The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
firtanttai
The.
INCLUDING
Bank Sz Quotation Section
Railway Earnings Section
VOL. 108
ffrontrie
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, JANUARY 18 1919
ix Throuicit.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advan
ce
For One Year.
NO. 2795
Week ending January 11.
Clearings at
1919.
1918.
Inc. or
I Dec.
1917.
1916.
$
$
For Six Months
$1000
%
$
I
Chicago
$
538,549,
131
453,583,
5121
+18.5
European Subscription (including postage)
6 00
477,363,729 355,730,977
Cincinnati
58,701,173
40,164,042; +46.2
13 00
European Subscription six months(including postage
42,277,169
35,072,700
Cleveland
103,627,146
)
76,004,1
89'
+36.2
7 50
Animal Subscription in London (including postage
65,140,3
38
Detroit
42,863,304
)
66,925,639
48,721,834 +37.4
a22 14.. Milwaukee
Six Months Subscription in London (including postage
53,101,570
38,033,214
31,878,816
)
25,560,726 +24.7
21 1111. Indianapolis
Canadian Subscription (including postage)
24,916,920
18,543,943
16,952,000
15,253,0
00
+11.1
$11 50
13,931,474
10,597,209
Columbus
Subscription includes following Supplem
10,918,200
10,632,100 +2.7
10,380,7
ents00
7,783,400
Toledo
11,978,554
BANK AND QUOTATION (monthly) RAILWAY AND
9,652,136 +24.1
10,418,797
INDUSTRIAL(3 times yearly) Peoria
9,311,063
6,554,125
RAILWAY EA Rx1Nas(monthly)
4,534,312 +44.5
ELF,cTRIC RAILWAY(3 times yearly)
4,400,000
4,200,00
Grand
0
Rapids__
5,305,88
4
STATE AND CITY (semi.annually) BANKERS' CONVEN
4,695,324 +13.0
5,383,034
5,049,562
TION(yearly)
Dayton
5,415,091
4,133,378 +31.0
4,210,460
3,402,205
Evansville
4,542,989
Terms of Advertising-Per Inch Space
3,625,54
8 +25.3
3,058,816
2,126,147
Youngstown
7,225,243
Transient matter per inch space(14 agate
4,288,745 +68.5
4,114,879
lines)
1,935,406
1,373,594
$4 20 Fort Wayne__ ....
1,289,345 +6.5
Two Months
1,798,686
(8 times)
1,302,46
Springfield, III
3
2,143,43
22
4
00
2,212,148 -3.1
Wini,o3jonths (13 times)
2,165,416
Standing Business Cards
1,428,19
Lexingto
6
n
3,901,237
29 00
1,718,533 +127.2
1,405,583
ths
(26 times)
1,082,683
Akron
5,99100
50
00
0
5,008,00
0
+19.6
TwelveMontlis(52 times)
5,166,000
2,834,000
2,000,000
87 00 Rockford
1,736,304 +15.2
CHIcAtio OFFICE-39 South La Salle Street,Telepho
1,998,512
1,224,537
Canton
3,000,000
ne Majestic 7396.
3,450,000 -13.0
3,152,223
2,136,012
LONDON OFFICE-Edwards 85 Smith,1 Drapers
Quincy
1,643,013
1,282,662 +28.1
' Gardens, E. C.
1,021,951
799,674
South Bend
1,246,914
1,146,253 +8.7
1,238,371
WILLIAM B. DANA COMPANY,Publishers
884,303
Springfield, 0_....
1,524,291
1,388,455 +9.8
,
1,431,420
1,089,293
Mansfield
Front. Pine and Deventer Ste., New York.
1,050,000
970.207 +8.2
887,976
715,260
Bloomington
1,951,255
1,004,424 +94.3
1,053,584
690,436
Decatur
Published every Saturday morning by WILLIAM B.
1,216,549
950,251 +28.0
DANA COMPANY. Danville
803,973
528,143
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana,
550,000
500,000 +10.0
526,314
Vice-President and Jacksonville, III_
469,993
Secretary. Addresses of both, Office of the Company.
694,963
442,912 +56.9
369,728
241,580
Lima
943,943
825,000 +14.4
750,000
657,669
Ann Arbor
520,000
530,449 -2.0
452,595,
CLEARING HOUSE RETURNS.
361,320
Owensboro
1,802,903
1,064,647. +69.3,
1,365,202:
The following table, made up by telegraph, dm, indicates
441,787
Adrian
126,670
85,000 +49.0
clearings of all the clearing houses of the United States for the that the total .hank Lansing
81,128
76,816
1,450,337
798,216 +81.7
1,316,26
have been $7,590,977,917, against $7,203,051,911 last week week ending to-day
0
773,040
1
and $6,185,027,699
Tot. Mid.West., 901,704,594 727,249,6521
thelcorresnonding week last year.
+24.0 745,682,8081 552,388,335
San Francisco_.,..1 122,030,236
93,377,891! +30.71 79,653,9411 56,053,639
Clearings-Returns by Telegraph.
Los Angeles
1
36,308,000
30,279,000 +19.9;1
Per
30,850,000, 23,871,000
Week ending January 18.
Seattle
1919.
, 37,346,5211
1918.
27,209,277: +37.3; 18,288,784, 12,299,288
Cent.
Portland
'
25,593,9
35
18,901,018 +35.41
15,463,821
New York
10,610,340
$3,541,663,310 $2,850,787,296
Spokane
'
9,044,64
0
8,143,866 +11.11
+24.2 Salt Lake
6,365,807
Chicago
4,333,920
482,658,799
395,825,134
16,467,766 -7.7i
+21.9 Tacoma City ! 15,194,563
Philadelphia
15,168,932
10,339,337
364,082,122
,
4,891,58
317,051,
4
952
4,070,31
6 +20.2
+14.8 Oakland
Boston
2.763,102
2,038,601
311,007,242
7,846,34
268,990,663 +19.4
6
5,957,744 +31.71
Kansas City
5,893.281
4,352,882
Sacramento
173,037,448
4,874,649
169,876,364
4,376,683. +11.4,
+18.7 San Diego
St. Louis
3,184,078
3,117,890
*165,000,000
2,200,00
129,139,
0
664
2,455,632, -10.4,
+27.8
San Francisco
3,541,523
2,725,000
121,119,614
1,188,608
94,571,767 +28.1 Pasadena
1,151,982, +2.31
Pittsburgh
1,288,365
1,119,167
i
Fresno
116,689,430
3,927,763
59,931,944
2,601,185 +51.01
+94.7 Stockton
2,091,649
Detroit
1,228,079
*60,000,000
I
2,042,70
47,570,4
5
2,318,657, -11.8'
43 +26.1
1,604,54
Baltimore
9
1,300,81
2
San
Jose
73,432,926
1,284,927,
35,911,629 +104.5
1,399,583 -8.2
943,399
New Orleans
724,131
72,118,308
1,048,264
54,464,672 +32.4 Yakima
697,723' +50.31
632,538
400,000
Reno
631,483
525,C00 +20.6;
472,494
Eleven cities, five days
285,591
$5,480,809,199 $4,421,121,528
Long Beach
1,358,706
1,038,335 +33.71
+23.9
Other cities, five days
710,587
573,549
902.741,811
775,208,417 +16.5
Total Pacific....' 276,812,930 220,969,658
.
+25.31 188,916,850 135,373,228
Total all cities, five days
$6,383,551,010 $5.199,329,945
1
1
I 194,230,4511 193,739,
+22.8 Kansas City
All cities, one day
+0.2 139,840,957
1,207,426,907
84,734,069
985,697,754 +22.5 Minneapolis ___ _. 43,551,153' 34,828,6009
26 +25.0, 30,800,620
28,150,111
Omaha
.
48,800,0
Total all cities for week
00'
46,000,000' +5.41 35,000,000
$7.590,977,917 36,185.027.699
23,500,0
00
4-22.7 St. Paul
16,999,219i: 14,739,905: +15.3: 14,196,6
• Partly estimated.
25
18,102,334
Denver
19,644,105
1+5.6!8,598,909
15,419,368
11,314,5
42
The full details for the week covered by the above will be
Duluth
13,911,4
68
4,911,679 +183.2:
4,696,698,
6,494,974
We cannot furnish them to-day, clearings being made up given next Saturday. St. Joseph19,682,959' 19,140,3
56 +2.8, 14,253,330,
by the clearing housse
9,516,930
at noon on Saturday, and hence in the above the last
9,909,565
9,054,092 +9.41
day of the week has to be in Des Moines
7,701,046,
5,300.095
all eases estimate I, as we go to press Friday night.
Sioux City
10,981,768
7,907,764 +38.9
6,687,461'
3,623,912
Detalle.1 figures for the week ending Jan. 11 show:
Wichita
9,482,716, 10,285,319 -7.8
6,418,219
4,741,059
Lincoln
4,385,194,
4,287,689 +2.3,
3,707,206,803,2561
2,583,09
0
Topeka
3,164,035
3,952,028 -19.9
2
Week ending January 11.
1,689,121
Cedar Rapids
2,473,372;
2,070,707; +19.51
Clearings al2,550,705
1,620,631
Fargo
3.027,506:
2,134,852, +41.8;
2,022,7351
2,005,973
Waterloo
1,478,724'
2,233,1671 -33.8'
1919.
1018.
2,193,065'
Dm
2,441,122
1917.
Helena
1916.
2,820,0211
2,124,820 +32.7i
2,032,802
1,262,200
Colorado Springs
782,893.
877,788, -10.8
1,178,502
$
$
733,655
%
$
Pueblo
726,286'
$
New York
729,7511 -0.5'
3,977,910,947 3,436,340,122 +15.8 3,547,655,842
655,67310,6471
482,758
Fremont
726,346
Philadelphia _
937,710 -22.5
410,370,828 343,949,442 +19.3 319,738,487 2,770,520,035 Hastings
8
503,601
232,667,
536,9971
682
Pittsburgh
528,928 +1.5
127,719,846
71,358,263 +78.9
494,976
287,362
72,798,895
58,653,484 Billings
1,200,000
Baltimore
1,348,553 -11.0
82,489,737
43,358,503 +90.2
1,004,141
691,395
42,922,337
I
44,418,957 Aberdeen
1,633,2091,188,544 +37.4'
Buffalo
20,139,208
22,268,859 +30.9
889,147
841,864
20,795,1
94
15,308,3
71
Albany
Tot.0th. West 1 409,847,987, 381,629,696
4,964,125
5,217,839 --4.8
4,801,723
+7.4 295,357,299: 210,620,798
5,449,315
Washington
15,568,290
13,203,132 +17.9
1
10,550.361
1
9,508,283 St. Louis
Rochester
8,493,227
1 172,676,565 145,095,112 +19.01 128,718,
6,900,904 +23.1
7,070,33
5
365,1 98,108,042
5,780,517 New Orleans
Scranton
4,866,839
60,929,167
4,050,936 +20.'
54,864,751' +11.1, 36,568,9181
3,973,011
28,443,583
3,393,226 Louisville
Syracuse
26,895,058
4,908,569
5,036,851 -2.0
24,601,151
+9.1: 26,220,7281
4,597,738
21,054,540
3,722,54
1
Reading
Houston
I
2,505,764
20,355,048
2,695,322 --7.1
21,000,000 -3.1! 14,000,000!
2,718,288
2,731,295 Galveston
9,996,969
Wilmington
3,413.323
7,400,00
2,945,343 +15.9
0
7,800.00
0
3,252,386
-5.1' . 4,939,1021
3,698,282
3,624,847 Richmond
Wilkes-Barre__
2,948,428
53,598,082
2,214,805 +33.1
35,435,896 +48.4' 23,542,571
2,072,948
16,149,697
1,751,014 Memphis
Wheeling
3,370,880
22,552,878
3,884,645 --8.5
15,520,8
26
+45.3'
3,278,47
13,070,7
0
50
10,539,765
2.383,244 Atlanta
Trenton
2,282,970
2,985,273 --23.5
67,528,727, 55,016,477 +22.7
2,550,383
28,810,773
2,049,623 Fort Worth
19,508.666
York
1,150.000
15,260,818
1,299,622 -11.5
17,857,802 -14.6
1,094,917
11,308,120
8,633,092
1,099,435 Savannah
Erie
2,204,553
6,650,75
2,028,580 +8.7
9
9,288,37
-28.4
3
1,633,72
5,183,104
2
6,107,324
1,342.204 Nashville
Chester
1,535,673
19,351,453
1,538,056 --0.2
15,133,618 +27.9
1,392,501
10,406,390'
8,284,79
1,065.98
6
9
Norfolk
Greensburg
900,000
10,676,509
950,000 --5.3
7,095,812 +50.5
86/
1
4 ,464
6,006,747
4,892,623
682,484 Birmingham
Binghamton _ -849,200
14,306,5
990,100 --14.2
77:
6,101,12
+134.5
7
1,007,900
5,146,250
3,599,32
836,300
3
Altoona
Augusta
871,017
3,782,76
700,000 +24.4
9
4,384,473 -13.7.
600,000
2,080,045
516,699 Little Rock
2,096,688
Lancaster
1,800,000
3,800,000
2,472,022 -27.2
4,000,000 -5.0
2,234,629
3,459,673
2,819,434
1,872,587 Jacksonville ....__
Montclair
400,470
8,391,079
621,320 --35.8
5,291,323 +58.6
644,938
4,581,723
3,600,00
495,358 Knoxville
0
2,775,547
2,865,629 -3.1
2,348,555
2.461,421
Total Middle_. 4,690,641,474 3,970,809,939 4-17.9 4,058,25
Charlest
4,606,289
4,053,241 +13.6
1,487 3,167,875,020 Mobile on
2,921,551
2,516,303
2.030,873
1,713,529 +18.5
1,325,942
1,053,110
Boston
Chattanooga
304,236,980 267,470,959 +13.7 250,226,036
6,187,882
4,814,230 +28.5
4,262,677
197,134,044 Oklahoma
3,254,619
Providence
10,686,800
9,120,180
11,854,200 -9.9
8,819,208 +3.4
12,567,600
6,031.323
11,194,0
3,192,09
00
7
Hartford
Macon
7,484,911
2,500,000
7,925,557 -5.6
3,300,000 -24.2
8,691,713
1,560,342
8,816,248 Austin
4,834,656
Now Haven
4,874,601
4,200,000
5,138,584 --5.1
5,600,000 -25.0
5,584,854
4,000,000
4,336,578 Tulsa
5,709,592
Springfield
3,830,036
10,472,9
41
3,767,557 +1.8
6,671,31
9 +57.0
4,054,447
5,565,274
2,690.748
3,820,900 Jackson
Portland
2,900,000
750,000
2,760,000 +5.1
809,417 -7.3
3,009,146
627,110
1,154.944
2,604,685 Vicksburg'
Worcester
3,639,085
500,980
3,378,120 +9.4
713,185 -28.9
4,194,978
365,C09
3,455,241 Muskogee
409,258
Fall River
1,800,000
2,712,421
2,392,440 --24.8
3
2,702,112 +0.4
2,739,905
1,639,990
1,173.38
1,652,82
4
8
New Bedfoni _ _
Dallas
20,000,000
2,064,901
18,956,486 +5.5
1,966,435 +5.0
15,713,456
2,266,774
9,386.877
1,474,745 Shreveport
Lowell
2,700,00
1,262,504
2,902,95
0
1,318,513 --4.2
3
-7.0
1,130,441
1,067,546
Holyoke
772,329
766,067
Total Southern 582,718,616 492,468,050 +18.3
+0.8
1,171,380
899,003
370.404,488 284,912,360
Bangor
764,073
795,435 -3.4
794,003
1
435.938
Total all
L6.051 j, 6,108,655,771 ±18.05,955,044,129
Tot. New Eng_ 344.326.310 309.530.376 A-11.2 290.431.
4,586,060,041.
277 23.8401.822
Outside N. Y. 3,224,140,084 2,672,315,649 +20.9 2,40,388
Note.-For Canadian clearings see "Commercial and Miscella
,287:1,8
15,539.9
1Th
neous News."
1
194
THE CHRONICLE
[VoL. 108.
life, and therefore expedient, but inevitably at a
cost through a deficit to be made up. This deficit
THE FINANCIAL SITUATION.
a fact, and attempts to make out a surplus are
While the future of the telegraph and telephone, .is
futile in face of the known facts and in the absence
as of the railroads, remains undetermined, Postof anything which can pass for an accurate accountmaster-General Burleson comes out with a defense
ing such as prevails and is indispensable in private
of his fad, based upon precedents and upon cons. Yet if the country is unable to escape
stitutional intentions and reservations, as those busines
having the telegraph and telephone (the latter the
appear to him. "No new theory," he says, "is
most marvellously developed and the nearest to
advanced by the proposition for governmental
perfect of all existing modern instrumentalities)
ownership of the telegraph and telephone systems;
tagged, to its certain detriment, to mails-carrying,
it is not a departure from the established principles
which has long been one of the most imperfect pieces
of our Government." On the contrary, until the
of all governmental work and is now at a lower stage
war brought on, as part of an asserted emergency
efficiency than ever, is it not an affront to inwhich would hearken to nothing less, the seizure of of
nce to assert, as Mr. Burleson does, that the
the railways and then of other instrumentalities, tellige
yields a surplus, which he says was "audited"
private ownership and operation (with the single work
five millions in 1916, over nine millions in
exception of mails-carrying) have prevailed under as over
and over nineteen millions in 1918. Nobody
"the established principles of our Government," as 1917,
allow himself to be misled by such reckless
should
to agencies of carrying and communication, just as
claims.
with agencies of production and trade.
In arriving at these figures of surplus, how much,
on
"The Government has authority, by provisi
for instance, is allowed for overhead charges? What
of the Constitution," says Mr. Burleson, "over the
is the capital investment, represented by the Post
transmission of intelligence." We beg to differ;
Office buildings throughout the country, put at,
that old document has not even a line impliedly
rate of interest is computed on the same?
declaring such authority. Paragraph 7 of Section 8, and what
of the statements of expenditures
ation
Examin
enumerating things which Congress "shall have
Postmaster-General's annual report
the
in
ned
contai
power to do," mentions "to establish post offices
no evidence that these items are ever taken
and post roads," but no exclusive power over even reveals
the account at ali.—from which it follows that
that is granted, and no power at all "over the trans- into
Burleson's figures are as defective as his reasonmission of intelligence." No reservation is so much Mr.
ing.
as suggested. But Mr. Burleson further says:
"The wire service has no other service than that
In this column last week we reprinted an editorial
of interchanging communication, and if it is essential article from "The World" of this city, published last
to such interchange it comes within the province
n that the Inter-State
of the Government. The same reasons exist for month, expressing the opinio
failed—that it
governmental ownership and control of electrical Commerce Commission had utterly
practice and
Any
in
ction
-post.
obstru
had "proved a means of
communication as for that by letter
and
aph
telegr
railroads of
owned
the
of
nmentpment
Gover
t
develo
agains
argument
a dead weight in the
telephone systems would apply as well to the letter- the country, and had failed to justify itself as an
post service. It would be as reasonable to entrust agency that works for the public good with the inthe mails to the expediencies of private conveyance
of getting the best results." We also
at profit-earning rates of postage as to so treat the telligent end
referred to a second editorial article published by the
wire service."
"The World" on Friday of last week, in which obWe most emphatically dissent from this statement.
jection was raised to the provision of the proposed
The one reason why private carrying of mail matter
plan of the Railway Executives which would clothe
has not even been contemplated is as plain as the
the Inter-State Commerce Commission with judicial
sun at a cloudless noon: a uniform mail rate for all
powers. We now reproduce this article also, bedistances would be utterly impossible under any
cause it states the case against the Commission with
scheme which seeks and requires profits in its result.
so much force:
On the other hand, without communication, we
NATIONAL CONTROL OR NOTHING.
could not have a growing country; accordingly, the
as Congress may be to act upon the railroad
nt
Relucta
postal business of the cities must make up, as far problem in harmon
y with the views of the Association of
as it can, the heavy cost of carriage over wide Railway Executives, it must be said that the plan submitted
distances and delivery to the remotest inhabitants, by that body yesterday to the Senate Inter-State Commerce
in line with
and then the final deficits must be put into general Committee is bolder, more progressive and more
g yet suggested
anythin
than
interest
public
and
nce
merely
experie
not
nment
Gover
taxation. Therefore, the
any ostentatious representative of the people.
establishes post offices and post routes, as it was byThe Railway Executives recommend the creation of a Secempowered to do, but does the carrying also; other- retary of Transportation who will be a member of the Cabiwise, that could not be done at all and the country net, of course, and upon whom will devolve the duty of
y decision
would still be almost the geographical and political nitiative action at times as well as that of summar
we should have
position
this
In
cases.
ated
complic
many
in
infant it was in 1790.
modified degree a successor in time of peace of the powerTagging wire communication to the post office is in
officer known in war as the Director-General, under
ful
a pretty dream of Mr. Burleson's, which can con- whose authority:many difficulties heretofore insurmountable
ceivably be carried out at the public cost in money have been easily removed.
Speaking naturally with restraint upon a subject as to
and usefulness, but not otherwise. As a single
may be supposed to be biased, the 'Railway
system covering the country, he thinks the wire which they assert
that the commerce to be provided for in
Executives
"must of necessity be a monopoly;as such a monopoly peace or in war is in its most important aspect not local but
of a public utility performing a public function, it inter-State, continental and foreign. Over such commerce
should be operated for the public service and con- the Constitutional authority of Congress is unlimited. Yet
most of the amendments
venience, not for private profit." The carrying of the Inter-State Commerce Law and
n and enacted by men who were
Nwritte
;been
have:
thereto
al
to
nation
al
essenti
ty,
mails is a national necessi
JAN. 18 1919.]
THE CHRONICLE
195
adisinclined to relinquish local control asserted long before is to be ascribed to the prevalence of influenza
Congress in a feeble way ventured to exercise its own un- among the workers, the loss in the native labor force
doubted power.
in the mines in October and November from that
The Railway Executives touch this question with a reserve
understood,
but they know and every other well- cause having been upwards of 20,000, and this deeasily to be
informed American knows that actual mastery of the rail- ficiency was apparently further augmented in Deroads in everything that relates to service, equipment, rates, cember. Tending to substantiate this, reports were
wages, finances, extensions, terminals and competition re- received about the middle of December that the
sides in the nation. There are many incidentals, but here
Witwatersrand Native Labor Association had volis a fundamental of sovereignty, and we shall have no real
untarily
ceased recruiting in Mozambique for nasettlement of the controversy until this great truth of law
and administration is accepted by the people no less than by tives to work in the mines, owing to the prevalence
their servants in public office.
of the disease, and with the view of preventing its
Every device intended to keep alive dual State and national spread. Furthermore, and for the same reason,
control is in some manner an evasion of the issue, and so,
the Portuguese authorities stopped repatriation of
in a lesser degree, every scheme to perpetuate the InterState Commerce Commission as now organized and inspired natives from the mines.
As announced by cable, the aggregate yield of
indicates an unwillingness to accomplish a thorough-going
reform. The bill soon to be reported with Republican the Transvaal for December was only 641,245 fine
approval in the House recognizes some of the advantages ounces, which compares with 722,419 fine
ounces
to be &rived from unified management, but it only confers
in
1917
and
774,462
fine
ounces
in
1916,
and
there
new powers upon a commission which has always been a
is a decrease of 139,866 fine ounces from 1915.
palterer and a time-server.
Even the Railway Executives, indorsing many of the most For the twelve months, therefore, the total reaches
radical proposals as to incorporation, operation, financing, but 8,420,659 fine ounces, against 9,022,263 fine
wage adjustments and charges, pay tribute to error and
ounces and 9,295,538 fine ounces, respectively, one
failure by proposing that the commission be made a court of
and
two years ago, the loss from 1916 (the high
last resort for the decision of appeals. Some of us remember
the fate of the celebrated Court of Commerce,'which was to record year) being 874,879 fine ounces. This reexercise that function in the world of trade but was soon sult, combined with the results for Rhodesia and
abolished as a nuisance, and it is not forgotten that wlien the West Africa, where losses from last year of about
Inter-State Commerce Commission attempted under the
230,000 fine ounces and 40,000 fine ounces, reHepburn amendment to usurp judicial powers, its ruling
was promptly set aside by the Supreme Court of the United spectively, are indicated, tends to confirm our intimation of a month ago that the outcome from the
States.
Two great evils lie at the root of the American railroad whole of Africa for 1918 would be little if any greater
problem. One is the theory of divided control as between than that for 1911, no change in the output
of
States and nation and the other is the Inter-State Commerce
Madagascar,
&c.,
sufficiently
great
to
be
a
factor
Commission, which is the direct outgrowth of the original
evil and in all its habits and traditions is parochial and in the situation being looked for. Moreover, there
sectional. The very name of that body perpetuates the is no reason to expect (in advance of returns) that
timidity and lack of foresight of those who created it. Rail- increased yields elsewhere have served to offset even
road transportation is no longer intra-State and inter-State. in
part this important decrese. On the contrary,
It is national and international in its scope, local lines being
the
preliminary report for the United States shows
merely feeders, and as such, if it is not controlled in all of
its activities by constitutional power at Washington, it will a further contraction in production due to labor
not be controlled at all.
shortage, high cost of supplies, &c.; the same is
It will be observed that our contemporary which
cannot be said to have any leaning in favor of the
roads declares that the plan of the Railway Executives is "more progressive and more in line with
experience and public interest than anything yet
suggested by any ostentatious representative of
the people," but observes at the same time that
"every scheme to perpetuate the Inter-State Commerce Commission as now organized and inspired
indicates an unwillingness to accomplish a thoroughgoing reform.'' It speaks of the Commerce Commission as a "Commission which has always been a
palterer and a time server," and characterizes it
as being "in all its habits and traditions parochial
and sectional.". It goes further and with great
emphasis declares that "the very name of that body
perpetuates the timidity and lack of foresight of
those who created it." This is the literal truth.
Congress should heed public sentiment and eliminate the Commerce Commission from the future
conduct of railroad affairs.
Transvaal gold mining operations in December
1918, reflecting a continuation of the adverse conditions that had been responsible for a steadily declining yield in several preceding months, covered
the smallest output for that month in any year since
1910. In fact, with the exception of February in
1911 and 1914 (each including only 28 days), the
prOduction fell under all monthly periods in eight
years. To a considerable extent the recent decline
doubtless true of Canada; incomplete data from
Australasia shows a continuation of the diminution
in. yield and conditions in Russia and Mexico have
not been such as to warrant looking for any material aid from those quarters. Consequently, the
conclusion is justified that our forthcoming review of the world's gold production in 1918 will not
only show an output appreciably under that of 1917,
but below all earlier yeras back to and including
1906.
Aside from the question of limiting publicity,
there appears evidence of a genuine desire for cooperation at the Peace Conference. On Wednesday
the first joint communique was issued giving the
results of two meetings held that day, at which
were present "the President of the United States and
the Prime Minister and the Foreign Ministers of the
Allied Powers assisted by the Japanese Ambassadors
in Paris and London." In the course of these two
meetings the examination of the rules of the Conference "has been continued and almost completed."
It was decided that the United States, the British
Empire, France, Italy, and Japan should be represented by five delegates apiece. The British Dominions and India, besides, shall be represented as
follows: Two delegates respectively for Australia
Canada, South Africa, and India, including the
native States, and one delegate for New Zealand.
Brazil will have three delegates. Belgium, China,
Greece,Poland,Portugal, the Czeeho-Slovak Repub-
196
THE CHRONICLE
wir
lie, Rumania, and Serbia will have two delegates
apiece, Siam one delegate, and Cuba, Guatemala,
Haiti, Honduras, Liberia, Nicaragua, and Panama
one delegate apiece. Montenegro will have one
delegate, but the rules concerning the designation
of this delegate shall not be fixed until the moment
when the political situation in that country shall
have been cleared up.
The meetings also adopted two general principles, first, that each delegation being a unit, the
number of delegates forming it shall have no influence upon its status at the conference; and second,
that in the selection of its delegation each nation
may avail itself of the panel system. This will
enable each State at discretion to entrust its interest
to such persons as it may designate. The adoption of the panel system will in particular enable
the British Empire to admit among its five delegates representatives of the Dominions, including Newfoundland, which has no separate representation, and of India.
The formal sessions of the conference start today. The draft of proposals for the League • of
Nations in the form of treaty enactment has now
proceeded much further than generally supposed
(quoting a press dispatch from London), as a result of recent conferences between Lord Robert
Cecil, Secretary Lansing and Col. House, at which
what were considered the best features of the various projects were embodied in a concrete form of
enactment. This is called a covenant instead of
a treaty, and embraces thirteen articles, and eight
supplementary provisions, which bring together the
main features of all the plans.
A statement published by E. N. Hurley in Paris,
Chairman of the United States Shipping Board,
this week is particularly important in its bearing
upon the steps in contemplation for Government aid
in the operation of American shipping, which is so
rapidly being created under the war program.
Mr. Hurley's proposal is that no less than $1,000,000,000 be written off from the cost of American
shipping during the war with possibly a proportionate write-off from the valuations of American shipyards. The write-off would apply to ships worth
approximately $3,000,000,000. This reduction in
shipping values to a post-war basis has been chosen
by the Administration rather than that of forcing
redactions in wages.
• There has been nothing in the news from Germany
this week to encourage the belief that the so-called
revolutions should be regarded as matters of vital
importance. Obviously these are on the surface,
for underneath there is evidence of a gradual progress
toward law and order. Advices by way of Copenhagen declared that the Ebert Government has
prepared a draft of a new constitution which will be
submitted to the National Convention soon after it
has been assembled, probably on Feb. 10. It
proposes that the new form of government be that
of a republic, that the president be elected for ten
years by direct vote of the whole people and may
be re-elected. The republic will comprise at the
outset 15 States, statehood being accorded to any
population over 2,000,000. It is planned to divide
Prussia into. 8 separate States, outlined by the
special Berlin correspondent - of the New York
"Times" as follows:
[VoL. 108.
a
First—Silesia, with German Posen and German East
Bohemia.
Second—The German parts of East and West Prussia.
Third—Brandenburg, Pomerania and Mecklenburg.
Fourth—Greater Berlin and its suburbs.
Fifth—Lower Saxony, Hanover and Schleswig-Holstein.
Sixth—Westphalia and the Lippe principalities.
Seventh—The Rheinland.
Eighth—The Prussian Province of Hesse and the Grand
Duchy of Hesse.
The other States, as outlined, are:
Ninth—Thuringia,including:certain parts of old Prussia.
Tenth—The former Kingdom of Saxony, including parts
of Prussian Saxony.
Eleventh—Baden.
Twelfth—Wurttemberg.
Thirteenth—Bavaria, with:the German parts of northwest
Bohemia.
Fourteenth—German Austria.
Fifteenth—Vienna and its suburbs.
Press advices by way of London state that order
has been restored in Berlin and that an official
wireless appeal to the German nation has been sent
out by the German Government, signed by Premier
Ebert and leading members of his Government,
saying that,they are determined to prevent by every
means at their disposal the repetition of "similar
abominations." Efforts are being made, they say,
to arrive "at a peace safeguarding freedom of the
German nation and which will render possible the
foundation of a union of nations to give protection
against the danger of a fresh war." After declaring
that there is necessity of defending the nation against
the Polish annexationists, the appeal concludes:
"No less is it our task to protect our frontier against
fresh Russian military despotism, which wants to
force upon us by means of warlike power its anarchistic conditions and unchain a new world war of which
our country would be the theatre. Bolshevism
means the death of peace, of freedom, and socialism."
Dr. Karl Liebknecht, the Spartacide leader, has
been captured, and according to latest advices,
was killed by his guard in attempting to escape.
The resignation of the Italian Cabinet has been
one of the interesting news developments of this
week. It represents a protest against moderation in
peace terms,the crisis having been precipitated by the
withdrawals of the Moderates. The Italian Peace
Delegates at Paris expressed the belief that the
resignation followed when it became known to
Premier Orlando that• the United States representatives were not in entire agreement with Baron
Sonnino's views concerning Fiume. The "Progresso
Italo-Americano" (of this city) received a special
dispatch from its Rome correspondent on Thursday
explaining that the entire Ministry had resigned
and have been replaced with. new men, with the
exception of Signor Orlando, who, besides being
Premier, is also Minister of the Interior, and Baron
Sidney Sonnino, Minister of Foreign Affairs. The
dispatch states that right along Baron Sonnino has
adhered to the Treaty of London, the terms of which
he has declared must be confirmed by France and
England before proceeding with the peace negotiations. The compact of Rome last April and subsequent acts of Italy, France, England and the
United States recognize the rights of the Jugoslays
to revolt against the Hapsburgs, but not their political
and territorial entity which they had declared by
the compact of Corfu, July 1917. Many Italian
papers led by the "Corriere della Sera" of Milan
then began to acknowledge the claims of the Jugo-
JAN. 18 1919.]
THE CHRONICLE
197
slays which were contrary to the Treaty. of London, official communique, and it is said that gentleman's
a
as at least worthy of arbitration, and they rebuked agreement also prevails among the
delegates not to
Sonnino for his attitude. This sentiment against disCuss or in any way give information of the
meetthe Minister of Foreign Affairs grew until the ings.
Austrians capitulated on Nov. 4, and it was generally
believed that Sonnino could not preserve his attitude
Added to this influence of unsettlement the Engand keep his portfolio. This was the situation when lish market appears to have received the detailed
the Jugoslays National Committee and several other announcement of the personnel of the new Governnationlist organizations issued manifestos claiming ment without evidence of wide enthusiasm. Addiextensive territory in Gorizia and Gradesca, Istria tional evidence also has developed of a desire to
and Dalmatia and even the city of Trieste, and remove wartime restraints from British banking
declared that they were ready to fight for their activities. The special 432% rate allowed by the
possessions. The three main clauses of the secret Bank of England on foreign money no longer apTreaty of London, which Baron Sonnino is insisting plies to French, Italian or Belgian balances, though
on, follow: (1) Annexation of a large portion of the higher rate still is available to special deposits
Dalmatia from Hissariki and Trebuije to Cape of American funds. The London Clearing House
Planpa (Article 5); (2) Permanent retention of all banks have joined in an announcement that the rate
the thirteen islands of so-called Dodecannese with on French, Italian and Belgian deposits has been
their almost exclusively Greek population (Article reduced to 332%, or 4%
1
better than the rate offered
8); and (3) Inclusion within Italian territory of the by the Bank of England. French one-year TreasGerman population of the Northern Tyrol as far- as ury bill tenders at 95 5-16% received 51% only of
the Brenner (Article 4). Baron Sonnino insists the amount offered, all the higher tenders being
upon the "absolute intangibility of the Treaty of allotted the full amount applied for. The total
London, but, on the other hand, that does not of the issue was £8,000,000. Nationalization of the
include Fiume which the Treaty assigns to the British railways is held over for the present, acterritory of Croatia, Serbia and Montenegro." cording to a statement of Lloyd George to a depuSonnino claims Fiume as an "Italian city for Italy," tation of railroad men. Significance is being atwhich would give Dalmatia to the Jugoslays.
tached to the appointment in the new Cabinet of
Accounts cabled from London this week give Sir Eric Geddes as Minister of Transport. Sir
evidence of a decision at that financial centre and Eric before the war was connected with the Northa tendency on the part of operators in the security eastern Railway, and it is reported that the Govmarkets there to await developments at the Peace ernment intends to revolutionize the transport inConference in Paris, where official formal sessions dustry, including electric power generation. As to
begin this morning. Advices from Paris have been the Government's new financing (sales of the present
somewhat Unsettling. The Central News, for in- bonds end to-day, Saturday), keen interest is bestance, declares that as a result of the Allied dis- ing displayed, but no data of a responsible charcussions in Paris thus far, the whole aspect of acter appear to have become available. The new
demobilization has undergone a sudden and vital Chancellor of the Exchequer, Austin Chamberlain,
change, this being shown in the drastic conditions has held the portfolio before, and is not expected to
demanded of Germany for a renewal of the armistice. attempt spectacular or extravagant schemes. As
"On authority of an unimpeachable character," the London correspondent of the "Journal of Comsays the Central News, "it can be stated that a merce" puts it, he "understands finance and exsituation exists in Europe under which war may changes, as the last Budget presented by him to the
break out again at any moment. The Allied War House of Commons demonstrated, and this is a
Council has arrived at a decision which means that qualification which some of his predecessors have
the British people have mistaken the appearance of lacked."
peace for reality. This decision means that the
Full details of the sales of the National War Bonds
new British Ministry must revise the whole scheme will of course not be available until next week, though
of army demobilization. The decision is that Great there seems every reason to believe that the aggreBritain, in proportion to its military strength, must gate will not fall far below £1,600,000,000,or approximaintain an army of accupation on the Rhine for mately $8,000,000,000. The weekly totals have
many months. lithe rapid increase in demobiliza- been increasing rapidly of late since there appears
tion recently announced were continued there such active agreement that future issues will be less
would in a few months be no army in France to attractive from the standpoint of interest rates.
undertake the obligation which by common decision Sales of these bonds through the banks for the week
of the Allies, has been placed upon British soldiers." ending Jan. 11 were £33,367,000; comparing with
It seems reasonable to believe that the report just £24,737,000 for the previous week and making the
referred to exaggerates real conditions. Never- total from this source £1,446,625,000. Sales of
theless, London is apparently not antogonistic to these war bonds through the post offices for the
the idea that the conferences are not to be by any week of Jan. 4 were £1,125,000, comparing with
means devoid of contending interests and that it £657,000 for the preceding week, making a total of
will not be possible to prevent differences of opinion £49,812,000, or a grand total of £1,496,438,000.
coming to the surface. One point of difference It is hoped that this amount will have been increased
already has developed, namely the question of another £100,000,000 at the close of business topublicity to be given the discussion of the confer- day. Sales of War Savings certificates issued at a
ence. President Wilson and the British Prethier discount and redeemable at £1 in five years from
are outspoken against secrecy, but have, it is under- date totaled for the week ending Jan. 4 £2,761,000,
stood, been outvoted. This matter is not yet comparing with £1,595,000 for the preceding week
settled, but the present agreement proposes to con- and making a total ultimate indebtedness under
fine the information given to the public to a daily this head of £280,852,000. British national expen
198
THE CHRONICLE
ciiture for the week of Jan. 11 shows its first important decline since the signing of the armistice, the
total amounting to £28,295,000. Other items in
the Treasury's statement of outgo for the. week
included one of £70,185,000 in Treasury bills repaid; £5,625,000 in other debt repaid; £1,000,000
in depreciation fund; £30,000,000 in advances repaid; £1,635,000 in miscellaneous items and £570,000 in credit balances. The credit balance still
remaining- is £8,613,000 and the total Treasury
Bills outstanding is £1,108,532,000. The income
account of £137,310,000 consists of £21,565,000
revenue, £81,098,000 Treasury Bills issued; £2,300,000 savings certificates; £5,335,000 other debt;
£26,862,000 in war bonds sales reported to the
Treasury, and £150,000 in miscellaneous items.
[VoL. 108.
at home added in some sense to German wealth,
whereas the Allies' orders placed in America for
munitions necessarily represent a net loss."
In Paris, as in London, interest in financial and
other circles is concentrated on the Peace Conference.
Very little in the form of speculative or investment
business is passing on the Bourse though prices
are firmly maintained. Paul Deschanel was on
Tuesday re-elected President of the Chamber of
Deputies when the French Parliament convened for
the new session. The Senate re-elected M. Dubost
President by a vote of 98 against 66 for Justin de
Seldes. All mail steamers which have been requisitioned by the Government during the war are to be
placed at the disposal of their owners before Feb.
15. According to a report of Special Commission
The annual index number of the London "Econo- to the Fuel Administration in Washington three
mist" and Sauerbeck's(as continued in the"Statist") years will be required to bring the coal mines of
have been received by cable this week. The "Econ- Northern France to full production and to efface the
by the reomist" figures whose basis is 2200 representing a devastation wrought in the coal fields
five year average-1901-5, was at the beginning of treating Germans.
President Wilson has arranged for the compilathe war 2565, or an increase of 16.6% from the original figure. At the close of 1918 the index number tion of an independent estimate of the actual phywas 6094 bringing the percentage from the original sical damage suffered by France and Belgium durbasis up to 277%. As a matter of fact this figure ing the war. This will be prepared by a Commission
itself indicates a sharp reaction from the peak of of more than 200 American officers chosen especially
war prices, namely, 6267 at the close of August. for the woik. Many difficulties are presented.
By groups for December, cereals and meat advanced In many parts of the devastated regions there are
14 points to 1303; other food products were without absolutely no records available upon which to base
2; textiles were 42 points an estimate of what existed before German troops
quotable change at 7823/
lower for the month at 18053/2; minerals 87 points devastated the places. A press dispatch from Paris
lower at 816; and miscellaneous items 523/2 points states that in the opinion of some observers the bill
lower at 1337. As to Sauerbeck's figure the total of actual damages when computed will be so great
at the close of December was 196.0, comparing that the Entente Nations probably will be more
with 197.8 at the end of October, the highest figure concerned with the ability of the German people
to pay it than with the possibility of exacting furof the war and comparing with 81.2 in June 1914.
ther damages in the nature of punitive indemnities
Banking expansions still are being announced. and war costs. President Wilson's attitude is that
to
The London County Westminiter & Parrs Bank is indemnities for damages should be restricted
should
and
restoration
and
reparation
restitution,
increasing its capital by issuing one new £1 share
at 35 shillings for each existing share, and also by not be extended to financial punishment of the Gerdistributing about £70,000 in shares as a staff bonus. man people.
When these two operations are completed and the
Official discount rates at leading European cenabsorption of the Nottingham Bank has been consummated, the aggregate capital will be £8,500,- tres continue to be quoted at 5% in London, Paris,
0 in Switzer000 and the reserve £8,750,000. This is the first Berlin, Vienna and Copenhagen, 5/27
in Sweden
6%
Norway,
and
Petrograd
time that bank shares have been given to a staff, and land,6% in
the
In
London
Spain.
and
Holland
in
432%
it is reasonable to expect that other institutions will and
from
changed
been
not
has
rate
bank
private
London
follow the example. The "Evening Post's"
correspondent declares it is the finanical opinion 3 17-32% for sixty-day and ninety-day bills. Money
in that centre that the Peace Conference is to pro- on call in London is still reported at 3%. No receed as rapidly as is consistent with safety, because ports have been received by cable of open market
the necessity of early financial demobilization and rates at other European centres.
the raising of the blockade of Germany is admitted.
There was a further, though unimportant, gain
But the soundest opinion, the correspondent adds,
in
gold shown by the Bank of England statement,
either
considers it utterly unwise to precipitate
total being £23,669. Total reserve, however,
the
blockthe
of
raising
the
financial. demobilization or
£466,000, since note circulation was reexpanded
upon.
settled
are
terms
peace
ade until general
Further substantial declines have
£442,000.
duced
finance
"that
he
adds,
here;"
feeling
a
is
"There
requires a large and expert representation at the taken place in the deposit items; hence the proporPeace Conference. Even apart from the ques- tion of reserve to liabilities was advanced to 19.14%,
tion of levying indemnities, it is desirable to dis- in comparison with 17.12% a week ago and 193/2%
cuss the best means for effective payment of the last year. The loss in other deposits amounted to
indebtedness of all the belligerents, posssibly through £15,390,000, while Government securities were consome kind of clearing house. In considering this tracted £9,211,000. Public deposits increased, nomiquestion it is important to remember that Ger- nally, £5,000. Loans (other securities) were reduced
many's war expenditure was largely internal. Ger- £6,606,000. The English Bank's stock of gold now
many is not faced with the same external indebt- stands at £80,544,216, as against £58,768,108 in
edness as the Allies. Moreover, war orders placed 1918 andj£56,115,288 the year before. Reserves
JAN. 18 19191
THE CHRONICLE
aggregate £29,295,000, which compares with £31,892,728 a year ago and L35,733,648 in 1917. Loans
total £78,886,000. Last year they totaled £92,278,457 and £37,381,804 the year preceding. Clea,rings through the London banks for the week equaled
£458,680,000, as against £566,680,000 a week ago
and £400,630,000 last year. Our special correspondent is not as yet able to give details by cable of
the gold movement into and out of the Bank for
the Bank week, inasmuch as the Bank has not resumed publication of such reports. We append a
tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATE
MENT.
1919.
1918.
1917.
1916.
1915.
Jan. 15.
Jan. 16.
Jan. 17.
Jan. 19.
Jan. 20.
Circulation
69,698.000
Public deposits_ _
28,168,000
Other deposits
124,797,000
Govt. securities__
62,666,000
Other securities__
78,886,000
Reserve notes & coin 29,295,000
Coln and bullion... 80,544,216
Proportion of reserve
to liabilities
19.14%
Bank rate
5%
45,325,380
41,416,146
121,589,360
56,768,151
92,278,457
31,892,728
58,768,108
38,831,640
51,324,99fi
137,699,276
133,883,190
37,381,804
35,733,648
56,115,288
33,909,655
59,474,227
100,782,235
32,838,661
109,724,797
35,708,398
51,168,053
34,767,275
37,588,425
126,284,737
18,068,460
110,264,501
53,603,164
69,920,439
19.57%
5%
18.91%
%
22.28%
5%
32.74%
5%
The Bank of France continues to report gains in
its stock of gold, the increase this week being 3,908,100 francs. The Bank's total gold holdings now
amount to 5,496,206,725 francs, comparing with
5,359,127,410 francs last year and 5,110
,247,818
francs the year before; of these amounts 2,037,108,484
francs were held abroad in 1919 and 1918 and
1,794,122,312 francs in 1917. During the week
silver was decreased by 773,000 francs and ad'vances
fell off 26,Q01,000 francs. Bills discounted, on
the
other hands, were augmented by 161,168,000 francs
,
Treasury deposits gained 6,351,000 francs and
general deposits rose 34,344,000 francs. An expansion
of 511,813,000 francs occurred in note circulation,
bringing the total outstanding to the new high level
of 32,078,663,000 francs. This compares with 23,062,503,760 francs in 1918 and 17,179,190,150 francs
in 1917. Just previous to the outbreak of war in
1914, the total outstanding was only 6,683,184,785
francs. Comparison of the various items in this
week's return with the statement of last week and
corresponding dates in 1918 and 1917, is as follows:
199
elog
Saturday's New York Clearing House bank and
trust company statement, which will be found in
complete form on a later page of this issue, was
about as had been expected. The loan items showed
a contraction of $15,536,000. Net demand deposits
declined $18,268,000 to $3,952,299,000 (Government
deposits of $213,489,000 deducted),although net time
deposits expanded $2,572,000 to $142,348,000. Cash
in vaults (members of the Federal Reserve Bank)
was reduced $796,000 to $111,457,000. The reserve in the Federal Reserve Bank of member banks
decreased $6,158,000 to $559,924,000. Reser
ves
in own vaults (State banks and trust companies)
declined $474,000 to $10,640,000 and reserves in
other depositories (State banks and trust companies)
increased $1,458,000 to $10,925,000. Aggregate
reserves registered a loss of $5,174,000 to $581,
489,000; although in the case of surplus thiA
was
brought down to $2,927,850, there having been
a
decline in the reserve required of $2,246,150, and
excess reserves now stand at $58,610,270. In the
corresponding week of 1918 the total of aggre
gate
reserves stood at $577,790,000 and excess reserv
es
at $78,573,010. The totals for surplus reserves
are on the basis, in both cases, of 13% reserves for
member banks of the Federal Reserve system,
but
not counting cash in vault held by these banks
,
which last Saturday amounted to $111,457,000.
There was a reduction in circulation of $5,000
to
$35,942,000.
Increased offerings of time money have been
available and the tendency in local money circles
has been in the direction of greater ease. Keen interest still is being displayed in the varying report
s
regarding the terms of the new War Loan, which
is
to be officially known asthe "Victory Liberty Loan.
"
Dispatches from Washington indicate that theforma
l
offering may occur on April 6, the second anniv
ersary of our declaration of war against Germany. No
decision has been reached in this matter.
It is
planned to have the campaign run for three
weeks
and to ask, it is thought, for a minimum of $5,000,000,000. The bonds will be of short matur
BANK OF FRANCE'S COMPARATIVE STATE
ity—
MENT.
Changes
in the neighborhood of five years. Whether
Status as of
for Week.
Jan. 16 1919. Jan. 17 1918. Jan.
the
18
1917.
Gold Holdings—Francs.
Francs.
interest rate will be higher than 44% depen
Francs.
Francs.
In France
Inc. 3,908,100 3,459,098,241 3,322,01
ds
8,925
3,316,12
5,505
Abroad
No change
2,037,108,484 2,037,108,484 1,794,12
°partly on the movement of the market price of
2,312
Total
Inc. 3,008,100 5,496,206,725 5,359,127,410
5,110,247,818 Liberty bonds during the next two months.
Silver
Deo, 773,000
316,617,446
It
245,871,774
285,465,809
Bills discounted
Inc.161,168,000 1,523,157,600
888,323,
052
686,049,458 also depends upon the ultimate decision
Advances
Dec. 26,001,000 1,202,374,500 1,221,176,082
of
the
1,287,271,979
Note circulation.__Inc.511,813,000 32,078,663,000
23,062,503,760 17,170,190,150 Treasury whether it is prepa
Treasury deposits Inc. 6,351,000
red to permit suffi46,980,000
48,064,695
84,768,562
General deposits
Inc. 34,344,000 1,460,396,000 2,857,070,010
2,264,545,473 ciently liberal tax exemptions in conne
ction with
the new bonds to make them attractive to the
After an interval of some weeks the Imperial
wealthier classes. One suggestion which seems to
Bank of Germany has issued a statement, as of Dec.
have been put out by the Treasury for the purpose
31, showing the following changes: Total coin and
of inviting discussion, is that a new form of bonds
bullion decreased 776,000 marks; gold declined 626,should be attempted, namely, one having as direct
000 marks; Treasury notes increased 370,128,000
security, in addition to its guarantee by the Unite
d
marks; notes of other banks expanded 80,000 marks
; States, the formal obligations of our Allied Gover
nbills discounted increased 2,956,916,000 marks; adments to whom we have made advances during the
vances decreased 3,276,000 marks; investments were
period of the war. These bonds, it is asserted, pay
reduced 210,000 marks; other securities showed
the a higher rate of interest than our purely domes
tic
large reduction of 222,864,000 marks, while
notes loans. It is not possible at the moment to
present
in circulation increased no less than 1,063,
607,- any definite statement as to the prepondera
ting atti000 marks. Deposits expanded 1,796,130,000 marks
, tude of the financial community on this plan.
It at
and other liabilities 240,009,000 marks. Reser
ve any rate is significant that contemporaneous
ly with
was contracted 172,000 marks. The Bank's stock
of this discussion the modification of regulations
pregold on hand is reported at 2,262,626,000 marks
, venting the sale of bonds of foreign countr
ies in
which compares with 2,405,590,000 marks a
year the United States is being considered by the
Treasago and 2,520,480,000 marks in 1917.
ury Department. Secretary Glass in announcing
this said that a request had been made by one for
200
THE CHRONICLE
eign Government to float a loan through banks in
this country at an early date. The Secretary said
further that Government loans to foreign countries were restricted now to necessary credits for
the purchase of foodstuffs in this country, and added
that no consideration was being given to a proposalto float the forthcoming loan through the banks
instead of by popular subscriptions.
[voL. 108.
the loan operations
Rate of 3 to 434% for 1-day discounts in connection with s maturing within
of the Government. Rates for discounted bankers' acceptance
to 90 days, 434%.
15 days, 4%; within 16 to 60, days 434%; and within 61
bonds where paper reRate of 4% on paper secured by Fourth Liberty Loan at rate not exceeding
discounted has been taken by discounting member banks
interest rate on bonds.
',Rate for trade acceptances maturing within 15 days, 434%.
a Fifteen days and under, 432%.
rate 4%.
Note 1. Acceptances purchased in open market, minimum
those for commercial
Note 2. Rates for commodity paper have been merged with
paper of corresponding maturities.
than the 15-day dishigher
is
rate
e
Note 3. In case the 60-day trade acceptanc
be taken at the lower rate.
count rate,trade acceptances maturing within 15 days will
renewal of 15-day
for
banks
Note 4. Whenever application Is made by member
exceeding that for 90-day
paper, the Federal Reserve banks may charge a rate not
paper of the same claw.
Kansas City.
Referring to money rates in detail, loans on call
g exchange presented no new feature, and
during the week have ranged between 4 and 514%, Sterlin
are still arbitrarily controlled were mainwhich compares with 3%@6% last week. On rates which
practically unchanged levels. Some disMonday the high was 5%, which was also the tained at
is being expressed over the delay in
tment
renewal basis, and 4% the low. Tuesday there appoin
cing peace sessions, since the cony
was a decline to 432% for the maximum, and re- actuall commen is that no real improvement in
of opinion
newals were negotiated on this basis. The minimum sensus
business need be looked for until the
ge
exchan
was still at 4%. Wednesday's range was
signing of peace treaties. Consequently
and 432% the ruling figure. On Thursday 5% was definite
ions are for a dull and uninteresting marthe highest, 432% the low, and also for renewals. the indicat
the next few weeks. As announced late
Friday the maximum dropped to 432%, and the ket during
the special 43/2% rate allowed by the
week
minimum to 4%, although renewals remained at last
d on foreign money is no longer
Englan
of
Bank
The above figures apply to mixed collateral
ble on French, Italian or Belgian balances.
loans, with "all-industrials" still quoted at M of 1% applica
suggestion is made in some quarters that it is
above these levels. In time money the tone con- The
unlikely similar action will be taken by English
tinues easy and a fair degree of business was re- not
with reference to American special deposits.
ported, especially in the shorter maturities. At the banks
ry deposits, however, and for Treasury
close of the week further recessions were noted and For ordina
rate has not been changed from 3%. Fred
sixty days declined to 5%, against 53-1%, ninety bills the
Director of the Division of Foreign ExKent,
days to 5@53%, against 5%@5M%, and four, I.
has
announced the withdrawal of the regu,
change
1%, against 532%
/
five and six months' money to 53
required that credits to foreign correlast week. The inquiry was light, however, and lation that
nts could not be accepted unless• the name
the volume of funds put out was small. A year ago sponde
party making the original request for the
sixty and ninety days and four months' funds were of the
name of the party to whom the
4% and five and six months at 5@6%. deposit and the
quoted at 53
receiving the credit was to pay
tion
institu
Mercantile paper moved more freely with trans- foreign
He states, however, that it
given.
were
funds
the
actions in some of the best names as low as 5%.
against the law to make commitments to
The range was 5@53-% for sixty and ninety days' is still
territory, whether at present within Allied
endorsed bills receivable and six months' names of enemy
or not, unless permission is given by the
choice character, against 531@532%, while names control
n of Foreign Exchange.
less well known are now quoted at 53-1@532%, Divisio
Referring more specifically to detailed quotaagainst 5M@5%% a week ago.
sterling exchange on Saturday was quiet
Banks' and bankers' acceptances were moderately tions,
d still quoted at 4 759'@
active. Local and out-of-town institutions were in but steady with deman
at 4 7655@4 76 9-16 and
rs
transof
transfe
4 7580, cable
the market as buyers, although the volume
ions
Quotat
73%. On Monday tradate.
@4
aggreg
the
in
4
at
sixty days
7332
actions was not large
showed no essential change. The rate for demand ing was dull and lifeless and no changes in rates
loans on bankers' acceptances was not changed from were recorded. Trading ruled dull and devoid
43.%. Rates in detail are as follows:
of new feature on Tuesday and quotations were
Delivery
Spot Delivery
within
Thirty
Sixty
Ninety
levels of the day before. Wednes30 Days maintained at the
Days.
Days.
Days.
4bid
,
4
4,t54
4%64% 45(I44,
day's dealing were restricted. in character, so that
Eligible bills of member banks
44 bid
4340454 4%64% 4340434
Eligible bills of non-member banks
6 bid
while the undertone was firm, demand remained
534945
534(435
53405
Ineligible bills
at 4 75%@4 7580, cable transfers at 4 7655@
goes,
dge
knowle
our
76 9-16 and sixty days at 4 7332@4 73%. Dul4
as
far
No changes in rates, so
have been made the past week by the Federal Re- ness characterized operations on Thursday, the
serve banks. Prevailing rates for various classes of market being at times almost at a standstill; the
paper at the different Reserve banks are shown in the fact that no fast mail boat was scheduled to sail
following:
until the close of the week served to accentuate
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
of quotations remained at
a the inactivity; the range
d, 4 7655@4 76 9-16 for
deman
for
7580
4 75Y1(@,4
1
5 for. sixty day
CLASSES
4 73%
733'@
4
and
rs
.
transfe
cable
4 4
11 1
DISCOUNTS AND LOAN •
11
11
bills. On Friday the market ruled steady and uncl.alla&ill qi der
the stimulus of a slightly better inquiry,demand
1
Discounts—
Within 15 days,lncl. member
was fractionally higher at 4 7580@4 75 13-16; other
4
434 434 454 434
banks' collateral notes____ 4 4 4 434 434 434 4
5
4%
5
434
432
4%
5
434
434
4%
4%
_
4%
16 to 60 days' maturity_
rates, however, were still unchanged. Closing
5 5 5 5
61 to 90 days' maturity__ 434 454 434 454 5 434 434 4%
live-stock
and
al
Agricultur
ions were 4 73% for sixty days, 4 75 13-16
5 5 5 534 532 5 534 534 534 534 534 534 quotat
paper over 90 days
Secured by U. S. certificates
for demand and 4 76 9-16 for cable transfers. ComgiL of indebtedness or Liberty Loan bonds—
•
mercial sight bills finished at 4 75 11-16, sixty days
Within 15 days, including
, member banks' collat4
434
4
4
'4544
at 4 72k, ninety days at 4 71 7-16, documents for
4 4 4 4 '4344
eral notes
r
2434 432 434 434 434
432 454 434 4% 24% *431 ,432
16 to 90 days' maturity
payment (sixty days) 4 723/s, and seven-day grain
Trade Acceptances434 434 434 4%'4%,434 434 4% 434 432 45445a
1 to 60 days' maturity
434 434 434 434 4321 494 434 434 434 4% 434 431
bills at 4 75. Cotton and grain for payment closed
61 to.90 days' maturity
JAN. 18 1919.]
THE CHRONICLE
201
at 4 75 11-16. There were no gold consignments, Singapore, 56.20@56.30 (unchang
ed); Bombay,363'
exports or imports, arranged during the week.
@369 (unchanged), and Calcutta, (cables), 36%@
The Continental exchanges continue to mark time 37 (unchanged).
and trading operations this week were again of small
proportions. Speculative activity was less in eviThe New York Clearing House banks, in their
dence, and as a result, variations in rates were operations with interior banking
institutions, have
trivial and the market was more or less of a nominal gained $8,165,000 net in
cash as a result of the curaffair. Francs opened and ruled steady in the rency movements for the
week ending Jan. 17. Their
early part of the week, but later eased off slightly receipts from the interior
have aggregated $11,110,under offerings of futures against sales of French 000, while the shipmen
ts have reached $2,945,000.
bonds. Exchange on Rome remains pegged, with Adding the Sub-Treasury
and Federal Reserve opvery little business passing. Quotations for reichs- erations, which together
occasioned a loss of $62,marks and kronen are not as yet available in this 596,000, the combined result
of the flow of money
market. As to rubles, no change in the situation into and out of the New York
banks for the week
has .occurred. A recent dispatch from Paris states appears to have been a loss of
$54,431,000, as follows:
that thus far the Entente Powers and the United
.
Week ending Jan. 17.
Into
Gut of
Net Change in
States have taken no steps to prevent exchange
Banks.
Banks.
Bank Holdings.
transactions in Russian rubles, although indi- Banks' interior movement
$11,110,000
$2,945,000 Gain $8,165,000
vidually they are in control by the censorship of Sub-Treasury and Fed. Res've oper_ 35,579,000 98,175,000 Loss 62,596,000
Total
$46,689,000 $101,120,000 Loss $54.431,000
doubtful transactions which thus prevent the BolThe following table indicates the amount of bullion
sheviki from accumulating funds at various centres.
The official London check rate in Paris closed at in the principal European banks:
25.98 (unchanged). In New York sight bills on the
Jan. 16 1919.
Jan. 17 1918.
French centre finished at 5 45%, against 5 453/; Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
cables at 5 45, against 5 447
4; commercial sight at England__
80,544,216
58,768,108
58,768,108
5 46%, against 5 463., and commercial sixty days France a_ 138,363,929 12,640,0001580,544,216
1,003,929 132,880,756 9,800,000
Germany. 113,131,300 1,006,760114,138,060 120,296,500 5,692,850 142,680,756
125,989,350
Russia
12,375,000142,025,000 129,650,000 12,375,000 142,025,000
at 5 515
/
8, against 5 513/ last week. Lire closed at Aus-Hun*__c 129,650,000
11,008,000 2,289,000 13,297,000 51,578,000 12,140,000
Spain ____ 89,134,000 25,686,000114,820,000 78,680,000 28,294,0001063,718,000
6 36 for bankers' sight bills and 6 35 for cables, the Italy
6,974,00(1
37,071,000 3,000,000 40,071,000 33,364,000 3,265,000 36,629,000
Netherl'ds 57,435,000
600,000 58,035,000 58,098,000
same as a week ago. Rubles were not changed from Nat
578,300 58,676,300
.Bel.h
15,980,000 15,380,000
600,000 15,980,000
Switzgand 16,562,000 2,365,000 18,927,000 14,331,000
the nominal rate of 14 for checks and 15 for cables. Sweden
14,331,000
__ 15,873,
15,873,000 12,577,000
12,577,000
Denmark_ 10,424,
10,424,000 9,922,000
147,000 10,069,000
Greek exchange continues to be quoted at 5 163/
2 for Norway__ 6,722,0
6,722,000 6,296,000
6,296,000
checks and 5 15 for cables. Belgian checks are Tot.week _ 721,208,44r 60,561,760781,860,205721,821,364 72,892,15079
4,713,514
Prey.week 724,687,602 60,980,760 785,668,362681,558,18 63,272,950 744,831,136
nominally quoted at 5 62 and cables 5 64.
•
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
In the neutral exchanges, despite the fact that no held
abroad.
No figures reported since October 29 1917.
increase in activity was recorded, firmness developed c* Figures
for both years are those given by "British Board of Trade Journal" for
7 1917.
with fractional advances in Scandinavian rates, also Dee.
h August 6 1914 in both years.
for guilders and pesetas. Swiss francs were particularly firm and moved up to 4 84 for checks in sym- RUSSIA, GERMANY AND THE LEAGUE OF
pathy with higher cables from London. Trading
PEACE.
as a whole was exceptionally light. The upward
The preliminary and more or less personal distrend in neutral rates was attributed in some degree cussions with one another, by
the delegates to the
to unsettling rumors abroad and apparent prospects coming Peace Conference,
have naturally reached
of prolonged delays in the adjustment of peace the public in fragmentary form.
It has been easily
problems. At the extreme close a slight downward possible to draw exaggerated
inferences from what
recession took place.
is learned of theit. The assumption, because
Bankers' sight on Amsterdam closed at 423, Clemenceau favored some
sort of re-establisment
against 423'; cables at
against 42%; commer- of the European "balance of power" while Wilson
cial sight at 42 3-16, against 42 1-16, and commercial urged a common league of all
nations, that therefore
sixty days at 4113-16, against 4111-16 on Friday an irreconcilable difference of
opinion had arisen
of the previous week. Swiss exchange finished at between France and America
, was very widely
4 84 for bankers' sight bills and 4 81 for cables, which drawn.
compares with 4 87 and 4 83 last week. CopenBut it did not by any means follow necessarily,
hagen checks closed at 26.623/ and cables at 26
.873/2, as every one should know who is aware of the course
against 26.623' and 26.8714. Checks on Sweden which events always take at such
a stage as this in
finished at 28% and cables at 29, against 289 and a great deliberation, when not
only are conflicting
29, and checks on Norway closed at 27.75 and cables interests and prejudices at stake,
but when even the
28.00, against 27% and 28.00 a week ago. Spanish existing and prospective situatio
n, as between the
pesetas finished at 20.12 for checks and 20.20 for victorious, the defeated and
the neutral Powers,
cables. Last week the close was 20.06 and 20.15.
is still so extremely obscure. In any such case,
As to South American quotations, the check rate different statesmen and different
Governments will
on Argentina was lowered and finished at 44.60 and always tend to emphasize
one aspect of the situcables 44.75, comparing with 44.85 and 45.00. For ation and one remedy for it,
rather than the alterBrazil the rate for checks also declined and closed native situation or remedy.
In the end, however,
at 25.35 and cables at 25.50, against 26.60 and 26.75. there is usually a comprom
ise—not of principle but
Chilian exchange has not been changed from 10 7-16, of machinery—which will
embody (as our own
and Peru from 50.125@50.375.
Constitution did in a similar case) both the real
Far Eastern rates are as follows: Hong Kong, consensus of opinion and
the collective wisdom of
793@79.45, against 79%@81; Shanghai, 126@ the Conference.
1263', against 124@1243'; Yokohama, 52@523.,
One aspect of the Conference which is now coming
against 52.30; Manila, 49.65@49.75 (unchanged); rapidly to the foreground is the
position of the
202
THE CHRONICLE
[VoL. 108.
admission of her Government to any friendly League
Teutonic States and of Russia towards the permanent
s.
international arrangements. In both directions of Nation
positions and arguments are formidable.
these
of
All
the
there are special perplexities, arising from
there is a very widespread underlying sense
peculiar circumstances existing in those countries. Yet
when the actual nature of the problem of a
When discussion directs itself to the place which that,
League of Peace is considered, the force of
Russia or Germany will hold in a future League of future
circumstances is such as inevitably supersedes most
Nations, two questions immediately arise; one
the opposing arguments. Manifestly, both Gerhaving to do with the character and stability of the of
many and Russia must show the world the existence
present Government in either country, the other
of stable governments before other Governments
with the question of penalties for past misdoing.
with them, except at arm's length. AdThe case of Russia is extremely complicated can deal a
n to League of Nations of a usurping governbecause of the nature of the Bolshevik Government missio
insecure government of force, or a governat Petrograd and the natural misgivings of statesmen ment, an
professed principles destructive of all
elsewhere in Europe, as to whether the destructive ment which
y civilized administration, would be likely to•
and anarchistic doctrines and practices of that orderl
the very purposes of the action and to throw
Government may not spread to other countries. defeat
serious problems into the League itself. This
Along with this comes the feeling, very strong very
seem to mean that, from this point of conapparently in France, that a nation which deserted would
tion, both Russia and Germany are at present
its allies at a critical moment and gave aid and sidera
probation—Germany, as to whether her people
comfort to the enemy has no right to claim a voice on
any stable government at an early date;
in the councils of those Allies when they have won can erect to whether her people are prepared
as
,
without her. In the case of Germany, not only has Russia
to approve and control, or to disapprove and
the continuance of responsible government seemed either
row, the Bolshevik cabal.
to be at stake during the past few weeks, but repug- overth
questions must be answered by events
These
ship
nance against admitting to the future fellow
the further question can be answered, what
and benefits of an international league has shown before
status of either country in a League of
itself to be widespread. We shall hear much of is to be the
Peace. They will in time undoubtedly be answered
both controversies during the next few weeks.
ons always have been, in the sequel to
Objection to Russia's participation, on the sole as such questi tion. Indefinite continuance of
revolu
great
ground of her desertion in 1917, is not likely to be a
y has always heretofore proved to be imlasting. Against the mischievous and disastrous anarch
e in history. Both with Russia and Gerunderstanding with Germany by the stupid Russian possibl
the plain duty of the Allied Governments
Government established through the Bolshevik many,
is to help the cause of public order by averting
counter-revolution there will always be placed the now
and suffering so far as possible, and by
incalculable services of the Russian Government, hunger
ng at least their Moral support against the
people and army, in pinning down a great part of throwi
anarchy and in favor of those of order.
of
Germany's military power on the Eastern front forces
read popular conception (certainly
widesp
The
while the French army was fighting its desperate
rved in the light of the past four years of
battle in the West. But the question of recognizing not undese
y) of Germany as an international outlaw
even conditionally and with reserve, the present histor
would have to be excluded from ordinary
Russian Government, is another matter. Both in who
ns even on return of peace, is likely to die
principles and methods, the Lenine-Trotzky regime relatio
But the answer to any concrete proposal
has deliberately cut itself apart from the orderly hard.
that in view is that the difficulties under
governments of other States, and there is at least a having
world now labors can never be removed
the
strong presumption that it is even now a minority which
ant communities and governments
import
as
long
so
l
Government, supported by force against the genera
are proscribed—not because of what they are doing
will of the Russian people.
e of what they have done. The penalties
With Germany different, though equally forcible, but becaus
ny, pecuniary and otherwise, will, in any
considerations arise. The victory of the forces of on Germa
very heavy.
social disorder and governmental anarchy, which case, be
enough to foresee how she will surmount
hard
It is
lately seemed imminent, is apparently averted.
economically or financially. But to
these,
even
The "Spartacus" revolt of Liebknecht and his
political exclusion would perpetuate the
confederates has been put down by the Ebert add to these
ions which the world is endeavoring to
Government with the strong hand, and the exercise very condit
It would complicate the problem of
of military force, which has quite evidently expressed end forever.
reconstruction of international relations,
the wish of the great majority of the German people. permanent
economic exclusion from the trade of the
What the actual gdvernment will be—in particular, precisely as
would complicate the problem of
whether Germany is destined to •witness such outside world
her indemnity.
paying
ny's
secessions from her political entity as occurred in Germa
the case of Russia—is still sufficiently in doubt.
CAN DEMOCRACY BE MADE SAFE FOR THE
But the outcome of to-morrow's vote of all the
WORLD?
German people, for a new constituent assembly,
No question to-day before the world is more
will go far towards settling the matter.
this. Democracy has taken possesBack of this stands the question of retribution; important than
imagination of the world. In some way
the sentiment, among many of her recent antagon- sion of the
safe.
ists, that Germany not only must be subjected to it must be made
Japanese Ambassador in presentthe
Ishi,
Count
exemplary penalties in a pecuniary way, for her
Washington Aug. 22 1917 said:
in
tials
creden
his
ing
unprovoked depredations in Belgium, in France,
ry war. It is an issue between
and on the high seas, but that her .conduct as a "This is no ordina
ty and an inhuman system of calcunation in such episodes was such as to preclude the common morali
JAN. 18 1919.1
THE CHRONICLE
203
lated aggression which would render all human inter- structure and methods as
these will be affected by
course impossible." If Democracy is to be "an the adoption of a larger
and truer conception of
inhuman system of calculated aggression," which humanity and the obligation
of a more compelling
unhappily is the form it is to-day tending to assume, duty both toward God and man.
Cain's question,
it differs little from the imperialism that is over- "Am I my brother's keeper?"
must forever lose
thrown; it also would "render human intercourse its sneer. Even in its interrog
ative form it must
impossible," because of its abandoning common become the larger and universa
l response to the
morality.
"Categorical Imperative." Each is his brother's
The great question is, can it free itself from keeper.
the virus now so rampant in its veins? Is there
The immediate aim must be a reconstruction which
available a serum of sound ideas and principles rests upon the acceptance by
the individual man and
which can be counted on to deliver it and give woman of definite duty with
regard to their fellow
some assurance of wholesome and beneficent life?
men, to the State and to God. These will then
Despite the defeat of Germany continental democ- ,find expression in the conduct
of the State, which
racy is dazzled by the Prussian idea of the supreme in turn will create the conditio
ns which will ensure
potency of Force. Almost against itself Democracy their operation in all.
is to be seen resorting to murder and plunder. The
It is possible to indicate some of the directions in
Kaiser's policy of crushing whoever stands in the which at once they may become
operative.
way, it has adopted. It distrusts its own principles.
In the realm of the State there must be that for
It is out to rule, if not by the ballot, then by the which we have President
Wilson's phrase, "The
bludgeon. It justifies President Lincoln's fear reign of Law sustained
by the organized opinion of
when he said, "It has long been a grave question mankind." This means a
settled social community
whether any Government, not too strong for the with a permanent
government. There are two perliberties of the people, can be strong enough to manent forces, akin in origin
and nature, but anmaintain its existence in great emergencies." It tagonistic in their tendency
: Liberty, which tends
already shows itself too strong for the liberties of to division of power, and
Democracy, which tends
the people, and Liberty perishes with its advance.
to unity of power. In the case of increasing deThe progress of Democracy in Europe, wide as mocracy, as Lord Acton pointed
out long ago
it is, is insignificant as compared with its effect on (Letters, page 124), "a restricte
d federalism is the
Asia, where it has arrested some three thousand years one possible check upon concentr
ation and centralof normal evolution; but, neither here nor there, ism." With these two great political
principles once
can it be successfully founded on revolution. Where thus co-ordinated in federate
d representative govthat method obtains you have almost inevitably a ernment, Law becomes the
expression of the will of
resort of force,and sooner or later the re-establishing the people; the State is their
executive, and Liberty
of some form of autocracy. If Democracy is to is secure. The alternative is
stagnation and strife.
endure it must be by the growth within of ideas As the accomplished
Belgian, Baron Henri Lambert,
which are by no means new, but which have gained is quoted as saying: "Men
must co-operate economia new significance, and by the wide acceptance of cally and morally, or they must
fight. That is to
creative principles. The upheaval that results from say, they must increase
their economic and moral
these is like the bursting of the ground in the spring, co-operation, and all together
through exchange of
when nature awakens under the pressure of germinat- service or mutual help,
advance in spiritual, moral
ing seeds. The normal but hidden life finds its and physical welfare, and
thus accelerate their conopportunity and the dull earth blossoms into beauty tribution to the
universal final accomplishment.
and fruitfullness.
Men, therefore, must co-operate, that is progress,
The new Democracy will have to cast aside its or fight."
easy confidence in nostrums and forcing methods.
In the social economic realm employers will have
It must learn to distrust specific expedients, however to recognize that benevole
nce does not take the
promising. The abolition of capital, and even of place of justice.
No amount of social and economic
property, common ownership of the soil, of mines, provision can be a substitu
te for the adoption of a
of raw materials, of industries, of railways and water- system of employment that
will start with the perways, and other forms of State Socialism, all involv- sonality of the employee,
and guard his position as
ing bureaucratic government, are makeshift sugges- a free man endowed of
God with an individuality,
tions. They may, if carefully tried, have in some the use and development
of which is necessary to
instances promise of good, but they are only second- human progress no less
than to the success of the
ary in comparison with the acceptance, both by particular industry in which
he may be employed.
the individual and the State, of principles which are
Labor also will have to recognize more clearly and
of universal validity and have their roots in "the accept more honestly than
it has done, its duty to
common morality," from which they principally promote the skill and producti
ve ability of the indiserve to divert attention.
vidual workman, before its support of Democracy
The three things lacking in ancient liberty, will be
found unselfish. Labor union's and Workaccording to the historians, were representative men's Councils
have thus far given very little evigovernment, emancipation of slaves and freedom dence
of this purpose. Self-determination is now
of conscience. But Democracy to-day in its con- largely assured
for the mass of the people of a State,
ception of liberty is rising higher and striking deeper but that
of the individual as based on his fitness for
than these, one or all. The modern world has long his work
and his ability to add to the general wellpossessed these in one form or another, and they do being by
his power to produce, is not so clearly
not meet its full need or, even when at their best, grasped,
while it is definitely restricted in the pracsolve its most serious problems.
tice of the trade unions. They protect slackers and
It seeks a reconstruction of society, not simply deaden the impulse
to end.. There can be no true
in its forms but in the substance, and so far in its freedom, and therefor
e no enduring Democracy in
204
THE CHRONICLE
[VoL. 108.
a society where this duty of training the workman in Grasping power as a means of Utopian existence,inskill and stimulating his ability to produce is over- fatuated with the lofty principles of liberty and fraternity, this extreme form of Socialism becomes
looked or antagonized.
delirious with the idea of maintaining itself, at any
being
a
as
man
of
recognition
the
to
points
this
All
radically different from the creatures about him, as, cost, for the good of the human race. It at once
in fact, a child of God born for the largest life, one begins to "see red," to count all opponents as enethat shall inherit immortality and find there its mies and therefore traitors to its glowing cause, and
true goal. As Prof. E. W. Lyman said the other in this condition, as revealed in Russia, it out-Herods
day in his inaugural address on "The Religion of Herod in its riot of plunder and murder. When in
Democracy": "Its watchwords are freedom, service the course of its career anarchy comes, then the vain
and faith—no true freedom except that which dreamer becomes the most oppressive of all autoserves; no real service which does not set free; and crats, for he rules by his own right, none other.
the fullest freedom and service where there is faith In the welter of affairs, he sees not only opportunity,
in God and fellowship with Him in the toil of the but he is seized with fear. If he does not kill he will
world." To save Democracy from being a purely be killed. There is no law save that which the
abstract and impractical conception, attention must strong make. If he does not seize and appropriate
be fixed on the individual man and his personal re- that which now nobody rightfully owns, since all
sponsibility. This cannot be escaped. It is the order and government are gone, he will certainly
perish in the whirlwind he has wrought. So from
ultimate test of the policy.
Paul Doumergue, the editor of "Foi et Vie," one descent of cowardly fear to another the Bolshevist
whom Prof. Lyman quotes, says:"For a new democ- proceeds until in riot and rapine he dies by his own
racy we need a revitalized Christianity. No mere hand.
There was a time when the European war seemed
work of restoration will suffice; the entire social
making
the
For
very far away from us. And it was. Keen
very,
order will have to be remodeled.
deal
great
a
of
need
of the President are now pointing out his
be
analysts
will
there
world
of the new
of faith, of idealism, of courage, of renunciation of cool consistency that ended in such warm advocacy.
material interests and the principle of each foi him- The causes, conduct, and content or purpose of the
self; there will be need of a great deal of sacrifice. vast conflict, cleared and changed, as seen by this
Does any one really believe that it will be possible nation. , And when it became apparent that civilito dispense with Christians?" We can answer that zation was at stake, that the real conflict was between
the war has shown that in all lands multitudes are two systems of culture and thought, and that the
ready for sacrifice when need appears. Here lies triumph of military autocracy meant the doom of
liberty and individualism everywhere, then the
the hope of Democracy for the world.
The strength of the movement led by the Bolshe- United States entered the war for humanity's sake.
viki lies in the readiness of their followers to take Some eminent statesmen do not place this reason
risks and make sacrifices; the strength of existing before that of defending violated rights upon the
society will appear when the individuals who com- high seas. But we introduce the. thought here to
show the growth and spread of an idea and an ideal—
pose it show the same readiness.
and it now shines glorious as a leading star on the
THE FEAR OF BOLSHEVISM.
brow of a future liberated world. But this insidious
Press dispatches tell us that a high official, name poison germ of Bolshevism takes quite the opposite
not disclosed, of the American Peace Commission, course. It is not liberty but license, and so it must
has expressed a serious fear at the growth of Bolshe- have its first basis in selfishness of class and not in
vism in Western Europe. He is afraid that if peace the self abnegation of government by consent. It
is not soon concluded with Germany there may be does not consent at all. It proclaims and seizes. It
no substantial or stable government with which to does not suffer for others; it makes others suffer for
treat. And, in other expressions on conditions on it. The cry is retribution for all the wrongs of the
that side, that unless order is soon restored, and the past. And so the disease spreads by secret ways,
customary life of labor resumed, this form of political and wherever there is want and wretchedness in the
world it finds a fertile soil prepared for it. Once it is
rule may overrun France and England as well.
We read this as news of the troubled state that in "the blood," weakness and discord bring it to the
follows in the wake of war, try to visualize it, de- surface.
We repeat, Bolshevism in the United States, as
plore it, and fall back upon our own good sense as a
now
And
terrorizing Russia, is inconceivable. And yet
country.
people and say it is impossible in this
security may none the less depend upon
our
alarmist
national
an
only
conclusion
which
a
is
reasonable
that
would dispute as being wise and well founded. The stamping out the disease before it gains the upper
full conditions there, cannot come over here. That hand. And there are conceivable conditions which
protest against age-long oppression which hurries might appear in the next decade when in portions
masses and classes into excesses of so-called reforms, of our country it could have lodgment and growth,
which causes them in the flux of affairs to seize dis- when in modified form it might seize the sword and
order as a golden opportunity to remake society and torch to work its own fantastic and unstable will.
government, does not live in the American people. If the sudden flush of returning life and industrial
And our century of growth and millions of satisfied activity should, sooner or later, be succeeded by a
period of depression, of "hard times," of panic and
merchants and farmers forbid it.
But this does not prevent, under certain circum failure, then the "red flag", as a.symbol of millenial
stances, the appearance of a modified form of this ease and freedom, may not be suppressed save by
popular delusion, for it is nothing short of this that force and bloodshed. We venture to suggest that
would cause us much disaster and decay. That it is mere remoteness or contingency should not deter
a form of madness having ixt it its own seeds of revo- our people from looking this possibility in the face.
lution, is apparent. It grows by what it feeds on. We have had no such background as. the presant
JAN. 18 1919.]
THE CHRONICLE
world conditions afford, but we have had some
sporadic yet serious disturbances of law and order.
We called them "labor troubles," which was but a
half truth. They were symptoms of that unrest
and protest, fanned by the fever of ecstatic hope,
by the delirium of unreason, that now throws its
red glare over the grave-haunted battle lands 'of
Europe. Conditions may come when certain of our
cities, certain areas of our territory, might become
burning cauldrons.
There are two means we should not fail to use.
One tends to prevent the growth of the disease and
the other to prevent the contributing conditions.
We ought never to fail in our educational processes to
show the antagonisms between Socialism and individualism. We should not temporize and yield to
an evil. Right now, great issues in transportation
and communication, the unmistakable effort to graft
them upon our Goverinnent, should arouse us to a
sense of the reality, rightfulness and helpfulness of
our representative system based on sovereign citizenship, when rights of property and person are guaranteed. We want this to stand. Asto conditions, what a
vast field for conjecture appears. But the abiding truth still remains that our trade and toil are
beneficent as they are allowed to bring forth their
just returns. That while we each live in a world of
chance, we are still the architects of our own fortunes, in much the same old way. It is the artificial
aid we should battle against. Laws that are natural
are eternal, and will prevail. It is the magician's
wand we must warn against. The Bolshevist with
his vain dream becomes enamored of himself—that
he was born to set the world right—and so he waves
his sceptre over everything, conscious of all the failures of the world save his own foolish antics in the
face of destiny.
SAVINGS AND THE NEW MEANING OF
THRIFT.
As we become conscious that the "turn of the
year" is really passed, and from its cold-locked harbor of enforced idleness look out upon the opening
sea of new endeavor, we should more deeply consider the "time in which we live," that our resolves
on saving and thrift be not thrust aside and forgotten in the lure of opportunity and the appeal of
profits. There are some very large and compelling
conditions staring us in the face. And they affect
every man, whether in business or out of it. Whether
for pay, or by charity, or through both, we, as a
people, must be a large factor in feeding famishing
peoples in distant parts of the world. And we are
yet under heavy extraordinary Governmental expenses, that must be met by taxes and bonds.
It needs no argument to show that personally and
individually it would be unwise to relax vigilance in
personal affairs. With many restrictions removed
of the nature of lawful inhibitions, on free conduct,it is probable that we shall not be conscious of saving in the way in which we have been. Rations in
food will not return in binding force, if at all. Yet
the drain of the millions of tons of foodstuffs to foreign lands will tend to make prices continue high,
and the frugal person will find it inexpedient to eat
in the old-time way—if that person still studies the
elements of saving. Again, this tax bill now about
finishing its tortuous and uncertain course, is sure
to make its heavy weight felt, from the very date of
its enactment. It puts added costs on a multiplicity
205
of articles of necessity and pleasure and upon the uses
we make of our incomes and profits. More than
all, it seizes, with all the power of the Government,
stated portions of incomes and profits that have accrued during the year just closed.
Whether it be personal or business matters—a,
grave fact stands out—if we have not laid by, set
aside, the sums this tax bill will call for, we must
earn them or abstract them in some way from what
we have. And it is manifest that all the preaching
and moralizing of the past upon the virtues of saving
and thrift converge upon this year we are now entering. Peace does not open the stop-gap on extravagance. Instead, we need, in everything we
do, to "tighten the belt." It is one fault of our
rapid methods of living that we too often discount
the future. The date of actual peace is uncertain.
And the very dawning, with its hope of resumption,
is shadowed by evil possibilities. In mind we have
already discounted peace. But to feed peoples, and
to pay war costs not yet diminishing, we must be
doubly frugal, cautious, industrious, saving and
thrifty. Relaxations that come from taking things
for granted may work personal hardships and may
seriously impair business conditions.
If "the times," into which we proceed, whether
we will or not, stress these somewhat threadbare'
themes of saving and thrift, so long emphasized in
war, they give us an opportunity to see thrift in its.
most attractive form. Let us then dismiss saving
as if it were accomplished, and consider thrift alone.
Thrift is the wise use of savings and resources. He
is thrifty who makes the saved dollar earn something;
who works when others are idle, and who works
longer hours at the same 'pay; who scans the outlook
for opportunities to utilize his labor and capital, and
seeing them, studies them in the light of circumstances and tendencies, and when satisfied, seizes
them with firm hand. Thrift, in time of war, is
always exercised against the dissolution of all things,
accomplishments, substance, and opportunity; but
thrift in peace is exercised against increase and
accumulation, and moves in a reasonable certainty
of continuance of order, production and advance.
War dollars are not peace dollars. And it needs no
analysis to show that, even if current national taxes
were not unfortunately laid in a spirit that is akin to
confiscation, the war-saver can never estimate the
demands war will lay upon him, and can be sure
of nothing..
It is this contrast which opens a new view of thrift.
The peace-saver is building on a rock. Thrift in
time of peace may call for increased caution and does,
but it proceeds on firm ground. Indeed, it is the
highest evidence of true thrift that a man carefully
resume that work and that business he had before the
war. The thrifty workman will take the old wages
rather than contend against the inevitable and lose
all by striking. Of course we mean this in the
reasonable way—he will follow the tide, the reasonable reductions. And the business will be satisfied
with a gradual return to the old profits and old
volume of sales. We do not speak in exact terms—
the changes cannot be gainsaid which prevent return
and which reshape the course. But the principle is
adamant. And we will show our combined thrift as
a people by the way we retrace our steps to the orderly
conditions of supply and demand, and shuffle off the
inflation in wages and prices war has brought
upon us.
206
THE CHRONICLE
[voL. 108.
The problem of how to raise funds for Dominion
We might illustrate by asking how far it is wise
to ignore conditions of domestic trade while we are purposes is not simplified by the knowledge that
dreaming and talking of a world-conquering in in the first three years of the war Canada paid only
foreign trade. Will we not prove our thrift by 6% of war costs from surplus. In the fourth year
restoring the former ease of interchange, the former this position was materially improved, 21% of exbalance between production and consumption in our penditures being met out of current revenues.
Panaceas for tax-raising glut. the Canadian marown 'country? To put it concretely—we cannot
have prosperity, and the security in trade and bus- ket. Single taxers offer the Minister of Finance
ness we should have, until we strive to bring wages an easy $100,000,000 a year by "forcing idle land into
and prices into parallel lines. And this form of use," in face of no immigration and declining markets.
thrift is not legislation, it is human endeavor ordered The Liberal Party, headed by Sir Wilfred Laurier,
and conserved in a spirit of give-and-take justice, this week proposed a national platform of tariff reand mutual acceptance, thr9ugh foresignt, of the duction and severe levies on corporations. The
newly-organized farmers' party suggests absolute free
inevitable.
As a thrifty man "attends strictly to his own trade in most of the articles that now fetch the
business," so it becomes a thrifty nation to fill full greatest tariff income. It is, indeed, a predicament
the home endeavors and to free the home energies which requires most cautious handling and is almost
that their full exercise may bring equality and suc- certain to breed political quarrels whatever way a
cess for all. And we have.much to do at home be- Minister of Finance may turn.
fore we are ready to command the world's trade.
We can make the transition easy, if we will accept PROTECTING HOLDERS OF LIBERTY LOAN
BONDS FROM SHARPERS.
"things as they are," because we know they must
In line with the warning and suggestion of the
be so. The talk of "increasing the returns of labor" sufficient to pay war wages (and this, too, in Capital Issues Committee and of Carter Glass, the
the face of union demands for shorter hours and a Secretary of the Treasury, the New York Chamber
given scaled production) may be consoling, but it of Commerce has been considering the matter of the
avails nothing. He is never thrifty who throws a danger of loss that many purchasers of Liberty bonds
good dollar after a bad one,who tries to stop the sun are exposed to at the hands of sharpers who come
and stay the tides, who chases after every rainbow forward to take advantage of their lack of experience. The Chamber's Executive Committee has
for a pot of gold.
Thrift, whether national and of the people, or in- made a timely report thereon. Designing persons
dividual, is enhanced by the spirit observed. One have opened offices in this city (and presumably
definition of thrift which applies to adversity as well elsewhere through the country) and offer to buy or
as prosperity is to "make the best of things." It is a exchange Liberty bonds. The impulse of patriotism
matter of good cheer, as well as good will. We have which caused the taking of the bonds, in many
before us vast new opportunities. We have the will millions of cases, by persons who would never have
and the means. We should proceed to do business in thought of becoming bond owners, has in some
the old way as fast as possible, cautious we do not degree spent its force, and therefore it becomes easy
overleap ourselves in taking on new endeavors and and natural for these dishonest traders to appeal to
responsibilities. Let us always remember when we self-interest and offer to exchange for some other
say "old way" that,essentially, there is no other way, bond or stock, the documents being handsomely
or ever will be. The making and exchanging and gotten up and promising a larger return together
using of things, by uniting toil and substance, and, with equal safety; it is only an everyday matter for
in honesty and industry, using our wit and wisdom a smooth promoter to make out a plausible case.
To meet this danger, the committee suggests that
to bring us highest returns through mutual good.
if enforcement of existing laws does not suffice to
This thrift means safety and strength.
hold these promoters and traders in check there
should be more laws, but that employers should
offer a friendly caution to their own employees and
CANADA'S FINANCIAL PROBLEMS.
of corporations with which they are themselves
those
1919.
-17
Jan.
Can.,
Ottawa,
not to part with their Liberty bonds
connected
given
has
which
Tax,
War
Profits
The Business
bank
the Dominion Treasury less than forty million dol- without first consulting the employer or the
of
suggestion
This
bonds.
the
them
lars in its two years of operation, ceased to apply that supplied
if
and
purpose,
the
to
and
timely
is
warning
kindly
on the 31st of December, 1918, except in the case a
be
not
possibly
could
terms
proper
the
in
offered
reof any company or person who had failed to make
turns. The chief survivor of war time taxation resented. The names of these many bond buyers,
measures, viz., the Income Tax, will bring into the never before known as investors, are on record someGovernment an amount probably in excess of that where, and it would be an easy matter for the
derived from "Business Profits," but even under the employer or the financial institution through whose
most favorable circumstances the great bulk of the hands the bonds passed for delivery to send them a
country's revenues must continue to be collected friendly note of warning to hold to their bonds unless
compelled by a real need to part with them, and, at
by the indirect method.
to never exchange them for something else,
least,
proporthe
During the past fiscal year, 1917-18,
as more remunerative, without consulting
offered
and
income
property
from
came
tion of taxes which
through which the bonds were bought.
source
the
there
taxation
other
From
11%.
in Canada was
of the life insurance companies
experience
The
of
the
taxation
States,
United
the
In
came 89%.
property and income accounted for 31% of the taxes :7nishes evidence of the danger of loss when money
last year and the tariff for 69%. In Great Britain gets into inexperienced hands. Formerly, relatives
the income and property revenues equaled 81% and or friends used to come to the beneficiary of insurance
policies, and seek to borrow the proceeds or to
other taxation only 19% of the total.
JAN. 18 1919.]
THE CHRONICLE
207
invest them, and this went so far that promoters of share transactions at the
Stock Exchange, and
kept watch of the published lists of insurance pay- consequently establishes a new
high record. Of
ments that they might find a market for wild-cat course,in times such as we have
been passing through,
stuff. The companies met this by paying claims in the impress of stock operation
s is decidedly secondsuccessive installments; then, by offering to hold the ary,but nevertheless not entirely
negligible, although,
money as a trust without charge, and pay over its the decrease in the volume of
business passing through
earnings; finally, there came in the "income" form the port on foreign account,
as well as the diverting
of insurance, the best improvement of the last of trade to other outlets
since the railroads came
twenty years, by which no lump sum is payable, but under Government direction
, have been more potent
only a monthly income, thereby fending off the influences in preventing
a greater increase than here
borrower and the promoter together and assuring the country, if not at
every individual city, aggreto the beneficiary of the insurance a regular income gates were reached
that surpassed anything ever
freed from hazard and trouble.
disclosed. The gain for 1917 is very small-0.6%—
The Chamber's committee justly sees a duty of but compared with 1916
the growth is no less than
the Government towards these millions of in- 11.9%, and contraste
d with 1914, when normal conexperienced buyers of its bonds, and there is danger ditions prevailed,
reaches 115.1%. Outside of New
(says the report) that if this duty is neglected there York the clearings overtopp
ed all earlier records by
may come "a reaction in the minds of the people a very appreciable
amount. The total, in fact, at
which would not only destroy the habit of thrift $153,817,439,308
contrasts with but $129,539,760,and the desire to invest but might also turn the 728 for 1917 and $102,275
,125,073 for 1916, while
spirit of patriotism into one of dissatisfaction and practically doubling
the aggregate of 1915 and making
distrust of the Government and of public securities." a better than
three to one contrast with 1905.
It has been pointed out, as one of the compensations The present
very satisfactory showing is shared in
of the war, that it has brought an enforced and sorely- by every
section of the country, and it is only due
needed lesson of caring against waste, and that if to locally operating
causes that the same is not true
we are really converted from the habit of spilling of every individua
l city. Altogether gains are
and spending into one of thrift and of saving there absent at 36 points,
but it is at only 18 of these that
will ultimately come a permanent blessing. The the falling off
is of much more than nominal extent.
idea of economy of outlay and of saving for a future
Of the 14 cities grouped under New England eight
need, once started by the movement to buy Liberty register smaller
aggregates than a year earlier, but
bonds and War Savings stamps, will vastly increase the collective
increase is 20.1%. In the Middle secthe economic strength of the country (a prophecy tion (New York
City excluded) 24 cities out of 29
sustained by the experience of France in the last exhibit increases
and in the aggregate of all the
half-century) if this idea stays and is passed on to expansion over
1917 is 21.1%. The Middle Western
successive generations. Begun in war, it should division,
comprising 40 points, includes 29 with
continue through peace. Anything which tends to heavier
clearings than a year ago, and the combined
halt it or reverse it is hostile to permanent public total records
an improvement of 8.6%. On the
welfare.
Pacific Slope in 1918, as was the case in 1917, a
very satisfactory augmentation is to be seen, 16 of
CLEARINGS AND SPECULATION IN 1918.
the 20 cities that go to make up the group showing
Extreme activity in business as a whole, during gains, many of then very heavy,
and in the aggregate
the year just closed, coupled with the steadily of all the expansion is 21.2%. The South makes
an
ascending prices for products of practically all kinds, even better exhibit than the
divisions already reserved to expand the volume of bank clearings to ferred to, for which the great prosperit
y due to the
a level quite appreciably above the phenomenally extraordinarily high prices that have prevailed
for
heavy total reported for 1917. In all sections of cotton during the year furnishes
ample explanation.
the country, if not at every individual city, aggre- All but two of the 39 cities embraced in
the group
gates were reached that surpassed anything ever report heavier totals of clearings than in
1917, with
before recorded, and this in face of the fact that the the average increase 25.4%. In the
territory west
Government in its desire to eliminate the use of of the Mississippi River, but not including
the States
labor or material in non-essential capacities put bordering on the Pacific Ocean nor Oklahom
a,
some important industries under a form of regulation Texas, Nevada and Utah—in other words,
the
that had meant comparative inertia. This was true "Other Western" section—a very gratifyin
g situain particular of the building industry, especially in tion is also to be noted, all of the 31
cities with the
Eastern sections of the country and it caused a exception of Cedar Rapids, Helena,
Joplin, Waterrather tense condition in the housing situation.
loo, Colorado Springs, Billings and Lewistown
In doing all the things essential in equipping, reporting heavier clearings, with the
grand total
transporting and maintaining the large force sent exceeding 1917 to the extent
of 27.8%. •
abroad, the Government expended vast sums, and
In all, 137 of the 173 cities outside of New York
these are reflected in no uncertain degree in the report aggregates greater than for 1917
and in 135
clearings for many localities. At some points, instances new high records for the twelve
-months
however, the very heavy gains recorded are to be period have been established, indicating how general
ascribed to the operations of the Federal Reserve has been the activity of the year; unpreced
ented we
banks or their branches. Notably is this so of might almost say even after allowing for
the potenPittsburgh, Baltimore, Cincinnati, Omaha, Rich- tiality of high prices. With so large
a number of
mond, Atlanta and Birmingham.
cities (174 in all) included in our compilation, it is
The total of clearings at New York for 1918 at clearly out of the question to make
any detailed
$178,533,248,782 exceeded by a small amount the reference to the influences operating in
each, more
phenomenally heavy aggregate of the previous year, particularly as it -would largely be
a matter of repetinotwithstanding a marked contraction in the volume tion. But it is worth noting that
no less than 51
2
furnish totals over 20% greater than in 1917.• They
are Pittsburgh, Baltimore, Washington, Harrisburg,
Boston, Cincinnati, Evansville, Lexington, Decatur,
Jacksonville, Ill., Owensboro, Lorain, Seattle, Portland, Spokane, Tacoma, Oakland, Sacramento,
Yakima, Long Beach, Kansas City, Omaha, Denver,
Duluth, Sioux City, Wichita, Fargo, Sioux Falls,
Fremont, Aberdeen, New Orleans, Richmond, Atlanta, Nashville, Norfolk, Birmingham, Augusta,
Jacksonville, Chattanooga, Little Rock, Columbia,
Columbus, Ga., Wilmington, N. C., Vicksburg,
Tulsa, Dallas, Newport News, Montgomery, Tampa,
Raleigh and Shreveport. These 51 furnish an
aggregate for 1918 of $61,334,671,701, against
$45,132,799,162 the preceding year, $34,822,233,424
two years ago, $26,904,130,459 in 1915 and $24,923,588,084 in 1914. The latest year's figures, it will be
observed, are 146.5% greater than those of 1914 and
in a majority of cases they are more than double those
of 1915. Without further comment, we subjoin the
following statement which indicates the course of
clearings at leading cities for December and the
twelve months.
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Dec. 31
December
1915.
1916.
1917.
1918. 1917. 1916. 1915. 1918.
(000,0003
3
$
omitted.)
16,659 14,614 16,936 12,331 178,533 177,405 159,581 110,564
New York
16,199
20,542
24,975
25,930
1,578
2,060
2,072
2,245
Chicago
8,257
835 15,637 12,663 10,757
1,437 1,173 1,040
Boston
1,772 1,550 1,352 1,036 19,717 17,198 13,083 8,864
Philadelphia
4,154
5,371
6,967
7,839
427
555
674
708
St. Louis
2,666
3,402
4,022
5,762
269
329
328
564
Pittsburgh
2,694
3,480
4,838
5,629
262
357
439
548
San Francisco
1,834
2,206
2,266
209 3,356
202
189
368
Baltimore
1,374
1,748
2,030
2,848
139
162
156
264
Cincinnati
3,834
4,954
7,662
9,941
382
521
816
794
Kansas City
1,546
2,474
3,690
4,340
157
283
326
401
Cleveland
972
1,381
1,968
2,660
110
175
239
268
New Orleans
1,342
1,470
1,661
1,949
172
146
153
224
Minneapolis
742
942
1,013
1,160
79
94
96
105
Louisville
1,485
2,261
2,749
3,181
151
235
228
297
Detroit
836
1,048
1,300
1,477
80
106
117
132
Milwaukee
1,049
1,293
1,502
1,547
103
138
122
143
Los Angeles
421
511
548
594
43
45
52
49
Providence
983
1,279
1,874
2,820
92
125
179
231
Omaha
611
798
983
1,140
61
80
86
105
Buffalo
662
785
759
807
72
71
70
81
St.Paul
444
563
684
776
43
58
55
62
Indianapolis
510
683
871
1,203
51
70
83
120
Denver
537
930
1,472
2,404
89
103
172
254
Richmond
358
470
621
738
45
56
80
96
Memphis
613
790
1,151
1,860
54
77
110
173
Seattle
355
420
416
413
37
37
32
32
Hartford
350
513
710
698
42
64
76
79
Salt Lake City_ _ _ _
Total
Other cities
We omit detailed reference to the influences
operative from month to month during the year.
Suffice it to say that, as in 1917, activity in commercial and industrial lines was a feature of all periods of
the year, but most in evidence in the first six months.
We subjoin a table showing the totals of clearings,
month by month and quarter by quarter, for the
whole country and outside of New York, for 1918
and 1917.
MONTHLY CLEARINGS.
For the whole country the total of bank clearings
for 1918 reaches $332,350,688,090 exceeding that
2 million dollar or 8.3%,
of the previous year by 253/
and to that extent establishing a new high record.
It is a notable feature of these clearing returns that,
notwithstanding the addition of new cities to the
compilations from time to time, New York continues
to be the preponderating factor. In 1890 our tabulation convered 49 cities, but the total of clearings for
New York alone was 15 billions greater than for all
others combined; ten years later the number had
increase to 91, and this city's excess to 19 billions;
in 1910 with 133 clearing houses reporting,New York
2 billions, and in 1915 by
ran ahead by nearly 303/
333. billions, 160 cities making returns. Finally in
this compilation for 1918, which includes 174 cities,
3 billions heavier than that
New York's total is 24%
for the outside cities. In the following we give the
totals for New York and for outside cities and the
aggregate of all annually for the sixteen years 1903
to 1918, inclusive:
New York
Clearings.
Inc.
or
Dec.
Clearings
Outside
New York
Inc.
or
Dec.
rotas
Clearings
S.
%
$
178,533,248,782 +0.6 153,817,439,308
177,404,965,589 +11.5 129,539,760,728
159,550.648.590 +41.4 102,275.125.073
110.564.392.634 +33.2 77,253,171,911
83.018,580.016-12.3 72,228,538,218
94.634.281.981 -6.1 75,181,418,616
100,743,967.262 +9.1 73.208,947.649
92,372,812.735 -5.0 67,856.960.931
97,274,500.093 -6.1 66,820,729,906
103.588,738,321 +30.7 62.249.403.009
79,275.880,256 -9.1 53.132,968.880
87,182.188,381 -16.7 57.843,565,112
104.675.828,656 +11.6 55.229,888.677
93.822.060,202 +36.7 50.005,388,239
68,649,418,673 +4.1 43.909,594,342
RR am 227 055 --IR R 39 995 2,10 WM
$
%
+18.7 332,350,688,09C
+26.7 306,944,726,317
+32.4 261,855.773,66:1
+7.0 187.817.564.546
--3.9 155.245.118.234
+2.7 169.815,700.609
+7.9 173,952,914,911
+1.6 160.229,773,6611
+7.3 164,095,229.991
+(7.2 165,838,141.33U
-8.4 132,408,849,13C
4-4.8 145,028.733.4)3
+10.1 159,905,71,'.d3
-1-13 9 143.827,448,441
4-'..3 112,559,013,015
4.2 12 ion WY) 127 7Ail
%
1918.
1917.
%
$
$
$
$
Jan___ 26,538,574,018 25,640,505,506 +3.6 11,819,506,488 10,513,139,790 +12.6
Feb .... 22,257,358,866 21,629,473,389 +2.8 9,998,002,811 8,835,386.145 +13.2
Mar__ 26,084,799,579 24,792,414.566 +4.2 12,244,518,198 10,563,288,306 +15.9
1st qu. 74,880,732,462 72,062,393,360 +3.9 34,062,027,497 29,911,814,241 +13.0
April _ 26,485,086,036 25,012,249,100 +5.9 12,391,579,089 10,360,027,203 +19.6
May__ 28,269,235,579 26,316,501,561 +7.4 12,709,535,909 10,733,053,558 +18.4
June__ 27,341,671,217 27,734,347,702 +2.2 12,457,015,697 10,635,269,435 +17.2
2d qu_ 82,068,992,832 78,063,107,363 +5.1 37,558,130,695 31,728,350,196 +18.4
6 mos- 156949725294 150125500723 +4.6 71,620,159,192 61,640,164,237 +16.2
July __ 28,644.789,823 25,664,326.634 +11.6 13,243,582,672 10,479,033,048 +26.4
28,156,158,940 25,093,230,233 +12.2 13,197,733,316 10,413,908,705 +26.7
Aug
Sept__ 26,371,630,536 24,029,791,370 +9.7 12,707,763,407 10,145,890,414 +25.2
3d qr. 83,172,579,299 74,787,348,237 +11.2 39,149,079,395 31,038,829,167 +26.1
9 mos- 240122,304,593 224912,848,960 +6.8 110709,237,587 92,678,993,404 +19.5
Oct _ _ 32,068.173.268 28.264,308,306 +13.4 15,150,894,022 12,540,914,667 +20.0
Nov - - 29,351,480,488 27,229,438,014 +7.8 13,745,654,396 12,395,262,742 +10.9
30,810,729,741 26,538,131,038 +16.1 14,151,653,303 11,924,587,916 +18.7
Dec
4th qr. 92,228,383,497 82,031,877,358 +12.4 43,048,201,721 36,860,767,325 +16.6
Year
2323511 659.0601116044 726 317
-1-9.2 153917 430 am 120520 760 729 -1-19.7
The exhibit by quarters calls for no comment
beyond reference to the fact that in each period and
for every one of the various groups,except that made
up of the city of New York,important gains over the
exceptionally heavy totals of the previous year are
shown. Our usual compilation, therefore, is appended without further explanatory remarks:
First
Quarter.
Clearings Reported.
(0003 °Milted.)
yew
Yaq),
(1918..
11917_
41916_
11915._
11914._
11913_
Second
Quarter.
Third
Quartir.
Fourth
Quarter.
Total
Year.
$
1
$
40,818,705 44,510,862 44,023,500 49,180,182 178,633,249
42,150,580 10.334,757 43,748,519 45,171,110 177,401,966
35.981.414 36.737,056 37.562,001 49.300.178 159,580,649
21,334,633 25,472.302 26.857,219 36,000,239 110.664,393
24,458,966 23.631,252 17.389.808 17.538,551 83,018,580
25.019,571 23.771,361 21,563.031 24,280,319 94,634,282
33,456,643
27,6:36,621
22,224,202
16,297,848
15,281.820
16,388,508
(1918._
1191741916._
11915._
11914_
11913_-
6,635,488
6,599,780
5,126,53:3
3,604,020
3.892.252
4,075.871
8,478,863
7.015,318
5,415.689
3.857.224
3,996.416
4,203,982
8,853,003
6.585,522
5,300.877
3.885,787
3.674.787
3,874.167
9,489,289
7,406,001
6,391.103
4,950,817
3.718,165
4,234.488
11918_
11917._
total
New Enghtm1.11916-11915_
11914._
11913_
3,746,730
3.460,870
3.097,361
2,228,099
2,442.640
2,599,225
4,753,197
3,651.623
3.199,286
2,435.760
2.401.959
2,325,398
4,375,828
3,610,164
2,878,754
2,236,670
2,031,566
2,165,822
5,031,998 17,907,753
4.186.320 14.909.277
3,710,618 12,886,021
3,027,575 0,928,104
2,122.330 8.998.495
2,512.641 9,603,088
1918_
1917__
Total
Middle West.. 19(6..
1915-11914._
11913..
9,715,450 10,548,408 10,913,894 11,283,107
9,345,751 10,009,325 9,592,325 10,160.025
7.105,971 7,485,765 7,865,935 9,281.484
5,616.696 5.803,069 5.855,866 6.801.535
6.072,175 5,925.918 5.499.205 5,437,085
5,828,587 5,738,688 5,734.506 6,050,838
1918._
1917._
Tow Pa d fle--11916._
11915-11914.11913._
2,781,496
2,373,378
1.722.313
1,473.878
1,556.667
1,640,459
3,094,531
2,660,677
1,867.393
1,488,503
1,572,434
1.610,246
3,364,684
2,647,224
1,979,610
1,543,702
1,510,283
1,577,568
3,808,008 13,048,719
3,146,445 10,767,724
2,461,025 8,030,341
1,792,608 6,298,691
1.578,179 6,217.563
1.729,239 6,557,513
(1918_
11917._
Total
Other Weet_i 1916._
11915.1191411913_
5,072,549
3,585,485
2.680,915
2.279,723
1,967,886
1,971,729
4,795,633
3,838,015
2.662,326
2.165,827
1.890.743
1,899,225
5,408,615
3,966,283
2,983,77:1
2,138,107
2.048.703
1.993,334
(1918._
11917._
Total Now hero- 11)16..
11915_11914._
11913__
6,110,314
4,546,550
3,461,097
2,706,958
2,931.347
2,851,987
5,887,490
4,583.392
3,382,150
2.539.385
2,590.865
2,570,330
6,233,055
4,637,071
3,524.410
2,446,867
2,301.305
2,484,335
5,855,070 21,132,767
5,142,140 16,531,923
3,741,079 12,068,123
2,970,578 9.554,235
2.402,139 8,397,471
2,280,388 8,144,676
•
7,579,830 25,810,698
6,819,836 20,586,849
4,959,626 15,327,283
3,303,918 11,097,128
2,573,489 10.397,000
3,228,366 11.135,018
Total mher
Inc
or
Dee
04
+8.3
+17.2
+39.4
4-20.9
--8.6
--2.4
+86
-2.4
---1.0
+25.2
-8.8
-9.3
+11.0
+27.7
+3.0
-7 4
1917.
1918.
rotal,OI
1918
1917
1916.
1015
1914
1913
1912
1911
1910
1009
1908
1907
1906 ......
1905
1904
1002
Clearings Outside New York.
Clearings, Total All.
Month.
28,211 24,287 25,477 18,929 304,959 283,098 243,744 174,2.56
2,600 2,251 1,819 1,381 27,392 22,947 18,112 13,561
30,811 26,538 27,296 20,310 332,351 306,945 261,856 187,817
Total all
Outside New York_14,152 11,924 10,360 7,979 153,818 129,540 102,275 77,253
Year.
[VOL. 108.
THE CHRONICLE
208
42,460,859
39,107,366
31.739,155
24.077,168
22,934,383
23,352.619
(1918_ 74,870,732 82,068,993 83,172,579 92,228,384 332,350,688
1917.. 72,062,394 78,063,107 74,786,348 £32,031,877 306,944,726
11916._ 59,175,6:16 60,749,665 62,095,360 79,835,113 261.855,774
11915-- 39,244.007 43,782.070 44,964,218 59.847.270 187,817,565
11914_ 43.321.933 42.009.587 34,453,657 35.459.941 155,245,118
11913_ 43,987.429 42,119,230 39,392,763 14.316,279 169.815.701
1918__
1917__
Outside
New York._ 11916._
11015._
1914_
1913 .
34,062,027 37,568,131 39,149,079 43,048,202 153,817,439
29,911,814 31,728,350 31,038,829 30,800,767 129,539,760
13.194,222 24,012,609 2-1,533,3511 30,534.935 102.275.125
17,909,374 18,289,768 18,100,099 22.947.031 77,253.172
18,882,967 18.378,335 17.063,849 17,921,387 72,226.538
18.967.858 18.347.369 17,829.732 20,035.960 75.181,419
Operations in share properties on the New York
Stock Exchange were, with the exception of those
for May (when there was a considerable revival in
JAN. 18 1919.]
THE CHRONICLE
209
speculation, following the successful placing of the
The relation the transactions in share properties
Third Liberty Loan) much smaller than in 1917, for 1918 bear to those of earlier years is plainly set
month by month, down to and including September. forth in the appended compilation, which carries the
Thereafter,under the stimulating influence of favor- comparison back to 1895:
able news from Europe, dealings were of larger vol- NUMBER AND VALUE OF SHARES SOLD AT N. Y.STOCK EXCHANGE
ume,but onlyin October was the 1917 result exceeded
Stocks,
Aver.
Values
Stocks,
Aver.
Values
and for the full year a considerable diminution is Year. Shares. Price. (approximate) Year. Shares.
Price. (approximate)
$
shown. Transactions for the twelve months, in 1918._ 144,118.469 92.8 12,482,631,016
$
1906.. 284,298,010 94.2 23.393,101,482
1917._ 185,628,048 91.2 15,609,335,098 1905._ 263,081.156 87.3 21,295,723,688
fact, reached only 144,118,469 shares, against 1916_
233,311,993 93.8 18,869,840955 1904__ 187,312.065 69.9 12,061,452,399
173,145,203 85.1 12,661,476,002 1903_ 161,102,101 73.2 11.004,083.001
185,628,948 in the preceding year, 233,311,993 1915_
1914_ _ 47,900,568 93.2 3,898,414,285 1902._ 188,503,403 79.9 14,218,440,083
1913._ 83,470,693 96.2 7,170,862,086 1901._ 265,944,859 79.0 20,431,960,551
shares two years ago, 173,145,203 shares in 1915, and 1912._ 131.128,425 97.7 11,562.129,835 1900._ 138,380,184 69.2 9,249,285,109
1911._ 127,208,258 95.8 11,003,600,829 1899... 176,421,135 78.6 13,429.291,715
the latest aggregate was exceeded also by the figures 1910._
164,051,061 96.2 14,125,875.897 1898._ 112,699,957 72.7 8,187,413,985
1909._ 214,632,194 97.5 19,142,339,184 1897._ 77,324,172 67.0 4,973,553.065
for all years from 1901 to 1910, inclusive. The level 1908.._ 197,206,346 86.6 15,319,491,797 1896._ 54,654,096 65.2 3,329.969,940
of prices also was quite generally under the high 1907.. 196,438,824 85.8 14,757.802.189 1895.. 66.583.232 60.3 3.808.338.604
point reached in 1917, but closing quotations were
In order that the foregoing may be thoroughly
with few exceptions above the low of the year. understood we would state that the average price
United States bonds were very freely dealt in all given is not per share without regard to the par
through 1918, the sales being almost wholly Liberty thereof, which ranges all the way from $5 to $100,
Loan issues and totaling $1,435,716,500 par value, but is based upon a par of $100. In other words,
against only $285,951,250 in 1917. Indicating the ex- the actual sales for the year 1918 were 144,118,469
ceptionally heavy trading in these Government secur- shares equaling 134,479,441 shares of $100 par
ities, we note that in December alone no less than (with the few properties with no stated par taken
308 million dollars Liberty bonds changed hands, at $100), of an approximate sale value of $12,482,with the sales on Friday the 27th over 30 millions, 631,016 or an average of $92 80.
and on Monday the 30th over 41 Millions. In
What is true of New York,as regards stock speculaState, city and foreign securities, on the other hand, tion, applies to most other leading markets of the
the transactions were quite a little below the total country. There have been spurts of activity but the
of the previous year, notwithstanding the activity year's dealings fell below those of 1917. Boston rewitnessed in the closing months, and railroad and ported sales of 3,727,008 shares, against 5,090,982
industrial issues were in restricted demand, sales shares in 1917 and 13,073,588 shares in 1916, and
aggregating only $356,441,000, against $470,683,000. Philadelphia's trading covered but 1,827,978 shares,
In the aggregate of all classes of bonds, the dealings, against 3,644,887 shares and 5,362,033 shares, respecdue to the phenomenal transactions in Liberty bonds, tively; Chicago transactions aggregated 1,955,151
were no less than $2,062,827,000 par value, against shares, against 1,696,428 shares and 1,611,317 shares
$1,056,543,250 the preceding year, $1,149,851,950 one and two years ago; Pittsburgh, 6,072,300 shares,
in 1916 and the previous high mark of 1,317 million against 7,638,766 shares and 9,732,912; and Clevedollars in 1909. A summary of the dealings is land 176,463 shares, against 329,487 shares in 1917.
appended:
Bank Clearings in the Dominion of Canada made
a
very
satisfactory exhibit in 1918, although at some
Twelve Months 1918
Twelve Months 1917.
Descrtppoints
in Manitoba, Alberta and Saskatchewan a
Par Value
Actual
Aver. Par Value
lion.
Actual
Aver.
or Quantity.
Value.
Price. or Quantity.
Value.
Price. let up in the
activity that characterized the preced144,118,469
Stockf She.
185,628,948
),Val 513447,944,100512482,631,016 92.8$17118,636,530 515609,335,098 91.2 ing year is to be noted. In the Eastern Provinces
315,972,062 88.6
RR.bonds. 356,441,000
470,683,000
424,340,415 90.2
new high records were generally established with the
U.S. Gov't
285,951,250
bonds_ _ _ _ 1,435,716,500 1,385,812,972 96.5
283,802,961 99.3
State, Arc.,
percentages of increase conspicuously large at Halifax,
257,129,151 95.
276,669,500
299,909,000
bonds_ _ _ _
287,112,279 95.7
52,051 197.2
26,40
Bank stks.
126,300
224,590 177.9 Ottawa, and Sherbrooke. Pacific Coast points
Total- 515510,797,500514441,597,252 93,1 518175,306,080 $16604,905,343 01.4 Vancouver, Victoria and New Westminster-all show
Referring our readers to the "Retrospect of 1918" very satisfactory gains over last year. The aggre(to be published hereafter) for a clear and concise gate of clearings for the 25 cities reporting compresentation month by month of the influence' s parative figures at $13,717,672,860 is not only 9.2%
operating in the stock market during the year, we greater than for 1917 and 30.6% in excess of 1916,
now present our customary table covering dealings
but constitutes a new high record for a yearly period
in shares monthly and quarterly for two years:
and runs 48.5% ahead of 1913. The Canadian
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
clearings summarized by quarters for six years are
1918.
1917.
./kf'th
follows:
as
Number
Values.
Number
Values.
of
Shares.
Par.
Actual.
of
Shares.
Par.
Actual.
3
$
$
$
Jan _ 13,616,357 1,279,740,700 1,175,427,682 16,939,440 1,537,971,930 1,465,687,290
Feb _ 11,418,079 1,083,216,900 996,548,28913,588,465 1,219,280,130 1,170,569,988
18,658,267
710,581,417
1,654,197,470 1,588,437,263
Mar_ 8,419,477 772,475,950
lstq 33,453,9133,135,433,550 2,882,557,388149,186,172 4,411,449,530 4,224,694,541
I
April 7,401,174 687,371,800 631,497,814,14,258,162
1,289,483.950 1,237,415,203
May 21,139,092 1,984,405,900 1,826,464,917'19,354,400 1,780,716,450 1,709,948,702
Jun 11,772,2611,087,605,150 1,010,478,462 19,092,653 1,787,372,075 1,712,444,206
2d q 40,315,5273,759,382,850 3,468,441,22052,705,215 4,857,572,475 4,659,808,116
Elm
73,769,4406,894,816,400 6,350,998,600101891 387 9,269,022,005 8,884,502,657
July. 8,449,888 771,723,890 718,468,917 13,325,365 1,273,055,300 1,197,403,416
Aug. 6,887,589 651,885,275 600,499,818 11,636,853 1,109,321,950 1,053,240,109
Sept 7,763,068 727,457,350 681,746,082 13,822,7751.298,464.450 1,158,262,097
3d q 23,100,5452,151,066,5152,000,715,717 38,784,993 3,680,841,700 3,368,905,622
Omos 96,869,9859,045,882,915 8,351,714,325140676 38012949863701i2253408279
Oct _ 20,671,337 1,945,685,625 1,800,457,278 17,368,787 1.612,827,55011,322.470,682
Nov_ 14,651,844 1,366,434,525 1,284,040,396 14,816,058 1,383.347,27511,107,984,718
Dec_ 11,925,303 1,089,941,035 1,046,419,017 12,767,723 1.172.708.000 925,462,419
1
4thqr 47.248,4844,402,061,1854,130,916,691 44,952,568
4.168.772,82513,355,928,819
Year 144118 460 13447.044.106 12482.631.016 18562894817118.636.53 15609.315.098
Clearings Reported.
(000s omitted.)
Canada
1918._
1917._
1916._
1915_
1914-t 1913-
Ton
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
$
2,817,456
2,657,205
2,162,216
1,650,341
1,965.310
2.153.721
$
3,388,092
3,363,807
2.618,482
1,743,265
2,113,537
2.2118.379
3
3,182,490
2,923,735
2,489,518
1,741,243
1,982.406
2,189.863
$
S
4,329,635 13,717,673
3,611,971 12,556,718
3,236,383 10,506,599
2,662,892 7,797,741
2,008,138 8,069,391
2,597.178 9,239,141
Toot
Year.
RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
We are now able to present complete returns of the
gross and net earnings of United States railroads for
the month of November. These bear out and emphasize what we said two weeks ago in dealing with
figures based on paztial returns, namely the continued great augmentation in expenses. Owing t
the further advances in wages made by the Direct o
210
[VoL. 108.
THE CHRONICLE
General of Railroads, and still being made, the
growth in expenses is becoming more and, more
pronounced indeed,a permanent plane seems to have
been reached where the additions to the gross
revenue(by reason of the higher freight and passenger rates put in force last June) are falling far short
of the amount needed to offset the rise in operating
cost and the expanding volume of the expenses.
Our tabulations for the month of November furnish a conspicuous illustration of what is going on in
the particular mentioned. The exhibit for that
month, as far as the net is concerned, is the worst
we have yet had since last June,when transportation
rates were so radically moved up to provide for the
increase inaugurated at that time in the payrolls of
the railroads and the higher cost of fuel and materials.
To state the results for the month in brief, our tables
show that net earnings as compared with the corresponding month of the previous year have dwindled,
roughly, twenty million dollars (in exact figures,
$19,927,774), notwithstanding that gross earnings
were added to in amount of $82,163,408, or over
23%. In other words, while the gross earnings increased from $356,438,875 to $438,602,283, the net
earnings have fallen from $95,809,962 to $75,882,188,
as will be seen by the following:
$82,163,408 gain in the gross. The following comparison of the monthly totals brings out in a graphic
way the great impairment of the net which is occurring in face of the continued improvement in the.
gross:
Month—
July
August
September
October
November
Month—
July
August
September
October
November
GROSS EARNINGS UNITED STATES RAILROADS.
Inc.(+) or Dec.(—).
1917.
1918.
$463,684,172 $346,022,857 +8117,6131,315 34.00%
+135,759,795 37.45%
498,269,356 362,509,561
+129,367,931 36.16%
357,772,850
487,140,781
+106.956.817 28.30%
484,824,750 377,867,933
+82,163,408 23.06%
438,602,283 356,438,875
NET EARNINGS.
1917.
1918.
$144,348,682 $109,882,551
118,114,360
142,427,118
114,280,071
117,470,621
122,581,905
107,088,318
95,809,962
75,882,188
Inc.(+)or Dec. (—)'.
+834,466,131 31.36%
+24,312,758 20.58%
+3,190,550 2.79%
—15,493.587 12.63%
—19,927,774 20.80%
Owing to the great augmentation in expenses, the.
ratio of expenses to revenues is mounting up in
amazing fashion, though ordinarily the effect ofhigher transportation rates would be to reduce this.
ratio. In July the ratio was 68.87%, which did not
differ materially from the corresponding ratio in
the preceding year. The very next month saw the.
percentage up to 71.41. In September the ratio
rose to 76.09%, and in October to 77.92%, while.
now for November it is almost 83%—in precise
figures, 82.94, which compares with only 73.12% in
November 1917 and with 67.42% to 68.24% in the
Inc. (-I-) or Dec.(—). four preceding months of 1917. In inserting the.
November.
Amount.
1917.
1918.
193 Roads—
+15 .0006 following table to show the amount and ratio of the
232,259
232,274
Miles of road
$438,602,283 $356,438,875 +882,163,408 23.06
Gross earnings
39.16 expenses for each month of the two years,it is proper.
+102,091,182
260,628,913
362,720,095
Operating expenses
$75,882,188 $95,809,962 —819,927,774 20.80 to say that our totals of expenses do not embrace
Net earnings
From the foregoing we get an idea of the plight the item of taxes, in which there has been an inand predicament in which the roads find themselves. dependent further increase.
OPERATING EXPENSES, EXCLUSIVE OF TAXES.
The shipping and traveling public are obliged to pay
—Expenses, 1917—
—Expenses, 1918—
very materially higher rates and notable gains in
Ratio to.
Ratio to
Amount. Gross Earn.
Earn.
Gross
Amount.
Month—
gross earnings are resulting therefrom, and yet net July
8236,140,306 68.24%
$319,335,490 68.87%
244,395,201 67.42%
355,842,238 71.41%
earnings are being heavily reduced. Expenses for August
243,492,779 68.06%
76.09%
369,670,160
the month were larger than in the same month of the September
255,286,028 67.56%
377,736,432 77.02%
October
260,628,913 73.12%
362,720,095 82.94%
preceding year by $102,091,182, it will be seen, and November
to
these inattaches
significance
Additional
the
to
ascribable
the greater part of the increase is
1918
by reason
in
accounts
expense
the
in
creases
classes
all
effect
for
into
put
wages
higher scales of
of employees in the service of the roads. In ratio of the fact that in the year preceding a closely simithe addition to the expense accounts works out lar situation existed, though not then so greatly
39%, while the increase in gross revenues has been accentuated. Thus in reviewing the results for
no more than 23%. The worst of it is that with November 1917, we were obliged to remark that they
each succeeding month the disparity between the revealed a condition which would be paradoxical
gain in the gross earnings and the augmentation in if the reason were not so well known, inasmuch as
expenses is growing wider. In the first full month these rail carriers were getting steadily poorer in
in which the new conditions as to wages and trans- net income, notwithstanding uninterrupted expanportation charges were operative, namely July, the sion in their traffic and gross revenues. In other
showing was satisfactory enough, and the promise words, our tabulation for November 1917 recorded
then appeared to be rather glowing since a consider- $33,304,905 increase in gross earnings with $20,able portion of the addition to the gross receipts was 830,409 decrease in the net. It follows that the
being carried forward as a gain in the net. But as loss now registered for November 1918 of $19,927,new wage increases were piled on top of the first 774 comes 'after the shrinkage of $20,830,409 in
increase made with such a lavish hand at the end of November 1917. For the two years combined, it
May,the results as to net have been growing steadily will be seen, the contraction in the net reaches over
0,000,000 in face of over $115,000,000 increase in
less favorable, and now the situation of the roads is
gross
revenues. Even the year before-1916—rising
about as bad as .t was before the Director-General
were already a striking feature of the reexpenses
fashion.
moved up transportation rates in such drastic
figures showed that with $23,652,The
turns.
or
$117,661,315,
be
The gain for July proved-to
the gross, all but $323,090 had been
to
274
addition
or
$34,466,131,
of
gain
a
by
attended
34%, and was
31.36%, in the net; for August the improvement in consumed by augmented expenses. It is true, on
the gross was $135,759,795, or 37.45%, while the the other hand, that in November 1915, before the
gain in the net fell to $24,312,758, or 20.58%; for great rise in operating costs, the *owing was an exSeptember, with $129,367,931 increase in gross, the ceptionally good one, the addition to the gross havaddition to the net was no more than $3,190,550; for ing been no less than $66,310,622, and having been
October, with $106,956,817 gain in gross, there was attended by a gain of $50,002,894 in the net. These
an actual shrinkage in the net of $15,493,587, and exceptional gains, however, at that time were in
now,.for November, as we have already seen, there no small measure deprived of their significance by
is a loss in net of $19,927,774, notwithstanding the circumstance that they represented in consid-
JAN. 18 1919.]
THE CHRONICLE
211
4
erable part a recovery of previous losses or the ab- in net, notwithstanding $1,560,765 addition to the
sence of previous growth. In November,1914 our gross; the Milwaukee & .St. Paul loses $1,493,741 in
compilations showed a falling off of $32,646,340 net in face of $1,416,284 gain in gross; the Chicago
North Western loses $778,874 in net on $1,812,in the gross earnings and of $9,578,383 in the net, &
108 gain in gross; the Rock Island shows a shrinkage
falling
off of $9,143,593 in gross of $1,480,744 in net, despite $922,841 addition to
and this followed a
and $15,069,894 in the net in 1913. Contrariwise, gross, and the Atchison reports a contraction of
in 1912 we had fair gains in both gross and net- $442,766 in net, notwithstanding $2,220,892 increase
$31,968,171 in the former and $12,701,071 in the in the gross. Even the Southern Railway this time
latter. Going still further back we find that in sustains a decrease of $1,424,201 in net, though
November 1911 there was a small decrease in gross, having bettered gross by $1,996,963, and the Louisnamely, $1,767,625, and a loss of $3,018,867 in the ville & Nashville registers $1,558,207 decrease in
net on an improvement of $900,551 in the gross. In
net. In November 1910 there was a trifling gain the following we show all changes for the separate.
in gross ($994,650), but a loss in net in the sum of roads or systems for amounts in excess of $100,000,
$10,460,960, because of a large augmentation in ex- whether increases or decreases, and in both gross and
net.
penses.
In the following we furnish the November sum- PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER.
Increases.
Increases.
a$12,462,069 Chicago & Alton
maries back to 1896. It is proper to state that for Pennsylvania (3)
$361,868
New York Central
67,690,608 Maine Central
317,003
Baltimore & Ohio
3,751,114 Denver & Rio Grande....
1910, for 1909 and for 1908 we use the Inter-State Chicago
310,551
Burl & Quincy.._ 2,690,763 Long Island
310,070
& Ohio
2,338,679 West Jersey & Sea Sh_ __
279,132
Commerce totals, which then were on a very com- Chesapeake
Atch Top & S Fe (3)2,220,892 Chic New Orl & Tex Pac
267,653
Northern Pacific
2,193,182 Cumberland Valley
254,960
prehensive basis, but for preceding years we give the Erie
(2)
2,124,078 Atlantic City
252,520
Great Northern
2,101,186 El Paso & Southwestern_
242,127
results just as registered by our own tables each year Norfolk
& Western
2,021,242 NY Phila & Norfolk__
238,138
Railway
1,996,963 Georgia
224,028
-a portion of the railroad mileage of the country Southern
Union Pacific (3)
1,853,779 Virginian
220,431
Chicago & NorthWestern 1,812,108 Washington Southern_ _ _
220,031
being always unrepresented in the totals of these Illinois
Central
1,663,064 Kansas City Southern..__
205,079
Michigan Central
1,626,903 Western Maryland
196,992
earlier years, owing to the refusal of some of the roads Cleve
Cinc Chic & St
1,609,044 Chicago Great Western..
194,840
Southern Pacific (8)_ _ _ _ 1,56(1,765 Spokane Port & Seattle_
191,677
at that time to give out monthly figures for publica- Lehigh Valley
1.454,745 Alabama Great Southern
188,708
NY NH & Hartford_ .._ 1,451,447 Chicago Ind & Louisv_ _ _
184,930
tion:
Chicago Milw & St Paul._ 1,416,284 Kanawha & Michigan_ _ _
179,698
Missouri Pacific
1,398,385 Central of Georgia
163,985
St Louis-San Fran (3)-- 1,388,974 Buffalo Roch & Pittsb
155,330
Delaware Lack & West_ _ 1,383,475 N Y Susq & Western_ __ _
151,203
Year.
Atlantic Coast Line
1,226,185 Los Angeles & Salt Lake_
143,177
Year
Inc. (-I-) or
Year
Year
Year
Inc. (+) or Boston & Maine
1,165,962 Monongahela
137,123
Given.
Precediag. Dec.(-).
Preceding. Dec.(-).
Given.
Philadelphia & Reading..
935,868 Lake Erie & Western_ _ _ _
136,077
Chic Rock Isl & Pac (2)..
922,841 Grand Rapids & Indiana
133,194
Nov.
$
Louisville & Nashville.._
900,551 Toledo St L & Western.._
123,147
1896..... 55,297,917 61,137,081 -5,839,164 18,853,228 22,275,149 -3,421,921 Pere Marquette
886,379 Bangor & Aroostook..___
122,513
1897...... 72,815,681 61,978,481 +10,837,200 27;565,524 21,737,851 +5,827,673 New York Chic & St L.._
786,288 Union RR of Penna........
121,394
1898_.._ 79,086,654 76,616,617 +2,470,037 28,954,644 28,533,158
+421,486 Missouri Kan & Texas
726,061 Mo Kan & Tex of Texas_
121,315
73,062,397 65,872,002 +7,190,395 27,496,343 24,882,036 +2,614,307 Nashville Chatt & St L....
1899
643,278 Hocking Valley
112,482
1900...... 91,073,648 87,724,616 +3,349,032 33,744,185 33,154,551
+589,614
Air Line
634,509 Atlanta Birm & Atl
109,632
107,769,028 95,618,077 +12,150,951 40,629,133 35,200,311 +5,428,822 Seaboard
1901
Wabash
632,798 Tennessee Central
107,576
1902...... 106,144,534 99,638,088 +6,506,446 36,051,17. 36,992,904 -941,729 Elgin Joliet & Eastern.._
617,549 Indiana Harbor Belt_...._
104,860
1903 ___ 115,874,619 111,303,371 +4,571,248 38,380,632 38,962,778 -582,146 Pittsburgh & Lake Erie..
556,454
1904.... 126,357,962 115,108,874 +11,249,088 44,280,359 37,588,516 +.6,691,843
& Eastern Ill___
457,338
Representing 99 roads
1905 ___ 133,104,559 120,692,062 +12,412,497 47,419,761 42,232,243 +5,187,518 Chicago
Central RR of New Jer_ _
449.023
in our compilation_ _$81.703,899
1906 ___ 140,697,123 131,123,621 +9,573,502 48,065,287 46,506,160 +1,559,127 Delaware
_
430,728
&
Hudson.._
_
1907...... 138,079,281 133,284,422 +4,794,859 39,171,387 46,113,471 -6,942,084
428,003
& Pacific
Decreases.
1908 ___ 211,597,792 220,445,465 -8,847,673 74,511,332 66,294,996 +8,218,336 Texas
409,858 Duluth Missabe & Nor.._
Minn St Paul & S S M
$373,967
1909..... 248,087,561 211,784,357 +36,303,204 94,531,128 74,556,970 +19,974,158 Colorado
Southern
(2)
Duluth
&
&
386,767
Iron
Range..__
342,114
+994,650 83,922,437 94,383,397-10,460,960 Yazoo & Miss Valley_ __ _
1910....248,559,120 247,564,47
385,476 St Louis Transfer
320,148
1911 .._..241,343,763 243,111,388 -1,767,625 79,050,299 82,069,166 -3,018,867 Chic
P Minn & Om_ _ _
St
382,783
•
244,461,845
+31,968,171
276,430,016
93,017,842
___
1912
80,316,771 +12,701,071
Fred & Potom
Representing 3 roads
376,701
1913.._.. 280,220,882 278,364,475 -9,143,593 78,212,966 93,282,880-15,059,894 Richmond
Western._ _
In our compilation.._ $1,036,229
$369.306
1914 ___ 40,235,841 272,882,181 -32,646,340 67,989,515 77,567,898 -9,578,383 Grand Trunk
figures
in
the
the
are
on the basis of the returns filed
Note.
-All
above
240,422,695
06,733,317
+66,310,622 118,002,025 67,999,131 +50,002,894
1915 ___
1916._ 330,258,745 306,606,471 +23,652,274 118,373,536118,050,446
+323,090 with the Inter-State Commerce Commission. Where, however, these
...... 360,062,052 326,757,147 +33,304,905 96,272,216 117,102,625-20,830,409 returns do not show the total for any system, we have combined the
1918.... 438,602,283356,438,875 +82,163,408 75,882,188 95,809,962-19,927,771 separate roads, so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the PennsylNote -In 1896 the number of roads included for the month of November was 127;
in 1897, 1341 in 1898, 130; in 1899, 122; In 1900, 122; in 1901, 109; In 1902, 107; vania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
In 1903, 106; in 1904, 102; in 1905, 96; in 1906, 97; in 1907, 87; in 1908, the returns Pennsylvania RR. reporting $8,760,158 increase, the Pennsylvania Comwere based on 232,577 miles of road; in 1909, 239,038; in 1910, 241,272; in 1911, pany $2,379661 increase and the P. C. C. & St. L. $1,322,250 increase.
b These figures cover merely the operations of the New York Central
234,209; In 1912, 237,376; in 1913, 243,745; in 1914, 246,497; in 1915, 246,910:
itself. Including the various auxiliary and controlled roads, like the
in 1916, 248,863; In 1917, 242,407; in 1918, 232,274.
Michigan Central. the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $11,912,655.
Gross Earnings.
Net Earnings.
It is almost needless to say that in the case of the
separate roads, the results are identical with the
general totals, gains in the gross being widely attended by losses in the net. There are a few exceptions, but they serve to prove the rule. The New
York Central is one of these; it enlarged its gross by
$7,690,608 and added $3,609,104 of this to the net.
Similarly the Northern Pacific, with $2,193,182 addition to the gross, reports also $1,634,611 addition to
the net, while the Burlington & Quincy, with
$2,690,763 increase in gross, has $474,569 increase
in net; the Chesapeake & Ohio belongs in the same
category, having saved for the net $802,166 out of
an increase of $2,338,679 in gross. Examples of this
kind, however, are exceedingly limited. The Pennsylvania, with no less than $12,462,069 gain in gross,
has suffered a loss of $3,019,425 in net; the Baltimore
& Ohio, with $3,751,114 increase in gross, falls
$1,297,160 behind in net,and the Erie, with $2,124,078 increase in gross, has only $35,162 increase in
net. The New Haven road has $1,451,447 increase
in gross with $2,085,044 decrease in net, and the
Boston & Maine, with $1,165,962 gain in gross, has
$1,125,126 loss in net.
In other parts of the country the showing is the
same. Thus the Southern Pacific loses $1,731,260
PRINCIPAL CHANGES IN NET EARNINGS IN NOVEMBER.
Increases.
Dereases.
New York Central
b$3,609,104 Kansas City Southern...... $405,123
Northern Pacific
1,634,611 Duluth & Iron Range__
373,541
Chesapeake & Ohio
802,166 Wabash
356,993
604,631 St Louis Transfer
Clev Cinc Chic & St L
331,947
Chicago•Burl & Quincy
474,569 Mo Kan & Tex of Texas..
312,855
Michigan Central
403,490 Internat'l & Great Nor
310,791
_
Elgin Joliet &
375,551 New York Ont & West....
297,940
Eastern..& St L
New York Chicago
331,991 Buffalo Roch & Pittsb
293,068
Delaware Lacka & West_
315,225 Denver & Salt Lake
284,709
309,025 Missouri Pacific
Pore Marquette
276,277
Missouri Kansas & Texas
269,722 Texas & Pacific
262,379
Union RR of Pa
224,664 Long Island
247,550
Richmond Fred & Potom
196,145 Wheeling & Lake Erie......
239,487
Atlantic City
188,709 Atlantic Coast Line
233,464
El Paso Southwestern
165,297 Florida East Coast
232,523
Cumberland Valley
159.307 Chicago Great Western_
219,364
Grand Trunk Western.._
155,886 Duluth Missabe & Nor.._
211,843
Lehigh Valley
151,909 Central New England...._
210,933
Washington Southern...._
118,255 Central of Georgia
198,258
Bessemer & Lake Erie_ _ _
195,608
Representing 19 roads
Mobile & Ohio
195,550
in our compilation_ _$10,490,257 Toledo & Ohio Central_ _
188,132
Decreases. Maine Central
177,615
Pennsylvania (3)
a$3,019,425 Minneap & St Louis........
165,885
N Y N II & IIartford
2,085,044 New Orleans & Nor'East
158,162
Southern Pacific (8)
1,731,260 Virginian
154,497
Louisville & Nashville_ _ _ 1,558.207 West Jersey & Seashore_
151,933
Chicago Milw & St Paul.. 1,493,741 Alabama Great Southern
141,842
Chicago Rock Isl & Pac (2) 1,480,744 St Louis-San Fran (3)......
139,431
1,424,201 Rutland
Southern Railway
134,512
Baltimcre & Ohio
1,297,160 Cinc New Orl & Tex Pac
130,694
1,125.126 Indiana Harbor Belt........
Boston & Maine
130,091
Central RR of New Jer_
790,978 Buffalo & Susquehanna_
112,989
778,874 Chicago Peoria & St Louis
Chicago & North Western
109,672
657,672 Central Vermont
Philadelphia & Reading_
109,420
614,687 East St Louis Connect....
St Louis Southwestern (2)
106,378
Seaboard Air Line
562,771 Chicago Ind & Louisa....
104,951
Minneap St Paul & S S M
559,934 Trinity & Brazos Valley..
102,176
Atch Topeka & S Fe (3)_
442,766
Western Maryland
408,224
Representing 71 roads
Illinois Central
in our compilations.$28,445,299
$405.902
lvania RR. together with the Pennsyla This is the result for the Pen
vania Company and the PittsburghCincinnati
'Chicago & St. Louis, the
Pennsylvania RR. reporting $1.7 6,902 decrease, the Pennsylvania Company $167,423 decrease and the P. C. C. & St. L. $1,055,100 decrease.
b These figures merely cover the operations of the New York Centra
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four,- &c., the whole going to form the New
York Central System, the result is a gain of $4,390,875.
212
THE CHRONICLE
The unfavorable character of the current return
is qmphasized when the roads are arranged in groups
or geographical divisions according to their location.
For though every one of the divisions, without any
exception, records improved totals of gross, on the
other hand every one of the groups is in like manner
distinguished for diminished net earnings. Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1917. Inc.(+)or Dec.(-).
$
$
14,691,961 +3,151,624 21.45
93,254,057 +29,061,766 31.16
42,628,363 +11,786,909 27.65
47,411,238 +12,659,620 26.70
78,493,645 +15,275,690 19.46
58,501,547 +7,681,698 13.13
21,458,064 +2,546,101 11.81
Section or Group- .
1918.
November$
Group 1 (7 roads), New England
17,843,585
Group 2(34 roads), East & Middle_ _122,315,823
Group 3(28 roads), Middle West
54,415,272
Groups 4 & 5(34 roads), Southern__
60,070,858
Groups 6 & 7(30 roads), Northwest.._ 93,769,335
Groups 8 & 9(48 roads), Southwest_ _ _ 66,183,245
Group 10(12 roads),Pacific Coast..._ 24,004,165
Total (193 roads)
NovemberGroup No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5
Groups Nos.6 & 7
Groups Nos.8 dv 9
Group No. 10
Total
438,602,283 356,438,875 +82,163,408 23.06
-Mileage- 1918.
1918.
1917.
$
7,157
7,162 def420,446
28,685 28,497 15,773,365
21,690 21,734 9,250,277
37,996 38,050 11,208,956
66,171 66,127 20,662,687
54,106 54,254 13,293,149
16,469 16,435 6,114,200
Net Earnings
1917. Inc.(+) or Dec. (-)
$
3,204,038 -3,624,484113/2
17,781,584 -2,008,219 11.29
-454,611 4.68
9,704,888
15,331,528 -4,122,572 26.89
22,622,575 -1,959,888 8.66
19,819,664 -6,526,515 32.93
7,345,685 -1,231,485 16.76
232,274 232,259 75,882,188 95,809,962 -19,927,774 20.80
NOTE.-Group I. includes all of the New England States.
Group II. incluiee all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia,
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and tennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin. Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louts and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
[Vol,. 108.
In the South the roads again had to contend with
a diminished cotton movement. At the Southern
outports the receipts for November 1918 aggregated
only 596,111 bales, against 820,450 bales in 1917 and
1,074,478 bales in 1916. The shipments overland
were 331,790 bales in 1918, against 496,304 bales
in 1917 and 525,651 bales in 1916. The details of
the receipts at the outports are shown in the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JANUARY 1 TO NOVEMBER 30 1918, 1917 AND 1916.
November.
Since January 1.
Ports.
Galveston
bales_
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c
Total
1918.
1917.
1916.
169,482
11,077
206,054
13,946
7,862
96,946
18,000
19,125
224.047
7,660
232,348
15,541
9,000
178,297
26,400
43,277
8,552
43.681
1,386
17,511
66,240
129
387,360 1,299,760 1,802,156 2,493,762
87,068 102,383
90,889 389,880
276,287 1,356,627 1,125,452 1,480,907
11,138
88,730
93,310 158,404
20,816
36,941
46,638 108,183
133,037 888,123 812,404 993,026
16,500 - 85,400 165,770 151,632
34,142 119,583 171,443 185,282
101
11,475
82,018
65,153 156,721
93,814 220,995 338,300 616,703
2,841
5,592
5,252
60,775
596.111
1918.
1917.
1916.
820.450 1.074.478 4.286.152 4.716.767 6.801.383
ftrrent Plods and
gii.S.CUSSiOUS
CONTINUED OFFERING OF BRITISH TREASURY BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on the
same discount basis prevailing during the past few weeks,
viz., 5%%. The bills are dated Jan. 14.
NEW CREDIT TO CZECHO-SLOVAKS.
A new credit of $1,0,000,000 was extended on Jan. 15 by
the United States to the Czecho-Slovaks, bringing the total
obligations of that country to the Treasury Department upto $17,000,000. Tile aggregate aid to the Allies since this
country's entry into the war now reaches ,598,773,702,
apportioned as follows: Great Britain, $4,175,981,000;
France, $2,436,427,000; Italy, $1,310,000,000; Russia,
$325,000,000; Belgium, $256,145,000; Greece, $39,554,036;
Cuba, $15,000,000; Serbia, $12,000,000; Rumania, $6,666,666; Liberia, $5,000,000; Czecho-Slovaks, $17,000,000.
It deserves to be pointed out that Western roads
again had the advantage of a larger grain movement;
this followed from increased receipts of wheat, of
corn, and of rye, but not of oats and barley. For
the five cereals combined the receipts for the five
weeks ending Nov. 30 in 1918 were 110,948,000
KINGDOM BONDS-REPORTS CONbushels, against 99,938,000 bushels in the cor- SALE OF UNITED
CERNING CONVERSION.
responding five weeks of the previous year. The
The sale on the New York Stock Exchange on the 13th
details of the Western grain movement in our usual of a block of $10,015,000 United Kingdom of Great Britain
form are shown in the table we now present:
and Ireland 532% bonds, Series of 1919, at 100 1-16 is said
WESTERN FLOUR AND GRAIN RECEIPTS.
Five weeks
ending
Flour.
Wheat.
Corn.
Barley.
Oats.
Nov. 30.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1918_ _
727,000
6,972,000
7,518,000 13,900,000 2,220,000
1917_ _ _
990,000
2,707,000
5,440,000 16,566,000 3,063,000
1918._
85,000
1,877,000
MT.__
121,000
1,010,000
St. Louis1918._, 253,000
2,359,000
1917_ _ _
439,000
2,306,000
Toledo1918-699,000
1917_
1,241,000
Detroit1918_
290,000
1917_ _ _
28,000
300,000
Cleveland1918._
28,000
38,000
1917...
79,000
120,000
PeOria1918_
337,000
117,000
1917_ _ _
179,000
472,000
Dututh18,256,000
19175,103,000
Minneapolis1918..
• 9,280,000
1917_
14,667,000
Kansas City1918_ _
35,000
3,150,000
3,925,000
1917..
Omaha & Indianapolis2,143,000
1918_
2,335,000
1917_
359,000
414,000
4,249,000 1,272,000
4,326,000 2,123,000
Rye.
(bush.)
841,000
662,000
369,000
532,000
2,243,000
2,399,000
2,626,000
3,025,000
60,000
352,000
46,000
44,000
100,000
84,000
916,000
381,000
1,000
21,000
261,000
91,000
285,000
353,000
33,000
101,000
119,000
479,000
3,000
17,000
4,001
35,000
3,394,00
1,823,000
925,000
1,686,060
59,000
474,000
38,000
26,000
5,000
589,000 2,223,000 3,621,000
119,000
301,000
904,000
336,000
451,000
2,836,000 3,556,000 1,244,000
5,252,000 4,048,000 1,742,000
1,122,000
1,769,000
954,000
2,301,000
2,975,000
991,000
4,466,000
3,356,000
Total of All1918_ 1,465,000 45,181,000 18,346,000 31,865,000 9,393,000 6,163,000
1917___ 1.836,000 34,186,000 13,563,000 37,844,000 10,982,000 3,363,000
The Western live stock movement also ran heavier
than in the previous year. The Union Stock Yard
& Transit Co. of Chicago reports receipts of 32,588
cars of live stock in Noveniber 1918 as against only
27,320 carloads in November 1917; at Kansas City
the receipts were 16,913 cars, against 14,882, and
at Omaha 11,488, against 11,024.
to represent the largest single transaction of its kind in the
history of the Exchange. While it has merely been announced that the bonds were purchased by Salomon Bros.
& Hutzler, who were acting for a client, one report had it
that the securities were bought for J. P. Morgan & Co.
The bonds mature on Nov. 1 of this year. There have also
been numerous reports as to the conversion of United Kingdom notes, and the following is taken from the New York
"Sun" of the 17th:
Preparations for the flotation of a new British Government issue approximating $100,000,000 are near consummation, it was learned yesterday,
and an official announcement is expected to be made in the near future.
The issue is expected to take the form of one-year or two-year notes and to
command an interest rate of 53i <Z. The Treasury Department, it is
understood, has given its consent to the now financing, and all that remains is the formation of the syndicate and the formal offering of the new
Issue.
The proceeds of the new notes are to be used to pay off the unconverted
and unretired balance of $150,000,000 two-year 53 % notes which will
mature on Feb. 1.
Of the notes issued in January 1917, approximately
$7,500.000 has been retired through the sale of collateral security and approximately $50,000,000 has been converted into twenty-year bonds.
The balance is to be converted between this date and Feb. 1 or to be retired through a new note issue of about$92,500.
ALLIES AND UNITED STATES IN CONTROL OF
RUBLE EXCHANGE.
While stating that the Allies and the United States have
thus far taken no steps to prevent exchange transactions in
Russian rubles, Paris cablegrams of the 9th inst. added
that they were individually in control by censorship of doubtful transactions, thus preventing the" Bolsehviki from accumulating propaganda funds in various countries.
The further statement of what the cablegrams have to
state in the matter is quoted as follows:
Scandinavian countries have forbidden dealings In ruble exchange since
the withdrawal of their legations from Petrograd. This action was taken
JAN. 18 1919.1
THE CHRONICLE
because of the disorders caused in neutral countries by M. Litvinoff,
Ambassador in London, and other agents of Lenin°, the Bolshevist Premier.
As a result of regulations now in force, extensive commercial activities
between the Russian Soviet Government and outside P6wers have been
made impossible. While the rate of exchange for rubles is generally
quoted on the bourses, actual transfers are few and unimportant.
The British Government has issued special rubles for use in the Archangel country. Japan has also issued rubles for circulation in Siberia, the
purpose being to provide a medium of exchange in that country, where the
Russian ruble is not available, owing to the cutting of communication with
Moscow.
Senator Robert L. Owen, of Oklahoma, who is now in Paris, is urging
that the United States issue money for use in the Archangel region, this to
be backed by American gold, and sent to Northern Russia and Siberia to
facilitate American trade in those regions. The co-ordination of Russian
currency has been urged by financiers, and the subject is under consideration by delegations to the Peace Congress.
A surprising development in the Russian currency situation is the announcement from Moscow that the Central Soviet has suppressed the circulation of money and substituted work coupons for it. Even by the issuance of unlimited paper rubles, without any guarantee behind them, the
Bolsheviki have been unable to provide sufficient money for their country.
Fearing to bank their money, the people have hoarded it, and the printing
presses have been unable to meet the demands to finance ordinary purchases.
Bolsheviki leaders have argued insistently that money is unnecessary
and that the world will eventually turn back to barter based upon labor.
Financial experts believe, however, that foreign pres.sure in limiting ruble
exchange has hastened the suppression of ruble circulation by the Bolsheviki.
Lenin° was preparing to issue new money last May, but the plan was
abandoned for some reason. Lenine then stated that those individuals
who held large amounts of rubles would have to give them to the Government, while individuals with small holdings could exchange them for new
money, thus protecting the proletariat and impoverishing the bourgeoisie
n accordance with the general Bolshevist plan. Work coupons, it is beeyed. were used in the furtherance of this plan.
PAYMENT OF INTEREST ON RUSSIAN GOVERNMENT BONDS.
The semi-annual interest on the outstanding $50,000,000
Imperial Russian Government 63/2% external bonds was
paid by the National City Bank of New York on Jan. 10.
As to the likelihood of the bonds being paid off at maturity
in June, the "Wall Street Journal" of Jan. 8 said:
There is considerable speculation in investment circles as to whether
$50,000,000 Imperial Russian Government 5-year 6%% credit certificates
will be paid off when due June 18 next. Semi-annual interest on these
bonds is duo Friday, Jan. 10, payable at the National City Bank of New
York.
Russian Government 63 % credit, gold certificates, were issued June 18
1916. They are a direct obligation of the former Imperial Russian Government, but are not secured by a mortgage. As before the Imperial Russian
Government was overthrown and the Bolshevik Government repudiated
Russia's external debts, interest on these bonds has been regularly paid
at the National City Bank.
Another Imperial Russian Government loan for $25,000,000 was floated
i n New York in December 1916. This loan bears interest at the rate of
53%; falls due Dec. 21 1921, and semi-annual interest payments are due
Juno 1 and Dec. 1.
About the time the armistice was signed both issues of bonds had a sharp
advance in prices in the New York market, but recent reports of the chaotic
condition in Russia and indications that Russia will not have representatives
at the Peace Conference have discouraged holders and present price does
not reflect confidence that the bonds will be paid off at maturity.
While no information is available as to future payment of interest and
principal of these issues, it is generally known that the Imperial Russian
Government had large bank balances in this countrY when it ceased to
exist, and there was also an unused balance of money loaned the Russian
Government by the United States which would more than cover its external
loans In this country. It is understood that the United States Government
will have to approve all payments made on Russian loans in the future.
Imperial Russian Government short-term war loan, 5% %, due Feb. 14
1926, were issued Feb. 14 1916, for 2,000,000,000 rubles. This loan is
payable in rubles at the Imperial Bank or its branches. Interest is payable
Feb. 14 and Aug. 14. Existing conditions do not hold out much promise
of payment of these bonds.
Following shows high and low figures for Russian bonds during 1918 and
closing or last price on Jan. 7 1019:
—1918—
1919
High. Low. Jan. 7.
Issue—
$231 $76 $122
*Ruble internal loan 5%s, 1926
External loan 630, 1919
78
38
50
Externat loan 5%s, 1921
73
32
49%
* Quoted in dollars per 1.000 ruble bond.
213
The convention also was urged by one of the speakers to ask Senators
Johnson and La Follette to work for the freeing of all Russians held in
American prisons as German spies on the ground that their arrests had been
caused by the machinations of German agents.
A resolution was adopted calling upon all the recent belligerents to return
to Russia all shipping seized by either side during the war.
The convention decided to appeal to steamship companies to co-operate
in aiding Russians to return.
A dispatch from Washington last night announced that Ambassador
Bakhme I ff was in France, but that the money printed here is now in the
hands of United States representatives in Vladivostok.
Further reference to the subject was contained in advices
from Vladivostok under date of Jan. 3 to the Associated
Press as follows:
As a conservation measure the interailled command here has appointed
a commission to take charge of the immense quantity of war supplies in
Vladivostok pending the recognition of some Russian Government as the
suitable recipient. This measure applies only to the old stocks, to which
the title is indefinite, and does not affect the supplies now arriving.
The large shipment of Russian currency sent by the Russian Embassy
at Washington to be forwarded to Omsk, the delivery of which was halted
by a cable message, was still on board the transport bearing it when!she
left this port. Prince Galitzin, custodian of the shipment of bonds, landed
on Dec. 11, is awaiting instructions regarding the securities.
SPANISH BUDGET FOR 1919.
The "Official Bulletin" of Jan. 11 publishes the following
advices from Consul-General Hurst at Barcelona:
The budget laid before the Spanish Congress of Deputies on Nov.T5
1918 comprises disbursements for the State of 2,176,156,685 pesetas, which
Is an increase of 665,509,078 pesetas as compared with the appropriations
for 1918. [The normal value of the peseta is $0.193.1
Higher appropriations are proposed in all the Government branches
except the navy, which is allowed 603,636 pesetas less than it was allowed
for 1918. The greatest increase is proposed for the Ministry of War,
amounting to 421,619,363 pesetas, in contrast with 165,788,438 pesetas in
1918. The second greatest advance is for the Ministry of Public Works,
for which 379,241,370 pesetas are proposed, compared with 175.235,302
pesetas in 1918.
The prospective revenue of the State during 1919 is estimated at 1,597,979,568 pesetas, an increase compared with the revenue of 1917 of 316,940,750 pesetas.
Additional revenue is proposed through direct and indirect taxation and
from the monopolies of tobacco, matches, lotteries, powder, and other
commodities. Two new forms of direct taxation proposed are on the unearned increment of real property and on inheritances.
The proposed balance sheet provides for an initial deficit of 578,180,116
pesetas. an increase of 364.575,374 pesetas over the deficit of 1917.
PROPOSAL OF ALLIES TO ESTABLISH GOLD SETTLEMENT FUND.
It is learned through Washington press dispatches of
Jan. 13 that the establishment of a gold settlement fund of
several hundred million dollars to facilitate foreign exchange
transactions and eliminate the necessity of shipping quantities
of gold between countries is under discussion among financial
advisers of the Allied Governments and may be planned at
the forthcoming Peace Conference. The press advices state:
The purpose of this fund, which probably would be deposited in trust
with the Bank of England, would be to form the basis for credit transactions
between nations in the same way by which the American Federal Reserve
system's gold settlement fund now constitutes the basis for transfers of
credit among reserve banks, making it unnecessary to transfer gold within
the country. Exchange balances between countries, instead of being
settled by actually shipping gold, as would be done in normal times, would
be arranged by simple book transactions, with the earmarked gold as
guarantee.
Allied financiers propose tentatively that a half billion dollars be the
maximum size of the fund at first and that neutral countries be admitted
If they choose to participate. Eventually this might become an international gold pool, guaranteeing exchange clearings among all countries.
The United States' contribution to the fund as now discussed probably
would not be more than $200,000,000. The Government now holds in
Treasury vaults more than $2,500,000,000 gold, of which $1,333,000,000
is in the Federal Reserve gold settlement fund and $882,000,000 as the
basis for outstanding gold certificates.
Legislation would be required as a preliminary. The fund would be
used only for current transactions, not to settle debts now owed the United
States by the Allies.
INDEBTEDNESS OF THE NATIONS OF THE WORLD
AT MORE THAN 200 BILLIONS.
REPORTS CONCERNING PRINTING OF RUSSIAN BANK
The
gross
indebtedness of the nations of the world .has
NOTES IN UNITED STATES.
risen in four years from 27 to more than 200 billion dollars,
from
following
the
New
York "Tribune" of according to a statement prepared by the Mechanics &
We take the
Jan. 9:
Metals National Bank of New York and made public on
Charges that Russian paper money to the amount of more than 85,000,000 Jan. 13. According to this statement, the indebtedness of
rubles ($42,500,000) had been printed in New York by the American Bank
Note Co. on the order of Ambassador Boris Bakhmoteff, without consent the seven nations which were chiefly engaged in carrying
of the Russian Government. were made at the convention of Russian forward the Great War amounted to 194 billion dollars on
Soviets of America and Canada at Manhattan Lyceum, in East Fourth Jan. 1 1919, Great Britain and Germany having the largest
Street, yesterday
, Alexander Brailovsky, editor of"The Workman and Peasant," in making debts of any of the belligerents, France being third after these
the charge, said the proofs were in the hands of Professor Kwasha, former countries, while next in turn were Austria-Hungary, Russia,
professor in the Russian Mining Institute, who is now in this country.
the United States and Italy. The United States came into
Professor Kwasha, according to Brallovsky, also has evidence to show that
the recent drop in the value of the Russian ruble in the money markets of the war after the other nations, and that fact set it apart
the world was due to the flooding of Russia with unauthorized paper money from the common trend, notwithstanding that war expendiprinted in England and Japan.
It was explained that under Soviet rule Russia prints money as It is tures here from 1917 forward were more than those of any
required for governmental use, and, unlike other currency systems, notes other single belligerent. According to the bank's figures
are backed only by the good faith of the government without an intrinsic securities now outstanding against the seven nations which
equivalent in the treasury.
The unauthorized printing and circulation of Russian notes was described chiefly financed the war represent a sum greater than the
developed wealth of any single-nation of the world other than
as "pure exploitation" of the Russian people.
214
THE CHRONICLE
[VoL. 108.
the United States. They represent a sum six times as large Maurice Leon, Frank A. Vanderlip, and the Rev. Dr. Manning of Trinity
as the deposits of all the banks of the United States, twelve Church.
On the 9th inst. a further list of American honored by the
times as large as all the gold and silver mined since the
beginning of the world, and twenty times as large as the French Government was made known in Paris cablegrams
of the 9th which said:
value of our annual foreign trade. The bank says:
The indebtedness of Great Britain, which in the middle of 1914 represented a mortgage equal to 4% of the nation's wealth, now represents a
mortgage equal to more than 44% of that wealth. The indebtedness of
Germany, which in 1914 represented a mortgage of 6% of Germany's
national wealth, now represents a mortgage of nearly 50% of that wealth.
For Austria-Hungary the increase has been to 60% of the nation's wealth,
for France and Russia to 45%, and for the United States 8%.
Estimating the indebtedness of the nations on Jan. 1 1919, the figures
of the Mechanics & Metals National Bank are as follows, in comparison
with the national debt figures as they stood at the outbreak of the war,
on Aug. 1 1914:
Gross Debt of—
ding. 1 1914.
Jan. 1 1919.
United States
$1,000,000,000
$21,000,000,000
Great Britain
3,500,000,000
40,000,000,000
France
6,500,000,000
30,000,000,000
Russia
4,600,000,000
27,000,000,000
Italy
2,800,000,000
12,000,000,000
Among those who will receive the Cross of Chevalier is Charles M.
Schwab, steel maker and ship builder.
Those made officers include Oscar R. Cauchois, freight agent of the
French Line of steamers at New York; Alexander T. Mason, Vice-President of the Federation of French Alliance in the United States and Canada,
and Mgr. Dr. Thomas Joseph Shahan, President of the Catholic University of Washington, D. C.
Among the Knights created are:
Richard G. Wood, President of the Alabama Iron and Steel Company.
James Brown, of Brown Brothers & Co., New York.
James A. Alexander, President of the National Bank of Commerce,
New York.
Gates McCarragh.
Brig.-Gen. Samuel M. C. Roberts.
Frank A. Munsey, the New York publisher.
Mason C. Chase, naval engineer.
James A. Farrell, President of the United States Steel Corporation.
E. P. Thomas."
Entente Nations
$18,400.000,000 $130,000,000,000
Samuel M. Vauclain, Vice-President of the Baldwin Locomotive ComGerman Empire and States
$5,200,000,000
$40,000,000,000 pany.
Austria-Hungary
3,700,000,000
Robert Goelet of New York.
24,000,000,000
Joseph Clendenin, Vice-President of the American Smelting and ReTeutonic Nations
$8,900,000,000
$64,000,000,000 fining Company.
Gross Debt. All
$97,300,000,000 $194,000,000,000
Alfred C. Bedford, President of the Standard Oil Company of New
Vast as the above figures are, the debt obligations of the nations will not Jersey.
J.
A. Campbell, President of the Youngstown Sheet and Tube Company.
end even here. A gross total of 194 billion dollars for the countries given,
Pierre Irving du Pont de Nemours.
acknowledge only the war indebtedness, as added to the indebtedness of
Colonel E. Buckner.
1914. It makes no allowance for obligations to be incurred for further
Charles H. Sabin, President of the Guaranty Trust Company of New
military purposes, for the demobilizing of armies, and for pensioning them.
York.
Nor does it allow for the restoration and replenishment expenditures that
Alexander J. Hemphill, Treasurer of the Committee for Relief in Belwill impose upon the nations the duty to incur further loans. There will
be, beside the expense of demobilizing the armies, the work of rebuilding gium.
Seward Prosser, President of the Bankers Trust Company, New York.
and restoring, of housing on an unparalleled scale and of roadmaking.
William P. Bonbright of New York. President and Director of numerous
There will be the imperative need of agricultural development, shipbuilding
and improvement of transportation, to say nothing of schemes of economic commercial concerns.
Alvin W. Krech, President of the Equitable Trust Company, New York.
and social reform that are regarded as absolutely essential to future national
Lorenzo Semenle and Paul Fuller, legal counselors of the French Governefficiency.
The Mechanics & Metals National Bank maintains, in drawing con- ment.
Adrian Iselin of New York, financier.
clusions from the figures of the war debts, that none of the large nations
Benjamin Strong, Governor of the Central Reserve Bank of New York.
will default their war bonds, nor seek to cancel them by any outright
James N. Wallace, President of the Central Trust Company, New York.
confiscation of wealth. "The moral obloquy and financial chaos attending
Albert II. Wiggin, President of the Chase National Bank, New York.
deliberate repudiation of war debts." the Bank says, "would be greater
Irvin S. Cobb, writer.
than any of the nations could bear." During the reconstruction period
Owen Johnson, writer.
the nations will be zealous to restore their prestige and return to normal
Henry Sleeper.
business pursuits with their reputation and financial standing firmly
Raymond Weeks, educator, who has been in the ambulance service in
established among the people of the world. To insure this, first and foremost will be the need that their credit shall remain unquestioned. Russia France.
Cass Gilbert of New York, architect.
offers a present-day example of a nation that has lost position and confiJohn R. Mott of the Young Men's alristian Association.
dent through the endeavor of a de facto government to avoid meeting its
Mrs. Robert Bacon, wife of the former American Ambassador to France.
just obligations. Governments in the past have gone out of existence, yet
history shows how often the people of those nations nevertheless acknowledged and met the debts contracted in their names, rather than have the
sacredness of their word dishonored and their credit destroyed.
It is maintained by the bank that, if debts are not to be repudiated or MODIFICATION OF REGULATIONS GOVERNING FOREIGN EXCHANGE DEALINGS—TRADING
scaled down, it will ultimately have to be out of the people's income and
savings that the necessary funds are provided. "Taxes will have to wipe
WITH ENEMY ACT STILL LAW.
the slate clean," says the bank, "for while public securities are a mortgage
Under date of Jan. 13 F. I. Kent, Director of the Division
on the wealth of a nation, their security is really the right to share in the
earning power of that nation, and be redeemed out of that earning power. of Foreign Exchange of the Federal Reserve Board, anThe difficulty will be very great of adjusting the tax levies properly, for
it is plain that there is a maximum of taxation beyond which any nation nounced the withdrawal in part of the regulation of June
will not find it safe to go. To make a tax too extreme would be to kill 11 of last year which required certain information by "dealinitiative and incentive, and thus diminish industrial and commercial pros- ers" receiving deposits for the credit of foreign corresponperity. If tax bills in any country were hereafter to exceed the annual
excess of the people's production over consumption, the progress of that dents. Mr. Kent calls attention at the same time to the
nation would stop."
fact that the "Trading With the Enemy Act" is still law, and
The bank maintains that increasing wealth of the nations, combined with that it is
"against the law to make remittances to "enemy"
carefully drawn tax plans, will eventually bring about the wiping out of
the war debts. It shows that in the century following the Battle of territory without regard to whether it is at present within
Waterloo, the British nation gained vastly in prosperity, although its Allied control or not, except as permission is extended
debt was larger than ever before. In similar fashion it is shown that the
through the Division of Foreign Exchange." The followwealth of France increased in face of war. Notwithstanding the blows to
her prosperity dealt by the revolution of 1789, the Napoleonic period, the ing is Mr. Kent's announcement.
revolution of 1848, and the Prussian war of 1870, industry and accumulaJan. 13 1919.
tion went on in France, so much qo that, compared with 1789, the wealth TO DEALERS AS DEFINED UNDER TIIE EXECUTIVE ORDER OF
of France up to the opening if the Great War had increased more than
THE PRESIDENT OF JAN. 26:
eightfold.
On June 11 a regulation was issued reading as follows:
"The determining factor of the whole matter in the future," the bank
Credits to Foreign Correspondents.
concludes, "will, after all, lie not so much in the bulk of indebtedness as in
"Dealers" having the accounts of foreign correspondents on their books
the productive power of the people who support that indebtedness. Deprohibited
are
from
accepting credits to such accounts which are flot acpending upon the wealth production of the people, the support of war debts
companied by the name of the party making the original request that the
will be governed accordingly, and debts will be wiped out not by any re- deposit be made, and by name of the party to whom the foreign institupudiation or conscription, but by encouraging industry, trade, commerce tion receiving the credit is to pay the funds, and for whose account such
payment is made, and the purpose of the deposit must also be stated.
and economic activity of every kind."
It is important that this order be noted by all bankers, individuals or
others in the United States, without regard to whether they are "dealers"
or not. This information will be required in addition to the regular CusJ. P. M'ORGAN AND OTHER AMERICANS DECORATED tomers' Statement.
Deposits received for the credit of dollar accounts of foreign corresponBY FRENCH GOVERNMENT.
dents on the books of American "dealers" from "persons,. as defined in
Executive Order, outside of the United States must bear the same
the
A number of decorations have been conferred by the information,
and "dealers" should notify their foreign correspondents
French Government on Americans who since the beginning that when arranging to have deposits made in this country for their account
that such information must follow the deposit.
of hostilities have rendered distinguished services to the
cause of France and the Allies. J. Pierpont Morgan is
among those who have been nominated to or promoted in
the Legion of Honor; the first list ot names of those decorated, was announced as follows in a copyright cable to
the New York "Times" from Paris on the 7th:
Cardinal Gibbons raised to the Dignity of brand Officer.
Promoted to commander grade are: Herbert Hoover, Henry P. Davison, Dr. Henry Van Dyke and J. Pierpont Morgan.
Those to receive the resette of officers are James M. Beck, Simon Flexnor, James Henry Darlington and President Hibben of Princeton.
Those to receive the Cross of Chevalier are Charles R. Miller, editor of
the New York "Times:" Ralph Pulitzer, New York "World:" Frank H.
Simonds, New York "Tribune:" Frank L. Cobb, New York "World:"
RabbiIS. S. Wise; McDougall Hawkes, President Schurman of Cornell,
Until otherwise instructed the above regulation is hereby Withdrawn
In so far as it applies to advices following the deposits to "dealers" but
"dealers" accepting such deposits are still required to dotnand Customers'
Statements from those making the deposits who may not be "dealers."
The attention or "dealers" is also called to the following facts:
I. The "Trading With the Enemy Act" is still law;
2. The Executive Order of the President of Jan. 26 must be obeyed,
together with the regulations which have been issued under It;
3. It is still against the law to make remittances to "enemy" territory
without regard to whether it is at present within Allied control or not,
except as permission is extended through the Division of Foreign Exchange.
The State Department has.notified the Federal Reserve Board that as
rapidly as It is found advisable to authorize transfers of funds to portions
of "enemy" territory now under Allied control, authority will be given,
and as such authority is received from the State Department the Division
JAN. 18 1919.]
THE CHRONICLE
of Foreign Exchange will advise "dealers" through the Federal Reserve
banks and through the newspapers.
As rapidly as it is consistent with the interest of the United States and
the Allies outstanding regulations will be withdrawn
FRED I. KENT,
Director, Division of Foreign Exchange.
j. P. MORGAN & CO. INCREASE RATE FOR CALL
MONEY ON ACCEPTANCES—PROPOSED ORGANIZATION OF ACCEPTANCE COUNCIL.
The interest rate on call loans secured by acceptances
was increased from 43% to 432% by P. J. Morgan & Co.
on the 15th inst. The rate had been reduced by the firm
from 432% to 414% on Oct. 25. The firm's policy of
making advances on calls against eligible acceptances to
dealers and discount houses was inaugurated on Aug. 26,
and the 4M% rate had prevailed from that date until the
reduction in October.
Incidentally, it may be noted, that a meeting is scheduled
to be held in the hall of the Merchants Association in the
Woolworth Building, next Tuesday to perfect the organization of the American Acceptance Council which will
seek to promote the wider use of acceptances. W. P. G.
Harding, Governor of the Federal Reserve Board, and Paul
M. Warburg, former Governor of the Board, will address
the gathering.
CONSIGNMENT OF SILVER TO INDIA.
In reporting a shipment of $3,300,000 silver from Philadelphia, consigned to India, the "Journal of Commerce"
on Jan. 17 said:
The shipment represented bullion obtained from melting silver dollars,
and was the third shipment from that city this month. January shipments
to date aggregate $16,300,000, and total shipments from there since the
melting process began are $102,550,000. The Philadelphia Mint is still
operating twenty-four hours a day, running on contracts for coins for
Argentine and Peru, as well as meeting the great domestic demand for
subsidiary and minor currency.
MONTREAL STOCK EXCHANGE TO CONTINUE
MINIMUM PRICES.
In reporting the decision of the Montreal Stock Exchange
to continue minimum prices for the present, the Toronto
"Globe" of the 14th inst. said:
215
advances, of course, the foreign Governments undertook not to attempt to
place loans in American markets. A special exception was made in favor
of the British Government and its short term Treasury bills, while, as just
seen, Canada was also given some special consideration in this connection.
The plan undoubtedly led to a very considerable increase in the amount
of the loans granted to foreign Governments by the Treasury. It, however.
prevented the bidding up of the rate of interest in this market through the
offer of exorbitant rates by foreign Governments which felt that they would
be willing to pay excessive figures rather than to fail of getting the accommodation they needed. This made an abnormal situation.
Bankers have been approached by Belgium with a proposal that they
advance a loan, either in the shape of a public offering of bonds or through
banking channels.
They said, however,that the negotiations had only reached a preliminary
stage, and that in the meantime England had come forward and arranged
credits on behalf of Belgium, which made it uncertain whether a Belgian
loan would be floated here in the near future. No statement of the amount
asked for was made. It was said that Belgium would doubtless have been
willing to accept whatever amount the bankers were able to provide. As
to the security for the proposed loan, it was learned that the indemnity for
damages inflicted by Germany had entered into the negotiations.
Other countries have also been sounding American financiers on the
question of loans. One of these is Chili, it was said. No amounts have
been determined upon.
Exchange of views regarding a loan to China has also been resumed.
These negotiations were taken -up last summer at the request of the State
Department, but since then they have made slow progress. Whoa the
matter was under discussion before, a loan of $50,000,000 was talked of.
About six weeks ago Secretary McAdoo requested Congress to extend the
authorization of foreign loans out of Treasury funds, so as to permit the
Department to continue to make such loans, even though the war was
technically over. Congress has not been willing to grant this permission,
and this meant that the foreign Governments must be allowed to take their
chance in the market or else be entirely prevented from getting access to
our funds at all. On the other hand, the suspension of control over domestic issues which occurred when the Capital Issues Committee was
terminated practically opened the domestic market to direct bona fide
flotations, and this again would have placed the foreigner at a very decided
disadvantage were he to continue to be excluded from access to opportunities for borrowing in the United States.
The steps thus taken are now regarded by bankers and industrial intersts as almost necessarily culminating in the early removal of the restrictions on the stock market which have been exerted through local control applied by the money committee. Should this be done, or even if it.
should not be immediately undertaken, the series of changes in the situation.
Introduced as just indicated would render obsolete the method of financial.
rationing which has been pursued thus far and hence might tend to force•
upward the rate to be yielded by the Fifth Liberty Loan. That this rate.
would be slightly higher than the rate on the Fourth loan has already been,
definitely foreshadowed, but the process of "demobilization" which is now going on will, it is believed, operate to make the rate higher than would(
otherwise have been expected. This is regarded as a wholesome tendency from the standpoint of the financial market in general.
It is expected that during the process of transition to the new regime, a
close hand will be kept upon the flotations of foreign bonds in order that
they may not be put out in such amounts as to interfere seriously with
the market, and may not opezate to bring about any serious reduction in
the available supply of funds to which ordinary American borrowers can
have access.
Discussion of the question of minimum prices at a special meeting of the
members of the Montreal Stock Exchange this afternoon (the 13th) disclosed a considerable majority opposed to any change at the present time.
Tho first vote was on an amendment proposing that minimum prices on
stocks now selling above the minimum level should be removed. That
A Washington dispatch in "Financial America" yesterwas defeated, and the amendment to the main resolution was then reached,
this amendment proposing that minimum prices be retained until peace day (Jan. 17) said:
The
signed.
large vote in favor of this proposal decided
has been
the
No decision has been made by Secretary of the Treasury Glass upon
fate of the main resolution, which was that all minimum prices should now
the request of the American representatives of one of the Entente nations
be removed.
to
float
approximately
$200,000,000 worth of bonds in the United States.
Consolidated Smelters, the one stock affected to any extent by
the removal of restrictions at Toronto and their continuance here, is now selling Treasury officials indicate that if necessary permission will be given for
above the minimum level. For another thing, while conditions in the members of the Entente to offer limited amounts of foreign paper to the
call money market are improving, the banks are still keeping a tight rein American people. Such offering must be limited, however, it was said,
on unessential borrowing. The re-establishment of minimum prices in because of the extensive American program which includes the flotation
the autumn of October 1917, was due almost entirely to wartime restric- of at least two additional American bond issues. Owing to the fact that
tions in the call money market, and it may be some little time yet before this bond application has been under consideration by Secretary Glass for
some weeks, decision favorable to the flotation is expected shortly.
these restrictions disappear. While the sentiment of the members of
the
Montreal Exchange is presently favorable to a continuance of
In reporting action taken by the Stock Exchange in popuminimum
prices until peace is actually signed, the exchange is not bound down
by any larizing foreign securities, the New York "Times" of Jan. 16
hard and fast decision. To-day's meeting merely went in favor
of no said:
change Just now. A fortnight hence the members might decide
that conditions had improved to such an extent that the minimum
In anticipation of increased listings of foreign securities in the near future,
should be
dropped.
the New York Stock Exchange began issuing yesterday a list of the bid
•
and asked closing prices for all foreign Government and municipal securities
in. This list, which appears elsewhere, will be put out each day.
MODIFICATION BEING tONSIDERED ,OF REGULA- traded
It is the belief that the market here for foreign securities will broaden
TIONS TO PERMIT SALE OF FOREIGN BONDSIN U. S. greatly within the next year, and in
preparation for the increased business
It was reported Jan. 10 that the modification of regulations the Stock Exchange only recently installed a bond ticker service. Eventually the New York market may have a scope as to world securities similar
which prevent the sale in the United States of bonds of to that in London and Paris.
foreign countries is being considered by the Treasury Departmont. Announcement to this effect was said to have
been made by Secretary Glass, who, it is added, stated that
a request had been made by one foreign Government to
float a loan through 1?anks in this country at an early date.
Mr. Glass took occasion to state that Government loans to
foreign countries were restricted now to necessary credits
f for the purchase of foodstuffs in this country.
As to the
plans under consideration with respect to foreign loans, the
"Journal of Commerce" on Jan. 14 said:
Unofficial announcement that the Treasury Department would probably permit the resumption of the offering of foreign loans in the Now York
market was received with strong interest yesterday. Ever since
the
United States became a belligerent it has practically succeeded in
preventing the flotation of foreign bonds in the United States except
after
Government permission had been granted. Such permission
was occasionally given to Canada and some small issues for other countries
were
likewise authorized, but the total amount thus floated was small.
Secretary McAdoo was able to carry on this policy because of his adoption of a system of making direct loans to the Allied Governments. This
made it practically necessary for the foreign borrower to file his request
as a
Government matter. In most cases such an application was met
by an
allowance out of the Treasury funds in an amount sufficient to meet
the
absolute minimum requirements of the applicant. As a condition of such
RESOLUTIONS OF CAPITAL ISSUES COMMITTEE
UNDER WHICH ITS ACTIVITIES ARE SUSPENDED.
In our issue of Dec. 28, page 2421, we referred to the decision of the Capital Issues Committee to suspend its activities on Dec. 31, and gave the statements issued in the matter
by the Chairman of the Committee, Charles S. Hamlin,
and Secretary of the Treasury Glass. We give herewith the
resolutions which were adopted by the Committee on
Dec. 31:
Whereas, The Capital Issues Committee was created as a war measure
for the purpose of conserving the financial resources of the country essential
to the successful prosecution of the war, and
1Vhereas, The President of the United States has declared that hostilities
have ceased and that all branches of business should as soon as practicable
return to their normal channels, and
Whereas, The Committee for these reasons has voted to suspend its
activities on Dec. 311918, and
Whereas, The opinions issued by the Committee during the year 1918
related primarily to the compatibility with the national interest of the said
securities at the time the applications respecting same were presented, and
Whereas, After the suspension of the Committee's activities unless or
until the Committee is reconvened it will exercise no further jurisdiction;
now therefore be it
216
THE CHRONICLE
Resolved, That every applicant who holds a favorable opinion issued by
the Committee shall be notified immediately through the District Committee that after Jan. 1 1919 no further reference should be made in any
advertisement, circular or prospectus, or by any salesman or solicitor, to
the fact that the securities covered by any opinion of this Committee has
been passed favorably, and
Resolved, That all conditions and restrictions requiring securities to be
placed in escrow or withheld from sale for any period, and all agreements
executed pursuant to such conditions, are hereby revoked.
All applicants will be notified thereof by the District Committee.
Resolved, That upon receipt of any letter or telegram of inquiry or any
application or petition for reconsideration of any application heretofore
disapproved or for any modification of conditions heretofore imposed in any
application which was passed favorably, the Secretary is hereby instructed
to reply as follows:
"Replying to your communication respecting an opinion heretofore
rendered by the Capital Issues Committee, I beg to advise that the Capital
Issues Committee suspended its activities on Dec. 31 1918."
PROPOSED AMENDMENTS TO FEDERAL RESERVE
ACT TO ENABLE SAVINGS BANKS TO BECOME
MEMBERS.
Two amendments to the Federal Reserve Act. in the .interest of savings banks were proposed by the Committee on
Federal Legislation of the Savings Bank Section of the
American Bankers' Association in conference with representatives of the Federal Reserve Board at Washington on
Nov. 22. Milton W. Harrison, Secretary of the Savings
Bank Section, points out that in a bulletin issued on Jan. 7
by the United States Council of State Banking Associations, these proposals are described as follows:
[VOL. 108.
ation on the 9th. The text of the proposed measure was
printed in our issue of Jan. 4, page 21. One section would
permit Federal Reserve banks to use their earnings to increase
their surplus until it reached 100% of the capital stock
instead of 40% as now prescribed, and another would
authorize the Board to permit Reserve banks to discount
notes within ce:tain limitations to the extent of 20% of
their capital instead of 10% as at present. Senator Borah
declared that "this seems to be another step in the progress
of inflation." Senator Smoot was quoted as saying: "From
casually reading the bill I think it would provide for very
poor banking business. I believe it would be unwise and
unsafe banking to allow a bank to loan 20% of its capital
and surplus to any one individual or corporation." Senator
Swanson of Virginia favored the placing of a time limitation
on the measure so as to meet the present emergency. Senator
Pomerone of Ohio declared certain provisions in the measure
would permit "vicious banking." A bill similar to that of
Senator Ilitchcock's was introduced by Representative
Phelan. One particular wherein it differs is that the House
bill contains a provision authorizing the establishment of
branches by national banks in a City of more than 100,000
inhabitants and with a capital and surplus of $1,000,000
or more. The following is the text of Representative
Phelan's bill, which has been favorably passed upon
by thellouse Committee, but not yet reported by the Committee:
A BILL
PROPOSAL 1.
To amend Sections 7, 10, 11 and 25 of the Federal Reserve Act, and Section 5172, Revised Statutes of the United States.
An amendment to Section 9 of the Federal Reserve Act, authorizing the
Federal Reserve Board to admit to membership mutual savings associaBe it enacted by the Senate and House of Representatives of the United
tions without capital stock or incorporated savings banks with insufficient States of America in Congress assembled. That that part of the first paracapital stock to entitle them to become member banks under existing law, graph of Section 7 of the Federal Reserve Act which reads as follows:
provided the surplus of such mutual savings associations or the combined "After the aforesaid dividend claims have been fully met, all the net
capital and surplus of the incorporated savings banks is equal to the amount earnings shall be paid to the United States as a franchise tax, except that
of capital stock required of national banks In the places in which such as- one-half of such net earnings shall be paid into a surplus fund until it
sociations or savings banks are located.
shall amount to forty per centum of the paid-in capital stock of such
bank," be amended to read as follows:
H.
PROPOSAL
"After the aforesaid dividend claims have been fully met, the net earnthe
authorizing
Act,
Reserve
An amendment to Section 19 of the Federal
ings shall be paid to the United States as a franchise tax, except that
Federal Reserve Board by regulation to prescr.be the conditions that must the whole of such net earnings shall be paid into a surplus fund until it
be complied with in order that a time deposit may be classed as a savings shall amount to one hundred per centum of the subscribed capital stock
account or savings deposit, and providing that two-thirds of the three per of such bank, and that thereafter ten per centum of such net earnings
cent reserve carried against savings accounts may consist of bonds of the shall be paid into the surplus."
United States issued since April 24 1917, or certificates of indebtedness of
Sec. 2. That that part of Section 10 of the Federal Reserve Act which
the United States deposited with the Federal Reserve Bank.
reads as follows: "The members of said board, the Secretary of the Treasof
s,
amendment
With regard to the purpose of the proposed
ury, the Assistant Secretaries of the Treasury, and the Comptroller
Currency, shall be ineligible during the time they aro in office and
the
the Council states:
•
for two years thereafter to hold any office, position,'or employment in
The Supreme Court has fully recognized the right of Congress to vest in any member bank," be amended to read as follows:
national banks all powers enjoyed by competing State corporations. Na"The Secretary of the Treasury, the Assistant Secretaries of the Treastional banks must meet the competition of State banks, trust companies ury, and the Comptroller of the Currency shall be ineligible during the
with
banks
national
of
and savings banks. To co-ordinate the powers
time they are in office and for two years thereafter to hold any office.
those of competing State corporations, such banks should therefor be given position, or employment in any member bank. The appointed members
the powers enjoyed by these three classes of corporations, and should be of the Federal Reserve Board shall be ineligible during the time they
made subject to the same general restrictions and limitations in the exercise are in office and for two years thereafter to hold any office, position, or
of such powers. On the ocher hand, the privileges of membership in the employment in any member bank, except that this restriction shall not
Federal Reserve system should be extended to those corporations which apply to a member who has served the full term for which he was apcome into competition with national banks, in order that tiny may meet pointed."
the competition of national banks on a basis of equality.
Sec. 3. That Section 11 of the Federal Reserve Act, as amended by
To Increase the Banking Power of the Federal Reserve System.
the Act of Sept. 'Z 1916, be further amended by striking out the whole
aggregating
of subsection (m) and by substituting therefor a subsection to read as
It is estimated that the mutual associations alone have assets
approximately five billion dollars. The incorporated savings banks also follows:
the assets
"(m) Upon the affirmative vote of not less than five of its members
have a very large amount. It is true that a large proportion of
by the Federal Reserve Board shall have power to premit Federal Reserve
of such associations and banks are not eligible for rediscount or purchase
ly
banks to discount for any member bank notes of any one borrower in
Federal Reserve banks, and that the cash resources are proportionate
how- excess of the amount permitted by Section 9 and.Section 13 of this Act:
small. If those associations and banks are admitted to membership,
discounted for any member bank
ever, they will be able to transfer to the Federal Reserve banks a fair pro- Provided, however, That all such notes
shall be secured by
portion of their cash resources and of balances carried with other banks In excess of the amount permitted under such section
States issued since
and will to that extent supplement the resources of the Federal Reserve not4ess than a like face amount of bonds of tho United
States."
still
the
be
United
of
will
indebtedness
of
system
April 24 1917, or certificates
banks. The banking power of the Federal Reserve
further increased when such associations and banks are authorized by State
of the Federal Reserve Act be amended by
25
'Section
That
4.
Sec.
law to invest a larger proportion of their assets in bills, notes, drafts adding thereto a provision to road as follows:
and acceptances eligible for rediscount or purchase by Fedreal Reserve
"That any national bank located in a city or incorporated town of more
banks.
than 100,000 inhabitants, and possessing a capital and surplus of 31,000,000
rules and regulations as the Federal Reserve
To Encourage State Legislation Authorizing the Investment of Savings Deposits or more, may, under such
Board may prescribe, establish branches, not to exceed ten in number,
in Liquid Securities.
within the corporate limits of the city or town in which it is located. But
It is submitted that the admission of mutual savings associations and
no such branch shall be established in any State in which neither State
savings banks into the Federal Reserve system will give an added impetus
banks nor trust companies may lawfully establish Vranches, nor shall
to the movement for State legislation authorizing such associations and
the
the number of branches which a member bank may establish exceed
securities.
in
liquid
assets
their
of
proportion
a
larger
invest
banks to
is
number of branches which the laws of the State in which said bank
Associations or banks which pay interest on practically all deposits must,
within
the
situated permit a State bank or trust company to establish
of necessity, keep a large proportion of their assets invested at all times.
corporate limits of said city or town."
As members of the Federal Reserve system, liquid securities which will
be
a
Sec. 5. That Section 5172, Revised Statutes of the United States,
supplement the earnings of such associations and banks will constitute,
secondary reserve and make possible the investment of an even larger pro- amended to read as follows:
Comptroller
the
circulation,
for
y
notes
"That in order to furnish suitable
portion of their assets than such associations or banks can conservativel
of the Treasof the Currency shall, under the direction of the Secretary
make under existing conditions.
to guard
ury, cause plates and dies to be engraved, in the best manner
Indebtedness.
of
and
Certificates
Bonds
have printed
To Stabilize the Marketfor United States
against counterfeiting and fraudulent alterations, and shall
blank,
in
indebtedof
notes
certificates
circulating
The receipt on deposit of United States bonds and
therefrom and numbered such quantity of
ness by Federal Reserve banks as reserve against savings accounts would or bearing engraved signatures of officers as herein provided, of the decreate a fixed market for such bonds and certificates and would have a ten- nominations of $1, $2, $5, $10, $20, $50, $100, $500 and $1,000, as may
the same. Such
dency to stabilize the value of such securities.
be required to supply the associations entitled to receive
United States
notes shall express upon their face that they are secured by
by the written
States,
United
the
of
Treasurer
bond deposited with the
and by the imor engraved signatures of the Treasurer and Register,
upon their face
PROPOSED AMENDMENTS TO FEDERAL
print of the seal of the Treasury; and shall also express
pay
on demand, atto
same
RESERVE ACT.
the promise of the association receiving the
or vicethe
president
of
signatures
engraved
by the written or
stateSenators opposing the legislation embodied in the bill of tested
president and cashier; and shall bear such devices and such other
Senator Hitchcock amending the Federal Resorva Act ments and shall be in such form as the Secretary of the Treasury shall,
prevented the Senate from taking the bill up for consider-
by regulation, direct."
JAN. 18 1919.]
THE CHRONICLE
SETTLEMENT OF CLEARING HOUSE BALANCES
THROUGH BALTIMORE BRANCH OF FEDERAL
RESERVE BANK.
According to the Baltimore "Sun" of Jan. 3 the plan of
making settlement of balances at the Clearing House through
the Baltimore branch of the Federal Reserve Bank, instead
of in cash at the National Union Bank, went into effect on
the 2nd inst. The "Sun" said:
This is a departure from the policy of the Clearing House from the time
it was established. The member banks have been working on the change
for some time and it was only definitely agreed upon at a meeting held a
few days ago. The chief benefit of the change is to obviate the necessity
of carrying large sums in cash through the city streets to meet the debit
balances of the banks. These can now be settled by check on the Federal
Reserve Bank from the balances of the debtor banks with the Federal
Reserve Bank. The National Union Bank continues as the Clearing House
headquarters, the only change involved being the settlement of the daily
balances.
OPENING OF LITTLE ROCK BRANCH OF ST. LOUIS
FEDERAL RESERVE BANK—LITTLE ROCK
RESERVE CITY.
The Little Rock (Ark.) branch of the Federal Reserve
Bank of St. Louis began business on Jan. 6. Announcement
of the opening of the new branch was made in these columns
Nov. 30, page 2046. With its opening Little Rock becomes
a reserve city, and all banks of the city holding membership
• in the Federal Reserve system are now required to maintain
reserves of 10% instead of 7% as heretofore. John M.
Davis is Managing Director of the Little Rock branch of the
Federal Reserve Bank; reserve balances of 43 member banks
have been transferred to the branch by the St. Louis Reserve
Bank.
217
FARM MORTGAGE BANKERS SEEK REPEAL OF TAX
EXEMPTION CLAUSE OF FEDERAL
FARM LOAN ACT.
'Resolutions urging Congress to repeal the clause in the
Federal Farm Loan Act exempting from taxation Federal
Farm loan bonds and bonds of the Joint Stock Land banks
were adopted by the Executive Committee of the Farm
Mortgage Bankers' Association on the 7th inst. at Chicago
where the Committee had been in conference for two days.
With regard to the move of the mortgage bankers to secure
the repeal of the clause the Chicago "Tribune" on Jan. 8
stated that the association has little hope of securing the
enactment of the repealing legislation at the present Congress, but that "the issue is to be taken before the country
in the hope that elections will result in a new Congress to
which a successful appeal may be made." The "Tribune"
also said:
. The association will contend that under the guise of helping the farmer to
finance his operations the Government is fostering the emission of tax
exempt securities which enables the wealthy to dodge taxes and retain
large incomes despite the war burdens of the ordinary citizen.
A brief prepared by E. D. Chasse11, Secretary of the association, contains
a tabulation showing that an investor having an income of $100,000, obtains a return offull5% from a foreign loan bond, while a taxable bond would
yield him but 3.70, and that the Government loses $13 taxes it would collect out of the $50 return on a $1,000 bond it it were taxable. The man
with an income of $1,000,000 annually would have a return of but 2.05%
from the farm loan bonds instead of 5% if they were taxable and the
treasury loses $29 50 taxes out of the $50 interest collected on each bond
owned by this investor.
The association contends that farmers who do not borrow of the Federal
banks are penalized to benefit those who do; that taxes are increased and
Liberty bond prices depressed by the processes of tax exemption, and that,
since but one farmer in 160 has borrowed of the Federal banks, one benefits
while 159 lose by the present arrangement.
The propaganda will not be taken to be as radical as it would have been
measured a year ago. In fact, there are almost as many bankers who believe that municipal bonds should be taxed as there are those who
favor exemption.
When it was proposed in the passage of the last revenue act, to replace a
tax on municipal bonds it was assumed that bankers who had sold them for
generations because of the tax exemption feature would rush to protest, but
a largo number decided that the plan was entirely economic. There was no
serious intention of making the tax retroactive and the Farm Mortgage
Bankers' Association would be content to have the law read that bonds
issued in the future be subject to tax.
C. E. RIEMAN CLASS A DIRECTOR OF RICHMOND
FEDERAL RESERVE BANK.
Charles E. Rieman, President of the Western National
Bank of Baltimore, was recently elected a Class A Director
of the Federal Reserve Bank of Richmond and entered upon
his new duties Jan. 1. Mr. Rieman, who is one of the best
known bankers in Baltimore, was the unanimous choice
of the members of the Baltimore Clearing House and banks
ORGANIZATION OF METROPOLITAN CREDIT
in the Fifth Reserve District, which includes Maryland, the
CORPORATION.
two Virginias, the two Carolinas and the District of ColumThe organization of the Metropolitan Credit Corporation,
bia. At the annual meeting of the stockholders of the
Western National Bank, held on Jan. 14, Alfred R. Riggs under the laws of the State of Delaware, by financial and
was elected a, director to succeed Walter B. Brooks, resigned. industrial interests in this city, is announced. The new
concern is formed for the purpose of extending credits in
,both domestic and foreign trade. The adoption of credits
similar to those in force in European countries in conducting
CHANGES IN OFFICERS OF FEDERAL RESERVE BANK trade wi.th Latin-America before
the war will form part
OF CHICAGO.
of the working program of the new corporation. The corAt the recent annual meeting of the directors of the poration has a capital of $1,000,000 7% cumulative preFederal Reserve Bank-of Chicago B. G. McCloud, Cashier, ferred stock and 10,000 shares of common stock, no par
was made Assistant to the Governor and Sterling B.Cramer, value. The President of the Metropolitan Credit CorporaAssistant Cashier, was chosen Cashier. A. H. Vogt was tion is Eugene A. Groff, formerly manager of the Foreign
promoted from the post of Acting Assistant Cashier to that Trade Department of the National City Bank. George
of Assistant Cashier.
McIntyre, formerly connected with one of the largest
financing companies in America engaged exclusively in
PURCHASE OF ST. LOUIS UNION TRUST BUILDING automobile financing, will be Vice-President. Robert C.
Ogle, formerly Vice-President of the John T. Bailey Co.,
BY FEDERAL RESERVE BANK OF ST. LOUIS.
of
Philadelphia, is Secretary and Treasurer. Besides
Reserve
Federal
Bank of St. Louis
The purchase by the
Messrs. Groff, McIntyre and Ogle, the directors are -James
of the building of the St. Louis Union Trust Co. at Fourth A.
Whitcomb, founder and owner of a chain of restaurant
and Locust streets has been approved by the Federal Reserve
companies
in the United States and Canada; LeRoy SarFederal
Reserve
the
Bank has acquired
Board. In addition
gent, President of LeRoy Sargent & Co., Inc.; E. S. Ed72 feet on Fourth Street, north of the building. The trust
wards, Vice-President of the Haitian-American Sugar Co.,
company plans to erect a new building at Seventh and
and
formerly Vice-President of the American Tobacco
the
purchase
Regarding
by the Reserve
Locust streets.
Company.
Bank, Rolla Wells, who has since resigned as Governor of
the bank, was quoted in the St. Louis "Republic" of Jan. 3
PAYING OFF TREASURY NOTES.
as saying:
The following is taken from the "Wall Street Journal" of
St. Louis will, through this deal', have one of the finest Federal Reserve Jan. 16:
buildings in the country. With the acquisition
of the 'i2 feet north
bank
of trust company building on Fourth Street, we can build as high in the
air as we see fit and tho location will, in every way, take care of our needs
for many years. I think the Federal Reserve Bank made a very excellent
purchase, and the St. Louis Union Trust Co. desiring the Seventh and
Locust street location, it has been a very happy solution for both of us.
The new building will give us approximately 70,000 square feet of floor
spade, while in our present quarters we have but about 25,000 feet.
J. C. UTTERBACK CLASS A DIRECTOR OF FEDERAL
RESERVE BANK OF ST. LOUIS.
J. C. Utterback has been elected a Class A director of the
Federal Reserve Bank of St. Louis for three years from
Jan. 1 1919, succeeding F. 0. Watts; Mr. Utterback is
President of the City National Bank of Paducah, Ky.
The Government is again redeeming the one-year Treasury 3% notes
issued to the Federal Reserve banks in connection with the conversion by
the Federal Reserve banks of United States Government 2s into 50%
United States 38 and 50% 3% Treasury notes, as provided by the Federal
Reserve Act. In the first eight days of January the Government redeemed $7,635,000 of the notes, leaving but $1,666,000 in the hands of
the Federal Reserve banks, which are used to secure circulation.
For the fiscal year to date the Government has redeemed $17,484,000
of the notes, as compared with $9,859,000 for the corresponding period
of 1918.
The Federal Reserve banks use the Treasury notes in part to secure
their issue of Federal Reserve bank notes in the $1 and $2 denominations.
For the same purpose the Reserve banks use the special issue of 2% Treasury certificates and since the end of December the banks have added
$10,135,000 to their holdings of this issue, making the total used to secure
circulation $114,842,000.
On Oct. 1 1918 the Government redeemed $5,064,000 of the Treasury
notes, reducing the amount then held against small Reserve bank notes
to $9,301,000.
218
THE CHRONICLE
ACTION BY HOUSE TO DISCONTINUE SUBTREASURIES.
A provision in the Legislative, Executive and Judicial
Supply bill adopted yesterday (the 17th) by the House, would
abolish on July 1 next the Sub-Treasuriesat Baltimore,
Boston, Chicago, Cincinnati, New Orleans, New York,
Philadelphia, St. Louis and San Francisco. The provision
directs that the Secretary of the Treasury discontinue at those
points the offices of Assistant Treasurer.
APPEAL BY SECRETARY OF TREASURY GLASS FOR
PURCHASE OF TREASURY TAX CERTIFICATES.
A statement urging investment in the offering of Treasury
certificates of indebtedness by those who have income and
profits taxes to pay, was issued as follows on the 14th inst.
by Secretary of the Treasury Ca2rter Glass:
January 14 1919.
In order that those who will have income and profits taxes to pay may
prepare themselves in advance for these payments and accumulate gradually the funds necessary to meet them, an issue of 41,5% Treasury certificates of indebtedness, dated Jan. 16, and maturing June 17 1919, is being
offered for subscription.
These certificates (which are more fully described in the enclosed Treasury Department Circular No. 133) will be accepted at par with an adjustment of accrued interest in payment of income and profits taxes when
payable at or within sixty days before the maturity of the certificates, I. e.,
on and after April 18 and on or before June 17. Under the existing revenue
law, income and profits taxes are payable on June 15, except in the case
of those corporations which pay their taxes on a basis of a fiscal year
other than the calendar year. Under the pending revenue bill, as passed
by the Senate, an installment of such taxes is payable on June 15, except
in the case of those persons and corporations who pay their taxes on the
basis of a fiscal year other than the calendar year; and I am informed that
the House conferees have indicated their acceptance of the provision of the
Senate bill.
These Treasury certificates are absolutely payable in cash at maturity
if the holder does not make use of them in payment of taxes, and the
United States reserves no option to call them for redemption before maturity. They carry exemption from State and local taxes, except inheritance taxes, and from the normal Federal income tax. These features,
together with the liberal interest rate, and short maturity, make these
certificates particularly desirable as a temporary investment for otherwise
idle funds. A similar issue of certificates, dated Nov. 7 1918, maturing
March 15 1919, was announced on Nov. 6, and it became necessary to
close the issue on Nov. 27, although very heavy subscriptions were being
reported daily and the demand had by no means been satisfied. The
total amount of subscriptions allotted for that issue was $794,172,500,
and it was not believed desirable to have any greater amount of certificates
maturing on that date.
Taxpayers and others who purchase these certificates will not only make
a wise investment of their money, insuring a liberal return and early repayment, but will be performing a service of patriotism by lending material
aid to the Government in meeting the tremendous expenditures growing
out of the war. At the moment the armistice was signed the effort of the
United States in men and materials was about reaching the peak, and the
bills which were incurred during that period are coming fast into the
Treasury. The expenditures of the Government during the six months
ended Dec. 31 exceeded ton and one-half billion dollars, and in the month
of December alone exceeded two billion dollars.
It is safe to say that without the unstinted effort which was made by
America, the war could not have been brought as promptly to a successful
conclusion. We shall not now grudge the payment of the bills which
were incurred to bring about that glorious result.
Very truly yours,
CARTER GLASS, Secretary.
CARTER GLASS WOULD APPEAL TO PATRIOTISM IN
FLOATING NEXT LIBERTY LOAN—E. C. STOKES
ON GOVERNMENT OWNERSHIP.
In his first public address since he became Secretary of
the Treasury Carter Glass told the Associated Banks of New
York last Monday night at their annual dinner at the
Waldorf that "we are not going to float the next Liberty
Loan strictly on a commercial basis" but that "we have
got to invoke the patriotism of the American people."
Adding that he was "going to do it confidently," Secretary
Glass declared that "there is going to be such a response as
was never witnessed before in America." Secretary Glass
was prompted to thus declare his views before the Association
(which comprises Group VIII of the N. Y. State Bankers'
Association) because of the fact that he had been advised
that it would be impossible to again appeal to the patriotism
of the American people and that the next Liberty Loan
would have to be considered in a "cold-blooded fashion."
"I do not say," said Secretary Glass, "that the rate of
interest may not have to be somewhat increased," but he
asserted "we cannot approach it and should not approach it
in a cold-blooded business way." We quote as follows
from his speech:
[VOL. 108.
assure me of the difficulties of my situation I am discouraged, except for
the fact, gentlemen, that I am of an optimistic turn of mind—even in my
young life I have lived to see so many impossible things accomplished.
I recall very distinctly that it was said to be impossible ever to revise the
banking and currency system of the United States. It had been undertaken time'and again within the preceding quarter of a century, from the
day of the International Monetary Conference down, and many of the
most accomplished statesmen of our nation had failed to do what was
universally admitted should be done; and when I undertook the task I
was confronted with the declaration that it was impossible of achievement.
Yet the banking and currency system of the country was reformed, and
even to-day those who opposed as well as those who approved are frank
enough to admit that the reformation of the banking and currency system
helped win this war and helped save America from financial chaos.
After the system had been devised, the war coming on suddenly, it was
insisted that it would be taking desperate chances to put it in operation.
One of the sanest and soundest of all American bankers gave warning that,
should the Federal Reserve Bank be opened in that exigency, before sixty
days had elapsed, the whole system would be wrecked, and yet the echo
of the first guns that were fired at Liege had scarcely died away when the
system was put into effect, and it is not wrecked yet.
So that, gentlemen, impossioilities are constantly made possible, and
when I am told of the difficulties that I have confronting me in the matter
of the next Liberty Loan, I consider these things, and go forward with
confident hope and expectation, believing that when the appeal is made to
the judgment and to the sentiment of the American people, the Fifth,
and I trust the last, Liberty Loan will go over the top as the four preceding Liberty Loans have done.
But I am told in a rather disconcerting way by men of excellent judgment
and tested patriotism that we shall have to consider the next Liberty Loan
in a cold blooded fashion; that we shall have to approach the subject in a
very different attitude of mind and of heart from that which prevailed with
the other loans; that we must put it on an investment basis; that it is
essential that it be commercialized, and that it will be impossible again to
appeal to the patriotism of the American people. I wonder if that is
exactly.the fact. I wonder if, because we no longer hear the sound of the
guns, we feel privileged to lay aside our patriotism, to lay it upon the
shelf, to forget the honorable commitments of this Government, and to
deal with the matter in cold blood and strictly from a business point of
view.
I want the advice of the banking community of the United States. Its
achievements are such as to invite the confidence and the admiration and
the faith of any American citizen, and I am not afraid to have their advice.
I stand here to-night and frankly say that I should despair if I might not
confidently ask their advice in .an emergency like this. And I wonder if
those of them who have taken this view have carefully considered the
matter. I would like to take gentlemen who think this way for a moment
to the devastated regions of Northern France and of Belgium, and there
let them get a comprehensive view of what has happened, of what real
sacrifices have been made for their freedom and mine.
My own life has been too hard and too real to indulge in sentiment or
foolish emotion. But, gentlemen, I say that it takes a higher type of
patriotism to serve this nation to-day than it required in the delirium of
war, and that it is the duty of the American people, and I believe that
they will regard it as their privilege, to approach that question with some
degree of patriotism and not altogether on a commercial basis.
We are not going to float the next Liberty Loan strictly on a commercial
basis. It is impossible to do it. A little thought will teach the wisest
among the financiers of this country that it is impossible now to float a
loan of five or six billions of dollars purely upon an investment basis
I do not say that the rate of interest may not have to be somewhat increased,
but, gentlemen, it cannot be purely an investment proposition; we cannot
approach it and should not approach it in a cold-blooded business way.
We have got to invoke the patriotism of the American people, and I am
going to do it confidently, and there is going to be such a response as was
never witnessed before in America.
It is my deliberate judgment that it would be a profanation of the spirit
that has already been exhibited to say that we should consider the matter in
cold blood and on a strict business basis. There are yet two millions of
American boys on the soil of France and of Germany who must be brought
home. Your Government is expending at the rate of two millions of dollars
a day to meet its commitments. Its honor is pledged. It is your Government, and therefore your honor'is pledged, and the honor of the banking
community of America was never appealed to in vain, and will not be in
vain appealed to on this occasion.
I thank you again for affording me the privilege of coming to New York
to-day. I shall come again, and I shall discuss with the bankers of New
York this Liberty Loan on a cold-blooded business basis if they will, but
I do not believe that they will take that view. At all events I shall seek
their advice; I shall hope to profit by it, and I know that I may rely upon
them to uphold the hands of their Government in the next emergency.
The gathering was also addressed by Baron Jacques De
Neuflize, a member of the French High Commission; E. C.
Stokes, former Governor of New Jersey, and John Kendrick
Bangs. Mr. Stokes was emphatic in declaring his opposition to Government ownership and operation. He said
in part:
I place Germany and America in illustrative contrast. The German
Empire, Government-controlled and Government-owned. 92% of the
railroads of that country owned by the Government; the telephones and
telegraphs likewise; the banks, Government agencies; industries under
Government thumb or in Government partnership: the finest and the most
efficient industrial. Organization the world ever saw, but a paternal rule
that made its people mere working machines, barbaric and unfeeling.
I turn to America. Her railways and her telephones and her telegraphs
and her industries not governmental, but individual. If her policy did
not produce as great efficiency as Germany's, it made real men and women,
fine characters, recognized their obligations to their fellow men, and when
the efficient war machine of the German Government controlled Empire
met the free, unfettered individualism of America, the German machine
went down to defeat, and individual America triumphed!
The one unanswerable argument of the world against Government
ownership is the verdict of the battlefields of Europe in favor of the AmeriNo friend has approached to felicitate or to congratulate me who has can flag.
Government ownership in any phase Is a menace to democracy. It is
failed to assure me of the tremendous difficulties that lie ahead. Indeed,
it has been done with such frequency and with such unction and such autocracy enthroned. It could delay and hinder the transportation of the
earnestness that it has become somewhat discouraging. I have feW some- goods of the manufacturer or the merchant opposed politically to the
times as if I would like to repair to my library and take down "Martin party that happened to be in power. it could lose the newspapers that
Chuzzlewitt" and make,the acquaintance again of my youthful days and criticised it on their way to their readers, and in the hands of a fourth rate
see if I might not catch somewhat of the spirit of Mark Tapley,the only Jersey politician it could reduce this country to industrial slavery where
man, even of fiction, wh,o could sit on a tombstone and be cheerful.
the people dared only to obey like that which made Germany a menace
As I look back I am discouraged, and as I listen to the friends who to the world.
iâ
JAN. 18 1919.]
THE CHRONICLE
219
in the hands of the public, unconverted, after deducting bonds purchased
by means of the Bond Purchase Fund and bonds held by the War Finance
Corporation, $866,999,900.
Total 4% Liberty bonds outstanding as of Dec. 31 1918 $1,067,680,000.
Under the terms of the contract with the holders of these bonds the
conversion pilvilege etpired on Nov. 9 1918, six months after it arose.
Every effort was made by Secretary McAdoo to give publicity to the fact
ofthe conversion privilege and its approaching expiration, and that privilege
remained open for six months. My belief is that those who did not avail
themselves of the conversion privilege within the period fixed by the
terms of the contract which the Government made with them fall among
the class of small holdefs who are unaccustomed to bond investments, and
who, on account of the very wide distribution of Liberty Loan bonds, were
not reached by general publicity and could not, except in the case of registered bonds, be reached by department circulars.
Insistence upon the letter of the contract will result in less to a group
It is planned to have the campaign run for three weeks and to ask for
between $5,000,000,000 and $6,000,000,000. Whether the interest rate of patriotic bondholders toward whom a special duty of consideration exists.
The
United States has suffered nothing by their failure to act promptly
will be higher than the 4M % borne by the last issues depends partly on
the movement of the market price of Liberty bonds during the next two in the exercise of the conversion right, and it is my judgment that the
months. The bonds will be of short maturity—in the neighborhood of conversion privilege should be extended. I propose to submit to your
committee in connection with the bond bill, which it will be necessary for
five years.
Advertising posters for the fifth loan have been partially chosen and me to present at an early date for your consideration, a provision intended
to
extend the conversion privilege, so that the higher rate of 4 Yi % shall
organizers already are making preliminary plans for sales campaigns.
be effective from the semi-annual interest payment date next succeeding
Motion pictures and public speakers will be used extensively.
the date of presentation for conversion.
On the 10th inst. Secretary Glass was said to have stated
I am writing this letter to you now and giving it to the press in order
that
the holders of these bonds may be informed of my views concerning
that no consideration was being given to a proposal to float
the loan through the banks instead of by popular subscrip- theI matter.
am sending a copy of this letter to Senator Simmins.
tion.
Very truly yours,
CARTER GLASS.
APRIL 6 UNDER CONSIDERATION AS DATE FOR
OPENING OF VICTORY LIBERTY LOAN CAMPAIGN.
Plans for opening of the next Liberty Loan campaign on
April 6, the second anniversary of the declaration of war
against Germany, are said to be under consideration by
officials of the Treasury Department. The Third Liberty
Loan drive was inagurated on April 6 1918, the first anniversary. The new loan, according to an announcement
made by Secretary Glass on Jan. 16 will be "the Victory
Liberty Loan." With regard to the forthcoming loan
campaign Washington press dispatches of Jan. 12 said:
DOUGLAS FAIRBANKS TO ACT AS "OFFICIAL FOOLKILLER" IN STEMMING ATTACKS
AGAINST GOVERNMENT.
According to the Los Angeles "Times" an appeal to
Douglas Fairbanks to act the role of "official foolkiller" in
a motion picture to be used in combating criticisms against
the Administration at Washington has been made to the
screen star by Frank R. Wilson, National Director of Liberty Loan publicity, and Joseph P. Tumulty (Secretary to
President Wilson). The telegram to Mr. Fairbanks from
Mr. Wilson is published in the Los Angeles "Times" of
Jan. 10 as follows:
EMPLOYERS TO FURTHER DISTRIBUTION OF FIFTH
LIBERTY LOAN AMONG EMPLOYEES.
At a dinner given at the Ritz-Carlton Hotel in this city
on Jan. 7 under the auspices of'the National Thrift Bond
Corporation plans for the continuance of thrift among employees were discussed, and the following resolution proposed
by Raymond E. Jones, Vice-President of the Merchants!
National Bank, and seconded by Theodore E. Burton, was
passed:
g
Whereas, An extension among wage-earners of the habit of saving would
not only improve the condition of the working classes, but also benefit our
industries, increase the volume of available capital, and tend to stabilize
Washington, D. C., January 7.
the nation's financial and political habits; and
Douglas Fairbanks, Hollywood, Cal.:
Whereas, It is vital that the process of saving begun during the war be
air
has
been
the
war
the
filled with the spirit of continued before its momentum shall be lost, and the present opportunity
As you know since
criticism. Editors and individuals seem more disposed to peddle criticism for this is an emergency which requires prompt and vigorous action;
directed against groat government activities than to give proper credit for
Resolved, That it is in the common interest that employers should use
really great achievements. Some things against which this storm of such methods of distributing Liberty bonds, especially on the Fifth LibPresident's
are
peace
directed
program, inconvenience of erty Loan, as can be continued permanently thereafter, and put the habit
attack has been
railroad travel during war, high taxes, burden of bond buying, graft in of saving among their employees on an established basis.
conduct of war, too much compensation to war labor, inconvenience of food
and fuel regulations, and especially the general charge that America functioned slowly In war. These frequent criticisms which, give more atten- $2,000,000,000 STAMP SALE CAMPAIGN LAUNCHED.
tion to our failure than ot our successes, actually have the effect of nulliThe 1919 campaign for the sale of the new 82,000,000,000
fying the spirit of intense patriotism developed during the war and threaten
to rob our soldiers and others active in war work of the credit justly earned. issue of War Savings Stamps was opened yesterday (Jan.
This actually has the effect of weakening our national morale and 17). Throughout the five boroughs most complete
preparathreatens the success of the Fifth Liberty Loan. Despite the fact that
America saved liberty for the world, we allowed ourselves less credit at tions were made to launch what promises to be the most
home than any of our allies. All of this suggests the possibilities of a short eventful stamp sale in the history of the United States.
picture in which you would start out some morning as the official foolkiller Hundreds
of sale centres had been selected, and an army of
and as you hear these complaints uttered by various individuals, you turn
upon them, giving them a lecture on real Americanism and then wallop sellers enlisted for the patriotic work. Every available
them as you did the Kaiser. In your line you would need official facts medium for the placing of the stamps before the public will
about our performances in the war. If this film appeals to you, please
be utilized, and both individually and through the work
talk with Secretary McAdoo and Oscar Price, his assistant, who will arrive
at Santa Barbara Monday. Stress points that despite minor mistakes, of organizations, the big W. S. S. task will be energetically
America really did put over the big job and will determine future status carried on. The fact that the now stamp bears the
porof the world, that the war is not over till peace is signed; that the President
is still commander-in-chief and any act which weakens his position is equal trait of Benjamin Franklin has been made a feature of camto interference with Pershing'S military plans. Finally, that Ivo must sell paign appeal. Jan. 17 was the 213th birthday of this aposmore bonds to pay for the big job, and as Americans, we must forget petty tle of thrift and patriotism. His many precepts
and provdifferences. If you will make trailer like this not over 600 feet, I will
plaster the country with it until the next loan. This request goes to you erbs indicating that he would have been a heavy investor
(Signed) FRANK R. WILSON.
in the 1919 stamp issue are being repeated. The stamps
alone.
Mr. Fairbanks's reply is given as follows:
Your telegram received. We are hot at it. Hope to give birth to an
idea soon. Will see Secretary McAdoo upon his arrival here.
PROPOSED EXTENSION OF CONVERSION PRIVILEGE
FOR HOLDERS OF LIBERTY BONDS.
The intention of Secretary of the Treasury Glass to submit
to Congress a provision extending the conversion privilege
for holders of 4% Liberty bonds was made known in a letter
addressed by him this week to Chairman Kitchin of the
House Ways and Means Committee. The announcement
had a favorable effect on the market price of the bonds;
after closing at respectively 92.70 and 92.30 on Wednesday
night, the 15th, the first and second 4s both opened at 94.10
on the Stock Exchange the following morning,when Secretary
Glass's intention became known; Friday's closing was for
the 1st 4s 94.02 and the 2nd 4s 93.70. The Secretary's
letter, which gives figures as to the total amount of 4s
converted, follows:
Washington, Jan. 15 1919.
Dear Mr. Medlin—The total amount issued at 4% bonds of the First
Liberty Loan converted was $568,318,450, of which there remain outstanding as of Dec. 31 1918 in the hands of the public, unconverted, after deducting bonds purchased and retired by means of the Bond Purchase Fund and
bonds hold by the War Finance Corporation, $200,680,900.
14,The total amount issued of 4% bonds of the Second Liberty Loan was
$3,807,862,350, of which there remain outstanding as of Dec. 31 1918
are blue in color and bear upon their face the varying figures
of cost according as they are purchased, month by month,
during the twelve months of the year. This cost varies
from $4 12 in January to $4 23 in December. The Government on Jan. 1 1924 will pay $5 for each stamp. This
means a 4% return on the purchase price of each stamp
compounded quarterly. For this new issue of stamps, new
cards have been provided, and all cards of previous issuance
are not available as repositories for pasting. The limit of
purchase has been set at $1,000 for the individual. One
of the opening guns of the campaign was the announcement
that George M. LaMonte, former Banking and Insurance
Commissioner of New Jersey had been appointed Chairman of Sub-District No. 7, which embraces the 12 northern
counties of New Jersey, forming part of the Second Federal
Reserve District. Mr. LaMonte last year was a member
of the Executive Committee of the New Jersey War Savings
Committee and has a record for putting things through with
vigor and dispatch. Last night, in honor of the campain
inauguration, all of the office buildings of lower Manhattan were illuminated. All sorts of electric devices were
used,and searchlight effects were provided by the Navy Department, the Sperry Company and the various ferry boat
lines. This was designed to accord appropriate honor to
the great Franklin who gave the first visible manifestation
220
THE CHRONICLE
of the possibilitiesZoftharnessing electricity through his crude
experiment of drawing the lightning's flash to earth via a
kite and a key.
Between 12:30 and 1:30 p.,m. yesterday afternoon, wireless
conversations between prominent citizens of New York City,
gathered at the Bankers Club on the top floor of the Equitable Building, 120 Broadway, and naval officers soaring
high in the sky in a giant dirigible and seven seaplanes, were
held for the first time in the history of this community.
The messages served to call attention to the harnessing of
electricity by Benjamin Franklin and the 1919 campaign
for Thrift and War Savings stamps. Among those accepting
invitations tobe present at the Bankers Club and hold conversations with Ensign John Bettridge, U.S.N., assigned by
Rear Admiral Nathaniel P. Usher and Captain A. E. Coffin,
U.S.N., from the Rockaway Naval Air Station, at which
the latter officer is commandant, were the following:
• A. J. Hemphill, Charles H. Sabin, Albert H. Wiggln, George T. Wilson,
Coleman duPont, A. Barton Hepburn, Lewis L. Clarke, Thomas Cochran,
Samuel W. Fairchild, Gates W. McGarrah, Eugenius H. Outerbridge,
Franklin P. Plummer. Seward Prosser, Thomas Thacher and George C.
Van Tuyl Jr.
Arthur M. Anderson and Guy Emerson, of the Liberty
Loan and War Savings Stamp organizations, were also
present. The seaplanes were equipped with wireless telegraph instruments to which naval operators stationed at the
Bankers Club sent messages and from which replies were
sent by the naval men. Through the medium of the radio
telephone, the dirigible was in direct communication with
the guests at the land end of the wireless line.
Secretary of the Treasury Glass in suggesting that Benjamin Franklin's birthday be celebrated as part of the
Government's plan to make it a special year of thrift, had
the following to say in a statement issued on the 12th inst.:
I commend the celebration of January 17th of Benjamin Franklin's 213th
birthday anniversary as a fitting recognition by the American people of
his great precepts and example of thrift as a most auspicious beginning of
the Thrift Year, as 1919 should become known.
Franklin attributed his many brilliant successes to the steady practice
of thrift. We must follow in his footsteps if we are to succeed in completing
the task for which Americans have died; if we are to carry out•our part of
the peace program; if we are to acquire funds for personal as well as national
prosperity.
Franklin's likeness on the 1919 war savings stamps should be a constant
inspiration to the magnificent patriotism which caused him, at the ago of
seventy,to gather up all his available funds and turn them over to the newlyborn United States just before starting on a difficult journey to France to
represent the infant republic there.
"Save and have" is the torch of light which Franldin sends down the
centuries to us. Let all the people of our country relight the torch on
Franklin's birthday by investing in the 1919 war savings stamps issued by
our Government.
•
[VoL. 108.
The Senate amendment relating to the deduction for depletion of mines
and oil and gas wells is of much broader scope than that framed by the
• House. In the Senate amendment it is provided that the basis for depletion allowance shall be the valuation of March 11913. The House bill had
no such provision. Under the Senate amendment a "reasonable allowance"
is made for "depletron and for depreciation of improvements, according
to the peculiar conditions in individual cases, basei upon the cost of the
development."
In the case of mines, oil and gas wells, not acquired by purchase of a
proven tract or lease, where the fair market value is materially disproportionate to the cost, the depletion allowance is based upon the.fair market
value of the (ate of discovery of the property, or within twelve months
after that time.
The Senate amendment to the amortization section of the income tax was
framed by the Finance Committee so as to include vessels devoted to war
purposes, either constructed or acquired after April 6 1917, when the
United States entered the war. Under the section as the Senate passed it.
"reasonable" deduction for depreciation on buildings, machinery, equipment, or other facilities constructed, erected, installed, or acquired for
the production of war materials is allowed.
The Senate struck out the House provision limiting the amortization
deduction to 25% of net income. Upon this point the conferees have not
come to any agreement, the House members to-day insisting that the 25%
limit remain in the bill.
The consolidated returns amendment is new with the Senate bill. The
Senate conferees argued that it was essential to have a more explicit understanding as to affiliated corporations in the application of the income and
excess profits tax than exists under the measure passed last year. Under
the Senate amendment all affiliated corporations must make a consolidated return of net income and invested capital, upon which the tax is to be
based. The aggregate tax is to be computed, according to the Senate
amendment, first as a unit and then is to be assessed upon the respective
aff;liated corporations in such proportion as they agree upon. In the
absence of such an agreement, the tax is to be levied upon the basis of the
net income and invested capital properly assignable to each. Exemptions
of $2,000 for life insurance companies on income tax and of $3,000 for other
corporations on the war profits tax are provided.
Senate conferees urged that the consolidated returns amendment be retained so as to reach affiliated corporations that, under the existing law.
have been able to avoid payment of tax.
The campaign contribution amendment, which the House members
oppose, provides for a tax of 100% on all contributions over $500. This
tax would confiscate all campaign funds above that amount. Not all of
the Senate conferees favor keeping It in the bill, and there is a strong
likelihood that it may he eliminated.
CONFEREES' ACTION ON WAR REVENUE BILL.
In their work on the War Revenue bill this week the
conferees of the House and Senate agreed on Jan. 15 to the
Senate amendment restoring the two cent postage rate on
letter mail and one cent on postal cards. The reduced rate
would become effective July 1. Since our issue of Saturday
last, in which we noted the principal agreements reached
by the conferees last week, the rejection on the 10th inst.
of the Senate amendments to the insurance section of the
bill has been among the matters disposed of. The House
provision, which has been accepted, calls for a tax of 8 cents
on each $100 of life insurance, a tax of 1% on marine, inland
and fire casualty insurance premiums. Under the House
provision the capital stock tax will also operate against insurance companies. In an announcement on the 13th inst.
as to tentative agreement reached by the conferees on several technical and administrative amendments, Senator
Simmons said:
The conferees agreed to several technical and administrative amendments, and have discussed and made considerable progress (without coming to final agreement) toward reaching final action upon the following
important Senate amendments:
1. The depreciation deduction amendment.
2. That relating to the deduction allowance in the case of mines, oil
and gas wells.
3. The amendment to the amortization amendment.
4. That relating to deductions for falling inventories.
5. The consolidated returns amendment.
6. The Senate campaign contribution amendment.
In pointing out what these amendments proposed, the
New York "Times" in a special Washington dispatch under
date of Jan. 13 said:
On the 14th tax rates on luxuries, semi-luxuries, amusement admissions and club dues were agreed upon by
the conferees. Practically all the Senate's rates on luxuries
and semi-luxuries were accepted by the House conferees,
Chairman Simmons of the Senate managers said. Rates
in the House bill on amusement admissions in excess of 30
cents were adopted by the conferees, the Senate managers
accepting the higher House rate, but reaching a compromise
for retention of the Senate rate on admissions of 30 cents
or less. It is estimated that about $75,000,000 in revenue
will be derived annually from amusement admissions under
the conference agreement. The House rate of 20% on club
dues—double the tax under the existing law and estimated
to raise about $9,000,000—was also adopted. In disposing
of the excise or semi-luxury taxes the conferees agreed to the
Senate assessment of 10% of the amount paid in excess of
fixed standard prices by purchasers of semi-luxuries, such
as carpets, picture frames, traveling bags, pocketbooks, umbrellas, fans, hats, shoes, stockings and other articles. The
luxury rate provides.5% taxes on manufacturers' sales of
motor vehicles,tires and accessories, pianos, talking machines,
candy and similar articles; 10% on athletic goods, liveries,
furs, yachts and motor boats and 3% on chewing gum and
toilet soaps.
The conferees on the 15th agreed to retain the House
amendment imposing a tax of 10% on all products of mines
or quarries in which children under sixteen are employed,
and on the products of factories where children under fourteen are employed, or those between 14 and 16 work more
than eight hours a day or six days a week. The provision
carried in the Senate bill with respect to the advisory tax
board, which is to consist of five members each to receive
an annual salary of $9,000, was agreed to by the conferees
on the 15th. The members are to be appointed by the
Commissioner of Internal Revenue with the approval of the
Secretary of the Treasury. Agreement as to the special
license taxes were also reached on the 15th, the amendments
made by the Senate being agreed to by the House conferees
with a number of minor amendments. As indicating what
is proposed in this taxation, we quote the following from
the "Times":
Under the Senate amendment, brokers who are not members of a Stock
Exchange will pay a tax of .140 instead of $100, as provided In the original
The depreciation deduction amendment, wnich has been strongly urged House bill. The Senate made other changes in the original House schedby corporations, was not in the House bill. Under the Senate amendment, ule, and other taxes included in the schedule to which the conference agreed
if it is shown to the satisfaction of the Internal Revenue Commissioner "with minor changes" which, It is understood, dealt largely with phrasethat during the taxable year of 1919 or 1920 a business or corporation has ology, are as follows:
Brokers, members of exchanges, Boards of Trade or similar organizations
suffered a substantial loss resulting from any material reduction of inventory
from the preceding year, the amount of the loss may be deducted from the whose seat or membership was $2,000 or more but not over $5,000, $100.
not income for the year preceding. Any amount found to be duo the tax- If such value was more than $5,000, $150.
Pawn brokers, $100. If gross receipts for year ending June 30 were
payer upon the basis of this re-determination 's to be credited to him or
$2,000 or more but not over $5,000, $100 additional; if more than $5,000.
refunded by the commissioner after he pays his tax.
to-day
accept
to
$150 additional. (The House bill did not contain the last two provisions.)
The House conferees, it was stated, practically decided
Ship brokers, $40:
the deduction amendment. A vote on it will be taken late in the week.
JAN. 18 1919.1
THE CHRONICLE
221
terest, and I feel that it is a very serious loss indeed to the nation that
Custom brokers, $40.
Theatres, museums and concert halls: Seating capacity not exceeding you should find yourself obliged to withdraw from public life.
My best wishes not only, but my affectionate friendship will follow you
250, $50; over 250 and not exceeding 500, $100; over 500 and not exceeding
800, $150; over 800, $200. In towns of less than 5,000 population the tax into retirement, and I hope with all my heart that in some way and at
some time I shall again have the privilege and benefit of being associated
is to be half of that fixed by the schedule.
Halls or armories rented or used occasionally for concerts or theatrical with you. Cordially and faithfully yours,
WOODROW WILSON.
performances were exempted by the House bill. The Senate amendment
adds to the exemptions edifices owned by religious, educational, or charitaAttorney-General
Gregory
is
the
fifth
man to leave the
ble institutions, societies or organizations where all the proceeds go to these
institutions or are collected for the benefit of the military or naval forces Cabinet during the six years of President Wilson's Adof the United States.
ministration. The others were Secretary of State Bryan,
Circuses are to pay a tax of $100, and other public exhibitions not covWar Garrison, Attorney-General McReynolds
ered in the provisions made $15, with the provision that no collection of Secretary of
shows such as State fairs shall be asked to pay a greater combined tax than (Mr. Gregory's predecessor who was named a Supreme
$100.
Court Justice) and Secretary of the Treasury McAdoo.
Bowling alleys and pool and billiard parlors are to pay $10 for each table
or bowling alley, and only tables and alleys in private homes are exempted
from this tax. Clubs are included. Shooting galleries are taxed $20; OTTO H. KAHN CONCEDES RULERSHIP OF WORLD
riding academies, $100.
TO NEITHER LABOR NOR CAPITAL.
- Persons operating or renting passenger automobiles for profit must under
Declaring that "the tremendous event of the war will not
the Senate amendment pay a tax of $10 for each automobile with a capacity
of not less than two nor more than seven, and $20 for each automobile leave the world as it found it," Otto H. Kahn, of Kuhn, Loeb
with a seating capacity of more than seven. Other taxes of passenger
automobiles proposed by the House draft of the Revenue bill are elimi- & Co., speaking at the annual dinner of the Rutgers Alumni
nated.
Association last night, stated that "to the extent that social
On the 16th the conferees adopted with slight change
the transportation taxes of the Senate bill. The rates are
3% on freight, 8% on passenger and Pullman transportation, 8% on pipe line transportation and 10% on leased
wires except wires used for press service. The new rates
on telephone, telegraph, cable and radio messages are five
cents on those costing from fifteen to fifty cents, and ten
cents on those in excess of fifty cents.
Tax rates on beverages in the war revenue bill were also
agreed to on the 16th,substantially all of the Senate's rates,
estimated to yield about $450,000,000 in revenue being
accepted. The conferees' action was taken just before
word was received that Nebraska, the thirty-sixth State,
had ratified the Federal prohibition amendment. The
House managers approved the Senate rates of $6 50 a gallon
on distilled beverages, and the Senate rate of $2 20 a gallon,
that of existing law, on distilled spirits for industrial or other
than beverage purposes. There was no disagreement between the Senate and House on the rate of $6 a barrel on
beer, double the present law, and on the wine rates, also
doubled. The conferees accepted Senate amendment for
relief of those having distilled spirits held in bond when
prohibition becomes effective, excepting such spirits from
Federal taxes.
RESIGNATION OF UNITED STATES ATTORNEYGENERAL T. W. GREGORY.
The resignation of Thomas W. Gregory as AttorneyGeneral of the United States, to take effect March 4, was
announced on Jan. 12. The Attorney-General in his letter
of resignation to President Wilson in indicating the reasons
for his action states that "pecuniary responsibilities of a
substantial nature rest upon me and my private affairs have
long demanded attention." It is understood that Mr.
Gregory will return to the practice of law. Before becoming Attorney-General on Aug. 29 1914 .Mr. Gregory had
served as special assistant to the Attorney-General in the
investigation of the New Haven transportation system in
New England and obtained a dissolution of that system
without resorting to suit. The following is Mr. Gregory's
letter of resignation, dated Jan. 9, and made public at the
White House on the 12th:
Dear Mr. President: In accordance with the purpose expressed in our
conversation just before you went abroad. I tender my resignation as
Attorney-General. It has been not quite six years since I became connected with your Administration, and more than four years ago, a few
days after war was declared by the European nations, I became a member
of the Cabinet. It can be fairly said that during no other six years in the
history of our country have so many groat problems been presented and
solved. The reflection that at such a time I have been permitted to stand
by your side and assist in a modest way in dealing with those national and
international issues is now, and will always be, my greatest source of
pride.
No man ever served a leader who was more uniformly considerate, more
kindly helpful and more generously appreciative. No subordinate was
ever more deeply grateful for the numberless friendly words and acts of his
superior.
Pecuniary responsibilities of a substantial nature rest upon me and my
private affairs have long demanded attention. During the continuance
of actual warfare, I did not feel at liberty to weigh these personal considerations in the balance against the public duties with which I was
charged. By March 4 of the present year, the Department of Justice
will have substantially brought its war activities to a close and be working under normal conditions. I therefore ask that this resignation take
effect on that date. Faithfully yours,
T. W. GREGORY,
President Wilson in reply said:
My Dear Mr. Attorney-General: It is with profound reluctance and regret
that I accept your resignation. I do so only because you have convinced
me that it is necessary in your own interest for you to retire. There has
been no one with whom I have been associated in Washington whom I
have learned more to trust nor to whose counsels I have attached more
value and importance. Your administration of your office has been singularly able and singularly conscientious, and watchful of the public in-
and economic institutions, however deep and ancient their
roots, may be found to stand in the way of the highest
achievable level of social justice and the widest attainable
extension of opportunity, welfare and contentment, they
will have to submit to change." "The temptation exists,"
said Mr. Kahn, "to attune one's utterances to sentiments
which are sure to meet with popular applause and which give
facile access to the reputation of being forward-looking,
enlightened and warm-hearted." Continuing he said:
Thus we have heard it asserted of late, not only at gatherings on the
East Side, but at banquets on Fifth Avenue, that henceforth the rulership
of the world will belong to "labor."
I yield to no one in my respect and sympathy for labor, or in my cordial
and sincere support of its just claims. TIE structure of our institutions
cannot stand unless the masses of workmen,farmers, indeed all large strata
of society, feel that under and by these institutions they are being given
a square deal within the limits, not of Utopia, but of what is sane, right
and practicable.
But I venture to say that this prediction that the world will belong to
"labor" will not and ought not to come true, for the rulership of the world
will and ought to belong to no one class. It will and ought to belong
neither to labor nor to capital, nor to any other class. It will, of right and
in fact, belong to those of all classes who acquire title to it by talent, hard
work, self-discipline, character and service.
It is not by the spoliation of those who have been successful, but by the
creation of larger assets and wider opportunity for all; not by pulling
down some, but by creating a higher level for all, that national happiness
and contentment can and must be enhanced. . . .
Autocracy lies shattered at the feet of freedom. To this blessed and
glorious result, we may justly claim that America has contributed no
mean part—all America, all sections and callings amongst its people—all
with one exception. That exception is the Socialists of the Red type
(together with their spiritual relatives, the Bolsheviki in our midst by whatever name they may call themselves), who regrettably control the Socialist
Party organization in America, but from whom, to their honor be it said,
many of the leading American followers of the Socialist creed have indignantly parted company, and whom the bulk of the labor unions and their
patriotic leaders have decisively rejected again and again.
Too many of these agitators and disturbers—I say it with deep regret,
being myself of foreign birth—are men who came here from foreign lands.
Until they came to America's shores they had tasted little but the bitter
waters of tyranny. Made drunk by the strong wine of freedom, they now
presume to impose their reeling gait upon Americans to whom freedom has
been a pure and refreshing fountain for a century and a half. Having
brooded in the gloom of age-long oppression, they have evolved a fantastic
and distorted image of free government.
In fatuous effrontery, they seek to graft the growth of their stunted
vision upon the ancient tree of American institutions. Admitted in generous trust to the hospitality of America, they groisly violate not only the
dictates of common gratitude, but of those elementary rules of respect
and consideration which immemorial custom imposes upon the newcomer
or guest. They seek, indeed, to uproot the foundations of the very house
which gave them shelter.
America will not soon forget who failed her in the hour of test and trial.
Nor will she be mindless of the demonstrated fact that the extreme of autocracy in Germany and the extreme of Socialism in Russia have led to
the same result for the people afflicted by them—namely, bloodshed ruin
chaos, disaster and disgrace. Against foes within no less than agains t
enemies without the American people will ever know how to preserve and
protect the splended structure of light and order, which is the treasured
inheritance of all those who rightfully bear the name Americans, whatever
their race and origon.
F. A. VANDERLIP'S OBSERVATIONS REGARDING
BUSINESS SITUATION.
Frank A. Vanderlip, President of the National City Bank,
in addressing the members of Group 1 of the Pennsylvania
Bankers' Association at their annual dinner at the BellevueStratford, Philadelphia, on Jan. 9 presented both the bright
and less promising aspect of the financial and industrial
situation. According to the Philadelphia "Record" he
remarked that the symbolism of colors with which the
banquet room was decorated—red, white and blue predominating—generated inspiration for what he wanted to
say; the red, he said, reminded him of the war, now happily over; the white of peace, and, he said, "I wonder if
the blue can be taken as symbolic of the business outlook?"
Then he began, the "Record" reports to enumerate a staggering set of' blue prospects for business. His observations
are given as follows in the paper quoted:
222
THE CHRONICLE
The Government is canceling billions of dollars' worth of orders, he said;
shops that were running under great pressure have suddenly come to the
end of contracts, throwing millions of men out of work; millions of dollars
in Treasury certificates are being offered for sale every fortnight by the
Government, and a $6,000,000,000 Liberty Loan is soon coming, and, in
his Judgment, the transition from war to peace times cannot be accomplished without serious dislocation in industry.
Taxation for Government purposes, he said, has not only been heavy,
but also stunning, and it is tending to make men hesitate from taking
speculative chances; because they know if they lose t+,ey will lose all, and
if they gain, the Government will take the greater part of the profit. Then,
there is the question of foreign competition.
"We see a greater preparation," he said, "in some of the other countries
for peace than we have had. England has had endless bodies of the best
men studying future business trade, and is undoubtedly better prepared
than we are for the problems of business. We have been a wonderfully
altruistic nation.
We also have the railroad situation. This is certainly a disturbing outlook. Government operation has not, at least, proved itself a success;
perhaps it has not demonstrated it is a failure. Congress does not know
what to do, the people do not know what to do, and there is no crystalized
public opinion, even among railroad men themselves as to Just what course
ought to be followed.
We are interested in having a merchant marine; the greatest single effort
of the war has been in that direction, and no one knows yet quite what to
do with that marine. We have built the ships, we have built at great cost,
and have not built many yet, but we shall build many more.
In turning to the brighter side of the situation Mr. Vanderlip is quoted as follows:
Now I do not want to scare you all to death. There is another side
to this question. We won this war and put down the greatest menace the
world ever had. In winning it we demonstrated that America is greater
than her most boastful friends ever imagined. We have made mistakes,
of course we have, but we have made one great gigantic, successful effort.
We have become a unified nation, have demonstrated our industrial capacity to an extent beyond anything we ever before supposed we possessed, beyond our greatest dreams. In fact, we discovered America ourselves, the world has discovered America, and the world is filled with admiration of America.
It is too early to talk about crops, but we now have the greatest outlook
for winter wheat we ever had. There is every assurance of the most extraordinary propsperity on the part of the farming community, and we
have a sound financial and commercial situation. The banking situation
is pre-eminently sound. The whole banking situation, the country over,
Is extremely satisfactory, and we know that it rests on a sound, philosophical, scientific banking system that has been proven, and which will
be of enormous value in the future.
We have a domestic market, which, if the whole world went wrong,
would here within ourselves give us prosperity. If there was a Chinese
wall around the United States there would still be prosperity within that
wall. So that, I do not think, after all, we need to take such a very blue
view of the outlook. Whatever troubles we have, other countries have
them, too, in a much more intensified degree. The war hardly touched
us. Our war debt, if we had to pay similar to our wealth, such as England
has had to do, would be eighty billion dollars, but the war stopped at a
most opportune time for us, and while it lasted hardly touched us.
• As to his view regarding the situation in Germany Mr.
Vanderlip, according to the Philadelphia "Press," said:
I look with the gravest apprehension upon the German situation to-day.
It may be that those people, used for generations to firm hands, can be
controlled, but they are beginning to break loose. They are under an
awful fear that the indemnities which will be placed upon them will mean
slavery for themselves, their children, and their children's children, and
It is not to be wondered at that they are indulging in some madness.
[VOL. 108.
our real friends in Poland and to the people of the liberated units of the
Austro-Hungarian Empire and to our associates in the Balkans. I beg
that you will present this matter with all possible urgency and force to the
Congress. I do not see how we can find definite powers with whom to
conclude peace unless this means of stemming the tide of anarchism be
employed.
WOODROW WILSON.
Mr. Sherley also read the following message from Henry
White, a member of the American Peace Delegation, to
Senator Lodge:
January 8, 7 p. m. For Senator Lodge from Mr. Henry White:
Feel I should no longer delay laying before you condition which has been
gradually forcing itself upon our delegation and which now dominates
entire European situation above all else, namely steady westward advance
of Bolshevism. It now completely controls Russia and Poland, and is
spreading through Germany. Only effective barrier now apparently
possible against it is food relief, as Bolshevism thrives only on starvation
and disorder. I consider it therefore of utmost importance that President's
request of one hundred million appropritation for relief be granted at once.
Impossible to inaugurate peace conference under proper auspices without
previous adequate provision to cope with situation. Aside from stoppage
of Bolshevism, I understand there is in United States considerable surplus
of food accumulated at high prices, maintenance whereof guaranteed our
Government or assurance under Its auspices, and that it is necessary to
dispose of this surplus in order to relieve warehouse and financial facilities,
as well as prevent serious fall in prices, with radical break in market, which
would cost our country more than the appropriation asked for. The
appropriation is not for the purpose of advancing money to Germany,
which will pay on a cash basis for any food sent there. Allies are already
furnishing relief to liberated territories and are disposed to assist otherwise
to extent of their available resources, but most of the food must come from
the United States. I cannot too strongly Impress upon you urgency of
meeting situation herein described.
During Monday's debate Representative Gillet, Republican, said the policy proposed might cost a billion
dollars; Representative Snell of New York, Republican,
wanted to know exactly how the money was to be spent,
and Representative Gordon of Ohio, Democrat, asserted
that no information was given that the fund was needed to
promote peace. Refivence to Food Administrator Hoover
caused Representative Wood, Republican, to declare Mr.
Hoover "the most expensive luxury ever fastened on this
country," and he offered an amendment to put the Red
Cross in charge of the food relief. It was defeated. Representative Good, as indicated in another item in to-day's
issue of our paper, declared the President had violated the
law by turning over $5,000,000 of Government money for
organization of the War Trade Board's Russian bureau.
A favorable report on the bill was ordered on Jan. 16 by the
Senate Appropriations Committee, with but little opposition. No record vote was taken. Senators Kenyon
(Republican) and Hardwick (Democrat) reserved the right
to oppose the measure in the Senate. Yesterday (Jan. 17)
the bill was brought to the Senate from Committee by its
Chairman, Senator Marton. At the suggestion of Senator
Borah, Senator Martin announced that he would let the
bill go over until to-day (the 18th) when he would insist
that action be had in the Senate. Senator Kenyon announced that he would file a minority report opposing the
legislation in the form in which it was presented by the
Committee. The follow' ing is the bill as it passed the House
on the 13th:
BILL APPROPRIATING $100,000,000 TO RELIEVE FOOD
NEEDS IN EUROPE PASSED BY HOUSE.
By a vote of 242 to 73 the House on Jan. 13 passed the
bill appropriating $100,000,000 for food relief for the populations of Europe outside of Germany. The bill is one
urged for enactment by President Wilson, whose represen- AN ACT Providing for the relief of such populations in Europe, and
countries contiguous thereto, outside of Germany, as may be detertations in the matter were reported in these columns last
mined upon by the President as necessary.
week, page 118. Asindicated in our issue of last Saturday,
Be it enacted by the Senate and House of Representatives of the United
the House Rules Committee on Jan. 9, by a vote of 5 to 3, States
of America in Congress assembled, That for the participation by the
refused to report a rule giving the bill right of way in the Government of the United States in the furnishing of foodstuffs and other
supplies, and for the transportation, distribution, and administraHouse; on the 11th inst., however, the Democratic members urgent
tion thereof to such populations in Europe, and countries contiguous thereof the Committee reversed the Committee's action of the to, outside of Germany, as may be determined upon by the President from
9th and ordered the report of a rule giving immediate con- time to time as necessary, and for each and every purpose connected therein the discretion of the President, there is appropriated out of any
sideration to the measure. The vote was 5 to 3 with two with,
money in the Treasury not otherwise appropriated, $100,000 000 which
members present not voting. The rule provided that may be used as a revolving fund until Juno 30 1919 and which shall be
general debate would be limited to three hours and fifteen audited where practicable in the same manner as other expenditures of the
Government are audited: Provided, That expenditures hereunder shall be
minutes, equally divided between those favoring and those reimbursed
so far as possible by the Governments or subdivisions thereof
opposing the bill. In accordance with Chairman Pou's or the peoples to whom relief is furnished: Provided further, That a report
announcement of the 11th the rule was taken up for con- of the receipts and expenditures under this appropriation shall be submitted
Congress not later than the first day of the next regular session.
sideration on Monday, the 13th and on that date the pas- to Passed
the House of Representatives January 13 1019.
sage of the bill was effected by the vote indicated above.
While the debate was in progress 'on Monday Chairman
Sherley of the Appropriations Committee and Chairman GREAT BRITAIN, FRANCE AND ITALY TO PLEDGE
FUNDS FOR EUROPEAN FOOD NEEDS.
Martin of the Senate Appropriations Committee received
a cable message from President Wilson urging immediate
The following cablegram from Paris Jan. 16, copyrighted
action on the measure and setting forth the imperative need by the "Chicago Tribune," appeared in theew York
of the legislation. The President's cablegram to Mr. "Times" yesterday:
Sherley was dated the 11th and was as follows:
It is costing the Allies $30,000,000 a day to support their armies of occuI cannot too earnestly or solemnly urge upon the Congress the appropriation for which Mr. Hoover has asked for the administration of fond
relief. Food relief is now the key to the whole European situatiop and be
the solutions of peace. Bolshevism Is steadily advancing westward, is
poisoning Germany. It cannot be stopped by force, but it can be stopped
by food; and all the leaders with whom I am in conference agree that concerted action in this matter is of immediate and vital importance. The
money will not be spent for food for Germany itself, because Germany can
buylits food; but it will be spent for financing the mo vement of food to
pation. In fifteen days the total cost will be $400,000,000. For that
sum all the new nations and manifold republics which are struggling out
of the welter of war can be furnished with food to ration them through
the remainder of the winter.
If food is not furnished, one after another of them is certain to go deep
into chaos. With each fall the demand for larger armies and for a longer
stay in Europe of American soldiers will increase.
Great Britain, France and Italy have already agreed to furnish onequarter each of the $400,000,000 needed. Their delegates have the power
JAN. 18 1919.]
THE CHRONICLE
and have exercised it to guarantee their share of funds necessary to keep
the new republic out of the abyss.
Only the United States has thus far refused to appropriate its $100,000,000. The necessity is so great, the crisis is so acute that the Food Administration already has cargoes of food and supplies on the ocean, to pay for
which no money is available.
223
ME
elevators, or persons, firms, corporations or associations operating cold
storage warehouses.
It is not necessary for licensees to send to Washington licenses canceled
or modified by this proclamation.
DISCONTINUANCE OF ZONING SYSTEM FOR
REFINED SUGARS.
The discontinuance by the U. S. Food Administration
of the zoning system for refined sugars, which had prohibited North Atlantic refiners from soliciting business
or making shipments in the territory west of Buffalo and
Pittsburgh, is announced. The territory indicated had
been supplied by the beet sugar manufacturers. The Food
Administration's announcement of the removal of the rePROCLAMATION BY PRESIDENT WILSON RELEASING strictions said:
Large shipments of raw sugar afloat for North Atlantic ports promCERTAIN FOODS FROM LICENSE
ise heavy arrivals at those ports for the week ending Jan. 18, but owing
REQUIREMENTS.
to diversion of vessels to other than Cuban trade during the recent strike
In announcing the release of certain foodstuffs from licens- in Cuba the arrivals of raws at North Atlantic ports will again be light
for a short period after Jan. 18. The Food Administration, desiring to
ing requirements, the U. S. Food Administration on Jan. 11 remove
all restrictions as rapidly as conditions will permit, hereby auissued the following statement:
thorizes all refiners and sugar producers to immediately commence offer-
EXPENDITURES OF FOOD ADMINISTRATION.
In response to a resolution the Food Administration reported to the Senate on Jan. 16 that its actual war-time expenditures, according to incomplete estimates, totaled $6,785,253, of which $2,342,996 was taken from the President's
special funds. In addition, contract obligations of $1,432,542 are outstanding.
By proclamation effective Jan. 10 1919,t..e I'resident of the United
States, in accordance with the policy of releasing trades from the restraints of war legislation as rapidly as practicable, has withdrawn the
requirement of licenses under the Food Control Act for all persons engaged in the importation, manufacture, storage and distribution of all
commodities heretofore required to be licensed under the direction of the
Food Administration, except in the following cases:
All persons heretofore required to be licensed engaged in importing,
manufacturing or distributing wheat, corn, oats, rye, barley, fresh, canned
or cured beef, pork or mutton, copra, palm kernel, peanuts, cottonseed,
and cottonseed products, butter, cheese, eggs, sugar, near-beer and other
similar cereal beverages, oleomargarine and butter substitutes, all animal
or vegetable fats and oils. All persons heretofore required to be licensed
engaged in importing or manufacturing wheat flour and wheat mill feeds,
rye flour, barley flour, rice and rice flour, oat meal, rolled oats and oat
flour, corn grits, corn meal, hominy, corn flour, starch from corn, corn
syrup, glucose and raw corn flakes. Cold storage warehousemen, elevators and warehouses storing wheat, corn, oats, rye, rice, barley. All
salt water fishermen licensed by proclamation of Jan. 10 1918, all persons
heretofore required to be licensed engaged in the business of malting
barley or other grains or in the business of distributing malt, all persons
heretofore required to be licensed engaged in business as manufacturers
of fermented beverages containing less than one-half of one per cent of
alcohol.
The withdrawing of license requirements takes with It the cancellation of all license regulations heretofore governing those for whom licenses
are no longer required. The provisions of the Food Control Act are
still in effect.
Licenses are canceled and are no longer required in the case of the following:
All persons, firms, corporations or associations engaged in the business
of importing , manufacturing (including milling, mixing or packing),
storing or distriubting (including buying and selling);_
Syrups and molasses.
Dried beans, pea seed or dried peas.
Poultry.
Fresh or frozen fish (except salt water fishermen, licensed under proclamation of Jan. 10 1918).
Fresh fruits or vegetables.
Canned peas, dried beans, tomatoes, corn, salmon, sardines or tuna.
Mild cured, hard cured, salted, dried, smoked, pickled or otherwise preserved salmon.
Dried prunes, apples, poaches or raisins.
Bread in any form and cake, crackers, biscuit, pastry or other bakersy
products.
White arsenic or other insecticides containing arsenic.
Tomato soup, tomato catsup and other tomato products.
Alimentary paste.
Green coffee.
Casings, made from the intestines of animals, for sausage and for other
food commodities.
Feeds from any of the following commodities or any of the following commodities as feed or feed ingredients:
Sunflower seed,
Dried distillers' grains,
Buckwheat,
Grain and seed screen- Dried yeast grains,
Kaffir,
ings,
Malt sprouts,
Milo,
Lentils,
Baled hay,
Feterita,
Linseed oil cake
Baled alfalfa,
Broom corn,
Linseed oil meal,
Cane seed,
Baled straw,
Beans,
Animal or fish products
Peas,
Emmer,
or by-products,
Dried brewers' grains, Tankage.
Millet,
Products or by-products of any of the following commodities as feeds:
Rice,
Shelled corn,
Palm kernel,
Grain and seed screen- Sugar beets,
Ear corn,
ings,
Oats,
Sugar cane,
Velvet beans,
Barley,
Hay,
Peas,
Buckwheat,
Alfala,
Peanuts,
Straw,
Rye,
Copra,
Soya beans.
Sorghum grains.
Paled nut,
Peanut meal and soya bean meal.
All commercial mixed foods.
Condensed, evaporated or powdered milk.
Buckwheat or buckwheat products.
All products of wheat or rye other than wheat or rye flour or wheat mill
feeds.
All persons, firms, corporations or associations engaged in the business of
distributing the following commodities:
Oat meal, rolled oats, oat flour.
Corn grits, corn meal, hominy, corn flour, starch from corn, corn syrup,
glucose and raw cornflakes.
Wheat flour and rye flour and barley flour.
Rice and rice flour.
Any feeds produced from wheat.
Raw milk.
. All persons, firms, corporations or associations engaged in the business
of storing any food or feed commodities except persons, firms, corporations or associations engaged in the business of storing wheat, corn, oats,
rye, barley or rice, as owners or lessees or operators of warehouses or
•
ing and selling sugar in any territory with the proviso that North Atlantic refiners will make no shipments to points outside of their heretofore
restricted zone until Jan. 20 and will then give preference in shipment to
all orders received in the interim from said restricted zone.
VALIDITY OF PRICE-FIXING BY SUGAR EQUALIZATION BOARD UPHELD BY ATTORNEY-GENERAL.
The validity of the price-fixing and distribution agreement
between the U. S. Sugar Equalization Board and the sugar
refiners is upheld in an opinion by U. S. Attorney-General
Gregory, made public on Jan. 12. The Attorney-General
states that the immediate purpose of the agreement was
to give effect to a plan formulated by the Food Administration to assure an adequate supply and prevent scarcity
of a necessity of life, one of the principal objects of the Food
Control Act as set forth in its first section. He added:
I have no difficulty in saying that in my opinion the agreement bears
a clear and substantial relation to that object and also to the further
object expressed in Section 1 of establishing and maintaining Governmental control of necessaries during the war; and that, therefore, it is
authorized by the Food Control Act and is not prohibited by the Sherman Act.
The "Wall Street Journal" of Jan. 12 said:
Inter-State Beet Growers' Association, claiming a membership of 14,000
farmers, want a price of $1 a ton for each per cent of sugar content in
beets produced, or a flat rate of $16 a ton, according to trade journal
"Sugar." This association embraces Colorado, Utah, Idaho, Montana and
Wyoming. Price paid last year in this section was about $10 a ton flat.
In California it is the custom to pay farmers according to sugar content
and price received by the companies for granulated sugar. It is said by
one beet sugar interest in this city that their agreement for next season
with .the farmers in Rocky Mountain States would possibly follow those
lines, in preference to an increased flat price.
Price of $16 a ton is regarded as in the highest degree unreasonable, and
some factories would close down rather than pay it, as it would make it
necessary for them to operate at a loss. Utah-Idaho Sugar Co. has
decided to stick to the $10 price for the coming season. The demands
of the farmers are attributed to professional agitators, who have been
telling the farmers that they were being unfairly treated by the so-called
sugar trust."
RESTRICTION ON IMPORTATION OF TANNING
MATERIALS LIFTED.
The War Trade Board announced on Jan. 11 that W. T.
B. R. 378, issued Dec. 5 1918, restricting the importation
of tanning materials and tanning extracts, is withdrawn
and that applications will now be considered for license
to import tanning materials and tanning extracts from any
country.
FUEL ADMINISTRATION ORDERS RELATING TO
PRICES OF COKE.
The "Official Bulletin" of Dec. 30 said:
An order providing that in localities where anthracite is obtainable the
prices to dealers of by-product coke for distribution by them in less than
carload lots or for household purposes shall not exceed the established
maximum prices of gas coke sold under the same conditions, is announced
by the United States Fuel Administration.
The order becomes effective January 1 and applies to prices at point of
production. It was stated that its effect would be to lower the maximum
prices of by-product coke, which already is selling at less than these prices
in some localities.
Another order, also effective January 1, established definitely that in
localities where anthracite coal is obtainable the prices to dealers of gas
coke for distribution in less-than-carload lots or for delivery direct to
consumers for household purposes shall be the same as the lowest price for
a 2,000-pound ton of stove anthracite at the mines plus the lowest freight
rate to the point where the coke is produced.
This order followed receipt of information that in some places the st'indard 2.000-pound ton of coke was being compared for price-fixing purposes
with the anthracite ton of 2,240 pounds, and that question had been raised
as to what anthracite price should be taken for comparison. The order
=Ices it clear that for comparative purposes the ton shall be 2.000 pounds
of coal and coke alike, and that the lowest anthracite price in the district
taking the lowest freight rate to the point of coke production is meant.
224
THE CHRONICLE
[VOL. 108.
has
dicated opposite the item. Where the restriction upon a commodity
been entirely removed, the date given is the date of the final lifting of the
indinot
are
the
restrictions
of
restriction. Dates of prior modifications
cated.
Where the Name of the Commodity is Given in Capitals, the Restriction Was Still Effective Jan. 6 1919.
1. Agricultural implements. Restriction removed Dec. 24.
2. Animals, live, except for breeding purposes. Restriction removed
Dec. 19.
3. Art works. Restriction removed Dec. 24.
4. Asbestos. Restriction Removed Dec. 13.
5. Beads and ornaments. Restriction removed Dec. 24.
6. Blacking and all preparations for cleaning and polishing shoes. Restriction removed Dec. 19.
7. Manufactures of bone and horn. Restriction removed Dec. 24.
8. ALL BREADSTUFFS EXCEPT WHEAT AND WHEAT FLOUR.
Restriction upon all importations by ocean transportation, including importations from Europe, modified only as follows: Sago, tapioca, restriction removed Dec. 20. Vermicelli from China, restriction removed Dec. 23. Corn
from River Plate ports for account of Food Administration Grain Corporation, restriction removed Sept. 25. Rice importation limited Nov. 7
1918 to shipments in transit to the West Indies or Central America. Wheat
and wheat flour importation limited Oct. 22 1918 to (a) shipments consigned to Food Administration Grain Corporation or Wheat Export Company, Ltd.; (b) in bond in transit shipments to Allied countries; (c) border
traffic shipments from Canada or Mexico.
9. Broom corn. Restriction removed Dec. 19.
10. Candlepitch, palm, and other vegetable stearine. Restriction removed May 25 1918.
11. Cars, carriages and other vehicles. Restriction removed Dec. 19.
12. All acids. Restriction removed Dec. 24.
13. Muriate of ammonia. Restriction removed Dec. 24.
14. Coal tar distillates, except synthetic indigo. Restriction removed
Jan. 6 1919: (Synthetic indigo, List 2, item 137, restriction removed Dec.
23.)
15. Fusel oil, or amylic alcohol. Restriction removed Dec. 24.
16. Citrate of lime. Restriction removed Dec. 24.
17. All salts of soda eixcept nitrate of soda and cyanide of soda. Restriction removed Dec. 24. (Cyanide of soda, List 2, item 122, restriction
removed Dec. 24.)
18. Sumac, ground or unground. Restriction removed Dec. 23.
19. Chicory root, raw or roasted. Restriction removed Dec. 24.
20. Clocks and watches, and parts thereof. Restriction removed Dec. 24.
21. Cocoa and chocolate, prepared or manufactured. Restriction removed Dec. 24.
22. Manufactures of cotton. Restriction removed Jan. 1 1919.
23. Cryolite, importation by ocean transportation prohibited except not
to exceed 2,000 long tons for the year 1918. Restriction removed Dec. 21.
24. Dials. Restriction removed Dec. 24.
25. Dice, draughts, chessman, billiard balls, poker ships. Restriction
removed Dec. 24.
1919. (Eggs, dried.
26. Eggs of poultry. Restriction removed Jan.
frozen, prepared or preserved, and yolks of eggs, List 2, item 127, restriction removed Dec. 12.)
27. Electric lamps. Restriction removed Dec. 24.
28. Explosives, except fulminates and gunpowder. Restriction removed
Jan. 6.
29. FEATHERS, NATURAL AND ARTIFICIAL.
30. Manure salts. Restriction removed Dec. 24.
31. MANUFACTURES OF VEGETABLE FIBERS AND TEXTILE
GRASSES, EXCEPT JUTE. Restriction lifted Dec. 19 as to shipments from
China, Japan and British East Indies only. (Manufactures of cotton,
List 1, item 22, restriction removed Jan. 11919.
32. Fish hooks,rods and reels, artificial bait. Restriction removed Dec. 24.
33. Flourspar. Restriction removed Dec. 24.
All restrictions upon shimpents of buckwheat No. 1 anthracite have now
34. All fruits except pineapples and bananas. (Includes dried, prepared,
been removed,except as there may be embargoes upon anthracite to various
Restriction removed Dec. 24.
points in different States. Virtually, buckwheat No. 1 can be shipped preserved fruits.)
35. ALL NUTS, EXCEPT COCOANUTS AND PRODUCTS THEREOF.
freely under the instructions just issued by the Anthracite Committee of
Restriction modified only as follows: Filberts, walnuts, restriction removed
the U. S. Fuel Administration.
restriction removed Dec. 16. Almonds from China,
Buckwheat No. 1 is the largest size of steam anthracite. It is next to Dec. 27. Brazil nuts,
China, restriction removed Dec. 23. Cahuni nuts from
pea, and recently has been demonstrated serviceable for many domestic waterchestnuts from
America, restriction removed April 11.
uses. It sells at prices much lower than pea and the larger prepared sizes. Mexico, Central
36. Gelatine and manufactures thereof. Restriction upon all importaBy its use householders can save quite materially on their fuel bills and
from Europe, removed
with no more trouble to themselves than is entailed in having it in a separate tions by ocean transportation, including importations
bin and using it about shovel for shovelful with any of the domestic sizes Dec. 24.
37. Gold and sliver manufactures, including jewelry. Restriction reof anthracite.
Under the U. S. Fuel Administration regulations, restrictions still con- moved Dec. 24.
38. Sulphur oil or olive foots. Restrictions removed Dec. 24.
tinue in effect on the domestic sizes of anthracite.
39. Grease. Restriction removed Dec. 24.
40. hay. Restriction removed Dec. 24.
41. Honey. Restriction removed Dec. 16.*
FUEL ECONOMY'S BENEFITS.
42. Hops. Restriction removed Dec. 21.
"Journal
the
in
appearing
advices
According to Washington
43. Infusorial and diatomaceous earth and Tripoli. Restriction removed
from
Dec. 24.
of Commerce" Jan. 9, authentic statistics, tabulated
44. Mantles for gas burners. Restrictions removed Dec. 24.
reports made by four thousand clay products companies,
45. Matches, friction and inciter. Restriction removed Jan. 6.
restricthrough
saved
show that 1,486,000 tons of coal were
46. Fresh meats. Restriction removed Jan. 6.
47. Meerschaum, crude or manufactured. Restriction removed Dec. 24.
tion orders and voluntary co-operation during the first six
48. Musical instruments and parts thereof. Restriction removed Dec. 24.
months of 1918.
49. Nickel. Restriction removed Dec. 24.
50. Oil cake. Restriction removed Dec. 19.
51. Oilcloth and linoleum for floors. Restriction removed Dec. 19.
RELAXATION OF IMPORT RESTRICTIONS BY WAR
52. All expressed vegetable oils, importation from Europe prohibited
TRADE BOARD.
(olive oil prohibited from north coast of Africa also, May 23), importation
A statement, indicating the relaxations of import restric- from other countries unrestricted. Restriction removed Dec. 24.
53. Lemon oil. Restriction removed Dec. 24.
tions made up to and including Jan. 6 1919, has been coin54. Non-mineral paints and varnishes. Restriction renioved Dec. 24.
piled by the War Trade Board.
55. Pencils and pencil leads. Restriction removed Dec. 24.
56. Penholders and pens. Restriction removed Dec. 24.
In presenting the list the Board says:
57. Perfumery, cosmetics and toilet preparations. Restriction removed
It should be noted that the removal of a restriction does not dispense
Dec. 24.
with the requirement of an import license.
58. Phonographs, gramophones, graphophones, and parts thereof. Re'he date of the removal of restrictions as given herein indicates the date
striction removed Dec. 24.
upon which the restrictions was removed as to primary or overseas markets
59. Photographic goods. Restriction removed Dec. 19.
"nly. Shipments made in violation or evasion of restrictions are not
60. Pipes and smokers' articles. Restriction removed Dec. 24.
covered by such removal.
61. Plants, trees, shrubs and vines (includes bulbs). Restriction reWe give the list herewith as made public by the War moved Dec. 19.
62. Plates, electrotype, stereotype and lithographic, engraved. RestricTrade Board:
tion removed Dec. 24.
.
1.
NO.
IMPORTS
63. PLUMBAGO OR GRAPHITE, importation by ocean transportation
LIST OF RESTRICTED
to exceed 5,000 long tons for reIssued March 23 1918, effective for shipments on or after April 15 1918. prohibited after July 1 1918, except not
3 1918, to prohibit shipments
prohibitin3 the importation by ocean transportation other than as return of mainder of 1918. Further restricted July
originating therein;:or_speciMexico,
cargo from Europe or Mediterranean Africa of commodities included there• other than overland from Canada or
grade.
of
crucible
graphite
of
fled
shipments
under, except when different conditions of restrictions are specifically in-
REMOVAL OF REGULATIONS BY FUEL ADMINISTRATION-RESULTS OF CONSERVATION.
Announcement that all orders and regulations as to fuel
conservation, except one relating to natural gas, had been
withdrawn by the Fuel Administration, was made on Jan. 9.
Regulations as to zones and prices, and some others, it was
stated, were gtill effective, but the suspension of these on
Feb. 1 is referred to further below. In its announcement of
the 9th the Fuel Administration stated that the one remaining
conservation order is against waste of natural gas either by
so-called "free consumers" or because of inefficient appliances or carelessness. Coincident with this announcement
it was made known that the Fuel Administration had withdrawn its supervision of the supplying of coal to other
Government Departments. It is stated that while the War
Department is not overstocked with coal, it has about
thirty days'supply on hand. It has assumed direct handling
of its coal requirements since Jan. 1. The Treasury Department and the Departrt ent cf the Interior will resume the
direct handling of thcir ewn coal requirements on Jan. 31.
District representatives of the Fuel Administration have
been instructed to cancel such instructions as they may have
had requiring the shipment of Navy coal, explaining to the
coal company that Navy orders heretofore placed, continue
in effect except as modified or canceled by the Navy Department. It is pointed out that it is only the Fuel Administration orders that are withdrawn, thus leaving the matter
entirely in the hands of the Navy Department and the coal
shippers, as was the practice prior to the formation of the
Fuel Administration.
On the 16th inst. it was announced that tho Fuel Administration had removed restrictions, which since last
spring have barred anthracite shipments froni 30 counties
in Pennsylvania. Stove and nut coal, however, still remain
under regulation.
Yesterday (Jan. 17) it was announced by the Fuel Administration that all zone regulations on coke and all coal
except Pennsylvania anthracite would be suspended Feb. 1.
On the same date all price regulations including purchasing
agents' commission and wholesale and retail margins on
coke and all coal except Pennsylvania anthracite, will be
suspended. These regulations are subject to reinstatement
the Fuel Administration declares, if price, wage, labor,
production or other conditions arise that require it.
The Anthracite Committee, in making known at the end
of December all restrictions on shipments of buckwheat
coal, said:
JAN. 18 1919.]
THE CHRONICLE
325
64. PYRITES, importation by ocean transportation prohibited except
Items 122 to 145, inclusive.-Under original restriction, importation by
not exceeding 125,000 long tons to Oct. 1 1918. Time extended to Dec. 31 ocean transportation other than as return cargo from Europe or Mediterranean Africa prohibited.
1918, as to pyrites from Spain only.
65. Rennets. Restriction removed Dec. 24.
146. Quebracho wood, licensed for importation from any country, but
66. Artificial silk and manufactures thereof. Restriction removed Dec. 24. only as deck cargo or on vessels unfit for essential imports. Restriction
67. Soap. Restriction removed Dec. 24.
removed Jan. 1 1919.
68. Malt liquors. Restriction upon all importations by ocean transportation, including importations from Europe, removed Dec. 24.
RESTRICTIONS SUBSEQUENT TO LISTS OF RESTRICTED
69. Wines. Restriction removed Dec. 24.
IMPORTS NO. 1 AND_INO. 2.
70. Other beverages. Restriction upon all importation by ocean transof
Name
the
the Commodity Is Given in Capitals, the RestricWhere
portation, including importations from Europe, removed Dec. 24.
tion Was Still Effective Jan. 6 1919.
71. Candy and confectionery. Restriction upon all importations by
ocean transportation, including importations from Europe, removed Dec. 24.
Asphalt, restriction removed Dec. 13 1918.
72. Tar and pitch of wood. Restriction removed Dec. 24.
Balata, restriction from primary or overseas market removed Dec. 23
73. Toys. Restriction removed Dec. 24.
1918. Government option and maximum price regulations discontinued.
74. Umbrellas, parasols, sunshades, and sticks for. Restriction removed Bill of lading endorsement to Rubber Association of America, IncorporDec. 24.
ated, continued.
75. Beans and lentils, importation from Europe prohibited, importation
Cacao (cocoa beans), rrstriction removed Dec. 19 1918.
from other countries unrestricted. Restriction removed Dec. 24.
Caffeine, caffeina, theine or trtmethylxanthine, restriction removed
76. Dried peas, importation from Europe prohibited, importation from Jan. 6 1919.
other countries unrestricted. Restriction removed Dec. 24.
CASEIN ORCLACTARENE, restriction of Aug. 15 1918, limiting impor77. All vegetables, except beans, lentils and peas, either in their natural
state or prepared or preserved. Restriction upon all importations by ocean tation to shipments fromucanada or Mexico by other than ocean transportation, modified Dec. 5 1918 to permit licensing of shipments of casein
transportation including importations from Europe, removed Dec. 24.
or lactarene originatinein7and coming from South America in amount not
78. Vinegar. Revriction removed Dec. 24.
to exceed 500 long tons per month from Nov.30 1918 to June 30 1919. To
79. Whalebone, unmanufactured. Restriction removed Dec. 24.
be allocated.
80. MANUFACTURES OF WOOL.
CHROME ORE, importation restricted Nov. 8 1918 to shipments from
81. Manufactures of hair of camel, goat and alpaca. Restriction removed
Cuba, Canada and Brazil.
Dec. 24.
meat, shredded, desiccated or prepared, restriction removed
Cocoanut
82. Zinc. Restriction removed Dec. 24.
Dec. 20 1918. There is now no restriction upon the importation of coconut
meal or copra in any form.
LIST OF RESTRICTED IMPORTS NO. 2.
COPPER ORE AND CONCENTRATES, importation limited Jan. 9 1918
Issued April 22 1918, effective for shipments on or after May 14 1918,
and coming from
prohibiting the importation of commodities included thereunder except as to: (1) Copper ore and copper concentrates originating in
indicated opposite each item. Where the restriction upon a commodity Korea, Newfoundland, West Indies, France, England, West Coast of South
has been entirely removed the date given is the date of the final lifting of America, Cuba, Canada and Mexico, irrespective of the content of copper.
the restriction. Dates of prior modifications of the restriction are not (2) Copper ore and copper concentrates originating in and coming from
Spain, containing more than 2% of copper. (3) Copper concentrates from
indicated.
any non-enemy country other than the above, when containing 50% or
Where the Name of the Commodity is Given in Capitals the Restric- over of copper. There is no restriction upon the importation from any
non-enemy country of copper matte or blister copper.
tion Was Still Effective Jan. 6 1919.
Corundum ore and grains, restriction removed Dec. 12 1918.
101. Lime,prohibited exceptfrom Canada. Restriction removed Jan.11919.
COTTON, EGYPTIAN, importation after Jan. 1 1919 limited to not to
102. Talc and soapstone, prohibited except from Canada. Removed
exceed 40,000 bales, without restriction as to quality or grade. To be
Jan. 1 1919.
103. Shellfish (not including crabmeat from Japan), prohibited except controlled by the Textile Alliance, Incorporated. To be allocated.
Dyewoods and vegetable dye extracts, restriction removed Dec. 23 1918.
from Canada and Newfoundland. Restriction removed Jan. 1 1919.
EMERY,importation limited May 17 1918 to 4,000 tons of Naxos emery
104. Molybdenum, prohibited except from Canada and Mexico. Recoming from West European ports, to be licensed prior to Jan. 1 1919; and
striction removed Jan. 1 1919.
105. Tobacco leaf, prohibited except from Cuba and West Indies. Re- shipments of emery from Canada.
Flaxseed or linseed, restriction removed Jan. 9 1919.
striction removed Jan. 11919.
Furs not on the skin, prepared for hatters' use, including furs carroted,
106. Fish, fresh, cured or preserved, prohibited except from Canada.
Mexico, Newfoundland and Scandinavia. Restriction removed Jan. 1 1919. restriction removed Jan. 1 1919.
GRAPHITE CRUCIBLES, importation for shipment from abroad after
107. Animal oils, prohibited from European countries, unrestricted from
July 15 1918 prohibited.
other countries. Restriction removed Jan. 1 1919.
Gutta joolatong, gutta percha, gutta siak, restriction from primary or
108. Aloxite and boro-carbone. Restriction removed Jan. 1 1919.
overseas markets removed Dec. 23 1918. Government option and maximum
109. Borax. Restriction removed Jan. 1 1919.
price regulations discontinued. Bill of lading endorsement to Rubber
110. Cement for building purposes. Restriction removed Jan. 1 1919.
Association of America, Incorporated, continued.
111. Chloride of lime. Restriction removed Jan. 1 1919.
Gypsum, restriction removed Jan. 1 1919.
112. Cyanide of soda. Restriction removed Dec. 24 1018.
Hair, animal, other than bristles, horse hair, hair of angora goat, camel
113. Dairy products. Restriction removed Jan. 1 1919.
Items 108 to 113, inclusive.-Under original restriction, all importations and other like animals, res ric ion removed Dec. 13 1918. (Bristles, horse
hair, hair of angora goat, camel and other like animals, excepted from
by ocean transportation, including importations from Europe, prohibited.
original restriction.)
114. FERRO-MANGANESE AND SPIEGELEISEN.
Hides, skins, leather, tanned skins, manufactures of leather, restriction
115. Lead. Restriction removed Jan. 1 1919.
removed Dec. 20 1918. Control by Tanners' Council of U. S. A.. Incor116. Magnesite. Restrictions removed Jan. 1 1919.
117. Meat products and preserved meats. Restriction removed Jan. 1 porated, discontinued Jan. 9 1919.
IRON ORE, importation by ocean transportation prohibited May 17
1919.
1918, except as ballast upon vessels returning from Sweden or Spain.
118. Paraffin. Restriction removed Jan. 1 1919.
Restriction modified!Oct. 31 to permit importation of 70,000 tons of low
119. Pumice. Restriction removed Jan. 1 1919.
phosphorous iron ore from'Spain, Sweden, Norway and North Africa, pro120. Starch. Restriction removed Jan. 1 1919.
121. Stone and manufactures thereof. Restriction removed Jan. 1 1919. vided said ore be actuallyliraportediprier to July 1 1919; low phosphorus
116 to 121, inclusive.-Under original restriction, all importations by iron ore, meanineore containing in!proportion'of not more than .012% of
phosphorus to 50% of metallic iron. Restriction modified Dec. 7 1918 to
ocean transportation, including importations from Europe, prohibited.
allow importation of calcined spathic iron ore originating in and coming
122. Argots or wine lees. Restriction removed Jan. 1 1919.
England, shipped as backhaul cargo.
and
horns,
from
hoofs
unmanufactured. Restriction removed
123. Bones,
KAPOK, importation limited as to shipment from abroad after June 10
Jan. 1 1919.
124. Baskets of wood, bamboo, straw or compositions of wood. Restric- 1918 to importations for Government purposes. To be allocated by
Textile Alliance, Incorporated.
tions removed Jan. 1 1919.
Latch knitting needles, restriction removed Dec. 9 1918.
125. Cork, unmanufactured, and manufactures thereof. Restriction
MANGANESE ORE, importation from Asia and Australasia prohibited
11019.
Jan.
removed
126. Edible substances not specifically provided for in tariff schedules. for ocean shipment after July 19 1918.
MONAZITE SAND, importation prohibiteerfor shipment from7abroad
Restriction removed Jan. 11910.
127. Eggs, fried, frozen, prepared or preserved, and yolks of eggs. after June 20:1918 except 500 tons from India, 1,000 tons from France.
New Zealand fiber, flae_or hemp, restriction'removed Dec. 19 1918.
Restriction removed Dec. 12 1918. (Eggs of poultry, List 1, Item 26.
Rattans and reeds, restriction removed Dec.9 1918.
Restriction removed Jan. 6 1918.)
Rubber, crude, restriction from primary or overseas markets removed Dec.
128. Fans. Restriction removed Jan. 11919.
removed
Importation from any other than country of origin licensed only after
1
Jan.
Restriction
14.
1919.
129 Fuller's earth.
Feb. 13 1919. Government option and maximum price regulations dis130. Furniture: Restriction removed Jan. 11919.
131. Furs and manufactures thereof (does not include fur hats, fur not continued. Bill of lading:endorsement to Rubber Association of America,
on the skin prepared for hatter's use, nor raw seal skins from Uruguay. Incorporated, continued.
Rubber manufactured goods,revile:ion removed Dec. 19 1918.
Subsequent restriction on fur not on the skin prepared for hatter's use,
Seed, canary, restriction removed Dec. 13 1919. Alfalfa seed, restriction
removed Jan. 11919). Restriction removed Jan. 1 1919.
132. Glass and glassware (does not include lenses, opera and field glasses, removed Jan. 6 1919. Hemp seed, restriction removed Jan. 6 1919.
Shellac, button lac, seed lac, garnet lac and or keerie or refuse lac, reoptical instruments, spectacles, eyeglasses, goggles, surveying instruments,
telescopes, microscopes, and plates or discs for use in manufacture of striction removed Dec. 20 1918.
Tagua nuts (vegetable ivory), restriction removed Jan. 6 1919.
optical goods). Restriction removed Jan.6 1919)•
TANNING MATERIALS OTHER THAN QUEBRACHO WOOD, im133. Glue and glue size. Restriction removed Jan. 1 1919.
cuttings.
Restriction removed Jan. 11919. portation limited Dec. 5 1918 to 12,000 tons per month from Nov. 30
134. Glue stock and raw hide
manufactures
and
human,
thereof.
Restriction removed 1918 to June 30 1919. To be allocated. Que'oracho wood. List of Re135. Hair,
stricted Imports No. 2, item 146, restriction removed Jan. 11919. ConJan. 1 1919.
136. Horsehair, artificial, and manufactures thereof. Restriction re- trol by Tanners Council of U. S. A.. Inc., discontinued Jan. 9 1919.
TIN, PIG, importation limited Nov. 1 1918 to shipments consigned to
moved Jan. 1 1919.
U. S. Steel Products Co., or shipments proven to have been purchased
137. Indigo, synthetic. Restriction removed Dec. 23 1918.
138. Ivory, animal, and manufactures thereof. Restriction removed prior to Oct. 1 1918. Tin ore, tin concentrates and chemicals extracted
from tin ore, unrestricted. Control by American Iron & Steel Institute.
Jan. 11919.
continued.
139. Licorice root. Restriction removed Dec. 19 1918.
removed
Restriction
Jan.
Varnish gums (Katui, Copal, Damar, Zanzibar, Manila, Congo, Pon1 1919.
140. Moss and sea weed.
141. Paper and manufactures thereof (not including books and other tlanak, Bengurlia, Sandara, and East India or Borneo Gun), restriction
removed Dec. 29 1918.
printed matter). Restriction removed Jan. 11910.
Wood as specified in or classified under paragraph 647 of the Tariff Ack
142. Paper stock, crude'(not including woodpulp). Restriction removed
of 1913, restriction removed Jan. 6 1919.
Jan. 1 1910.
Wood, balsa, restriction removed Jan. 6 1919.
and
manufactures
thereof.
Restricmanufactured,
grass,
and
Straw
143.
WOOL, importation from Uruguay, Argeatins., S lt kfr
tion removed Jan. 1 1919.
144. Tea waste, siftings or sweepings. Restriction removed Jan. 1 1919, to ocean shipment from abroad after July 28 1918 to shipments consigned
to Quartermaster-General of the U. S. Army or to his nominees.
145. Vanilla beans. Restriction removed Dec. 19 1918.
226
THE CHRONICLE
[VoL. 108.
exporters in any given line to concentrate their efforts on foreign
ANTHRACITE CONCILIATION BOARD ISSUES RE- permits
markets.
PORT SHOWING 175 SUCCESSFULLY
The problem of supplying at the present time American coal where it is
most needed abroad is almost wholly one of obtaining the necessary vessel
HANDLED CASES IN 1916-17.
tonnage. Indication are that in the near future an increasing number of
the
for
of
Board
Conciliation
Anthracite
the
of
Report
vessels will be available for the transportation of this tonnage. The desire
coal year ended March 31 1917, just issued, makes a volume to use economically whatever ocean transportation is available, coupled
with the desire to maintain in foreign markets a high standard of product,
of 363 printed pages. It shows that during the period all is another factor upon which the recommendations that an export associamanner of grievances, as to working conditions, rate scales tion be formed are based.
to apply, payment and work in dispute were brought to the
Board formally. A large number of grievances and disANTHRACITE MINERS GET HIGHER WAGES THAN
putes were settled directly in their district by members of the
UNION SCALE WORKMEN IN CHICAGO.
Board. None of such work is recorded. An official anissued last week by the Anthracite Bureau
statement
A
says:
also
nouncement concerning the report
There came before the Board 175 formal grievances; 154 from employees says:
or their representatives and 21 from the operators. Of the 175 cases considered, 39 were voluntarily withdrawn by complainants; 42 adjusted and
withdrawn; 47 withdrawn without prejudice. There went to the umpire
57 cases. He decided 23 against the mine workers and 22 in their favor.
There was no answer to the Board for decision in one instance and one
case was pronounced retroactive. In addition, 34 cases are held under
advisement during the year.
Such is the official record of the co-operative efforts of the anthracite
operators with capital investment above $300,000,000 and an annual
output of some 77,000,000 tons of coal and a then army of 150,000 mine
workers to conduct a great and essential industry in an harmonious,safe and
efficient way. In view of the many interests involved and the number,
classes and nationalities of men concerned, the record shows remarkable
accomplishment.
The Conciliation Board was composed of W. L. Connell, S. D. Warriner
and W. J. Richards for the operators and John Dempsey, Thomas Kennedy and James Matthews for the miners with James A. Gorman as secretary.
One of the grievances was the Anthracite Mine Workers against the
Anthracite Operators over a.question as to whether the price of coal to
employees, claimed to be a miner's supply, could be increased above the
April 1 1916 price. On this question the Board was a tie and it went to the
umpire, Charles P. Neill, in Washington, who decided that coal sold to
miners is for domestic use, consequently not a miner's supply and upon
such conclusion the grievance was not sustained.
Never before in the history of the anthracite region have wages been as
high as now. They compare favorably with all lines of trades in the
country, as can be seen from comparison of wages compiled by the Bureau
of Labor Statistics of the U. S. Department of Labor. The present mine
wage scale went into effect Nov. 1. Not only is the pay greater than
ever for the work performed, but there is assurance of full time for every
mine worker and every prospect that this condition will previal indefinitely. This is not so with many of the trades that have been boomed
by reason of war industries, which are now curtailed.
At the present scale of wages in the anthracite region, according to figures before the Fuel Administration, a contract miner is earning $6 63
other
workers per daily
th
ly.
ofaio
daily, or $39 78 a week. Following is a list D
and weekly wage, taking the average range:
s33
Weekly.
00
Consideration miner
$
30 96
20$22
6
0
1
5
5
70-5
Contract laborer
$3
4 56- 4 80
27 36- 28 80
Company miner
24 48- 25 92
4 08- 4 32
Inside laborer
3 36- 3 68
20 16- 22 08
Common laborer
4 88- 5 20
29 28- 31 20
Shaft engineer
22 24- 25 44
3 84- 4 24
Fireman
27 36- 28 80
4 56- 4 80
Blacksmith and
27 36- 28 80
4 56- 4 80
Carpenter
26 40- 27 30
4 40- 4 56
Machinery repairer
Considering Chicago as a metropolitan city, the U. S. labor statistics
as to full-time wages per week for May 15 1918 show the following trades
get the following union scale;
Bricklayers, cement finishers, elevator constructors, marble setters,
painters, stone masons, tile layers, granite cutters and iron moulders.
$33 weekly. Asbestos workers, carpenters, sheet metal workers, structural iron workers and finishers, each $31 20 weekly. Slate and tile
roofers, $31 90 weekly. All-round machinists, $31 20 weekly. Metal
polishers, $26 88 weekly. Building laborers, cement laborers, elevator
helpers, hodcarriers, $22 weekly. Machinery helpers, $18 24 weekly.
When it is considered that living COStS are considerably higher in metropolitan cities, the mine-workers living in communities of smaller populations have more leeway for the worth of a dollar, as its purchasing powers
goes further.
RECOMMENDATION FOR ORGANIZATION OF COAL
EXPORT ASSOCIATION.
A recommendation for the organization under the Webb
Law of an export coal association by bituminous coal exporters is contained in a report of the Foreign Trade Committee of the National Coal Association, according to
the Philadelphia "Ledger" of the 11th inst. Whatever
action is taken toward carrying out the Committee's recommendations, will rest with individual operators and not
REVISION OF PRICE SCHEDULE GOVERNING GAS
with the National Coal Association, it was• announced.
COKE.
The "Ledger" also states that the tentative outline submitted by the Committee provides for the incorporation
The following order of the U.S. Fuel Administration revisunder the laws of Delaware or New York of an association, ing the price schedule governing gas coke appealed in the
without capital stock, having members instead of stock- "Official Bulletin" of Jan. 2:
Washington, Dec. 27 1918.
holders who would pool their export interests. "American
appearing to the United States Fuel Administrator that the order
Exporters, Inc.," is suggested as a name for the organiza- of It
to the prices of gas
relative
1918,
said Administrator dated Nov. 25
tion.
coke, should be revised, the United States Fuel Administrator, acting
the United
The "Journal of Commerce" in its issue of Jan. 11 stated under authority of an Executive order of the President of and
of subStates dated Aug. 23 1917, appointing said Administrator,
that the plan was said to be as follows:
said orders
of
purpose
sequent Executive orders, and in furtherance of the
Any operator or any local association of operators formed for the purpose of becoming a member of the association and approved by the association producing coal of quality suitable and available for export through
Atlantic Coast ports shall be eligible to membership in the association.
Each member shall be entitled to one vote.
Each member shall furnish the association such reports as the association may require, giving information, among other things, as to the following items:
(a) Total production for the period covered by the report.
(b) Tonnage consigned to the association.
(c) Car numbers, weights and all necessary information concerning shipments made.
(d) List of any and all contracts made for export coal, together with
copies thereof.
(e) Such other statements as the association may require with reference
to the export business of the members.
(f) From time to time, as called for by the association, information concerning market, labor, car supply and other transportation conditions and
all other items that are liable to have influence upon the members' production during the succeeding two months.
Each member shall sell its coal at its own expense, subject to the approval
of price and terms of sale by the association.
The association is to receive the coal of all its members at Tidewater,
transfer it to vessels, and keep accurate, detailed accounts of all its transactions. The handling charges accruing at Tidewater will be paid by the
association and pro-rata monthly at each pert among members on the
basis of tonnage moving through that port during the -current month.
Each member of the association is to pay its own railroad transportation
charges to Tidewater and is to pay direct the ocean freight and subsequently accruing charges where coal is sold C. I. F.
Each member of the association is to be responsible for coal shipped to the
Pool and for demurrage and any other charges accruing in connection with
the member's own shipments.
and of the Act of Congress thvoin referred to and approved Aug. 10 1917,
hereby orders and directs that gas coke may be sold at prices per ton
of 2,000 pounds f.o.b. cars at the plant where the same is produced not
to exceed the following:
1. In those localities where anthracite coal is not obtainable by dealers,
under the distribution plan of the United States Fuel Administration, and
in those localities where anthracite coal is not in general use as a domestic fuel, the price per ton of 2,000 pounds of each grade of gas coke shall
not exceed the base price for such grade as hereinafter in this paragraph
specified, plus the lowest coke freight rate to the point where such plant
Is located, from any beehive coke operation. The base price for each
grade shall be as follows:
Run of retorts, $5 50.
Run of retorts screened above 34 inch size, $6.
Prepared sizes above U, inch size, $6 50.
Prepared sizes below 34-Inch size, $4 50.
2. In localities where anthracite coal is obtainable:
(a) The price of each grade of gas coke hereinafter in this paragraph
specified, when such coke is sold to dealers for distribution by them in
less than carload lots, or for delivery direct to consumers for !leasehold
purposes, shall not exceed the following:
Prepared sizes above three-fourths inch: The same price as the lowest
price in effect Oct. 1 1918 under the regulations of the United States
Fuel Administrator, per ton of 2,000 pounds, for stove anthracite f.o.b. cars
at the mines in that district, which takes the lowest freight rate to the
point where the coke is produced plus the said freight rate.
Run of retorts screened above three-fourths inch: 25 cents less than the
price of prepared sizes above three-fourths inch.
Run of retorts not screened: 75 cents less than the price of prepared
sizes above three-fourths inch.
Provided, however, That in case of sales by the producer of such coke
in less than car lots for delivery direct to consumers for household
use, such producer may add to the prices above specified the retailers'
margin fixed by the local fuel administration for retail sales of coke in
From another source, the New York "Times," we take the
district where such coke is produced.
the following extract from the report:
(b) The prices of gas Coke sold for purposes other than those specified
All Europe is in the throes of a coal shortage. Italy, France, Holland, under (a) shall not exceed those specified in paragraph 1 hereof.
Belgium and other countries affected are purchasing, or about to purchase,
3. The price of breeze shall not exceed ono-half the price established
a coal supply through their various Governmental missions. All these by paragraph 1 hereof for run or retort coke unscreened made in the gas
markets are crying for American coal. It has been deemed expedient retorts where such breeze Is produced. The term "breeze" shall be con_ I
that exporters should unite to prevent duplication of shipment and other strued to include:
practices which would be unavoidable under the old competitive system.
(a) All small coke that is left after loading coke into cars by mean.s.:of
Provision for such unified action is made in the Webb-Pomerene law, which forks if shipped without further screening or sizing.
JAN. 18 1919.]
THE CHRONICLE
(b) Any portion of this coke that is loft after removing prepared sizes.
(c) Any undersized coke that is left after removing the metallurgical
coke, the foundry coke, or the prepared sizes by screening.
4. The maximum prices hereby established shall apply to sales of car
lots to consumers or to dealers for wagon delivery. Any commissions to
selling agents or margins allowed to jobbers shall be paid by the vendor
and shall not be added to such prices.
5. In cases where wagon deliveries of coke are made by the producer
thereof, such reasonable charge for handling and delivery may be added
to the prices hereby established as shall be approved by the Federal fuel
administrator for the State in which such coke is produced, provided
that no such charge shall be added by any producer to the price of any
coke where a retailer's margin is added to such price as provided in paragraph 2 hereof.
6. In any district where a maximum price established by this regur
lation shall appear to the Federal Fuel Administrator for the State in
which such district is located to be unreasonable on account of local conditions, he shall so report to the United States Fuel Administrator, who
will thereupon cause an investigation to be made of such local conditions
and take such action as to the maximum prices of gas coke in such district as shall seem to him reasonable.
7. The order of the United States Fuel Administrator, dated Nov. 25
1918, relative to prices of gas coke, and all orders of said Administrator
made prior to Nov. 25 1918, establishing prices of gas coke, are hereby
vacated and set aside as of the effective date of this order, but nothing
in this order shall be held to annul or in any way affect the maximum
prices established for gas coke produced at Evansville, Ind., by order
of said Administrator, dated Nov. 2 1918, or the maximum prices established for gas coke produced in gas retorts in the State of Colorado by
order of said Administrator dated Nov. 25 1918, but said orders last mentioned shall continue in full force and effect.
This order to be effective at 7 a. m. Jan. 11919.
H. A. GARFIELD, U. S. Fuel Administrator.
By CYRUS GARNSEY JR., Assistant U. S. Fuel Administrator.
INCREASED WAGES TO WORKERS IN COAL YARDS
AND RESULTANT INCREASES IN MARGINS.
The granting of the demands of the teamsters, yardmen
and engineers for a nine-hour day and increased wages has
brought about an increase in retail gross margins on coal.
The "Coal Trade Journal" of Jan. 8, in reporting the text
of the agreement according higher wages to the workmen,
said:
227
The agreement executed Monday as to the wage scale of engineers, is
as follows:
1. The company hereby agrees that it will employ only members of
Local Union No. 20, International Union of Steam and Operating Engineers, in good standing in the union.
2. Nine hours shall constitute a day's work, with one hour extra at single
time, during which time a full head of steam shall be available for motive
power. All overtime, including Sundays and holidays and Saturday
afternoons during the months of June, July and August, shall be paid
at the rate of double time.
3. The minimum rate of wages shall be paid the engineers, namely,
$42 00 per week; operators, $34 00 per week, and overtime shall be paid
for at the rate of double time after ten hours. Engineers and operators
shall be employed only on a weekly basis. Where a higher scale is now in
effect, no reduction shall be made during the life of this agreement.
4. That all members of Local Union No. 20 shall be paid on each
every Friday or Saturday for all work, labor and services rendered forand
the
preceding week.
5. If at any time the union cannot supply competent engineers to the
company, the company shall be privileged to employ such men as they
may desire until the union can supply competent engineers.
6. Should an engineer become sick and unable to perform his duties, the
union shall furnish a substitute in his place, whereupon his recovery he
shall be restored to his former position.
7. In case of grievance or differences arising between the company and
the union, all such matters shall be referred to an arbitration committee,
consisting of four persons, two representing the company and two representing the union. The four representatives shall try the case; should
there, however, be a disagreement, a fifth person, mutually agreed upon
by both parties, shall be called into the case and his decision shall be final
and binding upon both parties. Pending such decision, no strike or lockout
shall be permitted.
This agreement shall go into effect on the first of January 1919, and shall
terminate on the first day of January 1920.
PROPOSALS OFFERED BY AMERICAN FEDERATION
OF LABOR IN RECONSTRUCTION PROGRAM.
A report in which it declares that "there must be .no
reduction in wages-in many instances wages must be
increased," the Committee on Reconstruction of the American Federation of Labor makes numerous recommendations
as to legislation in the reconstruction program which it
deems advisable in the interest of labor. While it proposes
no legislation on the wage question, the report, which was
made public onjan. 15 after its approval by the Federation's
Executive Council,says on this point:
The American standard of life must be maintained and improved.
The value of wages is determined by the purchasing power of the dollar.
There is no such thing as good wages when the cost of living in decency
and comfort equals or exceeds the wages received. There must be no
reduction in wages-in many instances wages must be increased.
The workers of the nation demand a living wage for all wage earners,
skilled or unskilled-a wage which will enable the worker and his family
to live in health and comfort, provide a competence for illness and old age
and afford to all the opportunity of cultivating the best that is within
mankind.
Retail gross margins at New York have been revised upward to take care
of increases granted delivery, yard men and engineers. The new margins,
agreed upon at a conference with the Fuel Administration on Saturday and
covering deliveries in New York County, are as follows: Broken,$2 50; egg,
stove and chestnut, $2 60; pea, $2 30; buckwheat and smaller sizes, $1 90;
bituminous coal, $2 10; coke, $2 50. These margins, retroactive to the
first of the year, are per net ton.
The wage scale for drivers and helpers per week is as follows: Gas ears
four tons and over, $36; less than four tons, $34; electric cars, four ton
As to hours of labor, the report says:
and over, $33; less than four tons, $31; helpers on cars, $28; three-horse
The shorter work day and a shorter work week make for a constantly
four
five-ton
patent,
and
trucks, $32;
two horses, $31; other two-horse
growing higher and better standard of productivity, health, longevity,
trucks, $30; one-horse trucks, $28.
morals, and citizenship. The right of labor to fix its hours of work must
The other sections of the agreement read as follows:
not be abrogated, abridged,"or interfered with.
Sec. 2. Drivers are not to report on Sunday for stable work.
The day's working time should be limited to not more than eight hours,
Sec. 3. If drivers, chauffeurs or helpers are oedered out to work on Sunday, they will receive a full day's pay for starting and an additional hour with overtime prohibited, except in the most extraordinary emergencies.
at single time for nine hours; after nine hours, double time for every hour The week's working time should be limited to not more than five and
they work.
one-half days.
Sec. 4. Drivers, chauffeurs or helpers starting to work in the morning
shall receive a full day's pay. Nine hours are to constitute a day's work,
Equal pay for women for equal work is advocated. Fedwith thirty minutes allowed to the driver for hitching and unhitching horses.
All men to be allowed one hour for dinner each day, as near the middle of eral ownership, operation or regulation of public and semithe day as possible.
Sec. 5. Drivers, chauffeurs or helpers starting after the regular time h1 public utilities is recommended in the report; Government
the morning, are to be paid in full as if they started at the regular time. ownership of all wharves and docks and Federal legislation
Single time first ten hours; double time after first ten hours. Drivers to
receive a time slip; time to be taken in morning and evening; overtime to to prevent child labor are also urged. The recommendations
be paid according to time sheets.
Sec. 6. During June, July and August, on Saturdays, drivers, chauffeurs of the committee are set out as follows in the New York
or helpers starting to work in the morning will receive a full day's pay for "Times:"
five hours' work, and double time for each hour they work thereafter.
Sec. 7. On holidays all drivers, chauffeurs or helpers who work three
1. To make it a criminal offense for any employer to interfere with or
days in the holiday week will be paid a day's pay for the holiday, providing hamper the right of workers to organize into
trade unions or to interfere
they do not lay off on the day before or the day after the holiday; if they
lay off the day before or the day after the holiday, they will not be paid with legitimate activities of trade unions.
2. To put an immediate end to the exploitation of children under 16
for the holiday. If a man who has been working as an extra takes the place
of the regular man who lays off the day before or the day after the holiday, years of age.
the extra man will receive the day's pay for the holiday. The holidays
3. To provide that in the event of a Supreme Court declaring a law
when this is in effect are as follows: New Year's Day, Lincoln's Birthday,
Washington's Birthday, Decoration Day, Fourth of July, Labor Day, unconstitutional, either of Congress or of a State, if the people acting
Election Day, Thanksgiving Day, Columbus Day and Christmas Day,
either directly or through Congress or a State Legislature should re-enact
Sec. 8. Drivers working on above holidays, in addition to the day's pay the measure, it shall then become the law, without being subject
to annulas mentioned in Sec. 7, will receive an additional hour at single time for
ment by any court.
each hour they work up to the nine-hour regulation day, and double time
4. To put public and semi-public utilities either under Government
for each hour they work thereafter.
Sec. 9. In hiring chauffeurs, drivers working for the firm to receive first ownership or Government control.
preference; all cars and trucks to have sheds on for the protection
of the
6. To apply a graduated tax on all usable agricultural lands above the
drivers.
Sec. 10. Members of the I. B. of T. with paid-up cards to be employed; acreage cultivated by the owner, so as to prevent private ownership of
new men taken on by the firm must join the union at the first regular very large tracts of usable land, and to prevent as far as possible the
meeting of tho above local union. In the event of employer hiring teams extension of the tenant class.
or cars, none but union men employed whenever possible.
6. To limit, define and regulate the powers, privileges, and activities
Sec. 11. It is further understood during the dull season of the year,
preference should be given to the older drivers, according to their time of corporations so that their methods cannot become detrimental to the
of service with the party of the first part.
American people. All corporations organized for profit should be subject
Sec. 12. Should any difference arise between the employer and em- to a Federal license,
ployees, outside of violation of this agreement, which cannot be adjusted
7. To amend workmen's compensation laws so as to make them more
by the representative of this local union, the same to be submitted to
arbitration, the arbitration board to consist of an equal number of employ- adequate. State insurance must supplant employers' liability insurance
ers and an equal number of teamsters; failing to agree, they shall mutually operated for profit.
select an umpire, whosedecision shah be final and binding on both parties,
8. To prohibit immigration into the United States for a period of two
no strike or lockout to take place pending decision.
This agreement to take effect on Jan. 1 1919, and to be in full force for years after the proclamation of peace.
9. To provide for a progressive increase in taxes on incomes, inheritances
one year.
Text of Yard Men's Agreement.
and upon land values, of such a nature as to render it unprofitable to hold
without putting it to use. Taxation should rest as lightly as possible
land
men,
where the yards are organized, which
The agreement with the yard
on constructive enterprise.
was closed on Saturday, is as follows:
10. To provide for Government exercise of advisory supervision over
1. Day's work 7:30 a. m. to 5:30 p. m. Nine hours to constitute a
public education, and, when necessary, maintain adequate public education
day's work, with one hour for dinner. at $4 50 per day, or 50
cents per
hour for each hour of the nine-hour day; one hour extra at single time
through
subsidies without giving the Government power to hamper developIf
worked ten hours.
ment of public education by the States.
2. Overtime to be paid as time and one-half, 75 cents per hour, except
11. To prohibit the operation of private employment agencies for profit.
on holidays and Sundays.
12. To provide for a small standing army and voluntary State militia.
3. The legal holidays (see preceding agreement) to be paid as single
time, $4 50, and if men work on said holidays, they shall be paid single
13. To provide for the free transportation of discharged soldiers and
time, 50 cents additional, for each hour worked.
sailors to their homes, and the continuance of their monthly salaries for
. 4. Work on Saturdays in June, July and August shall be from 7 a. m.
to 12 noon, with a full day's pay of $4 50 for same. If men work on said not to exceed twelve months, if employment ii_not secured within that
Saturdays between the hours of 12 noon and 5 p. m., they shall be paid period.
single time, 50 cents per hour for each hour worked.
14. To project Government development of waterways, including canals,
5. Sunday work shall be paid as double time, $1 00 per hour.
so as to decrease the cost of freight transportation.
228
THE CHRONICLE
15. To have the Government utilize water power of public waterways and
sell power to consumers at rates based upon actual cost.
16. To invest Government ownership of all wharves and docks connected
with public harbors and used for commercial purposes.
17. To provide Government supervision of the public educational
system, the Government to maintain, where necessary adequate educational facilities in States or communities.
18. To inaugurate a plan by which the Government may build model
homes for workers, and to establish a system of credits by which workers
may build their own homes.
[VOL. 108.
'EXPENDITURES OF RAILROAD ADMINISTRATION.
In reporting that it was estimated by the Railroad Administration that expenditures of $1,218,969,505 had been
authorized up to Dec. 31 1918 for the improvement of
national railway system, "Financial America" in a Washington dispatch yesterday (Jan. 17) said:
Of this amount only $573,334,11 actually had been expended on this
Among the number of Federal controlled railroads receiving extenwork.
In urging legislation limiting and defining the powers of sions of loans for improvements were the Illinois Central authorized expenditures $41,941,102, actual expenditures of 824,830,199; Great Northcorporations the report says:
expenditures $18,601,981, actual expenditures $12,113,086;
Federal supervision and control should include the increasing of capital ern authorized
authorized expenditures $74,343,646, actual expendiCentral
York
New
the
that
provision
the
with
ss
indebtedne
of
bonded
stock and the incurring
tures $38,421,801; Pennsylvania RR., Eastern Lines, authorized expendibooks of all corporations shall be open at all times to Federal examiners.
tures $117,373,685, actual expenditures $54,037,259; Southern Pacific
On the subject of railroads the committee states:
authorized expenditures $33,251,565, actual expenditures $1.1,418,591;
5, actual expenditures
Whatever final disposition shall be made of the railways of the country Southern RR. authorized expenditures $24,511,25 s $27,849,193, actual
in ownership, management or regulation, we insist upon the right of the $15,107,984; Union Pacific authorize expenditure
authorized expenditures
workers to organize for their common and mutual protection and the full expenditures $14.775.798; Baltimore St Ohio
$48,196,008, actual expenditures $18,239,930.
exercise of the normal activities which come with organization.
The Government should own and operate all wharves and docks connected with public harbors, which are used for commerce or transportation.
DIRECTOR-GENERAL HINES DENIES INTENTION TO
The American merchant marine should be encouraged and developed
FORCE DOWN COAL PRICES AND MINERS' WAGES.
under Governmental control and so manned as to insure successful operation and protect in full the beneficent laws now on the statute books for
In, denying that there is any intention on the part of the
the rights and welfare of seamen. The seamen must be accorded the same
down coal prices" with
rights and privileges rightfully exercised by the workers in all other em- Railroad Administration to "break
ployments, public and private.
the result of forcing a reduction in miners' wages, Director-
Opposition to a large standing army is voiced in the report. General of Railroads Walker D. Hines yesterday (the 17th
The Committee opposes the formation of a labor political inst.) issued a statement saying:
that the Railparty on the ground that "the disastrous experience of orThe idea seems to have been suggested in some quarters
to pursue a policy of so combining and using
ganized labor in America with political parties of its own road Administration proposes
the result of
with
purchas'ng bureau as to break down coal prices,
amply justified the American Federation of Labor's non- its
labor; this is
forcing a reduction in the existing rates of pay for mining
partisan political policy."
not the case.
ADDITIONAL APPROPRIATION OF $500,000,000
SOUGHT BY RAILROAD ADMINISTRATION.
In announcing that an early request would be made to
Congress for an additional appropriation for the Railroad
Administration's Revolving Fund, Director-General Hines
on the 15th inst. stated that while it is impossible at present
to make an exact estimate of how great an additional amount
would be needed, it is possible, it may exceed $500,000,000.
In making known his intentions Mr. Hines pointed out that
"the moneys advanced by the Government to the railroad
companies to pay for improvements will be repaid with
interest (so far 6% has been the prevailing rate)so the making
of an appropriation for such purposes does not mean that
the Government loses this money." His statement follows:
The Railroad Administration has been charged by the Federal Control
very
Act with two functions which are entirely distinct and which it is
important shall not be confused. One of these functions is to render the
public service through operation of the railroads, collecting of the revenues
therefor and paying the expenses and the rental due the railroad companies.
imThe other of these functions is to require the necessary permanent
to aid
provements to be made, including purchases of new equipment and
in financing these expenditures for new improvements in order that railin the
road companies may not be forced to offer large blocks of securities
market under circumstances which would unsettle financial conditions
out
carrying
The
financing.
t
and which would interfere with Governmen
deal more
of this second function may call for the temporary use of a great
function.
Government money than is needed for the carrying out of the first
taking
This second function was one of the controlling considerations for
them
equip
to
over the railroads. Very large expenditures were needed
comrailroad
the
of
part
the
on
Any
efforts
to perform their war work.
of such
panies to borrow such sums would have resulted in the offering
t.
high interest rates as to interfere with the financing of the Governmen
for railroad
In many instances it would probably have been impracticable
conwas
it
ly
all.
Consequent
at
companies to raise the necessary funds
templated in the Federal Control Act that the Government would temporarily carry the expense of these improvements as far as might be necessary.
The railroad companies themselves, before there had been any change
in their managements, were asked at the beginning of February 1918 to
prepare and send in budgets of necessary improvements. As a result the
,000.
companies recommended improvements aggregating $1,329,000
The Division of Capital Expenditures reduced these proposals to $975,to
000,000 and they have been since expanded so that the total authorized
Dec. 31 1918 is $1,277,000,000, of which it is estimated $588,000,000 had
expended.
to
be
been expended up to Dec. 31, and $689,000,000 remains
It is estimated that the minimum additional budgets for 1919 must be
expenditures
capital
authorized
of
total
a
represents
This
$350,000,000.
which must be provided for, for the years 1918 and 1919, of $1,627,000,000.
While a substantial part of this total may not actually be expended during
the calendar year 1919, it is apparent that it will be necessary during that
year for the Government and the railroad companies to provide, in the
aggregate, a very large amount of money for these.improvement purposes.
If the Government is to pursue the policy upon which it entered when the
railroads were taken over, and is to provide temporarily the funds for such
financing, except so far as they can be satisfactorily financed by the railroad companies, it is obvious that a substantial appropriation must be
made. A careful analysis of the situation is on the point of being made,
with a view to preparing an estimate for Congress for the necessary appropriation to meet this situation. While it is impossible at present to make
an exact estimate of how large an additional appropriation will be needed,
it is possible that it may exceed $500,000,000. The moneys advanced by
the Government to the railroad companies to pay for improvements will
be repaid with interest (so far 6% has been the prevailing rate), so the
making of an appropriation for such purposes does not mean that,the
Government loses this money.
It is important avoiding confusing this function of financing necessary
railroad improvements with the entirely distinct function of the current
operation of the railroads and the payment of the current rental to the
railroad companies. The point to be emphasized at the moment is that
the necessity for carrying out the Government policy as to the function
of financing permanent improvements is the reason which will require an
early request for a large appropriation.
at this time
It is the policy of the Railroad Administration to avoid
and to accomany undue concentration of its purchasing power of coal
own coal. It
plish this purpose by permIt ng each road to purchase its
that all
is further the policy of the Railroad Administration to require
wages.
bids and made and accepted shall 'ore based on the existing scale of
coal
that
m
cla
the
of
There can be no excuse, therefore, for the mak'ng
Adminisoperators are forced to reduce wages by reason of the Railroad coal.
it for
tration accepting any prices which may hereafter be offered
the car
It is already fully understood that the railroads are not to use
other points
the
on
supply as a means of affecting prices. The porcy
following specific
above referred to is being clarified by the issuance of the
the purInstructions, which are being issued to make this policy clear to
chasing agents of the roads:
of
purchases
to
reference
"Memorandum of policy to be pursued with
locomotive fuel:
or cancel con1. "The railroads must not violate existing contracts
ns, withtracts where the quality of coal is in adcordanco with specificatio
committee
purchasing
advisory
out special consideration by the central
of the reasons for canceling.
the coal
2. "The purchasing agent of each individual railroad shall buy
committee
for that road under the supervision of the regional purchasing
should
of his region. In all requests for bids, the following paragraph
be inserted:
existing
on
"It is distinctly understood that all bids are to be based
reajdustment
rates of pay for mine labor, and the price will be subject to
in event existing rates of pay are changed.
should
"On contracts awarded or orders placed, the following paragraph
be inserted:
on
based
are
herein
"It is distinctly understood that the prices named
subject to
existing rates of pay for all mine labor, and the prices will be
readjustment in event existing rates of pay are changed.
ts prior to
"For coal which it is necessary,to purchase for requiremen
request that
April 1 1919, the purchasing agents of each railroad should
sellers'
bids be submitted. They shall not undertake to fix the price of the
upon a price
acceptance or make offers therefor, and shall agree only
paragraph
that shall be contingent upon tne pay-for-mine-labor clause in
1919
No. 2. No negotiations for .contracts for delivery after April 1
regional
the
of
should be undertaken without first obtaining the approval
purchasing committee."
PRESIDENT 1VILSON INTERVENES TO END HARBOR
STRIKE A7' NEW YORK.
begun on Monday of this week (Jan. 13)
wore
Hearings
before a sub-committee of the National War Labor Board,
sitting in the City Hall at New York, in an effort to settle
the points at issue between the harbor boatmen and the various towboat and lighterage concerns operating in New York
Harbor. The strike, which MILS called on Jan. 9 and which
completely paralyzed the movement by water of both freight
and passengers, was brought to an end on Jan. 11 by a cablegram from President Wilson,requesting the War Labor Board
to take up again the matter of settling the strike and proceed
to make a finding. The President in his cablegram
the serious situaI have been informed by the Secretary of Labor as to
and the strike of marine
tion which has developed in the Port of New York
and supplies.
troops
of
workers, which seriously crippled the movements
that it has arisen
Consider this a very grave emergency and understand
a joint subrni,ssion to
because the parties to the controversy failed to make
the National War Labor Board.
and proceed to
again
I earnestly request that you take up this case
of the Board In
make a finding. I appreciate the honesty and sincerity
a final decision in
announcing on Wednesday that it could not promise
from all parties, but I am
the controversy without a formal submission
Board and Railsure that the War and Navy Departments, the Shipping
interested in
road Administration and any other Governmental agencies
to make your
the controversy will use all the power which they possess
owners will feel
finding effective, and I also believe that private boat
emerconstrained by every consideration of patriotism in the present
make.
may
Board
your
which
gency to accept any recommendation
the armisAlthough the National War Labor Board, up to the signing of
of war work
tice; was concerned solely with the prevention of stoppage
JAN. 18 1919.]
THE CHRONICLE
229
and the maintenance of production of materials essential to the conduct
of the war, I take this opportunity also of saying that it is my earnest hope
that in the present period of industrial transition arising from the war, the
Board should use all means within its power to stabilize conditions and to
prevent industrial dislocation and warfare.
WOODROW WILSON.
centred on the question of the 8-hour day. There is also a.
demand for largely increased wages, amounting in some cases
to more than 100%, but on this point the employers declared
their willingness to arbitrate. On the question of the 8-hour
day, however, they flatly refused to arbitrate, declaring such
The President's request was referred by the joint Chair- a policy to be utterly impracticable in their line of business.
men of the War Labor Board, ex-President William H. Taft The new scale of wages demanded by the unions is as follows:
and Basil M. Manly, to the Marine Affiliation, comprising
Present
Wages
Monthly Wages. Asked.
the six unions affected by the strike, with a request that the
Captain, first class
$160
$225
00
men return to work pending renewed hearings to be instituted Captain, second class
150
225 00
by the Labor Board. This request was at once complied Captain, third class
140
225 00
140
with by the Marine Affiliation, which voted to return to Engineer, first class
225 00
Engineer, second class
130
200 00
work at 6 o'clock Sunday morning (Jan. 12), and sent a mes- Engineer, third class
120
175 00
sage to President Wilson informing him of their action. The Cooks
70
145 00
Deckhands
70
145 00
War Labor Board also issued the following statement an- Firemen
70
145 00
nouncing its purpose to resume jurisdiction of the strike sit- Licensed mates
130
162 50
Oilers
uation:
105
150 00
The boat owners particularly objected to referring the quesIn accordance with the direction of the President of the United States,
the National War Labor Board will resume jurisdiction of the New York tion of the 8-hour day to the National War Labor Board,
Harbor controversy and will hold a hearing at 10 o'clock Monday, Jan. 13, which body, they
held, is so thoroughly committed to the
in the Board of Estimate room, City Hall, Borough of Manhattan, and
principle of the 8-hour day that their decision on that point
proceed to make a prompt decision.
The National War Labor Board has received formal assurance from the would be a foregone conclusion. In a statement issued on
Secretary of War, the Secretary of the Navy, the Director-General of the
Dec. 19 by Joseph H. Moran, Chairman of the New York
Railroad Administration and the Shipping Board that they will submit to
the Board all interests which they have in this controversy and will abide Towboat Exchange, the attitude of the employers on this
by any decision which the Board may make.
point was set forth as follows:
The Board has notified the Secretary of Labor of this action and has requested him to take the steps necessary to secure a resumption of work
immediately on the assurance that the National War Labor Board will make
a prompt decision which will establish equitable wages and working conditions for the Harbor of New York.
The following was also made public, setting forth the intention of the War and Navy Departments, the Railroad
Administration and the Shipping Board,all of which had been
affected by the strike, to abide by the decision to be rendered
by the War Labor Board:
In reply to your inquiry as to the attitude of our Departments regarding any decisions that may be made by the National War Labor Board in
regard to the controv .y now going on at the port of New York, should
ce with the President's request, resume jurisdicYour Board, in accor
we desire to assure you that we will gladly submit
tion over the controver
any interests which we ay have in this controversy to your Board, and
decisions
as you may make.
will abide by such
BENEDICT CROWELL, Acting Secretary of War.
JOSEPHUS DANIELS, Secretary of the Navy.
WALKER D. HINES,Director-General of Railroads.
JOHN A. DONAL,Acting Chairman, Shipping Board.
At the preliminary meeting held by the War Labor Board
on Jan. 13, Chairman Taft announced that the Board would
proceed to make a finding in the case whether or not the private boat owners, who had refused to submit the question of
an 8-hour day to the jurisdiction of the Board, presented
evidence or not. Mr. Taft pointed out that the Government, through the War and Navy Departments, the Railroad Administration and the Shipping Board, and the City
of New York represented more than 40% of the employers.
Even if the private boat owners decided to continue thdir
refusal to submit to the jurisdiction of the Board, Mr. Taft
said, a recommendation would be made to them "as to what
the conclusion should be." He added that the boat owners
were invited to submit evidence if they desired, but that their
acceptance of the jurisdiction or its denial. would "make no
difference in respect to the duty of this Board." Paul
Bonynge, counsel for the organization of boat owners, read
to the War Labor Board a statement given out last week by
Basil M. Manly and six other members representing labor
on the Board, ^nd said that it indicated so much bias and
Controversy that the boat owners had
prejudgment of
decided that they we L refuse to submit to the jurisdiction
of the tribunal as long as those men remained members. The
statement was given out with the official decision of the War
Board, and charged that the boat owners had "contemptuously refused" to accept the decision of the Board and had
violated the awards "of a board of arbitration constituted by
their voluntary agreement." Mr. Taft expressed the opinion that the statement did not indicate prejudgment on the
merits of the controversy, and overruled the complaint of the
boat owners against the personnel of the Board. In reply,
Mr. Bonynge asserted that the only objection of the owners
was against Joint Chairman Manly, and, inasmuch as his
attitude had been upheld, it was the decision of the owners
that they would deny the jurisdiction of the War Board. Ile
reserved the right, however, to remain "as a spectator."
Instead of having testimony taken before the entire Board,
however, Mr. Taft appointed a sub-committee of four men,
to whom the boat owners had raised no objection. This
committee was to report to the entire Board in Washington.
The dispute between the harbor boatmen and the private
boat owners affiliated with the New York Towboat Exchange
We are informed that the National War Labor Board will come here on
Saturday. If it is the purpose of these excellent and well-meaning gentlemen to try to force us into an arbitration of the 8-hour day question they.
might just as well save their time and the Government's money by staying in Washington. We have no intention now, or at any other time, of
permitting the Government to handle this situation through any of its
agencies. Washington is infected from top to bottom with the 8-hour
heresy, and its decision on the question would be a foregone conclusion.
The present Administration is definitely committed to the 8-hour day
as a universal panacea for all ailments of the body politic, from industrial
measles to Bolshevik plague. It has proved to be a sure vote-getter, just
as certainly as it will turn out to be a destroyer of business and commerce
if the tendency is not checked. There must always be an end to pyramiding.
and we have reached it right now in the port of New York.
If tne Government wants to bankrupt us as it has the railroads by
slavish adherences to a high-sounding phrase, it can do so only by commandeering our equipment. Any such attempt will be resisted to the utmost, and the recent and universal condemnation of the seizure of the Commercial Cable Co. plant shows what the public thinks of legalized looting.
We do not want our position to be misunderstood. We have offered to
arbitrate the wage question immediately, and that offer will always remain open to the men. Six months ago they demanded a 12-hour day and
increased wages. Their demands were arbitrated and we have ever since
lived up to the award. This award covered all harbor equipment, including railroad tugs, barges and lighters, and the Railroad Administration had
a representative on the arbitration board. Almost over night and without
warning of any kind, the Railroad Administration double-crossed us.
ditched the outfit and placed its marine employees on a theoretic 8-hour
day.
In making a stand we feel we are rendering a public service to the merchants and the public of the port of New York. If the demands of the men
are granted, the result will be a modest little increase of $36,000,000 in
port charges. That sum will come out of the pockets of every man,
woman and child hereabout. Furthermore, it will put our port charges
so high that commerce will automatically be diverted to other ports, where
some vestige of sanity remains.
Notwithstanding this attitude on the part of the boat
owners, the War Labor Board came to New York, and after
a hearing on Dec. 21 rendered a decision to the effect that the
employers were bound by an arbitration agreement previously entered into to submit all grievances during the war
period to arbitration by the New York Harbor Wage Adjustment Board. This Board, composed of representatives
of the employers, including the various Government Departments, and the Marine Affiliation, representing the unions,
was .to have jurisdiction "during the period of the war."
the boat owners maintained that the war ended with the signing of the armistice, and that they were no longer bound to
submit their case to arbitrament by. the Wage Adjustment
Board. The decision of the War Labor Board, rendered by
ex-President Taft as Chairman, was that the war period would
not be ended until the President proclaimed peace after the
ratification of a treaty by the Senate. The dispute between
the owners and the men did not at that time come before the
Labor Board. the whole matter being remanded to the New
York Harbor Wage Adjustment Board. The decision also
held that it was the duty of the boat owners to fill vacancies
on that Board created by the withdrawal of the boat owners'
representatives.
Notwithstanding this decision, the private boat owners still
refused to submit to arbitration the question of an 8-hour
day, and the prospects of a strike became alarming. Additional hearings were conducted by the War Labor Board on
Jan. 7, but the conference ended in a wordy dispute, and the
War Labor Board finally washed its hands or the entire affair, and issued a statement placing the blame for the impending strike on the employers for their refusal to arbitrate.
The statement issued by Basil Manly, joint Chairman of the
Board, read as follows:
230
THE CHRONICLE
• The National War Labor Board finds itself unable to secure a settlement
of the controversy with reference to the Now York Harbor situation for
the following reasons:
The private boat owners and the Railroad Administration failed to comply with the order of the Board of Dec. 21 1918 to fill the vacancies existing on the New York Herber Wage Adjustment Board.
The private boat owners and the Railroad Administration refused to submit the case to the National War Labor Board and to agree to abide by its
decisions.
The private boat owners refused to submit the question of an 8-hour day
to any other proposed form of arbitration, except after an investigation for
a period of not less than thirty days by a specially created conference committee supplementary to the arbitration board.
Under the principles and policies of tne War Labor Board, re cannot
proceed further and give assurances of rendering a definite and binding decision except in case of joint submission.
This case, which was instituted on Nov. 8 1918 by the employees, has
already been subjected to long delay, and we feel that it would not be just
to the parties to the controversy further to prolong consideration by this
• Board.
We therefore take this means of notifying the parties to the controversy
—the employees, the private boat owners and the Railroad Administration
and the various Governmental Departments at whose instance we took up
this case, viz., the Department of Labor, the Shipping Board and the War
and Navy Departments—that we have been unable to effect a settlement
of the case, either by mediation or conciliation.
In making this declaration the National War Labor Board earnestly'appeals to the parties to this controversy—the employers and employees in
.1sTew York Harbor—to immediately organize a local board of arbitration
and conciliation for the adjustment of all controversies.
At the same time Mr. Manly issued a statement, signed by
himself and the other labor members of the Board, praising
the forbearance and patience of the men and making a vitriolic attack on the employers. After the War Labor Board
had announced its withdrawal from the controversy, Joseph
H,. Moran, Chairman of the Towboat Exchange, as quoted
in the New York "Sun," said in behalf of the boat owners:
"The Board has not made the decision itshould have made two weeks ago.
In effect it holds that arbitration is either binding on all parties or on none.
The Railroad Administration has refused to be bound by the old award or
to accept any new award, and consequently all parties are freed of any obligation. This is sound common sense and fully justifies the stand we have
taken."
Mr. Moran then went into the merits of the dispute and rehearsed the
offers which have been made by the owners, including one Tuesday night,
for an arbitration board of seven members or that the whole question be
left to Lieut.-Col. Whittlesey, conunander of the "Lost Battalion," Both
propositions were rejected by the unions, he said. An offer to create a
permanent conference committee also was refused, Mr. Moran declared.
"This is our last word, and we feel we nave gone considerably more than
half way to avert trouble," he said.
[VOL. 108.
Lane in which he contends that the proper course would be
to have them devote their energies to the cultivation of
arable lands in settled States:
Jan 12 1919.
Hon. Franklin P. Lane, Interior Department, Washington, D. C. Sir: I
do not believe that the returning soldier will want to go to "arid" regions
or dig irrigation ditches.
There are millions of acres of arable land in the settled States, that are
not cultivated owing to lack of communication and distance from civillied
centres.
In many cases this land is sold every few years for taxes, and is practically without "market value."
If a colony of soldiers, young men of farm experience, could be placed on
such land it would immediately create value for the adjoining areas, I
therefore believe that many owners would donate, or sell for a nominal
price part of their holdings to get such a valuable population in the neighborhood as it could easily be seen it was for their advantage. You have
already suggested this to the Governors of the States, but nothing will be
done about it unless it is pushed. I therefore respectfully suggest that
you should take it up again, addressing the Governor of each State, asking
them to solicit tenders of farm land, as a gift, or at low prices for the use
of returned soldiers or sailors of the U. S. A.
Such land should be submitted to the State Departments of Agriculture
of each State for appraisal, judgment as to suitability for the purpose, &c.
The State Department of Agriculture could then keep track of results
with advice and other help where necessary. No elaborate legislation
would be needed.
In many States existing agencies, with co-operation from the many
employment bureaus, could do the whole thing and do it promptly.
With all due respect for your Department, and the Department of
Agriculture, your machinery is too ponderous, and it would take years
to bring results on your plan of irrigation, or drainage, with United States
supervision, payment of wages, &c.
Besides the United States is too easily swindled, and "grafting" and
laziness would grow fat at the expense of tho taxpayers.
Irrigation plans require elaborate engineering studies, and the history
of the many "Projects" in your Department has never been written, and
will not be an encouraging record when it is displayed to the people. "Government Aid" seems to have killed the old pioneer spirit and ambition.
Take the matter up with the separate States. Simply rehearse the ideas
you have already so sNendidly expressed, and let the Governors take the
initiative, and perhaps act with each other in competition to solve this
great problem. Respectfully,
JOSEPH D. HOLMES.
WITHDRAWAL OF FEDERAL WAR RISK INSURANCE
RATES.
The withdrawal of war risk marine insurance rates is announced as follows by the Secretary of the Treasury:
It is hereby directed that after five days from the date of this order
(Dec. 30 1918) all rates of premium fixed for insurance by the Marine and
Division, Bureau of War Risk Insurance, shall be withdrawn.
A statement attacking Chairman Manly of tho War Labor Seaman's
This order shall not affect the applications for insurance which have been
of
President
Glatzmayer,
J.
Board was also issued by Joseph
received and accepted by the bureau prior to such withdrawal, but policies
shall be issued as heretofore.
the Boat Owners' Association, saying in part:
Since it appears to the Secretary of the Treasury that vessel owners,
For a judge . . . to forget his judicial function and indulge in prishippers, and importers are able to secure adequate war risk insurance on
vate vituperation of one of the parties before him is something new in this
reasonable terms, no further rates of premium will be fixed or published
town. With one or two more outpourings like this by members of the Nafor the time being.
tional War Labor Board, who put partisanship above propriety, its days
This action is taken in view of the disappearance of war hazards to
will be numbered.
shipping since the signing of the armistice.
The strike followed, as stated above,some 16,000 men quitting work at 6 o'clock Thursday morning, Jan. 0. The tieup was virtually complete with the exception of the Lackawanna Railroad Co., which managed to keep several ferries
running. Although the Railroad Administration had previously granted the 8-hour day, the railroad marine employees, with the exception noted, struck in sympathy.
The same thing occurred on the municipal ferries to Staten
Island and South Brooklyn, operated by the City of Now
• York. The unions took care not to interfere with the movement of hospital ships and made some concessions to supply
Staten Island with milk and food, but in other respects both
Bides to the dispute disregarded the serious inconvenience imposed on the public. Some few of the boat owners, who had
pilot's licenses, took out their own boats, but the number was
not enough to affect the situation. Staten Island, whose
thousands of commuters have no means of travel save the
ferries, was hardest hit, being absolutely isolated the first
day. Thereafter the city manned the boats with police and
firemen, and maintained fairly regular service. The Railroad Administration made full use of the facilities afforded
by the Hudson Tubes and the Pennsylvania RR. tunnels to
get passengers to and from the city, making such changes as
were necessary in train schedules. In spite of all efforts, however, great hardship was imposed on the public, and if the
strike had lasted much longer, serious shortage in food supplies, milk and coal would have been inevitable. President Wilson's cablegram on Jan. 11 ended the situation, however, before this point had been reached.
J. D. HOLMES URGES THAT SOLDIERS aULTIVATE
ARABLE LAND IN SETTLED STATES, INSTEAD OF DEVELOPING ARID REGIONS.
The proposal of Secretary of the Interior Franklin D.
Lane that the work of developing arid swamps be assigned
to returning soldiers is disapproved of by Joseph D. Holmes
in the following communication addressed to Secretary
ISSUANCE BY WAR TRADE BOARD OF LICENSES TO
PLEASURE BOATS.
The War Trade'Board announced on Jan. 4 that it was
prepared to issue bunker licenses to pleasure boats, not
carrying cargo, valid for a period of three months, to cruise
between ports of the United States, Bermuda and the West
Indies. The Board said:
The licenses will be issued on the regular forms used for trip licenses,
with such changes in phraseology as may be necessary. Bunker Form
B-3-Master's Report on Voyage and Bunker Form B-7-Affidavit and
Agreement of Master of Vessel Governing Disposition of Cargo will not
be required.
The monthly report of fuel and supplies taken out of the country and
the report of the fuel consumed, heretofore required for all time licensers,
will also be waived as a general rule, but applicants should place themselves
In a position to furnish these reports if called upon to do so.
In presenting applications to Agents of the Bureau of Transportation,
or Collectors of Customs, on tho regular application form (Bunker Form
B-1-a) care should be exercised to outline fully the cruising radius of the
vessel, for which bunker license is applied for.
REMOVAL OF GUNS AND GUN PLATFORMS FROM
AMERICAN MERCHANT VESSELS.
The United States Shipping Board tbis week issued a
statement which said in part:
Guns and gun platforms are being removed from American merchant
ships in overseas trade as rapidly as they arrive at home ports, the United
States Shipping Board announces.
On vessels operated by the Board the gun emplacements, usually heavy
steel platforms on high supports at bow and stern, are :ming cut away and
dumped on the dock without ceremony.
With the removal of guns the gun crews carried during the submarine
war go back to their naval duties.
The changes thus effected are considered by the Shipping Board an important factor in the work of manning the merchant marine on a basis
demanded by peace conditions. During the progress of the war living
conditions on merchant vessels were abnormal, owing to congestion.
Vessels carrying 12 merchant sailors in their deck force often had naval
gun crews of 15 men. These occupied the regular crows' quarters, which
the merchant sailors cheerfully gave up, accepting such emergency quarters as could be provided for them.
The Shipping Board is now returning the crews on its vessels to the kind
of quarters they were accustomed to occupy before the war, although the
forecastle is now toward the stern instead of at the bow of the ship. Dan-
JAN. 18 1919.]
THE CHRONICLE
ger from mines prompted the change originally, and the arrangement
was found so satisfactory that it will be retained.
With proper berth space again available, the Shipping Board
plans to
use the merchant ships in a broad program for the training of the
additional personnel that will be required for new vessels now coming out.
231
the day of the funeral. The following was the President's
proclamation as made public by the State Department:
A PROCLAMATION..
To the People of the United States—
It becomes my sad duty to announce officially the death
of Theodore
Roosevelt, President of the
States from Sept: 14 1901 to March 4
RETURN BY ALIEN PROPERTY CUSTODIAN OF 1909, which occurred at his United
home at Sagamore Hill, Oyster Bay, N. Y.,
at 4:15 o'clock in the morning of Jan. 6 1919. In his
PROPERTY OF GEORGE EHRET AND MRS.
death the United
States has lost one of its most distinguished and patriotic
citizens, who
LILLY BUSCH.
had endeared himself to the people by his strenuous devotion
to their InThe return by Alien Property Custodian A. Mitchell terests and to the public interests of his country.
As President of the Police Board of his native city,
Palmer of the property of Mrs. Lilly Busch and George Legislatu
as member of the
re and Governor
his State, as Civil Service Commissioner, as
Ehret, taken over under the Trading With the Enemy Act, Assistant Secretary of theofNavy,
as Vice-President, and as Presiden of
was recently announced. Mr. Ehret, who is 82 years of the United States, he displayed administrative powers of a signal order tand
conducted the affairs of these various offices with a concentr
ation of effort
age, went to Germany just before the outbreak of the war, and a watchful care which
permitted no divergence from the line of duty he
and had intended to return with Ambassador Gerard, but had definitely set for himself.
In the war with Spain, he displayed singular Initiativ
delayed his departure on the advice of his physician'. He
e and energy
and distinguished himself among the commanders of
the army in the
returned, however, in August last. His property was .field.
As President he awoke the nation to the dangers of private control
taken over by the Alien Property Custodian in May, as which lurked in our financial and industrial systems. It was by thus arrestannounced in our issue of May 25. Francis P. Garvan, ing the attention and stimulating the purpose of the country that he opened
the way for subsequent necessary and beneficial reforms.
Managing Director in New York for the Alien Property
His private life was characterized by a simplicity, a virtue and
an affecCustodian, in making known the return of the property on tion worthy of all admiration and emulation by the
people of America.
In testimony of the respect in which his memory is held by the
Dec. 19 said:
Government and the people of the United States I do hereby direct that the
flags
The property belonging to George Ehret, which was taken over
by the of the White House and the several departmental buildings be displayed
Alien I'roperty Custodian on May 2 1918, has been returned to
Mr. Ehret at half staff for a period of thirty days, and that suitable military and naval
by order made by the Attorney-General. The application made
by George honors under orders of the Secretaries of War and of the Navy be rendered
Ehret for the return of his property was not opposed by the
Alien Prop- on the day of the funeral.
erty Custodian, A. Mitchell Palmer.
Done this seventh day of January, in the year of our Lord one
thousand
The taking over of the property should in no way be taken as
a reflec- nine hundred and nineteen, and of the independence of the United States
tion on the patriotism or loyalty of Mr. Ehret as an America
n citizen. of America the one hundred and forty-third.
Under the Trading With the Enemy Act, the Alien Property
Custodian
WOODROW WILSON.
was obliged to take control of property hero belonging to America
By the President'
n citizens
who were at the outbreak of the war actually in Germany.
FRANK L. POLK.
Mr. Ehret having returned to this country and having establish
Acting Secretary of State.
American citizenship, his application for the return of the propertyed his
was
In addition to his proclamation a message of sympathy
granted.
The return of the property of Mrs. Busch, widow of
Adolphus Busch, of St. Louis, was ordered by AttorneyGeneral Gregory on Dec. 13, Mrs. Busch having, it is announced, satisfied the Department of Justice as to her
American citizenship. Declaring that she remained
an
American citizen, although living in Germany for several
years prior to last June. Mrs. Busch had filed a petition
for the return of her property, valued at several millions of
dollars and consisting largely of breweries in St. Louis and
other cities, stocks and bonds, and real estate in New York.
That part of the Busch estate held by the two daughters
of the late brewer, who live in Germany, and which also
was seized by the Custodian, is not, it is said, affected
by
the Attorney-General's order.
In announcing the restoration of the property to Mrs.
Busch, Mr. Palmer issued the following statement:
Mrs. Lilly Busch filed a claim for the return of her
property under
Section 9 of the "Trading With the Enemy Act."
President 'Wilson
delegated to the Attorney-General the power to pass upon
kind. The Attorney-General has ordered "that the Alien claims of this
Property Cue-,
todian and the Treasurer of the United States, pay, transfer,
and deliver
to said Lilly Busch all of the money and property of every
description of
the said Lilly Busch heretofore transferred to or paid
over to the Allen
Property Custodian or to said Treasurer of the United
Act, and that as to property which has been made the States under said
subject of a demand
by the Alien Property Custodian which has not actually
been turned over
to said Custodian, that the Custodian release such
demand.
was cabled by President Wilson to Mrs. Roosevelt, similar
messages being received from King George of England and
other heads of nations throughout the world. On the day
of the funeral on the 8th adjournment was taken by the
Supreme Court and Congress; in New York the Stock Exchange closed at 12:30, and other Exchanges of the city
closed at the same hour; the Boston and Chicago Stock
Exchanges also held only a part-day session; the Philadelphia
Stock Exchange, however, was closed all day. The public
schools in New York were closed at noon by order of the
Board of Education, and the bells of the City Hall tower
and various churches of the city, notably Trinity and St.
Paul's, were tolled during the funeral hour. On the traction
lines the power was halted for a minute before 2 p. m.,
when the body of the ex-President was being lowered into
the grave. An offer for a military funeral, made to the
family on behalf of the War Department by Colonel Henry
L. Stimson, ex-Secretary of War, was declined by Colonel
Roosevelt's son, Captain Archibald Roosevelt, in the
following telegram to Secretary of War Baker:
It was my father's wish that he should be buried
among the people of
Oyster Bay and that the funeral service would
be conducted entirely by
those friends among whom he had lived so long and
happily.
You for forwarding the kind and generous offer of the SecretarWe thank
y of War,
but feel that the last wishes of Mr. Roosevelt should
be regarded in this
matter.
Vice-President Thomas R. Marshall represented Preside
Wilson at the funeral. The delegates from Congress includent
d
Senators Lodge, Chamberlain and Calder and Represe
ntatives Champ Clark and Cannon. The party from Washin
gton also included Secretary of the interior Franklin K. Lane,
Gen. Peyton C. March, Chief of Staff of the U.
S. Army;
Vice-Admiral Algert Gleaves of the Navy, and member
s of
the diplomatic corps in Washington. Admiral C. Mat.
Winslow and Governor Alfred E. Smith of New York
and Mayor Hylan of New York City were also present
were ex-President William H. Taft, Major-Gen. Leonaras
d
Wood, Henry L. Stimson and Elihu Root.
Ex-President Roosevelt's death came unexpectedly.
It
occurred about 4:15 a. m., while he was asleep at his home
at
Oyster Bay. Death, according to a statement issued by
his
physicians, was due to a blood clot. The statement
of his
physicians, Doctors Faller, Richards and Hartwell, follows
:
Colonel Roosevelt had been
MEMORIAL SERVICES FOR EX-PRES
IDENT
THEODORE ROOSEVELT.
In accordance with the proposal that memorial
services
in honor of ex-President Theodore Roosevelt be
hold simultaneously throughout the country on Feb. 9,
urged upon
the Governors of the various States by some of
the
of the former President, Governor Smith.of New friends
York on
Jan. 14 issued a proclamation designating the
9th of February as Roosevelt Memorial Day. In his
Gov. Smith requests that the Legislature, theproclamation
people and
organizations throughout the State hold
memorial exercises on that day, which is the one set apart for
posed memorial service in Congress. With the the prothe Colonel last week various civic and public bodies death of
out the country vied with each other in paying throughhis memory; on the day of his death, the 6th tribute to
suffering from an attack of inflamma
tory
rheumatism for about two months. His progress
had been entirely satisUnited States Supreme Court adjourned for theinst., the factory
and his condition had not given cause for
day
imspecial concern. On
mediately after U. S. Attorney-General Gregor
Sunday he was in good spirits and spent the evening
with his family, dicy advised tating
letters. He retired at 11 o'clock, and at 4 o'clock
the Court of the news. Similarly both
in the morning
branches of Con- his man-servant, who occupied an adjoining
room, noticed that, while
gress adjourned at noon on the 6th. Both the
sleeping quietly, Colonel Roosevvelt's breathing
Senate
and
was
hollow. He died
the House adopted resolutions expressing their
almost immediately, without awakening. The
cause of death was an
sorrow in embolus.
his death. Besides the action taken by the
State GoverOn Christmas Day Colonel Roosevelt returned to his
nors in ordering the flags at half mast, a
home
cabled from Paris by President Wilson onproclamation was from Roosevelt Hospital, where he had been under treatJan. 7 directing ment for rheumatism
since November. Colonel Roosevelt
that the flags of the White House and the
mental buildings be displayed at half mast several depart- was in his sixty-first year; he was born in New York City on
for thirty days Oct. 27 1858. Elected
Vice-President in 1900 on the ticket
and that suitable military and naval honors be
rendered on with President McKinley, Colonel
Roosevelt became Presi
232
THE CHRONICLE
dent in Sept. 1901 as a result of McKinley's assassination.
In 1904 Colonel Roosevelt was elected to the Presidency as
the candidate of the Republican Party. The Senate on
Jan. 14 passed a resolution providing for a pension of $5,000
a year for Mrs. Roosevelt and the right to frank her mail.
COL. ROOSEVELT'S DECLARATION THAT ."THERE
MUST BE NO SAGGING BACK IN FIGHT
FOR AMERICANISM."
What has been described as Col. Roosevelt's last message
to the public was read at the All-American benefit concert
given at the Hippodrome on Jan.5 by the American Defense
Society. Col. Roosevelt had been invited to attend the
affair, but sent word that he would be unable to be present
because of indisposition. His message, read by Henry C.
Quimby, a trustee of the Society, follows:
I cannot be with you, and so all I can do is to wish you Godspeed. There
must be no sagging back in the fight for Americanism merely because the
war is over. There are plenty of persons who have already made the assertion that they believe the American people have a short memory, and that
they intend to revive all the foreign associations which most directly interfere with the complete Americanization of our people.
Our principle in this matter should be absolutely simple. In the first
place, we should insist that if the immigrant who comes here does in good
faith become an American and assimilates himself to us, he shall be treated
on an exact equality with every one else, for it is an outrage to discriminate
against any such man because of creed or birthplace or origin.
But this is predicated upon the man's becoming in very fact an American and nothing but an American. If he tries to keep segregated with men
of his own origin and separated from the rest of America,, then he isn't doing his part as an American.
There can be no divided allegiance here. Any man who says he is an
American but something else also, isn't an American at all. We have room
for but one flag, the American flag, and this excludes the red flag, which
symbolizes all wars against liberty and civilization just as much as it excludes any foreign flag of a nation to which we are hostile.
We have room for but one language here, and that is the English language, for we intend to see that the crucible turns our people out as Americans, of American nationality, and not as dwellers in a polyglot boarding
house; and we have room for but one soul loyalty, and that is loyalty to
the American people.
and the sinking of the Lusitania, nothing should be done in the spirit of
mere vengeance.
Then let us agree to extend the privileges of the league as rapidly as their
conduct warrants It to other nations, doubtless discriminating between
those who would have a guiding part in the league and the weak nations
who should be entitled to the privileges of membership, but who would
not be entitled to a guiding voice in the councils. Let each nation reserve
to itself and for its own decision, and let it clearly set forth, questions
which are nonjusticiable. Let nothing be done that will interfere with
our preparing for our own defense by introducing a system of universal
obligatory military training, modeled on the Swiss plan.
Finally, make it perfectly clear that we do not intend to take a position
of an international Meddlesome Matty. The American people do not
wish to go into an overseas war unless for a very groat cause and where
the issue is absolutely plain. Therefore, we do not wish to undertake the
responsibility of sending our gallant young men to die in obscure fights
in the Balkans or in Central Europe, or in a war we do not approve of.
Moreover, the American people do not intend to give up the Monroe
Doctrine. Let civilized Europe and Asia introduce some kind of police
system in the weak and disorderly countries at their thresholds. But let
the United States treat Mexico as our Balkan Peninsula and refuse to allow
European or Asiatic Powers to interfere on this continent in any way that
implies permanent or semi-permanent possession. Every one of our allies
will with delight grant this request if President Wilson chooses to make it,
and it will be a great misfortune if it is not made.
I believe that such an effort, made moderately and sanely but sincerely
and with utter scorn for words that are not made good by deeds, will be
productive of real and lasting international good.
VIEWS OF COL. ROOSEVELT ON LEAGUE OF NATIONS
AS EXPRESSED IN LAST EDITORIAL.
The last article penned by the late Col. Roosevelt as an
editorial for the Kansas City "Star" appeared in its issue of
Jan. 13. It was dictated by him the Friday before his death.
(Jan. 3) and was to have been submitted by his Secretary
in typewritten form for correction the following Monday,
Jan. 6, on which date his death occurred. It deals with
President Wilson's proposal for a League of Nations, and in
what he had to say Col. Roosevelt asked whether it would
not be well "to begin with the League which we actually
have in existence—the League of the Allies who have fought
through this great war.' "Let us at the peace table," ho
said, "see that real justice is done as among these Allies and
that while the sternest reparation is demanded from our
foe for such horrors as those committed in Belgium, northern
France, Armenia, and the sinking of the Lusitania, nothing
should be done in the spirit of mere vengeance." Not only
did he declare that the American people do not intend to
give up the Monroe Doctrine, but he also said, "let the
United States treat Mexico as our Balkan Peninsula and
refuse to allow European or Asiatic Powers to interfere on
this continent in any way that implies permanent or semipermanent possession." We quote the article in full herewith:
It Is, of course, a serious misfortune that our people are not getting a clear
as
WALKER D. HINES SUCCEEDS W. G. McADOO AS
DIRECTOR-GENERAL OF RAILROADS.
The appointment by President Wilson of Walker D.
Hines as Director-General of Railroads, succeeding William
G. McAdoo, resigned, was announced on Jan. 11. Mr.
McAdoo's resignation as Director-General was tendered on
Nov. 14 at which time he also resigned as Secretary of the
Treasury. In the latter post, as is known, he has been
succeeded by Carter Glass. In his letter of resignation
(published in our issue of Nov. 30, page 2047) Mr. McAdoo
suggested that his withdrawal as Director-General become
effective Jan. 1 or on the appointment of his successor;
his retirement as Secretary of the Treasury was made effective with the naming of his successor. Mr. Hines who replaces Mr. McAdoo as head of the Railroad Administration, has been Assistant Director-General of Railroads. He
is an advocate of Mr. McAdoo's plan for the five year extension of control of railroads and has supported most of
the other policies of the retiring Director-General. In a
statement issued to the public on the 11th Mr. Hines announces that it will be his purpose to carry forward Mr.
McAdoo's policies. The announcement of Mr. Hines's
appointment as Director-General, which is not required to
be confirmed by the Senate, was made by Mr. McAdoo
at Los Angeles. Notice of Mr. Hines's appointment had
been cabled to the White House on the 11th and telegraphed
to Mr. McAdoo at Winsted, Ariz. en route to California.
The following is Mr. MoAdoo's statement regarding the
appointment:
idea of what is happening on the other side. For the moment the point
to which we are foggy is the League of Nations. We all of us earnestly
desire such a League, only we wish to be sure that it will help and not hinder
the cause of world peace and justice.
There is not a young man in this country who has fought, or an old man
who has seen those dear to him fight, who does not wish to minimize the
chance of future war. But there is not a man of sense who does not know
that in any such movement if too much is attempted the result is either
failure or worse than failure.
The trouble with Mr. Wilson's utterances, so far as they are reported,
that
and the utterances of acquiescence in them by European statesmen, is
they are still absolutely in the stage of rhetoric precisely like the fourteen
as
be
construed
to
have
points. Some of the fourteen points will probably
having a mischievous sentence, a smaller number might be construed as
being harmless, and one or two even as beneficial, but nobody knows what
Wilson really means by them, and so all talk of adopting them as basis for
a peace or league is nonsense and, if the talker is intelligent, it is Insincere
nonsense to boot.
So Mr. Wilson's recent utterances give us absolutely no clew as to
whether he really intends that at this moment we shall admit Russia,
Germany, with which, incidentally, we are still waging war, Turkey.
China and Mexico into the league on a full equality with ourselves. Mr.
Taft has recently defined the purposes of the League and the limitations
under which it would act, in a way that enables most of us to say we very
heartily agree in principle with his theory, and can, without doubt, come
to an agreement on specific details.
Would it not be well to begin with the League which we actually have in
existence—the League of the Allies who have fought through this great
war? Let us at the peace table see that real justice is done as among these
Allies, and that while the sternest reparation is demanded from our foe for
such horrors as those committed in Belgium, Northern France, Armenia,
[VOL. 108.
t of Walker
The President has authorized me to announce the appointmen
enter upon his duty
D. Hines as Director-General of Railroads. He will
at Washingof office immediately. Mr. Hines has been my assistant
knowton since the beginning of Government control and has a thorough
Federal
under
railroads
ledge of organization and administration of the
railroad
control, as well as of the fundamental problem involved in the
great
situation. His ability and experience admirably fit him for the
him.
trust and responsibility with which the President has honored
sympathy
full
Aside from his obvious qualifications, Mr. Hines is in
ion and
with the policies which have guided the Railroad Administratsure
that
am
with the views of the President on the railroad question. I
of railroad offiMr. Hines will have the hearty support of the fine army
that
than
him
they
cers and employees, and I can ask nothing better for
they
shall give him and the country the same loyal and effective service
rendered during my term as Director-General.
The following proclamation designating Mr. Hines as
head of the Railroad Administration has been issued by the
President:
OF AMERICA.
BY THE PRESIDENT OF THE UNITED STATES
0. McAdoo, DirectorA Proclamation Appointing a Successor to William
General of Railroads, nad Defining His Powers.
taking over each and
Whereas, by the proclamation dated Dec. 2(3 1017, es thereof located
appurtenanc
every system of transportation and the
continental United States,
wholly or in part within the boundaries of the
operation and utilizait was provided "that the possession, control,
by me undertaken, shall be
tion of such transportation systems hereby
is hereby appointed
exercised by and through William G. McAdoo, who
and
and designated Director-General of Railroads:"
April 11 1918 certain
Whereas, by a subsequent proclamation dated
under. Federal control; and
other systems of transportation were taken
Director-General of Railroads
Whereas the said William G. McAdoo,
which has been duly accepted:
as aforesaid, has tendered his resignation,
President of the United States.
Now, therefore, I, Woodrow Wilson,
authority vested in me by law
under and by virtue of the powers and
systems of transportatigp,
affecting the Federal control of railroads and
appoint Walker D. Mres
hereby
and of all powers me hereto enabling, do
and authorize him, either
of New York Director-General of Railroads.
agencies, or persons as he may
personally, or through such divisions,
such divisions, agencies, or
appoint, in his own name or in the name of
agree with the carriers or
Persons, or in the name of the President. to
interest, upon the amount of
any of them or with any other person in
to sign, seal and deliver
compensation to be paid pursuant to law, and
or in the name of the
n,his own name or in the name of the President
I
JAN. 18 1919.1
THE CHRONICLE
United States of America, such agreements as may be necessary and
expedient with the carriers or other persons in interest respecting compensation, or any other matter concerning which it may be necessary
or expedient to deal, and to make any and all contracts, agreements,
or obligations necessary or expedient and to issue any and all orders which
may in any way be found necessary and expedient in connection with
the Federal control of such systems of transportation, railroads, or inland
waterways, as fully in all respects as the President is authorized to do,
and generally to do and perform all and singular all acts and things and
to exercise all and singular the powers and duties in relation to such
Federal control as the President is by law empowered to do and perform.
In witness whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done this 10th day of January, in the year of our Lord one thousand
nine hundred and nineteen, and of the Independence of the United States
of America the one hundred and forty-third.
WOODROW WILSON.
By the President:
FRANK L. POLK, Acting Secretary of State.
233
Tyler went to Washington as Assistant to Mr. Gray a year
ago and on July 1 of last year was made Senior Assistant
Director of the Division. He began his railroad career in
1883 when he entered the employ of the Wisconsin Central.
On Feb. 1 1917 he became General Manager of the St.
Louis Southwestern Lines; in May 1917 he was elected First
Vice-President of the road and on Nov. 1 1917 he became
First Vice-President of the Northern Pacific Railway.
CHARLES B. EDDY ASSOCIATE DIRECTOR OF DIVISION OF FINANCE OF RAILROAD
ADMINISTRATION.
Charles B. Eddy, previously Assistant General Counsel
to the United States Railroad Administration, was on Jan.
In his statement to the public on the 11th inst. the new 9 appointed Associate Director of the Division of Finance
Director-General said:
of the Railroad Administration.
From the first day of Government control of the railroads I have been a
part of Mr. McAdoo's administration, and it will be my purpose, as Director-General, to carry forward the policies he has so ably put into effect—
fidelity to the public interest, a square deal for labor, with not only an
ungrudging but a sincere and cordial recognition of its partnership in the
railroad enterprise, and fair treatment for the owners of railroad property,
and for those with whom the railroads have business dealings.
Until the signing of the armistice the Government's first railroad duty
was to run the railroads to win the war, but now, that the war is won, the
Government's railroad job is to render an adequate and convenient transportation service at reasonable cost. There can be no greater civil triumph
in time of peace than the performance of a successful transportation service
for the 100,000,000 producers, consumers, and travelers in this country.
To participate in the achievement of this great object I invite all the railroad officers and employees with whom I have had the great privilege of
co-operating in their splendid war work.
I am a profound believer in the virtue of mutual understanding. Most
disputes come from the failure to understand the other fellow's legitimate
needs and his legitimate difficulties. I shall do my best to understand the
points of view of all the interests affected by the conduct of the railroads
or charged with duties on the subject, and I shall also try, frankly and as
clearly as I can, to get all those interests to understand the Government's
needs and the Government's difficulties in conducting the railroad transportation service. I ask of all that they will meet me half way in this
great work of trying to understand.
A statement to railroad officers and employees was
likewise issued by Director-General Hines on the 11th inst.
as follows:
To Railroad Officere and Employees:
The President has appointed me Director-General of Railroads, effective
at once. I wish my first official act as Director-General of Railroads to
be this statement to officers and employees.
Having been part of Mr. McAdoo's organization from its first day, his
policies are my policies, and I intend to carry them out and to do so through
the existing railroad organizations of the Railroad Administration.
The responsibilities of the work cannot be exaggerated and there can
be no success in it without your confidence and support. I shall gain and
justify your confidence by prompt and fair treatment, but, until you get
a chance to know me and judge me by my works, I want you to take me
on faith and from the very first day help me to give the Government the
best possible service and the people the best possible transportation.
You and I have been fellow-workers in the hard war work of the past
year, and I ask you to join me in giving the public even in time of peace
the valiant and faithful service that you gave so heartily in time of war.
Mr. Hines is said to have announced that he would
receive in his new post a salary of $25,000, the same as he
received as Assistant. Mr. McAdoo received a salary of
$12,000 as Secretary of the Treasury but none as DirectorGeneral of Railroads. Mr. Hines was born in Russelvale, Ky., in 1870. After serving as assistant attorney for
the Louisville & Nashville he was appointed First VicePresident of the road in 1900. In 1904 he formed a law
partnership with Alexander Humphrey of Louisville, at that
time counsel for the Southern Pacific Co. and other railroads
in the South. In 1906 Mr. Hines came to New York and
was made counsel for the Atchison Topeka & Santa Fe.
Shortly thereafter he was made Chairman of the Board and
later was made Chairman of the road's Finance Committee.
He represented his road before the Inter-State Commerce
Commission in the Five Per Cent Cases, the anthracite
carriers in the Commission's investigation into anthracite
coal rates and appeared before the COmmission in the New
Haven investigation in behalf of stockholders of the New
York Now Haven & Hartford RR. Mr. Hines summed
up for the railroads in the celebrated case before the Supreme
Court of the United States which tested the validity of the
Adamson Eight-Hour Law. He also has represented express companies. Mr. McAdoo named him as his Assistant
on Feb. 6 of last year.
W. T. TYLER SUCCEEDS C. R. GRAY AS DIRECTOR OF
DIVISION OF OPERATIONS OF RAILROAD ADMINISTRATION.
The appointment of W. T. Tyler as Director of the Division of Operations of the Railroad Administration, was
announced on Jan. 13 by Director-General Walker D.
Hines. Mr. Tyler will succeed Carl R. Gray, whose resignation, effective Jan. 15, was tendered on Dec. 20. Mr.
CALIFORNIA COMMISSION'S ALLOWANCE OF
SURCHARGE TO PUBLIC UTILITIES.
The following is taken from the "Wall &rest Journal"
of Jan. 13:
With local utilities passing into receivership for want of relief from rates
fixed on the basis of much lower costs than now exist the utterances
of
California Railroad Commission which granted a blanket surcharge of
about 15%, are interesting. Defending its allowances to corporations
under its jurisdiction, the Commission in its annual report says:
"Increases in cost came so rapidly that it would have been impossible for
the Commission to give the aecessary prompt relief if attempt had been
made to have detailed valuations under normal conditions. The factor
of time forbade the remedy which a less comprehensive study would show
was needed. The Commission had no hesitancy in allowing such increases
as it deemed proper and reasonable. It believes it fully discharged its
duty not only to the public, but to the utilities and national Government
by allowing increases to enable the utilities to function efficiently and to
prevent financial disaster."
In further support of its position, the Commission adds:
"After taking over the railroads the Goverment found it necessary to
order sweeping increases in all freight and passenger rates on roads under
Federal control. These were much greater than those made by the Commission on other utilities. The average increase of prices for industrial,
commercial and domestic products exceeded 50% up to June 1918. The
increase of utility rates did not exceed 15% on the average.. The consumer of public utility products in California was compelled to pay but a
very small increase for the commodity and service furnished, compared
with what he had to pay for other services and commodities."
SHIPPERS' ATTITUDE TOWARD RAILROAD LEGISLATION AS SHOWN IN BRIEF FILED
BY CLIFFORD THORNE.
In a brief filed this week with the Senate Committee.on
Inter-State Commerce by Clifford Thorne on behalf of the
the shippers the immediate adoption of the following amendments to the Railroad Control Law is urged:
1. The restoration of the suspended powers of the Inter-State Commerce
Commission.
2. Strike out from the Railroad Control Law the clause which states
that the orders of the President may supersede the common law and the
statutes of the State and Federal Governments. (This is contained in
Section 10 of the law.)
3. Insert a new provision requiring the Director-General to Pay
final
judgments rendered against common carriers. (The present law exempts
the property of the carrier from the levy of mesne or final process.)
The brief, which is signed by Mr. Thorne, C. D. Chamberlain and Fayette B. Dow, was presented on behalf of
comprise the National Live Stock Shippers' League, Corn
Belt Meat Producers' Association, Western Petroleum
Refiners' Association, American Petroleum League, National
Petroleum Association, Illinois Live Stock Shippers and the
National Council of Farmers' Co-operative Elevators' Associations. In part it says:
We suggest that Congress should immediately restore the full jurisdiction and powers of the courts and commissions over our common carriers.
During the war there may have been some necessity for the alleged
subordination of the Supreme Court of the United States, State Courts,
Congress, State Legislatures, and the Inter-State Commerce Commission
to the will of the one man who happens to be Director-General of Railroads; but that emergency has now passed.
We do not concede that such a subordination of the judicial and
legislative branches of our Government to one man occupying an administrative
or executive position is constitutional or was intended by Congress, and
yet the fact remains that the Director-General has so interpreted the law
in actual practice, and he is now proposing to do so in the future.
Test cases are being carried to the Supreme Court, that will finally
determine the validity of such orders, but that will consume many months.
In the meantime we earnestly implore Congress to clarify the situation
by making just a few changes in the phraseology of the Railroad Control
Law.
During the past year we have not had "Government operation of railroads"; it might be described more accurately as a taste of "railroad operation of the Government." We do not say this with the slightest spirit of
hostility or
We simply state a fact.
It is correct to say that the railroads have not had their wishes as to some
phases of the contracts or the purchase of railway supplies, etc. But as
to operation Mr. McAdoo has delegated practically the whole problem to a
staff composed almost entirely of railroad men. Numerous sub-committees
have been created in different cities all over the country to hear complaints
from shippers about service or rates and to make recommendations to
the
Washington staff as to what should be done. Without one exception
to
our knowledge, the majority of every one of these committees,
from the
Atlantic to the Pacific, are railroad men.
234
THE CHRONICLE
This has presented one long, splendid opportunity to put over things
for which the railroads have been fighting.
We do not criticise or question to the slightest degree the integrity or
e in
ability of Mr. McAdoo, but we think he was extremely unfortunat
not giving an equal representation to shippers and railroads on every
'committee and tribunal which he created. The Administration has
rendered many orders that have been of great value. This has been especially true as to rates that would develop new business and as to orders
of
that affect the movement of certain commodities in certain portions
the country. The Administration has been prompt to make a large
prior
number of rate revisions that restored the rate relationships existing
uniform
to June 25. In this work the Administration officials have shown
and
attitude
ed
a
broad-mind
courtesy to the shippers, and have exhibited
spirit of fairness worthy of great praise.
On the other hand, many orders have been issued that are arbitrary
and unjust, without granting any opportunity whatever to those concerned
to have a hearing before a disinterested tribunal before the order became
effective.
an
The United States Railroad Administration has attempted to repeal
it
Act of Congress, the statutes and constitutions of various States, and
s.
commission
and
courts
Federal
has reversed decisions of State and
At the present moment the Railroad Administration has under consideration several sweeping, revolutionary changes in rates that are serving
as a constant menace to industry, and that will disturb existing rate relationships upon which business has been built up during the past generation.
We will give concrete examples demonstrating the accuracy of these
• [VOL. 108.
to enact the desired legislation in the event of the failure
to provide for it at the current session were adopted by the
Railway Business Association at its annual meeting in
Chicago on Jan. 9. The resolutions ask that all roads cooperate with one another "so as to eliminate duplication of
service and facilities, and to secure the most efficient and
economical use of routes, terminals and vehicles." Regulation by the Government only of maximum and minimum
rates of carriers engaged in Inter-State Commerce is favored.
The organization also advocates the creation of a Secretary
of Transportation, who shall exercise exclusive Federal rate
regulation and operation by means of as numerous Federal
corporations as the financial position and the stability of
the various lines permit. The resolutions opposed arbitrary cancellation of orders due to a rising or falling market
and urged that if railroad contracts are to protect the Government against declines in cost of production, the contractor also be safeguarded against increased costs. Abolition of contingent fees in compensating sales service also
was opposed. The President of the Association was directed to transmit the recommendations to the United
States Chamber of Commerce, and if there is not time for
a referendum, the expression should be presented to President Wilson upon his return from Europe. Alba B. Johnson, of Prhiladelphia, President of the Baldwin Locomotive
Works, was elected President of the organization, and M.
S. Clayton, of New York, Treasurer.
statements.
loss
General Order No. 57, dated Nov. 26 1918, directs that claims for
of bulk grain will be recognized only where there is evidence of negligence
law,
on the part of the carrier. This is in direct conflict with the common
and
as established in the decisions of the courts of last resort in both State
Nation.
of
General Order No. 18 attempts to prescribe the vonur or jurisdiction
Act
the courts, both State and Federal. In effect it repeals a part of an
t
Amendmen
of Congress, one of the provisions in the well-known Carmack
claimant
to the Inter-State Commerce Act. This is true whenever the
does not reside within the jurisdiction of the court where the shipment
attempt
originated. Some municipal and district courts have held this
limit
of an administrative tribunal to repeal an Act of Congress and to
LEWIS J. SPENCE ON RAILROAD QUESTION.
Louis,
St.
of
Trieber
Judge
But
the jurisdiction of our courts, is invalid.
order.
the
sustained
recently
has
of the Federal bench,
"The Railroad Question" was discussed at the annual
The Railroad Administration is now considering the advisability of initiaon in Boston on Jan. 9 of the National League
conventi
which
ting an entirely new set of class scale rates based solely on distance,
States by Lewis
shall supplant existing class scales throughout three-fourths of the United of Commission Merchants of the United
which
Pacific Co.
Southern
the
of
of
Traffic
States, disturbing, in a wholesale manner, rate relationships upon
Director
Spence,
J.
Daniels
business has been established. Commenting upon this, Chairman
that
stated
Spence
Mr.
subject
the
of
t
treatmen
he
In his
of the Commission has written to the Director-General a letter in which
scales in "the attention of Congress should now be concentrated
states: "The substitution of distance as a basis for the class rate
ished
n under which the properthese territories would generally and materially alter the long-establ
has upon the enactment of legislatio
relationship bf rates to and from competing place." When business
most ties may be safely returned to individual management,
a
is
been so greatly disturbed and the future is so problematical, this
revo- including the correction of the intolerable burdens under
unfortunate time to hold over American industry, threats of further
Federal control and
lutionary changes of this nature.
on which they were staggering prior to
The Railroad Administration has just proposed another advance
Eastern the protection of their revenue against the increased burgrain traffic from Chicago, Peoria, St. Louis, and related points to
which have been imposed upon them by the Railroad
terminals, affecting both the local and reshipping rail rates.
of cars dens
The Administration has to a largo extent eliminated the tracing
ration." "Why," he said, "it should take two
Administ
the car.
h.T. shippers as before the war, even though the shipper owns
years, one year, or even six months to enact such legislaThe Administration has recently proposed an increase in the charges
All this is in
for intra-plant switching ranging from 30 to 300% in amount.
tion, it is difficult to understand." Mr. Spence declared
addition to the 25% ordered last June.
times
it to be "the sincere belief of the best informed men that it
During the next few Months it is probably more important, ten
country shall would be impossible to take the railroads back for private
over, than at any time in the past, that the shippers of the
prior to
have an opportunity to be heard before a disinterested tribunal
after five years of operation and exploitation
become offec- management
the time when changes in rates, rules and regulations shall
Govern- by the Government and that the inevitable result of such
so-called
the
of
future
near
in
the
n
terminatio
the
Realizing
ti ye.
of the ma- an extension of Government operation would be Govern-.
ment operation, the railway companies, in complete control
establish those
Spence also said:
chinery of the Railroad Administration, will attempt to
be contrary ment ownership." In part Mr.
propositions which they want. Many of those propositions will
them. If the
from the politiml evils, extravagnce and diminished efficiency
Aside
eliminate
to
years
take
will
it
and
policy,
public
sound
to
the railroads which would be inevitable, no ragument against Government ownership
shipper is denied a rate reduction before there is a hearing,
poor rule that could be more persuasive to the users of the railroads than their experience
should not have a rate advance before a hearing. It is a
under the present form of unified control. Courtesy, accommodation and
doesn't work both ways.
railroads good service are stimulated by fair competition, and individual initiative
the
placing
in
ed
accomplish
be
to
sought
purpose
The essential
ion under war has developed the cheapest and most efficient transportation in the world.
under Federal control was to secure adequate transportat
of conhas never been a characteristic of Governmental agencies, but if
conditions through unified operation, thus securing an elimination at the Economy
subject
any economies would accrue from unified control which are not possible
flicting operating regulations, to which the carriers were
service can under individual management, they would not compensate for the climb's.time. It is no doubt true that a continued improvement of
plans which tion of fair competition which has been the inspiration for the quality of
be secured through a further development of the operating
here is service and progress in transportation which the people of this country
have been commenced under Federal control. Nothing we suggest
accomplish is have enjoyed. The elimination of competition, which has been the avowed
intended to militate against that effort. What we seek to
effectiveness of policy of the Director-General of Railroads, would be inherent in Governmerely such a change in the statute as will restore the full
the shippers
ownership, and seems to me to be an equally conclusive objection to
the Act to Regulate Commerce and the common law between war emer- ment
the consolidation of all railroads in each region of the country into a single
and the railroads, under normal conditions, now that the great
company, which is presumably what the Director-General had in mind
gency has passed.
incidentally suggesting in his testimony last week that the railroad map
in
legis
railroad
toward
interests
The attitude of shippers'
might be reconstructed along logical lines so as to wipe out hundreds of
advance
in
different railroad companies and substitute a comparatively few cbmpanies
lation became known in part on the 10th inst.
operations could be unified. Indeed, I am firm in the conviction
of the presentation of their views to the Senate Committee whosethere
is no middle ground between individual ownership and fair corn.
that
were
shippers
the
that
10th
n,
this week. In stating on the
petition on the one hand, and Government ownership without competitio
taat all there is comopposed to the establishment of a Secretary of Transpor
on the other hand. Where competition does not exist
monopoly.
tion and Federal incorporation of railroad companies, as plete
The President, in his recent address to Congress,said: "What the counadvocated last week by the Association of Railway Execu- try chiefly needs is that all its avenues of transportation shall be developed.
is absolutely necessary for the sertives, Washington press advices stated that they proposed Some new element of policy, therefore,
ing
vice of the public, for the release of credit for those who are administer
the following:
their security owners. The old
of
protection
and for the
railroads,
the
railways
of
e
Rates sufficiently liberal to guarantee proper maintenanc
much or little, but surely it cannot always be left
by the policy may be changed
and ample returns to security-holders; Government regulation
as it was."
the
of
functions
the
of
e
maintenanc
n;
Commissio
Inter-State Commerce
Conflicting and repressive rate regulation, in the face of ihereased wages
co-operaState Commissions; common use of terminals and other facilities;
by the Adamson law and other Increased expenses, was seriously
imposed
pooling
with
tion among railways to promote efficiency of service, but
undermining the credit of some of the railroads before control was
Commerce
Inter-State
the
to
and unification agreements subject strictly
t. The prodigal increases in wages which have
as assumed by the Governmen
to those burCommission, and restoration of the roads to private ownership_as_soon
been granted during Federal control have added enormously
, their traffic
been
enacted.
has
legislation
remedial
dens The individuality of properties has been submerged
d, and the efficiency
has been diverted, their staffs have been disorganize
that the proplabor has been very much reduced. By this I do not mean
RAILWAY BUSINESS ASSOCIATION CALLS libRIRE- of
erties cannot be unscrambled, their individualities restored and their
ED
MODIFI
TO
ADS
they
I
can be, but
know
RAILRO
contrary,
OF
TURN
organizations re-established. On the
PRIVATE CONTROL.
there is a moral obligation to the owners of those properties to return
them In as good condition as they wore received, not only in their physical
Resolutions calling for prompt Congressional action aspects but in all other respects, and the Railroad Administration should
private
modified
devote its remaining tenure of office to restoring the integrity of the proplooking to the return of the railroads to a
ment
or urging the calling of a special session of Congress erties in preparation for their relinquish
control,
JAN. 18 1919.]
THE CHRONICLE
That there must be some comprehensive legislation to insure the successful development of the railroads as useful instrumentalities of commerce
must be apparent to every one who is familiar with the subject. Under
Federal control there have been wage and adjustment commissions to deal
with wages, hours and working conditions, and I believe it will be to the
interest of the public, the employees and the railroads to have such a
tribunal of adjustment under private control, but it is equally important
that the findings of such a Commission shall be subject to the review and
approval of a Governmental agency which shall be authorized to readjust
rates contemporaneously with any readjustment in wages which it may
approve, and be charged with the duty of doing so.
• Both intrA-Stato and inter-State rates which have been made effective
by the Director-General should remain the lawful rates until changed by
authority of a Federal regulating agency so that they may not be disturbed
by the action of State Commissions which have no responsibility for the
aggregate results, and the future regulation of the instrumentalities of
inter-State commerce, with respect to all things substantially affecting them,
including State, inter-State, rail and water rates, should be vested in one
national Governmental agency, without interfering with the functions of
State Commissions except so far as may be necessary to accomplish this
purpose.
The period during which rates may be suspended should be substantially
reduced, for there is nothing more unfair to the carriers than to be deprived of revenue, which sould accrue to them during months of suspension,
from advanced rates which are eventually approved and permitted to take
effect. Thirty days' notice being given of the effectiveness of all rates,
I do not see why. in common fairness, the suspension period should not be
limited to sixty days ad the necessary machinery provided to expedite
hearings thereon for tho protection of everybody concerned.
It would be desirable to have the statute explicitly provide a rule of ratemaking which would require that rates be not only resonable but adequate
and sufficient to enable the carriers to provide safe and sufficient service,
to protect existing investment, attract new capital necessary in the public
interest and to reflect the cost of wages and other expenses incident to
furnishing transportation.
Existing laws should be so modified as to authorize, with the approval
of a Government agency, as being in the public interest, agreements between carriers engaged in inter-State commerce with respect to their rates,
practices and service, the pooling of cars and other transportation facilities
and the division of earnings between carriers where elimination of unnecessary train service may be accomplished, in order that economies
inaugurated during the period of Federal control may be continued insofar
as they may be consistent with public interest.
I have not included tho so-called direct routing of freight, which has
been so widely advertisied as the elimination of an economic waste, because
it would deprive shippers of the privilege of routing their freight, and if they
are not accorded that privilege it is obvious that there can be no competition for their business.
I would not go further in this direction than to advocate that a Governmental agency should be vested with power to designate the routes which
should be used to relieve congestion and in case of serious national emergency to direct the co-ordination of facilities and operations as a unified
national system of transportation.
The power to supervise and authorize the issue of securities by railroad
companies engaged in inter-State or foreign commerce should be exclusively vested in the Federal Government, and, if necessary, provision
should bo made for the funding by the United States of any indebtedness
of carriers to tho Government which may have grown out of Federal
control.
235
nal, as such corporations would not, at least in the beginning, be concerned with railroad financing. The purpose of a regional railroad corporation would be to provide the necessary organization into which could
be brought all of the railroad companies operating in any particular zone.
As in the case of the Federal Reserve banks, the stock of these Federal
railroad corporations would be owned exclusively by the railroads, thus
compelling participation by all of the railroads in a common organization. The directors of these Federal corporations would be elected by
the railroads composing the stockholder members, under such restrictions and regulations as would protect all interests involved and insure
a non-political control, as is true of the Federal Reserve banks. To
these Federal railroad corporations would be given broad regulatory
powers over all railroad activities. These corporations would have supervision over all phases of railroad operation, including the consolidation
of terminals, ticket offices, railroad lines, if necessary, and all the other
activities which affect the interests involved, and which need not be
mentioned in this connection. In addition to the supervisory powers in
my opinion, the functions of these railroad corporations should include
power to pass upon passenger and freight rates, with the right to initiate
rates when deemed advisable, subject only to revision, approval or disapproval of the Federal Railroad Board, to prevent unjust discrimination. This authority must be lodged in some body and the natural place
it would seem, would be in a body composed of men closely acquainted
with the needs of the particular region whose interests are vitally affected; such interests being at all times safeguarded by the right of appeal to a central Federal Railroad Board. Also, to these Federal railroad corporations all future issues of railroad securities could be referred,
in much the same manner as has been done with the various Capital Issues
committees during the past year.
After much travail and opposition, a new banking system was created
to remedy a condition which was becoming unbearable. How successful the new banking system has worked out, you know. It seems to me
the present railroad situation can be remedied in a somewhat similar
manner. There was no attempt to disturb the ownership or operation
of individual banks. It seems to me it is unnecessary to disturb the
present ownership or organization of the railroad companies. By associating the railroad companies in a common organization, we retain
all the benefits of private ownership, and, at the same time, make it possible to provide for requisite public control without the destruction of
individual incentive.
There has been no attempt in this letter to do more than to simply
outline a system which it is believed could accomplish most of the results
to be desired. Our experience with the operation of the Federal Reserve system, it seems to me, makes it worth our while to consider the
creation of a new railroad administrative system along similar lines. The
problems are not essentially different, since in each case it is the purpose
of the system to protect the interests of the public and retain the benefits
of private ownership.
The difficulty of co-ordinating Federal and State control of railroads
in the matter of rates and taxation appears to many to be unsurmountable. A similar difficulty was apparent in the Federal Reserve system
in connection with the admission of State banks and trust companies
to membership in the Federal Reserve system. This, however, has been
largely overcome, and at the present time most of the large State banks
and trust companies are members of the Federal Reserve system, generally with the expressed consent of the State authorities.
The strength of the Federal Reserve system lies in the ownership of
the Federal Reserve banks by the member banks, and the centralization
of banking reserves. The strength of the new railroad administrative
system would lie in the ownership of the Federal railroad corporations by
the railroads themselves, and the control of railroad operations by means
of the power to protect railroad revenues and control railroad expenditures.
During the last few months the Government has advanced large sums
of money on behalf of the railroads. Before the railroads can be turned
back to their owners, provision must be made for safeguarding such advapces. At the same time, opportunity must be given the railroads to
adjust their financial operations to new conditions, to the end that the
public, owners and employees may be assured of the establishment of the
railroads on a sound business basis.
An identical letter is being sent to the Hon. Carter Glass, Secretary of
the Treasury, for his information.
Respectfully,
(Signed) WILLIAM R. DAWES.
PROPOSAL OF W. R. DAWES FOR CREATION OF RAILROAD SYSTEM ALONG LINES OF FEDERAL
RESERVE SYSTEM.
The suggestion that a new system of railroad administration be created upon the underlying idea of the Federal
Reserve system is contained in a letter which was addressed to Director-General McAdoo on Jan. 9 by William
R. Dawes of the Central Trust Company of Illinois at
Chicago. Mr. Dawes proposes that the new system include a "Federal Railroad Board," corresponding to the
Federal Reserve Board, and "Federal Railroad Corporations" corresponding to the Federal Reserve banks. We
STANDARD FORM OF CONTRACT FOR SHORT-LINE
give herewith. Mr. Dawes's letter outlining his ideas:
RAILROADS.
January 9 1919.
Honorable W. G. McAdoo, Director-General of Railroads, Washington, D. C.:
Railway, through its Treasurer,
Northern
Georgia
The
discussions
relating to the future
My dear Mr. McAdoo—In all of the
has favored the
administration of the railroads, I have noticed that the arguments are C. W. Pidcock Jr. of Moultrie, Ga.,
applied almost entirely to the matter of operation. It would seem to "Chronicle" with a copy of the standard form of contract
if
me that it would be wise to join all of the issues, possible, under some for short-line railroads which his company has recently
comprehensive system.
new
a
system
of railroad admin- entered into with the United States Railroad Administracreate
to
practicable
Would it not be
istration upon the underlying idea of the Federal Reserve bank system? tion. This form of contract was negotiated with the
It appears to be conceded that there should be definite Governmental
eneral of Railioads by the Committee on Concontrol of inter-State transportation. We have become accustomed to Director-G
the zone system of operation, which has already resulted in beneficial tract and Legislation of the American Short-Line Railroad
economies. The interests of the public are paramount, but we should Association, 711-713 Union Trust Building, Washington,
stockholders and bondholders of the
not disregard the interests of the
join and safeguard all of these D. C., and it is intended "for use in the ordinary case, subrailroads. As a possible system, and to
which, of course, is a mere skele- ject to the Government's reserved right to insist on different
following,
the
offer
Interests, I would
Federal Reserve bank system as
ton of an organization, based upon the
provisions in cases obviously requiring a different treatadapted to railroad administration.
would
and to any changes of detail or phraseology'that may
administration
include:
ment,
The new system of railroad
A Federal Railroad Board, corresponding to the Federal Reserve Board. prove to be necessary."
Federal railroad corporations, corresponding to the Federal Reserve
The South Georgia Railway is another company that has
banks.
signed the short-term contract, and its Treasurer, C. T.
The Federal Railroad Board.
says:
This Board would be appointed by the President, with a proper Cabinet Tillman of Quitman, Ga., writing to the "Chronicle,"
officer as member ex-officio. Through this agency, which it is assumed "There is no provision in this contract for annual compenwould be granted broad administrative powers, we would have the reor other returns to our company. The making of
quired Governmental control. This Board would determine the policy sation
to approve or disap- this contract with the Director-General of Railroads gives
of the railroad administration and by its powers
prove, would prevent unjust discrimination, as between the public and the short lines certain protection that they would not otherthe railroads and as between the railroads themselves.
wise have. One item of advantage is the allowance of two
Federal Railroad Corporations.
free time, on per diem,on foreign cars. Another is that
days
Profiting by the experience of the regional'operation of the railroads
inbound tonnage via our lines will be protected.
under the present emergency," Federal railroad corporations would be the routing of
established at such places and in such manner as conditions might re. It would not, however, be proper to class this road as being
quire. Those corporations would follow the usual form of corporations operated by the United States Railroad Administration."
having capital stock; the amount of such capital stock being merely nomi-
236
THE CHRONICLE
COPY OF CONTRACT FOR SHORT-LINE RAILROADS.
(The Director-General reserves the right to make changes or insist on
other provisions as the facts of the particglar case make the same necessary.)
This Agreement made this 20th day of December 1918 between William
G. McAdoo, Director-General of Railroads (hereinafter called the DirectorGeneral), acting on behalf of the United States and the President, under
the powers conferred on him by the proclamation of the President, hereinafter referred to, and the Georgia Northern Railway Company., a corporation duly organized under the laws of the State of Georgia (hereinafter
lled the company):
Witnesseth that—
(a) Whereas, by a proclamation dated Dec. 26 1917 the President,
acting under the powers conferred on him by the Constitution and laws of
the United States, by virtue of the joint resolutions of the Senate and
House of Representatives bearing date April 6 and Dec. 7 1917, respectively, and particularly by virtue of Section 1 of the Act of Congress approved Aug. 29 1916 entitled "An Act making appropriations for the support of the army for the fiscal year ending June 30 1917, and for other
purposes," took possession of and assumed control at 12 o'clock noon on
Dec. 28 1917 for war purposes of certain railroads constituting a system or
systems of transportation (not including the railroad of the company
described herein), and appointed W. G. McAdoo Director-General of
Railroads; and
(6) Whereas, the Act of Congress called herein the Federal Control Act,
approved by the President March 21 1918, brought under Federal control
the railroad hereinafter described under the following provision: "That
every railroad not owned, controlled or operated by another carrier company, and which h.ps heretofore competed for traffic with a railroad or
railroads of which the President has taken the possession, use and control,
or which connects with such railroads and is engaged as a common carrier.
In general transportation, shall be hold and considered as within 'Federal
control,' as herein defined, and necessary for the prosecution of the war,
and shall be entitled to the benefit of all the provisions of this Act;" and
(c) Whereas, by proclamation, dated March 29 1918, the President,
pursuant to said Federal Control Act authorized the Said W. G. McAdoo,
as Director-General, either personally or through such divisions, agencies
or persons as he may appoint, and in his own name or in the name of such
divisions, agencies or persons, or in the name of the President, to make
with the carriers, or any'of them, such agreements as may be necessary
and expedient respecting any matter concerning which it may be necessary
or expedient to deal and to make any and all contracts, agreements or
obligations necessary or expedient in connection with the Federal control
of such railroads as fully in all respects as the President might do:
Now, Therefore, the parties hereto, each in consideration of the agreements of the other herein contained, do hereby covenant and agree to
and with each other as follows:
Section 1. (a) This agreement shall be binding upon the United States,
the Director-General and his successors, and upon the company, its successors and assigns, and
This agreement shall not be construed'as creating any right, claim, privilegs or benefit against either party hereto in favor of any State or any subdivision thereof, or of any individual or corporation other than the parties
hereto.
(b) Wherever in this agreement the words "Director-General" are used,
they shall be understood as designating William G. McAdoo, or such other
person as the President m ty from time to time appoint to exercise the
powers conferred on him by law with relation to Federal control.
Section 2. The company's said railroad affected by this agreement shall
be considered as including the following roads and properties: !Nene.]
Section 3. (a) The company accepts the terms and conditions of said
Federal Control Act and t)te terms of this agreement, and expressly accepts
the covenants and obligations of the Director-General in this agreement
set out and the rights arising thereunder in full adjustment, settlement,
satisfaction and discharge of any and all claims and rights, at law or in
equity, which it now has or hereafter can have against the United States.
the President, the Director-General, or any agent or agency thereof by
virtue of anything done or omitted, pursuant to the Acts of Congress
herein referred to. •
This is not intended to Affect any claim said company may have against
the United States for carrying the malls or for other services rendered not
pertaining to or based upon the Federal Control Act.
(b) The company, on its own initiative or upon the request of the
Director-General, shall ta e all appropriate and necessary corporate action
to carry out the obligatio ,s assumed by it in this agreement or lawfully
imposed upon it by or p i's 'ant to the Federal Control Act.
Section 4. It is expressl . agreed and understood that the possession and
use of the railroad property herein described subject to the right of the
Director-General to take t e saitl property into actual possession as hereinafter provided, as a w.,r emergency, shall remain in the company, and
the company shall contin e to operate the same, and all revenues accruing
from the operation there° i. tall belong to the company, and all expenses
arising out of or incident t ereto, and all taxes of whatsoever character
imposed thereon, or upo tae company shall be paid and borne by the
company, it being express'i agreed that unless and until the DirectorGeneral shall as a war necessity take over the actual possession and operation of said railroad he ..ss ine,s no obligation for the payment of any expenses or charges in con. e tion therewith, nor of any risk or accident in
connection with the oper 1,mi or control of said property.
Section 5. All rates, ;* res and charges for transportation services performed jointly by the co . .ny and any transportation system in the pos. the Director-General shall be divided fairly
session of, and operate
between the Director-Oe .er LI and the company. It is agreed that the
,of joint rates, both passenger and freight, re•
arbitraries and percents,a
ceived by the company as ,) Jan. 1 1918 shall not be reduced, and whenever
Joint rates have been or . .1 be increased, the company shall receive as its
joint rates amounts in the same ratio as its
proportion of such Imre
to the joint rates before they were incre .sed.
arbitraries or percentage
Section 6. The company shall receive an equitable allotment of the cars
(and, where feasible, motive power) in the possession or under the control
or the equipment thus furnished it shall pay
of the Director-General.
the per diem rentals now in effect or as they may be established from time
to time by the Director-General, and like rentals shall be paid by the
Director-General to the company for any of the company's equipment
, That there shall be a time or reclaim allowused by him: Provided, howerer,
ance to roads of 100 miles or less in length, of two days, which will be
assumed by the delivering road.
Section 7. Such arrangements shall be made for the routing over the
company's line of competitive traffic as shall insure to the company in any
month the same proportion of such competitive traffic as it had of the total
of such traffic for the average of the three years, counting the calendar
years of 1915, 1916 and 1917. taking into account both class and quantity
of tonnage, it being understood and agreed that if in any month such proportion of competitive traffic delivered to the company shall be less than
that based on the average for the three-year period, the Director-General
[VOL. 108.
will, within 60 days after the close of any such month,deliver such additional
amount of competitive traffic as shall make up the required amount.
Section 8. If differences arise as to any matter arising under this contract, either party may refer the question to the Inter-State Commerce
Commission, and its decision shall be final and binding.
Section 9. The company, so far as practicable, shall have the right to
use the purchasing agencies of the Director-General in the purchase of
materials and supplies at the prices which the Director-General shall pay
therefor, and to have its repairs done in the shops of its connecting lines
to the same extent and upon the same terms as were enjoyed before Federal
control; where roads have heretofore not had the repairs done at the shops
of the connecting line, but at private shops which have since been closed,
they may have their repairs done at the shops of the connecting line upon
fair terms.
Section 10. There shall be no discrimination against the company in
the matter of publishing tariffs and routing. In all publication of rates,
tariffs and routing, covering the territory in which the company's road is
situated, the company shall be treated in the same manner as the trunk
lines, except that nothing in this section shall be construed to require the
establishment of joint rates where joint rates were not in effect at the
commencement of Federal control.
Section 11. It is expressly agreed that if In the opinion of the DirectorGeneral a necessity shall arise making it necessary or desirable for any
purpose connected with the war, for the Director-General to take into his
own hands the possession, control and operation of said railroad and the
properties herein described, he shall have the right to do so. In such
event this contract shall be terminated and a new contract made providing
for the payment of compensation as provided by the Federal Control Act;
and if in the meantime it becomes necessary in his opinion to issue any orders
or directions to said company affecting the movement of troops or war
supplies, said company shall obey such orders or directions.
Section 12. In view of the foregoing covenants and agreements, and
subject thereto, the order of relinquishment issued on the
day of
June 1918 is hereby rescinded and set aside as of the date when the same
was issued; and the said railroad and the properties herein described are
hereby brought fully within the terms and under the control of the said
Federal Control Act, the same in all respects as if the said order of relinquishment had not been issued.
Section 13. The Director-General will formulate definite rules and regulations governing exchange transportation, which rules and regulations
shall be made applicable to the company without discrimination.
Execution.
In Witness Whereof, these presents have, on the day and year first above
written, been duly signed, sealed and delivered by William G. McAoo,
Director-General of Railroteds, and duly signed, sealed and delivered by
the
, by its President, and its
corporate seal affixed hereto, attested by its Secretary, such execution and
delivery on the part of said company having been duly authorized and
directed by vote of its board of directors at a meeting duly called and properly held on Nov. 23 1918, which action of said board of directors was duly
authorized by vote of the stockholders of the said company, at a meeting
duly called and properly held at
on
certificates of which meetings, duly attested by the Secretary of said company, have been lodged with the Director-General.
W. G. McADOO,
Director-General of Railroads.
THE GEORGIA NORTHERN RAILWAY CO.,
By C. W.PIDCOOK,President.
Attest:
F. R. PIDCOOK, Secretary.
[The American Short Line Railroad Association, writing on Oct. 31 1918,
said: "The Association has done all of the work and has accomplished all of
the results so far obtained in connection with the action of Congress and
the making and agreeing upon the standardized contract to be used by the
Director-General in arranging for modified control of Short Line railroads,
and the Association is fully prepared to aid all Short Line railroads in preparing and presenting their case to the Administration for consideration.
This Association can, in many cases, do all that is necessary to be done
and save many of the short:lines from having to send a representative to
Washington."]
RADICAL3LABOR PARTY FORMED IN NEW YORK.
A new American Labor Party was launched at a convention
held in New York City on Jan. 11 and 12, with a radical
platform strongly tinged with Socialistic ideas. The convention was a local affair, but was similar in aims and purposes to other movements now in process of organization in
Chicago and other cities, the ultimate purpose of which is to
unite in a national Labor Party on somewhat the same lines
as the British Labor Party. The now party invites the cooperation and membership of brain workers as well as manual workers, in that respect copying the now "hand and
brain" policy of the British labor movement. Its platform
torbids endorsing or accepting endorsements from tlui Republican or Democratic parties, but makes no reference in
that respect to the Socialist Party, the Non-Partisan League,
or other movements held to be composed of "workers." In
'other words, the door is left open for fusion with the Socialists or organized farmers, but as to other politital parties a
policy of aloofness is to be followed. Leaders of the new
movement were quoted as saying that they expected to cooperate closely with the Socialist Party and with the Socialistid trade unions, hut without merging their identity in
either.
The plan provides for a dues-paying membership, but made
up of individuals; in this respect it differs from the English
Labor Party, in which the trades-unions join as a body, paying dues on a per capith basis, regardless of whether the individual members actually vote for the Labor candidates.
The platform adopted by the American Labor Party of
New York demanded self-determination for Ireland, protested
THE CHRONICLE
JAN. 18 1919.]
against "interference in the internal affairs of Russia or in
any other nation," urged the withdrawal of Allied troops from
Russia, and declared for a "League of Workers" to supplement the League of Nations, and whose purpose it would be
to "destroy autocratic and economic imperialism throughout
the world." Among the other reforms urged in the platform
were that Federal agencies should undertake national projects during the period of reconstruction, so that the soldiers,
sailors and war-work employees might not be without positions; that all adult workers should be guaranteed a minimum wage; that in all industries there should be established
a democratic board of adjustment to establish a standard
wage based on the average cost of supporting a family of
five persons; the inauguration of a standard working week not
exceeding forty-four hours, and a standard work day of eight
hours; the establishment by law of the right of workers to
organize, with the recognition that the worker has a property
right in his job; provision for the care of the workers by
State insurance against accidents, disease, unemployment
and old age, and the continuation after the war of soldiers'
and sailors' insurance and the extension of such insurance
by the Government.
The platform also called for the enforcement of a uniform
standard of all factory laws, child labor laws, and laws protecting women. Under the provision of "democratic control
of industry and commerce," the platform urged "the democratic control of industry and commerce by those who work
with the hand and brain, and the elimination of autocratic
domination of the forces of production, either by selfish private interests, or bureaucratic agents of the Government."
Opposition to universal military training in time of peace
and acquiescence in it in time of war only when approved by
a referendum vote was stated in the plank on military training. Other reforms urged were equal pay for men and women for the same work, a tax of 100% on all incomes above
$100,000; the use of revenue from a system of taxation on
land values, and taxes to eliminate excessive inheritance.
FORTY STATES VOTE NATION DRY—TO BECOME
EFFECTIVE ONE YEAR FROM OFFICIAL
NOTICE AT WASHINGTON.
Kansas, North Carolina, Alabama, Indiana,
14
Jan.
On
Illinois and Arkansas ratified the national prohibition amendment, and on Jan. 15.Iowa, Colorado, Oregon, New Hampshire and Utah also completed affirmative legislation on
the measure, while on Jan. 16 Missouri, Nebraska and
Wyoming adopted the.Congressional measure,and on Jan. 17
Wisconsin fell into line, making with the previous ratifications a total of forty States, or four States more than
the required two-third majority. The effect of the amendment is to make the nation "dry" one year after formal
notice of ratification by thirty-six States has reached the
State Department, when a proclamation to that effect will
officially be given out by the Secretary of State.
Of the forty States that have taken action, only fourteen have certified their action to the Federal. State Department. They are Virginia, Kentucky, North Dakota,
South Carolina, Maryland, South Dakota, Texas, Montana, Delaware, Massachusetts, Arizona, Georgia, Louisiana
and Michigan. The vote of the Mississippi Legislature,
the first to act, has not, it is stated, been received at the
State Department. The Mississippi Secretary of State
said on Jan. 16 at Jackson that the certificate had been mailed
to Washington immediately after the Legislature acted and
that a duplicate would be sent if the original had been lost.
Congress adopted the resolution submitting the prohibition
amendment to the various State Legislatures in the latter
part of 1917, after the nation had entered upon war with
Germany. The exact order in which the various State
Legislatures ratified the resolution is shown in the following
list:
Mississippi
Virginia
Kentucky
South Carolina
North Dakota
Maryland
Montana
Texas
Delaware
South Dakota
Massachusetts
Arizona
Georgia
Louisiana
Florida
Michigan
Oklahoma
Ohio
Tennessee
Idaho
Jan. 18 1918
Jan. 10 1918
Jan. 14 1918
Jan. 23 1918
Jan. 25 1918
Feb. 13 1918
Feb. 19 1918
Mar. 4 1918
Mar. 18 1918
Mar. 10 1918
Apr. 2 1918
May 27 1918
July 22 1918
Aug. 3 1918
Dec.1,1 1918
Jan. 2 1919
Jan. 7 1919
Jan. 7 1919
Jan. 8 1919
Jan. 8 1919
Maine
West Virginia
Washington
California
Arkansas
Illinois
Indiana
Kansas
North Carolina
Alabama
Iowa
Colorado
Oregon
New Hampshire
Utah
Nebraska
Missouri
Wyoming
Wisconsin
Minnesota
Jan.
Jan.
Jae.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
237
No further action, either Congressional or Presidential,
appears to be necessary, for when the resolution to submit
the constitutional amendment to the States for ratification
was agreed to by two-thirds of the House and the Senate
the question passed entirely out of the hands of the national
legislature and into the hands of the Legislatures of the
several States. The President does not have to take any steps
in the matter, as provision is made by law for having the
certifications of the actions of the State Legislatures go
directly to the State Department and the final pronouncement will come from the head of that Department of the
Government. But a committee of distillers, through Levy
Mayer, chief of their counsel, announced in Chicago on Jan.
15 that contests of the ratification would be made in twentytwo States. He contends that in these States the Constitution requires a referendum vote of citizens in order to ratify
a Constitutional amendment.
As reported in these columns last week, the distillers, with
an approximate capital of $1,000,000,000 are starting an
aggressive campaign to counter-act this policy. Of the 48
States only the following have not ratified the amendment;
Connecticut,Nevada,New Jersey, New Mexico, New York,
Pennsylvania, Rhode Island and Vermont. The efforts to
block the country from going entirely dry has begun by court
action being instituted in California to prevent the Governor
from certifying to the Secretary of State there that the State
Legislature has ratified the dry amendment, and attorney
for the liquor interests assert there are twenty-two States
in all whore a referendum of the voters of the State on such
matters is necessary, according to the State constitutions.
When the U. S. Senate met on Jan. 16 and word was
received that Nebraska by its ratification had made the
amendment a part of the Constitution, Senator Sheppard,
author of the amendment, said:
I have the honor to announce that this morning Nebraska ratified the
nation-wide prohibition amendment, being the thirty-sixth State to ratify
it. Within less than thirteen months the amendment becomes part of the
Federal Constitution, the shortest time within which any amendment has
been ratified with the sole exception of the amendment abolishing slavery.
For the first time in history one of the leading nations of the world
embodies in its national organic law a provision prohibiting traffic in intoxicating liquors, a traffic which ultimately would have undermined the
foundation of its being.
The adoption of the amendment marks the advent of a new day. It is
the first step in the new process of legislation for human welfare which must
follow the great war for democracy and civilization in Europe if the lessons
of the conflict are to be gasped and utilized.
The resolution of amendment submitted by Congress to
the various State Legislatures for ratification follows:
Section 1. After one year from the ratification of this article the manufacture, sale or transportation of intoxicating liquors within, the importation thereof into, or the exportation thereof from the United States and all
territories subject to the jurisdiction thereof for beverage purposes is
hereby prohibited.
Section 2. The Congress and the several States shall have concurrent
power to enforce this article by appropriate legislation.
Section 3. This article shall be inoperative unless it shall have been
ratified as an amendment to the Constitution by the Legislatures of the
several States, as provided in the Constitution. within seven years from
the date of the submission hereof to the States by the Congress.
CITY EMPLOYEES' RESPONSE TO RED CROSS ROLL
CALL.
We learn through the Atlantic Division, in this city, of
the American Red Cross that through the various city
departments more than 10,000 subscriptions were turned
into the Christmas Roll Call of the American Red Cross
and the number of city employees who enrolled through
other channels cannot be estimated. To quote from advices
received by us:
Every Commissioner interviewed felt that his department was virtually
a 100% enrollment, although many members bad subscribed in their home
communities before being reached through their offices. But in every department the same enthusiastic spirit was manifested and never a dissenting
voice was heard.
Tie city departments had been organized for the previous campaigns
8 1019 and upon receipt of Mayor Hylan's letter urging the loyal support of all
9 1919 city employees little remained to be done but to start the machinery
13 1919 the foregoing drives. In the majority of the departments where women
13 1919 were employed the detail work was entrusted to them.
Several divisions felt that they would have made a better showing had
14 1919
14 1919 they been given an earlier start. In some instances the enrollment blanks
14 1919 and buttons did not reach them until the middle of the Roll Call week,
14 1919 when a large percentage of their forces had already enrolled.
The employees of the New York Past Office and the Railway Mail
14 1919
14 1919 Service made an excellent showing in the Christmas Roll Call of the Ameri14 1919 can Red Cross, having to their credit a total of 7,425 memberships.
As in the city departments the campaign was conducted through the
15 1919
15 1919 organizations already established in other drives. Heads of divisions
15 1919 report that in every instance the response was most enthusiastic and those
15 1919 employees who had already subscribed through other channels reported
16 1919 the fact to their department heads to explain the absence of their names
16 1919 from the post office lists.
Through the office of the Zone Supply Officer of the Red Cross Christmas
16 1919
17 1919 Roll Call was lengthened by 4,062 memberships. Capt. Eugene H.
17 1919 Sleeper was assigned to take entire charge of the Roll Call and he supervised
238
THE CHRONICLE
the distribution of posters, buttons and enrollment blanks in each division,
which was further divided into squads.
The largest 100% enrollment came from the division located in Building
No. 24, Bush Terminal, Brooklyn, where 301 men answered the call of
"The Greatest Mother." There were eighteen other divisions which
boasted a 100% enrollment.
PROPOSAL FOR ADOPTION OF METRIC SYSTEM IN
UNITED STATES—ITS USE ADVISED BY INTERNATIONAL HIGH COMMISSION.
A resolution providing for the adoption of the metric system by the United States was offered in the Senate on Nov.
21 by Senator Shaffroth. According to an announcement
made by the Treasury Department on Nov. 10, more extensive use of the metric system in the trade and commerce of
the United States is recommended in a resolution adopted by
the United States section of the International High Corn_
mission of which Secretary of the Treasury McAdoo is Chair_
mgn. The Treasury Department's announcement say:
The Commission has regarded this subject as of particular importance in
the United States. It is, of course, unnecessary for the United States
section to recommend to the Latin-American sections of the Commission
anything in connection with the metric system, which is exclusively in
use throughout Latin-America. One of the main obstacles to documentary uniformity as between the United States and Latin America is to be
found in the fact that the United States does not make the use of the metric
system obligatory and consequently its consular aocuments have to allow
the use of that system merely as optional. Any uniform system of classifying merchandise, however, will require on the part of the United States
thoroughgoing and complete adherence to the metric system.
Of more importance than statistical and administrative questions is the
use of the metric system in trade. Now that the United States is obviously
being drawn into closer and more vital commercial relations with the rest
of the world, and particularly with Latin America, our manufacturers
and exporters will be obliged to meet the demands of their prospective
customers in a somewhat more accommodating frame of mind than hitherto.
Only English-speaking nations still have to adopt the metric system of
weights and measures, and among them the British Empire, or at least
Great Britain, seems to be giving serious consideration to the necessity
of making a change. Those who read the commerce reports of the United
States Department of Commerce know how numerous are the opportunities necessarily allowed to pass by because of our inability to supply
goods and machinery constructed in accordance with the metric bystem.
The subject has now assumed a most practical character in the minds of
those who are planning for the post-war trade expansion.
The resolution adopted by the Commission is as follows:
The United States section of the International High Commission having
in view the present efforts to bring about the exclusive use of the metric
system of weights and measures within the jurisdiction of the United
States, resolves:
1. That,in the opinion of the section, the adoption of that system would
be proauctive of groat advantage in the commercial relations of the United
States with the other American republics.
2. That the Secretary of the section be directed to communicate a copy
of this resolution to the Chairmen of the proper committees of the Senate
and the House of Representatives.
THE NEW BRITISH CABINET.
•
The personnel of the new British Cabinet, selected by
Premier Lloyd George following the recent general elections
was made public on Jan. 10. The majority of the members
in high places are Conservatives, notably Andrew Bona
Law, Earl Curzon, Arthur J. Balfour and Viscount Milner.
The Labor Party, in keeping with the policy adopted after
the signing of the armistice of refusing to participate in the
Government,is not represented officially in the now Ministry.
Instead, as the largest of the minority parties in the new
House, it has definitely accepted the position of official
Opposition, and its members have moved over into the
benches but lately occupied by the Conservatives. Preniier
Lloyd George has taken the post of First Lord of the Treasury. Winston Spencer Churchill becomes Secretary of War
and of the Air Ministry, which offices have been combined
The Ministers without portfolios, George Nicoll Barnes and
Sir Eric Geddes, have important duties for which there are
no Cabinet places. Mr. Barnes will represent labor at the
Paris Peace Conference, while Sir Eric has undertaken the
management of demobilization.
One innovation is the selection for the first time of an Indian as a member of the Government,Sir S.H.Sinha having
the place of Under Secretary for India. Another is the appointment of Cecil Bisshop Harmsworth, brother of Lord
Northcliffe, to succeed Lord Robert Cecil as Under Secretary for Foreign Affairs.
In addition to David Lloyd George as Premier and First
Lord of the Treasury, the members of the Government will
be:
LORD PRIVY SEAL AND LEADER IN HOUSE OF COMMONS—
Andrew Boner Law.
PRESIDENT OF THE COUNCIL AND LEADER IN THE HOUSE OF
LORDS—Earl Curzon of Kedeiston.
MINISTERS WITHOUT PORTFOLIO—George Nicoll Barnes and Sir
Eric Geddes.
LORD CHANCELLOR—Sir Frederick E. Smith.
HOME SECRETARY—Edward Shortt. UNDER SECRETARY—
'lamer Greenwood.
[VOL. 108.
FOREIGN SECRETARY—Arthur J. Balfour. UNDER SECRETARY
—Cecil Bisshopp Harmsworth.
SECRETARY FOR THE COLONIES—Viscount Milner.
SECRETARY OF WAR AND OF THE AIR MINISTRY (which have
combined)—Winston Spencer Churchill. UNDER SECRETARY—Viscount Peel.
FINANCIAL SECRETARY TO THE WAR OFFICE—Henry W.Forster.
SECRETARY FOR INDIA—Edwin S. Montagu. UNDER SECRETARY—Sir S. H. Sinha.
FIRST LORD OF THE ADMIRALTY—Walter Hume Long. PARLIAMENTARY SECRETARY—Thomas J. MacNamara.
PRESIDENT OF THE BOARD OF TRADE—Sir Albert Stanley.
UNDER SECRETARY—W.E. Bridgeman.
DEPARTMENT OF OVERSEAS TRADE DEVELOPMENT AND INTELLIGENCE—Sir Arthur Steel-Maitland (who also is appointed
an additional Under Secretary for Foreign Affairs and an additional
Parliamentary Secretary to the Board of Trade).
PRESIDENT OF THE LOCAL GOVERNMENT BOARD—Dr. Christopher Addison. PARLIAMENTARY SECRETARY—Stephen
Walsh, Laborite.
SECRETARY OF AGRICULTURE—R.E. Prothero.
MINISTER OF EDUCATION—H. A. L. Fisher.
SECRETARY OF THE MINISTRY OF MUNITIONS (which is to become eventually the Ministry of Supply)—Andrew Weir.
FOOD CONTROLLER—George II. Roberts.
MINISTER OF SHIPPING—Sir Joseph P. Maclay.
MINISTER OF LABOR—Sir Robert Stevenson.
HOME MINISTER FOR PENSIONS—Sir Laming Worthington Evans.
MINISTER FOR NATIONAL SERVICE AND RECONSTRUCTION—Sir Auckland Geddes.
CHANCELLOR OF THE DUCHY OF LANCASTER—The Earl of
Crawford.
FIRST COMMISSIONER OF WORKS—Sir Alfred Mond.
ATTORNEY-GENERAL—Sir Gordon Hewart.
SOLICITOR-GENERAL—Sir Earnest Pollock.
POSTMASTER-GENERAL—Albert Holden Illingworth.
PAYMASTER-GENERAL—Sir• Joseph Compton-Rickett.
CHANCELLOR OF THE EXCHEQUER—Austen Chamberlain.
LORD LIEUTENANT OF IRELAND—General Viscount French.
CHIEF SECRETARY FOR IRELAND—Sir James Ian Macpherson.
SECRETARY FOR SCOTLAND—Robert Munro.
Both Mr. Prothero and Andrew Weir were raised to the
peerage on accepting their new offices. It was announced
that until there has been more time to make permanent
peace arrangements, the existing war Cabinet would be continued.
The Government, it was also said, intends to submit to
Parliament proposals for the establishment of a Ministry
of Ways and Communications. If these are adopted, Sir
Eric Geddes will be invited to head the new department.
The London dispatches in announcing the membership of
the new Cabinet, stated that the British newspapers were
wondering whether Lloyd George would rule his Cabinet or
whether his Conservative advisers would dominate him.
The Premier, the dispatches pointed out, is pledged by his
campaign speeches to a sweeping program of liberal reforms,
particularly the giving of land and houses to workingmen and
discharged soldiers. His principal advisers are regarded as
representatives of the landowning interests, who, following
tradition, might be expected to place barriers in the way of
such reforms.
BRITISH LABOR PARTY ASSUMES NEW ROLE AS
• OFFICIAL OPPOSITION.
According to advices sent out by the British Wireless Service on Jan. 8, the British Labor Party has decided to accept
the responsible position of official Opposition to the Government. This is said to be a landmark in English Parliamentary history. The Labor Party's position as the largest
body outside the coalition has entitled it to this distinction,
and its leaders will take their seats on the front Opposition
bench as the alternative combination to the Ministry of the
day. At the same time, though the Labor Party has this
numerical advantage, it is to be remembered that there are
numerous Liberals in the Coalition, and that the total number of Liberal members of Parliament is well in excess of the
total number of Labor members.
The leader of the new Opposition will be William Adamson, representing West Fife, who worked as a miner for
27 years. He has strongly supported the Government in the
prosecution of the war.
John Robert Clynes, who held the office of Food Controller, is to be Deputy Leader. He withdrew from the Government in compliance with the Labor Executive's decision.
Both of these members are looked upon as moderates.
Three of the seven officers appointed by the Labor Party
including the Chairman, are miners.
EQUITABLE LIFE ASSURANCE CO. ENTERS FIELD OF
ACCIDENT AND HEALTH INSURANCE.
A new development in the field of the greatlife insurance
companies was inaugurated on Jan. 14 by the Equitable
Life Assurance Society of the United States when it entered
the field of accident and health insurance. This marks a
new era in the accident and health business which heretofore
has been conducted by capital stock companies organized
THE CHRONICLE
JAN. 181919.]
239
chiefly for that purpose. Speaking of the new departure, have been appointed Assistant Cashiers. John H. Love, of
President W. A. Day, of the Equitable, said:
Graupner, Love & Lamprecht, has been elected as a director
I believe that this action by the Equitable will favorably affect the of the bank.
accident insurance business for there are so many people uninsured or unprotected by accident and health insurance that the field is large enough
for all.
Our great army of agents throughout the country come in daily contact
with a vast number of people and are glad of the opportunity to increase
their public service and their business by adding to their present duties the
placing of accident and health business.
We will charge practically the standard rates and issue modern, standard
policies. The last innovation in life insurance inaugurated by the Equitable was the Group Insurance Plan, which has proved very successful and
is now used by many companies, and I believe this now departure will be
equally successful. We will commence writing the new business to-morrow.
The directors of the Irving National Bank gave a complimentary dinner to Edward R. Stettinius and Theodore F.
Whitmarsh at the Hotel Waldorf on Monday last, Jan. 13.
The dinner was given in recognition of the conspicuous service to the country which both of these gentlemen have
rendered. During the war Mr. Whitmarsh was actively
identified with the United States Food Administratio, and
Mr. Stettinius- was Second Assistant Secretary of War of
the United States and now is the special representative of the
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. United States War Department in France.
The public sales of banks stocks this week aggregate 171
Russell Brittingham, Vice-President of the Equitable Safe
shares, of which 100 shares were sold at auction and 71 shares
at the Stock Exchange. The sales of truSt company stocks Deposit Co., was elected President of the New York Safe
reach a total of 60 shares. Twenty-two shares of National Deposit Association at the annual meeting on Jan. 9.
Bank of Commerce stock were sold at the Stock Exchange Samuel E. Martin, of the Peoples Trust Co., Brooklyn, and
on Friday at 217, an advance of 10 points over last week's Walter J. Barrown, of the Standard Safe Deposit Co., were
elected Vice-Presidents. Henry F. Freund was elected
sale price:
Low. High. Close. Last previous sale.
Shares. BANK—New York.
Secretary, and Frank J. Mooney, Treasurer. Wm. Giblin
217 217 Jan. 1919— 207
*171 Commerce, Nat. Bank of.._ 208
and Herbert T. Magruder were elected to the Executive
TRUST COMPANIES—New York.
Committee to serve three years.
385 385 385 Feb. 1916— 442
50 Bankers Trust Co
10 N. Y. Life Ins. & Trust.. _ _ 802
802
802
Dec. 1918— 869
*Of this amount 71 shares were sold at the Stock Exchange.
M. F. Bayard, Traasurer of the Scandinavian Trust
Co. of this city, and John D. Gillfillan Jr. have been elected
At the annual meeting this week of the First National Vice-Presidents of the company.
Bank of this city, Francis D. Bartow, Vice-President and
Cashier, was elected Vice-President, and Samuel A. Welldon
A branch of the Bank of the United States of this .city
was elected Cashier. Mr. Welldon was Cashier when he was opened this week at 320 Fifth Avenue.
left in 1917. He served in the army as Major of Field
Artillery.
Charles W. Bogart, President of the Twenty-third Ward
Bank of this city, died at his home in Harlem on Jan. 13.
Otis Everett and George E. Schoepps were elected As- Mr. Bogart was 62 years of ago. He had been one of the
sistant Cashiers of the Chase National Bank of this city organizers of the bank and its President since its organizathis week.
tion in 1887. He was also Treasurer of the Bronx Board
•
of Trade.
D. H. G. Penny, Assistant Director, Division of ForAs an expression of its appreciation of the contribution of
eign Exchange of the Federal Reserve Board, was this week
elected a Vice-President of the National Bank of Com- its former President, Dumont Clarke, to the standing and
merce in New York. Mr. Penny was formerly a Vice- growth of the American Exchange National Bank of this
President of the Irving National Bank, and is an author- city, the bank on the 15th inst. unveiled a life-size portrait
of Mr. Clarke in its new directors' room.
ity on foreign exchange.
Abner S. Pope, formerly of the Seaboard National Bank
of Norfolk, Va., director of the Fidelity Savings & Trust
Co. of Norfolk, now Vice-President of the Industrial Finance
Corporation, has been elected a director of the Morris Plan
Co. of New York, succeeding the late Major Willard Straight.
Since the previous meeting of stockholders, the following
The stockholders of the Gotham National Bank of New names have been added to the board:
General Coleman du Pont;
York at the annual meeting on Jan. 14 1919 approved the
Eugene W. Stetson, Vice-President Guaranty Trust Co.;
proposal to increase the capital from $200,000 to $500,000
Eugene V. R. Thayer, President Chase National Bank.
and the surplus from $200,000 to $425,000, by allowing the
present stockholders to double their holdings at 165, and
The election of Raymond E. Jones as President of the
sell to new interests $100,000 of capital stock at 195. The Merchants National Bank Of this City was among the
enlarged capital and surplus to take effect as of April 1 changes to occur at this week's annual meeting. Mr. Jones,
1919. F. M. Dunbaugh, President of the Colonial Navi- who had been First Vice-President of the bank, succeeds
gation Co., Victor M. Tyler, manufactuerr, of Now Haven Theodore E. Burton in the Presidency. Mr. Burton has
and New York, and John G. Scattergood, Vice-President become Chairman of the Board. J. S. Aldred has been made
of the bank, were added to the board of directors.
Chairman of the Executive Committee. The new President
of the bank is but thirty-four years of age—the youngest
H. B. Fonda and M. S. Billmire have been appointed national bank president, it is believed, in the city.
Assistant Cashiers of the Harriman National Bank of this
Ernest A. de Lima has been made Manager of the Foreign
city. Mr. Fonda has had a wide banking experience, having
been officially connected with the National Union Bank and Department of the Battery Park National Bank of this city,
the National Bank of Commerce, and was later Treasurer William H. Kemp, Edward Flash Jr., Frederick E. Hasler,
of the Trust Co. of America. Mr. Billmire is at present George M. Dexter and Edwin B. Day are the new members
Cashier of the Citizens National Bank of Baltimore. Capt. of the board. The bank also has two new Assistant Cashiers,
W. M. Talbott, of New York and Havana, Treasurer of the namely George S. Talbot and William Fuelling Jr.
Ciego do Avila Sugar Co., of Havana, Cuba, and Alvah
Harold C. Richards has been elected President of the
Miller, senior member of the firm of H. G. Craig & Co., an
important paper firm of this city, and also Vice-President of State Bank of this city, succeeding Oscar L. Richards, who
the St. Regis Paper Co., were elected to the board of direc- retires after serving in the presidency for twenty-nine years;
tors of the Harriman National Bank at this week's annual Albert I. Voorhis, heretofore Cashier, has been elected a
Vice-President; W. L. Burckett continues as a Vice-Presimeeting.
dent. John Kneisel, previously Cashier, has been chosen
Lewis E. Pierson, Chairman of the Board of the Irving Cashier; Charles D. Smith and Frank A. Pappi are the
National Bank of this city, has been re-elected as Chairman Assistant Cashiers; while Chester Woodworth has been made
of the Board; Rollin P. Grant, formerly President of the Auditor. Sol Wexler, Wilbur L. Ball, M. II. Mann and
Irving, has been elected Vice-Chairman of the Board, and Michael Tuch were elected directors on Jan. 13, increasing
Harry E. Ward, formerly First Vice-President, has been the membership of the board from 11 to 15.
elected as President. William Grafe and H. A. Matthews
On Thursday, Jan. 9, James McNeil and B. D. Forster
were appointed Vice-Presidents of the Bank of the Manhattan Company of this city and -John Stewart Baker was appointed an Assistant Cashier. James McNeil and B. D.
Forster had previously been Assistant Cashiers of the bank.
240
THE CHRONICLE
North McLean has been appointed Vice-President of
the Mechanics & Metals National Bank of this city. Mr.
McLean has been Manager of the Foreign Department of
the bank. All the directors were re-elected except George
R. Sheldon, who died on Jan. 14.
[VOL. 108.
director, the North American Company, of which he became
Treasurer in 1898 and Chairman of the Board in 1917.
Resolutions in tribute to him were adopted by the directors
of the latter on Thursday. Mr. Sheldon became Treasurer
of the Republican National Committee in 1898 and continued
in that capacity for eight years.
A. H. Baldwin, former United' States Commercial Attache in London, and recently Commercial Advisor to the
War Trade Board, has become assistant to Allen Walker,
Manager of the Foreign Trade Bureau of the Guaranty
Trust Company of New York. As chief of the Bureau of
Foreign and Domestic Commerce, in Washington, D. C.,
during the period from 1910 to 1914, Mr. Baldwin saw the
first great expansion of that bureau, and was able to direct
its energies largely into the present fields. From 1914 to
1916 he served in London, and during the last months of
the war was attached to the War Trade Board.
Arthur King Wood has resigned as Chairman of the Board
of the Franklin Trust Co. and as trustee of the Franklin
Safe Deposit Co. Mr. Wood has become associated with the
firm of Westinghouse, Church, Kerr & Co. of Manhattan.
Mr. Wood was identified with the Franklin Trust Co. since
1908, when control of the company passed to the Farmers'
Loan & Trust Co. At that time Mr. Wood became President of the Franklin Trust. He continued in the presidency
until the control again changed, in 1914. In January 1917
he became Chairman of the Board. Thornton Gerrish has
been elected a director of the Franklin Safe Deposit Co., sucThe Metropolitan Trust Company has elected Arthur ceeding Mr. Wood. Mr. Gerrish is also Vice-President of
Amory Houghton of Corning, N. Y., as a director to fill the Franklin Trust Co.
a vacancy in its board. Mr. Houghton is the Vice-PresiAt the annual meeting of the stockholders of the First
dent of the Corning Glass Works. He is also the President National Bank of Brooklyn, N. Y., on Jan. 14, the proposal
of the Ephraim Creek Coal & Coke Company, a West to increase the capital from $300,000 to $500,000 was apVirginia corporation with offices at 11 Broadway.
proved. This action of the stockholders was taken for the
purpose of availing of the privilege to act in a fiduciary caIn addition to the changes in official staffs and directorates pacity extended to national banks under the recent amendamong banks of this city, of which we make special note ment to the Federal Reserve Act. The new stock will be
above, the following are some of the changes in the boards offered at $100 per share. The enlarged capital becomes
of the local financial institutions:
effective Jan. 29 1919.
Atlantic National Bank.—All the old directors were re-elected and Rufus
W. Scott and 'William B. Davis were added.
Bank of Cuba.—James M. Motley has been added to the board.
Citizens National Bank.—At the annual meeting of the shareholders
Francis M. Bacon Jr. retired from the board. John A. Garver of the
law firm of Shearman & Sterling was recently elected a director. Ambrose
R. Adams died during the year. The remaining directors were re-elected.
Chatham & Phenix National Bank.—W. H. Strawn, vice-President, was
added to the directorate.
Coal & Iron National Bank.—Arthur Hamilton has been elected a director,
succeeding George D. Harris.
Commercial Trust.—Walter J. Drummond has been elected a director.
Continental Bank.—Frederick H. Hornby and Frank Pool have been
elected to the board.
Equitable Trust Co.—Bertram G. Work, President of B. F. Goodrich Co..
has been elected a director.
Fidelity Trust Co.—The new directors elected this week are: William H.
Barron, William C. Petee, Irwin Cadmus and A. W. Mellen.
Fulton Trust Co.—J. Roosevelt Roosevelt, E. A. Cruikshank, Henry K.
Pomroy, Alfred E. Marling, Richard H. Williams, Archibald D. Russell,
Charles M. Newcombe and Robert L. Gerry were re-elected trustees
for the term expiring in January 1922.
Garfield National Bank.—Charles S. Wills and Arthur W. Snow have
been elected directors, succeeding Frederick T. Fleitmann and Angier
B. Duke.
Greenwich Bank.—Frank Hammond, vice-President and Cashier of the
bank, is a new member of the board of directors. H. Boardman Spalding
has also been made a director.
National Butchers & Drovers Bank.—J. S. Jenkins, L. L. Rothstein,
Charles Harwood,Frank G. Carter, John S. Healey and Robert Steele are
newly elected directors.
National City Bank.—Robert S. Lovett of the Union Pacific RR. Co.,
was added to the board of directors on Jan. 14.
New York County National Bank.—Nicholas Biddle has been elected to
the board to replace George R. Walker.
John W. Fraser, President of the Eastern District Savings
Bank of Brooklyn, has been elected a director of the Mechanics' Bank of Brooklyn toisucceed the late Daniel Wilkin McWilliams.
At the annual meeting of the trustees of the Brooklyn
Trust Co. of Brooklyn, N. Y., the following were elected
directors for the term expiring Jan. 1 1922: Frank L. Babbot, Samuel W. Boocock, William N. Dykman, Frank C.
Munson, David G. Ligget, Howard W. Maxwell, Harold
I. Pratt and J. H. Walbridge. Frank D. Tuttle has been
elected a director for the term ending Jan. 1 1920.
Charles H. Ohlau and Jacob Goell were elected as directors
of the Homestead Bank of Brooklyn; N. Y., on Jan. 14, succeeding G. S. lice and Samuel Palley.
Carl E. Meyer, who resigned on Sept. 11 1918 as Cashier
of the Flushing National Bank of Flushing to enter the
army, has been re-elected Cashier, having been discharged
from the service. Fisher A. Buell has been elected a director of the bank.
The directors of the First National Bank of Hartford,
Conn., at their annual meeting this week elected Emerson,
F. Harrington, Cashier, to succeed the late Charles D.Riley.
For the last twelve years Mr. Harrington had been an
Assistant Cashier of the institution. He was born in Hartford and has been,with the First National Bank since 1881,
when he entered its service as a messenger. He rose through
various positions until his election as Assistant Cashier
in 1907.
Anton A. Raven, formerly President of the Atlantic
Mutual Insurance Co., died at his home in Caldwell, N. J.,
on Jan. 15 in his eighty-sixth year. Mr. Raven had been
connected with the company for sixty-seven years, and had
been its President seventeen years. At the time of his
death he had been Chairman of its board of directors for
three years. He was President of the Board of Marine
Underwriters and the American Bureau of Shippers, and
Robert E. Fabian, heretofore Assistant Title Officer of
trustee of the Atlantic Safe Deposit Co., the Seaman's the Columbia Avenue Trust Co. of Philadelphia, has been
Bank for Savings, the Fidelity & Casualty Co., the Home made Title Officer. William S. Burkhart has been made
Life Insurance Co. and the Bank of New York, N.B.A., Assistant Title Officer.
and Chairman of the Committee on Insurance of the New
York Chamber of Commerce.
T. E. Frame, who was formerly Secretary, has been elected
Vice-President of the Philadelphia Trust Co. of PhiladelGeorge R. Sheldon, banker, and former Treasurer of the phia, Pa., and Henry L. McCloy, heretofore Assistant
Republican National Committee, died at Carbondale, Ill., Treasurer, has been elected Secretary; John C. Wallace,
on Jan. 14 of injuries received the previous week when he previously Assistant Secretary, has been elected Treasurer,
was crushed by a coal car while inspecting a mine. Mr. and John B. Townsend has been elected Assistant to the
Sheldon was born in Brooklyn sixty-one years ago. He had Vice-President. Frank M. Hardt, heretofore Treasurer and
been associated with the late J. P. Morgan in many large Vice-President, remains Vice-President.
undertakings, and took a prominent part in the formation
and reorganization of industrial and financial corporations.
Colonel T. Edward Clyde has been elected President of
He was head of the banking firm of William C. Sheldon & the First National Bank of Chester, Pa., succeeding the
Co., established by his father, and was identified with a late George M. Booth. Samuel Lloyd Irving has been
number of corporations at the time of his death, among'them named a director, succeeding his father, William A. Irving,
the American Locomotive Co., the Bethlehem Steel Co., the who died recently. George B. Harvey takes the place of
Corporation Trust Co., of which he was Vice-President, the his uncle, George M. Booth, as a director of the bank.
Mechanics & Metals National Bank, of which he served as
JAN. 18 1919.1
241
THE CHRONICLE
At the annual meeting of the stockholders of the National lowing table shows the development in both number of
Bank of Baltimore on Jan. 14, Wade H. Gardner was accounts and in strictly savings deposits:
Book
Number of
elected a director to succeed the late Dr. Nathan R. Gorter.
Samuel W. Tschudi, Cashier of the Merchants-Mechanics
First National Bank of Baltimore, was elected a director
of the institution at its annual meeting Jan. 14.
At the annual meeting of the stockholders of the American
Bank of Baltimore, Allen Schwartz was elected a director
to succeed his father the late William Schwartz. In addition the following new members were added to the board
of directors: Charles M. Struven of Charles M. Struven &
Co.; Henry Kolb, President of the Overlea Realty Co.,
and William F. Schluderberg, Treasurer of the William
Schluderberg & Son Co.
Dr. J. W. Gascoyne has been elected a director of the
National Marine Bank of Balt'more in lieu of W.L. Strause,
resigned.
Date—
January 1904
" 1907
" 1910
"
1913
" 1916
" 1919
Savings Accounts.
525
31,147
53,222
71,735
93,206
100,389
Savings.
$78,669
18,158.687
26,758,824
35,883,644
42,715,958
45,508,611
No mergers or consolidations 'lave contributed to the
bank's growth, which has accumulated a capital and surplus of $10,500,000.
The proposal to increase the capital of the Central Manufacturing District Bank of Chicago from $250,000 to $400,000
was ratified by the stockholders at their annual meeting on
Jan. 8. This increase, to which we previously referred in
our issue of Dec. 21, was voted on by the directors at their
December meeting. The new stock will be offered pro rata
to stockholders at $125 a share, the premium of $25 to be
added to ,the surplus account. The new stock payments
are to be made on or before Feb. 1 1919. The old stock is
now quoted at around $212 bid, having had a steady advance in the last year. The increase in capital is designed
to provide for a material expansion in the bank's business.
The officers and directors were re-elected for the ensuing
year.
At the annual meeting of the stockholders of the Continental Trust Co. of Baltimore Jan. 7, S. Davies Warfield,
President of the institution, submitted his annual report
which showed net earnings of $237,711 and the usual semiannual dividend of 6% was declared, payable Jan. 10 to
stockholders of record Jan. 8. At the same meeting three
The annual report of the Harris Trust & Savings Bank of
vacancies in the directorate were filled by the election of
submitted at the annual meeting of the stockholders
Chicago,
S.
F.
all
and
Chavanner,
Richards
F.
E.
James M. Easter,
on Jan. 8, shows net profits for the year, after the deduction
of Baltimore.
of all charges and appropriations for various funds, of
The Union Conatherce National Bank of Cleveland an- $577,103, which compares with net profits of $573,864 for
nounces that Charles L. Bradley has been elected an active the preceding twelve months, or equal to 10.31% on the
Vice-President of the institut;on. Mr. Bradley has been average capital employed in 1918, as compared with 10.54%
associated as a director of the bank for the past eight years. on the capital employed in the preceding year. Net profits
He is also a director of the Citizens Savings & Trust Co., for 1918 a-e shown to be 28.85% of the $2,000,000 capital
Vice-President and Director of the Nickel Plate Railroad, stock of the institution. At the directors' meeting, which
President of the Cleveland Material Company, and Vic*. followed the meeting of the stockholders, Harry H. Jones,
President and Director of the National Tool Comnany. heretofore Bond Sales Manager; Frank R. Elliott, formerly
Mr. Bradley has been prominent in war activities, being Treasurer; Frank McNair, formerly Bond Sales Manager,
Vice-Chairman and active head of the Cleveland Liberty and Robert 0. Lord, heretofore Cashier, were elected ViceLoan Association. He is also a member of the Executive Presidents of the institution. Lieutenant John S. BroekCommittee of the Cleveland Chanter American Red Cross smit, who before he entered the United States Army was
and prominently associated with Victory Che44-:, Y. M. C.A. Cashier of the bank, was elected Treasurer to succeed Mr.
• nd other campaigns. William C. Cq ine. who for many Elliott; Joseph H. Vaill, heretofore Assistant Cashier, was
years had been closely identified with the banking interests made Cashier in lieu of Mr. Lord, and G. I. Bell, Albert C.
of Cleveland, had resigned as Vice-President of the Union Koch and Edward B. Hall, formerly Assistant Bond Sales
Commerce National Bank and will retire altogether from Managers, were promoted to Managers. All other officers
active business. It is announced,that Mr. Caine has taken were re-elected. Ward W. Willits, President of the Adams
this step much to the regret of the institution in order to & Westlake Co., was elected a director of the institution.
devote his time to travel and recreation.
At the annual meeting of the directors of Noel State
C'iff rd C. Whitmore has been elected President of the Bank of Chicago on Jan. 15, Otto J. Hartwig was elected
Security Pavi-gs Bank & Trust Co. of Toledo, Ohio. succeed- Chairman of the Board for the eleventh consecutive year.
ing F. c".1Toehler who has been elected third Vice-President. The following officers of the bank were elected or re-elected:
Mr. Hoehler retired from the Presidency because of the President Joseph R. Noel; Vice-Presidents, James Davis
pressure of other interests on his time. Mr. Whitmore and Frank W. Hausmann; Cashier, James T. Perkins;
advances from the Vice-Presidency. R. j. West, President Assistant Cashier, Agnes J. Olsen. Nicholas J. Reuland
of the West-Crescent Fuel Co., and A. R. Kuhlman. Presi- was reappointed Manager of the Mortgage and Bond Dedent of the Tolodo Builders' Supply Co., have been elected partment. At the annual meeting of the stockholders held
directors of the Pecurity Savings Bank & Trust Co.. sneceed- Jan. 13, two new directors were added to the Board—Joseph
ing S. D. Carr, President of the National Bank or Commerce T. Johnson, Treasurer Johnson Chair Co., and Christian V.
and M. W. Young, President of the Second National Bank, Nieman,President Chicago Tea Co. Net profits of the bank
who resig ed because of the provisions of the Clayton law for last year, after paying all expenses, interest and taxes,
setting aside reserve for taxes, providing for all losses and
preventing inter-'ocking directorates.
depreciation and charging off the furniture and fixture acwere $39,969 50, being 13.32% on the capital of
count,
Members of the hoard of directors of the First National
Deposits increased $379,000 during the year.
$300,000.
at
the
re-elected
annual
of
were
meeting
Chicago
Barer of
amounting to 8% and an extra of 2% were
dividends
Regular
D.
Block, Vice-President of the
the stockholders, and Philip
paid.
Inland Steel Co.,, was added to the l-oard. No change in
the personnel of the official staff of either the First National
At the annual meeting of the stockholders of the Fort
Bank or the First Trust & Savings Bank was made at the
National Bank of Chicago on Jan. 14, the following
Dearborn
A.
Melvin
Traylor
directors,
been
having
the
or
meeting
made in the official staff of the institution:
were
changes
of
Vicethe
President
First
Trust and
Previously elected as
of the bank, and
President of the First National, assuming both offices at Edwin C. Tubles, heretofore Cashier
Cashier, were
Assistant
an
formerly
L.
McKee,
William
the close of 1918.
formerly an
Gros,
Le
W.
William
Vice-Presidents;
elected
The number of savings depositors in the First Trust &
Mr.Tubles,
Savings Bank passed the 100,000 mark during the c-rrent Assistant Cashier, was ma -ie Cashier, succeeding
was made
Cashier,
Assistant
an
Heinz,
N.
Edward
and
bank
This
was
one
.with
started
January interest period.
million dollars cppital in December 1903 under direction of Manager of the Foreign Department of the institution, in
James B. Forgan to handle the savings, bond and trust addition to his present duties. Three new directors were
C. U.
Fusiness. The conception of a State bank controlled through added to the board, namely, Marcus Jacobowskv,
the same stook ownership as the First National Bank was Snyder and George H. Wilson.
ori-inal, P rt'' r roved successful from the outset. The fol-
242
[VoL. 108.
THE CHRONICLE
James Skitt, formerly of the investment department of the and W. L. Hemingway, until recently President of the
Union Trust Co. of Chicago, is now associated with the bond Mercantile Trust Co., will be included in its board of direcdepartment of the National Bank of the Republic, Chicago. tors. The resignation of Mr. Hemingway in order to become
a Vice-President of the National Bank of Commerce in St.
Louis, is said to have brought about the amalgamation of
At the annual meeting of the stockholders and directors
of the Union Trust Company of Chicago on Jan. 14 all the two institutions.
directors were re-elected. John J. Anton was added to
At a recent meeting of the stockholders of the Liberty
staff as an Assistant 'Cashier. The sum of $200,000 was
carried to surplus account, making that item $2,000,000. Insurance Bank of Louisville, the capital of the institution
The capital is $1,500,000. An extra dividend of 2% was was doubled, thereby raising it from $250,000 to $500,000,
and at the same time $250,000 was added to surplus fund.
declared.
The stockholders were given the privilege of doubling their
The stockholders of the Standard Trust & Savings Bank holdings at $200 per share, $100 of which was added.'to the
of Chicago have elected to the directorate Eugene N. Strom, capital and $100 to surplus. The combined capital and
surplus of the institution now aggregates $1,250,000. A
Vice-President of the Pettibone-Mulliken Company.
modern bank building is in course of construction. by 'the
Liberty Insurance Bank and the institution will shortly
At the annual meeting of the United States Bank of move to its new quarters. A feature of the new building
Chicago William C. Fahsbender was elected an Assistant will be the safe deposit vault, said to be the largest and
Cashier of the institution and Jacob J. Sinis was made a strongest south of the Ohio River, the steel used In it conmember of the directorate.
struction having approximated 368,000 pounds. The
stockholders also elected four additional directors to its
Samuel Shuster, Cashier of the Schiff & Co., State Bank bank. The new members are as follows:
C. H. Wathen: a Prominent miller of Louisville; J. 0. Cardwell, Secreof Chicago, was this week elected a Vice-President of the tary
of the Kentucky Bankers' Association; Frank R. Merhoff, and John
bank. Mr. Shuster will retain his position as Cashier.
E.Huhn,connected with the Liberty Insurance Bank,for more than twenty
years.
At the recent annual meeting of the Liberty Trust &
Savings Banks of Chicago the following new officials were
elected: Walter M. Heymann, President; Frank A. Alden,
Vice-President; Adolph S. IIolquist, Cashier and Jacob
Landon, Assistant Cashier.
The board of directors after organizing elected:,
H. C. Wallbeck, A. P. Winkler, formerly Vice-President, was elected
President; J. C. Cardwell, who had not been connected with the bank,
was elected Vice-President; Frank R. Merhoff, former Cashier, was also
elected as Vice-President, and John E. Huhn, former Assistant Cashier,
was elected as Vice-President, and Ed. F. Kohnhorst, former Assistant
Cashier, was elected Cashier; W. S. Kohnhorst and R. M. Fible Jr. and
F. C. Dorsey were elected Assistant Cashiers.
E. B. Carson, a Vice-President of the Greenebaum Sons
William Moffat, heretofore Assistant General Manager
Bank & Trust Co. of Chicago, was elected a director at the
of the Imperial Bank of Canada (head office Toronto) has
annual meeting on Jan. 14.
been appointed General Manager of the institution to
Charles F. Buehrie and Joseph Meyer were elected direc- succeed Edward Hay, resigned. Mr. Moffat entered the
tors of the Cosmopolitan_ State Bank of Chicago at the an- service of the Imperial Bank in 1881, was appointed Chief
Inspector in 1902, and Assistant General Manager in 1914.
nual meeting of the institution on Jan. 14.
Mr. Hay, whose resignation is due to failing health, was
born in Edinburgh, Scotland, in 1855 and wont to Canada
At the annual meeting of the National Bank of the Re- in 1873. Two years later ho entered the Imperial Bank,
public of Chicago on Jan. 14, F. Edson White, Vice-Presi- then in its inception. In 1889 he -was appointed Inspector
dent of Armour & Co., was elected a director in lieu of Charles and in 1902 Assistant General Manager, a position he held
R. Crane, resigned.
until 1914 when he was elected General Manager. Mr. Hay
will continue a member of the board of directors.
At the annual meeting of the Chicago Savings Bank &
Trust Co. of Chicago on Jan. 14, M.A. Healy, Vice-President
The London & Liverpool Bank of Commerce, Ltd.,
of the firm of Lyon & Healy, and Raymond E. Durham and
announces, with regret that 0. List has decided to retire
W. T. Bacon, Vice-Presidents of the Chicago Savings Bank
from the managership of the bank. H. E. Lawford has been
& Trust Co., became members of the board of directors.
appointed Manager, effective Jan. 1.
J-.
Trust company privileges have recently been granted
THE ENGLISH GOLD AND SILVER MARKETS.
the Metropolitan National Bank of Minneapolis by the
We reprint the following from the weekly circular of
Federal Reserve Board under which the institution will be
allowed to act in a fiduciary capacity. The new Trust Samuel Montagu & Co. of London, written under date of
Department will be opened in the near future. The capital Dec. 19 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an increase
of the Metropolitan National is $500,000 with surplus and
of £819,815 as compared with last week's return.
undivided profits of $134,843.
The Transvaal gold output for November 1918 was £2,797,983 as comThe Western Montana National Bank of Missoula, Mont.,
has recently been placed under new management. Fred T.
Sterling, heretofore Vice-President of the Missoula Mercantile Co. of Missoula, has been chosen President of the bank,
and a number of well-known Montana business men are stockholders in the institution. It was founded in 1889. Howell
Gough, formerly Cashier of the First National Bank, Missoula, who was connected with that institution for the past
fifteen years, was elected Cashier of the Western Montana
National. Will H. Clark, who has been an employee of the
Western Montana National Bank for the past eleven years,
was elected Assistant Cashier.
A consolidation has recently been arranged between the
Mercantile Trust Co. (capital $300,000) of Little Rock, and
the Union Trust Co. (capital $250,000) of that city. The
enlarged institution is to be known as the Union & Mercantile
Trust Co.and will have a capital of $400,000,with a.surplus
of $250,000, and deposits of more than $4,000,000. Under
the merger plan the stockholders of the Mercantile Trust
Co. will receive $170 per share of their stock, the par value
of which is $100. Moorhead Wright, President of the Union
Trust Co., has been chosen President of the new institution,
pared with £3,070,426 for November 1917 and £2,887,455 for October 1918. •
The British Bank of South America states that the position of the Argentine currency was as follows:
Aug. 311918.
Aug. 31 1917.
Gold in conversion office, Buenos
Aires
$261.598,114 06
$261,595,586 29
Gold in Legations abroad
117,434,424 29
55,254,373 62
Making a total of
Against a paper issue of
$379,032,538 35
$316,8411,959 91
$1,154,1.5,819 20 $1,013,131,777 35
CURRENCY.
A New Zealand Finance Bill provides for the issue of five-shilling notes.
We understand that there is a great scarcity of copper coinage in Melbourne, where people are giving postage stamps as chan,ge.
SILVER.
The market is quiet, as it usually is at this period of the year.
On the 13th inst. the Treasury fixed 48 7-16d. as the official maximum
price. The Shanghai exchange still continues to fluctuate slightly.
A shipment of 3,000,000 dollars of silver bullion, the largest consignment
ever sent from America, has recently been dispatched to the.Secretary of
State, Calcutta, India.
From the Indian Currency figures given below it will be seen that the
silver holding on the 15th inst. has decreased by 56 lacs as compared with
the previous return. This Is the first time that a decrease has been reported since July 7 last. From that date tho total silver holding had
mounted steadily in twenty successive returns from 1,481 to 3,599 lacs.
(/n Lacs of Rupees—)
Nov. 30.
Dec. 7. Dec. 15.
Notes in circulation
14076
14473
14255
Reserve in silver coin and bullion
3419
3543
3599
(within and without India)
Gold coin and bullion'in India
2045
2044
1968
Gold coin and bullion out of India
12
12
12
JAN. 18 1919.]
THE CHRONICLE
On Dec. 7 last tho total amount of fiduciary reserves was authorized to
be raised from 8,600 lacs to 10,000 lacs (of which 1,000 lacs will be in rupee
securities). The amount of these securities In the last return is 8,950 lacs.
of which 7,950 is in sterling securities.
The stock in Shanghai on the 7th inst. consisted of about 21,909,000
ounces in sycee and 11,300,000 dollars, as compared with about 20.600,000
ounces in sycee and 11,300,000 dollars on the 30th ult.
Quotations for bar silver per ounce standard:
cash _48 7-16d.!Dec. 19
Dec. 13
cash_48 7-16d.
48 7-16d. Average
" 14
48.4375d.
48 7-16d. Bank rate
" 16
5%
48 7-16d. Bar gold per oz. standard.. _77s. 9d.
" 17
48 7-16d.
" 18
No quotation fixed 'for forward delivery.
The quotation to-day for cash delivery Is the same as that fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Jan. 11. Jan. 13. Jan. 14. Jan. 15. Jan. 16. Jan. 17.
Tues.
Wed. Thurs.
Week ending Jan. 17.
Mon.
Std.
Fri.
Silver, per oz
d 48 7-16 48 7-16 48 7-16 48 7-16 48 7-16 48 7-16
Holiday 59
Consols, 2% per cents
59
59
59
59%
%
3
94%
British, 5 per cents
"
94%
94%
94
95
pp u
British, 4% per cents
9934
99%
993.4
"
993
62.50
French Rentes (in Paris)._fr.
62
61.90
62.50
French War Loan (in
90
89.40
fr.
Paris)
90
89
The price of silver in Now York on the same dayshas been:
101%
101%
Silver In N. Y., per ozcts.101%
101%
1013
1013.
TRADE AND TRAFFIC MOVEMENTS.
243
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
7 Bank of North America
2513.4 30 Phil. Bourse, pref., $25 each__ 19
10 Invest. Registry of Am.,pref
15
4 Phila. Bourse, corn., $50 each
6
1 First Nat.Bank,Camden,N.J.200
46 United Gas & El., 1st pref_ _30-403.(
15 Corn Exch. Nat. Bank full pd.
9 United Gas & Elec., corn
1
receipts
345
5 Curtis Publishing
300
5 First Nat. Bank of Darby_
225
5 Auxiliary F. A.& Tel., pref _..100
1 Philadelphia Trust
725
Bonds.
Percent.
1 Provident Life & Trust
43534 83,000 Citizens' Street Ry.(Inds.)
100 Real Estate Trust, pref
96
1st 5s, 1933
80
9 West Phila. T.& T.,$50 each_147
1,000 Indianap. St. Ry gen. 4s,
16 Logan Trust
157
1933
60
50 Guarantee Trust & 8. D_119-120
1,000 The Delaware Co. coll. tr.
19 Fire Assoc. of Phil.,$50 each 3i0
5s, 1930
65
40 Camden & Sub. Ry.,625 each 18
1,590 Springfield Water Co. 5s,
1 John B. Stetson, pref
1926
14734
72)j
25 Am.Pipe & Constr. Secur., pt_ 50
2,500 Berwyn Water 1st 6s,1920_ 96
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
The Story National Bank of Waterloo, N.
Succeeds the banking house of Leonard Story.
The First National Bank of Jefferson, Pa
The Amedcan National Bank of Wichita Falls, Texas
The First National Bank of Aurora, Minn
For conversion of State banks:
The First National Bank of Lancaster, Minn
Conversion of the First State Bank of Lancaster.
Total
Y
Capital.
$50,000
25,000
100,000
25,000
25,000
$225,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Barrington, Ill
The Whitestown National Bank of 1Vhitesboro. N.
Conversion of State banks:
The Warren National Bank, Warren, Minn
Conversion of the Swedish-American State Bank of Warren.
The First National Bank of Barnwell, S. C
Conversion of the Barnwell Banking Co.
The First National Bank of Poulsbo, Wash
Conversion of the Liberty Bay Bank of Poulsbo.
Total
Y
$25,000
25,000
ANTHRACITE COAL SHIPMENTS.
-The shipments of
anthracite coal for the month of December 1918, as reported
30,000
to the Anthracite Bureau of Information at Philadelphia
Pa., amounted to 5,736,260 tons. During December 1917
25,000
5,698,945 tons were moved, showing an increase in 1918 of
37,315 tons. The Bureau says that, considering the continuing effects of the influenza, epidemic and the interruption
INCREASES OF CAPITAL APPROVED.
to operations due to the holiday season, the output must The First National Bank of Winfield, Texas.
Amount.
Capital
increased
from
to
be regarded as satisfactory. The shipments for the coal The
First National Bank of Olean, N. Y.
year (beginning April 1) to date now aggregate 57,922,676
Capital increased from 3100.000 to
tons, comparing with 59,025,073 tons for the corresponding The Central National Bank of Tulsa, Okla.
Capital increased from
to
period last year; this shrinkage is due to the influenza, labor 'rhe First National Bank of Elloree, S. C.
Capital increased from
to
.
, idleness and serious labor
troubles, Christmas holiday
shortage throughout the period.
Total
Below we give the shipments by the various carriers for
CHARTERS EXTENDED.
the month of December 1918 and 1917 and for the respective The State National Bank of St. Louis, Mo.
Charter
extended until close of business Jan.
coal years since April 1:
The Commercial National Bank of Columbus, Nebr.
December
-9 Mos. Coal Yr. Dec.1Charter extended until close of business Jan.
1918.
1917.
Road- .
1918.
1917.
tons-1,209,677 1,101,919 11,458,216 11,419,317
Philadelphia & Reading
CHARTER RE-EXTENDED.
1,010,231 995,102 10,894,644 10,839,102 The Farmers' National Bank of Rome, N. Y.
Lehigh Valley
New
469,087
of
Railroad
499,852
Jersey
Central
5,095,372 5,198,082
Charter re-extended until close of business Jan.
870,509 964,780 8,701,555 9,345,409
Delaware Lackawanna & Western
676,878 584,234 6,815,757 6,655,186
Delaware & Hudson
CHANGE OF TITLE APPROVED.
416,088 447,739 4,040,722 4,206,016 The First National Bank of Tropico, Cal., to "The Glendale
Pennsylvania
National
656,689 659,396 6,530,062 6,729,069
Erie
Bank,' the City of Tropico having been annexed to and made a part
150,063 157,814
New York Ontario & Western
1,484,994 1,516,842
of tho City of Glendale, Cal.
277,038 288,109 2.901,354 3,116,050
Lehigh & New England
CONSOLIDATION.
Total
5,736,260 5,698,945 57,922,676 59,025,073
The First National Bank of Shreveport, La., and the City National
Bank of Shreveport, La., under charter of the former and under title of
LAKE SUPERIOR ORE SHIPMENTS.
-The shipments "First National Bank of Shreveport," with capital of 31,000,000. The
of iron ore from Lake Superior docks during the season First National Bank of Shreveport increased its capital from
to $1,000,000.
recently closed aggregated 61,156,963 tons, a decrease of
VOLUNTARY LIQUIDATIONS.
1,341,938 tons as compared with the movement in 1917. For consolidation with other national banks:
The Gainesville National Bank, Gainesville, Fla. Capital.. _ _ _$100,000
The high record of shipments was established in 1916, when
• Liquidating agent, W. R. Thomas, Gainesville. Assets taken
the total reached 64,734,198 tons, contrasted with which the
over by the Florida National Bank of Gainesville.
1918 figures show a falling off of 3,577,235 tons.
Other liauidations:
The Stroud National Bank, Stroud, Okla. Capital
Below we compare the shipments from the various ports
Liquidating agent, J. B. Charles, Stroud. Absorbed by the
for the last five seasons:
Stroud State Bank.
Entire Season
Total
1917.
1918.
1916.
1915.
1914.
Tons.
Tons.
Tons.
PortTons.
Tons.
7,156,854
6,774.969
Escanaba
7,457,444
5,649,289 3,664,451
3,207,145 3,858,092 3,099,589
3,457,054
Marquette
Canadian Bank Clearings.-The clearings for the week
1,755,726
7,597,841
7,565,608
8,057,814
Ashland
5,146,772 3,363,419 ending Jan. 9 at Canadian cities, in comparison with the
14,068,341 13,978,741 21,837.949 8,342,793 11,309,748
Superior
20,564,519 20.567,419 10,7:35,853 15,437,419 6,318,291 same week in 1918, show an increase in the aggregate of
Duluth
8,723,472 9,990,901 12,787.046 8,642,942 5,610,262 25.7%.
Two Harbors
61,156,063 62,498,901 64,734,198 46,318,804 32,021,897
Total
Week ending January 9.
Clearings atInc. or
1919.
Dec.
1918.
1917. I
1916.
50,000
$155,000
840,000
$60,000
8200,000
$250,000 $500,000
842,000 850,000
$20.000
100,000
250,000
8,000
$378,000
16 1939.
16 1939.
13 1939.
$500.000
$25,000
$125,000
Commercial antinXiscellanzons4.enrs
MO... ...p.p.*
Canada$
;
$
$
%
$
Montreal
115,378,538 81,128,316 +52.21 77,295,725 70,582,999
Toronto
82,392,266 64,395,261 +27.9 63,347,095 46,100,863
Winnipeg
51,094,198 46,670,378 +9.7 39,290,273 35,153,945
Vancouver
11.679,787; 9,521,322 +22.7 6.676,371, 5,160,562
at auctim in New York, Boston and Philadelphia:
Ottawa
8,018,951 6,008,899 +32.4 4,735,868! 3,848,144
Quebec
5,111,2471 4,159,220 +22.9 3,646.026 3,470,810
By Messrs. Adrian If. Muller & Sons, New York:
Halifax
5,545,982! 3,918.930, +41.51 3,354,896 2,797,282
Per cent. Shares. Stocks.
Shares. Stocks.
Per cc ;1. Hamilton
6,080,215 5,325.504' +14.21 4.496,5041 3,277,209
800 West Penn Trac. & NV. P.corn 7
10 New York Life Ins. & Trust_802
St. John
2,846,402. 2,517,818 +13.11 2,002.859 1,592,485
00 Amer. Surety,:350 eAch $aog per sir. 800 West Penn Trac.& W.P. pref. 55
Calgary
6,228,688, 7,981,649 -22.0! 4,654,226 3,792,288
100 N•tt. Bank of Commerce
2153.4 925 Amer. Water Works & Elec.
London
3,921,117! 3,203,418 +22.41 2,428,6711 2,001,325
350
Inc., common
25 Groat Amer. Insurance
5
Victoria
2,240,940; 1,887,507 +18.71 1,532,7011 1,363,857
136 Am. W. W.& El., Inc., cum.
1923 8-10 Inlepervient Chem. Co.,
Edmonton
4,507,1821 4,619,571 -2.41 3,044,018; 2,153,449
1st pref
Inc., cum. 1st pref. v. t c_. 60
70
Regina
4,200,458; 4,317,261 -2.71 3.040.875 2,325,165
.,I
14
no..
First-Second
Chem
.,
Che
'tent
Indepon
1923
Nat. Bank of
Brandon
600,0001
600,000 +10.0!
529,456
552,806
$10 per sh.
Pittsburgh
corn. v. t. c
75
Lethbridge
815.8471
812,543 +0.41
761,906'
437,903
1,500 francs Obligatlenen of the
385
50 Bankers Trust Co
Saskatoon
2,181.539 2,018,841
+8.11
1,701,090
1,134,518
Aktiengesellschaft, Lou & Co..
50 Farmers Live Stock Loan Co.,
Brantford
1,153,212'
747,352
608,773
922,6751 +25.0'
$1,659%
Zurich,Switzerlani
$290
Moose Jaw
1,870,926, 1,456,046 +25.41 1,458,9381
931,648
Fort William
943,4241
789,9751
631,:323.
+19.5.
403,227
By Messrs. Millett, Roe & Flagon, BoFton:
New Westminster
564,9411
390,930: +70.11
259,448:
217,668
$ per sh. Shares. Stocks.
Shares. Stocks.
534,460'
534,658, -0.0
512,9471
293,025
$ per sh. Medicine Hat
109 131ston Mexican Petroleum_ _. 134 Peterborough
20 Public Service Invest., pref__ 55
837,0411
746.5861 +12.2j
548,966
502,267
17 Hood Rubber, prof
1,212,584
10134 200 rights Mass. Cotton Mills_1134-1134 Sherbrooke
722.032! +67.0'
570,872,
Kitchener
843,994;
621,4171 +36.6;
604,4231
'
By Messrs. R. L. Day & Co., Boston:
Total
Canada
320,868.942 255,263,762 +25.7 227,888,829 188,702,218
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
50 Nat'l Shawmut Bank
2123.4 1 Nashua & Lowell RR
139
3 Boston Wharf
2 First Nat. Bank, Boston
477
85
DIVIDENDS.
3 Esmond Mills, prof
23 Quincy Mkt.C.S.& W., corn_ _150
92
5 Lamson & Hubbard Corp, prof_ 83
20 Arlington Mills
109
following shows all the dividends announced for the
The
78 rights Mass. Cotton Mills._ ton-im 1 Boston Atheneum,$300 par__ A10
future by large or important corporations.
17 Hood Rubber, pre
Ii Crest Falls Mtg
184
101%40174
205
3 Pepperell Mfg
Dividends announced this week are printed in italics.
Auction Sales.-Among other securities, the iollowing
not usually dealt in at the Stock Exchange were recently sold
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusite.
Name of Company.
Railroads (Steam).
Alabama Great Southern ordinary
Preferred
Atch. Topeka & Santa Fe, com. (quar.)
Preferred (No. 41)
tBaltImore & Ohio, common
Canada Southern
Cleve. Cin. Chic. & St. L., pref. (quar)
Cuba RR., preferred
Dayton (Tenn.) Coal, Iron & Ry., pref _
Delaware Lackawanna & Western (qu.)
Great Northern (quar.)
Louisville & Nashville
Mahoning Coal RR., common
Michigan Central
Nashville Chattanooga de St. Louis
tNew York Central RR. (quar.)
Norfolk & Western, adj. pref. (quar.)_.
Northern Pacific (quar.)
Pere Marquette By., prior preferred
Pitts. Cinc. Chicago & St. Louis
Pittsburgh & Lake Erie
Pittsburgh & West Virginia, pref. (qu.)Reading Company, common (quar.)Reading Company,first preferred (quar.)_
Jan. 31 Holders of roe. Jan. 20a
Feb. 21 Holders of rec. Jan. 21a
Mar. 1 Holders of roe. Jan. 31a
234 Feb. 1 Holders of rec. Dee. 31a
Feb. 1 Holders of rec. Dec.:28a
2
154 Feb. 1 Holders of roe. Dec. 31a
134 Jan. 20 Holders of rec. Dec. 30a
Feb. 1 Holders of reo. Jan. 14a
3
5c. Feb. 15 Holders of see. Jan. 20
$2.50 Jan. 20 Holders of rec. Jan. Ca
Feb. 1 Holders of rec. Jan. 30
334 Feb. 10 Holders of roe. Jan. 20a
Feb. 1 Holders of rec. Jan. 8a
$5
Jan. 29 Holders of rec. Dec. 31a
2
334 Feb. 1 Holders of rec. Jan. 25
134 Feb. 1 Jan. 4 to Jan. 22
Feb. 19 Holders of rec. Jan. 31a
1
Feb. 1 Holders of rec. Jan. 3a
134 Feb. 1 Holders of rec. Jan. 27a
Jan. 25 Holders of roe. Jan. 15a
2
*32.50 Feb. 1 *Holders of rec. Jan. 24
134 Mar. 1 Holders of roe. Feb. 13a
Feb. 13 Holders of roe. Jan. 23a
31
*50c. Mar. 13 *Holders of roe. Feb. 25a
Street & Electric Railways.
Carolina Power & Light, common (guar.).
Cities Service, corn. and pref. (monthly)
Common (payable in common stock)
Cities Service, corn.& pref.(monthly)
Common (payable In common stook).
Duquesne Light, pref. (qu.) (No. 16)-Milwaukee Elec. fly. St Lt., prof. (qu.)..
Philadelphia Company, common (quar.)
Philadelphia Rapid Transit (No. 5)
Public Service Investment, pref. (quar.)
Railway & Light Securities, con. de pref_ _
United Rys.& Elec., Ball., com.(quar.)_ _
*Virginia fly. & Power pref
West Penn Power, pref.(qu.)(No. 12)West Penn Rys., pref. (guar.)
York Railways, preferred (quar.)
Feb. 1 Holders of rec. Jan. 15
Mar. 1 Holders of rec. Feb. 15
Mar. 1 Holders of rec. Feb. 15
A Feb. 1 Holders of roe. Jan. 15a
Feb. 1 Holders of roe. Jan. 150
11
134 Feb. 1 Holders of rec. Jan. 1
134 Jan. 31 Holders of rec. Jan. 20a
75e. Jan. 31 Holders of rec. Jan. 150
$1.25 Jan. 31 Holders of rec. Jan, 21a
134 Feb. 1 Holders of rec. Jan. 18a
3
Feb. 1 Holders of rec. Jan. 15a
*50c. Jan. 22 *Holders of rec. Jan. 14
Jan. 20 Holders of rec. Dec. 31a
3
Feb. 1 Holders of rec. Jan. 21
*134 Mar. 15 *Holders of rec. Mar. 1
6234e Jan. 30 Holders of roe. Jan. 20a
Banks.
Bowery (guar.)
Extra
Continental
Pacific (guar.)
Extra
Trust Companies.
Hamilton, Brooklyn (guar.)
Lincoln (guar.)
Fire Insurance.
Home (No. 127)
4
4
134
134
134
A
A
11
134
*3
*3
334
411
*$1
*3
1
Feb.
Feb.
Feb.
Feb.
Feb.
1
1
1
1
1
*Holders of rec. Jan.
*Holders of rec. Jan.
Holders of rec. Jan.
*Holders of rec. Jan.
*Holders of rec. Jan.
28
28
27a
18
18
Feb. 1 *Holders of rec. Jan. 24
Feb. 1 Holders of rec. Jan. 25
1234 On dem
Holders of rec. Dee. 31
Miscellaneous.
Jan. 31 Holders of rec. Jan. ha
American Beet Sugar. common (quar.)- 2
Preterred (quar.) (No. 79)
DIM April 1 Holders of rec. Mar. 15a
Feb. 1 Holders of rec. Jan. 18
1
American Chicle, common
Feb. 1 Holders of rec. Jan. 15a
2
American Cigar, common ((Mar.)
134 Mar. 15 Holders of rec. Mar. 50
American Fork & Hoe, common (quar.)_ _
334 April 15 Holders of rec. April 5
Preferred
Amer. Gas & Elec., pref.(qu.)(No.48)- 134 Feb. 1 Holders of rec. Jan. 18
Feb. 1 Jan. 21 to Feb 3
4
American Glue, preferred
American Ice, preferred (quar.)
134 Jan. 25 Holders of rec. Jan. 150
Am.La France Fire Eng..Ine..com.(qu.) 134 Feb. 15 Holders of rec. Feb. 8
American Light & Trac., corn.(guard_ - 234 Feb. 1 Jan. 16 to Jan. 26
Common (payable in common stock)- 1234 Feb. 1 Jan. 16 to Jan. 26
134 Feb. 1 Jan. 16 to Jan. 26
Preferred (quar.)
American Locomotive, pref. (guard--- 134 Jan. 21 Holders of rec. Jan. 3a
American Rolling MillFeb. 1 Holders of rec. Doe. 31a
Common (payable in common stock)_ 5
Feb. 1 Holders of rec. Jan. 15a
American Shipbuilding, common (quar.)
Common (extra)
234 Feb. 1 Holders of rec. Jan. 15a
Amer.Sugar Refittiw,com. & pref.(quar.) *134 April 2 *Holders of rec. Mar. la
% April 2 Holders of rec. Mar. la
Common (extra)
Amer. Sumatra Tobacco,common (guar.)_
234 Feb. 1 Holders of rec. Jan. 24a
Preferred (No. 18)
334 Mar. 1 Holders of rec. Feb. 14a
Feb. 15 *Holders of rec. Feb. 1
Amer. Water Works de Elec., pref.(guar.)
American WoolenFeb. 1 Dec. 17 to Dec. 29
Common (payable In Liberty La. bds.) 45
Amer.Zinc, Lead & Smelter, pref. (quar.) $1.50 Feb. 1 Holders of rec. Jan. 24
$1.50 Feb. 24 Holders of rec. Jan. 18a
Anaconda Copper Mining (quar)
$5
Feb. 1 Holders of rec. Dec. 30a
Atlantic Gulf & W.1.135. L., common
134 Feb. 1 Jan. 21 to Jan. 31
Atlas Powder, pref. (quar.)
Barnhart Bros. & SpindlerFeb. 1 Holders of rec. Jan. 27a
First and second preferred (quar.)_
4
Feb. 15 Holders of rec. Feb. la
Borden's Condensed Milk, common
134 Mar. 15 Holders of rec. Mar. la
Preferred (quar.) (No. 69)
Preferred (guar.) (No. 70)
134 June 14 Holders of rec. May 31a
See note t
Jan. 31
British-American Tobacco, Ltd., ordinary
See note 1
Jan. 31
6
Ordinary (interim)
134 Feb. 7 Holders of rec. Jan. 31
BromPlon Pulp de Paper (guar.)
Feb. 1 Holders of rec. Jan. 20a
Brown Shoe, Inc., preferred (quar.)_
Burns Bros., CoMinrt (guar.)(No. 22)_ _ _
234 Feb. 15 Holders of rec. Feb. la
1234 Feb. 15 Holders of rec. Feb. la
Commas (payah'e iv common stock)
Feb. 1 Holders of rec. Jan. 20a
Preferred (guar.) (No. 24)
Canadian Converters, Ltd. (guar.)
114 Feb. 15 Holders of rec. Jan. 31
Mar.31 Holders of roe. Sept.26
n4
Carbon Steel, 1st preferred
July 30 Holders of rec. July 26
Second preferred (annual)
Jan. 28 *Holders of rec. Jan. 13
Case (J. I.) Threshing Machine, common *71
134 Feb. 1 Holders of rec. Jan. 100
Central Leather, common (quar.)
154 Jan. 25 Holders of rec. Jan. 15a
Chicago Pneumatic Tool (quar.)
Feb. 1 Holders of rec. Jan. 230
Chicago Wilmington & Frank. Coal,com. 5
134 Feb. 1 Holders of rec. Jan. 23a
Preferred (quar.)
Cluett, Peabody & Co., Inc., corn.(qu.) 134 Feb.' 1 Holders of rec. Jan. 21a
*g Feb. 20 *Holders of rec. Jan. 31
Colorad3 Fuel de Iron, common
*2
Feb. 20 *Holders of rec. Jan. 31
Preferred
Feb. 15 Holders of rec. Jan. 31
1
Columbia Gas & Electric (guar.)
Feb. 1 Holders of rec. Jan. 15a
2
Commonwealth-Edison (quar.)
134 Jan. 31 Holders of rec. Jan. 24a
Consolidation Coal (quar.)
*334 Feb. 20 *Holders of rec. Feb. 10
Consumers Company, preferred
Cosden & Co., corn.(guar.)(No.6)__ _ 12 A c. Feb. 1 Jan. 11 to Feb. 2
3
Feb. 1 Jan. 16 to Feb. 2
Cramp (Wm.) & Sons S. de E. Bldg
334 Feb. 1 Holders of rec. Deo. 31a
Cuba Co., preferred
A Jan. 18 Holaers of rec. Jan. 2a
Distillers Securities Corporation (quar.)Extra
134 Jan. 18 Holders of rec. Jan. 2a
Feb. 1 Jan. 23 to Jan. 31
Dodge Street Pulley Corp., pref. (guar.).Feb. 15 Holders of rec. Jan. 31
2
Dominion Bridge, Ltd. (guar.)
134 Feb. 1 Holders of rec. Jan. 11
Dominion Coal, pref.(guar.)(No.53)_
Dominion Steel Corp., Ltd., pref. (qu.) -134 Feb. 1 Jan .16 to Feb. 1
du Pont de Nemours Powder, pref. (guar.) 154 Feb. 1 Holders of rec. Jan. 20a
duPont(E.I.)de Nem.&Co.deb.stk.(q11.) 134 Jan 25 Holders of rec. Jan. 10
Feb. 1 Holders of rec. Jan. 15
Edison Elec. Ill., Boston (qu.)(No. 119) 3
Feb. 15 *Holders of rec. Feb. 1
Eisenlohr (Otto) de Bros., Inc., com. (qu.) *1
Feb. 1 Holders of rec. Jan. 24a
Electrical Securities Corp., pref. (quar.)
134 Feb. 1 Holders of roc. Jan. 20
Electric Bond & Share, pref.(guar.)._ _
Feb. 1 *Holders of rec. Jan. 24
*2
Elgin National Watch (guar.)
12 A c. Feb. 1 Holders of rec. Jan. 15
Elk Basin Petroleum (guar.)
Feb. 1 Holders of rec. Jan. 18a
Emerson-Brantlngham. prof. (quar.)--Feb. 1 Holders of rec. Jan. 15
5
Eureka Pipe Line (quay.)
234 Feb. 1 Holders of roe. Jan. 20
Fajardo Sugar (quar.)
Feb. 1 Holders of rec. Jan. 20a
2
Fairbanks Co., 1st pref. (quar.)
IA Feb. 1 Holders of roe. Jan. 21a
Federal Sugar Refining, preferred (quar.)_
*15e. Feb. 25 *Holders of rec. Feb. 5
First National Copper
Feb. 1 Holders of rec. Jan. 21a
Fisher Body Corporation, preferred (guar.)
Feb. 1 Holders of rec. Jan. 20
Fort Worth Power & Light, pref.(guar.)- General Chemical. common (extra)
234 Feb. 1 Holders of rec. Doe. 31a
1
Feb. 1 Holders of rec. Jan. 24
General Cigar, Inc., common (quar.)
Feb. 1 Holders of roe. Jan. 15a
General Motors Corp.. common (quar.) 3
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 15a
134 Feb. 1 Holders of rec. Jan. 15
Debenture stock (quar.)
[VOL. 108.
THE CHRONICLE
244
134
*134
134
134
134
134
134
134
134
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Jan. 31 Holders of rec. Jan. 15a
General Petroleum Corp., corn.(mthly.) 1
Mar. 1 Holders of roe. Jan. 30
$2
Gillette Safety Razor (quar.)
Feb. 13 Holders of rec. Feb. 50
Goodrich (B. F.) Co.. common (quar.). 1
Feb. 1 Holders of rec. Jan. 15a
Goodyear Tire & Rubber, 2d pref. (guar.). 2
Granby Cons. M.,S.& Power, Ltd.(qu.) 234 Feb. 1 Holders of rec. Jan. 17a
Jan. 25 Holders of rec. Jan. 15a
Harbison-Walker Refract., com. (extra) 0
134 Jan. 20 Holders of rec. Jan. 10a
Preferred (quar.)
134 Feb. 15 Feb. 6 to Feb. 15
Hercules Powder, pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 15
Holly Sugar Corp., preferred (quar.)
Homestake Mining (monthly)(No. 533) 50e. Jan. 25 Holders of roe. Jan. 200
*3
Feb. 1 •
Houston Oil, preferred
134 Feb. 1 Holders of rec. Jan. 20a
Idaho Power, pref. (guar.) (No. 9)
Illinois Northern Utilities, pref. (qu.)
'134 Feb. 1 *Holders of roe. Jan. 20
Ilium. & Power Securities, pref. (quar.) 134 Feb. 15 Holders of rec. Jan. 31
Feb. 15 Holders of rec. Jan. 25
$2
Indiana Pipe Line (quar.)
31.50 Feb. 15 Holders of rec. Jan. 25
Extra
Jan. 27 Holders of rec. Jan. 10a
Inspiration Consal. Copper Co. (quar.).. 82
Feb. 1 Holders of rec. Jan. 15a
3
International Mercantile Marine. pref
134 Feb. 1 Holders of roe. Jan. 16a
International Nickel, pref. (quar.)
Feb. 15 Holders of roe. Jan. 31
2
Kaministiquia Power, Ltd.(quar.)
Kayser (Julius) & Co.
134 Feb. 1 Holders of rec. Jan. 20a
First and second preferred (quar.)_
Feb. 1 Holders of roe. Jan. 18a
Kelly-Springfield Tire, common (quar.) 31
25c. Mar. 15 Holders of reo. Mar. la
Kerr Lake Mines, Ltd. (quar.)
Feb. 1 Holders of rec. Jan. 20a
Kress (S. H.) & Co.. common (quar.)... 1
234 fan. 18 Holders of roe. Jan. 3
Maple Leaf Milling, Ltd.,com.(quar.)_
Jan. 18 Holders of rec. Jan. 3
1
Common (bonus)
lat .Jan. 18 Holders of rec. Jan. 3
Preferred (guard
Marconi Wireless Telegraph of America.._ *25c Julyi 1 *Holders ot rec. June 1
Feb. 20 Holders of rec. Jan. 31
Mason Tire & Rubber, corn. (No. 1)... 02
Massachusetts Gas Cos., common (qu.) 134 Feb. 1 Holders of rec. Jan. 15
Feb. 16 Holders of roe. Feb. la
81
Miami Copper (quar.)(No.26)
Michigan Limestone de Chem., pref. (qu.) 4334c. Jan. 15
Feb. 1 Holders of rec. Jan. 24
Middle States Oil Corp.(mthly.)(No. 16) 1
e8
Feb. 1 Hollers of rec. Jan. 24
Extra (payable in stock)
Midvale Steel & Ordnance (qu.)(No. 9) $1.50 Feb. 1 Holders of roe. Jan. 15a
20 Holders of red. Jan. 20
Jan.
2c
(guar.)
preferred
Oil,
Midwest
Feb. 1 Holders of rec. Jan. 15a
$1
Midwest Refining (quar.)(No. 17)
Feb. 1 Holders of rec. Jan. 18a
$2
Mohawk Mining (quar.)
Feb. I Holders of rec Dec. 20
3
Morris Plan Co
$10 Feb. 1 Holders of roe. Jan. 20
Nash Motors, common
134 Feb, 1 Holders of roe. Jan. 20
Preferred (quar.)
154 April 15 Holders of rec. Mar. 31a
National Biscuit, common (guar.)
134 Feb. 28 Holders of rec. Feb. 15a
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 210
(guar.)
81
National Carbon, common
Feb. 1 Holders of rec. Jan. 210
2
Preferred (guar.)
*134 Mar. 15 *Holders of rec. Feb. 21
Nalto4a1 Lead, preferred (guar.)
Feb. 10 Holders of rec. Jan. 31a
4
New Jersey Zinc (quar.)
234 Feb. 15 Holders of rec. Feb. 4a
Now York Dock, common (No. 1)
25e. Jan. 20 Jan. 1 to Jan. 17
NW:ming Mines, Ltd. (quar.)
25e. Jan. 20 Jan. 1 to Jan. 17
Extra
154 Jan. 20 Holders of roe. Dee. 31
Northern States Power, pref. (quar.)
50c. Jan. 20 Holders of rec. Jan. V' •
(quar)
Gas
Oklahoma Natural
d1234c Jan. 20 Holders of roe. Jan. 3
Extra
Feb. 1 Holders of roe. Jan. 25a
1
Pacific Coast Co.,common (guar.)
lg Feb. 1 Holders of rec. Jan. 25a
First preferred (quar.)
Feb. 1 Holders of rec. Jan. 25a
1
Second preferred (quar.)
Pacific Pow.& Light, pf.(quar.)(No. 34) 154 Feb. 1 Holders of rec. Jan. 22a
,Jan. 31 Holders of rec. Jan. 15a
2
Packard Motor Car,common (guar.)
100 Jan. 10 Holders of rec. Jan. 2
Paige-Detroit Motor Car (monthly)
Feb. 15 Holders of reo. Feb. 5
134
(guar.).Penmans, Limited,common
134 Feb. 1 Holders of rec. Jan. 21
Preferred (quar.)
7 A e. Feb. 1 Holders of rec. Jan. 15a
Penn Traffic
2340.Feb. 1 Holders of rec. Jan. 15a
Extra
134 Jan. 15 Jan. 4 to Feb. 20
Pennsylvania Lighting, preferred (guar.)_ _
Pierce-Arrow Motor Car,com.(quar.)- $1.25 Feb. 1 Holders of rec. Jan. 150
134 Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Coal of Penna., coca.(qu.)
134 Jan. 25 Holders of roe. Jan. 10a
Preferred (quar.)
1 A Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Coal of N.J., pref.(guard
'234 Feb. 15 *Holders of roe. Jan. 31
Pittsburgh 011 St Gas (quar.)
134 Mar. 1 Holders of rec. Feb. 15
Pittsburgh Steel, preferred (quar.)
Portland Gas & Coke, pref. (qu.)(No. 36) 134 Feb. 1 Holders of rec. Jan. 22
Jan. 31 Holders of rec. Dec. 31a
3
Prairie Oil & Gas (quar.)
Jan. 31 Holders of rec. Dee. 31a
5
Extra
Jan. 31 Holders of rec. Dec. 31a
3
Prairie Pipe Line (quar.)
134 Feb. 1 "IIolders of rec. Jan. 15
Public Service Co.of No. Ill., corn.(qu.)'
134 Feb. 1 'Holders of rec. Jan. 15
'
Preferred (Qum.)
Pyrene Mfg.,common (quar.)(No.25)._ _ 25e. Feb. 1 Jan. 22 to Jan. 31
1 A Feb. 28 Holders of roe. Feb. la
Quaker Oats, preferred (quar.)
134 Feb. 1 Holders of roe. Jan. 15a
Republic Iron & Steel, com.(au.)(No. 9)
4.8 2.113.4 Feb. 5 *Holders of rec. Jan. 28
Royal Dutch Co
134 Feb. 1 Holders of rec. Jan. 17
Russell Motor Car, preferred (guar.)
St. Lawrence Flour Mills, Ltd., com.(qu.) 134 Feb. 1 Holders of rec. Jan. 18
Feb. 1 Holders of rec. Jan. 18
1
Comma (bonus)
In Feb. 1 Holders of rec. Jan. 18
Preferred (mar.)
334 Feb. 1 Holders of rec. Jan. 25a
Santa Cecilia Sugar Corp., pref.(No.3)_
12 A c Feb. 1 Jan. 21 to Feb. 1
Sapulpa Refining (quar.)
Feb. 15 Holders of rec. Jan. 31a
Seats, Roebuck & Co., common (guar.)_ _ .2
Shattuck-Arizona Copper Co. (quar.)... 50o.• Jan. 20 Holders of rec. Dec. 310
154 Feb. 1 Holders of rec. Jan. 10
Steel Co. of Canada. coca.(qu.)(No.8)134 Feb. 1 Holders of rec. Jan. 10
Preferred (qmar.) (No. 30)
Jan. 20 Holders of rec. Jan. 5a
3
Steel Products Ca., common (quay.)
134 Feb. 1 holders of rec. Jan. 15a
Superior Steel, common
Feb. 15 Holders of rec. Fob. la
2
First and second preferred (guardSwift International (Companta Swift
Feb. 20 Holders of rec. Jan. 11
$1.20
1)
(No.
Internacional)
Texas Power & Light, pref. (qu.)(No. 27) 134 Feb. 1 Holders of rec. Jan. 20
Tobacco Products Corp., cons. (guar.)___ _ al A Feb. 15 Holders of rec. Feb. 3
Jan. 25
Trenton Potteries, non-cum. pref. (guar.). *2
154 Jan. 18 Jan. d8 to Jan. 19
Union Oil of California (quar.)
Jan. 18 Jan. d8 to Jan. 19
1
Extra
$1
Jan. 20 Holders of rec. Jan. 10a
United Alloy Steel (quar.)
United Cigar Stares of Amer.,corn.(qu.) 234 Feb. 15 Holders of rec. Jan. 29a
134 Jan. 25 Jan. 16 to Jan. 25
United Coal Carp., pref. (quar.)
United Drug, 1st pref. (quar.) (No. 12) 8754 Feb. 1 Holders of rec. Jan. 15a
to Jan. 26
Jan, 23 Jul. 19
1
. S. GI‘ss (quar.)
Jan. 28 Holders of roe. Jan. 15a
2
U. S. Rubber, 1st pref. (guar.)
United Verde Extension Mining (quar.). 50o. Feb. 1 Holders of rec. Jan. 3a
250. Feb. 1 Holders of rec. Jan. 3a
Extra
Feb. t Holders of rec. Jan. 15a
Va.-Carolina Chem.,corn. (qtr.) (No.48) 1
Fan. 23 Holders of rec. Dec. 31a
Warner (Chas.) Co. 01 1)01., corn.(qu.). 1
134 fan. 23 Holders of roc. Dec. 31a
Preferred (qitar.)
Jan. 31 Holders of rec. Dec. 31a
$1.75
Westinghouse Air Brake (011ar.)
Westinghouse Elec. tic Mfg.. corn. (qtr.). 8734e Ian. 31 Holders of rec. Dec. 31a
Feb. 1 Jan. 22 to Feb. I
1
Wheeling Mould dt Foundry, common.._
Fob. 1 Jan. 22 to Feb. 1
3
Common (extra)
25e. Feb. 1 Holders of rec. Jan. 20a
Willys-Overland, common (quar.)
Mar. I *Holders of roe. Feb. 10
Woolworth (F. W.) Co., common (qu.) *2
* From unofficial sources. t Declared subject to the approval of Director-Oeneral
The New York Stock Exchange has ruled that stock will not be
of Railroads.
quoted ex-divilend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable In stock. f Payable In common stock. g Payable In scrip.
S On account of accumulated dividends. i Payable in Liberty Loan bonds. 1 Red
Cross dividend. M Payable in U. S. Liberty Loan 434% bonds.
n Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
o Declare 6% on common, payable 2% as above and 2% each on May 20 and
Aug. 20 1919, all to hollers of record Jan. 311919.
Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 and Jan. 31
1920. to holders of record on April 12, July 12 and Oct. 12 1919 and Jan. 10 1920,
respectively.
r On account of accumulated dividends since 1914, and amounting to 81,600,000.
Payable $300,000 in cash, 8300,000 In 434% Liberty bonds and $1,000,000 in 1st
pref. stock, Series S.
s Board of directors on Jan. 9 amended dividend action so that dividend will not
be paid on Jan. 20 and only "In the manner and at such times as may hereafter
be determined."
t Transfers received In order in London up to Jan. 15 will be In time to be passed
for payment of dividends to transferees.
THE CHRONICLE
JAN. 18 1919.]
245
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OP MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JANUARY 3 1919.
Substantial increases in the amounts of Treasury certificates on hand more than offset by curtailment of loans and other investments, are indicated
condition on Jan. 3 of 757 member banks in leading cities.
showing
statement
in the Board's
Following the Jan. 2 certificate issue reporting banks show an increase in their certificates holdings from 953.6 to 1,265 millions, over one-half of the
total increase being shown for the New York banks, and over 75% for member banks in the 12 Federal Reserve cities. Holdings of U. S. bonds other
than circulation bonds show a decline of 8.6 millions and loans secured by U. S. war obligations-a decline of 50.8 millions, nearly one-half of which is
reported for banks in the 12 Federal Reserve cities. All other loans and investments show a decline of 272.5 millions, over 60% of this decline applying
to banks in Federal Reserve cities.
U. S. war obligations and loans secured by such obligations aggregate 3,309 millions, and constitute 24.3% of the total investments of all reporting
banks, as against 22.3% shown the week before. For the New York banks a rise in this ratio from 26.4 to 28.9% is noted and for the banks in all
Federal Reserve bank cities a rise from 23.5 to 25.7%.
Government deposits show a decline for the week of 43.3 millions though the New York banks shown an increase under this head of 31.2 millions.
Other net demand deposits increased 160.4 millions, of which 87.7 millions represents the increase for the banks in the Federal Reserve bank cities.
Time deposits increased 35.4 millions, largely at the banks in the 12 Federal Reserve cities. Reserve balances with the Federal Reserve banks increased
45.7 millions, while cash on hand fell off about 9 millions.
For the banks in the twelve Federal Reserve cities the ratio of net deposits to investments shows a rise from 83.8 to 84.4%. For the New York
banks a corresponding rise from 89.1 to 89.5% in this ratio is noted. The ratio of combined reserve balances and cash to net deposits went up from
15.7 to 15.9% for member banks in all Federal Reserve bank cities and from 16.2 to 16.4% for the banks in New York City. "Excess reserves" of
banks in the 12 Federal Reserve cities work out at 75.5 millions, as against 54 millions the week before. For the New York City banks an increase of
this item from 46 to 65.4 millions is noted.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Boston.
Member Banks.
New York. Philadel. Cleveland. Richm'eI. Atlanta.
107
45
Number of reporting banks__
56
84
Si. Louis. Minneap. Kan. City Dallas. San Fran.
Chicago.
31
101
35
45
75
Total.
757
$
$
$
$
$
$
$
$
$
$
$
$
$
50,096,0 11,497,0 41,302,0 23,889,0 15,165,0
265,774,0
19,855,0 17,155,0 6,419,0 13,610,0 17,929,0 34,505,0
U.S.bonds to secure ctrculat'n 14,352,0
Other U. S. bonds, including
23,124,0 330,009,0 42,011,0 87,618,0 55,102,0 42,779,0 108,636,0 39,733,0 13,897,0 27,325,0 19,867,0 35,274,0
825,375,0
Liberty bonds
U.S. certifs. of indebtednes8_ 78,608,0 635,343,0 73,761,0 75,395,0 38,908,0 44,360,0 146,740,0 31,811,0 21,527,0 31,007,0 13,425,0 74,133,0 1,265,018,0
116,084,0 1,015,448,0 127,269,0 204,315,0 117,899,0 102,304.0 275,231,0 88,699,0 41,843,0 71,942,0 51,221,0 143,912,0 2,356,167,0
Total U.S.securities
83,300,0 24,509,0 13,232,0 10,354,0 7,511,0 17,619,0 1,218,571,0
Loans sec. by U.S. bonds,&o. 95,425,0 664,934,0 144,184,0 96,249,0 43,656,0 17,598,0
All other loans & investments 740,611,0 4,014,172,0 607,711,0 905,192,0 376,786,0 310,992,0 1,371,032,0 356,580,0 230,569,0 443,561,0 176,688,0 527,913,0 10,081,807,0
Reserve bal. with F. R. bank_ 70,281,0 673,932,0 63,804,0 86,833,0 37,399,0 35,102,0 155,952,0 42,444,0 22,902,0 38,801,0 17,052,0 48,549,0 1,293,051,0
28,432,0 140,424,0 25,063,0 42,627,0 22,332,0 18,004,0
426,391,0
74,187,0 15,166,0 10,343,0 17,799,0 9.336,0 22,678,0
Cash in vault
715,767,0 4,770,888,0 630,535,0 771,693,0 333,242,0 245,440,0 1,166,153,0 302,680,0 218,116,0 387,359,0 148,533,0 432,763,0 10,123,169,0
Net demand deposits
105,247,0 252,438,0 19,216,0 228,562,0 69,743,0 95,243 0
421,0 130 193,0 1,516,620,0
966 0 80,222,0 49 580 0 64 789 0
Time deposits
.2 cm.2 ei
gA11 rn
' 1 a "an n 7,/loon
il 26,
ga ono n
OIK find A OA 110110 00 noon II Ian n ii nTan
' 394,
' 1 WI•Ict'
''71010
21.1111211110
9
•
9
44
80
54
2. Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
Chicago.
New York.
Jan. 3.
Dec. 27.
Jan. 3.
All F. R. Bznk Cities
Dec. 27.
65
44
44
$
U. S. bonds to secure eir$
36,333,0
36,333,0
culation
Other U. S. bonds, includ275,784,0 273,793,0
ing Liberty bonds
U. S. ars. of indebtedness 595,195,0 426,127,0
907,312, 736,253,0
Total U.S.securities
Loans sec. by U.S. bds.,&c. 617,825,0 636,247,0
All other loans&investm'ts3,627,695, 3,695,537,0
635,264,0 607,475,0
R
Res. balances with F..Bk
120,625,0 122,572,1
Cash in vault
4,338,604, 4,275,519,i
Net demand deposits
195,422,0 189,611,0
Time deposits
228,604,0 197,354,0
Government deposits
Ratio of U.S. war securiti
and war paper to total
26.4%
28.9%
loans and investments__
$
1,119,0
$
1,110,0
No.reporting banks
65
47,253,0
71,077,0
120,349,1
61,160,0
846,C08,0
108,825,0
44,555,0
794,398,1
149,859,1
13,962,0
17.5%
Jan. 3.
Dec. 27.
252
$
99,286,
F. R. Branch Cities.
Jan. 3.
252
151
$
99,184,0
IS
54,674,0
Dec. 27.
Total.
AU Other Report'g Banks
Jan. 3.
Dec. 27.
354
Jan. 3.
355
757
$
$
$
56,832,01 111,814,0 112,169,0
$
265,774,0
152
Dec. 27.
759
$
268,185,0
833,985,0
50,235,0 459,061,0 464,858,0 140,497,0 141,688,0 225,817,0 227,439,0
825,375,0
48,495,0 891,669,0 655,547,0 177,507,0 145,233,0 195,842,0 152,770,0 1,265,018,0 953,550,0
99,849,0 1,450,016,0 1,219,589,0 372,678,0 343,753,0 533,473,0 492,378,0 2,356,167,0 2,055,720,0
50,517,0 988,247, 1,013,005,0 105,649,0 107,299,0 124,575,0 149,115,0 1,218,571,0 1,269,409,0
851,458,06,675,965, 6,843,180,C 1,471,78511,502,082,0 1,914,057,0 1,989,094,0 10,061,807,010,334,266,0
111,374,0 974,359,0 940,435,0 143,819, 139,724,0 174,873,0 167,288,0 1,293,051,0 1,247,447,0
435,424,0
43,411,0 244,503, 251,584,0
426,391,0
72,314,0 110,231,0 111,526,0
71,657,0
782,823,1 7,193,432, 7,105,680,01,229,057,01,220,836,0 1,700,680,01,636,320,0 10,123,169,0 9,962,836,0
147,800,0 628,692, 602,985,0 428,136,0 420,278,0 459,802,0 457,913,0 1,516,620,0 1,481,158,0
30,294,0 334,515, 342,423,0
430,810,0 474,136,0
39,860,0
52,080,0 56,472,0
79,633,0
,
14.9%
25.7%
23.5%
21.7%
20.2%
21.2%
20.1%
24.3%
22.4%
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Jan. 11:
Further liquidation of investments also substantial reduction in Federal Reserve note circulation are indicated in the Federal Reserve Board's weekly
bank statement issued as at close of business on Jan. 10 1919. The statement for the first time shows net investments of the Reserve bank premises,
1. e., book values of banking houses and other property held for the eventual use as banking quarters.
INVESTMENTS.-Aggregate holdings of "war paper" show a decrease for the week of 60.4 millions, while other discounts on hand fell off 11.4
millions. Of the total discounts the iaercentage of war paper is about 84.5%. Acceptances on hand declined 12.4 millions, Chicago and Cleveland
reporting considerable liquidation of this class of paper. An increase of 50.7 millions in United States short-term securities represents largely temporary
Treasury certificates taken by three Reserve banks to cover advances to the Government pending collection of funds from depositary institutions and
to a lesser extent one-year certificates deposited with the Treasury to secure Federal Reserve bank note circulation. Total earning assets fell off 34.4
millions.
DEPOSITS.-Government deposits declined about 54 millions, while member bank deposits went up 37.8 millions. Net deposits, because of the
•
smaller "float" reported this week, show an increase for the week of 22.5 millions.
RESERVES.-Gold reserves increased 1.4 millions and total cash reserves 8.2 millions. Considerable shifting of reserves away from New York
mainly to the other Eastern banks is noted. The banks reserve percentage because of the gain in cash reserves and the considerable reduction in Federal
Reserve note liabilities shows a rise from 51.2 to 51.8%•
NOTE CIRCULATION.-Federal Reserve agents report a decrease of 21.5 millions in the total of Federal Reserve notes outstanding. Federal
Reserve notes held by the banks increased 35.4 millions, of which 29.1 millions is shown for the New York bank. A further decline of 56.9 millions
in the voume of actual circulation of Federal Reserve notes is shown, all the banks, except those at Cleveland and Richmond, reporting smaller circulation figures than the week before. Aggregate liabilities of the banks on Federal Reserve banks notes in circulation show an increase for the week
of 3.2 millions.
FEDERAL RESERVE BANK OF NEW YORK.-The week statement issued by the bank subdivides, some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, Sze.,'as of Jan. 10, consisted of "Foreign
Government deposits," $93,071,338; "Non-member bank deposits," $5,670,970, and "Due to War Finance Corporation" $563.'756.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 10 1919.
Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Dec. 20 1918 Dec. 13 1918. Dec. 6 1918. Nov. 29 1918 Nov. 22 1918. Jan. 11 1918.
RESOURCES.
3old coin and certificates
301(1 settlement fund, F. R. Board
3018 with foreign agencies
Total gold held by banks
3old with Federal Reserve agents
3old redemption fund
Total gold reserves
43gal tender notes, silver, &c
8
334,552,000
430,730,000
5,828,000
$
338,717,000
398,997,000
5,829,000
$
337,365,000
374,758,000
5,829,000
$
335,141,000
461,369,000
5,829,000
$
336,516,000
487,568,000
5,829,000
$
353,208,000
422,491,000
5,829,000
$
370,938,000
395,292,000
5,829,000
$
371,498,000
435,892,000
$
478,839,000
361,522,000
5,829,000
52,500,000
771,110,000 743,543,000 717,952,000 802,339,000 829,913,000 781,528,0)' 772,059,000 813,219,000
1,238,245,000 1,263,383,000 1,288,309,000 1,194,228,000 1,167,771,000 1,207,377.000 1,216,541,000 1,168,917,000
84,715,000
78,129.000
76,613,000
85,768,000
82,421,000
80,821,000
78,496,000
84,013,000
892,861,000
784,326,000
19,643,000
2,094,070,000 2,092,694,000 2,090,274,000 2,078,988,000 2,078.505,000 2,067,401,000 2,065,213,000 2,060,265,000 1,696,830,000
51,201,000
67,828,000
55,992,000
53,158,000
60,960,000
55,945,000
55.758,000
53.966,000
54,636,000
2,161,898,000 2,153,654,000 2,146,219,000 2,133,824,000 2,134,263,000 2,121,367,000 2,120,371,000 2,116,257,000 1,748,031,000
Total reserves
3111s discounted:
278,398,000
Secured by Govt. war obligations- 1,494,847,000 1,545,274,000 1,400,371,000 1,299,524,000 1,483,849,000 1,467,322,000 1,412,511,000 1,281.245,000
273,229,000 284,590,000 302,517,000 306,778,000 365,614,000 396,462,000 402,684,000 428,190,000
292,267,000
All other
277,896,000 290,269,000 303,673,000 340,765,000 366,594,009 371,406.000 375,341,000 368.784,000
258,710,000
3111s bought in open market
Total bills on hand
J. S. Govt. long-term securities
J. S. Govt. short-term securities
Ul other earning assets
2,035,972,000 2,120,133,000 2,006,611,000 1,947,067,000 2,216,057,000 2,235,190,000 2,190.536,000 2,078,219,000
28,821,000
29,189,000
29,196,000
29,134,000
28,850,000
29,132,000
29,824,000
28,869,000
175,809,000 125,063,000 282,677,000 325,073,000 111,477,000 105,606,000
92,664,000 148,180,000
13,000
27,000
13,000
27,000
27,000
27,000
13,000
16,000
829,375,000
49,506,000
137,227,000
5,063,000
2,240,615,000 2,275,033,000 2,318,170,000 2,301,006,000 2,356,750,000 2,370,010,000 2,312,359,000 2,255,560,000 1,021,171.000
Total earning assets
8,083,000
Sank premises
..
Jncollectel items (deduct from gross
334,822,000
705,910,000 823,070,000 759,698,001 826,831,000 719,591,000 650,039,000 736,328,000 819,010,000
deposits)
i% relemp. fund agst. F.R.bank notes
kil other resources
Total resources
3old reserve against net deposit liab_ -
3018 res. agst. F. It. notes in act. circ'n
6,452,000
18,473,000
6,265,000
30,337,000
5,988,000
22,005,000
5,506,000
18,824,000
5,880,000
20,793,000
4,844,000
22,440,000
4,621,000
21,309,000
4,525,000
24,175,000
537,000
519,000
5,141,431,000 5,288,368,000 5,251.990,000 5,288,134.000 5,234,934,000 5,168,709,000 5,194,988,000 5.219,527,000 3,105,080,000
53.1%
71.4%
52.5%
52.3%
53.1%
52.17
53.0%
51.8%
53.4%
78.0%
52.5%
50.8%
51.5%
52.8%
52.0%
51.7%
51.34,
52.2%
Etatio of gold reserves to net deposit and
F. R. note liabilities combined
lath)of total reserves to net deposit and
F. R. note liabilities combined
52.4%
52.6%
52.9%
52.6%
51.9%
51.8%
51.7%
50.9%
74.8%
51.8%
51.2%
50.6%
50.6%
49.9%
49.4%
50.0%
50.5%
65.1%
35% nantnst net denosit ilahliitles
62.1%
60.7%
50.7%,
597%
59.3%
59.0%
59.8%
60.5%
latlo of g.,1,1 reserves to F. It. notes In
actual circulation after setting aside
•
•Includes amount formerly shown agit1LIS items due from or due to other Federal Reserve banks net.
THE CHRONICLE
246
[VOL. 108.
Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Dec. 20 1918. Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Nov. 22 1918 Jan. 11 1918.
5
•
$
$
$
LIABILITIES.
$
$
$
$
$
71,603,000
80,072,000
80,025,000
80,081,000
80.304,000
80,812,000
80,792,000
80,585,000
80.492.000
'apital paid in
1,134,000
1.134,000
1,134,000
1,134,000
1,134,000
1,134.000
1,134,000
22,738,000
22,738,000
urplus
57,856,000
38,693,000 161,614,000 185,355,000 207,157,000 113,174,00J
37,291,000
91,321,000
63.367,000
iovernment deposits
1,640,729,000 1,602,901,000 1,587,318,000 1,642,444,000 1,567,927,000 1,547,838,000 1,488,893,000 1,604,033,000 1,498,482,000
Iue to members, reserve account
203,073,000
495.354,000 569,055,000 554,823.000 588,755,000 556,764,000 514,512,000 602,667,000 620,608,000
oeferre1 availability items
20,315,000
,ther deposits, incl. for. Govt. credits_ 114,874,000 118,581,000 106,992,000 106,089,000 106,012,000 106,685,000 105,894,000 113,967,000
2,288,248,000 2,381,858,000 2,312,500,000 2,376,581;000 2,392,317.000 2,354,390,000 2,404.611,000 2,451,782,000 1,779,726,000
Total gross deposits
2,590,681,000 2,648,605,000 2,685,244,000 2,683,701,000 2,601,580,000 2,584,523,000 2,568,676,000 2,555,215,000 1,242,199,000
'.R. notes in actual circulation
8,000,000
86.003,000
80,504,000
circulation-net
Bab
92,799,000
notes
in
123,466,000 120,267,000 117,122,000 111,909,000 102,202,000
'. It. bank
2,418,000
55,309,000
54,224,000
54,209,000
55,559,000
54,492.000
50.867,000
35,486,000
34,108,000
11 other liabilities
5,141,431,000 5,288,368,000 5,251,990,000 5.288.134,000 5,234,934,000 5.168.709.000 5.194.988,000 5,219,527.000 3,105,080,000
Total liabilities
$
$
$
$
Distribution by Maturities$
$
$
84,452,0001
1-15 days bills bought in open market _ _
372,652,000
1-15 days bills discounted
1414,208,000J 1,402.827,000 1,254,392,000 1,185,006,000 1,453,748,000 1,432,969,000 1,305,634,000 1,206,215,000
69,029,000
12,048,000
11,473,000
8,895.000
1-15 days U. S. Govt. short-term secs49,207.000
8,837,000 176,436,000 218,069,000
10,000
5,000
3,000
9,000
5,000
10,000
5,000
1-15 days municipal warrants
10,000
55,622,0001
1-15 days bills bought in open market__
88,375,000
16-30 days bills discounted
89,617.000J 320,185,000 340,022,000 170,107,000 143,767,000 170,319,000 225.900,000 175,680,000
1,188,000
8,711,000
1,263,000
1,184,000
10,275,000
10,227,000
16-30 days U. S. Govt. short-term secs_
779,000
141,000
10,000
1,000
10,000
10,000
16-30 days municipal warrants
3.000
1-15 clays bills bought in open market_ _ 104,198,0001
267,649,000
161,024,0001 268,008,000 271,754,000 436,395,000 481,343.000 444,719.000 470,666,000 338,876,000
31-60 days bills dIscounte1
10,568,000
627,000
699,000
1,409,000
31-60 days U.S.Govt.short-term secs
12,584,000
9,220.000
10,335.000
460,000
634,000
10,000
31-60 days municipal warrants
14,000
16,000
4,000
6,000
•
33.624,0001
1-15 days bills bought in open market
99,663,000
131,149,000
132,992,000
164,334,000 165,185,000 337,346,000
65,416,0001 102,077,000 113,506,000
61-90 days bills discounted
899,000
2,643,000
1.027,000
7,900,000
1,086,000
2,023,000
351,000
61-90 days U.S. Govt.short-term secs_ 643,000
5,000
3.000
3,000
3,000
61-90 days municipal warrants
1-15 days bills bought in open market _
10,090,000
24,410,000
24,209,000
23,151.000
20,102,000
22,849,000
26,937,000
Iver 90 days bills discounted
27,036,000
27,811,0001
70,323,000
72,275,000
66,793,000
97,221,000
86,894.000
Iver 90 days U.B. Govt.short-term secs 104,680,000 114,344,000 103,324,000
335,000
3,000
3,000
3.000
3,000
3,000
1ver 90 days municipal warrants
3,000
3
S
Federal Reserve Notes@sued to the banks
Ield by banks
2,844,516,000 2,866,047,000 2,855,604,000 2,815,450,000 2,764,699,000 2,741,852,000 2,773,043,000 2,768.777,000 1,369,545,000
125,265,000
253,835,000 218,442,000 170,360,000 151,749,000 160,119,000 157,329,000 204,367,000 213,562,000
In circulation
Fed. Res. Notes (Agents Accou Itotecelved from the Comptroller
Leturned to the Comptroller
3,932,000,000 3,913,960,000 3,865,020,000 3,813,200,000 3,781,800,000 3,731,861,000 3,692,060,000 3,660,540,000 1.854,060,000
254,905,000
752,544,000 737,223,000 724,491,000 710,225,000 693,652,000 877,229,000 603,417,000 591,693,000
Amount chargeable to agent
a hands of agent
3,179,456,000 3,170,737,000 3,140.529,000 3,102,075,000 3,088,148,000 3,054,632.000 3.088,643,000 3,068,847,000 1,599,155,000
229,610,000
334,940,000 310,690,000 284,925,000 287,525,000 323,449,000 312,780,000 315,600,000 300,070,000
Issued to Federal Reserve banks...
How Securedly gold coin and certificates
1y lawful money
iy eligible p tper
loll reit/rapt! ns fund
10th Federal Reserve Board
2,844,516,000 2,866,047,000 2.855,604,000 2,815,450,000 2,764.699.000 2,741,852,000 2,773,043,000 2,768,777,000 1,369,545,000
2,590,681,000 2,347,605,000 2,685,244,000 2,063,701,000 2,604,580,000 2,584,523,000 2,568,676,000 2,555,215,000 1,244,280,006
211,626,000
265,759,000
1,606,271,000 1,604,664,000 1,567,295,000 1.621,222,000 1,596,928,000 1,534,475,000 1,556,502,000 1,599,860,000
78,793,000
81,951,000
79,074,000
74.376,030
82,599,000
84,632,000
77,991,000
75,679,000
900,990,000 930,436,000 960,031,000 868,827,000 843.068,000 900,071,000 925,923,000 878,498,000
587,771,000
42,496,000
473,519,000
254,656,000
246,315,000
246,327.000
246,327,000
250,327.000
231,627.000
212,627,000
2,844,516,009 2,866,047,000 2,855,244,000 2,815,450,000 2,764,699,000 2,741.852,000 2,773,043,000 2,768,777,000 1,369,545,000
Total
algible naner delivered to F.R. Ascent. 1.993.694.000 2.069.22/3.000 1.956.357.000 1.913.404.000 2.176.410.000 2.161.189.000 2.114.588.000 2.006.806.000
a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits. t Revised figures.
618.678,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 10 1919
Boston.
Two ciphers (00) omitted.
New York.
plata.
Cleveland. Richm'nd. Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total.
RESOURCES.
$
4,159,0
)old coin and certificates
3old Settlement Fund, F. R.B'd 37.882,0
408,0
3old with foreign agencies
$
$
$
$
258,912,0 1,169,0 5,131,0 2,335,0
57,675,0 51,403,0 62,910,0 10,363,0
2,011,0
408,0
524,0
204,0
Total gold held by banks
3old with Fed. Reserve Agents
3old redemption fund
42,449,0
59,303,1
8,145,0
318,628,0 52,980,0 68,565,0 12,907,0 16,308,0 132,390,0 25,641,0 28,187,0 22,324,0 13,728,0 37,003,0 771,110,0
273,532,0 83,980,0 146,553,0 60,786,0 43,381,0 260,511,0 61,569,0 64,659,0 51,424,0 22,322,0 120,195,0 1,238,245,0
84,715,0
25,000,0 7,900,0 1,327,0 5,267,0 5,235,0 16,975,0 3,352,0 5,112,0 3,571,0 2,193,0
638,0
Total gold reserves
Legal tender notes, silver, Sze_
109,897,0
4,295,0
617,160,0 144,860,0 216,445,0 78,960,0 64,924,0 409,906,0 90,562,0 87,958,0 77,319,0 38,243,0 157,836,0 2,094,070,0
67,828,0
206,0
652,0 2,082,6 2,301,0
498,0
53,148,0 1,653,0 1,245,0
203,0 1,411,0
136,0
114,192,0
Total reserves
Bills discounted: Secured by Gov121,951,0
ernment war obligations
9,035,0
All others
13,689,0
3111s bought in open market
670,308,0 146,513,0 217,690,0 79,166,0 65,576,0 411,988,0 92,863,0 88,094,0 77,522,0 39,654,0 158,332,0 2,161,898.0
144,678,0
Total bills on hand
1,105,0
J. S. Gov't long-term securities_
J. S. Gov't short-term securities 8,416,0
tit other earning assets
763,857,0 175,062,0 154,658,0 97,138,0 88,403,0 212,518,0 79,022,0 56,325,0 87,255,0 51,551,0 25,495,0 2,035,972,0
28,821,0
543,0 4,509,0 1,153,0
1,394,0 1,335,0 1,084,0 1,234,0
120,0 8,867,0 3,966,0 3,461,0
74,742,0 9,858,0 15,119,0 7,299,0 6,566,0 25,622,0 7,068,0 5,125,0 5,512,0 4,400,0 6,052,0 175,809,0
13,0
13,0
151,199,0
Total earning assets
lank premises
800,0
Incollectible items (deduct from
gross deposits)
61,479,0
S% Redemption fund against
315,0
F. It. bank notes
567,0
kit other resources
810,033,0 186,305,0 170,861,0 105,671,0 95,525,0 242,649,0 87,243,0 61,570,C 101,664,0 59,917,0 135,008,0 2,240,615,0
8,083,0
400,0
400,0
2,318,0
500,0
291,0
217,0 2,936,0
221,0
$
$
$
$
$
8,186,0 23,084,0 4,362,0 8,395,0
233,0
7,947,0 108,490,0 21,046,0 19,559,0 21,800,0
175,0
816,0
233,0
233,0
291,0
$
$
5,781,0 12,775,0
7,743,0 23,907,0
204,0
321,0
$
334,552,0
430,730,0
5,828,0
614,980,0 153,377,0 113,381,0 77,916,0 45,752,0 125,924,0 56,196,0 34,874,0 30,025,0 16,603,0 60,845,0 1,484,847,0
39,259,0 15,613,0 9,177,0 12,732,0 30,731,0 38.65.3,0 14,492,0 3,087,0 38,509,0 32,540,0 29,401,0 273,229,0
79,628,0 3,072,0 32,100,0 6,470,0 11,920,0 47,941,0 8,334,0 18,364,0 18,721,0 2,408,0 35,219,0 277,896,0
150,946,0 80,148,0 51,799,0 51,580,0 36,873,0 80,703,0 61,730,0 13,216,0 52,751,0 24,453,0 37,232,0
1,738,0
9,751,0
500,0
1,300,0
519,0
807,0
295,0
967,0
329,0
838.0
925,0
1,410,0
318,0
468.0
231,0
167,0
319,0
775,0
577,0
527,0
356,0
893,0
705,010.0
6,452,0
18,473,0
Total resources
331,582,0 1,675,037,0 415,263,0 441,676,0 240,970,0 199,358,0 740,611,0 242,622,0 103,278,0 233,441,0 125,339,0 332,221,0 5,141,431,0
LIABILITIES.
80,812,0
6,692,0
3apital paid in
20,820,0 7,575,0 9,073,0 4,062,0 3,192,0 11,201,0 3,800,0 2,932,0 3,659,0 3,158,0 4,645,0
775,0 3,316,0
1,535,0
22,738,0
lurplus
8,322,0 1,301,0 1,776,0 1,159,0
801,0
726,0 1,211,0
592,0 1,224,0
3overnment deposits
5,627,0
5,871,0 5,359,0
500,0 1,173,0 3,152,0 2,528,0 4,083,0 1,839,0 2,832,0 1,340,0 2,987,0
37,291,0
3ue to members, reserve account 105,344,0 691,632,0 97,016,0 130,539,0 51,502,0 43,03,0 227,170,0 57,469,0 48,043,0 67,705,0 36,630,0 78,476,0 1,640,729,0
3eferred availability items
43.425,0 102,763,0 68,066,0 37,714,0 36,305,0 23,583.0 50,952,0 50,318,0 8,606.0 33,391,0 17,413,0 22,818,0 495,354,0
S.11 other deposits, including for103,0 101,282,0
129,0 3,482,0 2,655,0
878,0
122,0
598.0
608,0
eign government credits
61,0
150,0 4,803,0 114.874.0
154,503,0
Total gross deposits
r. R. notes in actual circulation_ 159,053,0
i'. R. bank notes in circulation,
7,015,0
net liability
2,785,0
HI other liabilities
Total liabilities
901,548,0 171,319,0 168,875,0 92,041,0 70,067,0 284,132,0 114,525,0 59,086,0 104,536,0 55,53'3,0 109,034,0 2,288,248,0
691,455,0 224,110,0 249,933,0 137,822,0 118,137,0 420,457,0 116,141,0 95,272,0 110,035,0 59,150,0 209,116,0 2,590,681,0
31,619,0
15,303,0
9,173,C
1,785,0
9,818,0
2,201,0
4,520,0
1,369,0
6,105,0 17,598.0
1,082,0 3,904,0
6,176,0
1,179,0
4,319,0 12,074,0
943,0 1,926,0
5,777,0
1,129,0
6,272,0
1,880,0
123,466,0
35,486,0
331,582,0 1,675,037,0 415,266,0 141,676,0 210,970,0 190,358.0 740,611,0 212,622,0 163,278,0 233,441,0 125,339.0 332,221,0 5,141,431,0
STA I'ENIF,N r OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN. 10 1919.
Two ciphers (00) omitted.
Bost() i.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. .11inneap. Kan.CIty. Dallas. San Fran.
Total.
5
s
13
s
$
$•
$
$
Federal Reserve notes:
$
$
$
$
a
Received from Comptroller___ 217,150,9 1,289,430,0 330,140,0 325,810,0 196,580,0 197,200,0 551,600,0 162,340,0 124,480,0 155,700,0 100,960,0 250,520,0 3,932,000,0
58,410,0 352,276,0 67,513,0 35,035,0 38,190,0 28,203,0 52.484,0 29,991,0 19,515,0 28,813,0 21,977,0 20,101,0 752,544,0
Returned to Comptroller
Chargeable to F.R. Agent
In hands of F. R. Agent
183,711,0 937,201,0 232,627,0 290,805,0 158,390,0 168,097,0 499,116,0 132,349,0 104,965,0 126,887,C 78,983,0 230,419,0 3,179,456,0
334,940,0
21,240,0 116,003,0 30,300,0 21,430,0 6,220,0 47,025,0 48,440,0 7,830,0 7,150,1 7,520,0 18,725,0
----
Issued to F. R. Bank,lea; airtt
returned to F. R. Agent tor
redemption:
167,471,0
ollat'l security for outst'g notes:
5,003,0
Gold coin and ctfs. on hand_
9,303,0
Gold redemption fund
Gold Set'm't Fund, F. R. 13'd. 45,000,0
Eligible paper, mIn'm required 108,171,0
.
821,201,0 232,267,0 266,375,0 152,170,0 121,972,0 150,676,0 124,519,0 97,815,0 119,367,0 60,258,1) 230,419,0 2,844,516,0
12,581,0
254,656,0
173,740,0
13.052,0
42,780,0
2,503,0
11,792,0 12,910,0 13,773,0 2,785.0 2,108,0 5,597,0 2,438,0 1,807,0 3,061,0 3,057,0 10,934,0
82,599,0
80,099,0 71,010,0 90,000,0 58,000,0 38,770,0 25-1,911,0 59,131,0 39,800,0 48,360,0 6,684,0 169,261,0 900,990,0
517,672,0 148,287)
0 119,822,6 91,384,0 78,591,0 190,135,0 62,950,0 43,156,0 67,943,0 37,936,0 110,224,C 1,6013,271,0
821,201,0 232,267,0 266,375,0 152,170,0 121,972,0 450,676,0 121,519,0 97,815,0 119,367,0 60,258,0 230,419,0 2,844,516,0
Total
167,474,0
tmount of eligible paper deliv144,678,0
ered to F. R. Agent
167,474,0
F. It. notes outstanding
8,421,0
F. R. notes held by bank
763,867,0 156,794,0 153,738,0 96,216,0 84,291,0 212,518,0 72,079,0 51,832,0 87,255,0 51,551,0 115,875,0 1,993,694,0
821,201,0 232,267,0 266,375,0 152,170,0 121,972,0 150,676,0 124,519,0 97,815,0 119,367,0 60,258,0 230,419,0 2,844,516,0
129,749,0 8,157,0 16,412,0 14,348,0 3,835,0 30,219,0 8,378,0 2,543,0 9,332,0 1,108,0 21,303,0 253,835,0
F. R. notes In nettle! circulation_ 159.051.0
891,455.0 224.110.0249.933,0 137.822.0 118.137.0 420.457.0 116,141,0 95,272,0 110,035,0 59,150,0 209,116,0 2,590,681,0
JAN. 18 1919.1
THE CHRONICLE
247
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the Now York City Clearing House members for the week ending Jan. 11. The figures for the separa,to banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week ending
Jan. 11 1919.
Members of Federal
Reserve Bank.
Bank of N Y, N B A_
Bank of Manhat Co_
Merchants' Nat Bank
Mesh & Metals Nat_
Bank of America_
National City Bank_
Chemical Nat Bank_
Atlantic Nat Bank__
Nat Butch & Drovers
Amer Exch Nat Bank
Nat Bank of Comm_ _
Pacific Bank
Chath & Phenix Nat_
Hanover Nat Bank_ _
Citizens' Nat Bank__
Metropolitan Bank_ _
Corn Exchange Bank
Imp & Traders Nat_ _
National Park Bank_
East River Nat Bank
Second Nat 13ank _
First National Bank _
Irving National Bank
N Y County National
Continental Bank _ _ _
Chase National Bank
Fifth Avenue Bank_ _
Commercial Exclege_
Commonwealth Bank
Lincoln National 13k_
Garfield Nat Bank_ _
Fifth National Bank_
Seaboard Nat Bank_ _
Liberty Nat Bank _
Coal & Iron National
Union Exchange Nat
Brooklyn Trust Co__
Bankers Trust Co_ _ _
U S Mtge & Trust Co
Guaranty Trust Co_ _
Fidelity Trust Co___
Columbia Trust Co_ _
Peoples Trust Co__ _ _
New York Trust Co_
Franklin Trust Co
Lincoln Trust Co_ _ _ _
Metropolitan Trust_ _
Nassau Nat. Br'klyn
Irving Trust Co
Farmers Loan &Trust
Net
Profits.
Loans,
Discounts,
{Nat. Banks Nov. 1 Investments,
(tc.
State Banks Nov. 1(
Trust Co's Nov.
Capital. I
Average.
2,000,000
2,500,000
2,000,000
6,1)00,000
1,500,000
25,000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3.000.000
1,000,000
1,000,000
1,500,000
11,250,000
2,000,01)0
25,000,000
1,000.000
5,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1.000,000
1,500,000
5,000,000
5,525,500
7,165,700
2,809,700
11,137,700
6,859,700
51,340,201)
9,623,200
051,000
108,600
5,571,300
24,376,700
1,097,500
3,081,400
18,278,000
2,992,200
2,316,800
8,548,600
8,023,000
18,591,200
100,800
4,018,200
31,608,600
5,647,300
392,900
664,000
15,522,900
2,223,7(10
871,100
753,900
2,003,600
1,372,601)
408,900
3,716,100
4,132,800
1,028,100
1,326,500
2,518,300
16,283,200
4,628,600
27,428.900
1,283,200
6,850.500
1,306,401)
10,769,900
1,170,100
614,300
4,383,200
1,173,000
1,142,000
12,009,800
46,703,000
61,101,000
29,452,000
152,483,000
35,682,000
616,098,000
80,219,000
16,930,000
3,018,000
111,840,001
302,045,000
15,417,00(
92,112,000
137,650,000
38,592,00
43,228,000
112,189,000
34,145,000
205,605,000
3,431,000
19.884,000
303,072,000
109,575,000
11,086,000
7,131,000
324,52:3,000
22,198,000
6,735,000
7,039,00(
17,167,000
13,470,000
6,916,000
.50,618,00
75,301,000
15,019,000
13,9:10,000
36,591,000
281,289,000
63,413,000
487,019,000
10,573,000
87,830,000
27,783,000
101,410,000
29,362,000
21,484,000
46,692,000
15,531,000
39,921,000
125,011,000
Cold.
Legal
Tenders.
Average.
Average.
Average.
National
Bank
and
Federal
Reserve
Notes.
Reserve
with
Legal
Depositaries.
Average.
Average.
Additional
Deposits
with
Legal
Depositaries.
A verage
23,000
106,000
98,000
196,000 5,950,000
345,000
629,000 1,540,000 8,337,000
310,000
79,000
313,000
70,000
176,000 2,889,000
7,550,000
160,000
962,000 2,092,000 31,970,000
195,000
245,000
617,000 5,257,000
320,000
8,319,000 3,015,000 1,396,000 :3,1)80,000 102,558,000
166,000
247,000
404,000
801,000 8,367,000
82,000
128,000
208,000
97,000 1,931,000
11,000
59,000
38,000
8,000
432,000
537,000
317,000
522,000 1,917,000 12,392,000
52,000
528,000
823,000 2,156,000 40,337,000
58,000
298,000
212,000
817,000 1,717,000
478,000
435,000 1,480,000 3,179,000 11,921,000
4,216,000
202,000
580,000 1,159,1)00 19,305.000
118,000
34,000
435,000 1,024,000 5,349,000
552,000
555,000 1,002,000 3,969,000
151,000
211,000
152,000 3,026,000 4,626,000 17,564,000
50,000
545,000
47,000
191,000 3,695,000
74,000
851,000
634,000 1,432,01)0 22,037,000
4,000
158,000
15,000
55,000 1,221,000
88,000
26,000
266,000
478,000 2,391,000
19,000
778,000
626,000
489,000 21,518,000
1,032,000
330,000 2,087,01/0 1,613,000 17,682,000
67,000
56,000
151,000
837,000 1,783,000
19,000
15,000
14,000
112,000
763,000
2,598,000 3,470,000 1,307,000
:370,000 34,882,000
45,000
167,000
467,000
517,000 2,848,000
50,1)00
58,000
93,000
116,000
939,000
41,000
27,000
105,00(1
310,000 1,085,000
122,000
201,000
150,000
713,000 2,479,000
2,000
5,000
121,000
267,000 1,826,000
34,000
23,000
183,001)
209,000
879,0(10
344,000
119,000
150,000
533,000 6,261,000
188,000
11,000
728,000 8,721,000
5,000
55,000
111,000
633,000 2,123,000
16,000
47,000
262,000
296,000 1.909,000
74,0(10
22,000
117,000
498,000 3,767,000
141,000
51,000
199,000
915,000 29,812,000
31,000
51,000
184,000
381,000 5,895,000
1,876,000
68,000
282,000 2,511,000 .50,222,000
82,000
39,000
39,000
199,000 1,334,000
25,000
34,000
207,001)
862,000 10,032.000
50,000
83,000
260,000
663,000 2,417,000
39,01)0
8,000
2,000
1,000 7,472,000
71,000
24,000
163,000
177,000 2.088,000
22,000
12,000
40,000
396,000 2,249,000
69,000
36,000
39,000
607,000 3,926,000
5,000
77,000
101,000
292,000 1,116,000
85,000
118,000
557,000 1,821,000 5,230,000
3,738,000
14,000
55,000
310,000 16,0:33,000
192,900,000 355,796,400 4,610,612,000 34,098,000 14,246,000 20,925,000 44,052,000 556,884,000
Average for week
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
State Banks.
Greenwich
Bowery
N Y Produce Exch__
State
Totals, avge for wk
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Trust Companies.
Title Guar & Trust_ _
Lawyers Title & Tr__
Totals, avge for wk
Totals, actual conditi
Totals, actual conditi
Totals, actual condltl
Totals, actual conditi
on
on
on
on
Jan.
Jan.
Dec.
Dec.
11
4
28
21
3,750,000
4,043,200
•
95,000
53,000
563,000
943,000
moon
11,000
552,000
707,000
1 ,458,000
333,000
576,000
707,000
80,374,000 3,005,000 1,654,000 1,430,000 3,074,000
80,168,000
80,271,000
79,491,000
77,486,000
1,302,000
317,000
2,010,000
2,812,000
Average.
$
32,884,000
55,696,000
21,463,000
162,431,000
32,753,000
584,413,000
62,696,000
14,116,000
2,802,000
93,797,000
296,800,000
14,229,000
84,982,000
135,715,000
36,094,000
26,015,000
119,312,000
26,701,000
166,738,000
4,386,000
16,551,000
157,338,000
114,152,000
10,986,000
5,266,000
278,068,000
19,363,000
6,631,000
7,460,000
16,927,00C
11,675,000
6,603,0015
44,558,00(
61,591,000
12,455,0015
13,947,0015
24,323,000
218,760,0015
49,686,000
367.830,000
8,547,000
77,854,000
24,146,000
59,172,000
14,956,000
14,770,000
31,044,000
10,494,000
39,181,000
112,418,000
Net
Time
Deposits.
National
Bank
Circu/alion.
Average.
Average.
1,868,000
23,646,000 1,445,000
5,180,000
444,000
570,000
148,000
298,000
5,775,000 4,910,000
.1,727,000
70,000
8,344,000 2,184,000
150,000
302,000
994,000
50,000
1,257,000
51,000
3,652,000 4,968,000
50,000
650,000
1,653,000 8,392,000
823,000 1,000,000
296,000
199,000
11,056,000 1,100,000
37.00(
417,00C
140,001
1,769,001
429,00(
489,0015
5,231,000
10,603,000
4,523,0015
19,421,000
459,000
4,285,000
1,848,000
2,751.000
2,145,000
1,783,000
1,222,000
687,000
1,050,000
8,093,000
197,000
559.000
397,000
16,205,000
5,284,000
23,408,000
37,474,000
5,000
6,441,000 1,153,000
82,371,000
67,000
1,362,000
1,458,000
1,554,000
1,279,000
2,973,000
3,001,000
3,308,000
3,011,000
7,125,000 1,217,000
6,297,00(1 1,479,000
5,732,000
764,000
5,980,000
554,00(1
82,445,000
81,754,000
81,323,000
77,7-1.1,000
63,000
73,000
73,000
73.000
Not Mesa hers of Fede rat Reserve Ba ale.
6,000,000 11,947,900
37,842,000
99,000
4,000,000 5,236,200
22,867,000
197,000
111,000
176,000
182,000
72,000
638,000
451,000
2,289,000 1,343,000
1,184,000
383,000
22,001,000
13,910,000
519,000
555,000
9,000,000 17,184,100
on
on
on
on
Jan.
Jan.
Dec.
Dec.
11
4
28
21
11
4
28
21
50,000
62,000
1,460,000
1,706,00(1
1,841,1)00
1,561,000
Jan.
Jan.
Dec.
Dec.
210,000
400,000
248,000
70,000
795,000
414,000
398,000
3,833,775,000 141,201,000 35,942,000
3.853,631,000 138,661,000 35,947,000
3,810,717,000 131,782,000 35,934,000
3,807,709,000 134,687,000 35,816,000
3,039,000
2,969,000
2,899,000
2,784,000
on
on
on
on
780,000
309,000 1,821,000
4,806,000 3,782,000
3,810,795,000 141,766,000 35,951,000
4,618,934,000 34,157,000 14,445,000 20,190,000 42,665,000 559,924,000
1,634,939,000 34,819,000 14,715,000 21,185,000 41,534.000 566,082,000
4,519,677,000 34,986,000 14,479,000 19,404,000 44,401,000 541,528,000
4,513,450,000 35,509,000 12,011,000 19,722,000 42,590,000 557,846,000
Not Mem hers of Fede rat Reserve Ba nk.
15,944,000
500,000 1,476,800
582,000
250,000
292,000
5,405,000
816,600
1,000,000 1,206,500
21,996,000
628,000
2,000,000
37,028,000 1,503,000
518,300
Net
Demand
Deposits.
60,709,000
296,000
287,000
254,000 1,089,000
3,473,000 1,726,000
35,914,000
1,074,000
61,225,000
60,653,000
60,29:3,000
61,287,000
304,000
288,000
288,000
297,000
280,000
307,000
299,000
286,000
231,000
991,000
321,000 1,064,000
233,000
967,000
271,000
945,000
3,800,000
3,170,000
3,288,000
3,250,000
36,079,000
35,182,000
34,319,000
31,877,000
1,084,000
1,042,000
1,048,000
1,099,000
1,753,000
2,554,000
1,320,000
1,244,000
Grand aggregate,avge 205,650,000 377,028,700 4,751,695,000 37,399,000 16,187,000 22,609,000 48,215,000 566,798,000 2,879,000 a3,929,080,000
142,907,000 35,951,000
Comparison prey wk
+51,627,000 -624,000 +156,000 +647,000 +1636000 -1,1412,000
-9,000 -24,755,000 +10146000 --38,000
Grand turgate, actual condition Jan. 11_ 4,7(10,327,000 37,500,000 16,185,000 21,783,000 16,629,000 570,849,000
2,970,000
Comparison prey wk
-15,536,000 --576,000 --543,000 -1,181,000 +1030000 -4,700,000 -1.063.000 b3,952,299,000 142,348,000 35,942,000
-13,268,000 +2,572,000
-5,000
Grand ag'gate, actual condition Jan. 4
4,775,863,000 38,076,000 16,728,000 22,964,000 45,599,000 575,549,000 4,033,000
3,970,567,000
Grand ag'gate. actual condition Dec. 28
4,659,461,000 38,173,000 16,619,000 21,191,000 48,676,000 550,548,000 2,084,000 3.926.359,000 139.776,000 35,947,000
132,903,000 35,934,000
Grand ag'gate, actual condition Dee. 21
4,652,223,000 38,500,000 13,858,000 21,272,000 46,546,000 567,076,000 1,798,01)0
3.917,330,000 135,859,000 35,816,000
Grand aiegate. actual condition Dec. 14._ 4,673,028,000 36,795,000 13,505,000 21,216,000 42,961,000 542,680,000
1,987,000 3,879 ,499,000141,169,00035,698,000
a U. S. deposits deducted, $200,149,000. b U. S. deposits deducted, $213,489,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Reserve
Cash
Reserve
in
In Vault. Depositaries
Members Federal
Reserve Bank _
State banks
Trust companies.
Total J.(n. 11_
Total Jan. 4 _
Total Dec. 28_
Total Dec. 12_
Total
Reserve.
a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
Cash
Reserve
from
Reserve
in
Previous!Week in Vault. Depositaries
$
556,884,000 556,884,000 .199,656,330 57,227,670 +1,317,490
a
9,163,000 6,441,000 15,604,000 14,826,780
777,220
-157,160
1,926,000 3,473,000 5,399,000 5,387,100
11,900
-161,650
11,089,000 566,798,000 577,887,000 519,870,210
11,126,000 568,610,000 579,736,000 522,717,890
11,389,000 550,548,000 561,937,000 519,132,660
10,498,000 574,273,000 584,771,000 517,251,900
58,016,790
+998,680
57,018,110 +25,417,020
42,804,340 -16,887,410
67,519,100 +5,912,150
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousiVeek
$
b
559,924,000 559,924,000 502,626,780 57,297,220 -3,652,920
8,834,000 7,125,000 15,959,000 14,840.100 1,118,900
+403,620
1,806,000 3,800,000 5,606,000 5,411,850
194,150
+321,450
10,640,000 570,849,000 581,489,000 522,878,730
11,114,000 575,549,000 586,663,000 525,124,880
11,019,000 536,372,000 547,391,000 515,789,910
10,434,000 567,076,000 577,510,000 517,818,250
58,610,270 -2,927,850
61,538,120 +18.733,780
31,601,090 -35,918,010
59,691,750 +19,822.240
Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of
of the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Jan. 11, 51,252,980; Jan. 4, $3,949,230; Dec.members
28, $3,991,320; Dec. 21, $4,156,710.
b This Is the reserve required on net demand deposits In the ease of State banks and trust companies, but in the case of members of the Federal Reserve Bank
includes
also amount of reserve required on net time deposits, which was as follows: Jan. 11, $4,236,030; Jan. 4, $1,159,850; Dec. 28, 53,953,460; Dec. 21, $4,010,610.
c Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. 11, $113,321,000; Jan. 4, $111,469,000; Dec. 28, $110,401,000; Dec. 21, $107,915,000.
d Amounts of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Jan. It, $111,457,000; Jan. 4, $112,253,000; Dec. 28,$113,270,000; Dec. 21, $109,832,000.
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by &ate Banking Department.) Differences from
previous week.
Jan. 11.
$721,797,200 Inc. $4,904,700
and
investments
Loans
22,100
8,428,000 Inc.
Specie
144,400
16,100,900 Dec
Currency and bank notes
62,906,400 Dec. 2,722,700
Deposits with the F.It. Bank of New York
795,428,200 Inc. 6,533,300
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 705,976,500 Inc. 9,418,100
145,927,600 Dec. 8,013,700
Reserve on deposits"
Percentage of reserve, 22.5%.
RESERVE.
-Trust Companies
State Banks
$69,353,900 13.63%
$18,081,400 13.04%
Cash in vaults
44,581,900 8.76%
13,910,400 10.00%
Deposits in banks and trust cos_
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:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Sept.14
Sept.21
Sept.28
Oct. 5
Oct. 12
Oct. 19
Oct. 28
Nov. 2
Nov. 9
Nov. 16
Nov.23
Nov.30
Dee, 7
Dec. 14
Dec. 21
Dec. 28
Jan 4
Jan. 11
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Total Reserve in
•
Cash in DeposiLegal
taries.
Tenders. Vault.
Loans
Demand
and
Investments Deposits.
Specie.
8
$
5,233,177,2 4,418,249,8
5,294,283,64,427,043,3
5,296,960,1 4,450,212,9
5,373,198,8 4,537,675,4
5,413,086,8 4,435,747,8
5,386,287,9 4,487,786,5
5,457,805,1 4,520,463,6
5,499,400,2 4,364,815,8
5,471,164,4 4,430,932,2
5,489,226,0 4,515,346,9
5,470,203,8 4,511,208,2
5,360,177,9 4,449,150,6
5,330,133,6 4,458,973,9
5,384,107,7 4,527,415,1
5,373,134,6 4,592,634,0
5,378,736,5 4,587,455,7
5,416,960,5 4,650,393,4
5,473.492.2 4.635.058.5
$
$
8
$
71,038,8 88,345,3 159,383,9 554,898,2
70,472,1 96,532,8 167,004,9571,118,2
70,816,0 94,823,1 165,439,1 557,573,3
69,970,7 91,434,6 161,405,3 587,014,3
69,765,2 85,254,7 155,019,9 574,142.4
70,376,0 92,445,8 162,821,8 580,295,4
71,255,2 94,750,5 166,005,7 619,305,3
69,692,6 85,425,1 155,117,7 585,223,6
68,979,4 89,755,9 158,735,3 591,280,8
69.440,7 91,559,5 161,000,2 610,910,4
69,250,6 92,303,2 181,553,8 603,681,3
68,759,7 93,400,6 162,160,3 602,957,6
67,037,7 89,940,6 158,978,3 592,651,4
66,311,3 93,272,8 159,584,1 602,623,2
65,078,3 93,695,1 158,771,4 617,263,4
67,193,9 96,364,4 163,558,3 574,521,6
68,390,9 101,977,4 170,368,3 632,301,0
68.436,0 99.357.3 167.793.3 625.290.3
4. Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Trust Companies.
State Banks.
Week Ended Jan. 11.
Jan. 11
1919.
Differences from
previous week.
Jan 11
1919.
Differences from
previous week.
$
$
$
$
99,550,000
24,100,000
Capital as of Nov. 1_
169,723,000
42,973,000
Surplus as of Nov. 1_
Loans & investments 525,330,200 Inc. 11,696,200 1,971,500,800 Inc. 30,446,400
16,500
13,075,700 Dec.
8,608,100 Dec. 657,200
Specie
21,029,000 Dec. 845,300
634,300
29,111,700 Inc.
Currency & bk. notes
Deposits with the F.
48,896,500 Inc. 2,497,400 199,104,500 Dec. 4,603,700
R.Bank of N.Y..
622,233,100 Dec. 7,805,300 1,978,741,200 Dec. 13,927,800
Deposits
Reserve on deposits_ 107,711,800 Inc. 4,979,000 304,931,100 Dec. 9,270,100
0.7%
19.1% Dec.
0.1%
21.9% Inc.
P. C. reserve to dep.
Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
531,991,800 23.04% , 5113,935,800 72.39%
Total
Week
Ended-
[Vol,. 108.
THE CHRONICLE
248
BOSTON CLEARING HOUSE MEMBERS.
Jan. 11
1919.
Changes from
previous week.
4,750,000 Inc.
Circulation
Loans,disc'ts & investments_ 521,862,000 Inc.
Individual deposits, incl.U.S. 434,650,000 Dec.
114,071,000 Dec.
Due to banks
13,684,000 Inc.
Time deposits
Exchanges for Clear. House_ 15,924,000 Dec.
68,895,000 Dec.
Due from other banks
Cash in bank & in F. R.Bank 64,055,000 Dec.
Reserve excess in bank and
17,254,000 Inc.
Federal Reserve Bank _ _
Jan. 4
1919.
Dec. 28
1918.
$
$
2,000 4,748,000 4,739,000
4,770,000 517,092,000 522,512,000
9,749,000 444,399,000 438,383,000
3,519,000 117,590,000 111,253,000
306,000 13,378,000 13,670,000
8,432,000 24,356,000 19,734,000
7,531,000 76,426,000 70,179,000
3,423,000 67,478,000 62,728,000
3,702,000 20,956,000 16,345.000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Jan. 11, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% oft demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Jan. 11 1919.
Two ciphers (00) omitted. Membersof
F.R.System
Capital
Surplus and profits
Loans,disc'ts & investm'ts
Exchanges for Clear.House
Due 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
$29,475,0
78,505,0
720,688,0
24,587,0
107,716,0
155,943,0
462,952,0
4,719,0
623,614,0
Trust
Cos,
53,000,0
7,031,0
26,294,0
474,0
11,0
228,0
16,938,0
17,166,0
54,855,0
17,490,0
72,345,0
48,800,0
r.yrnari rem A. rqqh In vnnIt.
23 R45 (1
2,607,0
884,0
3,491,0
2,502,0
9119.0
Jan, 4
1919.
Dec. 28
1918.
Total.
332,475,0
86,136,0
746,982,0
25,061,0
107,727,0
156,171,0
479,890,0
4,719,0
640,780,0
26,158,0
54,855,0
2,607,0
18,374,0
75,836,0
51,302,0
24.534.0
$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
231191.0
$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
*Cash in vault is not counted as reserve for Federal Reserve bank members.
by clearing
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House
page:
non-member institutions which are not included in the "Clearing-House return" on the preceding
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
I
Capital. I Profits.
Loans,
Discounts,
{Nat. banks Nov. 1 Investments,
&c.
Week ending Jan. 11 1919. State banks Nov. 1
Trust cos. Nov. 1J
CLEARING
NON-MEMBERS.
Gold.
Legal
Tenders.
Silver.
National
Bank
& Federal
Reserve
Notes.
Average. Average. Average. Average.
Average.
Members of
3
$
$
$
$
$
$
Federal Reserve Bank.
147,000
10,000
19,000
12,000
12,124,000
1,549,200
Battery Park National Bank_ 1,500,000
266,000
463,000
14,000
651,200 14,223,000
1,000,000
Columbia Bank
107,000
78,000
548,000 8,427,000
200,000
Mutual Bank
152,000
95,000
14,000
3,000
196,500 4,641,000
200,000
New Netherland Bank
4,000
4,000
757,100 8,053,000
500,000
W. R. Grace & Co.'s Bank.._
310,000
55,000
2,000
609,100 8,890,000
200,000
Yorkville Bank
120,000
58,000
15,000
4,000
663,100 7,738,000
300,000
First Nat'l Bank, Brooklyn
150,000
52,000
28,000
8,000
595,000 6,450,000
300,000
National City Bank,Brooklyn
449,000
88,000
358,000
80,000
10,768,000
1,325,800
400,000
City
Jersey
First Nat'l Bank,
928,000 1,672,000
438,000
127,000
4,600,000 6,895,000 81,314,000
Total
Reserve
with
Legal
Deposilarks.
Additional
Deposits
Legal
with
w
Depostlanes.
Average. Average.
$
$
176,000
1,243,000
669,000
1,805,000
521,000
1,419,000
301,000
807,000
1,299,900
475,000
936,000
414,000
626,000
569,000
960,000 3,195,000
9,664,000 5,751,000
Net
Demand
Deposits.
Net
Time
Deposits.
Average. Average.
Average.
$
$
$
197,000
69,000
7,322,000
395,000
13,719,000
248,000
8,832,000
80,000
4,754,000
570,000
6,696,000
5,131,000 3,975,000
300,000
5,940,000 • 497,000
120,000
450,000
5,538,000
400,000
8,069,000
.
66,001,000 6,284,000 1,017,000
State Banks.
Not Members of the
Federal Reserve Bank.
469,500 2,398,000
100,000
Bank of Washington Heights_
500,000 .1,088,400 10,674,000
Colonial Bank
198,800 5,592,000
500,000
International Bank
865,700 25,000,000
1,600,000
Mechanics' Bank, Brooklyn
226,600 3,343,000
200,000
North Side Bank, Brooklyn__
71,000
225,000
156,000
132,000
15,000
283,000
11,000
292,000
12,000
2,900,000 2,849,000 47,007,000
599,000
8,730,000
8,280,000
317,000
16,000
10,000
12,000
11,000
77,000
117,000
239,000
299,000
411,000
474,000
5,069,000 1,179,000
4,737,000 3,895,000
700,000 1,408,600 17,010,000
333,000
22,000
88,000
356,000
710,000
474,000
10,706,000 5,074,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co, Brooklyn
Mechanics Trust Co, Bayonne
Total
500,000 1,030,700
377,900
200,000
8,200,000 11,152,600 145,331,000
Grand aggregate
+3,394,014
Comparison previous week_
$591,230 increase
Excess reserve
Grand aggregate Jan. 4_._. 8,200,000 11,152,600 141,937,000
8,200,000 11,152,600 141,284,000
Grand aggregate Dec. 28
8,450,000 11,913,800 141,258,000
Grand aggregate Dec. 21
11.913,800 145,479,000
_
8,450.000
14_
_
.
Dec.
aggregate
Grand
a U.S. deposits deducted $5,446,000.
1,059,000
+20,000
1,039,000
1,031,000
1 019,000
r,068,000
480,000
2,216,000
11,686,000
5,014,000
25,690000
4,953,000
623,000
40,000
319,000
598,000 1,244,000 2,400,000 3,772,000 1,101,000
49,568,000
982,000
133,000
137,000
41,000
701,000
512,000
412,000
302,000
394,000
62,000
618,000 1,107,000 2,388,000
248,000
250,000
111,000
38,000
568,000
15,000
National
Bank
CircuiaHon.
1,058,000 2,260,000 4,428,000 14,146,000 7,320,000 a126,275,000 12,340,000
+227,000 +40.600 +68,000 +910,000 -958,000 +4,681,000 +223,000
781,000 2,220,000 4,360,000 13,236,000 8,284,000 121,504,000 12,117,000
860,000 2,353,000 4,120,000 13,158,000 7,357,000 118,709,000 11,969,000
862,000 2,006,000 3,913,000 13,792,000 7,313,000 119,944,000 11,848,000
868,000 2.142,000 3.927.000 12.805.000 7,870.000 121,160.000 12.321.000
1,017,000
+8,000
1,009,000
1,005,000
997,000
1.187.000
JAN. 18 1919.]
THE CHRONICLE
'kaulters" Gazette.
Wall Street, Friday Night, Jan. 17 1919.
The Money Market and Financial Situation.-So
little of importance has really happened this week that the
Wall Street mind has been occupied chiefly with what is
likely to develop in the near, or less near, future. Of the
latter the railways of the country undoubtedly occupy the
most prominent place and for them thejtiture, viewed from
any possible standpoint, is Orono:10 in obscurity. With
this matter removed from immediate influence attention
and discussion has centered largely in the doings of Congress and State legislatures at home and the Peace Commissioners abroad.
This week may indeed become memorable as marking
the period when a sufficient number of State legislatures
voted in favor of prohibition to make the Constitutional
Amendment relating thereto effective.
Another prospective event which is receiving increasing
attention is the 5th Liberty Loan, or Victory Loan, the
campaign for which is now scheduled to open early in April.
It has already been officially announced that it may be
found advisable to offer this loan at a higher rate of interest than any of the previous war loans carry and bankers
and others who will naturally be interested, are awaiting
with more or less solicitude for information as to other
features of the bonds as well as rate.
Conditions in the iron and steel industry are reported to
be improving somewhat.Labor is more plentiful than
of late and in some cases it is said applicants are offering
to accept less than the scheduled wage rate. Moreover,
there is evidence that the demand for steel in various forms
for export is increasing.
The money market has been easier under more liberal
offerings with call loan rates at times quoted as low as 4%.
Foreign Exchange.-Sterling was steady and without
essential change during the week. The Continental exchanges were likewise well maintained, while neutrals were
firm and in some cases a small fraction higher. •
To-day's (Friday's) actual rates for sterling exchange were 4 73%
4 73% for sixty days,4 758004 75 13-16 for cheques and 4 765504 76 9-16
3
for cables. Commercial on banks, sight, 4 75% ©4 75%,
sixty days
4 723404 72%, ninety days 4 71%04 71 7-16, and documents for payment (sixty days) 4 7204 725. Cotton for payment 4 75%04 75%,and
grain for payment 4 75%04 753%,
To-day s (Friday's) actual rates for Paris bankers' francs were 5 51%
for long and 5 46% for short. Germany bankers' marks were not quoted.
Amsterdam bankers' guilders were 41 13-16 for long and 42 3-16 for short.
Exchange at Paris on London, 25 fr. 98c.; week's range 25 fr. 98c. high
and 25 ft. 98c. low.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling ActualCheques.
Cables.
High for the week
4 73%
4 75 13-16 4 76 9-16
4 73%
Low for the week
4 75%
4 7655
Paris Bankers' FrancsHigh for the week
'
551545'%
544v
Low for the week
5 52
5 46
5 45-i
Amsterdam Bankers' GuildersHigh for tho Week
42%
41 15-16
42%
Low for the week
41 13-16
42%
42%
Domestic Exchange.-Chicago, par. Boston, par. St. Louis, 25@
15c. per $1,000 discount. San Francisco, par. Montreal, $20.62M per
$1,000 premium. Cincinnati, par.
State and Railroad Bonds.-Sales of State bonds at
the Board are limited to $1,000, N. Y. Canal 4s 1961 at
97% and $20,000 Va,. 6s def. trust receipts at 69% to 70.
The market for railway and industrial bonds has again
been weak on a limited volume of business. Of a list of 20
representative issues only 2 are % of a point higher than
last week, while 7 are from 1 to 2 points lower and the remainder down an.average of nearly a point. The recovery
of local traction issues noted last week proved ephemeral
and they have been foremost in the decline this week.
Burlington and U. S. Steel are the strong features noted
above,but the fractionally higher quotations mentioned are
perhaps more accidental than because of any superior merit.
United States Bonds.-Sales of Government bonds at
the Board are limited to Liberty Loans as follows: 3%s at
99.06 to 99.56, 1st 4s at 92.50 to 94.10, 2d 4s at 92.10 to
94.10, 1st 43.s at 96.04 to 96.52, 2d 45s at 94.80 to 95.24,
3d 44s at 95.90 to 96.24 and 4th 43-is at 94.96 to 95.66.
For to-day's prices of all the different issues and for the week's
range see third page following.
Railroad and Miscellaneous Stocks.-On a steadily
increasing volume of business the stock market has been
almost continuously weak and a largo portion of the active
list has declined day by day. In such a market, with practically no change in tone or tendency throughout the week
there is little to be said except to point out some of the excetional features. Among the latter Mexican Petroleum
is conspicuous for drop of.nearly 16 points. Texas Company advanced over 10 points and closes with a fractional
net loss. Am. Sum. Tobacco advanced nearly 8 points and
retains about % the advance, while Royal Dutch has dropped
4, Am. Smelt. & Ref. nearly 6, General Motors 69,
73
Inter. Mer. Mar. pfd. 10 and U. S. Steel, erne. Steel,
Beth. Steel B, Atlantic & G.W. I., Baldwin Loo. and Am.
Car & Foundry are from 4 to 6 points lower than last week.
Tho railway list has, of course, moved within a narrower range, but Reading is down 33
4 points, So. Pao. 3,
Can. Pao. and Now Haven nearly 3 and other well known
shares in this group have dropped from 1% to 3 points.
For daily volume of business see page 258.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 17.
249
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range for Year 1918.
Lowest.
Highest.
Par,Shares $ Per share. 8 per share. $ per share.S per share.
Adams Express
49 Jan 15 50 Jan 13 42
Dec 80
Jan
Ajax Rubber rights
134 Jan 11 134 Jan 11 1
Dec 134 Dec
Am Brake Shoe&F pf100
165 Jan 17 165 Jan 17 160
Dec 175
Jan
American Express_..i00
91
Jan 17 91
Jan 17 7734 Sept 9534 Nov
American Snuff
100
105 Jan 11 111
Jan 14 85
Oct107
Dec
Preferred
1
99 Jan 16 99 Jan 16 85
Aug 85
Aug
AssoclatedDryGoods100 8.7001 2034 Jan 14 2634 Jan 15 12 May 1834 Dec
Second preferred_ A
1
58% Jan 16 5834 Jan 16 3634 Jan 3634 Jan
Associated Oil
100 2.7001 72 Jan 15 7634 Jan 13 54
Apr 71
Oct
Atlanta Blrm dc AtlA
2001 7% Jan 17 734 Jan 14 5
Dec 1034 June
Batopllas Mining
_2
9001 134 Jan 16 134 Jan 14 1
Jan 2% Nov
Calumet & Arizona_ _ _10 5001 5834 Jan 15 60 Jan 13 61
Dec 71
May
Case (J I) pref
100 4001 91% Jan 14 9334 Jan 11 73
Jan 9234 Dec
Central Foundry pref 100 200! 30% Jan 14 3034 Jan 14 33
Nov 53
Apr
Cent & So Am Teleg _100
40117 Jan 1111734 Jan 14 102
Oct 110
Mar
Chicago & Alton.._ _100 300 7% Jan 13 73-4 Jan 11 7
Apr 11
Nov
C St PM & Om pref_100
100105% Jan 1610534 Jan 16 110
Dec 110
Dec
Cluett,Peabody&Co 100 500 64 Jan 13 65 Jan 15 45
Jan 65
Nov
Preferred
100 320104 Jan 14 105
Jan 17 95
Jan 105
Nov
Col Fuel & Iron pref_100
100,101% Jan 1510134 Jan 15 101
Nov 101
Nov
Computing-Tab-Rec 100 400' 38% Jan 16 39 Jan 14 30
Jan 39
July
Cons Interstate Call.,,10 201 8% Jan 13 834 Jan 16 734 Sept 13 June
Continental Insurance 25 3
59 Jan 13 5934 Jan 17 44
Feb 60
Dec
Cuban-Am Sugar _ _ _100
100,150 Jan 11 150 Jan 11 136
Aug 152
Jan
Deere & Co pref_ _ -100 300. 95% Jan 16 96 Jan 15 90 June 96
Feb
Detroit Edison rights__- 4,700
% Jan 13
% Jan 16
Elk Horn Coal
50 600 28% Jan 17 29 Jan 16 22
Jan 3134 Nov
Federal M & S pref_ _100 300 36% Jan 17 3634 Jan 16 27
Jan 4434 Oct
General Chemical_ _ _100
100170 Jan 15170 Jan 15 165
Jan 185
Aug
Preferred
100 100102% Jan 1710234 Jan 17 9934 June1033-j Jan
General Cigar Inc---100 4,200 50% Jan 14 5334 Jan 11 34
Jan 58 June
General Motors rights__ 22,300 1
Jan 17 134 Jan 11
Gulf Mob & Nor ctfs_100
100 734 Jan 11 734 Jan 11 8
Mar 10 May
Preferred
100 100 3134 Jan 16 3134 Jan 16 27
Mar 3534 Dec
Int Harvest(new pf) 100
100 118 Jan 15118
Jan 15 107
Oct 11434 Dec
Jewel Tea Inc
100 3,100 30 Jan 11 3634 Jan 17 27
Dec 4034 Nov
Preferred
100 300 8834 Jan 1 90 Jan 16 88
Apr 9734 Jan
Kelly-Springfield pf_100
100 92 Jan 16 92 Jan 16 7634 Feb 9034 Dec
Kelsey Wheel pref__ _100 350 89 Jan 15 91
Jan 16 81
Jan 90
Mar
Keokuk & Des M_ _ _100
100 3 Jan 17 3 Jan 17 3
Oct 434 Jan
Kress(S H)& Co pf..100
100 105 Jan 14105
Jan 14 100
Jan 10534 Dec
Lake Erie & pref_ _100 100 1934 Jan 14 1934 Jan 14' 18
Apr 25
Oct
Liggett & Myers_ _ _ _100
1002193-i Jan 1421934 Jan 14 16434 Aug 210
Dec
Preferred
100 200 10934 Jan 1510934 Jan 13 10034 June 110
Nov
Loose-Wiles 1st pref _100 200 943-i Jan'13 9534 Jan 17 8234 Jan 94
Nov
Lorillard (P)
100 700 167 Jan 13 16834 Jan 16 14434 Aug 200
Mar
Preferred
10(1 169
100
Jan 15169 Jan 15,, 98
Jan 110
Nov
ManhatrElev)Rygu _100 5201 8534 Jan 11 8734 Jan 1311 80
Dec100% Dec
May Dept Stores.._100 900 6134 Jan 13 65 Jan 151 47
Jan 6334 Dec
Preferred
100 (100 104 Jan 11 104 Jan 11'. 98
Oct 104
Dec
M St P & S E3 Marle_100
200 88 Jan 15 88 Jan 16 8034 Jan 9734 Nov
National Acme
50 500 303-4 Jan 14 31
Jan 11 2634 Jan 33 May
National Blscult__100 400 11134 Jan 1711234 Jan 1C. 90
Aug 11034 Dec
Preferred
100 200 1153j Jan 14 116 Jan 1.6 10634 Sept114
Mar
Natl Cloak & Suit...100' 100 75 Jan 14 75 Jan 14 55
Sept 6734 Dec
Preferred
100 2001033-4 Jan 15104 Jan 11 100
Jan 104
Dec
Nat Rys Mex 2d pref 100 200 734 Jan 17 734 Jan 17 434 May 1034 Nov
NOTex&Mexvtc100 2,200 30 Jan 13 36 Jan 16 17
Apr 3634 Dec
NYC &StL 2dpf_100 100 433.4 Jan 13 4334 Jan 13 40
Oct 48
Nov
New York Dock_
100 400 25 Jan 16 26 Jan 13jj 1834 Jan 27 May
N Y Lack & West _ _ _100
10 91
Jan 15 91
Jan 15 9334 Dec 9334 Dec
1
Norfolk Southern_ _ _100 900 16% Jan 17 1734 Jan 13, 14
Nov 2134 Dec
Norf dr Western pref_100 600 73 Jan 16 7334 Jan 161 69
Sept 79
Mar
Rights
10,035
% Jan 16j
% Jan 11
3-4 Dec 13.4 Dec
Nova Scotia S & C,.1
400 55 Jan 11 55 Jan 15 5234 Dec 70
Aug
Owens Bottle-Mach._2 1,000 4834 Jan 13 4934 Jan 15 44
Dec 7034 Aug
Peoria & Eastern_ _ _ _1
200 5 Jan 16 5 Jan 16 434 Apr 63-4 Nov
Pitts C C & St L____100
100 46 Jan 14 46 Jan 14 2534 June 5834 Nov
Pitts Steel pref
100 200 903.4 Jan 16 9034 Jan 16 90
Apr 98
Jan
Pond Creek Coal
10 500 13 Jan 1. 1334 Jan 16. 15
Nov 20 June
Savage Arms Corp_ _1
300 58 Jan 13 61
Jan 17, 5134 Dec 8034 May
So Porto Rico Sugar_l
100 138 Jan 14 138 Jan 14120 Sept 162
Jan
Standard Milling__ _1
215 124 Jan 14 125 Jan 15 84
Jan 120
Dec
Stewart-Warner ....100 100 8634 Jan 11 8634 Jan 11!
Texas Co rights
25,355 1634 Jan 11 1834 Jan 16 1434 Dec 1734 Dec
Tex Paoli Land Tr_ _1
100 230 Jan 16230 Jan 161130% June150 June
Tidewater Oil
540 220 Jan 16220 Jan 16,178
1
Jan 200% Dec
Transue & W'ms_no par
400 3734 Jan 11 3734 Jan 111 3634 Oct 42- May
600 94 Jan 13 95 Jan 13, 69 June 9034 Dec
United Drug
1
First preferred
50 1,325 52 Jan 11 54 Jan 13 46
Jan 5034 Nov
U S Realty & Impt_ _100 2,200 2134 Jan 14 2734 Jan 113 8
Mar 26
Oct
Vulcan Detinning___100 100 12 Jan 13 12 Jan 13. 734 Apr 1034 Dec
Westinghouse Air 13 50 250 9434 Jan 1, 9434 Jan 15 95
Dec 95
Dec
Outside Market.-Trading on the "curb" this week was
brisk and on a somewhat broader scale. Prices, moving with
considerable irregularity, reached higher levels, though today's business showed marked weakness and a good part of
the advances in many cases was lost. General Asphalt
stocks were in good demand, the corn. moving up from 49%
to 5734 and the pref. from 833/2 to 91. Final transactions
were at 533/2 for the corn. and 88for the pref. Intercontinental Rubber continued its upward movement, gaining 334
points to 20 and reacting to 183
% finally. Keystone Tire &
Rubber, another active issue, after early loss of 7 points to
49, recovered to 563 but sold finally at 53%. Gillette
Safety Razor was more than usually active and sold up from
113 to 123, the close to-day being at 122. Amer. Writing
paper coin. advanced from 234 to 33-i. General Motors deb.
stock rose from 79 to 82. Hupp Motor Car improved from
53/i to 6% and ends the week at 6%. Kirby Lumber corn.
was conspicuous for a rise of 9 points to 27, with the final
transaction at 23. National Ice & Coal gained some 5
points to 58, but dropped to 52 and sold finally back to 53.
Submarine Boat lost over a point to 11% and closed to-day
at 11%. United Motors improved a point to 36. Oil
stocks were somewhat less active and fluctuations, outside of
Standard Oil issues, were for the most part narrow. Prairie
Oil & Gasfrom 640 to 685,and final sale at 675. South Penn
Oil from 302 to 320 and final transaction at 316. Standard
Oil (Calif.) from 265 to 275 and closing transaction t3-day at
271. Standard Oil of N. J., after a gain of sonic 9 points to
731, dropped to 705 and closed to-day at 708. Union Tank
Line went down from 123 to 117. Vacuum Oil, after an
advance from 421 to 426, fell to 410 and ends the week at
412. In tho other oil shares, Internat. Petroleum improved
from 18 to 223/i and closed to-day at 213-i. Island Oil &
Transp. declined from 83 to 7. Midwest Oil corn, sold up
from 1.17 to 1.34 and at 1.27 finally. Midwest Refining
gained about 7 points to 131, reacted to 12734 and closed today at 128. Bonds were also less active and generally lower.
Intorborough Rap. Tran. 7s lost a point to 9034.
250
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES
For record of sales during the wesic of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT.PER CENT.
Saturday •
Jan. 11 I
Monday
Jan. 13
Tuesday
Jan. 14
Wednesday
Jan. 15
Thursday I
Jan. 16
Fad zy
Jan. 17
Salesfor
the
Week
Shares
PER SHARK
Range Year 1918.
On basis of 100-share lots.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest.
1
Highest.
_
PER SHARK
Range for Previous
Year 1917.
Lowest. 1 Highest,
Par $ per share. j $ per share. $ per share j$ Per share
Railroads
$ Per share $ per share $ per share $ per share $ per share $ per share
75 Dec: 107% Jan
81 Mar23 9934 Nov12
9218 93181 92
93
3,700 Atoll Topeka de Santa Fe__100
9312 9334 *9212 93
9234 921
9212 93
75 Dec' 10011 Feb
80 Jan30 9212 Nov12
100
300
Do pref.
88
8818 88
8812 '*87
8834 *8512 8812 *8512 8812 *87
*88
Jan
8938 Apr22: 109 Nov20 x797 Dec 119
200 Atlantic Coast Line RR..1.00
93
99
9314 9814 *9712 9814 98
*93
*98
99
*98 102
3814 Dec 85 Jan
4312 Deali 62 Nov12
4812 5,100 Baltimore & Ohlo...._...._ .100
4912 4812 4912 48
49
49
4953 4914 4914 4914 497
4814 Dec 767 Jan
53 Apr251 6412 Nov13
100
200
Do prof_
57
56
56
*5514 5634 5512 5512 *5512 56
*55
*5514 57
36 Deo 82 Jan
253 Dec243 4814 Jan 2
2558 25
2553 24 18 2414 5,900 Brooklyn Rapid Transit.. 100
2512 25
2414 2434 2438 2553 25
100 135 Mar25 17478 0014 126 Dec 16738 Mar
2,800 Canadian Pacific
15734 15914 15634 153
159 159
15812 159 *15814 160
159 159
42 Nov 6534 Jan
493 Jan15 8238 Nov12
5512 5578 1,600 Chesapeake & Ohio__ _100
57
5573 56
56
5614 5614 *56
5638 5638 56
6 Dec 1413 Jan
Apr 9 11 Nov12
6
734 8
9
788 734 1,700 Chicago Great Western. 100
812 *8
9
*8
812 *8
*8
1712 Deo 413 Jan
1812 Apr 9 32 Nov12
100
800
Do pref
*24
25
2612 2478 25
2612 *25
2612 *25
*2512 2612 *25
35 Nov 92 Jan
3714 Apr22 5414 Sept 7
40
387 39
6,700 Chicago 5141w & St Paut__100
4034 39
4038 41
4012 4078 40
4012 41
6212 Dec 125% Jan
100
84114 Aprll 8653 Nov12
Do pref
7018 70% 8,130
7214 7234 7214 7253 7214 7238 7218 7312 7112 73
85 Dec 12414 Jan
8912 Mar25 107 Nov 9
1,gv ovollgovAre7orthwestern....104)
98
96
968 9512 957
96% 957 9612 9614 9614 95
96
Jan29
137
137
1i Dec 17212 Feb
July15
125
100
133
133
136
*133
*133
135
133
133
133
133
*131 133
16 Dec 3812 June
18
Apr22 3211 Nov12
2138 7,500 Chic Rock Eel & Pao temp els.
2518 2514 25
2518 2412 25
2453 2478 2413 2514 24
44 Dec 8414 Apr
5634 Jan15 88 Nov12
800
7714 7712
7% preferred temp ate._ _
7934 *7812 7934 7834 7834 7814 79
7912 7912 *79
Apr
3534 Dec 71
46 Jan15 75 Nov12
6% preferred temp ate__
*6512 6612 6512 6618 6518 6512 1,000
67
6612 6612 *6512 67
*66
Jan
24 Nov 51
26 Feb21 40 Nov 8
*34
34114
300 Cloy Cin Chic & St. Louis..100
38
35
3112 3412 *34
35
35
37
35
*34
Jan
6134 Oct 80
5834 May 7 70 Nov22
100
200
Do pref
*8212 75
70
6612 6612 70
*6212 75
*6612 72
*6212 75
Jan
Nov12
30
18
Nov
Apr22
27
1
2
101)
18
2112
2112
900
Southern
*2113
24
Colorado
&
*2112 24
22
2238 *2112 22
21
21
4478 Nov 57% Jan
100
47 Apr 3 55 Nov 4
100
50
Do let pret
*48
50
*48
50
54
*48
51
4912 4912 *49
*48
41 Sept 46 Mar
40 Apr 4 48 Dec16
-100
*4114 48
.
48
Do 2d pref.-.....
*46
*4114 48
*4114 48
48
*4114 48
*41
87 Nov 1511 Jan
100 10012 AprIl 11954 Nov12
604/ Delaware & Hudson
108 10114 103 101 *10212 10712 *10212 105
104 104 *10312 108
10 Delaware Lack & Weetern__50 160 Aprl7 185 Sept 4 10712 Dec 238 Mar
2217212 180 *172 180 *17212 178 §178 178 *17212 178 *173 180
Jan
6 Dec 17
7 Nov21
214 Jan 4
-100
500 Denver & Rio Grande
*3 14 514 *334 512
*334 5
453 518
514 514 *334 7
97 Deo 41
Jan
5 Apr23 1338 Jan 2
us 678
100
678 678 *612 7
1,000
Do pre!
*612 714
65s 634
612 658
1318 Dec 343 Jan
100
14 Apr17 2338 Nov12
1612 1634 168 1012 6,300 Erie_
167s 17
1634 1718 *1634 17
1678 17
*27. 28
1834 DUO 49% Jan
500
2313 Jan16 3612 Nov12
100
23
Do 1s1 pref._ ._
28
28
*27
2712 273 2734 2734 2778 *27
1518 Deo 3934 Jan
2012
400
1812 Jan25 2714 Nov12
*19
100
20
Do 2d prof
*2012 2112 20
2112 1914 1914 2112 22
*20
79% Dec 11814 Jan
86 Jan15 10612 Nov12
100
9212 9338 9214 9212 4,500 Great Northern pret.
9314 9312 9313 9334 9318 9332 *9314 94
38', Mar
Nov14
223
38
3512
Jan15
34
1
2
8 Nov
355
34334
3714
25
1
8
79,800
par
38
propertles_lito
3618
Iron
Ore
3458
3414
3738
35
1
8
3434
553 Dec 10838.I
1an
92 Jan 7 10512 Nov12
500 1111n018 Central
1110
9814 *9712 9812 9712 9712
98
973 9734 98
98
98
*97
534 Dec 1718 Jan
912 Jan 3
434 Dec26
51
512 512 5,300 Interboro Cone Corp__No par
534 57
533 512
512
5
538 55
534
Jan
4712
Jan
3
391k
7214
Dec30
Dec
1714
.100
2012
2014
2012
900
Do
pref_
2013
2012
1912 20
1934 1934 2014 2014 2012
1313 Nov 251 Jan
4
1518 Apr17 2114 Nov12
90
00
0 Kano
Kansas
D
Cie.
prty
t Southern.....100
184 1834 *1813 19
1814 1812 18
18
*1814 19
*1814 19
40 Nov 5812 Jan
5114 5114 x50
50
45 Jan 5 5912 Nov12
.100
53
53
53
53
*51
53
*51
*51
5038 Doc 791k Jan
3,300 Lehigh Valley
50
5338 Dec24 6518 Nov12
5434 5553 548 55
56
5512 *55
5514 55
5534 5534 55
11878 11878 . 300 Louisville & Nashville__ _100 110 Jan 2 12434 Nov12 103 Dec 13334 Jan
119 119
119 119 *118 121 *118 120
1118 121
67 Den 3214 Jan
1012
600 Minneap & St L (new)._ 100
712 Apr17 1578 Nov12
1112 1014 1014 *10
*10
1112 1012 1012 1018 1018 *10
Jan
312 Dec 11
634 Nov12
452 Jan 5
518
600 Missouri Kansas &Texas.100
5
5
*5
5
5 1
514 514
*514 512 *514 512
7 Nov 2012 Jan
*878 10
*834 10
Do pref
012 Jan29 1312 Nov12
812 812 *834 934 *834 10
100
*814 11
Jan
253
8
2412
24l2
Nov12
191
34
2514
2458
Nov
25
Jan15
315
2
2514
12,600
100
20
2518
otfs_
2512
Pacific
tr
Missouri
2512 2512 25
Jan
41
Jan15 62 Nov 9
100
37% Dec 81
5314 5212 5314 1,000
Do prof tr ctfs
5312 5358 5312 5312 *5313 5112 53
*5313 55
7414 73
'A312 4,800 New York Central---__ 100
8212 Dec 10338 Jan
8712 Jan15 8438 Nov12
75 1 73
7412 7412 7434 747
7312 715s 75
Jan
5278
Sept
Aprll
457
3
May29
2113
3118.
3018
31
3014
3012 5,600 N y N II & Hartford
27
100
31
3114 3118 31141 311
17 Nov 2914 Jan
19544 1953 1,000 N Y Ontario & Western-100
1814 Jan22 2432 Nov 9
iiiiiii 211-2 2014 20I4 *1912 21 .1912 21 *1912 21
9238 Dec 13838 Jan
• 500 Norfolk & Western
10512 10512 *10512 106
100 102 Jan24 11214 Nov12
108 106121 108 106
*106 108 *106 108
75 Dec 110% Jan
9258 9178 9218 4,000 NorthernPacific
8118 Jan24 105 Nov12
92
100
9214 92% 9214 9238 9212 9318 *9212 93
4014 Dec 5738 Jan
4314 June27 5018 Nov12
50
4514 4553 4514 4534 448 4514 4478 4513 4412 45 1 4434 4478 13,850 Pennsylvania
913 May 1 187 Nov12
ve 373834 JanJan
------ Pere Marquette v t a ___-100
4
15
2 Nov
5212 Apr 3 84 Nov 9
20Do prior pref v t 0-.100
-bi- -58- -kis WA; ----------------- ---- -37 Oct 57 June
900
30 Apr 5 50 Nov18
_100
Do prof v t o
1834 Dee 3514 June
2253 Jan 2 403 Nov14
3
-5878 -37 I 5a 18-34 2,600 Pittsburgh dc West Va -100
1 371.
2 37
-54;54 -3-6-3-4 -3534 3714 -5:
Janl
82 Nov14
5::.
Apr 68 Jab
400
61
8018 *797 8112
100
Do pref.
8112 8012 8012 80
.
80
8112 8138 813s *80
60% Nov 1041 Jan
7914 804 23,200 Reading
7018 Jan15 9614 Oot23
7938 81
50
8034 81
8078 8114 8034 817s 8034 817
34 Nov 45 Jan
39 May15
*3712 3812 *3712 38
*3613 38
*3712 38
*3712 38
Do 1st pref
*3612 38
0 40 July 6
3372 Dec 45% Jan
*37
39
*'1 39
*3712 39
*3758 3812 *3738 3812
4137
39
Do 241 prof
12 Dec 2638 June
2 1714 Dec 1.
1318.
isiaapurr13
*1312 1412 ---- --'14
1413 1318 1318 13
600 St Louts-San Fran tr otte 101
22 Dec 32 Jan
2212 *1812 2212
19 Oct 2 25 Nov12
St Louts Southwestern____100
71.81.2 I2-1-2 '1834 2212 *1812 221 *1734 2212 *17
34 Dec 53 Jan
32
28 Oct 2 4012 Jan 3
31
*
.100
*30
32
32
*30
31
*30
Do prof
32
*28
*30
Jan
714 Deo 18
818
8
7 Apr17 12 Nov12
814 834 --- -80
8
8
1,
Seaboard AirLine-----..100
167 Deo 3912 Jan
100
151 Apr1.9 2514 Nov12
1612 1734 -,-, -17
17
-1ii2 I81-2 1712 Is -ii 1712 1003
9918 100t2 9878 -997; 40,000 Southern Pacific Co.-100
8 101
7534 Dec 9812 Mar
80% Jan24 110 Nov 7
10078 10138 10038 10158 10058 10153
2112 Dec 3338 Jan
15,500 Southern RallwaY
100
2032 Apr30 3473 Nov12
2812 2834 2838 2834 *2812 2834 2818 2812 2734 2814 2712 28
515 May 7012 Jan
6814 6814 1,300
67 Jan21 7514 Nov12
6812 69
69
69
100
*69
6912 69
6918 6918 69
Do pref
1934 Jan
1138 Nov
3038 3134 2834 303 18,800 Texas & Pacific
100
14 May 4 2918 Dec 9
3278 32
3314 3078 32
32
3338 32
62 Dec 95 Jan
*36
42
38
32 Dec30 6514 Jau31
38
100 Twin City Rapid Transit._ 100
42
*36
42
*36
42
*36
42
*36
12714 12858 12712 128
100 10934 Jan15 13712 Oet19 10114 Dec 14918 Jan
128% 129
9,600 Union Pacific.
128 12812 12778 12914 12878 129
6914 Dec 85 Jan
7214 727
2,200
69 Jan 3 7634 Nov12
100
723
Do pref
7218 7218 7212 7212 72
7218 721 4 7232 73
453 Dec 1138 Jan
434 Jan15 12 June27
*712 9
*8
9
500 United Railways Invest._100
914 914 *834 9
734 9
*714 8
1114 Dec 2334 Jan
1614 *1534 16
1,300
1012 Apr 9 20 May 7
100
15
15
15
1512 1714 1612 1634 16
*14
Do
pref
11%
1534 Jan
July
8
7
Nov
818
81.4
8%
8
814
2,000
838 838 *8
853 8%
818
834
Wabash
Jan
4113 Jan 2
3814 Dec 58
078
3214 3138 3134 2,800
37
1)3
3212 3234 32
33
3318 3278 3318 3234 33
Do prof A
21
*20
24
100
1918 Dec30 2612 June26 • 18 Dec 30% Jan
*20
22
*20
21
1978 197 *1934 2012 *20
Do pref B
Apr
23
Deo
12
174
Feb15
Dec27
10
*11
1112 *11
1112 *1034 1114 1012 11
1138 12
1114 12
3,500 Western Maryland (new).100
20 Dec 41 Mar
*23
29
*23
29
*24
29
20 Jan29 32 June22
*24
29
*24
29
*23
29
Do 241 pref......____100
1013 Dec 1812 May
20
19
19
*19
(3 Jan 2 2434 Nov12
21
11.0
(
0f) 1:
21
19
19
1978 197 *19
*19
300 Western Pacific
•---3512 Dec 48 July
3 66 June27
61
61
200
-- 61
60
60 *...- 61
Do preferred71 Dec 22% Jan
8 Apr22 1234 Nov12
814 814 1,300 Wheeling & Lake E Ry-100
833 812
*812 912 *812 912
88 88 *812 9
1658 Nov 50% Jan
100
*17
19
18
18
*1812 20
*18
20
1712 Apr17 26 Nov12
*18
20
*18
20
100
Do
preferred
35
33 Dec 5414 Jan
*32
35
*31
*32
35
297 Dec28 3934 Oct22
*32
35
*34
35
*34
35
100
Wisconsin Central
Industrial & Miscellaneous
1812 Jan
7% Nov
2334 2334 2312 2312
2514 *2312 25
400 Advance Burnely9 2634 Nov21
2412 2412 . 2412 2412 *24
Jan
19 Oct
lan
aniii 027 Nov19
5818 57
58
1,400
58
578
59
'
l
1
1 2
5914 5914 5934 5934 5914 5914 59
Do pref
n
74
715 an
30Ja
45% Dec 8
72
10,300 Max Rubberinc
49 Jan 2 7214 Deo18
66
66
7312 75
6712 6812 73
50
671 6712 66
373 373
114 Apr27
1 Dec 1112 Jan
4
4
413 7,000 Alaska Gold Mines
5344 Nov 8
4
10
378 414
378 37
334 37
2
218
218
213 218 9,300 Alaska Juneau Gold Mieg_10
2
2
2
13 Dec
312 June21
213
112 Apr 1
81s Mar
218
2
2
34
35
3318 3418 3312 343
15 Dec 3253May
3334 33
3334 3134 327 12.815 Allis-Chalmers
33
17% Jan15 37 May24
Do
redMfg100
65 Dec 8678 Mar
84
84
83
84
83
1,700
8412 85
*83
8414 83
8413 85
g14 Jan 4 86% May24
100
2 106 Oct 17
72 Deo 9512 May
1,600 Amer Agricultural Chem-100
101 101
101 10114 101 10114 10114 10114 1014 10114 100 101
91 Dee 1031 Jan
100
9812 9812 *97 100
*98 100
8918 Jan17 101 Aug27
*97 100
*97 100
*96 100
100
Do pref
Feb
6912 70
688 70
11,600 American Beet Sugar
69
7134 6778 6934 69
7014 6912 70
an
tt12
v
il
90
100
4
)
00
*85
90
*85
1
1
3
7
x:11
90
*85
.1
1
0
0
g
89
8134 844 *85
*84
Do pref
2912 Nov 53 May
464 4814 40,450 American Can
49
34% Jan15 5034 May17
48
4878 473.4 4834 4818 4953 4812 49% 48
.100
87 Dec 11112June
300
*100 101 *100 10112 1008 10058 *100 10112 10012 101 *10012 10112
_100
894 Jan23 90 Dec31
Do pref
57 Feb 8038 June
9012 9112 8834 9078 14,200 American Car dt Foundry 14)0
8912 90
88% 92
8938 9033 8834 90
684 Jan14 9334 Dec31
114% 11412
500
114 1147
.100 106 Jan : 11512 Dec30 100 Nov 11814May
Do prof
21 Dec 5012 Jan
ltsi '482,nyi.
-.1
.5r2 -44 - 4312 44
-4378 4414- -.14:i8 -4-i1-2 43% 4412 -,13- .:fi" 5300 American Cotton 01.---._10
01
01
Dec 10114
1‘71
g 18840T/1T
*88
90
90
*88
90
00
*86
90
*85
*88
Do pref
lgt2
: 1214 Dec13'eb
17 Mar
1534 1514 1614 8,000 American Hide & Leather. 100
s 17
.
13 SeptSzf)
1514 1514 "iiT2 -16.- 1432 1434 1434 1514 15
1173 Jan10 1
75 Jan
Jan
8134 81
8473 41,600
79
7714 74
7634 7533 758 76
78
77
Do pref
1678 Aug
8tra
July
42
42
4112 4112 7,244 American Ice
4178 42
4434 4512 4114 458
4113 42
..131
9
.1
.
55 July
5638 x5514 5514 *5434 5634 *5134 56
1,000
57
5714 5658 5714 56
Do
preferred
Oct 14
5478 5,950 Amer International ror.p
5518 54
46 Oct 6214 Aug
5534 5534 5538 5612 5534 5614 557 5578 55
4712 Dec27
4914 4914 48
1534 Feb 2918 Aug
49
5014 5138 4912 5012 4934 50
4934 50
6,700 American Linseed
48 Feb 75 Nov
7 92 Dec13
8914 8914 8914 8914
90
90
90 .*8913 91
800
tf7)14 Paint 7
9013 9012 90
.100
43
Do pref
60
8024 80
60
60
81
60 2 3,000 American Locmotive -100
130% *59
60
5312 Jan15 7134 May16
61
61
4638 Dec 82% Jan
03 Dec 10678 Jan
10134 10134
100 100
100 100 *100 102
102 10218 101 101
800
.100 295 Jan 4 102% Deo 3
Do prat
Max
Dec
814 Dec9%
*214 213
218 214
114
1
214 238
214 23
232 Sept28 1312 Feb 6
100
American Malting
12
1118
48
5'5
Dec10
48
*42% 4918 *4212 5012 *4212 4918 48
Sept18
*4212 5012 *4212 49
41
of
dep
Do let pref cents.
6753 Dec 11234 June
9434 Oct 18
7253 7358 7212 735
7314 74
'
8 7113 73% 33.900 Amer Smelting & Refining 1 1.^
7314 74
73% 74
11014 Nov12 x991 Nov 1171, Jan
107 107 *10653 10714
10612 107
107 107
*10512 107 *106 107
500
Do pref
5018 Dec 75 June
85
85
8334 8412 8112 837
85
8412 85
3,500 Amer Steel Foundries........100
*8434 8514 85
58 Jan15 95 3ov19
89% Nov 1263.2June
5,000 American Sugar Refining-100
Jan16 1113 MaY15
113 11413 11378 11412 114 11514 11312 11412 11334 113% 11112 114
98
Dec 12111 Jan
115 115
11538 11538
11412
Dec
4
106
115 115 *115 118 sn412 117
*11413 116
500
Do pref
30 May 62% Dec
9812 9612 97
97
9734 100 10612 1044 10512 102 105
97
-li
ar. 145 May24
28,900 Am Sumatra Tobacco.-.gg 1234
4 N-11
95% Dec 128% Jan
101 10118 10118 10114 10118 10112 101 10118 4,200 Amer Telephone & Teleg 100
101 101
90% Aug 5 10914 Feb 1
10038 101
20312 20312 20312 20312 200 2017.2 1,000
19834 Dec 5 123 Dee 220 Mar
20434 20434 202 202
200 202
400 American Tobacco
89 Dec 10914 Jan
§102 102
103 103 *102 104
102 10218 *101 103 *101 103
ll2 10012 Dec 6
20
° 1'
38
2 Flj
ea
Do pref (new)
371 Feb 5834 June
4934 5012 4812 49% 46
48
4514 4614 46
4612 7,100 Am Woolen of Mass
61
N73 j
Jan15 60% May24
51
1
1,0
03
Nov 100 June
9534 95% *95
9614 *95
96
87
Dec
i
*9512 ___ - 96
96
96
96
400
'
963
4
4
Do pref
33
2912 2912 *29
17 Nov 5413 Mar
32
*29
33
2912 2934 2978 3012 31
3,000 Am Writing Paper pref-100
20% Aprll 3938 Aug28
1013 Dec 4138 Jan
12
1158 1158
1112 1112 *1158 1214 *1158 12
*1112 1214 12
600 Am Zino Lead & S.---25
11 Dec30 2113 July 3
39% Dec 72% Jan
*40
45
*40
44
*40
44
42% 4278 *40
*42
45
4312
100
3834 Dec30 5314 July 1
25
Do pref
5118 Nov 87 May
60
6013 5958 6018 60
60344 60
6014 6018 6058 x5758 58% 22,300 A
59 Deo30 17414 Oct 18
Anaconda Copper Mining 50
8758 Sept 121% Jan
Feb18
*104 105
104 105
10312 10413 103 104% 10234 10414 10212 10312 4,600 All Gulf & W 1 SS Line-100
12014
Jan
5
4
973
Jan
*6612 68
64 Feb 66
*6614 67
*6613 6712 *6612 68
*66
67
*6612 67
Jan 5 67% Nov20
58
100
Do pref
43 Feb 7612 July
7312 7438 7253 7434 7158 7312 71% 7213 7214 7353 7014 7314 51,300 Baldwin Locomotive Wks.100
5618 Jan15 10134 May18
93 Dee 10212 Jan
93 Jan 2 104 Oot21
100
110 Deo 9
iii- 1123; idio" ITS- ii:i" fiii; Hi; IA- iii- Ili' iii" iii- .1,200 Bar
82 Dec 136 Jan
:
D ett c
Pre
ofrrho
5712 5734 57
57
57% 5712 5612 5612 2,600 Bethlehem Steel Corp.Corp-100
c30 96 May16
6614 Dec 515 Jan
Pen
80
5 Ij
5712 5858 56% 5838 86,300
-85f4 -0; -75T3:144 -613-0; 5758 5918 5658 58
5934 Nov12 94 May16 28618 Dec 156 June
Do class B comrnon_100
*10438 10178
93 Deo 10113 Oct
. 1041
:
5 12,13
144 10414 10414 10313 10418 103% 10334 102% 10318 2,800
Fothuhm
ert
er 8% pref - 96% Jan15 106% Apr29
1814 21
19
20
1912 20
19
1914 3,700 Booth
21 • Jan21 28s Sept
No par
89 Jan 12614 Apr
i-5. .
i2 Of 15578 157 15614 15614 15614 157 *150 155 15213 155 3,700 Burns
13
5
518 Feb;eo 30
108
Bros
632 612
612 612
618 612 *614 612 2,400 Butte Copper & Zino v t on
678 6%
612 634
16
12
178 July10 -- - - -*1812 1912 1834 1872 1812 183
19
19
1914 1914
1712 18
1234 Dec 5214 Jan
161,Jan 2 331, May14
1,500 Butte & Superior Mlning 10
*,Bid and asked prices; no sales on this day. s Ex-rights. 'Loss than 100 shares. a Ex-dlir. and rights r Ex-dividend. bjBefore payment of first installment.
. 100
A`Z:13
1
Nfaerl 71, Dece 1,1:'
ll°12 F, t? goott N
12 '',
.....3,14a sJeap711 601,
icz 17,3 i'ileapYtTg
Dec
•
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive. see second page
preceding.
HIGH AND LOW BALI' PRICES-PER SHARE, NOT PER CENT.
ONO.
Saturday
Jan. 11
Monday
Jan. 13
Tuesday
Jan. 14
11'ednesday
Jan. 15
Thursday
Jan. 16
Friday
Jan. 17
Salesfo,
the
1t'eek
Shires
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Year 1918.
On basis of 100-share lots.
251
PER SHARE
Range for Previous
Year 1917
Lowest.
Highest.
Lowest.
Highest
$ per share $ per share $ per share $ per share $ per share $ per share
Industrial&Misc.(Con.) Par $ per share.
share.
per
$
$
per share $ per share
5012 5078 5012 51
51
5158 5012 52
51
53
5218 5338 10,100 California Packing
par
Vo
3812Jan
3
50
Nov23
3334 Nov
2218 2212 2218 23
2212 2234 2238 23
4214 Aug
2212 2453 2318 2414 10,800 California Petroleum
100
12 Jan 7 2478 Nov 9
1014 Dec 3012 Jan
6612 6612 6614 6878 6738 6738 6712 68
6812 6934 6812 6912 6,700
pref
Do
100
36 Jan 5 7012 Dec11
2912 Nov
5914 5834 5912 5312 5934 5818 59
5834 5934 5814 5938 59
6214 Jan
7,000 Central Leather
100
5434
Dec26
7338
Feb 27
55 Dec 10112 June
105 105 *10412 107 *10412 107
10512 10512 10512 10512 *10518 116
400
Do
pref
100 10112 Dec26 108 Nov12
97 Dec 11578 Jan
*3312 37
34
34
34
34
3312 3312 3318 3314 3318 3314
1,800 Cerro do Pasco Cop___No par
2914 Mar 6 39 Nov12
25 Dec 41 Feb
*105 108 *105 103 *105 107
105 105 *105 107
10118 105
400 Chandler Motor Car_
6314
100
Jan 2 10978 Deell
56 Nov 10434 Mar
*1758 1778 1712 1731
1758 1758 1758 17/
175s 18
1
4 1758 18
4,800 Chile Copper
25
1412 Apr 4 24 Oct 18
1114 Nov
3312 34
3314 3312 3338 34
3358 3378 3358 3334 3334 3334 3,100 Chino Copper
27/
1
4 Mar
5
3138 Dec28 4714 May16
3512 Nov
37
37
3612 36
3611
/
4 3658 35
3618 36
6384 Mar
3653 36
36
3,310 Colorado Fuel & Iron
100
3434Jan 29 5412 May24
2934
4238 4238 4218 4212 4218 4212 42
Nov
4214 42
4214 4118 42
58 June
4,800 Columbia Gas &Elec
100
2834
Mar25
4478
Dec
30
255
9512
e95
9612
*95
8 Nov
*9412 00
9612 95
4778 Apr
95
95
9134 9412 3,300 Consolidated Gas(N Y)_100
8234July15 10538N ov12
7612 Dec 134/
7014 6912 6912 *6812 6034 *6812 6934 *6814 6934 6934 6934
70
1
4 Jan
700 Continental Can, Inc
100
6512 Oct 7 95 Feb 19
76 Nov 10314 June
4958 5018 4858 4934 4858 4978 49
4958 49
4958 481
/
4 4834 26,800 Corn Products Refining_100
Jan
15
297
5018
8
Nov16
*102 1011 *10212 10112 10378 1037g 10334 10:334 *10212 10112 10334 10334
18 Feb
3714
July
000
prof
Do
100
56
29012Jan 7 104 Dec31
507, 56
8812 Nov 11258 Jan
5612 56
5634 6612 5738 5734 59
3. 58
400 Crucible Steel of America_100
52 Jan 12 7478 May16
'
94
4534 Dec 917g July
090
915s 915s *91
*9012 91
94
92
92
Do
pref
100
86
Jan
9134June
31
4
2578 2734 2458 2558 2512 2612 20
83 Dec 11784 Jan
2678 -----------20025'
2678 20
:i t
38 54,26 Cuba Cane Sugar_No Par
2712 Apr 10 34 Nov12
7618 77
2478 Nov
7414 76
77
7614 7714 7712 7712 7618 77
75
5514 Jan
9,800
Do pref
100
7714 Dec30 83 Feb 18
5414 51
7478 Dec 9412 Jan
5234 51
5414 5434 52
5178 5014 5112 5118 5238 41,600 Distillers' Securities Corp_100
233
Jan
2 6434M3y24
1134 1138 1158 111
1184 May 441i Oct
/
4 1178 121.t
11:14 1178
12
1218 *12
1212 3,400 Dome Mines, Ltd
10
6 June19 15 Nov 1
2958 2978 2058 2978 2912 2912 2912 2958 2938 2912 *2912 2034 2,700 Gaston
612 Nov
2484 Jan
W & W Ino__No par
2534 Oct 11
39 Feb 13
14034 150 *14812 150
150 150
*149 150
28 Feb
150 150
4112 Aug
149 149
600 General Electric
100 12784 Jan 7 15812 Oct 18 118 Dec
12918 13012 a125 126
12818 129
128 129
125 12578 12214 12512 10,400 General Motors Corp
17184
Jan
100 10634 Jan 15 164 Aug21
84
84
8412 8212 8212 8312 84
8412 8412 84
7412 Nov 14818 Jan
*8212 85
825
Do
pref
75$
100
8
Oct
Feb
10
88
1
6034
6012 GIN 611
5738 5738 5734
7234 Dec 93
/
4 6178 611 613
Jan
5934 6114 13,300 Goodrich Co (B F)
100
38 Jan 2 5978 Oct 18
*101 1011 2 *100 104
1
4 10334 10334 ----- ---- 101 10334
*0934 103/
3214 Dec 6114 Jan
100
Do
prof
100
9558 Dec23 104 Dec 9 x9138 Dec 112
7712 795s 7812 7812 7818 781s 795s 7958 7934 793.;
Jan
1,000 Granby Cons M 13 & P
100
43'2 4412 4278 4314 4312 4312 4414 4414 4418 4412 *7553 82
74 Jan 23 86 Oct 23
65 Nov
9238 Jan
44
44
2,700
Greene
Cananea
Copper
100
3812 Jan 17 5814 Nov 6
60
6053 5918 5918 60
5818 59
59
34 Nov
47
Jan
57
5712 55
55
2,800 Gulf States Steel tr ctfs_100
5334
Dec19
11112
Apr
*43
25
45
*43
45
44
44
*44
45
77
44
Nov 137
44
Jan
*43
45
201) Haskell & Barker Car__No par
34 Jan 5 4914 July30
4312 44
4312 4418 4358 44
2712 Nov
4378 44
40 June
4438 4312 4434 9,500 Inspiration Cons Copper__2
44
0
4118 1)ec26 58120ct 18
1412 1318 1538 *13
14
15
1314 131 1
1318 1318 *12
38 Nov 6612June
15
1,700 Interest Agricul Corp_ _ 100
10
Jan
8
19
June20
5718 5718 5512 59
*55
/
4 58
561
58
5612 5612 *55
784 Nov
211
/
4 May
5712 1,000
Do pref
100
38 Jan 5 85 June18
113 113 *112 116
11378 115
*11212 117
2614 Nov
11314 11312 113 113
6012 July
700 Intern Harvester
2412 2512 2458 25
*25
26
2438 25
2458 2538 2478 2512 10,700 Int Mercantile (new)-100 104 Oct 14 121 Nov12
Marine...1
00
21
Jan
33
15
Oct
10534
16
10914
107 210118 104
-17110718 107/
8 -ife; -38-71
4 10538
8 ice-a;
10214 10412 102 10438 9:3,850
Do
pref
100
8338Jan 2 12512 Nov 6
31
3112 2978 31 . 2914 30
8258 Feb 10612 Oct
28
29
26
2712 2612 27
27 Jan 15 35 Nov 7
3038 3038 3038 3078 3058 3178 3138 3231 3112 3312 57,270 International Nickel (The)25
*3012 31
24/
1
4 Dec 4738 Mar
8,900
Internatio
nal
Paper
100
2412Jan
4512
May15
15
6212 6212 *62
62
62
63
*60
1812 Nov
63
*61
63
4958 J8/I
62
6234
900
Do stamped pref
100
58 Jan 22 8512 Jan 3
70
7012 69
*70
70
72
5014 Nov
7114 7258 7114 7212 269
7712 June
70
1,100
41 Apr 2 72 Dec19
3214 3212 32
3238 3214 3212 3214 3212 3214 3258 3218 3212 11,100 Kelly-Springfield Tire____25
3678 Dec 6412 Jan
Copper_
Kennecott
_No
par
29 Mar25 4114 Nov12
6518 651s 65
6514 6412 65
26 Nov
64
64/
1
4 6414 6412 6414 6478 3,200 Lackawanna Steel
May
508
100
6512 Dec30 9138 May16
*22
2112 2112 *22
23
2218 2218 2218 2238 22
23
68 Nov 10378 June
2212
700 Lee Rubber et Tire...No par
12 Apr 2 24 Deell
43
43
*42
45
4212 4278 4312 4:312 4312 4:312 4218 4414
1038 Nov
30
Jan
1,500
Loose-Wile
etfs_100
s Biscuit tr
1712Jan 8 4558 Dec31
*92
971 *94
____ *94
1214 Nov
*94
9712 *94
2718 Jan
9712 *94
9712
Do 24 pref
100
53 Feb 15 96 Dec23
*69
73
*70
7212 *69 -7212
65
--- *6912 7212 *69
Jan 64
7212
7212 *69
Jan
325 MpacokayprCer
100
70
Dec14
7818 Feb 28
*6312 6518 *6312 6518 *6312 6578 64
70 Nov
64
64
8984 Feb
64
64
64
100
57 Jan 4 65 MaY28
2834 2834 *28
2912 2812 2812 28
5714 Dec 8712 Jan
2838 2812 2812 2734 28
1,400 Maxwell Motor, Inc
2312 Jan 15 42,2 Nov12
100
. *5134 5212 52
52
191s Nov
52
52
*52
5234 *52
53
6134 Jan
51
52
500
Do
lot
pref
100
50 Dec27 6978 Nov 8
*2012 2112 *20
2114 20
49 Dec 7418 Jan
20
*20
2134 2012 2012 20
20
300
Do 24 pref
100
19 May27 3238 Nov 9
17812 18234 17814 18238 18012 18314 182 186
13 Nov
181 18734 171 18214 202,000 Mexican petroleum
40
Jan
100
79 Jan 5 194 Oct 19
*10312 107 *10312 105 *10312 107
67 Dec 10612 Jan
10634 10631 *10312 107 *10312 107
200
Do
prof
100
87 Jan 15 107 Dcell
2433 2438 2418 2438 2418 2414 2418 2411
841
/
4 Nov 97/
2418 2414
2418 2438 2,700 Miami Copper
1
4 June
5
2214 Dec31 33/
1
4Jan 31
4331 4414 4338 4378 4312 4378 24158 4258 4258 4318 4214 43
25
Nov
4314 Apr
19,010 Midvale Steel & Ordnance_50
41 Dec30 61 May16
*73
75
6978 73
70
70
70
70
3912 Dec 6712 June
*70
_7_4_1_2 40
74
018 _7_5_ _
,55
1:216
C1 Montana Power
100
64 June26 8112 Nov13 25834 Dec 10914 Jan
*103
____ *10334 ---- *104
.*103
____ *101
Do
pref.
100
Marie
05
10618
Dec
*1512 16
5
1512 16
1512 1534
1578 16-18
1512 1512 1518 1514 - -i3-7
9512 Dec 11712 Mar
1
Nat Conduit
13 Nov25 2138July 5
4814 4958 49
4814 4812 4712 4812 4734 48
1312 Dec 39 June
5058 4912 5034 11,800 Nat Enam'g && Cable No par
3714 Jan 7 5412 May20
04
Stamp'g__ _100
04
03
9312 9312 93
94
24 Feb
9333 9338 *92
4634 Oct
*9312 97
400
Do
100
Dref
88
Nov21
6414
9911
6414
Feb
6412
6412
6434
64
20
66
67
9012May
6714 68
9984 July
67513 6812 5,900 National Lead
411s Jan 7 6934 Deell
100
108 108 *10712 110
*107 108 *107 108
377
2
10912 10912 *108
6314
Dec
Mar
____
300
Do
100
9934 Mar 2 10512 MaY18
1678 1678
1
4 17
16/
17
1634 1678
17
1678 1678 *1634 1678 2,100 Nevada pref
99 Dec 114
Jan
Consol Copper____5
1612 Dec30 211
/
4 May16
101 105
104 104
•103 105
10418 10418 *103 105 *103 105
16 Nov
2638June
800
New
York
Air
Brake-50
9812 Dec27 139 May22
48
48
4758 4758 *45
47
47
98 Nov 156 Mar
49
*45
49
*47
48
400 North American Co
100
2
37
Aug16
,
5712
Nov22
4358 4358 4314 4358 4312 4378 4312 4312 4338 438
39
Dec
7238 Mar
7
4278 4338 7,000 Ohio Cities Gas (The)._ 25
351ft Mar25 48 Oct 18
934 10
934 978
934
973
31/
934
1
4 Oct 14378 Apr
978
912
978
938 958 51,000 Oklahoma Prod & Refining_ _5
6
618
614 614
578
6
578
6
6
6
6
618
1,900 Ontario Silver Minleg
414
*3512 38
100
Jan
22
13
*36
June17
3612 3578 36
36
35s
36
3414 35
-N
-o
-v35
7t Sepi
3514
2,900 Pacific Mail SS
5
2312 Jan 21 40 Dec17
6912 7012 6938 7058 6912 7034 7014 713
18 Feb
70
3012 June
7134 6858 7014 25,120 Pan-Am Pet & Trees
50
6314 Oct 30 7214 Oct 28
*117 130 *115 127 *118 125 *118 127 *118 125 *118 126
----Do
pref
100
86
Jan
12412
Oct
*4712 4912 *4712 4812 48
8
28
48
4712 4712 *47
87 Nov 98
49
Jan
4738 4712 1,000 People's 0 L & C (Chic)..100
3058Jan 2 61 Nov 6
3112 3158 *3112 3214 3134 3134 *3012 32
35 Dec 10614 Jan
3112 , 3112 3112 3112
600 Philadelphia Co (Pitteb)_60
21 Apr 12 3514 Oct 29
4212 4212 4218 4212 4214 4278 23934 4114
2412 Dec 42 Jan
3912 40
3912 40
8,200 Pierce-Arrow M Car__ _No par
34
Jan
16
5134
102 102 *10112 102
Nov12
102 102 *10134 102
25 Dec 4134June
_ *10134 10218
300
Do pref
100
8934 Jan 26 104 Dec14
1778 1814
1814
18
58 Nov 9812 Aue
1758 1013
1712 18
-1778 -1-:;14
1714 18
22,800 Pierce Oil Corporation
25
15 Seut13
1918 Oct 16
4712 4712 4618 4714 46
47
4612 47
*4612 4714 46
4612 • 3,900 Pittsburgh Coal of Pa....100
5334
42
Jan
lb
Feb 28 -37/
*8514 8712 *8514 8712 *8514 8712 *8514 8712 *8514 87
1
4 Dec 5412 Sept
*86
8712
7934 Jan 2 8578 Dee16
Do
pref..
100
*63
65
0314 63I4 64
64,
74 Dec
6438 6438 64
CO Aug
6412 63
63
700 Pressed Steel Car
IGO
5512 Nov26 73 Aug13
*99 103
*99 102
104 104
49 Dec 83/
*9.9 104
*99 104
1
4 Jan
*99 104
500
Do
prof
100
93 Apr 27 100 Aug 5 290 Nov 2107
*91
*91
____ *91
____ *91
___. *91
Jan
*91
--------- Public Serv Corp of N J._ 100
85 Oct 2 109/
1
4 mar 5
---- *11978 123 *120 123
*120 123
120/
1
4 12078 12078 1207
99 Dec 131
Jan
---8 12012 12078
500
Pullman
Company
100
100's
Jan
7
13214
Nov12
73
74
74
73
7373 74
74
10614 Dec 16712 Jan
74
*73
7412 72
7312
100
4512Jan 7 7812 Decl13614 Nov
106 106 *104
*10512
____ *104
____ *102 107 *102 107
58 June
2'5
10
0(1 Rallio
wal.p8
re
tfeel Spring
100
95 Jan 2 10512 Dec31 I 8812 Deo 101
2012 -2-1-2038 2012 2014 2038 2018 2038 2018 2018 201
Jan
/
4 2038 2,600 Ray Consolidat
7378 7412 7334 7418 7314 7412
Copper_10
1914 1)ec26 28/
1
4 May16
272
723
1912 Nov
7218 7234 7158 7278 6,400 Republic Iron edSteel....100
3214
Apr
&
27258Jan 15 96 May16
*100 10112 100 100 *100 101 *100 10112 *100 10112 *100
60 Feb 9412 June
10112
100
Do
pref
925
100
8Jan
10212
2
743s 74
Sept17
7334 7412 73
7514
7418 751
89 Dec 10578 May
/
4 7312 7538 7212 73i4 11,300 Royal Dutch
*711
Co offs dep.... 270 1)ec31 145 Oct 18
8
758
*712 8
734
734
758
59 May 7314 Nov
738
712
712 734
000 Saxon Motor Car Corp...100
434 Aug22 18 Nov13
180 180
*176 181
180 180 *175 185 *177 184
4/
1
4 Nov 68
Jan
178 17978
700
Soars,
Roebuck
Co
dr
100
131,1 131 1
1333
4
June
1314 1314
*1314 14
17612
8
Dec31 12313 Dec 23814 Jan
1318 1314 *13
133s *13
1312
600 Shattuck Arls Copper
3412 343.1 3458 35
10 x13 Dec31 18', Feb19
3458 311
3558 3614
15 Dec 2981 Mar
3514 3578 3412 3538 18,950 Sinclair
011 & Rerg-No Dar
2514
Apr
11
49
49
50
*49
4938 4938 4912 50
39
Feb
5
2514
Dee 6984 Mar
5112 53
50
51
2,000 Slose-Sheffield Steel & Iron100
39 Jan 24 7114 May24
381
/
4 3912 39
4118 4138 42
3734 40
41
3312 Nov
4134 3778 4012 17,710 Stromberg Carbureto
7484 Mar
r_No par
5114 52
5158 5212 5112 52
4912 5211 40
5014 48
5018 48,200 Studebaker Corp (The)--100
3378
Apr
24
*9212 96
*9212 97
72
*9212 95t2 ____
*9212 96
/
1
4
Nov
8
3358 Nov 11012 Jan
_
*9212 95
Do
100
8012July 3 100 Nov 9
5012 5012
5012 5034 5012 51
50
51
85 Nov 10858 Jan
50 -5-0 - *49
50
1,000 St,D
it Mo
f Car of Am _ No par
Ptro
er
37 Oct 4 55 Dec 11
*3514 3612 23412 3412 33
352 3512 *3514 37
3114 June 5331 Jan
3412 4132
34
1,000 Superior Steel Corp'n
*95
100
9812 *95
3414 Mar25 4558 May 3
9812 *95
9812 *95
9812 *95
3014 Nov
5184 June
9812 *95 101
Do
1st
prof
*1318 15
.100
95 Feb 16 100 Sept27
*1314 14
*1312 14
*1312 14
98
14
Dos 10212 July
14
1334
1334
200 Tenn
1234 Dec28 21 July 6
18518 18714 185 18912 18734 18931 18834 195
11 Nov
19031 19534 187 19212 70,700 TexasCopp & C tr etfs_No par
1912June
Company
7712 7838 7658 7814 7634 7712 761
...100
(The).
13612Jan
7
203
Oct 18 11434 Dec 243
/
4 7'778
7712 7818 7534 7838 49,1
Jan
101
3 ToDbeoeco rioducts Cons-AN
4812 Mar25 8238 Deell
*103 105 *103 10112 *102 1043.1
*102 10412 104 101
4212 Dec 8058 Aug
pe
Pe
•7534 78
100
28714
Merle
*7534 78
78 ;7
*75
1047
8
Dec30
73- -ifi.28,3
76
Dec
105
76
Mar
76
76
200
Union
Bag
Corp_100
Paper
&
3738 3734 38
65
Jan
24
373
80
33
38
:3712
38
May13
5983 Dec 112
3712 3758 3712 3734
Jan
1,400 United Alloy Steel.
Vo par
36/
11:314 1151
1
4 Oct 30 4412 May10
/
4 11334 11514 114 11512 11412 11738 11738 11812 11434
3412 Dee 4938 June
56,400 United Cigar 13tores
100
8334 rsiar28 10834 Dec28
*109 125 .109 125 *109 125 *109 125 *110 125 *110 11712
8112 Nov 12778 Aug
125
Do
pref
100
101'4
Jan
161 162
163 163
5 110 July18
162 16434 165 16711 16414 1641
9814 Dec 12084 Mar
/
4 163 16412 3,000 United Fruit
100 11614 Jan 16 1602 1)ec31 2105 Dec 15438
1414 1414
*14
14
1438 1438
15
1412 14
14
*1312 15
Jan
. 700 U S Cast I Pipe & Fdy
100
1118 Apr 6 19 May 7
4612 *42
4612 *42
4142
4612 *42
4612 4212 4212 4:3
10 Nov
2412June
43
300
Do
pref
41
100
Is.1 ar26 4784 Feb 1
10012 10278 101 102
103 103
102 10212 99 10214 9834 100
42 Dec 63 Jan
12,700 U S Industrial Alcohol..100 z 06 Dec 2 137 May24
*97 100
*09 102
*99
9978 100
____ *1(30
98
/
1
4
Nov
June
17132
___ •100 1(13
200
Do
pref
100
94 Oct 11 99 Mar21
76
7618 77
7612 78
88 Nov 106 June
7712 7534 77
7612 78
75
7)i12 24,600 United States Rubber__ _WO
51 Jan 15 8012 Dec31
109N 10931 *109 111 *10034 111 *109 111 *10858 111 *109 111
45 Dec 87 Aug
160
Do 1st preferred
100 295 Jan 15 110 Dec30
*4314 4412 433.1 4334 4312 4312 4312 4312 *4334 4412 4:134 4334
91 Dec 1145 Jan
600
U
Smelting
S
Ref
50
&
M
3212
Apr
12
*45
5034 Oct 19
4638 4514 4514 *45
4638 *45
4638 *45
40 Dec 8734 Jan
45/
1
4 1145
4514
100
.
Do
pref
50
4238 Apr 12
4734 Dec12
9058 92
9118 9134 9131 9212 9058 9234 369,670
9038 9114 9034 92
4338 Nov
5214 Jan
United States Steel Corp_100
8612 Mar25 1161
•11434 11538 115 115
/
4 Aug 28
11434 11512 *11418 11518 *11478 11538 11458 115
7912 Dec 13658 May
1,710
Do
prof
100 108 Mar25 11358 Dec31 10234 Deo 12114 Jan
7112 7134 7118 7178 7112 72
72
72
72
7314 s 7114 72
8,700
Utah Copper.
10
7114 Dec26 93 Oct 19
14
14
7014 Dec 11834May
1412 1412 *133.1 1412 *1334 1.113
1412 1412 *1334 1434
400 Utah Seem-ides v t o
100
11 Sept16 1634 Nov12
*51
56
*52
55
5412 55
55
55
918 Dee 2434 Jan
53
5312 5278 5314
1,300 Virglnia-Carolina Chern_100
3384Jan 2 6014 Nov 8
*112 114
11312 11312 11312 11312 *111 114 *111 114 *111 114
26
Nov 48 May
300
Do
prof
100
08 Jan 16 11358 Dec16
*5712 00
*5712 60
*5712 62
*5712 60
97 Dec 11214 Jan
*5712 62
Virginia
Iron
C......10
C
&
0
50
Jan
8712 88
5 7312 July27
8812 8978 89
40 Feb
89
891 i 8914 88
77 Mar
8834 -Wlis 18- -------- Western Union Telegraph
_100
7714 Aug 2 955e Apr 15 276 Dec 9934 Jan
4158 42
4112 42
4134 42
4158 42
4138 42
4114 4218 6,600 Westinghouse Elm & Mfg_50
3812Jan 17 4712 May16
*60
70
*60
70
*60
*60
3334 Dec 56 May
70
70
*60
65
*60 ' 65
Do
let
preferred
50
59 Jan 11 6411 Feb 20
4512 4512 *45
4634 •45/
*451 1 47
5214 Dec 70/
1
4 47
*45
1
4 Jan
47
4512 4534
500 White Motor
3634 Jan 2 49 Nov 9
2538 2512 2518 2512 2518 253s 25
3334 Nov
2514 2434 25
5212 Jan
2438 2478 17,300 Whim-Overland .(The)_ 50
1512Jan 15 30 Nov12
25
884 8834 8812 WO
____ ____ .88
15 Nov 38/
89
8812 8812 8838 8812
1
4 Jan
800
Do
prof (new)
100
75 Jan 3 8914 Nov19
7158 7238 7112 711. *71
69 Nov 100 Mar
72
703k 7158 70
7078 69
69/
1
4 4,200 Wilson & Co, Ins, v t e
100
4514Jan 2 7714 Dec17
*128 132
130 130 *129 131
42 Nov 8414 Mar
125 12878 12514 12514 126 126
900 Woolworth (F W)
100 110 Mar25 128120ct 21
*115 121 *115 121 *115 121 *117 121 *117 121
99/
1
4 Dec 151
Jan
11712 11712
100
Do
pref
100 111 Oct 2 115 Sept 9 113 Dec 12618 Jan
*56
5634 *55
57
.56
5612 *5512 5714 56
56
5578 5578
200 Worthington P & M v t 0_100
34 Jan 4 69 Aug 2E1 2312 Feb 3711
90
*87
*88
90
*/39
9112 *89
90
/
4 June
*8812 90
4188 90
10
Do
prof
A
0 85-/
67
1
4 Feb 5 9112 Apr 6
*66
67
68
88 Nov 9714 June
*66
68
*66
1
4 *06
67/
6712 *66
6712
100
Do prof B___ _ ._ .. __ lon
59 Jan le
7038 July26
50 May 63 Jun
* Bid and astral prim; n)54101 on this day. •LOS3 lb In 103 sh
e
11'03. * L'Ic-rights. a Ex-d1v,and rights. b Par $10 per share. n
Par 5100 per share. z Ex- livid°
252
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
interest and defaulted bonds.
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for
BONDS
tg. Y. STOCK EXCHANGE
Week Ending Jan. 17.
11
Price
Friday
Jan 17.
Bid
U. S. Government.
OS 330 Liberty Loan__1932-47 ID
CI S 48 converted from 1st Lib1932-47 J D
erty Loan
U S 4s 25 Liberty Loan 1027-42 MN
U B 4331; converted from let
1932-47 J D
Liberty Loan
U S 4s converted from 2d
1927-42 MN
Liberty Loan
S
U S 43s 3d Liberty Loan_1923
U S 43as 4th Liberty Loan_1938 AO
A1930
Q J
U S 28 consol registered__
8193 Q J
11 5 28 consol coupon
1925 Q F
CI 5 48 registered
1925 Q F
C7 13 4e coupon
o S Pan Canal 10-30-yr 2s.k1936 @ F
0 El Pan Canal 10-30-Yr 2s reg '38 Q N
S Panama Canal 38 g_-.-1961 Q M
1961 Q M
Registered
U S Philippine Island 48_1914-34 Q F
Week's
Range or
Last Sale
Ask Low
High No. Low
99.53 2311 97.20 102.50
94.01 Sale 92.50
93.70 Sale 92.10
94.10 3621 92.20 98.50
91.10 2789 92.60 100.00
1
96.52 416 93.8!) 99.00
96.01 Sale 96.04
95.03 Sale 94.80 95.21 59351 93.10 98.14
96.06 Sale 95.90 96.24
94 (4) 99.10
94.00 98.10
95.01 Sale 91.94 95.66
99
9834 Aug '18
97
93 _
98 Dec '18
974 9378
98 _ 105 107
....- 103 105 Dec '18
103 10634 Nov.15
105 107
93 98
93 ---- 98 June'18
9712 99
98 -_ 99 July'18
813 --_ 8514 Oct '18
85
8512
89 Sept'18
85 89
88
103 Feb .15
9934 631
Sale 994
974 3012
Sale 9678
1
93
93
93
100,8 35
Sale 10014
4
72
71
71
93 92,2
93,2 11
5
954 9213
9212
8213 Jan '19
83
38
Sale 9778
98
Sale 964
973s 13
9778 32
Sale 9738
10114 4170
Sale 103
87 Jan '19
88
8812 864 Jan '19
7
_ 8512
8534
75 Jan '19
75
Sale 10014
100-8 85
Sale 10014 1004 77
1
70
70 70
3
55
55
55
99
205
Sal 984
83 • 6
8258 824
9412 100
8814 9712
78
8914
84 102
5312 72
9013 100
0014 9114
84
80
9314 99
9078 9712
8878 99
91 10512
8012 9212
8318 9278
77
90
7378 78
81 10212
84 103
40 61
53
40
8158 994
8213
68
13014 1375
9814 975
19012 2131
10912 567
9514 100
915s 9813
9772 105
10078 10134
Sale
Sale
Sale
Sale
103
9778
100
10018
State and City Securities.
96
9634
4 Y City-434s Corp stock 1940 M S 35,2- 97
98
43(s Corporate stock____1964 Ili • S 9512 Sale 9612
9612 9714 9612
9912
4 qs Corporate stock..._1966 A
10012 10134 14012 101
434s Corporate stock July1967
10112
Sale 101
101
J
4348 Corporate stonk____1965 -1004 Sale 1004 101
4)45 Corporate stook- __1953 NI
9118
914 Sale 914
1959 191
6% Corporate stock
91
92
9214 Jan '19
1958 NI
1% Corporate stock
91 _
9314 Dec '18
1957 M
6% Corporate stock
al; 8978 Oct '18
6% Corporatb stock reg_1956 NI
tut
Sale 10012 101
1957 NI
New 430.
10013 101 10034 Jan '19
654% Corporate stock_ _1957 PA
8112 8312 8118 Dec '18
336% Corporate stook-1J54 Pa
99 July'18
--- 98
1961 M
LI Y State-18
971
; Sale 9712
9712
Canal Improvement 45.....1961 J
9734 Dec .18
Canal Improvement 4s._ _1962 J
1950 J
9814 974 04t '18
Canal Improvement 413
e___ 10612 10634 Jan '19
Canal Improvement 4341_14)64
---- 10212 Deo '18
Canal Improvement 43i8_1965 J
*__ 10814 1064 Oct '18
Highway Improv't 4340..1963 Ni
10018 June'18
Highway Improv't 43(s 1965 M
787s Dec '18
.1rginia funded debt 2-38__ _1921 J
-5Efi 70 6978 70
es deferred Brown Bros etreRailroad
5678 57 Dec '18
61995 Q J
inn Arbor 1st g 43
Atchison Topeka dc Santa Fe8514
1995 A 0 8414 Site 811,1
Gen g 48
89
8512 Nov'18
1995 A 0 80
Registered
'19
Jan
797
8
Nov
797
s
8014
61995
Adjustment gold 48
734 June.18
61995 Nov
Registered
7378 787,3
7878
61995 M N 7o
Stamped
79
76
76
1955 J D 76
Cony gold 48
954
1960 J D 9514 Sale 91
Cony 48 issue of 1910
East Okla Div 1st g 48-1928 P4 S 921s 93 924 Jan .14)
8234 79 Juno 18
Rocky Mtn Div let 45-1965 J J
81
81 Jan '19
Trans Con Short L 1st 48.1958 J J 79
8612 8514 Dec '18
Cal-Aria let & ref 4345.A"1962 hi 43 85
13 Fe Pres & Ph 1st g 58-1942 M S 91 -__ 9944 July'17
811
8412
•11 Coast L 1st gold 4s__ _61952 M S 8334 85
87 87 Jan '1'
1964 J D 85
Gen unified 4345
Ala Mid let gu gold 543_1928 M N 9618 ____ 9813 Nov'18
78 Oct '18
Bruns & W 1st gu gold 48_1938 J J 8014 89
12978 Aug '15
Charles & Say let gold 70_1936 J J 11118
781
01952 NI N 7812 -Sale 7312
L & N coil gold 4e
103 Dec '18
Sav F & W let gold 5s____1934 A 0 10814
105 July'15
1934 A 0 951s
let gold 58
1925 J J 8812 89 8878
8914
nett & Ohio prior 3148
9012 Sept'17
61925 Q J --- 86
Registered
80
61948 A 0 7914 7978 7912
let 50-year gold 48
9234 Mar'17
81
61948 Q J*
Registered
7812
---7712 Sale 7712
1933
19-yr cony 434e
1 82
8112
82
Refund & gen 5e Series A..1995 :7- D
1922 J J ---- ---112 Jan '12
PRO; June 1st gold 6s
8312
8312
P June & M Div 1st g 334s 1925 M N 8318 86
77
76
77
PLE&W Vu Sys ref 4s 1941 Ni N 74
87 8614
8614
Soutlaw Div 1st gold 330_1925 J J 82
Cent 01110 R let o g 4348....1930 Ni S 8034 ---- 100 Apr '17
CI Lor & W con 1st g 5s...1933 A 0 £1534 ---- 9312 Aug '18
Monon River 1st gu g 58_1919 F A --- --- 10114 Nov'16
Ohio River RR 1st g 5C-1936 J D 96 ____ 9914 Oat '17
88 May.18
1937 A 0 8914 90
General gold Se
Pitts Clay & Tol 1st g 6e 1922 A 0 99--- 9914 VI tr I e
; 68 Jan .19
Tol & Cin tilv 1st ref 4s A 1959 J J 6412 661
994 June L'S
19'37 Ni S 9912 107
Buffalo It &P gen g 5s
1957 M N 9018 ---- 9912 Oat '17
Consol 43as
1998 A 0 71334 ......- 97 Nov'16
All & West 1st g 48 gu
Clear & Mali let go g 58..1943 J J 8614 ___ 10318 Feb '16
Roth& Pitts let gold 6s...1921 F A 10118 1017; 101 Nov'18
1922 J 0 10118
1097s SeptILS
Consol let g 68
954
9578 95
r?anada Sou cons qu A . _1962 A 0 81 -8112 8212 Nov'18
5e- 5s'38 J D
Car Clinch & Ohio let 30-yr
Central of Ga 1st gold 50-p1945 F A 100 102 100 Jan '19
9434
Como! gold 58
1945 NI N 9218 94 9134
D 7314 --- 7234 Nov'18
(Matt Div put money g 4s 1951
Mae & Nor Div 1st g 58_1945 J J 87 -4- 90 May'18
1947 J J 8734 -_ 9758 June 17
Mid Ga & All Div 50
9134
1946 J J 9134 ---- 9134
Mobile Div 1st g 56
--- 8358 Deo '18
Cent RR & B of Oa colt g 56_1937 M N
105
86-Sale 101
1987 J J 105
Cent of N J gen gold 5s
10612 190 Sept'18
61987 Q
Registered
3 J.1 9978 --- 100 Dee '18
ern Dock & Imp gu
---- 100 Apr 18
Leh & End Riv gen gu 5e '20 J
10012 Jan '13
N Y & Long Br gen g 48_1941 M S 851s
75
65
65
Cent Vermont let gu g 4s _ _61920 Q F 61
9318
9318
Mesa & 0 fund & impt Irse __1929 J J 9318 96
1939 M N 99
Sale 99
9914
1st consol gold 5e
9712 10112 Jan '17
Registered
1939 MN
High
99.18 Sale 99.09
Ferelln Government.
1919 FA 994
saner Foreign Seour 5s
Anglo-French 5-yr 58 Ester loan_ AO 9714
Argentine Internal 15s of 1909_ _ _ MS 90
Bordeaux (City of) 3-yr 68....1919 MN 10012
Chinese (flukuang Ry)5s of 1911 J D 2 71
Cuba-External debt 58 of 1904_ MS 92
Eater dl 59 of 1914 ear A 1949 FA 8934
1949 FA 82
External loan 434s.
Dominion of Canada g 59-1921 AO 93
AO 973s
-1925
do
Do
1931 AO 9758
do
Do
103%
french Repub 3343 secured loan.
Japanese Govt-£ loan 4149.1925 FA I 8612
t 865s
1925
Second series 4)4s..
Do do "German stamp"1931 -1Sterling loan 48
1919 M N 19012
Lyons (City of) 3-yr 6s
Marseilles (City of) 3-Yr 88-1919 M N 10012
Mexico-Exter lout Sc of 1899 Q J 66
1951 J 0 4713
Gold debt 45 of 1904
Paris (City of) 5-year 68-1921 A 0 9334
M S 82
rokyo Clty Se loan of 1912 _
K of 01 Brit az Ireland1919 M N 100
3-year 514% notes
192 MN 9314s
S year 534% notes
Convertible 51.4% notes.._1919 P A 100
20-year gold bond 534s -1937 P A 10318
.Thete are prizes on the basis of 35toe
cs. Dv,price Friday;latest this week
Range
Year
1918
a
eo
21
21
25
25
16
11
2
8734 9318
8778 99,4
8778 994
102 10314
9314 1034
93 1034
91
85
85 94
85
9314
85
9034
4 935s 103
9312 1034
76
85
99
99
1 9114 9812
974 Me
9114 9718
105 10812
10212 10112
10112 1074
10018 10114
7878 7878
20 41
71
51
85 79
794
7134
7312
-a 70
7112
8 82
9113
79
7458
79
-5
6434
90
8512
82
7312
8212
87
964
914
79
88
8512
77 -Eir4
74
8912
9538 9813
78
78
_
6914 8112
103 108
8 -El; -9234
17 7318 87
58 7534 88
49 7578 9214
1 -g61; 872
6 72
83
1 80 884
9313 -3/5.12
88
9918
5712
99
88
9918
68
997s
101 103
6613 10312
121 85 100
8212 84
9612 994
3 8.5
9458
7234 7234
90 90
-al; -al;
83 834
100 10812
100 104
9753 100
100 100
"ii- 6713
1 80 94
20 944 1013s
Price
Friday
Jan. 17.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan, 17.
Week's
Range or
Last Sale
Range
Year
1918
Bid
High No.I LowY
Ask tow
igs
Chesapeake & Ohio (Coa)6. 72
7912
80
86
General gold 434e
---!
863
4
Mar'17
Registered
1992 M S -7
8
-6
9
-18 8
8076
92
2
48 6512
81
20-year convertible 4338_10
1972"
F A
S 7912Rile 7912
864
99 75
87
9058
30-year cony secured 58_1946 A o
7612
_ 75 Nov'18
75
75
Big Sandy let
8234 8512 Nov'16
45
Coal River Ry489
let gu 4s-1194
41
3 D 74
Craig Valley let g Is__ _1940 J J -------- 9634 Feb '16
8134 Jan '13
Potts Creek Br let 4s
1946 J I
7218 90
7613 Nov'18
76
7612
R & A Div let con g 4s..._1939
6818 75
71 Oct '17
2d coasol gold 4s
5
70
31528;- 8812 Sept.16
Greenbrier Ely let gu g 4e..119
9819
0j
pA N
---- 92,4 11314 Feb '15
Warm Springs V let it 58_1941 m
52
52
-Er -Eila
Chic & Alton RR ref g 30_ _1919 A
3978 40
40
2 3514 474
Balhaty 1st lien 3348
1950 J j 39
Chicago Burlington & Quince991,t Jan.'19
974 9978
Deaver Div 46
1922 F A 99 101
7512 7758 7534
7534
a
7112 7913
j9 a j
19
91
18
Illinois Div 3548
85
86
851s
8812
8518
5 80
Illinois Div 48
9934
3 98
9934
Iowa Div oinking fund 55_1919 A 0 9934 Sale 9934
97
9934
1919 A ci 9878 -- 9812 Nov'18
Staking fund 48
Joint bonds. See Great North
13
9258
9314
9312
9334
927
7 51
Nebraska Extension 4e-192
M N
8978 9534
8818
91 Mar'18 _
91
91
Registered
8234 Sale 8214
8278 -56 78
89
General 45
1958 M
25
3018
25
Chic! & E III ref & imp 4e g-1955 J J 2412 3018 25
2312 30
22
22
30
22
U S Mtg & Tr Co etas of dep_
100,
8 102 100 Dec '18
98 101
let 0011301 gold 6e
7518 8412 72 Aug '18
72
72
General consol let 5s _
193
34
7 Ni N
7614
7618
764
08 Mtg & Tr Co etre of dep. _ _
70
7578
764 90
75 Nov'18
75
75
Guar Tr Co ctts of dep.....
50 --- 9734 Feb '13 Porch money let coal 5.3_1942
32 Mar17
Chic at Ind C Ity let 58_1936
2 Sale 60
0212 47 "Ei- -56'Chicago Great West let 4s._1959 Ni S -611103
101 Nov'18
Chic Ind dc Louisiv-Ref 60_11947
847 3
98 101
82
10012 Apr '17
Refunding gold 50
8412 Apr '17
Refunding 4s Series C....-1947 .1 J
_ 70 Nov'16
Ind & Loulsv let gu 45-1956 J J
9612 Jan '17
Cele
& Sou 50-yr 4s___ _1956 J J 7812
973a,Deo '16
ChtcLS&Eaotlet4)4e._..,1969j D Chicago Milwaukee & St Paul75
1 7058 824
Gen'l gold 48 Series A_ _ _61999 J J 75 Sale 75
924 Feb '16 -Registered
01989 Q J
2 7612 88'i
84
1925 J D -8212 8278 8312
Permanent 45
7313 100 6134 81
Gea & ref Ser A 4 4e.._a2014 A 0 7012 Sale 7012
8134 Jan '19
94
Gan ref cony Ser B 58
a2014 F A 80,4 81
74
69
66 Nov'18 -- 66
66
Gen.1 gold 354i Set B
e1989 J J 013
83
83, 1 7712 8918
8534 83
General 4 As Series C._ _61939 J J
72
73
73
7334 10 6672 81
25-year debenture 41
81 I 22 7114 89
:
1932
4 .31 D
Convertible 4345
3 7912 Sale 79
9758 9334 9758 Dec .18 ----1 97
Chi° & L Sup Div g 5s-__1921 J
975s
94
Chic dc alo Riv Div 5/3-1926 3 J --- 100 92 Oot '18 ----I 92
Chic & P W 1st g 5a
1921 J J 974 97is 93 Jan '19
9512 10018
72
73
7978-Dee 18 -- 7418 80
C MA Puget Sd let gu 18_1949 J
_ 9712 Aug '18 -- 9712 9912
Dubuque Div lot s f 68_1920 J J 9934
1014 Sept.17
Fargo & Sou lemma g 60_1924 J
99
98 Jan '18 -- "sir -fir
La Craw & D let 513
1919J J
WIN & Minn Div g 53
19213 J 9818 9834 9815 Jan '19 -- 95 100
993
4
_
99 Jan '19 --- 9718 977s
Wie Valley Div let 68..-1920 J .1
904 Dec '18 -- 85
Milw & Nor let ext 434s-1934 .1 D 8812 92
9012
Cons extended 4341_1931 J D 8714 90,4 9012 Dec '18 ---- 8114 9112
9118
_
925a Dec '18 -- 89
Chic & Nor West Es 48 1886-1926 V A
9258
95 Deo '18 ---- 8513 95
1886-1926 F A 90
Registered
70
80
72 Dec '18 ---- 674 75
General gold 334e
1987 Ni
71 Oct '18
p1987 Q F
Reglatered
71
71
8158 Dec '18
General 4s
1987 M N -8134 82
7978 88
8214 8178 Oct '18
Stamped 45
1987 Ni N
7934 8212
10012 Sale 10012 10078 14 9912 103
General Sc stamped--_ -1987 Ni N 104 May 18 -- 104 104
Sinklag fund Se.
1879-1929 A 0 100
Registered
1879-1929 A 0 ---- -- 10913 Apr •113 -944 July'18 ---- -al; -al;
Sinking fund 50
1879-1929 A 0 9712
9118 _
96 Nov'18
Registered
90
96
561; 98 Dec '18 -- 95
187C3-1
19
Debenture 58
929
1 A 0 98
98
_ 100 Jan '18 - 100 100
Registered
1921 A 0 *944
9612
100
98 Dec '18
Sinking fund deb 5s
193:3 M N
924 98
Registered......._____1933 P4 N 964 ___ 97 Nov'18 -- 9112 97
80
10112 Oct '16 --Des P1-aloes Val 1st gu 4348'47 M
Freno Elk & ato V let 68_1933 A 0 109 ____ 110 Dec '18
101 110"
88 Jan '17
Man Gila:NW 1st 330-1941 I J 60
Milw & S L let gu 3348_1941 J 1
......
4
10012 Aug '18 --- 98 i511;
MlliS& West ist g 6e..-1921 M 14 iF113Ext & imp e f gold 5s___1929 F A 9334
99 Jan '19 -- 93
98
Ashland Div 1st g 68_1925 M 8 10514- 11178 Dec '15
Much Div let gold 68_1924 J J 10412 17614 1024 Nfay'18
jai; fail;
8012 8178 78 Oct '18
Mil Spar & N W lit gu 48_1947 M
761s
73
94 102
St L Peo &
98,2 Nov'18
W ist gu 58_19413 J
92
9812
Chicago Rock tel & Ptie7512
78
777
16
s
7838
Railway general gold is __1938 J J
8414
72
19813 J J
Registered
8138
a34
7rlaa MaY7'18
145 7138
6
Refunding gold 45
1931 A 0 -;
6212 8014
-- 804 Aug '18
20-year debenture 5e
1932 J J
8018
66
7112 72
mil
7012
RI Ark & Louis let 4348_19:34 M
73
62
96 Jan '19
Burl C It & N let g 5s........1934 A 0 9178 98
9512 96
RIF&NW 1st gu 5e_ _1921 A 0 9714 984 9712 June'17
Choc Okla &0gen g 5e_gl91.9 J J 9578 ---- 97 May'i8
95 i5593 May'ig
Consol gold 5s.
1952 P4 N --- 92
93
93
71
05 Jan '19
Kook & Des Moines 1st 5e 1923 A 0 05
70
57
Sale 7012
71
7 59
St Paul & K C Sh L let 4348'41 F A 71
72
Chic St P
&0cons 6s
1930 J D 10712 112 112 Nov'18 -- 102 112
Coos Sc reduced to 3348_1930 J D 8314 ---- 88 Sept'18 -- 8112 88
8858 96
97 Jan 19 -- 8518 97
Debenture 58
1930 M
North Wisconein lot 64_1930 J J 104 ___- 118 Nov'16
100
100
St P & S City hit g 68_1919 A 0 100
-661i 1551-4
-8
-I 9
55
8 M
jualyy:1;
Superior Short L let Sc g_e1930 Ni S 44_0_12 -0
95
95
Chic T Li & So East let 5e_ _1960 J 0
58
58
;10412 10212 Dec '18
Chic & West Ind gen g 68....q1932 Q Ni 1007
10212 105
634 Sale 6338
6152
Como!50-year 4e...... 1952 J
6 62 70
CinH & D 2d gold 4341h...1937 J J 75 ---- 90 May'17
-_- 88 Moen
10 Find & Ft W let gu 48 g 1923 Ni N
79 Nov'18
Day OC Mich let cons 4 tis 1931 J J 84
79
73
7114
1 79
7114
Clev din Ch & St L gen 4s...1993 J D 70
7458
59
79
5 6514 8312
20-year deb 434s.
1931 J J 7813 80
79
78
86
864
Aug '18
General 58 Series 13
1993 J D
80
8914
7118 ---- 8378 Mar'17
Cairo Div 1st gold •le....._ 1939 J
674 --- 63 Oct '18
Cin W & M Div let g 414_1991 J
65
62
764 8034 76 Nov'18
St I. Div let coil It g 48_1990 Ni N
76
63
M S 7414 --- 7418 Jan '1
Spr & Col Div let if
W W Val DIv 1st g 4s_. 1910 J J 6814 ---- 84 Nov'16
_1920 M N 9913 10034 99 Sept'18
C St L & C comet!6
-99
"sir
90
k19:36 Q F 84
87 Dee '17
1st gold 4s
8813 Nlay'15
Registered__
___k1936 Q F
8 -561-2
Cin S & CI COM let if 58..1923 J J -ol7Jan '17
CCO&Igenconsges_1934 1 „I
Nov'18
155- 106
7212
07
16
1982118
Ind SAW let prof 48.-1910 A 0 172
-0 Ind & W lstpref5e_A1938Q J
56
2 40
Peoria & East 1st eons 43-1940 A 0 -Ed- -_-_-_-_ -Ed"
62
12
1778 12
12
9 12
Income 45_
1990 Apr
17
Cleve Short L let gu 434e_ _1951 A 0 90 -- 90 Dec '18
8312 90
8718
8914
8812
5 8'24 91
Colorado & Sou let g 4s____1929 f, A
89,4
79
17 613
Refund & Ext 454s
1935 M N 7818 Sale 7818
8234
9934
Ft W & Den let g 60
1921 J D 9912 102
3 96
9934
9934
Conn & Pam Rive Int g 18_1943 A 0 65 _-_94 Fel-4-'113
1952 J J __- 95
Cuba RR let 513-year 5s g
Del Lack & Western72
77
Morris & ERN lot gu 3348 2000 J
71 Oct '18 _- 71
751s
19213 J 101 -- 102 Dec '18,_
N Y Laok W let lis
100 10212
95341
1 95
1923 F A 9534 Sale 9534
Construction 5.1
98
Term & Improvt 48...._1923 M N 914 --- 92 Dec '18..,... 92
9334
Warren 1st ref gu g 3348_2000 F A ---10215 Feb '08 -_-
e
.... M...
a Due Jan. 4 Duo April. e Due May. g Due June. 6 Due July. k Due Aug. 0 Due Oct. V Due Nov. q Due Dec. s Option ale.
New York Bond Record-Continued-Page 2
JAN. 18 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 17.
253
53
Price
Week's
Range or
Friday
Last &de
Jan. 17.
--Ask Low
Bid
High
Range
Year
1918
BONDS
N Y. STOCK EXCHANGE
Week ea hug .1.1(1. 17,
'14 I
Range
Year
1918
----Low High
Rid
Ask Low
High Ng.; Low High
9338 10718 9813 Jan '19 ---- 96 103
Leh V Term Ety 1st gu g 53__1911 AG
Delaware & Hudson9512 ____ 9112 Nov'18
1922 J
9314 9112
Regletered
113 Mar'17
let lien equip g 4344
1941 AG
:3 79
8513
8112 8512 85
1913
88,
3
Lett Val RR 10yr coil 6i_n1928
N
10238 Sale 10214
let & ref 48
1025.8 96 9734 10314
11 8512 9818
95
95
1935 AG
Leh Val Coal Co let gu g 53_1913 i--5 99 101
20-year cony 5s
9934 Dec '18 ---- 9614 101
75)
1 71
7558
Registered
7712
Alb & Sus,' cony 3SO_ _ _19W * 0
1931
105 Oct '13
973
7914
5
10112 10338
311;-97
Let Int reduced to 43
1933 J
Reuss & Saratoga 1st 78_1921 MN 10
-'7--8
37 10338 Sept'18
Leh & N Y 1st guar g 4s
Denver & Rio Grande1915 M
79
70 July'18 ----. 70
70
12, (3012 77
Sale 70
71
70
193(1 J J
Registered.........
let cons g is
1945 M
1; 63
76
76
76
80
1938 ii 73
Long told let cons gold 58_51931 Q
Congo! gold 43;41
941 10018 -66- mi
-51-4 -56 -v-qi
____
90
80
Nov'18
70
90
Improvement gold Se-----lot consol gold Is
51931 Q
86%
_ 9914 June'16
52 Jan '19
518 53
4314 63
1955 P A
General gold is
let & refunding se
7634 81
1934
, J
81 Dec '14 _-__ 7113 81
82 ---- 8734 Nov'16
Ferry gold 4 14s_
Rio Or June let gu g 58.-1939 J
1922 M
8814 98
85 Sept'18 __-- 85
85
6114 Apr '11
J
1910 J
Gold is
Rio Or Sou let gold 4e
1932 J
9914 Oct '06 ___-'
77.2 39 July'17
1910 J J
Unified gold is
Guaranteed
7312 79
1919 M
78 Nov'18
78
-f
71
70
723
4
Jan
7112
'19
4s....1939
63
75
J
J
Debenture gold 53_1931 J
Rio (Jr West let gold
77
8018 81 Jan '19.....:97
97
6318 57 Jan '19
6112
50
20-year p el deb 5s_ _1937 M
Mtge & coil trust 48 A 1919 A0 52
77
78
7712 Jan '19 __-- 70
7812
82 Dec '16
D ____ 78
Del & Mack-lit lien g 4e 1995
Guar refunding gold is..,,1919 51
76% 80
76 Jan '19'-- '72 g 84
7512 July'16
1995 J D ____ 89
Registered
Gold 4,3
1949 111
_- 95 Jan '11 ____
-"ii - 3.37
Dot ItIv Tun Tor Tun 414s_ _1961 MN 8:314 -- 8414 Jan '19
NY B & NI 13 let can g 58_1935 A
94 ____ 91
2 94
91
91
9634
June'18
9714
58_1911
-J
gen
NYARB 1st gold 5s
Dui Missabe & Nor
9934 9712
1927 M
90
91 Dec '18 ___ 9212 94
93
911.j Dee '18
00 10034
Dul & Iron Range 1st 58__ _1937 AO 9118 100
Nor Six B let eon g gu 68_01932 Q
90
100 Aug' 16 --10512 Marl/3
19:37 1 0 . _
Louisiana & Ark lit g 55
Registered
1927 M
8734 9312 91 Dec '18 -- 8714 91
87
82
87 Mar'18
87
82
Louisville dc Nailav gen 6e_1930
Dul Sou Shore & At! g 5s_ _ A937
108,8 11212 103 Dec '18 -- 103 111
95
99 Nov'18
99
90
Elgin Joliet & Eset•Ist g 5s 1911 MN
Gold Ss
9718 105 110012
1937 el
10012
I 93 100
9 10011 Jan '19
- 1110
S
100 10112
Erie let consol gold 7s_ _1920
Untried gold is
8572 8612 858
1910 J
18 81
90
8613
7813 Oct '13
1917
N
7818
78
Registered..
N Y & Erie let eat g 4e
8312 88141 9613 Jan '17 __-1910 J
1919 MS
9618 June'18
9618 9618
2d ext gold Ss
Collateral trust gold 55_1931 M
100 10112 103
100
I 93
99
9
9(
8'
9:312 Jan '18
)
1923 51
71'18
1.4
9312 95
3d cot gold 414e
E It & Nash let g as.....1919 J
110018 Aug '18 __-- 10018 100%
1920 AO 9612 ____ 9912 July'17
L Cin & Lea gold 4 qe
4th eat gold 5s
1931 Ni
-.6/34 -951-21 87 Apr [8,.... 87
87
9134 Nov'15
1923 SD 824
5th ext gold 4s
NOAM 1st gold es_ _ _ 1930 J
10512 10712 10112 Dec
_--- 100 10112
NYLE&WIstgfd7s 1920 NI S 9812 101 100% July'18
i6612d gold es__ _ ......
2 ig67
93
__ 100 Jan '19 __
3
8
_
68
69
prior.
7012 Jan '19
Erie let cons g Is
19913 J
79
65
Paducah & Mern Div 4s _1916 F A
73
81
7912
7912' 1
81 Dee '16
1996 J
J
Registered
St Louis Div 1st gold 88..1921 el
10014 ____ 100 Oct 'IS ..-. 100 10112
5334 Sale 5334
5533 53 4912 6112
let consol gen lien g 4s_1996 • J
2d gold 38
5512 57
1980 51
5718 July'18'____ 5718 5314
73 June'16
1998 .1 .1
Registered
---- -ALI Knox ge CM Div 4s. 1955 111
7814 8:3
8:3 Deo '18 _--- 74
83
851g 86 Dee 18
78
Pena cull trust gold 48_1951 FA
7514 86
At! Knox & Nor let g Se_ _1916 J
9514
95 Nov'18 ..-. 95
95%
26 42
Sale 48
49
50-year cony 49 Ser A 1953 * 0 48
/lender Bdge lets f g 63._1931 M
58
101N 113 10312 Sept'18;.--- 102 13312
13 4212 59
Sale 48
1953 * 0 48
487
do Series B._
Kentucky Central gold 44.1947 J
8013 83 I 8018
8018'
1 73
78
Sale 51
5212 211 4812 62
1953 A 0 51
Gen cony 4s Serles D
Let & East Let 50-yr 55 gii 1985 A
921% 101 1 9312 Nov'13,--- 90
96
1 82
91
95
9513
9518
N
Ohio & Erie let gold 58-1982
96
Lee N&M&M lstg 41ii 1945 M
8812 914 83 Nov'18'.... 8318 88
8514 --- 10'3% Jan '17
Cloy AC Mahon Vail g 5e_1938 I .1
L & N-South NI Joint 40 _1962 J
72
76 ; 6714 Sept'18 ---- 6714 6512
Sale 101
101
Erie & Jersey let s(68_ _1955 I 1 101
98 jOi
Registered
95 Fen '05;51852 @
j 9812 101 101 Jan '19
Genesee River let s(11e_ _ .1957
96
98
N Fla & 1st gu 5s__ _1937 F A
9:02
95 Aug '141-- -9
-6- -66-34
Long 1)ock coniol g 63___ .1935 AO 108 ---- 103 Do '18
103 108
N & C Bdge gen gu g 4 10_1915 J
85 __
977 Mav'16'-Coal & RR let cur gu 63_1922 51 N 90 _-_-1103 Jan '18
103 103
Penile & All Lit gu g al__1921 F A 10133 Sale 10114
10138' ii 16114
Dock & Erupt let vat 5i....1913 J
8712 ----1 10212 July'17
SAN Ala cone gu g 5s_ _ _1933 F A
95 106 ; 99 Apr '18'- __ 99
99
8618 ____ 85 Jan 18
85 -iE
N Y A Green L go g 5s_ _ _1916
N
Gen eons gu 50-year 53.1961 A
91 10214 9312 Jan '18 ----, 9312 9312
7814 80
80 Dec '18
81
74
N Y StIsi A W let ref 5s 1937
L & Jeff Bdge Co gu g 4.s_1915 Id
.1
683 .___ 60 July 18 -68
60
2d gold 414s_
- _ 10014 Dee '06
1937 FA
Manila RR--Sou linos 45_ _1936 el
52
60 June'18
60
61
General gold 5s
Mex Internet lot eoes g 48_1977 NI
1910 Ef
77 Marl() ---07
Terminal let gold Se_....1943
97
9612 ---- 97 Dee '18
Stamped guaranteed
N
1977 NI
75 Nov'10 ----;
Mid of NJ let eat 58
Midland Term-Isle t g 5e 1925 J
1910 * 0 9214 ___ 103 Jan '17
9112 June'17 --1
7212 72 Jan '19
Wilk & East lit CU g 58_1942
-62- -67 D
Minn St Louis 1st 7s -- 1427
10112
101 July'lS ----! 101 i6i2312 Jan '17
Er & Ind let cons gu e 68-1926
Pacific Eat let gold 6s__ ._1921
J
69 10:3 Oct '16
98 Jan '19
93
90
Evansv & T II let cons 6s._1921 J
97
97
let coasol gold Se
1)34 M
7814 8312 7812 Nov'18 --,1
4
-i63let general gold 5s
1942 * 0 6514 ___ 8518 Jene'17
-15
let & refunding gold 48_ _1919 I'd
5312
43
4718
4718
1 41
_
108 Nov'11
Mt Vernon let gold 60_11)23 40
Ref dr oat 50-yr Ss Ser A..19402 Q
49
5013 Dec '18 ----I 40
50
5014
95 June'12
Sun Co Branch let g 51._1930 * 0
Des NI & Ft D let go 4e_ _19:35 1
60 Feb '15
s:t 83 85 Jan '19
Florida E Coast let 4 Wi
1959
D
81
83
Iowa Central 1st gold 55_ 1938 J
79
82,3 80 Dee '18 --- 75-13 8313
92 Aug '10
Fort St El D (Jo lit g 414s._1911 • J
Refunding gold 4s___ _1951 hl 8 41
4518 4312 Jan '19 _--I 401z 52
5612 Oct '17
Ft Worth & Rio (Cr let g 48_1923 J J -1-761
N/StPASSMcong4sintgu_1934 J
8714 873 887 Jan '19 _-_- 80
90
80
80 Dec '18
Galv Hous & Hen let 5s......1933 * 0 75
-gO- -go-lit cons 5s
98 ___ 102 Nov'18 ----! 9412 102
1938
9512 Sale 9532
Great Nor C B & Q coil 4s 1921 J
J
9912
1st Chic Terms 1 4s
9534 227 92
83
1941 5.1
92 Jan '17
9114 Nov'18
51921 Q J
Registered
9134 9414
M SS
& A let g 4s intgu_'26
9112 66
9153 Dec '18 -1714:;
5 9413
2 85
8814 86
let & ref 4 Sis Series A _1961 • J
86
8638
Mississippi Central lit 5e__ _1949
921
---- 90
95 Dee '16
Registered
1961 J
96 June'16
J
Missouri Kansas & Texas41
93
90
8912 Apr '18
1933 J
St Paul NI & Man te
89l
1st gold is
90
6512 Sale 6512
1990
67
6018 73
lot consol g 6s
_- Ill Nov'18
1933 J
J 111
106 111
25 gold is
3012 3912 301: Dec '18
g1990
37
28
Registered
1933 J
107 -___ 118 Apr '17
let ext gold 58
30
1944 Ni
32 Sept'18
35
32
32
Reduced to gold 4144_1933 S i 91 100
95 Jan '19
9114 95
let & refunding As
42
2001 NI
4334 44 Nov'18
48
40
Registered
99 10212 May'1.6
1933 Si 91
Trust Co cents of Sep.....
4212 4712 41 Dec '18 _---' 41
42
Mont ext. let gold 4s__ .1937 J
8712 88
90
Dec'18
gi1-2 -66Gen sinking fund 4 %e...19341
26
3213 3213 Dec '18 -- 2514 31
Registered
1937 J I) 8553 ---- 9512 Mar'16
St Louts Div let ref a 45_ _2001 A
---- 30
40 Nov'16
---Pacific ext. guar 48 £
8512 Nov'15
1940 Si 7634
5% secured notes "ext".'16
---- 3712
-- ---- ---E Minn Nor Div let g 48_191S 40 83 ---- 80 Nov'18
80
Dail & Waco let cog 59..1910 Ni
80
6912 Apr' 17, _.
Minn Union 1st g as
1922 J J 192 ____ 10014 May'18
Kan City & Pac let g 45..1990
10014 10014
60 Oct '18 -- -E6- 60
Mont C let gu g lie
Mo K & S let RU g 5s_ _1912
J 11034 __ 103 Nov'18
1937 J
10458 108
3814 62 - 50 Jan '19 _
6053
36
Registered
1937 S i 10812 ___ 13614 May'06
NI K & Okla let guar 51..1912
70
7112 7318 Nov'IS
60
7313
let guar gold 54
9912
19:17 S i 9912
M K & Tot T let gu g 53_1942 rvf
9912
02-13 -6E
51
55
55 Nov'13 - 49
58
Will & S F let gold 53_1938 J I) 9612 ____ 10934 Aug '16
Sher Sh & iSo let gu g 5s 1912
-51
65
Dee'16
Green Bay & W deb ctfe "A"_-_- Feb ....... 7914 69N Dee '16
Texas & Okla let go g 55..1943 NI
-3014 40
3013 Nov'18 -- 30 -40712 8
81*
Debenture etre "B"
Feb
Missouri Pacific (reorg Co)8%
•7
9,8
Gulf & S I let ref & t g 5s__51952 J
J 80
82
8212 Jan '19
1st
83
& refunding 5s Ser A 1965
75
875 88
8778
87781
L 79
89%
8:3 Jan '19
Hocking Val let cons g 4158 1999 S i 79
83
74
1st & refunding 58 Set Re.1923
86
9112 9414 9313 Jan '19
89% 96
_ 7312 June'18
Registered
1999
7313 7312
1st A refunding 5e Ser C 1926
9158 Sale 9158
92 ; 19 8514 94
Col A II V 1st ext g 43
7613
---0
7312
Oct '18
General 48
7312 7812
1918
61
1975 51
Sale 6012,
6231 149 6513 6714
Col & Tol let est
7613 --- 75 Feb '18
._1955
A
6712 75
Missouri Pac let Coal g 65_1920 NI
9934
9334 9934 993
9 98 100
Houston Belt & Term let 5s_1937
83
89
85 Dee '13
40-year gold loan 4s_ ._1915 51
85
85
53 Oct '18' _ ---1 68
58
Illinois Central let gold he. 195l
91 ____ 9112 Dec 'IS
3d Ts extended at 4%
87
95
1938 NI
82 Apr
Registered
1951
69
93
92 Sept'17
Ebony St LA S 181 58 go_1951
_a._ _gi,,8 100 Feb '13'.....1
let gold 34s
1951
7312 90
7534 Oct '18 - -fg3Cent Br U P let g is
4 77
1918
9712 Dec '13 _-...
Registered
1951
71
81 Nov'15
81
Pao Rot Mo lot ext g 48._1933
82
86
8412 Dec 'IS _-1 7812 84'
Extended let gold 3 y43_1951
0 7312 ---- 80 June'17
24 extended gold 5s
103,
1
85 ___10034 Apr '18 ____1
Registered
0 71 --_St L Er NI & S gen con g 55_1931
13 981Jan '19
2
9618
96
9012 98
let gold 38 sterling
1951
-g6Gen con stamp gu g 58..1931 A
102 July'll'_--Registered
1931
Unified & ref gold is.._1929
81
82
82
7212 83
7734
Collateral trust gold 4s
1952
9013 -fg - Jan '19
gg
Registered
1929
80% Oct'
8211;j....-.
9 _-_- -- Registered
0 7518 ____ 953 Sept'12
1952
Rlv G Div let g
75
77
77
77 1
7 6612 7813
let refunding 4s
83
1955
8338
82
8212
VI
Verdi
& W lit g Ss ..1926
gi
5 -7713 78838
78 Sept'15
Purchased lines 3 Sis
1952
6918 72
71 May'18
Mob & Ohio new gold tis. _1927 .1
105
10514 Jan '19
L N 0 & Texas gold 4s
1953
7753
77
775
80
2 7118
79
1st ext gold 6s
82
1'
9518 --_- 95 Ntty'181 _ _ ... ' 179
51927
11-2
1 19
--92
51;
Registered
1953
7418 84
72 Feb '13
General gold 41.
72
72
70
1938 Ni
80
71 Nov'18 __- 65
71
Cairo Bridge gold 4s_ _1950
791 i ---- 78 Nov'18 ---- 78
Montgomery Div let g 5(3_1917
78
85 ___ 93 July'17 --- -Litchfield Div let gold 34_1951
6013 ---- 79 Feb '14
St Louts Div 5s.
1927
84
87
90 Aug 17 ....... _ ;78
.._
. ...
__ .
ii
,
312 ANu7:12
Louisv Div & Term g 311s 1953
73
7118 7612 8
St L & Cairo guar g 4e_ _1931
7713 83
6113 f
78 Oct '13
Regletered
1953
-- -Nanhv Chatt & St L 1st 5s._1928 A
99 100 100
100
1 9512 101
Middle Div reg 59
97 -- 102 June'16
A
1921
Jasper Branch lot g 6s _1923
-10014 10414 11014 Mar'17
Omaha Div let gold 3s-1951
A
5933 ---- 5814 Sept'18
Nat Rye of Met pr Ilen 4 14e_1957
5814 5814
3033 __ -- 35 Dec '18 -__:-_ -:(EI - -i3- St Louis Div & Term g 30_1951
65
6912 62 Oct '18
62
Guaranteed general 4s
62
1977 A
--_- 38
35 Aug '16 ___Gold 34s
1951
7038 831.1 6518 Oct '18
Nat of Mex prior lien 4 4.4._1928
63
6534
30 --- 96% Feb '13
Registered
1951
6458
80 June'16
let comet 4s
_
1951 A
21 _-__ 21 Aug '18 .-__
_--- 21- -ii.Spring( Div lot g
65
8112 8033 Nov'16
Now Orleans Term lit 41_1953
67
69
69 Dec '13 _-_-1 60
70
Western lines let g 4s
A
1951
7714 ---- 8012 Dec '18
N 0 Tex A Mexico 1st 61
-i6- 8012
9612 97
1925
97
Registered_
1951
A
_ 92 Nov'll)
Non-curn Income 5e A
1935 A
5812 59
56
9
58
7's 47
9 9
40
2
9
574
2
Bellov & Car 1st 6s
1923
11712 \('El)
New York Central RRCarb & Shaw lot gold 4s 1932
7212 ____ 90 Jan '17
Cony deb 61
1535 M
Sale 6838
9513
99
10312
296
9112
Chia St L & NO gold 53 1951
9718 ____ 9934 Jan 'Ill
Comet is Series A
94% 98
1993
7614 7714 761 Jan '19
8212
69
1951
Registered
90 Oct '18
lid A imp 442 "A"
90
90
2013 A
82
7, 77
8214 8214
8214
8753
6.51Gold 34s.
1951
4 ___ 6512 Jely'18
New York Cent A Find R.iv6512 6512
itegititered
1951
Mortgage 3
-I997 J
7112 Sale 7114
76
7234 25 69
Joint let ref Se Series A.1963
937 95
9418
9113
6 8518 96
Registered
1997 J
661 Aug '13
- 6658 7114
Memph Div let g Is.. 1951
7112
7013 Oct '18
Debenture gold 4s
7018 70%
1934 51
85
8512 85
86
9 7434 8912
Registered
_1951
R.egletered
1934 M
35 No v'17
-- -78
79 Nov'18
79
79
St Lenti ‘10.1 let go g 4s...1931
7912 --- 89 Feb '18
Lake Shore coil g 3 4s..._..1998 F
80
80
63113 69
6314 Dec 'IS
7134
61
Ind III & Iowa let g 48
82
85
1950
89 Aor '17
Registered
1998 F
67 Jan '19
61
6612
Int, A Great Nor let g 6s___ _1919
9512 9678 9.512 Dec '18
Mich Cent colt gold 3140..1998 F
90
96
67
70 Jan '19 ---- 6212 6913
James Frank & Clear let 4s..1959
82
90
8213 juee'17
Registered
199e F
- ---6612 75 Mar'17
Kanem City Sou let gold Se 1950
6212 65
6212
Battle Cr & Stur let gu 35.1989 J
9218
58
65
•53__
Regletered
0
1950
78 Oct '09
Beech Creek let go g 46_1939 J
8553 _--- 864 Dec '18 ---- 8614 86 4
Ref & Inlet 53
817
85
1
8112
Apr 1950
22 -733Registered
85
1933 J
4 -611 2
-- 9534 Nov'18
Kansas City Term let 4s___ (9110
1 7118 8312
78
81) 8018 Jan '19
24 guar gold 53
1936 J
8713 ___- 101 May'16
---Lake Erie & West let g 5s__1937
86
8914 893
Registered
92
1916 J
78
891t
---25 gold 51
1911
8052 Fob '17
85
Beech Cr Eat let g 3145.81951 A
North Ohio let guar g5 s_ _1915
85
8038 Oct '18
Cart
A
Ad
let
go
g
is....
J
1931
-3
.
611-3
75 ---N.;;'-1(-1
Leh Val N Y let gu g 4y44...1910
92
95
87
Gouv A Oswe 181 gu g 58_1912 J
92
10 8418 9434
913 -Registered
1910
89 Oct '17
Moh & M41 lot go g 43. _1991 NI
8418 93
7312 ---- -firs Oct '18
7912
72
Lehigh Val (Pa) cons g 48_2003
8012 St
81)12 Jan '19
N
I
Juno
R guar let 4s
19,
7418 81%
36 F
81312 -- 8913 Feb '16
General cons 4144
2003
86% 90
92 Dec '18
N Y & Harlem g 31411
2000 M
92
751 _-_- 80 May'17
Y A Northern lot a 51,1423 A
98 ---- 9513 June'18
9534 9368
•No price Friday; latest bid and asked this week. a Duo Jan. 5 Duo Feb. g Duo June. 5 Due July. n Due Sept.
o Due Oct. s Option sale.
4t
Price
Friday
Jan. 17,
__--•
.---
----
--1-
----
----
Week's
Range or
Last Sale
-4
254
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 17.
New York Bond Record-Continued-Page 3
Price
Friday
Jan. 17.
Week's
Range or
Last Sale
Range
Year
1918
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 17.
t
Price
Friday
Jan. 17.
woL. 108.
Week's
Range or
Last Sale
•1
Range
High No. Low High
Ask Low
Bid
P C C & St L (Con.)High No. Low MO
Ask Low
Bid
N Y Cent & IT R RR (Con.)91 Sept'18 -- 91
81
Series F guar 48 gold...i953 J D 8818 93
7218 7734
N Y& Pu 1st cons gu g 48_1993 A 0 7814 - - - _ 7734 Dec '18
92
Nov'18
8818
N
8918
8878 92
M
1957
Series a 4s guar
Pine Creek reg guar 6s_1932 J D 10318 ____ 113 May'15
Series I cons gu 43.4s_1963 F A 9058 --__ 95 Nov'18
9514 9812
R W &0 con lit ext 5e_h1922 A 0 99 ---- 9813 Dec '18
678 10
93
9
°0
512.
C St L & P 1st cons g 55 1932 A 0 101 10434 9812 Oct '18
6714 83
Rutland 1st con g 4%s___1941 J .1 75 --- 83 Nov'18
- - 100 June'17
---Peoria & Pekin Un let 68 g1921 Q F
2 60 63
6118
Og&LChamlstgu4sg_1948 J J 6118 -_ 6118
87 Mar'16 ---- - - - - --N
M
51921
gold
2d
414s
'7()
'18
'70
Jan
70
---67
J
.1
Rut-Canada 1st gu g 48-1949
8518 9714 87
8713
Pere Marquette 1st Ser A 5s-1956 -- --- - St Lawr & Adir let g 58__1998 J J 8258 ____ 101 Nov'16
7211 1°
6 6
7134 Sale 7158
72
912 7
93
912
1956
1st Series B 45
103 Nov'16
1996 A 0 88
2d gold 6s
40
44
49
Dee
50
'18 _-__ 40
1
.1
37
9
1
148
30-yr
lot
Ry
Philippine
'18
04
Apr
94
92
-___
8
945
Utica & Bik MY gu g 4s 1922 J J
99
1940 A 0 96 - _ _ 99 Jan '18 --__ 99
Pitts Sh & L E 1st g 5s
76
73
3 70
73
73
1997 J D 72
Lake Shore gold 3%s
1943 J J 94 ____ 9714 Dec '17
1st eonsol gold 53
7318
71
7512 7338 Nov'18
1997 J D 73
Registered
861, 29 -80-3-4 -61:12
1997 J J 8512 8611 8512
9 82
9214
Reading Co gen gold 4s
8912
19281 M S 8914 90 8812
Debenture gold 4s
81,2 8112
1997 .1 J 8218 8912 8112 June'18
Registered
8812 14 8134 9218
1931 M N 881 Sale 8812
25-year gold 4s
4 Dec '18 ---- 8114 88
863
88
---_
__
____
Central
Jersey
colt
0
Nov'17
A
g
48-1951
7
----838
---19311M N
Registered
1951 J J
Atlantic City guar 45 g
__ ___
Ka A & a R 1st gu a 5s.._1938J J 92 ---_
717 Dec '18 ---- 63 -His
St Jos & Green 181 1st g 48 1947 J J ---- 64
____
1934 J J 9434 ___ _ 'foil; Dee-i&--,1ation Cl R-R 1st 58
‘
--_
-- - -- - St Louis St San Fran (reorg Co)Pttts & L Erie 2d g 5s_ __a1928 A 0 102 --__ 103 May'17 ____ --6234 65 5513 6712
Sale 62
1950 J J 62
Prior lien Ser A 45
Pitts MoK & Y 1st gu 6s_ _1932 J J 10512 ___ 13018 Jan '09 -_ ___ ___ _
258
8238
76
78
2 6
,
Sale 78
188 2
787
6
Prior lien Ser B 5s
12314 Mar•12
1934 J J 10214 2d guaranteed 6s
6712 67
A 11 66
55 .1
1950
Cum adjust Ser A 68-..h1
1931 al 8 9512 -__ 9913 Aug '17
Michigan Central 55
4378 Sale 4378
45
33 43 65
51960 Oct
Income Series A Os
-iii" "ii1;
Registered
1931 Q M 91 --- 9812 Nov'18
St Louis & San Fran gen 65_1931 J J 103 __ 10058 Sept'18 ___ 10012 10114
1910 J J 8118 ____ 82 Jan '19 ____ '74 '75
ss
7 m
90
9612 99 0
oy:1
Na
7 -- 91
18
9'712
General gold 5s
-- 87 Feb '14
1940 ..1 J
Registered
78 May'16
J
J j
1 .j
936
St L & S F RR cons g 4s 199
J L St S 1st gold 3%s_ __1951 M S - - - - -- - - 90 June'08 __-0
A
1947
8
2
'
8
1st
Southw
July
Div
s
7
56
2
g
79
17
:
i
i
-___
-34
:
.
2
.
i
:
i
7434
N
M
1952
gold
1st
3%s
0, ..9038 10314
10234
K C Ft & M cons g 63_1928 M N 10238 103 10212
8312
1929 A 0 81
20-year debenture 4s
77
7512 20 62
K C Ft S & M Ry ref g 461936 A 0 7478 Sale 7478
.82
1! 75t2 8712
Sale 82
N Y Chic & St L 1st g 4s....1937 A 0 82
8714
8518
Aug
'18
0
A
5+3_1929
gu
____
85
1st
____
Nov'17
KC&MR&B
77
0
A
1937
Registered
73
7234 74
73
72
St L S W 1st g 48 bond ctfs_1989 M N
14 -tif - -741-2
73
1931 M N 7214 75
Debenture 4s
75's
2 57
178
:
357
080
2d g 4s income bond etfs_p1989 J J ---- 5718 5714 Jan '19 --- 5
2361 J J 80 8112 8112 Jan '19 ____ 7112 8258
West Shore 1st 4s guar
5812 6178 6478 Dec '18 __-_ 57
70
75
1 '70
Consol gold 48
8()
2361 J J
Registered
3 52
65
5878
70
19
2 10
D 587s Sale 5878
9718
JJ
512 Jan '17 -__ - -.
32 j
95
79
lot terminal & unifying 58_1
--N Y C Lines eq tr 58_1919-22 M t4 -6.9 9
9812 Jan '14 ____
Gray's Pt Ter lot gu g 59_1947 J D
Equip trust 4 iii--1919-1925 J J .. _ __ 102
6612 Jan '19 __
6612 67
54's 6814
S A & A Pass 1st gu g 4s
8381
5 Dec '18:::: -"His -6685 9
1943
N Y Connect Ist gu 454s A 1953 F A 82
72
72
72
1 87
7578
1950 A 0
Seaboard Air Line g 4s
N Y N H & Hartford134
74
71(3 5
1 6814 7514
31 S
1:
72
5
74
8
617
0
A
60
1950
stamped
43
60
Oct
60
Gold
..
'18
8
M
1947
Non-cony deben 411
61
49
5212
35
A
F
1949
o
55
Adjustment 58
1947 M 5 51 -___ 55 Sept'18 --__ 55
Non-cony deben 3%8
59
5813
69
11 5113 66
1959 A 0 58
Refunding 4s
6 4 Nov'18 ___ 50 62
563
4 5
18
87
Non-cony deben 33.48_1954 A 0 -_-_-_-_ 58
74 Nov'18 __ 73
75
3 52
83
Atl Birm 30-yr let g 48_61933 M 8 7438 76
1955 J J
Non-cony deben 48
77
59
61
Caro Cent 1st con g 4s_1949 J J 7212-_ 76 Oct '18 ____ '75
1 45
5912 59
1958 M N 58
Non-cony deben 48
96
J
J
68_1923
ext
1st
Pen
4
&
503
503
Cent
60
Fla
4
5118
1
5212
6012
J
J
1956
Cony debenture 3%8
93
'15
Dec
--__
---J
J
581930
g
ext
t
5s
let
d
2
grant_
land
95
Sale
82
1948 J J
Cony debenture 65
95
95 Nov'18
9212 6E1943 J J
50
Consol
518 0018'817
8518---- °
Cons fly non-cony 4s__1930 F A --Ga & Ala fly 1st con 58..01945 J J 95 ___ 9012 June'18 ____ 9012 9013
:---- ----- 9112 Jan '12 :::
Non-cony debon 4s _ 1954 J J ---_
9318
June'18 ___ 94 94
60
J
J
Ga Car & No 1st gu g 55..1929
July'18..
-J 1955 J J -.. 60
Non-cony deben 4s_
9114 June'18 __ 9114 9114
Seaboard & Roan let 58_1928 J J 9478 97
1955 A 0 ------------------------------on-cony deben 48
Southern Pacific Co.....:-...
1956 1 J
Non-cony deben 4s
82
-4-1,-1 :::
:-514 Dec 1.173
Gold 4s (Cent Pac coll)__k1949 J D 7714 7812 80 Dec '18 ____ 70
Harlem 11-Pt Ches let 48_1954 M N -7
90 Feb '14
-9J
,
„4
gl92
lci
s
NI D
791s Dec '17 ..-- .76- -i-ii
Registered
B& N Y Alr Line lot 4s 1955 F A 69 --8414
8418
Sale
8478
88
201
7513
6212
48
Jan
213
cony
'19
id2
-year
621
"IN____
Cent New Nag lot gu 48 1961 J J 5514
2 10358 351 8618 10914
2112
072
1934 J D 1.80_272. SaleSa1e 188
20-year cony Si
Hartford St fly lot 4s__1930 M S -88
'75
:
.
:
. :_7.1
L
.
Cent Pao 1st rot gu g 48..1949 F A
;-..:.--:-. i.6012 371-a-y-'1.-5
Housatonic R cons g 5s- _1937 M N -911
A
F
1949
Registered
1954 M N 95 --_- 87 July'14 ___ ---- ---Naugatuck RR lot 4s
86
Ne v8t:
S
534 Dec
514 86 _ 7
76
3it
1.- -1
16
.
.2118
9 Mort guar gold 354e_k1929 J D 8
1942 A 0 8012 -..-- 83 Aug '13
N Y Prov St Boston 4s
5214 16 "ig" -68-1;
Through St L 1st gu 48_1951 A 0
.3 5214 sale 52
NYW'ehes&B1atserI4%81946
---- ------ -- ---GH&SAM&P lat 58_1931 M N 9114 I.5f 100 Oct '18
Boston Terminal 1st 4o...,A939 A 0
--- 97
9634 Jan '18
-1/634
1931 J J
32d eaten 58 guar
Ni-w Engii nd cons 5s__1945 J J -‘71I1:t -it-.
102
95 Nov'18 ____ 95
95
756
8 -f
7.
Gila V 0& N 1st gu g 6s 1924 M N ---__--_--_:. ::::::::
1945 J J _7_1__ -ii
Consol 48
1933 M N 915; 99.8 8513 July'188512 8512
Apr '18
HousE&WT1stg 5s
Providence Scour deb 4s 1957 M N
1933M N 91 ____ 100 Oct '16
1st guar 5s red
---- ---Prey & Springfield lot 58_1922 J J ---- ---- 997s Deo '13
97 Jan '19 ::::96 96
1937 J .1 9358 98
H & T C 1st g 58 Int gu
Providence Term 1st 48_ _ _1956 M 8 6912 --__ 8838 Feb '14 ____ ____ ____
97
93 Nov'18 ___ 8'7
93
A921 A 0
Gen gold 4s lot
7158 1943 J J
W & Con East 1st 4%s
94 10013 10912 Nov'15
N
M
'30
6s
g
ist
guar_div
w
N
&
Waco
-gir2
---i
"
O
i
...
-i6i611
7
9
e
M
N Y 0& W ref 1st g 413___g1992
93 93
A &NW 1st gug 5s
Registered 55,000 only_g1992 M 13 --------92l2 June'12 _-_5
-9
90
10
314 O
Ne°
7 ---18
'
tv'
J
1 J j
60 Apr '18 ____ -60" 60
921j
94
Louisiana West 1st 68_ - _1
1955 J D 5218 65
General 4s
102 100 Apr •18
100 100
Morgan's La dt T let 68_1920 J J
6912
8 60 6914
Norfolk Sou 1st ,Se ref A 58_1961 F A 6812 Sale 6812
9314 ____ 1021s Oct '18
No of Cal guar g 58
1941 M N 88 - _
loll & Sou lot gold 58
Sale 96
96
3 -933; -661;
A 0 06
7 J.1
28
96
Fri 1M's tec
Ore &
le4 _72 1C4
1st guar g 58 19
2 IP
1931 al A 10914 1_____1:
Nod di West gen gold 6s
122 Nov'16
So Pac of Cal-Go g Ea__ _1937 M N 9618 ____ 10712 Sept'16
___ --Improvement St ext g 8s .1934 F A 106
9058 ___ 93 Jan '19
-So Pac Coast 1st gu 48 g.-1937 J J
New River let gold 6s932 A 0 10714 ____ 1071s Dec '18 __- 105 - 1071i
7834 15 -7114 -811;
3
85
Ran Fran Terml lot 48_1950 A 0 7834 Sale 7834
N & W fly lot cons g 4s 1996 A 0 8'212 85 9
80
8
Nov'16
897
94
J
J
1943
s
'
89
58
1
6
8
1
N
1
5
79
gold
:
8
&
o
e
7
:
__
con
D
Tex
__
.
.
0
8514
1996 A 0
Registered
8312
-7558 i1171
1955 J J 8234 Sale 8212
Dec
So Pac RR let ref 45
-ff- -g514
Div'l lot lien & gen g 48.1944 J J
514
97
734 85, 8678 100
90
6
egi-lot cons g 5s..,,.19943 J 9512 Sale 6
Rern
South
1237.3 May'17 ____ ---_ --1932 J D "•
10-25 year cony 4s
10014 Aug '16 - -I
-4-i--1
--li:4
--8
:
11714
May'17
1932 M S
10-20-year cony 4s
3
7
6
S
ale
59
73
j
A O
4j
°6
95
19
Develop & gen 4s Ser A
10-25-year cone 4548_1938 M 5 101 :-__: 10412 Dec '18 ____ 10312 1012
65 80
Mob & Obi° coil tr g 48.__1938 M S 7014 7478 75 Dee '18
10753 98 10614 10812
10678 late 10678
10-year cony 6s (w l) _1929
87
92
1096 J J 93 _-__ 92 July'18
8418
8418
Mein Div let g 4348-5s
3 76
8634
- - -6 8418 86
1941 j
Pocah C & C joint 48
7412 20
1951 J .1 7358 7412 7358
St Louts div 1st g 48
C C & T let guar gold 58_1922 J J 9714 ____ 103 Sept'16
3
74
3 9
4718
°7
81
Ala Ot Sou 1st cons A 59 1943 J D 87 -_ 93 Jan '19 _-__ 8
81
81
5 -5- "ii584310 V & N E let go g 4s_ _1989 M 14 80
8412 Oct '18 _ _ 8212 8412
Atl & Mimi A L lot A 4%51944 J .1 8218
Northern Pacific prior lien
0613 9734 9612
97
91
9612
6
.1
J
_1944
_
B.
Ser
15t
7,4
85:2
18
30
6
79
,
8
Is
8512
Oct
29
90
-year
85
J
Q
48_1997
g
railway & land grant
_ 70 Oct '18
70
7014
1048 J J 65
Atl & Daily lst g 48
1097 Q J
Registered
8112 Mar'16
1948J J
6012
2d 4e
6034 21 5
76%
4 8
60
414
a2047 Q F -JOa012
General lien gold 3s
75
Feb
'17
..-0
A
48_1949
&
Atl
Yad
auar
g
lot
58
58
Oct
'18
____
58
8
817
66
F
a2047 Q
Registered
66'90
1930 J J 945s 9918 98 Mar'18
90
90
E T Va & Oa Div g 58
5 8278 91
2047J J 89
Ref& Imp 4%s tier A •
9518 100 9518 Jan '19 ____ 9114 9713
Cons lot gold 58
74 Aug '18 ___- 74
75
86
8t Paul-Duluth Div g 481996 J D. 76
92
99
9218
Noy'18'....„
86
921s
9
938
1
S
M
E
M
M
5s
reorg
g
5°
102
lien
Tenn
Jan
'19
107
___
10058 10378
St P & N P gen gold 68_1923 F A 1 10214
64
52 Dec '181._ al
63
1946 A 0 52
4 Sept'17 _-__ --__ ---_
Oa Midland let Is
Registered certificates__1923 Q A 10118 --__ 1033
1
1922 J J 10012 ____ 101 Deo '18 __ 100 101
Ga Pao Ity 1st g 6s
9812
1
St Paul & Duluth 1st 58_1931 F F 9812 Sale 98 2
10058
Oct
____
100
9814
'18
10114
____
J
J
88-1925
Knoxv &.Ohio let g
8 -iii1968 J D 7618 ..„._ 78 Dec '18 _-___ f65lot consol gold 4s
9112 Oct '181____ 9112 9112
3812 Dec '16..:3
Mob & Dir prior lien g 58_1945 J J 8958 95
- i.6.64
- icw38
1948 Q M 6812 86
Wash Cent lin; gold 4s
•
65
7212 08 Jan '181 _ 68 68
Mortgage gold 48
Nor Pao Term Co 15t g 68 1933 J J 10712 ---_ 1071 Nov'18
3 J
5
9:
sitenot:18
95
2
95
j _9_22: 1_0_2_ _ 7
A O
7j
45
92
Rich & Dan deb 5s stmpd_ 119
7978
6 6514 8012
798 79 2
Oregon-Wash let & ref 48-1961 J J 78
818 Jan
80
F b ;1
Rich & Meek lot gu 48_1948 M N
9 ______ 82
17
90
85 - _ 10
Pacific Coast Co let g 5s1046 J D __
r
e
)
e
i
A
D
4
3
8
1
:1
.
1
1
:
3
;
8
0
9
9
0
.567
8
9_9_1_
_
-__
_
1019M
N
5i7-1
8
58
g
let
So
Ga
&
Car
98
Paducah & Ills lot of 4348-1955 J i
Virginia Mid Ser D 4-5e 1921 M S 9718 ___- 10213 June'll
_
-941-4 -i,g1-4
Pennsylvania RR lot g 46_1923 M N 9518- 195,4 Nov'1893
93
8
1920M
1055
Series
100
Aug
100
00
983
s
rE6
M
4
1919
Congo! gold 58
9158 ____ 10412 Dee '16
- _
1926 M
Series F 5s
9838 ---- -,...-19l9 1 Q M
Registered
98 Dec '18
93
98
1936 M N 9018 98
General 58
1943 M N 89 ---- 5,04 Nov'18
Congo, gold 48
8714
_ 8158 Sept'18
.18 ____ 81
8718
8158 8151
J
lot
2003
55
So'w'n
gu
&
Va
--__
Dec
87
N
M
1948
Consol gold 45
7018 Nov'18
75
9:2i
118 8
6714 7212
lot cons 50-year 513_1958 A 0 8
gale 95
9512 20 9278 104
1960 F A 95
Consol 4;is
9373 Mar'17
W 0 & W 1st cy gu 4s___ 1924 F A
8078 52 8578 9618
1965 J D 89 Sale 8814
General 4 tis
-9534 M itr'17
_
Spokane Internal let g 58_1955 J J _-_- 82
9734 722
1968 .1 D 9733 Sale 9714
General 5s
9112 Sale 9112
9112
1 -8
-5-1-2
8712 Nov'18
if12 Term Assn of St L lst 4 %s 1939 A 0 98
ii
1942 M 8 8612 88
Alleg Val gen guar g 4s
____ 9434 Dec '18
90
95
1894-1944 e A
lot cons gold 5e
D R RR & B•ge 1st gu 48 g_ 1936 F A 8234 -___ 8412 Sept'16
78
8112 Nov'18 ____ 61
19533 J 77
8314
Gen refund s f g 48
Dec '18
-iiii
Phila Bait & W lot a 48_ _1943 M N 8712 ____ 8758 jue
-.973
102
St 1.M Bridge Ter gu a 56_1930 A 0 9034 9412 9512 July'18 _-_
-_-_:_:_ -_-_-_-_
Sodun Bay & Sou let g 58_1924 J J
01
9114 01 Jan '19 ___
,..20001
D
1st
Pea
&
gold
Texas
80
g
s
lt
Lewis
481936
&
Sunbury
J S85
J ----:: 52
r
:
2-1
46
14 -6
-.479
2d gold income 56
4000 M a r 45 ____ 41 ,Sept'18
:-'-DeCi; -----7NJRR&Cangen48_1944M
93 86 May'18
86 86
LaDivBLlstg5s
Pennsylvania Co10612
j
A
Nov'04
F
1j
0
3
93
9
1
W
581
N
W
&
W
Istgu
Min
9758
3
973
9738
973
8
1
9838
981s
J
.1
1921
(luar let gold 43.4s
6
9878 9012 Oct '18 ____ 90
95
Tol & Ohio Cent lst go 58.._1935 J J
9534 9712
1921 J J 9514 -___ 9712 July'18
Registered
Sale 87
87
1 89
92
1935 A 0 87
Western Div lot g 55
Guar 33.48 coll trust reg A.1937 M S 7612 ---- 87 Feb '17
93 Oct '18 ____ 93 93
74
84
78
gold
58
General
78
78
5
7638
-iii5
A
F
B_1941
Guar 3%8 coil trust ser
6712 Sept'18 ____ 6712 69
80
D 79
AO
5j
930
1199
Kan & M 1st gu g 4s
Guar 350 trust cgs C-1942 J 13 7518 --__ 8114 July'17
90
1927 J J 0012 9112 91 Jan '19 ___ 89
2d 20-year 5e
3734 Deo '16
88
I944 J D 76
Guar 354s trust otf8 D
36
52
Aug '17
gold
P
Tol
4s
W
St
1st
8712
Dec
91
8713
'18
8312
8218
_
Guar 15-25-year gold 45 1931 A 0
J 70 .8318 84 Nov'18
J j
5j
17
92
Tol St L & W pr lien g 3%5_19
87
84
84
40-year guar 48 etfit Ser E_I952 M N87 Sale 87
61
3 45
1950 A 0 49 Sale 49
5612
50-year gold 45
meaty:17
9614 OctO
__ __
2 _8_7_3_4 8
14
03
1942 M N 87
Cin Leb & Nor gu 48 g
1858 Mar'06
1917 F A ---- 32
Coll trust 48 g Ser A
M N
_
Cl & Mar lot gu g 45481935
-ig18 Aug '18
deposit________
Trust co ctfs of deposit__
;-663-4
-iiii,
Cl & P gen gu 4140 ser A_1942 J J 9518 ---- 9634 May'18
7o18 87 80 Apr '17 -s
Tor Ham & Buff lot 4....h1946
---- ---1942 A 0 9012 ---_ 104 Dee '15
Series II
8914
8914 Dec '18 ___ 85
& Del 1st cons g 56 1928 J D 8914 95
Int reduced to 3%s 1942 A 0 99t, ___ _ 9614 Feb '12
58 Sept'17
-__ 70
0
A
1952
4e
g
lot
refunding
_--_
9018
Oct
8318
'12
N
M
1948
354s
Series C
80
Sale
8912
51
--91
8914
84
J
J
1947
40
g
let
Pacific
Union
Feb
---8812
8318
'17
1950 F A
Series D 350
83 93
1947 J J 8412 86's 8512 Oct '18
Registered
Erie & Pitts gu a 3548 B_ ..1940.3 J 76 --- 88 Apr '17
8814 10 8234 91
J 8738 89 88
J
1027
20
48
cony
-year
____
901s
July'12
76
J
1940J
Series C
82
29 7512 8712
32008 M S 8014 Sale 8014
lot & refunding 4p •
8418
81
Or R & I ex lot gu g 4148_1941 J J 89 -_ 8418 Dec '18
10412
4 10138 105,4
10-year perm secured 6t 1928 .1 J 10412 Sale 104
Ohio Connect let gu 48_ 1943 M S 8318 ---- 78 Oct'1878 '78
85
85
85
Salo
D
12 7838 86
J
1948
48
g
con
Nay
&
RR
Ore
---May'10
93
9718
---N
---Pitts Y & Ash lot cons 511_1927 M
101
3 9978 104
834 Apr 417
902
.5._
Ore Short Line 1st g 60._ _1922 F A 101 10112 101
8::2
7
__-_ -1 J .J1 88
33
93
,
Tol W V & 0 gu 4%s A 1
9814 ____ 99 Dec '18 __ 9418 9912
1946 J J
let consol it ras
Dec
Series B 4%8
87
87
8718
3 8078 9012
88
48
refund
Guar
8813
Sept'17
4M S 7818 ---l94'
Series C 40
J 9112 ___. OS Deo '17 ___
6I D
29
92
8.
Utah & Nor gold 5..A9
9113 95
P C C & St L gu 434e A 1940 A 0 0234 9312 9212 Dec '18
89 Feb '18 --- 89
89
89
83
48
extended
1st
93
Oct
9412
93
9234
'18
9113
()I
1042;A
Series B guar
80 Jan '18.- 80 80
j
F A
3j
035
Vandalla cons g 48 Ser A_ _ A195
99 June'17
1942M N' 9658 99
Series C guar
7912 -_- 801s June'18 ___ 8018 801a
Consols 48 Series B
9038 Sept'18
-88 - 61945 M NI 8818 90
Series 1) 48 guar
35 Sept'17
M N
7.1J
54
93
Vera Cruz & P 1st en 4125_ 1°
9012
87
Series E 34s guar gold 1949 F A. 8718 .-_ _ 9012 Sept'18
Dec. 8 Option sale.
*No price Friday: latest bid and asked. a Due Jan. 6 Due Feb. g Due June. 71 Due July. k Due Aug. o Duo Oct. p Due Nov. q Due
2i;
---
New York Bond Record—Concluded—Page 4
JAN. 18 1919.]
255
e3
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 17
z
ee;
Price
Friday
Jan. 17
Week's
Range or
Last Sale
Range
Year
1918.
Ask Low
Bici
High No. Low High
9312 Sale 9312
9418 13 8,14 9012
Virginian let 5e metre A____1962 MN
97es
9634 98
0634
8 90
1939 MN
Wabash let lurid be
9753
8812 8912 88 Jan '19
1939 FA
80
26 gold 5a
8978
90 Aug '18
90
Debenture serlee B__..__1939
90
91338 98 Nov'18
1921
96 10014
let Hon equip e Mg be
96 _-_- 65 Sept'18
1954
65
let Hen 50-yr g term 4e
95
8738 102
9912 Sept'17
1941
Del & Ch Ext let g 5s
77
80 Aug '12
Dos Moinee 131v let g 18-1039
72
69
76 Apr '17
1941 A
Om Div let g 31ini
74
74
To! & Ch Div let g 4e.,.1941
A
778 80
76 Dee '17
Wash Terml let gu
A 84%
- 82 Aug '18
82
1945
let 40-yr guar 4n3
82
15 561g 72
581
1952 A 0 588 Sale 5312
West Maryland let g 1e
9912 997 99 Ian '18
90
1937
99
Nett N Y & Pa let g 53
Dec
'18
8538 70
1943 A 0
90
Gen gold 4e.
70
---_ 36 Oct '17
p1943 Nov
Income Se.
41 7914 90
8534 85
S 85
86
Western Pac lot ger A 5e___1910
93 Oct '18
96
Wheeling & L E let g 5e____1920 A0 90
90
93
---- 96 100 Feb '17
Wheel Div let gold 5e____1928 J
Eaten de Inept gold 5s____1930 FA ---- 9834 993 Mae'17
64 Jan '10
GO
Refunding 4e4s *nodes A__1966 NI S 5612 65
61
7213 69 Nov'18
1949 M S 68
5513 69
RR let coneol 4e
72 Nov'18
Winston-Salem S B let 43_1960 J
82
75
J
6714 72
7918
7712 7912 7933
Wig Cent 50-yr let gen 40_..1949 J
J
9914 83
72,4
7214 Sale 7214
Sup dr Dui div & term let 43'36 MN
72
78%
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 17
Miscellaneous
Adams Ex coil tr g 4e
1948
Alaska Gold M deb 6e A
1925
1926
Cony deb 68 series B
1920
Am SS of W Va let 5s
Armour & Co let real net 434* '39
Booth Fisheries deb e f 6s
1926 A
Braden Cop M coil tr s f (3s. 1931
1952 A
Bush Terminal 1st 4s
Conseil 53
1955
(Beige Sc guar tax ex
1960 A
Chic C & Conn Rye s f 5s _ 1927 A
Chic On Stat'n let gu 41.0 A 1963
Chile Copper 10-yr cony 7s_ 1923
fleets (part paid) cony (Ss ser A A
1932 A
Coll tr & cony (Ss ser A
Computing-Tab-Bee s f 65..1941
Granby Cons MS& P con Sc A '28
Stamped..1928
Great Falls Powelet s f 5s
1910
Int Mercan Marine s f 63
1941 A
Montana Power let 5.9 A._ 1913
Morris de Co lets f 4 tie
1939
Mtge Bond (N Y) 4s ser 2_ 1966 A
10-20-yr 5s series 3
1932
N Y Dock 50-yr 1st g 4s
1951
Niagara Falls Power let Ss 1932
Ref & gen 63
a 1902 A
Nlag Lock & 0 Pow let 5,5_ 1954
Nor Stiles Power 25-yr 5a A 1941 A
Ontario Power N F 1st .5e._ 1913
Ontario Transmission Se.... 1915 61
Pan-AmPet&Tr13t conv63'19-27
Pub Serer Corp N J gen 5s__ 1-159 A
Tennessee Cop let cony Os. 1925
Wash Water Power let 58_1939
Wilson & Co let 25-yr s 164_1941 A
Price
Friday
Jars. 17
Week's
Range or
Last Sale
B14
Ask Low
6212 70
65
3512 3214
32
32
31
3.1
13
A
0
0
0
.1
1.1!
453'
!
Range
Year
1918
High No)Low
65
6 60
3214
3, 18
34
1 18
High
69
39
36
8818 Sale 877
8834 38 8112 89
90 Feb '18
-S;1e 96
96
255 9
80
978 90
6,4
85
80 Dec '18
83
79
751 86
855s 8533 Jan '19
8178 81 Jan '19
55
8
8
7
54
8
_-- 53 Mar'18 ____
8812
8812
-,U78 90
91
1 85
10812 Sale 10753
10812
7, 10238 11812
81
Sale 84
85 I 38 73
8912
8312 Sale 8312
847 ; 17; 77
8712
83
84
83% Jan '19'__ _ _' 7812 85
97 ____ 93 Dec '18'____I 91 100
97
98
97 Sept'18I____ 91
97
9293 Sept'18'___- 9013 94
99 idli- 9912
100 I 53 90 10478
9313 Sale 9278
9334 58 8512 93
8212 313
81 Nov'181___ 75
81
__ -.
:::: ---- 84
93 Jtin'6
Apre'114,-_:----68 -ii" 7334 Dec '181____1 -tic95 102
94 Dec '18!---; 9018 9812
102 10012 Dec '18:....I 99 10012
9314 8912 Oct '171____I
83
90
90
89
89 Dec99181_6
8
_ -8
g5
:112 -8
V;
-9-5
-- 84 June'17
ii-i- 125 118 Jan '19,____,
12 Sale 78
7812
12
7812
9
9782
9
16-6
51
;
12
8i3
91
81-2 18
5 i67
92 1
9013 ___I 92% Jan '19 ___I 9034 9234
9712 Sale 9712
9812 107 90% 100
96
80
8114
80
-733-4
A
Street Railway
0
7334 21 7978 83
Brooklyn Rapid Tram g 5a__1945 A 0 7212 Sale 72
P4
5212 11 50
50
let refund cony gold 4e_ __2002 J
521 50
J
69
0
_ 9534 Dec '18 ____ 9214 9813
6-year secured notes 58___1918 J 1 -------A
J --------9614 Aug 'IS
Ctfs 3-yr sec 7%notes op A1921 J
--ii T1
Sale 81
312 Is
3-yr 7% secured notes-51921 2 J 81
83
93% 92 Dec '18 ___. 89
J
Bk Cty let cons 5s__1916-1941 J
92
80 lelay'12 ____ ____ ____
Bk Q Co & S con gu g 56_1941 M N ---- 70
J --_- 991 101 May'13
Bklyn Q Co & S let 5s____1941 J
80 Dec '18 ____ -ii- -871-2
Bklyn Un El let g 4-56___1950 F A _-_- 79
78
8718 8212 Dee '18 __-- 7812 8634
Stamped guar 4-5e
1950 F A
57
64
57
Hinge County E let g 4s 1949 F' A 62
1 613
72
Manufacturing & industrial A 0
5614 61
6312 Dec '18 —_- 6312 6312
Stamped guar 4ni
1919 F A
Am Ase Chem let e 5s
98
99
98
98
171 9212 10012
2 ____ 59% 00 Dee '18 _-_- 55
Nassau Elec guar gold 49_1951 2
0518
Cony deben 5s
10214
6 9014 106
1924 F A 101 102 10112
81
8014 Sale 8014
Chicago Rye let 58
91 8012 88
1927 F A
Ann Cot 011 debenture Sc. 1931 inee N 85
8912 88 Jan '19 ___-' 80
898
J
89 ---- 8712 Nov'18 _--- 8512 8713
Conn IV & L let & ref g 41.581951 J
Am Hide & L let 6 f g 63
100
10 9814 101
1919 M S 100 101 100
Stamped guar 45e
1051 1 J 89 _--- 8614 Oct '18 _-_- 85
8614
Ann Sm At It let 30-yr 5s ser A 1947 A 0 9258 Sale 92
9234 31 8472 9534
74
2 73% Site 73
Dot United let cone g 41.0_1932
201 68
5
80
Am Thread let coil tr Is..,...t919 j 2
---- 99 Nov'18
9678 995
Ft Smith Lt & Tr let g 59._ _1936 M 8 ---- 70
843.4 Jan '14 iiii _.iii
. _663_4
Ain' Patentee° 40-year g (18_ _1941 A 0 119
Sale 119
119
58% Sale 57
Bud dr Manhat 56 eer A__ _1957 F A
7212 77
klohl Is
75 Dec '18 ____1 71
75
1951 F A
17% 42 1434 25
Sale 17
Adjust income 5e
1957 - . 17
Ann Writ Paper isle I 5s. _191J 1 J
9018 Sale 90
87 Oct 'IS .--- 87
00 100
N Y & Jersey lst 56
1932 F- -A
00
Baldw Loco Works let 5.3_1940 M ISI 9978 -- 101
10
9°
1 18
1
73 1 19
7197
772 9
10
917
1:4
3
42
249 33
Interboro-Metrop coil 4eis_1956,A O 4012 Sale 408
5853
Cent Foundry let e f 6.....1931 F A 80
82
SO Dec'18 ___- 80
8412
7158 429 69
Interboro Rap Trim let 5e ._1966'J 1 7018 Sale 70
85
Cent Leather 20-year g 56_1925 A 0 9634 Sale 9612
9634 62 9e
9714
Manhat
83% 75 Dec '18 __— 7314 8113
(N Y) cons g 4e.1990 A O 74
Cousol Tobacco g hs
8013 17112 j
13ec :114
1951 F A
73112 17412
80 Dee '18 ____ 7458 84-2
81
Stamped tax-exempt
1990 A 0 74
Corn Prod Ref a II g 53
2 ___
1931 M N -661Manila Elea IV de Lt e f 53_19531 M 8 75
80 July'18 _--- 80 .80
80
let 25-year 6 1 53
2 9912 Jan
a n'
1934 M N 100 101119..-..- i -- 4 101
Metropolitan Street RY—
Distil Sec Cor cony let g 53_1927 A 0 9012 Sale, 9012
911
7 75
8912
76
7712 79 Dee '18 ___. '7614 85
Bway dr 7th Ay let a g 53_19434 D
El du Pont Powder 4 qs
100 104 May'17I_____ __1936 J I)
70
68 Jan '19
____ __
Col de 9th Av bit gu g 53 1993IM S 68
General Baking let 25 jr 63_1936 J D -E34 _-_- 83 Dee '181_ _ — , 75
83
'4,
74 Jan '19 .-__ ___ ..i),,, i _
Lox Av de P F let gu g be...1993 M 8
Gen Electric deb g 3e5s__ _19
7012
74
70 Dec '18'........' 6614 74
942
52 F
NI A
s
Met W S El (Chic) let g 43_1938 F A ---- ----54 Dec '18 ____ 54
Debenture 5a
9812 Sale 9812
99
6 '0434 1017
97 ____ 10012 June'17
Milw Elec Ity & Lt cone g 5s 1920 F A
__ __
977 ____ 98 Nov'18 _--,' 96
Ingersoll-Rand let 5s
1935 J J
96
8112 Dee '18 --__ .8112 81,2
J __ _ _
Refunding & oxten 4 eis 1931 J
Int Agrleul Corp let 20-yr 56 1935
78
7818
7712
22
7833 40 6812 7712
10 24
2
J
9912 --_- 9834 Aug '17 ____ ____ ____
1919 J
Minneap St let cone g 5s
Int Paper cony s I g bs
9512 ____ 94 Oct '18 ____
__-, N12 14312
J ____ 95
9712 July'17 ____ ____ ____
Montreal Train let & ref 53_1911 J
1st & ref s f cony 5s cur A1947 _
92
9012 Nov'18
_
ee
J ____ 721 74 Aug '17 ____ ____ ____
New Onl Ry & Lt gen 43.4e..19351J
Liggett de Myers Tobac 7s1914 A- -0 iii- 11314 113
113
J
57 _--- 57 Jan '19
N Y Municip Ry let e f be A 19C6IJ
bs
1951 F A 9312 Sale 93
9312 30,18
1734
06 195
17
437 Sale 4214
1942IJ
J
N Y Rye let It E & ref 4e
3814 57
43% -67 -----Lorillard Co (P) 7e
1944 A 0 112 113 113 Jan '191....,,107 115
Sale 1312
a1942 A 0 14
141s 109 11
30-year ad) hie 58
1
be
2434
6 ; 8312 93
1951 F A
93
NI
N
_-_62
6134
NY State Rye let cone 4 eis_1962
6134
1 (13
Mexierin Petrol Ltd con 6e A 1921 A 0 -9
70
-0
..
.
.i 2_3
._ 1925
6
Nov'18 __,I,10534 18112
2
99
8812 Nov'16 __ __-- ---Portland lly let & rot 5s_ __1930 le1 N
let lien & ref lie series C 1921 A 0
185
185
8 106 175
9,13 A ug :118
7 __ .... .._ _. 6212 68
Portld ay Lt P let ref 53_1942 F A --------67
Net Enam & Stpg let 5s___ _1929 J D
-9695
93
Feb
____ _at
-- __-_N
Portland Gen Elec let be_1935 J ./
___
Starch 20-yr deb 5s.......1930 J 1 9312
91
51' Aug
NV:18
1 93
114 !
9
)2
714
2
81 _-_- 95 July'17 _--- ________ -_-___
tJoa Ry L & P let g 5e_ _1937 NI N
National Tube let bs
1952 M N 9618 1-56- 98
98
St Paul City Cab cone g 5431937 J 2 ---- ---- 10212 Mar'12
7
7
N Y Air Brake let cony 61._1928 M N 99
Sale 99
10012
17 97 100
52%
9 5112 59
5212 Sale 52
Third Ave let ref 4e
1960 J J
Pierce Oil 5-year cony 6341920 J D 10114 Sale 10114
102
53 9534 10112
3034 39 2712 387s
Adj Income 5s
Sale 2912
al9(10 A 0 30
10-year eonv deb 61 _ _01924 .1 J
9214 Sale 9214
93
49 83
9012
Third Ave Ry let g
8712 100
97 Dee '18 ---- 90
97
1937 2 J
Sinclair 011 & Refining—
1
9478
Tr -City Ity & Lt let s f 5s_1023 A 0 9473 957 9433
5 91
let a I 7s 1920 warrants attach F A 100
96
Sale 9934
29 86 100
100
Undergr of London 4 eis
7612 -..-- 713 Mar'18 -- 70
1933 J J
80
,do without warrants attach F A
9612 Sale 9638
9612 52 8412 96
Income 6e
__
65 ---- 56 Aug '18 --- 56
1918
Standard Milling let Se... _1930 M N
60
93
95
98 June'18
9314
88
55
United Rye Inv 5e Pitta lee_ _1926 Mi N
60
65 Dec '18 — i.
66
5 58
The Texas Co cony deb 68_ _1931 J J 10112 102 10133
10212 10 9612 103%
J
J
5218
503
United Rye St L let g
49
5514
Union Bag & Paper let 5e_1930 J
85
87
85
J
6 8678 88
85
-0
-- 50 June'17 --__
St Louis Transit gu 5e._ _1924 A 0 -_-_-_-- -6
-E-19
Stamped
-__ 87 Dec '18
30J
J
83
87
25 Nlay'18 ---- -iEUnited Rile San Fr a f 4s
1927 A 0 ____ 35
Ualon Oil Cool Cal let 53._1931 J
J 9314 -9378 90 Oct '18 _
90
90
22
2534 22 Jan '19 ..-Union Tr (N Y)c eras Sep... _ __
22
US Realty & I cony deb g 5e 1924 J
2612
6134 Sale 60
6212 134 45
J
68
22
25
22%
2214
i 22
Eqult 'Cr (N Y) Inter etfl..- _
U 8 Rubber 5-yr sec 7e
27
Sale 103
1923 J 13, 103
17 101 102%
1043
9334 77 Oct '18 --- 77
Va Ry & Pow let & ref 513_1934
79
let & ref Se eeries A
80's
1947 1 J' 8638 Sale 8653
8723 159 76
8812
U S Smelt Ref & M cony 613_1926 F A 100
Sale 100
100
6 9213 10013
Gas and Electric Light
V-Car Chem let 15-yr 5s
1923 J 0 9514 96
9531
22 90
96
9714
Atlanta 0 I. Co let g Se__ _1947 1 D 9318 ---- 103 Sept'15 — - ____ _____
Cony deb fee
e1924 A 0 10112 102 10112
102
32 94,4 10113
9112 ____ 91
Bklyn tin Gea let cone g 5E1_1945 NI N
91 I
1 85
West Electric let 58 Dee
9a
1922 J . J, 9714 9712 9714
2 94% 98
978
Chichi Gas & Eleo let&rof 58 1956 A 0, 00 ___ 91 Dec '18I---- 8912 91
88
Columbia 0 & E let 53
8212 Jan '19:— — '75
J 82
1027 J
Coal, iron & Steel
8212
1
__ _ 97 Feb '15'..--J
Columbus (1118 let gold 537_1932 J
__
Beth Steel let ext s f 5a____ _1926 J J 9512 Sale 9512
9612
5 92
99
Consul ()us cony deb 6e__ _1920 Q F -11313-4 Sale 10112
102
101 -09 - 108 let & ref Sc5s guar A
8734 87
942 M N
88
3 86
931s
97 ---- 9514 Oct '18
Cons Glite EL&P of Balt 5-yr 5e'21 NI N
9112 9514
20-yr p in & Imp at 5e___1936 J
8272 11, 7812 8712
S13 Sale 8134
J
9613 ---_ 9512 Dec '18
Detroit City Gas gold 58___1923 J J
90
Buff & Susq Iron a I 5s
96
I 90 May'18
1932'J D
90
00
9512
951s ---- 9512
3 2374
Detroit Edison let coil tr 5E1_1933 1 J
8 194"
Debenture 53
8614 July'18 ----I 85
_a19261M S
S614
9112 0.812 Dec '18
51910 M 13 93
let & ref 5e set* A
9112 9112
Cahaba C M Co let gu 63_ _19224 0
101 Dec '14
04 Feb '18
Eq 0 L N Y let cone g 5s.. _1932 M S
94
Col F & I Co gen else
94
88
88
89
19431P A
88
5 83
88%
"
100
e
e
.
Feb
13
-----Gas & Elco Berg Co c g 5e__1949 J
'13
Col Indus let & coll Sc gu 1934;F A
-__- ___7712 Sale; 76
7712
76
9 73
Havana Elm consol g 5s___ _1952 F A - - -5- 9213 Nov'17
___ ___Cons Coal of Md leteleref 5s_1950 J 0 8612 9512 87 Aug '18 --I 83
90
-_- 9613 Dec '17
____ ____
Hudson Co Gas let g 5s__ _ _1949 111 N -------Elk Horn Coal cony 6s
95 Aug '18 ----' 95
1925 J 13 95
95
gees
._
._
907
8
Deo '16
Ken City (Mo) Gas let g 58_1922 A 0
Or Illy Conti & C let g 6s_ _h1919 A 0
_-__ _ _ _ _
9.4 Feb '18 ----' 94
94
Kings Co El I. A P g 5e____1937 5 0 9014 ____ 90 Dee '17
tit Steel deb 41is
Sale, 8214
1910 A 0 83
13 81
84
8612
Purchase money 63
1997 A 0 100 --__ 97 Aug '18
-ii- -5,51-4
Indiana Steel let be
9612 Sale' 9614
1952.M N
9612
8 92
99
1925 M S 96 ...._.. 90 Jan '19
Convertible deb 6te
Jeff & Clear C & I 25 5s
_192611 13 9512
Ed El III Mtn let con g 49_1939 .1 J
1., •/414 Ni2
79% ---- 78 Nov'18
Lackaw Steel let g 5a
97
19231 A 0 9612 97
97
1 9414 97
Lac (lee L of St I, 1st g 543__e1919 le F 9912 Sale 991t
let cons 5s series A
99,2
1950 M 6 867e 8712 8712
8712
8312 9612
Ref and ext let g 5e
9512 96
1931 A 0 95
97
9 8878 91%
Midvale Steel &0cony at 561936 M S 8712 Sale 8712
8812
53,
8012 92
Milwaukee Gas L let 4s
8738 ....-- 8112 Oct '18
1927 el N
8412 gots
Piereeant Val Coal let 8 f 59_1928 J
763e
J
Newark Con Gas g 50
1948 ..1 D ___ —_- 10112 Apr '17
pocab Con Collier let a f 5:4_1957 J
J 87% 90 -116- Dec '18
8814
8S1
NYGELII&Pg 5s____19482 D 92
Sale 92
92% ---6 -gi- -iiil-8
Repub I AS 10-30-yr lee f_1940 A 0 95
95
96
3 91
9518
9814
Purchase money g 4e____1949 F A
7378 73
741.i
73
3 68
7612
St L Rock Mt & P 53 etmpd_1955 J J
83
77
801 Dec '18
81
80
Ed Elec III let cone g 5s 1995 J
J 100 --_ 94% Sept'18
9478 0478
Tenn Coal I & RR gen 5s__1951 .1 .1
9(112 98
9514 Dec '13 ---- 9212 9712
NY&Q El LAP let con g 58_1930 F A
_ ......_ 9612 Aug '17
____ ____
IT S Steel Corp—I coup_d1963 M N 10018 Bale 9978
10014 1521 96 101
Pacific 0 & El Co—Cal 0 & E—
a 1 10-60-yr Sc reg ____51963 M N 9934 Sale 99%
9934
211 96 100%
NI
1
N
Corp u
9512 Sale 95 2
unifying & ref 581937
—
9512 28
18 tIvi N73
Utah Fuel let a 1 53
8634
1931 M N
Pacific 0 & E gen & ref 5s_1942 J
J
875e Sale 8712
88
victor Fuel let et 5s
1953 J J
75
80 Dee' 16
Pao Pow & Lt let & ref 20-yr
Va Iron Coal & Coke let g 5s 1949 M s 8612 8712 8738 Jan '19
88
95 Jan '17
92
ba International Serlea___1930 F A
____ ____
100 July'17
Pat dt Passaic 0 At El Se.. _ _19-19 NI S
Telegraph & Telephone
A
(30_1943
Poop Gee dc C let cons g
10133 Dec '18
-iiiis loin;
Am Told)& Tel coil tr 4s__ _1929 J 1 8433 Sale 81
848 41; 777 88
76% 76
1947 M S 75
76
Refunding gold 5i
13 7113 86
Convertible 1e
1936 M 8 7812 80
77 Jan '19
1 ____ 9072 06 Sept'17
Oh G-L &Coke let gu g 63 1937 J
____ ____
20-yr convertible 41es____1933 MI 8 8614 887 8712
8712
2' 82
78
6
9612
2
Con 0 Co of Oh let gu g 581936 J J
100 Apr '17
30-yr temp coil tr Sc
---- ---1946 J D 9314 Sale 9314
94
52 86
9714
Ind Net Use & Oil 30-yr 531936 NI N ____ ____ 89 Mar'17
7-year convertible Os_ _1925 F A 10112 Sale 101
---- ---10138 230 9334 105
Mu Fuel Gars let gu g 511..1947 NI N ---- ---- 94 July'17
Cent Diet Tel let 30-yr bs 1943 J D 9612 ____ 9914 May 18 ____; 9813 9912
.--- ---9613 9812 9914 Nov'15
Philadelphia Co cony Sc... _1919 F A
Commercial Cable let g 4s._2397 Q J
-- - 73 Nov'17 ____1___
.....
91
Cony deben gill 5s
91
91
82
1922 NI N
3 78
Regletered_
92
2397 (4 J
6813 Jan '18 ____, 6818 681g
Stand Clas & El cony a 1 83_1926 .1 0 ___- 100
90 Nov'18
90
Cumb T AT let & gen .5s.._ _1937 J 2 -93i91
4
911e
9314
933
3
10
85
95
Syracuse Lighting let g 53..1951 J D 851s ..-. 9712 NI:v*17
Keystone Telephone 13t 5s_1935 J
__.1 ---- _9_62_1 98 A '16 ____,
Syracuse Light & Power 513.1954 J .1 '7114 75% 70 Nov'18
Mich State Teleph let Cre
'70
1924 F A
90
'70
8813 Dec '18 _ __! -i.Z17, -0
i9
-8
Trenton G & El let g Is... _1949 M Ei
9833 Oct '17
971 __-- 9312
N Y & N J Telephone 5s eg 1920 lel N
__ __ _ _
9812
2 07
Union Eleo Lt & P let g 53_1(132 M S
90 Dee '18
N Y Telep let & yen a t 4 ees_1939 M N
00
90
8938 Sale 8912
90 I 53 84
92
Refunding & extenrilon 5s_1933 M N __— ____ 10158 Nov'16
___ ___
Pacific Tel Is Tel let Sc ....1937 J J
9512 96
95
953* 17; 87
9612
United Fuel Gas let s 1 64_1936 i J
____ 97 Dec '18
91% 9712
South Bell Tel dc T let s 1 5s.1941 J J
92
9212 93
93 I
1 86
97
Utah Power & Lt let 5e____1944 F A
89
Sale 89
2 80
West Union roll ir cur 53
1938 J J
9312 98
90
93 Jan '19 ____ 8712 9312
Utica Elee I. & P fat g 5s___1950 J
J --------101 June'17
led awl real est g 434s .......1950 RI N
____ _--9212
8614 89
8614 Jan '19 ____' 80
Utica Gee ,te Elea ref Se__ _1957 J
93
87
96 Aug '17
J
Mut tin Tel gni ext bs
- --- --- 941 114 N
99 10112 Sept'171....__I ___ __
Weatcheater Ur; gold 5s __1950 J D 92
97
32
92 — 1 8913 8913
Northvrest Tel gu 4tis a _1934 J
J
8114 -- -- 91 Nov'16 ____I____„. ____
No price Friday;latest bid and asked a Due Jan. 5 Duo April. e Due May. g Due June, 14 Due July. 1 Due Aug. o Due Oct. p Due Nov. y Due Dec. s Option
sale.
g
i- -.i
-g67;
o iOr To-f37,
.....
BOSTON STOCK EXCHANGE-Stock Record see Bx,D;age
256
8HARB PRICES-NOT PER CRIVTUM PRICES.
Saturday i
Jan. 11. I
Monday
Jan. 13.
Tuesday ' Wednesday
Jan. 15.
Jan. 14.
Thursday
Jan. 16
Friday
Jan. 17
Salesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1918.
Lowest.
Highest.
[VOL. 108.
Range for Previous
Year 1917
Lowest
Highest
Railroads
100 1224 Apr17 140 Nov22 120 Dec 175 Jan
41 Boston & Albany
133 133
133 133
132 133
133 133
133 133 *132 133
27 Dec 79 Jan
100 37 Jan 2 80 Nov12
Boston
Elevated
1,251
71
71
71
70
72
71
73
7012
71
7012 71 I 70
7012 Dec 133 Mar
100 80 Julyll 104 Nov20
Lowell
Boston
&
45
93
93
94
94
94
94
95
*93
95
93
*93
93
15 Dec 45 Mar
100 19 Jan23 40 Sept 9
254 Boston & Maine
3112
31
3012 31
*31
3112 3012 3012 *3058 3112 304 31
170 Aug 9 150 Dec 213 Jan
Apr15
150
Providence
100
Boston
&
Jan'19
Sale
167
Last
_
_
*157
*167 _ __ *168 --_ *167
3 July
2 July
June
5
Dec30
3
.50
Eleo__no
par
Suburban
Boston
Last Sale .50 Dec'18
*.50 -3*.50 -3 1 *.50 3 1 *.50 -39* June 30 July
awr 1014 Mar 1 15 June17
Eleo...n
no;
25 Do pref
11
10
114 *10
11 **__10__ 3
*-__ 11 _,*____ 11 * 11
Boston & Wore
Last Sale 4i;-IVo7v7i(-1
30 Aug 38 Feb
no par 25 July19 3014 Nov19
Do pref
Last Seale 30 Nov'l$
____
__ __
Chic Juno Ry & U S Y____100 138 July 2 147 Apr17 148 Nov 150 Jan
Last Sale 135 Jan'19
*____ 135 *____ 135 *____ 135 *___ 135
834
Dec19
Dec 108 Jan
8512
8212
Apr18
100
pref
Do
30
8678
8678
*8678 ____
87
87
87
87
*8878 87 l 87
87
100 104 Feb19 125 Nov18 1024 Nov 140 Mar
38 Connecticut River
113 113
112 112 *112 114
113 113 *112 114
*112 114
784 Mar
Dec
3
44
85
Jan
Jan22
53
100
31
Fitchburg
Mel
57
57
57
57
57
*56
57
57 I 57
57
*56
57
Georgia Ry & Eleo stampd 100 106 SeptI9 11614 Jan 9 118 Dec 133 Jan
Last Sale 109 Oct'18
____
*107 ___ *107 ____ *107 ____ *107
83 June 924 Jan
100 70 Oct 3 81 Feb25
Do pref
Last Sale 7014 Oct'18
74
+70
74
74
74 1 *70
'70
*70
78 Dec 1004 Mar
100 7712Junel8 88 Nov19
32 Maine Central
8014 81
82
*80
82
*80
82
*80
82
82
838 June
1 Dec
1$4 Sept 6
712 May16
100
3. .318 12,110 Mass Electric Cos
278 3 V.
278 338
314 312
234 278
253 34
6 Dec 3114 July
100
84 Jan22 33 May16
1714 20,283 Do pref stamped
1618 16
15
1412 15313 1412 1612 1638 1714 1558 17
Jan
5234
Sept
40
May29
213
4
Feb25
27
Hartford
100
H
&
Y
N
395
N
3034
3012
3118 3058 31
32
31
3114 3114 3118 3134 *31
904 Oct 105 Apr
Northern New Hampshire_100 84 Oct 7 95 Nov14
Last Sale 92 Nov'18
____ *90 ____
____ *91
___ *91
*91
Dec 135 Jan
85
Dec
9
11212
28812Junel4
Colony
100
Old
Sale
105
Jan'19
Last
10212
*101
10212
*10114
*101 105 +101 102
164 Dec 8412 Feb
100 20 Jan 2 25 Jan 8
Rutland, pref
Jan'19
Last Sale 20
22
*20
22
*20
*20
22
*20
22
83 Dec 110 Jan
Vermont & Massachusetts_100 80 Aug 8 90 Oct 4
Jan'19
Last Sale 95
__
*97 ___ *97 ___ *97 ___ *97
Dec 561s Mar
July
5
34
Feb20
50
50
37
Street
West
End
33
46
46
47
47
4712
*47
47
47
*47
48
Jan
50 47 Janie 02 Apr I 245 Dec 74
82 Do pref
-.LI li"
53
54
55
53
*52
52
54
*52
5358 54
Miscellaneous
Dec
2
100
Oct
18
73
Jan
943
4
Mai'
Chemical_100
784
Amer
Agricul
346
102
4
102
10114
4
1013
1013
4
10118 10118 101 101
10034 10112 1013
88 Dec 1034 Jan
100 8853 Jan 2 100 Dec 5
270 Do pref
9812
98
9812 974 984 9812 99
*9814 99
9812 9812 98
228 Jan
214 Mar 2
1 Dec
.40 July 1
400 Amer Pneumatic Service... 25
+.70 :75!
1
.75 .75 '0.60 .75 *.60
1
*.65 .75
..75
Mar
4
713 Dec 14 Mar
Sept30
155
8
4
50
Do
pref
Jan'19'
Last
Sale
6
6
*5
6
6 I *5
*5
*5
6
12814
June
90
Nov
393
11513
May15
Amer
99
Jan
2
Sugar Refining
100
11212 113
11334 11434 *113 114
113 113
11312 11428 11412 115
100 107 June 4 115 Dec 6 106 Dec 12112 Jan
129 Do prof
115 115
115 115
11434 115
115 115
115 115 1 115 115
Jan
12814
Oct
9
98
Dec
1098
Amer
Teleg
100
90
3
4
Aug
5
Telep
&
2,149
10112
8
1013
4
1007
101 10138 100 10114 101 10112 101 10138 10118
3878 Nov 58 June
43 American Woolen of Mass.100 454 Jan 8 0058 May24
4634 *4534 4634 4613 4678
*504 5114 *4913 5012 4934 4934 *46
10014 June
9712
28714
Dec
Deoll
3
381
Do
pref
100
90
Jan
9512
9512
9514
95
9534
9612
9512
96
9612
96
9634 96
60 Dec 75 July
245 Amoskeag Manufacturing__ 604 Jan 2 92 Nov 8
82
82
83
*82
82
82 1 82
82 1 82
83
82
83
75 Dec 974 Jan
76 Jan 7 82 June 5
88 Do pref
80
*80 ____ *80 _-_- 80
80
80
80
*78
80
80
6 Dec 1414 Dec
Dec13
219
Ino___
10
11
Feb21
Construe
290
Art
Metal
*17
19
1712 1712 *1753 18
1712 18
*17
18
Sept 12113 Jan
1204
Feb16
88
Jan15
Lines_100
98
AU Gulf & W I S S
Last Sale foil;Jan'19
1 103 105 *102 104
*104 106 *103 105 1''
5513 Feb 66 Jan
Do pref
100 6813 Jan17 8714 Nov20
Last Sale 65 Dec'18
___ *65 ____! *65 _.- *65 ___ _
4135
2813,,Sept
6
21
Jan25
no
par
1,562
Booth
Fisheries
197
3
4
1914
1912 193
1834 20
*2112 22
21
2114, 1812 21
1414 2,200 Century Steel of Amer Inc. 10 1014 May18 1478 Dec28
14
14
1414 14
14
14
1418 14
1334 1414 14
June
2018'
1
9
Dec
May
Nov30
10
1112
Cuban
Port
Cement
171*
175
-13
__..
13
1212
1212
123
4
124 1212 1212 1212: 1212
101,.3
.7:
37a Dec 17
534 May15
10
4 Jan31
695 East Boston Land
6
_618 618
04 ---618 828
6 I
6
6
6
100 134 June21 186 Nov21 1334 Dec 228 Jan
80 Edison Electric Illum
16812 1-6-81
166 109
2
16834 169 I *180 169 2166 106
169 169
Nov16
June27
8414
25
271s
Fairbanks
Co
1,185
5434
5612
5414
544
5758 5614 5634
5714 5712 5714 5713 57
13
11834 Dec
120 1r4 It
:
tli 2
251 General Electric
*149 151
14934 14934 *149 151 I 149 15012 14934 1501 14828 150
1573435 NAu1309
1535 Gorton-Pew Fisherlet.1
11 307
3058 3078
3112 32
3112 3134 3018 3112 3012 31
Jam
Oct
713
23
10
44
Oct
10
Internal
Port
Cement....
---------100
512 512
514
512 *5
512 *5
512 *5
*5
14
0 Dec
e 3139:
Do pref
50 12 Apr23 23 Nov25
Jan'19
Last Sale 19
22
*17
22
*17
*19
22
*19
22
10
34 Aug23
658 Dec31
7'46 712 3,580 Island Oil & Trans Corp
734 778
712 Ps
734 8
778 8
734 8
9212 Dec 102 'Jill
11 McElwain(W H) let pref_100 88 Sept30 93 Nov13
9012
*92
95 *____ 9112 *____ 9112 90
95
92
92
*92
71 Dec 1004 Mar
83 I
245 Massachusetts Gas Coe... 100 27714 Jan15 9114 Nov13
82
83
8314 82
85
85
85
85 1 282
85
85
Dec 81 Mar
71
Nov
4
83
62
June17
100
Do
pref
172
705
8
7014
7012
7012
70
69
70
69
70
7012 71
71
16 Mergenthaler Linotype__ _100 107 Junell 147 Nov14 110 Dec 169 Jan
133 133
133 133 *___ 13312 13212 13212 133 133
35 Jan 95 Mar
New Eng Cotton Yarn___100 88 Jan15 95 Oct29
Last Sale 92-Jan'iti
*92 ____ .92 ___ *92 _ _ _ ..I *92 _ _ _ _
Aug
Jan
100
Do pref
Last Sale 9212 Aug'17,
22414 Mat
6
99
3 Dec 19
107 New England Telephone 100 8212 July30 1004 Oct 10
92
9212 92
93 I
-ii I 11i- -92
.▪_ -9C2-34- ---- -__ - ---iii
Nova Scotia Steel & C.__ _100 53 Dec30 69 Jan 2 s59 Nov 112 Jan
Last Sale 53 Dec'18
55
55 I *53
55
*53
55
*53
*53
100 102 Jan 7 130 Nov13 107 Dec 1664 Jan
____ ____
9 Pullman Company
*119 121 *120__ *121 12212 12212 12212'120 122
Jan
29 Dec 46
50 29 Jan 3 51 Dec 5
710 Punta Allegre Sugar
51
51
52
5214 52
5312 53 -53 I 5178 52 1 52
53
Jan29 137s Mar16
1(J Dee 16 Mar
10 11
40 Reece Button-Hole
15
15
15
15
*14
15
15
*1413 15
*1412 15 I 15
414
27
Oct
23
Nov20
Corpn
725
Stewart
Mfg
3414
3312
3434 35
3438 3458 3414 3414 3414 3438 3414 3412
100 102 Aug30 14814 Aug'17 116 Nov 16278 -ii);
-12414 12434 12312 12412 12334 1244 12312 12478 12412 125 124 12434 2,071 Swift & Co
40 Nov 68 June
48 Torrington
25 45 Jan29 56 Dec12
54
*53
54
54 i 54
*52
54
5212 5213 *52
2,068
1151s Jan17 100 Dec30 2105 Dec 1554 Jan
United
Fruit
100
ifia" Iti1-4
164 165
16114 163
160 182 1 162 1644 164 167
3712 Dec 5814 Jan
25 384 July 0 481s May10
4514 4434 4512 4434 4514 1,327 United Shoe Mach Corp
4412. 4434 44
4434 4434 4518 45
25 Oct 3018 Mar
360 Do pref
25 2434 Aug 9 2812May28
2712 28
27
27
2714 2712 274 2758 2712 2712 2712 28
7958 Dec 135 May
100 87 Mar25 1164 Aug28
9212 9078 9212 4,074 II S Steel Corporation
9078 9134 9014 9118 9034 9134 9118 9134 92
JAI)
100 108 Mar25 1133s Dec16 10334 Dee 121
75 Do pref
•11412 115 *11434 11512 *11413 1154 *11438 11518 *1144 11514 115 115
137$ Jan
44 Dec
9 Nov 8
5 Jan 2
814 814 1,090 Ventura Consol 011 Fields_ 5
84 838
818 84
818 838
8
84
84 814
Mining
I
1
414 Jan
134 Jan25
1
Oct
112June27
25
Adventure Co
Last Sale .60 Dec'18
*.75 .85 *.75 .85 *.75 .95 *.75 .95
70 Dec 108 Jan
25 89 Dec27 86 Nov12
72
60 Ahmeek
*7112 7212 72
72
71
+71
72
71
71 1 71
72
558 Nov 6
1 Dec 1111! Jan
138 Apr25
10
418 1,000 Alaska Gold
4
4
*4
4
4
3% 34
4
4
4
4
25
.15 Julyll
.45 May13
14 Sept 70114
200 Algnmab Mining
.20 .20 *.20 .40 *.20 .40
'.15 .40 *.15 .40 *.15 .40
Mar
45 Dec
25 4013 Dec31 54 Feb27
145 Alloues
4312 4258 43
4312 *43
+43
4212 43
*42
4312 *42
43
11 Dec 4114 Jan
30 Amer Zino, Lead & Smelt_ 25 10 Dec31 2114 July 3
1112 *1112 1214 *1113 1214
124 12
12
1138 1138 +11
*12
Jan
73
Dec31
64
July
6
Nov
40
404
20
+4112
44
Do
pref
26
4312
*42
44
*41
44
*42
45
44
44
*42
5 11
818 Nov 1514 June
Jan 5 1614 Aug24
1,155 Arizona Commercial
11
1114 11
1118 11
1114 11
1212 1212 1114 1214 11
.
214 Jai/
.25 Dec
.48 Nov22
.20 Oct 21
10
.30 .30 3,000 Butte-Balaklava Copper
.25 .25
1.2
510
2 20
.25
.21 .21:
.21 .22
.21 .25
1258 Dec 52 Jan
Butte & Sup Cop (Ltd)... 10 1834 Dec30 33 May14
Last Sale 1634 Dec'18
*1812 20
21
*19
*1812 21
55 Dec 8514 Jan
1,342 Calumet & Arisona •
10 81 Dec27 731s May18
5914 60
59
5934 59
5914 60
59
6012 61
61
'59
Dec
470
4
411
Dec 590 Feb
Deo20
425
25
431
32
Calumet
&
Heels
430
431
430
431
432
431
*430 435
430 435 *430
10
7 13413 :1;3
10
9
20
5 10
112
34 JA
unper2
11
1:: 1,1
Dit:. 21711: JanJa.D)
14
195 Centennial
1312 *13
1314 *1212 134 *13
13
*13,4 1334 *1312 14
3914 Dee 68 Jan
25 40 Dec20 5112 Nov12
489 Copper Range Co
4214
42
4158 415s 415s 4178 4178 42
4112 4134 4158 42
Sept30
Last Site 258 Jan'19
Daly-West
+213 278
*213 3
*213 3
*213 3
678 Mar 8
434 Dec23
10
1,105 Davis-Daly Copper
5
5
5
5
5
5
5
5
518
5
5,8 5,8
Jan
Nov12
Mar25
12
814 Dec 18
938
1,610
813
East
10
Butte
Min__
Copper
93
8
*918
*918
94
914
914
918
914
9
9
9
9 Mar
6 Feb18
4 Dec
3 June21
125 Franklin
358 358
25
*312 4
334 334 *312 4
334 334 *334 4
66 Dec 92 Jan
Granby Consolidated
100 734 June14 8434 Oct 24
Last Sale 80 Dec'18
80
80
80
*77
*76
80
*76
*76
35 Nov 4812 Jan
100 39 Jan17 5734 Nov 7
Greene Cananea
Last Sale 4534 Jan'19
*4212 4334 *4314 4412
*4213 44
*43
44
475 Hancock Consolidated-__ 25
7 Dec 2912 Jan
434 Dec31 1018 Jan 2
514 514
514 514
514 512 *514 512
514 514 *514 512
1
Jan 3
Dec
.40 July23
Indiana Mining
25
Last Sale .70 Jan'19
*.65 .80 *.65*.(35 .80 4,.65 _ _
unaer
70
May15
4 M
62
34 Nov 761sJ
Dec30
Island
Creek
Coal
447
8
120
1
46
*4512
4612
4712 4712 4714 -47-14 4612 4612 +4614 -47-14 4612
80 Nov 94 Apr
1 7913 Oct 1 84 Feb18
Do pref
Jan'19
Last Sale 82
*8012 83
*8012 83
*8012 8278 *8012 83
Jan
20 Dec 36
25 194 Jan14 29 July 3
603 Isle Royale Copper
244 2434
2412 25
25
*25
2518 25
2518 25
2518 25
8 Aug
44 Apr
64 Oct 18
5 Jan 2
5
320 Kerr Lake
4
512
558 558
512 534
*512 534
534 534 *512 534
454 Jan
114 June
134 May15
25
.80!Until
Keweenaw Copper
Last Sale .95 Dec'18
*.95 1'X. '1..95 1i, +.95 1i, +.95 1.(,
5 Oct 18 Jan
334 Dec30' 834 May14
25
560 Lake Copper Co
4
4
11
42
*4
48
4
44
414 414
418 414
Jan
Jan
2
314
Mar
5
114
5
2
Dec
Salle
Copper
25
10
La
212
*213
23
4
212
*233 234 *218 234 *212 234 *214 234
5
234 Dec27
0 Feb13
44 Nov
838 Aug
Mason Valley Mine
Last Sale 3
Jan'19
*212 312 *213 312 *213 312 *212 312
151: Jan
7 Jan 2
5 Nov
334 Sept17
25
Mass Como'
Last Sale 412 Jan.19,
414 *414 434 *414 434
*414 434 *4
3 May
44 Nov 4
1 Nov
25 .65 Mar28
453 Mayflower-Old Colony
258 258:
214 214
212 212 *214 212
2
214 *214 234
158 Aug
44 Oct 29
.40 June28
54 Mar
25
300 Michigan
4
4 I
3,2 3,
*34 312
3
312
3
314 314 *3
Jan
98
861sMay16
57.
Dec
Dec30
504
Mohwak
25
5212
499
5412
5134
5414
51
5312
5334
5313 54
5312
54
54
18 Nov 21314 Mar
5 1612 Dec30 2013 May14
Nevada Consolidated
Last Sale 1634 Dec'18,
*17
*1612 1712 *1612 17
1734 .164 17
0 Jan
111 Dec
212 July 1
25
14 Aug29
765 New Arcadian Copper
112
112 112'
112 112 +1
134 134
112 112
*112 134
174 Apr
10 Nov
934 Dec27 174 Mar 7
912
9
9 I
800 New Idria Quicksilver___ 5
9
834 834
834
*834 934 *8
834 *8
22 Jan 30 Mar
100 12 Aug29 20 Jan 2
Last Sale 12 Aug'18I
New River Company
+10
15
*12
15
15
*10
15 .10
65 1Jec 9214 Mat
100 634 Dec31 80 Jan3I
Do pref
Last Sale 6413 Dec'18;
*6312 644 *6312 8412 *83 __ *63 _ _ _
958 Sept
978 April
634 July
5 8% Jaull
151 Ninissing Mines
814 -812 *814 812 *83* 8581
*814 812'
84 1034
812 812
1134 Oct 2414
15 1012 Dec30 1738 May10
595 North Butte
1058 1053' *1012 11
1012 1078 1014 1058 1012 10511 *1012 11 I
234 Jan
.30 Nov
.95 Marl()
25
.25 Feb14
North Lake
Last Sale .40 Jan'19;
'1..55 .75
*.55 .75
278 Jan
.98 Dec
12June21
158 Dec10
25
112'
125 011bway Mining
114 *1
112 *1
112 '4'1
112 112
158 158 +1
33 Nov 6754 Mar
25 32 Dec30 454 Jan 3
35
350 Old Dominion Co
35
34
3514 +3412 3512 *3412 35
*34
35
35
• *34
Mar
95
Jan
9
5313
Dec
05
1
461sJune1
25
52
Osceola
+49
132
50
50
50
*5012 52
50
51
52
52
50
16 Nov 2834 June
10 1234 Dec30 2014 Fob20
134
125 Pond Creek Coal
1312 1312 1312 *13
1312 1312 *13
1314 1314 13
13
60 Nov 944 Feb
25 59 Dec27 78 May18
14 Quincy
60
*59
59
59
*59
60
60
60
*58
60
*59 *60
20 Nov 324 Apr
Last Sale 21
Jan'19
Ray Coneollciated Copper. 10 1913 Dec26 2534 May23
2034
*2014 21
+20
2034 *20
*2014 21
48 Dec 8934 Mar
46
12 St Mary's Mineral Land__ 26 38 Dec27 57 Jan 2
.41
40
*41
41
41
*41
46
42
42
+41
46
2 Jan
.58 Dec
14 Feb21
.25 Dec12
Last Sale .32 Dec'18
'
Santa Fe Gold & Copper__ 10
--- _
Jam
2
518 Oct 19
Jan
53
4
Dec30
10
2
3
4
234
3
Shannon
1,064
278 3
-.1,278 --3-18
3
3
318 --3-18
278 3
814 Jan
.89 Dec
12Sept30
2 Jan 3
25
109 South Lake
112 *114 113
*114 112
.40 .40
114 114 *14 14 *114
Jan
.31
.10
Dec
Jan
8
.20
Dec30
5
.10
&
IS
per
hio
U
rtah
M
*.10
.13
80
5
.13
..10
.13
.08 .08 +.10 .13 ..10 .13 *AO
314 Dec 1658 Mar
87s Nov20
4 Feb19
25
Superior
*512 6
*5,2 0
*512 6
512 512 *512 6
512 512
358 Dec
814 Jan
434 Sept27
14 Aug13
238 258
860 Superior & Batton Copper_ 10
212 212
212 234
*212 278
238 212 *24 212
Feb13
3
Nov
81s July
41
:
Sept23
212
25
45
'Trinity
*212 234 *212 234
25s 234
3
3
278 27tt
*212 3
1 May 2'h Jan
1
.73 Dec27 1% Aug20
20 Tuolumne Copper
.85 .85
'.79.... *.78 .85 *.78 .85 *.75 .85 4..78 .85
4018 Dee 6734 JAI)
Apr13 50'* Oct 18
170 U S Smelt Refin & Min__ 50 38
*4314 444 4312 4334
4312 44
44
4378 444 44
*4312 45.
434 Nov 5212 Jan
50 42 July24 4712 Nov 8
390 Do pref
45
4514
4514 4514 40
4512 46
4512 45
4512 454 45
Ws Sept
178 Mar
44 Nov18
5
14 May31
755 Utah-Apex Mining
234 3
278 278
318
3
3',(.
3
3
3'X6 VX. +3
Jan18
12
91s Dec 2112 Feb
Dec30
5
7
875
Utah
Consolidated
812
*8
812
*8
84
8
8
8
8
8
8
84
Ps Jan
24 Dec
1 Dec 9 3'X. Apr 8
1
112 112 2,810 Utah Metal &Tunnel
138 112
112 112
112 112
*112 138
112 113
3 Jan 3
2 Oct
6 Jan
158 Dec30
25
*178 218
2110 Victoria
2
2
*134 2
*134 2
134 134 +178 2
518 Jan
2 Jan 3
2 Oct
25
ls Nov21
..95
1
20 Winona
1
*.95
*.05
1
'.90 1
• .90 .90 '0.95 1
81 Dec 634 Mar
205 Wolverine
25 18 Dec16 36 Jan 3
18
18
18
18
18
18
184 1812 .18
19
1812 19
Aug
Vs Jai
Mar
7
.15
PA
May19
.40
26
Doc'18
Last
Sale
12
Wyandott
12
*14
12
*14
*14
12
*14
12
-_-- - -•1318 and asked prices. a Ex-divi leal anl rtrucs. c Asseument p,i1. •C igx-stoeir dividend. h Ex-rights. g Ex-dividend. w Half-paid.
ai
ou
mar
JAN. 18 1919.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Jan. 11 to Jan. 17, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Par. Price. Low. Iligh. Week.
S Lib Loan 3548_1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 4s.._1927-42
1st Lib L'n 448_1932-47
2d Lib L'n 4348_1927-42
3d Lib Loan 448_1928
4th Lib Loan 44s._1938
Am Agri° Chem 55.... _1928
5s
1924
Am Tel & Tel coil 45.1929
Convertible 6s
1925
AtiG&WISSL 5s 1959
Mass Gas 454s
1929
454s
1931
Miss River Power 5s_ _1951
N E Telephone 55.. _ _1932
Punta Alegre Sugar es 1931
Swift & Co 1st 5s.. _ _ _1944
S Smelt R&M cony 6s_
Ventura Oil cony 78..1922
Western Tel & Tel 5s.1932
Range for Year 1918.
Low.
99.04 99.54 524,500
92.04 93.54 4,000
92.04 93.54 11,050
95.74 96.48 11,300
94.74 95.74 48,350
94.74 96.40 77,200
94.74 95.74149,700
98
98
1,060
101 101
2,000
84
8454 2,000
10034 10034 1,000
82% 8234 8334 4,000
92
92
1,000
8634 8654 2,000
78
78
5,000
3,000
9034 9034 91
4,000
9134 93
96
9634 15,000
100 100
1,000
95
95
4,000
90
90
2,000
96.52 Jan
92.64 Dec
92.60 Dec
93.64 July
93.04 July
94.54 Aug
94.04 Dec
92
Jan
92% May
77
Aug
94% Sept
74% Sept
85
Sept
80% Sept
6754 Jan
84% Aug
77
May
90% Sept
93
July
80
Jan
8234 June
High.
102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov
99% Feb
101% Nov
8754 Nov
10454 Nov
84
Dec
9234 Nov
87% Dec
76% Dec
94% Nov
92
Dec
97% Nov
100% Nov
9454 Nov
92
Nov
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Jan. 11
to Jan. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
American Radiator_ _100
Preferred
100
Armour & Co preferred_ _ _ 10134
Booth Fisheries, corn
new
(no par) 194
Preferred
100
Chic City&C Ry pt sh pref 10
Chic Pneumatic Tool 100
Chic Rys part etf
- -----Chic Rys part ctf "2" Chic Rys part ctf "3"-- -----Chicago Title & Trust _100
Commonwealth-Edlson100
Cudahy Pack Co corn _ _ NO 104
Cudahy rights
100 96
Deere (lc Co pref
Diamond Match
100
Hartman Corp
100
Hart,Schaff&Marx pref 100 75
100
Illinois Brick
22%
Libby(W I)
10
Lindsay Light
Middle West Util com_100
100
Preferred
National Carbon pref._100 121
Peoples Gas Lt & Coke-100
Pub Serv of No Ill com.100 90
100
Preferred
100 10234
Quaker Oats pref
Sears-Roebuck common100 17734
Stewart-Warner Sp com100 8834
100 12434
Swift & Co
Swift International
4454
Union Carbide & Car(no par) 5754
bon Co
Rights
United Paper Bd corn_ _100 1854
Ward, Montg,Sr Co pref _ _ -----Western Stone
Wilson & Co common._100 70
Preferred
100 98
BondsArmour & Co deben 65 1923
Booth Fisheries s S d es '26
Chicago City Ry 5s_1927
Chic City&Con Rys 5s '27
Chicago Rys 58
1927
Chic Rys 4s series "B"_ _
Chicago Telephone 55 1923
Commonw-Edison 5s_1943
Liberty Loan 3348_1932-47
Metr W Side El 1st 4s 1938
Ogden Gas 5s
1945
Peo 0 L & C ref g 58.1947
Pub Serv 1st ref g 5s...1956
South Side Elev 4%8_1924
Swift & Co 1st g 5s.. _ _1944
Wilson & Co 1st fls_ _ _1941
295 298
125 125
1014 101%
554 57% 13,564 474
2% 354 20,657
3
18
18%
625 14%
10954 110
90 100
5
5
35
1
70
7254
796 46
98
98
80 9154
94%
99
90
81
49
80
49%
96%
9454
99
56%
83
78
874
79%
9654
984
9054
83
49%
8055
49%
97
9454
99
56%
83
78
8754
79%
964
984
$2,000
15,600
19,000
43,000
11,000
31,000
6,000
13,000
5,000
1,000
1,000
5,000
29,000
2,000
6,000
1,000
96
88
8434
49
82
50
92%
87%
94
45
75
7454
78
78
90
92
Dec
May
Nov
28
86
18%
714
60
16
2%
185
1184
133
%
98
111
60
76
67
26
28
30
65
121
61
90
97
1004
178
85
146
50
Sept
Feb
Nov
Apr
Mar
June
Oct
Nov
Nov
Nov
Dec
Nov
Dec
Oct
Dec
Nov
Oct
Jan
Dec
Jan
Dec
Nov
Jan
Nov
Dec
Dec
Dec
Apr
Nov
Apr 69
Dec
3%
Feb 26
Aug 110
May
834
Jan 77
Oct 9954
Nov
Dec
Oct
Feb
Dec
Dec
Mar
Sept 101% Nov
Apr 9134 Dec
Jan 91
Nov
Dec 62% Aug
June 884 Apr
Jan 60
Nov
June 974 Dec
Sept 98
Nov
Aug 101.22 Sept
Apr 58% Nov
June 86
Nov
May 814 Feb
Oct 91
Nov
Oct 91
Sept
Sept 9834 Dec
Oct 98% Dec
Baltimore Stock Exchange,-Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 11
to Jan. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range .for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100
35%
35
Atlantic Petroleum
234 24
10
Baltimore Tube
72
72
100
Commercial Credit
44
44
25
Preferred B
25
25
25
Consol Gas E L & Pow_100 105% 10554 106
Consolidation Coal_..100
81% 824
Cosden & Co
7% 754
5
734
Preferred
5
4
4%
Davison Chemical,..no par 38
35
39
Elkhorn Coal Corp
50 29
29
30
Houston Oil pref tr etre 100
78
77
Kirby Lumber pref
75
64
MtV-Woodb Mills v t r 100
1751 1734
Preferred v t r
100 7434 74% 74%
35
1,160
76
30
40
197
300
2,545
339
3,052
200
281
29
133
200
Range for Year 1918.
Low.
Northern Central
50
Pennsyl Wat & Power_100
United fly & Elec
50
Wash B & Annap
50
Wayland Oil & Gas
5
74%
7354
7754
19%
26%
3%
7454
78
20
27
3%
250
68
785
51
25
BondsAnacostia & Potom 5s 1949
90% 90;4
Bait Elea stamped 58_1947
92;4 9254
Bait & Harris WE 55_1938
96% 964
Bait Spar P dr C 450_1953
88
88
Carolina Central 4s_1949
78
78
Central fly cons 5s_ _1932
100 100
City & Suburb 1st 511_1922
100 100
Consol Gas Gen 454s..195.4
89
89
Cons Gas EL&P 4501935
85
85%
5% notes
97
96% 974
6% notes
98
98
Consol Coal refund 58_1950
92
92
Convertible Cs
1923
1004 1004
Cosden dr Co ser A (58_1932 88
86% 88
Series B 6s
1932 8854 874 8854
(Old co) refund 68.._1926
91
91
Cosden 011 dr Gas 6s _1919
99% 994
Elkhorn Coal Corp 68_1925
9951 99%
Fair & Clarks Trac 58_1938
95% 95%
Georgia & Ala cons 55_1945
95
9554
Ga Sou & Florida 58_ _1945
96
96
Houston 011div ctfs 1923-25
98% 99
Kirby Lumb Cont 6:3_1923
98% 99
Lake Roland El gu 59.1942
100 100
Md & Pennsyl Inc 4s_ _1951
15
15
Minn St & St P C jt 5s 1928
93% 93%
Monon V Trac 75
97% 97%
58
1942
86
86
No Bait Tree 58
1942
1004 100%
Pennsy W & P 5s_. _ _1940
90% 9054
Rai & Gaston 1st 5s..1947
954 95%
Seaboard & Roan 58_ _1926
96
96
Syracuse Gas 55
944 944
United Ry & E 4s _ _ _1949
75
754
Income 4s
1949
53
534
Funding 55, small_ _1936
75
75
6% notes
9554 95%
Va fly & Power 5s_ _ _ _1934
834 834
Wash Bait dr Ann 5s.. _1941 82% 82% 83%
$1,000
1,000
11,000
1,000
1,000
1,000
5,000
10,000
9,000
25,000
14,000
9,000
1,000
28,000
15,000
6,000
4,000
22,000
1,000
7,000
4,000
6,000
4,000
2,000
22,000
1,000
10,000
1,000
6,000
1,000
2000,
1,000
2,000
5,000
20,000
• 500
5,000
5,000
7,000
1934
Range for Year 1918.
Low.
69
Aug
60
Jan
17% June
24
Jan
3
Apr
High.
76
Nov
Nov
24% Feb
3154 Sept
3% Jan
sa
86
90
Feb
June
89
75
9854
9654
8334
78
90
94
82
9854
77
78
90%
96
93%
90
92
91
88
954
96%
Oct 93%
June 80
Jan 99;4
Sept 100
Nov 89%
Oct 85%
June 98
Sept 99
Jan 924
July 103%
June 86;4
June 87%
Nov 94
Jan 97
Aug 99%
Apr 96
Jan 94%
Oct 96%
Jan 102
Apr 99
Oct 96%
894
984
80
99%
84
95
91
92
71
52
7354
91%
79
80
July 95
Jan
Dec 98% Dec
Sept 85
Feb
Mar 10054 Dec
Mar 964 Nov
Mar 9554 Jan
July 91
July
Dec 92
Dec
Sept 79
Nov
Aug 59
Nov
Aug 82% Feb
June 96
Feb
Jan 80
Feb
Jan 85% Nov
90% Dec
95
Nov
Jan
Feb
Feb
Feb
Nov
Nov
Nov
Nov
Dec
Jan
Dec
Dec
Jan
Feb
Dec
Dec
Jan
Dec
Aug
Nov
Oct
High.
130 235 June 298
15 116
Oct 148
1,428 9654 Sept 104
184 21% 3,505 18% Jan
82
230 75
77
Nov
8% 10
735
8
Dec
65
65
110 4734 Jan
38
38
10 39
Nov
8% 8%
60
8
Jan
154 1%
162
1% July
185 185
150 112
Sept
1144 117
80 100 June
10254 104
598 102% Dec
594
36
%
.4 Dec
95% 97
275 92 June
108% 109
145 92 June
54% 55
80 45
Oct
75
75
20 53
Jan
58
58
100 45
Oct
22
22% 3,443 18% Oct
13% 14
265 14% Nov
24% 2454
10 18
Sept
5254 52%
10 40
Sept
121 121
15 107
Mar
48
48%
90 404 Apr
90
90
25 79
Sept
92
92
10 70 June
10234 10254
40 02% Aug
1774 180
485 133 June
86
90
10,575 47
Jan
12354 124% 4,807 102
Aug
44% 46% 8,102 32
Oct
may, 100%
9054
82%
49
8054
49%
Rangefor Year 1918.
Low.
257
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded)- Par. Price. Low. High. Shares.
High.
314 Jan 40
Sept
1% Sept
3% Feb
70
Dec 87
May
40
Jan 45
July
24
Dec 2554 Aug
94
Jan 108% Dec
80
Dec 106
Jan
5% Sept
854 Jan
334 Jan
44 Nov
28% Dec 3934 Aug
224 Jan 3154 Nov
64
Apr 80% June
6454 Dec 65
Dec
144 June 1754 Sept
68
Jan 78
Dec
Philadelphia Stock Exchange.-The complete record of.
transactions at the Philadelphia Stock Exchange from Jan. 11
to Jan. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
saw
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price.
Low. High. Shares.
Rangefor Year 1918.
Low.
High.
Alliance Insurance
10
6 19
Jan 194 Jan
1934 194
American Gas
100
64
64
36 50
Aug 89
Jan
American Railways,pf_100
65
40 58
6634
Oct 80
Feb
Baldwin Locomotive_ _100
200 5894 Jan 10034 May
7134 7254
Cambria Iron
50
40
41
25 3654 Oct 43
Mar
Elec Storage Battery_ _100 5354 534 5331
242 48
Mar 57
Oct
General Asphalt
100 5334 48
5734 13,988 144 May 404 Dec
Preferred
100 86
82
90
6,997 47
Jan 78
Dec
Insurance Co of N A _10 264 25% 29
1,183 24
Jan 2854 Dec
Lake Superior Corp_ -100 17% 1734 1734
1,255 12
Jan 21% July
Lehigh Navigation
50 72
72
359 6134 Jan 7634 Nov
7234
Lehigh Valley
50 5554 55
649 53% Dec 65% Nov
5534
Midvale Steel & Ord_ _ _ _50 ___ _ _ x41% 4434
165 41% Dec 59% May
Minehill &S H •
50
50
5054
20 4954 Nov 52
Nov
Northern Central
50 -----___ _
7454 75
10 67
Sept 7631 Dec
Pennsylv Salt Mfg
50 844 84%
17 80
Oct 864 Nov
Pennsylvania
50 ------ 44% 4554 3,736 434 June 504 Nov
Philadelphia Co (Pittsb)Fret (cumulative 6%).50 ------3334 333-4
153 29
Mar 374 Nov
Phila Electric of Pa__ -25 2554 25
254 3,547 24
June 273.4 Nov
Phila R T vet tr rects 50 27
27
28
1,162 2394 Mar 30
Jan
Philadelphia Traction_ 50
70
71
63 x6554 Sept 724 Nov
Reading
50
502 71
7934 81
Jan 95;4 Oct
Tono-Belmont Devel_ _ _ _1
234
294 3,200 1 5-16 Sept
354 Mar
Tonopah Mining
1
2 15-16 3
300
254 July
4
Jan
Union Traction
50
3834 39
286 3634 Aug 4254 Jan
United Cos of N J
100
187 190
80 18254 Aug 195
Feb
United Gas Improv't_ _ _50 734 7254 7434
756 6254 Oct 7734 Nov
U S Steel Corporation_100
9054 9234
1,880 8694 Mar 11654 Aug
Warwick Iron & Steel_ _10
84
340
83.4 84
8% Mar
734 Apr
W Jersey dr Sea Shore_ 50
46
46
4 39
May 48
Mar
Wm Cramp & Sons_ _ _100
x79
79
5 74
Jan 9534 June
Bonds.
US Lib Loan 350_1932-47
99.10 99.10
$750 • 97.00 Jan 102.40 Aug
2d Lib Loan 4s...1927-42
91.80 92.00
400 92.40 Dec 97.84 Nov
1st Lib L 4349_1932-47
95.80 95.80
100
2d Lib Loan 4%81927-42
94.60 94.60
250 94.00 Dec 95.90 Sept
3d Lib Loan 44E1_1928
95.60 96.12 15,850 94.30 Sept 98.52May
4th Lib Loan 44s_ _1938
94.60 95.60 10,950 94.00 Dec 98.00 Nov
Amer Gas dr Elec 55._2007
87
8734 3,000 7654 Sept 87
Dec
do
small
2007
88
100 7754 Mar 86
88
Nov
Baldwin Locom 1st 51940
1004 1004 5,000 9834 Sept 101
May
Cons Trac N J 1st 58_1932
89
89
1,000 85
Sept 95
Feb
Elm & Peep tr etfs 43..1945 704 70
704 7,000 67
Sept 7354 May
do
small
1945
73
73
100 65
Oct 74
Jar
Lake Super Corp 58_ _1924
594 594 2,000 4734 Jan 62
Dec
do
small
1924
, 58
500 48
58
Jan 62
Dec
Lehigh Valley (3s
1928
102% 102% 15,000 9734 Sept 10354 Nov
Consol 6s
1923 10234 10254 10254 2,000 101 'Oct 10154 Oct
Registered 6s.
1023
1,000 10054 Apr 103
10294 10294
Dec
Gen consol 4g 8_ _ _2003 88
88
89
11,000 85
Oct 9134 Feb
Lehigh Val Coal 1st 5s1933
10054 10034 2,000 9934 Sept 101
May
Pennsylv gen 4%s__ _1965
1,000 8634 Aug 94
8994 893-4
Feb
Gen 5s certifs
1968
9754 98
9,000
Pa & Md Steel cons 68.1925 1024 1024 1023.4 9,000 100
Mar 103
Jar
Piffle Co 1st 5s stmpd_1949
100 100
3,000 854 Feb 10034 Dec
Phila Electric 1st 5s..1966 96
954 96
30,000 8934 Sept 96
Jar
do
small
1966
97
97
700 93
May
July 97
Phila & Read cons ext 4s'37
1,000 90
Nov 90
8754 8754
Nov
Reading general 4s_ _ _1997
86
86
2,000 8034 Sept 91
Nov
Spanish-Amer Iron 68.1927
10054 10034 2.000 99
July 101
Feb
United Rys gold tr ctf 48'49
57
57
1,500 56
July 60
Feb
United Rys Invest 5s _1926 6254 6234 6334 5,600 54
Apr 6734 Nov
welshaeh en rks
1930
95
95
8.060 91
Feb 95% Junc
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Jan. 11
to Jan. 18, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sates
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Low. High. Shares.
Par. Price.
Amer Rolling Mill com_25
American Sewer_Pipe_ _100
Am Wind Glass M corn 100 84%
100
Preferred
Columbia Gas & Elec_ _100 42
Commonwealth Trust_100 125
Crucible Steel pref __ _ _100
Farmers Dep Nat Bk-100
5c
1
Gold Bar Mines
134
Indep Brewing common_50
50
6
Preferred
La Belle Iron Wks com_100 96
100
Lone Star Gas
50
Mfrs Light & Heat
5
Nat Fireproofing com_ _50
50
Preferret
1 18
Ohio Fuel 011
25 4331
Ohio Fuel Supply
Oklahoma Natural Gas_25 29
Oklahoma Prod & Refg_ 5
2
Pittsburgh Brewing corn 50
Preferred
50
734
Pittsburgh Coal corn_ _100
Pittsb-Jerome Copper_ _.1
Pittsb & Mt Shasta Copp-1
100
Pittsb 011 & Gas
834
100 120
Pittsb Plate Glass
San Toy Mining
1
Union Natural Gas ...100 12634
100
U S Glass
U S Steel Corp com_ _ _ _100 9134
West'house Air Brake_ _50 95
West.house Elec & Mfg_50 4134
BondsIndep Brewing 6s_ _ _ _1955 - 3634
Vittah nraurinane
10
20
1,090
10
245
15
15
101
5,000
1,265
240
175
22
596
825
345
100
835
629
85
535
640
300
4,000
1,000
4,670
179
1,000
1,279
105
230
365
315
47H 473
16
16
84% 8734
79
79
42
4234
125 125
91
91
96% 99
50
5c
134
1A
5% 6%
98
96
170 170
48% 494
5%
5
10% 103
173 18
43
4434
2934
29
931 10
234 234
7
834
4634 4634
lie
12c
250
25c
834 834
117 120
8c
8c
122 12634
33
33
9034 9234
9434 9534
4134 4234
1011,
1
36
fift
37
fin
Range Since Jan. 1.
High.
Low.
44%
16
84%
77%
42
125
91
96H
Sc
13
5%
96
170
48A
5
10
16
43
29
931
234
7
4634
80
25c
8
117
80
122
32
9034
93
4134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4734
16
88
81
434
125
91H
99
Sc
234
8
102
177
50%
534
10%
19
4534
3134
10
331
934
4934
12o
260
834
120
8c
128
33
9634
3
95%
423'
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
36
62
Jan
Jan
37
53I.'
'Jan
Jan
$28,000
4.000
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week endow
Jan.17 1919.
Stocks.
Railroad,
dtc..
Bonds.
US
Bonds
Par Value. I
232,570!
443,230;
375,1421
416,440
471,220:
571,850
$21,940,500
42,193,000
35,494,200
38,748,500
44,602,500
55,199,000
$872,000 $2,865,000
$602,000
1,029,000 13,367,000 8,056,000
1,077,000 2,960,000 6,507,060
1,609,000 2,165,000 5,876,000
1,853,000 2,397,000 7,096,000
1,812,000 2,213,000 6,536,000
2,510,45215238,177,700
$7,982,000 $23,974,000 $36,936,000
Jan. 1 to Jan. 17.
Week ending Jan. 17.
Sales at
IV,to York Stock
gxchange
1919.
1918.
2,847,150
2,510,452
Stocks-No. shares- _ $238,177,700 $273,170,000
• Par value
$1,000
$7,100
Bank shares. par
Bonds.
Government bonds_ _ _ $36,936,000 $12,296,000.
3,797,000,
State,mun.,dec.,bonds 23,974,000
7,899,500,
7,982,000
RR.and misc. bonds
Total bonds
State, Hun
41. Foreign
Bonds
I
Shares.
Total
$68,892,000 $23,992,500
1919.
1918
6,291,267
$598,074,405
$21,800
9,455,960
$800,059,000
$6,300
$86,833,500
36.377,000
23,635,500
$31,323,000
11,107,500
21,278,000
$146,846,000
$63,708,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Jan. 17 1919
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending Jan. 17.
Stocks-
6% 7%
AetnaExplosives _ r(no par)
2% 334
33.1
Am Writing Paper corn 100
24
24
Brit-Am Tobao ord.. _£1
25%
24
£1
Ordinary bearer
149 150
100
Chevrolet Motor
834 9%
934
Dictograph Products_ r _10
General Asphalt com r 100 5335 48% 57%
8335 91
Preferred _r
100 88
82
7934 82
Gen Mot 6% deb stk w I.
_
113 123
Gillette Safety Razor-r-(t) 122
6%
5% 6%
Hupp Motor Car Corp_ _10
Intercontinental Rubb_100 18% 15% 21
5634
Keyst Tire & Rub com_100 53% 49
27
18
Kirby Lumber corn....l00 23
92
85
Kresge(SS)corn
100 85
2% 2%
Lake Torpedo Boat_
10
2134 23
Libby, MoN & Libby_ r_10 22
434 4%
Marconi Wirel Tel of Am_5
58
52
Nat Ice & Coal.r
100 53
2% 234
No Am Puip&Pap_(no par)
2
234
Pearson Coal_ r
1
Peerless Trk & Mot Corp50 18% 18% 19%
%
Perfection Tire & Rubb r 1
%
%
7
6
7
Poulsen Wireless_ r _ _ _ _100
1-16 1-16
Smith Motor Truck_r_ 10
7% 8
8
Standard Mot Constr_ r _10
1134 12%
Submar Boat Corp v t c_ _5 11%
Swift Internat'l w 1_ r_ _ _15 44% 4431 47
107 108
Todd Shipyards Corp r (t)
35
36%
United Motors_ r_ _(no par) 36
% 11-16
United Profit Sharing_ _25c
4% 5%
5
US Steamship
10
4% 4%
Wayne Coal
5
34
World Film Corp v t c_- _5
34
3% 434
Wright-Martin Airc_r-(t)
RightsUnited Motor
Ex-dividend.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 108.
THE CHRONICLE
258
1
Philadelphia.
Baltimore.
Shares. Bond Sales.I Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
12,035
20,628
21,576
14,574
13,844
15,893
$79,700,
78,150
65,700,
43,C00
105,100
2,000;
5,036
8,037
9,224
7,203
10,720
1,569
$6,500
20,700
32,900
46,500
34,800
13,000
Total
98,550
$373,6501
41,789
$154,400
463'
2,593:
2,4171
1,560
2,375
6021
$24,000
46,000
30,000
65,900
127,000
21,000
10,0761 $313,900
New York "Curb" Market-Below we give a record of
the transactions in the outside security market from Jan. 11
to Jan. 17, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over-the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Former Standard Oil
Subsidiaries
Anglo-Amer Oil_ r
£1
Continental 011_ r
100
Illinois Pipe Liner....100
Northern Pipe Line_ r _ _100
Ohio 011_ r
25
Prairie Oil & Gas_ r_
100
Prairie Pipe Line_ r__-_100
South Penn 011_ r
100
Standard Oil (Calif)_ r _100
Standard Oil(Ky)-r-- _100
Standard 011 of N J..r_ _100
Standard Oil of N Y.r.100
Union Tank Line_ r _
100
Vacuum Oil r
100
315
271
708
412
Range since Jan. 1.
Low.
High.
Jan
n
634 Jan
5,400
8
2,000
33.4 Jan
234 Jan
Jan
n
24
100 23% Jan 25
9,200 24. Jan 25% Jan
Jan
Jan 155
300 145
934 Jan
11,375
831 Jan
53,000 3934 Jan 573.4
j
Jan
2,350 8334 Jan 91
Jan
Jan
5,500 78
Jan
n
82
Jan 123
5,700 109
35,500
4% Jan
40,200 10% Jan
Jan
94,300 4334 Jan
12,900 18
Jan
1,400 85
Jan
2% Jan
100
aaaa n
nnun
:
3: 3
J
jjjjja
2294
3
26
2%
5
12,200 21% Jan 2
19,000
4
Jan
Jan
Jan 58
12,100 47
2% Jan
234 Jan
2,200
, Jan
23
1% Jan
300
Jan 19% Jan
6,400 18
13-16 Jan
14,700
% Jan
Jan
7
900
534 Jan
3-32 Jan
400
1-16 Jan
834 Jan
700
7% Jan
3,500 10% Jan 13% Jan
Jan
16,100 44% Jan 48
Jan
Jan 108
90 107
18,200 33% Jan 36% Jan
34 Jan
14,000
7-16 Jan
5% Jan
4% Jan
20,700
4% Jan
4% Jan
11,000
13,000
31 Jan
34 Jan
434 Jan
6,400
3% ',Jan
34
%
700
34
Jan
16%
500
166
107
323
640
270
302
265
360
705
318
117
410
16%
500
167
108
327
685
270
320
275
360
731
324
121
426
350
5
45
20
30
440
15
142
355
2
355
50
45
125
16%
500
166
107
323
630
270
298
258
360
677
310
107
400
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jaa
Jan
Jan
Jan
Jan
Other Oil Stocks.
560
%
9-4
34
Allen 011_ r
1
234
500
234 234
2%
Atlantic Petroleum
31
X 5-16 12,200
Barnett 011 & Gas_ r _ _ _ _1 5-16
19c 20e 14,000 190
Boston-Wyoming Oil_ r_ _1
7)4 714 21,000
6%
734
Cosden & Co, com_r____5
4
1,200
434
4
4
Preferred.r
5
3,000 13o
130 15c
Crown 011_ r
1
70
1%
134
1)4
Crystal Oil & Refining_ r _ 1
6
6
63i 1,250
6%
Elk Basin Petroleum_ r _ _5
430
Esmeralda 011 Corp_ r_ _ _1 534c 434c 6o 208,800
2
234 234 17,500
2%
Federal 011.r
5
3%
334 434 18,500
331
Glenrock Our
10
3,600 75
77
83
Houston Oil, corn.r...100 77
670 750 30,950 57e
Hudson Oil_ r
1 750
2254 23,800 16%
Internat Petroleum_
£1 21% 18
6%
7
7
834 66,000
Island 011 & Transp_ r__10
12c 14c 25,600 12o
Kenova 011
1 130
2534 13,000 24
Louisiana Oil & Rena_ r.._ - 24% 24
550 21%
2134 2294
Merritt 011 Corp_ r
10 22
234
Metropolitan Petroleum.25
2% 2 15-16 334 52,000
7,500 42o
42c 450
Mexican Gulf Oil_ r
1 44c
1.13
140,000
1.34
1.16
1.27
Midwest 011, com_r
1
1%
154 1916 5,000
Preferred.r
1
2,714 124
124 131
Midwest Refining_ r...._ _50 128
8,300 490
500 510
Northwestern 011.r
1 51c
28c 350 67,000 22o
Omar 011 & Gas, com_ _ _ _1 300
29,700 12%
1234 15
Pennok 011.r
10 13
7%
1,800
834 9
Pittab 011 & Gas_ r_...l00
150 25o 74,000 15o
170
Queen 011_ r
Royal Dutch (new)..r
7134 70% 7334 7,900 70%
7
7)4
734 5,100
Sapulpa Refining r
5 .734
%
54 2,000
Security Prod & Refin__ _5
34
34
34
34 9-16 5,800
Sequoyah Oil & Refin...--1 9-16
8,700 22
26
Sinclair Gulf Corp_r-_-(t) 24% 24
400 380
390 390
Southwest 011_ r
1
1%
134 134 13,050
Stanton 011_ r
1
3,500 110
lie 13o
Texana 011 dr Refining_r_l
13-16
95,000
1
234
113-16
United Western 011, new.r
2%
234 294 1,290
2%
Victoria 011..r
10
334
200
334 334
Wayland Oil& Gas,com..5
34
18
500
167
108
335
685
270
320
280
360
731
330
123
437
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
31 Jan
Jan
3
Jan
Jan
5-16 Jan
Jan
Jan
Jan 230
734 Jan
Jan
4% Jan
Jan
Jan
Jan 150
Jan
1% Jan
0% Jan
Jan
Jan
6o
Jan
234 Jan
Jan
4% Jan
Jan
Jan 8334 Jan
Jan
Jan 75o
Jan 22% Jan
8% Jan
Jan
Jan
Jan 16o
Jan 25% Jan
Jan 24% Jan
Jan
3% Jan
Jan
Jan 45o
1.34 Jan
Jan
Jan 19-16 Jan
Jan
Jan 132
Jan
Jan 530
Jan
Jan 35o
Jan
Jan 15
9
Jan
Jan
Jan
Jan 300
Jan
Jan 75
7% Jan
Jan
34 Jan
Jan
9-16 Jan
Jan
Jan
Jan 26
Jan
Jan 40o
1% Jan
Jan
Jan 22o
Jan
2% Jan
Jan
2% Jan
Jan
3% Jan
Jan
Mining Stocks.
Jan
Jan 500
7,000 42c
42c 45e
Alaska-But Col Metals_ _I 42o
Jan
2,500 880
Jan 910
88c 91e
American Mines_r
1
131 Jan
Jan
1
1% 9,700
1
Arizona Bing Copper__ __I
134
63.40 Jan
4%c Jan
3,000
434c Sc
Atlanta Mines
34 Jan 15-16 Jan
% 15-16 22,300
Big Ledge Copper Co _ _ _ _5
34
Jan
1234o 1234c 1,000 12340 Jan 160
Booth_ r
1
Jan
Jan 54o
48c 51c 26,400 49c
Boston & Montana Dev_ _5 49c
36 Jan
% Jan
7-16
34 • 1,300
Butte & N Y Copper_ _1
Jan
Jan 310
280 29e 18,800 270
Caledonia Mining
1 280
34 Jan
7-16 Jan
34 17,100
Calumet & Jerome Cop _ r.1
14 7-16
2 21-16 40,000 1 15-16 Jan 2 1-16 Jan
Canada Copper Co,Ltd_ _5
Jan 570
Jan
530 57e 29,900 52o
Candalaria Sliver_r
I 56c
8o
Jan
6%c Jan
2,000
70
7o
70
Cash Boy
i
134 Jan
1
Jan
134 1% 4,800
Cerbat Silver M & M _ r_ _1
1%
Consol Arizona Smelt.....5 1 3-16 1 1-16 1 7-16 34,300 1 1-16 Jan 1 9-16 Jan
6% Jan
5% Jan
5% 6% 7,500
Consol Copper Mines_ _ _ _5
634
534 Jan
4% Jan
Cresson Con Gold M & M 1
5
4% 5% 5,200
134 Jan
134 Jan
100
1% 1%
El Salvador Silver M. _1
1% Jan
1% Jan
1% 1% 5,150
Eureka Croesus Min..r_ _ 1
134
2
1% Jan
Jan
1,200
1% 2
5
2
First Nat Copper
Jan 65c
Jan
60o 650 10,900 000
Florence Silver_r
1
Jan 24c
Jan
210 23c 11,100 210
Goldfield Consolidated _10 22c
Jan 634o Jan
6c
6o 6%c 4,500
Goldfield Merger_ r
1
Jan 48o
Jan
2,600 41e
410 480
48o
Hamilton M de S
434 Jan 4 15-16 Jan
4% 434 6,550
Hecla Mining
25c 4 6-16
36o
320
Jan
Jan
7,700
320
360
Jim Butler_r
1
Jan
2,000 130 Jan 150
13c 14o
Jumbo Extension
1
Jan
8o
70
Jan
1,000
7c
70
Kewanus_ r
5-16 Jan
7-16 Jan
5 7-16 5-10 7-16 1,000
La Rose Mines Ltd
Jan
Jan
3,800 500
520 55e
Liberty Silver (prosp't) r_l
5340 73.e 115,500 5340 Jan 934c Jan
Lone Star Cons'd r
1 654c
40
Jan
4c
Jan
5,000
40
40
Marsh Mining
1
4c
3% Jan
2% Jan
100
2%
Mason Valley
5
46c
Jan
40c
1,000
Jan
46c
46e
McKinley-Darragh-Say_ -1
Jan
8,000 330
Jan 35o
33o 35o
1 34e
Mother Lode_ r
12% Jan
Jan
000 11
12%
N Y & Hond Rosario_ _ _10 1234 11
Jan 480
Jan
370 48o 36,500 370
1 37c
Nixon Nevada
% Jan 11-16 Jan
%
% 1,500
Ohio Copper_ r
1
3% Jan
3
Jan
3
334
336 7,300
Onondaga Mines Corp _ r _1
2
331 Jan
Jan
2% 13,670
2
Ray Hercules Min_ r_ _ _ _5
23-4
Jan
Jan 280
11,500 25o
250 28o
Rochester Mines
1 270
1,800
g Jan
% Jan
31
32
Standard Silver-Lead
1
34
THE CHRONICLE
JAN. 18 1919.]
Mining StocksConcluded
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Stewart
1
1
Success Mining
Tonopah Belmont Dev.r.1
1
Tonopah Extension
United Eastern Mining_l
U S Continental Min_r _ _1
Ward Min & Milling..r....1
Washington Gold Quartz.1
West End Consolidated-5
Western Utah Exten_r_l
White Caps Extension 100
White Caps Mining_10c
White Knob Copper preflO
150 180
6c
4c
2 9-16 2%
2%
2
2%
4 1-16 4%
90
7e
90
240 250
250
890 910
. 1% 1 3-16 1%
130 160
160
3c
4c
30
150 18%c
170
1% 1%
17c
Sc
Range since Jan. 1.
Low.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
$
Bonds.
98% 99% 729,000 98% Jan 99% Jan
Am T & T 6% notes w 1 '24 99
101% 101% 14,000 101% Jan 101% Jan
Amer Tobac serial 78.r '20
102% 102% 5,000 102% Jan 103
'Jan
1922
Serial 7s_r
103% 103% 10,000 102% Jan 103% Jan
1923
Serial 78_r
Anaconda Cop Min Os 1 '29 97% 97% 98% 399,000 97% Jan 98% Jan
9,000 100% Jan 101
100% 101
Jan
Beth Steel serial 7s_r_1920
100% 100% 4,000 100% Jan 100% Jan
1921
Serial 7s.r
1923 Hu % 101 101% 12,000 100% Jan 101% Jan
Serial 7a_r
38,000 96
Jan 913
96
96
Jan
Braden Cop M 6s_r_I_1931 96
Canada(Dom of) 58_1919 99% 99% 99% 78,000 99% Jan 99% Jan
Chic & N W Ry gen5s wl'87 99% 99% 100% 270,000 99% Jan 100% Jan
102% 102% 27,000 102% Jan 102% Jan
Cudahy Packing 78
1923
Jan 104
103 103% 45,000 103
Jan
Federal Farm Loan 58..
Jan
1021 90% 90% 91% 83,000 89% Jan 92
Interboro R T 78
Kan C'y Term Ry 68 w 1'23 100% 100% 100% 11,000 99% Jan 100% Jan
Jan 100% Jan
Laclede Gas 1.. coil 7s w 1'29 100% 100 100% 25,000 100
138,000
99%
Jan 99% Jan
Liggett & Myers Tob 6s'21 99% 99% 99%
N Y Telep deb 68 w 1_1949 101% 100% 101% 425,000 100% Jan 101% Jan
I Pennsylvania RR97% 98% 611,000 97% Jan 98% Jan
Gen 5s w 1 Ser B__ _1968
54% 71,000 48
Jan 54% Jan
Russian Govt 6%a_r_1919 54% 52
51% 28,000 47
50
Jan 53
1921
Jan
5%s_r
St Paul Un Dep 5%s_ r i'23 09% 98% 99% 43,000 98% Jan 99% Jan
93% 240.000 93
Jan 94% Jan
Wilson & Co Inc(1s w I 1928 93% 93
* Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock
r Unlisted. u Ex-cash and stock dividends. w When issued. z Ex-dividend.
V Ex-rights. z Ex-stock dividend.
CURRENT NOTICES.
-Plans to form a new bond house in Portland, Ore., under the name of
Freeman, Smith & Camp Co. are announced. The incorporators will be
F. A. Freeman, heretofore Vice-President of the Lumbermen's Trust Co.
of Portland; Frank W. Camp, Secretary of the same concern, and Gilbert
W. Smith, Manager of its San Francisco office. All three have resigned,
effective Jan. 3. The principals in the proposed concern have a wide
acquaintance among investment bankers. Mr. Freeman was formerly
Cashier of the Lumbermen's National Bank, resigning to accept a position
with the Lumbermen's Trust Co. when that institution was organized in
1913. Mr. Camp was formerly Western buyer for E. H. Rollins & Sons,
and had been with the Lumbermen's Trust Co. for five years. Mr. Smith
had been associated with the same company for four years and prior to
that time was Western representative of Sweet, Causey, Foster & Co. of
Denver. The proposed concern will specialize in municipal and Government bonds.
-Bonbright & Co. have organized classes in investment salesmanship
for women in connection with the firm's plan of establishing an uptown investment office to be managed exclusively by women, and as part of a
program for broadening the participation of women in the securities investment business. The first class has just been graduated. The course
is under the direction of Mrs. Jacob Riis, who is to be in charge of the new
office at 7 East 44th Street, but the course is being given at the company's
main office, 25 Nassau Street. The course, which will deal with every
phase of the security investment business, will extend over a term of three
months, and will include lectures by specialists in the various investment
fields.
-The Eastern Audit Co. at 203 Broadway announces the connection
with it of Charles A. Whitney, who will act as Vice-President of the corporation. Mr. Whitney has been chief of the income tax division in the
New York office Of the Treasury Department since the inception of the
present complicated Federal tax laws, and is recognized as an expert in
the application of the law to all classes of income both of corporations and
individuals.* He will have general supervision of all income tax returns
prepared by the Eastern Audit Co., Inc.
New York City Banks and Trust Companies
share.
All prices now dollars per
Banks-N.Y. Bid.
500
America
Amer Exch.. 220
Atlantic_ _ .170
Battery Park. 190
425
Bowery
Broad w.syCen 135
Bronx Boro*. 195
Bronx Nat_ _
160
Bryant Park• 145
Butch & Drov 20
Cent Mere__ 165
405
Chase
Chat & Phen 250
Chelsea Each• 110
Chemical__ _ 450
222
Citizens
465
City
Coal & Iron. 220
Colonial.__ 400
Columbia._ 155
Commerce.. t208
Ex
390
Common190
wealth
Continental._ 107
Corn Exch..- 350
Coeinop'tan*. 85
Cuba (Ilk of). 175
20
East River
Europe
110
Fifth Avenue'11800
Fifth
215
First
945
Garfield
175
Gotham
200
Greenwich._ 33.5
Hanover
735
Harriman-- 250
Imp & Trad
530
Bid.
Banks.
Ask.
525 ItIrving (trust
certificates) 275,
230
415
180 Liberty
270
200 Lincoln
Manhattan'.. 185
145 ,Mech & Met_ 340
175 Merchants.... 125
170 'Metropolitan* 175
_ 375
155 jMutual
25 New Noths_ 200
170 New York Co 130
425
410 New York_
150
Pacific *
550
120
-. Park
200
_ Prod Exch*
240
227
-- .. Public
450
470 Seaboard_
400
230 Second
_ Sherman __ 125
120
165 State •'
115
0
t217 23(1 Ward
410 Union Exch. 145
UnittxiStates. 500
275
205 Wash
115 Westeh Ave*. 160
360 Yorkville •__ 290
100
Brooklyn.
-5
- Coney Island* 140
-2
250
130 First
2200 Greenpoint _ 150
110
'230 Hillside •
70
960 Homestead •
65
185 Mechanics' *
85
_ ,,Montairk•
200
350
. 'Nassau
745 National City 133
-- North Side._ 175
130
550 People's
Ask. Trust
Bid
New York. I
280 13anker3 Trust t385
430 Central Union' 407
300 Columbia.
305
195 Commercial._ 88
350 Empire
1285
135 Equitable Tr_ 405
Farm 1. & Tr_ 420
Fidelity
220
215 Fulton
230
140 Guaranty Tr.. 365
Hudson
135
Irving Trust_ !see
I Nat
Law Tit & Tr 97
.1E6 Lincoln Trust 180
470 Mercantile Tr
425
& Deposit . 210
135 Metroeolltan. 345
125 Mutrial(West130
Chester) _ _ 105
155 N Y 1.104 Ins
& Trust
t802
N Y Trust
175 Scandinavia!' 600
290
310 Title Gu & Tr 330
Transatlantic
U S Mtg & Tr 420
155 United States 890
275 Westchester__ 130
165
Breeklg
120 Brooklyn Tr 500
80 Franklin
220
70 Hamilton.
280
95 Kings County 62(1
207 Manufacturers 160
138 People's_
290
200 QtleOns CO
65
140
Ask.
4.1-5.315
100
295
420
425
idcr
375
145
Irving
Bank
105
126
305
340
170
430
910
140
515
230
270
650
75
* Banks marked with a (*) are State banks. t Sale at auction or at Stock
Exchange this week. 1 Includes one-third share Irving Trust Co. I Now stock
s Ex-rights.
New York City Realty and Surety Companies
High.
16,400 15c
Jan 18e
4o
6,000
Jan
7o
300 2 9-16 Jan
2%
9,650
1% Jan
2%
4,060 4 1-16 Jan
4%
19,500
70 Jan
90
Jan 26o
11,000 240
3,100 890
Jan 91c
2,420 1 3-16 Jan
1%
25,000 130
Jan 170
2c
Jan
12,000
40
38,200 100 Jan 18%c
1% Jan
100
1%
259
- .......-- Bid
Alliance R'Ity 55
Amer Surety_ 60
Bond & M G.. 220
Casualty Co_
City Investing -fi"
Preferred__ 60
All prices_ now dollars per share.
Ask.
Bid. Ask.
Bid.
65 Lawyers Mtge 108 115 Realty Assoc
65 Mtge Bond_ 85
90
(Brooklyn). 77
227 Nat Surety_ 217 220 U S Casualty_ 175
75 N Y Title &
US Title Guar
Mortgage.._ 90 100 West & Bronx
20
67
Title &M
150
Ask.
83
190
60
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
RR. Equipments-PerCl.Basis.!
Standard Oil Stocks Per Share
Pal Bid. Ask. Baltimore & Ohio 454s
5.95 5.50
Anglo-American 011 new.. £1 1634 1714 Buff Roch & Pittsburgh 4%s 5.80 5.60
100 1100 1115
Equipment 48
Atlantic Refining
5.80 5.60
100 465 485 Canadian Pacific 4%s
Borne-Scrymser Co
5.95 5.50
Buckeye Pipe Line Co-.- 50 .94 96 Caro Clinchfield & Ohio 58_ 6.40 6.00
300 32O Central of Georgia 5s
Chesebrough Mfg new.
6.00 5.50
100
Equipment 4%s
Colonial Oil
6.00 5.50
100 500 52O Chicago & Alton 48
6.95; 6.10
Continental Oil
.37 39 Chicago & Eastern Ill 5%s_.. 7.50 6.50
Crescent Pipe Line Co....
Equipment 4%s
7.50 6.50
Cumberland Pipe LIne_100 180 19O
100 185 195 Chic Ind & Louisv 4%s
6.5( 6.00
Eureka Pipe Line Co
5.95 5.45
100 89 91 Chic St Louis & N 0 5a
Galena-Signal Oil com
O Chicago & N W 4%8
5.50 5.25
Preferred old
1°° 10
25
2 106
4
6.50 5.75
Preferred new
Chicago R I & Pao 4%s
100 165 168 Colorado dr Southern 5s....... 6.25 5.75
Illinois Pipe Line
Indiana Pipe Line Co_ _ 50 104 107 Erie 5a
6.00 5.50
6.00 5.50
Equipment 4%s
International Petroleum_ £1 *21 2112
Equipment 4s
6.00 5.50
National Transit Co_12.5 *1612 1712
6.00 5.50
New York Transit Co-100 190 200 Hocking Valley 4s
Equipment 58
6.00 5.50
Northern Pipe Line Co....100 110 115
5.75 5.25
25 *327 332 Illinois Central 5s
Ohio 011 Co
5.75 5.25
Equipment 4%s
2 *56 6O
Penn-Mex Fuel Co
100 670 68O Kanawha & Michigan 4%s.._ 6.25 5.75
Prairie Oil & Gas
Prairie Pipe Line
100 270 275 Louisville & Nashville 58.- 5.75 5.25
Solar Refining
100 360 370 Michigan Central 55
6.00 5.50
Southern Pipe Line Co...100 177 182 Minn St P dr S S M 4%8
8. 5.50
South Penn Oil
100 310 320 'Missouri Kansas & Texas 5s. 7.00 6.00
7. 6.00
Southwest Pa Pipe Lines.100 100 104 Missouri Pacific 58
6.50 6.00
Standard 011 (California).100 270 274 Mobile & Ohio 5s
6.50 6.00
Equipment 4%s
Standard 011 (Indiana). _100 775 785
6.25 5.75
Standard 011 (Kansas).....100 525 54O 1New York Central Lines 58
6.25 5.75
Equipment 4%s
Standard Oil (Kentucky)100 360 37O
Standard Oil (Nebraska).1I I 485 515 N Y Ontario & West 4 Ms... 6.15 5.65
Standard Oil of New Jer_100 708 713 Norfolk & Western 4%s......_ 5.80 5.30
Equipment 4s
5.8 5.30
Standard Oil of New Y'k.100 318 322
lii 470 49O Pennsylvania RR 4%s
Standard 011 (Ohio)
5.75 5.25
5.75 5.25
Equipment 48
Swan & Finch
100 98 102
Union Tank Lino Co....100 116 118 St Louis Iron Mt & Sou 5*.. 6.75 6.00
Vacuum OH
100 410 42O St Louis & San Francisco 58.. 7.00 6.00
6.50 6.00
Washington 011
1 .33 37 Seaboard Air Line 5s
Equipment 4%a
6.5 6.00
Southern Pacific Co 4 As..
5.75 5.50
Ordnance Stocks-Per Share.
Southern Railway 4%s
6.00 5.50
Aetna Explosives pref.-.1001 55 60 Toledo & Ohio Central 48.... 6.50 6.00
American & British Mfg..lOOJ
2
6
Preferred
Tobacco Stocks-Per Share.
iOOJ 15 25
Atlas Powder common-100 153 158
Par Bid. Ask.
Preferred
88 92 American Cigar common_100 113 120
1
10t 107 109
Babcock & Wilcox
Preferred
1
87 95
Bliss (E W)Co common_ 501'250 325 Amer Machine & Fdry _ _100 60 80
Preferred
23 25
501 •65 75 British-Amer Tobac ord__£1 .
Ordinary, bearer
24 25
Canada Fdys & Forglngz.100 190 200
£1 .
Carbon Steel common...100 86 93 Conley Foil
100 180 210
1st preferred
100 93 100 Johnson Tin Foll & Met_100 75 100
2d preferred
100 60 70 MacAndrews & Forbes._100 190 210
Preferred
100 90 100
Colt's Patent Fire Arms
Mfg
*40 44 fReynolds (R J) Tobacco_100 380 420
B common stock
duPont(E I) de Nemours 25
100 300 330.
Preferred
1
& Co common
100 275 285
105 108
A dividend scrip
Debenture stock
100 91 92
96 100
Eastern Steel
E
100 75 85 I B dividend scrip
96 100
Empire Steel & Iron com_100 25 35 Young (J 8) Co
120 150
1
Preferred
Preferred
95 105
1
100 60 70
Hercules Powder corn...AO° 203 207
Short Term Notes-Per Cent.
Preferred
100 105 109
Niles-Bement-Pond com-100 105 108 Amer Cot 011 58 1919_ _M&S 9918 995e
7% notes Sept 1919
10038101
100 95 98
Preferred
Amer Tel & Tel es 1919..F&A 100 10018
Penn Seaboard Steel (no par)
Phelps-Dodge Corp
100 280 300 Balto & Ohio 58 1919_ _J&I 9914 9912
Scovill Manufacturing..._111 323 350 Canadian Pan 68 1924.M&S 2 100381003s
Thomas Iron
50 *20 30 Del & Hudson 58 1920_ _FdrA 9858 99
Erie RR 5s 1919
A-0 9412 9514
Win Repeat Arms corn (new) 100
Fed Sugar Rfg 5s 1920_ _MO 9712 9812
Preferred (new)
Woodward Iron
100 40 50 General Eiec tis 1920_
100121007a
6% notes (2-yr) 1919.J&D 10014 1003s
Preferred
85 95
Great North 58 1920_ -M&S 98% 99
Flocking Val as Feb '19 MAN
K C Term Ry 4%8 1921_J&J 97l 99
Public Utilities
5s Nov 15 1923__M&N 15 100 10014
Amer Gas & Elec corn__ 50 *100 104
Preferred
50 .44 46 Laclede Gas Lt 58 1919.F&A 995 1001s
Amer Lt & Trac com____100z236 239 Liggett&MyersTob6s'21J&D 99 9934
lii z98 100 N Y Cent 58 1919_ _M&S 15 9918 9958
Preferred
Amer Power & Lt corn.....luI 55 60 Penn Co 4%8 1921__J&D 15 97 9758
Preferred
100 77 80 Pub Ser Corp NJ 58 '19.M&S 98 99
Amer Public Utilities com100 15 18 Rem Arms U M C 58'19F&A 9914 9934
Preferred
100 38 3912 Southern Ry 5a 1919.M&S 2 9914 9934
Carolina Pow&Light corn lii 34 38 Utah Sec Corp es'22.M&S 15 89
Cities Service Co com
W'house El & M 64 '19_ F&A 100
100 288 291
Preferred
100 7734 78 Winches RepArms7s'19. M&S 9958 9978
Colorado Power com
100 27 28
Industrial
Preferred
and Miscellaneous
..i00 95 100
Com'w'th Pow IV & Lt._100 19 21
American Brass
100 218 222
Preferred
100 42 44 American Chicle com
100 62 65
Elec Bond & Share pref. 100 d921 95
Preferred
100 74 76
Federal Light & Traction.100
American
hardware
8 11
100 134 138
Preferred
100 40 43 Amer Typefounders com_100 37 42
Great West Pow Sc 1946..J&J 8312 87
Preferred
100 81 86
Mississippi Riv Pow com-100 1012 1212 Borden's Cond Milk com-100 101 104
Preferred
Preferred
100 38 41
100 100 104
First Mtge Sc 19.51... _J&J' 7712 79 'Celluloid Company
100 133 138
North'n States Pow com_100 58 61
Columbia Graphoph Mfg (t)•138 141
Preferred
100 85 87
100 89 0012 I Preferred
North Texas Elec Co corn 100 57 61 'Freeport Texas Co
Preferred
100 70 75 Havana Tobacco Co
(
100
"! *34
1 35
3
Pacific Gas & Elec corn _100 47 49 j Preferred
100
2
5
1st preferred
100 86 87 ! let g Sc June 1 11,22 J-D1 140 46
Puget Sd Tr L & P cora 100 15 18 Intercontruen Rubb com_100 1712 18
Preferred
100 52 5412 Internet Banking Co_ _100, 160
Republic Ry & Light_ _ _100 16 18 International Salt
100 52 62
Preferred
100 50 52 ! 1st gold 5a 1951
A-0; 70 7134
South Calif Edison corn_ _100 84 86 International Silver pref _100 80 90
Preferred
Lehigh Valley Coal Sales_ 50 .86 89
100 96 101
Standard Gas & El (Del). 50 •13 15 Otis Elevator common_ __100; 66 70
Preferred
50 .32 34
Preferred
100: 82 86
Tennessee RI, & P cum..100
2
3 Remington TypewriterPreferred
Colamon
100 31 33
100 12 14
United Gas & Elea Corp_100
1st preferred
3
100 282 84
5
lit preferred
2d preferred
100 38 40
100 101 104
21 preferred
100
5
8 Royal Baking Pow coin. 100 122 130
United Lt & Rye corn_ _100 37 40
Preferred
100 86 89
1st preferred
100 70 72 Singer M3nufacturing_..100 182 187
Western Power common 100 18 20 Texas Par Coal .k Oil_
100 1450 1550
Preferred
100 66 68 W'hotraeChurchKerr&Co 100 64 67
• Preferred
100 81 86
•Per share. b Basis. d Purchaser also pays scented dividend. s New stock.
y Ex Mehra. a Ex-dividend of 28%.
/ Fiat price. Pt Nominal. s Ex-dividend
(t) Without par value.
[VOL. 108.
THE CHRONICLE
280
ailroati uttiliffience.
nvestuunt atta
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
ean be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
--
-
-• -
Latest Gross Earnings.
ROADS.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Jan.1 to Latest Date
Current
Year.
Week or
Month.
Previous
Year.
$
$
Alabama & Vicksb_ November
220,799 206,042 2,208,247 1,927,190
Ann Arbor
67,652
1st wk Jan
74,626
74,626
57,652
Atch Topeka & S Fe November 14814265 12580398 148372062 128669967
Gulf Colo & S Fe.. November 1,657,675 1,586,832 17.454,600 15,619,286
Panhandle & S Fe November
503,942, 587,760 5,397,403 6,353,065
Atlanta Birm & Atl November
461,3211 351,689 4,234,205 3,600,252
Atlanta & West Pt November
241.412) 170,374 2,283,116: 1,603,311
Atlantic City
November
440,4241 187,904 3,943,609. 3,027,832
Atlantic Coast Line November 4,991,597 3,765,412 51,372,447 39,455,234
Baltimore & Ohio November 15529392 11778278 158832635, 122945071
B &0 Ch Term November
130,949 148,966 1,645,426; 1,818,865
Bangor & Aroostook November
467,904 345,390 4,425,606, 4,045,182
Bellefonte Central_ November
73.680
80,513)
7,518
6,953
Belt By of Chicago.. November
307,327 302,604 3,594,965' 3,537,891
Bessemer & L Erie_ November 1,088,102 1,168,726 12,554.752 11,682,313
Bingham & Garfield November
281,725 306,269 3,189,969 3,010,535
Birmingham South_ November
84.179 114,784 1,313,942 1,087,674
Boston & Maine
November 6,280,374 5,114,413 64,176,642 54,515,752
Buff Roch & Pittsb_ 1st wk Jan 259,215 269,250
259,215) 269,250
Buffalo & Susq RR- November
175,868 168,032 2,069,798, 1,629.923
Canadian Nor Syst_ 1st wk Jan 779,400 565,800
779,400; 565,800
1st wk Jan 2,856,000 2,343,000 2,856,000 2,343,000
Canadian Pacific
Can P Lines in Me.. November
246,597 192,596 2,090,835' 2,185,806
Caro Clinch & Ohio November
455,109 380,381 4,316,467 3,752,558
Central of Georgia.. November 1.789,054 1,625,069 18,790,847 14,387,635
Central RR of N J- November 3,704,189 3,255,166 41,230,780 34,329.024
Cent New England.. November
474,014 469,380 5,555,319 5.050,632
Central Vermont November
428,997 379,314 4,735,741 4,120,500
Charleston & W Car October
341,926 252,455 2,416,555 1,919,742
Ches & Ohio Lines_ November 7,263,217 4,924.538 66,631,181 49.902,851
Chicago & Alton__ _ November 2,078,050 1,716,182 22,202,145 18,887,283
Chic Burl & Quincy November 13071405 10380642 131533451 111954305
Chicago & East Ill_ November 2,320,752 1,863,414 24,527,096 19,329,842
Chicago Great West November 1,594,112 1,399,272 17.431,464 14,991,897
Chic Ind & Louisv_ November
984,968 800.038 9,971,999 8,411.673
Chicago Junction__ November
308,535 282,702 3.096,606 3,000,005
Chic Milw & St P.._ November 11571383 11155099 120559910 104550780
Chic & North West November 11315957 9,503,849 116619479 99,476,025
Chic Peoria & St L_ November
157,032 219,888 1,988,183 2.015,611
Chic R I & Pacific__ November 8,665,381 7,781,794 91,445,672 78,204.333
Chic R I & Gulf.... November
423,105 383,851 4,065,467 3,500.979
Chic St P M & Om.. November 2,348,526 1,965,743 22,583,987 19,620.112
Chic Terre H & S E November
428,763 360,781 4,614,463 3,440.635
Cinc Ind & Western November
263,107 219,177 2.868.440 2,435,274
Colo & Southern... 1st wk Jan 198,284 198.240
198,240
198,284
Ft W & Den City November
781.879 658,160 7.150,198 5,892,053
Trin & Brazos Val November
976,528
93,178 142,100 1,040,605
Colo & Wyoming._ November
90,899
79,838 1.032,503 1,076,506
Constit Rys of Mex 1st wk Dec 231,528
Crip Crk & Col Spgs November
84,361
855,288 1,034,713
65,284
Cuba Railroad_ _ _ _ November
472,392 646,826 11,290,408 6,794,614
Delaware & Hudson November 2.933,494 2,502,766 32,188,160 27,768,844
Del Lack & West... November 6,264,230 4,880.755 62,730,352 52.925.159
Deny & Rio Grande November 2,935,940 2,624,939 28,482.632 26,038.789
Denver & Salt Lake November
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 November
326,846 231,148 3,090,747 2,702,659
Del & Tol Shore L.. November
178,116 141,115 1,794.797 1.680,180
Dul & Iron Range__ November
449,886 792.000 8.859,779 7,214,208
Dul Missabe & Nor November 1,377,248 1,751,215 21.303.126 14,961,564
Dul So Shore & Atl_ 4th wk Dec 149,455
85.647 4,783,922 4,294.042
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
November 8,232,525 6,426.714 79,679.000 65.872,976
Erie Railroad
Chicago & Erie 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
974,279
Fonda Johns & Glov November
81.602 1.023,981
92,557
Ft Smith & Western November
115,582 144,044 1,175,197 1,038.120
Galveston Wharf November
72.143
938.123 1,000,038
65,895
Georgia Railroad November
699,506 475.478 6,078,975 3,829,504
Grand Trunk Pacific 2d wk Dec 179,674 116,294 6,166,920 5,899,968
778,848
Grand Trunk Syst_ 1st wk Jan 1,003,631 778,848 1,003,631
Grand Trunk By 3d wk Dec 1,495,431 990,791 60,847,249 50,100,971
Grand Trk West_ November 1,864.402 1,495.096 17,165,003 14,684,911
Great North System November 10155811 8.054,625 90,812,867 81.649,320
Gulf Mobile & Nor_ November
211,219 199,673 2,198,940 2,142,442
Gulf & Ship Island_ November
186,759 211,631 2,365,580 2,126,157
Hocking Valley__ _ _ November 1.071,034 958,522 12,456,617 9,948.828
Illinois Central._
November 9,196.391 7.533,327 98,190,217 79,746,003
Internat & Gt Nor_ November 1,174.600 1,249,477 12,298,539 11,327,359
Kan City Mex & Or November
77,315 110,893 1,189,850
K0 Max &0of Tex November
112,448 118,55111,111,526 1,193.442
Kansas City South_ November 1.374,999 1,169,920 13,863,378 11,338,664
Texark & Ft Sm.. November
139,958 111,069 1,154,061 1,021.589
Kansas City Term.. November
96.451 1,138,953 1,035,421
105,754
Lehigh & Hud Riv. November
199,773 184,564 2,104.599 2,089.302
Lehigh & New 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 & Salt Lake November 1,208.262 1,065,086 13,247,833 11,632,863
Louisiana & Arkan_ November
136,903 143.913 1.525.580 1,426,928
Louisiana By & Nay November
288,190 251.541 2,803,668 2,246,001
Louisville & Nashv_ November 8,187,716 7,287.165 91,748,390 70,040,802
Louisv Hand & St L November
257,751 192,608 2,595,702 2.034.737
Maine Central
November 1,447,229 1,130.226 14.985.764 13,000,393
Midland Valley_ _ _ _ November
328,219 290,776 3.181,241 2,670.125
Mineral Range__ 4th wk Dec
22,425. 21,355 1,137,807 1.203,600
Minneap & St Louis November 1,006,803 939.571 10,960,675 9,971,366
Minn St P&SSM November 3.478,413 3,068,555 32,025.114 31.960.405
Mississippi Central_ November
862,493
94,201 109,232 1.166,525
Missouri 'Kan & Tex November 3,124,371 2.398,310 30,193,721 23,656,018
Mo K & T By of Tex November 1,858,479 1,737,164 17.915,202 14,525.335
Mo & North Arkan October
117.159 132.994 1.178,027 1,197,216
Mo_Okla & Gulf_ _ _ November
141.822 192,452 1.658.930 1.761.689
•
•
Current
Year.
Previous
Year.
Jan.1 to Latest Date
Current
Year.
Previous
Year.
$
Missouri Pacific..__ November 8.249.835 6.851,450 81,498,804 71,540,000
315,572 178,449 2,915,936 1,981,558
November
Monongahela
222,079 145,383 2,245,461 1,710.105
Monongahela Conn November
Nashv Chatt & St L November 2,073,269 1,429.991 19,864,025 13,840,363
375,278
279,329
6,424
Nevada-Cal-Oregon 3d wk Dec
4,608
Nevada Northern.._ November
239,976 214,097 2,488,027 2,276,560
914,872
75.174 1,318,919
Newburgh & Sou Sh November
149,935
New Ori Great Nor_ November
190,958 158,880 2,040,349 1,750,535
490,965 472,499 5,902,664 4,457,360
New On & Nor East November
148,080 171,800 1,787,889 1.331,180
N 0 Tex & Max.. _ _ _ November
916,621
131,914 113,222 1,319,108
Beaum S L & W.. November
380,090 32(1,802 4,041,504 3,525,584
St L Browns & M November
New York Central_ November 28014171 20323564 267308434 219740943
518,485 413,625 5,061,456 4,776,154
Ind Harbor Belt..,November
841.434 705,357 8,570,884 7,499,910
Lake Erie & W.._ November
Michigan Central November 6,382,961 4,756,058 61,951,200 48,152,039
Cleve00& St L_ November 6334,343 4.525.29866.003,555 48,406,492
268,960 220,464 2,546,184 2,263,839
Cincinnati Nortb November
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
486,525 306,827 5,472,767 3,306,441
Kanawha & Mich November
N Y Chic & St Louis November 2,189,445 1,403,157 20,151,020 15,607,415
NYNH& Hartf__ November 8,630,784 7.179,338 93,686,061 78,823,275
750,649 719.527 10,071,006 8,476,630
N Y Ont & Western November
426,557 275,354 4,015,791 3,236,656
N Y Susq & West__ November
Norfolk & Western.. November 7,910,911 5.889.669:75,175,346 60,555,477
613,104 415,446 5,186,947 4,883.652
Norfolk Southern.... November
Northern Pacific..__ November 10028583 7,835.401 92.841.868 80,856,976
953,130
923,396
80,213
68,896
Minn & Internat. November
433,635 399,307 5,268,094 4,465,379
Northwest'n Pacific November
145.687 120,150 1.199,110 1,155.010
Oahu By & Land Co September
November
457,695 570,134 5,161.116 4.643,593
Pacific Coast
Pennsylvania RR November 32915931 24155773 333169367 267753149
130,631 111,201 1.301,306 1,200,366
Bait Ches & Atl November
648,617 393,657 5,321,515 4,460,151
Cumberland 1411. November
November 1,691,535 1,381,465 20.552.913 15,959,656
Long Island
935,291
983,622
83,837
102,509
Mary'd Del & Va November
740,538 502,400 6.867,317 5,111.681
N Y Phila & Norf November
$.008,471
827,664
W Jersey & Seash November
Pennsylvania Co_ _ _ November 9,200,041 6,820,3 80 86,575,7 11 72,846.146
633,873 500,679 6,649,119 5,986.981
Grand Rap & Ind November
Pitts 00 & St L.. November 7,638,774 6,316,525179,888,416 67,607,403
96,9781 1,183,793 1,112,473
130,213
Peoria & Pekin Un_ November
November 2,865,398 1,979,018126,265,439 21,528,701
Pere Marquette
99.409 102,095 1.227,382 1,067,154
Pittsb & Shawmut_ November
74,558 108,774 1,125,208 1,141,805
Pittsb Shaw & Nor.. November
141.068 148,968 1.722,803 1,463,891
Pittsb & West Va.... November
262,928 248,141 2,342,016 1,832,571
November
Port Reading
68,452
793,199
959,229
69,355
Quincy Om& Kan0_ November
Reading Company:
Phila & Reading.. November 6,810,740 5,874,872 73,140,301 61,712,551
819,711 443,009 6,422,497 4,451,580
Rich Fred & Potom November
459,830 239.799 3,560,080 2,327,464
Wash Southern__ November
341,702 350,686 4,199,931 3,999,774
November
Rutland
196,286 198.422 2,405.0542,146.121
St Jos & Grand IsI'd November
St Louis-San Fran_ November 6,451,898 5,084.856 63,778,875 52,431.433
911.482
95,234 103.093 1.050.973
Ft W & Rio Or November
110,748
80,957 1,272,408 1,042,292
St L-S F of Texas November
St Louis Southwest 4th wk Dec 475,000 344,000 19,401,794 17,309,657
520,091 602,810 6,037,564 5,200,102
St L S W of Texas November
832.856
77,660 397,807 1,015,968
St Louis Transfer November
November
401,228 4,000,350 3,740,962
434,933
Pass..
&
Ant
San
Ar
Seaboard Air Line November 3,362,067 2,727,558 35,313,920 27,507,652
135,590
80.718 1,437,511 1,091,951
November
South Buffalo
Southern Pacific_ _ _ November 13430018 11791455 130986983 119997572
361,920 348,454 4.083,942 3,915,064
Arizona East......_ November
Galv 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 Tex.. November
344,195 375,946 3,973,791 3,299,470
Louisiana West__ November
498,865 732,086 7.511,099 6,204.164
Morgans La &Tex November
676,170 593,557 6,818,627 5,819.756
Texas & New On November
Southern Railway__ November 10466665 8,460,702 115846923 82,317,061
838,853 698,146 8,330,776 8.424,148
Ala Great South.. November
Cin N 0& Tex P_ November 1,356,590 1,088,937 13,923,755 12,017.863
490,965 472,499 5,902,664 4,457,360
New On & N E.._ November
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
902,674
Spokane Internat'l_ November
912,904
73,543 105,376
767,075 575,398 7,768.436 6,212,945
Spok Portl & Seattle November
Staten Island R T__ November
181,243 121,464 1,755,587 1.388,176
1,220
1,220
Tenn Ala & Georgia 1st wk Jan
1,546
1,546
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_ ___ 4th wk Dec 855,899 810,530 27,113.250 22,714,007
Toledo Poor & West November
133,392 107,508 1.481,009 1,181,955
Toledo St L & West November. 766,088 642.941 7,568.077 6,525.551
Ulster & Delaware_ November
950,582
87.131
944,873
72,757
Union Pacific
November 8,054,345 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 RR &N November 2,141,428 1.958,256 23,922,334 20,244,215
613.871 492,477 6,432,149 5,370,796
Union RR (Pa).... November
1,289,140
Utah
113,866
November
Vicks Shreve & Pac November
248,586 246,593 2,365,305 1.980,865
November 1,107,501 887,070 11,019.095 9,532,241
Virginian RR
November 4,270,770 3,637,972 43,689,430 37,189,669
Wabash RR
Western Maryland.. November 1,384,844 1,187,852 13,656,724 12,361,567
Western Pacific.. _ _ _ November
760.121 797,158 10,174,320 9,019,647
Western Ry of Ala.. November
242,232 162,378 2,313.028 1,538,559
Wheel & Lake Erie.. November 1,128.869 1.040.170 12,640,717 10,285.124
971,200
944.035
101,80f 103,426
Wich Falls & N W. November
Yazoo & Miss Vail.. November 2,173.895 1.788,419 20,078,207 16,342.070
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
let
week Oct
week Oct
week Nov
week Nov
week Nov
week Nov
week Dec
week Dec
week Dec
week Dec
week Jan
(15 roads)._ ...
(16 roads)........
(16 roads)._
15 roads).....
11 roads)......_
10 roads)____
15 roads)_ _ _ ..
13 roa(is)____
(11 roads)__
(14 roads)......_
(10 raacio
Current
Year.
Previous
Year.
Increase or 1
%
Decrease.
I
$
$
$
+855,060!12.04
7,664,060 6,809.000
11,833.602 10,309,702 +1,523.00014.78
7,581.166 6,645,360
+965,80614.59
1314.165 5.03
7.194,421 6,850.256
7.551,945 6.734,968
816,977 12.13
7.631,596 7.492,658
138.940 1.85
7.582,032 6,541.897 +1.010.135 15.90
7,853,955 5.756,694 +2,097.261 36.43
6,924,046 5,376.100 +1.547,946 28.79
10,698,660 8,136,132 +2,582,528 31.49
4 eno q2R
5_172 27R
*Monthly Summaries.
Mileage.
Cur. Yr.
January......240.046
February.... _230.336
March
238.891
April
233.734
May.
230,355
June
220.303
July
231,700
230.743
August
September _ _232.186
October _230.184
November....232.274
Current
Year.
1 previous
Year.
Increase or
Decrease.
%
8
$
Prev.Yr.
$
239.8N5 282,394.665 294,002,791 -11.608,126 3.95
228.835 362,761,238 312,276,881 +50.484.357 16.22
237.463 285.776.203 260,627,752 +25.148.451 9.65
232.255 369.409,895 319.274.981 +50.134.914 15.70
228,492 374,237.097 342.146.096 +32.091.001 9.38
219.294 363.165.528 323.163.161 +40,002.412 12.38
230.570 463.684,172 346,022.857 +117661 315 34.00
230.015 498,269,356 362.509.561 +135759.795 37.45
,851) + 129367.931 36.16
232.378 487,140,781 • •
230,576 484,824,750 377,867,933 +106956.817 28.30
232.250 438.602.283 356.438.875 4-82.163.403 23.06
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of January. The table covers 10 roads and shows 22.88%
increase in the aggregate over the same week last year.
First Week of January.
1919.
1918.
$
$
74,626
57,652
Ann Arbor
259,215
269,250
Buffalo Rochester & Pittsburgh
Canadian Northern
779,400
565,800
Canadian Pacific
2,856,000 2,343,000
198,284
198,240
Colorado & Southern
Grand Trunk of Canada
Grand Trunk Western
1,003,631
773,848
Detroit Grd Haven & Milw..
Canada Atlantic
1,546
Tennessee Alabama & Georgia_
1,220
Total (10 roads)
Net Increase (22.118%)
5,172,376 4,209,336
Increase. Decrease
$
16,974
213,600
513,000
44
$
•
10,035
229,783
326
973,401
963.040
10,361
For the fourth week of December our final statement covers
14 roads and shows 31.49% increase in the aggregate over
the same week last year.
Fourth Week of December.
1918.
1917.
Increase. Decrease.
Previously reported (11 roads)_ 9,670,881 7,218,600 2,452,281
85,647
63,808
149,455
Duluth South Shore & Atlantic..
22,425
21,355
1,070
Mineral Range
810,530
855,899
45,369
Texas & Pacific
Total(14 roads)
Net increase (31.49%)
261
THE CHRONICLE
JAN. 18 1919.]
3
10,698,660 8,136,132 2,562,528
• Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
so-day's issue of the "Chronicle," we give the Nov. figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplementforfull details regarding the Nov. resultsfor all the separate
companies.
In the following we give all statements that have come
in the present week. We also add the returns of any industrial companies received this week.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
g El Paso Electric Co November
Fall River Gas Works October
a Federal Lt & Trac_ October
Ft Worth Pow & Lt.. November
Galv-Hous Elec Co__ November
Grand Rapids Ry Co November
gGreat West Pow Sys November
Harrisburg Railways November
Havana El Ry,L & P November
Honolulu R T & Land September
Houghton Co El L Co November
Houghton Co Tr Co.. November
b Hudson & Manhat_ November
Illinois Traction_ __ _ November
Interboro Rapid Tran November
Jacksonville Trac Co November
Keokuk Electric Co_ November
Key West Electric Co November
Lake Shore Elec By.. October
Lewist Aug & Watery November
Long Island Electric_ June
Louisville Railway.._ November
Lowell Electric Corp.. November
Manhat Bdge 3c Line June
Milw El Ry & Lt Co.. November
Milw Lt, Ht & Trac_ November
Mississip Riv Pow Co November
Montreal L,H & P.... October
Nashville By & Light November
New England Power_ November
Newp N&H Ry.G&E November
Nevada-Cal El Corp.. October
N Y & Long Island__ June
NY & North Shore__ June
N Y & Queens Co___ June
New York Railways_ October
Northampton Trac_ November
Northern Ohio Elec__ November
h North Texas Elec.... November
Ocean Electric (L I)_ June
Pacific Gas & Elec...... October
Pacific Power & Light November
g Paducah Tr & Lt Co August
Pensacola Electric Co November
Phila Rapid Transit_ November
Phila & Western__ November
Portland Gas & Coke November
Port(Ore)Ry,L&PCo November
Porto Rico Railways_ October
g Puget Sd Tr,L & P. August
g Republic By & Light September
Richmond Lt & RR_ June
St L Rocky Mt& Pac November
Santiago El Lt & Tr.. October
Savannah Electric Co November
Second Avenue (Bee) June
Southern Boulevard_ June
Southern Cal Edison_ November
Staten Isl Midland__ June
Tampa Electric Co__ November
Tennessee Power......_ November
Tenn Ry, Lt & P Co.. November
Texas Power dr Lt Co November
Third Avenue By...... June
DDEB&BRR__June
42dStM&StNA By June
UnionRyCo(NYC) June
Yonkers Railroad_ June
N Y City Inter Ry June
Belt Line By Corp_ June
Third Avenue System November
Twin City Rap Tran_ November
Virginia By & Power.. November
Wash Bait & Annap_ September
Westchester Electric.. June
York Railways
October
Youngstown & Ohio_ November
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
S
$
106,566 108.206
65,921 56,330
588;876
483.00
276,854 254,713 2.853,380 2.290.802
120.677 96,345
241.488 196,273 2,435,049 1,878,531
105,622 100,702 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
62,657 62,793
523,803
527.494
42,419 39,765
378,568
379,920
22,838 25,987
290,815
311,940
569,259 527,250 6,032,741 5,596,927
1343,655 1243,066 13,446,064 12.275,726
3435,687 3454,687 37,099,648 36,771,208
90,342 60,940
747,108
628,532
23,663 21,650
241,250
225,591
20,450 13,640
181.764
132,019
176.118 142,841 1,809.869 1.475.626
836,042
76,707 71,307
815,160
22.555 24,568
102,885
112,865
321,256 289,154 3,373.789 2,989,549
94,705 69,338
795,478
652,123
12,066 10,111
69.641
60,928
836,299 737,569 8,073,703 7,180.220
293,096 193,061 2,759,404 2,024,402
185,292 168,753 2,026,486 1,817,472
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
230.308 142.032 1.996,921 1,223,444
176,641 167.784 1.844.277 1.676.290
210,615
197,432
44,461 37,595
14,207 14,607
68,348
75,561
84,795 97,994
443,641
588,343
934,683 1103,614 9,329,746 10,489,453
21.071
214,682
579.577 538,799 6,577,320 5,884,383
216,150 270,510 2,680,248 2,287,906
55,011
50,404
18,115 15,548
1910,696 1619.738 18,412,850 16.296.962
163,128 146,677
198.993
26.280 23.298
204,534
48,814 32,130
456,293
315,377
2764,923 2512,229 28.820,945 27,104,497
56,993 45,018
164,245 126,043
636.539 525,811 6,925,386 5,429,490
865,213
744,454
86.047 72,493
1021,191 774,847 7,629,623 5,910,905
443,863 426.250 4,151.145 3.469.834
208,060
42,100 44,102
209,211
394,369 402,023 4,760,910 3,570,760
557,494
473,834
57.100 52,630
107,902 88,105 1,072,495
875,561
79.749 78.170 - 391,753
391,180
99,400
106,723
16,390 19,959
668.681 633,515 7,384,318 7,332,220
132,300
156.755
28,095 34,560
958,880
913,360
90,807 78,088
209,787 189.402 1,985.594 1,788,878
564,667 465,943
294,603 274,952
316,629 359,429 1.909,852 2,064,547
240,805
219,345
51,366 39,120
140,262 157,493
799,125
872,686
255,823 259.112 1.302,869 1.425,071
387,744
72.552 72,231
395.598
338,642
370.710
58,271 63,049
298,470
345.163
48,053 57,607
781,242 853,699 7,210.093 7,801,590
748.352 807,839 8,799.564 9,345,634
647,196 607,654 7,187,007 6.013,083
943,843
323.665 179.669 2.105.150
272,214
253,554
54,888 48,553
863.491
80,583 92.737 • 888.983
34.055 30.870
383.500
323.934
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year. •
Year.
3
469,380 def86,692
Central Now England_b Nov 474,014
124,239
638,190 1,750,242
Jan 1 to Nov 30
5,555,318 5,050.632
96,450
4,086
Kansas City Term_ b...._Nov 105,753
20,402
142,858
1,138,952 1,035,420
Jan 1 to Nov 30
340,366
254,540
30,734
Louis By & Nay Co..b_ _Nov 288,190
86,100
483,868
2,803,667 2,246,001
Jan 1 to Nov 30
662,046
39,070
119,902
Oahu By & Land Co_b_Nov 119,255
54,597
626,777
Jan 1 to Nov 30
1,318,365 1,274,916
653,800
108,774 def81,735 deflf,002
Pittsb Shaw & North_ b_Nov
74,558
469,614
Jan 1 to Nov 30
1,125.208 1.141,804
161,961
St Louis Southwestern System602,810 def119,998
St L S W of Texas_ b...Nov 520,091
202,367
Jan 1 to Nov 30
6,037.564 3,200,101 def193,688
883,908
Southern Pacific System864,944
183,997
South Pac S S Lines_b_Nov 908,778
164,066
532,368 2,353,974
a Now covers only the lines east of York Beach, Me.; in the first four
Jan 1 to Nov 30
8,382,478 10,413,754
months of 1917 covered also the lines west of York Beach. Me. b Includes
all sources. f Earnings given in milreis. g Includes constituent or subb Net earnings here given are before deducting taxes.
sidiary companies. h Decrease in gross earnings due to the omission this
year of the Texas State Fair, to the influenze epidemic and to the reduction
EXPRESS COMPANIES.
-Month of August
- in the number of troops at army camps.
1918.
1917.
American Railway Express Co.$
$
Total from transportation
22,510,022
Electric Railway and Other Public Utility Net EarnExpress privileges-Dr
11,312,942
Roads.
Revenue from transportation
Operations other than transportation
11,197,080
423,024
Total operating revenues
Operating expenses
11,620,104
12,019,567
Net operating revenue
Uncollectible revenue from transportation
Express taxes
def399,463
576
125,138
ings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week.
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
435,832
American Pow & Lt_ a _ _Nov 1,258,289 1,071,606 • 475,921
Dec 1 to Nov 30
13,397,055 11,289,387 5,129,108 4,752,484
def525.177
Operating income
206,087
Bell Telep of•Penn_ b_ __Nov 1,921,631 1,142,895
269,982
Jan 1 to Nov 30
14,678,793 12,626,605 2,831,975 3,008,697
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Central
132,836
863.466
Union Telep_b_Nov 978,623
126,908
Jan 1 to Nov 30
10,207,271 9,140,712 1,238,530 1,859,133
Latest Gross Earnings.
Jan. 1 to Latest Date. Chicago Telephone..b..__Nov 1,939,053 1,805,986
389,724
334,201
Name of Road
Jan I to Nov 30
20,507,378 19,718.153 4,663,237 4,558,143
or Company.
Week or Current Previous Current
Previous
34,907
258,386
33.527
Cleveland Telephone_b_Nov 319,682
Year.
Year.
Month.
Year.
Year.
434.729
Jan 1 to Nov 30
123,751
3,164,410 2,841,775
259,931
811,193
Telep
&
858,399
187,450
Cumb
Teleg_b_Nov
$
$
$
$
Jaft 1 to Nov 30
8,989,718 8,424,804 2,379,058 2,711,445
Adirondack ElPow Co November 183,538 152,332 1,671,569 1,485,154
Alabama Power Co__ October
275.827 198,441 2.434,406 1.707,560 Iowa Telephone_b
78,728
341,837
121,112
Nov 379,449
Lt
Co
November
1258,289
Power
&
1071,606
Amer
Jan 1 to Nov 30
4,002,678 3,766,622 1,169,212 1,107.85
12,888 11,713
Atlantic Shore Ry___ November
158.193
219.305 Keystone Tel of Phila.b.Nov 115,245
53,534
44,596
119,893
Aurora Elgin & Chic_ November 177,454 175,788 1,952,758 1,995,777
528,589
568,825
1,298,913 1,284,674
Jan 1 to Nov 30
80,930 76,081
Bangor Ry & Electric November
840,188
802,329 Michigan State Telep.b_Nov 733,175
207.019
668,729
37,158
25,505 20,518
Baton Rouge Elec Co November
240,313
210,380
877,481
7,658,034 7,321,556
917,576
Jan 1 to Nov 30
Blackstone V G & El.. November 235,592 183,975 2,209,754 1,803,287
299,081
853,811
244,611
18052000 /8006000 185782,000 139884,000 Mountain States Tel_b_Nov 956,375
Brazilian Trac, L & P October
6,444
Jan 1 to Nov 30
8,511
9,781,852 9,113,998 3,039,239 • 3,037,601
97,303
Brock & Myna St Ry_ November
115,402
2774.333 2677,328 15,240,907 14,879,323 Nebraska Telephone_b_Nov 271,566
Bklyn Rap Tran Syst June
53,827
239,452
88,310
49,235 42,612
Cape Breton Elec Co November
461,829
762,827
417,959
845,315
Jan 1 to Nov 30
2,792,258 2.623,811
30,794 27,699
Cent Miss V El Prop_ November
308,376
282,371 New Eng Tel & Tel_b__Nov 2,070,611 1,913,328
498,796
610,172
167.118
November
111,216
Chattanooga Ry & Lt
1,666,737 1,135,952
Jan 1 to Nov 30
22,565,290 20,741,341 6,664,266 5,532,829
Cities Service Co...._ November 1821,533 1732,412 20,474,249 17,539,806
York Telephone.b_Nov 5,386,609 5,073,177 1,681,955 1,751,902
43,362 44,939
Cleve Painesv & East October
460,188
454,347 NewJan
58,892,810 55,442,528 18,775,224 20,438,947
1
to
Nov
30
856,709 835.614 9,353.690 8.718.356
°Columbia Gas & EL October
Columbus(Ga) El Co November 106,271 106,369 1,079,087
22,792
15,512
992.245 North Pac Service Co ..Nov
370,981
359,990
Colum (0) By,P & L November
190.067
139,506
Jan 1 to Nov 30
3,846,746 2,628,914
Com'w'th P, By & Lt November 2022.847 1822,283 19,738,840 17,727,448 Southern Bell Tel & Tel bNov 764,001
218,592
717,874
170,553
Connecticut Pow Co_ November 102,356 77,978
917,817
789,028
8,174,622 7,317,803 2,120,126 2,227,470
Jan 1 to Nov 30
Consum Pow (Mich)_ November 654,640 546,399 5,916,498 5,201,927 Wisconsin Telephone_b_Nov 463,473
104,920
423,170
135,030
Cumb Co(Me)P & L November 276,504 243,036 2,940,500 2,832,318
4,879.349 4,140,118 1,346,373 1,341,712
Jan 1 to Nov 30
Dayton Pow & Light November 200,472 187,664 2,162,925 1,673,940
34,055
30,870
g Detroit Edison_.__ December 1415,133 1296,186 13,801,527 12,279,925 Youngstown & Ohio____Nov
383,500
323,934
Jan 1 to Nov 30
°Detroit United Lines November 1606,536 1376.234 17.278,782 15,903,975
Duluth-Superior Trac November 123,967 138,967 1,519,812 1,458,087
East St Louis & Sub.. November 366,551 329,267 3,809,031 3,334,485
a Net earnings here given are after deducting taxes.
U nAtarn TAYTh St Pln
a
Q.ninmhar
AA 9Q:1
77 ORS
ARA ASO
7e0 97/
b Net earnings here given are before deducting taxes.
Companies.
262
THE CHRONICLE
Gross
Earnings.
$
Aurora Elgin &
Nov '18
177.454
Chicago
'17
175,788
11 mos '18 1,952,758
'17 1,995,777
Detroit Edison Co Dec '18 1,415,133
'17 1,296,183
12 mos '18 13,801,527
'17 12,279,925
Hudson &
Nov '18
569,259
Manhattan
527,250
'17
11 mos '18 6,032,741
'17 5,596,927
Keystone
Dec '18
149,109
Telephone
'17
143,627
12 mos '18 1,605,721
'17 1,639,299
Newport News & Nov '18
230,308
Hampton Ry, Gas
'17
142,032
& Elec Co
11 mos'18 1,996,921
'17 1,223,444
Net after
Taxes.
$
13,276
42,669
258,513
561,475
486,079
414,025
3,747.991
3,664,410
183,757
248,310
2,541,426
2,782,583
68.742
67,943
664,043
747,449
51,790
50,803
536,947
472.752
Fixed
Charges.
•3
Balance.
Surplus.
$
38,569 def25,293
35,612
7,057
400,408 def141,895
392,891
168,584
129,337
356,742
87,375
326,650
1,353,767 2,394,224
1,028,562 2,635,848
x179,755
4,883
4,848 z245,219
56,344 x2,498,043
54,081 x2,739,458
28,982
39,760
28.115
39,828
509.116
154,927
499,903
247,546
21,216
x30,636
22,987
x27,856
x317.514
227,268
231,531
z244,049
x After allowing for other income received.
Gross
Net after taxes--Surp. after Chges.1918.
1917.
1917.
1918.
1918.
1917.
$
$
$
$
$
Baton Rouge Elect CoNov __20,518
25,505
10,611
10,720
6,745
7,000
12 mos._
230,584
261,797
120,881
114,867
72,206
74,812
Blackstone Valley Gas & Elect Co235,592
Nov ___
183,975
65,084
69,644
43,572
47,023
12 mos__ 2,398,311 1,964,066
675,899
410,034
653,003
399,363
Brockton & Plymouth St Ry CoNov _ ..
6,444
8,511
def2,918
def2,633
def4,343
def1,347
12 mos__
104,214
124,194 def13,891
268 def30,601 def14,290
Cape Breton Elect Co, LtdNov
49,235
42,612
12,161
14,357
5,633
7,888
507,951
12 mos__
458,245
125,368
165,009
86,340
46,958
Central Miss Valley Elect PropNov
30,794
__
27,699
4,986
7,439
7,359
4,517
12 mos__
337,634
309,327
63,301
81,801
90,315
47,818
Columbus(Ga) Electric Co106,271
Nov ____
106,369
52,479
68,862
37,133
17,818
12 mos__ 1,182,909 1,076,629
627,334
668,157
312,310
233,286
Connecticut Power CoNov __
102,356
77,978
45,782
17,227
25,210
35,489
12 mos__
999,409
859,953
382,771
193,553
142,183
398,803
Edison Elect Ilium Co of BrocktonNov ____
82,236
23,532
67,186
16,088
30,249
25,363
12 mos- 806,285
251,566
721,275
267,242
228,960
174,765
Electric Lt & Power Co. of Abington & RocklandNov
22,475
19,533
4,181
4,479
3,478
4,896
12 mos__
227,195
208,401
43,832
51,165
40,494
44,058
El Paso Electric Co106,566
Nov ____
108,206
40,200
33,278
33,696
26,458
12 mos__ 1,243,797 1,292,396
384,775
304,139
502,639
436,804
Galveston-Houston Electric CoNov ____
241,488
196,273
63,962
73,396
24,531
35,06g
12 mos__ 2.644,639 2,055,028
848,889
689,949
377,770
240,788
Haverhill Gas Lt CoNov ____
27,016
33,593
5,777
5,095
5,683
5,463
12 mos__
330,128
305,885
26,573
66,578
22,220
65,559
Houghton County Elect CoNov
42,419
39,765
18,617
17,621
11,613
10,990
12 mos_ 419,201
421,346
139,358
184,720
57,641
109,809
Houghton County Traction CoNov
_
22,838
25,987
7,427
9,002
337
1,918
12 mos__
322,007
341,719
101,126
130,499
19,717
45,484
Jacksonville Traction CoNov
90,342
60,940
11,496
18,571
der5,475
2,723
12 mos_ 916,697
230,440
690,833
227,891
32,558
39,310
Keokuk Elec CoNov ____
23,663
21,650
5,429
5,018
2,316
3,078
12 mos__
264,206
247,048
72,431
62,224
45,804
30,008
Key West Elect CoNov
20,450
13,640
9,024
2,660
5,157
6,504
12 mos__
195,831
49,770
143,729
19,898
80,432
50,878
Lowell Elec Light CorpNov ____
94,705
26,777
69,338
30,954
24,567
29,650
12 mos_ 866,987
715,035
2l9,73
278,017
203,462
267,906
Mississippi River Power CoNov ___
185,292
168,753
148,786
137,800
16,588
29,513
12 mos__ 2.185A74 1,972,420 1,740,230 1,603,182
247,727
295,564
Northern Texas Electric CoNov ____
216,150
270,510
71,945
135,808
43,977
107,549
12. mos__ 2,974,455 2,470,263 1,224,915 1,090,417
885,460
742,026
Pensacola Elect Co5,657
Nov ____
48,814
32,130
11,397
13,482
2,854
12 mos__
490,376
151,231
342,221
50,663
144,165
52,773
Savannah Elect CoNov
107,902
88,105
17,012
30,414
5,964
def8,521
12 mos__ 1,165,107
955,659
342,960
318,735
29,031
41,501
Sierra Pacific Electric CoNov ____
58,450
25,864
58.723
33,086
26,144
19,026
12 mos__
722,028
679,716
370,518
369,255
287,729
287,476
Tampa Electric CoNov ____
90,807
78,088
32,934
35,649
30,618
27,600
12 mos__ 1,046,834 1,004,803
433,076
445,778
371,851
390.377
[VOL. 108.
were $88,845, leaving total operating income of $415,762. [As to dividends
now being received from the Pittsburgh Terminal RR. & Coal Co. at the
rate of 6% p. a.-$840.000-on its $14,000,000 stock owned by the Pittsburgh & West Virginia Ry. Co., see foot-note to income account below.
This subsidiary issues no reports and no statement of its earnings is available for publication.)
Dividends.-Par value of the common stock outstanding is $30,500,000
and par value of pref. stock outstanding is $9,100,000. During, the nine
months' period under review two quarterly dividends on the pref. stock
were paid at the rate of 1%% each. [Preferred dividends have now
been paid regularly at rate of 6% p. a. from Sept. 1 1917 to Nov. 30 1918.
both Inclusive, and a further reg ular 1 3 % has been declared, payable
March 1 1919.-Ed.1
Bonded Debt AU Paid.-Varlous parcels of Pittsburgh were real estate
taken over on April 1 1917. The existing mortgages thereon aggregated
a total of $850,517, all of which were paid during the nine months period,
leaving the company at Dec. 31 1917 free of bonded debt or long-term debt.
Federal Operation.-The President of the United States, through the
Secretary of War and the Director-General of Railroads, assumed possession, control, operation and use of the property at 12 noon Dec.28 1917.
effective for accounting purposes as of midnight Dec. 31 1917.
INCOME ACCOUNTS FOR NINE MONTHS ENDED DEC. 31 1917.
Ry.oper.revs_ _ _31,289,883
Ry. oper. exp.__' 785,276
Net rev. ry. op_ $504,607
Ry. tax accruals__
88,846
Total oper. Inc_ $415,761
Rent from loco.,
cars, &c
25,009
Miscel. rent Inc
44,346
Miscel. non-oper.
physical prop'ty
14,970
Div. from Pittsb.
Term.RR.&Coal 1420,000
Income from fund157,592
ed securities..
Non-oper. inc._ $661,916
W.S.B.RR.
IV.S.B.RR•
$1,077,678 $344,400
$617,535 Gross Income
337,267
Deductions$280,268 Jt. factl. rents, &c.
29,956
21,760
6,523 Int. on fund. debt
96,142
Int. on unf'd debt
44
15,863
$273,745 Amort. of discount
on funded debt..
904 ' 13,044
65,568
2,215
Net income_ _ _31,030,956 $213,401
2,872 Adjustments (net) Cr.2,298Db1462,082
Divs.(1Y,% qu.)-(3)273,000
$70,655
Bal., surplus..__34760,254Db$1248,661
y From this amount $355,324 was appropriated for investment in physical
p_roperty. x This initial semi-annual dividend of 3% 1$420,0001 was paid
Dec. 31 1917 on the $14,000,000 stock owned by the Pittsburgh & West
Virginia Ry. Co., in the Pittsburgh Terminal RR. & Coal Co. from the
earnings of that company for the first half of the calendar year 1917. A
further dividend of the same amount was paid in June 1918 for the last
half of 1917, while in August and November 1918 quarterly dividends at
the same annual rate (6%) were paid from the earnings of the first and
second quarters of the calendar year 1918.
CLASSIFIED TONNAGE FOR NINE MONTHS ENDING DEC. 311917.
P.11V.V.Ry. W.S.B.Illt. I
P.&117.V.Ry. W.S.B.RIt•
Agricul. products_
61,987
34,964 Ores
886,539
873,234
Animals
38.015
1,173 Stone, sand, &c.._
82,804
102,845
Bituminous coalForest products__
28,413
26,627
Orig. on own line 1,354,139 2,489,422 Manure°. products 568,848
538,902
do other lines 1,762,697
345,273 Miscellaneous....-172,017
131,125
Coke
8,739
2,613 Total rev. tonnage 4,952,107 4,561,269
TRAFFIC AND TRANSPORTATION STATISTICS.
Total freight rev_31,102,088 $590,601 No.rev, pass. carr. 469,31'3
Rev, tons carried_ 4,952,107 4,561,269 No. pass. earn 1 m.5,381,766
Rev. ton-miles......83,391,930 29,065,629 Average amt. reAverage distance
ceived per pass_ 19.930c.
6.37 Avge.rev, per pass.
haul, one ton__
16.84
Avge. rev, per ton 22.2550.
12.948c.
per mile
1.738c.
Av.rev. p.m. road $17,408
$26,098 Pass.rev. p.m. road
$1,477
Total pass. rev.. _ _
$93,533
$2,980
Financial Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies'which
have been published during the preceding month will be given
on the last Saturday of each month. This index will -not
include reports in the issue of the "Chronicle" in which it is
publishs,d. The latest index will be • found in the issue of
Dec. 28. The next will appear in that of Jan. 25.
Pittsburgh & West Virginia Ry. Co.
(1st Annual Report-For 9 Mos.End. Dec.31 1917[Not 19181)
Chairman W. H. Coverdale wrote in substance:
Organization, &c.-This company was organized Jan. 29 1917, and on
April 1 1917 assumed control of the property of the old Wabash Pittsburgh
Terminal Ry. Co., in accordance with the plan of the reorganization
Committee (V. 103, p. 910; V. 101, p. 74, 258).
At the time of the organization of the company the valuation of road
and equipment was placed at $28,358.077. During the nine months' period
ended Dec. 31 1917 the not increase in investment in road and equipment
was $204,960. notably: Rehabilitation of road, $19,322; part cost of five
locomotives purchased, $22,590; five passenger cars, $15,413; strengthening concrete bridge, &c.
Results.-Total operating revenues were $1,289,883, of which $1,102,038
was derived from freight earnings, $93,533 from passenger earnings and
$94,263 from other transportation and incidental operating revenues.
Total operating expenses amounted to $785,276. Railway tax accruals
14.149c.
1.989c.
$131.68
GENERAL BALANCE SHEET.
Dec.31 '17. Apr.1 '17.
Dec. 31 '17. Apr.1'17.
AssetsLiabilitiesInv.in rd.& equip 28,563,036 28,358,077 Common stock .. _30,500,000 30.560,000
Misc. phys. prop.. 417,459
288,144 Preferred stock.....9,100,000 9,100,000
Invest.in MM.cos:
Real estate mtges_
850,517
Stks.-Pitts. Ter.
Traffic, &o., balRR.& Coal Co- 4,039,000 4,039,000
96,716
ances Payable- 49,413
Bds.-Pitts. Ter.
Accts.& wages pay 205,130
161,835
RR.& Coal Co.. 3,800,000 3,800,000 Aliscell. accts. pay
4,320
7,447
818,459 Divs. mat'd unpaid 136,545
Adv.-W.S.B.RR. 818,459
Notes-W.S.B.RR. 723,810
723,810 Unmat'd int. accr.
12,341
Equip. Tr., series
Other cuent
320
243
"13," W.S.B.RR.
4,819
Deferred liabilities
28,105
37,418
Stk.-PAC.C.RR.
Tax liabilities_ _
13,315
18,517
Other investments 450,000
99,650 Accr. depr. equip..
36,837
Cash
854,966
100,997 War tax
6,526
Special deposits.... 141.068
4,941 Unadjusted credits 126,467
39,604
Bills receivableAdd'ns to prop'ty
W.S. Belt RR.
75,000
thr. Inc. & surp_
355,441
Traffic, &a., bals_
49,902 Profit & loss bal.._
404,929
128,357
Balances from agts.
and conductors..
23,847
51,610
Miscel. accts. rec_ 1174,619 2,329,001
Materials & supp_
206,136
87,724
Int.& dive. recoil,
.
28,833
6,228
Deferred assets
128
123
Unadjusted debits
37,351
47,431
Total
41,014,652 40,777,334
103, p. 80.
Total
41,014,652 40,777.334
Report for West Side Belt Railroad Co.
[Pittsburgh Terminal RR. & Coal Co:, whose entire $14,000,000 capital
stock is owned by the Pittsburgh & West Virginia Ry. Co., owns 98% or
more of the $1,080,000 stock of the West Side Belt
and has inveated
in the company by way of advances and interest thereon sums aggregating
$3,432,993, while the P.& W.Va. Ry. itself owns the $723,810 outstanding
notes of the West Side Belt
Co. and had advanced it sums aggregating
$818,459 as of Dec. 31 1917.-Ed.)
Organization, &c.-The property, was in the hands of a receiver until
March 31 1917 and was on April 1 1917 restored to the owners. The investment in road and equipment April 1 1917 was $5,767,511. During
the nine months period ended Dec. 31 1917 the net increase in investment
in road and equipment was $1,631,559, notably rehabilitation of road,
equipment. &c., $39,151; 1,000 steel hopper cars, $1,639,374. [$249,174 of
the above was paid in cash and equipment trust certificates, series "B,"
issued for the balance and also for three locomotives. The locomotives had
not been received by Dec. 31 1917, the purchase price being carried as a
special deposit with the Fidelity Trust Co. of Philadelphia at that time
(V. 101, p. 1265), less credit from sale of three locomotives, $47,915.1
Results -Total operating revenues were $617,535, of which $590.601
was derived from freight earnings, $2,980 from passenger earnings and $23,951 from other transportation and incidental operating revenues. Total
operating expenses amounted to $337,267, railway tax acemals were $6,523,
leaving total operating income of $273,744.
Funded Debt -The long-term debt at Dec. 31 1917 aggregated 37502,265
as follows: 1st Mtge. bonds, $379,000; EquIpt. Trust Certfs., series "A,"
$723.000; "Fl," 31,425,000; $2,148,000; advances from Pittsburgh Terminal
& Coal Co.. $2,110,197; interest on advances, $1,322,500; notes held
by and advances from Pittsburgh & West Virginia Ry. Co., $1,512,268.
Par value of capital stock outstanding, $1.080,000. all common.
The long term debt of the company was reduced during the period by
payments of Equipment Trust Certificates, series "A," 341,000, and
Plquipment Trust Certificates, series "B," $75,000.
Federal Oneration.-The President of the United States, through the
Secretary of War and Director-General of Railroads, assumed pos.sesison,
control, operation and use of the property at 12 M. Dec. 28 1917, effective
for accounting purposes as of midnight Dec. 31 1917. Inasmuch as your
property was in the hands of a receiver for practically the entire three-year
period, It will require special consideration to determine the amount of
the annual compensation.
BR.
FINANCIAL REPORTS
21,062
149,800
RR.
RR.
JAN. 18
1919.1
THE CHRONICLE
263
the city-such trustees to furnish service at cost, including the agreed rae4
GENERAL BALANCE SHEET.
Dec. 31 '17. Apr.1'17. of return on the investment, and they were given power to adjust fares to
Dec. 31 '17. Apr.1'17.
meet the cost (V. 107, p. 500, 603, 695, 802).
Liabilities.$
Assets$
$
$
This ordinance was passed by the City Council, was vetoed by the
Inv. in rd.&equip.. 7,399,070 5,767,511 Common stock._ 1,080,000 1,080,000
Mayor,
passed over the Mayor's veto, and submitted to a referendum vote
M.
bonds__
379,000
First
379,000
Inv. in OM.cos__
2
192
767,000 at the election held Nov. 5 last, and was defeated.
254,627 Equip. tr. "A"..._ 723,000
Cash
303,129
The adverse vote may be traced to a number of dissatisfied groups. To
1,425,000
Special deposits... 186,473
Series "B"
3,947
(a) those favoring municipal ownership and operation; (b) those opposed
Traffic, &c., bait.
26,492 Due to affil. cos.:
41,177
Notes-P.&W.V.Ry 723,810
Net bal. rec. from
723,810 to municipal ownership and operation; (c) those desiring to keep the trac818,459 tion question a live political issue; (d) the ultimate consumer, who was led
agents & conduo
19,567
19,339 Adv.-P.&W.V.Ry 818,459
P.Ter.B.R.&Coal 2,110,497 2,110,497 by the most flagrant misstatements to believe that unreasonable and
Miscell. accts. rec.
43,768
49,606
1,322,500 1,322,500 exorbitant charges would be forced upon him.
Materials & supp
25,846 do interest
The ordinance never had the willing support of your committee, as it
75,000
Insur. premiums
Loans & bills pay48,031 proposed the taking of private property for public use, omitting the constiPaid in advance
884 Accts.& wages pay 111,465
1,630
tutional technicality of paying for it. Such return as it was proposed to
Disct. on equip. tr.:
Funded debt mapermit the security holders to receive from the property built with their
75,000
tured unpaid..
Series "A"
27,589
23,427
34,674
3,173 funds was wholly inadequate, being less than current interest rates for
Unmat. int. neer_
Series "B"
44,867
Miscellaneous.. _
742
Freight claims paid
5,232 well-secured loans.
The matter of adequate rates is now pending determination before the
6,274
6,574 Deferred liabilities
7,000
in suspense__
1,117
7,777
Other unadj.debits
2,971 Tax liability
1,809 State Utilities Commission and will be vigorously pressed.
41,665
Oullook.-It is not thought to be possible that a situation country-wide
50,498
Accr. depr., equip.
9,524
Tot.unadj. credits
27,146 in extent will not be solved upon some just basis. Every community is
vitally interested in the continuation of good service and the maintenance
Add'ns thr.Income
and surplus_ _ .... 621,202
401,525 of a fair credit for the operating agencies, without which service must deP. & L. bal. __deb.1,468,339deb1509811 teriorate. Your committee will continue to press for such a solution.
V. 108, p. 77.
Total
8,106,081 6,185,369
Total
8,106,081 6,185,369
Brooklyn Rapid Transit Co.
-V. 108, p. 80.
(First Report by Receiver Garrison, Presented Jan. 15 1919.)
Hudson Companies, New York.
Receiver Lindley M. Garrison on Jan. 16 presented a
(Report for the Fiscal Year ending Dec. 31 1918.)
President W. G. Oakman on Jan. 14 1919 wrote in subst.: preliminary report to Judge Julius Mayer, in the Federal
The payment of the notes due Aug. 1 1918, in accordance with the plan Court, Manhattan, where argument was heard on making
presented by the board of directors and the distribution to the pref. stock- the receivership permanent. [See a following page-Ed.].
holders about to be made of the stock of Greeley-Hudson Securities Corp.
The report, which fills 30 printed pages with 32 schedules
will reduce the status of the Hudson Companies to that of a holding company owning preferred and common stocks of the Hudson & Manhattan attached, giving details on the company's financial affairs,
RR. Co_ which is regarded as of greater value when held as a majority
shows in brief (subject to final revision):
control of that company than if distributed.
The reduction in the par value of the pref. stock to $4,000,000, the
N. Y. Municipal Ry. Oorv.-Expenditures Under City Contracts.-Undex
accordance
with the provisions of the
common stock being canceled, in
plan, will be effected without delay (see plan, V. 108, P. 78)•
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
LiabilitiesAssets$
$
H.&M.RR.(par)Preferred stock_..16,000,000 16,000,000
1st mtge. scrip_
130
130 Common stock__ 5,000,000 5,000,000
Preferred stock. 2,307,614 2,307,614 6% gold notes due
Aug. 1 1918_
Common stock.25,171,209 25,171,209
1,500,000
Accrued interest_
Or.Sq. Realty Co.
35,217
Subscrip. rec'ts of
30,000
(par) bonds.. __ _
Gr.-Hud. Scour.
x Greel.-Hud. See
Corp
Corp. 6% notes
1,459,500
230,750
Gr.H.See.Corp.stk. 1,000,000 1,000,000 Subscrip. to Gr.-1I.
31,038
Cash
14,552
Sec. Corp. 6%
500
notes
Suspense account_
500
1,228,750
51
36,488 Acc'ts payable...
Accrued interest
375
481 Balance, tentative
Accts. receivable_
surplus, on basis
Gold notes due
of par of securi299,000
Aug. 1918 purch.
ties owned
1,228,750
7,524,329 7,539,992
Sub. acct. contra.
Total
28,524,380 31,534,709
BALANCE SHEET DEC. 31 1918.
Liabilities (Total, $12,429,174)Preferred stock
$1,000,000
Common stock
1,000,000
Or. Sq. Realty Co.5% bonds 4,250,000
Mtge. pay.(Mut. L. I. Co.) 5,615,000
secured
by $110,Note pay.,
000 Liberty bonds
100,000
Accrued interest payable_ _ _
195,796
fts. for income taxes est.. _ _ _
10,200
Surplus account
258,178
GREELEY-HUDSON SECURITIES CORP. BAL. SHEET DEC. 31 1918.
Assets (Total, $4,532,877)Liabilities (Total, $4,532,877)Gr. Sq. Bay.Co.:
Capital stock
$2,000,000
6% sinking fund gold notes
Prof. stk. par v_$1,000,000)
1,920,000
Com.stk. do 1,000,000
Agreement Aug. 1 1917 with
1st Mtge. bonds 3,627,C00$4,462,000
Or. Sq. Realty Co
462,000
Sub.Int. in M.held
Int. accr. on s. I. gold notes
48,000
Surplus account
by M. L. I. Co. 250,000i
102,877
19,289
Cash
6,250
Accrued int. receivable
Accr.int. rec. on Or.Sq. Rlty.
45,338
Co. 1st M. bonds
-V. 108, p. 78.
28,524,380 31,534,709
Total
GREELEY SQUARE REALTY CO.
Assets (Total, $12,429,174)$11,675,280
Property account
462,000
Agreement Or.-II. Sec. Corp_
114,720
Cash
125,000
% Liberty bonds
U. S.
2,174
Miscall, accounts receivable_
Greeley-Hudson Sec. Corp.:
50,000
6% notes, par val. 850,0001
Stk., p. v. $25,000, all in trj
Chicago City it Connecting Railways Collateral Trust.
(Financial Report of January 1919.)
The committee representing the holders of the preferred
and common participation certificates, in a notice calling
the annual meeting of certificate holders for Feb. 4, says:
Right to Vote.-Under the provisions of Sec. 8, Art. VIII of the trust
agreement, the right to vote at the mooting of holders of Participation
Certificates to be held Feb. 4, is vested exclusively in the holders of preferred participation shares [owing, it is supposed, to failure to pay the
dividend thereon-Ed.]
Heavy Wage Increase Ordered by War Labor Board.-Last May the employees engaged in conducting transportation upon the street railways, the
securitieG of which are held in trust for your benefit, demanded an in zrease
of 15 cents per hour to meet the increased cost of living. The management refused the demand on the ground that no increase could be paid on
the basis of a 5-cent fare, having regard to the other obligations of the
companies. The contract with these employees was entered into June 1
1917, and ran for a three-year period-until June 1 1920.
The employees then appealed to the National War Labor Board, which
handed down an award, effective Aug. 1 1918, increasing the trainmen's
wages from 9 cents to 14 cents an hour. The award involved a total wage
increase of approximately $3,700,000 per year.
Necessity for Higher Fares.-The War Labor Board declared it had no
Jurisdiction as to rates of fare, but stated as a part of its award: "The
showing made by the company to us clearly discloses that in order to enable
it to render adequate service the fares which it is permitted to charge
should be substantially increased."
In addition to the increase in wages, the companies were obliged to meet
a heavy increase in expenses due to the increased cost of operating material
and supplies. This situation was promptly called to the attention of the
City Connell, which at the first meeting held thereafter declined to take
any action.
tsliThe companies immediately filed a petition with the P. U. Commission
of Illinois, asking that the present 5-cent faro bo increased to 7 cents, and
the hearing on this petition is now in progress.
Result, No Dividend Distribution.-As a result of five months' operation
under the increased wages, the companies were all obliged to pass their
December dividends, aud it therefore 13ocame impossible for your committee
to direct a distribution on account of your participation certificates
New Traction Ordinance Rejected.-In our last report we stated that the
local transportation committee of the City Council was endeavoring to
work out a new traction ordinance. After several months of negotiation,
the representatives of the surface and elevated lines, in connection with
representatives of the city, worked out an ordinance providing for an average rate of return to the companies of 6.35% on their purchase price, and
for home rule and regulation by a local utility commission. This ordinance,
however, was rejected by the city.
Trustee Plan Also Defeated at Referendum.-The City Council then drafted
an ordinance under the so-called trustee plan. This ordinance allowed tho
companies an average rate of less than 6% on their purchase price, and
provided that the property should be turned over to a new corporation to
b e controlled by a board of trustees, selected jointly by the companies and
the contracts with the city the N. Y. Municipal Railway Corporation has
supplied the contribution of $13,500,000 required to be made in connection
with the construction of the three city-owned rapid transit lines, viz.:
(a) the Broadway-lth Ave. Line, including the lines in Manhattan and
extensions to Coney Island with branohes. &c.; (b) Culver Line to Coney
Island; (c) line from 6th Ave., Manhattan, via 14th and East River tube,
to North 7th St., Brooklyn. It has also supplied the Canal St. connection
$1,173,192, and has expended approximately $46000,000 in the equipment of the city railroads, and in additions, extensions and reconstruction
of existing railroads, pursuant to the terms of the contracts with the city.
There aro yet to be furnished and supplied by the New York Municipal
Railway Corporation the following things, which it is estimated will cost
approximately $10,000,000, viz.:
mpletion of equipment of city railroads for initial operation
(includes 100 additional cars not yet delivered)
$5,500,000
Completion of additional tracks on extensions of existing railroads 2,500,000
Reconstruction of existing railroads (includes yard at Coney
Island and 36th St. inspection shed if not furnished by city)
2,000,000
In respect of the above, obligations outstanding on account of work now
under way or contracted for will call for approximately $5,000,000, which
will be payable at monthly intervals within the next ten months in amounts
of approximately $500,000 per month.
Included in the above total of $10,000,000 are items aggregating approximately $3,000,000, the expenditure of which will probably not be required
until after July 1 1920.
The foregoing items are exclusive of taxes, discount and interest during
construction, the amount of which is chargeable to cost under the subway
contracts, but cannot be determined definitely in advance. Neither do
the figures include possible purchases of real estate or abutting property
owners' damages on account of elevated railroad obstruction.
Need of 400 or 500 New Steel Cars at 320,000 Each.-Owing to the increasing volume of travel and the desire both on the part of the city and
the company to substitute steel cars for wooden cars operated in subways
provision should be made as soon as possible for 400 or 500 steel motor
cars, to cost approximately $20,000 each.
Lack of Cash.-The chief difficulty of the Brooklyn Rapid Transit Co. at
present is lack of cash. Dividends on stocks of companies owned have
been reduced or entirely suspended, the constituent companies are in arrears in payment of interest on their certificates of indebtedness, and the
New York Municipal Railway Corporation has failed to _pay the interest
due Jan. 1 last on its bonds, most of which are owned by the Brooklyn
Rapid Transit Co.
Furthermore, while the Brooklyn Rapid Transit Co. has been financing
for a•great many years, the requirements for capital expenditures on the
part of its constituent companies, taking the obligations of those companies
therefor, it has itself sold no securities (except for the benefit of the New
York Municipal Railway Corporation in the subway contracts with the
city) for a period of about ten years, and these capital expenditures, representing a great many millions of dollars, have been met out of current cash,
or out of moneys temporarily borrowed either from banks and trust companies or from constituent companies.
Unfinished Work to be Done by City.-On behalf of the city the following
work remains to be done by it:
1. Four-track subway in 7th Ave. from 42d St. to 59th St..(promised
to be completed spring of 1919).
2 & 3. Two-track subway in 59th and 60th Streets, from 7th to Lexington Avenues. (Estimated time of completion, April or May 1919), with
switching facilities (not contracted for).
4. Two-track tunnel and elevated structure, Lexington Ave. in Manhattan to Bridge Plaza in Borough of Queens. (Estimated time of completion July or August 1919)•
5. Two-track tunnel from Whitehall St. in Manhattan to Willoughby St.
and Flatbush Ave. in Brooklyn. (Estimated time of completion Oct.1919.)
6. Two-track subway, from Fulton St. and Ashland Pl., via Flatbush
Ave. to a point of connection with the Brighton Beach Line in Brooklyn.
(Estimated time of completion Sept. or Oct. 1919.)
7. Three-track elevated line in Brooklyn, from 37th St. and 10th Ave.
to a point near Coney Island. (Between 37th St. and 10th Ave. to Kings
Highway will probably be ready for operation during January or early in
February;from Kings Highway to Ave. X by April or May 1919, and the
remainder from Ave. X to Coney Island late in the year 1919 or earlyin 1920)
8. Two-track subway, tunnel and elevated line, known as 14th St.Eastern Line, from 6th Ave. and 14th St., Manhattan, to East New York.
Brooklyn. (Estimated time of completion, January 1921.)
9. Two-track subway, Nassau St., Park Row to Montague St. tunnels.
10 to 14. Switching cross-over, shops, lengthening platforms, &c.
Bad Effect of Delay in Completion of City's Part of Contract.-The effect:of
the delay on the part of the city in completing its part of the contract, has
been to throw an unanticipated amount of traffic over the one'subway
outlet in the Borough of Manhattan. namely, Canal St. and Centre St;
loop, and over connecting lines in Brooklyn greatly retarding efficient
operation and causing great congestion and Other disturbances, resulting
unfortunately both to the satisfactory operation of the road and its financial returns therefrom.
Altogether there remain unfinished 47 miles of track out of a total of 115,
and!19,miles of road out of a total of 41 of the lines which the city assumed
to construct, and which the compnay agreed to equip and operate.
The lines to be constructed were planned to be operated as a unified
system with the idea of giving mil rapid transit to different sections of
Brooklyn and Queens, and affording ample distributing facilities in Manhattan. These objects have been only partially attained. No tunnel
under the river is yet ready for operation; the Broadway subway is in operation only between Whitehall St. and Times Square; the subway connection
with the Brighton Beach line is incomplete, and construction of the Culver
extension of the 4th Ave. subway is still under way.
If the city had completed its work on time, passengers could be carried
more expeditiously and by shorter routes to different parts of Manhattan,
and vice versa, and (surface and elevated] lines at present greatly congested
would be relieved, greatly to the benefit of the traveling public and the
financial returns of both the operating company and the city.
Consolidated RR.-This subsidiary of the B. R. T. owns rapid
Y.N
transit lines aggregating 14ti miles single track-elevated or depressedof which 68 miles are constructed on private rights-of-way and 74 miles
&
264
over city streets: and 68 miles leased (through its subsidiary, the New York
Municipal Railway Corporation) from the City of New York-all electrically equipped, with the necessary stations, signals and interlocking plants.
It therefore includes 2094 of the 757 miles of single track in the 13. R. T
system, the other 5473. miles being surface lines.
The total income of the N. Y. Consolidated RR. for the year ending
June 30 1918, after all charges, was $1,315,251. For the first five months
of the present fiscal year (i. e., since June 30 1918) the net corporate income
was $81,784. Owing to increased cost of operation, higher taxes and greater
fixed charges (rental to N. Y. Municipal Ry. Corp. on account of new
parts in operation), the net income for these five months was $619.384
less than for the corresponding months of the preceding year.
The result of the accounting with the city from the beginning of"temporary operation" on Aug. 4 1913 to Nov. 30 1918 indicates that the unified
system has earned during that period over and above all operating expenses,
taxes, rentals, depreciation and its first preferential of $3,500,000 per year,
the sum of $2,601,146, which sum is applicable to the lessee's second preferential of Interest at the rate of 6% per annum on its new investment under
the subway contracts. This balance was insufficient by the sum of
$2,077,428 to meet during the entire period the second preferential to the
extent that properties covered by the new investment have been placed
in operation. The deficiency, however, under the terms of the subway
contracts is chargeable against future earnings.
New York Municipal Railway Corporation.-This subsidiary is at present
engaged only in construction work, arising out of contracts with the city.
The proceeds of the sale of $60,000,000 of its bonds, authorized for construction purposes, have become exhausted, and its rentals have partly
been used for construction and have not been paid in full by the New York
Consolidated RR. Co. For this reason the New York Municipal was unable on Jan. 1 last to pay the interest and sinking fund on its outstanding
bonds (all of which, with the exception of $2,265,000, are owned by the
B. R. T. and pledged as security for its 7% notes).
Increased Costs of Labor, Material and Supplies.-The companies have
suffered greatly from these causes. Taking November 1918 as a basis for
the entire year, the increase for the present fiscal year, as compared with
1916, the report states, would be:
Increase.
1919.
1916.
For labor
$15,498,229 $11,324,998 $4,173,232
For fuel
3,190,874
1,422,806
1,768,068
Marked increase in the cost of material is also noted.
Because of these higher costs, the system for the five months ending
Nov. 30 1918 earned only $318,729 over all charges, whereas in the corresponding period of 1917 it earned $2,395,750 a falling off of $2,077,021 or 86.70%, compared with the same months in 1917.
Financial Requirements.-The financial requirements for the immediate
uture for the three receivership companies are given as follows:
(1) New York Municipal Railway Corporation.
For construction and equipment work now under way pursuant
to city contracts, and payable at intervals in the next ten
months
$5,000,000
Interest chargeable to construction to Jan. 1 1919, and unpaid
809,500
Sinking fund due Jan. 1 1919
190,500
(2) Brooklyn Rapid Transit Co.
Bills payable to banks and trust companies
$3,350,000
Additions to power facilities (mostly under contract and payable
within the next six months)
1,453,000
Most of this work is being done by the B. R. T. as agent for the Brooklyn Heights RR. Co., and the cost will eventually be repaid by the latter
company, but the facilities are needed to enable the B. R. T. Co. to carry
out its contract for furnishing power.
Purchase of 50 trailer cars, with appurtenances, as agent for sur417,000
face railroad companies
Conversion of surface cars for trailer operation, as agent for sur200,000
face railroad companies
Replacement of storage and dock facilities required by Government's requisition of existing facilities (partly chargeable to
constituent companies), about
50,000
Interest on 7% notes due Jan. 1 1919 and unpaid
2,020,725
Principal of 5% notes due July 1 1918
505,000
(3) New York Consolidated Railroad Co.
Interest due Feb. 1 1919 on underlying bonds
$540,000
The above estimates do not include provision for inter-company liabilities
(except in the case of N. Y. Municipal interest chargeable to construction),
nor do they include unpaid taxes for the latter half of 1918 due from the
companies' part of which is in litigation.
The financial requirements for the more remote future are as follows:
(1) New York Municipal Railway Corp.: For construction and
equipt. obligations for initial operation payable after Nov.1 '19 $5,000,000
(Exclusive of interest during construction, &c.)
(2) Brooklyn Rapid Transit Co.: Additions to power facilities
(mostly under contract and payable within last 6 mos. of 1919)51,208,000
(Most of this work is being done by the B. R. T. as agent for
the Brooklyn Heights RR. Co., and the cost will eventually
be repaid by the latter company.)
Malbone Street Accident,-On Nov. 1 1918 a deplorable accident occurred
on the Brighton Beach line at Malbone St., resulting in 94 deaths and 203
persons injured. Prior to my appointment; settlements had been made in
twelve death cases and 102 personal injury cases, at an aggregate cost of
about $138,000. While only an approximation can be given of the amount
of damages still accruing, the sum will probably not be less than $1,100,000.
Provision will have to be made for raising money to meet these claims if
they are to be paid.
Wages.-The number of employees of the various companies is given as
13,800. The standard of wages of motormen and conductors is given as
follows: (1) Conductors and motormen on surface lines, from 41 to 49
cents an hour. (2) Motormen on rapid transit lines, from 50 to 6214 cents
an hour. (3) Conductors on rapid transit lines, from 43 to 45 cents an
hour. (4) Guards on rapid transit lines, from 39 to 41 cents an hour
The total salaries paid by all the companies in the hands of the receiver
to executive officers, chief and electrical engineers, etc., aggregate $197,700
and to counsel and other attorneys $123,300 annually.
INCOME STATEMENT OF B. R. T. FOR FIVE MOS. END. NOV. 30.
Inc. orDec.
1918.
1917.
Revenue:
Power-B. R. T. System
$2,080,644 $1,566,615 +$514,026
Maint. of way & struc. & equip.B. R. T. System-5% on cost_ _ _ 2,615,895 2,453,504 +162,390
10,800
211,693 -200,893
Miscellaneous revenue
969,406
1,197,022 -227,616
Int. on certifs. ofindebt. of sub.cos_
78,167
78,167
Int. on guaranty fund
+1,202,812
1,202,813.
Int.on N.Y.M.Ry.Corp.lst M.bds..
34,867
32,683
+2,184
Miscellaneous
21,875
21,875
Interest from free investments
134,512
Int. on equity in B. C. RR.Co.constr. 134,512
30,414
--17,947
12,467
Loans to affiliated companies, &c_ _
106,573
Dividend on Nassau E. RR.pref.stock 106,573
759,029 -'-379.515
N. Y. Cons. RR.pref. & com.stock 379,514
+357
1,343
1,700
Other subsidiary companies stock__
350,790 -350,790
Brooklyn Heights RR. Co. profits
$7,649,232 $6,944,222 +$705,010
Total revenue
Maint. and oper. of power plant
$1,630,673 $1,127,387 +$503,286
2,495,193 2,333,500 +161,693
Maint. of way & structure & equip't
--3,674
85,503
89,178
General expenses
WA
•
$4,211,370 $3,550,065 +$661,305
'w1 Total operating expenses
Net revenue
$3 437 862 53.394.157 . -1-543.705
$83,943 +$21,738
$105,681
Deduct-Federal taxes
138,704
+24,465
114,239
Other taxes
$145,729
$145,729
Int. on First Mtge. 5 bonds
-333
86,667
87,000
Int. on First Ref. G. M.4% bonds__ _
+1,680,770
1,680,770
Int. on Three-Year 77 Gold Notes
+3,167
3,167
Int. on Six-Year 5% &old Notes_ ___
86,142
82,410
+3,733
Int. on Loans-Banks and Trust Cos_
177,215
-40,199
137,016
Int. on Loans-Constituent Cos
+412
436
24
Other interest
57,159
421,265 -364,106
Interest on certifs. of indebtedness..
Total income deductions
Surplus
[VoL. 108.
THE CHRONICLE
$2,441,471 $1,111,824+51,329,648
$996,391 $2,282,333-$1,285,942
COMPARATIVE STATEMENT OF EARNINGS OF ENTIRE SYSTEM
FOR FIVE MONTHS ENDING NOVEMBER 30.
•
1918.
1917. --Inc.( +)orDec.(-)•
$
%
Total revenue from transport'n_ _13,025,998 12,792,001
+233,997 1.83
Other oper. revs. (advertis'g,&c.) 266,059
-15,599 5.54
281,658
Street railway oper. revenues_ _ _13,292,057
Operating ExpensesMaintenance of way Sc structure_ 935,975
Maintenance of equipment
1,225,215
Operation of power plant
1,488,489
Oper. of cars, trainmen's wages_ 2,651,508
Oper. of cars, other expenses..
1,176,450
Damages
458,425
Legal expense in connection with
damages
91,870
General law expenses
25,361
Other general expenses
404,764
Freight expenses
118,554
American By. Traffic Co.,expen.
315
13,073,659
+218,399 1.67
1,065,414
1,128,453
972,845
2,391,000
880,496
261,830
-129,439
+96,762
+515,644
+260,508
+295,954
+196,595
12.15
8.57
53.00
10.90
33.61
75.08
90,754
27,526
342,221
121,342
224
+1,116
-2,165
+62,543
-2,788
+92
1.23
7.86
18.28
2.30
40.93
Total operating expenses
8,576,927 7,282,104 +1,294,823 17.78
Net revenue from operation
4,715,131 5,791,555 -4,076,424 18.59
Taxes accrued on oper. properties 1,102,879
976,094
+126,785 12.99
Operating income
Net non-operating revenues
3,612,251 4,815,460 -1,203,209 24.99
179,704
+4,499 2.57
175,205
Gross income
3,791,955 4,990,665 --1,198,710 24.02
DeductionsInterest deductions
1,702,561 1,231,000
+471,561 38.31
Rent,lease of oth. road & equipt.*1,760,876 1,356,313
+404,563 29.83
Other rent deductions
8,152
5,965
+2,187 36.66
Sinking fund accruals
274
274
Amortization
1,362
1,362
Total deductions
Balance,surplus
Car mileage, surface
Car mileage, elevated
Car mileage. freight
Total car mileage
3,473,226
318,729
19,121,633
20,224,353
' 180,734
2,594.915 d-878.311
2,395,751 -2,077,021
24,362,453 -5,240,820
17,939,900 A-2,284,453
---59,990
240,724
83.85
86.70
21.51
12.73
24.92
39,526,720 42,543,077 -3,016,357 7.09
*Incl. current charge
1917.
1918.
for int. on N. Y.
Munic. By. Corp.'s
prop'ty placed in op.$792,893,221 $1,098,828 $694,250
Also reservation acct.
of lines placed in operation not yet so declared by Chief Eng.
of P. S. Commis'n..
305,935
Increase.
$404,578
Armour & Company.
• (Report for Fiscal Year ending Nov. 2 1918.)
The report of President J. Ogden Armour, together with
the income account and balance sheet for the late fiscal year,
will be found on a subsequent page.
Attention is called to the fact that food prices were so burdensome
during the past fiscal year that profit margins were almost wiped out and
despite a record volume of business-$861.000,000 at home and abroadearnings were much less than the sum fixed by the Food Administration
as being fair and proper.
The net income of 515,416,973, represents a return of 14.7% on common
stock, after making provision for dividends on preferred stock. Excepting
$2,000,000 which constituted the dividend paid to common stockholders,
the year's earnings were reinvested in the business.
On the average net capital invested in all lines, the profits represented
a return of 9%. The income from the meat food business-limited by
the Government to 9%-fell far below that figure to about half what was
authorized. The net profit on total volume of business including everything sold by the firm amounted to 1.8 cents on each dollar of sales.
In explanation of high prices, Mr. Armour stated that his firm paid out
to live stock producers 3100,000,000 more than the same weight would
have cost in 1917. His complete statement is given on a following page.
INCOME ACCOUNT.
Year endingNov. 2'18. Oct. 27 '17. Oct. 28 '16. Oct. 30 '15.
3
Gross business (over)_ _ _861,000,000 575,000,000 525,000,000 425,000,000
Net profits on manufactures and sales
15,653,972
Netfrom allied cos.,&c. x26,128,611 30,628,156 27,162,164i 2,319,528
Miscellaneous
(
75,194
Total net income__ 26,128,611 30,628,156 27,162,164 18,048,694
ExpendituresInt. on borrowed money 7,178,224 3,509,055
1,925,425 2,608,069
Interest on bonds
2,286,986
2,240,422
1,809,783
1,340,301
Interest on debentures
1,203,563
Pension fund
.
212,000
208,000
Admin. expenses
I See "x' J 2,072,549
1,745,192
1,960,602
Taxes, insurance, &c J above. 1 1,512,566
1,366,354
1,349,132
Common dividends--(2%)2,000,000(2)2,000,000(2)2,000,000(10)2,000,000
Surplus for the years_ 13,247,838
19,085,563 18,100,000
9,000,000
x After deducting all expenses incidental to operations, including those
for administrative expense, taxes, insurance, repairs, depreciation, and
an estimated reserve for Federal income and excess profits taxes, but not
Including interest on bonds and borrowed money.
BALANCE SHEET.
Nov.2'18. Oct. 27'17.
Nov. 2'18. Oct. 27'17.
AssetsLiabilities$
$
Lands,buildings
Common stock _100,000,000 loomoma
mach'y, &c__ 70,734,592 60,845,595 Preferred stock_ 3,725,400
RefrIg.&oth.cars 5,950,875 9,143,694 Debentures_ _
56,274,600
Inv.in allied cos. 43,061,671 33,812,355 Bonds
50,000,000 50,000,000
Mat'ls. & supp_150,380,068 101,622,878 Bills payable_ _ _ 90,136,091 83,404,000
Misc. mark.Inv. 14,205,873 11,243,754 Acc'ts payable-. 25,442,009 18,099,210
Bills receivable_ 9,953,435 8,103,386 Res've for bond
Accts.receivable 81,099,658 75,496,202 interest
2,541,460
909,246
Cash
24,751,772 13,906,27r Res. for income
Car tru.agreem. 4,148,416
6,800,000 5,635,000
taxes
Profit and loss.- 69,366,799 56,126,679
Total
404,286,360 314,174,136
-V. 107, p. 2190.
Total
404,280,360 314,174,136
Childs Company, New York.
(Report for Fiscal Year ending Nov. 30 1918.)
CHILDS CO.(PROPER)INCOME ACCOUNT FOR
1917-18.
1916-17.
Gross profits
$415,109 $1,272,657
Preferred dividends (7%) 307,090
307,090
Common dividends_ _(3 A %)139,998(6 )259,991
YEARS END.NOV.30.
1914-15.
1915-16.
$1,075,490
$778,459
307,090
307,090
(4)159,997
Surplus for year
$608,403
$705,576
def.$31,979
$471,369
CONSOL. INCOME ACCOUNT FOR YEAR ENDING NOV. 30 1918.
(Including Childs Co., Childs Dining Hall Co.and Childs Co.of Prov)
1917-18.
1917-18. 1916-17.
1916-17.
$1,808,953 $2,134,718
Gross profits
$566,125 $1,339,795 Total
80,719
Dividends paid- 447,380
79,478
567,395 Reserve account...
Balance, surplus
365,030
118,744
772,400 Depreciation acct.. 385,381
$1,342,853 $1,690,209
Previous surplus... 1,690,209 1,362,318 Total surplus
JAN. 18 1919.]
•
THE CHRONICLE
265
BALANCE SHEETS NOVEMBER 30.
-Childs Co. & Sub. Cos.- ChildsCo.Prop.(Exc.Sub,)
Assets1918.
1917.
1918.
1917.
Establishments, plants,
leaseholds, &c
x$9,018,843 $9,148,789 x$7,799,137 37,870,365
Res've fund (real estate
862,252
862,252
and cash on deposit)_
781,533
781,533
80,440
U. S. Liberty bonds
80.440
1,347,352
768,354
Cash on hand & in banks 1,010.520
944,993
Stocks owned
101,238
157,240
837,840
781,838
Notes receivable, open
420,636
•accounts, &c
244,881
337,636
433,200
298,878
298,878
Govt., State & Ry. bds_
172,194
Merchandise inventory_
199,457
206,459
186,944
325,000
262,500
345,000
Real estate,less mtges
247,500
Total
$12,236,828 $12,166,191 $11,484,290 $11,306,813
Liabilitieslz$8,388,055 $8,388,055f $3,999,755 $3,999,755
Common stock
1 4,387,100 4,387,100
Pref.(7% cum.)stock_ J
1,139,864
1,484,981
Notes & accts. pay., &c_ 1,451,054
955,129
166,529
192,614
94,280
Reserved for taxes
98,850
781,533
862,252
862,252
Reserve account
781,533
Y1,342,853
1,690,209
y655,921
Surplus
1,084,445
$12,236,828 $12,166,191 $11,484,290 $11,306,813
Total
In No Combination.-With reference to the attacks on the packing industry by the Federal Trade Commission, we have never been given an
opportunity by the Federal Trade Commission to refute their allegations.
We know that any unbiased referees would exonerate us from the charges
that have been made.
Swift & Co. have no agreement or understanding with competitors and
are in keen and open competition with every other packer-both in buying
and selling. All livestock markets are open to the public for buying and
selling on equal terms.
Segregation of Subsidiaries.-The principal reason for segregating the
South American and Australian businesses was that the regulation of the
U. S. Food Administration recognized that business in foreign countries
was not under the U. S. Food Administration control. That being the
case, and realizing that the inclusion of the South American and Australian
businesses might result in a general misunderstanding by the public as to
the earnings of the meat business of the United States, we decided that we
ought to make a distinct separation of the United States business from that
in South America and Australia, for which purpose the plant that was used
was thought most effective. (See foot note to balance sheet.)
Libby, McNeill & Libby, whose business has always been distinct from
Swift & Co., pack a wide variety of food products-meat,fruit, vegetables,
fish, milk, &c.-and under the policy of confining the business of Swift &
Co. as much as possible to the things more intimately connected with our
principal business, namely, the slaughtering of cattle, sheep and hogs and
distributing the by-products therefrom, it seemed wise to the directors to
distribute the shares of stock of Libby, McNeill & Libby to the shareholdfor
the
$2,430,492;
depreciation,
deducting
company
proper, and ers of Swift & Co., thus giving them a direct interest in the Libby business.
x After
$3,073,547 for the consolidated companies. y After deducting $80,719
Wages.-During the year wage rates of our operating help have been
reserve account and $315,825 depreciation account for the company proper increased about 40%, the lower paid labor being granted a greater proporand $80,719 and $385,381, respectively, for the consolidated companies. tionate increase, amounting to about 46%,and a basic 8-hour day has been
z Capital stock not Inter-owned.-V. 107, p. 2191.
established under the award of Judge Aischuler, appointed by the U. S.
Department of Labor, carrying out an agreement made with the PresiManhattan Shirt Co., New York.
dent's mediation commission, specifying wages and working conditions for
the duration of the war and until the peace treaty is signed.
(Report for Fiscal Year ending Nov. 30 1918.)
A bonus amounting to 10% of six months' salary was paid to office and
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING NOV. 30. clerical help to aid in the living cost situation.
Outlook.-From a financial standpoint the outlook for business for this
[Manhattan Shirt Co., Solway Dyeing & Textile Co.]
company for the year 1919 is satisfactory. The segregations which have
1916-17.
1917-18.
1915-16.
1914-15.
recently taken place will not have any unfavorable effect upon the stock of
$980,723
$1,071,781
$821,019
Net torofits
$450,455 Swift & Co., which I am sure will continue to pay dividends of at least 8%
12,241
4,995
18,199
Dividends on investments
24,094 per annum for some time to come, and I wish to recommend the purchase
deb.50,732 deb.28,838
7,458
Interest (net)
9,484 of Swift & Co. stock as an investment at about the present market price.
$964,126
Shareholders.-Swift & Co. has about 25,000 shareholders-4,000 of
$1,026,045
$846,676
Net income
$484,033
whom are employees-while about 8,000 are women, some of whom are
Reserve for Income and
$175,000
$365,000
employees and a great many of whom are not.
Excess Profits Taxes_
120,750
$154,000
Preferred dividends (7%) 112,000
Balance Sheet.-The assets do not include any sum for good-will.
$181,125
New Stock-Stock Dividend-Exchange for Stock of Subsidiaries.-See
Common dividends_ _ _(6%)300,000 (4)200,000 (3)150,000 (13)75,000
foot note to balance sheet.
$468,376
$542,676
Balance,surplus
$249,043
$227,908 Editor's
"McClure's Magazine" for December, 1918, contained an illustrated
437,134
Previous surplus
504.823
478,747
560,777 article
by Edward Mott Woolley entitled "Packing for Pershing."-[Ed.]
$979,810
$973,199
Total
$727,790
$788,685
OPERATIONS FOR FISCAL YEARS.
$400,000
Preferred stock reserve_
$500,000
$350,000
12 Months
Sept. 30
Nov. 2
Sept. 30
Difference between cost
Sept. 25
ending1917.
1918.
1916.
and par value of stock
1915.
Business done ex72,692
written off (net)
ceeded
$1,200,000,000 $875,000,000 $575,000,000 $500,000,000
Cr.5,548 deb.2,295 deb.1,551
Adjustments
Cr.63.993
Net earnings
21,157,277
34,650,000 20,465,000
14.087,500
$478,747
$504,823
Total profit & loss surp. $791,783
$437,134 Cash dividends _ -(8%)9.000,000(10)10000,000 (8)6,000,000(73()5437,500
CONSOLIDATED BALANCE SHEET NOV. 30.
Bal.. surplus__ $12,157,277 $24,650,000 $14,465,000 $8,650,000
1917.
1918.
1918.
PROFITS FOR FISCAL YEAR NOV.3 1917 TO NOV.2 1918.
1917.
Liabilities$
$
3
Assets(First year under regulations of U. S. Food Administration.)
Preferred stock__ 1,600,000 1,600,000
Land,b1dgs.,mach.,
(a)
Earnings
from business under regulations of U. S. Food Ad&o.,less depreo. 1,042,038 1,034,254 Common stock... 5,000,000 5,000,C00
ministration, being the manufacture and sale of products
Notes & accounts
Trade name,goodfrom
the
slaughter
of cattle, calves, sheep and hogs
$18,780.696
payable and aowill and patterns 5,000,000 5,000,000
Capital employed, 3248,214,18972,513 creed accounts_ 1,415,790 1,796,468
75,684
Investments a____
er
cent
of
earnings
to said capital
7.57%
Reserve
to
retire
bonds
U. S. Govt.
Sales,
cent
of
earnings
per
to
sales
$922,726,756;
2.04%
74,455
377,621
preferred stock_ 1,400,000 1,400,000
'
(at cost)
536,312 Reserve for Fed'l
431,827
(b) Other-Earnings from departments and investments
Cash
$23,723,098
875,680 taxes
Earnings from foreign investments
365,000
Notes & accts rec. 777,809
4,221,474
2,831,301 2,643,558 Profit and loss. 791,785
Inventories
478,747
Total earnings
•
36,295
38,444
Deferred charges.
$46,731,268
Deduct-Interest on borrowed money and other charges
$13,745,826
Total
10,572,575 10,275,215
Reserve for Federal and foreign taxes
10,572,575 10,275,215
Total
11,828,165
a Includes Manhattan Shirt Co. preferred and common stock purchased.
-V. 107, p. 1924.
Net earnings for year(11.2% on aver. capital and surplus)-$21,157,277
Dividends paid
9,000,000
Swift & Company, Chicago.
(Report For Fiscal Year Ending Nov. 2 1918.)
The annual report submitted to the shareholders by President Louis F. Swift at the annual meeting in Chicago on
Jan. 9 is summarized substantially as follows:
Transferred to surplus
$12,157,277
(a) Note.-The earnings from the business included under (a)
were limited by the regulation (U. S. Food Administration) to 9% on the
capital employed, and not to exceed 2 % of the sales.
There should be deducted .from the earnings under (a) a portion
of interest on borrowed money and other charges, and of reserve for Federal taxes, approximating $9,000.000, leaving net earnings from this regulated portion of the business of $9,800,000.
STATEMENT OF SURPLUS ACCOUNT FOR 13 MONTHS' PERIOD
SEPT. 29 1917 TO Nov. 2 1918.
•
Surplus account Sept. 29 1917
$59,965,000
Earnings for month of Oct. 1917 and adjustment of inventory
values in accordance with U. S. Food Administration regulations effective Nov. 4 1917
6,706,855
Add adjustment of valuations of investments and of
land, buildings, and equipment by appraisal.._ _ _$30,746,047
Less dividend of25% in capital stock paid therefrom
,July 15 1918
25,000,000-5,746,047
Results.-Gross sales in excess of $1,200,000.000 returned net profits
of $21,157,277 for the fiscal year ended Nov. 2 1918. This net is reached
after deductions of $11,828,165 for Federal and foreign taxes. The net
profit of $21,157,277 compares with the $34,650,000 profit for 1917 and
Is 11.2% on the average capital and surplus. The net profit on the
'
total
sales for the year amounted to about 1 yi cents per dollar of sales on meat
and all other products.
For the first time the meat profits are separated from the profits on other
products, in compliance with the requirements of the Food Administration.
The gross earnings (without deducting interest on borrowed money) from
the manufacture and sale of products resulting from the slaughtering of
cattle, calves, sheep and hogs were $18,786,696, as shown by the financial
statement. Those gross earnings were earned on a total capital (including
borrowed money) of $248,214,189. These .earnings amounted to 7.57%
of the capital employed.
Since the sales in the meat department were $922,726,756, the earnings amounted to 2.04 cents on each dollar of sales, being approximately
one-half cent per pound before paying taxes, or Interest on borrowed money.
The company has therefore come within the profit limitations imposed
by the Food Administration (as stated in foot note to income account below). In no other industry is business done on a smaller margin of profit.
Cash dividends of $9,000,000 were paid during the year. The balance
of net earnings, $12,157,277, remains invested in the business for the improvement of facilities and to assist in financing inventories at higher prices.
We consider it a tribute to tho efficiency of the company that this meat
business could be operated and maintained on so slight a margin of profit.
Cost of Live Stock.-It is fortunate for the•country and for the Allies that
the American farmer has done his part by increasing his livestock.
The past year has been one of unparalleled prosperity for the livestock
producer. Not only have the livestock receipts at the great central markets increased fully 20% without depleting the total supply of live animals,
but they have been sold at prices unequaled in the history of the business,
prices averaging 25% more than tho high prices of 1917, as below:
Cost to Company for 12 Months ended- Nov.2 1918. Sept. 29 1917. Inc.
Cattle$
10 81
$8 66
25
'17 12
12 89
Hogs
33
15 55
Sheep and lambs
12 79
22%
The effect of these high prices is shown by our payments of $682,000,000
to livestock raisers during 1918, an increase over 1917 of $227,000,000.
Wholesale Prices Received for Dressed Beef.-The price of meat was also
higher than it has over been before, although it has not increased as much
during the war as have the prices of livestock, because of the higher values
realized for by-products. The average wholesale prices received by Swift
& Co. for dressed beef at four large consuming centres for the five years
1914 to 1918, inclusive, were as follows:
PleAver. Beef Prices Received at- 1918. 1917. 1916. 1915. 1914.
$18 03 $14 15 $12 12 $11 64 $12 24
New York
18 30 14 22 12 11
Philadelphia
11 57
12 33
13 67
11 86
18 41
Washington
11 63
12 19
11 19
16 33 13 10
Chicago
10 85
11 59
13 78
11 82 11 42 12 09
17 77
Average
1918 increase over 1917, 29%; and over 1914, 47%.
War Business.-We have during the year applied our resources principally to the supplying of the fighting forces of the United States and the
countries associated with us in the war, and we feel a pardonable pride in
the record that we have made. Much has been asked of us, but we have
not been found wanting. A largo part of the meat foods produced by us
has been furnished to the United States and Allied Governments.
Total
$72,417,902
Net earnings for fiscal year ended Nov.2 1918,after
providing for taxes
$21,157,277
Less dividends paid in cash
9,000,000-12,157,277
Surplus account Nov. 2 1918
$84,575,179
BALANCE SHEET NOV. 2 1918.
Assets.
Liabilities.
Cash
$12,075,593 Capital stock
x$150,000,000
Accounts receivable__ _ _105,691,463 Surplus
84,575,179
Inventory
179,060,614 General reserves
6,717,679
Stocks and bonds
39,298,453 Reserve for Federal and
Real estate & improv'ts_ 79,247,567
foreign taxes
16,500,000
1st M. 5% bonds is•
$415,373,690
sued _--$33,370,000
Less redeom'd 2,444,000-30,926,000
x Capital stock in treasury (352,744 shares out
Bills payable
120,577,795
of 1,500,000 issued)_ _ _$35,689,392 Accounts payable
41,250,996
Accrued bond interest_
515,433
Total
Total
$451,063,082
$451.063,082
x Note.-The shareholders voted May 13 1918 to increase the capital
stock from $100,000,000 to $150,000,000, $25,000,000 of the new shares
being offered to the stockholders of record May 18 1918 at par, payable
June 15, to provide additional cash for the increasing business, and the remaining $25,000,000 issued July 15 as a stock dividend of 25% to holders
of record June 18 on account of increased value of the property as shown by
recent appraisals. V. 106, p. 1583, 1692, 2127, 2234.
In Aug. 1918 the South American and Australian properties were organized as Compania Internacional Limited Co., under the laws of the Argentine Republic, with a stock of $22,500,000 Argentine gold, divided into
1,500,000 shares of $15 each, all one class, fully paid and non-assessable, all
outstanding. Each stockholder of the Swift & Co. of record Aug. 31 1918
was given until Oct. 15 the opportunity of exchanging 15% of his holdings
in Swift & Co. at par for equivalent amount of capital stock in Internacional at par, evidenced by the First Trust of Chicago certificates of deposit. V. 107, p. 701, 910
The aforesaid exchange in Oct. 1918 had reduced the outstanding capital
stock to about $127,500,000 when the holders of record Oct.26 were offered
until and incl. Nov. 10 the further option of exchanging one-tenth of their
($100) shares for an equal par value in the $10 shares of the $12,800,000
stock of Libby, McNeill & Libby (canners), held in Swift & Co.'s treasury.
These exchanges account, it is understood, for the retirement of the
$35,689,392 Swift & Co. stock shown in the balance sheet as held in the
treasury on Nov. 2 1918, leaving $114,310,608 In hands of public.-Ed.
For comparative balance sheet for four years, see issue of Jan. 11 (V.
108, p. 168);see also advertisement in issue of Jan.4, p. 24.-V. 108,p. 168.
266
THE CHRONICLE
National Biscuit Company.
(21st Annual Report-Year ending Dec. 31 1918.)
President R. E.'Tomlinson said in substance:
The only indebtedness is for those raw materials and supplies which
were purchased so recently that the bills could not be adjusted before the
close of the year. The inventories at times were necessarily heavy, but
are now down to a pre-war basis.
The past year has been most difficult from an operating standpoint.
The manufacturing facilities of the company were sufficiently elastic, however, to meet the unprecedented demands which the war imposed. Our
industry was called upon in January to contribute its share of the vast
quantity of wheat to be saved for the relief of Europe. Regulations of the
Government required us to save 30% of the amount of wheat flour consumed
during the preceding year. This company led the cracker baking industry
in the use of barley, rye, corn, oats and rice flour to the point where the
Government gave special recognition to the achievement. Instead of
307 we conserved more than 50% of wheat flour.
The cracker baking industry was hurriedly requested by the army to
provide hard bread in half-pound rations, packed principally in soldered
tins to resist gas. When the armistice was signed, this company alone
had reached a production of 800,000 hard bread rations per day. The
company manufactured this unusual output notwithstanding the labor
shortage. Of our former group of 20,000 employees the war deprived us
of more than 2,000.
INCOME ACCOUNT.
-Calendar Years- -Jan. 31 Years
1915-16.
1916-17.
1918.
1917.
$5,135,840 $4,622,348 $4,579,306 $4,129,791
Net profits
Common dividends(770).32,046,520 $2,046,520 $2,046,520 $2,046,520
1,736,315
1,736,315
1,736,315
Preferred dividends (7%) 1,736,315
[Vol,. 108.
CONSOL.INCOME ACCOUNT YEARS END. JULY 31 (Taxes, See Text)
1915-16.
1916-17.
1917-18.
$5,728,784 $5,667,609 $4,384,451
118,878
167,184
268,090
Sugar and molasses produced
Miscellaneous receipts
$5,895,967 $5,935,698 $4,503,329
Total income
$3,355,648 $3,122,099 $2,399,973
Agricultural and mfg. expenses
208,865
503,482
535,136
Freight, adminis., &c., expenses__ _
$2,005,184 $2,310,117 $1,894,491
Net earnings
62,998
87,332
54,945
RR. oper. profit (less int. charges)._
$2,060,128 $2,397,449 $1,957,488
Net income
3157,733
$180,032
Depreciation,&c$147,763
190,014
Loss on sale of old machinery, &c_ _ _ _
(40)1,200,000(60)1800,000(41)1230,000
Dividends
$569,755
$227,403
$712,365
Balance, surplus
CONSOLIDATED BALANCE SHEET JULY 31.
(Central Aguierre sugar Cos., Central Aguirre Co. and Ponce & Guayama RR.)
1917.
1918.
1917.
1918.
LiabilitiesAssets-Real est., bidgs., &c.3,403,094 3,419,641 Capital stock (300,Rolling stock, ea.__ 425,919 379,642 000 shares, $100
3,000,000 3,000,000
355,219 1,233,417 each)
Cash
35,500
25,500
Accounts receivable_ 66,315 257,277 Mortgages
469,345 273,147
88,515 Accts. pay.,
Destino curr. acct__ 19,331
600,000
Material & supplies_ 379,387 334,254 Dividend payable_
10,000
677,335 393,857 Res. restoration_
Growing crops
3,548 Income, &a., tax_ 591,068
Advances to colonos_ 11,807
Reserve for doubtful
Sugar and molasses
32,445
19,352
16,225 accounts
1,793,000
on hand
2,949,653 2,824,583
39,301 Surplus
$346,956 Deferred charges_ _ _ 33,511
U.S. Liberty bonds.. 500,000
$796,471
$839,513
$1,353,005
Balance, surplus
BALANCE SHEET DECEMBER 31.
7,664,918 6,165,675
1918.
1917.
1917.
7,664,918 6,165,675 Total
Total
1918.
Liabilities-V. 107, p. 606.
AssetsPreferred stock_ _ _24,804,500 24,804,500
:Plant,real estate.
machinry, &c_ _53,927,734 54,480,785 Common stock__ _29,236,000 *29,236,000
595,544
Accounts payable.. 624,726
U.S.Treas. certif. 1,500,000
GENERAL INVESTMENT NEWS
2,950,213 2,415,827 Common div.,payCash
511,630
511,630
Stocks & securities 732,201 1,201,160 able Jan. 15.. _
Acctts receivable 4,633,229 4,941,979 Carton fact'y res.. 1,250,000 1,250,000
RAILROADS, INCLUDING ELECTRIC ROADS.
1,200,000
700,000
Tax reserve
Raw mater'is, sup17,761,785 16,408,780
11,645,263 10,466,702 Surplus
plies,Sw
American Cities Co.-Status of Subsidiary.See New Orleans Railway & Light Co. below and also last week's
75,388,640 73,506,453
75,388,640 73,506,453 Total
Total
"Chronicle," pages 165 and 172.-V. 107, p. 1918.
x After deducting $300,000 depreciation account.-V. 106, p. 1229.
Atch. Top.& Santa Fe Ry.-Mr. Hines, Director-General.
Walker D. Hines, formerly Chairman of the Board of this company, has
American Ice Company.
been appointed Director-General of Railroads by President Wilson, to
succeed Mr. McAdoo. In 1906 Mr. Hines was made counsel for the
(Report for Fiscal Year ending Oct. 31 1918.)
Atchison company. Shortly thereafter he was made Chairman of the
Board, and later was made Chairman of the road's finance committee.
CONSOL. EARNINGS FOR YEARS ENDING OCT. 31, INCL. SUB. COS -V. 107, p. 2097.
1915-16.
1914-15.
1916-17.
1917-18.
Atlanta Birjningham & Atlantic Ry.-Federal Advances.
$12,622,867 $9,840,529 $9,172,962 $8,639,984
Gross receipts
Federal advances to the company in December aggregated $320,000,
Income from investm'ts,
174,403
56.149
10,444 making a total of $659,000 for such advances in year 1918 (see V. 108,
119,566
interest, discount, &c.
P. 32).-V. 107. p. 2474, 1836.
$12,742,433 $10,014,932 $9,229,111 $8,650,428
Total
Atlantic Coast Line RR.-Contract Signed-Station..Less cost of merchandise,
Announcement is made of the signing of the Federal operating contract
9,080,806 7,404,764 7,097,103 6,797,013
oper. expenses &c_
between the Railroad Administration and this company and its subsidi$3,661,627 $2,610,168 $2,132,008 $1,853,415 aries, the Washington & Vandemere and Tampa & Southern railroads, the
Balance
being fixed at $10,185,942.
compensation
$396,012
$410,958
$362,286
$434,239
Bond interest, &c
The new union station at Richmond, Va., erected at a cost of about
144,077
153,565
126,189
146,367
Rents
167,093
242,495
144,074 $1,000,000 by this company and the Richmond Fredericksburg & Potomac
211,1445
Taxes
86,903
.131,806
129,534 RR. was opened for service on Jan. 6.
88,947
Insurance
537,774
623,854
588.459
687,224
Maintenance & improv't
Federal Advances.164,904
Res've for Federal taxes
Federal advances to the company in December aggregated $400,000,
Disc,on coll. trust bonds Cr.1,196
a total of $1,200,000 for such advances in year 1918 (see V. 108.
making
740,780
Depreciation
p. 32).-V. 108. p. 169.-V. 107, P. 1836. 1573.
Dissolution exp. (Amer.
31,512
Ice Securities Co.)_....
Baltimore & Ohio RR.-Financing-Federal Advances.84,768
Adj. or gen. prop. values
The New York "Times" says: "Definite plans for financing to meet the
$18,500,000 651 notes and $4,000,000 bank loans which were
company's
$2,455,821 31,626,857 $1,427,447 $1,327,233 extended from
Total
1 1918 for four months, and an additional maturity
$704,561
$983,311
;526,182 of $1,000,000 Oct.
$1,209,294
Net gain
% Equipment Trust Certificates which also fall due on
)186,502
VA
(1
,267(1
,803
563
)
)223
(6
_
(3
_
,934
893
%)
dividends_
Preferred
Feb. 1, have not yet been mentioned in banking circles. It has been
that this substantial financing is awaiting approval of the
$518,058
$302,379 suggested
$420,044
$315,360
Balance,surplus
Railroad Administration. The collateral behind the notes consists largely
the Reading Company.
of
stocks
of
CONSOL. BALANCE SHEET OCT. 31 (INCL. SUBSIDIARY COS.).
Federal advances to the company in December aggregated $11,800,000,
1917.
1918.
1917.
1918.
making a total of $35,875,000 for such advances in year 1918 (see V. 108.
• $
$
$
Assetsp. 32).-V. 107, p. 2374, 2287.
Fret.stk.,non-cum.14,920,200 14,920,200
Land, buildings,
Bangor & Aroostook RR.-Federal Advances.machinery, &c_14,728,212 15,039,646 Common stock_... 7,161,330 7,161,330
394,600
Underlying bonds- e115,900
Federal advances to the company in December aggregated $270,000,
Good-will, water &
making a total of $643,000 for such advances in year 1918 (see V. 108.
patent rights-._17,023,663 17,020,463 Collat. trust bonds
252,454
Amer. Ice Co_f1,262,000 1,291,000 p. 32).-V. 107, p..1836, 290.
Investm't securs__ 8260,690
451,786 Real estate 1st &
719,905
Cash
Barcelona Traction, Light & Power Co.-Interest
Notes & accts. rec. 1,184,716 1,029,703 gen. mtge. 6s_ 4,751,000 4,520,000
247,410
16,900 Real estate mtges- 212,030
Bonds and mtges_
548,099 Payment.
316,224 Accounts payable_ 642,827
Liberty bonds_ _ _ _ 207,079
Notice is given that in accordance with the reorganization scheme
105,904
14,107 Accr. bond int.,&c. 131,290
11,242
Insur. premiums...
(V. 107, p. 2001) approved Dec. 19 1918, 1% will be paid at any of the
755,257 4% Liberty bond
Inv. of mdse., &c. 744,194
255,250 undermentioned banks on and after Jan. 6 1919, in full discharge of the
358,538 subscription
Fund investments d587,683
half-year's interest on the above bonds, due on Dec. 1 1918, against surIns. & workman's
593,072 render of coupon No. 14. London, Bank of Scotland; Brussels, Banque de
compensa'n res.. 572,328
Profit & loss (sur.) 5,533,576 5,218,215 Paris et des Pays-Bas, Banque de Bruxelles, Banque d'Outremer, Societe
Francaise de Banque et de Depots, Nagelmackers Fils & Cie Caisse
Res. for Fed. tax_ 164,904
Generale de Reports et de Depots; Paris, Societe Generale; Toronto,
35,467,384 35,255,079 Canadian Bank of Commerce. Compare V. 107, p. 2001, 2185.
35,467,384 35,255,079 Total
Total
Bay State Street Ry.-Incorporation of Successor Company, The Eastern Massachusetts Street Railway Co.-Acceptance of "Service-at-Cost" Plan-New Trustees.-TheBay State
Street Ry. on Jan. 15 accopted the Service-at-Cost Act
(June 3 1918) passed by the Massachusetts Legislature of
1918, and has filed with the Secretary of the Commonwealth
a notice of its reorganization under the name of the Eastern
Porto
Companies,
Rico.
Central Aguirre Sugar
Massachusetts Street Ry.
This step places the property for ten years in the hands of
(19th Annual Report-Year Ending July 31 1918.)
trustees, who will have the right to regulate fares so that the
President J. D. H. Luce at Boston on Dec. 19 1918 said company may meet exbenses.
in substance:
Trustees Appointed.-Governor Coolidge has sent to the Council the
a Includes in 1918 American Ice Co. treasury stock (775 shares pref. and
540 shares of common). $72,178; Independent Ice Co. stock (509 shares
pref., 237 shares corn.),$125,000; and sundry stocks and bonds (outside
conanies) $55,012; reaestate mortgages,$8,500. d Consists of $540,000
(par) American Ice Co. real estate 1st & Gen. Mtge. bonds; N. Y. City
bonds, 331,134 (par value $35,000); sinking and release fund cash, $15,355:
loans, $1,194. e After deducting in 1918 $817,500 owned by American Ice
Co. After deducting in 1918 $54,000 in treasury.-V. 107, D. 1386.
The crop harvested for the season of 1917-18 yielded 47,117 tons of sugar.
This excellent result is a further demonstration of the great value of the
Government irrigation system, without which we should have been unable
either to grow this large crop or maintain our fields in their present satisfactory condition-the winter of 1917-18 having been unusually dry.
The restriction of shipping facilities imposed by the Federal Government
has caused great delay in marketing our sugar-a small portion being still
held on storage at Aguirre, awaiting shipment. The losses entailed by this
delay, however have been offset by the excellent price fixed by the Food
Controller. With the cessation of the war,it is to be hoped that next year's
may come forward more rapidly.
The
crop
price practically agreed on for the coming season points to another
prosperous year for the enterprise, and we are glad to report that the
Government reservoirs are filled to their capacity.
The mill began grinding Dec. 14 1917, and finished June 5 1918.
On Oct. 11, and again on Oct. 24, the Island of Porto Rico was subjected
to severe earthquakes, accompanied by loss of life, and great damage to
towns in the southwestern parts of the island. Although the earthquakes
were felt at Aguirre, it is satisfactory to your trustees to report that no
injury of any sort was done to your property.
In explanation of the note concerning the 1917-18 taxes, we may state
that the taxes for 1917 have not yet been determined by the U.S.authorities.
names of the following men to serve as trustees for a period of five years:
Homer Loring, Boston; Isaac Sprague, Wellesley; Frederick J. Crowley,
Lowell; Earl P. Carlton, Fall River; Arthur O. Wadleigh, Lynn. The
trustees will take office Feb. 1.
Leading Provisions of Act under Which New Company is Organized.
[In general as summarized by "Boston Financial News.' 1
Jurisdiction of Trustees.-Upon the first day of the month following tho
acquisition of the new company of the railways, property and franchisee
of the company, said trustees shall assume the management and control o
the new company, and, subject to the provisions of this Act, shall continue
to exercise said management and control during said period of ten years.
Pending the acquisition by the now company of the railways,
. .
property and franchise of the company, the trustees shall receive from the
treasury of the Commonwealth such compensation and allowance for
expenses as the Governor and Council may approve, to be repaid to the
Commonwealth by the new company when it acquires the railways, property and franchises of the company. Thereafter each trustee shall receive
from the new company an annual salary of $5,000.
Abolishment of Taxes.-All taxes, except the local property tax and the
franchise tax, are abolished, and the company cannot be required during
the ton-year period to contribute to the cost of repairing streets, bridges, &c.
JAN. 18 1919.]
THE CHRONICLE
Municipal Participation in Financing.-Any community desiring to do
so may contribute financially to the company, in order to secure such
service as It desires.
Sale of Light and Power.-The company may sell electricity for light and
power, subject to the approval of the Board of Gas and Electric Light
Commissioners.
Issuance of Capital Stock, Bonds,.1c.-The entire capitalization,including
stock, bonds and other evidences of indebtedness which may be issued to
pay for or which remain outstanding in respect of the railways and property
of the company, which were included in the computation of investment
value contained in the decision of the P. S. Commission dated Aug. 31
916, shall not represent an annual interest and dividend charge (common
dividends being computed at the rate of6% per annum), which will exceed
% upon the sum of $40,282,340, plus such amounts as may be determined
33,the P. S. Commission to have been additions to investment value since
the date as of which such computation was made.
The P. S. Commission shall make such further adjustments of said sum
as will in their judgment fairly represent present values on a 6% basis of
payments and receipts on account of leased property.
Trustees' Powers, re Fares and Service.-In the matter of fares and service, the trustees are given full powers,and they may divide the establishing
different fares for each district, based upon the receipts of each individual
district. In other matters, the trustees are subject to the control of the
P. S. Commission. If the trustees desire an extension of lines which the
directors deem inadvisable, the trustees may appeal to the P. S. Commission and the directors, in turn, may appeal to the supreme judicial
court from the order of the Public Service Commission.
Within 60 days after the new company has acquired the property of the
old company, and after a public hearing, the trustees must put into operation rates and fares which in their judgment will produce sufficient income
to meet the cost of service. They are to separate the lines north of Boston
from those south of Boston, and may make such further division of either
territory as to them seems advisable.
Additional Bonds-Reserve Fund.-The company may issue additional
bonds to the amount of $5,000,000 to be secured by a new mortgage, and
of this amount $2,500,000 must be issued upon the acceptance of the Act.
A reserve fund of $500,000 is to be established out of this $2,500,000, and
this is to be the barometer fund. The remaining $2,000,000 must be expended for the purchase of new equipment.
Serial Bonds Guarantee.-Of the serial bonds, $4,000,000 are to be paid
off in ten years, and the company is authorized to agree with the purchasers
thereof that in case the earnings in any year are insufficient to pay for the
Installment of the bonds maturing in that year, the Commonwealth will
make up the deficiency, assessing the amount thereof upon the cities and
towns served by the company, and taking as security therefor a first mortgage upon the company's property. This is the only guaranty provided
in the bill.
Directors of New Company.-In the reorganization plan the following are
named as directors of the Eastern Massachusetts Street Ry. until their
successors are chosen: Walter C. Bolt, of Belmont; William F. Crawshaw,
of Medford; William A. Fisher, of Chelsea; Howard F. Fritch, of Somerville; Caleb S. Jackson, of Boston; Herbert S. Nowell, of Lynn,and John J.
Tivnan, of Lynn.-V.108, p. 169, 78.
Boston Elevated Ry.-Fare Situation-Status.-James
F.Jackson, Chairman of the Board of Trustees,in an address
before the Boston City Council on Jan. 14,is quoted as saying:
Were it not for Government restrictions our 70 new cars would be here
much sooner. Deliveries will not begin until April, but they will then
come two or three a day.
We believe the interests of the public demand fare that will produce
necessary revenue for proper service. The flat fare of eight cents seems
best now. The trustees believe that the effect of that flat fare should be
learned. There is a limit on fares, of course, but certainly the 8-cent fare
will not prove capable of producing the revenue needed. We must get
more money some way.
The 8-cent fare has increased the net revenue and there is more than
enough to balance the smaller number of passengers carried. We must
try it longer, but the public should understand that the trustees have not
committed themselves to a flat fare or to any other system.
Secretary Retires.Henry S. Lyons has retired as Secretary of this company.-V.108, p. 76.
Boston & Maine RR.-Vote for Plan-Federal
267
war and for six months thereafter. The new rate is effective on Jan. 27.V. 108, p.77.
Buffalo Rochester & Pittsburgh Ry.-Federal Adv.Federal advances to the company in December aggregated $330,000.
making a total of $4,000,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107, p. 2375. 1099.
Canadian Northern Railway.-Secured Notes.Notice is given that there was deposited on Dec. 20 1918 in the office of
the Secretary of State at Ottawa, a duplicate original of a trust mortgage
dated Oct. 22 1918, made between the company and Lloyds Bank, Ltd.
and his Majesty the King, securing certain 5% Guaranteed Secured gold
notes of the railway company.-V. 107, p. 2187, 2183.
Central New England Ry.-Federal Advances.Federal advances to the company in December aggregated $690,000.
making a total of $990,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107, p. 1003.
Central Vermont.-Federal Advances.Federal advances to the company in December aggregated $300,000,
making a total of $1,035,000 for such advances in year 1918 (see V. 108,
p. 32).-V. 107, p. 2008, 1666.
Chesapeake & Ohio Ry.-Federal Advances.Federal advances to the company in December aggregated $1,000,000.
making a total of $8,050,000 rot' such advances in year 1918 (see V. 108.
p. 32).-V. 107. p. 2187, 1003.
Chicago & Alton RR.-Federal Advances.-
Federal advances to the company in December aggregated $425,000,
making a total of $2,060,000 for such advances in year 1918 (see V. 108.
-V. 107. p. 1286.
P. 32).
Chicago Burlington & Quincy RR.-Federal Advances-
Federal advances to the company in December aggregated $4,100,000.
making a total of $10,650,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107, p. 1836, 1747.
Chicago City & Connecting Railways.-Status as to
Fares and Wages Following Omission of Dividends.See "Financial Reports" on a preceding page.-V. 108. 13• 77.
Chicago & East. Illinois RR.-Federal Advances.Federal advances to the company in December aggregated $912,000,
making a total of $1,449,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 108, p. 77.
Chicago Great Western RR.-Federal Advances.Federal advances to the company in December aggregated $973,000,
making a total of $1,680,660 for such advances in year 1918 (see V. 108.
p. 32).-V. 107, p. 2097, 1003.
Chicago Indiana & Louisville Ry.-Fed. Advances.-
Federal advances to the company in December aggregated $400,000.
making a total of $1,925,000 for such advances in year 1918 (see V. 108,
p. 32).-V. 107, p. 1384, 1191.
Chicago Milwaukee & St. Paul Ry.-Fed. Advances.-
Federal advances to the company in December aggregated $857,000,
making a total of $22,532,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 108. p. 170.
Chicago & North Western Ry.-Federal Advances.-
Federal advances to the company in December aggregated $3.770,000,
making a total of $9,000,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107, P. 2289, 1669.
Chicago Ottawa & Peoria Ry.-Stock Application.-
This company has applied to the Illinois P. U. Commission for permission
to issue $406,000 preferred stock at par.-V. 107, p. 603.
Chicago Peoria & St. Louis RR.-Federal Advances.-
Advances.
Federal advances to the company in December aggregated $400,000,
The number of shares of each company voting for and against the conmaking a total of $600,000 for such advances in year 1918 (see V. 108.
solidation plan has been published in Boston as follows:
32).-V. 105, p. 1893.
p.
Affirmative. Negative.
Boston & Maine, preferred
25,329
10
Chicago Rock Island & Pacific Ry.-Fed. Advances.Boston & Maine, common
332,506
1
Federal advances to the company in December aggregated $2,000,000.
Fitchburg
143,456
24
for such advances in year 1918 (see V. 108.
Boston & Lowell
66,998
50 making a total of $9,700,000
Concord & Montreal
60,295
122 p. 32).-V. 107. p. 2375, 2187.
Lowell & Andover
5,186
Chicago St. Paul Minn. & Omaha Ry.-Fed. AdvancesConnecticut River
27,852
Federal advances to the company in December aggregated UMW,
(approximate) 8,400
Manchester & Lawrence
23
_ _ _ making a total of $2,450,000 for such advances in year 1918 (see V. 108.
Kennebunk & Kennebunkport
501
2187. 1669.
The first step in the reorganization has thus been accomplished. Before P. 32).-V. 107, p.
the reorganized road emerges ready to do business, however, a standard
Columbus Traction RR.-Master's Sale.
&
Cincinnati
form of contract with the Director-General of Railroads must be executed,
Special Master Commissioner Richard C. Swing will sell at Cincinnati
and the approval of the United States Court to the consolidation must be on Feb. 8, at public auction, without regard to a minimum price, in acsecured, inasmuch as Boston & Maine, one of the consolidating roads, is cordance with the decree of foreclosure of the $600,000 5% mortgage of
being operated by a receiver appointed by the court.
$250,000 5% mortgage of 1907, all the properties, &c., of this
Federal advances to the company in December aggregated $4,250,000, 1905 and the
consisting of a fully equipped electric railroad extending from
making a total of $7,067,000 for such advances in year 1918 (see V. 108. company,
Hillsboro, Ohio.-V. 107, p. 2375.
Norwood
to
p. 32).-V. 108, p. 170, 76.
•
Cleveland Union Terminal Co.-Ordinance Passed.British Columbia Electric Ry.-Lighting Rates.At a special election on Jan. 6 the people of Cleveland, 0., ratified the
Effective Jan. 1 lighting rates in Vancouver. B. C., will be at the rate of
to enter into a contract with this company
6 cents per k. w. h.. a reduction of 25% from the present rate. In all this ordinance authorizing the Mayor
of a union passenger station for
makes a reduction in the domestic lighting rates of 42%.-V. 107, p. 1836. which will provide for the construction
all of the railroads and interurban lines entering the city.
Brooklyn Rapid Transit Coe-Mr. Garrison Made PerThe officers of this company are quoted as saying that work will be
on the project in the spring, the complete expenditure for
manent Receiver-No Co-Receiver.-Judge Julius M.Mayer, of commenced
which is estimated at $50,000,000. It is said that all the railroads have
the U. S. District Court, on Wednesday made permanent agreed to co-operate in carrying out this plan. Compare "Railway Age"
the appointment Of Lindley M. Garrison as permanent re- of Jan. 10, p. 153.-V. 107, p. 2187.
ceiver of the system, and denied the application of the city
for the appointment Of a co-receiver.
Judge Mayer, in denying the motions, said:
Any application on the part of the City of New York and the Public
Service Commission is entitled to the most careful consideration. Their
applications cannot be lightly set aside.
But the argument indicates a lack of agreement between these two great
bodies. I fear that there has been a misapprehension of what a receivership is. Under the receivership the property is taken into possession by
the court and the court's duty is to conserve it while in possession, The
receiver is merely the instrument of the court.
If two receivers are named it must be plain that it is hardly possible for
both, representing divergent views, to work in harmony with the instructions of the court.
Preliminary Report of Receiver Garrison.See "Financial Reports' above.
Progress of Construction on Dual System.-
See Rapid Transit in N. Y. City below and V. 108, p. 74.
Receiver's Certificates.It is announced that application would be made Jan.
20 to Judge Mayer in the U. S. District Court for authority to issue $16,000,000 receiver's certificates.
The requirements for new cash are fully set forth in the
receiver's report under "Financial Reports" above.
More Employees-
•
Colorado Midland RR.-Permission to Junk.-
A press dispatch from Denver on Jan. 17 stated that the Colorado P. II.
Commission had granted the receiver permission to junk the line with the
exception of 20 miles from Colorado Springs to Divide. It is suggested by
the Commission that other roads might purchase the line.-V.107, p.2289.
Colorado & Southern Ry.-Federal Advances.-
Federal advances to the company in December aggregated $510,000.
making a total of $1,485,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 108, p. 170.
Columbus Ry., Power & Light Co.-Local Management.
Messrs. E. W. Clark & Co., Phila., have withdrawn from the managvment of this company in favor of Columbus interests,following recent action
of local stockholders who made a canvass for proxies for a change in management and threatened to apply for a receiver.
The company, which had been operating under a franchise calling for a
fare of eight tickets for 25 cents, had held that it was impossible to continue
operations at that rate of fare in view of excessive costs. Some time ago
the company asked for an increase in fares, and while the incresae was
pending the company refused to recognize the tickets sold at the rate of
eight for 25 cents. The company recently issued a statement in which it
stated that the cost of operating the property during the first 10 months of
1918 increased $1,208,000 over the corresponding priod of 1917. The operating income for the ten months amounted to $543,000. as compared with
$1,775,000 in the previous year, this being before the payment of fixed
charges.
At present the new management has resumed operation at the old rate,
but it is expected that they will apply for higher rates.-V.108, p. 77.
Connecticut River RR.-Plan Approved.-
In order to improve the company's service Receiver Garrison has apThe stockholders on Jan. 9 approved the Boston & Maine consolidation
pointed Col. A. R. Piper as Superintendent of Employment for the system. plan.
-V. 107. 1P• 1919.
Col. Piper declared that there existed a need for 1,500 new employees.
V. 108, p. 170, 76.
Delaware & Hudson Co.-Federal Advances.Buffalo & Lake Erie Tractiox Co.-Fare Increase.Federal advances to the company in December aggregated $2,000,000,
The New York P. S. Commission has authorized Receiver Bullocklito making a total of $8,790,000 for such advances in year 1918 (see V. 108.
Vcrease the rate of fare to 3 cents per mile on interurban cars during the P. 32).-V. 107, p. 2476, 2187.
268
THE CHRONICLE
Delaware Lackawanna & Western RR.—Federal Advs.
Federal advances to the company in December aggregated 81,500,000,
making a total of $4,000,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 106, p.2756.
Denver & Rio Grande RR.—Federal Advances.—
Federal advances to the company in December aggregated $1,200,000,
making a total of $6,000,000 for such advances in year 1918 (see V. 108, p.
32).—V. 107, p. 1919, 1481.
Denver 86 Salt Lake RR.—Federal Advances.—
Federal advances to the company in December aggregated $127,812,
making a total of $1,118,460 for such advances in year 1918 (see V. 108,
p. 32).
Default—New Committee.—
See Northwestern Terminal By. below.—V. 108, P. 77.
Des Moines City Railway.—Retirement.—
President and Receiver Emil G. Schmidt has announced his intention of
retiring at the end of the receivership of this company.—V. 107, p. 2376.
Detroit Bay City 86 Western RR.—Federal Advances.—
Federal advances to the company in December aggregated $100,000,
making a total of $120,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 905.
[VOL. 108.
Labor has increased by $6,000,000. When we raised the wages of those
men we had no idea of digging our own graves. We never thought that
by municipal inaction an attempt would be made to throw us into bankruq'tg.Board of Estimate seems to think it can work itself over us. It
can't. It may get the New York Railways Co., although we'll give them
a good run for their money, but if the Interborough were forced into receivership, my friends, it would be a real calamity to holders of electrical
railway securities.
I want to speak of this 8-cent faro proposal. Of the 8 cents, we would
only get 7. The city would get the other cent. This eighth cent would
pay the city's sinking fund and interest charges and make that $250,000,000
which Comptroller Craig says is a total loss to the city, worth something
for debt limit purposes. Now, why not put this burden where it belongs—
on the people who get the service?
It was total sums of money we were to receive [by way of our preferential
claims on earnings] and not a 5-cent fare, that enabled us to sell our securities—$160,000,000 of bonds and $40,000,000 of notes. And I challenge
any one to say that we have not carried out our part of the contract to the
letter. And we now have in the bank enough money to complete the whole
contract. We also accumulated surplus of $10,000,000, which at one time
reached $19,000,000. Compare V. 108, P. 171.
(Compare Rapid Transit in New York City below and Brooklyn Rapid
Transit Co. above and also under "Reports" on a preceding page.]—V. 108,
p. 171, 78.
Int. & Great Northern Ry.—Federal Advances.—
Detroit & Toledo Shore Line RR.—Federal Advances.—
Federal advances to the company in December aggregated $1,470,000,
making a total of $1.877,215 for such advances in year 1918 (see V. 108,
1:.• 32).—V. 107, p. 1004, 802.
Detroit United Railway.—Supreme Court Decision Up-.
holds Company in Fare Controversy on Merits of Case.—
The New York P. S. Commission has dismissed this company's petition
for a 6-cent fare in Buffalo.—V. 107, p. 2188.
Federal advances to the company in December aggregated $100,000,
making a total of $135,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 106, p.,2648, 2345.
International Railway of Buffalo.—Fare Situation.—
The United States Supreme Court on Jan. 13 set aside Federal Court
Internat. Traction Co., Buffalo.—Extension of Time.—
decrees upholding an ordinance fixing the rate of street car fares in Detroit
committee, Elliott C. McDougal, Chairman, representing holders
and dismissing proceedings instituted by the railway company to restrain of The
Collateral Trust 4% gold bonds, has announced that the time within
Its enforcement. The Supreme Court held that the lower court erred in which
bonds
of the above-mentioned issue may be deposited under the
not hearing the ca.se on its merits and deciding whether a reasonable protective
agreement. dated Dec. 10 1918, has been extended to the close
term was denied.
The case resulted from the company's efforts to raise fares after the War of business on Jan. 20 1919.—V. 107, p. 2476.
Labor Board increased the maximum wage rate for its employees from
Kansas City Mexico & Orient Ry.—Federal Advances.—
40 to 48 cents an hour, and recommended an advance in fare to meet the
Federal advances to the company in December aggregated $300,000,
higher operating costs. This award of the Board, the company asserted, making
a total of $700,000 for such advances in year 1918 (see V. 108.
added $2,000,000 a year to its financial burdens. Petitions asking for permission to increase its fare were denied by the City Council, which soon p. 32.)—V. 107. p. 1579, 1004.
afterwards passed an ordinance fixing a rate schedule. This, the company
Kansas City Railways.—Fare Situation.—
asserted, was confiscatory, although the city officials denied the contenIn order not to be huh responsible for delay in payment of the higher
tion. The company then instituted proceedings to restrain the city from wage
by tieing up fare proceedings in the United States Supreme Court,
enforcing the measure.
company announces that it would dismiss its appeal for an 8-cent fare
In deciding the case the Supreme Court declined to go into the award of the
which
is pending. It is stated, however, that efforts to obtain an increased
War
the
Labor Board but confined its attention wholly to the merits of fare over
the fare now in effect will be continued.—V. 108, p. 171.
the suit.—V. 107, p. 2097.
Eastern Massachusetts Street Ry.—Successor
See Bay State Street By. above.
Erie Railroad.—Federal Advances.—
Federal advances to the company in December aggregated $9,700,000,
making a total of $23,600,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 2187, 1384.
Evansville Railways.—Foreclosure Sale.—
Kansas City Southern Ry.—Federal Advances.—
Federal advances to the company in December aggregated $525,000,
making a total of $1,585,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 2376. 1579.
Kennebunk & Kennebunkport RR.—Plan Approved.—
The stockholders on Jan. 9 approved the Boston & Maine consolidation
plan.—V. 107, p. 1920.
Lehigh Power Securities Corp.—New Secretary.—Earns.
Judge Robert J. Tracewell of the Vanderberg County, Ill., Superior
Court has fixed Jan. 18 as the date of sale for this company's property,
Receiver William A. Parson having been appointed Master Commissioner.
Compare V. 107, p. 2289.
E. P. Summerson has been apvointed Secretary to succeed A. E. Smith,
who still retains his position as Preasurer.
See Lehigh Valley Transit Co. below.—V. 107, p. 402.
Exeter Hampton & Amesbury St. Ry.---Discontinuance.
President Fehr at the annual meeting of this company on Jan. 13 in submitting his report to the stockholders, said: "Owing to the smaller net
earnings your board of directors did not feel justified in continuing dividends on the company's preferred stock." A press report shows: "The
fiscal year ended Nov. 30 1918, during which the total gross earnings increased to $3,320,000, or $445,000 more than the preceding year, while
the total operating expenses increased $594,000 to $2,500,000. The total
net income (including other income) was $1,029,000 for 1918 as against
$1,179,000 for the year before. The gross earnings increased 15%, while
the operating expenses increased 32%, and the net divisible income decreased $105,281, or 23%."—V. 107, p. 1101.
The New Hampshire P. S. Commission has handed down an order giving
this company the right to discontinue its lines to Hampton Beach on or later
than May 1, unless a sale could be effected which would bring more than
the junk value of the road.—V. 86, p. 1042.
Fort Worth & Denver City Ry.—Federal Advances.—
Federal advances to the company in December aggregated $279,000,
making a total of $619,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 2376, 1837.
Galesburg (Ill.) Ry., Lighting & Power Co.—Bonds.—
This company has applied to the Illnois P. U. Commission for authority
to issue $350,000 of its Consol. & Ref. Mtge. bonds.—V. 104, P. 2117.
Gary Street Railway.—Rate Increase Denied.—
The Indiana P. S. Commission has denied this company's application
for an increase in its city fares from 5 to 6c. The company also asked an
increase in fare on the Gary and Hammond line and on the Gary and
Indiana Harbor line from 5 cents to the city limits to a faro of 8 cents.
Denia of this application was also included.—V. 107,p. 802.
Government Control of Railroads.—Advances by War
Finance Corporation.—
See page 116 in last week's issue.—V. 108, p. 78.
Grand Trunk Ry. of Canada.—Federal Advances.—
Federal advances to the company in December aggregated $1,000,000,
making a total of $1,621,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 108, p. 170.
Great Northern Ry.--Federal Advances.—
Federal advances to the company in December aggregated $4,000,000,
making a total of $6,800,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 696. 401.
Lehigh Valley Transit Co.—No Preferred Dividend.—
Lincoln (Nebraska) Traction Co.—No Fare Increase.—
The Nebraska Railway Commission has refused to grant this company
an increase in fares from Sc. to 6c. with an additiona charge of lc. for
transfers.—V. 107, p. 2098.
Louisville & Nashville RR.—Federal Advances.—
Federal advances to the company in December aggregated $1,500,000,
making a total of $3,000,000 for such advances in year 1918 (see V. 108,
p 32).—V. 107, p. 2188, 1287.
Mahoning & Shenango Ry.& Light Co.—New Franchise.
The city of Youngstown, 0., has granted this company a renewal of street
railway franchise on the service-at-cost plan effective from Jan. 16, for 25
years. The old grant under which the company was obligated to furnish
transportation at the rate of 6 tickets for 25c. still had 15 years to run.
The details of the franchise are reviewed in part in the "Electric Railway
Journal" of Jan. 11.
Bonds.—
This company some weeks ago sold a block of $550,000 of its First &
Consol. M.gold bonds, series B, bearing 6% int. The $10,600,000 already
outstanding under this mortgage-Aire 5% bonds.—V. 107, p. 2476.
Maine Central RR.—Federal Advances.—
Gulf Mobile & Northern RR.—Federal Advances.—
Federal advances to the company in December aggregated $830,000,
making a total of $2,130,000 for such advances in year 1918 (seo V. 108,
p. 32)—V. 107, p. 1288. 1747.
Hocking Valley Railway.—Financing.—
The stockholders have approved the plan of consolidation with the
Boston & Maine RR.—V. 107, p. 1920.
Federal advances to the company in December aggregated $200,000,
making a total of $600,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 1003, 802.
It is understood that negotiations are under way looking toward the
financing of the $5,000,000 6% notes which mature Feb. 1 next. These
notes matured Nov. 1 last but were extended for a period of 4 months.
Although details are not announced it is thought in some circles that another issue of notes will be sold to provide for the maturity.—V. 107,p.2476.
Hudson River 86 Eastern Traction Co.-7-Cent Fares.
The N. Y. P. S. Commission has granted this company permission
to charge a 7c. fare in Ossining, the order to remain in force until Jan. 1
1920, and thereafter until the Pssining trustees revoke the action amending
a franchise, taken on Dec. 17 and with the further understanding that the
order may be reopened when it may appear that the reason for allowing
the increased fares no longer exist.--Y. 105, p. 2365.
Illinois Central RR.—Federal Advances.—
Federal advances to the company in December aggregated $1,200,000,
making a total of $17,425,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 108, p. 78.
Manchester & Lawrence RR.—Plan Approved.—
Manistee & Northeastern RR.—Receivership.—
The Michigan Trust Co., Grand Rapids, Mich., writes'in substance:
"The Michigan Trust Co. has been appointed by the Federal Court as
Receiver of the company and has taken possession of the property and is
operating the same. The coupons due Jan. 1 and also the principal
Installment falling duo on that date, are in default and will probably
remain so pending action by the bondholders.
"This condition of affairs was precipitated by a strike occasioned by the
demand on the part of the train men, for six months back pay, as ordered
by the Government for the roads in, its charge, but this order did not
affect the employees of the Manistee & Northeastern RR., and as a result
It was thought necessary to put the corporation in the hands of a receiver.
"The floating debt is not large and if the business is as good as we hope
It will be, this indebtedness may be taken care of out of the earnings."
—V. 108, p. 79.
Memphis (Tenn.) Street Ry.—New Secretary.—
Illinois Central Traction Co.—Stock Application.—
L. LeMay has been elected Secretary and Treasurer.to succeed the late
W. H. I3urroughts.—V. 107, p. 2476.
Indiana Harbor Belt RR.—Federal Advances.—
Federal advances to the company in December aggregated $500.000,
making a total of $2,395,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107. p. 2098, 1004.
This company has applied to the Illinois P. U. Commission for permission
to issue $245,000 of its preferred stock at par.—V. 84, p. 339.
Federal advances to the company in December aggregated $200,000,
making a total of $920,000 for such advances in year 1918 (see V. 108.
p. 32).—V. 107, p. 1003, 696.
Interborough Rapid Transit Co., N. Y.—Official Statement.—President Theodore P. Shonts on Thursday, at a
conference of the Board of Trade and Transportation and
other organizations, said in substance:
Minneapolis & St. Louis RR.—Federal Advances.—
Minneapolis St. Paul & Sault Ste. Marie Ry.—
Federal advances to the company in December aggregated $2,107,000
making a total of $4,159,000 for such advances in year 1918 (see V. 108
p. 32).—V. 107, p. 1287.
Missouri Kansas & Texas Ry.—Federal Advances.—
Federal advances to the syslitun in December aggregated $250,000,
making a total of $4,245,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 2188, 1837.
JAN. 18 1919.]
THE CHRONICLE
Missouri Pacific Ry.—Federal Advances.—
269
New York Railways.—Leased Line Rentals.—
Referring to the rental payments on leased lines which fall due on various
dates during first quarter of year, officials are quoted as saying it cannot
be determined at present whether the company will be in a position to meet
these obligations. However, failure to make prompt payment will not
constitute a default, as the company is granted 60 to 90 days' grace under
Monongahela Railway.—Federal Advances.—
the various leases and cannot be thrown into receivership on account of
Federal advances to the company in December aggregated $300,000, inability to meet its rental charges on appointed day.—V. 108, p. 172, 79.
making a total of $750,000 for such advances in year 1918 (see V. 108,
1. 32).—V. 107, p. 82.
Norfolk Southern Railroad.—Federal Advances.—
Federal advances to the company in December aggregated $110,000,
making a total of $1,058,000 for such advances in year 1918 (see V. 108,
Montgomery Light & Traction Co.—Receiver.-Judge Henry D. Clayton in the U. S. Circuit Court of Alabama has p. 32).—V. 107p. 2009, 1580.
amed Ray Rushton as receiver for this company upon a petition by the
Norfolk & Western Ry.—Federal Advances.—
eommercial Trust & Savings Bank of New Orleans, alleging that certain
Federal advances to the company. in December aggregated $2,750,000,
notes secured by mortgage (mortgage bonds?) are overdue.—V.107,p.2290. making
a total of $5,250,000 for such advances in year 1918 (see V. 108.
p. 32).—V. 108, p. 79.
Montreal Tramway & Power Co.—Note Issue.—
has sold to a syndicate of Montreal
North Carolina Public Service Co.—Earnings.—
PK This company, it is understood,
bankers a new issue of $7,300,000 (1M % 5-year gold notes the proceeds Comparative Statement of Profit and Loss Accountfor Six Months ended Sept.30
1917.
of which will retire the outstanding issue of $5,300,000, and provide additi1918.
1917.
1918.
onal working capital. Further particulars should appear another week.— Gross earnings__ -$347,058 $300,309 Net earnings
$150,411 $125,346
85,538 81.018
V. 104, p. 1264.
Operating expense 189.446 165,663 Interest charges
9,300 Net to surplus_ __ 364,878 $44.328
7,200
Taxes
New Orleans Railway & Light Co.—Receivership.----At
Electric light and power business, 49.8%; gas business, 29.3%; railway
20.9%.
business,
Whitof
the
D.
O'Keefe,
J.
9
President
Jan.
on
Orleans
New
Note.—Increased rates granted by State Commission: Street railway
ney Central Bank of New Orleans, who in 1915-16 handled rates increased to 7 cents-4 tickets for 25 cents. Gas rates increased 25
successfully the receivership of the New Orleans Texas & cents per 1.000 cubic feet.—V. 107, p. 398.
Federal advances to the company in December aggregated $2,750,000,
making a total of $8,400,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 2376. 2188
Mexico lines, was made receiver of the properties of the
New Orleans Railway & Light Co. by Judge Foster in .the
U. S. District Court on application by the American Cities
Co., holder of a defaulted debt of $16,929. The defendant
itself assented to the proceedings as necessary. The company's embarrassment, duo in the first-instance to war conditions, was apparently made inevitable by the valuation
and plan ot reorganization for the property presented by the
city's representative as outlined on pages 165 and 172 of
last week's "Chronicle."
Statement Issued by President D. D. Curran Jan. 9.
By the unanimous action of the board of directors on Wednesday (Jan.8),
it was decided to place the company and its property in the hands of receivers to be appointed by the United States Court, at the instance of a
creditor of said company. This action was taken by the board of directors
because of the fact that it has been found impossible to meet operating
costs, taxes and fixed charges with the present inadequate revenues.
During the year 1918 this company fell short of earning operating expenses, taxes and fixed charges by approximately $1,000,000, by reason
whereof the company was unable to meet the interest due Jan. 1 1919
on its bonds and, therefore, had to avail itself of the days of grace provided by its mortgages.
The company's present condition has been brought about by the abnormal increases in operating costs, resulting in part from the excessive
wage scale imposed upon it by the National War Labor Board, and in part
from the increased cost of supplies and materials used in and necessary
for its operations.
Furthermore, by reason of the persistent public attack upon the company, its credit has been destroyed to such an extent that the continued
operation of the property was threatened and the interest of the public,
as well as of the security holders of the company, could best be safeguarded
by placing the properties in the hands of the Court,to be there administered
and conserved in the interest of all parties.
[The following obligations in default are noted in the receivership application: Past due interest charges on $11,502,000 mortgage bonds of the
subsidiaries of the company; interest on $18,531,000 General Mortgage
% bonds, which was not met on Jan. 1.
Mr. O'Keefe is quoted as saying that the receivership proceedings will
have no effect upon the suit brought against the railway company by labor
Interests to repeal the 6-cent fare order or the suit brought by tho Board of
Public Utilities to determine its power to control the company. The latter
board on Jan. 9 resolved "That the Honorable A. V. Coco, AttorneyGeneral for the State of Louisiana, be and he is hereby respectfully requested to take such steps as will protect the interest of the State of Louisiana, the minority stockholders and the general public in the premises.
in accordance with law and with the powers in him vested."—Eot]
Northern Pacific Ry.—Federal Advances.—
Federal advances to the company in December aggregated $1,500,000,
making a total of $5,500,000 for such advances in year 1918 (see V. 108,
Lo• 32).—V. 107, p. 2476, 1837.
Northwestern Terminal Ry., Denver.—Default—New
Committee.—The interest due Jan. 1 1918, July 1 1918 and
Jan. 1 1919 on the $2,167,000 First Mtge.5% gold bonds of
1906, due 1926, not having been paid, the protective committee named below urgently requests the bondholders to
deposit their bonds on or before March 1 1919 with the International Trust Co., Denver, depositary, or with Bankers
Trust Co., N. Y., agent of the depositary.
The committee as of Jan. 3 1919 says in substance:
This committee is the result of' an agreement whereby former committees, organized separately, in New York and Denver, have been dissolved,
and succeeded by the undersigned.
The 1916 and 1917 State taxes upon the company's property are unpaid
and delinquent. We are advised that its terminal railway properties are
under Federal control. All the property of the Denver & Salt Lake RR.
was placed in a creditor's bill receivership in the District Court of Adams
County, Colo., in Aug. 1917 (V. 105, p. 818), and such receivership is still
in effect, except that the railway and transportation system of the Salt
Lake company is in Federal control. Under existing agreement whereby
the Salt Lake company occupied and used properties of the Terminal company, the Salt Lake Company agreed (in effect) to pay, as rental, among
other things, the interest upon the Terminal company's First Mortgage
bonds and taxes upon its property.
Bondholders' Committee.—S. M. Perry, Chairman; William A. Bell, John
C. Mitchell, Henry McAllister Jr., Theodore G. Smith, Thomas B. Stearns
(all of Denver, Colo.). Theodore G. Smith is Secretary of the committee,
care the International Trust Co., Denver, Colo. Gerald Hughes, Henry
McAllister Jr., counsel to committee.—V. 106, p. 86.
Pacific Gas & Electric Co.—Stock.—Bonds.—
The California Railroad Commission has authorized this company to
sell on or before June 30 1919 for not less than $87 50 a share in cash, its
first preferred stock, the authority to issue which was granted in January
1916. The company is also given permission to issue on or before June 30
1919 $1,500,000 of its 6% first preferred stock at not less than $87 50 in
cash, or $1,500,000 of its 5% General & Refunding Mortgage bonds,
payable Jan. 11942, at not less than 85% of their face value, plus accrued
Interest, for such portions of either stock or bonds as the company may
elect to issue to aggregate par value of $1,500,000.—V. 108, p. 79.
Pennsylvania Railroad.—Federal Advances.—
Federal advances to the Pennsylvania lines in December aggregated
$12,696,000. making a total of $90,066,000 for such advances in year
1918 (see V. 108, p. 32).—V. 108, p. 79, 172.
Bondholders' Protective Committee.—The bondholder's protective committee named below, which was formed over six
Pere Marquette Railway.—Federal Advances.—
Federal advances to the company in December aggregated $775,000,
months ago when the first default in the payment of the
a total of $855,000 for such advances in year 1918 (see V. 108.
making
following
prompt
of
deposit the
coupons took place, urges the
p. 32).—V. 107, p. 1580, 1385.
bonds most of which are owned loaally, with any one of the 'Peruvian Railways.—General Data.—
committee's depositaries in New Orleans,"who will advance
The "Railway Review" in its issue of Jan. 11 publishes an article proto any depositing bondholder so desiring the equivalent of fusely illustrated giving general data regarding the location, construction
equipment of individual lines of railways in Peru.
and
the coupons which matured Jan. 1 1919, on any of the above
bonds now in default:"
Philadelphia Company.—New President.—
Bonds Included in Committee's Call for Deposits.
New Orl. fly.& Lt.Co.Gen.M.43.s. New Orleans City RR. Gen. M. 5s.
New Orl. Pow. House Co., Ltd..
RR. 1st M. 4s.
St.
Charles
St.
1st M. 53.
Edison Electric Co. 1st M. 5s.
New Orl. & Carrollton RR.1st M.5s. Merchants'El. Lt. & Pow. 1st M.5s.
& Claiborne RR. 1st M.6s.
Canal
55.
Cons.
RR.
Lake
&
City
ON.
New
The committee has decided not to avail itself of the privilege reserved in
of
Refunding & General Lien 5(7°
deposits
accept
to
agreement
the deposit
bonds of the New Orleans Railway & Light Co.. as no doubt there will be
formed a special committee representing these securities.
Bondholders' Protective Comnuttee.-12. S. Ilecht, Chairman; Crawford
H. Ellis, Vice-Chairman; J. P. Henican, George W. Dodge and P. H.
Saunders, with Bernard McCloskey and Walker B. Spencer as counsel.
The committee has decided to enlarge its membership so as to represent
all interests holding these securlites, and has invited the New Orleans
Stock Exchange, the members of which also represent large local holdings,
to nominate a member to serve on the committee.
The committee adds: "Even under the lowest estimates made of the
the bonds represented by the comvaluation of the company's properties,
it is only necessary for the holders to
mittee would be fully protected, andof
their investment. Bondholders deunite in order to insure the integrity
positing their securities with the committee will receive a negotiable certificate of deposit, which will shortly be listed on the New Orleans and
New York stock exchanges.'
Depositaries for Aforesaid Bonds.—Hibernia Bank & Trust Co., Commercial Trust & Savings Bank and Interstate Trust & Banking Co.
Compare full financial statement from city's standpoint, in V. 108,
p. 165, 172.
Arthur W.Thompson has been elected President to succeed Judge James
H. Reed resigned, who will remain as Chairman of the Executive Committee and Vice-President.
Mr. Reed says in brief: "I have been striving for some time to induce
the directors to relieve me of some of my burdens. I will be succeeded as
President by Arthur W. Thompson, Vice-President of the Baltimore &
Ohio RR. and a Federal Director of Railroads. As Chairman of the
Executive Committee and Vice-President, I shall retain a more or less
active connection with the property. James D. Callery, President of the
Duquesne Light Co., will become Chairman of the board of the Philadelphia
Company and Mr.Thompson will succeed him as President of the Duquesne
Light Co. Mr. Thompson has tendered his resignation to the Government
and will probably take charge during February. —V.107, p. 2377, 2290.
Philadelphia Rapid Transit Co.—Lease Rejected.—
Tho Pennsylvania P. S. Commission on Jan. 15 rejected the City Transit
lease by a unanimous decision. The proposed lease provided for the joint
operation of the municipal lines and those now operated by the company.
Mayor Smith is quoted as saying last night that steps would be taken to
prepare a new lease, following suggestions made by the commission.
It is stated that plans are already under way for the formulating of a
unified transit system for Philadelphia at the earliest possible opportunity-V. 107, p. 2477.
Philadelphia & Reading Ry.—Federal Advances.—
Federal advances to the company in December aggregated $1,690,000,
making a total of $6.090,000 for such advances in year 1918 (see V. 108,
P. 32)—V. 107, p. 2098, 1004.
Portland (Me.) Street RR.—New Fare Schedule.—
The Maine P. U. Commission has rendered a decision revising the schedule of fares, providing for a 6-cent fare on all city lines, if tickets are purDecember aggregated $12,850,000, chased in advance; that the minimum cash fare shall be 10 cents and that
Federal advances to the system
making a total of $72,720,000 for such advances in year 1918 (see V. 108, a system of zones shall be created in order to equalize the length of rides
p. 32).—V. 108, p. 172, 79.
for the fares charged.—V. 106, p. 500.
Advances.—
New York Central RR.—Federal
in
Public Utilities Co., Evansville, Ind.—Offering of First
and Refunding Bonds.—The National City Co. is offering,ata
price to yield 6.65%, $3,000,000 First & Refunding Mtge.
6% 10-Year gold bonds, dated Jan. 1 1919, due Jan. 1 1929.
New York New Haven & Hartford RR.—Fed. Advances. Interest J. & J. in New York. A circular shows:
New York Chicago & St. Louis RR.—Federal Advances.
Federal advances to the company in December aggregated $155,000,
making a total of $1,009,775 for such advances in year 1918 (see V. 108.
p. 32).—V. 107, p. 1670, 1101.
Federal advances to the company in December aggregated $15,475,000,
making a total of $65,925,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 108, p. 79.
New York Phila. & Norfolk RR.—President.—
Samuel Rea has been elected President to succeed William A. Patton.—
V. 107, p. 2476, 1482.
The bonds are redeemable at the option of the company on Jan. 1 1924,
and on any interest date prior thereto at 102 and int., and on any interest
date thereafter at 101 and int. Denom. $1,000, $500 and $100 c*. Bankers Trust Co., New York, trustee. The company agrees to pay the interest
without deduction for normal Federal income taxes up to 2%.
The company owns and operates, without competition, the electric light
and power, gas, street railway and steam-heating properties in Evansville,
270
THE CHRONICLE
Ind., and 32 miles of electric interurban road extending therefrom in a
northerly direction. The company also does an electric light and power
business in several nearby communities. The total population served at
the present time is estimated to exceed 100,000.
The bonds will be secured by a first mortgage on a portion of the interurban railway mileage and on the steam heating system in Evansville, and
by a direct mortgage on all the remaining property, subject to the prior
respective first liens of the mortgages securing underlying bonds, of which
there are now outstanding only $2,680,000 face value.
Net earnings are more than 1.97 times annual mortgage bond interest
charges. Further particulars should appear another week.-V.106, p. 397.
[VOL. 108.
nothing definite has been forthcoming. It has been intimated that the
financing might take the form of a new issue of $25,000,000 of 6% notes.
to run for a period of possible 5 or 10 years.
Federal Advances.Federal advances to the system in December aggregated $1,164,000.
making a total of $11,706,650 for such advances in year 1918
(see V.
108, p. 32).-V. 107, p. 237.7, 2188.
Spokane & Inland Empire Ry.-Receiver Appointed.-
Upon the petition of the First Trust & Savings Bank of Chicago.
trustee, an order naming F. E. Connors of Chicago as receiver was ill:.
Puget Sound Traction, Light & Power Co.-Agreement. in the United States District
Court at Spokane, Wash., on Jan. 10. Th
Agreement was reached Jan. 9 between Mayor Hanson and representa- petitioner is trustee for an issue of $3,688,000 First &
Mortgag
tives of the company whereby the company transfers to the city all its gold bonds dated 1906. Foreclosure proceedings were Refunding
also filed demandin:
right, title and interest in the Skagit water-power site. Mayor Hanson payment of the unpaid principal and accrued interest.
then signed the three remaining ordinances carrying out the $15,000,000
VicoPreident and General Manager Waldo G. Paine is quoted as
traction deal. Compare V. 108, p. 172.
saying: "Decreasing revenue makes it impossible to pay the interest on our
bond issue any longer."-V. 107, p. 697.
Rapid Transit in New York City.-Annual ReportFinancial Outlays-Contracts Recalled.-The 12th Annual
Report presented by the Public Service Commission for the
First District, embracing the City of New York, has already
been cited at some length in V. 107, p. 74, telling of the
progress made during 1918 in the opening of new lines, &c.
A printed summary now at hand says:
Rapid Transit.-Despite difficulties incurred because of war conditions,
the new system generally is about 75% complete. New lines
opened
1918 added 63 track miles to the 217 track miles in operation at the during
beginning of the year. The whole system will include 341 track miles of
new
lines, and it is believed that at the end of 1919 nore than 300
such
miles will have been completed and placed in operation. Old andtrack
new
lines will total about 600 track miles.
Contracts awarded by the Commission during the year were relatively
small in value, because of war conditions.
Contracts Awarded.-The contracts which have been awarded by the
Commission for city-owned lines of the Dual System, towards which
the operating companies contribute a part of the cost-including
already completed and in operation-aggregated at the end of 1918lines
approximately $208,000,000. The Interborough Rapid Transit Co. has
under commitment nearly all of its $58,000000 contribution towards
city-owned lines, while the New York Municipal Railway Corporation,
of the B. R. T. system, has likewise practically completed its $14,000,000
contribution. Exclusive of their purchases of real estate, the
two
companies have made contracts or entered into agreements for tho operating
construction of company-owned lines and for the equipment of these lines,
as of the city-owned lines, involving a total of about $102,000,000.as well
The City of New York and the two operating companies had expended,
to the end of 1918, the enormous sum of $377,000,000 on account
of the
Dual System of Rapid Transit. The city and the two companies disbursed
during the year $48000,000 on account of construction and equipment of
the new lines, the city's portion of the expenditure being
construction
alone and amounting to $19,000,000. For the year the for
expenditures of
the Interborough Rapid Transit Co. were $24,0013,000 and
included contribution to ocst of city-owned lines and payments toward the construction
of company-owned lines and equipment of all lines. The expenditures of
the New York Municipal Railway Corporation (B. R. T.) for similar
purpose reached a total of $5,000,000 during 1918.
Improvements to the First Subway during 1918 cost the City of New
York $358,580 42.
It has been estimated that if the Board of Estimate will co-operate in
the granting of the necessary funds, more than $20,000,000
of the remaining
$25,000,000 worth of new work yet to be done can be let before the
end of
the summer of 1919. Under outstanding contracts, there is upwards
of
$20,000,000 worth of work, contract value, yet to be done to allow $80,000,000 of new lines to be placed in operation.
(Following the action of the Board of Estimate in curtailing the appropriation of the Public Service Commission so that many of the
engineers had to be dismissed, the Commission announcedCommission's
on Jan. 15
that it had canceled the bids received last week for the elevated
part of
the 14th St. Eastern District line and had recalled from
the Board of
Estimate three contracts which had been awarded for the construction
of a part of the elevated structure in Westchester Ave.-Ed.]
Compare Brooklyn Rapid Transit Co. above and see V.
107, p. 74, 80, 172.
Rhode Island Company.-Sub. Co. Exchange.See Rhode Island Suburban By. below.-V. 107. p. 2477.
Rhode Island Suburban Railway.-Bond Exchange.-
The $69,000 1st M.6% bonds of the Cumberland Street By., due Oct. 1
1918, will, it is announced, be exchanged for First Mtge.4% gold bonds of
the Rhode Island Suburban Ry., due Jan. 1 1950, at the office of the Rhode
Island Co., Providence, R. I.-V. 70. p. 176.
Terminal RR. Assn. of St. Louis.-Federal Advances.-
Federal advances to the company in December aggregated $464.000,
making a total of $1,545,000 for such advances in year 1918 (see
V. 108.
p. 32).-V. 107, p. 605.
Texas & Pacific Ry.-Federal Advances.-
Federal advances to the company in December aggregated $159,250.
making a total of $909,250 for such advances in year 1918 (see V. 108,
p. 32).-V. 107, p. 2188, 1482.
Toledo St. Louis & Western Railroad.-Bond Interest
Defaulted.-The January interest on this company's $9,075,000 Prior Lien 332% bonds due 1925 has not been paid.
A letter sent by the Farmers' Loan & Trust Co., as Trustee
to a bondholder, gives the following facts:
Inasmuch as the receiver's cash had all been turned over to the Government, the receiver found himself without funds as the date of maturity of
interest upon the prior lien bonds approached, and in an endeavor to finance
himself pending his controversy with the Government he saw fit to file a
petition with the above court (the Federal Court of Toledo) seeking to have
31,000000 of certificates issued with priority over the mortgages, including
the prior lien mortgage, in order to raise the money wherewith to pay
interest on the mortgage, principal, and interest of equipment obligations
and other receivership expenses during 1919.
We have been notified under order of the Court of this application,
communicated at once with holders of some of the large blocks of prior
lien bonds, and at their request interposed an answer vigorously objecting
to the issuance of certificates, as did the trustee under the first mortgage.
The result of the whole complicated situation was that the Court authorized
the receiver to endeavor to settle his controvery with the Government
by accepting a very muclesmaller number of cars, and pending the negotiation in that direction the Court adjourned the application for receiver's
certificates.
We are expecting any day to hear from the receiver that he has settled
his controvery with the Government, as he was very hopeful about it, and
in case the controversy is settled he is also hopeful of obtaining necessary
financial assistance from the Government pending the negotiation of a just
compensation contract to cure this default in interest and to finance the
receivership in the immediate future.
With reference to the application of the receiver some
weeks ago for authority to issue $1,000,000 of receiver's
certificates, Mr. 0. S. Herring, Secretary of the committee of holders of the First 4% gold bonds, writes:
"I understand that the consideration by the Court of this application has
been adjourned pending negotiations on the part of the receiver to effect
an adjustment of the amount of equipment allotted to the company by
the Director-General of Railroads.
"The application of the receiver indicates that the $1,000,000 face value
of certificates proposed to be issued were requried in order to meet an installment of interest maturing Jan. 1 1919 upon the Prior Lien bonds of the
company, and also further interest and equipment trust obligation requireinents during the current year.. It was proposed that the certificates should
be given a lien prior to the lien of both the Prior Lien and First mortgages.
Answers were interposed by the trustees of both of these mortgages to the
receiver's application resisting the creation of alien upon the property prior
to the liens of these respective mortgages." Compare V. 107. p. 2290.
Union Pacific RR.-Federal Advances.Federal advances to the system in December aggregated $8,500,000,
making a total of $13,500,000 for such advances in year 1918 (see V.
108. p. 32).-V. 107, p. 2189, 1386.
United Rys. Co. of:St. Louis.-Mill Tax Responsibility.
This company on Jan. 11 formally acknowledged its responsibility for the
$2,500,000 mill tax which it owes the city of St.Louis and will make annual
payments in the future with the understanding that the municipality will
Richmond Fredericksburg & Potomac RR.-Station.- not contest the franchise of any of its branch lines in St. Louis.
The company, it is stated, will pay the $2,500,000 in ton annual installSee Atlantic Coast Line above.-V. 107. p. 2477.
ments, with interest, amounting to $250,000. The company also binds
Rutland Railroad.-Federal Advances.itself to pay the mill tax in the future without contest as it falls due, which
Federal advances to the company in December aggregated $475,000, amounts to $250,000 a year, so that the company will pay the sum of
making a total of $741,000 for such advances in year 1918 (see V. 108, $500,000 for ten years into the City Treasury without further controversy
or litigation, and thereafter
pa
g y the tax as it accrues.
&snit‘
p. 32).-V. 106, P. 2561. 1789.
The city in turn will
its appeal in the Jeffersoh Ave. franchise
St. Joseph (Mo.) Railway, Light, Heat & Power Co. case so as to lift the attack on the franchise in order to give to the present
As a result of a breakdown in this company's service the County Prose- franchise of the company the stability which it seems is necessary to enable
cutor has filed suit in the Circuit Court at St. Joseph, Mo. which has as it to borrow to finance and carry on its business.-V. 108, p. 81.
its object the revocation of the company's franchise. The
'petition asks
Virginia Railway & Power Co.-Dividend Deferred.that the company be ousted and barred from further operation or attempt
Referring to the notice heretofore published of the declaration of a diviat operation.-V. 107, p. 2098.
dend of 39', equal to $3 a share, on the outstanding preferred stock.
to stockholders of record Dec. 31 1918, payable Jan. 20 1919, notice has
St. Louis Southwestern Ry.-Federal Advances.Federal advances to the company in December aggregated $400,000, malc- been received that said dividend will not be paid on Jan. 20 1919 and not
ing a total of $1,770,000 for such advances in year 1918 (see V. 108, p. until hereafter determined by the company.
The resolution passed at the meeting of the board of directors held Jan.9
32).-V. 107,p.795,604.
1919 with respect to the payment of the above dividend is as follows: "Be
Resolved, That in view of the cash requirements for expenditures being
San Francisco-Oakland Term. Ry.-Coupon Payment.- it
made in additions and improvements, particularly to meet necessities of the
Announcement is made that funds for the payment of coupon No.
U.S. Government, and in the development of the property of the company,
due Jan. 7 1918 from the First Consolidated Mortgage 6% gold bonds39,
of
the Oakland Transit Co. have been deposited by the San Francisco- the action of the board of directors with respect to the payment of the diviOakland Terminal Rys. with the Wells Fargo Nevada National Bank. dend upon the preferred stock on Jan. 20 1919 be, and the same is hereby
Bondholders and brokers are advised that the coupons will be paid on amended so as to provide that the said dividend be paid in the manner and
at such time as may hereafter be determined by the board of directors."
presentation,at the bank. These bonds are past due, having matured
-V. 108, p. 81.
July 7 1918. Compare V. 108, p. 172, 80.
Seaboard Air Line Railway.-Federal Advances.-
Federal advances to the company in December aggregated $2,465,000.
making a total of $8,075,000 for such advances in year 1918 (see
V. 108.
p. 32).-V. 107. p. 1921. 1005.
Sharon Railway.-Dividend Further Reduced-Suit.-
At the meeting of the board on Jan. 13 a dividend was declared payabe
on March 1 at the rate of 5%% per annum. This is a further reduction,
as the rate in 1918 was cut from 6% to 5U
Tho company has brought
a suit against tho Erie RR. Co. claiming that it is in default in the payment
of rental under the provisions of the lease.
We learn that the rate for 1918 was only 5%. The old board was
re-elected on Jan. 13.-V. 103, p. 2343.
Virginian Railway.-Federal Advances.-
Federal advances to the company in December aggregated $200,000.
making a total of $1,300,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107. p. 1916, 1482.
Wabash Railway.-Federal Advances.Federal advances to the company in December aggregated $300,000.
making a total of $4,645,000 for such advances in year 1918 (830 V. 108,
p. 32).-V. 108, p. 172.
Western Maryland Ry.-Pres. Carl R. Gray Re-elected.-
Southern New York Power & RR. Corp.-Fares.-
Carl R. Gray, who resigned as Director of Transportation of the U. S.
RR. Administration, has been re-elected President, Chairman and a director of this company and Chairman and a director of the Wheeling & Lake
Erie By., which positions he held before assuming his duties at Washington.
Southern Pacific Co.-Federal Advances.-
Federal advances to the company in December aggregated $1.185,000,
making a total of $3,558,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107, p. 1005, 698.
The New York P.S. Commission has passed an order fixing the
fare on this company's lines outside of Oneonta at 4c. a mile formaximum
cash and
ticket fares and 3%c. for mileage book rates.-V. 107. P• 1921.
Federal advances to the system in December aggregated $4,000,000,
making a total of $16,500,000 for such advances in year 1918
(see V.
108. p. 32).-V. 108, p. 172. 80.
Southern Ry.-Contemplated Financing.-
Referring to the maturity on Mar. 2 of th3 $35.0.)).0)) T wo- Year 5
notes, it is ualar3t33 I tau ts nattoe ha3 b3ea formally pro se
nted to t
Railroad Administration in Washington, but that up to the present
1,1m
Federal Advances.Wheeling & Lake Erie Ry.-Chairman Re-elected.See Western Maryland By. above.-V.107, p. 1670, 1194.
Winston-Salem Southbound RR.-Federal Advances.Federal advances to the company in December aggregated $112,000.
making a total of $112,000 for such advances in year 1918 (see V. 108.
p. 32).-V. 107. p. 1194.
JAN. 18 1919.]
THE CHRONICLE
271
and a gravity system of distribution mains totaling 159 miles of pipe.
The company recently completed the construction work for an auxiliary
well supply. The company owns an entirely separate pumping and distribution system for Argenta. The source of supply for this community
is a system of eight clear water wells averaging about 70 feet in depth.
Territory.-The company serves without competition the municipalities
INDUSTRIAL AND MISCELLANEOUS.
of Little Rock and Argenta, the total population served being estimated
at 73,000. Argenta, across the river from Little Rock, has an estimated
Aetna Explosives Co., Inc.-Plants for Sale.Receivers Holt and Odell are advertising the sale of the real estate, present population of 14,000.
Earnings for the Years Ended September 30.
.uildings and equipment, &c., of the below-named explosive plants.
1918.
1917.
1918.
Acres. Boiler Cap.
Acres. Boiler Cap. PlantPlantincome,
all
Gross
Annual int. on 1st 6s
$107,340
p.
Noblestown,
Pa_
250
h.
p
2+
.etna, Ind
393 2,000 h.
sources
$427,589 $286,804 Balance for depreciation,
arnegie. Pa
13 2,000 h. p. Emporium, Pa_ _485 3,100 h. p
224.453 159,189
dividends, &c
117.113
4 akdale, Pa
475 h. p. Mt. Union, Pa_ _920 3,300 h p. Net earnings
15
-V. 108, p. 173.
Management.-All the outstanding capital stock is owned by the American Water Works & Electric Co.
Algoma Steel Corporation, Ltd.-Output.For full particulars regarding this offering see original offering
See Lake Superior Corporation below.-V. 107, p. 1482.
V. 102, p. 524, 439.
Worcester Consolidated Street Railway.-Fare Tariff.
This company has filed a tariff with the Massachusetts P. S. Commission
under which fares will be increased from 6 to 7 cents.-V. 107, p. 803.
American Bosch Magneto Corporation.-Incorporation.
Associated Press.-Decision in News Pirating Case.-
This company has been incorporated under the laws of New York State
See page 125 in last week's issue.-V. 107, p. 292.
with an authorized capital of $2,400,000. The directors are W.P. Shepard
and Stafford F. Johnson of Boston, and George H. Hubner, 42 Broadway,
(B. F.) Avery & Sons.-Acquisition.Manhattan. An offering of the company's stock is expected shortly. See
Announcement is made that this company has purchased from the
predecessor company.
International Harvester Co. the entire business of the Champion line of
•
harvesting machines.-V. 107, p. 2478.
American Ice Co.-New Director-Report.Samuel Moffitt has been elected a director to succeed Jay Cooke, reBayer Co., Inc.-Sale of Chemical Plant.signed.-V. 107, p. 1386, 1289.
See Sterling Products Co. below.-V. 107, p. 2378.
For Annual Report see a preceding page.
American International Shipbuilding Corp.-Contract.
The Emergency Fleet Corp. has announced its intention of allowing this
corporation to complete its contract for Government vessels before the
question of taking over the yard as a Federal enterprise is considered. Up
to the present time 12 vessels have been launched, the first double launching
taking place on Jan. 1, when two 7,500-ton cargo carriers left the ways.
Three steel fabricated vessels have been completed at the yard. Although
the shipyard has actually put only 12 ships of its first order for fifty 7,500ton vessels into the water, it appears that the total amount of steel work
done on ships on the ways or launched was equivalent to steel work on
37M completed vessels and the riveting to that on 29 completed vessels.V. 108. p. 81.
American Malting Co.-Dissolution.This company has filed articles of dissolution with the New Jersey
authorities. Compare V. 108, p• 173.
American Railway Express Co.-New Director
Albert H. Wiggin has been elected a director.-V. 107, p. 2378, 2010.
American Sumatra Tobacco Co.-Notes Redeemed.This company on Jan. 15 redeemed about $850,000 of its 3-year 5%
notes which matured on that date, and by this action eliminated all funded
debt.-V. 107, p. 2190.
American Telephone & Telegraph Co.-Note Allotment.
The basis of allotment for this company's issue of 5-year notes is as
follows: Up to and including $5,000 in full; $5,100 to $10,000 inclusive,
receive 90% with a minimum of $5,000; $10,100 to $50,000 inclusive 60%
with a minimum of $9,000; $50,100 to $100,000 inclusive 40% with a minimum of $30,000; all above $100,000 receive $25,000 with a minimum of
$40,000. Fractions were adjusted to the nearest $500.-V. 108, p. 173.
American Water Works & Electric Co.-Sub. Co. Bonds.
See Arkansaw Water Co. below.-V. 107. p. 2478.
Booth Mfg. Co., New Bedford, Mass.-Dividends.-
Press reports state that an initial dividend of 1% has been declared on the
common stock, along with the quarterly of 1 % on the preferred. An extra of 3% was also declared on the pref. stock, which completes payment of
accrued dividends; all are payable Feb. 1 to holders of record Jan. 22.V. 107, p. 1671.
Bosch Magneto Co.-Successor Company.See American Bosch Magneto Co. above.-V. 107. p. 2291.
British-American Tobacco Co., Ltd.-Divs.-Earnings.
An official advertisement dated Jan. 15 says in substance: "At the meeting of the directors held in London to-day, it was decided to recommend to
the shareholders at the annual meeting Jan. 28 1919, the payment on Jan. 31
1919 of a final dividend of6%,free of British income tax, upon the ordinary
shares, making with interim dividends already paid 30% for the year ended
Sept. 30 1918, as against 30% for the year ended Sept. 30 1917.
"In their annual report, the directors say that the factories in England
have during the year continued to be largely employed on supplies for
troops abroad and. the American factories have also been fully employed.
The cost of leaf and other materials has materially increased during the
year and the employment of much larger capital has been necessary. •
"Net profits for the year after deducting all charges and expenses for
management, &c., and providing for income tax and estimated excess
profits duty for the year. are £3,140,174, as against £3,105,002 for the
previous year before providing for excess profits duty for that year. the
amount of which is estimated at £560,000. After paying final dividend
of 6% carry forward will be £3,005,578.
The directors have also decided to pay on Jan. 311919, with final dividend for past year, an interim dividend of 6% for the year 1918-1919 on
the ordinary shares of the company, free of British income tax. Transfers
received in order at registered office in London up to Jan. 15 1919, will be
in time to be passed for payment of dividends to transferees."-V. 107.
p. 698.
Brooklyn Borough Gas Co.-Rate Litigation.-
The city administration on Jan. 13 asked Justice Cropsey in the Supreme
Court at Brooklyn to set aside the order under which the company is charging $1 10 per 1,000 cu. ft. for gas. This rate was arrived at as the result
of an order signed recently by Justice Cropsey, modifying Justice Benedict's injunction which prohibited the company from charging more than
95 cents. The P. S. Commission had decided that the company might
charge $1 10 pending final adjudication of the question, and so that Justice
Redeemable as a whole or in part upon 60 days' published notice at 101 Benedict's injunction might not interfere had it modified by Justice
and int. upon any int. date on or prior to Jan. 1 1922 and thereafter at Cropsey.-V. 107. p. 2378.
10034 and Int. Int. J. & J. at the office of Bonbright & Co., Inc., N. Y
Denom. $1,000, $500 and $100 c*. Guaranty Trust Co. of N. Y., trustee.
Brownell Improvement Co., Chicago.-Offering of
The company will pay the normal Federal income tax, deductible at the
Bonds.-The Central Trust Co. of Illinois, Chicago, is offersource, not in excess of 2%. Tax refunable in Pennsylvania.
"Passed by the Capital Issues Committee as not incompatible," &c.
ing,at 100 and interest, to yield 7%,$500,000 First Mortgage
Summary of Letter of President of Company, Dated Dec. 1918. 7% Serial gold bonds dated Jan. 1 1919, due serially 1921-29,
The Company.-Owns two hydro-electric generating plants about 48
miles east of Prescott, Ariz. It owns all the common stock of the Arizona but optional at 103 to July 1 1920; at 102 thereafter to July 1
Steam Generating Co. and of the Prescott Gas & Electric Co., each of these 1924; and at 101 thereafter. Interest J. & J.
•
companies owning steam-generating stations operated in conjunction with
The bonds are secured by first mortgage upon all present and future
the hydro-electric plants as one complete system of electric supply.
company, owning and operating what is stated to
Combined Capitalization of the Company and Subsidiaries (Upon Completion acquired property of the
be the largest and best equipped crushed stone manufacturing plant in the
of Present Financing).
in excess of 1,500,000 cubic yards,equivalent
CapitalizationAuthorized. Outstand'g. United States; annual capacity
to
over 40,000 gondola car loadings.
Preferred stock
$1,000,000 $1,000,000
Common stock
3,000,000 2,995,000
Call1M8t & Hecla Min. Co.-Output(in Lbs.)-Capacity.
First Mtge.6% gold bonds, due 1933
2,000,000 1,781,000
Cal. & Hecla. Subsidiaries.
Total.
7% bond-secured gold notes, Series "A," due 1924_ - 1,000,000
500,000
5,533,690 6,006,016 11,539,706
Ariz. Steam Gen. Co. 1st M.6s, Ser. "A," due 1933_ 5,000,000 *700,000 December 1918
6.041.051
5,011,262
11,052,313
December
1917
Prescott Gas & Electric Co. 1st M.6s, due 1940
500,000 *239,000
140,518,613
140,518,613
12 months to Dec.31 1918
78,697,878 76,570,439 155,268,317
12 months to Dec.31 1917
*Guaranteed as to principal and interest by the'Arizona Power Co.
2378,
1922.
p.
107,
-V.
will
company
issue
$667,000
General
&
The
Refunding Mtge.6% 30-year
gold bonds, duo July 1 1945, which will be deposited with the trustee as
Carbon Steel Co.-Tax Decision.collateral to the $500,000 7% bond-secured gold notes, Series "A,' due
Judge Charles P. Orr in the U. S. District Court at Pittsburgh, conJan. 1 1924.
of shells begins with making of steel bars in mill
Territory.-Electricity is supplied for power purposes to the extensive tending that manufacture
and that manufacturing concerns holding original munitions concopper mining district of Yavapal County, including the United Verde lengthand
subletting various processes are liable to tax on profits in manutracts
Copper Co., United Verde Extension Mining Co. and the Consolidated facture
of munitions, ordered the company to allow the Government to
Arizona Smelting Co. In addition, electricity is furnished for lighting and
power purposes in the towns of Humboldt, Mayer, Jerome, Clarkdale and retain $271,062, which the company had paid under munitions law.-V.107.
p.2191.
Prescott; in the latter city gas is also furnished.
Security.-A direct obligation secured by deposit of General & Refunding
(J. I.) Case Threshing Machine Co.-Common Div.Mtge. 6% gold bonds, due 1945, in a principal amount of. 133 1-3% of
The directors have declared a dividend of 7% on the $8,300,000 outthe par value of notes outstanding.
standing common stock, payable in Liberty bonds on Jan. 28 to holders
Consolidated Earnings Statement for 12 mos. Ended Sept. 30 1918.
of record Jan. 13. This is the first distribution on the common stock
$682,894I Balance
Gross earnings
$177,814 since 1911, when 65% was paid during the year.
341,014 Annual int. 7% notes
Net after taxes
35,000
Results.Total annual prior charges_ 163,200 Balance
142,814
"The Wall Street Journal" says in substance:
Purpose of Issue.-To retire the outstanding 334-year 8% Collatera
forthcoming annual report for the calendar year 1918 will show a
The
notes duo Jan. 1 1919, and the floating indebtedness incurred for additions record year. Gross sales were well above $25.000,000, compared with
and improvements.
in 1917 and 313,047,257 in 1916. This is directly due to the
$17.657,754
Restrictions of Issue.-Additional notes may be issued only upon deposit intensive production of foodstuffs throughout this country, Canada and
of General & Refunding Mtge. 6s in the same ratio as upon this issue, pro- South America, which resulted in largely increased demand for all kinds
vided net earnings are at least 1% times the total annual interest require- of agricultural implements and tractors. During the year the company
ments on all funded debt outstanding, including notes about to b3 issued. reduced its bonded debt to $3,206,000, comparing. on Dec. 311917, with
-V. 107, p. 1289.
$6,012,000, consisting of serial gold 6s. This is in line with the policy of
•
company, which has reduced funded debt from around $12,000,000 in
Arkansaw Water Co., Little Rock, Ark.-Offering of the
1914 to the present figures. Net working capital increased from approxiFirst Mtge. 63.-Halsey, Stuart & Co., Inc., are offering a mately $16,000,000 in 1912 to $21,726,254 at the end of 1917.-V. 107,P.
block of this company's First Mtge.6% gold bonds of 1915, 1839, 1834.
Arizona Power Co.-Offering of 7% Bond-Secured Gold
Notes, Series "A."-Bonbright & Co., Inc., are offering at
96 and int., yielding 8%, $500,000 7% Bond-Secured gold
notes, Series 'A," dated Jan. 1 1919,-due Jan. 1 1924.
due Nov. 1 1930. Int. M. & N. in New York or Chicago.
Amt. presently outstanding, $1,789,000. A circular shows:
Central Hudson Gas & Electric Co.-Exchange.-
This company has applied to the New York P. S. Commission for permission to issue capital stock, as now or hereafter authorized, in exchange,
$ for $,for its 10-year convertible debenture bonds. The application, filed
on Dec. 13, asked for the authorization of $750,000 in 10-year convertible)
bonds (convertible after Jan. 1 1921) on account of extensions and improvements. The authorized capital stock is now $2,500,000, of which $1,754,800 has been issued.-V. 107, p. 2378.
Company.-Through its predecessor companies has been continuously
engaged in supplying water to Little Rock, since 1881, and more recently
to Argenta.
Outstanding Capitalization.
Capital stock (auth., $2,500,000; see note A), preferred
$56,000
Common stock
1,549,400 *,'Chandler Motor Car Co.-Output.
First Mtge.6% gold bonds, due 1930, this issue (see note B)- _1,789,000 r This company's output for the calendar year 1918 is reported as aggreNote A.-The remainder may be issued as preferred or as common, gating nearly 10,000 cars, in spite of Government restriction, as compared
as the company may elect.
w_Xc.nfln the year previous.-V. 107, p. 294.
Note B.-Auth. issue limited by restriction of trust deed.
Chile Copper Co.-Production (in Lbs.)Security.-An absolute 1st Mtge. on all the property now owned, and
1918-December-1917. Increase. 1918-12 Mos.-1917. Increase.
constitute the only mortgage inriebtedness of the company.
Property.-In Little Rock this consists of the pumping station, the purl- 10,902,000
7,912,000
2,990,0001102,134,512A88,332,000 13,802,512
elation works, a clear water basin with a capacity of 5,300,000 gallons, -V. 107, p. 2378. 1922.
272
THE CHRONICLE
Cohoes (N. Y.) Company.—Merger Co.—Bonds.—
See Cohoes Power & Light Corp. below.—V. 107, p. 1289.
Cohoes (N. Y.) Power & Light Corp.—Offering of First
Mtge. 6% Bonds.—The First National Bank and Hemphill,
Noyes & Co. N. Y. City, are offering by adv. on another
page at 102 and int. yielding over 5.65%,$2,500,000 First
Mtge.6% gold bonds, dated Jan. 1 1918, due Jan. 1 1929,
but red. at 105 and int.on any interest date on 30days' notico.
Denom. $1,000, $500 and $100 c; $1,000 or $10,000 r. Coupon and
registered bonds interchangeable. Int. J. & J. in N. Y. without deduction
for any taxes the company or the trustee may be required to pay or retain
Including the normal Federal income tax not in excess of 2%. Central
Union Trust Co. of N. Y., trustee. Tax-exempt in New York State.
Digest of Letter of Pres. Frank M. Tait. Dated Jan. 2 1919.
Organization.—Incorporated Nov. 27 1916 in N. Y. to manufacture and
distribute electricity for light, heat and power and to manufacture and
distribute gas for light and fuel. It has acquired by purchase all the properties, &c., of the Cohoes(N. Y.) company and the Cohoes Gas Light Co.,
now unified into a single system. The company supplies electricity for
retail uses and public lighting in Cohoes and for power purposes in Albany,
Cohoes, Rensselaer, Waterford and elsewhere in the Capital District.
The company also does the entire gas business in Cohoes.
Capitalization—
Authorized. Outstand'g.
Bonds 1st M.(escrow bonds issuable under restric.)$10,000,000 $2,500,000
Capital stock
5,000,000 2,500,000
Property.—In 1917 the corporation completed a power house on the
Mohawk River at the foot of the Great Cohoes Falls. The plant is designed for five units of 10,000 h.p. each and has a present installation of
three units with a total of 30,000 h.p. It is equipped with General Elec.trio generators. All transmission and distribution lines are of modern
construction. With a steam relay power plant of 8,500 k.w. furnishing
about 8,000,000 k.w.h. yearly, the hydro-electric plant is capable offurnishing approximately 80,000,000 k.w. hours yearly.
The company also owns a tract on the Mohawk River near the Hudson
upon which is a modern gas plant. It also has an extensive system of castiron distributing mains covering practically the entire city. The electric
distributing system has recently been entirely rebuilt and modernized.
Valuation.—The duplication cost of the physical property, exclusive of
land and water rights, is largely in excess of the amount of the First Mtge.
bonds outstanding. For purposes of capitalization the P. S. Commission
approved as of Jan. 1 1918 a valuation of $5;c100,000. In my opinion, the
value of the property as a "going concern, with all elements included,
may be considered as over $7,500,000.
Earnings for Calendar Year 1918.
Being the first year of unified operation with 2 months estimated.
Gross earnings
$500,455'Ann.Int. on $2,500,000 bds_$150,000
Net, after taxes
250,5641Surplus
100,564
• The company recently signed a contract with the Municipal Gas Co. of
Albany, effective Jan. 1 1919, by which it will supply the Municipal Gas
Co. with electric power to do the entire electric light and power business
of Albany. This contract and others recently signed, it is estimated, will
increase the not earnings of the corporation as follows: 1919, $375,000;
1920, $425,000; 1921, $450,000.
Contracts.—In addition to the regular gas, electric light and power contracts held by the corporation, with its 8,500 customers, a considerable
number of companies have erected factories and mills on the real estate
of the corporation under leases and contracts to use the power for 999 years.
Payment for this power must be made whether used or not and this charge
becomes a lien on these properties ahead of any mortgages or other obligations. Contracts for heavy power consumption are held with waterpumping station of the city of Cohoes, Adirondack Electric Power Corporation and Municipal Gas Co. of Albany.
Security.—A first mortgage on the entire present property of the corporation and any acquired in future. Additional bonds may be issued only
for 80% of cash cost of additional property when net earnings are equal to
1% times the interest on 1st M. bonds out, incl. any bonds proposed.
Franchises.—Very satisfactory, being without time limit.
Management.—Controlled by the estate of the late Anthony N. Brady.
Colorado Yule Marble Co.—Receiver Confirmed.—
The Colorado Supreme Court on Jan. 7 handed down an order in the
receivership litigation enjoining Judge John I. Mullins of the United
States District Court from proceeding further with the trial of any issue
involved, and confirming J. F. Manning as Receiver. The effect of the
order is to confirm the receiver over the order of Judge Mullins removing
him from that position.—V. 108, p. 174.
Columbia Gas & Electric Co.—Gasoline Output.—
Production of gasoline, as reported by A. B. Leach & Co., Inc.:
Company's Gasoline Production—
1919.
1918.
1917.
For week ended Jan. 3
galions_307,131
218,875
For entire calendar year
gallons_
12,468,177 11,567,652
The average per day was increased to 34,159 gallons in 1918, as compared
with 31,692 gallons in 1917. The largest daily output was also exceeded,
the record for 1918 being 55,337 gallons, as against 48,403 gallons in 1917.—
V. 108, p. 174.
Coniagas Mines, Ltd.—Dividend.—ReporZ.—•.
Press reports state the directors have declared an interim dividend of
254%, payable Feb. 1 to holders of record Jan. 20. In Nov. paid an
interim dividend of 254% and an extra of 254% and in Aug. paid 254%
without the extra.
The "Monetary Times," Toronto, referring to the annual report for
1918 says in substance:
The average price received for silver amounted to 94.14 cents, as compared with 79.89 cents per ounce in 1917, and 63.11 cents during 1916.
The silver output amounted to 974,264 ounces, as compared with 1,344,267 ounces during 1917; combined sales of ore from the mine and products
of the reduction company aggregated $4,099,491. The total shipments
of silver from the property to Oct. 31 1918 aggregate over 26,000,000
ounces. Dividends to shareholders to date $9,240,000, of which $7,200,000
or 180% of the capital was paid as dividends and $2,040,000 or 51% in
bonuses. While notshowing as large ore reserves as was generally expected,
the mine is reported as in a highly productive position with at least three
years reserve of ore.—V. 107. P• 1581.
Consol. Arizona SmeltingCo.—Production (Lbs.).—
Jan_ _ _ _1,820,000
Feb__ _1,780,000
March- _2,270,000
Production for
April_ _ _2,000,000 July.. _ _1,430,000 Oct_ _ _ _1,200,000
May_ _ _2,000,000 Aug__ _ _1,250,000 Nov _ _1,030,000
June_ _1,750,000 Sept _ _1,002,000
_ _ _1,060,000
e 12 months aggregated A4,592,000 lbs.—V.
Dec-107, p. 2479.
Consolidated Gas Co.(N. Y.)—Rate Litigation.—
This company on Jan. 16 began suit in the U. S. District Court at N. Y.
asking.that the 80-cent gas law be declared invalid because it is unconstitutional, on the ground that it is confiscatory of the company's property.
The company says that for the year ended Oct. 31 last its net income was
only $99,241, or less than 34% on its investment of $69,697,700, exclusive
of good will and other intangibles. A temporary injunction is asked to
restrain the Attorney General of the State, the District Attorney and the
P. S. Commission, the three defendants, from taking any measures to
enforce the 80-cent law.
In its complaint the company reports gross operating revenues for the
year ended October as $15,764,288, while the cost of manufacturing and
distributing the gas, including taxes and other expenses, was $15,665,046.
The net income of $99,241 represents a 6% return upon only $1,654,027.
A return of only 6% upon the investment would amount to not less than
84,181,862 per annum. The net earnings of $99,241 for the year ended
Oct. 3 1918 amounted to only 55-100 of 1 cent a thousand cubic feet of
gas sold.—V. 107, p. 2378.
Consolidated Mining & Smelting Co. of Can.—Bonds.
A press report from Toronto says that the stockholders of this company
on Jan. 16 approved an issue of $3,000,000 7% 10-year debenture bonds
exchangeable after 1920 into common stock, at par. The bonds are to be
redeemable at any time after 1923 at 110. It is stated that the issue has
been underwritten.—V. 106. p. 300.
Crucible Steel Co. of America.—Work Curtailed.—
This company's plant at Harrison, N. J., which has been working at
100% capacity on Government orders, has been closed down temporarily
[VOL. 108.
on account of the suspension of a large part of these orders. It is understood that operations will be resumed gradually.—V. 107, p. 1832.
Cuba Cane Sugar Corporation.—Financing—Directors.
The "New York Times" on Jan. 17 said in substance: /siew financing is
being considered informally by the directors, although no definite steps in
this direction have as yet been taken. The matter is expected to come
before the board for a final decision at the next meeting. It is said that the
company may propose an issue of $15,000,000 6% ten-year notes. The
annual report, issued recently, disclosed a floating debt of $12,000,001
for which it is expected the proposed new financing would provide. S:
V. 108,p. 167.
Higinmo Fanjul, Harry Payne Whitney and Rafael Z. Ceballos
elected directors in addition to the retiring directors who were re-elected.
V. 108, P. 167.
Cumberland Telephone & Telegraph Co.--New Trustee.
Philip V. R. Van Wyck of Summit, N. J., has been appointed trustee
under the issue of 315,000,000 of 25-year First & General Mtge. 5% gold
bonds of 1912. to succeed the late Frank W. Conn.—V. 107, p. 179.
Cunard Steamship Co.--,New Vessels.—
This company announces that it has purchased six large freight steamships from the British Government. The vessels have been renamed the
Vitellia, Vindelia, Verentia, Venusla, Vennonia and Vliavia. They will
soon be operated by the Cunard service.—V. 107, p. 908.
Deerfield Pulp Co.—New Stock.—
This company has notified the Massachusetts Commissioner of Corporations that the capital stock of the company has been increased from $100,000
to 8450,000 by the issue of 3,500 shares of preferred stock with a par value
of $100. It is the intention of the company to exchange this issue for not
less than 315.000 face value in 5% serial bonds of the Deerfield LumberCom
Distillers' Securities Corp.—Export Company.—
The following official statement has been issued:
"The Trans-Oceanic Commercial Corp. has recently been incorporated
In N. Y. to do a general exporting and importing business. The capital
stock is $1,000,000 and the offices are at No. 27 William St., N. Y.
"This company is organized in the interests of the Distillers Securities
Corp. to take charge of the export of whiskies, spirits, alcohol and other
products and by-products of that corporation, some of which are already
being produced and others in contemplation; and also to do a general
exporting and importing business of all kinds.
Its President is Normal R. Sterne, and its board of directors consist of
Mr. Sterne, Henry H. Wherhane, Theodore F. Reynolds, Alvin W. Krech
and Julius Kessler, four of whom are directors of the Distillers' Securities
Corp."
It is reported that %here are about 100,000,000 gallons of beverage and
non-beverage distilled spirits in storage in the warehouses of this country,
most of which comes under the first-named classification. Of this amount
the Distillers Securities Corp., it is stated, holds about 40%. The liquor
on hand is far beyond that which would normally be sold in this country
during a period of 12 months. The distilling interests are, however, contemplating a free sale of liquor only until July 1, when the war-period
prohibition becomes effective. This, it is understood, has made it imperative that means be taken to dispose of the surplus quantity abroad.—V. 107.
P. 2379. 2011.
Dominion Bridge Co., Montreal.—Earnings.—
Oct.31 Year. 1917-18. 1916-17.
1917-18.
1916-17.
Net profits_ _ _$1,880,178 $1,200,546 Directors' fees $14,460
$14,110
Transferred to
Dividends..(8%)520,000(11M)747500
reserves
382,620 Surplus
• $1,345,718
$56316
Net profits as above in 1917-18 are shown after deducting depreciation.
$404,472; interest, &c., $41,344, and reserve for bad debt, $151,015.—
V. 107, p. 406.
Duquesne Light Co.—New President.—
See Philadelphia Co. under "Railroads" above.—V. 107, P. 1840, 607.
East Butte Copper Co.—Production (in lbs.).—
A revised statement of production follows:
Decreased 1918-12 Mos.-1917
1918—Dec.-1917
1,929,720
2,506,260
576,540125,028,874 20,255,800
—V. 108, p. 174.
Increase.
4,773,074
Fajardo Sugar Co.—Proposed Sale of Property to a New
Porto Rico Corporation.—
The stockholders' meeting called for Jan. 14 was adjourned until Feb. 4,
at which time it is .proposed to ask the stockholders to vote on (a) the
dissolution of the present company following (b) the sale of all its property,
assets, business, &c., to a new company to be organized under the laws of
Porto Rico. The plan now in contemplation calls for the exchange of the
present $3,500,000 stock of the Fajardo Sugar Co., share for share, for the
common stock of the Porto Rico company, of like authorized amount;
and also the authorization of a new issue of $1,500,000 7% preferred
stock. The latter stock is to be available for any future acouisitions.
additions, &c.• that may be authorized by the stockholders. This reincorporation, it
'is stated, will have the effect of reducing the company's
taxes. The pref. stock will be issuable from time to time only on vote of
two-thirds of the outstanding share capital.—V. 107, p. 2472.
Ford Motor Co.—Passaic River Plant.—
This company expects to commence active operations, within a few weeks,
at its plant at Kearney, N. J. It is understood that plans call for a total
of 50,000 motor cars to be turned out by the plant during 1919. The company has a tract of 87 acres of land in this section. In addition to assembling operations, it is proposed to devote a portion of the works to the
manufacture of parts at a later datd.—V. 108, p. 83.
General Electric Co.-151% Cash in Payment for Fractional Shares on account of 2% Stock Dividend Jan. 15.—
The Farmers' Loan & Trust Co. on Jan. 15 1919 mall'ed checks in payment for fractional share of stock of General Electric Co. which accrued
to the stockholders of record Dec. 7 1918, on account of 2% stock dividend,
and which is paid for by said company at the rate of $151, a full share,
the market price for said stock on Dec.7 1918, in accordance with the terms
of resolution of the board, adopted Nov. 8 1918.
Acquisition.—
This company which has large bulb manufacturing plants has purchased
for $90,000 the Higbee Glass Co. property in Bridgeville, Pa., near Pittsburgh at a forced sale.—V. 108, p. 83.
General Motors Corp.—Canadian Company.—
See General Motors of Canada, Ltd., below.—V. 108, p. 174, 83.
General Motors of Canada, Ltd., Wallcerville, Ont.—
Notice is given as of Dec. 31 of an increase in the authorized capital
stock from $1,000,000 to $10,000,000, such increase to consist of 90,000
shares of $100 each. The company was incorporated under the Canadian
Companies Act on Nov. 18 1918 with $1,000.000 capital stock.
Quite recently (V. 107, p. 1672) the McLaughlin Motor Co., Ltd., Chevrolet Motor Co. of Canada, Ltd., and McLaughlin Carriage Co., Ltd., at
Oshawa, Ont., were united in the interest of the General Motors Corporation of New York,forming,it is understood the General Motors of Canada,
Ltd. R. S. McLaughlin, of Oshawa, President of the McLaughlin Motor
Car Co., Ltd., was in November last elected a director and member of the
executive committee of General Motors Corporation.
(B. F.) Goodrich Co.—Sales Increased About 40% in
1918.—
Sales in 1918, it is stated, increased about 40% over 1917, which would
mean a business of about 3120,000,000, against $87.155.072 in 1917, $70.990,782 in 1916 and $55,416,867 in 1915. NViiile final net results for 1918
are not yet available, friends of the company aro said to hope for a new
record.—V. 107, p. 400.
THE CHRONICLE
JAN. 18 1919.]
Granby Consol. Mining, Smelt. & Power Co.-Output.
Total.
Total.
Anyox. Grand Forks.
1917.
1918.
1918.
Copper Output (in lbs.)- 1918.
4,418,388
2,955,450
474,508
2,480,942
December
7,699,740 38,808,515 40,314,776
31,108,775
12 months
-V. 107. p. 2380. 2011.
Great Eastern Paper Co.-Properties, &c.-
Bayer & Small, dealers in investment securities, Portland, Maine, have
prepared for investors a handsomely illustrated 40-page pamphlet with
inset map, describing the properties and prospects of the Great Eastern
Paper Co. The outstanding securities at present are as follows: 1st M.
bonds,$370,000; Two-Year 7% notes, convertible into pref. stock,$150,000;
secured note, $200,000; pref. stock, $52,500; common stock, $600,000.
The secured note is secured by $230,000 1st M.6% bonds, in addition to
the $370,000 bonds outstanding.
It is understood that the company contemplates the refunding of the
notes and the issuance of refunding bonds.-V. 106, p. 1690.
Greeley-Hudson Securities Co.-Report.--
See Iludson Cos. under "Reports" on a preceding page.-V. 108, p.83.
Greeley Square Realty Co.-Report.See Hudson Cos. under "Reports" on a preceding page.-V. 100, p.144,
Hupp Motor Car Co.-Price Reduction.This company announces a reduction in the price of its 4-cylinder touring
car from $1,625 to $1,460.-V. 107, p. 1097.
InteYnat. Agricul. Corp.-Enemy Stock Sale Postponed.
It is announced that the sale at auction of 19,443 shares of common
stock and 27,913 shares of pref. stock which was to have been held at the
Stock Exchange on Jan. 17 by the Allen Property Custodian, has been
postponed indefinitely. It is stated that a syndicate of stockholders has
been organized which is ready to purchase the block of stock which was
taken by German interests at the time of the organization of the company
in 1909 in payment for potash mines in Germany.-V. 107, p. 2101.
International Cement Corp.-Successor Co. In,corpor.This company was incorporated on Jan. 10 In Delaware with an authorized capitalization consisting of $2,500,000 6% non-cumulative pref.
stock, par $50, and 407,000 shares of common stock without par value,
as successor by reorganization to the International Portland Cement Corp.
Compare plan, V. 107, p. 2380.
International Mercantile Marine Co.-Troop Transports
It is announced that this company's vessels have carried 507,636 men
of the American Expeditionary Force across the Atlantic Ocean. These
trooR movements covered 282 voyages made during 19 months.-V. 108,
p. 1/5, 83.
International Portland Cement Corp.-Successor Inc.
See International Cement Corp. above.-V. 107, p. 2380.
Iron Cap Copper Co.-Earnings.-Production.EarningsProduction- 1918-Cal. Yrs.-1917
1918-Cal. Yrs.-1917
Ore (tons)
31,620 Total assets_ _ _ _ $880,680 $487,094
84,690
Silver (ounces)
153,585 145,788 Cash & loans_ _ _ 512,668 250,829
Copper (lbs.)_ _ _9,441,000 4,584,000 Bal., surplus...._ $334,170 $287,502
-V.107,p. 2293.
Iron Steamboat Co. of New Jersey.-Earnings, 11 Mos.
and Year ending Sept. 30.Year 11 Mos.
Year 11 Mos.
1918.
1917.
1918.
1917.
Gross receipts.... _$346,948 $382,328 Bond interest_ _ _ _ $21,915 $22,870
Oper. exp. & taxes 276,782 278,345 Dividends
(10)36523
Net earnings
$48,251 $44,590
$70,166 $103,983 Surplus
A dividend of 5% was paid Oct. 111918.-V. 105, p. 1526.
(H. W.) Johns-Manville Co.-Acquisition.A Chicago press report states that this company in Nov. purchased 255
acres on the lake shore, near Waukegan, Ill., for $119,000, upon which it
will construct a duplicate of its plant at Manville, N.J.,to cost $3,000,000,
to employ 2,500 to 3,000 people, with yearly capacity of 35,000 ears;
will manufacture asbestos and magnesia products.-V. 107, p. 2293.
Jones Brothers Tea Co.-Sales.-
273
Capitalization Upon Completion of Present Financing.
Authorized. Outstanding.
Preferred stock (5% cumulative)
$2,500,000 $2,500,000
Common stock
*37,500,000 10,700,000
First Mortgage 5% bonds, due May 1 1919
10,000,000 10,000,000
Refunding Itc Extension Mtge. 5s, due April 1 1934_20,000,000 10,000,000
First Mortgage Collateral & Ref. 7s, due 1929_ - - 5,000,000
(a)
* Of which amount $5,000,000 par value of stock will be held in the
Treasury against conversion of the Series "A" bonds. (a) Authorized
issue defined by the trust deed as set forth below.
Purpose of Issue.-To retire on Feb. 1 1919 a like amount of the company's
5% debentures maturing on that date.
Conrertibility.-The Series "A" bonds are convertible at the option of
the holder into either (a) common stock, par for par, interest and dividendl,
if any, to be adjusted, or (b) into a like amount face value of Series "B
30-year 5% bonds of the company issued under the same mortgar, the
Series "A' bonds to be computed at par and int. and the Series "B' bonds
at a 5%% income basis, as set forth in the following table, any difference
due on the conversion to be paid by the company in cash.
Terms of Conversion for Bonds if Present on or Before Dates Named.
On or before Oct. 31 1919__92.74% Then till Oct. 31 1924
93.32V
Then till Apr. 30 1920
do
Apr. 30 1925
93.387
92.79%
do
Oct. 31 1920
92.8570
do
Oct 31 1925
93.459
'
do
Apr. 30 1921
93.524
Apr. 30 1926
92.90%
do
do
Oct. 31 1921
do
93.59%
Oct. 31 1926
92.95V
do
Apr. 30 1922
0
93.667
do
Apr. 30 1927
93.01%
do
Oct. 31 1922
93.74%
93.07
do
Oct. 31 1927
do
Apr. 30 1923
do
93.82%
93.13
Apr 30 1928
do
do
Oct. 31 1923
Oat. 31 1928
93.90
93.19
do
Apr. 30 1924
Dec. 15 1928
do
93.98%
93.25%
Conversion into either stock or bonds may be made on May 1 1919,
or at any time thereafter until 15 days prior to the maturity of the Series
"A" bonds, except in event of redemption or purchase of the Series "A"
bonds the conversion privilege must be exercised at least 15 days prior to
the date fixed in the call for such redemption or purchase.
Security.-A direct mortgage lien upon all physical property, subject only
to outstanding bonds for the retirement of which bonds are reserved under
this mortgage. At maturity on May 1 1919 of the $10,000,000 First
Mortgage bonds there will be issuable in retirement thereof a like amount
of Refunding & Extension bonds, which latter bonds will then become a
first mortgage on the entire property. In the mortgage securing the
Series "A" 7% bonds the company agrees that on or before May 1 1919,
or as soon thereafter as obtained, it will deposit under such mortgage the
aforementioned $10,000,000 Refunding & Extension bonds issuable in
exchange for the First Mortgage bonds. Therefore, upon retirement of
the First Mortgage bonds, due May 1 1919, the First Mortgage Collateral
& Refunding bonds will not only be secured by a direct mortgage lien on
the property, but through collateral pledge of $10,000,000 par value of
Refunding & Extension bonds will share equally in the lien of the then existing $20,000,000 closed first mortgage of the company.
Mortgage Prorisions.-The new bonds may be Issued in series bearing
such interest, maturing redemption and conversion privileges as the Board
may determine from time to time. The total amount of bonds outstanding shall not in any event exceed the amount permitted by law,
or the principal amount of the authorized capital stock as fixed from
dine to time, and may be issued as follows: (1) To refund the 5% debentures due February 1 1919, 35,000,000 (the present issue); (2) To
refund a like amount of First Mortgage bonds due May 1 1919. $10,000,000;(3) to refund a like amount of Refunding & Extension Mtge. bonds.
due April 11934, $10,000,000; (4) for general corporate purposes, $3,000,000. In addition to the bonds specified above bonds may be issued for permanent improvements, betterments, &c., or new property for not exceeding
80% of cash cost, provided net earnings are not less than 14 times the
annual interest charge on all bonds incl. those applied for. In lieu of so
issuing bonds at 80% of cost when net earnings are 1% times interest
charges the company may, at its option, issue bonds at 75% of cost when
net earnings aro not less than 1% times interest charges.
Property and Territory.-Population of St. Louis, local estimate, 850,000.
The company is the only gas company selling gas in the city. Also sells
electricity, approximately 10% of its gross receipts being derived from the
sale of electric current. The physical condition of its property is at present
excellent in every respect and its policy is to maintain its plant at all times
In a first-class condition.
Earnings for Year Ended Sept. 30 1918.
Gross income, all sources_34.969,722[Interest charges
$1,231,720
Net, after taxes & maint _ _32,295,126 I Balance
31,063,356
Annual interest on funded debt outstanding upon completion of
of present financing requires
$1,350,000
-V.107, p. 1582.
Louisville Gas & Electric Co.-Offering of Bond Secured
Notes.-Bonbright &Co.Inc., have offered at 983/b and int.,
yielding 8%, a block of $228,000 bond secured 7% gold
Kerr Lake Mining Co.-Silrer Production (in Ounces).- notes dated March 11918, due Sept. 1 1920, but redeemable,
Decreased 1918-12 Mos.-1917
Decrease. all or part, on any int. date, on Sept. 1 1918 at 101 and int.,
1918-Dec.-1917
100,75912,464,116
102.289 . 203,048
2,599,345
135,229 and on or before Sept. 1 1919 at 100 M and int., and there•
-V. 107, p. 2293.
after at 100 and int., upon 30 days' notice. Int. M.& S.
Kinloch Telephone Co., St. Louis.-Merger.This company filed with the Missouri P. S. Commission an intervening Amount now outstanding, $2,728,000.
1918-Dec.-1917.
$1.141,801
$1,158,543
-V. 107, p. 2380, 2012.
Increased 1918-12 Mos.-1917
Increase.
$16,7421$13,561,404 $12,002,800 $1,558,604
Authorized. Outstanding.
Capitalization$11,000,000 $10,324,300
Capital stock
2,728,000
Bond secured 7% gold notes (incl. notes now offered) 3,750,000
First & Ref. Mtge.7% bonds, due June 1 1923_
20,000,000 12,519,000
Lake Superior Corp.-Output- Semi-Annval Report.-Louisville Lighting Co.5% bonds, due April 1 1953 (Closed)
1.195.000
The company has issued $3,638,000 Gen. Mtge. 6% bonds, due Sept. 1
The Algoma Steel Corporation; Ltd., reports in subst.:
1920, which are pledged as collateral to the bond secured 7% gold notes.
During the 6 months ended Dec. 311918, 204,557 tons of finished steel
Earnings for Twelve Months ended Aug. 311918.
were produced against 139,198 tons in the same period of 1917.
$710,523
$3,067,885 Balance
Rail and other business on hand should keep the mills operating well Gross earnings
aft.
Not
taxes
and maint.
Ann.int.on bond sec. notes_ 190,960
into the balance of the current fiscal year. October was the best month of
(exclud. (leprec'n)
$519,563
$1,646,603 Balance
production-total ingots for that month being 52,829 tons. On Nov.
936,080
10 the production of shell steel was discontinued, but the plant then went Annual interest
The requirements for annual interest charges as shown above are comon to billets, and on Nov. 24 started rolling rails.
The net earnings of the Steel Corporation for the six months ended puted on the total securities issued, including these bond secured notes
Dec. 31 1918 show a substantial increase over the corresponding six months now being offered. The actual interest charges for 12 months ended
of the last fiscal year. The first battery of 25 coke ovens was completed Aug. 31 amounted to $878,531, thus leaving after payment of all fixed
and produced coke on Oct. 25, and the second battery should be producing charges an actual balance of $768,073 available for dividends, depreciation.
early in February. That will complete all heavy construction work now amortization, &c.
A full description may be found in V. 106. p. 1039, 1131, 1235.-V. 107.
under way.
V. 1104, 1007.
Output for Six Months ending Dec. 31.
1917.
1918.
1917.
1918.
McCrory Stores Corp.-Sales.207,562 147,813
Magpie ore
100,213 108,824 Pig iron
Increase.
Increased 1918-12 Mos.-1917
1918-Dec.1917
222,428 193,436 Steel ingots
264,905 249,774
Coke
$1,293,598 $217,243 $9,605,421 $7,860,194 $1,745,227
$1,510,841
-V.107, p. 2380.
-V. 107, p. 2180, 2102.
petition in the application to merge the Kansas City Home Telephone Co.
and the Southwestern Bell Telephone Co. properties in Kansas City.
-V. 107, p. 1672.
Laclerde Gas Light Co.-Sale of New First Collateral cfc Refunding Mtge. Bonds, Series "A."-Halsey,
Stuart & Co. have sold at par and int. by advertisement
on another page n,000,000 First Mtge. Collateral & Refunding Ten-Year 7% gold bonds, Series "A," convertible
at the option of the holder into either common stock or into
a like amount face value of Series "B" Thirty-Year 5%
bonds issued under the same mortgage.
Mackay Companies.-Suits Dismissed-Appeal.-
Judge Learned Hand in the U.S. District Court at New York on Jan. 10
dismissed the suits in equity, brought by Clarence II. Mackay as President
of the Commercial Cable Co. and of the Commercial Pacific Cable Co. to
compel Postmaster-General Burleson and Newcomb Carlton, Pres. of the
Western Union Co., in charge for the Government, to return to the complainants the cable lines that the Government seized after the war was
practically over.
In rendering his opinion, Judge Hand followed the line of reasoning used
by Assistant United States Attorney Harold Harper, who maintained that,
although the armistice had been signed before the Postmaster-General took
Dated Jan. 1 1919, due Jan. 1 1929. Int. F.& A.(first and last coupons over the Mackay cables, still the law authorized him to do so.
being for seven and five months respectively) in St. Louis or N. Y. Denom.
President Mackay has instructed counsel to prepare papers for an appeal
of $1,000, $500 and $100c*r*. Fully registered bonds may be issued in from the decision of Judge Hand dismissing the companies' suits against
denominations of $1,000 or any multiple thereof. Redeemable at any Postmaster-General Burleson.-V. 108, p. 83.
time upon 30 days' notice at 102 and int. if redeemed prior to Jan. 11922.
Magma Copper Co.-Production (in lbs.).- ,
and at 101 and int. if redeemed on or after that date.
Increase.
Increase. 1918-12 Mos.-1917
1918-Dec.-1917
Interest payable without deduction for Federal income taxes now or
716.361
10,148.639
428,534110,865,000
621,249
1,049,783
hereafter deductible at the source, not in excess of 2%.
The bonds, Series "A, are issued under the company's newly created -V. 107. p. 2380, 2193.
mortgage, which is designed to furnish the medium for all its future bond
1918.
Ending
Oct.
31
-Earnings--Year
Co.
Manati
Sugar
financing. Trustee, the St. Louis Union Trust Co., St. Louis.
$875,787
Gross income$6,497,255 Net profit
Data from Letter of Pres. C. L. Holman. Dated St. Louis, Jan. 15 1919. Operating expenses, &c.._ 4,681,592 Preferred dividends
231,000
432,112
37,187 Common dividends
Organization.-Organized in Missouri in 1857, and has a perpetual right Other income
$212,675
to vend gas in St. Louis. The validity of charter has been extablished Deprec., war taxes, &c..,. 977,063 Balance, surplus
by the Supreme Court of Missouri. Does all the gas business in St. Louis. -V. 107, p. 2193.
274
THE CHRONICLE
Marconi Wireless Telegraph Co. of America.—Div.—
The directors have declared a dividend of 5% on the $10,000,000 stock,
payable July 1 1919 to holders of record June 1 1919. Previous dividends
paid were 5% on Aug. 1 1918 and 2%, Aug. 1 1913.
Charles J. Ross is now Secretary and George S. De Sousa, Treasurer,
succeeding the late John Bottomley. The Assistant 'Secretary is Lewis
McComnach.
[VoL. 108.
The directors on Jan. 15 passed a resolution testifying to Mr. Sheldon's
exceptional ability, sterling character and zealous devotion to the interests
of the company, and of their deep sense of personal loss in his death.—
V. 106, P. 2445.
•
Northern Sulphite Mills of Canada.—Distribution.—
The committee announce that they have now obtained the release of
funds in court sufficient to permit of a distribution of 2X,% on the certifiControl Bill Tabled.—
cates, making, with previous distributions, 1434 %, the necessary forms
The Merchant Marine Committee of the House of Representatives on should be forwarded with the certificates of deposit to the Metropolitan
Jan. 6 by a unanimous vote tabled the bill for Government ownership of Trust Co. Ltd., Gresham House, Old Broad St., E.0. 2, London, and wil
be returned after endorsement with a cheque for the amount due.—V. 105
wireless.
p. 294.
Interchange of Facilities Between Ocean Cable and Wireless
Plants Ordered by Postmaster-General.—
See page 129 in last week's issue.—V. 107, p. 2193. 2102.
Mason Valley Copper Co.—Production (in Lbs.).1918—December-1917. Decreased 1918-12 Mos.-1917.
1,273,176
1,308,347
35,171115,625,408 13,914,764
—V. 107, p. 2380, 2193.
Increase.
1,710,644
Massachusetts Cotton Mills.—Div.—Subscription Rights.
A semi-annual dividend of $4 per share has been declared, payable Feb.
10 to holders of record Jan. 14. In Aug. last a dividend of $5 was paid,
previous to which $4 was paid. Hereafter dividends will be declared quarterly, beginning with the May quarter.
In connection with the increase in the authorized capital stock of from
$1,000,000 to $3,000,000, stockholders of record Jan. 2 1919 are offered
the right to subscribe for 20,000 shares of the capital stock at $100 per
share, at the rate of two new shares for every three shares held, the right
to expire unless exercised on or before Jan. 25 1919. Subscriptions will be
payable 10% at the time of the subscription and the remainder on or before
March 10 1919, at the office of the New England Trust Co., Boston, Mass.
The new stock certificates will not be issued until after the date when the
first dividend to be declared after March 10 1919 shall have attached to
stock of record, which will probably be on or about April 19 1919. Interest
on the amount of each installment will be paid at the rate of8% per annum
from the date of payment to the date when the first dividend to be declared
after March 10 1919 shall have attached to stock of record, and the new
stock will be entitled to all dividends declared thereafter.
Checks should be made payable to the order of the Massachusetts Cotton
Mills. All inquiries and communications in regard to the above should be
addrressed to the New England Trust Co.. 135 Devonshire St., Boston,
Mass. Compare V. 108, p. 175, 184.
Massachusetts Gas Co.—Dividend.—
Northwestern Telephone Exchange Co.—Rate Case.
The Wisconsin Railroad & Warehouse Commission on Jan. 8 filed suit
In the Ramsey County District Court to restrain this company and the
Tri-State Telephone Co. from continuing new installation rates effective
Dec. 1, and from enforcing new long distance toll rates starting Jan. 21,
such as were authorized by Postmaster-General A. S. Burleson as Federal
Director-General of telephone and telegraph lines.—V. 108, p. 176.
Ocean Steamship Line.—Federal Advances.—
Federal advances to the company in December aggregated $150,000,
making a total of $150,000 for such advances in the year 1918 (see V.
108, p. 32).—V. 107, p. 1291.
Oklahoma Producing & Refining Co.—Capital Stock
Listed on N. Y. Stock Exchange—Official Statement—Status
and Outlook.—The N. Y. Stock Exchange last week formally
listed this company's $10,000,000 capital stock, and in
announcing the fact made public an official statement as to
the properties, earnings and financial status of the enterprise,
which is given in full on subsequent pages of this issue of
the "Chronicle."
Lyman D. Smith & Co., members N. Y. Stock Exchange,
New York, are interested in the company, and their circular
of Dec. 31 gives not only a summary of the history and present status of the undertaking as viewed by their firm, but
something as to the outlook and financial plans of the company, saying in substance:
Organization.—The company is a stockholding corporation with a total
authorized capitalization of 310,000,000, all outstanding, in shares of
$5 each. Immediately following incorporation on Feb. 28 1916 it acquired
the stock of a number of companies that had been in commercial operation
for several years, and has added to these holdings from time.to time.
New Operating Company to Unify System.—In order to simplify the
organization a new operating company,the Oklahoma Producing & Refining
Corporation of America, has recently been incorporated with a capitalization of 325,000,000. Of this amount $21,500,000 has been issued, this
corresponding closely to the amount of capital, mostly cash, turned into
the treasuries of the Oklahoma and the Union des Petroles d'Oklahoma,
a French company now controlled and soon to be the only important
subsidiary [outside the new operating corporation.] The Oklahoma Is now
completing the work of reducing the capitalization of all the other comMercantile Stores Co., Inc., N. Y.—Charter Granted.— panies to a minimum.
To forestall fraudulent use of reputable names,
A charter has been granted to this company under Delaware laws with certain of the subsidiaries will maintain nominal existence.
an authorized capital stock of $5,400,000. The "Chronicle" is informed
The holding company owns directly 62.8%, or $13,500,000, out of a total
upon inquiry that this incorporation is but a step in the company's plan of $21,500,000 issued capitalization of the now operating corporation. The
which at the present time has not been fully consummated. Compare other $8,000,000 outstanding is held by the -Union des Petroles. The
V. 107, p. 2480.
Oklahoma Producing & Refining Co. owns 62% of the stock of the Union
des Petroles, so, in effect, the Oklahoma Producing & Refining Co. owns•
Mexico Northern Power Co., Ltd. (Montreal).— 86% of the capital stock
of the operating corporation's capitalization.
The "Manufacturers' Record" in its issue of Jan. 2 publishes the followThe Oklahoma company thus owns several of the most valuable proping dispatch from Santa Rosana, Mexico:
erties in the Mid-Continent field and is a well-established corporation,
"The great hydro-electric and irrigation project of this company is to carrying out the full cycle of production, transportation, refining and
be finished and placed in operation within the next few months, according marketing.
to J. W. Thompson, Superintendent, who has just arrived from the City
Outbolefor Foreign Business.—The management plan to upbuild, conof Mexico to take charge of the work. In its finished state this enterprise servatively but aggressively, all divisions of the company's activities. It
will show the construction of a large dam across the Conchos River at a looks particularly toward the European fields for expansion. The Oklapoint about 18 miles from Santa Rosalia, the installation of electrical homa is the only company in America which owns control of a company
machinery and equipment by which about 150,000 h.p. will be generated, in France—the Union des Petroles d'Oklahoma. This advantage is posthe building of a system of canals and ditches and the reclaiming of 200,000 sessed only in some degree by the Royal Dutch Shell Co. through the
acres of valley land by means of irrigation."—V. 105, p. 293.
De Rothschilds' corporations.
Financing.—The Oklahoma has sold most of its stock for cash and has
Minerals Separation North American Co.—Process.— realized a premium of $3,879,548 in these sales. All of its
stock has been
The "Engineering and Mining Journal," in its issue for Jan. 11, in an Issued for value received and the company has charged out of earnings all
article by A. W. Allen, describes the flotation process which has been the It reasonably could for depreciation, new purchases and development.
subject of extended litigation between this and other cos.—V. 108, p. 176, There are no bonds and the balance sheet of Sept. 30 1918 shows a net
working capital of $1,608,616. Indebtedness has been reduced during
Minneapolis Gas Light Co.-5-Year Rate Scale.—
1918 by $1,500,000 up to Dec. 4.
The Minneapolis City Council on Jan. 10 by a vote of 16 to 10 adopted
Earnings.—The earnings for the nine months ended Sept.30 1918 accruing
an ordinance providing a 5-year sliding scale of gas rates with the rate for to the holding company (before providing for depreciation, depletion and
1919 at 95 cents per M. cu. ft. as against the present rate of 77 cents. income and excess profits taxes) were $3,131,733, or 31.31%. on the $10,The rates fixed in the ordinance
'
are: 1919, 95 cents; 1920, 83 cents; 1921. 000,000 outstanding, and for the entire year, after making all deductions,
should be approximately the same before deduction for depreciation, de78 cents; 1922, 74 cents; 1923, 70 cents. •
The average rate for the five year period is 80 cents, 3 cents higher than pletion and special taxes. On the other hand, the dividends maintained
the average for the last five year perlod.—V. 108, p. 176.
at 2% quarterly, or 50 cents per share per annum, since Juno 30 1916,
call for $1,000,000 per annum.—V. 106, p. 1459, 1465; V. 108, p. 170.
The regular quarterly dividend of 1 3 % has been declared on the common
stock, payable Feb. 1 to holders of record Jan. 15.
Dividend record for 1918 of subsidiary companies, as reported by the
Boston "Financial News" of Dec. 19, follows:
Year 1918—
Dec. Sept. June. March.
Boston Consolidated Gas Co
2%
1% 2%
13,6%
New England Fuel & Transportation Co
27
2
2%
2%
New England Coal & Coke Co
2
20
24
2%
Newton & Watertown Gas Light Co
1 % 23i% 2 % 2A%
East Boston Gas Co
1 4% 2%
3S%
Citizens' Gas Light Co., Quincy
13i% 2%
o
13i%
—V. 107. p. 1750, 1672.
Mohawk Mining Co.—Production (in Lbs.).-
1918—December-1917. Increased 1918-12 Mos.-1917.
1,151,581
1,061,501
90,080110,781,041
12,313,887
—V. 107, p. 2480, 1582.
Decrease.,
1,532,846
Mortgage-Bond Co. of New York.—Balance Sheet.—
STATEMENT OF ASSETS AND LIABILITIES JANUARY 1.
1919.
1918.
1919. • 1918.
Assets—
Liabilities—
$
Mortgages
7,338,161 7,201,514 Capital..
2,000,000 2,000,000
U. S. certificates
200,000 Surplus
500.000 500,000
U. S. bonds_ ___ 233,000 131,000 Undiv. profits
240,862 204,347
Other bonds_ _ _ - 96,198
64,238 Mortgage bonds.5,337.900 5.351,500
Real estate
102,113
95,205 Interest payable 97,722
97,210
Interest rec'able. 151,539 155,449 Res'd for taxes__
24,000
13,500
Cash
279.472 319,151
Total
8,200,483 8,166,557
Total
8,200,483 8,166,557
Note.—Quarterly dividends at the rate of 7% per annum have been paid
during the year.—V. 106, p. 293.
New Cornelia Copper Co.—Production (in Lbs.).1918—Dec.-1917
4,248,000
3,850,000
—V. 108, p. 176, 168.
Increase. 12 Months 1918.
398,000147,390,000
7 Months 1917.
19,125,164
New York & Honduras Rosario Mining Co.—Divs.—
The directors have voted a distribution equal to 5% of the capital stock,
3% for dividend and 2% for amortization, both payable Jan. 30 to holders
of record Jan. 20.—V. 107, p. 1924, 1582.
New York Telephone Co.—Bond Allotment.—
The basis of allotment of this company's new issue of 30-year bonds is
as follows: Up to and including $5,000 in full; $5,100 to $10,000 inclusive,
9007 with the minimum of $5,000; $10,100 to $50,000 inclusive 70% with
a minimum of $9,000; $50,100 to $250,000 inclusive 40% with a minimum
of $35,000; all above $250,000 will receive 25% with a minimum of$100,000.
Fractions were adjusted to the nearest $500.
Merger Not Approved.—
The nog Jersey P. U. Commission has withheld sanction of a plan proposed by this company, the Delaware & Atlantic Telegraph & Telephone
Co., and the Atlantic Coast Telephone Co. for the approval of all the Bell
Telephone interests in New Jersey.—V. 108, p. 176.
North American Co.—Death of Chairman.—
The death of Chairman and Treasurer George R. Sheldon occurred at
Carbondale, Ill., on Jan. 14 as the result of an accident which took place
while he with other directors was on a tour of inspection of one of the company's subsidiaries. Mr. Sheldon was elected a director of the company in
June 1893. Treasurer in October 1898, and Chairman in March 1917.
Old Dominion Steamship Lines.—Federal Advances.—
Federal advances to the company in December aggregated $200,000,
making a total of $515,000 for such advances in the year 1918 (see V.
108, p. 32).—V. 107, p. 1291.
Onomea Sugar Co., Ltd.—Dividend.—
Welch & Co., San Francisco, have notified the Stock and Bond Exchange
of the receipt of a cablegram from Messrs. C. Brewer & Co., Ltd. advising
that dividends on this stock, commencing Jan. 20, and until furtlier notice,
will be 40 cents a share, equal to 2% on the shares,—V. 107, p. 2381.
Pabst Brewing Co., Milwaukee.—Tenders of Stock.—
This company is offering its preferred shareholders the opportunity of
tendering their stock for sale to the company on or before Jan. 20. The
company has outstanding $1,590,100 7% Cumulative preferred, $9,764,000
common stock, and $1,574,400 First Mortgage Serial 4% bonds. The
preferred stock is subject to redemption at $115 and has preference as to
the company's assets and dividends.—V. 107, p. 2014.
Packard Motor Car Co.—Resumption &c.—
This company has announced its resumption of the production of cars
and trucks for the public at no change in prices from those previously
prevailing. Truck production, however, has been continuous although
the Government has absorbed the entire output. "As originators of the
motor from which the Liberty motor was made, and as prodlicers of the
most advanced type of airplanes for the Government," the company offers
its aircraft engineering department as the "most complete and practical
department now available for the development of airplanes in this country.'
Reserve for Taxes, &c.—
In the comparative statement which appeared in the issue of the "Chronicle" of Dec. 28 1918. p. 2473, at the bottom of the statement, preceded
by an asterisk, are the words "Includes reserves for Federal taxes and other
accruing obligations." The reference asterisk, however is missing from
the tabular statement, where it should appear before the item of "accounts
payable."—V. 107. D. 2473.
Price Bros. & Co., Ltd.—Proposed Stock Increase.—
This company, incorporated under the laws of Quebec, has given notice
of a proposed increase of authorized capital stock from $5,000,000, all outstanding (par $100), to $10,000,000.—V. 106, p. 2457.
Pullman Co.—Annual Meeting Adjourned.—
The annual meeting of stockholders has been adjourned until Feb. 19.—
Sleeping Car Service.—
The United States RR. Commission has authorized the restoration of
seven more sleeping car lines, discontinued north of Washington a year ago
as a war measure. Fifteen through lines were restored Jan. 1.—V. 107.
p. 2295.
For other Investment News, see page 282.
JAN. 18 1919.]
THE CHRONICLE
275
Squirts anti pamutents.
ARMOUR AND COMPANY
AND ALLIED COMPANIES
FINANCIAL REPORT FOR FISCAL YEAR ENDING NOVEMBER 2 1918.
To the Stockholders of Armour and Company:
Record high prices for meat produced record low profits
for the fiscal year 1918. Though the volume of business
represented a tremendous increase over 1917 (approximately 50%), the abnormally high prices of all commodities we used, and consequently of the products we sold, so
impaired commercial conditions that our profit margins were
reduced almost to the vanishing point. Labor costs, taxes
and other outlays were so heavy that in the year of our
greatest commercial activity our profits were less, per dollar
of sales, than at any time in our history.
Our gross volume of sales in this country, both domestic
and for export, was $861,000,000, compared with $575,000,000 in 1917. In spite of this increase our net profit was
but 1.8c. on each dollar of sales, as compared with 3.7o. in
1917. Our net income for the period (fifty-three weeks)
was $15,247,837 53, at the rate of 9% on our average net
capital invested and 14.7% on our common stock (after provisions for dividends on preferred). Two million dollars, or
only 2%, has been paid out in dividends on the common
stock, we being compelled to re-invest the balance, over
thirteen million dollars, in the business to meet the ever
increasing demand for additional facilities; this in addition
to the $60,000,000 which we borrowed on our convertible
debentures.
Our profit account shows that we,along with the consumer,
have suffered because of high prices. Our business is predicated on a rapid turnover of a big tonnage at a small margin
of profit, and high prices are not conducive to quick turnover.
We are helpless in the matter of reducing prices. They are
high because of the heights to which live stock and labor have
gone. Our labor costs last year were $20,000,000 more than
the preceding year. The same number of pounds of live
stook cost us in 1918 One Hundred Million Dollars more
than in 1917. The United States Government, through
the agency of the Food Administration, compels us to pay
a minimum of $17 50 per hundred pounds, live weight, for
hogs, which cannot, at that figure, produce .cheap bacon,
pork and other hog products; and cattle at $16 00 or more
per hundred pounds on the hoof cannot produce cheap beef.
Stock raisers assert that such prices are necessary to pay
them for the increased cost of production and we realize
the need for prices which will encourage continued agricultural effort. While the extraordinary demand from
Europe continues there is little prospect of lower prices.
The United States Government, through the Food Administration, formulated on November 1 1917 regulations
limiting our profits in a more drastic manner than was prescribed for any other industry. Thus our profits were
limited to 2.5% on our volume and 9% per annum on the
capital invested in the meat-producing lines. We were able
to earn only a very small fraction of the amount allowed on
volume, and only about one-half of the authorized return
on invested capital.
We are more than recompensed for the greatly lessened
profits by the satisfaction which comes from the knowledge
that our company was a factor in winning the war. Our
ability to meet the tremendous food demands of the fighting
millions in Europe, an ability made possible only by the
magnitude, the scope and the efficiency of our organization,
was of inestimable value to the United States and to the
Allies.
During the year we delivered to our Government and to its
European associates food products of a value of $241,000,000
from our plants in this country alone. We sent forth thousands of tons of'food and got back a minimum of complaint,
and not a word of criticism as to the efficiency of our service.
Our more than sixty thousand employees are entitled to
a large measure of credit for the accomplishments of the year
for without their loyalty and ungrudging co-operation it
would have been impossible to have delivered the food which
meant victory.
To meet war requirements we had to greatly increase our
investment. This increase in 1918 amounted to approxi
mately $90,000,000, of which $20,000,000 was for additional
plantfacilities and capital assets and $70,000,000 in increased
inventories and outstanding accounts. To finance this expansion the company in June sold $60,000,000 of 6% debentures, maturing one-sixth each year, 1919 to 1924 inclusive,
and convertible into the company's new 7% preferred stock'
thus offering to the public an opportunity to participate in
the management and profits of our business. Apprwdmately $7,000,000 of debentures have already been converted
and some 2,400 additional persons have thus become stockholders in Armour & Company.
It has been necessary for our foreign corporations to retain all of their own earnings in order to assist in financing
their own development.
Despite the handicaps of the year—traffic congestion, fuel
and labor shortage, scarcity of coal, tin and other supplementary supplies, and the difficulties incident to abnormal
forcing of the capacity of our plants—our company retains
its effectiveness and complete ability to perform its economic
and industrial functions. It is of the greatest importance
to the producers and the consumers of this nation that we
exist as a marketing machine. The wealth of the soil is
valueless until it is taken to the consumer in shape for use,
and our company is a machine for the development of markets. In a country as vast as ours natibnal distribution and
market development is essential and only a national organization can efficiently do the work. As our country grows
our company will have to expand, for only by so doing can
we adequately meet the purpose and necessities for which
we exist.
During the past year we have operated under the rules
and regulations prescribed by the U. S. Food Administration and we have faithfully met their every requirement.
•
J. OGDEN ARMOUR.
January 15th 1919.
INCOME ACCOUNT—FISCAL YEAR ENDING NOVEMBER 2 1918.
From Manufacture and Sales, and other Income, after
deducting all expenses incidental to operations, including
those for Administrative Expense, Taxes, Insurance.
Repairs, Depreciation, and an estimated reserve for
Federal Income and Excess Profits Taxes, but not including interest on Bonds and Borrowed Money
326,128.610 63
Less Interest on Bonds
32,286,986 30
Interest on Debentures
1,203,562 87
Interest on Current Loans
7,178,223 93
10,668,773 10
315,459,837 53
212.000 00
Less Contribution to Pension Fund
Net Income
315,247,837 53
ASSETS AND LIABILITIES NOVEMBER 2 1918.
ASSETS.
Capital Assets—
Land, Buildings, Machinery, &c
370,734,591 98
Refrigerator and Other Cars
5,950,874 74
Car Trust Agreement
4,148,416 00
Investments in Allied Companies
43,061,671 42
Total Capital Assets
3123,895.554 14
Current Assets—
Inventories of Product, Material and Supplies
3150,380.067 98
Marketable Investments and Liberty Bonds 14,205,872 70
Bills Receivable
9,953,434 54
Accounts Receivable
81,099,658 49
Cash on Hand and in Banks
24,751.771 64
Total Current Assets
280.390.80535
$404,286,359 49
LIABILITIES.
Current Liabilities—
Bills Payable
Accounts Payable
390,136,091 23
25,442,008 65
Total Current Liabilities
$115,578,099 88
Reserves—
For Bond and Debenture Interest, &c_.. $2,541,460 23
For Income and Excess Profits Taxes__
6,800,000 00
Total Reserves
Capital Liabilities—
Bonds
Debentures
Capital Stock Preferred
Capital Stock Common
Surplus
'
Net Capital Investment
9,341,460 23
50,000,000 00
56,274,600 00
33,725,400 00
100,000,000 00
69,366,799 38
iSil
$173,092,199 38
3404,286,359 49
[VOL. los.
THE CHRONICLE
276
STROMBERG CARBURETOR COMPANY OF AMERICA, Inc.
(A holding company organized Under the laws of New York.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE.IN CONNECTION WITH THE LISTING
OF ITS CAPITAL STOCK.
(Without nominal or par value.)
New York, December 30 1918.
Stromberg Carburetor Company of America, Inc., hereby
makes application for the listing of temporary certificatesfor
50,000 shares (the total authorized issue) of its Capital
Stock without nominal or par value, which have been issued
and are outstanding in the hands of the public, with authority
to substitute on the list permanent engraved certificates on
official notice of issuance in exchange for outstanding temporary certificates. Such stock is fully paid and non-assessable and no personal liability attaches to stockholders.
Stromberg Carburetor Company of America, Inc., is a
holding company and was organized on July 21 1916 under
the Business Corporations Law of the State of Now York.
Duration of charter perpetual. The number of shares that
may be issued by said corporation is 50,000 shares, without
nominal or par value. The amount of declared capital with
which said corporation began business was $250,000.
In accordance with the terms of its charter the company
may engage in the manufacture, sale, export, and import
of, and dealing in, carburetors for motor engines and all
kinds and varieties of devices and equipments appertaining
to motor vehicles and engines, and, as a holding company,
has power to acquire the stock or securities of other corporations engaged in similar business,and particularly to acquire
the .good will, rights and properties, and to carry on the
business conducted by Stromberg Motor Devices Company.
In accordance with the terms ofits charter this company
has acquired and now owns all the Capital Stock of StrombergMotor Devices Company,a corporation organized under
the laws of the State of Illinois. The 50,000 shares of stock
of the corporation have been issued for cash, part of the cash
received therefor was applied to the purchase of the entire
Capital Stock of the aforesaid Stromberg Motor Devices
Company and the balance was retained in the treasury of
the company, and loaned from time to time to the subsidiary
company as additional working capital as its needs required.
The company has paid dividends as follows:
all of which has been issued, is fully paid and non-assessabl:
and is owned by Stromberg Carburetor Company of America,
Inc.
The plant of Stromberg Motor Devices Company is located in the City of Chicago, Illinois. It is owned in fee
by the company and consists of a parcel of land on the north
side of East 25th Street between Michigan and Wabash
Avenues, being 130 feet front and 110 feet deep, upon which
there are two six-story reinforced concrete buildings erected
at a cost of about $225,000, each of which buildings occupies
65 feet front on said property. The company's buildings are
thoroughly equipped with power and all tools and machinery
necessary and desirable in a plant engaged in the manufacturing of carburetors and other motor devices. The number of carburetors produced and sold by the company from
1910 to 1918, inclusive, is as follows:
In
In
In
In
In
the
the
the
the
the
year
year
year
year
year
1910
1911
1912
1913
1914
44,719
58,967
64,146
51,317
46,563
In the
In the
In the
In the
year
year
year
year
128,018
1915
168,832
1916
183,381
1917
1918 (first 9 months)..164,239
In addition to the above, the company had in stock on
September 30 1918 15,807 carburetors, and on that date had
on hand unfilled firm orders for 29,312carburetors,and orders
subject to confirmation of shipment for 35,886 carburetors.
The net profits of the company for six years and nine
months ending September 30 1918, were as follows:
For
For
For
For
the
the
the
the
year
year
year
year
$278,219 80
1912__ $108,786 00 For the year 1916
318,819 74
1913._ 63,087 00 For the year 1917
1914.... 50,232 00 For the year 1918 (first 9
431,533 21
months)
1915._ 147,703 00
It has declared and paid dividends on its capitalization of
$50,000 as follows:
2,500
Jan. 31 1912 cash div. _20 % i10,000 Feb. 29 1916 cash dIv___ 5
7,500
6,625 Mar. 31 1916 cash dlv_ _15
Mar. 31 1912 cash dlv_ _ _13,17
2,500
10,000 Apr. 30 1916 cash dIv_ 5
Mar. 31 1912 stock dlv__20
5,000
Apr. 30 1912 cash dlv___ 64% 3,375 May 31 1916 cash My_ _10
37,500
May 31 1912 cash div._ _10 % 5,000 Mar. 15 1917 cash dlv_ _ _75
37,500
June 29 1912 cash dlv_ __ 10 % 5,000 June 29 1917 cash dIv_ _75
37,500
5,000 Sept.20 1917 cash dIv_ _75
July 31 1912 cash dlv_ _ _10 c"
37,500
5,000 Dec. 28 1917 cash div.... _75
Aug. 31 1912 cash dlv _ 10
37,500
Sept.30 1912 cash dim__ _ 63!,% 3,375 Mar.25 1918 cash dIv__ _75
37,500
Apr. 1 1917 cash dividend
% 1,625 June 20 1918 cash city_ _ _75
75 cents per snare $37,500 Oct. 30 1912 cash dlv_ _ _
50,000
July 2 1917 cash dividend
75 cents per share 37,500 Dec. 31 1912 cash dlv__ _15 % 7,500 Sept.23 1918 cash dIv_ _100
50,000
75 cents per share 37,500 Oct. 31 1913 cash dtv__ _15 % 7,500 Dec. 23 1918 cash dlv_ 100
Oct. 1 1917 cash dividend
75 cents per share 37.500
Jan. 2 1918 cash dividend
Apr. 1 1918 cash dividend
75 cents per share 37,500
ILLINOIS).
(OF
COMPANY
DEVICES
MOTOR
STROMBERG
July 1 1918 cash dividend
7.5 cents per share 37,500
Oct. 1 1918 cash dividend
75 cents per share 37,500 INCOME ACCOUNT FOR THE YEAR ENDING DECEMBER 311917.
(Extra) 25 cents tier share 12,500 Net sales
Oct. 1 1918 cash dividend
$1,644,046 77
A dividend of 75 cents per share and an extra dividend of 25 cents per Cost of sales (including decrease and inventory of finished
share have been declared payable on January 2 1919 to stockholders of
1.173.80031
and partly finished goods, $71,258 49)
record as of December 16 1918.
$471,056 46
sales
on
profit
Gross
no
has
debt.
funded
The company
235,917 74
Deduct selling, administrative and general expenses
STROMBERG MOTOR DEVICES COMPANY (OF ILLINOIS).
$235,138 72
This company was organized under the laws of the State Add-Other income, including miscellaneous material sales__ 100,192 11
of Illinois on May 8 1907 under the name of Goldberg Motor
Car Devices Manufacturing Company, with a Capital Stock
of $10,000, consisting of 100 shares of $100 par. On June 22
1908, by proper judicial proceedings, the name of the company was changed to Stromberg Motor Devices Company.
The duration of its charter is ninety-nine years. On May 4
1908 the authorized Capital Stock was increased to $50,000,
4.
$335,330 83
Deduct:
Interest-net
Bad accounts and notes
88,571 00
7,939 19
16,511 09
*$318,819 74
* Income, War and Excess Profits 'faxes for year 1917 in the sum of
870,302 not deducted fronr above net profits.
BALANCE SHEET AS OF DECEMBER 31 1917.
ASSETS.
Fixed assets:
Land and buildings
Factory equipment, furniture and fixtures
Fixtures and equipment-branches
Patterns, drawings and blue prints
$315,461 97
351,685 79
4,713 51
50,228 89
$722,090 13
133,387 63
Patents
Current assets:
Cash in banks and on hand
Accounts receivable
Investments
Merchandise inventory at cost or less
$32,532 10
208,070 81
2.000 00
463,443 60
Other assets:
Notes receivable
Sundry accounts receivable
$15,175 21
2,055 53
Deferred charges:
Items applicable to future operations
LIABILITIES.
Capital Stock:
Authorized, issued and outstanding-500 shares, par value $100 each
Current liabilities:
Notes payable (due to Stromberg Carburetor Company of America, Inc.
Accounts payable
Taxes, etc., accrued (estimated)
Reserve:
*For depreciation of plant and equipment
Surplus
INCOME ACCOUNT FOR THE NINE MONTHS ENDING SEPTEMBER 30 1918.
Net sales
Cost of sales
Gross profit on sales
Deduct selling, administrative and general expenses
Add-Other income, including miscellaneous material salei
Deduct:
Interest paid
Other income charges
706,046 51
17.230 74
40,995 88
$1.,619,750 89
$50,000 00
• $202,500 00
150,868 41
22,367 35
375,735 76
155,388 85
1,038,626 28
81,619,750 89
$1,804,773 14
1,221,726 89
$583,046 26
140 122 33
$442,923 92
5.486 30
$448,410 22
$9,256 30
7,62071
16,877 01
$431,533 21
JAN. 18 1919.]
THE CHRONICLE
277
BALANCE SHEET AS OF SEPTEMBER 30 1918.
ASSETS.
- Fixed assets:
Land, buildings, machinery, tools and equipment
Patterns and drawings
Detroit leasehold
$743,489 39
54,651 43
1,396 74
$799,537 56
143,048 24
Patents
Current assets:
Cash in banks and on hand
Accounts receivable
Merchandise inventories at cost or less
$21,620 40
305,669 91
545,002 92
872,293 23
ther assets:
Notes recolvable
Investments
Employees and personal accounts
$11,791 83
999 99
8,886 92
21,678 74
Deferred charges:
Items applicable to future operations
16,356 09
81,852,913 86
LIABILITIES.
Capital Stock:
Authorized, issued and outstanding-50()shares, par value $100 each
Current liabilities:
Notes payable (money borrowed from Stromberg Carburetor Co. of America, Inc.)
Accounts payable and accrued accounts
$50.000 00
$190,000 00
126,882 76
316,882 76
Deferred liabilities:
Wright-Martin tool account
Excess overhead applied
$8,800 00
24,955 33
33,755 33
Reserve:
*For depreciation of plant and equipment
Surplus (cnlu ding dividend of $50,000)t
190,358 00
1,261,917 77
t Since paid.
$1,852,913 86
*Note.-The average rates of depreciation provided during the year 1917 and to September 30th 1918 were 2% on buildings; 10% on machinery. equipment and tools; 10% on patterns in use after charging off obsolete patterns; 20% on
and experimental equipment. In
addition Maintenance Expenses during 1917 and nine months of 1918 were approximately $38,500 automobiles
and $31,000, respectively
STROMBERG CARBURETOR COMPANY OF AMERICA. INC.
INCOME ACCOUNT FOR NINE MONTHS ENDING SEPTEMBER 30 1918.
Net earnings of Stromberg Motor Devices Company
Interest earned
$431,533 21
10.102 21
Taxes and sundry expenses
$441,635 42
6.72346
Income, war and excess profits taxes paid June 15 1918
Charges affecting prior year
$70,392 00
12.849 72
$434,911 96
83,241 72
$351.670 24
BALANCE SHEET AS OP SEPTEMBER 30 1918.
ASSETS.
Investment 500 shares par value $100 each of Stromberg Motor Devices Company (Illinois)
Cash on deposit
Notes receivable (Stromberg Motor Devices Company)
81,311.917 77
66,265 46
190,000 00
$1,568.183 23
LIABILITIES.
Capital Stock:
Authorized 50,000 shares without nominal or par value declared under Stock Corporation Law of the State of New York at $5 per share $250.000 CO
Surplus:
Balance January 1 1018
$1,091,512 99
Net addition nine months ending September 30 1918
$351,670 24
Dividends paid
125,000 00
226,670 24
1,318,183 23
31,568.183 23
The company agrees with the New York Stock Exchange:
Not to dispose of its stock interest in any constituent
subsidiary, owned or controlled company, or allow any of
said constituent, subsidiary, owned or controlled companies
to dispose of stock interests in other companies unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies.
To publish quarterly an income account and balance sheet
of the company and its subsidiary.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of the corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities
at the end of the year; also annually an income account and
balance sheet of all constituent, subsidiary, owned or controlled companies.
To maintain,in accordance with the rules of the Exchange,
a transfer office or agency in the Borough of Manhattan,
City of New York, where all listed securities shall be directly
transferable, and the principal of all listed securities with
interest or dividends thereon shall be payable; also a registry
office in the Borough of Manhattan, City of New York,
other than its transfer office or.agency in said city, where
all listed securities shall be registered.
ANot to make any change in listed securities, of a transfer
agency or of a registrar of its stock, or of a trustee of its
bonds or other securities, without the approval of the Committee on Stock List, and not to select as a trustee an officer
or director of the company.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all right, subscriptions or allotments shall be transferable, payable and deliverable in the Borough of Manhattan, City of. New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate application for the listing thereof.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the
Stock Exchange at least ten days' notice in advance of the
closing of the transfer books or extensions, or the taking of
a record of holders for any purpose.
The fiscal year ends December 31st.
The annual meeting of the company is held on the last
Wednesday of June in each and every year at the principal
offices of the company in the Borough of Manhattan, City
of New York.
The Directors (elected annually) are: Charles W. Stiger,
Chicago, Ill.; Harry C. Stutz, Indianapolis, Id.; Allan A.
Ryan, New York, N. Y.; Charles A. Brown, Chicago, Ill.;
Wm.L. O'Neill, Chicago, Ill.; George H. Saylor, New York,
N. Y.; Frederick E. Gunnison, New York, N. Y.
Directors need not be stockholders.
The Officers are: Chas. W. Stiger, President; Allan A.
Ryan, Vice-President; George H. Saylor, Treasurer; and
Kenneth R. Howard, Secretary.
The transfer agent is Guaranty Trust Company of New
York, 140 Broadway, New York City.
The registrar is The Chase National Bank, 57 Broadway,
New York City.
STROMBERG CARBURETOR CO. OF AMERICA,INC.
By ALLAN A, RYAN, Vice-President.
This Committee recommends that the above-described
temporary certificates for 50,000 shares of Capital Stock
without nominal or par value be admitted to the list, with
authority to substitute on or before July 1 1919 permanent
engraved certificates, on official notice of issuance in exchange for outstanding temporary certificates.
WM. W. HEATON, Chairman.
Adopted by the Governing Committee, January 9 1919,
GEORGE W. ELY, Secretary.
278
[VOL. 108.
THE CHRONICLE
OKLAHOMA PRODUCING & REFINING COMPANY
(A holding company organized under the laws of Delaware.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS CAPITAL STOCK.
New York, January 2 1919.
Oklahoma Producing & Refining Company hereby makes
application to have listed on the New York Stock Exchange
$10,000,000 (total authorized issue) of its Capital Stock,
consisting of 2,000,000 shares of the par value of $5 each,
which has been issued and is outstanding in the hands of
the public.
The Capital Stock is full paid, non-assessable, and no
personal liability attaches to shareholders.
Oklahoma Producing & Refining Company was incorporated Feb. 27 1916, under the laws of the State of Delaware. The company, in accordance with the terms of its
charter, is a holding company and owns securities of various
companies engaged in the oil business and its charter empowers it to engage in the oil business and to purchase and
deal in the stocks and other securities of other corporations
engaged in similar lines of business, all as set forth in same.
Its charter is perpetual.
The following is a statement as to the capitalization of the Company:
$2,000,000
5,000,000
10,000,000
At organization
March 15 1916 increased to
February 19 1917 increased to
The Company now owns the following stocks:
Where
Par.
Incorporated.
Date.
Duration.
Oklahoma Producing & Refining Corp. of America_Maryland Mar. 16 1918 Perpetual
$5
Union des Petroles d'Okla50 Yrs. • 100 fcs.
homa
France
June 1 1911
Owned by
Capitalization
0. P. & R. Co.
Issued.
Authorized.
$3,000,000 Preferred
I$3,000,000 Preferred
$13,500,000 Common
18,500,000 Common
122,000,000 Common
J15,000,000 fcs. Pref'nce 15,000,000 fcs. Pref'nce 2,676,000 fcs. Pref'nce
125,000,000 fcs. Ordinary 25,000,000 fcs. Ordinary 22,633,300 fcs.Ordinary
The amounts of stock issued have been as follows:
$1,500,000
3,500,000
4,670,000
430,000
Feb. 27 1916
July 20 1916 to Dec.31 1916
During 1917
During 1918 to date hereof
$10,000,000
Total
The purposes of issue were:
To acquire entire capital stock (1,000 shares of the par value of $100 each) of Sperry 011 & Gas Company, a corporation of Oklahoma
Sold for cash at $6 per share, proceeds used for acquiring oil areas, development and working capital
To acquire 499,990 shares (out of 500,000 shares outstanding) of the par value of $1.00 each of Muskogee Refining Company
Sold for cash at $8 per share, proceeds used for acquiring oil areas, development and working capital
Sold for cash at $8 per share, proceeds applied to the purchase of preference and ordinary shares of Union des Petroles d'Oklahoma
To acquire share for share, the minority stock (439,000 shares) of Osage-Hominy Oil Company, a corporation of Delaware, 439,000 shares
(of which 437,565 shares have been issued and 1 435 reserved for such exchange)
Sold for cash at $8 per share, proceeds used for acquiring oil areas, development and working capital
Shares.
300,000
100,000
249,388
350,612
530,000
439,000
31,000
2,000,000
All of these issues were authorized by due action of the
stockholders and directors. With the exception of $155,000
of stock consent for issuance of which was granted by the
Capital Issues Committee on Nov. 7 1918 (Opinion No.
A-2553), all of the capital stock had been authorized and
issued before such approval was required, and no action by
public authorities, other than the acceptance of the requisite
papers for stock increase upon filing same in the office of the
Secretary of State of Delaware, was required, which papers
were so filed on July 26 1916 and March 15 1917.
The Company owns approximately 63% of the total
Capital Stock of Oklahoma Producing & Refining Corporation of America, organized under the laws of the State of
Maryland. The Company also owns upwards of 63% of
the total outstanding Capital Stock of Union des Petroles
d'Oklahoma, a corporation of the French Republic. The
said Union des Petroles d'Oklahoma owns the remaining
37% of the total outstanding Capital Stock of the Oklahoma
Producing & Refining Corporation of America.
At and after its incorporation in 1916, the Oklahoma
Producing & Refining Company acquired all of the shares
of the Capital Stock of Muskogee Refining Company,Sperry
Oil and Gas Company, Crown Petroleum Company and
Crown Pipe Line Company. (These shares will not be
disposed of and are now held by Oklahoma Producing &
Refining Corporation of America as muniments of title,
and the corporate existence of these subsidiaries is continued
for the purpose of averting infringement on valuable trade
names and rights.)
These companies were actively engaged in producing and
refining oil or in marketing oil, principally in the State of
Oklahoma. In December 1916 the Osage-Hominy Oil
Company was organized, under the auspices of the Oklah9Ta Producing & Refining Company, to purchase an undivided one-half interest in the Osage-Hominy lease of
approximately 4,800 acres in Oklahoma. The company
retained control through majority stock ownership of the
Osage-Hominy Oil Company. In December 1917 an offer
was made to all stockholders of Osage-Hominy Oil Company
to exchange their stock,share for share,for stock of Oklahoma
Producing & Refining Company. This offer was accepted
by substantially all of the stockholders, and the assets and
property of the Osage-Hominy Oil Company were conveyed
to Sperry Oil & Gas Company. 1,435 shares of stock of
Oklahoma Producing & Refining Company are held by
Bankers Trust Company for delivery to holders of unexchanged Osage-Hominy Oil Company stock. In August
1917 the Company acquired 26,760 shares of the Preference
Stock and 226,333 shares of the Ordinary Stock of Union
des Petroles d'Oklahoma for the aggregate cash price of
about $4,700,000. The Union des Petroles d'Oklahoma
was a corporation holding all the shares of stock of Reese Oil
Company, Oklahoma State Oil Company, Terrain Oil Company, Tulsa Oil Company and Monitor Oil & Gas Company,
corporations producing oil in the States of Oklahoma, Kansas
and Illinois. At various times the Oklahoma Producing
& Refining Company also acquired interests in oil producing
areas in Kentucky and Tennessee.
The Company owns no property in fee.
UNION DES PETROLES D'OKLAHOMA.
The Union des Petroles d'Oklahoma is a corporation of
the French Republic, organized in 1911. Its principal
office is at Paris, France, and a majority of its Board of
Directors is composed of residents of France. It has shares
of 100 francs par value, divided into 150,000 Preference
shares and 250,000 Ordinary shares, all outstanding, being
a total authorized and issued capital of 40,000,000 francs.
The duration of the society is fifty years. The fundamental
corporate document is the "statuts" or by-laws,and the rights
of the Preference shares, as thereby fixed, are to cumulative
7% dividends. Upon.dissolution, the par of the Preference
shares is first to be paid, then par on the ordinary shares,
then any unpaid cumulated dividends on the Preference
shares, and finally a ratable distribution of any balance to
all shareholders of both classes pani passu. Both Preference
and Ordinary shares are entitled to vote at all general shareholders' meetings, regular or special.
The Company has been at all times conducted as a holding
corporation and has not engaged directly in oil or other
commercial business of any character. The majority of its
Preference shares and the minority of its Ordinary shares,
constituting approximately 37% of its total stock, are owned
by various persons, firms and corporations in France,
Holland and elsewhere in Europe.
The earnings of the Union des Petroles d'Oklahoma have
been principally in the form of dividends paid by the American corporations controlled by it. It has also had miscellaneous earnings in the form of interest upon bank balances,
interest upon call loans made by it, and interest or dividends
upon its other investment securities. The income anp
dividends since organization have been as follows:
Calendar Year1911
1912
1913
1914
1915
1916
1917
—Dividends
Net
Ordinary.
Preference.
Income.
1 %
33,5%.
Fr. 1,690,652 50
3
2,598,686 64
3
'77o
7
2,235,442 12
932,447290
4,246,708 60
1(1
6,008,571 75
7%
3,078,998 74
The Union des Petroles d'Oklahoma owned on Dec. 31
1917 and for various periods prior thereto, all thd outstanding
shares of Capital Stock of five American corporatigns, viz.
Monitor Oil & Gas Company, Reese Oil Company, Terrain
Oil Company, Oklahoma State Oil Company, and Tulsa
Oil Company. (These shares will not be disposed of and
are now held by Oklahoma Producing & Refining Corporation
of America as muniments of title, and the corporate existence
of these subsidiaries is continued for the purpose of averting
infringement on valuable trade names and rights.)
The translation of the balance shoot and profit and loss
account for the year ending Dec. 31 1917 here follows, viz.:
JAN. 18 1919.[
THE CHRONICLE
279
4. Shallow Pool District (Oklahoma).-Operations in this
district commenced in 1903-04. The extreme boundaries to
this pool embrace about 60,000 acres. The Corporation
operates 735 wells believed to be located in the best portions
of this pool.
5. Fulton District (Illinois).-The properties operated by
68
Fr.
242,045
The
Taxes
200,287 40 the Corporation in this district were acquired in 1911.
General expenses
3,078,998 74 lease covers 1,226 acres, all of which lie in the producing
Net earnings
the Corporation, all of
FY. 3,521,331 82 area. 226 wells are operated by
them being in the most favorable localities in the Fulton
District, with three producing sands. The oil produced in
BALANCE SHEET AT DECEMBER 31 1917.
this locality commands a premium.
ASSETS.
6. Okmulgee District (Oklahoma).-This district is substanFr. 32,166,811 07
Properties
11,058,854 10 tially co-terminous with Okmulgee County. The CorporaCash in till and banks
00
735,000
Moneys loaned on call
1,920 00 tion owns and operates 93 wells and controls 3,547 acres of
Coupon account (dividend account)
leases. Several distinct producing sands have been discovFr. 43,962,585 17
ered in this area, with some of the greatest wells in Oklahoma,
at depths ranging from 600 to 2,500 feet. The oil refines
LIABILITIES.
highly in lubricants and is considered as one of the best crude
Capital:
150,000 Preference shares of 100
oils produced in Oklahoma.
Fr. 15,000,000 00
francs each
7. Muskogee and Boynton Districts (Oklahoma).-The de250,000 Ordinary shares of 100
25,000,000 00
francs each
around MusFr. 40.000:00000 velopment in this district commenced 1906-07
47,000 00 kogee and Boynton field in the winter of 1914-15. The area
Various creditors
538,692 43
Reserve required by law
12,000 acres. The Corporation owns
297,894 00 covers approximately
Coupons not presented at Dec. 31 1917
1,045 acres of leases and operates 68 wells. The oil is rich
Profit and loss:
Fr.
85,156 20
Balance of 1916 earnings
in lubricants and commands a premium in the market price.
2,993,842 54
Earnings of fiscal year 1917
3,078,998 74
8. Kansas District (Kansas).-There are two distinct proin the central part
Fr. 43,962,585 17 ducing districts. The deep sands lying
of the State and the shallow sands in the eastern. In Butler County the Corporation owns an undivided interest in
OKLAHOMA PRODUCING & REFINING
what is known as the Warren Brown Farms, consisting of
CORPORATION OF AMERICA.
1,350 acres, on which are 51 wells. The Corporation is associated in this property with Mr. H. J. Parker, Pittsburgh.
16
1918,
under
The Corporation was incorporated March
present gross production from these properties is about
the laws of the State of Maryland. Its duration is per.. The
barrels per day. The Corporation also owns separately
1,000
and
refine
produce,
petual. Its charter authorizes. it to
with 9 producing wells and further development
acres
740
of
securities
other
market oil and its products, buy and hold
work is progressing rapidly. In the shallow sand district,
companies, and transact a variety of other business.
Woodson and La Bette Counties, the Corpora,Authorized Capital Stock, $25,000,000, in shares of $5 comprising
tion has 41 producing wells. The first development work on
each; $3,000,000 Cumulative 8% Preferred, also Preferred this
property commenced in 1916. The average depth of the
as to assets on liquidiation or dissolution, and $22,000,000 sands
is from 20 to 30 feet.
Common. Both Common and Preferred carry voting rights.
9. Cushing District (Oklahoma).-This field was discovered
Pursuant to arrangements made in January 1918, between
was found in the upper
the Oklahoma Producing & Refining Company and Union 1912-13. At that time production
sand was not touched until
des Petroles d'Oklahoma, all of the physical properties and sands. The deep or Bartlesville production
of this field has
assets (excepting the stock of the Union des Petroles d'Okla- December, 1913, since when the until it reached
361,000
homa and $50,000 cash) of the Oklahoma Producing & Refin- increased with immense rapidity, approximately 45,000
ing Company and its above subsidiary corporations, and all barrels per day. This pool covers
operates 34 wells, besides
of the physical property and assets of the above five sub- acres. The Corporation owns andoil
wells, all located in the
sidiary corporations of the Union des Petroles d'Oklahoma, an undivided interest in 42 more
a large peron or about Oct. 4 1918, were conveyed to the Oklahoma heart of this pool. The oil in this district refines
Producing & Refining Corporation of America, the trans- centage of gasoline.
10. Cotton County, Oklahoma, District (Oklahoma).-The
action dating as of Jan. 1 1918. The Oklahoma Producing
& Refining Corporation of America, on entering into posses- Corporation owns an undivided one-half interest in 2,080
sion of its properties and assets, delivered to the Union des acres, being associated in this property with Mr. H.J. Parker
Petroles d'Oklahoma $3,000,000 par value of its Preferred of Pittsburgh. The Corporation has six producing wells
Stook and $5,000,000 of its Common Stock, and delivered with a production of 500 barrels. At the present time lack
to the Oklahoma Producing & Refining Company $13,500,000 of pipe line facilities somewhat handicaps the satisfactory
par value of its Common Stock. These amounts of stock, marketing of this oil.
11. Osage Nation District (Oklahoma).-The Corporation
aggregating $21,500,000 par value, constitute the entire
outstanding stock of the Oklahoma Producing & Refining owns 1,280 acres of developed leases, being Section 11 and
Corporation of America, and the two proprietor companies 14, Township 27, Range 10. Drilling on this property comhold the same under agreements that the Oklahoma. Produc- menced about 1905 and has continued intermittently to the
ing & Refining Company will not sell its shares except as an present time. The Corporation has completed 64 producing
entirety, and that it and the Union des Petroles d'Oklahoma wells since the property was purchased in 1916 and further
shall each give to the other the benefit and privilege of any drilling operations are constantly progressing. The Corporaoffer received. It was also agreed that the by-laws of the tion also owns in this district an undivided one-half interest
Union des Petroles d'Oklahoma should be so amended as to in 5,720 acres in what is known as the "Osage-Hominy Pool."
provide that its shares in the Oklahoma Producing & Refining On this property there are 110 producing oil and gas wells at
Corporation of America should not be sold without the affir- present. The Osage-Hominy field was opened in 1914.
mative vote of over 50% of the Preference shareholders of Drilling came to a standstill when the Cushing field developthe Union des Petroles.
ments grew. The Corporation's interest was bought DeThe properties of this Company constitute all the physical comber, 1916, and some prolific wells were developed on this
properties in which the Oklahoma Producing & Refining property, of which some had an initial production of 12,000
Company and the Union des Petroles d'Oklahoma are at barrels per day. The oil is very rich in gasoline and the pospresent interested. The oil producing properties and oil sibilities for casinghead gasoline production are great.
areas are chiefly situated at 11 principal regions (8 in Okla12. Kentucky District (Kentucky).-The Corporation owns
homa, 2 in Kansas, 1 in Illinois), which with their sub- 5,258 acres of leases on which 12 wells have been driven on
divisions are here summarized:
the Hooten Farm,4 miles sough of Scottsville, Allen County,
1. Glenn Pool District (Oklahoma).-This area was Kentucky. Drilling began about a year ago, but oil was not
opened in the winter of 1905-6. The pool covers, including marketed until about November 1 1918, since when the oil
all outstanding edge developments, about 30,000 acres, with has been running to the Indian Refining Company. Wells
-5 known producing oil-bearing strata, the most prolific one which have a very shallow depth have been developed north
being what is termed the Glenn Sand or Bartlesville. The of Scottsville in the Gainesville District and are calculated to
properties of the Oklahoma Producing & Refining Corpora- develop as productively as the Hooten Farm.
tion of America in this district cover 1,880 acres, most of
13. Miscellaneous.-Other acreage in which the Corporawhich are located in the heart of the pool proper. The tion is interested is located in Texas and in the western and
Corporation operates 229 wells with about 350 acres only southern portions of Oklahoma. The total amount of scatpartly developed.
tered acreage on which there has been no development ag2. Bird Creek District (Oklahoma).-The Corporation holds gregates 57,296 acres. A careful survey and estimate based
400 acres in leases in this district (being known as the Sperry on possible development in unproved districts indicates that
lease), together with 50 producing wells. Production is 123/2% of the acreage, or perhaps more, will prove productive
-obtained from three different sands,"Bartlesville,""Tucker" in the future. There are several localities where small pro:and "Burges." It is expected that a pay sand can be de- ducing wells could be drilled, but at this time it is not deemed
veloped in what is known as the Mississippi Line on this practical to start an expensive campaign in these localities.
property, as some very good gas wells have been developed 710 acres in Texas lie in proved territory known as the Ranger
near these lands in the Osage Nation.
field. The Corporation has one well drilling on the 320-acre
IP 3. Bartlesville District (Oklahoma).-The Corporation has tract.
Further details of the foregoing areas are set forth in the
80 acres of developed leases, 50 of which are owned in fee.
following tables:
There are 14 producing wells.
PROFIT AND LOSS AS OF DECEMBER 31 1917.
Fr.
85,156 20
Balance of 1916 earnings
3,080,000 00
Dividends received
07
282,391
Interest
73,784 55
Differences in exchange rate
Fr. 3,521,331 82
280THE CHRONICLE
-Character of OilBase.
Gravity.
Paraffin
38
Paraffin
34
Asphalt
33
Paraffin
35 to 38
Paraffin
38 to 40
Paraffin
34 to 44
Paraffin
36 to 41
Paraffin
36 to 41
Asphalt
31 to 32
Paraffin
38 to 42
Paraffin
32 to 34
Paraffin
34 to 39
Asphalt
29
Glenn Pool
Bird Creek
Bartlesville
Shallow Pool
Fulton (Ill.)
Okmulgee
Muskogee and Boynton
Kansas deep sand wells
Kansas shallow sand wells
Cushing
Cotton County
Osage Nation
Kentucky
-Depth of WellsEstimated
Average. Shallow. Deepest. Future Life
Feet.
Feet.
Feet.
of District.
1650
1050
2350
15 years
1300
1190
1425 20 years
625
600
900
15 years
650
350
1000
10 to 15 years
750
600
930
10 Years
2000
1100
2450
15 years
1600
1100
1825
15 years
2700
2550
2750
10 years
600
575
625 20 years
2650
1560
3000 20 Years
2450
2150
Unknown
2750
1800
412
2440 15 years
275
258
Unknown
287
[VOL. 108.
Policy
Characteristics of Oil Lands
as to
or Strata.
Depreciation.
Practically level
10
About level
10
About level
10
Dips 25 feet to mile
10
Level
10
Dipping and impossible to check
10
Dipping more or less to west
10
Dip rapidly
10
Practically level
10
Slight dip
10
Approximately level
10
Dips north and south
10
Very level and uniform
10
STATEMENT SHOWING TOTAL ACREAGE AS OF NOVEMBER 30 1918.
Leases
Fee
Developed.
Undeveloped.
Developed.
Undeveloped.
1,677.77
5,240.32
340.00
60.00
1,226.00
2.747.00
2,307.50
---3,243.00
13,947.94
6,648.93
746.00
221'8:i
986.57
7.852.50
---7,706.55
---6,697.45
..
74.50
9.832.00
400.00
2,506.34
211.15o
4,605.62
460.00
319.02
92.00
Total
21,609.39
57,296.60
659.02
588.54
MUSKOGEE REFINING DIVISION.
Storage capacity: 250,000 barrels.
Location: IVIuskogee, Oklahoma.
Amount of oil stored: 100,000 barrels.
Character: Crude, refined and semi-refined.
Value: $300,000.
One refinery.
Capacity: 2.500 barrels.
Acreage: 10 acres.
No. of employees: Average 100.
Products and by-products: Gasoline, kerosene, fuel oil, gas oil, flux oil, lubricating
oils, greases and paraffine:wax.
DistrictGlenn Pool
Fulton
Okmulgee
Kansas
Osage
Cushing
Unknown
Texas
Kentucky
Walters
Shallow
CROWN PETROLEUM DIVISION.
The station marketing division started in business in February, 1917, and has at this time in operation twenty-eight
tank stations and eight filling stations, located throughout
Oklahoma. The Company has in service 275 tank cars, of
which 250 are owned and 25 are leased on a yearly basis.
The amount of investment in these stations, as of October
31 1918, was $221,459 25. The average monthly volume of
business done through these stations for the first ten months
of 1918 was 373,217 gallons. The average monthly value
of such sales for the same period amounted to $79,272. The
net earnings from the operation of these stations for the first
ten months of 1918, before deducting for depreciation, &c.,
was $58,113 75.
The matter of extensions during the war was not carried
on extensively. However, the Corporation is now contemplating additional stations. The method of figuring depreciation is conservative,ranging from three per cent per month
on motor vehicles to one-half of one per cent per month on
warehouses, steel tanks, brick and concrete foundations, &c.
The volume of business done, as above mentioned, relates
entirely to the distributing stations, and all other sales have
been made direct by the Muskogee Refining Division.
CROWN PIPE LINE DIVISION.
The Crown Pipe Line Division was organized as a separate
Corporation in April, 1916, capitalized at $100,000, the stock
all being held by the Muskogee Refining Company. It is
a complete and up-to-date plant for the gathering and transporting of crude petroleum by pipe line to supply the Refining plant at Muskogee, Oklahoma.
It comprises twenty-three miles of 4-inch trunk, extending
nearly due west from Muskogee, with twenty-seven miles of
3-inch and forty-three miles of 2-inch gathering lines which
cover all parts of the Muskogee, Boynton and. Cole pools,
and effectually taps the Morris and Bald Hill districts.
There are two main pumping stations equipped with Gould
triple pumps, De La Vergne oil engine and a Superior gas
engine. Also suction pumps, electric light equipment and
3,200 barrles of working tank capacity at each station.
There are no storage tanks proper. The machinery is all
housed in galvanized iron buildings, the working tanks are
wood-jacketed and robfed and comfortable frame dwellings
provided the employees at each station. Each station is
supplied with an auxiliary steam plant for emergencies, including boilers and steam pumps.
The system is very well 'balanced as between the gathering
pump station and main line capacity and could efficiently
handle 4,000 barrels of crude every 24 hours. For a short
period this might be increased as much as 50 per cent.
There is direct connection to 200,000 barrels of steel storage
capacity owned by the refining plant.
GASOLINE PLANT.
NO. 1. CHTJRCHILL PLANT.-This plant consists of one vacuum
plant providing vacuum on 16 wells on Corporation's own leases,
which delivers a volume of 35.000 cubic feet of gas per 24 hours to one
2-stage compressor. The average recovery runs 2 gallons of gasoline per
thousand
cubic feet, more than enough to operate all company cars and
in
this district with an available market for all excess production. trucks
Iron and
concrete buildings and steel storage for 17.600 gallons production,
electric
lighting outfit complete, also engineer's residence.
NO. 2. GREGORY PLANT.-This plant consists of one vacuum
plant with a capacity of 450,000 cubic-feet per day, providing
on
wells on own lease and adjoining leases on which Corporationvacuum
gas
contracts; producing and delivering to one 2-stage compressor holds
having a
capacity of 300,000 cubic feet per day, a volume of 270,000 cubic
feet of
gas per 24 hours, from which the Corporation is making a
of 2.4
gallons per thousand; additional wells under contract to berecovery
connected immediately, show a volume of 75,000 cubic feet daily. An additional
pressor unit is being installed, having a capacity of 350,000 cubiccomfeet
daily. Additional gas supply of 250,000 cubic feet, iron
and concrete building, steel storage for 17 600 gallons' production; electric
lighting
outfit
complete; also heating flant and engineer's residence.
NO. 3. OSAGE-HO INY.-This plant consists of 6
all -2-stage
compressors, each having a daily capacity of 500,000 cubicunits,
feet-a total of
3 million cubic feet daily. At present we are utilizing 2 million
cubic feet
of flow gas daily, running 4 compressors and recovering daily 2,700
gallons.
an average of 1.35 gallons per thousand. Four combination vacuum
pumps and booster stations have been installed, with all connecting vacuum
pipe lines and delivery lines to the main plant completed. When these
vacuum pumps are put into operation, the effect of the vacuum will not
only increase the volume of gas delivered, but will decidedly
increase the
percentage of recovery per thousand. An additional unit has
been installed in the main bundling, which is delivering the residue gas, after
extracting the gasoline, to the City of Hominy for domestic
consumption
.
Present supply of gas will show a volume of 5 million cubic foot daily.
Additional wells drilling and to be drilled on this block of acreage will provide an increasing gas supply. In connection with this plant of iron and
concrete construction, Corporation has iron storage facilities for storing
110,000 gallons of gasoline and wooden storage for 42,000 gallons
blending material; electric lighting outfit for the plant; heating plant;of
line to*the loading rack and switch of the main lino of the Missouridelivery
Kansas
& Texas Railway Company, having a capacity for eight 10,000-gallon
tank cars, and iron tanks at the rack having a capacity for storing 22,800
gallons of production.
NET PRODUCTION OF PROPERTIES NOW OWNED BY POOLS.
The figures below are in terms of barrels of 42 gallons each figured on tank tables
showing a 3% deduction for B. S., &c.
Year 1914.
Year 1915.
Year 1916.
Year 1917.
Ten Months of 1918.
Glenn
465,936.76
515,745.59
473,906.41
557,716.44
436,45 .96
Shallow
354,543.96
286,627.48
252,911.96
230,468.94
172,405 .13
Fulton
240,837.72
196,151.27
175,756.48
141,739.28
98,132.27
Okmulgee
29,196.12
24,842.27
276,305.32
317,645.17
173,444.72
Kansas
1,297.24
7,813.67
64,548.34
337,664.37
286,575.51
Cushing
536,696.48
894,998.68
765,943.74
342,433.94
194,973.53
.
Walters
9,558.03
Osage
255.17
33,298.02
1,165,684.05
522,866.75
Texas
Kentucky
Totals
Glenn
Shallow
Fulton
Okmulgee
Kansas
Cushing
Walters
Osage
Texas
Kentucky
Totals
1,628,498.28
1,926,434.13
2,042,670.27
3,093,352.19
1,894,413.90
PROPERTIES BY POOLS.
Daily Gross
Daily Gross Storage Capacity
Stocks on
Stocks on
Oil Delivered
Production
Production
of Tankage
Hand
Hand at
to Pipe Lines
Wells in Wells
Jan. 1 1918.
Dec. 1 1918.
of Wells.
at Wells.
Wells.
but not paid for.
Operation. Drilling.
Barrels. .
Barrels.
Barrels.
Barrels.
Market Value. Market Value. 1
233
3
1,514.22
1,489.53
17,545
4,293.96
$9,661.41
$65,099.03
3
779.73
654.94
18,410
3,326.63
7,484.91
22,529.65
227
290.25
337.37
8,600
2,282.99
5,750.72
16,075.26
161
..i
839.36
565.70
10.745
2,951.72
6,864.27
21,417.08
96
5
2,010.53
1,423.46
11,600
3,659.56
8,338.36
41,394.96
76
1,112.52
1,182.55
10,050
1,482.65
4,344.17
37,839.79
4
"o'
319.26
3,200
820.10
1,189.15
19,206.99
178
7
5,430.85
2,587.34
13,750
3,210.80
8,398.64
69,355.74
1
12
99.15
700
4,719.80
1,783
27
11,983.46
8.659.30
94,600
22,428.41
52,031.63
29,7.638.30
Quarterly dividends at the rate of 10% per annum have
been continuously paid since the first such dividend, June
29 1916.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1916.
ASSETS.
Capital assets:
$3,481,091 45
properties
Operated
174,155 81
Undeveloped lands and leases
Pipe lines, buildings, machinery, tank cars,
76
499,544
&c
Osage-Hominy 011 Company stock, 510,000
3,187,500 00
shares, $5 par, at cost of $6 25 per share
6,722 61
Miscellaneous investments
$7,349,014 63
assets:
Current
Inventories of oils at market
$181,673 42
value
Materials and supplies at cost or
30,695 23
less
$212,36865
233,168 70
Accounts receivable
19,065 33
Bills receivable
12
1,089,989
Cash in banks
1,554,591 80
6,48547
Deferred charges
$8,910,091 90
LIABILITIES.
Capital Stock-Authorized and issued underwriting com- $5,000,000 00
less
Stock,
Premium on sale of Capital
1,097,548 50
mission
Company in hands of
Refining
Muskogee
of
Stock
Capital
2,737 42
public at book value
Current liabilities:
00
$2,500,000
payable
Bills
158,628 29
Accounts payable
2,658,628 29
Surplus:
Earnings of the Sperry Oil & Gas Company
for nine months to Dec. 31 1916, and proportion of earnings of Muskogee Refining
Co. for six months to Dec. 31 1916, applicable to stock owned by the Oklahoma
Producing & Refining Company before
providing for depreciation and exhaustion_ $348,959 44
197,781 75
Less dividends paid
151,177 69
$8,910,091 90
OKLAHOMA PRODUCING & REPINING COMPANY AND
SUBSIDIARY COMPANIES.
•
CONSOLIDATED SURPLUS ACCOUNT DEC. 31 1917.
$151,177 69
Balance Jan. 1 1917
Add:
1917:
Profits for year
& ReEarnings of the Oklahoma Producing
fining Company and subsidiary operated
deprefor
providing
before
companies,
ciation development and war Excess
$2,982,710 00
Profits and Income Taxes
Dividends on stock of Union des Petroles
263,781 31
d'Oklahoma
$3,246,491_31
Deduct:
Depreciation
Development
$966,481 21
521,556 54
$1,488,037 75
War Excess Profits and Income
319,025 00
Taxes
1,807,062 75
$1,439,428 56
Deduct:
Proportion of earnings of subsidiary companies applicable to stock not owned by Oklahoma Producing & Refining Company_ _
Less:
Dividends paid 2%% quarterly
281
THE CHRONICLE
JAN. 18 1919.]
355,583 16
SURPLUVACCOUNT SEPTEMBER 30 1918.
$557,278 34
firaiTee:Janutu7/1 1918
Add:
1918:
30
to
1
September
from
January
Profits
Gross earnings and miscellaneous income $6,479,654 88
Operating, administrative and miscel2,835,598 00
laneous expenses
Net earnings before providing for depreciation, depletion or Excess Profits and
Income Taxes
$3,644,056 88
Deduct:
Proportion of earnings applicable to stock
of Union des Petroles d'Oklahoma not
owned by the Oklahoma Producing &
512,323 64
Refining Company
3,131,733 24
$3,689,011 58
Less:
Dividends paid 2%%, quarterly
738,375 00
Surplus September 30 1918 (before providing for depreciation, depletion and Income and Excess Profits
$2,950,636 58
Taxes from January 1 to September 30 1918)
CONSOLIDATED1BALANCE SHEET; SEPTEMBER 30 1918.
ASSETS.
Capital assets:
$16,204,632 49
Operated properties
681,025 76
Undeveloped lands and leases
Pipe lines, buildings, machinery, tanks,
1,742,040 43
tank cars, &c
11,454 11
Miscellaneous investments
$18,639,152 79
Current assets:
3148,269 34
Refined oil
264,329 19
Crude
Material
750,293 58
$1.162,892 11
2.853,434 02
Accounts receivable
154,007 59
Call loans and treasury certificates
2,027,671 04
Cash
6,198,004 76
30.717 31
Deferred charges
$24,867,874 86
LIABILITIES.
$9,845,000 00
Capital Stock
Capital Stock of Union des Petroles d'Oklahoma, in hands of
3,603,300 87
public, at book value
Current liabilities:
$2,260,000 00
Bills payable
1,544,545 63
Accounts payable
Provision for War Excess Profits and Income
784,843 28
Taxes (1917)
4,589,388 91
Premium on Capital Stock Issued, less underwriting commission
3,879,548 50
Surplus (before providing for depreciation, depletion and Income and Excess Profits Taxes from Jan. 1 to Sept.30 1918) 2.950,636 58
$24,867,874 86
Policy of depreciation:
As all of the properties are owned by the Operating Company, the Oklahoma Producing & Refining Corporation of America, the policy as
to depreciation will be determined by the Board of Directors of that
Company. The policy for 1918 has not yet been determined, but it
is likely that a policy similar to the following will be adopted,
On producing properties and property equipment:
Depreciation at the rate of 10% annually to be allowed on all property,
equipment and material. This depreciation to be computed quarterly.
Depletion:
Reserve will be set up yearly covering depletion of producing properties.
Amount of such reserve to be determined by the estimated average
life and actual decline in the production of oil of each property.
Refinery, pipe line, marketing, property and equipment:
Depreciation to be set up quarterly, amount so set up to be determined
cost, period of service and physical condition of te various items
1,083,845 40
figuring detr
ec
and equipment.
of
three per
per month oondmootor vehicles
one-half
will
ranget
$1,235,023 09
of one per cent per month on warehouses, steel tanks, brick and concrete foundations, &c.
677,744 75
Oklahoma Producing & Refining Company agrees with
the New York Stock Exchange: •
Not to dispose of its stock interest in any constituent,
subsidiary, owned or controlled company, or allow any of
said constituent, subsidiary, owned or controlled companies
to dispose of stock interest in other companies, unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies.
' To publish quarterly statements of earnings of the opeeating company.
To publish at least once in each year and submit to tin
stockholders, at least fifteen days in advance of the annual
meeting of the Corporation, a statement of its physical and
financial condition, an income account covering the previous.
fiscal year, and a balance sheet showing assets and liabilities
at the end of the year; also annually a consolidated income
sheet of all constituent,
$21,854,206 39 account and a consolidated balance
subsidiary, owned or controlled companies.
LIABILITIES.
To maintain, in accordance with the rules of the Stock Ex$9,845,000 00 change, a transfer office or agency in the Borough of ManhatCapital Stock
Capital Stock of Union des Petroles d'Oklahoma in handsf
o 3,090,977 23 tan, City of New York, where all listed securities shall be
public, at book value
Current liabilities:
directly transferable, and the principal of all listed securi$3,365,000 00
Bills payable
ties, with interest or dividends thereon, ithall be payable; also
480572 8
Accounts payable
9
'
Provision for War Excess Profits and Income
a registry office in the Borough of Manhattan, City of New
635,829 43
Taxes
4,481 402 32 York, other than its transfer office or agency in said city,
Premium on Capital Stock Issued, less underwriting commiswhere all listed securities shall be registered.
3,879,548 50
sion
Not to make any change in listed securities, of a transfer
557,278 34
Surplus
agency or of a registrar of its stock, or of a trustee of its bonds
$21,854,206 39
or other securities, without the approval of the Committee
on Stock List, and not to select as a trustee an officer or diDepreciation year 1917:
prooperated
Line
on
Company-10%
Sperry, Osage and Crown Pipe
rector of the Company. •
perties plant and equipment.
To notify the Stock Exchange in the event of the issuance
Crown Petroleum-2% monthly on autos and trucks and 1% per month
or less on other equipment.
of any rights or subscriptions to or allotments of its securities
Muskogee-$1200 monthly or $14,400 for the year (depreciation of
5% on machinery and equipment, and 10% on tank cars and furniture and afford the holders of listed securities a proper period
would have amounted to approximately $24,000.)
within which to record their interest after authorization, and
Development expenditure year 1917:
that all rights, subscriptions or allotments shall be transferaThis represented the actual expenditure for the year:
Osage-Hominy Oil Company stock:
ble, payableIand deliverable in the Borough of Manhattan,
The amount of $3,187,500 in the 1916 balance sheet represents the cost City of New York.
of 510,000 shares of stock of that company.
$557,278 34
Surplus Dec. 31 1917
stock of the Union des Petroles
In August 1917 the Company purchased The
the
of
earnings
proportion
66.
$4,727,310
of
cost
a
d'Oklahoma at
applicable to stock owned by the Oklahoma Producing & Refining Company has not been taken into the profit and lass account; credit has only
been taken for the dividends received, amounting to $263,781 31.
CONSOLIDATED BALANCE SHEET DEC. 311917.
ASSETS.
•
Capital assets:
Operated properties, undeveloped lands and leases, pipe
$17,494,852 43
lines, buildings, machinery, tanks, tank cars, &c
Current assets:
market
at
oils
Inventories of
$353,608 40
value
Materials and supplies at cost
668,195 89
or lass
31,021,754.29
466,615 68
Accounts receivable
128,947 37
Call loans •
2,711,319 31
Cash in banks and on hand
4,328,636 65
30,717 31
Deferred charges
282
THE CHRONICLE
[VOL. 108.
To notify the Stock Exchange of the issuance of additional
Tri-State Telephone Co.-Rate Litigation.amounts of listed securities, and make immediate applicaSee Northwestern Telephone Exchange Co. above.-V.107, p. 177.
tion for the listing thereof.
United Gas Improvement Co.-Refunding.To publish promptly to holders of stocks any action in reDrexel & Co., Philadelphia, announce that this company has notified
that it desires to refund its issue of 6% gold coupon notes of 1918 on
spect to dividends on shares, or allotment of rights for sub- them
Feb. 1 1919, by
other notes of like amount and interest, to be dated
scription to securities, notices thereof to be sent to the Stock Feb. 1 1919. andissuing
to mature 12 months from that date, and by paying to
holder of each note so refunded the sum of $12 in cash as consideration
Exchange, and to give to the Stock Exchange at least ten the
therefor.
days' notice in advance of the closing of the transfer books or
This is in accordance with the terms of said notes, and the holders are
therefore notified to surrender them on Feb. 1 1919 at the office ef Drexel
extensions, or the taking of a record of holders for any pur- &
Co., Philadelphia, for cancellation, receiving therefor new notes of the
pose.
company. Compare V. 106, p. 613,720, 827.-V. 108, p. 177.
The fiscal year is the calendar year.
United States Steel Corp.-Employees' Subscriptions.The annual reports are published about February in each
Chairman E. H. Gary on Jan. 14 announced that employees of the corporation will be privileged to purchase the common stock of the corpoyear.
ration at 92. The price is the same at which the stock was offered to
The Directors of the Company (elected annually) are as employees
last year, when more
95,000 shares were taken. Comfollows: David B. Crawford and John M. Crawford Of pare V. 106, p. 93; V. 108, p. 177,than
85.
Parkersburg, West Virginia; Emile Deen ot London, EngWestern United Gas & Electric Co.-Further Particuland; Harvey D. Gibson, New York; H. S. Jenkins, Balti- lars.-The offering by Emery, Peck & Rockwood,
more; J. K. Newman, New Orleans; Homer M. Preston, Ill., of $500,000 7% Serial Gold Debentures was Chicago,
mentioned
Tulsa; and John L. Weeks, New York.
in these columns, V. 107, p. 2384.
The Officers of the Company are as follows: President,
Data From Letter of I. C. Copley, Dated Dec. 14 1918.
John M. Crawford; Vice-President, Homer M. Preston; SecOrganization.-Incorporated in Ill. in 1905, as a result of the consolidation of the Aurora Gas Light Co., the Joliet Gas Light Co.,
retary, T. 0. Lilystrand; Treasurer, John L. Weeks.
the La Grange
Gas Light Co. and the Elgin American Gas Light Co. The company
The Company has an office at No. 14 Wall Street, New serves a territory having an estimated population of 210,000, within 60
miles
of Chicago.
York City. The principal office of the Company and of
Capitalization.
Oklahoma Producing & Refining Corporation of America, Preferred stock
$1,500,000'Collateral trust notes_ ___ $330,000
in the State of Oklahoma, is at Tulsa. The annual meeting Common stock
3,000,000 Debentures (present issue) 500,000
5,986,000
of the Company is held at its New York office on the third Bonds
Security.-These debentures are a direct obligation of the company.
Monday of February of each year.
No further mortgage can be placed on the property while any of
these debentures
are
outstanding.
The Transfer Agent is Bankers Trust Company, No. 16
Purpose of Issue.-To retire floating debt. The indebtedness of the
Wall Street, New York.
company is not increased by this financing.
Territory.-This is for the most part immediately west of Chicago.
• The Registrar of the stock is the Liberty National Bank,
Altogether 63 cities and towns are served (all with gas and six with
elec120 Broadway, New York.
tricity). Steam heat is supplied in Aurora. There is no competition
in
any of the communities. These cities and towns include many suburbs
OKLAHOMA PRODUCING & REFINING COMPANY, of
Chicago, besides the important cities of Aurora, Elgin and Joliet.
By T. 0. LILYSTRAND, Secretary.
Earnings for Year Ending Sept. 30 1918.
earnings
$1,809,9371Int. on entire funded debt $330,000
This Committee recommends that the above-described Gross
Net, after taxes
709,612 Balance
$349,312
$10,000,000 Capital Stock be admitted to the list.
Comparative Statement of Gross Earnings for Years Ending Jan. 31.
Year1908.
1912.
1913.
1915.
1916.
1917.
WM. W. HEATON, Chairman.
Gross__$1,036,379 $1,359,338 $1,348,676 $1,602,913 $1,605,238 $1,846,890
Property -Owns an electric light plant at Aurora and gas plants at
Adopted by the Governing Committee, January 9 1919.
Aurora, Elgin, Joliet and LaGrange. 'Under a favorable long time contract
GEORGE IV. ELY, Secretary.
gas is also obtained from the Coal Products Mfg. Co., which owns and
Royal Dutch Company.-Dividend.-
A dividend has been declared on the American and New York shares.
amounting to *2.1134. to be paid at the Equitable Trust Co. N. Y. City,
on Feb. 5 to holders of record Jan. 28, provided the necessary income tax
certificate has been filed with the Trust Co. before date of payment.
Holders of subscription warrants and bonus warrants exchangeable for
Royal Dutch Company "New York" shares, it is stated, should immediately make this exchange, as the dividend will not be paid on the warrants, but only on the shares represented thereby.-V. 107, p. 2382,2295.
Southwestern Bell Telephone Co.-Merger.-
See Kinloch Telephone Co. above.-V. 107, p. 808.
Standard Gas Co., Atlantic Highlands, N. J.-Rates.
The New Jersey P. U. Commission on Jan. 14 denied this company's
application for a further increase in its rates for gas.-V. 106, p. 2457.
Standard Oil of Nebraska.-New Stock, &c.-
operates a modern by-products coke oven at Joliet. The electric light
plant at Aurora contains steam turbine units and reciprocating englhes of
3,200 k. w. capacity. Additional units are to be installed.
Growth of Business (000's omitted in first line).
Year end. Jan.31- 1906.
1909.
1912
1915.
1918.
Gas sold (cu. ft.)
473,828 698,155 921,514 1,194,752 1.489,998
Gas meters installed
19,446
27,945
35,952
43,563
48,506
Miles of gas malps_
431
520
691
935
1,030
Elec. meters installed_
901
1,596
2,462
4,927
6,312
Elec. It. & power sales
Total k. w. sold_ _1,502,810 1,905,282 2,448,266 3,559,455 6265,673
Franchises.-In most of the cities and towns these do not expire
until
after 1950, and all other franchises extend beyond the maturity of the
longest debentures. From an operating standpoint the franchises are
considered favorable.
Equity.-These debentures are followed by $1,500,000 6% pref. stock
and $3,000,000 common stock, on which dividends of 6% are paid. Compare "Reports" above and V. 107, p. 2384.
Wharton Steel Co.-Chairman Re-elected.-
A press report announces an increase in the authorized capital stock
J. Leonard Replogle resigned as Director of Purchases of the War Infrom 41,000,000 to $5,000,000, but states that no steps have been taken
for dustries Board and has been re-elected Chairman of the Board of this
the issuance of any of the additional shares. C. N. Humphrey and H. W. company. He was also elected a director to succeed C. B. Ellis.-V.
107.
Pierpont have succeeded Messrs. Alleman and Gilmore as directors, Mr. p. 298.
Pierpont also becoming Secretary.-V. 106, p. 605, 196.
Wolverine Copper Mining Co.-Production (in Lbs.).Sterling Products Co., Wheeling, W. Va.-Acquisition. 1918-December-1917. Decrease. 1918-12 Mos.-1917. Decrease.
426,256
18,1694,262,696
This company which recently purchased the local Bayer chemical plant 408,087
5,205,235
942,539
has increased its authorized capital stock from $4,000,000 to $7,500,000. -V'. 107, p. 2482, 1583.
Stockholders may subscribe to the new stock in the ratio of 75% of present
Wright-Marti
n
Aircraft
Corporation-Cancellations.holdings the proceeds from the sale of which is to apply to the purchase
Referring. to cancellations of Government contracts received by this
above mentioned.
company,'The Wall Street Journal" says:
"The greatest part of the cancellations will affect the Government-owned
Stromberg Carburetor Co.-Contract Signed to Supply
plant at Long Island City which was to turn out the 300 h. p. HispanoCarburetors for Studebaker Cars.-The company on Jan. 14 Suiza
motors. This plant, bought by the Government and equipped at a
closed a contract with Studebaker Corporation, by which the cost of close to $5,000,000, has produced comparatively few
of its intended
motors.
cancelations at that point will strike about $22,000,000 from
latter adopts the Stromberg carburetor as its regular equip- the books.TheThis
business was to be operated by the company for Federal
ment on its entire passenger car output. The Studebaker account, payment to be based on a fee system.
"The New Brunswick factory owned and operate
@FedFRASER