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The
flntmenrifl
VOL. 108
JA N U A R Y 11 1919
C L E A R IN G S ^
N O . 2794
FORD E C E M B E R ,
Clearings at—
N e w W o r k _________ _
P h i l a d e l p h i a ................
P i t t s b u r g h ____________
B a l t i m o r e ____________
B u f f a l o ________________
A l b a n y . . . ...................
W a s h in g t o n __________
R o c h e s t e r ____________
S c r a n t o n _____________
S y r a c u s e _____________
H o o d i n g _______________
W i l m i n g t o n __________
W l l k e s - B a r r o ..............
W h e e l i n g .........................
H a r r i s b u r g ___________
T r e n t o n _______________
Y o r k ..................................
E r l o ___________________
G r e e n s b u r g ___________
B i n g h a m t o n _________
C h e s t e r ...........................
A l t o o n a ____________ . . .
F r a n k l i n ______________
F r e d e r ic k ______________
B e a v o r C o . , P a _______
L a n c a s t e r _____________
N o r r i s t o w n ___________
M o n t c l a i r _____________
O r a n g e s ________________
H a g e r s t o w n ___________
S IN C E
JA
n
mo™i?g by W ILL IA M B. D AN A C O M P AN Y;
\
1,
AM D
Twelve Months.
D ec e m b e r .
1918.
J a c o b * s S h if J?7
1917.
1918.
In
Dc.ec.or
1917.
3,248,782
6.992.483
1.511.499
5,602,539
9,515,700
9,138,137
4,890,179
5,121,332
1,286.858
8,828,597
7,957,502
3,913,441
0,442,789
3.984.500
1,674,709
2,147,074
3,268,510
7,203,600
3,442,918
2.925.484
3.732,304
3,516,765
2.971,115
2,579,998
1,439,781
1,740,932
r,785,643
+ 0 .6
+ 14.6
+43.3
+ 48.1
+ 16.0
—2.3
+26.3
+ 8 .8
+ 10.4
+ 6 .8
+ 1.4
+ 0.7
+ 6.7
+ 5.0
+ 2 1 .1
+ 5.4
+ 2 .6
+ 15.9
+ 9 .8
—11.5
+ 15.0
+ 10.9
+ 0 .2
+ 17.4
—6.7
+ 14.4
+ 17.4
—18.4
—3.0
>830,619
2.728,769
>.468,999
Total Middle.......... 19.769.420.227 17.043,260,799
Boston______________
Providence__________
Hartford____________
New Havon__________
Springfield___________
Portland____________
Worcester___________
Fall River___________
Now Bedford----------Lowoll______________
H olyoke..---- ----------Bangor______________
Waserbury--------------Stamford-------------------
E N D IN G
WeekendingJanuary4.
Inc. or
1918.
Dec.
1917.
1919.
$
16,659,076,438
1,772,418,777
563,686,855
367,674,813
104,669,268
19,511,082
63,394,062
36,318,685
17,448,359
19,948,169
10.636.341
17,308,507
9,595,579
18,214,034
11,814,047
12,067,212
5,050,676
9,504,523
4,494,708
3,312,700
6,990,440
3,342,170
1,854,971
2,662,952
2,573,285
8,443,706
3,334,657
2,793,531
3,670,807
2,603,873
W EEK
JAN U ARY
1916.
4,347,516,231 3,500,805,556 + 2 4 .2 1,448,764.031
414,386,907 305,758,697 + 35.5 318,008,952 1.781.513,790
320,011,963
124,659,157
75.058.316 + 66.5
76,533,466
71,000,253
80,812,044
42,819,127 + 8 8 .7
42.47e.461
55,882,139
24.015.574
20,957,011 + 14.6
23,005,305
16.568,172
4.000.
000
5,249,768 — 23.8
4,313,640
7,073,742
14.288.574
10.869.317 + 3 1 .4
9,964,276
10,527,170
9.904,021
8,978,922 + 10.3
9,478,050
8.701.682
3,975,572
3,676,620
+ 8 .1
4,819.013
3.351.683
5,177,986
5,875,508 — 11.9
5.708,871
5,415.824
2,670,263
2,883,794 — 1 0 .8
3,021,984
2,585,716
3,748,352
3,306,956 + 13.4
3,677,621
3,075,916
2 .0 0 0 . 0 0 0
1,917,247
+ 4 .3
2,107,106
2,192,196
3,725,618
3,107,115
+ 0 .6
3,446,500
3,130,375
2,*497*,850
2,340*704
+6*7
2,1*54*409
2,291*,256
1,050,000
1,148,343
— 8 .6
1,135,133
1,140,080
2,063,877
1,821,684 + 13.3
1,778,041
1,698,215
1 ,0 0 0 ,0 0 0
968,807
+ 3 .3
425,214
1,128,313
795,100
1,084,400 — 26.7
1,106,700
988,500
1,308,753
1,096,682 + 19.3
1,294,758
1,225,101
762,067
700,000
+ 7.4
675,000
669,550
1,720*249
2,403*696
2,0*5*2*684
2,'l*8*5*,i84
407.155
506*988
580*373
53*9*562
+ 8 .1
+ 1 6 .0 211,989,891,558 ^ ,0 4 1 ,5 8 7 ,3 7 5
5,052,375,391
4,003,335,158 + 2 6 .2 3,966,027,694 4,302,896,316
12,663 ,248,399 + 23.5
547 ,818,800
+ 8.5
416 ,258,630
— 0.7
258 ,400,982
+ 7.1
21 1 ,999,606
— 9.0
139 ,884,237
— 5.6
191 ,919,508
— 2.5
108,,679,760
+ 2 .2
89,,559,090
+ 8.7
58,,120,126
+ 9.2
43,,894,012 — 11.4
37,201,998
— 0.3
113 ,377,200 — 13.9
28 ,914,518
— 0.7
Total Now England 1,631,683,481 1,365,105,807 + 19.5 ~17,907,753,217 14,909,276.952
+ 20.1
415,482,647 303,837,337 + 3 6 .8 286,729,023 268.025,639
C h i c a g o ................. .............
+ 8 .3 25,930 ,200,367 24,974 ,974,478
+ 3 .9
C i n c i n n a t i _____________
481,952,250 474,074,534
+ 1 .7
456,840,321 402,920,768
+ 6 8 .6
2.848 ,478,117
2,030',181,819 I + 4 0 .3
57,881,802
C l e v e l a n d -------------------33,437,983 + 7 3 .1
+ 22.9
36,072,527
4 839 ,779,432
35,754,550
3,690 ,294,187 + 17.6
93,599,273
D o t r o l t ...............................
75,581,375 + 2 u .8
+ 3 4 .8
71,688,587
3,181 ,233,906
43,276.880
2,749
,173,375
+ 15.7
64,033,494
M i l w a u k e e -----------------60,838,080 + 2 o . 9
+ 13.2
1,477 [205,068
46,404,190
37,684,948
1,300 ,560,927 + 13.6
28,531,967
I n d i a n a p o l i s ---------------26,309.967
+
8
.4
+ 14.5
22,897,240
776 ,331,000
20,844,718
684 ,058,764 + 13.5
13,952,000
C o l u m b u s _____________
13.581.000
+ 2 .7
+ 14.1
14,435,104
664 ,999,800
12,213,516
525
,641,400
+
5.6
9.500.000
T o l o d o __________________
9.146.500
+ 3 .9
+ 16.4
9,391,900
539 ,114,586
9,094,100
530 ,835,816
+ 1 .6
P e o r i a --------------------------9,432,218
8,417,737 + 1 2 .1
+ 47.6
9,496,103
240 ,527,499
6.298,411
250 ,069,566
— 3.8
5,916,596
G r a n d R a p i d s _________
6.196,861
+ 1 3 .9
+ 0 .2
4.600.000
261 ,910,976
4.500.000
248 ,068,729
+
7.2
5,401,419
D a y t o n ________________
5,080,742
+
6
.
3
+ 44.2
5,123,897
2 1 2 ,087,125
5,098,966
177
,134,088
+
19.7
4,026,056
E v a n s v i l l e ____________ 4,264.301
— 5 .6
+ 70.5
4,236.123
2 0 1 ,387,100
3,297,008
142 >326,603 + 41.5
3,881,758
S p r i n g t lo l d . 111..............
3,669,433
+ 8 .7
+ 16.3
2,966,726
112 ,798,547
2,538,807
97 ,903,825 + 15.2
1,927,225
F o r t W a y n e ...................
1,889,278
+ 2 .0
— 9.9
1,757,882
66 ,997,686
1,494,274
76 ,740,232 — 12.7
Y o u n g s t o w n ___________
1,369,819
1,440.408
—
4
.9
+ 14.2
1,766,554
190 ,537,425
1,483,076
1801,164,090
+ 5.8
3,797,497
A k r o n ___________________
3,240.119 + 1 7 .2
+2.3.4
235 .537,000
4,626,516
2,090,393
299 ,996,000 — 4.3
L e x i n g t o n _____________
4.347.000
4.413.000
— 1 .5
+ 1 2 .2
64 ,248,857
4.908.000
2.368.000
46 ,461,305 + 3 8 .3
1 .2 0 0 .0 0 0
R o c k f o r d _______________
938,964 + 2 7 . 9
+ 3 0 .0
1,109,647
99 ,159,362
1,195,840
83 ,187,070 + 19.2
1.900.000
C a n t o n _____________—
1,429,856 + 3 2 . 9
— 16.0
1,160,810
145 ,414,587:
897,036
167 ,523,851 — 13.2
B l o o m i n g t o n ----------------1,609,969
2.450.000 — 3 4 .3
+ 27.6
2,835,958
70 .348.26S
2.400.000
59
>990,907
+ 17.5
1,100,301
Q u in c y -----------------------1,121,597
— 1 .9
+ 10.9
1,057,604
70 ,498,219
934,648
59 ,120,194 + 19.2
S p r i n g f ie l d , O .................
1,210,406
1,264,859
—
4
.3
+ 7.4
1,154,581
62 ,897,504
1,055,545
63 ,198,907
— 0.5
1.400.000
I J e o a t u r ________________
1.605.500 — 1 2 .8
+ 29.2
54 ,930,382
1,593,547
1,191,765
43 ,591,580 + 2 6 .0
973,454
S o u t h B e n d ____________
850,730 + 1 4 .4
+ 4 .8
63 ,342,434
801,437
722,718
55 ,613,771 + 13.9
J a c k s o n _______________ _
1.050.000
1,034,189
+ 1 .5
+ 8.4
53 ,917,843
1.246,255
1,043,800
55 ,361,178
— 2 .6
M a n s f i e l d _____________
+ 12.3
,936,209:
48>,032,895 + 16.4
822*054
D a n v i l l e ................ ..........
+
14*1
*720*833
+ 12.7
*7 83:214
6*1*7:283
l ,92a,375
30',128,385
+ 6 .0
L a n s i n g ----------------------572.000
520.000 + 1 0 .0
— 5.4
598,316
>,599,143
672,662
56 ,343,661 — 1 0 .2
810.000
L i m a ____________ _____
900.000 — 1 0 .0
+ 6 .6
1,107,490
r,252,115
880,843
42 ,136,175 + 1 2 .1
775,000
J a c k s o n v i l l e , 111_____
721.000
+
7
.5
+ 52.5
700,000
>,358,198!
600,000
21 .868,795 + 3 4 .3
698,954
A n n A r b o r ____________
536,904
+
3
0
.2
+ 0 .6
461,720
364,241
’,360,928
18 ,671,012
— 7.0
O w e n s b o r o __________
437,697
426,164
+ 2 .7
+ 1 1 .8
413,627
',039,032
391,853
35 ,738,661 + 31.6
1.250.000
F l i n t ..................................
1,110,059 + 1 2 .6
— 25.7
1,176,483
i,638.093
619,500
8 6 ,242,166 — 12.3
G a r y ___________________
— 23.7
>,053,772
40 .995,655 + 13.8
L o r a i n ________________
+ 15.2
,058,986
10 ,818,402 + 20.7
A d r i a n .............. ...............
— 33.9
,822,338
5 ,619,123 — 14.2
■*6*5*.66o
N o w A l b a n y _________
' 75*666 — 1*3:3
+ 2 .8
78,424
,605,455
5 4 :6 5 2
8 ,143,280
— 7.8
P a d u c a h __________ _
+ 30._
,734,940
59 .624,583 + 17.0
H a m i l t o n ........................
+ 17.6
,229,160
19
,247,788
+
5.1
A u r o r a ______ _________
— 5.0
,862,514
31 ,693,008 + 13.2
Total Mld.Wostorn 3,760,794,216 3,253,633,194 + 1 5 .6 42,460,859,348^97107,366,151 *"'+ 8 .0
805,425,209 736,186,973
+ 9.4 713,485,813 604,600,401
San Francisco..
547,537,200
+ 24.9
5,629,321,142
4,837,854,596 + 16.4
110,133,292
Los Angelos-----142,618,952
96,348,104 + 2 0 .5
+ 17.2
80,852,128
1,547,005,952
69,062,383
1,502,250,000
+ 3 .0
31,434,000
Seattle------------173,324,140
30,286,000
+ 3 .8
+ 57.9
27,282.000
27,736,613
1.859,961,752
1.151,409,201 + 61.5
30,640,700
Spokane_______
23,738,849 + 54.4
39.243.430
+ 15.0
15,745,259
420,522,091
13,585,680
+
2
2
.
1
344,302,049
8.081.930
Salt Lako City.
79,355,988
7.322,026 + 10.4
+ 4.5
5,805,328
697.858,010
5.041,483
710,064,797
— 1.7
Portland______
15,432,384
140,970,428
16,593.902
—
7.0
+ 6 7 .9
16.332,804
1,330,434,798
12,570,462
868,331,222 + 53.2
24,134,995
Tacoma_______
21,809,367
16,931,550
+
42.1
+ 35.3
11,812,795
11,875,012
243,972,548
161,553,682 + 51.0
4.287.930
33,279,390
Oakland..............
3,513,486
+
22.0
+ 41.0
2,155,717
335,343,421
2,071.664
269,219,938 + 24.6
7,188,397
19,639,136
Sacramonto____
5,699,105 + 26.1
+ 4.7
5,20.3,916
4,741,851
203,331,113
. 162,082,834 + 25.0
3.478,983
San Diego_____
8,558,383
3.388.903 I + 2 .7
— 2 1 .1
2,751,704
105,790,794
1,836.130
120,931,084 — 12.5
1,998,545
Pasadena...........
4,050,194
2,492,420
—
19.7
— 13.8
2,581,692
2,403,503
49,757.597
53,070,340 — 14.3
861,319
14,192,566
Fresno________
1,053,455 — 18.2
+ 13.1
1,040,238
127*7.39,179
1,215,256
10.3,414,657
+
17.8
2,629,954
Stockton______
7,925,084
2,145,251 + 2 2 .6
— 28.4
1,970,396
99,326,957
1,156,374
93,433,495
+ 6.3
1,500,000
Bo Iso__________
7,058,325
2,310,742 + 35.1
— 1 .0
1,447,263
73,215,325
1,190,370
82,293,034 — 1 1 .0
4,577,789
San Jose_______
— 16.9
54,576,091
64,482,688
+ 0 .2
5,115,966
1,175*,267
Yakima_______
1,288:202
—
+ 32.5
1,022:502
44,385,844
'
94*8:603
30,731,215 + 2 0 .8
R en o__________
980,268
2,735,821
681,119 + 4 3 .9
— 2 .2
572,183
30,847,360
500,000
30,450,126
+ 1.3
Ogdon________
304,945
12,300,585
500.000 — 15.5
— 1 .6
420,318
100,123,018
413,984
100,133.277
+ 0.3
Long Beach____
4,682.675
+ 31.0
51,888,424
36,000,826 + 41.5
Bakorsflold____
1.04*7:605
3.200.430
948]786j +io*.4
— 8 .0
78*7:283
42,924,196
38,388,521 + 1 1 .
Total Pacific............ 1,272,175,829 1,000,316,818 + 27.1 13,048,719,251
767,723,782
+ 21-2
257,315,920 215,351.856, + 1 9 .5
177,783,580
157,123,400
Details of Other West cm and South orn on page 14 4.
15,637,209,010
594,172,500
413,204,954
276,840,880
192,994,447
132,043,082
187,055,745
111,097,937
97,318,279
63,486,536
38,830,914
37,087,475
97,651,600
28,709,858
1
8:5
776.972
To,
Total other W e s t..
Total Southern____
1.850,603,053
1,629,249,134
+ 14.1
21,132,766,651
2,517,052,935
2,246,565,286
+ 1 2 .0
25,810,698,065
20,586,849,119
Total all................. 30,810,729,741 26,538,131,038 — ■^ 350’688-0a0|3 0 8 .^ .7 2 6 ,3 1 7
Outside New York. 14.151.653.303 11.924.587.916 4- IS.7 1ff3.ft17.43Q Qno'ioa eon
~^Ts
" '358,809,880
342,370.786
+ 2 5 .4
508,529,928'
468.015,537
+ 4 .8
261,409,123
+ 8 .7 i 367,161,943
234,923,494
307,469.808
+ 8 .3 7,397.938,975 6.068,176,963; + 2 1 .9 ,5 ,772.59o]o82 5.875]o39.058
- _____. . .
---------------------- ----------------------------------- ---------------- !___
1
THE CHRONICLE
98
[V o l . 1 0 8 .
As a matter of fact not a word can be said in defense
of
its course even by those who would gladly come to
T H E F IN A N C IA L S IT U A T IO N .
its rescue, were that possible. It was the Commis
The Inter-State Commerce Commission has this
sion's short sighted policy, continued year after year,
week had the temerity to appear before the Com
that destroyed the credit of the roads and brought
mittee of the United States Senate which is investi
them to such a pass that they were no longer able
gating the question as to what disposition shall be
adequately to fulfill their functions as public carriers,
made of the railroads— whether the Government shall
so that when the country was in dire need by reason
retain control of them or whether they shall be re
of the war the Government felt obliged to seize pos
turned to their owners, and if so how soon— to express
session of them lest they should break down altogether
its views on that all-important question. We wonder
as a result of the added strain imposed upon them.
if this body realizes how utterly it is discredited in
Our conclusions in that respect have often been
public estimation or how completely it has lost
expressed, and we have cited abundant proof in
the respect of everyone, friendly and unfriendly
support of them. But now hearken to the deliber
critic alike. As an indication of public sentiment
ately expressed statements of the “ W orld." Note
generally towards this body, we reprint here an
that our contemporary is constrained to say that these
editorial utterance which recently appeared in one
suggestions from the Commission will not “ gain much
of the leading daily papers of this city:
in the importance to be attached to them because of
A
C
T
H
F
.
the particular source from which they emanate.
Among the many suggestions presented by the That is the truth. Note further that it is declared
Inter-State Commerce Commission in its annual that “ after a long and patient trial of the administra
report for the future control of the railroads some
tive methods of the Inter-State Commerce Commis
may be better than others, but none of them will
gain much in the importance to be attached to them sion, it has been generally voted failure." Again
because of the particular source.from which they this is but an expression of the truth.
“ It has made of itself a reactionary b od y ." Can
emanate.
. .
After a long and patient trial of the administra anybody deny this or the further statement that “ it
tive methods of the Inter-State Commerce Commis has proved a means of obstruction in practice and a
sion, it has been generally voted a failure. Its deadweight in the development of the railroads of
membership changes from time to time, the regula
the country and it has failed to justify itself as an
tions and decisions that it issues periodically undergo
modifications, but after all these years its character agency that works for the public good Avith the in
and its theory of operations remain the same. It telligent end of getting the best results."
has made of itself a reactionary body; it has proved ‘ But the whole case against the Commission is
a means of obstruction in practice and a dead weight summed up with signal accuracy in the final state
in the development of the railroads of the country, ment that “ It has neither met expectations by main
and it has failed to justify itself as an agency that taining an attitude of judicial impaitiality nor
works for the public good with the intelligent end of
has it succeeded in suppressing the inclina
getting the best results.
What ails the Inter-State Commerce Commission tion to assume the role of agent for the
This is no unfair assertion; on
is not lack of powers or lack of laws but lack of an prosecution.”
understanding of business conditions as affecting the the contrary the Commission in more recent
railroads and industries dependent upon them. So years may be said to have pursued the rail
far as it was designed for certain definite purposes of roads with intense malignity. Its attitude has been
regulation, it has neither met expectations by main
one of unfailing hostility. Instead of being judicial,
taining an attitude of judicial impartiality nor has it
succeeded in suppressing the inclination to assume the the Commission went ahead with the idea that
decision must always be against the carriers. Yes
role of agent for the prosecution.
What is needed first of all is a radical change in terday morning the “ W orld" in another leading
editorial article pointed out that the one defect
the Commission itself.
'
in the plan for the future supervision of the roads
What paper does the reader imagine it is that
proposed by the Railway Executives lies in the fact
passed such sweeping judgment in condemnation
that the plan pays “ tribute to error and failure
of the Commission? A defender of the Commerce
by proposing that the Commission be made a court
Commission, if any such there be left in this
of last resort for the decision of appeals." That is
broad land, might incline to suspect that the utter
also our opinion. The Railway Executives propose
ance came from some stronghold of the Money
Power or from some railroad king with antediluvian to give quasi judicial powers to the Commission in
the plan suggested by them. But it is the judicial
ideas inveterately opposed to any kind of Govern
attitude that has always been lacking in the work of
ment regulation or supervision of the country's
the Commission. If judicial powers are to be con
transportation agencies in the interest of the gen
ferred upon any one why not let them remain Avliere
eral public. If any one there be who harbors
they have been fixed by the Federal Constitution,
such suspicion, let him be undeceived at once.
The reprint above was taken from the New York namely in the courts.
Even in the matter of the compilation of statis
“ W orld" and constituted the leading editorial
tics t h e . Commission cannot be trusted, for its
article in the issue of that paper of December 6. We
statistics have always been worthless and mislead
need hardly say that the “ W orld" has never evi
denced any friendliness towards either the financial ing. In 1911 after the decisions in the Five Per
or the railroad interests of the country, but on the Cent Rate cases we showed in a series of articles
that many of the figures then presented were posi
contrary has frequently manifested hostility and
tively erroneous. It would certainly be a grave
even bitterness towards the same, and has ever been
defect of any plan should the Commission be re
an earnest champion of effective regulation of pub
tained as part of that plan in any capacity. A
lic utilities. If there were any doubt as to the true
regulating agency there must be— whether in the
character of the Commission, that doubt would un
questionably be resolved in its favor by the “ W orld." shape of a Secretary of Transportation, a Board of
o m m is s io n
h a t
a s
a il e d
Ja n . 11 1919.]
THE CHRONICLE
Trade or some other body— but the only safe course
in dealing with the Commerce Com m ission is to
elim inate it com pletely from the future conduct of
railroad affairs. There is the more reason for such
a step in the circumstance already m entioned that
the Commission has now lost the confidence of
everybody, and public sentim ent is strongly opposed
to the further continuance of its m ischievous ac
tivities.
President W ilson’s plan is to com plete as far as
possible what he regards as the necessary prelimi
naries to peace before his return to the United States,
which will be about the m iddle of February. H e
then contem plates his trip hom e will not last longer
than necessary for proper attention to official busi
ness. The present understanding appears to be that
he will prom ptly return to Paris to undertake a
direct part in the discussions by which the term s of
peace will be arranged and especially in the estab
lishm ent of the League of N ations, which M r. W ilson
has still abiding faith will be a panacea for differ
ences in international view points. A dvices from
Paris state that the President has created a good
feeling by the notification he is understood to have
given Premier Clemenceau that he will not appear
at the inter-Allied Councils as a Chief of State whose
rank will entitle him to preside. H e will appear as
his own Prime M inister— a position which he is
able to assum e, it is asserted, through the provisions
of the American C onstitution m aking the President
the sole responsible executive authority. B y waiv
ing the right of precedence the President enables the
conferences to proceed as originally planned with
M . Clemenceau presiding.
On Jan. 2 President W ilson cabled an appeal to
Congress for an im m ediate appropriation of $100,
000,000 for use in supplying food to destitute people
outside of Germany during the present winter. The
President declared it to be “the high mission of the
American people to find a rem edy for starvation and
absolute anarchy.” The President’s action is under
stood to have been based on the extended investiga
tion which has been made in Europe under the direc
tion of Herbert H oover, Food Adm inistrator, to
convince the President there were large regions in
Europe where the people were facing absolute star
vation.
99
tow ns in the Kuhr district being in the hands of the
Spartacides. M eanwhile other portions of Ger
m any are showing extrem e rcstiveness at the situa
tion which is perm itted to continue in Prussia.
War on Berlin to restore order is threatened by
Bavaria, according to a speech in the Bavarian
Chamber of D eputies in M unich by Herr Auer, the
M inister of the Interior. Bavaria, he said, proposed
to intervene with arms if conditions in Berlin con
tinued unsettled. “It is tim e,” the speaker said,
“that the men in Berlin understood that Berlin is
not Germ any, and that there is a lim it to the patience
of even of the m ost tolerant people. Up to the
present tim e I have opposed the application of
armed force, but unless Berlin comes to its senses and
order is soon restored, we propose to intervene with
arms. There has never been a political party which
has reached such a low level as the Bolshevist
Spartacides. I deplore the fact that the Independent
Socialists are not doing their share to prevent this
national calam ity.”
Advance reports which appear to have official
substance, indicate that few im portant changes will
take place in the personnel of the new British
Cabinet, but there will rather be a redistribution
of the offices. The Premier, Lloyd George, will,
it is intim ated, follow precedent by taking the post
of the First Lord of the Treasury. Andrew Bonar
Law will be M inister w ithout portfolio and thus still
be free for his duties as Governm ent Leader in the
House of Com m ons. W inston Spencer Churchill
is slated for the folio of Secretary of W ar, and it is
understood that W alter Hum e Long will go to the
Adm iralty, and that Edward Shortt, now chief
Secretary for Ireland, will become Hom e Secretary.
The British Boar.d of Trade return cabled this
week covers the m onth of Decem ber and the entire
year 1918. For the m onth, the results of which are
of interest from the fact that it was the first clear
period since the term ination of hostilities, there was
the large increase of £31,331,278 in im ports, while the
exports increased £1,141,486 as compared with D e
cember 1917. The exports of cotton for the m onth
am ounted to only 207,449,000 yards, as compared
with 352,917,000 for the same m onth of 1917. The
cotton totals for the full year 1918 were 3,695,772,
000 yards, as compared with 4,978,238,000 for the
preceding year. The figures of imports and exports
Internal affairs in Germ any, more particularly in for the m onth and for the year, in comparison with
Berlin, still are apparently greatly disturbed. It is the previous year, follow:
worth while recalling, however, that the dispatches
-------------December------------ ----------Year ended Dec. 31-------1918.
1917.
1918.
1917.
recording revolutions, &c., do not convey the Im ports........................ £116,101.000
£84,769,722 £1,220,002,734 £1,065,886,507
impression that things are getting really beyond the E xports.............. ......... 38,282,000 37,140,514 498,472,619 525,308,991
control of the Berlin Governm ent. We hear of Excess of im ports... £77,819,000 £47,629,208 £721,530,115 £540,577,516
heavy fighting in Berlin, of wild disorders in the W ith the entrance of the N ew Year are appearing
streets of that city, and of Spartacides, armed from distinct indications in London that lim itations im
arsenals, resisting Governm ent troops bitterly. posed by the British Treasury upon international
B ut the number of casualties which under current financial transactions are beingf relaxed, or are
circumstances would hardly be m inimized do not prom ptly to be relaxed. Thus far the decision has
bear out reports of very sanguinary results. Advices not taken a blanket form of announcem ent. Securi
by way of Copenhagen declare that Governm ent ties, however, m ay now be sold in London to foreign
troops have occupied all the public buildings in buyers, subject to certain conditions, am ong others
Berlin and thousands of additional troops are still that the full proceeds of the sales shall be rem itted to
entering the capital. The Berlin correspondent London or other English centre, and shall be retained
of the “Berlingske Tidende” who sends this informa in the physical custody of British banks until further
tion, says that the Spartacides have been beaten notice. It also is provided that securities shipped
and that quiet was partly restored on Thursday. abroad for registration and return m ust be provided
Serious Spartacide riots are going on at Dresden, with a formal perm it. A feature of particular im
Brunswick, Dusseldorf, Essen and Dortm und, several portance is that the American Dollar Securities Com
1 0 0
THE CHRONICLE
m ittee will make no further purchases for exchange
purposes. R estrictions, too, are being removed from
foreign trade transactions, the M inister of Blockade
having relieved bankers of providing the formalities
previously necessary before financing exports to
neutrals. The prescribed three m onths’ notice has
been given to holders of certain railway debentures
of the decision to return the securities deposited with
the Treasurer. All these developm ents, of course,
are pointing one w ay, nam ely, the loosening up of in
ternational business and the desire to call the war a
closed incident.
On the London Stock Exchange there likewise are
evidences of a determ ination to get back on an un
trammelled basis. The Exchange C om m ittee has
just announced a new rule prohibiting mem bers, un
less with the special permission of the C om m ittee,
from em ploying in any business capacity any person
of German, Austrian, Hungarian or Turkish birth
or any ex-member who has been expelled or any
whose applications for re-election to the Exchange
has been rejected. The m anagem ent of the Exchange
intim ate, too, that the annual subscription, beginning
with the new fiscal year, will be £75, instead of 40
guineas, for all new m embers who have not served
art" apprenticeship of at least four years as Stock
Exchange clerks, thus marking a further differentia
tion between the trained man and the novice desir
ing m em bership. The latter are frequently regarded
m erely as gamblers or rich m en’s sons.
upon the Treasury the advisability of issuing a 4 Y ^ %
loan, but London advices do not suggest that this
m atter has been advanced very far. It is expected
that the new week will witness large applications for
the older loan. One-year Treasury bills to the
am ount of £8,000,000 will fall due on Jan. 15, and
be renewed by tender.
British banks continue their preparation to provide
for increasing foreign trade. M r. Charles M aclay,
M inister for Shipping, is seconding in his own de
partm ent efforts of the Treasury to rem ove trade re
strictions. The tim e is not far distant, he predicts,
in a formal statem ent, when it will be possible to re
lease tonnage on a substantial scale, thereby creating
unhampered tonnage and freight m arkets. He also
declares th at N orth A tlantic commercial cargo space
will be doubled and th at space will be com peting for
cargo instead of as at present cargo com peting for
space.
Slight increase in activity has developed during the
week in British Stock Exchange circles. Some de
gree of irregularity has developed in financial senti
m ent in view of the increased strain (if possible) in
the Russian situation, and also because of the uncer
tainties that are becoming more or less clearly in
sight as regards the final discussions in the Peace Con
ference, the changes in the Cabinet and the m any
problems which are showing them selves in the form
of dem obilization. The Treasury is finding no dif
ficulty in financing its requirements under its old
form of continuous sale of bonds. This form of
bonds will be discontinued a week from to-day.
T hey already have.recorded a world’s record achieve
m ent for a cash transaction. Their sales through
the banks for the week of Jan. 4 were £24,737,000,
making the total sale through this channel no less
than £1,413,258,000. Records of the sale through
the post offices are always one week behind those of
the banks. Up to D ec. 28, however, a total of £48,
687,000 had been sold through the post offices, mak
ing the total through the two sources up to £1,461,
945,000. Sales of War Savings certificates now have
reached a total ultim ate indebtedness of £278,091,000.
The Governm ent has not as yet announced the form
of its new borrowings. Some bankers are urging
[Vol . 108.
In a reply to the British Treasury’s Gold Com m it
tee’s report, to which we have referred in recent is
sues of our paper, the British Gold Producers’ Com
m ittee suggests th at circum stances are likely to
aring forward im portant changes in the disposal of
gold in future. The interpretation given this reply
in London is that the producers intend to establish
a refinery in South Africa. The reply also says th at
the Treasury C om m ittee’s report ignores the fact
that producers now receive paym ent for gold at a
fixed price in currency, which has depreciated. On
our side of the A tlantic, the Federal Reserve Board
announces that it favors the restoration of a gold mar
ket with proper lim itations, and with a view of
changing conditions th at m ight result from financing
foreign requirem ents. The Board states th at in its
judgm ent the present high price levels will remain
in spite of the efforts of business m e n , until a free
international gold m ovem ent is provided. A press
dispatch cabled from Paris presents a statem ent from
United*States Senator Robert L. Owen. After con
ferring w ith international financial authorities in
Paris as well as in London, the Senator expresses the
view that the high prices prevailing in Europe and
America are due in part to expanded foreign paper
currency, and that American R eserve banks or a
foreign reserve bank analogous to the American
system , would be highly advantageous in m aking the
American gold dollar the measure of international
contracts, and thus expanding American commerce
abroad. W e refer to Senator Owens’s statem ents in
greater detail on a subsequent page of the “ Chroni
cle.”
A steady undertone has been reported from the
French financial centre this week, trading being in
term ittently active and then quiet. There seems no
evidence of a return to speculative activities on the
Bourse. This is not unnatural in view of the con
tinued increase in the political chaos in Poland,
Russia and Germ any. The backwardness in specula
tion is also explainable by the fact that Germany is
failing to carry out some of the requirements of the
truce agreem ent. The tim e allotted to Germany to
m eet the arm istice term s of General Foch expires on
Jan. 17, but compliance with m any of the details
still remains to be performed, particularly so the sur
render of war m aterials such as guns and airplanes.
About 5,000 motor cars have been delivered, but the
number of railroad engines turned over equals only
one-half the number stipulated in the arm istice. A
great number of the “ 150,000 railway cars in good
working order,” called for, are still undelivered. In
addition, naval units, including subm arines, remain
in German seaports, although under the terms of the
arm istice they should have been surrendered. The
feeling is growing in Paris that the inter-Allied
command will be much more servere in its dealings
with Germany when the expected request by that
country for a further delay in m eeting th e !Allied
terms comes up for discussion.
Ja n . 11 1919.]
THE CHRONICLE
N o change has been noted in official discount
rates at leading European centres from 5% in Lon
don, Paris, Berlin, Vienna and Copenhagen; 5% % in
Switzerland; 6% in Petrograd and Norway; 6% % in
Sweden, and 4% % 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
m oney in London remains as heretofore at 3% . As
far as can be learned, no reports have been received
by cable of open market rates at other European
centres.
The Bank of England continues to add to its stock
of gold, this week’s increase am ounting to £544,110.
N ote circulation declined £49,000; hence there was
an expansion in total reserve of £593,000. As had
been expected last week, the sensational increases in
the deposit accounts were cotrected— alm ost equally
heavy reductions having taken place this week.
As a result the proportion of reserve to liabilities was
advanced to 17.12% , as against only 11.70% last
week. In the same week of 1918 it was 19% % ,
and in 1914 55% % . Public deposits expanded
£1,857,000, but other deposits were reduced £74,
706,000 and Governm ent securities £52,426,000.
Loans (other securities) were contracted £20,979,000.
Threadneedle Street’s gold holdings aggregate £80,
520,547, which compares with £59,078,666 in 1918
and £55,464,562 the year before. Reserves total
£28,829,000, as against £31,825,000 last year and
£34,898,022 in 1917. Loans now stand at £85,
494,000, in comparison with £90,661,000 and £42,
584,303 one and two years ago, respectively. Clear
ings through the London banks for the week were
£566,800,000. This compares with £294,760,000
last week and £455,050,000 a year ago. Our special
correspondent is not as yet able to give details by
cable of the gold m ovem ent into and out of the Bank
for the Bank week, inasmuch as the Bank has not
resumed publication of such reports. W e append
a tabular statem ent of comparisons:
HANK OF ENGLAND’S COMPARATIVE STATEMENT.
1919.
1918.
1917.
1916.
1915.
Jan. 8.
Jan. 9.
Jan. 10.
Jan. 12.
Jan. 13.
£
Circulation.............. 70,141,000
Publio deposits
28,163,000
Other deposits------- 140,187,000
Governm'tsecurities 71,877,000
Other securities----- 85,493,000
Reserve notes & coin 28,829,000
Coin and bullion ... 80,520,547
Proportion of reserve
to liabilities
17.12%
Hank rato____
5%
£
£
45,703,130
37,898,589
123,633,523
50,868,170
90,601,200
31,825,536
59,078,666
£
39,016,540
49,529,490
130,248,009
120,273,500
42,584,303
34,898,022
55,464,562
£ *
34,338,495 35,174,625
53,553,033. 44^832 895
104,076,256 lie!o55!o97
32,839,377 18.068!460
107,360,566 108,'220,'545
35,413,339 52,'636,’269
51,301,834 69,360,894
19.71%
19.40%
22.50%
6%
6%
32.75%
5%
5%
The Bank of France in its weekly statem ent shows
a further gain in the gold item this week of 6,206,650
francs. The B ank’s aggregate gold holdings, there
fore, now am ount to 5,492,298,625 francs, comparing
with 5,357,516,511 francs in 1918 and with 5,099,
018,387 francs the year before; of these am ounts
2,037,108,484 francs were held abroad in 1919 and
1918 and 1,693,088,532 francs in 1917. During the
week bills discounted were increased by 68,000
francs, Treasury deposits by 6,351,000 francs and
general deposits by 34,344,000 francs. On the other
hand, silver fell off 773,000 francs, while advances
decreased 23,001,000 francs. N ote circulation regis
tered a further expansion of 511,813,000 francs,
bringing the total outstanding up to 31,566,850,000
francs. In 1918 at this tim e the am ount was
22,982,791,713 francs, while in 1917 it stood at
17,105,088,970 francs. Just prior to the signing of
the armistice with Germany in 1918, the outstanding
1 0 1
total was 30,821,245,000 francs, while in 1914, ju st
prior to the outbreak of war, the figure was 6,683 ,
184,785 francs. Comparison of the various item s
with the statem ent of last week and corresponding
dates in 1918 and 1917 are as follows:
HANK OF FRANCE’S COMPARATIVE STATEMENT.
Changes
— --------------------- status as of------------------------ for Week.
Jan. 9 1919. Jan. 10 1918. Jan. 11 1917.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France .............. Inc. 6.206,650 3,455,190.141 3,320,408,026 3,405.929,854
A b road ..-------------- No change
2,037,108,484 2,037,108,484 1,693,088,532
T o ta l................. ■Inc. 6,206,650 5,492.298.625 6,357,516,511 5,099,018,387
Silver...................... Dec.
773,000
317,390,446
246,109,297
287,397,088
Bills discounted.. Inc.
68,000 1,361,989,600
958,216,602
695,749,072
Advances________ Dec. 23,001,000 1,228,375,500 1,233,054,871 1,308,0.32,244
Note circulation.. Inc.511,813,000 31,566,850,000 22,982,791,713 17,105,088,970
Treasury deposits. .Inc. 6,351,000
40,629,000
156,514,395
34,298.044
General deposits... Inc. 34,344,000 1.426,052,000 2,096,979,736 2,218,170,528
Last week’s statem ent of N ew York associated
banks and trust com panies, issued on Saturday,
m ade a better showing, in that reserves recovered
some of the losses of the previous week. Loans, how
ever, were heavily expanded, no less than $116,402,
000. These changes, of course, are a further re
flection of the end-of-the-year financing. There was
an increase of $44,208,000 in net demand deposits, to
$3,970,567,000 (Governm ent deposits of $215,440,
000 deducted). N et tune deposits expanded $6,
873,000 to $139,776,000. Cash in vaults of mem
bers of the Federal Reserve Bank, and not counted
as reserve, declined $1,017,000 to $112,253,000.
Reserves in the Federal Reserve Bank of member
banks increased $24,554,000 to $566,082,000, while
reserves in own vaults (State banks and trust com-'
panics) were reduced $275,000 to $11,114,000. R e
serves in other depositories (State banks and trust
com panies) increased $447,000 to $9,467,000. The
gain in aggregate reserves totaled $24,726,000, thus
bringing the am ount on hand to $586,663,000, as
against $547,411,000 held last year. R eserve re
quirem ents were expanded $5,992,220; hence the
increase in surplus reserve was cut down to $18,733,
780. This, however, brought the total up to $61,
538,120, in comparison with only $42,804,340 a week
ago.. In the corresponding week of 1918 the total
was $61,270,520. The above figures for excess re
serves are on the basis in each instance of 13% re
serves for member banks of the Federal Reserve sys
tem , but not counting cash in vault held by these
banks, which last Saturday am ounted to $112,
253,000. Circulation totals $35,947,000, an ex
pansion of $13,000. The bank statem ent in fuller
detail is given on a subsequent page of this issue.
In local m oney circles the position continues one
without decisive strain. R ates are showing an easier
tendency as N ew Year paym ents of dividends and
interest indicate a tendency to return to bank re
serves. This w eek’s capital applications have in
cluded two large offerings, one of $40,000,000 Ameri
can Telephone & Telegraph Co. five-year 6% notes
on a basis to yield 6.17% , the other of $25,000,000
N ew York Telephone Co. thirty-year sinking
fund 6% debenture bonds offered so as to yield
about 5.93% . It is understood that a num ber
of other im portant issues are under the consid
eration of bankers and that there is com plete har
m ony am ong banking interests both on the point
that investm ent conditions now are favorable for
testing the investm ent position and on the second
point that co-operation of selling dates will be ar
ranged in order to prevent com petitive offeringswhich m ight be regarded as unsettling. H ow great
this co-operation of bankers really is, is indicated by
D ealing with specific rates for m oney, call loans
this week covered a range of 3*ki@-6%, as against
5 @ 6 % a week ago. M onday 5 % was the highest,
4% low and 434% the renewal rate. On Tuesday
there was a drop to 3% % for the m inim um , although
renewals were still on the basis of 434% > and the
high was 5% . Call rates on W ednesday stiffened
and the range was 5@ 6% , while the renewal figure
was 5 % . On Thursday the m axim um was 6% ,
the minimum 5% and 534% the ruling rate. Friday s
range was 3 ^ @ 5 % and 5% the renewal basis.
These rates are for loans on m ixed collateral. “All
Industrials” continue to be quoted at 34 °f 1%
higher. For fixed m aturities a som ew hat easier
tone developed and som e trades were m ade in sixty
days'and seventy-five days as low as 534%> against
534@ 534% last week. N inety days remained at
534@ 534% , but four, five and six m onths were
quoted at 534% > as compared with 534@ b% a week
ago. Trading, how ever, was light and the m arket
was called quiet. In the sam e week of last year
sixty-day funds were quoted at 534% > ninety days
at 534@ 5% % and four, five and six m onths at
.
Commercial paper rates were also a shade easier
and sixty and ninety days’ endorsed bills receivable
and six months’ names of choice character finished
at 5 ' A @ 5 y 2 % , in contrast with 5 } 4 @ 5 % % last
week, and names not so well known at 53/2@5;ki%>
against 5 % @ 6 % . A few trades were recorded eaily
in the week as low as 5 % . A better inquiry was
noted and several large institutions came into the
market as buyers.
Banks’ and bankers’ acceptances were steady and
ruled without quotable change. Transactions in the
aggregate were not large, though trading was mod
erately active. Demand loans on bankers accep
tances continue to be quoted at 434% • Detailed
quotations follow:
Ninety
Days.
Eligible bills of member banks--------- 4%®444
Eligible bills of non-member banks...... 444@4t/ t
Ineligible bills................................. 544®5
Spot Delivery--------- Delivery
within
Sixty
Thirty
Days.
Days. 30 Days
44%bid
4>A,®4%, 4M»@4
bid
4>A@444 444®*4i
0 bid
644@5 544®5
No changes in rates, so far as our knowledge goes,
have been made the past week by the I ederal Re
serve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
following:
| Minneapolis.
Philadelphia.
‘
Atlanta.
AS
Chicago.
i
*
3
fc
9
1
9
if
S3 M i
5
1
1
Discounts—
Within
15days, lncl. member 4 4 4 444 444 444 4 4 444 444 444 444
444 444 5 444 4 44 444 444 5 444 6
16 toto 60
4M
444 4}4 4U 5 444 4% 4J4 6 5 5 s
61
90 days’
days'andmaturity—
maturity...
4H 4H
Agricultural
live-stock
5 5 5 544 544 5 544 544 544 544 544 644
paper over
Secured
by U.90S.days------certificates
ofertyIndebtedness
or
Lib
Loan
bonds—
Within
15 days,
member
banks’Including
collat- 4 4 4 4 •4tf 4 4 4 4 *444 4 444
»4M4« 444 444 •414 ’4A '444 •4« 4M 1444 444 444
16
to
90
days’
maturity—
Trade Acceptances—
444 4*ia
444 444 •444 444 444 444 444 4H
444 4 44 4h 444 434 444 4 44 4M 4H
61 to 90 days’ maturity .. 444
444 444444 444
of 3 to 4H%Rates
for 1-day
discounts inbankers’
connection
mui momaturing
.v™ within
of15‘Rate
the
Government.
fordays
discounted
acceptances
days.
4%;
within
10
to
60,
4 H % : and within 01 to 90 days. 4 44 % .
• Rate of has
4%been
on paper
by Fourthmember
Libertybanks
Loan bonds
paper re
discounted
takensecured
by discounting
at ratewhere
not exceeding
Interest
rate
on
bonds.
.
•Rato for trade acceptances maturing within 15 days, \AVo.
. 4
aNote
Fifteen
days and under,
4)4%.In open market,
_ minimum
, __rate
1. Acceptances
purchased
Note 2. Rates for commodity paper have been merged with those for commercial
paper
of corresponding maturities.
.
__
Note 3. In caso the 60-day trade acceptance rate Is higher than the15-day dis
count
rate.tradeacceptances 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 Reservo banks may charge a rate not exceeding that ior uo-day
CLASSES
OF
DISCOUNTS AND LOANS
jCleveland.
the importance of the names in the syndicate offering
the two issues of bonds already referred to. The
names include J. P. Morgan & C o., Kuhn, Loeb &
C o., Kidder, Peabody & C o., First National Bank
of New York, the National City Co. of New York,
Harris, Forbes & C o., and Lee, Higginson & Co.,
New York. When such powerful interests under
take the sale of identical securities the significance
as affecting the opportuneness of the offering cannot
be gainsaid. The Treasury continues an active
borrower in the money market. On Wednesday
Secretary Glass announced two series of Treasury
certificates of indebtedness, one acceptable in pay
ment on bond subscriptions, the other acceptable
in payment of taxes. The latter, which will be
dated Jan. 1G, will mature June 17 and bear 4 ^ %
interest. The amount of the issue is indefinite.
The offering in anticipation of the next Government
loan consists of the usual bi-weekly issue of certifi
cates, this time to the amount of $6000,000,000, dated
Jan. 16, maturing June 17, and carrying interest of
4 ^ % . The first-mentioned offering of certificates
will prepare the way for payment of income and
profit taxes next June, since they will be accepted
instead of cash at that time or within sixty days
before their maturity. So far as the railroads are
concerned, the policy at Washington is for the
present to remain one of making Treasury loans to
the railroads instead of appealing too widely to the
regular investment market. Advices from Washing
ton on Thursday stated that, in accordance with the
decision finally reached between the War Finance
Corporation and the Railroad Administration for
use of the Corporation’s funds for making loans to
the railroads under Government control and to avert
exhaustion of the Railroad Administration s half
billion dollar revolving fund, there 1ms been advanced
to date $24,050,000 by the Corporation in the form
of direct loans. In accordance with the fixed policy
of the Corporation to withhold all details of its
transactions, officials refuse to divulge the terms and
maturity of the loans or go further than make an
nouncement that the loans in question had been
made.
5 M @ 6 % .
[V ol . 108.
THE CHRONICLE
Boston.
103
Sterling exchange has shown very little activity
during the week, the slight improvement in demand
recorded at the close of last week incidental to a fast
mail steamer having subsided as soon as require
ments were filled. Rates were about steady, with
only slight variations recorded. As a matter of fact
bankers are not anticipating any important changes
until Government restrictions are more fully re
moved.
‘
As regards the day-to-day rates, sterling exchange
on Saturday was steady and practically unchanged;
demand ranged at 4 7580@4 758734> cable transfers
at 4 7655@4 76 9-16 and sixty days at 4 7334@
4 7 3 A . M onday’s opening was dull and dealings
were restricted, with the undertone shdwing a slight
falling off; demand bills were fractionally lower at
4 757734@4 75 13-16; cable transfers continued to
rule at 4 7G55@4 76 9-16, and sixty days at 4 7334
@ 4 7 3 A . Rates showed but little variation on
Tuesday, though the tone was again easier, with small
recessions in both bankers’ and commercial long bills;
demand was quoted at 4 7580@4 75 13-16, with cable
transfers still pegged at the previous levels; sixty
days declined to 4 7334@4 7 3 % . On Wednesday
no
I new feature was recorded; transactions were light
Ja n . 11 1919.]
THE CHRONICLE
103
in the aggregate, though the market presented a and European markets. Fluctuations for the most
steadier front and quotations were not changed from part were confined within narrow limits, with
4 7580@4 75 13-16 for demand, 4 7655@4 76 9-16 business of minimum proportions. Remittances on
for cable transfers and 4 7 3 % @ 4 73% for sixty days. Stockholm, Copenhagen and Christiania showed
Dulness marked Thursday’s trading and rates, which fractional declines, as also did guilders and pesetas.
were more or less nominal, remained unaltered. On Swiss francs were again heavy. It is believed that
Friday the market was quiet and a trifle easier, with a lower range of quotations should soon prevail at
demand at 4 7 5 % @ 4 7580; cable transfers and sixty- neutral centres, as with the improvement in shipping
day bills were not changed from 4 7G55@4 76 9-16 facilities and the consequent increase in exports from
and 4 7 3 % @ 4 73% . Closing quotations were 4 73 % this country,the less demand will there be for accommo
for sixty days, 4 75% for demand and 4 76 9-16 for dation for neutrals by either this country or its allies.
Bankers’ sight on Amsterdam finished at 42% ,
cable transfers. Commercial sight bills finished at
4 75 11-16, sixty days at 4 72% , ninety days at against 42 7-16; cable transfers at 42% , against
4 71% , documents for payment (sixty days) at 42 11-16; commercial sight at 42 1-16, against 42% ;
4 72% , and seven-day grain bills at 4 75. Cotton and commercial sixty days at 41 11-16, against 42
and grain for payment closed at 4 75 11-16. No gold the week preceding. Swiss exchange closed at
shipments either for export or import were reported 4 87 for bankers’ sight bills and 4 83 for cables.
Last week the close was 4 87 and 4 84. Copenhagen
during the week.
Operations in continental exchange have shown no checks finished at 26.62% and cables at 26.87% ,
perceptible increase in activity during the week, and against 26% and 27% . Checks on Sweden closed
though rates at all Allied centres were well main at 28% and cables 29, against 29% and 29% , while
tained, the volume of trading is still exceptionally checks on Norway finished at 27% and cables 28.00,
small. With the advent of a good mail boat a better against 28.00 and 28.25. Spanish pesetas closed
inquiry develops, but as soon as this is satisfied, the at 20.06 for checks and 20.15 for cables. This
market relapses into its wonted dulness. All inter compares with 20.08 and 20.15 the preceding week.
With regard to South American quotations, the
ests apparently agree that very little in the way of
important new business can be looked for until the rate for checks on Argentina was advanced and
conclusion of a formal peace. One encouraging fea closed at 44.85 and cables 45.00, against 44.15 and
ture, however, has been the increasing number of 44.25. For Brazil the check rate has also moved
brokers coming into the market, which apparently up and finished at 26.60 and cables 26.75, in com
indicates the commencement of a gradual broadening parison with 26.15 and 26.25 a week ago. Chilian
of exchange dealings. French exchange, though exchange continues to be quoted at 10 7-16, while
dull and almost nominal, ruled firm and fractionally Peru remains as heretofore at 50.125(3 50.375.
Far Eastern rates are as follows: Hong Kong,
higher. Lire continues to be quoted at the official
figure arranged by the Division of Foreign Exchange 7 9 % @ 81, against 81 @81.15; Shanghai, 124@124%
some months ago. Russian exchange is still dead (unchanged); Yokohama, 52.30@ 52.40, against 52%
locked and only quoted nominally. Transactions in @ 5 2 % ; Manila, 49.65@ 49.75, against 5 0 % @ 5 0 % ;
Singapore, 56.20@ 56.30, against 5 6 % @ 5 6 % ; Bom
German and Austrian exchange will not be possible
bay, 3 6 % @ 3 6 % (unchanged), and Calcutta (cables)
until peace is signed. As to what may be expected 36% @ 3 7 (unchanged).
when trading is finally resumed, a prominent inter
national banker is quoted as stating that, according
The New York Clearing House banks, in their op
to latest available information, the exchange value erations with interior banking institutions, have
of the mark through the medium of neutral exchanges gained $9,754,000 net in cash as a result of the cur
is about 58% of par. Should the barriers to trading rency movements for the week ending Jan. 10.
Their receipts from the interior have aggregated $11,
be removed to-day, the mark would undoubtedly1
840,000, while the shipments have reached $2,086,
decline still further, since Germany would try to 000. Adding the Sub-Treasury and Federal Reserve
import more than she can export, and foreign capital operations, which together occasioned a loss of $81,
is not at all likely to flow there for quite some time. 265,000, the combined result of the flow of money
Furthermore, the indemnities to be exacted by the into and out of the New York banks for the week
Allies will greatly add to her external obligations appears to have been a loss of $71,511,000 as follows:
that will have to be paid by the exportation of com
N et Change In
Into
Week, ending Jan. 1 0 .
Out o f
Banks.
Bank H oldings.
Banks.
modities or gold. All of which serves to demon
$ 2 ,0 8 6 ,0 0 0 G a i n S 9 ,7 5 4 ,0 0 0
.
$ 1 1 ,8 4 0 ,0 0 0
strate the highly difficult position in which Germany SB ua bn -kTsr'e Ianst .e ar ion dr mF eo dv e. ml iee ns t, o_p e................
3 8 ,6 9 1 ,0 0 0
1 1 9 ,9 5 6 ,0 0 0 , L o s s 8 1 ,2 6 5 ,0 0 0
r a tio n s
is likely to find herself when she endeavors to re
T o t a l _________________ -_ ................$ 5 0 ,5 3 1 ,0 0 0 $ 1 2 2 ,0 4 2 ,0 0 0 ' B o s s $ 7 1 ,5 1 1 ,0 0 0
enter the world’s markets. The official London
The following table indicates the amount of bullion
check rate in Paris finished at 25.98, the same as in the principal European banks:
last week. In New York sight bills on the French
Jan. 9 1 9 1 9 .
Jan. 10 19 18 ,centre closed at 5 45% , against 5 45% ; cables at Banks o f Gold.
Total.
Gold.
|
Silver.
5 44% , against 5 44% ; commercial sight at 4 46% ,
£
£
£
5 2 0 .5 1 7
■ 80 5 2 0 ,5 4 7 ! 5 9, 0 7 8 ,6 6 6
59 0 7 8 ,6 6 6
against 5 46% , and commercial sixty days at EF rnagn lcaen da . .
2 0 7 ,0 0 5 1 2 ,6 8 0 , 0 0 0 1 5 0 , 8 8 7 ,6 0 5 1 3 2 ,8 1 6 ,3 2 0
9 ,8 4 0 , 0 0 0 1 4 2 , 6 5 6 ,3 2 0
1,006, 6 0 1 1 4 , 1 3 8 ,2 1 0 1 2 0 ,2 9 0 ,2 0 0 5 ,5 8 7 , 95 0 1 2 5 , 8 7 8 ,1 5 0
l.'l 1 ,4 50
5 51% , against 5 5 1 % on Friday of the previous GR ue sr ms iaa n*_y
0 5 0 .0 0 0 1 2 ,3 7 5 , 0 0 0 1 4 2 , 0 2 5 .0 0 0 12 9 ,6 5 0 ,0 0 0 1 2 ,3 7 5 , 0 0 0 1 4 2 , ,0 2 5 ,0 0 0
2 ,2 8 9 ,000 1 3 , 2 9 7 .0 0 0 1 1 ,0 0 8 ,0 0 0
0 0 8 .0 0 0
2 ,2 8 9 , 0 0 0 13 , 2 9 7 .0 0 0
week. Lire finished at 6 36 for bankers’ sight bills AS puasinH u. .n c
3 3 2 .0 0 0 2 5 ,8 6 4 ,0 0 0 1 1 7 ,1 9 6 ,0 0 0 7 8 ,6 7 0 ,0 0 0 2 8 ,5 8 9 ,0 0 0 1 0 7 ,2 5 9 ,0 0 0
3 ,2 0 0 ,0 0 0 4 1 ,6 3 9 ,0 0 0 33 ,3 6 4 ,0 0 0
4 3 9 .0 0 0
3 ,2 6 5 ,0 0 0 30 ,6 2 9 ,0 0 0
Italy........
and 6 35 for cables (unchanged). Rubles continue N e t h e r l 'd s
600 ,00 0 58 ,0 3 5 ,0 0 0 58 200,000
4 3 5 .0 0 0
580 ,0 0 0 58 ,7 8 0 ,0 0 0
,3 8 0 ,0 0 0
600 ,0 0 0 15 ,9 8 0 ,0 0 0 15 ,3 8 0 ,0 0 0
600 ,0 0 0 15 ,9 8 0 ,0 0 0
N a t .B e l .h
to be quoted at 14 for checks and 15 for cables. S w l t z 'I a n d
2 ,3 6 6 ,0 0 0 18 ,9 5 4 ,0 0 0 14 3 0 6 .0 0 0
,5 8 8 ,0 0 0
___ 14 ,3 0 6 ,0 0 0
■ ta n ,8 5 0 ,0 0 0 12 5 7 7 .0 0 0
8 5 0 .0 0 0
. . . . 12 .5 7 7 ,0 0 0
Sw eden .
Greek exchange has not been changed from 5 16% D e n m a r k
10 ,4 2 4 ,0 0 0 . 9 ,9 2 2 ,0 0 0
,4 2 4 ,0 0 0
,000 10 0 6 9 .0 0 0
6 .7 2 2 ,0 0 0 6 ,2 9 6 ,0 0 0
___
6 ,2 9 6 ,0 0 0
,7 2 2 ,0 0 0
N o r w a y ..
for checks and 5 15 for cables.
T o t .w e e k - 7 2 4 ,6 8 7 ,6 0 2 6 0 ,9 8 0 ,7 6 0 7 3 5 ,6 6 .8 ,3 6 2 6 8 1 ,5 5 8 .1 8 6 6 3 ,2 7 2 ,9 5 0 7 4 4 ,8 3 1 ,1 3 0
As to the neutral exchanges, opening rates were 1 Y C V .w e e k 7 2 3 , 1 1 7 ,2 2 5 6 1 ,0 7 0 ,7 6 0 7 8 i ,1 8 7 ,9 8 5 6 8 1 ,3 0 9 ,6 8 3 6 6 ,8 0 2 ,9 0 0 7 4 8 ,1 1 2 ,5 8 3
steady, but later in the week weakness developed h e lda Gaobl dr o ahdo.ld in g s o f th e B a n k o f T r a n c e th is y e a r a r c e x c lu s iv e o f £ 8 1 ,4 8 4 ,3 4 0
* N o fig u re s r e p o r te d sin ce O c t o b e r 2 9 1 9 1 7 .
as a result of lower cables from abroad. This is
c F ig u r e s fo r b o t h y e a r s a re th o s e g iv e n b y “ B r i t i s h B o a r d o f T r a d e J o u r n a l ” f o r
D ee. 7 19 17.
undoubtedly due to speculative operations in London
Ii A u g u s t 0 1 9 1 4 In b o t h y e a r s .
104
THE CHRONICLE
B E R L IN A N D T H E G E R M A N R E V O L U T IO N IS T S .
That the accounts of the revolutionary demonstra
tions at Berlin— the struggles of the Ebert Gov
ernment with Liebknecht’s “ Spartacans,” on the one
hand and with the disaffected Independent Socialists
on the other— should be confusing to the foreign
reader is no matter for wonderment. At best, the
cabled stories of the cause and purpose, even the in
cidents, of any revolt in which street fighting is the
characteristic form of conflict, can never be wholly
intelligible. The most experienced correspondent on
the spot can hardly know of more than a part of the
separated occurrences which mark a disturbance of
the sort, which at times, indeed, will not easily be
distinguished from what we call an ordinary riot.
Wild rumors and wilder inferences will inevitably
prevail. Seizure of one or another public building
by the revolting faction will equally be exaggerated
into a statement that the revolutionists control the
city. This is the clear enough explanation of the
recent absolutely contradictory versions of the actual
situation at Berlin on alternate days. It did not
even follow that actual fortunes in the conflict were
leaning alternately one way and the other.
So far as these confused accounts can at this time
be straightened out, it would seem that the provi
sional Government, which is holding power until the
approaching vote of the German people settles the
public choice, is still in actual control. But it is
and has been threatened by the dissentient factions
— among whom, naturally, the faction which em
bodies the fanaticism of the Russian Bolsheviki is the
most ugly in temper and most noisy in its claims. A
returning and disbanding army, with an insecure
Government, creates a situation where the obtain
ing of arms and ammunition, even of machine guns,
is possible, even for a body of ordinary rioters.
Hence the violence and irregular military character
of the street fighting in Berlin. But on the other
hand, the Ebert Government emerges still in control,
after every day of seeming crisis and of a rumored
downfall. This would appear to prove that not only
the bulk of the German people, but a sufficient part
of the returning army, is showing itself not to be in
love with anarchy.
If that is their actual attitude, it would scarcely
be surprising, especially in view of the program
publicly set forth by the Liebknecht “ Spartacans.”
The verbatim summary of this program, as given
by the leaders to the “ W orld’s” correspondent at
Berlin (and undoubtedly as announced to the Ger
man public), contemplates “ confiscation of wealth
and incomes” ; “ confiscation of real estate” ; estab
lishment of a Government “ by and for the working
classes, excluding all others from participation,”
and seizure of all industrial establishments, to be
henceforth operated by “ Soviet” committees. Even
a population of no industrial training and of a very
low grade of intelligence might be expected to shrink
from these proposals, after what had been seen to be
the practical working out of them in Russia. But
the German people are at least industrially trained,
and well up in the scale of popular intelligence.
The mere fact of popular upheavals after a great
war is not in the least unusual in history; it is the rule,
not the exception. N o comparison of surrounding
conditions is possible short of the Napoleonic wars,
from which, as from this, Europe emerged in a state
of profound economic exhaustion; and the return of
[V ol . 108.
peace on that occasion was followed by a very wide
spread outbreak of political disturbance. It was
not confined to the defeated countries; indeed, such
disturbances were then more immediate and formid
able in some of the victorious States than with France
and her allies. Defeated finally in 1815, it was not
until 1830 that anything deserving the name of revo
lution occurred in France. But as early as 1820
there were popular insurrections of an extremely
threatening character in Spain, Naples, Portugal
and Sicily; in 1821 the people of Piedmont overthrew
their king and Greece revolted; while even in 1819
the untra-radical demonstrations in England had
gone so far that soldiers were firing on the crowds at
Manchester.
There is bound, in the nature of things, always to
be something of such manifestations in the wake of
a prolonged and exhausting war; it will not have been
forgotten that armed rebellion in the States was a
very grave sequel to the successful ending of our
own Revolutionary War. The scope and serious
ness of actual results, however, depended in all such
instances on the Governmental situation itself, or
on the condition of the people. Shays’s Rebellion in
Massachusetts during 1786 was really a revolt
against the courts,, by debtors who had been brought
to desperation as a consequence of worthless currency
and disordered trade, and who did not fear the
feeble authority of the existing Government. The
popular revolts in 1815 represented insurrection
against arbitrary and autocratic Governments, which
had been either left in power or newly installed by
the Congress of Vienna. They were in a sense an
after-clap of the French Revolution itself.
But in this regard there is no fair parallel between
the European situation of a century ago and the sit
uation, say, of France, England or Italy to-day.
With Germany and Austria the case is doubtless
somewhat different. In each of those countries
there arose on the termination of the war, first a
situation in which, the previous autocratic Govern
ment having already collapsed, a purely provisional
Government was in power; a Government, therefore,
without either formal or constitutional right. This
, is always and necessarily a dangerous state of things;
because to other political factions bitterly opposed
to that provisional Government, their own right to
control seems as clear as that of the Government
actually in powrer. When to this is added such a
condition of things in regard to food and employ
ment as has existed in the Teutonic States— a condi
tion for which an existing Government will inevi
tably be blamed— such turmoil as has occurred in
Germany is not difficult to explain.
Just what it means in the longer sequel, we shall
probably soon learn. The German people are to
vote for their new representatives in Government on
Jan. 19; it is possible that the graver pgrt of the dan
ger will then be averted. Russia, also, it must be
admitted, had called a constituent assembly and it
came too late; the extremists already in power manag
ing to silence and drive out all delegates who did
not suit their political views. But Germany is not
Russia, and it is still safe to rely on the training of
the German people generally in political education,
in organized trade and in observance of public order.
Perhaps the larger peril in Germany, as in Austria
(and as it turned out to be in Russia also), lies in
possible disintegration of what we have hitherto
known as one great State. In Germany there have ah
Jan. 11 1919.]
THE CHRONICLE
ready been indications of a drift in that direction,
notably in the independent action of Bavaria. There
is in fact one reason for such breaking-apart in
Germany such as has existed nowhere else. The
separate States of the old German Empire, which
have all along been recognized as constituent units
in the Imperial organization, independent for many
political purposes, can have no kindly feeling for
Prussia and Berlin after the war brought on by
Prussia has ended as it has. But if Germany were
to break apart politically, what then would be the
outcome regarding mutual political relations, or re
lations to her recent antagonists?
Here, then, is a situation which was not foreseen
at the time of the armistice, and which cannot be ade
quately dealt with until after peace and the peace
terms have been formally proclaimed, and the new
relations between the old antagonists declared. This
fact docs not apply only to the defeated Teutonic
States. There are elements of very serious interna
tional conditions in the dispute between Italy and the
new Jugo-Slav State, for possession of the territory
on the eastern shore of the Adriatic. That the pre
dominant population in that district is Italian, and
that occupation of its ports by a possible enemy
might threaten Italy’s security, is the plausible
Italian claim. But the Jugo-Slavs, with Serbia as
their central unit, have an equally plausible geo
graphical claim.
The only reasonable conclusion is that the final
peace negotiations ought not to be postponed a mo
ment longer than is absolutely unavoidable. We
have the plainest evidence that while the statesmen
can wait, events cannot. The situation in the re
cent hostile States, and with it that in Russia, has
changed its character two or three times already dur
ing these preliminary discussions, and has changed
it almost invariably for the worse. There are bound
to be still further and more confusing changes in the
event of further indefinite delay.
THEODORE ROOSEVELT.
Whatever else may be said of M r. Boosevelt, he
was one of the most picturesque figures that have
ever appeared in public life. That and his restless
energy, so typical of American activities, will ex
plain the hold lie obtained on the popular mind,
despite his obvious failings and shortcomings.
In some respects the story of his active life is as
strange as fiction. The most striking example of
how events worked for his advancement occurred in
the campaign of 1900. M r. M cK inley’s running
mate them would naturally have been the man who
had served with him as Vice-President, but death
had removed Mr. Hobart in the previous year. Mr.
McKinley preferred as his associate on the ticket
Mr. Cornelius N. Bliss, who had been in his Cabinet,
but M r. Bliss would not consent; so the then boss of
the party picked Roosevelt for the second place, with
the sole intent of shelving him and putting a quietus
on his troublesome political activity. Against his
earnest protest, this apparent extinguishment was
forced upon him; but then came the murder of M c
Kinley, a still incomprehensible incident by which
the most insignificant creature imaginable, a Bolshe
vist before the day of Bolshevism came, set going the
most prodigious train of cause and effect ever known.
Had M r. Hobart lived, or had M r. Bliss been more
yielding as to his own wishes, the country would
not have had Roosevelt, at least at that time. The
105
strangeness of his career evolved the phrase, “ Roose
velt luck,” and he might almost have been excused
had he come to deem himself, as perhaps his en
thusiastic followers deemed him, a man of destiny.
Few men in American public life have had such
personal influence or such a personal following. This
was shown after his retirement from the Presidency,
when he opposed M r. T aft’s candidacy for re-election.
In 1912 a nomination for a second term was due to
Mr. Taft, by custom and his own deserts; there was
no great division on public policies, and no visible
reason why the continuity of Republican control
•should break just then. But he had broken with
M r. Taft and wanted the Presidential nomination
himself. When at convention time it became ap
parent that this was out of the question, his follow
ers withdrew and organized a rump convention of
their own, giving him the nomination, which action
was later confirmed with the organization of an
entirely new party. The Progressive Party might
as well have borne officially the Bull Moose name
which Mr. Roosevelt unintentionally bestowed upon
it, for he was both platform and party. Had he
stood by his voluntary and unmistakable pledge of
1904 and remained loyal to his party in deed and
influence, it is as certain as any non-demonstrable
thing can be that the party would have staid in
power for at least one more term. To him, therefore,
we owe the Wilson regime, which is still to reach the
full sum of its accomplishments. Perhaps he ex
pected to sweep the country himself in 1912; possibly
he counted on leading a return movement to success
in 191G. But whatever his aims, however he may
have figured his own horoscope, and whatever is to
be the final result of his course in that momentous
year, the overturn then was his most striking political
achievement.
The campaign of 1912 is not one to be looked back
upon with satisfaction. On the part of M r. Roose
velt it was marked by petty spite against Taft. The
vituperation indulged in by M r. Roosevelt, the bil
lingsgate to which the followers of both Taft and
Roosevelt descended, dragging the Presidential office
.into the mud, these were features which made that
political canvass one of the most offensive, as also
one of the most humiliating, in American history.
After his defeat in that contest, M r. Roosevelt’s in
fluence in politics waned. The Progressive Party
underwent rapid disintegration and in 1916 its merger
with the Republican Party was the natural, the
obvious, thing to do. Many of the issues raised by it
were seen to have been hollow, even if they had not
been abandoned by M r. Roosevelt himself. Besides,
the party had only a remnant of followers left.
•
But the irony of fate! The Progressive Party
was radicalism rampant. To-day the Democratic
Party is the exponent of radicalism, while the Re
publican Party— the party which M r. Roosevelt
would have destroyed in 1912, because it was no
longer pliant to his wishes, but to which lie returned
in 1916— typifies conservatism. As for M r. Roose
velt himself, the war gave him an opportunity to
come once more to the front— he did so love to be in
the limelight— and to make a new but different appeal
to the popular fancy. His sturdy and uncompromis
ing Americanism naturally won for him the support of
all classes of the population— friend and foe alike.
He was malignant in his criticism of President Wil
son, who has enduring claims upon the good-will and
affections of the people, but Mr. Roosevelt was by
106
THE CHRONICLE
nature and temperament incapable of differentiation
and the public was in no mood for it.
At this juncture the attributes and qualities in
herent in the man and which had played such a large
part in his career from the first— his vigorous per
sonality, his forceful utterances, the purity of his
home life, his devotion to his family, combined with
the fact that his four sons had entered the army and
one of them had lost his life in the service— raised
him to the dimensions of a popular hero. Ten years
hence all these things will be viewed in their proper
light. As concerns current judgment, he died at the
right time for his fame.
The almost fanatical devotion he aroused has been
a marvel, but probably more marvel than mystery.
For the man was unique; his face, his figure, his
habits, and his name, which so fitted itself to every
day parlance that it even helped evolve a nursery
toy, have won and kept a world-wide familiarity
never equaled. His seeming fearlessness; his disre
gard of the conventional; his abounding vitality, so
boyishly exuberant that some said of him that he
had never grown up; his aptness in making phrases
which caught hold instantly and stood out like roadsigns before even the slowest minds; his incisiveness
of language that never needed an interpreter, and
his wideness of sympathy— these made him a con
spicuous figure in the eyes of the masses. He could
not be overlooked or lightly disposed of; he always
had to be reckoned with.
M r. Roosevelt, it must be admitted, set some bad
examples and established some bad precedents. Fol
lowing the panic of 1907 he repeatedly called mem
bers of the Inter-State Commerce Commission before
him and undertook to indicate the course they ought
to take with reference to pending controverted ques
tions, injecting the element of political expediency
into that body’s affairs, from which it has never since
been free, though its conduct should always be wholly
judicial.
The excess and overdoing, which are a defect in
American character yet helped endear M r. Roose
velt to the mass of Americans, were conspicuous in
his vehement attacks upon wealth and business while
President. Pie led and fostered (although he did not
originate) the dangerous doctrine that success implies
wrongdoing, that size in transactions is hostile to
national wellbeing, and that men were intended by
the Creator to be equal in acquirement. We are
still tangled in the dire consequences of this attempt
to legislate and govern mankind into virtue and
happiness; it still seems to have been the opening of
a Pandora’s box of evils. Yet Hope remained after
that fabled mishap, and remains now. For though
labor has been in a long fight to gain by organization
what it claims is its share, and though Socialism
menaces us and in its extreme of Bolshevism is de
stroying in Europe and perhaps burrowing in our
own country more deeply than we realize, there are
also counteracting forces at work. The selfishness
of wealth is largely mere ignorance and thought
lessness about how “ the other half” fares, and in the
last twenty years there has been an unbroken ac
celerative growth in the conception that wealth is
really a trust held for mankind. Capital and labor
are steadily drawing together and becoming partners
in form and deed and feeling, as they are in funda
mental fact. Profit-sharing, co-operation, industrial
republics such as organized in Standard Oil and now
organizing elsewhere, and the recent and growing
[Vol. 108.
insurance of lives and limbs of employees in groups—
these are so many manifestations of a movement
which cannot be halted and offers the best promise
for industrial peace and promise now visible above
the horizon.
It is not extravagant to think that Mr. Roosevelt
may have been an instrument in the hands of Provi
dence for bringing in what he did not foresee and
what seemed at the time wholly destructive, yet has
since taken a better turn; that the danger he started
has also evolved escape and remedy. We are too
near him to be able to estimate and sum him up
justly; yet if we believe there is a Divinity above that
shapes human ends we can believe that this man
whose death has stirred the civilized world to an
outburst of regret and eulogy, may appear on the
page of history to have done better than he or others
knew and perhaps also to have builded more than
he pulled down.
W O R T H Y O U R H E R IT A G E OF P E A C E ?
We are told that medical science will reap great
benefits by reason of the war. And yet they tell us
in the same breath that most of the discoveries are
made in bacteriological laboratories of peace. What
we do know is that the agencies looking to im
munity from certain diseases, such as typhoid, the
deadly scourge in former wars, have proved their
worth and made a remarkable record. There were,
in the early stages of the war, in some of the European
countries, fearful epidemics, caused by the im
possibility of applying at once the known remedial
measures. These were gradually overcome, and
while the records are not made up, statistics are appear
ing which warrant the declaration, that, all things
considered, we have had a wonderfully health}'' war.
The subject is a particularly gruesome one, and
we gladly turn from it to a brighter one. It serves,
however, to introduce a train of thought which ought
to be of value to those who will consistently follow.
It is always well to make the best of a bad bargain,
and while, as noted, we did not need the war to
perfect our medical science, the proven accomplish
ment in combating disease points the way to an
infinite advance if we will only accept it. The
lesson is that for every good thing which has come
out of the war perpetual peace offers a field for
marvelous exploitation as an original process.
Perhaps great skill lias developed in surgery by the
tremendous experiences afforded, but the use for
this will be reduced to a minimum when the bullets
cease to fly and the shells to explode in the quiet
and orderly times that are never to disappear if
human hope is to be gratified.
It is worth while to linger in imagination on the
things we may do if we apply our energies, our
resources, our organization, our minds and hearts,
unselfishly, to helpfulness, in the sunlight of peace,
as we have done in the shadow of war. We believe
there is no single good accomplished by war that
could not have been accomplished and magnificently
multiplied in peace. We think no one who carefully
analyzes affairs will dispute this statement. It does
not say that the war has not accomplished great
good, nor that participation in it was not necessary,
nor that in the condition of States and peoples the
ideal at this time could otherwise have ’been lifted
up and enthroned, but it does show to us the price
less possession of the peace that has been inaugurated
through victory.
ARE W E
Jan. 11 1919.]
THE CHRONICLE
107
It throws a flashlight upon the future to ask, will forever, if we will it so. And those who dared the
mankind show the same spirit of endeavor, of danger, and are come back, how they must appre
patriotism, of sacrifice, of self-abnegation to further ciate this truth, and become the leaders of men.
“ justice, liberty and democracy” in the next five Sometimes, at this point we falter, and are fain to
years as in the last five? If the same ideals can be believe that the war was ordained after all by a
worshipped in concord as were worshipped in con Power that sees all, and knows all, that the re
flict, what may not be accomplished! Yet it is demption of mankind from the thraldom of hate
inconceivable that men and money will be dedi and selfishness could come in no other way. Yet
cated to the work of construction as has been to we know this cannot be. The wise ordering of a
destruction. If only such could be done what wise plan forbids it. And though we cannot explain,
marvels we might behold. Of course, if we could we know that man is his own destroyer, his own
we should not do it, for the price of progress by and savior. He had gone down into the darkness,
through war has been at a cost of suffering and though he carried in him the light and loved it.
sorrow from which , we would shrink in pain and
So may we turn away from it all— conscious only
horror. But it would be startlingly valuable if we of the future. We have spent the past, in error
could unfold the good that might come through the and wisdom, but the future is still ours. If we will,
sacrifice of eight millions of lives and the expendi if we will employ these means and ways of economy,
ture of two hundred billions of treasure in the con conservation, co-operation, sacrifice, service, that
structive processes of peace. Again, we are conscious have “ won the war,” to the winning and holding of
of this claim of medical science. For the develop peace— and for the same sublime ideal of human
ment of the toxin cure for the germ carried by the good, what infinite jo y awaits us! It would be a
mosquito not more than half a dozen brave and dream no mind dare attempt to try to show in a
heroic physicians gave up their lives. Just a paltry material way what might be done with the lost
few were needed, splendid souls they were, dying two hundred billions in homes for the poor, in insti
for humanity, dying that millions of others might tutions for the afflicted, in free schools and com
live!
munity and civic centres of helpfulness and beauty
The illustration suggests what no figures can for all. Yet not one dollar of this would be waste
ever show, that the influences set up by thought through loss and destruction. If fifty billions were
and toll in a state of order will never disappear but now gathered together to be expended among the
spread and broaden to remotest time. On the peoples of the earth in teaching the principles of
contrary, that which grows alone out of conflict, justice and liberty, in showing forth*the bounties and
out of sacrifice even unnecessarily made, though it beneficences of federation, in revealing the “ liberty
seem for human good, must perish in accord with its under law” to be embodied in the political structure
origin. Happily sunlight is natural and unceasing of republics, can the result be doubted? We will
and the shadow is interruption and dies in its own not do these things in this way. Yet we c a n do
disappearance. We do not, now that it is over, this we can keep alive the s p i r i t of this new crusade
have to consider war, or to try to marshal its bene for betterment. And a s we do so, so shall the war
fits. We can have them all without it, and shall have been fought not in vain.
have them in ever increasing amount if we are
Now is the time to consider this absorbing ques
worthy of the peace that has been won. For in it tion. We have won the victory, we have now the
there is never-ending room for growth and expansion, heritage of the reward. An attempt is going on in
and every real sacrifice of life and treasure returns Paris to reduce to some form of working organization
ten-thousand fold to guide and bless.
* this mighty impulse for unity, this miraculous deliv
We have coined many new words, and many erance into peace, this unrivaled opportunity for the
common ones have taken on a new and forceful progress and prosperity of peoples, one in purpose
meaning they never had before. Somehow the and aspiration, knowing only fellowship and good
language of peace becomes tame by comparison. will. As a people becomes a unit in thought, so
But should it be so ? Suppose these flaming symbols, shall it have power in the councils and creeds of the
these stirring shibboleths, were emblazoned .on New Era. And at last as we consider it all, we see
banners of peace, and ten thousand golden tongues that all rests in the now liberated man, the individual
exhorted us to follow them, forgetting self, idealizing who stands in the midst of things with power to
freedom and truth, consecrating each and all to mid and loose. Surely there is for each of us who
sacrifice and service for humanity’s sake? Is it dimly see the great and shining duty only the right
not strange that we must descend to the depths of and interest that come through personal service,
death and destruction before we can, or do, ascend sacrifice and love.
to the glorious heights of life and progress? And
is not this the immeasurable and abiding lesson of C A N A D I A N F A R M E R S C O M B I N I N G F O R A N
this war— that it has shocked us into a realization
O N S L A U G H T O N T H E T A R IF F .
of what we may be, if only we will live for humanity
O tta w a , C a n a d a , J a n . 8 1919.
as we have been willing to d ie for it?
Official confirmation is received from Winnipeg
And the unspeakable loss of these millions of of the launching of a big campaign by the Western
brave and immortal spirits that have gone down to grain growers in alliance with the farmers of Ontario,
death for an ideal, is that the mind and heart of a to “ smash the tariff.” This ambitious project
single one of them left to flower in devotion to his makes special boast of its consistency in that it
kind might have set forth a discovery, might have consents to the removal of the fixed price for wheat.
set in motion an influence, that would never die, An argument is offered to the effect that the removal
but run on in light and joy before the toiling feet of the tariff wall will force down the present high
of generations, “ Till the sun grows cold and the level of wages and commodity prices and thus give
stars are old, and the leaves of the Judgment Book better net returns to all producers in the primary
unfold.” Priceless peace! And now our heritage industries. Such sweeping demands might appear
\
at first reading to be altogether too experimental
for even the present radical temper of the Canadian
electorate, but they have been passed upon by the
grain associations that virtually control the present
Union Government and have as their sponsor the
present Federal Minister of Agriculture, Hon.
T . A . Crerar. The resignation of the latter from
the Dominion Cabinet is looked for daily, inasmuch
as he consented to become a Minister and smother
his free trade convictions “ for the period of the
war.”
It is unquestionably true that business sentiment
throughout the Dominion regards the present as
most inopportune for a national upheaval in customs
tariff policies. Whether wisely guided or not, the
“ National Policy” of building up separate manu
facturing industries, and maintaining the East and
West direction of trade, has created a complex
industrial organization which could not stand up
under sudden exposure to United States competition.
Defenders of the protective tariff do not usually
claim that under this nursing system during the past
thirty years some industries have not been planted
which entailed a doubtful national advantage. The
difficult fact to face is that they are actually on the
ground and are employing thousands of people.
Free trade might blot them out over night. The
second thorny point for which the farmers suggest
no adequate solution is that the country must raise
the 8500,000,000 now collected by customs officers,
and over and above that amount must obtain over
8400,000,000 to meet the demands of the present
fiscal year. Furthermore, unemployment is daily
becoming a problem of alarming dimensions.
1918.
The mercantile failures record for 1918, reflecting
a period of notable activity in practically all lines
of business and a range of prices affording excellent
margins of profit for almost all classes of commodi
ties, is an exceptionally favorable one. In fact, in
no year since 1899 have there been so few insolven
cies in the United States, and the ratio of number
of disasters to the total of firms in business was the
smallest in nearly forty years, a statement which
serves to accentuate the satisfactory nature of the
exhibit. The monthly exhibits have clearly fore
shadowed such a showing for the full year as we are
now reviewing. In every subdivision of the twelve
months the number of casualties was smaller than
for the corresponding time in the previous year— in
many cases decidedly so— while the same is true of
the comparison with earlier years back to and in
cluding 1911. The volume of liabilities, also, al
though in some periods rising above the totals of a
year earlier, was as a rule below 1917, and in the
aggregate of all, quite a little less. Furthermore,
comparison with earlier years (1916, 1915, 1914 and
1913) is most favorable to the current exhibit, and
in only one year in more than a decade has the
aggregate of indebtedness fallen below that recorded
by the present annual statement. Another very
satisfactory feature of 1918 was the tendency toward
contraction in number of defaults as the year pro
gressed. The first quarter furnished the heaviest
number and the last the lightest, each month from
March on exhibiting a smaller total than the month
preceding.
Large failures (those for 8100,000 or more) were in
no sense a feature of 1918. On the contrary, they
[V ol . 108.
THE CHRONICLE
108
F A IL U R E S
IN
were fewer than in 1917— 230 contrasting with 250
and the indebtedness involved was less— 881,562,965
against 881,861,018. In 1916 the showing was
better than in 1918, but in 1915, and even more so in
1914, both number and amount were very much
heavier. Of the large failures of the year the largest
number was in the manufacturing division, but at
132 for $44,171,393, the exhibit is much better than
for any recent twelve-months period, except two
years ago, comparison being with 147 for $43,435,232
in 1917 and 116 for $29,257,548 in 1916, and 163 for
$58,700,533 in 1915. In the trading section the
disasters were fewer than in 1917— 46 contrasting
with 53— and the liabilities at $13,780,850 were only
nominally greater than those of the preceding year,
and lighter than earlier years back to 1909. Among
brokers, transporters, &c., a greater number of
involvents is to be noted, but despite a few de
faults of unusual size in the first quarter and again
in the fall, in New York and Massachusetts,the
liabilities exhibit a decline. Segregating the failures
for $100,000 or over into classes, we have the followng:
LARGE FAILURES IN 1918 AND 1917.
T r a d in g .
M a n u fa c t u r in g .
N o.
J a n u a r y .......................« . ................................................
F e b r u a r y .........................................................................
M a r c h .............................................................................F i r s t q u a r t e r 1 9 1 8 .....................................
do
1 9 1 7 .....................................
L ia b il it ie s .
N o.
|
L ia b il it ie s .
B rokers, & c.
N o.
L ia b ilitie s .
$ 6 ,8 6 1 ,0 1 8
1 ,4 6 0 ,7 0 4
1 ,8 0 6 ,7 1 7
3
3
7
$ 5 2 4 ,5 9 0
2 ,4 2 3 ,2 8 2
1 ,5 3 4 ,7 4 5
8
7
7
$ 2 ,7 5 1 ,9 7 8
1 ,4 1 6 ,2 6 4
5 ,2 0 7 ,1 0 3
3 7 $ 1 0 ,1 2 8 ,4 3 9
35 1 0 ,6 9 0 ,5 4 1
13
14
$ 4 ,4 8 2 ,6 2 3
3 ,7 5 4 ,9 9 3
22
19
$ 9 ,3 7 5 ,3 4 5
9 ,7 5 4 ,1 8 2
18
9
10
A p r i l ................... ..........................................- .....................
M a y .......................................................- ............................
J u n e ............ ........................................................... ..............
10
9
8
$ 4 ,5 2 0 ,0 6 4
2 ,1 1 1 ,1 1 9
2 ,6 7 5 ,2 5 1
1
4
$ 1 ,2 8 7 ,9 9 0
3 0 0 ,0 0 0
5 6 5 ,0 3 0
3
6
4
$ 1 ,7 3 1 ,4 5 8
3 ,2 2 7 ,0 7 8
1 ,1 8 7 ,0 0 0
S e c o n d q u a r t e r 1 9 1 8 — .......................
do
1 9 1 7 ..................................
33
37
$ 9 ,3 0 6 ,4 3 4
1 2 ,1 2 5 ,4 0 2
12
12
$ 2 ,1 5 3 ,6 3 2
2 ,0 7 0 ,8 0 1
13
8
$ 6 ,1 4 5 ,5 3 0
2 ,9 1 1 ,5 2 8
F i r s t h a lf - y e a r 1 9 1 8 .......................... ..............
do
1 9 1 7 .........................................
7 0 $ 1 9 ,4 3 4 ,8 7 3
7 2 2 2 ,8 1 5 ,9 4 3
25
26
$ 0 ,6 3 6 ,2 5 5
5 ,8 3 1 ,7 9 4
35 $ 1 5 ,5 2 0 ,8 8 1
2 7 1 2 ,6 6 5 ,7 0 1
J u l y .......................................................................................
A u g u s t __________________________
September-------------------------------------------
11
7
13
$ 1 ,9 2 7 ,9 5 9
1 ,5 2 9 ,0 8 5
0 ,3 2 6 ,8 0 9
2
3
3
$ 3 9 5 ,0 0 0
6 2 2 ,7 1 6
2 ,2 9 3 ,5 7 5
2
3
$ 1 ,2 3 0 ,2 8 5
4 8 0 ,0 0 0
2 ,7 3 3 ,6 1 6
T h i r d q u a r t e r 1 9 1 8 .....................................
do
1 9 1 7 . ..................................
31
30
$ 9 ,7 8 3 ,8 5 3
9 ,6 0 4 ,0 0 3
14
8
$ 3 ,3 1 1 ,2 9 1
4 ,1 5 3 ,0 9 0
10
14
$ 4 ,4 4 3 ,9 0 0
9 ,3 0 9 ,5 1 7
O c to h p r
_ ____________ _
N o v e m b e r .................................................................. D e c e m b e r ..................................................................-
12
$ 4 ,6 5 5 ,2 8 4
0 ,5 9 4 ,7 6 0
3 .7 0 2 ,6 2 1
3
$ 8 7 5 ,0 0 0
2 ,0 3 0 ,9 6 1
9 2 7 ,3 4 3
4
$ 2 ,8 9 9 ,6 0 8
'3
3 1 $ 1 4 ,9 5 2 ,0 6 5
4 5 1 1 ,0 1 5 ,2 8 6
13
13
$ 3 ,8 3 3 ,3 0 4
3 ,6 9 3 ,6 5 0
7
9
$ 3 ,6 6 5 ,9 4 1
2 ,7 7 2 ,0 2 7
S e c o n d h a lf - y e a r 1 9 1 8 .................................. I 6 2 $ 2 4 ,7 3 6 ,5 1 8
do
1 9 1 7 .................................. 7 5 2 0 ,6 1 9 ,2 8 9
21
27
$ 7 ,1 4 4 ,5 9 5
7 ,8 4 6 ,7 4 0
17
23
$ 8 ,1 0 9 ,8 4 1
1 2 ,0 8 1 ,5 4 4
T o t a l y e a r 1 9 1 8 ________ ________118 2 $ 1 4 ,1 7 1 ,3 >1
4 3 ,4 3 5 ,2 3 2
do
1 9 1 7 — . . .....................................1 4 7
16 $ 1 3 ,7 8 0 ,8 5 0 *6 2 $ 2 3 ,6 3 0 ,7 2 2
53 $ 1 3 ,6 7 8 ,5 3 4 50i 2 4 ,7 4 7 ,2 5 2
F o u r t h q u a r t e r 1 9 1 8 --------------------do
1 9 1 7 .................................
9
10
5
5
’ 7 6 6 ,3 3 3
Analysis of the detailed returns of failures enforces
what we have stated above as to the year’s excellent
exhibit. In every group into which the returns are
segregated the number of mercantile and industrial
defaults was less than in 1917, with the situation
especially good in this particular in the Middle
Atlantic, South Atlantic, South Central and Pacific
sections. As regards the individual States, we note
a greater number of casualties this year than last in
Rhode Island, Delaware, Montana, . Idaho and
Nevada. In the matter of liabilities there are some
very striking contrasts with 1917. For the South
Atlantic group of States, for instance, the year’s in
debtedness of failed firms was only little over half
that of 1917, with the decrease decidedly marked in
every State except Delaware. The South Central
section, too, makes a remarkably good showing,
debts of only $12,043,553 comparing \yith $13,657,671
in 1917 and $28,640,369 in 1916, noteworthy con
traction being observable in Kentucky, Mississippi
and Louisiana. On the Pacific, also, there was a
sharp drop in the sum of the failed indebtedness in
1918— from $18,289,238 to $13,940,651— the situa
tion in the State of Washington, where failures in the
miscellaneous class helped materially to swell liabili-
Ja n . 11 1919.]
THE CHRONICLE
ties in 1917, being particularly good. The feature
of the returns from New England was an increase
over 1917 in the liabilities reported from Massa
chusetts, but this was more than offset by a reduc
tion in Connecticut. A drop of 0>y2 million dollars in
the debts of insolvents in the Middle Atlantic divi
sion finds principal explanation in the result in New
Jersey. The Central East group showed a moderate
increase in the aggregate of liabilities, due to the
swelling of liabilities in Indiana, Michigan and Wis
consin. In the Central West, also, and explainable
by several failures of exceptional size among manufac
turers in Missouri, the liabilities were about 1 million
greater than in 1917, while a slight augmentation in
debts in the Western division is ascribable to stress
among traders in Montana and Arizona.
Messrs. R . G. Dun & C o.’s compilations make the
number of insolvencies in 1918 in the United States
as a Avhole, 9,982, with indebtedness of $163,019,979,
this comparing with 13,855 and $182,441,371 a year
earlier, 10,993 and $196,212,256 two years ago,
22,156 and $302)280,148 in 1915, and 18,280 anc
$357,908,859 in 1914. For a lesser number of fail
ures than disclosed in the late year we must go back
to 1899, and in the matter of liabilities the current
exhibit is the best since 1909. Furthermore, only
three times in the thirty-four-year period, 1884 to
1917, inclusive, were there as few mercantile defaults
as in 1918, notwithstanding the large addition to the
number in business in the meantime. The failures
situation, quarter by-quarter, the last two years is
indicated in the fo l l o A v i n g compilation:
F i r s t Q u a r t e r -----------------S e c o n d q u a r t e r .......................
T h i r d q u a r t e r ..........................
F o u r t h q u a r t e r .......................
N o.
3 ,2 4 0
2 ,5 8 9
2 ,1 8 0
1 ,9 7 3
Average
L iab ilities. L iability.
5 4 9 ,1 9 5 ,3 0 0 $ 1 5 ,1 8 3
3 8 ,0 1 3 ,2 6 2
1 4 ,6 8 0 .
3 5 ,1 8 1 ,4 0 2
1 6 ,1 3 8
4 0 ,6 2 9 ,9 5 5
2 0 ,5 9 3
------------------— 1 9 1 7 -
Average
N o.
Liabilities. Liability
3 ,9 3 7 $ 5 2 ,3 0 7 ,0 9 9 $ 1 3 ,2 8 7
3 ,5 5 1 4 2 ,4 1 4 ,2 5 7
1 1 9 44
3 ,2 4 9 4 7 ,2 2 8 ,6 8 2
LL5 3 6
3 ,1 1 8 4 0 .4 9 E 3 3 3
12 980
T o t a l y e a r .................................. 9 .9 8 2 $ 1 6 3 ,0 1 9 ,9 7 9 S 1 6 .3 3 1 1 3 ,8 5 5 S 1 8 2 .4 4 1 ,3 7 1 $ 1 3 ,1 6 8
T h e fo r e g o in g is in te re s tin g a n d in s tr u c tiv e in t h a t
it in d ic a te s a m o r e o r less m a rk e d
th is g r o u p r e c o r d s feAver ca su a ltie s fo r 1918 th a n f o r
th e p r e v io u s y e a r , a n d in o n ly tAvo lin es d id th e lia
b ilitie s e x c e e d th o s e o f 1 91 7.
T h e a g g r e g a te tr a d in g
lia b ilitie s o f th e y e a r a t $ 5 7 ,9 1 0 ,9 7 1
m illio n s u n d e r th o s e o f 1 91 7.
Avere
12^
I n th e m a n u fa c tu r in g s e c t io n a lso th e n u m b e r o f
d e fa u lts Avas m u c h u n d e r 1 9 1 7 , Avhile th e in d e b t e d
n ess a t $ 7 3 ,3 8 1 ,6 9 4 Avas 6 m illio n d o lla r s less.
Sev
eral lin es, th e n o r m a l b u sin ess p r o c e d u r e o f Avhich Avas
in te rfe re d Avith b y Avar r e s tr ic tiv e m e a su re s, la b o r e d
u n d e r stress a n d c o n s e q u e n t ly e x h ib ite d h e a v ie r lia
b ilitie s th a n in 1 91 7.
T h is Avas p a r tic u la r ly so o f
m a c h in e r y a n d t o o ls a n d liq u o r s .
F a ilu re s a m o n g
b r o k e r s , a g e n ts , & c ., Avere beloAV th e p r e c e d in g y e a r
in n u m b e r , b u t lia b ilitie s Avere o n ly a little lo w e r ,
OAving t o a feAV d isa sters o f u n u su a l size in N cav Y o r k
a n d M a s s a c h u s e tts .
B a n k in g in s o lv e n c ie s o f th e
y e a r Avere n o t o n ly m u c h feAver th a n in 1 9 1 7 , b u t th e
lia b ilitie s shoAved a v e r y
d e c id e d
d im in u t io n .
In
fa c t th e fin a n c ia l in s titu tio n s fo r c e d t o s u sp e n d n u m
b ered
o n ly
20,
and
th e lia b ilitie s in v o lv e d
$ 5 ,1 3 1 ,8 8 7 , a g a in st $ 1 8 ,4 5 1 ,9 6 4 in
1 91 7.
Avere
F a ilu re s
Messrs.
t o t a ls fo r t h e la st th r e e y e a rs as cla ss ifie d b y
R. G. D u n & Co. folloAv:
T O T A L F A IL U R E S .
N u m ber.
L iab ilities.
19 18 .
1 9 1 7 .( 1 9 1 6 .
19 18 .
19 17.
19 16 .
M a n u f a c t u r i n g ................
T r a d i n g __...............................
O t h e r _______
2 ,7 6 6
6 ,4 9 4
72 2
3 ,6 9 1 4 ,1 9 6
9 ,4 3 0 1 1 ,9 2 3
73 4
874
$ 7 3 ,3 8 1 ,6 9 4
5 7 ,9 1 0 ,9 7 1
3 1 ,7 2 7 ,3 1 4
$ 7 9 ,5 4 3 ,5 0 7
7 0 ,1 1 6 ,6 6 9
3 2 ,7 8 1 ,1 9 5
$ 7 2 ,9 9 9 ,5 8 0
9 1 ,3 7 3 ,8 2 8
3 1 ,8 3 8 ,8 4 8
T o t a l . I ..............................
B a n k i n g .......................
9 ,9 8 2 1 3 ,8 5 5 16 ,9 9 3 $ 1 6 3 ,0 1 9 ,9 7 9 $ 1 8 2 ,4 4 1 ,3 7 1 S 1 9 6 ,2 1 2 ,2 5 6
20
42
50
5 ,1 3 1 ,8 8 7
1 8 ,4 5 1 ,9 6 4
1 0 .3 9 6 ,7 7 9
T o ta l a l l ...
.
1 0 ,0 0 2 1 3 ,8 9 7 1 7 ,0 4 3
1 6 8 ,1 5 1 ,9 6 6 $ 2 0 0 ,8 9 3 ,3 3 5 $ 2 0 6 ,6 0 9 ,0 3 5
E o r th e D o m in io n o f C a n a d a th e c o m p ila t io n o f
F A IL U R E S B Y Q U A R T E R S .
---------------- - 1 9 1 8 - ----------------------
109
fa ilu re s fo r 1 91 8, vieAvre d fr o m a n y a n g le , is likeAvise
a v e r y fa v o r a b le o n e .
In n o y e a r , as fa r b a c k as
r e c o r d s are a v a ila b le , h as th e re b e e n so s a tis fa c to r y
a shoAving as re g a rd s n u m b e r o f in s o lv e n ts , a n d th e
v o lu m e o f lia b ilitie s fell v e r y a p p r e c ia b ly beloAV th e
a g g r e g a te s f o r eith e r o f th e f iv e
p r e c e d in g y e a r s .
T h e d e fa u lts n u m b e r e d in all o n ly 8 7 3 , in v o lv in g
im p r o v e m e n t ,
d e b ts o f $ 1 4 ,5 0 2 ,4 7 7 , th is c o n tr a s tin g Avith 1 ,0 9 7 a n d
q u a r te r b y q u a r te r , as c o m p a r e d Avith 1 9 1 7 , a n d a ls o
$ 1 8 ,2 4 1 ,4 6 5 a y e a r ea rlier, 1 ,6 8 5 a n d $ 2 5 ,0 6 9 ,5 3 4 in
s Iioavs
th a t as th e y e a r a d v a n c e d th e s itu a tio n , as
fa r as n u m b e r is c o n c e r n e d , im p r o v e d s te a d ily .
1916
and
2 ,6 6 1
and
$ 4 1 ,1 6 2 ,3 2 1
in
1915.
T h is
The
la tte r Avas th e h ig h r e c o r d o f in d e b te d n e s s fo r th e
s a m e is tr u e , a ls o , o f th e v o lu m e o f lia b ilitie s , e x c e p t
D o m in io n , w h ile $ 6 ,4 9 9 ,0 5 2 Avas th e Ioav m a rk o f th e
t h a t th e stress in sp e cia l lin es, d u e p o s s ib ly t o th e
last q u a r t e r o f a c e n t u r y .
in flu e n c e o f F e d e ra l r e s tr ic tiv e m ea su res, s e r v e d t o
o u s th a n in 1917 in all th e P r o v in c e s e x c e p t P r in c e
savcII
th e t o t a l fo r th e fin a l q u a r te r o f th e y e a r t o a
le v e l a b o v e th a t im m e d ia te ly p r e c e d in g .
fo r th e s e c o n d
T h e tota l
h a lf o f th e y e a r , hoAvever, Avas 11
E dw ard
Is la n d ,
A lb e r t a
F a ilu re s Avere less n u m e r
and
SaskatcheA van,
N eA v fou n d la n d p r e s e n tin g a clea n s la te .
Avith
A s reg a rd s
lia b ilitie s th e shoAving b y c o n tr a s t Avith a y e a r a g o is
m illio n d o lla r s less th a n fo r th e fir st six m o n th s , a n d
p a r tic u la r ly g r a t ify in g in Q u e b e c a n d A lb e r t a , b u t
t h e a g g r e g a te fo r th e th re e m o n th s , J u ly t o S e p te m
b e r , in c lu s iv e , fell beloAV a n y q u a r t e r ^ p e r io d b a c k
stress in s o m e m a n u fa c tu r in g lin es in O n ta r io s e rv e d
t h a t th e r a tio o f fa ilu re s t o th e n u m b e r o f firm s in
t o savcII th e t o t a l th e re .
I m p r o v e m e n t in 1918 is
e s p e c ia lly d is clo s e d in tr a d in g lin es, th e in s o lv e n cie s
in Avhich a c c o u n t e d fo r o n ly $ 5 ,1 4 2 ,3 9 7 , a g a in st
b u s in e s s AAra s, so fa r as re lia b le re c o r d s g o , th e loAvest
in th e h is to r y o f th e c o u n t r y .
In 1906 th e ra tio
$ 8 ,4 1 7 ,2 3 9 a n d $ 1 2 ,2 9 0 ,3 6 8 , r e s p e c t iv e ly , in th e tAvo
p r e c e d in g y e a r s , Avith th e m o s t s tr ik in g r e d u c t io n in
Avas n o t a b ly Ioav ( 0 . 7 7 % ) — p r o b a b ly th e loAvest t h a t
v o lu m e o f d e b ts o b s e r v a b le in th e re tu r n s fr o m th e
t o th e c o r r e s p o n d in g q u a r te r in 1 91 1.
W e n o te a lso
h a d b e e n r e c o r d e d u p t o th e cu r re n t y e a r , b u t 1918
le a d in g
fa lls
b r o k e r s , & c ., ca su a ltie s c o v e r e d a q u ite n o m in a l to ta l
Avell b e lo w
th a t
le v e l
w th
0 .5 8 % .
In
th is
P r o v in c e s — O n ta r io
and
Q u eb ec.
A g e n ts ,
c o n n e c t io n , m o r e o v e r , it is in te r e s tin g t o n o te t h a t
o f d e b ts — b u t $ 1 ,1 1 1 ,2 7 3 , a g a in st $ 2 ,3 6 9 ,1 6 2 in 1917
a c c o r d in g t o M e s s r s . D u n & C o . th e n u m b e r o f firm s
a n d $ 3 ,9 8 2 ,5 2 0 in 1916.
in b u sin ess Avas q u ite a little less th a n in
fa c tu r in g
1 ,7 0 8 ,0 6 1 ,
c o m p a r in g
Avith
1 ,7 3 3 ,2 2 5 .
1917—
T h is
rev erses
O n th e o th e r h a n d m a n u
c o n t r ib u t e d
a
s lig h tly
g r e a te r
re
a m o u n t t o th e g en era l to ta l th a n in 1917— $ 8 ,2 4 8 ,8 0 7
d u c t o n r e fle c ts th e n u m b e r o f sm a ll c o n c e r n s p u t
o u t o f b u sin ess b y th e d r a ft .
tim e s b e e n a n e g lig ib le fa c t o r in th e C a n a d ia n b u s i
Of the three branches of trade into which the in
solvencies are divided, the trading division furnishes
the most conclusive evidence of a very satisfactory
situation. Every branch of business included in
a g a in st $ 7 ,4 5 5 ,0 9 4 .
n ess s itu a tio n .
B a n k in g d isa sters h a v e at' all
I n f a c t , in th e la st te n y e a rs th ere
h a v e b e e n o n ly I avo fin a n c ia l in s titu tio n s fo r c e d in t o
in s o lv e n c y ; o n e in 1910 Avith $ 5 4 9 ,8 3 0 in v o lv e d , a n d
o n e in 1915 w ith c o n fe s s e d o b lig a t io n s o f $ 1 5 0 ,0 0 0 .
THE CHRONICLE
1 1 0
(£ n x x x m X
^ x r je tx t s
and receive in exchange foreign currency through tho Caisso d ’Emission,
which will issuo cheques on the Bank of England at tho rato of 40 rubles
to the £. Anyone wishing to transfer money from abroad to the Northern
Region can pay the required amount in sterling into the Bank of England
for the account o f tho State Caisse d’ Emission or its correspondent; the
B R IT IS H TR E A S U R Y
Caisse will then pay to the person Indicated new notes at the above-men
tioned rate.
It is expected that it will be possible at a later date to como to an agree
ment with reliable banks in Franco and tho United States of America to keop
deposits of francs and dollars, and thus to facilitate all banking operations
in those countries for inhabitants of the Northern Region. Tho now cur
rency, according to tho agreement made at the timo of tho foundation of
tho Caisse, can in no case form an obstaclo to tho introduction of any general
monetary system for the whole of Russia. The Stato Caisso d Emission
is to bo an organ of tho Provisional Government, or of any Government
BELGIUM .
which may legitimately replace it, and can be recognized by our Allies.
The inalienable fund abroad is the property of the Caisso as security for
holders of the new notes.
At the said Caisse d ’Emission there will be a special financial advisor.
Tho Provisional Government is appointing four members of tho staff in
tho Caisse. Mr. F. M . Harvey, head of an English banking house, is
being appointed financial adviser to tho Caisso d ’Emission for tho first
six months. Separate quarters have been allotted to the Caisse in the
building of the Regional State Bank.
Special notice will be given of the opening of operations by the Caisse
d ’Emission.
(Signed) N. V. CHAIKOVAKI,
President, Provisional Government.
1. A. KURAICIA,
Director, Finance Department.
P. V. ZUBOFF,
Secretary. Provisional Government.
ST A T E S FOR HELP TO
m u l
C O N T I N U E D OFFERING OF
BILLS.
[Vol . 108.
g l s t u s s i o u s
The usual offering of ninety-day British Treasury Bills
was disposed of this week by J. P. Morgan & Co. on the
same discount basis prevailing during the past two weeks,
viz., 5 } 4 % - The bills are dated Jan. 7.
N E W CR ED IT TO
A new credit of 83,250,000 was extended to Belgium by
the United States yesterday (Jan. 10), bringing the
total obligations of Belgium to tl^e Treasury Department
up to 8256,145,000. The aggregate aid to tho Allies since
this country’s entry into the war now reaches 88,588,773,702,
apportioned as follows: Groat Britain, 84,175,981,000;
France, 82,436,427,000; Italy, 81,310,000,000; Russia,
8325,000,000; Belgium, 8256,145,000; Greece, 839,554,036;
Cuba, 815,000,000; Serbia, 812,000,000; Rumania, 86,666,
666; Liberia, 85,000,000; Czecho-Slovaks, 87,000,000.
F R A N C E LOOKS TO U N I T E D
R E -E ST A B LIS H ECO NO M IC E Q U I L I B R I U M .
The reliance placed by France on tho United States to S H I P M E N T OF RUBLES FROM U N I T E D S TATES TO
VLADIV OSTOK.
help the former re-establish her economic equilibrium was
referred to in an address by Etienne Clementel, the French On Dec. 30 “Financial America” had the following to
Minister of Commerce, before the Franco-American Congress say regarding a shipment of rubles in paper currency from
of Civil Engineers in Paris on Jan. 5. M. Clementel, the United States to Vladivostok:
For the present the Allies, it was learned at tho State Department to-day.
besides stating that American assistance was counted upon Intend
hold several million of rublos in paper curroncy at Vladivostok
was well for the work of repairing the war damage to France intendedto for
shipment to the Omsk Government. Fear is expressed that
as for the economic upbuilding of tho country, was quoted Immediate circulation
of tho money may so inflato curroncy as to cause
depression of securities and causo other hardships.
to the following effect in the Paris cablegrams to the daily further
Tho money was printed in the United States and shipped via San Fran
press on Jan. 5:
cisco to Vladivostok.
The Minister explained that when ho spoko o f repair ho meant all things
Bearing on the same’subject the New York “Commercial”
that in justico should be repaired, these Including not only tho damage
brought about by Germany’s work o f destruction, but also that dono bo of Dec. 31 had the following to say:
the economic equilibrium o f Franco by the war. Ho said that becauso of
Referring to America’s relations with Russia it was explained to-day
the differences in exchange rates and the deficiency in sea transport France that considerable misapprehension existed respecting the report that Prince
had paid more for her raw materials than tho other nations, that she had Golitin, with a guard of American soldiers, had arrived at Vladivostok
been deprived of her homo fuel supply, and that, having from the begin with a largo amount of Russian currency for tho Omsk Government.
ning of the war thrown all her available forces to the front, she lacked
The impression conveyed was that this curroncy was in tho naturo of a
sufficient labor for her industries.
loan from the United States. The facts aro that the curroncy consists of
The illustrato his point the Minister compared the costs of food products bills ordered printed in the United States by tho American Bank Noto
and raw materials in tho principal Allied nations, showing that tho level in Company for the Bank of Russia. It is tho recollection of officials that tho
France was much greater than that in Great Britain and still greater yet order was placed by the Mlliukoff Government and that it was sent from the
than in the United States. This was largely brought about, ho explained,
United States two months ago.
because of tho sacrifices to the common good to which France had willingly
consented, but which, nevertheless, had placed her in an inferior position
for the economic activities o f the morrow. It will bo contrary to inter- R U S S IA N
DEPOSIT I N N A T I O N A L C I T Y B A N K .
AUied solidary, he declared, to force France to suffer because of conditions
she consented to in the course o f the war in order that the common victory
might be achieved.
As to a deposit of 81,000,000 in the National City Bank
of New York to the credit of the Russian Government the
New York “Evening Post” of Dec. 10 said:
NEW
RUBL E
CU RR EN CY
IN
NORTHERN
RU SSIA .
According to the London Stock Exchange “Weekly Official
Intelligence,” of Dec. 7, the following notice has been issued
by the Press Bureau:
In view o f the confused currency conditions in Northern Russia, His
Majesty’s Government has decided to assist the Provisional Government
of that area in tho establishment of a now ruble currency at a fixed rato of
exchange of forty rubles to £1 sterling. An Office o f Conversion has
accordingly been established in Archangel with tho power to issue such
rublo notes in exchange for sterling at tho above rates. Tho sterling so
received will bo deposited at the Bank o f England and will bo held as an
inalienable reserve to ensure tho convertibility of the notes into sterling
at the rato of forty rubles to £1 sterling. Arrangements are being made
to enable any person wishing to remit from the United Kingdom to Northern
Russia to have, subject to any regulations under the Defence of tho Realm
Act for tho time being in forco. Northern Russian rublo notes held at his
disposal in Archangol at the above rates on the deposit o f sterling at the
Bank o f England.
An experienced British financier has been appointed to act as advisor to
the Provisional Government o f Northern Russia in order to supervise the
organization and control o f the Office o f Conversion in Archangol.
There is a little dowry of $1,000,000 with modorato interest accumulating
in tho National City Bank of Now York awaiting tho now Russian Govern
ment which the United States may recognize as legal successor to the
Government o f the late Czar.
This became known to-day when tho oars of persons interested in this
fund had begun to smart because of rumors In tho financial district that
there was somo mystery as to what had become of tho million-dollar set
tlement monoy accepted by Coudort Brothers, counsel for tho defunct
Russian Government, on dismissal of tho two suits instituted against the
Tennessee Copper Company on a munition contract not oxecutod. Tho
suits, filed March 5 1917 sought to recover $1,140,000, which was 25%
of tho purchase price of 1,800,000 pounds of trinitrotolouol, and $228,000
as damages for failure to carry out tho terms of the contract.
Judge John C. Knox, of tho Federal Court, ordered tho discontinuation
of tho two suits a fortnight ago, when a settlement was offoctod whereby the
Tennesseeo Copper Company agreed to refund $1,000,000. John I’ . Mur
ray, of Coudert Brothers, stated that tho monoy had boon deposited in tho
National City Bank, still officially recognized by tho United States and the
Allies as tho depository of the defunct Russian Government.
W A R COST SERBIA 8399,400,000.
A Paris cablegram, dated Jan. 4, appearing in the New
With regard to the issuance of the new ruble currency, York “Tribune” of Jan. 6, says:
“Financial America” of Dec. 10 said:
Serbia’s financial war losses total 1,997,000,000 francs ($399,400,000),
New ruble notes for Northern Russia, on the basis o f 40 rubles to £1,
have been arranged by the Allies, including America, with tho Provisional
Government, to provide a stable foundation for Allied traders in making
remittances there, according to cable advices just received. Tho new notes
will be issued only at Archangel at this fixed rate, against deposits made
with tho Bank of England, which will be ‘’earmarked’ ’ to insure the con
vertibility of the notes. Tho new ruble will liavo a value of about 12
cents, against the normal value o f 51H cents for the old rublo.
We also take from the London “Financial News” the
following extract from the “Official Gazette” of the Provisi
onal Government of Northern Russia:
In order to ensure for our Northern Region tho possibility o f possessing a
stable currency recognized by other States, tho Provisional Government are
founding a State Caisse d ’Emission, which will issuo now bank notes.
These notes aro printed in London and surcharged hero with tho signature
o f tho Director o f tho Financo Department and o f a member of tho Calsso
d ’ Emission. They will be guaranteed by a sterling fund at the bank of
England at the rate of 40 rubles to the £. This fund cannot in any circum
stances bo diverted or confiscated, and will serve only for tho necessary
purchase o f notes. Holders o f new notes may at any time present them
according to a Belgrade dispatch to tho “ Tomps.”
N O R W A Y 'S C L A I M S A G A I N S T G E R M A N Y .
Copyright advices received by wireless by tho New York
“Times” from Copenhagen, under date of Jan. 5, said:
The “ Goeteburgposten” of Gothonburg has a report from Christiania
that Norway will probably claim an indemnity of 1,000,000,000 Nor
wegian crowns from Germany, this amount being insurancj lost on ships
sunk by U-boats during the war.
A telegram from Helsingfors says that Germany domands for military
help in Finland half of tho sum of 42,000,000 Gorman marks that is Finnish
property in German banks.
SA LE OF D E B E N T U R E STOCK OF THE D O M I N I O N
OF C A N A D A D IS C O N T IN U E D .
It is announced that thoro will bo no further issuos of
Dominion debenture stock under tho Ordor-in-Council
Jan . 11 1919.]
THE CHRONICLE
1 1 1
of Juno 5 1918 nor any further issues of War Savings I Hukwang Railways. This group later developed into
certificates under the Order-in-Council of Juno 17 1917. the so-called “Six Power Group,” composed of representa
The following explains the abovo action:
tive banking groups from America, Great Britain, France,
Tho Committee of the Privy Council have had before them a report,
dated Dec. 4 1918, from tho Minister o f Finance, stating that under the Germany, Russia and Japan. With the outbreak of the
provisions o f tho Order-in-Council o f June 5 1918, authority was given for war, co-operation between the German and Allied bankers
tho issue o f $50,000,000 of debenture stock at tho rate o f 5H % per annum
ceased, and the internal disturbances in Russia served to
maturing Juno 1 1919, 1920, 1921.
In viow o f tho over-subscription of tho recent Victory Loan and the eliminate that country from the Group, the later discussions
inauguration o f tho campaign of thrift with tho issue and sale o f Thrift being had between bankers of America, Great Britain,
and War Savings stamps under tho National War Savings Committeo, France and Japan. At the time when the $50,000,000 loan
tho Minister recommends that the issue and sale o f the debenture stock
was being considered it was deemed unlikely that either
under tho Order-in-Council above referred to, be discontinued.
Tho Committee concur in the foregoing recommendation, and submit Great Britain or France would participate because of the
tho same for approval.
demoralized condition of their exchange. If any issue had
Similar action was taken with regard to the sale o f War-Savings cer
been made the positions of Great Britain and France would
tificates.
probably havo been temporarily taken by America and
________________
S H A L L T H E L O A N S TO T H E A L L I E S BE T R E A T E D A S Japan.
SU B SIDIES.
[From the New York “ Sun” o f Jan. 8 1919.]
Wo copy this singular passage from an essay on the problem o f indem
nities printed in tho “ Nation” o f London and reproduced in tho “ Living
Ago” of Jan. 4:
tt ' i9eJt<2Lnly ha,r<! tlmcs aro ahead and they will bo especially hard If the
United States claims back tho loans with which it has helped to finance
and feed tho armies o f the European Allies. So I ask myself: Can either
D E C R E A S E I N GOLD P R O D U C T I O N H E L D TO
S E R IO U S I N REPORT TO S E C R E T A R Y L A N E .
BE
Stating that “the maintenance of a sufficient gold reserve
is essential to the security of our national finances and
credits,” a committee of gold experts appointed by Secretary
Lane of the Department of the Interior, to investigate the
costs and conditions of gold mining, describes tho present
;
;
™ “
™ " ‘ lies <wno, after all, have
done most o f the fighting) will bo treated not as loans but as subsidies. decrease in gold as serious. The committee’s findings were
There is a good precedent for this: for tho advances which Groat Britain
Ilonnen
made to her allies in the Napoleonic wars were never reclaimed, although presented to Secretary Lane on the 5th inst.
our national dent was then tho heaviest In Europo.”
.
B
Jennings, Consulting Engineer of the Bureau of Mines, is
This wo call singular because, so far as the "Sun” has observed, It Is Chairman of the Committee, the other members of which
tlio first suggestion o f tho sort from any source on tho other side of tho
Atlantic; and tho proposal that the eight or nine billions already advanced are J. II. Mackenzie and Charles Janin of the Bureau of
shall bo considered not as loans but as gifts from tho pockets o f American Mines, H. D. Caskey, and I. L. Ransome of the U. S.
taxpayers and bond buyers certainly does not accord with tho ideas of Geological Survey. The report, which, it is pointed out,
financial independence inveterately characteristic o f British sontimont.
This is all tho more truo when such a proposal is coupled with tho suggestion is of interest not only to the gold mining industry, but also
that tho process o f putting an eleemosynary color on tlicso vast transactions to financial and business men as having an important
might bo facilitated by keeping “ on good and friendly torms with our bearing on finance and credits and the consequent pros
American associates.”
It would bo difficult to imagine anything loss British in conception and perity of the country, states that “gold mining has been
tone. Indeed, it is impossible to believe that the project thus outlined seriously injured by the war and has been discriminated
In tho “ Nation” is entertained or ovon dreamed o f in any responsible
against, for the protection and benefit of the Treasury in that
quarter in England.
It will be noted, further, that the advances by Great Britain herself to the export of gold and even the internal free trade in the metal
her war allies in tho form o f loans amount to a huge sum. although not were interrupted.” The committee states that “the United
quite so largo as tho American aggregate o f accommodation. According
to tho statement in “ Lloyd's Bank Monthly Financial lieport” these loans States is the most favored nation in regard to gold holdings,
had reached on the 19th o f October last a total o f £1,465,000,000, or about holding over $3,000,000,000, or nearly one-third of that of
seven and a quarter billions o f dollars, distributed as follows:
tho world, but it has contracted debts on a gold basis many
Russla................................................ ................................... - £568,000,000 times that existing before the war.” Tho committee says
Rrance......................... - .................... - ...................................
425,000,000 that prices on all commodities have advanced in terms of
Italy. ------------------------------------------------------------- ------345,000,000
Other Governments___ ____________________ ___________
127,000,000 the Government’s paper money except that of the ounce
“Thus in reality,”
It will occur to most people who understand and appreciate tho dignity of gold, which has a fixed price of $20 67.
and honor of British financial methods that any suggestion, from any says the committee, “the purchasing power of gold has
source in London worth a moment’s consideration, that tho international
loans shall bo considered as “ subsidies” would unquestionably bo made to decreased in proportion to the increase of other commodities
apply In tho first instance to the advances made by tho Empiro itself and which in one way or another are factors in the obtaining of
not to thoso o f Its American associates in tho war.
new gold.” The committee gives as the principal reason
,
for
the decline in gold production the increase in operating
J. J. A B B O T T TO S T U D Y F I N A N C I A L S I T U A T I O N I N costs in the most favored quartz mines from 57 cents to
C H I N A I N I N T E R E S T OF A M E R I C A N GROUP.
produce $1 worth of gold in 1917 to 70 cents in 1918. Various
Announcement that John Jay Abbott, Vice-President means of stimulating the production of gold at this time were
of the Continental and Commercial Trust and Savings Bank considered by the committee. Payment of a bonus on newly
of Chicago had been delegated to go to Pekin as a repre mined gold, advocated by many, is disapproved of by the
sentative of the “American Group” of bankers to study committee. The elimination of the excess profits tax on
tho financial situation in China was made by J, P. Morgan gold mining, and the encouragement of larger outputs
& Co. on the 8th inst. Mr. Abbott goes with the approval thereby, is advocated and the statement is made that larger
of the Stato Department according to the announcement dividends paid to shareholders will mean greater revenue
made in the matter which we quote herewith:
for general taxation than could be obtained through any
Tho American Group, Which was formed a fow months ago, has, with tho excess profits tax. The privilege of free export and of sale
approval o f tho Stato Department, decided to send a representative to
Fokin to study tho situation in China and to report on conditions there. No to manufacturers would stimulate production and aid
specific loan is now under consideration. John Jay Abbott, Vice-Presi gold mining, says the committee, and might also be a safe
dent o f tho Continental and Commercial Trust and Savings Bank, Chicago, guard against inflation. The Government might increase
has boon selected for this mission and ho plans to start for China in tho near
production by assisting in improving methods of mining and
futuro.
Plans looking to the taking up anew of negotiations for metallurgy of gold ores. Possible methods of maintaining
a loan to the Chinese Government were roferred to in detail tho visiblo gold reserve would be in the curtailment of tho
in our issue of Aug. 3 last, page 445. It was at that timo use of gold for manufactures and making a call on the public
that the present American Group, consisting of about to turn in hoarded gold. In France voluntary contributions
thirty loading banking houses and banks in tho principal by the people since the war began have amounted to more
cities in tho United States was formed; up to the present than 2,000,000,000 francs. Further relief might bo ob
time it has not been called to consider any definite proposal tained, the committee says, by amending the war minerals
bills to include gold and voting an appropriation to be used
respecting a loan to China.
in directing tho search for new deposits. The committee
The local banking houses in the Group aro:
J . I*. Morgan & Co., Now York City. Kuhn, Loob & C o., New York City. declares that the future of gold mining in the world is prob
1st Nat. Bank, City o f Now York. National City Bank o f Now York. lematical; that the gold output of the world seems to have
Guaranty Trust Co. o f Now York. Chase Nat. Bank o f New York City. passod its zenith and to be on the decline. It also says:
Nat. Bank o f Commerce, Now York. Bankers Trust C o., Now York City.
Central Union Trust C o ., New York. Tho Equitable Trust C o., Now York.
Harris, Forbes & Co., New York.
Virtually all economists agree that the gold standard should be main
tained. Even those who have profound Ideas as to the advisability o f a
different standard concur that it would be dangerous to attempt any drastic
changes during tho war and the readjustment period. The gold standard
is of vital necessity In the regulation o f foreign exchange, and shipments
of gold to neutral countries should be encouraged to stabilize tho value o f
our dollar, to Insure confidence and to promote business relations.
4
At the timo of the formation of this Group it was under
stood that a loan of $50,000,000 to the Chinese Government
was contemplated. Tho first “American Group” of bank
ers formed during the Taft Administration, took part with A number of recommendations on the assumption that the
Europoan bankers known as tho “International Group” in country would still be at war were made, which have no
negotiations for a loan of approximately $30,000,000 to tho application now.
1 1 2
THE CHRONICLE
V I E W S O N GOLD S I T U A T I O N H E L D B Y C O M M I T T E E
A P P O I N T E D B Y S E C R E T A R Y OF
T R E A S U R Y M cADOO.
Tho committee appointed by Secretary of tho Treasury
McAdoo in November to “study carefully and thoroughly all
tho difficulties of gold production” and to “submit sugges
tions of sane and sound methods of relief” expresses the
view that the return of normal conditions and the falling of
prices are expected to stimulate gold production in tho
United States this year. In announcing this on the 2nd
mst. the Washington dispatches stated that “consequently,
it appears unlikely that the Committee will recommend
any unusual measures to stimulate production when it
makes its report in a week or two.”
SENATOR O W E N
V IE W S CONCERNING FE D E R A L
RESERVE FO R EIG N E X C H A N G E B A N K I N
P U T T IN G DOLLAR A T PAR.
The view that the high prices prevailing in Europo and
the United States aro duo in part to expanded foreign paper
currency is said to have been expressed by Robert L. Owen
of tho Senate Banking and Currency Committee, after
conferring with international financial authorities in Paris
and in London. Senator Owen went abroad on Dec. 10 to
undertake a study of banking conditions to enable him to
gather data in support of his ponding bill for the establish
ment of a Federal Reserve Foreign Exchange Bank. While
in London Senator Owen conferred with Sir Brien Cokayne,
Governor of tho Bank of England; Roginakl McKenna,
former Chancellor of the Exchequer, and tho leading officials
of the English Treasury. Ho also conferred in Paris with
tho financial adviser of tho American delegates and with
Colonel House, Henry White and others. His observations,
according to press advices from Paris Jan. 8 are summed up
as follows:
Tho high prices in Great Britain and Franco aro duo not alono to high
freights and short supplies, but in part to tho greatly expanded currency,
which, while nominally on a gold basis, is in reality based on Governmental
credit and patriotism, British and French notes not really being available
to got gold. Consequently, American dollars, exchangeable in America
for gold, aro buying in Great Britain and Franco paper currency not actually
convertible in gold on demand and with a purchasing power much lower
than in normal times.
In the meantime, however, Americans are paying about twice as much
for what they get in Great Britain and Franco as in normal times. This
will help to adjust the balance o f trade and falls largely upon Americans
travelling in and buying goods o f Europe.
An international gold currency, actually convertible at all times in
gold, is greatly needed by the world now. Great Britain is furnishing Rus
sia wit’n rublo notes redeemable in gold at London, which series a very
useful purpose in providing a stablo means for buying and selling com
modities in Russia, notwithstanding tho fact that ruble notes are, in all
human probability, not actually exchanged for gold in London.
America could furnish gold secured rublo notes very advantageously for
American commerce, Russia safeguarding tho notes by quick redemption in
gold at a central point. Expanded paper money in Europe is indirectly
raising prices in America. It is the desire o f European statesmen to bring
about a lowering o f prices throughout tho world. Of this America should
take note.
,,
.
.
To put the American dollar at actual par throughout the world and make
the American gold dollar the measure o f international contracts would be
o f vast importance to the future expansion o f American foreign commerce.
Tho mechanism to accomplish this can bo afforded through reserve bank
or through a Federal Reservo foreign bank devoted exclusively to foreign
exchange and stabilizing tho American dollar abroad.
J E W E L R Y M A R K I N G S T A N D A R D FOR GOLD F I L L E D
F IN G E R RING S.
It was announced on Jan. 4 that for the hotter protection
of tho purchasing public and on agreomont with manufac
turers, the Federal Trado Commission had induced all tho
principal makers of gold-filled, gold-plated, and good-shell
finger rings to adopt standard labeling indicating exactly
tho proportion of gold used in every ring offored tho public.
Tho Unitod States Buroau of Standards co-operated in
working out the now branding. Tho following official
statement regarding the proposed jewelry marking standard
was issued by the Commission:
The Federal Trade Commission has had under investigation tho methods
o f branding used by manufacturers of gold-shell, gold-filled, and goldplated finger rings, it having been alleged that the methods in current use
did not sufficiently protect the purchasing public. After consultation
with tho principal manufacturers, tho Commission worked out, with tho
aid o f the Bureau o f Standards, a method for such branding which ap
peared would be adequate for the purpose Intended. All tho principal
manufacturers of such rings located at tho City o f Providence, R. I., were
called Into conference and readily agreed to adopt tho Commissions
recommendations, and have bound themselves by written apeoment with
tho Commission to use on gold-shell, gold-filled, or gold-plated finger
rings no mark or method of branding itself indicative of gold valuo or
wearing quality other than tho following:
“ The words ‘gold shell’ preceded by the designation o f tho alloy of gold
lisixi in tho shell which shall bo preceded by a fraction designating the
correct DroDortion of tho weight of tho shell to tho weight of tho entire ring,
Uhretrated*by 1- 1 0 14-k.gold shell,’ in which case 1 -1 0 o f tho entire ring
by weight is 14-k. gold and constitutes tho outer shell.
[V o l . 108.
Tho stipulation does not oblige the manufacturer to stamp the rings,
but applies only in case they are stamped, and the taking effect of the
stipulation is set for M ay 1 1919.
SUPERVISION B Y D I A M O N D
C O M M ITTEE
D I A M O N D IM P OR TS D IS C O N T IN U E D .
OVER
The proposed discontinuance on Jan. 10 of the super
vision exercised by the Diamond Committee over tho im
portation of polished and rough, diamonds, diamond dies
and diamond tools, was announced by the War Trade
Board on tho 4th inst. The control by license continues,
however, as indicated in the Board’s announcement as fol
lows:
Tho War Trade Board announces in a new riding (W . T . B. R . 475) that
the supervision heretofore exercised by tho War Trade Board through the
American Diamond Committeo of New York over tho Importation of pol
ished and rough diamonds, diamond dies, and diamond tools will bo dis
continued on Jan. 10 1919. Tho control of these commodities by license
from tho War Trade Board will still continue.
PROPOSAL
FOR E S T A B L I S H M E N T OF B U R E A U
M IN E S BY GREAT BR ITAIN .
O F
The proposal for the establishment of a mine department
for Groat Britain is contained in a report to the British
Minister of Munitions by Sir Lionel Phillips, lato Comp
troller of the Department for tho Development of Minoral
Resources in the United Kingdom. Sir Lionol recommends:
1. That the Government should in tho public interest concern Itself
moro actively than hitherto in tho mining and mineral Industries at
homo and in tho Crown Colonies and Dopondencios.
2. That for this purpose it is necessary to organlzo a Mines Department
on suitable lines for the United Kingdom.
3. That in order to secure tho full benefit of tho Department at least
threo small qualified bodies acting as committees or commissioners should
bo appointed and they might bo conveniently styled:
(a) Tho Imperial Mineral Resources Bureau— forming a link with tho
self-governing Dominions.
(&) Tho Minos and Minerals Commission— to watch and foster tho in
terests of tho Empire in tho output and trado in minoral and metallic
products.
(c) Commissioners authorized to tako action in cases of improper ex
ploitation of properties or unreasonable or prohibitive conditions im
posed by landowners for royalties and wayleaves.
4. That a fund to bo administered by tho Mines Department and ren
dered as far as possible self-supporting should bo providod Tor the purposo
of undertaking experimental work in approved directions.
5 . That profits spont upon tho further dovolopmonb of the properties
from which they were derived should bo oxompted from taxation.
(>. That tho provision of the Metalliferous Mines Regulation Act o f 1872
should bo amended and extended where necessary In order to give effoct to
those recommendations.
In dealing with tho establishment of a Minos Depart
ment the report says that one of the most effeotivo moans
of countering the German plan for controlling a largo part
of tho world’s output would bo State support to the metal
trado on defined and well organized linos. Tho Minister
of Munitions in a note states that ho does not accept re
sponsibility for the conclusions arrived at or for tho expres
sions of opinion contained in tho report, which must be re
garded as a statement of the personal viows of tho Comp
troller.
_______________________
O R G A N I Z A T I O N OF B A N K E R S ’ A N D S H I P P E R S ’
IN SU RA N CE C O M P A N Y .
The Bankers’ & Shippers’ Insurance Company has been
organized in this city with tho objeot of enlisting tho co
operation of bankers, merchants and insurance interests
in tho development of the American Merchant Marino and
American Commerce. The preliminary stops woro taken
by a group of interests, each underwriting ono-fiftli of the
stock of the company. These underwriters wero tho Chase
Securities Company, Guaranty Trust Company, Barber &
Co., Willcox, Peck & Hughes and E. I. duPont de Nemours
Company. Since then a number of othor large intersts
have subscribed to the stock. In each case tho subscrip
tion was required to bo approvod by tho Organization Com
mittee of tho company, tho purpose boing to allow as stock
holders only thoso who could bo expected to contribute to
the upbuilding of the company by reason of their financial
and business connections. In other words, tho company
hopes, through its stockholders, to be ablo to command a
share of desirable business and seouro a preference on ovon
terms. The company has been organized with a capital
of 81,000,000 and a surplus of 81,500,000, tho sharos being
sold at $250 por share. The directors of tho corporation
named by tho charter aro as follows: Harold Stanley,
Guaranty Trust Company; John A. Spoor, Chairman board
of directors, Chicago Junction Railway; Oswald Kirkby,
Willcox, Peck & Hughes; Oakloy Wood, Barbor & Co.;
John J. Watson, Jr.; Howard Bayne, Vice-President Colum
bia Trust Company; James Barber, Barber & Co.; J. J.
Raskob, duPonts; Soward Prosser, President Bankers’
Jan . 11 1919.]
THE CHRONICLE
Trust Company; Charles E. Pock, President Willcox, Peek
& Iluhgos; E. V. R. Thayer, President Chase National
Bank; Charles H. Sabin, President Guaranty Trust Co.;
Chellis A. Austin, President Mercantile Trust & De
posit Company; William G. Willcox, Vice-President Will
cox, Peck & Hughes; Edward J. Barber, Barber & Co. On
Dec. 31 tho following were elected officers of the mew com
pany: Chairman of tho Board, Eugene V. R. Thayer,
President of the Chase National Bank; President, William
G. Willcox, of Willcox, Peck & Hughes; Vice-Presidents,
James Barber, of Barber & Co., and Harold Stanley, VicePresidont of the Guaranty Trust Company; Treasurer,
R. T. Marshall, of Willcox, Peck & Hughes; Secretary,
Robert Van Iderstine.
Whon tho company was organized in 1918, new incorpora
tions required tho approval of the Capital Issues Committee.
This Committee in granting a license to the Bankers’ &
Shippers’ Insurance Co., restricted their business for the
time being, to marine insurance. It is anticipated, howover, that this restriction will be romoved and that whon
tho company’s plans have been further developed it will do
the business of fire insurance as well as marino insurance.
The company will appoint as underwriting managers and
agents for its marine business the Maritime Underwriting
Agency, Inc., a corporation closely affiliated with Willcox,
Peck & Hughes, which will supersede the agency of Whist
& Co. The company’s plans are not yet fully developed,
but it expects to start active business within the next few
weeks.
An official statement relative to tho now company says:
Tho purpose o f this organization Is well expressed by tho following
quotation from a recent report mado by the Marino Insurance Consulta
tion Commltteo to tho United States Shipping Board:
"Marino Insurance Is universally recognized as an essential factor in
the development o f the American merchant marine and American com
merce. American merchants and shipowners for many years past have
been largely dependent on foreign Insurance companies for such protection.
During the last three years the American marine Insurance market has
greatly expanded In responso to increased demands growing out o f tho war,
and it is a matter o f material Importance that this enlarged market bo. pr<>
served, fostered, stimulated and developed to tho highest degreo o f effi
ciency in order to effectively co-operate in the restoration and extrusion of
American commerce after the war.”
One of the officers of tho now company, in referring to
its formation, was quoted in the “Journal of Commerce”
of Jan. 2 as saying:
The men composing tho company, as will be seen, represent many very
large business iterests. They have banded themselves together for the
purposo of advancing tho commercial lntreests o f the country. You will
note that wo have the three factors necessary — banking, insurance and
shipping. With a great American merchant marino, there Is going to be
a wonderful expansion o f American Interests. Our exports and imports
in connection with other countries must be built up and fostered by Ameri
can capital. I guess it is tho first attempt that has been made to form a
coalition of such Interests, and tho manfuacturers, shippers and bankers
aro pooling their interests to form a marine insurance company. The
manufacturers will furnish tho products to bo exported, the steamship in
terests will supply the means o f transportation, the banks will furnish tho
money needed for every stage o f tho transaction, and all threo will furnish
insurance protection whilo transporting tho American product to foreign
fields for consumption.
Tho matter o f absorbing fire companies— that is to come later. I am not
prepared to say that there are too many flro insurance companies in tho
field, but it has been thought by some o f tho fire companies that an amal
gamation under tho control o f the Bankers’ & Shippers' Insurance Co.
would bo Justified. And It is for this purposo that wo are soon to bring Into
existence tho Marino Underwriting Agency. For the present tho officers
o f tho new company will bo with Whist & C o., but after tho organization of
tho Marino Underwriting Agency wo shall have new and larger quarters.
NEW
YORK BAD CHECK L A W .
In printing the toxt of tho “bad check” law passed by the
Now York State Legislature in September, tho Now York
Credit Men’s Association in its Bulletin for Docombor
says:
The above law went into effect Sept. 1 1918, and while a copy o f it was
published in a former Issue o f our “ Bulletin,” the inquiries concerning Its
provisions have been so numerous that it is reprinted for further reference.
This law is a law of evidence. To give a bad check, that is, to obtain
property in exchange for a check with intent to defraud, lias long been a
crime in this State; but in order to successfully prosecute such a case It was
necessary to prove the intent to defraud and tho knowledge on the part of
tho maker o f tho check that he had not sufficient funds on deposit with
which to meet It. T o prove intent requires that one prove what was in
another’s mind, and this Is almost hopeless. Consequently, It has been
possible to give bad checks with impunity. Under tho present law, If
after a check has been returned unpaid becauso the maker has not sufficient
funds in or credit with tho bank upon which it Is drawn, the payee may
glvo notico to the maker o f the non-payment o f tho check and the reason
therefor, and If the maker does not deposit with tho drawee, that Is, Ills
bank, within ton days after receiving such notice, tho amount due on tho
chock, it shall be prima facie evidence o f tho maker’s intent to defraud and
of knowledge on his part that he did not have sufficient funds in or credit
with Ills bank. It does not follow that every time a check Is given and re
turned unpaid a crime has been committed. It may bo that tho maker did
have sufficient funds when tho chock was given and had no Intent to de
fraud, or it may bo that tho maker had arranged with tho bank for credit
which would liavo given him sufficient funds to meet tho check, but that
for reasons boyond tho maker's control there wero not sufficient moneys
meet tho check when it was presented for payment.
113
Beforo beginning a prosecution on a bad check, one should therefore first
inquiro at the bank where the check was drawn as to what arrangement,
if any, existed between the maker and the bank regarding the credit of the
maker at the time the eheck was given.
While the law is silent on the question o f what constitutes notice, it would
not bo wise to begin a prosecution without being able to prove notico, and
therefore the notice should be In writing and should be either handed per
sonally to the maker, or, if mailed, should be registered and a return re
ceipt requested.
■
Numerous inquiries have been made as to whether checks given without
tho State o f New York, or payable without the State o f New York, or given
within the State of New Yoric for goods sold without the State of New York,
would be covered by this law.
Such inquiries may be divided Into four groups as follows:
1. Where a resident or non-resident delivers a check within the State of
New York on a bank located within New York State.
2 . Where a resident or non-resident delivers a check within the State of
New York on a bank located without the State.
3. Where a resident or non-reside.it delivers a check outside of the State
of New York on a bank located within the State of New York.
4. Where a resident or non-resident delivers a check outside of the State
of Now York on a bank located out of the State o f New York.
In the first and second Instances, the law applies irrespective of where the
check was drawn.
In the third and fourth instances the law does not apply unless the
check was drawn within New York State, in which case the Courts may hold
that it does apply.
Not only does the law provide that the delivery of a check within this
State with fraudulent intent is a crime, but also that the drawing of a check
within this State with like intent is likewise a crime. It follows that if either
tho drawing or the delivery of the check occurs within the State o f New
York, a crime has been committed within the State by the person who either
delivers It or draws it within the State; but if the person who drew the check
and the person who delivered it aro not tho same, and either the drawing
or delivery thereof was done within the State, the person who drew tho check
or delivered it without the State has committed no crime under the law o f
tho State o f New York.
The question has been raised, also, as to whether the law applies to a
check given in payment of merchandise sold and delivered previous to the
giving of the check. Opinion on this point is divided. Those who give a
negative opinion contend that as nothing of value was parted with in ex
change for the check, no injury has resulted to the person receiving the check
and that consequently no crime has been committed. Until the Courts
pass on this question, it must remain a mooted one.
Whatever may be the merit o f the law, there is no question that as a pre
ventive measure it has already proved very effective, and the members o f
the Credit Men’s Association in this State, which had the bill drawn and
urged its enactment into law, will unquestionably experience large benefit*
by reason of its existence.
The following is the text of the law:
CIIAPTER 314.
An Act to Amend the Penal Law, in Relation to Obtaining M oney by
Fraudulent Check, Draft or Order.
The People of the State of New York, represented in Senate and Assembly, do
enact as follows:
Section 1. Tho penal law is hereby amended by adding after section
twelve hundred and ninety-two a new section to bo section twelve hundred
and ninety-two-a, to read as follows:
Sec. 1292-a. Obtaining money by fraudulent check, draft or order how pun
ished. Any person who, with intent to defraud, shall make or draw or
utter or deliver any check, draft or order for the payment o f money upon
any bank or other depositary, knowing at the time of such making, draw
ing, uttering or delivering that the maker or drawer has not sufficient funds
in or credit with such bank or other depositary for tho payment of such
check, although no express representation is made in reference thereto,
shall be guilty of attempted larceny, and if money or property is obtained
from another thereby Is guilty of larceny and punishable accordingly.
In any prosecution under this section as against the maker or drawer
thereof, the making, drawing, uttering or delivering o f a check, draft or
order, payment of which is refused by the drawee because of lack o f funds
or credit, shall bo prima facie evidence of intent to defraud and of knowl
edge of insufficient funds in or credit with such bank or other depositary,
unless such maker or drawer shall have paid the drawee thereof the amount
duo thereon, together with interest and protest fees, within ten days after
receiving notice that such check, draft, or order has not been paid by the
drawee.
Tho word “ credit," as used herein, shall be construed to mean an ar
rangement or understanding with the bank or depositary for the payment
o f such check, draft or order.
Sec. 2. Section twelve hundred and ninety-three of the penal law is
hereby amended to read as fallows:
Sec. 1293. Obtaining property by fraudulent order. A person who wilfully
with intent to defraud, by color or aid o f an order for the delivery o f prop
erty, when such person knows that the drawer or maker thereof is not en
titled to order the delivery of the property, although no express representa
tion is made in reference thereto, obtains from another any property, is
guilty of stealing the same and punishable accordingly.
Sec. 3. This Act shall take effect September first, nineteen hundred and
eighteen.
BOND
T I C K E R S OF N E W Y O R K ST O CK E X C H A N G E
I N OPERATION.
The separate bond tickers of the New York Stock Exchange
were in full operation for the first time 'on Jan. 2. Pre
viously bond sales and quotations were reported on the same
ticker with stock transactions. To quote from the New
York “Evening Post” of Jan. 2:
Bond tickers which serve the offices of members of the Stock Exchange
aro operated by the Exchange’s own company, the New York Quotation
Go., whilo tickers In other places are controlled by the Western Union
Telegraph Go.
The Stock Exchange management had long been working on a plan to
Install separate tickers for bonds and stocks, but the pressure of war
business on the manufacturers of electrical appliances had made it im
possible to obtain and install tho new instruments before.
There are about 450 subscribers to stock tickers among Stock Exchange
members, but not all of theso subscribers have as yet Installed bond tickers,
which will carry not only bond transactions, but rulings and news regarding
the business in bonds on the Exchange.
[V ol . 108.
THE CHRONICLE
114
EFFORTS OF STOCK E X C H A N G E TO C O M B A T STOCK
SW IND LING.
U n d e r t h e l a w t h i s b a n k m u s t c o n f i n o I t s l o a n s t o t h o S t a t o i n w h i c h i t is
s itu a te d a n d o n e c o n tig u o u s S ta to .
A l l o f its lo a n s a r o , t h e r e fo r e , m a d o
o n fa r m la n d s In th e r ic h c o r n b e lt o f t h o S ta te s o f I llin o is a n d I o w a , e v i
Participation in a publicity campaign against tho stock
swindling ovil has been urged upon the members of tho Now
York Stock Exchange in notices issued this week through the Tho purchase by King, Hoagland & Co. of $2,000,000
Library Committee of the Exchange. Coincident with tho farm loan bonds of tho First Joint Stock Land Bank of
issuance of the circular on Thursday of this week, H. G. S. Chicago, was announced in tlioso columns July 13 1918,
Noble, President of the Exchange, said:
page 124. It was statod at that time that tho bank was
ompowored to issuo bonds to tho amount of $3,750,000, and
that of that amount $750,000 had boon disposod of early last
yoar. Tho bank was organized in July 1917 with a capital
of $250,000.
____________ __
d en ced b y
f ir s t m o r tg a g e s u p o n t h o la n d a n d
im p r o v e m e n t s th e r e o n a n d
a r o lim ite d t o o n o -h a if th e v a lu e o f th o la n d a n d 2 0 %
o f t h o in s u r e d im
p r o v e m e n t s , s u c h v a lu e s t o b o d e te r m in e d b y a G o v e r n m e n t a p p r a is e r .
W h i le le g is la t io n is b e in g p r e p a r e d b y t h o C a p it a l I s s u e s C o m m it t e e , in
c o lla b o r a t io n
w it h
th e
a d m in is t r a t io n
and
oth er
G ov ern m en ta l
d e p a rt
m e n t s , t h o m a n a g e m e n t o f t h e S t o c k E x c h a n g o is a p p r e h e n s i v e t h a t b e f o r o
a d e q u a t e p r o t e c t io n is p r o v i d e d b y la w m a n y in v e s t o r s m a y b o ir r e t r ie v a
b ly
h arm ed .
Tho
a c t io n
ta k e n
m e r e ly t h o o p e n in g w e d g o in
by
th e
a broad
E xch an ge,
it is b e li e v e d , w ill b o
n a t io n a l c a m p a ig n
to
exp ose stock
s w in d lin g o p e r a t io n s a n d in t h is w a y p r o t e c t t h e s e c u r it y - b u y in g p u b lic .
The following is the circular issued to the Stock Exchango
houses:
A ll N e w
Y o r k S t o c k E x c h a n g o h o u s e s w h o a d v c r t ls o in t h o p u b lic p re ss
a r e in v it e d t o j o in in a c a m p a ig n o f p u b lic i t y t o c o m b a t t h o g r o w in g s t o c k
s w in d lin g e v il.
T h o u tte ra n ce s o f b o th
S e c r e ta r ie s M c A d o o
o f t h o C a p ita l Issu e s C o m m it t e e , s h o w
a
s e r io u s
e c o n o m ic
by un
no
re
I n t h e c a s o o f t h o f ir s t V i c t o r y L o a n , b r o u g h t o u t in N o v . 1 9 1 7 , t h o e f f e c t
s p o n s ib le fin a n c ia l a n d in d u s tr ia l in s t it u t io n t o s u p p o r t t h o T r e a s u r y D e
o f th o flo t a t i o n w a s n o t e v id e n t u n til th o s e c o n d m o n t h a fte r s u b s c r ip tio n s
T hey
s h o u ld
s itu a tio n ,
b o s u ffic ie n tly
if u n c o n tr o lle d ,
Ih o
r a lly o v e r y
h ero.
o f th o
th o rep ort
e x p lo ita tio n
L ib e r t y L o a n in v e s to r s .
Montreal press advices under dato of Jan. 1 stated that
tho Canadian bank statomont for Novombor, showing a
decroaso of $137,000,000 in savings deposits, sooms to boar
out unofficial statements to the effect that a largo propor
tion of the second Victory Loan was paid in full at timo of
subscription. It is addod:
need
e la b o r a t io n
con sequ en ces
a n d G la s s , a n d
w id e s p r e a d
s c r u p u lo u s p r o m o t e r s o f t h o m illio n s o f n o w
D EC RE A SE I N C A N A D I A N S A V IN G S DEPOSITS—
B E A R IN G ON VICTORY L O A N P A Y M E N T S .
o b v io u s t o
p a r t m e n t a n d C a p it a l I s s u e s C o m m it t e o in th o ir e ffo r t s t o s u p p r e s s t h o e v il.
P u b lic ity a n d
e d u c a tio n
a re p r o b a b ly
c a n b e u s e d a g a in s t t h o s t o c k s w in d le r .
is n o w p r o p o e d t h a t a ll S t o c k E x c h a n g e h o u s e s u n i t e in a s e r ie s o f w a r n in g s
T h c s o w a r n in g s w ill
T h e y w ill b e s u p p lie d b y t h o C o m m it t e o o n L ib r a r y , a n d c o m
p r is e a fe w w o r d s d e s ig n e d t o a p p e a r a t t h o b o t t o m o f r o g u la r a d v e r t is e m e n t s
w it h o u t e n c r o a c h in g u p o n th e a d v e r tis e r s ’ c o p y .
I n s ig n ify in g y o u r in t e n t io n t o c o -o p e r a t o w it h
th o p u b lic it y c a m p a ig n
a b o v e o u t li n e d , p lo a s o
N E W
Y O ItK
th o
S to ck
E x c h a n g e in
u so th o a p p e n d e d fo r m .
STO C K E X C H A N G E ,
C o m m itte e o n L ib r a r y .
J a n u ary
N ew
u n til th o s e c o n d
in s ta llm e n t
d a te w as rea ch ed .
o f 9 5 m illio n s : b e g in n in g w it h F e b r u a r y , in c r e a s e s a g a in b c c a m o th o o rd e r *
t o in v e s t o r s , t h r o u g h t h o m e d iu m o f t h o p u b ic p r e s s .
b o u n ifo r m .
c l o s e d , a s p a y m e n t in f u ll w a s n o t p o s s ib lo
t h o m o s t e ffe c t iv e w e a p o n s th a t
A s a fir s t s te p in t h is d ir e c t io n it
, 1919.
As
th o b o n d s o f th e s e co n d
s u b s c r ip t io n s c lo s e d
C o m m itte e o n L ib r a r y .
W e a g r e e t o in c l u d e in o u r a d v e r t is in g s p a c o , p r o v i d o d t h e r e is n o e n
c r o a c h m e n t o n o u r c o p y , t e x t t o b o s u p p lie d b y th o C o m m it t e o o n L ib r a r y ,
in t h e p u b lic i t y c a m p a ig n f o r t h e s u p p r e s s io n o f t h o s t o c k s w in d lin g o v il.
O u r a d v e r t i s i n g a g e n t s a r e -------------------------------------------------------------------------------------------------(S ig n e d )
V ic to r y L o a n
in N o v e m b e r ,
c o u ld
b o p a id f o r in fu ll b e fo r e
th o N o v e m b e r s t a t e m e n t , w it h its d e
c li n e o f 1 3 7 m il lio n s in s a v in g s d e p o s it s , w o u ld s e e m t o h a v o r e g is t e r e d t h o
m a jo r e f f e c t o f th e lo a n .
T h o N o v e m b e r s ta te m e n t
show s
th a t
cu rren t
C a n a d a r e g is t e r e d a r e c o r d -b r e a k in g in c r c a s o .
lo a n s
and
d is c o u n ts
in
A n in c r o a s o o f $ 6 0 ,0 0 0 ,0 0 0
in O c t o b e r h a s b e e n f o ll o w e d b y o n o o f $ 7 9 ,0 0 0 ,0 0 0 In N o v e m b e r , a n d f o r
t h o f ir s t t im e in a b o u t t w o y e a r s c u r r e n t lo a n s a r o n o w in e x c e s s o f t h o
s a v in g s d e p o s it s , o n w h ic h t h e y a ro la r g e ly b a s e d .
R e a s o n s f o r th e s e e n o r m o u s in c r e a s e s in c r e d it a d v a n c e d b y
to
Y o r k S to ck E x c h a n g e ,
In J a n u a r y 1 9 1 7 s a v in g s d e p o s its r e g is te r e d a d e c r e a s e
th o b a n k s
b u s in e s s a r e p r o b a b l y c o n t a in e d in t h o h ig h v a l u o o f t h o y e a r ’s o u t p u t
o f a g r ic u ltu r a l p r o d u c t s a n d a s lo w e r p r o c e s s o f m a r k e tin g t h a n a y e a r a g o .
T h o f a c t t h a t t h e v is ib le s u p p l y o f w h e a t in C a n a d a la s t w e e k w a s 1 4 ,0 0 0 ,0 0 0
b u s h e ls , o r m o r e th a n
crop
50%
h ig h e r th a n
a y e a r a g o , a lt h o u g h
th is y e a r ’s
w a s t h o s m a l l e r , is o f p o s s i b l o s i g n i f i c a n c e in t h is c o n n e c t i o n .
C ir
c u la t i o n , lik e c u r r e n t lo a n s , a ls o a d v a n c e d t o a n e w h ig h lo v e l.
A n oth er
un u su al
ch a n go
in
th o
sta tem en t
is
an
in c r e a s e
of
c lo s e
to
$ 1 2 ,0 0 0 ,0 0 0 in c a ll lo a n s in C a n a d a .
R E M O V A L OF M I N I M U M PRICES B Y
STOCK E X C H A N G E .
TORONTO
IN C R E A S E I N SURPLUS OF F ED E R A L RESERVE B A N K S
— T H A T OF N E W YORK RESERVE B A N K
RE A CH E S
40%.
All minimum prices were eliminated by the Toronto Stock
Exchango on Jan. 2, following a decision reached by a com Tho fact that tho surplus of tho Fodoral Rosorvo Bank of
mittee of the Exchange on Deo. 31 to remove such prices. New York has risen to 40% of tho capital (tho amount of
An official announcement issued by tho Exchango said:
tho surplus last Saturday was $8,322,040, as compared with
tho capital of $20,820,100) has occasioned moro or loss com
ment in the daily papers. As indicated in thoso columns
Tho minimum list, adopted shortly before the inauguration Dec. 21 (page 2327), a bill is now pending in Congress to
of tho 1917 Victory Loan, campaign, set a price below which permit Federal Reservo banks to accumulate a surplus equal
stocks could not be traded in on tho Exchange.
to 100% of their capital, instead of 40% as undor oxisting law.
With regard to tho incroaso in the surplus of tho various Re
serve banks, the “Wall Stroot Journal” of Jan. 7 said:
W I N N I P E G STOCK E X C H A N G E R E S U M E S BUSIN ESS.
The Winnipeg Stock Exchango resumed trading on Jan. 2,
after, according to the Montreal “Gazette”, nearly four years
of inactivity.
T h o fin a n c i a l s it u a t io n h a s s h o w n s u c h r a p id im p r o v e m e n t t h a t it is f e lt
t h a t a ll r e s t r ic t io n s t o
tr a d in g c a n
now
bo
rem oved.
T h o N e w Y o r k F e d e r a l U c s e r v o B a n k is t h o o n l y i n s t i t u t i o n o f t h o t w o l v o
w h ic h h a s re a c h e d th e 4 0 %
l i m i t o f s u r p l u s a s a r e s u lt o f la s t y e a r 's e a r n
i n g s , a l t h o u g h q u i t o c o n s i d e r a b l e a d d i t i o n s t o s u r p l u s .a c c o u n t s a r e s h o w n
by
th o
oth er
F ed eral
Ite se rv o
banks.
Tho
s ta to m o n t
of
th o
c o m b in e d
F e d e r a l R e s e r v o b a n k s j u s t i s s u e d is t h o f i r s t t o b o s h o w n a f t e r i n s t i t u t i o n s
m a d o u p th e ir p r o fit a n d lo s s b a la n c e s a t th o c lo s o o f t a s t y o a r .
K a n s a s C i t y F e d e r a l R e s e r v o B a n k m a d o t h o s e c o n d la r g e s t c o n t r ib u t i o n
OFFERING OF F A R M L O A N BONDS OF FIRST JO IN T
STOCK L A N D B A N K OF CHICAGO.
King, Hoagland & Co., of Chicago, aro offoring $1,000,000
5% Farm Loan bonds of tho First Joint Stock Land Bank
of Chicago at 102J4 and interest, to yield 4 Y i% to tho
optional period and 5% thereafter. Tho bonds aro dated
Nov. 1 1918, are duo Nov. 1 1938, and aro optional on and
after Nov. 1 1923. Tho principal and interest (May 1 and
Nov. 1) aro payablo in gold or lawful currency at the bank
of issue in Chicago. The bonds, which aro in denomina
tions of $1,000, $500 and $100, aro in coupon form and are
exchangeable for rogistored bonds, which in turn aro re
exchangeable for coupon bonds. The bonds aro instrumen
talities of tho United Statos Government and are exempt
from Foderal, Stato, municipal and local taxation. They
are acceptable by the United Statos Government as socurity
for Government deposits, to secure postal savings deposits,
and are lawful investments for all fiduciary and trust funds
under the jurisdiction and control of tho Fedoral Govern
ment. A circular issued by King, Hoagland & Co., also
says:
The
F ir s t J o in t
S tock
Land
Bank
o f C h ic a g o
o p e ra te s u n d er F e d e ra l
c h a r te r a n d G o v e r n m e n t s u p e r v is io n a n d m a y b o d e s ig n a te d b y th e S e cre
t a r y o f th e T r e a s u r y a s a fin a n c ia l a g e n t o f t h e G o v e r n m e n t a n d a d e p o s i
ta r y o f p u b lic fu n d s.
I t is o r g a n iz e d f o r t h o p u r p o s e o f a s s is tin g in s t a n d
a r d iz in g fo r m s o f in v e s t m e n t b a s e d u p o n fa r m
ra te s o f In te re st o n fa r m
p a r v a lu e o f th e s to ck
lo a n s .
ow ned b y
m o r t g a g o a n d o f e q u a liz in g
T h e s t o c k h o ld e r s a r e lia b le fo r t w ic o th o
t h e m , a s in t h e c a s o o f n a tio n a l b a n k a .
t o s u r p lu s a c c o u n t , it s s u r p lu s n o w s t a n d i n g a t 3 2 . 8 %
o f c a p ita l.
C h ic a g o
R e s e r v e B a n k n o w h a s s u r p lu s o f 2 9 .6 % , a n d R ic h m o n d 2 8 .4 % .
A g a in st
th o
c o m b in e d
p a id -in
c a p it a l
of
th o
t w o lv o
F od eral
Iteserv o
b a n k s a t t h o c l o s e o f la s t y e a r , $ 8 0 , 7 9 2 ,0 0 0 , a c o m b i n e d s u r p l u s o f $ 2 2 ,7 3 8 ,
0 0 0 is s h o w n , o r 2 8 . 1 % t o c a p i t a l .
A s a lr e a d y p o in t e d o u t , t h o Ite s e r v o
banks
w oro
a b le
to
m ako
th ese
g r o a t a d d it io n s t o th o ir s u r p lu s e s b y r e a s o n o f t h o e x c e p t io n a l e a r n in g s la s t
y e a r t h r o u g h a i d i n g in G o v e r n m e n t f i n a n c i n g .
T h is w a s a n e x tr a o r d in a r y
p e r io d w h ic h w ill lo n g b o r e m e m b e r e d In t h o h is t o r y o f t h o F e d e r a l I te s e r v o
sy stem .
I t a ffo r d e d a n u n u s u a l o p p o r t u n it y f o r s tr e n g th e n in g th o s y s t e m .
W h ile t h o p a s t y e a r h a s p r o v e d e x t r a o r d in a r y in t h o m a t t e r o f e a r n in g s ,
it d o e s n o t fo ll o w t h a t t h o F e d e r a l I te s e r v o b a n k s w ill a lw a y s b o s u c h g r o a t
m on ey m akers.
W h e n t h o w a r f i n a n c i n g is o v e r , t li e r o w i l l n o t b o t h o s a m e
o p p o r t u n i t ie s a s h a v o a r is e n in t h o la s t y o a r o r s o .
T lie r o w ill n o t b o th o
s a m e r e s o r t t o th o c e n t r a l in s t it u t io n b y t h o m e m b e r b a n k s f o r r e d is c o u n t .
E s p e c ia lly w ill t h is b o t h o c a s o w h e n b u s in e s s s lo w s d o w n .
M o r e o v e r , th o F e d e ra l I te s e r v o b a n k s a r o n o t lik e ly t o
havo
th o
b ill
m a r k e t a ll t o t h e m s e lv e s a s h a s b o o n t h o c a s o h e r e t o fo r e .
T h o m ovom ont
lo o k in g t o t h o e s t a b lis h m e n t o f d is c o u n t c o m p a n ie s w ill m a k o fo r g r e a te r
c o m p e t i t i o n a n d t h o p a r t p la y e d b y t h o c e n t r a l in s t it u t io n s in t h o o p o n m a r
k e t w ill b o s e c o n d a r y .
I n o t h e r w o r d s , t h e y w ill b o a p p lie d t o
c o u n t s l e s s f r e q u e n t l y t h a n in t h o p a s t , a n d m o r o o r o l s s o n
fo r r e d is
e m e rg e n cie s.
I f th e d is c o u n t c o m p a n ie s fu lfi ll th e ir p r o p e r fu n c t io n t h e y w ill a b s o r b th o
f lo a t i n g s u p p ly o f b ills .
I t is i n v i e w o f t h o e x t r a o r d i n a r y o p p o r t u n i t y W h i c h t h o F e d e r a l R o s o r v o
banks
are
now
e x p e r ie n c in g ,
d a y s , t h a t i t is n o w s o u g h t t o
and
th o
p rosp ects
fa c in g
th orn
of
“ lo a n e r ’
h a v o th o F od era l R o se rv o A c t a m en d ed to
a llo w t h o R e s e r v o b a n k s t o b u ild u p th e ir s u r p lu se s t o 1 0 0 %
it a l, In ste a d o f t h e p re se n t lim it o f 4 0 % .
o f p a id -in c a p
A s a m a t t o r o t f a c t , t h o la r g e r
s u r p lu s w o u ld b o m o r o c o n s is t e n t f o r r o s o r v o in s t it u t io n s o f t h is k in d .
With regard to tho earnings of tho Reserve banks, tho
“Wall Street Journal” yesterday said:
ft T h o
c lo s o t o
N ow
Y ork
100%
F ed eral
R osorvo
B a n k ’s
not
o f c a p i t a l , w h ic h is $ 2 0 ,8 2 0 ,0 0 0 .
e a r n in g s
la s t
yoar
w oro
A f t e r p a s s in g $ 7 ,6 7 2 ,0 0 0
t o s u r p lu s a c c o u n t , in c r e a s in g t h a t it e m t o t h e 4 0 %
w a s p a id
to
th e
li m it , a b o u t 5 1 0 ,0 0 0 ,0 0 0
G o v e r n m e n t a s a fr a n c h is e t a x .
F o r 1 0 1 7 b u s in e s s t h e lo c a l r e s e r v e b a n k s h o w e d n e t e a r n in g s o f 2 8 . 2 % .
C h ic a g o F e d e r a l R e s e r v e B a n k s h o w e d n o t e a r n in g s f o r 1 9 1 8 o f $ 6 ,8 0 5 ,
0 8 1 , o r 0 0 .8 % o f it s p a id - in c a p it a l o f S I 1 ,1 8 5 ,0 5 0 .
A fte r p a y in g d iv i
d e n d s , $ 3 ,1 0 0 ,2 2 3 w a s t u r n e d o v e r t o t h e G o v e r n m e n t a n d a n e q u a l a m o u n t
p a ss e d t o t h e s u rp lu s a c c o u n t .
PER C A P IT A I N C R E A S E I N S A V IN G S DEPOSITS I N
U N I T E D S T A T E S D U R IN G W A R .
An artielo dealing with tho “Increaso during the War
in Por Capita Savings for tho United States By States”
has been propared for tho latest issuo of tho “Bulletin” of
tho American Institute of Banking. It shows that tho in
crease per capita during the four years has boon lowest in
tho Eastern States—10.7%, while in tho Southern Statos
tho incroase—44.9%—is four times that of tho Eastern
States. Tho Western States have tho highest percentage
of increaso— 101.1%. We quote the artielo in full below:
In
th o fin e w o r k
115
THE CHRONICLE
Ja n . 11 1919.]
th a t th o v a r io u s ch a p te rs o f th o I n s titu te h a v o d o n e
i n f u r t h e r i n g t h r i f t a n d i n c r e a s i n g t h o s a v in g s d e p o s i t s in t h o b a n k s , t h e r e
P UR CH A S E OF F A H Y S B U I L D I N G B Y FEDERAL
RESERVE B A N K OF N E W YORK.
The Federal Reserve Bank of New York announced yes
terday (Jan. 10) that it had entered into a contract with
Joseph Fahys & Co., manufacturing jewelers, to purchase
the Fahys Building, Nos. 52-54 Maiden Lane, and 29-31
Liberty Street. The Bank says:
T h i s is a t w e l v e - s t o r y f i r e p r o o f o f f i c e b u i l d i n g , a d j o u r n i n g o n
t h o p r o p e r t y a c q u ir e d b y t h o b a n k la s t s u m m e r .
th o
east
T h e a r e a o f t h is p r o p e r t y
is a b o u t 5 ,2 6 0 s q u a r e f e e t a n d it s a c q u is it i o n g iv e s t h e b a n k a p p r o x im a t e ly
3 8 ,0 0 0
s q u a re fe e t.
L ib e r t y S tre e t o f a p p r o x im a te ly
The
b u il d i n g is n o w
cern s
o c c u p ie d
by
50
fe e t a n d
is a b o u t
105
m a n u fa c t u r in g je w e le r s , In su ra n ce c o n
a n d la w y e r s .
T h o n e g o tia tio n s w e r e c o n d u c t e d b y
th o
Lane
feet deep.
T h e F a h y s B u ild in g h a s a fr o n t a g e o n M a id e n
and
F ed eral
R eserve
B ank,
and
H o r a c e S . E ly & C o ., r e p re se n tin g
C h a r le s
F.
N oyes
C o .,
a g e n ts
fo r
th e
b u ild in g .
W h ite
F le m in g
& C a s e w e r e t h e a tto r n e y s r e p r e se n tin g t h o b a n k
&
W h ittle s e y
rep resen ted
th e
and
O sborn e,
s e lle r s .
T h o b a n k h a s n o t d e c id e d u p o n th e d a t e fo r c o m m e n c in g th e c o n s t r u c
t io n
o f its n o w
b u ild in g a n d
a s n o p la n s f o r t h e n e w
b u ild in g h a v e
been
be
p r e p a r e d , n o d e c is io n h a s b e e n r e a c h e d a s t o t h e m e t h o d o f tr e a t m e n t t o
a c c o r d e d t h e F a h y s B u ild in g .
•
is a n a t u r a l fe e lin g o f c u r io s it y a s t o w h e th e r s u c h e ffo r t s h a v o b e e n fr u it fu l.
T h o f a c t is t h a t , t h e s a v i n g s o f t h e p a s t f o u r y e a r s h a v o b e e n g r e a t e r t h a n
in a n y p r e v io u s s im ila r p e r io d .
A n i n c r e a s o in s a v i n g s i s b e s t i n d i c a t e d b y r e d u c i n g t h e s u m t o t a l s t o a
p e r c a p it a b a s is .
t h r ift b y s a v in g s
I n t h is w a y w o a re a b le t o d e t e r m in e t h o c o m p a r a t iv e
o f t h o v a r io u s S ta te s a n d b y g r o u p s o f S ta te s .
The
f o l l o w i n g t a b lo s h o w s t h e p e r c a p it a s a v in g s in b a n k s , t r u s t c o m p a n ie s a n d
w a s s a v in g s b y
S ta tes fo r
1914 an d
1 9 1 8 w it h t h o p e r c e n t a g e o f in c r o a s e
RE S IG N A T IO N OF ROLL A W E LL S , GOVERNOR OF F E D
E R A L RESERVE B A N K OF ST. LOUIS.
It was roported on Jan. 9 that Rolla Wells had resigned as
Governor of tho Federal Reserve Bank of St. Louis.
d u r in g s u c h p e r io d :
P e r C a p ita
1914.
N e w E n g la n d S ta tes—
M a i n o _______________
..$ 2 0 1
N e w H a m p s h i r e _______________ 2 4 5
V e r m o n t __________________________ 2 4 4
M a s s a c h u s e t t s __________________ 2 4 0
R h o d e I s l a n d .................................. 2 5 8
C o n n e c t i c u t ____________________ 2 8 8
81
39
07
91
31
80
..$ 2 4 5 7 8
E a s t e r n S la te s —
. . $$222266 3 2
N o w Y o r k ...........................................
N e w J e r s e y _____________________. . 1 1111 88 44
. . 110011 8 5
P e n n s y l v a n i a _____________________
..
7777 8 9
D e l a w a r e ________________________
... 111133 7 6
M a r y l a n d __________________________
3311 113
W a s h i n g t o n , I J . C ____________
3
..$ 1 5 7 2 5
S o u th e r n S ta les—
..
V i r g i n i a _________________
..
W e s t V i r g i n i a _________
..
N o r t h C a r o l i n a _____
..
S o u t h C a r o l i n a ----------..
G e o r g i a ...............................
..
F l o r i d a __________________________
._
A l a b a m a _________________________
..
M i s s i s s i p p i _____________________
._
L o u i s i a n a _______________________
..
T e x a s . ____________________________
..
A r k a n s a s _________________________
..
K e n t u c k y _______________________
._
T e n n e s s e e _______________________
.
$31
52
17
29
17
19
13
9
23
5
7
21
17
S18 45
M i d d l e W e s t S ta tes—
.. $85
O h i o _________________________________
I n d i a n a __________________________
44
..
I l l i n o i s ..................................................
82
..
6
M i c h i g a n _______________________
90
..
W i s c o n s i n _______________________
74
M i n n e s o t a _____________________. .
92
. 1 11 144
I o w a _______________________________
..
M i s s o u r i _________________________
44
..
89
08
20
24
5„ 3
50
02
20
12
11
20
08
37
68
0
57
30
18
1
8
88
51
83
77
$72 48
W e s t e r n S ta tes—
.. $34 64
N o r t h D a k o t a _______
7 7_____
02
S o u t h D a k o t a ______________
..
63 82
N e b r a s k a _______________________
0
..
29 43
K a n s a s __________________________
..
M o n t a n a _________________________
62 05
..
W y o m i n g _______________________
8 0 61
..
62 33
..
20 66
..
10 57
..
$ 3 8 21
P a c i f i c S ta les—
____ __
. . 6$ 06 00 10 1
W a s h i n g t o n ____________________$
..
46 03
. . 198 74
._
2 8 22
..
75 06
..
68 44
..
33 85
..$ 1 2 2 66
P e r C a p ita
1918.
$244
297
338
291
285
377
10
03
43
99
12
59
$ 2 9 5 93
$245
150
106
117
145
75
P ercen ta g e
In crea se.
_
2 0 .9 %
2 1 .3 %
3 8 .7 %
2 1 .0 %
1 0 .3 %
3 0 .7 %
P e r C a p ita
W a r S a v in g s .
2 0 .3 %
$8 34
88
77
65
71
25
74
8 -6 %
3 4 .8 %
4 .7 %
5 1 .1 %
2 7 .7 %
1 4 3 .3 %
$ 1 7 4 14
1 0 .7 %
$44
68
24
33
28
39
13
19
30
10
11
28
28
89
92
24
49
14
20
73
29
04
10
06
11
64
4 1 .1 %
3 2 .3 %
4 0 .9 %
5 7 .7 %
6 0 .5 %
1 0 1 .1 %
5 .4 %
1 0 8 .5 %
2 5 .6 %
9 7 .0 %
5 3 .0 %
3 3 .3 %
6 4 .2 %
$ 2 6 .7 3
4 4 .9 %
$8
9
10
5
7
8
$6
5
6
8
5
13
15
<50
98
10
62
59
77
02
72
28
27
38
$7 57
$5
10
6
3
3
5
3
5
6
8
5
7
7
18
25
01
78
60
49
67
56
03
47
56
88
68
$ 6 14
70
61
52
47
91
14
46
92
5 0 .2 %
4 0 .2 %
2 5 .7 %
6 5 .4 %
4 5 .4 %
5 9 .0 %
4 7 .5 %
2 0 .4 %
$14
12
8
5
10
9
12
11
$100 97
3 9 .3 %
$10 58
$128
62
103
150
108
147
169
53
$131
137
101
49
146
101
96
33
26
55
15
61
01
09
38
06
29
88
2 7 9 .1 %
7 7 .8 %
5 9 .3 %
6 6 .1 %
1 3 5 .4 %
2 5 .7 %
5 4 .1 % '
0 1 .1 %
1 5 4 .3 %
$0
13
20
12
11
8
10
4
7
54
40
03
75
42
00
32
50
51
81
62
84
23
20
20
64
81
$76 78
1 0 1 .1 %
$10 65
$87
69
244
61
108
116
171
52
08
22
22
54
50
84
4 5 .8 %
5 0 .0 %
2 2 .8 %
1 1 0 .9 %
4 4 .6 %
7 0 .2 %
4 0 7 .6 %
$12
13
10
7
9
11
8
$170 05
4 6 .9 %
04
15
65
62
28
42
91
$10 44
$113 45
2 7 .3 %
. . $89
$ 8 91111
$8 95
U nited States....................
It m ay bo observed that tho per capita increaso in tho Eastern States
during tho past four years, where tho volum o o f total savings is tho greatest
in tho cou ntry, tho increaso per cent is tho lowest or 1 0 .7 % . T ho Southern
States which havo often been derided for tho im providence o f their people
have increased in savings m ore than four times that o f tho Eastern States
or 4 4 .9 % , and m ore than twice as much as tho N ew England States which
havo b y far a m uch larger percentage of savers to population. T ho M iddlo
W estern States havo increased 3 9 .3 % , while tho W estern States havo
tho highest percentage o f any, or 1 01.1% . T ho South, tho M iddle W est
and W est havo saved vastly m ore proportionately in tho last four years
than during any other four year period. T ho establishment o f savings
departm ents in com m ercial banks and trust com panies seems to bo account
able for such result.
F or tho purposo o f com parison wo also includo tho per capita war savings.
H ero tho W est and M iddle W est have also increased greater than tho
N ow England and Eastern States. Tho N ew England and Eastern
Statos are retrogressing In savings, whilo tho other States o f tho Union seem
to bo progressing b y leaps and bounds. Tho form er-nam ed States havo
increased in am ount less than tho interest com pounded semi-annually
addod on tho books o f tho banks.
M IL T O N W . H A R R IS O N .
E L E C T IO N OF OFFICERS OF F ED ERAL RESERVE B A N K
OF N E W YORK.
At a meeting of the directors of the Federal Reserve Bank
of Now York, on Jan. 8, Leslie R. Palmer, who was in
December re-elected by the member banks of Group Three,
George Foster Peabody, who has been reappointed by the
Federal Reserve Board, and Charles Smith, of Oneonta,
N. Y., who was recently elected as a Class A director to
tako the place of Franklin D. Locke, of Buffalo, whose
term of office expired Dec. 31, became directors for a term
of threo years. The Federal Reserve Bank also announces
that tho Federal Reserve Board at Washington has desig
nated PieiTo Jay as Chairman and George Foster Peabody
as Vice-Chairman of the Board for the ensuing year, both
of these being reappointments. Benjamin Strong has been
re-elected Governor; the only changes among the officers are
the election as Assistant Cashiers of William A. Hamilton,
formerly in the bond department; Jay E. Crane, formerly
in tho foreign exchange department, and Charles H. Coe,
formerly in tho transit department. The following is the
complete roster of officers elected by tho board this week:
G i l b e r t E . C h a p i n , A s s i s t a n t C a s h ie r .
B e n b a m in S t r o n g , G o v e r n o r .
J . W i l s o n J o n e s , A s s i s t a n t C a s h ie r .
W i lli a m W o o d w a r d , D e p u t y G o v e r n o r .
A d o l p h J . L in s , A s s i s t a n t C a s h ie r .
R o b e rt I I . T rem a n , D e p u ty G o vern or.
W a l t e r B . M a t t e s o n , A s s is t a n t C a s h ie r .
J . H erbert C ase, D ep u ty G overn or.
L e s lie I t r R o u n d s , A s s i s t a n t C a s ld e r .
J a m e s F . C u r t is , D e p u t y G o v e r n o r .
I . W a r d W a t e r s , A s s i s t a n t C a s h ie r .
L o u is F . S a ile r , D e p u t y G o v e r n o r .
J o h n E . R a u s c h , A s s i s t a n t C a s h ie r .
L a u r e n c e I I . H e n d r ic k s , C a s ld e r .
E d w i n R . K e n s e l, M g r . o f I n v e s t m e n t s . W i lli a m A . H a m i l t o n , A s s is t a n t C a s h ie r .
J a y E . C r a n e , A s s i s t a n t C a s h ie r .
J o s e p h D . H ig g in s , A s s i s t a n t C a s h ie r .
C h a r le s H . C o e , A s s i s t a n t C a s ld e r .
A r t h u r W . G i l b a r t , A s s i s t a n t C a s h ie r .
• The board has continued James F. Curtis as counsel of
tho bank and appointed Howard M. Jefferson as Auditor
and Dudley IJ. Barrows as Secretary of the board of direc
tors.
A M E R I C A N BA N K E RS ' A SSOCIATION APPOIN TS
C O M M I T T E E TO FUR TH ER INT ERESTS
OF M E R C H A N T M A R I N E .
Robert F. Maddox of Atlanta, Ga., President of the
American Bankers’ Association, has appointed a committee
of fifteen prominent bankers to serve as a Committee on
Commerce and Marine to further tho interests of the mer
chant marine of the United States. The Committee ap
pointed carried out the action of tho American Bankers’
Association taken at its recent Chicago convention, in which
the Association pledged itself “to support by every means
in its power the development of export trade, to encourage
manufacturers to enter upon this field of distribution, and
to provido as rapidly as possible adequate facilities for financ
ing export operations sufficient to meet every reasonable
demand that may arise.” Robert F. Maddox, President
Atlanta National Bank, Atlanta, Ga., heads tho Com
mittee. The other members are:
Lowls E . Pierson, Chairman o f B oard Irving N ational B ank, N ew
Y o rk , N . Y .
Charles n . Sabin, President Guaranty Trust C om pany, N ew Y o rk , N . Y .
John M cH u gh , Vice-President M echanics’ & M etals’ N ational Bank,
N ow Y o rk , N . Y .
Fred I . K en t, Vice-President Bankers' T rust C om p any, N ew Y o rk ,
N. Y.
D aniel G . W ing, President First N ational B ank, B oston, M ass.
A rthur R eynolds, Vice-President Continental Sc Com m ercial N ational
B ank, C hicago, 111.
W illiam A . L aw , President First N ational Bank, Philadelphia, Pa.
F . O. W atts, President T hird N ational B ank, 8 ». Louis, M o .
lie
THE CHRONICLE
[V ol . 108.
C h a r le s A . I lln s c h , P r e s id e n t F if t h - T h i r d N a t io n a l B a n k , C in c in n a t i, O .
m um .
T hom as
8 1 2 5 ,9 0 0 ,0 0 0 .
w h ic h is t h e la r g e s t a m o u n t o f o r d in a r y d is b u r s e m e n t s f o r
a n y o n o d a y in o u r h i s t o r y .
In r e d u c in g th o m in im u m a m o u n t o f b o n d
B .
R ic h m o n d ,
John
M cA d am s,
V ic e -P r e s id e n t
M erch a n ts’
N a tio n a l
Bank,
Va.
E . B o u d e n , J r ., P r e s id e n t W h it n e y -C e n t r a l N a t io n a l B a n k , N e w
O r le a n s ,
Jam es
La.
J. Fagan,
R obert
C rock er
N a tio n a l
B ank,
San
F ran
fr o m
M onday,
S 7 5 0 .0 0 0 .0 0 0
to
L.
H a rp er,
P r e s id e n t
D is tr ic t
N a tio n a l
B ank,
W a s h in g t o n ,
H a m ilt o n ,
P r e s id e n t
A m e r ic a n
G u a ra n ty
(jo m p a n y ,
C o lu m
O.
In announcing the appointment of tho Committee the
Association says:
T h is C o m m it t e e w ill h a v e a m o s t im p o r t a n t fu n c t io n
th o
r e s o lu tio n
w as
p assed
by
th o
A s s o c ia t io n
to p e r fo r m , fo r ,
n e a r ly
tw o
m on th s
b e f o r e t h o s ig n in g o f t h e a r m is t ic o , t h o s iz e o f t h o p r o b le m t o b o s o lv e d h a s
in n o w is e d im in is h e d
b e c a u s e o f th o e n d in g o f th o w a r .
T h o m erch an t
m a r i n o p l a c e d in A m e r i c a n g r a s p , a s a r e s u l t o f t h o d e m a n d s o f w a r , r iv a ls
in t o n n a g o t h o m e r c h a n t f l e e t o f G r e a t B r it a i n a t t h e b e g i n n in g o f t h o w a r ,
w h ile a t t h o s a m e t im o o u r I n d u s t r ie s in m a n y lin e s h a v e in c r e a s e d t h e ir
p r o d u c t iv e c a p a c it y fa r b e y o n d th e p e a c e d e m a n d s o f th o c o u n t r y .
P r o fit
a b le u s e o f t h is n e w ly a c q u ir e d
and
th e se n e w
Jan.
6,
w ero
$ 0 0 0 ,0 0 0 ,0 0 0
m ore
and
th a n
o ffe r in g
at
m e e t its c a s h r e q u ir e m e n t s a n d a t th o s a m e t im o t o r e d u c o t h o a m o u n t o f
W h ile th e o ffe r in g o f b o n d c e r t ific a t e s w ill c lo s e o n
s o t f o r c l o s i n g t h o is s u e o f t a x c e r t i f i c a t e s .
John
w h ile
o ffe r e d
fo r
c e r tific a te s s o ld d ir e c t ly t o th e b a n k s .
N .
C.
bu s,
c e r tific a te s
d is b u r s e m e n t s
th o s a m e t im o a lim ite d a m o u n t o f t a x c e r t ific a t e s th o T r e a s u r y h o p e s t o
V ic o -P r e s id e n t
c is c o , C a l.
D .
O r d in a r y
in s t r u m e n t a lit y o f t r a n s p o r t a t io n
c h a n n e ls o f p r o d u c t io n
d e p e n d s e n tir e ly
in
th o o p in io n
of
J a n . 2 1 , n o d a t e Is
T a x c e r t ific a t e s s h o u ld m a k e a
b r o a d a p p e a l t o th o s e w h o h a v e in c o m e a n d p r o fit s ta x e s t o p a y .
th o e x is t in g la w , in c o m e a n d
p r o fits ta x e s a r o p a y a b le o n
Juno
U nder
15.
An
in s t a l l m e n t o f s u c h t a x e s is p a y a b l o o n J u n o 1 5 u n d e r t h o p e n d i n g r o v e n u o
b i l l a s p a s s e d b y t h o S e n a t e a n d i t i s b e l i e v e d t h o a c t i o n o f t h o S e n a t e in
t h is r e s p e c t w ill b o a c q u ie s c e d
in .
U n d e r p e n d in g r o v e n u o b ill a s p a ss e d
b y t h e H o u s e a n i n s t a l l m e n t o f i n c o m e a n d p r o f i t s t a x e s is p a y a b l e o n M a y
15 a n d th o c e r t ific a t e s n o w o ffe r e d w o u ld b o a v a ila b le o n t h a t d a t e i f t h a t
d a t e w e r e a d h e r e d t o in t h e la w a s f i n a l l y e n a c t e d , s o t h a t , in a n y e v e n t ,
t h is
is s u e
o f c e r t ific a t e s
ta x p a y ers.
It
is
best
to
fu rth e r
e ffo r ts
s h o u ld
hoped
th a t
th o
bo
c o n v e n ie n t ly
banks
s a le
and
tru st
o f th e so
a v a ila b le
fo r
c o m p a n ie s
c e r tific a te s ,
th o
w ill
th u s
use
of
uso
th e ir
e n a b lin g
th otr
c u s t o m e r s t o p r e p a r e in a d v a n c e f o r t h o h e a v y t a x p a y m e n t s a n d a s s i s t i n g
t h o G o v e r n m e n t t o m e e t its c u r r e n t r e q u ir e m e n t s .
o f th o
b a n k e r s , u p o n n a tio n a l r e c o g n it io n o f th e n e e d fo r a c q u ir in g fo r e ig n m a r
k e t s f o r o u r p r o d u c t s a n d o f in t e llig e n t ly a d a p t in g A m e r ic a n in d u s t r ie s t o
m eet
th e
dem ands
of
su ch
m a rk e ts.
A D V A N C E S TO RAIL RO ADS B Y
CORPORATION.
WAR
FIN AN CE
In accordance with a decision reached by tho War Financo
Corporation and tho Railroad Administration for tho use of
th.o Corporation’s funds for making loans to tho railroads
under Government control, it was announced on Jan. 9
that tho Corporation had up to that date advanced to tho
railroads a total of $35,050,000. Advances were made to
six roads, and the largost single loan was $11,500,000 to the
Chicago Milwaukee & St. Paul road, and tho next largost
$9,700,000 to tho Chicago Rock Island & Pacific line.
Other loans were: Baltimore & Ohio, $5,450,000; Southorn,
$6,000,000; Illinois Central, $1,500,000, and Central of
Georgia, $900,000.
■
V I E W S OF SECRETA RY OF T R EA S U RY GLASS
M A K I N G STATE B A N K S GOVERNMENT
DEPOSITARIES.
ON
SUBSCRIPTIONS TO TH IR D OFFERING OF T R EA S U RY
C E R T IFIC ATE S I N A N T I C I P A T I O N OF F IF T H
L IB E R T Y LOAN.
. The third offering of Treasury certificates of indebtedness
issued in anticipation of the Fifth Liberty Loan wore over
subscribed to tho extent of $1,684,500; tho minimum amount
offerod was $750,000,000, while tho subscriptions aggregated
$751,684,500. Tho Now York, Chicago, St. Louis, Minne
apolis and Philadelphia Fodoral Rosorvo districts, it is
announced, oversubscribed their quotas, while tho other
districts fell slightly under. The results by Federal Rosorvo
districts arrangod in tho order of tho percentage of sub
scription of their quotas are as follows:
Q u o ta .
S u b s c r ip tio n s .
N o w Y o r k .............................................
-8 2 5 4 ,0 0 0 ,0 0 0
8 3 0 0 ,9 7 7 ,5 0 0
C h i c a g o ............ .. ...................................
1 0 5 ,0 0 0 ,0 0 0
1 0 8 ,6 4 7 ,0 0 0
S t . L o u i s .........................................................................................
M i n n e a p o l i s .................. . .........................................................
3 0 ,0 0 0 ,0 0 0
3 0 ,9 2 7 ,0 0 0
2 6 ,0 0 0 ,0 0 0
P h i l a d e l p h i a .................................................................................
2 6 ,5 0 0 ,0 0 0
5 3 ,0 0 0 ,0 0 0
5 3 ,3 0 0 ,0 0 0
C l e v e l a n d ....................
6 8 ,0 0 0 ,0 0 0
6 6 ,2 5 0 .0 0 0
B o s t o n ______________ r ................................................................
6 5 ,0 0 0 ,0 0 0
6 0 ,1 5 4 .5 0 0
S a n F r a n c i s c o ............................................................
5 3 ,0 0 0 ,0 0 0
4 5 ,0 0 0 ,0 0 0
R i c h m o n d ......................................................................................
2 6 ,0 0 0 ,0 0 0
1 9 ,5 7 1 ,0 0 0
A t l a n t a . . ......................................................................................
2 2 ,0 0 0 ,0 0 0
1 5 ,2 6 5 ,5 0 0
K a n s a s C i t y ............... ......................................
3 0 ,0 0 0 ,0 0 0
1 9 ,0 5 0 ,5 0 0
A suggestion by J. A. Gray of tho Wachovia Bank & Trust
Co. of Winston-Salem, N . C., that Stato banks and trust
companies bo mado gonoral depositaries for Government
funds meets with tho approval of Secretary of tho Treasury Subscriptions to this issue wore rccoivod up to tho 7th inst.;
CartorGlass in so far as temporary deposits aro concerned. tho certificates, which bear 4 ]/z% intorost, aro datod Jan. 2
Secretary Glass has indicated his viows with regard to tho and are payable Juno 3. As notod abovo, a now offering
proposal in tho following letter addressed to Sonator Simmons: (tho fourth) of cortificatos of indobtodnoss, for a minimum
amount of $600,000,000, was announced this wook; the
minimum amount sought in tho first offering was also
$600,000,000, as compared with $500,000,000 in tho second
offoring.
D a l l a s .........................
1 8 ,0 0 0 ,0 0 0
5 ,7 1 4 ,0 0 0
_________
3 2 7 ,5 0 0
T o t a l .......................................................................................... 8 7 5 0 . 0 0 0 , 0 0 0
$ 7 5 1 ,6 8 4 ,5 0 0
T r e a s u r y ________________________________________________
I r e c e iv e d y o u r le t t e r o f J a n . 3 , w it li th o e n c lo s e d c o p y o f a le tte r d a te d
D e c. 27
1918 fr o m
Jam es A .
G ray,
V ic o -P r e s id o n t a n d
T rea su rer o f th o
W a c h o v ia B a n k & T r u s t C o ., W in s t o n -S a le m , N . C . , s u g g e s tin g t h a t S ta te
banks
and
tru st
c o m p a n ie s
as
w e ll
as
n a tio n a l
g e n e r a l d e p o s ita r ie s fo r G o v e r n m e n t fu n d s .
banks
s h o u ld
bo
m ado
I a m in f a v o r o f t h e e x t e n s io n
a f t e r t h e w a r o f t h e e x is t in g a u t h o r it y t o m a k o t e m p o r a r y d e p o s it s in S t a t o
banks
and
t r u s t c o m p a n ie s a s w e ll a s n a t io n a l b a n k s o f t h o p r o c e e d s o f
G o v e r n m e n t lo a n s a n d
in c o m e
and
p r o fit
ta x es.
I s h o u ld b o o p p o s e d , h o w e v e r , t o e n la r g in g t h e c la s s o f p e r m a n e n t r e g u
la r
G overn m en t
d e p o s ita r ie s .
It
has
been
th e
p o lic y
e v e r s in c e t h o c r e a t io n o f oh o F e d e r a l R e s e r v e s y s te m
num ber
excep t
The
o f n a tio n a l b a n k
in s o f a r
d e p o s ita r ie s ,
a s a b s o lu te ly
c o n c e n t r a t io n
o f th o
th o
th o
n ot to
T reasu ry
in c r e a s o t h o
a m o u n t o f th e ir
d e p o s its
n e c e s s i t a t e d b y t h o G o v e r n m e n t ’s b u s in e s s .
G o v e r n m e n t ’s b a la n c e s
b a n k s w ill b e a r e a l e c o n o m y
e n lig h te n e d p o lic y .
nor
of
in
th o
F ederal
R eserve
t o t h o G o v e r n m e n t a n d in a c c o r d a n c e w it li
T h e r o is n o r e a l n e e d o f r e g u l a r G o v e r n m e n t d e p o s i
t a r ie s , e x c e p t in t h o s e r e la t i v e ly f o w p la c e s w h e r o t h o G o v e r n m e n t h a s t o
w it h d r a w la r g o a m o u n t s in c a s h t o m e e t p a y r o ll s , & c .
On
th e o th e r h a n d , t h o a u th o r ity
to
m ak o su ch
te m p o r a r y d o p o s its as
h a v o b e e n m a d o d u r in g t h o p e r io d o f th o w a r w it li n a tio n a l a n d S ta to b a n k s
a n d t r u s t c o m p a n i e s is v e r y i m p o r t a n t , i n d e e d , t o p r o v o n t m o n e y s t r i n g e n c y
' a t m o m e n t s w h e n t h o r e c e ip t s o f th o G o v e r n m e n t a r o la r g o , a n d t h is a u t h o r
it y s h o u ld b o c o n t in u e d .
a p p r o p r ia t e le g is la t io n
I c o n t e m p la t e s u b m it t in g t o y o u
to
in d u e c o u r s o
th a t en d .
FOURTH OFFERING OF TR E A S U R Y CE RT IFIC ATE S I N
A N T I C I P A T I O N OF F IF T H L IB E R T Y LOAN.
Two now offerings of Treasury certificates of indebtedness,
ono in anticipation of tho Fifth Liberty Loan and tho other
in anticipation of taxes, were announced by tho Treasury
Dopartmont on Jan. 8. Tho certificates in this week’s
offering which will bo acceptable as payment for tho coming
Liberty Loan represent the fourth offering in anticipation
of that loan. A minimum of $600,000,000 is offered, tho
new certificates boaring date Jan. 16 and maturing Juno 17;
they will carry 4>6% interest; subscriptions will close Jan.
21. Concerning this week’s offoring Secretary of tho
Treasury Glass said:
Tho
T reasu ry
d e b te d n e ss,
a c c e p t a b le
one
in
is
a n n o u n c in g
a c c e p t a b le
paym ent
of
in
tw o
s e r ie s o f
paym ent
ta x e s.
of
T reasu ry
bond
O f cou rso,
b o th
c e r tific a te s
s u b sc r ip tio n s
s e r ie s
a ro
of
and
in
one
a b s o lu te ly
TH IR D IS S U E OF T R E A S U R Y CE RT IF IC ATE S I N
P A Y M E N T OF
TA XES.
1919
A new issue of Treasury cortificatos of indobtodnoss
acceptable in paymont of incomo and oxcoss profits taxos
next Juno was offered this week by tho Treasury Dopartmont.
This is the third offoring of cortificatos in anticipation of
this yoar’s taxes; tho second issue was dated Nov. 7 1918,
and is duo March 15 1919. Tlioy boar interest at 4 /x2 %
against tho 4%, which had obtained in tho caso of tho first
isguo dated Aug. 20 1918 and payablo July 13 1919. The
present offering is for an indefinite amount; tho now issue
of certificates, which will bear 4J^% intorost, will bo datod
Jan. 16 and will mature Juno 17. In its announcement of
Jan. 8 concerning tho now tax certificates the Fodoral
lloservo Bank of Now York says:
Tho
T reasu ry
on
bond
and
is
s im u lt a n e o u s ly
ono
a c c e p ta b le
a n n o u n c in g
th o c e r tific a te s a c c e p ta b le
in
paym ont
of
tw o
d is tin c t
The
in p a y m e n t o f t a x e s .
T h e S e c r e ta r y o f T r e a s u r y o ffe r s fo r s u b s c r ip tio n s th r o u g h
R eserve ban k s at par an d a ccru od
ta x e s.
th o F ed era l
in te r e s t a lim ite d a m o u n t o f T r e a s u r y
c e r t i f i c a t e s , k n o w n a s S e r i e s T - 2 , d a t e d J a n . 16 1 9 1 9 , p a y a b l o J u n o 1 7 1 9 1 9 ,
w it h in t e r e s t a t t h o r a t e o f 4 4 $ %
per annum .
in te r e s t f o r c e r t ific a t e s a ll o t t e d
m ust be
P aym ont at par and accru ed
m ado on
a llo tm e n t.
Jan.
16
1 9 1 9 , o r la t e r
,
C e r t i f i c a t e s o f t h is s e r ie s w i l l li e a c c e p t e d a t p a r w i t h a n a d ju s t m e n t o f
a c c r u e d in t e r e s t d u r in g s u c h t im o a n d u n d e r s u c h r u le s a n d r e g u la t io n s a s
s h a ll b o p r e s c r ib e d o r a p p r o v e d b y t h o S e c r e t a r y o f t h o T r e a s u r y in p a y m o n t
o f in c o m e a n d p r o fit s ta x o s w h e n p a y a b lo a t o r w ith in 6 0 d a y s b e fo r e th o
m a t u r it y o f t h e c e r t ific a t e s .
C e r t i f i c a t e s o f t h i s s e r ie s w il l n o t b o a c c o p t c d
in p a y m e n t o n b o n d s u b s c r ip t io n s .
T reasu ry
Jan.
c e r t ific a t e s
16 a n d
Jan.
30,
o f t h o t a x s e r ie s o f
c o u p o n s a tta ch e d
I n te r e s t in
fo r b o n d s o r ta x es.
o ffe r e d
s u b sc r ip tio n s,
fo llo w in g r e fe r s t o
p a y a b l e i n c a s h i f t h o o w n e r d o e s n o t e l e c t t o m a k o u s e o f t h e m in p a y i n o n t
T h o T r e a s u r y ’s c a s li r o q u lr e m o u t s a r o a t t h e ir m a x i
D ep a rtm en t
s c r i e s o f T r e a s u r y c e r t i f i c a t e s o f i n d e b t e d n e s s , o n o a c c e p t a b l e in p a y m e n t
in d e b t e d n e s s
s h a ll
of
and
1 9 1 9 , m a tu r in g J u ly
w ill b e a c c o p t e d
paym ent
w h ic h
of
r e s p e c tiv e ly ,
fo r
bo
any
15, w ith
a t p a r w ith
c e r t ific a t e s
s u b s c r ib e d
S e r ie s 4 - F
fo r
and
4 -G
c e r t ific a t e s c a r r y in g
a ll u n m a t u r e d
in t e r e s t
in te r e s t
a n a d ju s t m e n t o f a c c r u e d
at 44$%
and
m a tu r in g
4%
o f th o
a llo t t e d .
S e r ie s T - 2
now
Jan . 11 1919.]
117
THE CHRONICLE
SECRETARY OF TREASURY GLASS CALLS UPON
BANKERS TO OVERSUBSCRIBE TREASURY CER
TIFICATES TO MEET WAR EXPENSES.
In urging tho bankers of tho country to oversubscribe
the current and future issuos of Treasury certificates of
indobtodnoss, Secrotary of tho Treasury Carter Glass, in a
tolograin to tho Governors of the Federal Reservo banks
on Jan. 3 called attention to tho bills which aro pouring into
the Treasury on account of war oxponditures and statod
that “the welfare of the pooplo doponds no loss in poaco than
in war upon tho maintenance of tho Government’s crodit.’’
Tho following is tho telegram in full:
Tho actual cash outgo from tho Trasury during tho six months ended
Doc. 31, excluding transactions In tho principal o f tho public dobt, was
$10,032,000,000. In tho month of December alone such actual cash outgo
was $2,000,000,000. This is tho highest figuro over reached during tho
period of tho war.
America had almost reached tho peak of production o f war materials
and supplies at tho moment when tho armistice was signed. Her unstinted
effort in men and material undoubtedly had decisivo effect in bringing tho
war to an early conclusion. Tho bills aro now pouring in which requiro tho
Government to pay tho price of this groat effort. The money paid to tho
Government creditors will find its way promptly back into the channels
of eommerco and trade and peaceful enterprise, and back into tho deposits
of tho banks. The welfaro o f tho people depends no less in peace than in
war upon tho maintenance o f the Government’s credit. Wo shall not
shame ourselves in tho eyes of our bravo soldiers as thoy return from tho
battlefields of France by failure to support tho credit of tho country for
which thoy wero willing and ready to die.
The war is won; tho war bills must bo paid. Tho welfare and prosperity
of this fair land o f ours can only be preserved if the war expenditures of tho
Government, now at their maximum, are promptly and ungrudgingly pro
vided. AVitli entire confidence, I call upon tho bankers of America to sub
scribe and oversubscribe the current Issuo of Treasury certificates and fu
ture issues, which must bo made bi-weekly in accordance with tho plan
outlined in Secretary M cA doo’s letter of Nov. 27.
35.000
WOMEN RAISED $94,303,000 IN NEW YORK
FEDERAL RESERVE DISTRICT FOR FOURTH
LIBERTY LOAN.
Women Avorkors, operating under tho direction of tho
Woman’s Liberty Loan Committeo, sold $203,383,850
worth of Fourth Liberty Loan Bonds in tho Second Foderal
Rosorvo District. This is shown by the report mado pub
lic this Aveok by tho Committeo. Throughout the district
tho policy of tho Woman’s Committeo Avas to obtain a largo
number of subscriptions ratlior than a large amount of
monoy. In tho Metropolitan District the field Avas so
thoroughly covorod by tho many organizations operating
under tho Contral Committee that tho Woman’s Committeo
dovotod itself largoly to propaganda and to supplying
trained Avorkors to supplement tho activities of tho mon
Avorkors. In parts of tho district outsido of N York
City tho Avomon conducted a distinct campaign of their
OAVn. Tho succoss of this campaign is shoAvn by tho fact
that tho total number of individual subscriptions crodited
to tho Woman’s Commiteo is 583,000. Of these, only
21.000 Avoro for amounts of moro than $500. Mrs. John T.
Pratt was Chairman of tho Woman’s Liberty Loan Com
mittee for tho Second Foderal Rosorvo District and also for
N
York State. Mrs. Courtlandt D. Barnes Avas Chair
man for tho Metropolitan District. There Avoro moro than
35.000 womon workers throughout tho district. Thoy Avoro
organized into 1,801 local organizations. In tho Motrojiolitan District tho total raised Avas $94,303,600. Most
of tho activities of tho Woman’s Committoo Avoro carried
out through booths. Tho reports for tho principal classes
of booths for Manhattan folloAv:
green and bears the face of Benjamin Franklin instead of George AA'ashington.
The 1919 stamps may bo purchased at any post office, bank, store or
otiier authorized agency during tho month of January at $4 12. The price
increases one cent a month until December, when it will be 54 23. The new
stamp comes due on Jan. 1 1924, in the sum of 55. The increase in value
represents about 4J£%, compounded quarterly.
It is a splendid investment, because if a holder is in need of money, he
can tako his stamps to the post office and in ten days receive what he
paid for them, less one cent a month. It is the only security in the world
which must increase in value.
Somo people ask what to do with their half-filled Thrift cards. The
answer is simple. The Thrift stamps are not changed, and all that they
have to do is to complete their cards and use them to purchase new AVar
Savings stamps of the issue of 1919.
The security is so good and the Government is so anxious to have the
stamps widely distributed, that it will not allow any person to buy more
than $1,000 of each issue.
RESIGNATION OF THOMAS B. LOVE AS ASSISTANT
SECRETARY OF TREASURY.
In making knoAvn tho resignation of Thomas B. Love
as Assistant Secretary of the Treasury Carter Glass, Secre
tary of the Treasury, gave out tho folloAving correspondence
passing betAveen himself and Mr. Love:
TREASURY D E PA RTM E N T.
W a sh in g to n , D ec em b e r
16 1918.
H o n . C a r te r G la s s , S e c r e ta r y o f th e T r e a s u r y :
M y D e a r M r . S e c r e t a r y — As
I advised you to-day, and as I advised M r.
M cAdoo immediately after tho armistice was signed, I feel that it is imper
ative for me to return to private life as soon as I can be relieved conven
iently.
I am sending you herewith my resignation, addressed to the President,
effective upon the qualification of my successor, in order that it may be
filed at such time as may be convenient to you, and I will bo obliged if
you can arrange for me to be relieved by Jan. 1.
I wish to tako this opportunity of again expressing my sincere gratifi
cation at your appointment as Secretary of the Treasury, and my unquali
fied desire to bo helpful in any way you may find possiblo at any time.
I have thoroughly enjoyed tho work I have been doing and am happy in
it, and none but imperative considerations could induce me to abandon it.
Assuring you of my very high regard, I am,
Sincerely yours,
TIIOS. B. LOVE, A s s i s t a n t S e c r e t a r y .
THE SECRETARY OF THE TREASURY.
W a s h i n g t o n , D e c e m b e r 21 1918.
M y D e a r J u d g e L o r e —By direction of the President, your resignation as
Assistant Secretary of the Treasury, dated Dec. 16, is hereby accepted to
take effect on the qualification of your successor. Tho resignation is
accepted only because I am constrained to think, after our recent conversa
tion concerning your health, that it would be unfair to further insist upon
your remaining. M y predecessor, Mr. M cAdoo, has apprised me of tho
invaluable work which you havo so faithfully performed as a member of the
Treasury staff, and I very much wish that I could further avail myself of
your services.
Trusting that rest and care may prove a sure restoration of health, beliovo me, with very best wishes,
Sincerely years,
CARTER GLASS.
H o n . T h o m a s B . L o v e , A s s i s t a n t S e c r e ta r y o f th e T r e a s u r y .
oav
oav
Class—
Subscriptions. N o. Bonds Sold.
Dopartmont storo--------------------------------------------- $975,100
4,253
Ilotol and restaurant.................................................28,781,800
30,321
Offlco building.......................................................... 1,742,700
4,417
Features...................................................................... 9,843,100
29,087
Foreign language.................
888,550
843
Post offlco...................................................................
449,300
3,517
Miscellaneous.................- ......... ................... ..........44,836,200
76,385
Tho Theatro Committeo reports a total o f $20,065,350 o f subscriptions.
1918 WAR SAVINGS
Vornon Munroo, Assistant Director of Government
Savings, on Jan. 7 issued a statement urging holders of 1918
War Savings Stamps to retain thorn until maturity in 1923,
wlion thoy can bo exchanged for their full faco valuo. Mr.
Munroo also explained tho noAV issuo of stamps for 1919.
Ilis statement Avas as folloAvs:
PUBLIC URGED NOT TO SELL
STAMPS.
The 1918 AVar Savings stamps, though no longer on sale, still have tho
same valuo as boforo, and no one should redeem them until duo. Their
maturity date Is Jan. 1 1923.
Tho 1918 AVar Savings certificate does not need to bo filled in order to
have valuo. This Is o f interest because many people apparently think thoy
should dispose of their AVar Savings stamps now for cash if their certificate
has not got Its full complement of twenty stamps.
Tho new AVar Savings stamp of tho issuo o f 1919 has been reduced in
size so that it Is just half as large as tho 1918 stamp. It is blue instead of
WAR REVENUE BILL IN CONFERENCE.
Conferences on the Avar rovonuo bill Avero not begun until
Wednesday of this Aveok (Jan. 8) instead of Monday as
planned, oAving to the absenco from Washington of some of
tho conferees. At the close of their initial session the
confereos announced that tho agreements reached on the
various sections Avould bo made public each day. They
also stated that their decisions as announced Avould bo final
and that protests Avould not bo entertained. On the 8tli
tho conferees agreed upon rates of surtaxes and normal
taxos on individual incomos as lovied by the Senate bill and.
upon the provision exempting State and municipal bonds
from Foderal taxation. It is pointed out in the N oav York
“Timos” that the income tax amendment accepted by tha
confereos on the 8th embraces a rate of 6% on the amount
of not income up to $4,000 for tho calendar year 1918, and
a rato of 12% for incomes above $4,000, Avith deductions of
$2,000 for married men and $1,000 for singlo men. After
1918 tho rate is fixed at 4% on the first $4,000 and 8%
abovo that amount. Tho Sonato surtax rates call for a
tax of 1% on incomos from $5,000 to $6,000, the tax running
up to 65% on incomos in oxcess of $1,000,000. In tho case
of tho House bill the rates (Avliich aro noAV displayed) range
from2%onincomesfrom$5,000toS7,500, to65% on incomes
ovor $5,000,000. On tho 9th inst. the conferees on the
part of the House agreed to the elimination of the 6%
differential betAveen divided and undivided profits in the
case of corporate income tax, under the agreement reached ,
by tho conferees on that day a flat income tax of 12% Avill
be paid by corporations on thoir 1918-19 earnings and 10%
(instoad of 8% as proposed by tho Senate) thereafter.
Tho confereos also adopted, substantially, the Senate pro
visions alloAving deductions, in calculating corporation
incomo taxes, of dividends received from other corporations.
They also approved tho Sonato provision exempting socalled personal service corporations from the corporation
tax rates, but added an amendment stipulating that Avliere
118
THE CHRONICLE
50% or more of a corporation’s income is derived from
Government contracts, exemption cannot be claimed. The
Senate receded from its amendment that income tax returns
be made* on the gross income basis of $1,000 or more and
agreed to the House provision that they be based on net
income. The Senate provision for the payment of taxes in
four installments, instead of 3 as proposed by the Houso,
was agreed to by the Houso conferees. The Senate definition
of dividends was also agreed to by the House conferees.
$100,000,000
P RE SID EN T W IL S O N 'S REQUEST FOR
TO RE L IE VE FOOD N E E D S I N EUROPE.
A request by President Wilson for an immediate approp
riation of $100,000,000 for the purpose of providing food
stuffs for the populations of Europe outside of Germany
was contained in a cablegram received by Secretary of the
Treasury Glass under date of Jan. 2 and made public on the
5th inst. Upon its transmission to Congress on the 4th by
Secretary Glass the House Appropriations Committee was
called upon by Chairman Sherley to meet on the 6th to con
sider the request. The Committee’s voto on the 6th approv
ing the recommendation is said to have been “very closo.”
Tho bill as agreed on by the Committee was reported
to the House on the 7th. Only fourteen of the twentyone members of the Committee were present at Mon
day’s meeting and one of these is said to have refrained
from voting. While no announcement has been made
as to the Committee’s stand, it is reported that the vote
was 7 to 6, with Chairman Sherley casting the deciding
vote. Some of those who are understood to have voiced
opposition to the proposed legislation are said to have
insisted that definite information should have been given
as to tho amount to be apportioned to the Allied coun
tries. It is also stated that they were understood to have
expressed doubt whether this country, in view of heavy
war taxes and another loan next spring, would approve
of the direct gift of any part of the money or be able to sus
tain added financial burdons. The motion to report the
bill favorably was made by Representative Cannon, Re
publican. Representative Cox, Democrat, urged that an
audit of expenditures be made mandatory, but his amend
ment striking out the provision requiring the audit- only
“where practicable” was lost, 6 to 5, three membors not
voting. As approved by the Committee the bill gives
the President discretionary authority in tho expendi
ture of the fund, which may be used as a revolving fund
until next June 30, and provides that while food shall bo
given free to starving pooplo unable to pay for it, “the ex
penditures shall be reimbursed so far as possible by the
governments or sub-divisions thereof of tho peoples to whom
the relief is furnished.
On the 7th both the Senate and House evidenced their
opposition to the measure. In the House consideration
of it was blocked by Representative Moore who refused
unanimous consent to take it up either on the 7th or 8th.
Chairman Sherley, however, made known his intention
to seek a special rule for its consideration on the 9th. On
that day, however, the House Rules Committee, by a vote
of 5 to 3, refused to report a rule for immediate considera
tion of the bill. It was stated yesterday that another
effort to secure the right of way for the measure would be
made to-day, the 11th. On the 7th also both Senators
Borah and Smoot announced that they would oppose the
measure unless more information regarding plans for the
use of the money was obtainable. Senator Borah was
quoted as saying:
I f we have no more information than is given in tho President’s messago
I, for one, will not voto for the appropriation. We are entitled to know
where this money is going, what peoples are to bo fed, and the plans and
methods o f carrying out tho project.
I shall not voto this $100,000,000 If it is to be expended by M r. Hoover
in the manner he oxponded funds in this country. I ’m not willing to vote
on generalizations. W e must have detailed facts.
[V
o l
. 108
but that many of these people are unable to find immediately resource3
with which to purchase tiieir food.
.
These regions havo been so subjected to destruction by war, not only of
their foodstuffs, but of their financial resources and their power of pro
duction and export, that they are utterly incapable of finding any resources
that can be converted into international exchango for food purchase. AVhile
the Secretary of the Treasury can accept obligations of certain Govern
ments, and through these measures their situations can bo cared for tem
porarily, there are still other areas through Eastern and Southern Europe
where such arrangements cannot bo made. This applies more particu
larly to the liberated peoples of Austria, Turkey, Poland and Western
Russia. In these countries freedom and government will slowly emerge
from chaos and require our every assistance.
The total shipments of foodstuffs from tho United States to all parts of
Europe during the next seven months will bo likely to exceed $1,500.000,000
and from our abundance we can surely afford to offer succor to these coun
tries destitute of resources or credit. The minimum sums upon which
this work can be carried on for tho noxt six months in the countries above
mentioned will amount to at loast $100,000,000 for such services and sup
plies as we can render, and oven this sum contemplates tho finding of
resources by so much of the population as can do so and much assistance as
can be given by the Allied Governments. Tho high mission of tho Ameri
can people to find a remedy for starvation and absoluto anarchy renders
it necessary that wo should undertake tho most liberal assistance to these
destitute regions.
The situation is one of extreme urgency, for foodstuffs must be placed in
certain localities within the next fifteen to thirty days if human lifo and
order are to be preserved. I, therefor, request that you should ask Con
gress to make available to mo an immediate appropriation of $100,000,000
for the broad purpose of providing foodstuffs and other urgont supplies,
for the transportation, distribution, and administration thereof to such
population of Europe, outsido o f Germany, as may be determined upon
by me from time to time as necessary.
I wish to appoal to the great sense of charity and good will of tho Ameri
can people toward the suffering, and to place this act upon a primarily
humanitarian basis of tho first magnitude. While tho sum of monoy is in
itself large, It is so small compared with tho expenditures wo havo under
taken in the hopeof bettering tho world, that it becomes a mere pittance
compared to the results that will be obtained from it, and tho lasting
effect that will remain in tho United States through an act of such broad
humanity and statesmanlike Influence.
HERBERT HOOVER M A D E DIRECTOR-GENERAL OF
I N T E R N A T I O N A L RELIE F O R G A N I Z A T I O N F I N A N C I A L PROBLEM IN V O LV E D .
In accordance with plans which it was announced in
November were under consideration, Herbert Hoover has
been named as Director-General of an International Relief
Organization to feed Allied, noutral and enemy people.
Mr. Iloovor has been appointed to the post by President
Wilson. Norman Davis, formerly on the staff of Oscar T.
Crosby, Special Commissioner of Finance for tho United
States in Europe, will serve as Mr. Hoover’s assistant.
Announcement of tho President’s appointments wero made
on Jan. 3 by the American Peace Commission, which states
that he acted under tho advice of the Allied Governments
that the United States take tho lead in directing the relief
measures. It is further announced that two representatives
of each Government will be named to securo the co-ordina
tion of food, finances and shipping resources in the solution
of the problems connected with the relief. The following is
tho statement issued by the Commission:
Upon President Wilson’s arrival the results of the investigations of the
United States and Allied Government officials into the food situation of the
liberated countries, neutral and enemy, wero laid beforo him. Slnco his
arrival, in addition to his discussion with the representatives of Great
Britain, France and Italy respecting the general peaco settlement, ho had
been advised with regard to tho conferences hold between tho Govern
ments concerning tho methods of organization for the relief of these popu
lations.
The Allies and the United States are in agreement that relief must be
furnished and that the working out of relief of this character on a large
scale necessitates unity of direction similar in character to that of the method
successful in the French and British command in tho operations o f tho Allies
on land and sea respectively.
Tho Allied Governments had advised tho President that they desired
that the United States should take tho load in the organization and adminis
tration of relief. Under this arrangement between the United States and
the Allied countries there are being appointed two representatives of each
Government to secure the co-operation of food, finances and shipping re
sources in the solution of the problems connected with tho relief.
The President has appointed M r. Herbert Hoover and Mr. Norman
Davis as the two American representatives in the council, and Mr. Hoover
will act as Director-General of the undertaking. Tho French Government
has .appointed M . Clementel, Minister of Commerce, and RI. Vllgrain,
Minister of Food, as their representatives. The British and Italian repre
sentatives havo not as yet been announced. The President has asked Mr.
noover to call the first meeting of the Council as quickly as the delegates
are named.
statement issued at the same time by Mr. Hoover told
President Wilson in his appeal states that “the situation notA only
the need of providing food for 125,000,000 per
is one of extreme urgoncy for foodstuffs must be placed in sons in theof liberated
territories, but of the broad eoonomio
certain localities within the next 15 to 30 days if human life problem involved. Wo quoto his statement herewith:
and order are to be preserved.” He also states that the Since my arrival in Europe I have been co-operating with the officials
the Allied Governments in an investigation of tho food situation, more
food shipments from the United States to Europe during ofparticularly
liberated regions. Wo havo made some investigation
the next seven months will be likely to exceed $1,500,000,000. of conditionsinin tho
Germany, but aro not yot prepared to como to any definite
The following is his message:
conclusions.
The President’s appeal was made public by M r. Shirley In the exact
form in which it was laid beforo him by Secretary Glass as follows:
Cablegram from the President received Jan. 2 1919.
Secretary o f State, Washington.
For the Secretary o f the Treasury from the President.
Extended investigation and consideration o f food situation In certain
parts o f Europe disclose that especially the urban populations in certain
areas are not only facing absoluto starvation during tho coming winter.
The population o f Germany certainly has enough stocks o f food to carry
on for a while, with the exception of fat supplies, which aro undoubtedly
very short and are developing some condition of dlsoaso and a groat doal
of social discontent.
The determination o f conditions and moasures nocossary to relieve the
liberated territories, however, must be our first concern. Those territories
comprise Belgium, Northern France, Trontlno,. Serbia, Montenegro,
Rumania, Szecho-Slovakia, Jugo-Slavla, Poland and Finland, and the
Jan . 11 1919.]
THE CHRONICLE
119
in Washington on Jan. 1 stated that the destruction wrought
by the German army is so complete that the relief work will
now include not only food and clothing but housing over a
considerable area. Since Jan. 1 1915, the Commission
for Relief in Belgium has transported food and clothing to
the occupied territory of northern France. These supplies
were distributed through a French agency, the “Comite
Francais,” made up of representatives from various towns
and districts. The French Government, it is stated, is
supplying some food from Franco to the Relief Commission,
and imports roquired from the United States amount to
about 30,000,000 pounds per month. The total food ship
ments from America for Belgium and northern France
amount to over 830,000,000 a month in value. Mr. Hoover’s
cablegram said in part:
Baltic States o f Russia, and Armonla and Syria, comprising altogether
populations aggregating probably 125,000,000 persons.
Under enemy occupation and devastation, their native production has
greatly diminished and the stocks o f food that they have managed to retain
from last harvest will soon bo exhausted, more particularly in case of town
populations, because the peasants have learned bitterly enough in war to
secrete enough to take care o f themselves.
In order that there should be no delay in providing food during the period
of Investigation and the creation o f an organization by co-operation be
tween our War Department and the Food Administration, wo have dis
patched to date approximately 150,000 tons o f food to various ports in
Europe. Some o f this food is now being Issued, and, in addition, the steady
stream o f 10,000 tons a month is being maintained into Belgium and
Northern France.
In the meantime we have, in co-operation with the Allies, sent com
missions in to these various countries to study transportation and to en
deavor to set up financial arrangements. The transportation problem is
one of extreme difficulty because o f the general demoralization o f railways
and rolling stock all over this area. Rumania, for instance, has under 100
locomotives, and I’oland has probably not over 250 locomotives. So that
oven after landing o f foodstuffs at seaports we are in further difficulties
Tho Commission for Relief in Belgium had hoped to surrender the task
as to inland distribution.
In numerous places wo have had to make provision for distribution with of relief of northern France to the French Government immediately upon
motor trucks, as in the case o f Belgium and Northern Franco, and wo will the German retreat. It has been found impossible, however, for the French
Government to undertake the food supply of this area for somo months to
probably need to put in motor truck services in other localities.
One o f the most difficult problems involved in the whole matter Is that como, and upon the urgent request of that Government, tho Commission
has
decided to continue.
o f finance. Our farmers and manufacturers must be paid for their food
After the four-year paralysis of wholesale and retail business with the
supplies. Those liberated regions which have been engaged in war against
destruction
o f the principal towns and shops, theso trades have disappeared,
Germany, such as Belgium, Serbia and Rumania, have been given from
thne to time loans by the United States Government with which to pur and the people are to-day dependent upon a ration issued directly to them.
chase food, and as a military measure it Is vitally necessary that those Just as before the German evacuation. Until transport and trade can be re
populations should be continuously fed In order to save the necessity of habilitated, the present system must go on, for tho French distribution is
further military action by the United States. These loans are being con done by the trades. These arrangements necessitate somo reorganization
tinued in some special Instances and, In fact, amount to selling our food of the relief work and its entire separation from Belgium.
Twenty members o f the Commission for Relief in Belgium who Joined
on credit.
On the other hand, large areas exist, such as liberated Poland and some the American army as officers have been released by General Pershing to
undertake
this Work.
of the former States where our governments are unablo under present
Transportation connections with the region are maintained through
legislation to make any loans. Furthermore, in some o f these areas the
governments have so disintegrated that it is difficult to set up any financial Dunkirk and through one Belgian canal still operating, supplemented by
circle for lack o f government. These people are all looking with hope to motor trucks originally installed by the armies and now being gradually
the United States for salvation from starvation. It is a matter beyond taken over by the Commission for Relief in Belgium.
The population of this area at tho moment of the retreat was about
prlvato charity; yet, if they are to bo saved, and if there is any hope of
them building up for themselves freedom and stability o f government, 1,500,000, there being also about "00,000 refugees in Belgium who are re
it bocomes either a matter of practical charity or long-time credits from turning and some 500,000 refugees in France, all of whom are anxious to
return to their native soil.
the United States.
The destruction of some twenty principal towns and literally hundreds
At the present moment wo are in the oxtremely difficult position of hav
ing foodstuffs in the neighborhood o f certain peoples who roly on America, of villages renders the return of these refugees a stupendous problem.
but wo are unable to deliver this food, except such as wo can allow from the Every effort is being made to restrain them from going back until some
$5,000,000 placed at our disposal from present prlvato funds and such systematic provision for shelter can be completed, but they evade all
official urgings and tho roads are a continuous procession of these pitable
other food as the Allies can advance from their own stocks.
There Is a broad economic problem involved in European feeding during bodies. Thousands of them reach their villages to find every vestige of
the next six or seven months, which includes some o f the Allied Govern shelter destroyed, and finally wander into the villages further back from
ments as well as the liberated territories. It is Impossible to conceive, tho acute battle area, which aro themselves already overcrowded to a
considering the destruction they have undergone, that they can again ro^ heartbreaking degree.
In order to remedy this situation to some extent, the Commission for
turn to tho production o f commodities which thoy can exchange for our
foodstuffs in time to prevent starvation. Nor havo thoy gold or American Relief in Bolgium has obtained the services o f 150 volunteers from the
American
Navy and is taking over a large amount of second-hand barrack
securities left. They must havo credit.
Most o f those as are able are willing to give some form o f obligation of material from tho Navy and Army. Those barracks aro in courso of erec
future payment, and it is hardly up to us to stand by and say because they tion adjacent to tho destroyed villages, under tho superintendence o f the
will not produce gold or American railway securities, or foreign exchange, Navy volunteers.
A large amount o f boots and shoes and warm clothing has been taken
of which thoy have none, that wo are going to allow them to starve when we
havo a sufficient surplus o f food to prevent the loss of life. Our merchants over from the quartermaster’s supplies, and these are being distributed to
simply cannot furnush credit nor give away food in those volumes. It tho people. Tho French Government is endeavoring to obtain some cattle
from Switzerland and horses from the various armies, which, together with
is a government function.
It is also of the greatest possible political importance, for if we are to the meagre supply of agricultural implements, may enable the population
prevent anarchy, and If wo are to hope that tho world will return to somo to get in some portion o f next year’s crops in such o f these areas as are not
form o f orderly government, if we aro to seecure establishment o f govern too badly destroyed by battle.
Tho entire industrial life of the region has been destroyed by the Ger
ments with which we can make peace, wo must somehow provide a food
supply. Therefore, our financial problem in handling relief may bo re mans. There is scarcely a single factory that can be operated without a
very largo portion of now equipment. Tho coal mines are totally destroyed,
solved into three categories.
First, wo can, no doubt, sell to Germany and to some o f tho Allies and and the network of railways in this region has been rendered almost hope-'
loss
of reconstruction for many months.
neutrals who aro able to and must pay in equitable and receivable securi
Tho German method of destruction was to bend every single rail by ex
ties in some form for the food that they require as a commercial transac
ploding a hand grenade under it, rendering it useless for all time. The
tion.
•
Second, the liberated areas and some o f tho Allied countries to which Grand Canal du Nord, which connects this section of France with the Bel
gian
canal system and is the natural entreport for goods for Antwerp or
tho United States can temporarily extend loans under its present legisla
Rotterdam, kas Itself practically tho fighting line for months and is so
tion.
Third, peoples who must have assistance in a large way from the American badly destroyed that it will take fully a year for its complete reconstruction
people in a manner which cannot bo provided for under any o f tho prosont t-:': The relief Is based upon the allowance of food to the value of about’
thirty-five cents per day to the destitute, those having any resources or
available funds.
The Allied Governments havo expressed willingness to join in tho provi employment being required to pay. Tho whole extent of destitution i
sion of foodstuffs and financial help for those areas, but their situation to not yet known, but appears to bo fully 60% of tho peoplo.
day, as every day. depends to a largo degree upon tho flnanco and supplios
from tho United Statos. Wo anticipate fower difficulties with overseas
F R E N C H iD E C R E E RE M O V IN G FOOD RESTRICTIONS .
transportation than with other items in hand.
It appears to tho Allies and ourselves only Just that, inasmuch as a large
part of tho difficulties of the liberated territories aro due to tho ruthless
action o f German arms, tho Germans should be called upon to provide
ships to transport food supplies to theso areas, and It will certainly be
made a condition of the allowance o f any food supplies to Germany that
their ships shall bo ultimately turned over to carry food for ail tho liberated
territories.
The outstanding fact in tho physical, moral and political salvation o f the
liberated pooples is credit. The people o f tho United Statos havo offered
the lives of millions o f their best manhood in tho cause of human salvage,
which Is tho kernel o f democracy. But they knew historically how to
fight and die for principle. They have now to learn the practical valuo
o f this now factor o f credits. It is not a mysterious thing, but it does
require calm and shrewd financial leadership.
This wo have, inside and outside of Congress. I f its interest is awakened
In time the United States can finish its Job splendidly and c a n b a n i s h the
spectre o f Bolshevism, which to-day attempts to luro tho distressed peoples
into such hopeless misery and anarchy. Bolshevism spreads like a disease. HERBERT HOOVER ON ENFORCED CURREN CY CIR
It must run its course o f destruction and Is no respecter o f national borders.
C U L A T IO N I N B E L G IU M — OTHER EFF ECT OF
With tho signing of a decree on Jan. 4 by Victor Boret,
tho Froncli Food Minister, abrogating fixed prices upon
condonsod milk, tapioca, macaroni and similar products, as
well as on eggs, rice and beans, a warning was added, ac
cording to a Paris cablegram appearing in the New York
“Sun” that any abuse of the privileges would lead to the
reimposition of fixed prices. The restaurants, under the
new ruling, it is said, are no longer restricted as to hours
for serving meals or menu or prices charged. They may
now servo cheese, butter, milk and cream. The price list,
however, must still be posted outside of eating houses.
DESTR UC TION
HERBERT HOOVER I N C A L LIN G UPON B E L G IU M
RELIEF C O M M IS S IO N FOR C O N T IN U E D
HELP TELLS OF N E E D S OF FRANCE .
In reporting that the work of reliof and rehabilitation in
Franco will fall more hoavily on tho Commission for Relief
in Bolgium than was expected, Herbert Hoovor in a cable
mossago recoivod by the Commission at its hoadquartors
BY
GERMANY.
In telling what had been gleaned in a survey of condi
tions in Belgium which he had undertaken 'with William
B. Poland, European Director of tho Commission for Re
liof in Belgium, Herbert Hoover in a cablegram received at
Washington Doc. 25 stated that “one of the great diffi
culties of the Belgians lies in the enforced currency circula
tion imposed upon them by the Germans.” He added:
T h i s c u r r e n c y r u n s I n t o m il l io n s o f p a p e r m o n e y a n d p r e s e n t s a n e x
t r e m e l y d i f f i c u l t f in a n c ia l p r o b l e m t o t h e G o v e r n m e n t .
T h e B e l g i a n G o v e r n m e n t is r a p i d l y t a k i n g h o l d , t h e B e l g i a n m a n u f a c
t u r e r s a r e e n g a g e d e v e r y w h e r e in t h e r e h a b i l i t a t i o n o f t h e ir w o r k s s o fa r a s
m a t e r ia l s a r e a v a i l a b l e a n d t h e s p i r it o f B e l g i u m w a s n e v e r b e t t e r t h a n t o
day.
T h e B e l g i a n s a r e r e s o l v e d t o f i n d a s o l u t i o n o f t h e ir m a n i f o l d d i f f i
c u l t i e s w i t h a s l i t t l e a s s i s t a n c e a s p o s s i b lo f r o m t h e o u t s i d e .
T h e y are, o f
c o u r s e , d e p e n d e n t u p o n c o n t i n u e d G o v e r n m e n t f in a n c ia l a d v a n c e s t o r t h e
p r o v is io n o f im p o r ts p e n d in g G e rm a n in d e m n ity a n d th e r e c o n s t r u c t io n o f
th e ir
export
[Vol. 108.
THE CHRONICLE
1 2 0
b u s in e s s .
_
.
Mr. Hoover’s statement relative to the destruction in
Belgium by the Germans also said:
T o g e t h e r w it h M r . P o l a n d , E u r o p e a n D i r e c t o r o f t h e C o m m i s s i o n f o r
R e l i e f in B e l g i u m , I h a v e n o w c o m p l e t e d a s u r v e y o f t h e e n t i r e B e l g i a n
s i t u a t io n a s d i s c l o s e d b y t h e e v a c u a t i o n .
T h e w o r k o f t h e A m e r ic a n r e lie f
o f f i c i a l s in E u r o p e d u r i n g t h o l a s t m o n t h h a s b e o n b e y o n d a l l p r a i s e , b e
c a u s e t h e y h a v e f o l l o w e d u p t h e r e t r e a t i n g a r m y w it h d i s t r i b u t i o n s b y
o n e m e a n s c r a n o t h e r , a n d t h e r e h a s b e e n n o b r e a k in t h e f o o d s u p p l y a t
a n y p o in t.
P r i o r t o t h e a r m is t i c e t h e G e r m a n a r m y h a d c o m p l e t e l y d e s t r o y e d a z o n e
o f r a i lr o a d s a n d c a n a l s s o m e t w e n t y m il e s w i d e e x t e n d i n g e n t i r e l y a c r o s s
B e lg iu m .
A f t e r t h e a r m is t i c e t h e r e w a s c o m p a r a t i v e l y l i c t l c d e s t r u c t i o n o f
t r a n s p o r t a t io n t o t h o r e a r o f t h i s z o n e , a n d w it h t h o r a p i d r e h a b i l i t a t i o n o f
t r a n s p o r t a t io n f a c il i t i e s a c r o s s t h is z o n e o f d e s t r u c t io n t h o p r o b l e m o f d is
t r ib u t i o n o f f o o d a n d o f r e c o n s t r u c t i o n c a n b e u n d e r t a k e n w i t h m u c h less
d iffic u lt y th a n a t p re se n t.
T h e G e r m a n s in t h e ir f i n a l r e t r e a t r e m o v e d b u t l i t t l e o f t h o r e l i e f s u p
p l ie s .
T h e ir a c t i o n t o w a r d t h o n a t i v e h a r v e s t s a n d c a t t l e in t h e i r w it h
d r a w a l d i f f e r s w i d e l y in d i f f e r e n t a r e a s .
T h e y s t a r t e d t o t a k e a ll r e
m a i n in g h o g s f r o m t h e w e s t e r n p a r t o f B e l g i u m , e x c e p t t h o s e h i d d e n b y
t h e p e a s a n t s in u n d e r g r o u n d c a v e s .
A f t e r t h e a r m is t i c e , h o w e v e r , a n d
w it h t h o d e m o r a l i z a t i o n o f t h e G e r m a n a r m y in it s f in a l r e t r e a t , m a n y ot
t h e s e b e a s t s w e r e a b a n d o n e d o r s o l d b y s o l d ie r s t o t h o p e a s a n t s f u r t h e r
b a c k , a n d in p r a c t i c a l r e s u lt s t h e r e a p p e a r s t o h a v o b e e n n o w id e s p r e a d
c a t t l e s t e a l in g in t h e r e t r e a t , a l t h o u g h d u r i n g t h e f o u r y e a r s o f o c c u p a t i o n
t h e r e h a s b e e n a g r e a t d i m i n u t i o n , p r o b a b l y o v e r o n o - h a l f , in t h e t o t a l
n u m b e r o f c a t t lo a n d h o g s .
I t c a n b o s a id a l m o s t l i t e r a l l y t h a t h o r s e s
h a v e d is a p p e a r e d o u t o f B e l g i u m , t h e r e p r o b a b l y n o t b o i n g 1 5 % o f t h o
o r ig in a l a n im a ls l e f t . K'TiPifv
I n v e s t ig a t io n p r o v e s t h a t in d u s t r ia l a n d r e s id e n t ia l d e s t r u c t io n in B e l
g i u m v a r ie s g r e a t l y in d i ff e r e n t l o c a li t ie s , a n d w it h d i f f e r e n t in d u s t r ie s .
F o r in s t a n c e , o u t o f t h e s t e e l f u r n a c e s in B e lg iu m t h i r t y - f i v e o r f o r t y h a v e
b e e n d e l ib e r a t e l y d e s t r o y e d b y t h e G e r m a n s in t h e i r d e t e r m in a t i o n t o e n d
t h e B e lg ia n s t e e l i n d u s t r y .
M a n y o f t h e t e x t il e m ills h a v e b e e n p u t o u t o f
c o m m i s s i o n , e it h e r t h r o u g h d e l ib e r a t e d e s t r u c t io n a n d r e m o v a l o t m a
c h in e r y , o r b y r e m o v a l o f th e c o p p e r a n d b ra s s p a rts a n d e le ctr ic m o t o r s .
S o m e o f t h e t e x t il e m ills o f t h e m o r e a n t i q u a t e d t y p o o f e q u i p m e n t a p
p a r e n t l y d i d n o t a p p e a l t o t h o G e r m a n s , a n ti t h e y c a n b o g o t t e n i n t o a c t io n
a t a n e a r ly d a t e .
T h e G e r m a n s s e e m t o h a v e f o c u s e d t h e m s e lv e s o n t h o
m o d e r n e q u ip m e n ts .
T h e g la s s i n d u s t r y h a s b e e n b u t l it t l e i n t e r f e r e d w i t h , a n d t h o s t e r n
p r o m is e o f r e t r i b u t i o n b y P r e s i d e n t W i ls o n s e e m s t o h a v o s a v e d t h o c o a l
i n d u s t r y e x c e p t f o r \ c r y f e w m in e s , a l t h o u g h a c t u a l e x p l o s iv e s a n d w ir e s
were la id in p l a c e f o r t h e d e s t r u c t io n o f a la r g o n u m b e r o f t h o m in e s . T h e
P r e s i d e n t ’s w a r n in g s e e m s t o h a v e c r e a t e d a s u d d e n c li a n g o o f h e a r t .
T h e r e a r e s o m e 3 0 0 ,0 0 0 F r e n c h r e fu g e e s in B e lg iu m , d r i v e n o u t o f n o r t h
ern F ra n ce b y th e G erm a n s.
T h e / h a v o b e e n c a r e d fo r o u t o f th e m e a g re
s t o r e s c f t h e B e lg ia n s a n d b y t h o C o m m i s s io n f o r H c lio f in B e lg iu m .
I hey
a r e , h o w e v e r , lik e h o m i n g p i g e o n s in t h e ir r e s o lv e t o r e t u r n t o t h e ir n a t i v e
v illa g e s .
A s t h e r e is n o t r a n s p o r t a t io n , t h e r o a d s s o u t h w a r d i n t o l-r a n c e a r e a
c o n t in u o u s s t r e a m o f t h e s e p i t if u l g r o u p s o f m e n , w o m e n a n d c h i ld r e n ,
p u l l in g t h e i r c a r t s a n d t r u d g i n g t h r o u g h t h o c o l d a n d w in d t o w a r d t h e ir
d estroyed h om es.
E v e r y t h i n g is b e i n g d o n e t h a t is h u m a n ly p o s s i b lo , b u t
in t h o p r e s e n t s t a t e o f d e m o r a l iz a t i o n , w i t h m o v i n g a r m ie s , t h o n e c e s s it y o
u s in g e v e r y t r u c k a n d l io r s o w i t h w h i c h t o f e e d t h e p o p u l a t i o n , t h e n
p l ig h t is h e a r t b r e a k i n g .
T h e y r e fu s e a ll p e r s u a s io n t o w a it in t h e c r o w d e d
B e lg ia n v illa g e s u n t il t h e i r a f fa ir s c a n b e o r g a n i z e d .
T h e A m e r i c a n s o f t h e R e l i e f C o m m i s s io n a r e w o r k in g n ig h t a n d d a y
p r o v i d i n g s h e lt e r t t lo u s c l o t h i n g a n d f o o d f o r t h e m , b u t lik e m a n y o t mt
h u m a n m i 'T t io n s In E u r o p e t o - d a y t h e r e is n o s o l u t io n t o t h e s u f fe r .-.g
On tho basis of Mr. Hoover’s report tho Food Administra
tion announced on Dec. 2o that thereafter 180,000 tons of
supplies, including clothing, would be shipped to Belgium
each month. Besides the 340,000 tons already on charter
to the Commission, the enlarged program calls for 100,000
additional tons, and application for the additional tonnage
has been made to the Shipping Board.
th a t m u st g o o n .
.
BY
In still another report covering Belgium and northern
Franco Herbert Hoover, as Chairman of tho Commission
for Relief in Belgium, announces the establishment of a
Food Administration by the Belgian Government. In
part his message, mado public at Washington Dec. 28,
says:
#
D u r in g th e G e rm a n o c c u p a t io n th e re w a s a n e ffe c t iv e c o n t r o l n o t o n ly o i
d i s t r i b u t i o n b y t h e C o m m i s s io n f o r R e l i e f in B e l g i u m , b u t a l s o o f t h e n a t i v e
f o o d s u p p l y , a n d w it h t h o r e t r e a t a n d d e m o r a l i z a t i o n in t r a n s p o r t a n d G o v
e r n m e n t b e f o r e t h o r e -e s t a b li s li m e n t c f t h o B e lg ia n G o v e r n m e n t , t h e r e
e n s u e d a p e r i o d w h e n t h e r e w a s l it t l e c o n t r o l o v e r f o o d s t u f f s .
T h is b r e a k
i n g d o w n o f t h o r a t io n in g c o n t r o l in s u c h c o m m o d it i e s a s m e a t s , b u t t e r ,
& c . , h a s r e s u l t e d o n t h o w h o l e in t h e v e r y l im i t e d s u p p l y o f s u c h f o o d
s t u f f s g r a v i t a t i n g t o w a r d t h o r ic h t h r o u g h t h o fe a r fu l r is e in p r ic e s .
T h o B e lg ia n G o v e r n m e n t lia s e s t a b l is h e d a F o o d A d m i n i s t r a t i o n , a n d
t h e s e p r o b l e m s a r e b e i n g t a k e n in h a n d Ju st a s r a p i d l y a s p o s s i b le u n d e r
t h o c o n d it io n s .
I n t h e m e a n t i m e it is p o s s i b le w it h s u f f i c i e n t m o n e y t o
b u y a l m o s t a n y k i n d o f f o o d in B e l g i u m .
F o r i n s t a n c e , m e a t is $ 2 a p o u n d ,
eggs SI ea ch , a n d b u tte r S2 50 a p o u n d .
S u p p lie s a r o , o f c o u r s e , a v a i l a b l e
t o a n y o u e w h o c a n p a y t h o s e p r ic e s .
T h is g iv e s a n a p p e a r a n c o t o th e ca su a l o b s e r v e r o f s u ffic ie n c y o f f o o d ,
b u t t h e f a c t is t h a t o v e r o n o - h a l f t h o p o p u l a t i o n o f B e l g i u m t o - d a y h a s a n
in c o m e u n d e r $ 4 a w e e k p e r fa m ily , a n d th e y , o f co u r s e , a ro n o t p a r
t ic i p a t i n g in t h e s e k i n d s o f f o o d , b u t a r o p r a c t i c a l l y d e p e n d e n t u p o n t h e
d i s t r i b u t i o n o f c o n t r o l l e d i m p o r t s b y t h e C o m m i s s io n f o r R e l i e f in B e l
m o r e t h a n a m il l io n .
I t is a p o i n t o f f a c t t h a t t h e r e h a s b e e n n o lo s s o f l i f e b y s t a r v a t i o n a m o n g
t h e 1 0 ,0 0 0 ,0 0 0 p e o p l e o f B e l g i u m a n d n o r t h e r n F r a n c e . P o l a n d a n d S e r
b i a , a l s o u n d e r G e r m a n o c c u p a t i o n , h a v o l o s t o n e - f o u r t h o f t h e ir p e o p l e .
T h o d i f f e r e n c e w a s t h e C o m m i s s io n f o r R e l i e f in B e l g i u m , w h ic h h a s
s h i p p e d t o t h e s e s t r ic k e n p e o p l e in t h e la s t f o u r y e a r s m o r e t h a n t o u r
a n d a q u a r t e r m il l io n t o n s o f f o o d , c o s t i n g S 6 0 0 .0 0 0 .0 0 0 .
M y s u r v e y o f t h e r e s t o f E u r o p e , t h o B a l t i c S t a t e s , a n d P o l a n d is n o t
c o m p l e t e , b u t s u f f i c i e n t e v i d e n c e is a t h a n d t o s h o w t h a t b e f o r e n e x t h a r
v e s t r e l i e f o f a n u n p r e c e d e n t e d c h a r a c t e r m u s t b o e x t e n d e d i f t h o r e m a in in g
p o p u l a t i o n is t o b o m a i n t a in e d in a n y s e m b l a n c e o f h e a l t h , a n d b e y o n d
t h e f i n a n c i a l a n d t r a n s p o r t a t io n a r r a n g e m e n t s w h ic h 1 a m n o w n e g o t i a t in g ,
i t is a l m o s t i n e v i t a b le t h a t o u r p e o p l e w il l b o c a l le d u p o n t o c o n t r i b u t e
lib e r a lly .
____________
HERBERT HOOVER ON FOOD N E E D S OF V I E N N A A N D
R U M AN IA.
A cablegram received from Herbert Hoover at Wasliing;<pn on Doc. 31 in announcing tho arrival at Iriosto of tho
'irst cargo of foodstuffs shipped through the co-operation
if the War Department and the Food Administration, re'erred to the dangerous situation which had developed
n Vienna; ho announced that representatives of the Viennese
municipalities had reported that food supplies foi tho
2.000. 000 peoplo in tho city would last not more than ten
lays and Mr. Hoover added that advices indicated that
unless foodstuffs could be furnished for tho city it would
bo impossible to maintain order. Mr. Hoover’s statement
follows:
'
T h e fir s t c a r g o o f f o o d s t u f f s s h i p p e d t h r o u g h t h e c o - o p e r a t i o n o t t h o W a r
D e p a r t m e n t a n d F o o d A d m i n i s t r a t i o n h a s a r r iv e d a t T r i e s t e a n d o t h e r
c a r g o e s s h o u l d a r r iv e a t G a t t a r o a n d o t h e r p o i n t s o n t l i o A d r i a t i c S e a in
th e n e x t t h r e e d a y s .
T h e s e s u p p lie s a r e i n t e n d e d f o r S e r b ia a n d t h e t e i • itory r e c e n t ly a m a l g a m a t e d w it h S e r b ia In B o s n ia a n d M o n t e n e g r o ,
ivh ero t h o d is t r e s s is v e r y a c u t e .
T h o o n l y c o n n e c t i o n is b y r a i lr o a d f r o m
the A d r i a t i c S e a . t h e B u lg a r ia n s h a v i n g d e s t r o y e d t h e r a i lr o a d f r o m S a o n i k i . G r e e c e , b e y o n d t h e p o s s i b il i t y o f r e p a i r in s id e o f f o u r m o n t h s .
C o l . M c I n t o s h h a s a l r e a d y a r r iv e d in T r i e s t e , A u s t r i a .
C o l. A tw o o d
u u l s t a f f le ft J a n . 1 fo r R a g u s a e n r o u te fo r B e lg r a d e , le a v in g rep re
s e n t a t iv e s a t C a t t a r o a n d o t h e r p o i n t s .
D r . V e r n o n K e ll o g g , C o l . G r o v e
a n d H u g h G ib s o n le a v e B e r n e t o - n i g h t b y s p e c i a l t r a in f o r W a r s a w , >y
w a y o f V ie n n a , t o t a k e c h a r g e o f r e lio f m e a s u r e s w h ic h it is h o p e d t o d e
v e lo p fo r B o la n d .
r ,,
A c o m m i s s i o n r e p r e s e n t in g t h e A m e r i c a n , F r e n c h , B r i t is h a n d I t a lia n
G o v e r n m e n t s , u n d e r t h e C h a ir m a n s h ip o f D r . A l o n z o 'i a y l o r , w it h t h o
a s s is t a n c e o f O a p t t i n T . T . C . G r e g o r y o f t lio U n it e d S t a t e s A r m y , is l e a v i n g
t o - n i g h t f o r V ie n n a in r e s p o n s e t o r e p r e s e n t a t io n s a s t o t h o d a n g e r o u s
s i t u a t io n w h ic h lia s d e v e l o p e d in t h a t c i t y .
T h e r e p r e s e n t a t iv e o f th e
V ie n n e s e m u n i c ip a li t ie s n o w a t B o r n e s t a t e t h a t f o o d s u p p l i e s f o r ^ t h o
2 .0 0 0 .
0 0 0 p e o p l e in t h o c i t y o f V ie n n a w ill n o t l a s t f o r m o r e t h a n t o n i a } s .
O w i n g t o t h e d i s o r g a n i z a t io n o f r a i lr o a d s in A u s t r i a a n d t h o s e p a r a t n g
o f H u n g a r y a n d C z e c h o s l o v a k i a , V ie n n a is p r a c t ic a l l y c u t o f f f r o m a n y
.
E S T A B L I S H M E N T OF FOOD A D M I N I S T R A T I O N
BELGIUM .
g iu m .
A n e x a m in a tio n o f th e p o p u la t io n p r o v e s th a t th o s h ip m e n ts o f f o o d b y
t h o C o m m i s s i o n f o r R e l i e f in B e l g i u m d u r i n g t h o l a s t f o u r y e a r s h a v o
b r o u g h t t h is p e o p l e t h r o u g h t h e i r o r d e a l w i t h o u t i r r e p a r a b lo d a m a g e t o
th o n a t io n a l h e a lth .
T h e r e e x is t s a m o n g c e r t a in c la s s e s u n d e r - n u t r i t i o n
b u t c o n t i n u e d s u p p lie s o f f o o d w il l r a p i d l y r e c t i f y t h is .
T h e r e h a s b e e n a c o n s i d e r a b l e s p r e a d o f t u b e r c u l o s is a s a r e s u l t o f t h is
u n d e r - n u t r i t i o n , b u t t h e B e l g i a n a u t h o r i t ie s b e l i e v e t h a t t h is c a n b e s t a m p
e d o u t w i t h o u t g r e a t lo s s p r o v i d e d a d e q u a t e s u p p l i e s o f f o o d a r r iv e .
P r i o r t o t h o e v a c u a t i o n s o m e t h in g l ik e 3 ,5 0 0 , 0 0 0 p e o p l e w e r e d e s t i t u t e
a n d w e r o d e p e n d e n t , n o t o n l y o n t h e r a t io n o f i m p o r t e d c o m m o d i t i e s f r o m
t h o R e l i e f C o m m i s s io n b u t o n f u r t h e r s u p p l e m e n t a l r a t io n s t h r o u g h t lio
s o u p k itch e n s t h r o u g h o u t B e lg iu m .
T h e e n e r g y o f t h o B e l g i a n p e o p l e in
g e t t i n g b a c k t o w o r k is r a p i d l y d im in i s h i n g t h o n u m b e r o f p e o p l e in t h o
s o u p lin e s , u n t il t o - d a y t h e y p r o b a b l y d o n o t e x c e e d t w o m il l io n p e o p l e ,
a n d it is h o p e d t h a t w it h in a n o t h e r m o n t h t h is w il l b o d i m in i s h e d t o n o t
SUg o fa r t h e B o l s h e v i k ! h a v e b e e n k e p t u n d e r c o n t r o l in V i e n n a , b u t a d
v i c e s i n d i c a t e t h a t u n le s s f o o d s t u f f s c a n b o fu r n is h e d f o r t h o c i t y it w ill b o
i m p o s s ib le t o m a in t a in o r d e r .
T h o S w is s G o v e r n m e n t is p r o p o s i n g t o
f o r w a r d a t o n c e a b o u t a w e e k ’ s s u p p l y f o r t li o c i t y , b u t t li o s i t u a t io n in
S w it z e r la n d w ill n o t p e r m it o f t h e i r g i v in g m o r e t h a n a fe w d a y s r e lic t .
T i e A m e r i c a n a n d A llie d M i n i s t e r s in
h a v e t e le g r a p h e d t o t h e ir
r e s p e c t iv e G o v e r n m e n t s t h a t , a f t e r i n v e s t ig a t i n g , t h e y a r e c o n v i n c e d t la
tV o f o o d s u p p l y o f R u m a n ia w ill n o t l a s t f o r m o r e t h a n a n o t h e r t . u i t y
d a y s , a n d t h a t im m e d ia t e s t o p s f o r r e li e f m u s t b o t a k e n i f t h o c o u n t r y Is
n o t t o boi s u b m e r g e d b y B o l s h e v i s m .
M e t h o d s o f r e lic t a r o u n d e r c o n
s i d e r a t io n . b u t p r e s e n t e x t r e m e d i f f i c u l t i e s .
T h o r a i lr o a d s o f R u m a n ia
a r e la r g e ly b r o k e n d o w n .
T h e r e is a g r e a t d e a l o f p o r t d e s t r u c t i o n , a n d
t e r e is n o b u n k e r c o a l In t h e B l a c k S e a , e x c e p t w h a t c a n b o b o r r o w e d f r o m
t h o A l l ie d n a v ie s .
F u r t h e r , R u m a n ia is e n t i r e l y w it h o u t f u n d s t o p a y t o r
Rumania
fo o d .
Cable advices from Amsterdam on Jan. 5 stated that
Secretary Bauer of the Foreign Ministry, had, according
to a Vienna message, told members of the Inter-Allied I ood
Commission that the maintenance of order in Austria is
closely connected with the maintenance of the supply of
coal and food. To quoto from tho cables:
T h e S e c r e t a r y , in d e s c r ib in g t h o c a u s e s a n d e f f e c t s o f t h e s c a r c i t y o f
p r o v i s i o n s a n d f u e l , e m p h a s i z e d t h is p o i n t .
S e c r e t a r y S e e r d i c k o f t h e P u b l i c W o r k s D e p a r t m e n t d e s c r ib e d t h e c o a l
s i t u a t i o n a s v e r y b a d , w h il e s e v e r a l m u n i c ip a l e x p e r t s r e p o r t e d o n f o o d c o n
d it io n s .
T h e c h i e f m u n i c ip a l p h y s i c ia n p a i n t e d f o r t h o C o m m i s s io n a d a r k
p i c t u r e o f t h o m o r t a l i t y f r o m u n d e r - n o u r i s h m e n t a n d a l s o g a v e d e t a i ls o f
th e d e c r e a s e In b ir th s fr o m
t ills c a u s e .
_
According to press dispatches from Washington Dec. 28
the Swiss Government on that day began the shipment
of more than 1,000 tons of foodstuffs to Vienna for the relief
of the civil population with tho co-operation oi Dr. Alonzo
Taylor, Herbert Hoover’s representative in Southern Eu
rope. Word to this effect was received by cable by Dr.
Hans Sulzer, the Swiss Minsiter. It was added that this
emergency shipment consisted of 000 tons of flour, 400 tons
Ja n . 11 1919.]
THE CHRONICLE
121
of rice and 60 tons of milk and chocolate. To make it up ment of Overseas Trade in London the following cable dis
the Swiss population sacrificed a part of its own food card.
patch relating to the withdrawal of restrictions against the
shipment of certain commodities:
A P P O I N T M E N T S B Y FOOD A D M I N I S T R A T I O N
DIRECTOR OF RELIE F FOR SERBIA
A N D M I S S I O N TO POLA ND .
OF
On Dec. 22 Food Administrator Hoover made known
the appointment, in accordance with resolutions of the
Associated Governments to adopt energetic steps in relief
work, of Col. Wood, to be Director of Relief for Serbia and
Jugo-Slavia on behalf of the U. S. Food Administration. It
was stated that Col. Wood, with a staff of six officers,
would leave at once for Belgrade and other points in the
territory under his jurisdiction. It was further said that the
Allied countries would send representatives to participate
in the work. It was also stated that Col. McIntosh of the
United States Army would leave immediately for Trioste
to take charge of the supply bases and would co-operate
with Col. Wood and the Allied representatives in charge of
the distributions in Serbia, Ilerzogovina and Montenegro.
At the same time it was made known that the Food Ad
ministration was dispatching a mission to Poland, com
posed of Col. Grove of the American Army, Dr. Vernon C.
Kellogg, former Director of the Commission for the Relief
of Belgium, and Hugh Gibson, former First Secretary of
the American Embassy in London. Missions to this region
were likewise being dispatched by the British and French
Governments. Additional missions are being organized for
Rumania.
______________ ________
HERBERT HOOVER’ S E M P H A T I C REFUSAL TO D IS
CUSS G E R M A N FOOD N E E D S W I T H BARON VON
DER L A U C K E N A N D DR. RIETH .
In announcing that Food Administrator Hoover had re
fused in omphatic terms to discuss German food conditions
with Baron von der Laucken and Dr. Rieth, who had
sought a mooting with Mr. Hoover, Washington press dis
patches on Doc. 27 gave the following account of Mr.
Hoover’s dismissal of their overtures:
A m e s s a g e fr o m P a ris s a id th e se t w o G e rm a n o f fic ia ls , w h o w e re p r o m i
n e n t in t h e G e r m a n a d m i n i s t r a t i o n o f B e l g i u m , w ir e d f r o m B e r l i n t o R o t
t e r d a m t o W a l t e r I .y m a n B r o w n , D i r e c t o r o f t h e C o m m i s s i o n f o r R o l i c f
in B e l g i u m , t h a t t h e y h a d b e e n a p p o i n t e d b y t h e G e r m a n G o v e r n m e n t
t o n e g o t i a t e w it h M r . H o o v e r f o r f o o d s u p p l i e s a n d t h a t t h e y d e s ir e d
h im t o a d v i s e t h e m w h e n a n d w h e r e h e w o u l d m e e t t h e m .
I n a n s w e r t o t h e r e q u e s t f o r a c o n f e r e n c e M r . H o o v e r s e n t t h is m e s s a g e :
“ Y o u c a n d e s c r ib e t w o a n d a h a l f y e a r s o f a r r o g a n c e t o w a r d o u r s e l v e s a n d
c r u e l t y t o t h o B e l g i a n s in a n y la n g u a g e y o u m a y s e l e c t , a n d t e ll t h o p a i r
p e r s o n a l l y t o g o t o h e l l , w it h m y c o m p l i m e n t s .
I f I d o h a v e t o d e a l w it h
G e r m a n s i t w i l l n o t b e w it h t h a t p a i r . ”
HERBERT HOOVER’ S P L A N S REGARDING G E R M A N Y .
S i n c e t h e a r m is t i c e w a s s i g n e d m a n y r e s t r i c t io n s o n c o m m e r c e h a v e b e e n
w it h d r a w n , w h i l e i n t h e c a s e o f t h o s e w h i c h r e m a in lic e n s e s a r e b e i n g
g r a n te d m u c h m o r e fre e ly th a n p r e v io u s ly .
P a r t i c u la r s r e g a r d i n g t h e s e
r e la x a t io n s w i l l b e p u b li s h e d w e e k ly i n t h e “ B o a r d o f T r a d e J o u r n a l , ” t h e
o f f i c i a l o r g a n o f t h o I m p e r ia l G o v e r n m e n t f o r n o t i c e s r e g a r d i n g t r a d e .
O rd e rs p la c e d d u r in g th e w a r p e r io d n o w h a v e g o o d p r o s p e c t s o f b e in g
e x e c u t e d , a n d a r r a n g e m e n t s f o r n e w b u s in e s s s h o u l d b e m a d e w i t h o u t d e l a y .
T h o f o l l o w i n g r e la x a t io n s in p a r t i c u la r s h o u l d b e n o t e d :
1 . P e r m i t s t o m a n u f a c t u r e a n d p r i o r i t y c e r t i f ic a t e s i n c o n n e c t i o n t h e r e
w it h a r e n o l o n g e r n e c e s s a r y .
2 . F irm s a re a t lib e r t y t o a c c e p t c iv il o r c o m m e r c ia l o rd e rs f o r im m e d ia te
e x e c u t i o n , t h u s f r e e i n g t h e e n g in e e r in g in d u s t r y , a m o n g o t h e r s , f o r c o m m e r
c ia l w o r k .
3 . A l l t h e p r i n c i p a l k i n d s o f r a w m a t e r ia l s m a y n o w b e u s e d f o r t h e
c o m m e r c i a l m a n u f a c t u r e o f g o o d s f o r e x p o r t , b u t t h e s e r a w m a t e r ia l s t h e m
s e l v e s m a y n o t b e e x p o r t e d in c e r t a in c a s e s w i t h o u t lic e n s e s .
A m o n g th e se
t o w h i c h t h is c o n d i t i o n a p p li e s a r e t h e f o l l o w i n g : A l u m i n u m , a n t i m o n y ,
b r a s s , c o p p e r , i r o n , l e a d , n i c k e l , s p e l t e r o r z i n c , s t e e l, t in .
I n g e n e r a l, r e s t r i c t io n s o n t h e e x p o r t o f m a n u f a c t u r e d g o o d s h a v e b e e n
r e m o v e d , w h il e t h e y h a v e b e e n r e t a in e d in t h e c a s e o f r a w m a t e r ia l s .
T h o f o l l o w i n g lis t i n d ic a t e s t h e m o s t i m p o r t a n t i t e m s , t h e e x p o r t o f w h i c h
w a s f o r m e r l y p r o h i b i t e d t o a ll c o u n t r ie s , b u t a r e n o w p e r m i t t e d t o b e
e x p o r t e d t o a n y p a r t o f t h e B r it is h E m p ir e :
A r t i c lo s o f a lu m in u m .
A r t i c le s — m a n u f a c t u r e s o f a s b e s t o s .
B o l t i n g , c o t t o n — i n c lu d in g b e l t in g i m p r e g n a t e d w i t h b a l a t a o r r u b b e r .
B ic y c le s — c o m p le t e .
•
B i c y c l e t ir e s a n d p a r t s .
B o o t s a n d s h o e s ( e x c e p t c h i ld r e n ’s w it h s o le s o r u p p e r s
o f le a th e r ).
B room s.
B ru sh es (e x c e p t t o o t h b r u s h e s ).
C o p p e r — a n d m a n u f a c t u r e s o f — e x c e p t w ir e b a r s , p l a t e s , r o d s , s h e e t s !
s h ip s , t u b e .
G a lv a n iz e d s h e e t s — c o r r u g a t e d o r f l a t .
G rin d s to n e s .
G la s s f o r o p t i c a l i n s t r u m e n t s .
H a n d t o o l s f o r a g r i c u lt u r e .
H o ll o w a r e , d o m e s t i c — o f i r o n o r s t e e l p l a t e .
I r o n a n d s t e e l r iv e t s , n u t s a n d s c r e w s .
I r o n a n d s t e e l w ir e c l o t h .
I n c a n d e s c e n t m a n t le s a n d r in g s .
J u t e , c o r d a g e a n d t w i n e , p a d d in g a n d w e b b i n g , t w i s t a n d p i e c e g o o d s .
L in o le u m .
M a g n e s i t e a n d m a g n e s it e b r i c k s .
M a g n e to s a n d p a rts.
N a il s ( w i r e ) .
.
P i i o t o g r a p h i c m a t e r ia ls .
R u b b e r m a n u f a c t u r e s — e x c e p t s u r g ic a l g l o v e s .
S u r g ic a l b a n d a g e s a n d d r e s s in g s .
S teel sh eets (b la c k ).
T o o l s ( s m a ll ).
W a g o n s a n d c a r t s — -and p a r t s .
W o o l a n d h a i r — m a n u f a c t u r e s o f — n o t t o i n c lu d e r a w w o o l o r y a r n s .
C e r t a i n f a c t o r s w ill c o n t i n u e t o h a m p e r t h e e x p o r t t r a d e , n o t a b l y (1 )
s t r o r t a g o o f l a b o r t il l t h e a r m y is d e m o b i li z e d ; (2 ) s h o r t a g e o f t o n n a g e ;
(3 )
t h o n e e d f o r r e o r g a n i z a t io n o f p l a n t in c e r t a in in d u s t r ie s b e f o r e r e s u m in g
n o r m a l W o r k , b u t i t is c o n s i d e r e d t h a t t h e e f f e c t o f t h e s e f a c t o r s w ill d i m in
is h g r e a t l y In a f e w m o n t h s .
SERIOUS FOOD CO ND IT IO NS I N H O L L A N D —
A M E R I C A N OPPORTUNITIES.
Paris cablegrams of Jan. 3 had tho following to say re Something as to the conditions existing in Holland, par
garding Food Administrator Hoover’s plans as to Germany: ticularly
with regard to foodstuffs is revealed in a letter
received by A. B. Loach & Co. from F. Wachter, Jr., Manag
ing Director of the Rotterdam-Canada Mortgage Com
pany of Rotterdam. A. O. Corbin, Manager of the firm’s
Foreign Department, in making public Mr. Wachter’s
letter states that one object of the letter is to give an idea
as to the volume of business that can be dpne in Holland
by the Unitod States during the reconstruction period. Mr
Corbin gives the contents of Mr. Wachter’s letter as fol
lows:
I n d i s c u s s in g t h o f o o d s i t u a t io n in G e r m a n y , M r . H o o v e r s a id t h a t t h o
U n it e d S t a t e s h a s t h i r t y - e i g h t o f f i c e r s t r a v e l in g t h r o u g h t h a t c o u n t r y c o n
d u c t i n g a n i n v e s t ig a t i o n .
H e s a id t h a t h o h a d r e c e i v e d f r o m o f f i c e r s o f
E n t e n t e n a t i o n s r e p o r t s s t a t in g t h a t t h o s u p p l y o f f a t s p r e s e n t e d t h e c h i e f
tr o u b le .
A s y o t r e p o r t s a r e n o t s u f f i c i e n t l y c o m p l e t o f o r a d e f in it e s t a t e
m e n t o f th e G e rm a n p o s it io n , b u t h e th in k s th a t im m e d ia te r e lie f w ill p r o b
a b ly n o t b e im p e r a tiv e .
I n a n y e v e n t , h e i n d i c a t e d t h a t .G e r m a n y m u s t
w a it u n t i l t h o o t h e r s u f fe r e r s a r e f e d .
I n e x c l ia n g o f o r t h e u s e o f G e r m a n s h i p p i n g , G e r m a n y w i l l g r a d u a l l y b e
a l lo w e d t o h a v e f o o d , M r . H o o v e r s a i d , a d d in g t h a t t h e U n it e d S t a t e s w ill
g r a n t t o G e rm a n y th e u se o f fre ig h t t o n n a g e e q u iv a le n t t o th e p a sse n g e r
t o n n a g e r e q u ir e d t o t r a n s p o r t A m e r ic a n tr o o p s h o m e .
M r . H o o v e r s a id
th a t t w o s h ip lo a d s o f f o o d a re n o w en r o u t e t o F in la n d a n d th a t s e v e ra l
c a r g o e s a re o n th e w a y t o R o t t e r d a m t o b e d is t r ib u t e d b y r a il t o P o la n d
a n d t h o B a l t i c p r o v i n c e s a s s o o n a s f in a n c ia l a r r a n g e m e n t s h a v e b e e n
c o m p le t e d .
_______________________________________
D E A T i l OF D A V I D L U B I N WH O PROPOSED CREATIO N
OF I N T E R N A T I O N A L RESERVE BOARD.
David Lubin, of California, founder of the International
Institute of Agriculture, and its American representative
in Romo, died in that city on the 1st inst. of pneumonia.
Reports and other data on world crops and imports and
exports aro issued by the Institute. According to the
Now York “Times” of Jan. 3 tho treaty providing for the
Institute was ratified by 53 nations; tho Institute has, tho
“Times” states, an annual income of 560,000 from the
Italian Government. Mr. Lubin was born in 1841 and /was
forinorly President of the California Musouin Association
of Sacramento. Ilis proposal for tho creation of an Inter
national Reserve Board on tho basis of the Federal Reserve
Board at Washington was referred to in these columns
Juno 29 and July 6 last.
W I T H D R A W A L OF C A N A D I A N TR AD E RESTRICTIONS
Tho Montreal “Gazetto” announced on Dec. 28 that
Mr. G. T. Milne, Imperial Trado Commissioner in Canada
and Newfoundland, had recoived from the Imperial Depart
“ I n t h e f ir s t p l a c e , ” h e w r i t e s , “ t h e r e Is h e r e a s c a r c i t y o f f o o d s t u f f s o f
w h ic h y o u c a n n o t f o r m t h o f a in t e s t i d e a .
E v e r y t h i n g is b e i n g d i s t r i b u t e d
a g a in s t v o u c h e r s .
W e a r e h a v i n g h e r e a b o u t t w e n t y v a r i o u s k in d s o f
v o u c h e r - c a r d s , w h ic h c o n t a i n s e p a r a t e v o u c h o r t ic k e t s a n d e a c h w e e k
t h e p a p e r s p u b li s h w h ic h s o r t o f t ic k e t s is r u l in g t h a t w e e k .
" W o g o t e a c h d a y 2 0 0 g r a m m e s b r e a d , t h a t is . f o u r s m a ll s lic e s .
We
g o t f o u r k i lo g r a m s o f p o t a t o e s p e r w e e k , o n e - f i f t h o f o n e lit e r o f m il k p e r
d a y , a n d o n e -fo u r t h p o u n d o f b u t t e r p e r w e e k .
O n ce e a ch fo r tn ig h t w e
g e t o n e -h a lf o u n c e o a t m e a l, w h ic h , h o w e v e r , w e c a n n o t p re p a re p r o p e r ly
f o r l a c k o f m il k .
N o t t h a t w e a r e n o t fe e lin g in g o o d h e a l t h , b u t o n e g e t s
t ir e d m u c h s o o n e r t h a n in f o r m e r t im e s — e n d u r a n c e h a s d i m i n i s h e d . ”
M r . W a c h t e r c it e s a lo s s o f w e ig h t b y a fr i e n d o f h is o f 15 k i lo g r a m s ,
b y h i m s e lf o f s o m e 1 0 k i lo g r a m s , a n d h is w if e a b o u t t h o s a m e , a n d h e s a y s
t h a t t h is lo s s o f w e ig h t is g e n e r a l.
F o r t h o w o r k i n g c la s s , h o p o i n t s o u t , t h e s i t u a t io n is f a r w o r s e .
P r ic e s ,
h o s a y s , a r o b e y o n d d e s c r ip t i o n , s o t h a t it m e a n s s t a r v a t io n f o r t h o s e w h o
c a n n o t d is p o s e o f s o m e m o n e y .
T h e c o n s e q u e n c e is t h a t t h e w o r k in g c la s s
l o o k s v e r y w e a k , a n d m o r t a l i t y in is g r e a t l y I n c r e a s e d .
“ I a m d i c t a t i n g t h i s l e t t e r w h il s t w a lk in g o n a p a i r o f b o o t s w it h s o le s
m a d e o f o l d t i r e s , " h e w r it e s , “ b e c a u s e n o l e a t h e r f o r s h o e s is o b t a i n a b l e .
T it e s a le o f b o o t s a n d s h o e s h a s b e e n s t o p p e d .
A l l p e o p l e a r e w e a r in g
s u it s w h ic h a r o t u r n e d ( r e v e r s e d ) , b e c a u s e n o t h i n g n e w is f o r s a l e . ”
W i t h r e g a r d t o H o ll a n d h a v i n g a l lo w e d f o o d s t u f f s t o g o t o t h e G e r m a n s ,
M r . W a c h t e r s a y s , “ I t is m y f i r m - c o n v i c t i o n t h a t e v e r y t h i n g h a s b e e n
d o n o t h a t c o u ld r e a s o n a b ly b e e x p e c t e d , a n d t h a t t h o q u a n t it y w h ic h h a s
p a s s e d t h o f r o n t i e r w a s a m e r e f r a c t i o n o f a d r o p in t h e s e a o f w a n t s t h a t
h a d t o b o s u p p l i e d in H o l l a n d . ”
T h e s o l d ie r p a t r o l s h a d i n s t r u c t i o n s t o
s h o o t e v e r y s m u g g l e r , a n d t h e o r d e r lia s b e e n e f f e c t u a l l y c a r r ie d o u t , h e
p o i n t s o u t , a n d s a y s t h a t h e lia s h e a r d f r o m a r e lia b le s o u r c e t h a t s i n c e
A u g u s t 1 9 1 4 , n o t le s s t h a n 6 2 0 p e r s o n s h a d b e e n s h o t w h e n t r y in g t o
esca p e.
“ T h e lin e o f b u s in e s s y o u A m e r i c a n s c a n d o h e r e is i n d i c a t e d b y t h e
a b o v e ," M r . W a c h t e r c o n c lu d e s .
“ I n t h e f ir s t l in e Is t h e n e e d o f f o o d
THE CHRONICLE
123
s t u f f s a n d a ll t h e p l a i n n e c e s s it ie s o f l if e s u c h a s c l o t h e s , s h o e s a n d s im ila r
t h i n g s ."
" I t is f u l l y a p p r e c i a t e d o v e r h e r e t h a t t h e lo a d o f t h e w o r l d h a s p a s s e d
f r o m E u r o p e t o A m e r ic a , a n d I a m f u lly c o n v in c e d t h a t y o u r p o w e r fu l
b u s in e s s m e n w il l f u l l y t a k e a d v a n t a g e o f w h a t t h e c ir c u m s t a n c e s a r o
[Vol. 108.
A n y o n o w h o h a s t a k o n a d v a n t a g e o f w a r c o n d i t i o n s t o e n r ic h h i m s o lf
c a n n o t e x p e c t t h e a u t h o r i t ie s a r e g o i n g t o g i v e h im a c le a n b ill o f h e a l t h
b e c a u s e h e r e fu n d s t h o a m o u n t lie h a s u n j u s t l y t a k e n .
I f a m a n p ic k s
a n o t h e r m a n 's p o c k e t s it is n o t a d j u d i c a t i o n t o t h o d o f o n s o i f h o s i m p ly
re tu rn s t o t h e v ic tim th o m o n e y h o s t o le f r o m h im .
.
Since it becamo known that tho Food Board intended to
proceed against butchers whose books showed evidence of
profiteering, retail prices aro said to have taken a sudden
N O R W A Y TO H A V E M E A T L E S S , D A Y S .
hundreds of rotail shops throughout tho city. The
According to cablegrams from Christiania Jan. 7 it is drop inBoard
has now adoptod the plan of mailing each week
reported that the Norwegian Food Commission will soon Food
to all rotail dealers in tho city a list of “suggested” prices
Issue a decrco establishing three meatless days a week in of
certain staple commodities and meats, so that in future
hotels and restaurants.
no dealer will be able to plead ignorance of what the Board
considers a fair price.
o ffe r in g y o u
a t p r e s e n t .”
S I M P L I F I E D FORM OF L IC E NSE FOR E X P O R T A T IO N S
TO GREECE.
The War Trado Board has announced that a simplified
procedure has been adopted, effective Jan. 1 1919, for the
consideration of applications for licenses to export com
modities to Greece. War Trade Board ruling No. 84,
issued Mar. 23 1918, is hereby withdrawn. Tho Board’s
announcement says:
E x p o r t e r s d e s i r in g t o o b t a i n l ic e n s e s f o r s h i p m e n t s t o G r e o c e s h o u l d f i l e
a p p l i c a t i o n s w i t h t h e W a r T r a d e H o a r d , W a s h i n g t o n , D . C . , o r a n y o f Its
b r a n c h o f f i c e s , o n F o r m X , t o w h ic h t h e r e s h o u l d b o a t t a c h e d s u c h s u p l e m e n t a l i n f o r m a t i o n s h e e t s a s m a y b o r e q u i r e d b y t h o r u le s a n d r e g u l a t io n s
o f t h e W a r T r a d e B o a r d t o b e u s e d In c o n n e c t i o n w i t h t h e s h i p m e n t o f
c e r t a in c o m m o d it i e s .
N o o th e r s u p p le m e n ta l in fo r m a t io n sh e e ts w ill b o r e q u ir e d , as it w ill n o
l o n g e r b o n e c e s s a r y t o f o r w a r d t h e p a r t i c u la r s o f t h o a p p l i c a t i o n t o t h o
W a r T r a d o B o a r d r e p r e s e n t a t iv e a b r o a d .
L i c e n s e s h e r e a f t e r g r a n t e d f o r s h i p m e n t s t o G r e e c o , a s w e ll a s t h o s e
h e r e t o f o r e is s u e d , w h i c h c o n t a i n a n e x p i r a t io n d a t o o f N o v . 1 5 1 9 1 8 , o r
la t e r , s h a ll b e v a lid u n t il u se d o r r e v o k e d , a n d m a y b o u s e d f o r s h ip m e n ts
t o G r e o c e e it h e r b y d i r e c t s h i p m e n t o r o t h e r w i s e , a n d w i t h o u t r e s t r i c t io n s
a s t o t h o f l a g u n d e r w h ic h t h e s a m e Is c a r r ie d .
LIC ENSE OF F R U IT GROWERS REVOKED B Y U. S.
FOOD A D M I N I S T R A T I O N — BUTCHERS P U N I S H E D .
It was announced in the “Official Bulletin” of Dec. 30
that tho U. S. Food Administrate n>had revoked tho license
of tho Oklahoma Fruit & Molon Growers’ Association of
Chickasha, Okla., for an unlimitedjperiod. Tho Food Ad
ministration is quoted as saying:
T h e A s s o c i a t io n , d e a le r s In fr e s h f r u it s a n d v e g e t a b l e s , c a r - l o t s h ip p e r s
o f p o t a t o e s , d i s t r i b u t e r s o f c o t t o n s e e d a n d f a r m e r s ’ s t o c k p e a n u t s , r e fu s e d
t o a p p e a r f o r a h e a r in g a l lo w e d th o r n t o s h o w c a u s e w h y t h e i r l ic e n s e t o
d o a l in l ic e n s e d f o o d c o m m o d i t i e s s h o u l d n o t b o r e v o k e d f o r h a v i n g r e f u s a l
t o u n l o a d a c a r o f p o r is h a b le s .
T h e r e je c t i o n o c c u r r e d b e f o r o t h o r e c e n t
w it h d r a w a l o f r u le s r e la t i n g t o f r e s h f r u it s a n d p e r is h a b le s .
Splitting brokerage commissions with tho Emery Food
Co., to whom it was selling food products, cost the Virginia
Canners’ Exchange, Roanoke, Va., its licenso to doal in food
commodities, according to an announcement made by the
U. S. Food Administration on Dec. 20. The Food Ad
ministration said:
R E M O V AL OF RESTRICTIONS ON IM P O R T A T IO N OF
R A W WOOLS.
Tho removal of all restrictions, effective Jan. 10, on tho
importation of raw wool and wool tops, noils, yarns and
waste from all non-onomy countries was announced by the
War Trade Board on Jan. 8. This, it is announced, obviates
the necessity of importers giving to tho Government an op
tion to purchase imported wools at fixed prices. It will
permit the unrestricted importation from Argentina, Uru
guay, and South Africa of wools for privato account. Here
tofore imports of wool from these countries wore confined to
those consigned to tho Quartermaster-Goneral. It will
still bo necessary for importers to apply for and secure
licenses for the importation of thoso commodities, but such
licenses will bo issued freely for shipments from all non-onemy
countries where no element of onomy trade is present.
When the armistice was signod thoro wero in tho hands of
the Quar-termastor-Gonoral largo stocks of wool estimated
to be adequate to clothe tho army on a war basis for six
months. These aro now boing sold gradually at auction to
meet the roquiroinonts of tho toxtilo industries, tho proceeds
being covered into tho Treasury as a salvago to tho nation,
mado possiblo by tho cessation of hostilities. The action
of the Board, it was statod, is one of the larger steps in re
opening the usual channels of trado. The Board’s action
was taken at tho suggestion of tho Purchase, Storago, and
Traffic Division of tho Gonoral Staff, which stated that
so far as tho interests of tho War Dopartmont aro concerned,
“there is no reason why the wool market should not bo re
established on a froo, competitive basis.”
GE NERAL IM P O R T L ICE N S E ON C A N A D I A N
FURS.
Under dato of Jan. 4 tho War Trade Board announced
that a general import licenso, to bo known as P. B. F. No.
30, has boon issued covoring tho importation from Canada
of raw furs of Canadian origin whon consigned to Funsten
Bros. & Co., Goo. B. Herzig Co., Inc., Joseph Ullman,
Inc., or td such other firms as may enter into an appropriate
agreement with tho War Trade Board. This agreement is
substantially that, in consideration of tho issuance of tho
general license, tho license firm agroes to report tho roccipt
of shipments of furs under such gonoral license, which may
not be of Canadian origin, and to hold the same subject to
Fifty-eight retail butchers from various parts of Greater tho disposition of tho War Trado Board.
New York who had been convicted of profiteering by tho
local Food Administration, were compelled on Oct. 18 to TEXTILE A L L I A N C E EXPORT CORPORATION FORMED
donate a total of 85,825 to the Red Cross; in addition, tho
U ND ER WEBB LA W.
convicted dealers agreed to rofund tho amount of over Tho Toxtilo Alliance Export Corporation has been formed
charges to customers wherever possible, and to post a notice in New York undor tho authority conferred in tho Webb
in their stores explaining why they made the refund, and a law for tho purposo of facilitating “tho exportation of cotton,
pledge to abide by tho regulations of the Food Administra wool, flax, silk and othor toxtilos from tho United States
tion in future.
to foreign countries.” Tho now concern has been organized
The fifty-eight butchers represented tho first of a contin under
laws of Now York State with a capital of 8100,000
gent of 234 against whom complaints wero made that they of 7% the
cumulative
preferred stock, without voting power,
sold lamb to customers at a profit in excess of that “sugges and 100 shares of common
stock without par value. Tho
ted” by the Federal Food Board. It was brought out at the common stock is owned in equal
by the Association
hearing that some of tho butchers who had been paying from of Cotton Toxtilo Merchants, tho parts
American
Association of
21 cents to 22 conts a pound for lamb during tho first week Woolen and Worstod Manufacturers, tho National
Council
in October wero charging prices to consumers which showed of
Cotton
Manufacturers
and
tho
National
Association
of
a profit in some cases of moro than 23 conts a pound. In Wool Manufacturers; tho ownership of tho common stock
practically every case the butchers admitted that tho mar
voting powor and control of tho corporation. At a
gins of profit allowed by the Food Board wero fair, although carries
meeting
on tho 3rd inst. John R. Munn of tho American
some of them said thoy had never seen the list of fair prices Woolen Company
was olooted President of tho new export
issued by tho Board.
corporation;
Frederick
K. Ruppreclit has been mado First
Some butchers took tho position that, though guilty of Vice-President; F. A. Floiseh,
Second Vico-Prosident and
profiteering, it was unfair to oxpect thorn to pay out in
Manager; R. M. Johnson, Assistant Treasurer of
refunds and contributions to war charities more than tho General
the corporation, and W. C. Bates, Secretary. A statement
actual amount takon in excess profits. This impression with
regard to tho organization of tho now corporation says:
was corrected by John Mitchell, Chairman of the Fedoral
Food Board, who made tho following statement:
T h e R o a n o k e f ir m a c t s a s a b r o k e r a g e m e r c h a n t t o r fr e s h f r u i t , v e g e t a b l e s
a n d ca n n ed tom a toes.
A t a h e a r in g h e ld b y t h e U n it e d S t a t e s F o o d A d m i n i s t r a t i o n i t w a s s h o w n
t h a t t h o E x c h a n g e h a d v i o l a t e d , o n m o r o t h a n o n e o c c a s i o n , t h o r u le s a n d
r e g u l a t io n s p r o h i b i t i n g s p l it t i n g c o m m i s s i o n o r b r o k e r a g e fe o s .
T h i s r e v o c a t i o n is t h o fir s t f o r v i o la t i o n s f o r t h o s e p a r t ic u la r r u le s a n d
r e g u la t io n s a n d l e m a in s e f f e c t i v e f o r t e n d a y s f r o m D e c . 10.
A f t e r f o u r y o u r s o f r e s t r i c t iv e p r o d u c t i o n t h o r o is b o l io v e d t o b o a s h o r t
a g e o f c l o t h i n g in E u r o p o a n d t h a t t h o p r o d u c t s o f A m o r i c a n t e x t il e m a c li l u -
Ja n . 11 1919.]
THE CHRONICLE
cry will bo required to help meet the demand. Normally, the American
textile industry supplied less than our domestic requirements. Production
capacity has not materially increased during tho last four years, and in
order to co-ordinate and stabilize both the American and European markets
this organization, representing tho industry, has been Incorporated.
It is proposed to appoint representatives in tho principal markets of
Europe, and the services o f the association will bo offered to tho organized
relief commissions of Belgium and other countrios.
Tho directors of tho corporation are representative men of tho cotton and
woolen trade, and their names are as follows: William H. Baldwin, Cor
nelius N. Bliss, Bertram H. Borden, Elisha P. Oronkhito, S. F. Dribbcn,
Henry W. Ilowo, Manton B. Metcalf, G. H. Milllken, John It. Munn,
Goorgo Nichols, J. Harper Poor, Frederick K. liupprocht, Eoronzo Semple,
J. P. Stevens, liidloy Watts, Malcolm D. Whitman.
Messrs. Borden, Millikon, M u n n , Ruppreclit, Stevens,
W atts and Whitm an aro the incorporators. Tho purposes
of tho corporation aro outlined as follows in its certificate
of incorporation:
(а) To facilitate tho exportation o f cotton,.wool, flax, silk and other
textilos from tho United States to foreign countries and to engage solely
in export trade in accordance with the Act o f Congress entitled “ An Act
to Promote Export Trade and for Other Purposes,” approved April 10
1918, commonly known as tho Webb Act, and any acts amendatory thereof
or supplementary thereto and any and all lawful orders and regulations
of tho Federal Trade Commission thereunder.
(б) To enable this corporation to co-operate and mako agreements with
other individuals, partnerships, associations and corporations for tho
solo purpose o f engaging in export trade and perform such acts as may bo
necessary or dosirable in tho course o f export trado in cotton, wool, flax,
silk and other textiles from tho United States to foreign countries in accord
ance with and within tho meaning o f tho terms o f tho Webb Act herein
above referred to.
(c) To engage in said export trado as principal or as the agont, broker,
consignee or faetar of others in respect o f the acquisition, transportation,
shipment, purchase, sale, contracting for, dealing In, trado and commerce
In, or other disposition o f tho textiles aforesaid.
(d) To investigate commercial conditions in foreign nations and elsowhero affecting cotton, wool, flax, silk and other textiles in connection
with export trado in said textiles.
(c) To buy or otherwise acquire, hold, lease, sell, oxehango, mortgage,
pledge or otherwise dispose of, any property, real, or personal, rights,
franchises or good will which tho purposes o f tho corporation shall require,
subject to such limitations as may be proscribed by law; to borrow or raise
money for tho purposes o f tho corporation, to securo tho samo and any
interest thereon, to mortgage and charge all or any part of tho property
o f tho corporation, and to issue, sell, pledge or otherwiso disposo of its notes,
bonds, debentures, and other evidences o f indebtedness, and to draw, mako,
accept, endorse, oxccuto and issue promissory notos, bills o f exchange,
warrants and other negotiable or transferable instruments, and to mako,
purchase or otherwise acquire, deal in and carry out any contracts for or
in relation to any of the purposes o f this corporation that may bo lawful
subject to tho restrictions or limitations imposed by law to purchase or
otherwise acquiro, hold, own, sell, assign, transfor, mortgago, pledge,
oxehango or otherwiso disposo of, tho shares of tho capital stock, bonds,
obligations or other securities or evidonce o f indebtedness o f other corpora
tions, domestic or foreign.
(/) All of tho powers and purposes o f this corporation shall in all respects
bo subject to. governed by and not inconsistent with tho Act of Congress
entitled "And Act to Promote Export Trade and for Other Purposes,”
approvod April 10 1918, commonly known as tho Webb Act, and any acts
amendatory thereof or supplementary thereto, and any and all lawful
orders and regulations o f the Federal Trado Commission thereunder.
(g) In general, to do any and all things and exerciso any and all powers
which may now or hereafter be lawful for tho corporation to do or exer
cise under and in pursuant of tho Business Corporations Law o f tho State
of New York or any other law that may bo now or hereafter applicable to
the corporation.
(h) This corporation is not organized primarily for profit and no dividends
shall bo declared upon its common stock; and the board of directors, after,
providing a reasonable fund to assure payment o f dividends upon its
preferred stock and for its necessary and reasonable expenses, operation
and maintenance, shall have power by a vote o f two-thirds o f all of the
members o f tho board to make such appropriations out o f its surplus funds
for any organized philanthropies or for tho purposo of tho dovolopinont
o f oxport trado as tho board of directors in its discretion shall see fit.
Tho certificate of incorporation also provides:
No proforrod or common stockholder shall bo entitled to subscribe for,
purchase or recoivo any part of any now or addltinal issue of stock.
From time to time tho preferred stock and tho common stock may bo
increased according to law and may bo issued in such amounts and propor
tions as shall bo determined by tho board o f directors. Tho holders of
preferred stock shall not bo onlitlcd to vote in any proceedings at any moot
ing of stockholders of tho corporation, except as otherwiso expressly pro
vided by statute. The holders of the common stock shall bo entitled at
any meeting of stockholders of the corporation to ono voto in person or
by proxy for each share of common stock standing in their names upon tho
books of tho corporation. Tho holdors of tho common stock shall not bo
entitled to any dividends thereupon or to any part in tho distribution of
he assets of tho corporation.
CHANGE
I N N A M E OF EXPORT O R G A N IZ A TIO N
FORMED B Y STEEL PRODUCERS.
Tho namo of tho now company formed by indopondont
stool producors undor tho W obb Law, to furthor tho oxport
trado of Amorican steol intorosts, has boon changod from
the North Amorican Stool Products Corporation to tho Con
solidated Steel Corporation; tho chango, it is understood, was
mado bocauso tho namo conflicted with that of anothor cor
poration. As announced in our issuo of Doc. 28, pago 2433,
E.
A . S. Clarko, Prosidont of tho Lackawanna Stool C o.,
is Prosidont of tho now stool oxport corporation. Tho namos
of tho other officers woro mado known on tho 7th inst.;
thoso officors aro: Vico-Prosidont, II. II. Barbour, formorly
Vico-Prosidont of tho Lackawanna Stool C o .; Socrotary and
Comptroller, L. W . Ilesselman, formorly Comptroller of
tho Laokawanna Stool C o .; Troasuror, A . Van Winklo;
123
Traffic Manager, William Hoyman, formerly Foreign Freight
Agont of tho Delaware Lackawanna & Western R R . As pre
viously announced, tho new corporation will be the exclu
sive agency for exporting the merchant iron and steel prod
ucts of tho following companies: Bothlohem Steel C o .,
Brier Hill Steol C o ., Lackawanna Steel C o ., Lukens Steel
C o ., Midvale Steel & Ordnance C o ., Republic Iron & Steel
C o ., Sharon Steel Hoop C o ., Trumbull Steel C o ., WhitakerGlossnor C o. and Youngstown Sheet & Tube C o. All of the
forogoing will be represented on the board of the Consoli
dated Steel Corporation, the directors of which include:
E . G . Graco, President of the Bothlohem Steel C o .; William
A . Thomas, President of tho Brier Hill Steel C o.; A . F .
Huston, President of the Lukens Steel C o.; A . C . Dinkey,
Prosidont of the M idvale Steel & Ordnance C o .; John A .
Topping, President of the Republic Iron & Steel C o .; S. P .
Kor, President of the Sharon Steel Hoop C o .; Jonathan
Warner, President of the Trumbull Steel C o .; Andrew Glass,
Prosidont of the Whitaker-Glessner C o ., and Jamos A . Camp
bell, President of the Youngstown Sheet & Tube C o.
Tho corporation this week opened offices in the C ity In
vesting Building, 165 Broadway.
B A N PLACE D ON COPPER B Y F R A N CE A N D I T A L Y .
Tho following is taken from tho “ W all Storet Journal” of
Jan. 7:
Franco and Italy have placed a ban on copper imports, due, it is believed,
to tho large accumulatin o f metal in those countries.
According to a representative o f one o f the largest sellers in this country,
tho embargoes on metal inportations Into France and Italy have been in
force for almost a year.
When French or Italian consumers need metal, he added, and have to
purchase it in the United States, they buy it hero just like any other for
eign purchaser and arrange for its shipment abroad through French and
Italian commissions.
Loading sellers say the ban on metal imports into France and Italy has
been unduly magnified. On the other hand, some copper authorities say
It is a very unsatisfactory situation and indicates that these two countries
will not be big buyers o f copper for a long time to come, and can afford to
wait until the oxport price of tho metal in this country works materially
lower.
_______________________________
EMPLOYERS' A SSOCIATION TO CO M B A T LABOR D E
M A N D S — Q UE STIO N OF M A I N T E N A N C E OF WAGES.
An “ appeal to reason” directed to all workers was made by
the Allied Building Trades Association, organized in Atlantic
City on Jan. 4 to meet, according to the Philadelphia
“ Ledger,” tho crisis created by the demands of plumbers,
tinsmiths and electricians for a $7 working day of eight hours
and double time for overtime. In making the appeal
the now organization declares that an advance in the cost
of labor at this time will virtually stop all building. The
Association, it is learned from the “ Ledger,” asserts that
any increase in the price of labor is unwarranted at this
time for the following reasons.
First. Property owners are waiting for lower costs before going ahead
with building operations.
Second. Building materials already have shown a considerable decline
in prices, in some cases as much as 25%, and we believe that any increase
at this time on cost o f labor will stop virtually all building and result in
less not amount o f wages received by all mechanics.
Third. Food products have recently shown a tendency to decline as
anticipated. We believe that an Increase in wages under present condi
tions is against public interest.
The “ Lodger” also says:
The now employers’ union, which is prepared to fight to the limit if
necessary, indorsed tho action o f the master plumbers, master electricians
and sheet and metal employers in refusing to grant any increase in wages
at this time. One reason for the employers’ positive stand is a report that
bricklayers are preparing to demand an $8 working day and that the other
trades will follow suit.
The charter members of the Employers’ Union include:
Edward L . Bader, Republican County Leader and General
Contractor; Hubert Somers, John Murtland, Charles Eisle,
John Sykes, A . B . Bowen, Frank W alsh, John Roberts,
W . L. llidgw ay, P. G . Ilannum, It. R . Albertson, Samuel
C . Clark, John II. M oore, Samuel IT. Headley and Warren
Somers, representing all of the large building materials’
establishments and contracting interests in the city.
The statement that large employers will make an effort
to maintain the present standard of wages was attributed
to IT. A . Wheeler, President of the U . S. Chamber of Com
merce upon liis return to Chicago from the East on Dec. 15.
M r. Wheeler was quoted as saying:
I rather look for a decrease in wages when the cost of living is lowered,
but not until then, and then it will mean nothing, as relatively wages will
continue to bo as high as now.
A t the readjustment convention in Newark on Dec. 11,
called by the State Manufacturers’ Council, a resolution is
said to have been adopted pledging the members of the
Council not to reduce wages until tho purchasing power of
1 2 4
TH E CHRONICLE
the dollar increases. The resolution further expressed the
view that wages should be last to bo affected in the readjust
ment of business conditions. Provision for the appoint
ment of a permanent industrial commission was made at the
meeting— the commission to be composed of five manufac
turers, five bankers, five representatives of public utility
interests, five agricultural delegates, five labor union, men
and five representatives of the railroad brotherhood. A c
cording to the New York “ Tribune,” these men are to
meet “ from time to time” and formulate a definite policy
for the industrial and economic betterment of the State.
The statement that no reduction in wages can be expected
for a number of years, because the demand for labor will ex
ceed tho country’s supply, was made to the House Rules
Committee by Secretary of Labor Wilson on D ec. 11. He
appeared to urge the completion of legislation to provide
useful and necessary public work for discharged soldiers and
industrial workers. The Secretary thought it would be
only for a brief period, if at all, that the Government would
have to provide employment, but that the precaution should
bo taken. He suggested extensive work on highways, rivers
and harbors and public buildings, under new appropriation
bills being framed by House committees.
W A R CONTRACTORS ORGANIZE TO SECURE PROMPT
S E T T L E M E N T OF C L A I M S .
A t a meeting of contractors engaged on Government
war work, held at Cleveland, O ., on Jan. 3, an organization
was formed to be known as the Association of Manufacturers
of W ar material, for the purpose of protecting the interests
of manufacturers affected by the refusal of Comptroller
Warwick of the Treasury Department to authorize the
Secretary of W ar to make settlements with
contractors
holding informal or unsigned contracts. Resolutions wore
passed by the meeting, urging prompt passage by Congress
of appropriate legislation to facilitate a settlement, and
calling attention to tho serious results to business and labor
interests of tho present situation. The meeting went on
record as favoring the Dont bill, prepared by Secretary
Baker and which passed tho House on tho 9th inst., by a
vote of 270 to 30, authorizing tho Secretary of W ar to pro
ceed with the settlement of unfinished contracts and placing
all necessary power in his hands. Tho resolutions adopted
at the Cleveland meeting were given as follows in tho “ Plain
Dealer” of Jan. 4:
Whereas, In view o f tho war emergency, tho manufacturers o f tho United
States furnished the War Department wtih materials and facilities impera
tively required for tho prosecution o f tho war, without waiting, in many
cases, for formal contracts; and
Whereas, Tho Comptroller of tho Treasury is unable to make payments
on such informal contracts, even though thoir good faith is unchallenged
and
Whereas, Prime contractors cannot safely pay their sub-contractors until
the Government has checked up and approved tho sub-conrtactors’ ac
counts; and
Whereas, Delay in settlement o f tho Government’s obligations to tho
manufacturers threatens industrial disaster and consequent wldo spread
unemployment o f labor;
Resolved, That it is tho sense o f this meeting o f manufacturers that Con
gress should immediately pass tho Dent bill, with such amendments as
may be needed to meet tho present situation, legalizing the payment,
through tho present Government organizations of the obligations of tho
United States, entered into in good faith by its accredited agonts; and
Resolved, That tho Claims Board should bo instructed by tho Secretary
of War to take stops immediately to check tho claims o f sub-contractors;
and
Resolved, That payment on account should bo immediately mado of
•uch amounts, if any, as may clearly appear to be duo.
The contractors unanimously went on record as opposed
to the plan of Senator Hitchcock, legalizing the contracts
in question but placing adjustment of tho obligations in the
hands of a “ non-interosted commission.” The manufac
turers contended tho Hitchcock method would interminably
delay settlement of their claims, since they would have to be
passed on by a commission wholly unfamiliar with the
situation. On the other hand, present Governmental
agoncies, they maintained, are fully conversant with the
facts and could act with promptitude.
Speakers at the meeting pointed out the serious situation
in which many manufacturers at present found themselves
and predicted that unless some solution was found that
would quickly release the capital now tied up in Government
contracts, many bankruptcies and widespread unemploy
ment would result. In addition to bringing direct pres
sure to bear upon Senators and Representatives, manufac
turers were urged to enlist the aid of labor organizations
to influence Congress, since tho interests of labor aro also
involved in an early settlement.
The Senate Military Committee on January 3 rejected
Secretary Baker’s recommendations for legislation to vali
[V o l . 1 0 8 .
date informal contracts and ordered favorably reported a
bill by Senator Hitchcock, legalizing such contracts but
placing adjustment in tho hands of a “ non-interested”
commission of three persons to be appointed by the Presi
dent. The Hitchcock bill was outlined as follows in W ash
ington advices to the New York “ Tribune” on Jan. 3:
The Senate Military Affairs Committee purposes to validato only the
claims of manufacturers, thus eliminaPng commitments relating to real
estate, and insists that such contracts must be of a nature authorized by
Congress and made in good faith. Tho commission to bo appointed under
tho bill is then to proceed to deal with tho settlement of all tho validated
transactions in tho following manner:
It will consider each case and make its award. If tho award is satis
factory to the contractor tho case is thus finally disposed of. If it is not,
75% of the amount of tho award is forthwith to bo paid over to tho con
tractor, who is then at liberty to pursue his contention further in tho Court
of Claims.
The Commission is to consist of one representative of tho War Depart
ment, one representative of the Department of Justice and one represen
tative of business interests. Each member is to receive a salary of $10,000
a year, and the life of the Commission is limited to one year.
Tho reason advanced -by the Committee for rejecting Mr. Baker’s plan
was that it was reared that an adjustment of those informal contracts by
army officers would result in many arbitrary and unfair decisions.
Some of tho real estate transactions atro considered so irregular that it
would bo unwise to include them in tho relief measure, as there is no hasto
with regard to them and no hardship.
During the debate on the Dent bill in the House on Jan.
M r . Dent, Chairman of the House M ilitary Affairs Com
mittee, read a letter from Assistant Secretary Crowell, say
ing that the total obligations and disbursements of tho W ar
Department from tho declaration of war to Dec. 1 amounted
to 815,381,125,058. This, M r . Crowoll explained, included
money sent to the American Expeditionary Force, but not
its expenditures or obligations. Department expenditures
in the United States wero $9,757,228,408 up to Oct. 31, ho
said. The* letter continued:
8
Suspension in whole or part has been directed as of Doc. 26 on outstand
ing obligations in the United States in tho sum of $5,078,259,724. A
recent cablo states that tho outstanding obligations of the American Ex
peditionary Force on Nov. 11 amounted to $1,183,130,000, and that
S73.634.000 has been paid on account on these obligations up to Dec. 10,
and that notification of cancellation had at that time been given as to
$350,663,000.
Approximately 6 ,GOO informal contracts aggregating
$1,675,000,000 and 8,000 foreign contracts also for large
amounts are involved in the situation.
W ith regard to tho present status of war contracts, the
“ W all Street Journal” for Jan. 3 in pointing out the differ
ence between tho “ cancellation” and tho “ suspension” of a
contract, said:
The Ordnanco Department is not, except in very few instances, "can
celling” contracts for munitions and other war supplies. The word "can
cel” in this connection is a misnomer, an authority points out, and adds
that a misunderstanding of the situation may causo losses to contractors
running possibly into the billions.
Since tho arm iistico tho Ordnanco Department has been sending ou
“ suspension” orders, which technically and legally aro entirely different.
When a contract botwoen tho Ordnance Department and a manufacturer
is canceled it is absolutely annulled, tho matter passes out of tho hands of
ordnance officials and tho contractor boeomes unable to arrange any ad
justment, there being no longer any contract to adjust. Ills only recourse
is to the Treasury Department through tho Court of Claims, and that only
for material actually supplied. Once tho matter is beforo tho Court of
Claims tho contractor may oventually collect, but ho will be fortunate If
a decision is arrived at in tho next twenty years.
When a contract is suspended, however, a supplemental agreement may
bo added. In the Interest of tho United States Government, and mado part
of tho contract. Under this supplemental agreement payment may bo
mado for all deliveries and compensation agreed on and paid for work in
progress beforo tho contract is wound up. Failure of contractors to agree
to a suspension of their contracts may. It is pointed out, forco their can
cellation.
For this reason, contractors in their own interest, should not confound
tho two expressions.
PA Y M E N T S OF A BILLIO N A N D A H A L F TO M E N I N
U N I T E D S T A T E S A R M Y S IN C E A P R IL G 1917.
A total of $1,577,331,670 is announced as having beon paid
to tho officers and onlistod men of tho Unitod Statos Army
since April 6 1917. Announcement of this was mado in a
statement issuod by tho Director of Finance of tho Army
on Jan. 3, which we quote in part herewith:
Since April 6 1917 there has been paid to tho officers and enlisted men of
the United States Army $1,577,331,669 70. To this should bo added
$116,782,994 81 paid in family allowances by tho Treasury Department,
making a total of $1,694,114,664 51 paid to officers and soldiers and to
soldiers’ families up to date, it is estimated that it will requlro $1,257,
941.001 52 to pay officers and soldiers for tho balance of tho fiscal year
ending June 30 1919, and if the Dent bill providing an extra month's pay
for discharged officers and men becomes a law, there will bo added $153,
000,000 to the grand total, making the sum of $3,105,055,666 03 paid out
to officers, soldiers and soldiers’ families since April 6 1917, without taking
into account the amount for family allowances which will lie paid to en
listed men’s dependents between now and June 30 1919.
This money for the most part has beon paid in cash to individuals, and
has beon disbursed in tho Unitod States, Franco, England, Italy, l’orto
Klco, the Canal Zone, Alaska, Hawaii, the I’hillippino Islands, China,
Siberia, Archangel, and at tho capital of overy country in tho world except
enemy countries, and wo possibly will soon bo paying troops there.
The statement that pay of tho army has beon disbursed at tho capital
of ail these countries is due to tiio fact that every military attache is an
acting quartermaster, and as such pays all Unitod States Army persorjnell
connected with Ills office.
Ja n . 11 1919.]
THE CHRONICLE
1
25
From Dec. 1 to Dec. 21 1918, 500,000 enlisted men were discharged bulletin boards and early editions and selling this bodily, or
from the army, and were paid in full without delay. This operation com
prehended such factors as clothing money due, longevity pay, foreign- after rewriting, to defendant’s customers.
The D istiiet Court granted the preliminary injunction
service pay, allotments to the Bureau of War-llisk Insurance, and allot
ments through tho War Department system, all of which must ho prorated, sought by the Associated Press under the first and second
travel allowances, charges against tho soldier for lost property, and many
other matters requiring consideration under law and regulations. Tho headings, but refused a preliminary injunction to restrain
final pay roll of a soldier, because of tho requirements of law, Treasury
taking news from bulletin boards and early editions. The
Departments decisions and regulations, is an Intricate financial
District Court was satisfied that this constituted unfair
problem.
Tho payment of troops overseas presented entirely now difficulties, the trade, but as the legal question was declared to be “ one of
restrictions of law and regulations boing further complicate! by war first impression,” decided that the allowance of an injunction
conditions that relegated tho matter of pay to tho rear. It was impossible on tho third point should await an appeal.
to pay troops in action, and tho troops wero not thinking of pay. Whon
The Circuit Court of Appeals sustained the injunction
American troops arrived oversoas tlioy wero hurried to tho front and their
baggage containing their records followed them when transportation was
order of the lower court so far as it went, and on appeal by
available. Then began rapid movements and consequently frequent
the Associated Press ordered a modification of the lower
separation at every point. In somo cases organization commanders and
their commands had records and baggage. In one or two cases trains court’s order, remanding the case, with directions to issue
proceeding toward tho front wore destroyed by aerial bombs, causing tho an injunction also against any bodily taking of the words or
destruction of baggage and records o f troops.
To meet this condition an attempt was mado to provido enlisted men substance of Associated Press news until its commercial value
with pay cards and pay books, so that if wounded or separated from their has passed away.
commands they would be able to establish their identity and secure their
The Supreme Court has now affirmed the decision of the
pay. The pay cards wero available in July and the pay books wore issued
The question argued before the
in November, but few of the casuals, wounded and sick, who have heretofore Circuit Court of Appeals.
arrived from overseas, have either pay cards and pay books. In somo cases Supreme Court was whether the International News Service
without doubt tho soldier when going into actual conflict, as is tho American might lawfully be restrained from appropriating news of
soldier’s custom, stripped himself of everything that did not contribute
directly to tho task before him, and left his papers with tho rest of tho the Associated Press taken from bulletins or early editions.
discard.
The Associated Press argued before the higher court that
Another phase of tho situation that affected many of tho casuals who have this practice violated its property right in news and con
arrived in this country without records of any kind was the brigading of
American troops witii Belgian, French, British, and Italian organizations. stituted unfair practice in business. The Supreme Court
Many hundreds of thousands of troops were moved between darkness and decided to go into the whole matter of the merits of the ques
dawn, and it was vitally necessary to have a concentration of men at a
tion whether there is any property right in news, whether,
given point, and in tho teeth of a furious attack records were forgotten.
When a man was wounded he was evacuated through Belgian, British, if there is suen a property right, it survives the instant of
French, or Italian hospitals, and from there to tho seaboard, and from there, publication in the first newspaper, and whether the appro
as soon as ho could bo moved, to a transport and back homo, while his
priation for commercial use of matter taken from bulletin
records might be back near tho front line, under control of officers and men
boards or early editions constituted unfair competition in
who wore marching all night and fighting all day.
Few soldiers arrive hero who have not boon given partial pay boforo trade.
In part, the majority opinion said:
leaving France. Immediately on their arrival in this country thoy are
In considering tho general question of property in news matter, it is
given a partial payment on tho soldier’s own statement as to tho status of necessary to recognize its dual character, distinguishing between th*
his account. Most soldiers have insurance premiums duo and allotments
substance of tho information and the particular form or collocation o^
on the Treasury Department that support family allowances, and in making
words in which the writer has communicated it.
partial payments without supporting papers great risk is necessarily run,
No doubt news articles often possess a literary quality and are the
but tho finance officers are making theso payments all over tho country and subject o f literary property at the common law.
Nor do wo question that
cheerfully shouldering tho financial risk and accountability, so that tho such an article as a literary production is the subject of copyright by the
men from over there, who havo faced the discomforts o f the trenches and terms o f tho act as it now' stands. . . .
But the new's element— the
the perils o f the front, shall havo somo monoy for their use.
information respecting current events contained in the literary production—
Tho final payment marks tho actual separation o f tho men from tho
is not tho creation o f tho writer, but is a report of matters that ordinarily
servico, and for an overpayment there is no recourso. Tho soldier has duo
are public! juris, it is the history of the day. It is not to bo supposed that
him accrued pay perhaps for several prior months, less partial payments the framers o f the Constitution, when they empowered Congress "to pro.
mado during those prior months, lie is entitled to 3
cents per mile to
mote tho progress of science and useful arts by securing the limited times
tho place of his induction into the servico, ho has possibly deposits and to authors and inventors the exclusive right to their respective writings and
interest due him, while from this total must be deducted his insurance discoveries” intended to confer upon one who might happen to bo the first
premium, tho pro rata share o f his allotment on tho Treasury Department
to report a historic event the exclusive right for any period to spread tho
to support his family allowance, tho settlement of his allotment through knowledge of it.
tho War Department for his Liberty bond subscription or for other pur
W o need spend no time, however, upon the general question of property
poses, while thero are other allowances and possibly other charges which
in news matter at common law, or the application of the Copyright Act,
enter into his complicated account. . . .
since it seems to us the case must turn upon the question of unfair com
Thero is no authority of law for either tho partial payments nor these petition in business. And, in our opinion, this does not depend upon any
final payments on tho statement of the enlisted men, and Congress has been general right of property analogous to the common law right of the propri*
asked by tho Secrotary of War to sanction this procedure by necessary
etor of an unpublished work to prevent its publication without his consent*
legislation. Many of tho casuals now arriving are provided with pay
nor is it foreclosed by showing that the benefits of the Copyright Act have
books which contain in somo cases enough of tho soldier’s military history been waived. We are dealing here, not with restrictions upon publication,
to enable payment to bo made. Whonover report is received in Washington
but with the very facilities and processes of publication.
that casuals have arrived at a hospital who havo pay due thorn for any
The peculiar value of news is in the spreading of it while it is fresh, and
prior period, a finance officer is immediately ordered there to mako a it is evident that a valuable property interest in the news as newrs cannot
settlement of the account. At each of tho ports of debarkation in this be maintained by keeping it secret. Besides, except for matters improperly
country finance officers with sufficient force await tho arrivals of casuals disclosed, or published in breach of trust or confidence, or in violation o f
in order to pay them something on account. Occasionally tho condition law, none o f which is involved in this branch of the case, the news of current
of patients is such that payment cannot bo mado, bat in the majority of events may bo regarded as common property.
cases payment is made, and no casual or other enlisted men from overseas
What we aro concerned with is tho business of making known the news
who has a legitimate claim for pay need go without funds.
to the world, in which both parties to the present suit are engaged. That
business consists in maintaining a prompt, sure, steady and reliable ser
vice, designed to place the daily events of tho world at tho breakfast table
of tho millions at a price that, while of trifling moment to each reader, is
A S S O C IATE D PRESS U PHELD I N N E W S P IR A T IN G sufficient in the aggrejate to afford compensation for tho cost of gathering
and distributing it. with the added profit so nocessary as an incentive to
CASE.
‘
effective action in the commercial world.
Property rights in news gathered for pxirposes of publica
Tho service thus performed for newspaper readers is not only innocent,
tion wero upheld by the U . S. Supreme Court in an important but extremely useful in itself, and indubitably constitutes a legitimate busi
decision handed down on Do:*. 23 in the case of the Associated ness. The parties are competitors in this field, and, on fundamental prin
ciples, applicable hero as elsewhere, when the rights or privileges of the
Press against tho International News Servico. The decision one are liable to conflict with those of the other, each party is under a duty
was reached by a 5 to 3 vote, the majority opinion, delivered so to conduct its own business as not unnecessarily or unfairly to injure
by Justice Pitney, being concurred in by Justices Holmes that of the other.
Obviously the question of what is unfair competition in business must bo
and M cK enna, in a separate opinion differing only in a determined with particular reference to the character and circumstances of
fow details from tho majority opinion. There was a dissent tho business. The question here is not so much the rights of either party
ing opinion by Justice Brandeis, holding that there is no as against tho public, but their rights as between themselves. And, al
though we may and do assume that neither party has any remaining prop
property right in nows under present laws.
erty interest as against tho public in uncopyrighted news matter after tho
Tho case camo before tho Supreme Court on appeal from a moment of its first publication, it by no means follows that there is no re
maining property interest in it as between themselves. For to both of
decision of tho Circuit Court of Appeals, which in turnhad up them alike news matter, however little susceptible of ownership or domin
held a preliminary injunction grantedby the District Court. ion in the absolute sense, is stock in trade, to be gathered at the cost of
Tho bill of complaint in the lower court was filed by the enterprise, organization, skill, labor, and money, and to be distributed and
sold to those who will pay money for it, as for any other merchandise.
Associated Press to restrain the International Nows Ser
Regarding the news, therefore, as but the material out of which both par
vico from pirating tho news of tho Associated Press. It ties are seeking to make profits at the same time and in the same field, wo
was contended that the news of the complainant was pirated hardly can fall to recognize that for this purpose and as between them it
must be regarded as quasi property, irrespective of the rights of either as
in three ways: First, by bribing employees of newspapers against the public.
In order to sustain tho jurisdiction of equity over the controversy, we
published by Associated Press members to furnish Associated
Press news to the International News Service; second, by need i ot affirm any general and absolute property in the news as such. The
rule that a court of equity concerns itself only in the protection of property
inducing Associated Press members to violate tho by-laws rights treats any civil right of a pecuniary nature as a property right, and
tho
right to acquire property by honest labor or the conduct of a lawful
of tho Associated Press so as to permit tho International
business is as much entitled to protection as the right to guard property
N ew s Servico to obtain Associated Press news before pub already acquired. It is this right that furnishes the basis of the jurisdic
lication, and third, by copying Associated Press nows from tion in tho ordinary r ise of unfair competition................................
126
THE CHRONICLE
N o t only d o the acquisition and transmission o f nows roquiro elaborate
organization and a largo expenditure o f m oney, skill and effort; not only has
it an exchange value to the gatherer, dependent chiefly upon Its novelty
and freshness, the regidarity o f the service, its reputed reliability and tho
roughness, and its adaptability to the public needs, but also, as is evident,
the news has an exchange value to one who can m isappropriate it.
Tlie peculiar features o f the case arise from the fact th a t, while novelty
and freshness form so important an element in the success o f the business,
the very processes o f distribution and publication necessarily occupy a
good deal o f tim e. Com plainant’s service as well as defendant’s, is a daily
service to dally newspapers. M ost o f the foreign news reaches this coun
try at the Atlantic seaboard, principally at the C ity o f New Y o rk , and
because o f this, and o f timo differentials due to the earth’s rotation, the
distribution o f news m atter throughout tho country is principally from East
to W est; and, since in speed tho teelgraph and telephone easily outstrip tho
rotation o f the earth, it is a simple m atter for defendant to take com
plainant’s news from bulletins or early editions o f com plainant’s members in
the Eastern cities, and, at tho mero cost o f telegraphic transmission, causo
it to be published In Western papers Issued at least as early as thoso served
b y com plainant. Besides this and irrespective o f tim o differentials, ir
regularities in telegraphic transmission on different lines and tho normal
consum ption o f tim e in printing and distributing tho newspaper result
in perm itting pirated news to be placed in the hands o f defendant’s readers
sometimes simultaneously with tho service o f com peting Associated Press
papers, occasionally earlier.
Defendant Insists that when, with tho sanction and approval o f com plain
ant and as a result o f the use o f its nows for tho very purposo for w ldch it is
distributed a portion o f tho com plainant’s members com m unicate it to the
general public b y posting It on bulletin boards so that all m ay read, or by
Issuing It to newspapers and distributing it indiscriminately, com plainant
no longer has the right to control the use to bo made o f it; that when it
thus reaches tho light o f day it becom es the com m on possession o f all to
whom it is accessible, and that any purchaser o f a newspaper lias tho right
to com m unicate the intelligence which it contains to anybody and for any
purposo, even for the purpose o f selling it for profit to newspapers pub
lished for profit in com petition with com plainant’s members.
T ho fault in tho reasoning lies in applying as a test tho right o f tho com
plainant as against tho public, instead o f considering the rights o f com plain
ant and defendant, com petitors in business, as between themselves. The
right o f tho purchaser o f a single newspaper to spread knowledge o f its con
tents gratuitously, for any legitimate purposo, not unreasonably interfer
ing with com plainant’s right to mako merchandise o f it, m ay be adm itted,
but to transmit that news for com m ercial use, in com petition with com
plainant— which is what defendant has dono and seeks to justify— is a
very different m atter. In doing this, defendant, b y its very act, admits
that it Is taking material that has been acquired b y com plainant as the
result o f organization and the expenditure o f labor, skill and m oney, and
which Ls salable b y com plainant for m oney, and that defendant, in appro
priating It and selling it as its own. Is endeavoring to reap wliero it has not
sown, and, b y disposing o f it to newspapers that are com petitors o f com
plainant’s members, is appropriating to itself tho harvest o f thoso who
have sown.
Stripped o f all disguises, tho process amounts to an unauthorized in
terference with the normal operation o f com plainant’s legitimate business
precisely at the point whore tho profit is to bo roaped, in order to divert a
material portion o f the profit from those who have earned it to thoso who
have not, with special advantage to defendant in the com petition, becauso
o f the fact that it is not burdened with any part o f the expense o f gathering
tho news. T ho transaction speaks for itself, and a court o f equity ought
not to hesitate long in characterizing it as unfair com petition in business.
[Vol. 108.
Tho opinion by Justico Ilolmos, concurrod in by Justice
McKenna, declares that “wlion an uncopyrightod com
bination of words is published thero is no gonoral right to
forbid other people repeating thorn,” but agroes with tho
majority opinion that the “pirating” of nows gathered for
publication is to be condemned on tho ground of unfair
trade. The opinion continues:
I f a given person is to be prohibited from m aking tho use o f words that
his neighbors are free to make, some other ground must bo foun d. One
such ground is vaguely expressed in tho phrase unfair trado. This means
that tho words are repeated b y a com petitor in business In such a w ay
as to con vey a misrepresentation that m aterially injures the person who
first used them by appropriating credit o f some kind which the first user
has earned. T ho ordinary case is a representation b y devise, appearance
or other indirection, that the defendant’s goods com e from the plaintiff.
B ut the on ly reason w hy It is actionably to mako such a representation Is
that it tends to give tho defendant an advantage in his com petition with
tho plaintiff, and that it is thought undesirable that an advantage should
bo gained in that w ay. Apart from that, tho defendant m ay use such
unpatented devices and uncopyrightcd com binations o f words as ho likes.
T he ordinary case, I say, is palm ing o ff tho defendant’s product as the
p la in tiff’s but tho same evil m ay follow from the opposite falsehood— from
saying, whether In words or b y im plication, that tho p lain tiff’s product is
the defendant’s, and that, it seems to m o, Is what has happened hero.
Fresh news is got on ly b y enterprise and expense. T o produce such
news as it is produced b y tho defendant represents b y im plication that It
has been acquired b y the defendant’s enterprise and at its expense. W hen
it com es from one o f the great nows collecting agencies like the Associated
Press, tho source generally is indicated, plainly im porting that credit
and that such a representation Is Implied m ay bo Inferred with some con
fidence from the unwillingness o f tho defendant to give the credit and
tell the truth.
I f the plain tiff produces the news at tho same timo that the defendant
does, tho defendant’s presentation im pliedly denies to the plain tiff the
credit o f collecting the facts and assumes that credit to tho defendant.
I f tho plain tiff is later In W estern cltios, it naturally will be supposed to
have obtained i{s inform ation from tho defondant.
T he falsehood is a little m oro subtlo, tho injury a littlo m ore Indirect,
than In ordinary cases o f unfair trado, but I think that tho principle that
condem ns the one condem ns the other. It Is a question o f how strong an
infusion o f fraud is necessary to turn a fla v o r into a poison. T he dose seems
to m e strong enough here to need a rem edy from the law. B u t, in m y view,
the only ground o f com plaint that can bo recognized without legislation Is
the im plied misstatement. It can bo corrected b y stating tho truth, and a
suitable acknowledgm ent o f the sourco is all that tho plaintiff can require.
I think that, within tho limits recognized b y tho docision o f tho court
the defendant should bo enjoined from publishing news obtained from the
A ssociated Press f o r ------- hours after publication b y the plaintiff, unless it
gives express credit to tho Associated Press, tho number o f hours and the
form o f acknowledgm ent to bo settled b y tho D istrict C ourt.
Tho dissonting opinion by Justico Brandois takes tho position
that thero is no property in nows undor presont laws. Whilo
admitting the injustice of using without compensation nows
gathered by another’s entorpriso, ho holds that to givo relief
against such injustice would require “tho making of a now
Tho contention that the news is abandoned to the public rule in an analogy to oxisting onos.” Tho opinion continues:
which the plaintiff contends would effect an im portant
for all purposes when published in tho first nowspapor is T he ruleo f for
property rights and a corresponding curtailm ent o f the free
declared to be untenable, tho decision on this point saying: extension
use o f knowledge and ideas, and tho facts o f this admonish us o f tho danger
A bandonm ent is a question o f intent, and tho entire organization o f tho
Associated Press negatives such a purpose. T he cost o f the service would
be’ prohibitive if the reward were to be so lim ited. N o single newspaper,
no|small group o f newspapers could sustain tho expenditure. Indeed, it is
one o f the m ost obvious results o f defendant’s theory that, b y perm itting
Indiscriminate publication b y a n yb od y and everyb od y, for purposes o f
p rofit, in com petition with tho news gatherer, It would render publication
profitless or so little profitable as in effect to cu t o f f tho service b y rendering
tho cost prohibitive in com parison with the return.
T ho practical needs and requirements o f the business aro reflected in
com plainant’s by-law s, which have been referred to. Their effect is that
publication b y each m ember must bo deem ed, not b y any means an aban
donm ent o f news to the world for any and all purposes, b u t a publication
for lim ited purposes; for the benefit o f the readers o f tho bulletin or tho
newspaper as such; not for tho purpose o f making merchandise o f it as news,
with the result o f depriving com plainant’s other members o f their reason
able opportunity to obtain just returns for their expenditures.
I t is to be observed that the view we adopt does not result in giving to
com plainant tho right to m onopolize either tho gathering or tho distribu
tion o f the news, or, w ithout com p lyin g with the C opyright A ct, to pre
vent the reproduction o f Its news articles, b u t only postpones participation
b y com plainant’s com petitor in tho processes o f distribution and repro
duction o f news that it has not gathered and on ly to tho extent necessary
to prevent that com petitor from reaping the fruits o f com plainant's efforts
and expenditure, to tho partial exclusion o f com plainant and In violation
o f the principle that underlies tho m axim sic utcro tuo.
In regard to tho complainant’s criticism that tho terms of
tho injunction granted by tho lower Court aro in some re
spects indefinite, the majority opinion called attention to
the practical difficulties in the way, and said:
There Is som e criticism o f the injunction that was directed by the D is
trict C ourt upon tho going down o f the m andate from tho C ircuit C ourt o f
A ppeals. In brier, it restrains any taking or gainfully using o f tho com
plainant’s news, either bod ily or in substance, from bulletins Issued b y the
com plainant or any o f Its members, or from editions o f their newspapers,
until its commercial value as news to the complainant and all of its members
has passed away.
T h e part com plained o f Is the clause we have Italicized, but if this bo
indefinite. It is no m ore so than the criticism . Perhaps it would bo better
that the terms o f the Injunction be made specific, and so framed as to con
fine the restraint to an extent consistent with tho reasonable protection
o f com plainant’s newspapers, each In its own area and for a specified time
after its p ublication, against the com petitive use o f pirated nows by de
fendant’s custom ers. But tho case presents practical difficulties, and
we have not the materials, either In tho w ay o f a definite suggestion o f
am endm ent, or in the way o f p roofs, upon which to frame a specific In
junction; hence, while not expressing approval o f the form adopted b y the
D istrict C ou rt, we decline to m od ify It at this prelim inary stage o f tho
case, and will leave that C ourt to deal with the m atter upon appropriate
application m ade to It for the purpose.
involved in recognizing such a property right in nows w ithout imposing
upon nows gatherers corresponding obligations.
Courts aro ill equipped to mako tho investigations which should precede
a determ ination o f tho limitations which should bo set upon any property
right in news or o f tho circum stances under which news gathered b y a
private agency should bo deem ed affected with a public interest. Courts
would be powerless to prescribe tho detailed regulations essential to full
enjoym ent o f tho rights conferred or to introduce the m achinery required
for enforcement o f such regulations. Considerations such as those should
lead us to decline to establish a new rule o f law in the effort to redress a
newly disclosed wrong, although tho propriety o f som e rem edy appears to
bo clear.
Justico Brandois declared “a gonoral publication is effect
ive to dodicato litorary proporty to tho public, regardless
of tho actual intont of its ownor” and concluded:
P lain tiff further contended that defendant’s practice constitutes unfair
com petition, because thero is “ appropriation without cost to itself o f values
created b y ” the p lain tiff, and it is upon this ground that tho decision o f
this court appears to be based. T o appropriate and use for profit knowl
edge and Ideas produced b y other m en, without m aking com pensation or
even acknow ledgm ent, m ay bo inconsistent with a finer sense o f propriety,
but, with the exceptions Indicated abovo, tho law has heretofore sanctioned
the practice. Such taking and gainful uso o f a product o f another which
for reasons o f public policy tho law has refused to endow with the attributes
o f property does not becom o unlawful because tho product happens to
have been taken from a rival and Is used In com petition with him.
PROPOSAL THAT U N IT E D STATES PURCHASE LOWER
CALIFORNIA FROM MEXICO.
By tho terms of a resolution introduced in tho Senate on
Jan. 2 by Senator Ashurst of Arizona, tho President is called
upon to open negotiations with Mexico for tho purchase of
Lower California and a strip of tho Mexican Stato of Sonora
connecting Arizona with Lowor California. Tho Sonora
territory included in tho proposal is in excess of 10,000
square miles in oxtent; it extends southward from tho inter
national boundary to latitude 31 degrees 20 minutes north,
and contains some of tho most important mining properties
in Mexico.
One of tho reasons advanced by Senator Ashurst for ac
quiring Lower California was to secure tho United States
against the possiblo acquisition of Magdalona Bay by Japan.
Jan . 11 1919.]
THE CHRONICLE
PROPOSED COM M ISSION TO IN V ESTIG A TE A M E R I
CAN CLAIM S FOR DAMAGES I N M EXICO.
At tho same time that lie introduced a resolution pro
posing the acquisition of Lower California by the United
Statos, Senator Ashurst of Arizona on Jan. 2 introduced a
resolution providing for tho appointment of a commission of
goneral officers of tho army, one of whom should be tho
Inspector-General, to investigate tho claims of American
citizens for damages to lifo and property perpotrated by
outlaws and the soldiers of tho successive Mexican do facto
Governments since Dec. 1 1912.
Both resolutions wero referred to the Committee on For
eign Relations, of which Senator Ashurst is a member.
HENRY FORD TO CONTEST NEWBERRY’S ELECTION
.
TO SEN A TE.
127
guilty by a jury in the Federal Court at Chicago bn Jan. 8
of sedition and disloyalty undor tho Espionage Act. Along
with Berger four other Socialist leaders were convicted—
Adolph Germer, National Secretary of the Socialist Party;
\\ illiam F. Kruse, National Secretary of the Young People’s
Socialist League; J. Louis Engdahl, editor of the “American
Socialist,” official organ of the party; and Irwin St. John
huckor, Protestant Episcopal rector and former nowspaper
man. Berger’s conviction, if sustained, will bar him from
Congress, and all five defendants aro liable to imprisonment
up to twenty years and fines of from $1,000 to $10,000.
Tho defendants wero released on $10,000 bail each pending
an application for a new trial. Sentenco was withheld by
Judgo Landis until that time.
Ihe trial of the Socialist leaders has been under way
sinco Dec. 9 and has involved the wholo official attitude of
the American Socialist Party toward the war. Berger
himself is of Austrian birth, having come to this country
when about 20 years of age. He mado no effort to deny
his opposition to the United States entering the war, but
denied being a pro-German, and in answer to questions
hotly denounced the German Socialists of the Schiedemann
typo as traitors to Socialist principles. His opposition to the
war, he said, was on the ground that all wars were “capital
istic” in origin, and he claimed to be acting throughout in
accordance with Socialist principles. It was largely through
Berger’s influence that the Socialist Party adopted the
notorious “St. Louis resolution,” denouncing tho entry of
tho United States into tho war and calling on the -working
classes to oppose the Government by “mass action.” As a
result of the adoption of that resolution many prominent
Socialists left the party, and wore followed in their action
by thousands of other members.
Tho evidence against Berger and the other Socialist
loaders showed a consistent attitude of hostility to the
Government, with efforts to hamper the draft and enconrago desertion. As a result of this attitude both the
“American Socialist” and the “Milwaukee Leader” wore at
ono time barred from tho mails. The trial beforo Judge
Landis resolved itself at length into an effort by the Socialists
to convinco tho jury that the Socialist position was tho right
one, and beforo the verdict was rendered counsel for the
defense expressed confidence that they had succeeded*
Following his conviction Berger was quoted as saying:
In a potition filed with Vice-President Marshall and laid
beforo tho Somite on Jan. G Henry Ford, Democratic can
didate for United States Senator, who was defeated on the
face of returns by Truman I I . Newberry, Republican, gave
formal notice of a contest of tho Senate seat and asked for
a recount of the ballots. Excessive use of money in Newborry’s campaign, intimidation of voters, improper rejec
tion of ballots, “flagrant violation” of Michigan election
laws, and many other charges were mado by Mr. Ford in
his potition. The petition was referred to the Privileges
and Elections Committee, after being ordered printed. Tho
Committeo recently voted against an investigation of tho
Michigan election , a majority holding that tho present
Sena to had no jurisdiction over tho membership of the next
Senate.
“Upon a fair and lawful recount of tho ballots at said
election, yonr petitioner would bo decided to bo duly and
lawfully elected Senator from Michigan,” the petition
stated. Expenditures of $176,000 by tho Newberry pri
mary campaign committeo wero admitted, tho petition
stated, adding that “upon information and belief, it could
bo proved that Newberry procured the appointment and
selection of the committeo and was directly responsible for
all its acts, and that ho was in constant communication
with it and its members and know of and approved its largo
expenditure of moneys and participated in its work.” The
petition set forth that nearly all of the 2,200 election pre
cinct boards were composed wholly of Republicans, includ [ am com pletely surprised. I am no m ore guilty o f this crime than the
ing intense partisans of Mr. Newberry. Mr. Ford also Judgo on the bench. I have lived In accordance with these principles for
alleged that at least 10,000 ballots were unlawfully counted thirty-seven years, and now I must suffer for them.
for his opponent and that many ballots cast for him wero Germer made no statement except that the verdict was “a
unlawfully rejected by tho election boards. The Senate, shocking surprise.” The others “had nothing to say.”
Mr. Ford said, was the only body, under Michigan laws’ A. L. Ilendee, of Waukeegan, foreman of tho jury, said
which could control a recount and require tho ballots to bo the jury was unanimous in deciding that tho proclamation
and war program of the Socialist Party, as passed in St.
preserved.
was a traitorous document. He continued:
Preliminary steps to obtain a recount of tho votes cast Louis,
W o paid m ore attention to the docum entary evidence than to tho testi
in tho Senatorial election in Michigan last November wero m ony.
unanimous in declaring the “ proclam ation and war
recently taken in tho United States District Courts for tho program W oef were
the Socialist P arty, passed at St. Louis, to ho a traitorous
docum
ent.
Such
grewsome
and scurrilous pamphlets as “ The Price W e
Western and Eastern Districts of Michigan. Orders wero
” and “ W h y W e Should F igh t,” as well as the strong anti-war editorials
obtained calling upon clerks of cities, villages and townships Pina yBerger
s newspaper, T he Milwaukee “ Leader,” and the printed propa
to show causo why they should not bo enjoined from destroy face.
ganda urging opposition to the draft, convicted the defendants on their
ing the ballots. According to the official report of tho T ho fact that the armistice has been signed cut no figure in our deliber
Slate Canvassing Board, Newberry defeated Ford by 7 5G7 ations.
The docum entary evidence showed that these men had deliber
votes.
ately, in wartime, set out to hinder the nation and help the enem y and
had
broken
to them . W e could see nothing innocent
Considorablo importance is lont to tho Ford contest in in their intent.laws well known
___________________________
view of tho fact that tho Republican majority in tho noxt
FRENCH CASUALTIES 4,7G2,800.
Sonato is so slender—49 Republicans against 47 Democrats.
Should Ford ovontually bo seated, tho result would bo a tie. Casualties in the French Army, excluding colonial troops,
Although Ford ran as a candidate on tho Democratic ticket' up to Nov. 1 were 4,702,800, according to official figures
ho also contested for tho Republican nomination against mado public at Wasliington on Jan. 8 by the French High
Commander Nowborry, but was beaton by a wido margin. Commission to correct conflicting reports hitherto published.
It was in this primary olcction that the Ford managors allego Men killed in action or dead of wounds numbered 1,028,000,
tho improper use of largo sums of monoy; the Nowborry and to this total must bo added 299,000 listed as missing
committeo admittod spending $17G,000. Mr. Ford, who and given up for lost, making a total of 1,327,000. The
bocamo a candidate at tho personal request of President number of wounded was 3,000,000, with 435,000 listed as
Wilson, publicly announced that lie would not spond a prisoners. Three-fourtns of the wounded have recovered,
cont on tho election, but tho Nowborry backers claim that either entirely or at least to such an extent as to be fit to
$00,000 was raised and spent in bohalf of Ford’s candidacy. work again.
Dross advices from Detroit are to tho effect that the Repub Slightly less than 700,000 are absolutely unable to work
licans aro proparing counter charges against Ford, and will and havo been pensioned. To these figures must be added
fight against a recount.
those who will come back from prison camps in Germany
unfit for work. Tho French Government estimates that
CONGRESSMAN-ELECT BERGER A N D OTHER SOCIAL tho total number of unfit and pensioned may finally be
betweon 800,000 and 900,000 men.
IS T LEADERS CONVICTED OF DISLOYALTY.
among native troops coming from French
Victor L. Borgor, tho only Socialist olectod to Congress, The losses
or protectorates were 42,500 killed or died of
last fall, editor of tho Milwaukee “Loader,” and ono of the colonies
wounds, with 15,000 missing and very probably dead. The
most prominent loadors of tho Socialist Party, was declarod number
pensioned after wounds or illness was 44,000, to
THE CHRONICLE
128
[Vol. 108.
advices, dated Paris Jan. 1, and received by the daily
which must be added those of the 3,500 held as prisoners cable
press
in
country on tho 5th inst. as saying:
of war who will have to be pensioned. The Commission’s T ho on lythis
rationing done is b y tho cablo companies themselves. T hey aro
statement
added:
one considers on ly the losses among French citizens and compares unable to handlo all tho business which is com ing their way.
their number to the population o f France, about 88,000,000, and to the
Tho Paris advices added:
number o f men m obilized, about 7,500,000, one sees that the total killed
In am plifying his statem ent, cabled previously, that he wished to have
If
or dead o f wounds, missing, and unfit for work was between 5 and 0 % o f
tho French population and between 26 and 80% o f the men m obilized.
With the issue of the foregoing official figures of French
losses, the death toll of the principal belligerents lias been
estimated at the enormous total of over six and a half
million men, as follows:
B ritish ....... ................. ................... - ...........................-------------------------706,726
F ren ch _____ ____________________________________________________
^ ’^27,000
A m erican_____________________________________________________ 58,078
500,000
Italian ...............................................
R u ssia n _________________________________________________________ 1,700,000
G e rm a n ---------------------------------- ----------------------------------------------------- 1.600,000
A ustro-H u ngarian--------------------------------------------- -------------- ----------800,000
6,691,804
To these must be added the war losses of Japan, Serbia,
Belgium, Greece,Turkey and Bulgaria. Andto these
again tho millions ofcivilian lives lost asa result of famine,
pestilence and hardship, tho victims of Turkish massacres
in Armenia, &c.
nothing to d o with tho representatives o f tho press after reaching E urope,
M r. Creel recalled tho fact that before departing from W ashington ho
said w ould havo no connection with the work o f tho Am erican nowspapor
cor respondents in Europe.
“ This still stands,” ho continued. " M y sole con tact has been personal
and co-operative.”
„
_
...
M r. Creel said he was closing tho offices in E urope o f tjje C om m ittee
on P ublic Inform ation and winding up its affairs.
“ Our remaining task,” he added, “ is to bring tho new Balkan States into
q uick con tact w ith Am erican thought and purpose. T he whole w orld is
acquainted with tho ideas o f President W ilson and tho Am erican dem oc
racy, b ut we have had no opportunity, owing to war conditions, to disseminato Am erican opinion into these now countries.
“ W hen that work is done I am through. That w ill bo about tho m iddle
o f F ebruary. I intend to return to tho U nited States at about that time
and am going back to writing along tho same social and political lines that
I did years a g o .”
202 U-BOATS TA K EN OR SU N K BY A LLIES IN WAR.
Tho Allies destroyed or captured 202 German submarines
during the war, according to London dispatches on Jan. 4.
In addition to these, fourteen German submarines were
destroyed by the Germans themselves—ten in the Adriatic
and four off Flanders. Seven others were interned in neutral
countries. The dispatch said further:
Reports on Dee. 25 that Mr. Creel had resigned as Chair
man of the Committee on Public Information, were denied
by him at Paris on Dec. 28. The Now York Iribuno in
advicos from its Washington Bureau on Dec. 2G in stating
that information concerning the reported resignation was
lacking at tho White House, quoted ono of his associates on
theI f Committee
as saying:
the report is true that M r. Creel has resigned I havo heard nothing
T h e surrender o f Gorman submarines is not yet com plete. The number
alroady brought into British ports is 122. There aro at least fifty-eight
still to be surrendered.
Ono hundred and seventy m ore were found under construction w hen tho
Inter-Allied N aval Comm ission visited Germ any to m ake arrangements
for the carrying out o f tho terms o f the armistice, according to newspapers
here. These U -boats also will bo turned ovor to tho Allies.
Germ any’s newest battleship, the Baden, will l>o surrendered at a British
port within a few days in accordance with tho terms o f the armistice.
REMOVAL OF WAR T IM E RESTRICTION ON REGISTRA
TION OF CABLE ADDRESSES.
abou t it. I t is probable that he is returning to this cou ntry, as ho recently
authorized the closing o f the N ew Y ork office o f tho Foreign N ows Bureau
on D ec. 31, and his return is probably for the purpose o f closing up tho
W ashington o ffice . l i e has a good working organization in Paris, headed
b y M axim ilian Foster, and his presence in E urope is no longer essential,
and perhaps ho is returning*to wind up tho C om m ittee’s activities hero.
In announcing the discontinuance on Nov. 14 of the vol
untary press censorship following the signing of the armistice,
Mr.It has
Creel
said:
been agreed that there is no further necessity for tho operation
o f the volunteer censorship under which tho press has guarded from the
enem y the m ilitary policies, plans and troop m ovem ents o f tho United
States. T ho agreement m ay bo considered as no longer binding, and the
card carrying the requests o f the Governm ent is herewith canceled. T ho
Secretary o f W ar and tho Secretary o f the N a vy and all others concerned
w ith the direction o f A m erica’s war efforts joined in sincero acknowledg
m ent o f tho d ebt o f gratitudo owing to tho press o f the United States for
tho honorable discharge o f a high responsibility. W ithout force o f law and
under no larger com pulsion than their own patriotism , tho overwhelming
m ajority o f newspapers havo given unaltering obcdienco to every desiro
o f the Governm ent in all matters o f m ilitary secrecy, carrying through
successfully a trem endous experiment in honor and trust.
The removal of the war-time prohibition on the registra
tion of abbreviated cable address was announced by the
Navy Department at Washington on Dec. 28. The an Final steps toward the removal of all censorship restric
tions on the publication of the movement of commercial
nouncement said:
E ffectiv e Jan. 1 1919 any person or firm in the U nited States or its shipping were taken by the Navy Department on Nov. 21,
possessions w ho does not already possess a registered cable address will when port authorities were notified that skip^ nows ropoiters
bo perm itted to register one such address for use in cablegrams addressed
to tho registrant. Requests for registration should bo m ade direct to the might thereafter board incoming vessels as in peace times,
telegraph or cable com panies.
, , , ,
,
, , and the Treasury Department was advised that collectors
In addition. U nited States Cable Censorship, which has not recognized of the port might release nows of tho movements of commer
addresses registered on or after Jan. 1 1917, will now perm it thoir use, and
Only move
Great Britain and France have eliminated the restrictions on the use o f ad cial shipping thereafter without restriction.
dresses registered on or after July 11914. In future all registered addresses, ments of war vessels, transports and supply vessels directly
irrespective o f date o f registration, m ay bo used in cablegrams from coun
under naval jurisdiction, it was stated, need bo withheld.
tries with which tho use o f registered address is perm itted.
According to Paris cablegrams of Dec. 25 a completo
N o change has been m ade b y any o f the censorships concerned in the
existing rules as to the countries with which the use o f a registered address statement on the subject of tho pross censorship during tho
is not perm itted. The principal regulations now effective on this point
peace conference has beon made public by Admiral Benson
dem and tho use o f plain language, as opposed to registered, address in
cablegram s to or from neutral European countries or their possessions and in the form of a report presented by him to Lieutenantin cablegrams to, from , or transiting through Italy or Italian possessions.
Commander Georgo Barr Baker, who has been delegated
T ho existing rule that only one registered address bo used by ono person
to make arrangements with tho British and French authori
or firm is maintained.
ties looking to a relaxation of press censorship on dispatches
The Commercial Cable Company in making a similar going
to America. Tho report is said to state in pait.
announcement on the same date said:
E ffectiv e Jan. 1 any person or firm in the U nited States or its posses
sions who docs not already possess a registered cable address will be per
m itted to register one such address with the telegraph and cable companies
fo r use in cablegrams addressed to the registrant. E ffective the same date,
restrictions on the use o f cablo addresses registered since July 1 1914 and
prohibition o f tho use o f cable addresses registered since Jan. 1 1917, are roA ll registered addresses, irrespective o f tho date o f registration, m ay bo
used in cablegrams from countries with which the use o f registered address
is perm itted.
_____ _
CABLEGRAM CONFIRM ATIONS NO LONGER IN PLA IN
WORDING.
Tho United Skates Censorshop Board announced, under
date of Dec. 20, that tho instructions therotoforo issued that
all confirmations of cablegrams should be in plain language
had been revoked and the original freedom of action of cable
users in this regard restored. Also that tho voluntary trans
mission of cable confirmations in envelopes, separate from
other correspondence, need not be continued.
GEORGE CREEL ON CENSORSHIP OF CABLES.
Commenting on reports in Congress and the press of tho
United States as to Governmental control ovor tho cable
transmission of press dispatches, George Creel, Chairman
of the Committee on Public Information, was quoted in
A ll cables from Am erican correspondents in Frauco go to tho French
censorship bureau, where they aro stam ped w ithout reading.
T hey are then handed to tho American arm y censor, who glances through
them quickly for statements regarding the m ilitary forces purporting to bo
fa cts which m ight cause false hopes or cause irritation between tho A m eri
ca n and A llied armies.
A,
...
I f no such references aro contained in tho cables tho dispatches aro quickly
marked "passed.”
>
Confirming the abovo as to French action a copyrighted
cable dispatch to tho Now York “Tribuno” from Paris,
dated Dec. 26, gave tho following details of tho lifting of
the French censorship on all U. S. cablegrams:
A ccording to an arrangement concluded with tho French Censorship
Bureau, no telegrams to American newspapers aro liable to oxcisioiis or
suppression, except b y American and English m ilitary censorship authori
ties. French censorship officia ls have agreed to lift Clio censorship on tho
express request that care be used In wording cables tor abroad.
j.
T he new arrangement provides that Am erican press messages, although
passing through tho hands o f French officia ls, shall bo stam ped "passed
and n ot read b y them . Tlio messages aro then given to tho American
censors for inspection on tho follow ing points: Casualties, arm y m orale,
dem obilization and troop m ovem ents, as well as other statements about
m ilitary forces, purporting to bo facts, which m ight raise false hopes or
cause Irritation. T ho cables w ill imm ediately bo passed if these subjects
aro not touched upon.
T ho British m ilitary censors will also pass massages beforo theso aro
dispatched. It is believed in o fficia l quarters hero that tho fact that tho
American and British authorities havo taken upon themselves tho respon
sibility o f passing American press cables w ill rasult in passing matter^that
niIirlit otherwise bo subjected to delay as doubtful.
Ja n . 11 1919.]
THE CHRONICLE
IN T E R C H A N G E OF F A C I L I T I E S B E T W E E N O CE AN
CABLE A N D WIR ELESS P L A N T S ORDERED BY
TO S T M A STER-GENERA L B U RLE SON.
An order authorizing the interchange of facilities botween
the ocean cable companies and the wireless telegraph plants,
in so far as tlio Government’s own communications Avith
Europe aro concerned, was issued by Postmaster-General
Bui-leson on Jan. 4. The order states that if cables are
loaded beyond capacity cable companies receiving them
will place same Avith radio for transmission. The issuance
of the order A\'as folloAvod by a request to Secretaries Baker
and Daniels to instruct military and naval officers abroad
to observe its injunctions Avith a vioAv to relieving the strain
on the cables besides facilitating the service. The follow
ing is Postmaster-General Burleson’s order:
B e g in n in g t o d a y , a ll G o v e r n m e n t c a b lo m e s sa g e s a d d r e s s e d t o E u r o p e ,
u n le s s s p e c i a lly s t a m p e d “ N o t t o b o s e n t b y r a d i o , ” m a y b o r o u t e d b y t h e
c a b l o c o m p a n i e s b y A v ir e le s s .
w ir e le s s .
p r o m p tly
tr a n s m is s io n .
file d
C a b lo
m e s sa g e s fa llin g
fo r tr a n s m is s io n
at
th e
w ith in
G overn m en t
t h is c la s s
R a d io
w ill b o
O ffic e , E ig h
t e e n t h a n d B s t r e e t s , N . A V ., A V a s h i n g t o n , D . C .
A s s o o n a s r a s tr ic tio n s a r e r e m o v e d b y n a v a l c e n s o r s c o d e m e s s a g e s w ill
b o r e c e iv e d a n d tr a n s m it t e d a t b o t h t lio A t la n t i c a n d P a c if i c c a b lo o f f ic e s .
With regard to the order John W. Griggs, President of
the Marconi Wireless Telegraph Company of America and
former Attorney-General of the United States,
reported
in the
York “Times” of Jan. 5 as saying, over tlio tele
phono from his home in Paterson, that the Marconi company
would not be affected in any
by the action of the Gov
ernment m making use of the company’s wireless stations
for the transmission of messages filed for transmission by
cablo. The “Times” also quoted him as follows:
A vas
N oav
A vay
The
G overn m en t to o k
over
a ll o f o u r s t a t io n s — t h o s o a t
N ew
B ru n s
w ic k , w h ic h w o p u t u p t o w o r k w ith E n g la n d ; a t C a p o C o d , w h ic h w o p u t
u p t o w o r k w it h th e S c a n d in a v ia n c o u n t r ie s , a n d a t S a n F r a n c is c o , w h ic h
avo
p u t u p t o w o r k w it h H a w a ii a n d J a p a n — a lm o s t im m e d ia t e ly th e U n ite d
S t a t e s d e c l a r e d Avar o n
G erm an y.
I
a s s u m e t h a t t lio
G overn m en t
A vill
h o l d o u r p r o p e r t i e s u n t i l t h e Avar i s o v e r , a n d t h a t A vill b o A v h cn t h e P r e s i
d e n t p r o c la im s it t o b o o v e r .
T h e r e fo r e , s o fa r a s
avo
a ro c o n ce rn e d , th e
G o v e r n m e n t is in c o n t r o l o f o u r p r o p e r t i e s , a n d it c a n d o A vhat i t p le a s e s
in t li o A vay o f o p e r a t i n g t h e m .
T h e A v ir e le s s s t a t i o n s h a v o b o o n i n c o n t r o l o f t h e N a v y D e p a r t m e n t , a n d ,
so
fa r as
D a n ie ls
I k n o iv , th e y s till a r e .
has
r e le a s e d
our
A vas
A vas
I f c a b le s a ro lo a d e d
b e y o n d th e ir c a p a c it y , c a b le c o m p a n ie s r e c e iv in g t h e m w ill p la c e s a m e w it h
fo r
liquor fight in a committee and Levy Mayer of Chicago
appointed chief counsel.
It is said to be the plan to alloAv the Government to make
tho first move by charging a violation after July 1 and on
the prosecution thereof the liquor interest Avill wage Its
fight. Tho resolutions adopted stated that there were
500 distilleries in tho country, Avith an aggregate investment
of at least 81,000,000,000, that the industry actually ante
dated tho Constitution adopted in 1789 and that the busi
ness “has heretofore been recognized, encouraged and pro
tected by the United States Government itself.”
It
further asserted that constitutional lawyers of
ominence havo given their opinions that the proposed
amendment “is inherently vicious and destroys the basic
rights of local self-government, which are the corner stone
upon Avhich our Constitution and tho AAdiole theory and
structure of our Government rests.”
A ll G o v e r n m e n t c a b le m a ssa g e s n o t o f a c o n
fid e n t ia l c h a r a c te r m a y b e t r a n s m itte d b y
r a d io
I have
p r o p e r tie s
to
no
in fo r m a tio n
th a t
P o stm a ste r G en era l
S e cre ta ry
B u r le s o n
to
o p e r a t e in c o n j u n c t i o n A vith t l i o t e l e g r a p h , t e l e p h o n e a n d c a b l o c o m p a n i e s ;
b u t i f h o h a s avo a r c s t i l l u n d e r G o v e r n m e n t c o n t r o l , a n d s o l o n g a s avo a r o
o n o C a b i n e t o f f i c e r f o r a b o s s s u i t s u s a s A voll a s a n o t h e r .
B o th th e S ecre
t a r y o f t h o N a v y a n d t lio P o s t m a s t e r G e n e r a l a r e v e r y k e e n a b o u t G o v e r n
m e n t O A v n e r s h ip o f p u b l i c u t i l i t i e s a n d m a y b o t h e y h a v o d e c i d e d
I s s u e s o n t h o A v ir e le s s .
to p ool
B u t I d o n o t A vonder th a t th o P o s tm a s te r G e n e ra l h a s fo u n d th a t h o m u s t
h a v o s o m e a s s is ta n c e fo r th o lim p in g c a b le s .
A V lie n Ave A v ero o p e r a t i n g o u r
O U T L IN E B Y T. D E W I T T CU YL E R OF R A I L W A Y
E X E C U T I V E S P L A N FOR G O V E R N M E N T
RE GU LA TIO N OF RAILROADS.
In enunciating tho principles which should be incorporated
in a plan providing for Government regulation of railroads,
Thomas Do Witt Cu.vler, Chairman of the Association of
Railway Executives, told tho Senate Committee on Inter
state Commerce on Jan. 9 that “predate OAvnership, manage
ment and operation of tho American railways should, as a
mattor of national policy, bo continued.” Tho principles
which tho railroads think should bo embodied in remedial
legislation by Congress in connection Avith tho return of the
railroads to priA’ato operation Avero formulated by tho
Association’s Standing Committee at thoir Philadelphia
conforencos Dec. 10 to 15, and Avero unanimously adopted
at the meeting of the member roads held in that city last
Sunday, Jan. 5. At the latter meeting at Avhich 92% of
the mileage of tho country Avas represented, a committee
of six Avas appointed to appear boforo tho Senato committee
this Avoek and lay before it the Association’s suggestions.
Those appointed to the committee were Mr. Cuyler, of the
Pennsylvania R. R.; Alfred P. Thom, counsel for tho Asso
ciation; HoAvard Elliott, President of the Northern Pacific
Railway; Julius Kruttschnitt, President of the Southern
Pacific; Samuel Rea, President of tho Ponnsylbania R. R.;
and Daniol Willard, President of tho Baltimore & Ohio
R. R. At the conclusion of tho Jan. 5 mooting Mr. Cuyler
gavo out the folloAving statement:
T h e A s s o c ia tio n o f R a ilw a y E x e c u t iv e s , r e p r e s e n tin g 9 2 %
p r o p e r t i e s , avo A vero s e n d i n g m e s s a g e s b y A v ir e le s s t o J a p a n a n d g e t t i n g r e
p l i e s b a c k i n tA vo h o u r s .
M y in f o r m a t i o n is t h a t , o n a c c o u n t o f t h e c o n
g e s t io n , it ta k e s s e v e n d a y s n o w
r e p ly b a c k in S a n F r a n c is c o .
th o
P ostm a ster G en eral
has
129
to sen d a m essa g e to J a p a n a n d g e t th o
fo u n d
an
a c c o m m o d a t in g
c o lle a g u e
aro
in
con cern ed,
to
fo r m
th e fo u n d a tio n
o f th e
n a t io n a l le g ils a t io n
n ecessary fo r
th e
re
th o
a d ju s t m e n t o f th e r a ilr o a d s t o p e a c e c o n d it io n s .
T h e s e p r in c ip le s a r e th e
r e s u lt n o t o n ly o f a lm o s t c o n t in u o u s c o n fe r e n c e s a m o n g t h e e x e c u tiv e s
Ave
s in c e th e c o n c lu s io n o f th e w a r , b u t o f th e ir e a r n e s t e ffo r t s o v e r a p e r io d
M a y b o i t ’s a g o o d t h in g fo r th o p u b lic t h a t
S e cro ta ry o f th o N a v y .
B u t , s o f a r a s avo o f f i c i a l l y
IniOAV a n d d e a l o n l y A v ith t h e S e c r e t a r y o f t h o N a v y .
c f t h e r a ilr o a d
m ile a g e o f t h o c o u n t r y , a d o p t e d a s e t o f p r in c ip le s t h a t it b e lie v e s o u g h t
o f s e v e r a l y e a r s t o w o r k o u t a p e r m a n e n t s o lu t io n o f th e r a ilr o a d p r o b le m
t h a t A v o u ld g u a r a n t e e f o r t h e f u t u r e
n a t io n a l t r a n s p o r t a t io n
sy stem .
th e
a d eq u a te
d e v e lo p m e n t
of
our
T h r o u g h o u t o u r c o n f e r e n c e w e h a v e k e p t u p p e r m o s t in m in d t h e f a c t ,
A D D I T I O N A L S T A TE S R A T I F Y N A T I O N A L
P R0IIIB 1TIO N A M E N D M E N T.
Michigan, Colorado, Oklahoma, Ohio, Tonnesseo, Idaho
and Maino aro tho latest States to ratify the national pro
hibition amendment. In tho Michigan Sonate tho resolu
tion Avas adopted unanimously, but in tho House 3 negative
votes to 88 affirmative
east. The Maine Senate also
adopted tho resolution unanimously Avith tho House voting
125 to 22 for the amendment. On Jan. 8 Illinois and West
Virginia Sonate voted for tho amendment.
Wisconsin, Minnesota,
Missouri and other Western
Stato Legislatures aro to act soon on tho amendment. Tho
Now York Legislature began its consideration of tho bill
on Jan. 8.
Altogether 22 States have ratified the prohibition amend
ment thus far. These States are: Mississippi, Virginia,
Kontucky, South Carolina, North Dakota, Maryland,
Montana, Texas, DelaAvare, South Dakota, Massachu
setts, Arizona, Georgia, Louisiana, Michigan, Colorado,
Ohio, Oklahoma, Tennessee, Idaho, Maine and Florida.
Thirty-six States must ratify tho amendment before
tho nation goes dry and Avith this in vieAv representatives
of tho distillers of tho country aro organizing in Chicago for
a fight to tho finish in tho highest courts of tho country.
It is understood that resolutions adopted by distillers at a
meeting held in Chicago on Jan. 7 declared that the time
had como for members of tho industry to make “a most
determined resistance to such revolutionary methods,”
referring to tho Avar prohibition IaAv and tho proposed Federal
Constitutional amendment. Action Avas taken to vest tho
A vero
IoA va ,
now
u n iv e r s a lly
re co g n iz e d ,
th a t
tr a n s p o r ta tio n
is
e s s e n tia lly
a
p u b lic
s e r v i c e , a n d t h a t t h e p u b l i c i n t e r e s t m u s t b e p a r a m o u n t in a n y p r o p o s e d
p la n w o r t h y o f s e r io u s c o n s id e r a t io n .
la tio n
b e en a cted
as soon
T h e r a ilr o a d s w il l u r g e t h a t le g is
a s c o m p a t ib le w ith
t h e p u b lic in te r e s t.
T hey
w ill u rg o a g a in s t s u c h a p r o lo n g a t io n o f th e p e r io d o f u n c e r ta in ty a s h as
b e e n p r o p o s e d b y t h e D ir e c t o r G e n e r a l o f R a il r o a d s , a n d , in t h e ir d e fin it e
s u g g e s tio n s a s t o
th e fo r m
o f le g is la tio n , t h e y
w ill f a v o r t h e le g is la tio n ,
u n d e r fu t u r e p r iv a t e o p e r a t io n , o f a la r g e p a r t o f th e m e a s u r e s ta k e n b y
th o G o v e r n m e n t R a ilr o a d A d m in is tr a tio n
a n d u n ify r a ilr o a d fa c ilit ie s .
In
respon se to
C o m m e r c e , w h ic h
o f our
a s s o c ia tio n
w e e k , p u b lic ly
to
th e in v it a t io n
is n o w
o f th e
th e w a r
to
c o -o r d in a t e
S e n a to C o m m itte e
d u r in g
on
In te r S ta te
c o n s id e r in g r a ilr o a d
th e
le g is la t io n , r e p r e s e n ta tiv e s
w ill a p p e a r
b e fo r e
p resen t th e
v ie w s o f t h e r a ilr o a d s .
c o m m itte e
d u r in g
It
th e
c o m in g
is o u r e a r n e s t
h o p e a n d b e li e f t h a t o u t o f t h e p r e s e n t d is c u s s io n , in w h ic h r e p r e s e n t a t iv e s
o f a l l i n t e r e s t s A vill b e h e a r d b y C o n g r e s s , t h e r e w i l l s o o n c o m e c o n s t r u c t i v e
l e g i s l a t i o n i n t h e p u b l i c i n t e r e s t s t h a t w i l l m a r k t h e daAvn o f a n e w e r a i n
A m e r ic a n t r a n s p o r t a t io n .
While conceding that tho poAver of regulation of the in
strumentalities of Inter-State Commerco, including rates,
Stato and Inter-State, should bo exclusively in the hands
of tho national
eminent, tho Association contends that
“these national functions should be administered through
Governmental machinery or agencies responsive to the
needs of and convenient to the people of'the several States;
it further contends that State commissions should not bo
interfered with by tho Federal Act except so far as necesary
to carry out purposes specifically indicated in the plan
submitted by Mr. Cuyler. Ho also stated that tho Inter
State Commerco Commission should bo relieved from its
executive and administrative duties, except as to Federal
valuation and as to accounting, and should act as a quasi
judicial body clothed with authority to pass upon all ques
tions concerning the reasonableness and adoquacy of rates
and concerning discriminations coming before it on com
G oa-
plaint of any party interested. The creation of a Depart
ment of Transportation is proposed in the Association’s
plan, the head of the Department to be known as the Sec
retary of Transportation, who it is urged, should be a mem
ber of the President’s Cabinet, and be vestod with cortain
powers indicated by Mr. Cuyler. The division of the
United States into regions and the appointment for each
region of a Regional Commission, which should be a board
of primary jurisdiction, is also proposed in the Association’s
plan. Among other things Mr. Cuyler said:
A sy stem
bo
o f F e d e r a l in c o r p o r a t io n s h o u ld b e a d o p t e d in t o w h ic h s h o u ld
brou gh t
a ll
com m erce.
s h o u ld
[V ol . 108.
THE CHRONICLE
130
r a ilr o a d
S u ch
c o r p o r a t io n s
sy stem
p reserve to
s h o u ld
engaged
be
in
in t e r S t a t e
c o m p u ls o r y
and
not
or
fo r e ig n
e le c tiv e .
c o r p o r a t io n s r e in c o r p o r a t in g u n d e r it , n o t o n ly
It
a ll o f
t h e ir c o n t r a c t r ig h t s a n d o t h e r a s se ts o f a ll s o r t s , b u t a ls o (e x c e p t a s t o a n y
fe a t u r e c o n t r a r y t o a n A c t o f C o n g r e s s ) th e ir e x is t in g c h a r te r p o w e r s , a n d
r e a s o n a b le in
th e p u b lic In terest.
P r o p e r p r o v is io n
s h o u ld
be
m a d e fo r
j u s t c o m p e n s a t io n t o a n y c a r r ie r in ju r e d t h e r e b y ;
(e ) I f h e f i n d it n e c e s s a r y In o r d e r t o p r o v id o a d e q u a t e ly f o r t h e m o v e
m e n t o f t r a f f ic , h e s h o u ld h a v e p o w e r t o r e q u it e a n y c a r r ie r t o d is t r ib u t e
it s c a r s t o o t h e r lin e s o n s u c h te r m s a s h e m a y d e e m
ju s t , s u b je c t a s t o
s u c h te r m s t o a n a p p e a l t o th e I n t e r S ta te C o m m e r c e C o m m is s io n .
(f)
lie
s h o u ld h a v e p o w e r t o r e q u ir e a n y c a r r ie r t o
d is t r ib u t e its ca r s
a m o n g it s p a t r o n s in a c c o r d a n c e w it h t h e ir n e e d s a n d t h e p u b l i c in t e r e s t
in t h e s a m o m a n n e r a n d t o t h e s a m e e x t e n t a s t h e I n t e r S t a t e C o m m e r c e
C o m m is s io n is n o w b y la w a u t h o r iz e d t o d o .
5 . N o n e w o r b r a n c h lin e s o f r a ilr o a d o r la r g o
and
e x p e n s iv e
te r m in a ls
s h o u ld b e c o n s t r u c t e d u n le s s a c e r t ifi c a t e o f p u b lic c o n v e n i e n c e a n d n e c e s
s i t y is f i r s t o b t a in e d f r o m t h o S e c r e t a r y o f T r a n s p o r t a t i o n .
6 . T h e e x e c u t iv e a n d a d m in is t r a t iv e fu n c t io n s o f t h e I n t e r S ta te C o m
m e r c e C o m m is s io n , e x c e p t a s t o a c c o u n t in g a n d
as to
o f r a ilr o a d
th e
p r o p e r t ie s , s h o u ld
p o r ta tio n .
7 . T h e c a r r ie r s
w h ic h s h o u ld
th e
b o file d
S e cre ta ry
have
w ith
tr a n s fe r r e d
th o
I n it ia t e
ra te s,
o f T ran s
s c h e d u le s
of
w ith
in t e r S t a t e o r fo r e ig n
c o m m e r c e , w ith
th e S e cre ta ry
th e n ecessa ry p o w e r o f
o f T ra n s p o rta tio n
fin d s
th a t su ch
a p p lic a b le
th e
S ta te
and
c o m m is s io n s
th rou g h
w h ic h
o f th o
o p e r a te s ; a n d , i f n o t s u s p e n d e d a s h e r e in a fte r p r o v id e d , s u c h r a te s s h o u ld
e n g a g e d in
ra tes a re
and
S ta tes
o r g a n iz e d u n d e r th e F e d e r a l A c t .
p r o v id e a m e a n s o f c o n s o lid a tio n
c o n d e m n a t io n ; p r o v id e d
th o
to
F e d e r a l v a lu a tio n
S ecreta ry
th e I n te r S ta te C o m m e r c e C o m m is s io n , w ith
o f T ra n s p o rta tio n
w h ic h
pow er
to
t h e y s h o u ld a ls o p o ss e s s th e g e n e r a l p o w e r s c o n fe r r e d u p o n a ll c o r p o r a t io n s
T h e s y s t e m o f in c o r p o r a t io n s h o u ld
a n d m e r g e r fo r e x is tin g c o r p o r a t io n s
in
s h o u ld
be
b e c o m e e ffe c t iv e th ir t y d a y s a ft e r th o s a m e h a v e b e e n
s h o r te r p e r io d
is in
s p e c ia l c a s e s a u t h o r iz e d
by
th e
so
th o
c a r r ie r
f il e d , u n le s s a
S ecreta ry
o f T ran s
c o n s o lid a t io n o r m e r g e r is n o t c o n t r a r y t o t h e p u b l i c in t e r e s t a n d a p p r o v e s
p o r ta tio n .
I t s h o u ld b e m a d e th e d u t y o f th e S e c r e ta r y o f T r a n s p o r t a t io n t o p r o m p t l y
th e sam e.
c o n s id e r t h o n e w r a te s s o b r o u g h t t o h is a t t e n t io n , a n d h e s h a ll e it h e r ;
The Association plan in full as presented by Mr. Cuyler
fallows:
T h e f u n d a m e n t a l a n d e s s e n t i a l p u r p o s e t o b e a c c o m p l i s h e d Is t o f u r n is h
t h e p u b lic w ith
s a fe , e ffic ie n t a n d
a d e q u a te tr a n s p o r ta tio n
a t th e lo w e s t
c o s t c o n s is t e n t w it h s u c h s e r v ic e , a n d w it h d u e r e g a r d t o t h e ju s t in te r e s ts
o f th e
ow n ers
and
e m p lo y e e s ,
and
a ls o
a d eq u a te
to
th e
n a t io n ’s
needs
e v e n in t im e s o f g r e a t n a t io n a l e m e r g e n c y o r p e r il.
I t s h o u ld b e r e a liz e d t h a t t h e c o m m e r c e t o b e p r o v id e d f o r , w h e t h e r In
p e a c e o r w a r , i s n o t e s s e n t i a l l y , o r I n l a r g e p a r t , l o c a l , b u t i s in i t s m o s t
I m p o r t a n t a n d c o n t r o ll in g a s p e c t in t e r S t a t e a n d c o n t in e n t a l.
a n y sy stem
M a n ife s t ly
w h i c h is a d o p t e d s h o u l d b e a d e q u a t e t o d e a l w i t h a n d s u p p l y
lo c a l n e e d s a s w e ll a s t o
m e e t th e
la r g e r p u r p o s e s r e fe r r e d
to , and
con
s e q u e n t l y i t Is n e c e s s a r y t o c o n s i d e r w h e t h e r I n s t r u m e n t a l i t i e s o f c o m m e r c e
w h o s e p r in c ip a l fu n c t io n s a n d im p o r t a n c e a r e in te r S t a t e a n d c o n t in e n t a l
s h o u ld
in
m a tte rs
a ffe c tin g
e n tir e p u b lic , b o s u b je c t e d
th e ir
to
c a p a c ity
to
servo
on
equal
m a n y lo c a l a u t h o r it ie s o r t o
te rm s
an
th e
a u th o r ity
r e p r e s e n tin g a ll lo c a lit ie s .
T h e in t e r e s t s o f t h e w h o le p e o p l e d e m a n d , t h a t , in a n y p la n o r p o l i c y
w h ic h is a d o p t e d , p r o v is io n s h a ll b e m a d e :
(a ) F o r a d e q u a t e s e r v ic e a n d fa c ilitie s t o
m eet
not
o n ly
th o
p resen t
r e q u ir e m e n ts b u t th e g r o w in g a n d e x p a n d in g n e e d s o f o u r p o p u la t io n a n d
o f o u r d o m e s t ic a n d fo r e ig n c o m m e r c e .
(b ) F o r n e w a n d a d d itio n a l c o n s t r u c t io n w h e n ju s t ifie d b y p u b lic c o n
v e n ie n ce
in
and
n e c e s sity
and
fo r th e
e lim in a t io n
and
p r e v e n t io n
u n n e c e s s a r y a n d in ju d ic io u s c o n s t r u c t io n .
( c ) F o r t h e p r o p e r c o o r d in a t io n o f t h e c a r r ie r s '
o r g a n iz a t io n s
w henever
and
fo r
n ecessary
th e
in
c o n s o lid a tio n
th e
p u b lic
lin e s ,
th ereof u n d er
in t e r e s t
to
m eet
o f w a ste
fa c ilitie s
and
p r o p e r lim it a t io n s
and
p r o v id e
fo r
th e
r e a s o n a b le d e m a n d s o f o u r d o m e s t ic a n d fo r e ig n c o m m e r c e .
(d ) F o r t h e p r o m p t a n d o r d e r ly c o o r d in a t io n o f th o lin e s , fa c ilit ie s a n d
o r g a n iz a t io n s o f a ll c a r r ie r s in t o a u n ifie d a n d c o n t in e n t a l s y s t e m w h e n e v e r
r e q u i r e d in t h o p u b l i c i n t e r e s t , b e c a u s e o f e x t r a o r d i n a r y n a t i o n a l e m e r g e n c y
or
p e r il.
(e ) F o r
a
ra te
stru ctu re
w h ic h
w ill
c r e a te s u ffic ie n t c r e d it t o a c c o m p lis h
p r o v id e
s u ffic ie n t
reven u es
and
th e se p u rp o se s.
th o
A m e r ic a n
r a ilw a y s s h o u ld , a s a m a t t e r o f n a tio n a l p o lic y , b o c o n t in u e d .
2
T h e p o w e r o f r e g u la tio n o f th e in s tr u m e n ta litie s o f In te r S t a t e c o m
as
to
S ta te an d
a ll
th in g s s u b s t a n t ia lly a f f e c t in g
In ter S ta te , s h o u ld b o e x c lu s iv e ly
th em .
I n c lu d in g
a ll r a te s ,
in t h o h a n d s o f t h e n a t io n a l
G o v e r n m e n t ; b u t th e s e n a t io n a l fu n c t io n s s h o u ld b e a d m in is te r e d t h r o u g h
g o v e r n m e n t a l m a c h in e r y o r a g e n c ie s r e s p o n s iv e t o
v e n ie n t t o
by
th e
th o n e e d s o f a n d c o n
th e p e o p le o f th e se v e ra l S ta tes t o th e e x te n t a n d th o m a n n e r
h e r e in a fte r s u g g e s t e d .
S ta te c o m m is s io n s s h o u ld
F e d e ra l A c t e x c e p t s o fa r a s n e ce s sa ry
not be
in t e r fe r e d
w ith
to ca rry o u t th e p u rp oses
h e r e in m e n t io n e d .
3 . T h e I n t e r S t a t e C o m m e r c e C o m m is s io n , w h ic h
h as h e re to fo re b e e n
t h o s o le F e d e r a l a g e n c y p r o v id e d b y la w t o d e a l w it h s u c h m a tte r s s h o u ld
be
r e lie v e d
fro m
its
e x e cu tiv e
and
a d m in is t r a t iv e
d u t ie s ,
excep t
as
to
F e d e r a l v a l u a t io n a n d a s t o a c c o u n t i n g , a n d s h o u ld a c t a s a q u a s i J u d ic ia l
body
c lo th e d
w ith
r e a s o n a b le n e s s
a u t h o r it y
and
to
adequ acy
p ass
of
upon
ra tes
a ll .q u e s t io n s
and
c o n c e r n in g
c o n c e r n in g
th e
d is c r im in a t io n s
c o m i n g b e f o r e it o n c o m p l a i n t o f a n y p a r t y I n t e r e s t e d , o r r e f e r r e d t o it a s
h e r e in a fte r p r o v id e d .
4. A D ep a rtm en t o f
w h ic h
be
a
s h o u ld
m em ber
be
T ra n s p o rta tio n
know n
o f th e
as th e
of
th e
cou n try ,
c a r r ie r s , a n d , b y
a d eq u a te
to
and,
p r o v id e
crea ted ,
s h o u ld
tr a n s p o r ta tio n
by
s u g g e s tio n
r e c o m m e n d a tio n s fr o m
C o m m e r c e C o m m is s io n
be
th e
S ecreta ry o f T ra n s p o rta tio n .
P r e s i d e n t 's C a b i n e t a n d
fo llo w in g p o w e r s a n d d u tie s :
(a ) T o c a r e fu lly o b s e r v e t h e
fa c ilitie s
s h o u ld
needs
and
tim e t o
be
and
to
head
of
H e s h o u ld
v ested
w it h
th o
tr a n s p o r ta tio n
c o -o p e r a t io n
t im e
th e
w ith
th e
In te r S ta te
in r e s p e c t t o t h e n e c e s s i t y f o r r a t e s a n d r e v e n u e s
and
m a in ta in
th e
p r o p e r s e r v ic e
and
to
crea te
th e
c r e d it r e q u ir e d t o m e e t th e n e e d s o f th e p u b lic fo r fa c ilit ie s , w h ile a t th e
s a m e t im e p r o t e c t in g t h e ju s t I n te re s ts o f e m p lo y e e s , o f o w n e r s , o f s h ip p e r s
a n d o f t h e t r a v e lin g p u b lic , t o e n d e a v o r t o in s u r e t h e p r o v is io n s o f a d e q u a t e
t r a n s p o r t a t io n fa c ilitie s fo r th e re a l t r a n s p o r t a t io n n e e d s o f e a c h s it u a t io n .
H e s h o u ld b e c h a r g e d w ith t h e r e s p o n s ib ilit y o f r e c o m m e n d in g fr o m
tim e
t o t im e t o t h e P r e s id e n t s u c h m e a s u r e s a n d p o lic i e s a s in h is o p in io n w o u ld
p r o m o t e th e In te re sts o f th e p u b lic a n d th e a d e q u a c y o f th e tr a n s p o r ta tio n
s e r v ic e ^ f ^
u n a b le t o
su ch
th a t a
c a r r [e r i s a t a n y t i m e s o c o n g e s t e d
p r o p e r l y h a n d le it s t r a f f i c , h e s h o u ld
t r a ffic
over
oth er
lin e s
and
ro u te s
on
o r o th e r w is e
h a v e p o w e r t o d is tr ib u te
su ch
term s
as
b e tw e e n
th e
s e v e r a l c a r r ie r s a s h o m a y fin d t o b o ju s t a n d r e a s o n a b le u n d e r t h e c ir c u m
sta n ces,
s u b je c t
in
respect
to
su ch
te rm s
to
appeal
to
th e
In te r S ta te
C o m m e r c e C o m m is s io n ;
( c ) I f h e f i n d i t t o b e p r a c t i c a b l e a n d In t h e p u b l i c in t e r e s t , h o s h o u ld
h a v e p o w e r . In t h o e v e n t o f t h e f a i l u r e o f t h e I n t e r e s t e d c a r r i e r s t o a g r e e ,
t o r e q u ir e t h e u s e o f t h e te r m in a ls o f a n y c a r r ie r b y a n o t h e r o r o t h e r c a r r ie r s
o n s u c h te r m s a s h o m a y f ix a s r e a s o n a b le a n d ju s t , s u b je c t t o t h e r ig h t o f
a p p e a l o f a n y in te r e s te d c a r r ie r t o t h e I n t e r S t a t e C o m m e r c e C o m m is s io n ;
(d )
In
cases
o f s e r io u s
n a t io n a l e m e r g e n c y ,
h e s h o u ld
have
pow er
to
d ir e c t t h a t , d u r in g t h e c o n t in u a n c e o f s u c h e m e r g e n c y , th e c a r r ie r s s h o u ld
c o -o r d in a te
th e ir
fa c ilitie s
aa a u n ifie d n a tio n a l s y s t e m
and
o p e r a tio n s
and
op era te
A p p r o v e t h e s a m e , g i v in g h is r e a s o n s f o r s u c h a p p r o v a l o r
(b )
P e r m it th o r a te s t o g o
th e ir
p r o p e r tie s
o n s u c h te rm s a s h e m a y fin d t o b e Ju st a n d
I n t o e f f e c t w i t h o u t h is s p e c i f i c a p p r o v a l o r
In
ca s e h o d is a p p r o v e s a n y r a te o r fa ils t o s p e c ific a lly
a p p r o v e o r d is
a p p r o v e it , h e m a y s u sp e n d it fo r a p e r io d n o t e x c e e d in g s ix t y d a y s a n d
r e fe r th e s a m e t o th e I n te r S ta te C o m m e r c e C o m m is s io n fo r c o n s id e r a tio n
a n d d e te r m in a tio n .
8 . T h e s t a t u t e it s e lf s h o u ld p r o v id e t h o r u le o f r a t e m a k in g , a n d s h o u ld
r e q u ir e t h a t r a te s b o n o t o n ly w h a t h a s b e e n c a lle d
r e a s o n a b le , b u t a d e
q u a t e a n d s u f f ic ie n t t o e n a b le th e c a r r ie r s t o p r o y ld o s a fe , a d e q u a t e a n d
s u ffic ie n t s e r v ic e , t o p r o t e c t e x istin g in v e s tm e n t a n d
c a p ita l
n ecessa ry
s h o u ld ,
am ong
in
th e
oth er
p u b lic
In terest,
t h in g s , s p e c ific a lly
and,
to
to
a ttra ct th o n ew
th a t
p r o v id e
th a t
end,
th e
th e
sta tu te
le v e l o f
ra tes
m u s t p r o p e r ly r e fle c t th e c o s t o f w a g e s a n d a ll o th e r e x p e n s e s in c id e n t t o
t h e fu r n is h in g o f t r a n s p o r t a t io n .
9 . R a te s , w h e th e r a p p r o v e d o r d is a p p r o v e d b y th o S e c r e ta r y o f T r a n s
p o r t a t i o n m a y b y c o m p l a i n t J )e b r o u g h t b e f o r e t h e I n t e r S t a t e C o m m e r c e
C o m m is s io n f o r c o n s id e r a t io n , w h ic h s h o u ld h a v e p o w e r t o p a ss u p o n th o
r e a s o n a b le n e s s
and
adequ acy
th e r e o f,
s u b je c t
to
th e
sta tu tory
r u lo
In
r e g a r d t o r a t e m a k i n g , a n d , i n a n y p r o c e e d i n g s b e f o r e i t in r e s p e c t t o r a t e s ,
t h e C o m m i s s i o n s h o u l d g i v e d u e c o n s i d e r a t i o n t o a n y r e c o m m e n d a t i o n s In
respect
th ereto
approved
by
m ade
th o
to
it b y
S e cre ta ry
th e
S e cre ta ry
of
o f T ra n s p o rta tio n
T r a n s p o r ta tio n .
s h o u ld
be
R a tes
p resu m ed
to
bo
r e a s o n a b le a n d p r o p e r u n til fo u n d o t h e r w is e b y t h o C o m m is s io n .
1 0 . I n a n y p r o c e e d in g s b e f o r e it in r e s p e c t t o r a te s th e I n t e r S t a t o
C om m erce
C o m m is s io n
s h o u ld
have
th e
pow er
to
p r o s c r ib e
m in im u m
a s w e ll a s m a x im u m r a te s a n d t o d e te r m in e th e r e la tio n o f ra te s a n d d iffe r
e n tia ls w h e n e v e r n e c e s s a r y o r a p p r o p r ia t e t o o s t a b lis h o r m a in t a in a r a t e
s t r u c t u r e o r a r e la tio n o r d iffe r e n t ia l fo u n d b y it t o b o ju s t a n d p r o p e r .
11.
T h e s t a t u t e s h o u ld p r o v id e th a t e x is tin g r a te s , p u t in t o e f f e c t b y th e
D i r e c t o r G e n e r a l o f R a il r o a d s s h o u ld b e c o n t in u e d in e f f e c t u n t il c h a n g e d
by
th e
In te r S ta te
C om m erce
C o m m is s io n
as
p r o v id e d
by
la w ,
or
as
p r o v id e d in p a r a g r a p h 7 h e r e o f .
1 2 . A n y c a r r ie r s h o u ld b o g iv e n t h o r ig h t t o c o m p la in o f r a te s o f a n o t h e r
c a r r i e r in t h e s a m e m a n n e r a n d t o t h e s a m o e x t e n t a s a s h i p p e r m i g h t d o .
13.
T o t h is e n d , t h e fo ll o w in g p r in c ip le s s h o u ld b e a d o p t e d :
1 p r iv a t o o w n e r s h ip , m a n a g e m e n t a n d o p e r a t io n o f
m erce.
(a )
d is a p p r o v a l, o r
(c ) D is a p p r o v e t h e s a m e , g i v in g h is r e a s o n s t h e r e fo r .
Tho
In te r S ta te
C om m erce
C o m m is s io n ,
in
ord er
th a t
m a tte rs
w it h i n it s j u r is d i c t io n m a y b e d e a lt w it h m o r e p r o m p t l y a n d s a t is f a c t o r ily
a n d w ith a fu lle r a p p r e c ia t io n o f a ll th e c ir c u m s t a n c e s a n d lo c a l c o n d it io n s ,
s h o u ld b e d ir e c t e d t o d iv id e th e U n it e d S ta te s in t o s u c h n u m b e r o f r e g io n s
a s it m a y d e e m w is e , a n d c e r t if y t h e n u m b e r o f r e g io n s a n d th e ir b o u n d a r ie s
to
th e
P r e s id e n t, w h o
s h o u ld
a p p o in t fo r
each
r e g io n
a
R e g io n a l C o m
m is s io n , w h ic h s h o u ld b e a b o a r d o f p r im a r y ju r is d ic t io n , c o n s is t in g o f o n e
m em ber
fo r
each
m is s io n s s h o u ld
respect
o f th e
S ta tes
em braced
h a v e a u t h o r it y
o f m a tte rs
w ith in
to
t h e r e in .
hear an d
th d ju r is d ic t io n
Tho
d e te r m in e
of
th o
R e g io n a l C o m
a ll c o m p la in t s
In te r S ta te
in
C om m erce
C o m m is s io n a r is in g in t h e ir r e s p e c t i v e r e g io n s a n d t o m a k e r e p o r t s t h e r e o n
to
th e
In te r S ta te
C om m erco
C o m m is s io n ,
su ch
rop orts
d u r in g
a
fix e d
p e r i o d t o b o s u b j e c t t o e x c e p t i o n s b y a n y o f t h e p a r t i e s , a s in t h o c a s e o f
r e p o r t s b y m a s t e r s in c h a n c e r y .
I f n o e x c e p tio n
lim it e d
ordered
and
it
is
not
o th e r w is e
by
th e
is f i l e d w i t h i n
In te r S ta to
th o t im e
C om m erco
C o m m is s io n , th e o r d e r s a n d fin d in g s o f th e R e g io n a l C o m m is s io n s s h o u ld
a u t o m a t ic a lly g o
In to e ffe c t.
I f th e r e a re e x c e p tio n s , o r th o
In te r S ta to
C o m m e r c e C o m m i s s i o n c o n s i d e r s t h e is s u e s i n v o l v e d o f s u f f i c i e n t i m p o r t
a n c e t o s o o r d e r , a h e a r in g s h o u ld b o h a d b e f o r o it o n s u c h e x c e p t io n s , o r
on
th e
m a tte rs
m ado
s u b je c t
to
r e c o n s id e r a t io n
by
ord er
of
th o
C om
m is s io n , a n d th e o r d e r o f th e C o m m is s io n s h o u ld h a v e th e s a m e e ffe c t a s
n o w p r o v i d e d b y l a w in r e s p e c t t o i t s o r d e r s .
1 4 . E x p r e s s r a t e s s h o u l d b e d e a l t w i t h in
ra te s.
C o n tra cts
b e tw e e n
exp ress
th o s a m o m a n n e r a s fr e ig h t
c o m p a n ie s , a n d
r a ilr o a d
c o m p a n ie s
f o r d iv L s lo n o f e x p r e s s e a r n in g s s h o u l d n o t b e c o m e e f f e c t i v e u n t i l a p p r o v e d
by
th e S e cre ta ry o f T r a n s p o r ta tio n .
15. S e c t i o n 10 o f t h e C l a y t o n A c t s h o u l d b e s o m o d i f i e d a s n o t t o u n d u l y
h a m p e r t h e p r o p e r tr a n s a c t io n o f b u s in e s s .
16. E x i s t i n g l a w s s h o u l d b o s o f a r m o d i f i e d a s t o a u t h o r i z e u p o n a p p r o v a l
b y t h e S e c r e t a r y o f T r a n s p o r t a t i o n a s b e i n g In t h o p u b l i c I n t e r e s t :
(a )
A c q u is it io n
by
a
c a r r ie r
engaged
In
in te r S ta to
com m erco
of
th e
p r o p e r t ie s , s t o c k s o r s e c u r itie s o f a n o t h e r o r o t h e r c a r r ie r s ; o r c o n s o lid a
t io n s a n d m e r g e r s o f s u c h c a r r ie r s ;
(b ) A g r e e m e n t s b e t w e e n c a r r ie r s
engaged
in
I n t e r - S t a t e c o m m e r c o In
r e s p e c t t o r a te s a n d p r a c tic e s ;
(c ) T h e p o o lin g o f c a r s a n d o t h e r t r a n s p o r t a t io n fa c ilit ie s ;
(d )
T h e d iv is io n
o f e a r n in g s In c o n n e c t io n w it h t h e e lim in a t io n o f u n
n e c e s s a r y tr a in s e r v ic e .
A ll s u c h a g r e e m e n ts a n d a r r a n g e m e n ts s h o u ld b o f il e d
S ta te
C om m erco
S ta tes w h oso
C o m m is s io n
t r a ffic
and
is a f f e c t e d
w it h
th e
w ith
c o m m is s io n s
a s w e ll a s w it h
th e
of
th e In te r
th o
several
S e cre ta ry o f T ran s
p o r t a t io n a n d b e o p e n t o p u b lic I n s p e c tio n .
. .
17. C o n t i n u i t y a n d r e g u l a r i t y o f t r a n s p o r t a t i o n a r e a b s o l u t e l y e s s e n t i a l
t o th e p u b lic .
p o r t a t io n
B o t h t h e c a p i t a l I n v e s t e d a n d t h o l a b o r e m p l o y e d In t r a n s
a r e t h e r e f o r e e n g a g e d In a b u s in e s s v i t a l l y
In terest, a n d
by
a ffe c tin g
e n g a g in g th e r e in a s s u m e t h o I m p lie d
r e a s o n a b ly t o im p a ir o r I n te r r u p t t h o m o v e m e n t o f tr a in s .
w ages
and
w o r k in g
c o n d itio n s
a ffe c tin g
in d iv id u a l
th o p u b lic
o b lig a t io n
not un
Q u e s tio n s o f
r a ilr o a d s
R h o u ld
be
s e t t le d , i f p o s s ib le , b y o ffic e r s o f t h e r a ilr o a d s a n d r e p r e s e n ta tiv e s o f th e
e m p lo y e e s .
A b o a r d s h o u ld b e c o n s t it u t e d , u n d e r th o S e c r e ta r y o f T r a n s -
p o r t a t lo n , o n w h ic h th o e m p lo y e e s , t h e e m p lo y e r s a n d
have
e q u a l r e p r e se n ta tio n ,
w it h
th e
d u ty
and
th e p u b lic , s h o u ld
a u th o r ity
to
In v e s tig a te
Ja n . 11 1919.]
THE CHRONICLE
a n d r e p o r t t o t h e S e c r e ta r y o f T r a n s p o r t a t io n o n th e m e r its o f a n y c o n t r o
versy,
w h ic h
oth er
t h e p a r tie s a r e u n a b le t o
tr a n s p o r ta tio n
s c r v ic o ,
e ith e r
a d ju s t , a r is in g
in
regard
c o n d it io n s o f s e r v ic e ; a n d , p e n d in g s u c h
n o c o n c e r te d a c tio n
e ffe c t
of
U n ite d
in t e r fe r in g
S ta tes
on
w it h
m a il
or
In t h o r a i l r o a d
w ages
in v e s t ig a t io n
a r e a s o n a b le t im e th e r e a ft e r , th e r e s h o u ld
and
to
or
in t e r r u p t in g
in te r S t a t e
or
th o
o r d e r ly
fo r e ig n
C lia s . A .
or
regard
B ir d M . R o b in s o n , P r e s id e n t A m e r ic a n S h o r t L in o R R . A s s o c ia t io n .
AV. L . R o s s , R e c e i v e r T o l e d o S t . L o u i s & A V e s t e r n R R . C o .
t h o c a r r ie r s
H e n r y R u h le n d e r , P r e s id e n t a n d C h a ir m a n S t. L o u is -S a n F r a n . R y . C o .
F r a n k T r u m b u ll , P r e s id e n t C h e s a p e a k e & O h io R y . C o .
w o u ld h a v e th o
m ovem ent
com m erce.
Tho
of
th o
s c a le
of
w a g e s a n d t h o n x p e n s o in c i d e n t t o a n y c h a n g e in t h e c o n d it io n s o f s e r v ic e
recom m en d ed
in
th o r e p o rt o f su ch
a c c e p t e d a n d r e c o g n iz e d in
o f tr a n s p o r ta tio n .
18.
P ro v isio n
s h o u ld
T h e r e s h o u ld
b o in
e ffe c t , s h o u ld
20.
A
sy stem
of
be
com m erce.
I t s h o u ld
a ll
it g r o w in g o u t o f F e d e r a l c o n t r o l.
r a ilr o a d
com m erce
or
s h o u ld
a d op ted
c o r p o r a t io n s
S u ch sy stem
p roserv o to
s h o u ld
c o r p o r a tio n s
be
by
engaged
in
h o ld in g
in to
w h ic h
in t e r S ta to
or
b o c o m p u ls o r y a n d n o t e le c tiv e .
r e in c o r p o r a t in g u n d e r it , n o t o n ly
a ll
a n y fe a t u r e c o n t r a r y t o a n A c t o f C o n g r e s s ; th e ir e x is tin g c h a r te r p o w e r s ,
th e y s h o u ld
a ls o p o ss e s s th e
g e n e ra l p o w e rs c o n fe r r e d
p o r a t io n s o r g a n iz e d u n d e r th o F e d e r a l A c t .
s h o u ld
p r o v id e a
a tio n s
engaged
m e a n s o f c o n s o lid a t io n
in
in te r S t a le
or
a il c o r
T h e s y s t e m o f in c o r p o r a t io n
and
fo r e ig n
upon
m e r g e r fo r e x istin g c o r p o r
com m erce,
w itli
th o
n ecessary
p o w e r o f c o n d e m n a t io n ; p r o v id e d th o S e c r e ta r y o f T r a n s p o r ta tio n fin d s
t h a t s u c h c o n s o l i d a t i o n o r m e r g e r is n o t c o n t r a r y t o t h o p u b l i c in t e r e s t a n d
a p p rov es th o sam e.
Mr. Cuyler also road into tho rocord a copy of his tolephono message of Dec. 12 1918, informing tho Railroad
Administration of tho Association’s opposition to Mr. McAdoo’s proposod fivo-yoar extension of Federal control.
This message was delivered to Walkor II. Hines, Assistant
Director-General and is as follows:
oav
A s a r e s u lt o f o u r in t e r v ie w w it h M r . M c A d o o o n M o n d a y , I la id b e fo r e
th o
S ta n d in g
C o m m itte e
o f th e
A s s o c ia t io n
o f R a ilw a y
E x e c u tiv e s ,
th e
s t a t e m e n t m a d e b y M r . M c A d o o t h a t d a y a s t o th e p o s s ib ilit y o f th e e a r ly
r e t u r n o f t h e r o a d s o r in li e u t h e r e o f t h o p o s s i b i l i t y o f e x t e n d i n g t h o t e r m
o f F e d e ra l c o n t r o l fo r a p e r io d o f f iv e y e a r s .
le t t e r
to
th e C h a ir m a n
S e n a te a n d
H ouse,
c o n fe r e n c e o n
o f th e
In te r-S ta te
I assu m e th a t M r .
tlio s u b je c t w it h
In v ie w
o f M r . M c A d o o ’s
C o m m o r c o C o m m itte e s
M cA doo
th o g e n tle m e n
does
who
n o t w is h
o f th o
a fu r th e r
w ere p resen t a t
th a t
m e e t in g .
T h e e x e c u tiv e s h a v e v e r y fu ll y c o n s id e r e d th o s u g g e s tio n o f M r . M c A d o o
a s t o t lio e x t e n s io n o f t h e t e r m a n d h a v e c o m e
v ie w
to
th e
c o n c lu s io n
th a t
in
o f t h e t i m e s t i l l r e m a i n i n g f o r F e d e r a l c o n t r o l , i t is u n n e c e s s a r y n o w
t o e x te n d th e tim e .
T h e y fe lt t h a t th e p e r io d o f t w e n t y -o n e m o n t h s a ft e r
th o fo r m a l p r o c la m a tio n
o f p e a c e s h o u ld fu r n is h a m p io t im e f o r tlio c o n
s id e r a t io n a n d a d o p t io n o f a n y p la n t h a t m ig h t b e a w is e o n e f o r th e r a il
r o a d s a n d t lio c o u n t r y .
I n t h e la s t p a r a g r a p h o f t h e P r e s id e n t ’s a d m ir a b l e s t a t e m e n t a s t o t h o
r a il r o a d p r o b le m lie u s e d t h e f o ll o w in g la n g u a g o ;
“ T h e o n e c o n c lu s io n t h a t I a m r e a d y t o s t a t e w it h c o n f i d e n c e is t h a t it
w o u l d li e a d i s - s e r v i c e a l i k e t o t h o c o u n t r y a n d t o t h e o w n e r s o f t h o r a i l
r o a d s t o r e tu r n t o tlio o ld c o n d it io n s u n m o d ifie d .
T h o s e a re c o n d it io n s
o f r e s tr a in t w it h o u t d e v e lo p m e n t .
T h e r e is n o t h i n g a f f i r m a t i v e o r h e l p f u l
a b o u t th e m .
W h a t t l i o c o u n t r y c h i e f l y n e e d s i s t h a t till t h e s e m e a n s o f
t r a n s p o r t a t i o n s h o u l d b o d e v e l o p e d — it s r a i l w a y s , i t s w a t e r w a y s , it s h i g h
w a y s a n d it s c o u n t r y s id e r o a d s .
S o m e n e w e l e m e n t o f p o l i c y is t h e r e f o r e
n e c e s s a r y — n e c e s s a r y fo r th o s e r v ic e o f t h e p u b lic : n e c e s s a r y fo r t h e r e le a s e
o f c r e d it t o th o s e w h o a r e a d m in is te r in g th o r a ilw a y s ; n e c e s s a r y fo r th o
p r o t e c t io n o f th e ir s e c u r it y h o ld e r s
T h e o ld p o lic y m a y b e c h a n g e d m u c h
o r lit t le b u t s u r e ly it c a n n o t a lw a y s b e le ft a s it w a s .
1 h o p e th a t th e
C o n g r e s s w ill h a v e a c o m p le t e a n d im p a r t ia l s t u d y o f t h e w h o le p r o b le m
in s titu te d a t o n c e a n d p r o s e c u t e d a s r a p id ly a s p o s s ib le .”
W ith
T hey
th o so
are
o v o iv o a
now
p la n
s e c u r ity
e x p r e s s io n s ,
d e v o tin g
th a t m a y
h o ld e r s , th e
c lo s e r e la tio n s h ip
th o
r a ilw a y
th e m s e lv e s
to
com m en d
e x e c u tiv e s
G overn m en t and
in
p r o b le m
e n t ir o
and
Tho
in
o f th o
p la n
based
on
sound
O w n ers
th e h a n d s o f t lio p u b lic .
tota l
in v e s tm e n ts
o f th e
of
of
R a ilr o a d
th e
S e c u r itie s
8 1 7 ,0 0 0 ,0 0 0 ,0 0 0
W hen
you
c o n s id e r
rep resen ts
r a ilr o a d
se
th a t o n e -fo u r th
g r e a t life in s u r a n c e c o m p a n ie s
a re c o m
p o s e d o f r a ilr o a d s e c u r itie s ; t h a t o v e r 3 0 ,0 0 0 ,0 0 0 u n d u p lic a t e d life in s u r a n c e
p o lic ie s a r o o u t s t a n d in g : t h a t e v e r y life in s u r e d h a s , th e r e fo r e , o n e -fo u r t h
o f t h e 'p r o v i s i o n m a d e a f t e r d e a t h i n v e s t e d i n r a i l r o a d s e c u r i t i e s ; t h a t 5 0 ,
0 0 0 ,0 0 0 p e o p l e , n e a r ly o n e - h a lf t h e c o u n t r y 's p o p u l a t io n , h a v e a fin a n c ia l
i n t e r e s t in t h e r a i l r o a d s , y o u c a n f o r m
p r o p e r tie s
a n id e a o f h o w
im p o r ta n t b e c o m e s
th e m e t h o d s u n d e r w h ic h th e s e p r o p e r tie s a r e t o b e r e tu r n e d t o th e ir o w n
ers.
T h i s c a n n o t b o d o n e in a d a y b u t w o a r o e x t r e m e l y h o p e f u l t h a t a c o n
s tr u c tiv e
of
8 5 ,0 0 0 ,0 0 0 ,0 0 0
to
w ill b e a p r o t e c t io n a lik e
h o ld e r s o f th e
in
over
th e
t h o p u b lic a t la r g e , r e c o g n iz in g a
t h o s e c u r it y
N a t io n a l A s s o c ia tio n
m e m b e r s h ip
c u r itie s
accord .
hope
th e o w n ers o f th e ro a d s,
w itli th o G o v e r n m e n t , w h ic h
t o th o p u b lic a n d th o o w n e rs a n d
and
th e ir e m p lo y e e s .
are
th is s e r io u s
it s e lf t o
SE
A special dispatch from Chicago on Jan. 8 announced
that S. Davies Warfield of Baltimore, President of the
National Association of Owners of Railroad Securities, and
of the Continental Trust Company of that city, had been
in Chicago since Monday in consultation Avith the Executive
Committee of the National Industrial Traffic League in
connection Avith plans for tho return of the railroads to pri
vate operation. As a result of these conferences it is un
derstood ho has adopted many suggestions made by the
Committoo. Mr. Warfield was also in consultation Avith
John S. Miller, of the laAV firm of Miller, Starr, BroAvn,
Packard & Peckham, who is one of the Advisory Counsel
of tho Securities Association, togother with ex-Senator
Elihu Root, John G. Milbum, N York, Hugh L. Bond,
.lr., Baltimore, and Forney Johnston, Birmingham, Ala.
lie conferred with Luthor M. Walter, of General Counsel
of tho Association, and of the firm of Borders, Walter &
Burchmore; also Avith John J. Mitchell, President of the
Illinois Trust & Savings Bank, Avho is Vice-President of
tho Securities Association. Asked regarding Mr. Mitchell
having been quoted as in favor of Government onworship,
Mr. Warfield said: “The intentions of Mr. Mitchell
at tho time Avero misunderstood; he is no more in favor
of Government oAvnership than I am. Being told
that Director-General McAdoo had resigned and Avould
immediately return the railroads to their oAvners, Mr.
Mitchell simply stated: ‘If this takes place Avithout reme
dial legislation, the financial chaos A\rould bo disastrous and
I would prefer Government ownership.’” The National
Industrial Traffic League is of national scope and repre
sents through constituent membership leagues and others
over 250,000 shippers of the country. Tho Executive Com
mittoo, Avhich has boon in sossion hero since Monday, is
composed of mombors of traffic bodies located throughout
tho country. Before leaving for tho East, Avhon asked
regarding tho Securities Association’s plans, Mr. Warfield
said:
com
o f th e ir c o n t r a c t r ig h ts a n d o t h e r a s s e ts o f a ll s o r ts , b u t a ls o (e x c e p t a s t o
and
D A V I E S W A R F I E L D REGARDIN G R A IL RO A D
C U R IT IE S A S S O C IA TIO N 'S P L A N S —
J . J. M IT C H E L L 'S V IE W S .
th e U n ite d S ta te s o f
th o F e d e r a l G o v e r n m e n t th o e x c lu s iv e g o v e r n
F e d e r a l in c o r p o r a tio n
brou gh t
A V a lt e r s , C h a i r m a n A t l a n t i c C o a s t L i n o R R . C o .
D a n i e l A V il la r d P r e s i d e n t B a l t i m o r e & O h i o R R . C o .
S.
c a r r ie r s e n g a g e d in in t e r S t a t e o r f o r e ig n
p a n ie s c o n t r o ll in g a n y s u c h c a r r ie r .
fo r e ig n
D . U n d e r w o o d , P r e s id e n t E r ie R R . C o .
bo
m e n t a l p o w e r t o s u p e r v i s e a n d a u t h o r i z e t h o is s u e o f s e c u r it ie s b y r a i l r o a d
s h o u ld
F.
U.
th o m a k in g o f r a te s , a s a le g itim a t e e x p e n s o
b o m a d e f o r th e fu n d in g b y
I n d e b t e d n e s s o f c a r r ie r s t o
19.
b o a r d , if p u t in to
P e a b o d y , P r e s id e n t I llin o is C e n t r a l R R . C o .
S a m u e l R e a , P r e s id e n t P e n n s y lv a n ia R R . C o .
to
a n d r e p o rt a n d fo r
b o n o lo c k o u t b y
th e p a r t o f e m p lo y e e s w h ic h
or
in
131
g e n e r a l p r in c ip le s
m ay
b e s u b m it t e d
T h e r e s p o n s ib i lit y o f C o n g r e s s in p r o v id in g f o r t h is la r g e p r o p o r t i o n
o f o u r p o p u la t io n , to g e t h e r w it h
at
v e r y g ro a t.
e a r ly d a y e ith e r t o th o p r e s e n t C o n g r e s s f o r th e ir c o n s id e r a t io n o r t o th o
S ix ty -s ix th C o n g r e s s .
t h e b u s i n e s s I n t e r e s t s o f t h e c o u n t r y , is
U n le s s t h e r a ilr o a d s a r o r e tu r n e d u n d e r s a fe a n d s a n e m e t h o d s ,
t h e c r e d it s t r u c t u r e o f t h o c o u n t r y w ill n o t s t a n d t h e s t r a in a n d a ll b u s in e s s
w ill s u ffe r a c c o r d in g l y .
AVo w o u ld u r g e u p o n t lio D ir e c t o r - G e n e r a l t h o I m p o r t a n c e , in c o n f o r m i t y
of
th e
in
5 0 ,
d e p o s ito r s
in
ta te s,
th o p u b lic a t
fid u c ia r y
in c lu d e
T h o E x e c u t i v e C o m m it t e e o f t h e S e c u r itie s A s s o c ia t io n h a s b e e n w o r k
in g o n p la n s f o r t h o r e t u r n o f t h o r a ilr o a d s t h a t s h a ll b o f a ir t o a ll a lik e .
h o ld e r s a n d
and
2 5 ,0 0 0 .0 0 0
b o tli
th o o w n e r s o f th o r o a d s , th e s e c u r it y
c o lle g e s
T hese
t h e D i r e c t o r - G e n e r a l t h o g r e a t d i s a s t e r t h a t in o u r ju d g m e n t w o u l d e n s u e
to
u n iv e r s itie s ,
s e c u r itie s .
over
life
m u tu a l s a v in g s b a n k s , h o ld e r s o f life p o lic ie s , in d iv id u a ls , tr u s te e s o f es
r a ilr o a d
rep resen ts
a ll t h e
le a s t t ills o p p o r t u n i t y h a s b e e n a f f o r d e d .
in
d ir e c t ly
n e a r ly
0 0 0 ,0 0 0
in v e s to r s
and
in c lu d e s
fo r th e fu tu r e , a n d th a t a n y r e tu r n o f th o r o a d s m a y b o d e fe r r e d u n til a t
AVe c a n n o t h e lp b u t u r g e u p o n
c o m p a n ie s ,
O u r m e m b e r s h ip
w i t h t h e P r e s i d e n t 's s t a t e m e n t , o f g i v i n g C o n g r e s s t i m e t o c o n s i d e r p l a n s
su ran ce
in s titu tio n s .
la r g o , i f t lio r o a d s s h o u ld b o r e t u r n e d , u n t il t im e h a d b e e n g i v e n t o fu ll y
c o n s id e r th e s e p r o b le m s .
T h e in t e r e s t s o f t h e s h ip p e r s a n d t h e s o c u r it iy o w n e r s a r e la r g e ly id e n t ic a l.
I t w o u ld s e e m th a t t h o
w o r d s u tte r e d b y h im .
W ith o u t tlio c o -o p e r a t io n o f t h e s h ip p e r s a fa ir a n d a d e q u a t e r e tu r n c a n n o t
Tho
e x e cu tiv e s ,
of
P r e s id e n t h a d
cou rso,
d e s ir e
to
t h is
act
d is tin c tly
in
e n tir o
in
m in d
h arm on y
In
w ith
A V itlio u t
th o
a d e q u a te
bo had on
th o
b u s in e s s s u c c e s s .
D i r e c t o r - G e n e r a l a n d t o a i d h i m , a s t h e y h a v e in t h e p a s t , in e v e r y w a y ,
r a ilr o a d
fa c ilitie s
t lio
r a ilr o a d in v e s t m e n t t o a ffo r d
M y
v isit
to
th e
co u n try
h a lt s ;
C h ic a g o
i s in
c o n n e c t io n
w ith
th e
p o lic y
a d op ted
a n d t h e y h o p e t h a t t h o p o s i t io n ta k e n b y t h e m m a y c o m m e n d it s e lf t o h is
J u d g m en t.
o p e r a t i o n o f t h o s h i p p i n g in t e r e s t s in p la n s f o r t h e r e t u r n o f t h e r a i l r o a d s .
T hom as
S.
D o
A V it t C u y l e r , C h a i r m a n .
"
T . B le d s o e , G e n e r a l C o u n s e l, A t c h is o n T o p e k a & S a n ta F e R y . S y s te m .
AV. I t . C o lo , P r e s id e n t N a s h v ille C h a t t a n o o g a & S t . L o u is R y . C o .
A . J . E a r lin g , C h a ir m a n C h ic a g o M ilw a u k e e & S t. P a u l R y . C o .
H ow ard
E ll io t t , P r e s id e n t N o r t h e r n
P a c ific
R y.
C o.
B . M . F e l t o n , P r e s id e n t C h i c a g o G r e a t A V estern R R . C o .
A . I I . H a r r is , V ic e -P r e s id e n t N o w
Y o r k C e n t r a l L in e s .
C h a r le s H a y d e n , P r e s id e n t C h ic a g o R o c k I s la n d & P a c ific R y . C o .
B . M . I ly s e r , V ic o -P r e s id e n t C h ic a g o & N o r t h
A V estern R y . C o .
I j. E . J o h n s o n , P r e s i d e n t N o r f o l k & A V e s t e r n R y . C o .
H o w a r d G . K e lle y , P r e s id e n t D e t r o it G r a n d H a v e n & M ilw a u k e e R y . C o . ;
D e l r o il G r a n d T r u n k A V estern R y . C o . , A t l . & S t . L a w r e n c e R R . C o .
J u l lu s K r u t t s c h n i t t , P r e s i d e n t S o u t h e r n P a c i f i c C o .
E.
E . L o o m is , P r e s id e n t L e h ig h
V a lle y
R R . C o.
L . F . L o r e o , P r e s id e n t D e la w a r e & H u d s o n C o .
AVm. C h u rch
O s b o r n , P r e s id e n t T e x a s &
P a c ific R y . C o ,
o u r A s s o c ia tio n
of
in c a r r y in g fo r w a r d th e w o r k o f t h o r a ilr o a d s u n d e r F e d e r a l a d m in is t r a t io n '
Wo annox horoAvith tho names of thoso comprising tho
Standing Committoo of the Association of Railway Execu
tives:
.
by
b u s in o s s
fa c ilitie s a n d s e r v ic e e s se n tia l t o
t o c o - o p e r a t e w it h a n d a s k in r e t u r n t h e c o
C o n f e r e n c e s h a v e a ls o t a k e n p la c e in W a s h in g t o n a n d e ls e w h e r e w it h r e p r e
s e n t a t iv e s o f t h o s h ip p e r s a n d o t h e r s f r o m
W e
arc
good.
of
g r a tifie d
at
th e
e v id e n c e
v a r io u s s e c tio n s o f t h e c o u n t r y .
o f d e s ir e
to
c o -o p e r a te
fo r
th e
gen era l
U n l e s s wro a r o t o l e r a n t o f t h e v i e w s a n d i n t e r e s t s o f a l l , a n d a s p i r i t
“ L iv e
and
I .e t L i v e ”
d u r in g th e s e d a y s o f r e c o n s t r u c t io n
p r e v a ils
wo
s h a ll n o t h a v e le a r n e d t h e le s s o n f o r w h ic h t h e b l o o d o f m illio n s o f m e n h a s
been
shed.
Tho
c o n fe r e n c e s w ith
th e
E x e cu tiv e
C o m m it t e e
o f.t h e
N a
t io n a l I n d u s t r ia l T r a f f i c L e a g u e h a v e b e e n p r o d u c t i v e o f g r a t ify in g r e s u lts .
AVc s h a ll a d o p t m a n y o f t h o s u g g e s tio n s m a d e .
Mr. Warfield said that the plans of the Association, noAV
noaring completion, would shortly bo presented to the
Senate Committee now holding hearings at Washington.
G. M. Freer of Cincinnati and President of the Traffic
Loaguo is quoted as saying on the 7th:
T l i o E x e c u t i v e C o m m i t t e e o f t h e L e a g u e is a p p r e c i a t i v e o f t h e c o - o p e r a
t i v e s p i r t s h o w n b y M r . A V a r f io l d i n t h e s e v e r a l d a y s c o n f e r e n c e s w i t h o u r
c o m m it t e e
it .
te n d e d
I
and
ou r m em bers, an d
good
r e s u lts m u s t n e c e s s a r ily c o m e o f
T h i s is t li o f ir s t t im e t h e o w n e r s o f t h e r a ilr o a d
th in k
hands to
it c a n
p r o p e r tie s h a v e e x
tlio s h ip p e r s a n d it c a n n o t fa il t o p r o d u c e g o o d
b o s a id
t h a t t h o s h ip p e r s o f t h e c o u n t r y
r e s u lts .
r e a liz e , a n d
th e
132
THE CHRONICLE
war has emphasized it, that unless the railroads aro given reasonable re
turn on the investment In them and on the money required to give the
shippers additional facilities and service in proportion to the increase in
their business, we suffer as much as those who own the railroads. We arc
considering the whole subject; the purpose o f Mr. Warfield and those of
our Committee are not far apart. The League will send representatives
to Washington to present its views to the Senate Committee.
It is understood that the Committee of the Traffic Leaguo
is opposed to the compulsory Federal incorporation of the
railroads and also to the creation of a single political Gov
ernmental head for the control of the railroads.
SENATOR C U M M I N S ' S PROPOSALS RESPECTING
RAIL ROAD CONTROL.
[Vol. 108.
E. Clark on the 7th inst. during the course of the commit
tee’s hearing on tho question of proposed legislation affecting
the railroad?. The Commission opposed indefinite continu
ance of Government ownership or operation of railroads at
this time and outlined a plan for legislation which would
permit elimination of unnecessary competition, pooling of
facilities, Government prescription of maximum and mini
mum rates and standards of service, Government direction
of railroad extensions and financing, and direct co-operation
between Federal and State regulatory bodies. Commissioner
Woolley dissented in part, advocating Director-General
McAdoo’s proposal that Government control bo oxtendod for
five years to provide a test period. The Inter-State Com
merce Commission’s suggestions were tho first alternative
to Mr. McAdoo’s extension plan to be roceivod by the Senate
Committee. As indicated in another item, the plan pro
posed by the Railway Executives’ Association and outlined
to the Senate Committee on the 9th inst., advocates unifiod
private management of the railroads with public control
oxercised by a Secretary of Transportation and a reorganized
Inter-State Commerce Commission with regional divisions
acting as a court of last resort in rate disputes. Tho Inter
state Commerce Commission in its statement to the Senate
Committee referrod to a Federal body to exorciso public
control over tho railroads, but did not indicato wliethor this
was to bo the Commission itself or some other agency.
The statement of the Commission as presented to the Sen
ate by Commissioner Clark said:
It was made known by Senator Cummins of Iowa on Jan.
8 that a resolution taking from tho President authority to
return the roads at will would be presented to Congress
shortly as a means of insuring that Congress would havo
time to consider suitable railroad legislation before the lines
were returned to private management. This announcement
came from Sonator Cummins alter Inter-Stato Commerce
Commissioner Clark had told tho Senate Inter-State Com
merce Committee that most of tho members of the Commis
sion believed the President should be deprived of this power.
Commissioners C. C. McChord and Robert W. Wooloy
dissent from the opinion expressed by Commissioner Clark
in regard to depriving the President of his discretionary
authority, it was stated. Senator McLean of Connecticut
is said to have pointed out that legislation to revoko tho
President’s power to turn back the properties immediately Considering and weighing as best we can all of tho arguments for and
would be difficult to get through Congress, emphasizing the against tho different plans, we aro led to tho conviction that with tho adop
provisions and safeguards for regulation under privato
possibility of an Executive veto. Also, Senator McLean tion of appropriate
it would not bo wise or best at this time to assume Government
said, the Administration apparently has engaged in “pro ownership
ownership or operation of the railways of tho country.
paganda” in behalf of Mr. McAdoo’s five-year extension The Commission construed tho twenty-one months’ period
program. With regard to Sonator Cummins’s proposals intervening between the signing of tho peace treaty and the
the “Wall Street Journal” of Jan. 7 said:
return to private ownership, as provided in tho present law,
Government ownership of railroads, the railroads to be leased to private
operating companies, was advocated by Senator Cummins, Iowa, Re as affording an opportunity tor “readjustment or prepara
publican. He will bo Chairman o f the Senate Inter-State Commerce tion” before tho roads were turned back by the Government.
Committee after March 4.
•
His plan provides for: (1) Government ownership; (2) leasing of roads Its statement said:
under strict terms to private concerns; (3) maintenance of a dozen or so
competing lines to operate with unified terminals; (4) Cabinet officers or
Government railroad administrators, or possibly a small board to direct
operations; (5) issue o f capital stock to cover equipment by Government
at guaranteed return o f probably
%; (6) operating capital to be supplied
by lease with larger return in proportion to efficiency of management.
Senator Cummins will urge that Congress enact legislations along this
line. He is now waiting for the Inter-State Commerce Committee to
complete its hearings on the railroad question before he finally settles on
several important details in his plan.
Under the Cummins plan, the Government would issue all securities—
stocks and bonds— at a guaranteed maximum return o f 4M % probably.
Operating companies leasing the roads would supply tho working capital
necessary to do business. This money would bring a higher return, based
largely on tho efficiency with which the company ran the road. Lessees
would bo allowed all returns up to a set figure, 6 to 7% for instance, and
above that an increasing proportion o f excess return would go to the
Government. On profits over 7 % , say M % , would go to tho Government,
and on profits o f over 8% the Government’s share would bo y2%. Tho
figures, Senator Cummins explained, are only to illustrate his idea and
are not necessarily those which should bo adopted.
“ This would give individual concerns a chance to mako returns in pro
portion to their efficiency and would provide a stimulus for privato enter
prise,” ho said. “ There should be no trouble in disposing of capital stock,
for not only would the taxing power o f tho Government bo behind it, but
the earning capacity o f tho railroads as well.
“ What we want is to combine tho advantages of Government ownership
and privato initiative,” Cummins said. " I think we can get this by letting
the Government own the railroads and leasing them to operating companies
at a guaranteed return.”
Cummins explained that competing systems must be organized through
the samo territory and he is opposed to a regional grouping, as suggested
by retiring Director-General M cAdoo.
“ A dozen or more competing systems should be laid out,” ho said.
“ These should operate with unified terminals and consolidated ticket
agencies, but they should be essentially competitive lines and not laid out
on a regional basis.
“ Restrictions as to operation could be incorporated in the lease— and in
fact this would be the surest way of enforcing Government control.
“ T o adjust rate disputes we would still have the Inter-State Commerce
Commission. It might bo advisable to have some one such as a Cabinet
head or a Government railroad director to administer the plan. But that
is a detail I have not reached a conclusion on. Between $2,000,000 and
$3,000,000 could be saved yearly by the lower interost on invested capital
which the Government-owned stock would.pay."
While Senator Cummins believes it is too late at this session to get a
permanent solution o f tho railroad situation, he may introduce some meas
ure based on his general plan after the Into-State Commerce Committee
completes its hearings. He is hopeful that a special session will be called
early when tho railroad question can be disposed of.
V IE W S OF IN T E R -S T A T E COMMERC E CO M M IS S IO N
ON CONTROL OF RAILROADS.
Tho Inter-State Commerce Commission’s view, that the
railroads should be returned to private management within
a “reasonable period” to allow for preparations and re
adjustments and under “broadened, extended and amplified
Governmental regulation,” was made known to the Senate
Inter-Stato Commerce Committee by Commissioner Edgar
The law provides that Federal control shall not continuo beyond twentyone months after the promulgation of a treaty of poaco. Tho wisdom of
tints providing a reasonable period after tho passing of tho imperative
necessities of our Government in actual prosecution of warfare, within
which to readjust or make preparations for roadjusemont of traffic condi
tions and to round out or preparo financial arrangements, is hardly opon
to question. Carriers’ properties formerly composing a system aro now
under tho jurisdiction of two or more regional directors or Federal mana
gers, the current of traffic has in some instances beon materially changed,
and financial complications exist. Comparatively few contracts for com
pensation have been perfected between the transportation companies and
tho Government. Our expression in favor of a return to privato owner
ship and operation is, therefore, not to be understood as favoring a return
of the properties in a precipitate way. A reasonable period of readjust
ment or preparation should bo afforded and reasonable notice should bo
given that upon a given date the properties will bo restored to their onwers.
Manifestly, from a social standpoint, as well as from tho standpoint of the
nature of tho employment and because of tho groat importance to the
public, as well as to tho railroads, of loyal and dovotod servico on tho part
of tho employees, tho railroad employees should bo adequately compen
sated.
The Commission stated that in the event of a “continuance
of the policy of privato ownership and operation under
Government regulation” legislation should be enacted in
connection with:
1.
“ Revision of limitations upon united or co-operativo activities among
common carriers by rail and water,” because much of tho competition is
n°2. Emancipation of railway operation from financial dictation. Part
of this recommendation reads: f,A transportation lino operating by vhtue of
cial
and -------------------------------- -—
affects interlocking directorates.
3. Regulation or issues of securities.
. .._
4. Establishment of a relationship'between Federal and State authority
which "will eliminate the twilight zono of jurisdiction.
5. Restrictions governing tho treatment of competitive as compared
with non-competitivo traffic.
6. Forming pools for equipment.
.
7. Liberalizing tho uso of terminal facilities.
m iv
8. Limitations within which common carrier facilities and services may
bo furnished by shippers or receivers of freight.
The Commission’s report also reiterated Its recommendations made
last year, that tho Presidential power to morgo lines during war or peace
should be continued, that railway construction should be limited to neces
sity and that inland waterways should be developed and co-ordinated with
railways.
,
Commissioner Clark, .answering questions by Senators,
explained that m defining “reasonable rates” to provido
adequate return to railroads would take into consideration
invested capital of the roads. He said tho Commission had
no thought that Congress would require several years to act
on the suggested legislation oi tho commission plan.
“One man control” of lailroads, urged by Director-General
McAdoo, was opposed by Mr. Clack. “The Commission
does not think this a desirablo plan,” ho said. The Direc
tor-General expressed tho opinion that one man makes up
his mind more quickly than soveral. Wo think that sevoral
i minds studying a question in an effort to bring conflicting
Ja n . 11 1919.]
THE CHRONICLE
ideas into harmony are more likely to mako a correct deci
sion.” Defending tho Inter-State Commerce Commission
against recurrent charges that the credit of the railroads has
been destroyed by the “niggardly attitude” of the Commis
sion in rato decisions, Mr. Clark is said to have presented a
table showing railroad earnings, divisions, stock, debt and
invested capital between 1906 and 1916. This showed that
dividends increased gradually from 6.03% in 1906 to 6.48%
in 1916.
Although dissenting from the recommendation for return
to private management, Commissioner Woolley presented
recommendations for additional regulation in tho ovent they
were returned, including the proposal that the Inter-State
Commerce Commission be authorized to adjust rates and
employment conditions. Railroads also should be required,
he said, to set aside fixed portions, of their incomes for
depreciation. Among the reasons presented by Mr. Woolley
in support of the proposed extension of Government control
were these:
Railroads would have difficulty financing themselves
privately within the next few years; the so-called “weak
sisters” among railroads would be thrown into receiverships
on return to private control; other public utilities would bo
forced into financial difficulty if many railroads were to
collapse financially; a now sustem of rate-making, based on
terminal charges plus straignt mileago, should bo put into
effect, and this could be done only under Government
management.
In his further testimony on the 8th, Commissioner Clark
said the Commission, with the exception of Commissioner
•Woolley, belioved that one year was sufficient time for the
extension of Federal control over the railroads. He de
clared that the right to withdraw the roads from Federal
management and turn them back should be taken away
from the President and that Congress should settle this ques
tion by setting a definite date for such action. The Commis
sioner said he believed private management more economi
cal than Government control. When questioned as Senator
Pomerene as to what would bo the disadvantages of return
ing tho roads at once, Commissioner Clark, according to the
New York “Times,” said:
The roads would not bo able to continue Immediately, under private
management, some o f tho advantages wo all admit have boon accomplished
under Federal control. Tliero Would be a great disturbance o f financial
-arrangements, and so on. It is most desirable that tho reforms bo provided
before control is relinquished.
Concretely, it I had my way, Congress would set a definite date when
Federal control should cease, and the roads would beturned back. Then
all this uncertainty and disturbance to morale that wo hear so much about
would be done away with.
The “Times” also says:
Commissioner Clark remarked'that he thought the Government would
havo to pay some o f the cost o f Federal control.
“ I don’t think wo will ever come out with enough earnings to pay ex
penses,” ho said. “ It seems to mo a very proper part o f our war expenses.”
“ The Inter-State Commerce Commission would not put that cost oft the
shippers,” said Senator Cummins. " I t may be that this coming cost is
one o f tho reasons why Mr. M cAdoo wants to continue Federal control
Tho cost this year is about $140,000,000, and next year how much no ono
can tell.”
The Government, Mr. Clark said, is obligated to pay an
nually to railroads under Government control 8929,066,992.
This, it was pointed out, is somewhat more than tho esti
mate of the Railroad Administration, which recently advised
the Committee that tho annual Government obligation was
less than 8900,000,000.
FURTH ER V IE W S OF W . G. McADOO ON CONTROL OF
RAILROADS. '
The presentation before the Senate Inter-State Commerce
Committee on Jan. 3 of the contentions of DiroctorGonoral of Railroads McAdoo in support of his recom
mendation that a five-year extension of Government
control of the railroads wore roferred to at length in theso
columns a week ago, pago 34. It was noted therein
that Mr. MoAdoo estimated the Government’s loss in
operating the railroads this year at 8136,000,000. On
Jan. 9 tho “Wall Street Journal” reported that Mr.
McAdoo had sent to Chairman Smith of the Senate Inter
State Commerce Committeo a correction of his estimate
of the deficit between tho net earnings of railroads under
Federal control for 1918 and the compensation payablo to
the owning corporations for the samo period. Tho DirectorGeneral's letter to Chairman Smith, and that of G. II.
Parker to Assistant Director-General Walker D. Hines
on which tho correction is based, were published in the papor
reforrod to. Wo quote here only the letter of Mr. Parkor:
Dear Sir— Last week by your direction I completed the bast estimate
that was thon capable o f being made o f operating incomo for tho Glass L
133
railroads under control o f the Director-General for the year 1918, basing
the estimate upon the returns then available for the ten months ending
with October 1918. This estimate showed that the operating income
would fall short by about $136,000,000 o f meeting the standard return for
the year 1918.
This week the returns for the month of November havo become available
to a largo extent (although not yet completely) and they indicate that the
operating income for the month o f November will bo loss by about $28,
000,000 than the amount which we were able to estimate last week.
This falling o ff is accounted for by a falling o ff in business resulting in a
decrease in revenues to the extent o f $6,000,000 and by an increase in
expenses (due almost wholly to increased wages, including back pay) of
$22,000,000.
On the basis o f the November figures and on the basis o f the operations
for tho ten months ending with October is now seems reasonable to estimate
that the operating income for the year 1918 will fall short o f paying the
standard return by about $196,000,000.
OTTO H . K A H N ' S V I E W S ON G O V E R N M E N T CONTROL
OF RA IL ROADS.
In outlining his views on the continuance of Government
operation of the railroads for five years, Otto H. Kahn,
of Kuhn, Loeb & Co., states that from the National point
of view he considers Government ownership and operation
“as gravely and far-reachingly detrimental—socially, eco
nomically and politically.” Among other things he notes
that “any one who will study the universal experience of
railroading under Government operation in other democratic
countries, . . . . is bound to realize that Government
ownership and operation should not be introduced in this
country, unless there is a real necessity for it.” Mr. Kahn
also takes occasion to state that “if Government operation is
continued for five years a situation will have been created
financially and otherwise which, I believe, inevitably means
permanent Government operation, or which means at the
very least that the return to private management could
only be accomplished after a period of turmoil, distress,
bitterness, and heavy loss, and in the face of immense difficul
ties.” Remedial legislation, Mr. Kahn contends, can be
had just as well within two years as within five years. We
give Mr. Kahn’s views herewith as expressed in a letter to
Thomas DeWitt Cuyler, Chairman of the Association of
Railway Executives; although the letter bears date Dec. 20,
it was not made public until Monday of this week:
December 20 1918.
De Witt Cuyler, Esq., Commercial Trust Building, Philadelphia, Pa.:
Dear Mr. Cuyler— In response to your suggestion that I state my views
on tho proposal for making Government operation of railroads definite for
a term of five years, I beg to say:
1. From the point o f view o f the monetary interest o f the investor in
railroad securities, tho prospect of Government ownership and operation,
which would relieve him of risk and make his incomo stable and secure,
may be attractive. In fact, I know that several large holders o f railroad
stocks and bonds aro in favor o f that course, because they believe it to be
advantageous to the maintenance of the value of their investments.
From tho national point of view, however, I consider Government own
ership and operation as gravely and far-reachingly detrimental— socially,
economically and politically. It is incompatible with our system and meth
ods of government and with the genius of American institutions.
It would mean lessened efficiency, and lead to stagnation and retrogres
sion. It would mean the setting up o f a huge bureaucratic machine, po
litical wire-pulling and log-rolling, largely increased cost to the merchant
and farmer, indeed, largely icreased cost all round, and many other evils.
Any ono who will study the universal experience of railroading under Gov
ernment operation in other democratic countries, subject to tho frequent
administrative changes necessarily incident to free government, or who will
compare the excellence and progressiveness of our privately managed tele
phone servico, for instance, with tho indifference and utter lack of progress
of our postal service under Democratic as well as Republic administration,
or will rofloct upon the causes for tho apparently incorrigible shortcomings
of our municipal governments, is bound, it seems to me, to realize that Gov
ernment ownership and operation should not be introduced in this country
unless there is a real necessity for it.
There is, however, no such necessity whatever. Wo are in the fortunate
situation of being able, through constructive legislation providing among
other things for strong, but not strangling, Government regulation and
supervision, to correct such shortcomings in tho system and methods of
private railroad management as experience has disclosed, and to secure for
the public practically all the tangible advantages which are claimed in fa
vor of Government operation, without depriving the nation of tho inestima
ble advantage of private initiative and enterprise and competitive service.
2. If Government operation is continued for five years, a situation will
have been created financially and otherwise which, I believe, inevitably
means permanent Government operation, or which means at tho very least
that tho return to private management could only be accomplished after
a period o f turmoil, distress, bitterness and heavy loss, and in the face
of immense difficulties.
3. Legislation to correct the shortcomings and incqngruities o f the pres
ent railroad situation and to establish a system of railroading, advantageous
to the public and fair to the railroads, offers no problem of excessive
difficulty. Such legislation can be had— if at all— within two years just
as well as within five years. In fact, it is more likely to be obtained within
the shorter than within the longer period.
4. To return the railroads to private management, especially after the
grave changes which Governmental administration has wrought in their
status, without adequate legislation would lead to serious financial and
economic disturbances, affecting the entire structure of national credit.
5. I know o f no compelling reason o f public policy for returning the
railroads to private management in the immediate future. To taks this
step without such compelling reason and without first having given Con
gress an adequate opportunity to legislate, would place the whole burden
of responsibility for the resulting disturbance and national damage upon
the Administration—a burden so heavy that I cannot but feel any Govern
ment and any party would shrink from assuming it.
T.
134:
THE CHRONICLE
6. If the President, as suggested in M r. Jacob H. Schtff’s recent tele
gram to the Director-General o f Railroads, were to announce that in
accordance with the provisions o f the existing law he will return tho rail
roads to private management, that he will do so as soon as appropriate
remedial and reformatory legislation has been enacted, but that he will do
so in any event with or without such legislation on January 1st, 1921, then the
public, the railroads, and Congress will be under definite notice, and if in
the face of such notice no appropriate legislation is enacted before January 1
1921, the responsibility for the resulting consequences will rest where It
properly belongs.
Incidentally, this would have the advantage of preventing the railroad
question from becoming an acute political issue in tho presidential cam
paign of 1920. That question involves not a political but an economic and
business problem, and ought to be treated as such "sine ira et studio.” It is
not now, and it is to bo hoped that it may not become a party question, as
between our two great political parties.
Yours truly,
(Signed) OTTO H. KAHN.
DIRECTOR-GENERAL McA DOO UPHOLDS V A L I D I T Y
OF I N T R A - S T A T E RA TE S F I X E D B Y R A IL
ROAD A D M I N I S T R A T I O N .
In a statement issued by him on the 6th inst. with regard to
litigation begun by several States to question the validity of
rates initiated by him, Director-General of RailroadsMcAdoo
declares that orders of Stato Commissions prescribing Intra
State rates other than those initated by him or injunctions
forbidding the application of initiated rates to State ship
ments cannot ho observed as to railroads under Federal
control. Tho following is the Director-General’s statemont:
[Vol. 108.
handicap of political control. The committee believes this is so, even un
der tho most favorable and well-meaning administration of that control.
Four plans have been suggested tentatively by the National Adminis
tration for the future; three of them by tho President and one by tho Di
rector-General of Railroads. The first of these is the restoration of condi
tions of the pre-war period; the second, operation by the Government, and,
perhaps. Government ownership; the third, a “ modified” private control,
and tho fourth, suggested by the Director-General, of Government oper
ation under an amended Act for a period of five years.
All parties to tho agreement concur that tho relinquishment of tho rail
roads by the Government without remedial legislation is open to serious
objection.
As stated. Government ownership is held to be inadvisable and indefensi
ble.
As business, finance and industry arc seeking in all ways possible to
readjust conditions on a peace basis, it is imperative, for the best interests
of all concerned, that the railroads be returned to privato management
and control as soon as it is possible to enact the necessary legislation. If
tho present Congress fails to perform this enactment it is essential that tho
President convene an extra session for this purpose. Immediately after
this enactment the railroads should bo restored to their owners.
As the Inter-State Commerce Commission has established itself in public
confidence, such remedial legislation should provido enlarged supervisory
powers for tho abatement of discriminations to bo placed in the hands of
this commission. Federal rate regulations, under Congressional enact
ment. should be provided so that a designated body would bo created to
consider future traffic requirements and, subject to review by the Inter
State Commerce Commission, fix rates sufficient to yield sufficient revenue
for such future development and for the proper maintenance of railroad
credit.
,
Under independent operation, there should be such restrictive control as
to secure the economical use of existing facilities and to eliminate duplica
tion of service. A carefully nurtured co-operation between carriers should
be encouraged by legislation which will sanction combinations of carriers
when necessary to afford improved servico to tho public.
RAIL RO AD A D M I N I S T R A T I O N E X T E N D S ORDER
Director General M cAdoo, when his attention was called to-day to the
A L L O W I N G PASSES I N E X C H A N G E
fact that several States have begun litigation drawing in question tho
validity o f rates initiated by him under the Federal Control Act so far as
FOR A D V E R T I S IN G .
they apply to intra State traffic, said ho regretted that the issuo should
be raised and a contest precipitated between State and Federal authority,
but that ho was acting under tho law of Congress as tho President’s repre
sentative, and could not subject himself, in that capacity, to the jurisdic
tion of courts or commissions beyond the provisions of tho law.
Considering tho purpose for which the statute was enacted, and the ex
tent to which it would be defeated by a division of authority, as well as
the terms of the statute itself, there can, in his opinion, be no reasonable
doubt that the intention is that during the period o f Federal control rates
may bo initiated to apply to both intra Stato and inter State business,
and that complaints of such rates are exclusively within the jurisdiction
of tho Inter State Commerce Commission, which can bo relied upon to do
justice to all interests. Any other construction of the statuto might have
December 31 1918.
been fatal to the prosecution of the war, and would now result in creating
Supplement N o. 2 to General Order N o . 6.
an indefensible discrimination between inter State transportation charges
On Jan. 28 1918 General Order No. 6 was issued prohibiting the issuance
and State charges, and serious curtailment of the revenue which the Rail
road Administration must have in order to perform the duties placed upon of free transportation, except as authorized by the Act of Congress ap
proved
Feb. 4 1887, and amendments thereto.
it by Congress.
Question having arisen as to the application of said order to contracts
The Director-General pointed to the fact that tho correctness of this
between
the carriers and newspaper publishers, providing for an exchange
position seems to bo conceded in many of the States, where no question is
made as to the power vested in tho President to initiate rates applicable to of intra-State railroad transportation for advertising, the order was sup
intra-State business and as to those rates being beyond the jurisdiction of plemented on March 26 1918 to permit the continuance of such contracts
to tho end of the present calendar year. The authority to renew such con
the State authorities.
Ho expressed the hope that the States which have brought suits based tracts to cover (lie legitimate advertising requirements of tho carriers,
where
not repugnant to State requirements, is hereby extended for the
upon the opposing contention may for the present at least hold them in abey
ance. If such suits are pressed, he said, tho Government, although it year 1919. Contracts executed under this authority shall provido:
1. That tho rates charged thereunder by tho newspaper publishers
desires to give the most respectful consideration to the views of the State
authorities, has no alternative except to proceed upon the theory that shall not exceed their usual commercial rates.
2.
That the value of the transportation provided by tho carriers shall
the action o f the President's representative in establishing rates is not within
tho jurisdiction of either State commissions or court, and that orders pre bo computed upon the basis of the normal tariff faro for one-way tickets.
scribing rates instead of those which have been initiated, and injunctions
forbidding tho application of tho initiated rates to Stato shipments cannot IN C R E A S E D WA GE S FOR E M P L O Y E E S OF FEDERAL
b ) observed as to railroads under Federal control.
CONTROLLED TELEGRAPH L IN E S .
If the Government is compelled to engage in a legal contest no other posi
tion can bo taken, and there is no other course that will protect tho general
public interest.
, _
., . .
Asido from the provisions of the Statute which empower the President to
initiate rates without distinction as to Inter-State and intra-State traffic,
he said that ho could not conceivo that any State would be placed at a
practical disadvantage inasmuch as if any such rates aro deemed unrea
sonable or unjust tho Stato itself, or thecommlssion of tho State, or any
citizen of the State, is free to file a complaint before tho Inter-State Com
merce Commission and have it determined in tho light of all of tho facts.
He reiterated that his concern is not because o f any misgiving as to the
power of the President under tho Federal Control Act, but because of his
aversion to the United States Government being forced into a contest with
any of the States about theso matters.
An order authorizing the renowal for this year of contractsbetween railroads and newspapers for the exchange of IntraStato railroad transportation for advertising was issued
by the United States Railroad Administration on Dec. 31.
Under the form of contract newspapers cannot charge for
tho railroad advertising more than their usual commercial
rates and tho railroads must compute tho value of transpor
tation on tho basis of tho normal tariff fare for ono way
tickets. The following is tho order:
Wage increases for all employees of all departments of
the telegraph systems under Government control, oxcept
employees at “non-functional” offices were announced by
Postmaster-General Burleson on Dec. 31. Those in con
tinuous servico for not less than six months not moro than a
year and a half recoive an increase of 5%, while those in
continuous service rnoi’o than a yoar and a half aro granted
a 10% increase. No increase, tho announcement says,
shall serve to advance any individual salary to moro than
$200 a month, or to'apply in cases to any extent where its
application would result in an increase of moro than $35 a
P H I L A D E L P H I A C H A M B E R OF C O M M E RC E OPPOSES month sinco Jan. 1 1918. Employees at non-functional
G O V E R N M E N T O W N E R S H IP OF RA IL ROADS.
offices aro to bo paid regular salary ratings for hour’s work
A statement protesting against Government ownership in excess of eight up to a maximum ot 10 hours a day. F or
of public utilities was i&sued on Dec. 28 by the Executive extra service in excess of 10 hours, time-and-a-half is to be
Committee of the Philadelphia Chamber of Commorce. paid. Sunday work is to bo paid at the regular rates. I ho
following is the announcement made by Postmaster-Goneral
The
Committee states that:
The chief objection to Government operation o f the railroacLs, whether di
Burleson:
rect, as at present, or under a form o f "modified ” private control, is that it
On and after Jan. 1 1919 the salaries of all employees of all departments
tends to limit initiative and to circumscribe the development of com
munities. The extension o f Government control for tho five-year period
simply postpones the era o f readjustment and complicates tho ultimate
settlement o f the problem.
The Philadelphia “Press” of Dec. 29 from which the abovo
is taken also quoted as follows from the Committee state
ment:
The committee believes the theory and practice o f Government owner
ship of public utilities is at variance with tho principles o f democracy as
established in this country. The committee believes, further, that rail
roads telegraph and telephone systems, and all other Interests which
primarily serve the public, either as individuals or as communities, will
function best when under private management and control. It is regarded
as axiomatic that normal conditions o f competition will produce moro
efficient service than will Governmental operation, with its attendant
)f the telegraph systems under Government control except at nonfunctional
jfftces shall be increased as follows:
Employees who on Jan. 1 1919 had been in the service continuously for
six months and uot moro than ono and a half years, 5% .
,
Employees who on Jan. 1 1919 had been In tho service continuously for
more than one and a half years, 10%.
These percentage increases shall not apply to premium rates nor to prem
ium earnings. The increases as abovo to bo reckoned on tho salaries In
affect as of Dec. 31 1918.
No increase shall servo to advance any individual salary to more than
}200 per month, or to apply in cases or to any extent where its application
would result In an Increase of moro than $35 per month since Jan. 1 1918.
No Increase In the traffic department forces to incroaso any Individual
salary classified below boyond tho limit sot out therein as a maximum
monthly rating; and additional amounts will be added to Individual salary
Jan . 11 1919.]
THE CHRONICLE
rates where the percentage increase above does not raise the salary to tho
minimum monthly rating specified for the particular classification:
M a x i-M in iMaxi-Mini-
m u m .m u m .
A s s is t a n t c h ie f o p e r a t o r .. ___ $ 2 0 0
S90
W i r e c h i e f ............................................. ____2 0 0
90
N i g h t w ir e c h ie f _________ . . . 190
90
L a t o n i g h t w lr o c h ie f_____ . . . 19 0
90
A s s is t a n t w ir e c h ie f______ . . . 18 5
90
T e s t b o a r d a t t e n d a n t ._ . . . 1 7 5
90
A u t o m a t i c c h ie fs .......................... . . . 18 5
90
A u t m o a t l c a t t e n d a n t s ___ . . . 1 7 5
70
R e p e a t e r c h ie f____________ . . . 18 5
90
R e p e a t e r a t t e n d a n t s ______ . . . 1 7 5
90
E q u i p m e n t c h ie fs ________ . . . 1 7 5
90
E q u i p m e n t a t t e n d a n t s ____ . . . 15 0
60
T y p e w r i t e r a t t e n d a n t s ____ . . . 1 0 0
50
D y n a m o an d b a tte ry a tte n d - •
a n t s .............................................................. . . . 1 10
60
J a n i t o r s ................... ....................................... . . .
75
25
E l e v a t o r m e n ......................................... . . .
75
25
M o r s e s u p e r v is o r .............................. . . . 1 7 5
90
C . N . D . s u p e r v is o r ______ . . . 1 7 5
90
,
mum.mum.
75
A u t o m a t i c s u p e r v i s o r __________ 125
T e l e p h o n e s u p e r v i s o r ................. 125
75
M o r s e o p e r a t o r s ............................. i g o
70
M u l t i p l e x a n d p r in t e r o p e r a t o r s 1 0 5
55
C . N . D . k e y b o a rd o p e ra to rs . 105
55
T e le p h o n e o p e r a t o r s ___________ 10 5
55
R o u t e c le r k s ........... ..........•_............... 100
40
T u b e c le r k s ............................
100
40
S e r v ic e c le r k s .................................. I 100
60
F i l e c le r k s __ ______
90
40
O f f i c e m e s s e n g e r s , T . & R ___
60
35
50
C la i m c le r k s ....................................... 100
T i m e c le r k s ........................................_ 100
50
S t a t is t ic a l c le r k s ............................
100
50
C le r k s ( n o t o t h e r w is e c la s s i
f i e d ) ..................................................... 100
50
GO
C h i e f c le r k s ______________________ 150
T . & R . c l e r k s .................................. l o o
50
Incroasos aro not to bo regarded as applying to those whoso regular occu
pation is with other concerns and whose occupation with tho telegraph com
panies is classed as “ other employment employees.”
Employees at nonfunctional offices to be paid at thoir regular salary rat
ing for hours worked in excess o f 8 up to a maximum o f 10 hours per day.
For extra service in excess of 10 hours per day, time and a half to bo paid.
Whenever tho increased compensation o f nonfunctional employees with
rospoct of time worked in excess o f 8 but not in excess o f 10 hours per day
Is loss than tho amount ho or she would receivo at tho percentage increase
for his or her class provided for functional office employees, the basic com
pensation shall be increased to an amount sufficient to make up tho differ
ence.
Employees who aro engaged on Sunday shall bo paid at the regular ratos
o f compensation described above or bo granted compensatory time during
tho following week, as he or sho may elect.
Tho above increases shall not apply to employees known as messengers.
Tho above Increases are made after a careful investigation o f a petition
filed by the employees o f one of tho telegraph companies through its officers,
who recommended that certain increases bo made. The Department feols
that tho telegraph employees are entitled to an increase, but revonuo con
ditions at this time would not justify those increases hereby authorized
unless by a careful plan of elimination of waste incident to duplication and
by effecting other econonios, which will not Impair tho efficiency o f the ser
vice tho rovenue conditions can bo made to meet such Increases. Behov
ing that this can bo done, tho order for such increases is accordingly issued.
A. S. BURLESON, Postmaster-General.
135
The resolutions of the Baltimore division declared that
“tho wages and working conditions provided for by Supple
ment 10 to General Order 28 are not only insufficient to
cover tho present cost of living, but take away many rights
gained through years of organized efforts and the medium
of mediation and arbitration.” It was stated that the action
was taken by the employees themselves, that the meetings
were called by the local chairmen in the different cities, and
that none of the national officers had anything to do with
them.
On Nov. 30 Director-General McAdoo addressed the
following telegram to H. B. Perham, President of the
Order of Railroad Telegraphers regarding the right of the
telegraphers to appeal where dissatisfaction arose:
Telegrams received from individual members of your organization indi
cate that they do not understand that when a wage order affecting all em
ployees of a class Is thought to be detrimental to certain employes of this
class, a rule has been established whereby the representative o f that class
are privileged to again appear before the Board o f Railroad Wages and
Working Conditions and present the claim of such Individuals. Other
classes of employees have already availed themselves o f this privilege. It
would bo unfortunate if you did not communicate to the men you repre
sent that they have this privilege and suggest to them that their claims
should bo submitted to the Board of Railroad Wages and Working Condi
tions, which will give them prompt consideration.
P R E S ID E N T W IL SON 'S V IS IT TO I T A L Y .
President Wilson returned to Paris from Italy Tuesday
morning (Jan. 7), after five days crowded with events, dur
ing the course of which ho visited Rome, Genoa, Milan and
Turin, and received everywhere the most enthusiastic wel
come. The warmth and genuineness of the purely popular
greeting accorded the American President was commented
upon in all the press dispatches, and the President in turn
took full advantage of the numerous opportunities presented
to emphasize the peace principles associated with his name.
FUR TH ER A D J U S T M E N T I N W A G E S C H E D U L E OF
Ho
again declared, as in his Manchester address last week,
RA IL RO A D TELEGRAPHERS.
that
of power” was not sufficient to maintain
A further change in tho increased wage schodulo promul peace.a “balance
Speaking
before the Itlaian Chamber of Deputies,
gated in Novombor in bohalf of railroad telegraphers was he declared that there
only one thing that holds nations
announced on Deo. 30 by Director-Goneral of Railroads togethor, if you exclude isforce,
and that is friendship. “There
McAdoo, retroactive to Oct. 1. Under tho previous order, fore our task at Paris is to organize
friendship of the
referred to in our issue of Nov. 23, pago 1978, and Nov. 30,' world to see to it that all the moral the
forces
make for
page 2060, tho basis for calculating increased pay, was right and justice and liberty are united and arethat
given
a vital
made by dividing tho rato in effect Jan. 1 by tho numbor organization to which the peoples of the world will readily
of working days in the year, which included holidays and and gladly respond.” And speaking in this spirit, the
Sundays. Tho now order eliminates Sundays and holidays, President
that the Balkan peoples should be inde
and makes tho divisor 306. To this new basis is added pendent. declared
The distinguishing fact in this war, he said, was
the advanco of 13 cents an hour above tho rato prevailing that great empires held together by force and intrigue had
Jan. 1 1918, provided for in the order of Nov. 16. Tho sup gone
to pieces. Now the bonds were broken, and “what
plementary ordor provides for payment on the oight-hour we are going to provide is a new cement to hold the people
basis, with over-time at the rate of time-and-a-half. This together.” The solution is not to bo found in a new balance
overtime rato, howover, does not apply to work on Sundays of
but in “a new international psychology,” in which
and holidays, for which nevertheless additional paymont thopower,
world’s
to do justice, to establish friendliness, and
will bo received. Vacation periods, with pay, are eliminated, make peacedesire
rest
upon
right, shall be organized through “a
and in lieu thereof an additional increase in the hourly rato thoroughly united League
Nations.” Tho President did
of two cents is granted, which provision is to apply on all not deny tho difficulty of of
the task, but declared that “the
railroads, irrespective of former practices. Director-General only uso of an obstacle is to be overcome,” and that he had
McAdoo statos that “this ordor will go far toward eliminating found among the leaders of France, England and Italy an
Sunday and holiday work whorover practicable, and toward atmosphere friendly to tho proposal. The significance of
reducing such work, where it cannot bo eliminated, to tho tho President’s remarks was heightened by the tense situa
fowest numbor of hours.” Tho now order applies to station tion created by the conflicting claims of Italy and the new
agents, but oxcepts agents whoso duties are purely super Jugo-Slav State to the Eastern Adriatic coast. The Italian
visory and thoso at small non-telcgraphic stations. Dis Deputies received the President’s remarks about tho Balkan
satisfaction over tho increases quoted in November by situation
in silence, although they enthusiastically applauded
Diroctor-Gonoral MoAdoo was expressed by tolegraphers his references
to the League of Nations. Throughout his
of various roads throughout tho country following tho an visit in Italy, however, the President received numerous
nouncement of tho award, and in Chicago on Nov. 26, a vote delegations from organizations and societies, giving assur
favoring a strike of tolegraphers on all roads in thoUnited ance
of their support of his peace principles, and the treStatos and Canada was cast by tho general chairmen and mondous
ovations accorded by the people of tho different
soorotaries of the fifty-ono divisions of the Order of Railroad cities he visited
are declared to have convinced President
Tolegraphers in Wostern and Middlo Wostorn States. On Wilson that tho people
tho 23rd of that month 500 members of the Ordor of Railroad League of Nations idea.of Italy as a whole will support the
Telegraphers, employed on tho Pennsylvania, Baltimore President Wilson and his party arrived at Rome on Friday
& Ohio, Wostern Maryland, Richmond, Fredoricksburg morning Jan. 3. lie was received at the station by King
& Potomac and Washington Torminal railroads met at Victor Emmanuel and Queen Helena, members of the
Baltimore and threatened to striko unless their demands Govornmont and representatives of the local authorities.
were acceded to. Tho tolographor throughout tho country The program of the day included a luncheon with Queen
aro said to havo declared that conditions were not improved Mother Margherita, a reception by the Parliament, and a
under tho November order; they domanded, it is stated, pay State dinner with tho King, which followed the visit to the
on an hourly basis, with a minimum of 60 cents an hour, President of a deputation from the Quirinal. In the ovening
with time-and-a-half for ovortimo Sundays and holidays, tho citizenship of Rome was conferred upon the American
instead of paymont on a monthly basis, and they requested Executive. In Parliament a joint reception was tendered
tho return to thorn of tho two-day holidays a month with tho President by members of the Senate and tho Chamber
pay which they claimed was cut out whon changes were of Deputies. The function was an impressive one. The
mado somo months ago in the schodulo of pay ard hours. largo and distinguished gathering gave the President an
136
THE CHRONICLE
[V o l . 108.
tho day, in all of which he emphasized tho close relations
ovation. The President’s address to the legislators, referred of
existing
betweon Italy and the United States.
to above, will be found in full elsewhere. The President s
beautiful and valuable gifts were showered upon
speech was constantly interrupted by outbursts of applause, theMany
President and Mrs. Wilson by the Italian cities they
and when he ended the demonstration of approval lasted visited,
the form of reproductions, in sevoral cases
until he passed through the exit of the building. Represen in gold ortaking
silver, of famous works of art.
tatives of the press were received by President Wilson at the
Quirinal in the afternoon. The editors in chief of thirty
T E X T OF P R E S ID E N T WIL SON 'S A DD RE S S TO
leading newspapers of Italy were in tho party.
TH E I T A L I A N P A R L I A M E N T .
On Saturday (Jan. 4) Mr. Wilson paid a brief visit to the
Vatican, where he was received by the Pope and by Cardinal President Wilson’s address delivered in Rome on Jan. 3
Casparri, the Papal Secretary of State. Tho President at tho reception tendered by tho Italian Senators and
conversed with tho Popo for about twenty minutes. Tho Deputies, was as follows:
Your Majesty 'and Mr. President of tho Chamber; You aro bestowing
Pope presented to tho President a handsome mosaic reproduc upon
me an unprecedented honor, which I accept because I bcliove that it
ing Guido Reni’s famous picture of St. Peter. The mosaic is extended
me as tho representative of tho great peoplo for whom 1
was mado in the Vatican grounds by tho ancient mosaic speak. AndtoI am
going to take this first opportunity to say how entirely
tho
heart
of
the
American peoplo has been with tho groat people of Italy.
factory of tho Vatican and is a yard squaro. It has been We have seemed,
doubt, indifferent at times, to look from a great dis
valued, it is said, at $40,000. Cardinal Gasparri presented tance, but our heartsnohave
never been far away. All sorts of ties havo long
to President Wilson two copies of tho modification oi tho bound the peoplo of our America to tho peoplo of Italy, and when tho
or tho United States, knowing this peoplo, havo wttnossod its suf
cannon law compiled by himself. Ono copy is bound in peoplo
its sacrifices, its heroic actions upon tho battlefield, and its heroic
white parchment and contains an autographed dedication ferings
endurance at homo— its steadfast endurance at home touching us more
to President Wilson. The other is in red leather and bears nearly to tho quick even than its heroic action on tho battlefield wo have
bound by a now tie of profound admiration.
the following autograph: “Homage to Princeton University been
Then, back of it all, and through it all, running like the golden thread
from Pietro Cardinal Gasparri, Vatican, Rome.”
that wove it together, was our knowledge that the peoplo of Italy had gone
this war for tho same exalted principle of right and justice that moved
President Wilson was made a member of tho Royal into own
people. And so I welcomo this opportunity of conveying to you
Academy of Sciences on Saturday morning at a brilliant our
greetings of tho peoplo of tho United States.
ceremony attended by tho King and Queen, tho diplomatic thoIKitheartfelt
we cannot stand in the shadow of this war without knowing there
things which aro in some senses moro difficult than thoso wc havo under
corps, and many distinguished Italian officials and scientists. aro
.while it is easy to speak of right and justice, it Is sometimes
This was followed by an official luncheon given by American taken , because
to work them out in practico, and thero will bo required a purity
Ambassador Pago, attended by King Victor, Queen Helena, difficult
of motives and disinterestedness of object which tho world has nover w tbefore in tho councils of nations.
members of tho Cabinet and court officials. A visit to the nessed
for that reason that it seems to me you will forgive me if l lay so,n °
ancient Roman Forum and other points of interest was made of Itthois elements
of the new situation boforo you for a moment. I ho dis
in the afternoon. After a farewell visit to tho Italian tinguishing fact of this war is that groat empires havo gone to pieces.
And
tho
characteristics
of thoso empires aro that thoy hold different peoples
King and Queen in the evening, tho Presidential party left reluctantly together under
the coercion of force and tho guidance ot inRome for Genoa, where they arrived at 8 o’clock the next
morning. A heavy downpour of rain marred tho ceremonies tr Tho groat difficulty among such States as thoso of the Balkans lias boon
they were always accessible to secret influence; that thoy were always
hero, but tho President paid visits to the monuments of that
being penetrated by intrigue of somo sort or another, that north of them
Columbus and Mazzini, making brief addresses at each place. lay
disturbed populations which wore held together not by sympathy and
but by the coercive force of a military power.
Milan was reached in the afternoon and tho populace turned friendship,
Now
intrigue is checked, and tho bonds aro broken, and what wo are
out in force to welcome the American President. The free going totheprovide
is a new cement to hold tho peoplo together. 'I hey
dom of the city was conferred upon Mr. Wilson at the City havo not been accustomed
to being independent. They must now bo
Hall. In replying to the address of tho Mayor, tho President I am sure that you recognize tho principle as I do that it Is not our pt ivtook occasion to pay a tributo to the part played by the work Hego to say what sort of a government thoy should sot up. But wo are
ing classes in the war and their attitude toward peace. Later friends
of those people, and it is our duty as their friends to see to it that
kind of protection is thrown around them—something supplied which
ho repeated the same sentiments in a speech at Turin. somo
will hold them together.
.
Speaking
at Milan ho said:
Thero is only one thing that holds nations together, if you exclude force,
M ay I not say to you as tho representative of this groat city that it is im
possible for me to put into words tho impressions I have received to-day.
Tlie overwhelming welcomo, tho spontaneous welcome, so evidently com
ing from tho heart, has been profoundly moving to mo, Sii, and I have not
failed to seo tho significance of that welcome. You have yourself referred
t0 I^am as keenly aware, i believo, Sir, as anybody can lie that tho social
structure rests upon tho groat working classes o f tho world, and that thoso
working classes in soveral countries of tho world have by their consciousness
of community o f interest, by their consciousness o f community of spirit,
done perhaps moro than any other influence has to establish a world opin
ion which is not o f a nation, which is not o f a continent, but is the opinion,
ono might say. o f mankind; and I am aware, sir, that thoso o f us now charged
with tho very great and serious responsibility of concluding peace must
think, act and confer in tho presence of this opinion—that wo are not mas
ters of tho fortunes of any nation, but are tho servants o f mankind; that it
is not our privilogo to follow special interests, but it is our manifest duty to
study only the general interest.
This is a solemn thing, Sir, and hero in Milan, where I know so much ot
the pulse of international sympathy beats, I am glad to stand up and say
that I beliove that that pulse beats also in my own veins, and that I am not
thinking of a particular settlement.
I am very much touched to-day. Sir. to receive at the hands of wounded
soldiers a memorial in favor of a League o f Nations, and to bo told by them
that it was that they had fought for— not merely to win tins war, but to
secure something beyond, soino guarantee of justice, somo equilibrium for
tho world as a wholo, which would make It certain that they would never
have to fight a war like this again.
This is an added obligation upon us who make peace. We cannot merely
sign a treaty of peace and go homo with a clear conscience. We must do
something more. We must add so far as wo can tho security which suf
fering men everywhere demand.
And when I speak o f suffering men I think also of suffering women, l
know that, splendid as have been the achievements of your armies and tre
mendous as have been the sacrifices which they liavo made and great the
glory which they have achieved, tho real hard prossuro of tho burden came
upon the women at home, whose men had gone to tho front, and who
were willing to havo them stay thero until the battle was fought out. And
I havo heard from your Minister of Food tho story how, for days together,
thero would bo no bread. And when thoy know that there was no bread,
the spirit of tho people did not flag.
I tako off my hat to tho great people of Italy and toll them that my ad
miration is merged into friendship and affection. It is in this spirit that
I receive your courtesy. Sir. and thank you from tho bottom of my heart
for this unprecedented reception, which I have received at tho hands of
your generous people.
.
At Milan tho President received many delegations which
called to pay their respects and to assure President Wilson
of their support of his peace principles.
The President’s Italian visit ended at Turin, where ho
rocoived tho same tremendous ovation that marked his
entire trip. Ho delivered five speeches during the course
and that is friendship and good-will. The only thing that binds men to
gether is friendship, and by tho samo token tho only thing that binds na
tions together is friendship. Therefore our task at Baris is to organize the
friendship of the world— to seo to it that all tho moral forces that make fo
right and justice and liberty aro united and aro given a vital organization
to which tho peoples of the world will readily and gladly respond.
In other words, our task is no less colossal than tills; To set up a now in
ternational psychology; to havo a now real atmosphere. I am happy to say
that, in my dealings with tho distinguished gentlemen who lead your nation,
and those who load Franco and England, I feel that atmosphere gathering,
that desire to do justice, that dosiro to establish friendliness, that desire to
make peace rest upon right; and with this common purposo no obstacles
need be formidable.
......
.
The only use of an obstacle is to bo overcome. All that an obstacle
does with brave men is not to frighten them, but to challenge them. Ho
that it ought to bo our pride to overcome everything that stands in tho ivay.
Wo know that thero cannot bo another balance of power. That has been
tried and found wanting for tho best of all reasons that it does not stay
balanced inside itself, and a weight which does not hold together cannot
constitute a makeweight in tho affairs of men.
Therefore thero must bo something substituted for tho balance ot power,
and I am happy to find everywhere in tho air of those great nations tho con
ception that that thing must bo a thoroughly united League of Nations.
What men onco considered theoretical and idealistic turns out to bo prac
tical and necessary. Wo stand at tho opening of a new ago in which a now
statesmanship will, I am confident, lift mankind to now levels of endeavor
and achievement.
IT A L IAN
K I N G , W E L C O M I N G W I L S O N , ENDORSES
L E A G U E OF N A T IO N S .
President Wilson was welcomed formally to Italy by King
Victor at an official dinner at tlio Quirinal on Jan. 3. In
his address tho Italian King paid a warm tribute to America
and declared that “Italy is preparing herself to co-operate” in
the establishment of a Leaguo of Nations. 1 ho Kings
speech
in full follows:
You yourself, Mr. President, have becoruo our welcomo and pleasing
guest only to-day. but in the conscience of our peoplo your personality
already for a long time has inscribed itself in an Ineffaceable way. It is
that which in itself gathers all tho powers which go to stimulate a will
bent on liberty and justieo, and gives inspiration toward the highest con
ception of tho destinies of humanity.
The enthusiastic salutations which have accompanied your passage
through tho streets of Koine to-day aro attestations of tho sentiments of
admiration and recognition that your own name and labor and tho name
and labor of tho United States stir in tho Italian peoplo. Tho principles
in which you in magnificent synthesis havo summed up the ideal reasons
of tho war for liberty find resonance in Italian hearts.
Tho best traditions of Italian culture, tlie liveliest currents of our national
thoughts, havo constantly aimed at the same ideal goal, toward tho es-
Jan. 11 1919.]
THE CHRONICLE
tablishment o f tho international peace for which you liavo with tenacious
faith stood. Already before the vicissitudes o f war and tlio fraternity of
armies had established to-day’s admirable communion of intentions and
purposes between our two countries, lesions or our workers had emigrated
to your great Republic. They had knitted America and Italy together
with strong cords of relationship, and these became reinforced by the
spiritual affinity between both peoples, who had a common faith in tho
virtue o f free political Government.
When Italy entered into tho war, a breath, a precursor o f the American
soul, penetrated into the rank and file of our army through the means of
our workers who returned to tho Fatherland from America and brought
into Italy an echo o f their second patria. So, correspondingly, tho Italian
soul vibrated in tho hearts of our emigrants onrollcd under your banners
when tho American nation, under your guidance, throw itself into the fight
against tho common enemy.
It was natural that your visit, awaited with a most earnest desire, should
now give form and expression almost tangible to this fervid agreement of
spirits, to this happy communion of intentions and of ideals, forming them
selves between tho two peoples, which are employed in a union always
moro intimate and a co-operation always more cordial in the face of the
grave duties imposed by the common victory. Italy, having now gathered
to her own bosom those brothers so long sorrowing under foreign oppression,
and having reconquered the confines which alone can give her security and
true independence, is preparing herself to eo-operato with you in the most
cordial manner to roach the most practical means for drawing into a single
circle the civilized nations, for tho purpose o f creating in tho supreme
form of a League of Nations the conditions most fitted to safeguard and
protect each one’s rights.
Italy and America entered together into tho war through a rare act of
will; they wero moved by tho purpose to concur with all their energies in an
effort to provont tho domination o f tho cult of forco in tho world; they wero
movod by the purpose to reaffirm in tho scalo of human values tho principles
of liberty and justice, 'l’hoy entered into war to conquer tho powers of
war. Their accomplishment is still unfinished, and tho common workmust still bo developed with firm faith and with tenacious constancy for
tho purpose o f effecting tho security o f peace.
I lift my glass, Mr. President, in your honor and in honor o f Mrs
Wilson, whoso gentle presence adds charm to your visit; I drink to the
prosperity and to tho continued and Increasing prestige of tho groat Ameri
can nation.
In his reply President Wilson said:
Your Majesty, I havo been very much touched by tho generous terms of
tho address you havo just read. I feel it would bo difficult for me to make a
worthy reply, and yet if I could speak simply tho things that arc in my heart
I am sure they could constitute an adequate reply.
I had occasion at tho Parliament this afternoon to speak o f tho strong
sympathy that had sprung up between tho United States and Italy during
tho terrible years of tho war, but perhaps here I can speak more Intimately
and say how sincerely the people of tho United Statos had admired your
own course and your own constant association with the armies of Italy
and the gracious and generous and serving association o f her Majesty, tho
Queen.
It lias been a matter of prido with us that so many Italians, so many men
of Latin origin, were in our own armies and associated with their brethren
in Italy itself in tlio great enterprise o f freedom. These are no small mat
ters, and they complete that process o f tho welding together of tho sym
pathies of nations which has been going on so long between our people
The Italians in the United States have excited a particular degree of ad
miration. They, I beliove, are the only people o f a given nationality who
havo been careful to organize themselves to see that .their compatriots
coming to America wero from month to month and year to year guided
to places in industries most suitable to their previous habits.’ No other
nationality has taken such pains as that, and in serving their fellow-coun
trymen they havo served the United States, because thoso people have
found places where they would bo most useful, and would most immediately
earn their own living and add to the prosperity o f tho country itself.
In ovory way we havo boon happy irt our association at home and abroad
with the pooplo o f this groit State. I was saying playfully to Premier
Orlando and Baron Sonnino this afternoon that in trying to put tho people
of tho world under their proper sovereignties wo would not bo willing to
part with the Italians in tho United Statos because wo too much value the
contribution that thov havo made, not only to tho industry of tlio United
States, but to its thought and to many elements of Its life.
This is, therefore, a very welcome occasion upon which to express a fool
ing that goes very deep. I was touched the other day to havo an Italian, a
very plain man, say to me that wo had helped to feed Italy during tho war,
and it went to my heart because wo had been able to do so little. It was
necessary for us to use our tonnage so exclusively for tho handling o f troops
and of the supplies that had to follow them from tho United States that wo
could not do half as much as it was our desire to do to supply grain to this
country, or coal, or any o f tho supplies which it so much needed during tho
progress o f tho war.
And, knowing as wo did in this indirect way the needs of the country,
you will not wonder that wo were movod by its steadfastness. M y heart
goes out to tho little poor families all over this great kingdom who stood the
brunt and tho strain o f the war and gave their men gladly to make other
men free and other women and other children free. These are tho people
and many like them to whom, after all, we owe the glory of this great
achievement, and I want to join with you, for I am sure of joining with
you, in expressing my profound sympathy not only, but my very profound
admiration as well
It is my privilege and honor to propose tho lioalth of Ids Majesty tho King
and her Majesty tho Queen and long prosperity to Italy.
PREMIE R C L E M E N C E A U CLINGS TO “ B A L A N C E OF
P O W E R "— B A C K S E N G L A N D 'S SEA POLICY.
137
declared his adherence to the “old system of alliances known
as the balance of power,” although he indicated that he was
not opposed to the formation of a League of Nations. He
also announced that ho would support the English view of
the f.eedom of the seas, and declared that President Wilson
approved of his attitude in that respect. Premier Clemen
ceau said his conversations with President Wilson had been
profitable, although,” he added, “I should not be telling
the truth if I said I had always been in agreement with him
on all points.’ In summing up his argument for full con
fidence and the exercise of patience by the Chamber, the
Premier, as quoted in Associated Press dispatches, dated
Dec. 30, declared:
I here will be claims to be set forth and others which will have to be
given up. If I mounted the rostrum to elaborate the subject I would be
t io worst Premier in Europe. That does not mean we are not working
hard to prepare a line o f action for the peace congress/’
Replying to charges made by Albert Thomas, Socialist leader, that he
had kept the Chamber without information. Premier Clemenceau said:
question of peace is a tremendous problem. It is one of the most
difficult questions ever submitted to the nation at any time. In a few
days a conference of delegates will meet in Paris which will settle the fate
of nations in all parts o f tho world.
'People say, Premier Lloyd George has spoken. President Wilson has
spoken, but you have said nothing,’ I have given explanations whenever
you have asked me. But it isn’t because M r. Lloyd George has spoken
or because Mr. Wilson has arrived from America with elevated thoughts
that I am obliged to explain myself and keep running to the speaker’s
rostrum.
•
“ France was in an especially difficult situation. It was the country
nearest Germany. America was far away and took her time to come
mto tho war. England came at once at the call of Mr. Asquith. Wo
suffered and fought; our men were mowed down and our towns and villages
were destroyed.
"There is an old system which appears condemned to-day, and to which
I do not fear to say that I remain faithful at this moment. Countries have
organized the defense of their frontiers with the necessary elements and the
balances of powers.”
Great disorder broke out in the Chamber at this point and Pierre Prizon.
a Socialist Deputy, exclaimed: "This is the system which has gone into
bankruptcy."
Premier Clemenceau continued, saying:
^ ,lls system appears to bo condemned by some very high authorities.
Ncthertheless, I will remark that if such a balance had preceded the war—
that if America, England, France and Italy had got together in declaring
that whoever attacked one of them must expect to see the three others
take up tho common defense"—
Tho Premier was interrupted here by appla use and disorder in the
Chamber, but later resumed:
There is in this system of alliances, which I do not renounce, I say it
most distinctly, my guiding thought at the conference—if your body
permits me to go there and I believe that nothing should separate after
the war the four great Powers that tho war has united.
To this entente
I will make all sacrifices.”
“ I havo becn reproached with deceiving President Wilson. I do not
understand why. I have made It a rule not i o question him, but to let
him develop his views. That is what he did. ^President Wilson, to whom
certain persons, in the Interest of their parties, attribute intentions which
perhaps, are not his, has opened his mind and has inspired respect through
his simple speech and the nobility of it.
W ilson said to me:
‘I will try to convince you, but perhaps
you will convince m e.’
“ You know that reservations have been mado on the question of freedom
of tho seas. Premier Lloyd George said to me one day: ‘You will admit
that without the British fleet you could not have continued the war.’ I
answered in the affirmative. Tho British Premier then asked me if I was
disposed to do anything in opposition to British ideas on tho freedom of
the seas. I answered in the negative. Concerning this question President
Wilson said to me:
“ ‘ I approve of what you said. What I have to offer the Allied Govern
ments will change in no way your answer to Premier Lloyd George.’ ’ ’
Prior to the Premier’s address, Foreign Minister Pichon
made a categorical reply to various interpellations as to the
Government’s foreign policy made by Marcel Cachin,
Socialist, and other Deputies. In this statement M. Pichon
declared that the French Government did not desire annexa
tions, “but reserves the right to fix the Alsace-Lorraine
frontiers to guard against future attack.” It developed in
the course of the debate that the question of annexing the
Saaro Basin had been contemplated, and M. FranklinBouillon strongly advocated taking back from Prussia “the
mines of the Saaro that she stole from us in 1815, as she
stolo Alsace-Lorraine from us in 1870.” In his answer to
tho Socialist interpellations, Foreign Minister Pichon also
declared that intervention in Russia was inevitable. M.
Pichon’s answers in detail wero as follows:
First. That tho Government was in accord that the utmost publicity
bo given to the peace conference, thus replying to the interpellation
After several days of excited debate in tho French C am should
of tho Socialist Deputy, Marcel Cachin, of last Friday when ho asked
to state whether secret diplomacy would be aban
ber, precipitated by Socialist attempts to forco the Clemen- I remierin Clemenceau
the peaco conference and tho discussion given ail publicity.
ceau Government to declare its peaco policy, Premier Clemen- doned
Socond. That the French Government has adopted the principle of
ceau on Dec. 29 received an overwhelming vote of confidence, a Leaguo of Nations and is now busy working toward its effective realiza
thus replying to the interpellation of the Socialist, M . Bracke.
following a suggestion to tho Chamber of Doputios that tion,
Third. That the Government does not desire any annexation, but
“if it intended to dispense with his leadership, now was tho reserves
the right to fix the Alsace-Lorraine frontiers, to guard against
time to do it.” The Deputies upheld tho policy laid down future attack, thus replying to M . Franklin-Bouillon.
Fourth. That the Government does not think that the question of diplo
by Premier Clemenceau by a voto of 380 to 134, only the matic
of the Vatican arises at the present moment.
Socialists dissenting. Great significance is attached to Fifth.representation
That intervention in Russia is inevitable.
this result, becauso during tho debato tho French Premier The statement by M. Pichon aroused a veritable storm of
expressed views in regard to tho peace terms widely divergent opposition
tho Socialists with charges that “the war
from thoso advocated by President Wilson. M. Ciomencoau is beginningfrom
all over again.”
138
THE CHRONICLE
The press dispatches gave tho following additional de
tails:
Upon Russian Intervention, M . Pichon explained, reading from in
structions Issued by Premier Clemenceau to tho goneral commanding,
that such intervention was not offensivo for tho time being, but defensive,
In order to prevent the Bolsheviki from invading Ukraine, tho Caucasus
and Western Siberia. In the future an offensive intervention might bo
necessary In order to destroy Bolshevism. Such an operation must be
carried out by Russian troops, of which 100,000 were at present ready at
Odessa.
In tho course of his speech M . Pichon, arguing tho necessity for interven
tion in Russia, related details of tho brutal execution o f the whole imperial
Russian family. Tho members of the Emperor's family were placed as
prisoners in a small room and jabbed with bayonets throughout tho night.
The next morning revolver shots ended their misery.
This information, said M . Pichon, had been received through Prince
Lvoff, tho former Russian Premier, while he was on a visit to Paris re
[Vol . 108.
tive of tho “ Petit Journal,” according to an article in that newspaper this
morning.
Tho newspaper quoted the American as adding that Secretary Balfour
and Colonol House found themselves in agreement on tho subject discussed
(presumably covering that touched upon in Colonol House’s talk with
Premier Clemonceau), and that their opinion “ as well as that o f all tho
American representatives, is identical and that England anil the United
States aro in agreement.” Tho American is said to havo doclarod:
“ In a word, wo American delegates are convinced, as a result or theso
conversations, that nothing in Premier Clcmonceau’s attitude can justify
an apprehension of any marked differences between the groat Powers of
the Entento and tho United States, and wo bolievo that tho divergences
now existing will bo easily smoothed over.”
While M . Pichon was reading M . Clemenceau’s instructions pandomonium broke loose on the Socialist bench.
“ The war is beginning anew,” they shouted.
M . Deschanel, President o f the Chamber, threatened to have one of tho
most unruly o f the Socialist members ejected. M . Pichon weathered tho
storm calmly.
In the discussions to-day M . Franklin Bouillon said the question of
Alsace-Lorraine and of the Saare Basin, according to the Com m ittee on
Foreign Affairs, formed one problem for settlement.
“ It cannot bo admitted,” said he, “ that we should not take back tho
mines of the Saare that Prussia stole from us hi 1815, as she stolo AlsaceLorraine in 1871. On the other hand, tho commission is opposed to the
making of men citizens against their will.”
The speaker declared that the committee was unanimous that the land
on the left bank o f the Rhino must be used no more for enemy concentra
tions against France.
“ Not a soldier nor fort must remain on tho left bank of the Rhine or
In a zone forty kilometers from tho right bank,” he said.
HOW SWITZERLAND H A NDLED A RAILW AY STRIK E.
On Nov. 11 Dst the Swiss declared a general strike with a
political aim, and the railway employees participated, on
an order by the Executive Committee of Olten. rhis order
was issued without consulting those most directly inter
ested.
, took, severe measures
The Federal Council immediately
to put a stop to tho movement, particularly decreeing gen
eral mobilization. The text of tho proclamations addressed
by the Federal Council to the employees and workmen of
the Confederation, which have just been received by tho
Bureau of Railway News and Statistics, Chicago, aro of
interest as showing how the Government of the little repub
lic handled a serious emergency. Translated, they follow:
In our issue of Dec. 28 (page 2442) wo gave the substance
of a Paris dispatch, dated Dec. 25, to tho effect that the
Allied Governments had decided against further interven
tion in Russia. The statement by M. Pichon would seem
to contradict that impression. On this point advices undor
date of Dec. 28 said
Marcel Cachln, a Socialist Deputy, speaking in tho Chamber of Depu
ties, declared that Foreign Minister Pichon had said the Entento had de
cided not to send a military expedition to intervene in Russia. Upon t Is
M . Pichon rose and denied making such a statement.
“ I never said that intervention had been abandoned, declared tho
Foreign Minister, “ but that the Government had not considered it under
the conditions described by tho press.”
American delegates to the Peace Conference havo given much considera
tlon to the question o f the policy to bo pursued towards Russia, but it Is
understood have reached no decision. Tho general tendency among tho
French and English newspapers and officials favoring intervention is to
suggest that the Americans undertake the task, as their forces are fresh
This view, however, appears to find no favor with the American delegates
The dispatch further stated:
General Franchet d’ Esperoy, Commander of the Allied Armies in the
Near East, has been summoned to Paris to confer over the situation along
the Black Sea coast and in the Balkans. The General’s coming Is awaited
with interest, as his advice is expected to affect vitally tho policy of the
Entente toward Russia. With Allied forces in Odessa, Sebastopol, and
Novorosiiskoo, attention is being attracted to the activities in tho Black
Sea region.
In spite of tho apparent' divergence of French and Ameri
can views on tho most important subject to corao before
tho Peace Conference—the League of Nations—Stephen
Pichon, French Foreign Minister, declared on Dec. 30 in
an Associated Press interview that exchanges of view which
havo taken placo had proved ‘‘the complete accord regarding
the meaning and purpose of their duty for tho accomplish
ment of which wo havo gathered.” Tho interview follows:
"Y ou asked mo in what spirit tho French Government is preparing to
participate in tho peace negotiations. It is agreeable and easy for mo to
reply that tho ideal which sustained us during the war is guiding us effec
tively on tho eve of peace. This defines our policy.
“ Wo havo been attacked. Wo want security. Wo havo been despoiled.
Wo want resitutlon. Wo have boon devastated. We want reparation.
“ But that which wo asked for ourselves, we demand for all, and honco arc
closely in accord with Rresident Wilson. We intend that peace, in erasing
tho effects o f the German crime, shall bring to all peoples tho certainty
that this crimo will not bo renewed.”
,
,
M . Pichon, while apparently fatigued from tho eighteen hours session
in tho Chamber o f Deputies yestorday, mado theso statements with groat
en^ f order to achieve this,” ho continued, “ the world must bo constituted
on a new basis. The basic points you know. President Wilson has ex
pressed them: we havo adhered to them.
“ Rumors of suspicious origin havo attempted in tho last two weeks to
lead one to tho belief that notable differences existed between tho Allies
on tho conception of peace. In order to dispel doubts and to bring forth
tho truth, I cannot do better than to appropriate tho words spoken in
London by your President, and to declare that the exchanges of views
which have just taken place between him and tho Allied Governments
havo proved the complete accord regarding the meaning and purpose of
their duty for the accomplishment of which we have gathered.
“ Togother we have saved the world's democracy, together wo will
establish laws which will record in peaco tho immortal principles for which
our soldiers died. Tho voices from tho gravo dictate our duty to tho liv
ing, and we are jointly and wholeheartedly ready to fulfill it.”
Appeal of the Swiss Federal Council to the Officers. Employees and Workmen,
to Keep Them From Taking Part in the Strike.
“ A general strike has been decided upon by tho Executive Committee
at Olten and must begin immediately. Certain federations of the em
ployees of the Confederation seem to wish to join in this general cessation
of work.
, ,
..
“ We aro compelled to admit that in these serious and dangorous times
some officers, employees and workmen are abandoning their posts. In
entering tho service of the State you have contracted somo duties toward
it from which you cannot lightly free yoursolvcs. You are bound to the
State by a bond of fidelity which you break by such action. For all so
ciety concentrated in tho State, you must fulfil your duties surely and faith
fully. On you depends the economic life of society.
“ Consequently both the committees and tho individual members of
these federations who compel tho employees and workmop of tho Confed
eration to stop work aro committing a crime against society. Ho who
follows such incitations is equally guilty. Wo recall you all to your duty
and make you responsible for all consequences which contempt of this
duty would bring about.
. . .
, . ,,
_
“ All those who havo thought it good to join in the goneral strike are
asked to take up their work again within twenty-four hours. Whoover
does not follow this injunction will bo punished.”
Berne, Nov. 11 1918.
In tho name of the Swiss Federal Council.
(Signed)
C A L O N D E R . President; S C H A T Z M A N N . Chancellor.
Appeal of the Federal Council to the Swiss People Not to Participate in the
■
Strike.
"Dear and Faithful Countrymen: Three days havo hardly passed and
wo find ourselves obliged to address you a second time.
“ Tho Executive Committee of Olton has replied to tho measures wo
determined upon in the highest Interests of the country, and which we
made known to you in our first proclamation, by tho proclamation of a
general strike. This strike, which has already commenced in tho Canton
of Zurich, will extend over the entiro country at midnight.
“ This general strike puts tho lifo of tho wholo people in danger. Wo
have decided this very morning to mobilizo again the infantry of the first
division and of two mountain brigades to protect public order and tranquillty, and to call tho Federal Assembly in special session to-morrow,
Tuesday, at 11 o'clock.
. . .
“ At the same time we have decided upon an ordinance against any at
tempts on the interior safety of tho Confederation. This ordinance places
the officers, employees and workmen of the military administration,
Federal and local, as well as those of the administration of transportation,
under military law. It declares also that participation of tho personnel
of tho Stato in a strike constitutes a crimo.
Tho Committee of Olten threateningly formulates political and social
reforms. Wo placed ourselves, in our first proclamation, on tho side of
social reform. Nothing could make us abandon tills determination, but wo
opposo any reform movement which must bo accomplished by a rovolution, that is to say outside of constitutional and legal methods. Wo are
against all violence. We will prevent that in any case.
“ Dear and faithful comrades, you are citizens of a free democracy. * our
institutions and your laws furnish the means of realizing by your own will
all progress and innovations in tho social order as in tho political. Do not
allow our dear Switzerland to endure tho convulsions of anarchy! You
have safeguarded her by your vigilanco In tho tcrriblo hours whon war
rumbled around us; you will savo her by your resolution and courage in
this hour of internal conflict.
"M ay God protect the country!"
-
Tho Council’s firm attitude caused the striko to bo aban
doned.
_____________________
SECRETARY OF LABOR WILSON’S RECOMMENDA
TION FOR FARM LANDS FOR SOLDIERS.
As a solution of tho many problems arising from demobilition Secretary of Labor Wilson in his annual roport mado
public on Dec. 12 recommended the colonization by roturned
soldiers and sailors of largo tracts of land under tho direc
tion and with tho aid of tho Federal Government. In tho
opinion of Secretary Wilson tho Govornmont should estab
and equip individual farms which would bo linked into
On this same point a member of tho American peace del lish
community groups. To solvo tho labor problems arising
e g a t io n was quoted as follows in Paris dispatches dated Jan. 2.
“ Tho principal object which Colonel E. M . House had in view in going to from reconstruction, Mr. Wilson recommended tho con
President Wilson tills morning was to tell him the result of a conference tinuation of tho labor adjustment agoncy of tho National
which ho had had the evening before with Premier Clemonceau,’' said a War Labor Board. Agreements havo boon offoctod botwoon
member of the American delegation to the peace congress to a representa
800
Ja n . 11 1919.]
THE CHRONICLE
139
labor and employers through this agency, the report said,
by which certain principles have been placed above further
dispute. Agricultural areas should be purchased by the
Federal Government and added to tho public domain to
provido land for tho carrying out of tho proposed coloniza
tion program for returned members of tho military forces
the report assorted. It is proposed that administration of
tho program be directed by a board consisting of tho heads
of tho Agriculture, Interior and Labor Departments. Legis
lation needed to carry out the plan, Secretary Wilson believos, should include these provisions:
till they do. To meet each of these deterrent features is an immediate
national task.
Settlement o f taxation uncertainties will receive prompt Congressional
action. Extension of credit awaits the co-operation and courage of the
banks. The liopo that prices of material and labor will soon go down is
in my judgment based on a failure to consider certain obvious facts.
Fundamentally the manufacturer awaiting lower costs is banking on a
surplus of labor. A surplus during the next few months seems likely.
It is a danger to guard against. That wc may face after that period and
for considerable time thereafter a shortage of labor, is even more probable.
From Aug. 1 1910 to Aug. 1 1914, 2,862,624 male immigrants above the
ages of 16 were absorbed into the normal industrial life of this country.
Irom Aug. ! 1914 to Aug. 1 1918 only 581,389 came within our border.
Tlius we have to-day a deficit of more than 2,281,000. In addition we
must contemplate that an average of about a million men will remain in
Tho possibility o f commercialized speculation must bo eliminated. our army for about a year. About half a million will stay in our newly
Colonists must be given access, not only to land, but to farms; not to built shipyards.
the baro soil, but to fully equipped agricultural plants ready to operate.
On the other hand, we have discovered in many places an indication of a
The farms themselves must be welded together into genuine commu Widespread purpose among Europeans in this country to go back as soon
nities, by provision for roads, schools and markets, under the general
as they can. An abnormally high emigration is in sight. Any great in
supervision o f the Federal Government.
flow of immigrants during the next year does not seem likely. Where is
there then any possibility of a surplus of labor and reduced wages unless
our industries are palsied and fail to respond with vigor to the unprece
dented opportunities which await us?
Consideration of a patriotism which must not flare out with the end of
war should urge the manufacturer to get liis wheels moving with tho utmost
speed, even if there be a remote chance of lower costs.
A further duty rests on us ail. The labor must realize the uncertainties
which causo the employer to hesitate. Management must learn to see
labor’s problem- realize what it will mean if wages drop before the cost of
living. Each must refrain from taking advantage of the weakness of the
N. A . S M Y T I I ON DANGER I N U N E M P L O Y M E N T .
other. Thus, in united understanding can wo work together to a trium
phant solution of the problem of reconstruction.
Arrangements havo been completed, the report announced,
to care for demobilized men who do not care to take up farm
work so far as possible through the United States Employ
ment Service, a branch of tho Department. The employ
ment service recruited for war industries during, the year
1,800,593 workmen.
A diagnosis of the labor situation and a discussion of what
may bo oxpoctod during the next few months was offerod
by Nathan A. Smyth, Assistant Director-Goneral of the R E S I G N A T I O N OF H E N R Y B R UER E A S F E D E R A L
D I R ECT O R OF E M P L O Y M E N T .
U. S. Employment Servico, in an address in Now York
City on Dec. 7 beforo the Labor Reconstruction Conference, Henry Bruoro has resigned as Federal Director of the
under tho auspices of tho Academy of Political Science. In United States Employment Service for the State of New
part Mr. Smyth said:
York, his resignation talcing effect on Jan. 1. He will
Demobilization is upon us with a rush, at the beginning o f tho winter remain connected with the service as Chairman of the State
weather when outdoor jobs are few. Dominating considerations of econ
Advisory Board and will continue active participation in
omy make tho most prompt possiblo curtailment in production of e q u ip
On the day of
ment and munitions o f war a necessity. Under a wise policy as to can tho work of tho service in that capacity.
cellations, as much opportunity as the urgency of the situation permits is his resignation Mr. Bruero stated that tho pressure of other
being given by tho army to tho manufacturers o f war goods to shade orf
into peace production. Plants having no peace time value are being closed duties compelled him to relinquish part of his work with the
gradually. Nevertheless, during the next three months, millions of war service, which ho originally intended to assume only for the
workers will have to find new jobs. Up to date, reports from all over the duration of the war. His successor as executive head of
country In d ic a te that tho industrial transition, if not complicated by tho
demobilization of soldiers, can bo accomplished speedily without serious tho service is Dr. George W. Kirchwey, formerly Assistant
and protracted unemployment.
Federal Director for the State. In assuming his new duties
For reasons the adequacy of Which I am not in a position to discuss Dr. Kirchwey said:
or determine, it has been found necessary to start the demobilization of
soldiers at onco and to plan to push it with the utmost possible speed.
Soldiers aro being discharged by tho thousands daily, on tiio basis of military
units with no reference to whether or not they aro now needed in industry.
In tho units whose demobilization is postponed aro thousands more for whom
positions aro open and whose return to civilian life would expedite tho
return o f tho nation to a normal busy industrial basis. An entering wedge
has been inserted, under which individuals now especially needed can
get back; but this procedure at present is the exception rather than the ndo
and the vast bulk of discharges is o f men released without regard to in
dustrial conditions. Among those turned out will be thousands of farm
workers, released when jobs on the farms are few; seeking employment
In industries where it may prove hard to withdraw them when the sap begins
to run. The drift away from the farm will inevitably bo Intensified by
midwinter demobilization.
Tho soldiers let go are being mustered out on a few days’ notice, with
no advance o f pay, given in money the cost o f transportation to their
homes, free to buy tickets wherever they please. Already they are turning
up in tho cities, improvident, “ broko,” away from home, without work,
applicants for civilian relief. Many of them don’t yet want work. Many
others are unwilling to undertake the "day labor” Jobs, which alone thoy
can find. There is overy prospect, that unless remedial measures aro
promptly taken tho sight o f stranded, workless, moneyless soldiers will be
common throughout tho land.
Tho obvious first thing to do is to help tho discharged soldiers to get
work. To this end tho U. S. Employment Service lias taken steps to set
up everywhere Central Bureaus for lieturning Soldiers and Sailors under
the co-operating management in each community o f all organizations ready
to help. At each such bureau it is proposed to centre all information as
to positions available: to pool tho opportunities so that Individual soldiers
and every society, labor union, or other organization may utilize tho whole
field o f community opportunities for work. Through its inter-community
and inter-,State clearance system and uniform records tho U. 8. Employ
ment Servico can make surpluses o f jobs in one place available for men
applying where work Is lacking. Tho whole national system o f local
Councils o f Defense has undertaken to assist and supplement the work
of 1,500 Community Labor Boards set up as a war measure by the U. S.
Employment Servico in effecting such community co-operation. Promises
of the assistance o f such great national organizations as the Bed Cross,
tho Y . M . C. A., National Catholic War Board and the Jewish Welfare
Board has boon secured. Labor unions aro co-operating. Churches,
both English and foreign speaking, are eager to help. The organization
everywhere o f such co-operating bureaus to help the soldier find a job is
not only assured; it is already being rapidly effected. Their efficiency will
bo a question o f local organizing capacity; a full measure o f success in most
placos can hopefully be counted on.
By and largo tho Employment Servico and co-operating agencies are
doaiing, as it Were, only with symptoms. Thoy enable tho man to find tho
open Job with greater expedition. That is all. They don’t create jobs.
Tho groat danger in tho coming four months is that thero won’t be Jobs
enough to go around; that unemployment will come with attendant misery
and social unrest at a time when anarchistic tendencies aro contagious.
Let us hope that this situation will not arise, but lot us guard against it.
Tho remedy o f building public works is not availablo on a large scalo
until spring. Tho farms will not call urgently for men till frost thaws out.
Building cannot for a season be resumed to any great extent. Chiefly
must wo look to our manufacturers to carry the burden. But they aro
hesitant. Taxes aro not yet determined. The cost o f money is high and
crodlt timid for a whilo. The prices o f raw material and labor is high.
Tho producer hopes that thoy will fall and manifests a tondoney to wait
The peace task now confronting the United States Employment Service
is no less important than the war task recently brought to a close. To
tho Service has been committed the duty o f reinstating in industrial life
not only the demobilized forces of the nation, but the workers who are
being released from the war industries as well.
For this work the Service has enlisted tho co operation o f the Red Cross,
the Y . M . C. A ., the Knights o f Columbus, the Jewish Welfare Board,
the War Camp Community Servico and many other welfare organizations
that have generously and patriotically tendered their services. It now
appeals for the wholehearted support of employers o f labor throughout the
State, without whose co-operation its work cannot hope to be effective.
Mr. Bruero became head of the servico for this State on
Oct. 15, succeeding Henry B. Sawre, who returned to his
duties as a member of the State Industrial Commission.
Dr. Kirchwey joined, the servico at about the same time.
IIo was formerly Dean of tho Columbia Law School.
Tho United States Employment Service for tho State of
New York in an announcement, issued on the 1st inst. con
cerning applications for work by discharged soldiers, said:
Applications from discharged soldiers and sailors for clerical positions
aro flooding the local bureaus o f the United States Employment Service.
Approximately 60% o f tho applications received during the last week have
been for Inside work. Including clerks, salesmen, office help, shipping clerks,
bookkeepers, account ants and the like.
Tho bureau at 22 East 22nd Street reported yesterday (Dec. 31) that
out of 81 servico men registered, 30 applied for work of this character.
Tho samo ratio holds good in most o f the other bureaus tliroughout the
city, of which there arc thirty in operation at the present time. The
Servico is experiencing difficulty in placing these men in the numbers
in which they are applying. Employers who need this class of woruers
aro urged to communicate their requirements to the nearest bureau, giving
tho qualifications o f the men wanted, salary, hours and other details.
Tho Employment Service is emphasizing tho need for
farm workors and has made the bureau at 15 Pearl street
the hoadquarters for all farm labor.
M A J O R GEN. GORGAS TO H E A D E X P E D I T I O N
ROCKEFELLER F O U N D A T I O N TO F I G H T
Y E L L O W FEVER I N S O U T H A M E R I C A .
OF
According to an announcement said to have been made
in Chicago on Dec. 13 by Dr. George E. Vincont, President
of the Rockefeller Foundation Major General William C.
Gorgas, until recently Surgeon General of the United States
Army, will soon head an expedition of scientists to Central
and South America to conquer yellow fever. This is in
furtherance of plans of the Foundation, after diverting its
activities for four years to war relief and army welfare work,
to rosumo its work of combatting disease. Gen. Gorgas
will bo accompanied by five noted experts. Tho organiza
tion will also launch a campaign to wipe out the plague in
China and other countries of Asia.
AMERICAN
[Vol. 108.
THE CHRONICLE
u u
C H A M B E R OF C O M M E R C E
AI RES .
IN
BUENOS
L L O Y D GEORGE D E C L A R E S A M E R I C A A N D E N G L A N D
W IL L WORK I N COMPLETE H A R M O N Y .
In an interview with American newspaper men on Dec. 28,
A cablegram received by the Department of Commerce Premier Lloyd George declared, according to press advices
at Washington, under date of Dec. 19, from Commercial from London, that the conferences with President Wilson
Attache Robert S. Barrett, at Buenos Aires, says:
had brought about an agreement on general principles. The
American Chamber of Commerce, succeeding American Commercial Club
Premier added that ho felt assured that matters which had
■was organized Dec. 18 under most favorable conditions, starting ith 85
members, who contributed 60,000 pesos as an initial fund in addition uo been agreed upon botweon America and England would prove
annual dues of 240 pesos each. Handsome central quarters have been of tho greatost assistance in tho work of tho Peace Congress.
secured, and a capable permanent secretary has been employed. The
'
new organization is prepared to give information and advice to American The dispatch continued:
Practically an understanding bad already been reached between the
Entente Powers regarding the admission of the various nations to the
Peace Conference itself, said tho Premier, in his conferences in Paris
with tho Premiers of Franco and Italy 1'resiilent V.ilson had become fully
acquainted with their views, and lie had now also acquired a knowledge
C. W A L C O T T I N C H A R G E OF P O L A N D R E L I E F WORK.
of the British standpoint.
•And.” continued the Premier, “ I feel assured that all these powers are
in accord on the basic principles of tho peace which will come befoio the
conference. At any rate, it will bo certain t5iat America and England will
be found working in complete harmony in the conference."
The Premier said that owing to tho elections it had not been possible to
organize the British delegation to tho Peace Congress, but ho would now
proceed immediately. At present only two members of tho delegation
had been selected—himself and Foreign Secretary Balfour. Mr. Bonar
Law, ho said, could not attend, as tho Chancellor was the Government
leader in Commons.
, . ..
manufacturers, to consider arbitration questions, and to assist in developing
trade.
___________________
F.
P. C. Walcott, Vice-President of Bonbright & Co., who
has beon associated with Herbert Hoover, now Director of
European Rolicf, in the work of the United States Pood
Administration, is leaving for Europe to take charge under
Mr. Hoover of the reliof work for Poland. Mr. Walcott is
planning to meet William P. Bonbright, President of Bon
bright & Co., in Paris. Mr. Bonbright has just had con
ferred on him by the French Government the title oi Tiio newspaper men were received after a long conference which tho
and Secretary Balfour had witii President W ilson.
Chevalier of the Legion of Honor in recognition of financial Premier
Mr. Balfour, in receiving tho correspondents this afternoon, said that
services rendored that country during the war. Mr. Walcott President
Wilson's visit to England had been not only a spectacular success
during the war made extonsivo studios of tho food situation but also that
it had gono to the hearts of the British people. It would have
in Poland and conducted negotiations with the German International results, ho said, of tho largest importance to the whole world.
Government with a view to arranging for assistance to tho
country from tho United States, which was thon a neutral. ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
These negotiations, however, did not result in tho desired Tho sales of bank stock at tho Stock Exchange this weok
aggregate 27 shares. No bank or trust company stocks
arrangement boing mado.
were
sold at auction.
Shares. BANK— New York.
Loiv. High. Close. Last previous sale.
A L E X A N D E R K E R E N S K Y ’ S A P P E A L O N B E H A L F OF
RUSSI A.
27 Commerce, National Bank of- 205
207
207
Jan. 1919
201
signed at Brest-Litovsk.)
“ I ask America, as paralyzed Russia’s true friend, to protect lier from
exploitation by her former allies.
"Russia fought three years for tho Allies. It was due to her that America
had time to prepare and administer tho knockout blow. Now the Allies
ought to deal honestly with Russia.
"When the Russian people, despito the Brest-Litovsk treaty, were con
tinuing their fight, they called upon the Allies for military aid. This help
rapidly developed into an organized attempt to exploit Russia’s wealth,
and cut off Russia from Europe by a barrier of tiny quasi-independent
States. Thus, they are completing the treaty o f Brest-Litovsk, which
Germany began.
.
“ The peace conference ought to guarantee tho integrity o f Russian terri
tory, as it was before Brest-Litovsk, affording tho opportunity for a real
solution o f her problems. This could bo brought about by tee formation
of a confederation like America, o f all tho Russian States.
“ This is not an unrealizable dream. The Bolsheviks control about a
fourth of Russia proper and a sixth of Siberia, on the basis of population.
The balance is composed o f independent States, whch have thrown off
tho Bolsheviks' authority.
“ I believe it is possible to call a general election for a constituent assem
bly. to include delegates from every part of Russia. England and France
oppose this because it would restore Russia to her former international
position. They opposed my going to America in September, because they
did not want America, to know tho truth about Russia.
“ Tho victorious Allies are forgetting their idealistic war aims. England
and France already have agreed on tho division of tiioir spheres of influence
in disintegrated Russia.
.
" I f three men are fighting a brigand anil one o f them is knocked out,
the others, who continue to whip him, ought to help their comrade to ids
feet, instead of robbing his pockets.
"I appeal to America to remember the good sido of Russia s part in tho
war, as well as tho unfortunate. Perhaps President Wilson’s presence at
the peace conference will prevent any brigandage.
Tho Bankers Trust Company has oponod a thoroughly
organized bond department, and oxpects to doal actively in
Government bonds and in high-grade municipal, rail, utility
and industrial securities. Whilo it offers no prophecy for
the immediate future, it is confident that tho trend in the
longer maturities is docidodly upward.
A. Stillman has beon olectod Chairman of tho board
Tho following, emanating from London, appeared in the of James
directors
of tho National City Company of this city.
“Wall Street Journal” of Dec. 11:
Alexander Kerensky, former Russian Premier, declared in a copyright
The Chemical National Bank of this city announces that,
interview with the United Press that Great Britain and France are opposing
the unification of Russia, because it would restore her to In r former inter in lieu of the bonus systom which had previously beon in
national position. He appealed to America to prevent the "exploitation" effect for its employees, the bank would, beginning Jan. 1, be
of Russia.
.
"England and France are seeking to impose another Brest-Litovsk oporated on a profit-sharing plan, whoroby its omployoos,
upon Russia,” said Kerensky.
to a certain extent, will sharo in the bank s earnings.
(The treaty by which tho Bolshevik! betrayed Russia to Germany was
N O R W A Y ’ S C L A I M S A G A I N S T U N I T E D S T A T E S FOR
R E Q U I S I T I O N E D SHI PS .
Representatives of the Norwegian Shipping Association
met in conference with Edward N . Hurley of the United
States Shipping Board in London on Jan. (5 to discuss
questions involving the payment by the United States for
ships requisitioned shortly after the latter entered the war.
According to London cablegrams of the 6th, the Norwegian
representatives say 850,000,0(X) is involved. The cable
grams also state:
The Norwegian claims are virtually tho same as those already presented
at Washington. It is understood tho chief differences are over tho pay
ment for ships under construction or contracted for. In some instances,
the Norwegians claim, tho value of the ships was more than that actually
shown on the face of the contracts, for they arguo that at tho time the
ships were taken over the market value was much higher than when tile
builders began work on them.
Tho history of prices during the war is summarized in
two charts prepared by the sorvice department, National
Bank of Commorce in Now York. Stocks droppod sharply
under heavy European selling at tho outbreak of tho war,
recovering in 1915 and rising largoly because of tho boom
in “war stocks” to a high point in Octobor of 1915, at which
timo thero had beon practically no rise in commodities.
Tho three months July, August and Soptombor of 191G rep
resent tho only poriod when the movomont of stocks and
commodities was at all closoly parallel. Beginning with
November of 1916, stocks foil heavily, whilo commodities
rose, and with stocks, bonds and roal ostato also foil. It
is pointed out that tho early riso in stocks was duo to tho
enormous European war supply purchases, with' tho result
ing high profits of corporations. Tho decline in stocks repre
sents in part tho cutting into profits by rising costs and taxes;
while the declines in stocks, bonds and roal ostato are all, in
considerable part, explained by tho growing scarcity of cap
ital and tho rising long-timo interest rato on investments.
A summary adds:
Beginning with November, 1916, when tho two curves began their
radical divergent movement, wo may characterize the coitrse ot prices as
follows: (1) A great riso in goods and services for immediate use, owing to
tho scarcities brought on by the pressure of the war; (2) a great decline in
long-time income-bearers, as governments and peoples sacrificed overjthlng they could command In tho future in order to purchase the vitally
necessary present goods; (3) a marked riso in tho long-time interest rato
on Investments which is again significant of the emphasis on tho present
and tho discount on tho future.
These three changes are merely different aspects of tho ono underlying
fact
Tho stock curve goes down for tho same reason that tho commodity
price curvo goes up. Tho rise In stocks in tho later months of 1918 repre
sents, of course, tho discounting of coming peace.
j. p. Morgan, accompanied by Mrs. Morgan, sailed for
Europe on tho 5th inst. on tho Mauretania. This is Mr.
Morgan’s first trip abroad in two years. It is understood
THE CHRONICLE
Ja n . 11 1919.]
that ho will bo gono about two months and that ho will visitt
both Franco and England. Dwight W. Morrow of J. P..
Morgan & Co. who had boon in Europe sorving in an advisory capacity for tho Allied Maritime Councils, returned1
last week.
At tho annual dinner of Group VIII of tho Now York
Stato Bankers Association to bo hold at tho Waldorf-As
toria on Monday evening next, Jan. 13, Secrotary of tho
Treasury Carter Glass will bo ono of tho speakers.
141
Tho First National Bank of Hartford, Conn., announces
tho death of Charles D. Riley, which occurred on Jan. 5.
Mr. Riley had been connected with tho bank for fifty-two
years. He was Cashier at the time of his death and had
served the bank in that capacity since January 1887.
The issuance of the' 81,000,000 of additional stock by
the Corn Exchange National Bank of Philadelphia, whereby
tho capital is increased from 81,000,000 to 82,000,000 has
been approved by the Comptroller of the Currency. As
Tho increase of 8750,000 in the capital of tho East River indicated in our issue of Dec. 21 the new stock was offered
National Bank of this city, raising if from 8250,000 to to stockholders of record Dec. 17 at 8200 per share.
81,000,000, has been approvod by tho Comptroller of the
Curroncy. Action toward enlarging tho capital was taken William P. Gest, President of the Fidelity Trust Co. of
by tho stockholders on Doc. 4.
Philadelphia on Dec. 23 announced that tho directors of the
company had authorized the formation of what is to be known
At the annual meeting of the stockholders of the New as tho “Philadelphia Foundation” or community trust to
York Trust Company, held Jan. 8 1919, tho following trus dispose of income of trust funds devised for public purposes.
tees wore elected to servo for a term of three years:
Tho proposed foundation, wo understand, will have a com
mittee consisting of five members, ono appointed by the
Senior Judge of the U. S. District Court, one by the Presi
dent Judge of tho Orphans’ Court, one by tho Governor of
Milton Ferguson has been elected a trustee of the Central tho Stato and two by tho Fidelity Trust Co., which as trustee
Union Trust Company of this city for tho class of 1922. will receive and administer all funds. The purpose of the
foundation is to broaden tho administrative services and to
Other rotiring trustees havo been re-olectcd.
provent stagnation if some object providod for in a will shall
Total resources of 8775,493,531 25 are shown by tho becomo obsolete. Tho “Philadelphia Foundation,” it is
financial statement^ of tho Guaranty Trust Company of statod, possesses some features which are absent in similar
New York as of Dec. 31 1918, which has just been issued. funds croated in other cities, providing, as it does, that a
Doposits on that date totalled 8583,7S6,091 40. Com donor or tostator may declare the trusts upon which the
parison or these figures with those of Dec. 31 1917, shows “Foundation” is to hold tho fund bequeathed. Tho scope
an increase of 8114,748,235 21, in resources and of 849, is widor than tho usual community trust, as it includes not
504,115 90 in deposits. In January 1915 wnen Charles IT. only tho city of Philadelphia, but covers the ontire Common
Sabin became Presdient of the Giaranty Trust Company of wealth of Pennsylvania, and therefore it very appropriately
Now York its total resources were somewhat over 829, provides for tho appointment by tho Governor of the State
000,000 and its total deposits a little over 8211,000,000. of ono of tho members of tho committee. A very essential
clauso has been added in the provision that is made for the
Captain Robert Dollar, of San Francisco, wa3 on Jan. 7 amendment of any of the terms of the “Foundation” which
elected a director of tho Asia Banking Corporation, whoso may be found necessary in future years, the trustee being
Now York offices are at GO Liberty Streot. Among tho authorized to apply to the proper courts under certain regula
stockholders of tho Corporation are tho Guaranty Trust Co. tions to have such alterations made in tho trusts as may be
of Now York, the Bankers Trust Co., tho Mercantile Bank found to bo necessary. Testators and other donors may
of tho Americas, tho Anglo and London Paris National designate particular gifts as memorial funds of either persons
Bank of San Francisco, tho First National Bank of Portland, or ovents. This is a feature which hitherto, it is claimed,
Ore., and tho National Bank of Commerce of Seattlo, Wash. has not boen prosont in the plans which havo been used in
Branches of tho Corporation in the Far East will bo oponod other cities. Tho Fidelity Trust Co. either as agent,
at Shanghai, Poking, Tiontsin, Hankow, Harbin and Vladi treasurer or trustee represents more than forty charitable
vostok.
trusts, among which are tho Children’s Play Grounds provided
in the will of Richard Smith, and the Hirst Free Law Library.
At a meeting of the directors of the Mercantile Bank of
tho Americas of New York on Thursday R. S. Heclit, re William H. Ritter has been elected director of the Indus
cently elected President of tho Hibernia Bank and Trust trial Trust, Title & Savings Co. of Philadelphia. Mr.
Company of New Orleans was made a director. Mr. Ritter is also President of the P. J. Ritter Conserve Co.
Heclit takes the place on the Mercantile Bank of tho Ameri
cas’ directorate of John J. Gannon, who formerly repre
sented the interests of the Hibernia Bank in this institution. Charles A. Kunkol, President of the Mechanics’ Trust
Co. of Harrisburg, Pa., died on Jan. 1 of heart disease. Mr.
W. S. Kies, Vice-President of tho American International Kunkol was born at Shippensburg, Pa., seventy-two years
Corporation sails to-day (Jan. 11) for South America on ago. His banking career began in Harrisburg Avhen he
an oxtended trip, for tho purposo of studying business entered tho private bank of his uncle, J. C. Bomberger.
financial and trade conditions in tho principal countries Later, in conjunction with his brother, the late Samuel
of that continent. Mr. Kios will bo gono three and ono- Kunkol, he reorganized the institution. Mr. Kunkel was a
moinber of tne American Bankers’ Association and a former
half months.
President of the Pennsylvania Bankers’ Association.
At tho annual mooting of tho stockholders of tho Equitable
Trust Company of Boston on January 15, tho question of in The Comptroller of the Currency has approved an increase
creasing tho capital from 8200,000 to 8500,000 will bo actod of 850,000 in the capital of the First National Bank of
upon.
Huntingdon, Pa., raising the amount from S100,000 to
.
Tho First National Bank of Boston is sending two of its 8150.000.
senior officers to Australia and tho Far East to establish
further banking connections. C. F. Weed, Vico-Prosidont On D8C. 31, William H. Fawcett, heretofore a Paying
of tho bank, and D. A. do Monocal, Vice-Prosidont of tho Teller of the Peoples National Bank of Pittsburgh, was
First National Corporation, will loave Boston about tho 20th elected an Assistant Cashier of the institution. Mr. Fawcett
of this month, sailing from San Francisco diroctly to Aus has been with the bank since 1901. At the same meeting
tralia. Aftor a fow weeks in Australia, to bo spont princi of the directors, 81,000,000 was transferred from undivided
pally in Sidnoy and Molbourno, thoy will go to China and profits account and placed to tho credit of surplus fund,
thon rotiu-n by tho way of Japan. Boston merchants aro making the latter 82,000,000. The capital of the Peoples
Bank is 81,000,000 with deposits aggregating
showing a koon intorest in this trip. Mr. Weed and Mr. National
827.000.
000.
Monocal havo already had many mattors for inquiry sub
mitted to them. Thoy had planned to bo absent about
four months, but if thoso inquiries multiply tho trip may take Clarence R. Evans has been elected President of the
longer.
American Bank, Baltimore, Md., filling the vacancy caused
by the death of the late President, William Schwarz. A. Lee
M o r t im e r N . B u c k n e r , A r t h u r J . C u m n o c k , S a m u e l I t . F is h e r , B e n ja
m in
S . G u in n e s s , W a lt e r J e n n in g s , D a r w in P . K in g s le y , J o h n
O g d o n L . M ills , E d m u n d
D . R a n d o lp h a n d D e a n
Sago.
C . M c C a ll,
Gough, Assistant Cashier, has been elected Cashier, suc
ceeding Mr. Evans.
George C. Jenkins has resigned as a director of the Merchants-Mechanics First National Bank of Baltimore. Mr.
Jenkins, who is eighty-two years of age, has served the
institution continuously for thirty-fseven years, he having
been a member of the board of directors of the Mechanics
Bank before it consolidated with the Merchants Bank many
years ago. Notwithstanding his advanced age, Mr. Jenkins
is still active in the business affairs of Baltimore and is a
director of many corporations.
The Fourth National Bank of Dayton, Ohio, (capital
$600,000) has been placed in voluntary liquidation following
the absorption of its business by the Dayton Savings &
Trust Co.
An announcement made by the Union Trust Co. of Chicago
last week relative to the retirement of Vice-President F. L.
Wilk, said:
A s th o ban k
r e t ir e m e n t
of
r e le a s e fr o m
c lo s e
a p p r o a c h e s it s f i f t i e t h
one
or
m ore
a c t iv e s e r v ic e .
a s s o c ia te
fo r ty -s e v e n
[Vol. 108.
THE CHRONICLE
142
and
years
a d v is o r
o f a c tiv e
o f it s
a n n iv e r s a r y , it fa c e s e a c h y e a r th e
m o s t v a lu e d
M r.
F r e d e r ic k
of m y
fa th e r
s e r v ic e
w it h
o ffic e r s
L . W ilk ,
and
m y s e lf,
g r e a t c r e d it
w ho
h a ve earn ed
V ic e -P r e s id e n t, th e
h a v in g
to
c o m p le te d
h im s e lf a n d
th e
b a n k , a n d fillin g t h o m a n y p o s it io n s th a t lie b e tw e e n m e s se n g e r a n d V ic e
P r e s id e n t , w ill r e tir e o n
D ec. 31.
In
r e c o g n i t io n o f h is lo n g s e r v ic e M r .
W i l k w ill p a r t ic ip a t e f o r l i f e in t h o b a n k ’s p e n s io n f u n d , b e s id e s w h ic h t h o
d ir e c to r s h a v e v o t e d
h im
a s u b s ta n tia l h o n o r a r iu m .
M r . W ilk w ill c o n
t in u e t o h a v e a d e s k in t h e o f f i c e o f t h o U n i o n T r u s t C o . , w h e r e h o w i l l b e
p le a s e d t o s e e h is fr ie n d s a s o f o l d .
In making its donation to the fund of tho “Good Fellows,
a local St. Paul organization formed to supervise the work
of providing food, clothing and other necessities for tho
needy poor of that city at Christmas time, the First National
Bank of St. Paul made a unique selection. “Prince Iloover,”
grand champion steer at the South St. Paul Baby Beef Show
of December 1918 was purchased by one of the bank’s
representatives and was offered in lieu of a cash donation.
The steer was raised by Irvin M. McKay, a boy sixteen
years of age, residing at Delhi, Minnesota. At tho time
of purchase, “Prince Hoover” was a yearling weighing 920
pounds. Young McKay derived $322 from the sale of tho
animal to the bank, in addition to prizo monoy awarded,
amounting to $105. At the close of the Baby Beef Show
the steer was taken to the homo of its new owners and was
formally introduced to Cyrus P. Brown, President of tho
institution, at his desk. After fivo days of ceaseless and
untiring solicitation among the Christmas throngs in the
business district of tho city, “The Prince,” accompanied
by a corps of human assistants, succeeded in realizing $900
on his flesh, hide, horns and hoofs. This amount was
turned over to tho “Good Follows” by tho First Nationa
Bank of St. Paul.
Arrangements were perfected on Dec. 31 whcroby the
Merchants’ National Bank (capital $500,000) of Savannah,
Ga., went into voluntary liquidation and its business and
assets were taken over by the Citizens & Southern Bank
(capital $1,000,000) of that city. Tho consolidated institu
tion began business Jan. 2. Under tho merger plan, tho
shareholders of the Merchants’ National will receive about
$140 per share for their stock with the possibility of realizing
more than .that amount. In regard to the absorption of the
Merchants’ National, the “Savannah News” in its issue of
Jan. 1 said in part:
W it h th e liq u id a t io n o f th e M e r c h a n t s ’ N a t io n a l B a n k , o n o o f th o o ld e s t
a n d m o s t h o n o r a b le b a n k in g in s t it u t i o n s in t h e S t a t o p a s s e s o u t o f e x is t e n c e .
O r ig in a lly k n o w n
a s th e M a r in e B a n k
o f S a va n n a h , th o M e rch a n ts ’ has
h a d a p r o u d h is t o r y e x te n d in g o v e r a lo n g p e r io d .
W hen
th e C iv il W a r
b r o k o o u t t h e a v a ila b le fu n d s o f th e b a n k w e r e s h ip p e d t o B a r in g B r o s .,
L o n d o n , w h e r o t h e y w e r o k e p t in s a fe t y u n i i l th e w a r e n d e d , w h e n t h e y
w ere b ro u g h t b a ck a n d restored .
w a s a c c u m u la t e d fr o m
o f is s u e .
B y
ju d ic io u s in v e s t m e n t s a la r g e fu n d
w h ic h t h o b a n k c o m m e n c e d t o p a y o f f a ll its n o t e s
T h is c o n t in u e d u n t il a s u ffic ie n t t im e h a d e la p s e d fo r e v e r y o n e
t o p resen t fo r p a y m e n t su ch o f th e b a n k n o te s as w e re o u ts ta n d in g .
a r e a s o n a b le t im e a p p l ic a t io n
A fte r
w a s m a d e t o th e c o u r t a n d p e r m is s io n
ta in e d t o d iv i d e th e a sse ts a m o n g t h e s to c k h o ld e r s .
d o n e , e a c h s t o c k h o ld e r r e c e iv in g $ 2 9 2 0 o n a p a r v a lu e o f $ 5 0 .
c r e d it a b le s h o w in g w a s v e r y f a v o r a b l y c o m m e n t e d
ob
T h is w a s a c c o r d in g ly
on b y
T h is m o s t
th e p u b lic .
It
w a s th o o n ly b a n k in th o S ta te th a t h a d th o p r o u d d is tin c tio n o f p a y in g o f f
its d e b t s a n d le a v in g s o m e t h in g fo r its s t o c k h o ld e r s .
Tho capital of the Citizens & Southern Bank remains at
$1,000,000; it has surplus and undivided profits of $1,200,252.
The officers of the bank are:
M il ls B . L a n e , P r e s id e n t .
G e o . C . F r e o m a n , A s s t, t o P r e s id e n t.
H o r a c e A . C r a n e , V ic e -P r e s id e n t.
I . S . F e r g u s o n , C a s h ie r .
G o r d o n L . G r o o v e r , V ic e -P r e s id e n t.
W . B . S p a n n J r ., A s s t . C a s h ie r .
W in . M u r p h o y , V ic e -P r e s id e n t.
F ,. W . C u b b c d g o J r . , A s s t .
C a s h ie r
With a view to meeting tho future requirements of its
growing business, tho Merchants Bank of Canada rocontly
purchased the Frasor Building on St. James Streot, Montreal,
which adjoins tho head office of tho bank, for a sum said to
be in tho neighborhood of $350,000, or at tho rato of $40
per square foot. At the expiration of the leases of the present
occupants of tho building, wo understand, remodolling of
the structure will be commenced to suit tho noeds of the bank.
Tho stockholders of the Union Bank of Canada (head office
Winnipeg) on tho 8th inst. approved tho proposal to increase
tho bank’s capital from $5,000,000 to $8,000,000 by tho
issuanco of 30,000 now shares. The directors have votod
to increase tho dividend rato from 9 to 10%. rlho banks
total assets are $153,181,451, an increase of $9,769,524
within ono year. At tho annual mooting of the stock
holders on the 8th II. B .Shaw, General Managor, gave, for
the first timo, the name of the now banking corporation
which has been formed by tho Union Bank and tho National
Park Bank of New York, for the development of trade with
the Orient. This will bo known as tho Park Union Overseas
Banking Corporation. Representatives of the institutions
concerned sail from San Francisco for Yokohama on Friday»
whero tho office will be opened. A dofinito statement was
Tho National Bank of Commerce in St. Louis announces mado by Mr. Galt in his address, that othor parts of tho
that W. L. Ilomingway, until recently President of tho Mer Far East would bo reached with offices at a lator date.
cantile Trust Co. of Littie Rock, Ark., has been elected a
Vice-President of the bank; ho will assume his now duties On Jan. 9 the Royal Bank of Canada (head offico, Mon
March 1. Mr. Hemingway is thirty-eight years of age, a treal) announced that it would issuo $2,000,000 capital stock
graduate of tho Vanderbilt University of Nashville, and a at $150 per share to stockholders of record Jan. 8. Branches
trustee of that institution. Ho is a member of the Execu are to bo opened by the bank at Rio do Janeiro, Buenos
tive Council of the American Bankers’ Association and served Aires and Montevideo for the extension and development
as Chairman of tho Arkansas organization of tho Liberty of Canadian trade.
Loan Association during tho last three campaigns.
Stephen L. Jones has become Manager of the London (Eng
land) branch of the Dominion Bank (head office, Toronto),
An addition of $600,000 to the capital of tho Virginia succeeding
Haydn Horsey, who died recontly. Mr. Jones
National Bank of Petersburg, Va., changing it from $400,000 entered theJ. bank
1887 and has filled many important
to $1,000,000, has been approved by the Comptroller of tho posts; he had been in
Assistant
Manager of tho London branch
Currency.
since March 1912.
Robert J. Lowry, President of"the Lowry National Bank
of Atlanta, and President of the American Bankers’ Associa
TR AD E AND TR AFFIC M OVEM ENTS.
tion in 1896-97, died on the 8tli inst. Mr. Lowry was born UNFILLED
ORDERS OF STEEL CORPORATION.—
in Greenville, Tenn., in 1840. He engaged in the banking Tho United States
Stool Corporation yostorday (Jan. 10)
business in Atlanta in 1865, later becoming a member of issued its regular monthly
statement showing unfilled orders
the firm of W. M. & R. J. Lowry, the former being his
tho books of tho subsidiary corporations, 'as of Doc. 31
father. In 1887 he becamo President of the Lowry Banking on
1918, to tho amount of 7,379,152 tons. This is a doclino of
Co., which was subsequently nationalized as tho Lowry 745,511
from tho Novombor 1918 total. Comparod
National Bank. He had also been President of tho Atlanta with thetons
tonnage of Docombor 1917 tho curront
Homo Insurance Co. and trustee of tho New York Life total showsunfilled
a
falling
off of 2,002,566 tons. The latest figures
Insurance Co. He served in the Atlanta Council for two aro tho smallest roportod
Nov. 30 1915.
terms, was President of the Atlanta Chamber of Commerce, In the following wo givosince
comparisons
with tho provious
and trustee of the McKinley National Memorial Association.
months:
Ja n . 11 1919.]
the
T on s.
D e c . 31 1918 . . 7 .3 7 9 ,1 5 2
N o v . 30 1918 - 8 ,1 2 4 .0 0 3
O c t . 31 1918. - 8 ,3 5 3 ,2 9 8
S e p t . 30 1918, - 8 ,2 9 7 ,9 0 5
A u g . 31 1918. - 8 ,7 5 9 ,0 4 2
J u ly 31 1918, - 8 ,8 8 3 ,8 0 1
J u n e 30 1918. - 8 .9 1 8 ,8 0 0
M a y 31 1918. - 8 ,3 3 7 ,0 2 3
h p r l l 30 1918. - 8 .7 4 1 ,8 8 2
M a r . 31 1918. - 9 ,0 5 0 ,4 0 4
F e b . 28 1918. . 9 ,2 S 8 ,4 5 3
J a n . 31 1918. - 9 ,4 7 7 ,8 5 3
D e o . 31 1917. - 9 .3 8 1 ,7 1 8
N o v . 30 1917. . 8 ,8 9 7 ,1 0 0
P e t . 31 1917. . 9 ,0 0 9 .0 7 5
S e p t . 30 1917. . 9 ,8 3 3 ,4 7 7
A u g . 31 1917. . 1 0 , 4 0 7 , 0 4 9
J u ly 31 1917. .1 0 , 8 4 4 , 1 0 4
J u n o 30 1917. - 1 1 ,3 8 3 , 2 8 7
M a y 31 1917. .1 1 ,8 8 0 ,5 9 1
A p r il 30 1917. .1 2 , 1 8 3 , 0 8 3
M a r . 31 1917. .1 1 , 7 1 1 , 0 4 4
F o b . 28 1917. . 1 1 , 5 7 0 , 0 9 7
J a n . 31 1917. .1 1 , 4 7 4 , 0 5 4
D e o . 31 1910. .1 1 , 5 4 7 , 2 8 0
N o v . 30 1910. . 1 1 ,0 5 8 ,5 4 2
P e t . 31 1910. . 1 0 ,0 1 5 ,2 0 0
S e p t . 30 1910. . 9 ,5 2 2 ,5 8 4
A u g . 31 1910. . 9 ,0 0 0 ,3 5 7
J u l y 31 1910. . 9 , 5 9 3 ,6 9 2
J u n o 30 1910. . 9 ,0 4 0 ,4 5 8
M a y 31 1910.. . 9 ,9 3 7 ,7 9 8
A p r il 30 1910.. . 9 ,8 2 9 ,5 5 1
M a r . 31 1910.. 9 ,3 3 1 ,0 0 1
c h r o n ic l e
T on s.
T ons
F e b . 2 9 1 9 1 0 . - 8 ,5 6 8 ,9 0 6 A p r il 3 0 1 9 1 3 . . 6 ,9 7 8 ,7 0 2
J a n . 31 1 9 1 0 .
^ a r - 31 1 9 1 3 ~ 7 ,4 6 8 ,9 5 6
D e c . 31 1 9 1 5 . -" 7 ,8 0 0 ,2 2 0 F
e b . 2 8 1 9 1 3 . . 7 ,6 5 8 714
N o v . 3 0 1 9 1 5 . . 7 .1 8 9 ,4 8 9 J a n . 31 1 9 1 3 . . 7| 827 3 0 8
O c t . 31 1 9 1 5 . - 6 ,1 6 5 ,4 5 2 D e c . 3 1 1 9 1 2 . . 7 ,9 3 2 ,1 0 4
S e p t. 30 1915.
A u g . 31 1 9 1 5 . ' a ’m I ’ a I I £fov’ 30 1912— 7,852,883
O c t . 3 1 1 9 1 2 . . 7 .5 9 4 ,3 8 1
J u ly 31 1 9 1 5 .
ol)t> 3 0 1 0 1 2 ~ 0 .5 5 1 ,5 0 7
J u n e 3 0 1 9 1 5 . ’. 4 ,6 7 8 ,1 9 0 S
A u g . 3 1 1 9 1 2 . . 6 ,1 6 3 ,3 7 5
M a y 31 1 9 1 5 .
3 1 1 9 1 2 - - 5 ,9 5 7 ,0 7 3
A p r il 3 0 1 9 1 5 . '. 4 ,1 6 2 ,2 4 4 J u n e 3
0 1 9 1 2 . . 5 ,8 0 7 .3 4 9
M a r . 3 1 1 9 1 5 . - 4 ,2 5 5 ,7 4 9 M a y 3 1 1 9 1 2 . . 5 ,7 5 0 ,9 8 0
F o b . 2 8 1 9 1 5 . • 4 . 3 f 5 , 3 7 1 A p r il 3 0 1 9 1 2 . . 5 ,6 0 4 ,8 8 5
J a n . 31 1 9 1 5 . . 4 ,2 4 8 ,5 7 1 M a r . 3 1 1 9 1 2 . . 5 ,3 0 4 ,8 4 1
D e c . 31 1 9 1 4 .
' n ’ S 2 ? '6 4 3 F e b - 2 9 1 9 1 2 . . 5 ,4 5 4 ,2 0 1
N o v . 3 0 1 9 1 4 . . 3 ,3 2 4 ,5 9 2 J a n . 3 1 1 9 1 2 . . 5 ,3 7 9 ,7 2 1
O c t . 31 1 9 1 4 . . 3 ,4 6 1 ,0 9 7 D e c . 3 1 1 9 1 1 . . 5 ,0 8 4 ,7 6 5
S e p t . 3 0 1 9 1 4 . . 3 ,7 8 7 ,6 6 7 N o v . 3 0 1 9 1 1 . . 4 ,1 4 1 ,9 5 8
A u g . 31 1 9 1 4 . . 4 ,2 1 3 ,3 3 1 O c t . 3 1 1 9 1 1 . . 3 ,6 9 4 ,3 2 7
J u l y 3 1 1 9 1 4 . . 4 ,1 5 8 ,5 8 9 S e p t . 3 0 1 9 1 1 . . 3 ,0 1 1 ,3 1 5
J u n e 3 0 1 9 1 4 . . 4 ,0 3 2 ,8 5 7 A u g . 3 1 1 9 1 1 . . 3 ,0 9 5 ,9 8 5
M a y 31 1 9 1 4 .
•?’99H 90 Ju'y 31 1911.. 3,584,088
A p r il 3 0 1 9 1 4 . • 4 ,2 7 7 ,0 6 8 J u n e 3 0 1 9 1 1 . . 3 ,3 0 1 ,0 8 7
M a r . 31 1 9 1 4 . . 4 ,6 5 3 ,8 2 5 M a y 3 1 1 9 1 1 . . 3 ,1 1 3 ,1 5 4
F e b . 28 1 914.
5 ,0 2 0 ,4 4 0 h p r l l 3 0 1 9 1 1 . . 3 ,2 1 8 ,7 0 0
J a n . 31 1 9 1 4 .
4 ,6 1 3 ,6 8 0 M a r . 3 1 1 9 1 1 . . 3 ,4 4 7 ,3 0 1
D e c . 31 1 9 1 3 .
F e b ‘ 2 8 1 9 U - - 3 ,4 0 0 ,5 4 3
N o v . 30 1 9 13.
4 ,3 9 6 ,3 4 7 J a n . 3 1 1 9 1 1 . . 3 ,1 1 0 ,9 1 9
O c t . 31 1 9 1 3 .
4 ,5 1 3 ,7 0 7 D e c . 3 1 1 9 1 0 . . 2 ,6 7 4 ,7 5 0
S e p t. 30 1 9 1 3 .
5 ,0 0 3 ,7 8 5 N o v . 3 0 1 9 1 0 . . 2 ,7 6 0 ,4 1 3
A u g . 31 1 9 1 3 .. 5 ,2 2 3 ,4 0 8 O c t . 3 1 1 9 1 0 . . 2 ,8 7 1 ,9 4 9
J u ly 31 1 9 1 3 .. 5 ,3 9 9 ,3 5 0 S e p t . 3 0 1 9 1 0 . . 3 ,1 4 8 ,1 0 0
J u n e 3 0 1 9 1 3 .. 5 ,8 0 7 ,3 1 7 A u g . 3 1 1 9 1 0 . . 3 ,5 3 7 ,1 2 8
M a y 31 1 9 1 3 .. 6 ,3 2 4 ,3 2 2 J u ly 3 1 1 9 1 0 . . 3 ,9 7 0 ,9 3 1
5
M o.
(0 0 0 s
o m it
te d )
1918.
1917.
1916.
1915.
1914.
1913 .
143
M e rc h a n d ise.
E zVar ts .
Im
p o rts.
G o ld .
E xcess
of
E x p o r ts .
E x p o rts .
J a n u a r y ______
F e b r u a r y _____
M a r c h _______
A p r i l __________
M a y ____________
J u n o ......... ............
J u l y ____________
A u g u s t _________
S e p t e m b e r _____
O o t o b e r ..............
N o v e m b e r _____
D e c e m b e r _____
* 5 0 4 ,7 9 7
4 1 1 ,3 6 2
5 2 2 ,9 0 0
5 0 0 ,4 4 3
6 5 0 ,9 2 5
4 8 3 ,7 9 9
5 0 7 ,4 0 8
5 2 7 ,9 0 2
5 5 0 ,3 9 6
5 0 2 ,0 5 5
5 2 2 ,1 7 2
1916.
$ 8 1 3 ,3 2 5
4 0 7 ,0 4 8
5 5 3 ,9 8 6
5 2 9 ,9 2 8
5 4 9 ,0 7 4
5 7 3 ,1 0 7
3 7 2 .7 6 8
4 8 8 ,6 5 6
4 5 4 ,5 0 7
5 4 2 ,1 0 1
4 8 7 ,3 2 8
0 0 0 ,1 3 5
1918.
* 3 3 0 ,0 3 6
4 0 1 ,7 8 4
4 1 0 ,7 4 2
3 9 8 ,5 6 9
4 7 4 ,8 0 4
4 0 4 ,0 3 0
4 4 4 ,7 1 4
5 1 0 ,1 0 7
5 1 4 ,9 2 4
4 9 2 ,8 1 4
5 1 6 ,1 6 7
5 2 3 ,2 3 4
T o t a l ........................................1 * 6 ,2 3 3 ,5 1 3 8 5 ,4 8 2 ,0 4 1
___________
$ 1 8 4 ,3 5 1
1 9 3 ,9 3 5
2 1 3 ,5 9 0
2 1 8 ,2 3 6
2 2 9 ,1 8 9
2 4 5 ,7 9 5
1 8 2 ,7 2 3
1 9 9 ,3 1 6
1 0 4 ,0 3 9
1 7 8 .6 5 9
1 7 0 ,9 6 8
2 0 4 .8 3 4
* 2 .9 5 2 ,4 6 8 * 2 .3 9 1 .6 3 6
GOLD
1918.
J a n u a r y ..............
F e b r u a r y ______
M a r c h ................
A p r i l ...................
M a y ... .................
J u n o ____________
J u l y .....................
A u g u s t . . ...........
S e p t e m b e r _____
O o t o b e r .............
N o v e m b e r _____
D e c e m b e r _____
5 3 ,7 4 0
5 ,0 8 4
2 ,8 0 9
3 ,5 6 0
3 .5 9 9
2 ,7 0 4
7 ,2 0 0
3 ,2 7 7
2 ,2 3 4
2 ,1 7 8
3 ,0 4 8
T o t a l ..............
..............
Im p o rts.
1917.
1916.
$ 2 0 ,7 2 0
2 2 ,0 6 8
1 7 ,9 2 0
1 6 ,9 6 5
5 7 ,6 9 8
0 7 ,1 6 4
6 9 ,0 5 2
4 0 ,0 1 9
3 1 ,3 3 3
1 1 ,1 5 4
7 ,2 2 3
4 .5 3 8
* 1 0 ,2 1 3
1 3 .6 8 5
1 0 .7 7 4
1 1 ,5 0 3
1 1 ,9 1 9
8 ,3 1 2
9 ,3 9 5
1 1 .7 8 0
6 ,8 4 9
7 ,0 5 4
2 6 ,3 3 5
2 7 ,9 7 4
$ 3 7 1 ,8 3 4
1918.
1917.
$ 4 ,4 0 4
2 ,5 4 9
1 ,9 1 2
2 .7 4 0
6 ,6 2 1
3 1 ,8 9 2
2 ,5 9 7
1 ,5 5 5
2 ,6 1 1
1 ,4 7 0
1 ,9 2 0
~
E x p o rts.
1918.
1917.
Government
tho items
stood
Dec. 31 are ho.
setIdinf®
out in theth<?following.
Theasfigures
are token
Decr 31 fr°m the daiIy statement of tho U. S. Treasury for
C U R R E N T A8SE TS
GO
A s s e ts —
G o ld c o i n _____________
..
7 7 5 ,5 0 2 ,5 1 0 8 3
G o l d b u l l i o n .................. - . 1 , 7 7 0 , 5 3 0 , 9 2 3 2 4
V
A N D L IA B IL IT IE S
LD
L ia b il it ie s —
A s s e ts ----
Silver dollars..................
1916.
* 8 4 .1 3 1
1910.
$ 1 5 ,0 0 8
6 ,0 1 6
9 .7 7 6
0 ,1 2 2
2 7 ,3 2 2
1 2 2 ,7 3 5
6 2 .1 0 8
4 1 ,2 3 9
9 2 ,5 6 2
9 7 ,5 0 9
4 0 ,9 7 3
1 5 8 ,6 2 0
$ 5 5 2 ,4 5 4
soss n o n
— ----------------------------
S IL V E R
«;
1917.
8 7 0 ,5 9 5
G o ld .
1917.
+ 2 7 0 ,8 5 5
+ 2 0 3 ,6 4 7
+ 2 8 0 ,7 3 8
+ 2 2 1 ,4 6 2
+ 2 2 8 ,0 7 2
+ 2 2 3 ,4 4 9
+ 2 0 5 ,5 9 0
+ 2 5 4 ,9 5 9
+ 2 8 8 ,2 9 9
+ 2 5 5 ,8 9 0
+ 2 7 1 ,1 6 4
*
+ 3 7 1 ,5 3 1
+ 2 0 8 ,1 6 8
+ 2 8 3 ,7 2 9
+ 2 7 5 ,9 9 2
+ 2 6 8 .9 4 7
+ 2 6 0 ,8 4 1
+ 1 4 0 ,8 3 2
+ 2 2 0 .8 0 1
+ 2 1 8 ,3 1 0
+ 3 2 0 ,8 7 4
+ 2 6 0 .7 9 3
+ 3 7 2 ,2 2 4
1910.
DOLLARS.
L ia b ilitie s —
§
S liv e r c e r t f s . o u t s t a n d ’ g 2 6 4 ,8 1 7 .9 4 0 0 0
T r e a s u r y n o t e s o f 1 890
a " “ f i n d i n g ..................... •
1 ,8 0 3 ,1 0 7 0 0
A v a i l a b l e s liv e r d o lla r s
5 0 ,9 5 0 ,5 0 1 0 0
In g e n e r a l f u n d ..............
317,577,548 00
a l .............. .................... 1 .3 7 8 ,9 5 0 ,3 1 0 71
T o t a l ............................... .1 ,3 7 8 ,9 5 6 ,3 1 6 71
1916.
+
+
+
+
+
+
+
+
+
+
+
+
5
1 4 5 ,6 8 5
2 0 7 ,8 4 9
1 8 7 .1 5 2
1 8 0 ,3 3 3
2 4 5 ,6 1 5
2 1 8 ,8 9 1
2 6 1 ,9 9 1
3 1 0 ,8 5 1
3 5 0 ,8 8 5
3 1 4 ,1 5 5
3 3 9 ,1 9 9
3 1 8 ,4 0 0
—
------, TREASURY CURRENCY HOLDINGS.—Tho following
J5M4U *32.263 | compilation, made up from tho daily Government state
ments, shows the currency holdings of tho Treasury at the
October, November
S llc e r .
1918.
1917.
— 658
+ 2 ,5 3 5
+ 8 ,9 1 6
+ 814
— 3 ,0 2 2
— 2 9 ,1 8 8
+ 4 ,6 0 3
+ 1 ,7 2 2
— 327
+ 708'
+ 1 ,1 2 8
$
— 3 8 ,2 0 6
— 8 1 ,6 9 8
— 1 2 1 ,5 7 9
— 1 5 ,4 0 7
+ 5 ,4 3 6
— 2 4 ,1 7 5
+ 4 1 ,7 4 8
+ 2 7 .3 5 7
+ 2 7 ,1 6 1
+ 7 ,0 0 4
+ 4 ,3 1 7
— 1 2 ,5 2 8
..............+ 3 , 2 8 1 . 0 4 5 + 3 , 0 0 1 , 0 0 6
19X 8.
| 19X7.
‘
+ 0 ,7 3 0
+ 2 ,1 1 8
+ 1 ,8 2 3
+ 4 ,6 0 9
+ 1 ,9 3 3
— 4 ,2 9 7
+ 3 ,9 7 0
-
- 1 8 0 ,5 7 0 ” ........... 1 + 3 0 ,7 9 0
---------------------
Im p orts
Totals for merchandise, gold and silver for olovon months:
M e rc h a n d ise.
E x
p o rts.
2 5 - 6 0 3 9 4 3 4 07
T o t a l .............
3 1 7 ,5 7 7 ,5 1 8 0 0 1
T o ta l
3 1 7 .5 7 7 .5 4 S 0 0
GENERAL FUND.
A ssets —
L ia b ilit ie s —
$
A v a i l, g o l d (s e e a b o v e ) .
1 7 4 ,2 5 9 ,8 3 6 8 4 T r e a s u r e r 's c h e c k s o u t
A v a i l, s liv e r d o lla r s (s e e
s t a n d i n g ..........................
3 ,6 5 0 ,5 1 7 6 3
a b o v e ) _________________
5 0 ,9 5 6 ,5 0 1 CO D e p o s i t s o f G o v e r n m e n t
U n it e d S t a t e s n o t e s _____
8 ,9 0 0 ,1 1 5 0 0
o f f ic e r s :
F ederal R eserv e n o t e s ..
3 4 ,5 2 8 ,1 4 8 0 0
P o s t O f f i c e D e p t ______
2 7 ,5 3 2 ,4 7 2 0 4
F e d . R e s . b a n k n o t e s ___
2 ,8 6 8 ,2 9 7 0 0
B oard
of
T ru stees,
N a tio n a l b a n k n o t e s . . .
2 7 ,1 2 5 ,0 8 3 71
P o s t a l S a v in g s S y s
C e rt, ch eck s on b a n k s ..
1 8 ,8 5 2 9 0
te m (5 % r e s e r v e )..
7 , 5 7 9 ,7 8 6 3 4
S u b s i d i a r y s ilv e r c o in . .
3 ,3 3 1 ,1 5 3 12
C o m p t r o lle r
of
th e
M i n o r c o i n ...........................
7 3 5 ,9 9 5 49
C u r r e n c y , a g e n t fo r
s i l v e r b u l l i o n ________. . . "
1 2 ,2 0 6 ,4 4 1 32
c r e d it o r s o f I n s o l
U n c la s s ifie d
(u n s o r t e d
v e n t b a n k s _________
1 ,1 2 4 ,5 6 8 8 3
c u r r e n c y , A o . ) ..............
8 ,4 1 3 ,0 1 7 4 5
P o s t m a s t e r s , c le r k s o f
D e p o s i t s In F e d 'l L a n d
c o u r t s , A o ...................
3 5 , 1 4 9 ,6 3 4 4 7
b a n k s ........................
8 3 0 ,0 0 0 0 0 D e p o s i t s fo r :
t D e p o s i t s In F e d e r a l R t y
R e d e m p tio n o f F e d
s e r v e b a n k s .................... 1 5 7 ,1 0 1 ,8 8 2 9 3
eral R e s e rv e n o te s
D e p o s i t s In .S p ecial D e
( 5 % f u n d ) __________
1 0 5 ,1 7 6 ,6 7 2 2 0
p o s it a r ie s a c c o u n t o f
R e d e m p tio n o f F ed ’ l
s a le s o f L i b e r t y b o n d s
R e s e r v e ban k n o tes
a n d c e r t if i c a t e s o f ln ( 5 % f u n d ) __________
5 ,3 9 7 ,2 0
00
I n d c b t e d n e s s __________
6 5 2 .0 6 1 ,0 0 0 0 0
R e d e m p tio n
of
na
D e p o s i t s In F o r e ig n D e
t io n a l b a n k n o t e s
p o s it a r ie s :
( 5 % f u n d ) . _________
2 8 ,2 4 4 ,9 1
56
T o c r e d it o f T r e a s u r e r
R e t ir e m e n t o f a d d i
U n i t e d S t a t e s ______
1 8 1 .7 4 9 ,2 1 7 3 0
t io n a l c ir c u l a t in g
D e p o s i t s In n a t . b a n k s :
n o te s . A c t M a y 30
T o c r e d it o f T r e a s .U .S
4 6 ,7 3 6 ,7 7 0 4 5
_ 1 9 0 8 ................................
4 5 3 ,3 9 0 0 0
T o c r e d it o f o t h e r G o v E xch an g es o f cu rren
cru m en t o ffic e r s ...
8 ,9 1 7 ,2 8 3 2 8
c y . c o i n . A c _______
2 4 ,5 9 0 ,8 4 3 0 6
D e p o s i t s in 1’ h lllp p ln e
trea su ry:
2 9 8 ,9 0 0 ,0 0 9 13
T o o r e d ltT r e a s . U . S .
6 ,1 8 8 ,1 4 9 17
T o c r e d it o t h e r G o v
• N e t b a la n c e .
.0 8 0 ,0 5 0 ,3 0 7 5 8
ern m en t o ffic e r s ...
2 ,0 2 5 ,5 7 1 7 5
™
1918.
M e rc h a n d ise.
1018.
11
M os.
(0 0 0 s
o m it
t e d .)
g
G o l d c e n f s . o u t s t a n d 'g . 8 8 5 ,3 1 3 ,0 6 4 0 0
G o ld
s e t t le m e n t fu n d .
F e d . R e s e r v e B o a r d . . 1 ,3 3 3 ,4 8 7 ,5 0 7 6 0
G o ld r e s e r v e ........................
1 5 2 ,9 7 9 ,0 2 5 0 3
_______________ A v a i l , g o l d In g e n 'l fu n d
1 7 4 ,2 5 9 ,8 3 0 8 4
t E x c e s s o f c r e d its .
T o t a l ..............
E x p o rts.
$
7 8 ,8 6 5
6 ,2 4 5
1 7 ,2 4 7
5 ,7 8 0
1 0 ,1 5 1
1 0 ,0 7 1
Im p o rts.
F e b r u a r y ______
M a r c h ...............
A p r i l ................... .
M a y ___________
J u n e ___________
J u l y ........... .........
A u g u s t _________
S e p t e m b e r _____
O c t o b e r _______
N o v e m b e r _____
D e c e m b e r ____
T o ta l
1
$ 5 8 ,9 2 6
1 0 3 ,7 6 6
1 3 9 ,4 9 9
3 2 ,3 7 2
5 2 ,2 6 2
9 1 ,3 3 9
2 7 ,3 0 4
1 8 ,6 9 2
4 ,1 7 2
4 ,1 5 0
2 ,9 0 6
1 7 ,0 6 6
* 1 5 5 ,7 9 3
s il v e r
+
1916.
* 2 4 1 ,7 9 4
1 9 9 ,4 8 0
2 7 0 ,2 5 7
2 5 3 ,9 3 6
2 8 0 ,7 2 7
3 0 6 ,6 2 3
2 2 5 ,9 2 6
2 6 7 ,8 5 5
2 3 0 .1 9 7
2 2 1 ,2 2 7
2 2 0 ,5 3 5
2 2 7 ,9 1 1
E x p o rts.
s
3 1 ,9 0 8
2 9 ,0 3 3
1 3 ,2 9 8
1 6 ,1 3 9
1 0 ,6 3 0
1 4 ,9 2 6
T o ta l
1917.
* 2 3 3 ,9 4 2
2 0 7 .7 1 5
2 4 2 ,1 0 2
2 7 8 ,9 8 l
3 2 2 ,8 5 3
2 6 0 ,3 3 0
2 4 1 ,8 7 8
2 7 3 ,0 0 3
2 0 2 .0 9 7
2 4 6 ,7 6 5
2 5 1 ,0 0 8
h xccst
Of
E x p o r ts
TR EAS U R Y CASH A N D CURRENT L IA B IL IT IE S .
Im p o rts.
1917.
Im
p o r ts .
/ E x c e s s o ( im p o r t s .
F O R E IG N T R A D E M O V E M E N T O F T H E U N IT E D S T A T E S & ’
( I n t h e f o l l o w i n g t a b le s t h r e e c ip h e r s ( 0 0 0 ) a r o In a ll c a s e s o m i t t e d »
_____________ _________________________ M E R C H A N D I S E .
1918.
E x
p o r ts.
9
3
S
$
? !
$
%
2 ,6 1 0 ,6 5 2 1 ,2 7 4 ,7 5 1 1 .3 3 5 ,9 0 1
1 7 ,9 8 7 ; 10,1531
7 ,8 3 4 1 1 0 ,7 6 3
2 ,3 4 5 ,3 5 0 1 ,1 7 1 ,7 4 0 1 ,1 7 3 ,6 1 0
1 6 4 ,8 1 1 5 7 ,2 2 3 1 0 7 ,5 8 8 3 5 ,2 7 8
2 ,4 7 8 ,7 8 7
9 0 1 ,7 0 5 1 ,5 7 7 .0 8 2 6 1 ,4 1 3 3 4 0 , 3 0 0 /2 7 8 9 7 7
3 0 ,5 4 5
1 ,4 9 3 ,5 5 6
7 4 0 ,9 5 4
7 5 2 ,6 0 2 1 1 ,9 5 4 2 6 1 ,6 1 7 1 /2 4 9 6 6 3 2 1 ,9 1 9
8 2 1 ,1 4 8
6 9 3 ,7 0 3
1 2 7 ,4 4 5 1 3 8 ,5 1 1 2 2 ,5 3 8 1 1 5 .9 7 6 2 0 ,7 8 1
1 ,0 8 4 ,5 1 0 ! 7 2 8 ,9 8 4
3 5 5 ,5 5 2 ! 1 7 ,4 9 1 3 0 , 7 2 2 / 1 3 . 2 3 1 2 4 ,9 9 7
T o t8 1 .................................. 2 , 5 4 0 ,0 3 9 ,4 3 4 0 7
I M P O R T S A N D E X P O R T S FOR N O V E M B E R .
Tho Bureau of Statistics at Washington has issued the
statement of tho country’s foreign trade for October and from
It and previous statements we havo prepared the following-
S ilv e r.
E x c ess
of
E x p o rts
E x! Im
p o r t s . | p o r ts .
Im
p o rts.
S
$
1 9 1 8 . 5 , 5 8 4 , 8 7 9 2 , 8 2 0 ,7 5 5
1 9 1 7 . 5 ,6 3 3 ,3 7 ,8 2 ,7 2 4 .5 5 6
1 0 1 0 . 4 ,9 5 9 ,1 0 7 2 ,1 8 6 ,8 0 1
1 9 1 5 . 3 ,1 9 5 ,3 6 1 1 ,0 0 6 ,7 0 1
1 9 1 4 . 1 ,8 0 7 ,9 9 1 1 ,0 7 4 ,0 1 9
1 9 1 3 . 2 ,2 5 0 ,8 2 3 1 1 .0 0 8 .5 7 1
t Ey
E xcess
of
E x p o r ts .
S
2 ,7 0 1 ,1 2 4
[1 ,9 0 8 ,8 2 2
2 ,7 7 2 ,6 0 6
1 ,5 8 8 ,6 0 0 ;
1 9 3 ,3 7 2
0 4 2 ,2 5 2 1
G o ld .
E x
p o rts.
Im
p o rts.
$
$
3 9 ,4 9 0 6 0 ,2 7 7
3 6 7 ,3 1 6 5 3 5 ,3 8 9
1 2 7 ,8 1 9 5 2 7 ,3 6 9
1 9 ,5 3 7 , 4 0 6 ,5 4 2
2 2 2 ,4 8 5 5 3 ,2 7 9 ,
8 1,2261 58,6311
S ilv er.
E x c ess
of
E x p o r ts
$
/2 0 .7 8 7
f l 08043
/3 9 9 5 5 0
/3 8 7 0 0 .5
169,200|
22 ,5 9 5 1
E x
p o r ts.
Im
p o rts.
E xcess
of
E x p o r ts
$
S
$
2 0 4 ,5 4 0 6 7 ,0 4 5 1 3 7 ,4 9 5
7 4 ,0 0 5 4 7 ,1 8 6 2 0 ,8 1 9
6 1 ,5 8 7 2 8 ,7 1 1 3 2 ,8 7 6
4 0 ,7 6 8 3 1 ,8 8 1 1 4 ,8 8 7
4 6 ,2 9 1 2 3 ,2 2 0 2 3 ,0 7 1
5 8 ,3 1 9 3 3,0571 2 5 ,2 6 2
Similar totals for the fivo months since July for six vea™
make the following oxhibit:
y ars
H o ld in g s in
S u b -T r e a s u r ie s .
------------------------ -----------------------N o t g o l d c o in a n d b u l l i o n .
N e t s ilv e r c o i n a n d b u llio n
N e t U n it e d S t a t e s n o t e s . .
N e t n a t io n a l b a n k n o t e s . .
N o t F e d . R e serv e n o t e s ..
N e t F e d . R e s . b a n k n otes
N e t s u b s i d i a r y s l i v e r _____
M i n o r c o i n , & o ...... ...............
O ct. 1 1 9 1 8 .
$
2 7 7 ,6 2 8 ,4 1 5
4 4 .2 0 6 ,4 8 2
8 ,2 7 1 .4 0 4
2 0 .9 8 9 ,8 8 5
3 8 .3 7 0 ,7 4 6
2 2 4 ,6 0 5
5 ,9 9 1 ,7 8 7
4 ,6 9 4 ,9 5 1
T o t a l c a s h In S u b - T r c a s
L e s s g o l d r e s e r v e f u n d ___
C a s h b a la n c e In S u b - T r e a s
D e p . In s p e c i a l d e p o s 'r l e s :
A c o o u n t c e r ts , o f In d eb t
L ib e r ty L o a n d e p o s its .
C a s h In F e d . R e s . b a n k s .
I C a s h in F e d . L a n d b a n k s
C a s h In n a t io n a l b a n k s :
T o c r e d it T r e a s . U . 8 . .
T o c r e d it d ls b . o ffic e r s .
T o t a l ................ ..................
C a s h In P h il ip p i n e I s l ’ d s .
D e p ’ s . In F o r e i g n D e p t s .
N ov.
1 1918
$
D ec.
1 1918
$
J an . 1 1919.
S
3 0 3 ,3 3 9 ,3 5 0
4 8 .3 2 6 .0 7 3
7 ,4 9 3 .2 2 5
2 0 ,0 4 0 ,3 9 7
3 2 ,5 9 0 .4 9 8
1 ,0 1 0 ,8 3 9
3 ,8 7 4 ,5 3 1
4 ,0 5 9 ,1 1 2
3 1 4 ,6 9 3 ,1 0 6
5 0 ,8 5 5 ,8 2 3
8 ,8 9 4 ,5 5 8
1 9 ,6 3 8 ,9 0 5
3 2 ,6 6 9 ,0 8 1
1 ,4 6 2 ,3 6 8
3 ,4 8 8 ,4 7 7
3 ,8 0 0 ,2 4 3
3 2 7 ,2 3 8 ,8 6 2
6 3 ,1 6 2 ,9 4 2
8 ,9 0 0 ,1 1 5
2 7 ,1 2 5 ,0 8 4
3 4 ,5 2 8 ,1 4 8
2 ,8 6 8 ,2 9 7
3 ,3 3 1 ,1 5 3
9 ,1 6 7 ,8 6 6
4 0 0 ,3 7 8 .2 7 5
1 5 2 .9 7 9 .0 2 6
4 2 0 .7 3 4 .0 2 5
1 5 2 .9 7 9 .0 2 6
4 3 5 ,5 0 7 ,5 6 1
1 5 2 ,9 7 9 .0 2 6
* 4 7 6 ,3 2 2 ,4 6 7
1 5 2 ,9 7 9 ,0 2 6
2 4 7 .3 9 9 ,2 4 9
2 6 7 ,7 5 4 ,9 9 9
2 8 2 ,5 2 8 ,5 3 5
3 2 3 ,3 4 3 ,4 4 1
6 0 6 ,9 7 6 .0 0 0 1 .6 7 8 ,7 6 2 ,0 0 0
7 4 8 ,4 8 1 .0 0 0
6 5 2 ,0 6 1 ,0 0 0
2 6 0 ,9 1 4 ,6 1 5
8 3 0 ,0 0 0
2 3 ,5 1 4 ,0 6 3
8 3 0 ,0 0 0
4 2 2 ,9 5 7 ,0 8 3
9 8 0 ,0 0 0
1 5 7 ,1 0 4 ,8 8 3
8 3 0 ,0 0 0
4 5 ,9 2 4 ,0 8 3
7 ,8 5 5 ,5 3 2
4 5 ,6 1 7 ,1 3 7
7 ,5 4 4 ,5 2 0
4 6 ,5 6 8 ,6 9 8
6 ,1 8 5 ,4 6 5
4 6 ,7 3 6 .7 7 1
8 ,9 1 7 ,2 8 3
5 3 ,7 7 9 ,6 1 5
9 ,3 7 2 ,2 9 3
1 ,2 6 7 ,8 3 7
5 3 ,1 6 1 ,6 5 7
8 ,8 6 3 ,6 0 3
7 1 ,9 3 3 ,7 9 2
5 2 ,7 5 4 ,1 6 3
1 0 ,4 9 2 ,1 6 2
1 7 1 ,6 8 4 .3 1 0
5 5 ,0 5 4 ,0 5 4
8 ,2 1 3 ,7 2 1
1 8 1 ,7 4 9 ,2 1 7
N e t c a s h In b a n k s , S u b
T r e a s u r ie s ........... .......... 1 ,1 8 0 ,5 3 9 ,6 0 9 2 ,1 0 4 ,8 2 0 ,1 1 4
1 .6 8 9 ,8 7 7 ,2 5 3 1 ,3 7 8 ,9 5 6 ,3 1 6
D e d u o t c u r r e n t l i a b ili t ie s .
2 3 0 ,1 8 1 ,7 3 0
2 5 9 ,0 8 0 ,1 2 2
2 7 5 ,1 6 0 ,4 8 6
2 9 8 ,9 0 0 ,0 0 9
_ A v a l I a b l e ca sh b a la n c e .
lUAiwo u a u . i
9 5 0 ,3 5 7 ,8 7 9 l , 8 -4 5 .7 3 9 .9 9 2 1 .4 1 4 ,7 1 6 ,7 6 7
1 ,0 8 0 ,0 5 6 ,3 0 7
s t iv e r o u iu o n a
not Included in statement “Stock of Money.”
ENGLISH FIN A N C IA L MARKETS—PER CABLE.
Clearingsat—
Tko daily closing quotations for securities, &o., at London,
by cable, have been as follows the past week:
as reported
~
R
r ... o , J
T/tti
an.O9. Jan.10.
n. 8.
Jan.4. Jan.6. Jan.7. Ja
London,
ed. Thurs. Fri.
Sal. Mon. Tues. 48W7-16
Weekending Jan. 10—
48 7-16 48 7-10
48 7-16
Silver, per oz...................... 0 48 7-16 48 7-10
59
59
59 56
59 56
Holiday 5956
Consols, 2 56 per cents.........
British, 5 per cents................ Holiday
British, 456 Per cent3............ Holiday
French Rentes (In Paris), fr 61.55
French War Loan(lnParls) ,fr.. 88.35
9456
99 56
61.55
88.40
945-6
99 56
61.55
88.50
0456
99 56
61.55
____
9456
9956
61.55
9456
9956
------
.........................
in New York on tho same days has beon:
£
O
10156
o
10156
10156
.10156
C learin gs b y T eleg ra p h — Sales of S to ck s, B on d s, & c.
— The subjoined table, covering clearings for the current
account of the length of the other tables is crowded out
once a month. Tho figures are recoived by telegraph from
other leading cities.
1919.
New York-----Chicago---------Philadelphia
Boston - ............
Kansas C it y --St. Louis-------San Franclsco.
Plttsburgh-----Detroit..............
Baltimore.........
New Orleans
Eleven cities, 5 days...............................
Other cities, 5 days...............................
Total all cities, 5 days....................
All cities, 1 day......................................
Per
Cent.
1019.
1918.
§3,351,045,817
461,280,513
348,803,012
254,473,891
167,471,734
151,842,159
104,921,612
109,038,060
*45,000,000
68,154.498
59,768,286
$2,667,482,460
395,837,510
287,304,473
218,910,448
163,380,810
128,384,354
80,053,051
60,155,439
39,783,833
36,398,021
53,382,220
+
+
+
+
35,122,700,482
850,207,416
$4,131,132,625
746,998,418
+ 24.0
+ 13.8
$5,972,907,898
1,290,408,946
$4,878,131,043
1,169.080,999
+ 22.4
+ 10.9
$6,047,050,042
$20.2
Total all cities for w e e k .................... 1 37,209,316,844
25.7
16.5
21.4
10.2
+ 2.5
+ 18.3
+ 31.1
+ 81.2
+ 13.1
+ 87.2
+ 12.0
♦Partly estimated.
O th er W e s te rn a n d S o u th e rn C learings brought for
ward from first page:
------------------ -- ---------------------------------- .—
165,710,752
42.951,187
49,177,746
15,414,498
15,797,219
14,161,733
12,267,636
8,841,369
7.562.423
7,229,427
4.000.
2.637.423
2,107,981
2,890,543
513,i22
699,556
462,571
1.550.000
2,229,305
1 .1 0 0 .0 0 0
176,843,84')
33,341,661
38,972,468
14,208,484
17,817,929
13,267,933
4,967,752
8,076,305
6,786,017
7,431,738
4,588,975
000
3,267,136
1,919,405
1,619,265
1,005,823
794,274
634,698
1,876,197
2,651,545
882,311
441.808
1,019,913
Total oth .West
358,S09,880
342,370,786
Inc. or
Dec.
1
Memphis---------Fort Worth.
Savannah -------Nashville—
Norfolk____
Birmingham —
Augusta---------Jacksonville . .
Knoxville-------Little R o c k ...
Charleston............
Chattanooga-----Mobile--------------Oklahoma---------M acon--------------Austin--------------Vicksburg............
Jackson ------------Muskogee---------Tulsa___________
D allas__________
Shreveport.........
Total Southern
Twelve Months.
December.
Inc. or
Dec.
WeekendingJanuary4.
Inc. or
Dec.
Kansas City-----Minneapolis Omaha......... St. Paul.........
Denver...........
St. Joseph—
Duluth--------Des Moines.........
Sioux City-------Wichita.........
Lincoln .........
Topeka------Cedar Rapids—
Fargo----------Colorado Springs
Pueblo...........
Fremont___
Waterloo___
Helena......... .
Billings____
Hastings----Aberdeen-----
________
Clearings—Returnsby7 elegraph.
Week ending January 11.
Clearingsat—
[Vol. 108
THE CHRONICLE
144
1 .0 0 0 . 0 0 0
505,389
157,881,920
59,208,530
22,027,001
14,890,768
7,161,366
49,268,694
52,385,723
19,666,740
11,241,413
7,537,255
13,978,657
10,630,033
9,981,513
3,041,275
5,174,315
2,701,234
5,696,746
2,800,000
5,165,098
1.547,090
7,291,383
2 ,2 0 0 ,0 0 0
2.300.000
530,902
500,000
2.622.2M
7.700.000
2 1 ,0 0 0 ,0 0 0
2.400.000
508.529,928
%
— 6.3
+ 28.8
+ 26.2
+ 8.5
— 11.3
+ 6.7
+ 147.0
+ 9.5
+ 11.4
— 2.7
$
— 19.3
+ 9.8
+ 72.3
— 48.9
— 6.7
— 27.1
— 17.4
— 15.9
+ 13.4
+ 14.4
+ 7.8
118,922,512
30,811,579
28,387,265
16,185,2151
14,629,609
10,820,035
5,199,328
7,831,469
5,623,879
5,169,415
3,033,639
2,078,699
2,337,472
2,072,042
864,362
750,226
510,000
1,968,105
2.050,989
1,029,379
432,151
701,753
90,883,125
38,809.217
25,825,495
19,605,201
12,438.072
8,445,426
6,362,260
7.319,442
4,200,000
4,481,669
3,480,828
1,889,300
2,074,572
1,896,165
835,271
534,334
561,522
1,867,382
1,409,471
735,050
361,527
908,165
+ 4.!
261,409,123
234,923,494
— 1 2 .8
122,169,195
146,571,898
— 0 .1
159,749,864
27,173,219
+ 8.7 35,259,709
54,479,526
21,909,023
+ 7.5 23,085,870
20,494,679
9,637,852
1
2
,0
0
0
,0
0
0
—
6
.9
16,000,000
3,729,288
5,371,268
—1.9
7.300.000
10,835,897
21,931,365
32,385,736 + 52.1
22,119,025
25,772,718
+
18.6
44,175,786
9,143,237
13,337,185
15,259,922 + 28.9
0,710,476
9,204,110
13.318,209 —15.6
5,052,801
5,050,044
—7.5
8,152,339
9,443,005
9,413,779
12,665,606 + 10.4
4,071,698
6,099,756
6,544,922 + 62.4
6,624,078
4,998,991
5,242,754 + 90.4
2,273.575
2,230,151
3,710,485 —18.0
3,500,000
2,201,434
4,428,844 + 16.8
2,326,360
2,197,774
— 0 .2
2,705,534
3,231,492
3,007.131
4,655,599 + 22.4
2,448,075
2,597,704
+
2
.6
2,728,462
2.691.080
3,384,035
4,293,711 + 20.3
1,377,609
1,704,805
1,762,747 —12.3
3,259,016
5,134,040
9,627,365 —24.3
3,496,042
1,357,856
2.700.000 —18.5
5,188,815
3 ,0 0 0 ,0 0 0
2.700.000 —14.8
427,185
345,952
—9.0
583,505
538,029
097,104
+ 1 .8
491,284
1.059.080
1,370,669
+ 3.9
2,523,517
2,032,408
6,13J,817
6,890,790 + 11.7
7,800,482
14,507,503
+ 5.0
2 0 ,0 0 0 ,0 0 0
— 1 .8
2,444,401
468,015,587
+ 8 .‘
367.161.9431 307.409.808
C a n a d ia n B an k C le arin g s.— Tho oloarings of tho Cana
dian banks for the month of December 1918 show an increase
over tho same months of 1917 of 3 8 .0 % , and for tho twelve
%
S
$
%
7.662,112,129 + 29.7
794,070,921 815,759,572 — 2.7 9,940,811,361 1,660,622,661 + 17.4
months tho gain reaches 9 .2 % .
_________________________—
224,325,311 153,288,593 + 46.3 1,949,161,529 1,873,581,133 + 50.5
231,346,943 179,278,987 + 29.0 2,819,655,975 758,148,987 + 6.5
807.199,130
68,899,097 + 17.2
80,770,728
38.1
82,921,310 + 44.5 1,203,205,822 871,020,342 +
119,782,920
+ 17.3
64,402,011 + 20.9 892,371,587 760,931,107
77,838,593
—
+
19.4
1918.
415,867,804
496,483,088
32,093,000 + 2 2 .6
39,337,000
+ 32.4
30,982,953 + 25.6 440,731,343 332,794,959
38,904,333
%
341,454,209
+
36.0
464,350,171
%
+
5.0
34,485,276
30,226,963
51.6
+ 71.4 4,833,924,288 4,188,255,210 + 1 5 .4
29,925,054 +141.0 478,765,697 316,935,865 +
Montreal-- 558,226,971 325,695,964
72,127,075
3,379,864,506 3,001,785,565 + 1 2 .5
201,184,573 + 13.4
+
32.9
227,780,474
252,350,644
+
2.4
335,283,840
16,521,294
16,913,926
— 9 .9
+ 15.6 Toronto—
1 .4 2,362,734,211 2,622,924,702
15,492,487 — 16.3 166,969,695 144,488,046
Winnipeg - 298,131,646 245,705,784 ++ 237.4
12,973,182
419,610,898 + 2 9 .9
+ 10.4
545,368,711
39,105,577
53,722,900
11,496,364 + 13.1 140,241,124 127,077,612 — 18.8
Vancouver
13,000,000
291,197,714 + 2 2 .8
357,598,751
126,923,470
+ 60.7
103,030,967
26,626,200
+
5.9
42,798,884
8,440,416
Ottawa - -.
8,937,074
213,505,003 + 1 1 .5
238,004,224
+ 23.2
18,794,379 + 33.1
24,918,408
8,975,502 + 60.7 123,761,031 100,395.359 + 23.3
Quebec . . .
14,424,C67|
151,835,676 + 4 1 . 1
214,259,302
85,334,107
12,231,424 + 58.7
19,406,105
7,956,550 + 18.7 105,240,127
Halifax . . .
9,440,8071
244,401,330 + 7 .2
262,070,476
— 0.3
102,625,491
+
3.6
102,349,069
21,894,374
+
5.8
22,689,947
10,686,491
Hamilton — 5 .0
11,304,406
348,663,420
331,334,577
—
10.5
44,738,587
40,045,461
35,816,519 — 8.5
32,788,874
3,472,093 — 3.1
Calgary .
3,366,373
104,127,590 + 1 2 .5
117,133,609
32,577,289 + 12.3
36,590,859
8,329,418 + 21.7
2,868,754 + 9.6
10,133,912
3,142,682
St. John
112,664,207 + 1 2 .7
—
16.1
126,958,350
120,970,992
+
24.8
101,496,371
10,091.271
12,596,173
10,193,453 — 34.1
London 0,714,655
84,822,216 + 1 9 .0
101,471,852
53,997,962 + 29.3
69,816,303
8,155,993 j -2 0 .8
9,849,214
5.084.000 + 18.9
Victoria—
6,044,798
142,600,771 + 2 0 .3
171,527,928
58,895,017 — 0.1
58,828,074
14,765,345 + 16.3
6,321,011 + 1.1
17,172,178
Edmonton
6,388.232
+ 8 .7
169,800,113
+
21.9
32.410,905
184,024,631
39,507,187
+
11.4
17,564,008
19,562,144
2,924,464 + 3.1
Regina----3,014,925
30,915,939 + 5 .0
32,654,376
26,168,367 + 1 1 .8
29,260,492
3,478,363 — 0.3
3,567,955
2,030,889 + 14.0
Brandon ..
2,314,198
45,021,069 — 0 . 9
95,547,483 — 1.2
41,901,918
—
0.7
94,425,741
4,035,579
—
5.6
4,008,334
6.496.000
Lcthbrldgo
6.131.000
94,340,055 — 3.1
91,431,880
04,780,000 + 8 . 1
70,027,800
8,768,943 + 8.9
9,550,949
6.570.000 + 2 0 .6
7.925.000
05,585,095 + 1 9 .0
78,425,563
18,297,982 + 17.0 Saskatoon.
21,409,384
6,908,983 + 48.0
10,224,794
1,526,915 + 28.7
Moose Jaw
1,963,672
42,189,479 + 1 4 .1
+
18.3
17,747,096
48,141,351
+
17.9
20,991,072
3,868,538
4,559,418
1,642,624 — 0 .8
Brantford.
1,630,270
34,134,051 + 1 1 .5
—
2.3
38,043,344
33,955,907
33,175,429
4,125,316 — 15.8
4,060,821
2,933,923 + 32.6
Ft .William
3,890,122
17,480,438 + 3 4 .8
23,505,159
25,627,972 + 12.3
+
35.5
28,790,561
1,669,131
—
12.1
2,262,279
3,298,995
New W ’ m'r
2,907,340
30,710,159 — 2 1 .0
+
6
.0
24,088,543
24,709,471
—
15.7
26,198,727
2.614.230
2,204,992
2,291,026 + 6.4
Med. Hat.
2,437,537
+ 1 4 .1
32,917,018
37,574,621
3,187,163 + 2 2 .0
3 ,s s 7 ,o :> i
Peterbor 'h
33,949,513 + 2 4 .9
42,406,084
2,772,259 + 33.9
+ 14.1 21,132,766,651 16,531,922,938 + 27.8
3,711,311
Sherbrooke
+ 7 .0
30,268,042
Tot.oth.West 1,859,603,053 1,629,249,134
32,558,596
2.860.231 + 14.2
3,266,496
Kitchener .
7,838,840,910 6,967,495,305 + 12.5
707,824,872 673,511,109 + 5.1 2,660,460,335 1,968.023,800 + 35.2
T
otal
can
,
,
1.081,415,636l
+
38.6l13,717,072,800ll2,556,718,4881
.+
9 ,2
St. Louis.+ 12.3
1,013,771,225 + 14.4
New Orleans. 268,348,153 238,883,673
96,380,312 + 8 .8 1.159.895.314 703,647,253 + 13.2
104,883,326
Loulsvlllo —
790,351,625
+
6
.1
The
clearings
for
tho
week
ending
Jan.
2
at
Canadian
71,655,205
76,060,650
283,295,093 — 1.7
Houston!-----30,036,750 — 3.1 278,382,862 1,471,049,260+63.4
29,096,247
Galveston -
2.404.367.314
cities, in comparison with tho same woek in 1918, show an
254,062,964 171,504,209 + 48.1 2,528,485,084 1,605,493,791! + 57.5
Richmond- +
1
2.1
235,053,501
621,083,833 + 18.9
Atlanta-------- 263,563.026
incroase in the aggregate of 2 2 % ._____ _____________________ .
80,178,000 + 20.3 738,478,608 668,322,419 + 3.9
96,473,321
Memphls.
74,366,078 — 2 1 .8 694,451,202 415,550,110 — 9.7
58,155,278
Fort W orth.42,825,164 — 29.21 375,114,010 530,907,290 + 4 0 .5
2.
30,325,923
Savannah —
61,768,628 + 19.9 746,156,611 322,698,918 + 33 .5
74,031,267
Nashville
34,983,513 + 18.4 430,333,023
41,428,945
+ 89.4
184,895,498
Norfolk..
350,176,547
208.6
19,124,060
59,015,158
Birmingham.
20,188,220— 11.5 191,257,769 154,096,492 + 24.1
17,870,134
217,564,880 + 26.1
Augusta . .
29,900,647 — 8.7 274,331,301 207,077,841 + 30 .6
%
27,309,437
Little R ock..
03,880,321
80,175,080
20,728,493] + 62.4 282,876,720 205,456,850 + 2 6 . 0
74,890,575 + 32.6
33,655,262
99,332,264
Jacksonvllle.
Montreal----------53,554,882
60,019,892
20,562,063 + 2 1 .8 258,822,628 150,508,832 + 14.8
58,880,596 + 24.0
25,037,002
73,040,355
Chattanooga172,843,017
Toronto------------44,004,131
38,034,043
15,744,291
+
2
.4
+
12
.1
43.075,204
16,118,850
48,948,302
70,960,873 + 9.9
Charleston . .
Winnipeg..............
77,958,108
5,753,540
6,986,810
6,594,237 + 6 .1
+ 27.1
8,142,373
7.000.
287
10,352,478
+
1
1
.2
125,097,393
Mobile--------Vancouver...........
139,393,356
5,210,968
5,307,818
10,747,460;
+
4
.8
+
24.0
5,334,224
11,260,733
6,645,705
Knoxville —
471,044,310 395,682,125 + 19.0
Ottawa....... ..........
2,569,929
4,033,436
43,509,788—
17.6
4,117,630 + 13.3
35,834,845
4,665,682
91,317,790 + 18.0
Oklahoma.. .
4,413,395
Quebec--------------3,315,543
12,047,280— 25.6 107,762,653
+
37.1
3.016.430
8,960,948
4,135,647
75,689,842 + 4 4 .6
Macon.........
109,454,790
Halifax..................
4,277,000
4,810,751
+
14.3
9,459,109
—
2
.1
4.708.430
10,812,532
4,603,304
182,051,911 + 1 .8
Columbia . .
Hamilton..............
1,704,920
2,272,708
+ 24.6
17,865,299 — 27.4 185,372,224
1,088,250
12,975,434
2,487,457
+
15.9
58,840,430
Austin............
1,433,423
68,216,730
St. John................
1,334,330
+
24.6
+
0.5
5,072,416
1,075,000
6,318,245
1.700.000
+ 25 .8
10,869,273
Beaumont___
21,217,772
2,427,979
Victoria------------2,043,301
+
3.1
+
15.0
2,170,504
2.357,053
2,237,800
2,710.104
38,068,733 + 21.9
Vicksburg —
40,417,126
4,330,620
London ------------5,009.927
+ 0 .8
4,059,253 + 5.1
0,053,609
4,266,687
6,706,880
+
34.7
29,535,270
Wllm’n.N .C
39,780,020
2,517,277
Calgary.........
2,542.414
3,787,279 — 5.4
3,182,840 + 1 0 .6
3,584,297
3,711,022
200,696,077 + 9 .6
Columbus,Ga
Edmonton —
2,726,871
3,405.759
— 6 .8
17,398,767 + 19.5 226,641,693
3,697,521
20,782,340
3,444,040
28,812,380 + 5.6
El Paso.
30,424,473
893,658
Regina............
681./70
—
3.2
2,498,296 + 8 .6
805,002
2.712.0.
85
780,000
Jackson-------470,983,150 340,102,694 + 3 8 .5
531,863
Brandon-----788,137
+
30.7
+
23.3
30,475,910
030,785
39,832,271
777,870
Tulsa___
1,350,940
Lethbridge.........
1,629,390
4.3 133,616,638 113,440,921 + 17.8
+ 1 .6
13,529,262
1,698,009
12,950,187
1.725.000
+
36.2
790,312,780
Muskogee—
Saskatoon —
1,076,092,264
719,473
795,888
+
2
0
.2
92,134,348
+
29.1
976,108
110,758,577,
1,260,199
33,223,442 + 9 .0
D allas_____
Brantford---------1,202,033
36,397,800
1,351,097
3,903,830 + 2.3
1,495,541 + 33.1
4,056,707|
1,990,573
32,885,508 + 61.7
Texarkana . .
Moose Jaw . .
53,187,843
490,494
589,192
—
3,404,910 + 65.1
774,259
5,621,834]
774,256
+
24.1
59,582,511
N ’port News
Fort William-----239,801
73,920,742
240.901
5,875,057 + 31.3
358,329 + 30.7
7,715,108
468,524
+ 37.0
58,438,424
T a m p a -----New
Westminster
385,035
80.426.537
670
7,181,019 — 0 .0 2
491,238 — 47.8
7,180,199]
256,116
38,659,621 + 2 5 .0
Montgomery
Medicine H a t ..
644,355
48.343.537
. . 90S
+
9.7
4,538,999 + 18.3
828,944
5,370,000
908,830
109,023,913 + 2 1 .1
Raleigh-----Petcrborough
.
.
.
132,002,711
98
+
5.5
+
20.4
12,857,133
078,090
13,561,914
816,743
Shreveport . .
Sherbrooke -.
,024
— 8.3
576,754
52ff,638
+
2
5
.4
Kitchener . . .
9 S I 7 . 0 5 2 .9 3 5 1 2 ,2 4 6 ,5 6 5 ,2 8 6 ' + 1 2 .0i25 ,8 1 0 ,6 9 8 ,0 0 5 2 0 ,5 8 6 ,8 4 9 ,1 1 9 ]
Tot. South
228,846,089! 205.298,074
No returns obtainable except
Total nanndaJ 282,770,055 231,039,516 + 2 2 .0
* Figures for lato months of 1918 estimated,
bank transactions.
Kansas City
Minneapolis
O m aha-----St. Paul.........
Denver
St. Joseph..Des Molne3Sloux C ity-Wlchlta.........
D uluth-----Lincoln -------Topeka-------Davenport *Cedar Rapids
Fargo......... Sioux FallsH elen a-----Colo. Springs
Pueblo-------Waterloo—
Aberdeen —
Billings.........
Fremont-----Hastings-----Joplin______
Grand ForksIowa C lty ..
Lawrence . .
Lewlstown Kan.C’ y.Kan
Oshkosh . .
TwelveMonths.
Clearings
at
Inc.or
Dec.
Inc. or
Dec
1 508485.599
Clearingsat—
WeekendingJanuary
Inc. or
Dec.
0.0
•10
iyn
Jan . 11 1919.]
THE CHRONICLE
C o m m e r c ia l m id J H io c e lla u e o tts g L e m s
an(! 1211 iS d for the six months
RUCl JL U 17-lo.
Breadstuffs figures brought from page 186.__The
statemen ts below are propared by us from figures colleetod by
tho Now York Produce Exchange. Tlio rccoipts at Western
lako and rivor ports for tho week ending last Saturday and
sinco Aug. 1 for each of tho last three years have boonW h ea t.
C h ic a g o . .
M in n e a p o lis -.
D u l u t h ___
M il w a u k e e _ _
T o l e d o _____
D e t r o i t '. . . .
S t. L o u is ..
P e o r i a _____
K an sas C lty .
O m a h a ___
I n d i a n a p o l is -
H a rley .
P a n a m a C a n a l—
T o l l s , & c ......................
R ye.
5 Ws. 19616s b u s h . 6 0 lbs b u sh . 5 6 lbs b u sh . 32 lbs
b u s h A S lb s b u sh .5 (ilb s.
1 0 7 ,0 0 0
1 ,0 1 6 ,0 0 0
1 ,0 5 2 ,0 0 0
1 ,3 3 3 ,0 0 0
4 0 0 .0 0 0
1 5 2 .0 0 0
2 ,3 3 0 ,0 0 0 .
1 7 2 ,0 0 0
7 3 8 .0 0 0
2 1 0 .0 0 0
1 5 2 .0 0 0
2 ,9 0 5 ,0 0 0
4 1 .0 0 0
6 9 ,0 0 0
1 8 1 .0 0 0
1 6 ,0 0 0
3 2 4 ,0 0 0 ?
3 5 .0 0 0
6 4 7 .0 0 0
2 6 2 ,0 0 0
1 7 1 ,0 0 0
5 1 ,0 0 0 !
3 6 .0 0 0
6 0 .0 0 0
1 4 ,0 0 9 !
3 2 .0 0 0
3 7 .0 0 0
3 9 .0 0 0
3 3 4 ,0 0 0 !
3 0 9 .0 0 0
3 7 2 .0 0 0
2 4 .0 0 0
4 .0 0 0
5 9 .0 0 0
1 1 ,0 0 0
4 6 9 .0 0 0
1 8 3 .0 0 0
2 1 .0 0 0
3 .0 0 0
5 ,0 0 0
3 2 4 .0 0 0
4 1 0 .0 0 0
2 2 6 .0 0 0
4 6 2 .0 0 0
5 6 8 .0 0 0
3 2 6 ,OOOj
1 9 ,0 0 0
2 9 5 ,0 0 0 ,
2 9 .0 0 0
T o t a l w k . ’ 19
S a m e w k . '1 8
S a m e w k . ’ 17
S in c o A u g . 1
1 9 1 8 -1 9 ...
1 9 1 7 - 1 8 ___
1 9 1 6 - 1 7 ___
O a ts.
R e c e ip ts .
O rd in a ry —
C u s t o m s ...................................
In te rn a l R e v e n u e :
In c o m e & e x c . p r o f, ta x
M i s c e l l a n e o u s . .................
M is c e ll a n e o u s r e v e n u e ___
2 8 4 .0 0 0
3 2 8 .0 0 0
3 3 7 .0 0 0
7 .7 9 0 .0 0 0
3 . 1 0 3 .0 0 0
4 .4 7 5 .0 0 0
3 .3 8 2 .0 0 0
4 .4 2 8 .0 0 0
5 .6 2 3 .0 0 0
3 ,9 9 2 ,0 0 0
9 9 5 ,0 0 0
6 ,3 5 5 ,0 0 0 ! 2 ,2 5 4 ,0 0 0
2 ,6 2 1 ,0 0 0 ! 1 ,3 4 8 ,0 0 0
6 6 3 .0 0 0
4 9 8 .0 0 0
2 9 6 .0 0 0
N e w Y o r k ___
P o rt A r t h u r ..
P h il a d e l p h i a .
l l a l t l m o r o ___
N e w p o rtN cw s
N e w O r le a n s *
G a l v e s t o n ___
M o n t r e a l _____
B o s t o n ________
P a rrels.
1 8 4 ,0 0 0
B u s h els .
6 6 9 .0 0 0
2 4 6 .0 0 0
5 8 2 .0 0 0
8 0 3 .0 0 0 1
4 3 ,0 0 0
1 5 1 .0 0 0
5 .0 0 0
1 0 7 .0 0 0
2 2 0 .0 0 0
7 .0 0 0
5 5 ,0 0 0
T o t a l w k . '1 9
S l u c c J a n . 1 ’ 19
B a r le y .
7 7 5 ,0 0 0 !
7 7 5 ,0 0 0
B u s h e ls .
5 5 9 ,0 0 0
B u s h els
7 6 ,0 0 0
6 7 .0 0 0
1 4 .0 0 0
6 0 8 ,0 0 0
3 9 7 ,0 0 0
3 9 ,0 0 0
1 8 ,0 0 0
1 1 0 ,0 0 0
3 4 6 .0 0 0
3 4 6 .0 0 0
3 8 ,0 0 0
1 ,0 0 0
2 , 3 6 4 ,000!
2 ,3 6 4 ,0 0 0 '
6 3 7 ,0 0 0 !
6 3 7 ,OOO]
2 0 4 .0 0 0
2 0 4 .0 0 0
4 2 2 .0 0 0
6 7 8 ,0 0 0 ,
172,000|
1 ,0 3 3 ,0 0 0
5 0 ,0 0 0 !
1 3 8 .0 0 0
4 2 2 .0 0 0
6 7 8 ,0 0 0
1 7 2 ,0 0 0 '
1 ,0 3 3 ,0 0 0 !
5 0 ,0 0 0 !
1 3 8 .0 0 0
* R e c e i p t s d o n o t I n c lu d e g r a in p a s s in g t h r o u g h N e w O r le a n s f o r fo r e ig n n o r t s
o n t h r o u g h b ills o f l a d in g .
p orts
The oxports from tho sovoral soaboard ports for the wook
ending Jan. 4 aro shown in the annoxod statement:
W h ea t.
C orn .
B u s h e ls .
8 1 7 ,8 6 2
3 5 0 ,0 0 0
2 8 6 ,0 0 0
2 3 0 .0 0 0
N o w Y o r k ___
B o s t o n _______________
P h i l a d e l p h i a ________
R ye.
..............
6 0 ,0 0 0
..............
5 ,0 0 0
2 7 0 ,0 0 0
9 1 7 ,0 0 0
S in ce
J u ly 1
1918.
W eek
Jan. 4
1919.
3 , 5 8 5 ,4 0 2
3 . 1 7 2 ,8 5 0
2 ,4 3 0 , 8 8 7
1 0 ,0 9 4 2 2 3
7 0 9 ’ l '•.7 807
2 ,6 6 4 ,3 0 6
5 2 3 ,3 5 0 ,1 9 3
5 6 5 3 ,4 0 1 ,6 7 4 , 6 1 7
933374396
_____
6 059 578 690
’ 1 6 ,0
,UJU
6 9 1 ,6----------2 2 ,0 0"0 -9 ,0 6 9 ,8
0 0 3 ,4 "o '2 ',Y l5 "6 6 6
1 0 ,2 3 6 ,4 5 1
6 6 4 ,8 2 1 ,4 8 1
1 0 ,2 3 6 ,4 5 2
......................
1 9 8 ,1 8 0
7 1 8 ,8 0 0
9 ,8 4 9 , 0 0 0
6 1 3 ,8 6 8
1 3 ,6 5 8 ,0 4 3
2 ,2 8 4 , 8 6 0
111 am
7,410.228 922
0 1 1 ,2 9 7 ,4 2 6 8 ,5 5 9 ,7 5 4 ,0 2 9 2 ,4 2 1 ,0 4 5 , 1 5 8
1 ,9 1 4 ,4 3 4
6 ,8 6 9 ,5 3 2
9 ,6 3 4 , 0 0 7
4 9 2 .0 0 0 .0 0 0 2 ,0 6 1 ,9 8 6 ,6 9 8 2 ,7 7 1 ,1 2 9 , 7 5 0
3 ,5 0 0 ,0 0 0
3 7 ,3 2 9
3 9 0 ,0 8 5 ,4 5 9
4 9 3 ,9 1 4 ,4 3 4 2 ,0 7 2 ,3 9 3 ,5 5 9 2 , 7 8 0 ,7 6 3 ,7 5 7
P u b l ic D e b t—
B o n d s , In t .-b e a r in g n o t e s .
O n e ^ y e a r T ^ e a ^ n o t M ^ e - 2 ’ 2 3 1 ’ 2 3 7 ’ 7 9 9 1 ’ 4 3 4 ’ 4 8 9 ’ 7 5 3 8 .2 0 8 .6 7 5 ,1 7 4 3 ,0 6 9 .7 5 3 .5 2 5
d eem ed (S e c. 18, F e d .
R es.
A ct,
approved
N a t . b a n k n o t e s a n d F ed".
R e s . b a n k n o t e s r e t ir e d
( A c t s o f J u l y 14 1 8 9 0
a n d D e c . 23
9 ,8 4 9 ,0 0 0
1 9 1 3 )...
1 ,6 8 6 ,0 3 0
_ l 0 t a l .................................. - 2 , 2 3 2 ,9 2 3 ,8 2 9
1 ,4 3 9 ,7 2 5
1 0 ,8 8 1 .5 5 3
9 ,8 4 9 ,0 0 0
1 2 ,8 1 6 ,8 5 8
1 ,4 3 5 ,9 2 9 ,4 7 8 8 ,2 2 9 ,4 0 5 ,7 2 7 3 ,0 9 2 .4 1 9 .3 8 3
2 . 5 4 1 , 1 4 1 . 3 3 7 i 8 ,8 6 1 . 5 5 3 , 3 1 5 7 7 2 9 4 , 2 2 s , 2 9 8
_____
..............................................................................................................
3 3 4 ,6 6 0 ,4 6 0 1 , 0 1 4 .3 5 7 .9 1 7
5 0 4 ,9 5 0 ,5 4 4
3 1 4 .4 5 7 .7 9 8
w eek
1 8 ,0 7 5
300
NOTES—CHANGES IN TOTALS OF, AND IN
and since DEI OSITED
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
S in c e
J u ly 1
1918.
B u sh .
1 ,4 8 8 ,6 4 2
1 ,1 9 5 ,2 2 0
W eek
Jan. 4
1919.
B ush.
2 7 ,0 7 7 ,3 4 5
3 5 ,1 0 1 ,8 7 4
B ush.
5 0 ,5 5 0
B ush.
1 ,5 9 1 ,4 9 9
1 ,1 8 9 ,0 2 8
1 6 ,1 2 5
4 5 ,0 2 4
4 4 ,5 0 5
2 ,2 5 3
2 ,6 8 3 ,8 6 2
1 ,0 1 9 ,1 2 2
6 2 ,1 7 9 ,2 1 9
4 1 ,6 2 9 ,2 0 2
5 0 ,5 5 0
1 5 9 ,9 4 2
1
2 ,8 4 3 ,9 2 9
7 ,8 7 9 ,2 1 2
1917
W h ea t.
1 9 1 8 -1 9 .
W eek
Jan. 4.
S in c e
J u ly 1 .
S in c e
J u ly 1.
B u s h e ls .
B u s h e ls .
B u s h els .
5 ,8 3 4 ,0 0 0 1 4 7 ,4 5 8 ,0 0 0 1 5 5 .5 6 8 .0 0 0
636", 6 6 5
6 6 0 ,0 0 0
8 2 ,0 0 0
5 7 . 2 6 1 .0 0 0
2 0 . 3 3 6 .0 0 0
5 .6 2 3 .0 0 0
1 .9 9 0 .0 0 0
a ro
C orn.
a 1 9 1 7 -1 8 .
8 ,4 2 0 * 0 0 0
2 6 .1 5 8 .0 0 0
1 0 ,0 3 4 ,0 0 0 ,
1 ,3 1 7 ,0 0 0
1 9 1 8 -1 9 .
W eek
Jan. 4.
B u s h els .
5 1 ,0 0 0
S in c e
J u ly 1 .
B u s h e ls .
6 ,2 0 6 ,0 0 0
a 1 9 1 7 -1 8 .
S in c e
J u ly 1 .
17",632",OOO
11" , 302 ",666
6 4 ,6 6 5
2",059",556
2","o 5"o~,666
2 7 ,5 4 9 ,0 0 0
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
W h ea t.
U n ite d
j
K i n g d o m . C o n t in e n t .
B u s h e ls .
N o t a v a il
N o t a v a il
N o t a v a il
N o t a v a il
1 B u s h els .
a b le
a b le
a b le
a b le
C orn.
T o ta l.
U n ite d
K in g d o m .
C o n t in e n t .
B u s h els .
B u s h els .
B u s h e ls ,
T o ta l.
i B u s h e ls .
GOVERNMENT REVENUE AND EXPENDITURES
—Through the courtosy of tho Secretary of tho Treasury wo
aro onabled to place beforo our readers to-day tho details of
Govornmont rocoipts and disbursements for Docembcr 1918
C ir c u la tio n A f l o a t U n d e r —
1 9 1 7 -1 8 .
B onds.
D e c . 31 1 9 1 8 . .
N o v . 3 0 1 918
O c t . 31 1 9 1 8 . .
S e p t .3 0 1 9 1 8 ..
A u g . 31 1 9 1 8 . .
J u ly 31 1 9 1 8 . .
Juno 30 1 9 1 8 ..
M a y 31 1 9 1 8 . .
A p r. 30 1 9 1 8 ..
M a r .3 0 1 9 1 8 ..
F e b . 2 8 1 9 1 8 ..
J a n . 31 1 9 1 8 ..
D e o 31 1 9 1 7
6 8 4 .6 4 8 .9 5 0
6 8 4 .4 6 8 .9 5 0
6 8 4 ,4 4 6 ,4 4 0
6 8 3 ,0 2 6 ,3 0 0
6 8 2 ,4 1 1 ,7 3 0
0 9 0 .8 3 1 .2 6 0
6 9 0 ,3 8 4 ,1 5 0
6 9 1 ,5 7 9 ,1 6 0
6 8 8 ,9 6 9 ,7 1 0
6 8 8 ,0 6 0 ,5 1 0
6 8 5 ,3 4 9 ,4 1 0
6 8 4 .5 0 8 .2 6 0
6 8 3 .5 8 1 .2 6 0
L eg a l
T en d e r s .
L eg a l
T en d ers.
S
3 9 ,8 6 7 ,3 3 2
4 0 ,4 2 1 ,6 2 2
4 1 ,8 3 3 ,5 6 2
4 3 ,4 6 7 ,3 0 7
4 4 ,1 0 8 ,1 8 2
3 6 .1 5 0 .4 1 7
3 6 ,8 7 8 ,9 7 9
3 5 ,9 8 9 ,5 7 5
3 6 ,1 8 9 ,8 1 7
3 6 .2 5 2 ,3 6 0
3 7 .0 4 7 ,2 7 5
3 6 ,3 1 1 ,6 7 0
3 7 .3 9 7 .6 4 9
T o ta l.
6 8 3 ,6 6 1 ,8 7 8
6 7 6 ,4 3 1 ,5 3 3
6 7 9 ,6 3 7 ,5 7 5
6 7 8 ,4 6 5 ,8 6 3
6 8 0 ,2 1 0 ,4 7 0
8 8 7 .5 7 7 .6 4 5
6 8 7 ,3 2 6 ,5 0 8
6 8 7 ,9 9 8 ,0 7 0
6 8 6 ,0 9 8 ,3 6 0
6 8 4 ,6 6 7 ,1 4 7
6 8 0 ,9 9 2 ,7 3 0
6 8 1 ,5 2 1 .5 4 5
6 8 1 .8 1 4 ,9 8 1
3 9 ,8 6 7 ,3 3 2
7 2 3 ,5 2 9 ,2 1 0
4 0 ,4 2 1 ,6 2 2
7 1 6 ,8 5 3 ,1 5 5
4 1 .8 3 3 .5 6 2
7 2 1 .4 7 1 ,1 3 7
4 3 ,4 6 7 ,3 0 7
7 2 1 ,9 3 3 ,1 7 0
4 4 ,1 0 8 ,1 8 2
7 2 4 ,3 1 8 .6 5 2
3 6 ,1 5 0 .4 1 7
7 2 3 .7 2 8 .0 6 2
3 6 ,8 7 8 .9 7 7
7 2 4 ,2 0 5 ,4 8 5
3 5 ,9 8 9 ,5 7 5
7 2 3 ,9 8 7 ,6 4 5
3 6 ,1 8 9 ,8 1 7
7 2 2 .2 8 8 ,1 7 7
3 6 ,2 5 2 ,3 6 0
7 2 0 ,9 1 9 ,5 0 7
3 7 ,0 4 7 .2 7 5
7 1 8 ,0 4 0 .0 0 5
3 6 ,3 1 1 ,6 7 0
7 1 7 ,8 3 3 ,2 1 5
3 7 ,3 9 7 .6 4 9
7 1 9 ,2 1 2 ,6 3 0
J 12S’ 143’53° F e d e r a l R e s e r v e b a n k n o t e s o u t s t a n d i n g J a n . 1, o f w h ic h S127 4 49 0 0 0 c o v e r e d b y b o n d s a n d $ 6 9 4 ,5 3 0 b y la w fu l m o n e y .
n $ 1 2 7 ,4 4 9 ,
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 Dec 31
B u s h e ls .
1 4 ,1 9 7 ,0 0 0
1,150", 6 6 6
7 , 2 1 2 ,0 0 0 2 3 2 ,6 6 8 ,0 0 0 2 0 1 .4 9 7 .O O o! 1 .2 6 5 ,0 0 0 ' 2 5 .8 9 7 000
B o n d s a n d L eg a l T e n d e r s
o n D e p o s it f o r —
S in ce
J u ly 1
1918.
Tho world’s shipments of wheat and corn for the wook
ending Jan. 4 1919 and sinco July 1918 and
shown in tho following:
J a n . 4 1 9 1 9 ..
D e c. 28 1 9 1 8 ..
Jan.
5 1 9 1 8 ..
Jan.
6 1 9 1 7 ..
5 6 7 ,1 1 0 ,7 8 1
3 ,3 8 4 ,6 4 6
C orn.
W eek
Jan. 4
1919.
T o t a l ____________ 6 6 9 ,5 9 3
T o t a l 1 9 1 8 ________ 1 0 1 ,1 7 2
T o t a l _____
1 ,6 0 9 ,1 0 6 ,4 6 4
6 2 6 ,5 6 8
» R e c e i p t s a n d d is b u r s e m e n t s f o r J u n e r e a c h in g t h e T r e a s u r y In J u l y a r e I n c lu d e d .
5 0 ,5 5 0 6 6 9 ,5 9 3 2 ,7 6 6 ,6 7 0
5 3 9 ,5 0 2
1 5 9 ,9 4 2 1 1 0 1 ,1 7 2
9 6 2 ,8 5 5 4 4 2 ,5 5 1 2 4 9 ,0 4 2
B r ls.
1 ,6 4 1 ,0 1 5
1 ,7 1 5 ,7 5 2
4 1 ,3 7 2
1 4 2 ,7 5 8
N o rth A m or.
R u s s i a ...........
D a n u b e _____
A r g e n tin a . .
A u s t r a l i a ___
I n d i a ..............
O th . c o u n tr ’s
1 0 4 ,4 3 2 ,5 0 2
4 3 1 ,5 8 8
E x c e s s 1^ ? ' t o t a l ^ r c e e l i f t s 4 ’ 2 9 3
..............
B r ls .
U n i t e d K i n g d o m . 4 7 7 ,6 0 7
C o n t i n e n t _________ 1 7 1 ,9 8 6
S o . & C e n t. A raer.
7 ,0 0 0
W e s t I n d i e s ______
1 3 ,0 0 0
B r it . N o . A m . C o l s .
O th er c o u n t r ie s ..
E x p o rts.
2 0 3 ,4 7 0 ,6 7 6
..
o v e r t o t a l d is b u r s e m ’ ts
E x c e s s o f t o t a l d is b u r s e m e n t s o v e r t o t a l r c c 't s .
r ? he,1 ^1918
'n a tio
those exports for tho
July
is nas ofbelow:
E x p o r ts f o r W e e k ,
a n d S in ce
J u ly 1 to—
B a rle y
2 8 9",475
7 5 4 .0 0 0
2 4 6 .0 0 0
T o t a l w e e k ______ 2 ,6 8 3 ,8 6 2
W e e k 1 9 1 8 . ........... .. 1 ,0 1 9 ,1 2 2
O a ts.
B u s h els . B a r r e ls .
B u sh els. B u sh els. B u sh els.
5 0 ,5 5 0 3 3 4 ,5 9 3 1 ,4 4 0 ,1 9 5
5 3 9 ,5 0 2
1 8 ,0 7 5
N e w p o r t N e w s _____
P t . A r t h u r , T e x ___
F lo u r .
..
T o t a l .....................................
W e e k 1918
S l n c o J a n . l ’ 18
E x p o r ts f r o m —
4 6 ,1 8 7 , 7 8 6
3 2 9 ,3 6 4 , 1 4 4
T o t a l - ...................................1 ,6 7 0 .8 9 0 ,3 9 7
S p e c ia l—
P a n a m a C a n a l:
C h ecks
p a id (le s s b a la n c e s r e
p a id , & c . ) ...........................
1 ,0 3 3 ,4 5 9
P u r c h a s e o f o b lig a tio n s o f
f o r e ig n G o v e r n m e n t s . .
3 8 9 ,0 5 2 ,0 0 0
P u rch a se o f F ed era l F arm
L oa n bon d s:
P r i n c i p a l ________________
A c c r u e d I n t e r e s t ________
8 3 ,0 0 0
3 ,5 1 2 ,0 0 0
3 ,5 1 2 ,0 0 0 ,
6 8 5 ,4 7 3 ,6 6 2
5 8 9 ,4 1 9 ,2 5 7
* c2 - _ : . v - . r . - , - . - 7 - , , - - 1 ’ 6 2 1 ’ 1 2 5 ,7 3 4
5 9 4 ,7 1 8 ,3 7 6 8 ,3 5 2 ,5 3 8 ,1 3 0 2 , 3 9 3 ,1 1 7 , 6 3 9
I n t . o n p u b lic d e b t p a ld l I
4 9 ,7 6 4 ,6 6 3 ____ 1 6 ,5 7 9 ,0 5 0
2 0 7 ,2 1 5 ,8 9 3
2 7 ,9 2 7 , 5 1 9
B u s h els .
1 ,0 1 6 ,0 0 0
1 1 5 ,0 0 0
1 4 5 ,0 0 0 '
1 3 ,7 2 5 ,5 3 4
6 1 ,4 2 5 ,0 7 6
G r a n d t o t a l r e c e i p t s . . . 3 , 9 5 9 ,2 3 9 ,2 2 5 1 . 6 2 6 , 7 8 3 , 4 2 0 187:156.602 771 ' 7 ^ 7 9 . 7 7 0 590
D is b u r s e m e n ts .
■r '
'
'
.
O rd in a ry —
C h e c k s a n d w a r r a n t s p a id
(le s s b a la n c e s r e p a id ,
R ye.
B u s h els .
2 4 6 ,0 0 0
1 5 1 .0 0 0
2 8 7 .0 0 0
1 5 0 ,0 0 0 !
6 2 1 ,0 0 0 '
6 A fo s. 1 9 1 7
S
8 3 ,7 3 9 ,3 2 4
6 1 ,9 1 6 ,6 4 8
1 1 7 ,6 5 8 ,4 8 3
1 4 ,2 i3 ,6 3 7
]’0 t a l......... - ..................3,755,336.961 1,421.724.34916.744
Total rocoipts of flour and grain at tho soaboard ports for
tho wook onded Jan. 4 1919 follow:
W h ea t.
of tho fiscal years 1918-19
D ec. 1917.
*6 M o s . 1918.
S
S
1 1 ,2 4 7 ,2 1 4
7 6 ,4 5 1 ,5 8 3
P u b l ic D eb t—
F ir s t L i b e r t y L o a n b o n d s
........................
S e c o n d L ib . L o a n b o n d s .
in
T h i r d L ib L o a n b o n d s . .
5 1 ,8 4 0
L o u r t h L i b . L o a n b o n d s . 6 2 0 ,3 8 7 ,4 7 3
C o r t lf s . o f I n d e b t e d n e s s . 3 , 0 7 0 ,1 5 1 ,0 0 0
W a r s a v . & t h r if t s t a m p s .
6 3 ,9 7 0 ,8 1 3
P o s t a l S a v in g s b o n d s _____
D e p o s its fo r p u rch a se o f
O n e -Y e a r T r e a s . N o te s
(S e c. 18, F e d . R e s . A c t ,
a p p r o v e d D e c . 2 3 1913)
D e p o s i t s f o r r e t ir e m e n t o f
n a tio n a l b a n k n o te s a n d
F e d . R e s . b a n k n otes
( A c t s o f J u l y 14 1 8 9 0
a n d D e c . 2 3 1913)
7 7 5 .7 9 5
8 ,0 1 1 ,0 0 0 ,3 2 2 ,6 8 4 ,0 0 0 . 9 9 ,1 0 0 ,0 0 0
1 6 7 ,3 1 4 ,0 0 0 3 7 ,1 6 8 ,0 0 0 .2 2 ,1 7 6 ,0 0 0
7 ,6 0 1 ,0 0 0 1 2 4 ,6 9 7 ,0 0 0 6 3 ^ 7 2 2 [0 0 0 16 s !9 5 9 !o O O 5 2 ,4 6 8 0 0 0 15 7 2 5 OOO
8 , 5 5 7 , 0 0 0 2 2 3 , 4 4 0 ,0 0 0 ! 9 2 ,8 7 1 ,0 0 0 L 5 :L 4 7 1 .0 0 0 '5 ^ Y n
R e c e i p ts a l -
D ec. 1918.
§
9 ,6 8 1 ,9 0 8
.
R e c e i p ts a t—
145
U . S . B o n d s H e ld D e c . 3 1 to S e c u r e —
B on d s o n D e p o s it
D e c . 31 1 9 1 8 .
O n d e p o s it to
O n d e p o s it to
se c u r e F ed e ra l
se c u r e
R eserv e B a n k N a t io n a l B a n k
N o tes.
N otes.
T o ta l
H e ld .
C o n s o ls o f 1 9 3 0 ................................
L o a n o f 1 9 2 5 ........... .. ..................I .
P a n a m a o f 1 9 3 6 __________________
P a n a m a o f 1 9 3 8 __________ _______
O n e -y e a r C c r t lfs . o f I n d e b t . I .
O n e - y e a r T r e a s u r y N o t e s ______
$
1 4 ,1 3 7 ,7 5 0
2 .5 9 3 .0 0 0
4 0 4 .5 0 0
2 8 5 ,3 0 0
1 0 4 ,7 0 7 ,0 0 0
9 .3 0 1 .0 0 0
S
5 6 1 J )9 6 ,6 0 0
5 0 ,4 8 2 ,0 5 0
4 7 ,2 4 8 ,8 8 0
2 4 ,9 2 1 ,4 2 0
$
5 7 6 ,1 3 4 ,3 5 0
5 3 ,0 7 5 ,0 5 0
4 7 ,6 5 3 ,3 8 0
2 5 ,2 0 6 ,7 2 0
1 0 4 ,7 0 7 ,0 0 0
9 ,3 0 1 ,0 0 0
T o t a l s ............................................................ .......
1 3 1 ,4 2 8 ,5 5 0
6 8 4 ,6 4 8 ,9 5 0
8 1 6 ,0 7 7 ,5 0 0
2s,
4s,
2s,
2s,
2s,
3s,
U . S.
U . S.
U . S.
U . S.
U .S .
U . S.
—v----■j
—
uauK 1notes
atloat
and ,1tho &amount
of legal-tender ucvmuiuu
deposits Dec.
and
Jan. 1 and their increase or decrease during the month
Decombor.
N a t io n a l B a n k N o t e s — T o ta l A f l o a t —
A m o u n t a f l o a t D e c . 1 1 9 i 8 . _________ ____________
N e t a m o u n t is s u e d d u r in g D e c e m b e r ........... *
6 676 055
A m o u n t o f b a n k n o te s a n o a t J a n . 1 1 9 1 9 ...
L e g a l-T e n d e r N o t e s —
e 7i c o ro l r -
o - 9,
................... 170
A m o u n t o n d e p o s it t o re d e e m n a tio n a l h a n k n o t e s D e c . 1 1 9 1 8
N e t a m o u n t o f b a n k n o t e s r e t ir e d in D e c e m b e r ...................................' ”
- 90
846 491 r,99
**!
A m o u n t o n d e p o s i t t o r e d e e m n a t i o n a l b a n k n o t e s J a n . 1 1 9 1 9 ___
554 290
S 3 9 .8 6 7 3 2 3
[Vol. 108.
THE CHRONICLE
146
National B anks—Tho following information regarding
Auction S ales—Among otlior securities, tko following national
banks is from tho office of tho Comptroller of tho
not usually dealt in at the Stock Exchange were recently sold Currency, Treasury Dopartmont:
at auction in Now York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons,
New York Ier centStocks.
A P P L IC A T IO N S
Sha25res.American
Stocks. Trading,
Per,^S\1'
prof------ 100
S h a r es.
FO R
C H A R T E R ,
o r o r g a n iz a t io n o f n a t io n a l b a n k s :
V m o^ooO
70 British Canadian Lumber
T h o L i b e r t y N a t i o n a l B a n k o f l ' a 'y { l u s l j a v P ! {1V
V a ...................
**5 0 0 0
Corp., cum. pref------------ 811 lot
T h e F i r s t N a t i o n a l B a n k o f S o u t h C h a r l e s t o n , VV. V a ---------------15 American Trading, common. 40
35 British Canadian Lumber
F o r c o n v e r s io n o f S ta to b a n k s :
250 We3t Virginia Consolidated
Corp.,
ordinary.........
........
S2
lot
T
h
o
F
i
r
s
t
N
a
t
i
o
n
a
l
B
a
n
k
o
f
M
e
b
a
n
o
,
N
.
C
.
.
.
—
—
Z o .u u o
Oil C o., SI each____10c. per ah.
400 Indian Valley Consol. M ines.81 lot
C o n v e r s io n o f t h e M e b a n o B a n k & 1 r u s t C o ., 2 lo b a n .
100 Knlckcrbocker-Wyo. Oil, pf.jSoOO
70 Remington Motor Corp., pf.Sll lot
“ ,) ,u u u
T h e F ir s t N a t io n a l B a n k o r N a p o le o n , N . D a k - - - .............
Knickerb.-Wyo. Oil, com ..*
lot
65 Remington Motor Corp.,
C o n v e r s io n o f th o S to c k G r o w e r s B a n k o f N a p o le o n .
1 The Conley Foil Co..............S181
common________ ________517 lot
T h e A m e r ic a n N a t io n a l.B a n k o f L a n s fo r d , N . D a k
.....................
-> .0 0 (1
25 The Johnston Tin Foil
50 Gryphon Rubber & Tire
C o n v e r s i o n o f t h e F i r s t S t a t o B a n k o t L a n s f o r d . ______________
Metal Co----------------- --------86
Corp., pref-----------------------511 lot
10 Second Ave. R R. Co.40c. per sh.
$
2
1 0 ,0 0 0
50 Gryphon Rubber & Tire
T ota l
1.000 Camp Bird, Ltd., £1 each..*350
Corp., common.....................81 lot
50 Stanley
Patterson, pref.-SGo lot
500 Mass. Olliers Bearings----------81 Jot
3,083 Navajo Copper............ 850 lot
1.000 Southern Zinc & M in., pref.S3 lot
IN C R E A S E S O F C A P IT A L A P P R O V E D .
Am 0U nL
1.000 Durazno Mines--------------- 1
400 Southern Zinc & M in., com.83 lot
500 Swastlcka M ining.................
T h o E a s t R i v e r N a t i o n a l B a n k of tho City of-Now Y o r k , N . A .
35 Cummings
King.............. fSO lot 0,009 Gasoline Corp., pref--------- S10 lot
6.000 Gasoline Corp.. com m on ...$1 Jot
5 Progress C o . . . ......................
500 Lone Star Petroleum----------S3 lot
40 Howe Alaska C o------------- )
10 Barnably Furniture, Inc., pf-S5 lot
2,443 International Motor Truck
T h 0 * 0 o n f E x c h a n g :e N a t I o n a l l i a i d ^ h n Y . i j a d e i l i h f a , P a .
C a p ita l
10 Elbcrta C o .......... - ................... |J }ot
Corp. 1st prcf...................... 43
1 ,0 0 0 ,0 0 0
10
Motor Tire Reconstructing. .81 lot
705 United ltys. ot St. L ., com . 3
100 All PackageGroc. Stores, p i.182 lot
h e <F t e t ^ N a t i o n a f J l a n k o f H m i U n g t l o n ’ .^ P a ”. ” " C a p i t a l ” i n c r e a s e d
183 1-3 Chalmers Motor Corp. pi. JO
5 0 ,0 0 0
200
All
Pack.
Groc.
Stores,
com.I
975 Chalmers Motor Corp., com
60Q QC0
150 Gasoline Corp., pref------------ \S2 lot T h e ” V k ^ A ^ N a t l o n a r f i a n k ^ o ^ P e t e r s b u r g , V a . C a p i t a l i n mon, no par----------$3 per sh.
150
Gasoline
Corp.,
com
m
on
...
J
c
r
e
a
s
e
d
f
r
o
m
$
4
0
0
,
0
0
0
t
o
$
1
1,000 Butterworth-JudsonCo.,com100 United Motion Pictures------$2 lot
mon............................... 816 per sh.
.$ 2 ,4 1 5 ,0 0 0
10
The Englewood Motion Pic
T ota l
300 United Copper C o., pf-12o. per sh.
tures interim---------------------SI lot
1,150 Powhattan SS. Co., Inc., of
Virginia, prof..........................8o0lot4.000 Gasoline Corp., com m on...1811
C O N S O L ID A T IO N .
4.000 Gasoline Corp., prer........... j
lot
802*dj Lone Star Shipbuilding Co.
506
Lone Star Shipbuilding,
h e C itiz e n s N a t io n a l B a n k o f L o u is v ille , K y ., a n d th o U n io n
of Maryland, pref------ 8100 lot
pref...........................--S 6 per sh
N a t io n a l B a n k o f L o u is v ille , u n d e r c h a r te r o f t h o fo r m e r a n d
20,300 Cucharas Land & Water
78743 Lone Star Ship!)., com ..8150 Jot
u n d e r tit le " T h e C itiz e n s U n io n N a t io n a l B a n k o t L o u is v ille ,
Corp__________________ - - * 1 ' lot
08
The Marokene Co------------SI jot
w i t h c a p i t a l s t o c k o f ----------------------------------------------------------------------------------------’
’
500 Little Bell Consolidated Min900 Buck Head Rice Co..............-51 lot
lng C o., 85 ea c h ..............833 lot
25 Clinton Street Theatre Co.SlOO lot " 20 Styvesant Producing Co------ 81 lot
100
National
Thrift
Bond
C
orp.$5
lot
V O L U N T A R Y L IQ U ID A T IO N S .
C a p ita l.
40 Boylltc Concentrator, Inc— 84 lot
100 Samson Brick C o................... j
10 Interocean Submarine En
100 Tol. A. A. & No. Mich. R y. >510
T h e M a r in o N a t io n a l B a n k o f B u ffa lo , N . Y .
, -------------$ 5 ,0 0 0 ,0 0 0
gineering C o., Inc., pref.880 lot
100
Markcen
Copp.
C
o.,
810
ea.)
lot
L iq u id a t in g C o m it t e e : H . J . B e it z a n d C . H . 1 a y lo r .
S u c
20 Interocean Submarine En
Fer cent.
c e e d e d b y th o M a r in o T r u s t C o . o f B u ffa lo .
..
gineering Co., Inc., com .810 lot
T h e F i r s t N a t i o n a l B a n k o f S y r a c u s o , N . Y ----------------------- — - - - l .u u u . u u u
10 Thompson Engine Starter Co .SI lot $6,416 67 Dot. Tol. & Ironton R y.
Adjustment
5
s
.......................
jj/5
L iq u id a t in g A g e n t , A lfr e d W . H u d s o n , S y r a c u s o .
A bsorbed
1,300 Ttntlc Co., S3 each.............8132 lot $17,000 RussianExternalGHs, 1919 49J4
b y th e T r u s t & D e p o s it C o . o f O n o n d a g a , S u ra cu so .
10 Blograph Company.......... ..S J o lo t
$2,000 Guanajuato Red.
Mines
T h e F o u r t h N a t i o n a l B a n k o f D a y t o n , O h i o -------u u u .u u u
10 Natural Color Picture Co.,
L iq u id a t t a g A g e n t , A . C . J a c k s o n .
A b s o rb e d b y th o D a y to n
Inc., pref___________________ 515lot 1st 6s, 1924.....................................511 lot
310,000
Mctropol.
By-Products
S
a
v
i
n
g
s
&
T
r
u
s
t
C
o
.
,
D
a
y
t
o
n
.
rq non
10 Natural Color Pictures Co.,
In c.,c o m m o n ..........................51Jjot 3d 6 s . . . .........................................SI 16 lot
T h o F i r s t N a t i o n a l B a n k o f ]E a s t m a n , G a - - - - ■ f i e r i m a n ' O " 6 ’
* ’
Navajo Copper 1st 7s,
L iq u id a t in g C o m m it t e e : W . L . J e s s u p , J . D . H errm a n ^ . C - c .
320 KinemacolorCo.ofAm.,com.S201ot 850,300
Oct. 1918 coupon on...................5100 lot
J .. S
n a n d A . G . W illia m s o n , E a s tm a n .
rr l _____ ~,1
A m ., Ilf
£ 1‘2 tf)t
liILows ff on rr dd , “ J
S .. N
N ii cc h
h oo ll ss oo n
80 Kinemacolor
Co. of Am
pf-$12
Jot
S u cce e d e d b y th o B a n k o f E a stm a n .
212 National Securities C orp..8110 lot $18,000 Ind. Dec. & West lncomcs\S15
$32,000 Ind. Dec. & West 2d--------J lot
66,6(57 The Fifty Gold Mines
.$ 0 ,0 5 0 ,0 0 0
T ota l
Corp., 81 each.................... 82 lot S 19,000 Denver Rio Or. RR. cum.
AdJ. 7s, 1932, ctfs. of dep............57
300 Chicago City & Connecting
$100,000
Copper
Range
RR.
Co.
ltys. coll, trust, pref.........
1st 5 s , 1 9 4 9 ................... ......................... ' 3
200 Chicago City & Connecting
Hartford
Rys. coll, trust, common..
55 $250,000 N . Y . N. H.
RR.
deb. 4s, 1922...................... .. 82
2,500 Rock Island C o., com m on..810 lot
S 125,000 Bankers Tr. Co. Parth?
500 Glia Copper Sulphide Co.,
Ctf. Assets Llqu n C o., Ser A . 8375,000
$10 each_____________ 52 per sh.
$6,315 90 Chalmers Motor Corp.
33 1-3 Chalmers Motor Corp.
6% gold notes, 1922.................... 6J)S
cum. pref............................
Nor. Ind.
1,800 United Copper C o., com ..8107 lot $25,000 Ft. Wayne
Trac. 1st & Ref. 5s, 1931, ctf. dep. 20
5.000 Humboldt Exploration Co..
common________________ 51o lot $10,000 Metropolitan By-Products
Corp. 6s-------------------- --------- $110 lot
85 12-100 Sackett & Wilhelm
Wabash-Pltts. Term. Ry.
Name
C o r p .v .t .c ., 1s t p re f..8700 lot $
2d 4s, ctf. of deposit--------------- SlO lot
$3,900 Nina Mines Co. 6% notes]
S5.000
Angli>-Amer. Devel. Co.
R a ilr o a d s (S te a m ).
180 Nina Mines, pref.................. >$l,uuu
4
Jan. 31 II
ctf.
of
participation,
45%
paid.-81
lot
............
Nina Mines, common......... J lot
4
1 oh. 21 H
$21,000 Internet.
Gt. Nor. Ry.
--------------- ---------- - - -------- - £1,995 Mexican Cotton Estates
*1)4 Dlar. 1 *11
5%
notes,
Aug.
1914
and
all
sub
(
.
)
.
.
Inc. ctf. of Tlahualllo, Ltd . $625
sequent
coup,
attached,
ctf.
dep.
46>3
2)4
1•oh. 1 H
Atch. Topeka & Santa Fe, pref. (No. 41)
4.000 Molybdenum Products Corp.,
2
1•el). 1 1
Nat. Securities Corp. dob.
tBaltimore & Ohio, common....................
pref., Ser. A , 1 each------ 810 lot $11,700
)cc. 31 I
6s, 1943................................... .$ 3 ,000 lot
$2
1
-------1.000 Molybdenum Prod. Corp
'cb. 1 1
1)4
$1,053 Nat. Securities Corp. ctfs. of
Canada Southern...................... ..
pref., $1 each....... ............
Jcc. 31 11
indebtedness, 1918-----------------------$o25lot
2)4
:
25 Trizma, Inc., p r e f................ 18ib
Jce. 31 1
3
S11.700
Nat.
Securities
Corp.
m1 8 P r lz m a , I n c . , c o m m o n ---------- )
lo t
an. 20 i
come bonds, 1944------------------------ SouOlot
1)4
14 Promissory Notes of Hlmoff
an. 1 1
$2,105 30 Chalmers Motor Corp.
Hirer.
Machine Co. to order of
•
’
eh. 1 1
3
6s, 1922................................... - - - - - f>9 ^
Felicia Co.. Inc., amount•eb. 15 1
5c.
$15,000 Gainesville Midland Ry.
lng to $780,000..............$
t rcc. Jan. Ga
S2.50 an. 20 I
1st
5s,
1935,
ctf.
of
deposit-----15
200 Amer. Stores, common-520 per sh
f rce. Jan. 8a
fan. 16 1
3
$15,000 Gainesville Midland R y.
Detroit River T u nn el...
249 Consumers Light, Heat
to
Jan. 14
fan. 15 J
3
1st 5s, 1935, undeposlted-----15
Georgia
RR.
&
Banking
Power Co____________ 81 Per s“ $50,000 Chic.
f rcc. Jan. 3a
Feb.
1
I
East.
111.
RR6%
1)1
Great Northern (quar.).
19 Arkansas Zinc & Smelting
f
rcc.
Dcc.i31a
Jan.
15
1
1
receivers’ ctfs. ext. July 1 ID 17 — ou
Corp., pref............. ..$ 0 0 per sh
to
Jan. 15
81.25 Ian. 15
Consum. Lt., H t.
Pow.
Little Schuylkill Nav. RR. & C oal-.
229 United Aluminum Ingot, p f.S ll jot S25.000
f rcc. Jan. 20a
Feb.
10
I
3)4
Co.
of
Topeka,
1st
5s,
1935-------5
Louisville
Nashville...........................
420 United Alum. Ingot, com .-.8 4 lot
f
rec.
Jan. 8a
Fel). 1
. $5
Mahoning Coal U R., common-------f rcc. Dec. 31a
Jan. 29 ]
2
Michigan C e n tra l................................ .
to Jan. 14
. SI.25 Ian. 16
to
Jan. 22
S
1)4 Feb. 1
5
Feb. 19
13
Arlington Mills........................... on
1
Nortolk & Western, adj. pref. (quar.). .
10 National Shawmut B ank.......... 2Ul
10
Continental
Mills--------------------°J>
Jan.
15
3 Bay Stato Nat. Bk., Lawrence. 170
Northern Central....................................... . $2
3a
50 Hood Rubber, preferred...............RHJX
1)4 Feb. 1
Northern Pacific (quar.)....... ................ 7 Pepperell M fg. C o--------.--2 0 5
15a
2 Boston Atheneum, $300 each .410
Jan. 25
2
12 Great Falls Manufacturing 184-185
Fitts. Cine. Chicago
St. Louis......... - .
10
Lamson
Hubbard
Corp.,
pref.
7a
.
1)4 Mar. 1
8 Tremont & Suffolk M ills.160)4-160)4
5 Essex C o., $50 each..................... £80
Feb. 13 *
. $1
50 Edwards Manufacturing................ 87
10 Old Colony Trust..........................
Dec. 31
.
0
--------10 Bate3 Manufacturing..................
95 noo
50
Sc.
Sc
Sc
U
Bonds.
Sc
Sc
7H
,
d i v id e n d s .
Tho following shows nil tho dividonds announced fox tho
future by largo or important corporations.
Sc
Sc
10,000
of Company.
326
Books Closed.
Days Inclusive.
Per When
Cent. Iayable.
AlabamaGreat Southernordinary
Preferred
Atch
. Topeka&SantaFc, com. quar
Sc
Belviderc Delaware (annual)
Connecticut
250,000
Sc
-
Sc
Sc
By Messrs. R. L. Day & Co., Boston:
versh. Shares. Stocks.
Shares. Stocks.
oi'A
Sc
siJ
By Messrs. Millott, Roo & Hagen, Boston.
1 Nashua M fg., 3500 par........... 1C00
100 Puget Sd. True., Lt. & Pow.,
pref., unstamped....................
25 Bausch Machine Tool, com.,
deposited------------- --------------1 Boston Atheneum, $300 p a r ...410
vet- sh
Sc
A
sol A
S10
hares.
Stocks.
•.
$
Bates Manufacturing............. -271
Sc
Shares. Stocks.
S t r e e t & F .l e c t r l c R a i l w a y s .
versh. BrooklynCityRR. (quar.)....................
8
5 Cambridge Gas Tight................160
17 Mass. Cotton Mills rights......... 8
Bonds*
$1,000 Lowell City, tax-ex. 4s, 1919 9934
$1,000 Lexington, Town, tax-ex.
. . 9 9 )4
4s, 1919...............................
By Mossrs, Barnos & Lofland, Philadelphia
Sc
Preferred (quar.).
.
25o.
.)
1)4
1H
.
H
.
1
..
2
..
D4
..
3
)2
).
1)4
..
1
..
2)4
"/■
3
r.)
1)4
..
75c
..
S2
) . 62 He
..
1)4
0)
1 )4
..
3
..
1)4
. . G2)4c
f
Percent.
S h a r es.
S to ck s.
'
? verAn h '
S h a res.
S lo ck s.
S p er sh .
5 U n ite d G a s & E le c ., 1st p r e f . . 40
25
P h l l a . B o u r s e , p r e f e r r e d .........19
6 P e n n N a t i o n a l B a n k -------------------2 7 0 ) 4
.B o n d s .
P er ce n t11
O ln c y B a n k , $ 5 0 e a c h ...... - - - Co Mi
$ 8 ,5 0 0 P e n n M a r y S t e e l 1 s t 5 s , 1 9 3 7 8 5 ) 4
100 I n te g r ity T . I . T . & S . D . ,
S 5 0 C i t y C l u b o f P h ll a . 5 s , 1 9 2 5 . . . 5 2 2
$ 5 0 e a c h .............................................
$ 1 ,0 0 0 P i t t s . R y s . 5 s , 1 9 5 3 ---------- —
40
30
N o r . L ib e r t ie s G a s ........... - - - - 5 4 ) 4
$ 1 ,0 0 0 N o r t h e r n E l e c t r i c , L t d . , 1st
75 N . Y . C ar S eat
F u r n it u r e
5 s . 1 9 3 9 ..................................... - ............... 80)-*
R c n o v . , $ 1 0 e a c h ................... - - - 8 1 l o t
S 7 .0 0 0 O h i o S t a t o T e l e p h o n e c o n s .
2 0 0 V a p o r E n g in e C o . o f P a ., $ o0
6 r e f . '5 s , 1 9 4 4 .............................. 8 4 H
e a c h ______________________________ * * J01 $ 7 ,0 0 0 N o r t h w e s t e r n E l e v a t e d R R .
5 S ig le r P ia n o P l a y e r .......................... 8 1 l o t
1 s t 5 s , 1 9 4 1 _____- ________________ 71
3 3 3 U n i t e d S m e lt e r s R y .
C op per,
$ 8 ,0 0 0 W e s t e r n S t a t e s G a s Sc E l e c .
c o m m o n , $ 1 0 e a c h ...................- - $ ] j o t
1 s t Sc r e f . 5 s , 1 9 4 1 ................................ 8 6 ) 4
30
I v y C it y L a n d S y n d ., $ 5 0 e a c h .51lo t
$ 2 5 0 C l c v o . Sc E r ie R y . 1 s t 5 s , 1 9 2 9 . 2 0 ) 4
2 5 0 M a r y M c K i n l e y M g . , $1 each- 5 c .
$1 0 0 S p r ln g f. W a te r 5 s , 1 9 2 6 - - - - - - 74
40
U n i t e d G a s Sc E l e c . , c o m . . . . $ 1 1 l o t
$ 1 ,0 0 0 S u b u r b a n G a s o f P h i l . 1 s t
1 0 0 W e s t e r n S t a t e s G a s Sc E l . , P t - 7 3 , s
5 s , 1 9 5 2 .......................... - - - - - - - 95
10
C o r n E x c h a n g e N a t . B a n k ---34JJ
$ 2 ,0 0 0 P h il . Sc G a r r e t t f o r d S t . R y .
13
W e s t P h il . T i t l e
T r ., $50 c a -1 4 7
1st 5 s , i 9 5 5 ................................ 9 2 . .
33
R e a l E s t a t e T r u s t , p r e f .........
$600 N o . S p r ln g f. W a te r 5 s, 1 9 2 3 .- 6 5 )4
24
N orth ern T r u s t .. . . . . . . . . - - - Jo «
5 4 0 0 Penn.-Wyo. C o p . 1 s t 6 s , 1 9 2 9 .$ 1 l o t
5 C o n t in e n t a l-E q u lt .T r ., $ 5 0 e a . 84
$ 1 ,0 0 0 D e n v e r C i t y T r a m w a y 1 s t *
10
I I . K . M u l f o r d , $ 5 0 e a c h ...... 0 0 ) 4
r e f . 6 s . 1 9 3 3 .............................................
1 Atheneum of Philadelphia------$70
Sc
ToledoColumbus&OhioRiver
Duquvuuv *'*o**“ » --- . ; Vr ,,o\
El Paso Elec. Co., pref. (No. 3 3 )..
NewOrleansCityRR., common.
Preferred-----------------------------
Virginia Ry. & Power p r e f - . . - - - - .
West Penn Power, pref. (qu.) (N o ..
York Railways, preferred (quar.)..
Banks.
City, National (Brooklyn) (quar.)...
First National (Brooklyn) (quar.)...
Extra_____________________ . . . . .
Mercantile Bank of the Americas .
Sc
M is c e lla n e o u s P r e fe r r e d
( q u a r .).
..
..
..
3)4
2)4
2
..
..
..
4
3
4
7).
...
$1
1)4
Jan. 15
Jan. 15
Jan. 15
Feb. 1
Feb. 1
Jnn. 15
Feb. 1
Jan. 13
Jan. 15
Jan. 31
Jnn. 10
Jan. 10
Jan. 2
Jan. 15
Jan. 31
Jan. 7
Jan. 15
Fob. 1
Jan. 15
Ian. 20
Feb. 1
Jan. 30
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
15
6
0
15
15
10
15
9 to
Jan. 15
Jan.
1 to
Jan. 15
Jan. 1 to
Jan. 15
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rcc. Dec. 31a
Holders of ree. Jan. 1
Holders of rec. Dec. 23a
Holders of rec. Jan. 2a
Holders of rcc. Jan. 20a
Jan.
1 to
Jan. 9
Jan. 1 to
Jan. 9
Holders of rec. Dec. 30a
Holders of rec. Dec. 31
Holders of rec. Jan. 15
Jan.
I to
Jan. 7
Holders of rec. Dec. 31a
Holders of rcc. Jan. [18a
Holders of rec. Dec. 31
Holders of rec. Dec. 31a
Holders of rcc. Jan. 21
Holders of rec. Jan. 20a
a
Holders of rcc. Jan. 7
Holders of ree. Jan. 3a
Holders of rcc. Jan. 3a
Holders
rcc. Jan. 2a
Holders of rec. Jan. 4a
Jan. 7 to
Jan. 10
Holders of rcc. Jan. 10a
ot
Jan. 15 Holders of rcc. Jan.
Jan. 15 Holders of rec. Jan.
Ja n . 11 1919.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
M is c e lla n e o u s ( Continued) .
A llia n ce R e a lty (q u a r .)............................. ..
I A J an . 10 H old ers o f r c c . J a n . 10
A llls-C h alm ers M fg ., p ref. (q u a r .)-------1 A J a n . 15 H old ers o f re c . D e c . 31a
P re f. (extra a c c t . accu m u la ted <11v s . ) . h A
J a n . 15 H old ers o f re c . D e c . 31a
A m e r. A g rlc . C h ., c o m . (<in.) (N o . 2 9 ) .
2
J a n . 15 H old ers o f re c . D e c . 23a
P referred (q u a r.) ( N o . 5 4 ) ......................
I A J a n . 15 H old ers o f rec. D e c . 23a
A m erica n B eet Sugar, co m m o n ( q u a r .).
2
J a n . 31 H old ers o f r c c . J a n . 11a
Am er. Beet Sugar, pref. (quar.) (N o. 7 9 ) . p i A A p ril 1 H o ld e rs o f r c c . M a r . 15a
A m erica n C h icle, c o m m o n ...........................
1
Feb.
1 H old ers o f re c . J a n . 18
A m erica n C igar, c o m m o n ( q u a r .)_______
2
Feb.
1 H old ers o f r c c . J a n . 15a
A m e r. G as * E le c ., p ref. (q u .) ( N o . 4 8 ) .
I A Feb.
1 H old ers o f rec. J a n . 18
Fob.
American Clue, preferred _________________ *4
♦Jan. 21
to
Feb. 3
A m erica n Ic e , preferred (q u a r .)..................
1 A J a n . 25 H old ers o f re c . J a n . 15
A m . L a F ra n co F ire E n g .,I n c ..c o m .(q u .)
I A F eb . 15 H old ers o f r c c . F e b . 8
A m e r. L a u n d ry M a ch in e ry , p re f. ( q u . ) .
I A J a n . 15 J a n . 5
to
J a n . 15
American Light & Trac., com. (quar. ) —
2'A F e b .
1 J a n . 16
to
J a n . 26
Common (payable in common slock) ____ f2 'A E c b . 1 J a n . 16
to
J a n . 26
Preferred (quar.)________________________
l 'A E c b .
I J a n . 16
to
J a n . 26
A m erica n L o c o m o t iv e , p re f. (q u a r .) —
1 A J a n . 21 H old ers o f r c c . J a n .
3a
A m e r. R o llin g M ill, c o m m o n ( q u a r .)___
5 0 c. J a n . 15 H old ers o f r c c . D e c . 31a
C o m m o n (e x t ra )...........................................
2 5 c . J a n . 15 H old ers o f r c c . D e o . 31a
C o m m o n (p a y a b le In co m m o n s t o c k ) . *5
F e b . 1 ♦H olders o f rec. D e c . 31a
Preferred (q u a r .)______________________
I A J a n . 15 H old ers o f r c c . D e o . 21a
A m e r . Seeding M a c h in e , c o m . ( q u a r . ) . .
1
J a n . 15 H old ers o f re o . D e c . 31a
P referred (q u a r .).........................................
I A J a n . 15 H old ers o f re c . D e c . 31a
A m erica n S h ip b u ild in g , co m m o n (q u a r.)
1A Feb.
1 H old ers o f r c c . J an . 15a
2 A Feb.
1 H old ers o f rec. J a n . 15a
C o m m o n (e x t ra )................................... .......
A m erica n T e lep h on e & T eleg ra p h (quar.)
2
J a n . 15 H old ers o f r c c . D e o . 20a
A m erica n T y p e F ou n d ers, c o m . ( q u a r .).
1
J a n . 15 H old ers o f rec. J a n . 10a
P referred (q u a r .)............................. ............
ia
J a n . 15 H old ers o f rec. J a n . 10a
1 A J a n . 15 D e c . 17
A m erica n W oo le n , co m m o n ( q u a r .)____
to
D e c . 29
C o m m o n (p a y a b le In L ib erty L n . b d s .)
15
Feb.
1 D e c . 17
to
D e c . 29
P referred (q u a r .).........................................
I A J an . 15 D e c . 17
to
D e c . 29
A n a c o n d a C op p er M in in g ( q u a r ) _______ 5 1 .50 F eb . 24 H old ers o l reo. J a n . 18a
A n g lo-A m erica n O il, L t d ________________ 15
J an . 15 H old ers o f c o u p . N o . 16
A sb estos C o r p .o f C a n .,L t d .,c o m . ( N o . 1)
l A J a n . 15 H old ers o f r c c . J a n . 1
P referred (q u a r .)______________________
1 A J a n . 15 H old ers o f rec. J a n .
1
A ssocia ted OH (q u a r .)____________________
l A J a n . 15 H old ers o f re c . D e c . 31a
A tla n tic G u lf & VV. 1. SS . L . f c o m m o n .. J5
F eb .
1 H old ers o f reo. D e o . 30a
Allas Powder, pref. (quar.) _______________
1A Feb.
1 J a n . 21
to
J a n . 31
B a rn h a rt B ros. & Splndler—
F irst an d second preferred ( q u a r .) ___
l A Feb.
1 H old ers o f r e c . J a n . 27a
1 A J a n . 15 H o ld e rs o f r c c . D e c . 30a
B a rrett C o ., preferred ( q u a r .)....................
B ell T e lep h on e o f C a n a d a ( q u a r . ) _______
2
Jan.
15 H old ers o f re c . D e c . 31a
B oll T e le p h o n e o f P en n sy lv a n ia ( q u a r .).
1 A J an .
15 H old ers o f r c c . J a n .
6a
Brown Shoe, Inc..preferred (quar.) .............
1A Feb.
1 H old ers o f re c . J a n . 20
B u sh T erm in a l, c o m m o n ________________
2 A J a n . 15 H old ers o f rec. J a n . 6a
C o m m o n (p a y a b le ln c o m m o n s t o c k ). (2 A J a n . 15 H old ers o f r c c . J a n .
6a
P referred ________ _____ ______ ___________
3
J a n . 15 H o ld e rs o f reo. J a n . 6a
C a n a d a C e m e n t ,L t d .c o m .(q u a r .) G V o.l 1)
1 A J a n . 16 H old ers o f rec. D e c . 31
C a n a d ia n F a lrb a n k s-M orse, p f. ( N o . 27)
3
J an . 15 H old ers o f rec. D e c . 31a
C a rb o n S teel, com m on (q u a r .)_________
2
J a n . 15
H old ers o f re c . J an . 10
C o m m o n (e x tra )_______________________
3
J a n . 15
H old ers o f re c . J a n . 10
F irst preferred _________________________ t>4
M a r . 31
H old ers o f re c . S e p t. 26
S econ d preferred (a n n u a l)____________
6
J u ly 30
H old ers o f r c c . Ju ly 26
C en tra l C o a l & C o k o , co m m o n ( q u a r .).
I A J a n . 15 H old ers o f rec. D e c . 31a
P referred (q u a r .)______________________
l A J a n . 15 H old ers o f re c . D e c . 31a
C en tra l F o u n d ry , ord in a ry p ref. (q u a r.)
I A J an . 15 H old ers o f reo. D e c . 31a
F irst preferred (q u a r .)............... - ..............
2
J a n . 15 H old ers o f rec. D e c . 31a
Central Illinois Pub. Service, pref. (quar.) 1 A J a n . 15 H o ld e rs o f re c . D e c . 31
C en tra l L ea th er, co m m o n (q u a r .)----------1 A Feb.
1 H old ers o f re c . J an . 10a
1 A J a n . 25 H old ers o f rec. J a n . 15a
C h ica g o P n eu m a tic T o o l (q u a r .) .............
Chicago Wilmington & FranklinCoal.com. 5
Feb.
1 H o ld e rs o f r c c . J a n . 23a
Preferred (q u a r .).. .................... ........... —
1A Feb.
1 H o ld e rs o f re o . J a n . 23a
Cluelt, Peabody & Co., In c., com. (quar.). 1 A F e b .
1 H old ers o f rec. J a n . 21
C o lo r a d o P ow er, co m m o n (q u a r .)----------A J an . 15 H old ers o f r e c . D e c . 31a
C om m on w oa lth -E d lson (q u a r .)_________
*2
F e b . 1 ♦H olders o f re c . J a n . 15
Commonwealth Gas & Elec. Cos., pf. (qu.)
I A J a n . 15 H o ld e rs o f re c . J a n . 2a
Consumers Company, preferred ---------------- *3 A F e b . 20 ♦H olders o f re c . F e b . 10
C on tin en ta l M o t o rs C o r p ., p ref. (q u a r.)
I A J a n . 15 D e c . 29
to
Jan . 15
C orn P ro d u cts R c f g ., prof, ( q u a r .)___
1 A J a n . 15 H old ers o f reo. J an . 6a
Cosden & Co., com. (quar.) (N o. 6 ) _______ 12 A c . F e b . 1 J a n . 11
to
Feb. 2
Crocker-Wheeler Co., com. (quar.) ...............
2
J a n . 15 H old ers o f r c c . J a n .
5
Preferred (quar.)............................................
I A J a n . 15 H old ers of r c c . Jan . 5
C u b a C o ., preferred .......................................... *3 A F e b .
1 ♦ Ilold css o f r c c . D e c . 31
C u rtiss A erop la n e & M o t o r , p r e fe r r e d ..
3 A J a n . 15
H old ers o f re c . J a n .
3
D ela w a re L a ck . & W e st. C o a l ( q u a r . ) . . $ 1 .25 J a n . 15 H old ers o f rec. D e c . 31a
2
J a n . 15 H old ers o f rec. D e c . 31a
D e tr o it E d ison (q u a r .)__________________
D e tr o it Iron & Steel, c o m m o n ___________
2 5 c. J a n . 15 J a n .
5 to
J a n . 15
P r e fe r re d .......................................................... 1 7 A c . J a n . 15 J a n .
5 to
J an . 15
D istillers S ecurities C o r p o r a t lo r f'(q u a r .).
A J a n . 18 H old ers o f re c . J a n . 2a
E x t r a .................................................................
1 A J an . 18 H old ers o f r c c . J a n .
2a
Dominion Coal, pref. (quar.) (N o. 5 3 ) . . .
1A Feb.
1 H o ld e rs o f re c . J a n . U
D o m in io n P o w . & T r a n s ., L t d ., p f. (q u .)
I A J a n . 15 D e c . 20 t o
D e c . 31
Dominion Steel Corp., Ltd., pref. (quar. ) .
1 A F e b . 1 Jan . 1 6
to
Feb.
1
D o m in io n T e x tile , L t d ., pref. ( q u a r . ) . .
I A J a n . 15 H old ers o f re c . D e c . 31
d u P o n t (E .I .)d o N c m .& C o .d c b .s t k .( q u .)
I A J a n . 25 H old ers o f re c . J a n . 10
Eastern S teel, co m m o n ( q u a r .) _________
2 A J a n . 16 H old ers o f reo. J a n . 2
Edison Elec. III., Boston (qu.) (N o. 1 1 9 ).
3
F e b . 1 H o ld e rs o f r c c . J a n . 15
E lectrica l Securities C o r p . , pref. (q u a r.)
I A F e b . 1 H old ers o f re c . J a n . 24a
Electrical Utilities C o r p .,pref. (q u a r .)...
I A J a n . 15 H o ld e rs o f reo. J a n . 6
Electric Bond & Share, common (q u a r .)..
2
J a n . 15 H o ld e rs o f re o . J a n . 14
Preferred (quar.)________________________
1 A Fob.
1 H o ld e rs o f r c c . J a n . 20
Elk Basin Petroleum (quar. ) ............... ........... 12>2c. F e b . 1 H old ers o f r c c . J an . 15
E m erson -B ra n tln g h a m , pref. (q u a r .)___ * 1 A F e b . 1 ♦H olders o f r c c . J a n . 18
E u rek a P ip e Lino ( q u a r .)..............................
5
Feb.
1 H old ers o f rec. J a n . 15
Fajardo Sugar (q u a r.) .....................................
2 A F e b . 1 H o ld e rs o f re c . J a n . 20
F a irb a n k s C o ., 1st p re f. (q u a r .)________ *2
F e b . 1 ♦H olders o f re c . J a n . 20
F ireston e T ir o & R u b b e r , p ref. ( q u a r .).
I A J an . 15 H old ers o f rec. D e c . 31a
G en eral C h em ica l, co m m o n (e x t ra )..........
2 A Feb.
1 H old ers o f r c c . D e c . 31a
G oneral E lectrlo (q u a r .)_________________
2
J a n . 15 H old ers o f reo. D e c . 7a
E x tra (p a y a b le ln s t o o k )_______________
2s
J a n . 15 H old ers o f re c . D e o . 7a
G eneral M o t o r s C o r p ., c o m m o n (q u a r.)
3
Feb.
1 H o ld e rs o f rec. J an . 15a
P referred (q u a r .)______________________
1 A F e b . 1 H old ers o f rec. J a n . 15a
D eb en tu re s to ck (q u a r .)...........................
1A Feb.
1 H old ers o f rec. J an . 15
General Petroleum Corp., com. (monthly).
1
J a n . 31 H o ld e rs o f r c c . J a n . 15a
Gillette Safety Razor (quar.) ______________ $2
M a r . 1 H o ld e rs o f r c c . J a n . 30
G lo b o -W e rn lck o C o ., p referred ( q u a r .).
1 A J an . 15 H old ers o f r c c . D e c . 31
G o o d rich (B . F .) C o ., c om m on ( q u a r .).
1
F e b . 15 H old ers o f re c . F e b . 5a
G ra n b y C o n s. M ., S . & P ow er, L t d .(q u .)
2 A Feb.
1 H old ers or rec. J a n . 17a
I la rb ls o n -W a lk c r R e fr a c t ., c o m . (ex tra )
0
J a n . 25 H old ers o f r c c . J a n . 15a
H a rb lson -W a lk er R e fr a c t ., p ref. (q u a r.)
1 A Jan . 20 H old ers o f reo. J an . 10a
Hercules Powder, pref. (quar.) ____________
l A F e b . 15 F e b . 6
to
F e b . 15
H o lly S u g ar C o r p ., preferred (q u a r .)
I A Feb.
H old ers o f rec. J a n . 15
Ilomestake M ining (monthly)...................... *5 0 c. J a n . 25 ♦H olders o f re c . J a n . 20
H o w e Sound C o . ( q u a r .)________________
5 c. J a n . 15 H old ers o f rec. D e c . 31
Illinois Northern Utilities, pref. (q u a r.).. * 1 A F e b .
♦H olders o f rec. J an . 20
Ilium . & Power Securities, pref. (quar. ) .
l A F e b . 15 H o ld e rs o f r c c . J a n . 31
In d ia n a P ip e Lino (q u a r .).......................
$2
F e b . 15 H old ers o f r e c . J a n . 25
E x t r a . . . ..........................................................
$ 1 .50 F e b . 15 H old ers o f r c c . J a n . 25
In sp ira tion C o n s o l. C o p p e r C o . (q u a r .). $ 2
J a n . 27 H old ers o f re c . J an . 10a
I n t . A g rlc. C o r p ., p ref. (q u a r .)..................
1 A J a n . 15 H old ers o f reo. D e o . 31a
In tern ation al H arvester, c o m . ( q u a r .).
I A J a n . 15 H old ers o f re c . D e c . 24a
In tern a tion a l M erca n tile M a rin e , p r e f . .
3
Feb.
1 H old ers o f r c c . J a n . 15a
International Nickel, pref. (quar.) ________
1 A F e b . 1 H o ld e rs o f reo. J a n . 16
In tern a tion a l P a per, preferred ( q u a r . ) . .
I A J a n . 15 H old ers o f rec. J a n . 6a
Kaminlstiqula Power, Ltd. (quar.) _______
2
F e b . 15 H o ld e rs o f re c . J a n . 31
K a y s c r (Julius) & C o .—
F irst and second preferred ( q u a r .)___
l A Feb.
H old ers o f reo. J an . 20a
Kelly-Springflcld Tire, common (q u a r.).. $1
Feb.
H o ld e rs o f r e c . J a n . 18
Kerr Lake M ines, Ltd. (quar.) ....................... 2 5o. M a r . 15 H o ld e rs o f re c . M a r . la
K ress (8 . I I .) & C o . , c o m m o n ( q u a r . ) . .
1
F eb .
1 H old ers o f reo. J an . 20a
L u kons S teel, c o m m o n __________________
1 A J a n . 15 D e c . 31
to
J a n . 14
M a cA n d ro w s & F orb es, c o m . ( q u a r . ) . .
2 A J a n . 15 H old ers o f re c . D e c . 31a
C o m m o n (e x tra )............................................
2 A J a n . 15 H old ers o f reo. D e c . 31a
P referred (q u a r .)..........................................
1>* J a n . 15 H old ers o f re o . D e o . 31a
M a n u fa ctu re rs’ L ight * I lc a t ( q u a r . ) . . $1
J a n . 15 H old ers o f reo. D e o . 31a
M a p lo L e a f M illin g , L t d ., c o m . ( q u a r .).
2 A J a n . 18 H old ers o f reo. Jan .
C o m m o n ( b o n u s ) ..
.
1
J a n . 18 H old ers o f re c . J an .
P referred (q u a r .)..........................................
I A J a n . 18 H old ers o f reo. J a n .
Marlln-Rockwell Corp. (monthly)................ $1
J a n . 11 H o ld e rs o f r c c . J a n .
M a s o n T ir e A R u b b e r , c o m . (N o . 1 ) . . o2
F e b . 20 H old ers o f re o . J a n . 31
33
3
____ 4
Name o f Company.
147
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
M is c e lla n e o u s (Concluded).
M ex ica n T eleg ra p h ( q u a r .)_____
M iam i Copper (quar.) (N o. 2 6 ) .
Midwest Refining (quar.)___
M o h a w k M in in g (q u a r .)____
M o n tre a l T eleg ra p h (q u a r .).
M o rris P lan C o ............... .........
Nash Motors, common ________
Preferred (quar.) .......................
N a tio n a l A n ilin e & C h e m ica l-
N a tio n a l F u el G a s (q u a r .) _______
N a tion a l OH, p re f. ( q u a r .)________ ______
N a tion a l P a p er & T y p e , c o m . ( q u a r . ) . .
P referred ( q u a r , ) . . ......................
New England Power, pref. (quar.).
N e w Jersey Z in c ( q u a r .)___________
N e w Y o rk D o c k , c o m m o n (N o . 1)
P r e fe r re d _________________________
N e w Y ork T ra n sit ( q u a r .)________
Niagara Falls Power, pref. (quar.).
N lplsslng M in e s, L t d . (q u a r .)___
E x tr a ________ _______ ___ ______ _________
N orth ern O n ta rio L igh t & P o w e r , p r e f ..
N orth ern S ta tes P o w e r, p re f. (q u a r .)___
O h io Brass, preferred (q u a r .)____________
O h io F u el S u p p ly (q u a r .)...........................
E x tra (p a y a b le ln L ib erty L n . b d s . ) . .
O k la h om a N a tu ra l G a s (q u a r )___________
E x t r a ___________________________________
O tis E le v a to r, c o m m o n ( q u a r .)_________
Preferred (q u a r .).........................................
Pacific Coast Co., common (quar.) ________
First preferred (quar.) .................................
Second preferred (quar.) ..............................
P a cific T e le p . & T e le g ., p ref. ( q u a r .)___
P en m a n s, L im ited , c o m m o n (q u a r .) ___
P referred (q u a r .)........................... .
Penn Traffic ........................... ..............
Extra .................................................
P en n sylva n ia Salt M a n u fa ctu rin g _______
P ierce-A rrow M o t o r C a r, c o m . ( q u a r . ) . .
P ittsb u rg h C o a l o f P e n n a ., c o m . ( q u . ) . .
Preferred (q u a r .)______________________
P ittsb u rg h C o a l o f N . J ., p ref. ( q u a r . ) . .
Pittsburgh Oil
Gas (quar.) _____________
Poole Engineering <fc Machine (quar.)___
P ra lrlo O il & G a s (q u a r .) _______________
E x tr a ...............................................................
P rairie P ip e L in e ( q u a r .)_______________
P rocter & G a m b le , preferred (q u a r .)___
P u b lic S erv ice C o . o f N o . 111., c o m . (qu.!
P referred (q u a r .)_______________
Public Utilities Co., Indiana, p ref..
Pyrene M fg ., common (quar.) _____
Q uaker O a ts, c o m m o n (q u a r .)___
C om m on (e x t ra )_________________
P referred (q u a r .)________________
R e a lty A ssociates (N o . 3 2 ) _______
Remington Typewriter, 2d pref ____________
R e p u b lic Ir o n & S teel, c o m .(q u .) ( N o . 9)
Sapulpa Refining (quar.) __________
Securities C o m p a n y ______________________
S h a ttu ck -A rlzon a C o p p e r C o . ( q u a r . ) . .
Smith (Howard) Paper M ills, Ltd., pref.
1
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$1.5C Jan 15
2 A Jan 16
SI
Feb 15
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2 0 c. Jan. 15 H old ers o f re c . J a n . l a
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2 A d a n . 15 H old ers o f re c . J a n .
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3a
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1 H old ers o f re c . J a n . 15a
I A Jan . 25 H old ers o f re c . J a n . 10a
I A Jan . 25 H old ers o f re c . J a n . 10a
I A Jan . 25 H old ers o f re c . J a n . 10a
♦2 A F e b . 15 ♦H olders o f re c . J a n . 31
l A J a n . 14 H o ld e rs o f re c . J a n . 7 a
♦3
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2 H o ld e rs o f re c . D e c . 28
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h 3A
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S ou th ern C a liforn ia E d iso n , 1st p f. (q u .)
IA
S ou th ern N . E . T e le p h o n e (q u a r .)_____
IA
Standard Underground Cable (quar.) ____ ♦3
E x tr a __________________________________
♦3
Steel C o . o f C a n a d a , c o m . (q u .) ( N o . 8)
1A
P referred (q u a r.) (N o . 3 0 ) ....................
IA
S tetson (J . B .) C o . , c o m m o n ____ ______
♦15
P r e fe r re d ______________________________
♦4
S up erior S teel, c o m m o n ________________
1A
F irst and secon d preferred (q u a r .)____
2
S w ift In tern a tion a l (C om p a n la S w ift
In tern a clon a l) (N o . 1 ).............................. S I .20
T o b a c c o P r o d ., c o m . (p a y . ln c o m . stk .) 1 0 /
T ra n su e A W lllla m sS teel F o rg . . c o m . ( q u .) $1.25
T u c k e tt T o b a c c o , p referred (q u a r .)____
IA
U n ion N atu ral G a s (q u a r.) (N o . 6 2 ) ____
2A
Union Oil o f Calif, (quar.) _________
♦1 A
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*1
U n ited A llo y S teel ( q u a r .)________ ____ SI
United Cigar Stores o f Am er., com. (qu.).
2A
United Coal Corp., pref. (quar.) ___
_ _
IA
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U nited F ru it (q u a r.) (N o . 7 8 ) ...............
2
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2A
U nited G as Im p rov em en t (q u a r .)______
$1
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IA
U. S. Glass (quar.) ______________________
♦1
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IA
U . S . R u b b e r , 1st p re f. (q u a r .)_________
2
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$1.25
P referred (q u a r .)______________________
S7Ac
United States Worsted, 1st pref. (q u a r.)..
H old ers o f reo.
H old ers o f re c .
H old ers o f re c .
H o ld e rs o f re c .
H o ld e rs o f r e c .
♦H olders o f re c .
H old ers o f r e c .
Jan.
1
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H old ers o f r e c .
H old ers o f re c .
H o ld e rs o f r e c .
H o ld e rs o f r e c .
IA
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5 0 c.
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2 5 c.
V a .-C a r o lln a C h e m ., c o m . (q u .) (N o .4 6 )
1
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2
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5
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IA
W arn er (C h a s.) C o . o f D e l., c o m . ( q u . ) .
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I
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IA
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IA
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W estln g h ou se E le c . & M f g ., c o m . ( q u . ) . 17 A c .
Preferred ( q u a r . ) . ....................................... 17A c .
W h eelin g M o u ld & F o u n d r y , c o m m o n ..
1
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3
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la
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23 H old ers o f re c . D e c . 31a
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* F rom u n officia l sou rces, t D ecla red s u b je c t t o th e a p p ro v a l o f D irector-G en era l
o f R a ilro a d s. 1 T h e N e w Y o r k S tock E x ch a n g e has ruled th a t s to c k w ill n o t b e
q u oted ex -d lv ld en d on this d a te and n o t u n til fu rth er n o tice .
a T ra n sfer b o o k s n o t closed fo r this d iv id e n d . b Less B ritish In com e t a x . d C o r
r ection . e P a y a b le ln s t o c k . / P a y a b l e ln c o m m o n s t o c k , g P a y a b le ln scrip .
h O n a cc o u n t o f accu m u la ted d iv id e n d s, i P a y a b le ln L ib e r ty L o a n b o n d s
I R ed
C ross d iv id e n d , m P a y a b le In U . S . L ib e rty L oa n 4 A % b o n d s.
n D ecla red 8 % on first p r e f. s t o c k , p a y a b le 4 % as a b o v e a n d 4 % o n S e p t . 3 0 T 9 1 9
t o h olders o f record S e p t. 2 6 .
o D ecla re 6 % on c o m m o n , p a y a b le 2 % as a b o v e an d 2 % ea ch on M a y 2 0 and
A u g . 20 1919, all t o h olders o f record J a n . 31 1919.
p D ecla red 8 % p a y a b le 2 % each A p ril 3 0 , J u ly 31 an d O c t . 31 1919 an d J a n . 31
1920, t o h old ers o f record o n A p ril 12, J u ly 12 a n d O c t . 12 1919 an d J a n . 10 1920
re s p e ctiv e ly .
r O n a c c o u n t o f a ccu m u la ted d iv id e n d s since 1914, a n d a m o u n tin g t o $1 600 000
P a y a b lo $30 0 ,0 0 0 ln ca sh , $30 0 ,0 0 0 ln 4 A % L ib e r ty b o n d s an d $ 1 ,0 0 0 ,0 0 0 ln 1st
p r e f. s t o c k . Series S .
[V o l . 108
THE CHRONICLE
148
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7 8 2 .823 .0
8 7 3 .2 4 6 .0
8 8 8 .9 9 8 .0
3 8 7 .0 5 9 .0
3 9 0 .1 1 9 .0
147.800.0
2 5 4 .6 3 0 .0
2 0 1 .9 7 1 .0
3 2 4 .8 7 1 .0
2 4 0 .1 7 4 .0
3 0 .2 9 4 .0
8 7 .6 6 2 .0
6 2 .8 0 8 .0
198,000 ,0
8 0 .1 4 6 .0
8 8 0 .3 1 7 .0
6 2 .0 1 9 .0
4 4 .4 3 9 .0
718 .7 9 2 .0
2 0 2 .4 3 0 .0
3 1 .8 1 7 .0
21 .3
19.9
14
S
1 0 .5 5 4 .0
2 0 .9
2 4 .5
24.2
19.9
14.9
165
758
$
4 6 ,8 1 4 ,0
S
2 6 8 ,1 8 5 ,0
165
470
D ec. 2 0 .
Dec. 2 7 .
Dec. 20.
Dec. 27.
D ec. 20.
470
44
S
1 ,1 1 9 ,0
Total.
Country Banks.
Other Reserve Cities.
D ec. 27.
123
05
3 6 ,3 3 3 ,0
TJ.S.bonds t o secu re circu la t’ n
O th er U . S . b o n d s . Including
2 7 2 .2 8 1 .0
L ib e r ty b o n d s .
4 2 9 .9 1 7 .0
U . 8 . ce rtifs. o f in d e b te d n e ss.
4 2 b ,127,0
7 3 8 .5 3 1 .0
T o t a l U . 8 . s ecu rities..........
7 3 6 ,2 5 3 ,0
6 3 5 .6 0 9 .0
L oa n s se c. b y U . 8 . b o n d s, & c.
6 3 6 ,2 4 7 ,0
A ll o th er loans & in v estm en ts 3 .6 9 5 ,5 3 7 ,0 !,6 3 3 ,0 9 0 ,0
6 2 7 .3 9 5 .0
R e s ’ ve b a l. w ith F . R . B a n k .
6 0 7 ,4 7 5 ,0
1 19 .149 .0
1 22 ,572 ,0
C ash in v a u lt _________________
N e t d em a n d d e p o s its ------------- 4 ,2 7 5 ,5 1 9 ,0 1,272,793,0
187 .746 .0
T im e d e p o s lt s .......... — ..............
1 89 ,611 ,0
2
7 7 .8 2 2 .0
G o v e rn m e n t d e p o s its ------------1 9 7 ,3 o4 ,0
R a tio o f U . 8 . w ar securities
an d w a r pap er to t o ta l loans
2 0 .7
2 6 .4
an d In vestm en ts, per c e n t .
Dec. 20.
123
$
.......... 2Z5’T!!2’R
Total.
San Fran.
Dallas.
St. Louis. M inneap. K an. City
101
111 .6 9 6 .0 4 0 .6 6 5 .0 12 .5 3 3 .0 2 9 .3 6 5 .0 2 1 .4 0 3 .0
9 0 .8 1 8 .0 5 6 .7 3 7 .0 4 3 .1 4 5 .0
107 .8 0 4 .0 2 3 .2 8 9 .0 14 .9 6 8 .0 2 6 .8 0 9 .0 1 2.598.0
6 0 .5 4 3 .0 3 4 .7 8 1 .0 3 8 .3 5 4 .0
2
3 8 .4 8 0 .0 8 1 .5 0 8 .0 3 3 .9 2 0 .0 6 9 .7 8 4 .0 5 1 .9 3 0 .0
1 94 .274 .0 1 15 .831 .0 9 6 .9 6 4 .0
7 .6 7 2 .0
7 2 .2 5 3 .0 2 5 .4 2 0 .0 1 1.513.0 1 2.925.0
102 .132 .0 4 3 .1 8 8 .0 2 1 .0 5 8 .0
1
.3
8 6 .1 3 5 .0 3 6 9 .684 .0 2 4 2 .4 3 7 .0 4 5 9 .7 0 4 .0 1 81 .439 .0
3
2
2
.4
0
0
.0
3
9
1
.9
3
3
.0
9 3 6 .9 7 5 .0
1
5.105.0
4
5
.7
0
1
.0
2
4
.0
3
1
.0
3
7
.1
0
8
.0
1 5 8 .595 .0
7 8 .9 1 6 .0 3 4 .7 8 3 .0 3 0 .3 4 0 .0
72 .9 3 1 .0 15.177.0 10.834.0 1 8.302.0 12.283.0
4 1 .4 6 7 .0 2 2 .6 6 7 .0 16 .9 7 2 .0
3 9 1 .9 1 0 .0 146 .694 .0
2
1
5
.6
6
9
.0
2
8
6
.1
1
6
.0
1
.1
5
3
.2
8
5
.0
2
3
9
.2
8
6
.0
7 5 9 .5 7 9 .0 3 3 7 .7 5 6 .0
3 9 0 .2 2 5 .0 7 2 .9 9 7 .0 4 8 .7 7 2 .0 0 0 ,2 9 7 ,0 2 5 .5 7 1 .0
2 2 9 .2 2 6 .0 6 0 .0 5 3 .0 9 5 .1 5 1 .0
9 .2 2 0 .0
9 ,8 3 5 ,0 1 6 .9 5 5 .0
5 3 .0 0 7 .0 1 5.793.0
3 6 .6 9 9 .0 1 9 .4 5 7 .0 16 .3 9 4 .0
D ec. 20
65
S
3 6 ,3 3 3 ,0
81
S
2 4 .3 1 3 .0
Chicago.
45
C e n t r a l R e s e r v e C i t y , b a n k s In a ll o t h e r R e s e r v e c i t i e s a n d o t h e r r e p o r t i n g b a n k s
New York.
Two ciphers (00) omitted.
Atlanta.
Phtladel. Cleveland. Richm’d.
New York.
Member Banks.
T w o cip h ers (00) o m it t e d .
758
S
2 6 7 ,8 2 5 ,0
8 7 2 .2 6 8 .0
8 3 2 .7 1 5 .0
8 8 .7 8 5 .0
9 6 1 .0 5 3 .0
9 5 3 .4 5 2 .0
6 0 .3 4 0 .0
195.939.0 2 .0 5 4 .3 5 2 .0 2 .1 0 1 .1 4 6 .0
8 3 .0 6 6 .0 1 .2 6 7.742.0 1 .2 6 6 .7 5 4 .0
8 8 1 .0 4 4 .0 1 0 ,3 16,841 ,0 10,2 9 8 ,2 4 1 ,0
6 2 .2 0 8 .0 1.245.251.0 1 .2 7 6 .9 3 8 .0
4 0 4 .1 7 2 .0
4 3 4 .8 1 6 .0
3 9 .6 9 9 .0
721 .9 4 2 .0 9 .9 1 7 .0 8 6 .0 9 .9 2 1 .9 0 0 .0
191.011.0 1.4 8 1 .5 5 6 .0 1 .4 5 1 .3 1 6 .0
6 2 4 .4 5 2 .0
4 7 3 .9 6 2 .0
4 4 .9 5 1 .0
2 2 .7
22.4
20.1
TVm Fftderal Reserve Banks.—Following is the weekly statement issued by tho Fodoral Rosorvo Board on Jan. 4.
U q u id M ta
ic
s o m e v o lu m e o f to ta l In v e s tm e n t, a n d
*•**
ssn^ss
a S S e D E P O S I T S - G o v e r n m e n t d e p o s its s h o w
an
c o n .l d e r .b l e r e d u c t io n in t h e v o l u m e o f c ir c u la t in g
r e d u c t io n s ,P c a n t in g
ltS ’
r e ™
in c r e a s e o f a b o u t 2 8 m illio n s
Cs h o w ^ a bg a h ? n f >2 n^ m U l t o n s ,l w h S e * t o t a l” c a !s h
a
M o ra l
decrease
o f -,6 .2
M e m b e r s ’ r e s e r v e d e p o s it s in c r e a s e d
reserved
in c r e a s e d
b y '^ m i l l i o n s .
l i c e c r v . n o t e , a r e In d ic a te d In
m illio n s
in
t o t a l e a r n in g
1 5 .6 m il lio n s , w h ile n e t d e p o s Tho
banks’
reserve
p ercen ta g e
the latter and tho Federal Reserve banks.
F E D E R A L
R E SE R V E
B A N K
O F
N E W
Y O R K .
G o v e r n m m i l f d w o 3 i t L " C$ 9 5 ! 4 1 2 , 6 0 0 : i " N o n - m e m t a r nt a o k
_
..
___
t
______ —
. ,
T h e w e e k eta W m e n t
“o ?'
t l e i i o o i t e , ' ' S 3 . 8 9 8 . 6 8 6 ’. a n d " D u o t o W a r F i n a n c e C o r p o r a t i o n " 8 1 . 6 8 7 . 3 1 1 .
—
P m a iitD A i
T
? a v Ti1.
tta
m k
a
at
t h e
O r ,o s E
o f
B
u sxn ess
J
a n
.
3
1919.
Nov. 29 1918 Nov. 22 1918. Nov. 15 1918. J a n . 4 1 91 8.
Jcin. 3 1919. Dec. 27 1918 Dec. 20 1918. Dec. 13 1918. Dec. 6 1918.
RESOURCES.
G o ld coin anil ce rtifica te s....................
G o ld settlem en t fu n d , F . R . B o a r d .
G o ld w ith foreign a g en cies..................
T o t a l g o ld held b y b a n k s ...............
G o ld w ith Federal R eserv e a g e n t s ..
G o ld r ed em p tion fu n d ---------------------T o t a l g o ld reserv es............................. —
L eg a l ten d er n otes, silv er, &c-------T o t a l reserves........ ...............................
B ills d lscou n to 1:
S ecured b y G o v t , w ar o b llg a t lo n s .
A ll o t h e r . ............................. ...................
B ills b ou g h t In op en m a rk e t...............
T o t a l b ills on h a n d -----------------------U . 8 . G o v t , lon g -term s ecu rities-----U . 8 . G o v t , sh ort-term s e c u r it i e s ...
A ll oth er earning a ssets.........................
T o t a l earning a ssets.
d e p o s it s ).
A ll o th er resou rcos.
T o t a l resou rces.
• In clu d es am ou n t form erly show n
s
3 3 8 .7 1 7 .0 0 0
398 .9 9 7 .0 0 0
5,8 2 9 ,0 0 0
S
337 .3 6 5 .0 0 0
374 .7 5 8 .0 0 0
5,8 2 9 ,0 0 0
5
335 .1 4 1 .0 0 0
4 6 1 .3 6 9 .0 0 0
5 ,8 2 9 ,0 0 0
$
3 3 6 .516 .00 0
487 .5 6 8 .0 0 0
5,8 2 9 ,0 0 0
S
353 .2 0 8 .0 0 0
422 .4 9 1 .0 0 0
5,8 2 9 .0 0 0
$
3 7 0 .938 .00 0
3 9 5 .292 .00 0
5,8 2 9 ,0 0 0
$
3 7 1 .498 .00 0
435 .8 9 2 .0 0 0
5 ,8 2 9 ,0 0 0
S
375 .5 2 7 .0 0 0
433 .8 8 5 .0 0 0
5 ,8 2 9,000
815.i241.000
813 ,2 1 9 ,0 0 0
772 ,0 5 9 .0 0 0
7 8 1 ,5 2 8 ,0 V)
8 2 9 ,913 ,00 0
8 0 2 ,3 3 9 ,0 0 0
717 ,9 5 2 ,0 0 0
7 4 3 ,5 4 3 ,0 0 0
1 ,2 16,541,000 1,168,917,000 1 ,1 0 0,579,000
1,263,383,000 1 ,2 8 8 ,3 0 9 ,0 0 0 1 ,1 9 4 ,2 2 8 ,0 0 0 1 ,1 6 7,771,000 1 ,2 0 7.377,000
74,9 5 7 ,0 0 0
7
8
,1
2
9
,0
0
0
7
6
.6
13,000
7
8
,4
9
6
,0
0
0
80,8
2
1
,0
0
0
8 2 ,4 2 1 ,0 0 0
8 4 ,0 1 3 ,0 0 0
8 5 ,7 6 8 ,0 0 0
2 ,0 6 5 ,2 1 3 ,0 0 0 2 ,0 6 0 ,2 6 5 ,0 0 0 2,0 5 6 ,7 7 7 ,0 0 0
2
,0
6
7
,4
0
1
,0
0
0
2
,0
7
8
,5
0
5
,0
0
0
2
,0
7
8
,9
8
8
,0
0
0
2
,0
9
0
,2
7
4
,0
0
0
2 ,0 9 2 ,6 9 4 ,0 0 0
5 3,039.000
5 5 ,9 9 2 ,0 0 0
5 5 ,1 58,000
5 3 ,9 66,000
5 5 .7 58.000
5 4 ,6 3 6 ,0 0 0
5 5 ,9 4 5 ,0 0 0
6 0 ,9 6 0 ,0 0 0
4 8 0 .0 7 2 .0 0 0
3 3 8 .6 8 7 .0 0 0
5 2 ,5 0 0 ,0 0 0
8 7 1 .2 5 9 .0 0 0
7 9 7 .1 9 1 .0 0 0
1 9,270,000
1 ,6 8 7 ,7 2 0 ,0 0 0
4 5 ,3 1 0 ,0 0 0
2 .1 2 0 .3 7 1 .0 0 0 2 .1 1 6 .2 5 7 .0 0 0 2.10 9 .8 1 6 .0 0 0 1 ,7 3 3 ,0 3 0 ,0 0 0
2 .1 5 3 .6 5 4 .0 0 0 2 .1 4 6 .2 1 9 .0 0 0 2 .1 3 3 .6 2 4 .0 0 0 2 .1 3 4 .2 6 3 .0 0 0 2 .1 2 1 .3 6 7 .0 0 0
2 8 6 .1 5 6 .0 0 0
1.41 2 .5 1 1 .0 0 0 1 .2 8 1.245.000 1.358.416.000
1 .5 4 5.274.000 1.40 0 .3 7 1 .0 0 0 1.29 9 .5 2 4 .0 0 0 1 .4 83.849.000 1 .4 67.322.000
3 3 9 .6 5 7 .0 0 0
4 3 9 .392 .00 0
4 2 8 .1 9 0 .0 0 0
4 0 2 .6 8 4 .0 0 0
3 9 6 .462 .00 0
3 6 5 .614 .00 0
306 .7 7 8 .0 0 0
302 .5 6 7 .0 0 0
2 8 4 .5 9 0 .0 0 0
2 7 1 .3 3 8 .0 0 0
3
7
7
.877
.00
0
368
.7
8
4
.0
0
0
3 7 5 .3 4 1 .0 0 0
371 .4 0 6 .0 0 0
3 6 6 .594 .00 0
340 .7 6 5 .0 0 0
303 .6 7 3 .0 0 0
2 9 0 .2 6 9 .0 0 0
8 9 7 ,1 5 1 ,0 0 0
2
,1
7
5
,6
8
5
,0
0
0
2
,0
7
8
,2
1
9
,0
0
0
2
,1
9
0
,5
3
6
,0
0
0
2,2
3
5
.1
9
0
,0
0
0
2,1 2 0 ,1 3 3 ,0 0 0 2 ,0 0 6 ,6 1 1 ,0 0 0 1 ,9 4 7,067,000 2.2 1 6 .0 5 7 ,0 0 0
5 1 .1 6 7 .0 0 0
2 9 .4 78.000
2 9 ,1 3 4 ,0 0 0
2 9 .1 3 2 .0 0 0
29.1 9 8 ,0 0 0
29,1 8 9 ,0 0 0
2 8 ,8 5 0 .0 0 0
2 8 ,8 6 9 ,0 0 0
2 9 ,8 2 4 ,0 0 0
9 2 .0 5 8 .0 0 0
9 3 .4 49.000
148 ,180 ,00 0
9
2
.6
6
4
.0
0
0
105,606,000
111,477,000
3
2
5
,0
7
3
,0
0
0
282 ,6 7 7 ,0 0 0
125 ,063 ,00 0
5 ,1 6 7 ,0 0 0
2
8
,000
27,000
27,000
27,000
27,000
16,000
13,000
13,000
2 ,3 1 2 ,3 5 9 ,0 0 0 2 ,2 5 5 ,5 6 0 ,0 0 0 2,2 9 8 ,6 4 0 .0 0 0
2 ,2 7 5 ,0 3 3 ,0 0 0 2 ,3 1 8 ,1 7 0 ,0 0 0 2 ,3 0 1 ,0 0 6 ,0 0 0 2 ,3 5 6 ,7 5 0 ,0 0 0 2 ,3 7 0 ,0 1 9 ,0 0 0
7 1 7 ,785 ,00 0
819 ,0 1 0 ,0 0 0
7 3 8 ,328 ,00 0
650
.0
3
9
,0
0
0
7
1
9
,591
,00
0
8
2
6
.8
3
1
,0
0
0
759 ,6 0 8 ,0 0 0
8 2 3 ,0 7 9 ,0 0 0
4 ,0 0 8 ,0 0 0
4 ,5 2 5 ,0 0 0
4,6 2 1 ,0 0 0
4,8 4 4 ,0 0 0
5,5 0 6 .0 0 0
5 ,8 8 0 ,0 0 0
5,9 8 8 ,0 0 0
6,2 6 5 ,0 0 0
18,109.000
2 4 ,1 7 5 ,0 0 0
2 1 ,3 0 9 ,0 0 0
2 2 ,4 4 0 .0 0 0
18.824,000
2 0 ,7 9 3 ,0 0 0
2 2 ,0 0 5 ,0 0 0
3 0 ,3 3 7 .0 0 0
5 .1 9 4 ,9 8 8 ,0 0 0 5 ,2 1 9 ,5 2 7 ,0 0 0 5 .1 4 8 ,4 1 8 .0 0 0
5 ,2 8 8 ,3 6 8 ,0 0 0 5 ,2 5 1 .9 9 0 .0 0 0 5 ,2 8 8 ,1 3 4 ,0 0 0 5 ,2 3 4 ,9 3 4 .0 0 0 5 ,1 6 8 ,7 0 9 ,0 0 0
1 ,0 4 5 ,5 4 3 ,0 0 0
3 4 7 ,2 5 1 ,0 0 0
53 7 .0 0 0
53 7 .0 0 0
3 .1 2 6 ,8 9 8 ,0 0 0
Ja n . 11 1919.]
THE CHRONICLE
149
Jan. 3 1919 Dec. 27 1918 Dec. 20 1018 Dec. 13 1918. Dec. 6 1918. N ot. 29 1918 Nov. 22 1918 Nov. IS 1918
J a n . 4 1918.
L IA B IL IT IE S .
S
%
$
C a p ita l paid In ____________ ______ _____
8 0 .7 9 2 .0 0 0
8 0 ,6 8 1 ,0 0 0
8 0 .5 5 5 .0 0 0
80,3 0 4 .0 0 0
80,4 9 2 ,0 0 0
8 0 ,0 7 2 ,0 0 0
8 0 ,0 2 5 ,0 0 0
7 9 ,9 0 3 ,0 0 0
S u r p l u s _____________________________
22.7 3 8 .0 0 0
1,134,000
1,134,000
1,134,000
1,134,000
1 ,1 3 4,000
1 ,1 34,000
1 ,1 3 4 ,0 0 0
G ov ern m en t d e p o s it s -------- --------------91.3 2 1 .0 0 0
63,3 6 7 ,0 0 0
3 8 .6 9 3 .0 0 0
185 .355.000
161 .614 .00 0
2 0 7 .157 .00 0
113 .174 .00 0
24
6 .4 0 1 .0 0 0
D u e t o m em bers, reserve a c c o u n t............. 1 ,6 0 2 ,901,000 1 ,5 8 7 .318,000 1,6 4 2 ,4 4 4 ,0 0 0 1,567 ,9 2 7 ,0 0 0 1,547,838,000 1,4 8 8 ,8 9 3 ,0 0 0
1.6 0 4 ,0 3 3 ,0 0 0 1,4 4 9 .9 4 9 .0 0 0
D eterred a v a ila b ility Item s.........................
5 0 9 .0 5 5 .0 0 0
5 5 4 .8 2 3 .0 0 0
5 8 8 .7 5 5 .0 0 0
5 5 6 .764 .00 0
5 14 .512 .00 0
6 0 2 .667 .00 0
6 2 0 .608 .00 0
5 7 3 .7 2 7 .0 0 0
O th er d e p o sits, in cl. fo r. G o v t , cred tts.
118 .581 .00 0
106 .992 .00 0
1 0 6 .689 .00 0
106 .012 .00 0
106 .685.000
105 .894 .00 0
1 1 3 ,967 ,00 0
1 1 3 .385 .00 0
7 0 .8 2 5 .0 0 0
1 ,1 3 4 ,0 0 0
13 1 .0 0 6 .0 0 0
1 ,4 4 9 ,2 3 0 ,0 0 0
1 9 2 .6 4 9 .0 0 0
2 0 .5 9 4 .0 0 0
T o t a l gross d e p o s its .................................. 2 .3 8 1 .8 5 8 .0 0 0 2 .3 1 2 .5 0 0 .0 0 0 2 .3 7 6 .5 8 1 .0 0 0 2 .3 9 2 .3 1 7 .0 0 0 2.3 5 4 .3 9 0 .0 0 0 2.4 0 4 .6 1 1 .0 0 0 2 .4 5 1 .7 8 2 .0 0 0
F . I t . n otes In a ctu a l c ircu la tio n ________ 2 .6 4 8 .6 0 5 .0 0 0 2 .6 8 5 .2 4 4 .0 0 0 2 .6 6 3 .7 0 1 .0 0 0 2 .6 0 4 .5 8 0 .0 0 0 2.5 8 4 .5 2 3 .0 0 0 2 .5 6 8 .6 7 6 .0 0 0 2.5 5 5 .2 1 5 .0 0 0 2 .3 8 3 .4 6 2 .0 0 0
2 .5 6 2 .5 1 7 .0 0 0
F . I t . ban k n otes In c ircu la tion — n et llab
1 2 0 ,267 ,00 0
117 ,122,000
111 ,909 ,00 0
1 0 2 ,2 0 2 ,0 0 0
92 .7 9 9 .0 0 0
86.0 0 3 .0 0 0
80 .5 0 4 .0 0 0
7 2 .9 3 0 .0 0 0
A ll oth er lia b ilities______________________
3 4 ,1 0 8 ,0 0 0
55 ,3 0 9 ,0 0 0
5 4 ,2 2 4 ,0 0 0
5 4 ,209,000
55 .5 5 9 .0 0 0
54.4 9 2 .0 0 0
50 .8 6 7 .0 0 0
4 8 .4 7 2 .0 0 0
1 .7 9 3 .4 7 9 .0 0 0
1 .2 5 1 .2 0 5 .0 0 0
8 ,0 0 0 ,0 0 0
2 ,2 5 5 ,0 0 0
T o t a l lia b ilities....................................... . . 5 ,2 8 8 ,3 6 8 ,0 0 0 5,2 5 1 .9 9 0 ,0 0 0 5 ,2 8 8 ,1 3 4 ,0 0 0 5 ,2 3 4 ,9 3 4 ,0 0 0 5,1 6 8 ,7 0 9 ,0 0 0 5 .1 9 4 ,9 8 8 ,0 0 0
5 ,2 1 9 ,5 2 7 ,0 0 0 5 ,1 4 8 ,4 1 8 ,0 0 0 3 ,1 2 6 ,8 9 8 ,0 0 0
G o ld reserve a gainst net dep osit l l a b . .
5 3 .1 %
5 3 .4 %
5 3 .0 %
5 2 .5 %
5 2 .3 %
5 2 .1 %
5 1 .8 %
5 1 .4 %
7 2 .8 %
G o ld res. a g st. F . It. n otes In a c t . c lr c ’ n
5 2 .2 %
5 2 .8 %
5 2 .0 %
5 1 .7 %
5 1 .5 %
5 1 .3 %
5 0 .8 %
5 0 .2 %
7 8 .9 %
R a t io o f g old reserves t o not d ep osit and
F . It. n ote liab ilities c o m b in e d .............
5 2 .6 %
5 2 .9 %
5 2 .6 %
5 1 .9 %
5 1 .8 %
5 1 .7 %
5 0 .9 %
5 0 .9 %
7 5 .6 %
R a t io o f tota l reserves t o net d ep osit and
F . It. n ote liab ilities c o m b in e d _______
5 1 .2 %
5 0 .6 %
6 0 .6 %
4 9 .9 %
4 9 .5 %
5 0 .0 %
5 0 .5 %
4
9 .9 %
6 4 .2 %
R a t io o f g old reserves t o F . R . n otes In
a ctu al circu la tion a fter setting aside
3 5 % against n et dep osit lia b ilities. .
6 0 .7 %
5 9 .7 %
5 9 .7 %
5 9 .5 %
5 9 .0 %
5 9 .8 %
6 0 .5 %
5 9 .6 %
Distribution by Maturities—
S
$
S
$
1-15 d a y s bills d iscou n ted and b o u g h t. 1,402 ,827 ,0 0 0 1,254 ,392,000 1,1 8 5 ,0 0 6 ,0 0 0 .,4 5 3 ,7 4 6 ,0 0 0 1,4 3 2 ,9 6 9 ,0 0 0 1,3 0 5 ,6 3 4 ,0 0 0
1,2 0 6 ,2 1 5 ,0 0 0 1 ,3 5 3 .3 1 0 ,0 0 0
3 8 7 ,0 1 7 ,0 0 0
1-15 d a y s U . S . G o v t , sh ort-term secs
8 ,837 ,0 0 0
176 ,436,000
2 1 8 .0 6 9 .0 0 0
12.048.000
11.473.000
8 .8 9 5 .0 0 0
6 9 ,0 2 9 .0 0 0
18,4 8 1 ,0 0 0
1-15 d a y s m u n icipa l w arra n ts...............
10 ,0 0 0
3 ,000
9 .000
5 .000
5 .000
5 ,000
7,000
1 0 ,0 0 0
16-30 d a y s bills d iscou n ted and b o u g h t.
340 ,0 2 2 ,0 0 0
320 ,185 ,0 0 0
170 .107 .00 0
143 .767 .00 0
170 .319 .00 0
2 2 5 .9 0 0 .0 0 0
1 75 ,680 ,00 0
1 6 8 .7 6 5 .0 0 0
9 6 ,3 2 2 ,0 0 0
16-30 d a y s U . S . G o v t , sh ort-term secs
1 ,263,000
779 0 0 0
1,184,000
10.227.000
10.275.000
1 .1 88.000
7
3
.0
0
0
16-30 d a y s m u n icipa l w a rra n ts.......... ..
1 0 ,0 0 0
1 .0 0 0
3 .000
1 0 ,0 0 0
141 ,000
31-60 <lay3 bills d iscou n ted and b o u g h t.
,754.666 4 3 6 .3 9 5 .0 0 0 461 .3 4 3 .0 0 0 4 4 4 .7 1 9 .0 0 0 4 7 0 .666 .00 0
1,008 ,665
Ml.760.665 2 8 9 ,4 4 4 ,0 0 0
3 1-60 d a y s U . S . G o v t , sh ort-term s e cs.
627 ,000
460 0 0 0
699,000
1,409,000
12.584.000
9 .2 2 0 .0 0 0
9 .1 3 2 .0 0 0
31-60 d a y s m u n icipa l w a rra n ts.......... .......
1 0 ,0 0 0
14,000
16,000
4 .000
15.000
63 4 ,0 0 0
6 1-90 d a y s bills d iscou n ted an d b o u g h t.
113 ,506,000
102
131 .149 ,00 0
132 .992 .00 0
104 .334 .00 0
1 6 5 .185 .00 0
3 3 4 .0 9 5 .0 0 0
11 4 ,6 2 9 ,0 0 0
61-90 d a y s U . S . G o v t , sh ort-term sees.
1 ,027,000
7 ,9 0 0 .0 0 0
899,000
351 .000
1 .0 8 6.000
2 .1 9 4 .0 0 0
6 1-90 d a y s m u n icipa l w a rra n ts..........
3,000
5 .000
26 ,937,000
O v er 90 d a y s bills d lsc’ te 1 and b o u g h t . .
27,
'24,410.666
24,209,66o 22,849,566
23.1 5 1 .0 0 0
1 7 .755.000
9 ,7 3 9 ,0 0 0
103 ,324,000
O v er 90 d a y s U .8 .G o v t , sh ort-term secs
114
9 7 ,2 2 1 ,0 0 0
86 .8 9 4 .0 0 0
7 0 .323.000
72.2 7 5 .0 0 0
6 3 .5 6 9 .0 0 0
O v er 90 d a y s m unicipa l w a rra n ts_______
3,000
3.000
3.000
3.000
6 .0 0 0
335,666
Federal Reserve Notes—
.
Issued t o th e b a n k s........................... .............. 2 ,8 6 6 ,047 ,0 0 0 2 ,855 ,604,000 2 ,8 1 5 ,4 5 0 .0 0 0 ,7 64,699.000 2 ,7 4 1 ,8 5 2 ,0 0 0
2 ,7 7 3 .0 4 3 .0 0 0 2 ,7 6 8 ,7 7 7 ,0 0 0 2 .7 6 1 ,8 1 2 ,0 0 0 1,366,335,000
170 ,360,000
218 ,442 ,0 0 0
H eld b y b a n k s.......... .................................
1 51 ,749 ,00 0
160 .119 ,00 0
157 ,329 .00 0
2 0 4 .367 ,00 0
2 1 3 ,562 ,00 0
1 9 9 ,295 ,00 0
1 1 5 ,1 3 0 ,0 0 0
I n circu la tio n ............................... ................ 2 ,6 4 7 ,6 0 5 ,0 0 0 2 ,6 8 5 ,2 4 4 ,0 0 0 2 ,0 6 3 ,7 0 1 ,0 0 0 2 ,6 0 4 ,5 8 0 ,0 0 0 2 ,5 8 4 ,5 2 3 .0 0 0
2,5 6 8 .6 7 6 ,0 0 0 2 .5 5 5 .2 1 5 .0 0 0 2 .5 6 2 .5 1 7 ,0 0 0 1 .2 5 1 .2 0 5 .0 0 0
Fed. Res. Notes (.Age its Accounts) —
R e c e iv e d from the C o m p tr o lle r ............... 3,013 .960 ,0 0 0 3,86.' ,0 2 0 ,0 0 0 3 ,8 1 3 ,2 0 0 ,0 0 0 ,7 8 1 ,800,000 3 ,7 3 1 ,8 6 1 ,0 0 0 3,692
.060,000 3,660, 540.000 3 ,6 2 9 ,1 4 0 .0 0 0 1 .8 2 5 .7 0 0 .0 0 0
724 ,491,000
R etu rn ed tb th e C o m p tr o lle r ....................
737 ,223 ,0 0 0
71 0 ,2 2 5 ,0 0 0
6 9 3 .652 ,00 0
677 .2 2 9 ,0 0 0
603 ,417,000
591, 693.000
5 8 0 ,1 8 3 ,0 0 0
2 4 8 ,0 6 5 ,0 0 0
A m o u n t ch a rg ea b le t o a g e n t................. 3,176 ,737 ,0 0 0 3,140 ,529,000 3 ,1 0 2 .9 7 5 ,0 0 0
284 ,925,000
310 .690 ,0 0 0
In h an ds o f a g e n t ...................... ........... ...........
2 8 7 ,5 2 5 ,0 0 0
1.088,148,000 3,0 5 4 ,6 3 2 ,0 0 0 3.088 643 .000 3.068 ,847,000 3 ,0 4 8 ,9 5 7 ,0 0 0
3 2 3 .449 ,00 0
3 1 2 ,780 ,00 0
315 600 .000
300 ,070,000
2 8 7 ,1 4 5 ,0 0 0
Issued t o F ederal R eserv e b a n k s____ 2 ,8 0 0 ,0 4 7 ,0 0 0 2 .8 5 5 ,6 0 4 ,0 0 0 2 ,8 1 5 ,4 5 0 ,000 2 ,7 6 4 ,0 9 9 ,0 00
How Secured—
2 4 6 ,3 1 5 ,0 0 0
B y g old co in an d ce rtifica te s......................
246 ,3 2 7 ,0 0 0
2 4 6 .3 2 7 .0 0 0
250 ,3 2 7 3 )0 0
B y law ful m o n e y .............................................
B y eligible p a p e r........................................... - 1,604
1,567 ,295,000 1,621,222,665 5 90 .928 .00 0
84,
G o ld red em p tion fu n d ............... ............. ..
81, ,951,000
7 9 ,0 7 4 ,0 0 0
74,3 7 6 ,0 0 0
960 ,031,000
930,
W ith F ederal R oserv o B o a r d . . . ...............
8 6 8 .8 2 7 .0 0 0
8 4 3 .0 6 8 .0 0 0
2 ,7 6 8 .7 7 7 .0 0 0 2 ,7 6 1 .0 1 2 .0 0 0
2 1 1 ,626 .00 0
RESOURCES.
| Boston.
1
New York.
Phlla.
Cleveland.. Rlchm’nd.. Atlanta.
%
1 ,3 6 6 ,3 3 5 ,0 0 0
2 1 0 .1 7 6 .0 0 0
2 6 9 ,9 5 1 ,0 0 0
1,556 ,502,000 1,599 ,860,000 1,595 ,233",666
77, ,991.000
78, ,793.000
7 8 ,3 5 2 .0 0 0
925, 9 2 3 ,0 0 0
878, 498 ,000
8 7 8 .0 5 1 .0 0 0
5 6 9 ,1 4 4 ,0 0 0
4 1 , 1 5 8 ,0 0 0
4 8 6 ,0 0 0
2 ,7 6 1 ,8 1 2 ,0 0 0
1 ,3 6 6 ,3 3 5 ,0 0 0
2,1 2 0 .2 9 8 .0 0 0
6 1 1 ,1 3 6 i 0 0 0
T o t a l .............................................. - ................ 2 ,8 6 6 .0 4 7 ,0 0 0 2,8 5 5 ,2 4 4 ,0 0 0 2 ,8 1 5 ,4 5 0 ,0 0 0 2 ,7 6 4 ,6 9 9 ,0 0 0
E lig ib le pap er d eliv ered t o F . R . A g e n t . 2 ,0 6 9 ,2 2 8 ,0 0 0 1 ,9 5 6 ,357,000 1.9 1 3 .4 0 4 ,0 0 0 2 .1 7 6 .4 1 0 .0 0 0
---- ------■'
'
■
■■■■■' ■
_____'
— a N et am ou n t d u o t o oth er F oderal R eserv e b a n k s, ft T h is Item Includes foreign G o v ern m en t cred'l'ts.
Two ciphers (00) omitted.
,5 7 7 ,6 3 5 ,0 0 0
2 1 1 ,3 0 0 ,0 0 0
1 l ^ tOOQ,UUU «&,UU
t R evised figures.
Chicago. St. Louis.. Minneap.. Kan.City.
Dallas.
San Fran .
Total.
G o ld coin an d ce rtifica te s .......... ..
G o ld S ettlem en t F u n d , F . R . B 'd
G o ld w ith foreign a g en cies----------
S
3 ,342,0 1
27,7 4 9 ,0 1
408,0 '
$
S
257 ,035 ,0 > 1,210,C 1 13,084,0 1
127,829,0 1 3 1 ,2 4 5 ,C1 4 6,371,0 1
2,011,0 1
408,0 1
525,0 1
T o t a l g old held b y b a n k s..........
G o ld w ith F ed . R c s e r v o A g e n t s ..
G o ld red em p tion f u n d . . . .............
31 .4 9 9 .0
59 .7 1 7 .0
7 ,8 2 9 ,0
3 8 8 .925 .0 1 32,863,0 > 5 9,980.0 1 11,474,0 1 10,892,0 1 113,415,0
2 7 4 .3 8 0 .0 ' 85,7 8 2 ,0 > 138,223 ,0 i 62 ,9 9 1 ,0 ' 44 .6 2 2 ,0
' 2 7 7 ,969 ,0
24 ,9 0 3 ,0
7 ,900,0 1
1,423,0 1 5 ,3 2 8 ,0
7,0 1 5 ,0 ' 15,225,0
2 1 .543.0 1 21,341,0 1 2 0 ,1 2 3 ,0
6 1 .674.0 1 55,863,0 1 5 4 ,4 8 4 ,0
3 ,3 7 0 ,0
4 ,954.0 1 3 ,5 9 0 ,0
8.5 3 4 .0 24,954,0 1 7 4 3 ,5 4 3 ,0
22 ,3 5 2 ,0 125,326,0 1 ,2 6 3 ,3 8 3 ,0
2 .1 9 3 .0
2 ,038,0
8 5 ,7 6 8 ,0
T o t a l g old reserv es.......... ...........
Legal ten d er n otes, silv er, & c ___
9 9 ,0 4 5 ,0
2 ,6 3 8 ,0
6 8 6 .2 0 3 ,0 120 ,545 ,0 199 ,626 ,0
4 8 ,6 8 8 ,0
1 ,344,0
1,2 2 9 ,0
7 9 ,7 9 3 ,0
173 ,0
8 6 ,5 8 7 ,0
2 ,3 8 4 ,0
7 8 ,1 9 7 ,0
122 ,0
3 3 ,0 7 9 ,0 152 ,318 ,0 2 ,0 9 2 ,6 9 4 ,0
1 ,377,0
573 ,0
6 0 ,9 6 0 ,0
T o t a l reserves...................... ......... 1 0 1 .733 .0
Bills d iscou n ted : Secured b y G o v
ernm ent w ar o b lig a tio n s ------ 120 .775 .0
8 ,4 1 9 ,0
All o th e r s _____ ________________
B ills b o u g h t In op en m a rk e t------- 12,533,0
7 3 4 .8 9 6 .0 1 2 7 .839 .0 2 0 0 .8 5 5 .0
7 9 .9 6 6 .0
6 2 .8 9 1 .0 4 0 8 .5 5 4 .0
8 8 .9 7 1 .0
8 2 .2 3 3 .0
7 8 .3 1 9 .0
3 4 .4 5 6 .0 1 5 2 ,891 ,0 2 .1 5 3 .6 5 4 .0
0 9 1 .7 8 0 .0 1 5 8 .254 .0 115 .099 .0
4 4 ,3 0 7 ,0 19,065,0 12.074.0
7 0 ,2 9 4,0
3 ,4 0 1 ,0 3 0 .4 7 8 .0
7 1 .9 8 9 .0
14 .0 8 8 .0
5 ,9 4 3 ,0
6 2 .7 5 1 .0 1 3 2 .963 .0
10.276.0 4 8 .8 5 1 .0
1 1 .860.0 5 7 .8 8 0 .0
5 5 .5 8 5 .0
1 7.258.0
8 ,7 4 3 ,0
3 4 .9 9 1 .0
3 ,0 9 0 ,0
18.2 5 7 .0
2 6 .4 7 2 .0
3 7 .3 6 1 .0
18 .9 6 6 .0
1 6 .644.0
3 2 .3 4 1 .0
2 ,5 5 8 ,0
T o ta l bills o n h a n d ...................... 141 ,732 ,0
1.105.0
U . 8 . G o v ’ t lon g -term secu rities.
8 .4 1 6 .0
U . S . G o v 't s h ort-term securities
A ll o th er earning assets............... ..
8 1 2 ,3 8 7 ,0 1 8 0 ,720 ,0 1 6 3 ,651 ,0
1 ,396,0
1,385,0
1,084,0
4 1 ,8 4 5 ,0 1 0 ,0 3 3 ,0 11 ,7 2 6 ,0
9 2 ,0 2 0 ,0
1 .234.0
4 .7 9 9 .0
9 3 ,8 8 7 ,0 2 3 9 ,6 9 4 ,0
5 43 ,0
4 ,5 1 0 ,0
6 ,0 6 6 ,0 15,0 1 2 ,0
13,0
8 1 ,5 8 6 ,0
1.1 5 3 .0
6 .5 6 8 .0
5 6 ,3 3 8 ,0
120,0
6 ,4 3 9 ,0
8 2 ,7 9 9 ,0
8 .8 6 7 .0
4 .4 3 5 .0
51 ,5 4 3 ,0 1 2 3 ,776 ,0 2 ,1 2 0 ,1 3 3 ,0
3 .9 6 6 .0
4 .4 6 1 .0
2 9 ,8 2 4 ,0
4 .4 0 0 .0
4 .7 2 4 .0
12 5 ,0 6 3 ,0
13,0
151 ,253 ,0
T o t a l earning a ssets________
U ncotteotlble Item s (d e d u c t from
gross d o p o s lts )........ ....................... 8 2 ,4 8 6 ,0
5 % R e d em p tion fu n d against
3 20 ,0
F . It. bank n o to s_______ ______ _
1,3 6 4 ,0
A ll o th er resou rces...................... ..
8 5 5 ,6 2 8 ,0 1 9 2 ,1 3 8 ,0 1 7 6 ,461 ,0
9 8 ,0 5 3 ,0 1 0 0 ,5 0 9 ,0 2 5 9 ,8 1 6 ,0
8 9 ,3 0 7 ,0
6 2 ,8 9 7 ,0
9 6 ,1 0 1 ,0
5 9 ,9 0 9 ,0 1 3 2 ,9 6 1 ,0 2 ,2 7 5 ,0 3 3 ,0
2 0 1 ,2 0 9 ,0 1 1 0 ,911 ,0
5 9 ,9 4 3 ,0
5 3 ,8 8 6 ,0
3 9 ,8 0 1 ,0
7 4 ,7 3 8 ,0
0 0 ,3 2 3 ,0
16,4 7 7 ,0
5 3 ,5 0 5 ,0
2 8 ,9 8 9 ,0
3 9 ,8 1 1 ,0
5 3 2 .0
7 93 .0
3 1 0 ,0
2 ,9 9 5 ,0
3 1 1 .0
6 8 0 .0
8 3 0 ,0
4 ,3 8 7 ,0
3 17 .0
4 5 4 .0
2 3 6 .0
162.0
5 6 6 ,0
1,0 0 7 ,0
3 1 2 ,0
1 ,4 5 1 ,0
3 5 6 ,0
1 ,5 8 0 ,0
1,700,0
1 2 ,360,0
4 7 5 ,0
3 ,0 9 9 ,0
S
2,363,0 1
8,9 0 7 ,0 •
204,0 »
s
%
$
S
S
8,0 5 8 ,0 1 22,9 5 2 ,0
4,103,0 1 8,286,0 1
179,0 1
2,0 5 9 ,0 1 89,6 4 7 ,0 1 17,207,0 > 12,822.0 1 19,653,0 1
175,0 1
816 ,0 1
233,0 1
233,0 1
291,0 1
6 2 ,5 2 9 ,0 4 0 6 ,6 0 9 ,0
3 6 2 ,0
1 ,945,0
8 2 ,1 5 8 ,0
75,0
S
5,752,0
2,5 7 8 ,0
204,0
$
12.303.0 I
12.330.0 1
321,0 1
S
3 3 8 ,7 1 7 ,0
3 9 8 ,9 9 7 ,0
5 ,8 2 9 ,0
5 7 .9 6 5 .0 1 .5 4 5 .2 7 4 .0
2 8 .4 6 0 .0
2 8 4 .5 9 0 .0
3 7 .3 5 1 .0
2 9 0 .2 6 9 .0
8 2 2 ,0 7 9 ,0
6 ,2 6 5 ,0
3 0 ,3 3 7 ,0
T o t a l resources........................... .. 3 3 7 ,156 ,0 1 ,8 0 5 ,7 9 3 ,0 43 4,512,0 4 3 8 .5 8 9 .0 2 3 5 ,2 1 0 ,0
2 0 4 ,1 9 2 ,0 7 4 8 .3 2 5 .0 2 3 9 ,3 7 2 ,0 1 6 2 .005 .0 2 2 9 ,4 9 8 ,0 1 2 5 ,1 1 7 ,0 3 2 7 ,5 9 9 ,0 5 .2 8 7 .3 6 8 .0
LIA B IL IT IE S .
2 0 ,8 2 0 ,0
6 .6 9 6 .0
C a p ita l paid In............................. .......
7 .5 6 6 .0
9 .0 7 3 .0
4 .0 8 2 .0
3 .1 9 1 .0 11.199.0
3 .8 0 0 .0
2 .9 3 1 .0
3 .6 5 9 .0
3 .1 5 8 .0
4 .6 3 7 .0
8 0 .7 9 2 .0
8 ,3 2 2 ,0
S u r p lu s ........................................... .......
1.5 3 5 .0
1 .304.0
1.7 7 6 .0
1 .1 5 6 .0
775 .0
3 .3 1 6 .0
8 01 ,0
726 .0
1 .2 1 1 .0
5 9 2 ,0
1.2 2 4 .0
2 2 .7 3 8 .0
6 .6 2 5 .0
35 ,6 40,0
G ov ern m en t d e p o s i t s .. ..................
7 .4 0 6 .0
2 .1 8 2 .0
1 .4 4 7 .0
9 .2 6 3 .0 10.9 0 4 .0
3 .7 9 4 .0
6
2
4
.0
3
,2 9 6 ,0
2 .9 5 3 .0
7 .1 8 7 .0
9 2 .3 2 1 .0
7 0 3 .3 7 1 .0 8 6 ,1 2 0 ,0 1 2 2 .499 .0 5 2 .7 5 0 .0 4 0 .3 1 1 .0
D u e t o m em bers, reserve a ccou n t 9 9 .2 3 3 .0
2 2 0 .3 8 4 .0 5 6 .0 0 3 .0 4 7 .9 5 9 .0 6 3 .4 1 2 .0 3 3 .3 5 1 .0 7 2 .4 4 8 .0 1 .6 0 2 .9 0 1 .0
5 2 .7 3 3 .0
152 .557 .0 8 8 .7 6 7 ,0 4 2 ,4 3 9 ,0 3 2 .7 3 7 .0 2 3 .7 9 3 .0 5 2 .3 6 9 .0
D eferred a v a ila b ility Item s_____
4 7 .4 1 2 .0
8 .0 1 7 .0 3 1 .8 7 1 .0 1 8 .399.0 17.9 6 1 .0
5 6 9 ,0 5 5 ,0
A ll o th e r d ep osits, Inclu din g fo r4 5 1 ,0
1 0 5 .866 .0
1.2 8 0 .0
168 ,0
2 0 1 .0
2 .4 4 7 .0
1.1 7 4 .0
2 9 8 ,0
6 2 5 ,0
3 0 3 ,0
4 ,6 1 4 ,0
1 1 8 ,5 8 1 ,0
T o t a l gross d e p o s its .................... 159.042.0 1,003,434,0 183.573.0 167.286.0 8 7 ,0 3 0 ,0 7.3,628,0 2 86 .104 .0
108 .443.0 5 6 .8 9 8 .0 9 9 .2 0 4 .0 5 5 .0 0 6 .0 102 ,210 ,0 2 .3 8 1 .8 5 8 .0
7 24 ,932 ,0 231 .372 .0 2 48 .070 .0 137 ,582 ,0 119,041,0
F . It. n otos In a ctu a l cir c u la tio n . 160.508.0
426 .129 .0 119 .139.0 96.3 1 1 .0 112.047,0 59.7 5 8 .0 2 1 1 ,5 1 8 ,0 2 .6 4 7 .6 0 5 .0
F . R . ban k note3 In circu la tion ,
33.5 3 3 .0
0,6 5 3 ,0
net lia b ility _____________________
9.031.C
4 .0 8 3 .0
9 .6 2 5 .0
5.923.0 17,810,0
6 .0 5 2 .0
4,2 2 3 ,0 11.532.0
5 .5 4 0 .0
6 .2 5 2 .0
120 ,2 6 7 ,0
14.752.0
A ll o th or lia b ilitie s ............................
2 ,724,0
1,065,0
2 .1 5 8 .0
1 .297.0
1.034.0
3 ,7 5 8 ,0
1.137.0
916 ,0
1,845,0
1.063.0
1.758.0
3 4 ,1 0 8 ,0
T o t a l liab ilities.............................. 337 ,156 .0 1,805,793,0 434 ,512 ,0 438,589,0 2 35 ,210 ,0 2 0 4 ,192 ,0 7 48 ,325 ,0 :
2 39 ,372,0 162 ,005 ,0 2 29 ,498 .0 125 ,117 ,0 327 ,5 9 9 ,0 5 .2 8 7 ,3 6 8 .0
S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S ’ A C C O U N T S A T C L O S E O F B U S IN E S S J A N . 3 1919.
Two ciphers (00) omitted.
Boston.
New York.
Phlla.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap. Kan.City.
Federal R eservo notes:
$
S
S
S
3
$
S
$
$
$
R e ce iv e d from C o m p tr o lle r ___ 2 1 7 ,1 6 0 ,0 1,2 8 1 ,2 8 0 ,0 3 3 0 ,140 ,0 3 2 3 ,8 4 0 ,0 1 9 4 ,580 ,0 196 ,240 ,0
5 1 9 ,360 ,0 162 ,340 ,0 124 ,480 ,0 155 ,700 ,0
5 5 ,9 5 0 ,0
R etu rn ed t o C o m p tr o lle r _____
3 4 5 ,8 7 7 ,0 6 5 ,7 1 0 ,0 3 5 ,0 3 5 .0 3 7 ,4 3 7 ,0 2 7 ,9 6 1 ,0 50 ,0 5 6 ,0
2 9 ,7 0 4 ,0 19,311,0 2 8 ,3 5 0 ,0
C h argeablo t o F . R . A g e n t .. 191 ,210 ,0
9 1 5 .4 0 3 .0 2 6 4 ,4 3 0 ,0 2 8 8 ,8 0 5 ,0 1 5 7 ,143 ,0 108,279 ,0 4 9 9 ,301 ,0
1 3 2 ,636 ,0 1 0 5 ,169 ,0 1 2 7 ,350 ,0
In han ds o f F . It. A g e n t ............. 2 1 ,2 1 0 ,0
1 0 9 .800 .0 2 5 ,3 6 0 ,0 2 2 ,3 4 0 ,0
0 ,2 2 0 ,0 4 5 ,0 1 5 ,0 4 6 ,2 0 0 ,0
2 ,9 9 0 ,0
6 ,4 5 0 ,0
7 ,5 2 0 ,0
Issued to F . I t . B a n k , less am t.
returned to F. It. A g en t for
r e d e m p t io n :_________________ 169 .970 .0
C o llu t'l secu rity for o u t s t ’ g notes:
5 ,0 0 0 ,0
G o ld co in an d ct fs . o n h a n d . . .
G o ld red em p tion fu n d ...............
8 ,7 1 7 ,0
G o ld S ot’ m ’ t F u n d , F . R . B ’d . 4 6 ,0 0 0 ,0
E llglb lo p ap er, m ln ’ m required 110 .253 .0
T o t a l .............................................. 169 ,970 ,0
A m o u n t o f eligible p a p er d e liv
ered to F . R . A g e n t ....................... 141 .732 .0
F . R . n otes o u tsta n d in g _________ 169 .970 .0
F . R . n otes hold b y b a n k ...............
9 ,4 0 1 .0
F . R . n otes In a ctu a l c ir c u la t io n . 160 .506 .0
Dallas.
San Fran.
$
S
Total.
•5
9 9 .9 2 0 .0 2 4 8 ,9 2 0 ,0 3 ,9 1 3 ,9 6 0 ,0
2 1 .8 6 2 .0 19,9 7 0 ,0
7 3 7 ,2 2 3 ,0
7 8 .0 5 8 .0 2 2 8 ,9 5 0 ,0 3 ,1 7 6 ,7 3 7 ,0
17.5 5 5 .0
3 1 0 ,6 9 0 ,0
8 2 5 .6 0 3 .0 2 3 9 .0 7 0 .0 2 6 6 .4 0 5 .0 150 .923 .0 1 2 3 ,264 ,0 4 5 3 .1 0 4 .0
1 2 9 ,646 ,0
9 8 .7 1 9 .0 119 ,830 ,0
6 0 .5 0 3 .0 2 2 8 .9 5 0 .0 2 .8 6 6 .0 4 7 .0
1 7 8 .728 .0
3 4 .4 5 0 .0
15.052,0 13,'296", 6 13.773.0
8 0 ,0 0 0 ,0 72 ,4 8 6 ,0 9 0 ,0 0 0 ,0
5 5 1 .2 2 3 .0 153 .288 .0 128 .242 .0
13.052.0
2 ,0 1 1 ,0
4 0 .8 0 0 .0
4 2 .8 5 6 .0
12.5 8 1 .0
2 4 6 .3 1 5 .0
3 .0 8 7 .0 1 1 ,0 6 5 ,0
8 4 ,6 3 2 ,0
6 .6 8 4 .0 1 1 4 .261 .0
9 3 0 .4 3 6 .0
3 8 .1 5 1 .0 1 0 3 .624 .0 1 .6 0 4 .6 6 4 .0
2 ,9 9 1 ,6
58 ,0 0 0 ,0
8 9 .3 9 2 .0
2 .5 0 4 .0
2 .3 4 8 .0
6 ,0 2 5 ,6
3 9 .7 7 0 .0 2 7 1 .9 4 4 .0
7 8 .6 4 2 .0 175 .135 .0
2 ,5 4 3 ,0
59 .1 3 1 .0
6 7 .9 7 2 .0
3 ,1 2 4 ,6
51 .3 6 0 .0
6 5 .3 4 6 .0
8 2 5 ,6 0 3 ,0 2 3 9 ,0 7 0 ,0 2 6 6 ,4 6 5 ,0 150 ,923 ,0 123 ,264 ,0 4 5 3 ,1 0 1 ,0
1 2 9 ,646 ,0
9 8 ,7 1 9 ,0 1 1 9 ,830 ,0
6 0 ,5 0 3 ,0 2 2 8 ,9 5 0 ,0 2 ,8 6 6 ,0 4 7 ,0
8 1 2 .3 8 7 .0 159 .244 .0 1 6 2 .228 ,0 9 0 .4 8 2 .0 8 5 ,0 9 0 ,0 2 3 9 .6 9 4 .0 75 .0 7 3 .0
8 2 5 .6 0 3 .0 2 3 9 .0 7 0 .0 2 6 6 ,4 6 5 ,0 1 5 0 ,923 ,0 123 ,201 ,0 4 5 3 .1 0 4 .0 1 2 9 ,616 ,0
100 .671 .0
7 ,6 9 8 ,0 17 .7 9 5 ,0 13.341.0
3 ,0 2 3 ,0 26 ,9 7 5 ,0 10.5 0 7 .0
5 5 .5 7 8 .0 8 2 ,7 9 9 ,0
9 8 .7 1 9 .0 1 1 9 ,830 ,0
2 ,4 0 8 ,0
7 ,7 8 3 ,0
5 1 .5 4 3 .0 1 1 3 .378 .0 2 .0 6 9 .2 2 8 .0
6 0 .5 0 3 .0 228.9.50.0 2 .8 6 6 .0 4 7 .0
745,0 1 7 ,432,0
2 1 8 ,4 4 2 ,0
7 2 1 ,9 3 2 ,0 2 3 1 .3 7 2 .0 2 4 8 ,6 7 0 ,0 137 ,582 ,0 119 ,641 ,0 4 2 6 ,1 2 9 ,0 1 1 9 ,139 .0
9 6 ,3 1 1 ,0 112 ,047 ,0
5 9 ,7 5 8.012 11,5 18,0 2 ,6 4 7 .6 0 5 ,0
THE CHRONICLE
150
[V o l . 108
Statement of New York City Clearing House Banks and Trust Companies.—Tko following dotailod statement
shows the condition of the Now York City Clearing House members for the week ending Jan. 4. Tko figuros for tho se^>"
arate banks are the averages of tho daily rosults. In tho case of totals, actual figuros at end of tho wook aro also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
C LEARING HOUSE
M EM B ER S.
Net
Profits.
Capital.
Nat. Banks Nov.
State Banks Nov.
Trust Co’s Nov.
Week ending
Jan. 4 1919.
Members of Federal
Reserve Bank.
S
2,000,000 5.525.500
Bank of N Y , N B A .
7.165.700
2.500.000
Bank of Manhat Co
2,000,000 2.809.700
Merchants’ Nat Bank
0,000,000 11.137.700
Mech & Metals N at.
6.859.700
1.500.000
Bank of America____
51.380.200
000
National City Bank- 25.000.
9.623.200
3.000.
000
Chemical Nat Bank.
951.000
1.000.000
Atlantic Nat B ank..
108,600
300.000
Nat Butch & Drovers
5.571.300
5.000.
000
Amor Exch Nat Bank
24.376.700
000
Nat Bank of C om m .. 25.000.
1.097.500
500.000
Pacific Bank..............
3.081.400
3.500.000
Chath & Phenlx N at.
18,278,000
3.000.
000
Hanover Nat B ank..
2.992.200
2.550.000
Citizens’ Nat B ank..
2.316.800
2.000.
000
Metropolitan B ank..
8.548.600
3.500.000
Corn Exchange Bank
8.023.000
1.500.000
Imp & Traders N a t ..
18.591.200
5.000.
000
National Park Bank.
100,800
250.000
East River Nat Bank
1.000.000 4.018.200
Second Nat Bank___
31,608,600
000
First National Bank. 10.000.
5.647.300
4.500.000
Irving National Bank
392.900
1,000,000
N Y County National
604.000
1,000,000
Continental Bank___
Chase National Bank 10,000,000 15.522.900
200.000 2.223.700
Fifth Avenuo B ank..
871,100
200,000
Commercial Exch’ge.
753.900
400.000
Commonwealth Bank
1,000,000 2.008.600
Lincoln National Bk.
1,000,000 1.372.600
Garfield Nat B ank..
408.900
250.000
Fifth National Bank.
1,000,000 3.716.100
Seaboard Nat B ank..
4.132.800
3.000.
000
Liberty Nat Bank___
1.028.100
1.000.
000
Coal & Iron National
1.326.500
1,000,000
Union Exchange Nat
2.518.300
Brooklyn Trust C o .. . 1,500,000
Bankers Trust Co___ 11,250,000 16.283.200
2,000,000 4.628.600
U S Mtge & Trust Co
Guaranty Trust C o .. 25,000,000 27.428.900
1.283.200
1,000.000
Fidelity Trust C o .. .
6.850.500
5.000.
000
Columbia Trust C o ..
1.000. 000 1.306.400
Peoples Trust Co____
10.769.900
3.000.
000
New Y.ork Trust C o.
1.000. 000 1,170,100
Franklln Trust Co___
614,300
1,000,000
Lincoln Trust Co____
2,000,000 4.383.200
Metropolitan Trust. .
1,000,000 1.173.000
Nassau Nat, Br’klyn
1.142.000
1.500.000
Irving Trust Co_____
5,000,000 12.009.800
Farmers Loan &Trust
Additional
National
osits
Bank Reserve Dep
with
Net
with
and
Demand
Legal
Federal Legal
Gold.
Reserve Deposi Deposi Deposits.
taries.
Notes.
taries.
Average. Average. Average. Average. Average Average. Average.
Loans,
Discounts,
Investments,
&c.
Legal
Tenders.
Average.
S
$
$
102,000
96.000
23.000
317.000
615.000
345.000
240.000
78.000
70.000
160.000 1,026,000
7.599.000
187.000
180,000
317.000
8.367.000 3.015.000 1.235.000
445.000
167.000
248.000
210.000
83.000
164.000
33.000
11.000
65.000
405.000
521.000
242.000
59.000
404.000
644.000
212.000
62.000
364.000
460.000
509.000 1.348.000
4.187.000
192.000
443.000
99.000
332.000
36.000
539.000
550.000
156.000
975.000
191.000 2.862.000
448.000
53.000
55.000
681.000
80.000
765.000
16.000
4.000
148.000
268,000
77.000
28.000
604.000
655.000
19.000
971.000
340.000 2.124.000
193.000
57.000
57.000
15.000
19.000
15.000
2.598.000 3.437.000 1.264.000
528.000
41.000
167.000
50.000
89.000
65.000
199.000
40.000
16.000
122.000
157.000
228.000
113.000
2.000
8,000
169.000
36.000
25,000
351.000
134.000
250,000
11.000
188.000
103.000
5.000
59.000
15.000
283.000
55.000
63.000
18.000
105.000
57.000
139.000
153.000
280.000
32.000
98.000
1.875.000
282,000
67.000
33.000
83.000
47.000
206,000
34.000
32.000
261,000
42.000
103.000
39.000
1,000
7,000
70.000
222,000
30.000
31.000
22.000
11.000
44.000
68,000
38.000
86.000
5.000
79.000
94,000
78.000
517,000
3.750.000
14.000
56,000
S
46.511.000
61.618.000
29.374.000
157.051.000
34.437.000
624.745.000
78.246.000
17.360.000
2.928.000
115.218.000
385.297.000
15.090.000
91.866.000
137.529.000
37.771.000
42.144.000
107.211.000
34.054.000
202.345.000
3.394.000
19.590.000
304.250.000
101.945.000
11.041.000
7.062.000
324.605.000
20.747.000
6.569.000
6.732.000
16.422.000
12.915.000
6.913.000
49.927.000
73.704.000
14.456.000
13.372.000
36.207.000
281.743.000
61.493.000
480.117.000
10.389.000
84.846.000
26.992.000
92.319.000
29.071.000
20.350.000
46.736.000
15.501.000
39.589.000
121.713.000
actual
actual
actual
actual
condltl
condltl
condltl
condltl
State Banks.
Greenwich__________
Bowery_____________
N Y Produce E xch..
State________________
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condltl
condltl
condltl
condltl
Trust Companies.
Title Guar & T ru st..
Lawyers Tltlo & T r._
Totals, avgo for wk
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condltl
condltl
condltl
condltl
on
on
on
on
16.114.000
5,407,000
21.758.000
30.193.000
1,000,000
2,000,000
4,048,200
3,750,000
163.000
69,000
542.000
actual
actual
actual
actual
2,918,000
79,472,000
1,784,000
6,326,000
1,515,000
81,409,000
774,000
17,672,000
5,100,000
506,000
1.445.000
439.000
143.000
298.000
5.851.000 4.941.000
4.732.000
70,000
8.183.000 2,208,000
150.000
306,000
995.000
50,000
51.000
4.976.000
50.000
650.000
1,552,000 8.395.000
816,000 1,000,000
238,000
198.000
11,060,000
1,100,000
43.000
36.000
393.000
140.000
1.781.000
435.000
491.000
4.895.000
10.827.000
210,000
399.000
249.000
70.000
797.000
412.000
398.000
2.010.000
19.809.000
456.000
4.362.000
1.732.000
2.624.000
1.858.000
1.783.000
, 1,193.000
683.000
1.051.000
7.829.000
73,000
522.000
525.000
36.332.000
22.699.000
17,184,100
Jan.
Dec. 28
Dec. 21
Dec. 14
condition
condition
condition
condition
1.805.000
3.775.000
5,000
ral Reserve Ba
000
000
Grand ag’gate, actual
Comparison prev wk.
ag’gate,
ag’gate,
ag’gate,
ag’gate.
309,000
4,836,000
68,000
59,031,000
286,000
291,000
260,000
1,027,000
3,557,000
2,114,000
34,983,000
60.653.000
00,293,000
01.287.000
61.717.000
288,000
288,000
297.000
297.000
307.000
299.000
286.000
299,000
321.000
233.000
271.000
260.000
1,064,000
967.000
945.000
890.000
3.170.000 2.554.000
3.288.000 1.320.000
3.250.000 1.244.000
935,000
3.194.000
35.182.000
34.319.000
31.877.000
33.258.000
Grand aggregate,avge 205,650,000 377,028,700 4,700,068,000 38,023,000 16,031,000 21,962,000 56,579,000 568,610,000 2,888,000 a3,953,835,000
+ 52,415,000
+ 37,462,000 — 196,000 +874,000 + 1152000 — 655,000 + 32238000 + 540,000
Comparison prev wk.
Grand
Grand
Grand
Grand
$
785,000
73.000
73.000
73.000
72.000
Not Mem
9,000,000
$
1,861,000
3,837,443,000 131,641,000 35,989,000
Jan. 4
Dec. 28
Dec. 21
Dec. 14
5.000.
4.000.
Average. Average.
ral Reserve Ba
500.000
250.000
on
on
on
on
31.469.000
56.925.000
22.164.000
169.044.000
31.280.000
598.023.000
64.326.000
13.217.000
2.747.000
100.091.000
305.163.000
13.903.000
84.599.000
139.218.000
35.211.000
24.471.000
113.870.000
25.986.000
166.806.000
4.070.000
15.814.000
170.693.000
105.521.000
10.671.000
5.047.000
277.914.000
18.169.000
0,528,000
7.042.000
17.090.000
11.148.000
6.396.000
44.088.000
01.844.000
11.307.000
13.996.000
23.778.000
221.499.000
53.190.000
375.850.000
8.437.000
75.921.000
23.079.000
51.778.000
14.494.000
13.370.000
30.887.000
10.190.000
38.128.000
110.856.000
4.634.939.000
4.519.677.000
4.513.450.000
4.536.269.000
Jan. 4
Dec. 28
Dec. 21
Dec. 14
Not Mem
on
on
on
on
$
$
20,187,000 42,507,000 558,727,000
Average for week. . 192,000,000 355,796,400 4,561,565,000 34,819,000
Totals,
Totals,
Totals,
Totals,
S
S
4.322.000
218,000
7.402.000
1.115.000
2.985.000
183.000
2.081.000 32.790.000
5.305.000
418.000
2.400.000 104,430,000
9.173.000
781.000
2.398.000
117.000
494.000
8,000
1.715.000 14.837.000
1.921.000 39.959.000
1.711.000
791.000
3.301.000 12.238.000
1.190.000 22.091.000
5.595.000
799.000
932.000
4.363.000
4.932.000 14.034.000
3.521.000
191.000
1.187.000 21.907.000
555.000
14,000
2.377.000
522.000
499.000 21.263.000
1.490.000 15.121.000
1.310.000
800.000
707.000
109.000
334.000 36.171.000
721.000
2.418.000
847.000
113.000
1.020.000
170.000
3.119.000
844.000
4,000
1.859.000
817.000
184.000
6.300.000
607.000
9.067.000
545.000
1.810.000
712,009
1.877.000
301.000
2.227.000
520.000
902.000 28.410.000
8.351.000
343.000
2.612.000 50.955.000
1.456.000
178.000
800.000 10.415.000
2.346.000
645.000
7.924.000
269.000
2.128.000
213.000
2.052.000
448.000
3.663.000
618.000
1.025.000
277.000
5.034.000
2,057,000
316.000 16.548.000
National
Net
Bank
Time Circula
Deposits. tion.
4,775,863,000 38,076,000 16,728,000 22,964,000 45,599,000 575,549,000
+ 116402,000 — 97,000 + 109,000 + 1773000 -3,077,000 + 25001000
b3,970,567,000
+44,208,000
550.548.000
567.076.000
542.680.000
562.006.000
3.926.359.000
3.917.330.000
3.879.499.000
3.790.871.000
Dec. 28___ 4.659.461.000 38.173.000 16.619.000
Dec. 2 1 . . . 4.652.223.000 38.590.000 13.858.000
4.673.028.000 36.795.000 13.505.000
Dec. 144.670.341.000 37.295.000 15.093.000
Dec. 7 .
a U . S. deposits deducted, $181,285,000.
21.191.000
21.272.000
21.216.000
21,105,000
48.676.000
46.546.000
42.961.000
44.739.000
1,047,000
35,989,000
+ 69,000
b U . S. deposits deducted, $215,440,000.
STATEM E NTS OF RESERVE POSITION.
Actual Figures.
Averages.
Reserve
Cash
Total
In
Reserve
In Vault. Depositaries Reserve.
Members Federal
Reserve Bank.
State banks_____
Trust companies*
Total
Total
Total
Total
Jan. 4 .
Dec. 28.
Dec. 12.
Dec. 14.
a
Reserve
Required.
$
$
$
$
558,727,000 558,727,000 502,816,820
a
6.326.000 15,588,000 14,653,620
9.262.000
5,247,450
5,421,000
3.557.000
1.864.000
11,126,000
11.389.000
10.498.000
10.531.000
568.610.000
550.548.000
574.273.000
559.965.000
579.736.000
561.937.000
584.771.000
570.496.000
Reserve
Inc. orDec. Cash
Total
in
Surplus
Reserve
from
Reserve. PrevlouslVeek In Vault. Depositaries Reserve.
S
$
55,910,180 + 25,363,820
934,380
— 173,400
173,550
— 226,600
522,717,890 57,018,110 + 25,417,020
519,132,660 42,804,340 — 16,887,410
517,251,900 67,519,100 + 5,912,150
508,889,050 61,606,950 + 6,030,600
b
’
Reserve
Required.
Inc. orDec.
Surplus
from
Reserve. PrevlouslVeek
$
$
$
$
$
$
566,082,000 566,082,000 505,131,860 60,950,140 + 18,768,810
b
715,280
+ 19,420
6.297.000 15,431,000 14,715,720
9.134.000
5,277,300 def.127,300
5,150,000
— 54,450
3.170.000
1.980.000
11.114.000
11.019.000
10.434.000
10.188.000
575.549.000
536.372.000
567.076.000
542.680.000
586.663.000
547.391.000
577.510.000
552.868.000
525,124,880 61,538,120 + 18,733,780
515,789,910 31,001,090 — 35,918,010
517,818,250 59,691,750 + 19,822,240
512,998,490 39,869,510 — 30,747,160
* Not members of Federal Reserve Bank.
a This Is tho reserve required on net demand deposits in tho case of State banks and trust companies, but In tho caso of members of tho Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Jan. 4, $3,949,230; Dec. 28, $3,991,320; Dec. 21, $4,150,710; Dec. 14, $4,203,690.
b This Is the reserve required on net demand deposits In tho caso of Stato banks and trust companies, but In tho caso of members of tho Federal Reserve Bank Includes
also amount of reserve required on net time doposlts, which was as follows: Jan. 4, $4,159,850; Dec. 28, $3,953,460; Dec. 21, $4,040,610; Dec. 14, $4,200,060.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. 4, $111,469,000; Dec. 28, $110,401,000; Dec. 21. $107,915,000: Dec. 14, $107,855,000.
d Amounts of cash In vaults, which Is no longer counted as reserve for members of tho Federal Rcservo Bank, was as follows:
Jan. 4, $112,253,000; Dec. 28, $113,270,000; Dec. 21. $109,832,000; Dec. 14, $104,289,000.
Ja n . 11 1919.]
THE CHRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
STATE BANKS AND TRUST COMPANIES IN NEW YO RK C IT Y .
Week Ended Jan. 4.
SUMMARY OP STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEM EN T.
(Figures Furnished by Slate Banking Department.) Differences from
Jan. 4.
previous week.
Loans and Investments___________________________ $716,892,500 Inc.
$762,000
Specie.............................................................................
8,405,000 Inc.
241,000
Currency and bank notes____ ___________ _____ ._
16,245,300 Dec.
331,200
Deposits with the P. R. Bank ol New York.............
65,629,100 Inc. 5,193,200
Total deposits............................................................... 788,894,900 Inc. 30,751,800
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies In N. Y. City, exchanges and U. S. deposits 696,558,400 Inc. 10,522,700
Reserve on deposits...............
$153,971,300 Inc. 30,644,400
Percentage of reserve, 24%.
RESERVE.
-------- Slate Banks-------- ---- Trust Companies----Cash In vaults....................................$17,226,300 12.94%
$73,054,000 14.37%
Deposits In banks and trust cos___ 11,861,900
8.91%
51,829,100 10.20%
T o ta l..............................................$29,088,200
21.85%
$124,883,100
Capital as of Nov. 1.
Surplus as of Nov. 1.
Loans & Investments
Specie_____________
Currency & bk. notes
Deposits with the F.
It. Bank of N. Y__
Deposits___________
Reserve on deposits.
P. C. reserve to dep.
24.57%
Sept. 7__
Sept. 1 4 ...............
Sept. 21................
Sept. 28................
Oct. 5_______
Oct. 12................
Oot. 19................
Oot. 26................
Nov. 2__
Nov. 9__
Nov. 16................
Nov. 23................
Nov. 30................
Dec. 7__
Dec. 14................
Dec. 21................
Dec. 28.............. ..
Jan. 4 _________
$
5,249,106,5
5,233.177,2
5,294,283,6
5,296,960,1
5,373.198,8
5,413.086.8
5,386,267,9
5,457,805,1
5,499,400,2
5,471.164,4
5,489,226,0
5,470,203,8
5,360,177,9
5,330,133,6
5,384,107,7
5,373,134,6
5,378,736,5
5,416,960,5
S
4,475,183,9
4,418,249.8
4,427,043,3
4,450,212,9
4,537,675,4
4,435,747,6
4,487,786,5
4,520,463,6
4,364,815,8
4,430.932,2
4,515,346,9
4,511,208,2
4,449,150,6
4,458,973,9
4,527,415,1
4,592,634,0
4,587,455,7
4,650,393,4
Specie.
Legal
Tenders.
S
70,700,1
71,038,6
70,472,1
70,816,0
69,970,7
69,765,2
70,376.0
71,255,2
69,692,6
68.979,4
69,440,7
69,250,6
68.759,7
67,037,7
66,311,3
65,076,3
67,193,9
68,390,9
S
87,712,1
88,345,3
96,632,8
94,623,1
91,434,6
85,254,7
92,445,8
94,750,5
85,425,1
89,755,9
91,559,5
92,303,2
93,400,6
89,940,6
93,272,8
93,695,1
96,364,4
101,977,4
$
583,554,8
554,898,2
571,118,2
567,573,3
587.014,3
574,142.4
580,295,4
619,305.3
585,223,6
591.280,8
610.910,4
603,681,3
602,957.6
592,651,4
602,623,2
617,263,4
574,521,6
632,301,0
46,399,100
630,038,400
102,732,800
21.8
Circulation________________
Loans, dlsc’ts & Investments.
Individual deposits, lncl.U.S.
Due to banks............ ............
Tlnqe (loposltfl
Exchanges for Clear. HouseDue from other banks..........
Cash in bank & In F. R. Bank
Reserve excess In bank and
Federal Reserve Bank___
Differences from
previous week.
Inc. 1,692,000 203.708.200 Inc. 16,724,900
Inc. 35,382,400 1,992,669,900 Inc. 68,924,300
Inc.
373,700 314.201.200 Inc. 42,607,200
Dec.
0.3%
2.1%
19.8 Inc.
Changes from
previous week.
$
4,748,000
517.092.000
444.399.000
117.590.000
13.378.000
24.356.000
76.426.000
67.478.000
Inc.
Dec.
Inc.
Inc.
Dec.
Inc.
Inc.
Inc.
20.956.000 Inc.
3
9,000
5,420,000
6,016,000
6,337,000
301,000
4,622,000
6,247,000
4,750,000
Dec. 28
1918.
Dec. 21
1918.
$
4,739,000
522.512.000
438.383.000
111.253.000
13.679.000
19.734.000
70.179.000
62,728-,000
$
4,737,000
531.196.000
442.232.000
115.706.000
13.492.000
16.694.000
71.669.000
68.560.000
4,611,000 16.345.000 21.198.000
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Jan. 4, 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 bo 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.”
* 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 com
panies in Now 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.
|pfi&Tho provisions of the law governing the rosorve require
ments 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).
Jan. 4
1919.
$
$
$
$
24.100.000
99,550,000
42.973.000
169,723,000
513,634,000 Inc. 8,061,900 1,941,054,400 Dec.584,343,900
9,265,300 Inc.
93,600
13,092,200 Dec.
131,300
28,477,400 Dec. 1,517,800
21,874,300 Inc. 1,361,600
Jan. 4
1919.
Total Reserve in
Cash in Deposi
Vault.
taries.
$
158,412,2
159,383,9
107,004,9
165,439,1
161,405.3
155,019,9
162,821,8
166,005,7
155,117,7
158,735,3
101,000,2
161,553,8
162,160,3
156,978,3
159,584,1
158,771,4
163,558,3
170,368,3
Trust Companies.
Differences from
previous week.
BOSTON CLEARING HOUSE MEMBERS.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Loans
and
Demand
Investments Deposits.
Slate Banks.
Jan. 4
1919.
Boston Clearing House Banks.—We give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Week
Ended—
151
Week ending Jan. 41919.
Two ciphers (00) omitted. Members of
F.R. System
Capital_________________
Surplus and profits_______
Loans, dlsc’ ts & lnvestm’ ts
Exchanges for Clear.House
Duo from banks.......... .....
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
Trust
Cos.
$28,475,0
77,390,0
715,09C,0
32,523,0
122,865,0
156,890,0
474,745,0
4,674,0
636,309,0
$3,000,0
7,542,0
25,944,0
704,0
10,0
244,0
17,209,0
17,453,0
50,890,0
19,399,0
70,289,0
47,764,0 •
22,525,0
2,980,0
896,0
3,876,0
2,510,0
1,366,0
Total.
$31,475,0
84,932,0
741,034,0
33,227,0
122,875,0
157,134,0
491,954,0
4,674,0
653,762,0
25,722,0
50,890,0
2,980,0
20,295,0
74,165,0
50,274,0
23,891,0
Dec. 28
1918.
Dec. 21
1918.
$31,475,0
84.824.0
738.318.0
25.537.0
116.569.0
157.218.0
473.024.0
4.708.0
634.950.0
28.298.0
49.732.0
2.752.0
19.921.0
72.405.0
49.748.0
22.757.0
$31,475,0
84.829.0
739.145.0
25.080.0
121.313.0
155.940.0
475.003.0
4.818.0
16.116.0
32.033.0
52.187.0
2.451.0
18.695.0
73.333.0
49.371.0
23.962.0
♦Cash In vault Is not counted as reserve for Federal Reserve bank members.
Non-Member Banks and Trust Companies.—Following is the roport made to the Clearing House by clearing
non-member institutions which are not includod in the “Clearing-House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
1 Net
Capital. \ Profits.
Loans,
Discounts,
(Nat. banks Nov. 1 Investments,
&c.
Week ending Jan. 4 1919. State banks Nov. 1
(Trust cos. Nov. 1
Members o f
Federal Reserve Bank.
Battery Park National Bank.
Columbia Bank......................
Mutual Bank______________
Now Nctherland Bank_____
W. R. Grace & Co.'s Bank..
Yorkvlllo Bank........................
First Nat'l Bank, Brooklyn..
National City Bank, Brooklyn
First Nat'l Bank, Jersey City
Cold.
Legal
Tenders.
Silver.
National
Bank
& Federal
Reserve
Notes.
Average.
Average.
Average.
Average.
Average.
$
$
$
$
$
$
$
1,500,000 1,549,200 11.920.000
16,000
22,000
118,000
35.000
1,000,000
651,200 14.112.000
14.000
327.000
303.000
200,000
548.000 8.194.000
1,000
12,000
133.000
119.000
196,500 4.433.000
200,000
3.000
10,000
93.000
224.000
500.000
757.100 7.097.000
4.000
5,000
200.000
609.100 8.735.000
7.000
" " 57",666 ' 333',666
663.100 7.676.000
300.000
5.000 " ' " o ’,666
57.000
200.000
595.000 6.292.000
300.000
5.000
30,000
48.000
178.000
400.000 1,325,800 10.120.000
80.000
126,000
89.000
422.000
Reserve
with
Legal
Deposi
taries.
Additional
Deposits
with Legal
Deposi
taries.
Net
Demand
Deposits.
Net
Time
Deposits.
National
Bank
Circula
tion.
Average. Average.
$
$
1.355.000
99,000
1.467.000
684.000
1.217.000
413.000
780.000
421.000
1.119.000
512.000
939.000
627.000
448.000
517.000
580.000
1.179.000 3,955,000
Average.
Average. Average.
$
$
$
7.462.000
68,000
193.000
13,193,000
395.000
8.513.000
253.000
4.954.000
83,000
5.525.000
570.000
4.992.000 3,900,000
5.985.000
499.000 "296',666
5.459.000
452.000
120.000
7.503.000
400,000
T o ta l....................................
4,600,000 6,895,000 78,579,000
135,000
211,000
839,000 1,897,000 9,263,000 7,049,000
63,586,000 6,220,000 1,009,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial Bank........ .................
International Bank................
Mechanics’ Bank, Brooklyn..
North Side Bank, Brooklyn..
100,000
469,500 2.406.000
500.000 1,088,400 10.363.000
500.000
198,800 5.486.000
1,600,000
865,700 24.097.000
200.000
226,600 4.662.000
70.000
217.000
155.000
109.000
24.000
226,000
14.000
288,000
19.000
45.000
145.000
133.000
474.000
678.000
423.000
60.000
354.000 . 293,000
601.000 1,038,000 1,882,000
112,000
266.000
236.000
'Viif.666
2,221,000
11.152.000
4.877.000
25.200.000
4.302.000
'623',666
42,000
319,000
T o ta l....................................
2,900,000 2,849,000 47,014,000
575,000
547,000 1,292,000 2,226,000 3,222,000
893,000
47,752,000
984,000
Trust Companies.
Not Members of the.
Federal Reserve Bank.
Hamilton Trust Co, Brooklyn
Mechanics Trust Co, Bayonne
500.000 1,030,700
200.000
377,900
7.854.000
8.490.000
316,000
13,000
T o ta l....................................
700,000 1,408,600 16,344,000
329,000
Grand aggregate......................
Comparison previous week__
Excess reserve................ .........
Grand aggregate Dec. 28___
Grand aggregate Dec. 2 1 ...
Grand aggregate Dec. 14___
Grand aggregate Dec. 7___
8,200,000 11.152.600 141,937,000
+ 653,000
$250,340 Decrease
8,200,000 11.152.600 141.284.000
8,200,000 11.152.600 141.258.000
8.450.000 11,913,800 145.479.000
8.450.000 11,913,8001 143.409.000
1,039,000
+ 8,000
a U. S. deposits deducted, $6,261,000
22,000
442,000
11,000
..............
11,000
12,000
14.000
75.000
12,000
225,000
255.000
496.000
342,000
5.103.000 1.179.000
5.153.000 3.734.000
..............
23,000
89,000
237,000
751,000
342,000
10,256,000 4,913,000
________
781,000 2,220,000 4,360,000 13,236,000 8,284,000 al21,594,000 12,117,000 1,009,000
— 79,000 — 133,000 + 240,000 + 78,000 + 927,000 + 2,885,000 + 148,000
+ 4,000
1.031.000
860,000
1.019.000
862,000
1.068.000
868,000
1.096,000 1,021,000
2.353.000
2.006.000
2.142.000
2.180.000
4.120.000
3.913.000
3.927.000
4.039.000
13.158.000
13.792.000
12.805.000
12.312.000
7.357.000 118.709.000 11.969.000 1.005.000
7.313.000 119.941.000 11.848.000
997,000
7.879.000 121.160.000 12.321.000 1.187.000
9.440.000 120,080,000 12.231.000 1.187.000
[Vol. 108.
THE CHRONICLE
153
ia tth
tv s'
O S a & e tte ,
Wall Street, Friday Night, Ja n .
10 1919.
The Money Market and Financial Situation.—The
most important matter affectingthe security markets, and
therefore much discussed in Wall Street this week, has been
the serious and complicated railway situation. For a solu
tion of this problem two sets of suggestions have been out
lined and submitted to the Senate Committee, one by the
association of railway managers and another by the Inter
State Commerce Commission.
An interesting feature of these plans is that both are op
posed to the Director-General’s recommendation that the
Government retain control of the roads for a period of five
years. Needless to say there is a universal hope that out
of the present efforts a satisfactory plan for the future of
the roads may evolve.
Other news of the week of more or less interest inalude a
report of reduced copper production, which is doubtless
owing to the fact that the metal is being quoted below the
recent Government price of 26 cents, and that the output
of iron and steel is in some cases now only 60% of capacity,
in other cases 80 to 90%. The same report states, how
ever, that the output during December was about 320,000
tons in excess of that for the 3ame period in 1917, which
shows that the total capacity increased largely under the
pressure of a war time demand.
A prominent featuro of the Bank of England’s weekly
report is an increase of its percentage of reserve to 1734Last week it was 11 %.
The local money market has been easier with the supply
of funds abundant and rates somewhat lower than of late.
Foreign Exchange.—Sterling exchange was quiet and
featureless, with demand bills closing a small fraction lower
for the week. The Continental exchanges, so far as the
belligerents are concerned, .were steady, but neutral exchange
showed some irregularity and finished weak, although in no
case were changes in rates important.
T o-d a y
4 73% lor
fo r cables
«3L
4 7 2 % @ 4 7 2 % ; n i n e t ^ d a ^ 4 7 1 M @ 4 71 7-16, and d ocu m en tsJorjp a ym ent (sixty d a ys), 4
_ 1 7 2 % . C otton for paym ent, 4 7 5 % @ 4 7 5 % ,
laym
___ ___
and _grain for . p
ayment,
ent, 44 775%
@ 4 _75.
T o -d a y ’s (F rid ay’s) actual rates for Paris bankers’ francs were 5 5 1 % @
5 51% for long and 5 4 6% @ 5 4 6% for short. Germ any bankers’ marks
were not quoted. Amsterdam bankers’ guilders were 41 11-16@ 41 % for
long and 42 1-16 @ 4 2 for short.
Exchange at Paris on London , 25.981.; w eek’s range, 2 5.97% f. high and
25.98L low.
T he rato for foreign exchange for the week follow s:
Cables.
Days. Checks.
Sterling Actual—
Sixty D<
4 76 9-16
4 7587%
H igh for the w eek________________________. 4 73%
4 7577%
4 7655
L ow for the w eek---------- ---------------------------. 4 73%
Paris Bankers' Francs—
5 44%
H igh for the w eek________________________. 5 5 1 .%
5 4 5%
5 44%
L ow for toh w eek________________________. 5 51%
5 45%
Amsterdam Bankers’ Guilders—
42%
42%
H igh for the w eek___________ _____________.
42 1-16
42 3-16
42 1-16
L ow for the w eek.................. ..........................41%
D o m e stic E x c h a n g e .— Chicago, par. B oston, par. St. Louis, 2 5 @
15c. per $1,000 discount. San Francisco, par. M on treal, $20.6250 per
$1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at tho
Board include 85,000 N . Y. Canal 4%s at 106% and 823,000
Virginia 6s deferred trust receipts at 69 to 71.
Tho general bond market has fallen back into a state of
inactivity and in a majority of cases prices are again lower.
This movement has generally been limitod to a fraction of a
point, however. By far the most active issuos wero the local
tractions, and these, too, wore tho notably strong features.
Inter .-Met. 4%s. recovered nearly a point of thoir recont
decline, and B. R. T. and Interboro followed more or less
closely. Reading 4s also recovered a part of their last
month’s loss, and U. S. Steol moved back to thoir previous
hotter record. On the other hand, Balt. & Ohio,N. Y. Cent,
and South. Pac. doclined a point or more within the week.
• United States Bonds.—Salos of Govornmont bonds at
the Board are limited to the Liberty Loan issuos at tho fol
lowing prices: 3%s at 99.50 to 99.70; 1st 4s at 92.80 to 93.06;
2d 4s at 92.70 to 93.08; 1st 4%s at 96.32 to 96.50; 2d 4%s at
95 to 95.32; 3d 4%s at 96 to 96.30; and 4th 4%s at 95.46 to
95.72. For to-day’s 'prices of all the different issues and for
week’s range see third page following.
Railroad and Miscellaneous Stocks.—Tho market for
shares has been exceptionally dull and tho tendoncy of prices
has generally been towards a lower level. Tho daily trans
actions averaged only a trifle more than 400,000 shares
with tho maximum less than 500,000. To-day’s market
was simply a repetition of previous records, excopt that the
volume of business was somewhat larger than the averago.
The closing quotations show that only St. Paul, of the
railway list, has mado a fractional net gain during the week.
Over against this movement is Reading down 2% points,
Canadian Pacific down 2%, New Haven down 1%, Union
Pacific down 1% and the remainder of the list an average
of about a point lower.
The above record seems tamo, however, when compared
with tho speculative industrials. Mexican Potroloum has
lost 8 points, Royal Dutch 6, Inter. Mer. Mar. pfd. 5%,
U. S. Steel 4%, Am. Smelt. & Ref. 4% and Atlantic G. &
W. I. 3, while Studebakor is the only stock in this group
which shows a net gain, it closing fractionally higher.
For daily volume of business see page 161.
The following salos have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 10.
Range for Week.
Par Shares S per
400 48%
Adams Express.........100
2,300 1%
Ajax Rubber rights
500 90
American Express__ 100
200 93
Am Sumat Tob pref .100
100 1%
Assets Realization...10
Assoc Dry Goods__ 100 7,700 17%
200 61%
First preferred------100
Associated Oil______100 1,400 70%
200 8
Atlanta Blrm & A tl.. 100
100110%
Barrett, preferred — 100
300 1%
Batopilas Mining----- 20
100 91
Beth Steel, pref.........100
400 80
Bklyn Union G as.-.100
Brunswick Term’l . . . 100 2,100 9
Butterick____ _____ 100
Calumet & Arizona— 10
Case (J I) pref.......... 100
Cent & So Am Teieg.100
Chic St P M & O m ..l0 0
50112
Preferred________ 10C
400 64
Cluett, Peabody* Co 100
2C0103)
Preferred ............... 100
100 37)
Computing-Tab-Rec 100
100 8)
Cons Interstate C a ll.. 10
300 58)
Continental Insur___ 25
Cuban-Amer Sugar. .100
Deere * Co pref___ 100
Detroit Edison rights.. .
Elk Horn Coal_______ 50
Federal M & S p ref.-100
Fisher Body Corp.no par
General Chemical— 100
General Cigar I n c .-.10020,900 49
Preferred...............100
300403
General Motors rights.. 14,900| 1 %
Gulf M o b * N pref. .100
100] 33
Hartman Corp------- 100:
400| 54%
Int Harv (new) pref-100' 20G|116
Iowa Central_______ 100! 200! 3%
600 28%
Jewel Tea Inc---------100]
200 88
Preferred________ 100
100 90%
Kelly-Springrield pf.100:
100108
Krcsge (S S )C o ------- 100
200220%
Liggett & Myers------100
800] 108%
Preferred________ 100
200l 94%
Loose-Wiles, 1st pref 100
900 162
Lorillard (P )_______ 100
515 81%
Manhat (Elev) Ry gu 100
May Dept Stores__ 10C 2,600 60
200104
Preferred ............... 100
10] 92
Michigan C entral...100
400; 90
M St P & S S Marie. 100
400 30%
National Acme______50
400;ill%
Nat’l Biscuit_______ loo
Preferred ...............100| 300 117
100104
Nat Cloak & Suit pf.100
100; 30
N Y Chic * St Louis. 100
500 25%
New York Dock___ 100
100; 48
Preferred............... 100
300 17%
Norfolk Southern...100
Norfolk & West rights.. 22,200
%
Nova Scotia S & C ..100 1,660 54
400 44%
Ohio Fuel Supply----- 25
Oklahoma Prod & R e f.' 22,400 9%
300 47%
Owens Bottle-Mach..25
100 5%
Peoria & Eastern___ ICO
200 45%
Pitts Cin C & St L . . .100
200 13%
Pond Creek Coal____ 10
100 27
St L-San Fran pref A 100
300 58
Savage Arms C orp .. 100
2001140
So Porto Rico Sugar. 100
1001 88
Standard Mill pref. .100
100| 87
Stewart-Warner___ 100
Stromb Car of Am .no par 2,440 36%
800 49.%
Stutz Motor Car.no par
Texas Co rights------------ 5,878: 16%
Tex Pac Land Trust. 100 2,050185
Third Avenue R y-_-100 1,300 13'%
2001215
Tidewater Oil---------100
Underwood________ 100 1.10011E
United D ru g _______100 2,280! 90%
500 50%
First preferred____ 50
200, 94
Second preferred. .100
700 19
U S Realty * Inapt.. 100
100 12
Vulvan Detlnnlng-.-lOO
Wells, Fargo Express 1001 400' 66
Highest.
share. $ per
Jan 10 50
Jan 4 1%
Jan 9 95
Jan 6 94%
Jan 10 1%
Jan 6 24%
Jan 9 63
Jan 7 73%
Jan 10 8
Jan 8 110%
Jan 9 1%
Jan 10 91
Jan 4 82
Jan 9 10%
Jan 9 17%
Jan 6 61%
Jan 6 93%
Jan
115
82
Jan
112
Jan
Jan
65
Jan
103%
Jan
37%
Jan 6 8%
Jan 9 59
Jan 8 ICO
Jan 6 90
Jan 8
%
Jan 8 29%
Jan 10 38%
Jan 8 39
Jan 7 170
Jan 4 53%
Jan 6 103
Jan
2%
33
Jan
56
Jan
Jan 6 116%
Jan 8 3%
Jan
29%
89
Jan
Jan 9 90%
Jan
108
Jan 6 224%
Jan 8 111%
Jan 10 95
Jan 8 168
Jan 4 84%
Jan 4 05
104
Jan
92
Jan
90
Jan
Jan
31%
113
Jan
Jan 6 120
Jan 8 104
Jan 7 30
Jan 9 26%
Jan 7 48
Jan 0 18%
Jan 6 1
Jan 6 55
Jan 7 44%
Jan 10 10%
Jan’ 6 48%
Janl 8 5%
Jan S9 40
Jan 10 14
Jan 9 27
Jan ' 6 61%
Jan’ 9 140
Jan] 7 88
Jan 10 87
Jan 10 37%
Jan 6 51
17%
Jan
120
Jan
Jan 4 15%
Jan 9 215
Jan 8 122
Jan 6 95
Jan
51%
Jan 9 94
Jan 6 24%
Jan 6 12
Jan
75
Range for Year 1918.
Lowest.
Highest.
share. ! $ per share $ per share.
Jan
Dec 80
Jan 10 42
Jan] 8 1
Dec 1% Dec
Nov
Jan 10 77% Dec 95
June
Jan 6 81
Jan 103
Jan 10
% Dec 2% Nov
Jan 9 12
May 18% Dec
Dec
Jan 10 51
May 63
Oct
Apr 71
Jan 10] 54
Jan 10, 5
Dec 10% June
Jan 8 99% June 107% Dec
Jan 2% Nov
Jan 9! 1
Sept
Jan 10: 84
Dec 94
Jan 4' 78
Aug 93% Nov
Jan 9] 0% Jan 16% June
Jan 9 7% May 18% Nov
May
Dec 71
Jan 6' 61
Jan 92% Dec
Jan 10 73
Mar
Oct 110
Jan 10 102
Dec
Sept 82
Jan 7 69
Dec
Dc 110
Jan 6 110
Nov
Jan 65
Jan 9 45
Nov
Jan 105
Jan 7 95
July
Jan 39
Jan 4 30
Jan 6 7% Sept 13 June
Dec
Jan 4 44
Feb 60
Jan
Aug 152
Jan 9 136
Feb
Jan 9 90
June 96
Jan
Jan 31% Nov
Jan 8 22
Jan 44% Oct
Jan 4 27
Juno
Jan 43
Jan 8 26
Jan 185
Aug
Jan 7 165
June
Jan 58
Jan 7 34
Oct
Jan 8 96% Mar 105
Jan 4
Mar 35% Dec
Jan 4 27
Dec
Mar 55
Jan 9 37
Oct 114% Deo
Jan 7 107
Jan 8 2% Jan 5% Nov
Dec 40% Nov
Jan 5 6 27
Apr 97% Jan
Jan 7 88
Jan 9 76% Feb 90% Dec
Nov
June 105
Jan 6 83
Dec
Jan 8 164% Aug 210
Nov
Jan 9 100% June 110
Nov
Jan 10 82% Jan 94
Mar
Jan 9 144% Aug 200
Dec 100% Dec
Jan 10 80
Jan 63% Dec
Jan 9 47
Dec
Oct 104
Jan 8 08
June
Jan 9 80% F'cb 95
Jan 6 80% Jan 97% Nov
May
Jan 7 26% Jan 33
Aug 110% Dec
Jan 10 90
Mar
Jan 6 106% Sept 114
Dec
Jan 104
Jan 8 100
Nov
Jan 7 13% Oct 34
May
Jan 4 18% Jan 27
Jan 48% Dec
Jan 7 42
Nov 21% Dec
Jan 6 14
Dec 1% Dec
Jan 7
Aug
Jan 10 52% Dec 70
Oct 46% June
Jah' 8 40
Jan 10
Dec ?()% Aug
Jan 10 44
Jan 8 4% Apr 6% Nov
Jan C 25% June 58% Nov
Jan 10 15
Nov 20 Juno
Apr 33% Nov
Jan 9 21
Jan ? 51% Dec 80% May
Jan
Sept 162
Jan 9 120
Jan
June 89
Jan 7 80
Jan 10
Jan 10
Dec
Oct 55
Jan 7 37
14% Dec 17% Dec
Jan
June
Jan
130% June 150
Jan 8 12% Dec 21% Jan
Jan 200% Dec
Jan f 178
Dec
Apr 112
Jan 10 100
69
June 90% Dec
Jan
Jan 50% Nov
Jan
46
June 85% Dec
77
Jan
Oct
Mar 26
Jan
8
7% Apr 10% Dec
Jan
Jan 10 63% Sept 83% Jan
%.
Outside Market.—Businoss on tho “curb” quieted down
considerably this week. Even speculation in the oil shares
was on a reduced scale, such activity as thero was being con
fined to a few issues. Keystone Tiro & Rubber com. was by
far the most heavily traded in, transactions hero being
on an extensive scale. A gain of ovor 13 points to 57 %
was recorded, tho close to-clay boing at 55
Interconti
nental Rubber was also prominent, and after a loss of 3%
points to 11, jumped to 17 %, tho final figuro to-day boing
17. Swift International, “w. i.,” in which trading began
this week, was also conspicuous, advancing over 3 points to
48, with a subsequent reaction to 46 %. Goneral Asphalt
com., after a loss of half a point to 39%, moved up to 49%
and ends the week at tho high figuro. National Ico & Coal,
formerly Burns Bros. Ico Corp., sold up from 49 to 54% and
at 54 finally. Unitod Motors advanced from 34% to 35%
and finished to-day at 35%. Of the Standard Oil issues,
Prairie Oil & Gas lost 20 points to 630 and sold to-day at
640. Standard Oil of N, J., after an oarly decline from 688
to 677, moved up to 724. Standard Oil of N. Y. gained about
15 points to 330, reacting finally to 323. Union Tank Line
was conspicuous for an advanco from 107 to 123, while Vac
uum Oil improved from 400 to 437; but fell back to 421.
Changes in the other oil sharos wore for the most part nar
row. Houston Oil com. from 81 woakenod to 79%, then rose
to 83 % and to-day dropped to 78, tho close boing back to 81.
Tnternat. Petroleum declined from 20% to 17 % and sold
finally at 18. Island Oil & Transp. improved from 7% to
8%, dropped to 6% and closed to-day at 8. Midwost Rofining after advancing from 129 to 132, reacted to 125 and
ends the week at 126. Tho now Amer. Tel. & Tel. 6% notos
wero traded in for tho first time, “w. i.,” down from 99% to
99%. Russian Govt, bonds recorded wide changos, tho 6%s
dropping 5 points to 48, then moving up to 54 and down
finally to 51. The 5%s lost 6 points to 47, with the final
transaction at 51%.
153
N e w Y ork S to c * E x c h a n g e — S to c k R e c o r d , D a ily , W e e k ly a n d Y e a r ly
OCCUPYIN G T W O PAGES
For record of sales during the week o f stocks usually luactire, see preceding page.
PER SHARE
PER SHARE
STOCKS
HlOH AND LOW SALS PRICES—PERSHARK, NOT PER CENT. Sales/o
Range Year 1918.
Range{or Previous
N E W YORK STOCK
the
Onbasis of 100-share lots.
Year 1917
Saturday Monday Tuesday Wednesday I Thursday Friday Week
EXCH A N G E
Jan. 7.
Lowest.
Jan. 4.
Jan. 8. 1 Jan. 9
Jan. 10 Shares
Highest.
Jan. 6.
Lowest. Highest.
Railroads
Par $ per share. S per share. %pershare $ pershort
§ pershare S pershare $ pershare S per sh
are I 3 pershare S pershare
93
931 92 92* 92% 93 92*4 93 92% 93 *92 93 2,001 Atch Topeka &Santa Fe. . 100 81 Mar2C 99% Novl2 75 De 107% -fa**
8834 88*
89
80
*88*2 80
88*2 89 1 , 10C Do pref...........................100 80 Jan3i 1 92% Novl2 75 De 100% Feb
*88*2 88»
8834 89
*100 105 99 99 98*2 99 *98 100 *98*2 100 *98% 102
89% Apr2) 109 Nov2(
30i Atlantic Coast Line R R ..1 0 0
z79% De
119
Jan
4934 50
493, 497
49*.
19
49
497
497
49
49*8 49%
6,201 Baltimore A Ohio----------- 100 48*2 Dec3 62 Novl2 38*4 De< 85 Jan
55*4 55* *55
56
56
55 *2 55*
55*2 55*
*55
Do
pref....... .......... ........ 100
53
Apr2(
57
56
64% NovlJ
501
76% JaD
48*4 Dei
21% 23 22*4 23 23*4 25* 21*4 267 25 ’ 26* 233., 25* 46,701 Brooklyn Rapid Transit..100 25% Dec2l 48*4 Jan 2 36 Dei 82 Jan
15834 159% *158 160 *158 160
174% Octl-!
15914 1601
159*2 159*
158% 158*
135 Mar2l
1,901 Canadian Pacific________ 100
126
Dei 167% Mar
5634 57
563
56*2 56*
56% 50*
56*4 57*
56*8 57
2,70C Chesapeako & Ohio______ 100
49% Jan If
42 Nov
62% Novl2
65% Jan
8* 56*2
*8 8* 8*2 8* *8 8* 8*2 8* *8 8*
501 Chicago Great Western.. 100
6
Apr 1
11 Nov 12
8*4
6
Dec
14% Jan
*26
27*
*25*2 26*
26*
*25
♦25
26*
25*2 26*
32 Novl2
20C
Do
pref.......................... 100
18*2 Apr
25*2 25*
41% Jan
17*2 Dei
3834 39*
40% 41?
40
39% 40*
387g 387,
40*
41*
8,901
37%
Apr25
54%
Sept
t
40*4
Chicago Mtlw A St P aul.. 100
35 Nov
92
Jan
72% 74*
72
74
72% 73*
71% 72*
73
73*
3,601
66% Aprl 86% Novl2 62*2 Dei 125% Jan
Do
prof______________ 100
71% 713
90
96
96% 96*
96*2 981
98% 96*
*96
1,301 Chicago A Northwestern.. 100
90
96
97
89% Mar2{ 107 Nov *
85
Dei 124*4 Jan
{133 133 *131 133
13178 1317, 132 132 *131 134 *131 134
211 Do prof...........................100 125 Julyl, 137 Jan2( 137*2 Dei 172% Feb
25% 263,
26
25% 25**
26*
25
25*
4,901 Chlo Rock lal A Pic temp ctfs.
18
Apr25
32*2 Novl2
25*4 25%
25% 25*
38% June
16 Dei
*79
80
80
201 7% preferred temp ctfs____ 56% JanlJ 88 Novl2 44 Dei 84% Apr
*79
80
80
80
*79*4 80
79*2 79V
*79
48,r
*06% 07*
66*. 67 67 * 68% 67* *66 67*
*65*2 67
6% preferred temp ctfs____ 46 JanlJ 75 Nov 12 351*4 Dei 71 Apr
6
6
*
4
*35
*34
33
*35
38
35
37
*35
36
35
10* Clev Cln Chlo A 9t Louis. .100 26 Feb2 40 Nov f. 24 Nov 51 Jan
38
*35
75
*08
101 Do prof.................... ...1 0 0 58% May
70 Nov22
66% 66* *62 75 *62*2 75 *62% 75
*66*4 68
61% Oc
80
Jan
*21 24 *20
18
Apr22
231 *20
22 *20 22 *20 22 *20 21
12
27*2 NOV12
54
*48
51
*48
*48
54
47
Apr
*48
54
*18
65 N ov 4
*48
51
*40
48
*40
48
*41
48
*40
48
40
Apr
*40
48
*40
48
48
D ecl 6
*103% 108 *103 108
30C Delaware A Hudson_____ 100
104*4 104* *103 105 *103% 105
100% April 119% N ovl2
104 101
87 Nov 151% Jan
*180 185 *172*2 185 *175 180 *175 180 *175 180
176 176
10
1
Delaware Lack A Western..50
160
Aprl7 185 Sept 4 167*2 Dec 238 Mar
*334 5
5
*3l2 7
*4
*4 . 7
3*
*3*2
7
20
c Denver A Rio Grande__ -100
2% Jan ‘
7 Nov21
3%
5
Dec
17
Jan
63,
7*
7
7
67g
7
5
Apr2*
*6*4 7*.
1.30C
7's
Do
pref______________ 100
13% Jan 2
76
7*f
7*8
9% Dec
41
Jan
1678 17
17
17
17*.
17*
17
167g 17
17 *f
7,20f Erie..................................... ..100
14
Aprl7
23% Novi 2
13% Dec
34
% Jan
10
% 17
28
28
27% 273
28
28*
28
28
28
23
1.50C
27% 275.
Do 1st pref___________ 100
23% Janl(
36*2 Novl2
21*
94*
321
99*
5
10k 18*
19
19
*50
55
*8 >8 9*
23
*20
5538 555;
*118 122
11-It 1134
5*4
5U
8*4
8%
261.1 2634
53*8 53%
7434 75*j
327fl
32
*1912 20*2
*100l2 108
923.J 92*
45U 45%
12l2 13*2
59
*55
*43
49
3714 37%
*80
81
82% 83%
*30i2 38*2
*36i2 39
14% 14*4
a
*16
31
31
8*4
I
18U 18*4
1013.1 10234
2914 2912
70
70
33
42
*39
12834 130
7238 72-8
*714. 8
16
*15
8*2
8%
331.1 333.1
22
*20
113-1 117s
*23
30
*20l2 21
62
*8%
20
*18
35
35
*2012
94
32
*96l2
434
221
84
35
9
22
*20
93*2 91
31 *4 32
973.1 97-i
5
56
17*2 18
19
19
*50
55
*
9*2
*20
23
ZOlSg 55
*118 123
11*2 11*2
5*8
5*2
9*4
9*4
25*8 26*4
53*i 53*?
74*4 74*4
31*4 32
20*8 20%
100 106
92% 92*2
45*4 45*2
*12% 13*2
*55
60
49
36*4 37*2
81
80
81% 827(|
*36*2 38*2
*30*2 39
14
14
22
*16
31
*30
8*4
8*4
17*2 17’::
IO P 102*4
23^8 20 >8
69
69
32*2 .T4
42
*37
127*4 123*>4
72
8
*7*4
*14
16
8%
32^4 33%
*19*2 22
11*2 11*2
*23
1
20
62
8*2
8*2
*13
20
*35
39
*19*2
93*8
32
*97
5*4
19
*18*4
*50
*
*20
55
118*2
*10*2
*5*8
*8%
25*4
*52*2
74*4
31%
21
106
92*4
45*2
20*.
03*
33*.
98*2
6%
23
19*.
55
9
23
55%
118*2
12
5*2
*.
25*4
51
74*.
31*8
21
106
93
46
—
*19*2
93*4
.321,
98*4
6*g
22*4
*18
*50
*8*4
*20
55%
*118%
*11
*5*4
*,3%
25*2
*53
74%
32
*20*4
106
92%
45*4
—
36
*80
81*2
*36*2
*36*2
14*3
*17*2
*30
*8
*17
1UJ*8
ZSI
69
32
*37
128*4
9 12
*7*4
*15
8*8
33
*19*4
*11
*23
*19
—
8%
18*2
35
36*4
82
82%
38*2
39
141*
22*2
31
0
18
101*8
36%
*79%
82*2
*36*2
*37
’ 13*2
*17*4
*30
*8%
*17%
lOO^s
*29
69
33*2
*38*2
128%
’ /2
*7*i
*15
*3*8
33
*19*2
11%
*23
*19
8*4
*43
18
72*2
8*4
20
8*4
9
2 49
*--
69
33^8
42
128*2
74
8
16
8*8
33
21
11*2
29
21
62
8%
*8*2
13*2 *18%
*34
35
4734
14
25
60
67%
37g
2*8
33*8
84
101*4
98
71
90
48*4
99*2
94
1•)
42
89
13*8
72*2
43*4
58*4
55%
43
25
59
68
378
2
32
83
2
25
60
68
4
8
3223*4
101
2
h
6214
*1212
10
0
95*4
103 4
32
2114
24%
59
68
f*
2
32%
83
101*3
’ 93
71*4
*82
48*2
100
90*2
8*2
73
8
8*2
*884
24%
21
24
*23*2 25%
59
59
59
59
59
68
%
63
63
8%
37S. 37S
4
2
2
2%
2
2%
%
34
35%
34
35%
84
81% 85%
81% 85%
103
101% 1023., 101
.01
99
98
983, *05
.00
73*2
73
77
z71
73
90
*82
90
*82
90
49*8 50%
43*2 49*2
L01
100% 101 ♦100
01%
91%
91
01*2
90% 91
*110 1147s *110
43
43%
44
45*,
437g 44%
*88
92
------ ------ *86
92
14*2 15%
15% 16*8
15% 15'%
75
771,
77% 79
763, 78
*41*2 43%
43
43*2
4334 45%
*56
57
57% 57%
56%' 66%
56
56
55
55*8 55*2
50*., 52*8
51% 523,
51
51*4
91'8 917s
91
92
*90*4 91*2
*61
62
61’., 62
61
61
102*2 102*2 *101 102%
,
-1‘4
27S 4 ',
2%
23,
*4212 46
*45
46
48
46%
------ 142 * ____ 112 * ____ 142
>38 76
76%
73*4 7434
10*)l2 103*4 108 103 *105*2 108*2
66
85
88
85
85%
113 114% 113*2 1147g 114 115%
114*2 114*2 *114% 117
115 115
9»*2 997g 97% 99-% 9678 98%i
100 100*4 100% 1007S
201 205
20578 20578 203 203
101 101
103 103 *101 101
507g 513,
31
61*4
51% 51%
*95
96
93% 96*2 98% 96%
29*2 29*2
30
30
*29*2 31
12% 12% *12
13
*12
12*2
*41
44
*43
44
43*2 43*2
59>s 60
60
607s
593,1 60*4
101*2 103*4 105 103
106
’ 67
68
♦67
68
67
67
% 75*2
74*8 75*2
73% 74*2
*100 107 "100 107
112 114% 113% I I
112% 113%
—
617s 617g 61
—
61
61% 62
61% 62%
60% U%
101*2 105
104% 105
101% 101%
21%
21% 21% *21*8 2U2*
68 68*4
334
33
49
5534
102 102
41
ll
¥>
100*2 101
10134
74
* Bid and asked prices; no sales on this day.
51
21
.m
m
m
m
9
4
24*4
59*2 59*2
6S
68
1
4
2
2*8
32
32%
83
83
83
101*2 101 101
*97*2 98
*97 100
703i 72
71*8 73
*82
*82
90
90
47% 48%
47*4 48*2
9S7g 100
’ 98*2 100
*98i2
91*2 93*4 90% 92%
93
*112
.15
*110
42% 43*2
41*3
11*4 42*2
8S
90
*87
*86
88
13*8 13%
13*4 11
131s
72*4 741
/ *’
71% 73*2
42
13
1078
45*4
42%
58*2 59
57
57
58*4
56*2
55%
55
57*8
47*2 50*4 49*2 50*4
47'%
91*2
90*4
01*2 92*4
62*4
61*2 61%
104 104
1*3 4’>8
*42% 48
*4212 48
47
____ 112
*____ 142
____144
# »4
/o-*g
’ 1UP IU.j ‘2 ’ 10) IUO'4 1U*)«8 19.) *2
80
8U>2 80
112*4 113% 112'8 112*8! 114*8 114*8
113*2 113*2; *113 111*2
*112*2 114
96% 97*4
98
98
90*2 9 /
99*8 100% 100 100*8
100 100*4
202*8 201
200 201
201 203
*101 105
106 106 *101 105
52
52*2 52
52
51*2 51%
96
*95
95*4
95*4 *95
29% 29*2
*28*2 29*2 29*2 29*2
*11*3 12*4
12
12*8
1210 12*4
*39
45
*41
48
46*2 *30
60*8 61*1
60
60*2' 59*4 60*4
108 10812 106*8 108*2 106*8 107%
*0014 68
*65
68
*66*2 68
76
77*2 74% 76
74% 75*2
’ 100 107
*08 107
*103 104
1037*
I 108*2 112
’ 02
61*4 62*2
60*2 60*2'
»
62% O I ' 61*8 62%! 61*8 11%
10.) 105 I 101% 105 * 104% 105 |’
22
>41
21 l
22*4
21
25
60
6738
37s
2
32^2
*82 >2
*101
*96
68
*82
*20
21*
21*
20*
*20
9334 91
933, 94
94
33% 34*
34
33% 353
*97
98*
98*
*97
93*
6%
6%
6%
5%
6%
21% 217,
23
20
21
1834 19
19
*18
19
55
*50
55
*50
55
9*
*8*4
9*
83,
8%
23
*20
23
*20
23
55’., 56
55%
55*2 557,
121 *118% 121 *118% 121
12
♦10% 12
*10% 12
5*2
53,
*5%
5%
9% 10
9*i
0%
93,
26
26*j
26%
25*2 25**,
533, 51%
54*2
53% 53*'
745
71% 75*2’ 74*2 75*.
32%
32
32*2
31% 317,
21*. *20% 21*2 *20% 2U107*2 106 108 *106 108
03
93
93*.
92% 93
45%
45*2 45%
45% 45r>,
*1234 13lj *12% 13%
—
*57
60
58
58
*43
49
*43
49
37% 38*2
37%
37
.373,
8034 801
80*2
80
80*2
8134
833a
83
807s 82
38%
36*2 36% *36% 33
*37
39
39
*37
39
14
137S 14
*13*2 14
22% *17
22*2 *17
22
32
*30
31
31
31
9
*8*2
834
*
9
17*2
17*2 1734 *17% 18
102
101 1023s 100% 101%
2834 29*2
29*4
28% 29
69
6934 *09
69
70
3334 35%
34%
333g 34%
42
*36
42
*36
42
129*4 128*2 1297s 128% 129%
73
73
72% 72%
8
*7%
8
7%
7%
16
*15
16
*15
16
8%
%
8%
8%
33
33
33%
33
33*8
22% *20
22
*20
22
11%
11*2 12%
12
12%
29
*23
29
*23
20
*19
21
19*2 10*2
62
61*2 61*2
61*2
*8*2
9
9*2
20
*18*2 20
18*2 13*2
35
34
34
*34
33
534
21*2
* Ex-rtghts.
Do 2d pref___________ 100
Great Northern pref______ 100
Iron Ore properties...Vo
Illinois Central___________100
Interboro Cons C orp-.V o
Do
pref.......................... 100
Kansas City Southern___ 100
18*2
86 ~
25%
92
4%
17%
15%
200 Lake Erie A Western_____ 100
Do
pref___________ ___ 100
Lehigh V a lley.._____ _____ 50
Louisville A Nashville____100
Minneap A 8t L
. . . 100
Missouri Kansas A Texas. 100
Do
pref..........................100
Missouri Paclflo tr ctfs.. . 100
Do pref tr ctfs______ 100
New York Central_______ 100
N Y N H A Hartford____100
N Y Ontario A Western.. 1U0
Norfolk A Western______ ino
Northern Paclflo________ 100
Ponuaylvanla____________ 50
Pere Marquette v t c ____100
Do prior pref v t ____100
7%
18
53%
110
7%
4%
4.00C
48.50C
40(
23,10*
12.20C
60C
par
par
3,200
101
60*
1,401
1,00*
17,40*
1,20*
8,314
5,30*
20*
1,10*
3.40C
7,585
1,90*
10C
(new)
0
12,500 Pittsburgh A West Va____100
60*
Do
pref_____________ 100
17.80C Reading__________________ 50
10C
Do 1st p re f.._________60
Do 2d pref_____________ 5
1,401 8t Louis-San Fran tr ctfs 100
St Louis Southwestern____100
10C
Do
pref_____ _________ 100
30C Seaboard Air Line_______ 100
90*]
Do
pref........................ 100
44,400 Southern Paclflo Co______ 100
20,300 Southern Railway________ 100
900
Do
prof______________ 100
58,500 Texas A Paclflo................ 100
Twin City Rapid Transit.. 100
12,800 Union Paclflo_____________ 100
850
Do
pref.......................... lOfl
100 United Railways Invest. .100
2,200 Wabash ________________ 100
4,900
Do prof A ...................... 100
Do prof B
100
6,400 Western Maryland (new). 100
_ _
Do 2d prof___________ 100
, 200 W-Hteru Paclflo________ 100
100
Do preferred.................. 100
700 Whoallng A Lake E Ry.-lOO
250
Do
preferred________ 100
400 Wisconsin Central..............100
1,000
800
1,700
3,000
5,700
26,500
3,700
5,400
200
49,400
30,800
700
4,600
11,600
350
10,400
10,500
2,600
300
2,800
400
800
1.200
100
30,800
3,500
21,900
Oct 10
Apr2<
Dec24
Jan 2
Aprl7
Jan J
Jan29
20
Jaul5
41
Janl5
67*2 Janl5
27
April
18% Jan22
102
Jan2i
81*8 Jan24
43*4 June27
9*2 May 1
52% Apr a
6*2
22% Jan 2
40% Nov 14
61
Janl
82 N ovl4
70*8 JanlS
96% Oct23
35
Jan12
39 M ayl5
40 July 8
35 Mar3C
9% Apr 3
17% Dec 9
19
Oct 2
25 Novl2
28
Oct 2
40*2 Jan 3
12 N ovl2
7
Aprl7
16% Apr 19
25*4 Novl2
80** Jan24 110 Nov 7
34% N ov 12
20% Apr30
57
Jan21
75% N ovl2
14 May 4
29*2 Dec 9
32
Dec30
65*4 Jan31
109% Jan 15 137% Octl9
69
Jan 3
76% Novl2
4% Jan
12 June27
10*2 Apr 9
20 May 7
7
Apr26
11% July 8
30% Dec30
44*2 Jan 2
19*8 Dec30
17% Feb 15
10 Dec27
20
Jan29
32 June22
13
Jan 2
21% NOV12
46
Jan 3
66 June27
8
Apr22
12% NOV12
17% Aprl7
26 Novl2
29% Dec26
39% Oct22
15
2
25
Janla
78 M ayl6
117* JanlO
50
Jan 2
11% Jen 2
38% Jan 18
51% Septl3
27
Jan 7
69*4 Jan 7
53*2 JanlS
z95
Jan 4
2% Sept23
41 Sept 18
90
Feb21
Amerloan Shipbuilding... 100
73 Mav28
Amur Smelting A Refining. 100
103 Sept25
Do
pref______________ 100
58
JanlS
98
Janl6j
American Sugar Refining..1 0 0
108*4 Mar23
p r e f....................... LOO
60% Jan 5
Amor Telephone A Telog.100 i 90% Aug 5
American T o b a cco .... .100 1 140*2 Jan 5
Do pref (new)________ 100!
92*8 SeptU
44% Jaul5
Am Woolen of Mass_____ioo i
92
Jan 4
Do
p r e f . . .................lO O i
Am Writing Paper pref . .1 0 ) i 20% April
11
Dec30
38% Dec30
Do
prof........................... 25
59 Dec30
Anaconda Copper Mining.S3
97% Jan 5
Atl Gulf A W I SS L in e ... 100
58
Jan Si
56*8 Janl5
Baldwin Looomotlve Wks.100
American Cotton O l______ 100
Do
pref..........................100
American Hide A Loathe.-. 100
Do
pref______________ 100
Amerloan I c e ........... ...... .100
Do
preferred.. ......... 100
Amor International Corp.100
Amerloan Linseed________ 100
Do
prof............. ............ 100
Amerloan Locmotive . . .100
Do
pref______ ________loo
Amerloan Maitlng . . . . .100
•
Do
14,200 Barrett Co (The)________ 103
600 Bethlehem Steel Corp____100
18,700
Do class B common .100
2,200
Do
oum con » 8 7 , pref____
3,100 Booth Fisheries . .
Vo on*
* Loss than 100 shares,
aEx-dlv. and rights,
27% N ovl2
106% N ovl2
34*2 N ovl4
105*2 Nov 12
9*2 Jan 3
47*2 Jan 3
24% N ovl2
59*2 Novl2
11% Novl3
25
Oct22
65% N ovl2
124% N ovl2
15% Nov 12
6% NOV12
13*2 N ovl2
31% Nov 12
62 Nov 9
84% Nov 12
46% May29
24% Nov 9
112% Novl2
105 Novl2
50% Novl2
18% Nov 12
64 Nov 9
11
Jan19
20% Nov21
25% Jan 9
62% Novl9
49
Jan 2
72% Decl8
1*4 Apr27
5% Nov 6
1% Apr 1
3% JuneJl
17% JanlS
37 May24
72% Jan 4
May24
78
Jan
106 Oct 17
89'g Janl7 101 Aug27
48 Nov26
84
Feb37
z82 Septl3;
.34% Janl5
50% May 17
89% Jau23
90
Dec31
63*4 Janl4
93% Dec31
Advance Rumely............... 100
Do pref______________ 100
Ajax Rubberlnc......... .......... 50
Alaska Gold M in e s ........... 10
Alaska Juneau Gold Mln'g.lO
Allls-Chaimers Mfg............100
Do preferred........... ...... 100
Arner Agricultural Chern. . 100
Do
prof______________ 100
Amorioin Beet Sugar......... 100
59,200 American Can__________ 100
1,300
Do
pref....... ................. 100
8.400 American Car A Foundry . 100
22,300
200
8,500
18,500
6,901)
1,000
8,100
2 4,200
2,300
2,600
600
1,200
Jan25
Janla
JanlJ
Jan 1
Dec2(
Dec3(
Aprl7
85
60
59%
96*i
21
88*2
44% Oct 13
83
Dec 11
22*8 Sept 4
94% Aug24
49
Oct28
61
Oct21
80% Oct 14
47*2 Dec27
92
Decl3
71% May 16
102% Dec 3
13*2 Feb 6
48 Decll)
144 May 14
94% Oct 18
110% Novl2|
05 Nov 19
118 MaylS
114% Dec 4
145 May24
109*4 Feb 1
193% Dec 5
100*2 Dec 6
80 * May24
96% Dec 8
39% Aug2S
21% July 3
53% July 1
z74% Oct 18
120% FeblS
67% Nov20
101% M ayl8
Jan 4 110
Dec30
96
Novl2
94
Janl5 106%
Jan2l' 28**
xlEx-divldend.
Dec 9
MaylB
M ayl3
Apr29
Sent 5
18% Dec
79*4
22%
85*4
5%
39%
13%
40
49% Jan
Dec 118% Jan
Nov
38*s Mar
Dec 100% Jan
Dec
17% Jan
Dec
72% Jan
25% Jan
Nov
Nov
25% Jan
Nov
Oct
Dec
79% Jan
Dec 133% Jan
32% Jan
Dec
11
Jan
Dec
Nov
20*2 Jan
34
Jan
Nov
Dec
61
Jan
Dec 103% Jan
Sept
52% Jan
Nov
29% Jan
Deo 138% Jan
Dec 110% Jan
57% Jan
Dec
Dec
30% Jan
Nov
73% Jan
8*2
23
50%
103
6%
3%
7
19%
37%
62%
21%
17
%
75
40*4
12
45
92
18*oi, _
60*g
34
Dec
Apr
Nov
Nov
12
22
34
Dec
Dec
Dec
Dee
75%
2U*
61%
11%
02
101%
69*4
Dec
Deo
May
Nov
Dec
Dec
Dec
7 '
36*4
18
12
20
10%
35*2
7*2
16%
33
Nov
Dec
Dec
Dec
Deo
Dec
Dec
Dec
Nov
Dec
7*4
7% Nov
19
Oet
35
% June
68
Jan
104** Jan
45
JaD
45*2 Jan
26% June
32
Jan
63
Jan
18
Jan
39% Jan
98*2 Mar
33% Jan
70*2 Jan
19% Jan
95
Jan
149% Jan
85
Jan
11% Jan
23% Jan
15% Jan
68
Jan
% Jan
23
Apr
41 Mar
18*2 May
48 July
22% Jan
50% Jan
54% Jan
30
18% Jan
Jan
80
Jan
11% Jan
1 Dec
1% Dec
8% Mar
32% May
86% Mar
72
Dec
95*2 May
91
Deo 103*t Jan
102*2 Feb
98
Jan
29% Nov
53 May
87
Dec 111% June
80% June
57
Fob
21
80
10
43*4
8%
35
48
15%
48
46%
93
8*4
Dec
Deo
Feb
Deo
July
Dec
Oct
Feb
Feb
Dec
Deo
Dec
37%
50*2
101*2
17%
75
16%
55
62%
29%
75
82%
106%
19%
Jan
Jan
Mar
Jan
Aug
July
Aug
Aug
Nov
Jan
Jan
Mar
89** Novi
108
Dec
30 Mayl
95% Dee!
123
Dec,
89
Deoj
37** Feb!
87 Novi
17 Nov
10% Dec
39*2 Dec!
51% Nov:
87% Sept
64
Feb
43
Feb!
93 Nov
112% June
117% Jan
75 June
128% June
121% Jan
62*2 Deo
128*2 Jan
220 Mar
109% Jan
58% June
100 June
54*2 Mar
41% Jan
72% Jan
87 May
121% Jan
66
Jan
76% July
82
68%
*66%
93
136
Jan
515
Jan
156 June
101*2 Oot
88 Nov
67% Dec
i99% Nov
Dec!
Deo,
Deoj
Deo
1
b.'Betore payment of first Installment.
N e w Y o rk S to c k R e c o r d — C o n clu d ed — P a g e 2
154
For record o f sales during the week o f stocks usually inactive, see second page preceding.
lesfor
HIGH AND LOW3ALB PRICES—PBR SHARE, NOT PER CENT. Sath
e
Week
Friday
Thursday
Wednesday
Tuesday
Saturday Monday
Shares
'Jan. 10
Jan. 9
Jan. 8.
Jan. 7.
Jan. 4.
Jan. 6.
S per share
155% 155%
7
7%
20% 20^4
50
49%
22U 22U
66% 66%
62
OI
*10314
34
107
18%
3334
38
6034
105
34
107*2
1S1
337
8
8
38
43 i8
947g
4 2 i2
93
*69%
4 9 l2
♦104
58-%
*91
30U
7834
523g
70
507g
103
593g
92
305s
79
53
S per share S per share
155 15534
155% 157
%
7
%
7%
19% 20%
20% 21
49% 50’4 4934 50%
21% 217g 21% 23%
6l7g
% 65% 69
60
607
60
60’4
*103 105
104% 105
33% 3334
3334 337g
107 107 *104 108%
1734 18%
17% 18
33% 33%
33% 33%
3734 3734 37
37
4234 423
42% 43%
94% 95
94
94
70% 70%
69% 70%
49% 50%
49% 50%
*102 101 *
% 106
57% 57%
57
58
91
91
91
91%
29%
29% 29%
78
78%
78% 79
52% 55%
54% 55%
12l2 1212
6
6
66
8
$ per share ! $ per share
155
155 I 155
15534
7
19% 19%
19% 19%
50% 52%
50% 50%
23
23%
23
2334
%
% 691.1 67%
61
6234
60% 61%
*104 105 ♦104% 106
3334 3334 *33% 3334
*105 107 i 10634 108
1734 17%' 17% 17%
33% 33%
33% 33%
38
37
37 I 38
*42% 43%' 423 43
95% 96
96
96%
*6312 71 I 69% 71%
491,1 50%' 493.1 50%
103% 103%
*101% 105
57
58%
57% 58
92
92
*90% 92
29% 31%
29% 31
7834 80
79% 79%
5434 55%
54% 55%
*6%
634
68
68
4
4
101
2914
12%
12% *12%
6%
12% 12%
12%
11% 12
$ per share
►154% 156
%
7
19% 19%
51% 52%
6
22% 22%
66% 66%
*59% 60%
*104 107
3334 3334
108 107
*17% 18
33% 33%
38
38
42% 42%
94% 94%
69% 70
50%
103% 103%
56% 57
*91
94
27% 28%
77% 78
54
55%
4934
11% 11%
29% 2934
29% 30
29% 30
149% 149% 149% 149% 149% 149%
130 1303 1293.1 1313.1 1291.1 130
84
84
83% 8312
* 8 2 % 8312
83
83
5634 57%
56% 58%
57
57
57
57
104 104
104 104
103 103 ►103 105
106
79% 79%
80
80
*79
81
*77
80
*77% 80
45
45%
46% 46%
46
46*4
46
46
46
48
62
61% 61% *60
61
61
62
*60
*60
62
*43
45
457g 457g
45
*43
45% *43
45% *43
46% 463,1 46% 47% z43% 44%
4634 47
46% 45%
14
13% *12
*11
13% *11
1112 11»2 11% 11% *11% 13
53% 55%
52% 52%
52
52
52
52
48
48
53
53
116
113
116
117
117
*112%
115%
115
117
115 116%
25% 25%
25% 25%
26*4 27
25% 25%
25% 26
2534 26%
112 11334 109%
10934 111% 107% 110% 106 10734 107% 103%
31*4 32
z31% 31%
313 32
32
32 t4
32
32%
31% 32%
31
31%
31
32
307g 311-4
303 31
31
31%
30% 30%
*60
63
♦61
63
*62
63
*61
63
*62
63
*60
62
69% 69%
6934 69%
70
71
713
69
70
68% 68% *67
32% 32%
327g 33%
32% 32«4
32% 32%
32
32%
32% 32%
67
67
66
66% 6534 681,1 *6534 68% 66% 66% 64% 65%
%
223 227g *22
22%
223 *22
23 | *22
223 *22
*42
45%
44
44% 44%
41
*44
45% 45%
45
44% 45
96%
96% 96%
96% 96% *94
96%
96% *94
*94
98% *94
*70
73
73
*71% 73% *70
71% 71% *70
73% *71% 73%
65
65% *64
65% *64
*63
65%! *64
65
65
65% *64
28% 29
29%
29
29
29 I 29
29
29
28% 28% *28
52
5234! 523 52% *51% 52
*51
52
51%
*51
52
51
%
%
21%
*19% 20
20% 20% *19% 20%' 21
20
20
18334 191% 184% 186%' 183% 190% 180’ 4 185%
186% 1917g 187% 193
* 1 0 3 % ____ * 1 0 3 % ____ *103% 107 *103% 107 1*103% 107 *103% 107
24% 24%
24% 24%
2 4% 24%
*24
24%
24
24%
24
24%
43% 44%
43% 44%
43% 44%
44
41’4 43% 44%
43% 43%
75
73% 73%' 73% 73% *73
72% 78
*73
78
*103
...
*102% ___ *1 0 2 % ____ ....................|*103
15
16%
15% 15% I 15% 1534
15% 16
15% 15%
15% 15%
48% 48%
49
49
48
48
*47
48%' 48% 48%
47% 49
*92
94
*91
94 I *92
94
94
*91
94
*91
94 | *91
64% 64%
65%
66
65% 65%! 65
65% 65%
64% 65%’ 66
107% 103
*106% 108
108 108 | 107% 107% *107 108 *107 108
17
17
17% 517
17
17
17
17%
17
17
17
17
103 105 *103 105
108 *101 111 I 105 105
105 105
*45
48
49
*45
*47
51
*48
52
*46
48
*46
48
43% 44
43% 43%
41% 4434 43% 44%! 43% 44
*44
44%
6% 6%
6% 6%
7%
7%
7
7
7
7
%
7%,
36% 3612 36% 36%
*36% 37
3734 373.1 37
37
38% 38%
71
73
71% 72%
70% 71%
71% 73%
71% 73%
71% 73
124% 124% *120 125
124% 127
126% 127% 126% 126% 124% 215
48
48
48
48%
49
49
48% 50
43% 48%
48
48%
31% 31%
32
*31% 32%
31
32
30
30
31
30% 30%
4234 43%
42% 43
43
43
43%
43
42% 42%- 42% 42%
%
102 102 *101% 102
101% 102
101% 101%' 102 102
13
18%
18% 18%
17% 19
17% 18%
18%
%: 17% 18%
49
50% z47% 47%
49%
48
48% 48%' 48% 50%
49% 49%
87
*85% 87
87
86
86
*85% 88
*85% 87
*85% 86
65
64
64% *63
63
*63
64
64
63
63
63
64%
*99 103
*99 102
*97 101
*97 102
♦97 102
*98 101
. *91 . . *90 . . .
____
91% 91% ♦91
91
91
*90
122 122
122 122
120% 120% 121 121 *120 122
73% 741
74% 75% 1 75
75
75
75% 76%
75%
74% 75
. *105% . . . ;*105 ____ ♦106 ____ *105% ____ '1 0 5 % ____
*105%
20% 20%
20% 21
20% 21
20% 21
20% 21
21% 21%
73% 74%
75
74
76
74% 75%1 74
75
75
76
74%
■100
101%
101%
101%
102
*100
101%
102
*99 101
101
101
73
75
74% 77
76
76% 77%
78
78% 80%
77
79%
7%
7%
8
8
*7%
8
7%
7%
7%
7%
*7%
7%
181 181
184 185% 133 185
*172 177
179% 182
176% 179
13% 13%
13% 131.1
13% 13%
13% 13%
*13
14
13% 13%
35%
34% 35
35
34% 35%
35% 38%
36%
34% 35%
35
49% 49%
50
50
51
*49
51
*49
51
*49
*43% 50
52% 53%
52% 53%
51%
51
51%
51
51% 5234
50% 51%
*92% 97
*92
*92
97
*92
*92
97
*92
97
97
97
37
38%
36% 36% *36
36
*35% 36% *36
36
*35% 36%
*
98%
98%
93% *
98% *
93% * _ _ 98% *____
*13% 15% *13% 14%
14% 14%
14
14
*14% 14% " i i "
14%
185 186
187 191
185% 188
185% 188%
185% 188% 185% 189
77% 781
77
77%
77% 78%
76% 77%
75% 76%
75% 77%
105 105% 101 104%
104% 105% 104% 105% *103% 105% 105 103
*75% 78
*75
78
78
*75
78
*73
78
*75
78
*75
x37% 33
39
39
38% 39
*38% 39
38% 33%
38% 38%
% 114%
110% 113%
110% 111% 109% 111% 110 110% 110% 112
►109 125
*103 125 *108 125 *109 125 *109 125 *109 125
162% 164
■160 165
162% 162% *162% 163
181 163
164 164
15
14% 14% *14
15
*14
15
*14
14% 14% *14
15
46%
46% *41
46% *42
46% *41
*42
46% *42
46% *41
104% 104% 103 10 4% 103 104%
102% 104
103% 105% 104 105
*96 100
*95 100
*96 100
99
93
*95
98
*95
*95
77%
76% 78%
76% 73%
77
76
77%
79%
78
76% 78
109% 109% 109% 119% 110 110% 109% 109%
109% 110
109% 110
*4 4% 45
44% 44%
45
45
*44% 45
44% 46
46% 46%
453s *45% 46%
47% *45
*45
46% *43% 46% *45
*43 <8 50
91% 92%
92% 93%1 93 % 94
92
9 4%
93% 9 4%
95
93%
*113% 114% 114% 114% 114% 114% *114% 114% 115 115% 114% 115%
71% 72
71
73
72% 73% -71% 72%
70% 71%
73% 74%
14
14%
*13% 14
*13% 14
54% 56
55% 56%
55
55%
55% 55%
54
55%
54% 58%
113 113
110 110% *110% 114 *112 114
*109 111 *109 111
*57
*57
60
*57% 60
60
*57% 60
*57
60
*57
60
89
83
87% 87«4 *86
88
83
*83
*86
83
89
88
42
42
42% 42%
41% 41%
41% 42
41% 41%
41% 42
*60
62
70
70
*60
60
70
63
*59% 63
*60
*60
45% 45%
45% *45% 45%
45
45
45
45% 45% *45
45
25% 25%
25% 26%
25% 25%
25% 25%
25% 26%
25% 25%
89
*88% 89%
83% 88%
83
*88% 89%
87% 88%
83% 83%
70% 72
74
74
74% 74%
71% 74%
74%
74
73% 73%
133 133% 131% 131%
128 129% 130 133
127 127% 127% 128
*115 121
*115 121 *115 121 *115 121 *115 121 *115 121
58
57
56%
57
*55% 56%
57
55% 56% ♦56
55% 57%
89
89% 89%
83
90
*85
91
*88
89
*84
*85% 90
67%
67
67
%
67
67%
63% 66%
% * % 67%
30
3018
*1513s 153
130% 132
30
30%
151 151%
129 131
82
82
563 57%
106
*79
81
46
46%
*60
62%
45% 45%
46% 47
*102
'8
4
29% 30
150 150
129% 13034
*82% 85
4
5634 57
*101
112
112
4
4
4
4
4
21 22
4
4
21 21
5.700
6,715
2,400
12.300
12.500
7.800
15.800
375
900
1.700
4.600
4.900
800
7.000
4.500
2.000
82,000
250
10,100
600
42.500
4.300
76,400
1.600
8.900
700
10,900
400
5.800
200
100
1.600
400
400
19.300
300
900
1.200
8.500
98,700
9,650
3.500
............
1.200
15.300
1.300
400
1.000
200
200
100
1.300
500
800
170,900
......... ..
3.200
17.800
300
...........
4.000
3.100
*100
6
101 102
19
120 120
2
112
1
1
1
'4
*6614
66 66 1 66
i 1 an 1 as cs 1 p .’ Ijsi; n > s tDs on this liy .
* Lod t a n lllis 'n r e i.
PER SHARE
Rangefor Previous
Year 1917
Lowest. Highest
S persh
are S pershare
PER SHARE
Rang* Year 1918.
Onbasis of 100-sDars loir.
Highest.
Lowest.
Industrlal&M lsc.(Con.) P
ar $ per share. $ per share.
Burns Bros..............................100 108 Feb i 161% Oot 26
12% JulylO
5% Dec30
Butte Coppor & Zlno v t 0..5
33% M ayl4
16% Jan 2
Butte &Superior Mining..10
o par 36% Jan 3 50 Nov23
California Packing------ N
STOCKS
N E W YO R K STOCK
EXCH A N Q E
California Petroleum_____ 1Q0
Do
pref...........................100
Central Leather___________ 100
Do
pref..................... 100
Cerro de Pasco Cop___
Chandler Motor C a r .____ 100
Chile C opper....................... 25
Chino Copper __________
Colorado Fuel A Iron____ 100
Columbia Qas AElec____ 100
Consolidated Gas ( N Y ) . .100
Continental Can, Inc_____ 100
Corn Products Refining.. 100
Do
prof........................... 100
Crucible Steel of Amerlca.100
Do
pref........................... 100
Cuba Cane Sugar____
Do
p r e f ........................100
Distillers’ Securities Corp.100
Dome Mines, L t d ................ 10
Gaston W * W Ino.-N o
General Electric...................100
General Motors Corp_____ 100
Do
pref......................... 100
Goodrich Co (B F )........... 100
Do
p r e f ............ ........... 100
Granby Cons M & P____100
Greene Cananea Copper.. 100
Gulf States Steel tr ctfs.-lOO
Haskell * Barker Car
Inspiration Cons Copper..20
Internet Agrlcul Corp------ 100
Do
pref........................... 100
Intern Harvester (new) — 100
Int Mercantile Marine..100
Do p re f-.......................1 0 0
International Nlokel (The)25
International Paper----------100
Do stamped pref_____ 100
Kelly-Sprlngfleld Tire____25
Kennecott Copper____
Lackawanna Steol------------ 100
Lee Rubber A T ir e ...N o
Loose-Wiles Biscuit tr ctfs.100
Do 2d pref...................... 100
Mackay Companies_____ 100
Do pref..................
100
Maxwell Motor, Ino........... 100
Do 1st pref...................... 100
Do 2d pref......................100
Mexican petroleum______ 100
Do
prof__________
100
Miami Coppor........................ 5
Midvale Steel A Ordnance.60
Montana Powor__________100
Do
pref_______________100
Nat Conduit A Cable
Nat Enam’g A Stamp’g___100
Do pref________________100
1.300 National Lead....................100
200
Do
pref........................... 100
1,620 Nevada Consol Copper------ 5
200 New York Air Brako------ 60
North American Co______ 100
8,320 Ohio Cities Gas (The)_____ 25
3.100 Ontario Stiver Mining____ 100
1.600 Pacific Mall S 3 ............. ........ 5
59.500 Pan-Am Pet A Trans........... 60
2.000
Do
pref..................
100
1.900 People’s G L A C (Ohio).. 100
900 Philadelphia Co (Plttsb)..50
7.200 Pierce-Arrow M Car
600
Do pref............................ 100
81.300 Pierce Oil Corporation_____ 25
12,200 Pittsburgh Coal of Pa____ 100
300
Do prof_______________ 100
900 Pressed Steel Car_________ 100
Do prof_______________ 100
300 Publlo Serv Corp of N J ..1 00
600 Pullman Company________100
4,300 Railway teel Spring.T. . . 100
Do pref_______________ 100
" 2*888 Ray Consolidated Copper. 10
4.200 Republic Iron A Steel____100
800
Do p r e f_______________100
23.000 Royal Dutch Co otfs dep-----1.200 axon Motor Car C o r p ... 100
1,700 Sears, Roebuok A Co------ 100
1,000 Shattuck Aria Copper.......... 10
18.000 Sinclair Oil A Ref’g .-.N o
200 Sloss-Shef field Steel A Iron 100
36,900 Studebaker Corp (T h e).. 100
Do
pref...........................100
500 Superior Steel Corp’ n ____100
Do
1st pref....................100
700 Tenn Copp A O tr otfa.<Vo
21,900 Texas Company (The)___ 100
36.600 Tobacco Produota C orp.. 100
4,400
Do
pref______________ 100
Union Bag A Paper Corp. 100
* *1,200 United Alloy Steel____
23.600 United Cigar Stores------ 100
Do
pref______________ 100
800 United Fruit..................... ..100
200 U Cast I Pipe A Fdy____100
Do
pref______________ 100
8,940 U S Industrial Alcohol..100
Do
p re f... __________ 100
29,300 United States Rubber____100
Do
1st preferred_____U)0
1,120
700 U S Smelting Ref A M . . . . .50
Do
pref_______________ 50
tates SteelCorp. 100
372,000 United
2,100
Do
pref______________ 100
17,800 Utah Copper_______________ 10
100 Utah Securities v t ______ 100
11,000 Vlrglnla-Carollna Chem .lOO
300
Do
pref______________100
Virginia Iron C A C ............ 100
300 Western Union Telegraph. 100
4,250 Westlnghouse Elec A M fg.50
Do
1st preferred---------50
..... , White
Motor........................50
13.800 Wlllys-Overland (T h e ).. 25
1,200
Do pref (new)________ 100
3,410 Wilson A Co, Ino, v t
5,200 Wool worth (F W ) .................100
Do
pref______________ 100
2,500 Worthington P A M v t e.100
400
Do pref A _____________.100
700
Do pref B ...................... .100
No par
6
No Par
par
8
..No par
No par
par
No par
...No par
8
8
* Ex-rlghts.
par
par
No par
8
8
0
0...100
89
24% Nov 9
12 Jan 7
70% D ecll
36 Jan 5
73% Fob 27
54% Dec26
101% Dec26 108 Novl2
39 Novl2
29% Mar
% Jan 2 109% D ecll
24 Oct 18
14% Apr 4
47% MaylO
31% Dec28
54% May24
34% Jan 29
44% Doc 30
28% M ar25
82% July 15 105% N ovi 2
95 Fob 19
65% Oct 7
50% Nov 16
29% Jan 15
*90% Jan 7 104 Deo31
74% MaylO
52 Jan 12
91% June 4
Jan 31
34 Nov 12
27% Apr 10
83 Feb 18
77% Doc30
64% May24
t33 Jan 2
15 Nov 1
Junol9
39 Fob 13
25% Oot 11
127% Jan 7 158% Oot 18
106% Jan 15 164 Aug‘2 1
Feb 1
75% Oct 10
69% Oot 18
38 Jan 2
Deo 9
95% Deo23 104
Oot 23
74 Jan 25
58% Nov
38% Jan 17
58% Decl9 111% Apr 26
49% July30
34 Jan _
58% Oot 18
41% Dec26
19 June20
10 Jan
65 JunelS
38 Jail 5
104 Oot 14 121 N ovl2
33 Oot 16
21 Jan 15
83% Jan 2 1251* Nov
35 Nov 7
27 Jan 15
45% MaylS
24% Jan 15
65% Jan 3
58 Jan 22
72
Dool9
41 Apr 2
41% Novl2
29 Mar25
91% MaylO
63% Dec30
24
Deoil
12 Apr 2
45% Dec31
17% Jan
96
Dec23
53 Feb 15
78% Feb 28
70
Deol4
65 May28
57 Jan 4
42% Novt2
23% Jan 15
69% Nov
50
Doc27
32% Nov 9
19 May 2 7
79 Jan 5 194 Oot 19
D ecll
87 Jan 15 107
33% Jan 31
22% Deo31
61 MaylO
41
Dec30
81% Novl3
64 June25
95 M arl9 106% Deo 5
21% July 5
13 Nnv25
64t* May20
37% Jan 7
99% Feb 20
Nov21
69% Deoil
43% Jan 7
99% M ar 2 105% MaylS
21% MaylO
16% Dec30
98% Dec‘27 139 May22
571* Nov’22
Augl
48 Oct 18
35% Mar25
13 Junel7
4% Jan 22
40
Decl7
23% Jan 21
72% Oot 28
63% Oct 30
124% Oct 28
Jan
61 Nov
39% Jan 2
35% Oct 29
21 Apr 12
51% Novl2
34 Jan 16
D ecll
89% Jan 26 101
19% Oot 16
15 Septl3
58% Feb 28
42 Jan 15
85% Deol
79% Jan 2
73 Augl3
55% Nov20
93 Apr 27 100 Aug
85 Oot 2 109% Mar _
100% Jan 7 132% Novl2
78% D ecll
45% Jan 7
95 Jan 2 105% Dec31
26% MaylO
19% Dec26
*72% Jan 15 96 MaylO
92% Jan 2 102% Sept 17
*70
Deo31 145 Oot 18
18 Novl3
4% Aug22
176% Deo3l
133% June
18% Feb 19
*13
Dec3l
39 Fob 5
25% Apr 11
71% May24
39 Jan 24
72% Nov
33% Apr 24
80% July 3 100 Nov 9
45% May 3
34% Mar25
95 Fob 16 100 8opt27
12% Doc2S
21 July
136% Jan 7 203 Oot 18
82% Deoil
48% Mar25
*87% M arl9 104% Deo30
80 M ayl3
65 Jan 24
44% MaylO
36% Oot 30
83% Mar28 108% Doc28
101% Jan 5 110 Julyl
118% Jan 18 16C% Dec3l
19 May 7
11% Apr
47% Feb 1
41 Mar26
Deo 2 137 May 21
96
99 Mar21
94 Oot 11
80% Dco31
51 Jan 15
*95 Jau 15 110 Doo30
32% Apr 12
60% Oot 19
42% Apr 12
47% Decl2
% Mar25 116% Aug 28
108 Mar25 113% DCC31
93 Oot 19
71% DOC26
16% Novl2
11 SeptlO
60% Nov
33% Jan 2
98 Jan 18 113% D I
73% July27
50 Jan 5
77% Aug 2 95% Apr 15
47% M aylf
38% Jan 17
64% Fob 20
59 Jan 11
49 Nov 9
38% Jan 2
30 Novl2
15% Jan 15
89% Nov 19
75 Jan 3
77% Dool7
45% Jan 2
110 Mar25 128% Oot 21
111 Oot 2 115 Sept 9
69 Aug 28
34 Jan 4
91% Apr
85% Feb 5
70% Julv26
59 Jan 18
68
6
86
6
88
88
6
8
6
8
8
88
37-2
8
86
8
6
6
8
8
6
8
6
x
86
8
00 6
aEx-dlv. and rights, bPar $10 per share, nPar $100
Jan
125% Apr
12% Dec
33% Nov
10% Dec
29% Nov
55
Dec
97
Dec
25
Deo
58 Nov
11% Nov
35% Nov
29% Nov
25% Nov
76% Dec
76 Nov
18
Fob
881* Nov
45% Doc
83
Deo
24% Nov
74% Doc
11% May
% Nov
28
Fob
118
Dec
74% Nov
72% Deo
32% Deo
*91% Deo
85 Nov
34 Nov
77 Nov
27% Nov
38 Nov
7% Nov
26% Nov
62% Jan
42% Ailg
30% Jan
62% Jan
% June
115% Jan
41
Feb
104% Mar
27% Mar
63% Mar
June
47% Apr
134% Jan
103% June
37% July
112% Jan
91% July
117% Jan
55% Jan
94% Jan
44% Oot
24% Jan
41% Aug
171% Jan
146% Jan
93
Jan
61% Jan
112
Jan
92% Jan
47
Jan
137
Jan
40 June
% June
21% May
60% July
6
101
68
66
36% Mar
Deo
Feb 1061* Oot
47% Mar
Deo
49% Jan
Nov
% June
Nov
64% Jan
Deo
60% May
Nov
Nov 103% June
30
J»n
10% Nov
27% Jan
12% Nov
64
Jan
55
Jan
8934 Feb
70 Nov
671* J»n
67% Doc
61*4 Jan
19% Nov
74% Jan
49
Deo
40
Jan
13 Nov
67
Deo 106% Jan
97% June
84% Nov
43% Apr
25 Nov
% June
39% Deo
*58*4 Deo 109% Jan
95% Deo 117% Mar
39 June
13% Deo
46*4 Oct
24
Feb
July
90% May
63% Mar
37% Deo
Jan
99
Deo 114
26% June
10 Nov
98 Nov 156 Mar
72% Mar
39
Deo
31% Oot 143% Apr
7% Sept
3% Nov
30% June
18
Feb
17%
62%
24%
18%
50%
36%
26
77
68
67
9934
87
35
24t*
25
88
Nov
Deo
Deo
Deo
Nov
98
Jan
106% Jan
42
Jau
41% June
98% Aug
64% Sept
37% Deo
90
Aug
74
Deo
83% Jan
49
Deo
Jan
*90 Nov *107
Jan
99
Deo 131
106% Deo 167% Jan
58 June
38% Nov
Jan
% Deo 101
32% Apr
19% Nov
% June
60
Feb
89 Deo 105% May
73% Nov
69 May
Jan
4% Nov
123% Deo 238% Jan
29»4 Mar
15 Deo
69% Mar
25% Deo
74% Mar
33i* Nov
33% Nov 110% Jan
85 Nov 108% Jan
% June
30% Nov
96
Deo 102% July
% June
11 Nov
Jan
114*4 Deo 243
80% Aug
42% Deo
Deo 105 Mar
Jan
59% Deo 112
% June
34% Deo
81% Nov 127% Aug
98% Deo 120% Mar
*105 Dec 154% Jan
24% June
10 Nov
63
Jan
42
Deo
98% Nov 171%June
Nov 106 Juuo
67
Aug
43
Deo
91
Doo 114% Jan
67% Jan
40
Deo
62% Jan
43% Nov
79% Doo 138% May
102% Doo 121% Jan
70% Deo 118% May
24% Jan
9% Deo
28 Nov
46 May
97
Dec 112% Jan
77 Mar
46
Fab
*78
Deo
Jan
33% Doc
May
62% Dec
70% Jan
52% Jan
33% Nov
38% Jan
15 Nov
69 Nov 100 Mar
42 Nov
84% Mar
Jan
99% Deo 161
113
Deo 128% Jan
23% Feb
37% June
Nov
97% June
50 May
63 June
88
94
88
51
19
*86
49
88
99*4
66
6 88
per share. * Ex-dlvldend
New
Y ork S to c k E x c h a n g e — B o n d R e c o r d , F r id a y , W e e k ly a n d Y ea rly
Exchange
15 5
of tuotina bonds was cbanged and vices are nowl"and interl’- JL* for Lrest\an* defaced Inde.
Price
Week's
Range
BONDS
Price
Week's
Friday
1 R
ange
ange or
Year
N . Y . STOCK EXCH ANG E
Friday
ange or
1 Year
Jan 10. R
Last Sale
1918
Week Ending Jan. 10.
Jan. 10. R
Last Sale
1918
Lout High No Lou> High Chesapeake A Ohio (Con)—
Bid
AskLow
ft N
o Low Bigs
General gold 4 Ms_______ 1992
80
Sale 80
3
K 1 72
86
99.50 Sale 99.50 99.70
97.20 102.50
Registered_____ _______ 1992
86%
8
7 -----20
-year
convertible
4
M
s..1930
80%
Sale
80%
A
1
2" 05% 85%
92.92 Sale 92.30 93.06 359 92.20 98.50
30-year conv secured 5 s .. 1946
1
j
:
Jan . 1909 fft*
Bonds
Sola
If
BONDS
If. Y . STOCK EXCHANGE
Weok Ending Jan. 10.
U. S Government.
0 S 3Ms Liberty Loan. .1932-47
0 8 4s converted from 1st Lib
erty Loan_____________ 1932-47 J D
0 8 4s 2d Liberty Loan.. 1927-42 M N
0 S 4 M s converted from 1st
Liberty Loan__________ 1932-47
0S 4J 4B converted from 2d
Liberty Loan__________ 1927-42 M N
0 S 4Ma 3d Liberty Loan.. 1928 M S
U 8 4Jia 4th Liberty Loan. 1938 A O
0 8 2s
consol registered_dl930 Q J
O 8 2s
consol coupon_<fl930 Q J
0 8 4s
registered..... ....1925 Q F
0 8 4s
coupon.........
1925 Q F
0 8 Pan Canal 10-30-yr 2 s.*1936 Q F
0 8 Pan Canal 10-30-yr 2s reg '38 Q N
0 8 Panama Canal 3s g____1961 Q M
Registered_______________ 1961 Q M
0 8 Philippine Island 4a.l914-34 Q F
87% Sale 87%
O
s 17C 76
90%
Big Sandy 1st 4s......... ...1 9 4 4
76% . . . . 75
D
8 ------ 75
75
Coal River Ry 1st gu 4 s .. 1945
74 . .
D
6 -----Craig Valley 1st g 5s......... 1940
J
6 ____
Potts
Creek
Br
1st
4s____1946
84%
Jan
-----J
95.22 8ale 95.00
95.32 6636 93.10 98.14
R A A Dlv 1st con g 4s___1989
76 . . .
76% Nov 8 ------ 76
J
76%
96.22 Sale 98.00
90.30 9977 94 0) 99.10
2d consol gold 4s______ 1989
68% 75
71 Oct
____
J
95.64 Sale 95.43
95.72 13750 94.00 98.10
Greenbrier
Ry
1st
gu
g
4a.
1910
7
3
%
____
M N
____
98
9834 Aug T8
97
99
Warm Springs V 1st g . . 1911 IW S ------- 92%
98 . . .
98 Dec T8
97% 98%
Ohio A Alton RR ref g 3 s ...1 9 4 9
2 50
52
Sale
____ 106
55%
105 Dec ’ IS
105 107
1st Hen 3 M b_____ 1950
39% 40
15 35% 47%
____ 106 M 100% N ov’ 15
105 107
Chicago
Burlington
A
Quincy—
98
98 Junc'18
98
98
Denver
Dlv
4s___________
99
100
____ 97% 99%
98
99 July’ 18
97% 99
Illinois Dlv 3 M b______ I _11949
75% 77%
----88
85% Oot T8
71% 79%
85
85%
Illinois Dlv 4s____________ 1949
85% 861 85%
8
3 80
88
89 ' Sopt’ 18
88%
85
89
Iowa
Dlv
sinking
fund'
s1
99%
.
.
.
98% Oct
—
____
98
99%
100 Feb '15
Sinking fund 4s______
98% 99%
____ 97
99%
Joint
bonds.
Great
North.
Foreign Government.
92% 94
Nebraska Extension 4s___
93%
IW N
99% Sale 99%
Amor Foreign Seour 6s_____ 1919 F A
99% 473 94% 100
89% 95%
88% ____ 91 1
Registered____________
IW N
97% Sale 97%
91
91
Anglo-Fronch 5-yr 5s Exter loan. A O
97% 2243 88% 97%
General 4s______________
82% 83
81%
M S
63 78
S
90% 94
89 Dec 'IS
Argentine Internal Es of 1909____
89
78
89%
Cblo A E 111 ref A Imp 4s g lll9 5 5 J J
25
28
29% ]
N 100% Sale 100%
Bordeaux (City of) 3-yr 6 s .. 1919
101%
30%
25
84 102
U
Mtg
A
Tr
Co
ctfs
of
dep
22
23
29
1
Chinese (Hukuang Ry) 5a of 1911 J d :
Sale 70
71
30
22
63% 72
st consol gold s________
100 I
A O 100% . . .
92
Cuba— External debt 6s of 1904. IW S
94
90 Dec 'IS
98 101
90% 100
General consol 1st 5s_____
78
82
72
M N
89% 92% 93% Oot T8
Exter dt 5s of 1914 aor A . .1949 F A
72
72
90% 94%
7
5
%
____
U
Mtg
Tr
Co
ctfs
of
dep.
75%
1 70
82
83
82%
External loan 4 M s.......... 1949 F A
82%
75%
80
84
Guar Tr Co ctfs of dep_____
75
90
75
98
Dominion of Canada g 5s__ 1921 A O
98% 97%
29 93% 99
98
75
75
56 ____ 97% 1
Purch money 1st coal 5 s .. 1912 F
97% Sale 97%
Do
do
..192 6 A O
28 90% 97%
98
Chic A Ind C Ry 1st 5s___1936 J
32 1
O
97% Sale 97%
Do
do
..1931
98%
61 88% 99
61% Sale 01%
Chicago Groat West 1st 4s__1959 M
29 54
-% Sale 104
French Repub 5 Ms secured loan
104% 2381 94 105%
69
Cblo
Ind
A
Loulsv—
Ref
s.
1947
103
101
I
J
A 1 80% 93
Japanese Govt— £ loan 4M s. 1925
80%
4 80% 92%
87
98 101
Refunding gold 5s_______ 1947 J
82
100% A_
.
J t 86% 88% 86
Second scries 4 M s_.......... 1925
86%
5 83% 92%
Refunding 4s Series C ___
*65 —
84% Apr '17
J
..
85
Do do "German stamp” .
Sale 85
S3 77
85%
90
iDd A Loulsv 1st gu 4 s . . . 1956 J
70 Nov’ 16
Sterling loan 4s___________1931
j :—
75
1 73% 76
75
Chic Ind A Sou 50-yr 4s____1956 J
78% . . . . 96% Jan '17
N 100% Hale 100%
Lyons (City of) 3-yr 6s......... 1919
101% 219 84 102%
Chic L A East lst4M s____1969 J
97% Deo '16
N| 100% Sale 100%
Marseilles (City of) 3-yr 6b. . 1919
101% 165 84 103
Chicago Milwaukee A St Paul—
Mexico— Exter loan £ 5s of 1899
J
66
09% 06%
1 40
60%
64
76% 77
Gen’l gold 4s Series A ____«1989 J
75%
76
5 70% 82%
D
47
Gold debt 4s of 1004.......... 1954
55
53 Nov'18
40
53
Registered____________ «1989 Q
92% Feb '16
Paris (City of) 6-year 6s____1921
O
98% Sale 98%
991,
81%
%
83^3
Permanent
4s____________
Sale 83%
84
J
15 76% 881*
Tokyo City 5s loan of 1912...
S
82% Sale 81
82%
82%
12
%
Gen A ref Ser A 4MB.._Ia2014 A
Sale 73%
74%
0 K o f G t Urlt A Irela n d —
64*4 81
81
Gen ref conv Ser B 5s
u2014 F
81% 80%
81%
63
N 100
3-yoar 6M % notoe.............. 1919
Sale 100
100% 838 95% 100
94
66
Cen’l gold 3M i Ser B ____ <1989 J
69
66 Nov’ 18
N
98% Sale 98%
5 year 6M % notes.............. 1921
98% 384 91% 98%
60
66
84
General 4Ms Series C ____ el989 J
Sale 84
84
II 77% 89%
A 100% 8ale 100
Convertible 5M % notes. .1919
101% 1297 97% 105
73%
25-year
debenture
4s..........
1934
Sale
73%
73%
J
A 100% Sale 100%
20-year gold bond 5M3 -.1937
101% 382 100% 1013
66% 81
81
Convertible 4 Ms.................
Sale 80%
82
30 71% 89
97% 98%
Chic A L Sup Dlv g 5s___ 1921 J
—
97%
97
95% 100
Chic A Mo Rlv Dlv 5 s ...192 8 J
92 Oct '18 - — | 92
State and City Securltlri.
94
98
Cblc A P W st g s........... 1921 J
Sale 98
98%
26 95% 100%
95% 97
W Y City— 4 Mb Corp stock 1960
97M Jan '19
87% 98%
____ 78% 79% Dec' 18
C
M
A
Puget
Sd
st
gu
4s.
1949
J
97%
Sale
96>2
97i2
4M t Corporate stock___1964
---- -1 74% 80
87% 9934
100 —
Dubuque Dlv 1st f 6 s ...192 0 J
97% Aug '18 —
94M 90l2
4M« Corporate stock___1966
Jan ’ 19
97% 99%
87% 99%
Fargo A Sou assum g s. 1924 J
------- 104
1013.4
------ 102% 10134
104% 8ept’ 17
4M s Corporatestock Julyl967
102 103%
La
Crosse
A
D
1st
5s..........
1919
-------103%
J
98
Jan
'18
t
101
Sale
4Ma Corporate stock___1965
98
98
93%
103%
Wls A Minn Dlv g 5s_____ 1921 J
9818 Sale 98%
------ 102l2 102 Jan '19
98%
4 Ms Corporate stock__ 1963 M
95 100
93 103%
WIs Valloy Dlv 1st s___ 1920 J
99 100
99
9134 92% 92M
4% Corporate Btock____1959 IV» N
9212
97% 97%
94
Mllw
A
Nor
1st
ext
4MS..1934
88%
92
90% Dec T8
4% Corporate stock____1958 M N *9134 92
92%
.
92l4
S5
90%
94
Cons extended 4 Ms___ 1934
87% 90
90% Dec '18
4% Corporate stock.......1957 IW N
93 Deo
81% 91%
93%
9 1 % ____ 92% Dec '18
Cblc A Nor West Ex 4s 1SS6-1926 F
92l2 ____ 89% Oct
4% Corporatestock reg. .1956 M N
89
903.,
92%
Registered_______
1886-1926
------94
F
New 4M s________________195' \1 N ------ 102
95 Deo '18
100t2 1003.1
85% 95
03% 103
General gold 3 Ms_____
1087 M
70
80
4M % Corporate stock___ 1957 IW N ------- 10234 10()34
72 Dec '18
io u 2
07% 75
93% 103%
Registered____________pl987 Q
75 ____ 8418 Dec'
3M % Corporate sto ck ... 1954 IW N
71 O ct '18|____
71
71
76
85
General
4
s
.
.
.
__________..198
7
82% 84
M
If Y State— Is......................... 1961
------- 98
99 July
81% Deo '18
79% 88
99
99
Stamped 4s_____ IH IIIl9 8 7 M
------- 82% 81% Oct T8
Canal Improvement 4s___ 1961
------ 101
98*2 July
79% 82%
94% 98%
General
s
stamped______
1987
100%
Sale
M
Canal Improvement 4s___ 1962
100%
100% 33 99% 103
Dec
97% 98%
Sinking fund s_____ 1879-1929 A
102%____ 104 M ay'i8
Canal Improvement 4s___ 1960
------- 98 M 97 ig Oct
104 104
94% 97%
Registered...............1879-1929 A
10634 ____ 1003
Canal Improvement 4 Ms. 1964
109% Apr '16
1003.1
105
108%
97%
.
.
.
Sinking
fund
5s_____
1879-1929
A
Canal Improvement 4M s. 1965
94% July’ 18
102t Dec
94% 94%
102%
104%
94% . . .
Registered...............1879-1929 A
1003,1 ____ 100% Oct
Highway Improv’t 4M 8..1963
98 Nov'18
96
90
104% 107%
Debenture 5e._...................
98
99% 98 Dec '18
A
Highway Improv’t 4 M s .. 1965
100's June
95
98
100%
101%
94%
.
.
.
II
I1
Registered________
A
Virginia funded debt 2-3s__ .1991
100 Jan '18
787g Dec
100
100
78%
78%
Sinking fund deb 5s______ 1933 IW N
96% ICO
6s deferred Brown Bros ctfs
98 Dec '18
70
Sale 09
70i2
92% 98
44
71
Registered_____________
IW N
97 Nov’ 18
94% 97
80 ____ 101% Oct '16
Des Plaines Vul 1st gu 4Ms '47 M
Railroad
109 ____ 110 Dec T8
Frem Elk A Mo V 1st 6 s . . 1933 A
Ann Arbor 1st g 4s_________51995 Q J
507g 57 Deo
101 “ iiio"
51
0434
60 ____ 88 Jan T7
Man G B A N W 1st 3MS.1941 J
Atchison Topeka A Santa Fe—
Mllw A S L lstgu 3M S...1941 .J „
Gen g 4g________
1995 A
85
Sale 85
85%
79
CO
M ill, A West 1st g 6 s ...1921 IW
80
Registered_____________ 1995 A
84
85% Nov'
V
Aug 'iS
%
79% 85%
Ext A Imp s f gold s . . .
F A
99
Sale 99
Adjustment gold 4a_____ 51995 Nov
79% 80% 79%
80
98
713
4
82
Ashland Dlv 1st g 6 s ...192 5 IW
Registered____________ 51995 Nov
-------jH l% Dec '15
73% June’
73% 73%
Mich
Dlv
1st
gold
s.
..192
4
J
J
Stamped_____________ 61995 M N
195
------102%
May'18
79
79 Jan 1
102% 102%
70
82%
M IIS p arA N W lstgu 4s. 1947 IW
D
CJonv gold 4s_____________ 1955
80% 84%i 76 Oct T
79
77 Jan 1
73
76%
71% 87
St L Pco A N W 1st gu s . 1948 J
94 102
Conv 4h Issue of 1910_____ 1960 J D
95
98% Nov’ 18
95
92
98%
82
90%
Chicago
Rock
Isl
A
Pac—
I
92 tg 93
East Okla DIv lBt g 4s___ 1928. M 8
92t8 Jan
91%
91%
general gold 4 s . . . 1988
78% Sale' 78
Rocky Mtn Dlv 1st 4s___1965 J J
82*4 79 June’18
79
84%
72
79
79
Registered....... .............1 9 8 8 J
Trans Con Bhort L 1st 4s. 1958 J
79
84% 81 Jan T
71% May’ 18
71% 81%
74% 86
Refunding gold 4s_______ 1934 A
75% Sale 75%
Cal-Aria 1st A ref 4M s‘ A"1962 .VI 8
85
87
76%
85% Dec T8
62%
80%
79
85%
20-year debenture 5s .
1932 J
8 Fe Prea A Ph 1st g . . . 1942 M S
93
80'* Aug '18
99% July’ 17
66
80%
R I Ark A Louis 1st 4M 8..1934 IW
70 * '701J 70%
»tl Coast L 1st gold 4s____61952 M 8
70%
8418 Sale 84'g
85%
62
73
77
89%
Burl
C
R
A
N
1st
g
s____1934
94%
98
A
Gen unified 4 Mb________ 1964 J D
96 Jan T9
87
Sale 87
88
95% 96
74
89%
97% 98% 97% JituoT7
C R I F A N W lstgu 5S..1921 A
Ala Mid lat gu gold 5 s . .. 1928 M N 90tg____ 08% Nov’ 18
95% 93%
Choc Okla A G gen g 5s. _pl919 J
9 5 % ____ 97 May'18
J 80% 89
Brunt A W lat gu gold 4s. 1938
78 Oot '18
100
95
78
78
Consol
gold
5s...............
IW N ------ 92
Charles A Sav 1st gold 7s. 1936 J J 111%____ 129% Aug T6
May'18
93
93
Kook A Des Moines 1st 5s 1923 A O
65
71
L A N coll gold 4s______ ol952 M N
78>g Sale 78%
Jan T9
78%
70
57
69%
*81%
St
Paul
A
K
C
Sh
L
1st
4Ms
'41
70%
73
Sav F A W 1st gold 5s____1934 A O 108
71
108 Dec ’ is
59
72
108 108
Chic St P M A O cons s____1930
107% 112
94 Ig____ 105 July’ l
1st gold 6s............................ 1934
Nov'18 ------1102 112
Cons
s
reduced
to
3
M
s
..
1930
8
3
%
____
Halt A Ohio prior 3 Ms_____ 1925
C
O
i Sale 88%
8ept’ 18
89
81%
85%
’
oi%
Debenture Ss....................1 9 3 0
88% 96
Registered____ _______ 61926
Jan T9
90% 8opt’ 17
85% 97
North Wisconsin 1st « s llll9 3 0
104 ____
O
1st 50-year gold 4s_______61948
80% 81
Nov'16
80
81%
7.3% 87
St P A S City 1st g s____1919
J
99% 100% 99%
Registered____________ 61948
99%
92*4 Mar’ 17
99% 100%
Superior Short L 1st 5s g.el930
9 0 % ____ 95 May’ l
77% Sale 773.1
10-yr conv 4M *.................. 1933
80
95
95
75%
88
D
- . 68
.
.
.
....
.
..
Ch|c
T
H
A
So
East
1st
s
.
.
1960
Refund A gen 5s Series A . 1995
81% 82
58 July’ 18
81%
82%
58
58
75%
02%
I
Chic
A
West
Ind
gen
g
6s..«1932
102%
104%
J
PlttM June 1st gold 6s____ 1922
102% Dec T8
112 Jan
102%
105
Consol 50-year 4s........... 1.1952
63
65
873g____ 87% Dec T8
P Juno A M Dlv 1st g 3Ms 1926 M N
62
65
62
70
80% 87%
Oln H A D 24 gold 4 Ms____1937
75 . . .
P I. E A W Va Sys ref 4s. .1941 M N
75
77% 78 Jan TO
90 May'17
83
72
O Find A Ft W 1st gu 4s g 1923
Southw Dlv 1st gold 3 Ms. 1926
82
87
88 M ar'll
86% Dec T8
80
88%
Day A Mich 1st eons 4 Ms 1931
81
Cent Ohio R 1st g 4 Mb. -1930
89% ____ 100 Apr T7
79 Nov’ 18
79
79
Clev Cln Ch A t L gen 4s 1993
72 % Sale 72%
O 95% ____ 93% Aug T8
Cl Lor A W con 1st g 5 a ..1933
72%
59
74%
93% 90%
-year deb 4M s................
79%
Monou River 1st gu g 5s 1919
A
9%! 79%
80
101% Nov TO
65% 83%
General 5s Series B ...........
Ohio River RR 1st g 6s. ..193 6
D "o o " I I I I 99% Qot T7
78
86
80% Aug '18
80
89%
Cairo Dlv st gold 4s. . . I l
71 ____ 83% Mar'17
General gold 5 s . . . ........ 1937
O
89M____ 88 May'18
88
Cln W A M Dlv 1st 4s. _ 1991
Pitta Clev A Tol 1st g 6S..1922
71
79% 63 Oct T8
O
99 . . .
99% Mar'I
- 62
99%
t
L
Dlv
1st
coll
tr
g
s
.
.
.
1990
Buffalo R A P gen g 6s_____1937 M S
76
80%
99i2 107
76
Nov'18
09% June 18
jlj 63
99%
Spr A Col Dlv 1st g 4s____1940
7 4 % ____ 74%
Consol 4 Ms............................1957 M N
» 0lg . . .
7418
99% Oot '17
W W Val Dlv 1st g 4s____1940
68% ____ 84 Nov'16
O
All A West lat g 4s gu____ 1998
7634 ____ 97 Nov'16
C I St L A C consol s____1920
Clear A Mah 1st gu g 5s. .1943
99% 100% 99 Sept’ 18
J
80U . . . 103% Fob '16
~99”
1st gold 4s....................* 1 9 3 6
82
90
A 101 ____ 101 Nov’ 18
Roch A Pitta 1st gold 6 s ..1921
87 Dec T7
101 103
Registered................*1936 ^
D 101
Consol 1st g 6h................. 1922
88% May'15
% Sept’ 18
99% 103%
Cln
S
A
Cl
cons
1st
g
5H._192.3j
J
~92%
'99'%
O 95
Canada 8ou cons gil
5 s .. . 1962
95% 95
102% Jan '17
95%
85 100
C C C A r gen cons g s . . 19341J
107 ____ 100 Nov’ 18
D ------ 8 tt2 82% N ov’ 18
Car Clinch A Ohio lm 30-yr 5s '38
82% 81
Ind U A W 1st pref 4s__ 1940 A
7 2 % ____ 94 July'08
A 100 102 100
Central of Ga 1st gold 5s._.p l945
100
96%
99%
O
Ind
A
W
1st
pref
5
b
dl938
Q
Consol gold 5s......................1945 M N 94% 96
94*4
04%
85
91%
Peoria A East 1st cons 4s .194 o! a _
50
Chatt Dlv pur money g 4s 1951
D
59 Dec '18
73M------ 7234 Nov’ 18
40
62
72% 72%
12
Income 4s........................ I990i Apr
Mac A Nor Dlv 1st g 5a .1916
J
87 ____ 90 M ay’ 18
17 Oct '18
12
17
90
00
90
Clevo Short L st gu 4 M s ... 1961 A O
Mid Oa A Atl Dlv 6a.......... 1947
J
8734____ 97% Juuo'17
90 Dec '18
83%
90
Colorado A Sou 1st g 4s____1929 F A
88% Sale 88%
Mobile Dlv 1st g 5h .......... 1946
J 9184____ 84% Aug 'IS
88%
82% 91
84% 81%
Refund
A
Ext
4
Ms______
1935
79
Sale
Cent RR A B of Ga coll g 5s. 1937 IVI N
78%
79%
80% ____ 88% Dec T8
82%
66
83
88%
Ft W A Den C 1st g sII T921
9 9 % ____ 99% Dec '18
Cent of N J gen gold 5»___ 1987
J 105
Sale 104%
105
99%
96
100 108%
Conn A Pas Rlvs 1st g 4s__
65 ____
Registered_____ _______ 61987 Q
------ 100%
Sept’ 18
__ 100 104
Cuba
RR
1st
50-year
5s
g
i
l
l
------- 95
Am Dock A Imp gu 5 s . . . 1921 J
91 Feb T6
99% ____ 100 Dec ’ 18|____ 97% 100
Del Lack A Western—
Loh A Hud Rlv gen gu 5s '20 J J
100 Apr T 8 :._
Morris A Ess 1st gu 3 M s.2000
74% 77
N Y A Long Br gen g 4 s .. 1941 M S '85% I I I I 100% Jan ’ 13|____ 100 100
71 Oct T8
-||
71 75%
N
Y
Lack
A
W
1st
s_____
1921
_
101%____ 102 Dec T8 ------i 100 102%
Cent Vermont 1st gu g 4s ..*1920 q f ------ 65
66 Sept’18 . . .
'65*" "07%
Construction 5a......... ..192 3 F
Oliesa A O fund A lrapt 5s
1929 J J
s'95% Sale 95%
95%
9 1% ____ 92
92
6 80
2j
95 98
94
Term
A
lraprovt
4s____1923
IW
N
1st consol gold 6s............ ” l939 IW N
91% 96
92 Dec 'IS ------ j
98% 99
92 93%
98'.i
99%!
59 94% 101%
Warron 1st ref gu g 3M S..2000 F A
Registered______
_ " 1 1939 IVI N ------ 100
102% Feb '08
104% Jan T7 . . . .
92.78 Sale 92.70
93.08 1227 92.60 100.00
96.46 Sab 98.31
96.50
214 93.80 99.00
l
53
.
Railway
1922
5 1919
1919
1927
1927
1958
See
71
1
8
6
8
1934
1937
&
101
A
1
6
1947
8
t
68
99
1925
4
.Thesearepricesonthebasisof
5
1
9
9914
10114 101 2
>2
6
6
9734
4
2
6
1921
1021
1933
8
14
08
5
6
19291
6
9
99
J
J
1
95
74
6
>4
J
73
1932 J
1
J
5
Railway
8
8
8
*0
102
99
1
8
J
6
J
1952
6
6
882
6
5
12
0
8
20
1
1931
1993
939
st
4
8
6
100
A
6
1
6
100
1943
1952
6
* No price Friday; latest this week
a Due Jan.
d
Due April. « Due May. , Due June, ft Due July. * Due Aug.
0 Due Oct.
p
Due Nov. ? Due Dec.
s
Option sale.
[Vol. 108.
New York Bond Record—Continued— Page 2
156
BONDS
N . Y . STOCK EXCH ANG E
Woek ending Jan. 10.
■*3
3
5
amie
Week's ■g3 R
Price
Year
Rangeor a)1-3 1918
Friday
L
a
s
t
S
a
le
Jan. 10.
Bid AskLow Hloh\ Ho Low High
BONDS
N . Y . STOCK EXCH ANG E
Week ending Jan. 10.
Price
Friday
Jan. 10.
Range
Week's
Year
Range or
1918
Last Sale
ow High
Low High No. L96
103
102l2
981* Sale 98'*
Leh V Term Ry 1st gu g 5a— 1941
113 Mar’ 17
Registered________________1941
Delaware A Hudson—
93U 9U 2
97-3.1 103U
9112 NoVIS
1023*
102'*
9512____
102
Sale
l it lien equip g 4 H s--------- }922
Leh Val UR I0yr coll 6s..n l9 28
79
885*
85'4
90>4 101
85
857* 851*
Dec ’ 18
99 101
J
l it A ref 4a---------------------- 1943
Leh Val Coal Co 1st gu g 5a. 1933
85H 98'*
9534
9534
105 Oct ’ 13
95
97
J
20-year conv 5a__________ 1935
Registered________________
1933
71
77>
76>2 Dec ’ 18
75^8
80
J
____
79
U
Alb A Susq conv 3H s------ 1946
1st lnt reduced to 4s--------1933
101'2 103-3*
70
70
I 0 3 is ------- 1033* Sept’ 18
79 ____ 70 July'IS
S
Renas A Saratoga 1st 7a..1921
Leh A N Y lat guar g 4s------ 1945
s
Denvor A Rio Grande—
Registered________________1945
60'2 77
7212
72>2
9
l
3
4
96
96
Nov’
18
72l»
72
98
100'*
J
1st cons 4a_____________ 1936
Long Isld 1st cons gold 5s..7il931
80
68
Jan -19
751t 793*
86-3.1____ 99 Juno’ 16
J
Consol gold 4H *_________ 4936
1st consol gold 4s____— A1931
90
70
90 N ov'18
715*
80
81 ____ 81 Dec ’ 18
D
Improvement gold 5a------ 1928
Oenoral gold 4s__________ 1938
63
48U
52
52
85
85 Sopt’ 18
59l
5712
88U 98
S
1st A refunding 53------------ 1955
Ferry
gold
4
H
a
..----------1922
873*
Nov-16
92
Oct '00
82
D
Rio Or Juno 1st gu g a . . . 1939
Gold
4s__________________1932
78
II Apr ’ l l
40
71
78
Nov’
18
73
89
S
Rio Or Sou 1st gold 4a------ 1940
Unified gold 4 s .---------------1949
39 July’ 17
97
97
801* 81 Jan ’ 19
77
D
Guaranteed-------------------1940
Debenture gold 5s----------- 1934
75
723
781*
70
77'2
77i2
7112 7234 723
7712
78
N
Rio Or West 1st gold 4 s ..1939
20-year p m deb 5s----------1937
61>2
57
72'* 84
70
70
59k 57
57
76'* 80
8
Mtge A coll trust 4a A . .1949
Guar refunding gold 4s— 1949
82 Dec ’ 16
95 Jan ’ ll
671* 78
S
Dot A Mack— lat lien g 48.-1995
Registered_____________
1949
75>2 July’ 16
94
89
94 Dec’ 18
94 . . .
o
N Y B A M B 1st con g 6S.1935
Gold 4a................................. 1995
73
837*
84t4
921*
94 Deo *18
82
841* 837*
90
98
s
N Y A R B lat gold 5s------ 1927
Det Rlv Tun Ter Tim 4 HS— 1961
963* 97 >2
June’ 18
100 Aug' 16
____
--
90
J
Dul Mlssabo A Nor gen 58.-1941
Nor
3h
B
1st
con
g
gu
5s.ol932
90 10034
Dec ’ 18
87U 91
Dec
’
18
94
100
91
873*
93'2
s
Dul A Iron Range lat 5a------ 1937
Louisiana A Ark 1st g 5s------ 1927
105i2 Mar’OS
108 111
D 108'* 112 108 Dec ’ 18
Registered------------------------1937
Louisville A Nashv gen 6s — 1930
82 " *87
100
87 Mar’ 18
Nov’ 18
100
80* - -
10012
105
IH
N
Dul Sou Shore A Atl g 5s— 1937
Gold 5s................................. 1937
90
99
90
99 Nov’ 18
925* 99
87l2 45
8678 Sale 807*
J
Elgin Joliet A Eaat lat g 5 a .. 1941 ,YI N
Unified gold 4s___________1940
100 1 0 tl2
100>2
100'2
8312 88U 905* Jan '17
J
J
Erie 1st consol gold 7a----------1920 M S
Registered_____________
1940
78
781*
78'*
Oct
’
18
93
99
98'2
Nov’
18
------8
1
'2
N
100
101'2
M
N
N Y A Erlo 1st ext g 4 a ...1947
Collateral trust gold 5s— 1931
96'* 96'*
1001* 100's
1001* Aug ’ 18
9 7 '2 ------- 96'8 June-18
2d ext gold 5a____________ 1919 M S
E II A Nash 1st g 6s......... 1919 J D
93'2 95
87
87
901*------- 931* Jan -18
92
95'2 87 Apr 18
S
M N
3d ext gold 4H s---- --------- 1923
L
Cln
A
Lex
gold
4H
s
—1931
99i July’ 17
100 1041*
o 96U -
10512 10712 1041* Dec ’ IS
4th ext gold 5a-----------------1920
N O A M 1st gold 8s......... 1930 J
100
8 2 1 *------ 94 >4 Nov’ 15
9 3 H ____ 100
D
6th ext gold 4a___________1923
2d gold 6s......................... 1930 J
1003*
100'*
1003*
July’
18
901* Apr -12
78's 89
N Y L E A VV lat g fd 79— 1920 M S 975* 101
Paducah A Mem Dlv 4 s .. 1916 P
65
79
701* Jan ’ 19
100 10 U*
6912 72
Erie lat cons g 4a prior— 1996
St Louis Dlv 1st gold 6 s .. 1921 iY! S lOOU____ 100 Oct '18
84 Deo '16
571* 58>4
57i* July l
65
57
8
Registered_____________ 1996
1980
2d
gold
3s........................
49'2
641*
74
83
5612
5434 5534 5512
83 Dec ’ 18
781.1 83
N
lat consol gen lien g 43.1996
Atl
Knox
A
Cln
Dlv
4
s
.
.
.1955
73 June- 16
95's
95
95
Nov’
18
95
U
____
J
D
Registered___________1996
Atl Knox A Nor 1st g 5s— I9t6
Deo '18
771* 85U
M S 10L>* H 3 1031* Sept’ 18 ____i 102 1031*
I’ enu coll truat gold 4 a..1951
Header
Bdge
1st
s
f
g
6
s
..
1931
42
481*
78
4912 47
73
78 N ov-18
48
801* 83
J
60-year conv 4a Ser A . .1953
Kentucky
Central
gold
4s.
1987
421*
96
48
90
48 ' 49
Nov118
95 101
do Series B ________ 1953
Lex A East 1st 50-yr 5s gu 1965 A O
481*
5H*
5U2
83'* 88
Nov’ 18
5134 53
88'2 96U
M
Gen conv 4a Series D ___1953
L
A
N
A
M
A
M
1st
g
4
H3
1945
82
Dec "13
67'4 Sopt’ 18
671.1 681*
68
76
Chlo A Erie lat gold 6a— -1982 !H N ♦95's 9512 95 * Jan
L A N-South M Joint s . . 1952 J
’ 17
95 Feb ’05
8514------Clev A Mahon Vail g 58..193S
Registered______________ 51952 Q
103
99 Dec ’ IS
95
9634
9 5 's ____ 95 Aug ’ 18
F
Erie A Jersey lat a f 6a___1955
N
Fla
A
3
1st
gu
g
5s.........
1937
98
101
847*____ 977* May'16
98 102 101
Genesee River 1st a f 6a__ 1957
N A C Bdge gen gu g 4 H a-1945 J
108
103 D ec'18
108
IOU 102 IOU Dec 'IS !------ 101 U 1021*
F
Long Dock consol g 6a------ 1935
Pensac
A
Atl
1st
gu
g
6
s
.
.
1921
103
99
99
99 Apr ’ 1S|-----90 ------- 103 Jan
95 106
Coal A RR lat cur gu 6 a .. 1922 IH N
S A N Ala cons gu g 5s— 1936 F
July’ 17
931* 931*
96 102U 93'2 Jan ’ 18
8712 - -
Dock A Impt lat ext 58— 1943
Gen cons gu 50-year 5s. 1963 A
60
60
861*------- 85 Jan
08-34 ____ 60 July’ IS
IH
S
N Y * Green L gu g a . . . 1946
L
A
Jeff
Bdge
Co
gu
g
4
s
.
.
.
1945
"
80 Dec ’ 18
78>i 80
N Y Susq A W lat ref 59— 1937
Manila RR— Sou lines 4 s . . . 1936 IH N
lOOU
Dec
’06
77
Mar’
10
2d gold 4H s___________1937
Mex Internat 1st cons g 4 s .-1977 M
60 June’ 18
____ 55
75 Nov’ 10
General gold 5a----------- 1940
Stamped guaranteed--------1977 M
97 Dec ’ 18
97 -----80 ____ 91'* June’ 17
Terminal lat gold 58— 1943
Midland Term— 1st a f g 58.1925
Jan
'17
103
101 104
92 -----J D 1 0 U * ____ 101 July’ IS
Mid of N J 1st ext 5a____1940
Minn
St
Louis
1st
7
s
___...1
9
2
7
62
67
72
72
72
77
99 103 Oct ’ 16
Wllk A Eaat lat gu g a . . 1942
Pacific Ext 1st gold 6s------ 1921 A O
Jan
’
17
7S'2
N
ov-18
71U 7934
"78U
80
Ev A Ind lat cons gu g 6a..1926
1st consol g51d 6s--------------1934 M N
97
97
98
41
531*
45 Deo '18
95 ------45
48
Evanav A T H lat cons 6 a .. 1921
1st A refunding gold 4s— 1949 IH
85'* Juno’ 17
40
50U
70
50's
Dec
’
18
47'2
50
lat general gold 5s______ 1942
Ref A ext 50-yr 5s Ser A . .1962
Nov’
l
108
60
Fob
’
15
M t Vernon lat gold 6a— 1923
Des M A Ft D 1st gu 4 s .. 1935
95 June'12
*831*
79
823* 80 Deo ’ 18
J
D
Bull Co Branch lat g 5 a .. 1930
Iowa
Central
1st
gold
5
s
..
1938
81
83
84
85
401* 52
83
92
44
4)12 Sale 4312
Florida E Coast lat 4 Ha— -1959
Refunding gold 4s--------1951 IH
92 Aug
80
90
887*
89
88
89
Fort St U D Co lat g 4 H »— 1941
M St P A S S M con g 4s lnt gu. 1938
94'2 102
102
Nov'IS
5 6 '2 ------- 56'a Oct
98
____
Ft Worth A Rio Gr 1st g 4a. 1928
1st cons 5s_______________1938
80
80
80
D
ee’
IS
75
80
92
Jan
’
17
Galv Houa A Hen lat 58------ 1933
1st Chlo Term s f 4s______ 1941 M
92
96'2
953.1
*915* *945*
953* Sale OS's
915* Deo ’ 18 . . .
94t2 *96
Great Nor C B A Q coll 4a..1921
M S S M A A 1st g 4s intgu.’26
91’4 94 U
l>4 Nov'
95 Deo *16
____ 90
Registered___________ 61921
Mississippi Central 1st 5s— 1949
92H
85
887*
887*
80
887*
1st A ref 414 s Series A .1961
Missouri Kansas A Texas—
96 June’’ 16
69
30 60'g 73
671* 07
67
Registered_____________ 1961
1st gold 4s_____ - _________ 1990
88's 90
89'2 Apr •18
37
90
93
31
36'2 30'2 Dec ’ 1 8 ------ 28
8t Paul M A Man 4a......... 1933
2d gold 4s______________ yl990
108 111
’
18
l
Nov’
32
.
.
.
32
37>2 32 Sept’ 1 8 ____ 32
lat conaol g 6s_________ 1933
1st ext gold 5s____________ 1914
’
17
18
Apr
46
40
4334 44 Nov-18
10 6 '8 ------42
Registered___________ 1933
1st
A
refunding
is---------.2004
91U 95
95
95'5
42
94 100
41
41
Dec
MS
42'2
47l2
Reduced to gold 4 Ha .1933
Trust Co certfs of dep-------91
99 1021* May ’ 16
325* Dec MS
25U 34
20'2 34
Registered_________1933
Gen sinking fund 4H s— 1936
8112
90
’
18
90
Dec’
873*
40
Nov’ 16
30
Mont ext lat gold 4a__ 1937 J
St
Louis
Dlv
lat
ref
g
4
s
..2001
Mar'’ 16
853* . . .
37'2
Registered----------------- 1937 J
5% secured notes -‘oxt’’ . ’ 16
763 ------ 85'2 Nov’’ 15
091* Apr' 17
Pacific ext guar 4a £ ___ 1940 J
Dali A Waco 1st gu g 5S— 1910 M
80
80
80 Nov’•18
60
831* . .
00 ____ 60 Oot ’ 18
F
EMInn Nor Dlv lat g 48— 1948 A
Kan
City
A
Pac
1st
g
4s—
1990
1001 100U
53
May’’ 18
50
50
102 -----62
A
Mton Union lat g 6a_____ 1922 J
Mo K A B 1st gu g 5s------ 1942
104'* 108
73'*
1103.1------- 108 Nov’’ 18
70
M
7U2 73t* N ov’ 18
Mont C 1st gu g 6s________1937 J
M
K
A
Okla
1st
guar
5s—
1912
58
136'4 May’’06
55 Nov’ 18
IOS . . .
50t* 55
M
Registered--------------1937 J
M
K
A
T
o
f
T
1st
gu
g
58.1942
925* 95
’
IS
95
Sept’
Doc’
16
51
65
991
—
J
lat guar gold 5a_____ 1937
Sher Sh A So 1st gu g 58—1942 J
10934 Aug T6
30
40
30's N ov'18
97U - - 50
30
M
Will A S F 1st gold 5a — 1938 J
Texas
A
Okla
1st
gu
g
5
s
..1943
Feb ____ 79k 693* Deo •16
Green Bay A W deb ctfa " A ” . .
Missouri Pacific (roorg Co)—
9'*
7
Dec ■IS
79
89U
89 Dec ’ 18
7*2
!
89
88
Fob
P
Debenture ctfa " B ” ___
1st
A
refunding
6s
Sor
A
.
.1965
83
75
82 Jan ’ 19
897* 90
935*
80
85
94
9 t'2 935*
Gulf A S I lat ref A t g 5 a ..61952 J
1st A refunding 5s Ser Ba.19'23 F
86
71
1
3
83
83
85U
94
83
Sale
91<*4
Jan
M9
917*
93i2
J
F
Hocking Val lat cons g 4 Ha 1999
1st A refunding 5s Ser 0 — 1920
73i2 731*
Juno'1’ 18
55'* 67U
627* Sale 62-3.1
63'2
Registered_______________ 1999 J
General 4s______________ .1975 IH
73'2 78i2
Oct IS
98 100
99'*
76'* —
99'*
983.1
99-34
M
N
Col A H V 1st ext g 4a------ 1948 A
Missouri
Pac
1st
cons
g
.
.
1920
6712 75
75 Feb 18
58
68
76'* —
58 Oct M8
F
Col A Tol lat ext 4 a ...
40-year gold loan 4s_______1945 IH S
85
85
85 Dec ’ 18
83
89
82 Apr ’ 17
Houston Belt A Term lat 5s. 1937 J
3d 7s extended at 4 % -------1938 M N
95
87
9112 Dec ’ 18
Fob
M3
100
9012 - -
A
Illinois Central 1st gotd 4 a .. 1951 J
Boonv St £ ft 8 1st 5s gu.1951
92 Sopt’ 17
69
93
84-3* 97*2 Doc M3
63
D
Registered__ _____________1951 J
Cent Br U P 1st g 4s.......... 1948
7534 77
Oct ’ 18
78'* 841*
841* Dec M8
731 80
82'* 86
A
lat gold 3H s_____________ 1951 J
Pac R of Mo lnt ext g 4 s .. 1938
84 Nov’ 15
10034 Apr ’ 18
71 —
J
♦85
Registered. . . __________ 1951 J
2d extended gold 5s------ 1938
80 June'17
963*
98
731* — O
9612 97*2 963*
Extended lat gold 3 Ha— 1951 A
St L Ir M A S gen con g 5s. 1931
701* . . .
102 Juty’ tt
O
Registered_____________ 1J51 A
Gen con stamp gu g 5 s .. 1931
80 July'09
31 7212 '83
821*
J 82'* Salo 81-3.1
1st gold 3a sterling_______ 1951 M
Unified A ref gold 4 s .-.1929
807* Oct M7
J
Registered_____________ 1951 IH
Registered___________ 1929
72'2 80
*79 ”
7734 905* 79*
I 78»*
77
77
Sale 77
N
Collateral trust gold 4a— 1952 A
Rlv A Q Dlv 1st g 4 s . . . 1933
95’* Sept’ 12
751* . —
78 Sept’ 15
S
88
Registered_____________ 1952 A
Verdi
V
I
A
W
1st
g
5s.
—
1926
77-3*
U
827* 83i2 83'2
*
I I Jan M9
o
105U
1st refunding 4a__________ 1955 M N
Mob
A
Ohio
now
gold
____
1927
70
41* 71 May’ lS
92
95
95 May’ 18 : : : :
J 100-3.4
Purchased lines 3 Ha_____ 1952 J J 75
lat ext gold 6s___________ 51927
71'*
771* Dec ’ 18
75
80
65
71
Nov’ 18
71
80
s 70
L N O A Texas gold 4 s . . .1953 M N
General
gold
4s___________
1938
72
72 Feb ’ 18
74'* 84
93 July’ 17
85
A
Registered_____________ 1953 M N
Montgomery Dlv 1st g 58.1947
78
78 Nov’ 18
791.1 —
90 Aug’ 17
84
87
Cairo Bridge gold 4a___1950 J D
St Louis Dlv 5 s . . ________1927
79 Feb ’ 14
78'
78
78 Oct M8
Litchfield Dlv lat gold 3a. 1951 J J 60'* . . .
70>2 85
St
L
A
Cairo
guar
g
la____1931
64'*
731*
5 95's 101
711* 76tz 73i NoYIS
100
100
Sale 100
Louisv Dlv A Term g 3 Ha 1953
Nashv
Chatt
A
St
L
1st
53—
1928
83 A u g ’ 12
100'* 104U llOU Mar’ 17
Registered_____________ 1953
Jasper Branch 1st g 6s__ 1923
102
Juno’
18
30
38
97 —
303*
35 Deo ’ 18
Middle Dlv reg 5a.............. 1921
Nat Rys of Mex pr lieu 4H9-1957
5SU 58U
58 Sept’ 18
591* -
38
35 Aug HC
Omaha Dlv lat gold 3a___ 1951
Guaranteed general 4s — 1977
62
62
62 Oct ’ 18
65
69
Kob *i:i
30
St Loula Dlv A Term g 3a. 1951
Nat of Mex prior lien H s— 1926
85-34
63
65'*
Oct
-is
703* 83'4
21
Aug ’ 18 ____ 21
21
Gold 3H 3......................... 1951
1st consol 4s_____________ 1951
80 Juno’ 16
645* _
70
69 Dec ’ ll ____ 60
69'
67
Registered__ __________ 1951
Now Orleans Torm 1st 4 s . . . 1953
80S* Nov’ 10
971*
65
D
97l2
97
Sale <17i2
Sprlngf Dlv lat g 3H a— -.1951
N
O
Tex
A
Mexico
1st
6
s
.
.
.
1925
75
80'2
80'2 Dee ’ 18
571*
77U
54'* Jan '19
56
57
Western Unea lat g 4a____1951
Non-eum
Incomo
5s
A
____1935
92 Nov’ 10
Registered_____________ 1951
New York Central RR—
1171* May'10
9U* 1031*
995*
99's Sale 983*
Bellev A Car lat 6s______ 1923
Conv
deb
6s_____________1935
90 Jan ’ 17
69
821*
72'2 —
77
771.1 76'2 Jan M9
Carb A Shaw lat gold la— 1932
Consol 4s Series A ----------- 1998
947* 93
Jan ’ 19
77
875*
98
83
Salo 82
83
Chic St L A N O gold 5 a ..1951
Ref A Imp 4H s “ A” --------2013
90
90
90 Oct '18
Registered_____________ 1951
New
York
Cent
A
Hud
Rlv—
65'2
651*
65H July’ IS
76
69
721®
721®
65U - 72*2
73
Oold 3H9......................... 1951
Mortgage 3H »----------------- 1997
665* 71U
♦601*____ 067* Aug M8
Registered___________1951
Registered_____________ 1997
85'* 96
94i*
95
941* 95
7434 891*
85 Jan ’ 19
IH
N
Joint lat ref 53 Series A . 1963
83U
85>2
Debenture
gold
4s------------1934
70'* 70'*
7l)i* Oct ’ 18
79
79
79 Nov’ 18
71*2 Mempb Dlv lat g 4a__ 1951
Registered_____________ 1934 IH N
65 Nov’ 17
71’ i
____ 78
61
OS'4 Deo MS
681* 70
Registered_____________ 1951
Lake Shore coll g 3H s. — 1998 F A
80
80
89 Feb ’ 18
6 6 <i
61
773,i . .
67 Jan ’ 19
____ 72
St Louts Sou 1st gu g 49 — 1931
Registered_____________
1998
89 Apr ’ 17
691*
621*
8l3.t 98
70
Jan
’
19
Ind 111 A Iowa lat g 4a----------1950
07
.
.
.
Mich Cont coll gold 3 Hs— 1998
90
90
95t2 Dec ’ 18
75
Mar’ 17
95>2
Int A Great Nor 1st g 6s____1919
Registered_____________
1998
June’ 17
James Frank A Clear 1st 4s. 1959
5712____
Battle
Cr
A
Stur
1st
gu
3s.
1989
58
65
63U Dec '18
62l2 65
86U 86U
855*------- 86'4 Dec MS
Kansas City Sou 1st gold 3a. 1950
Beech Croek 1st gu g 48— 1936
78 Oct ’ 09
95’4 Nov’ 10
Registered________ _____ -1950
Registered________
1930
73»4 9U*
85
8D* Sale 84i2
104
May’
16
8
7
'*
____
Ref A Impt 5s_______ Apr 1950
2d guar gold 5s_________ 1936
71'* 831*
81
80'* Sale 797*
Kansas City Term 1st Is__ 1960
Registered__ ________ 1936
92
78
8934
893*
893* 90
Lake Erie A West 1st g 5s..t937
Beech Cr Ext 1st g 3HS-61951
805* Feb ’ 17
____ 85
89 Nov’ 18
75 . .
2d gold 5s.........................1911
Cart A Ad 1st gu g 4a------ 1981
803*
80’*
80i*
oot
'18
____ 85
North Ohio 1st guar g5 8— 1916
0 1 '2 Gouv A Oswo 1st gu g s . . 1912 J
84'2 9l»4
92 Nov’ 18
72
791*
73i* Oct ’ 18
90
7
8
%
------Leh Val N Y 1st gu g 4H 8--1940
Mob A Mai 1st gu g 4s ...1991
89 Oct ’ 17
84'*
Registered------------------------ 1940
OSH------- 891* Fob ’ 16
N J June R guar 1st -I s ... 1986
74'* 817*
80
80>2
80 M ay’ 17
80
753* . . .
Lehigh Val (Pa) cona g 49 —2003
N
Y
A
Harlem
g
3
H
s-----2000
92
85
92 D eo’ 18
955* 956*
89'*
975*------- 955* June'1 8 ___
General cona 4 Ha_______ 2003
N Y A Northern tst g 5s. 1923
'2
9934
2
g
7534
14
64
4
991.1
2
5
4
963.1
941.1
971.1
12
100 101>2
2
8
12
7514
86
4314
1067
'4
4
4
10212
5
5
95'2
88
4
2312
'7534
111
88 95'2
4
1
100'4
'2
2
'1
8>4
>2
73*2
73'2
8
1
60
75’4
2
9012
81
8
054
63
2
'4
'2
4
21
82
8
'2
9934
8212
5
'2
* No price Friday; latest bid and asked this week.
'2
« Due Jan.
6 Due Feb.
p Due June,
h
Duo July.
« Duo Sept.
0 Due Oct.
. Option salo.
662
101 1021
Jan . 11 1919.]
New York Bond Record- -Continued—-Page 3
Week’s
ange
Range or l 3 R
Year
Jan. 10.
l*ut Sale
1918
Bid Askhow High
Low High
77 ? s ____ 77% Deo '18
P r ic e
F r id a y
BONDS
N . Y . STOCK EXCH A NG E
Week ending Jan. 10.
157
Price
afe
-a a.
Friday
Jan. 10.
Bonds
Sold
BONDS
N . Y . STOCK EXCH ANG E
Week ending Jan. 10.
Week's
Range
Rangeor
Year
Last Sale
1918
kLow Hlgt No Low High
s 92 Nov’ lS
887, 92
2 95 Nov'U1
93
95
1 98% Oct ’ Is
967, 100%
N Y Cent A H R RIl (Con.)
P C C A St L
Sid
N Y A Pu 1st cona gu g 4s. 1993 A
72% 77%
Series G 4s guar_______ 1957
88%
Pine Creek reg guar 6a____1932 J
102 > 2 ___ 113 May’ 15
_____
Series I cons gu 4)4s
1963
90%
R W & O con 1st ext 5 s ..51922 A
_____
9 8 % ____ 98% Dec "IS
95% 98%
C St L A P 1st cons g 5 a .. 1932
101
Rutland 1st con g 4M s___1941 J
_____
75 ____ 83 Nov'18
67% 83
Peoria A Pekin Un 1st
g . . 1921
Og A LCham lstgu 4ag -1948 J
- 100 June’ ll
61%___ 60% Nov'18
60
63
61921
2d
gold
4)4s......................
Rut-Cauada lat gu g 48.1949 J
- 87 Mar’ 16
67
70
70 Jan ’ 18
70
Pere Marquette 1st Ser A 5s. 1950
85%
St Lawr A Adlr 1st g 5 s . . . 1996 J
s 88% Dec T8
79
82%____ 101 Nov'16
90
1st Series B 4s.................... 1956
72
2d gold 6s....... .................1996 A
e 72
72
5 62% 73%
103 Nov’ 16
87% . . .
Philippine Ry 1st 30-yr s f 4s 1937 J
44
49
.
Utica A BIk Rlv gu g 4 s .. 1922 J
40
Dec
’
IS
94% . . .
94 Apr '18
40
50
92
94
Pitts Sh A L E 1st g 5s......... 1940 A <
9 5 ? , ____ 99 Jan ’ IS
Lake Shore gold 3)$s____ 1997 J
73
75% 76 Dec ’ 18
99
99
70
76
1st consol gold 5s________ 1943 J .
Registered......... .............. 1997 J
97% Dec T7
73
75% 73% Nov'18
71
73%
Reading Co gen gold 4s_____ 1997 J .
e 85%
86%
Debenture gold 4s......... 1928 M
61 80% 91%
8812 Salo 88%
89
82
92%
Registered..........................1997
J
.
25-year gold 4s. ............ .1931 IYI N
81%June'ls
88% 89% 88%
89
81% 81%
81% 92%
Jersey Central coll g 4 s . . . 1951 A C
86% Dec ’ IS —
Registered__________ 1931 M N
81% 88
83% N ov'17
Atlantic City guar 4s g ._.19 51 J J
K a A A O R 1st gu o 5s__1938 . J
91%___
t
Jos
A
Green
Isl
1st
g
4
s
..
1947
J
.
Mahon C'l RR 1st 5s........ 19341J
9 4 % ____ 104% Dec '15
717, Dec ’ IS —
717,
63
St Louis A San Fran (reorg Co)—
Pitts A L Erie 2d g 5a ...n l9 2 8 A O 102 ___ 103 May’ 17j___
Prior lien Ser A 4s...............1950 J J
02%
63% 144 55% 67%
Pitts McK A Y 1st gu 6 s ..1932 J
105% ____ 130% Jan ’09|___
Prior
lien
Ser
B
5s________
1950
J
J
2d guaranteed 6s_____ 1934 J
78%
79%
102 % ___ 123% Mar’ 12
51 66
82%
Cum adjust Ser A s____ 61955 A C
, 68
69
Michigan Ceutral 5s........ 1931 IYI
9 5 % ____ 99% Aug '17
38 60
76
Income Series A s______ 61960 Oct
44%
45%
Registered....... ................ 1931 Q
16 4.3
94 ____ 98% Nov'18
55
98%
St
Louis
A
San
Fran
gen
6S.1931
J J
100% Sept'18
82 ____ 82
4 »...................................... 1940 J
82
%
%
75
General gold 5s_________
J J
96% 99
Registered.. ........... ........
97 Nov’ 18
I
91
97%
87 Feb '14
St L A S F RR cons g 4s. . 1996 J
J
78 May’ 16
J L A S 1st gold 3)^ s__1951 M
90 June'OS
Southw Dlv 1st g 5s____1947 A C
lat gold 3H s................... 1952 M
90 May’ 17
7 4 % ____ 79% July'17
K C Ft S A M cons g
M N
103% Dec T8 ___ 99% 103%
20-year debenture 4 s . . . 1929 A
------- 82
84 D e c'18
72% 88
K G Ft S A M Ry ref g 4sl936 A 0
75 Sale 75
75%
N Y Chic A St L 1st g 4 s .. 1937 A
25 62
79% 82% 82 D e c ’ 18
77
75% 87%
K C A M R A B 1st gu 5s. 1929 A 0
8 7 % ____ 85% Aug T8
Registered....... .................
A
77 ____ 85
85% 85%
Nov’ 17
St L S W 1st g 4s bond ctfs..1989 M N
72% 74
72%
73
Debenture 4s..................
M
7. 637, 77
72
71% Jan '19
01
74%
2d
g
4s
Income
bond
ctfa.pl989
56
571.
J
J
57%
57%
West Shore 1st 4s g u a r ...2361 J
1 50% 57
81% 81%
81%
71% 82%
Consol gold 4s___________ 1932
58% 631; 647, Doc T8
Registered....... .................2361 J
78% 78*2 Dee '18
57
70
70
1st terminal A unifying 5s. 1952
57% 62
59
62
N Y C Lines eq tr 5 s ..1919-22 M N
i i 52
99% 100% Jan '17
65
Gray’s
Pt
Ter
1st
gu
g
58.1947
98% Jan T4
Equip trust 4 )4s. .1919-1925 J
102
98% July'17
S A A A Pass 1st gu g 4s____1943
66% 67
66%
66%
N Y Connect 1st gu 4>$s A . .1953 F A
874 88% Dec '18
54% 68%
77% 90
F A N P 1st sk fd g 5s......... 1919
N Y N II A Hartford—
100 June’ lS
100
00
Seaboard Air Line g 4s......... 1950
757, Dec '18
56
Non-conv deben 4s______ 1947 M
01 % 60 Oct '18
757,
67
60
Gold 4s stamped_________ 1950
74% 73 Dec '18
Non-conv deben 3)4*____1947 (VI
51
55 Sept’ IS
0S% 75%
55
Adjustment
5s..................
i>1949
Non-conv deben 314a___ 1954 A
52
53
*58% 56% Nov'18
61
49
50
Refunding 4s____________ 1959
Non-conv deben 4a______ 1955 J
59
60
’s o ’ 60% 63 Nov'18
15 61% 66
52
Atl Ulrm 30-yr 1st g 4s..«1933
74% 79
Non-conv deben 4s______ 1956 M N
53
74 Nov'18 _ 1 73
59
56 Dec '18
75
45
Caro Cent 1st con g 4a...194 9
72%
Conv debenture
b_____ 1956
70 Oct T8
50% 52% 54% Dee ’ IS
75
77
51%
96 ____
Fla Cent A Pen 1st ext
.1923
Conv debenture 6s_______ 1943
86
88
91 Dec ’ IS
82
st
land
grant
oxt
g
s
.
.
1930
93
.
.
.
Cons Ry non-conv 4s____ 1930
lo
f
Dec
T5
60 Oct '17
Consol gold 5 s ...............1943
------- 95
Non-conv deben 4s____ 1951
95 Nov'18
91% J»n ’ 12
92% 95
Ga A Ala Ry 1st con 5s..ol94 5
95 ____ 90% June'18 ---.TT 90% 90%
Non-conv deben 4s____ 1955
60 July’ 18
60
60
Oa
Car A No 1st gu g 5 s .. 1929
9 3 % ____ 94 June'18
Non-conv deben 4s____ 1955
94
94
Seaboard A Roan 1st 5 s .. 1926
94% 97
Non-conv deben 4s_____ 1950 _
91% June’ lS —
91% 91%
Southern Pacific Co—
74% . . .
Harlem R-Pt Ches 1st 4s. 1951 M N
73% Doe ’ 18
19
73%
Gold
4s
(Cent
Pac
coll)._*1949
77
80
J
BA N Y Air Lino 1st 4S..1955 F
80 Dec '18
69 . . .
79% Dec T7
82
70
Registered......... ............ *1949 J
------- 78% 90 Feb '14
Cent Now Eng 1st gu 4s . 1061 J
65% 62% 62%
02%
60
69
-year conv 4s________ pi929 M
85% Sale 85
85%
Hartford St Ry 1st 4s____1930 M S
240 75% 88
20-year
conv
5s__________1934
103%
Sale
J
103%
104% 285 86% 109%
Housalonlo R cous g 5 a ... 1937 M N
91%
100% M ay’ lo
Cent Pao 1st rof gu g 4 s .. 1949 F
82
Sale 82
83
95 . . .
Naugatuck RR 1st 4s___ 1954 IV!
87 July'14
11 75
80
Registered.....................1949 F
90% . . .
87% Sept’ 16
N Y Prov A Boston 4s__ 1942 A
83 Aug ’ 13
Mort guar gold 3 K s ..*1929 J
85% 86% 85% Dec ’ 18
N Y W ’chesAB 1st ser 14 >4a 1946
62% Sale 52
53
88
45
65%
76
80% 76 Nov’ 18
Through St L 1st gu 4s. 1954 A
69 . . .
Boston Terminal 1st 4 s . .. 1939
96
91% 101 100 Oct '18
G H A S A M A P 1st 5 s ..1931 M N
91
98
New England cons 5a____1945
2d exlen 5s guar........... 1931 J J ------- 97
71 . . .
Consol 4s______________ 19 45
96% Jan ’ IS
<0 Sept’ l
96% 96%
Gila
V
G
A
N
1st
gu
g
5
s
..
1924
-----102
IY
I
N
Providence Secur deb 4 s .. 1957
95
Nov’
18
____ 48
57 Apr 16
95
95
Hous E A W T 1st g 5s ..193 3 M N
91% 99., 85% July’ 18
Prov * Springfield 1st 58.1922
99% neo ’ 13
85% 85%
1st guar 5s red................1933 IYI N
91
95 100 Oct 16
69l8 . . .
Providence Torm 1st 4s___1950
88% Fob '14
93% 93
H A T C 1st g 5a Int gu__ 1937
71% . . .
W A Con East 1st 4 44s___ 1943
97
97
96
Gen gold 4s Int guar...192 1
93
94% 93 Nov’ 18
N Y O A W ref 1st g 4a___ gl992
70
Sale 70
70
87
63% 73
Waco A N W dlv 1st g « '30
94--- 100% 109% Nov’ 15
Registered 35.000 o n ly .. 1992
92% June'12
_____
1941
A
A
N
W
1st
gu
g
------95
52% 65
General 4s________________1955
93 Nov’ 18 ___
60 A])/ 18
93
93
60
00
Louisiana West 1st s____1921
9 8 % ____ 100% Oet ’ 17
Norfolk Sou 1st A ref A 5 a .. 1961
07% 69% 68
081*
60
09%
Morgan’s La A T lat s . . 1920
------102
87 . . .
Norf A Sou 1st gold 5s_____1941
100 Apr MS
81% June 18
100 100
81% 84%
9 3 % ____ 102% Oct '18
No of Cal guar g 5s........... 19a8
109% 111 109 Dec '18
Worf A West gen gold 0s____1931
105% 109
Ore A Cal lat guar g 5 s ...1927
96
98% 97
Improvement A ext g 6 s .. 1934
106% . . .
97
122 Nov’ 16
93-% 96*2
9 6 % ____ 107% Sept.'16
So Pac of Cal— Gu g 5 s .. . 1937 M N
New River 1st gold 6s____1932
107’s . . .
107% Dec ’ 18
105
107%
So Pac Coast 1st gu 4s g__1937 J
90% 93
N A W Ry 1st cons g 4 s .. 1996
86% Sale 85%
93
93
86%
It
26 79
89%
San Fran Tcrml 1st 4 s . . . 1950 A
78% 79% 78%
Registered......... ............... 1996
78%
93% Dee ’ 16
3 71% 81%
Tex A N O eon gold 5s___1943 J
80
89% 94 Nov’ 16
Dlv’l 1st lien A gen g 4s. 1944
S4
84% 85 Dec '18
71
85%
So Pao RR 1st ref 4 s ___ 1955 J
83% Sale 83
10-26 year conv 4a_____1932
83%
123 * May’ 17
62 75% 86%
Southern— st cons g s____
J
96% Sale 96
10-2O-year conv 4a_____1932
96%
117't May’ 17
56 8678 100
Registered........................
J
101 % . . .
10-25-yesr conv 444s___ 1938
100% Aug ’ 16
104% Dec ’ 18
103% 105%
Develop A gen 4s Ser A . . . 1956 A
677, gale 67%
107% Sale 107
10-year conv 6s (w I) ..1929
68%
103
50
73
106%
1081
Mob A Ohio coll tr g 4s__ 1938 M
70% 74% 75
O 84% 85% 84 Dec ’ 18
Pocah C A C Joint 4s___1941
____ 65
80
70
80%
9 3 % ____ 92 July’ 18 ____ 87
Mem Dlv 1st g 4J4s-5s...1990 J
C O A T 1st guar gold 58.1922
J 9 7 % ____ 103 8opt’ 10
92
St Louis div 1st g 4s......... 1951 J
73% 76
81 ____ 80 Nov’ 18
I V A N E 1st gu g 4 s .. 1989 M N
73% Jan T9 ____ 64% 74
72
80
Ala.Gt Sou 1st cous A 5s. . 19-43 J
93 ____ 93
Northern Pacific prior lion
93
1 87'% 93
8 2 % ____ 84% Oct T8 ____ .82% 84%
Atl A Chari A L 1st A 4 )4sl944 J
85% Sale 85%
railway A land grant g 4s. 1997
86
70
90
1st 30 year 5s Ser B ___ 1944 J
96% Sale 96%
Registered..............
1997
------ 87
97%
7
79% Oct ’ 18
91
97
78% 80
Atl A Danv 1st g 4s______ 1948 J
65 ____ 70 Oct '18 —
General lien gold 3s_____a'2047
61% Sale
70
70%
01 %
56% 04%
2d 4s............................... J J
56
56%
Registered____________u2047
81% Mar’ 16
Oct '18
58
68
Atl A Yad 1st g «uar 4 s ..1949 A
90 ____
Ref A Iinp4)4sscr A____ 2047
75 Feb '17
Dec '18
827, 91
E
T
Va
A
Ga
Dlv
g
6
s
...193
0
94%
99%
J
St I’aul-Duluth Dlv g 4 s..1996
75% 86
96 Mar’ 18
96
90
Aug ’ 1 8 ____ 74
75
Cons 1st gold Ss_______ 1956 M M 95% 96% 95%
A' 102 107
St P A N I* gen gold 6 s . .. 1923
95%
i 91% 97%
E Tenn reorg lien « 5s____1938 M
92
99 I 92
A 101% . . .
Registered certificates.. 1923
Nov’ 18 ____ 86
103% Sept’ l?
' l00%
92%
Ga
Midland
lat
3s_______
19
46
A
52
____
I
52
St Paul A Duluth 1st 5 s ..1931
F 98% . . .
Dec T8
51
63
l97 Oct ’ 16
Oa Pao Uy 1st g 6s............1922 J
101
____101
IJ 7 6 % ____ 7« Dec ’ 18
1st consol gold 4s........... 1908
____ 100 101
76% 78
Knoxv A Ohio 1st g 6 s ...1925 J
100 %
—'1 00
Wash Cent 1st gold 4s___ 1948
08% 85
It!
____ 98% 101%
56% Dec ’ 16
Mob A Blr prior Hen g 5s. 1945 J
88
95
Nor Pao Term Co 1st g 0 s..1933
J 107% ____ l,’ 7 Nov’ 18
____ 91% 91%
106% 108%
Mortgage gold 4s______ 1945 J
65
72% 68 Jf
70,s
Oregon-Wash 1st A ref 4 s ...1961
79% Sale 78%
J
____ 68
68
65% 80%
Rich A Dan deb 5s stinpd.1927 A
92% 102
Pacific Coast Co 1st g 5s___ 1946
86 . . .
95 Jj
D
.8 8
88
95
95
82
90
—
Rich A Meek 1st gu 4s__ 1948 M
Paducah A Ills 1st a f
s . .1955
J ------- 95 100% Feb
73 Sept’ 12i__
So Car A Ga 1st g 5s_____ 1919 M 4 98% 99% 98% Dec ’ 18l_.
9 5 % ____ 95% Nov'18
Pennsylvania RR 1st g 4 s .. 1923 M N
. . . . | 967, 987,
93% ‘ 95%
Virginia Mid Ser D -4-5S..1921 IV! 3 95
Consol gold 5s__________ 1919 M S 98% 100 100 Aug *18
102% JuneTlj
100 100
Sorles E 5s____________ 1920 M 3 94%
98% . . .
93 Apr
Registered........................1919 Q M
.... [ '
93
8erles F 5s____________
M 3 91%
Consol gold 4s__________ 1943 IYI N
89 ____ 90% Nov’ 18
104% Dec
88
90%
General 5 s . . .................... 1936 M 1 96% 98
86% 90
Consol gold 4s................... 1048 IYI N
98
Dec
T8
87% Deo '18
'98
83
92%
Va A So’w’n 1st gu 5S..2003 J
1 87%
Consol 4 s______ ________1960 F A
95
95% 96
81% 3ept’ 18 ____ 81% 81%
96%
927* 100%
1st cona 60-year 5S..1958 A
71% 83
General 444s........................1965 J D
89% Sale 89%
70% Nov’ 18 . . . .
897*
67% 72%
857* 96%
W O A W 1st cy gu 4s____1924 F
85
92
Alleg Val gen guar g 4 s . .. 1942
937, MarT7
8
8 6 % 88
87% Nov'18
85
87%
Spokane Intermit 1st g 5s .1955 J
1 ____ 82
8 2 % ____ 84% Sopt'10
D R RR A B'go 1st gu t a g .1930 F A
95% Mar’ 17
Term
Asenof
St
L
1st
g
4
Ms.
1939
90
907,
Phtla Balt A W 1st g 4 s .. 1943 M N
87%
87% Dec T8 ____ 85% 87%
87% Dec '18
87% 87%
1st cons gold 5s_____ 1894-1944
. 96%
Sodus Bay A Sou 1st g 5s. 1924
J
102 j llQ *93
94% Dec '18
90
95
Gen refund s f g 4s_____
77
78
Bunbury A Lewis 1st g 48.1936
J
80 .
81% Nov’ 18 . . . .
01
83%
St
L
M
Bridge
Ter
gu
g
68.1930
'
90%
94%
U N J RR A Can gen 4 s..1944
8
85 .
95% July’ 18
92 Deo '1 7
Texas A Pao 1st gold 5s____2000
91
92
Pennsylvania Co—
90%
91
19 79% 92%
2d gold Income 5s____..02000
45
Guar 1st gold 4 44a_______ 1921
97% Sale 97%
971,
41 Sept’ 18 ____ 41
46%
904* 08%
La Dlv B L 1st g 5s.._____ 1931
____ 93
Registered........................1921
J
95% . . . . 97% July’ 18
80 M ay'18 —
86
86
05% 97%
W Min W A N W lstgu 5sl930
____ ____
Guar 3 448 coll trust reg A. 1937
S
7 0 % ____ 87 Feb 17
Tol
A
Ohio
Cent
1st
gu
5
s
..1935
91
Guar 3 44s coll trust ser 14.1941
98
A
76% 78
90%
Oct
T8
90
76% Dec ’ IS
95
70
78
Woatorn Dlv 1st g 6s......... 1935
87
90
Guar 3 44a trust ctfs C ...1 9 4 2
D
7 5 % ____ 81% July’ 17
92 Deo T8
89
92
General gold 6s....... ..........1935
80
Guar 3 44a trust otfs D ...1 9 4 4
84
O
70
88
93 Oct T8 ____ 93
37% Deo '10
93
Kan
A
M
1st
gu
g
4s.........
1990
78
Guar 15-25-yoar gold 4 s . . 1931
80
O
83% 91
67% Sept’ 18 ____ 07% 69
87% Deo '18
82% 87%
2d 20-year 5s_________
91
40-year guar Is ctfs Ser E. 1952
92% 91
N
80% 87
91
1 89
90
84 June 18
84
84
Tol P A W 1st gold 4s______ 1917
36
Cln Lob A Nor gu 4s g __ 1942
N
80% 87% 80 Oot 17
52 Aug T7
Tol
St
L
A
W
pr
Hen
g
3)48.1925
70
83%
N
Cl A Mar 1st gu g 444s...1935
8 7 % ____ 90% May’ 17
84 Nov’ 18
67% 84
50-year gold 4 s ....................1950
51
Sale 50
Cl A P gen gu 4 44s ser A. 1942
J 9 5 % ____ 96% M ay is
51
13 45
50%
96% 90%
Coll trust 4s g Ser A ......... 1917
32
Series B............................ 1942
O
9 0 % ____ 194 Dec '16
18% Mar’06
Trust co ctfs of deposit..
18*4 18 Aug T8 . . .
0
Int reduced to 344s..1942
8 6 % ___
90% Feb ’ 12
18
18
Tor Ham A Buff 1st g 4 s ..61946
70% 87
Series C 3 44s....................1948
8 3 % ____ 90% Oct ’ 12
N
80 Apr T7
Ulster A Del 1st cons g 6 s .. 1928
D
89% 95
A
Series D 344s...................1950
8 3 % ------- 88% Feb ’ 1,
89% Dec T8
89%
85
1st refunding g 4s.............. 1952
O
70
Erie A Pitts gu g 344s B ..1940 J J 70 ____ 88 Apr ’ 17
58 Sept’ 17
Unlou Pacific 1st g 4a______
J
89% 8ale 89%
Series C ________________ 1940 J J 76 ____ 90% July
89% ~ 31 84
In Registered.
................
...1
9
4
7
J
84%
86% 85% Oct T8
Or R A I et 1st gu g 4 44s. 1941 J J
89 ____ 84% Deo '18
83
84%
20-year conv 4s...................
J
88
887, 89%
Ohio Connect 1st gu 4 s . .. 1943 M S
89%
8 3 % ------- 78 Oct ’ is
10 82% 91
78
1st A refunding 4 s ____ Iy'2008 M 8
81% Sale 81%
Pitts Y A Ash 1st cons 53.1927 M N
83
9 7 % ____ 93 May’ 10
25 75% 87%
10-ycar
perm
secured
J 105
Sale 1
Tol W V A O gu 4448 A . .1931 J J 88% 90
105
126
%
%
98% Apr '17
Ore RR A Nav con g 4 s .. 1940
D
85
Sale
Series B 4 44s__________ 1933 J 1
8 8 % ___
85
1 78% 86
92 Dec '17
Ore Short Line 1st g 6 s .. . 1922
A 101 101% 1
Series C 4s_____________
M S
___ 997,
7 8 % ------ 88% Sept'17
1st consol g 5s_________ 1946
J 98% 987,
P C C A St L gu 4 448 A . .1940 A Q
Dec T8 ___ 94% 99%
93% 94% 92% Dec '18
91%
Guar refund 4s_________ 1929
O
86% 88%
Sorlea B guar__________
A O
,
88
92% 95% 93 Oct ’ 18
9 807, 90%
91%
Utah A Nor gold 5s____1926
J
91%
Series C guar....................
M N
Dec T7
96% 99
99 June'17
1st extended 4s......... 1933
J 82% 86
Series D Is guar............... 1945 M N
Feb T8 ___ 89
88% 93
89
90% Sept’ 18
90
Vandalln cona g 4« 8er A . ..195 5
A
Series E 344s guar gold. 1940 F A
Jan T8
874*____ 90% Sept’ 18
80
80
90%
Consols 4s Series B ______ 1957 M N
SnrtnH F vnsr 4a pri'd
|OVt
79%
88% 93
June’ 18
80%
80%
01
Sen'Mg — I
81
Vera Oru* A r> 1st, imi 4%s_1934
8eptT7 —
(Con.)—
63
2
8
6
6
100 101
1931
1940
63.1928
1937
1931
12
8
54
3M
63
5
1
20
1
5
0 1
63
6
1
1 ec
JC505 I
7
6
6
1994
1994
59
800
19 8
444
’17
93
'93
1920
44
1
1
1953
1927
-1
1947
1927
63.1928
93
101 105
104
1942
1942
1942
1
* No price Friday; latest bid and asked, a Due J in . 6 Duo Feb. 0 Duo June. 5 Due July. * Due Aug. o Due Oct.
V
Due N ov.
q
Due Dec. * Option sale.
Bid
94
96*8
83
A s k L ots
S a le 9 1
S a le . 90*8
*96% I
96
.
87*8 1
7 7 78
8 4 'g
53*8
97U
8 5 *s
90
56*2
63
75
79*4
7 2 'a
S t r e e t R a ilw a y
B r o o k ly n R a p id T r a n g 5 a . -1 9 4 5 A
1 st r e fu n d c o n v g o ld 4 a . - .2 0 0 2 J
6-y e a r s e c u r e d n otea 5 a - . - 1 9 1 8 J
O tfa 3 -y r g e c 7 % n o te a o p A 1921 J
3 - y r 7 % s e c u r e d n o t e s . - b 1921 J
B k C t y la t c o n s 5 a - . 1 9 1 6 - 1 9 4 1 J
B k Q C o A S e o n g u g 5 a . -1 9 4 1 f
B k l y n Q C o Sc 8 l a t 5 s ____ 1941 J
B k ly n U n E l la t g 4 - 5 a ..- 1 9 5 0 I
S t a m p e d g u a r 4 -S a ______ 1 9 5 0 '
E ln g a C o u n t y E l a t g 4 a _ _ 1 9 4 9 ,
S t a m p e d g u a r 4 a ________1 9 4 9
N a s s a u E le c g u a r g o l d 4 a . 1 9 5 1
C h i c a g o R y s l a t 5 a ___________ 1927
C o n n R y Sc I* l a t A r e f g 4 H S 1 9 5 1
S t a m p e d g u a r 4 H a ________1 9 5 1
D e t U n it e d l a t c o n s g 4 H a - -1 9 3 2
F t S m it h L t Sc T r 1 st g 5 a . . . 1 9 3 6
H u d A M a n h a t 5a s e r A _____1 9 5 7
A d ju s t I n c o m e 5 s ___________ 1 9 5 7
N Y Sc J e r s e y l a t 5 a ........... . 1 9 3 2
I n t o r b o r o - M e t r o p c o l l 4 H a .1 9 5 6
I n te r b o r o R a p T r a n 1st 6 a ..1 9 8 6
M a n h a t R y ( N Y ) c o n a g 4 8 .1 9 9 0
S t a m p e d t a x - e x e m p t ----------1 9 9 0
M a n il a E le c R y & Lt- a f 5 a . .1 9 5 3
M e tr o p o lita n S tre e t R y —
B w a y A 7th A v 1st c g 5 a . 1943
C o l Sc 9 t h A v l a t g u g 6a . .1 9 9 3
L e x A v A P F la t g u g 5 a . . 1 9 9 3
M o t W 3 E l ( C h ic ) l a t g 4a .1 9 3 8
M ll w E le c R y A L t c o n s g 5a 1926
R e f u n d in g Sc o x t e n 4 H S . . 1 9 3 1
M ln n e a p S t l a t c o n a g 5 a — 1919
M o n t r e a l T r a m l a t Sc r e f 5 a . 1941
N e w O r l R y Sc L t g e n 4 H a . . 1 9 3 5
N Y M u n l c l p R y la t a f 6a A 1 9 6 6
N Y R y a l a t R E Sc r e f 4 s . . . 1 9 4 2
3 0 - y e a r a d j I n c 5 a _______ a l 9 4 2
N Y S t a t e R y a la t c o n s 4 H 8 -1 9 6 2
P o r t la n d R y l a t & r e f 5 s _____ 1 9 3 0
P o r t ld R y L t Sc P l a t r e f 6a . 1 9 4 2
P o r t la n d G e n E le c la t 5 a . 1 9 3 5
I J o s R y L H Sc P l a t g 6 H ..1 9 3 7
3 t P a u l C i t y C a b c o u a g 5 a . .1 9 3 7
T h ir d A v e la t r e f l a ___________ I 9 6 0
A d j in c o m e 5 a ______ ______ a 1900
T h ir d A v e R y 1 s t g 5 a ......... . 1 9 3 7
T r l - C I t y R y Sc L t la t a f 5 a . . 1923
U n d e r g r o f L o n d o n 4 H a ____ 1933
I n c o m e 6 a . . .......................
1948
U n it e d R y 9 I n v 5a P it t a la s__1926
U n it e d R y a S t L lHt g 4 a ___ 1 9 3 4
S t L o u is T r a n s it g u 6 a . . .1 9 2 4
U n it e d R U s S a n F r a f 4 a . . _ 1 9 2 7
U n io n T r ( N Y ) c e r t fa d e p . . .
E q u l t T r ( N Y ) in t e r c t ls
V a R y Sc P o w l a t Sc r e f 5 a - . 1 9 3 4
G a s a n d E le c tr ic L ig h t
A t la n t a G L C o l a t g 5 a _____1947
B k l y n U n G a a la t c o n a g 5a .1 9 4 5
C ln c l n G a s Sc E le c l a t A r o f 6a 1956
C o lu m b i a G Sc E la t 5 a ........... 1927
C o lu m b u s G a a l a t g o l d 5 a . -1 9 3 2
C o n s o l G a a c o n v d e b 6 a _____1 9 2 0
C o n s G a s E L A P o f B a l t 5 - y r 5a *21
D e t r o it C i t y O a a g o l d 5 a ___ 1 9 2 3
D e t r o it E d is o n la t c o l l t r 5 a _1 9 3 3
l a t Sc r e f 5a aor A _________ M 9 1 0
E q G L N Y l a t c o n a g 5 a . . 1932
G a s Sc E le c B e r g C o o g 5 a . . 1 9 4 9
H a v a n a E le c c o n s o l g 5 a _____ 1952
H u d s o n C o G a a t a t g 5 a _____1949
K a n C i t y ( M o ) G a a 1 st g 5 a . 1 9 2 2
K in g s C o E l L Sc P g 5 a _____1 9 3 7
P u r c h a s e m o n e y 6 a ________ 1 9 9 7
C o n v e r t i b le d o b 6 a __________1 9 2 5
E d E l 111 B k n la t c o n g 4 s . 1939
L a o G a a L o f S t L la t g 5 a . . ? 1919
R e f a n d e x t la t g 5 a ............ . 1 9 3 4
M il w a u k e e G a a L 1s t 4 a _____ 1927
N e w a r k C o n G a a g 5 a ________ 1 9 4 8
N Y G E L H A P g 5 s ____ 19 IS
P u r c h a s e m o n e y g 4 a _____ 1949
E d E le c 111 1 st c o n a g 5 a . . 1 9 9 5
N Y A Q E l L A P la t c o n g (fc . 1930
P a c if i c G A E l C o — C a l O A E
C o r p u n if y in g A r e f 5 a ___ 1937
P a c if i c G A E g e n A r e f 5 a . -1 9 4 2
P a c P o w A L t la t A ref 2 0 -y r
5a I n t e r n a t io n a l S e r le a ____1 9 3 0
P a t A P a s s a ic O A E l 5 a _____19 to
P o o p G a a A C la t c o n a g 6 a . 1913
R e f u n d in g g o l d 5 a . . .............1947
C h Q - L A C o k e l a t g u g 5a 1937
C o n O C o o f C h la t g u g 5a 1938
I n d N a t G a a A O il 3 0 - y r & H 9 3 6
M u F u e l G a a la t g u g 5 a . . 1947 M
P h ila d e lp h ia C o c o n v 5 a . . . 1919 F
C o n v d e b e n g o l d 5 a ________ 1922
S t a n d G a a A E l c o n v a f 6 a . . 1926
S y r a c u s e L ig h t in g la t g 5a. .1 9 5 1
S y r a c u s e L ig h t A P o w e r 5a .1 9 5 4
T r e n t o n O A E l 1st g 5 a _____ t a i
U n io n E le c L t A P l a t g 6 a . . 1932
R e f u n d in g A e x t e n s io n 5 ».1 9 3 3 !lY I
U n it e d F u e l G a a la t a f 6 a _ 1 9 3 b J
U ta h P o w e r A L t la t 6 a .. . . 1 9 4 4 F
U t ic a E le c L A P la t g 5 a ___ I 9 6 0 I
U t ic a G a a A E le c r e f 5 s . . . . 1 9 3 7 J
W ea tch ea ter L t g g o ld 5 s . . .1 9 3 0 J
W eek ’s
R ange or
L a st Sals
P r ie s
F rid a y
J a n . 10
BONDS
N. Y. STOCK EXCH AN GE
W e e k e n d in g J a n . 1 0
V ir g in ia n 1 s t 5 a Herte3 A _____ 1 9 0 2 M N
W a b a s h 1 s t g o l d 6a .......................... 1 9 3 9 NlN
2 d g o l d 5 a .................................... 1 9 3 9 F A
D e b e n t u r e s e r ie s B ________ 1 9 3 9
1 s t H en e q u ip a f d g 5 a ------- 1921
l a t lie n 5 0 - y r g te r r a 4 a — 1 9 5 4
D e t A C h E x t l a t g 6a ____ 1941
D o a M o lu e a D l v l a t g 4 s . . 1 9 3 9
O r a D l v la t g 3 H a ..................1941
T o l * C h D l v l a t g 4 a ____ 1941
W a s h T e r m l l a t g u 3 H a ------- 1 9 4 5
l a t 4 0 - y r g u a r 4 a ___________ 1 9 4 5
W e a t M a r y l a n d l a t g 4 a -------- 1952
W e s t N Y A P a la t g 5 a ____ 1937
d a n g o l d 4 a __________________ 1943
I n c o m e 6a _______ _________ j>1943
W e s t e r n P a c l a t aor A 5 a . . . 1 9 4 0
W h e e l in g A L E l a t g 5 a -------- 1 9 2 0
W h e e l D l v l a t g o l d 5 a _____ 1 9 2 8
E x t e n Sc I m p t g o l d 5 a _____1930
R e f u n d in g 4 H s s e r ie s A . . 1 9 6 6
R R l a t o o n a o l 4 a ----- ----------- 1949
W ln a t o n -S a le r n S B l a t 4 s . -1 9 6 0
W I s C e n t 5 0 - y r l a t g e n 4a — 1 9 4 9
S u p Sc D u l d l v A t e r m l a t 4a ’ 3 6
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S a le
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BONDS
Y. STOCK EXCH AN G E
W e o k E n d in g J a n . 10
R ange
Y ea r
1918.
A d a m s E x c o l l t r g 4 a — - - - 1948
A la s k a G o ld M d o b 6 a A ------- 1 9 2 5
C o n v d e b 6 a aorloa B _____- 1920
A m S 3 o f W V a l a t 5 s ..............1920
A r m o u r A C o la t re a l e a t 4 H a ’ 3 9
B o o t h F is h e rie s d e b a f Os— 1920
B r a d e n C o p M c o ll t r a f 0 a . 1931
B u s h T e r m in a l la t 4 s . . --------1952
C o n s o l 5 a __________ _________ 1 9 5 5 _
B ld g a 5a g u a r ta x e x .............. 1 9 0 0 A
C h ic C A C o n n R y a a f 5a
1927
C h ic U n S t a t ’ n 1 s t g u 4 H a A 1963
C h il e C o p p e r 1 0 -y r c o n v 7 d . 1 9 2 3
R e c t a (p a r t p a i d ) c o n v 6 a aer A
C o l l t r A c o n v 0a aer A . . 1 9 3 2
C o r a p u tln g -T a b -R e c a f 0 5 . . 1 9 4 1
G r a u b y C o n a M S A P c o n 6 s A ’ 28|ivi
S t a m p e d ..................................- 1 9 2 3 rvi
G r e a t Falla P o w l a t a f 53 — 1 9 4 0 m
I n t M e r c a n M a r in o a f 6 a—
1941 a
M o n t a n a P o w e r l a t 5a A ------- 19-43 j
M o r r is A C o 1st a f 4 H s _____ 1 9 3 9 j
M t g o B o n d ( N Y ) 4a aor 2 . . I 9 6 0 a
10 -2 0 -y r 5a aerlea 3 ________ 1932 j
N Y D o c k 5 0 -y r la t g 4 a _____1951 F
N ia g a r a F a lls P o w e r la t 5 s _ . 1 9 3 2 j
R e f A g e n 6 a ______________ a 1932 A
N la g L o c k A O P o w la t 5 a _ . 1 9 5 4 M
N o r S t a t e s P o w e r 2 5 - y r 5a A 1941 a
O n t a r io P o w e r N F l 3t 5 a — 1943 F
O n t a r io T r a n s m is s io n 5 a _____ 19 45 m
P a n - A m P o t A T r l a t c o n /G a T 9 -* 2 7 j
P u b S e r v C o r p N J g e o 5 a . . 19591 a
T en n ea a ee C o p 1st c o n v 6 a . . 1 9 2 5 !M
W a s h W a t e r P o w e r la t 5 a . -1 9 3 9 j
W ils o n A C o l a t 2 5 - y r a f 0 3 .1 9 4 1 A
M a n u fa c t u r in g & I n d u s tr ia l
A m A g C h o m la t c 5 a ________1 9 2 8
C o n v d e b e n 5 a _________ ____192 4
A m C o t OH d e b e n t u r e 5 a . - . 1 9 3 1
A m H id e A L la t a f g 6a _____1919
A m Srn A R 1st 3 0 - y r 6a se r A 1947
A m T h r e a d la t c o ll tr 4 h . ___ 1919
A m T o b a c c o 4 0 -y e a r g 0 a ___ 19 4 4
G o l d 4 a ................ ^ ................... 1951
A m W r i t P a p e r la t a f 5 a . . . 1 9 1 J
B a ld w L o c o W o r k s la t 5 3 . . 1 9 1 0
C e n t F o u n d r y l a t a f Os_____1931
C e n t L e a th e r 2 0 -y c a r g 5 a . .1 9 2 5
C o n s o l T o b a c c o g l a _________ 1951
C o r n P r o d R e f a ! g 5 a ________1931
l a t 2 5 -y e a r a f 5 a ___________ 1934
D is t il S e c C o r c o n v la t g 5 a . 19 2 7
E I d u P o n t P o w d e r 4 H s — -1 9 3 6
G e n e r a l B a k iu g l a t 2 6 - j r 0 a . l 9 3 0
G e n E le c t r i c d e b g 3 H s _____1942
D e b e n t u r e 5 6 _______________ 1952
I n g e r s o ll R a u d la t 5 a _______ 1936
I n t A g r lc u l C o r p la t 2 0 - y r 5 s 1932
I n t P a p e r c o n v a f g 5 a ______ 1935j
1 s t A r e f a f c o n v 5a aer A 1947
L ig g e t t A M y e r a T o b a c 7 a . - 1 9 44
5 a .....................................................1951
f/O iilla rd C o (P ) 7 a ....................1944
5 a .....................................................1951
M e x i c a n P e tr o l L t d c o u O s A 1921
1 s t lie n A ref 6 a serlea C . . 1 9 2 1
N a t E n a ra Sc S t p g 1 s t 5 a _____1929
N a t S ta rch 2 0 -y r d e b 5 9 - _ .- 1 9 3 0
N a t i o n a l T u b e 1 s t 5 a ________1952
N Y A ir B r a k e la t c o n v 8 a . .1 9 2 8
P ie r c e O il 5 - y e a r c o n v 6 a . 71920
1 0 -y e a r c o n v d e b 6 a . - . 6 1 9 2 4
S in c la ir O il A R e fin in g —
1 s t s f 7a 1 9 2 0 w a r r a n ts a t t a c h
do
w it h o u t w a r r a n ts a t t a c h
S t a n d a r d M il lin g 1st 5 a _____1930
T h e T e x a s C o c o n v d e b 0 a . .1 9 3 1
U n io n B a g A P a p e r 1 s t 5 a . -1 9 3 0
S t a m p e d ______ , ______
1930
U n io n O il C o o f C a l la t 5 a . _ 1931
U S R e a lt y A I c o n v d e b g 5a 1924
U 3 R u b b e r 5 - y r s e c 7 a ______ 1 9 2 3
1s t A r e f 5a serlea A _______ 1947
U S S m e lt R e f A M c o u v 0 9 .1 9 2 6
V - C a r C h e m l a t 1 5 -y r 5 a ___ 1923
C o n v d e b 6 a ............. ............. «1 9 2 4
W e a t E le c t r ic la t 5a D e o _____1 922
W e e k 's
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L a s t S ale
H ig h
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65
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62*2 6 5
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30*4 3 5 U 3 3
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Coal, Iron & Steal
B e t h S t e e l 1st e x t a f 5 a ______ 1920
la t A r o f 5a g u a r A _______ 1942
2 0 - y r p m A Im p a f 5 a ___ 1930
B u ff A S u a q I r o n s f 5 a _____1932
D e b e n t u r e 5 a _____________ a 1920
C a h a b a C M C o 1 s t g u 0 9 .- 1 9 2 2
C o l F A I C o g e n a f 5 a ______ 1943
C o l I n d u s 1st A c o ll 5a « u . . l 9 3 4
C o n a C o a l o f M d l a t A r o f 5 a . 1950
E lk H o r n C o a l c o n v 6 s ........... 1925
O r R lv C o a l A C la t g 6 a . . 6 1 9 1 9
III S te e l d e b 4 H * ......................... 1940
I n d ia n a S t e e l 1st 5 a . . ............-1 9 5 2
J o rf A C le a r C A I 2 d 5 a _____1926
L a c k a w S te e l la t g 5 a ________ 1923
1 s t c o n s 5s serlea A ________ 1950
M id v a l e S te e l A O c o n v a f 5 s l9 3 6
P le a s a n t V a l C o a l 1st s f 5 s . 1928
P o o a h C o n C o ll ie r la t s f 5 a . 1957
R e p u b l A 3 1 0 -3 0 y r 5a a f . 1940
S i L R o c k M t A P 5 s a t r u p d .1 9 5 5
T e n a C o a l I A R R g e u 5 a . . 1951
U S S te e l C o r p — 1 c o u p . . . d 1913
a f 1 0 -0 0 -y r 5a r o g ____ J 1 9 6 3
U ta h F u el 1st a f 5 a ...................1931
V ic t o r F u e l 1st 8 f 5 s _________ 1953
V a I r o n C o a l A C o k e 1st g 5 s 1949
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1918
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[Vol.
New York Bond Record—Concluded— Page 4
158
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A m T e l e p A T e l c o l l t r 4a— 1929 J
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Jan. 4
BOSTON
P R IC E S — N O T P E R C E N T U M
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Jan. 0
Tuesday
Jan. 7
Wednesday
Jan. 8
134
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Jan. 9
131
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115*8 115*8
83s
R ecord
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
See Next Pag*
159
Range fo r Year 1918.
Lowest.
Range for Previous
Year 1917
Highest
H ig h e s t.
Railroads
Boston A
Albany_100 122*j Aprl7 140 Nov22 1 2 0
D e c 175
Jan
Boston Elevated_________ 100
37
Jan 2
80 Novl2
27
D ec
79 Jan
Boston A
Lowell_100 80 Julyll 104 Nov20
70*2 D e c 133 Mar
Boston A
Maine_100 19
Jan23
40 Sept 9
15
D ec
45 Mar
Boston A Providence_____100 150
Aprl5 170 Aug 9 1 5 0
D e c 213
Jan
Boston Suburban Eleo
.50
Dec30
3 June 5
2
J u ly
3 July
Do p r e l___________
10*4 Mar 1
1 5 Junel7
9 June
July
30
Boston A Wore Eleo..no
Do p r e t___________
25 Julyl9
30*4 N ovl9
30 Aug 38 Feb
1 Ohio Juno Ry A U 8 Y ____100 138 July
147
Aprl7 148 Nov 150
Jan
75
Do pref______________ 100
82*8 Aprl
85*2 Decl9
83*2 Dec 108 Jan
26 Connecticut River_______ 100 104
Febl9 125 N ovl8
102*2 Nov 140 Mar
40 Fitchburg pref____________ 100
53
Jan22
05
Jan 3
44 Dec 78*2 Mar
Georgia Ry A Eleo stampd 100
Septl9 116*4 Jan 9
Jan
D e c 133
Do prof................
100
70 Oct 3
81
Feb25
83 Juno
9212 Jan
18 Maine Central____________ 100
77*8 Junel
88 N ovl9
78
D e c 100*8 Mar
4,075 Mass Electric Cos________.100
Sept 0
7*2 May 10
6*3 June
1
D ec
5,807
Do
pref stamped______ 100
Jan22
33 MaylO
31*4 July
0
D ec
240 N Y N n A Hartford______ 100
27
Feb25
40 May29
21*4 S e p t
52*4
Jan
Northern New Hampshire. 100
84 Oct 7
95 Novl4
Apr
90*2 O c t 105
Old Colony_______________
Junel4 112*2 Dec 9
85
D e c 135
Jan
Rutland, pref____________ 100
20
Jan 2
25
Jan 8
16*2 D e c
84*2 Feb
3 Vermont A Massachusetts. 100
80 Aug
90 Oct 4
83
D e c 110
Jan
195 West End Street___________ 50
37
Feb20
50 July 5
34
D ec
56*2 Mar
41
Do pref________________
47
JanlO
62
Apr 1 * 4 5
D ec
74
Jan
Miscellaneous
539 Amer Agrlcul Chem ical... 100
78*8 Jan 2 100 O c t 18
73
94*4 May
D ec
840
Do pref_______________100
88*8 Jan 2 100
D ec 5
88
D e c 103*2 Jan
Amer Pnoumatlo Service.. 25
.40 July 1
2*2 M a r 2
1 D ec
2*8 Jan
241
Do pref______________ 50
4 Sept30
15*8 M a r 4
14 Mar
7*2 D e c
290 Amer Sugar Refining_____ 100
99
Jan 2 115*2 M a y 15
120
U June
90
N ov
.445
Do pref_______________ 100 107 June 4 1 1 5
D ec 6
105
D ec
12 U2 Jan
1,038 Amer Telep A Teleg............ 100
90*4 Aug 5 109*8 O c t 9
90
D e c 128U Jan
American Woolen of Maas. 100
45*8 Jan 8
60*8 M a y 2 4
387g N o v
58 June
239
Do pref............................100
90
Jan 3
97*2 D e c l l
*87*4 D e c 100*4 June
275 Amoskeag Manufacturing____
00*8 Jan 2
92
N ov 8
75 July
60
D ec
20
Do pref__________________
70
Jan 7
82 June 5
75
D ec
97*8 J&n
200 Art Motal Construe Inc___10
11
Feb2l z l 9
D c c l3
6
D ec
14*4 Dec
10 Atl Gulf A W I 8 8 Lin es..100 93
JanIS 120*4 F o b lO
88 S e p t 12U3 Jan
Do
pref.......................... 100
58*8 Janl7
67*4 N o v 2 0
66
Jan
55*2 F e b
409 Booth Fisheries_______
21
Jan25
28*2 S e p t 5
3,435 Century Steel of Amer Ino. 10
10*4 M ayl8
1478 D c c 2 8
835 Cuban Port Cement________ 10
11*2 Nov30
17*2 M a y 1
9 Dec 20*8 J****e
3,151 East Boston Land__________ 10
4
Jan31
5*4 M a y l 5
37g Dec 10 Jan
95 Edison Electric Ilium____ 100 134 June21 1 8 0
N ov21
133*8
Dec 226 Jan
1,330 Fairbanks Co_______________25
2718 June27
64*4 N o v l 0
19 General Electric.................100 128
JanlO 157*4 N o v 9
118*4 Dec 170*4 Jan
3,417 Gorton-Pew Fisheries............ 50
27 Aug29' 3 5
A ug30
448 Internat Port Cement_____ 10
4*2 O ct l o !
7*2 O c t 2 3
Deo 18*2 Jan
015
Do
pref....... ................... so
12
Apr23
23
N ov25
Dec 33*2 Jan
8 ,310 Island OH A Trans Corp___10
3*8 Aug23
0*8
2 MoElwaln (W II) 1st pref. 100
88 8ept30
93
9 2*3 D e c
Jan
102
571 Massachusetts Gas Cos ..1 0 0 *77*4 Janl5
91*4
71
D ec
100*2 M a r
98
Do
pref.........................
62 Junel7
71
M ar
63
D ec
81
Mergenthaler Linotype... 100 107 Junell 147
110
Jan
D oc
169
New Eng Cotton Yarn____ 100
88
JanIS
95
35
M ar
Jan
95
Do
pref........... .............
60
Jan
92*2 A u g
173 New England Telephone .100 82*8 J u ly 3 0
93
D ec
124*2 M a r
Nova Scotia Steel A C ____ 100
53
D ec30
69
*59
Jan
N ov
112
26 Pullman Company________ JOO 102
Jan
130
107
D ec
160*4 J a n
2,735 Punta Allegre Sugar________50
29
Jan
51
Jan
29
D
e
c
4
0
230 Reece Button-Hole_________ 10
11
Jan29
M ar
10
D ec
16
1,037 Stewart Mfg Corpn.........
27 O c t 2 3
______
2 ,035 Swift A Co.............................
102
Aug30
110
16278 A p r
N
o
v
40 Torrlngton................................25
45 J a n 2 9
56
40
June
N ov
08
904 United Fruit______________100 115** J a n l 7 166
*105
D ec
155*2 J a n
1,001 United Shoo Mach C orp .. 25
38*8 J u l y 9
48*2 MaylO
Jan
37*2
D
e
c
58*4
303
Do pref________________ 25
24*4 A u g 9
25
O ct
30*s M a r
5,233 U S Steel Corporation____ 100
87
M ar25
M ay
79*8
D
e
c
1
3
5
09
Do pref......... .................
108
M ar25
113*8 Decl0 103*4 D e c 121
Jan
3 ,180 Ventura Consol Oil Fields. 5
5
Jan 2
9 Nov 8
87* J a n
4*4 D e c
Mining
Adventure Con......... .............25
*8 J u n e 2 7
1*4 Jan25
1
O ct
4*4 J a n
120 Ahmeck___________________ 25
69
D ec27
86 Novl2
Jan
70
D e c 108
140 Alaska Gold______________
1*8 A p r 2 5
6*8 Nov 0
Jan
1
D ec
11*2
Algomab Mining..............I . 25
.1 5 J u l y l l
.45 Mayl3
*4 S e p t
1*4 J a n
132 Allouez___________________ 25 40*2 D e c 3 1
54 Feb27
45
M ar
D ec
70
50 Amor Zino, Lead A Smelt. 25
10
D ec31
21*4 July 3
11
D ec
41*4 J a n
Do pref............................. 25
40*2 D e c 3 1
64 July 0
40
Jan
N ov
73
1,310 Arizona Commercial______
11
Jan
16*4 Aug24
8 *s N o v
16*4 J u n e
400 Butte-Balaklava Copper.. 10
.2 0 O c t 21
.48 Nov22
.2 5 D e c
2*4 J a n
Butte A Sup Cop ( L t d ) ... 10
16*4 D e c 3 0
33 Mayl4
12*3 D e c
Jan
62
304 Calumet A Arizona_________
61
D ec27
7312 Mayl0
55
D ec
85U Jan
32 Calumet A Hecla......... ..
25 4 2 5
D e c 2 6 470
Dec 4 4 1 1 D e c 5 9 0 F e b
100 Centennial...........................
25 10*4 J u n e 2 7
14*2 Feb 19
11
D ec
27*4 J a n
1,101 Copper Range Co__________ 25
40
D ec20
51*2 Novl2
39*4 D e c
Jan
68
2,700 D a l y - W e s t ____________________ S20
1*8 A p r lO
3 Sept30
208
094
57
268
2
..no par
no par
par
no par
8
100
8
1*4
8*8
100 188*2
6
50
no par
100
100
166
100
*.75
.99
Last Sale .00 D o c ’ 18
71*4 71*4 *71
72
72
72
*37g
4
37S
4
4
4
*.20
.30
Last Sale .2 0 D e c ’ 18
44
44
43
43
43*4 4 4
*12
12*4
12*8 * 12
12
12
Last Sale 40*2 D e c ’ 18
*1212 13
12*2 12*J
12*2 12*4
12*2 12*2
12*2 12*8
12*4 12*2
.4(
,4(
*.30
*.30
*.30
•4(
*.30
.40
.25
.25
.21
.21
*20
2U2 *19*2 20
21*2 1 *20
*19
20
Last Sale 16*4 t D c c ’ 18
03
63
02
*01*4 02
02
01*8 02
02
02*4
01*4
02
*440 445
440 440
440 440 *440 445
435
440
431
431
*12*2 13*2 *1212 13*2 *12*2 13*2 *13
13*2 *13
13*2
13*2 1312
41*4 42*4
4 1*4 42
41*8 41*4
41*2 41*8
41*2 4178
41
42
278
3
2*4
*2*8
*2%
2*8
2*8
2*8
* 2 * 2 ____
*212 3
5*8
5*8
5
5
5 Mi 5*s
5
5 Mi
5
5
5*8
5*4
1.348 D a v l s - D a l y C o p p e r _________ 10
9*8
9*2
9*8
9*8
9*2
9*8
9*4
9*4
9*4
9*4
720 E a s t B u t t e C o p p e r M i n . . . 10
9*4
9*4
4
*3*4
378 3*8
*3i2
37S *3*2
334
33 i
■'$78
*334
4
10 F r a n k l i n ............................
25
*77
81
*77
80
*77
80
*77
80
Last Sale 8 0
D e c ' 18
G r a n b y C o n s o l i d a t e d ............ 1 0 0
*45*2 4012 *45*4 40*2 *45*2 40*2 *45*2 46*8
LastlSale 45*4 J a n ’ 19
G
r
e
e
n
e
C
a
n
a
n
e
a
____________
1
00
*5*8
5*2
5*2
5*2
5*2
5*2
5*2
5*4
*5*4
5*2
5*4
6*2
487 H a n c o c k C o n s o l i d a t e d _______2 5
*.00
.70 *.00
.70
*.00
.70
.70
.70
.70
.70
* .0 5
.7 5
200 I n d i a n a M i n i n g _______________ 2 5
47*2 48
47*2 47*2
47*4 48
47*2 47*2
47
473t *40*2 4 8
550 I s l a n d C r e e k C o a l
*80*2 82
♦80*2 82
*80*2 82
*80*2 82*2
Last Sale 8 2
J a n ’ 19
Do
p r e f _____. . ___________
_
25
25
24
25
25
24*2 25*8
25*8 *25
25*8 * 2 5
25*8
578 I s le R o y a l e C o p p e r ___________2 5
5*s
5*2
5*2
5*2
*5*4
*5*4
5*4
5*4
*5*4
5*4
5*2
5*2
130
K
e
r
r
L
a
k
e
___________________
5
*.95
1
*.90
.95 *.90
.95 *.90
.95
Last Sale .9 5 D e c ’ 18
K e w e e n a w C o p p e r ___________ 2 5
412
4*2
4*2
4*?
4*2
*4
4*2
412
*4
4*2
*4
4*2
50 L a k e C o p p e r C o ______________2 5
2*4
*2*8
3
•2*8
*2*8
*2*2
3 1 Last Sale 234 J a n ’ 19
L a S a llo C o p p e r _______________ 2 5
*2*4
*2*4
3*2
*212 3*2
*2*2
3*2
3*2
3
3
*2*2
#3*2
200
M a s o n V a ll o y M i n e ____________ 5
*4*4
412
*4*4
*4*4
*4*4
4*4
4*4
*4*8
4*4
4*2 1 -4*2
300 M a s s C o n s o l __________________ 2 5
2^4
3
23.t 3
2*4
2*8
2*4
2*4 *2*8 32*4 1,553 M
2*8
23
a y flo w e r -O ld C o l o n y . . I 2 5
3
*3
*3
3*2
3*2
3*4
*3
3*2
3*2
*
3
i
S
3
1
2
120
M i c h i g a n _______________________2 5
6*134 54*4
54
54
54*2 54*4
53*4 53*4
*53*4 54*2 * 5 4
54*2
140 M o h w a k ________________________2 5
*16*4 17*2 *17
*17
17*4 *17
17*4
17*4
Last .% i« lf,3 1 D e c ’ 18
N ev a d a C o n s o lid a t e d ..I ll
5
2
*1*2
2
2
*1*2
*1*2
*1*2
1*4
Last Sale'\\2 D e c ’ 18
N e w A r c a d ia n C o p p e r _____ 2 5
9
9
9
9
9
*8*4
*
8*4 87SI 834 834
N
e
w
I
d
r
i
a
Q
u
ic
k
s
i
lv
e
r
_____
5
15
*12
15
*12
*12
15
15
Last Sale, 12
A n g ’ 18
N e w R i v e r C o m p a n y ______ 1 0 0
03*2 05
*03
05
*03
*03
05
65
Last Sale 0412 D o c ’ 18
Do
p r e f __________________ 100
*8*4
8*4
8*2
*8*4
8*2
8 Mi 8*2
*8*8
8*2 ____
405
N lp ls s in g M i n e s ........... ..........
5
11
11*2
11
11
10*4 11
10*4 11
10*2 10*1
10*2 10*2
092 N o r t h B u t t e __________________ 15
*.65
.75 *.55
.75
.40 *.55
.40
.75 * .5 5
.75
* .5 5
.75
12 N o r t h L a k e _____________ H I 2 5
*112
2
2
*1*2
*1*2
2
2
♦1*2
Last Sale 1*8 D e c ’ 18
O j l b w a y M i n i n g .............. ..
25
35
35
35
*34
35
*34
35
3478 | 35
*34
35
125 O ld D o m i n i o n C o ________
25
50
50
49
49
50
50
*49
50
50 j 50
51
51
35
O
s
c
e
o
l
a
_________________________
2
5
13*2 13*2
13
13
*13
13*2 13*2
13*2
13 * 13*4
13*4 13i4
595 P o n d C r e e k C o a l __________ I 10
61
01
01
01
*60
01
00
00
60*21 00*2
00
00
241 Q u l n o y ..............................................2 5
*21
21
21
*21
2134 ♦20*2 2114 *2012 Ir21*4 *21
213.i
30 R a y C o n s o l i d a t e d C o p p e r . 10
*40*2 42
*40*2 43
♦40*4 44
♦40*4 41
Last Sale 40
D e c ’ 18
S t M a r y ’ s M in e r a l L a n d . . 2 5
Last Sale .32 D e c ’ 18
3
S a n t a F e G o l d A C o p p e r . . 10
3
3
3
3*4
3*8
3*8
3*8
3*4
3*2
3*4
3*4
S h a n n o n ______________________ 10
*1*4
1*2
*1*4
1*2
*1*4
H?
*1*4
1*2
Last Sale 1*8 D e c ’ 18
S o u t h L a k o _____________
25
♦.11 12*2 *.l l
.12 *.10
.12 *.10
.13
Last Sale .10 D e c ’l 8
S o u t h U t a h M A S .................
6
5*4
0
*5*2
0
0
*5*2
♦5*3 0
*5*2 ; | 0
*5*2 «, 0
102 S u p e r i o r ________________________ 2 5
278
3
3
3
3
2*4
27S 2?8
2*2 15238
2*4 *,234
1,725 S u p e r io r A B o s t o n C o p p e r . 10
*2*2
2*8
2*2
2*.|
2*2
*2*2
*2*2
2*4
2*2 « , 2*2
2*4 1*2*4
560 T r i n i t y ________ _________________ 2 5
*.73
.86 *.73
.85 *.73
.85 *.73
.85
Last Sale .78 Jan’ 19
40
T u o lu r a n o C o p p e r _________
1
40
4412 45*2
44U 45
45
45
*44
45
44
45
312 U S S m e lt R e f i n A M i n ___ 5 0
45*8 40
45*8 40
40
40
45*4"
40*4
45
46*4
40
40
240
3
Do
p r e f . . . ...................
50
3
3
3
3*8
27g 3
3
3*8
3
3
1,880 U t a h - A p o x M i n i n g _________ 6
3*8
*8
8*4
8
8
8
8
8*4
8*4
8*4
8*4
*8
8*4
200 U t a h C o n s o l i d a t e d _________
6
1*2
1*8
1*2
1*8
1*2
U?
1*2
1*8
1*8
1*8
1*2
1*2 3,285 U t a h M e t a l A T u n n e l ______
1
2*4
2*4
2*4
2
2
2*4
2*4
*17g
3
*13.t
200 V l o t o r l a ________________________ 2 5
2*8
.95 1.25
.90
.90
.80
.95 *.95
1
.50 .50
.90 .90
117 W i n o n a _________________________ 2 5
19
19
18*8 18*2 *18
19
*18
19
19
19
*18
19
162
*.25
W o l v e r i n e _____________________ 2 5
.50 *.25
.50 *.25
.60 *.25
.50
.50 Dec’ 18
10
5
10
2*4
4*4
2*4
4
8^4
*12
8*4
8*4
35
21*4
Last Sale
' Bid and asked prices,
a Ex-dtvidcnd and rights,
c Assessment paid.
W y a n d o t t ...........................
6
Ex-stock dividend.'
h Ex-rlghts.
25
67g Mar 8
12 Novl2
6
Febl8
84*4 Oct 24
57*4 Nov
10*8 Jan 2
1 Jan
70 Mayl5
84 Febl8
29 July 3
6*2 Oct 18
1*4 Mayl5
8*4 Mayl4
3*4 Mar
6
Febl3
7 Jan 2
4*2 Nov 4
4*4 Oct 29
66*2 MaylO
20*2 Mayl4
2*8 July 1
17*4 Mar 7
20 Jan 2
80 Jan31
97g April
17*8 MaylO
.95 Marl9
1*8 DeclO
4512 Jan 3
65 Jan 9
20*4 Feb20
78 MaylO
25*4 May23
57 Jan 2
1*4 Feb21
6*4 Jan 2
2 Jan 3
.20 Jan 8
87g Nov20
4*4 Sept27
4*2 Febl3
1% Aug20
60*2 Oct 18
47*2 Nov 8
4*s Nov 18
12 Janie
3 Mi Apr 8
3 Jan 3
2 Jan 3
36 Jan 3
1Mi Mar 7
w Half-paid.
4*4 D e c 2 3
8*8 M a r 2 5
3 June21
73*8 J u n e l 4
39
J a n 17
4*4 D e c 3 1
.4 0 J u ly 2 3
4 4 's D e c 3 0
79*2 O c t
19*2 J a n l 4
5
Jan 2
.8 0 S e p t l l
3*4 D e c 3 0
2
Jan 2
2*4 D e c 2 7
3*4 S o p t l 7
.6 6 M a r 2 6
.4 0 J u n e 2 8
50*2 D e c 3 0
16*2 D e c 3 0
1*4 A u g 2 9
9 »» D e c 2 7
12
A ug29
63*2 D e c 3 1
8 M i J a n 11
10*2 D e c 3 0
.2 5 F e b l 4
*2 J u n e 2 1
32
D ec30
46*2 J u n e l l
12*4 D e c 3 0
69
D ec27
19*2 D e c 2 6
38
D ec27
.2 5 D e c l 2
2*4 D e c 3 0
*2 S e p t 3 0
.1 0 D e c 3 0
4
F e b l9
1*4 A u g l 3
2*2 S e p t 2 3
.7 3 D e c 2 7
36
A p r l3
42
J u ly 2 4
1*4 M a y 3 1
7
D ec30
1
D ec 9
1*8 D e c 3 0
*2 N o v 2 1
18
D e c lO
.4 0 M a y l 9
g Ex-dlvldend.
1*2 A p r
3*4 N o v
8*4 D e c
4
60
35
7
D ec
D ec
N ov
D ec
*4 D e c
52
N ov
80
N ov
20
D ec
4*4 A p r
1*4 J u n e
5
O ct
1*4 D e c
4*8 N o v
5
N ov
1
N ov
1*8 A u g
57
D ec
10
N ov
1*2 D e c
10
N ov
22
Jan
65
D ec
6*4 J u l y
11*4 O c t
.3 0 N o v
.9 8 D e c
33
N ov
63*2 D e o
10
N ov
60
N ov
20
N ov
48
D ec
.5 8 D e c
6*8 O c t
.8 9 D e c
.1 0 D e c
3*4 D e c
3*8 D e c
3
N ov
1 M ay
40*8 D e c
43*2 N o v
l 7s M a r
9*2 D e c
2*8 D e c
2
O ct
2
O ct
31
D ec
.1 5 A u g
3
7*4
10
9
92
Jan
Jan
Jan
M ar
Jan
46*2 Jan
20*2 Jan
4 Mar
7612 June
94
Apr
30
Jan
6 Aug
Jan
18
Jan
5
Jan
8*8 Aug
Jan
3 May
5*2 Mar
98
Jan
26*2 Mar
0
Jan
17*2 Apr
30 Mar
Mar
9*s Sept
24*4 Mar
Jan
27g Jan
Mar
95 Mar
28*4 June
94*2 Feb
32*8 Apr
89*4 Mar
2
Jan
19
Jan
Jan
.31 Jan
16*8 Mar
Jan
i July
2 Mi Jan
67*4 Jan
6212 Jan
4*4
1512
92*4
2*4
67*4
6*4
8*4
82
378 Sept
Feb
2 H2
6*8 Jan
Jan
5*8 Jan
6
63*2 Mar
2*8 Jan
[Vol . 108
T H E C H R O N IC L E
160
O u ts id e
S tock
F r id a y
W eek ’s R ange
L ast
o f P ric es.
S a le .
H ig h .
P r ic e . L o w .
E xch an ges
Boston Bond Record.—Transactions in bonds at Bos
ton Stock Exchange Jan. 4 to Jan. 10, both inclusive:
F r id a y
W eek ’s R ange
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .
B onds—
U S L i b L o a n 3 M s . 1 9 3 2 -4 7
1 s t L ib L o a n 4 s . 1 9 3 2 -4 7
2 d L i b L o a n 4 s . . 1 9 2 7 -4 2
1 s t L i b L 'n 4 ' 4 a - 1 9 3 2 -4 7
2 d L ib L 'n 4 X s . 1 9 2 7 -4 2
3 d L ib L o a n 4 X S - - 1 9 2 8 , .
...........
4 t h L ib L o a n 4 M s - - 1 9 3 8 '
A m A g r l c C h e m 5 s ___ 1 9 2 4
A t l G & W I S S L o s . .1 9 5 9 ,
C h i c J u n e & U S Y 4 3 .1 9 4 0
G t N o r - C 1$ & Q 4 s . . . 19 2 1
M a s s G a s 4 X s .............. 1 9 2 9
4 X s ___________
1931
M is s R i v e r P o w e r 5 s . . 1 9 5 1
N E T e l e p h o n e 5 s _____1 9 3 2
P u n t a A le g r e S u g a r 6 s 1 9 3 1
S w if t & C o 1 s t 5 s _____1 9 4 4
U S S m e lt R & M c o n v 6 s
V e n t u r a O il c o n v 7 s . . 1 9 2
W e s te r n T e l & T e l 5 s . 1932
8 3 )4
7 4 )4
9 5 )4
9 3 )4
9 1 )4
95
9 9 .3 4
9 2 .6 4
9 2 .6 4
9 6 .0 4
9 4 .8 4
9 5 .8 4
9 5 .1 4
101 )4
8 2 )4
7 4 )4
9 5 )4
92
86
7 7 )4
93
9 1 )4
96
100
94
8 9 )4
Sales
fo r
W eek .
9 9 .6 2 $ 4 4 ,6 0 0
4 ,5 0 0
9 3 .1 0
9 ,6 0 0
9 3 .1 0
300
9 6 .4 0
9 5 .6 2 6 3 ,8 5 0
9 6 .3 4 9 1 ,1 5 0
9 6 .5 0 3 4 6 ,3 5 0
8 ,0 0 0
1 0 2 )4
2 2 ,0 0 0
8 3 )4
1 ,0 0 0
74 X
3 ,0 0 0
9 5 )4
2 ,0 0 0
92
80
1 ,0 0 0
1 ,0 0 0
77 X
7 ,0 0 0
9 3 )4
92
1 9 ,5 0 0
6 ,0 0 0
9 0 )4
100
2 ,0 0 0
7 ,0 0 0
95
4 ,0 0 0
8 9 )4
R ange fo r Y ea r 1 9 1 8 .
H ig h .
L ow .
9 6 .5 2
9 2 .6 4
9 2 .6 0
9 3 .6 4
9 3 .0 4
9 4 .5 4
9 4 .0 4
9 2 )4
7 4 )4
7 2 )4
92
85
8 0 )4
6 7 )4
8 4 )4
77
9 0 )4
93
80
8 2 )4
Jan
D ec
D ec
J u ly
J u ly
Aug
D ec
M ay
Sept
Apr
M ar
Sept
Sept
Jan
Aug
M ay
Sept
J u ly
Jan
June
1 0 2 .5 0
9 8 .8 6
9 7 .9 0
9 8 .9 0
9 8 .1 4
101
9 8 .2 4
1 0 1 )4
84
75
9 5 )4
9 2 )4
8 7 )4
7 6 )4
9 4 )4
92
9 7 )4
1 0 0 )4
9 4 )4
92
Aug
O ct
M ar
N ov
N ov
M ay
N ov
N ov
D ec
D ec
N ov
N ov
D ec
D ec
N ov
D ec
N ov
N ov
N ov
N ov
Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 4
to Jan. 10, 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 por cent
of par value.
S tock s—
•
F r id a y
L a st
W eek ’s R ange
o f P r ic e s .
S a le .
H ig h .
P a r . P r ic e . L o w .
S a les
fo r
W eek .
S h a res.
2 )4
2X
70 X
7 0 )4
84
84
1 0 5 )4 1 0 6 X
83
82
7
7 )4
4
4
35
34
30
29 X
78
75
17
17
74
7 4 )4
78
78
96
96
20
20
27
26 X
3X
3 )4
660
215
40
54
399
1 ,8 8 7
235
572
381
591
50
405
105
36
2 ,7 2 0
65
800
1 0 5 )4
83
7X
D a v i s o n C h e m ic a l . . n o p a r
35
H o u s t o n O il p r e f t r c t f s 1 0 0
M t V - W o o d b M i l l s v t rlO O
7 7 )4
P e n n s y l W a t e r & P o w e r lO O
P u b l i c S e r v ic e B l d g , p r e f . . ..............
20
U n i t e d R y & E l e c ________5 0
W a s h B a lt * A n n a p _____5 0
W a y l a n d O il & G a s ------------5
3X
A la b a m a C o s m a ll b d s 1 9 3 3
B a lt E l e c t r i c s t p d 5 s . l 9 4 7 | ------------
C o n s o l G .E L & P 4 X S -1 9 3 5
________
C o n s o l C o a l r e f 5 s ------- 1 9 5 0 i 9 2 X
........... ..
(O ld C o ) r e f u n d 6 s . 1 9 2 6
E lk h o r n C o a l C o r p 6 s . 1 9 2 5
F a ir & C la r k s T r a c 5 s . 193 8
G a S o u & F lo r i d a 5 s . . 1 9 4 5
H o u s t o n O il d l v c t f s . '2 3 - 2 5
99 X
M S t & S t P C J o in t 5 s 1928
N o r f & P o r t s T r a c 5 s . 1936
N o r f o l k S t R y 5 s ----------1941
N o C e n t r a l s e r A 5 s . . 19 2 6
78
U n i t e d R y & E 4 s _____1 9 4 9
53 X
W a s h B & A 5 s ..............1941
W I 1 & W e l d o n 5 s ........... 193 5
83X
90
92 X
100
89
85 X
95 X
92 X
8 4 )4
87 X
91
99 X
95 X
95 X
9 8 )4
103
98 X
9 3 )4
9 8 )4
78
100
101 X
101X
75 X
53 X
75 X
75
95 X
83 X
101
90
92 X
100
89
85 X
96 X
92 X
87 X
87 X
91
99 X
9 5 )4
95X
98 H
106
99
93 X
98 X
78
100
101X
101X
76
54 X
75 X
75
96
83 X
101
R ange f o r Y ea r 1 9 1 8 .
H ig h .
L ow .
IX
70
81
94
80
5X
3X
28 X
22 X
64
14 X
68
60
94
17X
24
3
Sept
D ec
D ec
Jan
D ec
Sept
Jan
D ec
Jan
Apr
June
Jan
Jan
Aug
June
Jan
Apr
Feb
3X
M ay
87
Ap
86
D ec
108 X
Jan
106
Jan
8X
4 x N ov
3 9 )4 A u g
31 X N o v
8 0 )4 Ju n e
1 7 )4 S e p t
D ec
78
N ov
80
96
M ar
F eb
24 X
3 1 )4 S e p t
Jan
3X
$300
8 2 )4
90
1 ,0 0 0
9 ,0 0 0
96X
2 ,0 0 0
83X
9 ,0 0 0
78
1 2 ,5 0 !)
90
5 ,0 0 0
82
77
7 ,0 0 0
7 ,0 0 0
78
3 ,0 0 0
9 0 )4
1 5 ,0 0 0
93 X
3 ,0 0 0
90
91
2 ,0 0 0
1 ,0 0 0 ,
88
1 9 ,0 0 0 , ...........
1 3 ,0 0 0
95 X
2 ,0 0 0
8 9 )4
2,00(1
98 X
1 ,0 0 0
78
3 ,0 0 0 ,
92 H
1 non,
1 ,0 0 0 101
6 ,0 0 0
71
3 6,00(1,
52
3,00(1 , 7 3 X
20C
73X
4,00(1
91X
5,0001
80
6 ,0 0 0 1 9 9
M ar
June
Sept
N ov
O ct
June
Jan
June
June
N ov
Aug
Apr
O ct
Jan
85
95
100
89 X
85 H
98
92 X
8 6 !£
8 7 )4
94
9 9 )4
96
96 X
102
M ay
N ov
Feb
N ov
N ov
N ov
D ec
D ec
D ec
Jan
D ec
D ec
D ec
Aug
Apr
J u ly
D ec
Sept
Aug
99
95
98 X
80
97
N ov
Jan
D ec
Feb
Feb
N ov
Sept
Aug
Aug
Aug
June
Jan
Jan
101
79
59
82
82 X
96
85 X
99 X
N ov
N ov
N ov
N ov
F eb
Feb
N ov
Apr
Pittsburgh Stock Exchange.—Tho complete record of
transactions at tho Pittsburgh Stock Exchange from Jan. 4
to Jan. 10, both inclusive, compiled from the official sales
lists, i3 given below. Prices for stocks are all dollars por
sharo, not per cent. For bonds the quotations are por cent
of par value.
_______
F r id a y
L a st W e e k 's R a n g e
o f P r ic e s .
S a le .
L ow . H ig h .
P a r . P r ic e .
S to ck s—
A m e r R o llin g M ill c o m . 25
A m e r W i n d G la s s M a c h lO O
C o l u m b i a G a s & E l e c . . ICO
C r u c i b l e S t e e l p r e f ------- 100
Ila r b -W a lk
R e fra ct.
. 100
8 6 )4
43
120
7
L a B e ll e I r o n W k s c o m . 1 0 0
M f r s L ig h t & H e a t ........... 50
N a t F i r e p r o o f in g c o m . . 5 0
173
50
5 )4
1 0 )4
44
2 9 )4
P e o p N a t G a s & P lp e a g e 2 5
P it t s b u r g h B r e w in g c o m 6 0
P it t s b
P lt t s b
P itts b
P it t s b
C o a l c o m ..............100
Jerom e C o p p e r. _ .l
& M t S h a sta C o p . 1
O il * G a s ............. 100
3
9
_ ___
26c
8 )4
U n io n N a tu ra l G a s . . ..1 0 0
'1 23 )4
U S S t e e l C o r p c o m _____1 00
W e s t ’ h o u s e A ir B r a k e . . 50
W e s t ’ h o u s e F,1 & M f g — 50
92
9 5 )4
4 2 )4
46
8 6 )4
78
43
9 1 )4
98
120
1 )4
7
97
170
50
5 )4
10
1 7 )4
44
2 9 )4
30
3
9
49
8c
25c
8
5c
123
32
9 1 )4
93
41X
46
87 X
81
4 3 )4
91 X
99
120
2X
8
100
177
5 0 )4
5 )4
1 0 )4
1 8 )4
45
3 0 )4
30
3 )4
9X
49 X
lie
26C
8 )4
5c
125
32
96
9 5 )4
42 X
S ales
fo r
W eek .
S h a res.
10
375
340
20
80
22
20
205
176
320
290
352
555
150
415
743
831
80
1 ,1 6 0
475
510
6 ,0 0 0
4 ,5 0 0
7 ,5 4 3
1 ,0 0 0
380
55
255
875
381
R ange fo r Y ea r 1918.
L ow .
99
37
53 X
R ange fo r Y ea r 1 9 1 8 .
$ 1 ,0 0 0
5 ,0 0 0
3 ,0 0 0
97
34
50
H ig h .
L ow .
O ct
Apr
Jan
98X
40
54
June
Jan
Aug
x E x -d iv id e n d .
Chicago Stock Exchange.—The comploto record of
transactions at the Chicago Stock Exchange from Jan. 4
to Jan. 10,. both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
sharo, not por cent. For bonds tho quotations are per cent
of par value.
P ar.
S tock s—
F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .
American Radiator____ 100
295
295
87
87
Preferred___________ 100
110 )4 112
Amer Shipbuilding____ 100
89
89
Preferred .....................100
Armour & Co, preferred___ 10124 1 0 1 )4 101 X
Booth Fisheries—
Common..new (no par)
21 X
21X
22 X
8 2 )4
Preferred___________ 100
81X
13
13
Bucyrus ...............................
9
Chic City & C Ry pt sh pt
8 )4
""SX
12
12
Chicago Elevated Ry, pref
60
05
Chic Pneumatic Tool. .100
38
38
Chicago Rys part ctf “ 1”
Commonw’th-Edison. .100
117
1 1 7 )4
Cudahy Pack Co, com.100
1 0 2 )4 1 0 4
Cudahy rights................
X
96
9 8 )4
Deere Co, pref______ 100
110
109
Diamond Match............100
5 4 )4
5 4 )4
Hartman Corp’n............100
75
75
Hart ,Shaff&Marx,com. 100
56
56
Illinois Brick__________ 100
2 3 )4
2254
Libby ( W I ) ....................
22 X
14
1 3 )4
Lindsay Light...................10
1(> X
Preferred....................... 10
10X
50
50
Middle West Util, pref.100
49
48
Peoples’ Gas Lt & Coke 100
90
9 2 )4
Pub Serv of No 111, com 100
1 0 2 )4 102)4
Quaker Oats Co, pref..100
186
175
Sears Roebuck, com— 100
1 1 9 X 1 1 9 )4
Preferred
_________ 100
93
92
Shaw W W , com............100
Stewart Warner Speedom
8 3 )4
90 X
86
Com m on..... ............... 100
123
1 2 5 )4
Swift & Co....................... 100 1 2 4
44
47M
Swift International-----46X
Union Carbide
Carbon
56
57
56
Co...................... (no par).
3
3X
3X
Union C & C Co rights—
1 9 )4
20
Unit Pap Board, com ..100
1 9 )4
94
94
U S Steel, common____100
1 0 8 14 1 0 9
Ward, Montg & Co, pref
5
5 )4
Western Stone__________
71
7 4 )4
Wilson & Co, common. 100
71X
97X
99
Preferred___________ 100
&
&
B on d s.
A r m o u r & C o d e b 6 s . . 1 923
B o o t h F is h e r ie s s f d 6 s 192 6
C h i c C i t y & C o n R y s 5 s '2 7
C h i c a g o R y s 5 s ________1 9 2 7
C h i c R y A d J I n c 4 8 .1 9 2 7
C o m m o n w - E d i s o n 5 S .1 9 4 3
M e t r W S id e E l 1st I s . 1 938
E x t e n s io n g o l d 4 s . .1 9 3 8
P e o p le s G L & C 1st 6 s l9 4 3
P u b S e r v C o 1st r e f g 5 s '5 6
S o u t h S id e E le v 4 ) 4 s . l 9 2 4
S w ift & C o 1st g 5 s . . . 1 9 4 4
W i ls o n & C o 1 s t 6 s . . . 1941
90 X
40
80 X
9 4 )4
1 0 0 ) 4 1 0 1 )4
9 0 )4
91
45
4 9 )4
80M
81
28
97
94 X
9 5 )4
5 5 )4
56
51
51
7 8 ) 4 7 8 )4
8 7 )4
8 7 )4
79)
9 6 )4
9 6 )4
9 8 )4
9 8 )4
R ange fo r Y ea r 1 918.
W eek .
S h a r es.
L ow .
|
H ig h .
10
30
115
30
1 ,6 1 5
235
8 IX
87
8 1 )4
9 6 )4
June
D ec
Jan
D ec
S ept
298
93 X
144 X
9 3 )4
104
D eo
M ay
M ay
M ay
N ov
3 ,1 5 5
155
20
3 ,5 1 2
10
60
15
50
815
875
21
110
10
50
100
7 ,0 9 9
260
100
50
90
20
22
2 ,4 7 2
25
70
1 8 )4
75
1 2 )4
8
12
47 X
39
100
102 X
X
92
92
45
53
45
18X
14 X
10
40
4 0 )4
70
92 X
133
115
53 X
Jan
N ov
O ct
D ec
June
Jan
N ov
June
Jan
D ec
June
June
O ct
Jan
O ct
O ct
N ov
F e ll
S ept
Apr
June
Aug
June
June
Jan
28
86
13
18X
22
7 1 )4
60
118X
133
X
9 8 )4
111
60
76
67
26
28
U H
65
61
97
102X
186
120X
93
S ept
Feb
O ct
N ov
N ov
Apr
M ar
N ov
N ov
D ec
Jan
D ec
O ct
D ec
N ov
O ct
Jan
Apr
Jan
N ov
N ov
Jan
Jan
M ar
Jan
Jan
Aug
O ct
9 0 )4
146
50
Jan
Apr
N ov
1 5 ,7 2 8
7 ,7 1 3
2 1 ,8 4 5
47
102
32
1 1 ,6 0 0
6 8 ,6 1 7
485
20
18(1
145
526
164
47 X
3
14 X
91X
100
1
46
91X
Apr
D ec
F eb
Apr
Aug
M ay
Jan
O ct
69
3X
26
108 X
110
8X
77
99 X
N ov
D ec
O ct
J u ly
Feb
D ec
D ec
M ar
$ 7 ,0 0 0
2 ,0 0 0
1 3 ,0 0 0
9 ,0 0 0
1 0 ,0 0 0
3 ,0 0 0
1 6 ,0 0 0
1 2 ,0 0 0
8 ,0 0 0
2 ,0 0 0
3 ,0 0 0
4 5 ,0
7 90 )04
2 , COO
3 ,0 0 0
96
88
49
81
27
9 2 )4
87 X
45
45
74X
78
78
90
92
Sept
Apr
D ec
Jan
Jan
June
Sept
Apr
Apr
M ay
O ct
O ct
Sept
O ct
101 X
91 X
62 X
88 X
35
9 7 )4
98
58 X
60.
s ix
91
91
98 X
98 X
N ov
D ec
Aug
Apr
Aug
D ec
N ov
N ov
N ov
Feb
N ov
Sept
D ec
D ec
Philadelphia Stock Exchange.—Tho completo rocord of
transactions at the Philadelphia Stock Exchange from Jan. 4
to Jan. 10, both inclusive, compiled from tho official sales
lists, i3 given bolow. Prices for stocks aro all dollars per
share, not per cent. For bonds the quotations aro per cent
of par value.
S tock s—
F r id a y
W e e k 's R a n ge
L a st
o f P r ic e s .
S a le.
L ow . H ig h .
P a r . P r ic e .
A ll ia n c e I n s u r a n c e ........... 10
A m e r ic a n G a s ___________ 100
A m e r ic a n R a il w a y s p reflO O
B a ld w in L o c o m o t i v e . .1 0 0
P r e f e r r e d ______________ 100
B u f f & S u s u C o r p v t c . 100
P r e fe r r e d v t c _____ . . 1 0 0
C a m b r ia I r o n ...................... 5 0
H ig h .
Apr
55
43
Aug
Jan
45
8 9 )4 D e c
Jan
73
O ct
9 6 )4
D ec
4 4 )4
Jan
28 X
M ar
92
M ay
89
Aug
O ct
98
99 X
F eb
130
Feb
120
Jan
3 )4 A u g
IX
Jan
4 )4 S e p t
9 )4
F eb
D ec
115
103
Aug
Jan
197
95
Jan
53
4 6 X Sept
Jan
Aug
3
5X
June
Aug
7
13 X
1 6 )4 N o v
1 3 )4 S e p t
z4 0 X Sept
46 X June
D ec
23
J u ly
32 X
Jan
Aug
33
3 4 )4
Aug
l X M ar
4X
Jan
13
Sept
5
Feb
4 4 )4 N o v
58 X
F e l)
N ov
6c
*
M ar
Jan
48c
21c
N ov
Jani
8
5 )4
M ar
17c
D ec
5c
M ay
D e c 151
128
31
Sept
37 X S ept
Aug
87 X M a r 116
90
O ct
9 7 )4 M a y
47
M ay
Jan
39
99
36
52
1913
1955
1949
S a le s
fo r
W eek .
In su ra n ce C o o f N A . .
_______
81
8
19 X
19X
93
64
69
21
68
68 X
150
75 X
75X
10
1 0 0 )4 102
57
70
71
n o
51
52 X
23
40
40
215
54 X
53 X
1 1 ,7 9 7
48 X
39 X
3 ,2 3 7
76
S IX
286
2 7 )4
27 X
100
20
20
5
50
50
2 ,7 1 5
18 X
17X
893
73
72 X
223
56 X
I5 4 X
51
50
50
152
84
84 X
2 ,1 4 6
46 X
45 X
15
31
31
144
33
32
2 ,0 1 9
25 X
24 X
1 ,6 8 6
27
27 X
111
71
71
163
83 X
82
1 ,1 3 7
2X
2 )4
764
2 X 3 1 -1 6
209
39
3 9 )4
443
72 X
71X
3 ,3 0 5
96
9 2 )4
88
75
75
.
300
82
79
..............
..............
9 9 .2 0
9 2 .6 0
0 4 .8 0
9 5 .8 0
9 5 .2 0
70
51
53 X
48
8 1 )4
27X
___
17 X
72 X
________
________
84 X
45 H
___
..............
25X
71
..............
T o n o p a h M in in g .
S ales
fo r
W eek
S h a r es.
_____i 7 2 )4
U S S teel C o r p o r a t io n . 100
B on ds—
9 9 .6 2
9 3 ,C0
9 5 .3 0
9 6 .2 4
9 5 .6 4
$ 4 ,6 0 0
4 ,6 5 0
3 ,1 0 0
1 9 ,1 0 0
1 5 ,7 0 0
R ange fo r Y ea r 1918.
H ig h .
L ow .
19
Jan
50
Aug
58
O ct
5 8 )4
Jan
9 5 )4
Jan
58
Jan
46
Jan
3 6 )4
O ct
48
M ar
1 4 )4 M a y
47
Jan
24
Jan
18
Jan
4 6 )4 S ept
12
Jan
6124
Jan
5 3 )4 D e c
49
N ov
80
O ct
4 3 )4 Ju n e
2 1 )4
Apr
29
M ar
24
June
2 3 )4 M a r
x 6 5 X Sept
71
Jan
1 5 -1 6 S e p
2 ) 4 J u ly
3 6 )4 A u g
6 2 )4
O ct
8 6 )4 M a r
69
M ar
74
Jan
9 7 .0 0
9 2 .4 0
9 4 .0 0
9 4 .3 0
9 4 .0 0
Jan
D ec
D ec
S ept
D ec
1 9 )4
Jan
89
Jan
80
Feb
1 0 0 )4 M a y
104
D ec
7 5 )4 D ec
67
D ec
43
M ar
67
O ct
4 0 )4 D e c
78
D ec
2 8 )4 D e c
27
J u ly
5 7 )4
Jan
2 1 ) 4 J u ly
7 6 )4 N ov
6 5 )4 N o v
52
N ov
8 6 )4 N o v
5 0 )4 N o v
35
O ct
3 7 )4 N o v
2 7 )4 N o v
30
Jan
7 2 )4 N o v
9 5 )4
O ct
3 )4 M a r
4
Jan
4 2 )4
Jan
77) 4 N ov
1 1 6 )4 A u g
76
Jan
95)4 June
1 0 2 .4 0
9 7 .8 4
9 5 .9 0
9 8 .5 2
9 8 .0 0
Aug
N ov
Sept
M ay
N ov
Ja n . 11 1919.]
TH E
Friday
Sales
Last Week’s Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks—
Amer Gas & Elec 5s. .2007 88
do small.............2007
Elec & Peoples tr ctfs 4s '45
do small..............1945
Keystone Tclcph 1st 5s ’35
Lake Superior Corp 5s 1924
Lehigh Vail cons Os rects’28 102K
Lehigh Vail Coal 1st 5s ’33
Natl Properties 4-Os.. 1946
Phila Co 1st 5s stp<1..1949
Cons & coll tr 5s stpd '51
Phila Electric 1st 5s. .1900 954*
do
small_______ I960
1st s f 4s................ 1960
Reading gen 4s..........1997
86
Spanlsh-Am Iron 6s..1927
United Ilys Invest 5s. 1920
V o lu m e
87
87
70
72
90
58
70
74
90
58
100
100
88
88
4*
C H R O N IC L E
4,000
1,400
76 K
77K
07
65
87 44
47 54
97 K
99 4*
30
855*
73
895*
93
75
805*
99
54
6,000
500
3,000
4,000
102 K 1025* 27,000
100
1004* 8 ,000
7,000
35
35
1,000
8854 88 K 1,000
95
95 4* 95,000
97
97
1,500
70K 76 54 6 ,000
86
805* 30,000
2,000
1 0 0 K 101
62 K 62 K 5,000
o f B u s in e s s a t S t o c k
High.
Sept 87
Dec
Mar 86
Nov
Sept 73K May
Oct 74
Jan
Oct 90
Jan
Jaa 62
Dec
Sept 103K Nov
Sept 101
May
Aug 40
Jan
Feb 1004* Dec
Apr 88
Dec
Sept 90
Jan
July 97 May
Mar 76 May
Sept 91
Nov
July 101
Feb
Apr! 67 K Nov
E xch an ges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Jan. 10 1919.
Stocks.
Railroad,
Ac.,
Bonds.
Shares. 1 Par Value.
Saturday________
Monday_________
Tuesday_________
Wednesday______
Thursday...............
Friday__________
280,420 $26,544,500
524,350 49.779.500
388,920 37,099,580
308,324 29.622.900
574,220 55.184.500
464,588 44.037.900
Slafu, Mun
A Foreign
Bonds.
51,432,000
2.015.000
2.374.000
1.616.000
1,810,000
2,102,000
u. s.
Bonds.
5777.000 54,214,000
1.340.000 5.900.000
2.801.000 8.770.000
1.083.000 5.128.000
1.372.000 0,728,000
860,500 5,162,500
2,540,822l$242,868,8801 Sll.349,000 58,233,500 535,902,500
Week ending Jan. 10.
Sales at
New York Stock
Exchange.
1919.
Jan. 1 fo Jan. 10.
1919.
1918.
1918.
2,540,822
Stocks—No. shares__
3,252,520
Par value________ S242,808,880 $305,804,500
Bank shares, par____
54,200
52,700
Bonds.
Government bonds__ $35,902,500 $13,243,500
8,233,500
5,217,500
State, mun., Ac., bonds
7,789,000
RR. and mlso. bonds. 11,349,000
3,780,815
$359,890,705
514,700
6,608,810
5616,889,000
$5,300
$49,897,500
12,403,000
15,053,500
$19,027,000
7,310,500
13,378,500
555,485,000 520,250,000
577,954,000
$39,716,000
Total bonds...........
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
Jan. 10 1919
Philadelphia.
Baltimore.
Shares. .BondSales: Shares.
Saturday_____
Monday______
Tuesday...........
Wednesday___
Thursday..........
Friday.............
8,071!
10,530
12,094
11,903
17,085
19,237
Total...........
80,180
Shares. Bond Sales.
$80,550
3,954
$28,800
100,450
4,SCO
95,300
205,150
4,683
50,000
.31,102, Exchange e closed
120,612
7,8941
09,350
10,000,
12,010,
9,000
$613,8641
33,6411 5253,050
579
1,584
2,097
2,040
1,993
721
$17,000
28,000
30,100
45,500
44,800
15,000
9,014
5180,400
N e w Y o r k “ C u r b ” M a r k e t. —Below wo give a record of
tho transactions in tho outsido security market from Jan. 4
to Jan. 10, both inclusive. It covers the week ending
Friday afternoon.
It should bo understood that no such reliability attacli03
to transactions on tho “Curb” as to those on tho rogularly
organized stock exchanges.
On the Now York Stock Exchango, for instance, only
members of the Exchange can ongago in business, and thoy
are permitted to doal only in securities rogularly listod—that
is, securities where the companies responsible for them havo
compliod with cortain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insuro that quotations coming ovor tho “tape,” or reported
in tho official list at tho end of tho day, aro authentic.
On tho “Curb,” on tho other hand, there aro no restrictions
whatever. Any security may bo dealt in and any ono can
moet thero and make prices and havo them included in the
lists of thoso who make it a business to furnish daily'- records
of tho transactions. The possibility that fictitious transac
tions may creop in, or evon that dealings in spurious securi
ties may bo included, should, honce, always bo kept in mind
particularly as regards mining shares. In the circumstancos,
it is out of tho question for any ono to vouch for tho absoluto
trustworthiness of this record .of “Curb” transactions, and
wo givo it for what it may be worth.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Shares.
Par. Price. Low. High. Week.
Week ending Jan. 10.
Stocks—
Aetna Exploa r__ (no par)
Brlt-Am Tobac ord___ £1
Ordinary bearer____ £1
Carbon Steel com.r__ 100
Car I.tg & l’owcr.r_. ..25
7K 8
23)* 23 5*
24 K 24
24 K
94
94
2K 2 5*
145 150
Cities Service com.r. .100 295
295 297
11•* UK
ColumblavlUe Woolen r 10
Dictagraph Products, r. 10
85* 8K
8K
General Asphalt, com.r 100 40K 39K 49 K
Gen Motors 0% deb stk wl
78
80
79
Gillette Safety Razor.r (t) 11.3
1125* 113 K
Hupp Motor Car Corp. 10
5 'A
4K 55*
Intercontinental Ilubb.lOO 17
11
17 5*
Keyst TlreAHub.com 100 654* 44
575*
Libby McN A Llbbv r .10 23
22 K 23 'A
Mnrconl WlrclTelof Am.5
4
4
45*
7K
Friday
Sales
Last Week's Range for
Sate.
of Prices.
Week.
Stocks (Concl.)— Par. Price. Low. High Shares.
Range for year 1918
Low.
Range for Year 1918.
Low.
High.
13,800
SK Dec 16K May
100 14 K Apr 23 K Dec
6,200 u % Apr 25
Dec
60 77
J:m 133 June
300
IK Oct
3K Mar
1)00 100
Jan 100
Oct
205 200
Feb 305
Oct
495 10K Sept 12
Oct
13,175
7K Dec
8
Dec
8,400 23H June 40 K Deo
2,200 78
Nov 83 K Nov
740 77K Mar 114
Dec
5,700
2H Jan
SK Nov
14,750
8
Aug 15 K Oct
84,725 11K Oct 40K Dec
11,500
8,500l
2K July
64* Nov
161
Nat Ico & Coal.r____ 100
54
49
5444 6,000
N Y Shipbuilding (no par)
35
35
100
North Am Pulp A Pap (t)
244 244 2,200
Pearson Coal.r_________1
300
14* 144
PeerlessTrk A Mot Corp50 1944 18
1944 8,900
Penn Seaboard Steel..(t)
40
40
200
Perfection Tire & Rub.r. 1
44 13-16 12,200
Poulsen Wireless.r___ 100
544 544
100
Smith Motor Truck r ... 10
1-16 3-32 10,000
Stand’d Motor Constr.r 10
200
844 844
Submar Boat Corpvto ..5
134* 11,000
124* 12
Swift Internat’l.w l.r ..l5 1464* 4444 48 100,545
Todd Shipyard Corp r_(t)
10744 10744
35
United Motors r..(no par) 354* 3444 3544 7,800
United Profit Sharing..25c
4*
44
4* 25,400
US Light* Iltcoin .r..l0
144 IK
1.250
U S Steamship________ 10
4J4 5K 17,900
544
Wayne Coal.....................5
44* 444 9,700
World Film Corp v t c__ 5
4*
4* 1,100
Wrlght-Martin Alro r. _(t)
3J4 4K 3,500
Rights.
Chevrolet Motor________
United Motors.r________
F o r m e r S t a n d a r d O il
S u b s id ia r ie s .
A n g l o - A m e r O l l . r _______ £1
G a le n a -S ig n a l O il c o m rlO O
O h io O i l . r ...... ..............
25
P r a ir ie O il & G a s . r _____100
S t a n d a r d O il (C a li f ) r . . l 0 0
S t a n d O il o f N J . r _____100
S t a n d a r d O il o f N Y . r . 1 0 0
U n i o n T a n k L i n o . r _____1 0 0
V a c u u m O i l . r ___________ 100
O th e r OH S to ck s .
A t l a n t i c P e t r o l e u m . r _____5
B a r n o t t O il & G a s r ______ 1
B o s to n -W y o m in g O i l . r . . 1
C osden A C o co m m o n r _ .6
P r e f e r r e d , r .........................5
C r y s t a l O il & R c f . r ............ 1
E lk B a s in P e t r o le u m r ___ 6
E s m e r a ld a O il C o r p . r ___ 1
F e d e r a l O il r _______________ 5
G le n r o c k O il r ......... ............ 10
G l o b e O i l . r _______ ________ 1
H o u s t o n O il c o m r _____100
H u d s o n O i l . r _____________ 1
I n t e r n a t P e t r o l . r .............. £1
Islu n d O il A T r a n s r _____10
K e n o v a O i l ........... ............... .1
M e r r it t OH C o r p . r ______ 10
M e t r o p o l i t a n P e t r o le u m 2 5
M id w e s t O il c o m m o n r . . l
P r e f e r r e d .r ........................... 1
M id w e s t R e f i n i n g . r _____5 0
N o r t h w e s t e r n O i l . r ______ 1
(O k l a h o m a P r o d & R e f . . 5
O m a r O il * G a s c o m _____1
I ’ e n n o c k O i l . r ____________10
P l t t s b O il A G a s . r _____100
Q u e e n O i l . r ________________ l
R o y a l D u tch C o n e w .r ..5
S a p u lp a R e f i n i n g . r ........... 5
S a v o y O i l ___________________ 5
S e c u r it y P r o d A R e f g _____5
S e q u o y a h O il A R e f ........... 1
S in c la ir G u l f C o r p . r . . ( t )
S o u t h w e s t O i l . r ____________1
S t a n t o n O i l . r _____________ 1
T e x a n a O il & R e f g . r _____1
U n i t e d W e s t e r n O il n e w ___
V ic t o r i a O l l . r ____________ 10
W a y la n d O il & G a s c o m . . 5
M in in g S t o c k s .
A la s k a - B r l t C o l M e t a l s . . I
A m e r ic a M l n o s . r _________ 1
A t la n t a M i n e s __________
B ig L e d g e C o n n e r C o . . . 6
B oston & M o n ta n a D e v . .5
C a le d o n ia M i n i n g _____ _____
C a lu m e t * J e r o m e C o p . r 1
C a n a d a C o p p e r C o L t d __5
C a n d a la r ia S i l v e r . r . . .
C a s h B o y ___________________ 1
C e r b a t S llv o r M A M . r . . l
C o c o R i v e r M i n i n g . r _____1
C o n s o l A r iz o n a S m e lt _____5
C o n s o l C o p p e r M i n e s _____5
C re sso n C o n s G o ld M A M 1
E l S a lv a d o r S i l v e r . r ______ 1
E u r e k a C r o e s u s M i n r ___ 1
F ir s t N a t i o n a l C o p p e r ___ 5
F o r t u n a C o n s ’ d . r .................1
G o ld f ie l d C o n s o l i d a t e d . 10
G r e a t B e n d . r ______________ 1
H e c la M i n i n g ___________ 2 5 c
J im B u t l e r . r _______________ 1
J u m b o E x t e n s i o n _________ 1
a R o s e M i n e s , L t d ........... 5
lb e r t y S ilv e r ( p r o s p t ) . r . l
L o n e S t a r C o n s o l . r ______ 1
M a g m a C o p p e r ____________ 5
M a s o n V a l l e y ________;_____ 5
M o t h e r L o d e . r ____________1
N Y A I I o n d R o s a r I o M C o .1 0
N lp ls s ln g M i n e s __________ 5
N i x o n N e v a d a ______________ 1
O h io C o p p e r . r ____________ 1
O n o n d a g o M i n e s . r ______ 1
R a y H e r c u le s M i n i n g . r .
R o c h e s t e r M i n e s __________ 1
S a n T o y M i n i n g __________
S e n e c a C o p p C o r p (n o p a r )
S ilv e r P ic k C o n s o l . r ........... 1
S t a n d a r d S ilv e r - L e a d _____1
S t e w a r t ______________________ l
S u c c e s s M i n i n g _____________l
T o u o p a h E x t e n s i o n ______l
T r i - B u l l l o n S & D ........... .. . 5
T r in i t y C o p p e r . r ..............2 5
U n i t e d E a s t e r n M i n i n g . .1
W a r d M in i n g & M i l l i n g . . 1
W a s a p i k a ____________________l
W a s h in g t o n G o ld Q u a r t z . 1
W est E n d C o n s o lid a t e d ..5
W e s t e r n U t a h E x t e n r ___ 1
W h ite C a p s E x t e n s io n . 10c
W h i t e C a p s M i n i n g . . . 10c
W h ite K n o b C o p p r e f .r .1 0
B onds
A m T e l A T 0 % n o t e s w 1’ 2 4
A m e r T o b a c c o s e ria l 7 s r ’ 19
S e ria l 7 s . r ...... ............. 1921
S e r ia l 7 s . r .................... 1 922
S e r ia l 7 s r _ . ..................192 3
Range for year 1918
Low.
High.
Dec
Feb
Apr
48
Dec
474* Aug
4K Aug
13
34 44
36c
544
'it
7K
944
Apr
Nov
Dec
Dec
Dec
Nov
Dec
20
56K
l
15 J4
254
135*
204*
73
19 K
K
1
35*
25*
54
354
Jan 102
Dec
Jan 35 K Nov
Feb 11-16 Feb
Mar
254 May
Nov
7H May
Oct
4K Deo
Dec
5* Mar
Dec 1154 May
Feb
June
Deo
May
Apr
June
May
300
3,000
1744
724
323
123
421
174*
89
325
630
265
677
315
107
400
18
89
332
650
205
724
330
123
437
2,300
10
60
93
180
935
540
510
900
300
2K 3
4* 5-16 5,900
22 c 16,000
19c
7
7K 23,3(H)
444 3.100
100
IK
144
144
0
644 8.100
044
5c
6 c 63,900
5c
24*
2K 244 24.000
4
44* 41.500
444
1 1-16 1 1-10
500
82
7944 83 44 8,400
06c
57c
6 6 c 15,450
18
1744 2044 6,700
8
644 8H 120,000
13c
13c
16c 47,400
2244 22 44 2444 2,300
244 344 83.500
34*
1.14 1.20 32.000
1.18
100
144 1
126
12844 132
4,290
53c
50c
53c 21,550
94* 104* 35.500
’ 29c’
23c
29c 31.000
134* 12 4* 15
34.000
84*
74* 844 3,180
25c
18c
30c
72
75
724
12,0001
1
7K 7 K 1,500
60(
OK OK
K
‘A G,60f
3
K 9-16 4,20(
23K 25
9,00C
38c
39c 2.30C
IK
7.60C
IK
17c
21c 3,800
13-16 IK 25,000
14*
2 5* 2K 4,000
35* 3K
1,000
'3K
5-16
20c
74*
44c
91c
51c
30c
IK
34c
15c
58o
7c
35c
12
3K
2K
26c
5*
16c
14*
16c
2c
16c
—
99 K
42c
50c 21,000
90c
91c 1,000
5c 5Kc 7,000
K 15-16 10,400
50c
53c 23,000
27c
31c 16,000
7-16 K 36,500
1 15-16 2 1-16 5,300
52c
55c 18,550
6Kc 8c 11,000
1
8,700
' IK
2
2
100
IK l 9-16 13,900
6
OK 6,200
4K SK 11,200
IK
IK 4,000
IK
IK 4,300
2
IK
800
40c
40c
200
22c
24c 4,500
5c
6c 8,500
4 5-16 415-16 6,450
33c
36c 10,150
13c
15c 3,550
5-16 5-16 1,500
54c
58c 8,600
7c
9c 130,000
26
28
500
2K 3 K 3,000
33c
35c 8,400
200
1 1 K 12
85* 8K
300
40c
43c 10,800
K 11-16 7,400
3K 3K
2K 34*
25c
26c
8K
SK
15
15
6Kc
7c
5*
16c
5c
15*
3-16 3-16
3
3
4 3-16 4 K
24c
25c
35c
38c
91c
92c
1 3-16 15*
15c
17c 19,000
2c
2c
2 ,000
11 c
16c 15,900
850
IK
IK
99 K
1014*
102 K
102K
102K
99 K
101K
102K
103
103K
114*
85
290
418
210
490
248
85
317
Feb
Nov
Sept
Jan
June
Sept
Sept
Mar
Sept
1854
145
365
662
260
710
327
107
420
Oct
Jan
Jan
Deo
Dec
Dec
Dec
Dec
Oct
2 5* Mar
Mar
3
‘At Aug 1 3-10 Jan
15c Sept 33c Jan
654 Sept
8K Feb
344 Mar
454 Dec
1 June
IK July
554 July
7K Oct
3c Sept 5-16 Jan
4
Feb
IK Aug
25* Sept
5
Jan
K Dec *14* June
394* Jan 86K June
125*
15*
3-32
17 K
K
87o
1
97
42c
64*
18c
66
6
0
K
K
15
25c
K
3-16
K
IK
3
Feb 19K Dec
Jan
6K Dec
Jan
4* Feb
Mar 29 K June
Jan
2 5*« Dec
Apr
1.35 Dec
Apr
IK Dec
Mar 139
Nov
Sept 89c Feb
Apr 104* Oot
Nov 40c Jan
Nov
Sept
Oct
Sept
Sept
Jan
Sept
Sept
Nov
Aug
Sept
Feb
86c
82
104*
9K
K
154
24
58o
2K
IK
25*
65*
35*
Jan
Nov
May
Jan
Oct
Mar
Oct
June
Mar
May
Feb
Mar
Feb
5-16 Apr 70c May
34c July 91c Deo
3c July 13c Feb
IK Mar
K Sept
38c Sept 96c Mar
27c Dec 660
Jan
IK Mar
K Dec
254 Dec
IK Ap;
37o Aug 53c Dec
3c Oct 19c Feb
42o Jan
IK July
1
Nov
244 Jan
1 6-16 Feb
2 ‘At Nov
4K Aug •75* May
6
Nov
4K Mar
55c Mar
IK Deo
K Feb
2K June
IK Sept
2K Jan
30c June 46c Aug
17c Oct
7-16 Jan
2KcSept 10c Feb
2K Jan *6 ‘At Nov
32c Dec 90c Jan
80
July 24c Jan
3-16 Dec 11-16 Apr
28c Feb 62c July
lc May 33c July
23
Dec 42
Jan
2K Dec
64* Jan
25c Jan 56c Apr
11
Nov 14K Jan
8
Jan
9K Deo
31c Oct
14* Mar
K Oct
2
Jan
6
July
3
Dec
4K Jan
27c Jan 64c May
7c Sept 18c Jan
7 K Jan . 16
Deo
2Kc Oct 9Kc Deo
K Dec
K Apr
11 c
Aug
K Jan
7c Jan 17c Dec
1
Nov
2K Deo
K June
K Jan
3
July
4c Mayi
37Kc Nov
73c Oct
65o Jan
lie
Oct
1Kc Nov
8 Kc Sept
1
June
SK
52c
19c
91c
IK
23c
18c
K
IK
Feb
Nov
Nov
Deo
June
Sept
Feb
Jan
Nov
530,000
20,000 100 K Oct 101K Dee
3,000 99 K Oct 102K Dee
13.000 99 K Oct 103K Oct
75.000 99 K Oct 103
Nov
Bonds
(Concluded)—
Anaconda Cop Min 6s.I’29
Both Steel ser 7s.r— 1919
Serial 7s _r................1922
Braden Cop Mines 6s w i’31
Canada (Dom of) 58.-1919
Ch & N W Ry gen 5s w 1’87
Cities Serv deb 78 Ser B '66
Deb 7s Series C ____ 1966
Cudahy Pack 7 s --------1923
Interboro R T 7s------ 1921
KanCltyTerraRy 6s w 1 '23
LlggettAMyers Tob 6sl921
N Y Telep deb 6s.w 1.1949
Penn RR gen 5s w 1.
Russian Govt OMs r--1919
Sales
Friday
for
Last Week’s Range W
eek.
Sale of Prices.
Price. Low. High.
98 'A 98)4 98)4 730,00.)
1,000
101
101
5)$S.r.................... 1921
7,000
101
101)4
45,000
96
90
99)4 99)4 112,000
100)4 100M 185,000
100
14,000
119
120
25,000
100
102)4 102)4 13,000
130,000
90
92
91 M
100
100)4 100)4 30,000
99)4 99)4 71,000
99
135,000
101
101
101
98)4 98)4 395,000
98
125,000
48
54
51
66,000
47
53
101
'A
102H
'A
H
H
St Paul Union Depot—
5 H s - r -l .................... 1923
Studebaker Corporation—
Serial 7s.r.w 1 -------1922
Wilson A Co Inc 6s w 1 ’28
100a
%
Rangefor Year 1918.
High.
Low.
98)4 July
July
97
Dec
96
94)4 Jan
100)4 Dec
Oct
102
97)4 Aug
Dec1
90
99)4 Nov
98)4 Nov
98)4 Dec
Mar
38
Apr
32
N ew
102)4 Deo
99)4 Nov
100)4 Nov
99)4 Nov
99)4 Dec
Oct
78
Nov
73
99)4
99)4 141,000
98)4
Dec
99)4
Deo
93 J4
98)4
93)4
98)4 10,000
94)4 273,000
98)4
93)4
Dec
Dec
100
98)4
Dec
Deo
"u Ex-cash
and stock dividends,
2 Ex-stock dividend.
to When
Y o r k C ity R e a lt y a n d
Bid.
Aug
101
100)4 Nov
Dec
96
99)4 Dec
101)4 Dec
117)4 Dec
99)4
IListed on the Stock
o New stock.
x Ex-dlvldend.
' Odd lots.
r Unlisted,
Ex-rlghts.
V
[Vol. 108
THE CHRONICLE
162
Issued.
Alliance R’lty 55
62
Amer SuretyBond A M G - 220
Casualty Co.
Clty Investing
17
Preferred- ' 60
All
As*.
os
67
227
75
20
67
NOTICE.
Q u o ta tio n s
fo r
Standard OH Stocks
RR.
r Share
PP
aer BLl. Ask. 1
17*4 18U
Anglo-American Oil new. £1
065
Atlantic Retlnlng----------- 100 1045
465 •85
96
*94
300 120
500
*37
175
190
.88
Galena-Signal Oil com.
__F. Morse Ilubbard, for the past year associated as taxation expert
with tile Excess Profits Tax Advisers and tho Tax Reviewers in tho Bureau
o f Internal Revenue at Washington, D. C ., announces tho oponlng of an
office at 52 William St., New York City. M r. Hubbard will assist cor
porations and other taxpayers in problems connected with tho income and
excess profits taxes, giving particular attention to such subjects as amortiza
tion, depreciation, inventories and treatment o f losses.
__Charles E. Doylo, formerly o f tho firm o f nanson & Doylo, and
Edward Sykes announce that they have formed a co-partnership at Broad
St., this city, under tho firm name o f Charles E. Doyle & C o., for tho
transaction of an Investment bond business. The telephones are 7601-7109
Broad. Tho firm aro advertising on another page a list o f bonds and
stocks which they are prepared to buy and sell.
— The municipal bond house of R. M . Grant & Co., 31 Nassau St., this
city, Boston and Chicago, are offering, by advertisement on another
page in this issue, a comprehensive list of high-grade municipal securities
at prices yielding 4.20 to 5% . Besides being exempt from Federal income
tax, tho bonds in tho list are legal savings bank investments for Now York,
Massachusetts, Connecticut and Now Jersoy.
115
103
165
Y ork
C ity
B an ks an d
T ru st
C o m p a n ie s
All prices now dollars per share.
Bid. Ask.
500
220
170
190
425
135
125
160
145
20
165
410
245
110
450
218
C ity ................ 463
220
400
t205
390
Banks.
525 t Irving (trust
certificates)
230
180 j
Lincoln............
Manhattan * .
' Mech A M et.
175 Merchants___
170 Metropolitan*
155 Mutual *____
25 New N eth *..
170 New York Co
415
Pacific *-------' Park..........—
Prod E xch*..
228
470 Seaboard____
230 Second---------Sherman-----165 State * ............
t207 23d W a r d * ...
410 Union E xch..
UnltedStates*
Wash H ’ts * -115" Wcstch Ave*.
355 Yorkvlllo*___
100
200
145
120
Bid.
274
415
270
180
335
125
175
375
200
130
425
150
640
200
240
450
400
125
120
115
145
500
275
160
290
As*.
Trust Co’s.
NewYork.
Bid. Ask.
Bankers Trust f.175
Central Union 407
Columbia____ 305
Commercial.. 88
Empire............ 1285
Equitable T r. 400
Farm L A T r. 415
Fidelity..........
Fulton_______ 230
Guaranty T r. 365
Hudson-------- 135
____ Irving Trust- /See
____
INat
____ Law Tit A Tr
97
250 Lincoln Trust 180
470 Mercantile Tr
A Deposit. 210
425
135 Metropolitan. 345
125 Mutual(WestChester)___ 105
130
155 ■N Y Llfo Ins
____
A Trust___ 775
__ _ N Y T r u s t... 695
175 Scandinavian 290
310 Title Gu A Tr 330
Transatlantic. ____
U S Mtg A Tr 420
155 United States 890
280 Westchester.. 130
105
120 Brooklyn T r. 500
80 Franklin_____ 220
62 Hamilton____ 200
95 Kings County 020
207 Manufacturers 160
138 Pooplo’s -------- 290
65
200 Queens Co—
140
280
430
300
190
345
135
____
____
215
140
220
195
107
345
85
175
25 Coney Island* 140
20
265
130
110
Fifth Avenue* 11800 2200 Greenpolnt . . 150
110
Hillside
*____
230
215
Fifth................
70
975
950
57
185 Mechanics’ * .
175
85
Montauk *—
200
350 Nassau......... - 200
335
133
740
750
North Side*.. 175
245
530 People’s-------- 130
Imp A T rad .. 515
* Banks marked with a (*) are State banks.
t Sale at auction or at
Exchange this week,
Includes one-third share Irving Trust Co.
New
• Ex-rlghts.
Brooklyn.
Brooklyn.
t
*18
*17
190
105
*325
*59
640
270
360
177
300
100
t
380
415
315
100
295
410
425
—
200
375
145
Irving
Bank
105
....
....
125
825
610
305
340
170
430
910
140
515
230
270
650
---75
Stock
stock
B
170
S e c u r itie s
418
*30
hare.
55
1 2
1 20
1 150
)
Colt’s Patent Fire Arms
M fg..................................
duPont (E I) de Nemours
Preferred (new).
Woodward Iron...
Preferred_______
Equlpmcnt 4)$s.
C
C
C
C
C
F
Equipment 4)$sEqulpmcnt 4s—
200
.10
Equipment 5s.
Equipment 4)$SI
1
Public Utilities
Amer Lt & Trao com ..
60
5
35
154
91
Tobacco Stocks
l
110
1
100
0
0
0
O
0
0
O
0
0
0
0
3
0
0
0
0
—Per Share. Ask.
Par Bid.
110 120
Preferred_____________ 100
200
Preferred______________ 100
Reynolds (R J) Tobacco. 100
B common stock_______100
Preferred______________ 100
A dividend scrip______
B dividend scrip______
Preferred_____________ 100
95
Short Term Notes
0
0
0
0
0
0
0
0
101
84
100
21
105
9712 99
10018 1003a
995S 1001a
99% 99%
99*2
97 973g
98 99
99 99>2
9812 99
89
100 100%
995s 997g
9914
213
68
74
Z133
37
43
40
81
Preferred_____________ 100
83h 87
I Borden’s Cond Milk com .100 103
Preferred_____________ 100 100
40
38
133
78
77
*130
61
58
84
Preferred_____________ 100
901S
89
*34
Freeport Texas Co______(t)
61
57
1
Havana Tobacco Co____100
75
70
2
Preferred..................... ..1 0 0
461; 471
1st g 5s Juno 1 1922.-J-D /4 0
87
Intercontlnen Rubb com. 100 17
19
15
Internat Banking Co------100 100
52
50
52
1812 International Salt_______ 100
16
70
1st gold 5s 1951----------A-O
53
51
International Silver prcl.100 80
84
Lehigh Valley Coal Sales. 50 *80
96
00
Otis Elevator common__ 100
15
*14
81
Preferred.........................100
*32
34
Remington Typewriter—
3
Common_____________ 100 3212
14
1st preferred..________100 Z82
3
5
2d preferred__________ 100 101
38
40
Royal Baking Pow com ..100 122
5
Preferred_____________ 100 86
38
40
Singer Manufacturing___100 180
72
70
161 1812 Texas Pao Coal A Oil____1001500
W ’houseChurchKerrACo 100, 04
08
Preferred_____________ 100, 80
2
86
101
0 2
0 12
0
0
0
0
0
100
100
120 150
0% notes (2-yr) 1910.JAD 100*8 1005a
9834 99
5s Nov 15 1923.-M A N 15
*99 105
Laclede Gas Lt 5s 1919.FAA
46
*44
Liggett AM ycrsTobOs’ 21JAD
242 244
99
56
52
80
75
18
15
36
3912
38
32
294 297
79*4 OI
Industrial
28
26
and Miscellaneous
95
19
43
40
Preferred_____________ 100
<192 95
0
0
0 86
105
400
325
108
100’ s 1005a
98*4 99
9434 95U
97i2 98ia
10034 ions
0 1012 12 2
0
J
0
0
0
220
100
215
991* 995a
lOO^s 101
100 100Mi
993s 995g
7% notes Sept 1919.
0 8 11
0
J
95
80
24
25
—Per Cent.
100
55
95
87
00
*22
*23
180
75
190
95
375
290
105
95
95
Ordinary, bearer______ £1
.
70
5.50
5.50
5.65
6.00
5.50
5.50
6.00
0.50
0.50
6.00
5.40
5.20
6.00
5.75
5.75
5.75
5.75
5.50
5.50
5.25
5.25
5.76
5.25
5.50
5.50
6.75 6.00
7.00 6.00
6.1 5.85
6.15 5.85
5.90 5.50
5.90 5.50
6.15 5.65
5.00 5.30
5.60 5.30
5.75 5.25
6.75 5.25
6.75 0.00
7.00 6.00
0.40 6.00
6.40 6.00
5.80 5.30
0.25 6.75
0.50 6.00
Equlpment 4M s.
r rew York Central I
Equipment 4)4s.
P
f
Equipment 4s.
1 enusylvanla RB
Equipment 4s.
P
S
S
Equipment 4 H s .
S
s
’]
253
91
75
25
Z65
45
85
6.00
0.00
J
I\
Pi
Pi
258
92
85
35
70
204
105 109
105 108
98
95
40l2
.*40
280 300
345 380
*25 ____
____
.
5.85
6.85
0.25
5.75
I
423
35
43
0.00
6.00
I
329
61
150
275
375
182
304
104
265
760
550
160
495
725
325
190
105
5 *38
6
5.90
5.90
6.00
6.40
6.00
6.00;
6.90
7.50
7.50
6.50
6.90
5.60.
0.50
0.25
0.25
6.25
0.25
Equipment 4s.
C
C
325
75
195
96
100
sis.1
PerCt. Ba5.90
5.50
Equipment 4 )$s.
>20
39
85
200
92
30
06
70
.05
19
18
89
108
3*250
) *65
) 190
0 90
) 93
9 60
0
)
)
)
)
)
)
)
)
)
)
)
)
Equipments—
C
C
C
100
1 118 122
__ T h e title of Chevalier de la Legion d ’Honneur has been conferred by
N ew
102
260
750
525
350
475
720
322
475
__ Bayard F . Pope, who was prominently identified with tho publicity
work of tho Liberty Loan campaign in this city, has (as indicated in our
issue of Saturday last), been admitted to partnership in the Boston and
N ew York firm of Blodgct & C o . Arthur C . Dunmoro and J. Dana Thom as
of the firm’s Boston office, also became partners on Jan. 1.
the French Government on William P. Bonbrlght, President o f Bonbright
& Company.
__Arthur M . Betts has received his discharge from tho army and has
returned to his position as Manager of the Bond Department of Alfred L.
Baker & C o., 141 So. LaSalle St.. Chicago.
__Theo. L. Bronson, o f Theo. L. Bronson & C o., is back at his desk
after seventeen months’ service in the U. S. Navy. The firm has moved
to larger quarters In 10 Wall Street, this city.
__Graham & Miller announce the removal o f their offices from 44 Pino
St. to 66 Broadway, New York.
S u n dry
83
190
60
All bond prices are "an d Interest" except where marked " f . ’
Internatlonal Petroleum.
— C. S. Smithers & C o., Nassau St., this city, members o f the Now
York Stock Exchange, have issued a special letter on "Tho Oil Industry on
a Peace Basis.” A copy o f this interesting letter will be mailed on request
to any one interested.
— Coggeshall & Hicks, members New York Stock Exchange, havo
published for distribution to thoso interested analyses on American Can
Co., Railway Steel Spring Co. and American Car & Foundry Co.
__ r . m . Grant & C o., 31 Nassau St., this city, announce that Morris
Mather, Manager of their Chicago office, who has been associated with
them for many years, has become a general partner.
Bid. Ask.
Bid. Ask.
Preferred new.
C U R R E N T
S u r e ty C o m p a n ie s
prices now dollars per share.
I
115 Realty Assoc
: Lawyers Mtgo 108
77
(Brooklyn).
90
80
Mtge Bond
210
215 U S Casualty- 175
Nat Surety
U S Title Guar ___
N Y Title A
85
95 West A Bronx
Mortgage..
Title A M G 150
8
0
)0 66
1
217
02
76
138
42
80
100
104
138
132
87
35
3
5
40
1712
6718
71*4
90
90
70
87
33l2
84
104
130
89
185
1550
07
86
• Per share ft Basis, d Purchaser also pays accrued dividend.
Now stock.
/F la t price, n Nominal,
* Ex-dlvldend.
Ex-rlghts.
Ex-dlvldend ol 28 % .
(t) Without par value.
v
e
THE CHRONICLE
Ja n . 11 1919.]
163
amt f^aitwomt|uteXIig
RAILR O A D G R O SS EARNINGS
The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give tho gross earnings for the latest week or m onth, and the last two
oolumns tho earnings for tho period from Jan. 1 to and including tho latest week or month. The returns o f the electric
railw ays are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
8
S
220,709 200,042 2,208,247 1,927,190
117,013
80,981 3,535,001 3,146,493
14814205 12580398 148372062 128669967
1,657,(375 1,586,832 17,454,600 15,619,286
503,942 587,760 5,397,403 6,353,065
461,321 351,689 4,234,205 3,600,252
241.412 170,374 2,283,116 1,603,311
440,421 187,904 3,943,609 3,027,832
4,991,597 3.765.412 51,372,447 39,455,234
15529392 11778278 158832635 122945071
130,949 148,966 1,645,420 1,818,865
467,904 345,390 4.425.606 4,045,182
7,518
6,953
80,513
73.680
307,327 302,604 3,594,965 3,537,891
1,088,102 1,168,726 12,554,752 11,682,313
281,725 306,269 3,189,969 3,010,535
84,179 114,784 1,313,942 1,087,674
6,280,374 5.114.413 64,176,642 54,515,752
616,388 427,065 18,459,856 15,114,268
175,868 168,032 2,069,798 1,629.923
1,566,200 865,100 47,316,200 41,469,000
4,613,000 3,679,000 154024000 148937000
246,597 192,596 2,090,835 2,185,806
455,109 380,381 4.316.467 3,752,558
1,789,054 1,625,069 18,790,847 14.387.635
3,704,189 3,255,166 41,230,780 34.329.024
456,095 477,316 5,058,304 4,581,251
428,997 379,314 4,735,741 4,120,500
341,926 252,455 2,416,555 1,919,742
7,263,217 4,924,538 66,631,181 49,902,851
2,078,050 1,716,182 22,202,145 18,887,283
13071405 10380642 131533451 111954305
2,320,752 1,863,414 24,527,096 19,329,842
1,594,112 1,399,272 17,431,464 14,991,897
984,968 800.038 9,971,999 8,411,673
308,535 282,702 3.096.606 3,000,065
11571383 11155099 120559910 104550780
11315957 9,503,849 116619479 90.476.025
157,032 219,888 1,988,183 2,015,611
8,005,381 7,781,794 91,445,672 78,204.333
423,105 383,851 4.065.467 3,500,979
2,348,526 1,965,743 22,583,987 19,620,112
428,763 360,781 4,614,463 3.440.635
263,107 219,177 2.868.440 2,435,274
413,776 308,517 12,742,372 10,906,664
781,879 658,160 7,150,198 5,892,053
93,178 142,100 1,040,605
976,528
90,899
79,838 1,032,503 1,076,506
231,528
C rijp C r k & C o l S p g s N o v e m b e r
65,284
84,361
855,288 1,034,713
Cuba Railroad___ November
472,392 646,826 11.290,408 6,794,014
Delaware & Hudson November 2,933,494 2,502,766 32,188,160
Del Lack & W est.. November 6,264,230 4,880,755 62,730,352 27,708,844
Denv & Rio Grande November 2,935,940 2,624,939 28,482,682 52,925,159
26,038.789
Denver & Salt Lake Novomber
177,453 187,160 1,993,650 1,934,878
Detroit & Mackinac November
108,396 105,422 1,399,192 1,237,311
Detroit Tol & Iront Novomber
326,846 231,148 3,090,747 2,702,659
Det & Tol Shore L . November
178,116 141,115 1,794,797 1,680,180
Dul& Iron R ange.. Novcmbor
449,886 792,000 8,859,779 7,214,208
Dul Mlssabo & Nor November 1,377,248 1,751,215 21,303,126 14,961,564
Dul So Shore & A tl. 3d wk Dec
65,492
70,634 4,634,467 4,208,395
Duluth Winn & Pac November
175,410 143,086 1,564,080 1,889,416
East St Louis Conn November
99,321 188,792 1,038,035 1,052,816
Elgin Joliet & East. November 2,014,855 1.397,306 18.647.486 14,621,785
El Paso & So West. November 1,261.595 1,019,468 13,568,195 12,459,001
Erie R ailroad------- November 8,232,525 6,426,714 79,679,000 65,872,976
Chicago & E rie.. November 1,104,759 786,493 9,902,470 8,094,065
Florida East Coast. November
686,018 8,019,537 8,019,537 7.483,634
Fonda Johns & Glov Novomber
92,557
81,602 1.023,981
974,279
Ft Smith & Western Novomber
115,582 144,044 1,175,197 1,038,120
Galveston W harf.. November
65,895
72,143
938,123 1,000,038
Georgia Railroad.. November
699,506 475,478 6,078,975 3,829,504
Grand Trunk Syst. 4th wk Doc 1,866,004 1,511,295 T 0,703,832 58,057,907
Grand Trunk Ry 4th wk Nov 1,998,280 1.319.644 56.584,547
Grand Trk West. November 1,864,402 1.495,096 17,165.003 47,361,575
14,684,911
Great North System November 10155811 8,054,625 90,812,867 81,649,320
Gulf Mobile Sc Nor. November
211,219 199.673 2,198,940 2.142.442
Gulf & Ship Island. November
186,759 211.6311 2,365,580 2,120,157
Hocking Valley___ November 1,071,034 958,522 12,456,617 9,948,828
Illinois Central___ November 9,196,391 7,533,327 98:i90;2l7 79,746,003
Intermit & Gt N or. November 1,174,000 1,249,477 12,298,539 11,327,359
Kan City Mox & Or November
77,315 110.893 1.189:850 1,101,552
112,448 118,5511 1,111.526 1.193.442
IC O Mex & O of Tex November
Kansas City South. Novomber 1,374,999 1,169,920 13,803,378 11,338,664
Texark Sc Ft Sin. November
139,958
A M
M £1.061 1,021,589
Kansas City Term. October
114,613 102,206
938,970
938,970
199,773 184,564 2,104.599 2,089,302
Lehigh Sc Hud Iilv. Novomber
Lehigh & Now Eng. November
337,903 326,994 3,655,167 3,412,530
Lehigh Valley_____ November 6,014,373 4,559.628 59.692,726 49,495,607
Los Ang Sc Salt Lako November 1,208,262 1,065,086 13,247,833 11,632,863
Louisiana Sc Arkan. November
136,903 143.913, 1 525 580 1,426,928
Louisiana Ry & Nav October
261,905 262.159 2 515 478 1,991.461
Louisville & Nashv. November 8,187,716 7,287,165 91:748 390 70.040.802
Louisv Bend & St L November
257,751 192,608 2,595,702 2,034.737
Maine Central_____ November 1,447.229 l , 130,22(1 14,985,764 13,000,393
Midland Valley____ November
328,219 290,776 3,181 241 2,670,125
Mineral Rango___ 3d wk Dec
22,266
24,32l| 1,115,382 1,182,245
Minneap & St Louis November 1,006,803 939,571 10,960,675 9,971,366
Minn St I’ & S S M November 3,478,413 3,068,555 32,025,114 31,900,405
Mississippi Central. November
94,201 109,232 1,166,525
862,493
Missouri Kan Sc Tex November 3,124,371 2,398,310 30,193,721
M o K & T Ry o f Tex November 1,858,479 1,737,104 17,915,202 23,656,018
14,525.335
M o & North Arkan October
117,159 132.994, 1.178:027 1,197,216
M o Okla & Gulf__ November
141,822 192,452, 1,658,930 1,761,689
Alabama & Vicksb. Novomber
Ann Arbor________ 4th wk Dec
Atch Topeka & S Fo November
Gulf Colo & S Fo. November
Panhandle & S Fe November
Atlanta Birm & Atl November
Atlanta & West F t- November
Atlantic C ity______November
Atlantic Coast Line November
Baltimore & Ohio. - November
B & O Ch T e rm .. November
Bangor & Aroostook November
Bellefonte Central. November
Belt Ky o f Chicago. November
Bessemer & L Erie. November
Bingham & Garfield November
Birmingham South. Novomber
Boston & Maine__ November
Buff Koch & Pittsb. 4th wk Dec
Buffalo & Susq Hit. November
Canadian Nor Syst. 4th wk Dec
Canadian l**ieific . . 4th wk Dec
Can P Linos ill M o. November
Caro Clinch Sc Ohio Novomber
Central o f Georgia. November
Central UK of N .1. November
Cent New England. October
Central Vermont.. November
Charleston & W Car October .
Ches & Ohio Lines. November
Chicago & Alton__ November
Chic Burl & Quincy November
Chicago & East 111 November
Chicago Great West November
Chic Ind & Louisv. November
Chicago Junction.. November
Chic Milw & St P _. November
Chic & North West November
Chic Peoria & St L. November
Chic It I & Pacific. . November
Chlc R I & G u lf.. November
Chic St P M & Oin. November
Chic Terre II & S E Novomber
Cine Ind & Western Novomber
Colo & Southern__ 4th wk Dec
Ft W & Den City November
Trin & Brazos Val November
Colo & Wyoming. _ November
Constit Itys o f Mox 1st wk Dec
• Weekly Summaries.
2d
3d
4th
1st
2d
3d
4th
1st
2d
,3d
4th
weolc Oct
week Oct
Avcek Oct
week Nov
wcok Nov
Avook Nov
Avoek Nov
week Doc
Avoek Dec
Avoek Doc
Avook Dec
15 roads)___
15 roads)___
16 roads)___
1 0 r o a d s ).--.
15 roads)____
11 roads)___
10 roads)___
15 roads)___
13 roads)___
11 roads)___
11 roads)____
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan 1 to Latest Date.
Current
Year.
Previous
Year.
$
S
$
Missouri Pacific__ November 8,249,835 6,851,450 81,498,804 71,540,000
Monongahela______ November
315.572 178,449 2,915,936 1,981,558
Monongahela Conn November
222.079 145,383 2,245,461 1,710,105
Nashv Chatt & St L November 2,073,269 1,429,991 19,864,025 13,840,363
Nevada-Cal-Oregon 3d wk Dec
375,278
4,608
6,424
279,329
Nevada Northern . _ November
239.976 214,097 2,488,027 2,276,560
Newburgh & Sou Sh November
914.872
75,174 1,318,919
149,935
New Orl Great Nor- November
190,958 158,880 2,040,349 1,750,535
New Orl & Nor East November
490.965 472,499 5,902,664 4.457.360
N O Tex & M ex____ November
148.080 171,800 1,787,889 1,331,180
Beaum S L & W . November
131,914 113,222 1,319,108
916,621
St L Browns & M November
380,090 320,802 4,041,504 3.525,584
New York Central. November 28014171 20323564 267308431 219740943
Ind Harbor Belt- November
518,485 413,625 5,061,456 4.776.154
Lake Erie & W__ November
841,434 705,357 8,570,884 7,499,910
Michigan Central November 6.382,961 4,756,058
.
.
61,951,200 48,152,039
Clove C C & S t L . November 6,134,343 4,525,298 66,093,555 48,406,492
Cincinnati North November
268,960 220,4641 2,546,184 2,263,839
Pitts & Lake Erie November 2,802,700 2,246,246 30,230,268 23,681,336
730,464 769,949! 9,050,777 7,504,984
Tol & Ohio Cent. November
Kanawha & Mich November
486,525 306,8271 5,472,767 3.306.441
N Y Chic & St Louis November 2,189,445 1,403,157 20,151,020 15,607,415
N Y N II & Hartf. November 8,630,784 7,179,338 93,686,061 78,823,275
N Y Out & Western November
750,649 719,527110,071,006 8,476,630
N Y Susq & AVest. - November
426,557 275,354 4,015,791 3,236.656
Norfoik & AVcstern. November 7,910,911 5,889,669 75,175,346 60.555.477
Norfolk Southern_ November
513,104 415,446 5,186,947 4,883,652
Northern Pacific__ November 10028583 7,835.401 92,841,868 80,856.976
Minn & Intcrnat. November
80,213
953,130
923,396
68,896
Northwost'n Pacific November
433,635 399,307 5,268,094 4,465,379
145,687 120,150 1,199,110 1,155,010
Oahu Ry & Land Co September
Pacific Coast______ November
457,695 570,134 5,161.116 4,643,593
Pennsylvania RR__ November 32915931 24155773 333169367 267753149
Balt Ches & A tl.. November
130,631 111,2011 1,301,306 1,200,366
648,617 393,657! 5,321,515 4,460,151
Cumberland Vail. November
Long Island.
November 1,691,535 1,381,465 20.552,913 15.959.656
M ary’d Del & Va November
102,509
983,622
935,291
83,837
N Y Phila & Norf November
740.538 502,400 6,867.317 5,111.681
827,664 548,532 9,808,432 8,008,471
AV Jersey & Seash November
Pennsylvania C o .. November 9.200,041 6,820,380 86,575,711 72,846.146
633,873 500,679 6,649,119 5,986.981
Grand Rap & Ind November
Pitts C C & St L. November 7,638,774 6,316,525 79,888,416 67.667.403
130,213
Peoria & Pekin Un. November
96,978 1,183,793 1,112,473
Pore M arquette__ Novomber 2,865,398 1,979,018 26,265,439 21,528,701
99.409 102,095 1,227,382 1.067.154
Pittsb & Sliawmut. November
Pittsb Shaw & Nor. October
78,257 107,964 1,050,650 1,033,030
Pittsb & AVest V a .. November
141,068 148,968 1,722,803 1,463,891
Port Reading______ November
262,928 248,141 2,342,016 1,832,571
68,452
QuincyOm&KanC. November
793,199
69,355
959,229
Iteading Company:
Phila & Reading. November 6,810,740 5,874,872 73,140,301 61,712,551
Rich Fred & Potom November
819,711 443,009 6,422,497 4,451,580
459,830 239,799 3,560,680 2,327,464
AVash Southern.. November
Rutland__________ November
311,702 350,686 4,199,931 3,999,774
196,286 198,422 2,405,054 2,146,121
St Jos & Grand Isl’d November
St Louis-San Fran. November 6,451,898 5,084,856 63,778,875 52,431,433
95,234 103,093 1,050,973
Ft AV & Rio Gr__ November
911,482
110,748
St L-S F of Texas November
80,9571 1,272,408 1,042,292
St Louis Southwest 4th wk Dec 475,000 344,000 19,401,794 17.309.657
505.080 656,0651 5,517,474 4,597,291
St L S AV of Texas October
77,660 397,807| 1,015,968
St Louis Transfer.. November
832.856
434,933 401,228 4,000,350 3,740,962
San Ant Sc Ar Pass. November
Seaboard Air L in e.. November 3,362,067 2,727,558 35,313,920 27,507,652
South Buffalo_____ November
135,590
80.718 1,437,511 1,094,951
November 13430018 11791455 139986983 119997572
Southern Pacific
361,920 348.454 4,083,942 3,915,064
Arizona East___ November
Gaiv Harris & S A November 1,852,920 1,746,995 19,423,431 17,908,972
704,683 840,277 8,240,927 7,315,539
Hous & Tex Cent November
188,206 167,441 1,891,188 1.675.441
Hous E & W T ex. November
344,195 375,946 3,973,791 3,299,470
Louisiana AVest.. November
Morgans La & Tex November
498,865 732,086 7,511,099 6,204.164
Texas & Now Orl November
676,170 593,557 6,818,627 5.819,756
Southern Railway.. November 10466665 8,469,702 115846923 82,317,061
Ala Great South. November
838,853 698,146 8,330,776 6.424,148
Cin N O & Tex P . November 1,356,590 1,088,937 13,923,755 12,017,863
New Orl & N E__ November
490.965 472,499 5,902,664 4.457.360
Mobile & Ohio__ November 1,188,431 1,130,286 13,499,826 12,557,154
349,746 295,167 3,273,228 2,654.620
Georgia Sou & Fla November
148,181 131,412 1,323,951 1,155,215
South Ry In Miss November
73,543 105,376
Spokane Internat’l. November
912,904
902,674
Spok Portl & Seattle November
767,075 575,398 7,768,436 6,212,945
Staten Island R T _. November
181,243 121,4641 1.755.587 1,388,176
Tonn Ala & Georgia 4th wk Dec
3,500
2,642
138.617
121,217
270.573 162,997 2,766.719 1.655.360
Tennessee Central. November
Term Assn of St L . . November
352,003 294,224 3,567,267 3,462,238
St L Mer Bdg T_ November
305,267 288,467 3,370,305 2,917,562
Texas & Pacific___ 3d wk Dec 727,739 534,939 26,151,579 21.903.477
Toledo Peor & AVest November
133,392 107,508 1,481,009 1,181,955
Toledo St L Sc AVest November
766,088 642,941! 7,568,077 0,525,551
Ulster & Delaware. November
87,131
72,757
950,582
944.873
Unlon P a cific_____ November 8.954,345 7,450,567 89,710,833 69.906.404
Oregon Short L ._ November 3,044,868 2,877,739 31.089,992 28,149,723
Ore-Wash R lt& N November 2,141,428 1,958,256 23,922,334 20,244,215
Union RR (Pa)____ November
613,871 492,477 6,432,149 5,370,796
U t a h ...................... November
113,866
........... 1,289,140
Vicks Shreve & Pac November
248,586 246,593 2,365,305 1,980,865
Virginian R R _____ November 1,107.501 887,070 11,019,095 9,532.241
Wabash R R __ .•____ November 4,270,770 3,637,972 43.689,430 37,189,669
AVestern Maryland. November 1,384,844 1,187,852 13,650,724 12.361,567
AVestern Pacific____ November
760,121 797,158 10,174,320 9,019,647
AVestern R y of Ala. November
242,232 162,378 2,313,028 1,538,559
AVheel Sc Lako Erie. November 1,128.869 1,040,170 12,640,717 10,285.124
AVich Falls & N AV. November
971,200
101,801 103,426
944,035
Yazoo & Miss Vail. November 2.173,895:1,788,419 20,078,207 16,342,070
A G G R E G A T E O P G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly .
Current
Previous
Increase or
Current
Previous
Increase or \
Year.
Year.
Year.
Decrease.
Year.
Monthlg Summaries.
Decrease.
%
%
%
$
$
Cur. Yr. Prev. Yr
Mileage.
%
7,762,172
6,931,491
+830,681 11.98 December. .247.988 247,265 343 .875,052 317 .836,386 -1-26.038,660 8.18
7,684,000 6.809,000
+855,000 12.04 January__ .210,040 239.885 282 .394.665 294 .002,791 — 11,608.120 3.95
11,833,602 10.309,702 + 1,523,900 14.78 February.. .230,330 228,835 362 ,761.238 312 .276,881 + 50,484,357 16.22
7,581.106 6.615,360
+965,806 14.59 March____ ,.238.891 237,463 285 ,776,203 260 627,752 +25,148.451 9.65
7,194,421
0,850,250
+344,165 5.03 A p r il_____..233,734 232.255 369 ,409,895 319 274.981! +50.134,914 15.70
7,551.945 6,734,968
+816,977 12.13 M a y ._____ ,.230,355 228,892 374 237.097 342 .140,096 + 32.091.001 9.38
7,631.596 7,492,658
+ 138.940 1.85 Juno______ .220,303 219.294 363 ,165,528 323 ,163.161! +40,002,412 12.38
7,582,032
6,541,897 + 1,040,135 15.90 J u ly ______ .231,700 230,570 463 684,172 346 022,857! + 117661315 34.00
7,853,955 5,756,094 +2,097,261 36.43 August____ .230,743 230,015 498, 269,356 362 509,561 + 135759 795 37.45
6.924,046 5,376,100 + 1,547,946 28.79 September. .232,186 232,378 487, 140,781 357 772,850 + 129367,931 36.16
9,670,881
7,218,600 +2,452,281 3.3.83 O ctober__ .230.184 230,576 484, 824,750 377 867.933 + 106956817 28.30
[Vol. 108.
THE CHRONICLE
164
L a t e s t G r o s s E a r n in g s b y W e e k s . — In the table which
follows we sum up separately the earnings for the fourth
week of December. The table covers 11 roads and shows
3 3 .8 3 % increase in the aggregate over the same week last
year.
Fourth Week o f December.
1918.
Increase. Decrease.
1917.
$
$
;
80,981
117,013
Ann Arbor___________________
616,388
427,065
Buffalo Bochester & Pittsburgh
865,100
Canadian Northern___________ 1,566,200
Canadian Pacific--------------------- 4,613,000 3,679,000
308,517|
Colorado & Southern-------------413,776
Grand Trunk of Canada______ )
Grand Trunk Western-------- / 1,866,004 1,511,295j
Detroit Grd Hav & M ilw__
Canada Atlantic___________J
344,000,
475,000
St Louis Southwestern________
2,642
3,500
Tennessee Alabama & Georgia.
Net increase (33.83%).
S
36,032
189,323
701,100
934,000
105,259
354,709
131,000
858
9,670,881 7,218,600 2,452,281
I
N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s . — The table
following shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re
ported this week:
Roads.
------ Gross Earnings—
Current
Previous
Year.
Year.
Atch Topeka & S Fe System—
Gulf Colo & S F o .b ._ N o v 1,657.675 1,586,832
Jan 1 to N ov 30..........17,454,600 15,619,286
Panhandle & S F e .b _ .N o v
503,942
587,759
Jan 1 to Nov 30______ 5,397,403 6,353,064
Atlanta & West Point, b Nov
241,412
170,373
Jan 1 to Nov 30........... 2,283,116 1,603,311
Atlanta Birm & A tl-b .-N o v
461,320
351,688
Jan 1 to Nov 30______ 4,234,204 3,600,251
345,390
Bangor & Aroostook_b-Nov 467,903
Jan 1 to Nov 30--------- 4,425,605 4,045,181
306,268
Bingham & G arfield.b.N ov
281,725
Jan 1 to Nov 30______ 3,189,968 3,010,535
114,784
Birmingham Southern b N ov
84,178
Jan 1 to Nov 30_______ 1,313,942 1,087,673
Buffalo Roch & P itts.b .N o v 1,479,314 1,323,983
Jan 1 to N ov 30...........16,872,925 13,790,364
Can Pac Lines in M o .b .N o v
246,596
192,595
Jan 1 to N ov 30........... 2,090,834 2,185,805
379,313
Central Verm ont-b___ Nov
428,997
Jan 1 to N ov 30.........- 4,735,740 4,120,499
238,186
CharlestonJ& W C a ro .b .N o v
279,519
Jan 1 to Nov 30........... 2,696,075 2,157,929
Chicago & A lto n .b _____Nov 2,078,050 1,716,181
Jan 1 to Nov 30______22,202,144 18,887,282
------------C hicago* Eastern 111.b.Nov 2,320,752 1,863,414
Jan 1 to Nov 30..........24,527,095 19,329,842
Chicago Ind & Louisv.b.Nov
984,968
800,037
Jan 1 to Nov 30______ 9,971,998 8,411,663
219,887
Chicago Peoria & St L .b.N ov
157,021
Jan 1 to Nov 30........... 1,988,183 2,015,612
Chicago R I & Pac Systom—
Chic R I & G u lf.b .-.N o v
423,104
383,851
Jan 1 to N ov 30______ 4,065,467 3,500,979
360,780
Chic T II & Southeast .b.N ov
428,763
3,440,633
Jan 1 to Nov 30______ 4,614,462
Cine N O * Tex P a c .b .N o v 1,356,590 1,088,936
Jan 1 to N ov 30______ 13,923,755 12,017,863
983,492
Colorado & Southern.b.N ov 1,246,539
Jan 1 to N ov 30______ 11,579.115 9,961,909
Trin & Brazos V a l.b .N o v
93,178
142,100
976,528
Jan 1 to N ov 30______ 1,040,605
79,838
Colorado & W yom ing.b.Nov
90,899
Jan 1 to N ov 30........... 1,032,503 1,076,506
84,360
Crip Crk & Colo Spgs.b Nov
65,284
Jan 1 to Nov 30______
855,288 1,034,712
345,977
Duluth So Sh & A tl.b ..N o v
404,106
Jan 1 to Nov 30______ 4,490,929 3,991,869
143,085
Duluth Winn & P a c.b .N o v
175,410
Jan 1 to N ov 30______ 1,564,080 1,889,416
188,791
East St L C onn ect.b
Nov
99,320
Jan 1 to Nov 30--------- 1,038,035 1,052,815
Erie System—
786,492
Chicago & E rie .b ___ N ov 1,104,758
Jan 1 to N ov 30........... 9,902,470 8,094,065
81,601
Fonda Johns & G lo v .b .N o v
92,556
Jan 1 to Nov 30______ 1,023,980
974,278
Kan City Mex & O r .b ...N o v
77,315
110,893
Jan 1 to N ov 30______ 1,189,850 1,101,551
118,550
K C Mex & O of T e x .b .N o v
112,448
1,193,441
Jan 1 to N ov 30______1,111,525
N Y Central System—
506,097
573,891
4,370,518 4,652,657
214,251
def9,873
597,873 2,601,758
80,504
60,917
496,107
727,425
41,267
def32,366
588,277
def277,965
104,594
114,538
591,656 1,354,343
192,299
107,777
1,501,369 1,843,938
def21
52,098
387,872
36,547
193,178
def99,890
866,083 2,923,320
9,134
26,312
314,132
def248,855
42,150
def67,269
704,670
defl09,106
92,626
62,886
720,846
579,457
271,613
292,778
3,643,300 5,291,822
375,548
362,125
2,942,811 4,333,377
179,602
74,650
1,594,695 2,547,588
def61,436
48,234
248,250
337,069
116,151
1,097,475
57,109
645,858
107,226
2,549,484
417,865
3,077,114
dof67,429
def386,435
22,301
242,062
23,500
338,661
82,807
596,440
58,706
206,502
defl4,015
defl74,123
161,848
1,215,437
71,371
824,393
237,926
3,931,091
350,418
3,821,271
34,746
defl98,984
21,289
423,025
55,908
533,626
69,401
873,101
20,205
492,296
92,363
263,508
302,247
1,173,190
28,091
393,182
def53,392
def273,262
dof20,113
def245,963
133,812
2,065.619
31,068
423,327
8,041
7.841
11.419
9,149
53,994
370,248
314,366
3,456,498
20,391
41,536
108,384
1,255,731
16,565
429,088
43,116
436,705
101,245
1,303,214
59,248
493,928
343,324
4,562,019
14,987
63,371
117,103
1,316,924
76,427
439,333
47,324
316,280
106,764
1,350,693
220,464
2,263,839
769,949
7,504,983
59,968
426,300
def40,309
898,847
50,721
606,809
147,822
1,951,894
68,895
953,129
399,307
4,465,379
570,134
2,544,235
7,185
36,439
65,948
1,734,563
54,939
363,971
15,023
280,434
130,273
1,624,480
91,383
502,448
111,200
1,200,365
83,837
935.291
107,508
1,181,951
502,400
5,111,681
defl4,768
32,595
defl4,735
def23,355
defl7,276
def26,996
74,207
1,194,618
390
144,239
defl3,904
104,105
1,446
106,865
125,542
1,402,905
111,069
>Nov
139,958
_____ 1,154,061 1,021,589
.N ov 1.208.262 1,065,085
_____13,247,832 11,632,863
96,894
.N ov
99,778
_____ 1,047,741 1,097,456
214,097
.N o v
239,976
_____ 2,488,027 2,276,560
148,079
.N ov
171,800
_____ 1,787,889 1,331,179
131,914
113,221
.N o v
916,621
1,319,108
i.Nov 380,090 . 320,802
......... 4,041,503 3,525,583
.N ov
268,960
_____ 2,546,184
i.Nov 730,464
Jan 1
......... 9,050,777
l—
.N ov
80,213
Minn &
923,396
.N ov
433,634
__ _ 5,268,093
Jan 1
Nov
457,695
......... 2,447,375
Pennsylvania System—
.N ov
130,620
1,301,305
>.Nov
102,508
983,621
Jan 1
-N ov
133,392
_____ 1,481,009
_Nov
740,538
—
6,867,317
Jan 1
------Net Earnings-----Current
Previous
Year.
Year.
$
%
------ Gross Earnings—------------Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Peoria & Pekin Union.b.Nov
130,212
96,977 def28,209
7,561
Jan 1 to Nov 30........... 1,183,792 1,112,473 defl48,755
122,952
795,193
486,167
Pero M arquette.b______Nov 2,865,397 1,979,018
Jan 1 to Nov 30........... 26,265,438 21,528,700 4,964,645 5,685,565
Quincy Om & K C .b ..N o v
68,452
69,354 def70,423
5,938
Jan 1 to Nov 3 0 ..........
959,229
793,198 def211,703
62,465
Richmond Fred & P o .b .N o v 819,711
443,009
396,485
200,341
Jan 1 to Nov 30______ 6,422,496 4,451,579 2,973,222 1,891.129
Washington South.b.N ov 459,830
239,798
243,088
124,833
Jan 1 to Nov 30______ 3,560,680 2,327,464 1,711,105 1,123,680
St Louis-San F r a n .b ...N o v 6,451,898 5,084,855 1,404,036 1,527,269
Jan 1 to Nov 30______ 63,778,875 52,431,433 13,535,038 18,443,293
S tL San Fr of T o x .b .N o v
110,748
80,957
1,092
def6,155
Jan 1 to Nov 30........... 1,272,408 1,042,292
187,852
111,927
St Louis Transfer.b___ Nov
77,659
397,806
12,021
343,968
832,856
159,922
245,581
Jan 1 to N ov 30______ 1,015,968
San Ant & Aran P ass.b.N ov
434,932
401,228
60,244
102,523
Jan 1 to Nov 30........... 4,000,349 3,740,961 def47,887
541,656
Southern Pacific System—
Arizona Eastern.b__ Nov
361,920
348,454
116,692
171,776
Jan 1 to Nov 30______ 4,083,941 3,915,063 1,424,638 1,958,658
Southern R y System—
___
Southern Ry in Miss b Nov
148,180
131,411
36,052
39,612
Jan 1 to Nov 30........... 1,323,951 1,155,214
118,369
253,515
Spokane In te rn a t'l.b ...N o v
73,542
105,375
18,803
52,372
Jan 1 to Nov 30...........
912,903
902,673
307,702
335,633
Spokane Port & Seatt.b.N ov
767,075
575,398
201,370
278,927
Jan 1 to N ov 30______ 7,768,436 6,212,945 3,163,301 3,224,248
Term RR Assn of St L b Nov
352,002
294,224
71,963
74,730
665,931 1,551,753
Jan 1 to Nov 30........... 3,567,267 3,462,237
St L Mer Br & T o r.b .N o v
305,266
288,466
def5,748
91,524
Jan 1 to Nov 30______ 3,370.304 2,917,557
179,367
801,127
Ulster & Delaware.b__ Nov
87,131
72,757
def3,817
1,511
Jan 1 to Nov 30______
950,581
944,873
19,373
216,707
Union Pacific System—
.
Oregon Short L ino.b.N ov 3,044,868 2,877,738 1,192,779 1,319,531
Jan 1 to Nov 30........... 31,089,991 28,149,722 11,652,032 13,123,286
St Joseph & Gr Isl.b .N o v
196,285
198,422 def.32,455 def57,195
Jan 1 to Nov 30........... 2,405,053 2,146,121
115,692
def5,871
U tah.b________
Nov
113,865
43,365
.........
Jan 1 to Nov 30........... 1,289,139
______
652,122
.........Virginian.b.............
Nov 1,107,501
887,069
199,585
354,081
Jan 1 to Nov 30........... 11,019,094 9.532,240 2,768,768 4,341,326
Western R y of A l a . b . . . Nov
242,231 . 162,378
76,369
41,233
Jan 1 to Nov 30........... 2,313,027 1,538,558
652,893
413,759
Wichita Falls & N W .b .N o v
101,801
103,426 def39,949
14,560
Jan 1 to Nov 30...........
971,199
944,035 def258,823
55,470
Roads.
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
S
S
S
5
$
S
Cuba Railroad—
N ov’ 18
472,392 dcf32,654
13,645 dcfl9,009
114,812 defl33,821
’ 17
646,826 102,282
1,449
103,731
03,843
10,248
5 rnos ’ 18
4,194,252 896.572
63,885
960,457
534,028
426,429
’ 17
3,508,430 773,557
6,618
780,175
469,268
310,907
E L E C T R IC
R A IL W A Y
Name of Road
or Company.
AND
P U B L IC
Latest Gross Earnings.
Week or
Month.
Adirondack El Pow Co November
Alabama Power C o. . October
Amer Power & Lt Co October
Atlantic Shore R y__ November
Aurora Elgin & Chic. October
Bangor Ry & EIcctricj November
Baton Rouge Elec Co October
Ulackstono V G & El. October
Brazilian Trac, L & P; October
Brock & Plym St R y. October
Bklyn Rap Tran Syst Juno
Capo Breton Elec Co October
Cent Miss V El Prop. October
Chattanooga Ry & Lt November
Cities Service C o___ November
Cleve Painesv & East October
(/Columbia Gas & El. October
Columbus (Ga) El Co October
Colum (O) Ry, P & L November
Com’w’th P, Ry & Lt November
Connecticut Pow C o. October
Consum Pow (M ich). November
Cumb Co (Me) P & L November
Dayton Pow & Light November
{(Detroit Edison_____ November
(/Detroit United Lines November
Duluth-Superior Trac November
East St Louis & Sub. Noveinbor
Eastern Texas E lec.. September
<7 El Paso Electric Co September
Fall River Gas Works October
a Federal Lt & Trac. October
Ft Worth Pow & Lt_. November
Galv-Hous Elec C o .. October
Grand Rapids Ry Co November
(/Great West Pow Sys November
Harrisburg Railways November
Havana El Ry, L & P November
Honolulu R T Land September
Houghton Co El L Co October
Houghton Co Tr C o. October
b Hudson & Manhat . October
Illinois Traction____ November
Interboro Rapid Tran November
Jacksonville Trac Co October
Keokuk Electric C o. October
Key West Electric Co October
Lake Shore Elec R y . October
Lewist Aug & Waterv November
Long Island Electric. June
Louisvillo Railway.. November
Lowell Electric Corp. October
Manhat Bdge 3c Line Juno
Milw El Ry & Lt C o. November
Milw Lt, Ht & Trac. November
Missipp Riv Pow C o. October
Montreal L, H & P__ October
Nashville Ry & Light November
New England Power. November
N ew pN & H R y.G & E October
Nevada-Cal El Corp. October
N Y * Long Island.. June
N Y * North Shore.. June
N Y * Queens C o__ June
Now York Railways. October
Northampton T ra c.. November
November
Northern Ohio Elec
Current
Year.
Previous
Year.
U T IL IT Y
COS.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
%
S
183,538 152,332 1,671,569 1,485,154
275,827 198,441 2,434,408 1,707,560
1203,058 1004,972
219,305
158,193
11,713
12,888
173,236 181,129 1,775,304 1,819,988
802,329
840,188
76,081
80,930
189,862
214,808
19,338
21,564
230,135 183,302 1,974,162 1,619,312
/8052000 /8006000 /85782.000 /39884.000
106,891
90,859
6,248'
9,509
2774,333 2677,328 15,240,907 14,879,323
375.347
412,594
43,392 43,397
254,672
277,582
28,327 25,966
167,118 111,216 1,666,737 1,135,952
1821,533 1732,412 20,474,249 17,539,806
454.347
460,188
43,302 44,939
856.709; 835,614 9,353.690 8,718.356
885,876
972,816
96,231 104,131
370,981 359,990 3,846,746 2,628,914
2022,847' 1822,283 19,738,840 17,727,148
711.050
91,027 78,111
815,461
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 1,873,940
1322,435 1156,068 12,386,394 10,983,739
1606,536 1376,234 17,278,782 15,903,975
123,967 138,967 1,519,812 1,458,087
366,551 329,267 3,809,031 3,334,485
622,288
738,589
94,589 79,889
955,836
933,514
104,290 105,018
483,686
588.876
65,921 66,330
276,854 254,713 2,853,380 2,290,802
120,677 96,345
207.069 197,919 2,193,561 1,682,258
105,622 100,7021 1,160,692 1,186,624
478,262 369,059 4,199,624 3,645,510
118,822 96,651 1.073,902 1,189,917
690,704 643,403 7,466,653 6,315,811
523,803
527,494
62.793
62,657
336,149
340,155
36,719
34,431
285,953
267,977
26,024
21,001
632,686 639,491 5,463,482 5,069,677
1343,655 1243,066 13,446,064 12,275,726
3435,687 3154,687 37,099,648 36,771,208
567,592
656.766
73,974 59,744
203,941
217,587
21,699 20,431
161.314
118,379
13,049
18,163
176,118 142,841 1,809,869 1,475,626
815,160
836,042
76,707 71,307
112,865
102,885
22,555 24,568
321,256 289,154 3,373.789 2,989,549
582.785
7,00.773
79,632 63,409
69.641
60,928
10,111
12,066
836,299 737,569 8,073,703 7,180,220
293,096 193,061 2,759,404 2,024,402
180,537 179,050 1,841,194 1.648,719
970,106 905,216 5,297.130 4,822,709
271,939 212,264 2,588,987 2,235,205
338,121 251,305 3,180,540 2,378,459
187.664 142,310 1,766,613 1,081,412
176,641 167,784 1,844.277 1,676.290
197,432
210,615
37,595
44,461
68,348
75,561
14,607
14,207
443.641
588,343
84,795 97,994
934,683 1103,614 9,329,746 10,489,453
214,682
21,071 i ______
579.577 538,790 6,577,320 5,884~.383
Ja n . 11 1919.]
THE CHRONICLE
L a test G ross E a r n in g s .
N a m e o f R oad
or C om pany.
W eek or
M o n th .
C u rren t
Y ear.
165
G ross
E a r n in g s .
J a n . 1 to L a te s t D a te .
P rev io u s
Y ear.
C u rren t
Y ear.
P rev io u s
Y ear.
P o r t la n d G a s &
C oke C o
N o v '1 8
’ 17
12 m o s '1 8
h N o rth T ex a s E le c .. O ctob er
O ce a n E le c tr ic (L I ) . J u n e
P a c i f i c G a s & E l e c ____O c t o b e r
P a c ific P o w e r & L ig h t N o v e m b e r
g P ad u cah T r & L t C o A u gu st
P e n s a c o la E le c t r ic C o O c t o b e r
P h ila R a p id T r a n s it . N o v e m b e r
P h i l a & W e s t e r n _____ N o v e m b e r
P o r t la n d G a s & C o k e N o v e m b e r
P o r t (O r e )R y ,L & P C o . N o v e m b e r
P o r t o R ic o R a ilw a y s . O c t o b e r
g P u get Sd T r, L & P . A u gust
^ R e p u b lic R y & L ig h t S e p te m b e r
R ic h m o n d L t & R I t_ J u n o
St L R ock y M t & P ac N ovem ber
S a n tia g o E l L t & T r . O c t o b e r
S a v a n n a h E le c tr ic C o O c to b e r
S econ d A v e n u e (R e c) Ju n o
S o u th e rn B o u le v a r d . J u n e
S o u th e rn C a l E d is o n . N o v e m b e r
S ta te n Isl M id la n d .. J u n e
T a m p a E le c t r ic C o . _ O c t o b e r
T e n n e s s e e P o w e r _____ N o v e m b e r
T on n R y , L t & P C o . N ovem ber
T exas P ow er & L t C o N ovem ber
T h i r d A v e n u e R y ____J u n e
D D E B & B R R __ Juno
4 2d S tM & S tN A R y Juno
U n io n I t y C o (N Y C ) J u n e
Y o n k e r s R a ilr o a d . J u n e
N Y C ity In te r R y J u n o
B o lt L in o R y C o r p . J u n o
T h i r d A v e n u o System N o v e m b e r
T w in C it y R a p T r a n . N o v e m b e r
V ir g in ia R y & P o w e r . N o v e m b e r
W a s h B a lt & A n n a p . S e p t e m b e r
W e stch e ste r E le c tr ic . J u n e
Y o r k R a i l w a y s ________ O c t o b e r
Y o u n g sto w n & O h io . O cto b e r
2 0 0 ,6 3 2
2 9 8 .9 5 2
2 ,4 6 4 ,0 9 8
2 ,0 1 7 ,3 9 6
1 8 ,1 1 5
1 5 ,5 4 8
.
5 5 ,0 1 1
5 0 ,4 0 4
1 9 1 0 ,6 9 6 1 6 1 9 ,7 3 8 1 8 ,4 1 2 .8 5 0 1 6 ,2 9 6 ,9 6 2
1 6 3 ,1 2 8
1 4 6 ,6 7 7
2 6 ,2 8 0
2 3 ,2 9 8
2 0 4 ,5 3 4
1 9 8 ,9 9 8
4 0 ,1 7 3
2 5 ,8 0 8
4 0 7 ,4 7 9
2 8 3 ,2 4 7
2 7 6 4 ,9 2 3 2 5 1 2 ,2 2 9 2 8 ,8 2 0 ,9 4 5 2 7 ,1 0 4 ,4 9 7
5 6 ,9 9 3
4 5 ,0 1 8
1 6 4 ,2 1 5
1 2 6 ,0 4 3
6 3 6 ,5 3 9
5 2 5 ,8 1 1
6 ,9 2 5 ,3 8 6
5 ,4 2 9 ,4 9 0
8 6 ,0 4 7
7 2 ,4 9 3
8 6 5 ,2 1 3
7 4 4 ,4 5 4
1 0 2 1 ,1 9 1
7 7 4 ,8 4 7
7 ,6 2 9 ,6 2 3
5 ,9 1 0 ,9 0 5
4 4 3 ,8 6 3
4 2 6 ,2 5 0
4 ,1 5 1 ,1 4 5
3 ,4 6 9 ,8 3 4
4 2 .1 0 0
4 4 ,1 0 2
2 0 9 ,2 1 1
2 0 8 ,0 6 0
3 9 4 ,3 6 9
4 0 2 ,0 2 3
4 ,7 6 0 ,9 1 0
3 ,5 7 0 ,7 6 0
5 7 .1 0 0
5 2 ,6 3 0
5 5 7 .4 9 4
4 7 3 ,8 3 4
1 0 6 ,4 4 4
8 8 ,5 8 9
9 6 4 ,5 9 3
7 8 7 ,4 5 6
7 9 ,7 4 9
7 8 ,1 7 0
3 9 1 ,7 5 3
3 9 1 ,1 8 0
1 6 ,3 9 0
1 9 ,9 5 9
9 9 ,4 0 0
1 0 6 ,7 2 3
6 6 8 ,6 8 1
6 3 3 ,5 1 5
7 ,3 8 4 ,3 1 8
7 ,3 3 2 ,2 2 0
2 8 ,0 9 5
3 4 ,5 6 0
1 3 2 ,3 0 0
1 5 6 ,7 5 5
8 2 ,7 8 6
8 2 ,7 1 0
8 6 8 ,0 7 3
8 3 5 ,2 7 2
2 0 9 ,7 8 7
1 8 9 ,4 0 2
1 ,9 8 5 ,5 9 4
1 ,7 8 8 ,8 7 8
5 6 4 ,6 6 7
4 6 5 ,9 4 3
2 9 4 ,6 0 3
2 7 4 .9 5 2
3 1 6 ,6 2 9
3 5 9 ,4 2 9
1 ,9 0 9 ,8 5 2
2 ,0 6 4 ,5 4 7
5 1 ,3 6 6
3 9 ,1 2 0
2 4 0 ,8 0 5
2 1 9 ,3 4 5
1 4 0 ,2 6 2
1 5 7 ,4 9 3
7 9 9 ,1 2 5
8 7 2 ,6 8 6
2 5 9 ,1 1 2
2 5 5 ,8 2 3
1 ,3 0 2 ,8 6 9
1 ,4 2 5 ,0 7 1
7 2 ,5 5 2
7 2 ,2 3 1
3 9 5 ,5 9 8
3 8 7 ,7 4 4
5 8 ,2 7 1
6 3 ,0 4 9
3 3 8 .6 4 2
3 7 0 ,7 1 0
4 8 ,0 5 3
5 7 ,6 0 7
2 9 8 ,4 7 0
3 4 5 ,1 6 3
7 8 1 ,2 4 2
8 5 3 ,6 9 9
7 ,2 1 0 .0 9 3
7 ,8 0 1 ,5 9 0
7 4 8 ,3 5 2
8 0 7 ,8 3 9
8 ,7 9 9 .5 6 4
9 ,3 4 5 ,6 3 4
6 4 7 ,1 9 6
6 0 7 ,6 5 4
7 ,1 8 7 ,0 0 7
6 ,0 1 3 ,0 8 3
3 2 3 ,6 6 5
1 7 9 ,6 6 9
2 .1 0 5 .1 5 0
9 4 3 ,8 4 3
5 4 ,8 8 8
4 8 ,5 5 3
2 7 2 ,2 1 4
2 5 3 ,5 5 4
8 0 .5 8 3
9 2 ,7 3 7
8 8 8 .9 8 3
8 6 3 ,4 9 1
3 4 ,9 2 8
3 1 ,2 5 7
3 4 9 ,4 4 5
2 9 3 .0 6 7
1 6 4 ,2 4 5
1 2 6 ,0 4 3
1 ,7 4 9 ,2 8 7
1 ,3 5 3 ,0 8 1
N e t a fter
T a xes.
6 8 ,0 7 4
5 5 ,2 4 0
7 8 3 ,1 2 9
6 1 6 ,7 9 0
T7
’ 18
6 3 6 ,5 3 9
2 2 6 .8 2 5
’ 17
5 2 5 ,8 1 1
2 0 1 ,2 1 1
1 2 m o s '1 8 7 , 5 1 9 , 4 0 7
2 ,6 2 8 ,9 5 6
'1 7
5 .9 4 2 ,0 8 4
2 ,5 8 7 ,6 7 3
S t L o u is R o c k y
N o v ’ 18
3 9 4 ,3 6 9
1 0 2 ,8 0 2
M t & Pac Co
’ 17
4 0 2 ,0 2 3
9 9 ,3 7 6
11 m o s ’ 1 8 4 , 7 6 0 , 9 1 0
1 ,1 9 9 ,3 9 6
’ 17 3 ,5 7 0 ,7 6 0
9 9 8 ,4 4 0
T en n essee
N o v ’ 18
2 0 9 ,7 8 7
9 2 ,8 6 4
P ow er C o
’ 17
1 8 9 ,4 0 2
5 2 ,7 0 3
12 m o s ’ 1 8 2 , 1 . 3 1 , 7 6 5
7 6 3 ,8 6 2
’ 17
1 ,9 4 1 ,1 1 5
7 1 5 ,6 3 2
T en n essee R y , L t
N o v ’ 18
5 6 4 ,6 6 7
2 2 0 ,3 7 2
& P ow er C o
'1 7
4 6 5 ,9 4 3
1 3 1 ,7 2 2
12 m o s ’ 1 8 5 , 9 6 3 , 2 4 4
2 ,1 3 3 ,3 9 0
’ 17
5 ,2 4 3 ,1 7 3
1 ,8 5 7 ,3 2 9
T exas P ow er &
N o v '1 8
2 9 4 ,6 0 3
9 1 ,4 9 3
L ig h t C o
'1 7
2 7 4 ,9 5 2
1 0 8 ,3 2 4
12 m o s ’ 18 3 ,1 6 9 ,6 5 7
1 ,0 2 4 ,8 5 2
T7
2 ,5 5 3 ,5 5 8
1 ,0 1 8 ,3 6 1
2 A ft e r a llo w in g f o r o t h e r in c o m e r e c e iv e d .
P o r tla n d R y , L t
& P ow er C o
N ov
G ross
E a r n in g s .
D e tr o it U n ite d
L in e s
N o v ’ 18
’ 17
11 m o s ’ 1 8
’ 17
x A ft e r a llo w in g f o r o t h e r
F ix e d
C h a rg es.
N et
E a r n in g s .
$
1 ,6 0 6 ,5 3 6
3 1 7 ,7 3 8
1 ,3 7 6 ,2 3 4
2 4 2 ,1 2 4
1 7 ,2 7 8 ,7 8 2
3 ,8 8 4 ,8 6 5
1 5 ,9 0 3 ,9 7 5
3 ,8 2 2 ,4 3 2
in c o m e r e c e iv e d .
B a la n c e ,
S u r p lu s .
2 8 ,5 9 1
2 9 ,0 9 8
3 5 1 ,5 2 1
3 3 3 ,6 5 5
3 9 ,4 8 3
2 6 ,1 4 2
4 3 1 ,6 0 8
2 8 3 ,1 3 5
1 8 5 ,6 5 7
1 7 7 ,5 1 2
2 ,2 0 8 ,3 3 0
2 ,1 5 6 ,1 0 0
4 1 ,1 6 8
2 3 ,6 9 9
4 2 0 ,6 2 6
4 3 1 ,5 7 3
2 0 ,4 4 6
2 0 ,6 7 1
2 2 5 ,9 5 8
2 2 8 ,7 4 4
5 2 ,1 5 1
5 2 ,9 4 2
6 3 0 ,0 2 3
5 9 2 ,7 9 9
8 2 ,3 5 6
7 8 ,7 0 5
9 7 3 ,4 3 8
7 6 9 ,6 9 6
4 0 ,7 1
d e f23 9
1 3 3 ,8 3 9
1 2 2 ,8 3 3
1 3 1 ,4 7 6
1 3 8 ,7 6 5
1 ,6 5 6 ,5 9 7
1 ,6 0 3 ,0 9 3
8 8 ,8 9 6
d e f 7 ,0 4 3
4 7 6 ,7 9 3
2 5 4 ,2 3 6
5 4 ,7 2 2
5 2 ,3 7 2
6 3 7 ,7 1 7
5 3 7 ,5 2 9
z 3 7 ,3 6 2
5 5 ,9 5 2
1 3 8 8 ,1 7 5
4 8 0 ,8 3 2
F ix e d C h g s.
& T axes.
S
2 3 4 ,4 3 4
2 0 9 Q71
2 ,5 1 9 ,6 4 5
2 ,1 9 5 ,6 7 6
B a la n c e ,
S u r p lu s .
s
* 1 3 2 ,1 3 5
* 7 8 ,5 7 3
x l . 7591560
x l , 9 7 5 ,3 8 0
FINANCIAL REPORTS
F in a n c ia l R e p o r t s . —An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during tho preceding month will be given
on tho last Saturday of each month. This index will not
include reports in the issue of tho “Chronicle” in which it is
published. Tho latest indox will be found in the issue of
E le c tr ic R a ilw a y a n d O t h e r P u b lic U t il it y N e t E a r n Dec. 28. The next will appear in that of Jan. 25.
in g s . —Tho following tablo givos tho roturns of ELECTRIC
N e w O r le a n s R a ilw a y & L i g h t C o .
railway and othor public utility gross and not oarnings with
charges and surplus reported this week
(A ppraisal—Report and Plan of Special Commissioner.)
The appraisal of the property and suggestions regarding
the same by E. W. Ballard & Co., and the company’s com
ments thereon, together with the report of Special Commis
sioner La Faye, suggesting a plan of reorganization and
approving a sliding scalo of rates, are summarized as follows
(compare.nows item on a subsequent page):
a N o w c o v e r s o n l y t h o lin e s o a s t o f Y o r k B e a c h , M e . ; in t h e f ir s t f o u r
m o n t h s o f 1 9 1 7 c o v e r e d a ls o t h e lin o s w e s t o f Y o r k B e a c h , M o
b I n c lu d e s
a ll s o u r c e s .
/ E a r n i n g s g i v e n In i n i l r o i s .
g I n c lu d e s c o n s t it u e n t o r s u b
s id ia r y c o m p a n ie s .
h D e c r e a s e in g r o s s e a r n in g s d u o t o t h e o m is s io n th is
y e a r o f th e T e x a s S ta te F a ir , t o th e in flu e n z e e p ld o m ic a n d t o th e r e d u c t io n
In t h o n u m b e r o f t r o o p s a t a r m y c a m p s .
--------- G r o s s E a r n i n g s -------C u rren t
P rev io u s
Y ear.
Y ea r.
C o m p a n ie s .
I l l i n o i s T r a c t i o n . a ............. N o v 1 , 3 4 3 , 6 5 5
J a n 1 t o N o v 3 0 --------------1 3 , 4 4 6 , 0 6 4
S ou th w est P & L t C o .a .N o v
5 1 2 ,0 4 3
D e c 1 t o N o v 3 0 -------------- 5 , 5 7 7 , 2 6 1
a
c
N o t e a r n in g s h e r o g iv e n a r o
S u b s id ia r y c o m p a n ie s o n ly .
B angor R y &
E le c t C o
N o v ’ 18
’ 17
1 2 m o s '1 8
T7
C a d d o O il & R e f
C o o f L a , In c
N ov T 8
’ 17
12 m o s '1 8
’ 17
C h a tta n oog a R y &
L ig h t C o
N ov
N a s h v lllo R a ilw a y
& L ig h t C o
N ov
12 m o s
P o r t la n d P o w e r
& L ig h t C o
N ov
12 m o s
1 8 4 ,2 9 6
2 ,0 4 9 ,7 4 2
N e t a fter
T a xes.
2 8 8 ,6 4 6
4 ,1 2 3 ,0 5 9
1 9 1 ,3 4 2
2 ,0 6 9 ,4 2 5
ta x e s,
F ix e d
C h a rges.
8 0 ,9 3 0
7 6 ,0 8 1
9 2 8 ,9 7 8
8 7 6 ,0 7 0
2 7 ,6 8 7
3 7 ,2 4 3
3 3 9 ,4 1 5
3 7 7 .5 5 4
2 0 ,2 2 3
1 9 ,6 5 7
2 3 8 ,4 0 0
2 2 7 ,4 3 0
2 4 4 ,8 0 4
1 2 9 ,8 8 2
1 ,9 5 7 ,9 1 9
2 ,0 7 9 ,0 8 2
7 8 ,2 9 0
2 8 ,9 1 3
6 6 8 ,3 4 1
5 6 5 ,7 8 6
3 6 ,5 3 8
d e f 1 ,3 0 3
3 5 9 ,6 4 3
2 3 8 ,9 1 3
1 2 ,5 4 5
1 2 ,1 3 3
1 4 2 ,2 9 1
1 3 6 .0 1 1
6 5 ,7 4 5
1 6 ,7 8 0
5 2 6 ,0 5 0
4 2 9 ,7 7 5
2 9 ,4 7 0
3 0 ,8 6 6
3 7 4 ,5 9 9
3 5 8 ,5 0 7
7 ,0 6 8
d e f3 2 ,1 6 9
d e f 1 4 ,9 5 6
d e f 1 1 9 ,5 9 4
8 9 ,0 5 8
7 3 ,1 6 3
1 ,1 1 4 ,0 3 2
1 ,1 2 2 ,4 0 2
6 4 ,1 8 9
4 5 ,9 1 9
6 8 1 ,8 4 0
5 5 2 ,6 1 8
2 4 ,8 6 9
2 7 ,2 4 4
4 3 2 ,1 9 2
5 6 9 ,7 8 4
N ov
11 m o s
3 7 7 ,7 2 0
3 ,6 6 4 ,6 9 7
4 5 3 ,8 2 4
4 ,6 2 7 ,8 1 8
B a la n c e ,
S u r p lu s .
$
*
7 .4 6 4
1 7 ,5 8 6
1 0 0 ,9 2 5
1 5 0 ,1 2 4
’ 18
1 6 7 ,1 1 8
’ 17
1 1 1 ,2 1 6
12 m o s ’ 1 8
1 ,7 9 9 ,0 7 1
’ 17
1 ,3 3 5 ,1 1 5
C o lu m b u s (O ) R y , N o v ’ 18
3 7 0 ,9 8 1
P o w e r & L ig h t C o
’ 17
3 5 9 ,9 9 0
12 m o s ’ 1 8 4 . 2 3 2 . 0 1 8
'1 7
3 ,9 7 5 ,8 7 1
C o m m o n w e a lth
N o v ’ 18
2 ,0 2 2 ,8 4 7
P ow er, R y & L t C o
'1 7
1 ,8 2 2 ,2 8 3
12 m o s ’ 1 8 2 1 , 7 3 5 , 1 2 8
’ 1 7 1 9 ,4 6 0 ,7 2 6
C on su m ers P ow er
N o v ’ 18
6 5 4 ,6 4 0
G o (M ic h ig a n )
5 4 6 ,3 9 9
12 m o s
6 ,4 8 9 ,9 4 3
5 ,7 0 1 ,2 1 3
O u m b c r l ’d C o u n t y
N ov
2 7 6 ,5 0 4
P ow er & L t C o
2 4 3 ,0 3 6
12 m o s
4 .1 6 7 .0 1 8
3 ,6 3 0 ,7 9 7
F e d e ra l L ig h t &
2 7 6 ,8 5 4
O ct
T r a c tio n C o
2 5 4 ,7 1 3
12 m o s
3 ,4 2 9 ,8 8 8
2 ,7 3 0 ,9 1 2
F t W orth P ow er
N ov
1 2 0 .6 7 7
& L ig h t C o
9 6 ,3 4 5
12 m o s
1 ,3 0 0 ,9 5 4
9 8 0 ,7 6 3
N ov
G r a n d R a p id s
1 0 5 ,6 2 2
R y Co
1 0 0 ,7 0 2
12 m o s
1 ,2 7 7 ,9 3 0
1 ,3 0 5 ,8 0 7
H avana E l R y
N ov
6 9 0 ,7 0 4
L t & P ow C o
6 4 3 ,4 0 3
11 m o s
7 ,4 6 6 ,6 5 3
6 ,3 1 5 ,8 1 1
H u n tin g t o n D o v c l
N ov
8 5 ,5 5 9
& G as C o
6 5 ,4 4 8
12 m o s
9 7 6 ,7 8 0
6 0 3 ,6 4 1
K ansas G as &
N ov
2 0 2 ,9 7 4
E le c t C o
1 6 5 ,7 1 2
12 m o s
2 ,0 5 5 ,4 0 5
1 ,7 5 3 ,9 3 4
L e w is to n A u g u s ta
N ov
7 6 ,7 0 7
& W a te r v illo S t R y
7 1 ,3 0 7
12 m o s
8 7 7 ,4 9 1
8 9 9 ,3 1 3
N e w E n g la n d C o
P o w e r S y ste m
1 ,2 4 3 ,0 6 6
1 2 ,2 7 5 ,7 2 6
a fte r d e d u c tin g
G ross
E a r n in g s .
--------- N e t E a r n i n g s -------C u rren t
P rev io u s
Y ear.
Y ear.
7 0 0 ,7 0 7
6 3 6 ,1 8 2
6 ,8 7 3 ,1 1 4
7 ,5 4 1 ,0 3 1
5 2 6 ,3 9 7
4 6 6 ,2 3 0
5 ,9 5 1 ,7 6 1
5 ,2 5 5 ,1 6 0
1 7 4 ,3 1 0
1 6 9 ,9 5 2
9 2 1 ,3 5 3
2 ,2 8 5 ,8 7 1
2 7 4 ,3 1 9
2 3 6 .5 7 8
2 ,7 2 8 ,6 7 9
2 ,4 5 5 ,4 7 1
1 1 4 ,6 5 4
9 1 ,4 0 3
1 ,3 0 1 ,0 6 9
9 2 5 ,1 3 1
1 5 9 .6 6 5
1 4 5 ,1 7 5
1 ,4 2 7 ,6 1 0
1 ,5 3 0 ,3 4 0
7 7 ,9 4 2
7 2 ,6 3 8
9 4 9 ,5 3 4
1 ,2 0 8 ,0 5 7
7 1 ,1 4 7
6 9 .8 4 3
8 1 2 .2 3 7
7 7 9 ,2 4 7
6 .7 9 5
2 .7 9 5
1 3 7 ,2 9 7
4 2 8 ,8 1 0
6 2 ,3 4 2
7 0 ,6 0 6
1 ,0 0 2 ,7 8 9
8 5 4 ,5 1 2
5 5 ,2 4 6
4 4 ,5 3 4
5 8 9 ,9 2 3
5 4 3 .6 6 0
1 3 .4 7 9
2 3 ,3 0 1
2 6 1 .5 5 5
4 2 1 ,0 1 9
3 5 7 ,8 3 9
3 5 8 ,9 1 1
4 ,0 2 6 ,9 2 2
3 ,5 6 4 ,1 6 5
3 6 ,1 8 7
3 0 ,8 0 7
4 5 4 ,6 3 0
3 5 2 ,8 9 0
6 8 ,6 4 3
5 0 ,0 4 7
6 5 6 ,5 8 7
4 8 6 .5 7 9
9 ,8 1 0
1 3 ,9 8 0
9 4 ,0 3 9
2 2 6 ,5 4 2
3 3 8 ,1 2 1
2 5 1 ,3 0 5
3 ,1 8 0 ,5 4 0
2 ,3 7 8 ,4 5 9
1 5 3 .6 6 0
9 5 ,2 3 6
1 .1 6 0 ,8 1 8
1 .0 3 5 ,7 6 0
2 7 1 ,9 3 9
2 1 2 ,2 6 4
2 ,8 1 2 ,1 0 3
2 ,4 5 2 .1 1 8
8 7 ,5 8 8
7 8 ,1 7 0
9 7 7 ,4 9 4
8 7 4 ,9 4 0
1 6 3 ,1 2 8
1 4 6 .6 7 7
1 ,8 4 2 ,1 8 4
1 ,6 2 5 ,0 9 7
7 8 ,7 0 8
7 4 ,3 3 0
8 5 7 ,4 3 0
8 4 8 ,8 9 9
5 3 ,0 1 9
9 ,3 2 3
5 0 ,5 0 9
2 0 ,0 9 7
7 3 3 ,1 1 5
2 6 9 ,6 7 4
7 1 5 ,0 0 5
1 3 9 ,5 0 7
1 6 ,0 0 1
2 4 0 .6 6 6
1 0 .8 4 3
3 3 ,6 9 1
1 5 6 ,4 3 4
* 4 3 8 ,9 6 2
1 2 1 ,4 3 8
4 2 2 .2 2 2
1 9 ,6 5 6
d e f 6 ,1 7 7
1 8 ,6 1 9
4 ,6 8 2
2 3 4 ,1 2 0
2 7 ,4 3 5
2 1 6 ,0 1 0
2 0 5 ,0 0 9
3 6 1 ,3 1 2
2 2 0 1 ,7 4 7
1 5 0 ,3 4 0
2 2 1 8 ,5 3 2
1 ,5 8 8 ,6 7 2 2 2 ,5 5 8 ,2 7 4
1 ,7 1 8 ,1 1 2 2 1 ,9 7 4 ,3 7 3
1 5 ,6 6 7
2 0 ,5 2 0
1 6 ,2 1 5
1 4 ,5 9 2
1 9 3 ,3 2 7
2 6 1 ,3 0 3
1 8 9 ,7 9 6
1 6 3 ,0 9 4
3 9 ,5 5 3
2 3 3 ,1 8 3
2 5 ,0 8 7
2 4 ,9 6 0
3 8 4 ,6 9 1
2 2 8 5 ,3 7 3
2 6 7 ,3 5 6
2 1 9 ,2 1 3
1 9 ,8 2 4
d e fl0 ,0 1 4
1 5 ,4 5 7
d e f 1 ,4 7 7
2 2 3 ,0 3 9 d c f l 2 9 ,5 0 1
2 2 6 ,5 4 2
4 0 ,1 1 7
4 0 ,6 8 6
1 1 2 ,9 7 4
3 6 ,4 5 4
5 8 ,7 8 2
4 2 3 .2 3 7
7 3 7 ,5 8 1
4 0 4 ,5 3 8
6 3 1 .2 2 2
3 8 ,6 3 1
4 8 ,9 5 7
4 0 ,6 2 8
3 7 ,5 4 2
4 8 3 ,4 1 1
4 9 4 ,0 8 3
4 9 2 ,0 6 1
3 8 2 ,8 7 9
4 3 ,4 2 8
2 .3 5 ,4 4 0
3 6 ,4 3 6
3 7 ,8 9 4
4 8 9 .0 1 2
2 .3 7 0 ,0 7 6
4 3 2 ,0 8 3
4 1 6 ,8 1 3
E . W . B a lla r d & C o . ’s V a lu a tio n o f th e E n t i r e P r o p e r l y a s o f J u n e 3 0 1 9 1 8 .
C o s tR y. D ep t.
E lec. D ep t.
G as D ep t.
T o ta l.
P h y s ic a l p r o p e r t y u s e d
.$ 1 5 ,5 6 8 ,1 0 5
$ 8 ,8 0 0 ,7 3 2
$ 6 ,2 3 4 ,7 1 9
$ 3 0 ,6 0 3 ,5 5 6
W o r k in g c a p it a l.
.
4 8 7 ,6 1 1
2 9 9 ,5 9 4
3 3 6 ,4 8 3
1 ,1 2 3 ,6 8 8
.
3 ,3 4 2 ,9 1 3
2 0 8 ,3 3 3
1 4 1 ,6 6 7
3 ,6 9 2 ,9 1 3
.$ 1 9 ,3 9 8 ,6 2 9
P r o p e r t y n o t i n u s e _____ .
5 5 7 ,7 4 6
$ 9 ,3 0 8 ,6 5 9
1 4 2 ,2 9 8
$ 6 ,7 1 2 ,8 6 9
1 7 4 ,2 1 2
$ 3 5 ,4 2 0 ,1 5 7
8 7 4 ,2 5 6
.$ 1 9 ,9 5 6 ,3 7 5
$ 9 ,4 5 0 ,9 5 7
$ 6 ,8 8 7 ,0 8 1
$ 3 6 ,2 9 4 ,4 1 3
u s e d1
.$ 1 1 ,0 5 1 ,1 8 8
.
4 8 7 ,6 1 1
.
1 ,5 6 6 ,0 7 2
8 6 ,6 3 9 ,7 2 3
2 9 9 .5 9 4
2 0 8 ,3 3 3
$ 5 ,0 7 6 ,2 0 2
3 3 6 ,4 8 3
1 4 1 ,6 6 7
$ 2 2 ,7 6 7 ,1 1 3
1 .1 2 3 ,6 8 8
1 ,9 1 6 ,0 7 2
.8 1 3 ,1 0 4 .8 7 1
P r o p e r t y n o t i n u s e ___ .
4 6 9 ,8 2 2
$ 7 ,1 4 7 ,6 5 0
1 1 4 ,1 4 2
$ 5 ,5 5 4 ,3 5 2
1 5 7 ,6 0 4
$ 2 5 ,8 0 6 ,8 7 3
7 4 1 ,5 6 8
.8 1 3 ,5 7 4 ,6 9 3
. 3 3 ,6 1 3 ,8 7 2
$ 7 ,2 6 1 ,7 9 2
$ 2 ,0 1 1 ,7 4 0
$ 5 ,7 1 1 ,9 5 6
$ 1 ,3 0 6 ,7 0 8
$ 2 6 ,5 4 8 ,4 4 1
$ 6 ,9 3 2 ,3 2 0
T o t a l p r e s e n t v a l u e o f a l l p r o p e r t i e s _______________________________
$ 3 2 ,7 3 9 ,1 9 3
P r e s e n t V a lu e —
P h y s ic a l p r o p e r t y
W o r k in g c a p it a l.
x A p p r e c ia tio n .
x “ I t i s f r e q u e n t l y h e l d b y . c o u r t s a n d c o m m i s s i o n s t h a t a u t i l i t y is e n t i t l e d
t o a v a l u a t io n o f its p r o p e r t y f o r r a t e o r p u r c h a s e e a s e s a t th e a m o u n t o f its
i n v e s t m e n t o n l y , b u t t h e p r e p o n d e r a n c e o f a u t h o r i t y is t o t h e e f f e c t t h a t t h e
u t i l i t y s h o u ld b e a c c o r d e d a f a ir v a l u e o f it s p r o p e r t y e v e n t h o u g h a D a rt
o f t h a t v a l u e is m a d e u p o f a n u n e a r n e d i n c r e m e n t .
T h i s p r i n c i p l e is s e t
fo r t h b y J u d g e H u g h e s in th o M in n e s o t a r a t e c a s e .”
Regarding this valuation an official statement by the
company says in part:
T h e r e c o r d s s h o w , a n d it c a n n o t b e d is p u te d , t h a t th e a c tu a l ca s h p a id
in t o th o p r o p e r t y fo r it s a c q u is it io n a t th e
d a t e o f c o n s o lid a t io n a n d in
a d d it io n s a n d im p r o v e m e n t s
s u b s e q u e n tly m a d e , a to ta l o f $55 9 2 0 4 8 7
T h is h a s n o r e fe r e n c e t o s e c u r itie s is s u e d .
I t r e p r e s e n t s r e a l m o ’n e v ’n a i d
b y t h o p r e s e n t o w n e r s o f t h e N e w O r le a n s R y . & L ig h t C o . in t o t h e t r e a s u r y
o f th a t co m p a n y .
E v e r y d o lla r s o in v e s t e d u n d e r th e la w s o f th e S ta te
o f L o u i s i a n a is e n t i t l e d t o a 7 % r e t u r n .
T h o s t a t e m e n t s u b m it t e d , s h o w in g
a c t u a l n e t e a r n in g s o n m o n e y s a c t u a ll y in v e s t e d in t h e p r o p e r t y w it h n o
a l l o w a n c e f o r t h e a m o r t i z a t i o n o f b o n d d i s c o u n t in t h e p a s t , in d i c a t e s t h a t
th e c o r p o r a t io n h a s r e c e iv e d
le s s t h a n t h e l e g a l l y j u s t a n d r e a s o n a b le
r e tu r n , t h e s u m o f $ 1 6 ,5 8 0 ,3 8 1 , a n d th is w it h o u t
a c c u m u la tio n o f th e
d e fic ie n t r e tu rn .
T h o re a s o n y o u r b a s e fig u r e d o e s n o t r e p r e s e n t th o a c tu a l $ 5 5 9 2 0 4 8 7
s h o w n t o h a v e b e e n in v e s t e d in t h e p r o p e r t y , is b e c a u s e it n o t o n l y ig n o r e s
th is it e m o f b o n d d is c o u n t
[$ 5 ,1 4 0 ,3 6 5 ] , b u t i t a ls o ig n o r e s t h e c o s t o f
p r o m o t io n , w h ic h y o u p r o p o s e t o d is a llo w , a n d w h ic h w e h a v e e s tim a te d
a t $ 3 5 4 ,1 9 4 : it a ls o ig n o r e s o b s o le t e
p r o p e r t y w it h r e s p e c t o f w h ic h th e
c o m p a n y d id n o t e a rn e n o u g h t o a m o r t iz e , a m o u n t in g t o a t le a s t $5 6 7 0 3 8 7
a s p e r th e in c o m p le t e s ta te m e n t s u b m it t e d h e r e w ith , a n d it d o e s n o t a llo w
fo r g o in g -c o n c e r n
v a l u e , w h ic h i t m a y b e a s s u m e d w a s in c lu d e d in t h e
o r ig in a l c o s t a s o f 1 9 0 2 , a n d w h ic h w e c la im n o w a m o u n t s t o $ 5 4 9 7 2 9 1
T h e s e it e m s a d d e d w o u ld a g g r e g a te $ 1 6 ,6 2 2 ,2 3 7 , a n d h a d w e a c o m p le t e
r e c o r d o f o b s o le t e p r o p e r t y , it is c e r t a in t h a t t h e t o t a l a m o u n t o f th e s e
v a lu e s a d d e d t o y o u r b a s e f ig u r e w o u ld h a v e t o t a le d a s u m m u c h in e x c e s s
o f t h e $ 5 5 ,9 2 0 ,4 8 7 , a n d th is b e c a u s e t h e r e h a s b e e n s in c e t h e r e o r g a n iz a t io n
d a t e r e in v e s t e d in t h e p r o p e r t y f r o m t h e in a d e q u a t e e a r n in g s o f t h e c o m
p a n y s u b sta n tia l a m o u n ts .
E. W. Ballard &Co., on the other hand, say in substance:
T h e q u e s t io n a s t o w h e th e r o r n o t t h e c o m p a n y m a y n a v e p a id o u t th e
s u m o f $ 5 5 ,9 2 0 ,4 8 7 in t h e a c q u is it io n o f th e s e p r o p e r t ie s a t t h e t im e o f
r e o r g a n i z a t i o n is n o t m a t e r i a l t o t h i s v a l u a t i o n .
T h e q u e s t i o n a t is s u e is
th o a m o u n t w h ic h th e c o m p a n y m a y h a v e
p r o p e r ly e x p e n d e d , a n d w e
th e r e fo r e , m a k e n o a llo w a n c e fo r th e a m o u n t o f u n a m o r tiz e d b o n d d is c o u n t !
W o h a v e m a d e a n e s t i m a t e t o s h o w t h e r e s u l t o f t h is w a g e in c r e a s e ’
[o r d e r e d b y th e W a r L a b o r B o a r d ] b a s e d o n th o r e t e n t io n o f t h e fo r c e s e m
p lo y e d d u r in g t h e m o n t h o f J u ly a n d fin d t h a t i f t h is s c a le o f w a g e c o n t in u e s
t h r o u g h o u t t h e y e a r t h e o p e r a t in g e x p e n s e s o f t h e c o m p a n y w ill b e in c r e a s e d
t h e r e b y $ 1 ,5 1 4 ,7 7 0 .
I f , th e r e fo r e , w e a d d t o t h e o p e r a t in g e x p e n s e s w h ic h
c o n t a in t h e a d d e d c o s t d u e t o in c r e a s e in p r ic e s o f m a t e r ia l, t h e e s t im a t e d
in c r e a s e d u e t o la b o r c o s t s w e h a v e a t o t a l f o r o p e r a t in g e x p e n s e s o f $ 5 ,
8 6 5 , 0 3 6 , w h i c h is t h e c o s t o f r e n d e r in g t h e s a m e a m o u n t o f s e r v i c e u n d e r
th o p r e v a ilin g c o n d it io n s a s w a s r e n d e r e d in t h a t y e a r .
T a x e s o f th is c o m
p a n y h a v e a ls o b e e n in c r e a s e d , t h e t o t a l f o r t h e y e a r 1 9 1 8 b e in g e s tim a te d
a t $ 1 ,1 4 5 ,0 0 0 .
T h o a p p r a is a l o f th is p r o p e r t y f ix e s t h e v a lu e o f t h e d e p r e c i a b le p r o p e r t y
a t $ 3 2 ,1 6 7 ,4 5 7 , a n d o n t h is w o d e t e r m in e t h a t t h o c o m p a n y is e n t it l e d t o
e a r n f o r d e p r e c ia tio n r e s e r v e th o
s u m o f $ 8 5 5 ,3 5 8 .
W o a ls o d e te r m in e
t h a t o n it s v a l u e o f $ 3 2 ,7 3 9 ,1 9 3 t h o c o m p a n y is e n t it l e d b y t h o t e r m s o f
its a g r e e m e n t w it h th e c it y t o e a r n 6 % , o r $ 1 ,9 6 4 ,3 5 2 .
T h o su m o f th ese
a m o u n t s is $ 9 , 8 2 9 , 7 4 5 .
.
.
_ .
.
.
T h e e f f e c t o f t h o in c r e a s e in r a t e s a n d fa r e s g r a n t e d o n O c t . 1 0 h a s n o t
b e e n r e f l e c t e d in t h e r e v e n u e s o f t h o c o m p a n y a t t h o t i m e o f d r a w i n g t h is
r e p o r t , b e c a u s e o f th o e p id e m ic o f s ic k n e s s w h ic h h a s p r e v a ile d t h r o u g h o u t
t h e c o u n t r y , w it h th e c o n s e q u e n t c lo s in g o f c h u r c h e s , p la c e s o f a m u s e m e n t ,
& c.
T h o r a ilw a y r e v e n u e s , e v e n u n d e r t h e a d v a n c e d r a t e h a v e fa lle n o f f
c o n s id e r a b ly , d u o t o t h is c a u s e , a n d n o a c c u r a t e d e t e r m in a t io n o f t h e e ffe c t
o f t h is in c r e a s e w ill b o p o s s i b l e u n t il s o m e t i m e a f t e r t h o r e t u r n o f n o r m a l
c o n d it io n s [c o m p a r e V . 1 0 8 , p . 7 9 ].
„
,
H o w e v e r , th e o p e r a tin g
r e v e n u e s o f th o c o m p a n y fo r th o y e a r e n d in g
J u n e 3 0 1918 w ere as
f o ll o w s : R a il w a y d e p a r t m e n t , $ 4 ,7 2 3 ,6 0 7 ; e le c t r ic
d e p a r t m e n t , $ 1 ,7 1 0 ,2 7 7 ; g a s d e p a r t m e n t , $ 1 ,5 4 9 ,6 4 7 ; t o t a l , $ 7 ,9 8 3 ,5 3 1 .
R a ilw a y fa re s w e re a d v a n c e d 2 0 % a n d e le c t r ic a n d g a s r a te s 3 0 % o n
O ct. 10.
W o e s t im a t e t h a t t h e s e in c r e a s e s w ill p r o v id e n e t a d d i t io n s t o
t h e r e v e n u e o f t h o c o m p a n y b a s e d o n th o a b o v e r e v e n u e s in t h e a m o u n t
o f $ 1 ,5 2 3 ,5 2 2 , o r fo r t h e y e a r a t o t a l o f $ 9 ,5 0 7 ,0 5 3 .
I t is t h u s d e t e r m in e d t h a t f o r t h o s a m e a m o u n t o f s o r v ic o t o b o r e n d e r e d
in t h e y e a r e n d in g J u n e 3 0 1 9 1 9 , a s w a s r e n d e r e d in t h o p r e v io u s y e a r , b u t
u n d e r p r e s e n t c o s t s f o r l a b o r a n d m a t e r i a l , t h e r e v e n u e s w ill b e le s s t h a n
t h o r e a s o n a b le n e c e s s a r y e a r n in g s in a n a m o u n t o f $ 3 2 2 ,6 9 2 .
H a v i n g in m in d t h e p r o b a b l e d e f i c i t a s d e t e r m in e d a b o v e , a n d c o n s id e r in g
a ls o t h o e c o n o m ie s w h ic h m a y b e e f f e c t e d in o p e r a t io n a s w e ll a s t h e f a c t
t h a t p r ic e s o f m a t e r ia l u s e d in p r o d u c t i o n a n d m a in t e n a n c e m a y b o e x p e c t e d
t o d e c l i n e in t h e f u t u r e r a t h e r t h a n a d v a n c e , w e r e s p e c t f u l l y s u g g e s t t h a t
c o n s id e r a t io n b e g iv e n t o th e p r o b le m o f fix in g r a te s a n d fa r e s fo r s e r v ic o
o n a s lid in g s c a le b a s is .
,
, .
, .
..
T h i s c a n b e s t b e d o n e b y a c c u m u l a t i n g a ll s u r p l u s i n t o a f u n d f o r t h o
p a y m e n t o f b o n d in t e r e s t a n d t h e n u s in g t h o s t a t e o f t h is f u n d a s a b a r o m e
t e r f o r d e t e r m i n i n g t h o p r o p e r r a t e o r f a r o t o b e c h a r g e d f o r s e r v i c o i n a,
m a n n e r s im ila r t o t h a t f o ll o w e d in t h o C le v e la n d S t r e e t R a il w a y c a s e .
A
m a x i m u m a n d m in im u m s h o u ld b e s e t f o r t h e s u r p lu s in t h is f u n d .
T h is
in c o m b i n a t i o n w it h a s lid in g s c a le f o r r a t e s a n d f a r e s f o r s e r v ic e w ill t h e n
a u t o m a t i c a l l y d e t e r m in e w h a t t h e r a t e s a n d f a r e w ill b o .
W h e n th o
s u r p lu s in t h u s fu n d g r o w s t o e x c e e d th e p r e d e t e r m in e d m a x im u m , t h e n th o
n e x t lo w e r r a t o o f fa r o a u t o m a t i c a lly g o e s in t o e f f e c t .
I f t h e s u r p l u s s t ill e x c e e d s t h o m a x i m u m a f t e r a c e r t a i n p e r i o d o ^ t i m o ,
a n o t h e r s t e p d o w n w a r d in t h e r a t e s a n d fa r e s w ill a u t o m a t i c a l l y t a k o
p la c e , a n d s o o n u n t il t h e s u r p lu s in t h is f u n d is b r o u g h t b e lo w t h o f i x e d
m a x im u m .
W h e n e v e r t h o s u r p lu s in t h is f u n d fa lls b e lo w t h o p r e d e t e r
m i n e d m i n i m u m , t h e n a s t e p u p w a r d in t h e r a t e s a n d f a r e s w i l l a u t o m a t i
c a l l y t a k e p l a c e a n d s o o n u n t i l t h e s u r p l u s in t h e f u n d i s a g a i n b r o u g h t t o
a v a lu e b e t w e e n th e p r e d e t e r m in e d m a x im u m a n d m in im u m v a lu e .
I t is o u r o p i n i o n t h a t s o m e e c o n o m i e s c o u l d b o e f f e c t e d in t h e o p e r a t i o n
o f th e s e p r o p e r t ie s b y th o fo llo w in g : (a ) T h e r e te n tio n o f th e “ s k ip -s t o p
p la n ; (6) T h e in t r o d u c t io n o f p a y -e n t e r o n in b o u n d c a r s a n d p a y -le a v e o n
o u tb o u n d cars,
(c ) T h e d is c o n t i n u a n c e o f a c c o u n t i n g f o r e a c h o f f i v e
s u b s id ia r y c o m p a n ie s , p r o v id e d , o f c o u r s e , t h a t le g a l d i f f i c u l t i e s c a n b o
o b v ia te d ,
(d ) A c o n s o lid a t io n o f t h e m a n y s t o c k r o o m s a n d m a te r ia l
yards,
(e ) A g e n e r a l c le a n in g u p a n d s a le o f o l d e q u ip m e n t a n d s c r a p
w h i c h is n o l o n g e r u s e f u l .
( / ) R e d u c in g a s r a p id ly a s p o s s ib lo th o a m o u n t
o f p r o p e r t y n o t In u s e .
(ff) C l o s i n g d o w n , e x c e p t f o r e m e r g e n c y u s e , t h e
E d is o n a n d C la ib o r n e g e n e r a tin g p la n t s , a s s o o n a s t h e c e n t r a l s t a t io n c a n
b e p u t in s h a p e t o c a r r y a ll t h e lo a d .
.
W e h a v e e x a m in e d th e a g r e e m e n t , d a t e d J a n . 1 1 9 1 5 , w it h th o A m e r ic a n
C it ie s C o . , a n d fin d t h a t it c a lls f o r t h e p a y m e n t t o t h a t c o m p a n y o f 1 %
o f t h e g r o s s o p e r a t in g r o v e n u o o f t h o N e w O r le a n s R y . & L ig h t C o . fr o m
a ll s o u r c e s , o r in 1 9 1 5 , $ 6 9 ,5 1 6 ; 1 9 1 6 , $ 7 2 ,0 0 7 ; 1 9 1 7 , $ 7 7 ,4 6 2 .
I f t h is
in c lu d e s s e r v ic e s fo r s u p e r v is in g t h o o p e r a t in g e n g in e e r in g , p u r c h a s in g a n d
c o m m e r c ia l a f f a ir s o f t h o N e w O r le a n s c o m p a n y , a s w e a r e a d v is e d t h a t it
d o e s , t h e n , in o u r o p in io n , t h o s e r v ic e s a r e v a l u a b lo t o t h o e x t e n t o f t h e
p a y m en ts m a d e.
I n c a s e , h o w e v e r , t h e m a n a g e m e n t o f t h i s p r o p e r t y is
a s s u m e d b y t h o c it y , w e w o u ld r e c o m m e n d t h a t t h is a g r e e m e n t w it h th o
A m e r ic a n C it ie s C o . b o te r m in a t e d .
C on d en sed
.
[V ol . 108.
THE CHRONICLE
166
E x tr a c ts fr o m R e p o r t o f C o m m is s io n e r E .
C o m p a n y 's O ic n A p p r a i s a l o f I t s P r o p e r t i e s .
E.
La
F aye.
T h e s u m m a r y o f t h o a p p r a is a l o f t h e N e w O r le a n s R y . & L ig h t C o . a s
o f J u n e 3 0 1 9 1 8 , fo r m a lly s u b m it t e d b y it a s its c la im s o f th o p r e s e n t v a lu e
o f a ll its p r o p e r t ie s , s h o w s :
O r i g i n a l c o s t v a l u e ____________________________________________________________$ 4 8 , 0 0 1 , 2 8 5
R e p r o d u c t i o n c o s t o f f i v e y e a r s a v e r a g e . . ...............................................
6 1 ,6 3 7 ,b 4 9
S e c u r i t i e s , m a r k e t v a l u e __________________________________________________ 4 6 ,9 2 5 ,b 8 0
T o t a l ............. .................................. ........... .............. - ......................................................... $ 1 5 6 , 5 6 4 , 0 1 4
A v e r a g e v a l u e e n t i t l e d t o r e t u r n --------------------------------- - — ---------------- $ 5 2 , 1 8 8 , 2 0 5
U n a m o r t i z c d c o s t o f f i n a n c i n g v a l u e f o r p u r p o s e o f o p t i o n -------5 ,1 4 0 ,3 b 5
T o t a l ..........- .........................................................................................$57,328,570
A s I u n d e r s t a n d t h is d is c u s s io n t h e r e is n o q u e s t io n o f la w in v o l v e d , a n d
u n d e r t h e c ir c u m s t a n c e s , I d o n o t fe e l b o u n d b y t h e p r a c t ic e s g o v e r n in g
d is s im ila r c a s e s .
T h e r e fo r e , t h e u s e b y t h e c o m p a n y o f v a lu e o f s e c u r itie s ,
a n d th o u se o f r e p r o d u c t io n c o s t a s a n e le m e n t o f v a lu e a r e n o t fo r c e fu l
a r g u m e n t s in t h is c a s e .
M y i n t e r p r e t a t i o n o f t h e s i t u a t i o n is t h a t , d u o t o
c h a n g i n g c o n d it io n s e f f e c t in g a b n o r m a l in c r e a s e s in c o s t o f o p e r a t io n , o n
t h e o n o h a n d , a n d t h e l i m i t a t i o n b y f r a n c h i s e , c o n t r a c t o r o t h e r w i s e , o f it s
r e v e n u e s , o n t h e o t h e r h a n d , t h o c o m p a n y fin d s it s e lf In a p o s i t io n w h e r e it
c a n n o t r e n d e r t h o s e r v ic o r e q u ir e d fr o m th o r e v e n u e d e r iv e d fr o m its lim it e d
r a t e s ; a n d is i n t h o p o s i t i o n a t t h i s t i m e o f h a v i n g t e n t a t i v e l y a c c e p t e d t h o
p r o p o s a l fr o m
th e c it y .
T h a t p r o p o s a l, r e d u c e d t o s im p le la n g u a g e ,
m e a n s t h i s : “ W o f e e l it o u r d u t y t o h e l p y o u i f y o u r c a s o is j u s t , b u t o n l y
t o t h o e x t e n t o f p r o t e c t in g w h a t t h e r o is s t ill r e m a in in g o f v a l u e in y o u r
^ I n T d d i t i o n t o th o fo r e g o in g
(t a b u la r ) fig u r e s
c o m p ile d
by
J.
H .
P e r k in s o f N . Y . , th e c o m p a n y s u b m its a c o m m u n ic a t io n fr o m G e o r g e
H
D a v is , o f th e fir m o f F o r d , B a c o n & D a v is , d a t e d A u g . 16 1 9 1 8 .
In
t h i s c o m m u n i c a t i o n M r . D a v i s s t a t e s t h a t in h is j u d g m e n t t h e p h y s i c a l
v a lu e o f th e p r o p e r t ie s w a s in 1 9 1 4 $ 4 0 ,0 0 0 ,0 0 0 , a n d t h a t p h y s ic a l v a lu e ,
a s h a s b e e n d e t e r m in e d in m a n y I n v e s t ig a t io n s , r e p r e s e n t s 7 5 % o f t o t a l
a c t u a l v a l u e , t h o r e m a in in g 2 5 % b e in g m a d e u p o f w h a t a r e t e r m e d in t a n
g i b le s , w h ic h w o u ld m a k e a t o t a l v a lu e o f $ 5 0 ,0 0 0 ,0 0 0 f o r p r o p e r t y in 1 9 1 4 .
N o t e a c c o r d in g to le tte r o f t r a n s m itta l fr o m th e c o m p a n y , th e ir b a s ic
c la i m t o t h e e f f e c t t h a t t h o p r o p e r t i e s in q u e s t io n r e p r e s e n t a c o s t a s s h o w n
b y th o b o o k s , o f $ 5 5 ,9 2 0 ,4 8 7 ,. m a d e u p a s fo ll o w s :
C o s t o f a l l u n d e r l y i n g p r o p e r t i e s , 1 9 0 3 . . - - - - - - - - - - ....................... $ 2 4 , 8 0 4 , 0 1 9
A s s u m p t i o n o f b o n d s o n u n d e r l y i n g p r o p e r t i e s , 1 9 0 3 ........................ 1 2 , 8 4 6 , 0 0 0
C a s h t u r n e d i n t o t r e a s u r y I n r e o r g a n i z a t i o n , 1 9 0 5 ...........................
2 ,9 2 4 ,5 3 6
C o s t o f a d d i t i o n s a n d e x t e n s i o n s s i n c e 1 9 0 3 --------------------- -------------- 1 5 , 3 4 5 , 9 3 2
T o t a l ....................................- ................................................................................... ..............$ 5 5 , 9 2 0 , 4 8 7
T o t h is c la i m , M r . B a lla r d v e r y p r o p e r l y r e p lie s t h a t th e s e fig u r e s a re
n o t m a t e r ia l in t h is v a l u a t io n .
T h e y a r e r e fe r r e d t o h e r e in , h o w e v e r , a s
m a te r ia l t o t h e h is t o r ic d e v e lo p m e n t o f th e c o m p a n y , w it h o u t r e g a r d t o
t h o c o m p a n y ’s c la im s t h e r e o n .
_
. T . ..
T h o c la im o f a c t u a l p r e s e n t v a l u e m a d e b y t h e N e w O r le a n s R y . & L ig h t
C o . , a s q u o t e d a b o v e , is f o r r a t e - m a k i n g p u r p o s e s , $ 5 2 , 1 8 8 ,2 0 5 ; f o r o p t i o n
p u r p o s e s , $ 5 7 ,3 2 8 ,5 7 0 .
. . .
. .
M r P e r k i n s a n d t h o c o m p a n y h a v e a c c e p t e d .t h e i n v e n t o r y p r e p a r e d b y
M r B a lla r d , w h ic h fix e s t h e a c t u a l c o s t v a lu e o f a ll p h y s ic a l p r o p e r t ie s a t
$ 3 6 * 2 9 4 4 1 3 , fr o m w h ic h fig u r e th o c o m p a n y p r o c e e d s a n d b u ild s t o a
v a l u e o lf $ 5 2 , 1 8 8 , 2 0 5 f o r r a t e - m a k i n g p u r p o s e s .
T h u s , w o h a v e fr o m th o
s a m e b a s e fig u r e , th o c o m p a n y c la im in g a v a lu e o f $ 5 2 ,1 8 8 ,2 0 5 , a n d M r .
B a lla r d fix in g a v a lu o o f $ 3 2 ,7 3 9 ,1 9 3 .
I t is r a t h e r d i f f i c u l t t o s t r i k e a n a b s o l u t e b a l a n c e a n d a l l o c a t e t h e d i f f e r
e n c e b e t w e e n t h e s e t w o f i g u r e s , b u t i t Is c l e a r t h a t t h o v a s t d i s a g r e e m e n t
a s s h o w n , a r is e s f r o m t h e f a c t t h a t t h e c o m p a n y c la im s c o n s id e r a b le v a lu e
o n in ta n g ib le s .
F r o m m o s t o f th e s e c la im s o f v a lu e fo r in ta n g ib le s , M r .
B a ll a r d d is s e n t s , a n d f r o m m y la y p o i n t o f v i e w , I c o n s id e r h is a t t it u d e
c o r r e c t w it h b u t fe w e x c e p t io n s .
I , h o w e v e r , d i s s e n t e d f r o m M r . B a l l a r d ’s
v i e w in’ u s i n g 6 % i n s t e a d o f 7 % a s a b a s i s o f r e t u r n o n c o s t v a l u e t o b o
a p p l ie d in d e t e r m in in g i f t h o c o m p a n y w a s e n t it l e d t o d e v e lo p m e n t c o s t
o r g o in g v a lu o .
O p in io n
o f G en era l G eorge
W .
G o e th a ls .
A s th e s e d iffe r e n c e s w e r e im p o r t a n t , I s u b m it t e d t o G e n e r a l G e o r g e W .
G o e t h a ls c o p ie s o f th o c la im s o f th o c o m p a n y a n d o f th o r e p o r t o f M r .
B a ll a r d , a s k in g t h a t h o r e v i e w t h e f ig u r e s a n d a d v is o m o o f h is r e c o m m e n
d a t io n s in th o p r e m is e s .
Y o u w ill n o t e t h a t G e n e r a l G o e t h a ls fix e s h is
e s t im a t o o f v a lu e o f t h e p r o p e r t ie s a t a m in im u m o f $ 4 4 ,8 1 6 ,0 0 0 , b a s e d
u p o n t h e s t a t u t o r y r e g u la t io n s o f t h is S t a t e a n d t h o j u r is p r u d e n c e o f t h is
c o u n t r y w it h th o g e n e r a lly a c c e p t e d p r in c ip le s o f e c o n o m ie s .
A d j u s t m e n t o f B a lla r d
F ig u r e s b y
C o m m is s io n e r
L a F aye.
M r . B a lla r d , b y a p p ly in g p r in c ip le s o f d e p r e c ia tio n a n d a p p r e c ia tio n o f
t h o p h y s ic a l v a lu e s , p r o d u c e s a v a lu o o f $ 3 2 ,7 3 9 ,1 9 3 .
I , h o w e v e r , fe lt
t h a t , in a d d i t i o n t o t h i s v a l u e , t h e r e w e r e o t h e r e l e m e n t s o f v a l u e w o r t h y
o f c o n s id e r a tio n .
T h e fin d in g s o f G e n e r a l G o e t h a ls , a c c o r d in g t o th o
r e p o r t s u b m i t t e d h e r e w i t h , c o n f i r m e d m y v i e w in t h is r e s p e c t .
I t is c la i m e d b y t h e c o m p a n y t h a t g o i n g v a l u o c o s t r e p r e s e n t s a b o u t
1 5 % o f th o to ta l v a lu o o f th o p r o p e r t y , 1 5 % b e in g th e a v e r a g e a llo w e d fo r
t h is i t e m b y c o u r t s a n d c o m m i s s i o n s in s e v e n t e e n d i f f e r e n t c a s e s w h i c h t h e y
c ite .
I d o n o t a d m i t t h a t t h i s v a l u o is e q u a l t o 1 5 % , b u t w i t h o u t a d o u b t
t h e r e is s u c h a n e x i s t i n g v a l u e , a n d 7 M % , I f e e l , r e p r e s e n t s a f a ir s u m .
T h o b a s is o f f r a n c h i s e v a l u e s , in a ll d i s c u s s i o n s , in t h e p a s t h a s b e e n t h o
a p p r a is a ls o f fr a n c h is e v a lu e s a s f ix e d b y t h e P a r is h a n d S t a t o b o a r d s o f
a s s e s s o r s , w h ic h v a lu e s h a v e a v e r a g e d f r o m t h o y e a r s 1 9 1 3 t o 1 9 1 7 . in c lu s
iv e , $ 1 1 ,4 4 4 ,5 4 5 .
I n v i e w o f t h e s e c i r c u m s t a n c e s , i t is m y c o n v i c t i o n t h a t
t h e a c t u a l v a l u e o f t h o f r a n c h is e s t o - d a y is f u l l y e q u a l t o t h e ir o r i g i n a l c o s t .
T h o s u m t o t a l o f fr a n c h is e v a lu e s , d e v e lo p m e n t c o s t o r g o in g v a lu e s
t o a n s to th e c i t y a n d o n p r o p e r t y n o t u s e d a n d u s e fu l, w h e n a d d e d t o th o
f ix e d v a lu a t io n o f $ 3 2 ,7 3 9 ,1 9 3 , p r o d u c e a t o t a l v a lu o o f $ 3 8 ,3 2 3 ,9 3 5 .
I
th e r e fo r e r e c o m m e n d t h a t th o b a s ic v a lu e o f th e s e p r o p e r t ie s b o fix e d a t
$ 3 8 ,0 0 0 ,0 0 0 , a n d t h a t a ll f u t u r e e a r n in g s b o lm i t e d t o t h o b a s is o f th is f ig u r e .
V a lu a tio n f o r R a t e - M a k i n g O n ly — C i ty N o t i n P o s i t i o n to T a k e P r o p e r t y .
M r . B a lla r d , a ft e r c o n fe r e n c e w ith m e , h a s m a d o u p th o s u m m a r y s h e e ts
o f h is r e p o r t t o s h o w o n l y th e v a lu e f o r r a t e -m a k in g p u r p o s e s .
W o are
n o t r e a d y a s y e t t o a c q u ir e th e s e p r o p e r tie s o u tr ig h t t o b e o p e r a te d b y th e
m u n ic ip a lit y a n d th e r e fo r e a v a lu e fix e d a t t h is tim o c o u ld n o t b e a c c e p t e d
a s a p u r c h a s e p r ic e a t s o m e fu t u r e d a t e , d u e p r im a r ily t o th e e ffe c t o n s u c h
v a lu e o f u s e o f th e p r o p e r t y , a n d la c k o f p r o p e r u p k e e p .
H o w e v e r , I w ill
i n c l u d e in m y r e c o m m e n d a t i o n a p l a n b y w h ic h t h e c i t y w il l a t a l l t im e s
e n jo y th e p r iv ile g e o f a n o p t io n i f a t a n y fu t u r e d a t e it d e s ir e s t o b u y .
W e m u s t b e a r in m i n d t h a t t h e r e i s n o d o u b t t h a t t h i s c i t y i s o n t h e v e r y
t h r e s h o l d o f a n e r a o f u n p r e c e d e n t e d d e v e l o p m e n t , a n d t h a t t h e r o is n o t
in t h e c i t y a n d v i c i n i t y s u f f i c i e n t a c t i v e m o n e y t o d e v e l o p t o f u l l v a l u e o u r
c o m m e r c ia l a d v a n t a g e s .
T h e r e fo r e , t o a c e r ta in e x t e n t , w e a r e d e p e n d e n t
o n fo r e ig n c a p it a l.
T h a t b e in g th e c a s e , w o m u s t c o n v e y t o s u c h in te r e s ts
t h a t in v e s t m e n t s in t h is c o m m u n it y a r e , a t a ll t im e s , a c c o r d e d t h e c o n
s id e r a tio n t o w h ic h t h e y a re e n t it le d .
R e tu rn B a s is $ 3 8 ,0 0 0 ,0 0 0 — R e o r g a n iz a tio n P la n .
H a v i n g d e t e r m i n e d t h a t t h e f a i r v a l u e r e m a i n i n g in t h e s e p r o p e r t i e s f o r
r e t u r n b a s is is $ 3 8 , 0 0 0 ,0 0 0 , a n d u p t o t h a t a m o u n t a r e t h e o r i g i n a l i n v e s t o r s
e n title d t o a fa ir r e tu r n , I w o u ld r e c o m m e n d t h a t th o C o m m is s io n C o u n c il
r e q u ir e a n im m e d ia t e r e o r g a n iz a t io n o f th o c o m p a n y , to b e a c c o m p lis h e d
b y a g r e e m e n t o f a ll p a r t ie s a t I n t e r e s t , i f p o s s ib l e , i f n o t , t h e n b y p r o c e d u r e
th ro u g h th e p r o p e r c o u r ts .
T h e r o s h o u ld b o a n im m e d ia te r e o r g a n iz a t io n ,
so fr a m e d as t o c a r e fo r fu tu r e fin a n c in g s o n e c e s s a r y t o th e c o n s t a n t ly
g r o w in g r e q u ir e m e n t s o f th e p u b lic a n d t h o d e v e lo p m e n t o f th is c o m m u n it y .
In th e B a lla r d r e p o r t I fin d t h e o r d e r o f s e n io r it y o f s e c u r it ie s a s fo llo w s :
T o t a l a g g r e g a t e o f o r i g i n a l b o n d s o n u n d e r l y i n g p r o p e r t i e s -------- $ 1 2 , 0 9 7 , 5 0 0
G e n e r a l m o r t g a g e b o n d s is s u e d J u l y 1
1 9 0 5 ------------------------------------- 1 7 , 5 4 4 , 0 0 0
R e f u n d i n g a n d g e n e r a l l i e n s i s s u e d N o v . 1 1 9 0 9 -------------------------- -6 ,1 1 7 ,7 0 0
T o t a l ..........................................- ...................................................................................— $ 3 5 , 7 5 9 , 2 0 0
L o a n f r o m W a r F i n a n c e C o r p o r a t i o n -------------------------------------------------------1 ,0 0 0 ,0 0 0
G o l d d e b e n t u r e s i s s u e d J u n o 1 1 9 1 6 ---------------------------------------------------------4 ,0 0 0 ,0 0 0
G r a n d t o t a l - * . _________________________________________________________________ $ 4 0 , 7 5 9 , 2 0 0
I d o u b t v e r y m u c h if th e o w n e r s o f th o t h r e e m a jo r s e c u r itie s o n th e s e
p r o p e r t ie s , r e p r e s e n t in g t h o a g g r e g a t e o f $ 3 5 ,7 5 9 ,2 0 0 , c a n b e d is t u r b e d o r
I n d u c e d t o j o i n in a n y p la n o f r e o r g a n i z a t io n , o r , in f a c t , i f t h e ir p o s i t io n
ra n b e im p a ir e d , o r th e ir s e c u r it y a ffe c t e d o v e n b y fo r c e d r e c e iv e r s h ip .
S u c h b e in g t h o c a s o , r e o r g a n iz a t io n m u s t s t a r t fr o m t h is p o in t .
In a d d it io n
t o th o a fo r e m e n t io n e d , t h e r o a r e o u t s t a n d in g t h e f o ll o w in g s e c u r itie s :
P r e f e r r e d s t o c k ____________________________________________________________________ $ 9 , 9 0 4 , 8 0 0
C o m m o n s t o c k __________________________________________________________________ 1 9 , 9 1 1 , 8 0 0
A ll o t h e r s e c u r itie s o n u n d e r ly in g c o m p a n ie s n o t c o n v e r t e d — .
1 9 9 ,2 5 0
T o t a l ....................................................................................................................................... $ 3 0 , 0 1 5 , 8 5 0
I n v ie w o f o u r p r o b le m , I w o u ld r e c o m m e n d th a t th o fin a n c ia l s e tu p o f
th e r e o r g a n iz a tio n b o s u b s t a n t ia lly a s fo llo w s :
E x is t in g u n d e r ly i n g b o n d s , g e n . m t g e . b o n d s & r e f. & g e n . l i e n s . $ 3 5 .7 5 9 ,2 0 0
L o a n s b y W a r F in a n c e C o r p o r a t io n (a p r e fe r r e d c r e d i t o r ) — „
1 ,0 0 0 ,0 0 0
T h i s a m o u n t is t o r e p r e s e n t t o t a l b o n d e d d e b t o f c o m p a n y -------- $ 3 6 , 7 5 9 , 2 0 0
T h a t t h e is s u e o f g o l d d e b e n t u r e s o f J u n o 1 1 9 1 6 b o c o n v e r t e d
in t o a F ir s t P r o f. C u m . S t o c k , in te r e s t t o b e d e t e r m in e d , a m t .
4 ,0 0 0 ,0 0 0
T h a t p r e s e n t h o ld e r s o f p r e f. s t o c k b e g iv e n a 2 d p r e f . s t o c k t o
a n a m o u n t e q u a l t o 5 0 % o f th e ir p r e s e n t h o ld in g s o f p r e f. s t o c k
o r t o .................. ...................... - ______________________ _______________ - ..............- - 4 ,9 5 1 ,2 0 0
T o t a l r e c a p i t a l i z a t i o n __________________________________________________ $ 4 5 , 7 1 0 , 4 0 0
T h u s e lim in a tin g e n tir e ly th o e x is tin g p r e f. a n d c o m m o n s t o c k a m o u n t in g
t o : P r e f. s t o c k , $ 9 ,9 0 4 ,8 0 0 , a n d c o m m o n s t o c k , $ 1 9 ,9 1 1 ,8 0 0 .
T h e r e o r g a n iz a t io n h e r e in s u g g e s t e d fix e s t h o a m o u n t o f b o n d s a t a n
a g g r e g a t e s o m e w h a t le s s t h a n t h o b a s i c v a l u o o f t h o p r o p e r t i e s u p o n w h i c h
t h o c o m p a n y is t o b e a l l o w e d a r e t u r n , t h u s e f f e c t i n g a s u b s t a n t i a l r e d u c t i o n
In f i x e d c h a r g e s a n d c r e a t i n g a d i f f e r e n c o b e t w e e n f i x e d c h a r g e s a n d a l l o w
a b le c o r p o r a t e r e tu r n .
S lid in g S c a le o f R a le s R e c o m m e n d e d .
I r e c o m m e n d t h o a d o p t io n o f th o a u t o m a t ic a d ju s t m e n t o f r a te s o n a
s lid in g s c a le b a s is , s im ila r t o t h o p la n in u s o b y t h o C le v e la n d S t r e e t R y .
C o . , a ll in a c c o r d a n c e w i t h t h e s u g g e s t i o n s o f t h o B a ll a r d r e p o r t .
T h is
p la n f o r m s t h e b a s is o f a n a u t o m a t i c a d ju s t m e n t o f r a t e s a n d s h o w s t h e
a c c u m u la t i o n o f a d e fic it o r s u r p lu s
in t h o
b o n d in te r e s t
a ccou n t.
, ,
,
,
,,
,
M o n e y s in v e s t e d in s u c h s e c u r it ie s a s t lio s o u n d e r d is c u s s io n a r e u n q u e s
t io n a b ly e n t it le d t o a r e tu r n e q u a l t o 7 % .
B u t f o r t h o p r e s e n t . In v i e w o f
t h o a b n o r m a l in c r e a s e s in o p e r a t in g c o s t s , I w o u ld r e c o m m e n d t h a t t h o
r e tu r n fo r th o y e a r 19 1 9 b o lim ite d t o 5 % o f th o b a s ic v a lu o d e te r m in e d ,
a n d t h a t t h o s a m o b o in c r e a s e d in 1 9 2 0 t o 6 % a n d In 19 2 1 t o 7 % , w h ic h
t h e r e a ft e r s h a ll b o t h o m a x im u m e a r n in g p o w e r o f t h o p r o p e r t i e s , t h o s a m o
t o b e b a s e d o n t h o v a l u o h e r o in f i x e d p lu s a n y a n d a ll n e w m o n e y a c t u a l l y
p u t in to th e se p r o p e r t ie s , s u c h a d d itio n a l In v e s tm e n t t o b o w it h th o a p p r o v a l
a n d c o n s e n t o f th o C o m m is s io n C o u n c il.
G reat I n c r e a s e in E x p e n s e s o v er 1 9 1 4 .
I n j u s t i f ic a t io n o f t h o C o u n c i l ’s a c t io n . I n g r a n t in g t h o e x is t in g I n c r e a s e s
i n r a t e s a n d c h a r g e s , I w o u l d c a l l y o u r a t t e n t i o n t o M r . B a l l a r d ’s c o m m e n t s
u n d e r “ O p e r a tin g E x p e n s o .”
T h o a v e r a g o o f th e la b o r p a y r o lls fo r th o flv o m o n th s fr o m J u ly 1 t o
D e c . 1 o f t h is y e a r is $ 2 9 2 ,0 0 0 p e r m o n t h , o r a n a v e r a g o a n n u a l a m o u n t o f
$ 3 5 0 4 ,0 0 0 ; s h o w in g a n a n n u a l in c r e a s e d c o s t o v e r t h o y e a r 1 9 1 4 o f $ 1 ,
333 735.
T h o c o s t o f a l l m a t e r i a l s f o r t h i s y e a r , f o r t h o 11 m o s . n p t o
D e c . 1 , a m o u n t e d t o $ 2 ,1 4 9 ,3 9 9 , o r , 1 -1 1 a d d e d , w ill g i v e t h o a n n u a l c o s t
f o r m a t e r ia l f o r th is y e a r o f $ 2 ,3 4 4 ,7 9 8 .
O r a n in c r e a s e in t h o c o s t o f
m a te r ia l fo r th is y e a r o v e r t h o y e a r 1 9 1 4 a m o u n t in g t o $ 1 ,0 8 6 ,1 9 2 .
W o
a c c o r d in g l y f in d a t o t a l a n n u a l in c r e a s e s in c o 1 9 1 4 in o p e r a t in g c o s t o n la b o r
a n d m a t e r ia ls o f $ 2 ,4 1 9 ,9 2 7 .
,
.
I t i s p l a i n t o m o t h a t t h i s c o s t Is d e s t i n e d t o r e m a i n a t i t s p r e s o n t v a l u o
fo r s o m e t im o t o c o m o , w it h a s lig h t r e d u c t io n , p o s s ib ly , fr o m r e d u c e d
v a lu e s o f m a te r ia l.
I t c a n n o t b o e x p e c t e d t h a t t h o m o n o y in t h is s e r v i c o
is t o r e m a in w i t h o u t r e t u r n , n o r c a n m a t e r ia l a n d l a b o r b e s e c u r e d o t h e r
th a n a t m a r k e t v a lu e s .
C o n s e q u e n tly , w o m u s t r e c o g n iz e th a t w o a re
c o n fr o n t e d w it h t h o n e c e s s it y o f p a y in g in c r e a s e d c o s t f o r t h is s e r v ic e .
E s tim a te o f E a r n in g s f o r Y e a r 1 9 1 9 .
W i t h t h o w a g e s c a le n o w s u b s t a n t ia lly s o t t lc d , p lu s a r e s u m p t io n o f
n o r m a l s e r v i c e , i t Is n o w p o s s i b l o t o d e t e r m i n e , w i t h a f a i r d e g r e e o f a c c u r
a c y , w h a t c a n b o e x p e c te d o f ro v o n u e s a n d o p e r a tin g e x p e n s e s.
E s tim a te d G r o s s E a r n in g s f o r n e x t y e a r [1 9 1 9 ] b a s e d o n a c t u a l
e a r n in g s , $ 8 2 2 ,0 0 0 , f o r N o v . 1 9 1 8 , p lu s $ 2 3 ,0 0 0 (m o n t h ly ) f o r
in c r e a s e d g a s a n d e le c t r i c r a t e s n o t c o ll e c t e d d u r in g s a id m o n t h ,
e q u a li n g f o r 1 2 m o n t h s $ 1 0 ,1 4 0 ,0 0 0 , le s s 4 . 2 4 % ( $ 4 2 9 ,9 3 6 ) ,
r e p r e s e n t i n g a v e r a g o e x c e s s r e v e n u e s i n N o v e m b e r o v e r r e - _____
m a i n i n g m o n t h s f o r y e a r s 1 9 1 2 t o 1 9 1 7 ------------------------------------------------ $ 9 , 7 1 0 , 0 6 4
D e d u c t i o n s — L a b o r r o l l s e s t i m a t e d a s a b o v e ----------------------------------------- 3 . 5 0 4 , 0 0 0
C o s t o f m a t e r i a l s ( s e o e x p l a n a t i o n a b o v e ) --------------------- — ------------2 ,3 4 4 ,7 9 8
E s t im a t e d in c r e a s e d c o s t d u e t o I m p r o v e m e n t in r a ilr o a d s e r v ic e
3 0 0 ,0 0 0
b y r e c e n t e s t a b l i s h m e n t o f o l d s c h e d u l e s ------------------------------------------In c r e a s e d e x p e n s o d u o to r e -e s ta b lis h m e n t o f p r o p e r fo r c o fo r
m a i n t e n a n c e a n d r e p a i r s o f r o l l i n g s t o c k e q u i p m e n t ........................
1 1 0 ,0 0 0
T a xes
_____________________________________________________________________ 1 , 1 4 5 , 0 0 0
R e n e w a ls a n d r e p la c e m e n ts r e c o m m e n d e d u n d e r p r e s e n t c o n d i
t i o n s ( c o n t r a s t i n g w i t h c o m p a n y ' s a v e r a g o o f $ 2 1 0 ,0 0 0 f r o m
1911
t o 1 9 1 7 ) ....... ..............- ........................................- ................................................
3 1 9 ,5 0 0
A llo w a n c e s o n fix e d v a lu a t io n o f p r o p e r t y a t $ 3 8 ,0 0 0 ,0 0 0 f o r t h o
y e a r 1 9 1 8 a t 5 % ............................................ .................................................................
1 ,9 0 0 ,0 0 0
B a la n c o o f r e v e n u e o v e r
a b o v o d e d u c t i o n s --------------------------------------
$ 8 6 ,7 6 6
or
THE CHRONICLE
Ja n . 11 1919.]
P.
S.
C o m m is s io n s
O b s o le t e — N o t
T im e
Y et fo r
M u n ic ip a l
O w n ers h ip .
R e g u l a t io n o f lo c a l u t ilit ie s b y p u b lic s e r v ic e c o m m is s io n s , I b c li o v o , w ill
s h o r t ly b e r e c o g n iz e d a s a n o b s o le t e p r a c t ic e .
I d o n o t b e lie v e th a t
d e m o c r a c y , a s a p p l i e d t o m u n i c i p a l g o v e r n m e n t s , h a s a s y e t d e v e l o p e d in
t h e a r ts o f e c o n o m y a n d e ffic ie n c y a s p r iv a t e e n d e a v o r h a s , a n d fo r th a t
r e a s o n I d o n o t lo o k fo r o u t r ig h t m u n ic ip a l o w n e r s h ip o f s tr e e t r a ilw a y s ,
g a s a n d e le c t r ic p r o p e r t ie s , & c ., a t t h is t im e a s a g e n e r a l p r a c t ic e in th is
co u n try .
I a m c o n v in c e d , h o w e v e r , t h a t p r iv a t e o w n e r s h ip , s u b je c t t o
z e a lo u s s u p e r v is io n a n d p a r tia l c o n t r o l b y p u b lic o ffic e r s r e s p o n s ib le t o th e
p e o p l e , p r e s e n ts a n e v e n b a la n c e o f r e s p o n s ib ilit y d e s tin e d in o v it a b ly t o
p r o d u c o th e m o s t u n ifo r m s a t is fa c t io n .
C ity ’s
O p tio n
to P u r c h a s e — R e s ig n a t io n
o f C ity D ir e c to r s .
I n v i e w o f a ll t h e f o r e g o i n g , I s u g g e s t t h a t i f t h e s e r e c o m m e n d a t i o n s b e
a p p r o v e d b y t h e C o m m is s io n C o u n c il , in w h o le o r in p a r t , a c o p y o f t h is
r e p o r t a n d s u c h r e c o m m e n d a t io n s , i f a n y b o a p p r o v e d , b o s e n t t o th e
c o m p a n y w it h t h o r e q u e s t t h a t t h e y a d v is e t h e C o m m is s io n C o u n c il o f th e ir
a c c e p t a n c e o r r e je c t io n o f th o c o n d itio n s p r e s c r ib e d .
I n c o n n e c t io n w ith th e o p t io n t o t h e c i t y b y th o c o m p a n y o n th e s e
p r o p e r t ie s , I r e c o m m e n d th a t th e c o m p a n y b e r e q u ir e d , a s a c o n d it io n t o
t h is t r a n s a c t io n , t o g i v e t h o c i t y a n o p t io n t o p u r c h a s o a ll o f it s p r o p e r t ie s
a t a n y t im e in t h e fu t u r e a t a p r ic e t o b e fix e d b y e x p e r ts a p p o in t e d b y c i t y
a n d c o m p a n y s u b je c t t o a r b it r a t io n b y a th ir d p a r t o r th e c iv il d is t r ic t
c o u r t in c a s e o f d is p u t e .
I w o u ld fu r t h e r r e c o m m e n d t h a t w it h t h e a d o p t io n b y t h e C o u n c il o f
th e s e r e c o m m e n d a tio n s , i f s u c h b o t h e c o u r s e o f th e C o u n c il, th e m e m b e r s
o f t h e C o u n c il n o w s e r v in g a s m e m b e r s o f th e b o a r d o f d ir e c t o r s o f th e
c o m p a n y , u n d e r t h o t e m p o r a r y a g r e e m e n t o f J u n e 4 1 9 1 8 , s h o u ld th e r e u p o n
r e s i g n f r o m t h e b o a r d . — V . 1 0 8 , i>. 7 9 .
C u b a C a n e S u g a r C o r p o r a tio n , N e w Y o r k .
( Third A nnual Report— Year ending Sept. 30 1918.)
On subsequent pages will bo found the remarks of President
Manuel Rionda, in the company’s third annual report, also
the profit and loss account for the entire fiscal year 1917-18,
and the balance sheet of Sept. 30 1918.
IN C O M E A C C O U N T FOR
Y E A R S E N D IN G S E PT E M B E R 30.
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
•S
$
7 ,3 9 0 ,6 0 4 1 1 ,0 9 6 ,6 3 1
O p e r a t in g p r o f i t . .
D e d u c t — D e p r e c ’n
r e s e r v e ................... 1 , 7 5 0 ,0 0 0
6 7 9 ,6 5 4
In te re st A e x ch ’ ge.
R e s . f o r t a x e s ( in c l .
in c o m e a n d w a r
8 3 4 ,5 2 5
e x c . p r o f, ta xes)
1 ,7 5 0 ,0 0 0
2 4 4 ,0 4 3
1 9 1 7 -1 8 .
$
R e s . fo r d o u b tfu l
a ccts. and a ccts.
w r it t e n o f f .........................
P r e f . d l v s . ( 7 % ) . . 3 ,5 0 0 ,0 0 0
5 0 0 ,0 0 0
3 , 5 0 0 ,0 0 0
1 ,2 8 6 ,4 7 1
T o t a l d e d u c t i o n s 6 ,7 6 4 ,1 8 0
B a la n c e , s u r p l u s ..
6 2 6 ,4 2 4
7 ,2 8 0 ,5 1 4
3 ,8 1 5 ,0 1 7
1 9 1 6 -1 7 .
$
B A L A N C E S H E E T SEPTEM BER 20.
1918.
1916.
A s se ts—
S
S
P r o p e r ’ s A p la n t s
& c ............................ 7 5 ,2 9 0 ,4 4 9 6 4 ,4 3 9 ,8 3 1
1 ,8 4 5 ,7 3 2
C a n o c u l t i v a t i o n s - 2 ,7 7 1 ,8 5 3
3 ,0 7 7 ,1 2 6
M a t ’ ls A s u p p li e s - 3 ,2 1 1 ,1 5 9
A d v a n c e s to —
5 ,5 0 2 ,7 2 0
C o l o n o s (lo s s r e s .) 9 ,0 5 2 ,7 1 0
1 5 1 ,2 4 4
2 1 4 ,0 9 3
S t o r e s , & c -----------3 ,5 8 3 ,1 8 7
2 6 1 ,1 1 3
S u g a r s ,A c .,o n h a n d
A c c t s . A b ills r e e . ,
1 ,3 3 0 ,1 3 2
le s s r e s e r v e ____ 1 ,0 2 6 ,8 8 6
7 3 9 ,3 4 9
7 0 0 ,7 1 2
C a s h .............................
C a s h fo r p r e f. d lv .
8 7 5 ,0 0 0
8 7 5 ,0 0 0
d u e O c t o b e r _____
S e c u r it y f o r lie n r e
1 ,3 6 3 ,6 9 9
d e m p t i o n , & C - - 1 ,2 6 3 ,2 0 5
P r e p a id I n s u r a n c e ,
3 1 6 ,2 9 6
3 8 9 ,3 2 6
r e n t s , A c -----------2 9 0 ,6 8 2
4 5 ,0 7 6
I t e m s In s u s p e n s o .
1918.
1917.
L ia b ilitie s —
$
D e c l a r e d c a p i t a l :)
(1 ) 7 % c u m u l ’ v o
c o n v . p r o f . s t k . 5 2 ,5 0 0 ,0 0 0 5 2 ,5 0 0 ,0 0 0
5 0 0 .0 0 0 s h a r e s ,
p a r 8 1 0 0 _______
(2 ) C o m . s to c k ,
5 0 0 .0 0 0 s h a r e s ,
w i t h o u t n o m 'l
or par v a lu e ...
B ills p a y a b l e ........... 12 ,0 0 0 ,0 0 0
D r a f t s o u t s t a n d ’ g . 1 ,4 0 9 ,4 9 3
1 ,0 5 9 ,6 8 3
A c c t s . p a y a b le A
a c c r u e d c h a r g e s . 5 ,8 6 4 ,6 0 8
9 ,5 0 4 ,2 8 7
P r e f. d iv s . p a y . O c t
8 7 5 .0 0 0
8 7 5 ,0 0 0
L ie n s o n p r o p e r t i e s 1 ,2 6 3 ,2 0 5
1 ,3 6 3 ,6 9 9
D e p r e c 'n r e s e r v e . . 4 ,7 5 0 ,0 0 0
3 ,0 0 0 ,0 0 0
R e s . fo r ta x es, A c .
8 0 0 .0 0 0
1 ,2 8 6 ,4 7 1
n e f e r r e d l i a b ili t ie s 1 ,5 1 8 ,8 9 8
8 6 ,7 5 8
S u r p lu s a c c o u n t . . 14 ,2 9 2 ,9 4 9 1 3 ,6 6 6 ,5 2 5
T o t a l ............... . . 9 5 , 2 7 4 , 1 5 8 8 3 ,3 4 2 ,4 2 2
— V . 106, p . 604.
T o t a l .................- . 9 5 , 2 7 4 , 1 5 8
8 3 ,3 4 2 ,4 2 2
S b u d e b a k e r C o r p o r a t io n , S o u t h B e n d , I n d .
{Financial Statement as of Oct. 1 1918.)
President A. R. Erskine, in a statement givon to “ Tho
Wall Stroet Journal ” says:
N o t s a le s f o r n in o m o n t h s , e n d in g O c t . 1 1 9 1 8 , w o r e $ 3 5 ,6 1 1 0 5 8 f r o m
w h ic h w e r e d e r iv e d $ 3 ,2 1 2 ,4 7 0 o f n e t p r o f it s a ft e r u s u a l d e d u c t i o n fo r
d e p r e c i a t io n a n d in t e r e s t a n d r e s e r v e o f $ 1 0 5 ,6 8 7 f o r F o d e r a l t a x e s
T h o c o r p o r a t i o n is w i t h o u t a s t o c k o f f i n i s h e d a u t o m o b i l e s o n h a n d a s
t h o i n v e n t o r y i n c l u d e d b u t 1 ,4 2 3 c a r s o f a ll k i n d s , p r a c t i c a l l y a l l o f w h ic h
w e r e in tr a n s it t o b r a n c h e s a n d d e a le r s t h r o u g h o u t t h o w o r ld .
U nder
c o n t r a c t f o r s a le , b u t n o t d e l i v e r e d , t h e r e Is n o s t o c k o f o l d m o d e l c a r s
lii t h o in v e n t o r y .
I n r e f e r e n c e t o q u i c k a s s e t s t h o p o s i t io n o f t h e c o r p o r a t i o n ’s b a la n c e
s h e o t , it w ill b e n o t e d , t h o r a t io o n O c t . 1 8 s t o o d a t 2 7 .6 % o f a ll lia b ilitie s
O u t o f p r o c e e d s o f 8 1 5 ,0 0 0 ,0 0 0 7 % s e r ia l n o t e s j u s t is s u e d , t h e c o r p o r a t lo n o n J a n . 3 a n t ic ip a t e d p a y m e n t o f p r a c t ic a lly a ll its o u t s t a n d in g
b a n k lo a n s , w h ic h a m o u n t e d t o $ 9 ,5 1 5 ,0 0 0 , a n d in t e r e s t r e m a in d e r o f m o n e y
i n s h o r t - t e r m i n t e r e s t - b e a r i n g d e p o s i t s a n d A 'A B IT. S
c e r tific a te s o f
in d e b t e d n e s s , u n t il s u c h t im e a s it is n e e d e d in c o n s t r u c t i o n w o r k a t S o u t h
B e n d , w h o r e a n o w m o d e r n a u t o p l a n t is b e i n g e r e c t e d .
T h e p resen t
b a n k b a la n c e o f t h e c o r p o r a t io n e x c e e d s $ 3 ,5 0 0 ,0 0 0 .
C O N S O L ID A T E D
O c t. 1 ’ 1 8 .
$
B A LA N C E
SH EET.
J a n . 1 '1 8 .
$
Jan. 1 T 8 .
L ia b il it ie s —
A s se ts—
S
R e a l e s t a t e , b u il d
P r e fe r r e d s t o c k . . . 1 0 , 9 6 5 , 0 0 0 1 0 .9 6 5 .0 0 0
in g s , A c ................. 1 6 ,4 7 6 ,1 0 8 1 5 ,4 7 7 ,1 8 6 C o m m o n s t o c k . . . 3 0 ,0 0 0 ,0 0 0 3 0 .0 0 6 .0 0 0
I n v e s t m e n t s ...........
9 4 3 ,5 1 8
8 1 7 ,2 7 2 N o t e s p a y a b l e _____1 0 ,4 4 7 ,5 0 0
7 ,4 0 0 ,0 0 0
L i b e r t y b o n d s _____ 1 ,2 1 9 ,7 3 6
3 0 ,4 0 0 D e p o s i t o n s a le s A )
I n v e n to r ie s o f ra w
c o n t r a c t s ...............) 1 ,8 9 1 ,5 7 5
2 8 5 ,2 1 2
m a t e r ia l s , A c . . 2 1 , 0 7 1 , 2 3 1 2 1 ,3 2 2 ,1 3 4 A c c o u n t s p a y a b l e -J
2 ,0 9 1 ,8 4 7
A c c t s . A n ote.s r e c . ,
S p e c .r e s .fo r c o n t l n 1 ,3 5 8 ,2 3 7
1 ,3 5 8 ,2 3 7
le s s r e s e r v e _____1 0 ,7 9 6 ,9 2 5
9 ,3 2 5 ,4 9 9
R e s . fo r F e d . ta xes)
(5 8 8 ,5 9 0
D e fe r r e d ch a rg es,
S u n d r y c r e d it o r s A } 1 ,4 5 6 ,9 8 0
\
In su ra n ce, A c . .
3 1 4 ,4 1 7
3 5 8 ,0 8 4
r e s e r v e s _________ j
1 4 8 1 ,6 2 9
C a s h In b a n k s , A c . 3 ,6 9 3 , 3 8 0
2 ,5 2 8 ,5 5 5 S p e c . s u r p . a c c t . . 2 ,8 3 5 ,0 0 0
2 , 5 4 8 ,6 5 4
G o o d -w ill, p a te n t
S u r p lu s
--------------- 1 5 ,3 9 8 ,3 0 0 1 3 ,9 4 7 ,8 3 8
r ig h t s , A c ______ 1 9 , 8 0 7 ,2 7 7 1 9 ,8 0 7 ,2 7 7
B A LA N C E
SH EET
D EC. 31.
1918.
1917.
A s s e ts —
$
$
N . Y . C i t y m t g e s . . . 6 ,4 3 8 ,6 1 1 6 ,2 9 5 ,1 4 6
A c c r ’ d l n t . r e c e iv a b le 2 3 9 ,9 2 9
3 3 1 ,3 0 3
C o m p a n y ’s B r o o k ly n
b u i l d i n g , c o s t _____ 1 7 5 ,0 0 0
1 7 5 ,0 0 0
R e a l e s t a t e ....................1 ,2 0 3 ,8 5 2 1 ,1 1 6 ,7 9 2
C a s h ................................... 1 ,3 9 4 ,2 7 1 1 ,3 8 1 ,1 2 0
1918.
1917.
L ia b il it ie s —
$
S
C a p i t a l ............................6 , 0 0 0 ,0 0 0 6 , 0 0 0 , 0 0 0
S u r p l u s ........................... 2 ,7 5 0 ,0 0 0 2 ,7 5 0 , 0 0 0
U n d i v i d e d p r o f i t s . . . 3 2 1 ,9 3 9
2 8 1 ,6 1 9
M o r t g a g e s s o ld , n o t
d e l i v e r e d ................... 2 9 7 ,6 0 9
2 1 3 ,8 9 3
R e s e r v e s fo r p re p a id
p r e m iu m s , A c -------8 2 ,1 1 5
5 3 ,8 5 4
T o t a l ........................... 9 ,4 5 1 ,6 6 3 9 ,2 9 9 ,3 6 6
— V . 106, p . 293.
T o t a l ........................... 9 ,4 5 1 ,6 6 3 9 , 2 9 9 , 3 6 6
T obacco
P r o d u c ts
C o r p o r a tio n ,
N ew
{Report for Year ending Dec.
IN C O M E A C C O U N T FO R T E N M O N T H S E N D I N O O C T . 31 1 918 A N D
E N T IR E C A L E N D A R Y E A R 1917.
1 0 m o s . ’ 1 8 . C a l. Y r . '1 7 .
N e t i n c o m e ..................................
$ 3 ,1 4 1 ,8 8 6
$ 2 ,0 0 6 ,2 0 9
R e s e r v e f o r e x c e s s p r o f i t s t a x ............... ............................ ........
2 5 0 ,0 0 0
_________
P r e f e r r e d d i v i d e n d ---------------------------------------------------------------( 5 M % ) 4 1 6 , 0 1 6
(7 )5 1 4 ,5 0 0
C o m m o n d i v i d e n d ( o n e q u a r t e r , $ 1 5 0 ) , c a s h _______
2 4 0 ,0 0 0
2 4 0 ,0 0 0
_________
do
in s c r ip $ 4 5 0 (3 q u a r t e r s , $ 1 5 0 e a c h ) .
7 2 O .0 O O
B a l a n c e s u r p l u s . ............................................................................ $ 1 , 5 1 5 , 8 7 0
P r e v i o u s s u r p l u s _____________________________________________
3 ,2 3 2 ,0 2 1
T o t a l p r o f i t a n d l o s s s u r p l u s .................. ............................... $ 4 , 7 4 8 , 7 9 1
B A LA N C E SH EET.
$
s
O ct. 3 1 T 8 . D e c . 3 1 T 7 .
A s s e ts —
R e a l e s t . , m a c h .,
e q u i p . , A c ...........
M a t . A s u p p lie s ..
I n v e s t , in a f f 11. c o s .
C a s h ..............................
L i b e r t y b o n d s _____
B il ls A a c c t s . r e e . .
I n v e s t , in C a i r o ,
E g y p t ......................
S u n dry d e b . pre
p a i d , in s l ., A c . .
5 ,4 8 6 ,1 6 8
7 ,6 7 6 ,0 1 7
1 .2 5 9 ,2 5 0
4 2 2 ,7 6 5
1 ,0 7 4 ,8 3 3
1 ,9 4 8 ,3 9 0
3 7 4 ,5 3 3
1 9 0 ,0 6 7
1 8 4 ,1 5 4
2 5 2 ,8 3 3
T o t a l ......................1 8 ,4 2 6 ,1 1 1
* N o
o f $100
ite m o n
J a n . 15
4 ,5 7 1 ,0 1 6
6 ,1 5 9 ,1 3 5
1 .1 2 4 ,0 0 0
4 9 0 ,7 8 2
________
5 9 5 ,3 0 5
1 3 ,3 8 3 ,1 3 9
$ 3 ,3 6 1 ,5 3 3
T o t a l .......................1 8 ,4 2 6 ,1 1 1
1 3 ,3 8 3 ,1 3 9
re s e rv e s e t u p fo r F e d e ra l e x ce ss p r o fits ta x e s ,
x 1 6 0 ,0 0 0 s h a r e s
o n w h ic h c o m p a n y r e c e iv e d $1 e a c h , a s h e r e s h o w n .
S e e a ls o n e w s
a s u b s e q u e n t p a g e a s t o in c r e a s e in o u t s t a n d i n g c o m m o n s t o c k o n
1 9 1 5 b y s t o c k d iv id e n d o f 1 0 % .— V . 1 0 7 , p . 2 3 8 3 .
P a r a g o n R e f i n i n g C o ., T o le d o , O h io .
31 1918.)
President C. A. Ulsh, Toledo, O., Dec. 19 1918, wrote
in substance:
{Report for Fiscal Year ending Oct.
G o v e r n m e n t C o n t r o l .— T h e o i l i n d u s t r y h a s o p e r a t e d d u r i n g t h e p a s t
y e a r u n d e r U . S . G o v e r n m e n t lic e n s e , a n d t h is c o m p a n y h a s d o n e it s p a r t
in s u p p ly in g o u r G o v e r n m e n t a n d it s a llie s t h e n e e d e d f u e l in t h e w o r l d ’ s
g re a te st w a r.
C a p i t a l S l o c k .— T h e o n l y c h a n g e i n t h e o u t s t a n d i n g s t o c k i s a d e c r e a s e
o f $ 8 2 9 ,9 0 0 in t h e p r e fe r r e d s t o c k , r e s u lt in g f r o m t h o p u r c h a s e in t h e
o p e n m a r k e t o f s t o c k o f $ 7 9 ,9 0 0 a n d t h e r e t u r n t o t h e c o m p a n y o f a f u r t h e r
$ 7 5 0 ,0 0 0 , i n c o n n e c t io n w it h t h e s a le o f o u r in v e s t m e n t in t h e P a r a g o n
O il C o .
A m o r t i z a t i o n .— A t t e n t i o n i s c a l l e d t o t h e c h a r g e s a g g r e g a t i n g a p p r o x i
m a t e ly $ 4 6 0 ,0 0 0 in r e s p e c t o f a m o r t iz a t io n o f p r o p e r t y a n d p r o v is io n f o r
F e d e r a l ta x e s m a d e a g a in st th e p r o fit s a t th e c lo s e o f th e y e a r .
S u b s i d i a r y C o m p a n i e s .— D u r i n g t h e y e a r t h e c o m p a n y d i s p o s e d o f i t s
in v e s t m e n t s in t h e P a r a g o n O il C o . o f O k la h o m a , a n d c e r t a in o t h e r s o f
its s u b s id ia r y c o m p a n ie s , th e n e t e ffe c t b e in g a c h a r g e a g a in s t th e p r o fit s
f o r t h e y e a r o f $ 3 2 ,9 5 8 .
T h e in v e s t m e n t in t h o P a r a g o n O il C o . w a s
o r ig in a lly m a d e t o e n s u r e th o r e fin e r y a n a d d it io n a l s u p p ly o f c r u d e o il;
b u t h a v in g th r o u g h a c o n t r a c t s e c u r e d t h e ta n k fa r m , t a n k s , p ip e lin e s
a n d a l l c r u d e o i l in s t o r a g e i n t h e a b o v e t a n k f a r m f o r m e r l y t h e p r o p e r t y
o f t h o P a r a g o n O il C o . , w e t h o u g h t i t d e s ir a b le t o d is p o s e o f t h e s t o c k
h o ld in g s .
T h e o t h e r s u b s id ia r ie s h a v e f o r t h e m o s t p a r t p r o v e d u n
p r o fit a b le .
W e h a v e o r g a n iz e d in K a n s a s (1 ) t h e P a r a g o n O il C o ., w it h a c a p it a l o f
$ 3 0 0 ,0 0 0 , t o t a k e o v e r t h e t a n k fa r m , a n d a c t a s a s t o r a g e c o m p a n y ; a n d
(2 ) t h e P a r a g o n P ip e L in e C o ., w it h a c a p it a l s t o c k o f $ 1 0 0 ,0 0 0 , t o w h ic h
w ill b e t r a n s fe r r e d t h e p u m p s t a t io n s a n d p ip e lin e s .
C a p i t a l O u t l a y .— E i g h t t r a c t s o f l a n d a g g r e g a t i n g a b o u t 7 0 a c r e s w e r e
p u r c h a s e d f o r t a n k f a r m p u r p o s e s a n d t o p e r m it a n in c r e a s e in t h e c a p a c i t y
o f th e r e fin e r y in t h e f u t u r e .
D u r in g t h e y e a r e x p e n d it u r e s a g g r e g a t in g $ 3 6 7 ,7 4 2 h a v e b e e n m a d e
o n t h e r e fin e r y , p ip e lin e s a n d b r a n c h p r o p e r t ie s , c o n s is t in g c h ie f l y o f
6-in c h t r u n k lin e , $ 1 9 9 ,7 9 3 : 2 0 n e w 1 2 ,0 0 0 -g a llo n t a n k c a r s , $ 7 3 ,8 4 9 .
T h e c h a n g e s a n d im p r o v e m e n t s m a d e a t t h e r e f in e r y h a v e g r e a t l y in c r e a s e d
its e f f ic i e n c y .
A n y m a te r ia l in c r e a s e in b u s in e s s w ill n e c e s s it a t e a d d it io n a l e x p e n d it u r e s
t o e n s u re a d e q u a te q u a n t it y o f c r u d e .
W e a r e c o n s id e r in g th e a d v is a b ilit y
o f e r e c t i n g s t e e l s t o r a g e a n d l a y i n g p i p e l i n o s in t h e O s a g e f i e l d i n O k l a h o m a .
A d e q u a t e p r o v is io n fo r th e d e p r e c ia t io n a n d d e p le t io n h a v e b e e n m a d e
d u r in g t h e y e a r a n d w r it t e n o f f th e p r o p e r a c c o u n t .
F e d e r a l T a x e s .— W i t h r e f e r e n c e t o t h e d e d u c t i o n f r o m t h o p r o f i t s f o r
F e d e r a l t a x e s in t h e a m o u n t o f $ 3 3 0 ,0 0 0 , i t m a y b e s t a t e d t h a t t h e r e s e r v e
is b e l i e v e d t o b e i n e x c e s s o f t h e a m o u n t o f t a x e s w h i c h w i l l e v e n t u a l l y b e
a sse sse d a g a in s t th e p r o fit s .
IN C O M E
AC CO U N T
FOR
YEARS
E N D IN G
O CT. 31.
1 9 1 7 -1 8 .
$ 4 ,6 3 3 ,1 4 1
1 9 1 6 -1 7 .
$ 3 ,5 1 0 ,7 8 8
D ed u c t—
3 ,3 2 7 ,7 0 2
2 ,0 7 0 ,4 4 3
N e t i n c o m e f r o m o p e r a t i o n s __________________________ .$ 1$ ,13,03 50 ,54,34 93 9
D e p r e c i a t i o n a n d d e p l e t i o n _______________________________.
$ 1' 9 6 , 7 6‘ 5
A m o r t i z a t i o n c h a r g e s ______________________________________ .
1 2 9 ,6 2 8
L o s s e s a n d d e v e l o p m e n t e x p e n s e s _______________________
1 7 5 ,2 9 2
W a r e x c e s s p r o f i t s a n d i n c o m e t a x e s ____________________
3 3 0 ,0 0 0
$ 1 ,4 4 0 ,3 4 5
$ 4 4 4 ,5 6 4
$ 4 7 3 ,7 5 4
2 3 3 .9 5 6
$ 7 3 8 ,1 0 9
$ 7 0 7 ,7 1 0
l 'l 5 '3 2 9
4 0 0 ,0 0 0
$ 7 3 8 ,1 0 9
1 1 9 ,9 1 9
1 3 6 ,0 6 3
2 4 8 ,1 7 1
$ 1 9 2 ,3 8 1
$ 2 3 3 ,9 5 6
su rp lu s.
P r o p , o f p r o f , a p p l i c a b l e t o s t o c k o f s u b . c o s ________
P r e f e r r e d d i v i d e n d s __________________________________________
C o m m o n d i v i d e n d s __________________________________________
31 1918.)
1918.
1917.
1916.
1915
G u a r a n t e e d m t g e s . s o l d . N o t s t a t e d . $ 4 0 , 0 2 7 , 2 5 1 $ 4 1 , 7 8 t , 1 8 7 $ 4 5 , 8 4 4 ,3 6 7
G u a r , m tg e s . p a id o f f . . . N o t s t a t e d .
4 1 ,3 7 3 ,7 4 7
3 8 ,1 2 9 ,9 2 6
4 2 , 3 4 5 ,7 5 5
G u a r, m tg es. o u tsta n d
i n g D e c . 3 1 ---------------------1 4 2 , 7 7 5 . 0 0 0 1 4 6 , 6 6 9 , 3 0 2 1 4 8 , 0 1 5 , 7 9 4 1 4 4 , 3 6 4 , 5 3 3
In co m e fr o m —
^
P r e m iu m s fo r g u a r a n te e s
$ 6 5 8 ,6 9 9
$ 6 8 4 ,9 4 2
$ 6 8 4 ,0 3 0
$ 6 7 2 ,9 1 9
In te r e st o n m o r t g a g e s ..
2 9 9 ,1 6 2
2 6 6 ,4 4 5
2 5 1 ,8 9 3
2 5 1 ,0 5 3
R e n t s , c o m m is s io n , A c .
8 9 ,8 2 1
1 2 5 ,9 2 0
1 6 6 ,0 8 1
1 3 9 ,6 4 7
B a la n c e , s u r . o r d e f_ _ s u r .$ 1 0 ,3 2 0
$ 1 ,2 5 1 ,7 0 9
2 , J0 9 ,8 2 3
O ct. 3 1 T 8 . D e c . 3 1 T 7 .
L ia b ilitie s —
S
$
P r e fe r r e d s t o c k . . . 8 ,0 0 0 ,0 0 0
7 ,3 5 0 ,0 0 0
1 6 0 ,0 0 0
C o m m o n s t o c k ___ x l 6 0 , 0 0 0
B il ls p a y a b l e ---------- 1 ,2 7 5 ,8 7 5
1 ,5 8 7 ,0 0 0
B il ls p a y . ( L i b e r t y
L o a n ) ...................... 1 ,0 4 5 ,0 0 0
...............
T rade accep . p a y .
8 6 4 ,2 3 0
A c c t s . p a y a b l e ___
5 3 4 ,4 2 3
1 8 1 ,5 0 5
R e s . f o r a ll o w a n c e ,
t a x e s , A c ________
9 8 4 ,4 9 0
4 0 9 ,9 6 8
D u e a f f il ia t e d c o s .
9 3 ,3 0 2
2 0 4 ,5 0 9
D l v . s c r ip p a y a b l e
( c o m m o n ) ______
4 8 0 ,0 0 0
D l v . s c r ip p a y a b l e
N o v . 1 5 1 9 1 8 ...
2 4 0 ,0 0 0
P r e f. d lv . p a y a b le
1 2 8 ,6 2 5
P . A 1. s u r p l u s _____ 4 ,7 4 8 ,7 9 1 * 3 ,3 6 1 ,5 3 3
-
N o t e a r n i n g s .....................
$ 5 2 0 ,3 2 0
D i v i d e n d s p a i d ............ . . ( 8 % ) 4 8 0 , 0 0 0
C it y .
31 1918.)
1 4 0 ,6 3 9
1 1 7 ,0 3 3
T o t a l ......................7 4 ,3 5 2 ,5 9 2 6 9 ,6 8 7 .0 0 7
L a w y e r ’ 3 M o r tg a g e C o ., N e w Y o r k
G r o s s e a r n i n g s ............... $ 1 , 0 4 7 , 6 8 2
O p er. expen ses A ta x e s.
$ 3 6 9 ,1 9 2
1 5 8 ,1 7 0
L o s s o n r o a l e s t a t e _______
Y ork
{Financial Statement for Ten Months ending Oct.
P r o v io u s
T o t a l . ...................7 4 ,3 5 2 ,5 9 2 6 9 ,6 6 7 ,0 0 7
— V . 107, p . 2382.
167
$ 1 ,0 7 7 ,3 0 7
$ 3 4 1 ,5 5 0
2 1 5 ,6 0 9
$ 1 ,1 0 5 ,0 0 4
$ 3 1 2 ,9 7 5
6 9 ,6 3 5
$ 1 ,0 6 3 ,6 1 9
$ 2 9 6 ,2 8 7
542
$ 5 2 0 ,1 4 8
$ 7 2 2 ,3 9 4
$ 7 6 6 ,7 9 0
( 9 )5 1 0 ,0 0 0 (1 2 )7 2 0 ,0 0 0 (1 2 )7 2 0 ,0 0 0
d o f.$ 1 9 ,8 5 2
s u r .$ 2 ,3 9 4
s u r .$ 4 6 ,7 9 0
C O N S O L ID A T E D
1918.
A s se ts—
$
O il la n d s ,
le a s e s ,
w e ll s ,
b u il d i n g s ,
m a c h . , t a n k s , A c . 3 ,5 8 9 ,6 5 5
C r u d e o i l a n d r e fi
n e ry p r o d u c t s ...1 ,2 8 2 ,1 4 7
M a t e r ’ s A s u p p l i e s . 1 2 3 ,7 3 6
A c c t s . A n o t e s r c c . . 1 ,5 1 3 ,8 9 1
O h io m u n ic i p a l a n d
5 0 1 ,4 5 9
U . S . b o n d s ...........
C a s h ................................ 2 2 6 ,5 0 3
P r e p a id in s . A t a x e s
5 6 ,5 3 7
B ALAN CE
1917.
S
8 ,8 7 6 ,6 7 8
9 1 7 ,5 5 1
2 6 1 ,6 5 0
4 5 2 ,8 9 2
8 7 ,1 0 7
3 0 8 ,2 1 4
2 7 ,9 4 7
T o t a l . ..................... 7 ,2 9 3 ,9 2 8 1 1 ,0 2 2 ,0 4 0 ,
— V . 107, p . 296.
SH EET,
O CT. 31.
1918.
L ia b ilit ie s —
$
P r e fe r r e d s t o c k _____1 ,4 2 0 ,1 0 0
C o m m o n s t o c k _____5 , 0 0 0 ,0 0 0
C a p . sto ck P a ra gon
O il C o —
P r e fe r r e d s t o c k . .
________
C om m on s t o c k ..
_______
A cco u n ts p a y a b le ..
1 7 1 ,5 9 5
P r o v i s i o n f o r t a x e s . 3 6 0 ,0 0 0
D l v s . d e c la r e d p a y .
1 4 9 ,8 5 2
1 9 2 ,3 8 2
B a la n c e , s u r p l u s ___
T o t a l ......................... 7 , 2 9 3 ,9 2 8
1917.
S
2 .2 5 0 , 0 0 0
5 ,0 0 0 ,0 0 0
1 ,9 8 5 ,8 0 0
1 ,0 1 5 ,4 1 6
1 8 0 ,3 7 7
1 3 7 ,6 1 3
2 1 8 ,8 7 8
2 3 3 ,9 5 6
1 1 ,0 2 2 ,0 4 0
16$
THE CHRONICLE
[V ol . 108
Swift & Company, Chicago.
New Cornelia Copper Company.
(Annual Report Year ending Nov. 2 1918.)
(Official Statment of Dec. 4 1918.)
Tho romarks of President Louis P . Swift will be fully citod
The Boston Stock Exchange, having listed on Jan. 6 tlio
in a subsequent issue.
1,800,000 shares capital stock, par $5, has given out the OPERATIONS FOR FISCAL YEARS E N D IN G NOV. 2 1 9 1 8 A N D
SEPT. 2 5 TO 3 0 1 9 1 5 TO 1 9 1 7 .
official statement furnished Dec. 4 1918, showing in subst.:
Organization.— I n c o r p . S e p t . 2 8 1 9 0 9 i n D e l a w a r e w i t h a n a u t h o r i z e d
c a p it a l o f $ 6 ,0 0 0 ,0 0 0 , d iv id e d in to sh a re s o f $ 5 e a c h , a s su cc esso r o f th e
C o r n e lia C o p p e r C o . o f A r iz o n a .
O n J u ly 2 7 1 9 1 5 t h e a u th o r iz e d c a p it a l
w a s in c r e a s e d t o 1 , 6 0 0 , 0 0 0 , a n d o n J u l y 1 8 1 9 1 7 t o 1 , 8 0 0 , 0 0 0 s h a r e s , p a r $ 5 .
O f th e 1 ,8 0 0 ,0 0 0 sh a re s sto c k o u ts ta n d in g t h e C a lu m e t & A r iz o n a M illin g
C o . o w n s 1 ,2 2 9 ,7 4 1 , a n d t h e t r u s te o fo r t h e o u ts t a n d in g $ 1 1 ,5 0 0 C o n v e r tib le
6 % g o ld b o n d s h o ld s 1 ,1 5 0 s h a r e s .
T h e r e m a in in g 5 6 9 ,1 0 9 sh a re s s t a n d
in t h e n a m e s o f 1 ,6 0 9 s to c k h o ld e r s .
T h e f i r s t d i v i d e n d w a s d e c la r e d a s
p a y a b le o n N o v . 2 5 1 9 1 8 , a n d w a s 2 5 c e n ts p er sh a re .
3
4 id
Property .— S i t u a t e d in L i t t l e A j o M o u n t a i n s , P i m a C o u n t y , A r i z o n a ,
a b o u t 4 0 m ile s s o u th o f th e S ta t io n G ila o n S o u th e r n P a c ific R l i .
C o n s is ts
o f 6 3 p a t e n t e d l o d e c l a i m s o f a n a p p r o x i m a t e a c r e a g e o f 1 ,0 7 1 a c r e s ; 9 0
u n p a te n te d lo d e c la im s o f a n a p p r o x im a te a c r e a g e o f 1 ,6 9 6 a c r e s; on o
p a te n te d m ill site c la im o f an a p p r o x im a te a c rea g e o f 5 acres; o f 4 9 u n p a te n t o d m i l l s i t e s o f a n a p p r o x i m a t e a c r e a g e o f 2 4 4 a c r e s ; a n d 1 5 V a l e n t i n o s c r ip
lo c a tio n s , w ith a n a p p r o x im a te a c rea g e o f 58 1 a c res.
A l l o f t h e p r o p e r t y is
s u b je c t t o a m o r tg a g e d a te d S e p t. 1 1 9 1 5 , t o sec u re 6 % C o n v e r tib le G o ld
B o n d s o f t h e a u t h o r i z e d is s u e o f $ 4 , 0 0 0 , 0 0 0 b o n d s o n N o v . 1 6 1 9 1 8 , o n l y
8 1 1 ,5 0 0
r o m a in e d o u ts t a n d in g , t h e o th e r b o n d s h a v in g b e e n su rre n d ere d
a n d c a n c e le d .
-4
-a raj ;
T h e m in e is a b o u t 1 ,6 0 0 fe e t a b o v e s e a le v e l a n d t h e g r a d e s a r e v e r y
s lig h t.
T h e o v e r l y i n g f o r m a t i o n t o a d e p t h o f 1 4 0 t o 1 6 0 f t . is a c a r b o n a t e
ore w ith a g e n era l a v e ra g e o f 1 .5 1 % c o p p e r.
B e lo w th is c a r b o n a te ore
l i e s s u l p h i d e o r e s a v e r a g i n g t h o s a m e in c o p p e r , w i t h s m a l l v a l u e s in g o ld
a n d s ilv e r .
T h e p r o p e r t y is p r o v e d b y d r ill h o l e s , g e n e r a l l y f r o m 3 0 0 t o
4 0 0 f t . in d e p t h , a l t h o u g h 1 2 h a v e b e e n d r ille d t o a d e p t h o f 6 0 0 f t . , a n d a r e
f o l l o w e d in o r e .
Estimated Tonnage o f Ore M ade in
C a rb o n a te
Tons.
1915—
Copper.
o r e s ................................ ............................... .. ............................... 1 1 , 9 5 4 , 4 0 0
1 .5 4 %
S u l p h i d e o r e s . ........................ ................................................... ..........................2 8 , 3 0 3 , 6 0 0
1 .5 0 %
T o t h is a m o u n t h a s b e e n a d d e d b y p u r c h a s e o f a d jo in in g p r o p e r tie s ,
n o t a b l y o f t h e A j o C o n s o l i d a t e d M i n i n g C o . p r o p e r t y in J u l y 1 9 1 7 , a n e s t i
m a t e d t o n n a g e o f 2 0 ,0 0 0 ,0 0 0 t o n s o f s u lp h id e o res o f t h e s a m e c h a r a c te r
an d co p p er co n te n t.
•
T h o c a r b o n a t e o r e s a r e t r e a t e d b y le a c h i n g w i t h s u lp h u r ic a c id a n d
r e c o v e r i n g t h e c o p p e r c o n t e n t s b y e l e c t r o ly s i s a n d p r e c i p i t a t i o n .
T h o p la n t
h a s a c a p a c i t y o f 5 , 0 0 0 t o n s p e r d a y , w h ic h g e n e r a l a v e r a g e h a s b e e n k e p t
u p fo r a y e a r or m o r e .
I t is t h o f i r s t p l a n t o f i t s k i n d t o b e a c o m m e r c i a l
su c c e s s , a n d fr o m t h e c o m m e n c e m e n t o f o p e r a tio n s h a s g iv e n a n e x tr a c tio n
o f a b o u t 8 0 % o f th o m e ta llic c o n t e n ts o f th o o r e s .
U p o n th o p la n t a n d su r
f a c e e q u i p m e n t t h e r e h a s b e e n e x p e n d e d .$ 6 ,0 0 0 ,0 0 0 .
V e r y little h a s been
e x p e n d e d u n d e r g r o u n d -as i t is o p e n p it m i n i n g m a i n l y .
etn
nj
T h e m i n e is s e r v e d b y t h o T u c s o n G o r n e lia & G i l a B e n d R y . , c o n n e c t i n g
w i t h t h e S o u t h e r n P a c if ic R R . a t G i l a , A r i z o n a .
T h o fir s t o f e le c tr o ly tic c o p p e r w a s sh ip p e d fr o m A j o o n J u n o 1 8 1 9 1 7 .
T h e p r o d u c tio n o f c o p p e r fo r th o c a l. y e a r 1 9 1 7 w a s : E le c t r o ly t ic c o p p e r ,
1 2 , 7 6 4 , 8 4 8 l b s . ; c o p p e r in c e m e n t c o p p e r s h i p p e d , 3 , 3 1 6 , 2 8 3 l b s . ; c o p p e r
in o r o s h i p p e d , 3 , 4 0 1 , 0 6 0 l b s . ; t o t a l , 1 9 , 9 4 8 , 1 9 1 l b s .
B A L A N C E SHEET.
Sept. J O T S D ec.'A l
Assets—
s
s
M i n i n g p r o p e r t y ..2 6 ,0 0 0 ,3 0 0 2 6 ,0 0 0 , 000
C o n s t r u c t i o n a c c ’ t 6 ,1 7 3 ,3 1 1
5 ,8 9 5 40 8
I n v e s t m e n t s ................
1 7 9 ,8 8 4
1 1 1 000
C a s h ------------------------8 9 1 ,4 1 0
52 9 7 0
A c c t s . r e c e iv a b le 5 6 0 ,9 7 3
460 8 4 7
S u p p lie s ------------------5 9 0 ,1 9 8
4 1 5 095
I t e m s in s u s p e n s e .
2 4 5 ,3 1 4
15 5 5 70
C opper on hand A
in t r a n s it ...................x l , 4 3 2 ,3 0 0
1 ,1 0 1 ,5 2 2
T o t a l .............................. 3 6 ,0 7 3 ,6 8 9 3 4 ,1 9 2 ,4 1 2
L iabilities—
Sept. 3 0 '1 8 D e c .3 1 ’ 1 7
S
$
C a p it a l s t o c k _____ 9 ,0 0 0 ,0 0 0
7 ,0 2 4 ,5 0 0
F i r s t m t g e . b o n d s . ________
3 ,9 5 1 ,0 0 0
N o t e s p a y a b l e ____
9 4 9 ,5 6 4
3 ,3 3 0 ,5 5 9
A c c o u n ts p a y a b le .
2 1 6 ,2 7 3
1 8 5 ,6 0 4
T a x e s p a y a b l e ____
2 1 6 ,9 4 5
7 8 ,0 5 5
S h a r e p r e m iu m __ 2 ,0 0 0 ,0 0 0
2 4 ,5 0 0
li e s . F e d . in c . t a x .
2 4 5 ,0 0 0 )
R e s . exc . p ro f. ta x .
6 2 5 ,0 0 0 ) 6 9 5 ,7 4 8
O t h e r r e s e rv e s ____ 1 ,9 0 6 ,2 0 4 )
S u r p l u s ...............................2 0 ,9 1 4 ,6 4 3 1 8 ,9 0 2 ,4 4 6
T o t a l ___
____3 0 ,0 7 3 ,6 8 9 3 4 ,1 9 2 ,4 1 2
. x C o p p e r o n h a n d a n d in t r a n s i t , 1 1 , 4 5 8 , 3 9 9 l b s . , a t 1 2 j ^ c .
S e e a ls o
it e m o n a fo llo w in g p a g e .
T h e in c o m e a c c o u n t fo r th e c a le n d a r y e a r 1 9 1 7
w a s g i v e n f u l l y in t h o a n n u a l r e p o r t o f t h o C a l u m e t & A r i x o n a M i n i n g C o . ,
V.
1 0 7 , p . 2 8 9 .— V . 1 0 7 , p . 2 1 9 3 .
Northern Securities Company.
{Annual Report for the Year Ending Dec. 31 1918.)
President E . T . Nichols on Jan. 10 1919 wrote in substance:
D u r i n g t h e c a l e n d a r y e a r 1 9 1 8 , t h e o n l y c h a n g e s in o u r i n v e s t m e n t s
h a v e b e e n t h o r e d e m p t i o n a t t h e ir m a t u r i t y o f t h o U . S . c e r t i f i c a t e s o f
i n d e b t e d n e s s a t t h e c l o s e o f t h o p r e v i o u s y e a r , t h e s a l e o f U . S . b o n d s h o ld
a t t h o c lo s o o f t h o p r o v i o u s y e a r a n d p u r c h a s e o f U . S . 4 A % c e r t i fi c a t e s o f
in d e b te d n e s s .
T h o C h i c a g o B u r l i n g t o n & Q u i n c y R R . C o . h a d p a i d d u r in g t h o p a s t y e a r
it s r e g u la r d iv id e n d o f 8 % .
A s i n d i c a t e d in o u r l a s t r e p o r t , t h e l a b o r d i f f i c u l t i e s w h i c h in 1 9 1 7 h a d
b e e n e x p e r ie n c e d b y t h o C r o w ’ s N e s t P a s s C o a l C o . w e r e a d j u s t e d o n a b a s is
t h a t e n a b le d th o C o a l C o . to r e s u m e o p e r a tio n s .
F r o m i t s e a r n in g s s in c e
t h o r e s u m p t i o n o f o p e r a t i o n s , t h o C o a l C o . h a s p a i d in 1 9 1 8 d i v i d e n d s
a g g r e g a tin g 4 A % o n its s t o c k .
D u r in g th o a u tu m n o f 1 9 1 8 th o C o a l C o .
h a s h a d f u r t h e r l a b o r t r o u b l e s , w h ic h h a v e b e e n s o f a r s e t t l e d t h a t t h o
C o a l C o . is n o w o p e r a t i n g .
I t is e x p e c t e d t h o c o n d i t i o n s f o l l o w i n g t h e
s i g n i n g o f t h o a r m i s t i c e m a y r e l i e v e t h o s i t u a t i o n t o a n e x t e n t t h a t w ill
e n a b l e t h o C o a l C o . t o c o n t i n u e i t s o p e r a t i o n s s t e a d i l y a n d w i t h o u t fu r t h e r
in te r r u p tio n o f it s d iv id e n d s .
A m e m o r a n d u m is e n c lo s e d s h o w i n g , f r o m t h o p o i n t o f v i e w o f t h o r e g u l a
t i o n s o f t h o U . S . I n t e r n a l R e v e n u e C o m m i s s i o n e r , in t e r p r e t i n g t h o U n i t e d
S t a t e s I n c o m o T a x A c t , t h e s o u r c e s o f t h e f u n d s d is b u r s e d a s d i v i d e n d s b y
t h i s c o m p a n y in t h o y e a r 1 9 1 8 .
A d iv id e n d o f 4 % o n th o c a p it a l s t o c k h a s b e o n d e c la r e d , p a y a b le o n
th is d a t e .
N od. 2
--------------------Sept. 2 5 to Sept. 3 0 -------------------1918.
1917.
1916.
1915.
Y e a r s e t id in c j__ ■
§
^
®
^
B u s in e s s d o n o e x c e e d e d . 1 2 0 0 0 0 0 ,0 0 0 8 7 5 ,0 0 0 ,0 0 0 5 7 5 ,0 0 0 ,0 0 0 5 0 0 ,0 0 0 ,0 0 0
3 4 ,6 5 0 ,0 0 0
2 0 ,4 6 5 ,0 0 0
1 4 ,0 8 7 ,5 0 0
N e t e a r n i n g s ........................... 2 1 , 1 5 7 , 2 7 7
C a s h d i v i d e n d s ______ ( 8 % ) 9 , 0 0 0 , 0 0 0 ( 1 0 ) 1 0 0 0 0 0 0 0 ( 8 ) 6 , 0 0 0 , 0 0 0 ( 7 ^ ) 5 4 3 7 5 0 0
B a l a n c e , s u r p l u s _______
B A L A N C E S H E ET , SEPT.
T o t a l r e c e i p t s ...................
Deduct— T a x e s ____________
A d in in is tr a ’n ex p e n se s
I n t e r e s t o n l o a n s _______
Dividends--------------- (6 'A
L o s s o n s e c u r i t i e s ________
$ 2 4 8 ,7 7 9
$ 8 ,5 3 8
1 2 ,6 3 4
2 ,1 4 1
1917.
1916.
1915.
$ 1 1 9 ,7 0 4
1 4 9 ,6 3 0
$ 1 1 9 ,7 0 4
________
$ 1 1 9 ,7 0 4
................
1 ,7 1 1
( 6 ) 1 6 5 .3 1 2
464
$ 2 8 5 ,4 8 0
8 4 ,4 6 9
1 2 ,4 5 8
1 ,2 3 4
% )256,997 (3 A ) 138,383
(2)79,074
T o t a l d e d u c t i o n s _____
$ 2 8 3 ,2 0 6
B a l a n c e , s u r p l u s _______ d e f $ 3 4 , 4 2 7
_________
$ 1 6 2 ,8 6 7
8 1 0 8 ,1 7 9
B A L A N C E SHEET DECEM BER
A ssets—
19 18 .
O r g a n iz a t i o n e x p . $ 8 5 ,0 1 8
I n v e s t m e n t s ................a 6 ,6 5 4 ,9 7 6
C a s h .........................................
1 6 6 ,8 6 7
U n p a i d d iv id e n d s
( c o n t r a ) _______
91
19 17.
$ 8 5 ,0 1 8
6 ,6 9 9 ,9 7 5
1 5 6 ,2 7 8
______
T o t a l ............................$ 6 ,9 0 6 ,9 8 1 $ 6 ,9 4 1 ,3 0 2
26
TO
30
1 9 1 5 -1 7
1917.
.$
R e a l e s ta te , im p r o v e ’ ts ,
in c lu d in g b r a n c h e s . - - 7 9 , 2 4 7 , 5 6 7
5 5 ,1 7 0 ,5 0 7
S t o c k s a n d b o n d s _________ 3 9 , 2 9 8 , 4 5 2
3 9 ,7 1 6 ,4 6 7
C a p i t a l s t o c k in t r e a s _ _ 3 5 , 6 8 9 , 3 9 2
____________
C a s h ___________________________ 1 2 , 0 7 5 , 5 9 3
8 ,2 9 2 ,0 5 6
A c c o u n t s r e c e i v a b l e ______ 1 0 5 , 6 9 1 , 4 6 2
8 2 ,2 6 5 ,7 1 5
L iv e c a ttle , sh e e p , h o g s ,
d ressed b e e f, & c ., on
h a n d .............- ......................... 1 7 9 , 0 6 0 , 6 1 4 1 2 0 , 9 3 5 , 7 7 8
8 ,6 5 0 ,0 0 0
A N D N OV.
2
1916.
.$
1918.
1915.
.$
5 0 ,6 9 2 ,7 8 1
3 7 ,6 4 4 ,2 8 3
____________
6 ,9 6 3 ,2 5 4
6 0 ,5 6 4 ,6 0 7
7 4 ,8 8 8 ,3 1 8
5 0 ,5 3 9 ,5 3 9
3 8 ,3 5 5 ,8 0 3
____________
8 ,9 4 6 ,7 5 5
6 1 ,0 2 2 ,4 5 5
4 7 ,9 0 1 ,8 8 9
T o t a l a s s e t s ........................ 4 5 1 , 0 6 3 , 0 8 0 3 0 6 , 3 8 0 , 5 2 3 2 3 0 , 7 5 3 , 2 4 3 2 0 7 , 3 6 6 , 4 4 0
Liabilities—
C a p i t a l s t o c k p a id i n . , . 1 5 0 , 0 0 0 , 0 0 0 1 0 0 , 0 0 0 , 0 0 0
7 5 ,0 0 0 ,0 0 0
7 5 ,0 0 0 ,0 0 0
B o n d s . , ------------- ------------------- 3 0 , 9 2 6 , 0 0 0
3 1 ,5 9 3 ,5 0 0
3 1 ,3 1 1 ,0 0 0
2 4 ,5 0 0 ,0 0 0
A c e r , b o n d in t. & d i v s ._
5 1 5 ,4 3 3
4 ,3 9 4 ,9 1 9
1 ,8 9 1 ,3 8 7
1 ,8 0 6 ,2 5 0
B i l l s p a y a b l e - . . ................. 1 2 0 , 5 7 7 , 7 9 5
7 0 ,2 1 1 ,5 6 0
3 8 ,8 7 3 ,5 0 0
3 2 ,9 3 3 ,5 5 0
A c c o u n t s p a y a b l e ................ 4 1 , 2 5 0 , 9 9 5
2 3 ,7 5 7 ,0 0 3
1 7 ,0 7 2 ,1 9 4
2 1 ,3 7 5 ,7 5 6
G e n e r a l r e s e r v e s . ................
6 ,7 1 7 ,6 7 8
1 6 ,4 5 8 ,5 4 1
6 ,2 9 0 ,1 6 2
5 ,9 0 0 ,8 8 4
R e se rv e fo r F e d . t a x e s .. 1 6 ,5 0 0 ,0 0 0
1 0 ,0 0 0 ,0 0 0
____________
____________
S u r p l u s ..................................
8 4 ,5 7 5 ,1 7 8
5 9 ,9 6 5 ,0 0 0
6 0 ,3 1 5 ,0 0 0
4 5 ,8 5 0 ,0 0 0
T o t a l l i a b i l i t i e s . .............4 5 1 . 0 6 3 , 0 8 0
— V . 108, p . 85 .
3 0 6 ,3 8 0 ,5 2 3
2 3 0 ,7 5 3 ,2 4 3
2 0 7 ,3 6 6 ,4 4 0
Canada Iron Foundries, Ltd., Montreal.
{Annual Report for the Year ending Sept. 30 1918.)
Vico-Pres. V . J. Hughes on N o v . 20 1918 wrote in subst.:
T h o f o u n d r y e a r n in g s f o r t h o y e a r , b e f o r e r p o v i d i n g f o r d e p r e c i a t i o n o r
th o r e d u c tio n o f in v e n to r ie s , a m o u n t e d t o $ 5 8 0 ,8 2 4 , a s c o m p a r e d w it h th o
fi g u r e o f $ 5 2 8 , 0 9 8 l a s t y e a r .
T h o in v e n t o r i e s o f r a w m a t e r i a l s a n d fi n i s h e d a n d u n f i n i s h e d p r o d u c t s
h a v e b e e n r e d u c e d t o t h e v a l u e s p r e v a i l i n g in A u g u s t 1 9 1 4 .
O r d in a r y
d e p r e c ia tio n h a s b e e n c h a r g e d a t th o e s ta b lis h e d r a te s o n fo u n d r y b u ild in g s ,
p la n t a n d m a c h in e r y .
P r o v is io n h a s b eo n m a d e fo r th o in te r e s t, sin k in g
fu n d , a n d th o b a la n c e o f th e d is c o u n t o n th o “ A ” d e b e n tu r e s to c k a n d fo r
t h o c o s t o f m a i n t e n a n c e o f n o n -o p e r a t i n g p l a n t s d u r i n g t h o y e a r .
[S e e
f o o t n o t e t o b a l a n c e s h e e t .]
T h e r e h a s a ls o b e e n c h a r g e d a g a i n s t e a r n i n g s , f o r r e n e w a ls a n d e x t e n s i o n s
th o s u m o f $ 1 3 4 ,7 2 1 .
T h i s i n c lu d e s t h o b a la n c o o f $ 5 8 , 2 7 9 e x p e n d e d a t
T h r e o R i v e r s p r e v i o u s t o S e p t . 3 0 1 9 1 7 , b u t w h i c h t h o n e t e a r n in g s o f t h a t
y e a r d id n o t s u ff i c i o t o p r o v i d o f o r .
T h o b a la n c o o f th o s u m w a s e x p e n d e d
d u r in g th e c u rre n t y e a r o n th o p la n t s a t T h r e o R i v e r s , F o r t W illia m ,
H a m ilto n a n d S t. T h o m a s .
A f t e r d e d u c t i n g t h e a b o v e a m o u n t s a n d a d d i n g t h o r e v e n u e r e c e iv e d f r o m
i n t e r e s t , d i s c o u n t a n d e x c h a n g e a n d t h e b a la n c o c a r r ie d o v e r f r o m l a s t
y e a r , t h e r e r e m a i n e d t o t h e c r e d it o f p r o f i t a n d lo s s a c c o u n t $ 7 8 , 4 9 0 .
T h i s a l l o w s 2 A % in t e r e s t t o b e p a i d t o t h e “ B ” d e b e n t u r e s t o c k h o l d e r s in
r e s p e c t o f t h o y e a r , a b a la n c o o f $ 6 , 8 6 7 b e i n g c a r r ie d f o r w a r d .
A s s t a t e d in l a s t y e a r ’ s r e p o r t , a r r a n g e m e n t s f o r t h e s a le o f o n o o f t h o
fu r n a c e s a t M i d l a n d w e r e c o m p l e t e d in t h o y e a r e n d e d S e p t . 3 0 1 9 1 7 .
Y o u r c o m p a n y h a d a n o p p o r t u n it y d u r in g th o c u rro n t y e a r o f d is p o s in g o f
t h o b a l a n c e o f t h e M i d l a n d p r o p e r t y , a n d a ls o o f t h o m a t e r i a l s a n d s t o r e s
o n t h is p r o p e r t y , w h ic h it w a s t h o u g h t a d v i s a b l e t o t a k o .
T h o p u rch ase
p r i c e , w h ic h is p a y a b l o o v e r a t e r m o f y e a r s , w ill b o a p p r o p r i a t e d t o t h e
r e d e m p tio n o f “ A
d e b e n t u r e s t o c k , e x c o p t t h a t p a r t o f it w h ic h f o r m s t h o
p u r c h a s e p r ic e f o r m a t e r i a l s a n d s t o r e s o ft t h o p r o p e r t y , t h o l a t t e r b e in g
p a r t o f t h e g e n e ra l a s s e ts o f t h e c o m p a n y a n d n o t s u b je c t to sp e c ific m o r t
g a g e u n d e r th o “ A ” t r u s t d e e d .
A p r o p e r ty a t D r u m m o n d v ille , Q u e b e c ,
h a s a ls o b e e n d is p o s e d o f fo r $ 1 0 ,0 0 0 , p a y a b lo b y in s ta llm e n ts .
Tho
m o n e y s a l r e a d y r e c e iv e d h a v e b e e n a c c o u n t e d f o r t o t h e t r u s t e e s , a n d t h o
b a l a n c e is b e in g s e c u r e d t o t h e m b y a m o r t g a g e .
A c o n s id e r a b le e x p e n d itu r e h a s b e e n m a d e o n th o fo u n d r y p r o p e r tie s
d u r i n g t h o y e a r ; a n d a c o n s i d e r a b le f u r t h e r e x p e n d i t u r e w ill b o r e q u ir e d in
th o n e x t y e a r or tw o .
W i t h t h e t e r m in a tio n o f th o w a r a n d th e r e tu r n o f
tra d o t o n o r m a l c o n d itio n s th e p o lic y o f c o n s e r v a tio n o f r e so u r ce s a n d im
p r o v e m e n t w h ic h h a s b e o n fo l l o w e d s h o u l d b e a r g o o d f r u i t .
T h o b u s in e s s in w h e e l s , m i s c e l l a n e o u s c a s t i n g s a n d m a c h i n e s h o p w o r k
sh o w e d a n im p r o v e m e n t o v e r la s t y e a r .
O n t h e o t h e r h a n d , t h e s a le s o f
p ip e fe ll o f f .
T h o d e m a n d f o r p ip o in W e s t e r n C a n a d a c o n t i n u e d v e r y
s m a l l, a n d t h e p ip o p la n t a t F o r t W illia n r o m a in e d c lo s e d th r o u g h o u t th o
year.
A n a p p r a is a l o f th o fo u n d r y p la n t s w a s t a k e n d u r in g t h o y e a r , b u t w a s
n o t fi n i s h e d a t S e p t . 3 0 .
T h o b o a r d re g re ts to rec o rd t h e d e a t h o f t h e la t e P r e s id e n t, E d g a r
M c D o u g a l l , w h ic h o c c u r r e d A p r i l 4 1 9 1 8 .
IN C O M E AC C OU N T FOR YEARS E N D IN G SEPTEMBER
’ o u n ilr y e a r n in g s
1................
9 16 -17.
........
1 9 1 7................
-18 .
$ 5 8 0 ,8 2 4 $ 5 2 8 ,0 9 7
2 2 9 ,8 2 0
1 8 8 ,2 2 5
$ 3 9 2 ,5 9 9
___ - .................. ...................................................
a t . , d is c o u n t, A c
3 6 ,5 3 4
1 9 1 7 -1 $ .
30.
1 9 1 6 -1 7 .
R e n e w a ls , e x t ., A c . _ $ 1 3 4 ,7 2 1 $ 1 0 5 ,4 2 3
“ IS” d e b e n tu r e i n t e r
est (2 A % ) _______
7 1 ,6 1 3
7 0 ,6 3 2
2 9 8S,2
»$___
p e7 7c ia l m d s e , re s e rv e
____________ Cr. 1 5 0 ,0 0 0
8 6 ,8 6 7
1 41 ,1
,1 6 1 A d j u s t m e n t s ......................................................
S 4 2 9 .1 3 3
1 4 1 ,4 7 2
$ 3 1 2 ,4 3 8
1 3 5 ,6 1 6
S u r p lu s fo r y c a r . .
P r e v lo u s s u r p lu s ____
5 1 ,2 4 5
2 9 ,2 1 1
3 7 ,8 0 2
3 3 ,5 9 7
T o t a l p . A 1. s u r p ,
$ 8 7 1 ( l e t .$ 7 ,4 9 9
5 ,9 9 5
1 3 ,4 9 4
$ 6 ,8 6 6
$ 5 ,9 9 5
IA L A N C E SHEET
$ 1 1 9 ,7 0 4
$ 4 ,4 5 5
1 2 ,5 0 5
3 ,5 1 4
( 2 ) 7 9 ,0 7 4
_________
$ 9 7 ,2 3 5
$ 1 8 8 ,2 4 5
fund, discount___
N o n o p e r ’ g p l a n t s ..
$ 9 9 ,5 4 8
$ 2 0 ,1 5 6
19 17.
19 18 .
A ssets—
$
$
R e a l e s t ., b l d g s ., & c
less d e p r e c ., g o o d
w i l l , A c __________ 5 ,2 9 7 ,0 8 6 5 ,9 6 0 ,2 5 1
“ A ” d e b . s t k . a t c o st,
3 5 ,3 2 8
5 6 0 ,1 8 3
4 6 2 ,6 3 7
R ills A a c c ts . r c c e lv - 8 2 6 ,3 7 9
6 2 1 ,1 5 7
T n v e s t m e n t a t c o s t . . 7 2 8 ,1 8 1
4 3 7 ,2 1 8
6 1 ,2 7 8
3 6 ,6 0 7
C a s h _______________
b a la n c e s r e c e iv a b le . 1 2 5 ,0 6 0
1 5 ,3 0 4
8 9 ,9 3 2
O t h e r d e fe rre d ch g e s .
1 1 ,6 8 9
31.
Liabilities—
19 18 .
19 17.
C a p i t a l s t o c k ____$ 3 ,9 5 4 ,0 0 0 $ 3 ,9 5 4 ,0 0 0
D l v . u n c la im e d ___
5
5
U . S . in c o m e t a x . .
30
14
U n p a i d d i v id e n d s .
91
______
S u r p l u s __________ 2 ,9 5 2 ,8 5 5
2 ,9 8 7 ,2 8 2
T o t a l ..............................$ 6 ,9 0 6 ,9 8 1 $ 6 ,9 4 1 ,3 0 2
a I n v e s t m e n t s in c lu d e in 1 9 1 8 1 4 , 9 6 3 s h a r e s C h i c a g o B u r li n g t o n &
Q u in c y R R . , v a lu e d a t $ 2 ,8 5 8 ,7 8 8 ; 2 7 ,5 5 2 sh a r e s C r o w s N e t P ass C o a l
C o . , L t d . , $ 3 , 7 4 1 , 1 6 6 ; $ 2 1 N . S . f r a n c t i o n a l s c r ip $ 2 2 ; a n d U . S . 4 A %
c e r tific a te s o f in d e b te d n e s s , $ 5 5 ,0 0 0 .— V . 1 0 7 , p . 2 2 9 0 .
1 4 ,4 6 5 ,0 0 0
“ A ” d e b e n . i n t ., s k g .
$ 2 7 1 ,0 4 6
$ 1 1 ,7 8 3
1 2 ,6 2 4
77
2 ,8 9 6
2 4 ,6 5 0 ,0 0 0
1918.
.$
Assets —
RESULTS FOR C A LE N D A R YEARS.
D iv s .f r o n i C . B . & Q . R R .
R e g u l a r ( 8 % ) ---------------$ 1 1 9 ,7 0 4
E x t r a ( 1 0 % ) __________ __________________
D i v s . C r o w ’s N e s t P a s s
C o ---------------------------------- (4 A % ) 1 2 3 , 9 8 4
I n t e r e s t _____________________
5 ,0 9 1
1 2 ,1 5 7 ,2 7 7
[ T h e s h a r e h o ld e r s v o t e d M a y 13 1 9 1 8 t o in c r e a s e t h e c a p i t a l s t o c k f r o m
8 1 0 0 ,0 0 0 ,0 0 0 to 8 1 5 0 ,0 0 0 ,0 0 0 , $ 2 5 ,0 0 0 ,0 0 0 o f th e n ew sh a re s b e in g o ffe r e d
to t h e sto c k h o ld e r s o f reco rd M a y 18 1 9 1 8 a t p a r , p a y a b le J u n o 1 5 , to p r o
v i d e a d d i t i o n a l c a s h f o r t h e in c r e a s in g b u s i n e s s , a n d t h e r e m a i n i n g $ 2 5 , 0 0 0 ,
0 0 0 is s u e d J u l y 1 5 a s a s t o c k d i v i d e n d o f 2 5 % t o h o l d e r s o f r e c o r d J u n e 1 8
o n a c c o u n t o f in c r e a s e d v a l u e o f t h o p r o p e r t y a s s h o w n b y r e c e n t a p p r a i s a l s .
V . 1 0 6 , p . 1 5 8 3 , 1 6 9 2 , 2 1 2 7 , 2 2 3 4 .]
T o t a l . . ..............................7 ,5 4 7 ,5 7 8 7 ,7 2 6 ,6 5 5
19 18 .
19 17.
l.la bilitles—
S
S
P r e fe r r e d s t o c k ___ .2 ,2 0 0 ,0 0 0 2 ,2 0 0 ,0 0 0
C o m m o n s t o c k ___ .1 ,8 0 0 ,0 0 0 1 ,8 0 0 ,0 0 0
0 0 6 ,8 0 0
" A " 6 % d e b . s t o c k .aI 2 3 8 ,8 0 0
“ I i ” 6 % d e b e n tu re s ! > 2 ,8 0 4 ,5 2 0 2 ,8 6 4 ,5 2 0
1 2 7 ,9 1 2
A c c o u n t s p a y a b l e .. . 1 7 2 ,5 9 9
8 ,6 1 9
6 ,0 6 0
“ A ” d e b e n . in te r e s t .
3 9 ,6 1 2
1 0 ,4 4 4
I n s u r ., ta x e s , A c _ . .
" B ” d e b e n tu r e I n t . ..
7 1 ,6 1 3
7 5 ,0 0 0
M a c h ’ y , A c . , re s’ vea1 10 0 ,0 0 0
4 7 ,5 0 8
“ A ” d e li . s in k . f u n d .
2 7 ,3 6 5
6 ,8 6 7
5 ,9 9 5
P r o f i t a n d lo s s ....................
T o t a l . : ............................... 7 ,5 4 7 ,5 7 8 7 ,7 2 6 ,6 5 5
a “ A ” 6 % d e b e n t u r e s t o c k , d u e 1 9 3 5 , a u t h o r i z e d , $ 1 , 0 0 0 ,0 0 0 ;.i s s u e d a n d
fu lly p a id , $ 6 7 1 ,6 0 0 ; r e d e e m e d th r o u g h sin k in g f u n d , $ 4 3 2 ,8 0 0 .
b “ B ” 6 % d e b e n tu r e s d u o 1 9 4 5 , a u th o r iz e d ( £ 8 0 0 ,0 0 0 ) , $ 3 ,8 9 3 ,3 3 4 ;
is s u e d o r t o b o is s u e d in e x c h a n g o f o r f i r s t n i o r t g a g o b o n d s o f t h o C a n a d a
I r o n C o r p . , L t d . (in l i q u i d a t i o n ) , $ 2 , 8 6 4 , 5 2 0 .
N ote .— T h o a u d i t o r s r e p o r t t h a t t h e d i r e c t o r s h a v o r e d u c e d t h o i n v e n
to r ie s o f ra w m a te r ia ls a n d su p p lie s a n d m a n u fa c t u r e d p r o d u c ts o n h a n d
a s a t S e p t . 3 0 1 9 1 8 , f r o m c o s t t o p r e -w a r v a l u e s .
T h i s r e d u c tio n a m o u n t s
t o $ 5 0 4 , 9 1 2 , a n d , a f t e r a ll o w i n g f o r a c o r r e s p o n d i n g r e d u c t i o n o f $ 3 1 6 , 6 8 6
a s a t S e p t . 3 0 1 9 1 7 , t h o b a la n c o , v i z .: $ 1 8 8 ,2 2 5 h a s b e e n c h a r g e d a g a in s t
t h o f o u n d r y e a r n in g s f o r t h e y e a r .
In a c c o r d a n c e w ith th o s a m e r e s o lu -
Ja n . 11 1919.]
THE CHRONICLE
t i o n s , t h e d i r e c t o r s h a v e c h a r g e d t o p r o f i t a n d lo s s t h o s u m o f .'5 1 3 4 ,7 2 1 ,
b e i n g t h o c o s t o f r e n e w a ls a n d e x t e n s i o n s t o f o u n d r i e s a t T h r e e l i i v o r s .
F o r t W i lli a m , S t . T h o m a s a n d H a m ilt o n , fo r th o y e a r a m o u n t in g to
* 7 6 , 4 4 3 , a n d th o b a la n c e o f e x p e n d itu r e s a t T h r e e R iv e r s fo u n d r y a s a t
S e p t. 3 0 1 9 1 7 , a m o u n tin g to § 5 8 ,2 7 9 .— V . 1 0 6 , p . 2 9 9 .
C a n a d ia n C o t t o n s , L t d ., M o n tr e a l.
(8th Annual Report— Year Ending March 31 1918.)
Prosidont Chas. R . Hosmer wrote in substance:
A f t e r m a k i n g a llo w a n c e fo r d e p r e c ia t io n a n d w a r t a x e s , m a n u f a c t u r i n g
p r o f i t s a n d r e n t a l s a m o u n t t o $ 8 3 6 ,1 2 6 a s c o m p a r e d w i t h $ 7 6 6 ,2 5 9 l a s t y e a r .
B o n d in t e r e s t a n d d i v i d e n d s o n p r e fe r r e d a n d c o m m o n s t o c k s w e r e p a i d
a m o u n t i n g t o $ 5 5 1 , 5 8 8 , a n d $ 1 0 , 0 0 0 w a s a d d e d t o t h e r e s e r v o fo r b a d d e b t s
l e a v i n g a b a la n c o o f $ 2 7 4 ,5 3 8 t o c a r r y t o t h o c r e d it o f p r o f i t a n d lo s s
a c c o u n t , w h ic h a t t h o c lo s e o f t h e y e a r a m o u n t s t o $ 1 , 8 7 3 , 1 0 9 .
N o t w i t h s t a n d i n g t h e s h o r t a g e o f la b o r p r e v a i l i n g t h r o u g h o u t C a n a d a ,
t h e o u t p u t o f y o u r m i l ls h a s b e e n q u i t e u p t o e x p e c t a t i o n s .
Ita w c o tt o n ,
m il l s u p p l i e s , a n d o t h e r c o m m o d i t i e s a n d m a c h i n e r y h a v e c o n t i n u e d t o
a d v a n c o in p r ic e d u r i n g t h o y e a r u n t i l , a t t h o p r e s e n t m o m e n t , r a w c o t t o n
is h ig h e r t h a n a t a n y t i m e s in c e t h e A m e r i c a C i v i l W a r .
D u r i n g t h o s u m m e r s e a s o n o f 1 9 1 7 a n o r d e r f o r S h e lt e r T e n t D u c k ,
w h ic h h a s j u s t b e e n c o m p l e t e d , w a s o b t a i n e d f r o m t h o U . S . G o v e r n m e n t ,
a n d t h e d ir e c t o r s a r o p le a s e d t o s t a t o t h a t t h o c l o t h d e li v e r e d h a s g i v e n
e n t ir e s a t i s f a c t i o n .
T h e D . M o r r i c e C o . , L t d . , w h i c h , s in c e t h e c o m p a n y ’s i n c e p t i o n , a c t e d
a s s e l lin g a g e n t s f o r t h o c o m p a n y ’s p r o d u c t s , h a s r e l in q u is h e d t h e a g e n c y ,
a n d y o u r c o m p a n y w ill in f u t u r e s e ll i t s o w n o u t p u t ; a ll t h e m e m b e r s o f
t h o s t a f f o f t h o M o r r i c o C o . h a v e j o i n e d t h e c o m p a n y ’s s e l lin g d e p a r t m e n t .
A f u r t h e r s u b s t a n t i a l a d v a n c e in w a g e s w a s m a d o d u r i n g t h o y e a r t o
e n a b l e o u r p e o p lo t o m e e t t h o c o n t i n u a l l y in c r e a s in g c o s t o f l i v i n g .
T h e o u t l o o k f o r t h o c o m i n g y e a r , s u b j e c t t o t h o u n c e r t a in t ie s i n c i d e n t t o
w a r c o n d i t i o n s , is e n c o u r a g i n g .
A w o r l d -w i d e s h o r t a g e o f c o t t o n f a b r i c s
a s s u r e s y o u r m i l ls o f a c o n s t a n t d e m a n d f o r a ll t h o g o o d s t h a t t h e y c a n
produ ce.
PROFIT A N D LOSS AC C O U N T FOR YEARS E N D IN G M A R C H
31.
1 9 1 7 -1 8 .
S a l e s ............................................... $ 7 , 5 7 3 , 7 7 7
N e t p r o f i t s ________________
$ 9 2 6 ,6 1 6
R e n ta ls
M ount
R oyal
S p i n n i n g m i l l , & c _____
1 9 9 ,5 1 0
1 9 1 6 -1 7 .
$ 5 ,5 9 4 ,8 1 1
$ 5 9 3 ,2 7 3
1 9 1 5 -1 6 .
$ 5 ,5 4 0 ,2 1 5
$ 5 1 5 ,1 1 4
1 9 1 4 -1 5 .
$ 3 ,3 2 1 ,1 6 1
$ 3 6 9 ,4 1 2
1 9 9 ,5 6 0
2 0 1 ,4 3 5
2 0 4 ,4 6 6
$ 1 ,1 2 6 ,1 2 6
$ 2 0 9 ,7 0 0
2 1 9 ,6 9 0
1 2 2 ,1 9 8
$ 7 9 2 ,8 3 3
$ 2 0 9 ,7 0 0
2 1 9 ,6 9 0
1 0 8 ,6 2 0
2 6 ,5 7 4
$ 7 1 6 ,5 4 9
$ 2 0 9 ,7 0 0
2 1 9 ,6 9 0
$ 5 7 3 ,8 7 8
$ 2 1 0 ,2 5 0
2 1 9 ,6 9 0
2 9 0 )6 6 6
1 0 ,0 0 0
1 0 ,0 0 0
1 0 ,0 0 0
$ 2 7 4 ,5 3 8
$ 2 1 8 ,2 4 9
$ 2 7 7 ,1 5 9
31.
B o n d in t e r e s t ( 5 % ) _____
P r e f . d t v s . ( 6 % ) __________
C o m . d i v s . ( 4 % ) ________
B u s in e s s p r o f , w a r t a x . .
D e p r e c i a t i o n ...........................
R e se r v e fo r b a d d e b t s . .
B A LA N C E SHEET M A R C H
19 18 .
A ssets—
S
M i l l s , p r o p .,p l a n t ,
w te r p >w . , & c . 1 0 ,9 0 1 ,9 9 9
S to c k s In o t h e r c o s .
& a t v . , in c l. ills .
i n bon-ls______
B o n is a v a i l , a g s t .
l i a b i l i t y .......................
C a s h . . ..................................
B ills & a o c ts . r e
c e iv a b le ........................
I n v e n t o r i e s ______
19 17.
19 18 .
L iabilities—
.?
P r e fe r r e d s t o c k __ 3 ,0 0 1 ,5 0 0
1 0 ,8 1 1 ,9 5 7 C o m m o n s t o c k __ 2 ,7 1 5 ,5 0 0
B o n d s ..................................... 4 ,0 8 8 ,0 0 0
B a n k a d v a n c e s __ 1 ,8 0 8 ,0 0 0
238,800
2 7 8 ,8 0 0 O p e n a c c o u n ts .
5 0 3 ,4 3 2
A c c r u e d In te re s t &
4 9 1 ,0 0 0
5 5 0 ,0 0 0
A p r i l d iv id e n d s .
1 4 8 ,1 5 5
1 8 ,7 2 8
13 ,5 0 8 B ills p a y a b l e _____
2 7 8 ,1 1 3
R e s . fo r b a d d e b ts
7 5 ,0 0 0
9 1 2 ,7 0 2 S u r p lu s .............................. 1 ,8 7 3 ,1 0 9
1 ,0 0 1 ,0 3 8
1 ,2 0 9 ,0 0 1
2 ,4 9 0 ,9 1 0
S
S
3 2 0 ,2 1 3
1 3 4 ,5 7 8
15 9 ,5 0 3
0 5 ,0 0 0
1 ,5 9 8 ,5 7 1
GENERAL INVESTMENT NEWS
IN C L U D IN G
E L E C T R IC
ROADS.
R a ilr o a d C o n s t r u c t io n . — Total for 1918.— The “ Railway
Ago” in its detailed resumo roports (in brief):
I n t e r m s o f m a in t r a c k c o m p l e t e d a n d p la c e d in s e r v i c o , r a ilr o a d c o n
s t r u c t i o n in t h o U n i t e d S t a t e s d u r in g 1 9 1 8 a m o u n t e d t o lo s s t h a n a t a n v
t i m e s in c o the C i v i l W a r .
O n l y 7 2 1 . 5 7 m il e s o f n o w lin o w a s completed
d u r i n g t h o p a s t y e a r in t h o U n i t e d S t a t e s a n d o n l y 1 3 5 . 0 8 m ile s in C a n a d a
H o w e v e r , b a s e d o n t o t a l e x p e n d it u r e s a u t h o r i z e d , in c lu d in g t h e g e n e r a i
i m p r o v e m e n t w o r k u n d e r t a k e n u n d e r F e d e r a l c o n t r o l , r a ilr o a d c o n t r a c t i o n
in t h o U n i t e d S t a t e s in 1 9 1 8 r a n k s w e ll w it h r e c e n t y e a r s .
I n t h o U n it e d S t a t e s t h e n e w m i l e a g e o f f ir s t m a i n t r a c k s i n c lu d e s 5 9 7
m i l e s o n t h o A t l a n t i c C o a s t L in o in F l o r i d a , 5 3 m i l e s o n t h e G o v e r n m e n t
R a i l w a y in A l a s k a , a n d 4 8 m i l e s o n t h e G u l f M o b i l e & N o r t h e r n in M i s s i s
s ip p i a n d T e n n e s s e e .
M o s t o f t h o m il e a g e o f n e w lin e s , h o w e v e r is in
s h o r t s e c t i o n s , a n d a c o n s i d e r a b le p o r t i o n is in c o n n e c t i o n w i t h t h e d e v c l o n m e n t o f c o a l la n d s .
1
New Construction of First Track in United States bn Calendar Years (M iles)
1
1
1
1
9 1 8 ..
.
7 291 1 4 . . . 1 , 5 3 2
9 1 7 ..
.
9 17 9 1 3 . . . 3 , 0 7 1
9 1 6 . . .1 ,0 9 8 1 9 1 2 . . .2 ,9 9 7
9 1 5 ..
.
91
3 93 1 1 . . . 3 , 0 6 6
1910.
1909.
1908.
1907 .
.
.
.
.
.4 ,1 2 2
.3 ,7 4 8
.3 ,2 1 4
.5 ,2 1 2
1 9 0 6 ..
. 5 , 6 12 39 0 2 . . . 6 , 0 2 6
1 9 0 5 . . . 4 , 3 8 8 1901 . . . 5 ,3 6 8
1 9 0 4 . . . 3 , 8 3 2 1 9 0 0 ____ 4 , 8 9 4
1 9 0 3 ------- 5 , 6 5 2
1 8 9 9 . . .4 ,5 6 9
O u t o f th e t o ta l o f $ 1 ,1 9 9 ,4 2 6 ,0 2 6 o f a d d itio n s a n d b e t te r m e n ts w ork
c h a r g e a b l e t o c a p i t a l a c c o u n t w h ic h h a d b e e n a u t h o r i z e d b y t h e U is R a i l ’
r o a d A d m i n i s t r a t i o n u p t o N o v . 1 , le s s t h a n o n e - h a l f is n o w c o m p l e t e d
T h e la r g e a m o u n t o f w o r k n o w u n d e r w a y s h o u l d in i t s e l f if c a r r ie d t o
c o m p l e t i o n , p r o v i d e a f a i r ly b u s y y e a r in 1 9 1 9 .
W i t h t h e fu r t h e r i m p r o v e
m e n t s w h ic h m u s t lie m a d e , t h e D i r e c t o r -G e n e r a l e s t i m a t e d r e c e n t l y t h a t
t h o r o a d w a y i m p r o v e m e n t w o r k a lo n e (e x c lu d i n g e q u i p m e n t ) w o u ld
g a t e $ 5 5 0 , 0 0 0 , 0 0 0 th is y e a r . — V . 1 0 6 , p . 1 9 0 .
1 u aggrc'
R a ilr o a d L in e s A b a n d o n e d . — Total for 1918.__ Tho
“ Railway Ago” in its summary for 1918 roports in subst •
F o r t h o s e c o n d t i m e s in c e t h e c o n s t r u c t i o n o f t h o r a i l w a y s y s t e m n r V h «
U n i t e d S t a t e s w a s f ir s t u n d e r t a k e n in 1 8 3 1 , m o r e m il e s o f m a in lin e s h a v e
b e e n a b a n d o n e d in a y e a r t h a n h a v e b e e n b u i l t .
T in ; o n ly o th e r
w h i c h t h i s c o n d i t i o n e x is t e d w a s in 1 9 1 7 .
i n 1 9 1 8 4 4 5 m ile s o f m a in
l i n e s w e r e a b a n d o n e d p e r m a n e n t l y a n d t a k e n u p , 5 1 2 m il e s a d d i t i o n a l
w ere a b a n d o n e d p e r m a n e n tly b u t h a v e n o t y e t b een ta k e n u p
and 221
m i l e s w e r e a b a n d o n e d f o r o p e r a t i n g p u r p o s e s f o r t i le p e r io d o f ItVdor-ii
c o n t r o l , o w i n g t o t h o c o n s o l i d a t i o n o f p a r a lle l lin e s .
ic r .u
A t o t a l o f 2 0 0 . 3 2 m il e s o f m a in lin e s h a s a ls o b e e n a b a n d o n e d in C a n a d a
t h i s m i l e a g e b e in g c o n f i n e d t o t h o P a c i f i c C o a s t e x t e n s i o n s o f t h e C a n a S ln n
N o r t h e r n a n d t h o G r a n d T r u n k P a c i f i c in W e s t e r n A l b e r t a a n d B r itis h
C o l u m b i a , w h e r e j o i n t o p e r a t i o n w a s i n s t i t u t e d , in t h is w a v r e l e a s in g
q u a n t i t i e s o f t r a c k m a t e r ia l s f o r m i l i t a r y u s e o n t h o F r e n c h f r o n t
K
T h o r e f u s a l o f th o S t a t e a n d n a t i o n a l c o m m i s s i o n s t o p e r m i t r a t e s t o b e
in c r e a s e d c o m m e n s u r a t e w it h t h e r is in g c o s t s o f o p e r a t i o n
h a v e forced
m a n y o f t h e s m a l le r a n d w e a k e r lin e s i n t o b a n k r u p t c y .
T h e F e d e r a l R a il
r o a d A d m i n i s t r a t i o n s h o w e d a n u n w illin g n e s s t o a s s u m e f i n a n c i a l r e s p o n s i
b i l i t y f o r t h o o p e r a t i o n o f m a n y o f t h e s e s m a l l e r lin e s [as it d i d f o r t h e
la r g e r s y s t e m s ] , a n d a l a r g e n u m b e r o f t h e m w e r e t u r n e d b a c k t o th e ir
o w n e r s s h o r tly b e fo re J u ly 1 .
A n o t h e r c o n d i t i o n l e a d in g t o t h e a b a n d o n m e n t o f w e a k r o a d s h a s b e e n
t h e h ig h p r ic e s w h ic h h a v o p r e v a ile d f o r s e c o n d - h a n d m a t e r ia l s
The
s h o r t a g e o f r a i lw a y s u p p li e s , a n d p a r t i c u l a r l y o f s t e e l , r a is e d th o p r ic e s f o r
m a n y s e c o n d - h a n d m a t e r i a l s t o t h o p o i n t w h e r e t h e y c o u ld b e s o l d fo r
c o n s i d e r a b l y m o r e t h a n t h e ir c o s t n e w .
In a n u m b e r o f i n s t a n c e s t h is h a s
r e s u lt e d in t h e j u n k v a l u e o f lin e s b e in g g r e a t e r t h a n t h e a m o u n t s a c t u a l l y
p a id fo r t h e m s e v e r a l y e a r s p r o v io u s .
T h e s t a t i s t i c s o f l in e s a b a n d o n e d t h is y e a r a l s o i n c lu d e a n e w f a c t o r
In
w o r k i n g o u t t h o d e t a i l s o f t h e p o l i c y o f u n ifie d c o n t r o l o f t h e r a i lw a y s o f th o
U n i t e d S t a t e s a s a s in g le s y s t e m , t h e R a i lr o a d A d m i n i s t r a t i o n h a s f o u n d i t
p o s s i b l e t o c o - o r d i n a t e t h e f a c i li t i e s o f p a r a lle l li n e s in n u m e r o u s in s t a n c e s
In s o m e c a s e s p a r a lle l s in g le t r a c k lin e s h a v o b e e n c o n v e r t e d fo r d o u b le ^
tra ck o p e r a tio n .
In o t h e r c a s e s o n e lin o h a s b e e n a b a n d o n e d a n d t h o
t r a f f i c o f b o t h r o a d s c o n c e n t r a t e d o n t h o o t h e r lin o .
T ills a c c o u n ts fo r th e
2 2 4 . 3 7 m i l e s o f lin e s r e p o r t e d a s t e m p o r a r i l y a b a n d o n e d .
. . I h e lo n g e s t lin o o n w h i c h o p e r a t i o n w a s a b a n d o n e d d u r i n g t h e y e a r w a s
t h e C o lo r a d o M id la n d , e x te n d in g fr o m D iv id e , C o l o ., 1 9 4 .2 0 m ile s , t o N e w
C a stle .
O p e r a t i o n o f t h is r o a d c e a s e d o n A u g . 1 a n d p la n s w e r e m a d e f o r
its d is m a n tlin g b e fo r e w in t e r , b u t t h e C o lo r a d o U tilit ie s C o m m is s io n p r e
v e n t e d t h e t r a c k f r o m b e in g r e m o v e d a n d t h e m a t t e r is n o w in t h e c o u r t s .
I h o n e x t lo n g e s t r o a d to b e a b a n d o n e d w a s t h e L a s V e g a s & T o n o p a h
-IrU <r t P,11? ’ ln N e v a d a .
T h e l o n g e s t lin e a b a n d o n e d a n d t a k e n u p is
w ?
» 0 l r , r<?l,l t 0 ’ i n A l a s k a , 9 0 m i l e s , a n d t h o n e x t l o n g e s t lin e is t h e
W is c o n s in & M ic h ig a n , 5 2 .8 m ile s .
Railroad Abandoned in 1 9 1 8 — {M iles o f Track)—
Taken
. ( 1 ) United States—
r jn
B u llfr o g G o ld fie ld — B e a t t y , N e v ., to R h y o lit e
3 70
C e n tr a l o f P e n n s y lv a n ia — B e lle fo n te , P a ., t o M i l l
’
H a l l , 2 7 . 3 8 m . ; b r a n c h l in e s , 1 .3 6 m . : t o t a l _____________
C h i c . M i l w . & S t . P a u l— N o r t h f i e l d , M i n n . , t o C a n ”
o n F a lls , 1 3 .8 m .; R o c k V a l ., I a ., to H u d s o n , S .l ) .
_
_
27 20
9 . 4 i n ., & c _____________________
C in . F in d . & F t . W — F in d la y , O ., to F t .W a y n c j n d
‘
C o l o r a d o M i d l a n d — D i v i d e , C o l . , t o N e w c a s t l e ________
C r i p . C r k . & C o l o . S p g s .— C o l o r a d o S p g s . , C o l . , t o
C a m e r o n [se e n o t e b e l o w ] ____
_
C y b u r G u lf & N o r th W e ste rn
D e e r R i v e r ( f o r m e r l y C a r t h a g e & C o p e n h a g e n ) _____
8 ".7 5
& K ! ° D r .— S o n o r a , C o l ., to G r a n e r o s , & c ._ 1 8 .0 5
' A l i s s a b o & N o r . — I r o n J e t . M i n n ., t o B i w a b i k , _____
L l k & L i t t l e K a n a w h a , B a g g s , W . V a . , t o S h o c k _____________
G a r d e n B a y R y . — G a r d e n , M i c h . , t o C o o k s M i l l s . _______
H o u s to n & T e x a s C e n tr a l— W a c o , T e x ., t o R o s s
_______
L a s V e g a s & T o n o p a h — L a s V e g a s , N e v . , t o B e a t t y _________
L i b e r t y W h i t e — M c C o i n b , M i s s . , t o T y l e r t o w n _____________
N . Y . N . I I . & H a r tfo r d — N o r t h a m p t o n , M a s s ., to
S h e lb u r n e J e t . , 1 8 m . ; S o u t h D e e r f i e l d , M a s s . , t o
T u r n e r s F a l l s , 9 m . ; t o t a l ____
N o r t h P o lo R o u t e — A l a s k a ____________ f ______________ 9 0 . 6 6
""
O c ilia P i n o b lo o m & V a l d o s t a , L a x , G a . , t o L c l i a t o n 1 1 . 0 0
O l y m p i a & O w i n g s v i lle — O l y m p i a , K y . , t o O w i n g s v
0 .8 6
O z a r k V a lle y R y .— W illia m s v ille , M o . , to C a s c a d e . 3 5 .0 0
I ere M a r q u e tte — C a r te r s to H o n o r , 5 .1 3 m .; S p e n
c e r , M i c h . , t o K a l k a s k a , 7 .0 1 m . ; t o t a l _____________ 1 2 . 1 4
P o r t l a n d & S o u t h e a s t e r n — I n A r k a n s a s _______________ 2 2 . 0 0
R ic h m o n d it
R appah ann ock
R iv e r — R ic h m o n d ,
•
V a . , t o S e v e n P i n e s _______________________
_
25 52
S e a b o a r d A ir L in e — B e tw e e n A t l a n t a , G a T .a n d B i r m in g h a m , A l a ., 1 4 .5 5 m ile s , & c ._ _
15 5 5
S o u t h e r n R y . S y s . — C e n t r a l , S . C . , t o C o r n e l i a ,G a
2 5 .7 0 '
S u n d r y o t h e r l i n e s ________________________________________
6 .2 8
S o u t h w e s t e r n R y . — H e n r i e t t a , T e x . , t o A r c h e r C i t y _______
I r a v e r s o C i t y L e e la n a u & M a n i s t i q u e — T r a v e r s e
C i t y , M i c h . , t o N o r t h P o r t _____________________________ 2 9 . 2 0
W a b a s h R y . — A l b i a , l a . , t o T r a c y ...................................... .......... .....
W i s c o n s i n & M i c h i g a n ........................ ............................... .............. 5 2 . 8 0
S u n d r y s h o r t l i n e s ------------- ------------------------------------------------------ 5 3 . 1 4
Taken Am rnAr /„
b.
'
.......................
2 8 74
I
194’ 2 0
9 1 .9 3
x o q on
10 00
.
'
2 .0 2
15 3 7
2 6 '3 0
_____
"
l~ 1 7 "6 o
24 78
ll-fs o
19 no
..
2 7 .0 0
____ I
....................... *
.............
1 9 ".2 7
20.07
.
2 2 .3 0
2 0 '6 6
’
4 4 )2 7
19 17.
3 .0 0 1 .5 0 0
2 .7 1 5 .5 0 0
4 ,7 5 0 ,0 0 0
3 7 7 ,1 0 8
T o t a l ____________ 1 5 ,8 7 1 ,4 7 5 1 3 ,7 8 2 ,0 3 0
T o t a l . ............. - . - 1 5 , 8 7 1 ,4 7 5 13 7 8 2 0 3 0
N ote .— I n d i r e c t lia b i li t i e s , c u s t o m e r s ’ p a p e r u n d e r d i s c o u n t $ 5 0 8 0 0 4 —
V . 106, p . 2124.
’
R A IL R O A D S ,
169
T o t a l . . . .............................................................................. ..............4 4 5 . 8 3
( 2 ) Canada —
C a n a d i a n N o r t h e r n — I n B r i t i s h C o l u m b i a . . . ............. 9 4 . 0 0
G r a n d T r u n k P a c ific — L o b s t i c k J u n c t i o n , A l t a . , t o
R e d P a s s J u n c t i o n , B . C ________________________________ 1 0 6 . 3 2
5 1 2 .6 8
2 2 4 .3 7
.............................
_______
................- ................................................................................2 0 0 . 3 2
x A member of the committee representing the First Consols, of the
Colorado Springs & Cripple Creek District Ry informs the “ Chronicle”
tnat this section is only temporarily out of commission, owing to tho fall
oi a bridge and that there is no intention of abandoning the line.
Alabama Great Southern RR.— Dividend.—
T, A dividend of 4% lias been declared on the preferred stock, payable
I<eb. 21 to holders of record Jan. 21, and also a dividend of 4% on the ordi
nary stock, payable Jan. 31 to holders of record Jan. 20. Dividends on
the preferred, 3% and I A % extra, were paid in Feb., and 3% , no extra
In Aug. On the ordinary stock 3% paid in June last.— V. 107, p. 2286.
Alaska Government Railway.— Nearly
Completed.—
Iho "Engineering News Record" in its issue of Jan. 2 describes the
progress of tho construction on the Alaska It It. bv the United States
Government. Tho 16-mile link which gives a 190-mile rail route from the
Matanuska coal fields to tidewater at Seward was recently completed.—
• • 107, p. 1481.
Albany Southern RR.— Offering of 7 % Notes.—This
company offors at par and interest 8250,000 7% Threo-year
gold notes datod March 1 1918, due March 1 1921, secured
by bonds of tho company, of which tho total outstanding
amount is 81,500,000.—V. 107, p. 80.
Ann Arbor RR.— Jurisdiction Extended.—
I ho jurisdiction of Gen. Mgr. E. F. Ulomeyer has been extended ovor the
Manistiquo & Lako Superior R R .— V. 107, p. 1186.
Athens Railway
&
Light Co. (Ga.).— Fare I ncrease.—
The Georgia RR. Commission has granted this company increased light
and power rates of about 10%, and has also granted an increase in street
car fares to 6 cents.— V. 107, p. 1191.
Atlantic Coast Line RR.— Operating
Contract.—
Announcement is made of the signing of the Federal operating contract
between this company and two subsidiaries and the Railroad Administra
tion, under which the annual compensation is fixed at SI0,185,942.—
» • 107, p. 2187.
Bay State Street Ry.— New
Tariffs Filed .—
Receiver Donham filed a new local passenger tariff in compliance with
orders from the Mass. Public Service Commission, to go into effect Jan. 8
but which is subject to the appeal of the receiver, now pending
’The
changes are summarized by the Boston "Transcript” of Jan. 4 as follows“ The city zono fare is a 7-cent ticket or 10 cents cash. Tickets mav bo
purchased from conductors at 5 for 35 cents. The faro for each inter
urban zono is 5 cents.
“ The minimum faro for any ride is 10 cents cash or a 7-cent ticket. This
ticket may be issued for continuous ride in same general direction on a
connecting route if requested at time of payment of fare, in connection
with either'cash or ticket fares.
“ Interurban transfers will be issued to allow passengers to complete their
zono ride paid for on a connecting route. They will also be issued to pas
sengers desiring to ride only one zone on connecting route so that passen
gers will not havo to pay minimum fare on second route.
“ Pupils’ tickets may be purchased at one-half the regular fare for use
under prescribed conditions, These are issued la several forms, some for us
in city zones and others for various numbers of interurban zones.
"Limited commutation tickets may be purchased at 70% of the cash
faro and In quantities of 20 rides, for use between certain specified points
In limited hours formerly known as workingmen’s hours.
“ Special tickets may be purchased for use between Lynn and Boston
and between Lawrence and Haverhill.”
Service Re-established.—
This company will resume car service in East Weymouth following a
conference between the receiver and the Selectmen, which latter promised
the company would be paid by popular subscription $2,500 for needed
repairs.— V. 108, p. 76.
Boston & Lowell RR.— Bonds,
& c .—
The stockholders on Jan. 3 voted to rescind the vote of Jan. 2 1918
authorizing issue and sale of bonds not exceeding $414,000, such authority
not having been used by directors, and that the corporation authorize
issue and sale of bonds to an amount not exceeding $1,034,000, payable
In not less than 20 years.
Merger Approved .—
.
The stockholders on Jan. 9 authorized the directors to proceed wuh the
plan of merging the property with the Boston & Maine UR. and other
leased lines of the Boston & Maine system. Compare V. 107, p. 1919.
V. 108, p. 76.
Boston & Maine RR.— Pref.
Stock Committee Notice .—
The committee representing the preferred stock, consisting
Whiting, Louis A. Frothingham and Wallace B. Donhan, havo
the pref. shareholders as follows, emphasizing tho importance
their stock in favor o f the reorganization plan at meeting Jan.
of Jasper
addressed
of voting
9.
This
C^” WJdledthe stockholders o f the leased lines are to receive new first pre
ferred stock, which will come ahead of the present preferred stock, the
dividends on that first preferred stock take the place of the fixed charges
under the leases, so that the position of the present preferred stock under
tho new arrangement Is really more advantageous in that respect than under
th "TheGfact that the money necessary to flnanco tho floating indebtedness
and to take the road out o f tho hands of a receiver is to be advanced by
the Government romoves the necessity for an assessment of tno stock.
In fact it is believed that this is tho only arrangement by which the neces
sary money for theso purposes can bo obtained."
Merger Plan Approved .—
,, , .
The stockholders on Jan. 9 approved the plan for the consolidation
between the parent company and tho subsidiaries.
See also Fitchburg R R . below. Com V. 107, p. 2375, 2474; V . 108, p. 76.
Brooklyn City RR. Co.— New Director.—
Brooklyn Rapid Transit Co.— No Ancillary Receiver.—
Judge Edwin Louis Garvin in tho U. S. District Court at Brooklyn on
Dick S. Ramsey succeeds Charles M . Pratt as a director.— V .106,p.49,.
Jan. 6 denied tho application of a stockholder to havo an ancillary receiver
appointed for tho Now York Consolidated R R s„ tho New York Municipal
Ry. and the Brooklyn Rapid Transit Co.— V. 108, p. 76.
Chicago Milwaukee
[V o l . 108.
THE CHRONICLE
170
&
St. Paul Ry.— Chairman Resigns.
A. J. Earling, Chairman o f the board, has resigned on account of 111health.— V. 107, p. 2187, 2097.
Colorado* Southern Ry.— Committee.—
,
See Colorado Springs & Cripple Creek Central District Ry. below.—
V. 107, p. 2475, 2375.
Colorado’ Springs & Cripple Creek District
ls< M . 5s— Protective Committee.—
fault on
R y .— De
Default having occurred in thepayment of tho interest due on Jan. I 1919
on the $1,268,000 1st Mtge. 5% bonds, duo Jan. 1 1930, the following
owning or representing a substantial amount of tho bonds, have consented
to act as a committeo to protect the interests of the bondholders A pro
tective agreement is in course o f preparation. Holders o f theso bonds aro
requested to notify tho Secretary o f the committee o f the amount of bonds
^ P rotect TTcommltteo: James Timpson, Chairman (2d Vice-Pres. Mutual
Life Ins. Co.. N. Y ., and Robert Struthers Jr., Wood, Struthers & Co.,
N. Y , with Emerson W . Judd, Secretary, 5 Nassau St., N. Y ., and Masten & Nichols, as Counsel, 49 Wall St., N. Y.
Interest duo Oct. 1918 on $1,379,000 First Consols also remains unpaid.
The Colorado & Southern owns practically all the capital stock, but the
road has been operated under lease by tho Cripple Creek & Colorado Springs
R R ., whose entire capital stock is owned by the Cripple Creek Central Ry.
Tho trouble, it is understood, is due to tho fact that the property was not
taken over by the U, S. RR. Administration.
Committee for 5 % First Consols.—In viow of tho default
in tho payment of the interest which matured Oct. 1 1918 on
the First Consols and in the payment of the interest duo
Jan. 1 1919 on the First Mtge. bonds, the committee named
below has been organized and is urging holdors of tho First
Consols to deposit their bonds immediately with the N. Y.
Trust Co., as depositary, 26 Broad St., N . Y. See ad
vertisement
on another page.
, . _ _,
Committee for 5% First Consol. 40-year Gold Bonds.— Frederick J.Lisman
Chairman; Mortimer N. Buckner, Herbert II. Dean, A. II. S. Post and
Richard Cutts Shannon, with Graham Adams as Secretary, 61 Broadway,
N . Y . , a n d A l f r e d A . C o o k a n d I . H . L e h m a n as c o u n s e l.
Tho road has o f late years been operated under lease by tho Cripple Creek
& Colorado Springs Ry. (a subsidiary of tho Cripple Creek Central R y .), but
is temporarily out of commission between Colorado Springs and Cameron,
39 miles, owing to tho falling o f a bridge. A member of this committee
denies that the line has been abandoned between these points. V.1U7,
p. 1579.
Cripple Creek Central Ry.— Committee.—
See Colorado Springs & Cripple Creek Central District Ry. above.
— V. 107, p. 1669, 802.
Electric Railway Lines Abandoned.— Total for 1917.—
The “Electric Railway Journal” of Jan. 4 reports in subst.:
been abandoned except a 3.5 mile section purchased by the city of Attle
boro for $18,000 to form tho “ A. B. O. Railway.
I In March the Court authorized tho discontinuance or 125 miles of un
profitable lines, but up to the latest report furnished only 30.4 of unsafe
track had actually been closed down. A petition, however, for the discon
tinuance o f 288.2 miles at least during tho winter months becauso of failure
to earn operating expenses is now pending.
,
, ~
,.
m Operation temporarily suspended on line from Lancsboro to Cheshire.
Line from East Lee to Huntington, 23.84 miles, is not included as the ex
press servico is still in operation, although all passenger service has been
n Servico suspended on Dec. 31 1918; salo set for Jan. 15 1919.
q An effort is being mado to save the remanider of this 8.87 mile line
through reorganization of servico and finances.
r In December formal permission to discontinue service was expected
8h?SoW for junk in 1917 and included in tho Table of Abandonments of
that year. The dismantling, however, was stopped late in 1918 by an
injunction from the Ohio Supreme Court.
,
, x ... „
...
v Sale is awaiting decision by Federal courts: receiver states that lino will
Property1is awaiting decision of Mass. Supremo Court relativo to writ
of mandamus to compel town of Plymouth to keep its promise to pay the
road $50,000 toward the construction of 11.5 milo extension (total cost,
$250,000) from Fresh Pond to Sagamore completed in 1916. low n voted
to contribute this sum, but selectmen refused to obey vote, and service
was suspended pending settlement of matter in tho courts.
No. of Miles of Outstanding Outstanding
Annual Comparison—
Fund.Debt.
Stock.
Cos. Track.
1917 Dismantlements--------------------- 13 126.97 $2,048,900 $2,006,450
1,542,000
1,173,300
80.51
Suspensions_________________
7
1918 Dismantlements--------------------- 41 327.10 $7,542,975 $4,318,080
2,332,665
2,328,620
Suspensions--------------------------18 171.25
Compare "Railroad (Steam) Lines Abandoned” below.
Electric Railway Construction.— Total for
The “Electric Railway Journal” reports:
Year
1918.—
The total now electric railway track mileage exclusive of tho electrified
steam lines for the year amounting to 314, is but 63 miles less than that
reported during 1917. Of the 31.4 miles 81 miles were for tho various
additions to new rapid transit lines in New York City, 135 miles for service
in other cities, and 07 miles for interurban operation. By States New York
leads with a total o f 87.93 miles of now track, followed by California with
28.94 miles and Washington with 24.65 miles.
.
in Canada the Niagara Construction Ry. built 28 miles of interurban
track between Stamford, St. David’s and Queenstown Ontario.
Tho new electrified mileage [aggregating 275 miles in 1918, against 66
miles in 1917 and 388 in 1916] was augmented by tho extensions of the
Chicago Milw. & St. Paul electrification, which amounted to 211 miles in
1918 and 225 miles in 1916. Outside of this tho greatest amount of electri
fied mileage reported for this year was 51.15 miles of maiti and branch lino
track, together with sidings and yards electrified by tho Nortolk & West.Ry.
Comparison of New Track Built— Also Electrified Steam Lines.
1908 1909 1910. 1911.
12. 13. 14. 15. 16. 17. 18.
N ow ry track
1,174 . 774 1,204 1,105 869974 716 596 356 376 313
Elec, steam lin oi:
84
112
192
86
80 119 229 448 388 66 275
Electric Railway Receiverships and Foreclosure
Sales.— Total for 1918.—“Electric Railway Journal” reports:
Tiie receivership o f the Brooklyn Rapid Transit Co. on tho last day of
1918 naturally runs the totals for this year to a high figure, but even
without this company tho 1918 figures are in the main larger than In any
preceding year.
Annual Record of Electric Railway Receiverships.
’09. TO. ’ l l . T2. T3. ’ l l . 1915. 1916. 1917. 1918.
"NTo o f coiBD^niGS
22
11 10 26 IS 10
2Y
!•>
21
29
M iilS o f T r a c k . . 111 558 697 519 374 343 362 1,152 359 1,177 2,108
Annual Record of Electric Raihcav Foreclosure Sales.
'09. TO. ’ l l .
12. 13. 14. 15. 16. 17. 18.
No of companies
21 22 25
18 17 11 19 19 26 23
MOe^ o f track. ! : 111111I M 488 724 661 267302 181 308 430 745 524
Tho receivership of the Washington Electric R y., Chehalis, Wash., is
omitted, sinco this company in 1916 disposed of its 19-mile line to the
Cowlitz, Chehalis & Cascade Ity., which is now operating tho lino, the
receivership being simply for tho purpose of making a final settlement of the
affairs of the old company.
Electric Railway Receiverships in 1918.
Miles.
Miles.
Binghamton (N. Y.) R y............ 49.74 Pittsburgh (Pa.) Railways.......... 005.25
Brooklyn (N.Y.) Rapid Tran. C o.754.82 Plymouth A Sandwich Street R y .. 17.43
Buffalo A Depew Ry.. Buff.,N.Y. 13.59 Rockland South Thomaston A Sc.
GeorgoRy................................. 5.71
Buffalo A Lackawanna Trac. Co.a 8.80
Claremont (N.H.) Ry. A Ltg. Co. 8.00 St. Joseph Valley Traction Co.,
Elkhart, Ind......... .........
9.00
Columbus Magnetic Spgs. A Nor.b 18.50
Consol. St. Ry., Strong City, Kan. 2.00 St. Paul (Minn.) Southern El. Ily. 17.54
Cumberland Ry., Carlisle, Pa-----12.40 St. Petersburg (Fla.) A Gulf R y .. 26.11
Dcnv. A Interurb. RR., Den.,Col. 51.94 Scranton (Pa.) A Binghamton RR. 50.00
Des Moines (Iowa) City Ry------ 85.00 Southwestern Interurban Ry ..Win
field, Kan......... .........................25.00
Evansville (Ind.) Railways......... 61.50
Ft. Scott (Kan.) Gas A El. C o.c.. 7.00 Southern Oregon Traction Co----- 8.19
M
Hartford A Springfield St. Ry----- 48.00 Southern Trac. Co., Inc., Bowling
Green, Ky.rf............................. 4.50
Tola (Kan .) Electric RR............... 10.50
Lewiston Aug. A WatervilleSt. Ry.165.65 Springfield (Vt.) Electric Ry........ 9.00.
Memphis A Rugby (Tenn.) R y ... 2.50|
Paducah (Ky.) Traction Co..........19.34 .
Penn Yan (N.Y.) A LakeShoroIty. 10.00
T ota l....................................2,107.61
a Receivership resulted from petition of receiver of Buffalo & Lake Erlo
Traction Co. to abandon Its lease of tho Lackawanna lino, b Sale set for
Jan. 15 1919. d This company suspended servico in 1917, but tho city has
caused a resumption of servico under a receiver.
Electric Railway Foreclosure Sales in 1918.
Miles.
Miles.
Adirondack Lakes(N.Y.)Trac.Co. 5.00 Petaluma A Santa Rosa (Cal.) Ry. 43.41
Central Crosstown RR., N .Y ----- 6.32 Rockland South Thomaston A St.
George R y ................................. 5.71
Cine.Milford A Loveland Trac.Co. 37.00
Claremont (N.H.) Ry. A Ltg. Co. 8.60 St. Joseph Vail. Trac. Co., Ind. . . 9.00
Consol. St. Ry., Strong City, Kan. 2.00 St. Louis Lakew. A Grant Pk. Ry. 4.00
Eastern N. Y. RR.. Ballston Spa. 15.00 San Angelo (Tex.) Pow. A St. Ry. 1.00
Freeport (N. Y.) RR.................... 2.92 Selma (Okla.) St. A Suour. R y ... 8.00
Southwcrtern Interurb. Ry., Win
Lcwlsburg A Ronceverte Elec.Ry.,
field. Kan..................................25.00
W. Va...................
6.20
Memphis A Rugby (Tenn.) R y ... 2.50 Ware A Brookfield (Mass.) St.Ry. 11.71
Woodstock A Sycnmoro Trac. Co. 26.50
Minneapolis St. Paul Rochester A
Dubuque Elec. Trac. Co......... 42.00 Worcester A Warren St. Ry......... 20.10
Nor. Cambria St. Ry., Patton, Pa. 13.00
Northern Electric Ry., Chico, Cal.217.65
Total........................................ 524.22
Orlcans-Kcnner Electric Ry..........11.60
Electric Railway Abandonments in 1918.
Miles.
1. Lines Dismantled—
Miles.
Adirondack Lakes (N.Y.)Trac.Co. 5.00 Uvalde A Leona Val. (Tex.)Int.Ry 8.00
Billings (Mont.) Traction Co....... 6.00 Ware & Brookfield (Mass.) St. Ry. 11.71
Woodstock & Sycamore Trac. Co. 26.50
Bluffton (Ind.) Geneva & Cellna
Traction C o _________________ 19.00 Worcester A Warren Street Ry— 20.10
Bristol (Tenn.) Traction Co-------- 15.30 12 other lines_________________ 23.51
Caro. True. Co., Rock Hill, S. C -. 3.00
Total dismantlements-------------327.10
Central of Florida R y...............
5.00
2 . O p e r a t io n S u s p e n d e d Covington & Oxford (Ga.) St. R y. 6.00
Buy State (Mass.) Street R y.l— *30.40
Dayton Sprlngf. & Xenia Southern
R y., Spring Valley branch.c
12.00 Berkshire (Mass.) Street Ry.ta— *5.05
Denton (Tex.) Traction Co-------- 4.50 Bristol A Norf. St. R y., Randolph,
M ass.......................
6.44
Gettysburg (Pa.) Ry.................... 6.60
Columbus Magnetic Spgs. A Nor.
Interurb. Ry. A Term. Co., Cin
Ry., Rlchwood, Ohlo.n_______ 18.50
cinnati, O., Bethel Dlv. only... 23.00
Conway (Mass.) Electric St. R y .. 6.00
Lake Erie Bowl. Green & Napoleon
Ry., Bowling Green, Olilo.e__ 12.50 Ft. Scott (Kan.) Gas A Dlec. Co.0 7.00
Fryeburg (Me.) Horse R R ........... 3.00
London & Lake Eric Ry. & Trans
portation Co., London, Ont-----28.00 Hamilton (Ont.) Radial Elec. Ry. 29.10
New Jersey Rapid Transit Co----- 8.00 Leb. A Franklin Trac. Co., Dayton 10.80
Northw. Trac. Co., Brazil, N. D._ 5.00 Madison Lt. A Ry., Mad., Ind.r_3.50
Mt. Vernon (Ohio) R y.s_______ 9.00
Norwood Canton & Sharon St. Ry.
pi1 (Norwood Dlv.)...................... - 2.50 Norwood Canton A Sharon Ry.,
(Sharon Div.i.f........... .».......... 4.00
Oak Bluffs (Mass.) Street Ry----- 6.47
Rich. & Rappahan. Rlv. Ry.h— 16.30 Ocean City (N.J.) Elec. RR........10.00
Plan Approved
Rockland So. Thom. A St. O. Ry. 5.71 Parkersburg A Ohio Elec, R y.B .-. 5.00
Tho shareholders on Jan. 9 voted to approve tho plan of reorganization
St. Joseph Valley Traction C o .i.. 7.50 Plyni. A Sandw. (Mass.) St. Ry.ir 17.43
as affecting their interests. See V. 107, p. 1919.
St. Louis Lakew. & Grant Pk. Ry. 4.00 3 other lines------ . . ------- ------------ 6.43
Sand Point (Ida.) A Interurb. R y. 6.00
Mortgage
Total suspensions____________ 171.25
Sioux City Crystal L. A Homer El. 4.00
This company has tilt'd for record a mortgago to secure .>1,000,000 of
Taunton & Pawtucket St. R y .* .. 14.00
5% bonds, dated Sept. 3 1918, due 1921, the Continental Trust & Savings
Grand
total...........
........
........
—
498.35
Twin Falls (Idaho) RR................... 12.00
Bank- at Chicago being trustee.— V. 107, p. 1717.
* This represents only a small part of tho company’s mileage,
Operating Contract
c The branch line from Beavertown to Spring Valley has been torn up
Announcement is made of the signing of the Federal operating contract
Tho remaining 27.97 miles is being operated.
e Sold in 1916, with tho option to junk. Tho 12-mile section between between this company and tho Railroad Administration, under which tho
annual compensation is fixed at $526,069.— V. 107, p. 119o.
•Bowling Green and Pembervflio was sold to and is being operated by tho
Toledo Fostoria & Findlay Ry. Dismantlement was begun on the remain
Interest Payment
ing part, but the final authorization for junking was not received until 1918.
Notice is given that tho estimated earnings of tho Wellington Grey &
/S e e "Suspensions” below. Servico on the whole 6.5 mile lino was sus
pended in March, and in this month tho company was sold to a New Jersey Bruce Ry. for tho half-year ending Dec. 31 1918, applicable to meet Inter
syndicate. Tho 2.5 mile Norwood division has been junked, but the 4-milo est on the bonds, will admit of tho payment of £3 7s. 9d. per £100 bond,
and that this payment will bo applied as follows, viz.; £2 19s. id. in final
Sharon division lies untouched at the moment.
h A 9.10 milo section of this 25.40 mile property was sold under court discharge of Coupon No. 69, duo Jan. I 1905, and 8s. 8d. on account of
Coupon No. 70, duo July 1 1905, and will bo made on and after Jan. 1 1919
decree 1917 to Riehm. & Soven Pines Ity.; remainder now abandoned.
i Sold to a junking company, but W . II. Foster, Mayor of Elkhart, at tho offices of tho Grand Trunk Ily., 203 Dashwood House, New Broad
St., London, E.C. Tho coupons to bo left three clear days for examina
purchased a 1 J^-mile section in that city and is now operating it.
k This company's 17.5 miles lino was all sold in 1917 under mortgage of tion. Last year, £3 is. 3d. per bond. [L ondon announcement.]— V. 107,
ho predecessor company, the Bristol County Street R y., and all has now p . 2097.
Fitchburg RR.—
.—
Fort Smith Light & Traction Co.—
Galveston Wharf Co.—
Grand Trunk Ry. of Canada.—
.—
.—
.—
Ja n . 11 1919.]
THE CHRONICLE
Grand Rapids & Indiana Ry. —Federal Jurisdiction
—
Seo Pennsylvania H Ii. below .— V . 1 0 8 % . 78.
ai i s u i c n o n .
Indianapolis & Cincinnati Traction Co .—Fare Increase
171
UkY i 5 ,1915 , an mcrease in fares from 5c. to 6c. T he opinion was
did^Tm W w dg? B aT ; ' vlho,’ according to the Kansas C ity “ S ta r," holds as
W oodson, that the m atter o f street-car railway rates belongs to
Sm i ]?°r>i?hi
at1°us o f the State and that the Legislature has made the
n n A r l ; Z L V-C0. Commission tho agent o f the State. The^ argument o f
* t s ° fi x e d ‘ c h a r g e s in t h ? f M n c h 9 m o r t g ^ ".l,s o f , t h o c o m p a n y w a s n o t o n e o f
c n a r g e s in t h e f r a n c h is e p r o v i s i o n , b u t w a s o n l v a f ix e d c h a r g e
/r
. resolution o f the com m ittee o f the wholo which on T a n i r i S ™
. sssa
p- * « * • p™w«
a b o u t 3h|°7r uV n m C..U v e a r a %
t'10'
h e l T b y th e c
^
t
E
<!nt f a r e p r o d u c e d f u n d s s u f f i c i e n t 't o m e e ^ !
’h e f L
? ^ l0J e l y U p se t b y t h c c o l l r t ’
u
a ls o w a s
',oul‘11>0 “ ke,‘bJ>
of
statement
mado yesterday by the Board of ^aumaco
Estimato
saysA in
substanco:
I f the total o f 5-cent fares in any year is not sufficient to meet
i
tions above mentioned, the deficiency is carried forward to tho iu ! ^ ^ uc*
i earnings— that is, it is c u m u la tiv e -b u t su ch < W teS T ra n n t L el year,s
out o f anything but the incom e from tho 5c fare
iThe ilo d le t J 0 Pald
referred to include the preferential to which the com pany is^ n titled b e fo re
the city can participate In p rofits.— Ed i
I
y is entitled before
f
The only guarantee tho Interboi
'
fare. The railroad and equipmen
and clear. The city is entitled to have tho Interb.
1 t bn1'pl° P ? fl o f *ho com pany who have been on strike sinco D ec 11 on
net'hhin for
rT he
W ar Labor
Board has
issiled
order
|for"tho'rehearlng
oi ia e renearing ootfrth
thee>petition
increases
in wages.—-V
. 107,
p . an
2376.
Iiciks iifie
&
Eastern RR.— Directors.—
w n i i n following have been elected directors: D . T . M urray James P
w .K
an derb ltJ ' iJ?r.,' ^
H °A^lbert
akf rK
J—
- Jerom
e. p.
dS 292. ’ c T o o n ]
iv. VVanderbilt,
and
H .FLank,
Harris.
V . 107,
Lehigh Valley RR.—
Usual Dividend Paid.—
p. 2376k 2‘>90 dividends werc mailed to stockholders
Manhattan Railway
f
f i K
S
sLure^tW sf obhgatdionn0 mOr0' TKo 'v l i o t o l n v ^ e n t
1 he State (Constitution prohibits the municipal authorities from graniinoM i . 1
shall the C om m on C o u n c il% o r any boani
'!°r
Jan. 3 .— V . 107,
C o .— Obituary— Earnings.—
Dniel W ilkin M cW illiam s, Sec. & Treas. o f this com pany died on Jan 7
A s to earnings see Interborough Rapid Transit C o. above.— V. 107,p. 1287'
S ,J P ® 1u o r R R .— Federal Jurisdiction.
Mco Ann A rbor R R . a bove.— V . 92, p . 1109.
^^h^Riihee Elec uric Ry. & Light C o .— Offering of o-Year
A otes.—This company is offering at par in de
nominations of SI,000, S500, S100 and SoO $3,600,030 Five
m ate and Apportionm ent is ready to undertake munieinni rmm.. ,
™ 7.% Secured gold notes, dated Nov. 1 1918, due Nov. 1
^ ^ a K e m e n t. Under municipal operation fares would have to be a d b .X r t
to m eet costs, and raised and lowered from time to time as ivuuiVin,J,U sbd L a ’ ,
convertible at par in general mtge. bonds of the
dtilre.
1 ho c i t y s investm ent would becom e self-supporting! d U°
Official Statement.—-Prosidont Thoodoro P. Shonts in n Milwaukee Light, Heat & Traction Co. A circular shows:
b y the Capital Issues C om m ittee as not incom patible.” & c.
letter addressed to ,T. P. Morgan & Co. on Doc. 19 says in part- int“ Passed
rlatn 5
c? alIii ')le- on 4 weeks’ notice, on N ov. 1 1921 or any p rior
no?es<earller 'thiT CenrStnn S° T Inlerest C
J*rons.—Through’ the sale o f 7 % S ^ A i i R i & » ? s a u ot s, <>00' *"»•5100 aM 850
n rtL n
r J
. , (,:.om paiiy m ade provision not only for tho com <v,i,a ,ti10 contributions toward the cost o f the new svsi™ » 2
rj
i /o Secured
h
t
mi
r in m iM * p:” , ° m ako under its contracts with the city, but alsoVor tl,n
^ C^° reimbursement o f the com p a n y’s treasury o f tho funds
l ee m /JeUf l Z ™ nst™ c « o a p' lrp°?es! A portion o f this raserve fund has'
£ 3 2 2 , 1 ^ .P W t o m e n t s arising out o f operation o f new lines during
ea rn in g ^!ilL , [? ald Jescrvn
o f S I0.000.000 was built up out o f
mi ic ^ ,
1 !?e„en tem porarily Invested in construe. & equint — Rd°i
„h io h r “ h fund f?r meeting charges applies to interest which R charvel
nnln™ ,
1°’ tha£ .s; interest on securities outstanding against that
portion o f the system which is in operation. As regards i n t ,n v % % A lat
o f the i»r q08 outstanding against that portion not in operation the rules
l ■s. Commission and the contracts with the city provide that P n
interest shall bo added to the cost o f construction. T h e securities airon.w
sold b y the com pany have put it In funds to cover all such Interest ch 2 2 ?Z
able to construction up to tho time when the com pany estimates the h a w E S
o f tho system will bo com pleted and put into op-ration
balance
.t c fmpan!) s Preferential.— Tho co m p a n y ’s contracts with the ,.n „
•,
that tho com pany Is entitled to take out o f revenue o f ihn r i S i roV l .°
system the annual sum o f 87,924,.’{48 plus i^CTMt and s i n J i ^ r wr7 wh
securities issued b y the com pany to p iv its share o f the cost
fl!nd on
system . T he total annual am ount which tho ro m n t
c ° s* o f
r.10w
take (including its otlier corporate income) on tho” basis i n t ontltlo[l to
outstanding at tho present time, is 317,620 072 ' ° 1
o f lts securities
T ho interest and sinking fund charge's on alf nntsta.wii,,,,
...
now 313,101,255, and, while in m y letter to you d a te d A ^ g q T ii1®*1®8 ‘T .°
mated that o f this am ount there w ould bo rl AWMWn8; ! , it/was estlduring 1919 year tlio sum o f 31 1,520,000 the coim m re i l l l ! ! ' s incom e
the am ount chargeable against incom e during the
<'sllm atTi, that
exceed 39,700.000, the difference being due to the im w o b a ^ lO v ^ r " not
n, u^.mnpant/.-—Owns and operates tho local street railway service and th e
in
vai I,?nthe‘
trlC i!ght o f those
powei'
a,ld steam
-heating
services
.,,, MUwaukM
T h w a u k e e . Swith
tho ^exception
operated
b y Wells
Power
Co
<m associated com pany.
The railway system com prises 168
milp<? n f
cai)acitvao f 77^650^k*w ? S S eF,ol^ tric^ e^ .rat' n^ P in t's lia v o a n ^ a g g r^ a te
,if 'w o i w r ‘
h . " . and its six substations have an aggregate canacitv
M ilwaukee Light. Heat A T raction C o. owns and operates a svstem o f
M
interurban railways within a radius o f about 50 miles o f
M ilwaukee and also owns and operates the local railway system in Racine
riie radway system comprises 235.18 miles o f single t r ^ k ^ t l y to c”ty
streets and on cou nty highways and partly on private rights o f w av
T ho
S9H »P«V also d° es tl10 electric light and power business in tlio suburbs o f
^f^w aukee and towiis served liy its interurban lines. T he com p any owns
o . ,P o«™ Plant o f 19,000 k.w . capacity at Racine and 8 substations la v in g
a V l f P s " 3*0 capacity o f 12,350 k.w . in converting m achinery.
°
in excess"of .TOo’ooo.'03 SGrV0 & P°Pulatlon conservatively estimated to be
,,f 'r01>0SC<f M e rg e r.— Arrangements have been m ade or the purchase o f
tho operating utility property o f thc M ilwaukee Light, H eat & Traction
n f t i ,b d l a ° M ,1Avaulce.° b le<'tric R y . & Light C o. upon form al approval
o f tho Railroad Commission o f W isconsin.
approval
ur!fk•— T he general obligation o f the com pany and in addition are
secured b y tlio deposit, In the proportion o f S12o o f bonds for each 8lf)fl o f
T fe r. 5
' !f ? (,i c " eral M f f f i g o l d b o n d f o f M dw aukee Light. H eat
5% r ^nterostC ^ ^T h o^ ^ m n n n n
A ff ® Z o v ' 1 1923 the bonds bear
; ? t t o S t S i electric light'an il
S J ^ ^ i S
i f B * 5 E i !® S f » S i S ^ t a S ‘f i , iM b ,! r * 13,000,000, “ ll,oct ° ” ly “ > s s io o o .o o o
sinking fund on the com nanv’s honris
, p.a' . . N 1
interest and Earnings fo r Calendar Years 1916. 1917 and 12 Months Ended Oct. 31 1918.
charges
was
liatt
N on-operating revenues-----------------------------78,185
109.034
119.3 15
C ity bonds issued for the construction o f the o l d e T & b w a i “ \'W *• - : •
stated above, the present estimate o f interest and sinkbw f5Z,1y8n0m ’ ,As
against incom e for 1919 year is 89,700 000
inking fund chargcablo
Present indications are that net earnings for tho current fi0„ „i
I , ittogothcr
e r T O ^ < m With
<l m n dinterest
s ~ a n d ~ bon
o n dthe
- s w 33.600,000
u r ( ^ " i ^ e s ^ h inotes............1,768,210
^ h a n d s ^ o f^ p u b !k : S 2 ’ 6 4 9 ’ 1 2 |
bo less than (hose for tlio preceding year. During the fnnp
f i 0ar n!ay
Oct. 31 1918 the com pany, in spite o f an in creS fei
hs ,,n' 0(1
Dalance for 12 m onths 1917-18 (1 M times present interest
shown a decroaso o f about 31,700,000 in net earnings due i na,l t n?ss’ has
chargo, including these n otes)................ ...................
S880 918
in the cost of operation (largely caused b y the abnorm aleon! u r n , ncro; ^ °
Conversion Privilege.— 'Tho notes m ay, at tho option o f the holder ho
about by the war) and in part to tho increase in taxes
ndIt,ons brought
converted at par and int. on the follow ing bases into tho General w'ttro
/. Summary.— Tho earnings Cor each fiscal year since l o o t i , . , „ i
/b een very largely in excess o f tho requirements for interV t and
,°i,ahr ay!?
•chargeable against incom e. Surplus earnings since that v l i ' ‘ . r? fll"i
/ charges against inconio, have amounted to $80 238 oak
a0
RQR:enooroU^ outstanding in tho hands o f tho publir a m o i i n Is* f a n e
: 585,000, and tho 7% secured collateral n o t e s a m o u n t i n g f l$U~
Reproduction Value.— 'The aggregate reproduction value o f the property
o f tho tw o com panies has been appraised at 347,879,7211319 3 15 852 re n rZ
qf t h o t f r o ^ C o f f i
Midt *28V5fl88M t i1n
®,lec4r.ic light an<1 Power a
@FedFRASER