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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
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Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(twice
y)
yearly)
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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

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[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'&notice
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