio in both start late to the if passed, would lead those of 1918, notwithstanding year. House of Representatives a resolution which, The resolution, however, was this year, due to curtailment during the latter part of last s at our dividend Government ownership of these utilities. warrant will the earnings that these that d providing e was introduce It is also our judgment d high rejected in committee and a substitut over the telegraphs and telephones shall present rate, even though we are undoubtedly to have a continue control of the Postmaster-General by desired is still cabling taxation. and y income of in telegraph rate ion cease this year. Competit nt Governme cy of inefficien DEC. 31. the country, to say nothing of waste and PROFIT AND LOSS ACCOUNT-YEARS ENDING report is an article by President 1917. 1918. ownership. [Enclosed with the pamphlet 1917. 1918. Y. "Times" of Dec. 22 1918 in opposition Mackay reprinted from the N. plan.] $ ip -ownersh ent 50,355 bonds Governm on Lib. Loss to this to any so-called "unification" Salea,lefsdisc.,&c.19,297,721 13,828,283 Donations to war So also is the American public opposed Cost of sales and a single private control. 21,092 relief funds_ _ of telegraph and cable companies under depreciation _14,017,818 10,417,615 your land and ocean systems both of expenses operating Results.-The Prov. for Fed, war exthe been has This year. past the & income profits have increased materially during of the increase in the cost of labor and 3,410,668 _ _ 5,279,903 Net profits 495,000 taxes (est.) __ _ _ 1,700,000 perience of all industry on account 124,197 power of a dollar. Telegraph and Other income__ __ 179,443 Dividends_ (12%)852,000(II.7)830,700 material, and the declining purchase increased, notwithstanding increases in cable rates however, have not been 3,534,865 Gross income_ _ 5,459,346 forms of industry. Your trustees believe general railroad rates and otherincrease telegraph and cable tolls, provided Selling dc administhat it will not be necessary to tration expenses 2,182,718 1,483,812 thereby insuring, as in the past, careful 36,695 your company remains in control, 52,449 Dal debts towards meeting increased expenses. 629,593 Profits for year. 363,368 59,065 management, which may go faryour g 237,364 developin Interest is steadily system line land Telephone Service.-Meantime miles 22,427 and is to-day operating E SHEET DEC. 31. BALANC its long-distance telephone business, 1917. 1918. of obstructive tactics by competitive in1917. 1918. of wire for that service, in spite $ service by your land line system does not reLiabilitleaterests. The giving of this wires, Assetsis conducted over wires which are 7,100,000 but 7,100,000 new stock Capital of stringing the mach., quire Land, bldgs., traffic. telephone 2,495,000 and 500,000 pay. telegraph loans and 2,159,948 1,862,606 Notes simultaneously carrying equip., &c ent of Newfoundland on May 16 1,874,875 1,874,875 Accounts payable_ 332,801 906,494 Taxes in Newfoundland.-The Governm which said Government claimed from Patents & good-will_3,917,388 5,424,827 Taxes payable(Wis.) 75,734 1918 enacted a tax statute aunder s Inventorie past the for year a tax of ve $16,000 155,115 retroacti Co. 8,628 2,215,119 Bonuses payable_ _ _ 230,8900 495,000 recle_2,08 your Commercial Cable notes & pay, Accts. to refused al Co. Cable The Commerci 19,468 Accr. war taxes (est.)1,700.00 76,794 seven years, making $112,000. land ous Miscellane n worth only $98606. Thereupo being 768,840 1,132,209 Newfound in Surplus 148,000 provrty 477,830 Its entire suit and that suit is still pending. U.S. Liberty Loan 363,613 257,342 the Newfoundland Government brought land has sustained the tax, but an appeal Cash The Supreme Court of Newfound Deferred charges... 112,571 118,212 Lords. of House the of Council Privy the to will be taken unan been has there war the -During 11,071,63411,920,449 Total Government War Business. 11,071,631 11,920,440 Total ent business, which is carried at greatly precedented amount of Governm turned -V. 108, p. 685. nt Departme State the s that companie your to was reduced rates. It signing of the armistice, when at its request about a month prior to the were placed at the disposal of that departAmerican Light & Traction Co., New York. a special wire and a special cable eous communication between Washinstantan for ment and the President (Report for Fiscal Year ending Dec. 31 1918.) Paris, ington and the American Embassy Ins of your land and ocean systems Phusical Conditions.-The propertie Alanson P. Lathrop on Feb. 1 'wrote substantially: Pres. . condition physical best s for 1918 as continue to be maintained in the in gross income of the subsidiary companie ed great difficulties in keeping increase The surmount r particula in system ocean Your $430,367 was duo to inanding unprecedented storms and despite compared with 1917, was $1.964,160, of which Its cables in repair, but notwithst business. ." incresesd -Bennett to 3 "Mackay the and $1,532,79 ship, rates creased to your cable over the abnormal costs of the menace of the submarine the Atlantic have been continuously working Cost of operation was materially increased All five of your cables across labor and taxes. Taxes for 1918 yeoman service to the Allied Governments 1917 because of further advances in fuel,basis the Federal tax bill, now of for some months past, rendering ations the on Europe. and between American have been charged to operation 3, viz.: in the maintenance of communic companies, after providing for before Congress. The increases in these items aggregated $2,187,53 Reserves.-During the past year your invested l and local _ _$514,785 have , -Federa or desirable Taxes needed $906,252 Improvements and new lines whereverof the United States, British, French Coal and oil $222,719 $543,777 I Unclassified items Operating labor their surplus earnings in the securities which the management Your trustees have also continued their and Canadian Governments. of Notwithstanding the largo increase In costs over of the Mackay Companies by purchase in subsidiary companies stocks on profits net in decrease the Investment in preferred shares control, no of your trustees for many years past had is only $612,275, or about 28% of the increased the market. The value of the policy of profits each year in reserve is now accruing to your company of placing a reasonable amount the war. These reserves assure cost. of out growing es occurrenc three principal items for the two abnormal these the of by costs shown The increased notwithstanding wars, readjustments and may be assumed to have the stability of your investment, years 1917 and 1918, over the year 1916, which periodically. hard ainiesi which are liable to occur THE CHRONICLE FEB. 22 19194 been a normal year, are: Coal and oil,$1,890,952; operating labor, $855,077; taxes-Federal and local, $1,219,785; total increased cost, $3,965,814. The encouragement derived from a study of these figures lies in their possible and probable reduction. Coal should materially decrease; oil quotations already show large reductions. Labor will decrease some, and the Federal tax bill now before Congress provides for a large decrease for the year 1919. While in not results the report shows a decrease, an analysis of figures makes the report the most encouraging since conditions became abnormal. The board of directors at a meeting held Jan. 7 1919 declared the regular quarterly cash dividend of 1%% to holders of pref. stock; a quarterly cash dividend of 2%% to holders of common stock, and a stock dividend to holders of common stock, at the rate of 2%% shares of common stock on every 100 shares of common stock outstanding; all payable Feb. 1 1919 to stockholders of record Jan. 15 1919. [These dividends, both stock and cash, are at the same rate paid since 1910.-Ed.] RESULTS FOR CALENDAR YEARS. 1917. 1918. 1916. 1915. Earns,on stk.of sub.cos_$3,732,941 $4,345,215 $5,295,233 $4,555,156 Miscellaneous earnings__ 1,047.400 593,426 564,705 623,231 Gross earnings $4,326,367 $5,392,615 $5,859,938 $5,178,387 Expenses 311,566 369,234 211,911 156,623 Net earnings $4,014,801 $5,023,381 $5,648,027 $5,021,764 Div. on pref. stock (6%)- $854,172 $854,172 $854,172 $854,172 .Cash div. on com.(10%) 2,190,390 1,986,968 1,801,798 1,632,645 Total dividends $3,035,562 $2,841,140 $2,655,970 $2,486,817 Balance,surplus $79,239 $2,182,241 $2,992,057 $2,534,947 There was also deducted in 1918, $2.190,390 (10%) for stock dividends on common stock, against $1,986,968 (10%) in 1917. CONDENSED BALANCE SHEE24 DECEMBER 31. 1918. 1917. 1918. 1917. AssetsLiabilities$ $ $ Investment acc't_34,469,868 34,384,752 Preferred stock___14,236,200 14,236,200 Temporary invest. 3,542,789 5,838,856 Common stock___22,706,300 20,588.900 Int. and divs,reed Bills payable 250,000 90,000 on same 57,135 Accounts payable_ 56,465 18,048 12,184 UndiVided profits Dividends accrued 1,277,677 x1,171,807 subsidiary cos_ 7,846,153 *5,637,880 Contingent fund 842,607 1,515,680 1,564,395 Warrants Cash 104,428 84,373 180,510 Deposits on mgrs.' Acc'ts receivable_ 249,397 2,905,500 1,723,932 stock contracts_ Bills receivable 6,368 Miscellaneous_ _ 16,100 Taxes in adv., &c_ 133,812 9,942 124,247 Surplus 11,869,329 12,246,873 50,595,794 49,403,560 Total Total 50,595,794 49,403,560 * Includes in 1918 earnings receivable, $3,527,867, and reconstruction reserve $4,318,286. x Includes in 1918 cash, $710,020, and common stock, i567,657.-V. 107, 1:1. 1839. Emerson-Brantingham Co., Inc., Rockford, Ill (Report for Fiscal Year ending Oct. 31 1918.) President C.S. Brantingham, Rockford, Ill., Feb. 14 1919, wrote in substance: • Inventories.-On account of the growing volume of busIne.ss, the continued high prices, and the necessity of stocking heavily in view of the uncertainty in getting materials, the inventories show an increase of $3,692,174 including materials on hand to complete Government contracts. Inactive and,obsolete stocks, wherever known, have been written off, and a reserve provided against a decline in values. Receivables-Foreign Accounts.-Notes and accounts receivable shown on the balance sheet are all considered to be good; however, to guard against unfavorable developments, adequate reserves have been set up to cover possible losses in foreign or domestic receivables. Open accounts receivable in enemy countries have all been charged off. Notes receivable are being paid and funds deposited in banks in those countries-the balance remaining is less than $100,000. Preferred Stock Purchased.-The item of $388,066, shown on the balance* sheet, represents preferred stock acquired in the interest of the company and held for retirement or re-sale. Liabilities.-The increase of $1,972,689 in total liabilities shown, represents the necessary financing of the larger inventories. Reserves.-Expenditures, aggregating $200,227 for the year, have been made in order fully to maintain the properties and these have been charged to operating expenses. Depreciation reserve has been materially increased, and adequate reserves have been maintained against contingent losses, collection expense, discounts and allowances, and taxes. MIDividends.-Resumption of dividends was deemed warranted during the latter part of the year, consequently a dividend of 1 % was declared payable Nov. 1 1918 [after an intermission of 43./ years, the full 7% p. a. having boon paid for Nov. 1 1912 to Aug. 1 1914, incl.-Ed.] PIIPurchase.-During the year the company has acquired by purchase from the International Harvester Co., the business, good will, and trade name of the Osborne line of harvesting machinery, consisting of grain and corn binders, reapers, mowers, and hay rakes, and thus completing our line of farm machinery. Osborne machinery has been well known, both at home and abroad, for upwards of fifty years. Manufacture of the product will continue at Auburn, N. Y., until preparations are completed for removal to Rockford. Government Securities.-The corn ny owns U. S. Liberty bonds and War Savings stamps aggregating $326,468. Foreign Trade.-The volume of foreign trade shows a satisfactory increase for the year, notwithstanding continued interruptions to transportation. An office at No. 66 Broadway, New York, will facilitate export trade, following the re-adjustment to normal conditions. Future Business.-The present outlook for 1919 business is fair-the necessity for increased food production to supply the requirements of the world during the period of re-adjustment, should lead to an increasing demand for farm machinery. INCOME ACCOUNT FOR YEARS ENDING OCT. 31. 1917-18. 1916-17. 1915-16. 1914-15. $1,347,222 Profitfrom operation_ __ $704,648 $529,218 328,140 Interest, &c.,received._1 352,842 371,231 Not stated $1,675,362 $1,057,490 Total income 331,705 Admin. &c.,expenses 373,086 Income' taxes & proport. 78,930 of general taxes $1 746,445 $1,264,727 $684,404 Net earnings $189,989 i296,331 Interest on loans $208,231 Preferred dividends..(1 Yi%)212,984 150,502 167.845 Depreciation 125,000 $340,491 Total deductions__ _ $677,160 $333,231 $351,173 $924,236 $1,069,285 Balance, surplus BALANCE SHEET OCT. 31. 1917. 1918. 1918. Liabilities-Assets$ Real est.,b1dgs.,&07,295,885 6,928,961 Preferred stock_ -_12,170,500 Good-will & pat'ts 4,014,403 4,614,403 Common stock-10,132,500 Notes payable-- 4,446,517 Pref. stk. acquired 147,198 Accounts payable. 957,012 (at cost) 388,066 Notes dr accts. rec a4,439,242 6,135,592 Reserved for conting't losses, &c. 631,993 627,852 Cash 837,302 Mat'ls & supplles_12,258,672 8,566,498 Preferred dividends payable Prepaid insur.,&a. 113,771 112,490 212,084 Miscellaneous 310,012 Surplus 2,071,605 349,322 U.S.IA Deny bonds and W. S. S 326,468 Total 30,623,111 27,443,006 Total $900,449 394,359 $506,090 $304,438 $304,438 $201,652 1917. 12,170,500 10,132,500 2,692,959 950,865 493,862 1,002,320 30,623,111 27,443,006 a Includes accrued interest loss $121,389 outstanding commission certificates and $237.959 reserve for discounts and allowances. PONote.-No provision has been made in respect of the sinking fund installments for retirement of preferred stock, amounting to $1,233,640 at Oct. 31 1918, except as to % declared Sept. 26 1918, payable Nov. 1 1918, no dividends have been declared or paid in respect of the cumulative preferred:stock dividends accrued since Aug. 1 1914.-V. 107, P. 1290. • mg* After deducting reserve for depreciation,$610,382. 783 GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. Bay State Street Ry.- Chairman Homer Loring of the Eastern Massachusetts Street Ry. Co. trustees is quoted as saying that the trustees believe any general abandontnent of lines on the system would be most unfortunate, but they are convinced that many of them cannot be continued in operation at the sole expense of the car rider. The proposed "fifty-fifty" amendment,they believe, would not be a serious burden on the taxpayer, and it will enable them "to build up the system without charging higher than the present rate of fare." Under this arrangement, the first 5 cents of the cost of service per passenger would be paid by the car rider and any costs above 5 cents 50% by the car rider and 50% by general taxation. Receiver Denham reports results for the cal. year and his estimate for the year ending June 30 1920 under the trustees, if1918 present fares are continued: ' Results for 1918 and Estimate for Year Ended June 30 1920 with Present Fares. Cal. Year 1918. Yr. 1919-20. Revenue $10,533,000 $12,164,700 Expenses 9,479,100 9,889,500 Depreciation 1,104,000 1,104,000 Interest on investment about2,470,000 2,500,000 Real estate and Federal taxes 158,200 158,200 Balance, deficit [in year 1919-20, on basis of service-at-cost and present fares 2,678,300 1,487,000 Excise and franchise taxes 240,200 330,900 Total deficit $2,918,500 $1,817,900 The company was notified by Corporation Cqunsel Alexander on Feb. 15,13y request ofthe Mayor,that unless a reorganization isWhiteside carried out, the city of Boston will feel it necessary to ask thepromptly court to order the property sold at a receiver's sale. The company owes taxes to the city and has also failed in its obligations in regard to repaving streets. -V. 108, p. 682, 266. Brooklyn Rapid Transit Co.-Sale of Docks-List.- Judge Mayer in the U. S. District Court at New York on 15 filed an order granting a motion made by counsel for the receiver of Feb. the company giving him authority to accept the award of the Board of Appraisers the War Department made on Jan. 20 last of $1,428,062 60 for certainof dock go rserAu. ane dd6igh tk:s.Nr oZor illcroC o? cps ynolidaitted waR s Rsialt4dtliine ecin mio tTioonf the pape'rs that $659,000 of this sum would be applied to the payment of principal and interest of First Mortgage bonds of the Sea Beach Railway Co. dated Sept. 1 1896, all of which are owned by the B. R. T. Co. Application has been made to the New York Stock Exchange for authority to list $74,520,000 temporary certificates of deposit the Mercantile Trust & Deposit Co. for capital stock with authority toto substitute permanent certificates. Receiver Authorized to Pay Interest on Bank Loans, &c. Judge Mayer on Feb. 14 authorized Receiver Garrison to pay the interest on the company's bank loans, of which there are some $3,850,000 outstanding secured by pledge of $7,079,000 of the company's First Mtge. 4s, $100,000 Coney Island & Brooklyn Consols and U. S. Ref. Liberty 4s. $500,000 (see table and text in V. 108, p. 373, 374). Interest amounting to $40,000 is past due or will become due before July, and the order provides that on the payment of interest the notes will be renewed as obligations against the B. R. T. and not against the receiver. Judge Mayer on Feb. 20 signed orders granting leave to the Central Union Trust Co. to file bills of complaints to protect its rights as trustee under the $60,000,000 5% 1st Mtge. of the New York Municipal Corp. and $150,000,000 mortgage of B. R. T. made in 1918.-V. 108, p.Ry. 572, 578. Buffalo Rochester & Pittsburgh Ry.-Note A pplication. This company has applied to the New York P. S. for authority to execute six months' notes in renewal of two Commission notes of $500,000 each due Mar.4,and for permission to continue $1,200,000 in bonds as collateral. -V. 108,p. 267. Carolina Power & Light Co.-Yadkin River Power Co.-Palmetto Power & Light Co.-Offering of First and Joint Mtge.Bonds.-Spencer Trask & Co. and W. C. Langley & Co., New York, are offering the First and Joint Mortgage 6% 5-year gold bonds of these three companies at 953 % and interest, yielding over 7%. The authorized issue is $3,000,000, all of which is outstanding. The bankers report: The bonds are dated Jan. 2 1919, due Jan. 11924. Interest J. J. in Now York. Redeemable all or part at any time upon four weeks'¬ice at 101 and int. during 1919; 1003 and int. during 1920, and thereafter at 100 and int. Denom. $500 and $1,000 c*. Bankers Trust Co., New York, trustee. The Companies.-These operate in the industrial sections of North Carolina and South Carolina, supplying, under favorable franchises, electric light and power service to 38 communities, and gas, street railway or water service to five communities, the total estimated population of the communities served being 160,000. The physical properties include electric generating stations with a total capacity of 45,857 h.p. (of which 35,522 h.p. is hydro-electric), 444 miles of high-voltage transmission lines, 363 miles of distributing lines, two gas plants, two water-works systems and one small street railway system. This Issue.-The bonds are the joint and several obligations of the three companies, and secured by a direct lien on all present and future acquired property of the Carolna Power & Light Co. and the Yadkin River Power Co., subject to their First Mortgage bonds. They are further secured by a first mortgage on all present and future acquired property of the Palmetto Power & Light Co. Equity.-This in these properties beyond their bonded indebtedness, as represented by present market values of preferred and common stocks, is about 84,000,000. The franchise situation is satisfactory. Earnings.-Earnings applicable to payment of interest on these bonds for 12 months ended Dec. 31 1918 are about 24 times interest charges on the entire issue. Management.-This is under the direction of the Electric Bond & Share Co., a subsidiary of the General Electric Co. Further particulars should appear another week. Central New England Ry.-Federal Contract.-Replying to our inquiry, the company writes: The standard contract executed by the Director-General and the company provides for an annual compensation of $1.468,123. nonoperating income of the company for the year 1918 is $58,685,The making a total income of $1,526,808. The interest charges, rentals and debit balance of lapover items amount to $975,196, leaving a net $551,012. The outstanding capital stock of the Central New England is common $4,800,000, and preferred $3,750,000. The preferred is to noncumulative dividends of 4% and to an equal division withentitled common of dividends in excess of that rate. Applying the net incomethe would show a dividend of 8 7-10% on the preferred and 4 7-10% on the common. The average rate of dividend during the three years ended June 1917 was 6% on the preferred and 2% on the common. The remainder30 ing of that period were credited to surplus.-V. 108, p. 267. of the earn- Chicago Great Western RR.-Uperating Contract.In reply to our inquiry, the "Chronicle" is informed by wire (as of Feb. 20, p• m.) that the company's contract is not yet signed, but it is reported that the compensation has been fixed at $2,953,449, and only awaits signatures to be effective. On basis of other income and fixed charges, as result of calendar year 1917, and allowing for war income tax, company's surplus applicable to dividends or corporate purposes has been estimated at $1,334,762. Actual figures for 1918 and succeeding years will vary somewhat from this figure. The surplus estimated is equivalent to 3.03% on $43,926,600 preferred stock. Some further diminution of this balance will be caused by expense of maintaining corporate organization, but it is stated that the return will be about 3%.-V. 108, p. 267. 784 THE CHRONICLE Chicago Rock Island & Pacific Ry.-Applies to List.- This company has applied to the New York Stock Exchange to list $29.422.100 7% preferred stock cumulative up to 5% from July 1 1917 permanent and engraved interchangeable certificates; $25,108,100 6% preferred stock cumulative up to 5% July 1 1919, permanent and engraved Interchangeable certificates; $75.000,000 common stock permanent, engraved, interchangeable certificates.-V. 108, p. 578, 479. Chicago & Western Indiana RR.-Bonds Called.- [VOL. 108. The financial statement for the calendar year 1918 shows a gross income of $532,143: operating expenses, $389,517; net earnings from operation, $142,626; net income, $136,673. Interest of $60,000 on outstanding bonds due Jan. 1 1919 was not paid, the statement shows, certificates of indebtedness bearing 6% interest due two years thereafter being issued in lieu of same. Dividends of $15,000. duo Oct. 1 1918, were not paid, certificates of indebtedness therefor being issued bearing 6% interest due two years after the close of the war. V. 108, p. 171. Keokuk & Des Moines Ry.-Dividends Resumed.One hundred and fifty-eight ($158,000) General Mortgage sinking fund Dividends on the $1,524,000 pref. stock, which have been in abeyance gold bonds of 1882 have been drawn for redemption March I at 105 and numbered Bonds York. New Co., & int. at the office of J. P. Morgan since April 11915, when 2 % was paid, have been resumed with the declar3550, 4694, 6765. 6953, 7406, 7407, 8310, 8698, 8964, 11,498 and 12,667, ation of a 7% distribution, payable March 1 on stock of record Feb. 20.payment. for presented been not have redemption, for drawn previously V. 105, p. 1818: • V. 108, p. 479. Citizens Passenger Ry.-Tax Decision.See Philadelphia Rapid Transit Co. below. Columbus New Albany & Johnstown Trac. Co.- This company on Feb. 17 filed a certificate of decrease of capital stock from $600,000 to $575,000.-V. 92, p. 1498, 1032. Continental Passenger Ry.-Tax Decision.- See Philadelphia Rapid Transit Co. below.-V. 106, p. 924. Detroit United Ry.-City Offer Refused.- Representatives of the company on Feb. 12 declined the offer of the city of Detroit for the purchase of the system within the five cent fare zone for $29,653,936. It is understood that the company will place the matter before the stock holders shortly.-V. 108, p. 677, 578. Dominion Power & Transmission Co., Ltd.-Earns.- 1917. 1918. 1917. 1918. Gross earns_.13,204.644 $2,967,273 MaInt.& renewals_$58,992 $111.709 536.000 535.153 Oper. expens_ 2.044.467 1,733.759 Divs.. approx 128,271 191,067 395,584 Net earnings 436,912 Bond.&c.,int_ -V. 106. p. 2338. 929. - East St. Louis & Suburban Ry.-Fare Inc. Suspended. the application The Illinois P. U. Commission has suspended until Aug. 14 of this company for a proposed increase In passenger fares.-V. 108, p. 77. Exeter Hampton & Amesbury St. Ry.-Discontinuance. Lehigh Valley RR.-Application to List.- This company has applied to the New York Stock Exchange for authority to list $15,000,000 permanent 10-year 6% Collateral Trust bonds, due Sept. 1 1928.-V. 108, p. 683, 579. Louisiana & Northwest RR.-Sale.- This company's provrty, extending 115 miles from Natchitoches, La.. to McNeil, Ark., according to a press dispatch, may be sold to satisfy a mortgage on the property.-V.97, p. 595. Louisville Ry.-Status-Fares.- Pn?stdent T.J. Minary In an interview In the Louisville "Courier Journal" when asked if the company would, be forced into bankruptcy if an 'acreage In fares is denied, said: "We are now taking steps to avoid that, but if we are rot success-ul In getting permission to charge a greater fare than 5 cents, It is probable the co. will go into the hands of a receiver."-V.108, p. 579. Mahoning & Shenango Ry. & Light Co.-Franchise.- A press dispatch states that an agreement has been reached over the granting of a new 25-year franchise on the company's properties In Trumbull County. It Is agreed among other things that the rates of fare shall remain In force without change for a period of three years instead of one,as originally provided, and then shall be rdvised by the company and the county officials.-V. 108, p. 378. Milwaukee Light Heat & Traction Co.-Sale.- See Milwaukee Electric fly. & Light Co. above:3.-V. 108, p. 171. Montreal Tramways Co.-Sub. Co. Bonds.--- -Montreal Tramways & Power Co., Ltd.-Offering of Five-Year 63/2% Secured Gold Bonds.-A Hicks Lawrence, Fairmount Park & Haddington Ry.-Tax Decision.New York City, is receiving subscriptions to this company's See Philadelphia Rapid Transit Co. below. new issue of $7,300,000 Five-Year 63/2% Secured gold bonds, Frankford & Southwark Ry.-Tax Decision.dated Mar. 1 1919, due Mar. 1 1924. See Ph lad iphia Rapid Transit Co. below. The bankers announce that they will accept a limited Ft. Wayne & Northern Indiana Traction Co.-Receiver. number of the 6% notes due April 1 1919 to be exchanged for Upon application to the Evans Coal Co.. President Robert M. Feustel on Fob. 10 was appointed receiver for this company. It is stated that the the new issue at par and interest and will allow a premium appointment of a receiver at this time is for the purpose of bringing about which, based on to-day's rates of exchange, would be about some satisfactory reorganization.-V. 108, p. 378. P4%. A circular shows: Georgia Railway & Power Co.-Bonds Applied for.option of the bearer (or This company was authorized on Jan. 10 by the New Hampshire P. S. Commission to discontinue its lines to Hampton Beach at any time after May 1, if a sale cannot be effected before that time which will bring more than the junk value of the property.-V. 108, p. 268. See Montreal Tramways & Power Co., Ltd. below.-V,108, p. 379. This company has filed an application with the Georgia RR. Commission for permission to issue $633.000 of Refunding & Improvement Mtge. bonds, which are part of a total authorized issue of $30.000.000-V. 108, p. 683. Interest (M. & N.) payable in gold coin at the of the registered holder) at: The Merchants Bank of Canada, Montreal; Banque d'Hochelaga, Montreal; the Agency of the Merchants Bank of Canada in N. Y., U. S. A. The first interest coupon will be for two months, and will mature May 1 1919. Denom. $100. $500 and 151.000c*: subject to redemption, In whole or in part, at 101 and Int. upon 30 days' notice on Nov. 1 1921 and on any subsequent int. date. Trustee, the Montreal Trust Co., Montreal. Security.-These bonds are secured by pledge to the Trustee of: (a) $7,000,000, fully paid 5% Debenture stock of the Montreal Tramways Co.; (b) $2,500,000 Five-year 6% gold bonds of the Montreal Tramways & Power Co. Ltd., which in turn are secured by a trust deed pledging fully paid ordinary stock of the Montreal Tramways Co. $2,100.000' The total issue of ordinary stock of the Tramways Co. amounts to $4.000.000-and the pledging of $2,100.000 of this ordinary stock places in the hands of the Trustee, as security for the holders of these bonds, the control of the Tramways company. In case of an Increase In the capital stock of the said company, It is provided that sufficient stock shall be pledged to maintain absolute control. Franchise.-Under date of Jan. 28 1918, a contract was entered Into between the City of Montreal and the Tramways Co., which said contract was subsequently ratified by the Legislature of the Province of Quebec by 8 Geo. V.Ch.84. Under the terms of this contract, which is to cover a period of 35 years the gross earnings of the Tramways Co. are appropriated In the following order of precedence: 1.-The operating expenses. 2.-The creation of a maintenance and renewal fund of at least $500,000. 3.-An annual return of $2.177,177 10 being 6% on $36,286,285 which Is the capital value of its assets as determined by the contract. The company Is also entitled to 6% Interest per annum on all capital provided for betterments additions to and extensions of plant required by the contract, in addition to an annual sum of $181.431 47 to cover expenses for future financing. 4.-A payment to the City of Montreal of $500,000 per annum to represent the rental of the streets of the city to the company. 5.-The creation of a "Contingent Reserve Fund' of $500,000 to be available for certain specific purposes. 6.-The balance of gross profits after providing for the above, are to be distributed: 20% to the company, 30% to the City of Montreal, 507o to a "Tolls Reduction Fund." This $2,177.177 Is more than sufficient to pay all the fixed charges of the Tramways Co. on its outstanding bonds, debenture stock and a dividend of 10% on its common stock. The contract further provides that In the event of the now current fares being inadequate to cover the requirements of items 1, 2, :3. 4 and 5, then the Tramways Commission shall raise the fares so that the gross revenue shall be sufficient to meet the said requirements. Per-contra provision is also made that in the event of the existing fares producing more than is required for all the above purposes, then the travelling public shall got the benefit by a reduction of the current tolls. The system is already doing a very largo business, it Is able to handle a very largely increased traffic without much additional expenditure, as its density of travel per car mile Is low. Considering the terms of the contract with the city, It will be seen that the income on these securities is practically guaranteed and assured by a steadily growing population, now about 750,000.-V. 108. p. 269. Great Northern Ry.-Government Contract.- The Federal operating contract between this company and the United States RR. Administration was signed in December of last year, the annual compensation being fixed at $28,777,360.-V. 108. P. 378. 268. Green & Coates Streets Ry.-Tax Decision.- See Philadelphia Rapid Transit Co.-V. 107, p. 1384. Heston, Mantua & Fairmount Ry.-Tax Decision.- See Philadelphia Rapid Transit Co. below.-V. 71, p. 1167. Hocking Valley Ry.-Sale of Five-Year 6% Secured Gold Notes.-Kuhn, Loeb & Co. and the National City Co. have purchased and are offering at 983i $7,500,000 FiveYear 6% Secured $1,0000 gold notes, due March 1 1924. Int. M.& S. The notes will be redeemable in whole, but not in part, at the option of the company on 60 days' notice, at 101 and int. on any int. date on and after Mar. 11921. Both principal and interest of the notes will be payable in gold coin of the U. S. of or equal to the present standard of weight and fineness without deduction for any tax, assessment or Governmental charge (other than income taxes in excess of 2% per annum) which the railway company or the trustee may be required to pay or to retain therefrom under or by reason of any present or future law of the U.S. of America, or of any State, county, municipality or other taxing authority therein. Data from Letter of Chair. Frank Trumbull,dated N. Y., Feb. 19 1919. Security.-The notes are to be secured by the deposit of $9,600.000 face value of 6% General Mortgage bonds, Series A, of the company, maturing Jan. 1 1949. The new General Mortgage bonds will be secured by a lien on the entire railroad property of the company, subject to $19,864,000 prior liens, for the retirement of which General Mortgage bonds are to be reserved. The total amount of bonds authorized to be outstanding under the new General Mortgage at any one time Is to be limited to an amount which, Including prior lien bords, shall not exceed three times the then outstanding capital stock of the company and is to be further limited to $50,000,000. New Bonds.-49,783,000 new General Mortgage bonds are to be presently certified, including the $9,600,000 thereof which are to be pledged to secure the Five-Year notes. Additional General Mortgage bonds within the amount above stated, may be issued hereafter at par, for refunding purposes, for additions to, and betterments of, the railroad property, and for other capital expenditures to be defined in the General Mortgage. To the extent of 80% of the cost thereof bonds will be issuable for equipment to become subject to the General Mortgage and this mortgage will provide for a sinking fund of 5% per annum- for 20 years in each case upon the amounts of such bonds issued for equipment. Purpose of Issue.-The purpose of the present issue of notes is to provide funds to pay the $5,000,000 6% gold notes, maturing Mar. 1 1919: to provide funds for additions and betterments which have been made to the property during Federal control and for other corporate purposes. New York New Haven 86 Hartford RR.-llearing PostContract.-A contract is about to be negotiated under the Federal Co.Control Act of Mar. 21 1918, under which the minimum annual com- poned-Sub. The hearing In the application for a limited receiver for this company pensation, payable to the-company as certified by the I.-S.C. Commission, one Is $2,637,167, to which should be added other income estimated for the year made by minority stockholders owning 52,000 shares, was continued by consent of counsel. 1918 at approximately $120,753. The corporate expenses and fixed week by Judge Knox in the U. S. Dist. Court to-day See Central New England fly. above.-V.108. p. 683. 579. charges, including rentals and interest, amounted for the same period, to only $1,391,827, leaving available for Federal income taxes, dividends New York State Railways.-Annual Earnings.and additions to surplus, a balance of $1,366,093. 1916. 1917. 1918. Calendar YearsFor the calendar year 1918, as reported by the Railroad Administration, the $8,474,164 $8,460.001 $8,256,470 by s property company the of earnings the operation Gross from revenues the net $1,383,252 $2.152,911 $2,593,308 Director-General of Railroads, were in excess of the compensation payable Net after taxes and depreciation_ 146,214 110.664 25,719 Other income to the company as above stated. Property.-The line of the company forms the outlet to the Great Lakes $1,408,972 $2,263,575 $2,739,522 Total income at Toledo, Ohio, of the Chesapeake & Ohio Ry., which owns more than $1,480,771 $1,438,587 $1,377.774 Interest, rents, &c 80% of the $11,000,000 capital stock of the Hocking Valley company. c (5)193,125 (lh %)48,281 (5)193,125 Approral.-The issuance of these notes has been approved by the Preferred dividends (2 398.940(4,4)947.483 None Director-General, U. S. Railroad Administration, and application for the Common dividends r.37,221 23,479 Cr.25,124 Rys State Y. N. to 108, Proportion of U. Ohlo.-V. P. Commission approval thereof is being made to the c Ito Mho b. I.• ft. Ste 6a.. 16. c r 1. b._ b. ft IP• 480. 378. def.$143,559sur.$270,144sur.$246.264 Balance, surplus or deficit -Status.-V. 108, p. 683. Indianapolis 86-Cineinnati-Tractiod Co7-Secretary Claude Cambern in a statement referring to the adverse effect New York Westchester & Boston Ry.-Tariff Schedules. cost of in labor and material decrease the expected and of war conditions This company on Feb. 1 with permission of the New York P. S. Comsince the signing of the armistice, is quoted as saying: local passenger traffic as "The prospect for the extension of our line to Cincinnati, upon which mission changed its tariff schedules affecting any two points In any one zone, the final success of the property depends, must be uncertain and indefinite follows: Local one-way fare between except between points in New York zone, Harlem River to Dyro Ave.. until the cost of construction reaches more nearly a normal level." FEB. 22 1919.] THE CHRONICLE Bronx. incl.. 7 cents, an increase of 2 cents. Increases varying. n amounts from 2 to 5 cents in all interzone fares except between Wykagyl and Quaker Ridge. Commutation ticket fares, 60 and 46 trip, increased approximately 10%.-V. 106, P. 1689. Oakland Antioch & Eastern Ry.-Reorganization.- Philadelphia City Passenger Ry.-Tax Decision.See Philadelphia Rapid Transit Co. below.-V. 89. P. 1543. Philadelphia & Darby Ry.-Tax Decision.- See Philadelphia Rapid Transit Co. below. Philadelphia Rapid Transit Co.-Court Decision.- The Pennsylvania Supreme Court has affirmed the decision of the Common Pleas Court rendered in Nov. 1918 holding that the company must pay income and excess profits taxes levied by the Federal Governmen t on income of ten of the subsidiaries of the system. The ten subsidiaries are as follows: Philadelphia Passenger By., Germantown Passenger By., Ilestonville Mantua City & Fairmount By. Frankford /SG Southwark By. Union Traction Co., Philadelphi a Traction Co. Fairmount Park & Haddington By., Citizens Passenger Ry., Ridge Ave. Passenger By. and 13th & 15th Streets Passenger By. In the following cases the Court decided in favor of the Phila. Rap. Tran. Co.:Continental Pass. By.. Green & Coates Sts. By.and Phila.& Darby. The payment of the taxes involved in the case is est. at about $360,000. The lower court's opinion, which the Supreme Court affirmed, said: "The income tax is laid upon net income and the so-called war excess profit tax is laid upon income received during the calendar year preceding the time when the tax is assessed. So far as the covenant under consideration Is concerned, we think It amply sufficient to cover both the income tax and the excess profit tax in view of the fact that any tax assessed upon earnings or profits of the plaintiff were to be paid by the defendant.the "The plaintiffs having turned over all of their property to the defendant, the only earnings or profit they can receive are from the lessee, and whether the tax be imposed upon income, net or gross, it is in fact imposed upon the rental. Earnings and profits under the circumstances must be regarded as was the yewly rent in the North Penn case."-V. 108, p. 269, 379. Philadelphia Traction Co.-Tax Decision.- See Philadelphia Rapid Transit Co. above.-V. 106, p. 925. Pittsburgh Ry.-Subsidiary Company Deposits.- See Southern Traction Co. below.-V. 108, p. 684, 379. Puget Sound Traction, Light & Power Co.-Sales.- Mayor Hanson of Seattle on Feb. 10 signed the contract for the traction and power properties of this company. The of purchase ownership will not be acquired by the city until the legality of the actual transaction is decided upon by the Washington Supreme Court, which now has the matter under advisement.-V. 108. p. 270, 172. Ridge Ave. Passenger Ry.-Tax Decision.- See Philadelphia Rapid Transit Co. above.-V. 107, p. 1193. See Southern Traction Co. above.-V. 108, p. 685. York (Pa.) Railways.-Earnings.Nor. 30 Yrs.-1917-18. 1916-17. Gross earns_ _$1,091,711 $1,051,472 Net earnings_ $492,902 $545.569 Taxes 85.160 89,748 -V. 106. p. 1838. See San Francisco Oakland & Sacramento Ry.-V. 107, p. 1385. 785 United Traction Co. (Pittsburgh).-Sub. Co. Deposits. 1917-18. 1916-17. Depreciation _ $74,529 360.162 Pref. divs____ 80,000 140.000 Int. & discount 252,195 • 251,641 Net income__ 1.018 4,018 INDUSTRIAL AND MISCELLANEOUS. Aetna Explosives Co., Inc.-Sale of Oakdale Plant, &c.- Judge Julius M. Mayer in the U. S. District Court at New York on Feb, 19 authorized Receivers Holt and Odell to sell what is left of the plant at Oakdale, Pa., which was nearly destroyed by an explosion some time ago. Judge Mayer also authorized the sale for $230,000 of certain equipment In the plant at Mount Union and Emporium. Pa., but without including any of the real estate, raw materials or finished products on hand. V. 108, p. 381, 271. Air Reduction Co.-New President-Stock.- A. S. Bladgen has been elected President to succeed Walter W. Birge, resigned. The stockholders voted Feb. 19 to (a) reduce the number of pref. shares which the company may issue to 5,252, the number outstanding; (b) increase the number of common shares without parnow value which the company may issue to 258.320; and (c) increase the number of directors to 14. Compare V. 108, p. 380,685. Alabama Company.-Annual Report.- Drewry & Merryman of Baltimore have favored the " with the report of the company, which shows the following "Chronicle facts in addition to the income account published in last week's "Chronicle": Sales. -Production (No.oftons)Calendar Years1918. 1918. 1917. 1916. Pig iron 34,100,001 120,243 132.127 94.477 Coal • 417,320 842,041 870,528 764.494 Coke 285,236 286,698 291,673 235.936 Ore 44.065 315,229 336,138 257.958 The balance sheet of Dec. 31 1918 shows: Total assets of $8.970,695. against $7,969,887 in 1917: borcif d dcbt, $2,166.000, against $2.394.000 for 1917. Total liabilities, including reserves and capital are $7822,720, against $7,328,955 for the previous year, makingstock, total profit and loss surplus of $1,147.975 for 1918, against $640.931 fora 1917. [The directors in December 1918 declared a dividend of 4% on the $2,000.000 common stock, payable Jan. 10, making 10% during the year, 6% having been authorized in July 1918. There are also outstanding first preferred and $1,500,000 second preferred, both receiving 7%$600,000 per annum.] -V. 107, p. 2377. • Allis-Chalmers Mfg. Co.-Earning s.-- Dow Jones & Co. have published the following data for the 11 months ended Nov. 30 1918. supposed to have been obtained from a director: 11 Mos. 1918. Year 1917. Year 1916. The San Francisco "News Bureau" on Feb. 11 said: "As result of the Sales billed $31.434,110 326.129,317 319.440.509 Net profits negotiations for the reorganization of the Oakland Antioch &a Eastern 9,135.892 5,308,790 3,165.020 Ry., Tax reserves the Oakland & Antioch By. and the San Ramon Valley Ry., which have 4,139,000 1.298.300 extended over a number of years, a new corporation to be known as the Balance Oakland Francisco & Sacramento By. is to be formed to take over San $4,996,892 $4,010,490 $3,165,020 On Dec. 1 its unfilled orders totaled more than 330,000,000.-V. the properties of the reorganized companies, announcement to this effect 107, p. having been made. The reorganization plan presented holders of the 2190. securities of the three companies for their approval a yearto ago was declared to be fully operative, 85% of the holders of the various classes of securities Aluminum Co. of America.-Sale of Serial Notes.-A having given their assent to the plan. press dispatch from Pittsburg San Francisco Oakland & Sacramento Ry.-Reorganization.- h on Feb. 20 stated that the Union Trust Co. of Pittsburgh had purchased from this co. an issue of $12,000,000 6% Serial notes.-V.108,p.173. Southern Traction Co., Pittsburgh.-Bondholders' American Agricultural Chemical Co.-Stock Sold.Committee.-The committee named below is calling for deLee, Ifigginson & Co. and Hayden, Stone & Co.. as syndicate managers, posits of the First Mortgage and Collateral Trust fifty-year announce that they have sold all of the common stock held for the account gold bonds promptly (prior to Mar. 10) with coupons due of the syndicate.-V. 108. p. 173. Oct. 1 1918 at the Union Trust Co. of Pittsburgh, Pa., the American Chicle Co.-Bal. Sheet Dec. 31 1918.Farmers Deposit Trust Co. of Pittsburgh, Pa., or with the Regular preferred dividends of 134% each have been continued, aggregatFidelity Trust Co. of Philadelphia, Pa., the committee's ing $180,000 yearly and in December last dividends on the common suspended early in 1916, were resumed, I% being declared payable stock. depositaries. The committee says: 1919. The profit and loss surplus was increased during 1918 from Feb. 1 3710.544 San Ramon Valley Ry.-Reorganization.- See San Francisco Oakland & Sacramento Ry. Receivers have been appointed for the Pittsburgh Railways Co., and for all its properties and franchises, including the properties and pledged by the Southern Traction Co. to secure the payment offranchises Its First Mortgage and Collateral Trust Fifty-year gold bonds to the amount of 34,000,000, dated as of Oct. 1 1900. The company and its receivers have defaulted in the payment of the semi-annual installment of interest upon all of said First and Collateral Trust gold bonds which was due and payable Oct.Mortgage 11918. The present critical condition in the affairs of the Pittsburgh Railways Co. and the default in the payment of interest upon these bonds make concerted action essential. The undersigned, at the request of the owners and holders of the bonds to an amount already sufficient to enforce the rights of all the bondholders, have consented to act as a committee for the protection of their interests. Committee-T. H. Given, Pittsburgh, Pa., Pres. Farmers Deposit National Bank; II. 0. McEldowney, Pittsburgh, Pa., the Union Trust Co. of Pittsburgh; Jas. C. Chaplin, Pittsburgh,Pres. Pa., Vice-Pres. Colonial Trust Co.; and F. R. Welsh, Philadelphia. Pa., investment banker; with R. S. Wilson, Secretary for committee, Farmers Deposit Trust Co., Pittsburgh, Pa.; and Wilson & Evans,832 Oliver Building, Pittsburgh, Pa.. as Counsel.-V. 73, P. 554. 13th & 15th Streets Passenger Ry.-Tax Decision.Toledo Rys. & Light Co.-Fares.- See Philadelphia Rapid Transit Co. above. to $1,794,134, heavy orders, it is understood, having been received for the naval and military forces at home and abroad within the 12 months. 1918. 1917. 1918. 1917. Assets$ Liabilities$ $ Land,b1dgs.,equipPreferred stock_- 3,000.000 3.000.000 ment, &c 1,352,179 1,353,999 Common stock_- 8,000.000 8,000,000 Trade-marks,goodBonded debt 2,161,000 2,227,000 &c 8,155,897 8,155,897 Notes & accounts Inventories 2,715.337 1,946,637 payable 833,626 1,062,627 Advances for mat'l 661,928 469,548 Dividends payable 45,000 45,000 Notes & accts. rec. 1,466,527 975,088 Res. for taxes, deCash 256,378 379,698 preciation, &c 654,322 129,911 Stks.& bds. of 0th. Surplus 1,794,134 710,544 cos.& treas. stk. 1,560,745 1,383,462 Def.charges,&c 319,091 510,753 Total 16.488,082 15,175,082 Total 16.488,082 15,__175,082 The revenue bill increases the tax on sales from 2% to 3%.-V. 107' p. 2478. American Manufacturing Co.-Dividends.- The board has declared cash dividends at the rate of5% p. a. on the pref. stock and 67 0 p. a, on the common stock, payable quarterly, March 31, July 1 Oct. 1 and Dec. 31. out of the earnings of 1918. and also an extra cash dividend payable March 31 1919 of 2% upon the common stock. V. 107, p. 404. This company has applied to the City Council for an increase in fares to 6 tickets for 25c. and Sc. cash fares, and no transfers except fares. The application was filed in the form of amended ordinanceontocash American Pneumatic Service Co.-No Service in chises. It is stated that the increased rate will mean an additionalthe franThe clause in the $100,000.000 Post Office appropriation whichN.Y revenue provided of $618.000 per year.-V. 108, p.481. 380. for pneumatic tube service in New York has been eliminated ference of the two Houses of Congress on the bill.-V.107. p. by the con1006. Toledo St. Louis & Western RR.-Interest Payment.-- The interest due Jan. 1 1919 on the Prior Lien Mortgage 334% bonds due American Steel Foundries Cop-Control -Plans.-192t, is now being paid. See V. 108, p. 270. Touching reports of possible capital readjustment, F. E. Patterson, Secretary, on Feb. 21, in response to our inquiry, telegraphed: "In absence Underground Elec. Rys. of London, Ltd.-Int. Payml. of President and Acting President,can only say that after board of directors Notice is given that Interest on the6% income bonds due meeting Dec. 5 a statement was given to reporters reading ($6,330050 suggestion as follows: 'The outstanding) for the half-year ended Dec. 31 1918 at 3%1948 appearing in the press for a change in the capitalizati (free of British on of the income tax) will bo paid on presentation of coupon No. 22 on and was informally called to the attention of the directors, but after company was Mar. 1 at the London County & Westminster Bank, Ltd., 41 Lothbury not officially considered or acted upon. The situation and statement London, E.C.; at the N. Y. Trust Co., N. Y.; or at the Associate is equally true to-day.' Cassa in Amsterdam. Tho Chicago "Herald" as of Feb. 18 said: The meeting referred to last week was a meeting of the security holders "Chicago interests have secured control of this company and will dictate of the United 'Tramways Co. whose name was by some mischance omitted the reorganization plan which is to be worked out at the annual meeting, from our item. Compare V. 108. p. 581, 685. March 20. Chicago men are credited with holding two-thirds of the 171.840 shares of outstanding capital stock of the company, which may account Union Pacific RR.-Government Contract.for some of the recent heavy buying of that security. A press dispatch from Washington states that the contract with From an authoritative source it is learned that the [tentative) reorganthis company fixes the amount of annual compensation at $38,552,928 ization plan calls for dissolution of the present company and the formation and includes the following subsidiary companies: The Oregon Short a new corporation under the laws of Delaware. The new corporation Oregon-Washington ItR. & Navigation Co., the Des Chutes Line, the of RR., the will issue three shares of common stock for each share of the old company, Green River Water Works Co.. the Rattlesnake Creek Water Co. will exchange them on the basis of three of the new for one of the old. and and the Union Pacific Water Co.-V. 108, p. 270. The new stock will have no par value. At the outset it may be necessary because of legal technicalities to fix a par value of $25, but this condition Winnipeg Electric Railway.-Earnings.will be temporary."-V. 108, p. 582. 1918. 1917. 1918. 1917. American $ Sumatra $ Tobacco Co. -New Director.Gross earnings...3,588,723 3,339,009 Gross income_ 1,221,428 Eugene V. R. Thayer has been elected a director to succeed James R. Net revenue...A .176.496 1.195,497 Balance. surplus 289.784 1,243,374 De Lamar, deceased. -V. 108, p. 271. 353,629 In 1917 $201,050 was written off for depreciation, but nothing was allowed, apparently, in 1918. Surplus carried forward into 1919 Atlantic Gulf & West Indies SS. Co.-Sub.Co.Operation. amounts to $1,507,890.-V. 107. p 1838. 1670. See Clyde Steamship Co. below.-V. 108, p. 685. [VOL. 108. THE CHRONICLE 786 Atlantic Refining Co.-Report.- the annual Notice to stockholders accompanying the announcement of meeting on March 4 states that it has been found impossible to prepare will last year's annual report for submission at this time as usual. Report be mailed as soon as it is available.-V.108, p. 382. Atlas Powder Co.-Dividend Reduced.- the common stock, payA quarterly dividend of 3% has been declared oncompares previous quarable March 10 to holders of record Feb. 28. This108, p. 582. -V. extra. 3% and regular 2% of dividends terly Automatic Electric Co., Chicago.-Sales.-- 1916. 1917. 1918. Calendar Years$359,942 $264,189 $422,878 Net profits 173. p. 108, 92.-V. d $1,090,5 aggregate Orders on hand Dec. 31 1918 $1,400,000 is Of the company's capital, the entire preferred stock ofcommon stock about to be offered at par with a bonus of two shares ofwill be put into with every ten shares of preferred. The entire proceeds business. its in used and company the treasury of the new 27 1919 The stockholders of the Chandler Motor Car Co. of record Feb. above men: are hereby offered the first privilege of subscribing on the basis of shares 50 of holder each stock, s preferred tioned for the new company' shares of preChandler being entitled on payment of $1,000 to receive ten Co. le Automobi Cleveland the in stock common of shares two and ferred on price must be in Subscriptions with checks for one-half the subscripti1919; the balance by the hands of the Cleveland Automobile Co. March 5 date. that April 5 without interest to (Signed, F. C. Chandler, Samuel Regar, and Hornblower & Weeks, on behalf of the Cleveland Automobile Co.)-V. 108, P. 686. . Belding Paul Corticelli, Ltd.-Earnings.- 1917-18. 1916-17. Not. 30 Year- 1917-18. 1916-17. $26,250 Not stated $2,0 73,595 Reserves, &c____ $30,000 $125,457 Sales $278,732 $232,999 Preferred divs____ $121,142 Profits $17,297 $38,337 surplus__ Balance, 63,992 89,253 &c Interest, -V.106, p. 716. Chesebrough Mfg. Co.-Dividend Resumed.- This company has resumed the payment of a dividend of $3 and 50 cents ago extra, payable March 20 to stock of record March 1. Three months the company passed the dividend.-V. 107, p. 2011. Chicago Telephone Co.-New Chino Copper Co.-Earnings.- Black Lake Asbestos & Chrome Co.-Interest Payment- payment of 3% on the Income The directors have declared an interest a total of 6% for the year combonds for the second half of 1918, making half of 1916. The present last the for 2% and 1917 pared with 5% for payment will be made on March 1.-V. 107, p. 908. Bucyrus Company.-Obituary.- Howard P. Ells, Chairman of the board, died on Feb. 11.-V. 107,p.1578. Co.-Merger Approved.Buffalo General ElectricBuffalo. below.-V. 106, p. 2652. Director.- Angus S. Hibbard has been elected a director to succeed Robert T. Lincoln, retired.-V. 107, p. 1749. Total net profits Dividends rate do Balance -V. 108, p. 583. 174. -3 Mos. end. Dec. 31- -12 Mos.end. Dec.311917. 1918. 1917. 1918. $66,801 $2,282,167 $4,143,317 $9,594,878 1,739,960 3,914,910 8,612,802 869,980 (198%) (90%) (20%) (40%) def.$803,179 sur.$542,207 sur.$228,407sur.$982,076 Cleveland Automobile Co.-Stock Subscriptions.- See General Transmission Co. of See Chandler Motor Car Co. above.-V.108. IL 686. Burgettstown Coal Co. of Pa.-Offering of Bonds. ranging from hip Co.-To Continue Operations.- Clyde Steams at prices Graham, Parsons & Co., Philadelphia, have offered has decided President Raymond is quoted as saving that the company 4 and int., according to maturity, $600,000 First par and interest to 96, due its service between New Vork and Philadelphia. There will 11918, Dec. dated to continue bonds gold Mortgage 6% Sinking Fund Serial 686. V. D. p. & 108. J. Compare be two sailings weekly. 1928, incl. Interest $30,000 J. & D. from June 1919 through week. Denom. $1,000 c*. Further particulars should appear another Commonwealth Edison Co., Chicago.-Offering of nia & Hawaiian Sugar Ref. Co.-New Director. Bonds.-The Illinois Trust & Savings Bank, Chicago, is offering at the market, to yield about 51 2%, a block of this company's First mtge. 5% bonds. (See advertisement on another page.) Calumet & Hecla Mining Co.-Production.Net earnings Califor a dircetor to succeed P. A. Drew, formerly Secretary, has been elected been elected Secretary to J. F. Humburg, resigned. J. Q. McFarland has were re-elected. directors and officers retiring other All Drew. succeed Mr. Output in lbs.January 1919 January 1918 -V.108, p. 383. Cal. 80 Hecla. Subsidiaries. Total. 6,197,449 11,785,500 5,588,051 12,140,197 12,140,197 a Steel Co.-Extra Dividend.- The bonds are a first mortgage on the entire property. times the annual infor the calendar year 1918 are reported as over three which constitute the terest charges on $46,631,000 First Mortgage bonds, company's entire funded indebtedness. had sold an company the that yesterday [It was reported from Chicago issue of $4,000,000 of this issue to Chicago bankers.] Cambri the $45,000,000 stock in Annual Earnings.An extra dividend of 13,6% has been declared on payable Mar. 15 to holders 1918. addition to the regular quarterly of 154 %,both paid quarterly since Dec. 1916. *Connected business, 16of record Feb. 28. A like amount has been Co. About 97% of the stock is owned by the Midvale Steel & Ordnance candle-power equiv__ 15,336,791 $25,505,136 V. 106, p. 2124. Gross earnings Oper. exp., deprec., &c_ 16,942,025 to List.Canada Copper Corp.-Application comp'n_ 2,791,367 & munic. Taxes list to Exchange Stock York This company has applied to the New due Jan. 1 62,500,000 First Mtge. Convertible 6% Sinking Fund bonds, Operating income__ -_ $6,771,744 296,277 1928.-V. 107, p. 2291. Other income Canada Steamship Lines, Ltd.-Initial Dividend on Common Shares-New Officers.of Feb. 14 says: An initial distribu- The "Monetary Times" of 'Toronto at a meeting of the directors in tion on the common shares was declared was determined on, the Montreal on Feb. 11, when a rate of 4% per annum15 next. This has been March be made to 1% of first quarterly payment more. under discussion for the past two years or the'direct ors, James Carruthers, 'It was also made known that two of had resigned, because of President of the company, and J. C. Newman, dividend as agreed on by their opposition to the policy of a common sstock 'My principal reason for said: Carruther Mr. board. the of the majority interests are best s company' the adopting the attitude is that I consider of its premier capital Issli(3, bound up in maintaining the dividend position ned strengthe be should issue this words, other In the preferred stock. such a reserve backing that during a period of exceptional earnings with some years to come. for assured be would rate regular the of ce continuan the until there is My contention is that the disbursement should not be made a strong liquid reserve behind the preferred.' Director, who was elected Managing and . Vice-Pres "J. W. Norcross, President, stated that the comby the board to succeed Mr. Carruthers as a dividend was justified by the pany was in a strong position financially, upon was an indication of a condecided rate 4% the earnings, and further, d, retains his title of servative policy. Mr. Norcross, it wasofannounce . President that with coupled Director, Managing filled until the annual be not will directors of "The vacancies on the board 1. F. S. Isard, who was already meeting of the company, to be held March committee , was appointed direca director and a member of the executive .and Comptroller."-V. 108, p. 686. tor of Mane, to Government.Cape Cod Construction Co.-Sale House of Representatives to enact The Secretary of War has asked the operation by the War Department and n acquisitio ng authorizi legislation improvof the Cape Cod Canal. The House was asked for $10,000,000 for ing the waterway.-V. 108, p. 686. Gas & Electric Co.-Bonds-Stock.- Central Hudson d this cdmpany to issue The New York P. S. Commission has authorize with the privilege of conversion at $750,000 Convertible Debenture bonds has been permitted to also company The par into stock on Jan. 21 1921. as necesissue, beginning Jan. 1 1921, $745,000 common stock or as much bonds. debenture the of exchange sary for betterand for pay additions to used be The proceeds of the bonds are to p. 271. ments and amounts due banks and corporations.-V. 108, Chandler Motor Car Co.-Option to Subscribe for Stock 14 in New Cleveland Automobile Co.-A circular dated Feb. says in substance: , and Samuel Regar, Treasurer, of the Chandler F. C. Chandler, President er & Weeks, the bankers who Motor Car Co., and Messrs. Hornblow for some time that in addimarketed the Chandler stock, have recognizedcars of the type and price of motor tion to the very large field existing foropportuni ty for the manufacture and the Chandler, there also exists a great car. They have felt, however, priced lower sale of a smaller and was due in no small degree to the that the success of the Chandler car automobile comany to vital consider they which principle, one-type company, the Cleveland pany with which they may be connected. A new re this lower Automobile Co., has therefore been organized to manufactu priced car. been done already has work ent The costly experimentation and developmwith a car which has been thorat our expense, and the company will startshop is ready and tests road and rigorous oughly developed, has withstood any way be competitive with the for manufacture. The car will not in . Cleveland in red manufactu be will and car Chandler contracts with the Messrs. Chandler and Regar recently extended their important department Chandler Co. for a number of years, and the most that the Chandler so theirs, extended also have Co. heads of the Chandler most valuable members for organization is assured of the services of its Chairman of the Board and be will Chandler Mr. come. to years some e of the new company. Mr. Regar Chairman of the finance committe stock consisting of 14,000 • The new company has an authorized capital of $1,400,000 and 14,000 shares of preferred stock of the total par value The preferred stock is an 8% shares of common stock without par value. of $100 per share, preferred cumulative non-voting stock of the par value t redeemable at 105. For its retiremen as to dividends and assets, and commenci ng with Aug. 1 1920, from the there will be set aside annually, therefrom deducting after remaining earnings year's fiscal preceding stock, a sinking Federal taxes and accrued unpaid dividends on the pref. stock at any fund of not less than 5% of the largest amount of said pref. ng. outstandi time Total Interest on bonds Dividends (8%) 1917. 1916. 1915. 15,336,791 13,845,933 12,244,115 $25,351,585 $22,863,118 320,882.327 16,627,882 14,730,046 12,895,218 ' 1,582,039 1,835,913 2,229,907 $6,493,796 $6,297,160 $6,405,070 114,393 201,647 314,831 $7,068,021 $6,808,627 $6,498,807 $6,519,463 $2,131,550 $2,131,550 $2,099,393 $1,890,000 4,033,824 3,667,352 3,667,112 3,667,110 $962,353 $732,301 $902,647 $1,009,725 corporaservice public to other supplied energy * Exclusive of electrical tions.-V. 108, p. 83. Balance,surplus dated Gas Co.-Rate Reduction-Toluol Recovery. Consoli s suit for an The New York P. S. Commission, replying to the company' attempting to eninjunction restraining the Commission and others from denies the return, fair a pays gas -cent force an 80-cent gas law,finds that 80 than value of the property and charges the gas company'with supplying less power. 22 candle of the legal minimum an illustrated article The "Gas Age" in its Issue for Feb. 15 published nt describing this company's plants built for the Ordnance Departme 474. for the recovery of toluol from gas. Compare V. 108, p. 686,483, Consumers' Company, Chicago.-Earnings.- 1918. 1917. 1918. $33,199 $5,077,859 $4,608,942 Int. on loans Gross profit $803,766 Teaming & cartage 1,763,006 1,541,261 Net income 276,416 dive Preferred 2,026,246 2,216,517 expAdmin., &c., $527,350 195,216 Balance,surplus Int. on 1st M.bds. 184,971 78,500 Total surplus--- -$1,515,915 75,500 Int. on Ser'l debs_ -V. 107, p. 1840. 1917. $4,920 $762,799 276,416 $486,383 $988,565 Copper Range Co.-Dividend Reduced.- declared on the $9,758,400 A quarterly dividend of $1 per share has been to holders of record Feb. 20. outstanding capital stock, payable Marchin15 previous to which $1 50 1918, quarterly paid was 50 A dividend of $1 regular and an extra of $1 was paid.-V. 106, p. 2225. Crescent Pipe Line Co.-Results for Calendar Years.1918. $187,446 Net (all sources) 180,000 Dividends (6%) Balance, sur. or def.._ sur.$7,446 1917. 1918. AssetsInvest.(less dep.). $875,726 $895,784 9,792 13,389 Mat'ls & supplies_ Cash,acc'ts rec.,&e. 2,580,395 2,467,853 $3,469,510 $3,373,429 Total -V. 106, p. 712. 1917. $167,129 180,000 1916. $193,092 180,000 1915. $187,269 180,000 def.$12,871 sur.$13,072 sur.37,269 1917. 1918. Capital stock _ .$3,000,000 $3,000,000 23,615 Acc'ts payable__ 112,250 340,814 Profit and loss..___ 357,260 Total $3,469,510 $3,373,429 Cane Sugar Corp.-Bond Issue Postponed.- Cuba by the company referring to the The following statement has been issued of $25,000,000 serial bonds: postponement of the contemplated offering at this time. It has no obligabonds any sell not will on "The corporati is progressing satisfactorily, season tions that are pressing, the grinding any necessary financing can be done under and the directors believe that e at some later time." advantag better to and. s more favorable condition ___Nr. 108. P. 686, 384. Power & Light Co.-Earnings.- Dayton 1915. 1916. 1917. 1918. Calendar Years$2,430,728 $1,880,618 $1,613,873 $1,098,065 Gross earnings 579,582 999,961 1,266,544 Operating expenses__ _ 1,661,950 $518,483 $613,912 $614,073 $768,778 Net earnings 12,988 6,619 10,334 33,301 Other income Total income Charges, &c Preferred dividends $802,079 500,163 179,553 $624,907 305,979 177,750 $620,531 235,964 175,938 $531,471 217,933 128.347 Balance, surplus -V.107, p. 1484, 1387. $122,363 $140,678 $208,629 $185,191 Distillers' Securities Corporation.-Change in Name and Character'of Business-Annual Report.- 19 in Jersey City ers will be held March A special meeting of the stockhold as follows: to vote on amending the charter Products Corporation, Food S. U. to name the (a) Changing FEB. 22 1919.] THE CHRONICLE 787 (b) Adding to existing powers the further power to manufac ture, buy, sell, deal in, distribute, store, warehouse, import, and export cereal food products, feed stuffs, oil, yeast, vinegar and food and feed products of all kinds and products and by-products of all kinds, of grain, and other materials of all kinds; to own,lease and operate beets, molasses, central denaturing plants and warehouses for denaturing alcohol and spirits; and to carry on the general business of manufacturing cereal products, feed stuffs, oil, yeast, vinegar and food and feed products of food all kinds and products and by-products of all kinds, of grain, beets, molasses , and other materials of all kinds; and owning, leasing and operating central denaturing plants and warehouses for denaturing alcohol and spirits. (c) Changing classifications of directors in respect to the time of service. (d) Decreasing the authorized capital stock by par value of $1,534,100. Changes in the charter require the vote of two-thir ds in interest of the stockholders; no share can vote if transferred within 20 days of meeting. Compare also "Annual Reports" on a preceding page. -V. 108. p. 483 Fixed assets: Real estate, buildings, machinery. cars, &c $1,072.530 Current assets: Cash, $448,158; inventor ies, $1,839,887; notes and accounts receivable, $1,016,0 prepaid expenses, $29,100; total 87; investments, $28,100; 3,361,332 Current liabilities 1,352,917 Net current assets $2,008,415 Total net assets, exclusive of good-will, &c $3,080,946 Gross Sales and Net Profits. 1914. 1915. 1916. 1917. 1918. Gross sales $13,088.129 $12,078,973 $16,103,729 $18,096,708 $26,643.448 The average net earnings for above period were equivalent to about three times the pref. dividend. the The net earnings for the year ended Oct. 26 1918 were $511,193. Purpose of Issue.-The proceeds will provide addition al working capita and reduce current indebtedness. Preferred Stock Provisions.-No mortgage except with the consent of 75% Electric Bond & Share Co.-Sub. Co. Bonds.of the pref. stock. Additional pref. only for cash and at par when the net earnings are at least twice the dividend requirem See Carolina Power & Light Co.-Yadki ents on all pref. stock. Power & Light Co. above.-V.106, p. 2232.n River Power Co.-Palmetto A sinking fund, beginning Jan. 1 1921, requires that 10% of the net earnings in each year shall retire pref. stock by purchase or call. Elk Horn Coal Corporation.-Dividends. The proceeds from the sale of any fixed assets must be reinvested in other property or applied to sinking fund. A quarterly dividend of 75 cents has been declared on -No cash common dividends except the common and from earnings 75 cents on the preferred, both payable Mar. 10 to holders accumulated subsequent to 1918 and then only when of record Mar.1. fund terms have sinking Previous dividends paid on the preferred were ;1 been complie d with. No common dividend 50 semi-ann. since June which will reduce be paid 1916. On the common $1 paid June, Sept. and Dec. the net quick assets below 100% of theshall 1918.-V. 108, p. 584. preferred. The pref. outstand ing shall vote only when two consecutive dividends shall Fisk Rubber Co., Chicopee Falls, Mass.-Earnings.-- have been in arrears and unpaid and until the same shall have been paid. Managem ent. -The business has been operated without change of manCalendar Years1918. 1917. 1916. 1915 (14mos.) agement since incorporation and Net after depreciation__ $3,760,279 $3,578,485 $1,836,8 will continue in the same hands. 30 $1,791,579 Federal taxes 1,253,426 549,913 Indian a Pipe Line. -Repor t for Year ending Dec. 31.Preferred dividends_ _ _ _ 946,750 972,850 448,000 359,042 Deduction (a) 1918. 589,659 1917. 475,685 1916. 759,782 1915. 84,409 Profits for year $1,146,233 $1,454,154 $1,300.836 31,271.4 Dividends Balance, surplus (21%)1,050,000(24)1200,000 (18)900,000 (16)800, 16 $970,444 $1.580,037 $629,048 $627.128 000 Balance,surplus a Deductions were for the retirement of pref. stock.-V.108, $96.233 $254,154 $400,836 p.687. $471,416 1918. 1917. General Ordnance Co., Derby, Conn.-Acquisition.- Assets1918. 1917. Liabilities$ Announcement has been made that this company has $ acquired control Pipe line plant _ _4,681,652 4,440,966 Capital stock_ _ _5,000,000 5,000,00 of the National Tractor Co. of Cedar Rapids, Ia., Mat'l & supplies 36,753 Accts. payable__ 818,821 754,9090 practically the entire capital stock.-V.107, p. 1072. through purchase of Cash,oth.invest- 430,177 Depr'n reserve__1,826,294 1.763,096 ments and acFire insur. res've General Transmission Co. of Buffalo.-Merger.1.875 counts receiv_5,360.748 5,773,390 Profit and loss__2,827.462 2.731,229 The New York P. S. Commission has passed an order consenti ng to the merger of the Buffalo General Electric Co. into the General Total 10,472,57710,251.109 Transmission Total Co. of Buffalo. 10,472.57710,251.109 -V. 107, p. 2479. Hawaiian Pineapple Co., Ltd.-New Stock, &c.The stockholders will vote on increasing the. authorized capital stock from $1,200,000 to $1,600,000 by the issuance of 0 new stock at par. It is stated that the present rate of dividends$400,00 of 1% % will be continued. International Mercantile Marine Co.- Pres. Franklin said on Feb. 14 inst. there was no change in the situation in regard to negotiations for sale of the 's British tonnage to the United States Government.-V. 108, p.company 485, 273. Kelly Springfield Tire Co.-Earnings.Hess Steel Corp.-Sale of First Mortgage 6's.-Balti Cal. Years1918. more Gross 1917. 1917. Trust Co., W. W. Lanahan & Co., and Robert sales$7,187,834 $4,323,955 Sinking fund 2% 1918. Garrett & Oper. prof.on exp., &c___ 2,598,069 1,720,335 6% preferred Sons, Baltimore, have sold an issue of $400,000 First _ $75,164 Other income_ Mort-. 45,293 Profit shar. distr. 121,934 gage 6% 5-year Sinking Fund gold bonds dated Feb. Net profits $4,589,765 $2,648,913 Surplus $2,930,992 $1,453,585 15 Int. paid. &c 224,538 1919, due Feb. 15 1924. The bonds are a first closed Previous surplus_ -$6,691,028 $4,252,047 Fed' . taxes (1917)_ 434,124 mortTotal surplus $9,631,020 $5,705,632 gage on all the real estate, plant, &c., of the company, divs.(6%)._ 205,959 213,078 Spec.sur.retirem't ap- Pref. Corn. diva. (16%) 785,152 praised at $419,000. Gross earnings for 1918 were $382,785,152 pfd. stk., &c 433,162 107, p.2563. Final surplus $9,197,858 $5,705,632 509 and the net for the same year $199,484.-V. 101, p. 1717. Kenne cott Coppe r Corp. -Sale of $12,00 0,000 Notes to Humble Oil & Refining Co.-Stock Increas ported Banking Syndicate.-The following details of the financing of Sale of $4,110,000 for $20,000,000 to New Interese-Re this company's present requirements are characterized ts.A certificate was filed at Austin, Tex., on Feb. as ized capital stock from $4,090,000 to $8.200,0 11, increasing the author- being "substantially correct": 00, all of which has been subscribed. The new stock has been sold to New York men assumed by some to be Standard Oil interests The "Houston Post" says that "$17,000,000 is officially stated to be the purchase price finally agreed upon." The stockholders approved the increase and sale at a meeting held on Feb. 10. when the old directors were re-elected. The "Houston Post" says: "The compan y was organized in 1911 as the Humble Oil Co. with $150,000 capital which was later increased to $500,000. In 1917 the present company was formed $4,000,000 capital, 'the directors declaring a dividend of $600 a sharewith on the old stock. "The company owns half interest in the Wilson refinery in Oklahoma, with charging capacity of 1,000 barrels daily, a refinery with 1,800 barrels daily capacity and wax plant at San Antonio , a topping plant at Humble and the Southern pipe line. "The company recently had a production of 16,000 barrels a day distributed as follows: Gulf coast, 10,000 barrels; North Texas (Ranger field), 3,000 barrels, and Oklahoma, 3,000 barrels. It has large holdings in various counties of Ranger field, Humble, Goose Creek and Sour Lake districts of the Gulf coast field and in Healdton and other parts of Oklahoma. Compare V. 105. p. 1214, 1902; V. 106, P. 194; V. 107, p. 1484; V. 108, p. 584. Hurlburt Motor Truck Co.-Protective Committee.-On Jan. 22 1919. W. B. Hurlburt was d Receiver in equity proceedings in the U. S. District Court and appointe is now operating the business . There are outstanding $464,000 of 3-year 7% sinking fund gold notes, due Feb. 1 1921. Default under the note agreeme has entitled the trustee to declare the entire principal immediately duontand payable.. The committee is advised that these notes have no lien or security superior to the claims of general merchandise creditors , aggregating about $360,000. In view of the largo amount of claims as compare d with theltangible assets, prompt action is necessary to conserve the assets. An agreement is being prepared with a view to giving this committe the power to formulate and,if desirable, to some plan for the protection of creditors. Holders are invited toexecute deposit all said notes and unpaid coupons with the N. Y. Trust Co., 26 Broad St., as depositathe ry, 'subject to right to withdraw upon the submissi on of the deposit agreement. The committee then expects to make a more definite statement as to the exact condition of the company from an audit Committee.-Mortimer N. Buckner, Chairman;now being made. Lanier McKee and Carroll Dunham, 3rd, with Simpson, Thacher & Bartlett, as Counsel, and W. M. Evarts, Secretary. 62 Cedar St., New York. -V. 106, P. 718; V. 108, p. 385. Independent Packing Co., Chicago.-Offering of8% Cumulative Pref. Stock.-Fort Dearborn Trust & s Bank and Merrill, Cox & Co., Chicago, are offeringSaving by advertisement on another page, at 100 per share and accrue d divs., $1,000,000 8% Cumulative Pref. (a. & d.) par $100; divs. Q.-F. Callable all or part after Jan.stock, 1 1921 at 105 and divs. A circular shows: CapitalizationAuthorized, Issued. Preferred stock (this issue) $1,000,000 $1,000,000 Common stock 5,000,000 500,000 Earned surplus 1.581,000 Data from Letter of Pres. Patrick Brennan, Dated Chicago, Feb. 1, Company.-A Maine corporation, established in 1905 at Chicago, with an original paid in capital of $125,000. Its business includes the r of cattle, hogs and sheep, and the sale of fresh and cured meatsslaughte and byproducts. The business has grown from a daily capacity of 500 hogs and 100 cattle to the present capacity of 2,500 hogs and a gross annual business of over $26,000,000. About425 cattle, involving employees. Plants, &c.-The entire plant adjoins the Chicago 700 Union Stock Yards and occupies an entire city block, on which are eight adjoinin g buildings used by the following departments: Cold storage, fertilizer , hide, smokehouse, tank-house, cooperage and warehous e. The total floor space is approximately 302,200 sq. ft. The company owns, directly south of its present property, about sq. ft of land. The company owns 100 refrigerator cars. Total 44,000 fixed assets, Incl. real estate, buildings, ment and refrigerator cars represent an investment of over $1072,0equip00. Assets.-The following statement as of Oct. 26 1918, after giving effect to the proceeds of the present financin g shows: This company has completed arrange for the sale to J. P. Morgan and associates of $12,000,000 one-yearments notes at 99%. It is stated that there is to be no public offering of6% the notes. The notes are to be dated March 1 1919 and will mature March It is understood that although the compan1y 1920. has about 88,000,000 cash on hand and could easily have taken care of the last $4,000,000 maturity of the $16,000,000 of notes issued in 1917 without financing, the condition of the copper market at the present time has the effect of making the present note issue necessary. The amount of copper on hand at the mines of the company, in transit, at the smelters, &c., is understood to be between 00 and 30,000.000 lbs., with a similar amount above ground for 25,000,0 Braden, 50,000,000 and 60,000,000 lbs. above ground and unsold.making between noting that the company had this copper on hand, which The directors, it did not wish to sell until the market became stabilized, that it must pay out cash for operating expenses necessitated by an output only large enough to keep the operating forces intact and that funds be provided for the company s use in connection with new construcmust tion and improvements at the Braden properties in South America, authoriz ed the new note issue.V. 108. p. 687. 175. (S. S.) Kresge Company.-Sales.- January- 8aV les . 108, p. 175. 1919. 1918. $2,613,559 $1.991.182 Increase. $622.377 Laclede Gas Light Co., St. Louis.-Earni ngs.Cal. Years- 1918. 1917. 1918. 1917. Gross earns_ _$4,946,410 $4,800,264 Preferred divs_ _ _$125,00 0 $125,000 Net, aft. taxes 2,062.258 2,612,522 Balance available Depreciation _ 207,760 364,807 for common divInte1,244,38 re1st 1,204„53 38idends 45,117 $918,181 The company has been paying 7%3p. a. on its common stock now amounting to $10,700,000,since 1911, the amount needed in 1918 being apparently derived in part from surplus of year as above and in part from dividend reserve fund (on Dec. 31 1917, $150,274) and the p. & I. surplus and other reserves, which Dec. 31 1918 aggregated $1.142.807, against $1,310,377 in 1917. Compare V. 108, p. 273. Mackay Companies.-New Transfe Agent-Report.Preferred and common stocks will, on and afterrFriday, Feb. 21, be transferred at the office of the Guaranty Trust Co. of New York, recently appointed transfer agent. Cable Restrictions Off.- The Navy Department on eb. 19 announced that, effective Feb. 20, the restrictions imposed by the "regulations U. S. cable censorship" would no longer be enforced on normally routedof ams which both originate and terminate in the U. S., Alaska, Portocablegr Rico, Virgin Islands, Hawaiian Islands, Philippine Islands, or any in the Pacific.-V. 108, p. 83, 273. other island possessions of the U. S. Magma Copper Co.-Production.- JanuaryCopper production (lbs.) -V. 108, p. 273. 1919. 900,000 15 99 10 8..408 Mason Valley Copper Co.-Production.1919. 1918. JanuaryCopper production (lbs.) -V. 108. p. 274. 1.111,000 1,650,337 Increase. 309,592 Decrease. 539,337 Manufacturers' Light & Heat Co. -Earnings.Calendar Years1918. 1917. Gross earnings $9,693,5 73 39,122,218 Expenses and taxes 6,166,198 5,663,208 Dividends (8%)1,840.000(10%)2,300,000 Depreciation and depletion . , . Balance, surplus 2 $21,721 The company has 390 operating wells, with an $402.95 average daily production for the year of 560 barrels.-V. 107, p. 1388, 506. Maxim Munitions Corp.-New President. George T. Rowland has been elected President to succeed J. W. O'Bannon, resigned. H. H. Henry has been made Vice-Pros. and General Man -V. 107, p. 2293. [VOL. 108. THE CHRONICLE 788 Corporation, Denver.-New Stock.- Merritt Oil Me., on March 4, At the annual meeting, which will be held at Portland. increase in its capital stock stockholders will be requested to authorize an authorized, the When share. a $10 par from $6,000,000 to $10,000,000, ers 240,000 shares at $25 per company proposes to offer to the sharehold 1795; V. 107, p. 106. (V. Denver of Co. Refining Midwest share, and the not taken by the p. 2193) has agreed to purcha.se at that price any stock shareholders. stock from $5,400,015 This new issue will increase the outstanding capital company $6,000,000. With this to $7,800,150, and will net the Merritt advanced by the been have which loans off pay will company the money nts still due on options on Midwest Refining Co., together with installme . leaseslin the Big Muddy Field of Wyoming K. C. Schuyler states: In connection with the new financing President your company will be free of debt, "When this arrangement is perfected,unissued will have the proceeds and stock its of shares 219,985 will have ce of a reasonable drilling profrom its production for use in the maintenanfor accumulation as surplus." gram for dividends to stockholders and Further Data from Official Circular of Feb. 15 1919. averaged 5,750 barrels daily; Since Jan. 1 the company's production has Ohio Oil Co. thisiincludes the company's half of the oil produced by the jointly. from leases owned with incidate, to work ent The construction, equipment and developm the neighborhood of $3,000,000 over dental operating expense, has cost inthe develfor money The oil. of sale from derived and above the income Co., which company by its opment was advanced by the Midivest Refining practical acquired stock, of ns acquisitio later its and t investmen initial advances of money by the control. There were also acquired through in the Big Muddy Field Midwest Refining Co. certain interests in leases ng 33,000,000 and interest, aggregati payments for providing under options and above an initial payover ts to be made from time to time in installmen required for outlays ment of $500,000. A total of $6,000,000 is therefore 0 yet remaining of $1,125,00 balance the for provision make to date and to N. Y. in Dec. 1916 of Co. & er unpaid on said option. Carl H. Pforzheim V. 103, p. 2242; See share. a $9 at stock s company' the of block a placed V. 105, P. 502; V. 106, p. 1799. National Conduit & Cable Co.., N. Y.-Earnings.- 1917. 1918. 1917. 1918. $ Deductions$ Cal. Years625,574 Gross sales_ _ _14,011,664 20,318,538 Int., tax., &c_ 427,613 500,000 Dividends Costs, admin. 171,494 1,052,909 s __ exp.. &c___13,490,961 19,086,854 Deduction 21,045 822 stir_ _def.860, Bal., 1,231,684 Mfg.profit_ 520,703 86,429 98,997 Other income _ Total p. &I. sur. or def_df.839,777 sur.21,045 Tot. income 619,700 1,318,113 -V. 108, p. 585. New York Air Brake Co.-Earnings.-Dividend Reduced to 23/2%.- 1915. 1916. 1917. 1918. Calendar Years$10,380,584 $10,157,037 $24,051,103 $4,731,529 Sales for year $3,327,192 $2,477,185 $10,061,715 $2,411,905 Gross profit 688,618 466,753 403,359 994,638 Admin. exp. taxes, &c_ 180,000 180,000 180,000 180,000 Interest on Vends 200,000 1,200,000 100,000 taxes & Res. for depr. $2,052,553 $1,893,826 $8,214,962 $1,343,286 Net profit (20%)1,937,715(20)1986,980(11A)1149.126 (6)599,544 *Dividends Balance, sur. or def__sur$114,838 def$93,154S.$7,065,836 sur$743,742 1,090,350 1916 inc.&munit'ns tax.. 418,256 Adjustments 273,012 1,016,754 8,082,591 6,480,829 Previous surplus $6,595,667 $6,480,829 38,082.590 31,016,754 1916 surplus. *14)18 divs. declared out of 1917 surplus; 1917 out of brakes for the President Starbuck says in substance: The sales of air for a very good is outlook the and history our in largest the were year 1918 been yet have orders nt Governme large business in 1919. None of our of 1919. The settled, the profits of which will appear in the earnings dividends continue to sufficient than more were year past net earnings for the pay at this time a dividend Mexican Eagle Oil Co., Ltd.-Earnings.at the rate of 20%, but the directors decided to be 1914-15. 1915-16. permanently maintained 1916-17. 1917-18. at the rate of 10% in the belief that this rate can dividend 20 $12,959,0 12 of 2J4%,payable $18,082,4 47 49 $20,521,6 quarterly a $26,384,8 declared The company on Feb. 19 Profit on trading quarterly Prof. spec. marine insur. 2,472,273 March 21 to stock of record March 4, which compares with former 585. P. 108, Dec. 1916.-V. since paid of 5% dividends 20 12 $12,959,0 $18,082,4 47 $20,521,6 22 $28,857,1 Total profit 230,634 deb.136,393 deb.861,888 259,952 New York Telephone Co.-Acquisition.- Suffolk County Other income This company has purchased the property, &c., of tho 32 $12,097,1 19 81 $17,946,0 $29,117,074 $20,752,2 Gross income Telephone Co. of Patchogue, Long Island, which has operated indepenLess-Int. on sterling dently since 1903.-V. 108. p. 274. 176. $881,633 $881,633 $881,633 $881,633 1st M.bonds gs.680,000 2,125,000 1,700,000 1,360,000 North Pacific Public Service Co., Tacoma.-Earnin Preferred dividends.... (8%) (16%) 1917. (20%) 1918. (25%) 1917. 1918. Rate on preferred_ _ _ _ Cal. Year000 3,320 000 $22,544 6,640 _ $23,115 _ 8,300,000 8 charges_ 10,563,79 Ordinary dividends.. earnings_ _3213,154 $157,800 Fixed (A%) Grossafter 20,226 (16%) (25%) (20%) 42,770 Balance, surplus. 24,640 taxes.. 47,755 Rate on ordinary_ _ Net. Worces[Received from W.Emory Wardwell (of W.E. Wardwell & Co., $15,546,643 $9,870,648 $9,064,386 $7,215,499 ter, Mass.), Secretary of the board. Company incorporated in Mass. in Net income 4,168,419 Centralia & 4,822,227 6,503,419 5,627,441 Previous surplus Feb. 1915 and acquired properties of Grays Harbor Gas Co., Port AnChehalis Gas Co., Bremerton-Charleston Light & Fuel Co. and $22,050,062 $15,497,489 $13,886,613 $11,383,918 geles Water Supply Co. Auth. capital stock, $1,000,000 common and Total surplus 5,561,691 common 8,259,172 $550,000 8,994,670 last 8 advices, at ng 19,831,00 outstandi s pref.; cum. Less-Reserve $1,000,000 6% 1915, due and 3250,000 pref. Bonded debt 1st & Ref. M. gold 5s of $2,219,054 $6,502,819 $5,627,441 $5,822,227 March 1 1935, but callable at 105, auth. $1,000,000; reported outstanding, Total p. &I.surplus $325,000 underlying bonds,if any, not stated.] -V. 107. p. 2480. 2380. Northern Power Co., Ltd.-Notice of Plan.- Mexican under an agreement dated The reorganization committee appointed and the holders of 5% 30-year First June 25 1915 between the committeetheir thereunder, have adopted bonds Mortgage gold bonds who deposited company. Each depositing bondholder a plan for the reorganization of the to to such plan unless he assented have deemed be shall and receiptholder his receipt and pay his pro rata shall, on or before March 20 1919,surrender , which the comcommittee the of liabilities and re expenditu the of share bonds. mittee have fixed at 1-5 of 1% of the deposited Macaulay, Committee.-Edwin Hanson, S. J. Moore, A. Kingman, T. B. E. Mackay Edgar.-V. 108, p. 585. Total surplus 1917. 1918. 1917. I 1918. $2,219,446 $1,969,160 Gross income$12,586,864 $9,410,833(Surplus 9 11,514,1 0 14,274,73 loss and Profit Net income__ 6,004,640 3,473,485 Chgs. & divs_ 3,785,194 1,504,325 Total assets_37,693,217 32,277,270 2194. p. -V. 107. Midland Counties Public Service Corp.-Consolidation. -V.108.P.385. See Joaquin Light& Power Co. under "Railroads" above. Co. Extra Div.Midvale Steel & Ordnance Co.-Sub. p. 585. See Cambria Steel Corp. above.-V.108, Midwest Refining Co., Denver.-Practical Control.-- See Merritt Oil Corporation above.-V. 107, p. 2193. -Mohawk Mining Co.-Production. 1919. JanuaryCopper production (lbs.) -V. 108, p. 274. 1,169,633 1918. 984.343 Ohio Fuel Supply Co.-Earnings.- Increase. 185,290 Ward & Co., Chicago.-Annual Dividend. Montgomery, has been declared on the common The regular annual dividend of $5 of 7% on the prof. The pref. is to stock, along with the regular dividend574. be paid 13(% quarterly.-V. 108, p. Municipal Gas Co., Albany.-Rates, this company, upon three The New York P.S. Commission has permitted t, Green Island and the towns days' notice, to put into effect in Watervlie rate for the first 25,000 ft. Cu. M. per 30 a $1 Colonic and of Green Island the next 25,000 Cu. ft., and $1 05 in excess. the cu. ft. a month, $1 20 for an article referring to The "Gas Age" in its issue of Feb. 15 published g the company to ask the recent decision of the Court of Appeals permittin Court to enjoin gas rate litigation.-V. 108. p. 985, 176. Ohio Oil Co.-Extra Dividend.- $15,000,000 stock, An extra dividend of $4 75 has been declared on the of 31 25, both payable par $25, along with the regular quarterly dividend been paid March 31 to holders of record Feb. 28. Like amounts have quarterly since 1916.-V. 107, p. 1007. Oklahoma Producing & Refining Co.-Earnings.- 1917. 1918. Calendar Years)._ $4,540,380 $3,246,491 Gross earnings (including subsidiary companies 1,488,038 Deduct-Depre'n,$1,624,813; new dovel.,3803,173 2,427,986 319,025 600,000 Excess profits and war income taxes $1,512,394 $1,439,428 Balance of net profits 355,583 211,835 Propor. earns, of sub. cos. app. to stk. not owned.. $1,300,559 $1,083,845 Net earnings 677,745 988,375 Dividends paid during the year $406,100 $312,184 • Balance, surplus 108, p. 485. The report will be cited more fully inn subsequent issuo.-V. Petroleum & Transport Co.-Data.-- Pan-American hia, have prepared a Chandler Bros. & Co., Now York and Philadelp , with particular refercircular regarding the company and its propertiesp. 2194, 1672. ence to the value of the common stock.-V. 107, ne Companies, Inc.-New Directors.- Paraffi to sucS. W. Forsman and Bruce S. Brown have been elected directors officers were ceed Peter C. Brown and R. W. Pridham. All other retiring re-elected.-V. 107, p. 2014. & Gas Co.-Payment of Bonds.- Prairie Oil says: "The Prairie Oil & Gas Co., The "Financial America" of Feb. 20 debenture to a report, has paid off all of Its outstanding 50-year according s. Director -New Co. al the company has eliminated ation this By National Aniline & Chemic 1060. to 1955 due bonds. 6% During 00. Stewart have been elected direc$17,000,0 being amount original the debt, F. M. Peters, J. W. Hoban and Chas. 0.P.Schoell- all of its funded retired during tors to succeed J. F. Schoellkopf, J. F. Schoeilkopf Jr. and 1912 $8,000,000 bonds were retired and $5,000,000 were kepi% resigned.-V. 107, p. 2380. 1915. of 7,200 "The company has brought in a new well with an initial flow Inc.-Extra Dividend.National Candy Co., page. bbls. daily in Eastland County, Texas."-V. 107, p. 2482. -V. 1348: P. 106. preceding a on See "Report" ng Co.-Dividends.National Enameling & Stampi ago, the directors have declared Repeating their action of a year 134% quarterly Mar. 20, dividend of 6% on the common stock, payable 10, Aug. May 31, Aug. 30 and Nov. 29 to holders of record Feb. 28, May 11 and Nov. 10, respectively. payable stock, pref. the on declared also was 7% of dividend The regular and Dec. 31 to holders of record 1 % quarterly Mar. 31, June 30, Sept. 30 ely.' repsectiv 11, Dec. and 10 Sept. 10, June 11, Mar. Earns.-The annual report, to be cited next week, shows: INCOME ACCOUNT FOR CALENDAR YEARS. 1915. 1916. 1917. 1918. $5,072,650 $6.460,780 $3,679,762 $1,936,621 Total income $50.000 $50.000 Remuner. of officers,&c. 622,622 726,527 927,079 {$820,888 Depreciation, &c 64,138 45,908 21,344 General interest $736,760 $822,434 $842,232 $927,079 Total $9,145,571 $5,618,548 $2,857,328 $1,199,861 Net profits $133,619 $126,148 3118,993 $110,806 y Bond interest 140,000 146,500 154,000 161,500 Sinking fund reserve_ _ _ 1,1U0,000 Res. for Fed. taxes (est.) 1.100,000 500,000 General reserve 12.500 166,880 Written off, &c 598,262 598,262 598,262 598,262 Prof. dividends(7%)_ 2 Common divs. declare& (6)935,508 (4)623,67 $884,381 Total deductions.... $2,906,076 $2,594,927 $1,537,7880 $315,480 $1,239,495 $3,023,621 $1,319,54 Balance, surplus y After deducting interest on bonds held as an investment.-V.106,p.1123 Pressed Steel Car Co.-Annual Report.-* Income Account for Calendar Years.1916. 1915. 1917. 1918. 8 $4.818,893 $2,940,600 $3,476,831 $1,517,45 Gross income $192,643 $425,678 $510,293 Deduct-Rep'rs & renew. $468,107 300,000 300,000 400,000 deprec'n_ for Reserve 875,000 875,000 875,000 875.000 Prof. divs.(7%) (7 j)968,750(7%)875,009(434)531 ,250 Common divs $449,815 $380,307 $1,344,902 $2,107,036 Balance, surplus 10,597,377 10,217,070 8,872,167 8,422,352 Previous surplus 312,704,413 $10,597,377 $10,217,069 $8,872,167 Total surplus change in capitalization; accounts The balance sheet of Dec. 31 shows no 0; securities and stocks owned, Inpayable, $8,199,328, against 37,660,94 $3,334,076; notes and accounts against 9, $5,233,69 bonds, cluding Liberty 7; and cash in banks, $2.436,004, receivable, 38.473.273, against $5,350,27 1291. 1924. p. 107, 58.-V. 32,058,3 against Gas Co.-New Stock and Bonds.- Providence applying to the Rhode Island The stockholders will vote March 3 on company to issue mortgage bonds General Assembly for an Act enabling the preferred stock. The present issue to and stock the and also to increase now outstanding, stock $7,560,000, capital limit is $10,000,000. There isbut bond issue and no preferred no 0, $2,100,00 notes e convertibl and stock.-V.107, p. 2381. Telephone Co.-New President.- Providence to succeed P. L. Spalding, reMatt B. Jones has been elected President made General Manager to succeed signed, and William R. Driver Jr. was 1473. Joseph F. Beck. retired.-V. 101. p. FEB. 22 1919.] THE CHRONICLE 789 Public Service Co. Of Northern Illinois.-Earnings.- Cal: Yrs. 1918. Cal. Yrs. 1917. 1918. 1917. Total income_39,218,884 $8,797,765 xCom.divs.(7%$837,66 2 $832,734 Net earnings_ 3,632,970 3,488,431 Amort. & deInt. charges__ 1,784,796 1,614,867 preciation__ 438,234 451,571 Pref.divs.(6%) 455,280 455,280 Balance, surp. $116,998 $133,980 x Includes in 1917 $60,750 (against $56,850) on stock held by trustees of employees' savings funds not yet paid for, which has been returned to the treasury.-V. 107, p. 2381. Quaker Oats Co.-Extra Dividend.- An extra dividend of 1% has been declared on the common stock, along with the regular quarterly of 3%,both payable Apr. 15 to holders record Apr. 1. A like amt. was paid in the previous 4 quarters.-V.107.of P. 2103. Ray Consolidated Copper Co.-Earnings Not profits Other income Total income Dividends Rate of dividends_ Balance -V. 108, p. 586. -3 Mos. end. Dec. 31- -12 Mos.end. Dec.311918. 1917. 1918. 1917. $294,014 $2,547,541 $4,233,052 $10,348,654 114,099 23,331 419,489 65,695 $408,113 $2,570,872 $4,652,541 $10,414,349 1,182,884 1,577,179 5,125,831 6,624,151 (10%) (7M %) (32% %) (42%) def.$774,771 sur$993.693 def.$473,290sr$3,79*00.98 Richmond (Ind.) Light, Heat & Power Co.-New 7% Notes to be Exchanged for Notes Due March 1.- Subject to the approval of the Indiana P. S. Commission, the company is proposing to issue $450,000 Two-Year 7% Guarante ed gold notes, dated March 1 1919, due March 1 1921, for the purpose of refunding its Five-Year 6% Guaranteed gold notes of an equal amount which mature March 1 1919. The principal and interest of the new notes will be guaranteed by the United Gas & Electric Co.(of New Jersey). Holders of the maturing notes are requested to present the same when due to the Pennsylvania Co. for Ins. on Lives & Granting Annuities, 517 Chestnut St., Philadelphia, for exchange,$ for $, and receive also a cash payment of 3%. The $450,000 maturing notes constitute the outstanding portion of a total authorized issue of $1,500,000. The new notes will be limited to $450,000 in $1,000 denominations with semi-annual coupons; the company agrees to pay the normal Federal income tax, not exceeding, however, 2%. By reason of the abnormal conditions, the company has been unable sell securities to meet this maturity. Interest on the maturing notes to will be paid on surrender of the same for exchange.-V.98, p. 1004. Total net profits Dividends paid do rate Balance -V. 108, p. 587. $3,331,728 $9,340,784 $18,945,781 $29,984,868 4,061,225 5,685,715 16,244,900 23,555,105 (25%) (35%) (100%) (155%) def$729,497S.3.3,655,069S.32,700,881 S.$6,429,763 Valley Mould & Iron Corp-Offering of Bonds.- Otis & Co. and the First National Bank of Cleveland, Ohio, have sold at a subscription price to net 7X% for maturitie s averaging 5 years and 8 months, $500,000 out of the total authorized issue of $750,000 First Mortgage 7% Serial gold bonds dated Jan. 1 1919, due $66,000 Jan. 1 1921, 367,000 1922 and 1923, and 850,000 1924-1929, inclusive. at the First Trust & Savings Co., Cleveland, Ohio., trustee. Interest J. & J. The corporation was organized in March 1917 in N. Y. to acquire the property of the Valley Mould & Iron Co., Sharpsvil le, Pa., a concern enSt. Joseph Lead Co., N. Y.-Div. Reduced-Earnings.-- gaged in the production and sales of ingot moulds and incidenta l products A quarterly dividend of 35 cents per share (par $10) has been declared since 1892. The company has foundries at Sharpsville and West Middleon the stock, payable March 20 to holders of record March A dividend sex, Pa., and a blast furnace at Sharpsville, all on land owned in fee. of 50 cents was paid quarterly during 1918 and in Dec. 19178.paid For the ten months ending Dec. 31 1917 net sales were 75 cents. $19440,047 and the net earnings, after allowance for Earnings for Calendar Years. Federal taxes and dividends, were $1,003,624; net sales for eleven months ending Nov. 1918. 1917. 30 1918 were $15,639,1918. 1917. 978, and the total gross profit,,before allowance for Net income.$5,121,164 $10,130,459 Taxes taxes, $1,907,237.--$2,000,000 V. 106, p. 1236. Depletion ___ 1,297,981 4,520,186 Dividends ___ 2,819,004 $3,535,53 1 -V. 107, p. 611. Balance def995,8218.2,074,742 Wages.-Textile Workers Resume-Stock Yard Increase.On Feb. 17 about 14,000 of the striking textile Shawinigan Water & Power Co.-Earnings.workers at Paterson, N.J., returned to work -under the temporar Calendar Yearsy working agreement made-by the 1918. 1917. 1916. War Labor Board. 1915. Gross earns. (all sources) $3,621,074 32,902,210 $2,325,87 3 Judge $1,920,1 Samuel 43 Altschuler in the Federal Court Net earnings $2,335,053 32,149,368 $1,897,945 Chicago, acting as arbi$1,965,105 trator in the controversy between the employees at Interest charges $824,959 the stock yards and the 3698,503 $544,209 $526,073 companies, on Feb. 17 announced an award of of Reserve for depreciation an increase of 10% as of 100,000 100,000 Nov. 10 1918 to all employees receiving $20 a week or less. Employees Dividends (7%) 1.077,527 1,050,000 989,006 over 21 years of age receiving less than 42t cents an hour receive 7877, an increase of 23-i cents an hour, providing this does Balance, surplus not $332,567 $300,864 $364,730 $381,901 423.6 cents an flour.-V. 108, p. 487, 387. bring their wages to more than Previous surplus 30,143 44,279 Total balance, surp__ -V. 108, p. 386. Wayland Oil & Gas Co.-Annu al Report.Cal. Year1918. 1917. 1918. 1917. Gross earnings_ _$463,531 $461,437 Pref. divs $24,000 Net earnings Southern California Edison Coe-Bond 337,409 342,981 Corn divs(8%) $24.000 120,000 120.000 Deduct-Int.,tax.,&c 67,538 59,925 The offering of this company's $8,000,000 General and Details. Refunding Mort- Depreciation 120,778 91.721 Bal. stir, for year_ $5,093 $47,335 gage 25-year 6% gold bonds of 1918 was described in these columns The total profit and loss surplus Dec. The bonds were dated July 1 1917, duo Feb. 1 1944, and bearrecently. 31 1918 was $336,362. At the annual meeting of the stockholders interest - from Feb. 1 1919. They arc redeemable at 105 and interest it was voted that the President be at any authorized to buy in pref. stock at the rate date up to and including Feb. 1 1942, and at 102 and interest on any of $5 10 a share (par $5 per after. Interest F. & A. in New York, Chicago and Los Angeles.date there- shace).-V. 107, p. 2104. . Denom. $1,000, $500, $100 c*; $1,000, &c. r. Trustees, Harris Trust Wolverine Copper Mining Co.-Production.& Savings Bank of Chicago, Los Angeles Trust '& Savings Bank, Los Angeles. JanuaryCompare V. 108, p. 586, 486. 1919. 1918. Increase. Copper production (lbs.) 399,050 350,957 48,093 -V. 108, p. 282. $362,710 $345,143 Standard Sanitary Manufacturing Co.-Earnings.- Cal. Years1018. 1917. 1918. 1917. Cash dc d'ts receiv_$6,772,398 $5,769,971 Surplus reserve_ _ _$7,385,84 6 $6,079,839 Investments 1,835,160 1,682,072 ITotal assets Sr haAcets payable... 2,439,280 2,187,0181 billtles 22,711,126 21,730,457 -V. 107, p. 1751. CURRENT NOTICE. -In an advertisement on another page, William R. Compton Company, 14 Wall St., this city list a few of the municiapl issues Thomas Iron Co., Hokendauqua, Pa.-Earnings.-exempt from all Federal Income Taxes which they are offering at the Calendar Gross Net Other Int.& Dividends Balance, present time, yielding 4.50 to 6%. The firm calls attention to a comparis YearsSales. Profit. Income. Discount. Paid. on which must be made Surplus. in the investme 1918 $5,306,421 $84,819 $145,247 $38,705 nt return from municipal bonds compared with $41,361 1917 taxable 3,785,894 214,806 165,523 60,704 $150,000 securities . 124,997 Under the new Federal 194,628 Income Law taxable incomes must -V. 107. 1190. pay taxes varying in amount from 2% to 74%. In computing yields from Tobacco Products Corporation,N. Y.-Diges taxable securities it is necessary that the investor does not forget to figure as to Philip Morris.-Subscriptions-Report.- t ofCircular the deduction in taxes which he has to pay. This corporation has contracted to purchase the entire -The very impressive and pertinent address entitled "Lest We Forget,': business and assets of Philip Morris & Co., Ltd., of Now York, which owns all of the which was delivered by George E. Ide, President of the Home Life InsurUnited States rights of the brands "Philip Morris & Co., Ltd., Cambridge," ance Co., at the llth Annual Convention of and "Unis" cigarettes. A new company, Philip Morris the Home Life Agency Asso& Co., Ltd., Inc, ciation, held in has been organized under the laws of Virginia to New York. Feb. 11-12 1918, has been printed in over such brsiness pamphlet and assets. Such now company has an authorizetake form for public d distribut 'capital ion. It should properly be read and taken to consisting of 300,000 shares, all of one class, of a par value of $3,000,000, heart by all who would see capital and labor working 265,000 shares of the stock of such new company win be of $10 each. in perfect accord. issued, full paid and non-assessable, to Tobacco Products Corporat -In our advertising columns to-day Spencer Trask for $4 per share, & Co.jointly with the to be paid in cash, giving the new company a paid-inion, National City Company of this city are offering capital of $1,060,00 which will be available for the purchase by it of such 0, $2,500,000 Cleveland business and assets Electric Illuminating Co 1st mtge. 5% bonds and for working capital. due Apr. 1, 1939. Price At a special meeting of the board of directors of Tobacco 943-i and interest, to yield about 5.45%. See to-day's advertis ement for Products Corporation held on Feb. 15 1919, a resolution was providing for the full details of this offering and descriptive circular will be furnished on offering of 256,000 shares of such stock of Philip adopted Morris & Co., Ltd., request. Inc., at the same price (viz. $4 per share), pro rata to stockholders (both preferred and common)of Tobacco Products Corp.ofthe -All All the notes having been sold, the First National Bank of this city Feb. 281919. On or about Feb. 28 1919 a subscription warrant record will be mailed to each Is advertising as a matter of record only, its offering of $2,720,0 stockholder, representing his right to purchase such 00 State North of stock Carolina 4%% refunding notes due Mar. 1 1921. of the new company on the basis of one new share for each share of Price 100 and preferred and- Interest, yielding about 4% or common stock of Tobacco Products Corporation %• standing in his name on such date. Subscriptions must be paid at Bankers -A handy digest of the Federal Income Tax Trust Co., 16 Wall St., N.Y., in New York funds, on or before Law for the convenience of Feb. 18 by William A. Ferguson, Secretary.] Mar. 17 1919. [Signed as of individuals, partnerships and fiduciaries has been prepared by Alex. Brown & Sons of Baltimore for distribution. Copies For annual report, see "Reports" above.. will be sent free upon re[Up until Jan. 15, on which date the Tobacco Products Corp. paid a quest for "booklet Cl 2." 10% stock dividend on its common stock, It had outstandi ng 80,000 shares -A. A. Housman & Co. of this city are distribut of preferred stock and 160,000 shares of common ing a circular calling stock; adding the 16,000 attention shares covering the 10% stock dividend would bring to the present position and prospects of Missouri the total outstanding Pacific and the stock up to 256,000 shares.] outlook for the common and preferred stocks as well as the bonds of this road. Export Company Organized.See Tobacco Products Export Corp. below.-V. -George H. Burr Co. have opened bond departments 108, p. 689. 387. in their San Francisco, and Seattle offices under the management of Tobacco- Products Export Corp.-Organization.Haskell S. Hall, formerly of the Boston office of the National City This company has been organized in N. Y. to take Company . over all the foreign business of the Tobacco Products Corp., with a -Edwin Smith Hodgman has opened offices at capitalization of $1,000,000 10 Wall St., this city. 8% cumulative preferred (par $100) and 8,000 " - A" common stock with Ile will engage in the handling of investme voting rights and 40,000 "B" common securities nt and negotiating voting rights. The com- original issues. mon shares have no par value. All of thewithout stock will be owned by the Products Corp. Tobacco -B. J. Van Ingen & Co. have been awarded an Issue of $71,000 The new company, it is stated, will take over Townall of the business the ship of Little Falls, N..1.. 5% sewer bonds corporation with the exception and are offering them to yield of that within the U. S. It will takeofcon4.80%. THE CHRONICLE 790 The Tommercial iin COMMERCIAL EPITOME [Vol.. 108. thing. It is planned to erect a monster cotton warehouse in the free lighterage zone of Staten Island, N. Y., which, it is said, would make New York the leading spot cotton market in the country. Of the Government's offerings of 3,000,000 pounds of wool at the Boston auction, 84% was y. sold. Lower grades were in better demand than formerl The weather has continued unseasonably mild; song birds have been heard in the suburbs for several weeks past. In short, it is the most remarkable winter so far in the last fifty years in point of mildness. LARD steady. Prime Western 26.20@26.30c.; refined for the Continent, 28.750.; South American, 28.90c.; Brazil, stocks in kegs, 29.90c. Futures advanced. Semi-monthlyhas offfell off. The export movement is heavy and this although set some disappointment as to the domestic trade,have now at times there was a good cash demand. Hogs and then declined, and also corn. A weakening factor do later on was reports that smaller packers will have toExexport business hereafter without Government help. port clearances last week, however, were 123,000,000 pounds. 25,096,417 The stock of contract lard on Feb. 15 was only total of all pounds, against 29,142,801 pounds on Feb. 1; pounds on kinds, 39,944,415 pounds, against 52,454,203 ed; also Feb. 1. Prices have risen to the maximum permitt is supribs. Packers bought lard against export sales, itadvanc e posed. To-day prices were higher, and end at an for the week. Friday Night,. Feb. 21 1919. There is a fair business being done, taking the country over. As a rule there is little activity. Hero and there sales of goods are larger, but they are accompanied in some of shipcases by guarantees against losses up to the time which ment. This of itself is a sign of the cautiousnesstone is inspires American business in most lines. Yet the ppi rather more cheerful, especially west of the Mississi NorthRiver, and notably in the big grain States of the is fixed west and the Pacific Coast, where the price of wheat market by the Government. The recent rise in the stock in busihas undoubtedly had a more or less bracing effect ness circles generally. So has the announcement that the s, question of the railroads will go over to the next Congres which, it is believed, will not favor Government ownerLiberty ship. The prospect of a change from a long-term also not bond issue of six billions to a short-term note has that been without its effect, to the extent, at any rate, business men generally think that within certain limits, at least, it augurs well for general business. And the wintera, wheat belt has been favored by good rains or snows over luxuhigh record acreage. Also, it is again remarkedngthat precious O. ries such as automobiles and jewelry, includi OF LARD FUTURES IN CHICAG of the DAILY CLOSING PRICES Fri. Wed. Thurs. Sat. Man. Tues. stones, are in active demand at various big centresare 25.35 24.85 24.35 also 24.50 24.65 seeds and cts_25.00 nts delivery impleme May ural agricult And . country 24.40 23.40 23.90 23.65 24.10 23.82 sec- July delivery significantly active. Trade in dry goods in Eastern ; clear, $43@$49. nominal rea 50, 9 as extent, $49@$4 mess, certain a firm; to ed PORK increas has country the tions of grades of Beef firm; mess, $35@$36; packet, $37@$38; extra India sult of the recent decline in prices. The better s. Lum- mess,$62@$64; No.1 canned roast beef,$4 25; No.2,$8 25. auction ment Govern the at well sold have wool work, delayed for sections some Cut meats slightly higher; pickled hams,10 to 20 lbs., 26%® in demand better in ber is buildthat zed emphasi is fact %c.; pickled bellies, 29@30c. To-day May pork closedy The 273 higher. is k hemloc and ebb, extreme its seen tly $41 12, a rise for the week of $.92. Butter, creamer apparen at has country this ing in appearall to that and 52®52 . Cheese, flats, 27M ®31c. Eggs, fresh figures, extras, January the from judging on bearing fact A better. d extras, 44c. the gathere for turned has tide ance the this question is the scarcity of rental property ininvarious E dull on the spot; No.7 Rio, 153/2c.; No.4 Santos, COFFE rents, parts of the country, and the consequent rise fair to good Cucuta, 203'I ®20%c. Futures de2 2c.; 1@213' g for liquidation. Support has been lacking. It evidently the result of the cessation of normal buildin long on clined words, has been some outside buying but it has there several years past, owing to the war or in other that true is of ve factor. Not a few discouraged longs aggressi a failure of construction to keep pace with the growth an been not ion apexport business with Europe has been Some population and trade. New York, with its populat out. sold have on to . The removal of the embargo on however proaching 6,000,000 people, is by no means an excepti said, is it done, housing is exports would certainly seem to open the way for foreign this state of affairs. In its way this question of The perhaps one of the most striking signs of the times. s as time goes on. But there does not seem to be not far off is busines belief that the signing of the peace treaty is the it as yet. Foreign buying was a feature here late of much an Americ But there is considerable bearish sentiment; also more or less of an inspiriting factor in week. the in , and rallies are noticeable, suposedly for short world of business. More buyers are in the markets the on sales nummore centres in the distant months. To-day though sales in many cases are small, they are and the account. Interest d but they end slightly lower for the week. erous. In iron and steel, to be sure, trade lags,ntly advance prices ar9814.00 Nov-__c_ 13.6913.71 decline in prices has perhaps not been permane of au- May---c_14.6014.611Aug --c-13. 13.61@13.82 13.86®13.88 Dec 14.35(14.37 Sept June rested. It is true, also, however, that manufacturers 13.86@13.58 .80 Jan 13.78@13 Oct .13 14.10@14 July bought tomobiles, tractors and agricultural implements have as the ees test, 96-degr gal, centrifu for 7.280. at remains SUGAR sheets and plates more freely. It is believed that tee Commit The 9c. ted Granula Rican. Porto with and meet Cuban season advances other construction material will merchan- has been buying Cuban raw as tonnage became available. a better demand. The export trade in general Col- But no striking features have been noticeable. For the dise is expanding. Commercial failures are still few. is of March 20,000 tons have been arranged for in It d. lections are fair to good. Cotton has advance increase. first halfRefined is in increasing demand, partly for export, Cuba. hoped that exports of this commodity will ere long yet, but from European neutrals. It is not at all active as Grain and provisions are higher. It may be saidsminisgenof the one been has Spain made. been has the ng a beginni raw eral that a cautious optimism rather than pessimi buying been has tee Commit The buyers. l principa dominant note in American business. York. New freight dcost-an a 5.88c., of and basis ned the A strike of 100,000 building workers is threateand Labor on OILS.-Linseed quiet but. steady; city raw, car lots, conference at Washington with officials of the War s. $1 45;5-bbl. lots, $1 48. Edible lard,$1 90@$2. Cocoanut, fruitles been has ce avoidan its to looking ments Depart Soya with a c.; Cochin hbls., 18@183/2c. Olive, Another meeting will shortly be held in New Yorkd textile Ceylon, bbls. 15®153 crude, wood, 14@15c. oil, Corn thousan Sixteen 133/2c. bean 123/2(4) strike. a such g avertin of view thou- $3@$3 25. Cod, domestic, $1 40®$1 45. Spirits of turworkers at Paterson have returned to work. Fifteen s pentine 70()71c. Common to good strained rosin $13 10. factorie n Brookly and tan Manhat in workers shoe sand strike on are persons 50,000 than More PETROLEUM in fair demand; refined in barrels,.cargo strike. to n threate - $17 Employ States United the of Reports 25@$18 25; bulk, New York, $9 25@$10 25; cases, Spain. na, Barcelo at e New York, $20 25@$21 25. Gasoline remains unchanged; increas an showed 15 Feb. ending week the for Service ment . The total motor gasoline, in steel barrels, to garages, 243/20.; to conof 57% in the cities reporting unemployment week to 321,- sumers, 263/20. Gas machine, 413/ 20. The demand for unemployment rose from 290,831 the previousthe Carolinas, kerosene for foreign account has been a feature. Stocks are 785. Slight shortages are reported from Tacoma light. The foreign demand for gasoline is reported to be Georgia and Alabama. Shipyards in Seattle and oying those less keen. The domestic demand, however, is fairly active. will reopen Wednesday, the 19th inst., re-empl It It is said that the winter consumption of gasoline for home who apply at wages which prevailed prior to the strike. g and account marks a high record. The inquiries for lubricating is said that information is in the hands of the Shippin York oil are said to be limited. In January, pipe line statistics War Trade boards that British ships are leaving New American covering the systems east of the Mississippi River showed with half cargoes or in ballast rather than transport shortage of a slight decrease in total runs and the daily average, as products to foreign markets. Owing to dthe tration compared with the records for the month of December. American ships at New York, the Railroa Adminis $2 38 Minols, above 30 42 Pennsylvania dark $400 South IAma is refusing to deliver freight to certain terminals. Noofwonder $2 degrees 2 28 2 77 Indiana cargo 2 42 Kansas and Oklathe relinquishment of 500,000 deadweight tonsan Hurley CabelI Princeton 75 1 Crichton 2 25 homa Chairm by 260 285 Somerset, 32 deg Corning shipping from army service is sought 1 25 Caddo, La.. light- 2 25 285 Ragland Daniels that Wooster 1 00 heavy La.. Caddo, 25 2 of the Shipping Board. He told Secretary for 225 Electra is Thrall 2 78 225 Canada 225 Moran Strawn $100,000,000 worth of commercial products forexport 1 45 Healdton 33 2 of want Plymouth 15 2 ports De Soto 225 Henrietta blocking terminal facilities at American 238 North Lima like at is somewh It ships to transport it abroad. firm. TOBACCO has been quiet but is said. Copper steadily declines, latterly touching 16c., it buyers. On the for corn. a deadlock. Holders are very firm but so are Official lower prices, it is rumored, may be fixed the other buyerseither on way; give to refuse sellers side one finished for price further deBrass interests have dropped their base has pre- take nothing or take as little as possible pending goods to a 17-cent copper level, the lowest which scents dictated by the buyers of attitude This nts. lend. will velopme na Argenti tending vailed for several years. It seems that food- opinion that prices of commodities generally are tobacco the Allies $200,000,000 to be spent in Argentina for Porto Rican over. is war the that now rd, comnt downwa importa stuffs and raw materials. This may mean trade, for one has been in fair demand and considerable business is repetition with the United States in the grain FEB. 22 1919.] THE CHRONICLE 791 ported in Havanna leaf. But domestic tobacco is distinc tly Week ending Feb. 21 1919. quiet. From Aug. 1 1918 to Feb. 21 1919. Exported toExported toExports COPPER dull and again lower at 16@164e. 1 for electro fromGreat Great lytic in small lots, with 18c. for Lake asked by the big Britain. France. Other. Total. Britain. France. conOther. Total. cerns. Tin quiet at 71 @72c. Lead quiet at 5.10c. Spelter Galveston__ 6,751 6,751 492,526 58,701 259,02 810,254 quiet at 6.75c. Texas City_ 15,8 15,800 Nogalez PIG IRON is a trifle more active, although the Moral Pt. 13 130 NewOrlean 7,552 13,57t 15,082 36,213 332,981 172,54! 134,711 640,241 situation is not regarded as on the whole favorab Mobile 58,221 le. In 58,221 Pensacola __ fact business in the main is so slack.that prices show 9,532 9,532 Savannah__ 14;51 13-,E 93,081 164,65 of weakening. Export orders have increased somewh signs Brunswic 77,41 335,147 k_ at 33,663 on 33,663 Charlesto n_ lower rates of freight, but a disturbing factor is a 1,000 4 1,400 d Wilmington 16,759 16,75• hint that the Government may scale down prices reporte 2240 22,405 Norfolk____ further. New _ 23,77 31 23,806 Consumers are buying so sparingly that it would not York.. 10,387 2,858 13 ,28 252,794 50,064 189,33 492,196 be at Boston all surprising if the quotation of $31 recentl 22,28: 5,576 27,862 Baltimore__ 12,35 12,355 should be shaded, in an effort to simulate businesys.reported. Philadel'a__ 19,11 Mean2,3 21,416 Pacific ports while, the market is really in a waiting attitude. 30,1 1 1 30, 313,82 313,822 Spring it is hoped, will bring an increase of business. Total____ 24,69 27,079 64,739116,508 1,350,33 452,571 1,0i5,34t 2,818,250 Steel has remained for the most part quiet and there is Tot.'17-18* 38,906 8,705 21,09 68,7061,732,61 386,132 846,5732.965,321 talk of lower prices impending, through possibl Tot. '1647_ 2,933 53,287 e 14.031 97,251 2,016,091 618,6651,396.8494.031,605 of the Government, or otherwise. Further interfeaction rence by *Figures adjusted to make comparison with this season authorities is deprecated; it might do more harm approximately correct. than In addition to above exports, our telegrams to-night it is asserted. Meanwhile opinion is divided as to good, also prices are naturally bound for a lower level or not.whether give us the following amounts of cotton on shipboard, not Sheet cleared, at the ports named. We add similar figures and tin plate mills are said to be busy. Larger for sales of New York. sheets are attributed to the buying by the automobile industries. Canning industries have been steady . On Shipboard, Not Cleared forThe general direction of prices, based on the law ofbuyers supply and demand is believed to be downward. Sheets for Great GerOther CoastLeaving battle- Feb. 21 at- Britain. France. many. Contl. wise. Total. ships show bids $1 a ton lower. Alloy steel is Stock. rivets, Dalveston ____ 6,618 it is said, will be reduced $4 a ton; wire nailslower; 1,000 1,000 45,837 261,451 are 15 cents New Orleans__ 30,687 37,219 9,788 a keg lower; coated nails are cheaper. 4,321 44,796 398,990 Savannah ____ 12,000 18,000 Dharleston Mobile 400 30,000 400 226,628 58,235 5,591 5,591 18,599 COTTON Norfolk 250 250 104,074 New York*_.... 5,000 3,000 3,000 11,000 75,701 Friday Night, Feb. 211919. Dther ports*__ 8,000 2,000 2,000 12,000 85,370 THE MOVEMENT OF THE CROP, as indicat Total 1919__ 67,896 52,007 telegrams from the South to-night, is give!). below. ed by our 28,321 1,650 149,874 1,229,148 Tota119 18_ 61,111 34,307 26,200 152,168 1,350,637 Total 1 91 7_ _ 25_504 31,000 week ending this evening the total receipts have For the 11.572 15461 24.112 77.250 1.239.273 90,960 bales, against 101,477 bales last week and reached * Estimated. bales the previous week, making the total receipt107,571 Speculation in cotton for future delivery has been fairly s since Aug. 1 1918 3,645,458 bales, against 4,414,648 for the active for these times, at an advance which at one time same period of 1917-18,showing a decrease sincebales Aug.1 1918 amounted to nearly 23/i cents. This was owing, among of 769,190 bales. other things, to persistent Liverpool buying, a steady rise of prices in Liverpool, rather better dry goods Sat. Mon. Tues. Wed. Thurs. Fri. ,a I Total. scarcity of contracts and an advance in the stockreports market. Galveston _ _ ._ 2,29'7 5,836 5,795 10,954 1,792 Liverpo ol's spot sales have latterly been increasing. Con1,128 27,802 Texas City_ _ _ . • ____ 1,016 ... ---498 1,223 ---_1 2,737 tracts there have at times been scarce; the trade has readily Pt. Arthur, &c ____ 5,398 5,398 absorbed offerings. New Orleans_ _ ._ 5,331 8,829 6,702 3,429 The labor situation in England, too, has 4,138 3,198 31,627 Mobile 76 313 68 421 60 175 1,103 on the whole been reported rather better. Print cloths here Pensacola ___ _ Jacksonville _ _ have been firmer. At Lawrence, Mass., workers, it is said, 600 600 Savannah ___ _ -- 2,793 2,568 3,345 1,887 1,380 9631 12,936 are steadily returning to the mills. Spot prices at the South Brunswick _ _ _ have been reported generally firm, particularly, Charleston _ _ _ :: 205 152 834 155 280 1,239 2,865 r, Wilmington --129 73 for the better grades. Though there was a breakhoweve 238 197 90 219 946 Norfolk here on 891 1,196 591 904 592 304 4,478 the 19th inst. in a long market, the technical positio N'port News, n, taking New York.._ _ _ the, week as a whole, has been strong rather than 50 weak. 50 Boston - -85 --io -150 :::: --H ____ Shorts , mindfu of l recent experiences, have been more cauBaltimore _ _ _ _ .---- ---- ---- ---- ---- ---- -218 Philadelphia - tious. And the agitati on at the South continues in favor of ---------------------Totals this w 1, 11 775 10 001 17 ROQ 12•AAM 0 K41 1.) A7A on nan a reduction in the acreage this spring. In fact, the South • seems to be becoming aroused on the subject. The GoverThe following shows the week's total receipts, nors of Texas and South Carolina have even appointed total tain cersince Aug. 1 1918 and the stocks to-night, comparthe days on which farmers will be asked to make a formal ed with last year: pledge that they will reduce their acreage, such and such an amount. Moreover, farm work at the South is back1918-19. ward. 1917-18. Recent reports from Alabama said that it was about Stock. Receipts to a month in arrears east of the Mississippi, owing to prolon Feb. 21. This Since Aug This Since Aug ged Week. 1 1918. Week. 1 1917. and excessi ve rains. From Texas and other parts of the 1919. 1918. Southw est have Galveston recently come similar complaints, though 27,802 1,251,948 27,954 1,340,893 307,288 325,249 they are not so insiste Texas City 2,737 54,234 1,552 nt as they have been from sections east 51,708 17,401 32,360 Port Arthur 8,102 of the river. Neverth Aransas Pass, &c.. 5,398 eless in the southwestern cotton region 40,066 288 19,967 New Orleans_ it 31,627 971,368 37,282 1,162,84 is claime d that the season is one or two weeks late. It is 6 443,786 453,645 Mobile 1.103 102,122 3,305 80,052 24,190 Pensacola 17,470 insisted, too, that German potash will not be available in 9,422 25,941 Jacksonville time for 600 this 18,096 season's farms work. Alsace-Lorraine, it is 400 38,000 11,120 Savannah 17,200 12,936 695,799 13,386 818,798 244,022 said, will not ship any until next summer. Meanwhile other Brunswick 200 53,150 1,000 115,900 256,628 3,500 23,000 fertilizers are high, and purchases of them are Charleston 2,865 126,520 1,011 182,639 said to be 58,735 56,284 Wilmington 946 71,350 771 68,470 40,818 42,906 relatively small thus far, so much so that some of the ferNorfolk 4,478 206,509 7,827 236,061 104,324 tilizer interes 82,627 ts N'port News, &c_ are said to be more or less uneasy about the 2,909 128 4,135 New York 50 6,937 880 106,486 86,701 152,950 matter. Of course, without plenty of fertilizers this season Boston 218 18,975 1,777 86,127 east 13,929 of the Mississ 20,089 ippi, Bostimore raising a full crop seems highly prob123 1,232 64,938 6,855 30,138 lematical. It is indeed asserte Philadelphia -------------30 3,585 d that there is no such thing 3,747 5,315 as raising a crop equal to pre-wa Totals r years withou liberal 90.960 3.645.458 98.793 4.414.648 1.370.022 l.502.2c tilization of the soil. Meanwhile cotton farmerst are saidferto In order that comparison may.be made with other be holdin g their cotton tenacio usly for high prices. Many years, we give below the totals at leading ports for six seasons of them are in better financi al circumstances than they have : ever been before, and therefore are all the more able to hold Receipts at- 1919. 1918. 1917. they if see 1916. fit to do so. 1915. It is stated that 350 to 400 points 1914. on New York Galveston..___ March 27,802 has been paid in the interior for strict 27,954 29,642 70,352 114,536 54,681 middling. TexasOlty,&c. 8,135 1,840 2,46! 16,635 Exports have not increased materially of late, 13,376 5,855 New Orleans.. 31,627 37,282 16,866 23,938 70,059 but many 38,045 believe Mobile too, , that it is only a question of time when 1,103 3,305 1,067 1,744 5,273 6,009 they will greatly increas Savannah 12,936 13,386 5,211 21,033 e. Southern Senators, it is said, 51,251 13,975 Brunswick _ 200 1,000 3,000 2,000 will urge 6,000 Presid Wilson ent 5,000 , who will arrive in this country Charleston,&C 2,865 1,011 1,041 1,918 11,842 2,182 from France in a few days, to Wilmington 946 273 771 remove whatever restrictions 859 7,905 4,238 Norfolk 4,478 7,827 7,632 10,718 15,011 6,521 still remain on shipments to neutral countries. The South N'port N.,&c. 128 248 3,183 5,103 2,418 Allothers is hopeful , too, that peace terms 4.289 868 will soon be signed and that 4,207 4,586 10,102 1,907 then it will have an opportunity to get rid of some of its Total this wk_ 90,960 98,793 71.664 156,966 310,457 140,831 stock of low grades to Germany. Meanwhile reports are Since Aug.1- 3.645.455 4.414.64R 5.465.4475.28 8.905 7.808.528 8.961.645 persistent that France and Belgium will have large credits in this country for the purchase of raw materials, includi • The exports for the week ending this evening reach ng of 116,508 bales, of which 24,690 were to Great a total cotton, lumber, steel, &c. Also it is remarked that the Britain, American consumption in recent months has 27,079 to France and 64,739 to other destinations. been increasing, Ex- and to many it seems doubtful whether it will ports for the week and since Aug. 1 1918 are as ever fall book follows: to the pre-war levels, even without the abnorm al war de- [VoL. 108 THE CHRONICLE 792 N to-night, as made THE VISIBLE SUPPLY OF COTTO s that follows. Foreign stocks, as as is ph, mand. Finally, there is a feeling in not a few quarter telegra and cable by up believe corner. They this week's returns, and consequently business in this country has turned thee. A country with a well as the afloat, are brought down to Thursday evening. that from now on things will improv are figures foreign all out, is pointed the complete fiures for to-night population of 105,000,000 or more cannot, it total the make to But And doldrums. of exports from the United States, remain for any great length of time in thewliethe item the add we ), (Friday some for r of Friday only. there are not a few who doubt very much exports the it in ng includi which prices e 1916. 1917. 1918. 1919. years to come cotton will go back to the averag 21Feb. 858,000 world the cotton; bales.... 506,000 457,000 841,000 Stock at Liverpool 50,000 prevailed before the war. Europe is bare of 27,000 19,000 15,000 power buying The London at goods. Stock 61,000 cotton of ed, 96,000 suppos 73,000 is it 105,000 is bare, war; silver Stock at Manchester the during ed increas been has East Far of the 969,000 964,000 549,000 other 626,000 the On Total Great Britain *1,000 *1,000 has risen; exchange has favored the Orient. Spot cotton Stock at Hamburg *1,000 *1,000 hand, cotton goods are certainly not active. at Bremen.. Stock 308,000 309,000 103,000 lower the 126,000 on at Havre 9,000 8.000 is also far from active. Also the discountscan this mean, Stock 2,000 3.000 Stock at Marseilles 76,000 51,000 104,000 62,000 a grades are steadily being increased. What Barcelon at Stock 124,000 75,000 pressed 18,000 and are 47,000 at Genoa *1,000 *1,000 it is asked,but that they are more plentifulmay be indulged Stock Stock at Trieste for sale? And exports, whatever optimismmatter 520,000 still 499,000 fact of 238,000 174,000 Total Continental stocks in on the subject of future totals, are as a more or less of a 0 864,000 723,000 1,463.000 1,489,00 small. Southern hedge selling has beensold quite steadily European stocks Total 40,000 41,000 113,000 14,000 India cotton afloat for Europe..... 334,666 feature at times. Trade interests have 513,885 257,000 119,000 means. by any Amer. cotton afloat for Europe 68,000 85,000 120,000 on the rise. Labor troubles are not absent azil,&c.,afloat for Eur'o 58,000 are demanding a Egypt,13r 394,000 359,000 149,000 163,000 In some parts of the South mill workers have, Stock in Alexandria, Egypt 896,000 720,000 *570,000 under*800,000 it is Stock in Bombay, India 48-hour week. Many of them in the past 1,379,022 1,503,255 1,316,523 1,552,4099 ports to have Stock in U. S. interior 1,509,213 1,275,796 1,150,011 1,206,27 towns stood, to