Full text of Commercial and Financial Chronicle : February 8, 1919, Vol. 108, No. 2798

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- financial

TO.
ollinurcau
VOL.108

FEBRUARY 8 1919

runtrie
Published every Saturday morning by WILLIAM B.
DANA COMPANY:
Jacob Seibert Jr., President and Treasurer; Arnold G.
Dana, Vice-President
and Secretary. Addresses of both, Office of the Company.

NO.27981

CLEARINGS-FOR JANUARY FOR FOUR YEARS, AND FOR
WEEK ENDING FEBRUARY 1.
January.

Clearings at-

II
1019.

New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Harrisburg
Trenton
Lancaster
York
Erie
Chester
Binghamton
Greensburg
Beaver County, Pa
Altoona
Frederick
Franklin
Norristown
Montclair
Oranges
Hagerstown
Total Middle
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New iSedford
Holyoke
Lowell
Bangor
Waterbury
Stamford
Total New England
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill
Youngstown
Fort Wayne
Lexington
Akron
Rockford
South Bend
Canton
Quincy
Springfield, Ohio
Bloomington
Mansfield
Decatur
Jackson
Jacksonville, Ill
Danville
Lima
Lansing
Owensboro
Ann Arbor
Gary
Flint
Lorain
Adrian
New Albany
Paducah
Hamilton
Aurora
Total Middle Western
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
Pasadena
San Jose
Boise
Yakima
Ogden
Reno
Long Beach
Bakersfield

Week eluting February 1.

Inc. or 1
1919.
li
1918.
Dec.
1917.
1916.
S
$
%
$
•
$
17,860,642,8341 14,719,007,530 +21.4
$
$
% 1
3
$
,615 12,326,802,227 13,697,873,594 3,149,289,161 +17.4
1,832,170,234 1,522.827,616 +20.3 15,127,365
3,566,960,627 2,950,429,870
1,397,691,175 1.014890,191
377.399.815314,567,091 +20.0 346,825,337 239,873,39
592,517,889
319,679,349 +85.3
5
334,332,715
260,172,102
130,133,416
369,891,008
61,643,105 +111.1
183,311,122 +101.8
77,180,013
63,541.888
188,485,25
9
191,284,552
78,655,387
40,829,811 +68.2
108,540,474
90,465,034 -1-20.0
48,938,370
42.696,944
87.340,317
62,289,232
20.583,895
20,588,571
63,110,056
-0.
53,170,285 +28.1
16,083,670
13,102,964
44,042,663
38,540,628
14,791,327
11,042,194 +33.9
23,131,547
22,285,952
9,950,821
9,321,425
+3.8
22,012,317
22,941,421
4,500,000
37,823,407
4,675,133 -0.4
31,486,500 +20.1
4,845,183
4,287,500
32,225,764
25,565,621
7,263,192
18,358,257
6,185,044
+17.6
16,884,687
7,011,296
6,797,314
+8.7
16,902,139
13,452,259
3,941,773
18,933,801
3,543,819
+11.2
19,124,183 --1.0
3,679,927
3,405.451
19,273,160
15,258,618
3,600,000
10,421,712
3,697,204 --2.6
10,739,456 -3.0
4,198,956
3,726,924
11,999,667
9,802,184
2,100,000
2,178,133 -3.6
15,502,267
13,107,451 +18.3
2,615,788
2,024,914
13,274,054
12,405,289
3,000,000
10,590,521
2,730,817
+9.9
3,395,113
8,777,503 +20.7
2,650,900
9,190,533
7,489,107
2,229,809
18,692,757
1,797,601 +24.0
16,665,350 +12.2
1,751,238
1,825,248
15,242,382
11,161,577
5,119,788
11,000,000
3,829,921 +33.7
10,414,698
3,851,054
+5.6
2,616,617
9,432,429
7,904,152
11,097,357
11,226,019 -1.2
9,935,621
8,6:12,673
2.286,528
9,059,905
2,063,651
+10.8
10,5:39,430 -14.0
2,174,957
2,111,292
9,798,913
7,861,259
1,900,000
5,127,795
2,060,990 -8.0
5,001,037
2,194,775
+2.5
1,823,936
4,937,442
3,273,672
1,028,169
9,248,272,
951,064
+8.1
8,151,140 +13.5
1,095,841
806,270
7,271,735
,1
5 421,527
1,863,588
1,669,498 +11.4
6,849,103
5,858,170 +16.9
1,545,104
1,213,856
6,223,203
4,551,927
1,400,000
1,131,903
3,877,600
+23.7
4,147,500 -6.5
1,153,356
883,962
4,333,800
3,471,1001
807,800
4,657,164
948,400
--14.9
4,682,165 -0.5
1,077.700
916,000
3,404,709
3,275,029
1,164,645
2,614,343
950,000 +22.5
2,891,693 -8.5
813,081
696,761
3,053,466
2,479,208
3,663,396
2,855,516 +28.3
2,835,282
2,383,981
782,557
2,638,485
7
0
0,5456
+11.8
2,250,242 +17.2
650,000
574,839
2,053,207
1,885,088
2,309,833
1,970,102 +12.1
2,168,821
1,505,217
2,849,968
2,766,507
+3.0
'2,471,519
2,692,593
2,027,491
2,374,153 -14.6
2,618,779
1,790,534
335,881
470,046 -28.7
3,360,985
4,237,648 -21.2
535,862
369,642
4,540,550
3,435,412
2,317,487
2,423,066 -1.4
2,687,895
1,978,846
21,068,045,951 17,109,431,101 +23.1 17,397,145
,161 14,074,656,2261 4,362,761,164 3.637,543,157 +19,94,10
8,528,189 3,355,879,282
1,477,585,294 1,158,899,360 +27.4 1,031,292,
377
868,934,1461 298,505,401 233,245,253 +28.0 227,777,49
50,548,000
52,886,600 -4.4
1 191,517,035
60,777,600
44,671.700
,
9,705,800
9,322,000
35,201,806
+4.1
35,402,206 -0.6
10,810,800
10,618,400
:39,283,536
33,375,9761
7,812,638
7,340,392
24,101,440
+6.4
9,170,936
20,235,243 +19.1
8,500,035
23,065,061
19,046,663
5,037,196
:3,916,151
+28.6
17,305,292
4,600,000
16,939,823
4,074,300
+2.2
19,293,056
17,048,763
3,089,744
3,779.407 -18.5
11,818,532
4,337,452
10,765,193
3,756,754
+9.8
12,641,204
10,383,187
2,311,671
2,100,000 +10.4
16,911,388
2,787,634
2,298,407
15,983,880
+5.8
18,345,416
15,188,264
3,047,474
3,098,420 -16.5
8,268,161
4,453,021
3,363,585
8,493,719 -2.6
8,729,356
7,006,046
1,732,143
1,598,001
+8.4
9,097,979
1,676,862
1,576,064
7,437,985 +22.3
7,846,258
5,792,545
1,949,843
1,222,606 +59.1
3,550,342
1,407,959
1,303,442
3,295,587
+7.7
4,728,494
3,963,402
639,474
676,772 -5.5
4,822,075
1,053,836
5,207,146 --74
973,019
4,897,880
4,442,892
1,000,000
1,076,989
--7.1
3,000,000
943,105
971,135
3,298,193 -9..0
3,394,559
1,946,451
625,000
654,199 -4.5
8,769,900
585,633
449,065
8,789,000 -0.2
11,174,700
8,424,900
2,293,175
2,110,889
+8.6
2,452,528
1,720,602
1,673,273,384 1,349,744,824 +24.0 1,237,922,
0251 1,041,945,537
335,456,384 263,030,193 +25.2 269,604,729 229,401,291
2,344,990,527 2,024,542,219 +15.8 2.083,813,3
931 1,528,426,407
498,024,624 422,583,600 +17.9 466,394,813 355,708,93
277,855,362
189,713,002 +46.5
5
181,703582
1
140,878,45
0
64,271,519
44,473,948 +44.5
439,519,461
40,244,565
340,100,3011 +29.2
30,986,200
286,069,2591
172,118,897
93,229,040
70,023,996 +33.1
321,111,255
63,424,918
225,611,757 +42.3
42,071,9:34
232,618,7061
153,075,827
62,341,784
44,230,821
137,169,290
+40.9
112,109,431 t22.3
49,651,578
33,064,687
103,047,623
77,886,560
30,678,553
23,289,578 +31.7
67,409,000
23,759,650
59,558,000,
20,315,867
13.2
60,600,297
44,018,422
11,736,000
12,051,000 -2.6
48,695,800
41,948,900:
11,057,387
9,348,953
16.1
41,594,700
33,574,000
10,276,300
8,170,500 +25.8
49,259,676
10,214,700
40,561,0781 +21.4
8,025,400
47,661,553
35,718,333
10,209,692
8,248,023 +23.8
25,559,163
9,272,413,
19,709,2481 4-29.7
7,995,650
22,219,983
15,909,039
5,354,200
4,470,000
23,666,130
+19.8
4,800,000
21,000,050 +12.7
4,200,000
22,419,769
18,161,140
4,540,058
4,208,117
19,219,979
+7.9
5,070,577;
16,174,8031 +12.6
3,789,092
17,947,196
12,565,172
3,522,068
3,102,494 +13.5
18,000,000
3,181,416
14,402,0731 4-25.0
2,521,897
11,817,258
8,303,101
3,754,903
3,275,150
9,102,909
+14.6
2,356,2481
7,887,8611 4-16.7
1,789,680
8,344,219
6,552,340
1,941,941
1,523,298 +27.4
20,952,7:33
1,629,158
15,439,2031 4-35.7
1,335,168
17,097,463
8,334,759
3,522,397
2,830,887 4-24.4
5,749,563
2,787,481
5,232,242' 4-9.9
1,854,619
7,806,333
5,578,476
1,116,747
15,938,183
1,778,997
1,300,178
6,200,7911+157.0
5,674,523
4,438,447
3,000,000
1,400,000 +114.3
25,184,000
1,450,000
23,253,000
1,055,109
+8.3
20,227,000
12,677,000
5,792,000
4,949,000 +17.0
8,091,856
5,460,000
6,924,155' +16.7
2,738,000
6,046,5:39
4,232,493
1,620,000
1,459,120 +11.0
5,164,244
1,233,167
4,534,0341 +13.9
927,429
4,520,713
3,584,818
960,000
11,965,966
856,881 +12.1
16,339,025' -26.8
854,503
718,172
14,409,465
9,424,333
1,861,306
3,557,020 -47.7
6,390,531
2,898,194
2,121,001
,
+24.7
4,555,152
3,710,019
1,350,000
6,:358,426
1,100,000 +22.7
994,431
5,937,681
922,628
+7.1
6,009,873
4,301,791
1.239,744
1,203,529
5,300,000
+2.6
1,214,734
4,190,800 +26.5
825,506
4,556,889
:3,074,078
1,396,950
4,809,269
970,336 +45.0
1,034,101
4,237,205 +13.5
753,593
3,839,667
2,737,915
964,955
5,120,789
824,884
+17.0
767,851
3,750,528 +36.5
497,298
3,474,121
2,639,634
951,354
5,413,271
763,611 +24.5
4,020,067 +34.6
856,751
599,669
4,945,316
3.514,285
:3,085,506
1,906,800 +61.8
1,746,032
1,222,951
548,499
2,742,727
352,249 +55.71
2,417,138 +13.4
299,595
260,441
2,375,063
2,066,345
630,000
3,929,421
569,233
+10.9
630,282
3,895,376
577,550
+0.9
:3,533,861
2,717,281
844,689
4,246,364
665,000 +27.0
648,833
3,531,900 +20.2
494,743
5,153,151
3,658,435
731,188
7,849,148
650,000 +12.5
900,000
3,577,336 +119.4
631,931
5,175,230
2,009,881
1.600,000
750,924 +113.2
1,660,682
975,992
1.693,646 --2.0
427,624
1,585,513
1,300,382
273,262
3,000,000
375,000 -27.2'
3,351,367 -10.5
404,833
253,348
2,846,907
1,885,417
5,936,113
5,576,863
+6.4
6,935,919
3,577,476
1,111,540
1,016,299
+8.6
833,415
427,230
367,:330
373,050 ---1.5
366,562
280,623
46,068
67,000
744,565
71,508
536,789 +26.9
40,982
696,500
567,976
8,51:1,509
4,019,870 +110.2
5,081,564
4,559,218
2,407,6ST
2,010,129 4-19.7
1,736,887
1,495,343
2,982,593
2,483,284 +20.1
2,405,367
1,921,552
1
3,936,591,562 3,254,972,806 +20.9
3,246,495,623 2,341,798,846
828,329,841 674,121,175 +22.9 716,318,676 538,694,284
573,448,587
433,852,611 +32.2
376,218.502
211,397,635
123,821.061
157,382,036
93,947,668 +31.8
90,925,340
1:12,187,000 +19.1
56,164,495
134,244,000
97,919,923
34,449,000
163,984,992
27,191.000 +26.7
120,631,562 +35.9
28,842.000
22,094,069
76,838,619
50,997,533
33,003,094
118,666,942
24,630,212 +34.0
16,780,789
80,417,178 +47.6
9,040,025
61,075,187
43,261,038
27,399,497
66,444,393
18,758.453 +46.1
12,559,564
63,297,179
8,066,282
+5.0
63,906,893
39,116,453
14,000,000
36,436,317
10,643,529 +31.0
14,974,771
33,972,201
6,974,365
+7.3
25,175,786
17,768,571
7,312,850
6,312,674
21,637,607
+15.8
4,874,306
16,869,200 +28.3
3,833,523
10,883,745
7,638,139
4,486,820
3,473,328 +29.4
35,633,180
2,174,201
25,857,057 +37.8
1,442,824
23,193,001
16,658,233
8,057,851
18,886,811
5,667,734 +41.9
15,935,111 +18.5
5,187,832
4,421,794
10,003,7'23
9,929,433
3,523,055
9,617,875
2,937,0139 +17.9
10,061,733 -4.4
2,249,004
1.775,631
12,192,866
8,613,303
1,717,888
8,147,574
1,848,368
--7.1
2,556,940
9,026,075 -9.7
2,013,207
6,939,387
6,121,272
1.607,903
1,614,433 -0.4
13,035,207
1,407,000
10,040,076 +29.8
1,008,464
8,435,318
4,410,966
2,329,227
1,743,162 +33.6
5,066,901
2,132,630
4,674,235
858,163
+8.4
5,253,402
4,142,645
1,125,621
1,013.669 +11.0
4,851,913
1,266,347
5,084,779 -4.6
912,123
3,835,559
2,891,032
878,659
1,100,000
6,978,881
-20.2
910,000
6,837,927
699,019
+2.1
5,514,656
4,524,188
4,232,170
2,952,270 +4:1.4
2,415,101
1,496,392
753,882
10,009,138
602,400 +25.1
490,994
6,755,766 +61.5
300,000
6,669,161
4,572,390
2,575,793
2,609,032 -1.3
2,103,695
1,297,157
420,009
425,000 -1.2
6,425,551
375,000
4,255,134 +27.5
236,283
:3,256,885
2,230,820,
1,185,777
860,264 +37.8
3,152,174
790,801
3,690,615 -14.6
554,017
3,111,515
1,478,2641
I

1918.

Total Pacific
1,266,514.175
939,006,841
Details of Other Western and So uthern on pag o 552.
.Total other Western

1 Inc. or 1
Dec.

+28.1

1917.

842,182,004

1

1916.

566,495,437

266,069,185

202,863,968 +31.2

188,497.522

120,391,284

1,858,214,967 1,659,964,618 +11.9 1,259,580,
701
892,339,018
378,916,687 345,371,296
+9.7 248,141,838 180,659,650
2,536,258,493 2,617,591,952 +17.0 1,637,116,
877 1,206,216,540
518,767,156 415.037,667 +25.0 327,055,823 254,916,574
Total all
32,338,911,532 26,530,712,145 +21.9 25,620,442
,399 20,123,451,601 16,690,3:30,417 5,513,213,667 +20.7
5,858,146,777 4,679,945,365
Outside New York
14,478,298,698 11,1311,644,615 +22.6 10,493,076
,874 7,796.649.377 2.992,456.823 2.393.959.5013 +25.0 2.291.186,
150 1,729,515.495
Clearings by Telegraph and Canadian Clearings on page
53s.

Total Southern




5O2

THE CHRONICLE

[VoL. 108.

Government is going to be able to earn the rentals
THE GRAVITY OF THE RAILROAD
which it has guaranteed for the payment of interest
ON.
SITUATI
and dividend charges, but whether in view of the
We feel impelled to return to this subject though expanding payrolls the carriers will find it possible
we discussed it only recently, because there is no to pay their ordinary running expenses.
The returns for the month of December, which
adequate appreciation of its nature. Various plans
future
the
are now being received, make it incontrovertibly
have been presented for dealing with
control of the railroads,but hardly any one appears clear that this desperate stage is already at hand,
to have a true comprehension of how really grave with more wage increases to follow. In other words,
and desperately serious the railroad situation is the returns for December,the very latest available,
becoming. Expenses are leaping upward with such authorize the conclusion that the greater part of the
startling rapidity that unless the movement is railroad mileage of the country, because of the inchecked at once, the railroad system of the country crease in payrolls, is no longer able to meet the
will be in imminent danger of bankruptcy. The ordinary running expenses, and this statement
question whether the Government shall continue applies to nearly all the largest and strongest railroad
in control of the carriers is no longer a debatable systems of the country. We repeat that scores
one. That question is settling itself. Government of these big systems are now failing to pay ordinary
control after a single period of twelve months is running expenses, leaving nothing with which to
shown to be the most dismal failure in all history. meet taxes, fixed charges and dividends. We purIt is out of the question to find any parallel to it pose giving figures in support of this assertion,
anywhere in human experience. The monthly taking up, one after another, a few of the larger
returns of earnings as they come in are furnishing systems. We will begin by introducing the following
the evidence of failure with a vividness and conclu- statement, covering the results for the Pennsylvania
Eastern Lines for the months from July to December,
siveness which it is impossible to avoid.
It is this feature upon which we would lay emphasis inclusive.
Pennsylvania Eastern Lines.
anew because these returns are being in large measure
Decrease.
Increase.
1917.
1918.
ignored,or at all events are not being studied with July
Gross_ _$37,836,003 $25,747,219 $12,088,784
6,070,055 4,047,565
11,017,620
Net
the closeness and seriousness which their growingly August
36,975,640 26,908,690 10,066,950
Gross
1,202,877
8,600,124 7,397,247
Not
unfavorable character demands. Freight rates, as
37.110,221 26,361,482 10,748.739
September___Gross..
384,760
4,857,044 7,116,371
every one knows, were last June advanced 25% all
Net
36,962,924 26,549,030 10,413,894
Gross_
October
from
up
marked
were
fares
passenger
while
around,
1,946,366
4,157,383 6,103,749
Net
32,915,031 24,155,773 8,760,158
2 cents a mile to 23/ cents or 3 cents. The addition November ___Gross
1,796,902
4,089,289
2,292,387
Net
to the gross revenues of the roads, by reason of December ___Gross
34,245,328 22,480,944 11,764,384
2,488,530
353.950 2,842,480
Net
these advances in rates, has been of really imposing
is admittedly one of the
ia
Pennsylvan
The
magnitude and yet because of the rising cost of
operations the roads are steadily growing poorer strongest railroad systems in the country, yet while
in'net. Hence as far as the prosperity and welfare gross earnings for December, as compared with the
of the rail-carrying industry is concerned— corresponding month last year, increased from
from
an industry that stands second only to agri- $22,480,944 to $34,245,328, the net has fallen
are
net
of
figures
These
culture among the nation's activities—these huge $2,842,480 to $353,950.
taxes
the
increases in gross revenues count for absolutely before the deduction of taxes. With
taken out there is an actual deficit below expenses
nothing.
in
amount of $629,155. In other words this promiIf the matter rested there the menace would not
earned
be so gravely alarming. The Goverriment would nent 1. ,ilroad system which in December
barely earnhave to assume a deficit of $200,000,000 or $300,- gross of $34,245,328 has succeeded in
earning taxes in
000,000 and that, while bad enough, would end ing its expenses and fell short of
have been
results
the
And
$629,155.
of
the trouble. But the growth in expenses appears the sum
with each
because
by
month,
month
to be absolutely without limit. Wage increases growing worse
increases
wage
larger
which are the main explanation of the uninterrupted succeeding month there were
in gross
gain
augmentation in expenses have been piled upon to take care of. In July $12,088,784
on the
one another with such rapidity, with such wanton yielded $4,047,565 gain in net; in December
atwas
gross
in
increase
4
$11,764,38
hand
recklessness and utter disregard of consequences, other
York
New
The
in.
net.
loss
with further increases of the same kind impending, tended by $2,488,530
net has not
that the results are now becoming staggering to Central is more fortunate in that its
the senses and it is appalling to contemplate what yet been altogether wiped out, but its experience
is in prospect unless the country is at once aroused has been the same in the growing unfavorableness
in gross
from one end to the other and stringent action of the results. In July $5,090,942 gain
brought $1,652,295 gain in net, while for December
taken to avoid the impending calamity.
Each
with $8,294,021 improvement in gross revenue
We. use the word "calamity" advisedly.
month's returns present the situation as regards there was a shrinkage in the net of $3,086,160. In
expenses in more startling aspect. It is no longer a brief, with the December gross increased from $19,question whether in the operation of the roads the 088,857 to $27,382,879, the net of the New




FEB.8 1919.]

THE CHRONICLE

York Central was reduced from $8,438,549 to $5,352,389.
In other parts of the country the showing is much
the same. The Illinois Central in December 1918
fell $236,711 short of meeting its ordinary running
expenses, against net of $2,076,377 above expenses
in December 1917. The Chicago & North Western
for the month fell $1,084,402 short of meeting expenses, against net of $2,173,018. In like manner
the Milwaukee & St. Paul failed to earn its expenses
by $215,458, the Great Northern by $392,334, the
Rock Island by $229,283, and the Erie by $146,519.
In the New England States the Boston & Maine fell
$1,837,394 short of meeting bare running expenses
and the New Haven fell $249,827 short. In tabular
form the December comparisons of gross and net
for the roads mentioned are as follows:
December-

1918.

1917.

Boston & Maine_Gross_ 5,734,750 4,671,063
Net def1,837,394
271,238
NY Nil & llart_Gross_ 8,608,151 6,961,617
Not __ def249,827 1,181,592
Erie
Gross 8,176,460 5,309,243
Net _ def146,519 def669,154
•
Illinois Central_ _Gross- 9,130,043 7,398,783
Net __ def236,711
2,076,377
Chic & Nor West Gross_ 10,676,200 8,788,958
Net def1,084,402 2,173,018
0 M & St Paul Gross_ 12.334,545 9,168,421
Not __ def215,458
1,483,355
Chic It I & Pac_ _Gross.. 8,423,885 7,505,216
Not __ def229,283 2,019,244
Great Northern_Gross.. 9,848,200 6,884,843
Net- def392,334 1,946,940

Increases.

Decreases.

1,063,687
2,108,632
1,646,534
1,431,419
2,867,217
522,635
1,731,260
2,313,088
1,887,242
3,257,420
3,146,124
1,698,813
918,669
2,248,527
2,963,357
2,339,274

The foregoing constitute merely a few sample
instances. The fact is that because of the wage
increases the country has reached a pass where nearly
half the railroads are unable any longer to earn bare
operating expenses. In substantiation of this statement we furnish the following list of roads which
in December failed either to earn running expenses
or running expenses and taxes combined.
Month of December-

Net Earnings
Before Taxes.

Atlanta Birmingham & Atlantic def. 57,109
Bait & Ohio Chi Terminal
def.- 154,807
Bait Ches & Atlantic
def. 25,090
Belt Ry of Chicago
10,303
Birmingham Southern
def.
5,380
Boston & Maine
def.1,837,394
Buffalo & Susquehanna
def. 36,125
Canadian Pacific Lines in Me....def. 39,043
Central RR of New Jersey
def. 431,322
Central Vermont..
def. 290,595
Chicago & Alton
37,931
Chicago & Eastern Illinois
def. 275,279
Chicago & North Western
def.1,084,402
Chicago Great Western
def. 86,872
Chicago Junction
def. 59,594
Chicago Milwa & St Paul
def. 215,458
Chicago Peoria & St Louis
def. 145,447
Chicago Rock Island & Pacific_def. '229,283
Chicago Rock Island & Gulf_ __def.
5,564
Chicago Terre Haute & S E _ _ _def. 17,952
Cincinnati Ind & Western
def. 27,415
Delaware & Hudson
def. 120,367
Denver & Salt Lake
def. 164,641
Detroit Toledo & Ironton
def. 68,009
Duluth & Iron Range
def. 194,026
Duluth Missabe & Northern_ _ _def. 231,905
Duluth South Shore & Atlantic_def. 35,274
Erie
def. 146,519
Fort Worth & Rio Grande
1,799
Grand Rapids & Indiana
def. 54,297
Great Northern
def. 392,334
Gulf & Ship Island
def. 19,341
Gulf Colo & Santa Fe
def. 315,349




Net Earnings
After Taxes.

def. 79,398
def. 186,683
def. 29,891
def.
6,138
def. 42,265
def.2,090,531
def. 33,805
def. 60,494
def. 447,757
def. 298,532
def. 16,645
def. 354,942
def.1,652,784
def. 148,376
def. 65,735
def. 730,322
def. 152,123
def. 687,730
def. 12,580
def. 32,283
def. 38,283
def. 178,983
def. 173,645
def. 73,409
def. 200,311
def. 249,056
def. 40,934
def. 269,755
def.
783
def. 66,424
def. 443,933
def. 41,282
def. 403,200

Month of December-

503
Net Earnings
Before Taxes.
$

Gulf Mobile & Northern
def.
Hocking Valley
def.
Illinois Central
def.
Indiana Harbor Belt
def.
International & Great North'n_def.
Kansas City Mexico & Orient_ _def.
Kan City Mex & Or of Texas.._def.
Kansas City Terminal
def.
Lake Erie & Western
def.
Long Island
def.
Louisiana Ry & Navigation...._ _
Louisville & Arkansas
def.
Maine Central
def.
Maryland Delaware & Virginia_def.
Minneapolis & St Louis
Minnesota & International_ _ def.
Mississippi Central
def.
Missouri & No Ark
def.
Missouri Okla & Gulf
def.
Monongahela Connecting
def.
New Orleans Great Northern_ _def.
New On Texas & Mexico
def.
New York New Haven & Hard _def.
New York Ont & Western
def.
New York Susq & West
def.
Norfolk Southern
def.
Northwestern Pacific
def.
Panhandle & Santa Fe
def.
Pennsylvania RR
Pennsylvania Co
Peoria & Pekin Union
def.
Pitts & Shawmut
def.
Pitts & West Va
def.
Pitts Cin Chi & St Louis
def.
Quincy Omaha & Kan City.._ def.
Rutland
dot.
St Joseph & Grand Island
def.
St L & San Fran of Texas
dot.
St L Southwest of Texas
def.
San Antonio & Aransas Pass
Seaboard Air Line
Tennessee Central
def
Texas & New Orleans
def.
Toledo Peoria & Western
Trinity & Brazos Valley
def.
Ulster & Delaware
def.
Virginian
def.
Western Pacific
def.
West Jersey & Sea Shore
def.
Wheeling & Lake Erie
def.
Wichita Falls & N W
def.

22,600
95,869
236,711
122,335
24,482
71,745
79,036
8,058
72,721
203,441
8,216
9,605
269,144
17,081
15,886
7,244
17,770
83,588
29,356
35,590
62,014
40,603
249,827
178,705
17,133
27,352
5,933
140,091
353,950
247,547
59,690
16,034
106,213
347,839
53,195
62,159
86,146
825
202,529
7,891
68,671
41,232
21,229
4,476
33,552
27,573
140,241
46,858
310,129
37,683
62,822

Net Earnings
After Taxes.

def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
dot.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.
def.

39,017
10,234
584,368
133,967
84,484
76,031 •
88,068
14,682
100,686
284,770
8,169
33,600
366,615
31,924
59,085
10,478
20,754
89,491
34,553
51,015
81,657
52,296
448,952
202,982
• 27,095
47,353
27,893
135,632
629,155
22,321
69,190
14,514
122,118
607,892
55,525
87,865
104,119
2,245
238,421
8,701
59,043
46,696
37,636
13,257
35,751
32,451
177,541
150,540
342,564
100,523
72,914

This exhibit ought to arouse the attention of the
whole public. It is startling in the results it discloses. -The figures are derived from the monthly
returns filed with the Inter-State Commerce Commission at Washington and therefore are authentic and
reliable.
The Commerce Commission requires
monthly returns from all railroads whose operating
revenue, (gross) exceed one million dollars per
annum. There are in the whole country about
196 of these. Up to last night 185 of these had filed
their exhibits for the month of December. Out
of this 185 it will be seen no less than 72 roads had
failed to meet ordinary running expenses and 10
more had failed to earn running expenses plus taxes,
making altogether 82 roads (out of 185), the list
comprising nearly all the most prominent railroad
companies of the country. It will be obvious that
such a situation if not soon corrected must spell
disaster not alone for the railroads but for the
country as well.
It is idle to discuss plans for the future control of
the roads while such a condition of impending bankruptcy exists. With each succeeding m onth, as

504

THE CHRONICLE

already stated, the result gets wo'Irse, because payrolls are further swollen. Preliminary totals that
we have compiled for December for the 185 roads
which have filed returns show an aggregate loss in
net for the month of about $44,000,000. • This is
at the rate of over $525,000,000 per year. How long
will the Government be able to stand such a loss?
How long will the railroads be able to stand it? It
should be remembered that this loss has occurred
in face of the mildest winter weather the country has
ever experienced and in comparison with extraordinarily bad weather in the year preceding. There
is much discussion of the extent of the loss sustained
by the Government on the operations for the calendar year 1918 in meeting in the Government guaranteed rental. But on the basis of the December
results, with the roads so generally failing to meet
expenses, what is going to be the magnitude of the
loss for 1919? It is no exaggeration to say that
unless the rising cost of operations is speedily checked
the Government will be facing the prospect of a
deficiency of a billion dollars or more. At this very
moment the Railroad Administration is considering
still further wage increases wholly regardless of
consequences.
Some shippers' organizations have recently appeared before the Senate Committee on Inter-State
Commerce and urged that the discredited InterState Commerce Commission be, with the ending
of the war, reinstated in its old function in the
direction of the affairs of the roads. Had it not
been for the narrow policy pursued by the Commission in denying to the carriers adequate revenues
the Government would never have had a decent
excuse for taking over the roads. The shippers
referred to, want the Commission to exercise sway
over the carriers because they count on getting lower
freight rates in that manner. But the surest way
to obtain cheap rates is to hold down the expenses.
Under Government control expenses have been
added to in most reckless fashion, through wage
Increases,and the plan is to extend these increases in
even greater degree.
To attain their end, shippers should concern themselves, not about rates, but about expenses. Rates
will regulate themselves if expenses are held down.
The situation, as we have seen, is growing so serious
that merchants' associations and chambers of
commerce all over the country ought to organize
in active protest against further expansion of the
pay rolls. They ought to demand that they be
given a chance to appear in opposition, before any
more higher wage schedules are put into effect. It
should be their right to be heard in opposition to
increases in expenses, just as it is their right to be
heard in opposition to proposed advances in'freight
and passenger rates. It may not be possible to
reduce wages at this juncture, after they have been
'so prodigiously raised, but certainly action ought to
be taken to prevent new wage advances. The
situation is most critical and it must be dealt with
at once and effectively.




[VoL. 108.

THE FINANCIAL SITUATION.
In a recent address to the 14th annual convention
of the National Rivers and Harbor Congress,
Mr. A. R. Hawley, President of the Aero Club of
America, discoursed of transportation through the
air and advocated forming a 50-million corporation
to take over the 800-million dollars' worth of airplanes, motors, and like equipment which the army
and navy, he said, cannot use and desire to dispose
of. This corporation he would have devise means
for salvaging this equipment and establishing aerial
lines in this and in the Central and South American
countries, where he thinks a great desire for them
exists. Particularly, he would have lines established
between industrial centres, employing some of the
thousands of army and navy aviators, now idle.
Predicting the general use of the air for transporting
not alone mail but passengers and merchandise,
he urged that this country, originator of the practical
flying machine, be not backward again.
In a recent address to the London Chamber of
Commerce Major-General Sykes declared his confident expectation of seeing ere long established
weekly air service not only locally in the United
Kingdom but across the Channel to Paris and the
Atlantic to this country and from London to Cairo
and India and from the Cape to Cairo. This is in
the realm of dreams, of course, yet all accomplishments begin there, and this is not to be dismissed
as either impossible or as only a fulfilment of the
distant future. Quite lately the newspapers reported a large "bargain" purchase of aviation
interests and property in Canada by an American
of large means and faith in the future of travel per
the air. There is nothing in modern discovery, save
possibly wireless communication and Mr. Marconi's
bold conjecture of exchanging information with the
.rlds than ours, more daring than
people of other wo
this conquest of the air. We do well to take a
growing interest in it, and even to look upon it with
expectancy as adding to our resources and possibly
as helping solve our transportation problems.
After so much is said, the vice in Mr. Hawley's
plan must not be overlooked. He was speaking to
a body of men whose official title is too reminiscently suggestive of what cannot bear any politer
name than "pork," and the place of meeting was
Washington. Moreover, his proposition was openly
to "organize a Government corporation similar to the
Grain Corporation." A Government-organized and
Government-owned corporation is to rescue the
aviators from idleness, salvage material, and convert
a public loss into a means of progress and profit. •
To any well-devised plan for building up this industry by private capital the kindest consideration
should be given, while putting upon it the burden
of proof such as careful business men always expect;
to any proposition for setting Government into still
another line of financial experiment and commitment
the country should respond with an unmistakably
clear negative. Have we not already troubles
enough, difficult problems enough, drains enough
upon our resources? Has anybody trustworthy
information of where the long-lost lamp of-Aladdin
can be -found? Furthermore, in this very matter
of aviation has not the country already made a
failure dismal enough to answer. for a warning?
Is this the time, and are the present circumstances
the suitable circumstances, for setting up more

FEB. 8 1919.]

THE CHRONICLE

Government corporations to do any kind of "business?" Is Government, the most miserably inefficient and wasteful instrumentality in the work
which must be committed to it, to be led, or even
permitted, to undertake any more outside lines?
At the very least, all such extra-advanced undertakings are premature. Let private persons prove
their faith by getting together to take over the
material and push on the development.

505

corresponding period of either 1918 or 1917. The
general trend of values was downward. The dealings in stocks reached 11,858,465 shares, against
13,616,357 shares in 1918 and 16,939,440 shares
and 15,956,944 shares, respectively, one and two
years earlier. Railroad and industrial bonds were
traded in more freely than a year ago and a much
greater degree of activity was recorded in the operations in foreign Government securities, $10,015,000
United Kingdom 5s in one lot having changed
hands on Monday, the 13th. But United States
bonds (the various Liberty Loan issues) were the
especial feature of the market, the sales reaching
no less than 167 million dollars par value, or three
times those of a year earlier. Altogether, therefore,
operations in all classes of bonds summed up 2673
4
million dollars par value, comparing with 106%
millions in 1918 and 1243/ millions in 1917. Boston
transactions aggregated 357,456 shares, against
327,889 shares in 1918 and 737,676 shares in 1917,
and $3,471,240 bonds, against $1,757,250 and
$1,910,400. Chicago sales were 400,471 shares
stock in 1919, against 116,900 shares in 1918 and
$588,000 bonds, against $501,600.
An appreciable gain compared with last year is
indicated by the compilation of clearings for cities
in the Dominion of Canada. Specifically, of the
25 cities from which we have received returns, only
four fail to show increases, and the grand aggregate
sets a new high record for the period. The total
for all of the cities for the month this year reaches
$1,191,224,971, or 16.6% more than for 1918,
28.1% heavier than in the preceding year and
nearly 60% in excess of 1916.

Bank clearings for the opening month of the
year, as presented on the first page of this issue,
do not reflect the contraction in business which
multiplying evidences indicate is under way and
assuming a gradually widening sweep. In specific
lines the withdrawal or cancellation of war orders
has had a somewhat adverse effect—notably so in
cotton goods. Nevertheless, the aggregate of clearings disclosed by our compilations is not only well in
excess of the record total for the period established
a year ago, but actually by a moderate amount
the largest of any month in the country's history.
It is to be explained, of course, that high prices
have been somewhat more of a factor in swelling
totals this year than last, but hardly to an extent to
account for all the gain shown. At a few individual
cities, moreover, special influences have been responsible for phenomenal expansion. At Lexington,
Ky., for instance, very heavy sales of tobacco
explain the enormous increase recorded there, as
does a like fact and large whiskey tax payments
make plain the extraordinary gain at Owensboro.
Furthermore, the operations of the Federal Reserve
banks have left no uncertain impress on the results
at Pittsburgh, Baltimore and Birmingham.
The true situation in January 1919 is indicated
The foreign export trade of the Dominion of
by the fact that of the 173 cities reporting only Canada for the year 1918 exhibited
a quite important
44 exhibit declines for 1917, and that the decreases shrinkage, the result mainly of
a considerable conare small or moderate as a rule. On the other hand, traction in the volume of the outflow
of agricultural
gains of very appreciable proportions are not un- products. Imports for the
final month of the
common and are to be found in all sections of the calendar year—December—were
of comparatively
country. The total at New York is the heaviest on full proportions, but exports
dropped below those
record for January and the same is true of 125 other for November by a fairly large
amount and were
cities. Moreover, for 26 cities, New York among nearly
4032 million dollars less than for the month
them, the January aggregates set new high marks in 1917. For the twelve months
the outflow of
for any monthly period. The total for the 173 domestic merchandise
covered a value of only
cities at $32,338,941,532 is greater by over 53
4 $1,229,208,244, which compared with $1,547,430,85.5
billion dollars, or 21.9%, than that for 1918, and in 1917 and $1,094,347,148
in 1916. Coincidentally,
26.2% more than in 1917, while contrasted with imports of $906,670,404
contrasted with $1,005,1916 an augmentation of 60.7% is recorded, and 071,716 and $767,221
,046. It follows, therefore,
with 1914 of. practically 100%. At New York the that the favorable balance
of trade, or export excess,
gain over January a year ago is 21.4%, and com- was smaller in 1918 than
in either of the two prepared with the two preceding years there are gains ceding years, the comparis
on being between $322,of 18.1% and 44.9% respectively. Outside of this 537,840 and $542,359
,139 and $327,126,102. Agricity the month's aggregate at $14,478,298,698 is cultural exports alone,
in. 1918, showed a loss of
22.6% over last year, 37.9% above 1917 and 85.6% some 212 million
dollars and manufactures a
in excess of 1916. Among the 47 cities • recording decline of about 125 millions,
these being offset in
percentages of increase running over 25% are in- only slight degree by
gains in minerals, and, the
cluded such prominent centres as Pittsburgh, products of forest and fisheries.
As in the United
Baltimore, Washington, Boston, Cleveland, Cin- States, the quantitat
ive decrease in exports was
cinnati, Detroit, Peoria, Youngstown, San Fran- greater than the value indicates
, owing to the higher
cisco, Seattle, Portland, ,Ore., Oakland, Tacoma, prices prevailing in 1918.
Minneapolis, Denver, Duluth, Sioux City, Louisville,
Richmond, Atlanta, Memphis, Norfolk, Birmingham,
Even in an undertaking of such gigantic proporChattanooga and Jacksonville. On the other hand, tions as the Peace Conference,
radical changes in the
while 44 cities in all show losses, in only 11 cases do complexion of things
can take place within a few
they run above 10%.
days. For instance, last Sunday, M. Pichon, the
Transactions in stocks on the New York Stock French Foreign Minister,
announced to the newsExchange during January were of slightly smaller paper correspondents, somewha
t regretfully, that, in
volume than for December, and below those of the response to the efforts
that had been made to bring




506

THE CHRONICLE

[VoL. 108.

together the various Russian political factions for a membership of the French Cabinet. As a token of
conference at the Princes' Islands in the Sea of Mar- special honor the entire audience rose as President
mora, with delegates from the Entente nations, only Wilson proceeded to the tribune, remained standing
one had responded officially. That individual ex- throughout his address, in spite of his several times
pressed the fear that no other faction in his country repeated protests, and cheered for fully five minutes
would be represented.
before he was able to begin.
On Thursday afternoon of this week, only four days
Declaring that "America had paid her debt to
later, came the word that,from Moscow, M.Tchitch- France by sending her sons to fight upon the soil of
erin, Russian Minister of Foreign Affairs, had caused France," he added: "She did more. She assisted
to be sent a message to the Peace Commissioners in drawing the forces of the world together, in order
assembled in Paris that the Soviet Government, not that France might never again feel her isolation;
only was willing to send delegates to the Princes' in order that France might never feel that hers was
Islands to discuss peace terms, but also to acknowl- a lonely peril, and would never again have to ask
edge Russia's financial obligations to creditors of the question, who would come to her assistance."
Entente nationality, and even to guarantee the pay- Continuing, the President said: "For the alternative
ment of interest on the debts of the Soviet Govern- is terrible for France. I do not need to point out
ment, by surrendering stipulated quantities of raw to you that east of you in Europe the future is full
materials. That the news might reach the Supreme of question. Beyond the Rhine, across Germany,
War Council as promptly as possible, the Russian across Poland, across Russia, across Asia, there are
Foreign Minister made use of the wireless. Further- questions unanswered, and they may befor the present
more, that no time might be lost in receiving a reply, unanswerable. France still stands at the frontier."
he asked that the Soviet Government be informed Owing to the fact that most of the deputies and senpromptly as to where its representatives should go, ators do not understand English, the applause was
and even as to the route that they should take.
not pronounced while the President was speaking,
Promptly upon receiving this apparently unex- but when the official interpreter read the speech in
pected message, the Council made arrangements to French, they gave full vent to their feelings.
send a joint committee of two representatives from
Preceding the Chamber of Deputies speech,
each of the five great Powers to meet the Soviet President Wilson presided at the opening session of
Government delegates at the place designated in the the League of Nations Commission held in Col.
original invitation sent to the heads of the various House's apartments. Prominent among those prespolitical factions in Russia. One of the American 'sent were Lord Robert Cecil, for Great Britain;
representatives on this commission will be Professor Leon Bourgeois, for France; Premier Orlando, for
George Herron, a personal friend of President Italy; Baron Chinda, for Japan; and also represenWilson's, for some years resident in Europe, and the tatives of Belgium, Serbia, Brazil, Portugal and
other, William Allen White, an American news- China. The text of the League of Nations was
paper editor, well known in the Middle West. The presented and ig reported to have been discussed
date for the meeting was first fixed for Feb. 15, but in a specific rather than general way. On Thursday,
it is expected that it will be deferred sufficiently to following daily discussions in the interval, announcegive all the delegates reasonable time for reaching ment was made officially that "the basic fabric of
their destination. According to the latest advices .the complete draft of the constitution of the League
received yesterday, no other Russian Government, of Nations" had been agreed upon and that an
except that of the Crimea, had accepted the invita- understanding had been reached also with respect
tion of the Supreme War Council to be represented. to the third article of the document. In other
To what extent and in what ways the Lenine Govern- words, it was suggested that roughly one third of
ment can made good its signified willingness to meet the work of the conference had been completed.
Russia's financial obligations to her creditors, and Late yesterday official announcement was made in
what the ultimate purpose of agreeing to discuss Paris that practically half of the draft of the plan
peace terms may prove to be, are largely matters had been approved.
of conjecture at the moment. It is hoped that the
The election early in the week of Secretary of
outcome will be the beginning at least of peace and State Lansing as President of the Committee on Reorder for Russia.
sponsibility for the War naturally was well received
in the United States. Louis L. Klotz, French MinPresident Wilson's influence atthe Peace Conference ister of Finance, was chosen President of the Comappears to be as potent as at any time since the ses- mittee on Reparation. Very little was heard from
sions began. At a meeting of the Supreme Council Premier Hughes of Australia until Thursday, when
at the beginning of the week he is said to have spoken he gave out an interview indicating that he was not
in the plainest terms to the effect that he would satisfied with the mandatory scheme of .the Peace
not be a party to a division of Germany's colonies Conference for governing the colonies and islands
among the powers in whose possession they now are, formerly held by Germany. He was quoted as havand later become a party to a League of .Nations ing said that Australia claims full control of all the
that would virtually guaranee the title of those islands below the equator except Samoa, which, in
colonies. This speech is reported to have strength- his judgment, should go to New Zealand, and that
ened the President's position greatly. He attained part of New Guinea which now belongs to Holland.
the greatest prominence, however, in a public way Elaborating the contention of his country, the Prewhen, on Monday evening, he delivered an address mier said: "What Australia wants is a settlement of
at the French Chamber of Deputies to a large and the Pacific island question by the Peace Conference.
brilliant audience. Prominent among his auditors She wants a settlement such as she is entitled to
were President Poincare, the Presidents of the have, one that will insure her national safety and
Chamber of Deputies and Senate, and many mem- guarantee her industrial, social and racial policy.
bers of both Houses of Parliament, as well as the full This is what we want, and we want it now."




FEB: 8 1919.]

THE CHRONICLE

Reference only can be made to the numerous other
questions discussed. Official announcements and
reports of what was going on from day to day have
been made in rapid succession. The formation of a
Society of Nations occupied a prominent place in
the discussions for several days. On Thursday, one
of the most striking, but not by any means unexpected, statements that came to hand, was that the
plan for an international police force for the enforcement of the decrees of the League of Nations
had been abandoned, and that efforts were being
made to arrive at an agreement upon the size of the
army to be maintained by each of the League members. Another report was that the boycott would be
depended upon largely to make the League effective. Careful observers have feared all along that
the means of enforcement would prove to be the
rock on which the whole League of Nations scheme
would be dashed to pieces. President Wilson
expects to sail for home Feb. 13. Whether he will
return to France has not been determined, according
to the latest advices yesterday.
The financial aspects of the terms of peace that
are being considered began to assume considerable
prominence this week, not only in discussions in the
Peace Conference, but in the various European capitals other than Paris. The Wilson plan for a League
of Nations was supposed to settle the troublesome
question of disarmament by arranging for a gradual
reduction in the armed forces. In support of this
idea it was urged that the saving would be practically
equivalent to the interest on the annual debt of the
member nations. In the case of Great Britain alone
it was pointed out that the annual interest will be
$2,000,000,000 on the army debt alone, to which must
be added $1,000,000,000 for the navy. Of course
one of the first questions invariably raised when
methods are being considered for the payment of
refunding of war debts is the extent to which Germany can be or should be made to pay for it all.
In general it has been declared that the amount
should be the maximum which she could stand,
without adversely affecting her means for raising
money.
Prominent among the American bankers who are
in Europe making a careful study of financial and
other conditions are Frank A. Vanderlip, President
of the National City Bank, and Alvin W. Krech,
President of the Equitable Trust Co., of New York.
On Wednesday Mr. Krech, discussing financial conditions in Europe in a broad way, but more .particularly those in France, expressed himself in favor
of an international moratorium, in order to give the
various nations time to put into effect a comprehensive reconstruction program. He said: "The interdependence of the nations of the world after this
unparalleled cataclysm must be obvious, and, therefore, the situation in France, the centre of the conflict, is of vital interest to us. The enormous inflation of currency here has created a temporary and
purely fictitious plethora of money, and while the
rates de quotably low, all food and commodity
prices are well-nigh prohibitive. This is coincident
with the severest restriction of commercial credit.
"The French and British Governments have accumulated considerable reserves of raw materials
and manufactured goods for war purposes, which will
suffice their present needs, and will suffice long
enough to allow for a readjustment of conditions and




507

new values. America must, therefore, look to and
prepare for a readjustment of prices before her allies
will discuss freedom of control and regulation in .
trade. That is, we may as well recognize the situation in which we are placed and take the bump.
We can make a cushion to lessen the shock. by
America creating long-term commercial credits, and
in the creation, through the aid of American banks
and investors, of dollar credits running over a term
of years, based on securities of undoubted value."
Italy and her financiers are coming to a better
realization of the strained financial condition of their
country by reason of the war. According to Luigi
Luzzatti, former Premier, Italy's net debt is now
more than $12,500,000,000, against $2,750,000,000
when she entered the war. When pensions and many
current bills of the war are paid, he said that probably the national debt would be swelled to $15,000,000,000. "Italy," he said, "leads the World in•
the relative height of its war debt," and added that
her national wealth is only about $20,000,000,000.
He urged financial assistance for Italy. Signor
Crespi, a member of the Italian delegation to the
Peace Conference, issued a statement a few days
ago in Paris, in which he declared that the Central
Powers must compensate the Allies for the damage
suffered during the war. In outlining how the indemnity should be divided, Signor Crespi said that
each nation should receive a share in proportion to
the effort it had made, and declared that "the
simplest way to carry out the actual distribution,
would be to put the entire fund into a common pool
which could be periodically apportioned among the
different nations." His plan for "a single financial
front," has been presented by Signor Crespi to the
Entente Ministers, by whom he said it was favorably
received.
Great Britain has been most concerned again this
week with the labor situation. In the sections in
which the first outbreaks occurred a considerable
degree of order has been restored. This was notably true of staid old Glasgow, in which a little more
than a week ago conditions appeared to be serious.
Ordei was restored, however, by the police, supplemented by troops. London has been the chief
centre for outbreaks during the current week. Railroad employees and workers on the underground
lines were out, as were cooks and waiters in the hotels for a time. Thursday morning an unofficial
announcement was made to the effect that a satisfactory settlement had been reached, and was understood to include the tubes and all the railway systems in London. While the complete terms of the
settlement were not made public, it was stated that
the men had won an eight-hour day. Yesterday's
late advices stated that the terms offered were not
satisfactory to the strikers and that traffic had
not been resumed. The Government maintained
the position all along that it could not interpose in
the strikes, for the reason that they were solely
industrial controversies. It made every effort possible, however, to ease the transportation situation,
and among the measures adopted prior to the
reported settlement was the mobilization by the
War Department of more than 1,000 motor lorries
to supplement the bus service.
In spite of the serious local transportation difficulties.prevailing during the first half of the week,

508

THE CHRONICLE

speculative activity was well maintained on the
London Stock Exchange. At first railway shares
displayed somewhat of a drooping tendency, but
later rallied and held well. There were rumors of
increased dividends for some of the shares and the
understanding appears to be general that the Government has pledged itself to continue its control
of the railroads for two years after the actual signing of a peace agreement.
The following figures, taken from the annual reports of the five largest deposit banks, show how that
item stood in their accounts at the close of the fiscal period:
London City & Midland
.£334,898,000
Lloyds Bank
266,808,000
London County, Westminster & Parr's Bank.._ 262,858,000
Barclay's Bank
239,660,000
National Provincial & Union Bank of England_ 200,865,000

Politically there was special interest, of course,
in the assembling of Parliament, which, it is realized,
must consider numerous reconstruction problems,
including the troublesome labor situation. So important are the matters to be taken up that for
some days Premier Lloyd George planned to leave
the Peace Conference temporarily, in order to take
part in the guidance of affairs at home.
In Germany probably the most discussed topic
in political circles throughout the early part of the
week was the forthcoming initial meeting of the
National Assembly in Weimar, the temporary capital
of the country. The town was filled to overflowing
for the event, the most prominent, as well as the most
obscure, leaders being in attendance. One of
the chief difficulties was the finding of men to
handle the baggage of members of the Government.
An Alpine corps of 1,000, under command of General
Merker, was present to assist the local forces in
preserving order. Socialist leaders attempted to
obstruct operations by cutting off telephone communication between Weimar and Eisenach and Erfurt. Chancellor Friederich Ebert called the Asesmbly to order late Thursday afternoon. Detailed
reports of the deliberations will be awaited with the
keenest interest.
Repo)ts regarding economic conditions in Germany continue as conflicting as ever. On Monday the
French High Commission in Washington announced
the receipt of a wireless message from Zurich, stating
that the country had enough food to meet its requirements to May 15 if the transports could be operated
regularly. On Thursday Col. Searle Harris of the
United States Medical Reserve Corps, who had
just returned from investigating conditions in
Germany, east of the Rhine, was quoted as saying
that the country is "a land of graveyards, that the
nation is bankrupt, and the people actually starving."
Continuing he said, "there are no eggs, no milk and
only half a pound of beet sugar for each person a
month." According to Col. Harris tuberculosis
and intestinal diseases are increasing. In his
judgment, many women and children will die or
become deficient if not supplied with food. The
coal shortage is said to be still more acute in same
important districts.
The British Treasury statement for the week ending Feb. 1 showed a. further increase in the credit
balance of £255,000, reflecting a continued, though
r4-.ght, gain in revenues over expenses The week's




[VoL. 108.

expenditures totaled £51,153,000, against £32,420,000 for the week ended Jan. 25, while the total outflow, including repayments of Treasury bills and
other items amounted to £154,883,000, against
£112,219,000 last week Receipts from all sources
were £155,138,000, in comparison with £112,270,000
a week ago. Of this total, revenues contributed
£24,752,000, compared with £28,728,000 last week;
war savings certificates .£1,600,000, against £3,800,000, and other debts incurred £2,948,000, against
£783,000. War bonds reached a total of £91,981,000,
which compares with £33,730,000 in the week preceding. Advances equaled £1,500,000, as against
£2,500,000 the week before. Treasury bills outtstanding aggregate £1,042,158,000. Last week the
total was £1,078,848,000 New issues of Treasury
bills this week were £32,107,000, as contrasted with
£42,479,000 last week. This week's Exchequer balance amounts to £8,454,000, which compares with
£8,198,000 a week ago.
No change has been noted in official discount
rates at leading European centres from 5% in
London, Paris, Berlin, Vienna and Copenhagen;
532% in Switzerland; 6% in Petrograd and Norway;
63/2% in Sweden, and 432% in Holland and Spain.
In London the private bank rate continues to be
quoted at 3 17-32% for sixty days and ninety
days. Call money in London is still quoted at 338%.
No reports, as far as can be learned, have been received by cable of open market rates at other
European centres.
The Bank of England announced another substantial gain in its gold item this week, the amount being
£706,254. Note circulation expanded £646,000;
hence there was an increase of only £60,000 in total
reserve. Further contractions were shown in the
deposit accounts, and .the proportion of reserve to
liabilities was advanced to 20.50%, against 20.13%
last week and 183/
2% a year ago. In 1914 the percentage stood at 5332%. Public deposits decreased
£4,108,000, and other deposits £6,121,000, while
Government securities declined £5,054,000. Loans
(other securities) were increased £3,033,000. Threadneedle Street's stock of gold on hand aggregates
£81,443,667, as against £58,609,501 a year ago and
£56,954,414 in 1917. This compares with £43,154,292 in 1914. Reserves total £29,907,000. Last year
the amount was £30,928,186 and in 1917 £35,839,089.
Loans now stand at £83,469,000,as against £96,893,646 and £38,579,538 one and two years ago, respectively. Clearings through the London banks for the
week were £563,720,000, in comparison with £452,500,000 last week and £440,560,000 a year ago. Our
special correspondent is not as yet able to give details by cable of the gold movement into and out of
the Bank for the Bank week, inasmuch as it has not
resumed publication of such reports. We append a
tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT:
1919.
1918.
1917.
1916.
1915.
Feb. 5.
Feb. 8.
Feb. 7.
Feb. 9.
Feb. 10.
Circulation
69,980,000
30,721,000
Public deposits
115,481,000
Other deposits
50.838,000
Gov't securities
Other securities.... 83,469,000
Reserve notes & coin 29,906.000
Coin and bullion.... 81,443,667
Proportion of reserve
20.50%
to liabilities
Bank rate
5%

46,131,315
41,043,292
125,504,321
56,889,951
96.893,646
30,928,186
58,609,501

39,535,325
42,262,099
226,469,910
212,396,597
38,579,538
35,839,089
56,954,414

32,865,540
62,640,675
100,487,283
32,838,520
108,531,260
39,864,024
54,279,564

34,415,270
46,446,042
115,830,196
24,578,738
104,615,640
51,239,215
67,204,485

18.56%
5%

13.33%
5%

24.45%
5%

31.63%
5%

FEB. 8. 1919.]

THE CHRONICLE

The Bank of France in its weekly statement reports
a further gain of 3,245,750 francs in the gold item.
The Bank's aggregate gold holdings, therefore, now
amount to 5,508,221,125 francs, which compares
with 5,363,847,416 francs last year and 5,128,711,670 francs the year before; of these amounts 2,037,108,484 francs were held abroad in 1919 and 1918
and 1,844,559,286 francs in 1917. During the week
advances rose 31,257,757 francs. On the other hand,
bills discounted decreased 49,364,798 francs, silver
fell off 657,985 francs, Treasury deposits were contracted 2,215,038 francs, and general deposits were
diminished 30,694,269 francs. A further expan-_
sion of 383,965,290 francs occurred in note circulation, bringing the total outstanding up to the new
high level of 32,745,756,680 francs; this contrasts
with 23,740,118,935 francs in 1918 and 17,699,750,690 francs the year before. In 1914, just prior
to the outbreak of war, the total outstanding was
but 6,683,184,785 francs. Comparison of the various items in this week's returns with the statement
of last week and corresponding dates in 1918 and 1917
is as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Feb. 6 1919.
Feb. 7 1918.
Feb. 8 1917.
Francs.
Gold Holdings—
Francs.
Francs.
Francs.
Inc. 3,245,750 3,471,112,641 3,326,738,931 3,284,152,384
In France
No change 2,037,108,484 2,037,108,484 1,844,559,286
Abroad
Inc. 3,245,750
Total ,,
Sliver
Dec.
657.985
Bills discounted__Dec. 49,364,798
Advances
Inc. 31,257,757
Note circulatIon Inc. 383,965,290
Treasury deplsits_Dec. 2,215,038
General deposits _Dec. 30,694,269

5,508,221,125
315,235,252
1,391,734,390
1,221,280,141
32,745,756,680
79,155,926
2,511,991,219

5,363.847,416 5,128,711.670
250,568,538
276,789,656
1,347,015,503
628,318,251
1,249,499,554 1,268.132,547
23,740,118,935 17,699,750,690
270,598,621
56,054,306
2,581,404,231 2,341,462,817

The Imperial Bank of Germany in its statement,
issued as of Jan. 23, showed some striking changes
in its principal items. Treasury notes were increased 321,537,000 marks, bills discounted registered an increase of 977,332,000 marks. Investments increased 3,453,000 marks, and note circulation 866,843,000 marks, while deposits recorded
the huge gain of 1,298,478,000 marks. Total gold
and bullion decreased 1,182,000 marks, and gold
1,786,000 marks. Notes of other banks were
increased 423,000 marks, and advances 574,000
marks. There was an expansion in other liabilities
of 364,488,000. The German Bank reports its
gold holdings at 2,255,400,000 marks. This compares with 2,405,590,000 marks in the same week of
1918 and 2,520,480,000 marks the year preceding.
The totals of outstanding note circulation is 23,293,160,000 marks, as against 10,918,840,000 marks a
year ago and 7,650,893,000 marks in 1917.
Last week's statement of New York associated
banks and trust companies made a rather better
showing, although the changes from week to week in
the leading items rarely reflect anything more than
the operations of the Federal Reserve Bank and are
not especially significant in themselves. There was
another reduction in net demand deposits, this time
of $43,735,000. Government deposits, however,
gained $127,869,000 for the week. The total of net
demand deposits now stands at $3,873,062,000
(Government deposits of $337,607,000 deducted).
Net time deposits increased $7,665,000, and loans
were reduced $6,805,000. Cash in vaults (members
of the Federal Reserve Bank) decreased $3,436,000,
to $95,175,000 (not counted as reserve). Reserves
in the Federal Reserve Bank of member banks expanded $12,745,000, to $558,159,000. Reserves in
own vaults (State banks and trust companies) increased $77,000, to $10,748,000, and reserves in




509

other depositories (State banks and trust companies)
gained $931,000, to $11,227,000. An addition of
$13,753,000 was reported in aggregate reserves,
while in the case of surplus, owing to a decline of
$5,330,620 in reserve requirements, the increase
reached a total of $19,083,620. This brings the total
of excess reserves now on hand to $67,217,390, as
against $96,681,750 last year, and of aggregate reserves $580,134,000, compared with $585,700,000 in
the corresponding week of 1918. The figures for surplus reserves here given are on the basis of 13%
reserves for member banks of the Federal Reserve
System, but not including cash held by these banks,
which last week amounted to $95,175,000. The
bank statement in fuller detail is given in a subsequent section of the "Chronicle."
On the basis of transactions and quotations from
day to day the local money market offered little of
special interest. The changes in both call and time
loan rates were slight and unimportant. Stock Exchange houses were not inclined to take much of
the money that was offered for the longer periods.
Money brokers said that, although the supply of
funds in the hands of the large downtown financial
institutions was .reported to be abundant, and the
tone of the market was characterized as easy, the
actual offerings by those institutions for Wall Street
speculation were small in the aggregate. Most of
the funds placed at their disposal were said to come
from uptown and out-of-town banks. The slackening in industrial activity throughout the country
naturally has brought about easier monetary conditions at the principal interior centres. Yesterday announcement was made of the reduction from 6 to
532% in the call loan rate oftwo Philadelphia banks.
The money market for some time to come must be
viewed in a broad way. In fact, it should be regarded as international in scope. The winning
and financing of the war were world-wide affairs.
Reconstruction is of the same vast extent, and unless approached with this fact constantly in mind
it cannot be successfully accomplished. It seems
probable that before long England and France, for
instance, will realize the unwisdom of having placed
rather severe restrictions upon the importation of
products from several of the countries, chiefly the
United States, from which they derived invaluable
assistance in the winning of the war. The countries that were allied for that purpose, and others
that called themselves neutral, must stand together
during the reconstruction period as firmly and
closely as they did before the signing of the armistice.
If this is done it will be possible to keep a reasonably even tone for the money markets of at least the
leading countries, and, in fact, those markets will
be virtually merged into 'one of an international
character. That European nations are still compelled to call upon the United States for financial
assistance was evident from the announcement yesterday that, following negotiations covering some
two months, a syndicate of New York bankers had
about completed arrangements to extend credits
here, to bankers in Be gium, totaling in the neighborhood of $50,000,000. It is said that this proposed transaction is entirely of a private character,
our Government and that .of Belgium having no
part in it.
Railroad and industrial corporations in the United
States continue to take advantage of the larger sup-

THE CHRONICLE




Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
4,
;(6®43.1 41/.@)41
/
6 4%04
1 . 4% ©4% olgoi
4/®4/
5;4E05
534@)5
.53465

Eligible'bills of member banks
Eligible bills of non-member banks
Ineligible bills

Delivery
within
30 Days.
4,bid
49
4 bid
6 bid

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
following:
CLASSES
OF
DISCOUNTS AND LOANS

Discounts—
Within 15 days,incl. membe
banks' collateral notes_ _ _ _ 4
16 to 60 days' maturity___ 434
61 to 90 days' maturity__ 434
Agricultural and live-stock
paper over 90 days
5
Secured by U. S. certificates
of indebtedness or Liberty Loan bonds—
Within 15 days, includin
• member banks' collateral notes
4
16 to 90 days' maturity
14%
Trade Acceptances16 to 60 days' maturity
434
61 to 90 days' maturity__ 41,4

.m

•

.F.' ti '
N
. C
.
1
.
:

•

•
0

... .1 P i't3 4a

i

4
4

•

1 Minneapolis.'

I
I

DISCOUNT RATES OF FEDERAL RESERVE BANKS.
New York.

ply of available funds and the lower rates, to sell
securities with which to take care of financial requirements that were arranged on a temporary basis
during the war. In connection with the offering of
$16,000,000 15-year 53/2% Illinois Central bonds,
nothing of an official character was made public
regarding the report in the financial district on
Thursday that the principal purpose to which the
proceeds would be put would be to pay off a loan to
the United States Railroad Administration. It is
understood, however, that this report was correct.
Naturally the point was raised as to whether the
Government would take similar action with respect
to other loans that it had made to the carriers. So
far as could be learned, no other railroad had been
called upon to take up its obligations with the
Government. If practically all the Government
loans to the railroads had to be met within the next
few months, naturally the necessary financing would
be expected to have some effect upon the money
market. It is believed that the life of the War
Finance Corporation will be extended, and that it
will continue to give assistance to the railroads
pending definite legislation by Congress as to their
future ownership and operation, and also pending
legislation as to the creation of another revolving
fund to be placed at the disposal of the United States
Railroad Administration. Eugene Meyer Jr. who is
now at the head of the War Finance Corporation,
thoroughly understands the position and requirements of the railroads. It is learned that as soon
as the financial requirements of the Rock Island
were presented to him recently, no difficulty was
experienced in making the necessary arrangements for
a loan.
Dealing with specific rates for money, call loans
this week again covered a range of 3%@5%. Monday the high was 431%,the low 39% and 4% the
ruling rate. On T.uesday there was an advance to
5% for the maximum, with the minimum at 4%,
and renewals negotiated at 414%. Wednesday's
range was 43/2@5%, and 43/2% still the renewal
basis. On Thursday the range was again at 43/2@
5%, although renewals moved up to 4%%. On
Friday 5% was the highest, 43/2% the low and 5%
the ruling figure. These figures are for loans based
on mixed collateral. "All-industrials" continue to
be quoted % of 1% higher. For fixed maturities a
slightly easier undertone has developed, particularly
for the longer periods, but the market was very
quiet, with only a few trades reported in any direction. A falling off in the inquiry for funds, both
for mercantile and speculative purposes, is reported.
Sixty and ninety-day loans continue at 5@53'7o.
Four, five and six months' money, however, is now
quoted at 514%, against 53@532% last week. In
the corresponding week of a year ago all periods from
sixty days to six months were quoted at 53/2@6%.
Commercial paper rates were not changed from
5@531% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
and names not so well known at 53,@53/2%. A
good demand was reported, but trading was somewhat restricted by a lack of offerings.
Banks' and bankers' acceptances have been moderately active and the volume of business transacted
reached fair proportions. The undertone was steady
and rates unchanged. Demand loans on bankers'
acceptances continue to be quoted at 43/2%. Detailed quotations follow:

[Vol,. 108,

1
1 Boston.

510

t

1
.

"

4 4 43 434 434 4 4 434 434 435 434
434 434 434 434 434 434 434 434 5 434 5
434 434 434 434 434 434 434 5 5 5 5
5

5

oi

5

5

534 535 534 535 534 534

4 4 4 '4344
434 434 434

4 4 4 4344 434
14% 14% 434 1434 434 434

434 434 434 434 434 434 434 434 434 434 434a
41,4 41.4 414 4k4 4V 4t4 4t4 4“ 444' 4%4 4tf

1 Rate of 3 to 434% for 1-day discounts in connection w th the loan operations
of the Government. Rates for discounted bankers' acceptances maturing within
15 days, 4%; within 16 to 60 days, 434%, and within 61 to 90 days, 434%.
2 Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding
interest rate on bonds.
a Fifteen days and under, 434%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.

Sterling continues to display a lack of response to
current events. Despite recurrent rumors that the
arbitrary control exercised by the Treasury authorities is soon to be modified, the prospects are that
nothing important will. be attempted in that direction under present conditions. Some attention was
attracted this week to reports that certain international bankers were unwilling to sell sterling cable
transfers this month. The market for sterling, however, remained quiet and quotations were well maintained, at or near last week's levels. Trading was
exceptionally quiet. Referring to the day-to-day
rates, sterling on Saturday ruled without change
from 4 75%@4 75773/ for demand,4 7655@4 76 9-16
for cable transfers and 4 733/2@4.73% for sixty
days. On Monday a slightly easier tone developed
and declines were noted in demand bills to 4 759I
and cable transfers to 4 7655; sixty days remained
unchanged. Sterling quotations were firm and a
trifle higher on Tuesday with the range for demand
back again to 4 75%@4 75773/ and cable transfers at 4 7655@4 76 9-16, although sixty day bills
5
were still pegged at 4 7332@4 73%.
Wednesday's
market was dull and nominal, with the volume of
transactions recorded light; rates were maintained ,at
the levels of the day before. Inactivity was again
the chief characteristic of dealings on Thursday and
business was confined to mere routine transactions;
poor mail facilities and the uncertainties existing in
the international situation were factors in the general dulness; demand was a small fraction higher at
4 759'@4 75 13-16, but cable transfers continued
at 4 7655@4 769-16 and sixty days at 4 7332@
4 73%. On Friday the market was quiet but steady
5
and still unchanged. Closing quotations were 4 73%
for sixty days, 4 75 13-16 for demand and 4 76 9-16
for cable transfers. Commercial sight bills finished
at 4 75 11-16, sixty days at 4 72%, ninety days at

FEB. 8 1919.]

THE CHRONICLE

4 71 7-16, documents for payment (sixty days)4 723/2
and seven-day grain bills 4 75. Cotton and grain
for payment closed at 4 75 11-16. So far as can be
learned, no consignments of gold were arranged for
export or import during the week. It is explained
that the $1,000,000 in gold for Colombia reported
late last week was a special transaction and in no
way connected with foreign exchange purposes.
Practically nothing new has transpired in the
Continental exchanges this week and dealings were
again at a low ebb. As has been pointed out in
these columns before, the prevailing opinion among
market experts is that no widespread increase in
activity can be looked for until Government restrictions are removed. It is agreed, moreover,
that such a step is highly improbable until at least
the formal conclusion of peace, and just when this
is to take place is still largely a matter of conjecture. Nevertheless, rates were firmly held throughout. Francs ruled steady, finishing the week at a
fractional advance. Exchange on Rome remains
stationery. Russian rubles are still deadlocked, with
no business passing. German and Austrian exchange is not as yet being dealt in on this market.
The official London check rate in Paris finished at
25.98, the same as a week ago. In New York sight
bills on the French centre closed at 5 453/s, against
%; cables at 5 45, against 5 4514; commercial
5 453
sight at 5 46/3, against 5 46,and commercial sixty
/, against 5 513/
2 on Friday of the
days at 5 513
previous week. Lire finished without change from
6 36 for bankers' sight bills and 6 35 for cables. Rubles continue to be quoted (nominally) at 14 for
checks and 15 for cables. The nominal quotation
for Belgian exchange is 5 67 for checks and 5 65
for cables. Greek exchange remains as heretofore
at 5 163/2 for checks and 5 15 for cables.
In the neutral exchanges a decidedly firmer tone
was noted and dealings were featured by a rise of
several centimes in Swiss francs, although a slight
downward reaction was noted at the close. Dutch
guilders were steady and Spanish pesetas firm.
The Scandinavian exchanges were irregular, Stockholm remittances having remained about steady,
while Copenhagen and Christiania checks showed declines. These movements, as was the case a week
ago, are chiefly a reflex of what is occurring on the
London and European markets, which are still being subjected to speculative operations. At this centre trading was restricted to small proportions.
Bankers' sight on Amsterdam finished at 411-16,
com1
against 41; cables at 41 5-16, against 414;
mercial sight at 41, against 40 15-16, and commercial sixty days at 40 9-16, against 40 9-16 last week.
Swiss exchange, after advancing to 4 90 for checks
and 4 86 for cables, declined and closed at 4 95
for bankers' sight bills and 4 91 for cables, comparing with 4 96 and 4 93 the previous week. Copenhagen checks finished at 26.00 and cables at
26.20, against 25.75 and 26.95. Checks on Sweden
closed at 28.10 and cables 28.30, against 27.90 and
28.10, while checks on Norway finished at 27.20
and cables 27.50, against 27.10 and 27.30 on Friday of the preceding week. Spanish pesetas closed
at 20.12 for Checks and 20.20 for cables. A week
ago the close was 20.08 and 20.15.
With regard to South American quotations, the
rate for checks on Argentina was not changed from
44.85 and cables from 45.00. For Brazil the check
rate is still reported at 25.85 and cables 26.00.




511

Chilian exchange has nokbeen changed from 10 7-16
and Peru from 50.125@50.375.
Far Eastern rates are as follows: Hong Kong,
78@783 (unchanged); Shanghai, 123@1233/2 (unchanged); Yokohama, 513j@513/2, against 52%@
533; Manila, 49%@50% (unchanged); Singapore,
563@563/2 (unchanged); Bombay, 363/2@36% (unchanged), and Calcutta (cables) 36%@37 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,696,000 net in cash as a result of the currency movements for the week ending Feb. 7. Their
receipts from the interior have aggregated $7,864,000,
while the shipments have reached $3,168,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss of $102,905,000, 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 $98,209,000, as follows:
Week ending Feb. 7.

Into
Banks.

Banks' interior movement
Sub-Treasury and Fed. Res. oper

Out of
Banks.

$7,864,000
41,233,000

Total

Net Change in
Bank Holdings.

$3,168,000,Gain $4,696,000
144,138.0001 Loss 102,905,000

$49,097,000 $147,306,000 Loss $98,209,000

The following table indicates the amount of bullion
in the principal European banks:
February 8 1919.
Banks of

1

Gold.Mies.
£
England__ 81,443,667
Frances__ 138,844,505
Germany_ 112,770,11 I
Russia v_.. 129,650,111
Aus-Hunc 11,008,000
Spain ___. 89,140,000
37,071,000
Italy
Netherl'd 57,033,000
Nat.Bel.h 15,380,000
Swita'land 16,523,000
Sweden__ _ 15,552,000,
Denmark_ 10,812,00d
Norway__ 6,718,000

I

February 7 1918.
Total.

Gold.

Silver.

Total.

t

S
58,609,501
81,443,667 58,609,501
12,600,000151,444,505133,069,558 10,000,000 143,069,558
1,002,460113,772,460120,304,000 5,746,000 126,050,000
12,375,000142,025,000129,650,000 12,375,000 142,025,000
2,289,0001 13,297,000 11,008,000 2,289,000 13,297,000
25,666,000114,806,000 78,711,000 28,356,000 107,067,000
3,000,0001 40,071,000 33,409,000 3,431,000 36,840,000
728,111 57,761,000 58,917,000
598,000 59,515,000
600,111 15,980,000 15,380,000
600,000 15,980,000
14,422,000
19,002,000 14,422,000
2,479,
13,580,000
15,552,000 13,580,000
137,000 9,759,000
135,000 10,947,000 9,622,000
6,413,000
6,718,000 6,413,000

Tot. week.721,945,172 60,874,460782,819,632683,095,059 63,532,000 746,627,059
Prey,week721,525,388 60,841,250782,366,638582,183,892 63,353,300745,587,192
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
No figures reported since October 29 1917.
c Figures for both years are those given by "British Board of Trade Journal" for
Dee. 7 1917.
h August 6 1914 In both years.

RUSSIA AND THE ALLIES.
By a sudden and very extraordinary turn in
events, the offer made by the Paris Peace Conference
on Jan. 22, to send delegates to discuss the Russian
situation with the various governmental factions in
that country, has produced what seems on the face
of things to be tangible results. The invitation for
delegates of these rival Russian governments, to
meet the Allied delegates at the Princes' Islands in
the Sea of Marmora, was almost at once refused by
all the Russian factions except the Bolsheviki.
Their refusal also had been rather generally expected; when it was learned on Thursday of the
present week that the Lenine Government was willing to engage in such a conference; that, as a basis
for possible arrangements, it was ready to recognize
Russia's financial obligations to the Entente Powers
and people, and that, in order to guarantee interest
on such debts, it would consent to pledge stipulated quantities of raw material and concessions in
Russian mines and forests—citizens of the Entenee
countries to dispose of them. This remarkable
offer is without.doubt a high bid for political recognition by the Bolsheviki Government. The conference will be held. Whether or not the other

512

THE CHRONICLE

Russian factions will send delegates, what can be
accomplished by the conference, and, indeed, how
much reliance could be placed on such a Bolsheviki
- pledge—these are questions which cannot as yet
be answered.
Mr. Balfour's remark to the correspondents last
Tuesday, regarding the Allies and the Russian
- question, perhaps summed up the situation as fairly
as a much more comprehensive statement could have
done. "It is," he said, "a most disquieting situation. We are doing all that can be done. As to
military intervention on a large scale, it is not to be
-thought of." How the present limited intervention
in Russia came about every one knows. It was
introduced last summer, when it looked as if the
- huge stores of war material, shipped by the Allies
-to Vladivostock and Archangel, stored at those
-points and not yet paid for by the Russian Government, would be captured by the Germans. At the
same time, along with the dismissal of the Teutonic
prisoners of war in Russia, the Czecho-Slovaks,
who were very numerous and who now represented
a new government which the Allies had recognized
as a friend, were attacked by the released German
and Austrian prisoners and were in great need of
relief.
On August 3rd, the State Department announced
that our Government would co-operate with Japan
in sending a few thousand soldiers to Vladivostock,
and the French and English Governments did the
same for the White Sea port of Archangel. A
strong declaration of friendship for Russia was made
by all the Governments taking this action. But it
was accepted as a challenge by the Bolsheviki, some
of whose officials publicly announced that a state
of war had been declared against Russia by the
Allies. The Bolshevik armies were presently in the
field. Having no purpose of ,attacking Russia, the
movements of the Allied troops were necessarily
tentative and uncertain; there was no such thing as
a campaign. But the Bolsheviki were not at all
restrained, except through fear of a superior force.
Now that Germany's power has been broken and
the special reason existing last summer for guarding
the munition stores has, therefore, disappeared, the
situation has become complex.
At Archangel particularly, winter has blocked the
port with ice, thus preventing the bringing of
reinforcements by sea, and meantime the Allied
forces are confronted on land by a considerable
Bolshevik army.
This awkward situation has
•raised two alternatives—to withdraw the Allied
forces, thereby ostensibly yielding to the Bolshevik
• Government and immensely enhancing its prestige,
or to reinforce the armies, attack the Bolsheviki
and literally invade Russia. The second alternative
Mr. Balfour pronounces out of the question, and
so all experience shows it to be. Therefore, short
of remaining in the wholly unsatisfactory and largely
dangerous position which they now occupy, withdrawal of the Allied armies began inevitably to be
discussed.
Diplomatically, the Allies in the Peace Conference
have been faced with great difficulties regarding
Russia. None of them favors the Bolshevik Government by choice. Nevertheless, that Government
has held the capital of Russia and is undoubtedly
the strongest of all the various Russian governments.
, It is, from many points of view, the actual de facto
Russian Government. Yet, on the other hand,




• [VOL. 108.

the Bolshevik Government is still by all accounts
a governnsient of a small minority, and is ruling by
force alone. It has never had the endorsement of a
popular vote. Its requisitions are bitterly resisted
by the Russian peasants, who have fought desperately against such Bolshevik agents as demanded
their wheat—exactly as the Ukraine peasants fought
last year against the German agents. There is no
reason to suppose that peasants, who make up so
great a part of the Russian population, would not
welcome a stable government which should overthrow the Bolsheviki.
But no such government arises. Lenine and
Trotzky have, moreover, had the great advantage
of knowing exactly what they wanted and of setting
out resolutely to get it—something which could be
said neither of the Lvoff Government, nor of
the Kerensky Government, nor, apparently, of the
various provisional governments in the Provinces.
Not only is this so, but there is convincing evidence
that the Bolshevik army, presumably through use
of supplies accumulated during the war, is now no
longer, as it was a year. ago, a mere mob of ragged
laborers out of work, designated as soldiers by an
armlet, but is reasonably well uniformed, well shod
and well armed. This condition may possibly last
no longer than until the supplies on hand are exhausted. But it affects the situation now.
Against these advantages there stand not only the
peasants' discontent, but the bloody brutality of the
Bolshevik tribunals in disposing of their political
adversaries and the ruin of Russian production and
manufacture through the Bolshevik plan of seizing
all the mills and leaving committees of the workmen
to try to Manage them. One of the few informing
dispatches from Petrograd has this week told us
that Lenine is trying to do away with this handicap
through restoring the old managers under the
euphemistic title of People's Commissaries and that
some industries are thus at work to-day. There
are evidences that even army discipline is being
cautiously restored. In an interview with a fellowSocialist, cabled to the "World" this week, Lenine
gave the first intimation that "the Russian Government would be inclined to pay its debts if by that
means the war against it could be stopped."
In all these incidental developments, the student
of history will see nothing more than what happened
under the Jacobin regime at Paris after the.French
Revolution. The Robespierres and the Dantons
also threw all their own precepts to the winds when
it was a matter of political life or death and they
held control of France during nearly two years.
But they collapsed completely in the end, partly
because of mutual jealousies and suOicions, partly
because the fear of foreign invasion. had disappeared,
and partly because the people, realizing how hopeless ordinary government and individual safety had
become under such rulership, managed to gain
sufficient political power to insist upon a change.
Sooner or later the same thing must happen to the
Bolshevik Government; and it will certainly not be
delayed by the fact that agriculture, through which
Russia lives and thrives in ordinary times, is
paralyzed as a direct result of the political mismanagement at Petrograd, or by the fact that this
very winter season is confronting with disastrous
famine a people who used to be able to spare a
third of their annual wheat crop for export to the
outside world. But meantime the important prob-

FEB. 8 1919.]

THE CHRONICLE

lem of the Allies is, whether to stay where they are
in Russia, or withdraw their troops and leave the
field to the Bolsheviki, and to what extent it would
be either right in itself or fair to the Russian Governments in the north which have acted with the Allies,
to give formal recognition to the Petrograd rulers.
AN EXPERIMENT IN SOCIALISM—NORTH
DAKOTA THE PLACE.
The shade of Karl Marx yet walks the earth, and
though that persistent dreamer, in life, found scant
welcome in Germany and France, if he could now
• reinhabit the scenes of his earthly career he would
no doubt receive generous and honored asylum in
the thoroughly independent State of North Dakota.
There; the distinguished and able Nonpartisan
League, arising above the turmoil of the times and
imbued with a lofty zeal for human welfare, having
secured control of both houses of the Legislature,
proposes to inaugurate a system of government that
will speedily settle all the vexed questions of human
relations and efforts that have worried the world for
many centuries, and set a model which will forever
put our boasted "democracy" in the shade.
Not in the least deterred by the experiences through
which Russia is passing, oblivious to the reforming
of the lines of world trade, disregarding even the
laws of supply and demand that are beginning to
reassert themselves between the commercially free
States of our own vast Union, self-sufficient unto
themselves, these master-builders of a League so
immaculate that it is "non-partisan," propose to
inaugurate a reign of State ownership and control
of industries that will at last smooth down the
wrinkled front of time and give to every man a
millenial joy that has not elsewhere its counterpart
in all this stricken, struggling, aspiring world of
ours.
While the Peace Council bends its intensive study
to the problem of creating an enduring and powerful League of Nations, without perhaps creating a
Super-State that shall overawe and compel the' submission of independence and self-determination,
here in this delectable, if sparsely inhabited, spot
of dark America, Utopia is to appear by the magic
of caucus control in the hands of a "League" that
scorns to be partisan, and yet scouts the principles
and beliefs of all political parties, save its own. And
when the rainbow filament of mortal perfection has
crystallized into hard fact, into "liberty under law,"
the war-worn eyes of a weary world may turn to
North Dakota for relief.
• It is said that the "non-partisans" have so amended
• the State constitution that the State, or any subdivision, may engage in practically any kind of industrial enterprise. Antiquarians have discovered
that in 1908, in an address to the Commercial Club
of Chicago, Woodrow Wilson said; "Governmental
commissions cannot possibly understand business
better than those who conduct it." But "all is
changed." Why should nonpartisans in the splendid
reaches of North Dakota consider the effete past!
Congress may soon be wrestling gigantically with
the world-wheat problem peace has so unceremoniously thrust upon us, but what is that to an energetic and intelligent community where wheat and
grasslands wave in perennial splendor?
Five millions of dollars, and note, if you will, the
latent power in this huge sum, by means of bonds,
are to find their way into terminal elevators and




513

flour mills. Let Australia and the Argentine, now
hurling their surplus wheat stocks into international
markets at from a dollar to a dollar and a quarter
a bushel, take note of this new force in affairs and
tremble. But—and it is a peculiar component of
this wizardry in commerce—it is admitted that even
with these frowning guardians of the rights of the
producers working full time at eight hours a day,
these advance agents of equality and fraternity,
the State elevators and mills, would be inert without
being buttressed by a system of free credit.
Therefore, this enticing scheme of State ownership is made to revolve around a State bank, with
the magnificent and all-powerful capital of two millions of dollars, also secured by the sale of bonds.
We do not know that this is intended to nullify
the hope of a unified banking system under the
Federal Reserve plan, but it is entirely satisfying
to the nonpartisans in control of North Dakota.
We read that:
"Under the banking bill introduced, all public
moneys are required to be deposited in the State
Bank. This constitutes a fund of about $25,000,000, collected in taxes each year, while control
of many millions more in the State Board of School
and University Land Fund, created by land grants
from the Government and established for the benefit
of schools and higher institutions, will pass to the
bank. It also is proposed to force into the State
Bank about $40,000,000 carried by State banks in
the form of reserves in Minneapolis, St. Paul and
Chicago banks."
Our information is derived from a Bismarck dispatch printed in the New York "Times" on Jan. 26,
and it is obvious that this bank will certainly go down
as "unique in history" if by any dispensation under
the guidance of wise nonpartisans it does not go
down in any other way, for: "The privilege of making loans to the State Industrial Commission is given
to the bank, likewise power to transfer moneys from
one fund to another, as occasion may arise. The
bank also would conduct a rural credits department
by issuing bonds against real estate mortgages, this
department to operate somewhat along the plan
of the Federal Farm Loan Bank."
Now the financial acument of all this cannot be
appreciated until this "industrial commission" is
—understood—then its wonders unfold. The Indutrial Commission is to consist of the Governor, Attorney-General and Commissioner of Agriculture and
Labor, with the veto power vested in the Governor—
who is, therefore, shall we say, "the whole thing,"
not, of course, suggesting anything like "autocracy."
"This Commission is authorized to conduct and operate any and all industrial enterprises the State may
establish. Its appointees as head of the proposed
State Bank and as Director of the proposed elevator
and milling interests, may be removed with or without cause at any time." With power to shift the
fixed State funds at will, and with this blended and
absolute control of both industry and credit, what
may not the "Governor" of North Dakota do for
the prosperity and hpapiness of his prople, the
good of the world's trade, and the establishment of
Socialism throughout the earth! The formation of
our Federal Government has been referred to as the
"greatest undertaking" ever engaged in by patriots
and seers, but that is now proven as premature,and
the palm must go to North Dakota. It comes over
us we have mentioned before the thought of a writer

514

THE CHRONICLE

who said that if reformers could return they would
promptly retire and hide their diminished heads
again in the grave over the futility of their works.
Poor Marx His hobby was, seemingly, "surplus
value," meaning profit. He abhorred "capital."
"Not a single atom of this value, that does not owe
its existence to unpaid labor." But he had no more
conception of the financial wisdom of North Dakota than he had of the airplane or the wireless!
Assuredly, if the plans of the non-partisans are given
leeway for two or three years, there will be no "surplus
value," in capital or cash or credit, in the modern
State of North Dakota! Let the Government of
the United States rest on its oars, the demonstration of "ownership" will proceed up among the hundred thousand voters who tend their flocks on the
Dakota hills and grow wheat in the valleys when
the snow is off. The tides of reconstruction may
come and go, washing the shores of the remote continents—but yonder in our own brave land the
shining vision of human betterment rises like a
rocket, scattering its red fire through troubled heavens—before the stick falls!

THE QUALITY OF PATRIOTISM—A VIRILE
ELEMENT.
Every schoolboy has read in the words of the immortal playwright that the "quality of mercy is not
strained," but like 'the gentle dews from heaven"
falls on the "just and the unjust." Is there a similar
"quality" in patriotism which causes it to "serve"
the same in peace as in war? Of course we should
not expect the dollar-a-year men to go on working in
peace as in war (and they are not), because that
example, if emulated far enough, would put us all in
the government employ for a song that we must
sing ourselves with no voice for the singing. It
might solve the question of "surplus value," each of
us living for a time on our portion of the "unearned
increment," savingly and thriftily and selfishly extracted in the days of infamous "profit-taking," but
even if, that being eshausted, we could live on manna
as plentiful as mercy, it would be wrong to burden
Congress with the disposition of this universal cooperative devoted labor. And there is some reason
for a man being a man, with a self not wholly altruistic after all
And this reminds us of a story. It appeared the
other day in one of our leading fiction papers. A
preacher in a country town conceives the idea of
building a boys' club house at a cost of five thousand
dollars, and promptly seeks out the "leading merchant" of the place to head the list of contributors.
He is offered twenty-five dollars. This so revolts
him with the pain and servility of begging his way
at this rate up to the goal of five thousand dollars,
that he resolves to earn or get the money independently himself. But how? He is bewildered—when
an inspiration comes to him from the beautiful
heroine who, incidentally, is a member of his congregation, and a daughter of the plethoric "leading
merchant"—why not get it out of "trade"? He
straightway embraces the magic formula, borrows
money from a convenient uncle, buys a.half-interest
in a broken-down grocery store, cleans the windows,
puts in new fixtures and new stock, announces a
"grand opening,' and takes his place behind the
counter. For a few weeks trade is brisk, the experiment works beautifully, human curiosity being a
m otive power, then—the "leading merchant"




[VoL. 108.

advertises wonderful "cut prices." Customers fall
away—failure looms. Again the beautiful heroine,
who is heroic enough to want to teach her own father
a lesson is his duty to humanity, comes to the rescue
—why not let the people know that all the preacher's
profits are to go into the boys' club house and enlist
the boys as selling agents? No sooner suggested
than done. Great success—and in a short time the
"leading merchant," facing bankruptcy. Then the
heroine tearfully makes it known that she does not
want her father utterly broken on the wheel, and the
preacher has a divine inspiration: a partnership with
-the leading merchant;—all's well that ends well—
and wedding bells for the preacher and the leading
merchant's daughter—the obdurate but worthy
"leading merchant" no longer, ostensibly, in business
for himself, but for the boys' clubhouse.
Now the preacher is clear as amber without a fly
as to the ethics of underselling, but he sees no wrong
in organizing a lot of boys into a free-selling agency
to defeat his rival, for is the cause not a public
benefit? And if his heavenly inspiration of taking
the rival into partnership, that he, too, may devote
his profits (it must be so) to the "common good,"
were carried far enough, we would have world cooperation, equality, fraternity, democracy, public
ownership, anti-capitalism, and Utopia, all rolled
into one. So we say, while there is yet a modicum
of self and sanity in "big business," we do not expect
it to assume the same kind of self-abnegation in peace
as in war; indeed, there is an ethical quality in
patriotism which demands that a man get back to
"attending to his own business," unless we are all to
work for nothing, pay our own way, and turn all
the proceeds of human labor over to a perfectly
benevolent though despotic government to be spent
in purely "community service," free homes,free mess
houses, free inspirational "centres," free everything.
So, the quality of patriotism, unlike that of
"mercy," is strained, or should be. Indeed, while
we cannot tale space to suggest the steps of transition, there is truth and betterment yet in the doctrine
that it is "patriotic" to work for self, in that by so
doing we may make a man worthy to be a citizen,
and capable of sacrifice in a great emergency such as
a great war. Some there are who, without knowing
it, are trying to eliminate manhood and emasculate
it into statehood. But patriositm has in it the
quality of virile manhood and selfhood, that happily
finds its flowering in peace time, that toils in the
midst of things, that envisions high ideals; that plans
instrumentalities and ways of material development
and overseas trade; that grapples with destiny because the returns of labor, the profits of capital, are
still under its ownership and control, that the whole
power of the human advance may not be lost, or
diverted, or absorbed into fanciful benefits that have
no self-increase, to the final end of good citizenship
and national integrity and perpetuity worthy to be
saved.

OUR RESPONSIBILITY..
"And as they trusted; we the task inherit,
The unfinished task for which their lives were spent:
But leaving us a portion of their spirit
They gave their witness, and they died content."
—The London "Times."

The ship loads of our returning troops coupled
with the daily disturbing news from Europe keeps
before us the fact that the work undertaken by those
who have died was not completed by theiriheroic
sacrifice.

FEB. 8 1919.]

THE CHRONICLE

515

The Peace Conference is making progress. Not which the sudden jubilation that greeted the Armisthe least of the things it has accomplished is the tice seemed to proclaim accomplished.
Unfortunately moral changes are not easily
peace that exists among its immediate numbers.
nor men easily made over. The issue'
part
in
achieved,
pre-eminent
obtaining
Wilson's
President
this result is recognized on all hands in Europe. of the battle field has brought the task home to us
Private letters have reached us expressing surprise all, and it so happens that America's part in it is
that this is not universally recognized here, and pre-eminent and critical. From the first we have.
pressing the importance of the utmost support for been proud to say that we have no selfish aims.
Largely through the eloquent, frequent and forceful
him in view of the work that remains to be done.
- Great progress has been made in adopting the utterances of the President, America has come to be
plan, it may be called his plan, of a League of the exponent of what are recognized as high ideals.
Nations, and the Conference has recognized Eng- These were bitterly scoffed at. Finally, however,.
land's practical demonstration of what she has when arms were laid down and all eyes were turned
already done in showing a way to its accomplish- to the new situation, our day came.
ment by receiving to full membership with two
The result is that the world, and not simply our
delegates each her great dependencies. Never- foes, stand with faces turned toward us. They wait.
theless the world is growing impatient for the word to see if we really mean what we:have said and are
that shall declare peace. Hunger is widely intensi- saying now through the lips of the President. Are
fied; enforced industrial idleness is creating dis- we really the men and women we pretend to be?
turbance; Germany is growingly truculent; under Are we in truth a Christian nation? When power is
existing conditions it seems impossible in Russia in its hands will the American nation stand for
and in Central Europe to suppress anarchy. Only righteousness; will it enact justice and love mercy
the announcement of a peace which so much of the and practice the Golden Rule?
world as is gathered in the Conference shall proclaim
We have shown what Americans arelin the face
into
effect,
will
carry
to
open
prepared
the
and is
of the danger of the battle field. But that is no
long-closed doors to the normal life of the world and great distinction. The men ofimany races are the
make possible the reorganization of the machinery same. Many peoples have beeniled to victory by
of civilized society.
great chieftans only to fall back themselves into
This necessity is beyond doubt impressive in the oblivion. There is a severer test_land a loftier disminds of the Conference, but unfortunately time is tinction, that of devotion, at any price and through
of the essence of the situation. Many subjects are all difficulty, to high principles and noble and pure
being assigned to commissions, and so set out of the ideals. America is called to-day in union with
way; but, at best, many troubled days must pass in the States that have made the great sacrifices to
which unavoidable preliminaries must be settled. help them in the hour of victory to decisions, which
In them the Conference will be exposed to insistent we may believe they are striving to find a way to
and often angry pressure. Their work must be make, that will go far in the days to come toward
such as to be accepted by the world. It must be establishing in the minds of men those principles
wholly adequate to the times, or it will carry no of life and obligations of conduct which alone will
hope of standing for all time, or even for a long bring peace and good-will to the earth. It is a great
time. If it should not do that it would seem as" if but:simple task. The call is for what Milton called
the sacrifices of the war were in vain, and civilization "plain heroick magnitude of mind;" and it is noti
itself was defeated; which is inconceivable.
alien to the America of to-day any more than it was
What then can be done to help? What is possible, to the America of the past, hard as it has been to
or, more seriously, what is the urgent call for us here maintain.
in America?
The world has long sung the praises of the FlorenOne of the most notable features of the war is the tine Savonarola, "the friar who died for his belie
way in which during its progress men's ideas changed. that the way to make men better was to make them
At the opening of the war few, except those most free." We have helped to make men free; men
immediately concerned, had any idea of what it who were strangers to us and even our fierce enemies,
was all about. Little by little they have come to Germans, Turks and now even Bolsheviki. The
understand, even the least regarded of the Allies. test that comes to us is, are we prepared to believe
In consequence, the men themselves have changed, that in the possession of freedom they will in time
at least for the time being. We may even hope that become better, especially if they see that others
the German mind is opening to change, though that believe it possible and want to help them to it?
unfortunately is not very evident. The Germans Can we be generous as well as just, and believe in
surrendered themselves to a programme of world men because we believe in God?
conquest and destruction under leaders who quickly
Earnest men returning from the front are saying
proved themselves ruthless and barbaric to a degree that America will do great harm to the world if she
inconceivable except among savages. Some con- fails to maintain the ideals that have been set up
ception of this must be finding entrance into the for her, or betrays the world's hope. But beyond
German mind.
that she will do irreparable harm to herself.
Meanwhile the contest in the eyes of the Allied
While we welcome our returning boys let us say
soldiers, and to a degree of the world,took the form of the heroic dead:
of a holy war. Millions of men have fought, and
"Ours still the faith that burned in their young eyes,
Who, naught withholding, took the way untried,
multitudes died, believing that they were giving
Freedom their watchword, liberty the prize,
all that justice and truth and honor might be mainHonor their only and unquestioned guide.
tained, that humanity might be saved and life made
"Not ours their terms to whittle nor increase.
They giving all, on our sure faith relied.
worth living, and that faith in God might not be
All valiant dead who warred that war might cease,
What peace seek we but that for which you died?"
driven out.of the hearts of'men. Gradually a great
and constructive moral purpose and work appeared,
* David A. Robison in "The London Chronicle."




516

THE CHRONICLE

THE RAILROAD SECURITY OWNERS' PLAN.
The return of the railroads to private management
"under conditions which will enable them to earn a
proper return on the investment, while providing for
business expansion, the participation by employees
in earnings, and the adjustment of labor disputes"—
this is the objective before all men who are thoughtful enough to have given even casual attention to
the subject and are not bitten with the virus of
Governmental ownership, and this is the declared
aim of a plan presented to the Senate Committee by
Mr. S. Davies Warfield, who has a clear right to
a considerate hearing as representing the National
Association of Owners of Railroad Securities, virtually owners of the properties.
The Warfield plan presents nine points, beginning
with "a minimum rate of return on the property in-crstment of the railroads, fixed by Act of Congress
through rates adjusted as occasion may demand, in
order that the securities of the railroads may be
stabilized and their credit established on a basis
necessary to secure the money to provide to the shippers and traveling public adequate facilities and service." Assuming that rates which will allow "the
average road" an adequate return must needs allow
those more favorably situated "more revenue than
the public will sanction or more than would represent
a fair return," the next proposition is to distribute
the excess "so that railroad employees would benefit
by profit-sharing or by insurance or in other ways;
so that railroads showing efficiency and initiative
would.gain part of this percentage, and so that a part
of this excess should be used for improvements of
railroad properties which could not be capitalized
for the purpose of rate-making."
The next step would be a non-profit corporation,
created and controlled by Congress, directed by the
Inter-State Commerce Commission and eight railroad
men, to attend to the financing, the buying and leasing of equipn:ent, the joint use of terminals, the unifying of facilities, and the pooling of freight; this
corporation to "continue or adopt methods of operation found successful during Federal control and
furnish a standing, trained and efficient means for
immediate mobilization of railroads for war purposes
without additional legislation."
Next, continuing rate regulation through the present Commission, co-ordinating with it six subsidiary
regional commissions for determining rates and regulations, with right of appeal to the main body; also
rate committees of railroad and shipping representatives to pass on rates before filing those with
regional commissions. The other propositions would
have the "I. C. C." co-ordinate as far as possible
the work of State and regional commissions; would
have the latter act as conciliation boards on wage
differences, with appeal to the "I. C. C."; would
have wages supervised by the commissions like
other elements of expenditure, and would have future
issues of securities "supervised by the regional commissions and the I. C. C."
Some plan for return of industrial peace and prosperity the country must have, and neither this nor
any other is to be condemned outright because it
raises difficulties; the one essential condition is
that the plan shall be based upon correct principles.
Viewing this, the distinctive feature is that it proposes a pool and a melting pot for all transportation
by rail. At the very outset, we encounter the ques-




[Vol,. 108.

tion what is "the property investment" upon which
is to be assured a minimum return rate sufficient to
restore healthy life and secure continued growth to
the now stunted and 'partly paralyzed railroad body.
The "physical valuation" folly, begun under the delusive assumption tiaat the result would justify and
increase even further the downward forcing of
rates, is still dragging along instead of being called
off, as every sound process of reasoning demands;
shall we await the futile figures of that process, or by
what process otherwise are we to get the property
investment, for no rate of return can be put into
practice until the amount to which it is applicable
is determined. Then comes the melting: allowing
the lamest roads (or "the average" road) an adequate
return would give the better ones more prosperity
than the public would tolerate, and therefore the
fat must be distributed.
Without entering at present upon criticism of the
proposed objects to which this distribution is to be
assigned, we may remark, in passing, that the idea
of placating by such gifts as profit-sharing and group
insurance a body of employees who have shown a
fixed and selfish determination (fostered by a long
course of abject surrenders to them) seems rather
fantastic. But perhaps the weakest part of Mr.
Warfield's plan is that it seems to involve even more
varied and more conflicting regulation than exists
now and that it continues an instrumentality which
has been the chief agency in bringing about the
whole trouble of to-day, the Inter-State Commerce
Commission. The country has suffered (because the
country has almost wilfully misunderstood and has
indifferently endured) under the destructive solecism
of letting one set of men aid the brotherhoods in
bleeding the roads while another set kept their eyes
tightly closed against all light and starved the roads.
Names are of trivial account; the essential need is
that the regulative body should be wiped out of
existence or be organized upon another theory and
be held to some sanity in action. Mr. Warfield
appears to think that the shippers are seeing light,
but a rather misapplied phrase of Mr. Wilson's may
be recalled here, for the situation now does turn
largely upon "a state of mind." It may be a question how much the public will "sanction" (or, in
common parlance, will "stand for") in the way of
railroad revenue, but we shall make no progress
towards a right settlement until we realize that the
public must stand for and contribute what is necessary for the life and growth of transportation. We
are all talking of and looking for prosperity; it will
not be had unless the roads regain their vigor and
find the means for expansion. It is not a question
of the funds, except that the past year has already
given a warning of the financial outlook under
Governmental handling; the needed funds must be
provided through public loans and higher taxes, or
by restoring the roads- to the status of possible borrowers in the open market. In one or the other
way the public must pay the bill. The first step is
to get out of our heads the. insane and pestilent
notion, underlying our pretended "regulation" of the
last twenty years, that the roads belong to some
third party or other and that every drop which can
be squeezed out of them goes to the benefit of the
people. Mr. Warfield's association, although it
came unhappily late upon the scene, is doing service
towards this cure; he tells the committee that his
association represents one-third of the outstanding

FEB. 8 1919.]

THE CHRONICLE

517

seventeen billions of dollars of railway securities, address. Much substance is given to the latter
although we might qualify a little his statement that anticipation by the presence of United States indusit represents three-fifths of the fifty million "persons trial representatives at Ottawa and their announced
interested in the future of the roads and the legisla- intention of establishing new branch factories in
tion Congress enacts," since while the security owners Canada or of concentrating export business in faca_;
are the owners of record the entire population of the tories already on the ground.
country are the owners and interested parties in
British action in protecting motor car, electrical
fact. But since the owners (whether of record or the and dye industries by various
tariff devices is certain
people as a whole) have been the unrepresented and to be extended so as
to bring Canadian products
the forgotten party in all these years, they must be within its beneficent
influence. Such, at all events,
put at the front now.
is the advice upon which the Canadian Trade and
The attitude of the country towards this subject Commerce Department and the Canadian Manufacmust be clarified, corrected and unmistakably made turers' Association are redoubling their efforts for
known, before the wise and just solution can be export business. According to information transreached. The seized properties cannot be tossed mitted from official London sources, it is far from
back to their owners as a mode of getting quit of the impossible that in the interests of imperial safety, a
trouble, after having maltreated them further by substantial tax may be placed upon Russian and
handing their earnings over to the brotherhoods; and Scandinavian timber imports, now absorbing 60%
the weakest of all contentions is that the only alter- of British timber orders. This move, while unnative to that is to declare ourselves unequal to doubtedly raising the price of wood products to the
handling the problem and put it along by an exten- British consumer, would equalize the present disadsion. The men who propose the latter say in the vantage between Canadian and Baltic shipping rates,
same breath that they are opposed to Government and would turn probably fifty million dollars annually
ownership, yet Senator McLean correctly asserts into Canadian channels. During the past fifteen
that every man who is for the latter is for the exten- years the percentage of Canadian exports of forest
sion to five years, "because they believe conditions products sold to the United Kingdom has been
will arise which will practically compel the Govern- steadily declining.
ment to take permanent possession and title." It is
intelligible and significant, for example, that the
CANADA'S FINANCIAL PROBLEM.
Pullman car porters were quoted as ready to help
make up a purse to meet the financial difficulty
Ottawa, Can., Feb. 7 1919.
which was reported to be behind Mr. McAdoo's
The Canadian people are looking forward eagerly
resignation as director, and that the railway employ- to the opening of Parliament and the Budget speech
ees are now said to be almost unanimous in hoping of the Minister of Finance. All that is known now
for the "extension" proposition.
is that expenditure for the coming financial year on
With barely eighteen working days left, it is cer- capital and current account cannot fall far short of
tain that this Congress will not complete anything $450,000,000. At the same time, the total revenue
upon this problem, but two things are clear: one is for 1918-19, ending March 31 next, will not exceed
that it should be committed (as so convincingly $320,000,000, and this includes about $30,000,000
shown in the address on Thursday before the Cham- .from the Business Profits Tax, not applicable to
ber of Commerce by Paul M. Warburg) to practical corporations in 1919-20.
railroad men and other men of affairs and not to
Speaking at Winnipeg a few days ago, Hon. Arthur
politicians; the other is that the first step to be Meighen, Minister of the Interior, said that in the
taken is to reaffirm a stern determination to carry out coming year the Government proposed spending
in good faith the pledge as made in the law and also $60,000,000 on railways and $20,000,000 on public
the belief that the resources of American character works; $60,000,000 for a shipbuilding program and
need not and shall not fail in such a matter, difficult $75,000,000 on soldiers' gratuities; $50,000,000 inthough it be. It puts us to test, but we can meet terest on the war debt and $40,000,000 for pensions,
the test if'we meaningly say we will. Mr. Warfield a total of $315,000,000. This does not nclude heavy
and his association help, as Mr. Warburg, Mr. expenditure for demobilization or a very large amount
Kruttschnitt and others help or can help, by bring- needed for civil expenditure.
ing the thought of the country down to the princiHow the country is to find about $150,000,000 of
ples to be followed, because the determination of new
money is a task which the Minister of Finance is
principles must go before the shaping of details. On
now required to solve.
that point Mr. Warburg in his discussion of the
subject is strong and emphatic and he also brings
BRITISH TREASURY BILLS SOLD IN JAPAN.
out the inherent weakness of a body like the Interfollowing is taken from the New York "Tribune" of
The
State Commerce Commission.
the 1st inst.:

CANADA COUNTS UPON IMPERIAL TRADE
PREFERENCES.
Ottawa, Can., Feb. 7 1919.
Canadian manufacturers are banking strongly on
British assurances of imperial trade preferences.
From the Canadian point of view this will have two
immediate consequences; providing an outlet for
Canadian products, and drawing into the Dominion
scores of 'United States firms for the purpose of
handling their export business from a Canadian




Great Britain has sold a new issue of $40,000,000 of Treasury bills in
Japan. Private cable advices received here yesterday said that the proceeds of the loan would be used In paying off an Issue of equal amount falling
due In that country. The new bills will run for one year and bear interest
at the rate of 6%.
The maturing loan, which has been refunded by the new operation, was
arranged in Japan a year ago when the British Treasury obtained from the
Japanese Government, in return for its one-year note. $40.000,000 in
New York funds which had accumulated here to the credit of Japanese
interests. The funds thus obtained by Great Britain were used as a part
of her war balance In the United States.
Bankers pointed out yesterday that in refunding the Japanese maturity
the British Treasury is carrying out its policy of postponing until a later
date the adoption of a comprehensive plan for taking care of' all of its war
loan obligations In foreign countries.
During the war Great Britain was a heavy borrower in the Japanese
market, her loans and credits placed in that country amounting to
$371,149,000.

518

THE CHRONICLE

[VoL. 108.

(c) A dividend paid ip stock of the corporation shall be considered income
to the amount of the earnings or profits distributed. Amounts distributed
in the liquidation of a corporation shall be treated as payments in exchange
for stock or shares, and any gain or profit realized thereby shall be taxed
to the distributee as other gains or profits.
(d) If any stock dividend (1) is received by a taxpayer between Jan. 1
and Nov. 1 1918, both dates inclusive, or (2) is during such period bona
fide authorized or declared, and entered on the books of the corporation,
and is received by a taxpayer after Nov. 1 1918 and before the expiration
of thirty days after the passage of this Act, then such dividend shall, in the
manner provided in Section 206, be taxed to the recipient at the rates
prescribed by law for the years in which the corporation accumulated the
earnings or profits from which such dividend was paid, but the dividend
shall be deemed to have been paid from the most recently accumulated
earnings or profits.
(e) Any distribution made during the first sixty days of any taxable
(H. R. 12863.1
year shall be deemed to have been made from earnings or profits accumulated during preceding taxable years; but any distribution made during
AN ACT to provide revenue, and for other purposes.
year shall be deemed to have been made
. Be it enacted by the Senate and House of Representatives of the United Slates the remainder of the taxable
from earnings or profits acctunulated between the close of the preceding
of America in Congress assembled,
taxable year and the date of distribution, to the extent of such earnings
TITLE I.—GENERAL DEFINITIONS.
or profits, and if the books of the corporation do not show the amount of
Act—
this
in
such earnings or profits, the earnings or profits for the accounting period
Section 1. That when used
The term "person" includes partnerships and corporations, as well as within which the distribution was made shall be deemed to have been
individuals;
accumulated ratably during such period.
The term "corporation" includes associations, joint-stock companies and
Basis for Determining Gain or Loss.
insurance companies.
Sec. 202 (a). That for the purpose of ascertaining the gain derived or loss
The term "domestic" when applied to a corporation or partnership means
sustained from the sale or other disposition of property, real, personal, or
created or organized in the United States;
The term "foreign" when applied to a corporation or partnership means mixed, the basis shall be—
(1) In the case of property acquired before March 1 1913 the fair market
created or organized outside the United States;
The term "United States" when used in a geographical sense includes price or value of such property as of that date; and
(2) In the case of property acquired on or after that date, the cost thereof
only the States, the Territories of Alaska and Hawaii and the District of
or the inventory value, if the inventory is made in accordance with SecColumbia;
tion 203.
The term "Secretary" means the Secretary of the Treasury;
(b) When property is exchanged for other property, the property received
The term "Commissioner" means the Commissioner of Internal Revenue;
in exchange shall for the purpose of determining gain or loss be treated as
, The term "collector" means collector of internal revenue;
any; but
The term "Revenue Act of 1916" means the Act entitled "An Act to the equivalent of cash to the amount of its fair market value, if
when in connection with the reorganization, merger, or consolidation of a
increase the revenue, and for other purposes," approved Sept. 8 1916;
The term "Revenue Act of 1917" means the Act entitled "An Act to corporation a person receives in place of stock or securities owned by him
no gain or
provide revenue to defray war expenses, and for other purposes," approved new stock or securities of no greater aggregate par or face value,
loss shall be deemed to occur from the exchange, and the new stock or seOct. 3 1917;
securities,
The term "taxpayer" includes any person, trust or estate subject to a curities received shall be treated as taking the place of the stock,
or property exchanged.
tax imposed by this Act;
the
consolidation
or
merger
When in the case of any such reorganization,
The term "Government contract" means (a) a contract made with the
is in excess
United States, or with any department, bureau, officer, commission, aggregate par or face value of the new stock or securities received
exchanged, a like
board or agency under the United States and acting in its behalf, or with of the aggregate par or face value of the stock or securities
received shall be
any agency controlled by any of the above if the contract is for the benefit amount in par or face value of the new stock or securities
and the
exchanged,
securities
or
of the United States,, or (b) a subcontract made with a contractor per- treated as taking the place of the stock
gain to the
forming such a contract if the products or services to be furnished under amount of the excess in par or face value shall be treated as a
the sub-contract are for the benefit of the United States. The term extent that the fair market value of the new stock or securities is greater
value
"Government contract or contracts made between April 6 1917 and Nov. 11 than the cost (or if acquired prior to March 1 1913, the fair market
1918, both dates inclusive," when applied to a contract of the kind referred as of that date) of the stock or securities exchanged.
to in clause (a) of this paragraph, includes all such contracts which alInventories.
though entered into during such period, were originally not enforceable,
Sec. 203. That whenever in the opinion of the Conunissioner the use of
but which have been or may become enforceable by reason of subsequent
inventories is necessary in order clearly to determine the income of any
validation in pursuance of law;
taxpayer upon such basis as
The term "Military or Naval Forces of the United States" includes the taxpayer, inventories shall be taken by such
of the Secretary, may proscribe as
Marine Corps. the Coast Guard, the Army Nurse Corps, female, and the the Commissioner, with the approval
best accounting practice in the trade
Navy Nurse Corps, female, but this shall not be deemed to exclude other conforming as nearly as may be to the
or business and as most clearly reflecting the income.
units otherwise included within such term;
The term "Present War" means the war in which the United States is
Net Losses.
now engaged against the German Government.
Sec. 204 (a) That as used in this section the term "net loss" refers only
For the purposes of this Act the date of the termination of the present
to net losses resulting from either (1) the operation of any business regularly
war shall be fixed by proclamation of the President.
carried on by the taxpayer, or '(2) the bona fide sale by the taxpayer of
TITLE IL—INCOME TAX.
plant, buildings, machinery, equipment or other facilities, constructed, installed or acquired by the taxpayer on or after April 6 1917, for the producPART I.—GENERAL PROVISIONS.
tion of articles contributing to the prosecution of the present war; and when
Definitions.
so resulting means the excess of the deductions allowed by law (excluding
See. 200. That when used in this title—
in the case of corporations amounts allowed as a deduction under paraThe term "taxable year" means the calendar year, or the fiscal year graph (6) of subsidivion (a) of Section 234) over the sum of the gross income
ending during such calendar year, upon the basis of which the net income plus any interest received free from taxation both under this title and under
is computed under section 212 or section 232. The term "fiscal year" Title III.
(b) If for any taxable year beginning after Oct. 31 1918 and ending prior
means an accounting period of twelve months ending on the last day of
any month other than December. The first taxable year, to be called to Jan. 11920, it appears upon the production of evidence satisfactory to
the taxable year 1918, shall be the calendar year 1918 or any fiscal year the Commissioner that any taxpayer has sustained a net loss, the amount
of such net loss shall under regulations prescribed by the Commissioner
ending during the calendar 1918;
The term "fiduciary" means a guardian, trustee, executor, adminis- with the approval of the Secretary be deducted from the net income of the
trator, receiver, conservator or any person acting in any fiduciary capacity taxpayer for the preceding taxable year; and the taxes imposed by this
title and by Title III for such preceding taxable year shall be redetermined
for any person, trust or estate;
The term "withholding agent" means any person required to deduct accordingly. Any amount found to be duo to the taxpayer upon the basis
of such redetermination shall be credited or refunded to the taxpayer
and withhold any tax under the provisions of section 221 or section 237.
The term "personal service corporation" means a corporation whose in accordance with the provisions of section 252. If such net loss is in
income is to be ascribed primarily to the activities of the principal owners or excess of the net income for such preceding taxable year, the amount of
stockholders who are themselves regularly engaged in the active conduct of such excess shall under regulations prescribed by the Commissioner with
the affairs of the corporation, and in which capital (whether invested or the approval of the Secretary be allowed as a deduction in computing the
borrowed) is not a material income-producing factor; but does not include net income for the succeeding taxable year.
(c) The benefit of this section shall be allowed to the members of a
any foreign corporation, nor any corporation 50% or more of whose gross
Income consists either (1) of gains, profits, or income derived from trading partnership and the beneficiaries of an estate or trust. under regulations
as a principal, or (2) of gains, profits, commissions, or other income, de- prescribed by the Commissioner with the approval of the Secretary.
rived from a Government contract or contracts made between April 6 1917,
Fiscal Year With Different Rate*.
and Nov. 11 1918, both dates inclusive; the term "paid," for the purposes
if a taxpayer makes return for a fiscal year beginning
That
(a)
205.
Sec.
or
accrued"
or
"paid
means,
title,
this
under
credits
of the deductions and
in 1917 and ending in 1918, his tax under this title for the first taxable
"paid or incurred," and the terms "paid or incurred" and "paid or accrued"
the sum of: (1) The same proportion of a tax for the entire
shall be construed according to the method of accounting upon the basis year shall be
period computed under title I of the Revenue.Act of 1916 as amended by
of which the net income is computed under Sec. 212.
the Revenue Act of 1917 and under title I of the Revenue Act of 1917,
Dividends.
which the portion of such period falling within the calendar year 1917 is
of a tax for the entire
Sec. 201. (a) That the term "dividend" when used in this title (except in of the entire period, and (2) the same proportion
the calednar year 1918
paragraph (10) of subdivision (A) of Section 234), means (1) any dis- period computed under this title at the rates for calendar year 1918 is
the
tribution made by a corporation, other than a personal service corpor- which the portion of such period falling within
the case of a personal service
ation, to its shareholders or members, whether in cash or in other property of the entire period: Provided, That in
specified in Clause (1).
that
only
be
shall
paid
be
to
amount
the
corporation
or in stock of the corporation, out of its earnings or profits accumulated
Any amount heretofore or hereafter paid on account of the tax imposed
since Feb. 28 1913, or (2) any such distribution made by a personal service
1916 as amended by
of
Act
Revenue
corporation out of its earnings or profits accumulated since Feb. 28 1913, for such fiscal year by Title I of the
the Revenue Act of 1917, and by Title I of the Revenue Act of 1917,
and prior to Jan. 1 1918.
of the tax imposed for such fiscal
(b) Any distribution shall be deemed to have been made from earnings shall be credited towards the payment
amount so paid exceeds the amount of such
or profits unless all earnings and profits have first been distributed. Any year by this Act, and if the
the case of a personal service corporation,
distribution made in the year 1918 or any year thereafter shall be deemed tax imposed by this Act, or, in
the excess shall be credited or refunded
to have been made from earnings or profits accumulated since Feb. 28 1913, the amount specified in Clause (1),
Section 252.
or, in the case of a personal service corporation, from the most recently in accordance with the provisions of
(b) If a taxpayer makes a return for a fiscal year beginning in 1918 and
accumulated earnings or profits; but any earnings or profits accumulated
for such fiscal year shall be the sum
prior to March 1 1913 may be distributed in stock dividends or otherwise, ending in 1919, the tax under this title
for the entire period computed under
exempt from the tax, after the earnings and profits accumulated since of: (1) the same proportion of a tax
this title at the rates specified for the calendar year 1918 which the portion of
Feb. 28 1913 have been distributed.

THE WAR REVENUE BILL AS AGREED UPON
IN CONFERENCE.
The following is the draft of the War Revenue
Bills as agreed upon by the Conference Committees
of the two houses of Congress. There seems no
reason to doubt that it will become a law in precisely
that shape. We give only the earlier sections of
the bill, reserving the remainder for publication
next week.




such period falling within the calendar year 1918 is of the entire period, and
(2) tho same proportion of a tax for the entire period computed under this
title at the rates specified for the calendar year 1919 which the portion of
such period falling within the calendar year 1919 is of the entire period.
(c) If a fiscal year of a partnership begins in 1917 and ends in 1918 or
begins in 1918 and ends in 1919, then notwithstanding the provisions of
subdivision (b) of' Section 218, (1) the rates for the calendar year during
which such fiscal year begins shall apply to an amount of each partner's
share of such partnership net income (determined under the law applicable
to such year) equal to the proportion which the part of such fiscal year falling within such calendar year bears to the full fiscal year, and (2) the rates
for the calendar year during which such fiscal year ends shall apply to an
amount of each partner's share ofsuch parternship net income (determined
under the law applicable to such calendar year) equal to the proportion
which the part of such fiscal year falling within such calendar year bears
to the full fiscal year: Provided, That in the case of a personal service
corporation with respect to a fiscal year beginning in 1917 and ending in
1918, the amount specified in Clause (1) shall not be subject to normal tax.
Parts of Income Subject to Rates for Different Years.
Sec. 206. That whenever parts of a taxpayer's income are subject to
rates for different calendar years, the part subject to the rates for the most
recent calendar year shall be placed in the lower brackets of the rate schedule
provided in this title, the part subject to the rates for the next preceding
calendar year shall be placed in the next higher brackets of the rate schedule
applicable to that year, and so on until the entire net income has been
accounted for. In determining the income, any deductions, exemptions
or credits of a kind not plainly and property chargeable against the income
taxable at rates for a preceding year shall first be applied against the income
subject to rates for the most recent calendar year; but any balance thereof
shall be applied against the income subject to the rates of the next preceding year or years until fully allowed.
PART IL-INDIVIDUALS.
Normal Tax.
Sec. 210. That, in lieu of the taxes imposed by subdivision (a) of Section
1 of the Revenue Act of 1916, and by Section 1 of the Revenue Act of 1917,
there shall be levied, collected, and paid for each taxable year upon the
net income of every individual a normal tax at the following rates:
(a) For the calendar year 1918, 12% of the amount of the net income in
excess of the credits provided in Section 216: Provided, That in the case of a
citizen or resident of the United States the rate upon the first $4,000 of
such excess amount shall be 6%;
(b) For each calendar year thereafter, 8% of the amount of the net income in excess of the credits provided in Section 216: Provided, That in the
case of a citizen or resident of the United States the rate upon the first
$4,000 of such excess amount shall be 4%.
Surtax.
Sec. 211. (a) That in lieu of the taxes imposed by subdivision (b) of
Section 1 of the Revenue Act of 1916 and by Section 2 of the Revenue Act
of 1917, but in addition to the normal tax imposed by Section 210 of this
Act, there shall be levied, collected, and paid for each taxable year upon the
net income of every individual, a surtax equal to the sum of the following:
1% of the amount by which the net income exceeds $5,000 and does
not exceed $6,000;
2% of the amount by which the net income exceeds $6,000 and does
not exceed $8,000;
3% of the amount by which the net income exceeds $8,000 and does
not exceed $10,000;
4% of the amount by which the net income exceeds $10,000 and does
not exceed $12,000;
5% of the amount by which the net income exceeds $12,000 and does
not exceed $14,000;
6% of the amount by which the net income exceeds $14,000 and does
not exceed $16,000;
7% of the amount by which the net income exceeds $16,000 and does
not exceed $18,000;
8% of the amount by which the net Income exceeds $18,000 and does
not exceed $20,000;
9% of the amount by which the net income exceeds $20,000 and does
not exceed $22,000;
10% of the amount by which the net income exceeds $22,000 and does
not exceed $24,000;
11% of the amount by which the net income exceeds $24,000 and does
not exceed $26,000;
12% of the amount by which the net income exceeds $26,000 and does
not exceed $28,000;
13% of the amount by which the not income exceeds $28,000 and does
not exceed $30,000;
14% of the amount by which the net income exceeds $30,000 and does
not exceed $32,000;
15% of the amount by which the net income exceeds $32,000 and does
not exceed $34,000;
16% of the amount by which the not income exceeds $34,000 and does
not exceed $36,000;
17% of the amount by which the net income exceeds $36,000 and does
not exceed $38,000:
18% of the amount by which the net income exceeds $38,000 and does
not exceed $40,000;
19% of the amount by which the net income exceeds $40,000 and does
not exceed $42,000;
20% of the amount by which the net income exceeds $42,000 and does
not exceed $44,000;
21% of the amount by which the net income exceeds $44,000 and does
not exceed $46,000;
22% of the amount by which the net income exceeds $46,000 and does
not exceed $48,000;
23% of the amount by which the not income exceeds $48.000 and does
not exceed $50,000;
24% of the amount by which the not income exceeds $50,000 and does
not exceed $52,000;
25% of the amount by which the net income exceeds $52,000 and does
not exceed $54,000;
26% of the amount by which the net income exceeds $54,000 and does
not exceed $56,000;
27% of the amount by which the net income exceeds $56,000 and does
not exceed $58,000;
28% of the amount by which the net income exceeds $58,000 and does
not exceed $60,000;
29% of the amount by which the net income exceeds $60,000 and does
not exceed $62,000:
30% of the amount by which the net ncomo exceeds $62,000 and does
not exceed 564,000;




519

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FEB. 8 1919.]

31% of the amount by which the net income exceeds $64,000 and does
not exceed $66,000;
32% of the amount by which the net income exceeds $66,000 and does
not exceed $68,000;
33% of the amount by which the net income exceeds $68,000 and does
not exceed $70,000;
34% of the amount by which the net income exceeds $70,000 and does
not exceed $72,000;
35% of the amount by which the net income exceeds $72,000 and does
not exceed $74,000;
36% of the amount by which the net income exceeds $74,000 and does
not exceed $76,000;
37% of the amount by which the net income exceeds $76,000 and does
not exceed $78,000;
38% of the amount by which the net income exceeds $78,000 and does
not exceed $80,000;
39% of the amount by which the net income exceeds $80,000 and does
not exceed $82,000;
40% of the amount by which the net income exceeds $82,000 and does
not exceed $84,000:
41% of the amount by which the not income exceeds $84,000 and does
not exceed $86,000;
42% of the amount by which the net income exceeds $86,000 and does
not exceed $88,000;
43% of the amount by which the net income exceeds $88,000 and does
not exceed $90,000;
44% of the amount by which the net income exceeds $90,000 and does
not exceed $92,000;
45% of the amount by which the net income exceeds $92,000 and does
not exceed $94,000;
46% of the amount by which the net income exceeds $94,000 and does
not exceed $96,000;
47% of the amount by which the net income exceeds $96,000 and does
not exceed $98,000;
48% of the amount by which the net income exceeds $98,000 and does
not exceed $100,000;
52% of the amount by which the net income exceeds $100,000 and does
not exceed $150,000;
56% of the amount by which the net income exceeds $150,000 and does
not exceed $200,000;
60% of the amount by which the net income exceeds $200,000 and does
not exceed $300,000;
63% of the amount by which the net income exceeds $300,000 and does
not exceed $500,000;
64% of the amount by which the net income exceeds $500,000 and does
not exceed $1,000,000;
65% of the amount by which the net income exceeds $1,000,000.
In the case of a bona fide sale of mines, oil or gas wells, or any interest
therein, where the principal value of the property has been demonstrated by
prospecting or exploration and discovery work done by the taxpayer, the
portion of the tax imposed by this section attributable to such sale shall not
exceed 20% of the selling price of such'property or interest.
Net Income Defined.
Sec. 212 (a). That in the case of an individual the term "net income"
moans the gross income as defined in section 213, less the deductions allowed
by section 214.
(b) The net income shall be computed upon the basis of the taxpayer's
annual accounting period (fiscal year or calendar year, as the case may
be) in accordance with the method of accounting regularly employed in
keeping the books of such taxpayer: but if no such method of accounting has
been so employed, or if the method employed does not clearly reflect the income, the computation shall be made upon such basis and in such manner as
in the opinion of the Commissioner does clearly reflect the income. If the
taxpayer's annual accounting period is other than a fiscal year as defined in
Section 200 or if the taxpayer has no annual accounting period or does not
keep books, the net income shall be computed on the basis of the calendar year.
If a taxpayer changes his accounting period from fiscal year to calendar
year, from calendar year to fiscal year, or from one fiscal year to another,
the net income shall, with the approval of the Commissioner, be computed
on the basis of such new accounting period, subject to the provisions of
section 226.
Gross Income Defined.
See. 213. That for the purposes of this title (except as otherwise provided
In section 233) the term "gross income"(a) Includes gains, profits and income derived from salaries, wages, or
compensation for personal service (including in the case of the President
of' the United States, the judges of the Supremo and inferior courts of the
United States, and all other officers and employees, whether elected or appointed, of the United States, Alaska, Hawaii, or any political subdivision thereof, or the District of Columbia, the compensation received
as such), of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in
property, whether real or personal, growing out of the ownership or use of or
interest in such property; also from interest, rent, dividends, securities, or
the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever. The amount of all such
items shall be included in the gross income for the taxable year in which
received by the taxpayer, unless, under methods of accounting permitted
under subdivision (b) of section 212, any such amounts are to be properly
accounted for as of a different period; but
(b) Does not include the following items, which shall be exempt from
taxation under this title;
(1) The proceeds of life insurance policies paid upon the death of the
insured to individual beneficiaries or to the estate of the insured;
(2) The amount received by the insured as a return of premium or premiums paid by him under life insurance, endowment, or annuity contracts,
either during the term or at the maturity of the term mentioned in the
contract or upon surrender of the contract;
(3) The value of property acquired by gift, bequest, devise, or descent
(but the income from such property shall be included in gross income);
(4) Interest upon (a) the obligations of a State, Territory, or any political
subdivision thereof, or the District of Columbia; or (b) securities issued under the provisions of the Federal Farm Loan Act of July 17 1916; or (c) the
obligations of the United States or its possessions; or (d) bonds issued by
the War Finance Corporation: Provided, That every person owning any of
the obligations, securities or bonds enumerated in clauses (A),(B),(C) and
(D) shall, in the return required by this title, submit a statement showing
the number and amount of such obligations, securities and bonds owned by
him and the income received therefrom, in such form and with such information as the Commissioner may require. In the case of obligations
of the United States issued after Sept. 1 1917, and in the case of bonds
Issued by the War Finance Corporation, the interest shall be exempt only

520

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If and to the extent provided in the respective Acts authorizing the issue
thereof as amended and supplemented, and shall be excluded from gross
income only if and to the extent it is wholly exempt from taxation to the
taxpayer both under this title and under Title III;
(5) Toe income of foreign Governments received from investments in
the United States in stocks, bonds, or other' domestic securities, owned
by such foreign Governments, or from interest on deposits in banks in the
United States of moneys belonging to such foreign Governments, or from
any other source within the United States;
(6) Amounts received, througo accident or health insurance or under
workmen's compensation Acts, as compensation for personal injuries or
sickness, plus the amount of any damages received whether by suit or
agreement on account of such injuries or sickness:
(7) Income derived from any public utility or the exercise of any essential
. Governmental function and accruing to any State. Territory, or the District
of Columbia. or any political subdivision of a State or Territory, or income
accruing to the Government of any possession of the United States, or
any political subdivision thereof.
Whenever any State. Territory, or the District of Columbia, or any
political subdivision of a State or Territory, prior to September 8 1916,
entered In good faith into a contract with any person, the object and
purpose of which is to acquire, construct. operate, or maintain a public
utility, no tax shall be levied under the provisions of this title upon the
income derived from the operation of such public utility, so far as the payment thereof will Impose a loss or burden upon such State, Territory.
Distriet of Columbia, or political subdivision: but this provision is not
Intended to confer upon such person any financial gain or exemption
or to relieve such person from the payment of a tax as provid.o for In
this title upon the part or portion of such income to which such person
Is entitled under such contract;
00 So much of the amount received during the present war by a person in the military or naval forces of the United State( as salary or compensation in any form front the United States for active services in such
forces, as doe; not exceed $3.500.
(c) In the case of nonresident alien individuals, gross Income includes
only the gross income from seurces within the United States, including ininterest on tistids. notes. or other interest-bearing obligations of residents,
corporate or otherwise, dividends from resident corporations, and including all amounts received (although paid under a contract for the sale of
goods or otherwise) representing profits on the manufacture ond disposition of goods within the United States.
Deductions Allowed.
Sen. 214. (a) That In computing net income there shall be allowed as
deductions:
(1) All the ordinary and necessary expenses paid or incurred during the
taxable year in carrying on any trade or business, including a reasonable
allowance for salaries or other compensation for personal services actually
rendered and Including rentals or other payments required to be made as
a condition to the continued use or possession, for purposes of the trade
or business, of property to which the taxpayer has not taken or is not taking
title or in which he has no equity;
(2) All interest paid or accrued within the taxable year on indebtedness. except on indebtedness incurred or continued to purchase or carry
obligations or securities (other than obligations of the United States issued
after Sept. 24 1917). the interest upon which Is wholly exempt from taxation under this title as income to the taxpayer, or. in the case of a nonresident alien individual, the proportion of such interest which the amount
of his gross Income from sources within the United State; be i's to the
amount of his gross income from all sources within and without the United
States;
(3) Taxes paid or accrued within the taxable year imposed (a) by the
authority of the United States, except Income, war-profits and excess-profits
taxes; or (b) by the authority of any of its possessions. except the amount
of income, war-profits and excess-profits taxes allowed as a credit under
section 222: or tc) by the authority of any State or Territory, or any county.
ywhool district. noreicipality. or other taxing subdivision of any State or
Territory, not including those assessed against local benefits of a kind
tending to increase the value of the property assessed: or id) In the case
of a citizen or resident of the United States, by the authority of any foreign
country, except the amount of income, war-profits and excess-profits tam;
allowed as a credit under Section 222: or (e) In the case of a nonresident
alien individual. by the authority of any foreign country (except income,
war-profits and excess-profits taxes, and taxes assessed against local benefits or a kind tending to increase the value of the property assessed), upon
property or business:
(4) Losses sustained during the taxable year and not compensated for
by insurance or otherwise, If incurred in trade or business;
(5) Losses sustained during the taxable ear and not compensated for
by insurance or otherwise, If Incurred in any transaction entermi into for
profit though not conneeted with the trade or business; but in the case of
nonresident alien individual only as to such transactions within the United
States:
(6)Losses sustained during the taxable year of property not connected
with the trade or tu,smess (but in the case of a nonresident alien individual
only propel ty %%Uhl() the United States) if arising from fires, storms, shipwreck, or other rasoalty. or from theft, and If not compensated for by insurance or otherwise;
(7) Debts ri.scertained to be worthless and charged off within the taxable
year:
(8) A reasonable allowance for the exhaustion, wear and tear of property used In the trade or business, Including a reasonable allowance for
Obsolescenee:
(9) In the case of building's. machinery, equipment, or other facilities.
constructed. erected. Installed. or acquired, on or after April 6 1917, for
the production of article contributing to the prosecution of the present
war, and in the case of vessels constructed. or acquired on or after such
date for the transportation of articles or men contributing to tire proseCution of the present war, there shall be allowed a reasonable deduction
for the amortilation of such part of the cost of such facilities or vessels
aa has been br(rtw by the taxpayer, but not ;rgaln including any amount
otherwise allowed under this title or previous Acts of Congress as a dedrietion in computing net Income. At any time within three years after
the termination of the present war the Commissioner may. and at the
requeo of the taxpayer shall, re-examine the return. and if he then finds
as a remit of an appraisal or from other evidence that the deduction origi
natty allowed was incurrect, the taxes imposed by this title and by Title
Iii for the year or years affected shall be redetermined and the amount of
tax due lupin such redetermination, if any, shall be paid upon notice and
demand of the collecter, or the amount of tax overpaid, if any, shall be
credited or refunded to the taxpayer in accordance with the provisions
Of Section 252
(10) In the case of mines, oil anti gas wells, other natural deposits, and
Umber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case, based upon




[VoL. 108.

cost including cost of development not otherwise deducted: Provided. That
In the case of such properties acquired prior to March 1 1913, the fair
market value of the property (or the taxpayers' interest therein) on that
date shall be taken In lieu of cost up to that date; Provided further. That in
the case of mines, oil and gas wells, discovered by the taxpayer, on or after
March 1 1913, and not acquired as the result of purchase of a Proven tract
or lease, where the fair market value of the property is materially disproportionate to the cost, the depletion allowance shall be based upon the fair
markeevalue of the property at the date of the discovery, or within thirty
days thereafter; such reasonable allowance in all the above cases to be
made under rules and regulations to be prescribed by the Commissioner
with the approval of the Secretary. In the case of leases the deductions
allowed by this paragraph shall be equiably apportioned between the lessor
and lessee;
(11) Contributions or gifts made within the taxable year to corporations
organized and operated exclusively for relisious, charitable, scientific, or
educational purposes, or for the prevention of cruelty to children or animals,
no part of the net earnings of which inures to the benefit of any private
stocTholder or individual, or to the special fund for vocational rehabilitation
authorized by Section 7 of_the Vocational Rehabilitstion Act, to an amount
not in excess of 15% of the taxpayer's net income as computed without the
benefit of this paragraph. Such cor tributiors r gifts shall le allcm able as
deductions only if verified under rules and regulations prescribed by the
Commissioner, with the approval of the Secretary. In the case of a nonresident alien individual this deduction shall be allowed only as to contributions or gifts made to domestic corporations, or to such vocational
rehabiltation fund:
(12) (a) At the time of filing return for the taxable year 1918 a taxpayer
may file a claim in abatement based on the fact that he has sustained a
substantial loss (whether or not actually reali ed by sale or other disposition) resulting from any material reduction (not due to temporary fluctuation) of the value of the inventory for such taxable year or from the actual
payment after the close of such taxable year of re')ates in pursuance of
contracts entered into during such year upon sales made during such year.
In such case payment of the amount of the tax covered by such claim shall
not be required until the claim is decided, but the taxpayer shall accompany
his claim with a bond in double the amount of the tax covered by the
claim, with sureties satisfactory to the commissioner, conditioned for the
payment of any part of such tax found to be due, with interest. If any
part of such claim Is disallowed then the remainder of the tax due shall, on
notice and demand by the collector be paid by the taxpayer with interest
at the rate of 1% per month from the tune the tax would have been due
had no such claim been filed. If it is shown to the satisfaction of the commissioner that such substantial loss has been sustained, then In computing
the tax imposed by this title the amount of such loss shall be deducted from
the net income. (b) If no such claim is filed, but it is shown to the satisfaction of the commissioner that during the taxable year 1919 the taxpayer
has sustained a substantial loss of the character above described, then the
amount of such loss shall be deducted from the net income for the taxable
year 1918 and the tax imposed by this title for such year shall be re-determined accordingly. Any amount found to be due to the taxpayer upon
the basis of such re-determination shall be credited or refunded to the taxpayer In accordance with the provisions of Section 252.
(b) In the case of a non-resident alien individual the deductions allowed
in paragraphs (1), (4). (7). (8). (9), (10). (12). and clause (e) of paragraph
(3), of subdivision (a) shall be allowed only if and to the extent that they
are connected with income arising from a source within the United States;
and the proper apportionment and allocation of the deductions with respect
to sources of income within and without the United Statess hall be determined under rules and regulations prescribed by the Commissioner with
the approval of the Secretary.
Items Not Deductible.
See. 215. That in computing net income no deduction shall In any
ca.se be allowed in respect of—
(a) Personal. living or family expenses:
(b) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate:
(c) Any amount expended In restoring property or in making good the
exhaustion thereof for which an allowance Is or has been made: or
(d) Premiums paid on any life insurance policy covering the life of any
officer or employee, or of any person financially interested in any trade
or business carried on by the taxpayer, when the taxpayer is directly or
ndireetly a beneficiary under such policy.
Credits Allowed.
See. 216. That for the purpose of the normal tax only there shall be
allowed the following credits:
(a) The amount received as dividends from a corporation which is
taxable under this title upon its net income, and amounts received as
dividends from a personal service corporation out of earnings or profits
upon which income tax has been imposed by Act of Congress:
(b) The amount received as interest upon obligations or the United
States and bonds issued by the War Finance Corporation, which is included in gross inconle under Section 213:
(c) In the case of a single person, a personal exemption of $1.000. or in
the case of the head of a family or a married person living with hosband
or wife, a per-onal exemption or 32,000. A husband and wife Hying together shall receive but one personal exemption of $2,000 against their
aggregate net income; and In case they make separate returns the personal
exemptinn of $2,001) may be taken by either or divided between them;
(d) S2.011 for each person (other than husband or wife) dependent upon
and receiving his chief support from the taxpayer. If such dependent person is under eighteen years of age or Is incapable of self-support because
mentally or physically deteetive.
(e) In the vitae of a non-resident alien individual who is a citizen or subject. of a country which imposes an income tax, the cm:slits allowed in subdivisions (c) and (d) shall be allowed only If stuih country allows a similar
credit to citizens of the United States not residing in such country.
Non-Resident Aliens—Allowance of Deductions and Credits.
Sec. 217. That a non-resident alien individual shall receive the benefit
of the deshictions and credits allowed in this title only by filing or causing
to be filed with the collector a true and accurate return of tils total Income
rereived from all sources corporate or otherwi,e In the United States, In
the manner preseribed by this title. 'winding therein all the infortnation
whieh the Commissioner may deem necessary for the Calculation of such
deduet ions and credits: Provided. l'hat the benefit of the ereilits allowed In
atninull vi dons it!) and (d) of section 216 may. in the (11seretion of the Commissioner. and except as otherwise provided in stilailvi‘lon (el of thaS
setIon, be reeeived by filing a claim therefor with the withholding agent.
in case of failure to file a return, the Collector shall collect the tax on such
income. and all property belonging to such non-resident alien individual
shall be liable to distraint for the tax.

FEB. 8 1919.]

THE CHRONICLE

521

Partnerships and Personal Service Corporations.
evidence of a purpose to escape the tax in such case unless the CommLssioner
Sec. 218. (a) That individuals carrying on business in partnership shall certifies that In his opinion such accumulation is unreasonable for the purindividual
in
their
capacity.
only
be liable for income tax
There shall be poses of the business. When requested by the Commissioner, or any colincluded in computing the net income of each partner his distributive share. lector, every corporation shall forward to him a correct statement of such
whether distributed or not, of the net income of the partnership fos the gains and profit.; and the names and addresses of the individuals or sharetaxable year. or. If his net income for sucn taxable year is computed upon holders who would be entitled to the same if divided or distributed, and of
the basis of a period different from that upon the basis of which the net the amounts that would be payable to each.
income of the partnership is computed, then his distributive share of the
Payment of Tax at Source.
not income of the partnership for any accounting period of the partnership
Sec. 221. (a) That all individuals, .corporations and partnerships. in
ending aithin the fiscal or calendar year upon the basis of which the whatever capacity acting, Including lessees or mortgagors of real or perpartner's net income is computed.
sonal aroperty. fiduciaries, employers and all officers and employee; of the
The partner shall,for the purpose of the normal tax, be allowed as credits. United States, having the control, receipt, custody. disposal or payment
in addition to the credits allowed to him under section 216, his proportion
of interest, rent. salaries, wages, premiums, annuities, compensations.
ate share of such amounts specified in sub-divisions (a) and (b) of section remunerations, emoluments or other fixed or determinable annual or peri216 as are received by the partnership.
odical gains. profits and income, of any non-resident alien individual (other
(b) If a fiscal year of a partnership ends during a calendar year for which than income received as dividends from a corporation which Is taxable
the rates of tax differ from those for the preceding calendar year, then under this title upon Its net income) shall (except in the case; provided for
(1) the rates for such preceding calendar year shall apply to an amount in subdivision (to and except as otherwise provided in regulations preof each partner's share of such partnership net income equal to the propor- scribed by the Comndasioner under section 217) deduct and withhold from
tion which the part of such fiscal year falling within such calendar year such annual or periodical gains profits and income a tax equal to 8%
bears to the full fiscal year. and (2) the rates for the calendar year during thereof. Provided. That the Commissioner may authorize such tax to be
which such fiscal year ends shall apply to the remainder.
deducted and withheld from the interest upon any securities the owners
(c) In the case of an individual member of a partnership which makes of which are not known to the withholding agent.
return for a fiscal year beginning in 1917 and ending in 1918 his propor
do In any case where bonds, mortgages or deeds of trust or other similar
tionate share of any excess-profits tax imposed upon the partnership under obligations of a corporation contain a contract or provision by which the
the Revenue Act of 1917 with respect to that part of such fiscal year falling obligor agrees to pay any portion of the tax Imposed by this title upon the
in 1917. shall. for the purpose of determining the tax imposed by this title. oblisee. or to reimburse the obligee for any portion of the tax, or to pay the
be credited against that portion of the lie& income embraced in his personal Interest without deduction for any tax which the obligor may be required
return for the taxable year 1918 to which the rates for 1917 apply.
or permitted to pay thereon or to retain therefrom under any law of the
(d) The net insome of the partnership shall be computed in the same United States, the obligor shall deduct and withhold a tax equal to 2(70
manner and on the same basis as provided in section 212, except that the of the interest upon such bonds, mortgages, deeds of trust or other oblideduction provided In paragraph (11) of subdivision (a) of section 214 gations. whether such interest is payable annually or at shorter or longer
shall not be allowed.
periods and whether payable to a non-resident alien Individual or to an
(o) Personal service corporations shall not be subject to taxation un- Individual citizen or resident of the United States, or to a partnership:
der this title, but the individual stockholders thereof shall be taxed in Provided. That the Commissioner may authorize such tax to be deducted
the same manner as the members of partnerships. All the provisions of and withheld in the case of interest upon any such bonds, mortgages, deeds
this title relating to partnerships and the members thereof shall so far of trust or other obligations, the owners of which are not known to the
as practicable apply to personal service corporations and the stockholders withholding agent. Such deduction and withholding shall not be rethereof: Provided, That for the purpose of this subdivision amounts dis- quired in the case of a citizen or resident entitled to receive such
interest.
tributed by a personal service corporation during Its taxable year shall he If he flies with the withholding
agent on or before Feb. 1 a signei no
accourted for by the distributees; and any portion of the net income tice in writing claiming the benefit of the
credit; provided in subdivisions
remaining undistributed at the close of its taxable year shall be accounted (c) and id) of Section 216: nor In the case of a
non-resident alien individfor by the stockholders of such corporation at the close of its taxable year ual if so provided for in regulations prescribed by the Commissioner under
in proportion to their respective shares.
Section 217.
(c) Every individual, corporation or partnership required to deduct and
• Estates and Trusts.
withhold any tax under this section shall make return thereof on or before
Sec. 219. (a) That the tax imposed by sections 210 and 211 shall apply March first of each year and shall on or before June fifteenth pay the tax
to the income of estates or of any kind of property held in trust. including— to the official of the United States Government authorised to receive it.
(I) Income received by estates of deceased persons during the period of Every such individual, corporation or partnership is hereby made liable
administration or settlement of the estate:
for such tax and is hereby Indemnified against the claims anti demands of
(2) income accumulated in trust for the benefit of unborn or unaseer- any individual: corporation or partnership for the amount of any payments
tained persons or persons with contingent intoiests:
made in accordance with the provisions of this &action.
(3) income neld for future distribution under the terms of the will or
(d) income upon which any tax Is required to be withheld at the source
trust: and
under this section shall be included in the return of the recipient of such
(4) Income which is to be distributed to the beneficiaries periodically, Income, but any amount of tax so withheld shall be credited against the
whether or not at resular intervals, and the income collected by a guardian amount of income tax as computed In such return.
of an infant to be held or distributed as the court may direct.
(e) if any tax required under this section to be deducted and withheld
(b) The fiducisry shall be responsible for making the return of income Is paid by the recipient o the Income, It shall not be re-collected from the
for the eat' to or trust for which he acts. The net income of the estate withhotdince agent: nor in eases In which the tax is so paid shall any penalty
or trust shall be computed In the same manner and on the same basis as be imposed upon or collected from the recipient of the income or the withprovided in Section 212, except that there shall also be allowed as a de- holding agent for failure to return or pay the same, unless such failure was
duction (in lieu of the deduction authorized by Paragraph (11)'of sub- fraudulent and for the purpose of evading payment.
division (a) of Section 214) any part of the gross income which, pursuant
Credit for Taxes.
to the terms of the still or deed creating the trust, Is during the taxable
See. 222. (a) That the tax computed under part II of this title shall be
year paid to or permanently set aside for the United States, any State.
Territory, or any political subdivision thereof, or the District of Columbia. credited with:
(1) in the case of a citizen of the United States, the amount of any
or any corporation or sanised and operated exclusively for relisious, charittable, scientific, or educational purposes, or for the prevention of cruelty income, war-profits and excess-profits taxes paid during the taxable year to
foreign country, upon income derived from source; therein, or to any
any
to children or animals, no part of the net earnings of which inures to the
benefit of any private stockholder or individual; and in cases under para- possession of the United States; and
(2) In the case of a resident of the United States, the amount of any
graph (4) of subdivision (a) of this section the fiduciary shall include in
the return a statement of each beneficiary's distributive share of such such taxes paid during the taxable year to any possession of the United
States:
and
net income, whether or not distributed before the close of the taxable year
. (3) In the case of an alien resident of the United States who is a citizen
for w 1"11 tie rett.rn Is made.
(c) In cases under paragraph (1). (2) or (3) of subdivision (a) the tax or subject of a foreign country, the amount of any such taxes paid tieing
shall be imposed upon the net income of the estate or trust and shall be the taxable year to such country, upon income derived from sources
paid by the fidusiary. except that in determining the net Income of the therein, If such country. In imposing such taxes, allows a similar credit
estate of any deceased person during the period of administration or settle- to citizens of the United States residing in such country: anti
(4) In the case of any such individual who is a member of a partnership
ment there may be deducted the amount of any income properly paid or
credited to any legatee. heir or other beneficiary. In such cases the estate or a beneficiary of an estate or trust, his proportionate share of such taxes
of
the partnership or the estate or trust paid during the taxable year to
the
purpose
of
the normal tax. be allowed the same
or trust shall. for
a foreign country or to any possession of the United States, as the case
credits as are allowed to single persons under section 216.
(d) iii eaSt'S tinder paragraph (4) of subdivision (a). and in the case of may be.
(to if accrued taxes when paid differ from the amounts claimed as
any income of an estate during the period of administration or settlement
permitted by subdivision lei to be deducted from the net income upon which credits by the taxpayer, or If any tax paid is refunded in whole or In part.
tax is to be paid by the fiduciary, the tax shall not be paid by the fiduciary, the taxpayer shall notify the Commissioner who shall rtsletermine the
but there shall be Included in computing the net Income of each beneficiary amount of the tax due under part II of this title for the year or years afhis distributive share, whether distributed or not, of the net income of the lotted. and the amount of tax due upon such redetermination. if any,
estate or trust for the taxable year, or, if his net Income for such taxable shall be paid by the taxpayer upon notice and denoted by the collector,
year is contputed upon the basis of a period different from that upon the or the amount of tax overpaid. If any, shall be credited or refunded to
basis of which the net income of the estate or trust Is computed. then his the taxpayer In accordance with the provisions of Section 252. In the
distributive share of the net income of the estate or trust for any accounting case of such a tax accrued but not paid, the Commissioner as a condition
period of such estate or trust ending within the fiscal or calendar year upon precedent to the allowance of this credit may require the taxpayer to give
the basis of whit h such beneficiary's net income is computed. In such a bond with sureties satisfactory to and to be appreved by the Commiscases the beneficiary shall, for the purpose of the normal tax, be allowed sioner In such penal sum as the Commbasioner may require, conditioned for
as credits In addition to the credits allowed to him under section 216, his the payment by the taxpayer of any amount of tax round due upon any
proportionate share of such amounts specified in subdivisions (a) and (b) such redetermination: and the bond herein prescribed shall contain such
further conditions as the ('ommissioner may require.
of section 216 as are received by the estate or trust.
(e) These tredits shall be allowed only If the taxpayer furnishes eviProfits of Corporations Taxable to Stockholders.
dence satisfactory to the Commissioner showing the amount of income
Sec. 220. That if any corporation, however created or organized, is derived from sources within such foreign country or such po.ssessien of
formed or availed of for the purpose of preventing the imposition of the the United States, and all other information necessary for the computasurtax upon its stockholders or members through the medium or permitting tion of such ciedits.
Individual Returns.
its gains and profits to accumulate instead of being divided or distributed,
such corporation shall not be subject to the tax Imposed by sestion 2i0. but
See. 223. That every individual having a net ineome for the taxable -year
the stockholders or members thereof shall be subject to taxation under this or $t ,00t) or over if single or If married and not living with husband or wife,
title in the sante manner as provided in subdivision te) of section 218 in the or of $2,001) or over If married and living with limiltanci or wife, shall make
case of stockholders of a personal service corporation, except that the tax under oath a return stating specifically the Items of his gross income and
imposed by title III shall be deducted from the net income of the corporahe deductions and credits allowed by this title. If a husband and wird
tion before the computation of the proportionate share of each stockholder living together have an aggregate net Income of $2,000 or over, each shall
or member. The fact that any corporation is a mere holding company. make such a return unless the income of each is included in a single joint
or that the gains and profits are permitted to accumulate beyond the return.
reasonable needs of the business, shall he prima facie evidence of a purpose
If the taxpayer is unable to make his own return, the return shall be
to weep'. the surtax: but the fact that the gains and profits are In any case made by a duly authorized agent or by the guardian or other person charged
permitted to accumulate and become surplus shall not be construed as with the care of the person or property of such taxpayer.




522

THE CHRONICLE
Partnership Returns.

Sec. 224. That every partnership shall make a return for each taxable
year, stating specifically the items of its gross income and the deductions
allowed by this title, and shall include in the return the names and addresses
of the individuals who would be entitled to share in the net income if distributed and the amount of the distributive share of each individual. The
return shall be sworn to by any one of the partners.
Fiduciary Returns.
, Sec. 225. That every fiduciary (except receivers appointed by authority
of law in possession of part only of the property of an individual) shall
make under oath a return for the individual, estate or trust for which he
acts (1) if the net income of such Individual is $1,000 or over if single or If
Married and not living with husband or wife, or $2,000 or over if married
and living with husband or wife, or (2) if the net income of such estate or
trust is $1,000 or over or if any beneficiary of such estate or trust is a nonresident alien, stating specifically the items of the gross income and the
deductions and credits allowed by this title. Under such regulations as
the Commissioner with the approval of the Secretary may prescribe, a
return made by one of two or more joint fiduciaries and filed in the office
of the collector of the district where such fiduciary resides shall be a sufficient compliance with the above requirement. The fiduciary shall make
oath that he has sufficient knowledge of the affairs of such individual,
estate or trust to enable him to make the return, and that the same is, to
the best of his knowledge and belief, true and correct.
Fiduciaries required to make returns under this Act shall be subject to
all the provisions of this Act which apply to individuals.
Returns when Accounting Period Changed.
Sec. 226. That if a taxpayer, with the approval of the Commissioner,
of computing net income from fiscal year to calendar
basis
changes the
year a separate return shall be made for the period between the close of the
last fiscal year for which return was made and the following Dec. 31. If
the change is from calendar year to fiscal year, a separate return shall be
made for the period between the close of the last calendar year for which
return was made and the date designated as the close of the fiscal year.
If the change is from one fiscal year to another fiscal year a separate return
shall be made for the period between the close of the former fiscal year
and the date designated as the close of the new fiscal year. If a taxpayer
making his first return for income tax keeps his accounts on the basis of a
fiscal year he shall make a separate return for the period between the
beginning of the calendar year in which such fiscal year ends and the end
of such fiscal year.
In all of the above cases the net income shall be computed on the basis
of such period for which separate return is made, and the tax shall be paid
thereon at the rate for the calendar year in which such period is 'alluded;
and the credits provided in subdivisions (c) and (d) of section 216 shall be
reduced respectively to amounts which bear the same ratio to the full credits
provided in such subdivisions as the number of months in such period bears
to twelve months.
Time and Place for Filing Returns.
Sec. 227. (a) That returns shall be made on or before the fifteenth day
of the third month following the close of the fiscal year, or, if the return
is made on the basis of the calendar year, then the return shall be made on
or before the fifteenth day of March. The Commissioner may grant a
reasonable extension of time for filing returns whenever in his judgment
good cause exists and shall keep a record of every such extension and the
reason therefor. Except in the case of taxpayers who are abroad, no such
extension shall be for more than six months.
(b) Returns shall be made to the collector for the district in vrhicn is
located the legal residence or principal place of business of the person making
the return, if he has no legal residence or principal place of business in
the United States, then to the collector at Baltimore, Marland.
Understatement in Returns.
Sec. 228. That if the collector or deputy collector has reason to believe
that the amount of any income returned is understated, he shall give due
notice to the taxpayer making the return to show cause why the amount
of the return should not be increased, and upon proof of the amount understated may increase the same accordingly. Such taxpayer may furnish
sworn testimony to prove any relevant facts and if dissatisfied with the
decision of the collector may appeal to the Commissioner for his decision,
under such rules of procedure as may be prescribed by the Commissioner
,
with the approval of the Secretary.
PART III.—CORPORATIONS.•
Tax on Corporations.
Sec. 230. (a) That, in lieu of the taxes imposed by Section 10 of the
Revenue Act of 1916, as amended by the Revenue Act of 1917, and by
Section 4 of the Revenue Act of 1917, there shall be levied, collected, and
paid for each taxable year upon the net income of every corporation a
tax at the following rates:
(1) For the calendar year 1918, 12% of the amount of the net income
-in excess of the credit provided in Section 236; and
(2) For each calendar year thereatfer, 10% of such excess amount.
(b) For the purposes of the Act approved Mar. 21 1918, entitled "An
Act to provide for the operation of transportation systems while under
Federal control for the just compensation of their owners and for other
purposes," flve-sixths of the tax imposed by paragraph (1) of subdivision
(a) and four-fifths of the tax imposed by paragraph (2) of subdivision (a)
shall be treated as levied by an Act in amendment of Title I of the Revenue
Act of 1917.
Conditional and Other Exemptions.
Sec. 231. That the following organizations shall be exempt from taxation
under this title—
(1) Labor, agricultural or horticultural organizations;
(2) Mutual savings banks not having a capital "stock represented by
shares;
(3) Fraternal beneficiary societies, orders or associations, (a) operating
under the lodge system or for the exclusive benefit of the members of a
fraternity itself operating under the lodge system, and (b) providing for
the payment of life, sick, accident or other benefits to the members of
such society, order or association or their dependents;
(4) Domestic building and loan associations and co-operative banks
without capital stock organized and operated for mutual purposes and
without profit;
(5) Cemetery companies owned and operated exclusively for the benefit
of their members;
(6) Corporations organized and operated exclusively for religious,
charitable, scientific, or educational purposes, or for the prevention of
cruelty to children or animals, no part of tho net earnings of which inures
to the benefit of any private stockholder or individual;
(7) Business leagues, chambers of commerce, or boards of trade, not
organized for profit and no part of the net earnings of which inures to the
benefit of any private stockholder or individual;




[VOL. 108.

• (8) Civic leagues or organizations not organized for profit but operated
exclusively for the promotion of sochl welfare;
(9) Clubs organized and operated exclusively for pleasure, recreation,
and other nonprofitable purposes, no part of the net earnings of which
inures to the benefit of any private stockholder or member;
(10) Farmers'or other mutual hail, cyclone, or fire insurance companies,
mutual ditch or irrigation companies, mutual or co-operative telephone
companies, or like organizations of a purely local character, the income
of which consists solely of assessments, dues, and fees collected from
members for the sole purpose of meeting expenses;
(11) Farmers', fruit growers', or like associations, organized and operated as sales agents for the purpose of marketing the products of members
and turning back to them the proceeds of sales, loss the necessary selling
expenses, on the basis of the quantity of produce furnished by them;
(12) Corporations organized for the exclusive purpose of holding title
to property,collecting income therefrom,and turning over the entire amount
thereof, less expenses, to an organization which itself is exempt from the
tax imposed by this title;
(13) Federal land banks and national farm-loan associations as provided
In section 26 of the Act approved July 17,1916,entitled "An Act to provide
capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm
oans, to furnish a market for United States bonds, to create Government
depositaries and financial agents for the United States, and for other purposes;"
(14) Personal service corporations.
Net Income Defined.
Sec. 232. That in the case of a corporation subject to the tax imposed by
Section 230 the term "net income" means the gross income as defined in
Section 233 less the deductions allowed by Section 234, and the net income
shall be computed on the same basis as is provided in subdivision (b) of
Section 212 or in Section 226.
Gross Income Defined,
Sec. 233. (a) That in the case of a corporation subject to the tax imposed
by Section 230 the term "gross income" means the gross income as defined
in Section 213, except that:
(1) In the case of life insurance companies there shall not be included
in gross income such portion of any actual premium received from any
individual policyholder as is paid back or credited to or treated as an
abatement of premium of such policyholder within the taxable year.
(2) Mutual marine insurance companies shall include in gross income
the gross premiums collected and received by them less amounts paid for
reinsurance.
(b) In the case of a foreign corporation gross income includes only the
gross income from sources within the United States, including the interest
on bonds, notes, or other interest-bearing obligations of residents, corporate
or otherwise, dividends from resident corporations, and including all
amounts received (although paid under a contract for the sale of goods or
otherwise) representing profits on the manufacture and disposition of
goods within the United States.
Deductions Allowed,
Sec. 234 (a) That in computing the net income-of a corporation subject
to the tax imposed by Section 230 there shall be allowed as deductions:
(1) All the ordinary and necessary expenses paid or incurred during the
taxable year in carrying on any traae or business, including a reasonable
allowance for salaries or other compensation for personalservices actually
rendered, and including rentals or the payments required to be made as a
condition to the continued use or possession of property to which the
corporation has not taken or is not taking title, or in which it has no
equity;
(2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued to purchase or carry
obligations or securities (other than obligations of the United States issued
after Sept. 24 1917), the interest upon which is Wholly exempt from taxation under this title as income to the taxpayer, or, in the case of a foreign
corporation, the proportion of such interest which the amount of its gross
income from sources within the United States bears to the amount of its
gross income from all sources within and without the United States;
(3) Taxes paid or accrued within the taxable year imposed (a) by the
authority ofthe United States,except income,war-profits and excess-profit
taxes; or (b) by the authority of any of its possessions, except the amount
of income, war-profits and excess-profits taxes allowed as a credit under
section 238;or(c) by the authority of any State or Territory,or any county,
school district, municipality, or other taxing subdivision of any State
or Territory, not including those assessed against local benefits; of a kind
tending to increase the value of the property assessed; or (d) in the case
of a domestic corporation, by the authority of any foreign country, except
the amount of income, war-profits and excess-profits taxes allowed as a
credit under Section 238; or (e) in the case of a foreign corporation, by the
authority of any foreign country (except income, war-profits and excessprofits taxes, and taxes assessed against local benefits of a kind tending to
increase the value of the property assessed), upon the property or business:
Provided, That in the case of obligors specified in subdivision (b) of Section
221 no deduction for the payment of the tax imposed by this title or any
other tax paid pursuant to the contract or provision referred to in that
subdivision, shall be allowed;
(4) Losses sustained during the taxable year and not compensated for
by insurance or otherwise;
(5) Debts ascertained to be worthless and charged off within the taxable
year;
(6) Amounts received as dividends from a corporation which is taxable
under this title upon its net income, and amounts received as dividends
from a personal service corporation out of earnings or profits upon which
income tax has been imposed by Act of Congress;
(7) A reasonable allowance for the exhaustion, wear and tear eproperty
used in the trade or business, including a reasonable allowance for obolescence;
(8) In the case of buildings, machinery, equipment, or other facilities.
constructed, erected, installed, or acquired, on or after April 6 1917, for the
production of articles contributing to the prosecution of the present war,
and in the case of vessels constructed or acquired on or after such date for
the transportation of articles or men contributing to the prosecution of the
present war, there shall be allowed a reasonable deduction for the amortization of such part of the cost of such facilities or vessels as has been borne
by the taxpayer, but not again including any amount otherwise allowed
under this title or previous Acts of Congress as a deduction in computing
net income. At any time within three years after the termination of the
present war the Commissioner may, and at the request of the taxpayer
shall, re-examine the return, and if he then finds as a result of an appraisal
or from other evidence that the deduction originally allowed was incorrect,
the taxes imposed by this title and by Title III for tho year or years affected shall be redetermined; and the amount of tax duo upon such redetermination, if any, shall be paid upon notice and demand by the col,

FEB. 8 1919.]

THE CHRONICLE

lector, or the amount of tax overpaid, if any, shall be credited or refunded
to the taxpayer in accordance with the provisions of Section 252:
(9) In the case of mines, oil and gas wells, other natural deposits, and
timber, a reasonable allowance for depletion and for depreciaticn of improvements, according to the peculiar conditions in each case, based upon
cost including cost of development not otherwise deducted: Provided, That
in the case of such properties acquired prior to Mar. 1 1913 the fair market
value of the property (or the taxpayer's interest therein) on that date
shall be taken in lieu of cost up to that date: Provided further, That in the
case of mines, oil and gas wells, discovered by the taxpayer, on or after
Mar. 1 1913, and net acquired as the result of purchase of a proven tract
or lease, where the fair market value of the property is materially disprorortionate to the cost, the depletion allowance shall be based upon the
fair market value of the property at the date of the discovery, or within
30 days thereafter; such reasonable allowance in all the above cases to be
made under rules and regulations to be prescribed by the Commissioner
with the approval of the Secretary. In the case of leases the deductions
allowed by this paragraph shall be equitably apportioned between the
lessor and lessee;
(10) In the case of insurance companies,in addition to the above: (a) The
net ad,i 1 n required by law to be made within the taxable year to reserve
funds (including in the case of assessment isnurance companies the actual
deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds); and (b) the sums other than dividends
paid within the taxable year on policy and annuity contracts;
(11) In the case of corporations issuing policies covering life, health,
and accident insurance combined in one policy issued on the weekly premium payment plan continuing for life and not subject to cancellation, in
addition to the above, mu h portion of the net addition (not required by
law) made within the taxable year to reserve funds as the Commissioner
finds to be required for the protection of the holders of such policies only;
(12) In the case of mutual marine insurance companies, there shall be
allowed, in addition to the deductions allowed in paragraphs (1) to (10).
Inclusive. amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the
ascertainment and the payment thereof;
(13) In the case of mutual insurance companies (other than mutual life
or mutual marine insurance companies) requiring their members to make
premium deposits to provide for losses and expenses, there shall be allowed,
in addition to the deductions allowed in paragraphs (I) to.(10), inclusive,
(unless otherwise allowed under such paragraphs) the amount of premium
deposits returned to their policyholders and the amount of premium
deposits retained for the payment of losses, expenses, and reinsurance
reserves;
(14) (a) At the time of filing return for the taxable year 1918 a taxpayer
may file a claim in abatement based on the fact that he has sustained a
substantial loss (whether or not actually realized by sale or other disposition) resulting from any material reduction (not due to temporary
fluctuation) of the value of the inventory for such taxable year, or from
the actual payment after the close of such taxable year of rebates in pursuance of contracts entered into during such year upon sales made during
such year. In such case payment of the amount of the tax covered by such
claim shall not be required until the claim is decided, but the taxpayer shall
accompany his claim with a bond in double the amount of the tax covered
by the claim, with sureties satisfactory to the commissioner, conditioned
for the payment of any part of such tax found to be due, with interest.
If any part of such claim is disallowed then the remainder of the tax due
shall on notice and demand by the collector be paid by the taxpayer with
interest at that rate of 1% per month from the time the tax would have
been due had no such claim been filed. If it is shown to the satisfaction
of the commissioner that such substantial loss has been sustained, then in
computing the taxes imposed by this title and by title III the amount
of such loss shall be deducted from the net income. (c) If no such claim
is filed,but it Is shown to the satisfaction of the commissioner that during
the taxable year 1919 the taxpayer has sustained a substantial loss of the
character above described then the amount of such loss shall be deducted
from the net income for the taxable year 1918 and the taxes imposed by
this title and by title III for such year shall be redetermined accordingly.
Any amount found to be due to the taxpayer upon the basis of such redetermination shall be credited or refunded to the taxpayer in accordance
with the provisions of Section 252.
(b) In the case of a foreign corporation the deductions allowed in subdivision (a), except those allowed in paragraph (2) and in clauses (a), (b),
and (c) of paragraph (3), shall be allowed only if and to the extent that
they are connected with income arising from a source within the United
States; and the proper apportionment and allocation of the deductions
with respect to sources of income within and without the United States
shall be determined under rules and regulations prescribed by the Commissioner with the approval of the Secretary.

523

with the amount of any income, war-profits and excess-profits taxes paid
during the taxable year to any foreign country, upon income derived from
sources therein, or to any possession of the United States.
If accrued taxes when paid differ from the amounts claimed as credits
by the corporation, or if any tax paid is refunded in whole or in part, the
corporation shall at once notify the commissioner who shall redetermine
the amount of the taxes due under this title and under title III for the year
or years affected, and the amount of taxes due upon such redetermination,
if any, shall be paid by the corporation upon notice and demand by the
collector, or the amount of taxes overpaid, if any, shall be credited or
refunded to the corporation in accordance with the provisions of Section 252. In the case of such a tax accrued but not paid, the Commissioner as a condition precedent to the allowance of this credit may require
the corporation to give a bond with sureties satisfactory to and to be
approved by him in such penal sum as he may require, conditioned for the
payment by the taxpayer of any amount of taxes found due upon any
such redetermination; and the bond herein prescribed shall contain such
further conditions as the Conunissioner may require.
(b) This credit shall be allowed only if the taxpayer furnishes evidence
satisfactory to the Commissioner showing the amount of income derived
from sources within such foreign country or such possession of the United
States, as the case may be, and all other information necessary for the
computation of such credit.
(c) If a domestic corporation makes a return for a fiscal year beginning
In 1917 and ending in 1918, only that proportion of this credit shall be
allowed which the part of such period within the calendar year 1918 bears
to the entire period.
Corporation Returns.
Sec. 239. That every corporation subject to taxation under this title
and every personal service corporation shall make a return, stating specifically the items of its gross income and the deductions and credits
allowed by this title. The return shall be sworn to by the President,
Vice-President, or other principal officer and by the Treasurer or Assistant Treasurer. If any foreign corporation has no office or place of
business in the United States but has an agent in the United States, the
return shall be made by the agent. In cases where receivers, trustees in
bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such
corporations In the same manner and form as corporations are required
to make returns. Any tax due on the basis of such returns made by
receivers, trustees, or assignees shall be collected in the same manner as if
collected from the corporations of whose business or property they have
custody and control.
Returns made under this section shall be subject to the provisions of
Sections 226 and 228.
When return is made under Section 226 the credit provided in subdivision (c) of Section 236 shall be reduced to an amount which bears the
same ratio to the full credit therein provided as the number of months in
the period for which such return is made bears to twelve months.

Consolidated Returns.
Sec. 240. (a) That corporations which are affiliated within the meaning of this section shall, under regulations to be prescribed by the Commissioner with the approval of the Secretary, make a consolidated return
of net income and invested capital for the purposes of this title and title III,
and the taxes thereunder shall be computed and determined upon the
basis of such return: Provided, That there shall be taken out of such con-.
solidated net income and invested capital, the net income and invested
capital of any such affiliated corporation organized after Aug. 1 1914,
and not successor to a then existing business, 50% or more of whose gross
income consists of gains, profits, commissions or other income, derived
from a Government contract or contracts made between April 6 1917
and Nov. 11 1918, both dates inclusive, In such case the corporation
so taken out shall be separately assessed on the basis of its own invested
capital and net income and the remainder of such affiliated group shall
be assessed on the basis of the remaining consolidated invested capital
and net income.
In any case in which a tax is assessed upon the basis of a consolidated
return, the total tax shall be computed in the first instance as a unit and
shall then be assessed upon the respective affiliated corporations in such
proportions as may be agreed upon among them, or, in the absence of
any such agreement, then on the basis of the net income properly assignable to each. There shall be allowed in computing the income tax only
one specific credit of $2,000 (as provided in Section 236); in computing
the war-profits credit (as provided in Section 311) only one specific exemption of $3,000; and in computing the excess-profits credit (as provided
in Section 312) only one specific exemption of $3,000.
(b) For the purpose of this section two or more domestic corporations
shall be deemed to be affiliated (1) if one corporation owns directly or
through closely affiliated Interests or by a nominee or nominees
controls
Items Not Deductible.
Sec. 235. That in computing net income no deduction shall in any substantially all the stock of the other or others, or (2) if substantially all
the stock of two or more corporations is owned or controlled by the same
case be allowed in respect of any of the items specified in Section 215.
Interests.
Credits Allowed.
(c) For the purposes of Section 238, a domestic corporation which owns
Sec. 236. That for the purpose only of the tax imposed by Section 230 a majority of the voting stock of a foreign corporation shall be deemed to
there shall be allowed the following credits:
have paid the same proportion of any income, war-profits and excess-profits
(a) The amount received as interest upon obligations of the United taxes paid (but not including taxes accrued) by such foreign corporation
States and bonds issued by the War Finance Corporation, which is included during the taxable year to any foreign country or to any possession of the
in gross income under Section 233;
United States upon income derived from sources without the United
(b) The amount of any taxes imposed by Title HI for the same taxable States, which the amount of any dividends (not deductible under Secyear: Provided, That in the case of a corporation which makes return for tion 234) received by such domestic corporation from such foreign cora fiscal year beginning in 1917 and ending in 1918, and in computing the poration during the taxable year bears to the total taxable income of such
tax as provided in subdivision (a) of Section 205, the tax computed for the foreign corporation upon or with respect to which such taxes were paid:
entire period under Title II of the Revenue Act of 1917 shall be credited Provided, That in no such case shall the amoent of the credit for such taxes
against the net income computed for the entire period under Title I of the exceed the amount of such dividends (not deductible under Section 234)
Revenue Act of 1916 as amended by the Revenue Act of 1917 and under received by such domestic corporation during the taxable year.
Title I of the Revenue Act of 1917, and the tax computed for the entire
Time and Place for Filing Returns.
period under Title III of this Act at the rates prescribed for the calendar
Sec. 241. (a) That returns of corporations shall be made at the same
year 1918 shall be credited against the net income computed for the entire
time as is provided in subdivision (a) of Section 227.
period under this title; and
(b) Returns shall be made to the collector of the district in which is
(c) In the case of a domestic corporation, $2,000.
the principal place of business or principal office or agency of the
located
Payment of Tax at Source.
corporation, or, if it has no principal place of business or principal office
Sec. 237. That in the case of foreign corporations subject to taxation or agency in the United States, then to the collector at Baltimore, Maryunder this title not engaged in trade or business within the United States land.
and not having any office or place of business therein, there shall be dePART IV.—ADMINISTRATIVE PROVISIONS.
ducted and withheld at the source in the same manner and upon the same
items of income as is provided in Section 221 a tax equal to 10% thereof,
Payment of Taxes.
and such tax shall be returned and paid in the same manner and subject to
(These sections deal with the administrative features of the law and will
the same conditions as provided in that section: Provided, That in the be published next'week.i
case of interest described in subdivision (b) of that section the deduction
TITLE III.—WAR-PROPITS AND EXCESS PROFITS TAX.
and withholding shall be at the rate of 2% •
Credit for Taxes.
PART I.—GENERAL DEFINITIONS.
Sec. 238 (a) That in the case of a domestic corporation the total taxes
Sec. 300. That when used in this title the terms "taxable year," "fiscal
imposed for the taxable year by this title and by Title III shall be credited year," "personal service corporation," "paid or accrued," and "dividends"




524

THE CHRONICLE

shall have the same meaning as provided for the purposes of income tax
in Sections 200 and 201. The first taxable year for the purposes of this
title shall be the same as the first taxable year for the purposes of the
income tax under Title II.
PART II.—IMPOSITION OF TAX.
Sec. 301. (a) That in lieu of the tax imposed by Title II of the Revenue
Act of 1917, but in addition to the other taxes imposed by this Act, there
shall be levied, collected, and paid for the taxable year 1918 upon the net
income of every corporation a tax equal to the sum of the following:
First Bracket.
30% of the amount of the net income in excess of the excess-profits credit
(determined under Section 312) and not in excess of 20% of the invested
capital;
Second Bracket.
65% of the amount of the net income in excess of 20% of the invested
capital;
Third Bracket.
The sum,if any, by which 80% of the amount of the net income in excess
of the war-profits credit (determined under Section 311) exceeds the amount
of the tax computed under the first and second brackets.
(b) For the taxable year 1919 and each taxable year thereafter there
shall be levied, collected, and paid upon the net income of every corporation (except corporations taxable under subdivision (c) of this section)
a tax equal to the sum of the following:
First Bracket.
20% of the amount of the net income in excess of the excess-profits
credit (determined under Section 312) and not in excess of 20% of the
invested capital;
Second Bracket.
40% of the amount of the net income in excess of 20% of the invested
capital.
(c) For the taxable year 1919 and each taxable year thereafter there shall
be levied, collected, and paid upon the net income of every corporation
which derives in such year a net income of more than $10,000 from any
Government contract or contracts made between April 6 1917, and Nov.
111918, both dates inclusive, a tax equal to the sum of the following:
(1) Such a portion of a tax computed at the rates specificed in subdivision (a) as the part of the net income attributable to such Government
contract or contracts bears to the entire net income. In computing such
tax the excess-profits credit and the war-profits credit applicable to the
taxable year shall be used;
(2) Such a portion of a tax computed at the rates specified in subdivision
(b) as the part of the net income not attributable to such Government
contract or contracts bears to the entire net income.
For the purpose of determining the part of the net income attributable
to such Government contract or contracts, the proper apportionment and
allocation of the deductions with respect to gross income derived from
such Government contract or contracts and from other sources, respectively,
shall be determined under rules and regulations prescribed by the Commissioner with the approval of the Secretary.
(d) In any case where the full amount of the excess-profits credit is not
allowed under the first bracket of subdivision (a) or (b), by reason of the
. fact that such credit is in excess of 20% of the invested capital, the part not
so allowed shall be deducted from the amount in the second bracket.
(e) For the purposes of the Act approved March 21 1918, entitled "An
Act to provide for the operation of transportation systems while trader
Federal control, for the just compensation of their owners and for other
purposes," the tax imposed by this title shall be treated as levied by an
Act in amendment of Title II of the Revenue Act of 1917.
Sec. 302. That the tax imposed by subdivision (a) of Section 301 shall
in no case be more than 30% of the amount of the net income in excess of
$3,000 and not in excess of $20,000, plus 80% of the amount of the net income in excess of $20,000; the tax imposed by subdivision (b) of Section
301 shall in no case be more than 20% of the amount of the net income in
excess of $3,000 and not in excess of $20,000, plus 40%'of the amount of
the net income in excess of $20,000; and the above limitations shall apply
to the taxes computed under subdivisions (a) and (b) of Section 301, respectively, when used in subdivision (c) of that section. Nothing in this
section shall be construed in such manner as to increase the tax imposed by
Section 301.
Sec. 303. That if part of the net income of a corporation is derived (1)
from a trade or business (or a branch of a trade or business) in which the
employment of capital is necessary, and (2)a part (constituting not less than
30% of its total net income) is derived from a separate trade or business
(or a distinctly separate branch of the trade or business) which if constituting the sole trade or business would bring it within the class of "personal service corporations," then (under regulations prescribed by the
Commissioner with the approval of the Secretary) the tax upon the first
part of such net income shall be separately computed (allowing in such computation only the same proportionate part of the credits authorized in
Sections 311 and 312), and the tax upon the second part shall be the same
percentage thereof as the tax so computed upon the first part is of such
first part: Provided, That the tax upon such second part shall in no case
be less than 20% thereof, unless the tax upon the entire net income, if
computed without benefit of this section, would constitute less than 20%
of such entire net income, in which event the tax shall be determined upon
the entire net income, without reference to this section, as other taxes
are determined under this title. The total tax computed under this section
shall be subject to the limitations provided in Section 302.
Sec. 304 (a) That the corporations enumerated in Section 231 shall, to
the extent that they are exempt from income tax until Title II be exempt
from taxation under this title.
•(b) Any corporation whose net income for the taxable year is less than
$3,000 shall be exempt from the taxation under this title.
(d) In the case of any corporation engaged in the mining of gold, the
portion of the net income derived from the mining of gold shall be exempt
from the tax imposed by this title, and the tax on the remaining portion
of the net income shall be the proportion of a tax computed without the
benefit of this subdivision which such remaining portion of the net income
bears to the entire net income.
Sec. 305. That if a tax is computed under this title for a period of less
than twelve months, the specific exemption of $3,000,'wherever referred to
in this title, shall be reduced to an amount which is the same proportion
of $3,000 as the number of months in the period is of twelve months.
PART III.—CREDITS.
Sec, 310. That as used in this title the term "pre-war period" means the
calendar years 1911, 1912 and 1913, or, if a corporation was not in existence
during the whole of such period, then as many of such years during the
whole of which the corporation was in existence.
Sec. 311. (a) That the war-profits credit shall consist of the sum of:
(1) A specific exemption of $3,000; and




[VoL. 108.

(2) An amount equal to the average net income of the corporation for
the pre-war period, plus or minus, as the case may be, 10% of the difference
between the average invested capital for the pre-war period and the invested capital for the taxable year. If the tax is computed for a period of
less than twelve months such amount shall be reduced to the same proportion thereof as the number of months in the period is of twelve months.
(b) If the corporation had no net income for the pre-war period,or if the
amount computed under paragraph (2) of subdivision (a) is less than 10%
of its invested capital for the taxable year, then the war-profits credit shall
be the sum of:
(1) A specific exembtion .of $3,000; and
(2) An amount equal to 10% of the invested capital for the taxable year.
(c) If the corporation was not in existence during the whole of at least
one calendar year during the pre-war period, then, except as provided in
subdivision (d), the war-profits credit shall be the sum of:
(I) A specific exemption of $3,000; and
(2) An amount equal to the same percentage of the invested capital of
the taxpayer for the taxable year as the average percentage of net income to
invested capital, for the pre-war period, of corporations engaged in a trade
or business of the same general class as that conducted by the taxpayer; but
such amount shall in no case be less than 10% of the invested capital of
the taxpayer for the taxable year. Such average percentage shall be determined by the Commissioner on the basis of data contained in returns
made under Title II of the Revenue Act of 1917, and the average known as
the medium shall be used. If such average percentage has not been determined and published at least 30 days prior to the time when the return
of the taxpayer is due, then for purposes of such return 10% shall be used
in lieu thereof; but such average percentage when determined shall be used
for the purposes of Section 250 in determining the correct amount of the
tax.
(d) The war-profits credit shall be determined in the manner provided
in subdivision (b) instead of in the manner provided in subdivision (c), in
the case of any corporation which was not in existence during the whole of
at least one calendar year during the pre-war period, if (1) a majority of its
stock at any time during the taxable year is owned or controlled, directly
or indirectly, by a corporation which was in existence during the whole
of at least one calendar year during the pre-war period, or if (2) 50% or
more of its gross income (as computed under Section 233 for income tax
purposes) consists of gains, profits, commissions, or other income, derived from a Government contract or contracts made between April 6
1917 and Nov. 111918. both dates inclusive.
(e) A foreign corporation shall not be entitled to a specific exemption of
$3,000.
Sec. 312. That the excess-profits credit shall consist of a specific exemption of $3,000 plus an amount equal to 8% of the invested capital for the
taxable year.
A foreign corporation shall not be entitled to the specific exemption of
$3,000.
PART IV.—NET INCOME.
Sec. 320. (a) That for the purpose of this title the net income of a corporation shall be ascertained and returned—
(1) For the calendar years 1911 and 1912 upon the same basis and in
the same manner as provided in Section 38 of the Act, entitled "An Act to
provide revenue, equalize duties, and encourage the industries of the
United States, and for other purposes," approved Aug. 5 1909, except that
taxes imposed by such section and paid by the corporation within the year
shall be included:
(2) For the calendar year 1913 upon the same basis and in the same
manner as provided in Section II of the Act entitled "An Act to reduce
tariff duties and to provide revenue for the Government, and for other
purposes," approved Oct. 3 1913, except that taxes imposed by Section 38
of such Act of Aug. 5 1909, and paid by the corporation within the year
shall be included, and except that the amounts received by it as dividends
upon the stock or from the net earnings of other corporations subject to
the tax imposed by Section II of such Act of Oct. 3 1913, shall be deducted; and
(3) For the taxable year upon the same basis and in the same manner
as provided for income tax purposes in Title II of this Act.
(b) The average net income for the pre-war period shall be determined
by dividing the number of years within that period during the whole
of which the corporation was in existence into the sum of the net income
for such years, even though there may have been no net income for one or
more of such years.
PART V.—INVESTED CAPITAL,
Sec. 325. (a) That as used in this title—
The term "intangible property" means patents, copyrights, secret
processes and formulae, good will, trade-marks, trade-brands, franchises,
and other like property;
The term "tangible property" means stocks, bonds, notes, and other
evidences of indebtedness, bills and accounts receivable, leaseholds and
other property other than intangible.property;
The term "borrowed capital" means money or other property borrowed,
whether represented by bonds, notes, open accounts, or otherwise;
The term "inadmissible assets" means stocks, bonds, and other obligations (other than obligations of the United States), the dividends or
interest from which is not included in computing net income, but where
the income derived from such assets consists in part of gain or profit
derived from the sale or other disposition thereof, or where all or part
of the interest derived from such assets is in effect included in ,the net
income because of the limitation on the deduction of interests under paragraph (2) of subdivision (a) of Section 234, a corresponding part of the
capital invested in such assets shall not be deemed to be inadmissible
assets; the term "admissible assets" means all assets other than inadmissible assets, valued in accordance with the provisions of subdivision (a)
of Section 326, Section 330, and Section 331.
(b) For the purposes of this title, the par value of stock or shares shall, in
the case of stock or shares issued at a nominal value or having no par value,
be deemed to be the fair market value as of the date el* dates of issue of
such stock or shares.
Sec. 326. (a) That as used in this title the term."invested capital" for
any year means (except as provided in subdivisions (b) and (c) of this
section):
(1) Actual cash bona fide paid in for stock or shares;
(2) Actual cash value of tangible property, other than cash, bona fide
to
paid in for stock or shares, at the time of such payment, but in no case
issued
exceed the par value of the original stock or shares specifically
therefor, unless the actual cash value of such tangible property at the time
paid in is shown to the satisfaction of the Commissioner to have been
clearly and substantially in excess of such par value, in which cash such
excess shall be treated as paid-in surplus: Provided, That the Commissioner
shall keep a record of all cases in which tangible property is included in
invested capital at a value in excess of the stock or shares issued therefor,
containing the name and address of each taxpayer, the business in which
engaged, the:amount of invested capital and net income shown by the

FEB. 8 1919.]

THE CHRONICLE

525

return, the value of the tangible property at the time paid in, the par
OFFERING OF UNITED KINGDOM OF GREAT BRITAIN
value of the stock or shares specifically issued therefor, and the amount
AND IRELAND BONDS.
included under this paragraph as paid-in surplus. The Commissioner
shall furnish a copy of such record and other detailed information with
It
was
announced
yesterday that subscription books will
respect to such cases when required by resolution of either House of Conbe opened on the 13th inst. at the office of J. P. Morgan &
gress, without regard to the restrictions contained in Section
Paid-in or earned surplus and undivided profits; not including surplus Co. for an offering (at 101 and interest, yielding 5.40)
and undivided profits earned during the year;
of United Kingdom of Great Britain and Ireland 20-year.
(4) Intangible property bona fide paid in for stock or shares prior to
March
in an amount not exceeding (a) the actual cash value of such 532% gold bonds due Feb. 1 1937, previously reserved for
property at the time paid in; (b) the par value of the stock or shares issued the conversion of the two-year notes which
matured Feb. 1.
of the par value of the total stock or
therefor; or (c) in the aggregate
whichever is lowest; On the 6th inst. J. P. Morgan & Co. issued the following
shares of the corporation outstanding on March
Intangible property bona fide paid in for stock or shares on or after announcement in the matter:
March
in an amount not exceeding (a) the actual cash value of such
J. P. Morgan & Co. announce that of the
of United Kingproperty at the time paid in; (b) the par value of the stock or shares issued dom of Great Britain and Ireland twenty-year
% bonds which were
of the par value of the total stock or reserved for the conversion of
therefor; or (c) in the aggregate
the two-year notes which matured Feb. 1,
shares of the corporation outstanding at the beginning of the taxable year, there remain to be sold by the group which
underwrote the conversion of
whichever is lowest: Provided, That in no case shall the total amount in- the outstanding notes a balance of a little
over
or approxiexceed in the aggregate
cluded under paragraphs (4) and
of the mately
of the amount of the issue outstanding.
par value of the total stock or shares of the corporation outstanding at the
The one and two-year convertible notes of Great Britain were put out
beginning of the taxable year; but
In January
The total issue was
of which $100,000,000
(b) As used in this title the term "invested capital" does not include matured in one year and
in two years. When the one-year
borrowed capital.
notes matured only a very small amount, less than $1,000,000, was pre(c) There shall be deducted from invested capital as above defined a sented for conversion. After the signing
of the armistice in November
percentage thereof equal to the percentage which the amount ofinadmissible
the two-year notes began to come in for conversion in substantial
assets is of the amount of admissible and inadmissible assets held during amounts and this tendency was stimulated
by the announcement that a
the taxable year.
group had been formed to take all the bonds which were not applied for
(d) The 4nvested capital for any period shall be the average invested by the holders In the exercise of their rights
of conversion.
capital for such period, but in the case of a corporation making a return
The notes were originally distributed through a country-wide syndicate
for a fractional part of a year, it shall (except for the purpose of paragraph of dealers and distributing banks and those
who
were most active in the
be the same fractional part of such previous
of subdivision (a) of Section
sale will be given an opportunity to participate in a new disaverage invested capital.
tributing syndicate formed to place the new bonds with investors.
The average invested capital for the pre-war period shall be determined
by dividing the number of years within that period during the whole of which
The following is the underwriting syndicate which will
the corporation was in existence into the sum of the average invested offer the bonds:
capital for such years.
Guaranty Trust Co. of New York.
That in the following cases the tax shall be determined as J. P. Morgan & Co.
Sec.
First National Bank,New York City. Bankers Trust Co., New York City.
provided in Section
National
City Co., New York City. Farmers' Loan & Trust Co.. New
(a) Where the Commissioner is unable to determine the invested capital
Harris, Forbes & Co.
York City.
as provided in Section
Brown Brothers & Co.
Central Trust Co.ofIllinois,Chicago,
(b) In the case of a foreign corporation;
Union Trust Co., Pittsburgh.
(c) Where a mixed aggregate of tangible property and intangible prop- Wm. A Read & Co.
Continental & Commercial Trust &
erty has been paid in for stock or for stock and bonds and the Commissioner J. & W. Seligman & Co.
Kidder,
Peabody
&
Co.
Savings Bank, Chicago.
Is unable satisfactorily to determine the respective values of the several
First & Old Detroit National Bank,
classes of property at the time of payment, or to distinguish the classes of Lazard Freres.
Kissel, Kinnicutt & Co.
Detroit.
property paid in for stock and for bonds, respectively;
(d) Where upon application by the corporation the Commissioner finds White, Weld & Co.
and so declares of record that the tax if determined without benefit of this
The bonds which are being offered are, it is announced, a
section would, owing to abnormal conditions affecting the capital or income
of the corporation, work upon the corporation an exceptional hardship direct obligation of the Government of the United Kingevidenced by gross disproportion between the tax computed without bone- dom of Great Britain and Ireland and are listed on the New
fit of this section and the tax computed by reference to the representative York Stock
Exchange. Principal and interest are payable
corporations specified in Section
This subdivision shall not apply
to any case (1) in which the tax (computed without benefit of this section) without deduction for any British taxes, present or future,
is high merely because the corporation earned within the taxable year a in New York, in United States gold coin, or at the option of
high rate of profits upon a normal invested capital; nor (2) in which 50%. the
holder in London in sterling at the fixed rate of exchange
or more of the gross income of the corporation for the taxable year (comof Title II) consists of gains, profits, commis- of 4.863/ to the pound.
puted under Section
sions, or other income, derived on a cost-plus basis from a Government
and Nov.
contract or contracts made between April
both
BRITISH WAR LOANS TO DATE.
dates inclusive.
(a) In the cases specified in Section
Sec.
the tax shall be the
following
The
details of British war bonds issued since
amount which bears the same ratio to the net income of the taxpayer (in
excess of the specific exemption of
for the taxable year, as the 1914, publshed by the Bankers' Clearing House, by courtesy
average tax of representative corporations engaged in a like or similar of the Bank of England, appeared in the "London Stock
trade or business, bears to their average net income (In excess of the specific
exemption of
for such year. In the case of a foreign corportaion Exchange Weekly Official Intelligence" of Jan. 4:
ISSUES OF WAR LOANS.
the tax shall be computed without deducting the specific exemption of
Amount of
Price of
either for the taxpayer or the representative corporations.
Cash credited to
Issue.
Issue.
Issue.
Date of Issue. H.M.Excheer.
In computing the tax under this section the Commissioner shall com3% War Loan, £350,000,000
95%
17th
Nov.
to
24th
£331,798,408
pare the taxpayer only with representative corporations whose invested
1925-1928
Nov. 1914.
Exchequer £50,000,000
capital can be satisfactorily determined under Section
Tender
and which are, as 3%
5th to 10th March, £47,942,345
Bonds, 1920
£9518s. ld.average
1915
nearly as may be, similarly circumstanced with respect to gross income,
4;4% War Loan, Unlimited
Par
21st June to 10th £592,345,604
net income, profits per unit of bu.siness transacted and capital employed,
1925-1945
July
1915
the amount and rate of war profits or excess profits, and all other relevant 5% Exchequer Unlimited
Par
17th Dec. 1915 to £237,829,469
Bonds, 1920
facts and circumstances.
1st June 1916
Par
2d June 1916 to £34,262,604
(b) For the purposes of subdivision (a) the ratios between the average tax 5% Exchequer Unlimited
Bonds, 1919
27th Sept. 1916
and the average net income of representative corporations shall be de- 5%
Exchequer Unlimited
Par
2d June 1916 to £62,495,527
Commissioner
in accordance with regulations prescribed
termined by the
Bonds, 1921
2d Oct. 1916
Exchequer Unlimited
6%
Par
2d Oct. 1916 to £160,951,700
by him with the approval of the Secretary.
Bonds, 1920
30th Dec. 1916
In cases in which the tax is to be computed under this section, if the tax 5%
War Loan, Unlimited
11th Jan. 1917 to 5% dc 4%
95%
as computed without the benefit of this section is less than
of the
1929-1947
16th Feb. 1917
War Loans
net income of the taxpayer, the installments shall in the first instance be
£941,476,710
4% War Loan, Unlimited
Par
11th Jan. to 16th
computed upon the basis of such tax; but If the tax so computed is
1929-1942
Feb. 1917
or more of the net income, the installments shall in the first instance be 5%
Exchequer Unlimited
Par
13th April to 22d £82,110,000
computed upon the basis of a tax equal to
of the net income. In any
Bonds, 1922
Sept. 1917 .
when
War
ratio
ascertained
Bonds,
Nat'l
Unlimited
actual
shall
Par
1st Oct. 1917 to £616,193.692
case, the
be used in determining the
1st Series
31st March 1918
correct amount of the tax. If the correct amount of the tax when deterNat'l War Bonds, Unlimited 5% Bonds par: 1st April 1918 to £482,531,050
mined exceeds 60% of the not income,any excess of the correct installments
4% Bonds 1st to 30th Sept. 1918
2d Series,
over the amounts actually paid shall on notice and demand be paid to22d April, par:
Bid April to 30th
gether with interest at the rate a M of 1% per month on such excess from
Sept.,101%%
the time the installment was due.
Nat'l War Bonds, Unlimited 5% Bonds, Par Since 1st Oct 1918 £244,049,000
(c) The Commissioner shall keep a record of all cases In which the tax
3d series
4% Bonds,101%%
(Up to dr incl.
Is determined in the manner prescribed In subdivision (a), containing the
21stDec.'18)
name and address of each raxpayer, the business in which engaged, the
amount of invested capital and net income shown by the return, and the
BRITISH BANK AMALGAMATIONS IN 1918.
amount of invested capital as determined under such subdivision. The
Commissioner shall furnish a copy of such record and other detailed inThe following is taken from the "London Stock Exchange
formation with respect to such cases when required by resolution of either
Weekly Official Intelligence" of Jan. 4:
House ofCongress,without regard to the restrictions contained in Section
(The remaining sections of the law will be given next week.)
The year 1918 will always be remarkable in the banking world, by reason
of the important amalgamations that have taken place between some of
the most important clearing and other banks. In our report last year we
referred to a provisional agreement made between the London and Provincial Bank and the London and South Western Bank, for amalgamation
under the title of London Provincial and South Western Bank, Limited,
CONTINUED OFFERING OF BRITISH TREASURY
also another provisional agreement between the National Provincial Bank
of England, Limited, and the Union of London and Smiths Bank, Limited,
BILLS.
for amalgamation under the title of National Provincial and Union Bank
The usual offering of ninety-day British Treasury bills of England, Limited. These amalgamations were duly completed in
the
was disposed of this week by J. P. Morgan & Co. on the year just ended and were followed by others.
An amalgamation (completed Aug. 24 1918) between Lloyds Bank,
sable discount basis as last week, viz., 5%. The bills are Limited,
and the Capital and Counties Bank, Limited (title Lloyds Bank,
dated Feb. 4.
Limited).

257.

(3)

3 1917,

25%

(6)

3 1917,

3 1917,

$142,000,000
5

26%

(5)

25%

20%
1917.

1918

311)

(2)

327.

328:
326;

328.

233

6 1917

328.

11 1918,

327

$3,000)

$3,000)

$3,000

326

60%

60%

60%

257.

Tumid

goods and piscussions




$28,000,000,

$250,000,000,
$150,000,000

526

THE CHRONICLE

An amalgamation (completed Sept. 30 1918) between the London City
and Midland Bank, Limited, and the London Joint Stock Bank, Limited
(new title London Joint City and Midland Bank, Limited).
An amalgamation (completed Oct. 2 1918) between Barclays Bank, Limited, and the London Provincial and South Western Bank, Limited (title
Barclays Bank, Limited)
An amalgamation (completed Dec. 18 1918) between Martin's Bank
Limited, and the Bank of Liverpool, Limited (title Bank of Liverpool and
Martin's, Limited).
The acquisition of premises occupied by W.& J. Biggrestaff, of Smithfield
and Liverpool, and opening of branches therein by the National Provincial
and Union Bank of England, Limited (announced Nov. 18).
for
A provisional agreement with the Bradford District Bank, Limited,
England,
anialgamation with the National Provincial and Union Bank of
Limited (announced Dec. 14).
A provisional agreement has also been made between the London County
Westminster and Parr's Bank, Limited,for amalgamation with the Notting
ham and Nottinghamshire Banking Co., Limited (announced Nov. 29).
Lloyds Bank, Limited, also purchased a controlling interest in the National Bank of Scotland, Limited, and the London River Plate Bank,
Limited.

,

[VOL. 108.

advised, in a statement issued on Feb. 1 by J. P. Morgan
& Co., acting on behalf of the French High Commission,
that these notes may be presented for payment at the firm's
offices on the date of maturity at the rate of $1,052 50 for
each $1,000 in principal amount of notes. The total issue
amounted to $100,000,000, and of that total btween
$1,000,000 and $2,000,000 are said to have been converted.
Supplementing the announcement given out by the Morgan
firm, a French financial representative in this country is
said to have made the definite statement on Feb. 3 that
there would be no financing by the French Government, or
through a loan by American bankers, to take up the notes.
The money, it is stated, is already available in the United
States through investment in Treasury certificates of indebtedness. We give as follows the statement issued by J. P.
Morgan & Co. on the 1st inst.:

PROPOSED CREDITS TO BELGIUM BY UNITED
STATES, GREAT BRITAIN AND FRANCE.
London advices of Feb. 6 stated that it was understood
that arrangements had been practically completed by which
a group of the principal British banks will grant an acceptance
of credit of approximately $20,000,000 to a group of Belgian
banks for the purchase of essential commodities in this
country. This announcement follows one from Paris on
Jan. 31 which credited a Havas dispatch from Brussels with
stating that 10 billion francs was to be advanced by Great
Britain, France and the United States, the amount to be
deducted from the first installment of the war indemnity
to be paid by Germany. It was added that the amount
would be raised by an inter-Allied bond issue or by a German
Plans for the
loan having priority over all other loans.
creation of a Belgium credit in the United States were said
to be nearing completion yesterday. The financing, it is
said, is to be in the form of an acceptance credit similar to
an export credit extended some time ago to France. The
negotiations for the Belgian credit, which it is understood,
will amount to approxinately $50,000,000, are being conducted in New York. It is proposed, it is said, to make
the acceptances eligible for rediscount at the Federal Reserve
bank. The proceeds of the loan to Belgium, the "Tribune"
of yesterday reported, will be used in this country for the
purchase of building and other materials to be shipped abroad
or the reconstruction of a number of the industrial plants
in Belgium which were destroyed by the Germans.

Many holders of the 5ji% secured loan convertible notes of the Government of the French Republic, due Aptil 1 1919, have made inquiry as to
the method of availing of their option to receive payment in dollars in
New York or in francs in Paris at the rate of francs 5.75 to the dollar.
In order to permit holders of said notes, without inconvenience or cost
of shipping, to obtain the benefits arising from the privilege of optional
repayment in Paris at the foregoing rate, the above notes may be presented
at the office of J. P. Morgan & Co. on the day of maturity, April 11919,
for payment at the rate of 105 % of the principal amount, to wit:$1,052 50
for each $1,000 in principal amount of notes. Coupons due April 11919,
date
accompanied by proper ownership certificates, will be paid on that
at the office of J. P. Morgan & Co. at the same rate, to wit: 105j%
of the face amount of such coupons.

PROPOSAL FOR INTERNATIONAL MORATORIUM
BY ALVIN 1V. KRECH.
A suggestion of an international moratorium, made by
Alvin W. Krech, President of the Equitable Trust Company
of New York, who is visiting France to study financial conditions, was contained in a statement given by him to the
Associated Press on Feb. 5 and cabled to the daily press
from Paris as follows:
The temporary suspension of liquidation by the Governments to one
another ought to be one of the first expedients of intergovernment finance.
I mean that for the present we should have an international moratorium
between the Governments in order to give the nations breathing time.
France owes England and America; Belgium owes France, England, and
America; Italy owes America, England and France. The small nations
pay
owe the big ones. No one of them, largo or small, can conveniently
, to
at the moment. Hence they all need an international moratorium
to
make
time
have
must
Germany
•afford time for reconstruction. Even
payments.
advanIt seems to me that this is the time that America, with infinite
now that the octage to herself, may supplement her military support,
genuine
a
by
becoming
,
disappeared
casion for such support has practically
for the profactor in the establishment of an Intimate union with France
motion of the material interests of both countries.

ARGENTINE CREDIT FOR EUROPEAN ALLIES.
The signing on Feb. 4 of the cereal convention between
Argentina and the European Allies was announced in Buenos
In further advices regarding Mr. Krech's proposals, the
Aires press dispatches on that date. The convention,
d Press in a Paris cablegram on the 5th inst.
Associate
each
gold
which provides for a credit of 80,000,000 pesos
as saying:
him
quoted
to France and Great Britain and 40,000,000 pesos gold
ence of the nations of the world after this cataclysm
interdepend
to
The
is
grain,
surplus
's
to Italy for the purchase of Arngetina
obvious, and therefore the situation in France, the centre of the
be
must
run for two years. The representatives of Great Britain, conflict, is of vital interest to us. The enormous inflation here of the
and purely fictitious plethora of money,
France and Italy who with Julio Moreno, Acting Minister currency has created a temporary
while the rates for money are quotably low, all food and commodity
of Finance of Argentina, signed the convention are said and
prices are well nigh prohibitive. This is coincident with the severest
to have declined to affix their signatures to it if it provided restriction of commercial credit.
Neglecting for a time the indebtedness of France to her allies (offset to
for a fixed quantity of cereals or a minimum price. The
some extent by the deferred collectible obligations of Belgium, Russia, the
Buenos Aires dispatches of the 4th also said:
others held by her investors) we find on the liability side of
Immediately after the document was signed President Irigoyen issued a
decree fixing the prices for exportation of cereals under the convention as
follows: Wheat, 12A pesos for hundred kilos; oats, 7 pesos; linseed, 18
pesos, and maize, 6M pesos.
Under the American Treasury exchange rate the equivalents of the export charge in American gold will be respectively $5 31, $2 97. $7 64 and
$2 76.

"Financial America" of yesterday (Feb. 7) said:

A private cable from Buenos Aires says: "A second Argentine Goernment decree prohibits exports unless bought minimum maize Si)linseed
10 above actual."
The trade construes this to mean that no exports of corn will be allowed
from Argentina unless bought at 50% above the recent export minimum
of 743c.

On the 3rd inst. it was reported that the Royal Commission had agreed to purchase $200,000,000 of Argentine produce, including wheat, corn and oats, meats, wool and
hides. A cable received at Chicago reporting this said:
The products are to be paid for in 5% bonds and the time is not stipulated. Shipments are to be made simultaneously.
The Argentine Government stated to-day that the minimum export
price of wheat will be $12 50 per 100 kilos, which.is equivalent to about
$1 55 per bushel in American money.
Exports of corn will be prohibited if purchased under $6 50 per 100 kilos,
without bags, f. o. b., which is equivalent approximately to 74c per
bushel at the prevailing rate of exchange.

ANNOUNCEMENT BY J. P. MORGAN & CO. CONCERNING REDEMPTION OF FRENCH NOTES.
Holders of the French Government 532% convertible
notes placed in 1917 and maturing on April 1 have been




Balkans and
the ledger the cost or reconstruction, the return of her monetary circulation to an approximately normal basis, the resumption of her coal and iron
production and the development of industries in the restored provinces,
the re-establishment of her merchant marine, raw materials of all sorts,
milifoodstuffs, and, lastly, the transformation and regrouping of her vast
transtary establishment into contented industrial communities. This
than
her
by
friction
less
with
ment
formation is susceptible of accomplish
in any other of the belligerent countries.
is the matter of
On the asset side of the ledger the item of first importance
the method
the German indemnity, the amount and terms of payment and
hands of the
in
the
is
former
The
claimants.
of distribution to individual
legisPeace Commission, and the latter is the subject of pending national
lation. It will be months before either is definitely determined.
temare
obscured
the
franc
The present relations between the dollar and
s and
porarily by the general prohibition on importation of all commoditie
the artificial restrictions placed by the Governments upon exchange.
upon the
The official representatives of the United States stand squarely
and inter.
platform of no embargoes and no restrictions respecting neutral
Powers
Central
the
in
materials
raw
of
Allied countries, and the rationing
after the indemnity terms have been determined. They arc convinced
affected be able
that the sooner the lid is lifted the sooner will the nations
they are urging that
to resume their normal industrial activity. Indeed,
an shall
Mediterrane
Eastern
the
and
all embargoes affecting the Near East
be lifted forthwith.
d
The French and British Governments have accumulate considerable
for war purposes, which
reserves of raw materials and manufactured goods
for a readto
allow
enough
long
last
will suffice their present needs and
therefore look to
justment by conditions and new values. America must
will discuss freeand prepare for a readjustment of prices before her Allies
dom of control and regulation in trade.
in
we are placed
which
situation
the
That is, we may as well recognize
the
and take the bump. We can make a cushion to lessen the shock of
the creabump by America creating long-term commercial credits and in
dollar
credits
of
tion through the aid of American banks and investors
value.
running over a term of years, based on security of undoubted

FEB. 8 1919.1

THE CHRONICLE

527

whose efforts and losses in men and substance have been the greatest,
OFFERING OF NEW BRITISH BONDS IN CANADA. will
be compensated by bearing a smaller proportion of the war debt.
The United States and Great Britain are not only strong but generous,
Sir Hardman Lever, financial representative of the British
and they will acknowledge that Italy and France, the two principal cenGovernment in the United States, has announced, says the tres of Teutonic slaughter and
devastation,
be supported finan"Monetary Times" of Toronto in its issue of Jan. 31, that cially, therefore, with correspondingly greater should
help.
on and after Feb. 1 the British Treasury will receive subscripThe former Premier, who, it is stated, is an old and entions in Canada for a new series of national war bonds. The thusiastic supporter of the idea of the Society of Nations,
new issue will not carry the right of conversion into past or said that he still believed in the principles of such an orfuture war loans, and the issue of 7-year bonds will be dis- ganization. Ile is further said to have added:
I believe in the constitution of a League of Nations, because I believe
continued. The new bonds will bear interest at 5%, subin the principle of human solidarity, but I feel and know that
ject to income tax for five and ten years, and 4% income tax fervently
ideality alone, although indispensable, cannot constitute a universal edifice
compound for ten years. The issue price of the 5% bonds capable of resisting the attacks of human interests unless those interests
will be par and that of the 4% bonds 1013/2. The five-year are regulated by mutual usefulness.
economic and financial questions, the importance of which
5 per cents will be redeemed at 102, the ten years at 105, and areEssential
growing daily, are unification of war loans and federation of exchanges
the 4 per cents at par.
both in relation to the future and the unity of monetary circulation. Another essential question which needs competent technical solution is that
of customs, since the stronger States belonging to a League of Nations
could hinder international traffic, or, worse still, start a customs war,
which always leads to political and military wars.

ORDER-IN-COUNCIL REMOVING MONEY RESTRICTIONS IN CANADA.
The removal of the Canadian restrictions with respect to
borrowing was made under the following Order-in-Council,
SIGNOR CRESPI'S PROPOSALS FOR POOLING BY ALLIES
dated Jan. 14:
OF INDEMNITIES PAID BY ENEMY.
Government
House
at
At the
Ottawa., Tuesday, Jan. 14 1919.
Present: His Excellency the Governor-General in Council.
pooling
of indemnities to be paid by Germany is proThe
Whereas the Minister of Finance reports that it is now no longer necessary that the restrictions with respect to borrowing money prescribed by posed by Signor Crespi, member of the Italian delegation
the Order-in-Council of Dec. 22 1917(P.0.3439) and the Orders-in-Council to the Peace Conference, who suggests the "establishment
in amendment thereof should continue in force—
of a single financial front for the Allies." He proposes that
Therefore, his Excellency the Governor-General in Council, on the recommendation of the Minister of Finance, and under the provisions of the War the fund be periodically apportioned among the different
Measures Act, 1914, is pleased to make and enact, and doth hereby make nations and that it "be augmented by taxes of a universal
and enact the following regulation:
character levied on all States, enemy, allied or neutral."
Regulation.
1. The Order of the Governor-General in Council, dated Dec. 22 1917 Signor Crespi's ideas were presented in a statement to the
(P. C. 3439), and the Orders of the Governor-General in Council in amend- Associated Press at Paris on Feb. 2; after saying that the
ment thereof are hereby rescinded and repealed, and no bonds, debentures,
or other securities or shares shall be deemed to have been unlawfully issued, Central Powers must compensate the Allies for the damage
sold, offered or advertised for sale, because they have been heretofore suffered during the war, Signor Crespi is quoted as follows:

issued, sold, offered or advertised for sale without the certificate of approval
of the Minister of Finance, required under the provisions of the said Ordersin-Council.
RODOLPIIE BOUDREAU, Greffier du Conseil prive.

On the other hand, all the Allies have suffered immense losses, and they
must all benefit from the indemnities which the enemy is to pay. Each one
should receive in proportion to the effort it has made. Thus, smaller States
that have spent more than larger ones in comparison to their wealth ought
to receive larger indemnities in proportion. Absolute fairness ought to be
preserved in the division of indeminties.
PROPOSAL BY W. A. WATT OF AUSTRALIA FOR
The simplest way to carry out the actual distribution would be to put the
entire fund into a common pool, which could be periodically apportioned
BRITISH EMPIRE WAR DEBTS COMMISSION.
among the different nations. The fund should be augmented by taxes of a
The formation of a British Empire War Debts Com- universal character levied on all States, enemy, Allied, or neutral, the last
mission to take over full control of the war debts of the named having benefited from the sacrifices made by the Allies. Such
might be levied on exports and imports, and also on coal and raw
United Kingdom, Canada, Australia, New Zealand, India, taxes
materials. It seems to me only fair that countries which have benefited,
South Africa and other parts of the Empire, was proposed and oven grown rich, through the suffering and sacrifice of the Allies should
by W. A. Watt, acting Premier of Australia, on Jan. 28. be made to help compensate the Allies. Such a tax Would not weigh more
heavily on one State than on another,since it would be universal. It would
Mr. Watt's proposal was made at a conference held at Mel- merely have the effect of raising prices on some certain particular products
bourne of twenty-four Federal and State Ministers during in all countries alike.
The enemy should be forced to pay off as soon as possible the Allies' debts.
a discussion by him of the indebtedness incurred by the The
international tax would furnish interest on the rest and a sinking fund
Empire during the war. In its account of what he had to for paying it off eventually. In my opion the enemy ought to be allowed
say the New York "Times" in a Melbourne cablegram said: to pay, not only in gold, but in raw materials and finished products. Part
of their debt might be covered by bonds, which they would take up gradSuch a combination, Mr. Watt believed, would be Powerful beyond anyually in exchange for goods delivered to the Allies.
thing hitherto attempted in the financial world, and would result in the
The supply of raw materials is another important question to be consaving of millions of dollars to the Empire. He suggested that each of
sidered. If they are furnished to enemy countries at the same time and at
the Dominions and dependencies should be represented on the commission
the same prices as to the Allies the Austrians and Germans, whose induson a debt or population basis.
trial plants have not been destroyed and who are ready to return to a peace
Mr. Watt said that the commission should be created and prepared to
basis in their production more rapidly than the Allies, would reach foreign
take over the control of the various debts by December, 1919, and that all
markets quicker and under better conditions than would be possible for the
interest should be paid by the commission after that date.
Allies. This we must avoid at all costs. I, therefore, propose that disHe announced that in order to better absorb her returning fighters
tribution of raw materials be internationally controlled in such a way that
Australia was planning to extend industry along new as well as existing
Allied countries may be served before enemy countries.
lines, and would look to America and other countries for capital, and enAnother important question involved is that of the length of the working
courage investments in Australia.
day. A day's labor in Germany before the war was very long. If it con"All of us," said Mr. Watt,"desire to have our soldiers return as rapidly
tinues so now, they will be able to produce more cheaply than we can.
as possible, but without co-ordination between the different State Gov- Therefore, international
laws on this question have become essential.
ernments and the Federal Government, difficulties are likely to arise
Another problem is that of exchange between different nations. To
regarding the settlement of our men and their employment. The Fedcite an example, my own country, when peace is re-established, will have
eral Government has decided to invite all the State Governments to study to import very largely
to replenish depleted stocks. This will have a
a program of public works and finances.
disastrous effect on our money unless the States control exchange. I
"The main repatriation pressure probably will come twelve months therefore consider that
the present State control of import and export
after peace has been signed. We hope to effect an agreement'to provide, trade must
continue for some time.
if and when necessary, a wider system of public works throughout AusThe Associated Press adds:
tralia."
A universal tax, the proceeds of which would be Put into a common
Senator Miller, Minister for Repatriation, explained that 70,000 soldiers
already had returned, that 30,000 were on the way, and 167,000 had not fund along with the indemnities Germany should be made to pay is proyet embarked. He estimated that 10% would settle on the land. Each posed by Signor Crespi. The tax would furnish interest on that portion of
settler would require about $7.500 to start with, which would involve a the debts of the Allies which Germany had not paid and provide a sinking
fund for ultimately canceling the debts.
national expenditure of about $150,000.000.
Signor Crimp', who said his proposal for a single Allied financial front had
been well received by Allied Ministers, declared that his great point was
ITALY'S WAR DEBT.
that the Central Empires as a whole must be forced to compensate the
Allies for the war damages they have suffered. Responsibility was colA statement in which Italy's war debt is placed at more lective,
he 8 tid, and all the enemy States would have to pa/ in proportion
than 812,500,000,000, as compared with $2,750,000,000 t3 their wealth.

when that country entered the war, is attributed to Luigi
Luzzatti, former Premier and a leading financial authority, in urging on the 5th inst. financial aid to Italy. AcRESIGNATION OF ARTHUR VON GWINNER AS
MANAGING DIRECTOR OF DEUTSCHE BANK.
cording to Associated Press advices from Rome, the former
Premier said that when pensions, Government bills to
The resignation of Arthur von Gwinner as Managing
manufacturers and other necessary expenses had been paid, Director of the Deutsche Bank to take effect March 31,
the national debt probably would total 816,000,000,000. was announced in Associated Press advices from Berlin on
The Associated Press also quoted him as saying:
Jan. 29. He has been director of the institution for twentyItaly, I am sad to say, leads the whole world in the relative height of
five years and has been identified with Berlin banking interits war debt. Subtracting Italy's losses in men and money, her national
wealth is only about $20,000,000,000. If all the war loans of the Entente ests for forty-six years. Herr von Gwinner is a member of
should be thrown together in one consolidated sum, Italy and France, the Prussian House of Lords, but took little part in politics.




[VOL. 108.

THE CHRONICLE

528

tory in the foreign moneys of the country, including the part of Belgium
or
which was occupied by Germany, and giving the names of the banks
nstitutions with which the funds are on deposit.
It is also desirable to include M the statement to the Alien Property
Custodian balances held here for enemy account, even though they may
to the Allen Property Custodian, and "dealers"
A notice as follows was issued on Jan. 30 by F. I. Kent, have previously advised
to include in their statements the detail of such deposits,
instructed
are
the
regarding
Exchange,
of
-Director of the Division of Foreign
together with the date upon which they were called to the attention
withdrawal of requirements for the approval of applications the Alien Property Custodian.
be
facts
required
I'rompt action is required, as it is desirable that the
for travelers' letters of credit in excess of $5,000:
mopresented to the Alien Property Custodian, at the earliest possible
Until otherwise instructed, "dealers" as defined under the Executive ment.
FRED. I. KENT,
commake
to
required
be
not
will
1918,
26
order of the President of Jan.
Director, Division of Foreign Exchange.
1-K and
modity reports to the Division of Foreign Exchange on Forms
Jan. 13 1919.
1-KA.
Regulation.
Order of
Until further notice "dealers" as defined under the Executive
BILLS IN NEW YORK LEGISLATURE INCREASING
the President of Jan. 26 1918 will not be required to present for approval
STOCK TRANSFER TAX TO FOUR CENTS.
applicaExchange,
Foreign
of
Division
to the Federal Reserve banks or the
open
to
instructions
$5,000,
of
excess
in
credit
of
letters
A bill increasing the tax on transfers of stock from two to
tions for travelers'
commercial letters of credit or to make transfers of funds for the purpose four cents on each share was introduced in the New York
open
to
of purchasing commodities to be warehoused, or applications
one foreign Assembly on the 5th inst. by Assemblyman Dickstein and
commercial credits for the Purpose of exporting goods from
country to another foreign country.
in the Senate by Senator Dowling.
The withdrawal of these requirements does not remove the responsibility
nor
interest,
my
from "dealers" of taking proper declarations of non-ene
any
from reporting to the Division of Foreign Exchange before taking
TREASURY GLASS DENIES RUMORS
requested SECRETARY OF
action in case they have reason to believe that any transaction
BOND OFFERING IS UNNECESLIBERTY
THAT
the United
of them would, if carried out, be detrimental to the interests of

FURTHER MODIFICATION OF REGULATIONS GOVERNING FOREIGN EXCHANGE DEALINGS---TRAVELERS'
LETTERS OF CREDIT.
•

States.

FOREIGN LOANS IN THE UNITED STATES.

The following statement of foreign loans placed in the
United States and at present outstanding appeared in the
"Federal Reserve Bulletin" of January. The compilation
was made for the "Bulletin" by the Guaranty Trust Co. of
New York, it is announced, from the best available information, and includes foreign government, state, municipal and
corporate loans, placed in the United States, and outstanding as of Jan. 1 1919:
Corporation.
Country.

Govern- State and
meat. Municipal Railroad,
Public
Utility,
Industrial.

Total.

Cash Advances and
other charges against
credits established
by U. ,s.
(up to
Nov.15'18)

Grand
Total.

$
$
$
$
8
$
Canada and New462,663.955
110,000.'11 118,060,662 al66,603,293 462.663,955
foundland
128,587,675
b128.087,675 128,587,675
500 III
Mexico
10,000,000 10,000,000 20,000.000
10.000.11I
Cuba.
2,911,000
2.911,000
2.911.111
Panama
12,868,350
12,868,350
Santo Domingo__ 12,868.3 1
47,720,000
47,720,000
b15.000,00
32,720,000
Argentina.
4,528,000
4,526,000
4,526,011
Bolivia
5,500,000
5.500,000
5,500,
Brazil
394,200
394,200
394,2
Chile
1,000.000
1,000,000
1,000,111
Peru
723,423,000 3.696.000.000 4.429,423,000
Great Britain___ 733,423,00
535.500,000 2,170,000,000 2,705.500,000
449,500,00l 86,000,
France
2,000,0002,000,000
2,000
Germany
187,729,750! 272,729,750
85,000,
85,000,
Russia
1,051,000,000,1,051,000,000
Italy
173,380,000 173,380,000
Belgium
15,790,000 15,790.000
Greece
I
5,000,00A 5.000,000
Rumania
I
10,605,000 10,605,000
Serbia
5,000.000
5,000.000
5,000.000
Norway
5,000,000
moo.00d
5,000,000
Switzerland
176,400
176,400
176,400
Denmark
12,500.000
12.500,000
China
12,500,000
107,802,000
107,802.000
Japan
102,552,000 5,250,000
1,250,000
1,250.000
c1,250,111
Australia
1 629 HO 25d 213 301 202 dam (140 QIIR.2 1R2 1122 SR117 219 MU 70114 102 227 320
Total
Note.—The foregoing list does not include subscriptions to foreign internal loans,
with the exception of the French Government internal 58 due in 1931 and the
Russian Government internal 550 due in 1926, as there is very little information
published on these items.
a Of the total of $166,603,293, $63,349,000 represents railroad loans, $71,767,500
public utility and $31,486,793 industrial. b Railroad loans. c Public utility loans.
d Railroad loans, 3206,436,675: public utility, $73,017,500; industrial, $31,486,793.

FOREIGN EXCHANGE DEALERS ASKED FOR
STATEMENT OF BALANCES OWED FROM
ENEMY TERRITORY.

In our issue of Jan. 18, page 214, we announced the withdrawal in part, under date of Jan. 13, of the regulation requiring certain information by "dealers" receiving deposits
for the credit of foreign correspondents. At the same time
a notice to "dealers" was issued by F. I. Kent, Director of
the Division of Foreign Exchange of the Federal Reserve
Board, instructing them to furnish the Division "a complete detailed statement of balances which are owed them
from enemy territory in the foreign moneys of the country,
including the part of Belgium occupied by Germany. "The
following is the notice:
To Dealers as Defined under the Executive Order of the President of Jan. 26:
The Division of Foreign Exchange is preparing a statement for delivery to the Alien Property Custodian, in accordance with the fifth, sixth
and seventh paragraphs on page 3 of "Instructions to Dealers," issued
in connection with the Executive Order of the President of Jan. 26.
Since the issuance of these instructions, enemy occupied Belgium territory has been restored to its own Government, and it has been found that
balances of American institutions with Belgian banks have been taken
over by Germany. It will, therefore, be necessary to include such balances in the statement.
To enable proper checking and assure the delivery to the Alien Property Custodian of a correct statement, "dealers" are hereby instructed to
furnish the Division of Foreign Exchange immediately with a complete
detailed statement of balances which are owed them from enemy torri-




SARY BECAUSE OF REPORTED TREASURY
GAINS.
•
A statement in which he declares as "absolutely, unfounded" reports that from $15,000,000,000 to $17,000,000-,
000,000 had been returned to the Treasury as a result of the
signing of the armistice and that therefore another Liberty
Loah was unnecessary, was issued by Secretary of the Treasury Glass on Feb. 2. Secretary Glass states that the whole
proceeds of the Fourth Liberty Loan and of all previous
loans had, at the time of the signing of the armistice, been
expended or anticipated by Treasury Certificates of Indebtedness; to meet the current expenditures of the Government
since that date it has been necessary, he points out, to borrow $4,231,890,500 on Treasury certificates. His statement denying the rumors referred to follows:
the
A rumor has reached the Treasury that a mistake has been made by
reauthorities, that from $15,000,000,000 to $17,000,000,000 has been
therefore
turned to the Treasury as a result of the armistice and that
unfounded.
another Liberty loan is unnecessary. The rumor is absolutely
of the
I suppose it has its origin in a failure to understand the discussion
s and
proposed repeal by Congress of $15,000,000,000 of appropriation
authorizations. This does not mean a return of money to the Treasury
expend
to
Congress
by
given
but a cancellation of authority heretofore
money in the future.
Such reduction in future expenditures was anticipated by Secretary
Senator
McAdoo and fully allowed for when on Nov. 14 he wrote to
the fiscal
Simmons forecasting an expenditure of some $18,000,000,000 for
year
year ending Juno 30 1919, and suggesting a reduction in taxes for that
to $6,000,000,000 and for the fiscal year ending .June 30 1920 to $4,000,000,000.
of
As a matter of fact, the whole proceeds of the Fourth Liberty Loan and
all previous loans had, at the time the armistice was signed, been expended
the
or anticipated by Treasury certificates of indebtedness issued during
summer and early fall to finance the current requirements of the Governunpaid.
ment and at that time outstanding and
to
It has been the practice of the Treasury since the beginning fo the war
finance the current requirements of the Government by the issue of Treasintervals
frequent
ury certificates of indebtedness of short maturity at
before each Liberty loan and to refund these Treasury certificates from time
to time by the sale of Liberty bonds. This practice was followed in advance of each of the four Liberty loans so that when any Liberty loan was
actually offered for subscription and the proceeds reached the Treasury
only a very small part were available for the future requirements of the
Government, the greater part of the proceeds being required to retire the
short-time Treasury certificates of indebtedness issued in anticipation of
the loan.
The aggregate amount of Treasury certificates thus issued from Juno 25
1918 V) Oct. 1 1918 was $4,659,820,000. These certificates had varying
maturities, the earliest being Oct. 24 1918 and the latest Jan. 30 1919.
The total amount of the Fourth Literty Loan was a little under $7,000,so
000,000, payable in installments from Oct. 24 1918 to Jan. 30 1019,
that the net proceeds of the Fourth Liberty Loan in excess of the Treasury
cortificzte,s which had to be retired from those proceeds were about $2,for
300,000,000. The cash expenditures of the Government other than
the retirement of Treasury certificates and other items of the principal of
the public debt during the months of October, November and December
alone were $5,661,087,425 40. The $2,300,000,000 not proceeds of the
Fourth Liberty Loan were, therefore, soon exhausted.
To meet the current expenditures of the Government since about thil
time of the armistice it has been necessary to borrow $4,231,890.500 on
Treasury certificates maturing during the period ending July 1 1919, as
follows:
Series.
3A
513
5C
5D
T2
5E

Date of Issue.
Nov. 7 1918
Dec 5 1918
1)ec. 19 1918
Jan. 2 1919
Jan. 16 1919
do
Jan. 30 1919

Maturity Date.
Mar. 15 1919
May 6 1919
May 20 1919
Juno 3 1919
June 17 1019
do
July 1 1919

Amount.
$794,172,500
613.438,000
572,494,000
751,684,500
600,101,500
*300,000,000
*600,000,000

$4,231,890,500
Total
* Estimated amounts, these issues being still open.
the
was
approaching
At the moment the armistice was signed America
peak of her effort in men and materials. American industry was approaching the peak of production. It is safe to say that without the unstinted
effort the war could not have been brought to so early a conclusion. The
bills incurred during this period of great military and industrial effort
must be paid. It takes weeks—iometimes months—for the bills so incurred to reach the Treasury in the form of actual demands for cash payments. A very large part of the expenditures made by the Government

FEB. 8 1919.]

THE CHRONICLE

during the period since armistice day have been in payment of bills incurred prior to that day.
Although the war is won, peace has not been signed. We must feed and
pay our brave troops in France; we must share with the Allies the duty of
bringing peace to the world, now that victory is ours. Our soldiers must
be paid until the exigencies of the military situation permit their return to
private life, They must be fed and clothed and transported back to their
homes. Every effort is being made in every department of the Government to curtail expenditures with the utmost possible rapidity. But just
as it was impossible for the United States to reach the peak of its war effort
at the moment of the declaration of war (the expenditures, including loans
to the Allies, grew at the average rate of $100,000,000 a month from less
than $100,000,000 in March 1917 to more than $2,000,000,000 in December 1918), so it was impossible that the expenditures of the Government
should stop abruptly at the moment of the signing of the armistice. That
would have meant abandoning the Allies at the moment of victory, abandoning our soldiers in Europe without pay, repudiating the bills incurred
by the Government for war materials and supplies, the destruction of the
Government's credit, the wreck of our industrial and financial fabric, and
social and economic chaos.

SUBSCRIPTIONS TO FIFTH OFFERING OF TREASURY
CERTIFICATES IN ANTICIPATION OF
VICTORY LIBERTY LOAN.
Subscriptions of $687,381,500 were received to the fifth
offering of Treasury Certificates of Indebtedness. A minimum of $600,000,000 was offered. These certificates, as
indicated in our issue of Jan. 25, page 321, are dated Jan.
16 and mature Juno 17; they bear 43% interest. The
Federal Reserve Bank of New York in a statement yesterday making known the results of the offering said
The Federal Reserve Bank of New York stated that Secretary Glass
announced to-day that the fifth bi-weekly offering (Series V E) of Treasury
certificates of indebtedness in anticipation of the Victory Liberty Loan
was oversubscribed. The minimum amount offered was $600,000,000
and the total subscriptions aggregate $687,381,500. The aggregate of
subscriptions for certificates In anticipation of the Victory Liberty Loan
to date Is $3,225,099,500.
The results by Federal Reserve districts, arranged in the order of the
percentage of subscription of their quotas, are as follows:

Now York
St. Louis
Chicago
Minneapolis
Cleveland
Philadelphia
San Francisco
Richmond
Boston
Atlanta
Kansas City
Dallas
Total

Quota.
$203,200,000
24,000,000
84,000,000
20,800,000
54,400,000
42,400,000
42,400,000
20,800,000
52,000,000
17,600,000
24,000,000
14,400,000
$600,000,000

Subscription.
$265,844,503
29,678,500
103,048,500
24,600,000
60,786,500
46,173,000
45,400,000
20,836,500
48,800,000
16,262,500
20,000,000
5,951,500
$687,381,500

Included in the subscriptions reported by the Federal Reserve Bank of
New York is one of $50,000,000 made by the Japanese Government. As
was mentioned in connection with a previous similar purchase,of Treasury
certificates, this is one among various methods directly or indirectly used
by the Japanese Government to keep within bounds exchange rates between the two countries during the past three years or more. The action
of the Japanese Government is very helpful in its effect upon the international exchange and is greatly appreciated by the Treasury.

SIXTH OFFERING OF TRESAURY CERTIFICATES IN
ANTICIPATION OF VICTORY LIBERTY LOAN.
A new offering of Treasury Certificates of Indebtedness in
anticipation of the Victory Liberty Loan was announced by
Secretary of the Treasury Glass on the' 7th inst. A minimum of $600,000,000, with interest at 432%, is offered, the
certificates bearing date Feb. 13 and maturing July 15.
Subscription for the certificates will be received by the
Federal Reserve banks up to the close of business Feb. 20.
A statement issued yesterday by the Federal Reserve Bank
of New York, relative to the offering, says:
Payment for certificates allotted must be made to the Federal Reserve
Bank of New York at par and accrued interest on and after Feb. 13 1919
up to Feb. 20 1919, Inclusive.
This Is the sixth issue of the series of certificates to be offered in anticipation of the Victory Liberty Loan, known as Series 5-F.
The quotas for the banks in the Second Federal Reserve District are the
same as for the previous issue, namely, Series.5-E, dated Jan. 30 1919.

SALE OF WAR SAVINGS STAMPS IN NEW YORK CITY
DURING 1918.
The sale of War Savings Stamps in Greater New York last
year amounted to $38,182,664 84, it was announced on
Jan. 31 at the headquarters of the local War Savings Committee. The figures are for the calendar year and are compiled from sales of thrift stamps and W. S. S. to hundreds
of thousands of men, women and children. Active co-operation of the Committee of Trades and Professional Organizations, made up of business and professional people who were
banded together as the Pioneer Division of the National War
Savings Committee of Greater New York, resulted in the
majority of the sales of stamps. Through encouragement
that was given by these patriotic citizens to efforts of the
army of volunteer workers to interest every one in W. S. S.,




529

the sum of $28,160,369 13 was paid into the United States
Treasury by employers and employees. This is 73.7% of
the grand total of sales for Greater New York.
FOUR STATE WAR SAVINGS STAMPS MEETINGS.
With the object of gleaning facts from every county in
New York State which it is believed will stimulate the sale
this year of War Savings Stamps, invitations have been
issued to more than 1,400 leading men and women to attend
one or another of four regional meetings. The first of the
conferences will be at No. 120 Broadway, next Monday,
Feb. 10, and will be attended by residents of nearby counties
who have been specially invited. The next day, Feb. 11,
there will be a meeting at Troy, to be followed on Feb. 12
by one at Syracuse, and on Feb. 13 by the final meeting,
at Buffalo. Carter Glass, Secretary of the Treasury, has
approved the idea of appealing to every locality of New
York State for advice as how best to encourage the thrift
and through the sale of War Savings stamps, to make the
United States a nation of bond holders. Each of the four
meetings will be attended by Guy Emerson, Vice-Director
of the Government Loan Organization and in charge of
War Savings for the Second Federal Reserve District.
Stevenson H. Evans, Acting State Chairman, will also be
at all meetings. County chairmen and aides from localities
nearest to cities where the meetings will be held, and the
leading citizens especially invited, from the same sections,
will be present only at one or another of the conferences.
Among those invited to attend and give their views are
presidents of savings and commercial banks and of trust
companies; mayors of cities, presidents of the larger villages;
leading women, postmasters of central and direct accounting
offices; city, village and district superintendents of schools;
officials of the State Department of Education, and newspaper editors.
NAMES OF LEADERS IN 1919 WAR SAVINGS
CAMPAIGN.
Names of officials who will direct the War Savings movement the present year in the New York Federal Reserve
District were given out on the 3rd inst. for publication.
At the same time it was officially announced that plans have
been completed for the continuation this year of the work
in this section which previously had been directed by the
National War Savings Committee, of which Frank A.
Vanderlip of the National City Bank, New York, was
Chairman. As far as the Second Federal Reserve District
is concerned, the working organization of the War Savings
Committee has been continued. A considerable portion of
the force that was brought to the front in W. S. S. drives
in New York City, up-State, and in the twelve northern
counties of New Jersey, continues this year to sell War
Savings Stamps. The reorganization has meant merely
that this competent body of Government employees and
volunteer workers are now attached to the Treasury Department of the United States through the Federal Reserve Bank in New York, instead of through the National
War Savings Committee in Washington. It also means
that the Government Loan Organization, brought to encourage the sale of Liberty bonds, is at the service of Government workers appointed to direct W.S. S. sales. Arthur
M. Anderson, head of the bond department of J. P. Morgan
& Co., is Director of the Government Loan Organization
and general director of the Liberty Loan and War Savings
Committees in the Second Federal Reserve District. Guy
Emerson, Vice-Director, and in charge of of publicity of
the Government War Loan Organization, is Director of
War Savings in the Second Federal Reserve District. Vernon Munroe is Assistant Director of War Savings, devoting his entire time to W.S. S. Last year he was attached
to the War Savings Committee in New .Jersey. As the
result of his successful direction of sales in that State, he was
elected for his present position. George M. La Monte is
State Chairman for New Jersey, in charge of the War
Savings Committee for the twelve northern counties, which
form part of the Second Federal Reserve District.
ALL BUT 25,500 OF FOURTH LIBERTY BONDS TAKEN
BY BANKS IN NEW YORK FEDERAL RESERVE
BANK PAID FOR.
The Federal Reserve Bank of New York, in announcing
on the 5th inst. that the entire amount of Fourth Liberty
Bonds subscribed by the banks in this District had been fully
paid, with the exception of $25,500, said:

530

THE CHRONICLE

The Federal Reserve Bank of New York stated to-day that the entire
amount of Fourth Liberty Loan bonds which were subscribed to be 1,204
banks in the Second Federal Reserve District and allotted in full by the
Treasury Department, has now been fully paid for by the final 30% installment due on Jan. 30 1919, with the exception of $25.500.
The amount due on Jan. 30 was $75.492,450, Which has been paid as
follows:
$15,944,500 00
Certificates of indebtedness
46.581,411 51
Advice of credit
12,671.038 49
Cash
$75,466,950 00
Total
The sum of $25,500 represents the amount not yet passed through the
books of the Federal Reserve Bank of New York.

WAR REVENUE BILL AGREED TO IN CONFERENCE.
The war revenue bill, as finally agreed on in conference
this week, was presented to the House on Thursday, the
6th inst., by Representative Kitchin, Chairman of the
House Ways and Means Committee, and one of the conferees on the measure, who in submitting it announced that it
would be called up in the House for consideration to-day
(Saturday). Senator Simmons, Chairman of the Senate
Finance Committee, stated that the bill would be presented
to the Senate as soon as it is acted upon by the House.
Conferences on the bill were begun on Jan. 8; it had passed
the House on Sept. 20, the Senate passing it in revised form
three months later, Dec. 23. A comparison of the conferees' agreement for 1919 revenues, with existing law and
the original House bill, drawn during the war for war purposes as based on unofficial estimates, was furnished as
as follows in press dispatches from Washington on Feb. 6
house Bill.
Conference.
Present Law.
$2,213,000,000 $1,458,500,000 $2,376,186,000
Income tax
War excess profits
2,500,000,000 1,791,000,000 3,200,000,000
100,000,000
100,000,000
100,000,000
Estates
Transportation and other fa231.000,000
230,000,000
243,000,000
cilities
500,000,000
450,000,000
400,000,000
Beverages
341,204,000
Cigars and tobacco
245,000,000
200,000,000
81,000,000
54,000,000
54,000,000
Admissions and club dues_ _
297,000,000
175,000,000
76,000,000
Excise taxes, luxuries, &c_ _
32,000,000
32,000,000
31,000,000
Stamp taxes
247,000,000
Special,floor and misc. taxes
75,000,000 , 28,617,000
Totals

$6,086,000,000 $4,370,117,000 $7,405,390.000

[VOL. 108.

war excess profits, income tax and other sections of the
bill were made by the conferrees. Those include the retention
of a modified provision for consolidated tax returns of
affiliated oorporations, except those with war contracts.
Another, defining corporate dividends, affects stock dividends and provides briefly that stock dividends shall be
considered. as "income" to the amount of earnings or profits
distributed. (This definition is embodied in Section 201
of the bill, which will be found on another page of to-day's
issue of our paper). Provisions for allowance of net losses,
recently discovered losses, submission of inventories (see
Section 204) and for exemptions from income taxes for
those in the military establishment were other amendments
retained in the bill.
The income tax salary exemptiton provided for persons
in the military service retains the House maximum limit
of $3,500, and provides that such exemption shall be limited
to those in active service, regardless of domestic or foreign service. With a general exemption of $50,000, the
estate taxes under the bill range from 1 to 25%—the minimum on net taxable estates exceeding by $25,000 the $50,000 exemption, and the maximum of 25% on estates of
$10,000,000 and over. The existing graduated rates range
from 2% on estates under $50,000 to 25% on those exceeding $10,000,000; the House proposed rates from 3 to 40%;
the bill passed by the House in September proposed inheritance taxes (instead of estate taxes) ranging from 1%
on inheritances between $10,000 and $25,000 to 25% on
those exceeding $2,500,000. •
The Senate provision proposing the repeal of the publishers' second-class zone rates and the substitutition of
decreased charges was stricken from the bill by the conferees; they retained, however, the provision restoring on
July 1 next the pre-war postage rates on letters and post
cards. Other riders to the bill which were adopted by
the conferees are:
Levying a prohibitory tax on products of child labor.
Providing for the payment of a bonus of $60 for all persons in the military
or naval forces during the war.
Extending the Reed "bone dry" prohibition law to the District of Colum bia.
Providing for the taxation of salaries of Federal officials, including the
President and judiciary, but not of State officials.
For the submission of all Government contracts by contractors on demand
of the Internal Revenue Commissioner.
For the exemptions of 20% to oil prospectors.
Establishing an advisory tax board of six members of the Treasury

Except for slightly increased war excess-profits rates for
1919 and corporations' income-tax rates for 1920, virtually
all the rates as revised in the bill passed by the Senate are
approved by the conferrees and remain in the final conference draft. As in the case of the original House bill and the
The conferrers struck from the bill the so-called "business
Senate's revised draft, the major portion of the taxes are
levied on war excess profits of corporations and on incomes, license" of $10 on business and professional men earning
individual and corporate. The principal rate increases .$2,500 or more, and the Thomas amendment calling for
agreed to in conference were to raise the corporation in- 100% taxes on political contributions in excess of $500; they
come rate of 1920 from 8%, as proposed by the Senate, to likewise dropped the House amendments for a Federal
10%,and an increase from 60 to 65% in the second "bracket" license tax on the use of motor vehicles and the tax of 2
or sliding rate on corporations' excess profits for this year. cents per gallon imposed by the House on gasoline. The
The 80% war-profits tax for this year was adopted and, upon House provision for the taxation of State and municipal
insistence by House conferrees, extended to 1920, but made bonds and other securities was also dropped by the conapplicable next year only upon such profits from Govern- ferrees.
The provision carried in the bill for taxes on transportament war contracts The excess-profits "bracket" rates
of 20 and 40% for 1920 also were approved. Practically tion and other public facilities effective April 1, largely
all the so-called relief provisions or "cushions" of the Sen- follows the existing law, but reduces from 10 to 8% the levy
ate, designed to prevent hardships in imposition of the cor- on seats, berths, and stateroom accommodation in sleeping
poration taxes, were adopted. In the income-tax section or parlor cars or on vessels; it fixes the rate on telegraph,
all Senate rates, normal and surtaxes, including that of telephone, cable, and radio messages at 5 cents on those
12%, double the existing law, on corporations' income of costing 15 to 50 cents, 10 cents on those above 50 cents,
last year in excess of credits previously allowed are retained, instead of the present 5-cent flat charge on messages costing
but the rate for subsequent years is fixed at 10%. The 15 cents and more, and imposes a tax on private or leased
12% normal rate on individual incomes earned last year telephone or telegraph wires, except press wires, of 10% of
and the 8% rate payable in 1920 are retained, with indi- rentals. In fixing the passenger transportation taxes the
vidual exemptions of $1,000 for single and $2,000 for mar- conferees adopted a Senate amendment to exempt commutaried persons, and an additional exemption of $200 for each tion trips of less than thirty miles or fare paid under 42 cents.
dependent minor. The bill as finally drawn in conference Insurance taxes, effective April 1, at virtually existing rates
also provides that individuals shall pay 6% this year and based on policies written, were adopted as proposed by the
4% thereafter on the first $4,000 subject to tax above ex- House, in lieu of the Senate plan to tax insurance companies'
emptions. The Senate individual surtaxes,rangingfrom 1% incomes.
Semi-luxury taxes of 10%, effective May 1 next, are
on incomes between $5,000 and $6,000, to 65% on more
retained, although reported subject to possible modification
than $1,000,000 were also approved. In agreeing upon the war excess profits taxes, the con- later by separate resolution. They are to be charged conferees struck out the House alternative plan to levy on war sumers of high-priced articles of personal wear, and returnor excess profits according to the highest yield, and adopted able to the Treasury by retailers. The 10% tax is levied
the Senate composite plan. The pre-war standard of calen- on the excess paid above cost standards prescribed for varidar years of 1911, 1912 and 1913 was retained, as was the ous articles. Stamp taxes as now provided by law were
system of credits. Corporations with incomes under $3,000 retained in the bill, including a one-cent• tax for each 25
are exempt. Other limitations are for a maximum excess cents or fraction on parcel-post packages. Special taxes
profits tax of 30% this year and 20% in 1920 on income provide for the retention of the $1 capital stock tax of corunder $20,000, plus 80% in 1919 and 40% thereafter on porations and make levies, effective Jan. 1, upon brokers,
Numerous amendments in impor- theatres, concert halls, &e., bowling alleys, billiard and pool
income over $20,00
tant administrative and basic interpretative sections of tha tables. shooting galleries,taxicabs and sightseeing cars.




FEB. 8 1919.]

THE CHRONICLE

. Amusement admission taxes, effective April 1, were increased only in a few instances, the general rate of 1 cent on
each 10 cents or fraction paid being retained.
Jewelry and imitations, precious stones, clocks, watches,
and similar articles are taxed 5%, a new levy, effective
April 1, when sold by dealers.
Special taxes on cigar and cigarette manufacturers were retained;among the excise or manufacturers' sales, taxes accepted are thefollowing: Automobile trucks and wagons, exempting tractors, and their tires and accessories,.3%, the present
rate; automobiles and motorcycles and accessories, 5%,
an increase of 2%; pianos, organs (except pipe organs)
players, talking machines, music boxes and records 5%;
increase 2%. Yachts, pleasure boats, power and motorboat taxes also were approved, with taxes based on net
tonnage and at double present rates. Beverage taxes are
also among the levies carried in the bill. We give on another
page the income and war tax provisions of the bill as agreed
to in conference—all we have room for in to-day's issue of
our paper; next week we shall publish the other portions
of the bill.

531

sary, and for each and every purpose connected therewith, in the discretion
of the President, there is appropriated out of any money in the Treasury
not otherwise appropriated, $100,000,000 which may be used as a revolving
fund until June 30 1919 and which shall be audited in the same manner
as other expenditures of the Government: Provided, That expenditures
hereunder shall be reimbursed so far as possible by the Governments or
subdivisions thereof or the peoples to whom relief is furnished: Provided
further, That a report of the receipts, expenditures, and an itemized
statement of such receipts and expenditures made under this appropriation
shall be submitted to Congress not later than the first day of the next regular
session; and Provided further, That so far as said fund shall be expended for
the purchase of wheat to be donated preference shall be given to grain
grown in the United States.

DEPARTMENT OF AGRICULTURE URGES ABANDONMENT BY FARMERS OF CERTAIN WAR MEASURES.
The return to sound farm practice in the coming season
and the abandonment of certain emergency measures adopted
during the war so as to assure ample supplies of all kinds
for this country and Europe has been urged upon the farmers of the United States by the Department of Agriculture.
Press dispatches from Washington on Jan.26 in an announcement as to this said:
No cause for alarm as to the ability of American agriculture to maintain
its position in world trade during the period of readjustment is foreseen by

NO EXTENSION 01? TIME FOR FILING INCOME TAX the Department, which announced that a considerable demand from
European countries for foodstuffs was almost assured for a year or more.
RETURNS. FORMS FOR INCOMES OF $5,000 AND
The signing of the armistice found the United States with fairly large
UNDER READY.
stocks of foods, but with smaller stocks of feeds. It was recommended
pasture lands ploughed up for growing grains and other food crops
that
Secretary of the Treasury Glass was said to have anshould be reseeded to grass and that regular and satisfactory rotation of
nounced on Feb. 6 that there would be no extension of time crops be resumed.
A wise live stock program was said to include maintaining horses nd
for the filing of income and profits returns under the War
Revenue Act, beyond March 15. Income tax forms for mules without material increase, a normal increase in dairy cows and beef
cattle, conservative increase in swine until the relative shortage and high
incomes of $5,000 and less were mailed yesterday to Internal price of feeds are overcome, an increase in sheep consistent with facilities
Revenue Collectors, for distribution throughout the country, and in poultry if a minimum of purchased feed is required.
The indicated plant program was said to be not so definite. The Departby the Treasury Department. Income tax forms for incomes ment
is certain that farmers will be justified in maintaining their acreage
of $5,000 and more, and forms for corporation income and of corn, oats and barley, large productions of which are necessary to live
excess profits tax forms are, it is stated, on the presses and stock production, but the policy as to wheat, of which Europe will need
728,000,000 bushels, depends upon a complicated set of conditions yet
will be shipped for distribution as soon as the Revenue Bill undetermined.
It appears desirable to increase hay production by 25%•
President.
the
by
is signed
Internal Revenue officials are, Acreage planted to cotton, of which an apparent deficit is indicated, should
said to be considering a proposal to mako public the details be adjusted so that the farmer may produce enough food and feed for his
and live stock. Peanut production, increased during the war
of the various tax forms in advance of the distribution of family
because of the demand for oil, should be readjusted as a part of crop
the forms, in order that business may be prepared to make economy.
prompt return of the forms when received. Secretary Glass
was reported to have stated on the 6th inst. that if any HERBERT HOOVER ON EFFECT OF ENACTMENT OF
BILL PROVIDING FOR FOOD RELIEF IN EUROPE.
business interests were not able to prepare final returns by
Herbert Hoover, Director-General of the International
March 15 they might report approximate figures on income
Relief Organization, in a statement issued on the 2d inst.,
or profits and file a supplementary report later.
indicating the use to which the appropriation of $100,000,000
BILL APPROPRIATING $100,000,000 TO RELIEVE FOOD for food relief in Europe would be put, stated that the
NEEDS IN EUROPE GOES TO PRESIDENT WILSON.
various departments of the Government already have 100
The bill appropriating $100,000,000 for food relief for ships in European ports, or headed towards Europe, in
the populations of Europe outside of Germany was forwarded addition to the re-established relief in Belgium and Northern
to President Wilson for approval following the action of France, Rumania and Czecho-Slovakia, under the old war
the Senate and House in adopting on Jan. 27 tht measure legislation; the new appropriation, he added "enables us to
as agreed to in conference. The bill, which is one urged for extend this work by giving credits to those countries for
exactment by the President, as indicated in these columns which there was no such legislation." He further stated that
Jan. 11, page 118, was passed by the House on Jan. 13 by a "had this new appropriation been refused we should have sold
vote of 242 to 73 and by the Senate on Jan. 24 by a vote of out these parcels of food to those who could pay real money
53 to 18. The bill as adopted by the House on the 13th and would have been compelled to allow the others to starve."
ult, was published in these coluthns Jan. 18, page 222. Stating that the enactment of the bill providing for the
In passing the bill on Jan. 24 the Senate had inserted several appropriation "will life a load of fear from the hearts of milamendments; one of these specifically included among the lions of people in Europe," Mr. Hoover's statement concountries which, with Germany, is barred from receiving re- tinued:
is
lief under the bill, German Austria, Hungary, Bulgaria and
ittle realized in the United States how fully and completely the
another
Senate
Turkey; under
amendment the Armenians, daily wireless carried the progress of this measure to those peoples now
from the German yoke. Immediately after the bill was passed
liberated
Syrians, Greeks and other Christian and Jewish populations
the news appeared in the headlines of newspapers in Bucharest, Sofia and
of Asia Minor, subjects of Turkey, are included among the Helsingfors, and it was known in Warsaw, Lodz, Prague and Fiume, where
nationalities friendly to the United States and the Allies thousands of persons have been looking anxiously toward the United States
in the solution of their most imminent danger.
which may be aided. A further amendment by the Senate forItleadership
must be remembered that the President's declaration of the prime
provides thaat preference shall be given to grain grown in purpose of the American people in re-establishing freedom and self-governmoved these peoples to direct all their hopes toward the United
the United gtates in the ease of expenditures for purchases ment have
and to-day they will see one more step toward this end.
of wheat under the bill. All of the Senate amendments, States
There is no question as to the sacrifice it will call for from the American
with minor changes in phraseology, were accepted by the people to provide this relief appropriation, as it comes now in a period when
have so many difficulties and problems of our own people to solve in the
we
conferrees, who reached an agreement on the bill on Jan. 27,
rehabilitation of our normal national life.
,
the House and Senate the following day as noted above
The usual tangible relief to the newly liberated peoples will not be
perfected
the
as
in
by
period
measure
even
required to ship foodstuffs from the United
conference. The delayed
accepting the
States under this appropriation because the War, Navy and Treasury
following is the bill in its final form as submitted to President departments
and the United States Food Administration already have
Wilson for approval:
100 ships in European ports or headed towards Europe, in addition to our
AN ACT providing for the relief of such populations in Europe, and
countries contiguous thereto, outside of Germany, German Austria,
Hungary, Bulgaria, and Turkey, as may be determined upon by the
President as necessary.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That for the participation by the
Government of the United States in the furnishing of foodstuffs and other
urgent supplies, and for the transportation, distribution, and administration thereof to such populations in Europe, and countries contiguous thereto, outside of Germany, German Austria, IIungary, Bulgaria, and Turkey,
Provided, however, that Armenians, Syrians, Greeks, and other Christian
and Jewish populations of Asia Minor, now or formerly subjects of Turkey,
may be included within the populations to receive relief under this Act,
as may be determined upon by the President from time to time as neces-




re-established relief of Belgium and Northern France, Rumania and
Czecho-Slovakia under the old war legislation. The new appropriation
by Congress enables us to extend this work by giving credits to those
countries for which there was no such legislation.
We have at sea or discharging in the port of Triads 70,000 tons of food
for the Jugo-Slavs, Serbian and Czecho-Slovaks. We have 30,000 tons of
feed either arrived at or in progress to the Black Sea for Rumania. The
Armenian Relief Committee has 7,000 tons on the way to Armenia and
Syria as a gift and we are placing 10,000 tons in Constantinople, as a
reserve for them. We have 40,000 tons in Poland, on the way or being
trans-shipped from Rotterdam for the Poles, and 20,000 tons in Rotterdam
awaiting reshipment to the Finns and other liberated populations In
Russia. The Polish Relief Committee is sending a gift of 7,000 tons to tir
Poles.

532

THE CHRONICLE

Since the armistice the British authorities have distributed about 10,000
tons of food to the Serbians; the Italian authorities some 10,000 tons to the
Austrians, and the British authorities have in progress some 12,000 or 15,000
tons of food to the Rumanians. We have since the armistice delivered
Into Rotterdam 300,000 tons of food for the Belgians and the liberated
French with the support of our Treasury and Belgium and France.
Had this new appropriation been refused we should have sold out these
parcels of food to those who could pay real money and would have been
compelled to allow the others to starve. In this same confidence, that we
would be supported by Congress, we have secured a detail of more than
260 men from the American army and the American navy for the work of
the Food Administration. These men are now actively establishing the
administrations necessary to secure proper distribution in all of these territories. Our offices have been opened in vitrually every capital among the
distressed peoples, and with the passage of this Act of Congress we are
able to do business.
The Allied Supreme Council of Supply and Relief has been organized and
equipped with a staff and officials representing the Allied and associated
Powers in order that we may secure co-ordination and unity of effort from
all the governments who have stood together to secure the freedom of these
peoples and who now stand together to see that their distress is ameliorated.

RESOLUTIONS OF NEW YORK PRODUCE EXCHANGE
AGAINST FURTHER PRICE FIXING.
Supplementing the resolutions appealing to the President to take action looking toward the discontinuance of
the practice of price-fixing as applied to hogs, grain and
other food stuffs, adopted by the Board of Managers of
the New York Produce Exchange on Jan. 21 and ratified
at a meeting of members of the Exchange on Jan. 22, the
Board of Managers in the following resolution, adopted
on Jan. 30, declared its policy against further Government
price-fixing and empowered its officers to assist in necessary construction work to hasten the return of business to
its normal channels:
Whereas, It is evident that a readju-Stment from war conditions is inevitable, and is, in fact, now proceeding in industry and commerce; and
Whereas, We believe that a material reduction in cost of living is absolutely essential to the successful reorganization and adjustment of the
country's economic and social life; and
Whereas, It is evident that a reduction in price of the great food staples is
the first and most vital factor in bringing about lower living costs, which
must take place to meet a probable reduction in wages in the manufacturing
and industrial life of the country; therefore
Be it resolved, That the policy of this Exchange is against any further
Government price-fixing or control of foodstuffs, beyond the point of a
just and equitable adjustment of existing Government obligations, in whieh
consideration should be given to the rights of all classes, both producers
and consumers, and that the Exchange hereby empowers its officers or other
authorized representatives to assist in any necessary constructive work,
legal or otherwise, to hasten the return of business to its normal channels.

H. C. HOOVER ON PROTECTION OF FARMERS.
What he terms the problem of protecting the American
farmer was discussed in a statement given to the Associated
Press by Herbert Hoover, U. S. Food Administrator and
Director-General of the International Relief Organization
at Paris on Jan. 26. Mr. Hoover's statement dealt with
the efforts of the Agricultural Department and Food Administration, to stimulate the production of hogs, and the
results achieved of raising the amount of fats available for
export from 50,000,000 pounds per month in the slimmer
of 1917 to 400,000,000 pounds per month in January.
The change over night with the signing of the armistice
in the midst of the heaviest hog marketing season, the seeking since by the Allies of Southern Hemisphere markets and
their accumulated large stocks of fats made necessary the
protection of the farmer, says Mr. Hoover, "lest from
failure to find a market for his products during the armistice
and pending the wider markets of peace his prices might
fall below his cost of production, entailing great waste of
surplus commodities." In the two and a half months since
the signing of the armistice, Mr. Hoover says, it has been
found possible to protect the farmer by co-operating with
the Allies in opening wider markets to neutral countries
and by relief shipments into the liberated territories. The
next six weeks he says will be still more difficult to manage.
The real solution, according to Mr. Hoover, lies in the hope
of an early peace and the steady demobilization for all restrictions on free marketing Of surplus foods. Practically
all restrictions, he noted, have been removed on American
food exports; progress has been made in lifting neutral blockade restrictions, he adds, and further relaxations of blockade
restrictions are under consideration. Pending the solution
he concluded "American farmers, merchants, packers and
banks must stand together for two or three months to carry
our excess surplus over until the markets of the world have
been more extended and finally liberated by peace." The
following is Mr. Hoover's statement as furnished to the
Associated Press:
The dominating food problem in the United States at this moment is a
very much bigger problem than the Chicago packers—it is a problem of
the American farmer.
If the packer's profit of 2 or 3% on his turnover is too high, it is the duty
of Congress to tax it out of him. If the farmer's prices threaten to fall




[VOL. 108.

below the level of a fair return it behooves the country to do some quick,
clear thinking.
The perplexities arising out of inability to demobilize totally the food
situation of the world in the period between the armistice amd peace make
the farmers' position in the matter of much more immediate concern than
the future of the Chicago packers.
Taking it broadly, before the European war began we exported about
5,000,000 tons of food a year. This year we are prepared to export at the
rate of from fifteen to twenty millions of tons. The increase represents
the patriotic service of the American farmer, plus the voluntary sacrifice of
the average American under the stimulation of the pleas from the Allied
Governments that without an enormous increase in our food supplies their
very lives would be menaced.
The submarine had so shortened the world's shipping that the Allie
were unable to reach the distant markets of the Southern Hemisphere, and
we were bound to create in America sufficient food to carry Europe. If the
war had gone on, every pound of it and more would have been required
by the Allies before next harvest.
The armistice came suddenly, freeing shipping from military use and
reopening to the Allies the cheaper Southern Hemisphere and the colonial
markets, where, in addition, they could have more liberal credits and markets for their manufactures.
We are thus faced with a serious problem with respect to our own great
supplies, patriotically accumulated. If an early peace is signed, and the
markets of Europe are opened freely to trade, there will be a greater demand for food from the new mouths than over this surplus could supply.
But in the period between the armistice and peace we have a very difficult
situation.
One of the most critical food shortages in the world was that of fats, and
the only help lay in an increase in the American hog. Our Agricultural
Department and the Food Administration spared no efforts to stimulate
this production. Our farmers were assured that in the general shortage,
subject only to the uncertainties of war, they would experience no difficulty in marketing their products. Due to the savings of our people and
the gradually increased production of our farmers, we have lifted our ability
to export from 50,000,000 pounds of fats per month in the summer of 1917
to 400,000.000 pounds per month in this January.
To achieve this demobilization of fats it was necessary to mobilize the
packers as well as the farmers. There is no doubt that the vast volume of
business brought profit to the packers, although at a less percentage than
before the Food Administration took charge of it.
The Allied nations, in order to effect regular supplies to their'people in
the face of short shipping and to provide for Government rationing, were
compelled to take over the entire purchase of these food supplies and
thereby abandon the ordinary flow of trade and commerce. In consequence, they concentrated their buying through agencies, and the power of
these buying agencies was so great that they controlled the price.
The business of the Food Administration was to bring these buying
agents, the representatives of the farmers, who are predominatingly interested, and the great and small packers together, and to see to it that a
square deal was obtained all around. The prices were settled in a joint
conference of the farmers, the representatives of the Allies' buyers, and the
great and small packers under the general arrangement that the packer
was allowed but a quarter of a cent a pound over and above the price to
the farmer and the cost of raw material and labor for packing. The Allies
took the entire surphili.
The situation changed over night with the armistice. The Allies are not
only seeking the Southern Hemisphere markets, but they have also lately
accumulated large stocks of fats as an insurance against the submarine
menace. Freed from this menace, and with the shortage of finance experienced by all Governments, together with the loss in the storage of commodities by deterioration, there is a natural desire on their part to reduce
their stocks.
Other factors have entered into the situation. For instance, the inactive armies and munition workers are consuming less fats, and the vegetable is freed for human consumption. This came upon us immediately
with the armistice in early November in the midst of our heaviest hogmarketing season, which lasts from October until March. When I left
home for Europe in November this problem was already facing me as one
among many others for which assistance had to be found, in the protection
of our American farmer, lest from failure to find a market for his products
during the armistice and pending the wider markets of peace his prices
might fall below his cost of production, entailing great waste of surplus
commodities.
We have found It possible to protect the American farmer in the two
and one-half months since the armistice. This we have done by co-operating with the Allies, in opening wider markets to neutral countries, and by
relief shipments into the liberated territories. The next and last six weeks
of the high fat production season will be still more difficult to manage, as
peace cannot be expected in that time, restoring extended markets.
On the other hand, five-sixths of this problem is already completed, and
by next May, if we have peace and freedom, any surplus that accumulates
now will be turned into another world shortage of fats. Indeed, if the
entire consuming population of the world were able to obtain fats to-day,
there would be a shortage at this moment, even with our great surplus
production.
Numerous solutions have been proposed. It has been considered that
the Allied Governments should continue to purchase the surplus production of pork products, despite the accumulated stocks and .lack of immediate need, and thus protect the American farmer agaiNt the surplus provided especially for them. It has been contended that they are under moral
obligations to execute the forecasts of their requirements given from time
to time through their various agencies.
The Allies can, however, contend that they also have great problems of
excess production in commodities such as munitions, which they have likewise produced under war pressure. They can contend that we have jointly
fought and won the war; that this is sudden and catches us all with a vast
production which must be faced and liquidated by each of us without undue
pressure, one against the other; that they, like ourselves, are entering a
period of large employment during the readjustment, and that their people,
like ours, need lower food prices.
The real solution lies in the hope of early peace and, in the meantime,
the steady demobilization for all restrictions on free marketing of surplus foods, except in enemy territory, thus re-establishing the law of supply and demand.
Practically all restrictions on American food exports have been removed. Progress has been made in lifting neutral bloackade restrictions,
and further relaxations of blockade measures are under earnest consideration. The readjustment of consolidated buying agencies is hoped for.
in order that merchants may enter upon trade freely on both sides, and
thus secure a normal basis of price determining, without any dominating
influences.
It is, however, no more passible to demobilize in a week the whole7of
these intricate forces set up during the war than it is to demobilize our
army by dismissing it on the field; and, pending these solutions, our Ameri-

FEB. 8 1919.)

THE CHRONICLE

can farmers, merchants, packers, and banks simply must stand together
for two or three months to carry our excess surplus over until the markets
of the world have been more extended and finally liberated by peace. The
meeting of farmers' and packers' representatives called at Chicago on
Tuesday has to consider these problems.

[The meeting referred to was that of the Hog Price Fixing
Committee of the U. S. Food Administration, which conferred with live stock and packing interests on Jan. 28 and
at which it was decided to continue the price of hogs for
February at $17 50 per 100 pounds as noted in these columns
last week, page 4301

533

crops of North America are not even yet in the ground, it would seem as
If a great deal of advance anxiety was being unnecessarily created, and that
the policies themselves on which the 1919 crop guaranty may be executed
would have to develop with the progress of the crop still to be grown and
with the demonstration of world requirements not possible yet to accurately ascertain.
•
For the present, at least, the "world basis" would seem to justify our
American wheat prices, for there is a steady flow of purchases from America
of wheat and wheat flour, by buyers perfectly free to send their ships to
other sources of supply, should these other sources offer superior attractions for a buyer over the American price, plus the short ocean voyage
saving from America.
Yours truly,
JULIUS H. BARNES, President.

A statement issued at the same time by Mr. Barnes rePETITION BY FLOUR TRADE FOR PROTECTION— garding the fears entertained by the flour dealers and millers,
ANSWER BY J. H. BARNES OF FOOD
said:
ADMINISTRATION.
There seems to be apprehension on the part of bakers, flour dealers and
millers that the Grain Corporation as a Government agency may at any
A. petition for immediate assurance that it would receive time
decide to resell the wheat taken from the grower under the guaranteed
the same protection on its flour holdings as is guaranteed basis of the different markets—namely, $2 26 Chicago—and resell this
wheat
at a lower price level, thus resulting in a decline in flour prices.
miller
and
farmer,
wheat
to the
handler against a decline in
The basis on which this feeling exists, seems to be an impression that the
the price of wheat was contained in resolutions adopted at world
price level of wheat as at present ruling is below the guaranteed price
the New York Produce Exchange on Jan. 24 by the Eastern basis now made effective in America.
Broadly
speaking, this is not true. World buyers privileged to seek the
Flour
Trade.
In a letter under date of June 29
Seaboard
sources of supply are still coming to America for current purchases
responding to the resolutions as submitted in a letter from cheapest
of wheat and wheat flour, because ocean transportation considered, with
Secretary Quackenbush of the New York Flour Club, Inc., other conditions, the American price level is still more attractive to them
than
the markets of Argentina and Australia.
Barnes,
H.
President of the Grain Corporation of the
Julius
Contrary also to the general impression, a careful survey of the probable
Food Administration, who has just returned from Eurcpe, demand
which will fall on America for the balance of this crop year from
states that he feels justified in saying that the flour dealers Allied countries, from neutrals, from newly liberated peoples and the possibly
imperative
necessity for some food provisioning of Germany in the in"may
operate for the balance of this crop year
and millers
terest of maintaining a stable Government for our own protection, will total
in the fullest confidence that the Government agency will at such demands
on America as will probably exhaust all of the 1918 crop surno time put into effect a policy of resale of wheat at lower plus.
It
would
be
the height of folly to dispose of the American surplus under
than the present established Government buying basis."
these conditions, at a loss to the national Treasury, and the official agencies
The resolutions as adopted on Jan. 24 at the joint meeting of of the Food Administration making the wheat price effective have in contemplation no such action whatever.
the flour trade of the Eastern seaboard were as follows:
Whereas, The flour markets of the Eastern seaboard are heavily stocked
with grades of flour made compulsory by the Food Administration and said J. H. BARNES ON WHEAT AND GRAIN NEEDS OF
large stocks not having been purchased for any speculative purposes, such
EUROPE.
being impossible by reason of Governmentally established bases of profits
and regulations but only so that the demands of consumers could be
In amplification of the statements made to the New
properly met, and
Whereas, There is considerable agitation through the daily press urging York Flour Club on Jan. 29, Mr. Barnes on Jan. 30 gave
that all restrictions on prices of grain and other food products be imme- out the following details received by cable from Herbert
diately removed and as an enormous loss would immediately result and Hoover, as showing the probable call on America for
cereal
cause a serious crisis, and the flour trade, feeling that it is absolutely imperative that to meet public demands it should function properly and be foods abroad:
properly protected in so doing, it is therefore
The estimated requirements as shown in Mr. Hoover's detailed cable fully
Resolved, That the Eastern seaboard flour trade earnestly petitions for substantiate the general statement made by Mr. Barnes yesterday, that
immediate assurance that it will receive the same protection on the flour undoubtedly the entire wheat surplus of the United States, and very probaIt may hold as is now guaranteed to the farmer, miller and wheat handler bly the surplus in other grains as well, would be required from America beagainst a decline in the price of wheat. Without this immediate assurance fore the end of the present crop year.
proper distribution of flour to serve consumers' interests will be very
The European bread cereal demand before July 1 is apparently as follows:
seriously hampered.
French and Italian Governments have made firm purchases from Grain
And in the meantime the flour trade requests the Food Administration Corporation of approximately 80,000,000 bushels of wheat and flour.
to give Immediate assurance of its policy during the remainder of the crop
Allied Governments' program about 75,000,000 bushels of oats also.
year that the flour business may be conducted in a safe and orderly manner
If restrictions are removed on cereal imports to European neutrals, they
and allay the fear of an abrupt reversal of previous regulations which will require about 60,000,000 bushels of wheat, rye or barley, in grain or
would cause great losses, and give broad publicity to such assurance.
flour, to bring their bread consumption to normal, mostly from the United
NEW YORK FLOUR CLUB,
States. They will also require considerable amount oats, corn and cottonseed cake for feeding purposes.
W. QUACKENBUSH, Secretary.
The European Relief Program called for about 60,000,000 bushels of
BOSTON FLOUR CLUB,
F. E. SANDS, President.
wheat and rye, fully one-half as flour, but present program allowed the
Germans alone by the Allies calls for about 6,000,000 bushels of breadstuffs
PHILADELPHIA FLOUR CLUB,
H. J. IIORAN, President.
per month, largely from the United States, if they can find the money to
pay
for it. As we have already shipped from the United States over 160,Mr. Barnes's letter in reply to the presentments of the 000,000
bushels of wheat or flour, Grain Corporation will easily dispose of
flour trade was as follows:
all wheat, with perhaps a small carry-over, if any, at next harvest.
The basis of price of all these wheat sales included not only the basic price
Jan. 29 1919.
paid to farmer, but handling and storage expenses of the Grain Corporation.
New York Flour Club, Inc., 16 Beaver St., New York, N. Y.
The Grain Corporation is, therefore, in a strong position, because of firm
Attention Mr. W. Quackenbush, Secretary.
Dear Sir: I find your letter of Jan. 25 and a copy of the Eastern Sea- sales about equal to its stock on hand, and with its available $150,000,000
capital, and the Corporation will emphatically maintain the 1918 guaranty,
board Flour Trade, on my return from Europe yesterday.
I confess that I am at a loss to understand why there should be, in the for which purpose it was erected.
There is necessarily some delay in equipping and bringing into use the
trade and on the part of the public, any feeling that the present guaranteed
price of wheat represents, on this year's crop situation, any inflation, with German shipping for the transportationiof foodstuffs to countries under the
a possible consequent decline should that inflation bo relieved. Entirely Relief Administration as agreed. In the meantime, the Food Adminisoutside(f any large program of relief shipments to enemy countries abroad, tration has asked the Shipping Board to provide them with the tonnage tp
a careful survey of the requirements of the Allied countries, of the neutrals, maintain the American share of Relief Program and relieve food congestion
and of the newly liberated peoples whom we are bound to help feed, would at American ports.
The Supreme Food Council under military advice has granted Germany
indicate that every bushel of surplus from the wheat crop of 1918 will be
the right to import 150,000,000 pounds pork products per month, as soon
required before the end of the harvest year.
It would be the height of business folly, this being true, for the Grain as she arranges payment and shipping. This and neutral demand, should
Corporation to contemplate allowing to develop any such situation as the overtake any surplus of these products in two months, after being stated:in
fact, by peace there will be a shortage in pork production. The re-estabresolutions of your Club would seem to apprehend.
By executive order, the Grain Corporation will continue to pay, until lishment of new markets and normal trading during armistice is slow and
June next at least, the present level of guaranteed price to the producer, difficult. In order to get over many of the difficulties of trading in flours
reflected in the various markets by the buying scale hitherto in effect. and wheat during the period of the armistice,the Grain Corporation is estabThere is no nezessity apparent, and it would be a most unsound policy, lishing stocks for sale at Rotterdam, Trieste, Constantinople and other
to sell those holdings at less than the established purchase price; in fact, paints as to as large an extent as Shipping Board can furnish tonnage.
Thus it is expected to further relieve present congestion just as fast as
it is very doubtful whether the Grain Corporation can contemplate providing the domestic market from its present holdings to any extent what- our grain merchant fleet can serve our food producers.
present
ever, for the obligations at
definitely assumed and those contemplated for shipments abroad will exhaust entirely the present holdings of
S100,000,000 NECESSARY TO FEED PEOPLES OF
wheat of the Grain Corporation and the balance of wheat supplies in this
EUROPE UNTIL NEXT SUMMER.
country would seem to be barely more than sufficient for the ordinary
domestic requirements.
The minimum sum necessary to feed the peoples of the
I feel justified in saying, therefore, that the flour dealers and millers of
this country may operate for the balance of this crop year in the fullest liberated countries stretching from Belgium to Poland and
confidence that the Government agency will, at no time, put into effect Armenia until next summer is $400,000,000 in the opinion
a policy of resale of wheat at lower than the present established Govern. of the Supreme Council of Supply
and Relief which for
ment buying basis.
As to a policy for the crop of 1919, on which subject I find a great deal several days during the middle of last month had been
of current discussion indicating an apprehension that, while the Govern- engaged in considering the situation of those countries.
ment guaranteed price level may be continued through next year, a reThe Paris cablegrams to the daily press on Jan. 15, infresale may be made on a supposedly world basis, which most of this discussion
contemplates as being on a lower level and, inasmuch as the crops to be porting this stated that the Council had asked the Treasury
cared for next year are still in the making and half of the contemplated Departments of the Associated Governments to determine




•

534

THE CHRONICLE

how the money can be provided. "Considerable difficulty,
however," said these advices "arises from the fact that the
bulk of the foodstuffs must come from the United States,
and while the Allied Governments can pay for transportation and can furnish clothing and other services, the payments made in the United States will greatly exceed the
$100,000,000 which President Wilson has asked Congress
to appropriate."
The cablegrams also said:
If the arrangement now under discussion can be carried through, it is
estimated that more than $100,000,000 will go back to the American people
in payment for foodstuffs to be used in these regions. It is expected that
a certain amount of actual and tangible payments by the liberated countries can be obtained through the export of such goods and raw material
as they possess, and it is regarded as a matter of prime importance by the
Council to encourage the rehabilitation of industry in order that the peoples may at the earliest possible moment get on their feet economically
and be able to support themselves.

[Vol,. 108.

Corn in Chicago sells at $1 25 a bushel, while the price in Argentina is
half that. In oats, rice and other products, too, there is the same variance
in price.
The astonishing information came to me in New York a few days ago that
750,000 barrels of flour are in the store-houses and that the oversupply is
so alarming flour merchants that they are offering to sell at a price lower
than that agreed upon with the Food Administration.
Hogs are being offered to packers at less than the guaranteed price of
$17 50 a hundred pounds, but the packers don't dare to buy at the lower
prices because of the arrangement with the Food Administration.
The Food Administration formed a corporation under the laws of Delaware called the Sugar Equalization Board and bought up"the entire crop
of Cuban cane sugar. The Board pays the sugar producers five and onehalf cents a pound in Cuba, making the cost 6.9 cents duty paid and do
livered to refiners along the Atlantic coast. And now the Board, instead
of selling to the market at 6.9 cents a pound, charges 7.28 cents, making
a clear profit of:38 of a cent a pound. If this is kept up the Board will make
a clear profit of $30,000,000 this year on sugar. This may be regarded
as a consumption tax on the people.

THE FARMER AND HOG PRICE FIXING.
In presenting the farmers' side in the matter of hog prices,
An official statement issued at London on Jan. 15 relative
to the meeting of the Supreme Council of Supply and Re- "Wallace's Farmer" on Jan. 31 said:
It is astonishing that people in the cities can not understand that the
lief held at the Ministry of Commerce in Paris on the 13th farmer
is subject to exactly the same laws of production that govern all
of that month was cabled to the daily press as follows:
other business enterprises. Hogs and corn and other farm products seem
A statement was before the Council summarizing the present position
of relief work in regard to Belgium, northern France, southeastern Europ
and northern Europe. Resolutions were passed respecting the appointment of committees representative of the four associated governments to
supervise arrangements in certain districts.
Generally speaking, the position in regard to Allied and liberated territories Is that there is a sufficient world supply of food available to meet
their needs, and that all possible steps aro being taken to ascertain and meet
them and solve the attendant financial and transport questions.
Pending the presentation of reports by representatives of the four treasuries, it was agreed in principle that all four countries would participate
in the financial arrangements. Following upon the decision of the Supreme War Council concerning the utilization of German shipping, cartamn consequential arrangements were made and representatives of the
associated governments were nominated to deal with the matter.
Consideration was then given to the position of neutrals in the matter
of food supplies. Bulgaria's situation was also discussed. An agreement
was also reached on certain questions regarding the organization of the
Council.

On Jan. 20 when further consideration of the problem of
provisioning Europe was taken up by the Supreme Council
of Supply and Relief after the return of its members from
the armistice conference at Troves it was announced that a
permanent committee had been named by the Council.
The Council's statement relative to this said:
The Supreme Council of Supply and Relief resumed its deliberations on
Saturday upon the return of their delegates from Troves. The Earl of
Reading presided. The Council considered the results of the negotiations
of the preceding days at Troves, especially the agreement reached for the
handing over of the German mercantile marine. They continued the
examination of the financial problems involved in roprovisioning Europe.
They had before them information supplied by the Commander-in-Chief
of the Allied forces in Eastern Europe as to the needs and resources of the
territories in that sphere.
The Council appointed a permanent committee, which held its first
meeting on Sunday.

DAVID F. HOUSTON ON GOVERNMENT'S WHEAT
GUARANTEE TO FARMERS.
In explanation as to why the Government is not urging
farmers to plant larger crops of wheat next spring, notwithstanding representations of the urgent needs abroad, David
F. Houston, Secretary of Agriculture, on Jan. 25 pointed
out that crops planted in the spring will not be available for
market until next fall when food conditions will be changed.
In advices from St. Louis on Jan. 25 while en route from
Denver where he attended the convention of the National
Association of Live Stock Men the New York "Times"
in referring to Secretary Houston's explanation quoted him
as saying:
The farmers planted last fall 7,000,000 more acres of wheat than they did
at any previous time, and the indications are that the spring plant will be
on a very large scale. The question is, can the crop be disposed of at the
guaranteed price of $2 26 a bushel on No. 1 winter wheat?
The prospects are that the yield will be at least 1,000,000,000 bushels, of
which amount about 650,000,000 will be used at home. Will Europe take
the surplus after a season of producing on her own account, and with
Australia and Argentina in the market? Australia has been guaranteed
$1 18 for its output and of course the European nations -will seek their
supply where they can get it at the lowest price.
The United States Government has made the guarantee and will make it
good. It will pay the farmer the difference between $226 and the figure
at which ho has to sell his surplus.

SENATOR CUMMINS ON FOOD PRICES.
During debate on Jan. 23 on the bill appropriating $100,000,000 for food relief in Europe, Senator Cummins, in
opposing the bill had the following to say, according to the
Philadelphia "Ledger" concerning the fixing of prices by
the Government:
•

If things were normal and the fixing of prices were not in the hands of the
Government, the people of the country could buy necessities to-day at
about half the price they are now paying. Europe has stopped buying
from us because it can buy cheaper elsewhere. Europe can buy Argentina
wheat at $1 29 a bushel, Australian wheat at $1 14 a bushel, while Ameri' $2 26. the price fixed by the Food Administration.
can cP




high in price as compared with the prices which prevailed a few years
ago, but these prices are not high as compared with the cost of production.
For example, the hogs which sold on the Chicago market last October
should have sold for $18 87 per cwt. to have given the farmer the average
price he has received during the past ten years, measured in cost of production. They actually sold at an average of $17 55, or $1 32 below the
cost of production price. Had they brought the price which the Food
Administration promised a year earlier that it would try to make them
bring,they would have sold for $21 04 per cwt. In November, hogs on the
Chicago market should have sold for an average of $17 23, to give the farmer his average price for ten years, measured by the cost of production.
They actually sold for $17 70, and, therefore, gave the darmer 47 cents
per cwt. above this average ten-year cost of production price. But had
they sold at the price which the Food Administration promised to try to
make them bring, they would have brought $18 22. In December the
production cost of hogs was $16 26, the actual price $17 55. Therefore,
the farmer again got more than his ten-year average price, measured in
cost of production. But the price the Food Administration promised to try to
make them bring was $18 21. If we take the average price of these three
months, we find it to be $17 45, measured in production cost. The actual
price received was $17 60. The farmer, therefore, got just 15 cents per
cwt. more than the average price he had received during the past ten years,
measured in cost of production. The price held out to the farmer by the
Food Administration was $19 16, which he did not get. It will be seen,
therefore, that present prices of hogs are not at all "fictitious," but simply
average prices, when the cost of production is considered.
Those who insist that hog prices are too high, or "fictitious," base their
argument upon the great supply of hogs. It is our opinion that this great
surplus of pork will disappear very rapidly from now on; but it is quite
true that there has been a surplus during the past three months. But
what produced this surplus? Why did farmers raise more hogs than they
had been raising? For two reasons: One the frantic appeals from every
side, to increase production and save a starving world; and the other
the promise of the Food Administration that so far as it could do so it
would make the hogs marketed this fall and winter sell for a price equivalent to thirteen times the price of a bushel of the corn fed into them. The
farmer acted in good faith. He responded to the appeals to increase production. He assumed that the people who proclaimed the terrible shortage
of food knew what they were talking about. He assumed further that the
Food Administration would make good its promise on behalf of the Government. As a matter of common honesty, therefore, how can the people
who claim to have any knowledge at all of the matter speak of the hog
prices which have prevailed as being either too high or fictitious; and how
can any man who wants to be fair ask any further reduction in those prices?

RESOLUTION CALLING FOR PROSECUTION UNDER
ANTI-TRUST LA1V OF HOG PRICE
FIXING INTERESTS.
The prosecution, under the Sherman anti-trust law, of
all parties to the price fixing agreements affecting hogs, is
requested in a resolution introduced in the House on Feb. 2
by Representative Gould of Now York. The latter's action according to the New York "Sun" of Feb. 3 is based
on a letter made public by Representative Gould, addressed
to President Wilson in August 1917 by Attofney-General
Gregory, in which the latter expressed the.view that the
President had no power tinder the Food Control Act to
authorize price or pooling agreements between producers
or traders. The "Sun" prints Mr. Gould's statement as
follows:
The concluding paragraph of the opinion of Attorney-General Gregory
in a letter to President Wilson, dated Aug. 23 1917, thirteen days after the
passage of the Food Control Act, reads:
"I am equally clear that the President has no power under the Food
Control Act to authorize price fixing or pooling agreements between producers or traders themselves."
This opinion was requested in a letter from Mr. Hoover through President Wilson with a view to ascertaining to what extent the provisions of
th13 Sherman anti-trust law wore affected by the provisions of the Food
Control Act.
Under date of Dec. 4 1918 the United States Food Administration in a
letter signed by F. S. Snyder, chief of the meat division, wrote:
"That after a series of meetings held in Chicago, Dec. 3 and 4, which
were participated in by representatives of the committees of the packers,
representatives of the Agricultural Advisory Committee and special representatives of the swine producers, it was decided that the price of hogs for
January shall be continued on the same basis as in November and Docember."
The agreements above referred to for November, December and January
are clearly, to use the words of the Attorney-General's opinion, price fixing or pooling agreements between producers or traders themselves,"

FEB. 8 1919.]

THE CHRONICLE

535

which under the concluding paragraph of the Attorney-General's opinion
Generally speaking, Great Britain, France and Italy will need to import
above quoted do not fall within the purview of the Food Control Act and for some time to come large supplies
of meats, fats, dairy products and
- are therefore in clear violation of the Sherman anti-trust law.
concentrates for animals. Some importations of live stock for breeding
These agreements wholly ignore the rights of the consumer, for whose purposes may be made,
but for the most part importations will consist of
protection the Sherman anti-trust law was enacted. The consumer not live stock products.
In France and Italy the preservation of young anionly was not a party to the agreements but was not represented as such mals gives promise of
comparatively early restoration of both dairy and
at any conference at which these agreements were entered into.
beef herds, and the general thought of producers there is that their present
On the contrary these rights were so brazenly and flagrantly violated basic stock is the best adapted for their
purposes.
...that Mr. Snyder announced at the meeting in Washington Jan. 28 that
At the time of the commission's observations the seed situation for 1919
parties in interest not previously represented at the meeting had been appeared to be very acute,
both as to supply and effective distribution.
invited to attend this particular meeting with the distinct and express This situation perhaps will
be intensified as to supply by the demands
understanding that they were not to participate in debate or advance or of the devastated regions
which are now released for normal activities, but
discuss any views.
distribution will perhaps be considerably improved.
Aside from the legal aspects of the situation it is evident that such
Unless, through prompt international action, the approximate stocks
practices are retarding the return to normal conditions of trade and com- and requirements of the
vitally important seeds for each country can be
merce which by a patriotic common consent were cheerfully set aside determined as a basis
for the administration of the existing export restrictfor the duration of the war only.
ing regulations in force in the several countries with respect to seeds, the
The letter containing the opinion of the Attorney-General, a copy of prospect for prompt restoration of
normal production in several of the
which was sent to Mr. Gould by G. Carroll Todd, assistant to the Attor- countries will be seriously impaired.
The existing conditions tend to favor
ney-General, follows:
the forcing of seed prices to destructive high points and thus to endanger
Aug. 23 1917.
the welfare of our own-farmers as well as thousands of the Allied countries.
Dear Mr. President: I have considered the letter of Mr. Hoover, United
In addition to the live stock products already mentioned, Great Britain,
States Food Administration, dated the 22nd instant, transmitted through France, Italy and Belgium will
need to import for some time to come large
you, in which he makes inquiry as to his powers in certain respects under supplies of wheat, fertilizers,
fibers (wool and cotton) and farm machinery.
the Food Control Act approved Aug. 10 1917.
All countries under review have made marked progress in the utilization
Among the enumerated purposes of this Act are those: To assure an of farm machinery,
especially in the use of tractors.
adequate supply and equitable distribution of certain enumerated necessities and to establish and maintain Governmental control of such necessities
during the war. (Section 1.)
FOOD CONTROL IN ENGLAND TO CONTINUE.
In carrying out these purposes the President is authorized "to enter
into any voluntary arrangement or agreements to create and use any
Announcement that the continuance of food control in
agency or agencies . . . to co-operate with any agency or person England is to be
governed by the needs o Europe as a whole,
" (Section 2.)
Under this authority the President has created the office of the United just as during the war is reported to
e been made by the
States Food Administrator.
British Food Controller, George H. Roberts in cablegrams
The present inquiry in substance is whether under this authority the from
London on Jan. 15 to the daily press which quoted
Food Administrator by direction of the President may enter into any
agreements with persons in the various trades or industries within the scope him as saying:
Rationing was more drastic and complete here than in any other Allied
of the Act which have the effect of fixing prices or of pooling output, in
short agreements which if made between private traders would violate country. This was the direct outcome of ever-increasing calls upon
British
tonnage caused by the needs of the Allies for munitions, clothing,
the Sherman anti-trust law.
Since no specific agreement or arrangement is before me I can only food, coal and other materials. The Supreme Food Council is now going
speak generally. I am of the opinion that any agreement made with pro- to do for the rest of Europe what the Inter-Allied Food Council and the
ducers or traders by the Government itself (through the Food Administra- Inter-Allied executives for wheat, sugar, meat, &c., did during the war for
tor acting by direction of the President), under authority of Section 2 the Allies alone.
Great Britain, of course, takes her share with the United States, France
of the Act and having a reasonable relation to the objects enumerated in
Section 1, for example, to assure an adequate supply and equitable dis- and Italy in the necessary financial arrangements. My duties are thus not
limited
to this country, and, just as England helped to save the Allies in the
tribution of necessities and to establish and maintain Governmental control of necessities during the war, would not fall within the operation of war,so she will take her part in helping to save Europe from starvation and
the Sherman anti-trust law even though the effect of the agreement or chaos, now that peace has come.
agreements were to fix a uniform price or to accomplish a pooling of output.
This because Governmental action with respect to prices or methods of
distribution is obviously not within the mischief at which the Sherman PRESIDENT'S PROCLAMATION REMOVING LICENSE
anti-trust law was aimed. On the contrary when natural laws of trade
REQUIREMENTS UNDER FOOD CONTROL ACT—
break down Governmental action in this regard may become essential to
MAXIMUM MARGINS WITHDRAWN.
prevent the private control of markets. For when natural laws of trade
can no longer be depended upon to regulate markets the only choice is
It was made known on Jan. 31 that the President has
between artificial control imposed by private interests and artificial consigned a proclamation, effective Feb. 1 1919, removing the
trol imposed by public agencies. In these circumstances therefore such
Governmental action so far from running counter to the purpose of the requirement of licenses under the Food Control Act in a
Sherman anti-trust law is directly in line with it.
large number of cases and repealing regulations governing
I am equally clear that the President has no power under the Food Control Act to authorize price fixing or pooling agreements between producers those whose licenses have been canceled. The following
or traders themselves. Sincerely yours,
were announced as remaining under license:
T. W. GREGORY, Attorney-General.
Importers and distributers of wheat,corn, oats,rye, barley, also elevators
Representative Gould has also introduced a resolution or warehouses storing wheat,corn, oats, rye, barley. rice.
Importers,
manufacturers, and distributers of fresh, canned, or cured
calling upon the Food Administration for information re
beef, pork, or mutton, cotton seed, cottonseed products, lard, butter, eggs,
garding various price fixing agreements.
sugar.
Importers and manufacturers of rice, rice flour, wheat flour, and wheat
mill feeds, also cojd-storage warehousemen.
•

•

•

RECOMMENDATION FOR CREATION OF INTERALLIED AGRICULTURAL COUNCIL.
The American Agricultural Commission to Europe in a
report made public on Jan. 25 recommends the creation of
an Inter-Allied Agricultural Council of which the United
States representative should be Secretary. The Commission, which was appointed by Secretary of Agriculture
Houston last August to study conditions in England, France
and Italy consists of Assistant Secretary of Agriculture
Carl A. Vrooman, President R. A. Pearson of the Iowa
State College of Agriculture, Chief W. A. Taylor of the
Bureau of Plant Industry; Chief George M. Rommel of the
Division of Animal Husbandry; Dean Thomas F. Hunt of
the University of California College of Agriculture; David
R. Coker, a cotton grower from South Carolina; George R.
Argo of the Government Bureau of Markets, and President
W. 0. Thompson of the Ohio State University. Among
other things the report states that 80% of the French sugar
factories have been utterly destroyed by military invasion
and that the reconstruction presents a serious problem.
The report also says:
Great Britain has maintained her herds of cattle and has increased her
sheep and made small losses in hogs. All cattle in 1914 numbered 12,184,505, and in 1917, 12,382.236; hogs declined more than 900,000. Horses
in 1914 were 2,237,783 and in 1917, 2,180,318. Complete figures for
1918 were not available, but so far as ascertained they did not indivate
material variation from the figures of 1917.
France has maintained her young cattle. her "breeders" over one
year, in 1913, numbered 2,853.650, and under one year, 2,112,440. The
same clas.ses in 1917 were 2,677,870 and 2,016,860. The decline in sheep
is most serious while there is a sharp decline in hogs. Sufficient supplies
of breeding stock will probably remain in any event to permit fairly rapid
replacement after the war.
Italy's cattle have declined from 7,100,000 in 1914 to 6,155,419 in 1918,
but her calves have increased from 1,600,000 in 1914 to 1,801,808 in 1918.
Many orders have been in effect for the purpose of conserving live stock.




Licenses and all regulations were canceled in case of the
following:
All persons, firms, corporations, or associations heretofore required to
be licensed whose licenses have not already been canceled, engaged in the
business of importing, manufacturing (including milling, mixing, or packing), or distributing oatmeal, rolled oats, oat flour, corn grits, corn meal;
hominy, corn flour, starch from corn, corn sirup, glucose or raw corn
flakes, rye flour, barley flour, milk, cheese, near-beer or other similar
cereal beverages, malt, copra, palm kernels, peanuts, oleomargarine or
butter substitutes, lard substitutes except cottonseed products, all animal
or vegetable fats or oils except butter, lard, and cottonseed oil; also all
salt-water fishermen.

The provisions of the Food Control Act, it was pointed
out, were still in full force and effect.
In addition to the regulations canceled as a result of the
proclamation all remaining special regulations governing
manufacturers and distributers of butter, it was announced,
have been repealed. Furthermore, the maximum margins
for wholesalers and retailers were withdrawn except in the
case of cottonseed products and eggs.
MAXIMUM MARGINS CONTINUED IN CASE OF
COTTONSEED PRODUCTS AND EGGS.
As indicated in another item, a Presidential proclamation
withdrawing maximum margins for wholesalers and retailers
except in the case of cottonseed products and eggs, has been
issued, effective Feb. 1. It is announced that the margins
still allowed are: Retail cold storage and fresh eggs, 7 to 8
cents a dozen; cottonseed lard substitutes at wholesale,
134 to 2 cents a pound on more than 50-pound packages,
8 to 10% on less than 50-pound packages, and 5 to 6 cents
and 18 to 22% at retail. Wholesale margins on eggs differ
according to the number of services performed by the wholesaler or jobber.

536

THE CHRONICLE

FOOD ADMINISTRATION CALLS ATTENTION TO
FOOD LICENSE REQUIREMENTS STILL IN EFFECT
To prevent misunderstanding, the United States Food
Administration during the past week repeated that licenses
to trade are still required for certain products. The list is
as follows:
Importers and distributers of wheat, corn, oats, rye, barley, also elevators and warehouses storing wheat, corn, oats, rye, barley, rice;
Importers, manufacturers, and distributers of fresh, canned, or cured
beef, pork, or mutton, cottonseed and cottonseed products, lard, butter,
eggs, sugar;
Importers and manufacturers of rice, rice flour, wheat flour, and wheat
mill feeds, also cold storage warehousemen.

The Board also says:
It is expected that requirements for licensing some commodities in the
above list will be withdrawn from time to time, but with respect to others
—wheat milling for instance—the license requirements will be continued.
Attention is also called to the provision of Section 24 of the Food Control
Act to the effect that obligations incurred prior to a formal proclamation
of peace are not affected by a proclamation of peace.
The Food Administration will at all times maintain a sufficient organization to deal with such commodities and activities as remain under license
particularly with the obligations of the manufacturers of wheat flour and
wheat mill feeds under the profit regulations of 1917-18.

[VOL. los.

JUTE YARNS AND JUTE NITRATE BAGS REMOVED
FROM EXPORT CONSERVATION LIST.
The War Trade Board on Jan. 29 announced that jute
yarn and jute nitrate bags had been removed from the
export conservation list, effective Feb. 1 1919. Applications for licenses for the exportation of these commodities
will be considered on and after Feb. 1 1919.
IMPORTATION OF JUTE AND JUTE PRODUCTS.
On and after Feb. 1 1919 licenses will be issued, where the
applications therefor are otherwise, in order, for the importation of jute and jute products from all countries.
Licenses so issued will not require the indorsement of the
bill of lading to the Textile Alliance (Inc.)
LICENSE FOR QUININE EXPORTS.
The War Trade Board announced on Feb.1 that hereafter
no shipments of quinine and its salts and cinchona bark and
its products may be exported from the United States to any
destination except under an individual export license. The
Board says:

REMOVAL OF BARLEY, CORN, RYE, ETC., FROM
The above ruling supersedes, as to such commodities,all announcements
EXPORT CONSERVATION LIST.
relative to special licenses; and all special RAG licenses at present effective
such special RAG licenses as may hereafter be issued, are subject to the
or
The removal from the export conservation list of bar- provisions
of this ruling.
War
the
ley, corn, rye and other grains was announced by
Shipments of the commodities referred to in the first paragraph above
by collectors of customs if offered for exportation
Trade Board on Feb. 2. These articles constituted a ma- will be refused clearance license
issued by the War Trade Board.
under any special RAO
their
and
list,
the
restricted
on
food
items
the
jority of
This ruling is binding until revised or withdrawn and becomes effective
removal was made effective immediately. Licenses to ex- immediately.
port them will be granted freely to nearly all destinations,
LOWERING OF COPPER PRICE.
including Great Britain, France, Italy and Belgium. HereThe quoting and selling of copper by large producers at
tofore such exports to these Allied countries were made exclusively by the Food Administration's Grain Corporation, 189j cents on Tuesday the 4th, and the further drop to
and Wheat Export Company. The following is the Board's 183/i cents on Thursday, as compared with the price of 23
cents a pound for export copper fixed on Dec. 24 by the
announcement:
The War Trade Board announces, in a new ruling (W. T. B. R. 572), Copper Export Association, has attracted no little attention.
that the following commodities have been removed from the Conservation Yesterday there were said to be quotations at 1831, cents,
List as of Feb. 11919:
and one of the selling agencies is reported to have made sales
Bran,
Meal, as follows:
as low as 18 cents. With regard to the drop to 181A cents
Beans,
Barley,
Corn.
Flour, as follows:
on Thursday, the New York "Evening Post" of that date
Barley.
Rye.
(the 6th'inst.) said:

Middlings.
Corn.
Peas, as follows:
Rye,
Dried.
as
follows:
'Grains,
Split.
Barley.
Sugar.
Brewers'.
Cottonseed oil, hydrogenated.
Corn.
of.
products
and
Oats
Rye.
The War Trade Board not only is removing the above-mentioned commodities from the Conservation List, but it also announces that licenses
will be granted freely for their bxportation to all destinations. Exports
of these commodities to the Allies will no longer be made exclusively by
the Food Administration Grain Corporation and the Wheat Export Co.,
and may be exported to Great Britain, France and Italy under general
license RA0-63 and to Belgium under RA0-65.
*Exporters should acquaint themselves with the import restrictions of the
country of destination before consummation of any business, as in some
countries the Import regulations which were in force prior to the signing of
the armistice are still in effect.
Exporters should note that wheat and wheat flour are still reatained on the
Conservation List.

At this figure it was reported in Wall Street circles that about 6,000,000
pounds of the metal had been sold by one of the principal producers.
Men in the copper trade were reticent as to what business was being done,
but admitted that the market level was now 18% cents.
Up to the end of December the price of copper had been maintained at
26 cents, the figure agreed upon by the producers and the Government
officials. When Government control was removed the leading selling
agencies reduced the price to 23 cents, while small producers and brokers
have lately been quoting the metal between 18% and 20 cents.
To-day's reduction of the offering figure in the copper trade was regarded
as significant, in view of the statement at Washington last Tuesday, at
the conference between copper miners and officials of the Department
of Labor, that there was on hand a stock of a billion pounds of copper
because of the sudden ending of the war. In Jan. 1918 it was officially
estimated that stocks in the country amounted to little moro than 100,000,000 pounds.
As a result of the lower price established to-day, officials of the big copper
companies said that wages at the mines would be automatically reduced.
Until recently, wages had been based upon the selling price of 26 cents.
In most of the copper camps there is an agreement between the miners and
the employers, by which wages are calculated upon the selling price of the
metal.
So far as could be learned the newprice applies only to domestic business.
Twenty-three cents was the quotation fixed for foreign 'buyers by the
recently formed copper export association, which handles the overseas
business of the principal American producers. A committee representing
this association is now in Europe, and it is intimated that the committee
may revise the price as a result of its conferences with foreign buyers.

EXPORTATION OF PORK AND PORK PRODUCTS TO
DENMARK, NORWAY, SWEDEN AND
EUROPEAN HOLLAND.
On Jan. 31 the War Trade Board announced a new ruling
(W. T. B. R. 566) supplementing W. T. B. R. 473, issued
LEAD PRICE REDUCED.
Jan. 3 1919, announcing the list of commodities for the
exportation of which to Denmark, Norway, Sweden and
"Financial America" announced yesterday that the
European Holland licenses will be issued freely, that, at American Smelting & Refining Co. has reduced the price
the request of the United States Food Administration, it of lead from 53c. to 50. a pound.• The paper quoted also
will hereafter be a condition of the issuance of licenses to said:
export pork and and pork products to the above named
Despite the cut in price by the principal producers, the market for lead
quoting. Both producers
countries that the application for export license must have continued dull. The independents were not
consumers were concerned with reports that some of the Government
attached thereto, before being filed with the War Trade and
departments were disposing of metal accumulated before the armistice
Board, a certificate from the United States Food Administra- was signed. These reports lack confirmation and no definite information
report was that some metal had been sold to
tion to the effect that the commodity described in such ap- was obtainable hero. Onesupplies
wore held, but as far as could be learned
owners of plants where the
by
approved
price
a
at
export
for
sold
been
has
plication
none of the metal was brought into the open market.
said Food Administration.
ANTHRACITE COMMITTEE CEASES TO EXIST AS
FUEL CONTROL BODY.
WAR TRADE BOARD'S RULING AS TO IMPORTS OF
The Anthracite Committee of the United States Fuel
RICE.
over distribuThe War Trade Board announced in a now ruling(W.T.B. Administration, which has had direct control
March, on
last
appointment
its
since
anthracite
of
issued
tion
550,
R.
B.
R. 562) on Jan. 30, supplementing W. T.
This is in accord with the
Jan. 28, it had issued a new general import license PBF. Feb. 1 went out of existence.
Administrator
No. 32, permitting the importation of in-transit shipments general order of Dr. H. A. Garfield, Fuel
control over
of rice from all countries. No entires of rice for consumption relinquishing, as of Feb. 1, all price and other
Committee
may be made under this general license, and the importer, coal and coke. As its final act, the Anthracite
from any
industry
anthracite
the
freeing
order
an
be
issued
will
shipment,
in-transit
such
in order to complete
and all restrictions and once again permitting each and
required to obtain the necessary expoit license.




FEB. 81919.]

THE CHRONICLE

every operator to sell and ship anthracite of all sizes—
including nut and stove which until now have been under
- restrictions—wherever wanted. This means that every
operator is again his own boss. The final order, addressed
to anthracite producers and distributers and signed by
Joseph.B. Dickson, S. D. Warriner and W. J. Richards,
-comprising the Anthracite Committee, is as follows:
With the approaching close of the present coal year and with an ample
supply of domestic anthracite assured to the public for the present throughout this country and Canada, all restrictions and regulations issued by this
committee are hereby removed and producers and distributers may resume
shipments of all sizes to any market that may be available.
Communications regarding matters now handled by this committee
should in future be addressed to the United States Fuel Administration,
Washington, D. C.

537

ties of the Fuel Administration ceased, noted that the Administration, under the Lever Act, cannot disband until
peace is declared.
On Feb. 2 the National Coal Association announced that
telegrams received from practically all important producing
centres indicated that there was no reduction in the prices
of bituminous coal at the mines on the first day after the
removal of the Government restrictions. Prices were said
to have held generally firm, while in several districts the
better grades of coal advanced. The statement said:
This is notably true of the smokeless districts in West Virginia, where the
maximum advance on bulk sales was 40 cents a ton; certain Indiana districts in which prices advance 20 cents a ton, and the high-grade Southern
Illinois fields, where prices obtained for all prepared sizes were 20 cents
above the maximum Government figure. Reports from vairous districts
in Pennsylvania and Maryland show sales generally at the previous Government price, but high quality coals, well prepared, in some instances
were sold at material increases over the previous Government figures.

SUSPENSION OF MAXIMUM PRICES AND COAL AND
COKE REGULATIONS.
A blanket order suspeniding maximum prices on anthracite coal, together with all other coal and coke regulations ex- COL. DEEDS EXONERATED OF CHARGES GROWING
cept three, was issued on Jan. 31, effective Feb. 1, by U. S. OUT OF AIRCRAFT INVESTIGATION—CASE CLOSED.
Fuel Administrator H. A. Garfield. The only restrictions
Final action was taken by Secretary of War Baker on Jan.
not suspended as to coal and coke are:
16 toward exonerating Col. Edward A. Deeds of the Signal
Those requiring that contracts be made subject to maximum prices,
if reinstated, subject to cancellation by the Fuel Administration and Corps of the charges made against him in Charles E. Hughes's
subject to requisition or diversion of coal by the Fuel Administration.
report on aircraft production. The Secretary made public
Those prohibiting reconsignments of coal.
the report of the Special War Department Board of InThose requiring shipments of coal to tidewater to go through the Tidequiry advising that Colonel Deeds should not be tried by
water Coal Exchange.
The tidewater and reconsignment regulations were re- court-martial, as recommended in the Hughes report.
tained, it is announced, at the request of the Railroad Secretary Baker has approved the War Board's report and
Administration to avoid congestion of coal at tidewater and ordered the case closed. At the same time, in view of the
resultant embargoes. The Jan. 31 order includes the sus- wide publicity attached to the acts of Colonel Deeds, Mr.
pension of price and zone regulations on coke and bitumi- Baker sent to Chairman Dent of the House Military Comnous coal, which, it was announced Jan. 17, would be ef- mittee a letter stating that the record of the inquiry made
fective Feb. 1. As the Administration's control of the oil by Acting Judge Advocate General S. T. Ansell had been
industry has already been suspended with the exception approved unanimously by the Board of Review, composed
of certain natural gas regulations, the effect of the order of Judge Advocates Read, Millar, Tucker, and Keedy, and
was said to be that the Fuel Administration's 'controls are asking that the full report, by which Colonel Deeds is exonernow relaxed to the present limit of safety, pending the ated, be spread in the Congressional Record. Secretary
proclamation of peace, when the Administration will auto- Baker's letter in full follows:
January 16 1919.
matically terminate. It was pointed out that as the re- Chairman Committee on Military Affairs, House of Representatives.
.sponsibilities of the Fuel Administration under the Lever
My Dear Sir—Upon the submission to the President of the report of the
Act continuo as long as a state of war officially exists, any Hon. Charles E. Hughes and the report of the Attorney-General covering
the aircraft investigation, I directed that the specific recommendations conof-these suspended regulations may. be reinstated or others tained
in these reports be extracted for my consideration and for such acmay be put into effect should occasion arise. An instance tion by me as might be required in the premises. These extracts were reto the Judge Advocate General of the Army, directing a thorough
of the continuing activities of the Administration was found ferredcomprehensive
inquiry into the allegations affecting the conduct of
and
in its Bureau of Labor, which will function actively during Colonel Deeds. He was directed, not only to review all evidence taken
the armistice. Any dispute failing in settlement between by Judge Hughes, which the Attorney-General kindly made available,
to secure all other facts obtainable in this case.
the parties at interest must be submitted as heretofore to butThe
Judge Advocate General committed the matter to a board of rethe Fuel Administration for final disposition without stop- view, consisting of officers of high ability and character wholly disaspage of work. The following statement bearing on pro- sociated from any previous business or personal relations either with Colonel
Deeds or with any matters affecting aircraft production. This board careduction cost and wages was issued by the Fuel Adminis- fully
and systematically examined all of this evidence and obtained all
tration with the announcement as to the suspension of re- possible additional facts, and its conclusions are, therefore, based upon
fuller inquiry than was found possible within the time and opportunities at
strictions:
By his Executive Order of Aug. 23 1917, the President adopted as maximum prices for anthracite coal the schedule of prices which had been
acquiesced in by the industry while under investigation by the Federal
Trade Commission under the so-called "Calder resolution" of the Senate.
This involved one price for the railroad-controlled coal companies and a
price 75 cents higher for the individuals. With the exception of a reduction of 60 cents a ton in the prices for pea coal, made Oct. 1 1917, and
two adjustments to cover increases in miners' wage., the Fuel Administration allowed the prices fixed by the President to stand pending examination of costs such as were made in the case of bituminous coal.
For the purpose of arriving at a fair increase in price to cover the increase
in wages recommended by the War Labor Board last October, an examination was made to determine the costs of the various anthracite-producing
companies. The result of this examination showed that the general
increases in the price of materials and labor had raised the cost of mining
anthracite to such an extent that many of the companies were not receiving
a fair return and that some producers of necessary coal were actually
sustaining a loss on the sale of coal at the Government prices, in spite of the
two increases allowed on account of advances to labor.
At the time this situation was discovered every Indication pointed to an
early peace and it was deemed unwise to increase the maximum prices so
near the time when, on account of the end of the war, price restrictions
would, in the natural course of events, be lifted entirely.
The above statement is made at this time, when price restrictions are
about to be lifted, out of fairness to those companies who have patriotically
kept up their production to war needs, even at a cost which resulted in
many instances in a loss, not only by the individuals, but also by some
of the railroad companies, so that the impression shall not exist that the
Government prices of anthracite coal in existence at the time of the lifting
of restrictions were prices which the Fuel Administration had fixed on the
basis of cost to the operators.
Had the Fuel Administration's active control over maximum prices on
anthracite coal been continued, the cost examination above referred to
shows that it would have been necessary, on the basis of the present wage
scale, to raise these maximum prices possibly as much as 50 cents a ton
above those last fixed by the Government in order to prevent financial
embarrassment and perhaps the closing of companies producing a 81.113stantlal per cent of tho necessary anthracite output.
Such a curtailment of production would eventually result in the demand
exceeding the supply to such an extent as to increase the prices much higher
than they would be if that supply were continued.

Press dispatches from Washington on Feb. 1 in stating
that with the passing of control over fuel most of the activi-




the disposal of Judge Hughes, and this examination is in effect the accomplishment of the thorough inquiry which Judge Hughes had in mind when he
suggested that these transactions be examined by a court martial. The
purpose of Judge Hughes's suggestions Is therefore accomplished.
This record undoubtedly shows that Colonel Deeds, absorbed in the
activities of aircraft production, neglected to give his personal attention
to transactions affecting his personal financial affairs, and this neglect
on his part gave rise to appearances which required painstaking investigation in order to show their true character.
The unanimous report of this board of review, approved by the Acting
Judge Advocate General, recommends that Colonel Deeds be not tried
by court mrtial on any of the grounds suggested, and this recommendation has been approved by me.
Colonel Deeds was one of a large group of men who came to Washington at great personal and pecuniary sacrifice to render service to the Government in the great emergency caused by our participation in the war.
My duty as Secretary of War, with regard to any public servant under
my jurisdiction, is clearly to bring about proper punishment for wrongdoing and equally clearly to protect those public servants whose conduct
is faithful and upright against embarrassment, humiliation or loss.
Very wide publicity has been attached to the acts of Colonel Deeds as
a member of the Aircraft Board, and whether it will ever be pos.sible to
overtake the judgments which have been formed upon partial information on this subject I do not know, but this Department will make every
effort to secure the widest publicity for the action now taken and for the
grounds upon which it rests.
To carry this into effect. I am therefore transmitting to your committee
for its information, and with the request for its publication in the "Record,"
if the proprieties of the situation permit, a copy of the report of the Judge
Advocate General. Similar copies are being furnished the Chairman,
the Committee on Military Affairs, United States Senate, the AttorneyGeneral, and Colonel Deeds.
Inasmuch as the purpose of Judge Hughes's suggestion has been accomplished, I have directed that all the 'records in this case be filed in
the War Department and that this matter be considered as closed.
Cordially yours,
NEWTON D. BAKER,
Secretary of War.

From his home in Dayton, Ohio, Col. Deeds on Jan. 16
gave out the following statement concerning the final disposition of the charges againA him:
I am naturally very much gratified by the information that is given out
from the office of the Secretary of War. There has been no doubt in

538

THE CHRONICLE

[VoL. 108.

Abram I. Elkus of New York City, who served as counsel to the New
mind, once the facts were really known, that everything would turn out
York State Factory Investigation Commission; Ambassador to Turkey
all right.
We have all passed through stirring, oppressive, strenuous times as and a member of the State Board of Regents.
Charles H. Sabin, President of the Guaranty Trust Co.of New York City.
Americans, and we have all tried to do our share in bringing ultimate
Bernard M. Baruch of New York City, Chairman of the Federal War
triumph to our arms. No man needs special commendation for doing the
right thing. It was expected that patriotic Americans would do this. Industries Board.
Gerrit Y. Lansing of Albany, banker, and Federal Fuel Administrator
We have worked together to win the great war, and I.personally hope,
along with all my fellow-citizens, that there may be that same spirit of for Albany County.
John
Alan Hamilton, President of the Legal Aid Bureau of Buffalo.
consideration and co-operation among us to win the battle of peace, which is
Dr. Felix Adler, President of the New York Society for Ethical CuUnit.
our next national task.
Charles P. Steinmetz, of the General Electric Co. of Schenectady.
It has been a privilege and a pleasure to know that during the days of
John G. Agar, active in war work, and a lawyer of New York City.
the immediate past, friends who knew us best have known of our sincere
William M. K. Olcott, former District Attorney of New York County.
efforts. A memory of fruitful days spent in the service of such a wonderful
Arthur Williams of the New York Edison Co. of New York City and
country as America is sufficient reward for me. I could ask nothing
better for my share in this successful enterprise than that those who wished Federal Food Comptroller of New York.
Michael Friedsarn, President of B. Altman & Co. of New York City.
to know the truth, now have it, officially from the Secretary of War.
John C. McCall, Secretary of the New York Life Insurance Co. of
New York City
Thomas J. Quinn,President of the Bronx National Bank, New York City*
SENATE DISMISSES CHARGES OF DISLOYALTY
Alfred J. Johnson, City Chamberlain, of New York City.
Carleton A. Chase, business man of Syracuse, N. Y.
AGAINST LA FOLLETTE.
George Foster Peabody, of' Saratoga, Director of the Federal Reserve
By a vote of 50 to 21, the United States Senate on Jan. Bank.
Dr. Henry Dwight Chapin, physician of New York City, and especially
16 dismissed the charge3 of diiloyalty against Senato: La
in child welfare work.
Follette of Wisconsin. The charges were ba3ed upon allega- interested
Mortimer L. Schiff, son of Jacob H. Schiff, banker and philanthropist
tions by the Minnesota Public Safety Commission that in of New York City.
Sarah A. Conboy and Peter A. Brady, of New York City, representing
an address before the Non-Partisan League of St. Paul,
State Federation of Labor.
Minn., on Sept. 20 1917, the Wisconsin Senator had made theAddison
B. Colvin of Glens Falls, President of the Glens Falls Trust Co.
disloyal statements reflecting on this country's motives in and Federal Coal Administrator for Central New York.
Mrs.
Walter
W. Steele of Buffalo, prominent war worker of Western
entering the war. The matter was threshed out in lengthy
York.
hearings before the Senate Committee on Privileges and New
Mrs. Ella Hastings of New York City, member of the Executive ComElections, which finally brought in a majority report re- mittee of the Democratic County Committee of New York.
Edward
F. Boyle, Judge of the Municipal Court of New York City.
commending that the ohargei be dropped. Before the vote
Henry Evans of New York City, President of the Continental Fire
was taken on this resolution, Senator Williams of Mis- Insurance
Co.
sissippi made a bitter attack on La Follette, whom he
M. Samuel Stern, member for many years of Board of Education of
New
York
City.
characterized as a traitor to the United States. The motion
Mrs. Lewis Stuyvesant Chanier of Barrytown, wife of ex-Lieutenantto dismiss was supported by 17 Democrats and 33 Repub- Governor
Chanler.
licans; twenty Democrats and 1 Republican voted in conThomas V. Patterson of New York, President of the Lehigh & Scranton
Coal
Co.
and
member of the New York Produce Exchange and the Brooklyn
demnation of Senator La Follette.
Chamber of Commerce.
By retaining Senator La Follette in the Senate the RepubMrs. William S. Good of New York City, President of the Civic Club and
licans will control the Senate of the next Congress by the a member of the National League for Women's Service.
Norman E. Mack of Buffalo, editor of the Buffalo "Times" and th e
narrow margin of 49 to 47. His expulsion would have made Democratic
Committeeman from this State.
the next Senate a tie, with Vice-President Marshall voting
J. N. Beckley, Rochester.
Otto Shulhof, cloak and suit manufacturer of New York City.
with the Democrats on the reorganization of the Senate.
V. Event Macy of Westchester, Chairman of the Shipbuilding Labor
Adjustment Board and Chairman of the Executive Committee of the National Civic Federation.
RECONSTRUCTION COMMISSION NAMED BY
Richard S. Newcomb, member of the bar of Flushing, L. I.
L. J. Lowell of Fredonia, President of the New York State Grange.
GOVERNOR SMITH OF NEW YORK.
E. Marling of New York City, President of the New York ChamThe names of those chosen by Governor Smith of New berAlfred
of Commerce.

York to serve as members of the Reconstruction Commission
which he indicated in his message to the Legislature on Jan. 1
he would appoint, were announced by him on Jan. 20. The
Commission will be made up of thirty-six members, five of
whom are women. Abram I. Elkus, former Minister to
Turkey, heads the list. The members of the Commission
will serve without pay, but an appropriation of $75,000 to
meet clerical expenses in carrying out the Commission's
work is asked for by the Governor in his message to the
Legislature this week outlining the task assigned to it.
The specific subjects to which the attention of the Commission is directed by the Governor include an examination
of State laws enacted as war emergency measures and an
inquiry into the expenditures made under them, and recommendations concerning the further use of such funds. Immediate examination into the operation of the State military
training laws, with especial reference to the national laws for
universal training about to be enacted, is also called for by
the Governor, who requests that the Commission recommend
amendments that may be needed or any other action deemed
suitable: The Commission is also asked to examine carefully the housing conditions of the State to the end that it
may find a solution of housing difficulties that "looks to the
future and that a program may be initiated that will make
for the permanent welfare of the State." In connection
with the housing problem, the Commission is asked to collect
information on the vexed problem of taxation and "to endeavor to find an enlightened and progressive solution."
Other subjects which the Commission is to study are food,
employment, public health, labor, the Federal Government
proposal as embodied in what is known as the "Soldiers'
Settlement Act," and "consideration of the suggestion of the
Secretary of Labor that necessary public works be speeded
up to meet unemployment conditions." The problems of
finance and banking are likewise among the matters into
which the Commission is directed to inquire. In concluding
his message of the 20th, the Governor said: "More than all,
I enjoin upon the Commission such speed as may be consistent with thoroughness, in order that situations demanding immediate relief may be remedied as soon as-possible."
The following are the members of the Commission named
by the Governor:




LABOR DEMANDS IN GREAT BRITAIN.
In stating that the industrial unrest prevalent throughout
Great Britain is causing serious anxiety not only to large
employers of labor but even to conservative labor leaders,
advices by cablegram from London on Jan. 18 to the daily
press said:
The labor leaders taking this attitude include J. H. Thomas, General
Secretary of the Railwaymen's Union, who yesterday warned a meeting
of postal workers who were demanding a forty-two hour week, more holidays, and curtailment of night work, that "the industrial and economic
position of this country gives cause for alarm."
The postal workers are only one of many trade unions which are demanding shorter hours with the present or better pay. Up to this time
the demands of the miners have been embodied in the resolutions of the
Southport Miners' Federation, which on Wednesday demanded that the
Government demobilize all miners in the army and that wages other than
war wages be advanced 30%.
The attitude of the miners has caused the most comment, as coal and its
price more directly affect the public. It is estimated that to grant a 30%
increase in wages would send the price of coal up at least a dollar a ton.
In addition to the miners, the shipbuilders on the Clyde and in other
centres are agitating for a forty-hour week, with daily wages of £1. The
men engaged in the same industry in Belfast threaten to throw down their
tools at the end of the month unless they get a forty-four-hour week. The
carpenters throughout the United Kingdom are asking for a forty-sevenhour week, and the iron molders, who recently got forty-seven hours,
are threatening to strike unless this is lowered to forty-four hours.
The dock laborers are putting forth a demand for forty-four hours for
day workers and forty-one hours for night workers. They are also much
agitated over the shortage of beer and the poor quality of that beverage,
and during the week there has been much slacking, particularly at Liverpool, from this cause. There has been a temporary shortage of beer at
some shipping points due to a strikelof brewery employees, who also complain of long hours.
All these unions.are strong numerically and well organized, and from the
tone of speeches at their meetings the members apparently are prepared
to go to extremes in their efforts to have conditions of labor improved
along the lines laid down in their resolutions.
There also have been minor troubles in the labor world. One of these
affected the crew of the liner Adriatic. The sailing of that vessel for New
York with a full list of American passengers has been delayed several days,
and there is yet no indication of a settlement.

On Jan. 23 cable dispatches from London stated that
British miners had won their meal-time demand and gave
the following further information regarding British labor
troubles:
The strike of the 147,000 Yorkshire coal miners who quit work to-day
when the owners refused to meet their demands, was settled late in th e
day by the Coal Controller, who agreed to concede the twenty minutes
"dead time" for meals while the mines are under Government contra/.
The men are to resume work Friday.

FEB. 8 1919.]

THE CHRONICLE

539

There will be taken up at the first meeting of the Commission problems
At a conference of representatives of the employers and the engineering
trade to-day an agreement was reached by which the men will resume work affecting each individual group in the five that are brought together, and
on the understanding that the conference next week will discuss the an effort will be made to arrive at conclusions and to determine upon a
grievances of the men. The engineers' agreement includes the engineers, program that will be to the best advantage of all concerned.
shipbuilders, and affiliated trades, and brings into operation a forty-sevenhour week. Other details will be arranged at the conference.
The National Federation of General Workers, representing nearly 1,NORTH DAKOTA'S EXPERIMENT IN STATE
000,000 men and women, at a meeting to-day resolved to demand a fortySOCIALISM.
hour working week.
Serious strikes and threats of more serious ones in England over disputes
In our editorial columns to-day will be found an article
which ordinarily would be considered unimportant have led some students
dealing with the plans of the Nonpartisan League, which
of British labor conditions to the belief that the demands are made, not in
an effort to better labor conditions, but in an attempt to revolutionize controls both houses of the State Legislature for introducing
the whole condition of employment. In the shipbuilding union is an State socialism in North Dakota. An outline of these plans
active minority which demands a thirty-hour week.
was given in a special dispatch from Bismarck under date
A number of responsible labor loaders have declared that they are not in
sympathy with continued trivial demands and they are represented as of Jan. 25, published in the New York "Times" of Jan. 26,
being supported by the more conservative members.
which we reprint herewith:
The "Daily Mail," which is usually well-informed on labor questions,
Seven million dollars would be invested by North Dakota in the estabsays:
lishment of a State bank and a system of terminal elevators and flour mills
"The extremists are a small minority, but are exceedingly active. They
the industrial program introduced in the State Legislature by the
under
are in revolt, not only against capitalism, but also against the union
Nonpartisan League, which controls both houses.
leaders."
Complete revision of the State's scheme of taxation, by which the
taxation burden would be transferred from personal property to corporaincomes, and land, also has been proposed, and has the support of
OF
tions,
LABOR OF
APPOINTMENT BY U. S. SECRETARY
the league majorities, which are bound by a caucus pledge to pass all legisEMPLOYERS' COMMISSION TO STUDY
lation indorsed by such caucus.
BRITISH LABOR SITUATION.
The abandonment of the old system of appointive State officials for fixed
also is due, with the substitution of the Socialist plan, by which offiAn Employers' Commission has been designated by terms
cers such as State Tax Commissioners, educational directors, charitable
William B. Wilson, Secretary of Labor, to study labor institution, directors, &c., may be removed at will.
These, in a general way, are the big problems which confront the Legisconditions and Governmental labor policies in Great Britain
now twenty days old, and which William Lemke, Vice-President of
and report thereon to the Department. The Commi3sion lature,
the Nonpartisan League, says will be adjourned by Feb. 10.
consists of Dorf E. Felt, of Chicago, connected with the
This is the first State Legislature completely controlled by the nonparmachinery industry; R. J. Caldwell, of New York, the tisans. They have more than two-thirds of the members of the House
Senate, and by using emergency clauses in their administration meastextile industry; W. H. Ingersoll, of New York, of the watch and
ures they will come very near to beating referendum of their bills, as 30 000
industry; Eldon B. Keith, of Boston, the shoe manufactur- signatures are required to refer bills to which emergency clauses are attached
ing industry; R. R. Otis, of Atlanta, the building industry; and the State has only about 100,000 voters all told.
In carrying out their program for industrial enterprises, the nonpartisans
and E. T. Gundlach, of Chicago, the publishing industry. have
succeeded in amending the State Constitution in such a manner that
the
service
of
wa3
war
with
the
connected
Gundlach
Mr.
the State or any political subdivision may engage in it and all kinds of
enterprise of employment. Also, another amendment permits
private
Department of Labor during the war, but returned last
issuance of State bonds up to $10,000,000 for the establishment of its inmonth to his private business. The Commission will be dustries,
while additional bonds may be issued when secured by real estate
accompanied by an economic advisor, Dr. Royal Meeker, mortgages. This last provision is aimed to permit the establishment of a
rural credit directed and operated by the State.
of
system
of Labor Statistics, and also by James R.

Commissioner
Hawkins, of New York, as fiscal agent; George E. McIlwain,
of Boston, as Secretary; and Benjamin M. Squires, of New
York, Edgar N. Phillips and John A. Witt, of Chicago, as
Assistants.

NEW JERSEY INDUSTRIAL COMMISSION.
The Industrial Commission of the State of New Jersey,
made up of representative manufacturers, bankers, public
utility interests, agricultural delegates, and labor men, held
its first meeting in Newark on Wednesday of this week,
Jan. 22. The appointment of this Commission was provided
for at the readjustment convention in Newark on Dec. 11
called by the Manufacturers' Council of New Jersey. The
action of the Council was referred to in these columns
Jan. 11, page 123. The names of all but two of the members
of the Industrial Commission were announced as follows on
Jan. 13:
Finance.—Elwood S. Bartlett, President of the New Jersey State
Bankers' Association; Uzal H. McCarter, President of the Fidelity Trust
Co. of Newark; Charles L. Farrell, President of the National Newark and
Essex Banking Co.; former Governor Edward C. Stokes, President of the
Mechanics' National Bank of Trenton; W. P. Gardner, Vice-President of
the New Jersey Title Guaranty & Trust Co. of Jersey City, and William J.
Field, ex-officio, Secretary of the New Jersey State Bankers' Association
and Vice-l'resident of the Commercial Trust Co. of New Jersey.
Labor.—Arthur A. Quinn, President; Frank M. Edwards, Vice-President, and Harry F. Miters, Secretary, respectively, of the New Jersey
State Federation of Labor; Hugh V. Riley, of Plainfield, and John R. Burgess of Jersey City.
Agriculture.—Jacob G. Lipman, dean and director of the New Jersey
Agricultural Experiment Station of New Brunswick; L. Willard Minch, of
Bridgeton; Walter H. Havens, of Cranbury; C. N. Warner, of Toms River,
and Robert V. Armstrong, of Augusta.
Public Utilities.—W, G. Besler, President of the Central RR. of New
Jersey; George D. Dixon, Vice-President of the Pennsylvania RR., and
W. G. Bumsted, President of the Raritan River RR.
Manufacture.—Mr. King, President of the King Chemical Co.; Col.
Austen Colgate, of Colgate & Co., Jersey City; Kirk Brown, President
of the Condensite Co. of America; Peter Smith, of the Barbour Flax Spinning Co., Paterson; Charles Edison, of the Edison Co., East Orange, and
John W. Smith, Executive Secretary of the Manufacturers' Council.

Warren C. King, President of the Manufacturers' Council, in a statement on the 13th with regard to the purpose
in forming the new body, said:
The opportunity for financiers to discuss with labor problems of mutual
interest, and vice versa, the opportunity for those engaged in agriculture
to meet with those who have in their hands the management of our public
utilities, and the opportunity for manufacturers to meet with each of these
groups, is one that has been eagerly embraced by the biggest men of the
State. I am sure that the spirit shown is an augury of a permanent body,
a permanent organization, that will prove of the utmost benefit in reaching a common understanding, in eliminating the differences and eliminating the causes which lead to differences, and that it will prove of inestimable advantage, not alone to the people of New Jersey and to the interests which have thus joined hands to promote more cordial and more sound
relationahips, but that its example may be followed in other communities
throughout the country.




An Industrial Commission.
The League has introduced a bill which creates an industrial commission
of three members—the Governor, the Attorney-General and the Commissioner of Agriculture and Labor. By giving the Governor veto power, the
Governor is, in effect, the whole commission, for nothing ordered or done
by the other two commission members is binding until approved by the
Governor. This commission is authorized to conduct and operate any and
all industrial enterprises the State may establish. Its appointees as head
of the proposed State Bank and as Director of the proposed elevator and
milling interests may be removed with or without cause at any time.
The State Bank scheme is regarded as the pivotal measure. Without the
bank, which is to be capitalized at $2,000,000, the funds being obtained
by the issuance of State bonds, the Non-Partisan League, President, A. C.
Townley, says it would be impossible to carry the program to completion.
By virtue of his power on the Industrial Board, the Governor would locate
such bank, name all its officers, and direct its every activity.
Under the banking bill introduced all public moneys are required to be
deposited in the State Bank. This constitutes a fund of about 325,000,000,
collected in taxes each year, while control of many millions more in the
State Board of School and University Land Fund, created by land grants
from the Government and established for the benefit of schools and higher
institutions, will pass to the bank. It also is proposed to force into the
State Bank about $40,000,000 carried by State banks in the form of reserves in Minneapolis, St. Paul and Chicago banks.
Deposits from private parties may also be received, and as an inducement
for such deposits provision is made that deposits in the State Bank shal
be free from taxation.
The $2,000,000 issue authorized for the bank capital is placed in the
hands of the Industrial Commission, to be sold in amounts from $5 to
$10,000. The bond issue specifically provides that the bank may purchase out of its own deposits the bonds which make up its capital stock.
The privilege of making loans to the State Industrial Commission is
given to the bank, likewise power to transfer moneys from one fund to
another, as occasion may arise. The bank also would conduct a rural
credits department by issuing bonds against real estate mortgages, this
department to operate somewhat along the plan of the Federal Farm Loan
Dank.
Elevators and Flour Mills.
With their bank in operation, the non-partisans would begin the establishment of their terminal elevator and flour mill scheme. This provides for a 35.000,000 bond issue, the bonds to be sold by the State Industrial Commission. All powers with respect to the establishment and operation of the system are placed in the hands of the Industrial Commission,
while the Governor, with the powers granted to him, becomes the actual
directing head of the system. The Cominission would locate elevators
and mills at its own discretion, no legislative interference being anticipated
on that point.
The only bill so far introduced directly authorizing a bond issue is that
covering the capital stock of the bank. That bill provides that such bonds,
with interest, are to be paid from the profits of the bank, with a further
provision for an eleborato scheme of State taxation by which to raise the
necessary funds if the bank profits should fail to come up to expectations.
Another industrial bill that will be introduced will relate to the lignite
mine problem. It is proposed that the State shall ultimately engage in
the mining business on an extensive scale, but preliminary to this it is proposed to make investigations of the commercial possibilities in the lignite
coal business.
To carry this program into effect will require about 50% more revenue
for State purposes than has formerly been collected. This will be obtained under the Administration plan, by the enactment of an income tax
on a graduated basis, by which earned incomes of $10,000 would be subject
to a 5% tax, while "unearned" incomes, which means incomes received
from stocks, bonds, mortgages, &c., would bear a 10% tax. The tax begins at $1,000 incomes for single men and $2,000 for married men. A
straight incomes tax on corporations of 3% is contemplated.

540

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[VOL. 108.

Another bill is the Excise Corporation tax, while still another contem- the statement in full issued by Director-General Hines under
plates a direct tax of 50 cents on each $1,000 unit value of corporation
date of the 1st inst. for publication on the 3rd:
stock.
The United States pal!road Administration made advances in
Tax on Sound Speculation.
the month of January to and for the account of various
To force idle land into crops, it is proposed to assess them on the basis
transportation systems to an aggregate of
$98,269,808
of 100% of their actual value, while railroads and publid utilities corporaThis
amount includes both loans and advances on account of
tions would take the same rate. Land that is cropped would be assessed
compensation to railroad corporations, and advances made
at 50% of its actual value. The nonpartisans believe that this system of
to the Federal Managers of these properties to meet operattaxation would force land out of the hands of tho speculators and into the
ing needs. These payments aggregated
67,250,696
hands of actual farmers, as the tax would be such a heavy penalty as to
Payments
made during the month on account of the new
make it unprofitable to hold land out of cultivation.
standardized cars and engines amounted to
30,071,471
The theory of the single tax is also worked out by the exemption from
947,641
taxation of all improvements on agricultural lands, while in cities it is Payments to inland waterways and canals amounted to
proposed to exempt from taxation improvements worth up to $2,500,
$98,269,808
provided that the total value of such improvements does not exceed 83,500.
If they exceed $3,500 value the owner must pay tax on the entire property. The Director-General receive rom operating managements
of the various railroad systems during the' month of Jan.
To place the taxing machinery directly in the hands of the Governor, in
1919 a total of
$13,996,455
accordance with the Socialist theories of President A. C. Townley and his
From
the express companies he received in January
10,327,183
advisor, Walter Thomas Mills, who is here with Townley, the Non-ParCommission
of
three
members
is
a
single
tax
tisan Tax
abolished, and
Making the total receipts from all transportation lines for
Commissioner substituted, that officer to be subject to removal at the will
the period
$24,323,638
of the Governor.
Gross income taxes on railroads, oil line companies, &c., also are contemplated, while a registration tax on mortgage filings is proposed in ad- As the total disbursements for the month of January, as
shown above, were $98,269,808, the excess of disbursements
dition.
over receipts for Jan. 1919 was
$73,946,170
The Non-Partisan League program is being worked out by the caucus
The
aggregate payments and advances by the Director-General
system. Members of the Legislature elected as non-partisans entered
to the railroad corporations and Federal Managers,including
the caucus bound to carry out its orders. In the caucus, which is secret
payments on standard equipment ordered, for the one year
Townley and Mills have outlined their program, and it has the caucus apand
one month ending Jan. 311919, were
787,304,567
proval.
A Workmen's Compensation Act, the creation of a State Insurance De- Of this amount the Director-General has gotten back various
loans made to different railroad companies for amounts
partment, in which the State would carry its own insurance on. public
aggregating
57,030,000
buildings; a Coal Mine Inspection Act, and numerous similar measures,
are contemplated by the Administration.
Leaving the net advances by the Director-General to
Jan. 31 1919
$730,274,567
The United States Railroad Administration also received up
STREET CAR LINES SUFFERED MOST FROM WORLD
to Jan. 31 1919 surplus operating receipts of various railroads
$237,605,000
WAR.
And from the express companies a total of
57,243,599

"The street railways in Connecticut have suffered more
from the war than any other industry," was the declaration of Harrison B. Freeman, receiver of the Hartford &
Springfield Street Railway Co., who spoke at a meeting
of the Thompsonville Board of Trade Feb. 5 in the town
hall. According to a special dispatch to the Hartford
"Courant," Mr. Freeman said that there are 828 miles
of street railways in Connecticut and only twelve miles
paid dividends last year, that being the Bristol & Plainville Tramway Co. "Every other road was behind," he
stated, "and the Hartford & Springfield line was behind
5,000."
"The Hartford & Springfield Street Railway Co. has 47
miles of street railway," he continued,"and carried 4,000,000
passengers during the last year. The increased cost of
material and high wages is the reason that the company
is behind."
"The relief must come from the State," he said, "by
either cutting out the high State taxes or reducing them.
The whole trouble is caused by the jitneys. Unless these
are regulated, the street railways will be a loss to the State.
The jitneys should not be allowed to run on streets where
there are car lines.
"The common stockholders of the Springfield & Hartford Street Railway Co. have invested $400,000 in the
road and have only received one dividend, of 1%,in eighteen
years. The preferred stockholders have received but few
dividends, and the bondholders received no income during
the last year."
ADYANCES TO RAILROADS BY GOVERNMENT UP TO
JAN. 31 1919.
In reporting total advances of $787,304,567, made by the
U. S. Railroad Administration to railroads and other transportation properties under Government control during the
thirteen months to Jan. 31 1919, Director-General of Railroads Walker D. Hines, in a statement made public on tho
3rd inst.,announces that the excess of all disbursements over
receipts for the period mentioned amounted to $435,425,968.
The receipts of the Railroad Administration up to Jan. 31
1919 included surplus operating receipts of various roads
of $237,605,000; $57,243,599 from the express companies,
and $57,030,000 realized from the collection of loans. The
aggregate amount of loans made by the Director-General
and still outstanding is reported as $151,254,767, this being
exclusive of the amount advanced by the Director-General
on account of standardized equipment. There is also,
it is announced, still due the Director-General, on account
of amounts advanced to builders of standardized cars and
engines, the further sum of $144,585,871. The total
remaining in the revolving fund, Jan. 31 1919, plus the
balances remaining on hand from the surplus receipts turned
over by certain roads amounts to but $61,332,738. For the
month of January the total advances by the Railroad Administration amounted to $98,269,808. The following is




The excess of all disbursements to and for account of
transportation systems for the period of one year and
one month to Jan. 31 1919 over receipts, including
$57,030,000 received from collection of loans, was
therefore
$435,425,968
The aggregate amount of loans made by the Director-General
to railroad and other transportation companies, and still
still outstanding, is
$151,254,767
This is exclusive of the amount advanced by the DirectorGeneral for the benefit of various roads on account
of standardized equipment.
There is also still due to the Director-General by various roads
on account of the amounts advanced to tho builders of the
standardized cars and engines, the further sum of
144,585,871
The total balance remaining in the Revolving Fund Jan.
31 1919, plus the sum total of balances remaining on
hand with the Director-General from the surplus receipts turned over by certain roads, aggregates
$61,332,738
The only railroads from which the United States Railroad Administration
has received, in the period of one year and one month to Jan. 31 1919
as much as $1,000,000 or more in excess of the amounts paid to the rail.road properties are:
Duluth Missabe & Northern
$10,400,000
Atchison Topeka & Santa Fe
9,200,000
Elgin Joliet & Eastern
7,500,000
Atlantic Coast Line—Louisville & Nashville
7,360,000
Northern Pacific
5,000,000
Bessemer & Lake Erie
4,000,000
Duluth & Iron Range
3,400,000
Pullman Lines
2,800,000
Union Pacific
42,200,000
Richmond Fredericksburg & Potomac
1,900,000
El Paso & South Western
1,000,000
The following table shows in separate columns the amounts advanced
by the Director-General to all transportation lines in the period of one
year and one month to Jan. 31 1919, also the amounts disbursed for the
month of January to railroad properties, including advances made on
account of compensation and loans direct to the corporations, also advances
to the Federal Managers to meet operating needs, but not including
amounts received by the corporations before the appointment of the
Federal Managers, on account of compensation, or expended, for construction and additions, from operating receipts::
Payments and
Adcances,
One Year and One
Payments and
Month Ending
Advances, Month of
Jan. 31 1919.
Jan. 1919.
Pennsylvania
$92,566,000
$2,500,000
New York Central
81,505,000
7,095,000
New York New Haven & Hartford_
67,125,000
1,200,000
Baltimore & Ohio
43,975,000
8,100,000
Erie
24,600,000
1,000,000
Chicago Milwaukee & St Paul
23,282,000
750,000
Illinois Central
18,425,000
1,000,000
Southern Pacific
17,500,000
1,0(10,000
Southern RR
13,613,630
1,906,980
Union Pacific
13,500,000
Great Northern
11,300,000
4,500,000
Chicago Burlington & Quincy
10,650,000
Northern Pacific
10,500,000
6:666;000
Missouri Pacific
9,900,000
1,500,000
Delaware & Hudson
9,790,000
'1,000,000
Chicago & Northwestern
9,750,000
750,000
Chicago Rock Island & Pacific
9,700,000
Seaboard Air Line
9,395,000
1,320,000
Chesapeake & Ohio
9,100,000
1,050,000
Boston & Maine
7,722,000
655,000
Denver & Rio Grande
6,850,000
850,000
Philadelphia & Reading
6,090,000
St. Louis-San Francisco
6,020,000
Atchison Topeka & Santa Fe
6,000,000
5,500,000
Norfolk & Western
5,250,000
Wabash
5,070,000
--4-21,666
Delaware Lackawanna & Western...._ 5,000,000
1,000,000
Missouri Kansas & Texas
4,845,000
600,000
Buffalo Rochester & Pittsburgh
4,300,000
300,000
Louisville & Nashville
4,250,000
1,250,000
Minneapolis St. Paul & Sault Ste. Mario 4,159,000
Lehigh Valley
4,000,000
--5-011,666
Western Maryland
3,753,000
195,000
Atlantic Coast Line
3,600,000
2,400,000
Hocking Valley
3,542,000
650,000
Minneapolis & St. Louis
3,160,000
765,000

FEB. 8 1919.1

THE CHRONICLE

Payments and
Advances,
Payments and
One Year and One
Advances, Month of
Month Ending
Jan. 1919.
Jan. 311919.
$1,800,000
$3,050,000
Central RR. of New Jersey
Chicago St. Paul Minneapolis & Omaha 2,450,000
--2-0-0-,666
2,330,000
Maine Central
2,201,175
323,960
International & Great Northern
1,000,000
2,200,000
Pullman
50,000
2,110,000
Chicago & Alton
265,000
2,035,000
St. Louis Southwestern
100,000
2,025,000
Chicago Indianapolis & Louisville_
1,000,000
2,012,000
Hudson & Manhattan
322,000
1,943,000
Grand Trunk
1,835,000
250,000
Kansas City Southern
500,000
1,800,000
Virginian
1,757,000
212,000
'Terminal RR. Assn. of St. Louis
1,680,660
Chicago Great Western
226,000
1,675,000
Chicago & Eastern Illinois
1,650,000
200,000
Central of Georgia
1,591,469
473,009
Denver & Salt Lake
1,485,000
Colorado & Southern
--414,666
1,482,000
Norfolk Southern
1,175,000
Los Angeles & Salt Lake
1,062,500
--2-01,866
Pere Marquette
1,050,000
Florida East Coast
1,035,000
Central Vermont
1,032,575
22,800
New York Chicago & St. Louis
450,000
1,025,000
New York Ontario & Western
999,250
90,000
Texas & Pacific
990,000
Central New England
943,000
300,000
Bangor & Aroostook
921,400
119,600
Ann Arbor
184,876
803,876
Fort Worth & Denver City
800,000
100,000
Kansas City Mexico & Orient
784,000
125,000
Atlanta Birmingham & Atlantic
770,000
Wheeling & Lake Erie
70,000
750,000
Monongahela
741,000
Rutland
Old Dominion Steamship
703,466
188,466
694,150
Detroit Toledo & Ironton
394,000
679,005
Pittsburgh & Shawmut
150,505
600,000
Gulf Mobile & Northern
Chicago Peoria & St. Louis
600,000
Merchants & Miners Transportation
600,000
--6W6(718
Chicago Terre Haute & So. Eastern_
570,913
183,000
Lehigh & New England
525,000
'Chicago Junction
500,000
Pittsburgh & West Va
125,000
500,000
Western Pacific_
430,000
San Antonio & Afansas Pass
428,000
175,000
Kansas City Terminal
400,000
Cincinnati Indianapolis & Western
50,000
400,000
Brooklyn Eastern District Terminal
, 100,000
400,000
Mallory Steamship
400,000
400,000
Duluth South Shore & Atlantic
165,000
315,000
Georgia
309,000
Ft. Dodge Des Moines & Southern_ _ _ _
302,000
56,000
Belt RR. of Chicago
290,000
Midland Valley
270,000
Trans-Mississippi Terminal
265,000
Missouri Oklahoma & Gulf
255,000
Portland Terminal
260,000
100,000
Vicksburg Shreveport & Pacific
242,000
American Refrigerator Transit
229,000
Chicago & Western Indiana
215,000
New York Susquehanna & Western..
200,000
Gulf & Ship Island
200,000
Kentucky & Indiana Terminal
200,000
150,000
New Orleans Texas & Mexico
176,100
Illinois Southern
160,000
Missouri & North Arkansas
150,000
Ocean Steamship
150,000
Mississippi Central
141,900
39,400
Detroit & Toledo Shore Line
135,000
127,900
Cumberland & Pennsylvania
Detroit Bay City & Western
120,000
New Orleans & Great Northern
120,000
Atlanta Terminal
115,000
Winston-Salem South Bound
112,000
Western Ry. of Alabama
110,000
Ulster & Delaware
100,000
B. & 0. Chicago Terminal
100,000
Toledo Terminal
100,000
Richmond Fredericksburg & Potomac_
100,000
Minnesota & International
100,000
-10-0-0566
31 roads receiving in each case less than
$100,000
1,336,600
12 roads receiving in each case loss than
$100,000
496,500
Advances to inland waterways & canals 5,309,127
947,641
Payments on account of standardized
engines and cars
144,585,871
30,071,471
Totals
$787,304,567
$98,269,898
Of the total amount advanced to various railroad companies since
Jan. 1 1918, the following loans to the companies named have been paid
or reimbursed:
New York Central Railroad Co
$13,500,000
Illinois Central Railroad Co
10,000,000
Chicago Milwaukee & St. Paul Railway Co
8,000,000
Chicago Rock Island & Pacific Railway Co
6,000,000
Baltimore & Ohio Railroad Co
5,450,000
Michigan Central Railroad Co
4,000,000
Cleveland Cincinnati Chicago & St. Louis Railway Co
3,000,000
Southern Railway Co
2,170,000
Chesapeake & Ohio Railway Co
2,000,000
St. Louis-San Francisco Railway Co
1,710,000
Buffalo Rochester & Pittsburgh Railway Co
1,200,000
Total

$57,030,000

PAUL M. WARBURG'S VIEWS AS TO RAILROAD
OWNERSHIP AND OPERATION.
"A Suggestion of the Main Principles on Which the
Solution of the Railroad Problem Should be Sought" was
the title .under which Paul M. Warburg, formerly ViceGovernor of the Federal Reserve Board, outlined his views
on the problem of railroad ownership and operation before
the New York Chamber of Commerce on Thursday, the
6th inst. Mr. Warburg argues that "the time is ripe for
attacking the railroad problem in the same spirit with which
we approached the banking question." 'The railroad
problem of to-day," he observes, "in many respects is very
analogous to that of banking in 1908, and it may be profitable for us to ask ourselves whether the solution then found
and the course then pursued do not offer a valuable cue in
our present search. It is from this angle that I am venturing to approach the subject." Stating that while he
did not feel "that the general discussion has advanced far




541

enough to permit of a final conclusion or to allow us to
submit plans upon any but a tentative basis, as stepping
stones, at best, toward the evolution of the final scheme,"
Mr. Warburg added "I believe it is none too soon to attempt
to strip the problem of its many misleading side issues and
to establish clearly the larger principles involved." In
ruling out from the discussion the possbility of a return to
unrestricted private ownership and operation Mr. Warburg
noted that we eliminate at the same time its three most
vicious concomitants-secret rebates, excessive capitalization and obnoxious attempts at political domination. The
issue then is confined to private ownership and operation
under effective Government regulation, versus direct ownership and operation by the Government. Government
operation must be avoided, he argued:
1. Because it is bound to pollute our political and social life and
2. Because it makes for stagnation and inefficiency; it would mean
unprogressive and costly operation, resulting in poor service to the public
and higher rates.
3. Because experience in foreign countries shows that the saving to be
derived from the use of the Government's credit is not likely to be sufficient to make up for the loss resulting from the higher cost of Government
operation, while the excessive use of the Government's credit is hurtful
to its standing and bound to increase the rate at which it generally borrows.

"Such advantages," continued Mr. Warburg, "as the
greater unification of operation produced under the U. S.
Railroad Administration can be secured by proper amendment of the Sherman Act and the grant of a Federal franchise, without subjecting the country to the dangers and
disadvantages of governing operation." "If," said Mr.
Warburg, "private operation is then the thing to be desired,
what then is the real difficulty standing in its way so puzzling
and so menacing that it places us face to face with the abyss
of Government operation which nobody should wish for?"
Noting that "it is the simple but all important question of
earnings and credit" he continued in part as follows:
Railroads have ceased to be purely business concerns. They are public
utilities, and long before the war began the Government to all intents and
purposes and undertaken through its authorized agencies to fix the rates they
may charge, the wages they must pay, and the service they must render.
As a consequence, the net return upon railroad investments of to-day in
effect is determined by the Government. If private capital is to continua
to finance the railroads and to provide the means necessary for their future
growth, it must be assured of an "adequate return." If we can define
what is an "adequate return" and if we can devise means to assure the
railroad investor that a minimum "adequate return" shall not be regulated
away from him, and that the minimum rill not constitute the maximum;
If we can combine this guaranty with an assurance that private initiative
and business methods will net thereby be destroyed, we shall have solved
the real difficulty of the problem. If we fail in this, we must give up as
hopeless our search fcr a thorough and permanent solution of private
railroad operation.
There is no denying that the question of valuation offers grave difficulties. Original cost can hardly ever be ascertained; moreover, in some
cases it would be far below to-day's reproduction value. While in others
It might appear obscured in consequence of acquisitions, either by direct
purchase or through stock control, of properties previously constructed by
other corporations. The replacement value, on the other hand, might
offer a fair basis in case of a well-planned and well-maintained property;
it would be unreasonable in the case of a poorly planned road such as no
prudent business man or engineer would reproduce on its original basis.
The average market price of securities has been urged by some, but bonds
and stocks of recently reorganized properties would not offer any record
of average prices over a number of years, and there are many other reasons
why market prices would not offer a reliable basis. A capitalization of
net earnings has been suggested as a better test; but readjustments would
have to be made in order to bring about a fairly equal basis of maintenance.
Rules for establishing a fair standard return could, however, probably be
laid down in a law, and the true average standard return when capitalized
is likely in many cases to offer a most serviceable basis of valuation. Resulting from rates determined by Federal and State Commissions it could
not in any case be considered excessive.
An enumeration of these difficulties leads us to the conclusion that no
mathematical or technical role could probably be devised that, if fair to
one railroad, might not be doing violence, or be too favorable, to another.
Shall we then throw up our hands and surrender to Government operation
because of our inability to agree upon a fair value of the railroads? Before
we reach that conclusion let us remember that Government operation
cannot be brought about without condemnation proceedings, which again
must be based upon a valuation. It is obvious then that we meet that
difficulty in either case, and, instead of shirking it, we ought to face it
squarely and onrcome it as best we can. In order to cut the knot-as
inevitably we must-it will be advisable, J believe, to place the duty of
determining the fair value of the railroads in the hands ofsome expert and
impartial body, laying down in the law the broad rules of approach, but
leaving it within the discretion of the men to be appointed how to apply
the tests; whether one or two of them, or all. It would be their duty not
to attempt to drive the hardest possible bargain but, like a court of justice, to determine the fair value of the properties without the red tape or
delays connected with judicial proceedings and having due regard for all
circumstances affecting the property and its prospective earning capacity,
for which in some cases considerable sacrifices have been brought without
as yet showing a visible return. I could imagine a board of five, comprising one member each representing law, finance, business, labor and
one railroad man.
Permit me,for brevity's sake, in this address to refer to this group of men
as the "Valuation Board" and to call their ultimate finding with respect
to the value of a railroad property the "Federal valuation."
In order to have our thoughts travel along the same lines in our search
for the guiding principles to be established, it is necessary to agree on some
tentative means of approach. It is with this object in view, and in order
to ascertain how our principles would check up if put to a practical test,
that I have developed for my own satisfaction a rough outline of a plan
which I should be grateful to have you consider with me now. Let us
assume, then, that approximately 6% on the Federal valuation shall be

542

THE CHRONICLE

adopted as the normal fair and adequate return and serve as the general
basis in guiding the rate-making bodies and that any railroad agreeing to
accept a "Federal valuation" (the right being reserved to the railroad, in
case of disagreement with the Valuation Board, to accept the Federal
valuation only as tentative and to appeal to the courts for a final valuation), shall be guaranteed a net return of, say, at least 4%% on the amount
determined by such "Federal valuation;" that on the other hand the railroads will agree to divide with the Government, and possibly with labor.
any earnings in excess of say, 6% on said valuation, while any excess beyond, say, 7% shall go to the Government in its entirety. Let us suppose
that any railroad signing such an agreement shall be permitted to apply for a
Federal franchise, freeing it from the restrictions of the Sherman Act
with respect to the acquisition of parallel and competing lines, pooling,
&c., which it may carry on under the supervision of a Federal regulating
body having exclusive control of Inter-State rates and issue of securities
of such railroads.
In order to avoid any misunderstanding, let me make it quite clear that
if the "Federal valuation" of a "watered" railroad would amount to $50,000.000 the guaranteed minimum net return of 43 % available for dividends and interest payments on funded
indebtedness, depreciation,
amortization, &c., would amount to $2,250,000. no matter whether or
not the present capitalization stood at $100,000,000. Inversely, in dealing with a railroad undercapitalized at $100,000,000,the Federal valuation,
conceivably, might amount to $125,000,000 and the minimum of 4%%
would equal 5.6125% on the existing capitalization, while 6% on the
Federal valuation in that case would amount to 7%% on such capitalization. The figures and percentages are arbitrary and chosen only for the
purpose of illustrating that this method, if applied, would result in ultimately bringing the securities of the railroads upon a basis to which their
actual intrinsic value entitles them.
There is no thought of guaranteeing dividends on existing stocks or even
interests on existing obligations, but only a minimum of 4%% on the
actual value of the property as determined by the Federal valuation: the
"legitimized capital," as it has been termed by a gifted financial writer.
No gift to the strong roads is contemplated, but the simple and just
application of the principle that a net return of between 434 to 6% (the
excess to be divided) on what has been found to be the real rock-bottom
value of an industrial enterprise is considered as fair and not excessive.
The re-establishment of arbitrarily destroyed values would in some instances return to these companies their ability to sell their stocks above
par, but incidentally in such case it would add to our national strength
and taxable wealth, just as much as it would be to our national advantage
to have the Liberty Loan bonds go back to par.
On the other hand, the overcapitalized roads would find themselves in
a position where, in order to finance their future growth, they would either
have to revamp and scale down their capitalization, so as to bring it well
within the limits of the Federal valuation: that is, bring them within
the sound limits of their actual worth; or they would have to enter into
negotiation with stronger railroads, operating under Federal franchise,
particularly those whose stocks would sell above par, in order to merge
their property on the basis of an exchange of securities to be approved by
the Valuation Board. This would lead to a consolidation of railroads—
eliminating some uneconomic duplication and operation of too many
small units—and would work towards greater unification, a development,
apparently, generally desired by the country. Competition would, however, be preserved between the large systems. (See footnote.)
In our zest to secure greater unification, let us remain ever-conscious,
however, of the fact that it is most important that unification does not go
too far. The advantages of a unified system can be secured through
proper co-operation under the direction of Governmental regulating agencies, even though a reasonable number of strong and competing lines be
preserved. For the continued intensive and free development of a country whose resources we have only begun to unfold, we need an aggressive
spirit of enterprise—not the lazy and arbitrary bureaucratic and autocratic atmosphere that with us would be certain to follow if one great
regional corporation would cover each section of the country, or indeed,
the entire United States. A business spirit of rivalry must be kept alive
by the preservation of a number of large units of railroads competing on
broad lines—not in rates, but in service—and by the opportunity given
them to earn more than the guaranteed minimum.
In order to protect the contingent liability of the Government, Regulating Boards would be likely to fix transportation rates so as to enable
even the weaker roads of a section to earn more than 434% net on their
valuation. On that basis there would be ample room for the stronger
roads, by energetic efforts in promoting new business or greater efficiency,
to increase the net earnings accruing to their stockholders. That State
guarantees do not destroy enterprise and efficiency may best be seen from
the experiences of France, where the operating cost of private railroads
operating under State guarantee is stated by Mr. Acworth at 58.5%,
while for the same year the Prussian percentage under GoVernment operation amounted to 65%, and the French percentage for Government operation above 87%.
I should like to see net earnings beyond 6% divided between stockholders, Government and labor, with a fixed maximum beyond which the
earnings of the stockholders shall not go. I strongly believe in the idea
that capital and labor must consider themselves partners, a conception
which is bound more and more to lead to the full recognition on the part
of labor that, in return for the enjoyment of short hours and the highest
possible wages, labor must give its maximum in work, not the minimum,
in order to enable the country successfully to compete and to maintain these
high standards. Where Government regulates business I strongly believe
in a partnership between Government and business. It brings about a fair
and constructive spirit of progressive development on. the part of the
regulating bodies instead of the pernicious attitude of commissions that
merely seek to restrict, prosecute, punish and destroy. Any regulating
body that does not perceive that it has constructive functions as well as
restrictive duties is doomed to fail and to become more of a curse than a
blessing.
The Federal Reserve Board knows that the country has decided once
and for all that 6% is the fair return to the Federal Reserve Bank stockholder, and that the balance belongs to the Government. If the InterState Commerce Commission, or whoever may,fix transportation rhtes in
the future, were certain that no serious harm or abuse- could result from
permitting "adequate rates," they would find their task greatly fedi!.

[VOL. 108.

tated. They could no more be alarmed by the possibility of excessive
railroad profits and, on the other hand, they would be less apt to overreach
themselves in imposing excessive burdens upon the carriers as long as a
deficiency below the minimum return would have to be made good by the
Government.
It would lead tco.far to discuss how to dispose of labor's share in the
profits; whether it should be distributed as a bonus or used for pension or
insurance funds or similar purposes. I should be grateful, however, to
have you give your consideration to the very important question of granting directors and officers a certain share in the net returns exceeding 434%.
I do not believe in fixed excessive salaries, or directors' fees, without a
definite relation to the success of their work. In this respect I am wedded
to a system that has directors and officers find their main remuneration in
a certain share of the profits earned in excess of a given minimum return
to the stockholders. In our case it is obvious that such a provision would
have the effect of preserving in the management of the roads a genuine
live and active spirit of business efficiency, enterprise and rivalry. Incidentally it would indicate the way to solve the puzzling problem of dealing
with negligent or dummy directors, or securing "directors that direct," and
protect the stockholders. Under the plan proposed,the pocketbook of every
director (and officer) being vitally affected by any mistaken action on
the part of the company) (instead of his collecting a fee, no matter how
poorly the stockholders fare) he is bound to keep his eyes wide open and
the simple device here proposed would go further in remedying what
shortcomings still may exist in this respect than the clumsy and ill-advised
Clayton Act. Incidentally, we might consider whether the Federal Reserve Act in having the regulating body appoint one-third of the directors
of the Federal Reserve banks does not possibly offer a useful analogy for
railroads taking out a Federal franchise.
The principles that I deem essential are that practically plenary powers
of regulation must be given to the Government's regulating agencies, but
that a clear and definite basis must be established upon which regulating
boards will base their rates;
That this basis must have an unqualified assurance to private capital
of a minimum return;
That there must be an honest and substantial chance for private capital
to earn more than the minimum, so as to preserve a spirit of enterprise
which should permeate the entire staff from top to bottom;
That Government should be a partner of the railroads in sharing profits
up to a certain limit, while beyond that limit all profits should go to the
Government;
That consolidation should be encouraged so as to bring about a smaller
number of railway systems, of which the strongest existing roads would
form the natural backbone, but that this unification should not go far
enough to destroy a healthy and reasonable competition in efficiency, in
service, and in opening new fields of enterprise;
And, finally, that preference should be given to a plan which at this
time would disturb as little as possible outstanding well established and
well protected railroad securities, and that would avoid to the largest
possible degree the direct use of the Government's credit.
I have been amazed to learn of the plan submitted by the operating heads
of the railroads urging the creation of the office of a Secretary of Transportation, to be in charge of the affairs of the carriers. This proposition appears to me extremely ill-advised, beacuse, if adopted, it would be certain,
sooner or later, to bring politics into the railroads. Except in times of
great national emergencies, cabinet ministers, no matter how hard they
may try, cannot be expected to take a non-partisan point of view. Indeed, it is their duty to be partisan. It is impossible to expect that they
could free their minds from the consideration of the effect of their actions
upon the millions of voters involved.
I believe that it must 136 a guiding principle and our earnest endeavor to
devise a machinery that will keep out as much as possible any undue influence of politics and business, and at the same time be open and attractive to men possessed of the best of expert talent, and capable of taking a
strictly Judicial point of view.
I believe the Inter-State Commerce Commission, as organized to-day
cannot enjoy the refreshing intimate daily touch with the throbbing pulse
of business, which engenders constructive thought; it is lacking in expert,
executive spirit; moreover, it is overloaded with obstructing detail and, as
a consequence, I fear, has become too dogmatic and too slow-moving.
Such a body could hardly be expected to act promptly and successfully
in carrying out some of the administrative features involved in any plan
of the future contemplating greater unification of operation, consolidation,
pooling of contracts, use of joint facilities and direction of distribution of
rolling stock amongst the several railroads.
Without venturing to submit any definite plan, it seems to me that by
combining some of the features of the present' organization of the U. S.
Railroad Administration with the general plan of the Federal Reserve
System, that a very acceptable form might be developed. It would involve the transformation of the Inter-State Commerce Commission into a
body at Washington of 5 or 7, half judicial and half administrative, dealing
with the railroads through the medium of regional boards, on which the
State Commissions might be represented, along with railroad men and the
best business and expert elements of the district. The districts, however,
ought to be mapped out large enough to be inclusive of interests of the
most varied character, so as to be certain that they would not become
subservient to any too local, selfish or one-sided point of view. The central board and the regional boards would act as buffers protecting one
another against undue influences from both politics and business. One
could well imagine a "regional director" in each district, and an expert
"director-general" or "secretary-general" at Washington acting under
the direction of the Federal board. One can readily see how a plan of
this kind would relieve the central office of a mass of detail, how it.would
provide for an intimate touch with actual life through the regional boards,
while the latter—acting under direction and control of the central board—
would be protected from becoming unconsciously subservient to the local
point of view. On the other hand, the political influence would have to
break through the trenches of both the central and regional organizations
before it could make itself felt effectively.
Democracy means government by the people; and the rapid change
in the personnel of those representing the nation's will is one of its main
characteristics. On the other hand, side by side with the development
of Democracy we perceive a rapidly growing tendency to place into the
Government's hands, or under its control, an increasing number of highly
important functions and duties heretofore left to individual care and priIf the Federal franchise should be found to offer legal obstacles, the con- vate enterprise. They require expert handling, a consistent policy, and
templated result may be brought about by agreement or contract between absolute disregard of the political point of view. In other words, what the
the Government and carrier.
hour calls for is the creation of an element of absolute stability which the
One could imagine that in addition a number of regional holding com- wave of wildly fluctuating political life and strife cannot carry along.
panies might be organized, whose capital, like that of the Farm Loan banks, We have such an element in the Supreme Court of justice—I believe wo
would be owned by the Government, and which might acquire and lease should add supreme courts of finance, railroads, trade and labor. It is
railroad equipment, terminal properties, &c., and buy securities of rail- true that some bodies of this kind are in existence to-day, but they have
roads operating under a Federal franchise. This would enable the Govern- not been placed on a sufficiently high plane as to both dignity and political
ment to protect the weak sisters if, in their attempt to merge with the big independence in order to be able permanently to enlist the services of true
ones, they should find it hard, or impossible, to get a "square deal."
leaders, the best of their professions.




FEB. 8 1919.]

THE CHRONICLE

If we constituted the men serving on our future Supreme Courts of
Justice, Finance, Trade, Railroads, &c., an electoral group which, acting
all together, would submit to the President a list of three from which to
•ehoose whenever a vacancy on any of these or similar bodies would occur,
would not that ho more conducive to finding the best amongst us, and to
finding them willing to join these boards, than in the past when frequently
men were called upon to serve with colleagues unfit to hold the office except
for "geographical consideration," or for the political point of view they
svc_re expected to represent. The man who is believed to have given the
Latpiration to the Act creating the Federal Trade Board could not be confirmed on account of "Senatorial courtesy" invoked by one man. That
Board, disheartened and dismembered (created only four years ago, it
does not include to-day one single original member), has never found its
way towards its real constructive opportunities.
Visualize in your mind's eye, gentlemen, the great dignity and the
high standard of efficiency of the boards, as I hope to see them,filled with
the loaders of their professions, willing to sacrifice highly remunerative
positions, and ready to devote the rest of their lives to the service of their
country, as any lawyer would follow a call to the Supreme Court. Visualize
that, and compare with it our present conditions of boards composed of
men, often "untamed" with expert knowledge, often having joined these
bodies as a "reward" or as a political stepping stone; visualize on such
boards the task of men struggling to maintain the non-partisan point of
view, while the "sword of Damocles" is dangling over their heads threatening interference or punishment in one of the many devious ways open under
"the existing system. Can there be any doubt as to the necessity of setting
a course that will lead the country to a higher and safer plane? Have we
not the duty towards the world to make our form of government safe and
•efficient? Should not "Senatorial courtesies," and other similar one-man
privileges, surviving from the dim past, jump the plank along with Czars,
Emperors, Kings and Dukes?
Aside from the national problem of devising a suitable method of securing the proper personnel, to my mind the question of a clear and fair
definition of the "minimum and maximum" adequate return is the crucial
one in the problem of private railroad ownership and operation under Government control. I believe that it is inevitable and that we should centre
the discussion and our first efforts on that one point; when that is properly
disposed of, be it in the manner outlined by me, or any better one that
may be suggested, the rest of the conundrum will appear very much less
perplexing. And as we gain a clear picture concerning the final plan, we
shall find it less bewildering to lay down the proper course for dealing with
'the interval. Until that final plan is established, the Government's
present emergency organization should continue. The railroads should
not be thrown back into a chaos, none of their making, nor should their
fate be sealed by a five-years' Government operation, until the country
has first had a full and free opportunity to devise such a plan.

Earlier in his remarks in what he had to say regarding
the dangers of Government ownership Mr. Warburg expressed himself as follows:
Anybody who has lived for four years in Washington and has had the
opportunity for intimate observations of the difficulties, delays and dangers
lying in tho way of Government administration, must shudder when he
thinks of what would be the result for our body politic and economic if
twenty billions' worth of railroad property became the object of development and operation by a party government. Who would believe that
under Government operation the future growth of our transportation
system would continue on economic lines uninfluenced by petty political
"log rolling"? The highest pre-war expenditures ever authorized by Congress amounted to about one billion dollars. Who would dare to hope that
the railroads' annual operating item of approximately four billion dollars,
plus the amount necessary for additional capital expenditures, estimated
at about one billion, could be spent without ultimately contaminating and
.corrupting our political and social life? Who would doubt that through
the elimination of competition and the substitution of Governmental
officialdom for private enterprise, general efficiency and progress would
suffer while the cost of operation would increase by leaps and bounds?
Finally, is it not fair to foresee that a Government owning the railroads
and becoming the largest purchaser of steel and coal would soon find itself
in the position of wishing to own and operate the steel mills, and coal
mines, and to construct its own locomotives and cars? „ Can you imagine
how many voters ultimately would become dependent upon the Government, and inversely how the Government would become dependent upon
these voters? Can you imagine how many Congressmen would put in
claims for local consideration, and would have to be pacified each year.
before such a railroad budget could be passed?

543

I am keenly aware of the unusual and distinguished honor you are paying me by permitting me to meet you in this place and to address you from
this historic platform.
Indeed, Sir, as day has followed day, and week has followed week, in
this hospitable land of France, I have felt the sense of comradeship ever become more and more intimate, and it has seemed to me that the making of
history was becoming singularly clear.
We knew before this war began that France and America were united
in affection. We knew the occasions which drew the two nations together
in those years, which now seem so far away, when the world was first beginning to thrill with the impulse of human liberty, when the soldiers of
France came to help the struggling little Republic of America to get on
its feet and proclaim one of the first victories of freedom.
We had never forgotten that, but we did not see the full meaning of it.
A hundred years and more went by, and the spindles were slowly weaving
the web of history. We did not see it to be complete, the whole of the
design to be made plain.
Now look what has happened. In that far-off day, when France came to
the assistance of America, America was fighting Great Britain. And now
she is linked as closely to Great Britain as she to France. We see now
how these apparently diverging lines of history are coming together. The
nations which once stood in battle array against one another, are now
shoulder to shoulder, fighting an common enemy.
It was a long time before we saw that, and in the last four years something has happened that is unprecedented in the history of mankind.
It is nothing less than this—that bodies of men on both sides of the sea
and in all parts of the world have come to realize their comradeship in
freedom.
France, in the meantime, as we have so often said, stood at the frontier
of freedom. Her lines lay along the very lines that divided the home of
freedom from the home of military despotism. Hers was the immediate
peril. Hers was the constant dread. Hers was the most pressing necessity
of preparation, and she had constantly to ask herself this question: "If the
blow falls, who will come to our assistance?"
And the question was answered in the most unexpected way. Her
allies came to her assistance, but many more than her allies. The free
people of the world came to her assistance.
And in this way America paid her debt of gratitude to France by sending
her sons to fight upon the soil of Franco. She did more. She assisted in
drawing the forces of the world together in order that France might never
again feel her isolation, in order that France might never feel that hers
was a lonely peril and would never again have to ask the question who
would come to her assistance.
For the alternative is a terrible alternative for France. I do not need
to point out to you that east of you in Europe the future is full of question.
Beyond the Rhine, across Germany, across Poland, across Russia, across
Asia there are questions unanswered, and they may be for the present
unanswerable.
France still stands at the frontier. France still stands in the presence
of those threatening and unanswered questions—threatening because unanswered—stands waiting for the solution of matters which touch her directly and intimately and constantly, and if she mast stand alone, what
must she do? She must put upon her people a constant burden of taxation. She must undergo sacrifice that may become intolerable.
And not only she, but the other nations of the world must do the like.
They must be ready for any terrible incident of injustice. The thing is
not inconceivable.
I visited the other day a portion of the devastated region of France. I
saw the noble city of Rheims in ruins, and I could not help saying to myself,
"Here is where the blow fell because the rulers of the world did not sooner
see how to prevent."
The rulers of the world have been thinking of the relations of Governments and forgetting the relations of peoples. They have been thinking of
the manoeuvres of international dealings, when what they ought to have
been thinking of was the fortunes of men and women and the safety of
home, and the care that they should take that their people should be
happy because they were safe.
They know that the only way to do this is to make it certain that the
same thing will not always happen that has happened this time, that there
never shall be any doubt or waiting or surmise, but that whenever France or
any free people is threatened the whole world will be ready to vindicate its
liberty.
It is for that reason, I take it, that I find such a warm and intelligent
enthusiasm in France for the Society of Nations—France with her keen
vision, France with her prophetic vision.
It seems to be not only the need of France, but the need of mankind.
And France sees the sacrifices which are necessary for the establishment of
the Society of Nations are not to be compared with the constant dred of
another catastrophe falling on the fair cities and areas of France. •

PRESIDENT WILSON ADDRESSES FRENCH PARMAIn welcoming President Wilson, Al. Paul Deschenel,
LIAMENT ON LEAGUE OF NATIONS.
President of the Chamber of Deputies, said:
President Wilson addressed a joint session of the French
The representatives of France are happy in offering you a respectful and
Parliament on Monday, Feb. 3, on the subject of a League affectionate welcome. Your visit evokes in our souls the memory of
of Nations, speaking from the tribune of the Chamber of another memorable sojourn here—that of Benjamin Franklin on the eve of
French Revolution.
Deputies—the first outsider to do so, it is said, in over theWhat
France acclaims in you is not only that you are the chief of a free
seventy years. The session was attended by President democracy, a descendant of those admirable founders of the American
brought across the ocean all the flower and fruit of exPoincare and the whole official and diplomatic world of Republic who
perience in Anglo-Saxon politics, successor of Washington and Lincoln, but
Paris, and the audience insisted, despite the President's that you are a great citizen, who on that day when duty appeared to him
protest, on hearing the address standing. President Wil- followed the will of his nation and threw the entire force of the New World
the service of right. It is the high conscience which,imbued with the
son's address was declared to be the strongest he has yet into
purest maxims of morality, is trying to make them penetrate into the
delivered on his favorite theme, and was received with Governments of men and into the relations of peoples between themselves.
You wish that out of so much sorrow should come more justice. As
marked enthusiasm by the French statesmen and legislators.
war was unlike any preceding war, so must this peace be unlike any
The President admitted—in fact emphasized—the peculiar this
preceding peace. Guarantees must be taken against the recurrence of the
position of France, standing at "the frontiers of freedom"— horrible things which have been an opprobrium to the world and which no
military, ecowith Germany, Russia and the far reaches of Asia at her one has stigmatized with more force than you; territorial,
nomic, and financial guarantees to protect the victims of German ambiback, full of unknown perils and unsolved problems. There- tion
against perpetual alarms, guarantees for free peoples, with efficafore, the President argued, France must not be allowed to cious sanctions to punish the crimes against the peace of the world first:
stand alone; "whenever France or any free people is threat- then, to prevent them.
In your eyes, as in ours, doubtless, the primordial condition of the
ened, the whole world will be ready to vindicate its liberty." foundation
itself of this new world organization is a France definitely made
sacrifices
"the
speaker
that
the
concluded,
And France sees,
proof against provocations and attacks. We, who during forty-four
made the greatest sacrifices in order to maintain peace, know
have
years
which are necessary for the establishment of a Society of
the experience of centuries that the universe will never breathe freely
Nations are not to be compared with the constant dread of from
so long as Germans can accumulate at our very doors the means of aggresanother catastrophe falling on the fair cities and areas of sion.
We will forget nothing, neither the bravery of your splendid youths,
France."
who shed their blood with ours, as one hundred and forty years ago, nor
The text of the President's address was given as follows in the
victory of General l'ershing at St. Mihiel, nor the inexhaustible and exthe Associated Press dispatches:
quisite charity of your women.'nor your noble figure. We find blended




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THE CHRONICLE

[vol.. 108.

together all the principles of that great American civilization, made up required for police work, and all have the right of appeal to the league
of
of practical and enterprising genius, of wisdom and idealism.
any injustice.
Nothing will separate us. France loves your glorious country as a sister.
Opinion inclines also to give the mandate in perpetuity in order to
Mr. President of the United States, we, with the President of France. stimulate development, but with the reservation that the mandate
is
request you to bring to America the loving kiss of France.
revocable for misgovernment or through the people reaching the stage of
self-government.
These are the main feature of the mandatory system which the Powers
SUPREME COUNCIL AGREES TO INTERNATIONAL- now have accepted in principle and of which the great Powers are engaged.
in formulating the principal details.
IZING OF GERMAN COLONIES AND

TURKISH DEPENDENCIES.
After a number of sessions devoted to discussion of the
disposition to be made of the conquered German colonies
and the former dependencies of the Turkish Empire, the
Supreme Council of the Peace Conference by Jan. 31 had
reached an agreement on the main outlines of the policy
to be pursued. No official announcement was made, but
the Associated Press advices of that date gave the following
wiih regard to the agreement reached:

The most insistent opposition to the mandatory system
came from Australia, which held that the control of the.
German colonies south of the equator and particularly the
German portion of New Guinea, was vital to her safety.
The Australian Government sent a formal protest, and
Premier William Hughes, representing Australia at the
Peace Conference, expressed his objections. forcibly in an
interview in the Paris "Matin." In this interview Mr.
Hughes was quoted as saying:

The Allied and Associated Powers are agreed that the German colonies
We have no objection in Australia to the mandate principle, but let the,
shall not be returned to Germany, owing, first, to mismanagement, cruelty mandate define immediately what it gives
and requires. You offer to rent
and the use of these colonies as submarine bases.
a house and ask the price and responsibilities, whereupon you are told that
The conquered regions of Armenia, Syria, Mesopotamia, Palestine and will be determined by a council to convene one, two,
or three years hence..
Arabia shall be detached from the Turkish Empire.
So, until then, you can know nothing of what you pay or the rules reguProvision is made whereby the well-being and development of backward lating you.
colonial regions are regarded as the sacred trust of civilization, over which
That is no solution of this German colony problem. I will not subthe League of Nations exercises supervisory care. The administration scribe to it. We have already at the
Qual d'Orsay a League of Nations
or tutelage of these regions is entrusted to the more advanced nations, capable of deciding these questions.
who will act as mandatories in behalf of the League of Nations.
We have had more losses than America with her 100,000,000 people.
These mandatories are not uniform, but vary according to the degree of When we have been asked to sacrifice
ourselves in battle we did not demand
development of the colonial region and its approach to the stage of self- the organization of an international tribune
to decide the matter. But
government. The mandates in Palestine, Syria and other portions of now, after our people have paid with
their lives to save the world, without
Turkey, where well developed civilization exists, would be comparatively hesitation, argument or chicanery, we find a
new form of procedure for
light and would probably permit of the provisional recognition of the reimbursing damages.
independence of these communities.
It is something slow and vague. We are told it is not now the fate of
On the other hand, colonies like those in Central Africa would require the world that is to be
deicded. That is to come later.
a mandatory with large powers of administration, responsible for the supWe will not await a League of Nations that is to be born nobody knows
pression of the slave trade, the liquor traffic, ammunition and arms traffic when, where or how.
and the prevention of military authority on the part of the natives except
It is often said that those far away on the other side of the world did
for native police purposes.
not appreciate immediately the grandeur of the cause for which we began
Other colonies and localities, such as those in German Southwest Africa fighting in 1914. Australia is
far away, but she understood immediately
and some of the South Pacific islands, have such sparse and scattered and sacrificed herself from the start.
It was not at the eleventh hour
populations and are so separated from other communities that the laws that we came to the defense of
civilization. We armed a tenth part of
of the mandatory country would probably prevail in those regions.
our male population of five millions.
The mandatories will report as stated intervals to the League of Nations
The arbiters, I know not who, are convening I know not where, coming
concerning the manner in which a colony is being administered.
I know not whence.

The foregoing agreement was not reached without overcoming serious opposition from many quarters. President
Wilson is understood to have stood out firmly against all
proposals that would have violated the principle he has
all along contended for, and the result, in spite of the bitter
criticism of a section of the British and French press, and
the thinly veiled skepticism of most of the rest, is held to
be the most important victory the President has so far won.
As to the nature of the discussions that preceded the final
decision, the press accounts said:

The real basis of Australia's anxiety was well understood to
be the fear of Japanese immigration into the disputed lands.
To meet this objection the Supreme Council is understood
to have agreed that the present immigration laws of Australia, which bar out Asiatics, shall obtain in New Guinea.
Opposition to the proposed new mandatory policy was
not confined, however, to Australia. Japan, also, was affected, a secret treaty between that country and Great
Britain having provided that Japan should get the German
Pacific islands north of the equator, while Great Britain otWhen the Supreme Council met to-day (Jan. 31) it had before it the very
plain statement made by President Wilson at Wednesday's late session. her Dominions should take those to the south. The press
So particular was Mr. Wilson to have an exact record of what he had said dispatches, however, have been silent in regard to the Japthat soon after entering the meeting he summoned one of his personal
anese attitude. To satisfy certain objections of Italy, acstenographers and kept him at his side during the session.
What he said did not appear in the official communication nor has it cording to the correspondent of the London "Mail," it was
been disclosed with any official authority, but it may be stated that it was agreed that the mandatory system of administration should
a very clear reaffirmation of the principles for which the President has
only be applied to non-European territories. Thus, the
previously contended.
In phrases stripped of diplomatic niceties, it is understood, Mr. Wilson newspaper added, the fate of the Adriatic coast, the Balkan
told the members of the Supreme Council he would not be party to a di- Austrian lands and the
French territorial claims against
vision of Germany's colonial possessions among the Powers which now
hold them and then become party to a League of Nations which in effect Germany, which includes, it should be noted, the Saar
would guarantee their title. There are inferences that the President Valley, remains for independent consideration.
even referred to a peace of "loot."
Premier Lloyd George is declared to have supported PresiHe contended in no uncertain terms that to divide the colonies among
the Entente Nations would be in direct contravention of the "fourteen dent Wilson loyally throughout the struggle over the colonial
points" which were accepted as a basis of peace. Such a division, he is question. Some of the most prominent British newspapers,
said to have added, also would violate the principles of the League of
however, condemn the plan as visionary and impractical.
Nations as laid down at the Peace Conference last Saturday.
The London "Globe," for instance, declaring that the BritThe policy now declared for involves, it is pointed out,
ish delegates in consenting to the internationalizing of the
a complete revolution in colonial administration as affecting
the so-called backward races. On this point a Paris dis- German colonies, were "giving away the Empire," said:
These former German colonies under the scheme proposed, with its
patch dated Jan. 30 said:
mandat9ries and the remainder of its visionary suggestions, will fall under
The reference to the occupied territory of Turkey in Asia indicates that the control of a League of Nations which does not exist and which no
Mesopotamia, Palestine, Armenia and Syria are brought ytithin the scope practical statesman believes in. President Wilson, however, is intent
on trying his prentice hand, and proposes to do this at the expense of
of this new policy of dealing with the colonies.
Thus suddenly has come within range of practical accomplishment one the British Empire and its allies, France, Italy and japan.
of the most sweeping changes in colonial management that ever have ocThe "Morning Post's" comment wasi
curred. The basic idea of this policy is that the colonies will be adminisIf the British delegates weakly persist in this attitude (of not supporttered by mandate for the benefit of their own people and not exploited as
ing the Dominions), they are not only surrendering the British interprofit making enterprises by the Powers claiming them.
Owing to the important decision reached the following precise informa- ests intrusted to them, but they are sowing the seeds of such bitter distion concerning the mandatory plan was made available. Three broad content as might disunite and disrupt the British Empire.
proposals for the disposition of the German colonies were advanced. The
first proposed annexation, much as the Pacific Northwest was annexed as
American territory. The second proposed international administration,
similar to the first international control of the Congo, which proved a OFFICIAL ORGANIZATION OF PEACE CONFERENCE
MADE PUBLIC.
failure, as did similar systems in Albania and Morocco. The third proposal was the mandatory system, which was included in the American plan
The
State
Department
at Washington on Jan. 30 made
for a League of Nations.
There are two conceptions of this mandatory system now under exami- public the personnel of the Peace Conference organization,
nation. One plan makes the League of Nations trustee of the colonies as provisionally chosen and now finally formed. Besides
working through particular States as its agent, but reserving detailed
powers of oversight. The second is that the trustee shall be one of the M. Georges Clemenceau, the French Premier, as President, and Secretary Lansing, Premier Lloyd George of Great
members of the League of Nations and working for just administration.
Certain military principles obtain concerning the mandatory system. Britain, Premier Orlando of Italy and Marquis Saronji,
The State chosen as a mandate should be chosen as the choice of the people
to be governed. Another principle is the open door and equal oppor- former Prime Minister of Japan, as Vice-Presidents, the
tunity. All nations are forbidden to haye a greater military force than is members are:




FEB. 8 1919.]

THE CHRONICLE

545

with the me'ives behind the formation of a League of Nations and the
Secretary-General—M. Dutasta,, France.
Secretaries for the United States—Joseph C. Grew, Minister Pleni- objects which would safeguard the constitution of its chief organs, and
potentiary; Leland Harrison, Counsellor of Embassy, and Colonel U. S. the qualifications for membership in the League.
While the decisions of the Commission with regard to each article are
Grant 3d.
For the British Empire—Lieutenant-Colonel Sir Maurice Hankey, Her- provIsional, many apparent difficulties have already been resolved and a
man Norman, Counsellor of Embassy, and Eric Phipps, First Secretary of general agreement has been reached on the principles which underlie the
whole draft. It is, therefore, to be expected that the remaining articles
Embassy.
For France—M.P. Gauthier, Minister Plenipotentiary, and M.Debearn, will be covered quickly.
The following official statementregarding the fourth meetSecretary of Embassy.
For Italy—Count Aldrovandi, Minister Plenipotentiary; Marquis Charles ing of the Commission was issued yesterday (the 7th inst.),
Dttrazzo, Counsellor of Legation, and M. G. Brambilla, Counsellor of Lesaying that substantially one-half of the draft had been covgation.
For Japan—Sadao Saburi, Secretary at the Ministry of Foreign Affairs. ered:
Committee on Verification of Powers—Henry White, United Saates;
The fourth meeting of the Commission of the League of Nations 'met
Arthur Balfour, British Empire; Jules Cambon, France; Marquis Salvago at 8:30 o'clock last evening at the Hotel de Crillon. Messrs. Kramarz,
Japan.
Raggi, Italy, and K. Matsui,
Venizelos, Dmowski and Deuvanty [Diamondy?], representing respecCommittee on Drafting—James Brown Scott, United States; Mr. Hurst, tively the Czecho-Slovak Republic, Greece, Poland and Rumania, took
British Empire; M. Fromager, France; Rioci Busatti, Italy, and II. Na- up their duties as members of the Commission.
goska, Japan.
The Commission provisionally approved a number of additional articles to the draft. The approval of these articles marks an accord on
UNITED STATES-NORWEGIAN TREATY RENEWED. certain questions of the greatest importance concerning the positive functions of the League. Substantially one-half of the draft has now been
The treaty of commerce and navigation between the covered.
A secretariat consisting of M. Clauzel, Lord Eu stace Percy and Mr.
United States and Norway was renewed on Feb. 1, fol[Shepherdson?) has been appointed for the drafting of the
lowing an exchange of notes between the State Department Shepardson
proces-verbaux.
Minister
Bryn
of
and
Norway, which reat Washington
The next meeting will be held at 8:30 o'clock this evening at the Hotel
sulted in the elimination of certain clauses in conflict with de Crillon.

the Seamen's Act of 1915. The treaty, nearly a century
old, was one of a number of such conventions which the
American Government found it necessary to denounce with
the required year's notice because of conflicts with the
Seamen's Act. The sections eliminated related to Norwegian consular control over Norwegian seamen in American ports. Without them, the treaty remains in effect just
as it was negotiated in 1827.
PEACE CONFERENCE COMMITTEES ORGANIZE AND
BEGIN ACTIVE WORK—OTHER COMMITTEE
WORK.
The principal committees appointed by the Peace Conference, and by which the real work of the Conference is to be
performed, perfected their organizations during the past
week and began active consideration of the subjects assigned
to them. The Committee on League of Nations, of which
President Wilson is Chairman, held its opening session on
Feb. 3, in the apartments of Colonel House. There were.
present at this session:
For the United States—President Wilson, Colonel House,and Mr. Miller,
technical export. For Great Britain: Lord Robert Cecil and General
Smuts. For France: Leon Bourgeois and Ferdinand Larnaude. For
Italy: Premier Orlando. For Japan, Baron Chinda. Also delegates from
Belgium, Serbia, Brazil, Portugal and China.

A printed text, in English, outlining the proposed framework of the League of Nations, was laid before 'the commission, but, owing to the fact that many of the delegates did
not know English, it was decided to await the official French
text, when the subject was to be taken up for dis3ussion
article by article. The document was said to be a combination of French, English and American ideas, the result of
preliminary discussions between President Wilson, Lord
Robert Cecil, General Smuts and Leon Bourgeois. The
meeting on Monday afforded the members 'an opportunity
to express individual views on the general principles which
should govern the society. It was said that little divergence
in views developed, except as to the measure of force to be
employed, and it is believed that this fact made apparent
the virtually unanimous agreement by the commission.
Following the meeting, an official statement was issued,
which said:
The Commission met to comparelviews on procedure and to arrive at a
method which will facilitate progress.
It was agreed that an accord in principle had been reached by the resolution, previously passed by the Conference, and that the discussion should
proceed accordingly at the next meeting, which is called for 8:30 o'clock
Tuesday eveninEaat the Hotel de Crillon.

On the 5th inst. it was stated that the preamble and two
articles of the constitution of the Society of Nations were
provisionally agreed upon on the 4th. The announcement
on the 5th follows:
The Commission on;the League.of Nations met last evening at the Hotel
de Crillion at 8:30 p. m. and commenced its detailed discussions. A
preamble and two articles were discussed, and their texts were provisionally
agreed upon. Satisfactory progress was made in regard to other parts
of the draft. The question of adding representatives of other powers to
the commission was also discussed. The commission will meet again this
evening at 8:30 o'clock.

The Committee on Responsibility for the War also got
under way on Feb. 3, Secretary of State Robert Lansing
being elected President of the Committee. In proposing
Secretary Lansing's name, Capt. Andre Tardieu, the
French member of the Committee, said that before regulating a peace of justice it was necessary to impose penalties
upon the authors of the aggressions which had brought
death to millions. The work of the Committee, he explained, would be, first, to study the facts which would
establish the guilt of those responsible for premeditated
violation of treaties and international law, and second, to
fix the penalties which would be defined and applied. He
closed by proposing Secretary Lansing for President, which
was approved by the Committee. Sir Gordon Stewart of
the British delegation and Senator Scialoia of the Italian
delegation, were chosen Vice-Presidents. M. de la Pradelle
was appointed secretary of the Commission. An official
communication issued by the Commission after the meeting
read:
mIlie initial meeting of the Commission on the Responsibility for the
War and its Conduct was held to-day at 3 o'clock at the Ministry of the
Interior and was attended by the delegates of the Powers represented on
the Commission. Robert Lansing, Secretary of State and chief representative of the United States, was chosen President of the Commission,
and Sir Gordon Stewart,of the British delegation,and Senator Scialoia,of
the Italian delegation, were chosen Vice-Presidents. M. de la Pradelle
was appointed secretary of the Commission.
"It was decided to appoint three sub-committees, two for the examination of questions of law, and one for the examination of facts. The
following persons were named as a committee of three to nominate members
of the above mentioned sub-committees and to determine the mandate
under which the sub-committees in question will act: W. F. Massey of the
British delegation; M. Tardieu of the French delegation; and M. Politis,
Greek delegate.

Another committee which organized during the week was
the Committee on Reparation. M. Louis Klotz, the French
Finance Minister, was chosen Chairman, and William
Hughes, Prime Minister of Australia, and M. Vanderheuvel
of Belgium were elected Vice-Presidents. Belgium, Greece,
Poland, Serbia and Rumania are each to have two members
on the Committee on Reparation, according to an announcement made by representatives of the small Powers on
Jan. 28. With regard to the scope of the committee's inquiries, an Associated Press dispatch on Jan. 28 said:
Without attracting much attention, a change has been made in the
name of the important committee of the Peace Conference which is to
deal with the subject of damages suffered through the war and compensation for them. Instead of being the Committee on Indemnities, as
originally planned, the committee will now be known as the Committee on
Reparation.
The change, it is understood, was brought about by the American delegates, who were animated by the idea of keeping the whole scheme of repairing the devastation resulting from the war within the spirit of President Wilson's declaration on the subject. According to the pres.ent understanding, the word "reparation" means simply the replacement as far
as possible as they were before the war of all things destroyed by the
German armies. Where it is impossible to give full payment for losses,
the Powers will exact indemnities.
As oridnally contemplated, the committee would have been justified
in taking into its calculations in assessing damages against the Central
Powers not only the cost of reparation, but the entire expense incurred
by the Entente Powers and America in raising armies, bringing them to
the battlefield, and maintaining them, which would have made a total
far beyond the ability of the defeated nations to meet.

The Committee on Internationalization of Ports, WaterOn the 6th it was announced the Commission on League
of Nations had practically covered one-third of its task; ways and Railways also held its first session on Feb. 3.
its officil communication of that day said:
The meeting was called to order by M. Clavelle, French
The Commission on the League of Nations held its third meeting last Minister of Public Works. On his motion Signor Crespi,
night. Appreciable progress was made in the consideration of the draft.
Minister of Supplies, was named as Chairman and
It was further unanimously agreed, in accordance with the decision of the Italian
Conference at the Qual D'Orsay yesterday, that representatives of Czecho- M. Sirton of Belgium, Vice-Chairman.
Slovakia, Greece, Poland and Rumania should be associated with the
The Supreme Council transmitted a request for the
Commission in its deliberations.
the smaller nationalities to this
In their second and third sessions the Commission covered practically admission of members of
one-third of their task. They have discussed those:Articles which deal committee, which accordingly added a Czech, a Portuguese,




546

THE CHRONICLE

[VOL. 108.

and a Pole to membership. The French and British
STOCK DIVIDENDS NOT SUBJECT TO INCOME.
presented a program, including recognition of the general
A decision in which he'held that stock dividends are not
principle of the right of nations to control international subject to income tax under the 1916 law was rendered by
waterways and international railways, which was accepted Judge Julius M. Mayer, in the U. S. District Court for
by the commission. The details of this were to be con- Southern
New York on•Jan. 23. Judge Mayer's decision
sidered at the next meeting.
was given, without leaving the bench, in a test case brought
by Mrs. Myrtle Harkeness Macomber to recover $1,342
OFFICIAL COMMUNIQUES OF THE PEACE CON- assessed against her and paid under protest as income on
FERENCE.
1,100 shares of stock of the Standard Oil Company of CaliThe official communications given out by the Supreme fornia which she received as a stock dividend, voted by the
Council of the Peace Conference since our last issue have directors of the company in January 1916 on the basis of
been as follows:
one new share for every two held; Mrs. Macomber received
The communique describing the session held on Satur- this dividend on 2,200 shares of stock held by her. In his
day, Feb. 1, said:
ruling Judge Mayer overruled the demurrer interposed to
The President of the United States, the Prime Minister and the Foreign
the complaint by the Government. Judge Mayer stated
Ministers of the Allied and Associated Powers and the Japanese representhat he saw no difference between the Macomber case
tatives met this afternoon at the Quai d'Orsay from 3 to 6:15 o'clock.
The Conferenc approved the text of the provisional agreement between and the Towne case "in which the United States Supreme
the Czechs and the Poles, proposed by tho delegates of the Powers, reCourt unanimously held that stock dividends were not
garding the Teschen district.
The instructions to be given to the inter-Allied Commission which is to income." The decision in the Towne case was handed
proceed to Poland were definitely decided upon and approved.
down on Jan. 7 1918 and involved the income tax law of
The Rumanian delegates, M. Bratiano and M. Mishu, were then intro1913; that law did not expressly provide for the treatment of
duced. M.Bratiano made a detailed statement of the Rumanian claims.
The next meeting will take place on Monday at 11 a.
stock dividends as income and suits instituted to recover
taxes on them were successful. The acts of Sept. 18 1916
The meeting of Feb. 3 was described as follows:
The President of the United States, the Prime Ministers and Ministers of and Oct. 3 1917 specifically provided for the taxing of
Foreign Affairs of the Allied and Associated Powers and the Japanese
stock dividends if paid out of earnings accruing since March
representatives met to-day at the Quai d'Orsay from 11 a. in. to 1 p.
They heard M. Venizelos's statement of the claims of Greece, which will be 1 1913. As indicated in these columns at the time the
continued to-morrow at 11 a. m., after which the Czechoslovak delegates U. S. Supreme Court in its decision in the Towne Case a
Will again be heard.
year ago said that the stock dividend was capital and that
The Supreme Council at Tuesday's (the 4th) meeting "a stock dividend really takes nothing from the property
agreed that questions in the statement of Premier Venizelos of the corporation and adds nothing to the interests of the
concerning Greek territorial interests should be referred to shareholders. Its property is not diminished and their
a commission of experts, including Americans, to make interests are not increased. . . . The proportional
recommendations for a settlement. The official statement nterest of each shareholder remains the same. The only
on the proceedings of the Council reads:
change is in the evidence which represents that interest,
The President of the United States, the Prime Ministers and Ministers of
Foreign Affairs of the United States, the British Empire, France, Italy, and the new shares and the original shares together representing
Japan met this morning at the Quai d'Orsay from 11 to 1 o'clock. M. the same proportional interest that the original shares repreVenizelos made a statement regarding Greek territorial interests in Asia
sented before the issue of the new ones."
Minor.
Charles E. Hughes,lof counsel for the plaintiff in the case
The following resolution was approved:
"It is agreed that the questions raised in the statement by M. Vonizelos decided by Judge Mayer last week,had the following to say
on the Greek territorial interests in the peace settlement shall be referred
for examination in the first instance to an expert committee composed of in part in his argument:
two representatives each of the United States of America, the British Empire, France, and Italy. It shall be the duty of this committee to reduce
the questions for decision within the narrowest possible limit, and make
recommendations for a just settlement. The.committee is authorized to
consult with the representatives of the peoples concerned."
The next meeting will take place to-morrow, Wednesday, Feb. 5, at
3 p. in., when the Czechoslovak delegates will be heard.

An official communication issued on the 5th said:
The Allied peace delegates, on Feb. 5, heard M. Kramarz and M. Bones
on the claims of the Czecho-Slovak Republic. A commission of two members to ho elected each for France, Great Britain and the United States
will be appointed to untangle the technical aspects of the question.

An official communication was issued as follows on the
6th inst.:
The President of the United States, the Premiers and Foreign Ministers
of the Allied and Associated Powers and Japan's representative on Feb. 6
heard Prince Feisal, son of the King of the Hedjaz and Commander of the
Arab forces in Damascus. Ho presented the case of the Arabs to the
Supreme Council this afternoon.
The Commission on International Labor Legislation, under the chairmanship of Mr. Gompers, also met. The Commission commenced a
detailed examination of the draft of a convention which provides for the
creation of a general organization, with a view to securing the progress
of the international labor legislation. Small States, members of the League
of Nations, would necessarily be members of this organization. The two
first articles of the draft were adopted.

ANNUAL BANQUET OF TRUST COMPANIES
OF UNITED STATES.
The eighth annual banquet of the trust companies of the
United States will be held under the auspices of the Trust
Company Section of the American Bankers' Association
at the Waldorf-Astoria, this city, on Thursday, Feb. 20,
at 7:30 p. m. Preceding the banquet a reception will be
held from 7 to 7:30 in the Astor Gallery. The following
is the Honorary Committee of Arrangements:

Prior to the closing of the books for the distribution of tho "stock dividend" sales of the Standard Oil Company's stock were made in the open
market at prices ranging from $360 to $380 per share, and afterwards arranged from $234 to $268 a share. Those figures showed that the market
value of plaintiff's holdings was practically unchanged, by the action of
the directors, two of the original shares being equivalent to three subsequent to the distribution.
The issue of law present in this case is whether Congress has power to
include in the amount for which an individual Is liable under the Income
Tax Law of 1916 the "cash value" of now shares, which are received upon
the declaration of a "stock dividend."
It is not necessary to show that what happened when the Standard Oil
of California declared its "stock dividend," It is merely sufficient to show
that plaintiff has not received income with which to pay the tax. She has
received new shares, but her old shares represented precisely the same
value; in fact she is no richer at the end of the year than at the beginning,
and as in all the cases discussed the one thing necessary has not taken
placo—realization of gain. She may never realize any gain. Whether she
does or not will depend upon the ultimate liquidation, so far as the shares
themselves are concerned. If dividends are received on the now shares, so
that she does receive gain in this way,she will be taxable on such dividends.
But until that point is reached, the plaintiff is immune from taxation under
the Income Tax Law. She objects to the payment of the tax as having
received some income, when just the opposite thing has happened—she
has been definitely assured she will not receive it.

George Welwood Murray, commenting on the case after
the argument, stated according to the New York "Times"
that the issue was to determine whether Congress had the
power to say that white was black and black white, and that
the insertion of the words "stock dividends" in the law did
not in any degree affect the fact that stock dividends were
not income. Mark Eisner, Collector of Internal Revenue, •
is quoted in the "Times" as saying with regard to Judge
Mayer's decision:

The decision in the Macomber case was expected by the Treasury Department and the assessment of taxes on stock dlidends was continued
only because of the mandatory provisions of the Act of Sept. 8 1916. The
effect of the decision upon the pending revenue bill will be felt at once.
Chellls A. Austin, President Mercantile Trust & Deposit Co., New York. The bill now provides that surplus unnecessarily accumulated by corporaFrank W. Blair, President Union Trust Co., Detroit, Mich.
tions shall be taxed against the individual stockholders at surtax rates
Under the decision
M. N. Buckner, President New York Trust Co., New York.
the same as if they were members of a. partnership.
Lynn H. Dinkins, President Interstate Trust & Banking Co., New in the Macomber case these corporations can declare stock dividends and
Orleans, La.
thus employ that surplus without rendering their stockholders liable to the
E. D. Hulbert, President Merchants Loan & Trust Co., Chicago, Ill.
the high rates of taxation, and a few years hence, when rates are lower, they
York.
New
Co.,
Columbia
Trust
President
King,
V.
Willard
may reduce their capital stock and pay out their surplus as cash dividends
Alvin W. Krech, President Equitable Trust Co., New York.
to the stackholders in exchange for their stock.
"that H. McCarter, President Fidelity Trust Co., Newark, N. J.
Partially to anticipate this it will be necessary for Congress to restore
Edwin S. Marston. President Farmers Loan & Trust Co., New York.
in a modified form the undisturbed surplus tax which was Contained in the
Co.,
Trust
Commercial
Pa.
President
Philadelphia,
Mason,
H.
John
old law, so that corporations whizh distribute stock dividends will be taxed
E. P. Maynard, President Brooklyn Trust Co., Brooklyn. N. Y.
upon the surplus which they transferred to their capital stick account,
Isaac H. Orr, Vice-President St. Louis Union Trust Co., St. Louis, Mo. or at least so much thereof as was earned in the taxable year. That is to
Seward Prosser, President Bankers Trust Co., New York.
say, Congress may declare that earnings transferred to capital stock acChas, H. Sabin, President Guaranty Trust Co. of New York, New count shall be taxed at a higher rate than other earnings of a corporation.
York City,
Judge Mayer's decision will, be appealed by the GovernPhilip Stockton, President Old Colony Trust Co., Boston, Mass.
• Geo. C. Van Tuyl, Jr.. President Metr000litan Trust Co.. New York. ment to the United States Supreme Court, and if that body




FEB. 8 1919.]

Orit

THE CHRONICLE

547

upholds Judge Mayer and renders a decision similar to that
of a year ago all income taxes collected by the Government
on stock dividends in 1916 will have to be repaid by the
Government. The total sum involved will run into millions.
The case is regarded as an important one, similar actions
have been brought by J. P. Morgan, Herbert L. Pratt and
others.

plan since the year 1915, a resolution inaugurating the
plan having first been adopted by the Executive Committee
of the Trustees on Nov. 24 1915. As the percentage of
profits distributed is based upon net earnings of the company as well as upon salaries and length of service it enables
employees to enjoy with officers and stockholders a share of
profits in proportion to the earnings of the company.
•
ITEMS ABOUT BANKS, TRUST COMPANIES, &o.
Edward Flash, Jr., has been elected a director of the
Forty-five shares of bank stocks and thirty-seven shares Battery Park National Bank of this city. Mr. Flash is
of trust company stocks were sold at auction this week. President of the New York Produce Exchange.
No sales were made at the Stock Exchange. A sale of ten
shares of National Park Bank stock at 581 was the first
Charles D. Dickey, senior partner of the banking house of
public transaction in the stock since August 1915. The Brown Brothers & Co., died on the 3rd inst. Mr. Dickey,
quotation at that time was 400. Extensive tables reporting who was in his fifty-ninth year, was born in Mobile, Alabama.
bid and asked quotations, deposits, surplus, &c., of banks He became a member of the firm in 1889 and since 1909
and trust companies in all important cities in the United has been its senior member. He was a director of the
States are published monthly in the "Bank and Quotation" United States Mortgage & Trust Co.; the Bank of the
Section, the February issue of which accompanies to-day's Manhattan Co.; the Commercial Trust Co. of New Jersey;
"Chronicle." Bid and asked quotations for all New York the Newport News & Hampton Ry. Gas & Electric Co.;
City bank and trust company stocks are also published and the Niagara Falls Power Co.; trustee of the Ocean Acciweekly in another department of this paper, and will be dent & Guarantee Corp.; Northern Assurance Co.; the
found to-day on page 569.
Greenwich Savings Bank, and the London Assurance Co.
Law. High. Close.
Shares. DANK—New York.
581
581
581
10 Nat. Park Bank
BANK—Brooklyn.
200 200 200
35 First National Bank
TRUST COMPANY—New York.
25 Bankers Trust Co
390 390 390
TRUST COMPANY—Brooklyn.
12 Manufacturers Trust Co._
*161 *161 *161

Last previous sale.
Aug. 1915— 400
July 1916—

260

Jan. 1919—

385

April 1918—

125

Brown Brothers & Co. announce that the Imperial
Ottoman Bank has received permission to correspond with
its Syrian branches and to hold at its disposal funds received
in London for payment in Syria to persons not enemies or
allies of enemies.

* New stock.

The directors of the Irving National Bank of this city have
added the following names to the list of recent appointments: Eugene D. Junior, Cashier; Hayward S. Kirby,
Assistant Cashier, and Claude E. Allnutt, Auditor. Mr.
Junior, formerly Auditor, has been connected with the Irving .for a great many years. Mr. Kirby of the Securities
Department had experience in making investigations before
coming to the Irving. Mr. Allnutt's work has been principally accounting as practiced in domestic and foreign
commercial banking institutions.
H. C. Stevens has been appointed an Assistant Cashier
of the National Bank of Commerce in New York. Mr.
Stevens comes from the Standard Trust & Savings Bank
of Chicago, where he was Cashier. He is a native of Monticello, Ill., and began his banking career when he entered
the employ of the Merchants Loan & Trust Company of
Chicago, Ill., in 1897. Mr. Stevens joined the Standard
Trust & Savings Bank when it was organized in 1910, serving as paying teller, Assistant Cashier and Cashier, having
held the office of Cashier since 1914.
•
•
H. C. Ottiwell and Harold Whitten have been appointed
Assistant Trust Officers of the United States Mortgage &
Trust Company of this city.
•
The National City Company of this city opened its new
building at 50 Wall Street on Monday of this week. The
building was formerly the home of the Mechanics' & Metals
National Bank, but had more recently been used by the
Federal Reserve Bank of this city. The executive offices
of the National City Company will remain in the National
City Bank Building at 55 Wall Street; the 50 Wall Street
building will be occupied exclusively by the company, the
departments which it will house being the Treasurer's Department and all deliveries and receipts of securities,and also
the City Sales Department. Further particulars regarding
the acquisition of the property were given in these columns
Dec. 21.
The board of trustees of the Equitable Trust Company
of New York recently announced the details of the company's profit sharing plan for the year 1919. The current
year marks a half decade of its operation. The fund to be
distributed is derived from a percentage of the net earnings
of the company in excess of an annual rate of 7% on the
combined capital, surplus and undivided profits of the company for the year. The distribution is based upon—the
respective salaries of the company's officers and employees
and the period of service in the employ of the company—
the percentage of profits increasing with length of service.
Officers and employees of the Equitable Trust Company of
New York have enioyed the benefit of this profit sharing




The increase in the capital of the Corn Exchange Bank
of this city from $3,500,000 to $4,200,000, ratified by the
stockholders on Jan. 21, has been approved by the State
Banking Department.
William Baylis, senior member of the Stock. Exchange
firm of Baylis & Co., died on the 1st inst. Mr. Baylis had
been a member of the Exchange since 1870. His father
had been a member of the Exchange from 1841 to 1883, and
was President in 1862. Following his graduation from Princeton, Mr. Baylis entered the banking house of his father,
and upon the death of the latter formed the firm of Baylis
& Co. with his brother, A. B. Baylis. Mr. Baylis continued at the head of that firm until his death. He was a
trustee of the gratuity fund of the New York Stock Exchange. Mr. Baylis was 71 years of age.
The Comptroller of the Currency has approved the plans
of the Public National Bank of this city whereby the capital is increased from $1,000,000 to $1,250,000. The issuance of the new capital was authorized by the stockholders
at their annual meeting on Jan. 14. In September a similar addition to the capital was approved by the stockholders, the amount then being raised from $750,000 to $1,000,000. The enlarged capital became effective Feb.6 1919.
The Lincoln Trust Co. of this city plans to open a branch
office at 7 Wall Street on May 1. The institution this
week voted to increase its directorate from 21 to 30 members. With the proposed branch the company will have
four branches; it already operates one at 204 Fifth Avenue,
another at 72d Street and Broadway and a third at 346
Broadway.
The Bank of the Manhattan Company, 40 Wall Street,
this city, will issue a booklet on the new Federal Tax Law
which will be available for distribution as soon as the law
is enacted. The booklet will contain the full text of the
income tax, war excess profit tax and other provisions of
the revenue act, together with explanatory summaries.
At the January directors meeting of the Nassau National
Bank of Brooklyn Howard M.Judd was elected an Assistant
Cashier of the institution. Mr. Judd has only been in the
service of the Nassau National Bank for about ten months.
Prior to that time he was Cashier of the Bethel National
Bank of Bethel, Conn.
Beginning Feb. 4 and running for ten consecutive weeks,
the Bank of Rockville Centre will conduct a weekly e!ass in
banking practice for the benefit of its emploiees and others
who may be interested in the practical work of a bank.
The class will be in charge of W. H. Kniffin Jr., who has
conducted similar classes for the past four years in New York

548

TIIE CHRONICLE

[VOL. 108.

University. There will be no charge of any kind, and the
At the annual meeting of the directors of the Commonlectures are open to the public. Cards of admission may be wealth Trust Co. of Pittsburgh, changes in the official staff
were made as follows: William A. Way, formerly President
had at the bank.
Judge of the County Court, was elected an active ViceRoger Pierce has resigned as Secretary of the Harvard Cor- President; C. W. Orwig, formerly Secretary and Treasurer,
poration to accept a position as Vice-President of the New was elected Vice-President and Treasurer; W. M. Sheridan,
England Trust Co. of Boston. Mr. Pierce is also Business formerly Assistant Secretary and - Treasurer, was elected
Director of the Harvard Medical School and Trustee of the Secretary; Willard Perry was elected Assistant Secretary and
Boston Home for Incurables, Member of the Board of Man- Treasurer. The following is the complete list of officers:
agers of the Farm and Trades School and Treasurer and John W. Herron, President; George D.Edwards and William
Trustee of the Milton Academy.
A. Way, Vice-Presidents; C. W. Orwig, Vice-President and
Treasurer; W. M. Sheridan, Secretary; Willard Perry,
William F. McQuillen has been elected a director of the Assistant Secretary and Trasurer; George H. Stengel is
Massachusetts Trust Co. of Boston. Mr. McQuillen is Trust Officer, and Willaim Hageman and Edwin W. Rieger
Treasurer of A. Storrs & Bement Co.
are Assistant Trust Officers.
The Herkimer County Trust Co., of Little Falls, N. Y.,
announces the following changes in its officers: Myron G.
Bronner is now Vice-President; Howard C. Miller, formerly
Secretary, is now Vice-President; Lorne M.Graves,formerly
Treasurer, is now Secretary and Treasurer. The President
of the institution is J. Judson Gilbert.
The stockholders of the Aldine Trust Co. of Philadelphia
will take action on the question of increasing the capital from.
$200,000 to $500,000 at a meeting to be held on April 10.

At the annual meeting of the new First National Bank of
Columbus, Ohio, Elias M. Poston was elected a director,
succeeding L. J. Cameron. On Dec. 31 1918 the date of
the last call of the Comptroller of the Currency, the bank
reported deposits of $8,183,721 and aggregate resources of
$9,747,945. The deposits at the end of the late year compare with $6,785,908 on Dec. 31 1917 and $4,828,615 on
Dec. 31 1914. The bank has a capital of $500,000 and surplus and profits of $571,124.
*—
Henry Deeg has been elected Manager of the Bond Department, which is to be established by the National Bank
of Commerce of Columbus, Ohio. Mr. Deeg recently resigned as Vice-President and Manager of the Bond Department of the Ohio National Bank, after a service of many
years.

Oliver C. White has resigned as Assistant Cashier of the
Drovers & Mechanics National Bank of Baltimore, to accept
a similar post with the Merchants' National Bank of Richmond, Va. His resignation becomes effective March 1. As
Assistant Cashier, Mr. White had charge of the Transit
Department. His duties in this connection will be taken
over by Thomas E. McConnell as Transit Manager. Mr.
Three Gary (Ind.) banking institutions were merged
McConnell has been with the bank for eleven years, and is recently when the International Trust & Savings Bank and
highly regarded by the officials of the institution.
the Union Trust & Savings Bank consolidated under the
title of the former institution and then purchased the entire
On Jan. 28 an agreement was entered into by the Union assets of the Northern State Bank. The enlarged instituTrust Co. of Maryland of Baltimore and the receiver of the tion has aggregate resources of $1,200,000. As stated in
failed Citizens State Bank of Govans, Md., whereby the our issue of Aug. 31 last, the Northern State Bank was closed
latter institution was to be taken over by the Union Trust by State Auditor Klauss on Aug. 26 after an examination
Co. of Maryland and on Jan. 31 Judge Allan McLane in had disclosed the fact that it was in an insolvent condition.
the Circuit Court at Towson, Md.,signed an order ratifying At the time of its closing the bank had a capital of $100,000
the sale. The Citizens State Bank of Govans, with capital and deposits of $655,423. By its purchase by the Internaof $50,000. was closed some time ago by the State Bank tional Trust & Savings Bank, the depositors of the defunct
Commissioner of Maryland, when upon examination its bank will receive 90% at once and the remainder as soon as
affairs and those of its branch at Camp Meade were found the assets can be realized upon. John W. Allbright is Presito be badly involved. Under the terms of the sale, the dent of the International Trust & Savings Bank, and E. C.
Union Trust Co. of Maryland guarantees to pay every de- Shelby, Vice-President. The new institution is to have
positor of the failed bank dollar for dollar on or after March 3, $100,000 capital and surplus and undivided profits of $20,000.
provided no one objects in the meantime. Counsel for the
receiver have collected up to the present time, it is said,
At the annual meeting, Jan. 14, of the American State
about $150,000. out of which all debts of the failed bank have Bank of Detroit Louis W. Schimmel and Charles P. Lamed
been paid and the balance (about $110,000) turned over to were elected Vice-Presidents. Mr. Schimmel is President
the trust company. We understand about $40,000 more of the Tivoli Brewing Company, director Gray Iron Founmust be collected in order to reimburse the Union Trust Co. dry Company, director Detroit Auto Specialty Company,
for money it will have to advance. The failed bank's real director American State Bank of Oakwood and American
estate and furniture have been taken over by the trust State Bank of Detroit. Mr. Lamed, lawyer, is President
company on a basis of $14,000. The report of the receiver of the Lamed Land Company, President Lamed Building
shows that when this $14,000 is added to the balance already Company and director American State Bank of Detroit.
turned over to the trust company, there will be approxiThe South Shore State Bank of Chicago held a very sucmately $123,619 available to pay depositors of the defunct
bank. It is understood that the Citizens State Bank will be cessful opening on Feb. 1 from 8 a. m. to 9 p. m. The
operated as a branch of the Union Trust Co. of Maryland, to South Shore State Bank is successor to the Windsor Park
be known as "Union Trust Co. of Maryland, Govans Bank, private, and occupies the latter's quarters at 75th St.
and Exchange Ave., opposite the Illinois Central Depot.
Office."
The officers are: John A. Carroll, President; James J. Carroll,
W. E. Cadwallader has been elected Cashier of the Com- Vice-President; Herbert W. Cooper, Jr., Cashier; Floyd M.
mercial National Bank of Washington, D. C. Mr. Cad- Phillips, Assistant Cashier. The following are the directors;
wallader has been connected with the Federal Reserve Wm. J. Pringle, Edw. R. Sorensen, James J. Carroll, Frank
Bank of Richmond since its establishment, having entered W. Howes and John A. Carroll.
it as auditor and being later promoted to the position of
At a meeting of the directors of the Bankers National
Comptroller. He will assume his new duties on Feb. 15.
Rolfe E. Bolling, Vice-President of the Chatham & Phenix Bank of Minneapolis on Jan. 23 C. L. Atwood of St. Cloud
National Bank, New York, was recently elected President was elected President. Mr. Atwood is President •of the
of the Commercial National Bank of Washington, D. C., in Security State Bank of St. Cloud and of the McGrath State
place of Frank P. Harman, who resigned to become Chair- Bank of McGrath, Minn. He has been director of the
man of the Board. The Commercial has made noteworthy Bankers National Bank since its organization.
progress under Mr. Bolling's management, the deposits
W. Dale Clark, who is at present Cashier of the Denver
having increased over $2,000,000 between the Comptroller's
Stock Yards Bank and Treasurer of the Denver Cattle Loan
calls of Nov. 1 and Dec. 311918.
Company of Denver, has recently been elected Assistant
George P. Sacks has been elected a Vice-President of the Cashier of the Omaha National Bank, Omaha, Neb. Mr.
National Bank of Washington, D. C. Mr. Sacks is a Clark received his first banking experience with the First
National Bank of St. Joseph, Miss., with which institution
member of the Chapin-Sacks Mfg. Co.
he remained fiveIyears,'_atiwhichltime_ he _was:elected As-




THE CHRONICLE

FEB. 8 1919.]

549

C. J. Smith, heretofore Chairman of the board of direcsistant Cashier of the First National Bank, Tarkio, Miss.,
from which place he went to Denver four years ago. Mr. tors of the Dexter Horton Trust & Savings Bank of Seattle,
(the affiliated institution of the Dexter Horton National
Clark is twenty-six years old.
Bank), was elected President of the institution at the annual
• The directors and stockholders of the Lincoln Savings meeting on Jan. 14. The office of Chairman of the Board
Bank & Trust Co. of Louisville recently decided to double has been abolished.
the capital stock of the institution, making the same $500,The following changes were made in the official staff
000 instead of $250,000 as heretofore. The entire first
floor of the building occupied by the bank is to be remodeled of the First National Bank of Seattle on Jan. 14: Claude
and used by the bank, which will facilitate the handling of A. Philbrick, heretofore Cashier of the bank, was elected a
the increased business of the institution. Three new Vice-President; A. R. Truax, formerly an Assistant Cashier,
directors have been elected, namely C. R. Aley, Treasurer was made Cashier, and Hugh Rowley, E. B. Kluckhohn
of the American Creosoting Co.; Wood Crady, of the Fed- and W. H. Berry were elected Assistant Cashiers of the
eral Chemical Co., and Charles Bensinger, member of the institution.
Board of Park Commissioners of Louisville.
P. B. Truax and W. S. Peachy, Vice-Presidents of the
The stockholders of the Mercantile Bank & Trust Co. of Seattle National Bank, Seattle, Wash., were elected direcSavannah, Ga., at their annual meeting on Jan. 14 voted tors of the institution at the annual meeting on Jan. 14.
*to double the capital of the institution, raising it from
0. S. Larson and W. W. Connor have been elected direcnew
has
issue
been
entire
sold
The
$200,000.
to
$100,000
tors of the Scandinavian American Bank of Seattle to sucat 105. This increase in capital will make the bank eligible
Jafet Lindenberg and C. J. Erickson, resigned.
ceed
for membership in the Federal Reserve system. Valmore
W. Lebey and Morris Slotin were elected directors of the
At the annual meeting on Jan. 14 of the National City
institution.
Bank of Seattle, H. Witherspoon, formerly Vice-Presi*—
dent of the Spokane & Eastern Trust Co., Spokane, Wash.,
John E. Murphy, for the past five years a Vice-President
until recently Regional Adviser of the War Industries
and
and member of the Finance Committee of the Lowry NaBoard, was elected active Vice-President and a director
tional Bank of Atlanta,• Ga., was elected President of the
and has assumed his new position.
institution at the recent annual meeting to succeed Colonel of the institution,
Robert J. Lowry, whose death occurred recently. Mr.
L. E. Eyman, for many years a prominent bond and inMurphy, who is one of the most prominent bankers in the vestment dealer of Seattle, has been appointed Vice-PresiSouth, is a Vice-President of the Trust Company of Georgia, dent and Manager of the bond department of the Union
a director and former President of the Atlanta Title Guar- National Bank of Seattle (a conversion of the Union Savantee Co. and has numerous other financial interests. At ings & Trust Co., referred to in our issue of Jan. 4), and
the same meeting J. Henry Porter was elected a director will devote his entire time to the building up of the bond
to fill the vacancy caused by the death of his uncle, the late business of the institution.
4
Colonel Lowry. The roster of the bank is now as follows:
In an item prepared by E. H. Sensenich, Cashier of
John E. Murphy, President; Henry W. Davis, H. Warner
Martin and J. H. Nunnally Vice-Presidents; E. A. Bancker, the Northwestern National Bank of Portland, Ore., and
Jr., Cashier, and Ernest W. Ramspeck, 0. C. Bradford, published in the Portland "Telegram" of Dec. 31, figures
Jr., Harry H. Johnson and Ernest A. Fowler, Assistant regarding the city's banking growth during the year just
closed are given. We quote in part therefrom as follows:
Cashiers.
Several promotions in the official staff of the WhitneyCentral National Bank of New Orleans took place at the
annual meeting of the institution on Jan. 14. Edward H.
Keep, heretofore an Assistant Cashier of the bank, was
elected Cashier to succeed John B. Ferguson, resigned;
Numa L. Bertel was advanced to First Assistant Cashier to
take the place of Mr. Keep and C. W. Kay and E. E. Leovy,
formerly Paying Teller and Chief of the Discount Department, respectively, were promoted to Assistant Cashiers.
Mr. Ferguson's resignation, which was due to failing health,
was accepted with deep regret. He had been connected
with the institution for thirty-five years and was held in
much esteem. Besides being Cashier he was also a VicePresident and director of the bank.
The directors and stockholders of the United States
National Bank of Los Angeles at their recent annual meeting elected or re-elected the following officers: 0. M.
Souden, President; J. H. Bullard and F. W. Smith, VicePresidents; J. E. Woolwine, Cashier and R. E. Anderson,
Assistant Cashier. This raised Mr. Smith from Cashier
to a Vice-President and Mr. Woolwine from Assistant
Cashier to Cashier. Mr. Smith was also elected a director
of the institution.
James S. Macdonnell, until recently Cashier of the First
National Bank of Pasadena, Cal., was made President of
the institution at the annual meeting of the directors, to
fill the vacancy caused by the death of Albert E. Edwards.
At the same time Theodore W. Smith, heretofore an Assistant Cashier, was elected Cashier to succeed Mr. Macdonnell.
The Comptroller of the Currency announces that the
name of the First National Bank of Tropico, Cal., has
been changed to the Glendale National Bank, the city
of Tropico having been annexed to and made a part of
the city of Glendale, Cal.
On Jan. 14 H. L. Merritt, Charles H. Lilly and Wilbur
B. Ives were elected directors of the Dexter-Horton National
Bank of Seattle and of the Dexter-Horton Trust & Savings Bank, its affiliated institution. Mr. Merritt is Cashier
of the former institution.




4

The consolidated figures for Dec. 31 1917 showed capital investment of
$13,075,000; for November 1 1918, the latest figures available, $14,376.000,
or a gain in 10 months of$1,301,000. Of this gain $625,000 was contributed
by the increase of capital and surplus of the Northwestern National Bank
in July. The balance, $676,000, represents actual earnings equivalent
to about 6% on combined capital, surplus and undivided profits. Deposits
on Dec. 31 1917 were $94,560,000. By Nov. 1 1918 they had grown to
$125,768,000, an increase of $31,208,000. or a gain at the rate of about 33%.
Such growth will compare most favorably with that of any of our most
rapidly growing financial centres.
Aside from the numberless transactions in Liberty bonds, all handled
without profit to the banks and without cost to the Government, the volume of business passing through the banks has been far greater than for
any previous year. Some idea of the increase in the 1918 volume over that
of 1917 can be gained by a comparison of the clearings, which for the year
1917 were reported as $860,000,000, and for 1918 in excess of $1,320,000,000,
or a gain of 53%, a rate of gain that will not be exceeded during the same
period by many cities in the United States. This increase In business has
forced one of the banks to enlarge its quarters materially and it is reported
.
two others are "looking for more room."

The 87th annual report of the Bank of Nova Scotia, head
office Halifax, N. S., just published, shows that net profits
for the year ending Dec. 31 1918 were $1,411,925,or 21.72%.
The paid-up capital is $6,500,000, and quarterly dividends
of 14% per annum were paid, in addition to which there
were the following appropriations: $65,000 war tax on
circulation; $47,500 to Patriotic, Red Cross and other
funds; $50,000 to officers' pension fund and $150,000 written
off bank premises account. The surplus fund is $12,000,000, the highest proportion of surplus to capital of any
Canadian bank, it is stated, and there remains in undivided
profits account $749,694. Deposits ,and other liabilities
to the public increased 19% during the year and now amount
to $142,080,008. Cash, bank balances and deposits in
the Central Gold Reserves amount to $51,527,502, or a
cash reserve of 36.27%, while the addition of marketable
bonds and secured demand loans make total quick assets
of $107,776,259, equal to 75.90% of liabilities to the public.
Total assets are $161,329,703. The executive offices are
in Toronto. H. A. Richardson is General Manager; J. A:
McLeod, Assistant General Manager. H. F. Patterson,
52 Wall St., is the New York Agent of the institution.
The Royal Bank of Canada (head office, Toronto) has
purchased the 15-story building at the northeast corner of
William and Cedar streets, this city, for a sum in excess of
$1,000,000. The New York agency of the Royal Bank of
Canada at present occupies the ground and second floors of
the building. The property was formerly owned by the

550

THE CHRONICLE

Casualty Co. of America. The Royal Bank announces
the establishment of a new branch in the Island of
Martinique at Fort de France, through which branch they
are prepared to buy and sell exchange, establish credits,
effect cable transfers and make collections throughout the
Island of Martinique.

[VoL. 108.

That the past year was one of great prosperity and allaround expansion for the Dominion Bank (head office
Toronto) is evidenced in the forty-eighth annual report
of that institution, submitted to the shareholders on Jan. 29.
The statement, which covers the calendar year 1918, shows
net profits for the twelve months, after deducting charges
of management, making full allowance for bad and doubtful debts and providing for Dominion Government war
tax (on circulation) and Provincial Government taxes of
$1,086,498, which, when added to $393,005, the balance
brought forward from the preceding year, made a total
of $1,479,503 available for distribution. The disposition.
of this sum, the report shows, was as follows: Dividends
(quarterly) at 12% per annum, $720,000; Red Cross,
Patriotic and other funds, $38,000; officers' pension fund,
$25,000; written off bank premises, $250,000, leaving a
balance of $446,503 to be carried forward to 1919 profit
and loss account. The paid-in capital of the Dominion
Bank is $6,000,000, with a reserve fund of $7,000,000. Sir
Edmund B. Osler is President of the institution and C. A.
Bogert General Manager.

The annual statement of the Union Discount Co. of London, Ltd.(head office, London), for the year ending Dec. 31
1918 shows that a very prosperous year was enjoyed by the
institution. Gross profits for the twelve months after
making provision for contingencies, the statement shows.
were $2,067,695, which, together with the $582,742, the
balance brought forward from the preceding year's profit
and loss account, gave a total of $2,650,438 available for
distribution. On the debit side of the statement the following amounts are given:$264,211 for current expenses, salaries,
fixed charges, &c.; $1,219,589 rebate of interest on bills
discounted, not due, carried forward to new account;
$125,000 for reserve fund; $200,281 to cover interim dividend for half year (paid in July) at 13% per annum, less
income tax; $193,375 to cover interim dividend for 2nd half
year (13% per annum) less income tax and $42,500 to pay
THE ENGLISH GOLD AND SILVER MARKETS.
bonus of is. per share, leaving a balance of $605,481 to be
Welreprint the following from the weekly circular of
carried forward to 1919 profit and loss account. The Union
Discount Co. of London has a subscribed capital of $8,- Samuel Montagu & Co. of London, written under date of
500,000 (170,000 shares of $50 each), paid-up capital of Jan. 16 1919:
GOLD.
$4,250,000($25 per share)and a reserve fund of $4,250,000.
The Bank of England gold reserve against its note issue shows a decrease
of
£47,975,
as compared with last week's return." Slight as this is,
Christopher R. Nugent is Manager.
The directors of the London Joint City & Midland Bank,
Limited, report that the net profits of the combined institutions for the year ending Dec. 31 last after making provision for all band and doubtful debts amount to .£2,700,330,
which with £733,785 brought forward makes £3,434,115 for
appropriation as follows: For payment of dividends for the
year 1918 at the rate of 18% per annum less income tax
£919,885; for payment of salaries and bonus to members
of the staff who are engaged with his Majesty's forces, and
bonus to other members of the staff £489,132; to reserve
funds for future contingencies £600,000; to bank premises
redemption fund £100,000; to officers' pension fund £100,000;
to staff widows fund £50,000; to reserve fund £500,000, and
to carry forward £675,098. The dividend of the London
City & Midland Bank, Limited, was at the same rate for
1917 with appropriations of *$804,519 and carry forward
£733,785.

it is the first check to a series of thirty-seven successive increases.
The December "Bulletin" of the National City Bank of New York.
in the course of some interesting remarks anent the great accumulation of
gold in the United States, uses the following words:
"There are people who will listen with amazement to the suggestion
that we ought to get rid of some of our gold. It seems altogether inconsistent with our embargo, still in effect, under which we forbid the exportation of gold even to pay our legitimate debts. But it was pointed out two
years ago, when the heavy importations were made, that they involved an
after-the-war problem. The perils of having more than our rightful share
of the world's gold were pointed out at that time. They exist in the fact
that in the long run there is a relationship between the gold reserves, the
state of credit and the level of prices. Gold does not lie indefinitely Idle.
While it is idle it is harmless, but when it is used in excess it works mischief.
Nothing but a condition of industrial activity and level of prices approximating that which we have been experiencing during the war can keep this
stock of gold employed,and at this level of prices it is very doubtful whether
we can sell anything abroad after Europe has resumed production 'at the
normal rate. In other words, this stock of gold seems likely to be either
idle on our hands, in which case It is dead capital, or, if in use as the basis
of credit, the means of elevating us to a trade position so far above the rest
of the world outside that it will be untenable."

SILVER.
There is nothing.of special interest to report with regard to the market:
local trade demand continues fairly good. The Shanghai rate remains
unchanged.
INDIAN CURRENCY RETURNS.
(hi Lacs of Rupees)—
Dec. 22. Dec. 31. Jan.?
Notes in circulation
14577
14709
14824
Silver coin and bullion in India
2339
2391
2295
Silver coin and bullion out of India
874
956
882
Gold coin and bullion in India
1968
1968
1967
Gold coin and bullion out of India
12
12
12
Securities (Government of India)
1000
1418
1266
Securities (British Government)
8250
8250
8250
The stock in Shanghai on the 11th inst. consisted of about 23,000,000
ounces in sycee and 12,200,000 dollars, as compared with about 20,700,000
ounces in sycee and 12,100,000 dollars on Dec. 28 last.
Quotations for bar silver per ounce standard:
Jan. 10
cash_48 7-16d Jan. 16
cash_48 7-16d.
Jan. 11
48 7-16d. Average
48.4375d.
Jan. 13
48 7-16d Bank rate
Jan. 14
48 7-16d. Bar gold, per oz. standard..._77s.
Jan. 15
487-16d.
Ill
No/quotationifixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week ago.

On Jan. 20 proposals regarding an important merger were
announced in Canadian banking circles, that of the Bank
of Nova Scotia (head office Halifax), with paid-in capital
of $6,500,000, and the Bank of Ottawa (head office Ottawa),
with paid-in capital of $4,000,000. The amalgamation of
these two banks (already consented to by the Minister
of Finance, but which is still to be ratified by the shareholders of the Bank of Ottawa) will make the Bank of
Nova Scotia the fourth largest bank in Canada, with capital
of about $10,000,000; reserve and undivided profits of
$17,000,000; deposits of $178,000,000, and total assets of
$234,000,000. The basis on which the merger has been
arranged, is four shares of Bank of Nova Scotia stock in
exchange for every 'five shares of Bank of Ottawa stock.
As the Bank of Ottawa's capital is $4,000,000, the Bank of
Nova Scotia will issue new stock to the amount of $3,200,000, thereby bringing its own capital up to $9,700,000.
We have also received this week another circular written
The Bank of Nova Scotia was founded in 1832 and is one
of the strongest and most successful banks in the Dominion. under date of Jan. 9 1919.
GOLD.
Its branches, numbering about 200, are established in
The Bank of England gold reserve against its note issue shows an inCanada, Newfoundland, the West Indies and this coun- crease of £485,740 as compared with last week's return.
try. Charles Archibald (Halifax) is President. The Bank
CURRENCY.
In this connection the annual statement issued by ttie Bankers' Clearing
of Ottawa was organized in 1874 and has for many years
House on Jan. 1 1919 with regard to its operations is full of interest. The
been the leading banking institution in the Ottawa Valley. daily
average clearing in 1869, the first year recorded, was £11,660,400
It has 95 branches, nearly all of which are located in Eastern and has risen during the fifty years of the institution's activities to £69,Ontario. Hon. George Bryson (Ottawa) is President of 728,600 in 1918. The increase has been most marked during the last decade.
grand total for the year 1869 was £3,626,396,000, while that for 1918
the institution. The Montreal "Gazette" of Jan. 20 quotes The
was E21,197,512,000. it is imposstete to read these figures without
H. A. Richardson, General Manager of the Bank of Nova realizing the extreme importance which the check occuple in performing
Scotia, in speaking of the proposed consolidation, as saying: the functiontof emeditun of exchangeAnor can we overlook the valuable

82

The two banks are peculiarly adapted to the union now under way. To
begin with, they meet at only 11 points of their nearly 300 branches.
Those points are the larger cities, where the public is already well served with
banks, so that practically no diminution of banking facilities is entailed.
The acquisition of the Bank of Ottawa's branches in the West is a welcome addition to our connections there, where we are most anxious to extend. The Bank of Nova Scotia has practically no branches in the Ottawa
Valley, where the Bank of Ottawa is particularly well established; indeed,
they have concentrated their main efforts in that section and largely control
the business there.




services rendered by this institution, in such quiet and unobtrusive fashion
to the trade of the Empire.
SILVER.
The commencement of the New Year has been accompanied by someactivity in tntdedemand, but not of sufficient size to incommod tthe!market,
deprived,ras itlhas been for some time, of competition from abroad, owing
to theiexportarestrictions which remain in force.
The Shanghai/exchange has eased a little to 5s. Id.
INDIAN CURRENCY RETURNS.
For the first time since 1915, the amount of Indian Government securities held in the reserve against Indian/paper currency has exceeded 1,0043

THE CHRONICLE

FEB. 8 1919.1

lacs. During the intervening period the British Government securities
in the reserve have been augmented by authority of the Indian Government. In view of this new departure, we include details as to how the
fiduciary reserves are now composed.
Dec. 15. Dec. 22. Dec. 31.
(In Lacs of Rupees)—
14473
14577
14709
Notes in circulation
Reserve in silver coin and bullion (within and
3543
3347
3213
without India)
1968
1968
1968
Gold coin and bullion in India
12
12
12
-001d coin and bullion out of India
1000
1000
1266
Securities (Government of India)
7950
8250
8250
Securities (British Government)

28

consisted of about 20,700,000 ounces
The,stock in Shanghai on Dec.
dollars, as compared with about 21,040.000 ounces
in sycee and
dollars on the 21st ult.
in sycee and
Quotations for bar silver per ounce standard:

12,100,000
11,800,000

Jan. 3
Jan.4
Jan.6
Jan.7
Jan.8

cash_48 7-16d.
ca,sh_48 7-16d. Jan. 9
48 7-16d. Average
48.4375d.
5%
48 7-16d. Bank rate
48 7-16d. Bar gold, per oz. standard__77s. 9d.
48 7-16d.

No 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:
Feb. 1. Feb. 3. Feb. 4. Feb. 5. Feb. 6. Feb. 7.
London,
Sat.
Mon.
Tues.
Wed. Thurs.
Week ending Feb. 7.
Fri.
d. 487-16 48 7-16 487-16 487-16 487-16 487-16
Silver, per oz
Holiday 5934
595e
Consols, 2 per cents
59
5934
59
95
95
Holiday 9434
95
British, 5 per cents
95
Holiday 9934
9934
9934
British, 4X per cents
9934
9934
64.75
French Rentes(in Paris)_ _fr.
French War Loan (in
fr.
91.85
Paris)

551

RECAPITULATION.
GROSS DEBT.
NET DEBT.
Debt bearing no int__ $244,136,742 69 Gross debt(opposite)-115,885,002,880 24
Debt on which interest
Deduct—
has ceased
Balance free of cur7,585,500 26
Interest-bearing debt
rent obligations__
5,633,280,637 29
522,467,794 25
Gross debt

$15,885,002,880 24

101

101H

101A

101A

101A

FINANCIAL STATEMENT OF U. S. SEPT. 30 1918.
(Formerly Issued as "Statement of the Public Debt.")
The following statements of the public debt and Treasury
cashiholdings of the United States are as officially issued
as of Sept. 30 1918:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balance held by the
Settlement warrants,maTreasurerofthoUnited
tured interest obliStates as per daily
gations, and checks
Treasurystatementfor
outstanding:
Sept. 30 1918
950,357,878 54
Treasury warrants—
11,715,985 04
Deducl—Net excess of
Matured interest oblidisbursements over regations-a
45,370,195 37
ceipts in September
Disbursing
officers'
reports subsequently
checks
253,881,317 91
116,922,585 97 Balance free of current
received
obligations
522,467,794 25
833,435,292 57

833,435,292 57

a The unpaid interest due on Liberty Loins is estimated in cases where complete
reports have not been received.
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes
346,681,016 00
Less gold reserve
152,979,025 63
Excess of notes over reserve
Obligations that will be retired on presentation:
Old demand notes
National bank notes and Federal Reserve bank notes assumed
by the U. S. on deposit of lawful money for their retirement_
Fractional currency
Total

193,701,990 37
53,012 50
43,537,322 00
6,844,417 82
244,136,742 69

DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded loan of 1891, continued at 2%,called for redemption May
18 1900; interest ceased Aug. 18 1900
4000 00
Funded loan of 1891, matured Sept. 2 1891
19,950 GO
Loan of 1904, matured Feb. 2 1904
13,050 00
Funded loan of 1907, matured July 2 1907
484200 00
Refunding certificates, matured July 1,1907
11,120 00
Old debt matured at various dates prior to Jan. 1 1861, and other
Items of debt matured at various dates subsequent to Jan. 1 1861
900,480 26
-Certificates of indebtedness, at various interest rates, matured__
635,000 00
Loan of 1908-18
5,517,700 00
Total

7,585,500 26

INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest
Amount
Outstanding Sept. 30 1918
Issued.
Registered. Coupon.
Title of Loan— Payable.
Total.
$
-J.
_Q.
846,250,150 597,798,450 1,925,600
599,724,050
ls, Consols of 1930—
Q.-F. 162,315,400 103,641,550 14,848,350
118,489,900
45, Loan of 1925
Panama Canal Loan:
Q.-F.
54,631,980 48,944,040
10,140
48,954,180
25, Series 1906
Q.-F.
30,000,000 25,805,520
141,880
25,947,400
28, Series 1908
50,000,000 43,331,900 6,668,100
,
M•
50,000,000
35, Series 1911 - -(1
28,894,500
6,650,000 22,244,500
28,894,600
ls, Conversion bonds.Q.-J.
27,362,000 14,365,000
-3s, 1-yr. Trans. notes-Q.-4•
14,365,000
4,098,195,500
Var., certfs.of indebt_ _Mat. 4,110,773,000
26,000,000
26,000,000
25, Certfs. of indebt....3.3a.
Var., 1st Liberty Ln_JAD.a1,989,455,740
1,988,799,740
3,696,814,349
4&4Xs, 2d Lib. Ln_MAN.03,807,864,349
434s,3d Liberty Ln._M.&S.a4,170,820,074
4,145,884,574
a19,555,275
4Xs,4th Lib. Ln_ _
19,555,275
234s, Postal Says. bonds:
11,258,880 10,525,640
733,240
(1st to 15th series)__JA.J.
11,258,880
b 4s, War Savings and
mat. c787,96(0.4139
Thrift Stamps
760,397,289
Aggreg. of int.-bear. debt_ _15,903,141,487

15,633,280,637

a These amounts represent receipts of the Treasurer of the U. S. on accokint of
principal of bonds of the First, Second, Third and Fourth Liberty Loans, respectively, to Sept. 30.
b The average issue price of War Savings Stamps for the year 1918 with interest
at 4% per annum compounded quarterly for the average period to maturity will
amount to $5 on Jan. 1 1923, Thrift•Stamps do not bear interest.
c This amount represents receipts of the Treasurer of the U. S. on account of
.Proceeds of Sales of War Savings Certificate Stamps and U. S. Thrift Stamps.




$15,362,535,085 99

TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Jan. 31 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury
for Jan. 31.
Assets—
Gold ooln
Gold bullion

CURRENT ASSETS AND LIABILITIES
GOLD
$
(MOO UV,—
776,115,622 95 Gold eertfs. outatand'g_ 862,201,355 00
1.755,823,857 48 Gold settlement fund
Fed. Reserve Board 1,359,648,449 10
Gold reserve_ _ _
.. 152,979,025 83
Avail, gold in gen'i fund 177,110,650 70

Total
2,551,939,480 43
Total
2,551,939,480 43
Note.—Reserved against $346,631,016 of U. S notes and $1,784.915 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars In
the Treasury.
SILVER DOLLARS.
duets-Liabilities286,205,973 00 Silver cents. outatand'g 233,185,955 00
Silver dollars
Treasury notes of 181)0
outstanding
1,784,915 00
Available silver dollars
In general fund
51,235,103 00
Total

The price of silver in New York on the same days has been:
Silver in N. Y., per oz__ets.101A

*Net debt

*The amount of $6,527,914,750 has been expended to above date in this and preceding fiscal years from the proceeds of sales of bonds authorized by law for purchase
of the obligations of foreign Governments. When payments are received from
foreign Governments on account of the principal of their obligations, they must
be applied to the reduction of the interest-bearing debt of the United States.

Aside—
wall. gold (see aboVe)4vall. silver dollars (see
above)
United States notes.._ _
Federal Reserve notcs
Fed. Res. bank notes__ _
National bank notes_ _ _
Cert. checks on banks_ _
Rubsidiary silver coin __
Minor coin
-liver bullion
'tnelassified (unsorted
currency. Ac.)
t)eposits in Fed'I Land
banks
t nenosits in Federal Reserve banks_
Deposits in Special Derositaries account of
sales of Liberty bonds
and certificates of inindebtedness
Deposits in Foreign Depositaries:
To credit of Treasurer
United States
•,epogits in nat. banks:
To credit of Treas.U.S
To credit of otherGoveminent officers_ _ _
0-posits In Philippine
treasury:
To credit Treas. U.S.
To credit other Government officers_ __

286.205,973 00

Total
286,205,973 00
GENERAL FUND.
Liabilities—
$
177,110,650 70 Treasurer's checks outstanding
988,878 55
51,235,103 00 Deposits of Government
11,515,175 00
officers:
37,115,287 00
Post Office Dept
31,509,855 35
2,857,366 00
Board of Trustees,
48,761,064 48
Postal Savings Sys125,667 45
tem (5% reserve)..
7,840,054 29
8,258,054 61
Comptroller of the
1,218,463 78
Currency, agent for
20,033,086 80
creditors of insolvent banks
1,419,850 07
6,774,261 18
Postmasters, clerks of
courts, Asa
34,567,724 96
830,000 00 Deposits for:
Redemption of Fed162,466,139 33
eral Reserve notes
169,379,311 61
(5% fund)
Redemption of Fedi
Reserve bank notes
(5% fund)
5,891,280 00
789,759,000 00
Redemption of national bank notes
(5% fund)
22,846,520 66
Retirement of addi244,073,292 51
tional circulating
notes. Act May 30
42,601,892 96
1908.
420,390 00
Exchanges of curren9,707,062 68
25,661,217 51
cy, coin. ato
300,525,083 GO
7,918,354 64
'Net balance

1,325,041,128 32

3,206,289 20

1.625,566,211 32
Total
Total
1.625,566.211 32
*The amount to the credit of disbursing officers and agencies to-day was
$2,029,438,523 27. Book credits for which obligations of foreign Governments are
held by the United States amount to $244,554,036.
Under the Acts of July 14 1890 and I)ec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $42,027,467.

TREASURY CURRENCY HOLDINGS.—The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of November and December 1918 and January and February 1919:
Holdings in
Sub-Treasuries.

Nov. 1 1918. Dec. 1 1918. Jan. 1 1919. Feb. 1 1919.
$
$
$
$

at gold coin and bullion_
at silver coin and bullion
at United States notes__
NiS national banknotes..
Niat Fed. Reserve notes._
A Fed. Res. bank notes
at subsidiary silver....
inor win. do

303,339,350
48,326,073
7,493,225
20,040,397
32,590,49:
1,010,839
3,874,531
4,059.112

314,698,106
50,855,823
8,894,558
19,638,905
32,669,081
1,462,368
3,488,477
3,800,243

327,238,862
63,162,942
8,900,115
27,125,084
34,528,148
2,868,297
3,331,153
9,167,866

Total cash in Sub-Treas
.ss gold reserve fund __ _

420,734,025
152,979,026

435,507,561
152,979,026

476,322,467 *517,983,205
152,979,026 152,979,026

oh balance in Sub-Tress 267,754,999
3p. In special depoteries:
Amount certa. of indebt 1,678,762,000
Liberty Loan depositsash in Fed. Res. banks_
23,514,063
oh in Fed. Land banks
830.000
oh In national banks:
To credit Treas. U. 9_ _
45,617,137
7,544,520
To credit dish, officers_
Total
oh in Philippine Isi'ds_
m's. in Foreign Depts.

53.161,657
8,863,603
71,933,792

330,089,676
71,268,190
11,515,175
48,761,064
37,115,287
2,857,366
8,258,055
8,118,392

282,528,535

323,343,441

365,004,179

748,481,000

652,061,000

789,759,000

422,957,083
980,000

157,104,883
830,000

162,466,139
830,000

46,568,698
6,185,465

46,736,771
8,917,283

42.601,893
9,707,063

52,754,163
10,492,162
171,684,310

55,654,054
8,213,721
181,749,217

52,308,956
11,124,644
244,073.293

Net cash In banks,Sub2304,820314 1,689,877,253 1,378,956,316 1,625.566,211
Treasuries
'duct current liabilities_ 259,080,122 275,160,486 298,900,009 300,525,083
Available ninth balance_ 1.845.739.992 1.414.716.767 1.080.056.307 1.325.041.128
•Includes Feb. 1 $20,033,086 80 sliver bullion and 18,118,392 41 minor coin,
not included In statement "Stock of Money."

552

THE CHRONICLE

[VOL. 108.

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
Other Western and Southern Clearings brought for-The subjoined table, covering clearings for the current ward from first page.
week, usually appears on the first page of each issue„ but on
January.
. account of the length of the other tables is crowded out once Clearings at•
Inc. or
a month. The figures are received by tleegraph from other
1919.
1918.
Dec.
1917.
1916.
leading cities.
Clearings-Returns by Telegraph.
Week ending February 8.

Per
Cent.

1917.

1918.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

$3,298,222,562
417,556,637
328,106;896
255,275,534
159,428,196
128,458,262
104,099,670
103,686,328
77,573,715
62,431,587
56,923,606

$2,513,635,682 +31.2
362,224,200 +15.3
243,327,239 +34 8
178,945,223 +42.7
153,256,033
+4.0
106,188,967 +21.0
70,490,360 +47.7
50,279,404 +106.2
48,418,299 +60.2
32,187,648 +94.0
50,423,179 +12.9

Eleven cities,5 days
Other cities,5 days

$4,991,762,993
858,473,492

$3,809,376,234
685,498,967

+31.0
+25.2

Total all dines, 5 days
All cities, 1 day

$5,850,236,485
1,105,467,698

$4,494,875,201
910,532,317

+30.2
+21.4

$8,955.704.183

85,4C5.407.518

+28.7

Total all cities for week

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the month of January 1919 and 1918 are given below:
January 1919.
Descriplion.

Par Value
or Quantity.

Actual
Value.

January 1918.
Aver. Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

Stock JShs _
11,858,465
13,616,357
kVal _ $1,126,755,705$1,037,426,808 92.1 $1,279,740,700$1,175,427,682 91.8
41,335,000
37,004,206 89.5
33,002,500
28,003,797 84.6
159,329,672 95.3
U.S.G. bds.
167,167,500
51,597,500
50,095,108 97.1
68,356,000
68,219,972 99.8
Sta.&c.bds.
22,106,500
20,642,903 93.4
28,400
58,872207.3
Bank stks_
7,200
12,640175.6
Total_ _ _ $1,403,642,605$1,302,039,53

92.8$1,386,544,400$1,274,182,220 91.9

The volume of transactions in share properties on the
New York Stock Exchange each month since July 1 in 1918-19
and 1917-18 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1918.

1917.

!Ifth.
Values.

Number
of
Shares.

Par.

Actual.

Number
of
Shares.

Values.
Par.

Actual.

$
$
71
$
July. 8,449,888 771,723,890 718,468,917 13,325,365 1,273,055,300 1,197,403,416
Aug_ 6,887,589 651,885,275 600,499,818 11,636,8531,109,321,950 1,053,240,109
Sept 7,763,068 727,457,350 681,746,982 13,822,7751,298,464,450 1,158,262,097
3d qr 23,100,5452,151,066,5152,000,715,717 38,784,9933,680,841,7003,368,905,622
Oct _ 20,671,337 1,945,685,625 1,800,457,278 17,368,787 1,612,627,550 1,322,479,682
Nov_ 14,651,844 1,366,434,525 1,284,040,396 14,816,058 1,383,347,275 1,107,984,718
Dec.11,925,303 1,089,941,035 1,046,419,017 12,767,723 1,172,798,000 925,462.419
ithqr47,248,484 4,402,061,1854,130,916,691 44,952,568 4,168,772,8253,355,926,819
1919.
1918.
ran _ 11.853.465 1.126.755.705 1.037.426.808 13.616.357 1.279.740.700 1.17&427A82

The following compilation covers the clearings by months
since July 1 1918-19 and 1917-18:

Kansas City_ _ _ _
Minneapolis ____
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Topeka
Cedar Rapids _ _ ..
Waterloo
Helena
Sioux Falls
Colorado Springs
Pueblo
Fargo
Joplin
Aberdeen
Fremont
Billings
Hastings
Grand Forks.- -Lawrence
Iowa City
Oshkosh
KansasCity,Kan.
Lewistown

$
845,629,958
184,334,679
249,313,677
73,951,705
122,668,462
90,525,258
42,351,783
37,142,267
51,054,636
46,514,515
18,044,097
13,021,058
9,695,508
6,793,595
10,727,503
13,256,391
3,407,673
3,206,979
12,314,796
7,702,000
5,639,896
3,287,310
5,181,922
2,384,295
6,497,000
1,743,943
2,045,762
2,461,942
4,367,121
2,949,236

Tot.otherWest 1.858,214,967.1,659,964,618 +11.9 1,259,580,704
St. Louis
717,051,627
New Orleans.... 278,319.190
Louisville
117,332,473
Houston
75,095,229
Galveston
27,252,666
Richmond
234,237,113
Atlanta
269,276,033
Memphis
92,881,747
Fort Worth
65,625,074
Savannah
29,839,037
Nashville
72,754,366
Norfolk
47,389,789
Birmingham....
54,752,282
Augusta
14,512,263
Jacksonville
.36,100,258
Macon
8,552,224
Charleston
17,000,000
Oklahoma
41,325,293
Little Rock
23,916,908
Knoxville
11,427,825
Mobile
7,865,890
Chattanooga
25,996,918
Austin
21,231,642
Columbia
9,574,813
wihaington,N.C.
4,497,980
Beaumont
6,500,000
Columbus, Ga..
3,500,000
Vicksburg
2,238,932
Jackson
2,945,192
Tulsa
38,795,860
Muskogee
12,781,628
El Paso
22,629,859
Dallas
119,925,880
Newport News
- 5,305,283
Montgomery_ _ _ _
7,595,005
Tampa
8,200,000
Texarkana
3,757,276
Raleigh
4,894,707
Shreveport
13,370,181

1917.

1918.

3d qr. 83,172,579,299 74,787,348,237 +11.2 39,149,079,395 31,038,829,167 +26.1
Oct- _ _ 32,066,173,268 28,264,308,306 +13.4 15,150,894,022 12,540,914,667 +20.0
Nov _ 29,351,480,488 27,229,438,014 +7.8 13,745,654,396 12,395,262,742 +10.9
Dec _ _ 30,810,729,744 26,538,131,038 +16.1 14,151,653,303 11,924,587,916 +18.7
4th qr. 92,228,383,497 82,031,877,358 +12.4 43,048,201,721 36,860,767,325 +16.6
1919.
1918.
1919.
1918.
Jan___ 32,338,941,532 26,530,712,145 +21.9 14,478,298,698 11,811,644,615 +22.6

The course of bank clearings at leading cities of the country for the month of January in each of the last eight years is
shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN
1919. 1918. 1917. 1916. 1915.
(000,0005
omitted.)
$
$
$
$
$
New York
17,861 14,719 15,127 12,327 7,288
Chicago
2,345 2,025 2,084 1,528 1,312
1,47% 1,159 1,031
Boston
869
645
Philadelphia
1,832 1,523 1,398 1,015
662
St. Louis
717
648
590
429
355
593
320
334
260
205
Pittsburgh
San Francisco
573
434
376
241
216
Baltimore
370
183
188
191
151
Cincinnati
278
190
182
141
113
Kansas City
846
847 . 584
350
326
Cleveland
440
340
286 '
172
108
184
141
Minneapolis
127
121
127
278
246
152
New Orleans
106
90
321
226
233
153
98
Detroit
117
90
106
83
56
Louisville
249
200
142
93
Omaha
79
51
53
51
45
Providence
34
137
112
Milwaukee
103
78
74
157
132
134
98
87
Los Angeles
109
90
87
62
Buffalo
53
74
63
58
74
49
St.Paul
123
84
63
47
39
Denver
67
60
61
Indianapolis
44
36
234
165
102
68
38
Richmond
93
62
54
40
36
Memphis
164
121
77
51
Seattle
47
63
64
66
39
Salt Lake City
38
35
35
39
33
25
Hartford

JANUARY.
1914. 1913. 1912.
$
$
$
9,372 9,339 8,836
1,436 1,412 1,253
777
823
843
762
790
716
397
396
347
234
260
223
218
242
222
170
198
173
137
128
121
252 '255
229
123
119
98
108
117
86
112
103
106
121
112
90
74
72
65
79
76
68
40
42
40
74
70
59
108
112
93
54
55
52
46
44
44
37
42
42
37
42
37
39
40
39
45
43
41
52
50
46
30
32
37
26
24
22
----29,792 24,331 23,883 18,758 12,377 14,960 15,038 14,028
2,547 2,200 1,737 1,365 1,106 1,233 1,191 1,036

32,339 26,531 25,620 20,123 13,483 16,193 16,229 15,084
Total all
Outside New York-._14,478 11,812 10,493 7,796 6,195 6,821 6,890 6,228




892,339,018
429,456,675.
106,453,413
83,194,033.
42,178,400
16,630,434
67,981,008
76,631,751
40,157,170
36,884,088
23,321,479'
33,890,963.
19,390,982
16,631,583.
8,520,179
14,512,895
16,236,256
10,439,161
13,067,850
11,513,748
9,733,342
4,705,745
12,440,717
16,967,487
4,848,781
2,120,890
4,282,828
2,024,030
1,466,000
2,968,785
10,518,000
5,351,723
9,394,339
36,404,233
1,646,931
5,220,651
4,615,072
1,443,882
2,971,026

Clearings al1919.

1917.

July_. 28,644,789,823 25,664,326,634 +11.6 13,243,582,672 10,479,033,048 +26.4
Aug _- 28,156,158,940 25,093,230,233 +12.2 13,197,733,316 10,413,908,705 +26.7
Sept_ _ 26,371,630,536 24,029,791,370 +9.7 12,707,763,407 10,145,890,414 +25.2

Total
Other cities

590,495,304
151,838,803
105,675,781
59,198,157
24,198,662
101,752,554
112,250,234
53,839,569
47,317,409
21,987,701
41,495.832
25,113,998
17,539,818
9,253,874
16,104,995
6,029,259
11,635,229
25,332,571
13,852,211
9,771,885
6,231,447
16,775,552
16,096,909
5,704,743
2,472,660
5,374,770
1,703,102
1,286,272
3,097,000
25,832,553
6,442,858
17,113,308
53,906,815
2,191,400
4,469,142
5,268,476
2,114,599
3,247,525
8,061,400

Week ending February 1.

Clearings Outside New York.

Month.
1918.

647,804,972 +10.7
245,938,751 +13.2
89,788,402 +30.7
76,728,607 -0.8
27,949,634 -2.5
164,650,000 +42.3
215,140,437 +25.3
62,354,992 +48.9
71,336,212 -8.0
33,497,687 -10.9
59,056,526 +23.2
33,912,135 +39.7
20,610,997 +165.6
16,895,932 -14.1
20,880,533 +72.9
11,851,572 -27.8
16,776,171
+1.3
42,068,264 -1.8
20,889,505 +14.5
11,620,182 -1.7
6,632,778 +18.4
20,280,540 +28.2
25,136,587 -15.5
8,795,516 +8.9
3,961,220 +13.3
5,803,764 +12.0
3,618,679 -3.3
2,533,299 -9.7
3,105,964 -5.2
33,496,727 +15.8
13,119,546 -2.6
17,196,483 +31.6
97,213,510 +23.4
2,879,376 +84.6
. 7,442,824
+2.1
6,460,845 +26.9
3,441,874 +9.2
3,910,598 +25.0
12,804,331
+3.9

$
350,463,007'
121,474,497
93,088,72174,095,358.
47,007,866.
40,243,121
23,573,291
20,223,658.
22,332,304
16,448,494
11,352,052
7,237,873
6,862,304
9.523,206.
4,915,360
5,526,220
3,134,934
2,200,704
8,087,142
5,873 212
3,615,219.
2,113,447
2,479,955.
1,122,590
2,170,000
959,357
1,168,803
1,622,768
1,515,915
1,907,640

Total Southern 2.536.208 403 2.167.501.052 .1-17.0 1.627 116 R77 1 905 oi AM An

MONTHLY CLEARINGS.
Clearings, Total All.

$
%
$
846,772,063 -0.1 584,105,433
141,466,804 +30.3 126,531,503
199,966,642 +24.2 142,344,432
62,583,169 +18.2
57,593,646
84,296,959 +45.4
62,773,876
77,438,559 +16.9
60,334,357
35,987,144 +17.7
32,093,108
34,533,863 +7.6
27,753,911
20,226,139 +152 4
21,039,961
35,417,354 +31.3
25,925,251
18,337,198 -1.6
14,742,546
15,411,599 -15.5
11,629,186
8,504,060 +14.0
9,328,707
8,977,279 -24.3
8,418,638
8,659,911 +23.9
8,318,053
8,515,698 +55.7
6,871,825
3,830,926 -11.0
4,307,124
3,136,378 +2.3
2,771,055
8,104,682 +51.9 - 7,087,043
7,626,028 +1.0
7,553,503
4,685,902 +20.4
3,353,474
3,492,603 -5.9
3,131,282
4,810,510 +7.7
4,002,332
2,265,135 +5.3
1,954,971
5,204,000 +24.8
4,831,000
1,505,770 +15.8
1,338,345
1,439,819 +42.1
1,312,132
2,199,532 +11.9
2,113,949
2,422,826 +80.3
3,201,796
2,145,906 +37.5
2,818,265

1918.

Inc. or
Dec.

Kansas City_ _ _
Minneapolis
__
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Topeka
Cedar Rapids__ _
Waterloo
Helena
Colorado Springs
Pueblo
Fargo
Aberdeen
Fremont
Billings
Hastings

$
179,949,833
35,538,415
53,284,373
14,987,366
20,078,285
19,299,713
8,487,254
8,611,041
10,630,627
9,761,729
3,733,459
2,162,397
1,805,481
1.470,477
2,223,530
400,000
634,043
2,498,131
1,258,864
886,862
1,022,600
422,207

$
182,869,011
26,655,665
42,526,209
12,309,283
20,873,777
17,593,775
7,064,721
7,447,937
3,559,321
6,841,268
3,968,421
3,471,580
1,700,307
1,904,006
1,528,473
450,000
638,350
1,321,816
820,704
759,825
814,950
524,998

%
:-1.6
+33.3
+25.3
+21.8
-3.8
+0.7
+20.1
+15.6
+198.7
+42.7
-5.9
-37.7
+6.2
-22.8
+46.1
-11.1
-0.7
+89.0
+53.4
-9.6
+25.5
-19.4
+9.7

1917.

1916.

$
$
118,788,164
75,550,031
25,871,832
22,820,415
29,056,064
20,679,725
12,118,436
12,550,306
13,040,335
10,016,263
12,406,491
8,899,483
6,690,507
5,554,643
6,150,055
4,176,803
4,255,884
4,073,329
4,400,000
3,135.000
3,148,533
2,590,628
2,335,454
1,602,905
1,714,853
1,731,196
2,073,083
1,932,994
1,559,839
1,086,109
471,907
532,835
517,045
412,480
1,287,699
1,563,557
561,465
659,373
519,335
395,120
765,664
435,197
409,193 ' 261,268

Tot.otherWest

378,946,687

345,371,296

248,141,835

180,659,650

St. Louis
New Orleans_ _ _ _
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Fort Worth
Savannah
Nashville
Norfolk
Birmingham _
Augusta
Jacksonville _ _
Macon
Charleston
Oklahoma
Little Rock
Knoxville
Mobile
Chattanooga _ _ _
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Dallas
Shreveport

147,277,047
63,148,650
27,458,544
14,963,525
4,600,000
53,193,393
57,858,613
16,925,327
13,873,552
5,861,446
13,661,132
8,315,556
13,153,640
3,056,123
8,587,335
1,800,000
3,000,000
9,683,572
4,600,000
2,190,033
1,484,219
5,249,018
4,200,000
455,205
626,177
7,946,670
2,818,381
20,000,000
3,000,000

129,175,907 +14.0 116,820,503
53,798,380 +17.4
37,821,230
18,495,176 +48.5
22,706,956
14,732,023 +1.6
11,500,000
4,900,000 -6.1
5,680,218
34,400,105 +54.6
23,127,176
42,010,453 +37.7
21,468,835
12,841,306 +31.8
10,185,912
10,090,003 +37.5
9,887,265
5,463,549 +7.3
4,489,617
12,456,075 +9.7
8,801,503
6,329,173 +31.4
5,133,487
3,663,585 +259.9
2,969,702
2,903,976 +5.3
1,979,741
4,354,858 +97.2
3,736,329
2,100,000 -14.3
1,395,089
2,938,575 +2.1
2,154,189
9,231,178 +4.7
5,496,471
4,000,410 +15.0
3,137,335
2,397,977 -8.6
1,976,760
1,200,437 +23.6
1,408,873
4,295,647 +22.2
3,760,785
5,000,000 -16.0
2,500,000
383,284 +18.8
294,757
619,404 +1.0
469,178
6,385,596 +24.4
5,682,791
2,373,571 +10.3
1,364,209
15,597,429 +28.2
11,110,212
2,900,000 +3.4

88,451,231
26,679,093
19,420,608
9,486,861
3,986,973
18,047,944
17,867,923
7,668,553
8,429,689
5,565,506
7,038,494
4,203,014
2,708,239
1,632,384
3,200,000
3,453,166
2,157,522
2,936,781
2,082,071
2,217,023
1,130,000
2,654,526
2,200,000
471,409
673,433
2,429,222
935,372
7,190,138

Total Southern

518.767.156

415.037.057 -1-25.01 327.tw St2a

254 (116574

FEB. 8 1919.]

THE CHRONICLE

553

Canadian Bank Clearings.-The clearances of the Cana- Feb. 1 and their increase or decrease during the month
dian banks for the month of January 1919 show an increase January.
National Bank Notes-Total Afloatover the same month of 1918 of 16.6%.
Amount afloat Jan. 1 1919
$723,529,210
Net amount retired during January
Month of January.
Clearings at
inc. or
Dec.

1918.

1919.

•
1917.

1916.

%
+24.6
+20.9
+2.0
+19.8
+17.5
-18.8
+25.1
+5.1
+19.8
+4.8
+31.0
+24.5
+17.6
+24.6
+5.2
+36.6
+6.9
-9.5
-4.8
+16.9
+25.6
-20.5
+8.2
+16.8
+27.9

$
320,446,690
246,474,674
160,752,399
28,757,111
21,974,359
21,066,862
16,350,128
20,066,534
6,241,300
11,199,511
12,992,959
9,102,643
9,537,107
12,127,929
6,701,232
5,176,519
3,116,732
2,484,758
2,216,315
3,600,664
1,190,503
2,211,883
2,475,068
2,477,925
2,247,133

$
261,581,500
194,964,304
145,723,005
21,924,554
18,354,205
15,296,712
13,893,532
14,839,201
5,729,678
8,573,985
12,039,418
6,725,023
7,860,806
8,857,690
4,790,673
3,992,525
1,880,093
2,010,463
2,157,266
2,785,764
844,294
1,334,407
2,234,818

Total Canada_ 1.191,224,971 1,021,723,784 +16.6

930,988.938

758.393.916

&nadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Hamilton
Victoria
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Fort William_ .. _ _
Brandon
Brantford
New Westminster
Medicine Hat
Peterborough ...._
Sherbrooke
Kitchener

$
428,538,998
313,656,977
180,092,160
45,750,031
30,007,639
24,782,144
20,940,743
22,321,457
9,004,892
15,962,846
20,054,921
11,832,902
12,354,748
14,289,483
7,680,804
7,078,228
3,209,119
3,104,565
2,547,057
4,234,546
2,140,165
1,714,013
3,360,823
3,601,347
2,964,343

$
343,925,558
259,470,999
176,539,246
38,174,171
25,528,300
30,515,776
16,732,685
21,228,508
7,518,345
15,235,468
15,311,960
9,497,410
10,506,756
13,946,416
7,302,290
5,182,860
3,001,039
3,429,562
2,675,515
3,623,852
1,704,615
2,155,540
3,106,791
3,091,228
2,318,894

The clearings for the week ending Jan. 30 at Canadian
cities, in comparison with the same week in 1918, show an
increase in the aggregate of 10.6%.
Week ending January 30.
Clearings at
1919.

Inc.or
Dec.

1918.

CanadaMontreal
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

$
81,953,866
68,096,816
33,759,119
9,288,592
6,370,573
4,290,544
4,026,111
4,572,673
2,474,659
2,167,531
4,810,659
1,673,645
2,867,827
2,707,819
446,901
581,773
1,380,916
762,617
1,307,298
558,436
409,975
298,933
631,459
624,671
561,764

Total Canada_

236.625.177

$
75,023,124
56,223,257
35,632,897
7,823,971
5,185,180
3,310,179
3,225,856
4,186,938
1,927,169
1,649,293
6,029,227
1,581,301
2,879,390
2,498,980
442,068
492,673
1,402,257
672,490
883,599
595,423
303,023
418,123
546,325
624,963
446,770

1917.

%
+9.2
+21.1
+0.4
+18.7
+22.9
+29.6
+24.8
+9.2
+23.2
+31.4
-20.2
+5.8
-0.4
+8.4
+1.1
+18.1
-1.6
+13.4
+48.0
-6.2
+35.3 •
-28.5
+15.6
-0.05
+25.8

214.004.566 -I-10.6

1916.

$
66,612,747
50,641,615
36,683,973
5,387,031
5,040,741
3,581,126
2,134,480
4,488,646
1,508,665
1,817,625
4,289,672
1,041,282
2,118,283
2,097,669
396,794
517,305
1,281,536
993,773
895,509
373,689
260,466
426,203
551,893
493,998
450,000

$
56,081,483
41,022,117
30,102,778
4,672,799
4,555,312
3,069,835
2,426,289
3,521,257
1,611,092
1,697,733
3,373,482
1,035,233
1,899,162
1,599,868
429,957
342,987
918,584
586,396
819,745
431,773
178,574
229,427
562,737

194.095 721

162(155 6211

MAMA^

BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Roads and Legal Tenders
on Deposit for-

Circulation Afloat Under-

1017-18.
Bonds.
Jan. 31 I919-_
Dec.31 1918....
Nov.30 1918_ _
Oct. 31 1918.Sept.30 1918._
Aug.31 1918
July31 1918..
June 30 1918__
May 31 1918._
Apr.30 1918_ _
Mar.30 1918_ _
Feb. 28 1918_ _
Jan. 31 1918._

683,004,450
684,648,950
684,468,950
684,446,440
683,026,300
682,411,730
690 831.200
690,384,150
691,579,160
688,969,710
688,060,510
685,349,410
684,508,260

Legal
Tenders.

Legal
Tenders.

Bonds.

41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44,108,182
36.150.417
36,878,979
35,089,575
30,189,817
36,252,360
37.047,275
36,311,670

680,025,471
683,661,878
676,431,533
679,637,575
678,465,863
680,210,470
687,577,645
687,326,508
687,998,070
686,098,360
684,667,147
680,992,730
681,521,545

41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44,108.182
36.150.417
36,878,977
35,989,575
36,189,817
36,252,360
37,047.275
36,311,670

Total.
721,928,498
723,529,210
716,853,155
721,471,137
721,933,170
724,318,652
723.728.062
724.205,485
723,987,645
722,288,177
720,919,507
718,040,005
717,833,215

$138,250,180 Federal Reserve bank notes outstanding Feb. 1, of which $137,592,800 covered by bonds and $657,380 by lawful money.

The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Jan. 31.
U. S. Bonds Held Jan. 31 to SecureBondt on Deposit
Jan. 31 1919.

On deposit to On deposit to
secure Federal
secure
Reserve Bank National Bank
Notes.
Notes.

2s, U. S. Consols of 1930
14,137,750
4s, U. S. Loan of 1925
2,593,000
2s, U.S. Panama of 1936
404,500
28, U.S.Panama of 1938
285,300
2s, U. S. 1-year certfs. of indebtedness. 123,008,000
Totals

140,428,550

$721,928,498
$39,867,332
2,035,695
641,903,027

GOVERNMENT REVENUE AND EXPENDITURES.
-The details of Government receipts and disbursements for
January 1919 and 1918 and for the seven months of the
fiscal years 1918-19 and 1917-18 are as follows:
Jan. 1919.
Receipts.
OrdinaryCustoms
12,732,515
Internal revenue:
Income & exc. prof.tax 43,141,373
Miscellaneous
112,287,675
Miscellaneous revenue
27.054,789
Total
Panama CanalTolls, &c

195,216,352
626,489

Public DebtFirst Liberty Loan bonds
40
Second Lib. Loan bonds_
bird Lib. Loan bonds__
7,395
Fourth Lib. Loan bonds_ 565,907,924
Ctfs. of Indebtedness_ _ _3,020,794,800
War Say.& Thrift stamps 70,996,041
Postal Savings bonds....91,080
Deposits for purchase of
One-Year Treas. Notes
(Sec. 18,Fed.Res. Act,
approved Dec.23 1913)
Deposits for retirement of
national bank notes and
Fed. Res. bank notes
(Acts of July 14 1890
4,365,600
Dec. 23 1913)
Total

Jan. 1918.

7rnos.'18-'19. 7/nos.'17-'18.

12,163,216

89,184,097

95,902,541

10,702,143
62,391,765
17,796,190

728,615,036
701,706,932
284,816,751

57,616,346
391,029,492
125,615,717

103,053,314 1,804,322,816

670,164,096

302,895

4,011,136

2,733,782

54,446
400,143,053

2,664,306 523,404,639
605 3,801,817,670
933,381,791
6,625,486,614
735,572,50012,090,610,800 4,197,687,500
24,559,722 735,817,522
34,796,173
302,140
289,260
1,020,940

9,301,000

692,300

19,150,000

18,023,642

2,977.160

3,662,162,880 1,170,625,161 20,406,274,540 8,580,854,082

Grand total receipts- -3,858,005,721 1,273,981.37022,214,608,492 9,253,751,960
Disbursements.
OrdinaryChecks and warrants paid
(less balances repaid,
1,627,495,548
&c.)
32,084,972
Int. on public debt paid_
Total

1,659,580,520

SpecialPanama Canal: Checks
paid (less balances repaid, &c.)
1,435,024
Purchase of obligations of
foreign Governments
290,250,800
Purchase of Federal Farm
Loan bonds:
11,000,000
Principal
84,606
Accrued interest
302,770,430

Public DebtBonds, int.-bearing notes
and ctfs. retired
1,639,379,295
One-Year Treas. notes redeemed (Sec. 18, Fed.
Res. Act, approved
9,301,000
Dec. 23 1913)
Nat. bank notes and Fed.
Res. bank notes retired
(Acts of July 14 1890
1,989,655
and Dec. 23 1913)Total

1,650,669,950

701,615,471 9,980,033,685 3,094,733,110
13,686,569 239,300,865
41,614,088
715,302,04010,219,334,550 3,136,347,198

1,315,910

8,304,555

10,949,917

370,200,000 2,352,237,498 3,141,329,750
3,500,000
38,095

14,500,000
121,935

3,500,000
38,096

375,054,006 2,375,163,988 3,155,817,763

103,623,176 9,848,054,470 3,173,376,702

9,281,000

19,150,000

19,130,000

1,822,065

12,871,207

14,638,922

114.726,241 9,880,075,677 3,207,145,624

Gran0 total disburs't8.3,613,020,900 1,205,082,287 22,474,574,215 9,499,310,585
Excess of total receipts
over total disbursemls 244,984,821
Excess of total disbursements over total reels_

68,899,083
259,965,723

245,558,625

*Receipts and disbursements for June reaching the Treasury in July are included

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.
Percent.
35 First Nat. Bank, Brooklyn_ _200
50 Established Land Corp_ 32,000 lot
12.5505 Mfrs.' Trust,new stock _161
1,200 Companta Generale de Mines
Bank
10 National Park
581
en 13olivie,500 fcs. ea_$20,0001et
390
25 Bankers' Trust
10 United Gas & Elec. (Conn.)
1st preferred
10 First Mtge. Guarantee_$16,500 lot
40
300 Emerson Phonograph, $5
iLst
Bonds.
$1N per sh.
each
764 W. H. Miner Chocolate,
$3,000 Gary Connecting Rye. 1st
common
$12 per sh.
5s, certificates of deposit
$15 lot

By Messrs. Millet, Roe & Hagen, Boston:

.
$ per sh. Shares. 'Stocks.
Shares. Stocks.
S.:Mesh.
4 Plymouth Cordage
2 Bigelow-Hart. Carpet, pref..__ 943
214
full
pd.
114
5
Rivett
Lathe
&
.Cotton
Mills,
new,
7 Mass
Grinder, pref
86
67
20 Western Real Est. Trustees_ _ 112%
6 Hargraves Mills
126
I Heywood Bros. & Wakefield,
8 Cabot Manufacturing
150%
preferred
4 Pacific Mills
96%

By Messrs. Barnes & Lofland, Philadelphia:
Total
Held.

559,965,600
51,889,050
46,148,880
25,000,920

574,103,350
54,482,050
40,553,380
25,286,220
123,008,000

683,004,450

823,433,000

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Jan. 1 and




Amount on deposit to redeem national bank notes Feb. 1 1919

Total

Commercial andMiscellantonsBerns

1,600,712

Amount of bank notes afloat Feb. 1 1919
Legal-Tender NotesAmount on deposit to redeem national bank notes Jan. 1 1919
Net amount of bank notes issued in January

$ per sh. Shares. Stocks.
Shares. Stocks
$persh.
5 Wayne Junction Trust
80 Broad St. Bank, $50 each... 49
75
4X
17 Fire Association of Philadel4,853 Nome Holding Co
phia, $50 each
4 Riverside Trac., p1., $50 ea_ 31
310X-311
20 Phil. Ger. & Norrist. RR_ _ _ 119
5 Danville (Pa.) Nat. Bank__ _190
1
18 Amer.Pipe dr Construction__ 12
10 The Blum Store, pref
X
3 Phila. Bourse, pref., $25 ea__ 19X
5 The Blum Store, common_ _ _
4 Phila. Bourse,com.,$50 ea__ 6
6 F. G. Vogt AC Sons, Inc., $50
51
each
5,000 Kimberly Cons. Mines,$1 ea. 7c.
715
1 Philadelphia Trust
37 Horn & Hardart Baking
400
5 Commercial Trust
(Philadelphia)
240
5 United Gas & Elec., 1st pref. 403.
12 Integrity T. I. T. & S. D.,
22234
2 Tioga Trust
$50 each
89
Bonds.
10 Empire Title & Tr., $25 paid
Per'cent.
17
$500 Cleve.& Erie let 5s, 1929_ _
22
'(Par $50)
105K 800 Riverside Tree. 1st 5s, 1960..f 70K
39 Finance of Pa., 2d pref
100 United Gas & Elec. coll. 6s,'48 50
200
6 Jenkintown Nat, Bank

554

[VOL. 108.

THE CHRONICLE

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
1 Webster & Atlas Nat. Bank_ _ _ _215
15 Nat. Shawmut Bank
215
154
6 City Mfg., New Bedford
34 Pepperell Manufacturing
190
11 Bates Manufacturing
268
5 Nashua Mfg., new stock
240
10 Arlington Mills
112
17 Hargraves Mills
169X
6 King Philip Mills
166

Shares. Stocks.
3 per sh.
16 Tremont de Suffolk Mills
160
20 Merrimack Mfg.,corn.,ex-div.67-67 X
1 Boston Atheneum,$300 par_ _ _ _410
1 Babson & Dow Mfg., 2d pref.__ 70'
4 Babson & Dow Mfg., corn
10
2 Worcester Gas Light
90
2 Sullivan Machinery
13634
20 Great Northern Paper
250
10 Turners Falls Pow. & Elec
12134

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.

Per
When
Cent. Payable

Books Closed
Days Inclusive

Railroads (Steam).
4
Feb. 21 Holders of rec. Jan. 21a
Alabama Great Southern, preferred.._
Atch. Topeka & Santa Fe. corn. (guar.) 1X Mar. 1 Holders of roe. Jan. 31a
2
Mar. 1 Holders of rec. Jan 28a
Baltimore & Ohio, common
2
Mar. 1 Holders of rec. Jan. 28a
Preferred
Buffalo Rochester & Pittsburgh, common.._ 2
Feb. 15 Holders of rec. Feb. 13a
Preferred
3
Feb. 15 Holders of rec. Feb. 13a
tChicago St. Paul Minn.& Omaha,corn. 234 Feb. 20 Holders of rec. Feb. :la
334 Feb. 20 Holders of roe. Feb. Mr
tPreferred
Cleveland & Pittsburgh, reg. guar.(qu.) 8734c Mar. 1 Holders of rec. Feb. 10a
Special guar. (guar.)
500 Mar. 1 Holders of rec. Feb. 10a
Cripple Creek Central, pl. (qu.)(No. 53).. 1
Mar. 1 Holders of rec. Feb. 14a
Sc. Mar. 15 Holders of reo. Feb. 20
DaytonCoal,Iron& Ry.. preferred
Dayton (Tenn.) Coal, Iron & Ry.. pref_ Sc. Feb. 15 Holders of rec. Jan. 20
*234 Mar. 20 *Holders of rec. Feb. 26/
tDelatcare & Hudson Co. (guar.)
Ft. Dodge Des Moines & Sou., corn. (qu.) 114 Feb. 1 Holders of rec. Jan. 20a
134 Feb. 1 Holders of rec. Jan. 20a
Preferred (guar.)
Illinois Central (guar.)
134 Mar. 1 Holders of rec. Feb. 13a
334 Feb. 10 Holders of roe. Jan. 20a
Louisville & Nashville
Norfolk dr Western, adj. pref. (I:Ilford_ _
Feb. 19 Holders of rec. Jan. 310
1
134 Mar. 19 Holders of rec. Feb. 28a
Norfolk & Western, common (guar.)._ _
75e. Feb. 28 Holders of rec. Feb. la
Pennsylvania (guar.)
Pittsburgh & West Virginia. pref. (qu.). 1X Mar. 1 Holders of roe. Feb. 130
Feb. 13 Holders of rec. Jan. 23a
Reading Company, common (guar.) _ $1
50e. Mar. 13 Holders of rec. Feb. 25a
Reading Company, first pref. ()uar.).234 Mar. 1
Sharon Railway
Utica Clinton & Binghamton (quar.).... 134 Feb. 10 Feb. 2 to
Feb. 10
Street & Electric Railways.
American Railways, pref. (guar.)
134 Feb. 15
Central Ark. Ry.& Lt., pref.(qu.)(No.24) 134 Mar. 1
Cities Service, corn. and pref. (monthly)
X Mar. 1
Common (payable in common stock)_ fl
Mar. 1
Connecticut Ry.& Ltg., corn.& pf.(qu.) 1% Feb. 15
Detroit United Ry. (guar.) (No. 59)
Mar. 1
2
Monongahela Val. Trac., pref. (guard_ 3734c. Feb. 20
Feb. 15
Montreal Lt., Ht.& Power,cons.(qtr.). 1
Pacific Gas & Elec., 1st pl.(qu.)(No. 18) 1
Feb. 15
Original preferred (quar.)(No.52).... 134 Feb. 15
PhiladelphiaCompany, 5% prof
$1.25 Mar. 1
West Penn Rys., pref. optard (No.7)
134 Mar. 15
West Penn Trac. & Water P., pf. (qu.)_
134 Feb. 15

Holders of rec. Feb. la
Holders of roe. Feb. 15a
Holders of rec. Feb. I5a
Holders of rec. Feb. 15a
Feb. 1 to Feb. 16
Holders of rec. Feb. 13
Holders of rec. Feb. to
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Feb. 10a
Holders of rec. Mar. 1
Holders of rec. Jan. 20

Miscellaneous
Advance Rumely, preferred (No.
134 April 1 Holders of rec. Mar. 17a
Feb. 10 Holders of rec. Jan. 31a
Alaska Packers' ASSOC. (quar.)
2
Feb. 10 Holders of rec. Jan. 31a
Extra (from insurance fund interest) _ 2
Special (pay. In 2d L. L. cony. 4X s)_ m25 Feb. 10 Holders of rec. Jan. 31a
75e. Feb. 15 Holders of roe. Feb. la
American Bank Note, corn. (quar.)._
Amer. Beet Sugar pref. (qu.) (No. 79). P134 April 1 Holders of roe. Mar. 15a
*134 Feb. 15 *Holders of rec. Jan. 31
American Brass (guar.)
Extra
.134 Feb. 15 *Holders of rec. Jan. 31
American Caramel, pref. (guar.)
1X Feb. 10 Feb. 2 to Feb. 9
Mar. 1 Holders of rec. Feb. 15a
American Cotton Oil,common (quar.)_ _ _
1
American Druggist Syndicate
400. Mar. 15 Holders of rec. Jan. 31a
*5 Feb. 15 *Holders of rec. Feb. 15
American Foreign Securities
1)4 Mar. 15 Holders of rec. Mar. 5a
American Fork & Hoe,common (guar.)
Preferred
334 April 15 Holders of rec. April 5
American Hide de Leather, pf. (guard
194 April 1 Holders of rec. Mar. 15a
Am.La France Fire Eng..Ino.,com.(qu.) 134 Feb. 15 Holders of rec. Feb. 8
American Radiator, common (guar.)
Mar.31 Mar.23 to Mar. 31
3
Com.(extra pay. in L.L.4g % bonds)
m4
Mar. 31 Mar. 23 to Mar. 31
Preferred (guar.)
134 Feb. 15 Feb. 7 to Feb. 15
Mar. 15 *Feb. 27 to Mar. 4
Amer. Smelt. & Refining, corn. (guar.)
*1
Preferred (guar.)
.134 Mar. 1 *Feb. 12 to Feb. 20
American Soda Fountain (guar.)
134 Feb. 15 Holders of rec. Feb. 1
Amer.Sugar Refining. cont.& pref.(qu.) 134 April 2 Holders of rec. Mar. la
Common (extra)
X April 2 Holders of rec. Mar. la
Amer. Sumatra Tobacco pref.(No 18).. 334 Mar. 1 Holders of rec. Feb. 14a
Mar. 1 Feb. 16 to Mar. 16
Amer. Tobacco, com.(qu.) (pay.in scrip)_ p5
Preferred (guar.)
134 Apr. 1 Feb. 16 to Mar. 16
Amer. Water Works & Elec., pref. (qu.) 194 Feb. 15 Holders of roe. Feb. 1
$1.50 Feb. 24 Holders of rec. Jan. 18a
Anaconda Copper Mining (guar)
Associated Dry Goods Corp., 1st pf.(qu.) 134 Mar. 1 Holders of rec. Feb. 8a
Second preferred (guar.)
194 Mar. 1 Holders of rec. Feb. 8a
Feb. 13 Feb. 5 to Feb. 12
Beatrice Creamery, common (guar.)
3
134 Feb. 13 Feb. 5 to Feb. 12
Preferred (guar.)
Bethlehem Steel, common (guar.)
134 April 1 Holders of rec. Mar. 12
Common (extra)
134 April 1 Holders of rec Mar. 12
134 April 1 Holders of rec. Mar. 12
Common B (guar.)
Common B (extra)
134 April 1 Holders of rec. Mar. 12
April 1 Holders of rec. Mar. 12
Cumulative convertible pref. (guar.)_ 02
Non-cumulative preferred (quard__ _ v134 April 1 Holders of rec. Mar. 12
Bond & Mortgage Guarantee (quar.)
4
Feb. 15 Holders of rec. Feb. 8
Borden's Cond. Milk,corn.(No.47)
Feb. 15 Holders of rec. Feb. la
4
Preferred (guar.) (No. 69)
154 Mar. 15 Holders of ma Mar. la
134 June 14 Holders of reo. May 31a
Preferred (guar.) (No. 70)
British Columbia Fish & Pack. (quar.). 134 Feb. 21 Feb. 9 to Feb. 20
British Columbia Packers' Assoc. (qu.)_ 234 Feb. 21 Feb. 9 to Feb. 20
Brooklyn Edison, Inc. (quar.)
Mar. 1 Holders of rec. Feb. 14
2
Brunswick-Balke-Collender,common.._ _
134 Feb. 15 *Holders of rec. Feb. 4
Mar. 15 Holders of rec. Feb. 21
$2
Buckeye Pipe Line (guar.)
Burns Bros., common (guar.) (No. 22)
234 Feb. 15 Holders of roe. Feb. la
Common (payable in common stock)_ /234 Feb. 15 Holders of rec. Feb. la
By-Products Coke Corporation (guar.). 134 Feb. 15 Jan. 26 to Feb. 25
Canada Cement, Ltd., pref. (guar.).-- 134 Feb. 16 Holders of rec. Jan. 31
Feb. 15 Holders of rec. Jan. 31
Canada Foundries & Forg., corn. (qu.)_ 3
134 Feb. 15 Holders of rec. Jan. 31
Preferred (guard
Canadian Converters, Ltd. (guar.)
154 Feb. 15 Holders of rec. Jan. 31
Mar.31 Holders of rec. Sept.26
Carbon Steel, 1st preferred
n4
July 30 Holders of rec. July. 28
6
Second preferred (annual)
Cedar Rapids Mfg. & Power (guar.)...
X Feb. 15 Holders of rec. Jan. 31
75e. Feb. 15 Holders of rec. Feb. la
Cleveland Automatic Mach., corn.(qu.)
Colorado Fuel & Iron, common (guar.)34 Feb. 20 Holders of rec. Jan. 31a
2
Feb. 20 Holders of rec. Jan. 31a
Preferred (guar.)
1
Columbia Gas & Electric (guar.)
Feb. 15 Holders of rec. Jan. 31a
194 Mar,15 Holders of rec. Feb. 7a
Consolidated Gas (guar.)
3X Feb. 20 Holders of rec. Feb. 10a
Consumers Company, preferred
15e. Feb. 15 Feb. 9 to Feb. 16
Continental Motors Corp., corn.(guar.)
Continental Paper Bag,common (quar.)
134 Feb. 15 Holders of roe. Feb. 8
1X Feb. 15 Holders of roe. Feb. 8
Preferred (guar.)
Crescent Pipe Line (guar.)
*75c. Mar. 15 *Holders of rec. Feb. 20
Cresson Con. Gold M.&NMI.(mthly.). 10e. Feb. 10 Holders of roe. Jan. 31
134 Mar. 1 Holders of rec. Feb. 15
Deere & Co., preferred (guar.)
Mar. 15 Holders of roe. Feb. 28a
Diamond Match (guar.)
2
Feb. 15 Holders of rec. Jan. 31
Dominion Bridge, Ltd. (guar.)
2
Dow Chemical, common (guar.)
194 Feb. 15 Holders of rec. Feb. 5
Common (extra)
634 Feb. 15 Holders of rec. Feb. 5
Preferred (guar.)
194 Feb. 15 Holders of rec. Feb. 5
2X Apr. 15 Holders of rec. Apr. 1
Eastern Steel, common (guar.)
First and second preferred (guar.).- 134 Mar. 15 Holders of rec. Mar. 1




Per
When
Cent. Payable,

Name of Company.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Eisenlohr(Otto)& Bros.,Inc.,corn.(qu) 1
Feb. 15 Holders of rec. Feb. la
Electric Investment, pref. (guar.)
134 Feb. 21 Holders of rec. Feb. 11
Federal Utilities, pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 15
First National Copper
15c. Feb. 25 Holders of rec. Feb. 5
Gaston, Williams & Wigmore, Inc.(qu.) $1
Feb. 15 Holders of rec. Feb. la
General Chemical, common (guard__ _ _ 2
Mar. 1 Holders of rec. Feb. 21a
General Cigar, Inc., preferred (quar.),. 13( Mar. 1 Holders of rec. Feb. 24
Gillette Safety Razor (guar.)
Mar. 1 Holders of rec. Jan. 30
$2
Globe Oil (monthly)
*134e. Feb. 10
Feb. 15 Holders of roe. Feb. 5a
Goodrich (B. F.) Co.. common (quar,).
1
May 15 Holders of rec. May 5
1
Common(guar.)
134 April 1 Holders of rec. Mar. 21
Preferred (guar.)
134 July 1 Holders of rec. June 20
Preferred (guar.)
Grant Motor Car Corp., corn. (No. 1).. *10c Mar.. 1 *Holders of rec. Feb. 18
Greene Cananea Copper (guar.)
$1.50 Feb. 24 Holders oh rec. Feb. 7a
Harbison Walker Refrac., cont.(quar.)
134 Mar. 1 Holders of rec. Feb. 19
Hartman Corporation (guar.)
'134 Mar. 1 *Holders of rec. Feb. 20
Hart, Schaffner & Marx,Inc., com.(qu.) *1
Feb. 28 *Holders of rec. Feb. 18
Hercules Powder, pref. (guar.)
Feb. 15
1)4 Feb. 15 Feb. 6 to
Hamestake Mining (monthly)(No.534)- *50c. Feb. 25 *Holders of rec. Feb. 20
Ilium. & Power Securities. pref. (guar.) 134 Feb. 15 Holders of rec. Jan. 31
Imperial Tobacco of Gt. Brit. & Ireland *634
*Holders of rec. Feb. 13
*Holders of rec. Feb. 13
Bonus
(t)
Indiana Pipe Line (guar.)
Feb. 15 Holders of rec. Jan. 25
$2
Extra
$1.50 Feb. 15 Holders of roe. Jan. 25
Inland Steel (guar.)
Mar. 1 *Holders of rec. Feb. 10
*2
International Harvester, pref. (quar.).. 194 Mar. 1 Holders of rec. Feb. 8a
International Nickel,common (quar.)
50c. Mar, 1 Holders of rec. Feb. 13
Jefferson & Clearfield Coal & Ircn, prof. 234 Feb. 15 Holders of rec. Feb. 10
Kamin1stiquia Power, Ltd.(quar.)
Feb. 15 Holders of roe. Jan. 31
2
Kerr Lake Mines, Ltd. (guar.)
25e. Mar. 15 Holders of rec. Mar. la
Feb. 28 Holders of rec. Jan. 31a
$1
Lehigh Coal & Navigation (guar.)
Liggett & Myers Tobacco, corn. (guar.) 3
Mar. 1 Holders of rec. Feb. 17a
Lindsay Light, common (quar.)
*6 2-3 Mar. 31 *Holders of roe. Mar. 1
Preferred (guar.)
*2 1-3 Mar. 31 *Holders of rec. Mar. 1
50c. Feb. 20 Jan. 28 to Feb. 17
Lit Brothers Corporation
25e. Feb. 20 Jan 28 to Feb. 17
Extra
Manali Sugar, common (guar.)
234 Mar. 1 holders of rec. Feb. 15
Marconi Wireless Telegraph of America.. •250 July 1 *Holders of rec. June 1
Marlin-Rockwell Corporation (monthly)_ $1
Feb. 11 Holders of rec. Feb. 4
Maryland Coal (payable in L. L. bonds) 130e. Feb. 15 Feb. 6 to Feb. 15
Mason Tire & !tubber, corn. (No. 1).. o2
Feb. 20 Holders of rec. Jan. 31
Miami Copper (guar.)(No. 26)
731
Feb. 15 Holders of roe. Feb. la
Feb. 15 Holders of rec. Jan. 31
Montreal Light, Heat & Power (guar.). 2
750. Mar. 1 Holders of rec. Feb. 15a
National Acme Co. (guar.)
National Biscuit, common (guar.)
134 April 15 Holders of rec. Mar. 31
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. 15a
National Candy, common
*2X Mar. 13 *Feb. 20 to Feb. 26
First and second preferred
*3X Mar. 13 *Feb. 20 to Feb. 26
National Grocer, common
*2
Feb. 20 *Holders of rec. Feb. 9
Common (extra)
*3
Feb. 20 *Holders of rec. Feb. 9
Preferred
*3
Feb. 20 *Holders of rec. Feb. 0
National Lead, preferred (guar.)
134 Mar. 15 Holders of roe. Feb. 210
Nat.Henn.,corn.(qu.) pay.in corn.stk.) fl
Feb. 15 Holders of rec. Feb. 1
New Jersey Zinc (guar.)
4
Feb. 10 Holders of rec. Jan. 31a
234 Feb. 16 Holders of ree. Feb. 40
New York Dock, common (No. 1)
New York Shipbuilding Corp.(No. 1)... $1
Mar. 1 Holders of rec. Feb. 14a
Niles-Bement-Pond,common (guar.)
234 Mar. 20 Holders of rec. Mar. la
Preferred (guar.)
134 Feb. 20 Holders of rec. Feb. 6a
Ohio Cities Gas, common (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 15a
Ontario Steel Products, pref. (quar.)_.. 134 Feb. 15 Holders of rec. Jan. 31
Extra (acct. accumulated dividends). hyi Feb. 15 Holders of rec. Jan. 31
Pacific Development Corp. (guard--- 8754c. Feb. 15 Holders of rec. Jan. 15a
Pacific Lighting Corporation, corn.(guar.) 3
Feb. 15 Holders of rec. Jan. 31a
Preferred (guar.)
IX Feb. 15 Holders of roe. Jan. 31a
Penmans, Limited,common (guard
134 Feb. 15 Holders of roe. Feb. 5
Feb. 10 Feb. 7 to Feb. 10
$1
Pennsylvania Coal & Coke (guar.)
Pittsburgh Oil & Gas (guar.)
2X Feb. 15 Holders of rec. Jan. 31a
Pittsburgh Steel, preferred (guar.)
134 Mar. 1 Holders of roe. Feb. 15a
Porto Rican American Tobacco (guar _ _ p3
Mar. 6 holders of rec. Feb. 15
Pratt & Whitney Co., Pref. ((114.) (No. n) 134 Feb. 20 Holders of rec. Fob. 6a
Mar. 4 Holders of rec. Feb. ha
Pressed Steel Car,corn.(guar.)(No. 34) Z
134 Feb. 25 Itolders of rec. Feb. 4a
Preferred (guar.)(No. 80)
Feb. 15 Holders of rec. Jan. 25a
Procter & Gamble,common (guar.).5
Feb. 15 Holders of roe. Jan. 31a
2
Pullman Co. (guar.) (No. 208)
134 Feb. 28 Holders of rec. Feb. la
Quaker Oats, preferred (guar.)
Riordon Pulp & Paper, common (guar _ 234 Feb. 15 Holders of rec. Feb. 11
Savage Arms Corp., common (quar.)_ _
134 Mar. 15 Holders of roe. Feb.d28a
First preferred (guar.)
134 Mar. 15 Holders of roe. Feb.d28a
Second preferred (guar.)
135 Mar. 15 Holders of rec. Feb d28a
Feb. 15 Holders of rec. Jan. 31a
Sears, Roebuck & Co.. common (guar.)_
2
Semet-Soloay Co.(guar.)
2
Feb, 20 Feb. 6 to Feb. 20
Silversmiths Company, preferred (guar.) 134 Feb. 15 Holders of roe. Feb. d8a
114 Feb 10 Holders of rec. Feb. la
Sloss-Sheffield Steel dc Iron, corn.(qu.)_
I% Feb. 15 Holders of rec. Feb. la
Smith (A.0.) Corp., preferred (quar.)_ _
134 Feb. 15 Holders of rec. Jan. 31a
Southern California Edison, corn.(MO
Southern Pipe Line (guar.)
Mar. 1 Holders of rec. Feb. 15
5
Feb. 28 Holders of rec. Feb. 18a
Standard Milling, corn. (qu.) (No. 9)._ 2
134 Feb. 28 Holders of rec. Feb. 18a
Preferred (guar.)(No. 37)
Standard Oil (California) (guar.)
2X Mar. 15 Holders of rec. Feb. 15
Extra (payable in 4th L. L. 4540 _ _ _ _ m234 Mar. 15 Holders of rec. Feb. 15
Feb. 28 Feb. 4 to Feb. 28
3
Standard 011 (Indiana) (guar.)
Feb. 28 Feb. 4 to Feb. 28
3
Extra
Feb. 28 *Holders of rec. Feb. 14
*3
Standard Oil (Kansas) (guar.)
Feb. 28 *Holders of rec. Feb. 14
Extra
*3
Mar. 15 *Holders of rec. Feb. 21
*4
Standard Oil of N. Y. (guar.)
1)4 Feb. 15 Holders of rec. Feb. la
Standard Parts, common (guar.)
Standard Sanitary Mfg., corn. (quar.).. 134 Feb. 10 Holders of rec. Feb. 4
Preferred (guar.)
194 Feb. 10 Holders of rec. Feb. 4
Feb. 15 Jan. 30 to Feb. 19
Stewart Warner Speedometer (quar.).. 2
Studebaker Corporation, cont. (guar
Mar. 1 *Holders of rec. Feb. 20
*1
Preferred (guar.)
'134 Mar. 1 *Holders of rec. Feb. 20
Superior Steel, 1st Sr 2d pref. (quar.).. 2
Feb. 15 Holders of roe. Feb. la
Swift International (Compania Swift
Internacional) (No. 1)
$1.20 Feb. 20 Holders of rec. Jan. 11
Apr. 1 Holders of rec. Mar. 25
Thompson-Starrett Co., preferred
4
Tobacco Products Corp., corn..(guard.. pl X Feb. 15 Holders of rec. Feb. 3a
Feb. 15 Jan. 26 to Feb. 15
Union American Cigar, pref. (guar.)
1
Feb. 15 Holders of rec. Feb. 5
m2
Union Bag dr Paper Corp.(extra)
United Cigar Stores of Amer., corn.(go.) 234 Feb. 15 Holders of roe. Jan. 290
United Cigar Stores of Amer.,pre/.(guar.) 134 Mar. 15 Holders of rec. Feb. 28a
United Drug,second preferred (guard -134 Mar. 1 lIolders of rec. Feb. 15a
U.S. Cast Iron Pipe & Fdy., pt. (qu.)... u134 Mar. 15 Holders of rec. Mar., 1
134 Mar. 29 Mar. 1 to Mar. 3
U. S. Steel Corporation, corn. (guar.)_ _
Mar.29 Mar. 1 to Mar. 3
1
Common (extra)
Preferred (guar.)
194 Feb. 27 Feb. 2 to Deb. 4
June 30 *Holders of rec. June 19
*4
Western Grocer, common
June 30 *Holders of rec. June 19
*3
Preferred
White (J.G.) Co., pref. (guar.)(No. 63) 114 Mar. 1 Holders of rec. Feb. 15a
White (J.G.) Engineering Corp., pf.(gu.) 134 Mar. 1 Holders of rec. Feb. 15a
White (J.G.) Management Corp.,pf.(qu.) 134 Mar. 1 Itolders of roe. Feb. 15a
Mar. 1 Holders of roe. Feb. 10a
Woolworth (F. W.) Co., common (qtr.) 2
• From unofficial sources. t Declared subject to the approval of Director-General
of Railroads. 1 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. !Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. I Payable in Liberty Loan bonds. I Red
Cross dividend. In Payable In U.S. Liberty Loan 494% 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 Declare 6% on common, payable 2% as above and 2% each on May 20 and
Aug. 20 1919, all to holders of record Jan. 31 1919.
p Declared 8% payable 2% each April 30, July 31 and Oct. 311019 and Jan. 31
1920, to holders of record on April 12, July 12 and Oct. 12 1919 and Jan. 10 1920.
respectively.
115 pence.
u Declared 5%, payable In quarterly installments.
o Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable In quarterly
installments 01 2% and 194%,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 Dee. 15, respectively.

.)_

.)_

FEB. 8 1919.]

THE CHRONICLE

555

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 OF BUSINESS JANUARY 24 1919.
..°1 Moderate reductions for the week in the holdings of U. S. war obligations and a slight increase in the amount of paper secured by such obligations
are indicated in the consolidated weekly statement of the Federal Reserve Board, showing condition of 768 member banks in about 100 leading cities.
Principal changes for the week affect among others the following items: U. S. bonds other than circulation bonds (chiefly Liberty bonds) decreased 25.8
millions; Treasury certificates decreased 9.8 millions; loans secured by Government war obligations (war paper) increased 6.6 millions; other loans and
investments decreased 45.3 millions.
Practically no change is shown in the ratios of the aggregate holdings of U. S. war obligations and war paper to total investments which work out
at 25% for all reporting banks, 26.5% for the banks in the 12 Reserve Federal cities and about 30% for the New York City banks.
All classes of deposits show decreases for the week; Government deposits showing a decline of 169.6 millions at all reporting banks, and an even
larger decline at the banks in the 12 Federal Reserve citie.s; all other demand deposits (net) a decrease of 85.9 millions, and time deposits a decrease of
18 millions.
Reserve balances with the Federal Reserve banks fell off 23.4 millions and cash in vault, 11.7 millions.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Boston.

Member Banks.

New York. Philadel. Cleveland. Richm'a. Atlanta.

Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
45
56
106
90
81
44
101
38
35
76
44
53 ,7C
S
8
$
$
S
$
$
$
$
S
$
7 r$
$
46,051,0 11,497,0 41,055,0 24,990,0 15,265,0
U.S.bonds to secure circulat'n 14,352,0
19,855,0 17,155,0 6,419,0 13,712,0 17,929,0 34,505,0
'
262,785,
3ther U. S. bonds, including
v.?
23,355,0 304,343,0 43,426,0 85,545.0 55,951,0 42.703,0 104,439,0 39,456,0 12,382,0 30,863,0 21,279,0
Liberty bonds
36,035,0
799,777,
IL S. certifs. of indebtedness.. 95,524,0 719,832,0 85,297,0 110,598,0 44,585,0 47,106,0 162,596.0 39,185,0 26,707,0 30,834,0 15,903,0 79,036,0 1,457,203,
133,231,0 1,070,226,0 140,220,0 237,198,0 125,526,0 105,074,0 286,890,0 95,796,0 45,508,0 75,409,0 55,111,0
Total U.S.securities
149,576,0 2,519,765,
Loans sec. by U.S. bonds,&c. 84,704,0 656,169,0 146,053,0 92,619,0 38,141,0 19,655,0
78,986,0 24,191,0 10,112,0 11,279,0 7,755,0 19,603,0 1,189,267,
MI other loans & Investments 761,795,0 3,970,774,0 627,326,0 956,036,0 363,233,0 313,211,0 1,363,398,0 372,555,0 223,099,0 438,484,0 174,284,0 523,977,0 10,090,172,
Reserve bal. with F. R. bank_ 80,884,0 647,056,0 59,823,0 9:1,276,0 34,620,0 28,178,0 157,020,0 39,395,0 22,855,0 46,277,0 17,092,0 49,026,0 1,275,502,
22,946,0
129,266,0
19,195,0
vault
Cash in
35,377,0 18,955,0 16,098,0
64,360,0 12,591,0 9,395,0 16,318,0 9,222,0 21,176,0
374,899
736,627,0 4,649,208,0 628,969,0 782,470,0 323,045,0 246,489,0 1,160,5'37,0 296,360,0 211,522,0 386,893,0 151,988,0
Net demand deposits
421,135,0 9,994,243
106,139,0 252,089,0 19,170,0 278,231,0 64,110,0 99,641,0 402,876,0 90,926,0 50,343,0 65,723,0
Time deposits
27,242,0 130,596,0 1,587,086
Afl 1114 A
,) 41 nrva A
qn 14 r.n n
r7.7 AAA A
11 0,7r1 n
1 1 non A
1.
- 7 711Q A
17 inn A
A 52110 n
'lumber of reporting hanks--

ill flIA n

2.

A A1C1 A

rAl A

A On AAM

Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting
Banks.
New York.
Jan. 24.

Jan. 17.

No. reporting banks
65
65
U. I. bonds to secure cir$
$
Ctlation
35,783,0
35,783,0
Oth m* U. S. bonds, includIn g Liberty bonds
256,357,0 263,896,0
U. I. ctfs. of indebtedness 677,237,0 687,399,0
Tot d U.S. securities
969,377,0 987,078,0
Loa is sec. by U.S. bds.,&c. 611,077,0 621,692,0
All Aber loans&investm'ts 3,567,545,0 3,594.179,0
Res balances with F.R.Bk 612,674,0 635,222,0
Cas a in vault
107,571,0 110,703,0
4,272,158,0 4,322,585,0
Not demand deposits
195,877,0 206,190,0
Tim o deposits
225,360,0 358,467,0
Government deposits
Rat io of U.S. war securities
a id war paper to total
30.2
30.0
Inans and investments%

Chicago.
Jan. 24.

s

44

1,119,0

All F. R. Bznk G'ilies.

F. R. Branch Cities.

1

Jan. 24. I Jan. 17.

Jan. 17. ' Jan. 24.

$

44

1,119,0

$

2541

1

99,614,6

Jan. 17.

$

253

99,497,0

$

159

1

54,674,6

$

All Other Report'g Banks,
Jan. 24.

159

54,851,0

$

355

108,497,0

Jan. 17.
3561

$

108,394,0

Total.
Jan. 24.

a

Jan. 17.

768

262,785,0

a

768

' 262,744,0

46,667,0
49,798,0 439,809,6 456,887,0 139,196,0! 144,350,0 220,772,0 224,358,0,
799,777,0
825,595,0
87,340,0
87,700,0l,029,321,01,040,271,0 213,706,0; 211,866,0 214,176,0 214,889,6
1,457,203,0 1,467,026,0
135,126,0 138,617,0 1,568,744,01,596,655,0 407,576,0' 411,067,0 543,445,0 547,641,0
56,455,0
48,339,0 955,201,0, 052,920,0 105,769,0 105,330,0 128,297,0 124,471,0' 2,519,765,0 2,555,363,0
1,189,267,0 1,182,721,0
843,771,0 844,350,0 6,635,817,0 6,661,191,0 1,509,833,0 1,519,875,01,944,322.0
1,954,402,0.10,090,172,0 10,135,468,0
107,621,0 108,029,0 950,657,0; 979,431,0 156,316,0 151,547,0 168,529,0
167,896,0, 1,275,502,0 1,298,874.0
39,609,0
39,600,0 211,284,0 220,003,0
60,145,0
66,756,0 103,470,0
99,862,0; 374,899,0
386,621,0
783,471,0 795,711,0 7,090,958,0 7,181,766,0 1,241,877,0 1,260,972,0 1,661,408,0 1,637,364,0'
153,726,0 153,274,0 641,984,0 648,150,0 460,987,0 470,892,0 484,115,0 486,022,0 9,994,243,0 10,080,102,0
1,587,086,0 1,603,064,0
39,931,0
39,405,0 366,557,0 539,874,0
62,831,0
39,167,0
60,055,0
79,915,01
489,445,0
658,956,0
18.4

18.0

26.5

26.6

22.7

22.7

21.5

21.5

25.0

25.1

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Feb. 1:
Substantial liquidation of war paper and

other discounts, also further reduction in outstanding note circulation are indicated
in the Federal Reserve
Board's weekly bank statement issued as at close of business on Jan. 31 1919.
The banks' gold reserves show an Increase of 10.8 millions, largely through gold deposits made by the
Treasury.
War
paper
on hand decreased
discounts
20.3
millions and acceptances 3.2 millions. On the other hand, Government
140.6 millions, other
short-term securities went up 119.1 millions,
the increase representing certificates of indebtedness taken by two banks to cover temporary advances to the Government.
A decrease of 81.5 millions
in Government deposits is largely offset by a gain of 68.7 millions in members' reserve deposits. This together with
the larger "float" accounts for a
decline of 20.1 millions in net deposits.
The week saw a further decrease of 15.8 millions in Federal Reserve note circulation as against a simultaneous
gain of 11.3 millions in cash reserves.
Accordingly the banks' reserve percentage shows a riso from 52.3 to 53%. Aggregate
liabilities on Federal Reserve bank notes in circulation increased
2.6 millions. Increases of capital and surplus of existing members, chiefly in the Boston and Chicago districts,
account largely for the increase of $93,000
In paid-in capital shown.

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
thus furnishing a useful comparison. In the second table we show the resources and liabilities separately forof last year,
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 BANK OF NEW YORK.-The weekly statement issued by the bank subdivides
some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits,
&c.," as of Jan. 31, consisted of "Foreign
Government deposits," $92,122,944; "Non-member bank deposits," $5.284,503, and "Due
to War Finance Corporation," $591,353.

COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN.
31 1919.
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes, silver, Ace
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought in open market
Total bills on hand
U. S. Govt. long-term securities
U. S. Govt. short-term securities
All other earning assets
Total earning assets
Bank premises
Uncollected items and other deductions
from gross deposits
5% redemp. fund agst. F.R. bank notes
All other resources

•
Jan. 31 1919. Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Dec. 20
1918. Dec. 13 1918.
S
$
$
$
$
$
$
s
338,916,000 343,692,000 3:14,684,000 334,552,000 338,717,000 337,365,000 335,141.000 336,516,000
422,686,000 407,698,000 387,572,000 430,730,000 398,997,000 374.758,000 461,369,000
487,568,000
5,828,000
5,828,000
5,828,000
5,828,000
5,829,000
5,829,000
5,829,000
5,829,000
767,430,000 757,218,000 728,084,000 771,110,000 743,543,000 717,952.000 802,339,000
829,913,000
1,253,330,000 1,255,192,000 1,289,105,000 1,238,245,000 1,263,383,000 1,288,309,000 1,194,228,000 1,167,771,000
91,346,000
88,007,000
85,368,000
84,715,000
85,768,000
84,013,000
82,421,000
80,821,000
2,112,106,000 2,101,317,000 2,102,557,000 2,094,070,000 2,092,694,000 2,090,274,000 2,078,988,000
2,078,505,000
67,540,001)
67,070,000
67,594,000
67,828,000
60,960,000
55,945,000
54,636,000
55,758,000
2,179,646,000 2,168,387,000 2,170,151,000 2,161,898,000 2,153,654,000 2,146,219,000 2,133,624,000
2,134,263,000
1,357,650,000 1,498,298,000 1,346,746,000 1,484,847,000 1,545,274,000 1,400,371,000 1,299,524,060
243,478,000 263,735,000 254,412,000 273,229,000 284,590,000 302,567,000 306,778,000 1,483,849,000
281,293,000 284,539,000 273,607,000 277,896,000 290,269,000 303,673,000 340,765,000 365,614,000
366,594,000
1,882,421,000 2,046,572.000 1,874,765,000 2,035,972,000 2,120,133,000 2,006,611,000 1,947,067,000
2,216,057,000
28,252,000
28,571,000
28,571,000
28,821,000
29,824,000
28,869,000
28,850,000
29,189,000
266,532,000 147,398,000 271,173,000 175,809,000 125,063,000 282,677,000 325,073,000
111,477,000
4,000
4,000
4,000
13,000
13,000
13,000
16,000
27,000
2,177,209,000 2,222,545,000 2,174,513,000 2,240,615,000 2,275,033,000 2,318,170,000 2,301,006,000
2,356,750,000
8,648,000
8,108,001)
8,083,000
8,083,000
691,454,000
6,767,000
11,631,000

716,588,000
6,752,000
10,278,000

808,046,000 705,910,000
6,531,000
6,452,000
17.172,000 • 18,473,000

823,079,000
6,265,000
30,337,000

759,608,000
5,988,000
22,005,000

826,831,00()
5,880,000
20,793,000

719,591,000
5,506,000
18,824,000

Feb. 1 1918.

s
469,759,000
393,624,1300
52.500,000
915,883,000
781,667.000
19,472,000
1,717,022,000
58,435,000
1,775,457,000
305,664,000
301,114,000
289,805,000
896,583,000
57,561,000
75,071,000
3,865,000
1,033,020,000
366,450,000
537,000
559,000

Total resources
5,075,355,000 5,132,658,000 5,184,496,000 5,141,431,000 5,288,368,000 5,251,990,000 5,288,134,000
5,234,934,000 3,176,023,000
Gold reserve against net deposit Ilab
53.7%
53.6%
53.4%
53.1%
53.4%
53.17
53.0%
52.5%
71.0%
Gold res. agst. F. R. notes in act. circ'n
52.9%
52.7%
52.6%
52.5%
52.2%
°
52.8%
52.0%
51.7%
77.4%
Ratio of gold reserves to net deposit and
F. It. note liabilities combined
53.0%
52.8%
52.9%
52.4%
52.9%
52.6%
52.6%
51.9%
74.5%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
53.0%
52.3%
51.8%
52.8%
51.2%
50.6%
60.6%
49.9%
65.2%
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
ALFAinClt net dennalt lInhIlltl.
65.2%
64.1 az.
64.151
82.1%
ft() 7°Z,
.c9.751
MI 701
AO 501




[Voir- 108.

THE CHRONICLE

556

Jan. 311919.Jan. 24 1919. Jan. 17 1019. Jan. 10 1919 Jan. 3 1919. Dec. 27 1918 Dec. 20 1918 Dec. 13 1918

•
Feb. 1 1918.

$
$
$
$
$
$
$
$
$
LIABILITIES.
72.620,000
80.492,000
80.585,00()
80,681,000
80,792,000
80.812.000
80,510,000
80.420,000
80,91300)
Capital paid in
1,134,000
1.131.000 ' 1,134.00(1
1.134,000
22.73:4,010
22.733.000
22.738,010
22,733.033
22,733.033
8Indus
132,790,000
38.693.000 161.611,0011
63.367,000
91.321,1)00
37,291.000
49,370,03)
64.923,0)) 145.331,003
Government dep )sits
1,693.132,001 1.624,415.000 1,695.263,013 1.641.729.010 1,602.901,000 1,587.318.000 1.642,441,000 1.567.927.000 1,478,644,000
Due to members, reserve account
191,283.000
556,764.000
584.753.000
554.823.000
569,055,000
495.354.000
531,012,00)
511.499,031
472.04.3,03)
items
Deferrel availability
51,769,000
123,309,033 113.429,033 128,186,000 114,874,000 118,531,001) 106,992.000 106.639.000 106,012,000
Other deposits, incl. for. Govt. cre0its_
2.392,317,000 1.854,486.900
2.376.581.0(10
2.312.500,009
2,381.853,000
2,283,244,001
2,108,831,001
2,395.124,003
2.313,911,001
Total gross deposits
2,45).729,03) 2,416.516.030 2,512,973,001 2.593,641.031 2,648,605.000 2.685.244,000 2,6113,701.000 2,1394.580,0011 1,236,101.300
F. It. notes In actual circulation
8,000.000
111,909.000 102,202,000
F. R. bank n (Lei In circulation-net Bab 129,413,013 128.1310,000 121.997.091 123.416.011 120,267,000 117.122,000
3,682,000
54,2(19,000
51.224.000
55.309,000
34.103,000
35.436.010
38.147,001
39.610,090
43.619,031
MI other liabilities
5.075.355,010 5.132.418.011 5,181.196.011 5.141.431.011 5,288,363,000 5.251.991.000 5.288.131.000 5.234.934,000 3,176,023,000
Total liabilities
$
$
$
$
$
$
$
$
$
731.1tabuilo ( by Maturities1-15 days bills bought in open market,- 1,219,631.000 1,368.754.000 1283.297,000 84,452.0001
454,963,000
55,743,00) 1414.238.0001 1.402,827.000 1,254.392,000 1,185.006.000 1,453.746,000
53,030.000
61,544,000
1-15 days bills discounte1
12,048.000
8,837.000 176,436,000 '218,069.000
49.207.000
8,523.000 146,815,000
1-15 days U S. Govt. short-term secs- 132,845.000
519,000
3,000
9.000
10.090
10,000
1 15 days municipal warrants
92,171,C00 55.622.0001.
91,787.000
77.373,000
16 30 days bills bought In open market-123,350.000
143,767.000
170.107,000
340.022,000
320,185.000
89,617.000J
63,689,00
72.093,000
74.9.34.030
discounted
1630 lays bills
10,227,000
1,184,000
1,263,000
8.711.000
779,000
25,000
370.030
16 30(lays U. S. G wt. sh rt-term secs_
126,000
1,000
10.000
113-30 days municip Li w wants
104.194.0001
129,955,011'
193,206,000
95,112.000
mzutet
31 60 lays bills bought in open
170,840,000
461,343,000
436.395,000
271,754,000
268,008.000
103,623,033 103,353.000 160.711,009 161,024.0001
31-60 days bills discount e 1
1,409.000
699,000
627.000
460,000
10,568.000
1,030.000
1,001,000
631.030
31-60(lays U.S.0)vt. sh mt-term secs_ _
10,000
14,000
10,000
31-60 days municipal warrants
68,381.011 33.624.0001
184.717.010 175.933,000
51 90 days bills bought In open market__
135,199,000
102,077,000 113.506,000 131.149.000 132,992,000
53,431,e00 65,4111,000
51,058.000
41,140.000
51-90 days bills discounted
899.000
7,900.00(1
1,027.000
2,643.000
643.000
16,000
15.030
15.000
51 90 days U.S. G oft. short-term sees,..
7,000
3.000
3,000
1.000
4.000
51 90 days municipal w trrants
1
27,351,000
27.353,000
24,925,000
market
open
In
bought
hills
Over 90 lays
10,231,000
24,209.000
24.410.000
26.937,000
27.036.000
27.411,0001
Over))))days bills disc:unite1
86,894.4)4)')
97,221.000
Over 90 days U.S. Govt. short-term secs 132.671.030 137.859.000 123,287,090 104.680,000 114,344,000 103,324.000
335,000
3.000
3.000
3.000
4.000
3.030
Over 90 days municipal warrants
Federal Reserve NotesIssue-1 to the banks
Reid by banks

2.703329,031 2.730.916.000 2.770,301,000 2,844,516.000 2.866.047,000 2,855,604,000 2.815.450.000 2.764,699.000
252.691,030 264,360.000 257.328.001 253.835,00.) 218.442.000 170.360.000 151.749.000 150,119,000

1,367,858.000
131,757,000

1.236,101,000
',451,729.039 2.466.556,000 2.512.973.000 2,599,641.001 2,647.605.188) 2.685.244,000 2,663.701,004. 2,6()4,580,004)
In circulation
-- - - -- Fed. Res. Notes (Agents Accouits)-1,883,320.000
3.741.800,000
3.813,200,000
3.865,020,000
3,913,960,000
3,932.000.0181
:3,938,240.001
:640,000
3.948
)0
67.040.0
93:
Receive I from the Coruptr )1Ier
268,362.000
824.285.001 801,809.000 775.134,00.1 752.544.000 737.223,000 724.491.000 710.225.001. 693.652.000
Returned to the Comptroller
1,614,958,000
3,048.148,000
1,102.975.00'
3,140.529.000
.000
3.179,456,000
.
3,163.1113.000
3.176.737
3,112,795.031 3.146.831,000
Amount chargeable to agent
247,100,000
439.375.001 415.915.000 392.80.5,090 334.940.001 310.690,000 284,925.1)00 287,525,00o 323.449,000
In hands at agent
1,367,858.000
2.764,699,000
2,815.450,000
2.855.604.000
2,866,047,000
Issued to Federal Reserve banks.- 2,703.423.031 2.730,916.000 2.770,301,000 2,844.516.090
-2-4---How Secured269,862,000
3,527,000 241,527,000 249,707.000 254.656:000 246.315,000 246.327.000 246.327.00.1 250,327.0011
By gold coin awl certificates
By lawful money
586,191,000
1,451.091,000 1.475.724.000 1.481,198.009 1.606.271.000 1.604.664.000 1.567,295.000 1,621,222,001)1.596.028,00(4
By eligible paper
44.872,000
74.376,000
79.074.000
81.951,000
84,632,000
82.599.090
80.598.001
77.193,000
81,142.001
Gold re !emotion fund
466.933,000
932.651.001 936.472.000 958.800,000 900.993.000 9311.436.000 960.031.000 868.827.000 843.068,000
With Federal Reserve Board
".703.420.09') 2.730.916.000 1.770.301.000'2.444.516.000 2.866.047.000 2,855.244,000 2,815,450.0011 2.764,699.000 1,367.858,000

T.(tal

2.176.410.000
Eligible paper delivered to F. R. Agent 1.423.485.011 1,978.081.000 1.413.955.01)0 1.993.694.001 2.069,228.000 1,956.357.000 1.913.404.000
a Net amount due to other Federal Reserve tmuks. ()This item Includes f. reign Government credits. t Revised fig tres

628,792,000

JAN 31 1919
WEEKLY ST1TE51ENT OF RESOURCES ANID LIABILITIES OF E %CHI OF THE 12 FEDERAL RESERVED INKS AT CLOSE OF BUSINESS
Boston. .Vew York.

Two ciphers (00) omitted.

$
RESOURCES.
3.635.0
Gold coin and certificates
Gold Settlement Fund. F. R. B'd 45.239.0
404,0
Gold with foreign agencies

Philo

Cleveland. Richm'od. Atiaqta

Chicago. St. Louis. Minneap Kan.City. Dallas. San Fran.

$
$
$
$
$
$
$
$
$
203,0
255.0 14.203,0 2.232,0 8.126,0 22,464.0 4,292,0 8,274.0
259,612.0
23.765.0 47,627,0 65,833.0 16,844.0 11.750,0 89,716.0 37,950,0 27.454,0 35,159.0
291,0
233,0
233.0
816.0
175.0
204.0
524.0
408.0 •
2,011.0

$
$
5.872,0 0,747.0
3,740.0 20.555,0
204.0
321,0

Total.
$
338.914,0
422,686,0
5.828.0

49.332,0
52.210,0
8,919,0

282.384.0 41.291,0 80,569.0 19.244,0 20.051,0 112.996,0 42.475.0 35.961.0 35.653.0 9.816.0 30,623,0 767.430.0
261,979.0 78.632.0 140.744.0 54 106.0 41.197,01104.032.0 64.267,0 53.174,0 51.230.0 22.206.0 125.553.0 1,253.330,0
91.346,0
1.820.0
1.553,0 3,934,0 4 075.0 24.653,0 3,186.0 4.632,0 3,504,0 2,179.0
25.000.0 7.930.0

119.411.0
Total gold reserves
4,164.0
Legal tender notes, silver, &a_

564.317,0 134.8213.0222.357,0 77,328.0 65,313,0 441.678.0 109,928.0 98,767.0 90,387,0 34.201.0 157 996.0 2 112,106,0
67.540,0
420,0
1.767.0
330.0
181,0
867.0 2.062.0 2,554,0
223.0
1.609.0
429,0
52,931.0

114,625.0
Total reserves
Bills discounted! Secured by Gov118.082,0
ernment war obligations_ _
7,774.0
All other.
19.781,0
Bills bought in open market
145.637,0
Total hills on hand
533,0
C. S Gov't long-term securities
U S Gov't short-term securities 9.416,0
All other earning aSSe1,8

621,297,0 135.252,0 224.466.0 77.551.0 66,180,0 443.740,0 112,486,0 98.948,0 90.717.0 35.968.0 158,416,0 2,179,646,0

155,591.0
Total earning assets
800.0
Bank treadles
Uncollected Items snd othnr deduct! tn. from gross deposits . 51,865,0
5% Redemption fund against
345.0
F R bank notes
357,0
All other resources

874.731.0 185,706,0 157,332.0 97.221.11 83.637,0 206.404.0 70,113.0 54,872,0 92.899,0 61,584.0 132.131,0 2,177.209,0
8,648,0
400,0
400,0
221.0
540.0
291,0
217.0 2,936.0
530.0
2.343.0

Total gold held by banks
Gold with Fed. Reserve Agents__
Gold redemption fund

591.242,0 156.352.0 87.593.0 70,034.0 48.447.0 128.125,0 44.445.0 19,211.0 24.907.0 17.549.0 51.663.0 1,3.57,650.0
42.519.0 15,038.0 8.086.0 13.041,0 22.759.0 25.740.0 9.149,0 2,522,0 38,629.0 32.799.0 25.425,0 243.478.0
83.7'27,0 2.133,0 43.510.0 7.614.0 10.377,0 30,421.0 8,298.0 2:1.552.0 15,079,0 2.845.0 28,056.0 281.293,0
717.488.0 173.521.0 1443893) 91.688.0 81.543.0 134.286,0 61,892,0 45,285,0 78.615,0 51 193.0 106.044,0 1,882,421,0
28,252.0
119.0 8,868,0 3.971.0 3.464.0
1.1.53.0
529.0 4.510.0
1.231.0
1,083.0
1.335.0
1.394,0
155.853,0 10.800.0 12.060.0 5.299.0 6.521.0 17.612.0 7.068.0 9.468,0 5,416.0 4.400,0 22,619.0 266,532.0
4.0
4.0

155.188.0 78,474,0 55,655.0 59,519.0 36,873.0 78.038.0 37,662.0 15,872.0 40,901,0 22.619.0 49,788,0
1,844.0
3,403,0

525.0
1.225,0

533.0
1.032,0

280.0
1.382,0

337.0
466.0

940.0
1,065.0

325,0
4'37,0

323,633.0 1.653,852,0 431,682,0 430.018,0 236,244.0 192.710.0 733.167,0 221,613.0
Total resources
LIABILITIES.
20.751.0 7.570,0 9.044.0 4.061.0 3.191,0 11.231.0 3,801.0
6.778.0
Capital paid in
1,153,0
775.0 3,3160
801.0
1,774.0
1,314.0
8.322.0
1.531.0
Surplus
0376.0 3.344.0 7,519.0
3.442.0 6.410.0 12.444.1 2 921.0
9.441,0
Government deposits
Due to members, reserve account 102.411.0 703.911.0 99.120 0 130.443,0 54.131.0 44.942,0 235.575.0 61.529.0
39.176.0 113.710.0 63,512.0 40.707.0 30,979.0 20.538.0 49.630.0 30,253.0
Deferred availability Items._
XII other deposits. Including for675.0
5.54.0
461.0 3.498.0
807.0
859.0
2.635,0 101.550,0
eign government credits
151.104.0
Total gross deposits
F. R notes in actual circulation 149.56.5.0
F. It bank notes in circulation
8.261.0
net liability
3.339.0
All other liabilities

633.0
349,0

313.0
017,0

356,0
1,026.0

691,454,0
6.767,0
11.631,0

170,038.0 234.939.0 121.342.0 342 117.0 5.075.355,0
80.913.0
.2,934.0 3.660.0 '3.172.0 4.672.0
1.224.0
592.0
22.738.0
1,211.0
726,0
64.918.0
1,199.0 5.445.0
7.674.0 4.077,0
49.818 0 72.007.0 40 244.0 89.527.0 1.693.132,0
10.549,0 30.668,0 12.457.0 29.843.0 472.042,0
1.944,0

2.495.0

1.108,0

4.228,0

120.809.0

917.6510 170,292.0 134.411,0 44.501.0 69.615.0 292.017,0 99.976.0 70.043,0 110.147.0 551124 0 129.043 0 L350.911.0
647.9111.
..209,921.0 231,153.0 136.070.0 111.391.0 405,026.0 109,367.0 90.528,0 105.593.0 55.376,0 198,826,0 2,450,729,0
38.891.0 10.317.0
17.321.0 2,278,0

9,933.0
2.6117.0

4.759.0
1.617.0

6.482.0 17,299.0
1.276.0 4.278.0

6,363,0
1,305.0

4.746.0 12,2130.0
1.059,0 2,068.0

5,848,0
1,286.0

6.277.0
2.075.0

129.445.0
40,619.0

,11 511 0 1 70 014 0 114 915 0 1'1 'IV n 342 117 11 5 075_355_1J
'10 0 711 157 n '
'
,It 0 10
'
!I 4,1 53"_0 119 01 ,0 211
3 «a (Ill 3 1 IV( R1.

Total liabilities
*Overdraft.

214,0
132.0

ST‘TEMENT 01: FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN. 31 1919

Two ciphers (00) omitted.

Boston.

,V810 York.

Phila.

rtereland Richmond Atlanta. Chicago, Si. Louts. Minneap. Kan.City. Dallas. San Fran,

Total.

11
$
5
$
$
$
$
$
5
$
S
$
$
Federal Reserve notes:
250.520.0 3,967.080.0
Receive(' frotn Comptroller _ __ '253.120.0 1,315.440.0 331.429.0 125,849,0201)589,1) 199.611.0 553.100.0 163 730.0 121.480.0 157.700.0 101.960.0
824.285,0
24.243.0
23.297.0
31.183.0
21.200.0
33,554.0
69.993,0
29.897.0
41.879.0
42.713.0
77,3.31.0
374.309.0
Returned to Comptroller__ 61.656.0
Chargeable to F 11. Agent__ 148.464,0
25.9 )0.0
In hands of F. It. Agent

931,171.0 21'3.059.0 243,127.0 159.701.0 159,703,0 491.607,0 130,226.0 103.290,0 126,517.0 78.6611....26.277,0 3.142.795,0
163,591,0 35,391.0 23.555.0 14.2'13.0 54.743.0 44.440.0 8,815.0 11.450.0 13,620,0 21,715.0 9,000,0 439.375,0
.

Issued to F ft. Bank, less m'.(
retwned to F. It. Agent for
162.564,0
redemption'
Collat'l 4ccoritv for outsrg notes:
Gold coin and ctfs. on hand_
9.229.0
Gold redemption fund
Gold Serrn't Fund. F R fl'd . 43.011.0
Eligible paper, IIIIII.02 required 110.313.0

12.581.0 2,000,0 240.527.0
13.052.0
2.514.0
31.4330.0
178.741,0
80.142.0
12,239.0 12,042,0 11.091,0 2.103.0 2.413.0 5,047.0 3.336.0 2.122.0 2,8-70:0 2,911.0 11.1132.0
71.000.0 68.551.0 91.090.0 52.010 0 33.270.9 298.941.0 60.931.0 43,000,0 43,360.0 6,684,0 111.921.0 932.661,0
516.692.0 139.037.0 113.414.0 87.330.0 73.771,0 141).133.0 57,144.0 3:3.656.0 61,667.0 :34.742,0 91,724.0 1,450,090.0

162.514.0
Total
Amount of eligible paper dellv
143,637.1)
ered to F R Agent.
162.561.0
F. R. notes outstanding
12.999.0
F. R. notes held by bank

717.480.0 113.1.19.0 134.691.0 87.511.0 76.837.0 144.246.0 59.921,0 43,509.0 73615.0 53.193.0 94.677.0 1.823,445,0
767,671.0 217.659.0 254,532,0 141.413.0 114,953.0 141.157.0 121.411.0 91,830.0 112,897.0 55.914,0 217.277,0 2.703.420.0
1.572.0 14,451,0 252.691.0
1.302,0 7,394.0
119.734.0 7.748.0 23.419.0 5.393.0 3.537,0 39.141.0 12.044,0

W

R

nntaa In Annual eArnnlatIrsn




110

Vtl, il

767.671.0 217.669,0 254,562.0 141.4643.0 114.954.4)441.167,0 122,411.0 91,830,0 112,897,0 56,0480 217,277,0 2.703.420.0

767.671.0 217.689.0 2.51.532.0 141.463.0 114.914.0 441.167,0 121,411.0 91,830.0 112.897.0 56.948.0 217,277.0 2.703.420,0

, V,.1 I ,, 1,, 5 1.5- n., • ., t ,,,, •••••-• 5
11 I I,/ 1 11
.
ft 17 fll 'I n •/,,In 0.,I 1 4

, ...Pi ,
n•, it,,,1,

-, •P'... .1 tno 0,, n •-, .fen -.on n

FEB. 8 1919.]

THE CHRONICLE

557

Stateme

nt of New York City Clearing House Banks and Trust Companies.-The following detailed
statement
shows the condition of the New York City Clearing House members for the week ending
Feb. 1. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures
at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week ending
Feb. 1 1919.

Capital. I

Net
Profits.

Loans,
Discounts,
at. Banks Dec. 311 Investments,
State Banks Nov. 1
Trust Co's Nov. 1

r

Members of Federal
Reserve Bank.
2,090.000 5,617.200
Bank of N V. N 11 A.
2.510.000 7,165.700
Bank of Manhat Co.
Merchants Nat Bank
2.030.000 2,731.100
6,1)00.000 11,301.600
Mech & Metals Nat.
Bank of America_ _
1.5 )9.030 6.859.700
National City Bank
25,0 )9.000 51.412,500
3.031.030 9,437.300
Chemical Nat Bank.
1.091.000
Atlantic Nat Bank _
900,000
331.000
Nat Butch & Drovers
93.300
5.1) 0.1)0 5.639.10
Amer Each Nat Bank
25.009.000 24.607.800
Nat Bank of Comm
501.000 1.097.500
Pacific Bank-------3.500,000 2.573.000
Chath & Phenix Nat.
3,009,000 17.112.700
Hanover Vat Bank__
Citizens' Nat Bank
2.550.000 3.094.000
Metropolitan Bank._
2.001.000 2,316.800
3.500.000 8.548.600
Corn Exchange Bank
1.503,000 7,930,700
Imp & Traders Nat
National Park Bank
5,000.000 18.698.000
East River Nat Bank d1,011,1)1
d609,100
Second Nat Rank
1,000.000 4.050.000
First National Bank_ 10.000.000 30.504.000
Irving National Bank
4.590.000 5,811.200
1.010.000
N Y County National
427.300
Continental flank .
1.003.000
664.000
Chase National Bank 10.009,000 15,000.900
Fifth Avenue Bank .
200.000 2,223.700
Commercial Exeh'ge
200,000
871,100
Commonwealth Rank
400,000
753.900
Lincoln National Ilk.
1,000,000 1,992,200
Garfield Nat Bank._
1.000.000 1,317..501)
Fifth National Bank_
250.000
398.000
Seaboard Nat Flank
1.000.000 3.602.800
Liberty Nat Bank. _
3.000,000 4.446.900
Coal & Iron National
1.000.000 1.044,100
Union Exchange Nat
1,001.000 1,219,800
Brooklyn Trust Co__
1,500.000 2,518,300
Bankers Trust Co.._ c15.000,000 c16,617,800
U S Mtge It Trust Co
2,000,000 4.623,600
Guaranty Trust Co__ 25.000,000 27.428.900
Fidelity Trust Co.__
1.000,000 1,283,200
Columbia Trust Co__
5.000,000 8.850.500
People., Trust (1o____•
1,000,000 1.306,400
New York Trust CO_
3.000,000 10.769.900
Franklin Trust Co___
1,00(1,000 1.170.100
Lincoln Trust Co
1,000.000
614,300
Metropolitan Trust._
2.000,000 4.383.200
Masan Nat, Beklyn
1.000.000 1.201).900
Irving Trust Co
1.500.000 1,142,000
Farmers Loan &Trust
5.000.000 12.009.800
Average for week

Gold.

Legal
Tenders.

Silver.

National
Ban*
and
Federal
Reserve
Notes.

Reserve
with
Legal
Depositories.

Additional
Deposits
with
Legal
Depositaries.

Average.

Average. Average. Average. Average.
Average.
Average.
$
48,009.000
23,000
62,000
106,091
277,000 5,297,000
62,978.013
301.001
254,CO3
451.010 1.021.000 5,717.000
29.139,003
79,000
70.000
181,000
145.000 3,081.000
151,422,001 7,437,000
150.009
405.050 1,951,000 22,961.000
32,731,000
248,010
171.000
320,000
401,000 4,980,000
599,420,000 8,310,039 3,015,000
966.000 2,352.000 103,540.000
88,338,010
157,009
226.000
378.000
603.000 9,513.000
15.351,000
85,019
64,01)9
209.000
84.000 1.970.000
3,174,010
10.001
61.000
22.000
8.000
505.000
110.568.009
559.000
210.000
411,000 1,751,000 12.970,000
302,667,090
39.000
317,010
703.000 1,290.000 36,918,000
15,107,000
55,001
176,000
230.000
618,000 1,837,000
95,791,000
489,000
445.000 1,552.000 2,419.000 12.710,000
135,967.000 4,211,009
160,009
498.000
773,000 17.684,000
37,913,090
96.090
33,010
371.000
411,000 4,901.660
61,413.090
551,001
142,000
437.000
815.000 3.118.006
115,860,003
126.009
130,000 2,078.009 3,786.000 15,176,000
36,927,000
39,066
58.001
:374,090
150,000 3.241,000
104,088,000
61.000
656,000
342,000
98C,000 20,306.000
4.962,009
3.000
142.000
16.009
58.600
692.000
19,886,000
120,009
25,000
325,001
411,000 2,378,000
273.473.000
19.091
267,010
627.000
421,000 20.870.000
112.015,009 1.054,001
287.000 1,821.000
976.000 15,892.000
10,653,013
53,001
40.090
159.000
393.000 1,505,0011
7,176.000
18,00(1
16,000
14,091
111.000
792,000
347.671,000 2,598,011 3,688.006 1,340.000
219.000 34,516,000
19.8011.001
51.01".
168,000
438,00e
467,000 2,488,000
6.769,090
52.001
59,000
84,010
89.000
946,000
7.091,1100
42,01')
26.000
57.000
238,000
907.000
14,933,000
125,010
166,000, 144,000
78(1.000 1.955,090
12,519,090
2,000
5.010
121,000
164.000 1.712,000
6,649,000
36,019
21,000
130,010
174,000
908,000
47.481,000
339,000
138,000
96,010
392,000 5.809.000
79,591,000
187,010
14.050
442.01') 8.921,000
14,126,000
5.000
42,000
130,000
547.000 1,871,000
13.837,011)
17,000
34.010
207.000
158.000 1,837,000
37,418,000
79,000
18.090
100,000
397,009 2.955,000
284,739,000
70.010
132.000
58,010
615,010 31,741.000
64,016.010
26,000
34,000
194,010
313.000 6.705,000
491,375.099 1,877.010
68.001
278,010 2,166.000 50,566.010
10,659,009
90 011
35,000
35,011
157,000 1.172,000
81,549,010
20.010
41,000
167,001
765,000 9,536.000
28,045.000
44,090
69,010
237.000
542,000 2,671,000
44,019
103,833.011
7.011
5.011
184,000 7,848.001)
28,108.010
64,000
31,00')
128,003
154.010 2,128,000
21 899.019
12,019
10,000
39.000
311,000 2.427.001
47,081.010
75.010
35,000
37,000
577.010 4,772.000
15,285,090
12,019
63,090
89.000
237,000 1.039,000
40,201,010
101,011
94.090
612.010 1.606.009 5,648.000
133,737,000 3,746,000
12,000
55,000
287,000 15.617.000
197.400,001 3.54,107.400 4,629.571.000 33,917,000 12,522,000 17.477.000 34,256.000
534,760.000

Net
Demand
Deposits.

Net
Time
Deposits.

Average.

Average.
$
33.009,000 1.784,000
52.436.000
22.031.000
293,000
144.754.000 2.757.000
29,388.6
587.157.000 26,987,000
69.248,000 5,349.000
13.827.000
523.000
2,918.000
91,888.000 5,481,000
282.759.000 4,551,000
14.484,000
70.000
87.885,000 8.568.000
131.779.000
33.873.000
206.000
24.239.000
50.000
122,252.000 1.567.000
25.229,000
156,083.000 2,669.000
4,437.0e0
250.000
16.289,000
159.116,000 1,665.000
115.185,600
849.000
10,632,000
416.000
5.297.000
275.174,000 10,127.000
18.301.000
6,692.000
7.190,000
14,210.001
11.101.000
37.000
6,473 000
458.000
41.197,000
240,000
63,389.000 1,747.000
12.000.010
398.000
13.861,000
461.000
26,520.000 4.337.000
232,491.000 10,958.000
51.883.000
997.000
370.140.009 20.715.000
8.335,010
501.000
74.645.0M) 6,628.000
24,177,010 1.631.000
57,200.000 2.513.000
15,314.000 1,850,000
16.713.010 1,723 010
33.199.0'8) 1,220.000
9.970.0110
671.000
42.433.000
997,000
113,531.000 7,515.000

National
Bank
Circulation.
Average.
788.000
1,829.000
3,773.000
1,445,000
448.000
146,000
298.000
4,951,000
2,210.000
150.000
992.000
51.000
4.975.000
50.000
642,000
8,417.000
998.000
199.000
1,100.000

210.000
396.000
248.000
70.000
795.000
413,000
397,000

50.000

3.785.402.000 139,119.000 36.041.000
4.618.642.011 31.912,001 12,463.011 17.542.000 31.258.009.558.159,000
3.747.013.010 142.688.0no 35.972.000
4.628.812.000 33,9110.000 12,652,000 17,192.000 34.807.000 545.414.000
3.793.421.000 135.160.000 36.020.000
4.661.254mm)31 856 0011 12.771.000 14.617.000 36.692.0()0
.584,624.000
3.834,301 OM 143.614000
it40.000
4.618.934.000 34.157.000 14,445.000 20.190.000 42,665.000 559.924.000
3.833.775.000 141.201.000 35.942.000
State Banks.
Not Alion hers or Pede rat Reserve Ra /M.
Greenwich
500.000 1.476.800
16.351.011
589,000
93,090
148,011 1,442,000 1.227.000
18.744,000
Bowery
250.000
8111.600
5,581 010
293,011
47,000
14.000
307.000
318.000
55,000
5.301.090
N Y Produce Each
1.000.000 1,206.500
5.000
22,331.010
797,009
532,090
497.009
542.000 1.932.000
46,000
23,905.000
State
•
2,000.000
544.300
38.672.000 1.501,000 1.005.000
754.000
754,000 3,018.000
303.000
38.641.600
50.000
Totals. avge for wk
3.750.000 4.048,200
82.938,000 3,1$3.000 1,677,001 1.413,000 3,015.000 6.405.000
404.000
84.511.000
55.000
Totals, actual condlti on Feb. 1
85.11 '.00O 3,181.000 1.486.000 1.31 .000 3.105.000 7.148.000
891.000
Totals, actual etuoliti on Jan. 25
87.251.000
45,000
82.737,000 3.169.000 1,446.000 1.348.0(10 3.049.000 5.919.000
237.000
Totals, actual conditi on J n. 18
84.710.000
64.000
81.766,000 3.119.1)00 1.516.000 1.436.000 3.036.000 7.232.000
866.000
5,
Totals, actual conditl on Jan. 11
84 360.0f a)
0)00
80.168.000 3.039.000 1.460.000 1.362.000 2.973.000 7.125.000
1.217.000
82.445.000
63.000
Trust Companies.
Not lien hers of Pe& rat Reserve Ra nk.
Title Guar & Trust__
5.000.000 11.947,900
38,649,001
97,009
116.000
138.009
568,000 2,477,000
602,060
Lawyers Title & Tr._
23.203,010
554.000
4.000.000 5.236.200
23,659,000
196,000
162,000
72,000
465.000 1,417,000
194.000
15,020.000
595.000
Totals. avge for wk
9.000.000 17.184.100
62,308,000
293.009
278,000
210,000 1.013.000 3,894,000
796.000
38.223,010 1.149.000
Totals. actual conditl on Feb
1
63,019,010
291.000
282.011
179,001
901,000 4.079,000 1,089.000
38,708
Totals, actual condi(' on Jan. 25
010 1.273 Ann
62.155,000
303.000
277.000
222.000
857.000 4.377.000
Totals, actual condi!, on Jan 14
435.000
38.666.000 1.097.000
62.021,000
300.000
2,
01.000
235.000
934.000 4.102.000
37 .1..11 olio
912.1661
Totals, actual conditl on Jan. 11
1.144 (11111
61.225.0110
304.000
280,000
231.000
991.000 3.800.000 1.753.000
36.079.000 1.044.000
_
Grand aggregate.avge 2707150.000 373,331.765 4,7747817,001 37,393,601
14,477,01
19,109.001
0
38.334.
545,149,000 1.200.0011 23.909,214,000 140,323.000
Comparison prey wk.
-19,010,000
36,041.000
-5,000 -235,0(10 -1178,000 -2.005.000 +7.395.600 -518.000
-18,410.000
+71.000 +66.000
Grand torgate. actual condition Feb. 1... 4.766,899.010 37,389,609
11,231,001
19.039,001 35,264,600 569,386,000
Comparison prey wk
-6,801,001 -43,001 -144.001 +277.000 -3.449.000 +13676000 I.980.000 01.871..62.000 143.946.000 35,972.000
+ 1308000 -43.735.000 +7.665.000 --48.000
Grand aintate. actual condition Jan.
4.773,704,000 37.432,000 14.375.01)() 18.762.000 38.713.000
555.710.000
Grand tontine. actual condition tin. 14___ 4.405.015.000 37.275.090
672,000 3.916.797.000 136.321.000 :01.020.000
Grand negate. actual condition Jan. II.,, 4.760.327.000 37.500.000 I 1.573.000 20.244.(NN) 40..462,0011 570.954 ono 1,774.000 3(16.1.73autio 144 .50141.0011 3o.n411.01I0
Grand ag'itate. act'tat condition Jan. 4.... 4.775.863.000 38.076.000 10.185.000 21.783.000 46.629.000 570.849.000 2.970.000 3.952.299 000 142.348.000 35.942.000
16.7211.000 22.964.000 45.599.0110 575.549.000 4.033.000 3.970,567.000
139,776.000 35.947.000
a U. S. deposits deducted. $236.486,000. b U. S. deposits deducted.
$337.607.000. c As of Jan. 7 1919. d As of Jun. kI 1919.
Totals. actual conditl
Totals, actual condlti
Totals. actual conditl
Totals, actual conditi

on
on
on
on

Feb. 1
Jan. 25
.1,n. 18
Jan. I

STATEMENTS OF RESERVE POSITION.
Averages.
Reserve
('ash
Reserve
In
In Vault. Depositaries
Members Federal
Reserve Bank_
State banks
Trust companies*

Total

Reserve.

a
Reserve
Required,

Actual Figures.
Surplus
Reserve.

Inc. or Dec.
Cash
Reserve
from
Reserve
in
PreviousWeek in Vault. Depositaries

Total
Reserve.

b
Reserve
Required

Surplus
Reserve.

Inc or Dec.
fr,u
PreviousWeek

$
534,760.000 534.710.000 496,275,830 38,484,170 +10.095,440
$
a
558.1.59.000 558,159.000 491.391.730 66,767.270
b
9,318,000 6,495,000 15,813.000 15,226,380
+18.552.800
584.1120
+78,760
9.095.000
7.148.000
16,243.000 15.705,180
537.820
1.814.000 3,891,000 5.708.000 5.733.450 def25.450
+854,620
--150.000 1.653.000 4,079,000 5.732,000 5,819,700 def87.700
-323.800
Total Feb. 1, 11.132.000 515,119019 556,281.000 517 215,610
Total J in. 25. 10,888,000 537.754.000 548,642.000 519.620.860 39,045,340 +10.024.209 10.748.000 569,3116.000 580,134.600 512.916.1110 67.217,391) +19.083,820
Total J in. 18_ 111.825 000 569,994.000 573.8193100 523.559.550 29.021.140 -21.238.310 10.671.000 555.710.000 566.381.000 518.247.230 48,133.770 -18.504.78
0
Total Jan. II_ 11.089,000 566.798.000 577.887.000 519,870,210 50.259 450 -7.757.3411 111.862.11110 579.954 Om 590.420.000 524.141 451 66.634.551) +11.11211.240
58.016,790
+998,680 10.640.000 570.849.000 581.489.000 522.878,730
58.610.270 -2.927.850
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case
of State hanks and trust companies, but In the cane of menIAN,
Inoludm also amount of reserve required on net time deposits. which
of the Federal Reserve Rank.
was as follows. Feb. I, $1,173,570: Jan. 25. 24.170.570: Jan. 18.
$4,229,460: Jan. Ii. $4,252,980.
I, Thla is the reserve reipored on net dem Ind deposits
In
the
ease
of
4tate .ianks and trust emnosnles. hit In lbe .•ase.if members of tile Fab,
also amount of reserve re mired .in net time deposits. ',MIMI was
n Reserve Rank include
as follows. Feb. 1, S1,281.010: Jan. 25. $4.054.800: Jan. 18,
$4,308,540; Jan. 11, $4,236,030.
C Antonio of cvsh In v•tolt whleh 1. no Inflow c9unte,1 as reserve
for tnotmtoo
,
of the Federal Reserve Bank, was as follows:
Feb. 1, 518,172.000: Jan, 25, 5101.339.000: Jan. 18,
$107,229,000: Jan. 11. 3113.321.000.
.
d AMOMIN of cash invooni waten Is no bonier mounted as
Feb. 1. $95.175,000; Jan. 25, $98,611,000; Jan. 18, $101,936,00reserve for mernfews of the Federal Reserve Bank, was as follows:
0; Jan. 11, $111.457,000.




STATE DAVKS AND TRUST COMPANIES IN NEW YORK CITY.

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:

Slate

627,426,500 20.38%

Total

reh

1

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:

$98,941,400 19.30%

BOSTON CLEARING HOUSE MEMBERS.
Feb. 1
1919.

Total Reserve in
Cash in DeposiCaries.
Vault.

Loans
Demand
and
Investments Deposits.

Specie.

$
$
5,373,198,8 4,537,675,4
5,413,086,8 4,435,747,6
5,386,267,9 4,487,786,5
5,457,805.1 4,520,463,6
5,499,400,2 4,364,815,8
5,471,164,4 4,430,932,2
5,489,226,0 4,515,346,9
5,470,203,8 4,511,208,2
5,360,177,9 4,449,150,6
5,330,133,6 4,458,973,9
5.384,107,7 4,527,415,1
5,373,134,6 4,592,634,0
5,378,736.5 4,587,455,7
5,416,960,5 4,650,393,4
5,473,492,2 4,635,056,5
5,495,539,4 4,673,410,1
5,544,714,0 4,650,058,3

8
$
8
8
69.970,7 91,434,6 161,405,3 587,014,3
69,765,2 85,254,7 155,019,9 574,142,4
70,376.0 92,445.8 162,821,8 580,295,4
71,255,2 94,750,5 166,005,7 619,305.3
69,692,6 85,425,1 155,117.7 585,223,6
68,979,4 89,755,9 158,735,3 591,280,8
69,440,7 91,559,5 161,000,2 610,910,4
69,250,6 92,303,2 161,553,8 603,681,3
68,759,7 93,400,6 162,160,3 602,957,6
67,037,7 89,940,6 156,978,3 592,651,4
66,311,3 93,272,8 159,584,1 602.623,2
65,076,3 93,695,1 158,771,4 617,263,4
67,193,9 96,364,4 163,558,3 574,521,6
68,390,9 101,977,4 170,368,3 632,301.0
68,436,0 99,357,3 167,793,3 625,290,3
67,343,1 97,395,8 164,738,9 613,079,3
65,359,1 97,127,9 162,487,0 600,970,4

5 525 7I1R :1 4 R20 220 R

Differences from
previous week.

Feb. 1
1919.

99,550,000
24,100,000
Capital as of Nov. 1..
169,723,000
42,973,000
Surplus as of Nov. 1Inc. 40,71'6,100
2,027,305,000
3,355,000
Inc.
549,795,500
Loans de investments
167,900
13,100,300 Inc.
77,500
8,038,500 Dec.
Specie
41,600
19,241,700 Dec.
25,065,300 Dec. 579,300
Currency & bk. notes
Deposits with the F.
44,536,600 Inc. 2,025,300 200,579,400 Inc. 3,484,800
R.Bank of N.
611,463,800 Inc. 3,153,700 2,018,299,500 Dec. 2,816,500
Deposits
95,921,000 Inc. 1,457,600 288,849,600 Inc. 3,881,700
Reserve on deposits_
0.1%
17.8% Inc.
0.2%
19.8% Dec.
P. C.reserve to dep.

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)

Oct. 5
Oct. 12
Oct. 19
Oct.26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Nov.30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25

Differences from
previous week.

Feb. 1
1919.

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:

•
Legal
Tenders.

Trust Companies.

Banks.

Week Ended Feb. 1.

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
previous week.
Feb. 1.
$64,300
6750,951,300 Inc.
investments
and
Loans
2,100
8,181,000 Dec.
Specie
210,700
15,192,300 Dec.
Currency and bank notes
2,135,600
Dec.
60,893,300
York
New
of
Bank
R.
F.
Deposits with the
794,070,100 Dec. 11,860,500
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 722,013,800 Dec. 1,418,500
126,367,900 Dec. 6,351,200
Reserve on deposits
Percentage of reserve, 19.5%.
RESERVE.
- -Trust ComapniesState Banks
$67,978,900 13.26%
$16,287,700 12.10%
Cash in vaults
30.962,500 6.04%
Deposits in banks and trust cos....... 11,138,800 8.28%

Week
Ended-

[VoL. 108.

THE CHRONICLE

558

Changes from
previous week.

$
4,707,000 Inc.
Circulation
Loans,disc'ts & investments_ 521,594,000 Dec.
Individual deposits,inol.U.S. 443,349,000 Dec.
107,203,000 Dec.
Due to banks
12,564,000 Dec.
Time deposits
Exchanges for Clear. House_ 16,300,000 Dec.
67,673,000 Dec.
Due from other banks
Cash in bank & in F.R.Bank 61,112,000 Dec.
Reserve excess in bank and
14.077.000 Dec.
Federal Reserve Bank

Jan. 25
1919.

Jan. 18
1919.

$
$
$
31,000 4,736,000 4,744.000
2,083,000 523,677,000 525,145,000
3,487,000 446,836,000 444,630,000
2,454,000 109,657,000 118,448,000
32,000 12,596,000 12,579,000
897,000 17,197,000 18,102,000
1,582,000 69,255,000 74,265,000
967,000 62,079,000 63,612,000
620.000 14.697.000 16.164.000

Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Feb. 1, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."

R4 R74 II 04 R411 R infl 214 R AR7 9.AR 2

•Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.

In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045)

week arming reo. 1 1919.
Two ciphers (00) omitted. Membersof
F.R.811316771
Capital
Surplus and profits
Loans,disc'ts & investm'ts
Exchanges for Cloar.House
Due from bank!'
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank
Res've with legal deposit's
Cash in vault*
Total reserve & cash held.
Reserve required
Excess res. & cash in vault

829,475,0
78,336,0
730,653,0
23,123,0
104,208,0
148,631,0
467,226,0
4,808,0
620,665,0

Cos.

63,000,0
7,631,0
26,531,0
407,0
12,0
230,0
16,950,0
17,180,0

52,574,0
14,750,0
67,324,0
48,996,0
18.328,0

2,862,0
861,0
3,723,0
2,514,0
1,209,0

Jan. 18
1919.

Jan. 25
1919.

Trust
Total.
$32,475,0
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

$32,475,0
85,948,0
753,251,0
25,410,0
114,690,0
157,092,0
493,738,0
4,771,0
655,601.0
35,821,0
54,007,0
2,746,0
17,480,0
64,233,0
52,025,0
22.208.0

632,475,0
85.915,0
745,605,0
21,195,0
106,352,0
150,676,0
484,887,0
4,804,0
640,367,0
29,114,0
. 50,610,0
2,583,0
16,367,0
69,560,0
51,740,0
17,820.0

*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
page:
non-member institutions which are not included in the "Clearing-House return" onithejpreceding
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
1
Capital. I Profits.

Loans,
Discounts,
Nat. banks Dcc.311 Investments,
&c.
Week ending Feb. 11919. 1State banks Nov. 1
Trust cos. Nov. 17
CLEARING
NON-MEMBERS.

Members of
$
$
Federal Reserve Bank.
Battery Park National Bank_ 1,500,000 1,463,500
651,200
1,000,000
Columbia Bank
548.000
200,000
Mutual Bank
196,500
200,000
New Netherland Bank
757,100
500.000
W. R. Grace & Co.'s Bank
609,100
200,000
Yorkville Bank
668,900
300,000
First Nat'l Bank, Brooklyn
602,700
300,000
National City Bank,Brooklyn
1,309,200
400.000
City
Jersey
Bank,
Nat'l
First

Gold.

Legal
Tenders.

Silver.

National
Bank
& Federal
Reserve
Notes.

Average. Average. Average. Average.
Average.
8
73
$
$
$
140,000
5,000
11,000
18,000
11,341,000
355,000
252,000
15,000
14,651,000
48,000
122,000
9,151,000
173,000
56,000
6,000
8,000
4,740,000
6,000
4,000
6,847,000
285,000
44,000
2,000
9,226,000
124,000
39,000
5,000
5,000
7,898,000
123,000
56,000
25,000
5,000
6,667,000
298,000
89,000
72,000
81,000
11,412,000

Reserve
with
Legal
Deposttaries.

Additional
Deposits
with Legal
Deposttaries.

Net
Demand
Deposits.

Net
Time
Deposill.

- NI 111,4
IP k is
INational ,
Bank
Circula.
lion.

Average. Average.
S
$
258,000
1,556,000
653,000
1,998,000
467,000
1,295,000
352,000
753,000
881,000
493,000
927,000
432,000
658,000
498,000
572,000
46,000
900,000

Average. Average.
Average.
$
$
$
193,000
67,000
7,156,000
395,000
13,974,000
237,000
9,056,000
46,000
4,804,000
570,000
4,591,000
5,105,000 4,207,000
200,000
471,000
6,195,000
110,000
418,000
5,595,000
400,000
8,056,000
64622,000 6,411,000 1,002,000

4,600,000 6,806,200 81,933,000

131,000

132,000

663,000 1,546,000 9,540,000 3,199,000

State Banks.
Not Members of the
Federal Reserve Bank.
469,500 2,339,000
100,000
Bank of Washington Heights_
500,000 1,088,400 10,633,000
Colonial Bank
198,800 5,845,000
500,000
International Bank
865,700 24,677,000
1,600,000
Mechanics' Bank, Brooklyn
4,800,000
226,600
200,000
Brooklyn
Bank,
North Side

71,000
167,000
158,000
144,000
13,000

240,000
11,000
248,000
12,000

49,000
428,000
67,000
554,000
130,000

123,000
127,000
911,000
485,000
309,000
344,000
788,000 1,865,000
287,000
234,000

287,000

2,064,000
10,962,000
5,118,000
25,321,000
4,501,000

2,900,000 2,849,000 48,294.000

553,000

511,000 1,228,000 1,978,000 3,495,000

497,000

47,966,000 1,006,000

8,419,000
8,498,000

320,000
14,000

10,000
12,000

12,000
77,000

142,000
197,000

297,000
524,000

260,000
129,000

5,049,000 1,191,000
5,150,000 3,973,000

700,000 1,408,600 16,917.000

334,000

22.000

89,000

339,000

821,000

389,000

11,090,000 5,164,000

Total

Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co, Brooklyn
Mechanics Trust Co,Bayonne
Total
Grand aggregate
Comparison previous week.
Excess reserve
Grand aggregate Jan. 25---Grand aggregate Jan. 18___ _
Grand aggregate Jan. 11-.-.
Grand aggregate Jan. 4._--

500,000 1,030,700
377,900
200,000

672,000
15,000
319,000

665,000 1,980,000 3,863.000 13,856,000 4,085,000 8123,687,000 12,581,000 1,002,000
8,200,000 11,063,800 147,144,000 1,018,000
-7,000
+2,000 -131,000 -88,000 -117,000 -92,000 -3,984,000 +1,137,000 +137,000
+406,000
decrease
$438,770
122,550,000
12,444,000
1,009,000
8,069,000
13,948,000
3,980.000
796.000 2.068.000
8,200,000 11,063,800 146,738,000 1,016,000
740,000 2,185,000 4,144,000 13,996,000 8,030,000 127,286,000 12,327.000 1,006,000
8.200,000 11,152,600 148,216,000 1,063,000
7,326,000'120,275,000 12,340,000 '1,017,000
8,200,000 11,162,600 145,331,000 1,059.000 1,058,000 2,260.000 4,428,000 14,146,000
781.000 2.220,000 4,360,00013,236,000 18,284,000 121,594,000 12,117,000 t 1,009,000
8.200.000 11,152.600 141,937.000 1,039,000

a U.S. deposits deducted, $5,337,000




37,000
138,001
35,000

FEB. 8 1919.]

559

THE CHRONICLE

motive retains a substantial part of a 3% point rise recorded
earlier in the week.
For daily volume of business see page 568.
Wall Street, Friday Night, Feb. 7 1919.
The following sales have occurred this week of shares not
The Money Market and Financial Situation.—All represented in our detailed list on the pages which follow:
eyes have this week been turned towards Washington. The
Range since Jan. 1.
Sales
Range for Week.
STOCKS.
Director-General of Railroad's testimony before the Senate
for
Week ending Feb. 7.
Committee and his recommendations, the most important
Highest.
Lowest.
Highest.
Lowest.
Week.
of which favored the five-year Government control, atper
$
per share.
$
share.
share.
Par.
share.
per
Per
Shar
$
much
discussion.
tracted wide attention and
Jan
2
4234 Feb 7 48 Feb 1 4254 Fe 50
Adams Express
it
Apparently only now is the public beginning to realize Am Brake S & F, pf_100 200 160 Feb 3 165 Feb 3 160 J 165 Jan
Jan
4
95
Jan
8434
Feb
88
90
1
500
Express_
Feb
_100
American
the
the unfortunate condition of
railroads of the country
Jan 11454 Jan
150 10934 Feb 6 109% Feb 6 105
Snuff
100
as a result of Government control and when to this is added American
Am Smelters Securities
Feb
Fe 93
93
10 93 Feb 7 93 Feb
preferred series A_100
the fact, as recent traffic reports show, that a considerable
Jan 134 Jan
Realization_ _ _10 200 134 Feb 5 1% Feb 5 1
number of the roads have not been earning operating ex- Assets
26% • Jan
100 2,900 1834 Feb 4 21% Feb 6 1734
Assoc Dry Goods
Feb
65
First preferred- —100 100 65 Feb 6 65 Feb 6 6134
penses, the situation is nothing less than appalling.
40 60 Feb 6 60 Feb 6 58% Jan 58% Jan
Second preferred- _100
Equally engrossing, perhaps, at the moment is bthe long- Associated
76% Jan
100 800 72 Feb 1 73% Feb 4 68
Oil
Jan
8
talked-of War Revenue Bill, now reported back to Congress Atlanta Birm dr Atl _ _100 100 734 Feb 5 7% Feb 5 734
110% Feb 3 11031 Jan 11034 Jan
100 110% Feb
pref
100
by the Conference Committee and which will soon become a Barrett,
1% Jan
1% Feb 6 134 Feb 3 134 Ja
Batopilas Mining_ _ _ 20 90
law. Of this, in detail, the public will know much more Beth Steel, pref
100 700 90% Feb 6 91% Feb 5 90% Jan 9134 Jan
Feb
Feb 71
100 71 Feb 5 71 Feb 5 71
Brown Shoe,Inc_ _100
later on and very few will then be disinterested.
10 % Jan
b 7
100 8% Feb 7 8% Feb - 834
Brunswick Terminal_160
Feb
Feb
When compared with the foregoing the routine news of Buff
770 Feb 3 70 Feb 3. 70
Roch & Pittsb_100
Jan 17% Jan
110 1654 Feb 4 16% Feb 4 16
100
the week seems trivial. A reduction in the dividend rate on. Butterick
Feb 61% Jan
& Arizona_ _ _10 900 58 Feb 6 61 Feb : 58
American Smelting & Refining shares did not pass un- Calumet
100 200 9334 Feb 4 93% Feb 4 91% Jan 93% Jan
Case (J I), pref
Feb
3034 Ja 32
32 Feb 1 32 Feb
noticed, however. It caused a drop of 4 points in that stock, Cent Foundry, pref 100 100
5% Jan
359
b 6
FFJ bn
100 61 Feb 7 61 Feb 7 61
Cluett,Peabody&Co _100
a sympathetic decline in other copper shares, and co- Computing-Tab-Rec.100
Jan
b 6 37% Jan
7 388%
100 3854 Feb 6
Jan
Feb 4 734
incidently there was a decline, over night, of 43/i cents per Cons Interstate Call_10 300 734 Feb
Feb
Jan 66
Feb 6 58
Continental num% _25 1,700 63 Feb
pound in copper metal. Thus, it would seem, that in this Cuban-Am
1% Feb 4 101% Feb 101% Feb
3 198068
pf 100
11210134 Feb 4
Jan
3 95%
important industry there is a disposition to break away from Deere de Co,Sugar,
100 96 Feb
pref_ _ _ _100
Jan
F b 4 85
50 89 Feb 4 89 Feb
war-time conditions and get the business on a normal, Detroit United Ry.-100
Feb
8956
Feb 54
7 54
10 54 Feb 7 54
Elec Storage Battery 100
Jan
healthy basis as rapidly as possible.
Jan
Feb 3 10
Fed'l Min & Smelt..100 100 10 Feb
Jan
18
Jan 3834
1 33
7 3185%
Preferred
100 600 34 Feb 3
From the iron and steel districts it is reported that the
Jan
3834
4
b
462134
Feb
41
1
1,300
Body
par
Fisher
Corp.no
number of furnaces in blast is being reduced so that the rate General
Jan
54
4
%
4
3
2
4
5
n
Jan.1.7aa
47
Feb 5
Cigar, Inc_ _100 2,400 48 Feb
Feb
of production on Feb. 1 was slightly over 104,000 tons General Motors rights-- 44,304 134 Feb
234 Feb 6
Jan
8
36
Feb
734
4
Feb
7%
4
734
100
Feb
Gulf Mob dr Nor ctfa.100
daily, as against an output of nearly 111,000 tons in Dec.
34 Jan
Feb 5 28% Feb
Jewel Tea,Inc
100 1,000 2834 Feb 7 31 F
Jan
Ja 90
5 88
1 882%
Preferred
100 200 88 Feb 6
Foreign Exchange.—Sterling ruled dull but steady and Kayser
Jan
Jan
107
6
Feb
dr Co 100 300107. Feb 6 107
Jan
Jan 35
b 1 34
practically unchanged during the week. In the continental Kelsey (Julius)
1 9384
100 34 Feb 6
Wheel, Inc_ _100
Feb
7
8
9
1
Feb
98
6
Feb
10
Feb
98
Else L & P_100
exchanges a firm undertone was noted, while neutrals showed Kings Co
94 x% Feb
08
Febnbn
JJaae 12
F
100 106 Feb 4i08 Feb 4 106
(S.8.)Co ,pref 100
Jan
considerable strength in the earlier days of the week, though Kresge
Feb 3 734
Lake Erie & Western.100 200 7% Feb
Jan
204%
5
Feb
74
5
8
200212 Feb
easing off before the close. Swiss francs were the firmest Liggett & Myers__..i00 600
Jan
b 7 107
108 Feb 1109
Preferred
100
Jan
feature, but also reacted slightly on Friday.
9434
4
Feb
.4
96
96
100
Feb
Loose-Wiles lot pref _100
6181 UM Jan
16
98
09
9
n 16

Vatthrrs" Gazettt.
--

To-day's (Friday's) actual rates for sterling exchange were 4 73540
417334 for sixty days, 4 75 Y404 75 13-16 for cheques and 4 7655©4 769-16
for cables. Commercial on banks sight 4 7554 ©4 7551, sixty days 4 7234
04 723's, ninety days 4 7151@4 71 7-16 and documents for payment
3 and grain
(sixty days) 4 72©4 7251. Cotton for payment 4 7554@4 75%
for payment 4 75% ©4 7551.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 51% ©
5 5134 for long and 5 46%0:45 4654 for short. Germany bankers' marks
were not quoted. Amsterdam bankers' guilders were 40 9-16©40 11-16
for long and 41©41 1-16 for short.
Exchange at Paris on London, 25.98 francs; week's range, 25.98 francs
high and 25.98 francs low.
• The range for foreign exchange for the week follows:
Sterling, Actual—
Cheques.
Sixty Days.
Cables.
High for the week
4 75 13-16
4 76 9-16
47334
4 7551
4 7354
Low for the week
4 7655
Paris Bankers' Francs—
55131
Higb. for tho week
54554
545
5453%
Low for the week
55154
54554
German Bankers' Marks—
High for the week
Low for the week
Amsterdam Bankers' Guilders—
40 11-16
High for the week
4134
4134
40 5-16
Low for the week
41
4054
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 15®
San
discount.
Francisco,
$1,000
per
par.
25c.
Montreal, $20 3131 Per
31.000 premium. Cincinnati, par.

State and Railroad Bonds.—Sales of State bonds at the
5 $1,000
Board include $1,000 New York 4s, 1962 ,at 97%;
N. Y. Canal 432s, 1964, at 107; and $164,000 Virginia 6s
deferred trust feceipts at 65 72.
But for unusual interest in some of the manufacturing
and local traction issues the market for railway and industrial
bonds would indeed, have been a very tame affair. Moreover, the movement of prices has been so narrow as to be
wholly unimportant. Only 2 issues have changed as much
as a point—one being U.S.Steel5s,which recovered somewhat
from last week's depression. Of a list of 20 relatively
conspicuous in the week's operations 11 are fractionally
higher and 2 unchanged. Am. Tel. & Tel. bonds have been
notably active with slight change in quotations, while InterR.T.have been favorites,closing with substantial net gains.
United States Bonds.—Sales of Government bonds at
the Board have been on a very large scale, even for these
usually active features and include Panama Canal 3s, coup.,
at87 M; Liberty Loan 3Ms, at 98.88 to 99.06; L.L.1st 4s,at
92.98 to 93.22; L. L. 2d 4s, at 92.80 to 93; L. L. 1st 4%s, at
94.92 to 95.60; Is. L. 2d 43s, at 94 to 94.60; L. L. 3d 43(s,
at 95.02 to 95.50; and L. L. 4th 43s, at 94 to 94.62. For
to-day's prices of all the different issues and for the week's
range see third page following.
Railroad and Miscellaneous Stocks.—Business has been
exceptionally dull in the stock market, although starting
with a total of less than 300,000 on Monday, it increased in
volume day by day. Prices fluctuated narrowly and with
no general prevailing tendency until to-day, when the entire
market was heavy during the early hours on the general
disturbing news referred to above. Although there was
some reaction later the closing average was fractionally
lower than on Thursday.
As noted above, copper shares have been conspicuously
weak. Am.Smelting & Refining declined 9 points and closes
near the lowest and Utah shows a not loss of 4 points.
Contrasting with this movement is General Motors which
advanced 9 points and holds 6 of them, and Baldwin Loco-




Lorillard (P), pref_100 500 108 Feb
50 83 Feb
Manhat(Elev)Ry gu 100
May Dept Stores_..100 500 63 Feb
Preferred
100 400 106 Feb
100 91 Feb
M St P & S S Marie_ 100
180 114 Feb
Nashv Chatt & St L_ 100
National Acme
50 300 3054 Feb.
100112 Feb
National Biscuit_ _ _ _100
100 11834 Feb
Preferred
100
100 71 Feb
Nat'l Cloak & Sult_ _100
100 104 Feb
Preferred
100
Nat Rya Mex 2d pref 100 500 534 Feb
NOTex&Mexvte_100 500 31 Feb
NY Ch dr St L,2d pf_100 200 4234 Feb
New York Dock__ 100 300 1934 Feb
100 74 Feb
Norfolk & West pref _100
Nova Scotia 8 & C_ _100, 400 47 Feb
Ohio Cities Gas rights_ 4,700 234 Feb
Pacific Tel & Tel_ _ _ _1001 200 23 Feb
101 100 1234 Feb
Pond Creek Coal
100 23 Feb
St L-San Fran pref A.100
600 6034 Feb
Savage Arms Corp. 10
100 88 Feb
Sloss-Sheff S & I, pf_100
700 128 Feb
_ _1
Standard
400 8954 Feb
Preferred
1
8,000 1634 Feb
Texas Co rights
2,950 1334 Feb
Third Avenue Ry..- _
500 3834 Feb
Transue dr W'ms_no pa
100 130 Feb
1
Underwood
200 95 Feb
1
United Drug
50 400 53 Feb
First preferred
Second preferred _ _100 200 9234 Feb
16% Feb
3
10
U Express
100 24 Feb
U Realty & Impt_100
Wells Fargo Express 100 200 6634 Feb

5108 Feb
7 83 Feb
1 63 Feb
310634 Feb
7 91 Feb
5114 Feb
431 Feb
7 112 Feb
111834 Feb
3 71 Feb
3104 Feb
6 7 Feb
7 32% Feb
1 4334 Feb
7 23 Feb
7 74 Feb
1 48 Feb
6 2% Feb
7 23 Feb
5 12% Feb
623 Feb
3 61% Feb
688 Feb
3 130 Feb
3 90% Feb
1 17 Feb
5 1434 Feb
3 38% Feb
6 130 Feb
3 95 Feb
3 54 Feb
1 94% Feb
17% Feb
3 24 Feb
67 Feb

6 107
7 81
1 60
4 104
7 87%
5 114
5 2934
7 109
1 115%
3 70
3 10334
1 534
30
6 4234
3 1934
7 73
6 46
6
7 22
5 12%
6 22
5 5334
6 88
5 124
7 85)4
1 1634
5 1334
6 3734
6 115
3 9034
7 50%
5 91
7 16%
3 1734
5 66

aa na
JJa
"J

Jan
Jan
10634 Feb
Jan
Feb
1
18
31
1:
eb 1
jjaan
F
Jan
Jan
Feb
Jan
Jan
JanJan
Feb 117:1
334 Jan
Jan
Jan 38
Jan
ae 2476341 Jan
Janbn
j
F
Jan
Jan
Ja 55
354 Feb
Feb 22
34 Jan
Jan
12m Jan
Feb
jaa25
Jan
Jan
Feb
Feb 88
jjJaanan 10504 Feb
Feb,
Jan
193nI
JanI 15% Jan
n 3985% Feb
Feb
Jan 130
Jan
Jan
Janh 54
Feb
Jan
8:
57
14
:
Feb 8
j
Jan
Jan

?a

Outside Market.—Considerable strength and activity
developed in this week's "curb" market trading, and substantial advances were recorded in prices, which were well
maintained, despite the irregular fluctuations. General
Asphalt corn., after easing off fractionally to 65%, sold up
to 693/i at the opening, then down to 633 later. It moved
upward again, resting finally at 65. Gillette Safety Razor
touched a new high point at 135, a gain of 15 points. Keystone Tire & Rubber corn. advanced from 593t to 62 and
reacted to 60. Intercontinental Rubber, after fluctuating
between 18g and 193i during the week, dropped to 1754
to-day. Cities Service corn. was conspicuous, moving up
from 301 to 320 and reacting to 312. United Motors was
also a strong feature, advancing from 36% to 4034, the
close to-day being at 393ti. General Motors deb. stock
was actively traded in up from 81 to 85 and at 84 finally.
Oil shares were generally dull, though there were several
strong spots. In Standard Oil issues Prairie Oil & Gas sold
up from 660 to 685 and at 670 finally. Standard Oil of
N. J. gained about 20 points to 700. In the other oil issues
Midwest Refining rose from 130 to 148 and ends the week at
145. Houston Oil corn. improved from 7834 to 83 and
reacted finally to 813. Louisiana Oil & Ref. was active
and gained 2 points to 37, closing to-day at 3634. Merritt
Oil gained 332 points to 25, but fell back finally to 23.
Royal Dutch Co. (new) advanced 3 points to 7434 and ends
the week at 73. Increased activity was noted in the mining
section. Trading in bonds was on an unusually large scale,
due to the heavy business in Italian Govt. 5% bonds of
1918 for the first time at $141 per 1,000 lire. Russian Govt.
also made spectacular changes, the 63/2s after a loss of some
3 points to 59 jumping to 72, the final figure being 69. The
5 Ms lost 3 points to 55, then advanced to 65, the dose today being at 61.

560

New York Stock Exchange-Stock Record. Daily, Weekly and Yearly
OCCUPYING TWO
PAGES
For record of sales during the weak of stocks usually inactive, see preceding page.

HIGH A VD LOW SALE PRICES-PER SHARE, NOT PER CE VT.
&nutfay I
Feb. 1.

Atond,sy
Feb. 3.

Tuesdly
Feb. 4.

I

Wednesday Thursday
Feb. 5. 1
Feb. 6

Friday
Feb 7

1 Sltesfor
the
Week
Shire,:

STOCKS
NEW YORK 5 COCK
EXCHANGE

PER SHARE
Range Since Jim. I.
11
On basis of 100-share lots.
Lowest.

Highest.

PER SHA-RE
Range for Previous
Year 1918.
Lowest.

Highest.

$ per share c$ per shlre $ per slave 8 Per shire $ Per shire $ Per shire
Railroads
Par $ per share
$ per share $ per share $ per she?
*90
9112 90
9012 91
91% 9214 921
9112 9212 91
914 1.909 Atch Topeka & Santa Fe__100, 90 Feb 3 9114 Jan 3
81 Mar 993 Nov
8612 8512 8812 87
87 1 .86
87
*86% 83
88
703
Do prof
837 857
100' 86 Jan21 89 Jan 4
80 Jan 921k Nov
9312 9312 .95'4 91 .95
93 I .95
93
____ ____ .9112 93
100 Atlantic Coast Line RR...1001 9.338 Jan22 9
v
an 6
Ae
8
48
9 Nor
por 112
91
2
18
2 D
59
0 .JJo
45 I 4112 4512 4514 4112 4312 4513 41
45
4612 45
4118 6,300 Baltimore & Ohio
1001 44
Jan214
.53
55
5138 51% 5112 5112 *5312 55
5112 5112 .53
335
100, 51 Jan22 53 Jan14
Do Prof
5113
53 Apr 6413 Nov
211
197 207
2012 2118 21
2014 2213 2114 2214 2138 2238 17,470 Brooklyn Rapid Translt_100 183 Jan27 267 Jan 4
2514 Dec 484 Jan
1574 15714 *15314 15114 154 159 1.153 160
15134 15918 .15712 159
1,000 Canadian Patine
100 15534 Jan21 16134 Jan 3 135 Mar 17478 Oct
5134 55 1 5134 5114 55
55141 5514 5514 55(8 5512 5178 55
4,000 Chesapeake & Ohio
101) 5314 Jan21 5714 Jan 2
4934 Jan 62% Nov
8181 .714 812 .734 812 *734 814
8
403 Chicago Great Western...100
734 812 *734 8
.
718 Jan21
6 Apr 11 Nov
812 Jan 7
•24
2512 .21
2512 .2112 2512 .2112 2512 25
25
2112 2112
100 2358 Jan21 2312 Jan 3
200
Do Pre
1812 Apr 32 Nov
331g 3738 37
3638 37 1 3612 37
3714 3358 37
36
3112 9,500 Chicago Milw & St Paul. 100 36 Jan21 4138 Jan 9
3714 Apr 5414 Sept
7118 7138 72
7212 7134 7338 7113 72
71
72 .71
7114 5,210. Do pref
1(10 6512 Jan21. 7414 Jan 9
63114 Apr 8638 Nov
.95
9512 .95
9112 .95
91 .9512 93
95
95
95
95
600 Chicago & Northwestern.-100 9318 Jan21 0612 Jan 3
8912 Mar 107 Nov
.131 13514 .131 13514 .111 1354 *131 13534 .131 13514 *131 133
Do prof
I
100 13178 Jan 7 133 Jan17 125 July 137 Jaw
23
23
2314 231
2234 2338 2314 2318 227 2314 227 227
1,700 Chic Rock 141 & Pao temp ctfs. 2218 Jan21 2312 Jan 3
18 Apr 3212 Nov
.
7512 77
_
-------82
7714 .75
500
7% preferred temp ars__
7538 7638 7634 77 .76
7314 Jan21, 8014 Jan 3
5534 Jan 88 Nov
.63
6112
6378 6334 6314 631 614 .63
63
6114 1,000
6% preferred temp ctfs____
6118 Jan21 67 Jan 3
46 Jan 75 Nov
.
32
;32- 16." .32
33
33 .32
3'32
36
36 .32
36
Clev Chi Chic & St Louis_ -100 33 Jan23 3(3 Jan 3
26 Feb 40 Nov
*16212 75. .6212 75 .6312 75 .6212 75 .6212 75 .6212 75
100 6612 Jan15 70 Janlri
Do pre(
5834 May 70 Nov
.
22 .21
21
22
2012 2012 .2012 22
2012 2012 .2014 2112
200 Colorado & Southern
100 1934 Jan22 223* Jan13
18 Apr 2712 Nov
•49
53 .43
52 .43
52 .48
54 .43
50 .43
50
100 4814 Jan 3 4912 Jan13
Do lit pre(
47 Apr 55 Nov
*43
43 .43
47
45 .43
45
48 .43
43 .42
48
203
100 45 Feb 4 47 Jan27
Do 28 prat
40 Apr 48 Deo
.103 105
10312 10158 10178 10514 *103 107 .103 107 .103 107
100 101
900 Delaware & Hudson
Jan20 10514 Feb 4 10012 Apr 11934 Nov
•173 180 *17212 130 .173 130 .173 130 .173 180 .17212 130
Delaware Lack & Western...50 176 Jan10 18234 Jan 2 160 Apr 185 Sept
*4
514 *314 5
.37
514 *4
514 .4
Denver & Rio Grande_ __100
514 Jan11
7 Nov
514 *4
334 Jan 8
514
214 Jan
61i 612
612 612
613 614 .614 678
el8 618 1.000
614 614
100
Do pref
615 Feb 3
5 Apr 1338 Jam
714 Jan 2
16
16
1514 13
1618 1618 16% 1558 16
13
1578 16
3,200 Erie
1. 1738 Jan 3
J2
J:o
n21
14 Apr 2353 Nov
*2512 2112 2512 2512 21
25 .2512 27
*21
27 .25
26
600
1
101 23
Do 1st prof
17
2814 Jan 3
2318 Jan 3612 Nov
'
s4
•18
20
1812 1112 .1412 21
.144 20 .1512 20 .13
100 14 Jan21 22 Jan14
Do 28 pref
20
MO
1.113 Jan 2714 Nov
9178 9178 91
9111 .9112 93
9212 9212 9218 927
2,000 Great Northern prof
9134 92
1 9512 Jan 2
13
n22
4
4 Jao
86 Jan 10612 Nov
9
30
377
3734 38
3453 3314 3334 378 3358 3738 3138 37
Iron Oro proporties_No 1par
37% 23,900
Fob 4
2518 Jan 3412 Nov
4
383
9(312 9612 97
93
97
9914 .93 100 .96 100
850 Illinal4 Central
100 96 Jan21 9934 Feb 4
93
93
92 Jan 10512 Nov
5
5
5
5
514 514
54 538
514 514
518 558 2,709 Interboro COns Corp.,No par
434 Jan 2
638 Jan 8
93 Jan,
434 Dec
4.1812 10 .13
19
1378 19
1478 1978 1912 1978 19
1912 5,900
100 16 Jan 2 23 Jan 7
Do prof
1711 Dec 4712 Jan
*17
17
*17
14
13
17
1714 1714 1778 1778 1738 1738
400 Kansas City Southern
100 1614 Jan10 19t Jan 3
1518 Apr 2414 Nov
5014 5014 .48
53
*50
50
51
50
.50
51
100 4912 Jan21 63 Jan14
*50
51
200
Do pref
45 Jan 5912 Nov
5514 5514 55
5514 55
5514 5518 5514 51% 55
3,200 Lehigh Valley
5134 55
50 54 Jan 2 5718 Jan25
5338 Dec 6518 Nov
11158 115% -- -- .111 11512
•11312 11134 *11312 115 .111 115
300 Loalsyllie & Nashville_...100 11312 Jan23 119 Jan13 110 Jan 12431 Nov
.
10
1012 .10
1012 1038 1014 10
10
.914 10
700 MInneap & St L (new)...... _100
.914 1012
918 Jan21
712 Apr 1.373 Nov
1134 Jan 3
*5
514
5
5
43 Jan
518 5,8 *5
400 Missouri Kansas & Texas_100
47 Jan22
634 Nov
54 .4% 514 .434 5,1
Jan 3
II
83(
.834 914
834 814
014
*81s 10
*813
014
*813
012
300
100
Do prof
812 Jan13 10 Jan 9
612 Jan 1112 Nov
2358 2378 2312 237s 2338 244 24
2138 2314 2118 2314 2311 6,700 Missouri Pacific trust ctts_100 2234 Jan21 27 Jan 3
20 Jan 3158 Nov
5212 5212 5014 52
5114 51114 5014 52
52
5038 51 .50
3,200
100 494 Jan21 5134 Jan 3
Do pref trust ars
Jan 62 Nov
41
7212 7212 7212 7218 73
7338 7234 7318 72
100 6014 Jan21 7512 Jan 0
7234 7112 7134 4,700 New York Central
6712 Jan 8438 Nov
.
2814 29
2318 2358 24
2918 2518 2878 2812 2912 28
2514 4,200 N Y N H & Hartford. .100 2758 Jan21 334 Jan 3
27 Apr 4578 May
19
19
*1914 20
197
1912 1912 .19
1912 191.1 .1912 20
400 N Y Ontario & Western..100 1812 Jan21 21
1814 Jan 2453 Nov
Jan 7
10512 1051 •10113 10314 .10112 10312 105 105
10512 10512 105% 10518
103 108432
500 Norfolk & Western
8
10314 Jan 2 102 Jan 1124 Nov
9012 90
9014 90'8 9114 91
91
904 9014 897 9018 4,200 Northern Pacific
2
Jan
0412
Jan 105 Nov
811s
Jan2190%
4413 4414 4414 4438 4114 4112 4138 4114 4453 4131 444 4453 4,450 Pennsylvania
50 4418 Feb 1 46 Jan 7
4314 June 5018 Nov
---- ---1212 1214 13
13 .1234 1312 .1234 1312 .1234 1112
100 1218 Jan21
800 Pere Marquette v t c
912 May 1517a Nov
Jan 3
1353
--_-'55
60 -- ---- .53
.58
61
.53
61
61
Do prior pref v t 0.......100 57 Jan20 53
v
130
4 Nor
i5
3
an 1
5
30
or 5
24 Ap
Ja
432 j
•40
.40
45
4312 .40
100 43 Jan15
4312 4'40
Do pref v t c
4312
W 345831% 3112 -5-04 -i14 3514 3514 34% 3514 3414 3112 1,830 Pittsburgh & West Va
"s
100 34 Jan21 3138 Jan 2
2258 Jan 403* Nov
*7812 79
31753
8112 .73
8112 .78
8112 *7958 8112 8014 80.14
Do pref
100
111
Jan 82 Nov
100 79 Jan31 8138 Jan13
78
7838 7314 7338 7338 7912 79
7938 7714 794 7634 7734 15,400 Reading
n21 5412 Jan 3
7018 Jan 9614 Oct
3(1
512 Jan0
50 7
*3712 38
*3712 33
33
3312 .37
38
313712 35
200
*3712 38
Do 1st pref
35 Jan 39 May
3812 Feb 4
.
3758 33
3753 3758 .3738 334 .3758 3312 *3758 3312 .
100
Do 28 pref
Jan
3738 3818
35 Mar 40 July
3758 Jan28
12 .1113 12
12
1134 12
12
12% 1134 1131 1,300 St Louis-San Fran tr 0,18_10010734
5 3
Jan21
2 144 Jan 3
93* Apr 1711 Deo
2213
2212 .17
.18
21
.17
2212 *17
2212
St Louis Southwestern_ ___100 17 Jan28 IS Jan21
19 Oct 25 Nov
.23
30 .23
30
2312 29
2915 2918 .29
30 .29
400
Do prof
30
100 2812 Feb 4 31
4
Jan
Oct 4012 Jan
28
45
71,4i 13
812 .
:
6
734 18
15
7
7;82 16
74
3
%
17%
1
16
7%
600 Seaboard Air Line
100
7 Apr 12 Nov
87 Jan 3
-3514 -111-4
400
Da pref
2 1831 Jan 4
Jan21, a
en2:
1518 Apr 2514 Nov'
0
17
5
53:is: Feb
-117r2 -95.- 9714 93
9938 9312 991.1 9712 9914 9718 9114 2,530 Southern Pacific Co
91
100
10331 Jan 3
8012 Jan 110 Nov
2618 2612 2(118 2312 2114 27
2138 2634 2612 2634 2314 2(35
7,900 Southern Railway
3018 Jan 3
203* Apr 347 Nov
*6612 63
68
67
64
63
67
067
67% 63
65
68
1 01 6
700
Do prof.
26
534 j
Ja
an
n21. 70 Jan 2
57 Jan 7511 Nov
3112 3218 3114 321
3234 332 3212 33
3112 33
311 317 18.100 Texas & Pacific
100 2712 Jan21 3618 Jan 3
14 May 2012 Deo
4144
60
41
.43
44
45
45
45 .44
200 Twin City Rapid Transit_ _100 34 Janla 45 Feb 5
47 .4412 47
32 Dec 6514 Jan
12612 127
12612 127
127 12118 12712 128
12(358 128
12418 127
9,700 Union Pacific
100 12418 Jan21 13012 Jan 3 10934 Jan 13712 Oct
.72
7312 .72
7312 734 7112 17214 7214 *7214 734 73
323
Do prat
73
100 72 Jan14 7312 Jan24
69 Jan 7113j Nov
.8
97 10
.84 9
9
9
.314 9
3,400 United Railway Invest__ -100
912
912 10
714 Jan 0 10 Feb 6
434 Jan 12 June
16
1734 1778 151
13
18
18
19
19
20
19
1934 9,600
100 15 Jan13 20 Feb 6
Do pref
1012 Apr 20 May
77
77
818 814 .773 814
773
8
*734 814
800 Wabash
8
8
100
812 Jan 3
734 Jan20
7 Apr, 1134 July
.3112 32
3112 3153 3112 317
3113 3112 3114 3114 3114 3114 1,700
100 3012 Jan21 337 Jan 6
Do prof A
3078 Deci 444 J an
•19
20 .19
20 .19
20 .19
20 .19
21
100 19 Jan23 20 Jan24
.1912 20
Do prof B
19% Dec 2512 June
*1034 11
1038 1038 1012 1138 *1012 1114
1012 1034 1038 1012 8,400 Wedern Maryland (new)_100 1038 Feb 7 1238 Jan 0
10 Dec 1734 Feb
•22
*22
29
29
3122
29 .22
29 .22
29 .22
29 ----.2(1 prof
Do
24
2
10
an 3
234 June
3 jo
1712 1712 17
.17
17
317
19
17 .17
18
847 Western Pacific
100 17 Feb 3 2012 Jan 3
17
17
.60
60
60
5338 59
53
58 .___ 6018
400
pref
Do
June
66
Jan
9
6112
Jan
46
e
7
n
b
30
6
F
j
5
13
a
vs!, 9
,..i Ts
0
818 813 .83 812
200 Wheeling & Lake Erie Ry-100
838 838 .8% 9
8 Jan13
8 Apr 123 Nov
858 Jan14
.17
*IR
20 .15
20
*15
17
18
*15
13
17
17
100
Do pref
1812 Jan 7
1712 Apr , an Nov
.31
34 .31
34 .31
34 .31
3114 *31
10
7
34
3014 3014
100 Wisconsin Central
0 3014 Jan22 35 Jan 4
2978 Dec 3934 Oct
Industrial & Miscellaneous.
2234 2234 2314 2312 2234 2234 2234 2234 2158 2258 2114 2112 1,800 Advance Rumely
100 21
Jan21 2514 Jan 3
Jan 263 Nov
11
6058 61
6012 61
6035 6058 6014 6014 5912 60
2,500
59
59
100 5312 Jan20 6114 Jan"0
Do pre(
257 Jan 6278 Nov
*70
72 .70
71
71
71
71
71
72
*71
72
72
800 Ajax Rubber Inc
50 66
Jan13 75 Jania
49 Jan 7211 De0
312 34
312 358
318 334
312 358
358 358
312 312 4,000 Alaska Gold Mines
10
nv
e
338 Feb 4
N
oo
3
534j
114 Apr
44 Jan15
17
1% 2
17
I% 2
2
2
173 178
I%
178 5,200 Alaska Juneau Gold Min'g_10
134 Jan 2
218 Jan :3
112 Apr
3113 32
*3012 3112 .31
32 .3112 32
3012 3118 3012 3114 3,400 Allis-Chalmers Mfg
100 30 Jan21 354 Jan10
1734 Jan 37 May
8312 8312 84
84 .83
85 .83
85
84
84
8418 8414'
600
100 81% Jan23 8512 Jan 9
Do prof
7214 Jan 81313 May
10014 10014 10014 10018 10012 10118 1007 1007s 100% 10018 10012 10012 1,900 Amer Agricultural Chem..100997 Jan29 103 Jan 51
78 Jan 106 Oct
*98
9914 .
99
09 .98
99
9338 9913 99
9912 .93
99 I
300
Do pref
10
00
0 6
98
2 . Jan 9 09 Jan27
8913 Jan 101 Aug
1568
6138 6914 6834 68% 6718 69
69 1 6334 69
6312 674' 5.600 American Beet Sugar
48 Nov 84 Feb
77 Jan 9
46 .46% 4138 47
4534 4753 4612 47
4618 473
100 4553 ja
458 41% 12,700 American Can
Jan21
3 5038 Jan 9
3438 Jan 5034 May
.101 10212 *101 102 31101 10134 1017 1011 1102 102
101 10114
330
Do pref
100 9878 Jan 6 1017 Fob 5
8014 Jan 99 Deo
8778 8812 881z 8878 89
89% 8318 89
12,600
87
89
87
American
854
Car & Folindry_100 8518 Feb 7 9414 Jan 3
6814 Jan 9314 Deo
11514 11514 11514 11514 --200
Do prof
100 113 Jan18 1154 Feb 6 106 Jan 11512 Dee
-421-8 -4:i - "a" "4":fis "ii" 1-1-143
4 43
4212 4234 -42% -4-2-78 4,200 American Cotton 011
100 3958 Jan 2 4514 Jan 9
25 Jan 443 Oct
.82
92
*82
92 .85 . 925 .85
93 .85
93 .85
93
Do prof
100 85 Jan 7 89' JanIS
78 May 88 Dec
1214 1318, 1213 1214 1112 1234 II% 12% 1158 1218 1114 1138 13,900 Amer Dru 'gists Svn8leate_10 1018 Jan24 1112 111(130
13
1634 16141 17
1734 1838 1634 1758 1658 17
1618 1658 17,900 American !hide & I.eather 100 1318 Jan 4 1838 Fob 4
1113 Jan 2218 Sept
85% 8712 8712 89
8734 894 8638 88
31,500
8614 8818 8558 87
Do prof
100 714 Jan 2 8931 Feb 4
50 Jan' 947 Auff
4014 41 1 4012 4012 .31
42 .3938 41
.38
4112 3934 4018
800 Ameriean Ice
100 38 Jan21 4512 Janl 1
1112 Jan 49 Oct
.56
5714 .56
5712 57
57 .57
574 57
57
600
57
Do pref
57
100 533t Jan20 59 Jan 6
Oct
3334 Jan 61
5312 5312 5312 5358 53% 5338 5312 5414 5318 5318 5258 5178 2,600 Amer International Corp..100 525 Fob 7 5718 Jan 6
5112 Sept 6012 Oct
.4612 47 1 4512 4912 4734 49
4734 4814 .48
4834 463 47
8,300 American Linseed
100 4534 Jan21 5234 Jan 9
27 Jan 4712 Dee
.88
89121 89
89
87
87
8712 874 8734 8734 8712 8712 1,600
Do prof
100 87 Feb 4 0234 Jan 7
6914 Jan 92 Deo
.5:3
60 1 .55
60
60
6012 .60
6112 59
59
*53
5912
500 American Locomotive....10058 Jan21 63 Jan 3
5312 Jan 713 May
*10212 10314 .102 1034 10212 10112 .102 10314 10234 10234 .102 10314
200
Do pref
100 100 Jan14 10234 Jan24 z95 Jan 1025* Deo
•114 14 .
114 I%
14 112
114
112 158
14 1,300 American Malting
114
114
100
1
Jan17
438 Jan 7
238 Sept 1312 Feb
41 I *4212 47
46
47
47
47% 4914 .46
48
4614 4614
700
Do lat pret malts of dep._
46
Jan10 494 Feb 5
41 Sept • 48 Deo
7135 70% 7118 70
71
7178 6334 6911 6218 633,1 627 6358 119.400 Amer Smelting & Refining-100 6218 Feb 6 7838 Jan 3
73 May 9434 Oct
*10638 105% 10112 10812 107 107
10558 10612 104 10134 101 101
1,500
Do pref
100 101 Feb 6 107 Jan14 103 Sept 11014 Nov
7812 7,313 7818 7412 79
79
7834 79
7412 15,800 American Steel Foundries_100 70 Feb 7 8312 Jan 3
7234 7814 70
58 Jan 05 Nov
.
11112 113
11212 11212 113 11114 114 11558 111 11512 114 11414 8,900 American Sugar Refining_100 11114 Jan21 11558 Feb 5
98 Jan 116 May
4'115 115 .115 113
11734 11734 118 113 *11612 121 .118 120
300
Do prof
100 11313 Jan 6 118 Fcb 5 10514 Mar 1144 Deo
9314 10014 9912 100
100 101
9912 101
101 10314 10114 10212 14,800 Amer Sumatra Tobacco-100; 9612 Jan13 10318 Jan15
6034 Jan 115 May
9914 100
9914 10018 9378 10014 10014 10038 1004 10012 10038 101
9,100 Amer Telephone & Teleg-1001 9834 Jan29 10112 Jan16
905* Aug 10914 Feb
.192 195 .193 200
1917 193
19514 19514 19712 19712 195 198
1,800 American Tobacco
100 1917 Feb 4 206
Jan10 14012 „Tan 1983 Deo
.101 103 .101 103
101% 10134 .100 102 *10012 102 .10012 102
100
Do prof (new)
100 101
9218 Sept 10012 Deo
Jan20 106 Jan 6
4534 4514 .4512 45
4558 4334 4514 45,2 453.1 46
447 Jan 6075 May
46. 4618 2,400 Amer Woolen of Mass.-100 4514 Jan16 5212 Jan 4
'094
9512 *94
9512 9134 9134 .91
9514 9112 9112 *94
200
Do prof
95,2
100 9112 Jan30 9012 Jan 9
92 Jan 9634 pm
32
32 .30
33 .3114 33,
33
33
33 '33
3234 3314 1,100 Amer Writing Paper pret-100 2738 Jan 2 3531 Jan22
2014 Apr 3938 Aug
.11
3111
12
12 .11
12
11 .11
11
11
.11
12
400 Amer Zinc Lead & Smelt-25 11
1231 Jan 3
Jan31
11 Dec' 2138 July
*39
*39
41
41
.39
45 .3912 43 .3912 43
*3912 43
Do prof
1
25 40 Jan21 4312 Jan10
383 Dec 5314 .11117
5918 5358 594 533* 5912 5758 5838 5312 5734 5612 57
59
26,800 Ancaonda Copper Mining. 50 5313 Feb 6 6153 Jan 3
59 Dec r7411 Oct
*9712 98
97
97
97
97
97
9778 97
OS
91314 97
2,600 AU Gulf & W I SS Line..100 9614 Feb 7 10812 Jan 4
9734 Jan 1204 Feb
.64
66
65
65 .61
65
*6312 65 .63
6512 .6312 65
300' Do pref
Jan20 67 Jan 2, 58 Jan 6758 Nov
100 64
6612 6613 673s 6712 Ws 6714 684 61318 6812 6515 6678 30,700, Baldwin Locomotive Wks.100 6478 Jan29 7712 Jan 31
66
56% Jan 1013 May
---- ---- ---- ---- -.
- _ _ - - __ I
Do prof
100 102 Jan29 102 Jan30
93 Jan 104 Oct
*109 10978 .109 110
110- 116" iiii fill; ii.ii8 fi.1" iii" 1-14
2,000 Barrett Co (The)
100 103 Jan 2 11534 Jan 9' 85 Jan 110 Deo
5918 5918 __
_
59% 597
5312 5914
600 Bethlehem Steel Corp....100 5512 Jan20 6212 Jan 61 60 Dec 96 May
58% 59
583 5912 5912 16" 587 60
59
5958 5334 5914 17.900: Do Class B common..100553* Jan21 6313 Jan 3, 5934 Nov 91 May
10234 10234 .10212 10118 101 10312 .103 104
10314 10'312 .10312 101
1,400; Do cum cony 8% prof...! 101% Jan22 105 Jan 31 964 Jan 10678 Apr
*IS% 19
1834 19
*1914 1934 .1834 1934 184 19
1314 19
1,600 Booth Fisheries
No par 1314 Jan14 2234 Jan 6' 21
Jan 25112 Sept
148 148
147 117
147 147
1447 146
138 14312 142 14212 2,600 Burns Bros
100 138 Feb 6 157 Jan 3, 108 Feb 3112 Oct
*6
614 *6
57
11
6
614
6
6
6
57 Feb 7
6
573
900 Butte Copper & Zinc v t c_ _5
714 Jan 6'
515 Dec 11278 JAY
.
1734 1812 18
18
18
18
1712 177
1718 *1613 1712 1,200 Butts & Sano-lar NlInIng..10 17 Feb 6 214 Jan '1
17
1612 Inn 331sMay

iia- -

*10 2212

•Bid and asked prices; no sales on this day. 3 Ex-rights. 3 Loss than 100 shares. a Ex-div. and rights. z Ex-dlyldend.




New York Stock Record-Concluded-Page 2

561

For record of sales during the week of stocms usually inactive. see second page preceding.
HMI AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday 1
Feb. 1.

Monday
Feb. 3.

I

Tuesday 'Wednesday
Feb. 4.
Feb. 5.

Thursday ,
Fib. 6. 1

Friday
Feb. 7.

I• Salesfor
the
I Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest

Highest

PER SHARE
Range for Previous
Year 1918.
I

Lowest

Highest -'

$ per share $ per share $ per share $ per share $ per share $ per shire I
Industrial&Misc.(Con.) Par, $ per share
$ per share $ per share $ per share
5112 5112 5112 5112 5214 5212 5112 52 , _-__ ..-- 5112 5158 2,100 California Packing____No par 4814 Jan 2 51,
3612 Jan 50 Nov
8 Jan25
2318 2318 2234 2338 2314 2458 2378 24 I 2334 2414 2312 2358 5,200 California. Petroleum
100 2038 Jan 2 2514 Jan24
12 Jan 2478 Nov
6912 7014 69
6934 6734 69
6814 8814 6834 6834 6958 70
3,400
Do pref
100 644 Jan 2 7014 Jan24
36 Jan 7012 Dec
59 , .5412 5912 533* 5334 5734 5812 5458 5318 4,500 Central Leather
5812 5812 59
100 5658 Feb 7 6234 Jan 9
5434 Dec 7338 Feb
*105 106 *105 103 I 10312 103 .105 106 .105 106 *105 106
Do pref
300
100 10412 Jan 7 106
Jan23 10112 Dec 108 Nov
32
3112 3118 3134 32
31
3212 3112 32
2,200 Cerro de Pasco Cop___No par 31
3212 .32
.
32
Jan22 3458 Jan 3
2914 Mar 39 Nov
11334 11512 11234 11512 113 11312 9,300 Chandler Motor Car
10978 11212 11373 11514 11518 113
100 103 Jan13 118 Feb 4. 6814 Jan 10978 Dec
7
174
I75g
173g 1738 6,600 Chile Copper
18 1 1778 18 i 1.4
17
25 1718 Jan21
1814 1734 18
1838 Jan 3
1412 Apr 24
Oct
3312 334 3334 3334 334 3358 3218 3314 3278 33 1 9,200 China Copper
33% 34
5 324 Feb 6 343g Jan30
3158 Dec 47l May
35 I 35
36
.35
3518 *3518 36 .3812 3612 35
35
600 Colorado Fuel & Iron...-100' 35 Jan14 3814 Jan 3, 3434 Jan 54I May
3518
41 I 4012 4038 4014 404, 2,900 Columbia Gas & Elec
41
41
3914 4014 4018 4014 41
1001 3914 Feb 1! 4338 Jan 61 2834 Mar 4478 Dec
9314 9312 91
9514 9134 95
9412 9412 9312 94 , s9212 9212' 3,100 Consolidated Gas (N Y)_100 8718 Jan27; 9712 Jan 2: 8234 July 10538 Nov
6914 67
6914 .66
6914 6314 6834 .66
67 I
300 Continental Can, Inc
100, 67 Feb 71 7118 Jan 9
6912 .68
*66
6512 Oct 95 Feb
4831s 4712 4834 4718 4734 16,900 Corn Products Refining_.1100
4718 4634 4734 4758 434 47
47
001 14
06
2 Jan21 5018 Jan 4
2978 Jan 5018 Nov
Do pref
1034 10318 10314 10314 *102 10312 1034 10318 .102 10312 .102 10312
300
Jan23 104 Jan 2; 29012 Jan 104 Dec
3
537g
5334 5234 54 1 5218 53 I 9,000 Crucible Steel of America_100 5218 Feb 7, 6012 Jan 3
531
5378 5373 53
5318 5318 53
52 Jan 747 May
91 , .9112 94
•90
.9112 92141
94
94 .90
94 1 .90
.90
Do pref
100 91
Jan 2 92 Jan16. 86 Jan 9134 June
2258 224 2212 21,900 Cuba Cane Sugar__No par 7
2314 24
2134 23
2314 24
2158 2258 22
203*2036
113 Jan27, 314 Jan 9
2712 Apr, 34 Nov
75 I 744 7434 9,10 Do pref
7634 7518 7538 75
76
76
75
77
76
Jan28' 80 Jan 9
7714 Dec 83 Feb
5418 5412 537 5158 53% 5434 5312 5134 5314 513s 53
5358 16,700' Distillers' Securities Corp-100
10 z4
19
0%
5538 Jan 8 s33
Jan 6434 May
13 I 1212 1278 14,900 Dome Minw, Ltd
1034 11 , 1058 11 I .1012 1112 1078 1238 12
j
Jan 32
11 13 Jan 3
6 June 15 Nov
*2712 2314 2758 2314 2712 2814 *27
28 I 26
2612 5,600 Gaston W & W Inc-No Par 2518 Jan21 3012 Jan 2
273* 26
2534 Oct 39 Feb
1484 14812 148 149 , 14612 14712 6,100 General Electric
14658 1184 14412 11714 11634 149
100 14412 Fe') 3 15178 Jan 3 12734 Jan 15812 Oct
12458 12512 128 129 , 12914 13012 12818 13214 13118 134 I 13012 1327 48,600 General Motors Corp
10000
1100 150
162
81
:
1 Jan21 13412 Jan 2 10634 Jan 164 Aug
86 I 85
834 8334 8412 84
83
84
84
8614 8478 85
5,729Do pref
Jan 6 864 Feb 6
753g Oct 88 Feb
2130
fil
61
60 I 594 6018 5312 5918 3,100 Goodrich Co(B F)
5978 6058 6034 61
Jan10 6212 Jan28
38 Jan 5972 Oct
103 103 .10238 10312 10312 104 ,*10212 104
103 103 , 103 103
900
100 103 Jan 8 104 Jan 4
Do pref
955g Dec 104 Dec
75
*7312 75 .70
*7312 77 I 7358 74 .74
75 I .70
200 Granby Cons M S & P.... 100 7358 Jan27 80 Jan 3
74
74 Jan 86 Oct
42
434 434 4212 4314 4314 4312 427 43
4212 24158 4155 2,400 Greene Cananea Copper -i00 z41% Feb 71 4612 Jan 9
3812 Jan 5814 Nov
497 51
54 .51
52 'Si
5412 .51
54
55 I 52
*51
1,200 Gulf States Steel ti ctfs..100 4978 Feb 7 6173 Jan 3
5834 Dec 11112 Apr
43
41
41
*4212 4234 4212 4212 .41
40
40
40
500 Haskel & Barker Car No pa, 40 Feb 6 45711 Jan 4
40
Jan 4911 July
34
4414 4212 4314 4252 4314 17,300 Inspiration Cons Copper
4438 4478 4334 4158 4334 4413 43
20 4212 Feb 6' 4714 Jan 9
4113 Dec; 5812 Oct
16 I *14
16 I •11
16 .13
15 , •13
15
tnternat Agricul Corp
15 I .13
15 1
100
00 4
18
012 Jan 21 1538 Jan14
10 Jan 19 June
5678 57 I 5634 56341 5534 5534' *5514 5734 5578 5578 *5534 57
e
100:
00
Do pref
Jan 4 59 Jan14
38 Jan 65 June
*112 113 ;.112 114 I 11214 11214 11278 11278 *112 114 .112 11312
200 Inter Haverster (new)
100 1104 Jan21 117 Jan 7 104 Oct 121 Nov
2214, 2134 22 I 2214 22141 6,100 Int Mercantile Marine...100
2158 22 I 2138 2134• 21% 2238 22
00 0
25
21
Jan 33 Oct
1:1 Jan31 27 Jan 4
9658 9778 96
9712 9512 9738 9578 9733' 954 974 9512 963s 55,400
Do pref
Feb 6 11378 Jan 3
8338 Jan 12512 Nov
2434 2518 2412 26 I 2534 2412 257 2638 2534 26 I 2552 25% 20,600 International Nickel (The) 10
20
5 3
20
3238
3
Jan
Feb
3
Jan 35 Nov
4:
27
4
2
34
37
351k 3134 3518 35
3634 3814 3834 3938 43,700 International Paper
3334 34
Jan 3 395s Feb 7
2412 Jan 4515 May
.62
6212 6234, 6218 6218, 6234 63
63
6314 66 I 6612 67 I 4,370
100 62 Jan13 67 Feb 7
Do stamped pref
53 Jan 6512 Jan
7912
794 7912 79
7918 80
7912 7934 7858 794 7612 7812' 4,300 Kelly-Springfield Tire
25 68 Jan21 8012 Jan20
41
Apr 72 Dec
3212 33
3212 3212 3234 33 I 317 3212 3012 3134 3018 3034 30,1+00 Kennecott Copper-No par 1018 Feb 7 3334 Jan30
29 Mar, 4114 Nov
6634 0634 6512 6512 643s 644 6338 6358'
66
6534 66
64
.
100 6212 Jan21 6818 Jan 3
700 Lackawanna Steel
6512 Dec 9158 May
2334 2414 2314 243
24
23
24
2414 2312 2414 2314 2312 5,000 Lee Rubber & Tire___No par 21
Jan22 2434 Jan31
12 Apr, 24 Dec
4414 4314 4314' 4214 43
4512 44
424 4218 .42
3144
44
100 Loose-Wiles Biscuit tr ctfs_100 41
Jan 9 4738 Jan20
1712 Jan, 4538 Dee
*94
9712 .94
9712 94
9712 •91
944 *94
9712 .94
200
9712
Do 2d pref
100 94 Feb 5 974 Jan20
53 Feb 9t8 Dec
74 .70
74 I 7334 7334 .71
.70
74 .71
76 I *71
100, Mackay Companies
78
100 70 Jan22 7334 Feb 4
70 Dec, 7812 Feb
*6334 6414 *6334 6412 .633t 6412 *6334 6412 64
64
*6312 6412
200
Do pref
100 64 Jan15 65 Jan 4
57 Jan: 65 May
3014 3018 3114 3012 313* 31
29
3114 3114 3114 3078 3078 5,200; Maxwell Motor, Inc
100 2634 Jan22 3138 Feb 4
2312 Jan, 4712 Nov
51 I 544 55
5212 53 I 53
64
5438 *5312 5412 2,710. Do 1st pref
5412 54
100 5038 Jan22 55 Feb 4
50 Dec en Nov
22 I 2278 23
22% 23% 22% 2278
22
-.22
23 , 2.400! Do 2d pref
100 1914 Jan 2 2338 Feb 4
19 May 3238 Nov
17
6
lg87
2
165 1664 11358 16634 117 11134 168
165 16714 104,200 Mexican petroleum
100 16234 Jan23 19714 Jan 2
79 Jan 194 Oct
_ •105 11212 .105 11212 .107 109
*1064
•105
105 105
100
Do pref
100 105 Feb 7 10634 Jan15
87 Jan 107 Dec
2238 2234 2212 -22-34 22,4 2234 2212 2234 217 223* 2134 22
2,200 Miami Copper
5 2134 Feb 7 2438 Janll
2214 Dec 3318 Jan
413g 4112 4033 41
40% 4114 4118 4134 4118 42
4014 4078 16,600 M Idvale Steel & Ordnance_ 50 4014 Feb 7 4418 Jan 9
41 Dec ill May
.
71
74 I .71
73 I 71
*7012 73
---74 .71
71
100 Montana Power
100 6978 Jan13 7312 Jan 8
64 June 8112 Nov
.103
.103
*104
.1044
_ *10412
Do pref
100 105 Jan22 105 Jan22
95 Mar 10618 Dec
8 1412 -1112 -iii4 .1114
*1414 15 I 1434 14-3-4' 1478 -1-4-7.
1418 1-4-14
706 Nat Conduit & Cable_No par lils Jan21 1612 Jan10
13 Nov. 2138 July
4834 .48
49 I 4412 4812 483* 43% 4714 483* 4512 4714 4,600 Nat Enam'g & Stamp'g__ _100 454 Feb 7 5034 Jan17
*48
3714 Jan. 5412 May
*93
97 I *9312 97 .9312 97 • .93
*94
97
97
;98
98
50' Do pref
100 93 Jan15 94 Janie
88
Nov 994 Feb
68
•67
6814 674 6734 6412 664 6438 651
674 677 671
61 National Lead
100 64 Janll 6878 Jan24
4314 Jan 6931 Dee
*110 112 *10834 ---- .10834 _--- .10834 111 *107 112 .107 111 - -----Do pref
100 107 Jan 3 11013 Jan25
9934 Mar i051 May
.1638 17 I 1678 17
17
1718 1634 17
1638 1634 1612 1612 2,500 Nevada Cons& Copper___ 5 163s Feb 6 1712 Jan 3
1612 Dec 217s May
97
9214 9634 9114 924 96
95
9534 96
96
94
944 4,400 New York Air Brake____ 50 9114 Feb 3 105 Jan13
9812 Dec 139 May
47
50
47 I .46
48 I *47
48 .46
48
48 .46
200 North American Co
48
100 47 Janl 1 48 Jan13
3712 Aug 5712 Nov
37
41% 3712 3938 3914 401 t 40
4014 3934 4014 3912 3978 62,000 Ohio (ince Gas (The)__-_ 25 37 Feb 1 4478 Jan 3
3518 Marl 48 Oct
818 858
818 838:
858 812
811 812
8
84
83g 813 21,:,00 Oklahoma Prod & Refining 5
8 Feb 3 1018 Jan10
718 8 I
758 77
734 734
7% 752
712 7% *713 738 4,700 Ontario Silver Mining...AO°
57g J8015
8 Feb 1
414 Jan 13 June
34 .3312 35
*3312 3412 3114 344 34
32
33
30
31 I
800 Pacific Mall SS
5 30 Fob 7 3112 Jan 4
2312 Jan' 40 Dec
68
6734 6858 63
67% 68 1 47
6914 6734 6914 6758 683815,400, Pan-Am Pet & Trans
50 67 Jan21 7414 Jan 3
6314 Oct 7214 Oct
*11712 120
117 117 .115 119 • *115 120
119 120
118 118 I
400, Do pref
100 117 Jan22 12812 Jan 3
86 Jan 12412 Oct
49
48
49
49 . .48
48
*46
4912 47
47
•46
49
1,6001 People's G L & C (Chic)..100 454 Jan22 5012 Jan 3
3958 Jan 61 Nov
30 •30
31
3012 3012 30
3012 3218 31% 3258 31
3112 4,000 Phlladelphla Co (Pittsb)._ 50 30 Jan 3 3238 Feb 6
21 Apr, 3514 Oct
4012 40% 4058 3978 4014 3912 40 I 3938 3912 4,500 Plerce-Arrow M Car_..No par 3834 Jan22 437g Jan 8
4018 4013 40
34 Jan 5134 Nov
*102 _-__ •102 -- -- •102 ____ .102 ____ .102
____ •102
100 10112 Jan 3 102 Jan 2
Do pref
8934 Jan 104 Dec
1738 1712 1714 1738 1738 1712 17
1758 1678 1714 1638 -174' 12,000 Pierce Oil Corporation_ _ _ _ 25 16 Jan 2 1938 Jan 6
15 SeptI 1918 Oct
4512 44
.
4514 45% 45
4638 4512 4512 .45
4612 45
4514 1,700 Pittsburgh Coal of Pa...100 45 Feb 3 5012 Jan 9
42 Jan. 5824 Feb
87
8712 .85
. *85
*8512 87 .85
87
8534 8614 .85
200
86
100 8534 Feb 6 87 Jan 9
Do prof
7934 Jan! 857s Dec
6212 6212 624 6238 6234 6212 6234 • 6012 6278 5912 60
62
3,900 Pressed Steel Car
100 6912 Feb 7 6412 Jan 3
5512 Nov; 73 Aug
*100 102 1 10112 10112 .98 101 .98 102
*98 102 .98 101
100 101 Jan 2 104 Jan14
Do pref
100
93 Apr 100 Aug
.62 __..1 .82
85
*30
90
82
82 .82
90 .82
100 Public Serv Corp of N J 100 82 Jan31 9134 Jan 7
90
85 Oct 10912 Mar
*11412 122 *115 122
1173t 1173.1 117 117
117 117
117 11712
700 Pullman Company
100 117 Feb 5 122 Jan 4 10018 Jan 13214 Nov
73
7212 73
7114 7112 .71
7314 733
7012 7212 69
4,400 Rallway Steel Spring
71
100 69 Feb 7 773g Jan 3
4512 Jan 7812 Dee
*104 107 .10312 107
104 104 .104 107 *101 107 .104 107 ' 100
Do pref
100 104 Feb 4 106 Jan13
95 Jan 10512 Dec
204 2012 .2018 2058 204 2014 2014 2014 1912 2018 194 1978 11,000 Ray Consolidated Copper_ 10, 1912 Feb 6, 2134 Jan 3, 1914 Dec 261 May
73 I 7218 7231 73
.72
7112 734 734 724 73
Steel___
3.300
_100
Republic
Iron
&
7112
JanI81 7634 Jan 3 z7258 Jan 98 May
7158 7214
31101 10112 .101 10112 .10114 101% .101 10134 .101 102
100% 10118
100 100 Jan13 102 Jan 7
Do pref
200
9238 Jan 10212 Sept
74 I 7412 7112 7514 76 .75
74
7412 7514 747 7514 1,700 Royal Dutch Co cite dep__ _I 7034 Jan21 I 81 Jan 3 s70 Dec 145 Oct
76
0% 11
1014 11
9
91%
834 834
858 1018
84 858 9,700 Saxon Motor Car Corp.-100
718 Jan231 11 Feb 3
434 Aug IR Nov
1714 17112 17312 1714 175 174 .17212 180
17514 17512 17412 17512 1,900 Sears. Roebuck & Co
100 2170 Jan31' 18514 Jan 8, 13334June 17612 Dec
-I 1112 1112 12
12
1133 1133 1158 118 .11
700 Shattuck Ariz Copper
1112
10 1138 Feb 5' 1312 Jan10 s13 Dec 1814 Feb
-5434 1518' 35
3512 3434 3514 3412 35
3334 3458 8,100 Sinclair 011 & Reg_ .No par 334 Jan 2 3634 Jan 3
3458 35
254 Apr 20 Feb
*4812 50 I .4812 50 .49
50
4912 4912 48
500 Slosa-Shefneld Steel &Tron
49 .47
49
100 48 Feb 6 53 Janie
39 Jan 7114 May
4014 39
4018, 40
.39
40 .39
3834 3831 377 378
40
800 Stromberg-Carburetor_No par 3654 Jan10 42 Jan15 ----__ _
51
51341 4934 5114 50% 5134 5058 5138 5038 5112 4958 51
59,900 Studebaker Corp (The)...100 4534 Jan22 5334 Jan 0
3378 Apr - -i278 iis;
92
94
94 .92
9234 92
.92
92 .91
9312 .91
Do prof
300
100 92 Jan22 9234 Feb 4
9312
8012 July 100 Nov
4814 4858 48
5018 41112 4912 4512 4612 4458 4512 4258 4414 15,600 Stutz Motor Car of Am_No par 424 Feb 7 51
Jan13
37
Oct
55
Dec
32
34
32
35
34 .33
*33
35 .3212 35
400 Superior Steel Corp'n_ _ _ _100 32 Jan21 3614 Jan 9
3134 3134
344 Mar 4538 May
.93 100 .93 100 .1)3 100 .93 100
*93 100 .93 101
Do 1st pref
100
I 95 Feb 100 Sept
*1258 1112 _._ . •12% 1112 124 1238 1258 1258
13
13
500 Tenn Copp & C tr etta_No par 1212 Feb 6 1412 Jan 4
1234 Dec 21 July
189 19014 13714 1897 1194 191-14 13812 1893 186 18912 186 18714 27,100 Texas Company (The). __ _100 184 Jan 2 19534 Janie 13612 Jan 203 Oct
77
77% 376% 7712 7712 733
7834 797
7814 7958 7814 7978 54,100 Tobacco Products Corp. 100 7238 Jan29 7978 Feb 5
4812 Mar 8238 Dee
103
.102
I
103
10112
101
*101
101 10112 .102 10112 .103 1002
600
Do pref
100 102 Jan21 106 Jan 8 28714 Mar 10478 Dec
79 .78
79
80 .
80
*78
7612 7912 764 7612 .
200 Union Bag & Paper Corp_100 75 Jan 3 79 Jan24
76
7912
65 Jan 80 May
384 3334 3812 33% 3312 3312 33% 3334 3831 393s 39
367 Oct 444 Mai
394 2,800 United Alloy Steel____No par 373s Janl 1 394 Jan 3
1
11112
112
1114
11334
114 115
1124 11218
11312 11112 11118 114
100 10714 Jan 2 11812 Janie
7,500'United Cigar Stores
8334 Mar 10,44 Dec
104 104 .105 125 *10712 125
• *108 125 .101 115 .10512 125
Do pref
100
100 103 Feb 5 106 Feb 5 10114 Jan 110 July
14? 142 *140 162 .160 162 *180 162
*160 16178. 191 161
200 United Fruit
100 159 Jan22 16734 Jan 2 11614 Jan 1664 Dec
.1.4% 1514 .1112 1511 •1112 1514 .1458 1514 .143 1514
1412 15
300 U S Cast I Pipe & Fdy__._ 100 14 Jan15 1538 Jan24
1118 Apr, 19 May
4412 4514 4511 .4512 4612 *45
4112 *44
45 .41
45
Do prof
200
100 424 Janie 4534 Jan24
45t8
41 Marl 4734 Feb
10214 10312 10214 19178 103 103 .1024 10112 10112 10314 100 10118 3,800 U 8 Industrial Alcohol__ 100 9714 Jan22 10634 Jan 6 x96 Dec, 137 May
7
7
*99 10112 *99 10112 .100 10112 .100 10112 .100 103 .101 102
Do prof
100 954 Jan 2 10014 Jan21
94 Oct' 99 'Mar
7478 754 747 7158 75% 764' 7518 7558' 7412 71
7134 7512 6,300 United States Rubber_ _ _ _100 73 Jan21 8034 Jan 2
51 Jan' 54012 Dec
*10938 11018 .10912 11918 110 110 .10912 11012 .10913 11012 11018 1101s
240
Do 1st preferred
100 109 Jan20 11018 Jan 9 r95 Jan 110 Dec
44
45
4512 44
45
44
45
46
44
4478 .4334 4412 1,400 U S Smelting Ref & M __
50 4314 Jan21 4612 Jan 4
3212 Apr, 5034 Oct
4714 *45
4711 *45
471 1 *45
*45
46 .45
4455
4714 .45
Do prat
59 45 Jan13 4514 Jan15
4255 Apr' 473t Dec
8914 9078 89
891s 9911 0015 91
8914 90
9058 883 8958 236,000 United States Steel Corp_ _100 8858 Feb 7 9434 Jail 3' 8612 Mar 11612 Aug
11314 11314 11112 11112 11112 11438 11133 11458 1144 11434 11312 114
2,100
Do pref
100 11314 Feb 1 11512 Jan14 103 Mar, 11168 Dec
6912 6514 63
6912 6912 6912 Y01.t 6912 7018 63
'6513
6518 131'.18 35,900 Utah Copper
Feb 7 7478 Jan 2
10
7114 Dec 93 Oct
1614 5,250 Utah Securities v t o
1612 1634 1673 1714 1113 1712 1638 1638 16
1114 .•15
100 13 Jan 2 1712 Feb 4
11 Sept' 1634 Nov
5212 5134 52
53
514 5314 51% 5112 5134 51
53
5112 1,600 Virginia-Carolina Chem_ _ _100 511s Jan22 5634 Jan 6
3334 Jan 604 Nov
*11212 113
113 113 •111 114 .111 11312 .111 11312 .112 113
Do prat
300
100 110 Jan 7 1134 Jan14' 98 Jan 11358 Dec
60 .55
60 .55
.55
60 I *55
60 .55
60 .55
I Virginia Iron C & C
60
100 56 Jan25 58 Jan18
50 Jan' 7312 July
87
87
867 817
.
87
8814 83 ...
-1 87
87
87
500 Western Union Telegraph _100 864 Jan22 897 Jan13
7714 Aug 9538 Apr
4112 4218 4158 4213 4118 4112 3,900' Westinghouse Elm & Mfg- 50 404 Jan21 424 Jan 3
4114 4114 41
4112 4114 42
384 Jan' 47 May
.
65 .60
60
68
65 , 'Al) 65 .60
*60
65
*60
65
I
Do ht preferred
50
I
59 Jan 6412 Feb
4618 4418 *44
43
4712 *47
474 4734 .44
47 I 47
43
1,100 White Motor
50 45 Jan 3 4734 Feb 6
3634 Jan' 49 Nov
2434 247
2112 2514 217 2558 2458 2514 247 25% 2458 25
21,000 Willys-()verland (The)._ 25 2314 Jan22 2638 Jan 2
1512 Jan 30 Nov
88
83
8312 •8438 3334 8358 8378 *3812 8914 2,3
40
001
3358 8858 •33
Do pref(new)
MO 8734 Jan 7 887g Feb 6
75 Jan 8914 Nov
68
6312 *41
70 .47
49
69
7014' .63
71
6914 6914
Wilson
D on itC
100 85,
8 Jan20 747s Jan 6
prir
eo, Inc. v t c
454 Jan 7714 Dee
•125 130
11112 117 1 12112 12613 120 12478 2,700 Woolworth (F W)
127 127 .115 110
100 120 Feb 7 1334 Jan 9 110 Mar 1294 Oct
*116% 11,1 *11,14 113 .11112 113 •11,112 118 .11112 114 .114 113
100 115 Jan22 1174 Jan17 III
Oct 115 Sept
*54
55 .51
54
.5912 5112 .5312 5412 5234 5234 52
52
Worthington P & M v t o 100 52 Feb 7, 574 Jan 4
34 Jan 69 Aug
8912 *10
89 I .85
8934 *3412 391.t .15
*88
89 .35
89
Do pref A
100 88 Jan 9 8912 Jan10
8.534 Feb 914 Ant'
*874 119 "
*6718
ftql,
69
*47
'
"
too
_____
_
RI
"712
_
4 R
Do nr,,
.1712 n0
Jan 3 64 Jan31
713 69
59 Jan 7038 July
• Bid and asked Prices; no sales on this day.
LISS than 100 ah.tres.
Ex-rights. a Ex-1.v. and righta. z Ex-dlvldend.




I

2001

562

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interesi"-except for interest and defaulted bonds.
ttv

Price
Friday
Feb. 7.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 7.

Bid
U. S. Government.
33.4s]Ist Liberty Loan___1932-47 J D
1932-47 J D
4s 1st Liberty Loan
1927-42 MN
4s 2d Liberty Loan
4Xs 1st Liberty Loan_ 1932-47 ID
I927-42 MN
43.(s 2d Liberty Loan
1928 MS
4Xs 3d Liberty Loan
1938 AO
43.4s 4th Liberty Loan
d1930 Q J
2s consol registered
d1930 Q J
2s consol coupon
1925 Q F
4s registered
1925 Q F
•dis coupon
k1936 Q F
Pan Canal 10-30-Yr 28
Pan Canal 10-30-yr 2s reg__1938 Q N
1961 Q M
Panama Canal 3s g
1961 Q M
Registered
1914-34 Q F
Philippine Island 4s

Week's
Range or
Last Sale

Ask Low

43
'
3
'53

Range
Since
Jan. 1.

High No. Low High

98.88 Sale 98.83 99.06 2567
93.10 Sale 92.93 93.22 465
92.80 Sale 92.80 93.00 1482
95.00 Sale 94.92 95.60426
94.20 Sale 94.00 91.60 6753
95.12 Sale 95.02 95.50 12428
94.02 Sale 94.00 94.62 24976
98 ---- 9834 Aug '18
98 Dec '18....
98
---- 106 1011 Jan '19 _.._-- 106 10414 Jan '19 98 __ 98 June'18
98 -- 99 July'18 _8712
1
88 ..-- 8712
88 - 89 Sept'18
--- 100 Feb '15 --

98:50 99.80
92.50 94.18
92.10 91.10
94.92 96.60
94.00 95.32
95.02 96.50
94.00 95.72

9978 347
Sale 9934
9778 2053
Sale 97%
90 90 Jan '19
10212 422
Sale 10114
71 Jan '19
72
9318
9512 9318
9312 9212 Jan '19
84 83 Jan '19
45
99
Sale 983s
9712 70
Sale 9714
9734 41
Sale 9712
Sale 1011% 1053-1. 2154
3
Sale 88
88
92
8812
8812 11
4
Sale 85
854
1
Sale 75
75
Sale 10114
10212 302
10212 348
Sale 10114
66
70 Jan '19
2
53
50
50
100
Sale 9914
988
8212 8112 Jan '19

9912 9978
9678 9778
93
90
10014 10212
70 -71
924 9312
9212 0212
83
82
9734 99
96% 98
9714 9818
103 1053A
813% 88
8812
86
854
84
75
7518
10014 10212
10014 10212
684 70
50
55
9838 100
83
81

1001
/
4 287
Sale 100
99 1724
Bale 9312
10014 Jan '19
6
10014
10138 51.9-

9978 l03%,
9778 99
100 10138
100 10134

9714 Sale 9614
9714 22
97
1
98
9634
9634
91334 9714 9612 Jan '19
10078 10112 101
101% 13
4
100% 10138 100%
10114
10112 13
10078 10112 101
10
91
Sale 91
91
9114 Sale 9114
91% 42
9114
9314 Dee '18
*9012 9112 8978 Oct '18 101 10112 101
101
5
1
101 10112 10078 10078
8112 8212 841s Dee '18
97 99
99 July'18
97 101
97l Jan '19
9712
9734 Dec '18
97
9718 Oct '18
107 ____ 107
107
101
10212 Dec '13
107 _ _ _ _ 1064 Oct '18
101 _ _ _ _ 19018 Junts'18
---- 7878 Dec '18
162
72
72
Sale 65

9714
96
9612 98
9612 991I
10038 10134
101 10112
100 102
9212
91
9012 9214

10438 10438
10414 10412
---- -87'a 871

Foreign Government.
1919 FA 9934
Amer Foreign Secur 5s
Anglo-French 5-yr 5s Exter loan_ AG 97%
MS 83
Argentine Internal 58 of 1909_
Bordeaux (City of) 3-yr 68.-1919 MN 10214
Chinese (Hukuang Ry) 5s of 1911 J D 71%
Cuba-External debt 53 of 1904_ MS 95
Exter dt 5s of 1911 ser A 1949 FA 9012
1949 FA 8318
External loan 4368
Dominion of Canada g 5s_ _ _1921 AO 9812
1926 AO 97%
do
do
1931 AO 97%
do
do
105%
French Repub 53.0 secured loan_
t 88
Japanese Gov t-E loan 4 As_1925 F
1925 ii 88
Second series 41•48
85
do do "German stamp"_
Sterling loan 4s
1931 25 I 75
10214
Lyons (City of) 3-yr Os
1919
Marseilles (City of) 3-yr 68_1919 MN 10214
Mexico--Exter loan £ 5s of 1899 Q J 61
1954 JD 4712
Gold debt 45 of 1901
Paris (City of) 5-year 68_ __1921 AO 9978
Tokyo City 53 loan of 1912
M S 82
U K of Gt Brit & Ireland3-year 53.4% notes
1919 MN 100
1921 MN 98%
5-year 53i% notes
Convertible 53.4% notes_ _1919 FA
20-year gold bond 53.4s._1937 FA
These are prices on the basis of $50£

IOC -WI;

State and City Securities.
N Y Citv-13.(s Corp st960
43.4s Corporate stock------364
1966 A
434s Corporate stock
450 Corporate stock July 1967
414s Corporate stock
1935
430 Corporate stock_ _ _1963
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4%Corporate stock re;_1956 NI
New 43,
0
1957
43.4% Corporate stock_.1057
351% Corporate stock_ _1954
N Y State-48
1961
Canal Improvement 44._ _1961
Canal Improvement 45._ _1962
Canal Improvement 4s_..1960
Canal Improvement 4 Wi_1964
Canal Improvement 448_1965
Highway Improv't 43.4s..1963
Highway Improv't 43.8_1965
Virginia funded debt 2-38..1991
68 deferred Brown Bros ctfs__
Railroad.
Ann Arbor 1st g 45
h1995 Q
Atchison Topeka & Santa FeGen g 4s
1995A 0
Registered
1995 A 0
Adlustment gold 4s
h1995 Nov
Registered
h1995 Nov
Stamped
h1995 M N
• Cony gold 45
1955J D
. Cone 4s issue ot 1910
1930J D
• East Okla Div let g 4s...1928 M S
Rocky Mtn Div 1st 4s...1905 .1 J
Trans Con Short I. 1st 48_1953 J J
Cal-Arts 1st & ref 4 As"A"1962 M S
S Fe Pres & Ph 1st g 5s. _1912 M S
Atl Coast L let gold 4s____h1952 M S
Gen unified 43.4s
1904 J D
Ala Mid 1st gu gold 5s_ 1928 M N
Bruns & W 1st go gold 4s.1936.0 J
Charles & Say 1st gold 78-1936 J J
L & N coil gold 4s
01952 MN
Say F 3c W Ist gold 5s.......1934 A 0
1st gold 55
1934 A 0
Bait & Ohio prior 33.4s
1925 J J
Registered
h1925 Q J
1st 50-year gold 4s
h1948 A 0
Registered
h1948 Q J
10-yr cony 430
1933
Refund & gen 5s Series A.1995 3 D
Pltts June 1st gold (38._1922 J J
P Juno & M Div lst g 3548 1925 M N
PLE& W Va Sys ref 48_1911 M N
Southw Div 1st gold 33.45.1925 J J
Cent Ohio R Ist c g 43•0-1930 M S
Cl Lor & W con 1st g 54_1933 A 0
Motion River 1st gag 5s 1919 F A
Ohio River RR 1st g 58.-1936 J D
General gold Is
1937 A 0
Putts Clev & Tol 1st g 6s._1922 A 0
Tol& Cin div 1st ref 4s A_ 1959 J .J
Buffalo R & P gen g 53
1937 M S
, Consol 4 Ms
1957 M N
All & West 1st g 4s gu
1933 A 0
Clear & Mali 1st gu g 54..1913 J J
Koch & Pitts 1st gold 68_1921 F A
Consol 1st g Os
1922 J D
Canada Sou cons go A 53_ ._1932 A 0
Car Clinch ,qc Ohio 1st 30-yr 53'38 J D
Central of Ga 1st gold 5s_ __p1945 F A
Consol gold 5s
1945 M N
Chatt Div pur money g 4s 1951 J D
Mae & Nor Dly 1st g 54.._1946 J J
Mid Ga & AU Div 5s
1947 J J
Mobile Div 1st g 53
1945 J J
Cent RR & B of Ga coll g 53-1937 M N
Cent of NJ gen gold Is
Registered
Am Dock & Imp gu 51_1921 J J
Leh & Hud My gen go 58_1920 J J
N Y & Long Br gen g 4s__1941 M S
Cent Vermont 1st go g 4s_e1920 Q F
Chess & 0 fund & impt 58_1939 J J
1st consol gold 53
1939 M N
Registered
1919 M N

XI

---- 57% 55 Jan '19

10012 102
10112
9712 9712
10634 107

63

72

55

57

834 Sale 834
8.334 93 834 8512
*80 89
8512 Nov'18
- --- ---78
7912 804 Jan '19 -- 7978 8034
7312 June'18 -.7534 24 751 79
;7S1; 7512
-fg1
3 76
7612
7712 7612
77
73
90 -- 9514 Jan '19 -- 94
9514
924 9212 9218 Jan '19 -- 9218 924
70 823 79 June'18
79 Sale 79
79
79 "if
4 85 85
85
85 --- 85
94 106
9934 July'17
-- - - - 8212 8418 8312 Jan '19
8312 8512
11• 8412 88
8412 Sale 8112
85
9518 --- 9812 Nov'18
-- - - -- 8014 89
78 Oct '18
--- --11114 -1294 Aug '15
--- ---7812 Jan '19
73
77
7818 7812
Dec
'18
103
103
-- - - - - - 95'4 - - .105 July'15
5 "ii" "861834
883 88
88
4
---- 9012 Sopt'17
7712 27 7534 8212
77
7814 7612
--- 75-8 9234 Mar'17 _
-78 Sale 7712
78
23 "'hi 80
8214 Sale 82
8212 5) 80% 8212
9712 -- 112 Jan '12 -_
84
8714 8312 Jan '19 -- 8312 8312
75% 75
75
3 7278 73
73
83
84
8614
988053%12 :8:3:: 8
,
0
113
. Au
pg
r84
:1
,
7
-- - 10114 Nov'16 954 --- 93 Jan '19
91 ---- 90 Jan '19 -9614
9912 Mar'18 -2
6812
65
6612 6612
ggti 107
thys June 18 -9018 -..- 9912 Oat '17 -984 -- 97 Nov'16
863
103.s Feb '16
10118 10178 101 Nov'18
101 --- 1007s Seot'18 - 2
94
9578 9318 '93,8
82 Jan '19
--- 82
100 --.. 100 Jan '19
3
93
9234 Sale 9234
7312 ____ 7234 Nov'18
8914 --- 90 May'18
8814 ---- 975 Line 17
9134 Jan '19 -9178
86
89 84% Dec '13 -10212 11
10214 1054 10218
102 100 SeDt'18 -9812 10034100 Dec '18 ---• ----- 100 Ayr '18 --__
86 -- 10012 Jan '13 -65 Jan '19 -_--__ 80
89
93
9318 Jan '19 -4,
99
9878 Sale 9878
10111/ Jan '17 ..,,__

93t 957
82
82
100 100
9234 94%
--- - - - ----913-4 -91.3-4
102

105
..--

....

- 65
92
98i4

- -65
934
9912

BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 7.

4;

Price
Friday
Feb. 7.

Range
Since
Jan. 1.

Week's
Range or
Last Sale

Ask Low
High No.1 Low High
Bid
Chesapeake & Ohio (Con)793
7812 Oat° 7712
10 77
8318
1992
General gold 43.45
_ -- *72
7778 8634 Mar'17I---1
1992
Registered
803 1 41 7734 8112
A 7934 Sale 7934
20-year convertible 4%8..1930
864 123 844 89
30-year cony secured 58..1946 A 0 85% Sale 8538
75 Nov'18
7612
_
19.44
--Big Sandy 1st 43
69 8234 8512 Nov'16
---Coal River Ry 1st go 48..1945
78
_ 9634 Feb '16
Craig Valley 1st g Is
1940
66 - _ 8434 Jan '13
Potts Creek Br 1st 4s__ -1946
74
56 7612 Nov'18
1989
R & A Div 1st con g 4.4
884 95
71 Oct '17
1989
2d consol gold 48
73 --__ 8812 Sept'16
Greenbrier Ry 1st gu g 48_1940
73
11314 Feb '15
Warm Springs V 1st g 55_1941
52
53
Chic & Alton RR ref g 3s_ 1949 A 0 514 gi 52 Jan '19
37 Sale 37
37
9 36
40
Railway 1st lien 33.4s
1950
Chicago Burlington & QuincyA 9934-, 9914 Jan '19
1922
9914 9914
Denver Div 45
753; 754
7518 10 7518 7534
75
1949
Illinois Div 33.4s
8412 Sale 8412
8412
1 8412 85%
1949
Illinois Div 48
9934 Jan '19
9934 99%
Iowa Div sinking fund 53_1919 A 0 9912
- 9812 Nov'18
1919 A 0 98%
- --- ---Sinking fund 4s
Joint bonds. See Great North.
9312 9318 Jan '19
92% 9334
1927 MN 93
Nebraska Extension 4s
91 Mar18
1927 MN
Registered
5 81
8238
8312
1958 MS 72.3 WI; 82%
General 45
30 32
25
25
25 Jan '19
Chic & E Ill ref & imp 45 g..1955 j
23
28
22
22
22 Jan '19 -118 Mix & Tr Co ctfs of dep..
101 10212 100 Deo '18 ---1914
1st oonsol gold 6s
75
Sale 75
75
75
1 75
1937 MN
General consol 1st 55
74 7618 Jan '19 -- 7518 7818
US Mtg & Tr Co ctfs of dep. 75 90
75 Nov'18 -Guar Tr Co ctfs of dep
"i 56 -- 9734 Feb '13 --- - - - Porch money 1st coal 5s_ _1942
32 Mar'17 -- - - - - - - Chic & Ind C Ry 1st 59.__I936 J J
6214 45 60
6212
Chicago Great West 1st 48._1959 MS 61-33 "ELI; 61
103 103
103 Jan '19 Chic Ind & LouLsv-Ref 68_1947 J J 103
82 _- 10012 Apr '17 -- - - - - - - - • Refunding gold 55
1947
1947 J J 67 __ 8412 Apr '17 -Refunding 48 Series C
Ind & Louise 1st go 48-1956 J J 60 ____ 70 Nov'16 -- - - - - - - 1956 J .1 77% 84 964 Jan '17 -- - - - - - Chic Ind & Sou 50-yr 48
Chic L S & East 1st 4 Yis__ -1969 J D ---- -- 973 Deo '16 -- - - - - - - Chicago Milwaukee & St Paul76% 75 Jan '19
764
75
Gen'l gold 4s Series A__ __e1989 J J 75
92% Feb '16 --- - - - - --61989 Q J
Registered
84' 8 8212 84
1925 ID 84 ..tET;le 8334
Permanent 44
72 I 50 6978 7414
Glen & ref Ser A 4 Ms___a2014 A0 7178 Bale 71
6 78 8178
7934
7918
Gen ref cony Ser B 54._ _a2014 FA 784 80
69
68 Nov'18 -Gen'l gold 33.4s Ser B....e1989 J J 68
-- -8312
1 83
8468
General 4 As Series C.-..e1989 J J 8212 8312 8312
737g
1934 J J 7014 73 72 Jan 'Ill -- 72
25-year debenture 4s
78
Sale
82
7814:
753
4
76
ID
1932
67
Convertible 43.4s
9834 97% Dec '18,-- - - - Chlc & L Sup Div g 5s_ __ _1921 J J 98
92 Oct '18.....
Chic & Mo R1v Div 53_1928 J J --- 97
9734 9733 Jan '19 -- 975 9833
1921 -1 J 97
Chic & P W 1st g 53
74
7978 Dee' 181-C M Puget S1 1st gu 43_1949 J J 72
9712 Aug '181....
Dubuque Div 1st 8 f 6s_ -1920 J J 99
Fargo & Sou aSSUM g 63.-1924 J J 95 1174- 1047s Sept'171-...
99
1 99
99
1919 J J 9914 10314 99
La Crosse & D 1st Is
984 9818
1921 J J 964 9834 984 Jan '19:
Wits & Minn Div g Is
99 Jan '19:
99
99
1920 J J 99
Wis Valley Div 1st 6s
--Wilw & Nor 1st ext 43.48..1934 JD 8834 __ 904 Dec '181-- Cons extended 43,6s_ _ -1934 J D 804 9014 904 Dec '181- -92% Dec'181-Chic & Nor West Ex 4s 1836-1926 P A 914 93
95 Deo
1886-1926 FA
Registered
71
71
71
1 71
General gold 33.4s
1987 MN 704 74
71 Oct '18 -- - _ - Registered
p1987 Q F
8534 8134
82 I 11 8168 824
General 4s
1987 MN 82
Stamped 4s
1987 M N ..-. 81% 8178 Oct '18 -1O011
;
5 -967; 11567
General 5s stamped
1987 MN 997 Sale 9978
104 May 18
Sinking fund 6s
1879-1929 A0 101
---1094 Apr 16
Registered
1879-1929 A .0
---1879-1929 A0 96 -- 944 July'18
Sinking fund 54
96 Nov'18
1879-1929 A0 9412 100
Registered
1921 AO 9712 9912 98 Dee '18
Debenture 55
- 9734 100 Jan '18
Registered
1921 AO
98 Dec '18
Sinking fund deb 53
1933• N 4712 loo
97 Nov'18
Registered
1933 MN 9612
10112 Oat '16
Des Plaines Val 1st go 43.4s '47 MS 60
108
--_
109 Jan '19
109 109
Frem Elk Jr Mo V 1st 68..1933 A0
Man GB&NW 131 33.0_1941 J J 60 ---- 88 Jan '17
--- -Milw & S L 1st go 33.4s..1941 • J
- MII L .36 West 1st g 6s___1921 MS Niro=10012 Aug 18
99 Jan '19
OS) 99
Ext & imp s t gold 55...1929 FA
-Ashland Div 1st g 13s__ A925 MS 10414 --- 11178 Dec '15
103 10614 10218 May'18
- Mich Div 1st gold 68_1924 3
8412 76 Oat '18
--- MU Spar & N W 1st go 48_1947 MS 78
98
9812 Nov'18
- - --St 14 Peo & NW 1st gu 5s 1948 J J 94
Chicago Rock Isl & Pac77
9 7512 79
Ritlway general gold 48-1988 J J 77 rale 77
_ 7138 May'18
-Registered
1983 J J
Refunding gold 48
1931 AO 75 Sale 7414 , 7512 83 7414 784
20-year debenture Is
1932 J J ---- -- 804 Aug '18
70
71
4 70
7118
72
71
RI Ark & Louis 1st 43-43_1931 M
91%
94%
9478 96
Burl° R & N 1st g 58-.1931 AG 954 98
CRIF&NW 1st gu 53-1921 A0 9714 984 9712 Juno 17
_ 97 May',
Cho Okla & G gen g 54-91919 J J 9512
gi 93 Mae'1I*
1952 MN
Consul gold 55
6612
6612
65 6612
Keok & Des Moines 1st 5s 1923 A 0 gi os
704 69
12 69
71
70
St Paul & K C Sh L 1st 43.44'41 F A 63
Chic St P M &0 cons 6s_ -1930 JD 1074 112 112 Nov'18
84 -- 88 Elept'18
--Cons 6s reduced to 3As.._1930 .1
97 Jan '19
97
In
Debenture 5s
1930 MS 85% 95
118 Nov'16
- - - - -North Wisconsin 1st 68_1930 J J 101
- i(1618 100
100
9978 100
St P & S City 1st g 6s
1919 AO
95 May'18
- -Superior Short L 1st Is g_c1930 M S
58 July'18
Chic T It & So East 1st Is..10150 S D
10212 10213
Chic & West Ind gen g 68_41932 Q M 10314 10412 10212 Jan '19
62% 30 6134 65
Consol 513-year 48
1952 J J 6212 Sale 62
Cin II & D 2d gold 43.4s....1937 J J 80 _ _ 90 May'17
---- --- -- 88 Mar'll
_ - -C Find & Ft W let go 48 g 1923 MN
_ 79 Nov'18
J 8278
Day & Mich 1st cons -13-45 1931
_ _68
7212.
69
69
69
Cloy Cm Ch & St L gen 43-1993 J D
7918 1.2 7812 80
20-year deb 41-4s
1931 .1 J 7812 7918 79
- - -1993 in ---- 8134 8614 Aug '18
General Is Series B
Cairo Div 1st gold 4s
1939 J J 711 80 83% Mar'17
_ 63 Oct '18
_ Cin W
M Div 1st g 48-1991 J J 674
fi 784 Jan '19
7618 7618
1990 M N 76
St L Div 1st colt tr g 48
744 Jan '19
744 741*
Spr & Col Div 1st g 4s_-_-1940 MS 7414 84 Nov'16
W W Val Div 1st g 4s___-1940 J J 69 __
C I St I,& C consol 6s____1920• N 9912 1003; 99 Sept'I8
90
87 Dec '17
k1938 Q F 82
lst gold 4s
8812 May'18
Registered
k1936 Q F
2 10218 Jan '17
Cin S & Cl cons 1st g 5.9--1923 J J -614 -561CCC&I gen cons g 6s_ _1934 j j 107 --- 106 Nov'18
Ind B & W 1st pref 45_ _1910 AO 72% --- 94 July'08
0 Ind & W 1st prof 5s_ _d1938 QJ
6''
6
.6 -5
Peoria & East 1st cons 18_1940 AO 4818 56 'Er JaiiIi5
1212 12
12
12
12
Income 43
1990 Apr ...._
; 9438 90 Deo '18
Cleve Short L 1st gu 454s.. _1961 A0 871
8914 Jan '19,
88 -f3614
Colorado & Sou 1st g 43....1929 FA 8834 89
7714 7818 7714
7741 14 7714 7918
Refund & Ext 45is
1935
9934 9934 Jan '19 __. 9934 9934
99
Ft W & Den C lst g i3s
1921
0 65 Conn & Pits Rivs 1st g 48.-1913
--"6-i"
.1
Cuba RR 1st 50-year Is g_ 1952
Del Lack & Western71is 77
71 Oet '18
Morris & Es3 1st go 3 As...2000
101 10178 102 Dee '18
1921
NY Lack & W 151 65
- 9714 Jan '19
A 9712
1923
Construction Is
05-14 9714
914 954 92 Dec '13.____,
1923
Term & Improvt 43_
A 6712 ---- 10218 Feb '08'
Warred 1st ref gu g 33.4s...2000
0...

*No price Friday; latest thls week. a Due Jan. 4 Due April. e Due May. g Due June. 15 Doe July. k Due Aug. 0 Due Oct. p Due Nov. i Due De*. * Option sale.




New York Bond Record-Continued-Page 2

FEB. 8 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 7.

Z
11
...„ 4
.

Price
Friday
Feb. 7.

Week's
Range or
Last Sale

.1..,

Range

-4

Jan. 1.

High No. Low High
disk Low
Bid
Delaware & Hudson9618 25 96 964
9618 9618
1922 J J 96
1st lien equip g 4 As
84
6 84 8514
1943 M N 8312 8512 84
1st & ref 4s
1935 A 0 9313 95 95 Jan '19 ---- 95
9534
20-year cony 5s
6 7558 7612
7612
7612
Alb & Susq cony 33.4s......1946 A 0 77 80
Reim & Saratoga 1st 78_1921 NI N 1031* --- 10333 Sept'18 -- __ _
Denver & Rio Grande20 6974 73
72
7212 71
1936 J J 72
1st cons g 4s
1936 .1 J 72 Sale 7312 Jan '19 -..- 7312 76
Consol gold 434s
7918 Jan '19 -- 7918 79%
1928 J D 77 80
Improvement gold 5s
5212
4 4973 5'74
1955 F A 5213 Sale 521:
1st & refunding 55
1939 J D 82 ......- 8734 Nov'16 ....- ____ _ _ _
Rio Or June 1st gu g 55
38 6114 Apr '11 ---Rio Or Sou 1st gold 4s___ _1940 J J
---- ----39 July'17
1940 J J -Guaranteed
711:
3 70
7234
Rio Or West 1st gold 4s 1939 J J 7018 7112 7112
57 Jan '19 -- 57
56
57
Mtge & con trust 48 A-1949 A 0 52
Det & Mack-lst lien g 4s 1995 J D 6718 ---- 82 Dec '16 ---89
7512 July'16
1995 J D __
Gold 4s
4 833 8134
8234
3 813-4 8414
Det Riv Tun Ter Tun 4 As_ _1961 NI N 813_
_
Dul Missabe & Nor gen 58_1941 J J 9534 ---- 9634 June'18 ----I
6 94.4 ii12
9414
1937 A 0 9414 Sale 944
Dul & Iron Range 1st 5s
1937 A 0 ....- -.. 1051: Mar'08
Registered
87 87 Mar'18 ---- ____ _ _
Dul Sou Shore & Atl g 5s_ _ _1937 J J 81
Elgin Joliet & East 1st g 5s 1941 IN N 9112 102 99 Nov'18 --1920 tel S 100 10014 10013 Jan '19 ---- 99% 10012
Erie 1st consol gold 7s
1947 M N 814 ---- 7818 Oct '18 ---- _ ____ _
N Y & Erie 1st ext g 4s
1919 M 5 9714 ---.. 964 June'18 --_ __ _2d ext gold 5e
1923 M 8 9014 ......- 931: Jan '18 ---3rd ext gold 4;.is
1920 A 0 9613 --- 994 July'17 ---/ith eat gold 5s
1928 J D 8118 --- 9434 Nov'15 ---5th ext gold 4s
N Y L E & W 1st g fd 7s.-1920 tel S 9834 100 1003 July'18
674 5
el
3 70
-6 cii
1998 J J
i(112
Erie 1st cons g 4s prior
1996 J J ---- ----84 Dec '16 ---- _ _ _ _ _
Registered
5318 40 -527g 56/2
27- Sue 5273
1st consol gen lien g 45-1996 J J
1996 J J ---- ----73 June'16 --, -__
Registered
775
7734 12 7758 -78 Penn coil trust gold 45..1951 F A 777 82
Sale 43
48
3 47 49
50-year cony 48 Ser A_ _1953 A 0 48
Sale 4714
48
1953 A 0 48
3 4678 487
do Series B
29 4912 525
50
1953 A 0 491: Sale 4912
Gen cony 4s Series D
954
94
1 94
1982 M N 9211 94 94
Chic & Erle 1st gold 5s
____
Clev & Mahon Vail g 5s.-1938 J J 86 ....-- 10678 Jan '17
9934
4 101
100
4 993Erie & Jersey 1st s f 6s- _1955 J J 9978 101
978 Jan '19 ---- 97% 1(/1
Genesee River 1st s f Cs__ -1957 J J -___ 98
_
Long Dock aonsol g es_ _ -1935 A 0 108 --- 108 Deo '18 --- -_ ._
Coal & RIt 1st cur gu Os..1022M N 90 ---- 103 Jan '18 ---- - - - - _ _ _.
Dock & Impt let ext 53_ _1943 J .1 87 --- 1024 July'17 --- _ _ _ _ _ _ _
N Y & Green Leo g Ere_ -1946 NILN 8613 --- 85 Jan '18 -. _ _ _ ...... _
78 Jan '19 ---- 78
N Y Snag & W let ref 53-1937 J J -...._ 76
7814
1937 F A -- --- 1004 Dec '06 --- _ _.. _ _
2d gold 436s
1940 F A .._ 62 60 June'18 --- - - - - _ _ _ _
General gold 58
Terminal 1st gold 53_ ....1943 M N *76 ....- 97 Dec '18 ---- _ _ _ _ _ _ _ _
Mid of N J 1st ext 5s....-1940 A 0 *921:...... 108 Jan '17 ---- _ _ _ _ - _ _ _
72 Jan '19 -- 72
72
Wilk &Blast let gu g 53_1942 J D _ _ 72
---- 2313 Jan '17 ---- ._ _ _ _ _ _.
Ev 63 Ind let cons gu g 6s-1926 J J
98
98 Jan '19 ---- 97 98
Evansv & 'I' II 1st cons 6s-1921 J J 95
1942 A 0 61 ....- 8513 June'17 ---1st general gold 58
Mt Vernon 1st gold es_ -1923 A 0 ---- ----108 Nov'll ---- _ _ _ _ _.
Sull Co Branch 1st g 58.-1930 A 0 ____ 9818 95 June'12 ---... _ _ _ _
85 84 Jan '19 ---- 84
85
Florida E Coast 1st 45s.. _1959 J D
Fort St U D Co 1st g 434s-1941 J J -------- 92 Aug '10 ---- --- - - - Ft Worth & Rio Or 1st g 48_1928 J J 561 --- 5612 Oct '17 -- _ _.:-_ _.
Only Hous 63 lien 1st 53._....1933 A 0 --- 80 80 Dec '18 -,.. ...„ ..„ 96
Great Nor C 13 & Q coll 45._1921 J .1
7; Sale 955
221 95% 96
Registered
h1921 e J --1 9553 9518
955
,
1-_- ----9553
1 8514 89
864
1st & ref 4 Ms Series A_ __1961 J J an% ou
8613
Registered
1961 .1 J ........ -- 96 June'16
8912 Apr '18 ---- - - - - _St Paul tel & Man 48
1933 .1 J 8814 93
1st consol g(Is
1933J J 108 111 111 Nov'18 --- - - - Registered
1933.8 J 10618 .....-- 118 Apr '17 ---- _ _
95 Jan '19 ---- 94
95
95
Reduced to gold 43,6s _1933 J J 92
_
1933 J J 9014 99 10212 May'16 ---Registered
5 iii Ws
887,3
MOM ext 1st gold 45-1937 J D 8734 89 8878
__
1937 J D 8538 ....-- 954 Mar'16 -- _
Registered
Pacific ext guar 411 Z._ _1940 J .1 7634 --- 8512 Nov'15 ---- _ _ _ _ _ __
E Minn Nor Div lat g 45...1948 A 0 8178 --- 80 Nov'18 --1922 J J 10134 ---- 1004 May'18 ---- _ _ _
Minn Union let g 6s
1937 J J 11018 -- 108 Nov'18 ---_Mont0 gat go g 68
_ -- - - -1937 J J 107 --- 13614 may,06 -----------Registered
1937.8 J 98 ....-- 9912 Jan '19 :--- 991: 9911
1st quer gold Sc
Will & S F 1st gold 5s_ _1938 J D 100 ---- 10934 Aug '16 ---- :__.
65 69% Dee '16 -..- _ _
51
Green Bay & W deb Ws"A"._ _ _ Feb
7t2 - -81-2
7
712 712 Jan '19 ____
Feb
Debenture etre "B"
Gulf & 8 21st ref d,:g 58_ _51952 J .1 7613 80 80 Jan '19 --,„ 80
8211
80 791
: 7913 10, 79 83
Hocking Val let eons g 4%8 1999 J J 78
1999 J J - .....- 7313 June'18 ----1 - _ - - _ _ _.
Registered
8 ---- 7312 Oct '18--I -- - - _..
Col & II V let ext g 48.--1948 A 0 7511955 F A 7618 ....- 75 Feb '18 --Col & Tol lst ext 45
Houston Belt & Term 1st 59_1937 J J 83 89 85 Dec '18 -- .. _ _ __ _.
Illinois Central 1st gold 48-1951 J J 91 ....- 9111 Dee '18 ---1951.8 J 69 93 92 Sept'17 -- - Registered
--7534 Oct '18 ---- - - - - -1951 .1 J 7314 90
1st gold :3365
1951 j j 7114 81
84 Nov'15 ---- - - - - - - - Registered
Extended 1st gold 33is.... _1951 A 0 7314 ---- 80 June'17 --- ._ - - - --1951 A 0 '
Registered
.
-- -- - - - - - - - -jely.09 ____ _ _
_ ---- 801951 M S ---1st gold 35 sterling
- - ---.
--- .
RegIstered
1951 al S -,.... ..,. - _._.L.
-.........-.. ---79
1 77
77
Collateral trust gold 4s.....1952 A 0 761-2 76373 7/
1952 A 0 75% --- 95% Elept'12 --,.. _ _ _ _ _ _ _.
Registered
4 83
1955 M N 821: 831let refunding 4s
8312 26 8212 8414
1952 J .1'7053 7353 72 Jan '19 ---- 72
Purchased lines 3348
72
77
77 Jan '19 -- '75
L N 0 & Textui gold 4/1_1953 M N 76
'7711
/
4
1953 M N 74% 84
Registered
72 Feb '18
Cairo Bridge gold 4s_ _ _1950 J D 79 --__ 78 Nov'18 -- -..
Litchfield Div let gold 35.1951 J J 6018 --- 79 Feb '14 -. - _ - - - - Louisv Div & Term g 33is 1953.8 J 6'714 --- 734 Nov'18 --- - - - - - - - ..1953 J J -_ ---- 83 Aug '12 ---- - _ - - -Registered
1921 F A 97 ---- 102 June'16 ---- - - -Middle Div mg 55
Omaha Div 1st gold 33_ _1951 F A 5918 ..-...: 5814 Sept'18 ---- _ _ - - -- - -St Louis Div dr Term g 3s..1951 J J 65 694 62 Oct '18 ---1951 J J 7012 70
654 Oct '18 ---- - _ -_ -_
....
Gold 3548
-1951 J .1 6453- 80 June'16
Registered
J
67
J
811
_1951
2
8053 Nov'16 -- _ _ _
Spring( Div 1st g 33is. _
1951 F A 81 ....-- 8018 Dec '13 --Western Lines 1st g 4s
- ---1951 F A ---- -- _ 92 Nov'10 ---- -- -Registered
1923 J D 95 ___ 11712 May'10 --Bellev & Car 1st es
- - - - - -- -.
Carb & Shaw 1st gold 4s. _1932 NI 5 70 ---- 90 Jan '17 --9118 jar' '19 ___ 6:iii -66.4
Chic St L & N 0 gold 5s_ _1951 J D 9518 100
1951 J D --- 99 90 Oct '18
•
Registered
1951 1 D 6514 -..-- 6513 July'18 --Gold 3345
__
1951 .1 D ____
Registered
9412 944 Jan '19---- 9418 95
Joint 1st ref 5s Series A.1963.8 D 92
_
_
Memph Div 1st g 4s.... _1951 J D 7112 .....- 704 Oct '18 -- _
78
65 Nov'17 --1951 J D 71
Registered
St Louis Sou 1st gu g 45_1931 M 5 7918 -.. 7934 Jan '19 --- 7934 7934
82 Jan '19 -- 82
Ind III 63 Iowa 1st 345
1950 J J 8014 84
82
9673 96 Jan '19 ....... 96
Int & Great Nor 1st g 65_ -1919 M N 98
96
82
James Frank & Clear 1st 48.1959 1 D 8012 8212 82
1 82
82
64
1 6212 64
Kansas City Sou let gold 33.1950 A -I 63 65 61
-- 78 Oct '09 _1950 A 0
Registered
8414 86
844 Jan '19 -- 8414 85
Ref & Impt 5s
Apr 1950 J .1 --7758 10 76% 81
Kansas City Term let 45_19130 J J 7714 7814 7714
8958 8934 Jan '19---. 8934 8934
Lake Erie dc West 1st g 53_1937 J J 86
24 gold 59
1941 J J ._ 83 8053 Feb '17 -._ _ _ _ _ _
North Ohio 1st gear g 5:1_1945 A 0 --.f.. 85
803s Oct '18 ....... -----.
...
92 Jan '19-. 92
Leh Val N Y 1st ga g 434s...1940 J J 87
95
92
89 Oct '17 ____ .... _ _... _
Registered
1940 J J 8418 93
Lehigh Val (Pa) cons g 4/1_2003 RI N 8013 Sale 8012
801:
6 8012 8012
General cons 434s
2003 M N 864 8912 92 Deo '18 -- ..
_.
'No price Friday: latest bid and asked this week. a Due Jan




BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 7.

5 3.

563
Price
Friday
Feb. 7.

Week's
Range or
Last Sale

Range
Since
Jan. 1.

Ask
1933 j jBi
::
I
t:5.417;
No. Low High
l Low
Leh V Term Ry 1st gu g 5s_1941 A 0 100 102% 100 Jan '19 -- 9(318 10212
Registered
113 Mar'17 ---1941 A 0
61 iiiiiLeh Val RR 10-yr coil es_n1928 _
8 iiiisi
Leh Val Coal Co 1st gu g 58_1933 .1- -3 ....-- 102 9934 Dec '18 -- ___ _Registered
____ .
_ ._
---- -...... 105 Oct '13
1st Int reduced to 4s
---- ---1933.8 j 79 ......
Leh & N Y 1st guar g 4s......1
13
945 M
NI 5
_1.1- ---s 79 --- -fii" Jurili ---Registered
Long Isld 1st cons gold 58...h1931 Q - - -- - - --J ail; WI;-ii- NOVei/-3 --1st consol gold 45
51931 Q j 8653 --_- 9914 June'16 ---- - - - - - - -General gold 43
79 Jan '19 ---- '79
1938.8 D 7614 81
80
Ferry gold 434s
1922 M 5 853 98
85 Sept'18 ---_ _ _ ---Gold 45
19323 D --------9914 Oct '06 -- - _---Unified gold 4s
1949 M S 7514 79
78 Nov'18 ---- - - - - - - - Debenture gold 5s
1934 3 D 77
75
1
8
71
712
8018 81 Jan '19 -- 8
20-year p m deb Ss
1
75
75
7613
32 M
Guar refunding gold 4s
T% 7612
3 76 '7612
19
3
34
39
7 1"
M
m N
s
E3 76
Registered
-------- 95 Jan '11 ---- - - - - - - - N Y B & M B 1st con g 58_1935 A 0 94 __-- 94 Jan '19__.. 94
94
NY & R B 1st gold U.__ _1927 M 5 ---- 98
94 Dec '18 ---- _ __ _ __ _ Nor Sh B 1st con g gu 58_01932 Q j 90 --__ 100 Aug' 16 -- - - - - - - -Louisiana & Ark 1st g 5s
1927 M 5 8734 9512 91 Dec '18 -Louisville & Naahv gen 68_1
13
93
30
7J
m D
N 108 11218 108 Dec '18 --18
- 1.669718 105 10012 Jan '19 _--- 16.614
Gold 5s
1940 j .1 85 Sale 85
Unified gold 4s
8.44 8813
-2_
1940 j J 8312 8814 9658 Jan '17_____________
Registered
Collateral trust gold 5s_ -1931 M N 9612 loo 100 Jan '19 ---- iiii - lad E H & Nash 1st g 135
.1;12 10013 Aug '18
1919J D -is- -6
-flit; -43-1;
93%
9318
L Cin & Lox gold 44s...1931 M N
1930.8 j 10218 10712 10513 Jan '19 ---- 10512 10512
N 0& M 1st gold (38
2d gold 68
1930.8 J 98 ---- 100 Jan '19 -- 100 100
Paducah & Mem Div 4s....1946 F A 80 84
7912 Jan '19 ---- 791: 7912
St Louis Div 1st gold es_ _1921 M S 100 ---- 10014 Jan '19 ---- 10014 10014
1980 m 5 5612 57 5718 July'18..- _ _ _ _ _ _
2d gold 35
Atl Knox 63 Cin Div 4s...._1955 M N 7814 Sale 7814
7814
I 7814 71314
Atl Knox 33 Nor 1st g 5s 1946
9553 ---- 95 Nov'18 --- __._ - _
Hender Bdge 1st s f g 6s_ _1931 M S 10153 113 10312 Sept'18 --- - - - - --Kentucky Central gold 45_1987 J J 79 83
8018 Jan '19 -- 8(118 804
Lex & East 1st 50-yr 5s gu 1965 A 0 95 101
9512 Nov'18 -- - - - - ---L & N & M & M 1st g 430 1945 M S 8514 9614 88 Nov'18 ---- - _-_ - - - 73 71 Jan '19 --__ 71
71
L & N-South M joint 4s_ h_i
19
35
521 3 71
95 Feb '05 ---- _ _ _ __ _
Registered
N Fla & S 1st gu g 5s__ -1937 F A -if- -IN- 95 Aug '18 ---- ---N & C Bdge gen gu g 43413_1945 .1 J 8514 ---- 977 May'16 -. - - - - - - - Pensac & Atl let gu g es_1921IF A 10153 102 10153 Jan '19 ....-- 10114 10188
S At N Ala cons gu g 5s_ -1938iF A 96 106
99 Apr '18 ---- -- - --9312 Jan '18 ....- _ _.--Gen cons gu 50-year 58_1963 A 0 9113 99
L & Jeff Bdge Co gu g 413-.1945 IN S 6918 ......- 60 July'18 -..__. __
Manila RR-Sou lines 4s._ -1936 IN N -----___ ____
Mex Internet 1st cons g 45-1977 M 5 -------- -7-7--_- --ma7i5
Stamped guaranteed
1977 M 5 --------75-----------Nov'10
Midland Term-lst s f g 58_1925 J D 80 -_--:
- - - --j1JuulnyeliMinn St Louis 1st 7s
10
91'2
1927 3 D 1011$
-----------Pacific Ext 1st gold es........1921 A 0 99 -Sale 99
9
99
2 19
1934 M N 7812 8312 7812 Nov'18 -----------1st consol gold 5s
46
4412
454
15t & refunding gold 4s_ 1949 m s 44
5 44 474
Ref & ext 50-yr 58 Ser A_ _1962 Q F 40 50
50% Dec '18
- - - - -Des M & Ft D 1st gu 4s_ _1935 J J
60 Feb '15
- -- - - - - Iowa Central let gold 5s _.1938.8 D -fli13 77 Jan '19
2 -i31;
77
77
Refunding gold 4s
1951 IN 5 4312 4412 434 Jan '19
43 44
5s86
MStP&SSMcong4sintgu_1
19
938
8 .1
... J 86 Sale 86
4 86 89
_
9518 --- 13
__ _ _ -02 Jen
Nov'18
17
1st cons
1941 M -34 88 ---1st Chic Term s f 4s
9412 Jan '19
M 85 M & A 1st g 4s int gu_'26 J J 9314 95
-9
-4-1;-94
-1-2
Mississippi Central 1st Ss.. 1949 J 1 -___ 90 95 Deo '16
__ _ _ - - _ _
Missouri Kansas & Texas
19903 D 65 6512 641
:Jan '19
let gold 48
644 69
3612 301: Dec '18
24 gold 4s
g1990 F A 29
1944 M N 2818 32
32 Sept'18
1st ext gold 5s
-- - - - -- 43
2004 M S 42
42
3 43
42
2
6
7 4
42
1st & refunding 4s
42
43 43
Trust Co certfs of dep ____
4318
Gen sinking fund 4;45__ 1936 .1- -3 2614 337 325./ Dee'
- - - - - - -____ __
St Louts Div 1st ref g 48_ _2001 A 0 --__ 30 40 Nov'16
____ 374
5% secured notes "ext" '16 _
- - - - - - -_ _ _ _ _ _ -nail & Waco 1st gu g 58_ _1940 M -174 ---- 756912 Apr 17
Kan City & Pac 1st g 4,s 1990 F A 58 ---- 60 Oct '18
Mo K & E 1st gu g U___ _1942 A 0 3614 62
50 Jan '19
-6
.6 - -6-0.73
7112 Jan '19
M K & Okla 1st guar 5s_ _1942 M N 70
714 7112
M K & T of T 1st gu g 5s 1942 M S 51
55
55 Nov'18
Sher Sh & So 1st gu g 5s_ 1942J_
65
51 Dec '16
- - - - - - -5 3014 3012 3013 Nov'18
Texas & Okla 1st gu g 55_ _1943 M D--- - - - - - -Missouri Pacific (reorg Co)-8733 Jan '19 ---- 8788 8773
1st & refunding 58 Ser A._1965 F A 83 87
1st & refunding 55 Ser Ba 1923 F A 9353 947k 9313 Jan '19..- 9134 9338
9012 33 89% 92
1st & refunding 55 Ser C.A926 F A 9012 Sale 90
1975 M 8 6114 Sale 6033
6113 145 5913 6312
General 4s
994
Missouri Pao 1st cons g 65..1920 M N 9912 Sale 9912
1 9918 9934
1945 IN 5 ---- --- 58 Oct '18 ---- --- - - - 40-year gold loan 4s
82 Apr 413
7 ---- __ _ _ - -3d 7s extended at 4%-_1938 M N ---- 8212 100
Boonv St L & El 1st 58 gu_1951 F A
---- - -1948 J D -1B-1-4
Cent Br U P 1st g 4e
.-al; 9718 Dec '13 -- - - - - - - - Pac Rot Mo 1st ext g 4s 1938 F A 8013 9312 81 Jan '19 ---- 81
82
'
1
14
8 -___ - _ -_-2d extended gold U___ _1938 J J 8612 ---- 0034 A
jui
pry
961:
8 9614 964
9614
St L Ir M &S gen con g 5e 1931 A 0 96 96
- 102
____ _._1_
Gen con stamp gu g 5s_ _1931 A 0 -------Sale 81
19
929
3J j
J 81
*Unified & ref gold 4s
Registered
80% Oct847:
.-.!
-2. ..!1-13-1.
.
2 -8
-2
!
-1
8 -ftil-8 7413 Jan '19 --- T413 '7'7
Riv & G Div 1st g 48_ _ _1933 M N -fi5Verdi V I & W 1st g 58._ _1926 M S 8858 --__ 78 Elept'15 -Mob & Ohio new gold es___.1927.8 D 105 --- 10514 Jan '19 --- idii.4 ieii -4
51927 Q J 9516 ..--- 95 May'18 -1st ext gold es
General gold 4s
1938 tel 5 651: 80
71 Nov'18 ---- - - - - - --Montgomery Div 1st g 58_1947 F A 8518 ---- 93 July'17 ---- - - - - --1927.8 D 84 87
90 Aug' 17 -- -- - - - --St Louis Div 5s
St L & Cairo guar g 45_ _ _1931 J J 794 8413 78 Oct '18 -13 lad - ilia'100
Nashv Chatt & St L 1st 53._1928 A 0 100 ---- 100
Jasper Branch 1st g 6s_ _1923 J J 10014 10414 11014 Mar'17 ---- - - - - - -Nat Rys of Mex pr lien 4346_1957 J J 3013 - - 35 D
A ug
eo 418
5 --Guaranteed general 4s_ _ _ _1977 A 0 --- g
____ _ _We Feb '13 ------- -_ - - - -Nat of Mex prior lien 4%0_1926 J J
0- - -1st consol 4s
1951 A 0 21 ....-- 21 Aug '18 -. - _ _
New Orleans Term 1st 45
t -6658 -67 1953 J J 6658 67
6653
67
N 0Tex de Mexico 1st es__.1925.8 D 9612 97 9658 Jan '19 ---- 964 9713
Non-cum income 55 A_ _ 1935 A 0 55
5634 56
5612
S 5418 5813
New York Central RR.
1935 IN N 9914 Sale 9834
9934 161 977 9914
Cony deb 6s
7418
7414
Consol 4s Series A
9 744 7814
1998 F A 7412 76
2013 A 0 8518 Sale 8412
Ref & imp 430 "A"
8512 28 82
854
New York Cent & Hud Riv7113 --- 7158
7234
72
Mortgage 334s
18 71
1997 J J
19973 .1 .___
Registered
72
6678 Aug '18 -_-___-.
1934 IN N
8412 Jan '19
41- 5
Debenture gold 4s
-i234 -niRegistered
1934 M N ---- ----79 Nov'18 ____ _ _ _Lake Shore coll g 3As__ _1998 F A 63 68
68 Jan '19 __ 68 68
1998 F A a.-- 13612 67 Jan '19 ____ 67
Registered
67
Mich Cent coil gold 34s_ _1998 F A 61 ....70 Jan '19 ____ '7() 70
Registered
1998 F A ---- 661-2 75 Mar'17 --- __ _ _ - __Battle Cr & Stur 1st gu 38_1989 J D 53 ____
Beech Creek 1st gu g 48....1936 J J_
-i614 Dec
1
_ _ _ _.1936 J J
Registered
Nov'16 -----:
--__ -_ -_ -_ -_ - --guar gold 50
1936 J J - 9532d 8718 --- 104 May'16 ...... __ _ _ --1936.8 J .....---- ---Registered
---- ---__. ---Beech Cr Ext 1st g 334s..b1951 A 0
.....-... _ _.- -Cart & Ad 1st gu g4&....1981,J D -751; ---- -89- Nov'16
Gouv & Oswe 1st gu g 58_ _1942 J D 90% ---Moh & MAI 1st gu g 4s_ _ _1991 tel 5 77 -- -fil; Oct '18 .7.--_ _--..-- ---_-:
N J June It guar 1st 48_ _ _1986;F A 6813 ---- 8913 Feb '16 NY & Harlem g 330_ _ _ _2000 M N 75 ---- 80 May'17 --_ _ _ _ - -- -...N Y & Northern 1st g 58.1923'A 0 974 -- 9714
5 -974 -9714
9714

b Due Feb. g Due June. 5 Due July. n Due Sept. 0 Due Oct. s Option sale

New York Bond Record -Continued-Page 3

564
BONDS
,
17, Y. STOCK EXCHANGE
Week ending i'eq. 7.

44
'

Price
Friday
Feb. 7.

Week's
Re tge or
Last sale

1.311
Ca

•

Re ape
Si we
Jo 4, 1.

Ask Low
High No. Low High
Bid
N Y Coai & 11 It Rft (Con)8J
81)
3 78
N Y & Pa 1st cons go g 4s.1993 A 0 79 _ _ (8
Pine Creek rag guar 6s_ _1932 J D 1031 - - - 113 May'15
99 Jan '19;
99 93
fl W &0 con ist ext 5s_h19133 A 0 9.31
67 67
67 Jan
Rutland 1st con g 410.-1911 ▪ J 75 -_
Os& LCliam let go 438_1913 J J 6113..._ 611 Jan '19 ___- 61.13 6118
-R it-Canada 1st gag 453_1919 J J 67 --- 70 Jac)
St Lawr t AdIr let g 5.3-1945 J J 82% _ _ 101 N.pt16 ___-__- 103 Nov'16
2(1 gold 6s
1933 A o 8812
Utica & 111k Riv go g 4s-1922 J .1 94% _ _ -- 94 tor '18
73 Jan '19-_73 73
72
75
Lake Snore gold 3143
1977
D
751
: 731
Registerel
1997 J D 73
8914.
I 8812 90
1923 :v1 S 89 8914 83%
Debenture gold 4s
831.
7 88 83
1931 M N 8814 Sale 8314
25-year gold 4s
8378 Nov'171-- ___ 1931 M N
Registered
Ka A & R 1st gu c 5s-1938 J J 9118
1041$ Dcc '15
Mallen C'I RR 1st 53-.1931 J J 951g
_ IsiS May 17
Pitts & L Erle 2d g 5.3_a1923 A 0 93
Pitts McK & Y 1st gu 6s__1932 J J 1031g
- 130.8 Jan '09
_ 12314 Mar'12
2d g utranteed 13s
1931 J J 102 ;8
--9:513-_ 9913 'ii 't7
Michigan Central 5s
9813 11.35/'1.3
93 Reglitered
81 Jan '19
82 82
4$
1910J J 8114
87 Feb 'II
Registerel
19(0 J .1
J L & S let gold 314s_....1951 IVI S 63 ____ 93 June'08
1stgold3s
1953 M N 7014 -__ 79'g July'll
.8314
2 82 8114
20-year debenture 48_1939 A 0 8112 83% 8314
5 80 82
83
N Y Chi &St L 1st g 4s _1937 A 0 804 8212 SJ
4.5 Noy'll
RegIsterel
1937 A 0 77 ._
71 Jan'1973
75
Debenture 4s
1931 M N 71
West Shore let 4s guar .2361 J J 79 80 8113 Jan '19 ___ 8113 8113
76
8 71
73
76
78
76
Registered
2361 J
9)12
9713
2 99(2 9)12
N Y C Lines el tr 5.3_1919-22 13.1 N
9313 /.11Y'17-Equip trust 4 10-1919-1935 J J 96 102
8154 Jan '19 ___NY Connect let go 414s A_ _1953 F A 83 85
-85.N Y N fl & Hartford51
80 51 Jan '13
54
Non-cony deboa 43
1947 M
_ 55 3.3ut14 ----------Non-cony 413ben 310_1917 M 8 51
5531 N ly'13 ____
Non-cony daben 310-__1951 A 0 5012 51
n :9
16
Jan
531 518
51
69
53,3 53 J,,,
Non-cony chben is
1155 J .1 61
531
51
Non-cony d3b3n 43
1953 M N
521 53
52
1 5314 53
Cony d3beature 3 Lis
1953 J J 51
2 85
83
85
Cony dejenture 63
1713J J 8518 8712 85
5) Oct '17
Cone Ry non-cony 4s
1930 F A
- -- - 9112 Jan '12
Non-cony daben 43
193I J J
_
90
60
July'118 Non-cony d3b3n 4s
-1155 J J
_
Non-cony doben 4s........1155 A 0
.......... -Noi-cosy dehen
J
Harlem Et-Pt Cass let 43_1951 M N 7434 __ 7314 Dec
7.1.2 /ea '17 -B& NY Air Lino lit 4s 1155 F A 88
Celt Neii,En; let go 13_1111 J J 5514 6238 6312 Ian '19 -_- 6213 6212
---Hartford St fly let _ _1333 NI S
---- ---i;T; Toii3
Housatonic R. cons 43g 53_1)37 M N -1/018
____
Naugattudt RR let 4s
1351 M N 95 _..1 87 July'14
N Y Pray & Beiton 43
81 Aug '11
1912 A 0 89
53
50
5212 Sale 513
NYW'clust B 1st sar I 4143'11.1
5212
Boston Terminal let 4s
1937 A 0
New Enziand cons
-J J
Consol 4s
1915J J 7213 ____ 70 Sapt.9.7 ---i
40 40
Providence Secur dab 4s 1957 M N
:: _4
_8_ 9
431 Dec4
'
913
Prov & Soringtield let 53_1932 J J
83e Feo '14
ProvIdenceTerm let 43._1951 M S 691
W & Con Elet let 4143_1913 J J 7113
N Y 0 & W ref let q 4s---91993 M S 69
-1 -66- "i57014 69 Jan '19 ---*Registered $5,030 only_g1912 M
-- --_-, 92,s ,4kle 12 .- .-1
General Is
1951 J D 5018 65 1 61) Sir 1 13 --I
6213 69 Jan '19 ----1 -133 - -6i-2
Norfolk doe let & ref A 5.3_1911 F A 67
811 . I se 13 .
Norf & Soo let gold 53
1911 M N 87
Norf & West gee gold 6s____1931 M A 109 10913 109 Dee '14.- --- ---)rovement & et g 6s 1911 F A 108 . _ _ 122 N ,,,,' t6 __.- ----- - New River let gold 8s_ ,1917 A 0 109 110 110758 Dec '13,--N & W Ry 1st eons g 43_1111 A 0 841 83 8112
811' 11 -8
.3:1-3
.
.
11-2 -8
9352 .3.3o la --- - - - Registered
1993 A 0 ____
82
DWI 1st lien & gen g 43_1911 .11 .11 793 8113 82 Jan '19 -.1 82
10-25-year cow 43.
8112 15 81
8112
19124 D 8113 __ 81
10-20-yew cols/ 43
1932M S 8113 8313 11/14 Al iv'L /I- ,
10-25-year cony 4 14s
1933 M S 191 _ 11112 Doc '131--10-year cony 63(w 1)-1929 - Ili.3.1;
.11ii14
10/13 13 Os 101,1 1171' 14/ 1
Potash C & C Joint 4e
19 II J -D 8114 89 86 Jan '19---- 8118 86
C C & T 1st gear gold 5.3_1932 J J 9714 ____ 103 Seat'13 .- -1
Selo V & NE let gu g 49_1939 NI N 7634 81
81 Jan '19 ---1 if" -if Northern Pacific prior lien rail-I
Lway & land grant g 4s
81 I33
1
831
1997 Q -1 8313 84
RegIsterel
79 4 Oot IS.__________
8118 87
1197 Q
691g 71 5914 611
General lien gold 3.3
49017 Q F 59 8 60 5914
53 Ont '14 ....-1
Registerel
e2017 Q F 53 62
Ref &
90
9.) Jan '19 ----'
851 913
4143 set' A
'017J
1
St Paul-D With Div g is...1111 J D 751 88
71 A.14 14 ------------ -- -St P & N P gen geld 6s_1133 F A 103 10112 102 Jan '19 -_- .6
l _ :_
.
1004 Seot'17 -_Registered certificates_ _1933 Q A 1008
..
St Pali & D iloth let 53__1131 F F 9718 .__ 9/ • 91
1 ' 97 9312
1st cone)) gold is
73 Dec '13
1933 J D 761
35112 Do,'151
Wash Cent 1st geld 1s
-1913 13 M flit: 85
Nor Pac Term Co 1st g 6s_1933 I J 103
1071
4 11714 10714
10714
15 77,2 7)
78
Oregon-Wash let & ref 43.._1911 1 .1 7712 Sale 7713
Pacific Coast Co let g 59...._1913 J D 84 ...,_ 8312
8512 13 8.512 84
95 134 8 Feb 1/
Paducah & Ills Isle f.4143 19I5 J J
9-5k N W13
Pennsylvania na. let g 4s 1113 M N 91'8
100 Aug '13
Come! gold 55
1919 NI S 9913
.
Registere I
1119 Q M 933
_
Coniel gold 41
1
3913 M N 899114 N sy'14
Cons)! gold 4$
87,8 Ian '19 ..-' 8312 84
1913 M N 8314 .,
95
8 95 2 Ian '19
Consel 4143
9')'4
1110 F A 93 93
General 4 43
89,41 81 8713 83.3
1935 4 D 83 Sale 8 1-2
General 53
911
9314 333 9518 9714
1114.J D 9313 $1
Aller, Val gee gear g 4s
--87.3 Nav'181
1112 M S 8113 88
D It RR 3313'g. let gu Is g 1133 F A 81 14 ____ 8113 4iot'141 _
- - --Phi's B sit & W let g 4s.._1913,
N 8712 ____ 8712 Jan '19 -- 8712 8713
Sod is Bay & 9)1 1st g 53 1111 J J 99 ____ 102 Jan '93 ---Bulb iry t Lewis 1st g 43_1913 J J 80'a -_UNI
__
Dee-'Li
t Ctrs ;en 43_1911 M S 8518
Pennsylvania CeGuar let geld 4149
9712
4 97% 9734
1021 J J 9713 Sale 9713
Reg'sterel
--l971J .1 9514 .___ 9753 July18
Gllr 149 coil trust rag A.1937,M S 7813
87 Fe's 7 ____'
G tr 341 colt trust ser 13.1911,F A 76
78
78
78 Jan '19
86
Gear 3'.4s trust cols C
- 8114 .1.413517 ....1
19131J D 7513
Goar 343 trust ctfs D......1911 J D 75
374 Ow,
83
Goar 15-35-year gull 1s_1911,A 0 83/8 91
-13114 -8314
8114 Jan '39 -40-year gear is Ws Ser E_1153,M N 8 Vs .- • - 8514
8512 10 8514 87
Cln Lib & Nor go is cl
7
Oct
i
36
8012
874
11131M N
CI & 1141r let ge g 4143_ _1935 M N
984 v1 syl7
4
87,
1 & P gen gu 443 ser A.1112
J 95,3 -- 9531 May 1.3
Series B
1943 A 0 91 ---- 101 1.9e0 15
Int rettlecl to 3144_191? A 0 8012
9614 Feb 14
_
Serlee C 3143
1913 M N 83
9)'s 353$ 12
Series D 3141
8812 Feb 17
83
1959
Erie & Pitts gu g 3143 B 1919
kpr 17
--- - - J 7613 --Series C
911
19(0-1 J 7618 .,
Or R & I ex let gu g 4143_1911 S J 89
8113 Dec '13
-Ohio Cennect let gu 43_1913 M S 8318 --73 Oct '18
----_Pitts Y & Ash let cons 5.9_1917 M N 9718 _--- 93 VI sy'10
____
Tol W
0 gu 41is A 19313 .1 8312 95
9314 Aar '17 -Series B 4143
1133
J Ws 93 92 Deo '17
SerleeC Is
1912 151 S 831
48e Soot 17
9312 9112
PCCtStLg94,,,,lq(9a 0 903 941$ 94'2 in '19
Series B goer
9214 9234
1912 A 0 9138 931$ 9234 Jan '19
Series C goer
let'191.....,1 99
99 June17
1912 NI N 99
Series D 49 guar
931
1915 M N 8o
413 93
Series E 34.1
gold_1919 F A 87% _. 9012 Sept'14

1311'4 g

---a

• No price Friday; latest bid and asked, a Due Jan, 5 Due Feb. 0 Due Joao




BON1DS
N. Y. STOCK EXCHANGE
Week en ling Fe). 7.

Price
Friday
Feb. 7,

[Vot. 108.
Week's
Re tge or
Last Sale

Range
88: Sizce
Jan. 1.
stl'a

High
Low High
Ask Low
Bid
P. C. C. & St. L (Con.)Series F guar 4s gold___1931• D 8813 91 I 41 80u, PS
92 N isels3
Series 0 Is goat*
1937 NI N 8412 91
Series I cone go 4so_ -1911 F A 9338 942 95 N w'14
C St L & P 13t cons g 53_1913 • 0 1.0314 10212 102 Jan '19
_ _ _ _1100 Jois..'17
Peoria A Pekin On let 63 g..9 J F
511924
---.... 87 Mar'16
NI N
23 gall 1143
8618
8812
9 85
8512 85113, 85's
Pare NI Ira tette let Ser A 5,11151
4 6314 7214
69'8
13814 7112. 631
1111
let Series B is
43 Jan '19 __ 45 45
J 41
49
Philip Ane fly let 30-yrs f 43 1)17
1 3 5 0 95% -- 9') Jan '13
1)1
Pitts Sa t L E let g 5s...._ 110
97% Dec '17 - J J 9313
let coned gold 53
83% 10 8513 86%
J 8512 -Sile 8512
1177
Re-sling Co gent gold
J -_-.. 8)12 8113 lone'18
• 19)7 J
Registered
A 0 78
83e 8314 Dec '14
Jersey Central coil g
J
J
Atlantic City gist 4s g_
711 Cilea -ifi
St Joe t Oran 1 tel let g is -1117 J J --- 70
St Le tie t nit's Fran (reorg Ci,
o)53 j
101 60% 64
63
1951 J .1 62% Bile 6114
Prior lien 33r A Is
7714 11 75138 793
Lie 7511
77
Prior lien Set B Sc
6114 51 6312 69
C in a 11131 9er A 68.......7111.551 A 0 6318 Sae 6212
41'2 20 4012 4513
4114 Sae 4114
Inoe -n. .-iel t33Oct
4 1.02 102
17
)
8
3 m4
11,
1.
216
J
139
13
1(l
ii J
St Luis t isn rum gee 6sh_1
01 Noy'14
J J 9613 99
Golar gell 53
J
J
St IL t F
eons'319 1111
0) May'17
ScithsDlst lit g 53
1117 A0
id13.14
103 --15
KC F18& VI cans g 63 1)33 MN 103 Silo 191
7512
7 73
74
KCFtSICNttyrefgIs 1135 A0
(
-14 _7
.
3
.._2 71/14 kilt!'IS
K C & NI P. ,IC B 1st go 53.1129 A0 -8
74
1 72
72
- 73'e 7213
St Li W let g 13 bend ctf3_1119 MN
21 'a IsIneem band otfs_ 91939• J --_ 5113 571 Jan''19 ___ 1 5714 5714
597
in 59 69 5918 5113 11 5713
Cen3)1 tell 13
59 60 6) Jan '19 __ 537 62
let termlnil t anifyIng 53.1
19
13
51
3
D 6
8.1
5 .6314 9412 J in 14 ..G•ay's Pt T3r let go g 53_1117
-61"
61 Jan '19 --J J1
S t Piss let
q
72
72 Jan '19._ 74
7S
13'3) A0 71
Saab)I- 1 Air line g 4s
7312 718 71 Jan '19
743 5
7114
0,14 Is eta-need
5)
2
F Al 53 Silo 4913
6513
A11
- 1E11 rlt Sc
51
13 53 60
53
1159,A 01 56 59
te 111 t .
71
76
All Bi• n 31-yr let g 43-e11311M S 73
74
7 74
Ciro 033t lit CO1 ct ts..._1919 J J 7214 --_ 76 Oet7111.4
Fla C31t t P31 let eat 48.1133 J J 103 --__
-_-_-_-le' Ito 1 7,r tnt eat g 53_1119 J J 91
.
.
0.
.
.
9.
0..9
)13 J1
.
91_ 9
610
6
90
1 ls.
C 31311 gold 51
19
915
3j
J
Os IC 51a Rv let con 53_01
_
91 Iii'14
O C sr t No tit gl 51-1939 J .1. 9314
96
S3thes-•1 t Rent's let 51-1926,1 .1, 0a ____ 93 Jan '19 ___ 96
C)83
77
11 '75
77
76(3
78
Paa coll)_k1111 1 D' 76
0'1 Is
_....
1 9) Feb '14 ._ -- - -1:1111 1 D
113;litere 1
NI S -81 8 de 8113 . 8114 123 8313 1351
21-ya sr cep, is
102
93 100 105
p113
11
33
1 I D, 1011 Bile 10118
23-yea- ceiv 53
8113 28 81) 83
17
1 F A 8314 81 1 8)s
1(
Cent Plc let ref gu g 43_ 17
. I.,
____ 471 leo.'16
F A _.
Rlilstered
5 ' 851 85%
8513
M
gear geld 3343_11111 1 D 8514 4113 451
T
Its
L 13t ;I Is_1151 A 0 70'8 7713 76 Nov 18 ____ _-- -1 I, 9114 101 100 Oct '18 .,.- ---- - - - in 3 %.
P Idt 531113 A ,
G
95134 bin '13
1131 .1 I --- 97
21 eaten Sc lost
95 Noy'14---(lit VG t N let gig 53_1931 11 N, ---- 103
____
1133 II N 913 99.8 4512 Joly'18 ------------II )11 1.3 t W T let g 53
1113 51 N 93 __ 101 Oct 16
let g•tar 53 tel
-9
.
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8
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18
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NV s t sf V WY 1st g '30 151 N 91 1012 10913 N )9'15
-----------93 N.3v18 ----- -1111 J J ---- 95
1st.
g 53
A&
4 981 -- - - 101114 Out 17 __ ---• ti3lso t West let 63_3921
e _______ __ ____
k ept!. .is
)3;
.
10
..2
. 114,4 ()
J -1M3:41.1'3 La A T 1st 63.._1911 JA. 0
NiCOgoer g 53
9813 93 Jan '19._.
-7
--6- - -0
.-- -0
let goer g 33..._3
191
27
4 2 2 93
0-3 t
Se Pr,of CA-01g 5s_ 1937 M N 9318 ... --10713 $.313e151 __
___
'19
Jan
-iii
-iii93
_
__
9318
J
Se Pal Coast let go 4313-1117 J
78%
1 78
78's 73
73
San fer•in Tarot let 13.-1151 A 0 73
1
31
153
15 J J 80 89i 91 Noy'16 ____ -.--- - Tea in N 0 Ion gull 53
8312
8314 49 82
.1 J 8214 8214 8214
Se Pal RI let ref 45
13
1
Southlrn-let cons g 53_119
_
_ _8_1_14_ _8_8_53
5
J 5
.1 9
2.14 .8
1'1 Aug 'III -18
...
31.! 10
90
41 6338 6434
677
7
11 13 A 0 -67 - Site 67
0,1-,rt,i;;ictr)1410'et.17,glicnottlstSregt•
75
6318
6131
1 661 6618
M S 66
Is.
2 _7
_6._ 02 7.31s. Pi ....._1
7213
niV lit a “43-53
1/91 J J 9
4.1-2
-i3
73% Jan '19 ___I
J J
St Lulls ily let g Is
93
Ala(St gel let Cole I 5i--11 2 D 85t3 ..._. 93 Jan '19 _..I
_.
81
'
6
1
3
4
Oct9
4
9
8
11
S
J
J
83
.-_Atl %Char] 5 L let 5 434s 1911
-661-3 "iifii
1911 J J 9313 97
let 31-year Sc d,r B
mei,r.
751)12 O
'16
1,......... - -_-_ -PHI J 4, 74 ---. 6
All2,iIC fetny
is
let g is
--ii
.1
----19 tR
Atl t Vial let a gist is no A 0 _. _ .___ 75 Feb '171...... -- -ETVa tGaD'vg5s,..1910
3 J .1 9613 9918 96 31 tr'141._ --- -951 ',11 Jan '19,___ 9513 9513
Cen3 let gold 53
NI M 91
9512 9314 Jan '10..... 9514 9514
E Tlee rev;lien g 53-19
11 MI S 92
52
53
e2 Jan 19
__
5214
A
0
Ga
let 13.
101 101
101 Jan' 19
1111 J .7 _-Gs P rty let g Is
-__ -g Is_ _1115 J J 1044 ._ _ .. 1110 001 '1,
Keekv t (Vile
---861 03 91 12 Oct '14
Me') in iSir prior lien g 53.1915 J
-__ -_
701 68 Jan '14
61
11)153
Mlet,!ttri Zell 13
'14
Jan
'55
102
,
3
0
0'2
A
31.1117
,
51,
13.1-13 IC ')an 13h 531
1913 M N
Rich & Me.% let g 53
-91- -6679
1 J4a.';3":1192
-9-- 10
73 ' 9
N -9
• C in Gs lit g 53_1111
VIrclola 331 1 Sot D 4-53_1911 M 8 95 __ 10212 lone'll
90,s __ 91 kor 18
l'116 M
So-113 R se
0113 [Lse :116
4
.
,6
96
134 :6:7: _. 19
1913 M
.91-11.3F 53
O'-o"-s'
8118 4,-.0r. Li
J 871
1/
311 .3'1 1 N
Vs t 31'..en let go 53_1
70 e V sy' 13
80
Is' 1113 51-year 51_19 ss A 0 70
9173 iklf ir'17
92
t F A 85
W 0 IC w tit (Iv 3,1 Is
911 Ii" 7
132
J
Seeklei In.1-nat let g 54_1113
-911-2 -iiiii
9112 Jan '19
95
5331 of St L lst g 4143 1131'A 0 91
14. n113111,1 .
1391-39111F A
Ws
P.
78
3931.4 Ji 75
77
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8
76
314 9
73
1 1%339
'
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8
3 9
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1 ,-,..ili 9 l' a 1.9
St 1. 31 13-11 t1T-3,* Tog 5.1.1119 A 0 991 91.3 9113 lolv'14 _
91
-2 - -iii -26
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50 , 41 inotos
7•30-ye Mar I 45
2n 1 'n111.331111 54
1111 1 J, _- 1).1 1 83 Mug i 4 ___1
La fely 13 L lit g 53.
W Mtn W in N kV let go 5,31910 F A ........ .--- 1061 Nav'04
To! Ic 0111 flint let go 53...1915 J 1 .
_92
1! 99
9313 -)-,t '14 -9212 87 Jan '19 ____ -i'i - -iii 1915 A 0
'37,
,
4 ..m re'v let g 53
81 , 93 Oct '18 ___-1 - - - - - -1915 J le 71
General gold 51
___ _ _
80 1 51713 .loot•li
37
6
j 6
A O
99
11
7j
11
e is
-yell
ert gig
l9M
1-1
4t
1C1
3177 .1 J 9013 0112 9012 Jan '10 ___ , 9012 91
.
_ 52 Aug '17 ....-1
Tel P lc W let gull is
.
15..-I31
73's
i:
:
7.
5...
;
I i7
Ti' St L & W or lien g 3143_1115 J. .1' 7o's Sale 751
51
5 48
49
1959 A 0 49
49' 49
51-Year gold Is
13138 31 WO _F A --__ 32
Cell trust is g Set A
____
---14 Aug '18 .....Trait Co •'its of delosit ---- ---------30
80 kor '17 ._ ---- _ __
Ter 11 am t 13 tff let g 43..A1,94.3 J D 703 87
8114 Dec '14 _.
91
. 95
Ulster t DA 1st eons g 53_49381J D .
54 Sept 17 _.- ---- - - -70
1st retandinT a 43_
871 53 -8
.9-78
.61
- -8
197i
JA 0
..1 8(04 Sae 861
11
Union Politic let g As
3147 J .1 __ 8314 8112 Oct '18 _
Re tieterei
8712 • 83
-2
. -iii -81)1-3
3937,.7 J 87i4 83
20-year cony 43
8312
81'4 15 RO
8213 81
/1,013 Nil 8 84
let & re(onding 43
19478 47 10173 106
11-year perm secured 11.3 19234 J 10113 Bile 10112
go
1 85
83%
Om RI t Nay con g Is-19PI'J D 8413 8718 85%
I 10011 101
10)14
Ore Short Line let g (33._1922 F A 101 10112 molt
9878
1 93
98 8
19153 J. J 93% ---- 93 s
1st 0153311g 55
87
7 8614 88
Salo 8612
1939 3 0 87
0 mar refonl te
Utah t Net. gold 51.....1923 J J. 0113 ... __ 94 Dec '17...-_1933 J J1 8214 89 89 Feb'18 •--- ---- - - - 1st extended 4s
.......
Yang tIla cone -c Is Ser A.-1955 F A _ .- 80 Jan '18 .--CenlAs Is 9eries B
Vera Cris t P let gu 41019
91
57
1S
M I 7
-9(
.2 -------- 3850111 j4einPlet:17 ----: ::::
:
L.:
1Due Dad: 5 Option sale.
• Due July. k Due Aug. 0 Due Oct. p Due Nov

11_7:

^

New York Bond Record-Concluded-Page 4

FEB. 8 1919.1
BONDS
N. Y. 8T0,31.{ EXCHANGE
Week anion; ea.). 7

11

44.1

Virginian 1st 5s series A--1912 MI N
Wabasn 1st gold 53
1030 NI N
1.031F A
2d gold 53
1931 J J
Debenture series 13
1)211M S
1st lien e4uip 5 fd g 5s
1st lien 53-yr g term 4s...._1131,2 J
Dot & Cu Ott 1st g 53_ _ _I. )11'J J
13as Moines Div 1st g 43_1)10 J J
1111 A 0
On Div 1st. g 3343
Tol & Ca Div lit g 4s........1.) 11 31 S
1.113 F A
Wash Term! 1st ge 3343
LOU F A
1st 40-yr guar 4s
1.)531A 0
West Maryland 1st g 4s
1337,2 J
West N Y & P.1 1st g 5s
Gen gold 4s
1913 A 0
p191:31 Nov
Income 53
Western Pee 1st ser A 53_1315 M S
Wheeling & I. E lit g 5.9_-__1126A 0
Wheel Div 1st gold 53____1339 J
Eaten & [mat geld 5.3___1130 F A
Refunding 43433erie.3 A _113131M S
RR 1st consol 4s
1919.M S
Winston-Salem S B 1st 4s-19104 J
Wls Cent 53-Yr 1st gen ls
1919'.1 J
Sup & Del dlv & term 1st 48'38 A N

1

Price
Friday
Feb. 7.

Week's
Ra tge or
Last Sale

1411 Rays
g
Si tee
4- Jas. 1.

Ask Low
High No. Low High
Bid
9218 Sibe 9218
9312 10 92'8 91/2
9714 93 934
7 9312 93
9712
8512
87
88
86
27 8112 89
---- ..-- 90 Aug '13
9358 -- 98 Nov'18
85 ---- 65 Sept'13
87% __ 9012 Sept'17
____ _80 Aug '12 --__ ___ __ __
-'- 76 Apr '17 .... _ _
--------74 Jan '19-- 74
74
754 80 76 Dec '17 --_ -__ ____
8-1 .-- 82 Aug '18 -__
_
63 61
59
61
i73 53 61
99 Jan '18 ____,
9912 109
---- 8538 70 Dec 18,...-1 --- -- 36 Oct '17
-81- -111-1e 81
8112 -14 -ii- -8-61-2
914 93 93 Oct '13 ____ ____ _ _ _ _
( 100 Feo 171_-__ __ _ _ _
---- ----9958 NAar'17 --_
59
70
81 Jan '19 -- -61 - -iii 65 60 69 Nov'1.3
-__ .. _
75 1---i 75
75
82
75
75
7712 7812 7312 Jan '19 --- 78
80
72% 7512 7412 Jan '19_,.__ 7214 741k

Street Railway
Brooklyn Rapid Pram g 5s-1915 A 0 7112 74
7114
7112
7 65
76
1st refuni cony geld Is_ _21)3 J J 4912 53 4912
4.1•21
1 45
5212
6-year secured notes Sc... I III .1 J ---- --- 9514 Dee '1,31. -I
9314 Aug
Ctts 3-yr sac 7% nate301 31 )21 3 3
13 ---'- - -3-yr 7% secured n3tes..../11.) 31 J J -81 - Sale 7912
8112 63 75
851
Bk City 1st cons 53_ _1311 1.111 J J 80 92 92 Dec 13
80 Moy'12
BkQOa &Scan gag 53_1111 WI N ---- 70
____ ---Bklyn Q Co 3c S 1st 53____1111 J J --- 9112 101 May'1:3
75
Sole 7218
12' 72
DWG tin El 1st g 4-53-1151 F A 75
73
7114
Sta:npad guar 4-53__.1.73) F A 7358 78 I 7114
5 7114 72
Kings Caenty E 1st g 13_111) F A 8) 63 57 Jan '19
57
57
1113 F A 5614 7258 82 Jan '19
Statue/31 guar 43
62 62
N33311 Elo3 gear gold 43_1111 J J 45 6) 83 Dec '13
-1 )371F A ___- 83
7914 Jan '19 -- 73 81
Chicago (Lys 1st 53
Conn ay 3, i., ist ,st ref g 4%31)11,1 J 83 _..__ 8712 Nav'13 -....
1 )3I 1 J J 83 -.. 81314 Oot '13 -...'
Stamped guar 4143
Del United 1st cons g 134C-1)321J 5 7.54 Sole 7111
75's 15
Ft Smith Lt & Tr 1st g 53_1131 M S
81 Jan '14
-Hud & Mlnhat 53 ear A__ 10
.117
7.1! A -gi34 dole 5734
53
49 5313 6014
_
A 1Just incamo 53
1614 Sale 16
1312 3/ 16
13
1.113'F- -A 90 100 I 87 Oct '13,--N Y & Jersey 1st 5i
Interboro-M3trop colt 4 qi_l )3 VA 0 40 Sale 3918
40'81 213 -04 -i314
Interbaro 11,A;1 Tran 1st 53_ _1113 J J 7034 Sale 70
714 351 ni1
/
4 7214
Manhat Ity(N Y) C033 g 43_19)3 A 0 72 8318 72
72
2 72
72
Stamped tax-exempt
1933 A 0 7213 74 1g 7.112 Jan '19 --' 74
7412
Manila Elea Ry & Lt s I 53-1953,M S 76 -_.. 80 July'18 ----I
Metropalitan Street RyBway & 7th Av 1st c g 53_1913 J D ___. 774 79 Dec '13
cot & othAv 1st ga g 53--1.))1 bil S' ---- 68 68
63
2 63 63
Lex Av & P F 13t ge g 53-13)3 NI S
'4, 74 Jan '19
74
74
Met W3 El(Cab) 1st g 13 113; F A ---- -----51 Dec '18 ---Milw Else Ry & Lt cons g Si 1 12; F A *__1 0)12 June'17 -.. --is4)LIII.
1 J
Refunding & etten
-----81 2 Dec 18 ......- ---- ---Minneap St 1st cons g 53__ .1 )1 ) J J '
19913 -..-- 9314 (Jig '17 --_-_
Montreal Tram 1st Sc ref Si.!(31 I .1 ____ 95
9712 July'17
New OM Ity Sc Lt gee 4343...1 )15'S J -.- 7212 71 Aug '17
NY M enialp Ely 13t s f Sc A 1)5135 J 4514 ---- 55 Jan '19 -_ 51 - 57
1312 J J 4118 4212 41
NY Rys 1st RE Sc rdl 4s
4 4012 43%
4314
71312 A 0 123 Salo 1214
30-year ad! Inn 53
12; 117 11% 1118
N Y State Rye 1st corm 4343 1332 M N __ 62
6114 Jan '19
8114 62
53__
_1131
M
N '7214 '79
Portland Ry 1st & ref
8312 Nov'13 --'..---Portld ay Lt St P 1st ref 5-3_1)12 F A ......_ ---- 67 Aug '18 - -- ---Portland Gan Elea 1st 53_1935 J J ..- _ -.. 9013 Feb '17 .....-..::
--_
1)37
NA
g
5s..
N -81 - -:...- 93 July'17
St Jos fly 1.11 Sc P 1st
St Paul City Cab cons g 5s_1)37 J J __ 9912 10212 NI.Le12
cm)J J 51
Third Ave 1st ref 4s
53
5312
51% ±.
..4 59
53
LIM A 0 29 Sole 2314
A
Atli inconm 53
29% 50 2712 3118
1)375 .1 87I2 101) 97 Dec '13
Third Ave Ely 1st g 53
Trl-City Ry 3t Lt lit 5 f 53_ _1933 A 0 9612 9314 9573 J3n '19
9133 05's
Undergr of London 4349._ _ _1133 J J 77 -- 76 MAr'38 ......
- ---1313
Income 63
7478 --_- 58 Aug '18 ----United Rya Inv Si Pitts 133_ - 1 )31 M
__-Isi
65 Dec '13 ...1Ualted Rys St L lit g 45.- 1931 J J --------511
Jan '19 ...8
1921 A 0 ___.. 80
St Lo lis Tr3n3it go 53
53 Jun 017 -United 11113 '3 on Fr s f 49_1927 A 33 _21 22 Jan '19 --.. -Ii0322
22
Union Tr(N Y)°Rs dap------ _- -- 22734 2514 22 Jan '17 ---- 22
23
Eluit Tr (NT Y) inter ctfs____
2234 Sole '2234 .2214 35 22
23
Va Ry St Pow 1st & ref 5s_1'03& .1 -i 79
81 I 79 Jan '19
79
79
0811 and Electric 1.13ht
Atlanta 0 L Co 1st g 53____1917
Bklyn tin (111.9 1st cons g 53_1)15
Chola 013 Sc E10313ttref 53 1953
1:)27
Columbia 0 t 515155.
Columb 13 Gas lit geld 53_1132
Consol GIs cony deb s_ _1120
O5yr 53'21
Cons 0.13 EIAP Or Silt
Detroit Clty G os gold 51_ -1123
Detroit E 1413 lit colt tr 5-3_1933
1st & ref Si ear A
h111,0
En 0 1. N V let cone g 53_1132
Gas & Elea Berg Ca c g 53-191')
Havana Elec corm! g 53_-__1952
Hudson Ca GI's let g 5s_.1713
Kan City (NI)) Gas lit g 59-132.2
Kings Co El & P g 5s
1137
Purchase turkey Os
1137
Convertible deb Os
1135
Ed El III aka 1st coo g 13 111)
Lae Gas L ot St L 1st g 53-e1111.)
1/11
Ref and ext let g 53
1127
Milwauks3 GL's I. 1st 43
1113
Newark Con Gas g 53
1733
NYGELEIScPg 53
Purch333 inmeY g is---1719
El El°, III 1st cons g 53-1115
NY&Q Si LIcP lit coo g 53.1130
Pacific 0 & El Co-Cal G & ECorp unifying it ref 53-1937
Paciflo G & El gen Sc ref 5-3_1912
Pao Pow & Lt let & ref 20-yr
53 Internatio331 Serim_1930
1919
Pat & P mole 0 Sc El 53
Peop V9 & C let cons g 63-1113
1917
Refun ling gold 53
Ott G-I. Sc Coke 13t ge g 53 1737
Con G Co of Ch lit go g 511731
Ind Nat Go's & Oil 33-yr 531931
Mu Fuel Ga9 ISt gu g 53-1717
Philadelphia Ca cony 53- _ -1 )17
Cony dabon goll 55....- - -11 = =
Stand Gas & El cony s t 69_ _1131
Syracuse Lighting let g 53- - 1352
Syracuse Light & Power Si..1)51
Trenton 0 & El 19t g 53.._ -1117
Union F.:103 Lt & P lit g 53. _1133
Refuniing Sc exten3ton 53 1133
United Pi131013 Islet )3._ )33
Utah Power & Lt 1st 5's_lOLl
Utica Elea I. & P 1st g 5s
195)
Utica Gos Sc Oleo ref 55
1157
Westchester Ltg gold 53
1937

D. 9318
103 Sept•151.--9412 -9114 9112
1 91
9112
95
90 -- 91 Deo 'Li
--82 8514 82 Jan '19
82
8212
97 Fob '15.F. 101 102 101'8
101 I 27
103
9713 ---- 9313
96%
2 03 3 97
934 Jan '11 ---, 96% 93's
96 --_- 95 J,In '19 ---- 9541 98
S, 93
95
91 Jan '19 --- 91
94
S.
91 Feu '18 -..
100 Feb '131-- A ---- 90
9218 Noy.171___
95
934 Dee '17 -894 ...._ 908 Dec '16 -- -90 Den '17
91
101 Sale 105
105 I
3 11)7 idi
92--- 90 Jan •19
93 93
83 Sole 83
84 I
5 -79% 81
9314 11 914 9)14
9134 Sole 9958
93 I
95 Bale 95
1 95
97
87I____ 8112 Oct '13'..--1 - - - - - 10112 Apr '17
.9212 9112 91 Jan '19 --, 9112 91
A 71
Sole 6)
71 1
4 69
7114
95
93 10.) Jan '19 --- 100 , 103
A 89 95 9613 Aug '17 ----'- - - 93
93312 06
96
8614 8713 8712 Jan '19
A

12 OS% 96
8713 88

86
92 83 Jan '19 ---I
100 Joiy•17
101) -_-_-_-- 103 Jan '19 --7314 Sole 75
73314
4
--- 90
98 Sept,'17
-..- 95 100 Apr '17
89 M or'll
- 91 July'17
-931; 9914 N3v15
92 Sole 9112
92% 111
94 100
91 Jan '19
82% ---- 9712 VI ty'll
724 -- 70 Nov13
9858 Oct '17
9114 - 92 Jan '19
*.-- 82 1015g Nov'18
95
97
95
95
1
A 8813 89
8311
89
13
--- 101 June'17
87 93 90 Aug '17
13 90 97
32 Jan '19

83

BONDS
N. Y. STOJK EXCHANGE
Week Ending Fe 3. 7,
Miscollineous
Alm'Ex call tr g 43
1913,111
Als.iita Gold M deb Os A
1325.M
Cony dab 6.3 scries 13
1926 ,A
Am 31 of W V3, 1st 53
1920 M
Arm mr 3c Octet real est 4%9'39 J
B)3Lll FL9a3ria9 deb s f 68
1923 A
Bra len Coo M colt tr s f 68_1931 F
Bash rernalne.1 let 4s
1352,A
Camel Si
1955 J
B Altus Si gear tax ex_1930 A
CAlo C Sc Caaa Rye s t 5i_.1-)27 A
Cola (Sn 3tat'n 13t gu 4143 A 1933 J
Cello Capper 1)-yr cony 75_1923 M
Recta (part paid) cony 63 ser A A
Cell tr & cony (User A
1932 A
CO n)Itlaz-Tab-Rac a f 6s_1911 J
Gm'a-obyCasMdScPcon8sA'23M
1923 M
Stamml
Great Falls Pow lit s f 53_1910 M
lot MarCan Murina s f 6s
1911 A
M mtani Power 1st 59 4
1313 J
M3cris t C3 'St s 4343
1939 J
11145 m13(NY)4s sar 2_1938 A
13-23-year Sc series 3
1932 J
N 1333k 5)-yr lit g 1s
1951 F
Niagara Falls Power 1st 53-1932 J
Ref & gen 5s_
a 1932 A
Nia; Lock Sc 0 Pow let 53_1951 M
Nor States Power 25.yr 53 A 1911 A
0itario Poser N F 1st 53_1913 F
0itario Tranrnission 53
1915
Pao-AmPatt trlit coav Is'19-'27 J
Pete 33ry C3rp N J gee 53_1951 A
T31133338 Cop let (cony 68..1925 111
%rim Water Poser let 53_1939 J
Wilson Sc Ca 13t 25-yr 5 f 83_1911 A

565
Price
Friday
Feb. 7.

S
S
N
D
0
A
0
J
0
0
J
N
0
0
J
N
N
N
0
J
J
0
J
A
J
0
N
0
A
N
J
0
N
J
0

Bid
65
31
31

Week's
Rams or
Last Sale

I /43
g
co

Range
-State
Jan. 1.

Ask Low
High No. Low High
Sale 65
65 I
3 65 65
35
32
32
1 32
35
32
32 Jan '19 „..1 32
34

87
Sale 8612
8712
il% gi
90 Feb Pk__ l_a_
-6-1-,31 -id- 9512 Jan '19 __-- 95
96
81
80 Dec '18
80
8312 89 8312
8312
1 -83-128558
81 Jan '19 __I 81
81
80 82
--- 53 58 Mar'18 --I --83;
7 89 8313
3 -83 898312
10318 Sale 106
10712 35 106 110
83 Sale 83
8112 114 8212 85
83 8178 8312
833 12 8112 85
8334 81 I 8358
81 I
2 83 84
97 931k 9312
1 97 9812
9312
SI 101 I 8
41 ____I 98
914 Jan'
93
3119
1 9314 93%
98 -El; 9714
93
62 97 102
9234 Sale 9214
9234 20 9218 95%
83 877
83
83
83 Apr '14 _-_94 June'18
717 "fi" 735 Dec'181-95
99
97 Jan •
10013 Dec '18'---.891; 93.4 8912 Oct '171-89
8912 8918
13 89 90
93
89 Jan '19 __ 89
8918 93
91
_
- 95
84 June'17
111 116 11214 Jan .19 __ 11214 122
80 I 36 754 80
7833 Sole 78%
9212 91 Jan '19 ..-1 91
92
9034
92% Jan '19 ___ _1 9278 927g
98% -Sale 9814
9812 32 9634 98%

MsnotacturIn7 & Industrial
An A trIc C
let 59---1923 A
1921 F
C)1v dabani 53
1931
Am On Oil debenture 5s
1919 M
Am Rids Sc Il. 13t s f g1s
An int R. 13t 30-yr 53 ser A'47 A
1919 J
Am Feral let coil tr 4s
1911 A
Arm T Mice° 49-year g 6s
1351 F
Al 43
Am WrIt Paper 1st s f 53_1919 J
Bulls Lam Works let 53-1910 IN
1931 F
Cent Fa miry let 5 f 6s
Coat L3ather 20-year g 5s_1925 A
1911 F
Ca1331 'Mr./co g 49
1931
Corn Prod [leg s f g 53
1331 1111
let 25-year 8 f Si
Dlitil S33 Cot cony let 14 53_1727 A
Eldi Pont Pow ior 4149
1935 J
Goner31 Bokln; let 25-yr 119_1935 J
1913 F
Gan Electric dab g 3343
1952 M
1.3.3baature 53
1935 2
gars311-R onl 1st 5i
lot Agric C3rp 13t 20-yr 53_1312 NI
lot P.mer cony s f g 53_1935
13t & ref s t cony 53 ser A_1917
IA;vitt Sc Myers Tobac 73-1911 A
1951 F
53
19(1 A
Lorillard Co (I') 7s
1951 F
Si
M3xlcan Petrol Ltd con Gs A 1921 A
le lien Sc ref 13s series C 1921
Nat Roam & Stanm; let 59.1929
Not Starch 20-year deb 55_1930 J
1912 NI
National Tuba lit Si
N Y Air Brake let cony 65_1923 11
Pierce Oil 5-year cony 63-41130 J
10-year cony dab 5/4
h1924 J
Sinclair Oil Sc Refininglet $ f 7s 1920 warrants attach F
do with -it warrants attach F
Stanlord Milling 1st 59____1930 rot
The Texas Co cony dab 63_1931 J
Union Flog Sc Paper lot 53_1930 J
19305
Stamlel
Un131 011 Co of Cub let 59_19311
US Realty Sc I cony deb g 5s 1934 J
U S Ribber 5-year sec 73_1923 J
1917 J
let -Sc ref Si series A
cony 13_1921 F
US 57131t Ref Sc
Va-Ctro Clem let I5-yr 55_1921 J
e1921 A
C3nv deb 6s
1922 J
West Electric 1st 53 I:v.^

A 75 83 l 75
75 I- 1,1 72% 75
J 8912 90
9014 Jan '19 ---' 884 91
N 9918
__ 101 Jan '19 -- 101 101
A 80 82
80 Dec'18 _-- 1--.- - - -..
O 98
9634 91318
9638 10 , 96
9'7
A 74
8012 7.332 Dec '11 ___. 1 _---N 9912 ___ 101 Jan '19 _--- 101 101
N 9912 Sole 9012
9913
3 .9912 100
O 90 s 91
93
93 1
7, 8912 91
D ___- 100 101 May'17 _....I1
_ -_
D 81
90
83 Dec '18......1
A 7014 73
7312 12 -ii- ilk
734
S 98
99
974
99 1 15 9734 100%
J 9778 _ - 95 Nov'1.81---- - -,...
N 80 -Sale 7912
80%1 37 761;-8058
J 9(34_,,__ 94 Oct •18 ---I
____ ---__-_
92
9012 Nov 18 --_- ---4 113 11214
-(71 112311314, 32 11214 11378
937
A 9214 93 923
9331: 14 92
O 11234 11312 11234
11234
2 11214 113
A 9158 Sole 91
9212 23, 9014 94
O 160 175 165 Nov•Is --_- I_ _ __ - - - O 160 175 185 Jan '19
; 182 185
____
D 90
_
96
95% Nov'18'__1
J 9312 ____ 91 Aug '181----1
--N 93 9912 9312
9912
1 93 9913
N 99% Sole 991
99181
2 9978 1004
D 10012 Sole 10)12 10312
2 10014 103%
J 91
Sale 9012
9141 38 882 93
1
I
A 99 Sale 9858
9') I 15 98% 100
A 9534 Sole 95
9858
9514 27 95
N 91
95
93 93
93 Jan '19J 10134 Sole 10134
102 I- ici 1004 103
J 88
93 1 87 Jan '19 ---1 85 87
J 87 90 I 87 Dec '18 ---1 --- --J 93 934 937 Jan '19 _-_-' 937
; 937;
J 65 Sole 63
15 60 65
63
13 1037 Sale 10334 101
34 102% 10458
J 87 Sale 85148778
87
150 86
7: 9358 100
A 9734 9912 994
9912
D 9512 Sole 9112
9512 10 9514 96
O 10058 102 101
102
17 101 1024
J 974 Sale 9714
93
10 97 981*

Coal. Iron & Steel
1921 J
Beth Steal let ext s f Se
1912 111
1st & ref 53 guAr A
1931 J
20-yr o m& Impel 59
Buff & Sue's Iron 3 f
2
3,1
Dabmture 5's,
C3 lit g(i 65_1922 J
Cahob C
C313 F Sc IC)gen 3 t 53____191'3 F
Cl ml is 1st Sc coll 53 gu_1931 F
C313 C3I1 of Ml Ist&ret 55_19.59 J
Elk awn Coal cony Be
1135 J
Or Rio Coal Sc C 1st g 8s_h1119 A
1910 A
Steel dab 4349
TIMM% Steel 1st 5s
1952 A
193.3 J
Jeff Sc Clear C Sc I 24 53
Lackawyma Steal let g 59_1933 A
1950 4
let con, Sc sarles A
Midvale Steal Sc 0 cony s f 531933 of
Clal lit t 59 192S J
Plealant
P1111 Col Collier lets f 53_1157 J
Rep ib I Sc 9 10-30 Ss s f_1919 A
St 1. Rock MI Sc P 53 stmod_1955 J
T311 C111 I Sc RR gem 5.9_1951 J
II 9 Stlel Corp-)coup.„d1913 31
f 10-50-year 591reg ____d1933 M
1911 M
Utah F ml lets t 5s
Victor F191 lit s f Ss _____._1933 J
Va Iron Coal Sc Coke let g 53 19191 311

J 9512 95341 951* Jan '19 --,1 8
95
713 961
881
:
88
N 83 • 89
83
3
J 80
8012 38 80 83
877 8014
D 85
96 i 90 May'ls ---1 --- -- -8 ___ __-I 834 July'18 -D
101 Dec '14 -A 88
89 I 83 Jan' 19 --, -8
.
8- iiA 75
7514 7512
7513
1 75 7712
D 8718 92 1 87
2 87 87
87 1
1) 98 Sole 93
„._ -9
,..,.
Feb98131-O „ ,
84
11 ..9_5
O 851
;-Sole 8112
8512
6 8214 83%
N 98 Sale 97*
98 I 10 9512,98
D
O scvs is -1 9.678 .Tan
ii ___,, iii1, if
8 8558 Sole 861*
8612
7 86
8713
S 864 Sale 86%
8712 18 8612 88%
J 76%
J 8758 90 190 Deo'
IS --:1 - - -- ---O 9112 Sole 94%
9518
4 902 9518
.1 3108
861113
:
14 S
8'
,
31.1100
80,2 Dec
10
'
1118
2 -.
153
-, _-_ ---J 89
9018 9514 Dec 18 -,....„
N
9933 1011$
N 10914 Sale 99'8
loa141 8 9912 100%
N
80 Deo' 161--- ---- - - -J ____ 70
S 87
8918 8758 Jan '191-- 8758 8752

I
Te197raph & Telephone
Am Tale a Sc Tel coll tr 4s__ A929 J
1936 61
Convertible 4s
20-yr convertible 4349._ 1933 PA
39-yr 1vn3 coil tr Si
1943J
1925 F
7-yetr convertible lis
Cant Diet Tel 1st 30-yr 53-1913 J
Colvalrcial Cable let g 4s 2397 Q
R9gisterel
2397 Q
Criah T Sc T let Sc gen 59_1937 J
Keystone Tele3h3ne let 53 1935
Mich State Teleph let 53_1924 F
N V Sc NJ Telephone Si g_1920
N Y Ta193 let k gen s f 4%5_1939 M
Pacific Tel & Tel 1st 5s
1937 J
S1 ith Bell Tel Sc T 1st s t 55.1911 J
1V2st Union coil tr cur 53-1933 J
F ml t reel wit g 4349-1959 M
M it tin Tel gu ext 51
1911
Northwest Tel gu 430 g 1934 J

J • 844 Sale 8414
85121 12 .8358 8512
S 7812 85
1 77
7813
7812
7811
S 854 89
3 8512 89
8512
86 I
D 924 5.ole 9312
94
911s 28 92
A 1023 Sale 10214
1025 313 10014 103
D 98
9313
1 9812 9811
, 9312
J -__ - -----73
____
Nov'll ----,
J
- --- ---684 Jan •18 ---1 ---J 934 Sale 9314
9314
1 93 9312
5 - -- 96%1 93 Apr '16 --A
90 Jan '19 ___.
in 92
N 9712 ___. 931k Jan '19 ____ 1 -4698% -4698%
90/
N 9014 9158 893*
1
4
90181 12 88
J 9334 Sole 9334
9314
1 93 9558
J 92
Sole 92
92%1
8 92 93
J 93
9312 93
93'*1 10 93 93
N 8812 90 1 871*
8712
1 8614 92
N _
99 10112 Sept•171....-1 --- ---.1 iffi -_ - 94 Nly'ini ...
_ _ _-_-

9958
O 9914 100
983
9938 19 98
A 101
Sale 10013 101
7 100 10214
SS
N 8314 89
8812
2 88 8812
S 1034 Sale 10314
10014
7 995810013
9314 91
O 93% 91
9 9014 93
OV.18
9,.
::.
1 11-i- 1
-i9
an
-19
93i JN
0
S iii- -__-_-: 19

83

10) idi
7614
75
- ------- - - --91
91

9258
91
-- - --- -92
92
93 93
88% 8912
- --____
93
92

mice Friday: latest bid and asked, a Due Jan.8 Due April. e Due May. g Due June. h Due July. k Due Aug.0 Due Oct. p Due Nov.q Due Dec.*Option sale.




4

566

BOSTON STOCK EXCHANGE-Stock Record s...q.

[VOL. 108.

Range Since Jan. 1.

Range for Previous
Year 1918

SHARE PRICES-NOT PER CENTUM PRICES.
Monday
Saturday
Feb. 1. ; Feb. 3.

Tuesday 'Wednesday ; Thursday
Feb. 5. I Feb. 6.
Feb. 4.

Friday
Feb. 7.

Salesjor
the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Lowest

Railroads
100 131
99 Boston & Albany
13514 136
136 136
136 136
136 136
135 135 .:*13512_
100 67
228 Boston Elevated
69 I 6812 181-2 6812 6812 *6812 6912 6812 6812 6812 6812
69
100 90
Boston & Lowell
Jan'19
Last Sale 90
*85
90
*--- 91 4._- 91 +___ 91
28
100
Maine
&
Bokton
250
29
4
285
2834
29
2858
2814
2812
2814
2812 2812 *2818 29
100 167
12 Boston & Providence
*167 .. _ *167 ____ 167 167
*167 __
*167 _- *167
Boston Suburban Elec_no par
Last Sale 12
Dec'18
*1 3 *1 3
*1
1
*1
7
no par
*7 112 Do prat
11
*7
11
*7
7
7
11
*7
Boston & Wore Elec.,.no par
iti
Last Sale
no par 30
50 Do prof
: -16- * _ 3014 30 3014
:
: -i6- *::
-ii- *:::
Chic June Ry & 1J S Y____100 135
Last Sale 135 Jan'19
*-_-_-_-_ fiE" *__:: 135 •_ __ _ 135 *____ 135
100 85
7 Do pref
87-*83
85
85
86
*85
87
8612 8612 *85
_100 112
River
Jan'19Connecticut
113
Sale
Last
114
*112 114 *112 114 *112 114 *112
100 5614
57 5733Fitchburg pref
58
*57
57
5614 5614 57
57
57
Georgia Ry & Elea stampd.100
Last Sale 169--OCtlii
100
Do pref
Oct'18
io- -ii- Witi- -ii- ;io- -ii- ;iii- '-ii- Last Sale 7014 Jan'19
100 80
Maine Central
Last Sale 81
.80 ____ *80 ____
4
4'80
238
100
440 Mass Electric Cos
212 235 *212 234 *258 234
212 212
4
235 -/3288 -..231
130100 12
14
1335 1375 1312 1334 1314 1335 1312 1412 1,304 Do prat stamped
14
1312 14
100 28
250 N Y N H & Hartford
2878 287s 2814 2838
2814 29
2814 2812 2814 29
2834 29
Northern New Hampshire_100
Last Sale 92 Nov'18
____
*91
*90
_
__
*91
_
100 9712
- 34 Old Colony
9912 100
*99 100
99
99
98
9712 9-812
*90- 98 -68- 98
100 19
Rutland pref
Jan'19
Last Sale 20
20
*19
20
20
4'19
4'19
20
*19
___ ____
4 Vermont de Massachusetts-100 95
97
*95
97
+95
95
95
97
*95
97
*95
50 43
4512 --------22 West End Street
4512 45
45 '445
*45
45
46
46
+45
____ ___ _
50 52
53 Do pref
52
52
54
54
54
*52
54
54
53
53
Miscellaneous
550 Amer Agricul Chemical-100 100
10034 10034
1001s 10058 10014 10034 10034 101
10014 10114 10012 101
100 9712
521 Do prof
9818 99
99
9912 99
9832 99
99
*9812 99
9914 99
25 55c
118
330 Amer Pneumatic Service
118
118
118
118
118
1
114 *1
114
114 *1
50
5
805 Do pref
512
512 *5
512 *5
535 6
*512 6
5
512 534
100 111
427 Amer Sugar Refining
11334 114
112 112 *112 113
11414 11578 11412 11534 11412 1143
100 113
87 Do pref
11712 11712 -------115 11534 *116 11634 *11712 119
*115 116
100 99
4 2,181 Amer Telep & Teleg
9953 100
9912 100
9978 10014 100 10012 10018 10118 1•414 1001American Woolen of Mass_100 46
Last Sale 4612 Jan'19
*4514 4612 *4538 4612 *4552 46
*4514 4578
100 94
325 Do pref
9414 9434
9412 9438 95
9438 94
94
9418 9418 9414 94
76 Amoskeag Manufacturing_ - 80
83
82
83
82
82
*80
82
82
4'80
*81
82
*81
7812
111 Do prat
81
80
___
_ __ _ *81
*81
81
81
81
*80
81
*80
Jan'19
Art Metal Construe Inc-- 10 1712
Last Sale 18
20
_ __ *19
*19
20 .19+19
s96
20 Atl Gulf & W I SS Lines _100 97
97
*96
98
*96
98
99
*97
97 -if- *9612 98
100 63114
22 Do pref
65
65
*6212 66
•65
6314 6314 *6212 66
65
65
no par 1814
645 Booth Fisheries
1834 1834 1814 1878
20
1834 -187
+19
- ; 19
1918 *1914 20
10 1358
IncAmer
of
Steel
1438
14
Century
991
1438
1414
1438
1418 1418 1418 1438 14
14
1418
625 Cuban Portland Cement- 10 12
1234 1234 1234 1212 1258
1214 *12
1234 1234 1214 1212 12
10
412
East Boston Land
Last Sale 512 Jan'19
*5'2 6
*512 6
+512 6
+512 6
100 165
18 Edison Electric Illum
169 169
169 169
169 169 *166 169
1661s 16612 *166 170
25 5212
5334 5334 5312 5434 5414 5534 1,745 Fairbanks Co
*5312 54
5312 5312 *5312 54
100 14678
81 General Electric
14834 14834 14678 147
147 150 +147 149 *148 150 *148 149
50 2912
491 Gorton-Pew Fisheries
30
30
2978 30
30
30
3018 3012 2958 3014 2978 30
434
150 Internat Port Cement __ _ _ 10
534
534 *5
534 *5
514 *514 534 *5
5
50 18
prat
JanDo
19
Sale
Last
22
22
*18
22
*19
019
•1914 22
6
718 7.4 2,715 Island Oil& Trans Corp- 10
738 712
712 778
74 7%
712 758
712 758
Jan'19
McElwain (W H) 1st pref-100 90
Last Sale 92
4'92
*92 ____ 492 ____
- '92___
180 Massachusetts Gas Cos_ -100 8112
8314 8314
83
83
8212 83
8314 8314 8212 8212
- 8218 83
100 69
78 Do pref
70
70
70
70
70
70
70
70
70
70
70
70
Mergenthaler Linotype- _ _100 131
Last Sale 131 Jan'19
•130 13172 •130 132 +130 132 *130 132
Jan'19
New Eng Cotton Yarn__ _ -100 92
Last Sale 92
____ +92 ____ +92 ____ *92 ____
498
'
100
Last Sale 9212 Aug'17
Do pref
_
....
__
-- --, _-__
92
36 New England Telephone_100 90
92 I 91
u2-- *90 -92 - -91- -91- *01- -92 - 92
92
20 Nova Scotia Steel & C___ -100 48
---441
48
48
49
50
*45
•45
50
*45
50
100 117
_
11 Pullman Company
__
*118
117 118 *117
__
__ *117
_ *118
50 48
• 50 Punta Alegre Sugar
50 -50 - -__ -_ -.
50
48 181-2 *48 -50 - +48 -50 - +49
10 14
-__
11 Reece Button-Hole
15
*14
+14
15
*14
15
*1412 15
1412 15
3218
367s -3512 -3-7-3-8 7,677 Stewart Mfg Corpn
3638 3634 3435 3614 36
3612 3614 3634 36
100 115
12114 12112 1,466 Swift & Co
121 122
11838 11834 11712 119
11912 12138 12014 122
25 5212
___
5512 5512 --------9 Torrington
55
55
56
*55
100 15812
161 16112 1,092 United Fruit
161 162
160 161
16134 162
--- 162 163
161 162
+5525 44
4434 45
4412 4478 4412 4534 4434 4434 1,057 United Shoe Mach Corp
4412 45
4412 45
25 2614
113 Do prat
2734 2734 2712 28
28
28
*2734 28
28
28
2734 28
8938 9012 8914 9014 9018 9078 8978 9058 8918 9034 8812 8938 3,900 U s Steel Corporation._...100 8812
100 113
Do prat
*113 11334 11334 11334 11434 11434 *114 11434 *114 11412 ____
734
Ventura Consol 011 Fields_ 5
1058
852 8711
853 834 11,932
9
814 838
878 918
878 938
Mining
25 .56
200 Adventure Con
.56 .75 *.50 .75
*MI .85 +.75 .85 '4.75 .851 '4.75 .851
25 6812
153 Ahmeek
6812 6834
70 1 6812 71
4439141 70
*6912 70
70 I 70
70
10
358
Alaska Gold
Last Sale 334 Jan'19
*338 334 4'312 334 *312 4 ' *314 334
25 20c
100 Algomab Mining
.30 .30
+.20 .25 +.20 .25 '4.20 .25 .4'20 .25 '4.20 .25
25 42
4212
105 Alloues
4212 42
42
*4212 44
+4218 43
4234 4234 *4214 44
225 Amer Zinc, Lead & Smelt_ 25 11
11
11
11
11
11
11
*1114 1218 11
11
11
11
25 40
Do pref
Last Sale 40 Jan'19
43
*39
43
*39
43
4112 •39
*40
5 11
595 Arizona Commercial
1172 12
12
12
1112 1134 1112 1178 1112 1112 1112 1112
10 20c
400 Butte-Balaklava Copper
•.21 .25
4.21 .30 '4.21 .30 '4.21 .30
.21 .21 '
.30 .30
Butte & Sup Cop (Led)... 10 1712
Last Sale 1712 Jan'19
1812
+17
1812 +1712 19
*19 • 1812 +17
10 5714
5714 5712
748 Calumet & Arizona
50
60
5912 5912 5714 60
5934. 6012 59
60
25 425
425 42531 Calumet & liecla
425 425
+425 430
425 426
426 426
426 430
25 1234
25 centennial_ .
*1312 14
*1218 1312 *1212 1312 *13
1334 1334 *1312 14
14
25 4018
42
4018 4118 1,702 Copper Range Co
*42
4238 42 • 4218 41
4214 42
4214 42
20
258
234 234
234 234
375 Daly-West
*258 3
244 278
*258 3
234 3
5
10
Copper
1,665
613 514 *5
Davis-Daly
5
5
518
55'4
518
518
518
518
834
834 834 1,175 East Butte Copper Min.__ 10
9
9
9
9
914
*9
9
834 9
9
25
3
231 Franklin
338 *212 3
3
312
312 *3
*31.2 334
34 358 •3
100
Granby Consolidated
Last Sale 80 Dec'18
76
*72
75
76
*73
75
4'72
*72
100 4312
Greene Cananea
Last Sale 4311 Jan'19
*4314 44
*4212 4312
*43
4414 +4234 44
458
547 IIancock Consolidated_._ - 25
458 434 *458 5
5
5
434 434 *434 514 *434 5
25 70o
Indiana Mining
Last Sale .70 Jan'19
*.54 .75 '4.55 .75 '4.55 .75 '
4.55 .75
1 4212
190 Island Creek Coal
4212 4212
44
43
43
43
45
4'44
*43
4512 '44414 45
1 80
153 Do pref
*7914 81
80
80
80
80
80
80
80
80
81
*60
25 24
2412 2434
470 Isle Royale Copper
25
25
*2434 25
4'2434 25
241.2 2518 25
25
5 4
215 Kerr Lake
*514 534
512 552
55s 534
558 558 *558 534 *555 534
25
Keweenaw Copper
Last Sale .95 Dec'18
14'.
4.95 1.i, .4'95 1'.,
'.95 i4', '
*An
3
25
120 Lake Copper Co
318 312 *3
314 314 *3
312
3
312 *3
3
314
25
212
160 La Salle Copper
212 212
234 234 *212 3
*234 3
$212 3
*234 3
3
5
Mine
Valley
Jan'19
Mason
3
Sale
Last
*215 314 *24 314 *212 234 *212 3
25
4
4
412
60 Massachusetts Consol
412 *4
412 *4
412 4.4
412 +4
*4
4i'.
2
315 1,719 Mayflower-Old Colony_ -- 25
3
3
3
278 314
315
278 278 +278 3
3
25
234
635 Michigan
234 234
*212 3
3
3
3
3
n 314 3 3
25 4912
442 Mohawk
5112 4912 5012
50
5012 51
5113 5112 51
51
1155 52
5
Last Sale 1634 Dec'18
Nevada Consolidated
*164 17
*1634 1712 *1612 17
*1612 17
112
25
195 New Arcadian Copper
112 112
112
112
112 112
112 *138
*138
112 +112 2
834
5
365 New Idea Quicksilver
• *534 10
834 878 *812 912 *812 914 *812 914
834 831
100 10
Jan'19
New River Company
834 10
L,ats; Sale
8
12
*10
10 •_ 10
--_- ____
100 60
105 Do pref
60 •_ _ .„. 60 •_-__ 60
60
60
60
-__
5
814
515 NIpissing Mines
is8 -158
--8.
812 -15
*Vs 812
; 812 9
834 834
15
1,183
Butte
North
10
4
3
9
1012
4
93
1014
10
1018
1018 1014 10
1018 10
c4
93
25 40
101 North Lake
.55 :55 *.30 .50
*.54 .75 '
4.55 .75
.40 .40 *.55 .75
25
118
Oilbway Mining
Last Sale 114 Jan'19
158
158 *114
*114
158 *114
158 *114
25 3311
aminion Co
CILDlo
3O
26
8
3412
34
35 '
*34
34
34
34
*331e 35
34
3412 34
25 48
50
*48
50
448
49'
48
48
48
44712 50
*4714 50 '
10 1214
335 Pond Creek Coal
1214 1212
*1234 13
127s 1278 1258 1278 1212 1212 *1212 13
25 57
67 Quincy
58
•57
58
*56
58
*57
5712 5712 5712 4'57
57
59
20
20
63 Ray Consolidated Copper_ 10 20
2034 .1914 20
4'20
2034 *20
2034 *20
2034 *20
42
42
6 St Mary's Mineral Land_ 25 41
43
43 ' *42
43 .42
.42
45 .42
43
45
Last Sale .32 Dec'18
Santa Fe Gold & Copper_ 10
258
10
-;ii, "I- "iii,
258 258 1,290 Shannon
234 234
--278 --iii --234 -125 40e
5 South Lake
118 *114 112
112
112 *114
its
4118
112 '
112 *114
*114
8e
Last Sale .12 Jan'195
South Utah M & S
+.13 ____ +.13 ____ *.13 ____ 4..13 ___
25
434
100 Superior
6
5
*434 5
*412 5
*412 5
*412 5
*412 5
214, 218 1,430 Superior & Boston Copper- 10 1%
24 218
,
'
24 24', 4.218 214
4 24
21
218 24',
2
25
625 Trinity
212 212 4'212 234
212 258
212 258
2
234 234
2
1 78c
300 Tuolumne Copper
85 '4.80 .85
.85
4'.82 -_. *.82 -'.82 ___ '4.82
170 U S Smelt Refin & Min.__ 50 43
4434 4312 4414
4534 44
45
46
*4534 4614 *4512 id- 4'45
50 4414
256 Do pref
4514 4534 4534 4534 4514 4534
4512 46
45
4534 4512 46
214
5
320 Utah-Apex Mining
235 212 *214 212 *214 234
214 214
212 212
212 212
712
5
40 Utah Consolidated
8
4712 8
'
34 734 *712 8
87
*712 8 1 *712 8
1
114
112 112 1,960 Utah Metal & Tunnel
112 135 *112 Da
112
135
112 112
112
135
25
134
134
134
460 Victoria
178 2
134 134
218 *178 214 *178 214'
*2
25 50o
520 Winona
4.85 .90, '4.80 .90 '4.80 .90 '4.80 .95
.80 .80 . .80 .80 '
25 18
35 Wolverine
1834 18
1512
•18
1812 *18
1812 1834 1834 .1812 1834 *18
25
La vt Sale 12
Dec'18
Wyandotte
'.25 .50 *.25 .50 *.25 .50 ..25 .50

412---No-v'-

--

Highest

Jan 8 136
Jan22 73
Jan28 95
Jan30 3111
Jan 9 168
Feb 3

11

Jan 2
Jan14
Jan 3
Jan17
Jan 6
Jan14

Highest

12212 Apr 146 Nov
37 Jan 80 Nov
80 July 104 Nov
19 Jan 40 Sept
150 Apr 170 Aug
3 June
.60 Dec
1014 Mar 15 June
25 July
138 July
8212 Apr
104 Feb
53 Jan
106 Sept
70 Oct
77i June
134 Sept
812 Jan
27 Feb
84 Oct
58812 June
20 Jan
80 Aug
37 Feb
47 Jan

3014 Nov
147 Apr
8512 Dec
125 Nov
66 Jan
11614 Jan
81 Feb
88 Nov
7l3 May
33 May
46 May
95 Nov
11212 Dec
25 Jan
90 Oct
50 July
62 Apr

Feb 7 3014
Jan 4 135
Jan22 8712
Jan15 113
Jan 8 58

Feb 7
Jan 4
Jan 9
Jan23
Jan 2

Jan23
Jan 2
Jan 2
Jan21

83
312
1714
33

Jan 6
Jan14
Jan14
Jan 4

Feb 1 105
Jan24 20
Jan 6 100
Jan22 4712
Jan21 55

Jan 3
Jan18
Jan18
Jan 8
Jan 6

Jan29
Jan 3
Jan 2
Jan 7
Jan 2
Jan 2
Jan29
Jan20
Jan21
Jan22
Jan 9
Jan21
Feb 3
Feb 4
Feb 7
Jan10
Jan 7
Jan 4
Jan28
Jan21
Feb 7
Jan 2
Jan 2
Jan 4
Jan 2
Jan17
Jan20
Jan14
Jan28
Jan 7

10314
9912
114
6
11578
11712
10134
5112
97
83
82
2014
10512
6672
2212
15
14
632
172
6114
152
324
512
1938
8%
92
86
71
13312
92

Oct
Jan 9
7812 Jan 106
Feb 5
8858 Jan 100 Dec
212 Mar
Feb 3
.40 July
4 Sept 1558 Mar
Jan 8
99 Jan 11512 May
Feb 5
Feb 6 107 June 115 Dec
Jan16
9034 Aug 10918 Oct
Jan 2
4512 Jan . 6058 May
Jan 9
90 Jan 6712 Dec
6012 Jan 92 Nov
Janll
Jan 6
76 Jan 82 June
11 Feb 219 Dec
Jan24
98 Jan 12014 Feb
Jan 9
5812 Jan 6714 Nov
Jan25
Jan 2813 Sept
21
Jan 2
Jan 3
1014 May 1478 Dec
Jan 2
1112 Nov 1713 May
534 May
4 Jan
Jan14
Jan 2 134 June 186 Nov
Jan 2
2712 June 6414 Nov
Jan 3 128 Jan 15734 Nov
27 Aug 35 Aug
Jan10
712 Oct
412 Oct
Jan 2
Jan 2
12 Apr 23 Nov
658 Dec
312 Aug
Jan23
Janll %.88 Sept 93 Nov
Jan 9 27714 Jan 9114 Nov
62 June 71 Nov
Jan13
Jan 2 107 Juge 147 Nov
Jan 7
88 Jan 95 Oct

Jan22
Feb 6
Feb 5
Feb 1
Jan 3
Jan23
Jan30
Jan13
Jan24
Jan13
Jan 2
Feb 7
Jan 2
Jan21

94
52
12212
54
15
373s
12614
5512
167
4534
31
96513
11512
938

Jan 3
Jan25
Jan15
Jan10
Jan14
Feb 7
Jan 3
Feb 6
Jan15
Jan 2
Jan25
Jan 3
Jan25
Feb 4

Feb 6 .75 Feb 6
Feb 6 6812 Feb 6
4 Jan 3
Jan 3
Jan15 30e Feb 7
Jan18 44 Jan21
Feb 3 13 Jan 3
Jan21 44 Jan14
Jan21 1234 Jan 6
Jan30 30c Jan17
Jan23 1712 Jan23
Feb 6 63 Jan 4
Jan29 445 Jan 3
Jan21 1334 Feb 5
Feb 7 4212 Jan25
Jan 2
3 Feb 3
Jan 2
538 Jan31
912 Jan 3
Feb
378 Jan 6
Feb 6
Jan27
Feb 6
Jan23
Feb 7
Jan29
Jan 2
Jan17
Jan25
Jan21
Jan 9
Feb 7
Jan13
Jan 4
Feb 7
Jan18
Jan23
Jan28
Jan24
Jan15
Jaenb 7
F
Jan20
Jan31
Jan23
Feb 7
Jan24
Feb 7
Jan20

4534 Jan 2
2
an23
Ja
12 j
50
70
48
8234
2518
534

Jan 4
Jan21
Jan13
Jan24

::3.21 j
2
3
Jaini 9
434 Jan 2
Feb
1 Jan23
41;
3
3
5434 Jan 3
134
912
1012
6312
1034
1112
55c
158
3514
52
1312
61
21
43

Jan14
Jan18
Jan28
Jan20
Jan13
Jan 4
Feb 6
Jan13
Jan14
Jan14
Jan'2
Jan 3
Jan 6
Feb 4

Feb 7
9
4
7
19
Jan13
n2
Jan14
j
311'31
%
Janll .12
6 Jan 4
Jan21
3 Jan 4
Jan22
3 Jan13
Feb 3
Jan 3 850 Jan17
Jan21 4618 Jan31
Jan24 4714 Jan 2
315 Jan 3
Feb 4
Jan18
838 Jan 2
158 Jan 2
Jan28
214 Jan 2
Jan14
114 Jan 4
Jan 9
Jan20 19 Jan14

• Bid and asked prices. a Ex-dividend and rights. e Assessment paid. b Ex-stook dividend. h Ex-rights. 2 Ex-divldend. se Half-paid.




Lowest

8212 July
53 Dec
102 Jan
29 Jan
Jan
11
27 Oct
102 Aug
45 Jan
11512 Jan
3812 July
2434 Aug
87 Mar
108 Mar
5 Jan

10012 Oct
69 Jan
130 Nov
51 Dec
1373 Mar
4112 Nov
141314 Aug
56 Dec
166 Dec
4812 May
2612 May
11612 Aug
11338 Dec
9 Nov

134 Jan
12 June
69 Dec 86 Nov
138 Apr
538 Nov
.45 May
.15 July
4012 Dec 64 Feb
10 Dec 2114 July
4012 Dec 54 July
1614 Aug
Jan
11
.48 Nov
.20 Oct
1634 Dec 33 May
61 Dee 732 May
425 Dec 470 Dec
1034 June 1412 Feb
40 Dec 6112 Nov
3 Sept
112 Apr
673 Mar
434 Dec
812 Mar 12 Nov
6 Feb
3 June
7312 June 8434 Oct
39 Jan 5734 Nov
434 Dec 1018 Jan
Jan
1
.40 July
4478 Dec 70 May
7912 Oct 84 Feb
1912 Jan 29 July
612 Oct
5 Jan
134 May
.80 Sept
834 May
334 Dec
314 Mar
2 Jan
6 Feb
234 Dec
7 Jan
334 Sept
112 Nov
.65 Mar
414 Oct
.40 June
5012 Dec 6612 May
1612 Dec 2012 May
212 July
114 Aug
934 'Dec 1714 Mar
12 Aug 20 Jan
6312 Dec 80 Jan
978 Apr
Jan
4
A4
1012 Dec l755 May
.95 Mar
.25 Feb
12 June
158 Dee
32 Dec 4512 Jan
4612 June 55 Jan
1234 Dec 2014 Feb
59 Dec 78 May
1912 Dec 2534 May
38 Dec 67 Jan
114 Feb
.25 Dec
534 Jan
234 Dec
12 Sept
2 Jan
.20 Jan
.10 Dec
4 Feb
878 Nov
114 Aug
434 Sept
212 Sept
412 Feb
.73 Dec I% Aug
36 Apr 5012 Oct
42 July 4712 Nov
114 May
418 Nov
7 Dec 12 Jan
1 Dec 34', Apr
3 Jan
158 Dec
2 Jan
12 Nov
18 Dec 36 Jan
1 Mar
.4O May 1 %

THE CHRONICLE

FEB. 8 1919.]

Outside Stock Exchanges
Chicago Stock Exchange.-Tho complete record of
transactions at the Chicago Stock Exchange from Feb. 1
to Feb. 7, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-

Friday
,sates
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.

American Straw Bd
46% 463%
101% 101%
100
Amer Shipbuilding_
Armour & Co preferred.. 101% 101% 101%
Booth Fisheries, corn
18
193%
(no par) 18%
new
100
Preferred
79
79
Chic City&C Ry pt sh corn
%
%
Preferred
8% 9
87/s
Chic Pneumatic Tool_ _100
603% 63
"2"
elf
Chic Rys part
7
7%
Chic Rys part ett"4"
15
%
Chicago Title & Trust.100
178 178
Conimonwealth-Edison 100
112 1133%
101
Cudahy Pack Co com_ 100
102
1-32
Cudahy rights
%
100
96% 963%
Deere & Co pref
100
Diamond Match
109
1093%
Hart,Schaff&Dilarx,com100
72
74
100
Preferred
1083% 1083%
100
Illinois Brick
563% 58
Libby(W I)
19% 21%
203%
10
Lindsay Light
13
133%
National Carbon pref. _100
121
121
Peoples G L & Coke_ _100
47
49
Pub Serv of N Ill com_100 883%
883% 91
Preferred
100
90
90
Quaker Oats Co
100
300 300
Preferred
100
101
101
Sears-Roebuck com__ _100 175
170% 176%
Preferred
100
120 120
Stewart-Warner Sp com100 843%
84
843%
Swift & Co
100 121% 1173% 122
Swift International
43
413% 44
Union Carbide & Car3
bon Co
(no par) 563%
56% 57%
United Paper Ild com_ _100
20
213%
Wilson & Co prof
100
95
96
BondsArmour & Co deb 68_ _1923
Booth Fisheris s f (I Os 1926
Chicago City Ry 5s1927
Chic City&Con Rys 5s '27
1927
Chicago Rys Os
Chic Rys 48 series "B"_
Chicago Telephone 5s 1023
Commonw-Edison 58_1943
Commonw Elec 5s_1943
Metr W Side El 1st 4s 1938
Pub Sem,Co 1st ref g 5s'56
Swift & Co 1st g 5s_ _ _1944
r.,.. lot Act

101%
893%
82
463%
79
47%
963%
94%
92%
553%
873%
96%
OR S4

1Q41

101%
897/,
82
463%
79
48
963%
94%
923%
55%
873%
063%
98 1-5

Range since Jan. 1.
Low.

High.

20 46% Feb 4614
10 101% Feb 106
1,080 101% Jan 101%
835
10
200
130
655
35
12
10
254
272
2,686
110
103
125
10
100
3,298
1,110
35
125
450
70
50
01
1,656
10
835
5,531
8,969

18
79
%
8%
603%
7
14
178
112
101.
1. 32
953%
109
72
1083%
563%
193%
13
121
46
8814
90
300
101
170
119
84
115%
413%

Feb
Jan
Jan

Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

0
63
814
%
185
115
104
%
963%
110
77%
10814
60
22%
14
121
49
92
90
300
102%
179
120
88
124
443%

Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
C.Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
IJan
Jan
Jan
Jan
Jan

Jan
Jan
Feb

573%
213%
08

Jan
Jan
Jan

$2,000 100% Jan 101%
2,000 893% Feb 903%
1,000 81
Jan 82
8
5,000 463% Feb
49%
1,000 79
Feb 81
18,000 47% Feb 60
5,000 96% Jan 063%
34,000 943% Jan 94%
4,000 923% Feb 923%
5,000 55% Feb
5614
8,000 87% Jan 873%
19,000 963% Jan
983%
3.000 08b5 Vrth (181-4

Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Foil

7,186
1,145
40

56

173%

95

193%
80
,
A,

Philadelphia Stock Exchange.-The complete record
of(transactions at the Philadelphia Stock Exchange from
Feb. 1 to Feb. 7, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cont. For bonds the quotations
are per cent of pac value.
Stocks-

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

10
Alliance Insurance
100
American Gas
American Rye, pref. _100
Buff&Susq Corp, pf vtc100
50
Cambria Iron
Elea Storage Battery._100
100
General Asphalt
100
Preferred
Hunt & Broad Top, pref.
Prof trust certifs
Insurance Co of N A_ _10
Lake Superior Corp_..%00
50
Lehigh Navigation
50
Lehigh Valley
Midvale Steel & Ord_ _50
r()
Minehill & S It
50
Northern Central
50
Pennsylv Salt Mfg
Pennsylvania
50
50
Phila Co (Pitts)
Prof (cumulative 6%).50
Phila Electric of Pa__ _25
Phila R T vot trust rects.50
Philadelphia Traction.._50
50
Reading
Tono-Belmont Devel_ _ _ _1
1
Tonopah Mining
50
Union Traction
100
United Cos of N J
50
United Gas Impt
U S Steel Corporation_100
100
Preferred
Warwick Iron & Steel_ _10
West Jersey & Sea Shore.50
50
Westmoreland Coal_
Win Cramp & Sons_ .. _ _100

50
55
65
98%
28
19%
70
55

84%
44%
25%
24%
6911
77
3%
31,{8
37%
72

BondsUS Lib Loan 3;0_1032-47
1st Lib Loan 48_1932-47
2d Lib Loan 4s_ _1927-42
1st Lib L'n 41/0_1932-47
2d Lib L'n 43%8_1927-42
3d Lib Loan 4 %El...1928
4th Lib Loan 43%s..1938
Amer Gas & Elea 5s_ _2007
(10
2007
small
Consol Trac NJ it 5s 1932
Eine & Poop tr ctfs 48_1045
Eqult Ill Gas Lt Os_..1928
Harwood Electric Os._1942
Keystone Telep 1st 58.1935
Lehigh Valley (is
1928 102
Penn RR general Os_ _1908
Pa & M(I Steel cons 65.1925
Phila. Co 1st Os stmpd _1949
Phila Electric 1st 58_1906
do
small
1966
First sink fund 48_1960
United Rys Invest 5s_1926
Welsbach Co 5s
1930
x Ex-dividend.




Range since Jan. 1.
Low.

High.

19% 1914
24
19
60
63
53 60
65
65
5 65
50
50
81 50
41
41
5 40
52% 55
1,777 51%
64
69%
4,267 39
97 103%
2,745 7(1
16
10
168
10
19
19
135 19
27% 28
395 25%
19% 20% • 5,964
17
70
72
308 70
55
55%
181 x54%
41% 41%
2 41
51
51
18 50
73
73
25 73
84% 84%
69 84
44% 44%
1,734 44%
32% 32%
20 30
32
33%
205 31%
25
25%
2,325 24%
24% 25
423 x23%
8 69%
258 69%
77
79%
453 76%
3% 3% 10,050
3 3 3-16 2,900
37% 38
114 37
185
187
30 185
71% 72
427 70%
89
90%
1,051 88%
114% 114%
25 114%
8% 8%
10
8%
45
45
3 45
75
75
2r 75
78
80
105 78

Jan
19% Jan
Jan. 69
Jan
Jan 69% Jan
Feb 53
Jan
41
Jan
Jan
55
Jan
Feb
Jan
7011 Jan
Jan 105
Jan
Jan
19
Feb
Feb
19
Feb
Jan
29
Jan
Jan
20% Jan
Feb 73
Jan
Jan
56% Jan
Jan 44% • Jan
Jan 51
Jan
Jan
75
Jan
Jan 84% Jan
Feb 46% Jan
Jan
3214 Feb
Jan
33% Jan
Jan
25% Jan
Jan
28
Jan
Feb 71
Jan
Jan 83% Jan
Jan
Feb
Jan 3 3-16 Feb
Jan 39% Jan
Feb 190
Jan
Jan 74% Jan
Jan 06% Jan
Feb 114% Feb
Jan
Feb
46
Jan
Jan
Jan
Jan
75
Jan 82
Jan

98.70 98.70
92.70 92.80
02.50 92.96
94.90 94.00
93.80 94.40
94.80 95.38
93.80 04.54
87
87
87
87
87% 88
69% 69%
102% 102%
98
98
90
00
101% 102
96% 96%
102% 102%
100% 100%
93% 94
94
04
75
75
63
65
95
95

Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan

$1,000
600
4,650
50
2,350
10,300
29,950
2,000
500
8,000
13,000
1,000
5,000
2,000
5,000
16,000
3,000
14,000
21,000
2,100
3,000
21,000
1,00

98.70
92.70
91.80
94.90
93.80
94.80
93.80
87
87
87%
69%
102%
98
90
101%
96%
102%
100
93%
94
75
62%
95

99.70 Jan
93.30 Jan
93.68 Jan
95.80 Jan
95.30 Jan
96.38 Jan
95.64 Jan
88
rJan
88% Jan
Jan
89
71
Jan
102% Jan
98
Feb
00
Jan
102% Jan
98
Jan
102% Jan
100% Jan
96
Jan
97% Jan
76% Jan
65
Feb
95
Jan

567

Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Feb. 1 to Feb. 7, both inclusive:
Friday
Last Week's Range Sales
for
of Prices.
Sale.
Price. Low. High. Week.

Bonds.

U S Lib Loan 3%8_1932-47
98.74 99.04 $69,700
1st Lib Loan 4s_1932-47
92.64 93.00 3,450
2d Lib Loan 48_ _1927-42
92.64 92.84 5,650
1st Lib L'n 4%8_1032-47
95.04 95.60
150
2d Lib L'n 4%8_1927-42
94.04 94.60 23,500
3d Lib Loan 4%8_1928
95.00 95.62 41,500
4th Lib Loan 4%8..1938
93.84 94.60 236,450
Am Agric Chem 5s_..1924 101% 100% 101%
5,000
Am Tel & Tel coil 48_ _1929
84% 84% 15,0)0
Convertible 68
1925
102% 102% 10,900
All G & WI SS L 5s_ _1959
81
80
5,500
Chic June & U S Y 5s_1940 93% 93% 94
5,000
4s
1940
74
6,000
75
Gt Nor-C B & Q 4s_ _ _1921
95% 95%
1,000
Mass Gas 4%s
1929
92% 92%
3,000
414s
1931
86%
86
2,000
Miss River Power 5s..1951
791.1 79%
3,000
N E Telephone 5s_ _ _ _1932 93
93
93
5,000
Punta Alegre Sugar Os 1931
90% 90%
1,000
Swift dr Co 1st 5s
1944
95% 96%
7,000
United Fruit 4%s_ _.1923
100 100
6,000
U S Smelt R & M cony Os_
100
100
20,000
Ventura Oil cony 7s_ _1922
96
9911 15,300
Western Tel & Tel 58_1932
90
89
16,000

Range since Jan. 1.
Low.
98.24
91.64
92.04
95.04
94.04
94.74
93.84
100
83%
100%
SO
93%
74
95%
92
86
7711
00%
87
95%
100
100
94
89

Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

High.
99.62
94.00
94.02
96.50
95.90
96.50
96.50
102%
84%
103
83%
94%
75
954
92%
86%
79%
93%
93%
96%
100
100
99%
90%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan

Baltimore Stock Exchange.-Record of transactions at
Baltimore Feb. 1 to Feb.7, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Alabama Co
1C0
Arundel Sand & Gravel 100
Atlantic Petroleum
10
Balt Electric pref
Baltimore Tube
100
Preferred
100
Celestine 011 v t c
Comml Credit prof B....25
Consol G,El,& Pow_ 100
Consolidation Coal....100
Costien & Co
5
Preferred
5
Davison Chemical _ _no par
Elkhorn Coal Corp
50
Houston 011 trust ctfs_ _100
Preferred trust etts_ _100
Manufacturers Finance 100
Mt V-Woodb M v t r_100
Preferred v t r
100
Northern Central
50
Pennsyl Wat & Power_100
United Ry & Elec
50
Wash B & Annap
50
Wayland Oil & Gas
5
BondsAm W W & Elec coil 5s'34
Atlanta Consol St 5s_ _1939
Augusta Ry & Eiec 5s 1940
Bait Sparrows P&C 4148'53
Boston Sand&Gravel Os'24
Central Ry exten 5s..1932
Charles & W Car 1st 5s'46
Consol Gas EL&P 4%s'35
5 per cent notes
6 per cent notes
Consol Coal cony 6s_ 1923
Cosden & Co ser A 68_1932
. 1932
Series B Os
Elkhorn Coal Corp 6s_1925
Fair & Clarks Trac 58_1938
Ga Car & Nor 1st 5s _1929
Houston Oil div ctfs_'23-25
Jamison C&C-G C 55 '30
Kirby I.umb Contr Os 1923
Pennsy W & P 58_ _1940
Portland Ry ref Os_ _ _1930
United Ry & E 4s_ _ _ _1949
Income 48
1949
Funding 55
1936
6 per cent notes
Wash B & A 58
1941
IVnah A, Vcinrinmpro 4 14a'47

35%
2%

7

80

19%
3%

69
70
35
35%
2% 2%
44
44%
71
71
84%
84
1.10 1.50
25
25
106 108%
80%
80
6% 7%
4
4%
383% 403%
29
29
80% 8011
74% 80
40
40
17%
17
73
74%
73
73
77% 79
19
193%
2614
26
3%
3%

69
983%
80
89
94
100%
933%
85%
98
97
98
993%
90
91
0014
98% 983%
92
0614
102
903%
98%
90
77
73%
733%
5214
75%
95%
821%
80

69
983%
80
90
94
100%
93%
85%
983%
98%
993%
91%
91
98%
92
9614
103
90%
99
90
77
73/7s
533(
75%
95%
823%
80

Range since Jan. 1.
Low.

50 69
30 34%
2,250
2
34 44
2 70
60 83
550
1.10
10 25
91 105
126 80
2,459
61%
275
4
1,695 32
55 27%
50 723%
2,133 72%
25 40
43 16
169 73
1
73
414 77%
1,099 19
80 26
295
3%
$1,000 69
2,000 983%
2,000 80
2,000 88
1,000 94
1,000 100
2,000 03%
11,000 85
37,000 953%
7,000 98
1,000 993%
30,000 8414
30,000 85%
22,000 98%
2,000 92
2,000 963%
3,000 98%
1,000 90%
7,000 0814
6,000 90
4,000 77
mow 733%
19,000 523%
1,000 75
1,C00 953%
1,000 82%
1000 80

High.

Feb
70
Feb
Jan 35% Jan
Jan
3% Jan
Jan 44% Feb
Jan
72
Jan
Jan 84% Feb
Feb
1.50 Feb
Jan
25
Jan
Jan 1083% Feb
Jan 83
Jan
Feb
7% Jan
Jan
4% Jan
Jan 403% Feb
Jan 30
Jan
Jan 803 Feb
Jan 80
Feb
Feb 40
Feb
Jan
17% Jan
Feb
7414 Jan
Jan 74% Jan
Jan
79
Feb
Jan 203% Jan
Feb
27
Jan
Feb
33% Jan
Feb 69
Feb
Feb 983% Feb
Feb 80
Feb
Jan 90
Feb
Feb 94
Feb
Jan 100% Feb
Feb 93% Feb
Jan 85% Jan
Jan 983% Feb
Jan 983% Feb
Jan 100% Jan
Jan 91% Feb
Jan 91
Feb
Feb 993% Jan
Feb
953% Jan
Jan 96% Jan
Jan 103
Feb
Feb sog Feb
Jan 99
Jan
Feb 9014 Jan
Feb 77
Feb
Jan 76% Jan
Jan 54% Jan
Jan 75% Jan
Jan 96
Jan
Jan 83% Jan
Vnh
en
Fah

Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Feb.1 to Feb.7, compiled from official sales lists.
Stocks-

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Allegheny Trust Co___1001
Amer Wind Glass Mach100
Preferred
100
Crucible Steel prof...100
IIarb-Walk Refrac corn 100
Preferred
100
Indep Brewing corn_ _ _ _50
Preferred
50,
La Belle Iron Wks corn.100,
100
Lone Star Gas
50
Mfrs Light & Heat
Nat Fireproofing corn_ _50
Preferred
50
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Gas_25
Oklahoma Prod & Refg_ 5
Peoples Nat Gas & P'ge_25
Pittsb Brewing corn..._50
Preferred
50
Pittsburgh Coal corn.._100
Preferred
100
Pittsb-Jerome Copper_..1
Pittsb & Mt Shasta Cop _ _1
Pittsb Oil & Gas
100
Pittsburgh Plate Glass_100
Riverside East 011 pref._ _5
Ross Mining & Milling__ _1
San Toy Mining
1
Union Natural Gas_ _ _100
U S(
-Hass
100
US Steel Corp corn__..100
West'house Air Brake_ _50
West'house Elec & Mfg_50

8814
94%
41%

BondsIndep Brewing Os__ __1955
Pitts & Alleg Teiep 5s_1949
Pitts!) Brewing Os__ _ _1949

56

86
80
91%

7%
95
50
7
143%
19
43
29

85%
15c
24c

70

160 160
5
85% 88
1,095
90
80
80
91% 91%
220
120 120
60
100 100
110
2
2% . 1,125
6% 7%
400
05
96
200
170 172
35
49% 50
356
1,405
7
814
14% 15%
612
392
18% 19
42'4 43%
425
29
851
29%
8% 8%
80
30
30
200
3% 3%
740
9
9%
255
46
46
200
85% 86
50
15c
23c 44,300
24e 4,900
21c
811 8%
2,415
118 118
10
2% 2%
50
7e
7c
500
60
7c 11,400
125 125
43
31
31
21
88% 90%
220
94% 95
669
41% 42
325
36% 38
60
60
54
56

$14,000
1,000
14,000

Range since Jan. 1.
Low.

High.

Feb 160
160
Jan 88
79
77% Jan 81
91
Jan 91%
120
Jan 120
Jan 100
99
1% Jan
2%
8
Jan
Jan 102
96
170
Jan 177
48% Jan 53
5
Jan
10%
10
Jan
1814
16
Jan
19%,
42% Jan 45%
28% Jan 31%
Feb
10
30
Jan 30
2
Jan
3%
7
Jan
46
Jan 49%
85% Feb 86
8c
17c
Jan
Jan
21c
26c
8
Jan
117
Jan 120
23% Jan
50
Jan
7c
60 Feb
90
122
Jan 128
31
Feb 33
88% Feb 96%
93
Jan 951%
40% Jan 42%
36
60
52

Jan
Feb
Jan

38
60
56

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb

olume of Business at Stock Exchanges

Stocks-

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.

Par Value.

Shares.

Total

Railroad.
rte..
Bonds

Stocks

Week ending
Feb.7 1919.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

State. Must.
& Foreign
Bonds.

U.S.
Bonds

159,930 $14,714,500
293,257 27.906,700
354,747 33,855,200
388,480 35,441,500
459,358 42,467,800
341,211 32,117,100

$490,000 $3,550,900 24,268,000
1,085,000 2.154,000 6,587,000
1,184,000 1,672,000 8,185,000
1.187.000 1,660,060 12,069,000
1,211,000 1,137,000 8,690,000
1,167.000 2,192,000 10.286,000

1,996,983 $186,502,800

$6,324,000 312.365,000 $50,085,000
Jan. 1 to Feb. 7.

Week ending Feb. 7.

Sales as
New uric Mock
Exchange

1919.

1918.

1919.

1918.

1

17,164,653
13,855.448
1,998.983! .2,524,850
Stocks-No.shares__
$186,502,800 $241,543,5001 $1,313,258.505 $1,617,947,300
Par value
$7,200
$28,400
Bank shares, par
Bonds.
$62,195,000
$217,252.500
Government bonds_ __ $50,085,000 $9,065,0001
29,237,500
80,721,000
5,421,500
State,mun..&c..bonds 12,365,000
40;996,000
47,659.000
5.931,000
6.324,000
RR.and misc. bonds__
Total bonds

3315,632.500

$68,774,000 $20,417,500

$132,428.500

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.

Boston.
Week ending
Feb. 7 1919

Baltimore.

I

Shares. Bond Sales. Shares. ,Bond Sales.' Shares. , BondSales

Satur fay
Monitia
Tiles !ay
Welnes lay
Thuralay
Friday

6,386,
11,579;
14,8511
9,872
15,310
10,985

$42,400!
82,550!
179,600!
141,850!
83,650'
4,000

4,8341
8,166
5.9361
8,089
6,185
3,5261

$25.350
30,100
33,7C0
30.3C0
78,750
3,000

1,735
2,6C0
2.472
1,552
2,745
1,505

$24,000
22.000
61,000
64,400
24.000
26,000

. Total

68,9831 3514,050

36,736

$201,200

12,609

$221,400

New York "Curb" Market-Below we give a record of
the transactions in the outside security market from Feb. 1
to Feb. 7, 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 no restrictions
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.
Sales
Friday
Lag Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.

Week ending Feb. 7.
Stocks-

[VOL. 1()8.

THE CHRONICLE

568

Aetna Explosives_ r(no par)
100
Preferred r
Amer Bosch Magneto r (t)
El
BrIt-Amer Tob ord
El
Ordinary bearer
100
Chevrolet Motor
Cities Service com_r_ 100
100
Preferred r
Dletograph Products_ r_10
Emerson Phonograph _ _5
General Asphalt corn r 100
100
Preferred .r
Gen Motors deb stk w i_r_
Gillette Safety Razor_ r.(•)
Havana Tobacco cons r 100
100
Preferred r
10
Hupp Motor Car
Imperial Tob of GB & ft fl
IntercontInentn1 Rubb _100
Keyst Tire & Rub com_100
Kirby Lumber com_ r _ _100
Lackawanna Co Coal r 10
Lake Tarpelo Boat comr10
Libby, MeN & Libby_ r_10
Lima Locom com_r___1C0
Marconi Wirel Tel of Arn _5
Nat Fireproofing corn r..50
50
Preferred r
100
Nat Ice & Coal r
No Am Pulp&Pap.(no par)
1
Pearson Coal _ r
Peerless Trk & Mot Corp50
Penn Seabbi Steel v t c_(t)
Perfection Tire & Rubb r 1
Smith Motor TnIck r _1()
5
Suhmarflnatvto
Swift Internat'l w I.r_ _15
United Motors_ r_ _(no par)
United Profit 5haring_25c
10
U S Steamship
5
Wayne Coal
World Film Corp v t c.....5
Wright-Martin Aire_r_(t)
Riehts10hio Cities Gas
Oklahoma Pristine & Rafe r
Former Standard Oil
Subsidiaries
Buckeye Pipe Line_r_ _50
100
Continental 011_ r
Oalena-Signal 011 corn r100

7%
6414
2434
2416
165
312
8014

114

216
65
09
84
135
211
6%
1614
1714
60
114
2
434

34
20
37
114
3911
1 7-16




3g

4
3%
9-16

74 74
64
64
85
64
2414
24
2414 25,6
151 165
301 321
80
8014
934 1114
214
2
6311 694
98% 104
85
81
120 135
3
2
314 334
614 7
1414 1614
1734 194
5936 62
25
23
104 1114
3
2
1914 21
29
29
4
4
84
8
144 16
55
53
34 34
24 34
20
19
38
37
ai
9-16
3-32
34
1114
10
424 44
364 404
15-16 1%
3% 4
314 434
%
3-4
34
3
2
%
95
535
90

3

95
555
90

Range since Jan. 1.
High.

Low.

Jan
Jan
8
64
Jan
Jan
Jan 6511 Jan
Jan 214 Feb
Jan 254 Jan
Feb
Jan 165
Fel.
Jan 321
Feb 804 Feb
114 Feb
Jan
Feb
234 Jan
Jan 701.4 Jan
Jun
Jan 106
Feb
Jan 85
Feb
Jan 135
34 Jan
Jan
44 Jan
Jan
7
Jan
Feb
Feb
1614 Feb
Jan
Jan 21
Feb
Jan 62
Jan 27
Jan
Feb
1116 Feb
3
Jan
Feb
Jan 21
Feb
Feb
Feb 29
44 Jan
Jan
Jan
Jan 12
Jan 2034 Jan
Jan
Jan 58
34 Feb
Jan
34 Feb
Jan
Feb
Jan 20
Jan
Feb 40
13-16 Jan
Feb
4 Feb
1-16 Jan
Feb 134 Jan
10
40(4 Jan 48
Jan
334 Jan 40(4 Feb
14 Feb
7-16 Jan
3(4 Jan 1
5% Jan
34 Jan' 44 Jun
34 Jan
3-4 Jani
44 Jan
3
Feb

10,100
10
2.300
500
15,300
900
2,660
300
15.800
2,000
18,500
5,400
81700
4,740
1.050
100
40.500
115
7.200
26,000
600
7800
2.400
1,100
100,
4.100
1,400
525
1.300
34,000
2,100
400
300
5,000
15.000
6.700
6.950
44,300
157.000
43.000
7.600
1.500
10.000

614
63
6314
2314
2334
145
291
80
8
2
3914
83%
78
109
114
3
494
14(4
1014
4394
18
104
114
19
29
4
74
1314
47
24
14
18
37

12,000
27,000

2

15 95
120 500
10 89

Feb
Feb

3
Feb
44 Feb

Feb 95
Jim 555
Jan 90

Feb
Feb
Feb

Sales
Friday
Last Week's Range for
iVeek.
of Prices.
Sale.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

High.

Jan
55 164
Jan 165
164 165'
illinois Pipe Line_ r_-100 185
Jan
Feb 104
10 101
101
101
Indiana Pipe Line_r___Ea•
164 Feb
100 164 Feb
1631 164
National Transit.r _ _12.50
Feb.
Jan 113
20 107
Ill 113
Northern Pipe LIne_r _100 111
Jan
Jan 335
116 315
320 327
25 323
Ohio 011.r
Jan
Jan 685
145 630
680 685
Prairie Oil& Gas_ r_ _ _ _100 670
Feb
Feb 180
10 180
180 180.
Southern Pipe lJne_r_ _100
Jan
320
Jan
298
70
308
304
100
South Penn 011_ r
Feb
10 101
Feb 101
101
101
Southwest Pa Pipe L r 100
Jan
47 258
Jan 280
270 273
Standard 011 (Cann -r.100
Jan
Jan 731
180 875
690 700
Standard 011 of N J_ r_ _100
Jan 331
Feb
280 310
325 331
Standard Oil of N Y r 100 328
Jan
437
395
52
Jan
418
412
100
r
011_
Vacuum
Other Oil Stocks
Feb
14 Jan
1 111-16 34 1 11-16 16,300
Allen 011.r
3
Jan
24 24 1.500
294 Jan
23-4
Atlantic Petroleum _r_ _ _ 5
94 Jan 5-16 Jan
14 6.200
Barnett 011 & Gas_r--1 3-16 3-16
414 Feb
334 Jan
34 4% 49.650
5
Boone Oil r
Jun 29c Feb
18e 200 100.000 18e
Boston-Wyoming 011_r_l 28e
Jan
7% Jan
8% 751 9,200
7
5
Cosden & Co. com_r
4(4 Jan
Jun
4
300
414
416
5
Preferred r
14 Jan
184 Jan
60
14 14
14
Crystal 011 & Refining.r.1
yg Feb
114' Feb
11.4'
200
111
14
Curman Petroleum _ a_
614 Jan
Jan
3.150
6
6(4
6
Elk Basin Petroleum.r...5
Re
Jan
Jan
40
4c
Sc 34.600
50
Esmeralda 011 Corp_ r...1
34 Feb
Jan
2
2,4 344 123.000
31.4'
5
Federal 011.r
4,1 Jan
3(4 Feb
12.400
34 4
3%
Glenrock 011.r
10
500
Feb 1 1 16 Jan
15-18 1
1
Globe 011.r
Jan 83% Jan
3,600 75
7814 83
Houston Oil. com_r_100 8111
Jan
Jan 9ae
610 70c 10.460 57e
.1
Hudson 011 eons_ r.
Internat Petroleum_ r_il 204 2014 2231 19.000 164 Jan 22% Jan
.4 Jan
6,4 Jan
7,6 711 31.000
71.4
Island 011 & Tram/.r.-10
Jan
Jan 16e
10e
10e 12c 15.400
be
1
Kenova 011
720 Fe
2.600
94 Feb
72c
34
72e
Kinney 011.r
39,000 234 Jan 37
Feb
37
Lotilslana Oil& Refin_r_50 364 35
Feb
15,900 21
Jan 25
2116 '25
10 23
Merritt 011 Corp. r
214 Jan
334 Jan
2% 3 9-16 17,200
34
Metropolitan Petroleutn 25
3716
Jan
Jan
Ion
2%
Vbi
2%
24
Pet
Met,
full P1 etfa- r
Jan
Jan 4.5e
4.100 25c
30c
30e 35e
1
Mexlean Gulf Oil_ r
1.49 Feb
1 13 Jan
1.40
1.30 1.49 74.500
1
Midwest OIL cons_r
14 Feb
14 Jan
114 14 6.800
Preferref r
1
Jan 148
Feb
17,050 124
130 148
Mi'west Refining.r____50 145
Jan
Jun 53c
500
47c 53c 39.500 47e
Northwestern 011.r
'21/ Jan
2.000
14 Fe',
14 2
Okasillgee Pral & Refg 5
Jan
Jan 350
29e 33c 31.000 22e
33c
Omar Oil & Gas. corn_._1
Jan
15
11.4 )211 9.900 1111 Feb
Pennok 011.r
10 11%
Jan
Jan 30c
19: 107.000 110
15c
15c
1
Queen Oil .r
73
7114 7414 3.200 7044 Jan 764 Jun
Royal Dineh (new).
74 Jan
7% 4.100
Jan
7
7
7,6
5
Sapulpa Refining r
9-16 Jan
14 9-16 8.050
3-4 Jute
Sequoyah Oil & Refits_ _1
Jan
Jan 26
254-4 5,900 22
24
24
Sinclair Gulf Corp.r_(
314 Feb
34 1-el
202
314 31a
itithern 011 & Trans r 10
Jan
14 Jan
1
11.4 15 400
1
134
Stanton 011.r
Jan
I le
Jun 22e
15e 84.000
lie
130
1
Texans 011 & Ref _r
34 Feb
2
Fel
6.600
3(4
2
214
Tvopa 011.r
214' Jan
1% 1 5-16 1 11-16 6.200 13-16 Jar
United Weltern 011. new
24 Jan
216 Jan
21.4' 211
: 2,200
2(4
Victoria 011 r
10
34 Jan
3% Jan
100
336
3% 314
Waylvvi Oil& Gan com..5
Mining Stocks.
Jan
13,430 350 Feb 50e
35e 42e
Alaska-Brit C Metals...1 37c
Jan
1
Jan
1,400
14
15-16 1
1
America Mines. r
Jan
114
Jan
8.150
1-16
1
1
1-16
I
1
Arizona Bing Copper.
Feb
Feb 49
1.300 46
49
46
1 49
Arizona Butte r
514c Jan
1.200 414c Jun
Sc
5c
Sc
1
Atlanta Minim
8.900
.11. Jan 15-18 Jan
44
34 11-16
Big Ledge Copper Co....5
Jan
46c 50c 22.400 48c Feb 540
Boston & Montana Dev...5 41e
Jan
17,350 27e
Jan 33c
30c
28e 31e
Caledonia Mining
1
14 Jan
36 Jan
7-16
94 7-16 5,501.
Calumet. & Jerome Cop.r 1
214
Feb
2
244 2.200 1 15-1n Jon
Camila C.,,ppi.r Ca Ltd 5
59e
Feb
Jan
56e 59e 20.200 52e
58c
1
Candalaria Silver_ r
8%c Feb
6'.4o Jan
790 84e 12,200
1
Cash Boy
11.4 Jan
Jan
1'4 10,600
1(4
Cartel Silver al A M
194 1 3-16 4.300 I 1-16 Jan 1 9-16 Jan
Consul Arizona Smelt.. _5
1,200
611 Jan
St Jatt
534 514
Consul Copper Millen_ .5
6(4 Jan
5,000
434 Feb
5
4
44
Creation Con cold ti & Id 1
111 Jan
114 Jan
500
1
1,4
.I
El Wily:vier Silver al
14 Jan
11( 3.200 .14 Feu
114
14
Eureka Cravats Min r_.
2
Jan
1% Feb
300
1
1,
144
First Natlan Ca pper 5
12,200 60c
75o
Feb
Jan
69c 75e
73c
Florence Silver.r.......1
Jan
3 900 35c
Jan 40c
35c 35r
35c
1
Fartuna Cons- i.e
3
614 Feb
Fe!'
64 3.1100
5
3
5
Gatiaaen_r.
7-16 inn
44 8.700
94 Jan
54
1
14
Gol 'en Rule_ r
Jan
6M10 19e Feb 24e
19c 20e
10 20c
Got 'Mel I Con,'
7e
Jan
13.c00 54 e Feb
6c
1
5'4c 6e
Goldfield Merger
2.500 :le Juti fic Jan
4e
3e
1
Ore it Beryl. r
Jan
8,500 41e
Jan (lie
55e 60c
Hamilton M & S Ni_l_r-1 60e
rine
Feb
14."))4) 3ae
35e 50e
370
Hattie 0 ii min,
4' J21/I 4 15-16 Jan
414 414 49-16 1.675
25e
Hecla Mining
44e
Feb
39e 440 ; 15.200 32e
42e
1
Jim Butler. r
Jan
15e
Jan
14c I 3.900 13c
13c
1
Jumbo Extension
Re
Jan
150 Feb
Sc 516e 6.000
Kew antis r
7-16 Jan
1,500 ' /1 Fe
Li Rise Mine-s Ltd
Sc Feb 914e Jan
Sc
6e 113.700
Lone Star Cons'd_r____1 554e
14 Fe •
1.200
14 Fob
11
L edit in I Cons
IS
14
7,009 22e
Feb
Fe'
25e
22c 25e
1
Mutruit Chief _r
Jan
500 25
Feb 28
26
25
5
MIMS Copper
400 45e
Jan
Jan 49e
47c 47c
e KInley-Darragh-Sav_ I
64 Feb
050
4.4 Pea
474 8,4
Mexican Leal _ r
Jan
Jan 35c
2,500 300
30e 31c
1
Mother Lode..r
Jan
Jon 48c
6.009 370
37c 42,
40e
1
Nix in Nevada
34 Jan
31.4
Jan
3
314 3.700
3
Onondaga Mines Corn v 1
214 Feb
216
211 2.4 3,015
294 ,tan
Pinar Capper (iinian't) 5
334 Jan
116 Jan
2.1 3.200
214
2
Ray Hercule. alln_r-- 5
Jan
Jan 28e
26c 30c 10,900 25e
30e
1
Rochester Mines
Feb
15% Jun
200 14
14
14
Seneca Cop Corn. (na p tr)
1,500 60e
Jan
Jon 84c
83e R4c
Silver Canon Mining._ _ I 84e
Silver King of iris ins. 1 13-31 13-32 13-32 3.000 13-32 Feb 13-32 Feb
5-16
94 Jan
94 Jan
34 5-16 2,700
Standard Sliver-Lead . _1
Jan
18e
Jun
16c
170 13,900 15e
1
Stewart
334 Feb
900 29-18 Jan
3'4 34
Tonopah Belmont nest_ r I
Feb
3
6,970
134 Jan
Tonopah Extension__ 1 11-16 2 9-16 3
74
34 Jan
500 13-16 Jan
1
Ttpliitnne Capper
Jun
Jon 95e
65e 800 12,700 30e
75e
Tualiimne River Placer r•I
41.4 'Jan
420
411 44
31-is Jan
United Eastern Mining.. I
4 Jan
kf
1( 19504') 3-16 Jan
/1
Unite-I Mittel of iris ina.1
,l34 Jan
94 Jan
34 12.200
34
United Siiiphur Mines., I 13-16
1.500 3244 Feb 33 Feb
3211 33
Unite I Verle Ext en r_50e
Jan
Inc
Ile
Jan
Ft 14 c 10e 20,400
90
U S Continental Min .r. _1
Jan 320 Feb
25c 32e 33.0011 24c
Ward Mln & Milling r 1 27c
Ole
Jan
Jan
89e
92e
1,500
91e
Washington Gold Quartz I
11.4 Jan
200 1 3-16 Jan
1 3-18 1 3-16
West End Consolidated_ _5
Jan
17e
Feb
4.000 lie
13c
Ile
Western Utah Exten.
Jan 18160 Jan
130 17c 28,650 100
White Caps Mirang_10e 15e
Ronda
Am TA T 6% notes w I '24 994 991.4 094 182.000 9F114 Jan 9914 Feb
Jan
1.000 101 .4 Fe') 103
1014 10114
serial 7s_ r '19
Amer T
1923 104.4 101 1014 39,000 1024 Jan 101% Feb
Serial 7.r
994
Jan
0
Jan
179,00n
974
99
794
Anaconda Cop Mln 6s 1'29 97%
10016 Feb
1004 Iflo .4 2.000 Ion
Armour & Co flab fis.r 1923
25.1100 ton74 Feb 101 4 Feb
10074 101
Beth Steel serial 7s_r_1919
Jan
1004 1004 2.000 1004i Jan 101
1921
Serial 75_r
Jan 10114 Jon
1.000 101
101
101
Serial 7s_ r
1014
1004
Jan
66.000
Feb
10114
1923
r
10194
7s
Serial
tail
Jan
25.000
n
94
94
Braden Cop M Rs r 4_1931
1004 100,44 7,000 1094 Feb wog Feb
Cana.'11 in Pacific Os......
99,4
Feb
Jan
250.000
994
4
1
99
1
99
994
Canada (Dom of) 58_1910
9,14 Feb
Chic ‘111w A- St Paid 4 49. 9994 994 994 8.000 fig Li
70.000 994 Jan 1004 Jan
9934 100
Chic& N W Ry gen5i.w1917 100
Jon 10(34 Feb
101 14 102% 5.000 102
Cu 'shy Packing 79..1923
Jan
20.000 103
Jan 104
...... In, 101
Federal Farm Loan 5s_
100,4 100.4 6.000 1004-4 .tiol 10044 Jan
Gen Eine 6% note_ _191n
100.4 10034 .00( 104104 J”n 10074 Jan
1920
6% notes

FEB. 8 1919
Don'ts (Concluded)-

THE CHRONICLE
Friday
Gael Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

Raige si ,ce Jan. 1.
bow.

High.

Interboro R T 78
1921
H 87% 88)4 $28.700 85
Jan 92
Jan
Itall In G )vt 5s ,if 19113._ _ 1141 :141 /141 1750000 1111
Fe.) tIll
Fe')
Laclede Gas L coil is w 129 100.4 10014 10034 11.300 100
Jan 1004 Feb
Liggett & Myers'rob Os'21 10014 100 14 10034 75,000 9914 Jan 1)94 Feb
N Y Telep deb Os w I 1949 100)4 99.4 10034 125,000 9934 Jan 10134 Jan
Russian Govt 6 Hs_r.1919 69
72 173,000 48
59
Jan 72
Feb
11,000 47
65
5,4s-r
55
1921 61
Jan 65
Feb
South Rv 6 '4, ri nee w I '22 99)4 99l. 9934 1007000 9934 Fe) 99 14 Fe)
Wilson& Co Inc60 w1192).
9314 93.4 116.000 92.4 Jan 94 i4 .1 in
• Odd lots. t N p it* value. i Llitel as a prospect. 1 1-Istel on the stock
Exchange this week, where addlt onal transactions will be found. o New stock
r Utillste I. w When Issued. x Ex-dividend. y Ex-rights.- z Ex.stock dividend.
Dollars per 1,001 lire. att.

569

New York City Realty and Surety Companies

All prices now dollars per share.
Bid. Ask.
Bid
Ask.
B14. Ask.
Alliance R'Ity 60
70 1Lawyers Mtge 110 117 Realty Assoc
Amer Surety_ 80
65 Mtge Bond__ 85
90
(Brooklyn). 77
83
Bond & M G. 222 227 Nat Surety__ 210 215 U S Casualty_ 175
190
Casualty Co_
75 N Y Title &
US Title Guar
60
City Investing 17
Mortgage_, 95 102 West & Bronx
20
Preferred__ 60
67
Title & M 0 150 170

Quotations for Sundry Securities

All bond prices are "and interest" except where marked

I

Standard Oil Stocks Pelt Shatie
RR, EquIpments-PerCt.Basis .!
Par) Bid Ask. Baltimore & Ohio 414e
5.85 5.40
Anglo-Amer1ean 011 new. £1 17 1712 Buff Roch & Pittsburgh
CURRENT NOTIC E.
434
5.90 5.65
Atlantic RethIng
100 126') 1285
Equipment 4s
5.90 665
Borne-Seryniser Co
100 490 510 Canadian Pacific 434s
-The annual statements of the Aetna Life Insurance Co. of Hartford, Buckeye Pipe Line Co__
5 95 5 45
.94 96 Caro Clinchfield & Ohio 58
6 25 5 75
Conn.. Morgan Cl. Bulkeley, President, and its affiliated companies are Chesebrough Mfg new -__100 310 325 Central of Georgia
58
6 00 5 50
100 550 570
Published in full on another page of the "Chronicle." The Aetna Life Continental 011
Equipment 434s
6 00 5 50
so, .38 40 Chicago & Alton
records an increase In premium Income of $5.221,100: assets increased Crescent Pipe Line Co
6.80 6.15
Cumberland Pipe Line...100 180 190 Chicago & Eastern4sIll
5Hs-- 7 00 6 no
$9.203,656 and are now 3119.788,100. and life insurance in force increased Eureka Pipe Line Co
100i 170 180 I Equipment 434s
7
00 00
policyholde
$100.255.185. Payments to its
rs during 1918 were 323,200.- Galena-81gn31 Oil com
100i 90 92 Chic Ind & Louisv 434s
6 50 6.00
Preferred old
100i 120 140 Chic St Louis & N 0
650 and taxes $1,426.156. Now life insurance issued In 1918 amounted to
bs
5 80 6 40
Preferred
new
100
105 Chicago & N W 4He
$237,473,503: life insurance paid for in 1918 ($218,251.456) and in pro- Illinois
5.65 5.25
Pipe [Abe
100, 163 167 Chicago R
6.50 gm
ces.s of collection ($10,836,325) totaled $229.087.781. The life insurance Indiana Pipe Line Co.... 50' 100 105 Colorado &I & Pac 434s
Southern be_
8
30 6.90
$673,171,0
ernational
hit
Petroleum_ £11 •2012, 21 Erie 5s
in force Jan. 1 1919 was over
00. and policy holders have been
8.05 555
National Transit Co. .12 50 •154 1712
Equipment 434e
paid since organization In 1850 over $341.911,200. The total income In
6.05 5.55
New
York
Transit
195
Co....10)
205
I
Equipment 4s
6.05 5 55
1918 of the Aetna Life and its affiliated companies, the Aetna Casualty & Northern Pipe Line Co_104 110 115
Hocking Valley 412s
5.85 5.45
Surety Co. and the Automobile Insurance Co., was $63,804,673. Both Ohio Oil
(o..251'324 328
Equipment 50
5.85 5.45
251 *53 56 IllInois Central 544
of these subsid ary companies increased their business In 1918. The de- Penn-Mex Fuel Co
5.75 5.30
100 665 675
Equipment 414e
tailed operations for the past year are outlined in the Aetna's advertise- Prairie oil & Gall
5.75
Prairie Pipe Line
10i. 266, 270 Kanawha & Michigan 434s.. 6 20 5.30
ment.
Solar Refining
100 360 170 Louisville & Nashville 5,,._ 5.75 5.75
5.30
-The 40th annual statem9nt.as of Dec.31 .1918,of the Fidelity Mutual Southern Pipe Line Co_100 175 180 Michigan Central 58
South
Penn
011
100 300 310 Minn St F&SSM 434*.... 5.90, 5.45
Life Insurance 0.of INIlad3lphia is published among our advertisements Southwest
5.90 5.45
Pa Pipe Linee.100 98 102 MissouriKansas dr Texas
58. 7.00 6.00
in this ISSUE/. The Fidelity increased its insurance in force to $149.295.550 Standard Oil (California).100 273 277 MissouriPaci
fic 5s
7 00 6.00
and showed substantial Increases in income, assets and new business. Standard 011 (Indiana). _1041 770 780 Mobile & Ohio 5e
6 15 5.70
Standard
Oil (Kaneas) 1(10 5.55 565
Equipment 4148
The company has paid to policy holders since organization $51,436,134.
5
15, 5.70
Standard 011 (Kentucky) 100 395 405 New York Central Lines 5*..
5.90 540
and paid to and held In trust for policy holders $87.532,188. The assets Standard 011 (Nebraska).101
545 560
Equipment4
5.90, 5 40
Dec. 31 1918 were $37,216,448. The detailed report will be sent upon Standard 4)11 of New Jer_100 695 698 N Y Ontario &14e
West 434s... 620 675
Standard 011 of New rk.100 3t3 327 Norfolk& Western
request.
434s.... 5 70 5 as
Standard 011 (Ohio)
10 410 480 Pennsylvania RR 434s
565' it.ts
-Richard H. Lee. who formerly directed the fraud-investigating work Swan & Finch
t 98 102
Equipment 40
665 6.26
of the Associated Advertising Clubs of the World, but was more recently Union Tank Line Co...„.1
116 118 St Louis Iron Mt & Sou 58,. 6.80 6.00
100 405 415 St Louie & San Francisco be. 7.O01
Secretary of the New York "Tribune." has returned to the service of the Vacuum 011
4100
Washington Oil
11 *36 40 Seaboard Air Line 58
Associated Clubs, it Is announced, and will again devote all of this
6.40, &go
time
Equipment 4148
6.40 5.90
to the effort which the National Vigilance Committee of the Association
Southern Pacific Co 434s...
5151 5.30
Ordnance Stocks-Per S hare.
Is making toward stamping fraud out of advertising.
Southern Railway 414e
5.95 5 go
Aetna Explosives pref...1001 63 64 Toledo & Ohio Central
4e-Chandler & Co., Inc.. of Philadelphia, New York and Boston,
6.15 6,76
and American & British Mfg.1
2
the Central Trust Co. of Illinois, Chicago, are Jointly publishing, as a matPreferred
1
15 25
Tobacco Stocks-Per Sh are.
153 158
ter of record, advertisement In the "Chronicle" of their recent offer- Atlas powder common__ _1
Par
Preferre,L..
92 American Cigar common_100 118 Ask,
1001
ing of $750.000.Troy Laundry Machinery Co.. Ltd.. Serial 7% Sinking Babcock
122
& Wilcox
107
109
100
Preferred
100 85 92
Fund gold notes. All the notes have been sold at prices to yield 7 to 7.50% Bliss (E W)Co common_ 50.250 325 Amer
Machine & Fdry 100 60
Preferred
for the various maturities.
50 .65 75 British-Amer Tobac ord__Ll .23 80
25
Canada Flys & Forgings 1
190
Ordinary, bearer
fl .25 28
-At 91 and interest, to yield about 534% on the Investment, the Guar- Carbon Steel
common_._1
88 95 Conley Foil
100 190
anty Trust Co. of this city Is advertising in to-day's issue $5.500.000
1st preferred
1
94 98 Johnson Tin Full & Met.100 80 210
241 preferred
Brooklyn Edison Co.. Inc., Oen Mtge. bonds, Series A, 5%.maturing
85 70 MecAndrews & Forbes_ _100 190 100
200
Preferred
Jan. 1 1919. Exempt from personal property tax in New York State. Colt's Patent Fire Arms
100 90
Mfg
42 Freynoble (it J) Tobacco.100 375 100
2
•38
Full particulars of the offering appear In the advertisement.
460
duPont(E I) de Nemours
B common stock
100 300 330
& Co common
100 270 272
_All the notes having been sold, Lee, Higginson & Co. and the First
Preferred
100 107 109
Debenture stock
100 9112 9212
A dividend scrip
National Bank of this city are Jointly advertising, as a matter of
95 100
record. Eastern Steel
100 70 80
B dividend scrip
95 160
elsewhere In to-day's "Chronicle," $10,000,000 Philadelphia Company Empire Steel dr Iron corn-100 25 35 Young
(J S) Co
100 120 150
Preferred
3-year 6% secured gold notes due Feb. 1 1922. This new issue was
63 68
100
Preferred
100 95 105
of- flereilitni Powder corn...100 206 212
fered at 9634 and interest, yielding over 7.30%.
Preferred
100 105 109
Short Term Notes-Per Cent.
-"A Review of the Brooklyn Rapid Transit" has been issued
In cir- Niles Bement-Pond com_100 104 108 Amer Cot 011 58 1919_ _M&S 99
,
4100
Preferred
100 95 os
cular form by Liggett & Drexel. 61 Broadway, this city. The company's
7% notes Sept 1919
Penn Seaboard Steel (no par) •37 44 Amer Tel & Tel 6s 1924_ F&A 10058101
standing and future In view of the receivership are carefully set
99's
9955
out in Phelps !bulge Corp.-100 '280 300 Balto & Ohio 58 1919....J&J
Drexel
Liggett
will
circular.
&
mail a copy to anyone interested
this
99.4i 9912
tool 370 380 Canadian Pee 6s 1924.M&S 2 1003
In Acovill Nlanufacturing
41011v
Thomas iron
B. R. T. securities.
•20 :10 Del dc Hudson 54) 1920_ _F&A
9878, 9141a
Win Repeat ‘rms coin w 1 __ d90 100 Erie RR Se 1919
A-0
-Holmes. Bulkley & Wardrop, members New York Stock
Preferred w I ..
d90 100 Fed Sugar Rig 5e 1920„J&J 89 92171
Exchange.
9712
9)412'
at 61 Broadway, announce that Robert Wm. Keelips has become
Woodward
44 52 General Elec ile 1920. _
Iron
assoPreferred
ciated with their concern.
85 95 I 6% notes (2-yr) 1919.J&I) 100410072
100%100x,
Great
North 5s 1920_ _M&S 9878 994
-Paul Mack Whelan, who has been discharged as an
Ensign in the
!Hocking Val Rs Feb '19 M&N
Navy, is now with E. F. Hutton & Co.
Public Utilities
C Term Ry 434* 1921...i&J
Amer (MO A Elec com___ 50.100 103
58 Nov 15 1923__M&N 15 104) Om,
Preferred
so, .42 44 Liggett&NiyersTobtia'21J&I)
100i/41001h
Amer 1.1 & Tree com___ _100' 230 235 N Y Cent 5e 1919__M&S
15
Preferred
100 98 100 Penn Co 414s 1921_J&D 15 9934100
Amer Power & Lt corn_ _100 57 61 Pub Ser Corp NJ
All prices now dollars per share.
56 '19.M&S 98 gg
Preferred
100 76 78 Southern Ry 5s 1919.M&S 2 97 I 971g
99%100
Amer Public Utilities com1(8) --- 20 B uthe n Ry 6s 1922 w
Ask
Banks-N.Y FM
Banks.
-Bid
Ask
M&S
TrustCo's. Rid
risk.
Preferred
100 36 39 Utah Sec Corp as'22 M &S 15 99 I 991,
America.
-- 510 530 :Irving (trust
Nei, York
89 I 90
C
'rot
Pow&LIght
corn 100 28 31
Amer Exch.. 220 230 1 certificates) 280 290 Illnnkrr9 Trust
t390
roles Service Co com.-100 314 317 Whaches RepArms7s'19.M&S 997s 100
ISO Liberty
Atlantic
170
500
Central Union 407 432
Preferred
81
80
100
Battery Park_ 200 210 'Lincoln
Industrial
270 300 columbia. ..1 307
Colora.lo Power com___ _1
al
312
....Manhattan * 195 205 Cot
25 28
425
Bowery
and
100
100
Preferred
11
95 100 American Brass
BroadwayCen 135
145 Meeh & Met_ 345 360 ill:metre_rad. 1 44
200
...
..
/255
Cont'veth
295
Pow
Ry
&
19
21
Lt
i
175 MereDants___ 140
Bronx Born.. 125
American Chicle com___100 79 205
__ Emtitable Tr 420 427
81
Preferred
43
100'
40
170 Metropolitan* 175
Bronx Nat.- It10
Preferred
100
73 77
Warm I. & Tr_ 425 4:15
Eke Bend & Share pref ION d92 95 American Hardware
155 Mutual ........ 375
Bryant Park' 145
-100 134 138
-,
"ii..
1.11elity
220
Federal
235
light
.4
11
Traction
100
27 New Neth•_. 200 iI
Amer Typefounders com.100 37
Butch & Drov 22
Fillton
42
230 260
Preferred
100 41 44
170 New York Co 130 140 Guaranty
Preferred
Cent Merc___ 165
100 84 88
Tr. 370 975
Great west Pow 511946 J&J 84 86 Borden's Cond Milk com.100
395 400 New York._ 425
Chase
__ Matson
100
136
10212
Mississippi
145
Riv Pow cotn 100 10 12
.... Pacific •
Preferred
150 ___. Irving 'Cruet_ 'Hee Irving
Chat & Phen 250
100 99 104
01
Preferred
100 38 40 Celluloid Company
120 Park...t581
Chelsea Each* 110
_ -._
133 138
Bank
First Mtge 5e 1951.....J&J 78 so Columbia Graphoph Mfg
.... Prod Exch•
Chemical
200
500
(t)
Law Tit & Tr 1N47
•138
142
"
North'n
States Pow corn_ Inn 63 66 I Preferred
222 227 Public
Citizens
1210 220 Lincoln Trust 180 105
100 84 88
Preferred
100 89 92 Freeport Texas
463 468 Seaboard_- 450 470 M er
City
a earxileT
tpiwt
Norm h Texas Elea Co corn 100 51 56 Havana TobaccoCo
Coal & Iron_ 220 230 Second
400 425
Co
(
1001 e3:
21 33
4
Preferred
104
70 75
._ Sherman --__ 125
Preferred
Cob mlal•
_ 41)0
135 Metropolitan7
100; 3
4
. 3
24
15
0
Pacific One & Elec corn. _100 48 so
Columbia... 100 170 State •
1st g 58 June 1 14422 J-DI /40
120
125 M multi( west
1st
preferred
I
86 88 'IntercontInen Bubb corn.100, 1714 1712
Commerce.. 210 215 29.1 Ward'
115
190
cheater) ._. 105 125
Puget (Si Tr L & P com...1
15 18 Internet Banking Co....100
Comitel Ex'.. 390 410 Union Each
155 165 N Y Life Ins
0 11730
0 724
...;
Preferred
Ine 52 57 International Salt
Common' UtiltedStates• 500
100; 52 -60& Trust
790
Republic
810
Ry & Light.......100 16 18 I let gold 56 1951
wealth •
nstheb114
190 2
17
'ty
60
18
5 ,NAV,,,i
5
s.e..: 2
10
-.:- N V Trust... 605 615
Preferred
1
52 55 International Silver pref.100 90
Continental.. 107
1.75 Scandinavian 295
South Calif FAlson com 1
315
81 84 Lehigh Valley Coal Sales- 50 •84 95
Corn Exch•.. y305 315 Yorkville•__ 290 310 T
TIrtalL,
C,
1tuht&
inT
88
ier 330 340
Preferred
100) 95 1110 ,Otis Elevator common___ 100
Cosroop'tans. 145
001 6
80
2 8
64
5
170
Standard Ofte & El (Del)
16 I Preferred
*14
Cuba (Ilk of)_ 175
1°,!)
.,
Rrookly
It S M te & Tr 420 - 430
Preferred
50 .31 33 Remington TypewriterEast River
20
25 -' Coney Island' 140 155_ V
,
vn Itt.eaihem
S:eatr.
ett 4::
1001
9
14
01 910
Tennessee Ry L & P corn 100
2
Common
Europe
t200
110
I 30 First
31
32
Preferred
140
3
100 12 15
Fifth Avenue'2200
1stpreferred
OrrenpoInt --150 16520
100 85 88
nrookiV ri
United Oits & Elee Corp_100
3
5
Fifth
29 preferred
215
110 120 Brooklyn Tr. 500
2:10 Hillside •
100 75 77
1st preferred
515
100 38 40 Royal Baking Pow corn..100
First.
950 965 Homestead 1_ 70
80 Franklin
00 1
,
30
2
220
29 preferred.
lno
5
Garfield
8 I Preferred
175
185 Mechanics' •_ 65
70 Hamilton__ 260 2:10
-55
United 1.1 & Rye corn__ _100 36 38 Singer Manufacturing
Gothiun
200
Montauk ....._ 85
100 184 118
05 Kings County 630 270
lull
MO
preferred
100
68
70
Greenwich'
,
Texas
Pae
Coal
&
OIL._ _100 1400 1500
335 350 Nassau
200 207 NiiifItlfarturers t 011
Western
Power common _100 18 19 WhouseChurchKerr&Co 100
Hanover
735 745 National City 133
138 People's
63 66
Preferred
100 65 87
Harriman
Preferred
... North Side'.. 175 200 Queens Co-250
100 81 86
26
95
1)
75
Imp & Trad__ 540 560 People's
130 140
I
• Banks marked with a (.) are State banks. t Sale at auction
or at Stock
Exchange this week. LIncludea one-third share Irving
• Per share S Basle. dPorchaser also payeacerued dividend
Trust_Co. I New stock.
e
New
Flal Mice. a Nominal. a Ex-dividend. y Ex-rights. s Ex-dividend st4t.
x-rtillIte.1
of 28%.
(t) Without par value.

If

New York City Banks and Trust Companies




I

[Vor.,. 108.

THE CHRONICLE

570

aiiroatt intelligence.

butestutent anti

GROSS EARNINGS

RAILROAD
roads from which regular weekly or monthly returns
The following table shows the gross earnings of various STEAM
for the latest week or month, and the last two
can be obtained. The first two columns of figures give the gross earnings
week or month. The returns of the electric
latest
the
g
columns the earnings for the period from Jan. 1 to and includin
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.

Latest Gross Earnings.
ROADS.

•
I

Week or
Month.

Jan.1 to Latest Date

Current • Previous I Current
Year.
Year.
Year.

Previous
Year.

3
'
$
3
December 8,113,594 6,780,313 89,612,398 78,320,31
2,152,835
262,609 212.125 2,470.856 2,139,316 Missouri Pacific..__
3,208,757
171,277
Alabama & Vicksb_ December
292,821
December
229,469 Monongahela
341,993
87.195
99,427
2,473,763 2,010,970
4th wk Jan
300,865
Ann Arbor
228,302
December
Conn
la
Monongahe
21,757.403 15,194,755
Atch Topeka & S Fe December 13997068 12308969 162369130 140978936
Nashv Chatt & St L December 1.893,378 1,353,892
14,267
13,015
4,923
Gulf Colo & S Fe.. December 1,430,497 1.666,354 18,885,097 17,285,640
4,653
regon 3d wk Jan
412,254 537,794 5,809,657 6.890,859 Nevada-Cal-O
2,706,331 2,512,402
Panhandle & S Fe December
235,842
218,304
December
Northern
Nevada
1,143,320
469.176 383.117 4.703.381 3,983,369
1.453,757
228.448
Atlanta Birm & Ati December
134,838
& Sou Sh December
265,304 166,939 2,548,440 1,770,250 Newburgh
Atlanta & West Pt_ December
156,966 165,682 2,197,315 1,916,217
Orl Great Nor.. December
308,661 187,594 4.252,270 3,215,426 New
December
Atlantic City
572,053 511,905 6,474,717 4,969,265
New Orl & Nor East December
Atlantic Coast Line December 5,619,882 4,608,096 56,992,329 44,063,331
97,734 186,424, 1,885,624 1,517,604
Tex & Mexico.. December
Baltimore & Ohio December 15358813 10668050 174191 448 133613321 N 0
98,865 117,902 1,417,973 1,034,523
Beaum S L & W_ December
116,060 121.138 1,761,486 1,940,003
B &0Ch Term December
392,607 4,448,928 3,918,191
407,424
December
M
&
Browns
St L
238829800
437,617 339,380 4,863,223 4,384,562 New
Bangor & Aroostook December
York Central_ December 27382879 19088857 294691313
80,067
88,753
6.386
8,240
Bellefonte Central - December
345,724 5.591,235 5,121,878
529,779
December
Belt..
Harbor
Ind
3,805,947
8,122,895
9,313,905
304,800 268,056 3,899,765
622,985
Belt By of Chicago_ December
773,021
December
West
&
Erie
Lake
862,812 690,307 13.417.56412.372,620
68,520,087 52,879,434
Bessemer & L Erie_ December
Michigan Central December 6,568,887 4,727,395
281,725 306,269 3,189,969 3,010,535
71,403,970 52,650,920
Bingham & Garfield November
4,244,428
6,310,415
December
L..
St
&
C
C
Cleve
83,312 113,856 1,397,254 1,201,530
Birmingham South.. December
266,795 176,990 2,812,979 2,440,829
Cincinnati North December
25,621,654
Boston & Maine.... December 5,734,750 4,671,063 69,911,392 59,686,815
Pitts & Lake Erie December 2.762.004 1,940,318 32,992,272
Buff Roch & Pittsb 4th wk Jan 519,328 384,642 1,385,951 1,192,392
975,780 583,558 10,026,558 8,088,542
December
Cent..
Ohio
&
Tol
155,933 2,249,666 1,785,856
3,606,990
5,896,134
300,549
Buffalo & Susqueh_ December
423,367
December
Kanawha & Mich
aCanadian Nat Rys 4th wk Jan 2,488,154 1,705,880 6,744,0184,696,567 N Y Chic & St Louis December 2,505,362 1,293,790 22,656,382 16,901,206
85,784,892
212
102294
Canadian Pacific 4th wk Jan 4,101,000 3,536,000 12,797,000 10,571,000
6,961,617
8.608,151
December
Hard
318,426 238,934 2,409,261 2,424,740 NYNH&
Can Pac Lines in Me December
823,999 688,248 10,895,005 9,164,878
Y Ont & Western December
494,763 310,708 4,811,231 4,063,267 N
Caro Clinch & Ohio December
337,629 242,337 4,353,420 3.478,9932
16,024,537 N Y Susq & West December
Central of Georgia_IDecember 1,856,535 1,636,903 20,647,383 37.096,739
5,354,765 82,004,034 65,910,24
6,828,688
December
Norfolk & Western_
44.790,670
2,767,715
N
3,559,890
J..
of
December
RR
Central
566,697 416.262 5,753,644 5,299,914
Norfolk Southern December
507,837 426,656 6,063.156 5,477,288 Northern
Cent New England_ December
7,835,401 92,841,868 80,856,976
583
10028
November
Pacific..
453,097 362,311 5,185,838 4,482,811
992,093 1,029,959
Central Vermont December
76,829
68,697
Minn & Internat.. December
219,811 243,514 3,015,886 2,401,444
Charleston & W Car December
406,215 5,702,398 4,871,594
434,304
December
Pacific
'n
Northwest
54,643,794
1,377,715
1,405,733
Ches & Ohio Lines_ December 7,089.616 4,740,943 73,720,796
102,799
87,367
November
Co
Land
20,525,689 Oahu By &
Chicago & Alton_ _ _ December 2,156,517 1.638,407 24.358.662
459,484 557,524 5,620,600 5,201,117
December
122342707 Pacific Coact
Chic Burl & Quincy December 12639318 10388 401 144172 769 21,012,173
22480944 367414695 290234093
34245328
December
RR
nia
Pennsylva
80,999 1,436,440 1,281,365
Chicago & East Ill_ December 2,225,996 1,682,331 26,753,092 16,368,323
135,134
Bait Ches & All December
Chicago Great West December 1,685,460 1,376,426 19,116,925 9,161,397
596.028 378,752 5,917,543 4,838,904
Cumberland Vail. December
Chic Ind & Louisv_ December 1,045,275 750,234 11,017,274 3,260.982
1,326,523 22,213,444 17,286,179
1,660,531
December
Island
Long
339,178 260.917 3,435,781
Chicago Junction.._ December
76,228 1,101,324 1,011,519
117,702
Mary'd Del & Va December
Chic Milw & St P December 12334545 9,168,421 152894455 113739201
765,177 432,944 7,632,494 5.544,625
N Y Phila & Norf December
10,599,544 8,555,048
546,577
Chic & North West December 10676200 8,788.958 127295679 108264983
791,112
December
Seash
&
W Jersey
159,283 175,839 2,147.466 2,191,451 Pennsylva
Chic Peoria & St L.. December
nia Co_ _ _ December 8,954.611 5,749,152 95,530,322 78.595,298
9
7,207,727 6,491,358
Chic R I & Pacific_ _ December 8,423,884 7,505,216 99,869,556 85,709,54
504,377
558,608
December
&
Ind
Rap
Grand
73,507,628
354,541 398,193 4,420,008 3,899,172
Chic R I & Gulf.. _ December
Pitts CC & St L_ December 7,336,471 5.840,224 87,224,887
Chic St P M & Om_ December 2,245,995 1.856,397 24.829,982 21,476,509 Peoria & Pekin Un_ December
94,245 1,306,395 1.206,718
122,602
3,805,025
386,494 364.391 5,000,956
28,955,012 23,507,855
Chic Terre H & S E December
1,979,155
2,689,573
December
Marquette
Pere
268,713 201,263 3,137,153 2,639,537 Pittsb & Shawmut_ December
Cinc Ind & Western December
83,651 1,343,608 1,150,806
116,225
655,250
722,851
Colo & Southern_ _ _ 3d wk Jan 259,283 238,712
74.558 108.774 1,125,208 1,141,805
Shaw & Nor_ November
800.144 654,810 7,950,342 6,546,863 Pittsb
Ft W & Den City December
1,800,146 1,580,787
127,419
77,343
December
Va....
West
&
Pittsb
122,125 118,811 1,164,137 1,095,339 Port
Trin & Brazos Val December
295,203 272,824 2,637,219 2,105.395
December
Reading
88,034 1,123,240 1,164,540
90,737
871,88%
Colo & Wyoming December
78,690 1,057,825
98,596
_
December
&ICan0
Quincy0m
Constit Rys of Max December 2,756,042
855.288 1,034.713 Reading Company:
84,361
65,284
Cri]) Crk & Col Spgs November
7,629,262 5,118,847 80,769,563 66,831,398
December
&
Reading..
Phila
6.794.614
11.290.408
646.826
_
472.392
Cuba Railroad__ _ November
741,875 797,827 7,164,372 5,249,407
Fred & Potom December
Delaware & Eludson December 2,601,704 2,220,555 34,789,864 29,989,399 Rich
466,354 435,943 4,027,034 2,763,407
Wash Southern.._ December
Del Lack & West December 6,009,723 4,286,064 68,740,076 57,211,224
340,659 325.595 4,540,589 4,325,369
December
Rutland
28,423,138
31,356,214
Deny & Rio Grande December 2,869,532 2,384,349
183,524 200,693 2,588.578 2,346,814
IsI'd December
51,859 130,339 2,055,509 2,055,217 St Jos & GrandFran_
Denver & Salt Lake December
December 6,033.729 5,003.192 69,812,604 57.434,625
Louis-San
159.841 113.140 1.557,033 1,350,450 StFt
97,237 1,151,032 1,008,719
Detroit & Mackinac December
100,059
December
Gr.._
Rio
W
&
2.903,354
322,594 200,695 3,413.341
70,837 1,366,345 1,113,130
Detroit Tol & Trout December
93,936
L-S F of Texas December
204,229 147,251 1,999,026 1,827.431 StSt
13,035,153 11,468,728
Det & Tol Shore L.. December
1,062,340
Louis Southwest December 1,318.752
119.151 157,191 8,978,930 7.371,399
Dul & Iron Range_ _ December
640,827 6,553,608 5.840,929
516,044
December
of
Texas
W
S
L
St
15.306.600
242,145 345,035 21,545,271
832,856
Dul Mksabe & Nor December
1,015,968
397,807
77,660
November
183,633 St Louis Transfer
202,302
62,290
71,475
Dul So Shore & Atl_ 3d wk Jan
369,984 437,230 4,370,334 4,178,192
Ant & Ar Pass. December
30,345.146
147,986 136,693 1,712,066 2,026,109 San
38,923,106
Duluth Winn & Pac December
2,837,494
3,609,185
December
Line.._
Air
Seaboard
99.321 188,792 1,038,035 1,052,816
East St Louis Conn November
80.718 1,437,511 1.094,951
135,590
November
South Buffalo
132257556
Elgin Joliet & East_ December 2,037,563 1,194,688 20.685.019 15.816.473
Southern Pacific.... _ December 13961660 12259984 153948641
El Paso & So West.. December 1,222,273 1,175.861 14.790,468 13,634,862
354,587 4,478,691 4,269,650
393,432
December
East..
Arizona
19,737,997
December 8,176,460 5.309,243 87,855,460 70,982.219
21,273,847
Erie Railroad
1,829,025
1,850,416
Galv Harris & S A December
Chicago & Erie December 1,137.353 700,084 11,039,823 8,794,149
810,053 907,887 8,041,980 8,223,426
Hous & Tex Cent December
821,685 656,533 8,841,222 8,140,167
Florida East Coast.. December
196,528 187,359 2,087,716 1,862,980
Hous E & W Tex.. December
974,279
81,602 1.023.981
92,557
Fonda Johns & Glov November
374,371 354,081 4,348.152 3,653,551
Louisiana West'n December
121,660 141,729 1,296,857 1,179,849
Ft Smith & Western December
706,295 8,352,108 6,910,459
841,009
December
Tex
&
La
Morgans
92,406 1,049,838 1,092,444
111,715
Galveston Wharf December
626,973 590,321 7,445,600 6,410,077
Texas & New On December
637,528 537,133 6,716,503 4,366,637 Southern
Georgia Railroad..., December
10727373 8,399.507 126574296 90,716,568
December
Railway...
111,624
94,045
94,015 111,624
Grand Trunk Pac_ _ 1st wk Jan
915,859 676,906 9,296,635 7,151,054
Ala Great South_ December
13,051,819
Grand Trunk Syst_ 4th wk Jan 1,428,095 982,192 4,402,229 2,976,338
Cin N 0& Tex P.. December 1,556,886 1,033.956 15,478,641
838,925
Grand Trunk By 1st wk Jan 1,044,321 838,925 1,044,321
572,053 511,905 6,474,717 4,969,265
December
N
E.._
&
Orl
New
16,208,568
13,604,507
14,840,901
1,047,353
Grand Trk West.. December 2,211,029 1,523.657 19,376,032 88,534,163
1,341,075
December
Mobile & Ohio
Great North System December 9,848,200 6,884,843 100661067 2,322,649
421,573 328,809 3,694,801 2,983,428
Georgia Sou & Fla December
219,352 180,207 2,418,292
1,519,496 1,309,222
Gulf Mobile & Nor_ December
154,007
195,545
December
Miss
in
Ry
South
182,480 202,585 2,548,060 2,328,742 Spokane Internat'l_ December
Gulf & Ship Island.. December
97,458 1,011,605 1,000,131
98,701
699,244 747,606 13,155.861 10,696,434 Spok
December
Hocking Valley
728,508 565,853 8,496,944 6,778,798
Portl 3c Seattle December
1,934,751 1,493,513
Illinois Central_ __ _ December 9,130,043 7,398,783 107320261 87,144,786
105,337
179,164
December
T
R
Staten Island
4,562
5.245
Internat & Grt Nor December 1,178,349 1,260.865 13,476.888 12,588,224
1,707
2,335
Ala & Georgia 3d wk Jan
69,824 115.792 1,259,674 1,217.344 Tenn
1,797,252
Kan City Mex & Or December
3.011,813
141,892
245,094
December
Central..
Tennessee
77,131 115,337 1,188,657 1,308.779 Term Assn of St
3.462,238
KOMex &OofTex December
3,567.267
294,224
352,003
November
Kansas City South_ December 1,387,028 1,072,302 15,250.406 12,410,966
305.267 288,467 3.370,305 2,917,562
St L Mar Bdg T_ November
127,061 114,932 1,281,122 1,136,521 Texas
Texark & Ft Sm. December
& Pacific__ 3d wk Jan 617,607 406,322 1,797,490 1,307,817
95.874 1.217.830 1.131,295
108.877
Kansas City Term.. December
164,583 107,482 1.645,593 1,289,433
December
Peor & West
372,252 158,315 2,476,851 2,247,617 Toledo
Lehigh & Hud Riv_ December
738,051 516,112 8,306.128 7,041.663
St L & West December
334.727 254.037 3,989,894 3.666,567 Toledo
Lehigh & New Eng.. December
55,863 '64,020 1,006.445 1,008,893
December
&
Delaware_
Ulster
December 5,894,043 3,862.839 65,586,769 53,358,446 Union Pacific
Lehigh Valley
December 8.732,532 7,082.019 98,443,365 76,998,4233
Los Ang & Salt Lake December 1,269,545 1,133,860 1,1,517,378 12,766,723
3,046,862 2,866,620 34,136,854 31,016,34
December
Line
Short
Oregon
1,569.722
1,671,652
146,072 142.794
Louisiana & Arkan_ December
Ore-Wash RR & N December 2,342,623 1,852,883 26,264.956 22.097,098
274,391 251.534 2,078,059 2,497,535 Union
Louisiana Ry & Nay December
646,165 361,831 7.078.314 5,732.627
RR (Pa).... December
Louisville & Nashv_ December 9,644,401 6.866,585 101392792 76,907,387
63,568 1,409,236
120,096
December
Utah
2,226,650
262,761 191,913 2,858,463
Louisv Hend & St L December
323,799 225,693 2,689,104 2,206.558
December
Pac
&
Shreve
December 1,429.414 1.125,183 16,415,178 1 A125,576 Vicks
Maine Central
887,349 710.232 11.906,444 10.242,473
December
RR
Virginian
2,977,127
3,504,780
257,002
323,539
December
Midland Valley
December 4,556,981 3,282,330 48.246.411 40,477,999
55,143 Wabash RR
63,506
19,878
22,377
13,638,449
3d wk Jan
Mineral Range
Western Maryland.. December 1,745,628 1,276,882 15.402,352
Minneap & St Louis December 1,067.625 1.033.697 12028.300 11,005,063 Western
891,643 878,837 11,065,963 9,898,484
December
Pacific
34,540,491
35,930,293
2,558,203 1,725,860
Minn St P&S SM December 3,905.179 2,580,086
187.301
245,165
December
Ala_
of
By
Western
974,749
80,465 112,256 1,246.990
Mississippi Central_ December
951.455 743,779 13,592,172 11.028,904
Wheel & Lake Erie.. December
Missouri Kan & Tex December 3,036,614 2,334,702 33,230,335 25,990,721 Wich Falls & N W_ December
96.957 109,239 1.068,157 1,053,274
Mo K & T By of Tex December 1,925,129 1,774.821 19,240,331 16,300,156
1,810,053 22,477,008 18,152,123
2,398,801
December
Vail..
Miss
94,914 109,609 1.404,131 1,417.969 Yazoo &
Mo & North Arkan December
121,728 145,227 1,780,546 1,906,916
December
Mo Okla & Gulf

AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

344,165

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
Cur. Yr. Prey.Yr.
Mileage.
294.002.791-11.608,126 3.95
January._ -240.046 239.885 282.314.665 312,276,88
1'+50.484,357 16.22
8
362,761.23
228.835
February...._230.336
51 9.65
238.891 237.463 285.776.203 260,627,752 +25,148.4
March
14 15.70
233.734 232,255 369,409,895 319.274.981 +50.134.901
April
9.38
6
+32,091.0
342.146.09
7
374.237.09
230.355 228,892
May..
1 +40.002.412 12.38
June.......220.303 219.294 363.165.528 323.163.1657
34.00
315
+117661
346,022,8
2
463.684,17
230,570
231.700
July
95 37.45
230.743 230.015 498,269,356 362,509,561 +135759,7
August
36.16
.
.. • , •
.
September _232.186 232.378
17 28.30
33
+106956.8
377,867,9
50
484.824,7
October ___ -230.184 230.576
23.06
08
+82.163.4
November _ -232,274 232,259 438,602,283 356,438,875
•
•
,
4 .•••••• elcel
•
,
dth V7Pate Trt n
•
r •
lines.
owned
nt
Governme
other
and
nial
Inter-colo
the
Northern.
Canadian
a Includes the former

2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

$
3
3
5.03
6,850,256
1
(15 roads)____ 7,194,421
week Nov
1
816,977 12.13
week Nov 11 roads).._.... 7.551,945 6,734,968
1.85
138,940
week Nov 10 roads)....-- 7.631,596 7,492,658
week Dec 15 roads)___- 7,582,032 6,541,897 +1,010,135 15.90
week Dec 13 roads)___- 7,853,955 5,756,691 +2,097.261 36.43
28.79
week Dec 11 roads)___- 6,924,046 5,376.100 +1,547,946831.49
week Dec 14 roads)__-- 10,698.660 8.136.132 +2.562,52 22.80
+976,152
4,280,891
5,257,043
week Jan 13 roads).week Jan 12 roads)....... 6,073.616 4,701,322 11,372,291 29.19
week Jan 14 roads).._....




2,112„111 galau

Hmitlz Ea

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of January. The table covers 8 roads and shows
28.99% increase in the aggregate over the same week last
year.
Fourth week of January.

1919.

1918.

$
$
99,427
87,195
Ann Arbor
384,642
519,328
Buffalo Rochester & Pittsburgh
2,488,154 1,705,880
Canadian Northern
4,101,000 3,535,000
Canadian Pacific
Grand Trunk of Canada
982,192
1,428,095
Grand Trunk Western
Detroit Gr Haven & Milw__
Canada Atlantic
Total (8 roads)

Increase. Decrease.
$
12,232
134,686
782,274
566,000

$

445,903

8.636,004 6,694,909 1,941,095

TIAt inornagn OR AQ041

For the third week of January our final statement covers
14 roads and shows 37.09% increase in the aggregate over
the same week last year.
Third week of January.

1919.

1918.

Increase. Decrease.

$
$
$
Previously reported (10 roads)_ 5,997,902 4,439,019 1,559,153
100,880
40,575
60,305
Ann Arbor
71,475
62,290
9,185
Duluth South Shore & Atlantic_
19,878
22.377
2,499
Mineral Range
406,322 211,285
617.607
Texas & Pacific
Total(14 roads)
NAt. in rrestqw (17.110%)

6,810,241 4,968,084 1,842,427
1.842.157

$
270

270

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year
Year.
Year.
Year.
Roads
$
$
$
$
339,379
32,049
39,849
Bangor & Aroostook_ b__Dec 437,616
4,863,222 4,384,561
623,705 1,394,193
Jan 1 to Dec 31
113,856
def5,380
3,160
83,312
Birmingham South_ b_ _ _Dec
1,397,254 1,201,530
382,492
39,707
Jan 1 to Dec 31
Dec 5,734,750 4,671,063def1837,394
271,238
Boston & Maine_b
69,911,393 59,686,815 5,480,621 12,239,188
Jan 1 to Dec 31
155,933 def36,126
Buffalo & Susquehan_b_Dec 189,868
50,120
2,249,866 1,785,856 def17,987
374,833
Jan 1 to Dec 31
536,411
751,005
Central of Georgia_ b___Dec 1,858,535 1,636,902
20,847,382 16,024,537 5,685,391 4,978,688
Jan 1 to Dec 31
Dec 453,097
362,311 def290,595
47,830
Central Vermont_ b
5,188,837 4,482,811 def399,701
752,500
Jan 1 to Dec 31
243,514
152,669
Charleston & W Caro_ b_Dec 319,811
119,027
3,015,887 2,401,443
698,485
873,516
Jan 1 to Dec 31
Chic Burl & Quincy_ b__Dec12,639,318 10,388,401 2,175,341 5,058,778
144,172,769 122342,706 32,105,153 43,710,363
Jan 1 to Dec 31
Chi Rock Isl & Pac_ b__ _Dec 8,423,885 7,505,216 def229,283 2,019,244
Jan 1 to Dec 31
99,869,557 85,709,549 13,770,982 .22,220,459
126,721
Dec 354,541
def5,564
Ohl R I & Gulf_ b
398,193
Jan 1 to Dec 31
4,420,008 3,899,172 1,091,911 1,342,159
29,027
26,388
88,034
Colorado & Wyoming_ b_Dec
90,737
452,052
268,450
1,123,241 1,164,541
Jan 1 to Dec 31
413,973
430,210
Denver & Rio Grande_b_Dec 2,869,532 2,384,349
31,352,214 28,423.138 8,058,739 8,694,709
Jan 1 to Dec 31
324,425 def35,274
30,621
Duluth So Sh & At1_b_-Dec333 257
561,165
863,723
4,824,186 4,316,294
Jan 1 to Dec 31
136,692
20,170
Duluth Win & Pac_b___Dec 147,986
4,438
226,673
496,735
1,712,066 2,026,108
Jan 1 to Dec 31
656,533
118,015
Florida East Coast_ b__ _Dec 821,685
241,143
8,841,222 8,140,167 2,098,518 3,638,972
Jan 1 to Dec 31
141,728
22,222
46,209
Ft Smith & Western_ b__Dec 171,659
176,382
1,296,857 1,179,849
238,148
Jan 1 to Dec 31
92,406
Dec 111,714
52,382
54,121
Galveston Wharf_ b
1,049,838 1,092,443
362,148
491,597
Jan 1 to Dec 31
537,133
171,774
Dec 637,528
189,979
Georgia_ b
Jan 1 to Dec 31-4.- 6,716,502 4,366,637 2,357,730 1,426,593
109,821
Gr Tr Lines in N Eng_ b_Dec 563,511
•
1,668,748
def127,864
Jan 1 to Dec 31
202,585 def19,341
15,297
Gulf & Ship Island_ b___Dec 182,479
2,548,060 2,328,741
514,927
776,431
Jan 1 to Dec 31
180,207 def22,600
30,179
Gulf Mobile & North_ b_Dec 219,352
2,418,292 2,322.649
262,181
Jan 1 to Dec 31
733,248
189,191
473,447
Los Ang & Salt Lake_ b__Dec 1,269,544 1,133,859
14,517,377 12,766,723 3,645;690 5,035,497
Jan 1 to Dec 31
251,533
. 8,216
Louisiana Ry & Nav_b_Dec 274,391
97,436
2,078,058 2,497,535
to
Dec
31
492,084
1
759,483
Jan
191,912
Louisy Hend & St L_b_Dec 262,761
53,975
32,630
2,858,463 2,226,649
Jan 1 to Dec 31
853,644
774,329
Dec
95,793
87,393
def1,022
Mineral Range_ b
735
1,143,534 1,184,849
Jan 1 to Dec 31
82,348
42,272
80,464
Mississippi Central_ b___Dec
112,256 def17,770
35,494
1,246,990
974,749
Jan 1 to Dec 31
279,794
308,293
145,227 def29,356 def133,558
Missouri Okla & Gulf_b_Dec 121.727
1,780,548 1,906,918 def267,253
Jan 1 to Dec 31
213,099
300,865 def35,590
Monongahela Connect b Dec 228,302
128,573
2,473,763 2,010,969
266,441
Jan 1 to Dec 31
289,653
235,841
106,843 • 127,613
Nevada Northern_ b___Dec 218,304
2.706,331 2,512,402 1,362,575 1,444,537
Jan 1 to Dec 31
165,682 def62,014
New On Great North_ b_Dec 156,966
39.175
2,197,315 1,916.217
503,436
671,410
Jan 1 to Dec 31
97,734
186,423 def40,603
93,223
New On Tex & Mex_ b-Dec
1,885,623 1,517,603
532,556
388.484
Jan 1 to Dec 31
98,865
117,90f
54,187
18,633
Beau S Lake & West_ bDec
1,417,973 1,034,522
370,467
455,338
Jan 1 to Dec 31
392,607
168,236
116,045
St L Browns & Mex.b_Dec 407,423
4,448,927 3,918,190 1,419,260 1,518,929
Jan 1 to Dec 31
Northern Pacific System68,697
76,829
15,527
def7,244
Minn & Internat_ b_ _Dec
992,093 1,029,959
295,961
29,195
Jan 1 to Dec 31
406,215
133,418
def5,933
Northwestern Pacific_ b_Doc 434,304
5,702,397 4,871,594 1,728,629 1,757,899
Jan 1 to Dec 31
557,524
52,128
75,982
Pacific Coast_ a •
Dec 459,484
2,906,859 3,101,659
416,099
578,430
July 1 to Dec 31
98,596
78,690 def53,195
469
Quincy Omaha & K 0 b Dec
1,057,825
871,889 def264,898
63.934
Jan 1 to Dec 31
437,229
7,891
118,940
San Ant & Aran Pass_b_Dec 369,984
4,370,334 4,178,191 def39,995
660,596
Jan 1 to Dec 31
Southern Pacific SystemArizona Eastern _ b_ _Dec 393,432
354,588
316,228
175,850
Jan 1 to Dec 31
4,478,691 4,269,650 1,742,184 2,134,508
Gal liar & San Ant_ b_Dec 1,850,416 1,829,024
497,125 1,283,780
Jan 1 to Dec 31
21,273,847 19,737,996 8,287,717 8,223,018
Roust & Tex Cent_ b__Dec 801,058
907,888
291,893
515,595
Jan 1 to Dec 31
8,041,980 8,223,425 2,644,970 2,297,799




571

THE CHRONICLE

FEB. 8 1919.]

-Gross Earnings--Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Roads.
Southern Pac System (Cond.d) $
$
$
$
Roust E & W Tex_ b__Dec 196,528
187,358
20,102
87,301
Jan 1 to Dec 31
2,087,716 1,862,980
521,637
760,067
34,745 def16,789
South Pac SS Lines_ b_Dec 914,978
770.999
9,297,457 11,184,754
567,113 2,337,184
Jan 1 to Dec 31
590,320 def21,229
229,162
Texas & New Orl_b__Dec 626,973
Jan 1 to Dec 31
7,445,599 6,410,076 1,292,097 2.509,320
Spokane Internat_b____Dec
98,700
97,457
45,373
49,971
Jan 1 to Dec 31
1,011,601 1,000,130
353,076 • 385,604
137,369
248,609
Spokane Port & Seatl_b_Dec 728,507
565,853
8,496,944 6,778,798 3,300,670 3,472,858
Jan 1 to Dec 31
13,147
Trinity & Brazos Val_ b_Dec 122.125
118,810 def33,551
Jan 1 to Dec 31
1.164,137 1,095,339 def372,749 def185,837
Dec 120,095
14,702
63,567
52,582
Utah..b
1,409,225
204,704
Jan 1 to Dec 31
Dec 887,349
710,322 def140,241
202,284
Virginian_ b
Jan 1 to Dec 31
11,906,444 10,242,472 2,628,526 4,543,611
Dec 891,643
323,701
Western Pacific_ b
878,837 def46,858
Jan 1 to Dec 31
11,065,962 9,898,483 3,174,344 3,708,428
a Net earnings here given are after the deduction of taxes.
b Net earnings here given are before the deduction of taxes.
Gross
Fixed
Balance.
Gross
Net after
Other
Income.
Income. Charges.
Surplus,
Earnings. Taxes.
$
$
New York Chicago & St Louis R.R.679,899
49,043
630,856
54,956
624,943
Dee '18 2,505,361
19,560
143,653
124,093
95,053
48,600
'17 1,293,790
172,927 4,691,864
783,515 3,908,349
12 mos '18 22,656,381 4,518,937
330,156 3,341,914 1,009,958 2,331,956
'17 16,901,206 3,011,758
EXPRESS COMPANIES.
-Month of September1918.
1917.
American Railway Express Co.21,581,552
Total from transportation
10,843,731
Express privileges-Dr
Revenue from transportation
Operations other than transportation

10,737.821
482,850

Total operating revenues
Operating expenses

11.220,671
12,923,375

Net operating revenue
Uncoliectible revenue from transportation
Express taxes

def1,702,704
727
127,744
def1.831.175

Operating income

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

AdirondackElPow Co December
Alabama Power Co_ _ October
Amer Power & Lt Co November
Atlantic Shore Ry_ _ _ December
Aurora Elgin & Chic._ November
Bangor Ry & Electric November
Baton Rouge Bloc Co December
Blackstone V G & EL December
Brazilian Trac. L & P November
Brock & Plym St Ry_ December
13klyn Rap Tran Syst September
Cape Breton Elec Co December
Cent Miss V El Prop.. December
Chattanooga Ry & Lt November
Cities Service Co_ __ _ December
Cleve Painesv & East November
gColumbia Gas & El.. December
Columbus(Ga) El Co December
Colum (0) Ry,P & L November
Com'w'th P. Ry & Lt December
Connecticut Pow Co.. December
Consum Pow (Mich)_ November
Cumb Co(Me)P & L November
Dayton Pow & Light November
g Detroit Edison..__ _ December
gDetroit United Lines December
Duluth-Superior Trac November
East St Louis & Sub.. November
Eastern Texas Elec_ _ November
g El Paso Electric Co December
Fall River Gas Works December
Federal Lt & Trac_ _ _ November
Ft Worth Pow & Lt__ November
Galv-Hous Elec Co_ _ December
g Georgia L.P & Rys November
Grand Rapids Ry Co November
g Great West Pow Sys December
Harrisburg Railways November
Havana El Ry,L & P December
Honolulu R T & Land December
Houghton Co El L Co December
Houghton Co Tr Co.. December
b Hudson & Manhat_ November
November
Illinois Traction_
Interboro Rapid Tran December
Jacksonville Trac Co December
Keokuk Electric Co_ December
Key West Electric Co December
Lake Shore Elec Ry_ December
Lewist Aug & Watery November
Long Island Electric.. September
Louisville Railway__ November
Lowell Electric Corp_ December
Manhat Bdge 3c Line September
Milw El Ry & Lt Co.. November
Milw Lt, Fit & Trac_ November
Mississip Riv Pow Co December
Montreal L, H & P__ October
Nashville Ry & Light November
New England Power.. December
NewpN&H Ry,G&E November
Nevada-Cal El Corp.. October
N Y & Long Island.._ September
N Y & North Shore__ September
N Y & Queens Co_ _ _ September
New York Railways_ November
Northampton Trac__ December
Northern Ohio Elec_ _ December
h North Texas Elec.... December
Ocean Electric (L I)_ September
October
Pacific Gas & Elec_
Pacific Power & Light November
g Paducah Tr & Lt Co August
Pensacola Electric Co December
Phila Rapid Transit._ November
Phila & Western_ __ _ December
Portland Gas & Coke November
Port(Ore)Ry,L&PCo. November
Porto Rico Railways.. October
g Puget Sd Tr.L & P_ August
°Republic Ry & Light September
Richmond Lt & RR_ June

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
$
173,734 165,608 1,834,077 1,650,764
275,827 198,441 2,434,406 1,707,560
1258,289 1071,606
171,564
13,371 12,451
231,756
177,454 175,788 1,952,758 1,995,777
840,188
80.930 76,081
802,329
267,809
27,596 21,584
231,965
234,979 188,557 2,444,733 1.991,844
R581000 f7695000 f93363,000 184131,000
8,910
101,429
6,125
124,316
2594,108 2512,154 23,736,884 23,168,136
51,173 46.120
513,005
464,081
30,700 29,258
339,076
311.630
167,118 111.216 1,666,737 1.135.952
1805.815 1712,683 22,280,067 19,252,493
51.442 41,817
511,630
496,164
1123.844 1125,086 11,451,863 10,865,673
102,325 103,821 1,181,413 1,096,066
370,981 359,990 3,846,746 2,628,914
2179,221 1996,288 21,918,061 19,723,736
870,621
110,435 81,592 1,028.252
654,640 546,399 5,916,498 5,201,927
276,504 243,036 2,940,500 2,832.318
260,472 187.664 2,162,925 1.673.940
1415,133 1296,186 13,801,527 12,279.925
1735,236 1523,965 19,014,018 17,427,940
123,967 138,967 1,519.812 1,458.087
366,551 329,267 3,809.031 3,334.485
95,507 75,990 1,020,246
852,597
122,307 108,471 1,257,633 1,283,525
718,210
62,800 48,837
582,753
306,291 268,643 3,159,671 2,559,445
120,677 96,345
256,283 209,590 2,691,33 2,088,122
114,841 109,472 1,106,824
988,439
105,622 100,702 1,160,692 1,186,624
444,784 363,043 4,644,407 4,008,553
118,822 96,651 1,073,902 1,189.917
709,891 673,789 8,176,545 6,989.599
65,881 66,260
735,151
726,603
45,136 40,633
423,703
420,553
29,252 31,193
343,134
320,067
569,259 527,250 8,032,741 5,596,927
1343,655 1243,066 13.446,064 12,275.726
3782,284 3740,928 40,881,932 40,512,136
945,568
98.461 69,590
698,123
264,236
22,985 22,955
248,546
202,873
21,109 14.067
146,087
178,819 142,814 1,988,688 1,618,440
836,042
815,160
76,707 71,307
179,073
22,602 23,479
200,910
321,256 289,154 3,373,789 2,989.549
892,846
97,366 71,506
723,632
107,102
12,608 10,744
92,040
836,299 737,569 8,073,703 7,180,220
293,096 193,061 2,759,404 2,024,402
186,906 158,989 2,213,392 1,976,461
970,106 905,216 5,297,130 4.822.709
271,939 212,264 2,588,987 2,235,205
376,741 267,515 3,557,281 2,645,974
230.308 142,032 1,996,921 1.223,444
176,641 167,784 1.844.277 1.676.290
377.615
350,059
58,621 58,224
114,716
128,745
15,865 17,897
722,000
874,656
93,567 84,268
903,152 998,423 10,232,898 11,487,876
236,662
217,058
21,980 19,117
716,210 584,651 7,293,811 6,469.035
249.512 294,208 2,929,759 2,582,113
137,512
136,121
17,984 17,302
1910,696 1619,738 18.412,850 16,296,962
163.128 146,677
198.993
204.534
26.280 23,298
350.459
506,050
50,756 35,082
2764,923 2512,229 28,820,945 27,104,497
619,151
569,064
57,863 48.332
164,245 126,043
636,539 525,811 6,925,386 5,429,490
865,213
744.454
86,047 72,493
1021.191 774,847 7,629,623 5,910.905
443.863 426.250 4.151.145 3.469.834
209,211
208.060
42.100 44,102

572

THE CHRONICLE
Latest Gross Earnings.

Name of Road
or Company.

Week or
Month.

St L Rocky Mt & Pac November
Santiago El Lt & Tr_ November
Savannah Electric Co December
Second Avenue (Rec) September
Southern Boulevard.. September
Southern Cal Edison.. December
Staten Isld Midland.. September
Tampa Electric Co__ December
Tennessee Power_ _ _ _ November
Tenn Ry, Lt & P Co_ November
Texas Power & Lt Co November
Third Avenue System December
DDEB&B RR__ September
42dStM&StNA Ry September
UnionRyCo(NYC)September
Yonkers Railroad_ September
N Y City Inter Ry_ September
Belt Line Ry Corp_ September
Third Avenue System November
Twin City Rap Tran_ November
Virginia Ry & Power.. November
Wash Balt & Annap_ December
Westchester Electric_ September
York Railways
December
Younirstnwn& OM._ Tmeemher

Current Previous
Year.
Year.
$
394,369
54,254
110,395
76,416
18,279
811,874
25,205
103,665
209,787
564,667
294,603
829,963
39,141
147,536
229,558
72,988
58,412
46,757
781,242
748,352
647,196
249,654
54,671
113,148
R7 4AA

3

402.023
53,301
92,611
80,737
18,557
685,396
31,277
87,953
189,402
465,943
274,952
793,012
38,580
148,081
249,346
76,868
61,905
53,508
853,699
807,839
607,654
182,420
48,752
103,707
R9 A95

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
4,760,910
611,748
1,182,891
630,235
150,928
8,735,458
218,535
1,062,546
1,985,594

$
3,570,760
527,135
968,173
652,828
167,032
8,250,382
282,152
1,001,311
1,788,878

8,040,056
360,982
1,234,130
2,014,370
619,310
513,780
436,833
7,210.093
8,799,564
7,187,007
2,902,015
457,349
1,100,088
49A AAR

8,594,602
338,116
1,339,960
2,235,569
619,493
559,546
513,100
7,801,590
9,345,634
6,013,083
1,560,125
423,400
1,058,843
RAA ARO

a Now covers only the lines east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach, Me. b Includes
all sources. f Earnings given in milreis. g Includes constituent or subsidiary companies. h Decrease in gross earnings due to the omission this
year of the Texas State Fair, to the influenze epidemic and to the reduction
In the number of troops at army camps.

Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
Charges and surplus reported this week:
Companies.

-Gross Earning--Net Earnings-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Central Union Teleph_ b-Dec 974,561
Jan 1 to Dec 31
11,181,832
Keystone Tel of Phila b Dec 112.670
Jan 1 to Dec 31
1,411,583
Philadelphia CompanyNatural Gas Dept_ a_ _Dec 1,289,123
8,931,287
Apr 1 to Dec 31
_ __Dec 116,160
Oil
Department_aApr
1 to Dec 31
685,421
66,660
• Coal Department_a __Dec
31
to
Dec
843,603
Apr 1
Elec Lt & Pow Dept a Dec 1,181,962
8,737,717
Apr 1 to Dec 31
Street Ry Dept (excl Pittsburgh Rys Co)_ a_ _ _Dec
56,196
Jan 1 to Dec 31
441,989

873,725
80,913
117,060
10,014,437 1,319,443 1,976,193
171,442
41,005
85,523
1,456,116
569,594
654,348
1,011,642
608,648 • • 470,544
7,273,681 4,255,197 3,428,898
193,534
58,342
102,973
565,500
565,448
394,015
114,961
3,891
10,152
1,314,134
189,903
638,748
974,298
514,033
287,275
7,073,276 3,330,461 1,897,014
39,167
383,157

9,541
64,615

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.

2,330
98,322

Balance,
Surplus.

Dec '18
173,734
61,564
25,811
35,793
'17
165,608
14,391
22,052 def7,661
12 mos '18 1,834,077
391,925
260,936
130,989
'17 1,650,765
418,584
256,031
162,553
51,442
20,238
16,084
4,154
Cleve Painesville & Nov '18
'17
41,817
13,804
11,635
Eastern RR
2,169
511,630
171,924
136,552
35,372
11 mos '18
'17
496,164
186,252
128,474
57,778
Nov '18
306,291
105,646
53,930
Federal Light &
51,707
'17
268,643
Traction Co
82,107
50,267
31,840
11 mos '18 3,159,671
930,716
559,836
370,880
'17 2,559,445
761,235
543,485
217,750
Havana Elec By, Dec '18
374,801
155,630 x239,914
709,891
'17
673,789
578,703
159,551 x240,586
Light & Power Co
12 mos '18 8,176,545 4,401,724 1,744,301 x2,798,189
'17 6,989,599 3,942,866 1,877,662 z2,214,959
Dec '18 3,782,284 1,214,938 1,509,382 x 431,887
Interboro Rapid
'17 3,740,927 1,664,895 1,102,031
x768,434
Transit System
6 mos '18 19,953,159 5,945,434 8,739,866 z871,850
'17 19,669,015 8,574,303 6,482,086 x3,534,231
39,254
35,917
3,337
178,819
Lake Shore Electric Nov '18
142,814
38,893
35,150
3,743
'17
Railway System
545,582
397,029
148,553
•
11 mos '18 1,988,688
515,100
381,998
133,102
'17 1,618,440
121,382
376,741
162,063
40,681
Dec '18
New England Co
72,009
108,435
36,426
267,515
'17
Power System
858,963
463,918
12 mos '18 3,557,281 1,322,881
703,232
440,963
'17 2,645,974 1,144,195
250,087
811,874
501,229
251,142
Southern California Dec '18
192,838
685,396
229,917
'17
422,755
Edison Co
12 mos '18 8,735,458 5,387,035 2,943,569 2,443,466
'17 8,250,382 5,320,427 2,437,668 2,882,769
220,042 zdef95,248
829,963
112,643
Third Avenue Ry Dec '18
793,012
99,437
219,448zdef103,995
'17
System
839,668 1,324,516zdef406,591
6 mos '18 5,020,913
'17 5,390,097 1,183,014 1,332,046 zdef69,014
236,766
x93,292
249,654
139,881
Wash Bait & Annap Dec'18
72,954
'17
182,420
24,379
x49,480
Elec RR Co
765,495
288,913 x494,536
12 mos '18 2,902.015
718,051
268,293 x462,651
'17 1,560,125
x After allowing for other income received.
Fixed Chgs. Balance,
Gross
Net
Surplus.
Earnings. Earnings. c% Taxes.
dirondack Elec
Power Corp

Dec '18 1,735,236
370,814
241,186 z185,025
345,717
208,680 z200,151
'17 1,523,965
12 mos '18 19,014,018 4,255,679 2,760,831 x1,944,584
'17 17,427,940 4,168,149 2,404,356 x2,175,531
13,527
11,382
Dec '18
24.909
Honolulu Rapid
65,881
3,768
20,962
66,260
24,731
Transit & Land Co '17
312,567
154,428
158,139
12 mos '18
735,151
726,603
332,637
55,035
277,602
'17
x After allowing for other Income received.
Net after taxes--Surp. after Chges.---,Gross
1917.
1917.
1918.
1918.
1918.
1917.
S.
$
$
$
$
Raton Rouge Electric Co10,805
21,584
11,079
7,090
7,175
27,596
Dec
231,965
121,156
112,551
74,728
69,815
12 mos
267,809
Blackstone Valley Gas & Electric Co48,324
62,895
35,748
234,979
188,557
22,200
Dee
690,470
641,669
374,081
337,503
12 mos 2,444,733 1,991,844
Brockton & Plymouth Street Ity Co8,910 def2,125 def1,128 def3,566 def2,446
6,125
Dec
124,316 def14.888
def462 def31,721 def15,217
101,429
12 mos
Cape Breton Electric Co7,360
12,229
51,173
46,120
13,992
18,764
Dec
464,081
120,595
165,834
42,089
87,182
513,005
12 mos
Detroit United
Lines




[VOL. 108.

Gross
- -Nat after Taxes--Sum.tier Charges1918.
1917.
1918.
1917.
1918
1917.
$
$
$
$
$
5
Central Mississippi Valley Electric PropertiesDec
30,700
29,258
7,037
9,352
4,193
6,770
12 mos
339,076
311,630
79,486
90,671
45,241
63,149
Columbus.Electric CoDec_
102,325
103,821
48,432
61,666
13,513
29,884
12 mos 1,181,413 1,096,066
614,100
675,605
216,915
316,503
Connecticut Power CoDec
110,435
81,592
50,103
35,214
29,460
16,700
12 mos 1,028,252
870,621
397,660. 397,450
154,943
190,189
Eastern Texas Electric CoNov
95,507 ' 75,990
32,109
36,682
17,879
27,465
12 mos 1,105,724
928;068
464,093
415,480
312,552
297,874
Edison Electric Illuminating Co of BrocktonDec
95,827
70,574
38,179
35,322
30,501
29,975
12 mos
831,537
729,448
254,423
276,629
175,291
234,445
Electric Light & Power Co of Abington & RocklandDec
23,172
19,503
3,787
6,024
3,080
5,558
12 mos
230,863
210,122
48,927
46,551
41,580
42,936
El Paso Electric Co- •
Dec
122,307
108,471
39,803
32,850
37,256
30,748
12 mos 1,257,633 1,283,525
387,322
481,755
303,240
414,747
Fall River Gas Works CoDec
62,800
48,837
10,768
10,387
11,694
11,691
12 mos
718,210
582,753
156,826
213,040
155,786
212,998
Galveston-Houston Electric CoDec
253,283
209,590
72,134
32,043
79,941
41,367
12 mos 2,691,332 2,038,122
841,082
703,250
368,446
252,370
Haverhill Gas Light CoDec
31,007
24,841
1,942
1,205
2,253
2,028
12 mos
336,294
304,308
26,262
21,397
59,645
60,877
Houghton County Electric Light CoDec
45,136
40,633
10,104
11,663
16,786
9,867
12 mos
423,703
420,553
141,676
178,315
59,430
102,714
Houghton County Traction CoDec
29,252
31,193
11,334
10,881
4,260
3,798
12 mos
320,067
343,134
104,579
126,082
20,180
41,708
Jacksonville Traction CoDec
98,461
69,590
21,463
24,671
4,412
8,805
12 mos_ 945,568
698,123
235,902
228,411
36,835
39,516
Keokuk Electric CoDec
22,985
22,955
4,579
1,890
7,377
4,950
12 mos
264,236
248,546
59,427
26,947
72,762
45,771
Key West Electric CoDec
21,109
14,087
6,949
9,473
5,541
3,254
12 mos_ 202,873
146,087
84,364
50,829
54,574
21,194
Lowell Electric Light CorpDec
97,366
71,506
29,341
27,055
33,996
32,623
12 mos
892,846
723,632
214,688
284,522
197,894
273,795
Mississippi River Power CoDec
186,906
158,989
152,970
126,794
33,325
5,298
12 mos 2,213,392 1,976,461 1,766,406 1,612,066
323,590
240,509
Northern Texas Electric 001)ec
294,208
91,932
249,512
155,920
64,648
126,969
12 mos 2,929,759 2,582,113 1,160,927 1,165,200
823,138
816,455
Pensacola Electric CoDec
50,756
35,082
• 9,237
14,800
def58"
6,970
12 mos
506,050
350,459
145,668
45,745
146,778
53,110
Savannah Electric CoDec
110,395
92,611
18,074
34,294 def8,246
9,462
12 mos 1,182,891
968,173
326,740
322,581
23,794
32,033
Sierra Pacific Electric CoDec
58,085
58,816
27,434
31,415
20,586
24,221
12 mos_'_ 721,296
681,132
366,536
363,436
283,840
281,488
Tampa Electric CoDec
103,665
87,953
47,128
37,934
41,835
32,849
12 mos 1,062,516 1,001,311
442,270
437,772
380,837
381,653

FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan. 25. The next will appear in that of Feb. 22.
Brooklyn Rapid Transit Company.
(Official Report Dated Jan. 31 1919'
-Further Data.)
The report of Chairman Nicholas F. Brady and the retiring
President, Colonel T. S. Williams, cited last week (p. 478),
further says in substance:
Cause of Receivership.-The fundamental cause for the receivership was
our lack of capital funds, both for meeting outstanding construction and
equipment obligations and for continuing our plans f
condilonasthemoroaggravaecbecause
?riirZrhs
teyea
then
only a small amount) the company has sold no securities for capital purposes except the $60,000,000 of six-year 5% notes for carrying out the
provisions of the subway contracts with the city. It has made expenditures
for other capital purposes, however, aggregating in the neighborhood of
$20,000,000, for which It has not been reimbursed by sale of securities.
This caused a continuous drain upon the receipts from operation, and
necessitated large borrowing on current notes from banks and trust companies, and from the constituent companies of the system. So long as
the system was earning substantial profits such a temporary financing of
capital requirements presented no serious embarrassment, and in the Judgment of your directors was preferable to selling long term securities at a
sacrifice, but when war conditions overtook us and net earnings were
largely reduced, there was no available souiee of capital funds except
from the United States Government, and, relief from this source failing,
our cash became so depleted that even moneys earned for fixed charges had
to be used temporarily for capital purposes.
The important problem now before the company therefore is provision
for the present floating indebtedness and for completing the program of
improvements which we have been working out during the past six years,
and which we believe ar% essential to adequate transportation for the community and will be a source of profit to our companies.
While our net earnings have largely suffered from the failure on the
part of the city to construct the railroads which we are to operate, we have
In common with other traction properties throughout the country been
greatly handicapped by shortage of men, and by the abnormally high costs
of operation due to war conditions. As stated in our annual report to
stockholders for the year ending June 30 (see V. 107, p. 703)•
Decrease in Net Earnings.-The extent to which war burdens in the shape
of higher operating costs, taxes and interest have handicapped the companies of your system is vividly shown in the consolidated comparative
statement of earnings and expenses for the six months ending Dec. 31 last,
appended hereto. It will be seen from this statement that operating expenses increased during the six months period hourly $2,000,000 compared
with the same period of the preceding year; that taxes increased over
$170.000, and that the increase in interest charges aggregated $1,016.000,
so that the net income of the entire system was $2,628,000 less than for the
corresponding six months of 1917. In view of those burdens the entire
system for the six months ending Dec. 31 1918 shows a net Income over
all charges of only $11,516 82.
A similar consolidated statement of earnings and expenses for the calendar
year ending Dec. 31 1918 is also appended hereto, and shows a net income
for the year of $1,483,816, which is $3,595,492 less than for the preceding
calendarayear.ihogilad,,,di

FEB. 8 1919.]

THE CHRONICLE

Outlook.-It Is to be expected that the system's financial operations will
now grow better rather than worso as transportation conditions become more
normal, and there is no doubt in the minds of your directors as to the earning capacity of the system, provided the necessary moneys are forthcoming to complete the program of improvements and provided justice
is done by the public authorities in the matter of fare.
Twenty-Year Record.-During the twenty years which ended with the
last fiscal year, the net profits of the system from operation were $51,043.824, of which $29,022,334 was distributed to stockholders in dividends.
Practically all the remaining $22,021,490 has gone back into substantial
property improvements. During this period the system has paid out in
operating wages approximately $160,000,000. Of the profits, $37,015,484
were earned during the last eight years, notwithstanding that during that
period $35,460.910 was charged for maintenance, which was $15,633,902
more than was charged for maintenance during the preceding eight years,
and notwithstanding large increases in rates of wages paid to employees.
RESULTS OF OPERATION SIX MONTHS ENDING DEC.31 1918-1917.
•
1918.
1017.
Inc. or Dec.
Revenue from operation
$15,937,475 $15,461,938 +3475,537
Operating expenses:
Maintenance of way and structure.. 1,128,357
1,262,509 -134,152
Maintenance of equipment
1,502,862
1,332,761
+170,101
Operation of' power plant
1,828,891
1,211,109 +617,782
Oper. of cars-trainmen's wages
3,323,873 2,872,399 +451,474
Oper. of cars-other expenses
1,462,659
1,070,976
+391,683
Damages
684,335
341,722
+342,613
Legal expenses in connection with
damages
116,813
111.912
+4,900
General law expenses
32,693
32,982
-289
Other general expenses
463.550
385,712
+77,838
Freight expenses
147,004
144,930
+2,074
American Ry. Traffic Co. expenses
50
88
-38
Total
$10,691,087 $8,767,102 +81,923,986
Net revenue from operation
$5,246,388 $6,694,835-$1,448,447
Income from other sources
216,862
210,025
+6,837
Total
$5,463,250 $6,904,861-$1.441,611
Deductions:
Taxes
$1,323,210 $1,153,112 +3170,098
Interest and rentals-net
4,128,523 3,111.994 +1,016,529
Total
$5,451,733 $4,265,106 +81,186,627
Surplus
$11,517 $2,639.755-82,628,238
RESULTS OF OPERATION CAL. YEARS ENDING DEC. 311918-1917.
1918.
1917.
Inc. or Dec.
Revenue from operation
$30.982,035 $30,085,287 +3896,748
Operating expenses:
Maintenance of way and structure.. $2,346,286 $2,503,155 -$156,869
Maintenance of equipment
2,802,986 2,547,554
+255,432
Operation of power plant
2,306,551
3,285,591
+970,040
Oper. of cars-trainmen's wages.._ 6,231.582 5,677,144 4-554,438
Oper. of cars-other expenses.. _ _ _ 2,656,122 2,069,350 4-580,772
Damages
1,215,558
752,437 4-403,121'
Legal expenses in connection with
damages
263,011
266,915
---3,904
General law expenses
63,360
63,202
Other general expenses
888,861
731,436 4-157,425
Freight expenses
294,124
282,174
---11,950
American Ry. Traffic Co. expenses
250
17
4-233
Total
$17,211,885
820,035,790
+32,823,905
Net revenue from operation
$10,946,245 $12,873,402-$1,927,157
Income from other sources
414,566
406,187
+8,379
Total
-311,360,811 $13,279,589-$1,918,778
Deductions:
Taxes
$2,613,750 $2,257,292 +3356,458
Interest and rentals-net
7,263,244 5,942,989 +1,320,255
Total
$9,876,994 $8,200,281 +81,676,713
Surplus
$1,483,817 $5,079,308-$3,595,492
Compare also receiver's statements in V. 108, p. 263, 373, and news
item
onia subsequent page.-V. 108, p. 478.

Columbus (0.) Railway, Power & Light Co.
(Fifth Annual Report-Year Ended Dec. 311918.)
Vice-Pres. Norman McD. Crawford writes in substance:

Results-All Dividends Suspended.-During the year the gross revenue
increased $240,300, or 5.97%; operating expenses and taxes
increased
$169,139, or 5.74%.
In the last annual report we noted the enormous increase in the cost of
coal and other operating costs and the necessity on that account of discontinuing on Feb. 1 1918 the dividends on the common stock. A few months
later, it was necessary for the same reasons to discontinue dividends
on all
classes of stock.
At the same time it was evident that substantial increases in labor costs
were inevitable and that the only way to meet such abnormal increases in
all operating costs would be through the establishment of an increased fare
upon its street cars. Application was made in Feb. 1918 to the City Council, requesting an increase in fare from eight tickets for a quarter to six
tickets for a quarter.
Strike.-On June 30 the motormen and conductors struck for higher
wages and after a two days' strike the case was submitted
the National
War Labor Board, which in August granted an increase to
of 56% in the
pay of motormen and conductors.
Fares, &c.-Thls increase was so far in excess of anything which had
been contemplated that the management was faced by the necessity of
immediately adopting one of three alternatives: (1) To
refuse to pay the
wages;(2) to pay the increased wages and continue to operate
under eight
tickets for a quarter, which would have resulted in default
and receivership;
or (3) to surrender the franchises under which the fare was established at
eight tickets for a quarter, arbitrarily to raise the fare to 5 cents, and ask
the U. S. Court to restrain the city from enforcement of the franchise on
the ground that its enforcement was confiscatory.
The last alternative was chosen, but as there
no legal ground for
enforcement of the increasPd fare, passengers whowas
were not willing to pay
were, pending a decision by the Court, allowed to ride free.
In both cases
decisions
adverse
were
to the company. Appeal was taken
the
to the
U. S. Supremo Court, but the free riding contained and
to some
extent. Nevertheless we continued to take In more cashincreased
than
would
have
boon taken in under the old rate of fare. Rebate slips were given, however,
to passengers who paid the increased faro, obligating the company to refund
the increase in the event of a final decision in the courts against the company.
Tho award of the National War Labor Board necessitated proportionate
increases to our other employees and as a result it was necessary to make
substantial incteases in our light and power rates. Those
increases are
now effective.
Two-Year Notes.-To provide for the floating debt and other requirements, application was made to the War Finance Corporation for a loan
of sufficient size to cover all the requirements, including the increased
power capacity for war purposes. The final result was the is.sue of a
32,500,000 two-year note issue, $750,000 of which was taken by the War
Finance Corporation and the balance by the creditors of the company.
The War Finance Corporation required as a condition of this subscription
that a now 10,000 k.w. power unit should be Installed in the Walnut Station to provide for the demands for power for war purposes. Operation of
the 10,000 k.w. turbine was started In November and complete installation
of boilers, &c., can be finished within the next six months. (V. 107,
p. 180, 1287.)
' Labor Increases.-The award of the War Labor Board resulted in an
increase of wages to employees in the railway department of approximately
$480,000 per annum and indirectly to employees in the light and power
department of approximately $200,000, this latter increase being made
necessary in order to reconcile rates in the various departments and hold
employees.
Generating Stations, &c.-Early in the year the boiler installation
15,000 k.w. turbine which was installed at the Walnut power for the
during 1917, was completed and this turbine has been operated upstation
to capacity since that time. During December the second generating unit,
a
10,000 k.w. turbine, Was placed in service at this station. It is anticipated
that the boiler installation for this unit will be cempleted during the first




573

six months of 1919. Until then there will not be sufficient steam to operate
the 15,000 and the 10,000 k.w. turbines under full load.
The transmission line to the Ralston Steel Car plant and thence to the
Milo sub-station, was completed during October, greatly improving power
service conditions in the largo factory territory in the eastern and northeastern part of Columbus.
A new sub-station located on Walnut St. adjacent to the Ohio Electric
Railway Co.'s terminal, in which was installed a 1,000 k.w. rotary converter, was completed and placed in service during October.
Cars.-Ten new passenger cars were placed in service. The remaining
5 divisions of the system were equipped with fare boxes.
New Consumers.-On Dec. 31 1918 30,111 consumers were connected
a net increase of 2,169 consumers for the year, as compared with a net
increase of 2,861 consumers for 1917, 3,824 consumers for 1916 and 2,654
consumers for 1915.
General Offices.-During September our general offices were transferred
to the second and third floors of the Commercial Bldg., at 104 North Third
St. A more favorable lease was secured at the new location.
Accident Damages.-The expenditures for accident damages represent
1.12% of the total gross revenue as compared with 1.37% for 1917, 1.70%
for 1916 and 1.54% for 1915.
Construction Expenditures.-These during year 1918 aggregated (net)
3965,566, viz.:
Track and roadway
$15,821 Furniture and fixtures
$9,038
Power stations
779,590 General and miscellaneous__ 14,835
Cars
84,244 Less renew.& repl_$201,584
Power and light lines
218,777
do
new installations 44,841 Tot. charg'le to prop. acct $965,566
Stockholders.-Of the $11,877,200 outstanding stock as on Tan. 17 1919
($13,000 4% Prior Prof., $1,634,900 Prof. A, $4,188,100 Pref. B and
$6,041,200 common), $9,609,400 was then held in Ohio by 2,269 holders
($6,140.000 in Columbus) $1,190,700 in Pennsylvania and- the remainder widely scattered.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
1914.
Railway over. revenues_ _$2,119,163 $2,287,097 $2,248,918 $2,039,383 52,086,269
Power, light and heat _ -- 2,128,301 1,718,142 1,286,906 1,072,670
968,238
Non-operating revenues_
17,022
18,947
1,576
1,122 , 11,792
Total gross revenues_ _21,264,488 $1,024,186 $3,537,400 $3,113,175 $3,066,299
Operating exp.and taxes_ 3,113,088 2,943,929 2,105,125 1,846,437 1,886,746
Gross income
1,151,417 $1,080,257 $1,432,275 21,266,738 $1,179,553
Interest on funded debt__ $595,177 $519,102 5489,570 2404,847 $408,747
Int. on unfunded debt_-64,367
20,099
10,500
71,500
62,651
Other deductions
35,914
19,387
18,303
134
8,082
Total deductions
Net Income

$695,457 $558,589 $516,373 5476,281
2455,960 $521,668 $915,902 $790,457
PROFIT AND LOSS ACCOUNT.
1918.
1917.
1916.
1915.
Balance of previous year. $191,819 2184,563 $156,826 $242,829
Credits: From inc. acct. 455,960
521,668
915,902
790,457
Other credits
10,479
93,044
7,726
16,059
Total credits
2658,258 $799,274 21,080,453 $1,049,345
Debits-Dividends paid:
As rentals
On prior pref. stook$130
$520
$520
$260
On "A" pref. stock_._ _
24,523
96,159
76,206
76,146
On "13" pref. stock__ _
52,226
210,426
208,418
207,742
On common stock
300,280
300,508
301,010
Depreciation
222,181
256,000
150,000
Other debits
111,385
71
54,239
157,362
Total debits
Balance, surplus

$410,417
x$247,811

5479,461
$700,092
1914.
850,279
700.092
48,562
$798,933
70,281
44,843
147,994
226,045
60,000
6,942

$607,456
$191,819

$895,891 $892,519 $556,105
$184,563 $156,826 $242,829
x Against this amount there is a contingent liability on account of rebate fare
coupons issued and outstanding amounting to $142,152.
OPERATING STATISTICS FOR YEARS 1014 TO 1918, INCLUSIVE.
Statistics (Railway)1918.
1917.
1918.
1915.
1914.
Revenue passengers
51,455,621 67,498,715 66,650,414 61,062,066 62,837,925
Transfer passengers
11,131,350 15,737,432 15,924,643 15,154,460 16,111,634
Total pa.sseng6rs
65,586,971 83,236,147 82,575,057 76,216,526 78,949,559
Per cent of transfers_
16.97
18.91
19.29
19.88
20.41
Rev, per rev. passenger
3.65 Us. 3.24 eta. 3.23 eta. 3.20 eta. 3.19 eta.
do incl. transfers__ _ _ 3.05 eta. 2.63 eta. 2.60 cta. 2.56 eta. 2.54 as.
Car mileage
7,851,961 8,491,090 8,592,423 8,201,525 8,376,901
Power & Light Dept.Kilowatt hours sold
69,825.731 56,391,893 40,772,239 31,020,852 27,471,961
Number of customers...
29,975
27,942
25,081
21,257
18,603
Connected load
76,042
71,624
57,897
47,656
43,828
GENERAL BALANCE SKEET DEC. 31.
1918.
1917.
1918.
1917.
Assets-1
LiabilitiesRoad and equip't _25,530,447 24,405,095 4% prior pref. stk_
13,000
13,000
Sinking fund, N.Y.
Pref. Ser. A stock_ 1,635,100 1,635,100
Trust Co
5,138
19,273 Pref. Ser. B stock_ 4,193,400 4,193,400
Misc. phyf. prop74,464
34,131 Common stock... 6,042,130 6,042,130
Cash
62,361
147,580 Columbus Ry. Co.
Special deposits
376,538
232,975
1st Cons., 1939- 3,132,000 3,132,000
Accts. rec.-Misc. 206,8861 161,997 Columbus St. Ry.
Power and light
Co.1st Cons.,'32 3,000,000 3,000,000
) 117.739
customers
150,466]
Crosstown St. Ky.
8,6C5
Notes receivable_
8,605
Co., 1933
572,000
572,000
Mat'l & supplies.. 518,737
400,580 Central Market St.
Other curr't assets
622
1,110
Ry. Co., 1922._ 325,000
348,000
Prepaid accounts_
9,477
11,980 Co.'s bds. partly pledged (see asset side)Unadjusted debits
(a) let Ref. &
'(incl. $142,152
Ext. M.. 1040 5,675,000 5,375,000
for rebate fare
(b)6% Gen. M. 2,700,C00
ouponsissued)_
175,037
54,830 Coupon notes (see
Securities owned__
6,C00
6,000 asset side)
2,500,000
677,000
Disc't on fund. dt_ 520,499
441,976 Bills payable
73,475
965,693
Securities in treas.. 375,000
25,000 Vouch.,wages,&c. 563,750
361,735
Co.'s bonds now
Matured int, and
pledged to secure
diva.
_ 356,426
211,218
coupon notesAccrued interest_ _
59,464
73,091
(a) 1st Ref. &
Accrued taxes__ _ _ 294,626
259,148
Ext. Mtge.__ 1,175,600 1,150,000 Miscellaneous__ _
95,158
90,883
(b) Gen. Mtge__ 2,700,000
Tickets sold & out.
21,578
45,123
Unadjust. credits_ 162,688
19,530
Depreciation
a232,672
13,204
Profit ana loss_ _ _ _ 247,811
191,819
Total
31,895,279 27,218,871
Total
31,895,279 27,218,871
a Depreciation expenditures amounting to $170,073 being carried in road and
equipment account are a deduction from this accrued account which leaves a net
balance of $62,598.-V. 168, p. 378.

General Chemical Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
Chairman William H.Nichols, Jail. 31, wrote in substance:
We have spent our best.efforts in our country's behalf during the war
period, and have expanded our plants to help meet the heavy demands
made upon the chemical industry. Now that active hostilities have
ceased our products continue to be required as raw materials in practically
every kind of manufacture. The gradual return to normal business emphasizes the necessity of instituting economies wherever possible in order to
insure the highest wages to employees together with adequate dividends
to stockholders.
The relations existing between the company and its employees show an
increasing bond of understanding. Naturally, we desire to take back into
our service all men who left it to serve their country.
We are preparing an interesting history of the company, the first twenty
years of which will be completed on March 1 1919.
We are entering the new year with the belief that the future is promising
for all well-organized manufacturing establishments.

574

THE CHRONICLE

During the year 1918 there has been expended on new construction
$4,180,425, and on repairs charged to expense, $2,598,916.
Since the formation of the company in 1899 the total repairs charged
to expense, together with the annual reductions for dismantlements,
aggregate $21,619,844.

[VOL. 108.

Montgomery Ward & Co., Inc., Chicago.
(Report for Fiscal Year ending Dec. 31 1918.)
President Robert J. Thorne on Jan. 31 1919 said:

In compliance with the terms of the preferred stock the company has
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS added
to the sinking fund the sum of $200,000 for the purpose of retiring
(INCLUDING SUBSIDIARY COMPANIES).
the preferred stock in accordance with the agreement under which the
preferred
stock was issued.
1918.
1917.
1916.
1915.
Gross profits for year__ $9,970,260 $11,694,686 $12,481,826 $6,153,796
EARNINGS FOR YEARS ENDING DECEMBER 31.
Deduct1918.
1917.
1916.
1915.
Preferred dividend (6%) $912,498
$912,498
$912,498
$912,498 Sales
$76,166,848 $73,512,645 $62,044,336 $49,308,587
Common dividend_ _(8%)1,321,536 (8)1,258,608 (6)786,636 (6)684,030 Net, after depreciation_ $6,390,181 $5,419,688 $4,550,791 $2,472,658
Ext.com div.Feb.1(5%)
786,610
655,500
570,025 Reserve for war taxes
2,000,000
1,289,594
Spec. corn. div. Feb. 1_(2%)412,970(23)393,305(15)1966,500(10)1140,050 Preferred dividends(7%) 527,615
350,000
350,000
350 000
Reduction of sundry inCommon dividends.. _ See "z' ($5)1575,000($5)1575,000($3 51,056,000
vestment accounts___ 1,260,291
98,572
195,133
Chgd.off plant,&c.,acct
405,197
Balance, surplus
$3,862,566 32,205,094 $2,625,791 $1,072,658
Profit-sharing, &c
905,433
1,547,275
724,276
Reserve for taxes
2,550,000
1,800,000
x The directors will meet on Feb. 17 to declare the usual annual dividend
Res've for plant deprec'n 1.724,330
919,499
849,230
750,000 out of the earnings of 1918.
Reserve for insurance
390,000
300,000
195,000
195,050
Before any dividends are paid on the common stock, a sum of $300,000
must be added to surplus and a sum equivalent to 2%% of the issued pref.
Total deductions__.. $8,571,625 $7,374,526 $7,107,772 $5,381,126 stock
be set aside as a sinking fund to retire the pref. stock as provided in
Balance, surplus
$1,398,635 $4,320,160 $5,374,054
$772,670
Exp. on new constr., &c. $4,180,425 $4,412,252 $3,697,549 $3,504,925 the charter.
BALANCE SHEET DECEMBER 31.
Exp.on repairs&reconstr.
N
1918.
1917.
charged to exp. acct_
732,331
1918.
1917.
1,834,167
1,352,014
AssetsLiabilities$
$
$
CONSOL. BALANCE SHEET (INCL. SUB. COMPANIES) DEC. 31.
Real est.,bidgs.,&cx9,718,944 9,577,417 Preferred stock___ 8,000,000 5,000,000
Investments
1,033,072
528,395 Com.stk.,300,000
1917.
1918.
1917.
1918.
Accts. receivable- 3,405,218 2,318,633 shs. of no par val.
AssetsLiabilities$
$
$
receivable... y910,697
941,511 represented by 8,186,396 8,186,396
Manufacturing inPreferred stock-__15,208,000 15,207,300 Notes
Mdse., supp., &c.27,101,516 17,171,113 Accounts payable- 6,558,481 3,560,852
vest't at cost_a_40,122,043 36,917,048 Common stock___16,519,200 15,732,600 Cash
2,618,050
2,956,959
Notes payable____ 7,492,000 4,985,000
Miscellaneous inCurrent accounts
fund dep.
Accrued taxes__ __ 141,514
154,772
vestm'ts & assets 3,204,609 2,712,109
payable
2,416,597 2,512,561 Sinking
(pref. stock)
450,000
250,000 Reserves
1,790,702 1,761,355
Miscell.securities_
196,105 Div. pay. Jan.2_ _ 228,125
228,125
Surplus
z13,068,404 10,095,658
Merchandise on
Extra div. Feb. 1.. 412,970
393,305
786,610
. hand (cost)_ __10,614,389 9,169,906 Spec. div. Feb. 1_
Total
45,237,497 33,744,028
Total
45,237,497 33,744,028
Active customers'
Fire insur. reserve 1,268,349 1,023,236
accts.& bills rec. 4,517,417 4,700,586 Plant,&c.,deprec.,
x Real estate, buildings, &c., include in 1918 $7,867,398 for land and
1,913,088 2,275,441
Cash
reserve for taxes 4,349.299 5,391,523 buildings
and $1851,546 for machinery and equipment. y Of the $910,697
Extra compen. Fe
Fire insurance renotes receivable in 1918,$800,900 were secured by mortgages on real estate.
1,268,349 1,023,236 taxes (est.)_
2,737,788
serve
"surplus in 1918, 32,400,000 was reserved as provided
z
Of
the
$13,068,404
liability_
1,381,762
Package
in company s charter, $450,000 for sinking fund pref. stock, $2,000,000
17,117,806 15,719,171 reserved
Surplus
for 1918 War Excess Profits and Income taxes, and $8,218,404
61,639,895 56,994,430 Total
Total
61,639,895 56,994,430 remainder available for common stock dividends.-V. 107, p. 2293.
-V. 107, p. 2011.

General Motors Corporation.
(Statement for Nine Months ended Sept. 30 1918.)
The company reports to the N. Y. Stock Exch. as follows:

United Cigar Stores Co. of America.
(Report for Fiscal Year ending Dec. 31 1918.)
RESULTS INCLUDING SUBSIDIARIES IN 1918 AND 1917 AND EXCLUDING SAME IN PREVIOUS YEARS.
United Cigar Stores Co. -United Cigar Stores Co.
and Subsidiary Cos.
(Excluding Sub. Cos.)
1914.
1918.
1917.
1915.
1916.
Net profit
$5,010.205 $3,423,501 -New form of accounting
Divs.,&c.,receivable-Accounting changed- $2,892,073 $2,404,471 $2,241,783
(less charges)
Res've for Fed.excess
prof. war taxes,est. 1,000,000
550,000
316,890
316,890
316,890
Preferred diva. (7%) 316,890
316,890
Common diva-(83i) 2,308,770(7U)2I05055(7)1,901,340(63)1765530(6)1,629.720
Balance, surplus $1,384,545
Previous surplus
3,683,218

$451,556
3,231,661

$673,843
2,065,492

$322,051
1,743,441

$295,173
1,448,268

Total p.& I. surp_$5,067,761 $3,683,217 $2,739,335 $2,065,492 $1,743,441
CONSOLIDATED BALANCE SHEET DEC. 31,
1918.
Assets1917.
Leasehold Interests, mortgages, &c
$4,293,416 $4,290,291
21,400,000 21,400,000
Trade-marks, goodwill, &c
Stocks and bonds
1,599,421
868,179
485,223
Stock for employees' profit-sharing plan
388,178
2,984,944 1,982,335
Cash and demand notes (secured)
1,341,045 1,268,280
Bills and accounts receivable
13,270,899 10,020,949
Merchandise and supplies
Furniture, fixtures and equipment2,593,583
1 3,982,3011
743,718
Improvements to leasehold estates
202,174
Other deferred assets
Total
$49,260,806 $43,854,730
1918.
1917.
Liabilities$4,527,000 $4,527,000
Preferred stock (authorized, $5,000,000)
27,162,000 47,162,000
Common stock (authorized, $30,000,000)
7,519,947 4,755,824
Bills and accounts payable
77,459
74,813
Rents received in advance
Reserved for taxes accrued to Dec. 31 1917 (including Fed1,046,974
853,260
eral income and excess profits taxes)
3,859,663 2,798,610
Reserves-Provisional supplies
5,067,761 3,683,217
Surplus as per Income account above
Total
V. 108, p. 177.

$49,260,808 $43,854,730

Inland Steel Co., Chicago.
(Report for Year ending Dec. 31 1918

-4

COMBINED INCOME ACCOUNT FOR CALENDAR YEARS. -1916.
1915.
1918.
1917.
$
$
$
$
1*14,473,512 *21,240,784j*11,241,046 4,414,139
Net earnings
1 124,431
78,885
OtherIncome
14,473,512 *21,240,781 11,365,477
Total income
1,457,8671
1,650,000
Provision for deprec'n
539,241
Provision for exhaustion
303,713
311,300
of minenals

4,493,024

12,519,799 19,471,616 10,826,237
Net profits
436,550
353,250
375,450
Bond interest
7,000,000 8,500,000
Prov'n for Fed. taxes799,908
1,999,820
Dividends
(8%)2,001,060
Discount, &c.,on mtges.
Surplus adjustments___Cr.1,241,827

4,169,104
381,690

323,920

599,886
32,170

4,407,316
8,535,247
9,650,879 .3.155,358
Balance, surplus
*After duducting maintenance and repairs.
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
LiabilitiesAssetsLand, plants, &c36,955,179 33,312,755 Capital stock ___25,019,500 24,997,000
5,820,000 6,030,000
Bonded debt
U. S. Lib'y bonds
& Treasury ctfs- 8,556,050 7,250,000 Accounts payable.. 1,723,335 2,062,713
610,620
410,229
Pay-rolls
91,932
Other investment.,
340,385
7,578,916 9,720,002 Taxes accrued__ - 371,338
Inventories
24,750
22,500
186,525 Interest accrued_..
4,180
Bills receivable
Ace'ts receivable.... 5,331,176 4,886,570 Prov.for Fed. tax. 7,000,000 8,500,000
6,499,683 5,164,156
33,671
35,808 Reserves
Insur. unexpired....
14,301,973 9,894,657
2,687,545 1,867,361 Surplus
Cash
154,870
Deferred charges_ 130,200
61,368,849 57%413,890
61,368,849 57,413,890 Total
Total
-v. 108, P. 485.




(For listing of Debenture stock and new common see a subsequent page.)
CONSOL. STATEMENT GENERAL MOTORS CORP. AND SUBSIDIARIES (INCL. 5 MONTHS OF CHEVROLET PROPERTIES).
Income Account for 9 Months Ended Sept. 30 1918.
Net profits after deducting expenses of manufacture (including
maintenance), selling and administration, as well as ordinary
taxes, insurance and depreciation
$35,718,460
Less-Provision for Fed,taxes and extraordinary expenditures- 16,341,677
Held for outside shareholders

$19,376,783
332,756

General Motors Corporation proportion thereof
Preferred dividends for 9 months at rate of 6%

$19,044,027
885,770

Undivided profits
$18,158,257
Profit and Loss Account for 9 Months Ended Sept. 30 1918.
Profit and loss surplus Jan. 1 1918
$11,508,393
Addition through acquisition of Chevrolet assets May 2 1918
8.065,083
Add undivided profits per income account above
18,158,257
$37,731,733
Less Cash dividends paid on common stock: Feb. 1 1918, 307.
$2,292,552; May 1 1918, 3%,$2,292,651; Aug. 1 1918, 3%.
83,205,749; total
7,790,952
Profit and loss surplus, Sept. 30 1918
829,940.781
CONSOL. BAL. SHEET OF GEN. MOTORS CORP. AND SUBSID. CO'S.
(Including in 1918 5 months' operation of Chevrolet Properties.)
AssetsSept.30'18. Dec.31'17.
*Fixed assets: Real estate, plants, equipment and
good-will, $76,144,354: patents, agreements,
&c.,$245,300; total
$76,389,654 $50,629,438
Investments in allied and accessories companies... 9,158,730
2,030,273
Cash
23,335,327
18,865,645
Liberty bonds
10,804,273
Notes ($963,094) and accounts receivable
23,483,734
13,595,538
Inventories at cost or loss
63,864,702 46,559,394
Investment in marketable securities
1,255,000
Deferred expenses
1,216,057
854,435
Total
$208,252,477 $133,789,724
LiabilitiesPreferred stock
$19,684,300 $19,676,800
Common stock issued
x105,990,400
76.873,300
Outstanding capital stock (par value) and surplus
portion
not
owned
by
G.M.O.
of sub. cos., being
Cap. stk., $540,500; surplus, $1,191,839; total 1,732,339
1,399,583
Accounts payable
11,777,658
10,665,718
Notes payable
1,475,000
Pay-rolls, taxes, sundry items accrued, not due-- 6,253,431
4,858,327
Preferred dividend
196;843
196,768
Reserves: Depreciation of plants
5,194.405
Federal taxes and extraordinary expen. 19,848,637
6,939,019
Contingencies
6,152,684
1,671,818
Surplus
29,940,781
11,508,393
Total
$208,252,477 $133,789,724
* After appraisals now being made are completed the item of good-will
will be separately stated in the balance sheet, of the corporation.
x Common stock (authorized, $200,000,000), issued, 882,558,800; acquisition of Chevrolet properties, $28,268,400; total, $110,827,200; less
in treasury of General Motors Corporation, $4,830,800; bal., $105,996,400.
The schedule of investments in allied and accessories companies shown in
consolidated balance sheet of General Motors Corp. and subsidiary companies as of Sept. 30 1918: American Commercial Co., $169,200; BrownLipe-Chapin Co., $333.300; Doehler Die Castings Co., $697,400; Independont Lamp & Wire Co., $253,724; Janesvible Machine Co., $1,000,000;
Samson Sieve-Grip Tractor Co., $1,180,999; Scripps-Booth Corp., $58.049; Saginaw Malleable Iron Co., $228,303; United Motors Corp., $3,629.•
645; Chevrolet Motor Co. (of Delaware), $889,210; Novelty Incandescent
Lamp Co., $75,000; miscellaneous securities, $143,900; total, $9,158,730.
CONSOLIDATED STATEMENT OF CHEVROLET MOTOR CO. (of Dela.)
AND SUBSIDIARIES (EXCL. OF DIVS. RECEIVED).
Sales. Net Profits,
Cars Sold.
w" PeriodAug. 1 1913-July 31 1914 12 months)... 6,041 $4,838,639 $486,654
Aug. 1 1914-Aug. 14 1910 123. months) 9,878 7,094,919
964.971
Aug. 14 1915-Dec. 31 1915 43.. months) 11,888 6,417,328 1,128.590
Jan. 1 1916-Dec. 31 1916 12 monthsi__ 50,048 24,481,351 4,115,184
Jan. 1 1917-Dec. 31 1917 12 months _*128,266 *71,743,055 4,965,337
Jan. 1 1918-April 30 1918 4 months __*33,478 28,910,307 1,799,945
May 1 1918-Dec. 31 1918 December estimated and parts business excluded) __ 53,009 43,205,883 3,510,236
*These amounts include results of operations of St. Louis, Texas, California and Canada Chevrolet companies.

FEB. 8 1919

CHEVROLET MOTOR CO.(OF DEL.) AND SUBSIDAIRY COMPANIES.
Results for Four Months ended April 30 1918 and Calendar Year 1917.
4 Mos.'18. Year '17.
4 Mos.'18. Year '17.
$
38,088
61,496
28,910,308 68,414,956 Int. on notes pay'le
Sales
4,893
59,584
26,443,952 61,358,034 Res. for bad debts
Cost of sales
3,367
Collection & exch.
9,457
608,429 1,213,064
Gross profit_ __ 2,466,356 7,056,922 Income tax
797,462
Selling and service 756,369 2,068,949 Contingent disc't29,655
863,786 Anticipated profits
Administr. exp..__ 329,464
24,686
Pref. divs• paid.__
26,521
51,872
Net oper. income.. 1,380,523 4,124,187 Sundry
451,523
Add-Cash disc't 218,408
100,229 Total deduc'ns- 681,298 2,247,277
91,105
Interest
Net gain to date 1,799,945 4,965,337
Propor. earns.affiliated cos_ 641,610 1,759,725 *Divs. received.._ 2,728,000 4,500,000
316,264
Freight equallen
74,651
Net gain per
4,507
Rents received
books (after
69,900
Factory guar. al.
dividends)- _ 4,527,945 9,465,337
24,686
Pref. diva. rec'd
361,593
74,947
Sundry
Total net

575

THE CHRONICLE

2,481,243 7,212,614

BALANCE SHEET DEC. 31.
1918.
1917.
1918.
Liabilities$
Assets4,044,619 4,010,071 Common 8tock___18,000,000
Real estate
Preferred stock__ 7,000,000
Good-will, patent
rights, trade
Bills payable
5,458,835
18,000,000 18,000,000 Accounts payable_
names, &c
18,150
462,245
678,385 Reserve for tcxes_ 1,164,306
Cash
9,643
15,678 Pref.stk.div. pay.
Bills receivable__ _
Acc'ts receivable_ 2,595,688 2,925,450 Jan. 1
122,500
435,625 Surplus
808,905
Liberty bonds_ _
5,256,189
Canada's Victory
10,771
Loan bonds..
11,098,940 8,866,992
Merchandise
37,020,040 34,942,972
Total
-V 106, p. 2454.

Total

1917.
18,000,000
7,000,000
4,325,700
117,114
422,632
122,500
4,955,026

37,020,040 34,942,972

British-American Tobacco Co., Ltd.
(Report for Fiscal Year ending Sept. 30 1918.)
Directors Joseph Hood and Lawrence Hignett and Secretary A. M. Rickards on Jan. 14 1919 wrote in substance:

* Dividends received on the common stock of the General Motors Corp.,
The factories in England have during the year continued to be largely
$2.700,000;on stock Chevrolet Mot.Co.of Tex..$28,000;total,$2,728,000. employed
on supplies for the troops abroad and the American factories
UNITED MOTORS CORPORATION(INCLUDING SUBSIDIARY COS.). have also been fully employed. The cost of leaf and other materials has
materially
increased during the year and the employment of a much larger
end.
Years
June
30
1917
and
and
1918.
1918
Resultsfor 3 Mos. end. Sept. 30
capital has been necessary.
1916-17.
3 mos. 1918. 1917-18.
The following interim dividends have been paid on the ordinary shares,
$12,038,368 $39,254,396 $34,820,527
Gross sales
° on June 29 1918, and
° on Jan. 311918,6% on March 27 1918,67
510,816
1,322,805 1,181,571 viz.:67
Less returns, allowances, disc'ts, &c_
6% on Sept. 30 1918; and there is now an available balance of £3,380,837,
$11,527,552 $37,931,591 $3,638,956 made up as follows:
Net sales
8,329,988 27,656,774 24,235,901 Net profits for the year, after deducting all charges and expenses
Cost of production goods sold
for management, &c., and providing for income tax and estimated excess profits duty for the year,£3,140,174,less preferGross profit on produc'n goods sold $3,197,564 $10,274,817 $9,403,055
£2,915,174
ence dividend for the year of 5%,£225,000; balance
39,480
157,748
166,913
Gross profit on purchased goods sold..
38,600
135,679
589,963 Add-Amount brought forward per last balance sheet, £2,901,Royalties earned
959; Less (1) estimated excess profits duty to Sept. 30 1917,
£560,000; and also less final (ordinary] dividend of6% for the
$3,275,644 $10,568,245 $10,159,931
Gross earnings
year ended Sept.30 1917,paid Jan.31 1918,£375,259;balance 1,966,700
$581,214 1,618,339 $1,228,714
Selling
268,413
1,094,522 1,172,828
General
£4,881,874
Total available
1,501,037
$2,426,017 $7,855,384 $7,758,389 Deduct-Four interim dividends on ordinary shares
Net earnings
164,503
323,141
416,213
Other income
£3,380,837
Leaving available balance of
$2,590,520 $8,178,526 $8,174,602 out of which the directors recommend the distribution, on Jan. 31 inst.,
Gross income
of
96,683
Income charges, incl. taxes
785,057
633,786 of a final dividend (free of British income tax) on the ordinary shares
Amortization of patents
129,730
236,593 67, amounting to £375,259 4s., making 30% for the year, and leaving
forward.
4d.
to
be
carried
,005,578
4s.
£3
°
income
taxes..
Not
shown
Excess profits and war
336,887
The net profits above mentioned do not include the company's proportion
Net operating income
$2,493,837 $6,926.851 $7,304,223 of the undivided profits of the associated companies which they have not
thought_ fit to declare addividends.
UNITED MOTORS CORP. AND SUBSIDIARY COS.-BALANCE SHEET.
TNCOME ACCOUNT YEARS ENDING SEPTEMBER 30.
Sept.30'18. June3G'17
Sept.30'18. June30'17.
1916-17.
1915-16.
1914-15.
0,1917-18.
LiabilitiesAssets$
Net profits after charges x£3340,174 £3,105,002 £2,733,361 £1,850,059
First M.bds. New
Plant, property &
£225,000
£225,000
£225,000
300,000 Preferred dividends(5%) £225.000
Depart.Mfg.Co. 225,000
14,827,815 13,275,785
equipment
312,000 Ordinary dividend.y_ _(30)1,876,296(30)1876,296(30)1876,296(22M )1407,222
Purch. of real est_ 287,000
Good-will, pat5,677
21,536,155 21,558,513 Mortgage payable
ents, &c
Balance,surplus
£1,038,879 £1,003,706
£632,065
£217.837
3,460,000 3,223,928
Notes payable_ _
Invest'ts-Stocks,
2,526,700
1,780,222
1,148,157
930,320
Accounts payable_ 1,557,863 2,620,689 Previous surplus
bonds, &c.(U.S.
Patent purch. acct. 289,583
318,750
Liberty bonds,
Total
£3,565,579 £2,783,928 £1,780,222 £1.148,157
Dividends payable 187,480
$1,557,133: Wks.
Transferred to spec. res.
257,228
Salaries and wages
and bonds of afpayable
345,792
176,225 Est. excess profits duty to
filiated compaSept. 1917
560,000
Empl. Lib. Loan
nies, $529,540;
subscriptions_ _ _
39,773
2,040
miscel. securiProfit and loss, stup_ _Z3,005,579 £2,526,700 £1,780,222 £1,148,157
590,519 Accrued taxes__
338,045
244,890
ties, $178,437)- 2,265,109
1,348,653 1,802,423 Other accr. accts.
72,519
15,026
Cash
x After deducting in 1916-17 all charges and expenses for management,
147,659 Reserves
450,578
19,905
Notes receivable.... 189,525
Pref. capital stock 1,078,900 1,091,300 &c., and providing for Income tax and estimated Excess Profits Duty for the
3,375
Trade acceptances
Year.
Customers' accts_ 5,115,141 3,896,987 Corn. cap. stock of
y The dividends on the ordinary shares in 1917-18 include thefour interim
484,613 sub.cos. owned
Sundry debtors,&c 597,644
distributions of6% each,paid Jan.31, March 27,June 29 and Sept.30 1918,
1,819
by
minority
2,712
Accrued int. recle
25,539 stockholders ___ 155,900
157,100 also the final 6% dividend (free of British income tax) recommended on
Insurance policies..
Jan. 31 1919, the ordinary shares of 6% making 30%.
18,723,760 14,387,735 Cap. surp. of sub.
Inventory
168,019
cos., minority
Def. debit items_ 334,615
BALANCE SHEET SEPTEMBER 30.
st'kholders' int_ 195,160
318,134 •
1917.
1918.
1918.
1917.
P.&I.surp. United
Mot. Corp. int_15,894,101 7,180,516
Assets654,918 Preferred stock _ __ 4,500,000 4,500,000
Minority stockReal estate & bldg. 674,814
495,270 Ordinary stock__ 6,254,320 6,254,320
holders' int__ 165,907
123,707 Plant, mach'y,&c. 491,675
Cred.& cred. bals. 9,218,293 5,465,657
Cap.stk.of United
Good-will, trade879,065 Rea.for bidgs., &c. 432,357
Motors Corp.
358,320
879,065
marks, &c
224,864
(1,101,640 sh.,
Inv, in assoc. cos_*5,255,636 5,081,185 Prem.on ord.sh's_ 226,664
63,188
13,229 Redemp.of coups_
no par value)_4C,195,227 40,234,800 Other investments 107,055
61,058
Special reserve___ 1,157,739
286,335
Loans, associated
companies, &c..55,277,913 4,455,501 General reserve_ _ _ 1,500,000 1,500,000
64,944,506 56,339,609 Total
64,944,506 56,339,609
Total
Materials & supp_*8,654,042 5,561,487 Profit and loss be-V. 107, p. 484, 272.
fore deducting
Debtors and debit
bal., less reserve53,228,897 2,723,118 final dividend &
2,164,302 1,688,740 Excess Prof. duty 3,380,838 2,901,959
Cash

Cluett, Peabody & Co., Inc.
(Reportfor the Fiscal Year ending Dec. 31 1918.)
A press report quotes from the annual report of the company as follows:

The building operations of the company, undertaken before the entrance
of this country into the war, have been completed and the increased manufacturing space thus made available will enable the company to discontinue the use of several large rented factories, to do away with extra handling and trucking and to reduce manufacturing costs by more efficient
methods.
The total profits are satisfactory, the dividends have been earned and a
substantial amount added to surplus. Ample reservation has been made
for Federal taxes.
On May 21 1918 the Canadian business of the company was incorporated there under the name of "Cluett, Peabody & Co. of Canada, Ltd."
This subsidiary company continues to prosper, and the export department
has also shown a satisfactory increase.
Our company has co-operated with the Government in lending its facil.ties for the production of supplies needed for the armies at considerable
sacrifice of its own business.
The 'percentage of losses from bad debts in 1918 is the smallest in the history of our business.
EARNINGS FOR CALENDAR YEARS.
1917.
1918.
1916.
1915.
$21,490,554 $19,245,203 $16,518,717 $13,346,005
Not sales
5,400
5,400
5,400
Other income
$21,490,554 $19,250,603 $16,524,117 $13,351,405
Total Income
Operating, &c.,expenses 17,837,412 16,344,878 13,472,848 11,013,942
$3,653,142 $2,905,725 $3,051,269 $2,337,462
Net income
$153,061
$606.978
$26,016
$1.735
Bond, &c., interest..
222,419
213.428
242,465
Depreciation
1,175,000
Federal taxes
19,705
Prem. on pref. stock....490,000
490,000
490,000
532,333
Pref. diva.(7%)
Common dividends_ _(6%)1,080,000(6)1,080,000 (5)900,000 (4)720,000
Total deductions_ _ _ $3,351,978 $1,945,480 $1,629,445 $1,616,238
301,164
$960,245 $1,421,824
$821,224
Balance, surplus
3,097,576
1,675,751
Balance carried forward 3,935,321
1,874,232
Total
$4,236,485 $4,057,821
Redemption of pref. stk.
Prof. stock div. payable
Jan. 1 1918
(130122,500

$3,097,576 $2,695,456
1,019,705

Total sur. Dec. 31-- $4,236,485 $3.935,321

$3,097,576 $1,675.751




Total
26,733,400 21,552,514
26,733,400 21,552,514
Total
There is a contingent liability on shares not fully paid,£170,590, and also
for premiums payable on redemption of shares in associated companies
allocated to employees.
* Include assets in enemy countries.-V. 108. p. 271.

Stewart-Warner Speedometer Corporation, Chicago.
(Report for Fiscal Year ending Dec. 31 1918.)
A press report quotes President C. B. Smith as saying:
The net assets or book value of the stock, exclusive of patents and good
will, is now $7,299,000, or $73 per share. While the net earnings are not
quite as great as in the year 1917, we must take into consideration that a
fair share of the business done was in munitions for our Government, on
which only a nominal profit was asked.
The outlook for 1919 is very optimistic. It promises to be a big automobile year. We believe the demand exists for as many automobiles as it
will be possible for car manufacturers to produce. Contracts already
closed with car manufacturers for Stewart products justify expecting a
most satisfactory business.
In litigation covering infringement of patents on the vacuum systems
the courts have sustained our patents, which very materially strengthen our
position. On our other lines, such as the Stewart searchlight, spark plug,
warning signal, &c., we also expect a very satisfactory business.
[The guarterly dividend declared payable Feb. 15 1919. is 2%,as against
% qarterly since May 1913.)
INCOME ACCOUNT FOR THE CALENDAR YEARS.
1917.
1916.
1918.
I'refits, after all mfg.,selling & admin.
exp. incl.adequate provision for disc.
and losses on customers'acc'ts, depr.
$2,002,646 $2,200,774 $2,215,043
on plant and equipment, &c
340,000
407,981
Federal taxes
600,000
600,000
600,000
Common dividends (6%)
38,556
Preferred dividends
$994,664 $1,260,774 $1,576,487
Surplus net income
Add-Sinking fund appropriations for
redemption of pref. stock, now written back,$241,500;less net premium
paid on original issue of pref. stock,
170,809
retired,$70,691
358,672
Burp from re-val. of prop. and plant_
Net surplus
Previous balance, surplus
Total unappropriated surplus

$991,664 $1,260,774 $2,105,968
2,089,473
5,456,215 4,195,441
$6,450.880 $5,456,215 $4.195.441

576

THE CHRONICLE

BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
Assets$
LiabilitiesLand.bldgs.,mach
Capital stock _ _ _ _10,000,003
and equipment.. 2,833,112 2,855,201 Accounts payable. 273,305 10,000,000
242,556
Pat's,tra le-marks,
Accrued commisgoo twill, &c_ 9,134,803 9,134,807 slons, wages,taxInventories
2,736,537 3,052,033 es, &c
137,509
137,325
Notes & accts. rec. 1,585,511 1,267,817 Provision for taxes 425,000
340,000
U.S.Govt.securs. 425,033
Notes payable..
400,000
Cash
507,005
208,435 Surplus
6,450,880 5,455,215
Deferred charges_
64,721
47,8141

[VoL. 108.

Outlook.-The results achieved during the past year
been on the
Whole very satisfactory, and we feel very optimistic forhave
the future. The
unfilled orders on hand should insure a steady productoin and
anticipate
a gradual and healthy growth in volume. We have built upwe
a nationaleven a world-wide-reputation for the names "Continental"
and "Red
Seal" as applied to motors.
Now that the unusual conditions existing during the war are gradually
being eliminated, our policy will be directed towards the
reduction of the
inventory of raw material, thus rendering more liquid the working capital
used in the business. The after-war problems facing our corporation are
recognized as being perhaps even more important than the war-time problems, but while production will undoubtedly be disturbed more or
less
during the reconstructive period our corporation is in a decidedly favorable
Total
17.286,695 16,576,1061 Total
17,285,696 16,570,106 position to meet any condition which may arise.
Stewart Mfg. Co.,see V. 107, p. 1008, 1198, 2295.-V. 108,P. 387, 177.
INCOME ACCOUNT FOR 0,/ MONTHS AND YEAR ENDING OCT. 31.
Yr.'17-'18.9MMos.'17
Yr.'17
,
18.94Mos.'17
Brooklyn Edison Co., Inc.
Profits
$2,052,068 Net profits
$1,039,785 $1,396,814
• Interest
(Report for Fiscal Year ending Dec. 31 1918.)
Not
25,105 Preferred div.. _ _(7%)238,282
178,305
Depreciation
shown.
390,147 Common dIv.(8%)1,162,784
217,928
The text of the report and balance sheet will be published Res've
for Fel.tax
240,000
in a subsequent number. For new bond offering see a
Balance, surp_ $538,719 $1,000,583
subsequent page.
BALANCE SHEET, OCTOBER 31.
1918.
1917.
1918..
1917.
COMBINED EARNINGS(Including Edison Electric Ilium. Co. of Brooklyn).
Assets$
$
LiabUtliesCalendar Years1918.
Property account_ 7,395,722 7,201.808 Preferred stock_ _ 3,222,000 3,500,000
1917.
1916.
1915.
No.of customers Dec.31.
99,262
86,777
31,756
72,813
6,756 Common stock_
58,172 Investments
7,226,070 7,220,070
Gross operating rovenue_$8,768.038 $8,304,412 $8,130,199
172,818
369,421 Note3 payable.._ _ _ 850,000 1,025,000
36,928,115 Cash
Operating expenses
$4,659.936 $4,114,892 $3,582,683 $2,821,066 Acc'ts & notes rec_ 1,840,596 1,428,092 Accounts payable.. 1,828,945
855,179
Taxes
925,000
715,290
6,022,357 5,058,956 Accrued pay-rolls,
663,237
470,218 Inventories
Depreciation charges__ _ _
557,509
681,800
48,552
768,130
42,879 Sic
1,278,246 Prep'd int.,tax.,Sic
1,042,645
517,083
Liberty bonds
210,996
Surplus
1,555,610 1,000,580
Net operating revenue_ $2,605,592 $2,792,430 $3,116,149 $2,358,585 Nliscellaneous_ _ _
2,473
Non-operating revenue__
86,264
76,643
74,609
72,700
Total
15,725,270 14,117,912 Total
15,725,270 14,117,912
Total
$2,691,857 $2,869,073 $3,190,759 $2,431,285 -V. 108, p. 483.
DeductBond disc.,written off,&c. $20,269
$20,289
$20,269
• American Linseed Co., New York.
$20,269
Res've for contingencies_
199,620
596,704
569,175
Interest on bonds, &c__ _
(Report for Fiscal Year ending Sept. 30 1918.)
878,408
782,442
741,360
843,515
Dividends raid (8%)_ _ 1,374,216
1,334,716
1,202,564
1,072,270
Pres. R. H. Adams on Nov. 12 1918 wrote in substance:
Employees profit-sharing
fund, &c
As the war has progressed the conduct of business has been more and
121,534
90,806
90,946
77,947
more difficult, particularly for companies like our own, which have to
Balance, surplus
$97,809
$14,136
$566,445
$417,284 receive a very large percentage of their raw materials from overseas.
Previous profit and loss
3,267,415
The business of the subsidiary companies, which have to do with copra,
3,163,816
2,597,440
2,180.156
Profit and loss adjustment
cocoanut oil and refined edible products of the same, one of the most imprevious years
portant
of which is the Nucoa Nut Margarine, which is cocoanut oil churned
Cr.59,464
Deb.70
with milk and is a substitute for butter,
grown so rapidly that the total
Total, p.& 1. balance_ _$3,365,225 $3,267,416 $3,163,816 $2,597,440 of these businesses now amounts to the has
total business which the company
-V. 108, p. 383.
had done in linseed oil and other products of flaxseed, at any time previous
to 1914.
These supplies have to come from overseas, and whereas we have ordinContinental Motors Corporation, Detroit.
arily been able to make turnovers in from four to five months, under present
'(Report for Fiscal Year ending Oct. 31 1918.)
conditions it requires at least from ten to twelve months.
For these reasons we are considerable borrowers of money at the present
Pres. Benjamin F. Tobin, Jan. 15, wrote in substance:
time for the purchases of raw material for our subsktiary companies.
It is, however, the opinion of your management with the conservation of
The past year has no precedent in the history of business. The broadening fields of usefulness of gasoline motors, as developed by the war, and the earnings and with the ample stocks which we have on hand, within the
training of thousands of young men in their operation and construction, period of the next seven or eight months the company will again be able
still further increages our manufacturing and selling possibilities when to pay off its obligations, and with the return of prices to a normal level the
company will be borrowers for only short periods during the fall and winter
conditions readjust themselves.
months, when stocks are being accumulated.
Government Contracts.-We entered into contracts to
motors to
Owing to the unsettled conditions which exist all over the world, it is the
the various departments of the army, as well as to varioussupply
truck assemblers feeling
of the management that the best interests of the company will be
under contract with the Government. These orders amounted to approximately $21,500,000. Our Government war work was confined exclusively served by not declaring a dividend on the common shares at the present
to the gasoline motor-our regular product-so that when the armistice time, but rather to be over-conservative until such time as the future
was signed and two of our contracts were canceled, we experienced no becomes more certain.
As stated in my report of last year, the war has made the conduct
serious difficulty in continuing the production of motors for the passenger
of your business very difficult. We have had practically no orders for any
car and commercial trade.
In our dealings with the Government under war's strenuous demands of our products from the Government. The cessation of the war should
we gave of our best and asked only a margin of profit recognized as ex- materially assist us in obtaining our raw materials and open up for us an
export business, which we have not had during the period of the war.
tremely modest and eminently fair.
Sales.-The total sales for the year were very gratifying when taking
RESULTS FOR YEARS ENDING SERTEMBER 30.
into consideration the interference of Government work with our regular
1917-18.
1916-17.
1915-16.
1914-15.
production. There was an average increase of 24% in sales over the
aGross earns.(all sources)$4,385,287 $4.186,044 $2,847,484 $2,519,467
preceding period, and on Oct. 31 1918, the operative orders on our books,
2,246,317
2,038,525
1,347,148
1,437,806
after deducting cancelations, including all subsequent Government can- Operating expenses
celations, amounted to $19,781,000, or an increase of 14% over the amount
Operating gain
$2,138,970 $2,147,519 $1,500,336 $1,081,661
of net operative orders on our books on Oct. 31 1917.
74,030
23,518
Outlook.-The prospects appear exceptionally bright for future business Int. on borrowed money_
383,089
in the motor truck field and it is thought there should be a decided increase Res've for contingencies_
Preferred dividends__ a %)1,172,500 (7)1,172,500 (3)502,500
during the next twelve months' period.
The work on Government contracts will probably be completed at the
Balance, surplus
$966,470
$591,930 • $974,317 $1,007,630
Detroit plant about Jan. 15, and at Muskegon plant by Feb. 15, giving
us the entire capacity of these plants for our customers' requirements, the
a After deducting shortages, shrinkages and inventory deductions.
former plant for the manufacture of passenger car motors and the WWr
BALANCE SHEET SEPTEMBER 30.
for use in motor trucks.
Sale of Parts.-Although the establishment of parts stations throughout
1918.
1917.
1917.
1918.
the country was delayed by war conditions, we are now pushing our plans
AssetsLiabilitiesto completion. This will undoubtedly prove a big asset in connection with Mills, good-will,
Common stock_ _ -16,750,003 16,750,000
sales. This business is increasing very rapidly.
trade-m'ks, &c_29,144,516 28,810,837 Preferred stock.. _ _10,750,000 16,750,000
Engineering.-For several months twelve of our designers and detailers Inventory
3855,933 2,511,537 Current accounts_
27,238
32,851
were in Washington, assisting the Government in the design of the Class Investin'ts (stock)a2,453,629 2,338,629 Dividend account
"B" truck motor. Later we produced all of the drawings for the Class Liberty
301,009
(unclaime:1)_ _
187
346
"A" Government truck motor and assisted in the design of the Class "AA." Current accounts.. 774,638
Dividends payable
The constantly decreasing quality of gasoline requires improvement in Adv. to soO. cos_ _10,379,279
Oct. 1 1918_
293,125
motor construction to take care of these conditions. A number of improve- Foreign ad vance3_ 201,778
Notes payable_
8,024,366
ments have been worked out, which, according to tests will add materially Expense accounts. 126,585
Wages unclilined_
18
to the efficiency of our motors. The efforts of the engineering department Deferred charges_
85,011
Accrued taxes__
314,565
170,841
have also been directed toward the standardizing of our product,
Cash & C tsh items 753,672 4,964,393 Reserve for conand
as
a
result several of our old models have been discarded and we have designed Accts.& n )te rec_ 618,713
616,420
tingencies
383,089
383,089
new models, combining new features.
Pref. stk. in tre 1925,352
26,352 Surplus
4,144,675 3,552,745
Stock-Shareholders.-On Oct. 31 1918 32,419 shares of preferred stock, Coin.stk.In tre m_
27,970
27,970 Profits
2,138,970 1,764,430
of $100 each, and 1,453,795 shares of common, par $10, were
45,517
33,450
outstanding. Naval store3
The total number of shareholders Oct. 31 was 3,961, average
Miscellaneous_
11,531
_
35,714
holdings
preferred 23 shares, common 573.
Patents and Trade Marks.-Additional patents covering important imLotal
43,826,234 39,401,303 Total
48,826,234 39,404,303
provement in motor construction have been taken out during the year.
These patents, although valuable, are not carried on our books as assets.
a Investments in 1918 include Pacific 011 & Lead Works, $338,430;
Plant Additions.-During the year, large expenditures were made in Union Import Co., $38,299; Baker Castor 011 Co., _.$58,080; American
constructing new buildings, purchasing additional equipment and machin- Cocoanut Butter Co.,$175,000; Portland Linseed Oil
Works, Inc., $10,000;
ery and in making necessary improvements, in order to handle tho produc- Saute Products Corp., $50,000; Grove Linseed 011 Co., $250,000;
tion required by the Government. We were able to so arrange this con- Linseed Co.(of Mass.),$10,000; American Linseed Co. of Mich.),American
310,000;
struction as to avoid any considerable changes in the future.
Great Eastern Elevator Corp $10,000; American Linseed Co., Ltd.,
Financial.-The aggregate investment represented by property accounts $40,000; Nucoa Butter Co., $1,332,000; Northern Cocoanut Butter
Co.,
is substantially unchanged after the reserves for depreciation and accruing $25,000; Basic Products Corp..
$16,820.$100,000; and miscellaneous,
renewals have been deducted. The land account was increased by about V. 101, p. 1921, 2010.
$75,000,including the purchase price of 33 acres oflands and riparian rights,
so that now the total ground area of our Muskegon plant is approximately
Lindsay Light Co., Chicago.
50 acres, giving us almost unlimited room for expansion.
FOR SEVEN MONTHS ENDING DEC. 31 1918
Our inventory investment was increased about $950,000, including INCOME ACCOUNT
AND YEARS ENDING MAY 31 1916-18.
largely raw materials, purchased in connection with Government con7 Months -Years ending May 31
tracts in connection with the stock of service parts which is necessary to
to Dec. 31 '18. 1917-18.
1916-17. • 1915-16.
meet the needs of our customers.
$110,591
$528,978
$202,120
$131,003
Federal Taxes.-The reserve out of earnings for Federal war excess profits Net profits
14,000
28,000
28,000
28,000
and income taxes is based on the 1918 revenue bill as passed by the Senate, Preferred divs.(7%)_
120,000 (16)96,000 (63'5)39,000
and although the tax rates are subject to further revision, it is believed Common diva .(cash)_(20%)60,000
do in stock__(50%)
300,000
that the amount provided will prove to be adequate for the purpose.
Dividends and Surplus.-Dividends amounting to $238,282 on the preBalance, surplus
$36,591
$307,003
$80,978
$135,120
ferred stock and to $1,162,781 on the common stock, making a total of
$1,401,066, were paid during the fiscal year. After the payment of these
BALANCE SHEET.
dividends and after charging off all reserves, there is still a balance in the
AssetsDec. 31'18 May 31 '18. LiabilitiesDec. 31 '18 May 31 '18
surplus account of $1,555,610.
Preferred stock- - $400,009 $100,000
Good-will, tradePref. Stock Sinking Fund.-A total of 2,581 shares of our pref. stock was
$500,000 $600,000 Common stock_ __ 600,000
marks, &c
000,000
acquired during the year, and the outstanding stock is to be reduced to
143,906 Accounts payable& roil est_ _ 143.956
77,250
142,127
that extent. Subsequently 199 additional shares of preferred stock were Accts. recciva'Ae. 289,057
409,208 Notes payable.- __ 109,000
acquired in anticipation of the sinking fund provisions to be made prior Inventory (cost)_- 318,773
325,457 Reserved for Fedto Feb. 1 1919. This makes a total of 2,780 shares of pref. stock owned Mach'y, fist., &c.
32,521
34,275
oral tax (est.) _
35,030
200,000
and held for retirement as shown on the balance sheet, thus reducing the Cash
82,016 Res. for Fed. taxes
32,812
outstanding preferred stock by 8278,000.
Liberty bonds_ _ _ _ 287,500
237,500 for previous year
42,481
33,932
Depreciation.-Liberal deductions from earnings were made for accruing Acceptances
Profit & loss,surp. 483,084
3,450
447,394
renewals, amortization and depreciation, providing for obsoleted parts,
tool replacements and excessive war-period costs of equipment and buildTotal
$1,738,715 $1,823,453 Total
$1,738,715 $1,823,453
ings. These items were written off and deducted from gross earnings.
-V. 108. p. 485.




FEB. 8 1919.]

THE CHRONICLE

Pennsylvania Water & Power Co.
(Ninth annual Report-Year ended Dec. 31 1918.)
Pres. Chas. E. F. Clarke as of Feb. 11 said in substance:
Results.-The total revenue for the year from all sources amounts to
$1,700,900. After making provision for interest charges, operation and
maintenance there remains a surplus (including $6,840 brought forward
from 1917) of $744,336. This last amount has been disposed of as follows:
Two quarterly dividends of 1 4% each for March and June quarters,
$212,375; and two quarterly dividends of 13i% each for September and
December quarters, $254,850; transferred to contingent fund, $150,000;
reserve for sinking fund, $75,000; Red Cross subscription, $45,500; surplus
carried to profit and loss, $6,611.
A comparison of the gross income for 1918 with 1917 shows a gain of
$90,082, or 5.5%, while a like comparison of net revenue shows a gain of
$39,778, or 5.7%. A five-year comparison of the gross income for 1918
with 1913 shows a gain of $874,085, or 105.07%, while a like comparison of
net revenue shows a gain of U34,833, or 143.6%.
Reserve.-The company's reserve funds (exclusive of sinking fund) now
total $1,442,000, invested in marketable securities of other companies.
Though the national emergency precluded the possibility of making
extensions to the generating plant during the year, yet the demand for
power was so great that your company adopted new operating expedients,
in consequence of which the gross income for the year, notwithstanding
that no new contracts were entered into, exceeds somewhat the figures for
1917. The load requirements of the company's customers, particularly
that of the Consolidated Gas, Electric Light & Power Co., have shown such
a favorable increase that now, less than 60% of the total load requirements
of the customers is being supplied from the hydro-electric development, the
balance having to be generated by steam. The market for hydraulic power
in the district covered by your transmission lines thus considerably exceeds
the supply available.
Outlook.-The increase in the cost of labor, coal and generating equipment, which particularly affects production of energy by steam, appears to
favor those hydraulic developments now established on a going basis, in
their negotiation of power contracts as the present contracts terminate.
Two of your companies' contracts expire within the next three years.
--T
'axes.-The
greatest element of increase in the expense of conducting
the company is, naturally, that of Federal taxes, which now constitute a
large factor in that expense.
Shawinigan Electro Products Co.-During the year the furnace plant of the
S. E. P. Co.(owned by your company) contributed a considerable amount
of ferrocilicon to the supply required by this country for war work. The
unusual quantities of steel being manufactured made this product especially
In demand, and the furnace plant was taxed to produce its utmost output.
Nevertheless, at one period the requirements for power in the district were
so acute that the furnace plant was reduced in its allotment of electric
energy, in order to devote the energy so released to certain war industries,
War Service.-The establishment near Baltimore in 1918 of a large
Government plant for the handling of materials for gas warfare brought
forth a demand for power-immediate and urgent. The Consolidated
Gas, Electric Light & Power Co. of Baltimore arranged to furnish this
demand from its steam stations and to transmit the same over the Baltimore
transmission lines of your company; while for its part your company, as a
patriotic duty lent its services to construct, without profit, a high-tension
transmission line tapping its main Baltimore circuits, so as to carry the
energy to the Government Arsenal at Edgewood.

577

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Allegheny Valley Street Ry.Press reports state that on Jan. 30 increased fares were put into effect
by this company, between Aspinwall and Natrona. Defying court action
in upholding increased trolley fare, Mayor Lysle of McKeesport had
policemen prevent cars of West Penn Traction Co.from entering McKeesport. The court ordered a hearing on Saturday.-V.94, p. 558.

American Cities Company, N. Y.-----Default-Protectiv
Committee for 5-6% Collateral Trust Bonds.-The committee
named below, formed to protect these bonds, is calling for
the deposit of the same with coupons of Jan. 1 1919 attached.
A circular dated at New Orleans, Feb. 1 1919, says in subst.:
(Compare advertisement on another page.)

Receivers have been appointed for the New Orleans Railway & Light Co.
V. 108, p. 165, 172, 269 379, 480), Birmingham Railway, Light & Power
Co.(V. 108, p. 377) and'
the Memphis Street Railway Co.(V. 108, p. 268.
378), and such receiverships constitute a default under the terms of the
Collateral Trust agreement securing the American Cities 5-6% Collateral
Trust bonds.
When the committee secures the deposit of a majority of the American
Cities 5-6% Collateral Trust bonds, it will be in a position to cause formal
sale of collateral deposited to secure the bonds. This collateral is as follows
Stock, No. Shares- Pref. Corn.
NewOrleansRy.&Lt_87,570 192,557 Little Rock R.& EL 6P
C,o
(r00
.
,O0
ref
i 15
Birm'm Ry., Lt.& P_27.707 34,752 Knoxville Ry.& Lt__ ____ 20,491
Memphis Street Ry_ _22,087 21,535 Houston Ltg. & Pow_
15,000
It is not the policy of the committee to urge an immediate sale of these
collatera.ls. The committee hopes to avoid any action which might seriously jeopardize the $3,000,000 notes of the American Cities Co., which
are junior to the 5-6% Collateral Trust bonds.
The committee will endeavor to work harmoniously with the representatives of both the $3,000,000 debt of the American Cities Co. and the stockholders of the company, so that a fair reorganization plan can be developed
in the interest of all.
Heretofore the earnings of all the companies, the stocks of which are
collateral to the American Cities 5-6% Collateral Trust bonds, have been
satisfactory, and the value of the collateral has always been regarded
greatly in excess of the $7709,000 of American Cities 5-6% Collateral
Trust bonds outstanding. only an occurrence of the most unusual nature
could have impaired the value of this collateral to such a degree as would
affect the par value of the American Cities 5-6% Collateral Trust bonds.
The War Labor Board at Washington raised the wages of the various
employees of several of the companies to such an extent that the net earnings were greatly reduced and the credit seriously impaired. These wages
have been placed so high that it seems impossible to restore the net earnings
of the companies, and thereby the credit of the companies, unless relief is
obtained from the authorities controlling the rates for street railway fares,
gas and electricity in cities where the several properties involved are located.
The committee believes that with an earnest effort, the companies will
be granted an increase in income at least sufficient to meet the Increase in
Wages authorized by the War Labor Board, and thereby further complications be avoided. In order to give representatives of the bondholders a
(a) Customers' Maximum Load Requirement. (b) Company's Output June 30 voice in directing the policy of the company,two members of this committee.
Messrs. Lynn H. Dinkins and J. K. Newman, have been elected recently
-All on Annual Basis (Approximate.)•
as members of the executive committee of the American Cities Co.
The committee purposes to assist in the formation of a plan of reorganizaIn Millions of Kilowatt Hours.
tion which will fully protect holders of American Cities 5-6% Coll. Tr.'bonds.
Max. Requirement (per year)- '10. '11. '12. '13. '14. '15. '16. '17. '18.
Depositaries.-Mercantile Trust & Deposit Co., N. Y.•, Guarantee Trust
Consol Gas, El. Lt. & Pow. Co.._
5 8 10 13 15 19 26 34 41 & Safe Dep. Co., Phila.; Commercial Trust & Say. Bank, New Orleans.
United Rys. Co. of Baltimore........ 9 9 10 11 11 12 14 14 13
Committee.-J. K. Newman, Chairman; Lynn H. Dinkins, Archibald
Shawinigan Electro Products Co- 8 11 10 Kains, Lewis H. Parsons and Percy Warner, with H. L. Falk, Secretary.
Edison Co. of Lancaster5
5 5
4 4.5 4.5 212 Carondelet St., New Orleans, La.
b Company's Juno 30 output____
13 20 24 27 34 44 48 49
Notice From Mortgage Trustee to Holders Collat. Trust Bds.The Whiney-Central Trust & Savings Bank, New Orleans, as trustee
ri.•1 A i: INCOME JACCOUNT FOR CALENDAR YEARS.
under collateral trust mortgage of July 1 1911 gives notice that owing to
-.....
1917.
1918.
default under terms of the indenture the American Cities Co. has forfeited
1916.
1915.
Gross inc. (all sources)__$1,700,900 $1,610,818 $1,358,919 $1,124,739 the right to vote on the stock in the following companies pledged to secure
394,550
Exp., maint., taxes, &c__ 445,064
217,919
176,408 the bonds and that therefore the trustee will vote on the same as the
requisite number of bondholders may demand:
$1,255,836 51,216,268 $1,141,000
Net earnings
$948,331 New Orleans Railway & Light Co. 1Birmingham Railway, Lt. & P. Co.
518,340
Interest on bonds
518,550
521,150
514,278 The Memphis Street Railway Co. Houston Lighting & Power Co.
Dividends
(5 )467,225 (5)424,750(4 )382,275 (4)339,800 Knoxville Railway & Light Co.
Little Rock Railway & Electric Co.
-V. 108, p. 478, 266.
Balance, surplus
$272,968
$270,271
$237,575
$94,253
American Railways Co., Philadelphia.-New NotesPrevious surplus
9,373
6,840
21,798
Total
Contingent fund
Construction account
Depreciation fund
Sinking fund
Red Cross subscription
Surplus Deo. 31

$277,111
$150,000

$282,340
$150,000

75,000
45,500

75,000
50,500

$6,611

$6,840

$259,373
$100,000
150,000
•
$9.373

$94,963
$73,165

The major part of the notes maturing Feb. 1 1919 was exchanged for the
new notes dated Feb. 1 1919 on certain terms.
$21,798

BALANCE SHEET DECEMBER 31.
1917.
1918.
1918.
1917.
LiabilitiesAssets$
$
8
Property account 17,447,974 17,362,197 Capital stock__ 8,495,000 8,495,000
1st mtge. bonds.a10,657,000 10,312,000
Securities of other
3,368,681 3,032,734 Bills payable (Lib.
companies
Loan subscrip.). 173,475
Loose plant and
90,000
102,392 Accounts payable_ 129,431
71,034
equipment
183,532
8,000 Special loan
8,000
Bills receivable__ _
450,000
406,837 Contingent fund_ _ 942,000
Acc'ts receivable_ _ 173,627
792,000
89,683 Depreciation fund. 400,000
76,332
Cash
400,000
2,529 Sinking fund
7,866
Prepaid charges
350,000
275,000
Profit and loss_ _
6,611
6,840
21,153,517 21,001,372
Total
Total
21,153,517 21,001,372
a After deducting $245,000 held in treasury and $283,000 bonds redeemed
or canceled for sinking fund investment.-V. 107. p. 2481.

Baldwin Co.(Pianos, Organs and Piano-Players), Cinc.
(Report for Fiscal Year ending Dec. 31 1918.)
Total Added to Pf.Divs.
Total
Dividends
Added to
Earns. Reserve. (6%). on Common.
Sales.
Surplus.
$8,150,897 $486,137 $100,034 $48,000 (8)$107,052 $231,051
1918
7,882,554 354,482 106,390 48,000 *(8) 101,952
1917
x34,420
7,121,781 624,306 144,903 48,000*(8 97,102 x273,611
1916
6,145,832 467,897 93,629 48,000
1915
*(8)92,524 x175,914
1914
5,781,206 409,876 83,803 48,000
*(8 88,160 x134,813
calling for $63,720 in 1917, $60,690 in
* Also a stock dividend of
1914
out
in
$55,100
of
5%,
1916, $57,830 in 1915, and
accumulated surplus.
There was no stock dividend in 1918. x After deducting stock dividends above mentioned.
GENERAL BALANCE SHEET DEC. 31.
1917.
1918.
1918,
1917.
LiabilitiesAssets$
$
Real estate & bldgs- 666,037 666,037 Common stock
1,339,825 1,339,825
Machinery & equip_ 421,459 423,833 Prof. stk.(6% cum.) 800,000 800,000
Reserves
384,527
Cash
720,779
1,490,934 1,390,900
Accts pay'le & taxes 620,620 547,007
Liberty loan
75,000
Bills & ace'ts receiv 3,527,694 3,692,273 Bills payable
609,200 770,400
Surplus earned
Merchandise, raw &
2,341,990 2,110,938
manufactured_ _1,791,599 1,792,400
Total
7,202,568 6,959,070
Total
7,202,568 6,959,070
-v.108,P. 482.




The company has made a new issue of $3,000,000, 7% gold
notes dated Feb. 1 1919, due Feb. 1 1922, $1,672,000 of
which has been issued to retire a like amount of notes maturing Fob. 1 1919, and the balance for corporate purposes.

Newburger, Henderson & Loeb, Philadelphia and N. Y.,
and Bioren & Co., Philadelphia, have placed the remainder
of the $3,000,000 new issue, which they offered at par and
int.. as to which their circular says in substance:
Three-Year 7% Secured notes, $3,000,000, dated Feb. 1 1919 and due
Feb. 1 1922, but subject to redemption in whole or part on any interest
period upon 60 days' notice at 101 and interest. Dlenom. $1,000 (0:
Interest F. & A. Pennsylvania State tax of A mills refunded. Company
agrees to pay the normal Federal income tax. Trustee, Penn. Co. for
Ins. on Lives & Granting Annuities, Philadelphia.
Digest of Statement by Pres. Van Horn Ely, Phila., Dec. 24 1918.
The above notes are issued for the.purpose of taking up the balance of
$1,672,000 of the original issue of $2,300,000 5% notes, maturing Feb. 1
next, for the payment of $143,000 American Railways Co.-Wilmington &
Chester Traction Co. 5s due April 1 1919 and to reimburse the company
for advances to its subsidiary companies for improvements and betterments.
This issue will be sccured by deposit with the trustee of the following
collateral, being the same collateral now securing the notes due Feb. 1
next for which these notes, among other things, are being issued to refund,
and in addition $143,000 Wilmington & Chester Traction Co. collateral
trust 6% bonds due April 1 1923 and $4,050,000 stock, being the entire
common capital stock of the Wilmington & Philadelphia Traction Co.
saving qualifying directors' shares.
Average
Securities PledgedPar Value. Net Income
1915 to '18.
The Amer. Rys. Ohio Valley Collateral Tr.
$35,825
__ $716,500
Altoona & Logan Valley El. R . Co. let Mtge.
5s..4Ms 454,000
20,430
Lynchburg Tr.& Lt. General Mortgage Ss
35,200
704,000
National Properties-The American Rye. Co. 4-6s_ _
100,000
4,125
Johnstown Traction Co. preferred stock
500,000
28,438
Wilmington & Phila. Tr. Co. common stock
4,050,000 • 185,276
Wilmington & Chester Tr. Co. Collateral Tr. 6s
143,000
8,580
Total
$6,667,500
5317,874
Annual interest required on an issue of $3,000,000 notes at 7% __.._$210,000
For the six months ending Dec.311918, the net Income on the $4,050,000
Wilmington & Phila. Tr. Co., December estimated, will be $95,160.
The American Railways Co. owns and operates public utilities covering
electric light, heat and power, gas and street railways in 24 cities in nine
different States. The gross income of its subsidiary companies for the
calendar year 1917 was $12,863,404, and for 1918 (Dec. est.) will be
$14,384,000. The American Railways Co. pays dividends at the rate of
7% on its outstanding $4,000,000 pref. stock.-V. 108, p. 478.

Aurora Elgin & Chicago RR.-Rate Decision.Judge Landis in the U. S. District Court at Chicago on Feb. 6 agreed to
grant an injunction restraining the Illinois P. U. Commission from enforcing
the 2-cent rate for this company. The road will be permitted to increase
rates on single tickets from 2 cents to not to exceed 3 cents a
V. 108, p. 478, 377. •

578

THE CHRONICLE

[VOL. 108.

and according to J. F. Berry, who spoke for the Connecticut Company,
that company, after making $1,600,000 in 1916 earned only $14,000 for
the pt
as six months, allowing nothing for depreciation. He said the road
owed $300,000 taxes which it cannot pay out of the $14,000, and $100,000
Birmingham-Tidewater Ry.-Receivership-Committee.- for
a bridge. He said that the service could be continued a little while
A receiver having been appointed for the company, and a receiver having longer by cutting off the rural lines, but that he believed that to insure
been appointed also for the Birmingham Ry., Light & Power Co., which solvency there should be a decrease of the burdens put on the roads by State
last-named company is the guarantor of the principal and interest of the laws, compelling paving and building, bridges, &c.; also relieffrom excessive
31,500,000 1st M.5s of 1916, due Jan. 11946, the committee named below taxes.
On Jan. 31 a bill was introduced authorizing the city of Hartford to issue
is urging the immediate deposit of the same on or before March 1 1919 with
Empire Trust Co. the depositary, 120 Broadway, N. Y. City, or at Old bonds in order to purchase the local lines of the Connecticut Company.
Colony Trust Co.
Court St., Boston,and Fidelity Trust Co.,Baltimore. V. 108, p. 479, 77.
All bonds must lee accompanied by coupons maturing July 1 1919 and
Commonwealth Power, Ry. & Light Co.-Earnings.-subsequently.
Bondholders' committee: Charles H. Zehnder, J. D. Kirkpatrick and
Calendar Years•
1917.
1916.
1918.
Howard R. Taylor (of Howard R. Taylor & Co., Baltimore), with Joseph Gross earnings
$2,000,483 $3,041,130 $3,458,729
Diehl Fackenthal as Secretary, 165 Broadway, N. Y., and Barber, Watson Expenses and taxes
218,135
189,924
151,080
& Gibboney, N. Y., as counsel. Compare V. 104, p. 1700, 1590.
Interest, &c
831,446
701,582
655,906

Baltimore & Ohio RR.-Bonds Retired-.

See Monongahela River RR. below.-V. 108, p. 478.

Boston Elevated Ry.-Earnings-Suit.Balance
$950,902 $2,149,624 $2,651,743
1,077,180
1,077,010
1,019,170
The trustees on Jan. 24 issued a statement showing that after providing Preferred dividends
for charges and the agreed dividends, (5% p. a. for first two years) the
Balance, surplus or deficit
def.$126,277sr$1,072,614 sr$1,632,573
actual net loss for the six months ended Dec. 31 1918 was $3,274,467, viz.:
July, 5c. fare
$709,522 -V. 108, p. 77.
$707,958 October, 7c. fare
August, 7c. fare
514,748 November,7c.fare
500,334
Delaware & Hudson Co.-Usual Dividend Contingent on
September, 7c. fare
604,999 December,8c. fare
149,903
The total receipts of the system for the month of December were $2,304,- Receipt of Funds from U. S. Government.
111, being a gain over December 1917 of 36.3%, but with a loss, after diviThe directors, repeating their action of the last two quarters, have dedends, of $149,903, as above shown. For Jan. 1919 the increase in gross clared a dividend of $2 25 on the stock,"payable March 20 1919 to holders
fares over Jan. 1918 was $716,587, or 47%.
of record at the close of business on Feb. 26 1919, provided that before said
A bill, brought by James J. Mellen and other taxpayers of Boston, to
there shall be received from the U. S. Government a sum sufficient in
prevent the Stale Treasurer from paying over to the trustees of the Boston dateopinion
of the President of the company with other available funds, to
Elevated money to be used for the payment of dividends, came before the
pay
the
same and payable at a later date when, as and if said sum shall
Judge De Courcy in the Supreme Court on Feb. 4.
be
received."
the N. Y. Stock Exchange the stock will not be quoted
Loans and bills payable outstanding on Dec. 31 aggregated $5,143,100, ex-dividend on On
Feb. 26 1919, and not until further notice. Certificates
against 32,900.000 Dec. 31 1917.
delivered must carry a due bill.-V. 108, p. 267.
Application for Bonds, &c.This company has applied to the Massachusetts P. S. Commission for
permission to issue $3,000,000 notes or negotiable bonds, payable within
seven years and bearing interest at a rate not exceeding 7% per annum
for the purpose of providing means for construction and equipment and for
the financial and floating debt and for the purchase of such real estate
as may be necessary for the operation of the railway and for the reduction
of debts of the company.-V. 108, p. 479, 377.

Boston & Maine RR.-Government Indebtedness.See page 438 in last week's issue.-V. 108, P. 267. 170.

Denver & Rio Grande RR.-Interest Payment.The Feb. 1 coupon of the First & Refunding Mtge. 5% gold bonds were
paid at the Bankers Trust Co. on or after Feb. 1 1919, as announced by
the committee for this issue, Seward Prosser.-V. 108, p. 268.

Detroit United Ry.-Earnings for Calendar Years.Gross earnings
Expenses

1918.
1917.
1916.
1915.
$19,014,018 317,427,939 $16,036,669 $13,235,551
9,331,804
14,758,339 13,259.'790 11,215,802

Net earnings
Other income

$4,255,679 $4,168,149 $4,820,867 $3,903,747
286,815
449,735
411,737
351,335

Brooklyn Rapid

Transit Co.-Receiver's Certs.-Report.
Total income
$4,705,414 $4,579,886 $5,172,202 $4,190,562
Judge Julius M. Mayer in the U. S. District Court on Feb. 2 signed the Interest, &b
2,291,410 2,229,801
2,610,830 2,404,356
orders authorizing Receiver Garrison (a) to pay the interest due Feb. 1 on Depreciation reserve_ _ _1 750,000{
800,000
750,000
800,000
the $7,000,000 Kings County Elevated 1st 4s, and 3151967,000 Brooklyn- Reserve for Fed. taxes f
150,000
Union Elevated 1st 5s; (b) to issue $3.000,000 receiver s certificates. (c) Dividends
1,200,000 7k)1118750(63i)843,750 (6)750,000
To agree on terms for settlement of Malbone St. accident claims, payment
to be made only after further orders. (d) Also appointing ex-U. S. District
Surplus
$460,761
$144,584
$106,780 $1,237,042
Judge E. Henry Lacombe as special master to consider all claims against -V. 108, p. 378.
the company presented before March 14. (e) Authorizing the receiver to
pay interest on certain bankers' loans and negotiate for extension of same;
Grand Trunk Pacific Ry.-Bonds Quickly Sold.(f) to cancel or affirm contracts with the city and P. S. Commission within
The offering of $5,254,632 guaranteed bonds of this company made by
6 months from Jan. 15 1919, &c.
the A. E. Ames & Co., Wood, Gundy & Co., and the Dominion Securities
The order authorizing the$3,000,000 receiver's certificates provides also Corp. was quickly disposed of chiefly in the Canadian market.-V. 108.
that if any part of the sum "is lent to any company in which the Brooklyn p. 480.
Rapid Transit Co. is interested, the receiver may take demand obligations
secured by the bast lien obtainable.".
Illinois Central RR.-Offering of 53% Secured Gold
See also "Financial Reports" on a preceding page.-V. 108, p. 76, 263, Bonds.-Kuhn, Loeb & Co. and the National City Co. are
.
267373
.
offering at 9732 and int. to yield about 594% 816,000,000
Buffalo Lockport & Rochester Ry.-Reorganization.- 15-year 53'% Secured gold bonds, dated Jan. 11919, due
Jan. 1 1934, but callable in whole or in part at the option
of the company on or after Jan. 1 1924 at 101 and int.
Central of Georgia Ry.-Decision.--Data from Letter of Pres. Charles A. Peabody to the Bankers, Dated

A plan of reorganization for this company has been announced by the
bondholders' committee.-V. 107. p. 802.

New York, Feb. 5 1919.
The United States Supreme Court on Feb. 3 reversed the decision of
Interest J. & J. Denom. $1,000c*r*. Both principal and interest of
the Supreme Court of Georgia which upheld State Comptroller-General
in imposing the tax on the company for its holdings in Augusta & Savan- the bonds will be payable in gold coin of the U. S. of America, of or equal
nah RR. and portions of the Southeastern RR. The court sustained the to the present standard of weight and fineness, and without deduction for
plea that the taxation was in violation of the 14th amendment.-V. 107, any tax or taxes (other than Federal income taxes in excess of 2% per
annum) which the company or the trustee may be required to pay or to
p. 2375.
retain therefrom under any present or future law of the U. S. of .America,
or of any State, County, Municipality or other taxing authority therein.
Charleston Terminal Co.-Terminal Manager.Securtly.-The direct obligation of the company, and will be secured
J. P. Walker has been appointed Terminal Manager of this company and fby the deposit with The Farmers' Loan & Trust Co., as Trustee, of the
the North Charleston Terminal Co., at Charleston, S.0.-V.105, p. 2455. ol lowing securities, having a present market value of about $20,000,000:
$1 ,7 350,000 face value Illinois Central RR. and Chicago St. Louis Ss
New Orleans RR. Joint First Refunding Mortgage 5% bonds, Series
Chicago City & Connecting Rys.-Collateral Trust.A, due Dec. 1 1963, and
At the annual meeting of certificate holders this week,the same committee
face value Illinois Central RR. Western Lines First Mortgage
$4.550,000
was elected with the exception of Frank 0. Wetmore, who takes the place
4% gold bonds, due Aug. 11951.
of E. K. Boisot.-V. 108, p. 479.
Pending the pledge of the above bonds, or any of them, cash is to be
deposited in accordance with provisions in the indenture. Any of the
Chicago Rock Island & Pacific Ry.-Postponed.pledged bonds may be released upon the deposit of 15-year bonds or cash
to be applied toward the purchase or redemption of 15-year bonds.
The annual meeting has been postponed till March 4.-V. 103, p. 60.
Purpose of Issue.-The present issue of bonds is being sold to discharge
Chicago Union Passenger Station.-Construction.-- obligations incurred on account of expenditures for additions and betterments to its railroad, terminals, equipment and other facilities.
The "Economist" of Chicago says:
Property.-The system owned and controlled by thEl company traverses
Construction on the new Union Passenger Station may be well under way the States of Illinois, Iowa, Ind., Ky., Tenn., Miss., La. Ala. and Ga.
by spring if the bids for the foundations come within reason. This is the serving such important traffic centres as Chicago, Peoria, Springfield,
conclusion of a conference in which R. II. Aishton Regional Director of St. Louis, Indianapolis, Louisville, Omaha, Sioux City, Cedar Rapids,
Railroads, and E. A. Howard, President of the Union Station Company, Memphis, New Orleans, Birmingham, Atlanta, Macon, Savannah, and
participated. The grading of Canal St. will also be undertaken by the other places. It forms a continuous line from Chicago to New Orleans,
Burlington, and the construction of the viaducts over Harrison, Polk and and from Chicago to Omaha, with numerous branch lines, and via Bir12th streets. It is also proposed to start lowering the tracks in the station mingham and Macon to Savannah on the Atlantic Coast.
Dividends.-The company has paid dividends on its capital stock unzones to meet the new viaduct plans. It is estimated that about $750,000
It has now outstanding $109,206,000 capital
may be spent on the station proper this year and the Burlington, together interruptedly since
1863. market value of approximately $106,000,000.
with the station company, will this year erect its proposed 32,000,000 stock, having a present
freight terminal, the foundations for which alone will cost $575,000. The and on which dividends are being paid at the rate of 7% per annum.
Federal Control.-Am agreement between the Director-General of RR.
freight house will be 70 by 792 feet, three stories high, and the Burlington
intends to erect a duplicate of this structure next year, the plans for its and this company defining the terms and conditions upon which Federal
freight terminals providing for a total expenditure of 36,000,000 to $7,000,- control shall be exercised and fixing the compensation to be paid by the
000. The station proper and its various subsidiary buildings and improve- Director-General is being negotiated.
Under this agreement, the compensation payable to the company proper
ments will cover a total ground area of 39 acres and will represent a total
is expected to be not less than $16,282,000 per annum, and in addition
investment of approximately 360,000,000.-V. 108, p. 479. 378.
thereto the company will be in receipt of other income estimated at about
per annum, making available for fixed charges, taxes, diviCincinnati Lawrenceburg & Aurora Electric St. RR. $6,602,000
dends, &c., the sum of about $22,884,000. All fixed charges (including
The Indiana P. S. Commission has denied this company's petition for interest on the present issue of bonds), taxes rentals, sinking fund pay"
an increase in intra-State passenger rates.-V. 108. IL 77.
ments, &c., are estimated at 312,220,000, leaving a balance of $10,664,000
in excess of all fixed charges.
Colorado Springs & Cripple Creek District Ry.Approval.-The issuance of these bonds has been approved by the
Director-General, U. S. RR. Administration, and application for approval
Deposits-Time Extended.-The committee representing this thereof
is about to be made to the P. U. Comm.of 111.-V. 108, p. 378. 480.

company's 5% First Consolidated 40-year gold bonds, F. J.
International Railways Co. of Buffalo.-Committee.Lisman, Chairman, gives notice by advertisement on another
See International Traction Co. below.-V. 108, P. 268, 480.
page that a substantial majority of the bonds has been de,
•
International Traction Co., Buffalo.-Status, dec.posited with the committee, and that the committee has
Trust
4%
gold
Committee
for
Collateral
extended the time for the deposit of additional bonds up to The Protective
and including Feb. 211919. Deposits should be made with bonds, Elliott C. McDougal, Chairman, in circular of Dec.
the New York Trust Co., depositary, or the Mercantile Trust 20 1918 states in part:
Collateral Trust 4s.-There are now outstanding $18,335,000 of said
& Deposit Co. of Baltimore, agent for the depositary.- collateral
trust 4% bonds of 1912 secured by pledge of the following:
V. 108, p. 479, 378, 170.
$16,707,500 being all the capital stock of the railway company.
Connecticut Company.-Appeal for State Relief.Representatives of this trolley company, and also the Shore Line Electric
Ry„ Co., have appealed to the Connecticut Legislature for relief in view of
the present wholly abnormal operating conditions. The increase in the
rate of fare from 5 to 6 cents has not been sufficient to meet the situation,




4,344,000 507 Refunding & Improvement bonds of the railway company.
518,000 6 bonds of Niagara Falls & Suspension Bridge Railway Co.
22,500 607 bonds of Niagara Falls Whirpool & Northern Railway.
40,000 4% bonds of Tonawanda Electric RR. Co.
60,000 6% bonds of Tonawanda Street RR. Co.
Assets.-We are advised that said securities, together with $2,967,000
of5% Refunding & Improvement bonds of the railway company, which are

•

FEB. 8 1919.1

THE CHRONICLE

pledged to secure obligations of the Traction company aggregating $2,100,000, comprise practically all the assets of the Traction company.
Railway Mortgages.—Tho properties of the Railway company are subject
to mortgages securing $17,119,000 5% Refunding & Improvement bonds
of the Railway company, and 311,982,500 bonds of constituent or associated companies, including the bonds mentioned in the above list as pledged
to secure your bonds. It thus appears that your bonds are wholly dependent for their interest and security upon the entire capital of the Railway
company and a comparatively small proportion of the bonds.
International Railway Co.—We are advised as follows:
1. The net earnings of the Railway Co. during the calendar year 1918,
according to official estimates, are less by over 3700,000 than the amount
required to meet its taxes and interest charges.
2. The Railway Co. owes $414,615 taxes now overdue and the semiannual installment of interest on its 5% Refunding & Improvement bonds
which fell due Nov. 1 1918. [Paid with interest Jan. 28 1919. V. 108.
p. 480.—Ed.1
3. These failures to pay taxes and interest constitute defaults and,
unless cured within the time prescribed by the said mortgage, the holders
of said bonds will have the right to compel foreclosure.
4. The holders of said Railway bonds are organizing to protect their
interests. (V. 107, p. 2188.)
Traction Company.—This company, we are advised, cannot expect,
for the present, to receive any interest or dividends upon the bonds or stock
of the Railway Co., and will not be able to pay the interest upon your
bonds, which falls due Jan. 11919.
Foreclosure.—In order to preserve the security for your bonds, it is
essential that you make provision to protect the stock of the Railway Co.,
and the equity in its properties represented thereby, against the foreclosure
of the mortgage of the Railway Co. and it will probably be necessary for
you to foreclose the indenture securing your bonds.
Deposits With Protective Committee.—Collateral trust 4% bonds should
be deposited promptly with the Guaranty Trust Co. of N. Y., depositary,
140 Broadway, N. Y. City, 32 Lombard St. E. C. London or Rue des
Italiens 1 & 3, Paris, or with the City Trust Co., Agent for Depositary,
at Erie County Bank Building, Buffalo, N. Y., until Jan. 10 1919. [Deposits are still being received subject to closure without notice.—Ed.1
Protective Committee.—Elliott C. McDougal, Chairman, President of
Bank of Buffalo; Jacob Gould Schurman, President of Cornell University;
Thomas Do Witt Cuyler, of Philadelphia, Pa.; Thomas E. Mitten, President of Philadelphia Rapid Transit Co., with A. F. Halstead, 62 Cedar
St., N. Y., as Secretary.
Note.—The financial statements herein made are, except as otherwise
indicated, based upon a report of Marwick, Mitchell, Peat & Co., Chartered
Accountants, showing the condition of said companies as of Sept. 30 1918.

Buffalo Committee for Collateral Trust 4% Gold Bonds.—The
Buffalo Committee named below is asking the deposit of
these bonds with the Manufacturers & Traders National
Bank, Buffalo, N. Y. A circular says in brief:

579

New York Chicago & St. Louis RR.—Mortgage.—
This company has filed with the New York P. S. Commission a petition
asking for an order authorizing the execution of its Second and Improvement
Mortgage for the face amount of $25,000.000 and the issuance and sale
thereunder of Second and Improvement Mortgage bonds to an amount
not exceeding $4,435,000. The Commission will take immediate action
upon the petition.
The company proposes to use the proceeds of the bonds: $300,000 to
pay a note held by the Union Commerce National Bank of Cleveland, due
March 27 1919, representing uncapitalized expenditures of an equal amount
properly chargeable to capital account for cost of road, property or equipment; $197,000 to reimburse the company's treasury for expenditures heretofore made to that amount for acquisition of $219,000 in first mortgage
bonds; $112,000 to discharge company's indebtedness to the DirectorGeneral of Railroads for expenditures for additions and betterments made
prior to May 11918; 83,526,000 to reimburse the treasury for expenditures
for additions and betterments made during the past five years.
A verbal aFeement has been made, the petition states, to sell the bonds
to the First National Bank of Cleveland at 90% of the par value and accrued
interest. The bonds now to be issued are to be known as Series A and
mature on May 1 1931 and are to bear interest at 6%. The DirectorGeneral of Railroads has approved the issue of the mortgage bonds.—
V. 108, p. 269.

N. 'Y. N. H. & Hartford RR.—Debt to Government.
See page 437 in last week's issue.—V. 108, P. 79, 269.

Northern Central Ry.—Debt Increase Authorized.
The stockholders on Feb. 4 authorized an increase in the company's indebtedness of $8,216,000. Of this amount about $5,000,000 had been
expended but not funded up to the close of 1918. Allowance is made in
the present provision'for future requirements. The purpose of these expenditures has been to provide improvements and betterments to the company's property.—V. 108, p. 172.

Ocklawaha Valley RR.—Sold at Auction.—
This 50-mile property operating between Ocala and Palatka, Fla., was
sold at public auction on Feb. 3 under an order in Chancery, on a suit
brought by the bondholders. The complainant purchased the property
for $225,000 for dismantlement.—V. 105, p. 2366.

Ottawa Electric Ry.—Offer of Sale.—
This company has made an offer to the city of Ottawa for the sale of its
property at a price of about $6,500,000, and has given an option until May 1
at this figure. A Canadian press dispatch states that this price covers all
the holdings of the company, including Britannia Park and the Rockliffe
right-of-way.
In view of the majority in favor of the purchase of the street railway and
its operation by a Commission, when the questions were submitted to the
electors at the January elections, the City Council will doubtless approve
of the recommendation. The company's franchise expires in five years, so
that the price which the city should be called upon to pay is the value of the
physical assets plus any profits which the company would make during the
balance of its franchise.
[See Ottawa Traction Co. above.j—V. 107, p. 1193.

The deposit agreement of the [McDougall Protective Committee,
dated Dec. 10 1918, fails to limit the expenses of the committee for the
compensation of itself and legal counsel, and also prevents any depositor
from withdrawing, unless 30% of the holders of the deposited bonds file
written objections to the plan adopted by that committee.
Our main purpose is to co-operate with the so-called Protective ComPacific & Eastern RR.—Receiver Appointed.—
mittee, and if we succeed in accomplishing a proper modification of the
William F. Turner, President of the Spokane Portland & Seattle By., has
agreement under which it is acting we shall immediately deposit all of the been named as receiver for this property upon petition of the Columbia
bonds in our hands with such Protective Committee,
Trust Co. of New York, trustee for the Eastern bondholders.—V. 108. P.
Buffalo Committee.—H. T. Ramsdell, Chairman, William H. Crosby, 379.
J. C. Dann, Charles R. Huntley, and John H. Lascelles, with L. P. WilPennsylvania RR.—Financial Requirements.—Referring
liams, Secretary, 284 Main St., Buffalo.—V. 108, P. 268, 480.

Kansas City & Pacific RR.—Aug. 1918 Interest Paid.— to the meeting of shareholders to be held on Mar. 11 to
act on increasing the indebtedness of the company, Secretary
Lewis Neilson as of Jan. 27 writes:

The interest matured Aug. 1 1918 on the First Mtge. Guaranteed 4%
gold bonds, due 1990, was paid on presentation of coupons on and after
Jan. 31 1919, but payment of interest due Feb. 1 1919 was deferred.
—V. 107, p. 501.

Authority to increase the indebtedness of the company to the extent of
875,000,000 is necessary in order that it may b3 in a position to provide for
its capital requirements, including maturing obligations, through the issue
A press dispatch from Kansas City states that a loan by Kansas City of bonds or other evidences of indebtedness, as the directors may deem best.
The Cumberland Valley RR., 108 miles in length, including its branches,
banks has been arranged in the amount of $500,000.—V. 108, p. 268, 171.
extends from Harrisburg, where it connects with the main line of the Pennsylvania,
to the Potomac River at Powell's Bend, Md. It connects with
Kentucky Securities Corp.—Listed.—
The Philadelphia Stock Exchange listed $900 additional 6% Cum. Vie Western Maryland RR., Baltimore & Ohio RR. and the Norfolk &
Pref. stock making the total amounted listed to date $2,179,600.—V. 107. Western Ry. at Hagerstown, Md., and, through its controlled line, also
with the Baltimore & Ohio RR. at Martinsburg, W. Va. and Winchester,
D. 1479.
Va. The Pennsylvania RR. owns all but a small percentage of its capital
stock, and therefore its acquisition involves a very small outlay on the part
Kentucky Traction & Terminal Co.—Listed.—
The Philadelphia Stock Exchange listed $58,000 additional First & Ref. of the company.
Mtge. 5% S. F. gold bonds, due 1951, making the total amount listed to
Government Contract.—
date $2,887,000.—V. 107, p. 2476.
Tho contract with the U. S. Government, duly signed by all parties, is
dated Dec. 30 and provides for an annual compensation of $53.603,427.
Lehigh Valley RR. Co.—Black Toni Application:—
roads included with the Pennsylvania RR. In this contract are the
Application was made in the United States Supreme Court on Feb. 1 The
N. Y. Phila. Norfolk RR., Baltimore & Sparrows
RR.,Cumberland
for a reopening of the action against the RR. company in connection with Valley RR.,&Union RR. of Baltimore, BarnegatPoint
resulting
from
claims
the Black Tom explosion which occurred Haven RR. and Rosslyn Connecting RR.(of Va.). RR., Phila. & Beach
damage
July 30 1916. If the Supreme Court consents to reopen the case approxiJurisdiction Extended.—
mately 3,500 suits involving $12,500,000 will be involved.—V. 108, p. 171.
The jurisdiction of Federal Manager Elisha Lee, Eastern Lines, and
Louisville (Ky.) Ry.—Wage Increase.—
associated lines, has been extended over the Barnegat RR. and the PhilaThe National War Labor Board has granted wage increases to the em- delphia & Beach Haven RR.—V. 108, p. 480, 379.
ployees of this company and recommended an increase of fare. Employees
In Louisville were granted increases to 41, 43 and 45c. an hour, effective
Philadelphia Co.—Offering of Three-Year 6% Notes.—
as follows: First raise in 3 months, second in 6, third in 9 months. Em- Leo, Higginson & Co. and. the First National Bank
of N. Y.
ployees on the suburban lines were granted increases to 42, 44 and 46c. an
hour, with the same time periods. The men were formerly getting from have sold (see adv. on another page) at 963/ and int.,
21 to 31c. an hour and asked a raise increasing their wages to from 41 to yielding over 7.30%, $10,000,000 Three-Year 6% Secured
50c. an hour.—V. 107, p. 1747.

Kansas City Rys.—Bank Loan Arranged.—

Monongahela River RR.—Bonds Matured.—

The Now York Stock Exchange has struck from the regular list all of the
First Mtge. 5% bonds which mature and were retired Feb. 1 1919.—
V. 100, P. 1918.

Montreal Central Terminal Co.—Bonds, &c.—

The shareholders of this company will vote on March 4 on authorizing
(a) the construction of the proposed tunnel and terminals, and (b) the issue
of mortgage bonds.—V. 99, p. 748.

New Orleans By. & Light Co.—Protective Committees for
Refunding and General Lien 5s and Also for One-Year 7%
Gold Notes.—In view of the receivership and the default in
the payment of interest upon the General Mortgage 4M%
Gold Bonds which occurred Jan. 1 1919 and still continues,
the following committees, by advertisement on another
page, are urging the immediate deposit of the securities
which they have been formed to protect, viz.:
Committee for Refunding and General Lien 5s of 1909, Due Nov. 1 1949.
George IC. Reilly (Chairman). John S. Newbold, Arthur V. Morton,
George A. Colston and Lynn II. Dinkins, with, as Sec., Walter B. Reed,
517 Chestnut St., Phila., and Counsel, Beekman, Menken & Griscom,
52 William St., N. Y.
Depositary: The Pennsylvania Co. for Insurances on Lives and Granting
Annuities, 517 Chestnut St., Phila. Sub-Depositaries: Interstate Trust &
Banking Co., Now Orleans, La., and Mercantile Trust & Deposit Co.,
115 Broadway, N. Y.
Committee Representing One-Year 7% Gold Notes.
Clarence L. Harper(Chairman) harper & Turner, Phila.; F.II. Barclay,
Townsend Scott Sc Son, Baltimore, Md.; J. A. Cauldwell, Bertron, Griscorn & Co., Inc., N. Y. & Phila.' Charles Counsolman, Counselman & Co.,
Chicago; William S. Evans, West & Co., Phila.; John Y. G. Walker,
V.-Pres. Central Union Trust Co., N. Y.; Joseph Wayne Jr., Pres. Girard
Nat. Bank, Phila.
Depositary: Fidelity Trust Co., 325 Chestnut St., Phila. Sub-depositary Central Union Trust Co., 54 Wall St., N. Y.; Counsel, Morgan,
Lewis & Bockius, Land Title Bldg., Phila.; Sec., T. Homer Atherton,
325 Chestnut St., Phila.

See also American Cities Co. above. Compare V. 1aS,
p. 480, 379.




Gold Notes, dated Feb. 11919, due Feb. 1 1922. Authorized,$15,000,000;outstanding,$10,000,000

Interest F. & A. in N. Y., Boston. Chicago and Pittsburgh. Denom.
$1,000 and $500 c*; $1,000 r*. Callable as a whole or in part, at any time,
on 60 days' notice, at 10134 and int. prior to Feb. 11920; at 101 and int. on
Feb. 1 1920, and prior to Feb. 1 1921; and at 100% and int. on and after
Feb. 1 1921. Free from Penn. State tax. Interest payable without deduction for any Federal income tax not in excess of 2%. The Union Trust
Co. of Pittsburgh, trustee.
Data from Letter of Pres. A. W. Thompson, Dated Feb. 1919.
Company.—Ineorp. In 1884 in Penn. Owns or controls an extensive
gas producing and distributing system in Penn. and W. Va., furnishing the
greater part of the entire gas supply of Pittsburgh. Also controls, through
stock ownership, the electric railway system in Pittsburgh and vicinity.
It also controls the Duquesne Light Co. (through ownership of its entire
common stock) which does substantially all the commercial electric light
and power business in Pittsburgh and in the greater part of Allegheny and
Beaver counties, Pa.
Purpose of Issue.—The proceeds of these notes will be more than sufficient
to retire $7,000,000 Two-Year 5V2% Collateral gold notes, due April 2 1919.
and $1,957,000 Convertible 5% gold debentures, due Aug. 1 1919, thus
providing for payment of all funded debt which matures during 1919.
Capitalization (as at Completion of Financing)— Authorized. Outstanding.
First Mtge. & Collateral Trust 5s, clue 1949...*(Closed Mtge.) $5,545.000
Consol. Mtge. & Coll. Trust 5s, due 1951_ _(Closed Mtge.) 14,814,000
Convertible 5% debentures, due May 1 1922_ _ _ _ 89,794,000
9,794,000
Three-Year 6% Secured notes (this issue)
15,000,000 10,000.000
Pittsburgh & West Virginia Gas Co. 6s
750,000
Equitable Coke Co. Three-Year 5s
1,440,000
Preferred stock 5% non-cumulative
$2,033,400 $1,442,450
Preferred stock 6% cumulative
25,000,000 6,763,550
Common stock (now paying 6% dividends)
44.900,000 42,943,000
* The 84,000,000 proceeds of the sale of Brunet Island property to the
Duquesne Light Co. were deposited with the trustee of the Philadelphia
Co. 1st & Coll. Trust 5% bonds. Of this amount not more than $500,000
is to be used for additions to property. Out of the 33,500,000 balance,
$836,000 1st & Coll. Trust 5s have been acquired and retired. The remainder is to be used for the acquisition and retirement of 1st Mtge. &
Coll. Trust 5s, or invested in high-grade securities.
Sinking Fund.—Sinking funds for the retirement of the company's funded
debt aggregate $789,000 per year, of which $400,000 must be applied to
retire these notes by purchase or call. If the entire S15.000,000 notes are
issued, total sinking funds will amount to $989.000, of which $600,000
must be applied to these notes.

•

580

THE CHRONICLE

Equity.-These notes are followed by preferred and common capital stocks
having a present indicated market value, at current quotations, amounting
to more than $30,000,000.
Pledged Bonds.-There are to be pledged as collateral for these notes
$20,000,000 First Refunding & Collateral Trust Mtge. 5% gold bonds,
dated Feb. 1 1919 and due Feb. 1 1944; total auth. issue,•$100,000.000.
If any additional notes are issued the amount of 1st Ref. & Coll. Trust
bonds pledged shall be increased so that the notes shall at all times be
secured by 200% of these bonds.
The First Ref. & Coll. Trust Mtge. bonds will bo a mortgage upon all the
natural gas properties, transportation lines and distribution systems owned
in fee, and upon all securities (with certain unimportat exceptions) of
companies engaged in production, transportation or distribution of natural
gas, artificial gas, electric light and power, oil, coal and coke) now owned
or hereafter acquired by the Philadelphia Co.
Property.-The company, with five subsidiaries, produces natural gas in
Southwestern Penn. and Northern W. Va., and manufactures artificial
gas at a plant completed in 1918, with a capacity of 20,000,000 cu. ft. a
tiny, at Elrama, Pa., near Pittsburgh. In 1918 sales of gas amounted to
about 45,000,000,000 cu. ft. The gas is transported through the company's 2,181 miles of transportation pipe line and distributed to about
145,000 customers in Pittsburgh. In Pittsburgh the company has 1,467
miles of gas distribution mains.
The natural gas department controls under lease 456,825 acres, is operating about 150,000 acres, and has drilled 1,943 gas wells. Of the reserve
acreage about 210,000 acres are proved gas lands, and the remainder as yet
not tested. In the transportation of gas from the fields, the company
operates 24 pumping stations having an aggregate of 38,320 h. p. In
connection with the operation of its properties the company owns and uses
842 miles of telephone lines.
The Duquesne Light Co. operates power stations having an aggregate
capacity of 202,000 h. p. Its plant at Brunot Island, on the Ohio River,
in Pittsburgh, is one of tho largest and most important power plants in the
U. S. The company has now in service 81,629 meters, and current is supplied to 73,302 customers. The present connected load of the system is
approximately 296,729 k. w. and for the year ended March 31 1918 sales
of current amounted to 539%737,984 k. w. h.
Earnings.-The earnings below are the consolidated income accounts of
the Philadelphia Co. and its subsidiary natural gas and oil companies (incl.
interest and dividends received on securities owned).
Earnings for Four Fiscal Years ending March 31 and Calendar Year 1918.
1914-15. 1915-16. 1916-17. 1917-18. 12 Mos.'18
$
$
Gross earnings
7,288,753 8,028,519 9,210,148 11,332,440 13,077,996
Net, after taxes_ __ _3,881,869 4,623,472 5,116,156 5,450,470 6,416,682
Construe. expend's *1,031,795 965,937 1,368,678 1,490,216 1,650,421

[V0L.'108.

than 8% per annum The remaining $25,000,000 of said stock is pledged
as part of the collateral under the General Mortgage Sinking Fund 5%
bonds. Additional stock of the Electric Co. may be issued only for cash
at not less than par. Valuing the pledged bonds at 78, and the pledged
stock at par, the value of the collateral aggregates $15,920,000, or 127%.
No pledged securities may be released from the lien of the notes except
upon conversion into pref. stock or upon redemption of notes or upon the
deposit of cash for such redemption and cancellation.
General Mortgage and Security Therefor.-The mortgage securing the
pledged bonds is now closed. The authorized amount is $50,000,000; of
which $1,684,000 half() been acquired for and are held in the sinking fund,
$34,316,000 are outstanding in the hands of the public, and the remaining
$14,000,000 are to be pledged under the note indenture as part of the
security for the notes. It is estimated that by maturity $30,000,000 of
these bonds will have been retired by their sinking fund.
(1) A first lien upon leases (for at least 900 years from their respective
dates), viz.: (a) United Electric Co. of N. J.; (b) Essex & Hudson Gas Co.;
(c) Hudson County Gas Co.; (d) East Newark Gas Light Co.; (e) South
Jersey Gas, Electric & Traction Co.;(f) Paterson & Passaic Gas & Electric
Co.;(g) Somerset Union & Middlesex Lighting Co.;(h) Gas & Electric Co.
of Bergen County;(i) Nichols Electric Light & Power Co. of Nutley, N. J.;
(j) Middlesex Electric Light & Power Co.;(k) Weehawken Contracting Co.;
(1) Citizens Electric Light, Heat & Power Co.;(m) Morristown Gas Light
Co.; (n) Ridgewood Gas Cos.
Also upon an operating agreement with Plainfield Gas Light Co.
(2) A first lien upon $15,719,382 bonds of subsidiary companies and
$867,485 perpetual interest-bearing certificates of the Corporation, all
deposited under the mortgage.
(3) A first lien upon $44,730,983 stocks of sub. companies, all deposited
under mortgage.
(4) Alien,subject to the lien of the perpetual interest-bearing certificates,
upon $68.007,000 capital stocks of the United Electric Co. of New Jersey
(lease mortgaged-see (1) above), Orange & Passaic Valley By. Co. and
Public Service By. Co., all now owned by the Corporation.
Preferred Slock.-A sufficient amount of the new preferred stock is reserved to provide for conversion of these notes, and $10,000,000 additional
is about to be offered at par for stockholders' subscription, of which over
$6,000,000 is already assured. This pref. stock is entitled to cumulative
dividends at the rate of 8% per annum from March 11919, payable quarterly (Q.-M. 31); is to have no limitation upon voting power, or upon any
right existing by law to participate in subsctiptions to additional issues of
stock; is to be redeemable, at option of corporation, in whole or from time
to time in amounts of not less than 1,000 shares, after three years from
issue, on any quarterly dividend date, upon not less than 30 days' notice,
at 110% and accrued dividends; and is to be preferred as to dividends and
as to assets. The amount of such pref. stock issued and outstanding shall
at no time be larger than the amount of the common stock issued and
outstanding, and all other stock hereafter issued shall be subordinate, as to
Balance
2,850,075 3,657,535 3,747,478 3,960,254 4,766,261 dividends and assets, to such preferred stock.
Other net income
For the past three years the average annual combined net income of the
(diva., int., &c.)_2,001,982 2,171,638 2,498,270 2,473,729 2,265,174 Corporation
and its subsidiaries (after deducting reservations for depreciation and amortization, and annual interest charges upon all funded debt
Total income_ __ _4,852,056 5,829,173 6,245,748 6,433,983 7,031,435 now
to
be
outstanding,
these notes) exceeds 23i times the annual
Fixed charges
1,940,547 1,906,825 1,796,499 2,131,868 2,097,991 dividend requirements including
on the above-mentioned $10,000,000 pref. stock.
pref. stock in turn is followed by $29,999,600 common stock, all of
Bal. over fixed chgs_2,911,509 3,922,348 4,449,249 4,302,115 4,933,444 The
has been paid for at par in cash.
* On natural gas properties and depreciation charged to income account. which
Earnings.-The combined results of operations of the Corporation and
Included in "Other Net Income" shown in the above statement are the subsidiary companies (substantially all the stock of which is owned by the
following dividends received by the Philadelphia Co. on Duquesne Light Corporation) for the calendar year 1918, were as follows:
Co. common stock: 1915, $1,236,729; 1916, $1,264,706; 1917, $1,456,171; Gross operating revenues of subsidiary companies
$52,997,839
1918, $1,457,969.
Net income of subsidiary companies after deduction of all fixed
The common stock of the Duquesne Light Co. was issued in 1912. All
charges, including current maintenance but excluding reserstock issued since then has been sold for cash at not less than par. The
vations fOr depreciation and amortization
$7,197,120
stock has paid dividends of not less than 7% since issued, and is now Income from securities owned (except dividends on stocks of the
paying at the rate of 8%. Earnings of the Duquesne company during 1918
three operating companies) and from miscellaneous sources,
were equivalent to over 12% on its common stock.
less expenses and reservation for taxes of Public Service CorFranchises.-These are satisfactory, and, with but a few minor excepporation of New Jersey
1,846,297
tions, unlimited as to time or were granted for 999 years.
Further particulars regarding the security, &c., of the bonds pledged as
Total combined income(3% times interest charges,includcollateral for the notes should appear another week. The company's
ing these notes)
$9,043,417
annual report for the year ending March 31 1918 was published in full in Total annual interest charges of Public Serv. Corp. of N.J.,incl.
V. 106, p. 2655.
int. on $12,500,000 3-Year Secured Cony. 7% Gold Notes
3,878,046
Application has been made to the New York Stock Exchange for permission to list $6,506,000 additional 6% cumulative preferred stock.
Balance available for deprec'n, amortization, dividends, &c__ $5,165,371
V. 108, p. 269.
Approximately 80% of the earnings of the subsidiary companies applicable to bonds and stocks owned by the Corporation and to appropriations
Pittsburgh Cincinnati Chicago & S. Louis RR.- for
depreciation and amortization, during the past five years, was derived
The stockholders on Feb. 3. authorized an increase in the indebtedness from gas and electric properties.
of the company by the issuance of $35,000,000 debenture gold bonds.
During the past five calendar years the gross operating revenues increased
The purchase of the Indianapolis & Frankfort RR.for $6,000,000 was also over 47%, the total combined income over 33%, while the interest charges
proved, thus giving the company a direct line from Louisville to Chicago. on funded debt increased only 13%.
(V. 107, p. 2377.)
Franchises.-In the opinion of counsel, the franchises under which the
Action on the contract with the Federal RR. Administration was not subsidiary companies operate, with a few minor exceptions are perpetual.
taken. The stockholders will vote on it Feb. 17.-V. 108, p. 80.
Taxes.-The Corporation will pay any normal Federal income tax which
may lawfully pay at the source, not exceeding the present rate of 2%,
Public Service Corporation of New Jersey.-Offering It
and it will also provide for the reimbursement of noteholders, resident in
of Three-Year Secured Convertible 7% Gold'Notes-Description Pennsylvania, for the four mills tax assessed in that State, when paid by
of New 8% Pref. Stock-Earnings.-Drexel & Co., hiladel- them.
Physical Properties and Statistics of Operation.
phia, and Bonbright & Co., Inc., New York, are Offering, at
Years end. Dec. 311917.
1916.
1915.
1918.
Generating
stations,
No.
20
18
22
18
983/ and int. (to yield over 7.55%), if, when and as received, Capacity in kilowatts__
224,483
265,348
227,813
268,055
Three-Year Secured Convertible 7% Gold Notes authorized Transmission lines,miles
685
772
835
920
K. W.hours produced_ _472,330,488 586,219,529 720,153,943 781,817,855
and now issuable, $12,500,000 (V. 108, p. 480). These Miles
of conduits
139149
155
157
obligations are fully described in the following:
Miles of wire
18,299
16,108
. 17,330
18,100
K.
w.
h. sold (excl. ry.) A97,079,581 280,871,843 371,509,459 440,068,104
Digest of Letter from Pres. Thomas N. McCarter, Newark,Jan.30 1919
No. of electric meters
124,433
141,918
170,630
159,131
Organization.-Incorporated in New Jersey in 1903 with a perpetual Gas
sold (1,000 cu. ft.)_ 11,231,828 12,399,852 13,610,865 14,783,231
charter. It owns all but 47 shares of all outstanding stock of Public Service Gas
mains, miles
3,041
2,977
3,089
3,105
Gas Co. Public Service Electric Co. and Public Service Railway Co.
Number of gas meters....
516,745
526,213
473,644
496,885
These'
subsidiaries operate all the gas, electric and street railway proper- Revenue
passengers..__
_313,923,363
342,205,993
361,187,782*353,190,897
ties in the larger cities and more populous districts of the State-excepting Number of cars
2,264
2,089
2,434
2,395
the shore resorts, the gas service in Elizabeth, and the street railway in Miles of track
882
890
891
898
Trenton, serving an estimated population of 2,415,000 in the electric
••
branch, 2,200,000 in the gas branch and 2,300,000 in the railway branch.
* Excluding passengers paying for transfers.-V. 108, p. 480.
Capitalization (P. S. Corp. of N. J. upon Completion of Present Financing).
Authorized. Outstanding.
Reading Company.-Bond Particulars.Preferred stock
$50,000,000 $10,000,000
Common stock
50,000,000 29,999,600 Jersey Central Collateral 4s in hands of public as of Dec.111918. $22,217,000
Gen. M. sink. fund 5% bonds, duo Oct. 1 1959 50,000,000 *36,000,000 General Mortgage 4s of Reading Co. (total auth. $135,000,000)
in hands of public
Perpetual interest-bearing certificates
$93,717,000
20,200,000 a19,183,285
In the treasury
3-Year Sec. Cony, 7% Gold Notes (this issue)
$3,942,000
12,500,000 12,500,000
Canceled by sinking fund
8,998,000
Reserved to retire underlying bonds
* Includes $1,684,000 purchased by sinking fund. The remaining
28,918,000
Reserved for other purposes
None
$14,000,000 authorized are to be pledged under these notes as part of the
The sinking fund retired $506,000 of the General Mortgage bonds in
security. a $867,485 additional are pledged under the General Mortgage.
This Note Issue.-Limited to the $12,500,000, all now to be issued. 1917, $637,000 in 1918. $622,000 in 1919.-V. 108, p. 481.
Dated March 1 1919, due March 1 1922, redeemable at the corporation's
Rhode Island Co., Providence.option in whole or in part, on sixty days' notice, at a premium of 1% for
each year or any part thereof, of unexpired life, in each case with accrued Income Account for November and the 11 Mos. ended Nov. 30 1918 and 1917.
interest. Principal and interest [M. & S.J payable at the office of the
1918-Nov.-1917. 1Mo.% 1918-11 Mos.-1917. 11Mo%
trustee in Philadelphia, or at the agency of the Corporation in New York. Oper. revenue..$560,068 $466,604 +20.03 $5,734,062 $5,502,350 +4.21
Convertible at option of holder at any time prior to Dec. 31 1921, or Oper. expenses 493,995 491,652 +0.48 4,644,256 4,170,031 +11.37
until and including the date of any earlier redemption, into new 8% Cum.
Pref. stock of the corporation on the basis of 1009 for the notes and
Net oper. rev $66,073df$25,047 +363.79 $1,089,806 $1,332,319 -18.20
1014% for the stock (with adjustment of interest and dividends) upon 3() Non-oper. inc_ 26,639
114,641 -3.47
813+317.48
110,670
days previous notice. Denom. $100, $500, $1,000 and $5,000 c*. Trustee, Fidelity Trust Co., Philadelphia.
Net income_ $92,713df$24,234 +482.56 $1,200,476 $1,546,960 -17.04
Purpose of Issue.-The proceeds of these notes and of the preferred stock
Deductionspresently to be subscribed for as below stated will pay off maturing notes, Taxes
$48,776 $49,331 -1.13 $542,494 $525,162 +3.30
discharge floating debt, provide additional working capital, and diminish Rentals
96,791
96,791
1,064,703 1,064,703
materially the annual interest charges. (V. 108, la• 481)•
Interest & disc. 26,757
289,979
265,444 +9.24
25,526 +4.08
Approximately $32,000,000 has been expended on extensions and better- Miscellaneous_
2,329
50
60 -16.65
2,154 +8.15
ments in the last five years; $5,500,000 of this amount has been financed
by the sale of bonds, the remainder being represented by $7,500,000 notes
Total deduc_$172,374 $171,708 +0.55 $1,899,504 $1,857,463 +2.26
maturing March 11919, $5,000,000 common stock of the corporation, and
short-term loans, &c.
Deficit
$79,661 $195,942 -59.35 $699,028 $310,503 +70.29
Security.-A direct obligation secured by deposit with the trustee of:
See also V. 108 . 481, 270.
(a) $14,000,000 Public Service Corp. of New Jersey Gen. Mtge. Sinking
Fund 5% bonds, due Oct. 11959, which are secured in part by a first lien
Rochester & Genesee Valley RR.-Federal Taxes.on all the stock of Public Service Gas Co. except directors' shares, and on
Josiah Anstice, Sec. & Treas., Rochester, N. Y. writing Feb. 3, says:
all the stock of Public Service Electric Co. except directors' shares and
"The road is leased in erpetuity to the Erie RR.
' Co., no money passing
except the $5,000,000 to be pledged hereunder.
through its hands, but6 c is paid yearly to the stockholders of the Rochester
(b) $5,000,000 of the $30,000,000 capital stock of Public Service Electric & Genesee Valley. As Treasurer of this latter company I receive no money
Co.. which for the last eight years has regularly paid dividends of not less or pay out any money, and as this 6% is to be paid free of all other arrange-




FEB. 8 1919.]

THE CHRONICLE

581

ments, taxes, or anything of that kind, the Erie sends checks to the different
The Committee have negotiated the following arrangements: (1) Debenstockholders semi-annually.
ture stock,
to be reduced to £1,000,000, of which E142,000 for
"Now who is paying those taxes I do not know. I of course have notified future issue;£1,649,930,
(2) the existing capital divided into £1,250,000 5% Cumulative
the Erie it is up to them to pay them according to their lease. They are Preference shares,
and £1,000,000 Ordinary shares, it is proposed to alter
to pay everything, but they have held off, I think, about this on account to £963,000 5% Preference shares, non-cum. for five years
after the terof some legal question. But it is either for them to pay them or for the mination of the war, and £656.250
ordinary shares;(3) the new share capital
stockholders to return that amount of money as received from rents, and to be distributed as follows:
(a) To the debenture stockholders 4% debenpay themselves.
ture stock, £858,000; 5% pref. shares, £858,000; ordinary shares, .£82,500;
"I have notified most of our stockholders just how this thing stands, and (b) To the second and third debenture holders 5% pref. shares,
£105,000:
they have got to straighten that out themselves. But it is up to the Erie (c) the remainder of the ordinary shares,
viz.: E573,750, to be allocated
to pay these taxes."-V. 79, p. 2458.
to the existing preference shareholders. The result will be that for every
£100 of 4% debenture stock now held, the stockholder will receive £52
San Francisco-Oakland Terminal Rys.-Coupon Pay't. of
4% debenture stock, £52 of 5% preference shares and a ordinary shares.
Announcement is made that funds for the payment of the Jan. 1 1918 together with 4% on his £52 of debenture
stock in respect of 1918. (4)
coupons of the Oakland Transit Co. First Mtge. 5% gold bonds have been There shall be no increase in either the preference
ordinary capital
deposited with the Wells Fargo Nevada National Bank. ',Coupons will be without the consent of the new preference shareholders.orThe
first directors
paid upon presentation at the bank.-V. 108, P. 270, 172.
will be Sir J. C. L. Coward, K. C., and Mr. G. Balfour, M.P., representing
the preference shareholders, and Messrs. W. M. Acworth, W. C. Burton,
Seaboard Air Line Ry.-Senti-Ann. Int. Paid.J. L. Devonshire, C. G. Tegetmeier, and H. A. Vernet, representing
The semi-annual interest of 23 % was paid •Feb. 1 on the Adjustment 5% the ordinary shareholders. Arrangements have
also been agreed for the rebonds of 1919. These bonds were issued Oct. 1 1909 and are outstanding organization of the management in harmony
with the London General
in amount of $25,000,000. Interest is paid when earned only, but is Omnibus Co.
cumulative. Since the bonds were issued, however, interest has been reguThe provisions stipulated by Parliament include: (1) The company to
larly earned and paid.-V. 108, p. 270.
set aside £400,000 for reconstruction before declaring any dividends on its
preference or ordinary shares, and the £235,000 to be received from the
Southern Ry.-Offering of Three-Year 6% Notes.-Hal- London
County Council (in respect of the purchase of the
lines)
sey, Stuart & Co., and the Continental & Commercial Trust and the surplus revenue in hand, lass the costs of the Act, areLondon
to be applied
as part of this sum of E400,000; (2) as from Jan. 1 1919, the net revenue
& Savings Bank, Chicago, are offering, by advertisement on is
to be applied' (i) To interest on Mortgage Debenture stock and all
another page, $25,000,000 (total authorized) Three-Year 6% other interest,
properly chargeable to revenue; (ii) annually to special
reserve fund: (a)
&c..
1919 to 1923, £60,000; (b) 1924 to 1927, £40,000: (c) each
Secured gold notes at993 and in ,yielding slightly over6Yt%• succeeding
year, £30,000; (iii) any further provision for reserve deemed
These notes will be a direct obligation of the company and necessary; (iv) in paying dividends as may be declared on preference
on ordinary shares. In view of the obligations
are to be secured by deposit of $43,500,000 par value Devel- shares and thereafter
imposed by Parliament it is unlikely that much revenue will be available
opment & General Mtge. 4% bonds, which are secured by a for
preference dividends during the next few years.
(Meetings of preference shareholders and debenture stockholders ofthe
general mortgage upon practically the entire property, and
London United Tramways were to be held Jan. 23 to consider this rewhich at present prices have a market value of about 16.5% arrangement
of the company. The National Union of Railwaymen this
afternoon repudiated a settlement of the London subway strike. Traffic
in excess of the par value of this issue of notes.
The notes are dated March 11919, duo March 11922. Int. M. & S. in In the subway continues at a standstill.]-V. 107, p. 2189.
N. Y. and Chicago. Principal and interest to be payable without deduction
United Railways, St. Louis.-Valuation Ordered.for any tax or taxes except any Federal income tax. Redeemable, in whole
The Missouri P. S. Commission has ordered a valuation of property for
or in part, at the option of the company, at 101 and int., upon 60 days'
notice. Denom. $1,000 c5. Exchangeable for fully registered notes which this company to be completed by June 1, when the 6-cent fare order expires
will be available in denoms. of $1,000, $5,000 and $10,000. Continental & unless renewed.-V. 108, p. 481, 380.
Commercial Trust & Savings Bank, Chicago, trustee.
Data from Letter of President Fairfax Harrison, Dated Feb. 5 1919. '' Washington Water Power Co.-Notes, Earnings, &c.
company.-Prior to Federal control, operated 6,982 miles, extending The Spokane & Eastern Trust Co., Spokane, Wash., recently
from Washington, D. C., and Richmond, Va., on the north, to Atlanta, offered, to yield a little over 7%,
part of a present issue of
Ga., Birmingham and Mobile, Ala., on the south, and to Memphis, Tenn.,
Louisville, Ky., and St. Louis, Mo., on the west, with entrances into the $3,000,000 One-Year 6% coupon notes, duo Feb. 2 1920.
Atlantic ports of Norfolk, Va., Charleston, S. C. Savannah and Brunswick, These notes are being largely used to refund
a note issue.of
Ga., and Jacksonville, Fla. The company also, through ownership of
securities, is interested in direct lines from Cincinnati, Ohio, to New $2,779,000 maturing Feb. 2 1919.
Orleans, La., from St. Louis, Mo., to Mobile, Ala., and from Macon, Ga.,
Data from a Letter from President D. L. Huntington.
to Jacksonville and Palatka, Fla.
Organization.-Chartered in 1889 under the laws of the State of WashOutstanding Capitalization, upon Completion of Present Financing.
ington. Its property consists of water power plants of present electric
Bonded indebtedness, including equipment obligations, &c__ _$224,979,500 horse power capacity as follows: Spokane, 12,000; Post Falls,
15.000;
Three-Year 6% Secured gold notes (this issue)
25,000,000 Little Falls, 27,000; Long Lake, 33,000; total, 87,000. At Long Lake
Preferred stock (5% non-cumulative), par value
60,000,000 plant an additional unit of 16,500 electric horsepower is now in process
Common stock, par value
120,000,000 of installation. The company can also develop an additional 25,000 h. p.
Purpose of Issue.-To refund the Two-Year 5% gold notes maturing in the centre of the City of Spokane.
Business.-Owns street railways in Spokane doing about two-thirds of
March, 2 1919, now outstanding and secured by the same collateral which
will be pledged for the new note issue.
the street railway business. Supplies practically all the electric light and
Security.-A direct obligation to be secured by deposit with the trustee power within the City of Spokane, and distributes light and power over its
of $43,500,000 of Development & General Mortgage 4% gold bonds, due own lines and through its own systems in the Coeur d'Alene districts to
1956, heretofore drawn and held in the treasury as against actual disburse- tho east, in the agricultural regions of the Palouse to the south, and of
• ments for additions and betterments covered by the mortgage. These the Big Bend to the west.
notes will be followed by junior securities consisting of pref. and common
Power Contracts.-Also has a contract with the Inter-Mountain Power
stock having a market value of approximately $72,000,000.
Co. for the supply of power for the electric operation of the Chicago MilPledged Bonds.-The Development & Gen. Mtge. 4% bonds are dated waukee & St. Paul Ry., under which contract more than 15,000 h. p.
April 1 1906, payable April 1 1956, interest A. & 0. Total auth. issue is will be called for in the summer or fall of 1919; 10,000 h. p. of this is now
$200,000,000, of which $61,333,000 are actually outstanding in the hands being paid for. Also has a contract with Pacific Power & Light Co. for
of the public. These bonds are secured by a general mortgage upon prac- the exchange of surplus power. The power output of the company was
tically the entire property.
as follows: Cal. year 1916. 162,825,400 k. w. hours; cal. year 1917,
Improvements.-The property has been greatly improved in recent years 188,311,100 k. w. hours; 12 months ending Nov. 30 1918,-194,457,600
by betterments designed to insure greater economy and efficiency of opera- k. w. hours.
tion, consisting generally of additional main tracks, reduction of grades
One-Year 6% Collateral Trust Coupon Notes.-To be dated Jan. 15 1919,
and curvature, enlarged yards and terminals, stronger bridges, trestles and to mature Feb. 2 1920. Payable principal and interest (Q.-F.) either at
fills, and modern engines and cars. A consequence is reflected in the Central Union Trust Co. of N. Y. or at Spokane & Eastern Trust Co..
improved train loading, the average freight train load having been increased Spokane, as purchaser may decide at the time of purchase. Secured by
93% in the 1.034 years, comparing the calendar year 1917 with the year pledge with Central Union Trust Co. of N. Y., Trustee, of 1st Ref. Mtge.
ended June 30 1907. The net increase in Investment in road and equip- 5% bonds of the company, due July 1939, $1,200 bonds for each $1,000
ment during the 10% years from July 1 1907 to Dec. 31 1917 was
of notes outstanding. Total note issue limited to 163,500,000 of which no
364,606.
more than $3.000.000 are offered at this time.
The balance are to be used from time to time to pay for the third unit
Average Earningsfor 5M Years ending Dec. 31 1917 and Calendar Year 1917.
Av. 5 Yrs Year 1917. Inc.over '16. of 16,500 h. p. at the Long Lake plant for which the generator is now in
the
process of manufacture by the General Electric Co. and the turbine
Total operating revenue
$72,892,856 $90,716,569 $15,161,917
Total gross income
$22,807,213 $29,810,162 $3,060,311 by tire I. P. Morris Co. The proceeds of the $3,000,000 notes, now
being
offered, are to be used chiefly for refunding $2,779,000 notes maturing
Rentals and miscellaneous charges_ _ _ 3,970,310
4,335,551
155,097
2 1919.
Interest charges
10,985,423 11,437,196
391,995 Feb.
Bonds.-The First Refunding Mortgage 5% bonds due 1939 are part
Balance
$7,851,481 $14,037,415 $2.513,219 and an authorized issue of $15,000,000, viz.:
$6,006,000
Government Control.-Operation under Federal control during 1918 re- In hands of public
239,000
sulted in railway operating revenues of 3126,574,297 and railway operating To retire underlying bonds
3,900,000
Income of $29,291,870, as reported by tho U. S. ItR. Administration. The In treasury (including security for notes)
average railway operating income during the three years ended June 30 1917, Canceled by sinking fund (incl. $32,000 purchased Dec. 16 1918)_ 1,055,000
3.800.000
as reted to the I.-S. C. Commission, which is the basic standard return, Issuable for 50% of additions and betterments
They are a first lien on all property now owned or hereafter acquired
was. 18,728,537. Other corporate income for 1918, estimated at $2,200,000, s to be added to the compensation to be paid by the Government, the subject only to $239,000 Consol. Mortgage & Collateral Trust 5% bonds,
amount of which compensation has not been fixed, poending determination duo in 1929. A sinking fund of 2% a year of amount outstanding receives
of the company's claims for allowances in excess of the above mentioned tenders quarterly(Q-M 5).
Funded Debt, &c.-The balance sheet of Nov. 30 shows outstanding:
basic standard return. The fixed charges and war taxes for the year 1918
are estimated at about $15,200,000. In addition, there matured and was Capital stock, $15,490,000; consol. mortgage and collateral trust 5s,
paid during the calendar year 1918 the principal a equipment trust obliga- $239,000; first refunding 5s, $9,938,000 (less $3,900,000 in treasury pledged
to secure notes); notes clue Feb. 2 1919, $2,779,000; notes due Jan. 28 1919.
tions amounting to $3,296,000.-V. 108, D. 481.
$81,000.
Income Account for Twelve Months Ending Nov. 30.
Texas Electric Ry.-New Director.T. F. Bush was elected a director to succeed W. W. Seley, deceased.
1917-18. 1916-17.
1917-18. 1916-17.
All other directors and officers were re-elected.-V. 106, p. 2230.
$
$
$
$
Gross receipts_..2,925,579 2.796,618 Interest
510,398 439,770
Expenses
1,183.621 1,152.443 Replacem't res__ 325,000 325,000
Texas & Pacific Ry.-Covernment Contract.Taxes
314,551
244,141 Balance
592,008 635.263
This company has executed the contract with the United States RR.
Net earnings_ __1,427,407 1,400,034 P.& I. adjust'ts_
Administration, having signed the same on Nov. 26 last. However,
14,824
7,132
up to
the present the AdminLstration has not signed the agreement, although it
stock
Net
for
606,832 642.395
is stated that this would shortly be done. The annual compensation in
The receipts for the last two months have been seriously affected by the
the agreement is placed at 11,107,432.-V. 108, p. 481, 270.
epidemic of influenza, resulting in a loss in net earnings estimated at
$50,000.-V. 108, p. 380.
Underground Electric Rys. Co. (London),

Permanent Committee.-

Ltd.-

Hudson, Smith, Briggs & Co., Chartered Accountants, Thames House
Queen St. Place, London, E. C. 4, Secretaries to the Provisional Committee
for the 6% income bondholders, give notice that in view of the failure in
the past to pay the full amount of income to the 6% income bondholders,
this committee now feel that the result of their investigation justifies the
formation of a more representative and permanent committee to protect
the interests of income bondholders. They therefore invite other income
bondholders to apply to them for such particulars as are now available.
The annual general meeting is usually hold in March.

Reorganization Plan for London United Tramways.-

"London Stock Exchange Weekly Official Intelligence" reports in subs:
The committee representing the debenture stockholders of the London
United Tramways announces that the bill promoted by the company in
Parliament has received the Royal Assent. The Act, inter alia, protects
the debenture stockholders against the risk of compulsory expropriation
before 1950, fixes the basis of compensation on purchase, and authorizes
an increase in the fares which now exist. The sanction of Parliament to
the bill is:however, entirely conditional on the company-in agreement
with the debenture stockholders-carrying through a scheme of financial
reorganization providing over a term of years largo sums for the necessary
restoration of the Tramway system which at present is much delapidated.




Wisconsin-Minnesota Light & Power Co.-Offering
of One-Year Notes.-Paine, Webber & Co. are offering at
99% and int., yielding 732%, $1,000,000 one-year 7%
gold notes of 1919. A circular shows:
Description.-Dated Feb. 1 1919; due Feb. 1 1920. Int. A. & F. in
New York and Chicago. Denom. $500 and $1,000c. Redeemable all
or part on 30 days' notice at 100A and int. Continental & Commercial
Trust & Savings Bank, trustee.
Company does a general public utility business without competition
operating in La Crosse, Eau Claire, Chippewa Falls and Menomonie, Wisconsin; and Hastings, Red Wing, Lake City, Wabasha and Winona,
Minneasota, and surrounding territory.
Property.-Ilas recently completed hydro-electric plant on the Chippewa
River with a maximum capacity of 52,000 h. p., which supplies power under
a 30-year contract with the Northern States Power Co. for distribution in
St. Paul and Minneapolis. Total installed electric generating capacity
over 70,000 h. p. of which more than 60,000 h. p. is hydro-electric. Also
owns additional undeveloped water powers of large capacity and capable
of easy and economical development. The high-tension transmission
system comprises over 250 miles of line and serves a total population
of over 700,000.

582

[VOL. 108.

THE CHRONICLE

Capitalization (Upon Completion of Present Financing.)
Authorized. Outstanda
Cumulative 7% stock
$5,000,000 $5,000,06
Common stock
2,500,000
5,000,000
First and Refunding Mortgage bonds (including
those reserved to retire underlying issues)
20,000,000 9,409,000
Closed mortgage bonds of acquired properties_ _
(Closed)'
805,500
7% one-year notes (this issue)
1,000,000
1,000,000
Purpose of Issue.-The proceeds will be applied to the payment of the
accumulated floating debt and will reimburse the company for cash expenditures actually made in the property.
Comparative Statement of Earns. based upon above Capitalization as of Dec. 31
1917.
1917. .
1918.
Gross earns_ _31,829,711 $1,712,220 Bond interest
$510,900
Net, after
Balance
$260,654
taxes, maint.,&c. 771,754
70,000
896,480 One-year note interest
Surplus
190,854
Note Issue.-While any of the notes of this issue shall be unpaid, no
bonds shall be issued except to provide funds to reimburse the company
for capital expenditures and all the proceeds of the sale of any bonds so
Issued and any proceeds of the sale of any property which may be paid
to it by the Trustee under any mortgage to reimburse it for capital expenditures shall be applied to the retirement of the notes of this issue. Compare
V. 108, p. 481.

INDUSTRIAL AND MISCELLANEOUS.
Algonquin Printing Co.-Board Increased from 4 to 6.The following new directors were elected: William Harley, Chas. L.
Baker, and R. S. Goff, which increases the board from 4 to 6. Other
directors are Charles B. Cook, Edward B. Jennings and William H.
Jennings.-V. 82, p. 453.

American Bosch Magneto Co.-Syndicate Closed.Hornblower & Weeks, as syndicate managers offering the bonds and
capital stock of this company, have announced that both syndicates are
closed. Compare V. 108, p. 271, 381.

American District Telegraph Co. of N. J.-Committee.

of first pref. stock of the American Malting Co. represented by the holdings
of record on Feb. 15 1919 of said certificates of deposit. Payment for such
subscriptions must be made by this committee, with your consent and
authority, out of the cash distributable on account of the first preferred
stock represented by said certificates of deposit as a result of the dissolution and liquidation of the American Malting Co., if the plan is accordingly duly adopted.
If this plan is successfully carried through, the liquidation of the assets
of the American Malting Co. should enable this committee to distribute
to the depositing first preferred stockholders the sum of approximately
$30 in cash per share plus the stock of the new company which will be received by subscribing therefor to the extent above stated.
[A supplementary circular emphasizes the fact that "no new money whatsoever or additional investment is called for from the depositing stockholders, and that if sufficient of the latter shall participate in the plan,
they will receive approximate.y $30 in cash and stock in the proposed new
company equal to 70% of their present holdings of first pref. stock of the
American Malting Co."I-V. 108, p. 173, 271.

American Radiator Co.-Extra Dividend.-

An extra dividend of 4% has been declared on the common stock, payable in 4 % L. L. bonds, along with the regular quarterly dividend of 37
in cash, both payable Mar. 31 to holders of record Mar. 22. In Feb. 1918
an extra of 4% was paid in 4% L. L. bonds.-V.106, p. 2012, 1224.

American Smelting & Refining Co.-Com. Div. Reduced

The directors have declared a dividend of 1%% on the common stock,
payable March 15 to holders of record Feb. 11.; this compares with 13i%
paid quarterly since Dec. 1916.
DIVS.- / '05. '06. '07. '08. '09-'11. '12. '13-'15. '16. 1917 to Dec.'18
4 rl. 4 2-3 4 yrl. 4 6 yiY.(1%QeM)
' '
Common(%)
Common,ext_ --- ----- ----- ----- --- July 1917,1,R.C.

American Steel Foundries.-Earnings.
Calendar Years.Operating income
Depreciation
Net income
Other income_ _

___

1917.
1916.
1918.
$4,442,237 $8,718,296 $4,842,237
739,414
917,646
426,412

1915.
$517,325
204,083

$4,015.825 $7,800,650 $4,102,823
122,987
238,024
173,599

$313,242
189,523

$502,765
The committee, named below, urges the stockholders to make immediate
$4,189,424 $8,038,674 $4,225,810
Total income
deposits of their stock with United States Mortgage & Trust Co., 55 Reserve
250,139
344,000
x472,200
Cedar St.. N. Y., as depositary, saying:
219,235
x506,835
136,497
Interest charges__
2,287,600
Federal tax reserve .___- 1,357,200
Digest of Committee's Circular Dated New York, Feb. 5 1919.
In a circular letter dated Sept. 27 1918, issued by the board, the stockBalance, surplus
$2,695,727 $5,531,839 $3,374,975 def.$219,574
holders were advised that for the five-year period ending Dec. 31 1917 a
large deficit was experienced by the Western Union Telegraph Co. in its
* After deducting manufacturing, selling, administrative, head and disoperation of the messenger service of your company. The deficit was
attributed to abnormal increases in the cost of operation for 1914, 1915 and trict office expenses. x Includes sinking funds.
A. J. Eddy has resigned from the directorate of American Steel Foundries
1916, and it was stated that no rental would be payable by the Western
Union Telegraph Co. to the company for the messenger business during Co.; his successor has not yet been named.-V. 107, p. 2190, 1839.
the succeeding five years ending Dec. 31 1922
Although these abnormal conditions must liave become apparent to the
American Tobacco Co.-Scrip Dividend.Western Union long prior to Jan. 1 1918, regular and extra dividends were
A dividend of 5% has been declared on the common stock, payable on
paid by your company to its stockholders, of which in excess of 80% went Mar. 1 1919 to common stockholders of record Feb. 15, in scrip or certifito the Western Union Telegraph Co. as majority stockholder. Your com- cates of the company, for which on Mar. 1 1921 common stock B of the
pany is also stated to be in debt to the Western Union in a very considerable company at par is to be issued in units of $100, or multiple. Interest
amount. The minority stockholders must therefore unite for mutual pro- on scrip to maturity will be paid semi-annually in cash at the rate of 6%
tection and the determination of their rights.
per annum on the sum mentioned therein on March 1 and Sept. 1 of each
1919.
Committee.-Charles F. Tuttle, Chairman, W. T. Hincks, and J. A. year, first interest payment on scrip now issuing payable Sept. 1
Middleton, with Alfred A. Cook and Harold Nathan as Counsel, and V. 107, p. 2291. 1839.
Robert F. Brown. Secretary, 55 Cedar St., N. Y.-V. 107, p. 1670.
American Window Glass Co.-Foreign Business.state that the French Government has placed an order
American Factors, Ltd.-Alien Enemy Properties Sold.- Pittsburgh reports
for 107,000 cases of window glass, half of which will be supplied by this comAmerican Factors, Ltd., of Honolulu, Hawaii, agents for the various
stated,
being $6 a box of two cases.-V.107, p. 2478.
price,
it
is
pany,
the
corporations, in a publication called "TrenTrusTies," gives detailed information about alien enemy properties to be sold, including the Oahu Sugar
Anaconda Copper Mining Co.-Prod'n-Wage Reduction.
Co., Ltd., Pioneer Mill Co., Ltd., Pacific Guano & Fertilizer Co. Koloa
Sugar Co., Kekaha Sugar Co., Ltd., and the Lihue Plantation Co., Ltd.
Decrease.
1918.
1919.
Month of January15,900,000 24,984,000 9,084,000
Copper production (lbs.)
American Grain Products Co.-New Company.reduction in wages has been announced by the Great Falls and AnaA
See American Malting Co. above.
conda smelters of this company.-V. 108, p. 173.

American International Corp.-Operations.Inauguration of dividends at the rate of $1 per share [payable Mar. 1
to holders of record Feb. 14.-Ed.1 by the New York Shipbuilding Corporation has opened up a new source of income for the American International
Corporation which, with several affiliated concerns, controls the Shipbuilding Co.
It is understood that the 1918 activities of the American International
Co. will show results about the same as in the previous year. The Hog
Island contract, being performed through the American International
Shipbuilding Corporation, brought in a small revenue through the delivery
of two boats to the Government. This income was about $80,000.
Under terms of contract with the United States Shipping Board Emergency Fleet Corporation, the American International may collect 50%
of the fee at time of each launching and the balance at time of delivery.
The average fee for constructing the "A" boats of 7,500 tons will approximate $41,000, per ship and for the "B" boats, 8,000 ton ships will approximate $65,000.
To date 14 ships have been launched from the Hog Island plant with
50 more now on the ways. The contract with the Government calls for a
total of 180 vessels.-"Boston News Bureau."-V. 107, p. 2099, 1289.

American Malting Co.-Plan.--The committee of holders of first preferred stock, W. Forbes Morgan, Chairman,
in circular of Jan. 31 says in substance:
There have been deposited with your committee 64,064 shares of the
first preferred stock, out of a total of 69,289 shares of outstanding first
preferred stock. The time for making further deposits [with the Guaranty
Trust Co. of N. Y.] has been extended to and including Feb. 15.
At the annual meeting Nov. 14 1918, a new board of directors was
elected, your committee securing satisfactory representation. The dissolution of the corporation, having been duly voted, will eventuate on or
about Feb. 9 1919.
The plants of the company, we have learned, are not readily adaptable
to other uses than that of the production of malt or the storage of grain,
and thus, although the real estate and plants are carried on the books of
the company as a going concern at an appraised valuation of $3,949,000,
recent appraisals indicate that the real estate and plants if now sold for
their market value might not bring so much even as $750,000.
Under these circumstances, the committee, with the active support of
some of the larger depositing stockholders and the necessary financial aid
secured on terms which the committee deems reasonable, are causing to be
organized in Delaware a corporation to be called the American Grain
Products Co., or by other suitable name, with wide charter powers enabling
it to carry on the present business and other related businesses, which it is
proposed shall acquire by purchase the real estate, plants and other assets
of the American Malting Co. that cannot be realized upon by sale with
advantage.
The new company is to have 55,000 shares of stock of r,o par value, of
which 49,000 shares are to be offered for subscription at $36 per share by
the stockholders of the American Malting Co., and 5,500 are to be issued
to the organizers and financial backers of the new compahy for their services
and in consideration of their agreement to subscribe at $36 per share for
so much of the capital stock of the new company not subscribed for by the
stockholders of the old company as shall be necessary to provide a cash
capital of at least $1,500,000, provided that in the opinion ofthe committee
sufficient co-operation by the stockholders of the old company shall be
received to justify the enterprise. It is the intention to apply to have the
new stock listed on the New York Stock Exchange.
Your committee is authorized to extend the privilege of subscribing for
the new stock in the first instance at $36 per share to holders of record of
certificates of depoist for first preferred stock of the American Malting Co.
on the books of the Guaranty Trust Co. on Feb. 15 1919, or their assignees;
but the right is reserved after March 4 1919 to terminate this offer or to
offer the new stock not subscribed for as above to other stockholders,
both preferred and common, or to the public on terms to be determined by
the committee and organizers of the new company-but in no event at a
price less than $36 per share.
Each holder of a certificate of deposit for first preferred stock of the
American Malting Co. will have the right to subscribe for the new stock
at the rate of $36 per share to the extent of 70% of the number of shares




Atlantic City Gas Co.-Rate Increase.-

The New Jersey P. U. Commission has granted this company permission
to put into effect an increased rate schedule under which a fixed charge of
25 cents per month will be collected for each three and five-light meters
and one cent additional for each light capacity in excess of five. The
company will also be permitted to impose an emergency surcharge at the
rate of 25 cents per cubic foot of meter gas. The increased rates may
be effected immediately.-V. 108, p. 382.

Atlas Powder Co.-New Director.Leonard Richards Jr. has been elected a director, which increases the
board from five to six.-V. 107, p. 2010.

(Walter) Baker & Co., Ltd., Boston.-Balance Sheet.1917.
1918.
1917.
1918.
Liabilities$
3
AssetsReal est.,mach.,&c. 2,884,502 2,77:3,795 Capital stock__ 8,250,000 8,250,000
3,000,000 3,000,000 Accounts and notes
Good-will
379,482
375,620
payable
671,358
286,226
Cash
150,000
494,741 Reserve for taxes_ 234,070
Notes & accts. rec. 493,120
60,000
80,000
2,880,963 2,881,837 Other reserves_
Inventories
1,916,789 1,377,213
312,250 Profit and loss
U.S.Govt.aeon's. 1,202,600
55,009
55,000
Stocks of other cos.
27,714
33,173
Miscellaneous _ _
20,895
Canadian bonds
10,856,479 10,210,693
Total
-V. 107, p. 405.

Total

10,856,479 10,216,695

Braden Copper Mines Co.-Tenders.Bankers Trust Co. of N. Y. will until 12 noon Feb. 19 receive tenders for
the sale of $667,290 15-year 6% Sinking Fund gold bonds, due Feb.4 1931
at not exceeding 105 and Int.-V. 107, p. 2190.

Brier Hill Steel Co.-Earnings--New Director, &c.Press reports state, gross sales in 1918 amounted to 343,443,710, not
earnings and income amounted to $4,470,792, after charging off all expenses
and providing for depreciation and estimated taxes of $3,800,000. Surplus
at the close of the year was $19,197,819, after paying dividends. Net
current assets were S8,074,710 and plant and property' investments $29,595,674. Toe "Iron Trade Review"of Clevelan I on Jan. 16 said:
"Plates for commercial purposes wore rolled last week for the first time
on the new 132-inch plate mill. This mill together with an 84-inch unit
was erected at an approximate cost of $6,000,000 for producing plates for
the Emergency Fleet Corporation. The mills which have an aggregate
capacity of 350.000 were described in our Dec. 18 1918, issue.
A. E. Adams was elected a director to succeed H. H. Stambaugh, deceased.-V. 106, p. 2231.

Brooklyn Edison Co., Inc.-Offering of New Gen. Mtge.
58.-The Guaranty Trust Co. of N. Y., as syndicate manmt., to yield about 5%%,
agers, are offering at 91 and int.
Series A 5% gold
$5,500,000 of the new General
bonds of 1919, due Jan. 1 1949. See advertisement on
another page and annual figures under "Financial Reports."
Authorized, $100,000,000; presently to be issued, $5,500,000; to be dated
Jan. 11919, to mature Jan. 1 1919, but redeemable at the option of company upon 30 days notice at 105% and int. on any interest date. Interest payable Jan. 1 and July 1. The company, in so far as permitted by
law, will pay the interest without deduction for any Federal income tax
not in excess of 2%. Coupon bonds in denominations of $100, $500 and
$1,000, registerable as to principal only. Fully registered bonds in denominations of $1,000, $5,000 and $10,000. Coupon bonds of $1,000 and
registered bonds interchangeable. Exempt from • personal property tax
in New York State. Central Union Trust Co. of N. Y., trustee.
The company will pay the mortgage recording tax on the $5,500,000 Series A bonds so that they will be exempt from the personal property tax in
the State of New York.

FEB. 8 1919.]

583

THE CHRONICLE

Digest of Statement by Pres. Nicholas F. Brady, N. Y., Jan. 31 1919.
Organization.-Successor by change of name of the Kings County Electric Light & Power Co. and by merger of the Edison Electric Illuminating
Co. of Brooklyn. Is an operating company and does all the electric light
and power business in the Borough of Brooklyn (except the 29th Ward),
City of New York, serving a population estimated at 1,600,000. The company or its predecessors have been successfully engaged in supplying electric light and power since 1885.
Brooklyn is a rapidly growing part of New York City not only as to
population but also as to manufacturing and other enterprises. Its popual,tion in 1917, as estimated by the Bureau of the Census, exceeded 1,900,000.
Outstanding.
Capitalization Upon Completion of Present Financing$17,237,700
Capital stock
1,762,300
Debentures, convertible 6%, due 1922 and 1925
5,500,000
General Mtge. bonds, Series A 5% (this issue)
Underlying bonds (closed mtges.) (incl. a $45,000 real est. mtge.) 11,996,000
Under the terms of the mortgage securing these bonds, no more underlying bonds may be issued. Convertible debentures to the extent of $9,000,000 have been issued, all of which, excepting $1,762,300, have been
converted into stock at par.
Purpose of Issue.-The proceeds of this issue will be used to reimburse the
company in part for expenditures heretofore made for the acquisition of
property and for extensions and improvements to its plants and facilities.
As a result the company will be free of floating debt, and possess adequate
working capital.
Security.-The bonds will be the direct obligations of Brooklyn Edison
Co., Inc., and will be secured by mortgage on all its real and personal
property, including two steam generating plants with an installed capacity
of 125,000 k. w., and 5,236 miles of distribution lines, of which 2,549 miles
are underground. The mortgage will also cover all other property, real
and personal, hereafter in any way acquired.
Since Oct. 1 1912 there have been expended in excess of $12,500,000 for
additions to fixed property, only $3,000,000 of which have been heretofore
capitalized. The reproduction cost of the property covered by the mortgage, based on pre-war prices, is about twice the amount of the secured
debt, including these $5,500,000 bonds.
Junior to these bonds, there are outstanding $1,762,300 debenture bonds
and $17,237,700 capital stock. Dividends have been paid on the capital
stock at the rate of 8% per annum since 1904. The present quoted )orices
for those securities indicate an equity over and above these General Mortgage_ bonds of about $18,000,000.
Mortgage Provisions.-Bonds may be issued under the General Mortgage
not to exceed $100,000,000 at any one time outstanding, of which $9,000,000 may be forthwith issued to reimburse the treasury for extensions, improvements, &c. made prior to Jan. 1 1919, and the balance for extensions
and improvements made after said date and for the acquisition of property
of other corporations supplying light or power, and the refunding of outstanding debentures and of bonds secured by underlying mortgages. The
present issue of $5,500,000 is a part of the above $9,000,000 bonds, and the
remainder may be issued only with the approval of the P. S. Commission.
In addition, General Mortgage bonds may be issued for the acquisition
of stocks, bonds or other corporate obligations of other similar corporations,
but in no such instance unless the company acquires at least two-thirds
of the entire outstanding stock of such corporation. Bonds shall not be
issued for the purchase of securities if thereby more than 25% of either the
actual cost or reasonable value (whichever is less) of the property subject
to this mortgage (after deducting all underlying liens) would consist of
stock, bonds or other obligations. In no event shall bonds be issued for
the above purposes (except refunding) in excess of 80% of the actual cost
or reasonable value (whichever is less) of such property or securities, or
extensions and improvements, made after Jan. 1 1919.
Furthermore, bonds other than the $9,000,000 for reimbursement shall
not be issued for any of the above purposes (except refunding) unless net
earnings, as defined in the mortgage, have been at least twice the annual
interest charges upon all outstanding underlying mortgage bonds and all
bonds issued under this General Mortgage, together with those applied for.
General Mortgage bonds in addition to these $5,500,000 may be issued
in series, which may differ as to interest rate, maturity and redemption
rate, and may have the privilege of conversion into capital stock, as shall
be determined by the company.
Annual Earnings Showing Favorable Relation Between Income and Interest.
Gross
Oper. Exp.,
Calendar
Gross
Int. on
Earnings. Taxes, &c.
YearIncome. Funded Debt. Balance.
$6,316,888 $4,167,852 82,149,036 8801.783 81,347,253
1914
7,000,814
4,569,530
2,431,284
791,175
1,640,109
1915
8,204,808
5,014,050 3,190,758 683,540
1916
2,507,218
8,381,055
5,511,982
2,869,073
711,241
2,157,832
1917
8,854,301
6,162,445
2,691,856
715,374
1,976,482
1918
Gross income for the last five years has averaged more than 3.6 times the
interest on the company's entire funded debt, and for 1918 was more than
3 times the annual interest charge on the General Mortgage bonds about to
be issued and all underlying bonds. Operating expenses and taxes as above
include plant reserve.
Franchises.-The franchises under which the company operates are
favorable and,in opinion of counsel, are perpetual.-V.108, p. 383, 173.

Butte & Superior Mining Co.-Decision-Output.-

Judge Bourquinn in the U. S. District Court at Butte, Mont., on Feb. 3
denied this company's motion for modification of the injunction restraining
it from using the oil-flotation process of the Minerals Separation Co. This
decision, it is understood, leaves the status of the case unchanged pending
decision of the U. S. Supreme Court.
1919.
January1918.
Decrease.
9,450,000 14,300,000
Zinc (in lbs.)
4,850,000
178,000
256,000
Silver (in ounces)
78,000
-Nr. 108, p. 173.

California Cotton Mills Co., Oakland, Cal.-

"The company has offered its stockholders the iorivilege of subscribing
for 5,000 shares of new preferred stock at par $100 per share. As there
are 20,000 shares of common stock outstanding, each holder of 4 shares
will possess the right to buy 1 share of new preferred at any time before
Feb. 24-that is to say within 30 days after Jan. 25 1919. The right
belongs to all stockholders of record Dec. 27 1918; but any one who subcribed after Feb. 15, in addition to par, must pay 8% from that date to
Feb. 24 when the privilege of subscription will expire."-San Francisco
"News Bureau."
The company was incorporated in California Aug. 9 1883, and owns
plant, &c., at Oakland for manufacture of cotton, jute and hemp fabrics.
In Dec. 1916 had outstanding 20,000 shares of $100 each, 80% paid, and
was paying quarterly dividends at rate of 6% per annum (Q.-J.)

and am sure that Canadian Car & Foundry Co. will receive its full share
of the prosperity that is bound to come to our Dominion.-V. 108, p. 74.

Cerro de Pasco Copper Co.-Produciton.JanuaryProduction (in lbs)
-V.108, p. 174.

1919.
5,836,000

1918.
6,798,000

Decrease.
962,000

Chevrolet Motor Co.-Sale-Earnings, &c._
See General Motors Co. above and under" Reports" on a preceding page.
-V. 108, p. 174.

Chino Copper Co.-Production.-JanuaryCopper production (lbs.)
-V. 108, p. 174.

1919.
1918.
Decrease.
4,241,000 7,590,244 3,349,244

Cincinnati Gas & Electric Co.-Offering of Bonds.A. B. Leach dc*Co., Inc., have purchased and are offering at 95 and
interest $550,000 of this company's First Mortgage 5% bonds, due 1956.V. 106, p. 1129, 1038.

Cluett, Peabody & Co.-New President-Report.G. A. Cluett has been elected President to succeed H. S. Kennedy, and
F. J. Peabody and George D. Browne as directors succeed F. F. Peabody
and H. S. Kennedy, both resigned. See "Reports" above -V. 106. P.
2454.

Coal Products Manufacturing Co. (Joliet, Ill.).-Debenture Offering.-Emery, Peck & Rockwood, Chicago and
Milwaukee; Fort Dearborn Trust & Savings Bank, Chicago;
Spencer Trask & Co. and W. W. Armstrong Co., Aurora,
Ill., are offering, by advertisement on another page, this
company's 7% Serial Gold Debentures, guaranteed, principal and interest, by endorsement by the Western United
Gas & Electric Co. and Illinois Commercial & Mining Co.
The debentures are dated Feb. 1 1919, due $100,000 serially 'Feb. 1
1921-1935. Interest in Chicago F.& A. Denom.$1,000,$500 and $100c*.
Callable, all or part, on 30 days' notice on any interest date at 102. Interest payable without deduction for Federal income taxes now or hereafter
deductible at the source not to exceed 2%. The Northern Trust Co.
Chicago, trustee.
Data from Letter of Pres. I. C. Copley. Dated FebruaVy 3 1919.
Organization.-An Illinois corporation, organized in 1911. Owns and operates at Joliet, Ill., one of the most complete coke oven plants in the
country. The stock is owned by the stockholders of the-Western United
Gas & Electric Co. Practically all the gas distributed by the latter company is obtained from the Coal Products Mfg. Co.
Capitalization Authorized and IssuedCapital stock
$600,000
7% serial debentures
1,500,000
Purpose of Issue.-The proceeds will be used to refund $427,000 outstanding debentures, and for additions; 35 ovens and accompanying machinery
and apparatus will be added, increasing the capacity of the plant 66%•
After additions net earnings should show an average increase of $175,000
a year for five years.
Security.-A direct obligation. No new mortgage while any of these
debentures are outstanding. No other bonded debt, but its property
comas under the liens of the Western United Gas & Electric Co. mortgages.
The property cannot be sold or consolidated with any other corporation,
nor can the company become a guarantor without the consent of the holders
of 75% of the debentures outstanding. In guaranteeing the debentures
the Western United Gas & Electric Co. also agrees that it will not sell or
consolidate its property without the 75% consent.
These debentures are a lien on the gross proceeds resulting from a contract between the Coal Products Mfg. Co. and Western United Gas & Electric Co. The Western company will purchase and the Coal Products company will sell gas or other products of a value at least as great as the maximum amount required to pay principal and interest on these debentures.
In case of default by the Coal Products company the trustee is empowered
to collect direct from the Western United Gas & Electric Co. sufficient to
pay interest and maturing principal.
Property.-The plant was completed in 1913, and with the expenditure
of the proceeds of the debentures will represent an investment of over
$2,500,000. It consists of 53 modern coke ovens and has a capacity of
13% tons of coal every 18 hours. The plant has a daily coal capacity of
1,000 tons producing over 5,000,000 Cu. ft. of gas and 650 tons of coke.
The ovens are charged and drawn by electrically operated machines.
Besides selling gas to the Western company for distribution, the company markets its coke through the Illinois Commercial & Mining Co., which
is owned by the same interests that own the Western and Coal Products
companies. Tar and ammonium sulphate are the other principal products
manufactured and sold.
Contracts.-The Illinois Commercial & Mining Co. owns the coal leases
and rights upon 1,050 acres of unmined-high volatile coal. Coal available
(estimated) is 7,500,000 tons. Under a favorable contract the Coal Prod,
s from the Illinois company a minimum of 250,000 tons
ucts Co. purchas
a year. The contract between the Western company and the Coal Products Co. provides for the sale to the Western company of gas required by
the latter in the conduct of its business. During the past 12 months the
Western company has purchased an average amount of 5,000,000 cu. ft.
a day. This contract extends to 1950.
Guarantors.-Both the Western United Gas & Electric Co.and the Illinois
Commercial & Mining Co. guarantee by endorsement on each debenture
both prin. & int. The guarantee of the 'Western company has been authorized by the P. U. Commission of Illinois.
Western Company.-Distributes gas purchased from the Coal company
to 63 cities and towns within 60 miles of Chicago. Population served
estimated at 210,000.
Earnings Applicable to Interest and Principal on Debentures for 12 Months
Ending Oct. 31 1918.
Coal Products Mfg. Co. net earnings after taxes
$241,847
Western United G.& E. Co. bal. after op. exp., taxes andint
364,745
Ill. Comm. & Mining Co. bal. after op. exp., taxes and int
104,413

Total
$711,005
Maximum interest requirement in any one year
$105,000
Sinking Fund.-Beginning in 1921 calls for payment each year of M cent
per 1,000 cu. ft. of all gas sold. This sinking fund will be used in retiring
debentures by purchase or call on Aug. 1 yearly. If debentures are called
trustee is required to call from the longest maturity outstanding.
the
held
in
Montreal
meeting
Jan.
30,
annual
Hon.
N.
Curry,formerly
At the
President, was made Chairman of the Board, while W. W. Butler, formerly -V. 97. P. 368.
Vice-Pres. and Managing Director, succeeded him as President. J. Frater
Colgate & Co.-Hearing.Taylor, of the Lake Superior Corporation, was elected Vice-President in
The United States Supreme Court on Feb.3fixed March 3for the hearing
Parks, Vice-President and Gen. Mgr. in
charge of finances, and R. H.
arguments in the Government's appeal from the Federal Court decision
plants.
company's
the
all
charge of
dismissing indictments
the Sherman Act against Colgate & Co-.
An Executive Committee was announced consisting of W. F. Angus, charged with engaging inunder
a re-sale price-fixing combination with dealers.H. W. Beauclerk, Senator 0. P. Beaubien, K. W. Blackwell and Mark V. 107, p. 1839.
Workman.
Extracts from Address to Shareholders by lion. N. Curry
Columbia Gas & Electric Co.-Gasoline Production.I may say that the appraisal company's valuation of your properties is
Production of gasoline, as reported by A. B. Leach & Co., Inc.:
considerably greater than the book value without placing any value on
-Week ending Jan. 24-1918 I
1919
1919-Jan. 1 to Jan. 24-1918
goodwill or patents. If wo take the outstanding bonds and mortgage, 333,067
gals.s.t 13
327,334 gals.11,113,697 gals.
1.040,530 gals.
amounting to $8,400.000, and current liabilities, amounting to $9,128,000, -v.
p. 272, 174.
108.
a total of $17,528,000, and deduct from total assets of $39,844,000, we find
a credit balance of $22,316,000. Deducting from this all back dividends
Consol. Gas, Elec. Light & Pow. Co.of Balt.-Earns.on preferred stock and war tax, amounting to about $2,700,000, there
Results for Three and Six Months ending December 31.
remains over $19,500,000, behind the $7,500,000 preferred stock and the
equal
to
$180
per
1918-3 Mos.-1917.
share
stock-being
on
the preferred
1918--6 Mos.-1917.
$5,000,000 common
Gross income
83,434,500 $2,604,427 $6,299,581 $4,724,923
stock, and $120 per share on the common stock.
$1,144.952 $1.050,960 $2,112,162 $1,993,418
The very largo working capital that your company has accumulated has Net, after taxes
inventories
made necessary by war Surplus after charges
3586,493
been needed to carry the enormous
$534,705 $1,005,821
$979,138
conditions. Within another six months, however, those conditions will -V. 107. P. 2191, 1476.
have changed, and the result should be a cash surplus quite sufficient to
Min.
&
Consol.
Smelt. Co.of Can.-Bonds Subscribed.pay off back dividends and still leave sufficient working capital.
Referring to the current fiscal year, one-third of which has passed, I
The shareholders of this company, according to a press dispatch from
am able to say that so far the results have been as good as the preceding Toronto on Feb. 6, have subscribed for the full amount of the $3,000,000
year, and with the unfilled orders on our books, we will pass through a Ten-Year 7% Convertible Debenture bond issue in this company,the progood part of the reconstruction period without serious reduction of output. ceeds of which are to provide for an extension of the West Kootenay Power
In conclusion, I wish to state that I am an optimist on Canada's future, & Light Co. and other purposes. Compare V. 108. p. 383, 272.

Canadian Car & Foundry Co.-Annual Meeting-New
President-Senator Curry Becomes Chairman.-




584

THE CHRONICLE

[Vol.. 108.

Cumberland Pipe Line Co., Inc.-Reportfor Cal. Years. payment in full, making the total amounts of common stock
1918.
1917.
1916.
1915.
authorized to be listed $151,342,300.
$564,054
$487,758
$179,366
$32,001
The Debenture Stock and new Common Stock, or the
(12%)179,991(10%)148,879 (5%)50,000 (5%)50,000
proceeds therefrom, will, it is officially stated, be usedBal., sur. or deficit_ _sur.$384,063sur.3338,879sur.$129,366 def.317,999
(1) in the acquisition of the stock or assets of the following
Assets1918.
1917.
Liabilities1918.
1917.
Plant
$3,027,095 $2,032,903 Capital stock__ _ _$1,500,000 $1,488,851 companies, or (2)in exchange for outstanding preferred stock
Accounts receivaAccounts payable_
77,953
40,788 of the Corporation, or (3) for offering for subscription as set,
ble
84,839
72,339 Deprecia'n reserve 522,177
354,084 forth below:
Other investments
350,000 Oil purchase and
Profits for the year
Dividends

Cash

284,561

79,284

Total
$3,396,495 $2,534,526
-V. 108, p. 483.

sale conttngenc's
Profit and loss_ _ _ _
Total

316,462
979,903

• 54,964
595,839

$3,396,495 $2,534,526

De Long Hook & Eye Co., Philadelphia.-Mortgage.-

Referring to the proposal to create a mortgage for $400,000 upon which
the stockholders will vote on April 3, T. M. Baton, Secreatry, in circular
of Jan. 27 says: At a meeting of the directors on Jan. 27 1919 to discuss
the financial requirements, it was reported that the new building and real
estate had cost upwards of $384,000. The Vice-President stated that a
mortgage of $400,000 could be placed with bankers in Philadelphia upon
all the property and franchises, but in order to do that it would be necessary
for the stockholders to authorize it. Compare V. 108, p. 483.

Dome Mines.-Purchase of De Lamar Holdings.-

A syndicate headed by J. S. Bache & Co. has purchased from De Lamar
Estate its holdings of Dome Mines and Dome Extension Mines, amounting
in all to about 600,000 shares.-V. 106, p. 604, 2454, 2192.

East Bay Water CO., Oakland, Cal.-New Director.-

John A. McGregor has been elected a director to succeed George H. Collins, retired; all other retiring directors were re-elected.-V. 108, p. 384.

East Butte Copper Mining Co.-Production.-

JanuaryProduction (in lbs.)
-V. 108, p. 272, 174.

1919.
1918.
2,291,950 2,574.140

Decrease.
282,190

Purposes for Which the Debenture Stock and New -Consideration
Common Stock Have Been or Will Be Issued- Corn.Stock. Deb.Slock.
a All the assets of Chevrolet Motor Co. of Del.
(except 450,000 shs. of General Motors Corp.
com. stock) as of May 2 1918, and the payment
of dividends on said General Motors stock subsequent to May 2 1918, as if issued
$28,268,400
b All the assets of United Motors Corporation of
N. Y., as of Dec. 31 1918, and the payment of
divs. on said General Motors stock, subsequent
to Oct. 1 1918, as if issued
9.956,400 $29,869,200.
c 500 shares of the pref. stock and 3,555 shares of
the com. stock of Lancaster Steel Products Co.,
and $1,216,000 par value General Motors debenture stock (result of conversion for United Motors stock)
1,617,500
500,000'
d All of the capital stock of Chevrolet Motor Co. of
Canada, Ltd., McLaughlin Carriage Co., Ltd.,
and 5107
,0 of the capital stock of McLaughlin
Motor Car Co., Ltd., all Canadian corporations 4,900,000
e 3,913 shares of the preferred capital stock of
Harrison Radiator Corporation
391,300.
f Reserved for exchange for $19,980,300 pref. stock
of General Motors Corporation
19,980,300
0 Subscription by the holders of the common capital stock at $118 a share, proceeds to be used for
reduction of liabilities of subsidiaries and for extensions and developments
24,000,000

Total included in present authorization to list....$68,742,300 $50,740,800
General Motors Corporation Changes in Capitalization.
Oct. 13 1916March 28 1918
East Ohio Gas Co.-Rates Increased.Authorized.
Issued.
Authorized.
Issued.
This company has announced an increase in rates for gas in Cleveland Preferred stock
$20,000,000 $19,684,300 $50,000,000 $19,684,300
of six cents to thirty-seven cents per thousand cubic ft.-V.105, p.2546. ' Common
stock
82,600,000 • 82,558,800 150,000,000 82,558,000'
Dec. 10 1918
Aug. 27 1918
Elk Horn Coal Corp.-Note Offering-Further Data.Authorized.
Authorized.
Issued.
Issued.
Mention was made in these columns last week of the offering Preferred stock
$100,000,000 $19,684,300 $20,000,000 $19,684,300
stock
200,000,000 82,558,800 200,000.000 82,558,800
by the Mercantile Trust & Deposit Co., the Fidelity Trust Common
Debenture stock
150,000,000 See text
Co.,

Robert Garrett & Sons, and Hambleton & Co., each
Recent earnings, balance sheets, &c., of the General
of Baltimore, of this company's block of $710,000 (closed
mtge.) Sinking fund 6% convertible gold notes, dated 1915, Motors Corporation and certain leading subsidiary companies
due Dec. 1 1925. Offering price 983/9 and mt., yielding will be found on a preceding page.-V. 108, p. 272, 484.
Giant Portland Cement Co.-Earnings.over 6.25%. A circular shows in substance:
Authorized issue $9,500,000; less (a) amount reserved for retirement
of prior liens (since concerted into stock of Consolidation Coal Co.) and
withdrawn, $2,934,000; (b) amount purchased by sinking fund and canceled, $58,000; total outstanding (now closed mortgage), $6,508,000.
(see previous offering, V. 102, p. 348.)
Property.-The corporation owns approximately 205,000 acres of developed coal lands (fee, surface or mineral rights) in eastern Kentucky
and West Virginia, and through stock ownership in other companies has
a large additional acreage.
Security.-Through the retirement in 1918 of an issue of $4,000,000
underlying bonds these notes are now a First Mortgage on the above
acreage owned and extensive developments thereon conservatively appraised in part, at over $18,000,000, subject only to the lien of an issue
of $434,000 5% bonds, duo 1943, on a small portion of the property.
Additionally secured by the pledge of 19,765.32 shares of Consolidation
Coal Co. stock, upon which dividends of 6% per annum aro paid and
which stock at prevailing market quotations has a value of about $1,600,000.
Earnings.-For the calendar year 1917 net earnings from operation
amounted to $2,245,789, against which interest on funded debt amounted
to but $414,631. After allowances for income and excess profits tax and
payment of pref. dividend the net surplus for 1917 carried to profit and loss
was $1,329,833, equivalent to more than 11% on the common stock.
Income Statement for 11 Months ended Nov. 30 1918.
Earnings (all sources)----34,592,3061Interest on funded debt__ $329,734
Net earnings
1,585,518 Net surplus for 11 months. 1,255,784
Net earnings ($1,585,518) are here shown after deducting (a) operating
expenses,taxes,insurance, royalties, $2,723,100;(b) depreciation,$168,509;
(c) depletion, 3115,180; total, $3,006.789.
For further data see V. 108, p. 483.

Eureka Pipe Line Co.-Report for Calendar Years.-

Calendar YearsGross receipts
Net earnings
Bond interest
Depreciation, etc

1917.
1918.
1916.
1915.
$1„629,521 $1,833,757 31,388,677 $1,046,951
$227,153
5117,686
$155,473
$178,703
36,750
42,750
39,750
45,000'
85,017
123,872
111,662
104,078

Balance, sur, or def_ _ _def.34,081 sur.$27,291 sur.$63,531
-V. 106, p. 610.

sur.$6,397

Great Lakes Dredge & Dock Co.-New Directors.M. P. Byrne and John A. McCormick have been elected directors to
succeed W. A. Lydon and John P. Hopkins, both deceased. Other directors were re-elected.-V. 107, p. 1923.

Humble Oil & Refining Co.-Stock Increase-Control.-

The stockholders will vote Feb. 10 on increasing the authorized capital
stock from $4,000,000 to $8,200,000. The stockholders have been asked
In signing proxies to waive all rights to subscribe to the new stock. Al.
though no announcement has been made, it is stated that negotiations are
under way by which Standard 011 interests will acquire control of the enterprise.-V. 107, p. 1484.

Illinois Commercial & Mining Co.-Guaranty.See Coal Products Manufacturing Co. above.

Inspiration Consolidated Copper Co.-Production.JanuaryCopper production (lbs.)
-V.108, p. 175.

1919.
6,500,000

1918.
4,996,248

Increase.
1,603,752

International Nickel Co.-Com. Div. Cut in Half.-

A dividend of 50 cents (2%) has been declared on the common stock,
1918.
1917.
1916.
1915.
Profits for year
$848,713 $1,111,883 $1,322,069
$992,247 payable March 1 to holders of record Feb. 13. This contrasts with $1
Dividends paid_ _.(22%)1,100,000(24)1200,003(24)1200,004(24)1200,005 (4%)paid quarterly since Dec.1917,previous to which $1 50(6%)was paid.
The following official statement was issued: "fn view of the uncertainty
Bal., sur. or deficit.._def.$251,287 def.$88,120 sur.$122,065 def.$207,758 of business conditions during the present period of readjustment and
because of the large reserves for taxes which it has been deemed desirable
Balance Sheet December 31.
to make,the board of directors has decided to reduce the quarterly dividend
1918.
1917.
1918.
1917.
on the common stock to 50 cents.'
Assets$
Liabilities$
Colonel Ambrose Monett who resigned some months ago for service in
Plant
10,240,451 9,871,602 Capital stock____ 5,000,000 5,000,000 the U. S. Army, has been re-elected a director
and a member of the ExecuOther Investments 1,339,412 1,648,413 Accounts payable_ 375,602
321,355 tive Committee to succeeded J. R. DeLamar, deceased.-V. 107, p. 2192.
Acc'ts receivable_ 237,014
185,278 Depreciation
2,294,572 2,012,442
Cash
191,490
326,820 011 purchase and
International Paper Co.-Case Dismissed.sale contingenc's 123,714
232,549
The I.-S. 0. Commission has dismissed the case of this company against
Profit and loss_ _
4,214,480 4,485,767 the Boston & Maine RR.upon the request of the former.-V.107, p. 2293.
Total
12,008,368 12,032,113 Total
12,008,368 12,032,113
Kaufmann Department Stores, Inc.-Stock Decrease.-V. 108, p. 484.
The shareholders will vote Feb. 17 upon a proposition to decrease the
capital stock from $9,525,000, consisting of 20,250 shares of preferred stock
Fajardo Sugar Co.-Reincorporation.-Pref. Stock.and 75,000 shares of common stock, par $100, to $9,450,000, consisting
The stockholders on Feb. 4 voted to re-incorporate the company under of 19,500 shares of preferred stock and 75,000 shares of common stock.the laws of Porto Rico, also to increase the authorized capital by the V. 107. p. 2293.
authorization of $1,500,000 7% prefetred stock. Compare V. 108, p. 272.

(Marshall) Field & Co. (Chicago).-Ownership.-The
following announcement regarding the ownership of thiscompany's business has been made by President John G. Shedd:
I am glad to state that as of Jan. 1 1917 a reorganization of our business

took place. As I stated at that time, the estate of Marshall Field relinquished all of their interests except the ownership of a portion of preferred
stock, which is limited as to earnings. Stanley /field and myself associated
with them in this ownership.
Every share of common stock of the company was taken over by James
Simpson and those actively associated in the management of our business
and myself. During the last year we have sold to our employees $2,500,000
of the preferred stock on which we allow In addition to the regular 7%
dividend $2 on each share, making a total return to employees equal to
9% on their investment.-V. 105, p. 2098.

Klots Throwing Co.-Bond Redemption.-

Forty-four ($44,000) First Refunding 6% 30-year Gold Mtge. bonds,
•due Mar. 11939, par $1,000; eight bonds ($4,000), par $500, and ton bonds
($2.000), par $200, have been called for payment on Mar. 1 at par and int.
at the Columbia Trust Co.. N. Y.-V. 96, p. 139.

La Empresa de Agua Potable de Valparaiso.Bonds Nos. 13, 16, 68, 197, 214 and 254 of the 6% loan of 1915 have
been drawn for redemption on and after Feb. 9 at par at Guaranty Trust
Co. of Now York.-V. 106, p. 611.

Lake Superior Corp.-Sale of Pulpwood Lands.This company and the Algoma Eastern By. are open for negotiation for
the disposal of approximately 682,000,acres of pulpwood lands in Northern
Ontario in that section known as the 'Clay Bolt. -V.108, P. 385, 273.

Lever Bros., Ltd.-Stock Increase.-

capital stock from $2,500,000 to 33.750,000, divided into 12,500 shares of
common stock and 25,000 shares of cumulative preferred stock, each of a
par value of $100.-V. 107, p. 2292.

Advices from London indicate that shareholders of this company have
tar
,6s.dtoresittasogoT3idligefocrretliteoinncore, se of the capital
[110,001,000 cumulatim
ve
I
preference shares of £1 met, 5,000,000 additional 15% preferred ordinary
shares of El each, and 5,000,000 additional 20% cumulative preferred
ordinary shares of El each.-V. 107, p. 2293.

rt General Motors Corporation.-Listing of Debenture
Stock and New Common Stock-Earnings, &c.-The N. Y.
Stock Exchange on Feb. 3 authorized the listing of $50,740,8006% cumulative debenture stock, and also of $68,742,300
additional common stock, on official notice of issuance and

Vice-Pres. F. M. Leges, Jr., announces the confirmation of a $4,000,000
contract with the Government, under which the gas company will reduce
the amount of natural gas taken from its Petrolla field for supplying the
cities of Dallas and Fort Worth, thereby conserving the gas to permit the
Government to extract helium therefrom, for uso in balloons and rigid
dirigIbles.-V. 106, p. 2233.

Garfield (N. J.) Worsted Mills.-Stock Increase:This company on Feb. 6 filed a certificate increasing the authorized




Lone Star Gas Co.-Government Contract.-

FEB. 8 1919.]

THE CHRONICLE

Manhattan Electrical Supply Co., Inc., N. Y.-Earns.
Chandler & Co., Inc., report gross sales as follows:
Year ending Dec. 311918.
1917.
Gross sales
$5,836,632 $5,483,472
-V. 107, p. 610.

Increase.
$353,160

Mexican Northern Power Co.-Reorganization Plan.A plan of reorganization which has been assented to by the prior lion
noteholders and has been favored by the committee representing the bondholders, proposes to wipe out the $12,600,000 of common stock now outstanding, make a new issue of common of $10,000,000 to be exchanged for
the present first mortgage bonds and an issue of $3,000,000 to take up the
$2,000,000 of prior lien notes.-V. 105, p. 293.

Mexican Petroleum Co., Ltd.-Bond Call.All of the outstanding First Lien & Refunding S. F. Convertible 6s, Series
A,B and 0,due Oct. 1921, have been called for payment at 105 and int.
at the Guaranty Trust Co., New York,and London. Interest ceases April 1
1919. The privilege of converting these bonds into stock of the company
ceases on March 2 1919. Series A. and C bonds are convertible into common stock at par. Series B bonds are payable in pounds and are convertible into common stock of the company at £200 plus $30 for $1,000 stock,
subject to adjustment between accrued interest and dividends.-V. 107,
p. 2193.

Miami Copper Co.-Production.JanuaryProduction (in lbs.)
-V. 108, p. 175.

1919.
1918. Increase.
5,273,260 4,709,483 563,777

Midvale Steel & Ordnance Co.-Earnings.-3 Mos. to Dec. 31- -12 Mos. to Dec.311918.
1917.
1918.
1917.
1Not shownf$18,393,605 1Not shown($71,264,560
Net earnings
1 5,220.688 I
Reserve for Fedl taxes j
1 27,360,270
Balance, after taxes_ x$8,456,670 $13,172,917 $41,931,068 $43,904,290
315,987
250,011
Int. on sub. cos. bonds..
990,600
977,376
553,837
567,075 2,230,244
Int. on Midvale bonds
2,276,372
$7,586,846 $12,355,831 $38,710,224 $413,650,542
Balance
Reserve for depreciation 2,562,849
1,473,794
9,546,816 6,415,039
$5,023,997 $10,882,037 S29,163,408 $34,235,503
Net profits
3,000,000
Dividends(12% p. a.)
3,000,000 12,000,000 12,000,000
Balance
$2,023,997 $7,882,037 317,163,408 $22,235,503
x After provision for all taxes but before deducting interest on bonds and
guaranteed stock, and reserves for depreciation and mine development,
subject to revision to meet any changes which may be made to Federal tax
laws, regulations and rulings.-V. 107, p. 2480, 2380.

Minerals Separation North American Co.-Decision.See Butte & Superior Mining Co. above.-V. 108, p. 274. 176.
National Conduit & Cable Co.-New Vice-President.v. S. Eckert has been elected Vice-President in charge of sales. Joseph

0. Baldwin Jr. has been made a director to succeed J. R. De Lamar,
deceased.-V. 107, D. 2193, 1924.

National Lead Co.-Stock for Employees.The company has acquired in the market and is offering to officers and
employees 5,600 shares of common at $60 a share, which, it is stated,
represents net cost to company.-V. 107, P. 507,

National Securities Corporation, N.Y.-Plan of Jan.11.
The corporation having defaulted on Dec. 1 1918 in the
payment of its certificates of indebtedness and the interest
due on its 30-year 6% gold debenture bonds, the committee
named below has been requested by the holders of a majority
in amount of said certificates. of indebtedness, 30-year 6%
gold debenture bonds and of the 30-year 6% income bonds, to
act as a committee under substantially the following plan
of reorganization. •(See adv. pages). Depositary, Mercantile Trust & Deposit Co., 115 Broadway, N. Y.
Securities Which Corporation Now Has Outstanding.
(a) Ten-year 6% Prior Lien Gold Notes of 1914, with Guaranty
Trust Co.of N.Y. trustee (this issue), to remain undisturbed_$.3 116 500
(b) Thirty-Year6% Debentures of 1914, Astor Trust Co.,trustee 4,206,325
% Income Bonds of 1914, Bankers Trust Co.,trustee
5,805,376
6
(1
(d Certificates of indebtedness of 1914, Astor Trust Co., trustee 329,741
(e Coupons which matured on Dec. 1 1918 from debentures._
125,990
The obligations here designated b, c, d and e, and also the scrip certificates are the obligations which may be deposited hereunder and embraced
within the readjustment.
Said certificates of indebtedness and coupons matured Dec. 11918, but
were not paid, and the old corporation is now in default in respect to certain
of its obligations under its said agreement of July 1 1914, with Astor Trust
Co. as trustee. Proceedings are imminent for the enforcement of said
obligations, and a sale under legal process of the assets appears inevitable.
Securities Pledged to Secure Said Ten-Year 6% Prior Lien Gold Notes and
Subject Thereto to Secure Also the New Bonds.
l Idaho Power Co. 4% notes, due July 1 1924
$3,299,000
7% cumulative preferred stock
do
do
2
150,000
Common stock
do
do
3
14,998,400
4 Electric Investment Co. capital stock
50,000
Cash
5)
304
Plan of Reorganization-Capitalization oflNew Company.
formed
and vested, except as hereinafter proA new company is to be
vided, with all the assets of the Old Corporation, it being expected that such
of said assets as are pledged to secure the said prior Lion Notes described in
the foregoing sub-paragraph (a) will remain subject to such pledge, only
the equity thereunder being vested in the New Company.
The New Company to issue for the property to be vested in it as aforesaid 3876,364 in principal amount of such Fixed Interest Form Bonds
$3,785,693 of such Income Form Bonds,58,054 shares of such Non-Cumulative Preferred Stock and 150,000 shares of such Common Stock, viz:
(1) New Stock.-Such New Company to have preferred stock and common
stock, the authorized number of shares to be as prescribed by the committee,
both, or either, to be in the discretion of the committee, without par value,
the preferred stock to be entitled in preference to the common stock and
limited to non-cumulative dividends at the rate of $6 per share per annum,
and upon distribution of capital assets to $100 per share. Now issuablo for
purchase of property: Preferred 6% non-cum. stock
58,054 shares
Common stock
150,000 shares
No dividends shall be paid on any capital stock of the New Company if
during each of the two years preceding the declaration of such dividend
the Now Company shall have failed to earn and pay interest at the full rate
of 6% per annum on the Income Form Bonds outstanding,
Such provisions may be made that the New Company may with or without vote of the stockholders, as the Committee may determine, create an
issue of 7% cumulative preferred stock of such amount or number of shares
as may be defined by the committee, preferred with respect to dividends and
upon distribution of assets to the non-cumulative preferred stock and the
common stock mentioned above, such 7% cumulative preferred stock to be
Issued by the New Company for cash or property in addition to that to
to be vested in it as aforesaid.
(2) 6% 30-Year Collateral Trust Gold Bonds.-An issue of 6% 30-year
Collateral Trust Gold Bonds secured by pledge of all the collateral securing
the Prior Lien Notes described In the foregoing paragraph, the pledge to
secure said bonds to be subordinate to the pledge to secure said notes.
The now bonds will be divided into two classes, viz.:
,

i




585

(a) "Fixed Interest Form Bonds," bearing interest at 6% per annum,
payable semi-annually, and prior in lien, and to be paid in full, both
principal and interest, before any payment is made upon the principal
of the Income Form Bonds. Now U.suable for purch.
$876,364
Fixed Interest Form Bonds, in addition to those to be issued as aforesaid
may be issued for cash, or whenever the New Company shall have acquired
property and subjected the same to the lien of said agreement in addition
to that to be vested in it as aforesaid and provided the net income of the
New Company and of the Old Corporation (including the net income from
such additional property) for each of the two years preceding shall have
been equal to at least twice the interest charges on the Fixed Interest Form
Bonds then outstanding and those applied for. The maximum amount of
bonds which may be issued under said agreement shall be as prescribed by
the committee.
(b) Income Form Bonds.-Interest on these is to be payable only out of
net income (after providing and thereafter maintaining a working fund
of not to exceed $100,000) and is to be non-cumulative. Now issuable
for purchase of the property
$3,785,693
Whenever on any day fixed for the payment of interest on such Fixed
Interest Form Bonds the net income (to be definitely defined in the trust
agreement) of the New Company and of the Old Corporation for each of the
two years immediately preceding shall have been equal to not less than $6.000 plus twice the interest charges on all Fixed Interest Form Bonds then
outstanding. $100,000 of such Income Form Bonds shall be converted
into Fixed Interest Form Bonds.
The bonds to be converted will be selected by the trustee under the
agreement securing the same by lot.
Distribution of such issues of the New Company among depositors of
Included obligations to be as follows:
Fixed Form Income
Non-Cum.
Present Securities- Outstanding. Bonds.
Bonds.
Pref. Stock.
6% prior lien gold notes_$3,116,500 (undisturbed)
Certifs, of indebtedness_ 329,741 $329,741 (par)
Matured deb. coupons__
125,990 125 990 (par)
6% debenture bonds_ _ _ 4,206,326j(101)
(90V)
1420, 33
$3,785,693
6% income bonds
5,805,376 -share for share- 58,053.759 shs.
There will also be outstanding 150,000 shares of new Common Stock and
the $3,116,000 6% Prior Lien Gold notes.
Any depositor of debenture bonds or of income bonds who, upon depositing his bonds agrees (no depositor being obligated to make such agreement) to pay to the committee 50 cents per share for the new common stock,
to receive upon making such payment 1
shares of such new common
stock for each $100 in principal amount of debenture bonds or income bonds
aeposited, any fraction to be excluded from such purchase and sale.
Reorganization Committee: Chellis A. Austin, Chairman, Mercantile
Trust & Deposit Co., 115 Broadway. N. Y. City; Allen Hollis, Concord,
N. H.; Fred W. Sibley, 30 Broad St., N. Y. City, and A. C. Robinson,
People's Savings & Trust Co., Pittsburg, with, as Secretary, F. B. Odium,
71 Broadway, N. Y. City. Compare V. 107, p. 693.

Nevada Consolidated Copper Co.-Production.JanuaryCopper production (lbs.)
-V. 108, p. 176.

1919.
4,400,000

1918.
6,500,000

Decrease.
2,100,000

New Niquero Sugar Co.-Earnings.Cal. Years1918.
1917.
1918.
1917.
Gross income_33,118,775 $2,532,801 Preferred div_ _$170,000 $370,000
Net, aft. mfg.
Common div__ _ _ 85,000 185,000
exp., &c__ _ 1.162,950 1,000,740
Balance, surp--$734,421 $288,847
Surp.aft.chgs_ $989,421 $843,847 -V. 107, p. 296.

New York Air Brake Co.-Quarterly Meeting Feb. 19.-

Directors will hold their quarterly meeting on Feb. 19, at which time
action will be taken in regard to the dividend.
According to an executive officer of the company there is no question that
the earnings for the quarter are more than sufficient to pay the regular
quarterly dividend of 5%. He added, however, that the company
In the near future engage in a new line of business which would requiremight
some
funds. Even though the earnings are ample to warrant the payment
of
the quarterly dividend it was stated by this offbeat that it was too early
to even forecast the action of the directors.-(Exchange Journal.)V. 107, p. 2103, 807.

New York Dock Co.-New Comptroller.-

F. A. Davis has been appointed Comptroller and Asst. Sec. to succeed
Arnold 0. Hansen, resigned.-V. 107, p. 2480.

New York Shipbuilding Corporation.-Initial Div.-

See American International Corp. above.-V. 107, p. 2014.

Niles-Bement-Pond Co.-Common Div. Decreased.-

The directors have declared a dividend of 234% on the
common stock payable March 20 to holders of record March 1,$8,500,000
contrasting with
3% each quarter in 1917 and 1918.
DIVS.1 '00. '01. '02. '03. '04.'05-'12. '13. '14. '15. '16. '17. '18.
Common (%)-1 3 6 8 8 7 6 yrly. 13i 9 1% 8 12 12
-V.,106, p. 811.

Northern States Power Co.-Listed-Earnings.-

The N. Y. Stock Exchange on Feb. 3 authorized the listing of a further
$1,500,000 First & Refunding Mortgage 5s, Series A, due 1941, making the
total amount authorized to be listed $23,068,500. The entire $1,500,000
bonds has been sold and the proceeds applied to reimburse the company for
expenditures made and indebtedness incurred after April 1 1916 on account
of extensions and additions.
Consolidated Income Statement for 12 Months Ended Oct. 31 1918 and 1917.
1917-18.
1916-17.
1917-18.
1916-17.
Gross earnings$8,068.591 $6,955,250 Total deduc's_$3,092,046 $3,127,891
Net (aft. tax.)$3,323,824 $33,514,205 Balance
$231,778 $386,313
DeductGeneral interBond interest_$1,513,173 $1.331.807
est credit
101,705
146,953
Note interest_ 489,300
471,962
Prof. divs_ - 1,017,589
896,494
Bal. for deCommon divs.
71,983
427,627 prec., amort.
of disc't, &c $333,483 $533,267
'-V. 107, p. 1197. 909.

Ohio Cities Gas Co.-Stock Offered to Shareholders.Stockholders of record Feb. 15 will be accorded the right
to subscribe up to Mar. 21 for $9,187,500 par value of the
common stock of the company, consisting of 367,500 shares
of the par value of $25 each, for the purpose of expanding
and extending the business of the company and for other
corporate requirements.
Each common shareholder may subscribe at par, $25 per share, to the
extent of one-fourth of the common stock held. On or about
1 subscription warrants will be mailed. Warrants will be due for Mar.
at
the Guaranty Trust Co.of N. Y. or at the office of the company,payment
Columbus,
Ohio.
Referring to the expansion plan of the company, the Cincinnati "Enquirer" on Feb. 1 said:
"President Dawes declined to outline for publication the extent or nature of the company's plans for expansion of its business.
"It is known, however, that Mr. Dawes, accompanied by Vice-Presidents Cole and Mellvain, in charge of production, recently returned from
an extended trip of inspection of the Southwestern oil country, as well
as
Mexico, and it is said that the company plans entering Mexico as well as
making further investments in Texas, where it is already fortified with
acreage. The company also is said to be contemplating extension of its foriegn
business.
"The company already is extending its distributing division. Recently
it purchased an oil jobbing business in Cincinnati and acquired control
of
one of the independent oil distributing companies in Denver, Colo., indicating wide additions to this division.
•-1
'It is understood that the company has acquired the Evans Oil Workeln
Cincinnati. The concern was acquired to give the Ohio Cities
an entrance into the distributors' field in Cincinnati."-V.106, P.Company
2457.

•

586

THE CHRONICLE

[VoL. 108.

Ohio Utilities Company.-Earnings.-

Sears, Roebuck & Co., Chicago.-January Sales.Month of JanuaryIncrease.
Earnings for Years ending Dec. 31.
1918.
1919.
Sales
$19,609,327 $14,770,922 $4,838.405
1918.
1917.
1918.
Gross earnings_ _ _3488,743 $203,915 Bond interest
$48,760 -V.108, p. 477, 84.
Net, after taxes_ $201,474 $87,437 Balance, surplus
$152,714
Sinclair Gulf Corporation.-Refinery.[Reported by P. W. Brooks & Co.. N. Y.]-V. 107, p. 1750.
It is expected that within three months the first unit of the 20.000barrel capacity refinery which the Sinclair Gulf Corporation is building
Oklahoma Natural Gas Co., Pittsburgh, Pa.on the Houston ship canal about 12 miles east of Houston, Tex., will be
CONSOL. GENERAL BALANCE SHEET, DEC. 311'18 AND FEB. 28 '17. completed.
Work is progressing on this new plant far more rapidly than
Dec.31'18. Feb.28'17.
Dec.31'18. Feb.28'17. expected. The company has built concrete wharves on the water side
Assets-while several lines of railroad are on the south side of the property, which
(Cora.)- $ •
$
Investments
12,728,044 6,349,212 Bondshas direct connection with the Houston Terminal Belt Line that circles
Trustees stock_.._
34,130
Enid Nat.Gas Co 300,000
the city and connects with all railroads.-(Exchange Journal.)-V.
Liberty bonds
39,100
Caney R.Gas Co. 500,000
106, p. 2119.
Employees Lib. bds.
16,147
First Ref. 6% _ 740,000 510,000
Accounts receivable 795,891 555,074 Current vouchers &
Southern California Edison Co.-Earnings.Cash
27,249 284,297 accounts payable 447,516 355,215
-Month of December- -12 Months to Dec. 31Notes payable
1,309,000 660,000
1918.
1917.
1917.
1918.
Total
13,640,561 7,188,583 Security deposits_
105,625
Operating revenue
$687,662
$572,387 $7,452.937 $7,382,337
Dec.31'18. Fe).28'17. Accrued Int. & tax_
56,267
Operating
expenses_
_
.._
2,929,955
3,348,424
262,641
310.645
Liabilities3
Res. for deprec'n
$
259,090
Cap.stk. outstand'g 8,650,000 4,000,000 Surplus
1,073,034 1,233,368 Net operating revenue__ $377,017
$309,746 $4,104,513 $4,452,383
Okla. Nat. Gas Co.
Net non-oper.revenue,_
124,212
113.008
868,044
1.282,521
1st 6s
200,000 400,000 Total
13,610,561 7,188,583
During the year 1917 merger with the Caney River Gas Co. and Osage
Total net income_ _ _ _ $501,229
$422,754 $5,387,034 $5,320,427
& Oklahoma Co. was effected. See V. 105, p. 824, 1621.
Interest
251,142
229,917
2,437,658
2,943,569
laii[Stockholders of record Sept. 5 1918 were offered the right to subscribe
at par for $1,356,500 new stock (about 16% of present holdings) on or
Balance, surplus
$250,087
$192,837 $2,443,465 $2,882,769
before Sept. 19 and it was proposed to pay a 30% dividend in stock of new
December 1918 earnings do not include the recently allowed rate insubsidiary that would own oil leases and interests and gasoline plants. creases, as they became
effective on Jan. 2 1919.
Compare V. 107 . 1007. 1485.
In the first 5 months of 1917 the properties of the Southern California
Edison Co., Pacific Light & Power Corp., and the Lighting Co. of Los
Old Dominion Co. of Maine.-Production.Angeles City were operated separately while in the remaining 7 months
January1919.
Decrease. they were operated in combination. The figures for the year 1917 include
1918.
Copper production (lbs.)
2,812,000 3,400,000
588,000 the properties in question, however operated.-V. 108, p. 486, 386.
-V. 108, p. 176.
Peoples Gas Light & Coke Co., Chicago.-Rebates.-

The Illinois P. IL Commission on Feb. 1 issued an order calling for the
complete audit of the company's books and if It is determined that the
consumer has paid for more gas than he used, the company shall rebate in
cash or credit the consumer's account.-V. 108, p. 486.

Phelps Dodge Corporation.-Output.-

JanuaryProduction (in pounds)
-V.108, p. 177.

1918.
1919.
11,878,733 16,936,534

Decrease.
5,057,801

(The) Philadelphia Electric Co.(of Pennsylvania).Bonds Offered-Earnings, &c.-Drexel & Co. and Brown
Brothers & Co. are offering at 94 and int., to yield about
5.35% $1,500,000 First Mortgage Sinking Fund 5% gold
bonds, dated Oct. 1 1916, due Oct. 11966.
Free of the Pennsylvania State tax. Interest payable without deduction
of the normal Federal income tax up to 2% deductible at the source.
Redeemable all, or part, at 110% on or after Oct. 1 1921, or on any interest
date thereafter, on notice; also for sinking fund at 105% on or after Oct.
1 1921, as set forth in the mortgage. Denom. c* $100, &c.; r* $1,000, &c.
[Compare previous offerings in V. 104, p. 565; V. 106, p. 2762.-Ed.]
Capitalization (Upon Completion of Present Financing).
Authorized.
Outstanding.
First Mortgage 5s, due Oct. 1 1966
$58,328,300 *$36,663,300
First Mortgage 4s, due Oct. 1 1966
1,671,700
1,671,700
Subsidiary Co. bonds(Delaware County Electric
Co. First Mortgage 5s, due 1939)
Closed
300,000
Two-Yr.6% Secured Gold notes,due Feb. 1 1920 12,000,000
7,500,000
Capital stock(7% diva.): Par val.$25 per share_ 50,000,000
24,987,750
* $2,500,000 additional of the First Mortgage 5% bonds are pledged,
together with other collateral, under the indenture securing the $7,500.000
outstanding Two-Year 6% Secured Gold notes.
The 1st M. bonds are secured, in the opinion of counsel, by a first mortgage upon the entire property of the company, real and personal, exclusive
of securities of subsidiary companies, all of which operate outside the city
of Philadelphia. The cumulative sinking fund beginning in 1921, Will,
it is estimated, retire approximately $30,000,000 of said bonds before
maturity.
An Ordinance of Councils gives the company the right to operate within
the territorial limits of the city of Philadelphia. This ordinance contains
no limit as to time.
Aprroximate Earnings for Calendar Year of Philadelphia Electric Co. System
(Inter-Co. Transactions Eliminated.) [1917 and 1916 Inserted by Ed.]
1918.
x1917.
x1916.
Gross earnings
$14,503,851 $12,160,769 $10,260,072
Operating expenses,including current
maintenance,rentals and taxes_
9.875,642 7,705,216 5,484,975
Net earnings
$4,628,209 $4,455,553 $4,775,097
Annual interest on funded debt (incl.
in 1918 interest on the $7,500,000
Two-Year 6% Secured notes).._ 2,365,033 x2,437,359 x1,981,046
Balance

$2,263,176 $2,018,194 $2,794,051

x Figures for 1917 and 1916 inserted by Editor include in the item of
annual interest charge,reserves for renewal and replacements and amortization of debt, discount and expense. Dividends at 7% per annum as in
1917 and 1918 call for $1,749,142 per annum.-Ed.

Southern Pipe Line Co.-Reportfor Calendar Years.1918.
1917.
1916.
1915.
Profits for year
$2,069,038 $2,534,565 $2,354,371 $1,966,756
Dividends
__.(21%)2,199,999(24)2399,999(24)2399,999(24)2399,998
Bal., sur. or deficit__def.$130,961sur.$134,566 def.$45,627 def.$433,242
Balance Sheet December 31.
Assets1918.
Liabilities1917.
1918.
1917.
Plant
55,915,260 55,945,800 Capital stock_ _ _$10,000,000$10,000,000
Other investm'ts_ 7,434,455 7,624,522 Depree. reserve__ 1,483,119 1,312,143
A cc'ts receivable_ 276,254
313,048 Acc'ts payable..__
92,265
66,187
Cash
514,109
220,616 Profit and loss__ 2,594,694 2,725,655
Total
14,170,078 14,103,986
-V. 108, p. 487.

Total

514,170,078514,103,986

South West Pennsylvania Pipe Lines.-Report Dec. 31.
Calendar YearsProfits for year
Dividends

1918.
1917.
1916.
1915.
$295,723
$338,535
$346,453
$456,358
(12%)419,999 (12)419,999 (12)419,999 (12)419,999

Bal., sur. or deficit_ _def.$124,276 def.$81,464 sur.336,359 def.$73,546
Balance Sheet December 31.
Assets1918,
Liabilities1917.
1917.
1918.
Plant
$3,961,628 $3,949,758 Capital stock_ _ _$3,500,000 $3,500,000
Other investment.. 1,236,891 1,331,891 Deprec. reserve_ 965,789
856,361
Accounts receivaAccounts payable_
75,506
40,208
ble
212,635
105,737 Oil purchase and
Cash
123,213
78,339 sele contingenc's 149,461
101,270
Profit and loss_ _ _ _ 843,611
967,887
Total
$5,534,367 $5,465,726
-V. 108, p. 487.

Total

55,534,367 $5,465,726

Sperry Flour Co., San Francisco.-Stock.(1) The stockholders at a special meeting Mar.31 will be asked to authorize an increase in the common stock from $3,600,000 now outstanding,
to $5.400,000, par $100. It is proposed to give present stockholders the
privilege of subscribing for the additional stock at 85.
(2) A new issue of $3,000,000 first mortgage 6% 15-yr. sinldng fund
bonds, to be secured by a deed of trust covering the entire properties.
Sinking fund not less than $100,000 per annum. The outstanding bonds
of 1917 (V. 105, p. 1004), it is stated, will be called at 10234 and int.
The San Francisco "Chronicle" of Jan. 29 says in substance: The
operations of the company have expanded very rapidly since Nov.
1917, the fixed assets then amounted to $3,240.575, while on Jan. 1
1919 they had Increased to $5.924,378. On the last mentioned date the
trading and current assets amounted to $10,078,263. During the period
mentioned the earnings were most satisfactory, and after paying dividends
on the preferred and common stock (the rate on the latter during the year
1918 being 10%) a substantial surplus has been reinvested in the business.
Extensive plants have been completed within the last two years at Spokane,
Vallejo, Tacoma, Ogden, Stockton and other places.-V. 107, p. 2482.

Standard Oil of Kentucky.-Officers.The following officers have been elected: 0. T. Collings, President; G. H.
Stansbury, First Vice-Pros.; S. W. Coons, Second Vice-Pros,; Joseph C.
Steidle, Sec. & Treas., and A. K. Whitelaw, Asst, Sec.-V. 106, p. 720.

Standard Oil Co. of New York.-Dividend Increased.-

A quarterly dividend of $4 has been declared on the $75,000,000 capital
stock payable March 15 to holders of recoid Feb. 21. This compares with
Rate Increase Continued.The Pennsylvania P. S. Commission has notified this company that the $3 paid quarterly during 1918.
DIVIDENDSfDec. 1911 '12. '13. '14. '15. '16. '17. '18.
arrangement made a year ago under which the company received a 10%
1
20
6 6 8 8 8 11 12
increase in all rates excepting those for residence and municipal lighting, Per cent
-V.
106,
p.
1809.
will be continued for another year.-V.108, p. 386.

Standard Underground Cable Co.-New Director.-

Pittsburgh Steel Co.-Obituary.-

James H. Lockhart has been elected a director to succeed B. F. Jones;
all other directors were re-elected.-V. 107, p. 1389.

President Wallace H. Rowe died Feb. 1.-V. 107, p. 1667.

Ray Consolidated Copper Co.-Production.JanuaryCopper production (lbs.)
-V. 108, P. 177.

1919.
4,470,000

1918.
7,571,000

Decrease.
3,101,000

Superior & Boston Copper Co.-New Officers.- •

The directors on Feb. 1 elected T. R. Drummond President and a director
and William G. Rice, was made Chairman of the board.-V.107, p.2104.

Remington Arms Union Metallic Cartridge Co.-

Swift & Co.-Financing.-L. A. Carton,

Savage Arms Corporation.-Earnings.-

Syracuse Lighting Co.-Note Issue.-

Treasurer, is
Treasurer Charles W. Many writes:"Our company's issue of $15,000,000
worth of notes is being paid off at the Farmers' Loan & Trust Co., this city. quoted as follows:
The notes outstanding are nowhere near this amount, as we have purchased
Arrangements have been concluded for an issue by Swift & Co. of
a great many of them prior to their maturity date, but what still remains $25,000,000 6% Debenture notes, to be underwritten by the Illinois
outstanding at this time will be paid upon presentation to the Farmers' Trust & Savings Bank, First Trust & Savings Bank, Continental & ComLoan & Trust Co., as above mentioned."
mercial Trust & Savings Bank and the Merchants Loan & Trust Co. The
[We understand that not much more than one-third of the issue remained notes will be dated Feb. 15 1919 and will mature Aug. 15 1921; interelt
outstanding Feb. 1. These are now paid, we are informed, without the payable semi-annually. Aug. 15 and Feb. 15, in Chicago and New York.
creation of any new issue of securities, but whether with or without the
It is understood that the Illinois Trust & Savings Bank will be the synhelp of bank credit is not stated.-Ed.1-V. 107, p. 2482.
dicate managers.-V. 108, p. 282, 265.
The New York P. S. Commission has authorized this company to issue
Results for Three Months and Calendar Years ending Dec. 31.
$920,000 6% notes due Jan. 1 1929, the proceeds to housed for the funding
1918-3 Mos.-1917.
1918-Cal.Year-1917.
of demand notes outstanding Nov. 30 1918. The commission has also
Total earnings
$1,270,207 $1,887,957 $8,347,208 $5,227,749 authorized the company to execute
to the Bankers Trust Co.,
trustee,
Interest
15,366
2,523
24,397
63,630 an agreement extending the terms of a mortgage dated March 1as
1909, and
War taxes, &c
1,050,000 6,948,325
1.042,124
3.669,000 securing bonds issued thereunder for ten yearsfrom March 1 1919.-V.
108,
$225,560
P.
'Balance
$822,591 $1,374,486 $1,495.119 p. 487.
175
First pref. dividend
8,750
17,850
35,000
Texas Company.-Status.Second pref. dividend_ _ _
2,114
6,262
20,361
26,550
121,467
131,782
498,840
Common dividend
Pres. Mitchell of the Illinois Trust Co. Chicago, and director of this
397,598
the settled policy of the company to
Balance, surplus
$675,797
$101,804
$837,435 $1,035.071 company is quoted as saying: "It is stockholders
issue new stock for the benefit of old
once a year. %nine the
-V. 108, p. 486. 386.
amount and date of the next issue will not be determined for some time,
Scovill Mfg. Co.-Capital Increase.since last issue has just been made fresh certificates will be issued during
It is reported that this company has made application for an curtent year. The company's boats have been returned except one, and
increase in its auth. capital stock from $5,000,000 to $15,000,000.-V. 107, that one is on its way. Foreign business is good and on the increase."V. 106, p. 487.
p. 2103.




FEB. 8 1919.]

THE CHRONICLE

Troy Laundry Machinery Co., Ltd.—Offering of 7%
Convertible Notes.—Chandler & Co. and the Central Trust
Co. of Illinois are offering at prices ranging from 100 to
97.30 and int., to yield from 7% to 7.50%, $750,000 Serial
7% Sinking Fund gold notes, dated Jan. 1 1919, maturing
serially, $75,000 Jan.1 1920-1925,incl.; $300,000 Jan.1 1926.
The notes are convertible at par on and after Jan. 1 1921, upon 20 days'
notice, into 8% cumulative pref. stock. Redeemable all or part at the
option of the company upon 30 days' published notice, on any interest date
prior to maturity at 1023 % and int. Denom. $1,000 c*. Interest
J. & J. in gold at the office of the Central Trust Co. of Illinois, Chicago, or
Chandler & Co., Inc., N. Y. Total authorized and to be issued, $750,000.
Equitable Trust Co. of N. Y., t